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T V
tfn n im r ia
l i r o n
i c l ?
I N C L U D I N G
Bank &
Q u o t a t io n S e c tio n
R a ilw a y
VO L.
E a r n in g s
R a ilw a y &
S e c tio n
B a n k ers
93.
%
SA T U R D A Y ,
\u
In d u s t r ia l S e c tio n
C o n v e n tio n
N O V E M B E R
( K h v o n itlt.
E le c t r ic R a i l w a y S e c tio n
S e c tio n
25
S ta te
1911.
and
C it y
N O.
S e c tio n
2422.
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CLEARING-HOUSE RETURNS.
The following tabic, made up by telegraph, &c., Indicates that the total
bank clearings of all clearing houses of the United States for week ending
O?nVC.A e..n $**>207,907,124, against $3,483,082,958 last week and
$2,706,9a0,437 the corresponding week last year. Last year’s flgurescover
only flve days on account of the Thanksgiving holiday.
Clearings—Returns by Telegraph.
Week ending Nov. 25.
1911.
1910
New York........................ ....
Boston..........................IIIZ IIIIII
Philadelphia ...............................’
Baltimore................... .........W W W
Chicago......................1.1 II I"
st. Louis.................. .WWWWW.........
New Orleans ................ I " ’
$1,495,103,515
136,685,529
123,379,423
32,245,404
235,631,253
69,203,913
21,135,315
$1,316,799,342
104,615.336
106,348,626
22,718,193
188,363,506
59,951.743
16,273,398
+ 13.5
+30.6
+ 16.0
+41.9
+25.1
+ 15.5
+ 29.9
Seven Cities, 5 days.....................
Other Cities, 5 days..............
.WW.W.
$2,113,444,112
549,275,418
$1,815,070,204
420,273,418
+ 10.4
+30.7
Total all cities, 5 days.......
All cities, 1 day..............................
$2,662,719,830
545,187,294
$2,235,343,622
471,615,815
Total all cities for week____ . . . . . .
$3,207,907,124
$2,706,959,437
Per
Cent.
Chicago..........
Cincinnati.......
Cleveland.......
Detroit...........
Milwaukee.......
Indianapolis . ..
Columbus.......
Toledo...........
Peoria...........
Grand Rapids..
Dayton..........
Evansville ____
Kalamazoo____
Springfield, 111..
Fort Wayne___
Youngstown___
Rockford _____
Akron________
Quincy...........
Canton.............
L exington...........
Springfield, O__
South Bend
Bloomington___
Decatur ______
Jackson _______
Mansfield..........
Saginaw_______
Danville...........
Lim a............. .
Jacksonville, 111.
Ann Arbor_____
Adrian ........ .
Owensboro____
Tot. Mid. West.
San Francisco...
Los Angeles
Seattle ............
Salt Lake City..
Spokane.
Portland
Tacoma.
Oakland.
Sacramento.......
Fresno ..
Stockton
San Jose.
Pasadena
North Yakima..
Reno
Total Pacific..
Kansas City___
Minneapolis
Omaha________
St. Paul...........
The full details for the week covered by the above will be given next Sat- Denver.............
iW e cannot furnish them to-day, clearings being made up by the Duluth.............
the we?k h ^ e^ a^ n.°n°n,l>n Saturd{W. an,d hence ln the al^ v e the last day of St. Joseph........
the week has to be in all cases estimated, as we go to press Friday night
Des Moines
Sioux City........
n o ^ ^rov°ni8?Cf1r f (mravgar” gUrC8
thC WCCk end,nff wlth Saturday, Wichita...........
Lincoln ..
Topeka ..
Week ending Nov. 18.
Clearings at—
Davenport
Cedar Rapids..
Inc. or
Fargo ...........
1911.
1910.
Dec.
1909.
1908.
Colorado Springs
Pueblo .
$
$
S
%
$
New York........ 2.011,205.699 1,872,470,525 + 7.4 2,091,858.744 2,172,383.023 Fremont
Philadelphia___
162,239,457 107,889,791 —3.3 148,397,200 142.022,125 Hastings
Pittsburgh........
51,021,199
49,122,843 +3.9
50,094,033
42,525,515 Aberdeen..___
Baltimore........
38,100,049
35,089,323 +0.7
31,827,973
27,020,474 Waterloo ........
Buffalo.............
11,592,457
11,581,135 + 0.1
10,308,228
9,276,307 Helena
Albany.............
7,456.261
0,305,683 + 18.2
7,512,844
6,425,789 Billings
Washington___
7,479,411
7,464,228 +0.2
6,848,777
6
267,914
Tot.other Wesl
Rochester........
4,689,498
4,457,099 +4.8
4,382,369
3,856,638
Scranton..........
3,070,628
1,696,938 + 13.9
2,539,642
St. Louis.......
2,421,162
Syracuse..........
2,403,305
2,532,135 —5.2
2,659,500
2,096,045 New Orleans..
Wilmington.......
1,671,253
1,552,041 + 7.7
1,413,599
1,105|663 Louisville___
Reading...........
1,602,845
1,011,278 —0.5
1,658,689
1,309,970 Houston____
Wllkes-Harre . ..
1,541,179
1.414,740 +9.0
1.409,765
1,207,170
Galveston__
Wheeling ........
1,958,305
1,800,628 + 8.8
1,860,319
1,617,152
Richmond ..
Trenton ______
1,938,551
1,460,224 +32.9
2,038,995
1,416,721 Memphis___
Y o rk ..............
987,000
1,120,798 —11.9
956,920
730,379 Atlanta .
Erlo____
921,344
921,007 + 0.04
756,193
699,050 Savannah _
Oreensburg. .
511,817
623,187 — 1.6
477,351
663,984 Fort Worth
Binghamton___
571,500
574,400 —0.5
433,700
529,200
Nashville
Altoona.......
645,762
500,999 + 15.1
463,081
503|513 Norfolk__ ...
Chester_____
542,366
560,528 —3.2
488,269
430,704 Augusta........
Lancaster_____
1,001,231
924,032 +8.4
Birmingham ..
Rock...
Total Middle.. 2,313,154,417 2,173,247,800 +6.4 2.368,406,251 2,424,509,098 Little
Charleston___
Chattanooga.
.
Boston _______
180,465,705 187,550,569 —3.8 186,722,027 187,431,119 Jacksonville ..
Providence____
0,558,300
9,752,000 —2.0
10,298,300
7,511,600 Knoxville___
Hartford_____
4,019,063
4.028,674 + 14.7
3,577,029
,3068,747 Mobile..........
Now Haven___
3,173,366
3,120,388 + 1.7
2,856,031
2,292,498 Oklahoma___
Springfield........
2,567,653
2,469,287 +4.0
2.675,000
Austin..........
1,713,476
Portland______
2,161,557
2,241,729 —3.6
1,993,297
1,727,024 Macon..........
Worcester........
2,753,582
2,614,639 + 6.3
1,925,383
1,631,709 Vicksburg___
Fall Itlvor........
1,443,703
1,508,028 —4.3
1.699,008
1,378,445 Jackson ........
New Bedford___
1,144,325
1,554,929 —26.4
1,225,970
1,150,890 Wilmington, N.
Lowell.............
637,889
651,199 + 15.7
553,009
562,861 Muskogee__
Holyoko...........
026,473
013,143 +2.2
606,207
450,007 Tulsa..............
Total Southern
Total New Eng 209,152,576 216,004,585 —3.2 214,131,261
208,918,376
Total all.......
Note. For Canadian clearings see ’’Commercial and Miscellaneous News.’1
Out8tdoN. Y._
+ 18.5
234.735,390
rr'TTTT'
r'TJT>r\lSJTP.T.Ti',
[V O L . L X X X X III.
ers, these coming under the shelter of the Constitution,
the same as every other class of citizens. A ruling to
With to-day’s issue of the “ Chronicle” we send to that effect is contained in an opinion handed down
our subscribers a new number of our “ State and City on Tuesday of this week by the United States Circuit
Court of Appeals in a case involving the principle of
Section” revised to date.
the open shop. The Court of Appeals sustains the
preliminary injunction granted by Judge Coxe in the
THE FINANCIAL SITUATION.
conspiracy suit brought by the Paine Lumber Co. of
A decidedly more cheerful view pervades financial
Oshkosh, Wis., against the United Brotherhood of
circles The explanation is found in the more favor
Carpenters and the Amalgamated Society of Carpen
able aspect which a number of public questions of large
ters. It is well known in what a high-handed manner
importance are assuming. Popular discussion and
these particular labor organizations have been proceed
court decisions are clarifying views regarding the soin'1, to prevent the employment of non-union labor and
called trust problem. From the one it is evident that
to&punish and ostracize employers giving shelter to
no class of men and no body of politicians is seeking
non-unionists or dealing in products in the making of
to deprive the country of the benefits to be derived
w h i c h non-union labor is engaged.
from producing and manufacturing on a large scale.
The injunction was obtained by the Anti-Boycott
From the other— the court decisions— it is plain that
Association, which is suing to break up what is known
there is nothing in the statutes that will force or compel
as the “ building trust.” It was charged m the bill
the conduct of business on a retail instead of a whole
of complaint that a combination in restraint of trade
sale basis. If a large organization or combination
had been formed between certain employers and the
offends against the law, it is because of its methods
carpenters as a result of which all wood trim made in
and not because of its size. An industrial concern can
an open shop was being barred from this city and
increase its business to any extent and carry on opera
vicinity. In granting the preliminary injunction
tions of any magnitude— thus getting the benefits that
judere Coxe said that the situation indicated that the
attend the producing or manufacturing or distiibuting
complainants’ right to conduct their business in a le
of goods on a huge scale— without running counter to
gitimate manner might be interfered with and im
the provisions of the law.
#
paired by methods which are indefensible. “ The right
It is reprehensible methods and practices which the
of every American citizen, whether employee or em
law seeks to prevent, not the free and full development
ployer,” he declared, “ to gain an honest livelihood
of industrial enterprises. We say this is the aim of
by his own toil and endeavor is inherent in our orthe law and the courts. Candor compels the further
o-anic law and should be protected by all the power
statement that the authorities at Washington have not
of the Government.” The Circuit Court of Appeals in
been acting in a manner to encourage confidence in
sustaining the order said the questions presented are
such a view. Their doings and sayings have created
important not only to the parties directly concerned
an impression that all industrial undertakings of any
but to the public as well, and it would seem wiser that
considerable size, whatever their character or merits,
there should be no judicial discussion of them until all
are completely under the ban. But the courts may
the facts are fully presented; but held that the re
be trusted to give effect to the true spirit and purpose
straining order was within the discretion of the trial
of our laws. It is the gradual realization of this fact
judge and the discretion had not been abused. The
that is leviving hope in the business and financial
reassuring fact is that for the time being the ruthless
world.
,
..
, methods of this tyrannical labor organization are held
The courts are also doing much to protect railroad
under legal subjection. And it is to be noted that
interests against detrimental action by Governmental
this same labor organization not so very long ago
agencies and authorities. Our rail transportation in
suffered a rebuke also at the hands of the courts in
terests have been called upon to endure great hard
ships by reason of such action in recent years. For this State.
tunately, the courts are putting a curb upon the de
Our financial problems are likewise being put in the
structive propensities of the authorities by insisting
way of a solution. The American Bankei^Associa
upon adherence to Constitutional mandates. I he
tion has been in session this week at New Orleans, and
United States Court of Commerce has on several oc its proceedings have attracted almost as much atten
casions of late enjoined orders of the Inter-State Com
tion here as if the Convention had been held at this
merce Commission— orders freighted with great harm
point The reason for the interest felt in the gatlioiand exceeding the authority conferred upon the Com f
is that the deliberations of the Convention proper
mission by law. The present week we have had a de
(•is distinct from the several Section meetings) were
cision of the Court of Appeals of this State, to which given up almost entirely to the discussion and con
more extended reference is made below, holding that sideration of ex-Senator Aldrich’s plan for the reform
the New York Public Service Commissions cannot in
of the country’s banking and currency system. Sena
terfere with a railroad reorganization scheme, even
tor Aldrich himself addressed the Convention, and
if such reorganization plan does not conform to certain
there was a symposium of papers and addresses treat
rules laid down by the Commission. The Court holds
in'1, of every phase and aspect of the question. The
that it has always been the policy of the State to fur
criticisms in nearly every case were favorable; even
ther the reorganization of railroads that may get into
where exception was taken to particular features .of
financial difficulties.
Mr Aldrich’s proposal, there were highly flattering
In labor controversies, too, the courts are enforc
remarks concerning the plan itself. We shall print
ing Constitutional mandates. This very week there
all the papers and addresses delivered before ^ c o n
has been a decision emphasizing the doctrine that
vention and before the Trust Company Section and
labor organizations, in seeking to advance the inter
the Savings Bank Section in a special supplement next
ests of their members (which is the assumed object
week, making it possible for the leader to study them
when a strike is declared), mustjnot encroach upon the
nd always to have them at hand for reference.
rights of others, either employers or non-union work
STATE AND CITY SECTION.
Nov. 25 1911.]
THE CHRONICLE
Whether the Aldrich plan shall ever find its way
upon the statute books or not, Mr. Aldrich’s achieve
ment in having been able to propose a scheme which
has evoked such a universal chorus of praise will always
rank high. One of the speakers at the Convention was
Paul M. Warburg, of Kuhn, Loeb & Co., whose own
recommendations and suggestions have been so closely
followed in the Aldrich plan. The campaign which
Mr. Aldrich, together with two or three other men
connected with the National Monetary Commission,
has been carrying on since last January has been edu
cational in the highest degree. We believe we are
safe in saying that in no equal period of time in the
country’s history has so much progress been made in
promoting sound views regarding banking and cur
rency. And the American Bankers’ Association, in
giving such conspicuous prominence to the subject
has helped still further to vitalize the problem and to
advance the work of educating the public, the bankers
themselves and the country’s legislators and politi
cians. Surely, out of all this much good for the public
weal must result in the end.
The New York Court of Appeals has affirmed the
decision of the Appellate Division of the Supreme Court
in holding that the Public Service Commission is not
authorized to interfere with the reorganization of
bankrupt railroads in this State to the extent of exer
cising a veto on the putting out of new securities where
the aggregate of such securities does not exceed the
amount of securities originally issued. The decision
is of the highest importance as far as investments in
railroad properties in this State are concerned, and will
facilitate the reorganization of a number of traction
companies in this city which have long been in the
hands of receivers. The decision was rendered in the
case of the reorganization plan of the Third Avenue
Railroad of this city. The theories which the Com
mission sought to enforce against the luckless security
holders in that unfortunate concern smacked strongly
of confiscation. Had the Court sanctioned the action
of the Commission, the security holders of the property
would have been permanently deprived of a portion
of their property. Two reorganization schemes were
submitted for the approval of the Commission, and
both weie rejected by it. The second was drawn up in
order to overcome some of the objections raised by the
Commission as against the first. For the purpose of
illustiation, we need refer only to the second plan,
since the first was entirely replaced by it, and it was
also the plan on which appeal was taken to the Courts
and on which they have now rendered their verdict.
In every respect except that it did not meet the views
of the Public Service Commission, this reorganization
scheme was a most drastic one. By its terms the old
shareholders must pay an assessment of $45 a share
and all they get in return is $45 in new stock and $40
of fiist refunding bonds in exchange for every $100 of
old stock. Holders of the old consolidated mortgage
bonds are to get refunding bonds only to the extent
of 15% of the principal of their bonds and for 2 ^
years’ interest. For the remainder of the principal of
the bonds they get 60% of consolidated incomes and
25% of new common stock. Altogether it is proposed
to issue $59,916,000 of new securities, as against an
actual cash investment of $61,359,530, represented by
outstanding securities. It was admitted, too, that the
old stock and bonds had been lawfully put out— that
the whole of the $16,000,000 of old Third Avenue
stock had been issued for actual cash at par. Never
1421
theless, the Commission, claiming that it had the right
to control the reorganization, refused to allow the
proposed issue of new securities.
The refusal of the Commission was on two grounds,
namely (1) that the capitalization proposed was not
justified by the value of the property and (2) that it
was not within the earning capacity of the same. By
very fantastic methods the Commission— after making
various reductions for “ obsolescence, inadequacy and
age,” for “ deferred maintenance,” for “ wear and tear,”
and after presenting figures to show the cost of repro
duction and the ultimate “ scrap value” — reached the
conclusion that the assets subject to capitalization
amounted to only $26,950,000. Therefore it proposed
to hold the capitalization down to that figure.
In support of its contentions the Commission laid
down most novel propositions. It said that “ the mere
fact of investment does not establish a perpetual
value, not only because a mistake in judgment may be
made, but also because property may be allowed to
deteriorate, and because a change in economic condi
tions may decrease the use made of it by the public.”
* * * “ Investment may be evidence of the good
intentions of the investor, but it is not an infallible
standard of perpetual value. Capitalization should
have a direct relation to value.”
It is easy to see what an absence of protection to
investments there would have been if the Commis
sion’s views had prevailed that the amount invested in a
property could not be allowed to control, because
judgment may have been erroneous, because “ pro
gress in the arts” may have made it obsolete, or “ a
change in economic conditions” may have served to
decrease the use of the property by the public. It is
gratifying to have the Court declare that all this is
wholly fallacious. In upholding the plan of reorgan
ization, Chief Judge Cullen, who wrote the opinion,
says it is not necessary for the reorganized corporation
to obtain the permission and approval of the Commis
sion. He points out that Sections 9 to 12 expressly
provide for the reorganization of railroad corporations,
and he asserts that these sections have not been re
pealed by implication, as to railroad corporations, by
the provisions of the Public Service Commission law.
In ’ substance, the Court holds that the reorganizers
are wholly within their rights so long as the face value
of the new securities to be put out does not exceed the
face value of the old securities to be retired. Up to
that limit consent of the Commission is not necessary.
The far-reaching significance of this decision in pro
tecting investments in these properties cannot be ex
aggerated, and the effect must be in the highest degree
assuring.
International monetary developments have been of
distinct significance this week. Just as France was
the first to reflect financial alarm over the very grave
dispute which arose with Germany, so it has led in
returning to normal conditions. The Bank of France
has steadily regained cash since the Moroccan agree
ment was finally signed, and the latest return, showing
a strengthening in resources and a curtailment in lia
bilities, indicates that the process of rehabilitation is
likely to continue. Another and even more important
incident from the banking point of view, although one
not adequately appreciated by the commercial com
munity, is the doing away with the extra charge which
for many weeks has been exacted for discounting
finance bills. At one time the discount rate on them was
4% concurrently with a quotation of 3% % for com-
U
2
2
THE CHRONICLE
[VOL. LXXXXIII.
an entente cordiale between Britain and France much
closer than had been generally realized; it has brought
to the surface a hitherto unknown treaty between
France and Spain, and has thrown other sidelights
upon the somewhat obscure network of diplomatic
entanglements in Europe, Africa and Asia.
Will the British Foreign Secretary adopt the strong,
almost harsh, tone the Chancellor of the Exchequer
used in notifying Germany that she must reckon with
Great Britain in trying to force a re-alignment of inter
ests in North Africa? Will he lay bare the scope of the
alliance between Britain and France? Will he plainly
tell Germany, as the new First Lord of the Admiralty
did the other week, that it is her naval activity which
is spurring the “ Mistress of the Seven Seas” to still
greater and greater expenditures on the enginery of
war? Will lie, in effect, throw down a challenge to
Germany to modify her course or be prepared for the
consequences should the present openly-expressed
anglophobia in the Fatherland and the tension at home
force a rupture? We do not believe that Sir Edward
Grey, a veteran of excellent record, of high parts and
of peaceful temperament, will use one belligerent word
towards Germany or any other nation. He is not a
firebrand. The Asquith Cabinet does contain one or
two impetuous .statesmen of the new, aggressive school,
but the older members have cool heads, are men of
peace, and would recoil from the general conflagration
How both parties in China have been able to finance which war with Germany would precipitate. It maybe
their widely diffused campaigns without extensive ominous that London is full of minors that Sir Edward
over-sea aid is every day becoming more mysterious. Grey will resign if his utterances are not cordially re
The ability of Italy to keep so large an army in the ceived, and that Ambassador Bryce would succeed him.
The issues that hang upon Monday’s statement, how
field without raising a single loan is also calculated to
excite comment. Turkey, too, has managed to struggle ever, go further and deeper than that. The German
along without borrowing abroad. But war is fright Foreign Secretary has no illusions on this point, for
fully costly, and all three nations will have to foot a he candidly declares: “ Germany awaits with even
huge bill in the not distant future. Could the proper greater tension Great Britain’s coming explanation.
banking arrangements be made by the Chinese either Upon this will depend the relations of the two countries
with Americans or Europeans, New York would, no in the future.” Allegations have been made that the
doubt, be called upon to remit more gold to the British navy was in a deplorable state of unprepared
Orient, since shipments through San Irancisco are ness at the moment the nation was “ within a hair’seasily carried out. Where Italy will be able to accom breadth of going to war against Germany,” to quote
plish her necessary financing, in view of her diplomatic one dispatch. The unexpected transfer of Reginald
relations, is not at the moment apparent; she will McKenna from the Admiralty and the selection of
probably have to pay onerous terms so as to attract Winston Churchill will come to mind. On this subject
English, and possibly French, funds. Turkey’s nat Sir Edward Grey is expected to speak in defense of
ural market would be London. The effect of heavy the Government. The persistent reticence of the hordemands from the three nations now at war may be eign Office in the past has excited a storm of protest,
considerable, not merely upon the cities in which the especially as there is a growing aversion to giving Minis
loans are floated, but upon all the money markets of the ters the power to conclude vitally important treaties
world, including New York. Were no extraordinary without consulting or even informing the elected repre
governmental needs pending, a large part of the money sentatives of the people. In other countries of Europe
borrowed by Europeans from American bankers would a similar sentiment—part of the deep-rooted spirit of
undoubtedly be repaid after the turn of the year, but, democracy which is steadily asserting itself is being
as matters now stand, it may be profitable in a good manifested. From every point of view the declaration
many instances to secure renewals, especially as there is of foreign policy to be made by the British Cabinet is
nothing in sight to bring about any pronounced rise in laden with the weightiest consequences.
mercial bills, whereas on Thursday piivate cable dis
patches were received announcing a reduction to
3M % f° r both classes of instruments. This, properly
understood, is equivalent to an advertisement that
Franco is prepared to resume lending to other coun
tries on low terms. Germany, Austria and other
Continental countries are already taking advantage of
the comfortable state of the French money market.
As contrasted with the Paris rate of 3)4% , Berlin
places a current value of 4j^ % and Vienna neaily 5%
upon facilities; hence the inducement to apply to the
thrifty Gauls for funds.
The principal feature at home has been the engage
ment of gold for shipment to help in financing the
Chinese hostilities, the continuance of shipments to
Canada on a moderate scale and the forwarding of
small sums to South America. On Monday $2,000,000
was transferred to San Francisco en route, it is under
stood, for Japan, to compensate for withdrawals by
China, and $800,000 more was forwarded thither yes
terday. Last week we recorded shipments of $5,750,
000 to the Dominion; this week the total has been in
creased to about $9,000,000, while South America’ s
requirements have aggregated almost $2,000,000.
Other consignments may quite possibly be forwarded
to each of these countries, notwithstanding that
foreign exchange has declined this week.
rates here.
A momentous statement on Great Britain’s foreign
policy, with particular reference to her relations with
France on the one hand and Germany on the other, is to
be made by Sir Edward Grey, the Foreign Secretary,
on Monday next. His pronouncement will shape Euro
pean diplomacy, all parties agree. Secrecy has so
clothed international negotiations abroad that the
public have but a hazy understanding of how far their
governments have committed themselves by unpub
lished alliances, understandings or other forms of
pledged friendship. The Moroccan dispute revealed
A record of internationally-important events abroad
is at present a sanguinary narrative, and, where not
sanguinary, sensational. The vast Chinese Empire is
in the throes of civil war; Italy is fighting Turkey for
possession of Tripoli; Russia has sent an ultimatum
to Persia and forced an apology; France and Germany,
it has just been revealed, were on the brink of a war
during the summer in which Great Britain would have
sprung to the assistance of her ally, thus unquestion
ably precipitating a terrible European conflict; Spain
and France are now quarreling; “ Portugal Again
Threatened by Manuel’s Forces” reads a dispatch from
N or. 25 1911.]
THE CHRONICLE
Lisbon; plotting for a new revolution in Mexico has
caused the United States to arrest, in San Antonio,
General Reyes and a number of his colleagues and to
send troops to the Mexican border, while farther South
uprisings and revolutions, attempted or accomplished,
have been so numerous that it is difficult to keep ac
count of them.
After enumerating so depressing a series of disturb
ances, it may be well to immediately add a few con
soling facts. The bloodshed in China has greatly
abated and a peaceful settlement of the main issues,
at least in the more important Provinces, seems to be
drawing near. Nothing encouraging, unfortunately,
can be said of the deplorable Turco-Italian struggle;
the latest cables state that Italy has notified the
Powers of her intention to blockade the Dardanelles
and that her troops in the city of Tripoli are virtually
hemmed in. The threatened crisis in Persia has been
averted, though here a triumph of might over right
would appear to have been illustrated; the American
financial adviser to the Persian Government, W. Mor
gan Shuster, was admittedly acting within treaty
rights in refusing the demands of Russia concerning
the return of property seized by Persia from the Sul
tan's insurrectionary brother, but as Persia could not
defend herself, and Great Britain would do nothing,
capitulation was considered unavoidable. As for the
French-German-British bomb, it did not explode, and
the frank language indulged in by diplomats has at
least cleared away ambiguities and uncertainties.
The Spanish claims arising from the Moroccan settle
ment are likely to be amicably adjusted. The Portu
guese revolt is destined to fail, all the indications por
tend. And the Mexican plot has been nipped in the
bud. Our readers, therefore, would do well to place
a proper appreciation upon the multitudinous reports,
bearing alarmist headlines, which fill the columns of the
daily newspapers. Things are unsettled— very un
settled— but they arc not beyond hope of readjustment
in the not distant future.
In announcing a readjustment of fares on the tunnels
of the Hudson & Manhattan Railroad, Mr. McAdoo
prints an advertisement which is interesting in several
particulars. One is the compact statement of dates,
now half-forgotten: that the first tunnels under the
Hudson were opened for use on Feb. 2G 1908, twentysix years after the original unsuccessful beginning of
the work was made; that the initial operation to Sixth
Ave. and 19th St. was in a few months extended to
23d St., and that operation to 33d St. is now a little
more than a year old. So quickly does custom ad
just itself to transit facilities that the time and struggle
involved in producing them soon glide out of men's
minds and a clamor for still more follows.
It is gratifying that frank statements are made
now by carriers, so that a reasonable consideration of
facts may prevent impatient criticism. In justifi
cation of an advance which is declared imperative,
people are reminded that, before the day of tunnels,
the traveler from Hoboken to points on Sixth Ave.
paid three cents on the ferry and a nickel on the
surface car in Manhattan, this being in effect true of
the railway passenger as well, since his ferriage was
paid for (and included) in his rail ticket. Yet the
tunnel company, while believing its fare ought to be
the 8 cents then prevailing, decided to give the pop
ular nickel rate a trial in good faith, hoping that traffic
to justify it might develop. It has not developed,
and the nickel fare has been proved impracticable.
1433
The argument is the immovable one of arithmetic;
the company has not succeeded in earning the interest,
taxes and other fixed charges it has to meet.
From the points in New Jersey now reached, the
rate by ferry and trolley is still 8 cents, and when a
further distance in Jersey City is reached (as it soon
will be) the combined rate will be 13 cents. Not
withstanding the great advantage of the tunnel lines
in point of time consumed, the 7-cent rate now an
nounced to take effect on Dec. 24 will be quite below
the combined rate just mentioned and still 1 cent
under the existing rate by ferry and trolley between
the Jersey City front and uptown Manhattan. An
other interesting (and quite novel feature hereabouts)
is a difference in rate between uptown and downtown
travel, for the advance applies only on the line to
Sixth Ave., this line having cost more to build and
involving a longer haul than the line to downtown.
How readily the public will acquiesce is to be seen.
But Mr. McAdoo asks reasonable consideration for
the heavy taxation which his company must bear,
saying that it could live on a uniform nickel fare if it
were tax-exempt as the Subway is. He adds that
his line is under an independent control and has been
consistently managed, from the first, in the public,
interest.
One of the largest auditoriums in the city was filled
by a great crowd last Sunday afternoon to in
dorse the proposition that the Government set up an
old-age pension scheme for Federal employees. This
is not an unexpected proposition, for it is in line with
the drift of events, and it is not new, foi in June of
1909 (and again in December of that year) massmeetings of Federal employees were held here.
Last Sunday’s meeting was enthusiastic and was
intended to work up an apparent public opinion in'
favor of a measure now* pending at Washington by
which employees retiring for age or disability shall'
have a life pension, according to a graduated per
centage of their salaiies for the previous five years.
The superficial and sentimental pleas for such a
scheme are so taking, and the objections seem so
remote and inconsiderable, that one who demurs must
accept a disadvantage in apparent position. It is
urged that this great and rich Government ought to be
ashamed to be behind private corporations in the
matter of provision for the old age of its servants; the
existing pension scheme, laden with the excrescences
which have attached themselves to it, is cited as an
example, and the objector is challenged to say why
any difference should exist in treatment. It is so
easy to accept, for the sake of what seems kind to
the individuals selected for benefit, a public expendi
ture which looks remote and inconsiderable when set
over against the total wealth of the nation, that ob
jection always sounds ungracious and is liable to be
drowned in the clamor of approval that is stirred up.
Yet the public largess or non-contributory pension is
wrong in principle; the example of private corporations
is not a parallel; and all lines of conduct which are
not based on sound principles involve the final danger
that they contain no fixed stopping place.
Argument upon this is not necessary for reflecting
persons, and is almost useless as to those who reason
with their sympathies and wishes instead of with their
sober judgment. Yet the country might well pause
and consider— besides the intrinsic demerits of a non
contributory scheme—what is developing in Great
Britain. The old-age pension scheme there has some-
1424
THE CHRONICLE
what more than doubled upon the original estimate,
and one writer points out that the present burden on
this account, if capitalized at ten years’ purchase,
would represent 130 millions sterling added to the
national debt, while the present estimate for the pend
ing Lloyd George insurance scheme would more than
double even -that addition. It is the first step that
costs— by leading to the further steps— when the
course itself is wrong.
New records were made by both exports and im
ports of merchandise in October 1911, but as the in
crease compared with the month in 1910 has been
heavier in the imports, the net favorable balance is not
quite so large, although still of considerable magnitude.
The important feature of the export statement, how
ever, is that there should have been any augmentation
in value at all this year considering the decided de
cline in the value of cotton that has recently occurred.
In fact, it is due entirely to the lower price of cotton
that the October 1911 outward flow of merchandise
fails to reach an aggregate value greater than in any
previous month of any year. The quantity of cotton
exported this year in October, while fully 15% in ex
cess of last year, covers a value over 20% smaller,
and this is clearly explained by the drop in the average
export price from 14% cents in 1910 (the highest for
the period since 1874) to 9% cents in 1911. Offsetting
to some extent the falling off in cotton, the advance
6gures for most other principal items of export con
trast rather favorably with a year ago. Breadstuffs
exhibit a gain of % of a million dollars, due to increased
shipments of wheat and flour; a heavier outflow of
bacon, lard and oleo oil accounts mainly for a gain of
' 2% millions in provisions, and naphtha is the principal
item contributing to the gain of 1% millions in mineral
oils.
The various items referred to above, with the addi
tion of cattle, sheep and hogs, make up a total of $103,
421,629, which contrasts with $118,717,813, or a de
cline of 15*4 millions of dollars. Other articles of
export (manufactures, &c.), on the other hand, aggre
gated $107,102,364 in October this year or 18 millions
more than a year ago and 30 millions in excess of 1909.
Aggregate merchandise exports for October 1911,
therefore, at $210,523,993, compare with $207,709,086
in the month of 1910 and $200,697,343 in 1909. For
the ten months of the calendar year, the merchandise
outflow has been $1,666,025,427, or far ahead of that
for any similar period in our record, and 2 3 5 millions
larger than in 1910. The foremost contributors to the
increase have been iron and steel and manufactures
(upwards of 45 millions), breadstuffs (30 millions),
cotton (30 millions), despite the recent radical de
cline in price, provisions (27 millions), and to a lesser
extent copper, cotton manufactures, naval stores,
mineral oils, vegetable oils, coal, wood and manufac
tures and animals. There are no losses of suificient
moment to warrant mention.
The merchandise imports were $131,478,176 in Octo
ber this year, against $124,046,331 last year. For the
ten months the imports aggregate $1,264,365,361,
against $1,296,408,740, but exceed all earlier years.
The export balance of merchandise for October reaches
$79,045,817, falling behind 1910 by 4 ^ million dollars,
but exceeding the month in all earlier years back to,
but not including 1900. The ten months’ balance at
401% millions is very large, being 267 millions more
than for last year and falling behind only 1898, 1900
1901 and 1908.
[VOL. LXXXXII..
The gold movement of the month was of moderate
proportions in either direction, netting a net balance
of imports of $118,433, and increasing the net inflow
for the ten months of 1911 to $27,032,229. The net
outflow for the corresponding period of last year was
$6,136,025 and for 1909 reached $68,512,679.
No general statement can be made covering the
trend of the week’s changes in European discounts,
so irregular have they been. Paris is easier, London
is little changed, Berlin remains higher than any other
centre, Amsterdam has marked up its charge and
Brussels shows no change. By next week there may
be temporary firmness at all the principal centres, but
for the present quotations, as has been indicated, arc
not moving uniformly. London quotes 3 9-16% for
sixty-day and 3 7-16% for ninety-day spot bills as well as
bills to arrive. Paris on Thursday lowered its terms
for accepting finance bills to 3 % % , the figure which
has ruled for commercial bills during the last week or
two. Berlin is now on a 4 % % basis for bills to arrive
and also for spot bills, with, however, a harder ten
dency for the former. At Amsterdam the rate has
moved up to 4% . The Brussels quotation is still
4% % .
The Bank of England was allowed to take, at the
minimum price of 77s. 9d. per ounce, the £690,000 new
gold offered in the open market on Monday. The
weekly return of the Bank, issued on Thursday and
showing the condition of the institution at the close
of business Wednesday, records a gain in bullion for
the week in amount of £837,206. According to the
cablegram of our special coirespondent at London, the
increase has followed chiefly as a result of the pur
chases in the open market. There was a small in
crease, however, in circulation, so that in the total
reserve the net gain is £782,000. Loans rose £198,000
despite a falling off in ordinaiy deposits of £1,179,000.
The Government deposits, due presumably to the issue
of Treasury bills, show an increase of £2,183,000. The
total amount of bullion now on hand is £36,869,215,
the best figure reported at this season of the year in
recent times. The proportion of reserve to liabilities
moved up to 51.04% this week from 50.50% last
week. Since the statement was compiled £162,000
gold has been secured by the Bank, but yesterday
£100,000 was shipped to Paris. Our special cor
respondent furnishes the following details of the
movement into and out of the Bank for the Bank
week: Imports, £604,000, wholly bought in the open
market; exports, £121,000 (of which £100,000 to
France, £11,000 to Gibraltar and £10,000 to Java),
and receipts of £354,000 net from the interior of
Great Britain.
New York bankers are asking themselves what would
have happened in the local money market had not
European disturbances caused interest rates abroad
to advance to a point which diverted borrowing to
this centre. If, in spite of loans to the estimated
amount of $150,000,000 to Europeans, call money has
ruled at 2 % @ 2 % % , time money at 3 % % and com
mercial paper at 3% @ 4 % , how low would quotations
have gone in the absence of over-sea requirements? The
speculator might reply that, had money been cheaper,
brokers would have taken larger supplies in order to
carry the stock which the abnormally easy terms for
money would have led operators to purchase. But it
is questionable if a 1% call-money quotation would
have had any material influence upon stock trading.
Nov. 25 1911.]
THE CHRONICLE
1435
And it is even more doubtful if, say, a 3% commercial- have again been prominent, but their exact position
paper rate would have stimulated the drawing of bills has been obscured by their out-and-in operations. The
in any considerable degree. The price of accommoda month-end settlements will entail the remittance of
tion certainly has not letarded either speculation or fairly large sums to European investors this week; but
commerce. The dulness has been produced by other apart from this the known factors all make for lower
causes, the most serious of which, in our estimation, exchange. Europeans have been purchasing stocks
has been the hostility of the authorities towards the here; France and England are expected to subscribe
railroads and other very large coiporations. There for certain new bond and note issues; gold shipments
have been expressions of pride over the fact that the have already approximated 814,000,000 and are still
United States has been able to extend so much mone in progress, while the latest’ monthly foreign trade
tary assistance to the strongest cities of Europe, but statement shows an excess of merchandise exports of
when it is considered that, under healthy conditions, $79,000,000, the total shipments having for the first
this country should be able to pay more than the fully- time in October exceeded $210,000,000. For the ten
developed nations of Europe for capital, the present months our export balance has reached $401,600,000,
position surely is not one to inspire boasting. It is, and it can be safely stated that Europe’s borrowings
rather, a matter for regret, since it means.that there swell the aggregate balance to more than half a billion
have been gratuitous forces at work to retard progress dollars. Then bankers do not ignore the complete
at home.
change which has taken place in the monetary position
It is proper to remark here that, while no immediate abroad. This week the Bank of England recorded a
transformation is anticipated, sentiment in the most gain of more than $4,000,000 in bullion, the Bank of
influential circles has become slightly brighter. Mani France added almost as much to its stock of specie,
festations of impatience with the Government’s whole and the Imperial Bank of Germany has been doing bet
sale prosecutions of corporations are multiplying, and ter than either, so that there should not be necessity
it may not be without significance that Roosevelt, for increasing indebtedness to New York unless the
the opportunist, has come forward with an arraignment capital applications by governments and corporations
ol the Taft Administration and a plea for greater dis abroad prevent a further decline in discounts. One
crimination in indicting managers of large business international banker states that he is basing his opera
organizations. For the present, however, confidence tions on the assumption that within a few weeks money
has not been sufficiently restored to move financiers will be worth no more than 234% in Paris or 3% in
to throw off their doubts and fears as to what might London; while Berlin, he believes, will fully participate
befall should they undertake important new enter in the slackening of rates. Little stock is taken in the
prises. The relation of the recent and present uncer loudly-heralded plan to enable Southern cotton grow
tainty to the rates for money is too apparent to need ers to withhold supplies of the staple from the market
elaboration. This week short-term loans have been until the price has been forced up to at least 12 cents
available at 334%> plenty of money has been offered per pound. The strongest financial interests in the
each day at 334% for maturities running from Febru city disclaim connection with the scheme and cast
ary to the beginning of June, while certain institutions doubts upon its efficacy. Exchange movements,
have invested in the best mercantile bills at the ex therefore, may be little affected by the proposal,
tremely low figure of 334%- The ill wind, so to speak, whereas were the exportation of this commodity to be
promises to bring certain advantages; in other words, suddenly stopped, the calculations of exchange bankers
underwriters are finding it comparatively easy to would naturally be upset. The whole tendency of the
place new issues of notes and bonds. During Nov times is opposed to such a device as as has been out
ember quite a few moderate flotations have been lined this week.
accomplished successfully and others are being
Compared with Friday of last week, sterling ex
planned.
change on Saturday was unsteady, demand being again
The fluctuations in call money this week have been quoted at 4 8690@4 8695, while cable transfers -[de
narrow. On Monday, Wednesday and Thursday the clined to 4 8725 @ 4 8730 and 60 days advanced to
maximum was 234 % , the minimum 2% % and the rul 4 8375@4 8385. Rates fell on Monday forenoon]fon
ing rate 234%, while the only change on Tuesday was exports of gold to Canada and South America; but
a fall to 234% in a few instances. Yesterday the later the tone became firmer on active trading, though
range was 234 % to 234 % , with the final loan made at the close was below Saturday’s level, at 4 8685@4,8690
234%. Time money is given as 334 to 334% for for demand, 4 8710@4 8715 for cable transfers'fand
sixty days, 334% for ninety days and 334 to '6%% for 4 8365@4 8380 for 60 days. Speculation accompanied
four, five and six months, although, as already ex a break on Tuesday; demand, after selling at ■4 8685
plained, borrowers need not pay more than 334% ex at the opening, fluctuated irregularly, thenTtended
cept perhaps for the longest period. The range for downwards, and closed at 4 8670@4 8675, with cable
commercial paper is 334 to 4% for sixty to ninety days’ transfers at 4 8695@4 87. On Wednesday demand
endorsed bills receivable and prime four to six months’ declined to 4 8665 @ 4 8670 and 60 day bills to 4 8350 @
single names and 434 to 4 % % for names not so widely 4 8360; although cable transfers were slightly firmer
known.
at 4 87 @ 4 8705. There was another decline on Thurs
day, demand and 60 days going down to 48660@
Immediately upon the departure of the final steamer 4 8665 and 4 8340@4 8350, respectively; cable] trans
to arrive at England before Dec. 1 demand sterling fers, however, remained at 4 87 @ 4 8705. On Friday
broke
. per pound, and since then no resiliency early firmness was lost during the afternoon, and the
has been shown by sight drafts; but cable transfers close was at 4 8345 @ 4 8360 for 60 days, 4 8660 @
have kept quite firm at 4 87 or a little higher. During 4 8665 for demand and 4 8695@4 87 for cables.
the next few days there may be interesting fluctua Commercial on banks was quoted at 4 83 @ 4 8334
tions in this section of the market, inasmuch as all re and documents for payment 4 8334@4 8 3 ^ . Cotton
quirements for the monthly settlements were probably for payment ranged from 4 83 @ 4 8334, grain for
not met before the Mauretania sailed. Speculators payment from 4 8334@4 84.
THE CHRONICLE
1436
The following gives the week’s movement of money
to and from the interior by the New York banks.
ua
p
Week ending N»v. 24 1911.
G o ld ..... ...................................
Received by
Shipped by W ret:\llniertor
N. Y. Hanks. N. Y . Banks. .15 Movement.
S10.3G7.000
1,074,000
$4,913,000
1,494,000 Gain
$12,011,000
SO,407,000 Gain $5,034,000
130,000
With the Sub-Treasury operations the result is as
follows.
Week ending N»v. 24 1911.
Banks’ Interior movement, as above.
Net Change in
Bank Holdings.
Ovt of
Banks.
Into
Banks.
$12,041,000
23,100,000
$0,407,000 Gain $5,634,000
33,100,000 Loss 10,000,000
$35,141,000
$39,507,000 Loss $4,360,000
The following table indicates the amount of bullion
in the principal European banks.
Banks of
Nov. 24 1910.
Nov. 23 1911.
Gold.
£
England.. 36,809,215
France __ 128,543,08*
Germany . 40,974,300
Russia n__ 142,072,000
Aus.-Hunb 53.726.000
Spain___ 16.097.000
Italy d__ 40.052.000
Neth’Iands 11,530,090
Nat.Belg.d 6,679,333
Sweden .. 4.735.000
Swltz’land 0,452,000
Norway .. 2.234.000
Silver.
Total.
Gold.
£
£
30.809,215 35,591,024
32,243,460 100,787,140 131,878,100
13,998,950 54,973,250 36,725,050
6.044.000 148,116,000 145,704,000
11.580.000 05.300.000 55.303.000
30.207.000 40.904.000 10.395.000
3.509.000 44.221.000 39.150.000
1,142,300 12,072,300 10.249.000
3,339,067 10.019.000 5,524,607
4.735.000 4.479.000
0,452,000 0,320,000
2.234.000 2.055.000
£
Silver.
Total.
£
£
35,591,024
33.400,840 105,278,940
13,209,700 49,995,350
0,055,000 151,759,000
11.878.000 67.181.000
30.007.000 47.002.000
3,476,000 42.020.000
1,791,800 12,040,800
2.702,333 8.287.000
4.479.000
6.320.000
2.055.000
Total week 491,164,528 102,124.377 593,288,905 489,374,441 103,240,673 592,015,114
Prev .week 489,835,749 100.553,500 590,389,309j4S8,423,33ljl02,850,773 591,280,104
a The total of gold In tho Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the above statement, Is about
one-seveath of the total thl3 year, against about onc-elghth a year ago.
b The Austro-Hungarlam Bank statement fs now Issued In Kronen nnd Heller
Instead of Guidon and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen lias really no greater value than 20 cents, our cable correspondent In Lon
don, In order to reduce Kronen to Pounds, has altered the basis of conversion by
dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given In our table of coin and bullion In
the Banks of rtaly and Belgium Is made from the best estimates we are able to ob
tain; It Is not claimed to be accurate, .as the banks make no distinction In their weekly
returns, merely reporting the total gold and sliver; but we believe the division we
m ake to a dose approximation.
THE NEW POLITICAL LEADERSHIP IN
ENGLAND.
Tke resigmation of Mr. Balfour from leadership
of the Unionist Party in Parliament, and the appoint
ment of Mr. Bonar Law as his successor, is one of
those events which, although in their longer scope
as important as the nomination of a President in this
country, pass off quietly in England— almost as
minor incidents of politics. It is not the less interesting
in view of reports that Mr. Asquith may before long
be similarly succeeded in the leadership of the Liberal
party by one of his present coadjutors—Mr. LloydGeorge, for instance, or Mr. Winston Churchill, It is
sometimes difficult for our people, schooled in the long
traditions of primary delegations and political nominat
ing conventions, to understand how the English plan
has so long held the stage. That the leader of a
party, and by inference the actual ruler of the country
when his party is in power, should be selected merely
in a quiet committee discussion, privately conducted
by party leaders, appears on its face anomalous.
It is true that a number of our earlier Presidents
were put in nomination on very much this plan.
Between Jefferson's day and Jackson's, Presidential
nominations by all parties were made as a simple
result of conference among the leaders in Congress or in
the State legislatures. The plan was undoubtedly
copied from the English system. It was ended once
for all at the time of Jackson's first candidacy in 1824,
when four different nominations of the sort were
made; when, no candidate received a majority vote in
the Electoral College; when the election was, there
fore, in accordance with Constitutional rule, thrown
into the House of Representatives, and when, through
a coalition between the supporters of John Quincy
[V O L . L X X X X I I I .
Adams and Henry Clay, Adams was chosen President,
although Jackson had led the vote in the Electoral
College. Dissatisfaction with that result prepared
the way for the system of nomination by national
conventions of the parties, and that method of nomi
nation, by a convention of delegates from the people,
has always since that time been deemed an essential
part of our electoral machinery. Whether, as a result
of the progress of democratic ideas in England, some
such alteration in the British system of selecting
leaders may not hereafter be proposed, is an interesting
question, which, however, need not for the present
concern us.
Mr. Balfour’s letter of resignation stated the poor
condition of his health as the reason for his with
drawal from the leadership. Had he resigned four
months ago, when the controversy over the House
of Lords was in its critical stage, people would almost
certainly have declared that he was forced out oi
office by the discontent of his party associates. Mr.
Balfour’s attitude toward the drastic veto legislation,
forced through the Lords and Commons by the
Asquith Ministry under the threat of creating a
great body of new peers, can now be seen to have
been inevitable and correct. He took the ground
that the opposition party was confronted with two
alternatives, of which acceptance of the Govern
ment’ s proposals was the least objectionable, and
he indicated also that resistance would necessarily
be futile, since the Ministry already had a majority in
the House of Commons and could create the necessary
majority in the House of Lords.
In this conclusion Lord Lansdowne, Unionist
leader in the House of Lords, concurred emphatically;
but the Unionist Party, exasperated over their
helpless situation, were in a mood to look for any
kind of scapegoat. At the famous dinner to Earl
Ilalsbury last July, Mr. Balfour’s conduct was
openly denounced by members of his party, as
they toasted the venerable peer who stood for
resistance to the last ditch. It is possible that the
break in the loyalty of his supporters may have had
a hand in last week’s resignation; but it is more probable
that this particular source of ill-feeling has ceased
to prevail, and that Balfour’s resignation is due to
other causes.
That one of these causes, whether avowed or not,
was the uncertain and doubtful mental attitude as
sumed by Mr. Balfour toward a score of public ques
tions, it is difficult to doubt. A man of great personal
influence and personal charm, with the gift of fluent
oratory and a faculty for inspiring personal good-will
even among opponents, Mr. Balfour never seemed
completely able to determine his own opinions on such
questions. At the present moment, it would be
difficult to say just where Mr. Balfour actually stands
on such problems as silver bi-metallism and protective
duties. There was a certain air, throughout his public
career, of the dilettante in politics. At times it
seemed as if he took nothing seriously; a rather striking
instance of which was his sudden and half-indifferent
acceptance, last spring, of the proposal for a referendum
—which he adopted more in the manner of a man
who wishes to get an irritating question off his mind
than of one who has gone to the bottom of a subject.
Such leadership could not well be entirely successful,
even with a party at the full tide of success. For a
party in a heavy minority and with a series of hot
political contests ahead, it would bo all but fatal. It is
quite impossible to dismiss this consideration from the
JNOV. 25 1911.]
motives governing the withdrawal of Balfour. In
deed, if one were to accept the plea of ill-health
alone, it would leave Mr. Balfour in the somewhat
unpleasant position of a party leader who had with
drawn from the field at the moment of impending
battle.
If the surrender of leadership by Mr. Balfour was
a fact foreshadowed by events, there was nothing to
foreshadow who was his logical successor. The
position of the Unionist Party is most curious. Even in
its present minority position, it has found it necessary
to hold together two very largely dissensient Avings.
When it held power, the Tory Party, properly so
called, retained that power only through the concur
rence of the political faction which still called itself
Liberal, but which had broken away from the main
Liberal Party on the question of Irish Home Rule.
The question last Aveek, therefore, was, avI io in the
ranks of the House of Commons Unionists Avas quali
fied both to hold the Party together and to lead it
successfully in its future political career. The tAVO
names most frequently mentioned had been Mr.
Austen Chamberlain, son of Joseph Chamberlain, and
Mr. Walter Long. To Mr. Chamberlain there Avas,
however, an odd objection— namely, that he was
a Liberal-Unionist and not a Conservative, and that
since Lord LansdoAvne in the House of Lords had
similar political affiliations, Mr. Chamberlain’s succes
sion to Mr. Balfour Avould have created the anomalous
situation of the Conservative Party being led in both
Houses by statesmen belonging to the faction Avhich
stood only provisionally and under protest for the
party’s principles. To Mr. Long the objection seems
to have been made that he Avas neither a political
fighter nor an ideal leader.
The compromise, apparently reached at the last
moment, Avas in many respects interesting. M r.
Bonar LaAV achieved his very considerable political
reputation by his vigorous contest of last year in the
Manchester constituency. In opinions, Mr. Law is
an ultra-Protectionist, and his invasion of the free
trade strongholds of the cotton industry Avas commented
on as a fine example of political courage and resource.
Looking at the matter Avith the eyes of a neutral
community, it would certainly seem as if the Unionist
Party’s selection of Mr. LaAV as leader was, first of all,
recognition of his poAver to lead in aggressive political
battle. Perhaps the selection unconsciously expresses
a sense of relief in turning from Mr. Balfour’s un
certainties of opinion to the positive judgments and
forcible utterances of Mr. LaAV.
Whether the new minority leader will be able under
such circumstances to unite the two wings of his party
is not easy to see. He cannot, if ho Avould, escape his
protectionist record; and he probably Avould not if
he could. The Irish home rule question is the field of
political contest immediately ahead of the House of
Commons; and in this, one may be sure that a leader
of Mr. Bonar Law’s particular qualities Avill be of the
highest service to his party. But the Home Rule
issue will be settled, one Avay or the other, and it is
hardly to be supposed that the next move in the Con
servative Party itself Avould not be revival of the
movement for protective duties.
But in the meantime there has been no sign A v lia tever that the Liberal Unionists, during their longaffiliation Avith the Conservative Party, have been con
verted to that policy. On the contrary, it is not im
probable that they are set more than ever in favor of
free trade, for the very reason of their forced and not
1427
THE CHRONICLE
Avholly agreeable affiliation with the Conservatives
on other grounds. In the Avhole situation, there is con
siderable analogy to the attitude of Democrats who
sustained the Republican Party and voted the Re
publican ticket during the period of Bryan’s domina
tion.
Thus the longer result of the change in the Unionist
Party’s leadership is admittedly uncertain. It is
not yet safe to assume that the neAV Opposition
leader will be able even to control his own adherents.
If he cannot do this, or if his leadership turns out in any
Avay to be disastrous, then another experiment will
undoubtedly be tried and a neAV leader selected. The
Opposition leader is, moreover, by no means ahvays
necessarily marked out for the head of Government
Avhen his party once more gains control. So eminent
a British statesman as the late Duke of Devonshire
trvice held the leadership of the Liberal Party while it
Avas in a Parliamentary minority, and then relin
quished leadership to Mr. Gladstone Avhen the party
had regained power and Avas called upon to run the
Government.
GERMANY, THE PANAM A CANAL
AND THE MONROE DOCTRINE.
The effect of opening the Panama Canal on the
movement of trade is as yet a matter of speculation.
The tolls are not yet fixed, and they will be an im
portant factor. Elaborate estimates, hoAvever, have
been made in England, based on rates just sufficient
to cover I o a v interest returns on the cost of the canal,
and the conclusion is draAvn that the canal Avill have
no business from beyond Hong Kong and little be
yond Yokohama. The traffic, other than domestic,
Avill be largely confined to the Avest coast of South
America, NeAV Zealand and the east coast of Australia.
The managers of the Suez Canal are already preparing
to meet the rivalry. They are increasing their facili
ties and lowering their rates. They intend to surren
der nothing Avithout strenuous competition.
The canal is certain to make a vast difference Avith
the Avest coast of South America, and that will have
a strong reflex influence upon the whole trade of that
continent. That trade is noAV largely in German
hands, Avith England an important second and Italy
pressing for an increased share. It is sure to increase
rapidly and become of first importance to European
countries. Where trade goes, the flag goes. It is in
evitable that complications will arise, as in the past
in the Venezuela affair and in Central America, if only
over the collection of debts; and the right of the United
States to primary and authoritative interposition, on
the basis of the Monroe Doctrine, is sure to be ques
tioned. Italy’s interest is as yet relatively small.
Great Britain’s relations to us are not likely to be soon
strained again, but Germany’s are new, little under
stood and rapidly coming to the front. It is im
portant, therefore, to estimate their force and to under
stand the moti\res that lie behind them, for they will
have to be dealt with under entirely neAV conditions;
and, in addition to Avhat may be their inherent claims,
they will inevitably have the support of the other com
mercial European States.
G e r m a n y ’ s lin e o f a c t io n is b y n o m e a n s c a su a l or
d e te r m in e d s im p ly b y f a v o r a b le m o n e y -m a k in g o p p o r
tu n ity .
Two
g r e a t n a tio n a l im p u ls e s are b e h in d i t ;
o n e e c o n o m ic a n d h is to r ic , th e o th e r p o litic a l a n d n a
t io n a l.
In
a r e c e n t a rticle w e h a v e c a lle d a tt e n t io n
t o th e fa c t t h a t G e r m a n y is s u p p o r tin g h er a d v a n c e
in S o u t h A m e r ic a o n th e g r o u n d o f h er fo r m e r r ig h ts
1428
THE CHRONICLE
in that direction. Early in the sixteenth century the
great bankers of Augsburg, the Fuggers, purchased
from Spain the grant of the trade of the west coast
from Peru to the Cape, with monopoly of the islands
of the Pacific, and were deprived of it by Pizzaro’s
captains, who swept down the coast from Chili to Pata
gonia, driving off the Germans; while their competitors,
the great banking house of the Welsers, in their turn,
bought from Spain, about the same time, vast land
concessions in Venezuela, with a monopoly of the
West Indian trade, only to have it taken from them
again by the Spanish crown. Three hundred years
later the claim of the Germans for a controlling place
in the trade of the Pacific was based on this ancient
grant. And now, after another hundred years, when
Germany has developed both her great mercantile
fleet and her navy, the re-acquisition of her trade with
South America is based on high patriotic ground, as
being a claim to that[from which she has been unjustly
deprived. This is an appeal to the German people
which will not be easily disregarded or set aside, and,
whether it constitutes a legal right or not, will have an
important relation to the competitions and contro
versies of the future.
Politically, the situation is even more suggestive.
The German Empire has existed for less than half a
century. It sprang from the victories won by the
Prussian armies in the years from 18G4 to 1871. It is
dominated, and, what is faijmore important, inspired,
by Prussia. And for a hundred and sixty years, since
the accession of Frederick the Great, Prussia has
moved in a straight line andfwith a controlling purpose.
No discipline has been too severe, no sacrifice too
great, to secure its advance. By her energy, her
readiness to subject herself to training, her lofty
patriotism, and her undeviating purpose, Prussia has
become great. And her, greatness, her spirit and her
aims are now those of the German Empire.
German
national life is full and strong and united. It is not
likely to wane, and it is not likely to diminish in its
virility. Germany holds a position of leadership
which she has won and deserves. She has reason to
be proud of it, and it certainly has not yet reached
the measure either of its ambitions or of its possibilities.
She is moving forward to-day, as in the past, in a
straight line. Order, system, preparation are her
maxim and her method. No more surely is her mer
chant fleet in every sea, than her trade is sure to
develop in every land where it seeks foothold. Her
poor success thus far in founding colonies is unim
portant.
We are not immediately concerned with the great
Continent of Africa, just now the attractive prize of
the world; but, second to Africa, if not, indeed, before
Africa, is South America, to-day the richest undevel
oped area on the globe. And Germany already has
found her role there. We have been content, and are
to-day, to all intents and purposes, idly content
to look on. Profitable and important South American
loans have recently been brought to New York, only
to be taken out of our hands and transferred to Europe.
We contend for participation in Chinese loans, and, as
a matter of course, pass over to others these from our
nearest neighbors. Great railroad enterprises in South
America, originated and in large part guided by citi
zens of the United States, are employing European
capital and falling into European hands.
There are signs that our merchants are waking up.
When they do, they will find themselves facing a
competition that is not only intelligent and persistent
[VOL. LXXXXI1I.
and already well established, but backed by the
whole force of the German nation. Even France, our
natural ally, is likely to find her interests arrayed
against us. It would seem that conflict, eventual, it
fnay be, is inevitable; it will be amicable and as of
worthy rivals, it is to bo hoped, but it will be none
the less serious and strenuous. The Monroe Doctrine
will inevitably go into the scale on the American side.
But it will not be quietly accepted. We are assever
ating stoutly that we will never submit it to arbitra
tion, but it is at best only an affirmation; it is not a
contract or a treaty, however loudly we have asserted
it. It has never been formally accepted. It will have
to be debated and defended. If we are eventually
compelled to go with it before an international court, it
will be a cause celebre, indeed. It will face no trifling
or merely mercenary attack. It will find us pitted
against the European commercial world, led by a
great trading nation that has won the right to attack it,
both on the ground of her historic possessions, her
present holdings and her ability to meet the demands
of the future; a nation, also, whose long-settled course
of action is obstructed by it, and with whom every
patriotic motive impels to opposition.
We shall do well to base our plans for the South
American trade of the near future on some more
valid foundation, and to heed the challenge of the
commercial world of to-day, to prepare ourselves by
that intelligence and thoroughness of educational
training which constitutes the one substantial basis for
the “ survival of the fittest.” If we would hold the
trade, obviously we shall have first to win it.
BANKERS MOVE FOR BETTER AGRICULTURE.
The first annual conference of the Bankers’ com
mittees on agricultural development and education,
held in Minneapolis about a month ago, comes to us
reported in a pamphlet of 1G0 pages. It is to be noted
that this is stated to have been the first annual, not
merely the first, conference on this subject; it is also
undertaken by the united bankers’ associations of
twelve of the Northwestern States. The subject,
“ agricultural development and education,” is notice
able for suggestiveness as it stands, although the re
lation of education as the cause to development as the
effect might have been more sharply indicated by
reversing the position of the two words.
The two days’ conference consisted of addresses
directed to what has already been attempted in en
listing farmers in better methods for more intensive
agriculture and to the results and indications thus far
obtained. Dr. Knapp of the Agricultural Department
in Washington quoted from the Census of 1900 (the
figures for the last Census year not being yet available),
showing that in South Carolina the average earning
capacity of the farm worker is $14G per annum,
against a little over $G00 in Iowa, and a little over
$700 in North Dakota. We have now, he said, only
one-third of the people occupied in producing food and
clothing, whereas in the early years of the last century
two-thirds were thus engaged. With increasing popu
lation, the inevitable problem of food must become
more absorbing; we are, he said, “ chained to the
bread line” ; the lands arc fast taken up, “ free” settle
ments are almost gone, and therefore more scientific
cultivation becomes the only way open. It has been
proved, he said, to the Southern farmer that he can
grow cotton in spite of the weevil. In 1910 the in
crease in the corn crop of ton Southern States was 45%
of the total increase over the entire country. In one
N O V. 25 19 11 .]
M is s is s ip p i
THE
cou n ty ,
146
boys
averaged
92
C H R O N IC L E
b u s h e ls
THE ATLANTIC COAST LINE’S EXCELLENT
SHOWING.
c o r n p e r a c r e , w h ile t h e ir fa t h e r s , e v e n u n d e r “ d e m o n
s tr a tio n ”
m e th o d s as c a lle d
5 0 b u s h e ls .
th e re , c o u ld
a v era g e o n ly
T h e r e a s o n , a s e x p la in e d b y th is s p e a k e r
in t h e c o u r s e o f a s k e t c h o f t h e g r e a t in t e r e s t w h ic h
The
is
in c r e a s e
com m on
a r o u s e d a m o n g b o t h b o y s a n d g i r ls , is t h a t t h e c h i l d r e n
C om pany
a re m o r e e n th u s ia s tic , a re n o t w e d d e d
to o ld m e th o d s ,
cam e
a n d d o n o t im a g in e t h e y a lr e a d y k n o w
m ore th a n th e
tea ch ers w h o
A
com e to
p r o fe s s o r
t o ld
how
in
e ffe c tiv e
S t a t e t h a t in
retu rn
w as
it
has
been
A g r ic u ltu r a l
to
te ll
C o lle g e
$ 1 ,6 0 0 .
The
w h ile
hom e
fa r m e r s
in
h is
in I o w a
fa rm e rs
of
th e a v e ra g e
becom e
th e
per
in te r e s te d ,
T h e s p e a k e r e x p la in e d th e d e ta il
of
u n a llo y e d
s e v e r a l a g r ic u ltu r a l p r o fe s s o r s
o f p r iz e s ,
fr o m
B . S tic k n e y r e la te d
oth er
as d id
S ta te s.
a ll
S t. P a u l to th e
of 1910.
r e s u lt s .
But
ta k en .
he
The
w as
fa rm e rs
a s to n is h e d
to
had
c e s s fu lly a t fir s t; t h e n
poor,
and
s e c t io n
he
had
d id
a
fin d
b e lie v e
h im s e lf
m is
A tla n tic
su c
v ille
of
a ll
to ta l
th e
banks
d e p o s its .
up
an
p a c k in g
hogs
or
h ou ses,
in c r e a s e
and
fro m
in
p la n ts
H e
now
th e
le a v e n
fo r
g ested
been
fro m
th e
got
h u n ted
th a t
in
sto ck y a rd s
w h ic h
and
r e c e iv e
6 0 0 ,0 0 0
fo r m e r ly
bought
H e b e lie v e s t h a t t h e
c lo s e s t
la b o r a t o r ie s
th e
and
th e
and
b u ilt
yard s
a s e c t io n
H e
and
p r a c tic a l
tested
great
by
s tu d e n ts
th en
fa rm e rs ;
th a t
fo rce
th e o r ie s
sug
p r iv a te ly
have
r e s u lts .
H is
tow a rd s
d a u g h te r , h e s a id , a s b r ig h t as o t h e r c h ild r e n
p u b lic
s c h o o ls ,
w as
s u r p r is e d
w hen
of
fir s t s e e in g
a
r a is in g
A tla n tic
w h ic h
in
th a t
to
on
record
C o a s t L in e
R a ilr o a d
and
a n oth er
cow
th a t
gave
c r e a m .”
The
one
p r o fe s s o r ,
th e
P a c ific
fre e
and
fu r n is h e d
th e G r e a t N o r t h e r n , s a id
la s t
to y ou n g
A g r ic u ltu r a l
is c a l l e d
C o lle g e
a n in v e s t m e n t e x p e n d it u r e ,
by
year
3 0 ,2 0 0
p e o p le fo r
of
tr a n s p o r ta tio n ;
am ou n t of w ork
N orth
yet
it
m ile s
a w e e k 's
D a k ota .
m ig h t
be
lin e
w ith
b e in g in
m a n y r a ilr o a d s ,
a ll t o
g iv in g th e m s e lv e s s o m e t h in g t o c a r r y .
p o in t
of
its e lf.
th e
e n jo y in g
im m e d ia te
a r e - u n u s u a lly b r ig h t,
th a t
is
p art
th e
as
S ou th ern
th e v e r y la r g e s t
th e
s m a ll c r o p
c o n tr o ls
th e
a ls o
v ille
in
e a r n in g
L ik e
its
pow er
th e
rep ort
th e
in
&
N ash
th e
S ou th ,
e v e n m o re im p o r ta n t
th a n
la tte r,
fo r
L o u is v ille
s itu a te d
th e
th e
la te
A tla n tic
L o u is v ille
fis c a l
C oast
&
year
N ash
m ade
an
e x c e e d in g ly g r a t ify in g s h o w in g , a n d its p r o s p e c t s , t o o ,
a re
v e r y g lo w in g ,
s h o u ld
a
la r g e r
L o u is v ille
&
R a ilr o a d
te re st
and
fo r th e
d iv id e n d
N a s h v ille
C om pany,
in
th e
ca se,
by
sam e,
sam e
reason .
d is tr ib u tio n
th e
reason
w o u ld
A tla n tic
of
H en ce,
r e s u lt
its
in
C oast
th e
L in e
c o n tr o llin g
n e c e s s a r ily
sh a re
in
in
th e
b e n e fits .
A s i n d ic a t e d , b u s in e s s c o n d it io n s in t h e S o u t h d u r in g
th e
tw e lv e
rep ort
w ere
of
m on th s
cov ered
th e A tla n tic
very
m u ch
U n ite d S ta te s .
by
th e
C oa st la n e
b e tte r
th a n
in
p resen t
R a ilr o a d
oth er
annual
C om pany
p a rts
of
th e
T h is in s u r e d t o t h e c o m p a n y a fu r t h e r
g r o w t h in t r a ffic o n t o p
years.
o f t h e la r g e g a in s in p r e v io u s
O n th e o th e r h a n d , o p e r a t in g c o n d itio n s w e re
of
sta y
T h is
deem ed
a vast
th e e n d
of
h a v in g
w h o le
th e
a
escaped
r a ilr o a d
lo n g
t im e
sam e
as
w ith
r a ilr o a d
s y ste m s
B y th is w e m e a n t h a t th e r e
have
as
s u b s t a n t ia l
w ith
tu r a l S ta te , it
w as
fo u n d
M in n e s o ta
th a t
9 9 .6 %
as
of
an
a g r ic u l
th e
4 3 5 ,0 0 0
14
gross
to
be
con su m ers,
to
and
fo u r -te n th s
be p rod u cers.
of
one
“ T h is ,”
he
in flu e n c e s
th e
to
U n ite d
In
a
w h ic h
S ta te s
w ord,
a d d it io n
reven u e
but
h ere
th e
to
to
gross
w as
th ere
th a t
by
a
b rou gh t
th e
o r d in a r y
fo r
an
is
very
has
been
B r ie fly
$ 1 ,8 1 2 ,1 8 1
The
R a ilr o a d
has
in v e s t m e n t.
a tte n d e d
ite m s
roa d s,
e ls e w h e r e .
fr o m
fo r
w ages
th e
L in e
revenues
in c o m e
th ou g h
fro m
in c r e a s e d
th is
as
C oast
of
th e
has
h ig h e r
c ir c u m s ta n c e
net
b u s in e s s ,
in c o m e
a ccou n ts
A tla n tic
in
a d d it io n
in
m on th s,
p art
th e
seen
tr a n s p o r ta tio n
in c r e a s e
m illio n s ,
as
is
it n o
s c h o o l c h ild r e n w e r e e d u c a t e d , in 1 9 0 9 , a t a n o u t l a y o f
p er cen t w ere ed u ca ted
of
o p e r a t in g
th e ir
fa r
to
w ith
adverse
s u b je c t .
th e
p la y e d
e ffe c t,
o f t h e c o n f e r e n c e s a id t h a t in a b r ie f r e p o r t o f a s t u d y
w ron g
been
in to
con cern ed ,
w h a t is
th e
sy ste m
a n d a n e n h a n c e d c o s t o f fu e l, a n d o f s o m e o t h e r
e n te r in g
T h e C h a ir m a n
fin d
one
w a s a r is e in o p e r a t in g c o s t , t h e r o a d s in t h e S o u t h n o t
N orth ern
fre e t r a n s p o r ta tio n
at
1%
con
R a ilr o a d
been
fo r
in d ic a te
G om pany,
u n fa v o r a b le ,
m ilk
and
is t h e
fa r s u r p a s s in g
e ls e w h e r e in t h e c o u n t r y .
gave
L in e
S ou th
th e
a c t io n
o n ly
m o d e ra te
r e c e n tly
s e c t io n
seem
is
th e
of
th e
d iv id e n d
as
C oast
has
is s u e d
v ie w
rep ort,
P rosp ects
one
th a t
f a c t , in
th e
th e
7%
but
co m p a n y ’s annual
th e
reg ard ed
s e p a r a t o r , a n d s a id s h e h a d a lw a y s s u p p o s e d “ t h e y h a d
cow
in
to
s u r p r is e ,
I t s h o u ld b e r e m e m b e r e d , lik e w is e , t h a t th e
L in e
w ork
m a k e th e m s e lv e s
d e m o n s tr a tio n s
m o v in g
w ho
in
be
of
a n d e m b r a c in g a r a ilr o a d s y s te m
in
S o m e th in g
E u r o p e in t h e a v e r a g e y ie ld p e r a c r e h a s
p r im a r ily
o u t r e s u lt s in
th e
b u ilt
h o g th a t w as con su m ed .
com e
ow n
tw o ,
s u c c e s s fu lly .
a n n u a lly
every
th a t
H e fo u n d t h e E r ie h a d a m ilk -c a r r y in g
expert
g o in g
in
d is c lo s e d
p r o s p e r ity .
crop
w h e a t-r a is in g ,
t r a d e , a n d h e t u r n e d t o m ilk a n d c r e a m .
d u stry
r a ilr o a d
th e ir c r o p s fa ile d , t h e y b e c a m e
not
m illio n
had to be d o n e .
begun
m a tter
th e
R a ilr o a d
annum
a
th e
on
L in e
per
of
S ta te s h a v e th e p re s e n t s e a s o n r a is e d
w e ll
in
a
4 he
ap p earan ces
cotton
r ic h n e s s
As
cou n try
I o w a S ta t e lin e , r u n n in g t h r o u g h a c o u n t r y a p p a r e n t ly
p r o m is in g
6%
by
d iv id e n d
C oast
n a tu re
th e S o u th ; a n d
fu tu r e , t o o ,
h o w , so m e th ir ty y e a rs
a g o , h e b u ilt a s e c t io n o f r a ilr o a d fr o m
th e
th e
fis c a l y e a r e n d in g la s t J u n e
m ust
in
of
th e
ju s t ifie d
r e s u lts
s e r v a t iv e .
s it u a t e d
in
A tla n tic
b a s is
in
m anagem ent
and
th e g iv in g
th e
fu lly
th e
annum
o n th e m a ilin g lis ts .
and
be
w eek.
o f s c h o o l in s tr u c tio n
c u lt iv a t e d
a
fa v o r a b le
a n d o v e r 3 5 ,0 0 0 h a v e a p p lie d t o h a v e t h e ir n a m e s p u t
M r. A .
fro m
to
presen t
1 90 9 t h e y w e re g e ttin g a n a v e r a g e g r o s s
o f $ 1 ,0 0 0 p e r fa r m
of
re p o rt fo r
M in n e s o ta
a n n ou n ced
sto ck
som ew hat
sh ow n
th em .
th e
1429
of
th e
som e
sta te d ,
tw e lv e
a u g m e n t a t io n
s a i d , “ is w h y t h e b a n k e r s in M i n n e s o t a a r e i n t e r e s t e d
o f $ 1 ,9 0 4 ,6 6 9 in o p e r a t in g e x p e n s e s a n d t a x e s , l e a v in g ,
in
t h is
s u b je c t .”
e d u c a tio n a l
su ch ,
in
a
B e in g
s u b je c t ,
th e
b u s in e s s
an
e c o n o m ic
ban k ers
as
an
th e r e fo r e ,
in te r e s te d ,
as
p o r ta tio n
in
th e
net
in c o m e
o f $ 9 2 ,4 8 8 .
fr o m
th e
tra n s
E x a m in a t io n o f th e
e x p e n s e a c c o u n t s s h o w s t h a t t h e b u l k o f t h e i n c r e a s e in
s o ta liv in g o n fa r m s , o n ly
tr a n s p o r ta tio n ,
w h ere
$ 1 ,3 2 8 ,9 9 8 ,
1 4 .4 0 .%
fo r
fa r m in g
r a ilr o a d s
som e
c o u r s e s in
1909
a g r ic u ltu r a l s c h o o ls .
I t is s u g g e s t i v e t o
The
1 ,8 0 0 t o o k
b u s in e s s
lo s s
e x p e n se s o cc u rre d u n d e r th e h e a d o f c o s t o f c o n d u c tin g
b e tte r
b r in g
a
o p e r a t io n s
to
up
s h o u ld
w e ll
t h e m ; y e t o f t h e m o r e t h a n a m illio n p e r s o n s in M in n e
in t h e S t a t e
w h ic h
a re
as
have
yea rs
see th a t th e b a n k e rs h a v e
and
been
p a st.
la r g e r
fo o d
w o r k in g
crops
on
th e
in
ta k en
ea rn est.
sam e
lin e s
The
fa ct
o p e r a t in g
or
th a t
cost
th ere
th ere
in
th e
w as
w o u ld
year
an
be
under
a
a u g m e n t a t io n
d e c id e d
r e v ie w
w as
r is e
of
in
c le a r ly
f o r e s h a d o w e d in t h e r e p o r t f o r t h e p r e v io u s fis c a l y e a r
and
w as
n oted
in
our
a n a ly s is
of
it.
In
th e
rep ort
THE
1430
re fe rr e d
to
it w a s p o in t e d
r e s u lts fo r
fa c t
1 9 0 9 -1 0
th a t
D ecem ber
S in c e
m ust
o p e r a t in g
31
th a t
1909
d a te ,
had
been
had
ad va n ced
o p e r a t in g
a ttr ib u te d
sta te d ,
w ages
su ch
expen ses
and
an
in
in
m a in ly
th e
r e m a in e d
w as
in
to
be
had
it
m ade
o u t th a t th e fa v o r a b le
c o n d itio n s
s ix
fa ir ly
su ch
th e
exten t
$2 44
th e
$ 2 1 7 in
m on th s
la r g e
'
to
in c r e a s e s
of
th a t th e
S ep tem b er
to
net
s a tis fa c to r y .
cost
1910
In
b u t th e
e m p lo y e e s
g rea ter
p art
d u r in g
of
th ese
th e
tw e lv e
in c r e a s e s
not
e f f e c t iv e u n til t h e la s t m o n t h s o f t h e fis c a l y e a r .
in g ! v ,
o p e r a t in g
m on th s h ad
of
expen ses
in d ic a te d
o p e r a t io n
th a t
at
at
S I ,2 5 0 ,0 0 0
le a s t
th e
p e r io d
been
A ccord
of
tw e lv e
The
n a rra ted
we
in
t r a ffic
and
of
op er
th ere
a ls o
in
has
gross
th ese tw o
c ir c u m s t a n c e s th e r o a d
o w e s its p r e s e n t
G r o s s r e v e n u e s in t h e la t e y e a r r o s e w e ll
$ 3 0 ,0 0 0 ,0 0 0 ,
a g g r e g a tin g
in
fa c t
$ 3 1 ,6 2 2 ,4 4 9 .
1 9 0 8 -0 9
and
$ 2 6 ,0 2 9 ,0 5 2
in
1 9 0 7 -0 8 .
D ir e c t c o m
p a r i s o n w i t h e a r lie r y e a r s is n o t p o s s i b l e , o w i n g t o t h e
e n fo r c e d
by
c la s s ific a t io n o f r e v e n u e s a n d e x p e n s e s
th e
In te r -S ta te
C om m erce
b e g in n in g w it h J u ly 1 1 9 0 7 .
num ber
r is e n
of
ton s
fro m
num ber
of
1 ,4 9 3
of
fr e ig h t
one
1 ,7 7 6
m ile
fro m
237
th e
T h e in c o m e a c c o u n t fo r th e t w e lv e m o n th s s h o w s a
o p e r a t in g
b ig ' s u r p lu s o f n e t e a r n i n g s a b o v e t h e d i v i d e n d r e q u i r e
h ere
m ade,
and
in
it
w ill
th e
e x p la n a t io n
be
seen,
c ir c u m s ta n c e s
of
th e
in c r e a s e
in
observed,
to
a d d it io n o f n e a r ly 5 0 % .
m en ts fo r th e y e a r.
be
m illio n s
add
th e
w ill
has
and
w as
to
it
m ile
w o u ld
annum
la s t ,
one
m illio n s
su ch
in c r e a s e s
T h is
to
th a t
th e r e fr o m .
m illio n s .
tra n sp o rte d
m illio n s
passen gers
C o m m is s io n
I n th e la s t fo u r y e a r s th e
cost
per
th e
g row th
resp ects,
It
a ccu ra te ;
have
m arked
d e v e lo p m e n t
o th er
in p a r t t h e e n h a n c e d
p r o g n o s t ic a t io n
e n t iie ly
a
and
1 9 0 6 -0 7 ;
re s u lt
e x p en ses o f th e s y ste m .
w ere
com e
th is
in
1 9 0 4 -0 5 .
to
o n ly
t im e
th a t
th e
in
in
350
w as
e s tim a te d
in
w ith
e ffic ie n c y
c h a n g e s in t h e
m on th s,
had
C o n te m p o r a n e o u s ly
a tin g
in
a n o th e r p a rt o f th e re p o rt,
a lly a ll t h e r a ilr o a d s o f t h e c o u n t r y , t h e A t l a n t i c C o a s t
of
1 9 0 7 -0 8 ; $ 2 2 0
$2 08
above
L in e R a ilr o a d h a d m a d e la r g e in c r e a s e s in t h e s a la r ie s
w ages
in
o n ly
T h is c o m p a r e s w it h $ 2 9 ,8 1 0 ,2 6 7 in 1 9 0 9 -1 0 ; $ 2 6 ,1 4 4 ,0 6 4
it w a s t h e n p o in t e d o u t t h a t , in c o m m o n w it h p r a c t i c
and
1 9 0 5 -0 6 ,
p r o s p e r ity .
exceeded
a d e cre a s e as c o m p a r e d w ith th e c o r r e s p o n d in g m o n th
p r e v io u s y e a r .
1 9 0 8 -0 9 ; $ 2 2 9
and
T o
in c r e a s e in
t h e in c r e a s e in g r o s s e a r n in g s , s o t h a t t h e n e t r e c o r d e d
o f th e
in
r e v e n u e s ( n o t w it h s t a n d in g t h e d e c lin e in a v e r a g e r a t e ) .
m a te r ia ls
had
[VOL. LXXXXIII.
C H R O N IC L E
is
an
T h e s u r p l u s is l a r g e r t h a n t h a t f o r
th e y e a r b e fo r e , n o t w it h s ta n d in g t h a t n e t e a r n in g s fr o m
o p e r a t io n s
s m a lle r .
w ere,
as
we
have
a lr e a d y
seen,
T h e r e a s o n is t h a t i n c o m e f r o m
a
little
in v e s tm e n ts
e x p e n s e s f o r 1 9 1 0 -1 1 , in a m o u n t e x c e e d in g th e fu r t h e r
w a s g r e a t e r w h ile a t t h e s a m e t im e fix e d c h a r g e s w e r e
g a in in g r o s s r e v e n u e s .
red u ced .
I t d e se rv e s to b e sta te d th a t
The
t h e a u g m e n t a t io n o f $ 1 ,9 0 4 ,6 6 9 in e x p e n s e s o n a g a in
fa ct
of
ce r tific a te s
$ 1 ,8 1 2 ,1 8 1
fu r th e r
sh ow s
th a t
p art
of
gross
o p e r a t io n s
of
and
e v id e n t
w as
th rou gh
t r a in -lo a d
no
to
th e
m ile
fa c t
in c r e a s e d
fa c e
e ffo r t
and
th e
d e b en tu re
7 2 6 ,1 8 0
of
th e
That
to n n a g e
and
v e r tib le
c a r e fu l
is
m ove
p assen ger
4 2 6 ,8 0 0 )
d iv id e n d s ,
t r a in
in
w ords,
th e
avera ge
1 9 1 0 -1 1
w as
2 07 , as
p r e c e d in g
fis c a l
year.
w e h a v e p o in te d
out
C o a s t L in e s y s te m
h ig h
average
s ta n tia l
num ber
In
th a t
ton s
a g a in s t 2 0 1
p r e v io u s
annual
r e v ie w s
th e A tla n tic
as t o a d m it o f a v e r y
N e v e r th e le s s ,
n o te w o rth y
each
p rogress
very
has
sub
been
m ade
W h a t h a s b e e n a c c o m p lis h e d in t h a t r e s p e c t m a y b e
s e e n b y t r a c in g th e t r a ffic s ta t is t ic s a fe w y e a r s fu r th e r
A s ju s t s ta t e d , f o r th e la te s t y e a r th e a v e r a g e
tr a in -lo a d
ton s.
w as
A t
207
th e se
ton s
fig u r e s
to n s fo r
1 9 0 8 -0 9 , w it h
ton s
1 9 0 6 -0 7
fo r
The
avera ge
and
ra te
d ow n w a rd , th ou g h
to n n a g e
F or
ce n ts
to
in
th e
r e a liz e d
but
is
w ith
194
ton s
been
fo r
te n d in g
178
1 9 0 5 -0 6 .
s te a d ily
o n a c c o u n t o f th e ch a ra cte r o f th e
th e
in c r e a s e
in
201
1 9 0 7 -0 8 , w ith
167
has
b e fo re
on
average
m o s t o t h e r la r g e
ra te
per
c e n t s , a g a in s t 1 .2 7 3 c e n t s in
have
d e c lin e
year
c o m p a r is o n
w ith
1 9 0 8 -0 9
th e
m anagem ent
of
th e
185 to n s fo r
1 9 1 0 -1 1
m ile w a s 1 .2 1 3 ^
O w in g
fo r
it s till r u le s h ig h e r t h a n
sy ste m s.
1 .2 6
and
and
in
1 .3 1
ce n ts
t r a in -lo a d ,
been
a b le
ra tes
and,
to
in
ton
th is
th e
$ 5 7 9 ,6 4 4 ,
ra te
m a k in g
d iv id e n d s ,
of
m on th s
sto ck
ch an ge
tru st
of
as
5%
on
th e
of
a lto g e th e r
a g a in s t
im p o r ta n c e
4s
w ere
its
am ount of
fa ct
th a t
fix e d
p a id
In
th e
w as
fu n d e d
The
com p an y,
h o ld in g s
of
a b o u t 5j4 > m i l l i o n
its
a la r g e
com pan y
1911
to
s u r p lu s
and
d iv id e n d
show
in
$ 1 3 ,6 6 1 ,8 7 0
$ 8 ,6 5 4 ,0 3 3
of
its
b a la n c e
ca sh
on June 30
on
1910.
w o r k in g
a ssets
June
30
1911
sam e d a te
m ile s ,
as
a g a in s t
L o u is v ille
th e
June
a g a in s t
30
o n ly
and
a g g reg a ted
no
le s s
&
4 ,4 8 2
m ile s
N a s h v ille
in
t h e . p r e v io u s
R a ilr o a d
year.
is o p e r a t e d
as a
th e
s e p a r a t e p r o p e r t y , a n d t h e s a m e is t r u e o f t h e C h a r le s
e ffe cts
t o n & W e s t e r n C a r o lin a a n d t h e N o r t h w e s t e r n R a ilr o a d
year,
of
S ou th
C a r o lin a ,
1 9 1 0 -1 1
over
pany.
1 9 0 9 -1 0 ,
fo r
o f o n ly $ 3 ,3 5 5 ,8 6 5 .
pares
in
as
above
e n a b le s
T h e fig u r e s in t h e r e p o r t c o v e r a n a v e r a g e o f 4 ,4 9 4
per
but
w ith
1 2 ,0 0 0
w h ic h
m ile s
a re
o w n e r s h ip
o u ts ta n d in g
T h e p u rch a se
of
a ls o
th e
ru n
T h is a n d th e
t h a n $ 3 1 ,8 5 7 ,3 8 7 , a s a g a in s t w o r k in g lia b ilit ie s a t th e
$ 6 0 ,0 0 0 ,0 0 0
m ile
in
s a le s o f
In c lu d in g th e ca sh
th rou g h
per
h ow ever,
a s w e ll a s $ 2 ,6 6 0 ,7 7 5 o f m a t e r ia ls a n d s u p p lie s o n h a n d ,
th e
t h e fr e ig h t t r a in s e a r n e d $ 2 5 2 p e r m ile r u n ; t h is c o m
$2 56
o n ly
s e c u r itie s
r e m a in e d
sheet
hand,
out
w ith
th e
s e c u r it ie s h e ld in t h e t r e a s u r y a n d o t h e r c u r r e n t a s s e t s ,
The
la te s t
F or
th e
e q u ip m e n t
d is tr ib u tio n s
C o n tro l o f th e L o u is v ille
o p e r a t io n s .
ow n
o f e a r n in g s
tr o lle d .
of
fo r
d o lla r s t h r o u g h
t h u s a ffo r d in g s t r ik in g e v id e n c e o f t h e b e n e fit s a r is in g
e c o n o m ie s
r e q u ir e d
debt
$ 4 5 0 ,0 0 0
' e a r n in g s o f t h e t r a in s p e r m ile r u n k e p t s t e a d i ly r is in g ,
su ch
am ount
e a r n in g s
th a t
g eth er,
of
s m a ll
$ 4 ,0 6 7 ,4 3 3
s u r p lu s
o ff.
trea su ry
ch arges
1 9 0 9 -1 0 ,
th e
fo r
T h e ca ll fo r
$ 7 ,4 3 0 ,0 3 0 .
o u ts ta n d in g .
of
redu ced
1 9 0 4 -0 5 .
h ow ever,
overcom e
u n til
at
($ 9 ,
in c o m e
r e q u ir e m e n ts
U n ifie d M o r tg a g e 4 s a n d c o n v e r t ib le 4 s .
in m o r e r e c e n t y e a r s in r a is in g t h e a v e r a g e .
back.
th e
of
N o c h a n g e s o c c u r r e d d u r in g t h e y e a r in t h e a m o u n t
to n s in th e
c o n d itio n s o n
are n o t s u ch
t r a in -lo a d .
and
of
of
above
$ 1 2 ,
am ount
s u r p lu s
its
con
W it h d iv id e n d s
tw e lv e
oth er
ex ten t
The
fo r
con v erted
red u ced
s to ck .
year
exchange
th e n
a
th e
o n t h e c o m m o n r a is e d t o 7 % , t h e c a ll w ill b e in c r e a s e d
in
In
th e
and
in to
com m on
th e
by
fro m
r e tir e d
s t o c k , w a s n o m o r e t h a n $ 3 ,4 8 7 ,7 8 9 .
fo r
to
bonds
la tte r
fo llo w e d
com pan y
o n th e co m m o n
by
o n ly
th e
o f p re fe rr e d s to c k o u ts ta n d in g a n d 6 %
6 .0 6 % .
to
of
ch arges
year
e x p e n s e s a n d f i x e d c h a r g e s is $ 7 , 4 3 0 ,0 3 0 .
t r a in s
added
th e
r e m a in in g f o r
m o v e m e n t o n e m ile 1 5 .1 0 % , t h e m ile a g e r u n b y r e v e n u e
w as
fix e d
in d e b te d n e s s
th e
average
e n la r g e d .
8 .3 3 %
a
of
la s t
of
w ith
The
th e
on
e ffic ie n c y
o f t r a ffic .
w h ile
of
T h is
co n n ected
s lig h t ly
th a t
of
m e th o d s
d e ta ils
fu r th e r
th e
in
p rom ote
im p r o v e d
a ll
w as
occu rred
e ffic ie n c y .
r e la x a t io n
tr a n s p o r ta tio n
fr o m
one
e a r n in g s
o p e r a t in g
m anagem ent
a fte r
h a n d lin g
in
th ere
th e
lo o k in g
m ent
in
a d va n ce
lo w e r
t h a t th e p r e v io u s
of
roa d
c o n tr o lle d .
a re
&
ow ned
w as m ade
con
N a s h v i l l e is h e l d
$ 3 0 ,6 0 0 ,0 0 0
c a p ita l
A lt o
or
sto ck
out
of
in O c t o b e r
of
th a t
th e
com
1902, th e
Nov. 25 1911.]
THE
C H R O N IC L E
1431
C o a s t L in e R a ilr o a d g iv in g as c o n s id e r a t io n $ 3 5 ,0 0 0 ,0 0 0
b a n k s, w h ere th e
o f its c o lla t e r a l t r u s t b o n d s , b e s id e s $ 5 ,0 0 0 ,0 0 0 in t h e
th e
com m on
and
sto ck
of
$ 1 0 ,0 0 0 ,0 0 0
th e
in
A tla n tic
ca sh .
C oast
The
cost
to ta l
sam e
L o u is v ille
&
th e
L in e
C oast
a p p e a r s m e r e ly in t h e
h o ld in g s
of
th e
b e in g
R a ilr o a d ’ s
s to ck
op era ted
in v e s t m e n t
d iv id e n d s r e c e iv e d
of
th e
com p an y.
sep a r
o ffe r m a d e
bers.
th e
on
As
its
th e se
If
$ 3 0 ,0 0 0 ,0 0 0
of
sto ck
h e ld .
A s s o c ia tio n
tw o
a fe w
th e
in s titu tio n s
36
tr u s t c o m p a n ie s
F id e lit y ,
G ir a r d ,
c o m p a n ie s
a g ita te d
a d v a n ta g e
of
fo r
th e
P r o v id e n t,
about
now
jo in
w ith
th e
la r g e r o r o ld e r o n e s lik e th e
P e n n s y lv a n ia
P h ila d e lp h ia ,
h a v in g
has been
took
y e a r s a g o t o b e c o m e a s s o c ia te m e m
tru st
b a n k s , o r e v e n if th e fe w
a n tee,
th e
to ta l d e p o s its o f th e
O n ly
in
000
on
th e
C le a iin g -H o u s e
& c .,
annum
W h ile
is $ 3 3 1 ,
A d m is s io n o f t r u s t c o m p a n ie s t o fu ll m e m b e r s h ip in
d iv id e n d s a re n o w 7 % , t h e C o a s t L in e r e a liz e s $ 2 ,1 4 2 ,
per
la r g e r .
is l i t t l e m o r e t h a n o n e - h a l f , o r a b o u t $ 1 6 7 ,9 3 0 ,0 0 0 .
s u r p lu s .
N a s h v ille ,
be
0 7 6 ,0 0 0 ,
years.
The
to
R a ilr o a d
of
a te ly ,
apt
p u rch a se
th e
a c c u m u la t e d
are
th e 3 0 n a tio n a l b a n k s
th e
C o a s t L in e R a ilr o a d t o $ 4 5 ,5 5 4 ,2 2 0 , b y t h e a p p lic a t io n
of
of
L in e
of
w a s s u b s e q u e n tly r e d u c e d o n th e b o o k s o f th e A tla n t ic
$ 5 ,0 0 0 ,0 0 0
ite m s
d e p o s its
C o.
fo r
In su ra n ces,
C o m m e r c ia l
$ 1 1 2 ,0 0 0 ,0 0 0
of
and
G u ar
d e p o s its
and
O n t h e o t h e r h a n d , t h e a n n u a l c a ll f o r in t e r e s t o n t h e
th o u s a n d s o f a c t iv e a c c o u n t s , b e c o m e m e m b e r s o f th e
$ 3 5 ,0 0 0 ,0 0 0 A t la n t ic C o a s t L in e R a ilr o a d 4 %
C le a r in g I i o u s e , t h e fin a n c ia l s it u a t io n in P h ila d e lp h ia
t r u s t b o n d s is s u e d
in p a r t p a y m e n t f o r
&
pu rch ased
N a s h v ille
sto ck
is
o n ly
co lla te r a l
th e L o u is v ille
$ 1 ,4 0 0 ,0 0 0
per
year.
w o u ld
as
becom e
th e
g r e a tly s tr e n g th e n e d
m a c h in e r y
im p io v e d .
The
fo r
in
c o -o p e r a tio n
w ork
t im e s o f p a n ic ,
w o u ld
be
g r e a tly
o f fo r m e r S e n a to r A ld r ic h
and
th e M o n e ta r y C o m m is s io n a n d th e d is c u s s io n w h ic h it
CO-OPERATION OF BANKS AND
COMPANIES.
has p rov ok ed
TRUST
P h ila d e lp h ia
of
th e
t io n , h a v e
P h ila d e lp h ia
opened
th e
C le a r in g -H o u s e
a re
m ade
d o o r s o f th e A s s o c ia tio n
e lig ib le
to
m e m b e r s h ip .
a rc 58 tr u s t c o m p a n ie s a n d
s ix S ta te
d e lp h ia ,
in s titu tio n s
p o s its
but
o n ly
co m p ly
36
w ith
S ta te
th e
c o m b in e d
c a p ita l a n d
to
g e n e r a lly
con ced e
tru st
c o m p a n ie s
th a t
and
th e
banks
s o m e n a tio n a l b a n k h a v in g
de
$ 5 0 0 ,0 0 0
in
c o m p a n ie s
and
c a r r ia g e s
to
to
be
S ta te
d is ta n t
banks
th e ir d a ily d u tie s r e la tin g t o
tru st
and
needed
co m p a n ie s
th e
tu n ity
now
U pon
to
of
th rou g h
t h e C le a r
a re
s ca tte re d
nam ed
in
a u to m o b ile s
w hen
c o lle c tio n
a w a y w ith
c o u ld
be
te rm s im p o s e d
th e ir
S ta te
la w s .
to
S ta te
th e
T hey
if th e
op p or
s e r v ic e
of
t h e C le a r
th e
w o u ld
r e q u ir e m e n ts
w o u ld
e x a m in a tio n s
th e
by
above
a ls o
by
H o u s e , i t is e x p e c t e d
have
to
th e
s p e c ia l
C le a r in g
H ouse.
jo in
t h e C le a r in g
t h a t t h e r e w ill b e r e lu c t a n c e o n
th e p a rt o f m a n y o th e rs.
jo in
p r o b a b ly
I f th e 3 6 e lig ib le t r u s t c o m
th ey
th e n a tio n a l b a n k s , b u t
w o u ld
th e
not
o n ly
a m ou n ts
of
D e c r e a s in g
s u r p lu s e s ,
c u r ta ilm e n t
m a te r ia l
s h a r e h o ld e r s , t e ll
n o tw ith s ta n d in g
in
a ta le
th e
The
t r u s t c o m p a n i e s is $ 3 4 , 6 2 6 ,4 1 7
ou tn u m b er
th e ir
c a p ita l
c a p ita l
of
th e
36
a n d o f th e 3 0 n a tio n a l
a d iffe r e n c e o f $ 1 2 ,6 5 1 ,4 1 7 .
The
s u r p lu s o f t h e t r u s t c o m p a n i e s is $ 5 9 , 8 8 6 ,4 9 2 a n d o f t h e
n a tio n a l
banks
$ 3 8 ,0 3 0 ,0 0 0 ,
a
d iffe r e n c e
of
$ 2 1 ,
8 5 6 ,4 9 2 .
A
fe a tu r e
lo s s a c c o u n t s
o f th e
in te r e s t u p o n
p r o b a b ly
have
d e p o s its a n d
and
th e
p r o b a b ly
a llo w
c o n s e q u e n tly t h e y
a grea ter n u m b er o f a cco u n ts th a n
th e n a t io n a l b a n k s , w h ic h
ch eck s
draw n
ou tn u m b er
pay no
a g a in s t
th ose
do
in te r e s t o n d e p o s it s ,
th e
d ra w n
tru st
upon
cases
to
b u s in e s s t h a t
a re r e p o r te d .
c o tto n -m a n u fa c tu r in g
ra te o f d is tr ib u tio n n o
in d u s t r y
at
m a t t e r w h a t t h e fin a n c ia l o u t
c o m e o f th e p e r io d , s u p p ly in g a n y d e fic ie n c y fr o m
v io u s ly
a c c u m u la t e d
s u r p lu s o r
c o m p a n ie s
th e
n a tio n a l
p re
c a r r y in g e x c e s s e a rn
T h e pres
e n t y e a r s u r p lu s e s h a v e b e e n d r a w n u p o n t o a n o t a b le
exten t.
by
B ut
w a iv in g
th is
p o in t
and
th e d iv id e n d s d e c la r e d , n o re a s o n
o v e r t h e r e s u lt e x is ts .
ju d g in g
1911
fo r g r a tific a tio n
L a s t y e a r a t t h is t im e in o ffe r
in g e x p la n a t io n fo r th e p o o r s h o w in g th e a n n u a l s ta t e
m en ts
o f th e
F a ll
R iv e r
m ills m a d e
fo r
1910,
we
re
fe r r e d t o t h e a b n o r m a lly h ig h c o s t o f t h e r a w m a t e r ia l
w it h o u t a n y c o m p e n s a t o r y a d v a n c e in p r ic e s o f g o o d s .
W h a t w a s t r u e o f t h a t y e a r is e q u a l ly o r m o r e t r u e o f
1911.
A t th e t im e w h e n th e m a jo r p o r t io n o f t h e s u p
p lie s o f t h e
raw
m a te r ia l a re u s u a lly
secu red
or
con
t r a c t e d f o r , c o t t o n r u le d e v e n h ig h e r t h a n t h e y e a r b e
A t th e v e r y o p e n in g o f th e s e a s o n (S e p t. 1 1 9 1 0 )
c e n t s in t h e N e w Y o r k
m a r k e t , a n d , a lt h o u g h t h e r e w a s a d r o p t o 1 3 .6 0 c e n t s
b e fo r e a m o n t h h a d e la p s e d , N o v e m b e r fo u n d th e p r ic e
above
15 ce n ts a g a in , a n d
r e m a in e d
1 6 .1 5
T r u s t c o m p a n ie s c a te r t o s m a ll d e p o s it o r s b y
in g 2 %
m any
d is tr ib u te d
a n d y e t n o t ic e a b le s h r in k a g e s in t h e f a v o r a b l e b a la n c e s
in p r o fit a n d
m id d lin g u p la n d s r u le d a t 1 5 ^
b a n k s $ 2 1 ,9 7 5 ,0 0 0 ,
in
I n f a c t , in s o m e in s t a n c e s t h e r e
fo re .
m em bers.
in
F a ll
h a v e b e e n n o re tu r n s t o s to c k h o ld e r s d u r in g th e y e a r ,
a n d s u r p lu s w o u ld e x c e e d s im ila r it e m s o f t h e t o t a l o f
bank
am ount
o f u n p r o fita b le
th e
n a tio n a l
at
fo llo w e d fo r a n u m b e r o f y e a r s , o f m a in ta in in g a s ta te d
in s tit u t io n s
reserv e
t h e c e n tr e o f th e c i t y w ill
s h o u ld
r e s u lts
in d u s tr y
of ch eck s.
W h ile s o m e o f t h e la r g e r a n d o ld e r t r u s t c o m p a n ie s in
p a n ie s
u n s a t is fa c t o r y
F a ll R i v e r is t h e s e t t l e d p o l i c y o f m a n y o f t h e c o n c e r n s ,
a n tiq u a te d
of
of
in g s t o t h e c r e d it o f p r o fit a n d lo s s a c c o u n t .
th e m s e lv e s
e x a m in e r in
needed
c o tto n -m a n u fa c tu r in g
p e r fo r m in g
e ffe c te d
th e m s e lv e s
A s s o c ia tio n , th e
th e
w ere
th e
a
and
o ffe r e d .
in c r e a s e
s u b je c t
bank
a v a il
c o m p ly in g w ith
in g -H o u s e
have
do
r e fo r m s
w ill
by
p o in ts
T h e r e is a g e n e r a l d e s i r e t o
m e th o d s
in
is n o t t o b e g a i n s a id .
tra n sp o rte d
reach
p roof
R iv e r , it w o u ld b e f o u n d in t h e r e c e n t ly is s u e d a n n u a l
o v e r th is w id e t e r r it o r y , m a k in g it n e c e s s a r y fo r b a n k
m essen gers
If
1911
s ta te m e n ts o f m a n y o f th e c o r p o r a tio n s lo c a te d th e re .
T h e Q u a k e r C it y h a s a n a r e a o f 1 2 9 ^ 2 m ile s a n d its
tru st
FALL RIVER COTTON MANUFACTURING
IN 1 9 1 1 .
of
in g H o u s e is u n s a t i s f a c t o r y .
64
a d v a n ta g e
ban k ers
arran gem en t
cle a r in g
m e m b e r s h ip
and
36
P h ila
r e c e iv in g
of
n e c e s s it y
b y h a r m o n y a n d c o -o p e r a tio n .
a ll t h e r e
P h ila d e lp h ia
p resen t
S ta te
In
b a n k s in
r e q u ir e m e n t
s u r p lu s .
th e
A s s o c ia
tr u s t c o m p a n ie s o f t h a t c it y , w h ic h b y r e c e n t ly a d o p t e d
r u le s
to
o f t h a t m u tu a l p r o t e c t io n w h ic h c a n o n ly b e o b ta in e d
T h ir t y n a tio n a l b a n k s , c o m p r is in g th e p r e s e n t m e m
b e r s h ip
h a s b e e n in s t r u m e n t a l is a w a k e n in g t h e
ban k ers
ce n ts,
In
u n til J u ly .
ce n ts,
or
In
a v e r a g in g
above
th e
a t o r c lo s e t o t h a t fig u r e it
f a c t , in
fo r
le v e l
th e
of
M a y it a d v a n c e d
ten
any
m on th s
year
over
s in c e
to
15
1875.
c o n tr a s t w it h t h is , th e p r ic e s o b ta in e d fo r p r in t in g
c lo th s w e re n o t o n ly lo w e r th a n
b u t b e lo w
th e le v e l o f
p lie s o f t h e r a w
ta in e d .
in t h e p r e v io u s y e a r ,
1 9 0 6 -0 7 o r
1 9 0 7 -0 8 , w h e n s u p
m a t e r ia l w e r e m u c h m o r e c h e a p ly o b
F u r t h e r m o r e , a n d e x p la in in g in p a r t t h e f a il -
THE
1432
re o f g o o d s m o r e fu lly t o m e e t th e a d v a n c e in c o t t o n ,
-
em and
a
fo r fin is h e d
c o n s id e r a b le
and
p ro d u cts
Shares.
BANKS— New York.
w a s p o o r , n e c e s s it a t in g
c o n tin u o u s
c u r ta ilm e n t
of
op era
t io n s .
I t w ill b e n e c e s s a r y t o c it e t h e re s u lts fo r o n ly a fe w
c o r p o r a tio n s
th e
y ea r’s
to
in d ic a te
ou tcom e.
d iv id e n d s w h a t e v e r in
age
o f $ 2 3 ,1 9 1
in
th e
The
u n s a t is fa c t o r y
A r k w r ig h t
s u r p lu s .
S to c k h o ld e r s
o n ly
2j4%
m en t,
but
s u r p lu s
or
$ 3 0 ,0 0 0
to
in
a ll;
$ 8 2 ,2 1 1 .
$ 6 5 ,0 0 0 — 1 K %
le s s
of
p a id
no
1 9 1 1 , a n d y e t r e p o r t s a s h r in k
c h a n ts ’ M fg . C o . r e c e iv e d
$ 1 1 1 ,3 0 5
n a tu re
m ills
The
th a n
G r a n it e
in
o f th e
on
M er
t h e ir in v e s t
d rop p ed
m ills
1910— and
fr o m
d is tr ib u te d
red u ced
lu s o v e r $ 1 0 0 ,0 0 0 ; t h e L a u r e l L a k e m ills s h o w
su r-
a n a l
m o s t id e n t ic a l r e d u c t io n , n o t w it h s t a n d in g a c u t o f 2 %
m d iv id e n d s (fr o m $ 4 8 ,0 0 0 t o $ 3 6 ,0 0 0 ), a n d t h e s u r p lu s
o f t h e N a r r a g a n s e t t m ills d r o p p e d t o a n a lm o s t n o m in a l
a m o u n t , d e s p ite a lo w e r r e tu r n t o s h a r e h o ld e r s .
S ta ffo r d
6 %
m ills p a id
($ 6 0 ,0 0 0 )
in
o u t o n ly
1910, b u t th e
t h e e x t e n t o f $ 1 2 6 ,3 0 6 .
se tt
and
1%%
S ta ffo r d
($ 1 5 ,0 0 0 ),
The
a g a in s t
s u r p lu s d im in is h e d
to
In th e ca se o f th e N a rra ga n -
c o r p o r a tio n s ,
h ow ever,
it
m ust
be
a d m it t e d t h a t la r g e p a y m e n t s w e r e m a d e f o r a d d it io n s
and
im p r o v e m e n ts ,
la r g e ly m e t w it h o u t
upon
s u r p lu s .
b u t in
an
average
y e a r th ese
are
a n y v e r y m a te r ia l e n c r o a c h m e n t
L u m p in g
th e
re tu rn s
of
[V ol . Lxxxxm .
C H R O N IC L E
sev en teen
m ills f o r w h i c h t h e n e c e s s a r y d a t a is a v a i l a b l e , w e g e t
a n a g g r e g a t e s u r p lu s o f $ 4 ,0 4 1 ,9 3 7 , a g a in s t $ 4 ,8 1 2 ,3 8 4
la s t y e a r , o r a fa llin g o ff o f $ 7 7 0 ,4 4 7 , a n d t h e s e id e n -
Low. High.
610
610
250
250
190 M 199H
345
345
576
576
264
264
183 X 183 X
302
302
Close.
610
250
189 M
345
576
264
183.M
302
Last previous
Nov. 1011—
Feb. 1911—
Nov. 1911—
July 1911—
Nov. 1011—
Nov. 1911—
Oct. 1911—
Mch. 1911—
sale.
620
235
198
336 %
580
264 %
182
305
♦Sold at the Stock Exchange.
— The 1911 Convention of the American Bankers’ Associa
tion, which has been in progress at New Orleans since Mon
day, came to an end last night. This year’s meeting was
the largest and most important on record, and on the whole
more interest has been displayed in the event than has been
witnessed at any of the Association’s gatherings in recent
years. The business sessions of all the sections of the con
vention were largely attended and their proceedings followed
with close attention. This year’s meeting will be distin
guished for the exhaustive discussion of the Aldrich plan of
currency reform and the effect its influence will have on the
final determination of this vital subject when the matter is
taken up by Congress.
Ex-Senator Aldrich headed the list of some fourteen or fif
teen speakers who dwelt on various phases of the proposed
National Reserve Association. All of these addresses, as
well as the detailed program of the Banking, Trust Company
and Savings Bank sections, will be given in full in our “ Bank
ers’ Convention” Section, to be issued next Saturday, Dec. 2.
In discussing the plan drafted by him, Mr. Aldrich took occa
sion to remark that:
It is proposed to organize the banks of the country into local associations,
and these Into district associations, each with distinctive functions and each
with local self-government, and to organize all district associations In the
National Reserve Association. The organization proposed is not a bank,
but a co-operative union of all the banks of the country, for definite purposes
and with very limited and clearly-defined functions. It Is in clTcct an ex
tension, or evolution, of the clearing-house Idea to meet the needs and re
quirements of the entire country.
His plan, it is understood, received almost unanimous
endorsement at yesterday’s session.
During the proceedings on Tuesday considerable debate
T h e a v e ra g e ra te o f d iv id e n d d is tr ib u tio n b y th e
was had over a proposed amendment providing for the elec
F a ll R iv e r c o r p o r a t io n s f o r t h e la s t q u a r t e r o f 1 9 1 1 a t
tion of six members to the Executive Council from the mem
bership at large— two to be elected each year until a total of
1 .0 7 % is n o t o n l y c o n s i d e r a b ly l o w e r t h a n f o r t h e s a m e
six was added to the Council— but it was defeated by a large
p e r io d in 1 9 1 0 o r 1 9 0 9 , b u t a ls o le s s t h a n in a n y y e a r
vote.
s in c e 1 9 0 4 .
T e n m ills p a s s e d t h e ir d i v i d e n d s , fo u r t e e n
The whole city was given over to the bankers and their
r e d u c e d th e ra te a n d e le v e n a d h e re d t o th e p e r c e n ta g e
families, and every moment of their leisure time outside
o f t h e p r e v io u s y e a r .
F o r th e fu ll y e a r 1911 th e re tu rn
of the business sessions was filled with entertainment of the
sort which only Southern hospitality knows how to dispense.
t o s t o c k h o ld e r s b y t h e 3 6 c o r p o r a t io n s in c lu d e d in o u r
To-day a large number of the bankers will leave New Orleans
c o m p ila t io n a g g r e g a t e d o n ly $ 1 ,3 9 2 ,1 8 4 , o r a n a v e r a g e
for the trip on the specially-chartered United Fruit Co.
o f 5 .0 1 % o n th e c a p ita l in v e s t e d , th is c o m p a r in g w ith
steamers to the Panama Canal zone. The next annual con
$ 1 ,8 2 7 ,0 5 0 , o r 6 .7 4 %
in 1 9 1 0 , a n d
$ 1 ,9 7 6 ,0 0 0 , o r
vention of the Association will be held in Detroit, the date
7 .4 0 % , in 1 9 0 9 .
I n 1 9 0 8 , a ls o , t h e a v e r a g e r a t e o f
to be announced later.
Arthur Reynolds, President of the Des Moines National
d is tr ib u tio n w a s n o t ic e a b ly g r e a te r th a n in 1 9 1 1 , a n d
Bank,
of Des Moines, Iowa, was elected Chairman of the
in 1 9 0 7 s t o c k h o l d e r s r e c e iv e d a n a v e r a g e o f 1 1 . 0 9 %
Executive Council. J. Fletcher Farrell, Vice-President of
o n th e ir in v e s t m e n t, t h a t b e in g b y fa r t h e h ig h e s t r a t e
the Fort Dearborn National, was made Treasurer, succeeding
in o u r r e c o r d , a n d , m o r e o v e r , s e e m in g ly w a r r a n t e d b y
Mr. Reynolds. In the Trust Company Section, F. H . Fries,
th e e x c e lle n t tr a d e o f t h e p e r io d .
T h ere h a ve been
President of the Wachovia Bank & Trust Co., of WinstonSalem, N . C ., was elected President; William C. Poillon,
o f c o u r s e , s o m e r e a lly m e a g r e r e tu r n s , a s, f o r in s ta n c e
President of the Mercantile Trust Co., of New York, was
in 1 9 0 5 ( 3 . 3 4 % ) , 1 9 0 4 ( 3 . 5 6 % ) , 1 8 9 8 ( 2 . 4 1 % ) , 1 8 9 7
chosen Vice-President; E . H . Goff, President of the Cleveland
(3 .3 9 % ) a n d 1891 (4 .9 3 % ) ; b u t th e se fe w re p re s e n t
Trust Co., of Cleveland, was made Chairman, and Philip S.
a ll t h o s e d u r i n g t h e la s t q u a r t e r o f a c e n t u r y p o o r e r
Babcock was re-elected Secretary. The newly-elected offi
cials in the Savings Bank Section are: President, Alfred L.
th a n 1911.
Aiken, President of the Worcester County Institution for
T h e o u t lo o k fo r th e fu tu r e a t th is w r it in g s e e m s m o r e
Savings, Worcester, Mass.; Vice-President, R . C. Stephen
e n c o u r a g in g o n th e w h o le .
T h e m a t e r ia l r e c e s s io n in
son, Vice-President of the St. Joseph County Savings Bank,
t h e p r ic e o f c o t t o n s in c e t h e n e w c r o p b e g a n t o m o v e
of South Bend, In d.; Chairman of the Executive Committee,
f r e e l y is a v e r y f a v o r a b l e d e v e l o p m e n t , e n a b l i n g m a n u
J. F. Sartori, President of the Security Savings Bank, of
Los Angeles, Cal.;
Secretary (re-elected), William II.
fa c tu r e r s t o b o o k o r d e r s p r o fit a b ly a t a lo w e r ra n g e o f
Kniffen.
v a lu e s f o r g o o d s t h a n r e c e n t ly r u lin g .
N e v e r th e le s s
— The many friends of C. H . Huttig, President of the Third
b u y e r s t o s o m e e x t e n t h e s ita te t o o r d e r fr e e ly , a n tic i
National Bank of St. Louis, will be glad to know that he is
p a tin g a fu r th e r d e c lin e .
A b e tte r d em a n d , h ow ever
regaining his health rapidly. Owing, however, to the se
is i n e v i d e n c e , a n d c u r t a i l m e n t is n o w p r a c t i c a l l y a
verity of the operation he was obliged to submit to in Sep
t ilin g o f t h e p a s t .
tember, he will not attem pt to return to the bank until after
the first of the year. M r. Huttig was Chairman of the
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S Executive Council of the American Bankers’ Association
— The public sales of bank stocks this week aggregate 202 during the past year, but was not, of course, able to take
shares, of which 31 shares were sold at the Stock Exchange part in the proceedings of the meeting this week.
. t ic a l m il l s , i t is t o
o n ly
b e n o t e d , d is tr ib u te d
in
d iv id e n d s
$ 5 9 8 ,0 0 0 .
and 171 shares at auction. A sale of 39 shares of Ameri
can Exchange National Bank stock at 250 shows an
advance of 15 points over the price paid at the last pre
vious sale, in February.
— The Court of Errors and Appeals of New Jersey on
N ov. 11 sustained the decision of Justice Swayzc of the State
Supreme Court, handed down Feb. 27, holding that shares
of national bank stock should be assessed at their exchange.
iSov. ‘25 1911.]
THE
C M U O N !O L E
or market, value, and not their book, or liquidation, value.
See V . 93, p. 569.
1433
to the planter $25 a bale on his cotton, with a view to the
holding of the staple until it reaches 12 or 13 cents, were
announced this week by Col. Robert M. Thompson, special
partner in the brokerage house of S. H . P. Pell & Co. The
proposition was made known in the following statement,
given out on Tuesday:
The trustees of the postal savings banks announced
on the 17th inst. that the Government has decided to
purchase at par postal savings bonds from holders compelled
to relinquish them. The action is taken in order to main
tain the parity of the bonds, and follows the recent report
The announcement was made here to-day following conferences that have
that no better bid than 9 2
was obtainable in the market for been In progress for several days between prominent bankers of New York
ami leading representatives of the South, such as Governor O’Neal of Alathe bonds. In referring to this report, Mr. Hitchcock states baraa, Clarence Ousley, representing Governor Colquitt of Texas, andE. J.
that nothing could be more misleading. The only basis for Watson, President of the Permanent Southern Cotton Congress and Com
the rumor of an auction sale at that price he states was missioner of Agriculture of South Carolina, that a proposition had been pre
sented to these gentlemen, representing, respectively, the Governors’ confer
an offer by a New York broker to purchase .$200 of the bonds ence and the Southern conference, composed of producers and business men
below par, which was not accepted by the holder. Mr. and bankers of the South, which means the placing in the cotton belt States
Hitchcock points out that the bonds are not intended for lsm b° Ut ^50,0®0,000 immediately for the handling of the cotton crop ol
speculation, the purpose of the Board of Trustees being to
In other words, the proposition Is to give the farmer $25 a bale advance
afford the mass of people an opportunity to make permanent on his cotton without Interest, charging him only §1 a bale to cover expenses
of grading and handling, letting him turn over the cotton to the holders
investments in securities of the Federal Government, and in who will advance him $25 a bale and give him the opportunity to designate
view of the decision of the Trustees to buy the bonds, no the day of sale prior to Jan. 1 1913 and participate in any advance in price
depositor, he states, would endanger his principal by exchang to the extent of three-fourths of the rise in the market
It is calculated that by the present ordinary holding process the farmer
ing certificates of deposits for bonds.
Under the Postal takes all the chances of the rise in the market. By this plan he takes no
Savings A ct the Trustees are authorized to withdraw at any more chance than he did before and has every opportunity of maximum
time 3 0 % of all postal savings funds on deposit in banks participation In a rise in the market, meantime paying the debts he has to
pay and saving the losses sustained by country damages and by loss of
and post offices for investment in bonds or other securities weight and warehousing charges.
Provision is made against any apparent violation of the Sherman law in
ol the United States. It is in accordance with this authority
that each State committee named by the Governor of Commissioner of Agri
that the bonds will be purchased from the holders.
}/%
— A controversy over the question of continuing the
inquiry into the United States Steel Corporation in view of
the Government’s suit has arisen during the week.
The
Committee had been in recess since August 12 until Monday
of the present week, and with the resumption of the hearings
Richard V . Lindabury, Counsel for the Steel Corporation,
entered a formal protest against the continuance of the
proceedings. Mr. Lindabury held that a renewal of the
inquiry would be in conflict with the resolution authorizing
the investigation, which stipulates that it shall not be
extended to violations which have been prosecuted by the
Executive Officers of the Government. The members in
attendance at Monday’s meeting took the matter up in
executive session, and at the conclusion of their deliberations,
Chairman Stanley made the following announcement:
“ The members of the committee present unanimously decided to reserve
final decision until the assembling of the full membership of the committee.
Meanwhile, the committee will proceed to examine the witnesses already
summoned to testify on the subjects relating to the violations of the various
Inter-State commerce Acts as directed by the resolution of the House.
Chairman Stanley, it is understod, is anxious that the
inquiry be completed; on the other hand, Martin W . Littleton,
one of the Committee, is said to be opposed to its continu
ance, and it is reported, that a vote of the nine members
would in all likelihood result in Mr. Stanley’s defeat. As a
means of carrying the investigation to completion, Mr.
Stanley, it is intimated, will seek to have the membership
of the Committee increased. Mr. Littleton’s attitude, is
indicated in the following statement made by him, which we
take from the New York “ Times” of yesterday:
“ The question hue not come up formally before the committee as to
whether we should go further in Investigating the Steel Trust at present or
wait until Congress meets and the committee can receive further Instruc
tions,” said he. “ Six members of the committee, attending an executive
session a few days ago, after discussing that matter informally, decided
unanimously that It should not be put to a vote In the committee until
all the nine members could be present.
“ I do not hesitate to say that I consider It very doubtful If the committee
Is vested with powers to proceed any further. Under the resolution creat
ing the committee, we were Instructed to investigate whether the Steel
Trust was guilty of violating the Sherman Anti-Trust Law. Since this In
vestigation was started, the Government has brought action against the
United States Steel Corporation in the United States Circuit Court of New
Jersey, flatly charging a violation of the Sherman Anti-Trust Act. So It
would seem that the committee could serve no further purpose by going on.
"Personally, I think It Is wrong for the committee to continue Its work
With the Government litigation against the Steel Corporation pending bcforo the courts. Should the committee And that no violations had been
committed, for Instance that would prejudice the case of the Government.
Should the committee, on the other hand, find that there had been viola
tions, that would place the defendants at a disadvantage.”
— An investigation into the affairs of express companies
was begun in this city on Wednesday under the direction
of Franklin K . Lane of the Inter-State Commerce Commis
sion. The inquiry, it is stated, has been undertaken in
behalf of a number of business organizations, which have
prepared evidence showing alleged inequalities in rates,
discriminations, &c. A t the opening of the hearing this
week Commissioner Lane, according to the New York
“ Tribune” said:
“ The Inter-State Commerce Commission has called the present Inquiry,
acting omits own motion, In order to determine whether the acts of the ex
press cpmpaplc.j are such as should come under Its regulation.”
— Plans under which it is proposed that funds of $50,000,
to be made available for the handling of the present
year’s cotton, crop and embodying a proposition to advance
000 are
culture of each State has the power to name the day of sale if cotton reaches
12 or 13 cents, which, according to testimony gathered, gives only a close
legitimate profit on the cost of production.
Of course, everything depends on the acceptance of the plan by the indi
vidual farmer In connection with his pledge to reduce acreage in the coming
year.
The undertaking is fathered by a number of bankers, of which Colonel
Robert M. Thompson is the head, he being a widely known bull and of the
firm of S. H. P. Pell & Co., brokers and cotton men, and all necessary ma
chinery for caring for the cotton has been provided. The committeemen
here have been assured by a number of the strongest banks in New York of
the thorough backing of these already strong interests.
The gentlemen here, as well as President Barrett of the National Farmers’
Union, consider the plan acceptable to the growers, and they are to-night
returning to their respective States to present it to their people, and, if it be
agreeable to the producers, to put It into immediate operation.
Senator Bailey of Texas, who is here, has been advising as to the legal
aspects of the proposition.
According to the “ Times” of Wednesday, the above an
nouncement was subjected to modification by a member of
the firm later; this partner is said to have asserted that the
statement that $50,000,000 would go to the South imme
diately was all a mistake; “ it may be only $10,000,000 or
$1 3,000,000,” he is quoted as saying, “ or it may be more
than $50,000,000. It all depends on the planters. How
many will pledge themselves to reduce acreage and avail
themselves of the plan for marketing their cotton we don’t
know, but there will be plenty of money available for all who
come in.”
The plan has come in for considerable criticism. Samuel
T . Hubbard, of Hubbard Bros. & Co., is one of those who
gave voice to his opinion of it this week, and, according to
the New York “ Commercial,” he characterizes it as “ vision
ary and an economic absurdity.” The “ Commercial” gives
his views as follows:
Cotton farmers are not going to borrow $25 a bale from a banking syn
dicate when their own banks are willing to advance them $40 a bale without
a string to the profits. The South Is abundantly able to finance its cotton
Itself. Money is a drug on the market, owing to the industrial depression.
Southern banks can get all they want at very low interest rates right here
in New York.
Cotton Is a commercial proposition. The only thing that will advance
the price is a small crop. Valorization would not. Brazil's valorization
plan Is often quoted as proof of what could be done with cotton. Now In
the first place, conditions are not parallel. Brazil was growing coffee at a
heavy loss. The price obtainable would not cover cost of production
when the Government decided to finance the surplus and reduce acreage.
But cotton is not grown at a loss, even In this big-crop year. It shows a
profit to the planter at current prices. In the second place, valorization
did not advance coffee prices. It was three short crops In succession that
put coffee prices where they are to-day.
Mr. Hubbard predicted that the surplus cotton would be taken care of
this year In obedience to purely natural laws. “ Three factors will enter into
this process,” he continued; “ the spinner, the spot merchant and the farmer.
The spinner is buying for forward requirements as an Insurance against a*
possible shortage next year. Europe has bought already from 250,000 to
300,000 bales for that purpose. The spot merchant Is buying for Investment.
He regards 9 cents as low, all things considered, and Is willing to take a
chance that next year’s crop will be smaller than this year’s, and that his
cotton will show him a profit next season. The farmer will hold part of his
crop with the same expectation of getting a better price for It.”
Discussing the proposed reduction of acreage, Mr. Hubbard said it is not
the acreage but the weather that determines the size of the crop. For ex
ample, In 1906 an acreage of 31,557,242 yielded a crop of 13,539,000 bales,
while the next year an acreage 2,000,000 larger produced a crop 2,000,000
bales smaller. In 1908 on an acreage of 33,512,000 a crop of 13,817,’516
bales was grown. The following year with 100,000 more acres planted’ the
crop was only 10,513,000 bales, a loss of more than 3,000,000 bales.
— W e are authoritatively informed that the National City
Company, the subsidiary security holding company of the
National City Bank of this city, has disposed of all the bank
stocks held in other institutions in this country, including its
interest jn the National Bank of Commerce. The Nationaj
1434
THE
C H R O N IC L E
City Company will, however, retain the small stock interest
it owns in foreign banks. The following comment in the
matter appeared in the “ Tim es" on Wednesday:
[VOL. LXXXXIII.
ries, samples, guides, directories, or any other publications and data that
may be useful for the purposes herein set forth.
(ft) To arbitrate and settle trade disputes and differences between its
members.
(i) To foster peace and fraternity among the nations on the American
hemisphere.
U) To establish and maintain committees and bureaus for the purpose
of promoting and encouraging commercial education, as well as the teaching
of the Spanish, French and Portuguese languages, by the distribution of
medals, diplomas, certificates and prizes to deserving students or by other
means.
The National City Company proposes to continue to hold these stocks
In the belief that their •wnership does not fall under the criticism which
was directed against the company’s ownership of a large amount of bank
stock In various Institutions in this and other cities of the United States.
The sale of the home bank stocks results. It is considered In the llnanclal
•district, In the National City Company being In practically the same posi
tion as many of the other 300 similar holding companies which have been
established during the last few years by banks In many parts of the country.
— The Hudson County Bankers’ Association, which com
The National City Company was differentiated from many of these other prises a majority of the representative banks of Jersey City,
companies only by reason of Its having Invested a large part of Its funds In
Hoboken, Bayonne, and other municipalities in Hudson
the stocks of other banks.
The question whether or not the National City Company's ldcntlflcatlon County, N . J., has been formed, with General f f m . C. Hepwith the National City Bank was contrary to law In the eyes of the Govern
penheimer, President of the Bergen & Lafayette Trust Co.,
ment Is still before President Taft on the difference of opinion between
Attorney-General WIckersham and Secretary of the Treasury MacVcagh. as President, and W m . J. Field, Secretary and Treasurer of
The City Bank Interests have never admitted any doubt of the legality of the Commercial Trust Co., as Secretary.
A t a recent meet
the new company’s position, and they consider that any objection against
the company from a public point of view has been done away with by the ing plans for the formation of a clearing house were discussed,
and it is anticipated that the banks of Hudson County will
sale of the bank stocks which the company held.
These amounted In round numbers to about $5,000,000 out of the $10. be operating under a clearing-house plan of a comprehensive
000.000 which tho National City Company invested. Included in this
nature early the coming year. A meeting is to be held on
total were the foreign bank stocks, but these were a small part of the total.
All the rest of the $10,000,000 capital of the company was Invested In Dec. IS to formally act upon the plan which has been sub
bonds, and since tho sale of the bank stocks the proceeds have likewise been mitted by the Clearing-House Committee, of which Mr.
Invested in bonds. Many of these are bonds of foreign governments or
corporations. Included In the present holdings of the company are bonds Samuel Ludlow Jr., President of the Union Trust Co. of New
of Costa Rica, of Haiti and bonds of the Manchurian Railway.
Jersey, is Chairman. The bankers of the county have been
In much of the discussion regarding the measures adopted In the organiza invited to attend that meeting, and considerable enthusiasm
tion of the company to keep Its stock In the same hands as hold the stock
If
of the National City Bank Itself, It has been assumed that this was for the is being displayed over the clearing-house proposition.
purpose of keeping control of the two institutions together. A new light the banks of Jersey City, Hoboken, Bayonne and Weehawken
was thrown on this matter yesterday. It Is general knowledge In the finan come in under the new clearing-house plan, the association
cial district that absolute control of the City Bank Is vested In the stock
will be one of the formidable clearing-house associations of
holdings personally represented by two or three of the bank’s directors.
It Is pointed out in this connection that these samo men’s holdings of the country, representing,as it will, a banking capital and sur
stock in the National City Company would have effectively kept the control
plus of over §20,000,000 and deposits of over $115,000,000.
of the two Institutions together so long as those interested felt It desirable
Up to the present time the banks of the county have em
to keep it so, and that the absolute Identification of the stocks of the bank
and the holding company, accomplished through placing the latter stock ployed no systematic method in the exchange of checks
In the hands of trustees for the benefit of the bank's stockholders, was by
no means necessary for the purpose of joint control. What this arrange among themselves, depending upon the old messenger system,
ment was intended to accomplish was to do away with any possible diver and the present consideration now being given to the clearing
gence of Interests as between the two institutions.
house plan has been suggested with a view of eliminating the
Manned by the same individuals as they arc, It might be held. If the two
When the
businesses were not Identical, that one was being managed for the benefit expense and danger involved in the old system.
of the other. The managers of the bank and of the holding company are Hudson County Clearing-House Association has been for
really acting in a dual capacity, and it was to obviate any possible ground mally inaugurated, the banks making up the Association
for a contention on any one’s part that they were favoring one concern
against the other that the present arrangement was resorted to, according to will be in a good position to avail of the benefits of the Aldrich
Information obtained yesterday.
plan should it become a law.
Under this plan the profits of both banking and holding company go to
— The plan for admitting trust companies and State banks
the same stockholders, and thus no conflict In the management of the bank
of Philadelphia to full membership in the Philadelphia
and the holding company Is regarded as possible.
— An organization, having for its purpose the develop
ment of commercial relations between the United States and
the South and Central American countries, has been incor
porated under the laws of New Jersey by Julio F. Sorzano,
William Burr Hill and John A . Wilson. It will be known
as the Pan-American Chamber of Commerce, and offices
are to be established in this city through which to carry out
the plans embodied in the undertaking. The Chamber will
not, it is stated, be a bureau of information for the distribu
tion of catalogues, samples and trade information, nor will
it buy or sell goods or quote prices, discounts, &c. Its pur
poses are outlined as follows in the New York “ Journal of
Commerce” :
(а) To establish and maintain In the city, county and State of New York
(U. S. A.) or elsewhere a Chamber of Commerce for the purpose of devel
oping commercial relations between the United States and any or all other
countries or territories on the American hemisphere. Including Argentina,
Bolivia, Brazil, Canada. Chile, Colombia, Costa Rica, Cuba, Ecuador,
Guatemala, the Guianas, Haytl, Hawaii, Honduras, Mexico, Nicaragua,
Paraguay, Peru, Salvador, Santo Domingo, Uruguay, Venezuela, the West
Indies, tho British, Danish, Dutch and French colonies.
(б) To establish and maintain In the City and State of New York an
office with adequate rooms where travelers and visitors from any of the
said countries shall find facilities for the transaction of their business.
(c) To collect and disseminate among the members such Information
concerning commerce, Industry, agriculture, engineering, sanitation,
mining, finance, fiscal, municipal and economical conditions, means of
communication, &c.. In all the countries above mentioned, as may be
useful to encourage, foster and facilitate the transaction of business and
promote peace and fraternity between said countries and the United States
of America.
(d) To study and examine technical questions relating to agriculture, In
dustry, engineering, mining, sanitation, finance, commerce, labor and the
development and conservation of natural resources, as well as fiscal, munici
pal and economical questions relating to any and all said countries, and to
publish tho Information and data thus obtained for the benefit of Its sub
scribers and readers.
(e) To establish, conduct, maintain and operate In New York, or any other
city or cities la the countries above mentioned, bureaus of Information,
agencies, &c.. In order to obtain said data relative to above-mentioned
questions and problems, or any other data referring to natural resources,
legislation, public ordinances, labor, means of communication, elements
of credit, facilities of transportation on land and water, tariffs, fiscal laws, or
any other questions that may affect. Influence or facilitate, directly or In
directly, commercial and friendly relations between the countries above
enumerated.
(/) To enter Into contract with governments, municipalities, corpora^tlons, merchants, manufacturers, private and public concerns and Indi
viduals In this and any other country for all the purposes herein enumerated.
(a) To collect or otherwise acquire by purchase or In any other way, for Its
use In connection with the objects above mentioned or for any other pur■poso, books; periodicals; trade publications; catalogues; collections; libra
Clearing-House Association has been endorsed, it is an
nounced, by the directorates of a majority of the national
banks composing the Clearing House. The members of the
Association approved the movement in October, but the
adoption of the plan also depended upon the ratification of
the boards of the individual banks in the Clearing House.
The latter is expected to act upon the application of the
State institutions at its regular meeting the second Monday
in January. State banks, as well as trust companies, as in
dicated above, are eligible under the plan. The regulations
which will govern the admission of these institutions to the
Association are set out as follows in the “ Ledger” :
“ Provided, they have a combined capital and surplus of not less than
$500,000 aud have been in business not less than three years.
“ Each trust company or State bank which Is a member of the Clearing
House must maintain a reserve of 20% on all Its deposits, of which at least
7 ^ % shall consist of cash In Its vaults and 12 'A% may be held with national
banks duly approved as reserve agents by the Clearing-House Committee.
“ Any trust company or State bank which, In the Judgment of the Clearing
House Committee, conducts a commercial banking business, must maintain
a reserve of 25% of Its deposits, of which 12 H% must consist of cash In its
vaults and the balance may be held with national banks duly approved as
reserve agents by the Clearing-House Committee.
“ Application for membership must be made to tho Clearing-House
Committee, and upon favorable report of the Committee to the Association,
the applicant may be admitted to membership On a vote, by ballot, of
three-fourths of the members of the Association and upon payment of an
admission fee of $10,000.”
— Charles B . Kountze, President of the Colorado National
Bank of Denver, and a member of the banking firm of
Kountze Bros, of New York, died on the 18th inst. at his
home in Denver. His death resulted from an attack of
pneumonia, with which he was stricken in New York some
weeks ago. His condition improved sufficiently for him to
undertake the trip West, but shortly after he reached Denver
he suffered a relapse. Kountze Bros, is credited with the
distinction of having established the first banking house in
Denver. Luther Kountze, the sole survivor of four brothers
who later were associated in business, was the pioneer in
Colorado, founding the business in 1862. In 1864 he was
joined by Charles, and in 1866 the firm of Kountze Brothers
in Denver was succeeded by the Colorado National Bank.
The Rocky Mountain National Bank at Central City, Colo.,
was also founded by the brothers, and during the absence
of Luther, Charles undertook the management of the two in
stitutions. In 1871 Charles was made President of tho Colo-
N ov. 25 1911.]
THE
C H R O N IC L E
rado National, and he continued in that capacity until his
death. In 1867 Charles, Luther, Augustus and Herman or
ganized the First National Bank of Omaha, and in 1868
Luther Kountze brought about the establishment of Kountze
Brothers in New York. While Charles was a member of
the firm, most of his attention was devoted to the Colorado
interests of the house. He had also served as Treasurer of
the old Denver Texas & Fort Worth R y. Co., and had been
interested in the Denver South Park & Pacific R y . Co. Mr.
Kountze was Treasurer of the City of Denver from 1868 to
1871. He was sixty-seven years of age, having been born
in March 1844.
— Edward Earl, President of the National Nassau Bank,
corner Nassau and Bcekman streets, this city, was the guest
of honor at a dinner tendered to him b y its officers and
directors last Wednesday evening at Louis Martin’s. The
occasion was in celebration of Mr. Earl’s third year as Presi
dent and the growth of the institution during his executive
management. N . D. Ailing’s remarks were expressive of the
sentiment of all the speakers. He said that “ since Mr. Earl
has been in actual control of the bank the deposits have in
creased from $4,000,000 to $13,000,000, and the surplus and
profits have grown from $350,000 to $613,000. The gross
income of the bank has been increased four-fold and the
net income in a like proportion. 'Ihe foundation was there,
but the mason who built upon it had the faculty of calling in a
new spirit, of adding the touch of popularity, and by his
genial nature of making so man}r friends that he has brought
our institution into great favor.”
— A report was current the past week which could not be
verified that George H . Earle Jr., of Philadelphia, has been
asked to assume the presidency of one of the large banking
institutions of this city. Mr. Earle was a candidate for the
mayoralty of Philadelphia and is well known for his reorgani
zation of the Real Estate Trust Co. of Philadelphia and his
efforts in the sugar refinery fight in that city.
— The New York agency of the National Bank of Cuba, at
Street, announces the opening of its latest branch at
Placetas, a sugar centre of importance in Santa Clara
Province, Cuba. This bank now has twenty-two branches.
1 Wall
— An assignment was made by the New York Stock E x
change house of Ball & Whicher on the 10th inst. The action
was not made known until after the close of the market,
and the suspension was not therefore announced on the E x
change until the following morning. The firm’s statement
said:
Wo have made a general assignment for the benefit of our creditors,
without preference, to Owen E. Abraham, associated with the law firm of
Parker & Aaron, 52 Broadway. Our unsecured liabilities are less than
$100,000. Inability to realize on our assets and to collcot accounts due us
Is the cause of our suspension.
Mr. Whicher was later credited with having stated that
the estimated secured liabilities were about $150,000 and
that the unsecured liabilities would amount to about $100,
000. The present partnership dates from January 1910,
and is composed of Charles E . Ball and Louis E . Whicher.
The latter is the floor member and has held membership in
the Exchange since 1898. Mr. Whicher is President of the
United Verde Extension Mining Co. and Mr. Ball is Treas
urer of that organization. Negotiations for the sale of this
property are reported to have been in progress recently, and
the delay in effecting the sale is said to have been partly re
sponsible for the suspension. It is stated that the firm ex
pects to resume as soon as a settlement with its creditors is
arranged.
— William J. Cummins, formerly Chairman of the Execu
tive Committee of the Carnegie Trust Co. of this city, was
convicted on the 20th inst. of the larceny of $140,000. He
was sentenced yesterday by Justice Davis of the Superior
Court to an indeterminate term of not less than four years
and eight months and not more than eight years and eight
months in the State prison. A motion for arrest of judg
ment on appeal was denied by Justice Davis, but a stay
of execution, pending an argument on a motion for a
certificate of reasonable doubt, was obtained from Jus
tice Seabury in Part I I. of the Supreme Court. Cum
mins was indicted last March, the indictments involving
a total of $335,000, and, according to a statement made
by District Attorney Whitman at the time, they were
based on transactions with regard to the release by
Mr. Cummins and his associates of certain loans which had
been made by various banks on the security of stock of the
Nineteenth Ward and Twelfth Ward banks; to raise the money
needed to finance the transaction, notes, it was stated, were
given to tho Van Norden Trust Co. and the Nineteenth Ward
1435
Bank aggregating $335,000, an agreement, it was reported,
being made that the Carnegie Trust should receive the
amount advanced on the various notes, totaling $335,000,
and hold it in trust to purchase the stock of the Nineteenth
Ward and Twelfth Ward banks. Part of the money,
namely $140,000, which was to have been used in the pur
chase of the stock of the two banks, it was charged, was
diverted by Mr. Cummins to other purposes.
— The Sea Cliff Bank, of Sea Cliff, L . I ., of which John G.
Jenkins Jr. is President, was closed by the State Banking
Department on Thursday. Superintendent Van Tuyl is
quoted as stating that the institution will probably be able
to pay depositors in full, but that a recent examination had
shown its capital to be impaired and that, owing to the
quantity of slow assets there was little hope that it could be
continued with profit. The bank has a capital of $25,000
and the deposits on September 29 were reported as $113,709.
Mr. Jenkins was President of the Jenkins Trust Co. at the
time of its suspension in 1907.
— The Merchants’ Trust Co. of Camden, N . J., has filed
articles of incorporation. The institution is to have a capi
tal of $100,000 and a surplus of $25,000. The incorporators
are Charles A . Reynolds, Edwin G. C. Bleakley, David A .
Henderson, William G. Moore, Francis B . Wallen, Henry
B . Cole, John A . Flick, David B . Jester, Charles Boyer,
Isaiah Hatch and M. Bergen Stone.
— The Comptroller of the Currency took charge of the af
fairs of the Washington National Bank of Washington, N . J.,
on the 17th inst. Former Mayor Robert M. Petty, the or
ganizer and President of the bank, was also President of the
Easton & Washington Traction Co., which now forms part
of the Northampton Easton & Washington Traction Co.
According to the Newark “ N ew s,” Mr. Petty attributes the
difficulties of the bank to trolley loans. It is stated that the
failure of the directors to eliminate undesirable paper led to
the Comptroller’s action in closing the institution. The bank
was organized in 1898. It had a capital of $50,000 and 178
of the 500 shares are owned by President Petty. The de
posits on Sept. 1 were reported as $183,354, while the re
sources were given as $406,883.
— Howard Longstreth, a director of the Rittenhouse Trust
Co. of Philadelphia, has been elected President of the in
stitution, succeeding H . O . Hildebrand. Mr. Longstreth is
a special partner in the Philadelphia banking house of Mellor
& Petry. The trust company also has a new Vice-President
in A . C. Shand, who succeeds V . Gilpin Robinson, resigned.
Both Messrs. Hildebrand and Robinson continue as direc
tors of the institution.
— Caleb F . Fox has been elected a director of the Trust Co.
of North America of Philadelphia.
— -Another Baltimore grain firm, the second in two weeks,
has beeji placed in receiver’s hands, following, as in the other
case, the discovery of alleged forged bills of lading. The latest
concern involved is that of Kirwan Bros. Grain Company,
against whom a petition in bankruptcy was filed on the 10th
inst. On the same day, it is reported, presentments were
returned by the grand jury against Harry C. Hindes, Secre
tary and Treasurer of the company, and William E . Marshall
its receiving clerk and bookkeeper. They are charged, the
Baltimore “ Sun” states, with obtaining money from the
First National Bank of Baltimore by false representations
during last October and November. Louis Muller, a direc
tor of the First National, was appointed receiver of the com
pany on the 11th inst. The bank, it is stated, is the largest
creditor of the company. The bills of lading held by the
bank represent collateral for loans. Pitt Bros. & Co., it will
be remembered, went into receiver’s hands on the 3d inst.
under charges similar to those in the present case, on the
petition of five Baltimore banks, one of which was the First
National. In its issue of the 15th inst., the Baltimore “ Sun”
announces that the directors of that bank took steps the
previous day toward adjusting the losses sustained through
the two concerns. It was decided to wipe out the loss by
charging it against the surplus and undivided profits ac
count carried on its ledgers. The “ Sun” says: “ The last
account, which, according to the September statement,
amounted to about $70,000, was wholly absorbed, while the
surplus was freely encroached upon.” There is still, the
“ Sun” adds, a strong surplus fund available, either for divi
dends or for other purposes for which it may be needed.
The Sept. 1 statement of the bank showed combined surplus
and profits of $570,000. The partners in Kirwan Bros.
Grain Co. were Walter Kirwan, Emory Kirwan and Harry C.
1436
THE
C H R O N IC L E
Hindes. All three were expelled from membership in the
Baltimore Chamber of Commerce on the 15th inst.
— The business of the Cincinnati Trust Co. of Cincinnati,
Ohio, was taken over this week by the Provident Savings
Bank & Trust Co. The transfer took place on Tuesday.
The arrangements provide for the liquidation of the Cincin
nati Trust Co., and entail, it is said, the resignation of Presi
dent George B. Cox and the other officers associated with
him. The terms of the merger are set out by that paper as
follows:
The contract Involves the Issuance of $400,000 par of the stock of the
Provident to the stockholders of the Cincinnati for $800,000, the Provident
assuming all deposit liabilities of the Cincinnati, for which the directors of
the latter will deliver assets sufficient to meet this liability, besides the
$800,000 guaranteed assets against which $400,000 new capital will be
Issued to the Cincinnati stockholders. Under these terms, the Cincinnati
Trust stockholders are given the privilege of buying Provident stock at
$200 a share, and In addition will receive their proportional share of the
profits accruing from tho liquidation of the remaining assets. Figured on
a basis of a 6% dividend on the Provident stock, the holdings In the Cin
cinnati Trust go In at $120 a share, exclusive of the remaining $1,200,000
assets, subject to liquidation, which. It Is calculated, will yield a sufficient
surplus to bring the liquidating value of tho stock up to $170 a share. This
Is, It Is said, slightly In excess of the book value after the order of the State
Department had been carried out.
The Cincinnati TrustjgCo. was established in 1900. Its
capital at the start was $500,000, while its surplus was
8100,000. Later its capital was increased to 81,000,000.
In its report under the last State call its surplus and profits
aggregated 8886,207, and its deposits amounted to 84,730,
773. Early the present month a statement was issued by
President Cox to the effect that certain loans and invest
ments among the assets which were objectionable to the
Banking Department had been entirely eliminated. The
Provident Savings Bank & Trust Co. has a capital of 81,000,
000, surplus and undivided profits of 8676,070 and deposits
under the last State call of 85,570,809. B . H . Kroeger is
President of the institution.
— John T . Shaw, President of the First National Bank of
Detroit, Mich., died on the 14th inst. from injuries received
in an accident near Cleveland, Ohio, on the 12th inst., when
his automobile was struck by a suburban trolley car. He
never regained consciousness after the accident. Mr. Shaw
was fifty-six years old. He entered the employ of the First
National at the age of twenty-one, and had been a member of
the managerial staff since 1891. In that year he became
Assistant Cashier; two years later he was made Cashier, later
he served as Vice-President and Cashier and in 1907, follow
ing the death of D . M. Ferry, he was made President. Mr.
Shaw was also a director and member of the executive com
mittee of both the Security Trust Co. and the Michigan Sav
ings Bank, Chairman of the executive committee of the
Michigan State Telephone Co. and an ex-President of the
Michigan Bankers’ Association.
— Emory W . Clark, who has been a Vice-President of the
First National Bank of Detroit, Mich., since 1904, has been
elected to succeed Mr. Shaw in the presidency. Mr. Clark’s
father, Lorenzo E . Clark, was connected with the institution
for thirty-five years in the capacities of Vice-President, Cashier
and director. His grandfather, Myron H . Clark, a former
Governor of New York, w as one of the founders of the bank.
— It is proposed to increase the capital of the First Trust
& Savings Bank of Chicago from 82,500,000 to 85,000,000,
under plans recommended by the directors on the 10th inst.
A meeting of the stockholders to authorize the issuance of new
stock will be held next month, and the increase will become
effective on Dec. 30. The additional capital will be in the
nature of a stock dividend of 1 0 0 % , as $2,500,000 of the
surplus will be applied as payment toward the proposed issue.
The bank had on Sept. 1 surplus and undivided profits of 83,
7 7 2,432. The capital of the First Trust is owned by the stock
holders of the First National Bank. Dividends of 1 6 % are
paid by the First Trust on its capital of $2,500,000, and it
is reported that it is the intention to pay 1 0 % on its $5,000,
000 capital. The capital of the First Trust & Savings Bank
was raised from $2,000,000 to $2,500,000 early in 1910, when
the First National’s capital was increased from $8,000,000 to
the present figure, $10,000,000.
— At the close of the present year Robert M. Welch, Cash
ier and Secretary of the Savings Union Bank of San Fran
cisco, will be relieved of the duties of Cashier and promoted
to the position of a Vice-President. R . B . Burmister,until
recently Cashier of the Phoenix National Bank of Arizona,
will succeed to the position of Cashier. The expanding
business of the Savings Union renders necessary an in
crease of the executive staff and a wider distribution of du
ties and responsibilities.
[VOL.
LXXXXIII.
— “ Progress” is the caption of an interesting little booklet
published by the old banking firm of Walker Brothers of Salt
Lake City, the latest number of which contains a description
of the handsome new building now being erected for them
in that city. Walker Brothers are the pioneer bankers of
the inter-mountain region, and their’s is the oldest bank be
tween the Missouri River and the Pacific Coast. Their new
quarters will not only be the tallest “ skyscraper” bank and
office building in Utah, but it will be one of the highest
structures west of Chicago. The building will be sixteen
stories in height, exclusive of the tower, which extends four
stories above the building proper. The observation platform
surmounting the tower will be 225 feet above the level of the
street, while the globe on the top of the flag pole will be 265
feet above the ground. The building has been designed by
Eames & Young, architects, of St. Louis. It will be of the
most modern steel fire-proof construction; the exterior of the
first two stories will be of granite, the next story terracotta,
the next eleven brick, the top two terracotta and the tower
of brick and terracotta. The entrance will be on main street
and the architects are devoting especial attention to making
it one of the handsomest in the country. Marble staircases
rise from each side, and the treatment is of such a nature as
to carry out the beauty and dignity of the entire building.
Massive safe deposit vaults of the very latest design will be
installed in the basement. The finish of the main banking
foom will be in marble, and the entire building, which will
contain 251 offices, will have tile floors and marble wain
scoting. Walker Brothers, bankers, have a capital of $250,
000; surplus, $125,000, and resources of $3,500,000. M. H .
Walker is President, L . II. Farnsworth is Vice-President,
E . O. Howard, Cashier, and John PI. Walker and W . E .
Lake, Assistant Cashiers.
— The Royal Bank of Canada, which now has branches
throughout Cuba, Porto Rico and the British W est Indies,
announces that it will open in the immediate future two
branches in Santo Domingo, one in San Domingo City and
the other in San Pedro de Macoris. The opening of these
branches will greatly assist Canada in competing for the
trade which now goes to the United States, France and Ger
many, and will open up for the people in Santo Domingo
direct banking relations with Cuba, Porto Rico, Jamaica,
Trinidad, Barbados and the Bahamas, where the Royal
Bank of Canada already has branches.
IM PORTS A N D EXPORTS FOR OCTOBER.
The Bureau of Statistics at Washington has issued the
statement of the country’s foreign trade for October, and
from it and previous statements we have prepared the fol
lowing interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
—Exports—
— Imports—
1909.
1910.
1911.
1911.
1910.
1909.
January ....... $197,083 $144,401 $160,713 $130,561 $133,671 $103,570
120,052
124,558
February ___ 175,957
121,695
130,118
118,654
139,291
143,058
March.......... 161,933
139,042
162,999
132,874
125.175
133,110
April_______ 157 988
183,922
119,827
122,168
131,084
123.323
May............. 153 162
120,814
118.838
116,001
117,419
127,388
June _______ 141,707
122,807
119,870
124.605
109,337
114,028
July............. 127,697
118,054
117,310
112.488
109.752
134.000
August______ 144,185
125,945
138,358
117,094
153,903
108,874
125.142
September___ 195,799
117,205
121.015
200,697
207.709
131,478 • 124,040
October_____ 210,524
127,673
193,999
200,020
120,780
November__
140.509
172,478
228,303
December---136,710
138,744
......... $1,805,659 $1,728,199 .
GOLD.
——
ja+yvi w
1909.
1910.
1911.
$7,805
$0,163
$924
8,861
2,937
425
21,252
600
1,816
6,338
30.284
1,506
11,171
719
0,817
8,347
3,075
1,598
10,662
2,178
829
9.230
3,150
481
7,547
1,823
2,353
9,379
760
3,984
15,649
1,370
10,579
1,330
........
Total........
lanuary ____
February ___
March______
April_______
May.............
June _______
July.............
August........ .
September___
October_____
November . . .
December___
_____
Total.........
$58,775
$1,562,905 $1,475,521
1911.
$9,541
5,800
4,119
4,525
5,015
4,768
2.595
4,105
4,704
4,102
$132,881
1910.
$2,131
3,063
4,374
2,101
3,143
4,570
10,283
12,819
3,192
4,250
4,313
4,977
1909.
$3,420
3.570
5,162
3,340
2.264
2,368
3,270
5.349
2,351
7.034
3,863
2.084
$59,222
$44,087
W e subjoin the totals for merchandise, gold and silver for
ten months since Jan. 1 for six years:___________________
rP»Y)
Months.
Merchandise.
Ex
ports.
Im
ports.
Excess
Ex
of
Exports ports.
Gold.
Sitter.
Excess
Ex
of
Im
ports. Exports ports.
Excess
Im
of
ports. Exports
$
$
$
$
$
$
1911.. 1,666,025
.
1.264,365 101,600 22,247 49,270 a27,032
1910
1,430,636 1,296,409 134,227 50,008 49,932 0,136
1909.. 1,361,722
.
1,190,268 165,454 100,652 88,139 08,513
1908.- 1,402,752 900,538 502,214 70,890 42,214 28,670
1907-- 1,511,842 1,219,985 291,857 53,596 35,375 18,221
1906--- 1,425,187 1,000,395 358,792 42,805 139,027 090,162
$
54,015
40,034
47,343
43,150
53,025
48,900
$
37,101
36,652
37,289
34,539
38,088
30,877
$
17,514
9,382
10,054
8,620
14,037
12,113
a Excess of Imports.
Similar totals for the four months since July 1 for six years
make the following exhibit:
THE CHRONICLE
N o v . 2 5 1 9 1 1 .]
Merchandise.
Exports.
$
678,205
625,877
573,748
524,951
571,392
567,345
1911 .
1 9 1 0 ...
1 9 0 9 ...
1 9 0 8 .-.
1 9 0 7 ...
1 9 0 6 ...
Silver.
Gold.
Excess
Excess
Excess
\
Imports.
of
of
Exports Imports
Exports Imports
of
Exports
Exports
Exports
Months.
$
500,619
496,985
478,270
378,087
468,706
429,036
s
$
| S
s
177,536 8,990 15,507 06,511
128,892
0,552 30,544 023,990
95.178 42,817 18,004 24,813
146,867 17,372 15,800
1,560
102.686 17,295 13,906 3.38S
138,309 11,254: 76,489a05,235
$
20,172
18,980
17,983
17,645
23,806
15,553
$
15,110
14,751
14,417
13,397
15,693
13,200
$
5,032
4,229
3,560
4,248
8,113
2,353
a Excess o f Imports.
SILV ER .
January _____
February -----March ..............
April ............. ..
M a y ..................
June ................
July ..................
August-----------Septem ber____
O cto b e r ............
N o v e m b e r ___
D ecem b er____
1911.
$5,651
4,453
5,897
7,610
5.054
5,778
5.275
4.S09
4.940
5,087
............
1910.
$1,498
4.589
4,553
4,697
4,131
4,587
5,124
4,750
4,830
4,270
5,265
6,001
1909.
$4,542
4,853
5,079
4,952
4,428
5,505
5,049
4,495
4.380
4,054
4,951
5.298
1911.
$3,552
3.898
3,197
4,252
3,550
3,500
3,921
3,653
4,162
3,404
1910.
$4,248
3,155
3,995
3,841
3,355
3,308
3,795
4.119
3,442
3,395
4,827
4,398
1909.
$3,665
3,509
3,280
4,222
3,857
4,339
3.916
3.191
3,261
4.049
4,695
4,201
______
$46,188
$57,361
$45,878
357.592
EXCESS OF E X P O R T S O R IM PORTS.
►
------------vet
-------------------- Mlerchandist
---------- Go id----------- ----------Sit
1910.
1910.
1911.
1911.
1909.
1910.
1911.
5
$
$
S
$
$
$
+ 250
January . . ____+ 66,522 + 10,790 + 53,137 — 8.617 + 4,032 + 2,0 09
+ 555 + 1,434
— 126
February . ____ + 54,262 — 5,560 + 7,398 — 5,381
+ 558
March _ . . ____ + 22,891 — 19,341 + 6.417 —3,613 — 2,558 + 2.7 00
+ 856
+ 3.358
— 812 + 3,0 07 — 3,019 + 34,183
A p r i l ____ ____ +38,161
+ 776
M a y -------- ____ + 23,338 + 12,240 + 7,262 + 1.802 — 2,424 + 1.498
J u n o ......... ____+ 1S 900
+ 8 ,0 1 2 — 7,246 — 1,693 — 2,978 + 2,272 + 1,270
— 417 — 9,454 + 1.354 + 1,329
J u l y ......... ____+ 9,6 4 3
— 2,088 — 3,151
+ 637
A u gu st___ ____+ 18,240 — 3,692 — 7,342 —3.621 — 9,669 + 1,216
+ 778 + 1.3$^
September ____ + 70,657 + 51,609 + 32,948 — 2,351 — 1,369
+ 875
October . . ____ + 79,046 + 83.663 + 73,024
— 113 — 3.500 + 1,683
+ 438
November
+ 70,834 + 53,490
— 2,937
+ 1,663
D ecem ber. ........................ + 91,593 + 33,734
— 3,647
T o t a l ............
T o t a l ... ........................+ 302,654+252.678
-r Exporta. — Imports.
— 447
1437
TREASU RY CASH AND DEMAND LIABILITIES.—
The cash holdings of the Government as the items stood
October 31 are set out in the following:
ASSETS.
L IA B IL IT IE S .
Trust Fund Holdings—
S
Trust Fund Liabilities—
$
Gold coin ...................
997,0G2,669 00 Gold certificates.......... .. 997,062,669 00
Silver dollars___________ 484,281.000 00 Silver certificates______ 484,281,000 00
Silver dollars o l 1890___
3,138,000 00 Treasury notes o f 1 8 9 0 ..
3,138,000 00
Total trust fund_____ 1,484,481,669 00
General Fund Holdings—
Certified checks on banks
1,003,160 95
Gold coin _________
50,079,770 18
Gold certificates..............
80,100,670 00
Silver certificates-.........
8,590,586 00
Silver dollars............... ._
0,650,067 00
Silver b u llio n ..... ............
2,959,082 10
United States notes____
4,768,101 00
Treasury notes o f 1890.
9,868 00
National bank n otes____
33,166,352 66
Fractional silver coin __
18,617,855 76
Fractional currency____
144 55
Minor c o in ------------------2,202,826 19
llonds and Interest paid.
6,063 92
Total trust liabilities.1,484,481,669
Gen. Fund Liabilities—
National Bank 5 % fu nd
26,171,550
Outstanding checks and
d r a f t s ..... ....................
15,440,673
Disbursing officers’ bal
ances _______________
75,324,623
Post Office Department
a c c o u n t_____________
8,051,079
Miscellaneous item s-----1,179,129
Total gen. liabilities..
00
47
18
02
37
13
126,167,055 17
T ot. In Sub-Treasuries 208,154,551 31
In Nat. Rank Depositaries
Credit Treasurer of U. S.
36,942,342 70
Credit U. S. dis. officers.
11,258,531 43
Total In banks______
48,2G0,871 19
In Treas. o f Philippine Islands—
Credit Treasurer of U. S.
2.658,529 45
Cash Balance and Reserve—
Credit U. S. dls. officers
3,675,498 77 Total cash and reserve.. 286,522,398 55
Made up o f—
Total In Philippines..
6.334.02S 22 Available ..136,522,398 55
and
•
Reserve Fund Holdings—
Reserve Fund—
Gold coin and bullion___ 150,000,000 00 G old& bull. 150,000,000 00
Grand total__________1,897,171,122 72
Grand total.................. 1,897,171,122 72
+ 11,483
DEBT STATEMENT OF OCTOBER 31 1911.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Oct. 31 1911. For statement of Sept. 30 1911
see issue of Oct. 28 1911, page 1163; that of Oct. 31 1910, see
Nov. 12 1910, page 1305.
[From our own correspondent.]
London, Saturday, Nov. 18 1911.
Confidence is gradually reviving all over Europe, but it
has not yet recovered sufficiently to attract the great public
to the stock markets. In France hoarding is rapidly coming
to an end. The banks have ceased completely. They are
IN T E R E ST -B E A R IN G D E B T OCT. 31 1911.
Amount
------------ Amount Outstanding------employing increased balances here in London, in Berlin and
Interest
Issued.
Registered.
Coupon.
Total.
Title / Loan —■
Payable.
$
s
s
s
in Vienna. French investors, moreover, are buying actively
646,250,150 642,080,050 4,170,100 646,250,150
2s, Consols of 1930..............Q-J.
in London; especially they are buying good Argentine securi
3s, Loan of 1908-18........... Q-F.
198,792,660 43,645,400 20,300,060 63,945,460
162,315,400 99,388,300 19,101,600 118,489,900
4s, Loan of 1925............... .Q -F .
ties. Money, in consequence, has become plentiful and
25,210 54,631,980
54,631,980 54,606,740
2s, Pan. Canal Loan 1906.Q-F.
359,180 30,000,000
2s, Pan. Canal Loan 1908.Q-F.
30,000,000 29,610,820
cheap
in Paris, and the Bourse is decidedly more active
49,990,000 24,562,300 25,427,700 49,990,000
3s. Pan. Canal Loan 1911.Q -S.
5,260
41,900
than it was.
41,900
36,610
2 ^ s , Postal Saving bonds. J-J.
In Germany trade is unquestionably expanding. There
Aggregate lnt.-bearing d e b t .. 1,142,022,090 893.960,250 69,389,140 963,349,390
is a much more hopeful feeling than there was. But money
D E B T ON W H IC H IN T E R E ST HAS CEASED SINCE M A T U R IT Y .
September 30.
October 31.
is increasing in value. There is a difference of opinion as to
Funded loan of 1891, continued at 2 % , called May 18
the reason. Those in the best position to judge hold that
$7,000 00
$7,000 00
1900, interest ceased Aug. 18 i900 ______________
Funded loan of 1891, matured Sept. 2 1891___________
23,650 00
23,650 00
as the French, British, Dutch and Belgian banks are all em
Loan of 1904, matured Feb. 2 1904___________
13,350 00
13,350 00
Funded loan of 1907, matured July 2 1 9 0 7 .............
891,800 00
888,850 00
ploying increased balances in Germany, and as New York
Refunding certificates, matured July 1 1907............
14,620 00
14,610 00
Old debt matured at various dates prior to Jan. 1 1861
has been employing unprecedented amounts of money there
and other Items of debt matured at various dates
for some months, the mere increase of trade and investment
904,360 26
904,350 26
subsequent to Jan. 1 1861..........
does not account for the rising value of money. They
Aggregate debt on which Interest has ceased since
m a tu rity ...................... ........ .......................................... $1,854,780 20 $1,851,810 26
attribute it, therefore, to the action of very cautious and farD EBT B E A R IN G NO IN T ER EST .
seeing persons who are already beginning to prepare for the
September 30.
October 31.
United Statc3.............................................................-.8 3 4 6 ,G81,016 00
S346,681,016 00
pressure they foresee at the end of the year. Others think
53,282 50
Old demand notes......... ................................- .............
53,282 50
that it is entirely too soon for preparations for the end of the
28,056,118 00
National bank notes—Redemption account___ __ 28,802,645 50
Fractional currency, less $8,375,934 estimated as
year, and allege that the rise in money is really due to the
6,857,019 90
iost or destroyed......... ...... .......... ...........................
0,857,019 90
improvement in trade. In Austria-Hungary, likewise,
Aggregate debt bearing no Interest............. ...... S382,393,963 90 $381,647,430 40
money is in strong demand.
R E C A P IT U L A T IO N .
Increase ( + ) or
Here at home, on the contrary, the value of money is rap
Decrease
(—
).
Oct.
31
1911.
Sept.
30
1911.
Classification—
idly declining. France has ceased bidding for the gold offer
+ 85,000 00
$963,344,390 00
Interest-bearing debt.............. $963,349,390 00
— 2,970 00
1,851,780 26
1,851,810 26
Debt Interest ceased............. ..
ing in the open market. It seems probable, therefore, that
— 746,527 50
382,393,903 90
381,647,136 40
Debt bearing no interest_____
the metal offering in the open market from now till the end
— $744,497 50
Total gross d eb t____________ $1,340,848,636 60 $1,347,503,134 16
Cash balance In Treasury*. _.
280,522,398 55
294,394,990 30 — 7,872,597 75
of the year will go into the Bank of England unless, of course,
either Turkey or Italy, or both, should obtain advances. In
Total net d ebt......... ............. $1,060,320,238 11 $1,053,198,137 86 + $7,128,100 25
rjt*Includes $150,000,000 reserve fund.
any case, the belief here is that the Bank of England is so
The foregoing figures show a gross debt on Oct. 31 of strong, and will continue so for the remainder of the year,
$1,346,848,636 66 and a net debt (gross debt less net cash that money rates cannot be fully maintained. On the other
in the Treasury) of $1,060,326,238 11.
hand, while quotations have advanced, they are not very
TREASURY CURRENCY HOLDINGS.
firmly maintained, and the great public holds aloof. The
Aug. 1 1911. Sept. 1 1911. Oct. 1 1911. N ov. 1 1911.
reason is partly fear of what may happen if the war between
Holdings in Sub-Treasuries—
3
$
$
$
Net gold coin and bullion...262,780,234
258,319,307 257,503,487 280,180,440
Turkey and Italy is not quickly brought to an end, and, still
Net silver coin and bullion. 30,191,962
35,838,731 36,525,570 18,199,735
more, apprehensions excited by the crises in Egypt and
Net United States Treasury notes
9,315
15.227
10,251
9,868
Net legal-tender notes........ 5,032,726
4,249,310
4,920,284
4,768,101
Burma.
Net national bank notes.... 42,774,015
43,430,951 41,008,954 33,166,353
Net fractional silver........... 21,153,059
21,093,644 19,537,450 18,617,850
In reality the crises referred to are not as important as the
Minor coin, & c ..................... 2,589,400
2,592,301
1,873,382
3,212,199
unthinking public seems to suppose. Messrs. Zervudachi
Total cash In Sub-Treasuries.d370,530,717 305,539,471 301,445,390 358,154,552
& Sons were at one time amongst the very foremost private
Less gold reserve fund..................150,000,000 150,000,000 150,000,000 150,000,000
bankers and financiers in Egypt, and had exceedingly high
Cash balance In Sub-Treasuries..220,530,717 215,539,471 211,445,390 208,154,552
Cash In national banks.................. 49,214,703 48,684,242 48,568,092 48,200,874
credit. But in the years immediately preceding 1907 they
Cash In Philippine Islands........... 7,249,807
4,504,172
7,208,280
0,334,028
engaged in ill-judged speculation in houses, lands, securities
Net Cash In banks. 8ub-Treas.277,025,347 268,727,885 207.222,368 262,689,454
and the like. The speculation proved unfortunate. The
Deduct current liabilities.a_____ 124,500,047 126.319,031 122,827,372 126,107,055
crash of 1907 came, and, though they did not immediately
Available cash balance..............152,525,300 142,408,854 144,394,990 136,522,399
suspend, it was well known by the well-informed that they
a Chiefly "disbursing officers’ balances.” d Includes $2,959,082 10 silver bullion
had received a blow which it was very unlikely they could
and $3,212,193 61 minor coin, <fcc., not Included In statement "S tock o f M onoy."
0
THE CHRONICLE
1438
[VOL. LXXXXI1I.
The following shows the imports of cereal produce into
ever recover from. Still, they kept afloat until the Bank
of Egypt closed its doors. As they held a considerable the United Kingdom during the season to date, compared
amount of bills of that institution, and the bills as yet have with previous seasons:
IM PO RTS.
not been paid off, the house had to close its doors. The fear
1908-09.
1911-12.
1910-11.
1909-10.
Ten weeks—
is that two or three other firms and institutions closely con W h e a t ..................- .................cw t. 18,878,100 20,829,200 21,184,100 17,411,700
7,709,500
5,267,300
6,558,000
Barley ................- ............................ 8,137,700
2,707,800
nected with it will have to do the same. In reality, how Oats.....................
2.525.500
4,224,200
3,460,300
342,380
326,030
559,615
Reas____________________________
766,931
ever, all the difficulties date back to the years immediately B e a n s .............................- .................
391,500
224,990
925,480
371,570
8.423.700
7.678.300
9,603,600
c o m .......................
4,330,500
preceding 1907, and they have been hanging over Egypt FIndian
2.306.300
2.599.700
2.204.500
l o u r ....... ........................................ 2,511,500
ever since.
Supplies available for consumption (exclusive of stock on
In Burma the Bank of Burma has also closed its doors. September 1):
.
It was a small institution with a capital of only £117,500.
1911-12.
1910-11.
1909-10.
1908-09.
W heat im ported___________cw t. 18,878.100 20,829,200 21,184,100 17,411,700
It was founded just seven years ago, and it is curious to find Im
ports o f Hour............................... 2,511,500
2,204,500
2,599,700
2,306,300
that with so small a capital it has managed in so short a time Sales o f hom e-grown...................... 7,686,198 5,764,286 5,241,271 7,634,999
to attract £793,000 of deposits. It has succeeded in doing
T o ta l...................
29,075,798
33s. 4d.
price o f wheat, w eek___
so mainly because it offered interest at the rate of 6% per Average
Average price, season.......................
32s.7d.
annum to all who deposited with it for a year certain. The
The following shows the quantities of wheat, flour and
Bank from the very first was distrusted by the well-informed, maize afloat to the United Kingdom:
. and it is not thought likely that its failure will affect London
This week.
Last week.
1910-11. 1909-10.
2.265.000
1,455,000
2,710,000
h e a t ..........................................qrs. 2,715,000
to any extent. The failure of Messrs. Zervudachi & Sons W
195.000
170,000
240,000
Flour, equal t o .......................... qrs.
200,000
1.005.000
445,000
200.000
qrs.
195,000
is also expected not to affect London much. It will chiefly Maize ..........
The British imports since Jan. 1 have been as follows:
affect Egypt, Greece and Marseilles.
Per
Difference.
1910.
1911.
The India Council offered for tender on Wednesday 50 lacs
Cent.
£
£
£
Imports—
+ 6,7 85,0 87 + 12.1
55,909,684
of its bills, and the applications exceeded 607% lacs, at prices January ........................... .................. 62,694,771 51,150,942
+ 9.6
+ 4,918,448
February _____________ .................. 56.069.390
ranging from Is. 4 l-32d. to Is. 4 3-32d. per rupee. Appli March ............................. .................. 58,543,022 58,108,947
+ 0.7
+ 434,075
— 7,705.244 — 12.9
59.556.231
April ............................... .................. 51,850,987
cants for bills at Is. 4 l-32d. and for telegraphic transfers at M a y ................................. .................. 53,929,824 55,229.753 — 1,299,929 — 2.3
—3,523,928
— 6.4
54,629,817
. . . . . . . --------------Is. 4 l-16d. per rupee were allotted 7% of the sums applied June
+ 3 .4
49,374,008
+ 1,690,048
J u l y __________________
for, and above in full. The amount to be offered for tender A u gu st________________ .................. 50,605,513 52,018,827 — 1,413,314 — 2.9
+ 4 .2
+2,153.501
51,547,457
September — ................ .................. 53,700,958
next Wednesday will be 40 lacs.
+ 4 .8
+ 2,804,498
58,010,622
O c t o b e r ...................... .. ............. .. 60,815,120
The following returns show the position of the Bank of . Ten months................ ..................550,249,001 545,246,192 + 5,002,809 + 0.9
England, the Bank rate of discount, the price of consols,
The exports since Jan. 1 have been as follows:
&c., compared with the last four years:
1911.
1910.
Difference .
Per
1910.
1909.
1903.
1907.
N ov. 15.
Nov. 16.
Nov. 17.
Nov. 18.
N ov. 20.
£
28,446,685
10,635,485
40,866,000
14,438,210
28,781,383
26,035,324
36,032,009
£
28,522,745
10,076,210
37,433,191
14,603,568
25,732,458
24,891,269
34,964,014
£
28,431,490
6,320,867
40,228,009
16,007,788
22,956,803
25,383,669
35,345,159
£
28,403,660
8,996,781
40,018,336
14,730,533
26,184,918
25,848,276
35,801,936
£
29,020,350
7.789,614
43,490,989
14,332,136
34,936,372
19,915,401
30,485,751
1911.
Public deposits-----G overnm ’t securities
Other securities------
C oln& bull.,bothdep
Prop, reserve to 11a52%
38%
50%
52%
54%
bllitles______ p. c.
4
7
5
5
2%
Bank rate--------p. c.
84%
82
82%
Consols, 2 % p. c ___
78 5-16
78 15-16
23 l-10d.
26d. 25 13-16d.
23 % d.
27 %d.
Sliver — ................
Clear.-housereturns300,659,000 30i.541.000 2S9.398.000 254.790.000 256,901,000
The rates for money have been as follows:
N ov.
N ov. 17.
Bank of England rate............
4
Open market rate—
Bank bills— 60 d a y s ......... 3 % @ 3 7-16
3%
— 3 m onths____
3%
— 4 m onths-----3%
— 6 m onths-----)4
Trade bills— 3 months-----4
— 4 m onths____
Interest allowed for deposits—
2%
By Joint-stock banks___. ..
B y discount houses—
2%
At c a l l - - ........................ 2%
7 to 14 days-
10.
4
N o v. 3.
3%
3%
3%
3 7-16 3 9 -1 6 ® 3 %
3 % @ 3 7-16 3 9-16(013%
3 % © 3 7-16 3 9 -1 6 @ 3 %
4
3% .@ 4
4@4%
4%
3%
3%
3%
4
4%
Oct. 27.
4
4
2%
2%
2%
2%
2%
2%
2%
2%
2%
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
N o v. 11.
N ov. 18.
Open
Bank Open Bank
Rate. Market. Rate. Market.
Rates of
Interest at —
P a r i s _____________
Berlin_____________. . .
H am burg.................. . .
F r a n k fo r t________ . . .
Amsterdam ......... .. . .
Brussels _________ . . .
Vienna __________ . . .
St. Petersburg___ . . .
M adrid------------------- - Copenhagen ______. . .
3%
4%
5
4%
5
4 9-10
5
4
4
4
4%
5
4%
nom.
5
4%
4%
5
5
3%
5
5
5
4
4%
5
5
4%
5
3%
4%
4%
4%
3%
4
4%
nom.
4%
5
N ov. 4.
Open
Bank
Rate. Market.
Oct. 28.
Bank Open
Rate. Market.
3%
3%
5
4%
4%
5
5
4%
4
4
4%
4%
4 15-16
5
nom.
5
4%
4%
5
5
3%
3%
5
4%
5
4%
5
4 13-10
4
3 13-16
4%
4%
5
5
5
nom.
4%
4%
5
5
Messrs. Pixley & Abell write as follows under date of
Nov. 16:
G O L D .—The arrivals tills week amounted to £760,000, and after satisfying the
Indian requirements o f £116,000, it seems probable that the balance will go into the
Bank of England, as the Paris cheque keeps high and an expected demand for H ol
land has not materialized. Since our last the Bank has received £534,000 in bar
gold, while Egypt has taken £100,000 In sovereigns, Malta £20,000, Gilbraltar
£ 6 000 and South A frica£5,000. N ext week we expect £617,000 from South Africa
and £73,000 from India. Arrivals—South Africa, £737,000; South America, £23 ,
000; total, £760,000. Shipments— Bom bay, £113,500; Calcutta, £1,000; total,
£114,500.
.
S IL V E R —There have been daily fluctuations in silver and the price has ranged
from 26d. to 25 13-10d., while the discount on forward has varied from % d. to % d.
The market Is still dominated by the transactions of the group of Indian speculators,
who, in addition to taking delivery o f old purchases as they mature, are buying con
siderable quantities both for cash and forward delivery. The premium on cash has
been smaller, as China has been willing to reap the advantage and postpone her hold
ings for two months. The amounts offering have been small, and this has assisted
the operations of the speculators. The United States Government has purchased
200,000 ozs. during the week and American sales have been on a small scale. Shang
hai exchange is still fully 2% below parity, but this weakness has been partially neu
tralized by the strength of Hong K ong, where British dollars are still in good demand.
China has sold to India-, and in addition is shipping to this market; but the sales have
not been large, and some Continental buying during the past few days has helped to
keep the market steady. There is no improvement in the up-country demand in
India, and stocks show an increase on the week o f 600 bars at 14,200 bars. The po
sition of the market is still largely artificial, and much depends on the ability o f the
speculators to absorb the fresh supplies arriving here during the next week or two.
I t must not be forgotten, however, that there Is a considerable "short" account open
for the next fortnight, and bears will be anxious to cover on any setback In prices.
The Bom bay quotation is Rs. 64 13-16 per 100 tolahs. Arrivals— New York, £163,
000; South America, £10,000: total, £173,000. Shipments—Port Said, £1,500;
B om bay, £55,000: total, £56,500.
The quotations for bullion are reported as follows:
GOLD.
London Standard.
N o v. 16.
s. d.
...
...
;..
;..
...
Japanese yen-----------
77 9
76 4
76 4
76 5 %
76 4 .
N ov .9 .
s. d.
Nov. 16.
d.
Nov. 9.
d.
77 9
Bar silver, fine, o z ___ 25 15-16
76 4
" 2 m o. delivery, o z .25%
76 4
Cake silver, o z ............. 28
76 5 % Mexican dollars...........nom.
76 4
S IL V E R .
26
25%
28 1-16
nom.
London Standard.
Exports—
£
J an u ary................................................ 37,730,831
F eb ru ary............................................. 35,653,120
March ................................................ 40,863,912
April .................................................. 35,692,456
M a y ...................................................... 37,929,824
J u n e ...................................................... 36,113,150
J u l y ...................................................... 34.607.636
A u gu st......... ........................................ 36.0S2.700
30,879,254
Septem ber......... ....................
O c t o b e r ........... ...............
43,546,303
Ten m onths............................
£
34,803,115
31,691.870
34,391,558
35,292,215
33,607.311
34,799,654
38,388,177
38.63S.S83
30,964,261
37,691.232
£
+ 2,9 27,7 16
+ 3,9 61,2 50
+ 6,472,354
+ 400,241
+ 4,0 07,5 17
+ 1,3 13,4 96
—3,780,541
—2,556,183
— 145,007
+ 5,855,071
+ 8 .4
+ 1 2 .5
+ 1 8 .8
+ 1 .1
+ 1 1 .9
+ 3 .7
— 9.8
— 6.6
— 0.4
+ 1 5 .5
374,724,190 356,26S,270 + 18,455,914
+ 5 .2
Cent.
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exports—
Jan uary........................ .
February . ....................
March ..........................
April ............................
M a y ...............................
J u n e ................................
J u l y ..............................
August............................
Septem ber....................
O c t o b e r ..... ....................
........
........
........
........
........
........
........
___
........
1911.
£
8,641,472
9.994,150
9,174,666
9.488,811
8,834.951
8,753,388
8,178.719
6,649,132
7,818,319
8.673,107
Difference.
1910.
£
8,147,164
10,184,560
8.443,988
11.858,654
8,294,262
8,383,643
8,221,595
8,099,313
6,808,109
7,999,591
Per
Cent.
£
+ 6.0
+ 494,308
— 190,404
— 1.8
+ 730,678
+ 8.7
—2,369,843 —20.1
+ 540,689
+ 6.5
+369.745
+4.3
—42,876
—0.6
—1,450,181 — 17.9
+ 1 ,010,210 + 14.8
+ 673,516 , + 8.4
86.440,879
—234,158
—0.2
........ 86,206,721
Ten months...............
V ote.—The aggregate figures are official. They indicate that slight adjustments
have been made in the monthly returns as Issued.
English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending N ov. 24.
Sat.
Silver, per o z ........................ d_ 25%
Consols, 2 % per cents........... 78%
F oraccou n t.......................... 78 7-16
French Rentes (In P a ris).fr. 95.S2%
Amalgamated Copper C o------ 62 %
American Smelt. & Ref. C o .. 75%
SAnaconda Mining C o...................... 7%
Atchison Topeka & Santa F e . 110 %
• P referred............... - ............ 106%
Baltimore & O hio................ ..1 0 5 %
Preferred.................................91%
Canadian P a cific.......... ...........246%
Chesapeake <& O h i o . . . ......... 77%
Chicago Great W estern......... 21
Chicago Mllw. * St. Paul. ..1 1 5
Denver & Rio Grande_______ 24%
Preferred.................................50%
E r i e ............. ......................... 34
First Preferred.......................54%
Second Preferred.................. 45%
Illinois Central......... .............. 145
Louisville & Nashville............ 157%
Missouri Kansas & T e x a s ... 33%
Preferred ................................ 68%
Missouri Pacific........... ............ 41
Nat. R R . o f M cx., 1st P r o f.. 70
Second Preferred................36
N. Y . Central & Hudson R l v . l l l
N. Y . Ontario & W e s te rn ... 42
Norfolk & Western...................113%
Preferred..........................
91%
Northern Pacific.......................123%
aPennsylvanla........................... 62%
alteadlng........... ..........................78%
aFirst Preferred......... ...........46%
nSecond Preferred........... .. 49
Rock Island.................................28%
Southern Pacific......................117
Southern Railway.................... 31%
Preferred..............................74
Union Pacific............................. 170%
Preferred............................ 96
U. S. Steel Corpatlon............ 66%
P referred...............................112%
W a b a s h ....................... ............ 12
Preferred.................................24
Extended 4s...........................55%
a Price per share.
6 £ Sterling.
M on.
Tues.
Wed.
Thurs.
Frl.
26
78%
78 7-16
95.62%
62%
74%
7%
109%
106%
105%
91%
245%
77
21%
113%
24%
60
33%
54%
45%
145
157
33
68%
40%
69
35%
110%
41%
113%
92%
123
62%
77%
46%
49
27%
115%
30%
74%
173
96
64%
112%
11
22
53%
26
78 7-16
78%
95.60
63%
74%
7%
109%
106%
104%
91
245%
76%
•21
113%
24%
49%
33%
54
45%
145
157%
33 %
26
78 7-16
78%
95.65
65%
76%
8%
110%
106%
105%
91%
246
70%
21
114%
24%
49
33%
54%
45
145
159%
32%
68%
40
69
34%
111
41%
113%
26%
78%
78 7-16
95.55
65%
75%
8%
110
100%
106
92
245%
77%
20%
114%
24%
50
33%
54%
45
145
104
32 %
08%
40%
69
34 %
111%
42
113%
25%
78%
78 5-16
95.50
65%
77
8%
110%
106%
107
92
247%
78
21
115%
24%
60
34
55
45%
150
104%
33%
68%
41
69
34%
111%
42%
114
122%
62%
78
46%
123"
62%
77%
46%
124"
62%
79
46 %
27%
116%
31%
74%
179%
95%
66
112%
10%
21%
54
27%
116%
31%
74%
178%
95
65%
112%
11
22
54
2§"
118%
32%
75%
180%
97
07%
112%
11%
22%
54 %
8SJ
39%
69
35%
110%
41%
113%
92%
122
62%
77%
I8J
49
27%
116
30 %
73%
178%
06%
65%
112
10%
20%
62%
m m z
N O V . 2 5 19 1 1 .]
f& o m m z v tln X
.
THE CHRONICLE
and U^iBcellatxeaus
1439
Per
Cent.
Name of Company.
.
~
~
National Banks.— Iho following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CH AN G E OF C O R P O R A T E T IT L E .
5 ,6 0 8 — T h e N a tio n a l B a n k o f L e x in g t o n , N . C ., t o " T h e F irst N a tio n a l
B a n k o f L e x in g t o n .”
A P P L IC A T IO N S T O C O N V E R T A P P R O V E D .
T h e S ta te B a n k o f IlalcUvIn, W I s ., Into “ T h e F irst N ation a l B a n k o f
B a ld w in .”
C a p ita l, $ 2 5 ,0 0 0 .
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Per
Cent.
Name of Company.
Railroads (Steam ).
Alabama Great Southern, ordinary.
Preferred ..........................................
Albany & Susquehanna......................
Atlantic Coast Line R Il., common ...........
Boston & Albany ( q u a r .) ............. ........
-
2A
..
i)
3
4'A
IA
2A
3A
-
Boston & Lowell.........................................
Boston & Maine, com m on (qu ar.)____ .
Canadian Pacific, com . (quar.) (No. 62) Chesapeake & Ohio (quar.) (No. 2 1 ) .. Chestnut Hill (qu ar.)________ _____ _ Preferred (quar.).................................
1
2A
1>4
1A
Hi
2
-
Cln. New Orl. A Texas Pacific, c o m ..
.
Common (extra) ...................... ............
Preferred (quar.) ________ ____________ -
3
I K
Cleveland & Pittsburgh, guar. (q u a r .).. .
IK
Special guaranteed (qu ar.)____
.
1
)
l
Delaware
Hudson Co. ( q u a r .) ........... 2K
Delaware Lackawanna & Western
. 35c
Detroit <t- Mackinac, common and. p r e f.. 2A
Erie & Pittsburgh (qu ar.)........................ I K
Greene R R ...................... .............. ............ 3
H ocking V a lle y ...................... .......... ........ .
3
Kanawha & Michigan_________________ 2A
N. Y . New Haven & Hartford ((quar.) 2
IA
North Pennsylvania (quar.).
.
2
Pennsylvania (qu ar.).............
lA
)
3
Pittsburgh Bessemer & Lake Erie, pref .
3
Pltt 3 b. Youngst. A- Ash., com . .t pf. (qu. )
lK
Reading Company, second preferred___ .
1
Rensselaer & Saratoga_____________
.
4
Southern Pacific (quar.) (N o. 2 1 )____II 1A
Union Pacific, com m on (qu ar.)________ 2 a
Street and Electric Railways.
American Railways ( q u a r .)....................
75c.
Cleveland liy. (quar.) _______
Columbus (O.) Ity., com . (qu
Detroit United R y. (quar.).
Indianapolis Street R y ................. ..............
Massachusetts Electric C os., pref ...............
Norfolk Ry. & Light........................ ..........
Northern Ohio Tr. Ac L t., com . (quar.).
North. Tex. Elec. Co., com .(qu.) (No. i
Pacific Gas c£ Electric, c o m m o n .. ...........
CD
1
IK
A
Dec.
Feb.
Jan.
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
Man.
Dee.
Dec.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Books Closed.
Days Inclusive.
21
24
2
1
9
10
3(1
2
2
Jan.
Dec.
Dec.
Dec.
Holders of rec. Dec. 2a
Holders of rec. Feb. 3a
Holders of rec. Dec.15a
Holders of rec. N ov. 3a
Nov. 29 to
D ec.
8
Dee. 16 to
Jan. 10
Holders of rec. Nov.d29a
Nov. 27 to
Dec.
2
Holders of rec. Dec. Is
2 Holders o f rec. D ec. la
30 Holders of rec. D ec. 8 a
4 Nov. 21
to
Dec. 3
2 Holders of rec. Dec. la
2 Holders of rec. Dec. la
15 Holders of rec. D ec. 2a
15 Holders o f rec. Dee. 2a
1 Holders of rec. Nov.25a
1 Holders o f rec.N ov. 1 0 a
1 Holders of rec.N ov. 1 0 a
1 Holders of rec. Nov.20a
20 Holders o f rec. Nov.27a
s of rec. Dee. 1
2 Dec. 16 to
Jan.
1
10
19
30
Dec.
Dec.
Nov.
Nov.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
30
18
25
29
4
1
1
11
2
2
2
l
2A
S3
16
to
N ov. 21
ers of rec. N ov. 4a
21
to
D ec. 3
D ec. la
15
2
1
11
1
1
1
1
11
1
Sd 1
15 I
1 I
.. 1
Dec.
11
Dec.
I 1
Dec.
1I
Dec.
11
Dec.
1 N
Dec.
1N
Dec.
Nov.
Dec.
Ian.
1K Dec.
2
Dec.
Dec.
1A
IK
Dec.
5
Jan.
2
Ian.
l A Jan.
Ian.
IK
IK
Dec.
Ian.
2A
l A Jan.
IK
Nov.
A
Nov.
2
lee.
1A
Dec.
Ian.
lA
1
Ian.
25c. lee.
lee.
K
$6
Dec.
4
)ec.
an.
IK
2
Dec.
2A
Dec.
1K
Dec.
3
53
1N
27 1
1N
2 I
1 I
30 1
1N
1N
2 I
2 I
2 H
2 U
1H
1N
2 11
29 H
29 H
1N
15 D
2 D
2 D
1N
I ir
20 II
15 II
2 if
30 H
11 D
11 D
. }
K
A
A
lA
Crex Carpet.................................................. ..
Crucible Steel, pref. (quar.) (No. 3 3 )___
3
IK
IK
IK
1A
1K
2A
7A
lA
IK
1A
IK
IA
)
Deere A C o., pref. (quar.).
-
Diamond Match (q u a r.)..
-
Common (extra)____________________ Preferred (quar.)___________________
Federal Mining & Smelting, pref. (quar
Federal Utilities, pref. (quar.) (N o. 2 ).
General Asphalt, preferred (qu ar.)____
General Chemical, com mon (qu ar.)____
5/
IA
2
!K
IA
A
50c.
IK
1
4
2
X
K
2
IK
2A
2
1
Laclede Gas Light, com. (quar.).
Preferred ___________________
Mass. Gas Companies, preferred I
S2
I
Preferred (qu ar.)________________
National Biscuit, com . (quar.) (N o. 54)"
Common (extra) (N o. 53) ...........
Preferred (quar.) (N o. 5 5 ).................... .
National Lead, com m on (q u a r.)________
Preferred ( o u a r .) __________________
IK
IA
IK
2
IK
K
IK
•17 A c .
1
ALi
NUes-Bement-Pond, com mon (q u a r .)..
North American Company (quar.)
People's Gas Light & Coke (q u a r.)” ” "
Philadelphia Electric ( q u a r .)................. "
IK
IK
IA
IK
IK
2A
Pure GU, com m on (quar.)________
Common (extra)_______________
Quaker Oats, com m on (qu ar.)____
Preferred (qu ar.)_____________
Preferred (au ar.)......... ............ ”
Quincy M ining (quar.) ____1..........
10
23^
IA
Railway Steel-Spring, pref. (quar.).
Republic Iron A Steel, pref. (qu.) (N o ' 40)
Safety Car Heat. A Lighting (quar).
E x tr a ....... .............................................
Standard Oil of New Jersey
Standard Oil of New Y ork.......
..............
Stern Brothers, pref. (quar.) (No.’ ll)’
Studebaker Corporation, pref. fauar.) I"
Union Stock Yards o f Omaha (quar )
United Cigar Mfrs., preferred (a u a r .).I ll
United Dry Goods Cos., pref. (q u a r .)____
United Fruit ( e x t r a )....................
U. S. Steel Corp., com . (quar.) (N o. 32)"
Preferred (quar.) (No. 42)____
Utah Copper (quar.) (No. 14).................... I
Waltham W atch, p referred_____
Woman's Hotel Co. (No. 9 )................
1H
SI
IK
IK
2
1
$7
$20
IK
IK
1 Vi
IK
IK
10
A3i
IK
75c.
3
2H
Dec.
Dec.
Dee.
Dec.
Dec.
Dee.
Jan.
Dec.
Dee.
Jan.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Feb.
Jan.
Jan.
Jan.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Jan.
Jan.
IDec.
Dec.
Dec.
Nov.
Dec.
IDec.
Dec.
Feb.
Jan.
Nov.
Nov.
Dec.
Dec.
DCS.
[Dec.
Dec.
Jan.
Nov.
[Dec.
Nov.
Dec.
Dec.
Dec.
Jan.
Nov.
Feb.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
1 Holders ol rec. N ov. 20
1 Holders ol rec. N ov. 20
1 Holders o f rec. N ov.15a
15 Holders of r e c .N o v .l5 a
15 Holders of rec. Nov.30a
2 2 Holders of rec. Dec.12a
2 Holders of rec. Dec.15a
1 N ov. 21
to
Dec. 1
15 Holders of rec. N ov.29a
2 Holders o f rec. Dec.20a
2 Holders of rec. Nov.29a
1 Holders o f rec. Oct. 31a
2 Holders o f rec. Nov.29a
15 Holders o f rec. Nov.24a
1 Holders o f ree. N ov. 15
1 Holders of rec. Nov. 16a
1 Holders of rec. Nov.20a
1 Holders of rec. Dee.30a
2 Holders of ree. D ec. 19a
15 Holders of rec. D ec. 2a
2d Holders o f rec. D ec.15a
1 Nov. 23
to
D ec. 1
1 Holders of rec. N ov. 20
25 Nov. 21
to
N ov. 26
1 Holders of rec. N ov. 10a
1 Nov. 14
to
D ec. 1
1 Nov. 24
to
D ec. 1
2 Holders of rec. Dec.20a
2 Holders o f rec. Dec.20a
1 Holders of rec. Nov.20a
15 Dec. 2
to
D ec. 15
15 Dec. 2
to
Dec. 15
29 Holders o f rec. Oct. 31a
1 Nov 14
to
N ov. 30
1 Nov. 16
to
N ov. 30
1 Nov. 17
to
Dec. 1
1 Jan. 14
to
Feb. 1
15 Holders o f rec. Dec.28a
29 Holders o f rec. N ov. 15a
29 Holders of rec. N ov. 15a
30 D ec. 9
to
D ec. 13
15 Nov. 18
to
N ov. 21
30 Holders o f rec. Dec. 8
1 Holders o t re?. N o v ,2 .»
2 0 D ec. 10
to
D ec. 2 0
2 Holders of rec. D ec. 15©
25 N ov. 4
to
N ov. 2615 Holders of rec. Nov.21©
29 Nov. 20 to
N ov. 30*
1 Holders o f rec. N ov. 16’
1 Nov. 16
to
N ov. 3C
1 N ov. 16
to
N ov. 30*
15 Holders of rec. Jan. 2©
30 Holders of rec. N ov. Id
29 Holders o f rec. Feb. la
23 Holders of rec. Dec. la
2 0 Dec.
7
to
Dec. 20
l Holders of rec. Dec.15a
2 2 Holders of rec. D ec. 8 a
2 2 Holders o f rec. D ec. 8 a
15 Holders o f rec. N ov. 17
15 Holders o f rec. Dec. 5
1 Nov. 18
to
D ec. 3
1 Holders of rec. N ov. 15
I Nov. 21
to
N ov. 30
1 Holders of rec. N ov.27a
1 Holders of rec. Nov.24a
19 Holders of rec. D ec. 4a
30 Dec. 2 to
Dec. 12
29 Nov. 7
to
N ov. 26
30 Holders of rec. D ec. 8
1 Holders o f rec. N ov.15a
15 Holders o f rec. D ec. 1
1 rhnsrer Dooks not closed for this dividend.
6 Less Income tax.
d Correction
e l ayable in stock o f the Lackawanna R R . o f New Jersey. / Payable in com mon
stocK. g Payable in com mon stock in the proportion o f one-half share for each
whole share.
Dee.
IK
Jan.
1 A Dec.
1 A Jan.
1 K Dec.
Dec.
IK
1 A Dec.
l A Dec.
3
Jan.
S2
Jan.
2 A j Deo.
K Dec.
Dec.
1A
3
Preferred (No. 15).............................
Miscellaneous.
Adams Express (qu ar.)........................
Amalgamated Copper (q u a r .)..........
American Cotton Oil, preferred.........
American Express (quar.)....................
American Gas (quar.) ............................
American Radiator, com mon (qu ar.)-----Amer. Smelt. Sec., pf. A. (qu.) (No. 27 ).
Preferred B (quar.) (No. 2 6 )..............
American Snuff, common (quar.) ____
Common (extra) .....................................
Preferred (quar.) .....................................
Amer. Sugar R ef., com . Jfc prof, (quar.)
Amer. Telegraph & Cable, guar. (quar.).
American Thread, preferred_____________
American Tobacco, pref. (quar.) ........... ......
Associated Merchants, common (q u a r .). .
Common (extra)........................ . . . . ' ____
Barney & Smith Car, preferred (q u a r .)..
Borden's Cond. M ilk , pref. (qu.) (N o. 30)
Brooklyn Union Gas (quar.) (No. 4 3 ) ..
Extra ........................................................
Butte Coalition Mining (qu ar.)......... I
Butteriek Company (qiiar.)_____ _____ II
Calumet A Hecla Mining (quar.) _______
Canadian Car A Foundry, Ltd., common
Central Leather, pref. ( q u a r .).. ......... ........
Chicago Telephone (quar.) __________
Childs C o ., com. (quar.) ......................I I " ”
Preferreil (quar.) ........... ............ ..........
When
Payable.
Books Closed.
D ays Inclusive.
Miscellaneous (Concluded).
cities service, com m on (montiiiy)
___ ___ _
Preferred (monthly)
Preferrcd(O'momh'^
Columbus
.) Gas & Fuel, com . (quar.)
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S N O V E M B E R 8 T O 15
10,009— T h e F irst N a tio n a l B a n k o f B u rb a n k , Cal. C apital, $ 2 5 ,0 0 0 .
H . A . C h u rch , P re sid e n t; A . O . K e n d a ll, V ice -P re sid e n t; R . O .
. J}£F“ v. C ashier; A . E . D u fu r, A ssista n t C ashier.
(C on version
o f T h e B u rb a n k S ta te B a n k .)
Preferred (qu ar.)____________________
10.1 0 0 —
T h e N o rth e rn C a liforn ia N a tion a l B a n k o f R e d d in g , Cal. C a pital, General Electric (qu ar.)_...................... ..
Great Lakes Towing, preferred (quar.).
$10 0 ,0 0 0 .
N . B . F risb le , P re s id e n t; R u d M . S acltzer, V lc e Great Northern Paper (qu ar.)___1_____
P resid e n t: E . C. F risb le, C ashier.
(C on version o f T h e B a n k o f
N orth e rn C a lifo rn ia , R e d d in g , Cal )
1 0 .1 0 1 —
T h e T h ir d N ation a l B a n k o f N ew L o n d o n , O h io . C a pital, $50 ,0 0 0 .
+ ■ N . F o w n se n d , P re s id e n t; M . R . C olem an , V ice -P r e s id e n t;
IIro w n s e n d , C ashier.
(T o su cce e d T h e N ew L o n d o n
Interr.at. Smelting & Refining (quar.) II.
N a tion a l B a n k , w h ich e x p ire s b y lim ita tio n N o v . 27 1911.)
Internal. Smokeless P . A Chcm., com. (qu.
10.1 0 2 — 1 he h irst N a tio n a l B a n k o f A s h fo r d , A la . C a pital. $25,000
Common (extra)________ _____________
W - P - B u rk e tt, P re sid e n t; J . It. D a w se y , V ice -P re s id e n t; J . R
G w a th ie y , C ashier.
V O L U N T A R Y L IQ U ID A T IO N S .
S ’ ? ? ? - " X l 10 F,irst N a tion a l B a n k o f T u p e lo , O k la ., O cto b e r 30 1911.
0,123
r h e C o m m e rcia l N a tion a l Bank o f G reen sb oro, N . C ., N ovem
1011.
(C o n s o lid a te d w ith T h e A m e rica n E x ch a n g e B a n k o f
G re e n sb o ro , N . C.)
When
Payable.
to
t rec.
to
t rec.
Deo. 1
N ov. 25
Jan.
1
D ec. 2
to
to
D ec.
D ec.
to
N ov. 30
1
1
Jan. id
D ec. 3 d
Dec. 3
Dec. la
Canadian Bank Clearings.— The clearings for the week end
ing Nov. 18 at Canadian cities, in comparison with the same
week of 1910, shows an increase in the aggregate of 30.3% .
Week ending November 18,
Clearings at--
Inc. or
Dec.
Canada—
M ontreal_______
Toronto _______
Winnipeg_______
Vancouver...........
O tt a w a ................
Quebec_________
H a lifa x ________
Calgary ...............
St. John________
H am ilton_______
V icto ria ________
London ________
Edm on ton______
Regina ________
B r a n d o n _______
L e th b rid g e_____
Sask atoon______
Moose Jaw ______
B r a n tfo r d ...........
Fort W illiam ____
58,214,075
43,999,845
36,067,122
11,908,573
5,204,285
3,206,918
2,163,449
5,254,744
1,661,824
2,933,092
2,757,784
1,418,721
3,400,839
1,744,399
860,905
716,554
2,0I2,9S8
1,503,248
552,611
555,596
S
42,383,307
33,781,074
29,291,167
9,863,904
4.266,272
2,809,348
1,633,389
3,596,842
1,560,353
2,351,039
2,462,075
1,3.85,267
1,765,641
1,425,710
683,527
659,900
916,600
Not Included
Not Included
Not Included
Total Canada.
183,520,120!
140,836,021
to
Nov. 30
Dec. 1
D ec. 15
Jan.
1
Jan. 1
D ec. 1
+ 3 7 .3
+ 3 0 .2
+ 2 3 .1
+ 2 0 .7
+ 22.0
+ 14.1
+ 3 2 .5
+ 46.1
+ 0.5
+ 24.8
+ 12.0
+ 2.4
+ 92.6
+ 22.4
+ 2 5 .9
+ 8.6
+ 119.6
In total
In total
In total
+ 3 0 .3
1908.
S
44,434,985
34,960,203
27,658.559
7,372,207
3,979,248
2,750,152
2,175,238
2,639,233
1,524,190
1,934,549
1,811,179
1,184,262
1,148,826
1,158,703
134,731,534
40,017,285
31,277,704
22,158,528
4,357,551
3,983,133
3,690,442
2,248,461
2,072,306
1,709,113
1,640,078
1,453,093
1,130,239
974,434
116,712.363
Auction Sales.— Among other securities, the following, not
usually dealt m at the Stock Exchanges, were recently sold at
auction m fvew York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per C€nt- Shares.
SnnTrSA
10
%
20 Library Square Realty C o., $ 5
T l t e a e l 1 ........................ ........ $ 2 A per sh.
460 Library Square Realty Co.,
trust company rects____ $ 2 per sh
7 Club Building C o_____________ 7 7 '
6 German-Alllance Insurance Co 281
39 American Exchange Nat. Bank"250
5 Im p. & Traders' Nat. Bank
57a
33 Mcch. & Metals Nat. Bank
264
69 Merchants National B a n k _ _ " ’ l8 3 u
25 National Nassau Bank.
" * ’ 302 *
-r>
VT
„
.
p er cent
20 Huguenot Trust Co., New R o
chelle _____________________ xiO
75 Bond & Mortgage Guar. Co
247
56H P.oscnstock Chemical Co.,com
„
$1.80 per sh'
284 Chisholm & Moore Mfg. Co.
... .
.
„
$5 per sh'
500 Long-Arm System C o......... $ 1 per eh100 Card & Prozser Coal C o . . . $ l per sh
Bonds.
Per cent%
$200 H . W . Rogers Cutlery Co.,
Inc., 2d 6s.................................. 535 iot
By Messrs, hrancis Henshaw & Co., Boston:
Shares.
D ec. 11
D ec. 11
3 per sh. IScares.
I per sh.
3? K
K
l V a l W R R e 5 ,R - C o ?,2^ '
* Cambridge Gas Light C o . . . . ' . W
30 Municipal Real Est T r u ^ t l l l l l l o o ^ [
Massachusetts ^ h t i n g C o s . . . _ 123H
THE CHRONICLE
1440
D E T A IL E D R E T U R N S OF TR U S T COM PANIES.
By Messrs. R. L. Day & Co., Boston:
10
2
1
1
$ per sh.
Amer. Soda Fount. C o., com ___ 1
Municipal Real Est. T r u s t.-100 & Int.
Massachusetts Lighting C o .- -- .1 2 0 M
Board o f Trade Bldg. Trust._103&Int.
H ood Rubber Co., p r e f .. ............132
$ per sh. Shares.
Shares.
32
25
2
1
20
10
25
3
[VOL. LXXXXIII
Arlington Mills...............................120
Boston Belting C o----------- ---------185
Pacific Mills (ex-dlv.) $1,000 ea.3750
Trem ont & Sullolk M ills ........... 115%
Mass. Mills In Ga. (e x -d lv .)------101
Nashua N. H. St. R y. C o______ 106%
Pere Marq. R R . Co., 2d pref___35
Concord & Mon. R It. Co.,
class 4 . . ........................... 161%-161%
Manchester & Lawrence R R . Co.225%
Peterboro R lt. (N . H )...................100%
Amer. Soda Fount. Co., 1st pref. 40.
Ainer. Soda Fount. Co., 2d pref. 3 %
2
10
10
13
20
Bonds.
Per cent.
S13.000 Repub. Vail. R R . 1st 6s,
1919......... ........ .................1 0 4 % & lnt.
$1,000 F t. Smith Lt. & Trac. Co.
1st 5s, 1936______ ________92% & lnt.
$5,000 Cleveland Elec. 111. Co. 1st
5s, 1939______ _________ 101% & Int.
By Messrs. Barnes & Lofland, Philadelphia:
S per sh.
S per sh. Shares.
50 Vulcan Brazing & Mach. Co.,
Phlla. Life Ins. Co., S 1 0 e a .l0 % -1 0 %
$10 each----------------------- $180 lot
American Bank, $50 each--------70
1 Metropol. Street R y . C o --------- 7%
Bank of No. Am erica_________ 310
6 4-5 Omaha W ater Co., 1st pref.,
1st Nat. Bank, Barnegat, N . J.135
$50 each (certificate)----------- 42%
Girard Nat. Bank_____________360
111 -5 Omaha W ater C o., 2d pref.,
Nat. Bank o f Germantown,
$50 each (certificate)..............31
$50 each____________
147%
15 The N at. Cons. Oil C o., W . Va.,
14 Textile Nat. Bank..................... 125
com ., $1 each------------------- $3 lot
10 Third Nat. B ank------------------- 255
15 The Nat. Cons. Oil Co., W . Va.,
15 Union Nat. Bank........... ............ 212
pref., $1 each------------------- $4 lot
3 Western Nat. Bank......... .......... 120
100 Eastern Cons. Oil Co., Me.,
265 Equitable Trust C o----------------100
$1 e a c h - . . ........... - ............ -.$ 2 lot
5 Finance Co. o f Pa., 1st p r e f .-.1 1 5
1 Membership Comm. E x. of Phil. 90
10 Independence Tr. Co.. $50 e a . 67
40 Jenklntown Tr. Co., $50 e a ---1 4 0
Per cent.
2 Provident Life & Tr. C o--------- 840% Bonds.
$10,000 Buff. & Lake E. Trac. Co.
4 Pennsy. Co. for Ins., & c., &C-.006
7 People’s Trust Co., $50 e a c h ..50-51 1st ref. 5s, 1936_______ _____ — - 68%
$2,000 Elmira W at. Lt. & R R . Co.
7 Real Estate Tr. Co., pref--------98%
1st cons. 5s, 195 6-.......................... 93%
6 Fire Asso. of Phlla.. $50 e a c h ..350
$4,000 Crosstown St. R y . Co.,
20 Franklin Fire Ins. Co.. $25 e a . 55
Col., O ., 1st 5s, 1933....................... 101%
12 People's Nat. Fire Ins. Co.,
$8,500 Harris P . Mt. J. & Lan. R R .
$25 each____.'........................... 34%
Co. 1st 4s, 1913___________
99%
59 Green & Coates Sts. Pass. R y .1 2 2
$2,000 Sandusky (O .) Gas & E . Co.
26 Phlla. City Pass. R y ........... ---1 5 9
1st 5s, 1 9 2 9 -- ..................
88%
15 13th & 15th Sts. Pass R y ------255
$29,900 Eastern Telephone & Tel.
2 Ardmore & Llanerch St. R y ..
Co. 1st 5s, 1922____________ 85% -86%
$50 each......... ........................... 48
$1,000 Berwyn Water Co. Istfis. ’20103%
1 John B . Stetson Co., com --------530
50 Phlla. Bourse, pref., $25 each 10% $1,000 Spgfd. Water Co. 5s, 1926..100
20 Phlla. Bourse, com ., $50 ea_3% -3% SI .000 No. Spgfd. W at. Co. 5s, 1928100
Shares.
36
13
5
5
4
10
By Messrs. Samuel T. Freeman & Co., Philadelphia:
S ver sh
75 Acapulco Land C o................-58 lot
62 Delaware W ater Im p. Co - . s i o lot
28 N. Y . W eighing, Barge &
Coaling C o................ - .......... 59 lot
8,000 Pitts. Bull Frog Mining Corp.,
L td ., par S 1 - - ........... ........ S3 lot
50 Plcasantvllle, N. J., W at.Co. 2%
4 Republic Water C o---------------S15
5 Shawnee Land C o----------------- 1%
10 American Gas C o ---------------- 99
12 Bergner & Engel Br.Co., com . 49
Shares.
8 per sh.
Equitable Trust C o. - - ........... 100
Commonwealth Water Im p. SI
Central Trust & Savings C o. 80%
Phlla. Warehousing & Cold
Storage C o ..................... ... 1 5 0 %
Shares.
20
50
15
5
Bonds.
Per cent.
52.000 City o f Phlla. 3s reg., 1 9 1 4 .. 98
51.000 No. Spgfd. W at. 1st 5s, ’28.100
$1,000 Spgfd. W at. Co. cons.5s,’26-100
$10,000 Colorado Gold Mining &
Smelting Co. 1st 6s, 1917......... $100 lot
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Nov. 18. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle,” V. 85, p. 836, in the case of the
banks, and Y. 92, p. 1607, in the case of the trust companies.
Surplus.
Trust Cos.
00, omitted.
On Dep.
Net
Specie. Lcgals. with C M Deposits.
Loans.
Average. Average. Average. Banks. Average.
S
S
$
2,155,8 20,416,0 2,198,0
2,400,7 17,708,0 1,608,0
13,142,7 126,823,0 13,312,0
4,476,1 33.021.0 3,264,0
1,032,7 15,925,0 1.874.0
11,439,4 35,559,0 1,797,0
22,697,7 144,108,0 14,514,0
475,0
6,715,0
1,274,8
6,176,4 20,073,0 1,336,0
1,824,1 16,750,0 1,549,0
1,432,5 15,198,0 1,965,0
1,681,1 16,344,0 1,807,0
11,532,6 44,828,0 4,400,0
1,357,3 10,646,0 1,113,0
981,0
551,0
9,032,0
6,096,8 24,390,0 2,639,0
s
s
$
%
150,0 1,921,0 15,495,0 15.1 + 11.0
402,0 2,503,0 12,373,0 16.2 + 16.2
587,0 10,479,0 92,498,0 15.0+ 10.1
756,0 6,084,0 26,784,0 15.0 + 1 8 .2
34,0 1,373,0 12,445,0 1 5 .3 + 9.5
1,332,0 2,400,0 21,085,0 15.0+ 10.1
1,310,0 10.432,0 103,443,0 15.2+ 13.7
642,0
4,591,0 15.4 + 11.3
232,0
$80.0 1,774,0 14,841,0 15.0 + 1 0 .6
80,0 1,225,0 10,802,0 1 5.0+ 10.1
37,0 1,615,0 12,987,0 15.4 + 11.0
404,0 2,1S3,0 14,888,0 14.8 + 12.7
203,0 3,219,0 28,879,0 15.9 + 10.0
9,527,0 15.3 + 12.1
346,0 1,330,0
8,087,0 15.0 + 10.8
981,0
236,0
13,0 2,328,0 17,172,0 15.4 + 11.9
Totals, A v g e .. 80,271.7 557,536,0 54,832,0
7,002,0 56,489,0 405,897,0 15.2 + 12.2
Nov. 18 557,546,0 55,602,0
7,072,0 57,093,0 403,291,0 15.5+ 12.4
M an h a ttan ___
B r o o k l y n ____
Bankers’ _____
U .S.M tg.& Tr .
A s t o r ________
Title Guar.&T.
Guaranty_____
F id e lity ......... LawyersT.I.&T
Colum bia_____
Standard ____
Peoples’ _____
New Y ork ____
F ra n k lin _____
Lincoln ______
M etropolitan-.
Actual figures
The capital o f the trust companies is as follows: Manhattan, $1,000,000: B rooklyn ,
51.000.
000: Bankers, $5,000,000; U. S. Mtge. & Trust, $2,000,000; Astor, $1,250,
000: Title Guarantee & Trust, S4,375,000; Guaranty, $ 5 ,000,000; F idelity, S1,000,000: Lawyers’ Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard,
51.000.
000; People’s, $1,000,000; New York, $3,000,000: Franklin, $1,000,000;
Lincoln, $1,000,000; Metropolitan, $2,000,000; total, 334,625,000.
SU M M ARY CO VERIN G B O TH B A N K S AN D T R U S T COM PANIES.
Week
ending
N o v . 18
Capital.
Surplus.
Loans.
Average.
Lcgals. Net Depos Re
Specie.
Average. Average. its, Aver. serve.
S
19,208,0
37,600,0
20,832,0
53,134,0
28,004,0
184,779,0
27,201,0
6,377,0
7,333,0
2,362,0
9,471,0
39,983,0
1 19,812,0
10,579,0
3,645,0
16,193,0
1,942,0
78,486,0
22,356,0
11,265,0
8,691,0
12,767,0
54,086,0
23,987,0
89,694,0
1,554,0
35,250,0
13,456,0
113,634,0
26,110,0
3,612,0
8,395,0
3,818,0
100,277,0
14,334,0
3,401,0
6,295,0
16,039,0
8,618,0
3,557,0
12,753,0
4,828,0
28,124.0
18,086,0
9,708,0
20,854,0
14,052,0
6,507,0
9,286,0
7,120,0
%
25.2
25.6
25.1
26.6
25.8
25.5
26.4
25.3
27.3
28.7
25.6
26.7
25.2
25.1
27.7
25.3
26.4
27.2
28.1
25.0
26.1
26.3
25.4
26.0
28.7
30.3
27.2
25.0
25.8
25.6
24.7
26.1
25.0
25.0
25.6
28.2
25.6
25.1
25.8
26.2
25.4
25.2
26.5
25.0
26.5
25.8
25.9
25.0
25.7
25.0
Totals, A v g e .. . 135,150,0 196,029,3 1364.430,0 281,061,0 75,934,0 1379,453,0
25.8
76,289,0 1374,414,0
.............. 1364,241,0 275,537,0
..1
f
25.6
Bank o f N. Y .
Manhattan Co.
Merchants’ - - M ech.&Metals’
A m e r ic a .........
City ------------Chemical-------Merchants-Ex.
Gallatin...........
Butch. & Drov
Greenwich —
Am . Exchange
Com m erce-----Mercantile —
Pacific --------Chat. & Phen.
Pcople’s -------H a n o v e r.........
Citizens’ Cent.
Nassau ...........
Market & Fult.
Metropolitan .
Corn Exchange
Im p.&Traders
P a r k ________
East R iver. -
F o u r t h ............
Second ...........
First ........... ..
Irving E x c h ..
Bow ery .........
N . Y . County.
German-Amer.
C h a s e .............
Fifth Avenue .
German E x ch .
G erm anla-----Lincoln --------Garfield...........
F i f t h ------------.
.
.
.
.
.
i
s
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000.0
3,000.0
500,0
2,250,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Actual figures Nov. 18.
S
$
21,383,0
3,657,6
33,200,0
4,496,8
20,545,0
1.S87.9
54,365,0
8,317,8
27,372,0
6,039,6
27,475,2 189,407,0
29,463,0
6,799,9
6,417,0
574,6
8,900,0
2,538,9
2,389,0
156,7
8,297,0
905,5
40,576,0
4,624,3
15,532,1 143,934,0
13,999,0
2,771,7
3,992,0
940,4
1,160,3
16,315,0
1,967,0
473,3
12,744,2
69,368,0
1,882,8
22,898.0
9,671,0
590,5
8,859,0
1,799,5
12,181,0
1,605,5
46,011,0
5,555,0
26,317,0
7,580,4
84,527,0
12,947,5
1,523,0
98,2
32,527,0
5,783,4
13,882,0
2,290,2
21,189,3 110,136,0
24,214,0
1,904,1
3.454,0
809,7
8,309,0
1,684,1
4,074,0
710,5
89,921,0
8,444,5
12,766,0
2,089,2
3,691,0
872,7
5,372,0
1,047,1
15,133,0
1,667,6
8,558,0
1,234,9
3,532,0
517,4
12,491,0
2,154,4
4,169,0
1,017,1
23,739.0
2,082,1
17,845,0
2,709 5
8,108,0
820,6
16,262,0
878,9
10,410,0
503,2
6,325,0
446,5
9,168,0
952,9
1,063,2
7,468,0
S
3,830,0
8,168,0
3,018,0
12.5S9.0
5,092,0
40,641,0
5,510,0
1,430,0
1,518,0
602,0
2,225,0
7,018,0
22,799,0
1,560,0
467,0
2,827,0
. 358,0
16,313,0
5,210,0
1,855,0
1,303,0
3,123,0
8,055,0
4,029,0
22,921,0
366,0
7,711,0
3,247,0
24,923,0
4,692,0
836,0
1,461,0
714,0
20,075,0
2,543,0
423,0
1,465,0
2,926,0
1,645,0
394,0
1,608,0
959,0
5.109,0
3,645,0
2,131,0
4,932,0
2,459.0
992,0
1,247,0
1,497,0
$
1,011,0
1,470,0
1,631,0
1,548,0
2,143,0
6,G00,0
1.698,0
186,0
488,0
76,0
200,0
3,686,0
7,427,0
1,099,0
545,0
1,277,0
150,0
5,102,0
626,0
964,0
972,0
240,0
5,716,0
2,214,0
1,086,0
106,0
1,900,0
120,0
4,422,0
2,004,0
58,0
731,0
236,0
4,948,0
1,139,0
538,0
153,0
1,115,0
580,0
540,0
1,641,0
261,0
2,364,0
881,0
446,0
350,0
1,185,0
630,0
1,145,0
286,0
Circulation __On the basis or averages. circulation oi nauouai uauho m
«
Hearing House amounted to $50,626,000, and according to actual figures was
150,590,000.
Specie.
On Dep.
Legal with C M .
Tenders. Banks.
Net
Deposits.
S
$
$
$
Averages.
%
$
$
1,379,453,0
B a n k s ___ 135,150,0 196,029,3 1,364,430,0 281,061,0 75,934,0
Trust cos. 34.625,0 89,271,7 557,530,0 54,832,0 7,002,0 5 M 8 9 ’ 0 405,897,0
169,775,0 285,301,0 1.921.966.0335.803.0 82.936.0 56,489,0 1.785.350.0
Total
1
Actual.
1.374.414.0
1.364.241.0275.537.0 76.289.0
Banks
557,546,0 55,602,0 7,072,0 57,093,6 403,291,0
Trust cos.
Total - -
—
1,921,787,0331,139,0 83,361,0 57,093,0 1,777,705,0
i
...........
The State Banking Department also 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,” Y. 86, p. 316.
STATE B A N K S AND T R U S T COM PANIES.
Week ended N ov. IS.
Capital as of Sept. 29-----Capital.
Loans.
Surplus.
D E T A IL E D R E T U R N S OF B A N K S.
Banks.
00s omitted.
Reserve.
Trust Cos.
outside o f
Greater N . Y .
State Banks
Trust Cos.
State Banks
outside o f
in
in
Greater N . Y . Greater N . Y . Greater N . Y
S
22,771,000
$
61,950,000
38,568,700
$ '
9,525,000
$
9,417,974
174,752,800
11,456,214
11,378,230
Loans and Investm ents,.
Change from last w eek.
289,436,700 1,080,678,200
— 259,800 — 2,564,500
103,365,100
+ 57,700
157,443,900
+ 490,700
Specie ......... .....................
Change from last week.
51,357,900
+ 1,890,800
111,345,200
— 823,000
....................
....................
Legal-teuders & bk. notes
Change from last w eek.
23,228,900
— 503,000
11,082,800
+ 18,100
----------------
Surplus as o f Sept. 2 9 . . .
Deposits ______ _________
Change from last w cek.
337,628,600 1,172,662,800
+ 4,352,300
+ 1,427,300
110,541,700
+ 114,800
164,692,500
— 17,800
Reserve on deposits.........
Change from last week.
93,740,900
+ 1,505,400
130,991,400
— 1,016,000
23,352,400
+ 60,900
23,147,400
— 104,400
P . C. reserve to d eposits..
Percentage last w e e k ..
28.0%
27.7%
16.3%
16.4%
22.1%
22.1%
14.8%
15.1%
+ increase over last week.
— Decrease from last week.
‘ ’Reserve on deposits” Includes;
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents
Trust companies In New York State are required by law to
keen a rese?ve nronortlonate to their deposits, the ratio varying according to lo
cation as shown below. The percentage of reserve r e q u l r ^ la com pM ed on the
aggregate o f deposits, exclusive of moneys held
trust and not Payablo within
thirty days, and also exclusive of time deposits "Ot paj able within thirty days,
represented by certificates, and also exclusive o f deposit9 nf ^n nmoimtbeniml tn
obligations o f the State or City of New York, and cxc J ^ v e
r it v
tho market value (not exceeding par) of bonds or obligations of the State or City
o f New York owned by the bank or held in trust for it by 'a n y
The State banks arc likewise required to keep a reservevaryln gatcord lng to locatlon, the reserve being computed on the whole amount of depositsi exclusive o f time
deposits not payable within thirty days, represented by certificates (according
to the amendment o f 1910), and exclusive of deposits secured (according to amend
ment o f 1911) by bonds or obligations o f the City or State o f New York, and ex
clusive of an amount equal to the market value (not exceeding par) o f bonds or
obligations of the State or City of New Y ork owned by the company or held In trust
for it by any public department.
C o ,.-S t a t e B a n k s Note — ’ ’Surplus” Includes all undivided profits.
Reserve Required fo r Trust Companies
and State Banks
L o c a tio n -
Total
Of
Total
Of
Reserve
which Reserve
whtch
Required, in Cash. Required, in Cash.
Manhattan Borough...................................................................... ]5 %
Brooklyn Borough (without branches In Manhat.) 1 5 /b
fO /o
Other Boroughs (without branches In Manhattan) 15%
10 ^
Brooklyn Borough, with branches In Manhattan-.1 5 %
lo %
Other Boroughs, with branches In Manhattan------ 15/9
15%
Elsewhere in State.........................................................10%
5%
25 %
20%
15%
20%
15%
15%
16%
10%
7% %
20%
15/9
6%
The Banking Department also undertakes to present sepa
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
Xov. 25 191J.J
THE CHRONICLE
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
1441
Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
W e omit two ciphers (00) in aU thesefigures.
N E W Y O R K C IT Y B A N K S AND T R U S T COMPANIES.
Week ended N ov. 18—
Clear.-House
Members.
AclualFigures
Total o f aU
Clear.-House Stale Banks &
Members.
Trust Cos. not Banks & Trust
Average.
in C .-H . Aver. Cos. Average.
S
S
Capital IN at. ba n k s..
169.775.000
169.775.000
) Sept. 1-----Surplus |State banks
285.301.000
285.301.000
J Sept. 29___
Loans and Investments 1,021,787,000 1,921,966,000
Change from last week — 5,853,000
— 1,696,000
596,761,700 2,518,727,700
— 5,906,800
— 1,210,800
D e p o s it s ......... .............. 1,777,705,000 1,785,350.000
Change from last week — 10,698,000
+ 2,263,000
<z590,088,300 2,375,438,300
— 769,200
— 3,032,200
S
34,652,000
S
204,427,000
93,130,300
378,431,300
S p e c i e ......... .................
Change from last week
331,139,000
— 5,914,000
335,893,000
+ 718,000
62,329,300
— 587,300
398,222,300
+ 130,700
L egal-tenders........... ....
Change from last week
83,361,000
+ 181,000
82,936,000
+ 779,000
610,820,300
— 231,300
93,756,300
+ 547,700
Banks’ cash In v a u lt ..
Ratio to deposits____
351,826,000
25.60%
356,995,000
25.88%
12.538,800
13.84%
369,533,800
TrustCos.’ cash In vault
62,674,000
61,834,000
60,610,800
122,444,800
Aggr’te m oney holdings
Change from last week
414,500,000
— 5,733,000
418,829,000
+ 1,497,000
73,149,600
— 818,600
491,978,600
+ 678,400
Capital
and
Surplus.
Banks.
Boston.
Oct. 2 8 ..
N ov. 4 . .
Nov. 1 1 ..
N ov. 1 8 ..
Phlla.
O ct. 2 8 ..
N ov. 4 . .
Nov. 1 1 ..
N ov. 1 8 ..
Loans.
Specie.
Legals.
Deposits, a
Circu
lation.
Clearings.
$
3
s
$
S
S
41,350,0 225,858,0 28,270,0 4,130,0 280,595,0 7,370,0
41,350,0 231,129,0 28,032,0 4,151,0 294.736,0 7,375,0
41,350,0 235,879,0 28,599,0 4,355,0 292,463,0 7,382,0
41,350,0 233,993,0 29,164,0 4,513,0 293,377,0 7,387,0
$
176.114.7
229.525.7
166.874.6
180.465.7
60,105,0
60,105,0
60.105,0
60,105,01
137.656.8
162,693,2
135,986.1
162,239,4
279,193,0
276,209,0
274,291,0:
272,588,0
73,44 3.0
73,504,0
75,248,0
75,388,0
330,335,0 15,324,0
328,730,0 15.335.0
331,076.0 15.307.0
331,630,0; 15,320,0
a mciuaes governm ent deposits and the Item “ due to other banks.” A t Boston
Government deposits amounted to $3,170,000 on Novem ber IS. against 83,148,000
on November 11.
Imports and Exports for the Week.— The following are
the imports at New York for the week ending Nov. 18; also
totals since the beginning of the first week in January.
F O R E IG N IM PO RTS A T N E W Y O R K .
For week.
1911.
1910.
|
1909.
1908.
Money on deposit with
other bks. & trust cos.
Change from last week
57,093,000
+ 2,959,000
56,489,000
+ 1,869,000
20,103,800
+ 610,900
76,592,800
+ 2,479,900
Total reserve................
Change from last week
471,593,000
— 2,774,000
475,318,000
+ 3,366,000
93,253,400
— 207,700
568,571,400
+ 3,158,300
Surplus CASH reserveBanks (above 2 5 % ) . .
Trust c o s.(a b ov el5 % )
T o t a l ....... .............................. 520,084,367 $15,693,571) S19,079,160 $12,411,780
Since Jan. 1.
D ry Good3.................... ............ 5124,533,481 $139,360,325 $149,016,328 $110,495,418
General Merchandise_______ 653,312,958 667,443,163, 624.671,366 450,933,766
8,222,500
2,180,350
12,131,750
949,450
....................
-----------------
Total 46 weeks_____ _____ $777,896,439 $800,809,488 $773,687,694 $561,429,184
Total ..........................
Change from last week
10,402,850
— 3,205,200
13,081,200
+ 1,036,050
....................
—
15.23%
12.22%
15.01%
1.25%
27.45%
16.26%
% o f cash reserves of tr ust cos.—
Cash In vault................
15.56%
Cash on dep. with bks.
12.40%
T o t a l .........................
27.96%
COM BINED RESU LTS OF BA N K S AND T R U S T COMPANIES IN
G R E A T E R N EW Y O R K .
Sept.
Sept.
Sept.
Oct.
Oct.
O ct.
Oct.
N ov.
N ov.
N ov.
16-.
23-.
3 0 ..
7 ..
14
2 1 ..
2 3 ..
•!..
11 ..
1 8 -.
2.551.764.6
2.549.460.3
2,536,059,1
2,520.64 1,0
2.526.299.8
2.519.188.7
2.517.979.4
2.525.948.9
2.524.634.5
2.518.727.7
2.418.043.6
2.413.184.1
2.404.638.2
2.382.520.9
2,388,182.0
2.380.090.9
2.380.965.6
2 ,3 84,0 31 ,8
2,370,207,5
2.375.438.3
Specie.
411 293,4
413 .729,9
411 ,994,6
403 .975,7
402 ,340,7
399 ,322,0
403 ,805,5
401 ,382,5
398 091,6
398 222,3
Tot. M oney Entire Ees.
Holdings, on Deposit.
Legals.
S
96.563.5
95,222,1
94.394.6
91.645.0
91.112.1
93.911.0
92.996.1
93.244.2
93.208.6
93.756.3
S
507,856,9
508.952.1
500.389.2
495.520.7
493.452.8
493.233.6
496.801.6
491.626.7
491.300.2
491,978,0
591,178,7
589.576.5
587,161,9
579.936.1
530,679 2
575.895.6
580.002.4
575.900.4
565.413.1
568.571.4
W e omit two ciphers (00) in all these figures.
Capi
tal.
Sur
plus.
Loans,
Dlsc'ls
and
Invest
ments.
Specie.
S
1,252,0
1,503,0
6,043,0
6,826,0
1,087,0
4,644,0
2,447,0
3,113,0
4,127,0
1,862,0
3,920,0
2,602,0
1,597,0
2,232,0
1,281,0
S
144,0
29,0
778,0
671,0
38,0
218,0
423,0
34,0
364,0
232,0
68,0
314,0
215,0
411,0
333,0
Legal
On
Tender Deposit
and
with
Bank
C .-H .
Notes. Banks.
Net
Deposits.
New York City.
Manhattan
Bronx.
$
100,0
250,0
400,0
300,0
200,0
500,0
250,0
200,0
100,0
200,0
100,0
200,0
200,0
300,0
200,0
S
297,0
120,3
463,4
786,9
167,3
531,0
340,2
393,9
475,2
98,8
506,2
278,6
132,6
313,2
120,0
200,0
Broadway ....................
252,0
Manufacturers’ N a t ..
Mechanics’ ......... ........ 1,000,0
National C ity......... ..
300,0
200,0
North Side....................
First National.............. 300,0
Jersey City.
400,0
First National..............
250,0
Hudson County NatThird N ational...........
200,0
Hoboken.
220,0
First N a tio n a l...........
125,0
Second N a tio n a l------
535,5
807,3
839,5
592,9
159.-0
659,0
Washington Heights.
Century ......................
Colonial ......................
C o lu m b ia ....................
Fidelity ........................
Jefferson ....... ..............
Mount Morris_______
M utual......... .................
Plaza ...................... ..
Twenty-third W a r d ..
YorkvlU c......................
New Netherland.........
Battery Park N at___
Aetna N ational--------Gotham N ational____
Brooklyn.
5
65,0
251,0
447,0
604,0
119,0
380,0
39,0
585,0
366,0
87,0
720,0
104,0
66,0
33,0
11,0
3,092,0 430,0
110,0
5,435,0 . 484,0 212,0
10,077,0 295,0 1,644,0
3,869,0 460,0 255,0
1,940,0
100,0
106,0
3,550,0 329,0
63,0
1,292,2
770,8
414,1
5,329,0
3,187,0
2,049,0
275,0
259,0
120,0
625,8
264,5
3,719,0
3,116,0
210,0
187,0
3
3
175,0
1,008,0
113,0
1,406,0
847,0
7,168,0
787,0
7,809,0
124,0
1,017,0
594,0
4,380,0
333,0
3,074,0
561,0
3,383,0
630,0 ' 4,297,0
233,0
2,020,0
597,0
4,370.0
230,0
2,510,0
94,0
1,474,0
23,0
2,113,0
93,0
1,330,0
374,0
535,0
1,667,0
877,0
250,0
426,0
3,1)42,0
4,836,0
12,434,0
3,949,0
1,981,0
2,713,0
461,0 4,503,0
105,0
483,0
166,0
676,0
4,601,0
2,347 0
1,778^0
53,0
45,0
325,0
277,0
1,718,0
1,385,0
Totals N ov. 18------ 6,947,0 12,051,2 90,559,0 7,537,0 7.086.0 15.717.0
Totals Nov. 11------ 6,947,0 12,051,2 91,535,0 7,548,0 7,369,0| 13,709,0
Totals Nov. 4 ------ 0,947,0 12,051,2 92,278.0 7,819,0 7,216,0 13,218,0
88,063,0
88,798,0
90,405,0
F or week.
For the w eek.....................
Previously reported_____
$3,004,362
9,407,418
Total 46 weeks.
1911.
1910.
1909.
1908.
$17,565,663
669,745,198
$17,947,170
593,803,366
$12,584,232
538,824,879
S13,675,649
554,350.845
$687,310,861 $611,750,536 $551,409,111 $568,026,494
The following table shows the exports and imports of
specie at the port of New York for the week ending Nov. 18
and since Jan. 1 1911 and for the corresponding periods in
1910 and 1909:
Exports.
Deposits.
Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Nov. 18, based on average daily results:
Banks.
S3,046,436
16,032,730
E X P O R T S AND IM PO RTS O F SPECIE A T N E W Y O R K .
W e omit tico ciphers in all these figures.
Loans and
Investments.
$3,021,166!
12,672,405)
E X P O R T S FROM N E W Y O R K .
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
Week
Ended.
82.873.418
17,210,949
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Nov. 18 and from Jan. 1 to date:
+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "D u e from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to $073,085,100, an Increase o f $1,136,200 over last week. In
the case o f the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. 6 Includes bank notes.
lr
D ry G oods.................................
General Merchandise..............
Imports.
Qold.
Since Jan. 1
Week.
Great Britain____________________
France _______ ______ ______ _____
Germany ............................................
West Indies............................................
Mexico ___________________________
South Am erica-----------------------------All other countries....... .......................
Total 1911.........................................
Total 1910........... .............................
Total 1909......... ............................. ..
$32,900
Since Jan. 1
$73,067
509,786
2,578
1,497,715
7,220,407
2,806,546
1,878,322
$3,503,745
3,500
1,817,920
3,410
2,285,430
172,250
$36,310
$7,782,845
45,087,538
82,529,517
2',220’ 766
Week.
Silver.
Great Britain......... ............................. $1,023,095 $40,307,794
2,824,034
France
167,149
Germany ______
92.76G
West Indies______________________
200
Mexico .
South Am erica______
35,617
All other countries_________________
200
7,348
Total 1 91 1......................... ............ .. $1,023,495 S43,434,708
Total 1910...................................
1,250,317 38,193,779
Total 1909.................................
682,190 39,525,085
$473*373
54,061
54,159
$581,593 $13,988,421
126.921 21,290,192
78,974
7,825,005
$1,648
57,581
8,926
19,496
$172,576
11,767
26,919
78,541
3,051,317
1,572,069
1,428,401
$87,651
88,985
215,706
$6,341,590
4,237,766
4,605,757
Of the above imports for the week in 1911, $ _____
American gold coin and $ _____American silver coin.
were
Dairying and ^financial,
Diversify Your Investments
W rite for our circular entitled
treats the above subject In detail.
"Judloloua
In v estm en t,"
Spencer Trask & Co.
43 E X C H A N G E P L A C E , - - - N E W Y O R K .
Chicago, 111.
Boston, M ass.
A lbany. N. Y .
M em bers N ew
Y ork
S to ck E x c h a n g e .
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU S T R E E T .
NEW YORK
TH E R OOK ERY
CHICAGO
w hich
1442
THE CHRONICLE
[VOL. LXXXXIII
Street Ry. The latter have been in demand and are from 4
to 0 points higher than last week. Third Avenues have been
conspicuously active, but moved within a relatively narrow
Wall Street, Friday Night, Nov. 24 1911.
range. Atlantic Coast Line bonds have also been active, in
The Money Market and Financial Situation.— The an sympathy with the stock, and the L. & N. gold 4s are about
nouncement early in the week of an increase in Atlantic a point higher.
Coast Line’s dividend rate from 6 to 7% and a decision
United States Bonds.— Sales of Government bonds at the
handed down by the Court of Appeals upholding the plan for
reorganizing the Third Avenue HR. are the important events Board include $25,000 Panama 3s at 102% to 102%, $11,000
affecting the security markets.
The first named was, of 2s coup, at 100% and $10,000 2s reg. at 100%. The week’ s
range lias been as follows;/o>- yearly range see Hurd 'page follow
course, regarded favorably and has been followed by a sub ing.
.
stantial rise in the values' of the stocks affected.
Other factors which have, perhaps, contributed to the same
I n te r e s t
N ov.
N ov.
N ov.
N ov.
N ov.
N ov.
end have been the Government statement of international
P e r io d s
18
20 21
23
24
trade for October, which in some important particulars
2s, 1930 __________reglttcrecl.'Q— .Tan * 100% *100% 100% *100A * 1 0 0 A *100%
establishes a new record for that month, the larger demand
19.50. - ..................coupon Q —Jan *1005^ 100A
100A * 1 0 0 A *100% *100%
for copper both for home consumption and export, and 3s, 1908-18............ registered iQ — Feb *101% * 1 0 1 A * 1 0 1 A * 1 0 1 A *101% *101%
s, 1908-18_________ coupon Q — Feb *101% *101% * 1 0 1 A *101A *101% *101%
reports of the iron and steel industry which show an increase 8
4s, 1 0 2 5 ..................registered Q —Feb *113% *113% *113% *113 % *113% *113%
of orders, especially for railway equipment. These orders 4s, 1925______ _____ .coupon Q— Feb * 113 % *113%
*118% *11.5'% *113% *113%
2s, 1930.Panama Canal regts Q— Feb *100% *100% *100% *109,% * 1 0 0 A *100%
are sufficient to have caused a.perceptibly larger activity 3s,
1961.........Canama Canal Q— Mch *102% 102% *102% *102A
102%
102 A
at the mills and to suggest a movement towards higher prices.
Over against these matters of interest and comment there
* This is theprlce b id at the morning board: no s a le was made.
has been a relatively large outflow of gold to Canada and of
Railroad and Miscellaneous Stock.3.— After a decline of
currency to the Pacific Coast. This week’s shipments of prices early in the week averaging between 1 and 2 points,
gold bring the total amount exported within the month up the market gradually became firmer and closing quotations
to nearly $ 1 1,000,000. This outflow of funds, in part offset on Thursday were gene ally higher than last week. To
by receipts from the interior, has scarcely caused a ripple day’s market has, however, been irregular, and reactionary.
in the local money market, and there are no signs of advanc It was strong during the early hours of business, but later
ing interest rates. The foreign bank statements are all turned soft and many issues decl'nod, so that of a list of 25
favorable, and especially that of the Bank of France. This active stocks, 10 are lower, 14 higher and 1 unchanged.
shows a large gain in cash, a substantial decrease in loans,
Aside from the increased dividend rate noted above, there
and its circulation reduced almost §113,000,000. The Bank have been almost no new developments calling for a change
of England has increased percentage of reserve to over 51. in values. Such changes as have occurred are therefore
The open market rate for call loans on the Stock Exchange largely the result of professional Exchange operations.
during the week on stock and bond collaterals has ranged
Among the special features is, of course, Atlantic Coast
from
to 2 ^ % . To-day’s rates on call were 2 * ^ @ 2 ^ % . Line, which moved up 7 points. Louisville & Nashville
Commercial paper quoted at 3J^@ 4% for 00 to 90-day made a similar advance and Illinois Central sold on
endorsements, 3 ^ @ 4 % for prime 4 to 6 months’ single Thursday nearly 5 points higher than on Saturday.
names and 4 ^ @ 4 % % for good single names.
The copper stocks and some of the railway equipment is
The Bank of England weekly statement on Thursday sues have been strong on better trade conditions, but Cotton
showed an increase in bullion of £"837,200 and the percentage Oil and United States Steel, both common and preferred,
of reserve to liabilities was 51.04, against 50.50 last week.
are fractionally lower.
The rate of discount remains unchanged at 4 % , as fixed
For daily volume of business see page 1452.
Sept. 21. The Bank of France shows an increase of 13,500,
The following sales have occurred this week of shares not
000 francs gold and 5,050,000 francs silver. •
represented in our detailed list on the pages which follow:
N EW
YORK
CLEARIN G-HO U SE
BA N K S.
( N o t I n c lu d in g T r u s t C o m p a n i e s .)
STOCKS.
W e e k e n d in g N o v .
1911.
•
A vera g es lo r
w e e k e n d in g
N o v . 18.
1910.
D l /f e r e n c c s
ir o n
p r e v io u s w eek .
J
A v e r a g e s ot
w eek e n d in g
N o v . 19.
1909.
A v e r a g e s fo r
w e e k e n d in g
N o v . 20.
80,000
42,000
1,215,000
844,000
7S8.000
Reserve held....... ..........
25% of deposits..............
356,995,000 Inc.
344,863,250 Inc.
1,632,000
303,780
310,352,100
292,578,775
300,532,300
296,923,525
Surplus reserve.........
12,131,750 Inc.
1.323,269
17,773,325
9,608,775
$
S a le s
lo r
W eek .
R a n ge lo r W eek .
L o w est.
100
100101
Am Brake Shoe & F, pref
127
Amor Snuff, p r e f...........
Am Tobacco,pref tr rccts
900 97%
Associated O il............. ..
300 44%
Batopllas M in in g ______
300 81%
General Chem ical...........
100 132%
P referred____________
100:103%
Lackawanna S t e e l_____
300 31
Nor Ohio Tract & L t ___
55%
Paclllc Tel ft Tel, p r e f..
98
Quicksilver .Mining......... l%00 2 A
P referred....... ..............
539 5
St I. ft S F— C ft E Ills
new stock trust, certrs
56
Sears, Roebuck ft Co, pf.
700 120%
Virginia Iron, C & C____
60
8
.?
C a p ita l______ _________
135,150.000
Surplus_______ ________
196,020,300
Loans and discounts___ 1,364,430,000 Dec.
Circulation____________
50,626,000 Inc.
Net deposits___________ 1,379,453,000 Inc.
S p e c i e .............................
281,001,000 Inc.
Legal tenders..................
75,934,000 Inc.
24.
S
133,350,000
127,350,000
195,801,900
177,371,800
1,201,508,600 1,204,634,200
48,403,600
53,022,200
1,170,315,109 1,187,694,100
243,320,800 238,092,700
67,031,300
08,439,000
100
100
11
200
N ov
Nov
Nov
Nov
Nov
Nov
Nov
N ov
Nov
Nov
Nov
Nov
R a n g e sin ce J a n .
H ig h e st.
22
20
21
20
18
23
21.
18
21
24
22
22
127
101
98
40%
SI A
132%
108%
31
55%
98
4
5%
Nov 23 58
Nov 22,121
N ov 24 62
Nov
N ov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
N ov
N ov
Nov
L o w e st.
22
20
23
21
23
28
21
23
21
21
23
2!
122%
96
92 A
44 %
81%
!)
103%
30
39%
95
10
2
-
lA
N ov 2 ! 51
Nov 2 ! 119%
Nov 2 1 52
1.
H ig h e st.
Oct 138
Aug 104
Sept 98%
Nov 55 >2
Aug 82%
Jan 135
Jan 108
Sept 48
Jan 55%
.Tan 93%
Apr 4
June 5%
Aug 62
Jan
Jan 97
122
Feb
May
Nov
Apr
Jan
Feb
Apr
Apr
Nov
Mch
Nov
Nov
Feb
Mch
July
Note. — The Clearing House now issues a statement weekly show
a c tu a l
condition of the banks on Saturday morning, as well as the above averages. These
figures, together with the returns o f the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Outside Market.— More activity was displayed on the
“ curb” this week than recently, trading broadening with tho
addition of several new issues. Tho tone of the market,
though reactionary at times, was strong. Amor. Tobacco
Foreign Exchange.— Demand sterling down,but cable trans com. made further advances, moving up from 450 to 470,
fers are relatively firm, owing to the settlements next week. the close to-day being at 475. Liggett & Myers sold at 150 and
T o - d a y ’s (F r id a y ’s) n om in a l rates fo r s terlin g e x c h a n g e w ere 4 84 % fo r
P. Lorillard up 5 points to 155. Studebaker Corp. com.
0 0 -d a y an d 4 87 'A fo r sig h t. T o - d a y ’s a ctu a l rates fo r s terlin g e x ch a n g e
advanced from 55 to 58% and reacted to 57 yz, closing to-day
w ere 4 8 3 4 5 @ 4 8360 fo r 60 d a y s , 4 8 0 6 0 @ 4 8063 fo r ch eq u es an d 4 8 6 0 3 (a)
4 8710 fo r c a b le s . C om m ercia l o n ban ks 4 8 3 @ 4 83 % an d d o c u m e n ts fo r
at 57%. United Cigar Stores lost 3 points to 247, then
p a y m e n t 4 83 %('(>4 83 % . C o tto n fo r p a y m e n t 4 83 @ 4 83 % an d grain fo r
jumped to 259, with a further advance to-day to 203. Tho
paym en t 4 8 3 % @ 4 84.
T h o p osted rates fo r sterlin g , as q u o te d b y a rep re se n ta tiv e h o u se , h a v e
close was at 261. United Cigar Mfrs. com. lost about a
rem a in ed th r o u g h o u t the w eek at 4 84 A fo r 60 d a y s an d 4 87 'A fo r sig h t.
point to 43% and recovered to 44% . Third Avo. R R.
T o - d a y ’s (F r id a y ’s) a ctu a l rates fo r Paris ba n k e rs’ fra n cs w ere 5 20 % @
5 20 less 1-16 fo r lo n g and 5 18 'A less l - 3 2 @ 5 18 % fo r s h o r t.
G erm a n y
new stock, “ w. i.,” was traded in down from 41 to 33 and
b a n k e rs ’ m arks w ere 94 % @ 9 4 9-16 fo r lo n g an d 95 % @ 9 5 3-10 less 1-32 fo r
s h o r t. A m sterd a m ban k ers' guilders w ere 40 31 @ 4 0 32 fo r s h o r t.
E x ch a n g e a t Paris o n L o n d o n , 2 5 f. 22 H e .; w e e k ’s r a n g e , 2 0 f. 23 % c .
high a n d 2 5 f. 2 0 A c . lo w .
is x ch a n g e a t B erlin on L o n d o n , 2 0 m . 46 % p f.; w e e k ’s r a n g e , 2 0 m . 47 % p f.
high a n d 2 0 m . 45 % p f. lo w .
T h e ra n ge fo r foreign ex c h a n g e fo r the w eek fo llo w s:
Sterling, A c tu a l —
S ix t y D a g s.
C heques.
Cables.
H igh fo r the w e e k ._ . 4 84
4 8695
4 87 1,L o w fo r th e w e e k __ 4 83 A
4 8660
4 8690
P a ris B a nkers' F ra n cs —
5 17 A
5 14 A less 1-16
H igh fo r th e w e e k __ 5 20 %
L o w fo r th e w e e k __ 5 20
.
5 18 A less 1-16
5 18 'A
G erm an y B ankers' M a r k s -—
H ig h fo r th e w e e k ___ 94 9-16
95 'A
95 A less 1-32
L o w fo r th e w e e k ___ 04 7-16
95 45 lcs3 1-32
95 3-16
A m sterd a m B a nk ers' G u ild ers —
H ig h fo r th e w e e k ___40 09
40 34
40 37
L o w fo r the w e e k ___40 02
40 30
40 34
D om es tic E x ch a n g e .— -The fo llo w in g are the rates fo r d o m e s tic e x ch a n g e
a t th e u n d er-m en tion ed cities a t th e clo s e o f the w eek : C h ica g o , 10c. per
$ 1 ,0 0 0 d is c o u n t.
B o s to n , p a r. N ew O rleans, c o m m e r c ia l, 5 0 c. per 51,000
d is c o u n t; b a n k , $1 per $1,000 p re m iu m . S a v a n n a h , b u y in g , 3 -1 6 % dls- !
c o u n t : sc lin g, par. San F ra n cis co , 10c. per $ 1 ,000 p re m iu m .
C h arleston , i
b u y in g , par: selling, 1 -1 0 % p re m iu m . S t. L o u is , 10c. p er $1,0 0 0 p re m iu m .
M o n tre a l, 02 A c . pet- $ 1 , 0 0 0 d is c o u n t.
State and Railroad Bonds.— Sales of Stale bonds at the
Board include $380,000 New York 4s, 1901, at 101% to
102% , $799,000 New York Canal 4s, 1961, at 101 to 102%,
and $100,000 Virginia 0s deferred trust receipts at 47 to 48.
New York State issues weak on prospect of a new issue.
The market for railway and industrial bonds lias been
more active, owing to an unusually heavy movement of city
traction issues, including Third Avenue and Metropolitan
traded in, “ w. i.,” the ref. 4s down from 84% to 82% and
up to 83%, with transactions on the Exchange to-day atfrom
8 0 % to 84 % and at 84 finally. Theadj. 5s, “ w. i., weaken
ed from 74 to 71% and recovered subsequent ly to 71%. The
Exchange transactions to-day started at 72% and reached
72%, sold down to 71% and finished at 71%. Montreal
Tramways 5s moved up from 1 0 0 3^ to 101 and down to
100%. The forthcoming issue of N. Y . State 4s sold,
“ w. i.,” up from 102 to 102% and down to 101% and at
101% to-day. Liggett & Myers 5s, “ w. i.,” declined from
88% to 87%, the 7s selling at 110. P. Lorillard 5s, “ w. i.,”
fell from 88 ^ to 87%. N. Y . Westchester & Boston Ry.
<iyzs declined from 98% to 98% and end the week at 98%.
Oreg.-Wash. RR. & Nav. 4s improved from92% to 92% ,weak
ening to-day to 92%. N.Y. City 4 % sfell from 103 3-10 to 103.
! Among copper shares Braden was active and advanced from
534 to 5% and closed to-day at 5% . British Columbia im
1proved from 3% to 4% . Butte Coalition moved up from
: 17% to 18. Giroux rose from 4% to 4 13-10 and ends the
week at 4 % . Greene Cananea ran up from 7% to 8% and
finished to-day at 8% . Inspiration, after early loss from
8% to 7% turned strong and sold up to 9.
Outside quotations will be found on page 1452.
14 43
New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
S T O C K S — IIIO H E ST
Saturday
Nov. 18
AiVD L O W E S T
Tuesday
Nov. 21
Monday
N ov. 20
Wednesday
Nov. 22
SALS
PR ICES.
Thursday
N ov. 23
Friday
Nov. 24
TW O
Sales 0 1
1 he
W e lt
Shares.
PAGES
ST O C K S
N E W Y O R K STOCK
EXCHANGE
Range since January 1.
On basis of 100-shara lots
Range lor Previous
Year 1910.
Highest.
Highest.
R a ilroads
107% 108% 107% 108% 28,050 A toll T o p e k a & S an ta Fe 99*0 S ep 27
107% 108
1071s 107*4 106*4 10712 10634 107
D o p r e f ___________ 10034 J a n 3
1,900 A
10334 104
103% 103%
103% 103*8 1037g 104
103*8 103*8 1037s 104
13112 13712 136% 137% 136*.i 139% 138 1387g 25,100 A tla n tic C oast L ine R R _ . 117 Jan 3
513114 131% 131 132
93% Sep 29
a ltim ore & O h io _______
11,460
102*8 102*4 101*4 1021s 1 0 2 1 0 2 U 10234 103% 103% 104% 103 104
85% A u g 30
D o p r e f ___________
700
89% 89% *89
8812 8812 *8812 8912
89*4 89*4
89*i
*88
89*4
72 S ep 13
7,950 B r o o k ly n R a p id T r a n s lt.
7734 78%
7734 7S18
77% 7S38 78
7S<"
77*8 7814
78
781fi
195% Jan 3
10,800 / 'a n a d la n P acific
239% 240
240 24012 238*4 240% 23912 240
239 23978 240 242
100 V entral o f N ew J ersey . 260 A u g 24
310 310 *300 325 *300 325 *300 325
*300 325 *300 325
683g Sep 25
74% 75*4
75
7412 75
7412 7514
75% 76% 11,400 C h esapeake & O h io _____
75% 76%
75*8
15 A u g 28
C h icago & A lto n R R ____
30
*23
“30“
*23
“
*23
*23
30
30
30
*23
*23
—
37 O ct 2
D o p r e f________________
60
45
60
♦35
*40
60
*40
*40
50
*40
*40
17 S ep 13
900 Chlo G t W e st tru st c t f s . .
207g 2 1 %
2012 20i2 20% 2012 2 0 % 2 1
20*4
20*s 20*8
36 S ep 13
D o pref trust c t fs _____
1,400
39
*38% 3912
_ *38
39% 39%
3812 3914
*38% 39%
38%
105*4
O ct 4
C
h
icago
M
ilw
&
St
P
a
u
l
.
.
49,375
17»
IIOI
4
IIH
4
111
111%
112
110*4
112*4
110
110*4 112%
1 1 0 * 8 HITS
D o p r e f________________ 141 Sep 14
220
1487g 1487g
*14712 148% 147l2 147% +147 14812 *147 149 *147 149
4,092 C h icago & N orth W estern 138% S ep 1
14512 14512 145% 146% 145% 146*8 1463g 14634
14518 14518 145 1451
D o p r e f________________ 191 N o v 13 j
*191 200 *191 200 *191 200 *101 200 *191 200 *191 2 0 0
C h ic S t P M inn & O m aha 130% A p r 20
*135 145 *135 145 *13634 141 *135 145 *136 141 *137 141
D o p r e f________________ 150 N o v l6 ;
60
*150 160 *150 150 *150 165 *150 165 *150 165 *150 165
1% S ep 30
600 Chlo U n T ra c c tfs stm pd
*2
212
*2
2%
*2 %
2*4
2%
3
*2
3
2
2
434 S ep 1 1
D o pref c tfs s tm p d ___
200
512
*434
*5%
6%
434
4*4
6
*5
*5
6
*5
5%
48% Sep 15
100 C leve Cln C h ic & S t L ___
65
*63
75
*63
77
♦65
69
65
*03
*03
67
77
94% J ’ly 8
D o p r e f________________
*92 110
*92 110
*92 110
*92 110
*92 110
*92 110
43 Sep 23
C o lo ra d o & S o u th e rn ____
*45
49
49
49
*46
49
*46
*46
*45
49
*46
49
D o 1st p re fe rre d _____ XV0 Sep 25
777g 777s
80
80
7512 7 51" *75
*75
*75
76% 76%
80
D o 2d p re fe rre d _______ x63 S ep 25
70
*07
70
70
*65
70
*65
*65
*05
*67% 72
70
elaw are & H u d s o n ___ 159% S ep 20
470
171% 171%
171 171
*170 172
171% 171% *171 172 *171 172
elaw are L a ck & W c s t . 505 S ep 2 5
475
560 560 *540 670
*540 540 ♦540 660
550 550 *540 570
21% Sep 14
D enver & R io G ra n d e ___
24
24
24
*22
*22
*23
*23
24
*23
24
*23
24
44 Sep 14
D o p r e f___ ;____________
470
48% 48%
49
*45
4734 4 73, *47
*46*4 49
*47% 50
50
9% S ep l
D
u
lu
th
S
o
S
hore
&
A
tlan
100
1
0
%
*9
*9l 2 1 0 l 2
9%
*912 11
9%
*9% 10%
*9% 1 0 %
19% N o v 17
D o p r e f________________
100
21
20
*19
20
21
*19
*19
*19
20%
19% 19% *19
27% Jan 11
32*4 33% 25,100 T ? r l e .......................................
32% 33%
32% 32%
32*s 331S 3218 3212 32% 32%
45% Jan 12
D o 1st p re fe rre d ___
5,950 JU
53% 54%
6278 53
5378
5212 63
53
*62% 627g 5234 53
35 Jan 9
D o 2d p re fe rre d ___
447g
900
441
44%
45
*44
44
44
*43*8 45
44
*43% 45
119 Sep 25
128% 1293g 15,520 G reat N orth ern p r e f_____
128 I 2 8 I4 12612 127l2 1267g 127% 127% 128% 12734 129
Iron O re p r o p e r t ie s ... ' 40 O ct 19
1,900
4278 42%
43
43%
43
43
4312 4312
4234 43%
43
43
11 A u g 28
2 G reen B a y & W .d e b c t f B
12
12
*1112 1212 *11% 12% *11% 12% *11% 12% *11% 12%
93% J ’ly 22
a va n a E le c tr ic _______
*9312 . . . . *9312 ------ ♦93% . . . . * 9 3 % ____ * 9 3 % ____ * 9 3 % -----9 3 3 4 Jan 12
D o p re fe rre d ______
124 N o v 15
H o ck in g v a lle y _________
*125 130 *125 130 *125 127% *125 128 +125 128 +125 128
5,550 j lllnols C en tral_________ 132 Jan 3
142 1423, *141 142
14U2 14U2 142 143
142 146% 144 145%
13% S ep 22
15% 13,700 1 n te rb o ro -M e tro p v t c tfs
14
1512 15*8
1534 16
1512 16%
153g 15%
15*4 16
39*4 Sep 25
D o p r e f_____________
4434 477g 15,010
46% 4712
47% 48%
47% 48
4678 47%
47*8 4714
39%
S ep 14
D
o
pref
v
o
t
tr
c
t
fs
____
42
1,000
45%
46
46
46
46
16 M ay 12
17
17
100 Io w a C en tral_____________
16
*1712 1812 *1712 1812 *17% 18% *17
16
18
28 A p r 24
D o p re fe rre d ___________
*32
35
*32
35
*32
*32
*33
35
35
35
*33
35
74 A p r 8
C F t S A M tr c tfs,p re f
*78
80
80
*78
80
80
80
*78
80
*78
*78
*76
303g 30%
ansas C ity S o u t h e r n .. 25% S ep 25
2,600
30%
29
293,,
2012
29% 29%
29% 29%
29*4
29
61% Sep 26
66
66
100
Do
p re fe rr e d .
643, *64
66*4
*65
66*4
*64
64*4 *64
06*4 *04
10 S ep 25
ake E rie & W e s t e r n ..
* 1 2 % 16% * 1 2 % 16% * 1 2 % 16%
*1212 18
* 1 2 % 16
*12
17
25 Sep 1
*31
34
34
4
D o preferred .
*30
35
35
*30
35
*30
35
*30
*31
151 Sep 14
179*8 1 S0 1 2 179 I801g 178% 179% 179 17934 178*8 180% 17834 180% 118,000 L eh igh V a lle y ..........
45% N o v 13
*45
52
L o n g Is la n d _______
*45
52
52
*45
*45
52
52
*45
52
*45
153% 155*4 155% 157% 15634 160% 158% 160*4 38,725 L o u isville & N a s h v ille .. 136% Sep 14
15212 1537s 152 154
135 135
310
a n h atta n E l e v a t e d .. 131% Sep 22
134*4 13434 *134 130
>136 136 *134 130
*134 136
21% A p r 26
*32
34
Inncapolls & St L ou is
250
33
<33
34
34
33% 33% *32
3214
3214 *30
35 M ch 13
*67
60
D o p re fe rre d ___
60
*56
*57
60
* ____ 60
00
*57
60
*55
134% 135
870 M inn S t P A S S M a r i e . . . X 124*4 S ep 22
135 135
134% 134% *133% 135
*135 136 *134% 136
D o p re fe rre d _________ 140 N o v 23
250
146 140 *145 148%
147 147 *140 149
*147 149 *147 150
87% J ’ly 5
89% *87% 89%
D o leased line c t f s ___
*87
*87% 90
*87
9018 *8714 90% *87% 90
27 Sep 26
31*4 32%
317S 3178
9,400 M o K ansas A T e x a s
3178 32%
32
31*4 3134
32
*31
32
62.% S ep 25
D o preferred___
* 6 6 * 4 6734 *60*4 6 8
* 6 C*4 6 8
*6 6 % 6 8
*66*4 6 8
*0612 6 8
33% Sep 14
40
9,450 M issouri P a cific _________
40%
39% 40
3834 39%
39
39% *39% 3934
3914 40
ash C h att A S t L o u is , 140% Jan 19
*150 177 *150 177 *150 178 +150 178 *150 177 *160
60 A u g23
a t R y s o f M ex 1st pref
69% * 6 6 % 69%
*66
*06
69
70
69
*60
*00
70
*66
26% A u g 28
D o 2d p r e f e r r e d ...
1,710
33% 33%
33*4 33*4
34% *33% 34%
34
3412 34%
34% 34%..
1077;( 10S-% 107% 10734 107% 107% 10734 109% IO8 S4 1087s1 10S% 1093s 10,250 N Y Central A H u d s o n .. x99% S ep 21
48 S ep 14
54
54
300 N Y Chic A St L o u is ____
54
54
53
53
*52% 54
*5212 54
*52% 64
98*4 S ep 25
D o 1st preferred
*98% 110
*98% 110
*98% 110
*98% 110
*9812 1 1 0
*98% 110
82% A u g 25
D o 2d p re fe rr e d .
*75
85
*75
85
*76
85
*75
85
*75
85
*75
85
142 142%
2,270 N Y N H A H a r tfo r d ____ 126% Sep 14
14078 141
140% 141
140 141
141*4 1417g 1417g 143
37*4 S ep 25
40*., 41%
6,600 N Y O n tario A W e s te rn .
40% 40%
40*4 41
40% 40%
*40
40%
40*4 41%
993j Sep 25
1 1 0 % 1 1 1 % 1 1 0 * 8 1 1 1 % 16,450 N o rfo lk A W estern
1 1 0 1 4 11034 110% 110% 1 1 0 * 8 H 0 % 11034 111%
85*4 A p r 18
D o a d ju s tm e n t p r e f . .
400
*90% 02
90% 90% *90% 92
90
90
90
90
*87% 90%
11034 S ep 25
31,610 N orth ern P a cific ____
119% 121
1 1 0 % 120*4
119l>3 12034 118% 119% 118% 119% 119*3 120
100 J a n 11
acific C oast C o ____
*85 105
*85 105
*85 105
*85 105
*35 105
*85 105
D o 1st preferred
*85 105
*85 105
*85 105
*85 105
*85 106
*85 105
D o 2d p re fe rre d ___
*85 105
*85 105
*85 105
*85 105
*85 105
*85 105
122% 1 2234 1217s 122% 12134 122% 122 122% 122% 123
122% 123% 15,64 P e n n s y lv a n ia _____
*94% 96
*94% 96
300 P ltts b Cln C hic A S t L . . .
96
96
96
96
*94% 90
96
96
D o p re fe rre d ___
116% *101 115%
*101 11512 *101 115% *101 115% *101 115% + 1 0 1
1511s 152% 150-% 152% 150% 151*4 151% 152*4 151 153% 152% 154% 398,650 1 3 e a d l n g _________
LV 1st p re fe rre d .
* 8 8 % 92
* 8 8 % 91% * 8 8 % 91% *88% 01%
* 8 8 % 92
*8812
02
95%
95
2d p re fe rre d ________
96
96
97_
*94
600
97
*94
96
9612 95
*94
6,225 R o c k Isla nd C o m p a n y ___
27%
27
2634 27*8
26% 26*4
26*8 27*8
273S 2712
26% 27
D o p r e fe rr e d ________
51*4 60
2,100
51
61%
5034 603, *50% 51% *50% 61*4
*50*4 61%
20
450
t L ou is A San F ran . .
26
25
“2 0
25
*24
26
*23
26
20
*24
*23
D o 1st p referred ___
650
67
0 0 % 67
60
67
*64
07
*03
*64
66
*64
60
6,195
44
D o 2d p re fe rre d _______
43
4278 44%
42% 43
42% 42%
42% *42
423.
42
900 S t L ou is S o u t h w e s t e r n ..
33
31% 32% +29
32
31% *30
32
32
*29
*29
*30
900
D o p re fe rre d _________
71% 71*4
71% 72
71%
72
71
*70
71
*70
71% *71
1 1 2 % 1131.)
113% 114
112*4 113% 113% 1137s 113*8 115*8 114% 115*4 37,000 Sou th ern P a cific C o ______
29% 30*4
30% 313S 30*8 31% 60,200 S o u th ern v tr ctfs s t m p d .
29*4 30%
30% 30%
29% 30%
0,700
D o pref
do
73% 74
727g 74%
72% 73
7134 7 2%
72% 72%
71*4 713.)
500 r P e x n s A P a c ific ________
24% 24%
24% 24%
24% 24% *24% 247s *24% 25
*24-% 25
37,350 l b l r d A v e n u e (N Y ) . _ .
4
6
7
9
9% 12*4
12%
13%
6%
7%
12%
11%
N ew (w hen I s s u e d ) ___
6,276
34
33
5%
100 T o le d o R a ilw a y s A L t ___
+43g
61»
*5
*5
6
4%
4%
*4
0
*418
5
18*4
1,200 T o le d o St L A W e s t e r n ..
18
18
18% *17% 18%
18% 18%
187g 18% *17% 18%
D o p r e fe r r e d ...
2,200
41% 4 R ,
42%
41% 417g
41% 417s
415s 41*4
427g 431S 41
600 T w in C ity R a p id T r a n s it.
10534 105*4 100 100
105% 105% *104% 106% ►105 106
*10512 107
n ion P a cin o ____
1733, 1753f 172% 174% 173% 174% 1743g 175*s 174 178% 176% 178% 439,460
04
94%
D o p re fe rre d _____
927g 06
927g 927g
6,460
*9234 93%
033s 933S 93
93
34% 36%
35% 36%
35%
1,350 U n it R y s i n v ’ t o f San Fr
35
36% 35%
“ ■
35% 35%
35l 2 351
" 2
62% 63%
63
03
D o p re fe rre d _____
04
63
03% 03%
2,160
63% 63%
0334 633,
40% 40%
41% 41%
40
40
40 * ____ 40
400 Virginia Ky A P o w e r.
3012 3912 *39
*7034
80
80
D o p r e fe r r e d ______
80
81% 81%
100
*79-% 80 * - .
*79-3S 80
11
1 0 *g * 1 1
10%
10%
11%
10%
10
abash .................7,382
9% 1 0 %
IOI4 11
217g
21%
2
2
%
2
1
2
1
%
2
0
%
22
D o p r e fe rr e d ____
2
1
17,600
2
1
%
19%
2012 231g
627g 63%
03
62% 63*4 15,700 W e ste rn M aryland R y —
04
60% 03
69% 60
0 0 l2
60
*81% 85
81% 8134
D o p re fe rre d --------------81% 81% ♦81% 80
82%
400
*80
85
♦81
*334
4%
4%
*334
4%
*4
* 3*4
100 W h eelin g A L ake E r i e . . .
6
*4
4
4
*10
11
*10
11
*10
D o 1st p re fe rre d .
11
300
1 0 % ♦1 0
10%
11%
1112
6
0
5
*5%
+4%
D o 2d p r e fe r r e d ..
6
a
*4%
100
6
*412
*4%
0
601 *55
56% * 6 6
56% *55
68%
100 W isco n sin C e n tr a l..
56% *55
65
55
*65
B
Sep
J ’ ly
J ’ly
A ug
D
H
15
25
,8
23
J ’ ne
J ’ly
Aug
J ’ ly
i'd AUg
L> J ’ne
3 7 % D ec
173% D ec
60
J ’iy
13H- J ’ ly
123 J ’ ne
23 J ’ ly
40 S e o
114 J ’ly
144 J ’ ne
x86% Sep
27 J ’ ly
57 J ’ly
41 J ’ ly
125 J ’ly
60 F eb
K
I
M
N
30
54%
80
44%
71
2 5 *4
02*1
186
S
U
W
Ah
.,au
oan
Ian
Jan
N ov
V0% Apr
159*4 .Ian
146 O ct
5 3 * 4 Jan
80 F eb
145 M ch
155% M ch
0 2 * 4 J an
51% Jan
74% Jan
73% M ay
140 N ov
72*8 N ov
37% N o v
128 M ch
687g NOV
109% Jan
98 Jan
262 M ch
50 Jan
108% M ch
91% M ch
145% Jan
11834 Jan
P
J a n 11
130% F e b 2
100 J a n 17
112 F e b 17
16178 J ’ ne 3
92 J ’ ly 14
101 M av 2
34% J ’ ne 14
68-% J ’n c 14
27 O ct It
6 9 % J ’ly 27
49% J ’ly 19
34 F eb
72 J ’ lie 26
126*8 J ’ n e 2 6
3 3 * 8 J ’ ly 19
76% J ’ ly 2 0
30% F eb 21
141-J ’ne
34 " NOV24
8 % Jan 17
2434 F e b
63's Jan
111 F e b 2
192% J ’ly 22
90 J ’ ly 24
49
Feb 20
76% M c h 22
46 A p r 9 4
583 A p r 2.
18*s F e b 23
40% Feta 23
6a J ’ly
8S% J’ly 24
6% Feb
17% Feb
8 F eb
72% M ay
Jan
J an
F eb
102
12%
!8%
40
67
3
8
4
44
J ’ly
J ’ ly
J ’ly
Aug
Apr
J ’ ne
J ’ ne
J ’ ly
2734 Jan
61 Jan
54% M ch
77 D ec
10 Jan
23 Jan
13% .Tan
64 N o v
BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS.
Banks
N ew York
Bid
Aetna
175
A m erica 1l_. 1 6 1 0
A m er E x c h . 1250
B a ttery F k . 145
B ow ery fl___ 385
B ron x Uoroli 300
B r o n x N a t. 175
B rya n t Fk 11 150
B u tch <Sj Dr 135
Cen tu ry 1I-U h a s o _____ 550"
Bid
Ask
Banks
175
Chr.t&Phenli 170
200
Chelsea Exit 195
180
445
Chem ical . . 435
158
Citizens’ Ctl 154
425
160* C ity ............... 410
Coal & Iron 152% 157%
____
Colonial H -. 400,
400
19*5” C olum bla 11- 360
C om m erce . 1199% . . . .
155
Corn Ex 1|_. 307% 315
140
120
1521- East R iv e r . 115
175
F idelity 1).. 165
575
Ask
Bid
Bank.
Bid
Ask
Banks
Fifth A veH . 4100 4250
H a r r t m a n .. 300
F ilth
im p 60 Trad f576
325
300
First ____
irv in g N Ex 2 1 0
980
070
F o u r t h ____ 203
Jefferson H .. 145
200
G allatin . . . tS45
L ib e r t y ____ 500
G arfield . . . 275
....
290 * L in c o ln ____
M anhattan 11 330
G erm -A m 1| 140
G erm ’ n Exli 475
Mark’ t& F ul 250
G erm ania 1). 550
575' ‘ *lech &M ct's 1264
G o th a m _ .
M ercantile . 143
150
155
U rcenw lch 11 245
Merch Exch 160
255
H a n o v e r ___ ' 625
M e rch a n ts'. 1183%
035
1•Bid and asked prices; no sales w ere m ade o n this d a y .
tS a le at S to o k E x ch a n g e o r at au ctio n this w eek,
lE x -r lx h t s .
Banks
M etropolis J
M etropol ’ nfl
Mt MorrisH.
150* .Mutual 1i___
N a s s a u ____
575
New N eth.1,
390
N ew Y ork C o
345
New Y o r k .
255
____ FadflcU ____
P a r k .............
152
F e o p le ’ s ^ __
165
. . . . FlazaH..........
Ask
....
--
Bid
Ask
Bid
Ask
370
193
2 SU
280
1302
385
170
85
415
375
150
135
176
90
210
875
300
270
365
240
675
Banks
F rod E xch i;
R eserve . . .
260
S eab oard . .
s e c o n d ____
290
S e c u r ity U -.
s h e r m a a . ..
220
State H ____
23d W ardU .
3*10”
U nion E x c .
280
367% W ash H ’ ts li
W est Side l!
250
K orkvlU e 1|.
200
5Loss than 100 shares. IfState ban ks. a E x -d lv ld e n d and rig h ts
n S o ld at p riv a te sale a t th is p r ice ,
z E x -d iv id e n d .
h First in stallm en t p a id ,
,
400*
160
260
.
175*
165
275
170
500"
650
....
6 N ow s to c k .
,
1444
New Y ork Stock R ecord— Concluded-
S TO C K S— H IG H ES T
Saturday
N ov. 18
Monday
N ov. 20
AND
Tuesday
Nov. 21
LOW EST
SALE
Wednesday
Nov. 22
PR ICES
Thursday
Nov. 23
Friday
Noo. 24
ST O C K S
N E W Y O R K STOCK
EXCHANGE
Sales 0 1
the
Week
Shares
[VOL. L X X X X III.
Range since January 1
On basis of 100-share lots
Range for ihrevious
Year 1910
H ig h e s t.
Industrialist M iscellaneous
•198 208 *198 208 *198 208 *198 208 *198 208 *193 208
201 N o v l4 §245 A n r
dam s E x p r e s s ..
3 I4
314
3U
3 I4
314
314
314
3I4
93; May31
2
O ct 7
*3 1 4
312
314
314
llls -C h a lm e rs___
1,000
1412 *13
15
• 14*2 1612 *13
13
13
34 F eb 3
*13
“
9*i O ct 18
*13
"
H o p re t_____________
200
Ollg 621S 607g 6 2 I4
62
64
64
647g
4 4 3 4 Sep 25
71*8 J ’ne 19
6312 6412
63lg 64l2 137,226 A m a lga m a ted C o p p e r___
55
55
551g
*5414 6438 55
553g
4434S ep 25
60% M aylS
56
56
*55
56
1,600 A m er A g ricu ltu ra l C h e m .
•100
*100
*100
. . . *100
. . . *100
9912 O ct 27 103 F eb "
. . . *100
...
U o pref'_____________
66
5634
55*8 5534
55*8 6 6
5512 6 6
3 9 I4 Jan 12
6934 O ct 20
5512 56
5512 5512
7,850 A m erican B eet S u g a r ..
9734 9734 *9712 9912 ♦98
*9712 9912
9212 Jan 9 101 O ct 11
9912 *98
99t2
9912 *98
D o n r e f_____________
100
1112 1112
1n2
n i2
1114 11S8
87g Jan 6
n u n i2
11*3 1134
12l» May 0
4.700 A m erican C a n _________
1112 11*8
90
90
89l4 90
89t4 90*s
77 Jan 5
9 2 I4 N o v 9
90
9012 9014 91
90
f
D o p r e f________________
9,920
543g 561g
5H 2 5512
55
4233 Sep 28
553g 56
6 8 I4 J 'ly 19
547g 56l4 17,010 A m erican Car <& F o u n d ry
5512 5612
116 116 *115 11638 51163g 1163g 116 1161* 116 116
113 O ct 24 1 2 0 May23
1161g 1161g
551
D o p r e t_______________
4434 45
4334 413s
44
4412 * 4 4 1 4 44*s
623s F eb 28
4412 45
44l2 44*8
41S8 N o v 2
3.700 A m erican C o tto n O il___
*90
97
*9212 99
*9212 9 7
95 O ct 25 105% F e b 16
*9212 97
*9212 97
*92
97
D o p re t_______________
*212 217 §215 215 §213 213 *212 217 *212 217 *212 217
142 A m erica n E x p re ss_______ 201 Sep 26 §255 Jau 27
*312
4
*312
4
*312
4
*312
4
*312
4
312 Sep 2 2
5 J ’ne 14
*312
4
A m erica n H ide & Leath er
*22
2312 *22
25
*21
23
*21
2312 *21
18 Sep 25
*21
25
23
2 0 % J ’ne 14
D o p r e f________________
193g 2014
1934 20
1934 2034
1612 A u g 28
2012 21
19
19
*1812 2 1
2 5 * 4 J ’ ly 11
3,200 A m erican Ic e S e cu ritie s.
*9
91g
*9
91g
*9
91g
*9
91g
S A u g 11
*9
9lg
*9
91g
12% Feb 14
A m erican L inseed .
2834 2834 *2714 29
2812 2 S12
277g 277g
♦2734 2834
*27
29
261g O ct 27
D o p r e f . ______________
34 F e b 14
300
3612 37U
36
36
36
36*2
3012 3612 3634 3712
37
3712
32i« O ct 27
43l4 M ay22
3,400 A m erica n L o c o m o t iv e ___
•102
104 *10212 10U2 * 1 0 2
104 §104 104
10212 10212 103 103
D o p r e f________________ 102 O ct 24 11034 M ch 1
210
*412 5
412
412
*4
5
434
434
*4
6
*H 4
5
3 Sep 25
53g Jan 21
300 A m e rica n M alt C o r p ____
*4212 43
4212 425g
4212 4212 4214 4212 43
4312 4312
43
D o p r e f . . _____________
43*g J ’ly 22
3112 M cb 8
1,300
* 8 6 l 2 87
*85
87 * ------ 8712 *85
*853g 863S
8712 ♦84
86
82 Sep 26
80% J ’ly 19
A m er Sm elters S ec pref B
7212 7334
7134 73
725g 74
7312 7434 40,460 A m er S m e lt in g * R efining
73Sg 74?g
73*g 7412
50% Sep 25
837g J ’ no 16
§103 103
102 10212 102 10214 10234 104
103*g 10334 10312 104
9834 Sep 27 108i» J 'n o 15
D o p r e f________________
2,600
*3312 3412
3312 3312
34
34
34
34
34
34
*33
34
23 Sep 25
62f2 F eb 9
700 A m er Steel F ou n d (new) .
11712 118
11712 11712 11734 1183g 118 I I 8 I4 1177g 118
118 118
2,745 A m erican Sugar R efining I I 2 I4 S ep 25 1 2 2 % F eb 27
116 116 *115*8 11612 116 116 *1153g 11712 *116 11712 11534 116
D o p r e f________________ 111 Jan 6 1Id a F eb 14
470
138Sg 139
13934
140t4
140 1417g 141 142
14133 142
139 139*g
35,120 A m erican T eleph & T eieg 13U2 A u g 30 163fg J ’ne 8
981,
98
98lg
87 A u g 24 102 M aylS
3,300 A m e r ic a n T o b a o (n e w ), pf
128
2812 2812 1,175 A m erican W o o le n .
27 Sep 14
36i2 Mch 21
8712
871? 881?
89
88
88
8 5 1 4 O ct 27
96% J 'n e 15
8812 8812 8812 8 8 * 4 *87
D o p re t________________
990
*27
2814
2734 2734
27*4
2758 27*g
2712 271? * 2 0
29
*27
24>2 Sep 26
34% F eb 15
400 Am er W ritin g P aper, prf.
37
3712
387g 393g 37,100 a A n a o o n d a C o p p cr P a r i 25 $29 S ep 25 $4U8 J ’ne 13
393s 401.1
371g 371?
3714
381?
38*4 39*8
30
31
2934 30
2 9 I4
29f|
3014 *2912 3012 3012 3034
26 Sep 21
3318 A u g 1
2 914
2,400 IJ cth lch e m S t e e l ..
58
6712 571?
6634 J ’ly 31
5812 60
6 8 I4 ♦ 6 8
581,
581, 6S12
58
64 S ep 25
D o p r e f_____________
1,600 * '
•145 146 *141 145 *143
140 *143 140 *143 146
B ro o k ly n U nion G a s . . . . *129 S ep 15 148U N o v 10
*77g
♦734
9
9
8
9
+712
9
8
*7*4
9
8
N ov 4
*712
10 *4 F eb 15
100 B runsw lok T erm is R y Sec
*29
30
30
30
*29
*29
30
30
30
30
*29
28 F eb 16
SOU
31 Mch 30
200 B u tterlok C o _______
2234 227g
23tj
2 2 * 4 231g
2218
231g
1 8 *4 S ep 25
2214 221p
221S 2 2 1 2
33*g Feb 2
Central L e a t h e r ..
4,200
941g *94
95
95
95
9412 *9312 9412
95
04
*94
91*4 N o v 4 105 F eb 10
D o p r e f_______
___
665
23
237g 24
2314 237g
23
2334 8,050 rfChlno C o p p e r____ P a r $5 $1612 Sep 25 $2534 M ayl'j
23
23*8
23I2 225g 231g
28
28
*28
27
*27
28
28% 23U
25 Sep 23
28
28L
303g Fob 0
2 8 I4
2814
900 C o lo ra d o Fuel & I r o n . .
141 1411? 140% M IL 14012 141<4 141*8 1423s 14118 142
1 2 8 3 4 Sep 25 148i2 J ne 6
14Ug 142
8,400 C on solidated Qas (N Y )
10*4
10**4
11
11
11
10 *4
11
Ulg 11*8
95g O ct 19
1534 M ay 17
lUg 1H2 3,225 Corn P r o d u cts R e O n ln g ..
*75
771? *74
75
77
75
*75
77
73 S ep 27
77
*75
771?
D o p r e f________________
85 May29
100
32
32
32
3214 327g
29 Sep 26
31*8 31Vg 31*8 31*4 317g 3214
3814 Mch 1
3,360 D istillers’ Securities Corp
*16
20
*10
20
*15
*10
20
20
*15*4 2 0
15 S ep 25
I 6 I4 I 6 I4
36 F eb 18
100 Federal M ining * S m e lt’ g
*48
60*8
50
5034
49*4 49*4 *46U 4934
50
50
*48
61
47 O ct 13
D o p r e f____________ . . .
66% M ay 19
500
154 1541? 151% 15512 155 155*4 15414 15-lSg 154% 155
15512 150
2,450 General E le c t r ic _______ d 1 4 2 Sep 22 168*j M ay29
35
37 ig *3514 387g
3712 371?
3712 3712
373g 373g
38% 38*g
36 N o v 18
6134 A u g 4
990 Gen M otors v o t tr c t fs __
787« §78
773.J
773
4
§7734
78
75 S ep 26
D o pref v o t tr c t f s ___
*7612 70
773,| *7012 79
86*8 A u g 6
225
41 ,
41.2 41?
412
4 I9
41,
4*s
412
41,
$3l 2 O ct 18
4*2
412
412 8,700 G oldfield C on M . P a r 510
377gJan 3
1087g 109
109
10712 1071? 10812 109
108% 10878 109 109
99ig Sep 20 129*8 May 5
nt H arvester stk tr efts
2,100
12012 § 12 0 1 2 12012 * 12012 1 22
+1 2 0 1 2 1 2 2
1 2 0 1 2 1 2 0 1 2 ‘ 119
D o pref stk tr c t f s . . 115 Sep 2 2 128*4 M ay 4
120
210
4
*4
6
*4
6
*4
514
*312
4
314 Sep
9
4U
4U
578 Jan 30
300 In t M er M arine stk tr ctfs
15
15
*15
151?
151g 15% *1434 1514
1518 151g
14 A u g 30
D o p r e f__________ . . . . .
I 5 I4 I 5 I4
19% J ’ ne 17
700
• 10
101 * § 10>2
1012 § 1 0
10
*10
101,
9
Sep 9
*10
133s Jan 31
1012
1 0 1 2 *10
105 In tern a tion a l P a p e r . . . __
•46
46*2 *4512 46f2 ♦4512 461?
4612 45*4
D o p r e f________________
4634 467g
4 4 * 3 M aylS
563g Jan 17
4612 403.1
925
34
33
33
33
34*8
33*8
343g 34
34
In te rn e t S team P u m p ___
34*8
23 O ct 30
34
34
44 F eb 8
82
82
*81
821? *81
821,
82*4 83
D o p r e f________________
837g
80 O ct 9
83
83
600
83U
9012 J ’ ne 12
1043. 105
105 10514, *106 1051? 10512 10512 *105 1 0 0
10512 10512
1,220 L a clede Gas (St L) c o m . . IOH4 Sep 25 114*2 Jan 20
*83
86
*83
86
*83
86
85
85
*84
871, *83
82
Sep 15
87
95 F eb 7
200 M aokay C om p a n ies_____
7333
73
73
§73
73
*73
D o p r e f________________
74
73
73
72 A u g 11
*7212 73U
210
77 Mch 2
74l 2
73
73l 2 *72
731?
731, 731, *72
74
731? *72
70 A pr 28
400 M ay D epartm en t S to r e s .
87 J ’ne20
•110 I I U 2 * 1 1 0 1 2 1 1 1
IIH 4 111% 1113.. <111 112
U o p r e f________________ 107*4 Sep 21 113l4J’ no 6
110*8 110*8 * 1 1 0
500
21
20-34
21L
2 1 % 2212
21*8
21
22
2 2 U 227«
223g 23
$16*3 Sep 28 $23 N o v 24
24,630 rfMlaml C o p p e r___ Par $ 5
X4078 141
140*2 140% 140*4 140 140
ational B is c u it_______ 1 1 7 1 4 Jan 16 14334 N o v 14
1401a 1401g 139 139*8
1,420
127U 1287s 1267g *12.53.i 127 §125*4 125% +1257g 127 •<1257g 12 634
D o p re f____________ 124 Jan 20 130 F e b 4
100
1612 *1412 17
*14
17
*15
17
*14*2 17
N at E n a m e l’ g & Stam p’ g
*141, 17
1334 O c t 30
22 J ’ ly 24
9/
*9212 97
D o p r e f__________
*9212 961* *921, 961, *921, 97
98
9612
85 Jan 6 1 0 0 * 1 J ’ly 22
200
501?
5U 2 52
5 ll 2 52b
.50
5112 5214
6012 5012 5U 8
42% Sep 25
4.950 N ational L e a d ______
59 Feb 2
108
105 105 +104*4 110 * 1 0 4 3 4 1 1 0 *105 1 1 0
D o p r e f_________ ______ 101 Sep 22 1 0 9 3 4 A u g 15
►
IO6 I4 109
100
1734 I 8 I4
ISI4 19
1S12 18*g 19,700 dN ev Cons C o p p e r . Par 5 5 $15fg Sep 25 $2U4 J ’ ne 14
1712 17*g
18*8 19
17*4
58
*50
5512 557S
55
59
55
55
*51
58
§55
125 N ew Y o r k A ir B ra k e ____
45 O ct 24
70 F eb 4
7412 747g
7312 73*a
7312 74%
74*g 75%
5,800 N orth A m erica n Co (new)
73*8
7312 73%
64 Jan 20
76*4 M aylS
3234 327g
3234 3338
3214 31 Jo 321,
32*4 33
321,
32
a cific M all........................
4,200
23lg A p r IQ 333g NOV2-1
49
48
48
4838 491.1 *48
a clflc T e le p & T e i e g . .
1.950
48*8
48% -191,1
35 Sop 24
471o 477g
54*g Jan 31
1047g 1017g 105 1051? 10512 1055g 105 1053.1 2,425 P e o p le ’s G L * C (C h ic ). 1 0 1 f 2 A ug22 109 Jan 19
105 *104% 105
*106 108 *106 108 *106 108 *106 103 * 1 0 0
<1 UU 108
108
P h iladelphia C o (P Itts b ’li)
99 Sep 25 118% J ’ no 3
*18
187g 187g
300 P ittsbu rgh Coal C o _______
19t2 BJI4 I 9 I4 *18
191, *1S12 19’-? *13
191,
171g O ft 27
23 14 J ’ no 6
837g 84
80*4
D o p r e f________________
84% 8514
1,200
84
8412 8 -11? *8312 85
84
6734 Jan 4
907g J 'ly 26
34*4
3 4 I4
3 4 I4 *33i 2 341, *3312 341?
1,500 Pressed Steel C a r_____ *
34
3414
34%
34
25 S ep 26
37*8 J ’ne 21
f 100 1 0 0
*98 1 0 2
100
100
340
100
100
*98 1 0 0
*98 1 0 0
91 S ep 21 102*4 J ’ne 16
*109 1 1 1 * 10712 1 1 1
300 Pu b S ervice Corp o f N J . 103 O ct 27 120 Feb 7
■107 113
IO8 I3 109 i>103 113 *107 113
•158 15912 159L 15 9 I4 X5914 159U *15S12 15912 *158% 15912 15334 15834
4G5 P u llm an C om p a n y
154 Sep 23 103 Jan 30
32*4
32
32
32
32
3234 327g *32
*3H 2 33
900 1 ) allvvay Steel S p r i n g l ll
33
26 O ot 27
39 J ’ne 11
105 * 1 0 0
•V
Do p r e f.....
105 * 1 0 0
105 * 1 0 0
105 + 1 0 0
105 *■100 105
92 Jan 3 103 J 110 15
14*4
143g 14*8
1512 16
141, 151?
I.5 I4 1-5*8
lSU 15l2 28,100 d R a y C onsC opper P a r $16 $12 Sep 2 5 $18f2 M aylS
2 3 I4
227g 2314
23
23
231, 23'g
23*3 23*s
3,750 R e p u b lic Iron & S t e e l ..
23U 2312
36% Feb 6
IS O ct 27
8134 8134
81*4
D o pref
81*4 83l4 8312 8 -U3
84
84*8
5,200
84
84*8
741g O ct 27
99*8 Feb 1
139 *137 139 + 136 139 *13712 139
139 143
ears, R o e b u ck St C o ___ 125i2 S ep 21 192 F eb 6
1,000
■140 142
42
*40% 441? *-1012 44
loss-S b effield Steel * Ir
45
&0 I4 Feb 6
♦4012 44
*4012 411, *41
31 Sep 25
37
37
37
3734
33
37
37
3734
37
3734 381g 'e',6 66 dT enncssee C o p p .P a r $ 3 5 $30Vt Sep 26 S44 J ’ ne IS
37U
*80
85
* 8 17g 85
*817g 85
82I8 7419 79
79
2,825 T exa s Co (The;
80
80
7412 N o v 23 130i2 Feb 1
•101 103
103 1031? 103 103
103U 10;U4 IO.3 I4 1031, 1037g 1037g
S3 M ch29 111 J ’ ne 26
1,100 I [n d e r w o o d T yp ew riter.
1 1 1 1 ? * 1 1 0 1 -. 1 1 1 1 2
1111, 1111? * 1 1 1
112
*1101? 11134 ■111 112
re f_________
Do n
pref
_________
100
103 M ch31 1137a J ’ly 28
*5U
5*4 *5 1 4
6*4
534
6
*514
634
*5%
*512
U nion B a g & P a p e r_____
9 F eb
*512
6
6>g S ep 22
5212 *5012 521? *50
65
*30
55
Do p re t________________
*50
6 0 1 2 Jan 30
*50
65
55
60fg N o v 1
9S7g
97I2 9/1? *971? 987, *9712 987g
OSI4 98*s *93 100
350 U nited D ry G oods C o s . .
97>2 S ep 26 108 J ’ ne 20
f 106 106
100
106 *105 106
100
100
D o p r e f________________ 100-34 Sen 25 107l2 J ’ ly
100
100
2:104l4 IOH4
400
*123.4 1312
*13
14
14
14
*1314 141? * 1 3 1 4 15
143g 1412
10 Feb 23
400 U S Cast I P ip e & F ou n d r
11 Sep 25
137, 4-1
*421; 4412
43
43
44% •141? 447* 45
1,070
D o p r e f______________
45l2 461g
40% SeP 26 z61 F eb 23
*85
89
*8-5
8 !)
*85
89
89
*85
*85
89
♦85
89
U nited States E x p re ss___
85 S ep 25 §105 Jau 27
70
70
70
70
*09
71
*09
71
500 U S R e a lty & Im p r o v e m ’ t
69
69
CS3g 683j
7»% Ma.v29
65<g Jan l i
473* 47*8
473g
47
47*s
407* 47L
47
4,500 U nited S tates R u b b e r .
471S 47
47
4714
30i2 Sep 25
*109 10912 10933 10912 109 109
1087g 109U *108% 10912 ■1 0 $ 1 0 m 2
685
D o 1st p r e f_________
104 Sep 2J
♦75
76
*74
70
76
*75
76
75
*7412 76
200
♦74
76
D o 2d p r e f_________
60 S ep 26
6333 65
64
65
62*» 63*4
633,1 64*8
03*4
03
64
0534 630,630 U nited States S te e l___
to O ct 27
109*4 10834 109% 109 IO9 I4 1093s 10012 109U 109*8 IO9 I4 10934
5.720
D o p r e f ________________ 103 O ct 27
4812
4934
52*8
603g 5134 75.800 dU tah C e p p e r___ P a r $10 *33 Sep 25
31
50*4 51*3
4912 601,
4012
5314
*53
5334
52*4 53
65
2,600 Vlrglnla-CaroUna C h e m ..
53t2 631? *5-1
6334 64%
43ig S ep 25
•115 11812 *115 11812 *115
100
118*2 US12 1181a ■116 llS ij
D o pref
1181, *116
114 Sep 25
*149 154 *149 154 *148 152% 148 § 1 5 0
§150 150
150
‘ 148 181
ells F a rgo * C o _____ 139 Sep 26
7812 *7712 781? ♦7712 781?
1,800
78
79
73U 78i2
estern U nion T e i e g . .
7842 79
7l*s A pr IS
68
6612 6 o34 067g
6534 60
06
2,208 W estin gh ’seE I& M fg assen
60
63% 05*8
05*4 60
5S*j Sep 25
•115 118 *113 118 *113
117
117 *113 118 *113
D o 1st p r c ~
‘ 113 118
1101X Aug 16
A
S.600
N
P
S
$3012
21
49
125
8
28
2 514
0 914
J ’ly
J 'n e
Aug
J ’ ly
J ’ne
J ’ne
j 'l y
J ’ly
*22lV j ’ly*
122i2 J ’ ly
l i% J'ne
70*8 J ’ ly
25% J 'ly
12
O ot
37 O ct
134 J ’ly
$54 Jan
347g O ot
05 Jan
I04i2 J an
I8i8 Jan
33 Jan
48*4 Jan
1 0 9 I4
Mch
*60**Jan”
1 6 0 <g Jan
2314 Jan
86*8 Jan
3634 Jan
00 Moh
88 Jan
60% Jan
$7*4 O ct
«8 3 % Feb
.1117 A u g
4i4 J ’ly
1 2 R* J ’ ly
9
j ’ly
■:i% J ’ ly
30*g J ’ ly
78% J ’ly
9 3 *4 J ’ly
79
J ’ly
71
J ’ ly
$ 9 1 4 Sep
125 Jan
129 Jan
7i2 Jan
2438 Jan
16 Jan
01i2 Jan
64*3 J an
80*4 Jan
110i2 Jan
88 O ot
78*4 O ot
Aug
H83 4 J ’ ly
14 Sep
84 O ct
4012 J 'ly
1 0 1 8 4 J ’ ly
j r / % J ’ ly
59 J 'n e
GOlg N o v
2273 J 'ly
30 J ’ ly
103 J ’ ly
84 J ’ly
15 J ’ly
6 OI4 J 'ly
25 J ’ly
90 J ’ ly
119*2 D eo
125 Jan
28i2 Jan
96i2 Jan
89*8 Jan
H 0i2 Jan
S22*g O ot
9512 Jan
84 Jan
4 314 Jan
401.J Jan
110*8 Jan
100i2 Jan
2'/34 Jan
85 Jan
617g j a n
107i2 Jan
100
I 5 6 J ’ no "200**Jan*
617S Jan
28
J ’ ly
107 Jan
x90i.i Sep
J'no
J 'ly
J ’ n«
4 8 I4 Deo
819*4 J ’ly
131 O ot
27
8 284
150
*■1
45 7 g ja n
IOM4 Jan
190 N ov
8 6 i 2 Jan
S40*g Jan
144 O ct
Jan
Jan
Jan
1137g Jan
32 Jan
84 Jan
145 Jan
84% Jan
62l2 Jan
116i2 Jan
84 Jan
91 Jan
125*8 Jan
5 0 0 1 4 Jan
061g O ct
1 2 9 1 4 Jan
195 Jan
78t2 Mch
82i2 Jan
130 F eb
1314
73
122
W
BANKS AND TRUST COMPANIES— BANKERS’ QUOTATIONS.
Banks
Bid
Ask
Bank?
400
155
300
125
100
430
240
150
225
Nat C ity ___
North Side }
P ea p lo’s ___
P rosp ’ ctP k *
B rooklyn
B roa d w a y T 385
.Coney Is l'd ?
F i r s t _______ 200
H lllsldeU___ ____
H om estea d }
M a n u fa c’ rs' 415
M echanics
225
llo n t a u k fl.
____
N a s s a u ____ 6212
-
Bid
Ask
280
150
158
140
295
170
105
155
Trust Co’ s
N Y C ity
As t o r _____
Bankers’ Tt
Trust Co’ s
Bid
Ask
N Y C ity
B rooklyn
350
690
300
____
B 'w .iy T r . . 145
150
Central Tr_ 1010 1020
C olum bia . . 300
Com m ercial
105
Em pire . ,
300
310
E qult’ ble Tr 485
495
Farm L o& 'l
1425
F i d e l it y ___ 2171, 22212
F u l t o n ____ 300
310
Bid
Trust Co’ s
l lu a r t y Tr. 790
G uardian Tr 100
H u d s o n ___
K n lck e rb 'k r 2S5
Law T I& T r 233
Lincoln Tr
115
M anhattan
M etrop ol’ t'n 400
M u tu a l____ 13212
i lu t AIT nee 125
NY L lte& T r 1000
As*
793
115
145
295
240
120
400
425
130
1010
Trust Co’ s
N Y T ru st.
Bid
Ask
680
Standard Tr
T lt le G u * Tr
Tr Co o f Ana
Union T r .
US M t g * Tr
Unit States
W ashington
W estchoster
W indsor . .
375
480
315
1210
400
1125
360
160
190
000
90
400
475
1150
375
160
195
Trust Co’ s
Bid
A sk
4-15
120
200
275
205
105
510
300
455
130
285
100
295
116
Urookeyn
B rook lyn 1'r
Citizens’ ___
F la t ln is h __
F ran klin___
H am ilton . .
Rom e . . . . .
K in gs Co . .
L 1st L
Tr
N a s s a u ____
P e o p le ’s __
Q ueens Co.
115
80S
*B ld and asked prices; no sales o n thl3 d a y .
§Less than 100 shares.
tE x -r lg h t s . 6 N ew s to c k , a E x -d lv . and rig h ts, d Q u o to d dollars per sh are.
tS a le a t S to c k E x ch a n g e o r at a u c tio n this w eek. * E x s to c k d iv id e n d . IJBanks m arked w ith a paragrap h (11) are S ta te ban ks, x E x -d lv ld e n d .
N e w Y o r k S to c k E x c h a n g e — B o n d R e c o r d , F rid a y , W e e k ly a n d Y e a r ly
Jan . 1 1 9 09 thi Exchange method of quoting bonds wa3 changed, and prices are now all— " and interest"— except for income and defaulted bonds.
Price
Friday
Nov. 24
BONDS
Y . STOCK
EXCHANGE
W e e k E nd in g N o v . 2 4 .
N.
IVeeKs
Range or
Last Sale
-
Range
Since
N.
January 1
Price
Friday
Nov. 24
BONDS
Y . STOCK
EXCHANGE
W e e k E nd in g N o v . 2 4 .
Bid
Ask Law
High No. Low High C hesapeake & Ohio—
U . S. G ove rn m en t.
100% 100% 100%
Gen fun d ing & im p t 5 s . .1 9 2 9
Q -J
100%
10 100% 101%
S 2s
cousol r e g iste r e d ..(11930
100% 10034 1005$
1005$
1st consol gold 5 s _________1939 1
S 2s
consol c o u p o n (11930 Q - J
11 1005$ 10134
1015$ 103%
10134 102% 1017$S ep ’ l l
S 3s
re g iste r e d _____ fcl918 y - F
R e gistered ______________ 1939 /
1017$ IO284
S 3s
c o u p o n ________ fcl918 Q - F 10134 ____ 102% N o v T l
General gold 4 M s _________ 1992 i
____
1137$ 116
11334 114% 1137$ A u g ’ l l
S 4s
re g iste r e d _______ 1925
R e gistered ______________ 1992 /
S 43
c o u p o n __________1925
113*4 114% 11334 O c t ’ l l
113*4 1163$
Convertible 4 H s __________ 1930 ]
N 100% ____ 100% J 'n e ’ l l
S P an Canal 1 0 -3 0 -y r 2s fcl936
B ig S a n d y 1st 4 s __________ 1944
100% 100%
Coal R iv R y 1st gu 4 s _____1945
U S P a n a m a Canal 3s g _____ 1961 Q - S 102% Sale 102%
102%
23 1017$ 103
Craig V a lle y 1st g 5 s _____1 9 40 ,
P o tts Creek B r 1st 4 s _____1946
Foreign G overnm en t
A rgen tin e— Internal 5s of 1 9 0 9 . M -S l 07
R & A D lv 1st con g 4 s . .1 9 8 9 ,
975$ 97%
2 86*4 99
97%
2d consol gold 4 s .............1 9 8 9 ,
Chinese (H uk u ang) R y 5s £ _____J -D
t 96*4 96% 90%
11 95*4 99
00%
W a r m Spr V a l 1st g 5 s . . 1 9 4 1 1
Im perial Japanese G overnm en t
Greenbrier R y 1st gu g 4s 1 9 40 1
Sterling loan 4 K s . . ............19 25 F - A t 04% Sale 94%
04%
31 9358 95*4
2d Series 4 H s ___________ 1925 J - J t 93
05% Chic & A lt R R ref g 3 s ______ 1949 ,
93% 93%
6 93
93%
Railway 1st Uen 3 ^ 9 _____ 19 50 ,
Sterling loan 4 s ____________ 1931 J J t 88% 89
1 863$ 90
88%
88%
Chic B & Q Denver D lv 4 a . .1 9 2 2 1
R e p u b lic of Cuba 5s e x te n d e b t . M -S 1 102% 103 1027$
103
i 102% 104
Illinois D lv 3 M s ___________ 1949 ,
E xtern al loan 4 H s _______ 1949 F - A t 98 Sale 98
I 97% 100
98
07
U734
R e gistered _______________ 1949 ,
S a n P aulo (Brazil) trust 5 3 .1 9 1 9 J - J t 97% 973$ 97% N o v ’ l l
Illinois D lv 4 s ______________1949 ,
\S S of M exico 8 f g 5s o f _____1899 Q - J t 96% 97
2 05% 03
97
07
R e gistered _______________ 1949 ,
92% 93
12 89% 04%
G old 43 Of 1 9 0 4 ....................... 1954 J - D
92%
02 %
Io w a D lv sink fun d 5 s ___ 1919 t
These are p rices onthevd sis e f *5 to £ .
S inking fund 4 8 _________ 1919 ,
S ta te and C ity Securities
N eb ra ska E xten sio n 4 s . . 1927 }
10234 206 100*4 103
102% 102*4 1023$
N Y C ity — 4 M b...... ...................I 9 6 0 A l-S
R egistered _______________ 1927 f
100 Sale 100
4 % Corporate S to c k ____ 11)59 M -N
100
80 983$ 100%
S outhw estern D lv 4 s _____1921 1
100 Sale 997$
4 % C orporate S to c k _____1958 M -N
100
36 98% 100%
J oint bon d s See G reat N o r th .
100 100% 997$
4 % C orporate s to c k ______ 1957 M -N
100
16 98*4 101
D ebenture 5 s______________1913 f
1077$ 228 1067$ 109%
N e w 4 'As ....................
1957 M N 1075$ 10734 1073$
General 4 s _________________ 1958,''
1017$ 103
N e w 4 H s ....................................19 17 M -N 102 102% 102% O c t ’ l l
108
4 H % C orporate S t o c k .. 1057 A l-N 107-% 107*4 1073$
139 106% 1001$ Chic & E 111 ref & Im p 4 g s .1 9 5 5 .
1st consol gold Os_________ 1934 1
102 103
4 H % assessm ent b o n d s .1917 M -N 102 1021.. 102 N o v T l
General consol 1st 5 s _____1937 l
1 87% 89
3 K % C orporate S t o c k .. 1954 M -N
87%
87%
R egistered _______________ 1937 1
1017$ Sale 10153
1023$ 379 1015$ 103*4
If Y S ta te— 4 s ........................... 1 9 0 1 ,M -S
Chic & In d O R y 1st 5 S ..1 9 3 C .
103% N o v T l
103% 106%
C anal Im p ro v e m e n t 4 s . . I 9 6 0 J - J
Chic G t W e ste rn 1st 4 s _____ 1959 1
103% J ’ly TO
S o Carolina 4 Mis 2 0 -4 0 _____1933 J - J
Chic In d & L ou lsv— R e f 63. 19 47 •
9 7 % ____ 98 O c t ' l l — - 96"
. Tcnn new settlem en t 3 s _____1913 J - J
OS
R efu n d in g gold 5 s _______ 1947 .
86
88
V irginia fund d eb t 2 -3 s _____1991 J - J
87% N o v ’ l l
R efu n d in g 4s Series C ___ 1917 .
67%
48 Sale 47
6s deferred B row n B ros ctfs
48
106 40
In d & L o u lsv 1st gu 4 s _ _ 1 9 5 6 .
Chic In d & Sou 5 0 -y r 4 s _____ 1956 .
Railroad
Chic L S & E a st 1st 4 A s ___ 1969 .
0 787$ 85
nn A rb o r 1st g 4 s .............. 7il995 Q - J
S0%
80%
Chic M il & S t P term l g 5 s . .1 9 1 4 .
tchlson T o p e k a & S an ta F e —
G cn ’ l gold 4s Series A . . e l 9 8 9 *
097$
Gen gold 4 s ____________ 1995 A - 0
09% Sale 99%
09% 159 98
R egistered _________ . . e l 989 C
0734 9834 9 7 % O c t ’ l l ___
97
98*4
R e g istered .............................. 1995 A - 0
G en ’ l gold 3 H s Series B .e l 9 8 9 .
915$ 92
15 90*4 92%
A d ju s tm e n t gold 4 s _____U 1995 N o v
91*3
915$
R e gistered _____________ e l 9 8 9 .
8 9 % ____
R e gistered _____________ /»1995 N o v
25 -y c a r deben 4 s ___________1934 ,
9IS4 23 907$ 92%
01% 917$ 91%;
S t a m p e d _________ __
/»199 5 M -N
Chic & L Sup D lv g 5 s___ 1921 .
J’u o T l
C on v 4s Issue of 1 9 0 9 _____ 1955 J - D
Chic & M o R lv D lv 5 s . . . 1 9 2 6 ,
108 ” ! S 103*4 1 157$
C on v gold 4 s . . .................... .1 9 5 5 J -D 108 ____ 107
1()17, 527 00% 1065$
Chic & P W 1st g 5 s ______ 1921 ,
C on v 4s (Issue of 1 9 1 0 ) ..1 9 0 0 J - D 1013$ sa le 101
C M & P uget S d 1st gu 4s 1948 ,
31 105% 110%
10 -yc ar c on v gold 5 s ____ 1917 J - D 109% Sale 108%
100%
D a k & G t So gold 6 s _____1916 ,
987$ Jan TO
D ebentures 4s Scries J ___ 1012 F - A
D u b u q u e D lv 1st s f 6 a . .1 9 2 0 .
1913 F - A
09% J ’ ly ’ l l
Series K .......................
99% 99*4
Far <Se Sou assu m g 6 s _____1924 .
96
907$ 90
E a st O k la D iv 1st g 4 s ___ 1928 A l-S
96
07%
1 90
03
937$ 933$
LaC rosse & D 1st 5 s ______ 1910 .
S h ort Line 1st 4s g o l d . . . 1 9 5 8 J - J
93%
1? 02% 94%
W Is & M inn D lv g 5*_____ 1921 .
108 110 10334
8 Fe Pres & Ph 1st g 5 s . . 1942 M -S
108*4
1 103% 109%
1003, 1063,
W Is V ail D iv 1st 6 s . .............1920 ,
Ohio & S t L 1st 6 s _______ 1915 A l-S 104% 100 1063$ J ’ly ’ l l
96% Sale 95%
M il & N o 1st cons 6 s _____1913 ,
Jttl C oast L 1st gold 4 s ___ ftl952 M -S
96
79 93*4 9G>,
R e gistered _____________ ftl952 M -S
E x ten d e d
_________ 1913 .
08 O c t '06
A la M id 1st gu gold 5 s ___ 1928 M -N 107% 10? 1085$ A u g ’ l l
108 108% Chicago & N W e s t cons 7s .1 9 1 6 (
E xten sio n 4 s ________ 1 8 8 0 -1 9 2 6 1
95% 97
95% M e n ’ l l . I I I
I B runs & w 1st gu gold 4s 1938 J - J
05% 95%
134 ____
R e g is te r e d ________ 1 8 8 6 -1 9 2 0 1
Charles & S a v 1st gold 7s 1036 J - J
953$ Sale 94%
General gold 3 A s _________ 1987 I
96
672 917, 96%
. Xi & N colt gold 4 s _______ 01952 M -N
1253$ iao
R e gistered _____________ p l9 8 7 (
126 J ’ n e ’ l l ___ 124% 126
S a v F & W 1st gold 0 s ___ 1934 A - 0
General 4 s .............. ..................19 87 1
108 .
1103$ M a y ’ l l ____ 1105$ 111%
1st gold 5s_______________ 1934
97 Sep ’ l l —
Sinking fun d 6 s _____1 8 7 9 -1 9 2 9 j
97 100
97
97%
Sil S p O ca & G gu g 4 s ___ 1918
R e g is t e r e d _______ 1 8 7 9 -1 9 2 9 1
altlm o & O hio—
92% 925$ 92
923$
22 911, 93
Sinking fun d 5 s _____1 8 7 9 -1 9 2 9 1
Prior 1 gold 3 H s ___________1925 J - J
91% 91%
R e g is t e r e d _______ 1 8 7 9 -1 9 2 9 1
____ 91% 0 1 % M a y T i ____
. R e gistered ________________ / a 925 Q - J
09
98% 087$ 085$
D eb entu re 5 s ______________1921 /
14 97% 99%
G old 4 s ......... .......................... ftl94 8 A - 0
R e gistered ............................ 1921 1
97
98%
98% J ’ly ’ l l
R e g i s t e r e d ......................h l9 4 8 Q - J
S inking fun d deb 5 s ............1933 /
112 113% 112 N o v T l ____ 112 112
P itts June 1st gold 0 s _____1922 J - J
883$____
R e g istered _______________ 1933 I
88% A u g ’ l l ___ 87*4 88*4
P June & M D lv 1st g 3 M isl925 M -N
017$ 92% 913,
From E lk & M o V 1st 6 s . 1933 ,
92
27 90
92%
P L E & W V a S y s ref 4 8 .1 9 4 1 M -N
91
91 Sale 00?$
48 88% 91%
M an l G B & N W 1st 3 H s 1941 ,
S ou th w D lv 1st gold 3 'As 1025 J - J
MIlw & S L 1st gu 3 H S ..1 9 4 1 .
100% _____ 10 J M c h ’ 10
Cen O h io It 1st c g 4 A s . . 1930 M -S
1105$ 1 1 1 %
Mil L S At W e s t 1st g 6 s . . 1 9 2 1 ;
110% ____ 1103$ N o v ’ l l
Cl L or & W con 1st g 5 s . . 1933 A - 0
M on on Itlv 1st gu g 5 s ___ 1919 F - A 102% ____ 102% F eb ’ l l
102% 102%
E x t & Im p s f gold 5 s . .1 9 2 9 I
A sh lan d D lv 1st g 6 s . . 1 9 2 5 /
O hio R iver R R 1st g 5 s_ _ 1 0 3 0 J - D 1 0 7 % _____ 109% A p r ’ l l ____ 109% 100%
M ich D lv 1st gold 6 s . . 1924
General gold 5 s _______ 1937 A - O 108% 110% 106 J ’ly ’ l l —
100 109%
N
orth
w Union 1st 7s g _ _ 1 9 1 7
P itts C lev & T ol 1st g 6 s . 1922 A - 0
113% 11334
113% A u g ’ ll
W in o n a & S t P 1st ex t 7s 1016
P itts & W e s t 1st g 4 s ____ 1917 J - J
97’ % ____
073$ 07%
9 7 % Sep ’ l l
Chicago R o ck Is & P a 6 s - . 1 9 1 7 ,
S ta t I si R y 1st gu g 4 H s .1 9 4 3 J - D
85
05
95
95
95 N o v ’ ll
R e gistered ........... ............ . 1 9 1 7 .
B uffalo R & P gen g 5 s ____ 1937 M -S 112 .
1123$
1125$
1 1125$ 113
General gold 4 s ____________ 1988 ,
Consol 4 H s ..................
1957 A l-N 1037$ 106*4 107% A u g 'l l ____ 107% 108*$
R e gistered _______________ 1988 ,
A ll & W e s t 1st g 4s g u ___ 1998 A - 0
95 ____
07 F e b ’ l l . . . .
97
97%
R e fu n d in g gold 4 s _______ 1934 t
108 _____ 103 J ’ly '08
Cl & M ah 1st gu g 5 s _____19 13 J - J
11334
CoU trust Series J 4 s ______ 1912 /
R o ch & P itts 1st gold O s.1 921 F - A 112 H41-. 113*4
2 11334 11434
Series L __________________ 1914 /
116% 1107$
Consol 1st g 6 s _________ 1922 J - D 115% 117% 1167$ M ch ’ l l
M 4 8 ......................................... 1 9 1 5 /
Buff & Susq 1st ref g 4 s ___ (11951 J - J
72 M ch TO
102 102% 1017$
102
N 4 s ......................................... 1 9 1 6 /
20 101% 1037$
an S o 1st e x t 6 s ___________1913 J - J
100%
O 43.-.......................................1 9 1 7 /
2d 5 s ...................................... 1913 A l-S 1005$ 101 100%
1 1003$ 1013$
100*4 1()034
P 4 s ......................................... 1 9 1 8 /
100*4 Jan ’ l l
R e gistered ................................. 1913 A l-S
112
Chlo R I & Pao R R 4 s . . . 2 0 0 2 J
1 112 114%
Central of Ga 1st gold 5 s _ _ p l9 4 5 F - A 1U34 ____ 112
R e gistered .............. ............. 2 0 02 J
109
109 109% 109
5 107% n o
Consol gold 5 s______________1945
108 ____ 107% N o v ’ l l ___
107 107%
R I A r k & L ou is 1st 4 H s 1934 /
R e gistered _______________ 1945
B ur O R * N — 1st g 5 s . . 1934 .
97 100
13 95 108
1st pret Income g 5 s _____p l9 4 5 O ct
96
98
100% 100%
R e g istered ____________ 1934 ,
S t a m p e d _____________________
97 100 106% M a y ’ l l ___
11 91 IOGI4
O R I F 4 N W 1st gu 5s ’ 21
2d pref Income g 5 s _____p 91 45 O ct
07 100
96
08
90 100
M & S t L 1st gu g 7 s ___ 1927
96 N o v T l
2d pref Income g 5s s t a m p e d ..
97 100
Choc O k & G gen g 5 s . . o l 9 1 9
7 85 102
3d pref Income g 5 s ____ p l9 4 5 O ct
97 100
98
100
Consol gold 5 s ___________ 1952 j
97 100
85% O c t TO
3d pref Income g 5s s t a m p e d ..
873$ 88%
K e o k <fc Des M 1st 5 s _____1923
88% O c t ' l l
87 ____
C hatt D lv pur m on g 4 s__1 0 5 1 j ’-’r
105% 106% Chlo S t P M & O con 6 s ____ 1030
107 ____ 100 A u g ’ l l —
M ac & N or D iv 1st g 5s
1946 j - j
Cons 6s reduced to 3 H s . , 1 9 3 0
1043$ 107%
M id Ga & A tl D lv 5 s ___ 1947
j - j
G h S t P & M inn 1st g 6 s . .1 9 1 8 J
M obile D lv 1st g 5 s ______ 1940
1 0 7 % ____ 10934 M a y 11 ____ 10S*4 10934
j -j
N or W iscon sin 1st 6 s ____ 1930
Cen R l t & B of Ga col g 5 s . 1937 A l-N 102% ____ 102 N o v 'U ____ 101% 103
122
S t P & S C ity 1st g 6 s _____1919 .
Cent of N J gen ’ l gold 5 s ___ 1987 J - J
0 120% 125
122 Sale 122
Superior S hort L 1st 5s g .1 9 3 0 i
1213$ 123% 121% N o v T l ____ 120 1231»
R e gistered ______ _______ * 1 9 8 7
A m Dock & Im p gu 5 s ___ 1921 Y - j
1 0 6 % ____ 100% J ’n e ’ l l . . . . 106% 108% Chip & W e s t In d gen g 0 s _ .a l 9 3 2 1
L e & H u d R gen gu g 5 s . 1920 j - j 1 0 0 5 $ ___
C onsol 50 -ye ar 4 s _________ 1952
L eh & W ilk e s -1) Coal 5s
1912 M -N 100 " 101
100% A u g ’ l l
100% 100% Cln H & D 2d gold 4 H s _____1937
1st & refunding 4 s _______ 1959
N Y & L on g Br gen g 4 s . 1941 M -S
09% 100% 100% A u g ’ l l ____ 100%, 100%
1st guaranteed 4a______ 19 59
Dent V erm o n t 1st gu g 4 s . . e l 9 2 o Q - F
8 8 % . . . .1 89% O c t ’ l l —
87% 92%
Bid
n
1007g 101Bg
90% Sale
813g Sale
123l2 126
109*>g 110%
1007g
1007g
96»$
97U
81
813g
1263g A u g ’ l l
10912
1085$
10834 M c h ’ l l
1693$ ?111 10934 A u g ’ l l
833, Sale 8334
84
1277g 128 127lg N o v ’ l l
1 0 8 ig ll0
109
109
955g A p r ’ l l
97 J ’ n e ’ 10
01l2 93l2 92 N o v ’ l l
_____104
104 A u g ’ l l
1017S 10212 1017g N o v ’ l l
99lg Sale 987g
99lg
98i2 _____ 9S12
S812
87lg 90
87U N 0V T1
86 J ’ n e ’ l l
92l2
921
1063g A u g ’ l
10834 A p r ’ l l
‘ 061$
1061$
941*
95
03% A u g ’ l l
I I 3I4 SCP ’ l l
1173g A u g ’ l l
105 A u g ’ l l
IO6I4
100%
•123, N o v ’ l l
102 Sep ’ l l
100% N o v ’ l l
109% Q c t ' l l
98 Sep ’ l l
9734 Sale 9784
9784
8«ig 87% 87
87ig
88
8634
------- 87
98 Sale 98
985g
1 1 U4 Sale
IIH 4
1 1 0 % ____
«
B
High
ll ....
0
CO
0
CO
A
Ask Lota
103% 105
103i2 Sep ’ l l
l l l % n i 3 4 IIU 4
11134
_____1 1 U 2 l l l i 2
1 1 H2
1017g
1017$ Sale 101i2
9058 ____ 993g N o v ’ H
0338 Sale 93 lg
933,
87^4 883$ 87 M a y ’ l
831g 8912 88% J ’ n e ’ l l
10012 104I2 10234 J ’ly ’ l l
8612
87
831g . . .
94
95
94
95
9214 J ’ n e ’ l l
8 8 % ___
105 107% 113L F eb ’05
89 _____ 95 O c t ’ 10
721$
71
7234 72ig
68l 2
681
995$ Sep ’ 1
87»4
88I4
88 Sep TO
9912 0934 9934
100
100 Jan ’ l l
_____9914
10412 ____ 105Q J ’ ly ’ l l
90% 1001o 99 O ct ’ l l
O8I4 99
98l2
99Q
9712 ___
08lg M c h ’ l l
99 . . .
991g O c t ’ l l
_
XJ
y
U
XJ
U
U
U
IVecKs
Range or
Last Sale
1 0 7 i2 10878
70
65
99
73*4
711*
997g
871$ 88%
_98% idoi*
100 ioosj
105% 1Q5%
09
997*
963$ 100
981$ 98%
99
09i|
100*4 10U|
9534 98
80
83
1263$ 127
109 1111a
108*4 10834
10934110 U
8214 861*
126i4 128*4
107*g 111
05 95%
'dfsg *931j
106’
106 107%
10714 107ii
10434 106%
10958 1 1 1 1
1071-.____
I2OI4 ____
107’ ’ i i o "
107*2 108%
127 128%
1131411434
109 11U12
1 IGI4 _____
H 6I4 . . .
112 1147$
1 1112 114'$
109 1093g
10712 10934
96
O6I4
08U 96
893$ Sale
_____96i2
C
_____95i2
735$ Sale
‘ 92" *04’
IIOI4 ____
io iia I I I I
137gOct ’ l l
_ 103g A u g ’ l l
142i2 F e b ’02
11 6igO ct ’ l l
115 J ’l y ’ l l
11334 A u g ’ l l
109
109*2
109 A u g TO
9612
S634
9S34 F e b TO
8OI4
89i2
97ig J ’ly TO
97*4 Sep ’ l l
9712 O c t ’ l l
94 Deo '09
9 U4 M a y TO
94*4 J ’ n e ’ l l
73*2
73*4
7514 J ’ly ’ l l
9212 O c t ’ l l
ll l l g A u g ’ l l
12012 M c h ’03
IOM4 Sep ’ l l m i
116*g 118
115 115
11334 1 1 3 8 4
10S5gll0
■95% '987j
’ 8 7 % ’ 90*
’ ?7’ i 2 "9 7 * 4
0634 97%
94*4
70%
74*4
92%
111%
94*4
77
7514
94
1X2%
16514166%
10 2 ' m i id234 A ug’ ’l l
10G34 10712 10Si2 Sep ’ l l
100 i o n 2 l0 2 ig N o v T l
12314 1241S 12312 N o v ’ l l
90 _____ 93 D e c '03
1233$ N o v ’l l . . . . 1233$ 125%
1295$ M a y ’09
111 IIIS4 1113$ A u g ’ l l III m%Ii2%
108 .
1 0 8 ’ 109%
10S12 ____ 108U O c t ’ ’’l i
91
93%
92i2 Sale 9212
9212
101 101%
100 _____ 101 N o v T l .
_____9214
89 M a y ’ l l ____
8884 89
_____89
A 1 IS C E L L A N E O U S B O N D S — C o n tin u e d o n N e x t P a g e .
Street Railway.
B rooklyn R a p Tran g 6 s ___ 1945
1st refund con v gold 4 s . . 20 02
B k C ity 1st con 5s 1916 -19 41
Blc Q Co & S con gu g 5 s . 1941
B k ly n Q Co & S 1st 5 s . . . 1 9 4 1
B k ly n U n E l 1st g 4 - 5 S ..1 9 5 0
S ta m p e d guar 4 -5 s --------1950
K in gs Co E l 1st g 4 s --------- 1949
S tam pod guar 4 s _______ 1949
N assau E lec gu ar gold 4 3 .1 9 5 1
B o n n lt y & L is t & ref 5 g 4 H s - 51
S tam p e d gu ar 4 A s _______ 1051
envcr Con T r a m cons g 5 s . 1933
et U n ited 1st cons g 4 H s -1 9 3 2
Brand R a p id s R y 1st g 5s . . 1016
[la v a n a E lec consol g 5 s ___ 1952
[hterboro-M etrop c o U 4 H 8 - 10 58
Inter boro R a p T r 5s Ser A . 19 52
B
A-0
J-J
J J
Al-N
n
F-A
F -A
F -A
J-J
J-J
J-J
}:?
J -D
F-A
ii-N
• N o price F rid a y ; la test this w eek ,
79% 817$ 80 N o v T l . . . .
00 J ’ ly TO
. -9. 1.2 ’ 563$ 99*4 N o v ’ l l
793$ Sale 79%
80% 685
103 Sale 103
103%
73
S t r e e t R a il w a y .
I n tc m a t T rac coll tru st 4 a . . 1940
M an h at R y ( N Y ) cons g 4 s . 1990
S tam p ed ta x -e x e m p t ------- 1990
M anila E lec 1st & c o if 5 s . . . 1 9 5 3
M et S t R y gen coll tr g 5 s . . 19 97
G u aran ty T ru st Co c ertlfs_____
100% 103%
R efun d ing gold 4 s .............. 2002
100*4 103
F arm ers’ L o a n & T r c t f _____
84% 86
S t a m p e d ---------------- -----------82% 80%
B w a y & 7th A v l s t c g 5 s . 1943
77
81
Col <5e 0th A v 1st gu g 5 s . 1093
101*4 101*4
L e x A v & P F 1st gu g 5 s . 1093
101 102%
T h ird A v R R cons gu 4 3 .2 0 0 0
Central T ru st Co c e r ts______
80
8234
Cent T r C o c ts s ta m p e d _____
1st ref 4s w hen Issu ed ______
94% 99*4
A d ju s t lno 5s w hen Issu ed .
77% 83
Th ird A v e R y 1st g 5 s . . . 1 9 3 7
10134 104%
dD u e A p r il.
ft D u e J u ly ,
104
103% 101 104
2 102 101*4
8434 Sale 84*4
85% 100 82*4 88%
10134 102% 101*4 N o v ’ 11 ____ 101% 103
_____97
100 S ep ’ l l —
100 100
1005$
101%
85
80
78%
101
101%
102%
102
...
86%
78%
..
102%
1016$
1015$
10
1016$
1015$
4
86
86
1
86 N o v T l
78
78%
10
10134 A p r '11 ____
101 N o v T l —
« Duo M a y .
fc D u e A u g .
J -J
A -0
O
s
A
A -O
J-D
M -S
M -S
J -J
J-J
0D u e O c t. p D u e
671$ M c h ’ 10
96
986$
97%
97*$ 97
96% 98%
07*4 97 % N o v T l
98 M a y ’06
877$ Safe 82%
877$
73% 87%
73
877$
877$
87 Sale 82
52% Sale 49% N o v ’ l l
45% 49%
1_____ 62
45
52%
51
52%
545$ Sale 49%
43% 55
55
1023$
_____ 10234 1023$
98% 102*4
99% 101
100 102 100
100
993$ 100%
99% 101% 99% N o v '11
98 _____ 71%
69
73%
73
73% Sale 71%
73% 1041 68*4 73%
72% 2351
68*4 721*
71% Sale 71
84 Sale 83*4
84% 215 83*4 844*
7134 Sale 71%
72%r 242 715$ 7 2 %
109% 110% 11034 N o v ’ l l ____ 106*4 1 U (
N ov
a D ue Deo.
t O p tion sa le .
1446
Cln Ila m & D a y to n ( Continued)
Cln D a l 1st gu g 5 s___ .1 9 4 1 M -N
<J r in d a r t VV 1st gu 4s g 1923 M -N
Cln I a vv 1st gu g 4 s ___ .1 9 5 3 J - J
D a y a Mich 1st cons 4
1931 J -J
In d Dec & W 1st g 5 s ___ .1 9 3 5 J - J
1st guar gold 5 s _______ .1 9 3 5 J -J
C leve Cln Chic & S t L o u is General gold 4 s __________ .1 9 9 3 J -D
Cairo D lv 1st gold 4 s___ .1 9 3 9 J - J
Cln W & M D iv l s t g 4 s . .1 9 9 1 J - J
S t L Dlv 1st col tr g 4 s . _ .1 9 9 0 M -N
R e g ister ed _____________ .1 9 9 0 M -N
Spr & Col D lv 1st g 4 s . . .1 9 4 0 M -S
W W V al D lv 1st g I s . . .1 9 4 0 J - J
C I S t L & C consol 6 s _ . .1 9 2 0 M -N
1st gold 4 s_____________ A:1936 q - f
AT936 y - F
Cln S & Cl con 1st g 5 s . . .1 9 2 8 J - J
C C C & I consol 7 s ______ .1 9 1 4 J -D
Consol sinking fund 7s .1 9 1 4 J -D
G eneral consol gold 6s .1 9 3 4 J - J
R e g iste r e d ______ . - .1 9 3 1 J - J
In d B1 & W 1st pref 4 s . . .1 9 4 0 A -O
O In d & W 1st pref 5 s . . £11938 Q - J
■ P eo & E a st 1st con 4 s . . .1 9 4 0 A -O
.
In c o m e 4 s . __________ .1 9 9 0 A o r
Col M id lan d 1st g 4 s ----------- .1 9 4 7 J - J
C olorado & S ou 1st g 4 s — .1 9 2 9 F - A
efund & e x t 4 F;S--------- .1 9 3 5 M -N
F t W & Den C l s t g 0 s . . .1 9 2 1 J - D
Conn & Pas R Ivs 1st g 4 s . . 1943 A -O
C ub a R R 1st 5 0 -y r 5 g _____ .1 9 5 2 J - J
T A c l L ack & W e s te r n —
-Lr M orris & E sse x 1st 7 s . .1 9 1 4 M -N
1st consol gu ar 7 s — .1 9 1 5 J-T)
R egistered _________ .1 0 1 5 J -D
1st ref gu g 3 > $ s ------- .2 0 0 0 J -D
N Y L ack & W 1st 0 s . . . .1 0 2 1 J -J
C onstruction 5 s ------------ .1 9 2 3 F -A
T erm & Im p r o v e 4 s . . .1 9 2 3 M -N
W a rren 1st ref ku g 3 Mi .2 0 0 0 F - A
D el & Ilu d 1st P a D lv 7 s . . .1 9 1 7 M -S
R e g iste r e d _____________ .1 9 1 7 M -S
1 0 -y r con v d eb 4 s _______ .1 9 1 6 J -I)
1st lien equip g 4
_____ .1 9 2 2 J - J
1st & ref 4 s _________ _____ .1 9 4 3 M -N
A lb & Sus c on v 3 J^s___ .1 9 4 6 A -O
R e n s & Saratog a 1st 7 s . .1 9 2 1 M -N
D e n v e r * ltlo Grande—
1st consol gold 4 s ________ .1 9 3 6 J - J
Consol gold 4
_________ .1 9 3 0 j - J
Im p r o v e m e n t gold 6 s ___ .1 9 2 8 J -D
1st & refunding 5 s ______
F -A
R io Gr June 1st gu g 5 3 . .1 9 3 9 J - D
R io Gr So 1st gold 4 s ___ .1 0 4 0 J - J
.1 9 4 0 J - J
R io Gr W e s t 1st g 4 s . . . .1 9 3 9 J - J
M tg e & col tru st 4s A . .1 9 4 9 A -O
U tah C ent 1st gu g 4 s . ££1917 A -O
D es M ol U n R y 1st g 5s_ . .1 9 1 7 M - N
D e t & M ack 1st lien g 4 3 . . .1 9 9 5 J -D
G old 4 s ...... ............... ............... .1 9 9 5 J -D
D e t 1 a U — U S D lv 1 st £ 481941 M •S
D u l M lssaD e a N or gen o s . .1 9 4 1 J -J
D u l & Iron R a n g e 1st 5 s . . .1 9 3 7 A - ( )
R e g iste r e d ________________ .1 9 3 7 A -O
2d 6s ........................................... .1 9 1 6 J - J
P u l So Shore & A t l g 5 s ___ .1 9 3 7 j - j
TJHgln Jol & E a st 1st g 5 s . .1 9 4 1 M -N
A-^rle 1st consol gold 7 s — .1 9 2 0 M -S
N Y & E rie 1 st ex t g 4 s . .1 9 4 7 M -N
.1 9 1 9 M -S
.1 9 2 3 M -S
.1 9 2 0 A -O
5th ex t gold 4 s _______ .1 9 2 8 J -D
N Y L E & W 1st g fd 7s .1 9 2 0 M -S
E rie 1st con g 4s p rior__ .1 9 9 6 J - J
R e g ister ed __________ .1 9 9 6 J - J
1st consol gen lien g 4s .1 9 9 6 J - J
■
R e g ister ed __________ .1 9 9 6 J - J
P en n coll tr g 4 s ______ .1 9 5 1 F - A
50 -y e a r conv 4s A ___ .1 9 5 3 A -O
do
Series B ___ .1 9 5 3 A -O
B u ff N Y & E rie l 3t 7 s . .1 9 1 6 J -D
Chic * Erie 1st gold 5 s . .1 9 8 2 M -N
C lev & M ah on V a l g 5s_ .1 9 3 8 J -J
:
R e gistered _____________ .1 9 3 8 Q - J
L o n g Dock consol g O s .. .1 9 3 5 A -O
C oal & R R 1 st cur gu 6s .1 9 2 2 M -N
D o c k & Im p 1st cur 6s . .1 0 1 3 J - J
N Y & Green L gu g 5 s . .1 9 4 6 M -N
N Y Sus & W 1st ref 5 s . .1 9 3 7 J -J
.1 9 3 7 F - A
General gold 5 s _______ .1 9 4 0 F - A
T erm inal 1st gold 5 s . .1 9 4 3 M -N
M id ot N J 1 st e x t 5 s ___ .1 9 4 0 A -O
W lik it E a 1st gu g 5 s . . .1 9 4 2 J -D
E v it In d 1st con gu g 0a__ .1 9 2 6 J - J
E v a n s it T H 1st cons 6s . . .1 0 2 1 J - J
1st general gold 5 s ........... .1 9 4 2 A -O
M t V ern on 1st gold 6s . . .1 9 2 3 A -O
Still Co Branch 1st g 5 s . .1 0 3 0 A -O
T M orlda E C oast 1st 4 H s . .1 9 5 9 J -D
-L ort S t L U Co 1st g 4 )$s .1 0 4 1 J -J
F t W & R io Gr 1st g 4 s . . . .1 9 2 8 J - J
/~ i al II & H of 1882 1st 5s .1 9 1 3 A -O
v X r e a t N orthern —
G B it Q coll trust 4 s ___ .1 9 2 1 J - J
R e g istered .7i_______ .1 9 2 1 Q -J
1st <t refund 4 )4s ser A . .1 9 6 1 J - J
.1 9 0 1
S t P aul M <t Matt 4 s _____ .1 9 3 3 J - J
1 st consol gold 6s _____ .1 9 3 3 J -J
.1 9 3 3 J - J
R educed to gold 4 44s l 933 J - J
R egistered _______ .1 9 3 3 J - J
M o n t ex t 1st gold 4 s . .1 9 3 7 J - D
R e g istered __________ .1 9 3 7 J -D
Price
Friday
N ob. 24
Week’s
Range. or
Last Bale
Bonds
Sold
BONDS
Y . STOCK
EXCHANGE
W e e k E nd in g N o v . 24 .
Interest
Period
N.
New York Bond Record— Continued— Page 2
Range
N.
Since
January 1
BONDS
Y . STOCK E XC H AN G E
W e e k E nd in g N o v . 2 4 .
3?
is
■5*.
Bid
-Is* Low
High No. Low II igh S t P M & i f (.Continued) —
P acific E x t gu ar 4s £ ___ .19 11 •T-J
103 105 103 J ’l y '11 ____ 1021.1 101*4
E M inn N o r D iv 1st g 4 s !9 4 8 A -O
• ____ 90
88 M c h ’ l l
88
88
M inn Union 1st g 6 s . . .1 9 2 2 J - J
8712 8 8 0
8714 ____ S712 N o v ' l l
1937 J -J
103 105
R e g iste r e d ........... ....... .1 9 3 7 J - J
104 ____ 101 Sep '11
.1 9 3 7 J - J
107l2 D ec '02
R e g iste r e d
__________ .1 9 3 7 J -J
8 92
95
W ill <5: S F 1st gold 5s .1 9 3 8 J -D
93
93L 93l2
9311 93
9 3 0 Gulf & S I 1st ref & t g 5 s . . >1952 J - J
03 ____
9312
93$
R e g istered ________________ >1952 J -J
91
92
9 3 $ Deo 'I t
9214 N o v ' l l ____
T.Tock V a l 1st cons ? 4 ^ s .1 9 9 9 J - J
91U 93
9OI4 94
_19 9f J -J
90 _____ 91 O c t '07
.1 9 4 8 A -O
90 D ec '09
9 1 0 D ec '10
90 _
1955 F - A
1 0 50 10034 H ous B elt & T e rm 1st 5 s . . .1 9 3 7 J - J
1 0 5 D _____ 1 0 5 0 A u g ’ l l
971;
2 90
9 7 0 Illin o is Central—
9713------- 9 7 0
97 l g ____
96 A u g 'l l
1951 J - J
107 ____ 107$ O c t ’ l l ____ 100 1071.)
R e g iste r e d _____________ .1 9 5 1 J - J
100 ____ 1071-A u g ’ 1 1
1951 J - J
1071s 1077;
1951 J - J
122 124Sg 12134 O c t ’ l l
1213i 12514
.1 9 5 1 A - y
1951 A -O
90 ____
04 J ’ly ’08
.1 9 5 1 M -S
1951 M -S
9138
911;
0112 ____
6 90
93
Coll trust gold 4 s _______ .1 9 5 2 A -O
401# 44
40 N o v ’ l l
40
OlO
R e g ister ed _____________ .1 9 5 2 A - o
_____ 60
58 N o v ’ ll ____
577,, 69
1st ref 4 s _________________ .1 9 5 5 M -N
90 Sale 9578
90
37 9434 9 7 $
P urchased lines 3 o s ___ .1 9 5 2 J - J
9734 Sale 9712
97*,
43 90
L N O & T e x gold 4 s ___ .1 9 5 3 M -N
98*4
i m 2 11234 1130 N o v ’ l l ____ 111*4 113$
R e g iste r e d _____________ .1 9 5 3 M -N
J -D
1950
1951 J - J
100 M a y ’ 10
L o u lsv D lv & T erm g 3 O s l 9 5 3 J - J
100 108 1 0 7*,J ’ ly ’ ll
1953 J - J
107*, 108*.
1093s 1101; 1090 O c t ’ l l
10 90 111*,
M id d le D lv reg 5 s _______ .1 9 2 1 F - A
1951 F - A
80 ____
91 " Jan ’ ll
S t L ou is D lv & term g 3s .1 9 5 1 J - J
91
91
111 115i2 1130 O c t ’ l l
.1 9 5 1 J - J
11312 110O
106 ____ 10G*i N o v ’ l l ____ 106*8 1070
G old 3 O s ______________ .1 9 5 1 J - J
99 _____ 99
i 9734 9 9 0
R e g iste r e d __________ .1 9 5 1 J -J
99
Spring D lv 1st g 3 O s ___ .1 9 5 1 J - J
1021,, F e b ’03
R e g istered ................... .. .1 9 5 1 J - J
_____117
1151? A u g '11
11512 110
1951 F - A
97*i Sale 9734
9811 53 9G3g 10'.)
R e g ister ed _____________ .1 9 5 1 F - A
B ellev & Car 1st 6 s . .
101 10134 lOHg
101$
5 101 ~ 102
.1 9 2 3 J -D
9878
9812 9834 E83,|
17 9773 1001''
1932 M -S
927,
Chic S t L & N O tr 5s
9 2 $ 93 ' 9 2 $
18 S9l2 9 4 $
.1 9 5 1 J -D
12334 1241;
1 2 2$ ____ 124 M a y ’ l l
R e g istered _______
.1 9 5 1 J -D
Gold 3 O s . . .
1951 J -D
32 90
90 i2 Salc 9012
903.,
94
.
R e gistered ___
1951 J -D
98 Sep ’ l l
98
98
M em p h D lv 1st g 4s
1951 J - D
10 9 8 0 101
93
981" 9812
981;
R e g iste r e d . ”
1951 J -D
88 Sale 88
15 84I4 035,
88$
1931 M - S
104*4 M ch *11
104*4 104*4 Ind Ilf & l a 1st g 4 s . '
1050 J - J
. . 721- 01l2 A p r ’ l l
6 1 $ 6112 tnt & Great N o r 1st g O s .. 1919 M -N
*00i2 ____
J -D
4 8 7 0 923.4
_____ 887g 88
880
. 1051 M -S
Refunding gold 4 s ___
80
8212 83 N o v ’ I f
81
850
J a m e sto w n Franklin &
0
Clearfield 1st 4s
1959 J -D
99 ____ 110 Sop '0-1
T /'a n C ity Sou 1st gold 3s
1950 A -O
92
95
92 N o v ’ l l
R egistered
~ _
1950 A -O
92
92
89 ____
91l2 N o v ’ l l
8812 95
R e f & lm p t 5 s .............. A p r 1950 J - J
70 A u g ’ l l
K ansas C ity T erm l 1st 4 s . . I9 6 0 J -J
70
70
1041s 100 105 Sep ’ l l ____ 105 IO6I4 J ake Erie & W 1st g o s___ 1937 J -J
100 1001.1 100 N o v ’ ll ____ 10512 1091.4
2d gold 5 s ____
1941 J -J
10012 M ch '08
A -O
J- |
104 " F e b ’ l l
104 107VS 108 Jan '11
R e gistered ...... ............... ......... 1940 j - j
108 108
10812 ____ 112 J ’ ly ’ l l
112 112
Lehigh V ali (Pa) cons g 4s 2003 M -N
118 ------- 118 N o v ’ l l ____ H7*i 120*, Leh V T e r R y 1st gu g 5 s . 1941 A -O
100 _____ 101O J ’n c ’ ll
1000 1015,
R e g istered _________________ 1941 A -O
101 ____ 10578 M a y ’ ll
J -J
IOII4 103
102 ____ 101 O c t ’ l l
101 * 161
1933 J - J
105 10734 105 N o v ’ ll
105 10031933 J - J
99 101
99l2 J ’ n e ’ l l ___ _ 9 9 0 UUI„ Leh & N Y 1st gu ar g 4 s ___ 1945 M -S
____ 1201; 118 O ct TO
1945 M -S
873i
25 847, 90
8712 Sale 871.4
1914 A -O
84l2 _____ 8414 O c t ' i i ___
8 2 $ 86
1014 A -O
7912 Sale 79l2
79i2 12 7 3 $ 7934 L ong Island —
. . 77l2 77 J ’ly '11 ____
77
77
1st consol gold 5 s _______ b l0 3 1 Q - J
890
890
2 86
891o 90
91
Q -J
16 73
87 Sale 87
87
92
General gold 4 s ___________ 1938 J -D
7712 146 69
"713 Sale 707s
801?
Ferry gold 4 O s __________ 1922 M -S
1091.1111*,
103ig____ 109*3 O c t ’ l l
1932 J -D
112 ____ 112 N o v ’ l l
110$ 113
Unified gold 4 s ___________ 1949 M - S
111 1113,
lo o t s ____ 111 A p r ’ ll
D ebenture go a l 5 s ___ . . . 1934 J -D
100 ____
1949 M -S
12312 ____ 12513 N o v ’ l l
1949 M -S
123 1251,
1041g____ IO4I3 O c t ’ l l ____ 10418 1041,
N V B & M B 1st c o n g 5s 1935 A -O
102 1021,| 100*8 Jan ’ l l
100*3 100*,
N Y & R B 1st fr 5 s .
1927 M -S
100O 1020
102D _____ 102i2 Scp ’ l l
N o r Sh B 1st con g gu 5 s .o l9 3 2 Q -J
103 105 103 N o v ' l l
I0134 104*4 Louisiana & A r k 1st g 5 s ___ 1027 M -S
79 _____ 1000 D ec '00
80
0212 871,i N o v ’ l l
83
8714
General gold 6s ___________ 1930 J -D
108*8_____ 1030 N o v ’ l l
10812 1101?
Gold 5 s_____________________ 1937 M -N
11 H i.____ 110O O c t ' l l
1940 J -J
1101, 1101"
100$ 101
IOH3
101!.,
1940 J - J
3 9 8 $ 10 Us
105 ____ 110 A u g ' l l
n o n o ir
C ollateral tru st gold 5 s . . 1931 M -N
1117g------- 1117s J ’ n c ’ l l
E H & N ash 1st g 6s ------- 1910 J -D
n n 2 113
101 ____ 1021s A u g ’ l l
L Cln & L e x gold 4 O s ___ 1931 M -N
101 102X3
10738 ____ 114 A p r '05
1930 J - J
95 _____ 95 J ’ ne 08
N O & M 2d gold Os____ 1930 J - J
9712
98I4
97
98
19 95
9812
P aducah & M em d lv 4 s . . 1946 F - A
90
95
92 A u g '10
1920 M -S
1 8212 84tj
83
83
83
81
S t Louis D lv 1st gold Os. 1921 M -S
9612 _____ 0712 O ct ’ l l ____
9 70 OS's
2d gold 3 s ______________ 1980 n - s
A tl K n o x & Cln D lv 4 s . . 1955 Yl-N
9 0 1 -Sale 9612
96*4 25S 9512 98
A tl K n o x & N or 1st g 5s_ 1046 J -D
83 9538 981,
963g 07
0012
90* i
1931 M -S
1 0 1$ Sale 101$
10112 43 100 101$
K e n tu ck y C ent gold ’4 s . . 1987 J - J
T. fr N fr. \r fr. \f 1st fr A U s l 0 4 5 M - S
9812 991,
99l8 _____ 09!,, M a y ’ l l
L & N -S o u th M Joint 4 s .'. 1952 J - J
125 I27I4
Q -J
12513____ 125*3 O c t ’ l l
1037 F - A
132 ~ A p r *09
1 0 5 $ 1057) 100 N o v ’ l l
105 IOOI4
J -J
lOS*, J ’ne '09
1021 F -A
. . 9812 9S3jj O c t ’ l l
9514 0S12
S & N A la con gu g 5 s ___ 1936 F - A
98
98
98 J ’ ne ’ l l —
L & J ell B d g e Co gu g 4 s ___ 1945 A l-S
[Vol
Price
Friday
Nov. 24.
Bid
l x x x x i u
Week’s
Range or
Last Bale
Ask Low
92 *4 ____
90*4 9912
1151s------12714____
1 2 6 $ ____
111 114
I s
.
Range
Since
January I
High No. Lmv High
92*3 M c h ’ ll
96 O c t ’ ll
1161, A u g ’ ll
I27I4 N O VT I
92*8 92*a
90
96
1141? 116*4
127 1287g
112*4 Sep ’ l l
11212 112*4
113 ____ U 2 i2 Sep ’ l l
9 4 $ 9534 94 N o v ' l l
11212 112*!
8S18 953i
103 103
1001"
95
0-11-____
96
961"
. . . J l 0 0 $ 101
103
Sep W
O c t -ii
F c b ’ ll
J ’ ly ’ l l
1021"
. . 101
100 " ____ 100
91
90 ____
89
00
931"
A u g ’ ll
Sep ’ l l
A u g ’ ll
A p r ’ll
M ’a y ’OO
101
80
9914 993,
961? 98
961,1 90U
____ 88
9 8 % ____
9012 98
_____961"
7334
. . . . ' SO
10£34 ____
73
73 !2 77
81
80*4
9G12 ____
15 101
10011 103
100 ‘ 100
86I4 91
89 " 89
J ’ly ’09
99*8 O ct ’ ll
981, A u g ' l l
96U
90S*
S8 O c t ’ l l
99 N o v ’ l l
91*4Jail ’ ll
971" Feb ’ ll
16
8 5 1 ,Sep ’ l l
8314 N ov TO
S7i8 M a y ’ l l
10Us O c t ’99
100 N o v 'OO
‘JO
05
98
98I2
901s
80
971"
94*4
96
7513
8512
99*3
9812
98
88
99
9-1*4
9712
751-j
87I4
751" 701,
7 5 $ 7512
7618 J ’n e ’ l l
75i2 Jan ’ l l
86
O c t *11
8718
95*8 U012
l l ’/ i " M a y TO
95I4 O c t TO
113*8 115*8 11334S ep ' l l
113 ____ 114 F e b ' l l
90 O c t '09
8412 ____
115
1035s
91
95
96
96
10018 i o u s
.
_
113*4 117
113 115
9712 M ch TO
98 J ’ ly ’08
95
95
94 Is 96
109
109 " ____ 109
101% 1021* 102 N o v ’ l l
G612
6G $ G8l2 C012
94
941" 91
91
73*( 7478 735s N o v ’ l l
63 " O c t ’00
IOOI4 Sale IOOI4
1003,
98
9814 99 O ct ’ l l
10S34 ____ 108*4 N o v ’ l l
1 0 4$ 105 IO4I4 N o v ’ l l
105
1 9 -U s /‘J 112
18 1071" 109
IQOlo 103
30 63 " 7 U 2
2
94
95I4
7314 74*!
47
9812 102
90*4 99*4
10812 1 1114
104 1041a
10412 105 1 0 4 $ O ot ’ l l
9Q34 ____ 97*8 O c t ' l l
1131.1 11418 1137s N o v ’ l l
II H 4 I I 2 H U 4 N 0V T I
100 . . . 103 N o v '09
10414101l2
96*| 9712
I I 2I4 114*4
11114 113
9312 9434
O U s____
9334 O ct ’ l l
103 ____
IOOI4 ____
1011" F eb TO
IOU4 Sep '09
10912 112
93 ____
9314 9014
9 012 100
9 US 97
93
95
102 ____
0 5 $ 0012
110*3 O c t '11
10912 11212
94 N o v ’ l l
100 A u g ' l l
99I4 O c t '00
93 M a y ’ l l
104D D ec ’08
92*4 9012
981" 100
I6434____
10378 ____
104 ........
------- 00l2
HOI4 N o v '00
105 A p r '07
106 J ’ ly '11
9734Sep ’ l l
11434 1151,
112 . . .
9913 Sale
_____ 98
100*4 111
111 115
lH * s
114*3
U2 N o v ’ll
99
991*
97*4 N o v TO
108*4 Sep '11
111 Sep ’ l l
105l2 J ’ ly ’ ll
120*4 125
1171" 1191,|
95*3 95*i
10ol2 109
113 1147s
08
73
92*., 927.
1123., 115
94>2 95
103 100
------- U ll2
1181s N o v ’ l l
95*4 N o v ’ l l
113 O c t ’ l l
711" F eb ’ l l
927g
931s
112 O ct ’ l l
911? N o v ’ l l
103 D e c TO
905s N o v ’ l l
95 F e b '05
IO8I4 M a y ’ l l
93
0512
95
05
10312 106
94
98*4
2 112 11612
112 112 l2
08«s 9978
95
108*1 109*4
111 113
10!*., 10512
118*t 122$
1181« 118*3
1)5
961*
1053* 1053U
113 '1 1 3
7H 2 / 113
io 92
9334
11112 U 2U
106 106
04
96
88
10734
100*4____
IIOI4
UOI4 N o v 'l i
1101 b 10*8 111 N o v ’ l l
90 ____ 911.1 A u g ’ l l —
91
IO8I4 112*8
110 11014
110*4 1121g
9 H4 94
A U S C E L L A N E O U 5 B O N D S — C ontinued on N ext P ane.
Street R a ilw ay.
M e t W S El (Chic) 1st g 4 s . 1938
M ilw E lcc R y & L t cons g 5s 1926
R efu n d in g & exten 4 > j s - l 9 3 l
M in ncap S t 1st cons g 5 s ___ 1919
N ew Orl R y & L t gen 4 ^ s .1 9 3 3
P ortland R y 1st & ret 5 s ___ 1930
P ortland R y , L ig h t * P ow —
P ortland Gen E lcc 1st 5 s . 1935
S t Jos R y , L , H & P ls t g 5s 1937
S t P aul C ity C ab cons g 5 s . .1 9 3 7
G uaranteed 5s g o ld ______ 1937
T r l-C lty R y & L t 1st s t 5 s_1 92 3
U n d ergroun d of L on d on 5 s . 1920
4
1938
In c o m e Os__________________ 1948
U n ion E lec (Chic) 1st g 5 s . . 1945
U n ited R y s In v 1st Hen coll
tru st 5s P itts Issue_______ 1926
F -A
F -A
J -J
J -J
J -J
M -N
J -J
M -N
J -J
J -J
A -O
M -N
J -J
A -O
M -N
93 _____ 92l2 N o v ’ lO
101 ____ 10712 F e b ’06
_____ 803.4 8714 A u g ’ l l
_____ 0012 9834 A u g '11 : : : :
84
87I4
9812 98*4
aD uo J a n . bD u e F e b .
751,! O ct 'l l
70 80
82 835(i 84*3 N o v ’ l l
G07a 091; 67
0914 ” 16
75
7514
84*s 85
65>2 72*j
Q as and Electric Light
A tla n ta G L Co 1st g 5 s ____
B k lyn U G as 1st con g 5 s . .
98 _____ 98 N o v '08
Buffalo G as 1st g 5 s ________
2 105 iO(Jl4 C olu m bus G as l 3t g 5 s _____
105 Sale 105
105
D etroit C ity Gas g 5 s _______
_____9 7 l2
97 N o v ' l l . . . .
97
99
Det Gas Co con 1st g 5 s ____
98 A p r ’09
D et E dison 1st coll tr 5 s . . .
_____ 96
90 O ct ’ l l
9011 97
Kit G L N Y 1st con g 5 s ___
003.J Sale 00*4
621? ” 62 3814 G012 Gas & E lcc Berg Co c g 5 s . .
81 O c t '08
Gr R a p G L Co 1st g 5 s ____
H udson Co Gas 1st g 5 s ____
____851.i
83 O ct '11 _____ 83
861, Kan C ity(M o) Gas 1st g 5 s . .
•No price F rid ay: latest bid and asked this w eek,
Street R a ilw a y s .
U nited R y s S t L 1st g 4 s ___ 1934 J - J
S t L ou is T ran sit gu 5 s ___ 1924 A -O
U n ited R R s S an Fr s f 4 s . . 1927 A -O
9312 J ’ly ’00
10312 ____ 10 ll2 N o v ’ lO
d D u e A p ril.
1947
1945
1947
1932
1923
1918
1933
1932
1949
1915
1949
1922
/» Duo J u ly ,
J -D
M -N
A -O
J -J
J -J
F -A
J -J
M -S
J -D
F -A
M -N
A -O
1021"
1071■»Salt- IO7I4
01
03
94
95
62
l0712
N o v ’ll
13 105*4 108*4
SOU 62»|
loots 1003; IOOI4 N o v 'i l . . . .
955., S ep '06
1017, 102
10134
101*4
9
10534 1063j 100 O ct '11
101
0112 O c t ’01
99*4
100 O ct '09
IOH4
101 N o v ’ l l . . . .
98
9934 977s J ’ n o ’ l l
100
101
100
105
162
106*4
103 i04li
9778 9Q1|
k D u o A u g . 0D uo O c t. 3O p tion sale.
^ o y . 25 1911.)
N.
BONDS
Y . STOCK
EXCHAN
W e e k Ending: N o v . 2 4 .
s i
5 5 1
Price
Friday
Non. 24.
Rid
T l/fa n lla R R — Sou llnc3 4 s . 1
dV .lcxiean Cent cons it 4 s . . 1
2d cons Inc g 3s tru st r e c ts.
M issouri K a n sas & T e x a s—
1447
New York Bond Record—Continued— Page 3
1 M -N
J -J
A -O
A -0
M- S
M- S
J -D
A -0
M -N
M -S
J -J
J -J
J -J
J -J
.1 D
F -A
M -N
M -S
J -J
A -0
M -N
F -A
M o K & E 1st gu S 5 s . . . 1 0 4 : A -U
A l-N
M -S
J -D
11- s
M -N
M -S
M- S
F -A
F -A
M -S
M -N
M -S
F -A
J -D
J -J
F -A
J -J
A -O
A -O
J -J
J -J
A l-N
A l-S
J -D
Q -J
M -S
F -A
Q -F
G uaranteed pold 4 S ...1 U 3 1 J - J
ash v C h a tt <Ss i t Lou is—
1st 7 s .................
J -J
A -O
J -J
J -J
J -J
J -J
A -0
J -J
1st consol 4 s .............. ............ 11101 A - 0
A -0
J -J
N Y Central & H u d R iv er —
J -.l
J -J
D eb entu re gold 4 s _______ 1034 Al-N
R e gistered ...........................1034 M -N
L a k e Shore coll g 3 M s ._ _ 1 0 8 C F - A
F -A
F -A
R e gistered .......................... 1903 F -A
B eech Creek 1st gu g 4 s . .1 9 3 6 J - J
R e g istered .......................... 1938 J - J
J -J
J -J
B eech Cr E x t 1st g :t H s.h lor> i A - 0
C art & A d l3 t gu g 4 s ___ 1 9 8 ! J -D
G o u v & Osvvo 1st gu g 5 s . 1942 J - D
M oll <fc M ai 1st gu ir 4 s ___ 1991 M -S
N .T Juno R guar 1st 4 s . . l 9 8 f F - A
R e g istered ........................... 108C F - A
N Y * H arlem g 3 J i s . . _ 2 0 0 i M -N
M -N
N Y * N orthern 1st g 5 s . 1927 A - 0
N Y * Pu 1st cons gu g 4s 1993 A - 0
N o r & M o n t 1st gu g 5 s _ _ i9 lt ; A -O
P ine Creek reg guar 0 s . .. 1 9 3 2 J - D
R W & O con 1st e x t 5s_ftl9 2:: A -O
Osw c & R 2d gu g 5 s ___ e l9 1
F -A
R W & O T It 1st gu g 5 s . 1918 Al-N
R u tla n d l3 t con g 4 ’ i s . . 1941 J - J
O g & L C h a m 1st gu 4s g .1 9 4 8 J -J
R u t-C a n a d 1st gu g 4 s . 1949 J - J
S t L aw r & A d lr 1st g 5 s . . 1998 J - J
2 d gold 6 s ............................ 1998 A - 0
U tic a & Illk R lv gu g 4 s . 1022 J - J
L a k e Shore gold 3 M s_____1097 J -D
R egistered ............................19 9 7 J -D
D eb entu re gold 43_____ 1928 M -S
2 5 -y c n r gold 4 s ................. 1931 M -N
R egistered ....................... 1931 M -N
K a A & G It 1st gu e 5 s .193? J - J
M ah on C ’l R R 1st 5 s . . 1934 •T-J
P itts & L E rie 2d g 6 s ._ a l 9 2 ? A -O
P itts M o K & Y 1st gu G s.1 932 J -J
2 d guaranteed 6 s ........... 1934 J - J
M c K e e s & 13 V 1st c 6 3 .1 9 1 8 J - J
M ichigan Central 5 s........... 1 9 3 ! M -S
R e g i s t e r e d ................. 1931 Q -M
4 s .............................................. 194C J - J
R e g iste r e d )__________ 19
J -J
J L & S 1st gold 3 M s - . 1951 M- S
1st gold 3 M s .......................1952 Al-N
20 -y e a r debenture 4 S ..1 9 2 9 A -O
N
Week's
Range or
Last Sale
Ask Low
•5*3
a>
Range
Since
N.
January 1
Iligl No. Low High
_____88
100 M a y ’ l l
251. A p r '0!
99*3 100
___
_____
-------
80
77 M e h 'll
79 N o v TO
130 .
130 130
130 A u g ’ ll
_____
1101s A u g ’ l l ____ 11018 UOls
103 109
105 N o v 'U
10 f312 109
7U
707), 71
6 05
75
71
78*4 . . .
78*t 8 U 2
78*4 N o v ’ l l
97
073.) 97*4
9 9534 98
9734
________
__
981? Jan TO ____
9312 9 3 12
931. M c h ’ l l
5
97l2 98
9734
9734
84l2 85
3
84l2
8-112
3
102 Sale 1021a
102l2
79
81
80 N o v ’ U ____
12
8734 881S 88
8S12
78 . . .
7834 N o v ’ U
105*4_____ 105*8 A u g '11 ____
88*3_____ 91
1
91
10«14 1093j 1081? O ct ’ l l
10612 111) 106l2 N o v 'U ____
10414 1043j 104'8
6
1047S
102 104L 103i-> M a y ’ l l ____
10312 _____ 1053) N o v ’ U
10012 108 103
4
108
IOOI4 10012 100I4
1003s
5
99 M eh To
100 1003s IOOI4 N o v ’ U
7412 75
75
75
5
------- 95
90i2 M a y ’ l l
8S34 Sale 88
89
55
92
92
92
6
78
831S 83 N o v ’ U
_____102
110 M c ll’05
.
96*8 9712 9612 O c t ' l l
------- 10912 108i2 M a y 'l l
100*4 107l2 107
7
107
111 Sep '09
82 Sale 82
13
83
8634 M e h ’ l l
84ia Sale 841a
11
8414
1021? Jan TO
1203S 121
1201? O c t ’ l l
114 117
114 S ep ’ l l ____
1
87 S ale 87
87
110 11078 110 N o v ’ U ____
82
80
81 M e h '11
9314 93*4 93i2 M c h ’ U —
10-1% 10518
109 ____
113
1071.1
IO7I4 .
92*3 Sale
85 Sale
_____ 99*)
7914 7934
lO B s _____
------- 88
88*4 Sale
87 _____
03*3 Sale
92i2 ____
78*4 7912
76*4 79
777« 78
------- 7712
9 8 U ____
9G12 98
8314 86
0912 10312
78
83
8312 891S
78
7914
105*8 105*8
88
91
107*4 11012
IO6I4 108
102*4 105*s
10312 10514
103 105*4
1081.111
99*8 IO2I4
9934 102
74
9012
S4
90*3
83
82
961?
965s
9334
83
96
98*)
10812 1081*
IOOI3 1085s
8 U 2 877s
85*4 86*4
8211 88*8
120 122
114 116*4
86
87
110 111
81
81
9312 941.
104i2 N o v ’ U
1041. 1061.
lit) O ct ’ l l
l0 9i8 111
1157s N o v TO
108i2 Deo TO . . . .
....................
113 j ’ly '04
9214
92*3
39 91
95U
85
80I4
5 83
8934
1003.1 F e b ' l l
100*4 100*4
79i2
79i2
6 78% 831S
88I4 J ’ly ' l l . . . .
88I4 S814
8S*s
887S 41
881? N o v 'U
93*8
935k 26
923) Sep ’ l l ____
24
7914
79*8
771? O ct 'U
78 N o v ’ U
77 N o v ’ U
9853 D eo TO
99 M a y ’ l l
87
86
02%
921.
78
75
761.
75
90
89lg
9412
931*
807*
7934
79%
78
99
99
16014_____
___ _
90 _____
103 _____
97i2 A p r '09
953,1100
9918 M c h ’ U
105 O c t '02
99
99ls
....
" 66" I I
'6613 F e b " I I
------- 9712
108 O c t ’09
977s A u g ’ l l —
" 00% ‘ m l
120 " ____ 1311? Jan 'o j
2
107U 107\s 107%
IO7I4
...
10512 105 Jan ’o;i
104 J ’n o ’ lO
95 _____ 983s J ’ly '11
80 Sep ’ l l ____
SO
83
92 J ’ne '09
115 J ’n e ’09
118
997o
2
99*4_____ 997a
2
8953 Sale
89
89*4 88)3 N o v ’ U ____
94
16
94 Sale 94
9312 Sale 9314
71
931.
93*4 M a y 'l l
108 _____
1 1 H2 ____ U P ? M c h ’ U
103 _____ 100 D ec '09
121 _____ 130is Jan '09
123 _____ 123 O c t ’ l l
108 _____
111 A p r ’ l l
l l O 's l l l
109 _____ 119 J ’n e '06
08 *4_____ 98*.i N o v ’ l l
________ _ _ 9Sl2 N o v ’ l 1
____ 881,3 90 J ’n e ’08
86*4 8812 8812 O c t '11
01
9 1 % 91 N o v ’ U
07%
—
107
9778
110
98*3 98*a
8512 ool 2
9934100
83
90
S7% 89
92l2 95
02% 943.)
9334 93*4
iio5g i m 2
123 123
....................
Ill
111
98*4 99
981? 981»
8634 89
91
93
Price
Friday
BONDS
Y . STOCK
EXCHANGE
W e e k E n d in g N o v . 2 4 .
A o r . 24.
M ich igan C en tral— (Cow)
B a t C & S tu r I s t g u g 3 s . l 9 8 9 J - D
N Y Chic & S t L 1st g 4 s . 1937 A - 0
R e g istered _______________ 1937 A - 0
D eb entu re 4 s __________ 1931 A l-N
W e s t Shore 1st 4s g u a r ll2 3 6 1 J - J
R e g istered ______
2361 J - J
N Y C ent L in es eq tr 4 Ms' 1923 J - J
N Y N ew H a v e n & I la r tl—
N o n -c o n v deb en 4 s ________1955 J - J
N o n -c o n v 4 s _________________1950 M -N
C on v d eb en tu re 3 Ms
'1 9 5 6 J - J
C on v d eb en tu re 6s .'
" 1 9 4 8 J -J
H arlem R - P t Ches 1st 4 s . 1954 M -N
C ent N e w E n g 1st gu 4 s . 1961 J - J
H ou saton lc R cons g 5s . 1937 M -N
N H & D e rb y cons c y 5 s . 1918 M -N
N e w E n glan d cons 5 s _____1945 J - J
C onsol 4 s _______________ 194
J -J
P rovid en ce Secur deb 4s 198 M -N
N Y O & W ref 1st g 4 s___(7 l9 9 2 M -S
R egistered $ 5 ,0 0 0 only.fflOOS M -S
General 4 s __________________ 1955 J -D
N o r ! * S ou th 1st gold 6s l ’ l 941 M -N
N orf & W e s t gen gold 6s . .1 9 3 1 M -N
Im p r o v e m e n t & e x t g 6s . 1934 F - A
N e w R iv er 1st gold 6s . . 1932 A -O
N & W R y 1 st cons g 4 s . . 1996 A - 0
R egistered _______________ 1990 A - 0
D iv ’l 1st 1 & ecu g 4 s . .1 9 1 4 J - J
1 0 -2 5 -y e a r c o n v 4 s _____1932 J - D
P ocah C & C jo in t 4 s . . 1941 J -D
C C * T 1st gu ar gold 5 s . 1922 J - J
Sclo V & N E 1st gu g 4 s . 1989 M -N
N orthern P ac prior 1 g 4 s . . 1997 Q - J
R e gistered ............................ 1997 Q - J
General lien gold 3 s _____n2047 Q - F
R e g istered ......................... o 2 0 4 7 Q - F
S t P a u l-D u lu th D lv g 4 3 .1 9 9 6 J - D
R e g is t e r e d ...........................1996 J -D
D u l S h ort L 1st gu 5 s ___ 1910 M -S
S t P & N P gen gold C s ._ 1 9 2 3 F - A
Registered c e r tific a te s.1923 Q - F
S t P au l & D u lu th 1st 5 s . 1931 F - A
2 d 5 s......................................... 1917 A - 0
1st consol gold 4 s ______ 1968 J -D
W a s h C ent 1st gold 4s . . . 1 9 4 8
Nor P ao T erm Co 1st g 6 s . .1 9 3 3
■pacific C oast C o 1st g 5 s . .1 9 4 6 J -D
1 enna R R 1st r e a l e s t g 4 s . 1923 M -N
Consol gold 5 s ..........................1919 M -S
Consol gold 4 s ......................... 1943 M -N
C onvertib le gold 3 M s . . .1 9 1 2 M -N
C onvertib le g old 3 M s .- .1 9 1 f i J -D
R e g is t e r e d ..:____________ 1915 J -D
Consol gold 4 s .............. ...........1948 M -N
A lle g V al gen guar g 4 s . .1 9 4 2 M -S
D R R R & B g e 1st gu 4sg l93 C F - A
P hlla B a lt & W 1st g 4 s . . 1942 M -N
Sod B a y & S ou 1st g 5 s . .1 9 2 4 J - J
S u n b u ry & Lew is 1st g 4s 1936 J - J
U N J K R & C an gen 4 s . 1944 M -S
Penna Co guar 1st g4 M s ___ 1921 J - J
R e g istered _______________ 1921 J - J
Guar 3 Ms coll trust r e g . .1 9 3 7 M -S
G u ar 3 Ms coll trust ser B .1941 F - A
T ru st Co certfs gu g 3 M s . 1916 M -N
G u ar 3 M s tru st ctfs C . _ 1942 J - D
Guar 3 Ms tru st ctfs D
1944 J -D
Guar 1 5 -2 5 year g 4 s _____1931 A -O
Cln L e b & N o r gu 4s g
.1 9 4 2 M -N
Cl & M ar 1st gu g 4 M s l .1 9 3 5 M -N
Cl * P gen g u g 4 M s ser A 1942 J - J
Scries B __________________ 1942 A - 0
In t redu ced to 3 M s .1 9 4 2 A - 0
Series C 3 M s ____________ 1948 M -N
Series D 3 M s _________
1950 F - A
E ric & P itts gu g 3 M s B .1 9 4 0 J - J
Series C __________________ 1940 J - J
Gr R & I ex 1st gu g 4 M s . 1941 J - J
P itts F t W * C 1st 7 s . . .1 9 1 2 J - J
2d 7 s .............. ...........................1912 J - J
3 d 7 s .....................................ft 1912 A -O
P itts Y & A sh 1st eon 5 s . 1927 M -N
T o l W V & O gu 4 M s A . .1 9 3 1 J - J
Series B 4 M s . . .............. 1933 J - J
Series C 4 s _______________ 1942 M -S
P C C & St L gu 4 M s A . .1 9 4 0 A -O
Series B g u a r.......................1042 A -O
Series C g u a r....................... 1942 M -N
Scries D 4s gu ar_______ 1945 M -N
.S e ries B 3 M s guar g ___ 1949 F - A
Series F gu 4s g _________ 1953 J -D
Series G 4s g u a r _______ 1957 M -N
C S t L & P 1st con g 5 s . .1 9 3 2 A - 0
'co * . P ek U n 1st g 63_____ 1921 Q - F
2d gold 4 M s ............................61921 M -N
ere M arq u ette— R e f 4 s . . . 1955 J - J
R e fu n d in g guar 4 s _______ 1955 J - J
Ch * W i l 5 s ..........................1921 J - D
F lin t & P M g 6s .................... 1920 A - 0
1st consol gold 5 s______ 1939 M -N
P t H u ro n D lv 1st g 5 s . 1939 A - 0
S ag T u s & II 1st gu g 4 s . 1931 F - A
J -J
A -0
1st consol g o ld 5 s _________ 1943 J - J
J -J
t- R e g is t e r e d _______________ 1997 J - J
Jersey C ent coll g 4 s _____ 19 5 1 A -O
A tla n C ity gu 4s g ________ 1951 J - J
t J o & Gr Isl 1st g 4 s _____ 1947 J - J
t L & San Fran gen g 6s . .1 9 3 1 J - J
General gold 5 s ____________ 1931 J - J
S t L & S F R R cons g 4 3 .1 9 9 6 J - J
Gen 15 -2 0 y r 5 s ___
1927 M -N
S outhw D lv 1st g 5 s . .1 9 4 7 A - 0
R efun ding g 4 s _________ 1951 J - J
R e g istered ............
19 5 1 J - J
V}
S
r/cek’ i
Range or
Last Pali
Law
Range
S'nce
January l
High
Low High
9934
100
083.)
9834
91 N o v ’ l l
. ----- 9(l‘g
10034101
003,
101
9712 97*4 971.
98
10Ul2 J ’ly 'l l
99 IOOI3
98*4 98*4
89*4 92*8
9712 10112
97 10012
10012 10012
943S A u g ’ l l
_____93 lj
92 N o v ’ l l
94
94 <8 94U
9434
1317s Sale 1311.
132
*99 _____ 99 O c t ’ l l
931?
93
93i£ 9312
1131s J ’n e ’ l l
I02i a _____ 107 A u g ’09
9314 94*8
92
9413
89 10012
12634 134*4
99
99
9212 93*4
11318 1131a
997s 100
9912
______________
------- 868s 87 M a y 'l l
9438 943 j 95
95
9314O c t ’ ll
_____93
9H 4 A u g ’ l l
ioiT2 : : : : 10212 O c t ’ l l
1227)) . . . . I23I4
12314
12414____ 124 S ep ’ l l
12312 1245s 1231. O ct '11
981S 983j 98*4
99
9714
98 Jan ’ l l
9314 94
9312
93i2
H ois Sale 109
IIOI4
91
93
93
93
10-il2
10412 O c t ‘ 11
98 1011? 9712
98
IOOI3 Sale 997s
1001s
9913 997fj 99
99
69&8 Sale 6958
697j!
68
6S1» 681. N o v ’ l l
------- 9 7 ' 98 S ep ’ l l
f 9 9 ' F e b 'l o
1 1 5 * s N o v .ll
,11538 A u g ’ l l
110 J ’ ne TO
10114. . .
10234 J ’ n c ’ l l
92 _____ 96l2 A p r TO
89 _____ Oils A p r ’ l l
IIH 4 II H 2 l l l i 2 O ct ’ l l
10434 10514 J05
10512
100 _____ 100I2 N o v T1
108 J ’n e ’ l l
102 1023.) 102
102
9912' 9934 9912
991
97 Sale 96<8
97
OOLSep ’ l l
1025s
102 1021 10212
995s 10014 9978 A p r ’ l l
100 . . .
IOG3 102 1015s
102
1151.1
102
841g 87
I 97
93L 941*
944
9U 4 92*8
10212 1031j
1231) 12434
124 127
12312 125
9712 99*4
98
98
9112 94
IOOUHOI4
88*8
2
964
93
1041 1041|
I 98
98*8 100*4
98
68
68
96
99U
7U S
6912
98
11538 116*4
115*8 115*8
102*4 102*4
9118 911s
111 11U 2
105 108
1001* 102
108 ” 108
102 103I2
98*4 9912
951$ 97U
96la 97
102 104ls
997S IUOI4
10Ug 1021j
Jan '03
97
------- 10212 1051s M a y ‘ 10
1037S Sale 10334
10334
1027g M eh ’ l l
88 _____ 90 A u g ’ 10
88
89
SSSjJTy ’ l l
9734 _____ 98
98
------- 90
87 A u g TO
8S12 . . .
88 S ep ’ l l
98 N o v ’ l l
9612 971j 96l4 J ’ly ’ l l
10312 _____ 110 Jan ’05
10618_____ 110*4 Jan '09
1O01S _____ 10934 J ’ly '09
91t4 . —
9H 4 — _ 96 A u g '09
9114 ____
90 M a y ’08
'JOI3 ____
90i2 A p r ' l l
90lS _____ 98*4 A p r '04
105 S ep ’ l l
_____105
10134 _____ 101*4 N o v ’ l l
10134____ 1037s F e b ’ l l
101 _____ 10134 Sep ' l l
10712 _____ T09 M a y TO
101 _____ J03 A u g '07
101 _____ TOO J 'ly TO
94 _____
10658 107 IO6I4 N 0V T I
105 107 |10G12 N o v ’ U
1051$_____ 106 J ’n e ’ l l
97 _____ 985s D e c TO
923s 94
93’-s A u g ' l l
077S A u g ’ l l
98 O c t ’ l l
99 H U
1155s____ 11312 N o v ’ l l
109 M a y ’ l l
: : : : l o o ' 93i2 Jan ’ l l
65 ____
68 N o v ’ l l
C7l2 N o v ’ l l
995a ____ 100U A p r ’ l l
U 0 1 s ll0 l4 11918 O c t '11
103 M e h ’ l l
_____101
98 A u g '11
9S12 102
_____90
84
8734 86*8O c t ’ l l
I I 3I4 Sale U314
11314
9378 J ’ly ’97
98i4 Sale 981)
981.
9714 ____
9718 O c t '11
98
9812 98U
OS14
8 T03I4 10-113
1027s 1027S
88 ‘ ’ § 9 "
97
9S*a
'88 ' '88 ‘
97*4 99
96
9GU
9012 91
___BT04I4 105
. . J 1OIS4 104
...| 1 0 3 7 8 1037S
IOW4 101*4
__ 1)105*8 10734
. . .| l 0 5 1 . 10734
...R IO S 106
*91**1 "oMa
977g 977S
98
995g
113 1131a
109 109
9312 9313
66
7634
..
67
7638
1001s 1007a
--[Jl0934 11034
-tflO O 103
98 103*s
84
88
5 l l l 2 1 2 11314
96ff 96*4 9S12
971g 97*4
SfT 98
98*4
87 N o v ’ l l
4 GO
S618 89
11858 1191s ill 8*4 O c t '11 — .1118 1191s
7 ,107 108
IO7I4 10814 10714
IO7I4
'9 0
91
88
91*4 90 Sep ’ l l
£51. 90
8S*s Sale 8SI4
SS12
100 10112
9812 _____ 100 O ct ’ l l
1 77
83
80i» Sale 80ls
80*4
8034 Meh ’ l l
S0*.i 80*4
M I S C E L L A N E O U S B O N D S — Con tin ued on Ne xt Page.
(las an d Electric Ligh t
K in g s Co E l L & P g 5 s _____ 1937
P urchase m on ey 6s ________ 1997
C onvertible d eb 0s ............... 1922
E d E l II B kn 1st con g 48.1939
L a e G as I. o f S t L 1st g 5s . .* 1 9 1 9
R e f and e x t 1st g 5 s ______ 1934
M ilw au kee G as L 1st 4 s _____ 1927
N ew ark Con G as g 5 s ________1948
N Y G K L H & I> g 5 s ____ 1948
P urchase m on ey g i s _____1 949
E d E l 111 1st cons g 5 s . . . 1 9 9 5
N Y & Q E l L & P l s t c o n g 5 S .1 9 3 0
N Y & Rich G as 1st g 5 s . . . 1921
P acific G & E l Co Cal G & E
Corp u nifyin g & ret 5 s . .1 9 3 7
P a t & P assaic Q & E 5 s _____1949
A -0
A -0
M -S
J-J
Q -F
A -O
M -N
J -D
J -D
F -A
J -J
F -A
M -N
M -N
M -S
105 Sale
114 110
116 t2 11712
88*4_____
10278 Sale
IUU4 Sale
90
9Hs
104*4____
103*4 Sale
89*8 Sale
1 1 2 5 s ....
1 0 0 1 ._____
94
95
10112 _ . _
•N o price F rid ay; latest b id an d ask ed ,
G as an d E lectric L igh t
Peo Gas <& C 1st c o n g Cs___ 1943
R efun d ing g o ld 5 s ........... .1 9 4 7
R e g istered ......... ...................1947
*8812 O c t ’ l l
Ch G -L & Cke l s t g u g 5 s . 1937
8714 90
102*4
1027S * " 3 102 104
Con G Co of C h 1st gu g 5s 1936
In d N a t G as tc Oil 3 0 -y r 5s ’30
101L
10 U4
1 100 103
M u Fuel G as 1st gu g 5 s . .1 9 4 7
90 O c t ’ l l . . . .
90
91
R e g istered ............................ 1 9 47
1031. O c t ’ l l
100l4 104
10 ja4
101
1 1 IOU4 104% Philadelphia Co c on v 5 s ___ 1919
887S
S95jj Syracuse L igh tin g 1st g 5 s . 1951
89*s
41 87
1121? O c t ’ ll ____ 111 112*., S yracu se L & P 5 s ___________ 1954
1011? M a y ’ ll ____ 100 101% Tren ton G & E 1st g 5 s _____1949
Union E lec L & P 1st g 5 s . .1 9 3 2
97U J ’ly ’09 —
—
—
R ef & e x t 5 s ............................ 1933
U tica E l L & P 1st g 5 s _____1950
04%
95
6 01*.j 06
U tica G as 4: E ref 5 s .............. 19 57
W e stch e ste r L lg h t 'g g 5 s ___ 1850
105
116
a Due Jan.
IO5I4
116
42 10U 2 106
4 113*4 117
6 D uo F e b .
# Duo M a y .
gD u e
J u n e,
ft D u e J u ly .-
A -O
M -S
M -S
J-J
J -I)
M -N
M -N
M -N
F -A
J -D
J-J
Al-S
M -S
M -N
J-J
J-J
J-D
115!2 1 18!£,1 17 O c t ’ l l
_____102l4 1023s N o v ’ l l
103 F e b ’09
103 Sale 103
103
102 IO2I4 102 N o v ’ l l
90 M e h ’ l l
IOH3 A u g ’ l l
_____109
9934 101
_____ 815£
102 _____
10012 ____
9012 _____
102 _____
100 ____
10412 Sale
pDue
N ov.
..*116 18 1191*
-H .101*s 102*4
4(1102*4 10378
_.R 101 102
90
91*8
10012 10Us
1 1 6* J ’ n e 'I i I l l l l f t o i '
93 A u g TO
81 J ’ n e ’ l l
81
109 F e b *01
8819812 Sep ’ l l
93
96>2 N o v ’ l l
99i2 J ’ly ’ l l
1041j
1041* O p tio n sale,
lie '
82
100
96I2
S912 9918
104 1051j
Iiid
Week's
Range or
Last Sale
228 74% 823$
____
81% 82%
____
85% 87
____
9134 9134
—
102 103
8134
823$
8U 2 N o v ’ l l
87 O c t ’ l l
91*4 A p r ’ l l
103 M a y ’ l l
10534 A p r ’ l l
107 N o v ’ l l
104i2 O c t ’ l l
109 M a y ’ l l
_
9212 925$ 9214
9012 917$ 9 U 2 N o v ’ l l
975$
97 Sale 967s
967S
9714
967$ 97
96
9612 97 F e b ’ H
901
90ig 90 l2 90l2
9212 Sale 92 l2
921
10712 10734 10734 N o v ’ l
104 _____ 103 M a y ’ l l
104 _____ 105 J ’n e ’ l l
104 _____ 104l2 A u g ’ l l
10934110 1095$ A u g ’ l l
10812 110!8 107i2 S ep ’ l l
9453 96
95 N o v ’ l l
112 ____
106 107 108
103
11212 _____ 1121
10934 _____ 111
____
____
____
—
10534
101
104
109
1063$
107
105
109
13
—
222
02
90%
90
94%
98
937$
91%
100
97%
90
91%
106%
. . . . 103
___ _ 105
. . . . 104%
. . . . 109%
. . . . 107%
9334
____
6 108
112%
111
92
9334
108%
103
105%
105
11034
109%
96
5
5
108
115%
111
____
102 102
101% 102%
_____1127$ 112
101 _____102
4
IOOI4 ____
IOOI ____
1 0 9 % _____ 109
108% 109% 112
103 104% 104
92
92% 92
98% 99% 99
90% 94% 92%
87% 89% 87%
67
69% 68%
------- 77%
8934 _____
104%
85
85%
i
{
I
(
1
5
—
903$ 93%
101% 1017$
. . . . 1015.S 103
2 ?o 93% 96
24 104% 109%
105 105
481 74*4 80%
88
a 85
108 109%
* 86% 89
90%
82%
90%
82%
105%
107%
3 109%
105
107
108%
112
107
112% 114
115% 116
—
1
—
—
—
78
104
10433
71
1 103
—
—
____
—
—
—
—
—
—
—
—
—
—
4
____
—
____
—
1—
—
—
— 3
...
1
—
—
—
71
1007$
1011;
100% Sep *i:
103%
1043; 1841
22
97%
973
9534
957
45
3
114
1141
111*4 N o v T
41
94
941
....
............
78%
1057$
105
71
104%
104% 104%
106 106
107 108
108 110
94% 975$
96
90
104% 105
102 10258
10434 10578
11034 11238
95% 98
108% 108%
110 1H5S
99% 99%
Range
Since
January 1
A s i Low
High No.
97 O c t ’ l l . . . .
97% M a y 'l l
_____97%
_
93 N o v ’ l l
9 1 % ____
105% Sale 105
100% ” 30
9478 44
9438 Sale 94
98 A p r ’ l l ____
_____105
100 _____ 100 S ep ’ l l ____
____
85
83 D e c '10
5234 Sale 51
53% 808
____ 107% 10 7 % Sep ’ l l ____
*75 _____ 81% M a y ’ l l ____
2
67
67
* _____ 72
85 M a y ’ l l ____
*75
80
413,i O c t ’ l l ____
42% 43
4334 91
43 Sale 427$
23
43%
43 Sale 43
*42 % 43
1 S ep ’ l l . . . .
1%
3%
2 N o v ’ll
2
3%
8738 O c t '11 . . . .
------- 88%
Low High
Price
Friday
Nov. 24
Week's
Range or
Last Sale
Hid
F -A
M -N
J-J
[X /a b a sh 1st gold 5 s ________ 1939
2 d gold 5 s ______________1939
' D e b en tu re Series B _____ 1939
1 st lien equ ip s fd g 5 s ___ 1921
1st lien 5 0 -y r g term 4s . .1 9 5 4
1st ref an d e x t g 4 s _______ 1956
D e t & Ch E x t 1st g 5 s . . . 1 9 4 1
D e s M o ln D lv 1st g 4 s ___ 1939
O m D lv 1st g 3 H s ............... 1941
T o l & Ch D lv 1st g 4 s _____1941
V a b P itts T e r m 1st g 4 s ___ 1954
C en t & O ld Col T r Co c e r t fs -C olu m b la T r Co c tf s __________
Col T r c tfs for C ent T r c t f s . .
2 d gold 4 s ________________1954
T r u st Co certfs______________
»V
M -N
F -A
J-J
M-vS
J-J
J-J
J-J
J-J
A -0
M -S
J -D
J -D
F -A
1st 4 0 -y r gu ar 4 s ___ ______ 1945 F - A
A -0
J-J
Gen gold 4 s _______ ________ 1943
In c o m e 5 s ...............................d l 943
7heeling & L E 1st g 5s . . . 1 9 2 6
W h e e l D lv 1st gold 5 s ___ 1928
E x t e n & Im p gold 5 s _____1930
R R 1st consol 4 s _________ 1949
2 0 -y e a r equip s f 5 s ___ 1922
A -O
Nov
A -0
J-J
F -A
M -S
J-J
J-J
J-J
1st & refu nd ing 4 s _______ 1959 A -O
MUw & L W in n e b a g o 6 3 .19 12 J - J
S u p & D u l d lv & term 1st 4s ’ 36 M -N
88
88 Sale 8773
109 1093j 10934 N o v ’ l l
88% . . . . 88% O c t ’ l l
34 F e b '07
1 0 3 % ____ 104% A u g ’ l l
102% N o v ’ l l
_____104
_____103
102 J ’n e '1 0
84% 85
85
85
98% 100% 98% F e b ’ l l
95 M a y ’ l l
------- 95
9278 Sale 9234
93
92%
92%
92%
92%
97
97
9634 97%
90
93
105 110
94 101
98
98
100 104
47
107%
81
67
85
41%
39%
39%
71%
108%
81%
7 534
85
49*4
50
50
1
7%
%
8
87*3 90
81 86
88%
. . . . 109% 110%
....
88% 88*4
....
....
10334 105
102% 10434
34
____
82
86
98% 99%
94
95
92% 933$
” 33
1
917$ 93
M an uf act uri ng an d Industrial
J -J
A -0
R e g iste r e d _______ _________ 1928 A - 0
Q -F
D eb entu re 5 s _______________1931 M -N
M -S
A -0
F -A
M -S
J-J
10912 1127$ 116
9012 ____
90
_____9 II4
10034 _____
101% M a y ’ l l
9478 Sale 9473
951;
108 Sale 108
1081
105 S ep T
793
79i2 Sale 79%
8534
853,
85l2 88
103 _____ 108 O c t ’ l l
875$ 883., 87%
108 110
8S12 90%
82I4 823j
70 _____
105l2 ____
1077$------.
110%
11034 h i i 2 11073
10412 ____
65
6212 72
1131S H 35S
114 116
104 _____
7S
78 _____ 78
10334 _____ 104 l
103 ------- 047S !
72 _____ 71 \
103% 104 10333
105 107% 112 (
1 0 3 U _____ 104% ,
105 _____ 100 J
1 0 5 % _____ 105 ,
107 _____
107 _____
97
97%
94 _____ 96
_____105
101 105
1057$------112 % ____ 112
95
90%
105 _____
1107S Sale 11034
70 1
45
65
100 _____
101 Sale
_____100%
10338 Sale
97% Sale
95% 957s
11338 113%
111 111%
943$ Sale
106 _____
91 _____
Y . STOCK
EXCHANGE
W e e k E n d in g N o v . 2 4 .
High: No. Low High
Ask Low
_ _ 116 118
117 118 1 1 7 % N o v ’ l l
8 0 l2 28 77% 81
7 £»,, Sale 7934
79 S ep ’ 10
10014 D e c ’09
97% 99%
99% 9912 99 N o v ’ l l
2 897$ 92%
91%
9 U 2 917$ 9 U 2
78
83
80 O c t ’ l l
80
82
81 76% 81%
7978 Sale V953
80
95 _____ 10H8 A p r ’07
14 86
88%
8734
8734 Sale 87l2
99 _____ 104 O c t ’09
853$ 87%
8712 O c t ’ l l
88l2 133 8434 88
87*2 S8i2 875$
82U Sale
81i2 82%
88 _____
9214 98
1003s_____
103 . .
10512 _____
107 _____
10434 ------10512 _____
B O N DS
Range
N.
Since
January 1
[V O L. LXXX X III.
|Bonds
j Sold
! S t L & S an Fran (Con)
K C F t S & M con g 63. . 1 9 2 8 M -N
K C F t S & M R y r e f g 4 s ,1 9 3 6 A - 0
R e g iste r e d _______________ 1938 A - 0
K C & M R & B 1st gu 5 s . 1929 A - 0
O zark & Ch C 1st gu 5s g .1 9 1 3 A - 0
■S t L S W 1st g 4 s bd c t ls ._ 1 9 8 9 M -N
.
2 d g 4s Inc bon d c tfs _____j>1989 J - J
■ C onsol gold 4 s . ...................... 1932 J -D
G r a y ’s F t T e r 1st gu g 5 s . 1947 J - D
i S A & A P ass 1st gu g 4 s ___ 1943 J - J
j S F 4 N P 1st sin k f g 5 S ..1 9 1 9 J - J
: S eab oard A ir L in e g 4 s _____ 1950 A -O
G old 4s sta m p e d ___________ 1950 A -O
R e g istered __________________ 19 50 A -O
A d ju stm e n t 5 s ___________o l 949 F - A
R efu n d in g 4 s ......................... 1959 A - 0
A tl-B lr m 3 0 -y r 1st g 4 s .e l 9 3 3 M -S
Car C ent 1st c o n g 4 s _____1949 J - J
F la Cen & Pen 1st g 5 s ___ 19 18 J - J
1st land gr e x t g 5 s_____ 1930 J - J
C onsol gold 5 s ___________ 1943 J - J
G a & A la R y 1 st con 5s . o l 945 J - J
Ga Car & N o 1st gu g 5 s . 1929 J - J
S eab & R o a 1st 5 s ________ 1926 J - J
S outhern P acific Co—
G old 43 (Cent P ac coll) -fc l9 4 9 J - D
R e gistered ______________fcl949 J - D
20 -y e a r c on v 4 s ___________t/1029 M -S
C en t P ac 1st ref gu g 4s . .1 9 4 9 F - A
R e g i s t e r e d ______________ 1949 F - A
M o rt guar gold 3 H s ..f c l 9 2 9 J -D
T h rou gh S t L 1st gu 4s . 1954 A -O
G H & S A M & P 1st 5 s . 1931 M -N
Gila V G & N 1st gu g 5s . 1924 M -N
H o u s E & W T 1st g 5 s . .1 9 3 3 M -N
1st guar 5s r e d _________ 1933 M -N
H & T C 1st g 5s ln t g u _ _ 1 9 3 7 J - J
C onsol g 6s ln t g u a r__1912 A - 0
Gen gold 4s ln t g u a r ..1 9 2 1 A -O
W a c o & N W d lv 1st g 6s ’ 30 M -N
A & N W 1st gu g 5 s _____ 1941 J - J
M o rg a n ’s L a & T 1st 7 s __1918 A-C)
1st gold 6s _______________ 1 9 2 0 J - J
N Y T e x & M g u 4s g _____1912 A -O
■ N o o f Cal guar g 5 s ________ 1938 A - 0
; , O re & Cal 1st gu ar g 5 S ..1 9 2 7 J - J
S o P ac o f Cal— 6s E _____19 12 A -O
1st gold 63 F ___________ 1912 A -O
.
1st con gu ar g 5 s_______ 1937 M -N
. S o P ac C oast 1st gu 4s g .1 9 3 7 J - J
S a n F ran T e r m l 1st 4 s . . 19 50 A - 0
T e x & N O S a b D lv 1st g 6s ’ 12 M -S
C on gold 5 s ..........................1943 J - J
S o P ao R R 1st ref 4 s ............... 1955 J - J
S ou th e rn 1st con sol g 5 s___ 1994 J - J
R e g istered _______________ 1994
D e v elo p & gen 4s Ser A . 1956 u
M o b & O h io coll tr g 4 s . .1 9 3 8 M -S
M e m D lv 1st g 4 H - 5 s . _ _ 1 9 9 6 J - J
S t L ou is d lv 1st g 4 s _____ 1951 J - J
A la Cen R 1st g 6s ________ 1918 J - J
A t l & D a n v 1st g 4s _____ 1948 J - J
2 d 4 s ...............
1948 J - J
A t l & Y a d 1st g guar 4 s . .1 9 4 9 A - 0
C ol & G reenv 1st 6s ............ 1016 J - J
E T V a & G a D lv g 5 s . ...1 9 3 0 J - J
Con 1st gold 5 s ________ 1956 M -N
E T e n reor lien g 5 s ______ 1938 M -S
G a M id lan d 1st 3 s ________ 1946 A -O
G a P ac R y 1st g 6s ________ 1922 J - J
K n o x & O h io 1st g 6 s . . . 1 9 2 5 J - J
M o b & B ir prior lien g o s . 1945 J - J
M ortgage g old 4 s ____ 1945
J -J
R ic h & D an con g 6s _____ 1015 J - J
A -O
D e b 5s s ta m p e d ______ 1927
R ich ds M eek 1st g 4 s ___ 1948
M -N
S o Car & G a 1st g 5 s _____ 1919 M -N
M -S
V irgin ia M id ser C 6s ___ 1916
Series D 4 - 5 s ................... .1 9 2 1 M -S
,
Series E 5 s ........................... 1926 M -S
Series F 5 s..................
1931 M -S
General 5 s _______________ 1936 M -N
V a & S o ’ w ’ t 1st gu 5 s . 20 03 J - J
1st cons 5 0 -y e a r 5 s . .1 9 5 8 A -O
W O & W 1st c y gu 4 s . . . 1 9 2 4 F - A
W e s t N C 1st con g 6s ___ 1914 J - J
S p ok an e I n t e m a t 1st g 5 s . .1 9 5 5 J - J
r p e r A of S t L 1st g 4 H S ..1 9 3 9 A - 0
JL 1st con gold 5 s . . . 1 8 9 4 -1 9 4 4 F - A
Gen refund s f g 4 s ________ 1953 J - J
S t L M B ge T e r gu g 5 s . . 1930 A - 0
J -D
T e x & P ac 1st g old 5 s ........ 20 00
2 d gold lno 5 s ___________ <72000 Mch
L a D lv B L 1st g 5 s ______ 1931 J - J
W M in W & N W 1st gu 5 s . ’ 30 F - A
T o l & O C 1st g 5 s .................... 1935 J - J
W e ste rn D lv 1st g 5 s _____ 1935 A - 0
General gold 5 s ____________ 1935 J -D
K a n & M 1st gu g 4 s _____ 1690 A -O
2d 20 -y e a r 5 s ____________ 1927 J - J
T o l P & W 1st g old 4 s .............1917 J - J
T o l S t L & W or lien g 3 H s .1 9 2 5 J - J
5 0 -y e a r gold 4 s ____________ 1950 A -O
Coll tr 4s g S er A ..................1917 F - A
T o r H a m & UutI 1st g 4 s _ ./i l 9 4 6 J -D
T T lste r & D e l 1st con g 5 s . . 1928 J - D
U
1st refund g 4 s _________ 1952 A - 0
U n io n P acific—
R R & land gran t gold 4 s . 1947 J - J
R e g istered ..................
1947 J - J
2 0 -y e a r c o n v 4 s ___________ 1927 J - J
1st & ref 4 s _______________(720 08 M -S
O re R y & N a v con g 4 s . .1 9 4 6 J -D
r Ore S hort L in e 1st g 6s . . 1922 F - A
1st consol g 5 s ___ _______ 1946 J - J
G u ar refu nd 4 s _________ 1929 J - D
U ta h & N o r gold 5 s ____ 1926 J - J
1st ex ten d ed 4 s ________ 1933 J -
Price
Friday
Nov. 24
Interest
Period
S ’??
Y . STOCK
EXCHANGE
W e e k E n d in g N o v . 2 4 .
\ Sold
RONDS
■N .
i Bonds
New York Bond Record— Concluded— Page 4
1448
A -0
R e g iste r e d ........... ....................1 9 4 4 A - 0
Certificates o f d ep o sit_________
G old 4 s . . . .........................
1951
F -A
R e g istered _______________ 1951 F - A
Certificates o f d ep o sit...........
jf-j"
M -N
J-J
R e g istered ________________ 1 1051
1 st 2 5 -y e a r s f 5 s.................I l 9 3 4
1 0 -y r g d eb 5s_________
1917
e n ’l M otors 1st lien 6 s _____ 1915
_.l Steel n on -con v deb 5 s . . 1913
In gersoll-R an d 1st e 5 s ___ 51 9 3 5
R egistered ........................... q l0 3 5
it P aper Co 1st con g 6 s . .1 9 1 8
Consol c o n v s f g 5 s ______ 1935
ln t S t P u m p 1st s f 5 s ______ 1929
R e g istered __________________ 1929
L ack aw Steel 1st g 5 s ________ 1923
1st con 5s Series A ________ 1950
5-year convertible 5 s_____ 1915
N a t E n a m & S tp g 1st 5 s ____1929
N Y A ir B rake 1st conv 6 s . 1928
R y Steel S p gs 1st s f 5s_____ 1921
R e p u b 1 & S ls t& c o l tr 5 s . 1934
1 0 -3 0 -y e a r 5s s f ............
1940
Standard M illing 1st 5s
Phe T e x a s Co con v deb 6 s . 1 1931
U n ion B a g & P aper 1 st 5s
1930
S t a m p e d ----------- ----------------- 1930
U S L c a th Co s f deb g 6 s . . . 1913
U S R e a lty & I conv deb g 5 s . ’24
U S R e d & R e fg 1st g 6 s . . . 1931
U S R u b b er 1 0 -y r coll tr 0 s . 1918
R e g istered _____________ . 1918
U S S teel Corp— ( c o u p ___ d l9 6 3
S f 1 0 -6 0 -y r 5 s j r e g _____eU903
V a-C ar C hcm 1st 1 5 -y r 5 s . . 1923
W e s t E lectric 1st 5s D ec 1922
W e stin gh ou sc E & M s f 5 s . 1931
10 -y e a r coll tr n otes 5 s . .1 9 1 7
10834 110%
___ _____
101% 104
90
92
90% 99
Telegrap h & Telephone
90
94
A m T c lep & T e l coll tr 4 s . .1 9 2 9
C onvertible 4 s ..........................1936
87% 89%
67
747g Chicago Telep h o n e 1st 5 s . .1 9 2 3
75% 81% C om m ercial Cable 1st g 4 s . 2 3 97
87
90%
R e g istered ................................. 2 3 97
105 100
K e y sto n e T elep hone 1st 5 s . 1935
85% 85% M etropol T e l A T e l I s t s f 5 s l 9 1 8
M ich S ta te T elcp 1st 5 s _____1924
100 102% N Y A N J T elep hone 5s g .1 9 2 0
99% 10078 N Y T elep 1st A gen s f 4 H s 1939
100 110% P ac T e l A T e l 1st 5 s _________ 1937
9534 98%
R e gistered ................................. 1937
93% 97% W e s t U n ion col tr cur 5 s ___ 1938
113 115%
F d an d real est g 4 H s ___ 1950
109% 114%
C onv 4 s. series A _________ 1936
92% 95
R e gistered ______ _________1936
108 108
M u t U n T el gu e x t 5 s ___ 1941
N
orth
w est T el gu 4 M s g .1 9 3 4
....................
A -O
F -A
F -A
M -N
M -N
A -O
A -0
J -D
F -A
J -D
A -0
A -O
J -J
J -J
F -A
J-J
M -S
M -S
A -O
M -S
A l-S
J -D
M -N
69*4 Sale 59%
102 Sale 102
6078
102
47 55% 79
14 101 1025$
9734 983, 0734
9734
7
5
95 Sale 95
95
4
98%
98%
98% 99
2
75 Sale 75
75
34
10134 103 10234
103
100 102 101 O c t ’ l l . . . .
92% 937s 9234 O c t ’ l l ____
117% 518
116 Sale 116
117% N o v ’ l l ____
2S2
1167s
117
907s 304
903$ Sale 9038
10
90%
90%
9078 124
90% Sale 90%
2
8S34 89% 883.1
89
1 0 3 % ____ 103% N o v ' l l ____
31
94%
9334 94% 93*4
77
96*4 Sale 965$
967$
*96 % 91% 91 N o v ’ l l ____
57 N o v '07
2
9634
95
9034 96*4
3
96
96% 963S 96
96% 97
96% N o v ' l l ____
21
76
77
76%
77
847$ 85% 8 5 % N o v 'l l ____
7978 82% 82 J ’n e ’ l l ____
153 N o v ’ l l ____
9834 32
98% Sale 98%
101 J ’ n e'09
95 J ’n e '0 7
A -0
J -J
M -S
90% Sale 90%
111 Sale 109%
J-J
J-J
J-J
M -N
J-J
J-J
J-D
J-D
M -N
M -N
J-D
J-J
J-J
J-D
Q -J
Q -J
J -J
M -N
F -A
M -N
M -N
J-J
J-J
M -N
M -N
M -N
M -N
J-J
96
975$
95% 97%
95% 97
703.1 SO
827$ 86%
81
82
145 167
97
99%
102 1023.) To234 N O V 'iI ____ 101 104%
84%
4 83
87
84 Sale 84
913$ 95
91% 9234 0 1 % N o v 'l l ____
6
96
96
96% 96
78% 78% 78% N o v ’ l l . . . .
8
91%
91% Sale 91%
94% 947$ 947$ O c t '11 ____
9
100
9834 99% 99%
97% 08% 9734 N o v ’ l l . . . .
10278 _____ 10278 A u g ’ l l ____
91
11
901.1 Sale 90
1
87%
87%
87% 88
95
26
90
963.) 94
94
94% 943$ N o v ’ l l ____
943.1 J ’n e ’ l l ____
94 ____
102 102% 102 N o v ’ l l ____
2
89%
89
893S 89%
70 A p r ’ l l
_____80
104 ” 29
104 Sale 103%
103% Jan '10
102% 286
102 Sale 10I78
1017S
10234
3
100%
6
100% Sale 1003$
102%
16
10238 Sale 1023$
19
931.1
93% Sale 923$
96 J ’ n o ’ l l —
A -0
A -0
M -N
90
9834
05
978$
96% 100
65
78
100 104
99% 102
92% 935$
1027$ 117%
102% 117%
1045$ 117%
797$ 93%
82% 907$
851$ 015$
8834 917$
1023$ 103%
86% 98%
95 100
81% 91%
96
99%
7834 88%
90
96
94% 95%
94 105
97
99
1027$ 103%
897$ 96
86
89
96
98
90% 95%
92
96
102 105
87% 91
70
88
10134 105
100%
100
987$
100%
90%
90
903.1
83 893$ 92%
1 1 1 % 253 104% 113%
83 N o v ’ l l ____
83
2 83%
83 %
83%
83
83 O c t ’ l l
1 103
103
102 ____ 103
6 98
100%
100 100% 100l8
103% M a y ’ l l ____ 103%
1003.1 89 983$
10034 Sale 1005$
903$ 129 97
99% Sale 99%
82
82
106%
106%
102%
1027$
95%
96
_____
_____
101 '
1 0 1 " Safe’ 1008$
971.
97% Sale 97
104% 105 104% N o v ’ l l
___________ 103 F e b ’ l l
104 J ’n e '11
9 2 % ------- 103 J ’ ly '04
” ”l9
41
____
....
____
"9 9%
94%
103
103
104
83%
84
85
104
101
103%
101
9934
103 "
98%
1045$
103
1045$
M I S C E L L A N E O U S B O N D S — Con cluded.
Coal & Iron
Bu ff A S u sq Ir o n s f 5 s_____1932 J - D
D eb entu re 5 s....................._ . a l 9 2 6
Col F A I Co gen s f g 5 s _____1943
Col Fuel gen 6s ____________ 1919
Col In d u s 1st A coll 5s g u ._ 1 9 3 4
C ons In d Coal M e 1st 5 s ___ 1935
C ons Coal of M d 1st A ref 5s 1950
G r R lv Coal A C 1st g 6 S ..A 1 9 1 9
K a n A II C A C 1st s f g 5 s .l 9 5 1
P ocah Con Collier 1st 3 f 5 8 .1 9 5 7
S t L R o ck M t A P 1st 5 s . . . 1955
T e n n Coal gen 5 s .......................1951
B lr m D lv 1st consol 6 s . .1 9 1 7
T e n n D lv 1st g 6s .............. a l9 1 7
Cah C M Co 1st gu g 63. . 1 9 2 2
Utah Fuel 1st g 5 s....................1931
V ictor Fu el 1st s f 5 s .............. 1053
Va Iro n C oal A C oke l s t g 5 s l9 4 9
M -S
F -A
A l-N
F-A
J-D
J -D
A -O
J-J
J-J
J-J
J-J
J-J
A -O
J -D
M -S
J -J
A l-S
97 F e b '11
■93"
91 N o v ’ l l
99
98 N o v ’ l l
_____ 10734 N o v ’ l l
75
S ale 74%
85 J ’ n c ’ l l
0434 9534 97 J ’n e ’ l l
1026$ A p r '06
90
99 O c t ’ l l
_____ 82
85 A p r ’ l l
80% 84% J ’ n e ’ l l
101%
i o i 103% 101%
104 1047$ 104% N o v ’ l l
104% N o v ’ l l
103 104
110 110 J an '09
97
91
98
1073j
74%
_9 4 "
86
96
96%
89
97
10734
... 4 73
85
96
II -I
97
91
102%
1073j
79%
85
97
99
84
83
100
103%
___~ 103*4
99
85
86
104%
106
105%
IIII
....
....
87% M a y ’ l l
94
94 *’
1
88%
87
91% 98
M iscellaneous
A d a m s E x coll tr g 4 s .
1948
A rm ou r A Co 1st real est 4 H s *39
B ush T erm in al 1st 4 s . . . . 1952
C onsol 5 s_________
1955
Chino Copper 1st c on v 6 s . . 1921
C o m stock T u nn el Inc 4 s .
1910
Irrigation W k s A D o f A 4 H s ’ 43
ln t M ercan M arine 4 H s ____ 1922
ln t N a vig ation 1st s f 5 s ____1929
M ge B ond (N Y ) ser 2 - 4 S . . . 1 0 6 6
Morris A Co 1st s f 4 Ha
.1 9 3 9
N Y D ock 5 0 -y r 1st g 4 s . . . 1951
N la g F alls P ow 1st 5 s ............ 1932
R efun d ing A gen 6 s _____o l9 3 2
O n tario T ran sm ission 5 s ____19 45
P u b S erv Corp N J gen 5 S . . 1 9 5 9
S t J o s S t k Y d s g 4 H s ............... 1930
W a s h W a t e r P o w 1st 5 s ____1939
87%
87% 87%
83% 91
923$
Sale 92%
913g 93%
90%
90%
92
00
93%
98%
Sale 98%
07 100%
J-J
113
113%
118%
J-J
100 113%
16 J ’n o ’ l l
16
18%
92% 95
93% N o v ' l l
02
93%
M -N
65% Sale 65% ■ 653.4
63% 68*4
A -0
82 Sale 82
82
F -A
78
82%
_____88%
89 A p r ’ l l
89
89
A -0
91
89
90*4 92
J -J
91% N o v ’ l l
90
81
8 2 % Sop ’ l l
82% 90
F -A
102 102
J - J . 100% _____ 102 A p r ’ l l
A -O
M-N _____ 05
93 Sale 03
A -0
12 02% 96%
93%
87 _____ 100% Sep '05
J-J
J - J 100 _____ 102% M c h ’ l l . . . . 102% 1021^
A l-S
J-D
A -0
87
92%
90%
98%
111%
• ? N o price F r id a y ; latest bid an d ask ed a D u e J a n dD u o A p ril e D u o M a y p D u o J u n c ftD u o J u ly ft D u o A u g o D u e O c t p D u o N o v s D u e Deo i O p t lo n s a l e
C H IC A G O S T O C K E X C H A N G E — S to c k R e c o r d — D a ily , W e e k ly a n d Y e a r ly
STOCKS—HIGHEST A N D LOWEST SALE PRICES.
Saturday
Nov 18
Monday
Nov 20
*160
190 *160
190
*1
*1
3
3
*3
5
*3
5
*29
30
♦29
80
*93
04
04
94
*95
95
96
97
33
33
*3212 3:512
11
*11
113)
11
6I4
*6
7
014
h
h
»* , h
. . . . ____ *10
19
____
____
4949
*8
812
*8
Sl2
*38
40
*38
40
l l y8
90
*300
*12814
48
*10 U2
139
*50
*73
*49
*1
*0
*4112
12412
*171
135
1(T*4
------*10314
* io h 2
5714
109
'Wednesday
Nov 22
Tuesday
Nov 21
*165
190
*1
3
*3
5
*2!)
30
*93
94
*94
95
*32
331,1
*11
113.i
*6
7
»S
3S
20
20
50
50
*8
81?
38
38
4034
41
921?
92
142 *1401129 *12015
____ *103
____ *118
1043., *104
1377s 138
12034 120l2
10014 10012 10013
1U5 195
103
*105
10.512 *105
*238
212
2
6412 6434
0;ll2
*17
20
*1712
41
9212
141112715
105
119b
1013.1
1331.1
12011001,1
198
10ai2
23*
633*
19
♦4()12
93
*140
*120
*10 U 2
*113
10U2
*137
*120
1003g
*195
105
*13.1
03 lg
*1712
4112
93
141
128
105
119
105
139
12034
1003*
200
105
2
0334
19
*40
93
*140
*127
103
*118
105
138
120*4
lOO-’g
*195
*105
*15l
037g
15
30
Nov’ l l
*93
9412
96
90
3H 2 337g
*0
7
33
h
2 112 2112
52
52
*712
Sl4
*38
40
ID s lie 8
9034 9 U4
Last Sale 300 N ov’ a
130 Sep’ 11
48
48
60
*47
50
Last Sale 1061- Sep’ l l
1051?
I l l 's 1413.4
142
1-lOla *141
53
Last Sale 51 N ov’ l l
1110014
304
74
51
H4
8
46
134
175
135
1112 115g
901- 91
7412 N ov’ 11
Oct’ a
o c t’ a
Last Sale 51
Last Sale Us
46
40
1397s 141
4514 4514
133
I3SI4
Last Sale 171 N ov’ a
13434 135
*11
ID -
134U 13514
*11
IH 4
Jan’ 11
10512 100
102 102
Last Sale 78
10P 2 105
10512
10l7g 10134 102
57
67
571g
109
109
50
A ug’ 11
41
411?
9314
93
142
129
103
*103
119
120
1051? IO0I4
1383,1 1387g
1203.) 121
1007g 100*4
200 *195
10512 10514
*134
2
G4%
635g
10
14
411?
931-
Sales
of the
Week
Shares
190 Apr’ 11
U 2 July’ l l
*105
100
*1
3
Last Sale
*3
5
*29
30
*03
04
*93
01l2
*94
95
*93
95
*32
3 3 14
3212 33
* 11
113a
a
11
*0
7
*6
7
3S
%
>2
>2
*18
*18
22
*48
*49
51
8
8
* 7 !2
81,i
+38
40
*38
40
117S
1138 1U 2
lU l 1U IH 4
90
8912 90
89!4 9035
0014
*
304 *30312 301
* ____ 301
* 1 2 8 1 4 ____ * 1 2 8 1 4 ____ *12814
48
*47
50
*47
50
*47
1051? *1041- 1051- *10412 1051? *10412
139-3 13935 11014 1401a 140U
139
53
*50
55
*50
55
*50
50
50
7411 *70
74
*70
74
*70
51
*49
51
*49
51
*49
U4
n
114
*1
114
*1
8
*6
8
*6
8
*0
45
45
45
*441- 451? *45
1251? 128
12 412 125
1301,t 131
174 *170
175 *170
175 *170
135
13 jl2 135
13334 1341? 13411034
103.4 1034
11
11
____ ____ _ ,
10334 1031,1 10312 *1031.1 101
104
1017s 10112 10134 *10 U 2 1017s * 10112
57U *561? 571? *5612 57
*5014
109
109
109
1071- 10712
*40
92U
*140
*127
___ _
....
10434
1.i 773
Friday
Nov 24
Thursday
Nov 23
93
9312
141 N ov’ a
12712N ov’ l l
*103
104
104
120
I053g 10.5l2
1427g 141
121
10073
101
200 +195
IO0I4
2
17S
6 4 *4
65
14
-------
105l2
14U 2
10U8
200
2
65*4
-------
10
145
1,045
35
25
, 855
47
70
20
10
STOCKS
C H IC A G O S T O C K
EXCHANGE
M iscellaneous
925 A m erican C an ________100
1,025
D o p r e f . . ....................166
A m erican R a d i a t o r .. 100
Do p ref______
ion
110 A m cr S h ip b u ild in g___ 106
____
D o p ref_____________ 100
330 Atncr Telcp A T e le g _____
B ooth Fisheries c o m ___
20
V otin g trust c t f ________
D o p ref__________
Cal A Chic Canal A D .1 0 0
Chic B rew ’ g & M a lt’ g _____
Do p ref_____________
171 Chic P neum atic T o o l. 100
3,895 Chicago T e lep h o n e___ 100
Chic ’iit le A T r u s t___ 100
1,901 C o m m o n w ’ th -E d lso n .lO O
75 Corn Prod R e f Co c o m ___
Do
do
p ref____
625 D iam ond M a tch ______ 100
257 Hart Sim m er & Marx pf_
60 Illinois B rick __________ 100
100
15
10
010
3,402
117
775
24
20
420
1,845
05
Highest
Lowest
R ailroad s
Chicago C ity K v
ion
C hicago A O ak P a rk .lO O
Do p r e f______
100
Ohio E le v R y s c o in .
D o p r e f______
Chic R y s part c tf ” 1” .
Chic R y s part c tf ” 2 ”
Chic R y s part c tf “ 3 ”
Chic R y s part c tf “ 4”
Chicago S u b w a y ______ 100
K a n s C ity R y A L t -.l O O
D o p ref-------------------- 100
Streets VV S ta b le C L . 1 0 0
D o p rei_____________ 100
31 M cC ru m -H ow ell C o . .1 0 0
300
Do p ref_________________
N a t'o n a l C arb on ______ 100
D o p r e f ............... ....... 100
P eop le'3 Gas L A C o k c .1 0 0
Sears-R oeb u ck c o m . .1 0 0
D o p ref_____________ 100
Sw ift & C o .........................100
T h e Q u aker O ats C o . . 100
Do p ref_____________ 100
Unit B o x B d A P C o . 100
U n ited S tates S teel c o m .
W estern S to n e ________100
Range Jot Previous
Year 1910.
Range since January 1
Lowest.
Highest, 4
185 M c h
3 l* J a n
7i2 Jan
185 Jan 11
112 J ’ne 18
8 J ’ne 16
21 J ’ly 12
85 J ’ly 19
80 A p r 29
203.J M a y 13
8 M a y l3
4*2 Mch 1
I4 N o v 14
15 Sep 25
39 Sep 26
8 N o v 22
38 N o v 2 1
190 A p r 28
1*2 J 'n c 16
6 M ch 23
30 N o v 14
94 N o v 15
101 A u g 2
3434 A u g 2
1212 A u g 3
712 A u g 3
6 M ch 1
25 F eb 23
72i2 F e b 25
1314 F eb 23
60 Jan 9
160 O ct
U 2 J ’ly
4 J ’ly
603g Sep
1U 4 Sep
8 M ay
3 M ay
2ig J ’ ne
20 A u g
69 Feb
7 J ’ly
40 J ’ly
100 Jan
36 J an
16 Jan
9ig Jan
6I4 A u g
39 Jan
7734 M ch
543g Jan
104 Jan
9 Jan 16
767$ Jan
265 Jan _
12612 M ch 9
48 N o v 8
IO6I2 Sep 6
1315g A u g 30
3 5 A p r 28
38 J ’ ne 14
60 Sep 22
4912 A p r 24
l J ’iy 20
3 l2 M ch 27
3912 Sep 22
115 Jan 25
15 H 2J a n _
113 Jan 19
934 O c t 27
78 Jan 18
9212 F e b 10
100 Sep 22
4978 S ep 26
9914 Sep 20
47 J an 18
3812 N o v 2
90 O c t 3
I I 7I4 Jan 17
123 Jan 3
100 A u g 18
117 Sep 13
101 Sep 27
12334 Sep 21
110 Sep 25
9734 S ep 25
165 M ch 7
102l2 F e b 1
H 2 Sep 12
50i2 O c t 27
14 N o v 2 3
1212 M a y 9
92 N o v 10
304
O c t 11
131 J ’ly 29
79 F e b 6
113 M a y lS
I 62I4 J ’ ne 12
5914 Alch 4
6734 M ch 9
82 Mch 21
52 F e b 2
U 4 J ’ne 7
T N ov 1
5512 F e b 23
141 N o v 2 4
17312 O c t 23
1373g J ’ly 15
15Sg J ’ne 15
78 J an 18
106 N o v 24
1033g J ’no 2
70 Jan 20
129 M a y 6
60lg A u g 2
67 Jan 3
98 F e b 2
141 N o v l 3
130 M ch 31
120 M ch 14
120 M ch 23
108,>3 J an 19
19234 Jan 31
122 M ch 11
104 J ’ne 5
198 N o v 2
107l2 J ’ ly 21
7 Jan 3
817g F e b 6
25 Jan 27
6% J ’ ne
62i2 J ’ly
240 A p r
126 J ’ly
72 F eb
107 A u g
13H4 J ’ ly
31 J ’ne
29 A u g
56 J ’ne
46 D ec
Feb
Sep
2oi2 J ’ly
110 M a y
142 A u g
IO8I2 J ’ ly
13!2 J ’ ly
7914 A p r
8212 Sep
135s J a n
S2 Jan
201 D e c
135 A p r
84i8 M a y
112 Jan
1421s M ch
43 D e c
41 D e c
74 J an
55 F e b
1 Feb
3 S ep
47 D e e
137 Jan
163 M c b
1 2 li2 Jan
2234 Jan
82 F e b
127 Jan
53 J ’ ly
9473 A u g
43l2 Mch
40 M ch
93 J ’ne
101 A u g
118 J ’ ly
104 F eb
112 F e b
103 J ’ly
148 Feb
llOlg A u g
100 D ec
155 J ’ly
101 J ’ ly
6I4 A p r
91 Alch
115 N o v
46 J an
67i2 D ec
10234 A p r
119 D eo
125 Jan
145 O c t
123 N o v
1153i Jan
18684 N o v
122 M ch
1093g J an
186 F e b
106 J an
153g Jan
15
J ’ne
263g DCO
Not! . — Ol flclal sheet n 0 longer ren orts transac tlons of less than 10 gha res.
C h icago B o n d R e c o r d
C hicago B a n k s a n d T ru st C om pa nies
!
BONDS
O n iC A S O S T O C K
EXCHANGE
Woek ending N ov, 2 4 .
OuUtandInter
est
Period
Pries
Friday
Nov. 21 .
BU
A m c r S tr a w b ’ d 1st 6s . 1911 F - A
Arrilbur A Co 4 U e ___ i »; id 1 ■ 1)
B ooth Fish Co D e b G 5s’ 17 J - J
J - J
■ Sink Pd DcbCs tr r e « . . A - O
Calum ot A S ou th Chicago
R y 1st 3 s ......................1927 F - A
Casa A v A F O (St L) 5s ’ 12 J - .1
Ohio Board of Trado 4 s l0 2 7 J - D
Chicago C16y R y 6s
1927 F - A
Ohio dbnsot B r &
J - J
Chta ©ousot Yrac 1 14s 1939 / - U
Clue A u d itoriu m Ia t5 s l0 2 9 V - A
Chicago BJcv R y 5 s __1914 J - J
Ohio JC R R 1st ,\1 ff 63.1945 u - 2
Chic N o Share Elec 63.1912 A - O
Ohio Puo Tool 1st 5 s .a l9 2 1 J - J
Ohio R y 5 s . ............. ........1 927 r - A
Cli o itys 4-53 series " A ” A - O
Cilia R ys 4 -5s series **B’ ’ J - D
Chic Rys 4-5s series " O " F - A
Chic Rys coll 6s ___ 1015 F - A
Chic R ys Fund 6 s . .191.1 P - A
.Chic R ys Tcin Ctfs 1st 5s ______
Ohio R i A P G R i s . . 2003 U - N
C ollat trust g 5s___ 1913 M - S
Chic Telephoup 5s_____1023 J - D
Co tn mon vv- Edison 5 s . 19 43 M - S
Chic Edison deb 6 3.19 13 .1 - J
1st 1; 5s_____July 192S A - O
Debenture 5s_____1920 n - s
Commonvv Elect 5sbI943 u - s
Dla M atch Con d b 3 s ,.1 9 2 0
Illinois I unnel 0s_____m s r - ' b
K a n City R y A Light
Co 5 s ________________ 1913 H - N
K n lck ’ b 'ker fee 1st 5 s .1933 A - O
Lake S t El— 1st 5 s . . . 1 9 2 6 J - J
Feb
Incom e 5s__________ 1920
M ctr \V Side El—
1st 4 s..............................1938 F - A
Extension g 4s___ .193.8 J “ J
Morris A C o.
_____1939 t - j
- S
North West El 1st 4,1 . . 1911
N orthw estern Gas L ig h t A
Coke Co 5 s __________ 1928 Q - M
Ogden (ias 5s_________ 1945 il - N
P earsan s-T aft 5 s ____ .1 9 1 o I - 1)
■1.401 ..................... .................. ’tl * S
4 .6 0s Series E ____________ M - N
4 .8 0 s Scries F____________ M - N
Pco Gas 1. A C 1st C s.194 3 A " vJ
Refunding g 53_____1947 4 1 - S
Chic Gas L A C 1st 5 s l9 3 7 J - .1
Coilsum Gas 1st 5s 1936 J - 1)
M ut’ l Fuel Gas Ist5 s l9 1 7 M - N
South Side Elev 4 H S .1 9 2 4 J - J
Sw ift A Co 1st g 5 s ___ 1914 .1 - J
U n ion El (Loop) 0 s ._ 1 9 4 5 A - 0
U n ited B o x Board col 6s’ 2G
General intgo 6s
J - J
W e ste rn E lec Co 5s___ 1922 J - J
Week's
Ranis or
Last Sale
Ask Low
....
....
....
....
100l2
92i4
100
100
9S12
n'ds
Sold
Range
for
Year 1911
High No. Low
Jan’ 11
O o f 11
Mch’ It . . . .
Mch’ l l
Apr’ 11 . . . .
High
100t2 10012
0U 2 93*8
99's 100
90
100
981s 99
NAM E
Slock
(t>
5100,000
C alu m et N a tio n a l______
600.000
Chicago C it y _____________
C onti’ tal A C om m N a t . 21,500,000
Corn E xc h a n g e N ational 3.000,000
200,000
200,000
D rexel S t a t e _____________
600,000
D rovers’ Den N a t io n a l.
E nglew ood S t a t e .
200.000
First N a tio n a l__________ 10.000.000
150.000
First N a t E n g l e w o o d ..
Forem an B ros B ’ k’ g C o . 1, 000,000
F ort Dearborn N ational 2.000,000
1.500,000
H ibernian B ’ k’ g A s s ’ n . .
500,000
K ospar S ta te B a n k _____
200.000
Lake View State_______. . .
1. 000.000
L a Salle S t N a tio n a l___
1.250.000
300,000
rM onroo N a tio n a l______
N at B an k ot R e p u b lic .. 2,000,000
N ation al C it y ____________ 2,000,000
N ation al P r o d u c e ______
250.000
200,000
N orth A v en u e S ta t e ___
50,000
N orth S ide S ta te S a v ’ gs
200.000
N orth W e s t S t a t e ______
300,000
P eople’ s S tk Y d s S t a t e .
500.000
Pralrlo S t a t e _____________
400.000
S e c u r i t y _________________
200,000
South Chicago S a v in g s .
200,000
S ou th S ide S t a t e _______
S ta te B an k of C h ic a g o . 1,500,000
250,000
S tock Y a rd s S a v in g s___
600.000
Union B an k o f C h ic a g o .
100,000
W a sh in g to n P ark N a t ’l
60,000
W en d ell S t a t e __________
ruO entral T r Co ot 111.. 2,000,000
Chicago S a v B k A T r . _ 1 .000,000
Chicago T itle A T r u s t . . 5. 000,000
60.000
C itizens T ru st A S avings
600,000
C olonial T ru st A S avin g
C ont A C om m T r A S av 3.000.000
200,000
D rovcrs’ T ru st A S avln g s
First T ru st A S a v i n g s .. 2,500,000
F t.D earb orn T r A S a v Bk
250,000
G re cn b au m S on s B k A T r 1,500,000
200,000
Guaranteo T ru st A S a v .
H arris T ru st A S a v in g s . 1,500.000
Homo Bank & Trust____
300,000
Illinois T ru st A S avin gs 5, 000.000
K enw oo d T ru st A S avgs
200.000
200,000
L ak e View T r u s tA S a v g s
M erch ants’ L oan A T r Co 3.000,000
^M etrop olitan T r A S a v
750,000
M ichigan A v e T r C o . . .
200.000
M id -C ity T r A S a v B k .
500,000
N orthern T ru st C o _____ 1,500,000
N o r th -W e ste r n T r A S a v
250,000
200.000
Old Colony Tr A Sav Bank
600.000
People’ s T r A S a v B k ._
300,000
P ullm an T ru st A S a v g s .
200,000
Sheridan T r A S a v B an k
S tan d ard T r A S a v in g s . 1.000,000
200,000
S tock m en ’ s T r u st A Sav
1, 200.000
U nion T ru st C o _________
W e s t ’ n T ru st A S avings 1,250,000
200,000
W e st S ide T r A S a v B a n k
200,000
W o o d la w n T r A S a v B a n k
Surplus
and
Proflu
In
In
<r>
1909
1910
*52 .216
266,453
8,694,826
6,753,052
Dividend Record
Per
iod
An
j-j
Q-J
12
16
Q-J
Beg. b us May 31 *1
9
8
Q-J
Q-J
10
10
0
6
Q-J
12]
12] Q-M
Q-M
10
10
Prlv
8
Q-J
3
3+2
Q-J
10
1 0 + 1 5 J-J
Beg. b ua Apr S ’ l l
Beg. b us. Ma y ‘ 10
Q - ll
10
10
4
i
Q-F
8
8
Q-J
6
6
Q-J
3
4
Q-J
Q-J
b
6
Q-J
4
Q-J
7
Q-J
6
Q -M
e
4)5 Q-J
6
Q-J
6
Q-J
1H
12
12
Q-J
Q -M
8
8
6
6
M-N
Seo V. 90, p. 159
None None Q -ll
7
m Q-J
8
6
Q-J
6
7 H Q-J
Q-J
0
4
S+2
8+2
Q-J
a
10
0
10
Last Paid,
%
lan ’ l l , 6
July ’ l l , 5
Oct ’ l l , 21*
Oct ’ l l , 4
l.V .9 2 ,p l5 3 8
Oct ’ l l , 112
Oct ’ l l , 21a
Oct ’ l l . 134
Sep 30’ l l,3 u
3cp30’ 11,212
45,712
445 639
49,904
11 482,306
193 999
"is
102 "3 1031s
j i o 2^
633,745
Oct *11, 2
604,039
....
1,119,812
July ’ l l , 2
____
July ’ l l , 5
19,465
....
V .92 ,p . 1004
97 -lg 997s
6,062
t 93
—
V .90, p.1277
....
266,756
......................
Sep 30’ ll,2lj>
551,741
___
O ct’ 11
87U 91
64,814
f 90
Nov ‘ 11, 1
10013
23
flOOig
1 301.599
Oct ’ 1 1 ,2
97*8 IOOI4
19473
N ov’ l l
93l8 9512
497 151
Oc* ’ l l , 1I2
897g
64
90
821g 90
90,104
Oct ’ l l . l l 2
Sep’ l 1 . . . .
91
90
91
Oct ’ l l , 1*4
70,360
1003S
100l2
10
9933 10078
34,486
Oct ’ l l , 112
Jan’ ir
100 100
33,712
Oct ’ l l , II4
N ov’ l l
97*4 100
127,782
Oct ’ l l , 212
Aug'08
72,028
Oct ’ l l , l l 2
_ „
327,429
July’08
Oct ’ l l , U 2
2 102
10213
98,000
10312
Oct ‘ 1 1 ,2
1025g
13,066
Oct ’ 11. 112
103
61 100I2 IO3I3
103
2,021,601
Oct '1 1 , 3
N ov’ 10
191,171
Sep 30’ 11J 2
100 100
Fob’ l l ____
N ov ’ l l ; 3
138,300
Aug’09 . . . .
100*4 1027X
7,814
1 10212
N ov’ l l
44 103U 10734
11,686
107
107
Dcc31’ 08;i1*
Dcc’OS —
Oct ’ l l , 2
994,956
—
......................
Oct ' l l ; l l i
221,679
Oct '1 1 ; 2
96*3 973d
tso i2 01
97*4 M a y 'll —
(1,810,642
May’ l l
9734 100
Oct ' l l , 21f
100
12,928
6
8718712 Sale
87I2
77
89l2
Oct 'I I I 21j
471,635
May'05
16
881,739
8
146,540
8
Q-J Oct ' l l ; 2 lj
10
Sale
8514
85 l2
82lg 80*4
3.772,432
12
Q-M 8ep30' 11,4
16
„ ? 5.'2
2
81*3
78lg 82?8
t 81U 81*4
81*3
1,082 Beg, l) us. Apr 3’ 11 V. 92. p. 929
t 90i8 9 U4 90is Nov 11 . . . .
8934 91*.
79,709
Q-J Oct '11J 21|
July’ l l —
—
—
100
96i8 100
Z28.100 Incorp orated 1908 V .87.p . 1138
1,825,537
9 K 11+5
Q-J Oct '1 1 , 3
995S Oot’ l l . . . .
t 9 9 l2 10012
9912 100
56,558 Beg. b us Apr l o ’ l 1V.92.P. 1004
95
N ov’ l l . . . .
0412 05192
95
9,303,969 16 + 4 1 6 + 4
g Oct ’ l l , 3
100*8 Mch’09 . . . .
9812 . . . .
61,192
6« 7 + 1 M Q-J Oct '1 1 . 1*4
95
-----96i2 Mch’ 10 . . . .
54,439
6
6 X Q-J Oct '11, ll|
96
....
97
Feb'10 ____
12
12
6,328,809
Q-J Oct '11. 4
97l2 —
260,413
0
0
9814 N ov’ l 1 . . . .
0814 9814
Q-J Oct ‘ 11.11*
____
....
59,951 Beg. b us. Oct 29 ‘ 1 0V 91,P .1221
1 2 U8 May'09 ____
1017S 102*g 1017S
1021.4
61,562 Com. b us. Ap rlO ’ 11V92 p l004
12 IOM4 102*4
J10314 1P1
1031,1 N ov’ l l
2,618,071
8
8
1027g 1031Q-J Sep30 *11 ,2
102Sg 10 u 2 Sep’ l l _ „ _
;102
111,221
0
1011- 102
6
J-J July ' l l , 4
1101
10U 4 101
50,153 Beg. b us J’ ne 1 ‘ 11 V .92,p. 1537
N ov’ l l ____ 101
IOII3
95l2
f 95
05
145,191 Beg. b us. Dec 1 ’ 10 V. 02, p. 98
8
9514
93
9534
t IOOI4 . . . .
IOOI4 O ct’ 11
261,300
Sep 3<y 1 1 , 2
100
IOIS3
8
8
88
27,960 Beg. b us. J’ ly
Apr’ 10 . . . .
9 V .8 9 ,p.141
.....................
t*35" "4 5 "
70
305,609
Sept 6 1910
____
60
Mch’ l l
1/43,462
50
60
6
5 H j - j July '1 1 . 3
10212 1023g N ov’ l l . . . .
1 102
1,318,707 1 8 + 2 * 8 + F Q -M 3 e p 3 0 'll,2
100*4 103
210,632
6
6
Q-J Oct ' l l , 11.
N ote. — A ccru ed Interest m u st be added to all C hicago b ond prices.
6
Q -M J u l y 'l l , 2
124,220
72,458 ” «■
V H Q-J Oct *11. 2
* IMd and asked prices; no sales were made on this day. f Sept, 1 (close ot business) for national banks and Sept. 2 (opening of business) for State Institutions. ! N o
prico Friday; latest price this week, a Due Dec. 31. 5 Due June, c Ex-stock dividend of 33 1 -3 % . I: Al*o 2 0 % fn stock, q Dividends are paid Q-J, with extra pay
ments Q-F. s In addition,the equivalent of 4 % more came from First Trust ft Savings Bank, 1 June 30 1911. u In addition, the equivalent of 1 % came from First
Trust & Savings Bank.
0 Monroe N at. Bank to be taken over by the Central Trust Co., V . 03, p. 1162.
to March 3 1 1 9 1 1 .
x Central Trust Co. and Metropolitan T r u st'
fc Savings Bank consolidated. V , 03, p. 1363. u June 8 1911. t Sept. 8 1011.
•
9914
IOU4
100
icS ij 103
103
50
93*4
9'//g
0o>2
....
0412
87
89
100
Halo
95
951?
89 7g
Sale
91.
92
Sale 100-lg
100
100
6612
681Sale
1025g
Sale 1027,3
1007g
100
1001,
10273
103
Sale
106
—
80
Juiy’ l l
Oct’09
M ay’07
103ig
Apr’04
Apr’09
Jan’06
Oct’ 11
Dec’09
....
....
9914
9914
B O S T O N S T O C K E X C H A N G E — S to ck R e c o r d , D a ily , W e e k ly and Y e a rly
SHARE PRICES—NOT PER CENTUM PRICES.
Saturday
Nov 18
Monday
Nov 20
Tuesday
Non 21
Wednesday
Nov 22
Thursday
Nov. 23.
Sales
of the
Wee*
Shares
Friday
Nov. 24.
STOCKS
BOSTON STO C K
EXCHANGE
R ailroads
10734
*10312
221*2
128*2
*215
101
*298
*12
75
*8
*5412
*162
111
*271
*12012
*158
*9U 2
*140
2112
94*2
140
1073;
1033,i
2211;
128*2
216
1013,
299
15
75
13
58
____
111
12814
160
92
145
21*x
9434
140
*210
190
*3312
107
*101
17412
*93
*162
86*2
10312
861;
10312
55
102
4*4
153.1
11734
115*2
13878
551?
1021?
4*4
153.1
1177s
110
139*8
190
____
10/
175
9334
107
1071s
*10334 104
22U 2 221if
128
128%
216 216 ,
1011? 1011?
+208 299
*12
15
*74
75
12
12
*54
53
*162
...^
*110
112
*271
...,
12G34 1263.,
* ____ 159
* ____
92
*140
145
21% 2l3j
943S 95
140% 141
M llg 141*2
*210 " . .
190
190
3312 33*f
*107
108
* 101%
1727S 170%
♦0234JS931?
*102
____
8012 801?
*10Ol2 1031;
543.1
102l2
*414
15
11734
11578
139
517£
103
434
151a
1177S
116
130%
87% 871?
8
*7*).l
15*S 15*8
8712 88
*7
8
*15
16*2
154
IOI4
9712
292
154*8
91*2
96
233
4
104
____
150
____
7334
ICO
13
1003.,
291?
30
1943s
47*?
28
643.1
1097s
155
157
10
10
0.9 100
29112 292
154
155
*91
911?
06
96
* ____ 233
*3
4
103
103
* 102t2 ____
150
150
*101
____
*7534 ------159
15912
154
IOI4
9712
29112
154
9 II4
90
231
*3
*103
* 10212
150
*101
7334
*159
*12
10034
*29
*29
194
47*4
28
64
1097s
100 100%
+29
29%
29
29
19414 19.534
47U 47%
*28
2812
6212 6312
109*3 109%
*1063.1
*10J3g
221*2
129
210
100
*298
*12
*74
* ____
*54
*162
*110
*271
127
*1 o812
* ____
*140
2134
95
1403.,
1077s
107
1037" *1033.1
221% 221%
129
129%
216 *216
101
100
299
*298
15
*12
75
*74
12 *_ _
58
*54
____ *162
112 *110
____ *271
120%
127
158
100
‘fi___
92
145 *140
2173,
217s
95
95*f
14114 141%
10773 *108% 108%
104
Last Sale
2216.x *221% 222
129b 129
129
*216
100
100
101
299
Last Sa’e
15
14%
14
75
75
75
12 * ___
12
Last Sale
5)1
_ __
Inst Sale
112
111
111
+210
190
*3312
*107
* 101%
17 338
*92%
102%
88
103%
____
190
-----108
____
1733.x
931?
102*2
88
103%
*210
190
*33%
*107
* 101%
+174*8
*92*8
102%
87%
103%
___
Last Sale
190
190
190
____ *35
40
108 *100
108
____
Last Sale
1747,3 17438 177%
93
93
93%
162% *102
88
88
88
103% 103% 103%
55%
102%
+4%
15
117%
110
139%
28
8734
*7*4
*15
55%
102%
4%
15
118%
116
1403s
28
88
8%
101»
547,3
102%
4%
15
118
110
140
55%
102%
4b,
15*3
118%
117
1413..
55
102%
4%
*15
1177s
110
141%
50
1021?
438
15%
119
117%
142
87%
*7%
*15
88%
8%
16b
88
*7%
*10
88b
8%
155
154
97R
9%
115
118
290
287
1513, 154%
91%
91*3
96%
96
233
*230
4
4
104
104
* 102%
149% 150
150%
9%
118
287
155%
91%
90
233
4%
104
163%
978
109%
290
15434
91%
9534
*230
*3
*103
* 102%
149
*100
*75%
159%
*1134
100% 100%
29%
29b
29
*28%
196% 195%
47%
47%
28
28
037g
6334
10938 109
155
1551^
!)7a 10
102
105
290
292
155
155^2
91% 91*2
90
90
*230
233
*3
4
*103
104
+102% ____
150
150
*101
____
* 7 5 % ____
159% 159%
100%
*29
29
194%
47%
28
63%
109
Last Sale
126%
158
92
145
23%
96
142
126% 126*4
159
159
Last Sale
Las Sale
22% 23
95
90
142
143
150
Last Sale
159%
13
100%
291?
30
196
48%
28
645s
109%
*75%
159%
123.,
100/3
29%
*283.,
195%
48
27%
63%
10933
103
108
1033,N ov'l 1
222
222
129% 129%
*212
217
100
100
290 N ov’ 11
14
14
*74
75
* ____
12
57
N ov’ 11
162% N ov'l 1
111
111
2 7 1 O ct’ 11
*126% 127
* ____ 159
92
Nov’ 11
135 Sep’ 11
22
22%
94% 917*
142% 143
212 Nov’ i i
*188
190
*33% 40
*100
107
102%Nov’ l 1
17 f
178%
*162
____
*87
88
* ____ 103%
55
55b
102% 1023.,
4%
4%
15% 10%
118
118
116% 110%
141% 142
2SI2 ‘2NI?
88 " 88%
8
8
*16
18
7
July'U
150
1563.,
958
9*8
115
115
287
287
155% 15.>*4
91% 91%
953.1 98
* ____ 235
4%
434
104
104
102% 102%
150
150
100% Oct’ 11
160
123d
101%
29%
30
190
49%
2734
05
1093g
159% 159%
*12
13b
10034 101
*29
2934
*28% 30
195*4 19534
49
50
2734 2734
04% 65%
____ _
iMStSale 27% N o v 'll
10734Nov’ l l
6%
5
5%
5
6%
5
5
5
412
412
5
5
4%
43,i
4%
4
3%
334
*3
31?
*3
312
37s
36% 363.1
3034 37
36% 37%
3312 34
3312 34
34% 35
047s
6312 0433
607fl 6214
03% 04%
02
64%
64
01*2 62
25% 27
2453 25
2l78 2534
245g 25
25% 20
2412 25
.10
.20
.15
.26
.30
.30
.30
.20
.20
.10
.10
.20
.39
.39
* .35
* .35
.38
.35
.35
.39 * .35
* .35
.39
:= .35
534
53.,
538
5"s
*533
*514
51"
5%
*5t4
6
5%
512
4%
4%
4
4
4%
4
3
412
4%
■1%
4
4',1
1734 1S%
17*53 17%
17% 18%
18% 181?
18% lb%
17*2 1734
51
5534
55
56 b
57
50
57
50
5312 5434
50% 57
410
393
395
405
405
405
393
393 395
405
410 Z400
1134 12
1 134 12
11
13
13
12% 12%
*10
1012 12
__ __
♦____
* ____ .03
* .03
.00
.03
Last Sale .03 N ov’ 11
57
67
58% 60
5012 57
59%
69% 59%
59
50*8 561?
5%
53,j
63.1
5%
534
*514
53s
533
*514
5%
♦■53s
1234
11*2 117s
12
1138 111;
ID s 12%
11 % 12%
11*4 111"
833
8%
8
8%
712
734
9
9%
838
734
9%
73.1
412
.,12
453
434
433
4"S 4 11io 4>%» 41>18
43A 4 1316
4*2,
29
33
33
33%
3134 33
30
30
31
313.;
2912 30
73S
8
71?
8
8b
8
8%
83S
71.x
712
8%
7*4
103.i 21%
22
2234
2 1% 223.,
22% 22-*4
19*4 191?
1012 19*2
11?
*1
1%
1
1
1
1
1%
1% l 3m
1%
1%
12
1234
934 10%
9
95.x
9
9
10% 12
10% 10's
83S
834
83.i
S3.,
9
8
8*3
8I4
8I4
8
8%
8%
3S12 391»
39% 40
40%
40
40
40
40
40
38*2 38!?
8 534 8GI4
86
80*4 80%
80*14 8f>3.j
87
80
87
86% 80%
1634 18
1834
1S34
1S34 193,
1G34 171-1
I 6I.1 17
18
18
33s
*314
333
333
338
31,s
3**10 33S
*3%
3*8
3*8
3%
*34
.99
.70
.80
1
.98
1
.99
.99 * .80
1
,99
33*4 35%
34% 35%
32% 34
81
3 U V 3034 33
27% 283.1
5%
5%
534
5
5%
*478 5
5
5
5%
5%
6*4
0
*8%
9
9
9
9%
*838
9
9
9
* 8 16io 9
734
734
8
734
7*4
7%
8
7*2
734
7*4
73.1
7*4
1%
2%
2%
2%
23S
1%
2%
2%
134
178
2%
1*3
223s
2238 2234
22% 2234
22
21
2U 4
21
22
21
21*8
*2%
23.,
2%
11"
2
*1%
2
2
2%
l 6l« 1%0
1*2
48
49
49
47
49
4312 44*4
45
45
45
43*2 431"
18
b
183,
185*
19
1734 173.1
1734 18%
19%
171*8 175s
18*8
3
3%
33j
3%
3
*2
212
*2
2%
*2
23.,
3%
7%
758
75g
7%
76,,
7%
76?
738
7BS
7%
7®S
7%
22% 24%
231.4 233s
23% 21%
21% 25
23*4 23V
24% 213.,
*434
5
534
fr*4
6%
4*2
5
5%
5
6%
0
5%
434
478
6
4%
473
4%
4%
4%
412
4*2
5
4%
2%
23a
2%
2%
*13.i
2
2
2
2I4
21,1
2%
17S
47
47
45
47
47%
47%
46
46
47
47
40% 47
97
98
100
93
07
98
96
98
94
95
94% 96
1034 12
11
11
____
*10
11
11
____ *10
*10
00
00
60
62
63
05
01
61
66
6012 611
65
15% 15%
*14*4 1434
1438 14*3
1468 15%
15% 10%
15*8 155S
* .99
1*1 * .99
* l ‘ i» 1%
*1*10 1U
1
Dio
114
♦ l *16
81?
10
10%
834
9% 10
8*s
8
8I4
8%
8%
9
____ ____
.80
.75
* .60
.80 * .65
.60
.60 * .60
____ * .60
25
27%
27
27%
24
2078 28
25
26
27
2412 26%
334
3%
334
31f
3%
333
3%
4
334
*
8*8
3*3
318
27
29
263,
25
20
26% 2834
*25*4 20
26% 27
26
*3
3b
5%
4%
5
*3
31?
3%
4%
45*
5
3433 34%
3478 30
36
30%
34.% 353«
3412 313s
i 34*2 341.
48
48
4.8
4712 47b
47*4 473?
47
47%
47
47
47
*218
21,
*23,3
2b
2%
2%
2%
2%
2%
2%
25s
2%
177fl
15R 15*2
15% 10
10
173, 1734
10%
10
15*2 151,
61b
60% 515,3
49% 50
48*2 493.x
51
4 ‘>*.1 491?
605,3 521.,
23,
23s
23.,
23
*2%
2%
!
23.i
2%
*2%
2*2
21?
2%
fj
534
8
5*%
558
6
6
5*4
5b
6
57s
!
5
8034 9 0
90
01
87
87
90
91
88
00% 90%
1 87
.
u
.50
.55
* 12
.80
.80
.50
.50
.70
.30
b
L “
a Liu
j SlkoC
price,
cl New stock
c Aas’ t paid
o Ex-stock <hv.
h
Ramie since January l.
On bails o. UM-skare lots
Unvesi.
•_100 1003s Sep 25
.1 0 0 101 Sep 7
.1 0 0 219
Apr 21
100 124% Sep 25
.1 0 0 207 F eb 1
96% O ct 27
.1 0 0
Mch 21
Boston & Providence .1 0 0 292
12 Sep 1
105 Boston S ubu rban El C o s .
70 O ct 9
Do
p r c l__________
25
t> F e b 14
C os.
50
38% Jan 3
Do
pre.'_
hlo June R j
.1 0 0 156 A p r 29
Do
p rof.
107 Mch 17
.1 0 0 285 Jan 41
.1 0 0 125 A p r 10
.1 0 0 117b Jan 2i
86
Do
prcl.
Feb 20
.1 0 0
.1 0 0 135 Sep 20
16 A p r 30
.1 0 0
8,084
833, .Ian V
Do
p r e l.
.1 0 0
5,258
.1 0 0 127'4 Sep 14
1,210
.1 0 0 139 Jan Id
14
.1 0 0 210 Jan 136
Old
.1 0 0 183 Mch IB
32 Jan 26
ino
Seattle E lectric_______ 100 1051; A p r 18
Do
p r o !___________ 100 *971; Melt Is
P aclllo________ 100 15312 Sep 6
687 Union
90 M en u
Do
p r ei____________loo
36
15b Mch 21
12 V erm ont & M ass_____loo
85 Sep 29
158 W e st B ad S t ____________ 50
Do
p ref_____________ 50 10U A u g U
183
M iscellaneous
46 S ep 25
909 A m er A grlcul C h e m .,1 0 0
99 Jan 0
D
p ret....................... 100
687
3 ''. A u g 25
735 A m er P neu S e r v ic e .. 50
121.x A tlg 16
Do
p rcl_____________ 50
1,340
112 Sep 25
1,315 A m e r Sugar R eflr.___ 100
Do
p r c l____________100 n i - i j j i u i 5
629
6,867 A m e r Telep & T e lc g .1 0 0 131% A u g 30
27 • Sep 19
100 A m erican w o o le n _____lo o
Do
p r e l____________100
8512 O c t 27
402
712 O c t 2
20 A tl G u lf i VV I SS L .1 0 0
Do
p r e l____________ 100
14*2 N o v 3
25
Boston L a n d __________ 10
5% Jan 13
8,484 Curub T elep & T c lc g .1 0 0 145*4 dan lu
714 Jan H
610 Hast B oston L a n d _______
78% F eb 3
500 Eastern S t e a m s h i p ... 100
275 Sep 9
215 Edison E lec Iliu m ___ 100
142 Sep 22
446 General E le ctric ______ 100
87*4 Jan 3
640 M assachusetts Gas CoslOO
Do
p ref____________ 100
94*2 J ’ n eI7
404
25 M erzentnaler L in o ___ 100 211 Jan 4
3 O ct 2
825 M exican T e le p h o n e .. 10
103 O c t 18
116 N E C otton Y a r n _____100
O c t 18
Do
p r e l____________ 100 x l0 2
104
137 Jan 14
271 N E T elep h o n e_______ 100
98 Jan 9
Paclflo Coast P o w e r .. 100
6234 J ’ ly 29
20 P ortland (Me) E l e e . - i o o
155 Pullm an C o ____________ io o 153 Sep 26
25 Reece B u t t o n -H o l e .. 10 z l2 Jan 8
9734 Sep 20
602 Sw ift & C o ______________100
29 Sep 29
59 T orrln gto n _______________25
27 Mch 23
Do
p ref_____________ 25
35
1,130 U nited F r u it___________ 100 ISO Mcil IS
40*4 A u g 20
7,622 Un S hoe Much C o r p . . 25
Do
pret_____________ 25
26*2 Sep 20
350
50 O c t 27
20,182 U B Steel C orp ________100
Do
p ref____________ 100 103*2 S ep 32
379
15 Sep 26
W e st T elep & T e l e g . . l 0 0
89 Jan 23
Do
p ref____________ 100
M ining
4 Sep 22
165 A d ven tu re C o n ______ _ 25
2 b ( ) C t 19
4,620 Yigomah M in in g______ 25
21
A UR 23
2,593 A llo u ez___________________ 25
4484 Sep 25
11,168 A m alg am ated Copper 100
1934 O c t 5
9,020 cm Zinc Lead 4 S m . 25
NOV22
25 .10
4,415 A rizona C om m ercial
10 .30
O ct
200 B onanza Dev Co
334 A u g 24
5
165 B os& C orbC op & SllM g
3 N ov20
1,110 B utte-B alaU lava C o p . 10
15
14 A u g 25
3,915 B utte C oalition _____
10
45 Sep 25
13,664 Calum et A A r iz o n a .
227 C alu m et & I i e o l a .. ' 25 300 Sep 20
25
8 A u g 24
1,510 C entennial____________
Cons M ercur Gold
"
l .03
N ov 6
4634 Sep 25
1,610 Copper R a n ge Con Co" 100
3 Feb 2
190 D a ly -W e s t ______ ________ 20
87s A u g 2b
10,711 B ast B u tte Cop M i n .. 10
25
5*2 A u g 2 4
3,771 F r a n k lin _____________
33J Seu 23
5
10,458 Giroux C o n solid ated .
20 A u g 25
1,160 G ranby C o n so lid a te d .100
59is O c t 9
14.S38 Greene C an an ea______ 20
17 S ep 20
2,723 llan oock Consolidated 25
34 Sep 21
975 H elvetia C op per______ 25
6*4 O c t 18
4,768 Indiana M in in g________25
55g Sep 22
5,340 Inspiration C o p p e r. . . 1 0
2914 M ay 9
1
2,371 Island Creek C oal_____
Do
pret___ _____
1
82% S ep 25
230
11*2 A u g2 3
5,300 Isle Ilo y a lo C o p p e r .. 25
25j O ct
5
210 Kerr L a k e . . __________
12 NOV 15
4,160 K ew eenaw C op per___ 25
22 A u g 24
7,419 Lake Copper C o ______ 25
3 A u g 17
1,375 La Salle C op p er______ 25
6*2 A p r ?4
310 Macon V alle y M in es___ 5
4I2 A u g 24
2,185 Mass C on sol___ . . . _____ 25
Feb 1*
3,167 M a y f l o w e r ..____________ 25 .20
0
167* Sep 28
2,490 Miami C op p e r________
U4 N o v 9
600 M ic h ig a n __________ . . . 25
36 A p r 18
528 M oh aw k __________________26
15 Sep 25
3,535 N e vad a Consolidated
2 A u g 16
1,635 New A rcad ian Copper 25
7*8 J ’ ly 24
765 Nlplssing M in es________ 5
20 Sop 2 i
8,035 North B u t te ____________ 15
3*4 A u g 28
3,236 N orth L a k e -------------------- 25
3% Aug' 25
2,195 O jlb w a y A lining______ 25
Jan ‘
2,775 Old C o lo n y -------------------- 25 .60
3414 Sep 26
1,452 Old D om inion C o _____
81 Sep 22
1,183 O s c e o l a __________________25
773 Sep 22
49 Farrot Sliver & C o p . 10
u in c y ___________________ 25
56 Sep 22
553
12 Sep 2*
7,589 R a y Consol C o p p e r .. 10
34 A p r 24
150 Kalita F e G old & C o p . 10
7 O ct ‘
5,271 S h a n n o n ---------------------- 10
.60
Sep
600 South U tah M & S ___
20 O c t 27
2,805 Superior________________ 2
e2% O c t 20
1,698 Superior & B oston Min 10
20 S ep “
775 T a m a r a c k _____________ 25
278 O c t 27
3,794 T rin ity---------------------------25
303* Sep 25
8,367 U S S m elt R ef & A lin . 50
D
p ref......................50
45*4 A u g 26
1,666
173 N o v 3
1,705 U ta it-A p e x A lining___
934 Jan 20
2,908 U tah C on solidated ___
38 Sep 26
2,915 Utah Copper C o ______ 10
450 V ic to r ia ________________ 25
1 A u g 17
334 N o v
1,385 W l n o u a __________ _____ 25
25
74 N o v
214 W o lv e r in e ___ ______ _
.30 NOV 22
3,496 W y n n d o t t _____________ 25
E;c-rigdts.
a '£x-div. and rlgnts.
180
678
ft
183
U'sjhest.
lianae )or Prethous
Yec.r (1910).
Uni-cst.
110% J ’ ne 5
91% J’ ly
r7i-> Allii
105 J ’ ne X)
230 F eb 16 213 J ’ ne
130% A u g 1 rl2 2
A ug
218 Sep 14 200 J ’ ly
Dec
122*3 F eo 15 A llS
235 O ct
4t0
Mch t
14 J ’ne
10 Mch 16
70 J ’ly
78% J ’ ne 12
8 Mch
13 J ’ lv 13
35 AUg
68 J ’ly 1
139 Sep
165 A u g J
109 O ct
115% J ’ly 26
272 J ne 0
1569 O ct
124% Sep
130 Jan 4
104 Jan
164 O ct 4
93% J ’ ne 19
85 A p r
215 J«.n S 302 Feb
14% J 'ly
24 J'no 3
76 J ’ly
90 N o v 2 2
149 A p r
151% Feb 23
142
139 Dec
Mch 0
Mav
213
210
J ’ly 14
190 N o v .8
181% Sep
Xfl May
43
Feb 1
112 Feb 27
U834 A ur
104 A ug 28
103*4 J ’ly
192*8 J ’ly 22
89*4 J ’ ly
95>s M ay 12
164 O ct
1G4 J ’n elii
53 Sep
9.1 Men 2i
09 J ’ ly
105 Jau 10
1201.x ..an
104*4 Jail
234 , a;i
1303.1 .inn
22/
Feb
162 F eb
300 N o v
16*8 N o v
76 A p r
101" Sep
48 Jan
160 Deo
118 Jan
270 M ch
13312 Jan
123 O c t
00 O c t
218 Dec
21*3 N o v
SS34 N o v
16-1% Mch
141 D ec
112 M ch
200 Jan
44*2 N o v
116 Jan
i06 M ch
20412 Jan
103*8 Jan
1C8 Jan
9512 Mch
109 F eb
go J ’ly
60*2 'Jay 18
981? D ec
105*4 Mcb 1
4 Dec
6*; Jail 20
18% Dec
19*4 Jan 31
111 O ct
122 F e b 27
11134 Oct
1X0*8 M * 7 19
127*4 J ’ W
153*4 J'UO 3
26 J ’ ly
36*4 Mch 20
801» Deo
90*2 J 'ne 15
7 “ Mch
11
May2u
16 May
26 Jan 21
41, J ’ly
3*4 A p r .9
169*2 J n<* 16
135*2 J ’‘ y
7% AP'12 Mav 1
70 J iy
113 N o v 2 3
294 O ot 30 7*239 J“
.35 J ’ ly
187*4 May29
*634 A u g 3
76*4 l’ «l>
SO Mu>
9*% O c t 17
212*0 Dec
235
Aug 4
2% Jan
47s Jau 31
107 S op
119 U eh 14
1)9% A ug
116*3 Mtthia
129*2 A ug
160*; J 'n e 10
93% N ov
105 J ’ne 8
7334 N o v 18
153 J ue
163 Jan 20
May 1
16
l l L Jau
100 Jan
104 J 'n e 6
28 Mch
34 Jan 3
27
Jan
31 J ly 17
197b_ J 'ly 14
165*2
40.'i4 J ly
6«7* Feb 18
29*4 Jau 31
26*4 i \ y
0188 J }y
82% Fob 0
111 J i y
12012 Feb 2
14 Feu
27b N ov 3
SI
A ug
10734 N o v 9
491" O ct
105 Sep
87S F eb
24 F e b
1273; Men
124 H ell
143?8 N o v
39% M cb
10414 Mcil
11*2 Jan
28 Jau
8*2 Jan
152*2 Moll
Ill's Jan
80 O c t
202*2 N o v
looia Jan
9138 N o v
07 Mch
226
N ov
034 M ay
124 Jan
115 Jan
13834 Deo
100 Jan
200 F eb
14 O c t
109*4 Jan
37 D ec
31
M ay
200 Sep
7134 A p r
31 Jau
9034 Jan
1251*8 Jan
1984 Sep
94 Jan
4 J ’ ly
7% D ec
31 J y
551.1 J iy
1712 J ’ ly
12* j May
.50 Mch
10 May
4*2 N o v
155S J ’ no
4434 J ’ly
boo
J ’ly
i3 i2 J ’ly
.04 J ’iy
58 Fob
S b Sep
0% J ’ ly
9 Doc
0 J ’ ly
20 J ’ly
6% Sop
1434 J iy
134 O ct
10 J ’ ly
10 Feb
1134 Sep
58 F eb
9034 Jan
401;; Jan
5034 Jan
.70 M ch
24*4 Jau
I8I4 M ay
2812 Jan
103 Jan
680 Jan
38 Jan
.16 Jan
85 Jan
w% Moh
14 N o v
22*2 Mch
12% Jan
111*4 Jan
117,j Jan
80 Jan
. 67s Jan
44% Mch
71.1 J 'n e 16
11 J 'n n l3
39 Jan 4
7 is.., J ’nc ly
30% J ’ ne 4
1338 J’ lie U
.75
M ay22
15*2 M a y 27
6*2 Jan 14
20*2 31 a y 34
03 J ’ ne 6
645 Jan 4
15*2 Jan 4
.15
J ’ no 16
6934 F eb 2
6*2 J ’ neHl
14**4 J 'llJ 2 4
14 J ’ ne 8
Six F eb 6
43*2 J ’n e 21
S*2 N o v 23
30*4 J ’ne 19
2 Fob
10 J 'n e 2
984 M ay 'll
401; N o v 22
91 J ’ne J
1934 N o v 21
77s Jan 21
384 J 'no l
40 J 'n e 13
6 Jan 3
10*4 M av2v
jlo
J ’ u e ia
3 M a y is
227j J 'n e 21
3*2 Jan 4
53 J 'n e 15
21*4 J 'n e 17
4*4 A o r 28
11% F eb 17
36*4 J 'no 2
934 J 'n e 3
8% J ’ ne 6
3% J ’ ly 10
49 J 'n e 13
124 Jan 13
May22
U J 'n e 21
13% Jan
13.1 J 'ne 10
12*4 Fob
I ' m M a y lS
42t2 Jau 3
8*4 J ’ no 15
52 Jau
5% N o v 22
40*« J ’no 14
49% J 'n e 16
3>2J'no 16
20 J ’ no 14
82 J 'n « 1 4
3** N o v 1
9*2 Feb 8
122 F e b 10
3 F eb 6
39%
34*4
■13ls
x<5
3
28*2
9%
Dec
N ov
May
Sep
J ’ ly
J ’ly
Dee
3.884 O ct
90 N o v
2812 Jail
11 Jan
6*4 Jan
041* Jan
19 Jan
4*2
.30
17
3G
43
n *8
Mch
Oot
J'ty
Deo
J ’ly
j;}y
106* O c t
17a J «n
2# Jan
8i{ Jan
76 Jan
2TI2 Iasi
103s Jan
12 May
60 Jan
257g Mch
12*4 Jan
134 Feb
bj Jau
166 Jan
2184 Jan
92 Mch
M »4 Mch
334Jan
IS Jan
3*2J ly
P34 Jan
18 J'no
6*4 Deo
6 S»1»
25 A u g
291a J 'n e
114 J ’ly
n
Dec
06 J 'ly
1514 J 'ly
114 N o v
834 J ’ly
1. Deo
36 J ’ly
45s Dee
45% J ’ne
4i2 Deo
30 Dec
4534 J ’ly
2 l)ec
1*% Dec
A3934 J ’ ne
2 Dec
5 J ly
120 J ’ ly
681.1 Jsii
18 Jan
78 Jan
111*3 Jan
65 Jail
531s Jan
6% Jan
43 Jan
601* Jan
534 Jau
15 J an
160 Jan
3*.i Jan
NOV. 25 1911.1
1451
B o s to n B o n d R e c o r d
Price
Frida)/
Nov. 24
BONDS
BOSTON STOCK E X C H A N G E
W e e k E nd in g N o v . 24
4q $ January 1
High No Loto
Imio
A m A grlcul C hem 1 at 5 s ___ 192S
A m 'l'clep A T el coll tr 4 s . . 192u
C onvertible 4s
1936
A m W r it Paper 1st s f 5s g . _ 1910
A m Zinc L A S d eb Gs
1915
A rlz C om Cop 1st con v 0 s . _ 1920
A to ll T o p & S Ec gen g 4 s . . 1995
A d ju s tm e n t g 4 s ____ July 1995
S tam ped _________July 1996
50 -ye ar conv 4 s ______ 195
10 -ye ar c on v 5 s _
. 1917
A tl Gulf A W 1 SS Lines 5 s . 195
B osto n & Low ell 4 s _________ 1916
B osto n & M ain e 4 tvs________ 1944
Bur A M o lt lv oons 6 s ______ 1018
C edar R a p & M o R 1st 7 s . . 1916
C ent V erm t l s t g 4 s ___ M a y 1920
C B & Q Iow a D lv 1st 5 s ___ 1018
1*19
Io w a D lv 1st 4 s ___
1913
D ebenture 5 s _____
1922
D enver E x te n 4 s . .
1927
N eb ra sk a E x te n 4s
1921
B A S W s £ 4 s_____
1949
Illinois D lv 3 Ws
Chic Jet R y &; S tk Y d s 5 s . 1915
Coll trust refunding g 4 s . 1040
Ch M llw & S t P D ub D G s .. 1929
Ch M A S t P W ls V d lv G s .. 1020
Ch & N o Mich 1st gu 5s_____ 1931
Chic & W M id i gen Os--------- 1921
Concord & M on t cons 4 s ___ 1920
C ud ah y Pack (The) l s t g 5s 1024
Current R iver 1st Os_________ 1026
D ot Gr R a p & W 1st 4 s _____ 1918
D om inion Coal 1st s f 5 s _____ 19 40
F itch burg 4 s _________________ 1915
4 s ___________________________ 1927
F rem t E lk A M o V 1st Os___ 1033
U n stam ped l3 t 6 s ________ 1933
General M otors 1st 5 -y r Os. 1915
G t N or C 11 A Q coll tr 4 s . 1921
Registered 4 s _____________ 1921
8
102
102
84
9034
993.1 Sale 00%
23
m i*
11US Sale io9i->
9334O c t ' l l
104 N o v ’ l l . . . .
43 N o v '1/1
27
99
09
993s 09
91V 92V 9U 4 S e p ’ l l
OU4 9214 92 M a y ’ l l
113 J T y ' l l
110% M ch ’ n
3
66
67
IOOI4 Mch '09
104 V O c t ’1)8
108 Jan ' l l
111% Sep ' l l
00
22
90 Sale 89%
1103 O c t '07
99 F e b '11
10034O c t ’ ll
997sSep ’ l l
99i2 M a y 'l l
001s F eb ' l l
__
87i2 _____ 87i2 N o v ' l l
28
101 lOUo 101
K ill"
87i4 _____ 87I4 N 0V I I ___
114 Jan ’ l l
113£>3Feb ' l l
9814 100 100i2 J 'n c ’ l l
1
100 "
100
100 101
97i2 Sep ’ l l . . . .
IOOI4 A u g '09
97 M c h ’ l l
____
8 * V ------- 8ol2 O c t ’ ll
9712 08J2 9 7 % N o v ’ l l . . . .
1031s A p r ’05
96 A p r 'OS
128 J ’ l y ' l l . . . .
140 A p r '05
98t2 98»4 971" Sep T 1
9634 44
W6ts Sale 96%
963s_____ 961s O c t ’ l l —
A -0
J -J
« -S
J -J
M -N
J -D
A -0
N ov
U -N
J -D
J -D
J -J
J -J
J -J
J -J
M -N
U
M -N
F -A
M -N
M-S
J -J
J J
A -O
J -J
J J
M -N
J -D
J -D
M -N
A -0
M -N
M -S
M -S
A -0
A -O
A -0
J -J
Q -J
Price
Friday
Not. 4
BONDS
Range
S nee
Week!)
Range or
Last Sale
H igA
100% 1021*
8912 92
104 1111*
90
9*84
98 1221*
30
921*
98
991*
91
9U*
01
92
109 V. 113
IO8I4 110«*
0334 73
103 103V
111*8 111*4
871* 90*,
100S4 10U4
99I4 100
96V 901*
99V 9918
S7% 8S1.)
100 1021*
87V 903,
114 111
113V H 3 V
1)81" 101
901? 1013.,
07l2 971*
97
97
851? 873*
OSV 98I4
12/U 128
97V 9918
951? 98*4
953* 98
BOSTON STO C K E X C H A N G E
W e e k E n d in g N o v . 24
L id
Ask
1001;
1001; 101 10012
117 A p r '08
9414 Feb ’ l l
117
117 ____ 117
92 N o v ' l l
92
93
8J N o v ’ l l
____ 89
102121031- 1021. N o v ’ l l
10234 Feb '11
IOU Sep 'Oil
115 J ’ nc'uh
093,
9934 Sale 9912
9912 M a y 'l l
9914
'9 9 ’ *99l] y*J
1013s M c h ’ l l
1(kii2 Sep 'o.s
98*4 Sep 1 1
Illinois Steel deben 5 s ______ 101
l a Falls <5: S ioux C 1st 7 s ___ 191
K an C Clin & Spr 1st 5 s _____192
K a n C F t S co tt A M e m G s-_1 9 2 8
K an C M & B gen 4 s __________1034
A ssen ted Incom e 5 s ______ 1934
K an C A M R y & Br 1st 5 s . 192
M aine C ent cons 1st 7 s ______ 1 S 12
Cons 1st 4 « ________________ 191
Marq H ou gh A O n t 1st 6 s . .1 9 2 6
Mass Gas 4 H » _________________1920
tllch T elep hone 1st 5 s ______ lu i ?
New E n g C otton Y a rn 5 s . .1 9 2 9
N ew E n g T e l.p h 5 s ______
101
5 s .....................................
1916
New E ngland cons g 5 s _____ 194
B oston T erm 1st 4 s ______ 1938
N ew R iver (Thel c on v 5 s . .1 9 3 4
N Y N H & H con d eb 3 H s .1 9 5 6
C onv deb 6s ( c tfs )________1948
O ld C olon y gold 4 s ___________ 1924
Oregon R y A N a v con g 4 s . 1940
O reg Sh Line 1st g 6 s ________ 1922
Pcre M arq uette deb g 6 s ___ 1912
R epub V alley 1st s f &s_____1919
Savan n ah E lec 1st cons 5 s . .1 9 5 2
S eattle E lec 1st g 5 s __________1930
S h a n n o n -A rlz 1st g 6 s______ 1919
Terre H a u te E lec g 0 s ______ 1929
Torrln gto n 1st g 0 s ___________ 1918
U n ion Pae R R A 1 gr g 4 s . . 1947
2 0 -y e a r con v 4 s ____________ 1927
United Fruit gen s t 4 H s ___ 1923
D eb en tu re 4 J ^ s___________ 1 9 25
U S S teel Co 1 0 -6 0 -y r 5s A p r 190
W e st E n d S treet R y 4 s _____1915
G old 4 M s ............................ . . . 1 8 1 4
G old deb en tu re 4 s ________ 1916
G old 4 s __________
1917
W e ste rn T elep h A T el 5 s ___ 1932
W isconsin C ent 1st gen 4 s . .1 9 4 9
N O T E .— B uyer pays accrued lnterost In addition to the purchase price £or all B oston B ond s.
Party*
Since
'anuary 1
Weei.'y
Range or
Isis'. Sals
4
75 O ct TO
963) M ay’ l l
129i2 O c t ’ ll
101 A p r '09
9 8 's Sep '09
113 O c t ' l l
98 J ’118' l l
103 Jan ’ l l
OI4 D ec TO
105 _____ 10-11j S ep ’ l l
911. A u g '11
97 A p r ’07
10031 M ch TO
1007s O c t ' l l
104i>s Apr ’ l l
96
97
9 6 l» N o v ’ l l
_____9612
90is N o v ’ l l
101 <s
1017s
99 isS ep ' l l
100l2 M a y ’ l l
98i2 A p r 'U:
981" N o v ’ l l
9934 Sale 9912
100
93i4J an '11
* N o price F rid ay; latest bid and asked.
Low High
100
1023*
9414 OH*
115 11714
92
931*
88
90
102 1031*
10234 10244
99I4 100»*
9912 991*
99 103
10134 102
9834 9834
96-34 991*
12912 1344*
113
98
103
1147*
983*
103
104
91
105
93
100-33 101
1043s 1045*
957* 971*
9512 967*
100 106
9S12 991*
1001s 1001*
981* 99
9034 1C9I*
9ol2 931*
1i F ia t price.
P h ila d e lp h ia a n d B a ltim o re S to c k E x ch a n g e s — S to c k R e c o r d , D a ily , W e e k ly , Y e a r ly
Share Price*—-N ot Per Centum
Sales
Prices
A C T IV E
Monday
Nov. 20.
Tuesday
Nov. 21.
9434 9434 * ___
*91
95
99%
99V 100
*100
77* * _ _
77*
7'V
8
70
70V
70
691* 70
+ 126
127 *120
*126
2733
27
27
27
27
98
93V 08V
98V *98
63
63
65
84V
0312
187g 187g *18 V 187*
1834
40
46V
46
4334
437g 487*
117*
12
12
531* 53V
53V
*34
33V
35
73
73
73
*7
71*
27
27
*27
*91
91
91V
893, 90V*
89%
9I4
*9
9V
2334
♦23V
*231*
61V 017is C0lo16
63V 53% *53U
16
16
10
23V
23V 23V
75*6i« 75llH#
75V
7
7>t« 7 ! n
5134 6 D4
517*
863*
S6V 80V
40
4334
117*
53V
31
73
27*4
91
90>t(i
9V
24%
0l%«
53*4
16V
23%
76
7*ui
517*
85%
Wednesday
Nov. 22.
94%
94V 941?
04V 94V
09%
09V 99V
99V 99V
77*
81"
77*
8V
8V
70
70V
701* 701*
73V 731?
*126
127
127
127 + 126V 127
27V 27V
271* 27K
271*
27V 27V
98*4 9S34
99
99
98
98V
6434 +031*
fill"
64
64V 643,|
1834 + 181* 187* *181* 187* *1812 1834
850
466
5,370
2,200
12
1,660
1,225
2,738
102
11
46
44
12
55%
331?
72
7%
2734
91
90
9
24V
61%
53V
1534
24
773*
7
6234
863*
404
1,470
217
3,335
1,400
110
20
368
126
1,306
75
58
1 .6S2
340
5,720
7,530
15,011
1,390
3,700
857
P hiladelphia
A m erican C em e n t_____ 50
A m erican R a ilw a y s__50
C am bria S te e l_________ 50
Electric Co of A m e rica 10
E lec S torage B a t t e r y . 100
Gen A sp h a lt tr c tfs ___ 100
Do
pref tr c t f s . 100
K e y sto n e T e le p h o n e . 50
L ak e Superior C o r p . . 100
Leh C & N a v tr c t f s . . 50
Lehigh V a lle y _____. . . 50
Leh V T ran s tr ctfs . . 5 0
Do
pref vo t tr ctfs 50
P en n sylvan ia R R _____ 50
P hlladei C o ( P i t t s b ) .. 50
P hiladelphia E i e c i l .. 25
Phil It T v o t tr c t f s . . 50
R e a d in g _________ . . . . . 50
T on op ah M i n i n g . . . . .
1
Union T r a c tio n ________50
U n ion G as Ir a p t______ 50
9414
99G
4534 46
43% 437*
117* 12
*53 3 533*
33
33
*72
73
71*
718
27
27
91
91
89V 897*
9
9%
24
24
00*%8 6 1 ’ in
5314 53V
16
10
23 V 23-%
76% 75%
7*n 7*.n
51% 5134
86
86V
45*4
43%
12
53
3334
*72
In active Stocks
A m erican M Uling________10
Central Coal A C e k e - .1 0 0
P r e fe r r e d ____________100
Consol T rac of N J _____100
G erm an tow n P a ss_____50
H u n tin g to n A B T _____50
P r e fe r r e d _____________ 50
In d ian a Union T r _____100
Insurance Co of N A ___ 10
In te r S m Pow A C h c m .5 0
In terstate R y s , j>rcf___ 10
K e n tu ck y S e c u r it ie s .. 100
P r e fe r r e d ____________100
K e y sto n e Telep v t c ___ 50
P r e fe r r e d _____________ 50
K e y sto n e W a tc h C a s e . 100
L it B roth ers_____________ 10
M lnehlll A S ch uyl I I . - . 5 0
N a t Gas Elec L t A P o .1 0 0
P r e fe r r e d ____________100
N orth P en n sy lv a n ia — 50
P en n sylvan ia S a lt ______ 50
P en n sylvan ia S te el___ 100
Plitla Co (P itts) p ref___ 50
Phil G erm an A N o r r i s ..50
P hlla T r a c tio n ................... 50
R a ilw ays G eneral______ 10
T on op ah B elm on t D e v . . l
U n ited Cos of N J _____100
U n ited T rac P itts p r e f .50
Virginia R y A P o w ___ 100
P r e fe r r e d ____________ 100
W a rw ic k Iron A S t e e l . . 10
W a s h ln g to n -V a R y ___ 100
W e lsb a ch C o ........... ........100
W e s t Jersey A Sea S h ._ 5 0
W e stm ore lan d C oal_____50
W ilk e s Gas A E le c ------- 100
Y o r k R a ilw a y ---------------- 50
P r e fe r r e d -------------------- 50
Bid
46
437*
12
531?
3334
73
45%
4334
12
53V
33
721*
40
43%
12
65
33
7212
26V 27
27
27
*90V 91V ♦90V 91V
89*4 89%
89V 90
9
9
9
*81*
24% 24%
24V 24V
61
61V GIVo
01%«
53% 5.1V
53
£3
157* 157*
15V 10
23% 23%
23** 24
76
76V 75u i* 7(l*in
7
7
7
7
52
53
517* 52%
86% 80V
86I4 863*
Ask
*10
40
4334
117*
55V
33
72
*7V
27V
91
89®i*
*3 V
♦23V
01%
*5234
15%
2334
763*
G*s18
52%
86«*
P H IL A D E L P H IA
P H IL A D E L P H IA
Bonds
u*
1%
Prices are all “ and
interest''
791* A lt A Ij V Eleo 4 H s ’ 3 3 F -A
80
A m Gas A Elec 5s ’ 0 7 . F - A
A m R y s 5s 1 9 1 7 ______ A -O
. . . . . . . . A tl U E ec ref 5s 1 9 3 8 .M -S
B e r g A E B r cw 1st 6s’21 J-J
14
Bethlch Steel 8a 1 8 9 S .Q -F
15
C hoc A i l e 1st 5s 1 9 4 9 .J-J
21V 21V Ch O k A G gen 5s 1919 J-J
Con T rac of N J 1st 5s ’ 33
8 . . . . Del Co R y s tr ctfs 4s'40J -J
Elec A Peoples T r tr c t f s . .
Fr T a c A U 1st 5s 1 9 4 0 . J-J
—
Gen A sp h alt 53 1 9 1 6 .M -S
—
In d lanap R y 4s 1 9 3 3 . . J-J
In terstate 4s 1 9 4 3 ----- F -A
95 100
K eystone T el 5s 1 9 3 5 .J -J
Lake Sup Corp lno 5s’ 2 4 _ 0
Lehigh N a v 4 J ( i T 4 __Q-J
Gen M 4 H » g 1 9 2 4 . <J-F
20
Leh V O 1st 5s g 1933 .J -J
70 —
Leh V ex t 4s 1st 1 9 4 8 .J -D
C o n sd 0s 1 9 2 3 ______ J -D
lio v I l l
Consol 4 Ms 1 9 2 3 ___ J -D
A n n u ity 6 s ___________J -D
Gen cons 4* 2 0 0 3 . . M - N
43
43V
Leh V T ran con 4a ’ 35 J’-D
149V
1st Hertea A 4s 1 9 3 5 .M -S
8412 ‘ 85 "
1st series U 5s 1035 M -S
8V
8*4 M ark ctS tE l 1st 4s’ 55 U -N
N a t L H A P ser B 5s T 9 J-J
. . . . — - Nevr Con Gas 5s 1 9 4 8 .J -D
N Y P h A N o 1st 4 * ’ 39 J-J
In com e 4s 1 9 3 9 _____M -N
10*2 Pa A N Y Can 5« ’ 39 .A - O
10
Penn Steel 1st 5s ’ 1 7 .M -N
P eople’ * T r tr ctfs 4s 1943
P Co ls tA c o ll tr 5s’ 49 M -S
Con A coll tr 5s *51 M -N
. . . . 531*
Phil Elec gold tr c t f s .A -O
T ru st ctfs 4s 1949 . . J - J
8
8V P A E gen M 5s g ' 2 0 . A -O
27V 28
Gen M 4s g 1 9 3 0 ___ A -O
78V
79
• B id an d asked; no sales on thin d a y .
Week (For Bonds and Inactive
Stocks see below)
Shares
Friday
Nov. 24
B altim ore
Con G as E l L A P o w . 100
Do
pref ________100
H ou ston O il__________ 100
Do
pref ________100
N orthern C en tral_____50
S eaboard C o m p a n y ..1 0 0
Do
1st p ref_____100
Do
2d p ref_____100
United R y A E le c t r ic . 50
95
993*
77*
70
P H IL A D E L P H IA
TMarsa&y
Nov. 23
U E x -d l v .A r ig h ts.
Ph A Read 2d 5s 1933 A -O
E x Im p M 4s 1 9 4 7 .A -O
T e r m ln J 5s g 1 9 4 1 .Q -F
P W A B col tr 4s ’ 2 1 . .J -J
85J* R ead T rac 1st Gs ’ 3 3 . . J-J
901* R och R y A L con 5s’ 54 J-J
S p a n lsh -A m Ir 6s ' 2 7 . .J -J
S ta n ’ d Gas A E Gs’ 25 M -N
I I J S tan d SU W k s ls t 5 s ’ 2 » J^J
U T rac In d geu 5s T O .J -J
Un R y s T r ctfs 4s’ 4 9 . .J - J
United R y s In v 1st coll tr
s f 5s 1 9 2 5 . . .............. M -N
W d s h a c h a f 5s 1 9 3 0 . . J -D
8814 89
W tl-B G A E 00a 5s’ 5 5 .J -J
Y o rk R y s 1st 5s 1 9 3 7 .J -D
*951*
83
84
B A L T IM O R E
68
681j
In active S tock s
831*
A la Cons Coal A I r o n .100
68
P r e fe r r e d ____________ 100
A lla n C oast L (Conn) .1 0 0
Canton C o ----------------------- 100
1081* 109
Georgia Sou A F la _____100
1st preferred__________100
2d preferred_________100
G - B - C B rew in g---------------100
147
07% 981* Seaboard A ir L in e _____100
P r e fe r r e d ____________ 100
64
9012
971*
( $ 1 5 p a id .
3 ? 1 3 H P < t Id*
Highest
Lowest
64
89
7
45
121
21
80
43V
101*
Jan
J an
M ch
freb
Jan
J an
Jan
Jan
J an
9
9
31
8
11
4
6
4
9
10 Sep IS
42 Jan 5
40?* Sep 22
111?.Jan 4
4Si2 Jan 3
28V A u g 25
68 A u g 26
7 Sop 6
21V Sep 14
831* J 'n e 29
7534 Sep 14
6V Jan 11
18V Jan 16
593* Sep 25
48V S ep 21
15'* N o v 2 3
17 A p r 18
60‘ 5io S ep 25
6V J ly 28
43 Jan 3
84V SeP 25
BU
1141*
1001*
1151*
901*
N o v 16
Sep 18
A u g 15
J ’ ly 31
J 'n e 20
J ’ne 3
N ov23
N ov20
J 'ly 20
17 D ec
17V Jan 4
41*4 J 'ly
46i2 N o v 1G
40i4 J 'ly
48% F eb 18
1 U 4 J ’ly
121* J an 14
42 J ’ne
5
J nc 15
1914 J ’ly
39V O c t 23
G4 J ’ly
837* Jan 30
7 J ’ly
9V Jan 10
15l2 J ’ne
32
Feb 6
86 J ’ ne
98 Jan 14
C2l2 J ’ly
90 V Feb 3
3 l2 J ’ne
97* O c t 24
12i2 Jan
253* O c t 23
65 F e b 2 61‘ ‘ ns J ’ly
42 J ’ ne
69V J ’ ne 5
t l 37* Feb
18 J ’ly 10
15 A p r
24V A u g 1
05i2 J ’ ly
8(8% Feb 10
0i2 Jan
8^3
17
52% A u g 1
38 O c t
79 J ’ ly
893* Jan 9
Ask
BA LTIM O RE
O R y E x t A I m p 54 ’32 M -S
Chas C ity R y l i t 5s’ 23 J-J
Clias R y G A E l 5s ’ 99 M -S
C ity A Sub 1st 5s 1922 J -D
C ity A S ub (V V as)lat 5s ’ 43
Coal A C R y 1st 5s T 9 A -O
Coal A I R y 1st 5s '2 0 - F - A
C o lA G r n v 1st 6s 1916 J-J
Consol Gas 5s 1 9 3 9
J -D
Gen 4 H s 1 9 u4____ A -O
Cons G E A P 4 H s ’ 3 5 J-J
Fair A Cl T r 1st 5s’ 38 A - 0
Ga A A la 1st con 5s ’ 4 5 J-J
Ga Car A N 1st 5s g '2 9 .J -J
Georgia P 1st 6s 1 9 2 3 . . J-J
Ga So A Fla 1st 5s ’ 4 5 . J-J
G -B -S Brew 3 -4 s ’ 6 1 .M -S
K n o x v T rac 1st 5s ’28 A -O
M a c o n R y A L t 1st 5s’ 53 J-J
M d E lec R y 1st 5s ’31 .A - O
M em phis S t 1st 5s ’4 5 . J-J
M t V er C ot D u ck 1st 5 s . .
N p t N A O P 1st 5s’ 3 8 M -N
N o r A P ort T r 1st 5s’36 J -D
N orth Cent 4 H s 1 0 2 5 .A - O
Series A 5s 1 9 2 6 _____J-J
Series B 5s 192G_____J-J
P itt Un T rac 5s 1 9 9 7 . _J-J
P oto V al 1st 5i 1 0 4 1 . .J -J
S a v F la A W e st 5s ’ 34 A -O
Seab A ir L 4s 1 9 5 0 ___ A -O
A d ju s t 5s 1 9 4 9 _____F -A
S eab A R o an 5s 1 9 2 6 . . J-J
S ou th B oun d 1st 5 s . _ A - 0
U El L A P 1st 4 H s '2 9 M -N
U n R y A El 1st 4s ’ 49 M -S
In com e 4s 1 9 4 9 ___ J -D
F u nd ing 5* 1 9 3 6 ___ J -D
V a M id 3d ser 6s T 6 . . M - S
4th ser 3 - i -5 s 1 9 2 1 . M -S
5th scries 5s 1 9 2 6 . .M - S
V a (State) 3s new ’ 32 .J -J
F u n d d eb t 2 -3s 1991 J-J
W e s t N C con 0s 1 9 1 4 .J -J
W U A W e ld 5a 1 9 3 5 . . . J - J
101 10U*
1047*
761*
8314
891* 90
93«4
58
263
119
947*
101
10
79
1303.1
283s
99
05
197*
115
1005*
11012
100
125
2G712
Bo n ds
Prices are all "and
interest"
B alt C ity S h i 1 9 3 0 . . . J - J
4s 1 9 5 4 -1 9 5 5 __ V arious
Ss 1 9 1 6 _____________ M -N
A n ac ostla A P otom 5s A -O
A tl Coast L (C t)c tts 5« J -D
Ctfs of Indebt 4a_____J-J
5- 20-y r 4s 1 9 2 5 ______ J-J
102 103%
B S P A C 1st 4 H * '5 3 F -A
9«12 97
B alt T rac 1st 5s ’ 2 9 . .M - N
10212 103
N o Balt D lv 5s 1942 J -D
771* 78
Car Pow A Lt 5a 1933 F -A
1061*
1001* 10Q5* Cent R y cons 5a ' 3 2 . . M -N
Range for Previous
Year (1910)
Range Since
Jan. 1 1911
STOCKS
0) the
Saturday
Nov. 18.
96
101
104
9212
107l2 . . .
Highest
C4i2 Deo
90 J ’ ly
9 Nov
61 Deo
132 Feb
27I4 Jan
801; Jan
47 Jon
16i2 Deo
28 Jan
50 Jan
53i2 Jan
12i2 Jan
04i4 Mch
343* D ec
8 U4 Jan
13 Jan
297* D ec
123 Jan
12 U4 Men
G34 Dec
20 Dec
C’J’ ia Mch
5314 Jan
10% Mch
281; Jan
86 Feb
Qha M ay
5234 Jan
951* Jan
Bid
Ask
10884
981*
100
IOOI2
I051
10734
40
1071*
101
98V
7814 7834
89% 93
891*
88
82
105-14 107U
937* 94I4
86
85
04t2 643*
8714
IOOI4
106
87I4
1031*
THE CHRONICLE
1453
Volume of Business at Stock Exchanges
Electric Companies
T R A N S A C T IO N S A T T H E N E W Y O R K STOCK E X C H A N G E
D A IL Y W E E K L Y A N D Y E A R L Y .
St,odes.
Week ending
Nov. 24 1911,
Shares
S a t u r d a y ___________
Monday _____________
Tuesday___ __________
Wednesday
.
T h u rsd a y ..
.
F r id a y ________________
T o t a l ______________
262,244
46 3,SOS
335,831
477,462
605,963
609,726
Par value.
Railroad;
die..
Bonds
324,504,400
43.050.100
35 ,687 ,35 0
43.512.100
66,351,300
53.745.100
$1,699,000
1,539,000
3.355.500
3 .2 44.5 00
3 ,8 58,6 00
4.7 00.5 00
2,805,031 $258,830,350
Sous (u
New York Stock
Rxcfuxnge.
17. 8 .
Bonds
State
Bonds.
$56,000
164.000
862.000
670.000
107.000
172.000
” 4:606
20.000
$1 8,475,000! $2,031,000-
$46,000
[VOL. LXXXX1II
Bid
$ 2 '6 oo
20,000
Jan. 1 to Nov. 24.
Week ending Nov. 24.
1911.
1910.
Ferry Companies
11 6,314,755
2,805,031
1,276,408
153,164,367
Stocks— No. shares___
Par value_____ . ___ §256,830,350 $112,806,475 S10,494,365,150 $13,674,311,975
1,507,600
Bank shares, par_____
53,100
$16,200
$1,057,300
Bonds.
Government b o n d s ...
State bonds___________
B R . and misc. b o n d s..
546,000
2,031,000
18,475,000
$1,000
451,500
7,8 95,0 00
$3,281,000
88 ,852 ,40 0
692,224,700
Total bonds________
$20,552,000
$8,347,500
$ 7 8 1 ,3 5 3 ,loo]
$354,200
39,463,050
536,533,700
$576.350,950
D A IL Y TR A N S A C T IO N S A T T H E BOSTON A N D P H IL A D E L P H IA
EXCHANGES.
Boston.
Week ending
Nov. 24 1911.
Listed
shares.
Bond
sales.
Listed
shares.
Unlisted
shares
Bond
sales.
13,210
21,385
39,635
42,637
43,795
26,500
4,865
11,076
20,586
28,279
22,704
24,271
$13,500
82,000
103,000
65.000
23.000
71.000
6,133
5,525
4,063
4,549
17,103
14,741
7,586
9,722
7,198
5,430
9,624
14,662
$29,200
28,000
35.400
26,000
68.400
38,300
......................... 186,182
112,441
$357,500
51,119
54,222
$214,300
S a t u r d a y ...........
M onday_____ ____ . . .
T u e sd a y _____________
Wednesday____ _____
T h u rsd a y ____________
Friday ______________
Total
Unlisted
shares.
Short-Term N o te s
Amal Cop 6s Apr 1 1 9 1 3 ..
American Cigar—
Philadelphia.
Inactive and Unlisted Securities
All bond prices are now “ and Interest’
Bid
Street R a ilw a y s
New York City
Bleeok St & Pul Py s t k .100
1st mtge 4s 1950-----------J-J
B ’ y A 7 tli Ave stk............ 100
2d mtge 6a 1914----------- J-J
Con bi 1 9 !»— See Stock
B ’ wuy Surface 1st 5s gu 1934
Ceat'l Gross town sto c k .. 100
1st mtge 6s 1922_____M-N
Can Pk N & B IU t stook.100
Christoph'l to 18th St stk 100
Col to 9tt» Ave 5s — See Stock
Dry Dock E B & B —
1st gold 5s 1932............. J-D
Scrip os 1914.................. F-A
Eighth Avenue stock___ 100
Scrip 6s 1914................F-A
42d to Gr St P’ y sto c k .. 100
42d St M & St N A v e . . . 100
2d Income 6s 1 9 1 5 ...J -J
Inter-Met — See Stock Exch
Lex A v & Pav F 5s— See Stk
Metropol St R y — See Stk
Ninth Avenue stock____ 100
Seoond Avenue stock___ 100
Consol 5s 1948_______ .F -A
* Sixth Avenue stock— 100
Bou Boulev 5s 1945-------J-J
So For 1st 5s 1919.............A-O
Third Avenue R R — See Stk
Tarry W P & M 5s 1 9 2 3 ..
Y'kers St R R 5s 1946 A-O
M th * 29th Sts 5s '9 6 . . A-O
Twenty-third St s t o c k .. 100
Union Ry 1st 53 1 9 4 2 . . . F-A
Westchester 1st 5s ’43 J-J
Ask
15
81%
120
99
Exc
10112
____
/ 80
10
90
Exo
21
66
140
101
list
103
90
85
20
110
list
97
f 35
275
1 95
200
103
42
310
100
230
/ 40
;inge
EXC
Exo
150
8
/ 35
118
65
85
Exc
/ 60
82
/ 10%
190
103
70
list
list
list
175
12
42
124
76
95
list
SO
86
23
215
104
80
Brooklyn.
Atlan Avenue R R —
Con 5s g 1931................A-O 1 0 ll2
B B to W E 53 1933____ A-O
Brooklyn City Stock______10 102
Con 5s — See Stock Exch ange
98
Bklyu Hgts 1st 5s 1941 A-O
Bklyn Queens Co to Sub—
98
e 1st g 5s '41 op 1916 .J-J
95%
e 1st con 5s '41 op '16 M-N
Bklyn Rap Tran — See Stock Kxe
Coney Isl & Bklyn.......... 100
50
1st cons g -fci 1848____ J-J
75
Con s 4s 1955__________J-J
75
98
Brk O & N 5s 1 9 3 9 .. . J-J
Kings Go El 4s— See Stock Exo
Nassau Eleo pref................ 100
5s 1941............................A-O 101
1st 4s 1951 — See Stock Exo
90
N W 'b ’g & Flat 1st ex 4 H s
Steinway 1st 6s 1922___ J-J 100
103
167
list
102
101
98
list
60
82
80
101
list
____
193
list
94
104
• Per shore,
b
Baals
e
Hudson Companies—
6s Feb 1 1913..........
Mo Kan <fc Tex 5s May IT S
Bid
Pub Serv Corp N J (Con) —
New'k Pas R y 5s ' 3 0 . . J-J 107
Rapid Tran St R y ____ 100 235
103
1st 5i 1921............... A-O
J C Hob & Paterson—
753*
4s g 1949................. M-N
Bo J Gas E l to Trac___ 100 125
9812
Gu g 5s 1953.......... M-S
No Hud Co Ry 6s 1914 J-J 10112
5s 1928.........................J-J 102
100
E x t 5s 1921.............M-N
Pat K y con 0s 1 9 3 1 ..J -D 114
2d 6s opt 1914____ A-O
161
So Side E l (Chic)— See Ch teago
Syracuse It T 5s 1-940 ..M -fi 101l2
Trent P to II 5s 1 9 4 3 .. . J-D
05
United Rys of St L—
9
Cora vot tr ctfs_______100
e Preferred _____ _____100
383*
Gen 4a 1934— See Stock Exc
Unit Rys San Fran— See Stk Exc
Wash R y & E l Co.............100 1-153*
Preferred_____________ 100
87
867g
4s 1951............................. J-D
Ask
53 Juno 1 1913 e p t ..J -D
South R y g 6s 1913____ F-A
Tidewater «s, 1913, g u a r ...
7612 Wabash 4 Ha 1913____ M -N
___
West Telep & T 5s '1 2 .F -A
9 9 12 Westlngh’se El & M 6s 1913
1021Z
« 5 % notes Oct 1917-A -O
_
_____
103
list
10212
100
91,
39
list
list
461*
88
871*
G as Securities
Neio York
Cent Un Gas os 1927____ J-J 10212
Con Gas (N Y ) — See Stock Bxe
e Mutual Gas.................... _ioo 171
New Amsterdam Gas—
1st consol 5a 1948____ J-J 101
N Y & E It Gaa 1st 5a '44 J-J 108%
Consol oa 1945_________ 1-J 101
N Y <fe Richmond G a s .. 100
35
Nor Un 1st os 1927____ M-N
101%
a Standard Gas com ____ 100
60
95
e P r e f e -r e d .................... 100
1st 6s 1930.................... M -N 104
10312
list
174
1013*
106l2
103
103
10512
Other Cities.
A m Gas to Etco com____ 50
*84
66
Preferred_______ _______ 50 *44
46
Amer Light tk Tract____ 1O0 294
296
Preferred.........................100 105
103
Amer Power & L - c o m . 100
75
78
Preferred........................ 100
82
Bay Stato Gas...................... 60
lj
*33
Btngh’ ton (N Y ) Gas Wks
1st g 5s 1938..................A-O
98
101
Brooklyn Un Gas —See Stk Exc list
Duffalo City Gas s t o c k .. 100
3
5
1st 5s 1917— See Stock Exc list
Cities 8ervlee Co________ 108
79
81
preferred.........................100
81
83
Con Gaa of N J 6a 1938 .J-J
91
Consumers' L H & Poor—
5s 1938........................... J-D 100
Denver Gas to Elec____ 100
200
Gen g 5s 1919 op____ M -N
96
93
Elizabeth Gas L t Co____ 100 300
Essex & Hudson G a s .. 100 134
138
Gas <fc El Bergen Co____ 100
85
82
« Gr Rap 1st 5s 1915 . . F-A
993* 101
Hudson Co Gas_________ loo
131
135
elst 5s 1919_________ M-N 1041*
Indiana Lighting Co____ loo
39
37
4s 1958 op_____ ______ F-A
69
67
Indianapolis Gas________ 60
20
1st g 6s 1952_________ A-O
83
78
Jackson Gas 5s g 1 9 3 7 ..A -O / 01
e Laclede Gas— See StockE xch 11 St
e Preferred.................... 100
9912
93
Madison Gas 6s 1 9 2 6 .. A-O 104
109
Newark Gas 6s 1944____ Q -j
125
127
Newark Consol Gas____ 106
97
eCou g 6s 1948_______J-D 105
No Hudson L U to Pow—
5s 1938...........................A-O
100
Pacific Gas to E , com .
100
7512
74
Preferred.........................100
90
89
Pat to Pas Gas to E le c .. 100
91
«C on g 5s 1949____ M-S
102!2 10-1
St Joseph Gas 5s 1 9 3 7 ._J-J
90
95
Seas on Stock Exchange; but not very active.
4 X s Jan 1812-1925.
108
240
__
Other Cittes
Buffalo Street R y —
1st consol 5s 1931____ F-A 104% 105%
Deb 6s 1917.................. A-O 103l2 105
Columbus (O) St R y ____ 100
8012 83
Preferred______________100
9012 931?
Coluin R y con 5s 1932 J-J 102
104
___ 9 IOH4
Crosst’n 1st 5s 1 9 3 3 ..J -D
t Conn R y & L t g c o m ..,1 0 0
78
75
e Preferred . . . ----------- 100
80
8H 2
1st to ref 4 H s — See Stock Exe list
so
Grand Rapids R y p r e f.. 100
85
i Loulsv St 5s 1930_____ J-J 10534 10W*
Lynn to Bos 1st 6s 1924.J -D 10414 10.43,
I New Or! Rys <fc L gt___ 100
3212 35l2
e Preferred____________ 100
78
Gen M g 4 H s 1935 — See 3 tk Ex Hat
yPub Serv Corp of N J— See Stk E xllst
Tr ctfs 2 % to 6 % perpet 105
100
North Jersey St t t y . . 100
80
1st 4s 1948............... M -N
7712 781?
Cons Tract of N J ____ 100
75
70
1st 5s 1963............... J-D 10412 1051?
Erie 6s Apr 8 1 9 1 4 ...A - Q 8
except where marked “ t,“
Street R a ilw a y s
Ask
1 cago
list
1 83
85
) 122
125
) *3 1* 89
)
52
57
1 73
77
93
1 90
78
79
31
321.
01
6212
78
114
105
65
41
110
107
65
97
84
82
116
115
75
50
117
115
75
98
94
00
5
50
98
10312
96
25
57
18
95
98
12
.. ..
105
___ _
35
65
22
98
1003, 100%
997,
ic «%
100
091*
09
99
10U ,
98l2
1001,
10034
1001*
9912
991*
991*
10H*
»8«*
»812 99
981, 99
»7l8 9712
93
97
9412 9512
99% 993,
9012 97
____
64% % « * %
641.% 4'*%
100*8 100%
100
loot*
64 % 31. %
988* 99
981. 99
1008, 100%
10U* 101%
96
97
100»s 1001.
1013, 181%
95
97%
Railroad
Chic Peor & St L—
Prior lien g 4 H s '3 0 .M -S
Con mtge g 6s 1930___ J-J
Income 5s, July 1930____
Chicago Subway................ 100
Nerthorn Securities S tu b s ..
Pitts Bess <fc L E .................. 50
Preferred_______________50
« Railroad Securities Co—
111 C stk tr ctfs ser A . . .5 2
Seaboard Company — See ua
West Pao 1st 5s 1 9 3 3 .. M-S
87
It Exc
893*
In dustrial and All seel
Adams Exp g 4s 1 9 4 7 ..J -D
Ahmeek Mining_______. . 2 5
Alliance Realty..............1.100
A mer Dank Note c o m .. 50
Preferred_______________50
American Book............... 100
eAraBrake S hA Fdy comlOO
^Preferred____________ 100
American Brass____ _____ 100
American Chicle c o m .. . 1 0 0
Preferred__________I . . 1 0 0
Am Oraphophone c o m ..1 0 0
Preterrcd......................... 100
Amer Hardware................100
Asa Matting 6s 1914____ J-D
Amer Prees Aasoc'n____ 100
sAraer Snuff com ______ .1 0 0
e Preferred____________ 100
Am S t Found new— See S
6s 1935............................A-O
Deb 4s 1923.....................F-A
American Surety__________50
American Thread pref____ 5
Am Tobacco Co com ____ 100
Amer Typef’ ders com ___ 100
Preferred______________100
Deb g 63 1939.............M -N
Amer Writing Paper____ 100
« Preferred— See Stock E x
« ls t s f g 6s T 9 red 105J-J
Atl cat & W I S3 Lines__100
Preferred ______________ 100
Col tr g 5s 1959.............J-J
Barney & Smith Car____ 100
Preferred_____________ 100
Bliss Company com____ 60
Preferred_______________60
Bond to Mtge Guar_____ 100
Borden's Cond Milk____ 100
Preferred_____________ 100
British Col C o p p e r ..__
5
Butte Coalition Mining. 15
Casein Co of Am com___ 100
Preferred______________100
Casualty Co of A m e r ... 100
Celluloid Co......................... 100
Cent Fireworks com____ 100
Preferred______________100
Chesehtough Mfg Co____ 100
sChino Copper Ce— See Bloc
City Investing Co_______100
Preferred_____ :_______ 100
e Claflm (H B) com...........100
« 1st preferred________ 180
« 2d preferred________ 100
Consol Car Heating____ 100
Consol Rubber Tire____ 100
Preferred......................... 100
Debenture 4s 1 9 6 1 ..A -O
85
/ 84
*197 200
120
122%.
*35
42
*49
61
165
871 i *89”
125
129
122
113
385
225
102
106
6
28 "i s ”
140 146
9912 101%
90
100
__. .
256
U812 105
tk Ex list
99
101
___ _ 67
265
255
*434
51*
475 480
43
47
100
97
102
09
2
1*2
ch ge list
883* 89%
8
7
_____
16
691, 66%
20
16
90
80
00
80
128
120
245 * 247
125
123
1071* 108%
*4
<%
18%
*18
2
2%
60
50
125
140
137
135
1
2
10
20
700 800
k Exc list
60
47
95
08
88
90
00
90
"m *
60
65
33*
4%
2312 30
46
/ 42
/ Flat price,
/ 89
94
60
/ 40
/ -------- 10
*4
%
105
101
35
*30
*00
70
90
list
90%
In dustrial and Aliscel
e Crucible Steel_________ 100
e Preferred...................... 100
Bid
Ask
11% 113*
81
81%
♦7S
1%
10534 106
141
146
80
96
85
86%
n 10
15
n 30
45
10
15
40
45
131
133
105
1075,
«4
%
*8%
8%
170
190
Davla-Daly Copper C o . . . 10
e Diamond Matcn ( 0. . 100
duPont (E I) de Nem Po 100
e P referred................. 1 0 0
e Gold 4 H s 1036____ J-D
Eleetrlo Boat________ __ 100
Preferred____________ 100
Empire Steel.
....
ion
Preferred.......... .... .........100
« General Chem ical.. .. 1 0 0
e Preferred.......... ........... 100
Gold Hill Copper__________ 1
Greeuc-Oananea_________ 20
Guggenheim E xp lor'n._100
e Hackensack Water Co—
Ref g 4s '52 op 1912 ..J -J
80
Hall Signal Co com _____ 100
8
Havana Tobacco Co____ 100
6
Preferred_____________ 100
10
1st g 5s Juno 1 1922 .J -D / 48
Ueoker-Jones-Jewell Milling
1st 6s 1922.................... M -3 101
15
Herrlng-IInll-Mar n e w .. 100
Hoboken Land to I m p .. 100
103
1st 5s Nov 1930____ M-N
9
Hocking Vai P r o d u c ts.. 100
68
1st g 5s 1961.........................
81*
Houston Oil com ctfs -. 1 0 0
73%
Preferred ctfs ________ 100
05
* Ineersoll-Kand c o m . . . 100
100
« P referred................... 100
19
Intercontinental Rubber 100
Internat'l Banking Co__100
....
International Nickel____ 100 235
99%
Preferred_____ _______ 100
1st g 5s 1932................. A -O
99
International S a lt ......... too
2
1st g 5s 1951.............A-O
/ 46
International Silver____ 100
65
Preferred_____ _______ 100 113
1st 6s 1948................. J-D
no
Internat Smelt to U e fg .,1 0 0 105
Jones <fc Laughtln Steel Co
1st s t g 6s 1939...........M-N
100
e Lackawanna Steel____ 100
30
e 1st con 5s 1950____ Al-s
78%
e Deb 5s 1915............... M-S
911*
Lanston Monotype_____ 100
94%
Lawyers' Mtge Co_______100 250
Leh to WlHtes-B Coal____ 50 270
« Lorlllard (P) pref...........100 140
Madison Sq Garden. _ . . 1 0 0
2d 08 1019....................M-N
05
Manhattan Transit.............20
• lit
e May Dept Stores— See Stk Exch
0Miaml Copper__ Se* Stock Exch
*
97,
Monougahela It Coal_____ 50
Preferred______________ 50 *32
105
Mortgage Bond Co_____ 180
101
Nat Bank of Cuba.............100
« National Siwety . . . . . . 1 0 0
260
Nev-Utah Min to 8m _____ 10
*3ib
e New Central Coal_______20
30
e New York Dock............. 108
....
t Preferred ....................100
....
N Y Mtge to Security___ 108 21o”
N Y Transportation.......... 20
*3
90
Nlles-Bem-Pond com___ 108
Nlplsslng Mines____________5
*7%
Ohio Copper Co__________ 10
*1%
e Ontario Silver_________ 100
1%
Otis Elevator com .
. .1 0 0
67%
Preferred........................ 100
97
Pittsburgh Brewing_____ 50 *10
.
Preferred______________ 60 * .
« Pittsburgh Steel p r e f..1 0 0 100%
40
Pope Mfg Co com_______100
Preferred.........................100
68
Pratt to Whitney p r e f ..100
98
Producers O i l . . .......... .......100
95
(Ray Consol Copper — Sea 8 tk E x
Realty Assoc ( B k l y n ) ... 100 113
Royal Bak Powd c o m .. .100 190
Preferred _____________ 100
108
Safety Car Heat to L t___ 100 123%
Seneca M i n i n g . . _______ 26 *
Singer Mfg C o . . _______100 260
South Iron & S com____ 108
1
Preferred........................ loo
2
Standard Cordage_______100
1st M g 5s '31 r e d ..
A-O / T o "
Adjust M 5s Apr 1 1 9 8 1 .. / 1
Standard Coupler c o m ..l0 0
38
P referred................. ..
100 105
e Standard Milling C o . . . 100
15
aPreferred.................... 100
49
r ls t 6s 1 9 3 0 .. . . .
M-N
87%
Standard OH of N J
100 620
Standard Oil ex-subsldlaPs. 325
Standard OU Subsidiaries.. 300
Studebakcr Corp c o m .. 100
671*
Preferred____
loo 101
99
Suit b ergor* Sous U o p f 100
Swift to Co— See Boston Stk Exc
1st 5s.
See Chicago Stk Exc
Texas Company — See Stock Hxo
98
e Texas to Pacific C o a l.. 100
88
«Texas Pacific Land T r .1 0 0
Title Ins Co of N Y . _ .. 1 0 0 115
Tonopah Min ( N e v a d a ) ... 1
0%
4
Trenton Potterlos c o m .. 100
60
Preferred new _______100
30
Trow Directory_________ 10°
(Underw'd Typewriter — See Stk E
37%
Union Typewriter c o m .. 100
107
1st preferred_________ 100
98
2d preferred___________100
44
United Cigar Mfrs---------- 100
106
e Preferred____________ 100
114
United Copper___________100
8
Preferred_____________ 100
215
U 8 Casualty____________ 100
U S Envelope com .......... 100
72
Preferred — . — - - — 100 112
U K Finishing...................... 100
89
Preferred-------------------- 100 102
1st g 5s 1919................. J-J 100
Con g 5s 1929-------------- J-J
94
( 0 8 Indust Alcohol . . . 1 8 0
243*
(P referred -------------- .. 1 0 8
66
U 8 Steel Corporatism—
Col tr a f 5a 1961 opt '11 . 114%
Col tr s f 6s '51 not o p t .. 114%
U S Tit Ou to Indent____ 100
92%
Westchoeter to Bronx Title
to Mtge Guar................. 100 ISO
Wcsttngb’Be Air B rak e .. 50 *163
Woolworth (F W ) C* (w 1).
08
Preferred (w 1 )___________ 106
Worth!ngt'a Pump pref. 100 106
___ m
12
7
15
65
1021,
25
105
12
63
83*
74%
— ..
- ..
20
92%
239
101
993*
4
50
75
115
112
125
100%
35
78%
92
943*
257
300
...»
"i%
list
list
ios”
103%
260
55
25
60
215
5
04
7%
11*
1%
68%
99
10%
40
.
45"
72
102%
100
list
117
193
108%
124%
265
2
4
1*
14 1
3
45
115
17
62
88
640
375
400
58
101%
101
list
list
list
100
___ .
118
7%
8
65
40
x lis t .
39%
111
102
44%
110
1%
12
...»
75
114
95
107
108
98
29
97%
118
115
100
160
163%
2 2
1064?
a >;
n Nominal
« Sale prion,
(New stock.
* Ex-dlv.
y
Ex-rlghta,
THE CHRONICLE
N o v . 25 1 9 1 1 . |
1453
^mreslmewl and HLailwrad Intelligence.
R A I L R O A D .GROSS
EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twc
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplemental
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers someothei
period. T h e r e tu r n s o f th e elec tric r a i l w a y s are b rou g h t togeth er s e p a r a t e l y o n a s u b s e q u e n t p a g e .
Latest Gross IVaminos.
Week or
M onth.
Current
Year.
Ju ly 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
A la N O A T e x P a c $
$
N O A N or H a st- O c t o b e r __
3 7 6 ,7 5 0
,2 1 6 ,5 3 0 1 ,1 5 9 ,5 5 9
2 0 5 ,0 3 8
A la A V ic k sb u rg . O c t o b e r __
6 0 5 ,4 2 3
1 5 9 ,5 9 9
5 5 3 .8 7 4
1 6 9 ,1 9 0
V icks S hrev A P . O cto ber _ .
5 1 9 ,0 3 3
1 2 6 ,8 7 1
4 6 9 ,0 8 0
1 3 4 ,6 2 0
A la T en n A N o r t h . Sep tem b er
2 3 ,8 7 0
1 2 .9 0 0
3 3 .8 0 3
8 ,3 9 3
A n n A r b o r _________ 2d w k N o v
8 0 0 .9 3 2
4 6 ,7 9 6
9 0 3 ,4 8 7
4 3 ,5 3 0
A to ll T o p e k a A S Fe S ep tem b er
,9 5 4 ,2 2 8
,8 4 3 ,5 1 3 2 6 ,1 5 9 ,3 3 9
,0 6 8 ,4 4 1
A tla n ta B Irm & A tl 2d wk N o v
6 6 ,3 5 2
,2 2 6 ,1 3 5 1 ,0 2 3 ,8 0 9
5 7 ,1 1 0
A tla n tic C oast Bine Sep tem b er
.5 2 6 ,7 4 0
,9 0 1 ,9 7 8 0 ,4 6 4 ,5 8 8
,2 4 6 ,7 7 4
0 B altim ore f t O h io . O ctober _ .
,1 5 0 ,7 0 5 3 2 ,6 8 4 ,4 4 4
,2 5 9 ,8 2 3
,1 6 8 ,8 1 7
B & O Cli T er H H S ep tem b er
4 0 7 .9 3 2
4 0 6 ,8 2 0
1 3 9 ,9 5 5
1 3 6 ,3 4 5
B angor & A roostook S ep tem b er
-2 0 ,4 0 0
8 4 1 .8 9 2
3 4 0 ,3 7 0
2 8 3 ,0 1 6
B oston A M a in e ___ S ep tem b er
,2 9 8 ,2 0 0 1 2 ,1 3 0 ,5 7 8
,2 5 0 ,2 8 6
,1 7 6 ,9 8 1
B ridgeton A Saco H Sep tem b er
1 6 ,0 2 2
1 7 .804
6 ,2 7 1
4 ,7 5 0
B u ll R och & P Itts b . 3d w k N o v
1 8 5 ,5 7 4
,9 7 2 ,8 3 6 4 ,0 3 4 ,0 4 9
1 9 8 ,7 0 4
B ulfalo A S u s q ------- S ep tem b er
5 9 4 ,7 0 4
2 1 1 ,2 1 1
0 2 0 ,3 2 8
2 0 2 ,4 2 2
C anadian N o r th e r n . 2d w k N o v
,5 3 1 ,8 5 0 5 ,9 6 2 ,9 0 0
5 0 4 .0 0 0
3 7 9 ,9 0 0
Canadian P acific— 2d w k N o v ,4 8 6 ,0 0 0 ,1 0 8 ,0 0 0
,2 2 4 ,8 0 7 4 1 ,9 6 4 ,7 5 9
Central of G e o r g ia .. 2d w k N o v
2 7 6 ,2 0 0
5 2 9 ,5 6 9 4 ,8 4 1 ,0 6 1
2 7 1 ,6 0 0
Central of N ew Jers. S ep tem b er
4 8 1 ,3 2 1 7 ,2 2 7 ,3 9 9
,4 1 0 ,7 9
.5 6 8 ,8 9 2
Central V e r m o n t___ S ep tem b er
1 1 0 ,6 9 0 1 ,0 0 0 ,4 3 5
3 7 0 ,0 1 0
3 7 7 ,3 7 9
Ches A Ohio Lines 2d w k N o v
6 8 9 ,2 0 7 1 2 ,7 0 1 ,9 0 3
6 1 8 ,1 0 0
6 2 0 ,7 3 2
Chicago A A lt o n ___ 2d w k N o v
3 2 3 ,6 6 4
3 3 7 ,3 0 6
0 4 0 ,8 4 7 5 ,8 6 4 ,4 2 7
Cldc Burl A Q u in cy S ep tem b er
1 4 4 ,9 2 8 2 3 ,8 4 9 ,0 7 8
,0 8 4 ,8 0 7 ,3 9 5 ,2 6 9
p Chic Great W e s t . . 2d w k N o v
3 1 0 ,4 0 8
2 8 9 ,5 1 1
1 3 0 ,2 5 7 5 ,0 1 7 ,1 4 1
Chic In d A L o u ls v . 2d w k N o v
1 1 6 ,9 2 6
1 0 9 ,8 3 7
5 8 7 ,7 6 4 2 ,4 8 7 ,6 8 6
Clilc M em p h A Gulf S ep tem b er
2 0 ,6 3 8
2 4 ,6 6 2
1 0 ,2 6 3
6 1 ,1 0 5
Chic M llw & S t Paul S ep tem b er
,9 6 2 ,2 6 7 ,5 0 4 ,2 0 3
5 0 2 ,2 6 5 1 7 ,8 4 4 ,0 4 5
Ch M il & P ug S d . S ep tem b er
,3 6 9 ,3 6 4
0 6 4 ,4 2 8 3 ,4 7 5 ,1 2 3
,1 6 2 ,3 9 9
t’Chic A N orth W est S ep tem b er
,0 0 4 ,0 9 3
.3 0 3 ,8 4 7
5 5 5 ,6 1 4 1 ,1 1 3 ,0 8 2
tiChlc S t P aul M & O S ep tem b er
,4 3 0 ,3 6 9
,6 2 0 ,0 4 6
,9 2 2 ,1 0 9 4 ,3 4 9 ,3 0 9
Cldc T H A S E _____ S ep tem ber
1 5 6 ,3 6 9
6 3 1 ,6 0 0
2 0 2 ,7 0 7
4 5 8 ,9 3 8
Cln H a m A D a y to n S ep tem b er
8 7 2 ,2 5 6
9 1 5 ,9 7 1
,7 9 6 ,8 4 4 2 ,5 7 9 ,0 0 2
Colorado M id la n d . _ S ep tem b er
1 9 4,11 1
5 5 4 ,1 9 8
1 9 5 ,0 9 0
5 3 0 ,6 4 5
Colorado A S o u t h . . 2d w k N o v
3 6 6 ,4 9 7
3 1 6 ,3 5 9
,0 3 4 ,1 9 5 6 ,7 0 9 ,8 4 3
C opper R a n ge
J uly ............
0 0 ,5 5 1
7 0 ,7 3 3
7 0 ,7 3 3
0 0 ,5 5 1
C o r n w a ll_____
S ep tem b er
1 4 ,9 6 6
4 8 ,2 1 8
1 3 ,9 6 4
4 7 ,7 5 4
C ornw all & L ebanon S ep tem ber
2 5 ,8 7 6
3 0 ,4 0 3
1 0 3 ,2 5 1
9 3 ,0 6 5
C ub a R a ilro a d ______ S ep tem b er
2 5 9 ,8 2 1
1 9 0 ,8 8 0
6 3 1 ,1 9 1
7 8 0 ,2 7 0
Delaw are A H u dson S ep tem b er
,8 9 3 ,8 2 6 ,7 6 3 ,2 0 8
,6 4 4 ,0 1 4 5 ,2 0 3 ,8 8 4
D el L ack A W e s t . . Sep tem b er
,2 9 2 ,4 8 0 ,0 4 0 ,5 9 4
,5 9 5 ,7 5 1
0 ,1 3 0 ,5 2 7
D e n v * K io Grande 2d wk N o v
4 7 8 .7 0 0
5 1 7 ,0 0 0
,6 2 3 ,1 4 8 9 ,7 7 7 ,4 5 8
W e ste rn P a c ific. . S ep tem b er
5 3 7 .0 0 1
,4 5 9 ,8 5 5
D en ver N W A P ac 1st w k N o v
2 3 ,7 9 2
2 2 ,8 5 2
4 7 1 ,5 0 4
5 0 7 ,0 0 4
D etroit T o l A Iron t 2d w k N ov
3 6 ,4 0 7
8 1 1 ,1 8 8
3 4 ,6 5 2
7 0 2 ,8 3 5
D etroit & M ackinac 2d w k N o v
2 1 ,4 5 2
2 2 ,3 0 5
4 6 3 ,3 9 0
4 6 2 .8 7 4
D u l & Iron R a n g e .. S ep tem ber
,0 4 6 ,7 3 9
,1 3 8 ,6 3 0
,0 1 4 ,0 0 8 3 .5 9 4 .0 5 5
D ul Sou Sh & A t l . . 2d w k N ov
6 1 ,3 6 5
6 3 ,7 8 6
,3 5 0 ,0 6 9 1 .3 7 2 ,0 1 6
E l Paso & S ou W e st S p tem ber
5 8 1 ,2 2 1
5 6 3 ,5 3 0
,6 3 1 ,0 6 7 1 ,7 6 8 ,2 4 4
S ep tem b er
,6 9 4 ,3 0 1
E r i e __________
,1 1 2 ,1 7 0
,3 8 2 ,0 1 8 1 0 ,1 1 5 ,9 5 9
Fairchild & N E . . . Sep tem b er
2 ,0 1 7
1 ,9 6 0
6 ,1 1 6
5 ,3 5 7
F o n d a Johns & G iov Sep tem b er
8 5 ,2 4 0
8 4 .1 8 5
2 7 5 ,5 0 2
2 7 7 ,3 3 4
Georgia R a ilr o a d .. S ep tem ber
3 2 1 ,2 2 2
2 6 0 ,7 1 0
8 0 5 ,7 0 0
7 2 5 ,9 2 5
Grand T ru n k S y s t . . 2d w k N o v
9 5 9 ,9 6 0
8 9 9 .7 6 0
,5 3 5 ,1 3 2 1 7 ,1 7 5 ,1 1 9
11 7 ,9 4 4
Grand T r k W e s t . 2d w k N o v
1 0 6 ,4 2 5
,5 1 0 ,3 6 1 2 ,1 9 1 ,1 0 0
5 3 ,7 5 5
4 6 ,3 7 7
D e t Gr H a v & Mil 2d w k N o v
8 0 3 ,5 0 0
7 5 8 ,3 3 2
4 1 .9 0 0
4 0 ,2 1 6
C anad a A tla n t ic . 2d wk N o v
* 4 0 ,3 1 6
7 4 7 ,7 5 2
,1 9 1 ,0 3 1
,5 7 9 ,3 9 0 2 5 , 4 8 7 ,2 5 6 2 4 ,5 4 2 ,3 4 2
Great N orthern S yst O ctober
1 6 8 ,5 7 8
1 6 0 ,6 5 7
G ulf & Ship Isla n d . S ep tem ber
4 9 0 ,8 7 0
4 7 6 ,0 1 7
6 9 9 ,0 2 7
7 7 0 ,7 5 1
H o c k in g V a lle y ------ Sep tem b er
0 1 6 ,9 5 1 2 ,1 8 6 ,4 0 1
S ep tem b er
,2 2 2 ,3 8 6
,3 1 3 ,9 2 4
Illinois C en tral___
9 0 2 ,1 5 3 1 5 ,4 5 1 .7 2 8
In te rn a t & G t N or 2d w k N o v
2 4 4 ,0 0 0
2 0 2 ,0 0 0
7 9 3 ,5 9 2 3 .7 0 0 .3 3 4
« Interoceanio M ex 2d w k N o v
1 5 1 ,3 2 5
1 5 3 ,7 6 5
0 9 9 ,9 4 4 3 ,1 3 1 ,0 0 0
Io w a C en tral______
2d w k N o v
7 5 ,8 2 9
8 1 ,1 9 2
3 7 3 ,0 0 7 1 .3 4 6 .0 5 6
K a n a w h a & M i c h .. S ep tem b er
3 1 3 ,4 0 2
2 9 4 ,8 9 3
8 9 1 ,3 2 4
8 9 5 ,9 6 5
K a n sas C ity S o u t h . S ep tem b er
7 8 9 ,8 6 5
3 4 7 .8 9 3 2 .5 7 0 .3 3 5
8 7 0 ,5 8 8
K C M ex & O r i e n t .. O cto ber
1 6 4 ,7 2 1
1 8 9 ,9 6 4
6 5 4 ,7 6 9
5 6 7 ,3 8 0
Lehigh V a lle y _____ O ctober
,4 6 5 ,3 0 5
,3 8 4 ,0 9 9
3 9 3 ,6 4 1 1 2 ,4 0 9 ,0 8 2
L e x in g to n & E a s t . S ep tem b er
4 7 ,3 0 7
1 3 3 ,7 3 6
4 6 ,3 9 8
1 4 8 ,4 1 7
L ou isiana A A r k a n . S ep tem b er
1 1 4 ,1 0 4
3 6 3 ,5 4 8
1 2 0 ,0 3 0
3 2 0 ,3 1 1
L o u isv fie n d & S t L S ep tem b er
1 1 5 ,9 0 3
1 1 0 ,1 7 1
3 1 7 ,6 6 7
3 2 8 ,3 2 0
s L ou isv & N a s h ___ 2d w k N o v
,1 1 0 ,3 3 5
,1 5 4 ,8 8 5 2 0 , 9 6 9 ,9 7 0 2 0 ,5 8 4 ,2 3 2
M acon A B trm lng’ m Ootober
1 7 ,7 8 3
1 0 ,1 8 8
5 1 ,6 9 4
5 6 ,8 8 6
M ain e C e n tr a l.
S ep tem b er
,0 4 2 ,8 9 8
9 4 6 ,2 0 5
.9 2 7 ,7 0 4 2 .7 0 8 .3 6 4
M arylan d A P e n n a . S ep tem b er
4 3 ,9 6 4
4 6 ,2 9 1
1 2 3 ,6 4 *
1 2 0 .8 0 1
a M exican R a ilw a y . 2d w k N o v
1 5 0 .7 0 0
1 6 1 ,8 0 0
,0 2 7 ,1 0 0 3 ,1 4 8 ,9 0 0
M ineral R a n g e --------- 2 d w k N o v
1 4 ,6 1 4
1 4 ,5 7 0
2 8 7 ,9 4 5
2 7 7 ,4 0 0
M ln neap A S t Louis 2 d w k N o v
0 7 ,6 1 0
1 2 2 ,4 7 1
,8 1 1 ,9 4 6 2 ,1 0 9 ,3 7 7
M in n S t P & S S M l 2 d w k N o v
5 0 4 ,9 9 7
5 1 2 ,1 7 0
,7 6 6 534 9 ,2 4 8 ,8 5 9
Chicago D tvlslon j
Mississippi C e n tr a l. S ep tem b er
8 2 ,0 1 4
7 9 ,2 7 3
2 3 0 ,4 3 7
2 3 0 ,0 2 8
« M o K a n & T e xas
d wk N ov
6 1 2 ,4 0 1
7 0 3 ,5 4 4
,5 7 5 ,1 0 2 1 1 ,5 0 9 ,3 1 8
2d w k N o v 1 ,1 7 8 ,0 0 0 1 ,1 2 9 ,0 0 0
Missouri P acific—
,4 7 8 ,6 4 9 2 0 ,7 0 3 ,2 5 7
N a sh v C iiatt & S t L . S ep tem b er 1 ,0 3 4 ,8 1 7
.0 2 4 ,9 5 6 2 ,8 5 4 ,0 4 1
9 7 0 ,8 2 8
a N a t R y s of M e x .f . 2d w k N o v 1 ,2 0 0 ,2 9 3 1 ,2 2 2 ,6 0 8
,9 0 6 ,0 3 1 2 3 ,0 8 8 ,5 9 3
N cvad a-C al-O regon 2d w k N o v
7 ,6 1 4
1 6 5 .7 8 5
1 5 3 ,5 0 6
0 ,1 2 2
N e v a d a C en tral------- S ep tem b er
5 ,5 1 2
1 8 ,1 1 0
1 6 ,6 2 0
6 ,0 4 6
N O Great Northern S ep tem b er
1 4 9 ,2 7 0
4 3 0 ,2 1 3
4 3 0 ,4 1 5
1 4 2 ,9 2 6
N O M obile A Cldc W it N o v 11
3 8 ,6 8 0
6 3 8 .7 8 6
6 8 7 ,4 5 3
3 4 ,2 7 0
e N Y C A H u d RIv S ep tem b er 9 ,7 3 0 ,0 0 4 0 ,3 4 9 ,5 5 6
,0 6 5 ,3 7 0 2 6 ,8 0 4 ,1 4 2
L ak e Shore A M S S ep tem b er 4 ,3 8 8 .1 4 1 4 ,4 8 7 ,1 2 5
,1 6 4 ,6 9 7 1 3 ,1 8 7 ,2 5 1
n Lake Erie A W . 'September
5 0 7 ,0 9 8
,5 0 6 ,3 3 0
5 3 2 ,6 6 2
1 ,5 0 7 ,4 7 3
8 8 8 ,6 1 1
Cldo In d A South S ep tem b er
3 0 9 ,2 4 0
2 0 9 ,7 3 4
7 7 9 ,5 7 5
.7 9 2 ,5 0 5 ,6 3 4 ,2 1 9
M ichigan C en tral. S ep tem b er
,9 5 6 ,3 5 5 7 ,9 1 5 ,4 9 0
,1 5 3 ,7 2 6 7 .0 9 0 .3 6 4
C leve C 0 A S t L . S ep tem b er 2 ,7 4 3 ,1 2 2 2 ,7 0 2 ,5 2 9
2 7 8 ,1 0 6
3 6 3 ,3 0 4
P eoria A E astern S eptem ber
8 2 8 ,5 2 2
9 7 4 ,5 8 4
1 2 4 ,6 0 0
1 2 8 ,8 8 0
3 5 8 ,2 9 2
C incinnati N o r t h . S eptem ber
3 6 6 ,8 6 9
.3 6 8 ,2 8 7 4 ,6 7 0 ,3 0 6
P itts A L ak e Erie S eptem ber 1 ,4 5 0 ,1 5 9 1 ,5 3 7 ,4 7 0
9 4 2 ,2 6 7
0 3 6 ,0 7 5
.8 5 7 ,5 9 2 2 ,7 8 3 ,4 0 4
N Y Chic A S t L . Septem ber
S
eptem
ber
5 1 8 ,9 8 4
5 1 0 ,2 4 1
,4 6 9 ,3 0 8
T o l A O h io C e n t.
1 .4 8 5 .0 5 7
T o t all lines ab ove S ep tem b er 2378 4 93& 2 3 5 4 7 8 3 5
.6 1 7 ,0 9 3 0 8 ,4 0 4 ,5 1 7
Latest Gross Earnings.
ROADS.
Week or
Month.
N Y N H A H a r t f __ S ep tem b er
N Y O n t A W e ste rn S ep tem b er
N Y S usq A W e s t . S ep tem b er
N orfolk S o u th e r n . S ep tem b er
N o rfo lk A W e ste rn S ep tem b er
N orthern P acific___ Sep tem b er
Pacific C oast C o ___ S ep tem b er
P en n sy lv a n ia R R _ . S ep tem b er
B a lt Ches A A tla n S ep tem b er
C u m berlan d V a il. S ep tem b er
L o n g Isla n d ______ S ep tem b er
M a r y l’d Dei A V a S ep tem b er
N Y P h ila A N orf S ep tem b er
N orth ern C en tral. S ep tem b er
P hila B a ltA W a sn S ep tem b er
W Jersey A Seash S ep tem b er
P en n sy lv a n ia Co ___ Sep tem b er
Grand R a p A In d S ep tem b er
P itts C I n C h A S t L S ep tem b er
V a n d a l l a _________ S ep tem b er
T o ta l lines—
E a st P itts A E . S ep tem b er
W e s t P itts A E S ep tem b er
A ll E a s t A W e s t Sep tem b er
Perc M a r q u e tte _____ O c to b e r ___
Raleigh A S ou th p ort S ep tem b er
R e ad in g
C o m p an y
P h ila A R e a d in g . S ep tem b er
C oal A Iron C o . . S ep tem b er
T o ta l b o th c o s ___ S ep tem b er
R ich Fred A P o to m S ep tem b er
R io Grande J u n e___ A u g u s t ___
R io G rande S o u th __ 2d wk N o v
R o ck Island L in e s . S ep tem b er
R u tla n d __________
S ep tem b er
S t Jos A Grand Isl’ d S ep tem b er
S t L ou is A S an Fran S ep tem b er
I Chic A E a st 111. S ep tem b er
T o ta l all lines_____ S ep tem b er
S t L R o c k y M t A P . S ep tem b er
S t L ou is Sou thw est . 2d w k N o v
S an Ped L A A S L . S ep tem b er
S eab oard A ir L i n e . . 2 d w k N o v
S outhern P acific Co S ep tem b er
S outhern R a i l w a y .. 2d wk N o v
M ob ile A O h i o . . . 2d wk N o v
Cln N O A T a x P . 2d w k N o v
A la Great S o u t h . 2d w k N o v
Georgia Sou A Fla 1st w k N o v
Ton n A la A Georgia 2d w k N o v
T e x a s A P acific_____ 2d w k N o v
T id ew ater A W e s t . O c to b e r___
T o led o Peor A W e s t 2d w k N o v
T o led o S t L A W e s t 2d w k N o v
T o m b lg b e c V a l l e y . . Sep tem b er
U n ion Pacific S y s t . S ep tem ber
V irgln la A So W e s t . Sep tem b er
V ir g in ia n ____________ S ep tem b er
W a b a s h _____ ________ 3d w k N o v
W e ste rn M a r y la n d . S ep tem ber
W h e e l A L a k e E r ie . S ep tem b er
W r lg h ts v A Tennille S ep tem b er
Y a z o o A M iss V alley S ep tem b er
J u ly 1 to Latest Date,
Current
Year.
Previous
Year
Current
Year.
Previous
Year.
5 ,6 4 9 ,4 6 6
7 8 9 .7 3 1
3 3 3 ,1 7 3
2 5 8 ,0 4 0
3 ,4 7 8 ,3 6 1
6 ,0 0 8 ,3 0 9
7 0 6 ,3 3 7
13752647
2 7 ,3 0 6
2 6 8 .7 3 1
1 ,0 3 5 ,7 6 8
1 5 ,8 4 4
2 8 0 ,6 5 0
1 ,1 4 2 ,7 3 5
1 ,6 5 8 ,7 9 8
6 4 1 ,1 8 1
4 ,8 1 5 ,2 8 5
4 9 9 ,1 0 2
3 ,5 4 6 ,4 5 9
8 6 0 ,3 8 8
5 ,6 6 5 ,7 0 5
8 2 6 ,3 4 3
3 0 0 ,0 8 8
2 2 7 ,8 8 0
3 ,2 2 0 ,6 6 4
0 ,6 1 7 ,9 9 2
7 5 3 ,1 5 7
1 3 94 56 02
2 5 ,6 0 1
2 3 8 ,8 4 0
9 2 7 ,3 2 5
1 5 ,2 0 2
2 9 0 ,2 2 5
1 1 1 2 ,8 3 7
1 ,6 7 0 ,8 4 0
6 4 7 ,3 9 3
5 ,1 5 4 ,6 0 8
4 8 6 ,6 7 8
3 ,7 3 0 ,5 7 4
9 7 3 ,0 6 8
1 6 ,4 4 5 ,1 9 4
2 ,6 7 3 ,7 4 1
9 9 3 ,3 6 8
7 7 3 ,0 2 4
1 0 ,0 2 3 ,9 3 5
1 0 ,7 3 4 ,8 9 8
2 ,1 5 0 ,9 6 0
4 0 ,2 3 7 ,3 7 2
1 1 3 ,7 3 0
7 3 9 ,4 2 9
3 ,4 3 9 ,2 4 5
5 6 ,7 1 2
8 9 8 ,4 2 4
3 ,1 5 6 ,7 4 0
4 ,9 5 6 ,3 1 7
2 ,3 6 7 ,1 1 7
1 4 ,2 5 0 ,6 3 1
1 ,4 2 9 ,1 7 5
1 0 ,3 4 7 ,8 4 9
2 ,5 7 9 ,9 0 8
$
1 0 ,4 7 5 ,3 4 0
2 ,7 3 9 ,2 1 5
9 1 0 ,6 0 3
6 9 2 ,0 0 0
9 ,2 9 0 ,8 6 2
1 9 ,1 2 3 ,0 7 7
2 ,3 3 7 ,5 4 2
4 1 ,0 1 3 ,0 1 0
1 1 4 ,0 0 2
8 1 9 ,8 0 2
3 ,1 4 7 ,0 8 2
5 3 ,5 8 0
9 5 4 ,0 9 7
3 ,1 9 6 ,0 1 7
5 ,1 7 8 ,9 4 3
2 ,3 6 1 ,6 6 1
1 5 ,2 6 9 ,6 9 8
1 ,4 4 0 ,1 5 8
1 0 .5 7 1 .5 S 7
2 ,7 9 5 ,7 2 2
2 0 1 5 3 1 7 2 2 0 2 8 2 7 1 6 6 0 ,1 4 1 ,5 1 3 6 1 ,1 3 5 ,6 1 8
1019 00 81 10 74 9 5 5 2 9 .8 7 0 ,4 4 3 3 1 ,2 3 8 ,4 7 0
3 0 3 4 3 2 5 3 3 1 0 3 2 2 6 8 9 0 ,0 1 1 ,9 5 6 9 2 ,3 7 4 .0 8 7
1 ,6 0 9 ,2 8 7 1 ,4 5 3 ,5 2 8 6 ,0 4 5 ,1 8 3 5 ,7 1 0 ,3 7 5
1 4 ,4 2 4
1 2 ,5 3 8
4 2 ,5 3 4
3 6 ,8 1 0
3 ,8 3 4 ,0 6 7
2 ,5 2 4 .5 0 6
6 ,3 5 8 ,6 3 3
189 ,6 5 0
88 .38 3
5 ,9 8 4
6 ,9 31 ,5 9 6
331 ,0 7 5
154 ,86 3
3 ,6 0 4 ,5 9 8
1 ,3 5 7 ,99 3
4 ,9 6 2 ,591
141 ,941
28 0 ,0 0 0
748 299
450, ,132
11612 S44
1 ,2 6 1 , ,764
232, 256
176, 921
84, 489
47 , 449
1, 394
4 0 1 , 235
8, 681
24 , 700
85 , 959
8 002
8 ,3 9 7 , 782
15 2, 155
4 0 9 , 700
54 1, 832
66 7, *2 3
7 3 2 , 388
35, 608
78 1, 779
3 ,8 3 0 ,1 0 2
2 .2 8 6 ,6 2 8
6 ,1 1 6 ,7 3 0
1 7 0 .1 3 3
9 7 ,1 6 0
1 3 ,1 8 1
6 ,2 4 9 ,6 5 9
3 4 0 ,0 1 8
1 5 0 ,9 0 3
3 ,7 6 1 ,5 3 7
1 ,3 2 9 ,2 3 6
5 ,0 9 0 ,7 7 3
1 7 7 ,8 4 9
2 9 1 ,0 0 0
6 3 4 ,8 4 5
4 3 9 ,3 1 4
1 1 92 9 728
1 ,2 4 5 ,0 5 3
2 2 5 ,9 4 9
1 7 3 .1 3 3
8 9 ,5 0 8
4 8 ,5 9 9
1 ,7 7 0
3 8 0 ,9 0 8
6 ,6 4 3
2 4 ,7 7 4
8 9 ,5 0 2
C,741
8 ,6 0 9 ,6 3 6
1 0 7 ,1 8 1
3 1 3 ,8 9 3
6 0 4 ,9 8 0
6 6 5 ,6 5 8
64 0 ,0 4 1
3 2 ,7 1 0
7 9 1 ,3 5 8
Various Fiscal Years.
Delaw are A H u d so n _____________ Jan
N Y C entral A H u d so n R i v e r . e. Jan
L a k e Shore A M ichigan South Jan
L a k e Erie A W e s t e r n .n ______ Jan
Chicago In d ian a A S o u th e r n . Jan
M ichigan C en tral______________ Jan
C leve Cln Chicago A S t Louis Jan
Jan
P eoria A E a ste r n ___________
Jan
C incinnati N o r th e r n _______
Jan
P ittsb u rgh A L ak e E r i c . . .
N ew Y o r k Chicago A S t Louis Jan
T oled o A O hio C en tral_______ Jan
T o ta l all lin es___________________ Jan
P e n n sylvan ia Railroad__________ Jan
B altim ore Ohesap A A tla n t ic . Jan
C u m berlan d V a lle y ____________ Jan
L o n g Is la n d ____________________ Jan
M arylan d D elaw A V ir g in ia .. Jan
N Y Philadelphia A N o r f o l k .. Jan
N orth e rn C en tral______________ Jan
P hiladelp hia B a lt A W a s h ___ Jan
W e s t Jersey A S eash ore______ Jan
P en n sylvan ia Company __________ Jan
Grand R apid s A In d ia n a ____ Jan
P itts Cincln Chic A S t L o u i s .. Man
V a n d a lla ________________________ Jan
T o ta l lines— E a st P itts A Erie Jan
W e s t P itts A E rie Jan
A ll lines E A W . Jan
R io G rande J u n ctio n _____________ Deo
R u t l a n d ___________________________ Jan
T e x a s A P a c i f i c ..________________ Jan
1
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
1
1
1
1
1
1
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to
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to
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S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
S ep t
Aug
S ep t
N ov
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
30
31
30
14
1 0 ,9 9 3 .0 5 4 1 0 ,8 8 8 ,7 7 5
6 ,1 8 4 ,1 6 8
,6 8 6 ,3 9 7
1 7 ,1 7 7 ,2 2 2
,5 7 5 ,1 7 2
569 ,351
5 5 0 ,0 7 0
166 ,881
1 8 6 .8 9 6
183 ,3 9 9
2 4 7 ,0 6 1
1 6 ,7 6 4 ,8 6 6
,6 5 9 ,8 7 8
963 614
9 6 6 ,7 7 2
4 5 5 ,4S0
4 5 6 ,2 1 3
1 0 ,4 3 5 2 4 7
,7 4 6 ,7 4 9
3 ,9 5 8 ,4 8 0
.8 6 0 ,2 1 6
1 4 ,3 9 3 728
,6 0 0 .9 6 5
39 3 293
5 1 2 ,9 2 2
4 ,5 1 9 394
,6 5 3 ,1 4 5
2 ,2 2 7 .91 3
,8 9 8 ,1 6 0
,4 1 6 ,9 8 1
8 ,1 0 9 ,185
3 3 ,8 9 0 ,846
,8 9 3 ,6 5 8
2 3 ,8 6 7 ,524
,8 7 9 ,6 4 3
4 ,2 7 5 ,613
,9 8 0 ,7 7 4
3 ,5 8 9 ,921
.5 5 4 ,9 9 6
1 ,7 1 0 ,976
.6 8 8 ,1 5 9
848 ,007
8 3 7 .8 5 7
43 ,099
3 5 ,0 5 7
6 ,3 4 3 931
.2 0 8 ,4 6 4
35 ,092
2 8 ,2 6 5
48 7 710
5 0 3 ,9 9 3
1 ,5 4 0 418
,4 9 3 ,5 3 9
23; 568
2 1 ,0 3 9
2 3 .4 7 7 , 02 6 2 5 , 0 0 5 ,7 6 5
43 0, 320
3 1 0 ,0 6 8
1 ,1 6 1 , 815
8 3 5 ,6 8 6
1 2 ,0 9 1 , 030
5 0 1 ,3 5 4
1 ,8 9 3 , 004
0 0 3 ,3 5 6
2 ,1 1 3 , 181
9 8 8 ,0 0 8
81, 955
7 0 ,9 2 1
2 ,3 2 3 , 440
1 8 2 ,9 0 1
Current
Year.
Previous
$
1 5 ,8 6 8 ,0 2 4
7 6 ,8 7 4 ,0 3 3
3 5 ,9 0 9 ,7 4 0
4 ,0 3 0 ,4 9 7
2 ,7 6 1 ,4 5 7
2 2 ,0 1 5 ,7 6 9
2 2 ,5 7 9 ,6 1 1
2 ,3 9 2 ,8 0 0
8 9 8 ,9 7 5
1 1 ,3 0 5 ,5 8 4
8 ,2 4 9 ,3 9 7
3 ,5 7 7 ,5 8 1
1 0 05 95 444
1 1 55 63 054
2 1 8 ,9 8 8
2 ,1 3 0 ,7 1 2
8 ,1 2 2 ,6 4 0
1 0 5 ,6 8 7
2 ,4 9 0 ,8 7 0
9 ,3 6 4 ,5 4 3
1 4 ,0 7 5 ,6 5 6
4 ,9 5 4 ,5 0 3
3 6 ,8 9 0 ,0 4 0
3 ,7 7 4 ,3 3 2
2 8 ,3 9 9 ,4 0 1
7 ,3 4 9 ,9 0 3
167045053
7 9 ,8 3 3 ,8 8 8
24 68 7 8 9 4 1
6 7 3 ,4 4 5
2 ,5 3 7 ,4 4 2
1 3 ,2 7 7 ,2 8 5
3
1 4 ,8 3 1 ,4 9 9
7 3 ,7 7 4 ,9 4 0
3 6 ,9 0 0 ,3 7 9
4 ,0 7 8 ,3 5 4
2 ,7 0 5 ,3 3 3
2 1 ,9 0 2 ,8 9 3
2 2 ,1 7 1 ,0 3 1
2 ,5 6 6 ,3 4 2
9 5 6 ,8 3 3
1 2 ,9 5 3 ,9 2 7
8 ,2 3 2 ,9 2 8
3 ,6 5 0 ,7 4 3
189894303
11 95 0 1 8 8 4
2 1 8 ,5 7 7
2 ,3 1 1 ,5 4 4
7 ,4 6 1 ,0 8 5
1 0 1 ,1 6 6
2 ,6 4 0 ,6 7 5
9 ,3 3 4 ,2 8 8
1 4 ,2 4 1 ,5 1 2
4 ,7 8 6 ,1 5 4
4 1 ,0 3 7 ,5 4 0
3 ,8 0 3 ,1 8 2
3 0 ,3 0 0 ,2 6 2
7 ,0 7 1 ,6 5 0
171008850
8 6 ,0 6 9 ,9 2 5
257078775
7 4 2 ,7 1 3
2 ,4 4 3 ,1 1 4
1 3 ,6 3 9 .1 3 8
Year.
AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
1st
2d
3d
4 th
1st
2d
3d
4th
1st
2d
week
week
week
week
week
week
week
week
week
week
S ep t (43 r o a d s )_____
S ep t (39 r o a d s )_____
S ep t (42 ro a d 3)_____
S ep t (43 r o a d s )_____
O ct
(44 r o a d s )_____
O ct
(45 r o a d s )_____
O ct
(44 r o a d s)_____
O ct
(43 r o a d s )_____
N o v (45 r o a d s )____
N o v (43 r o a d s )_____
Cur’ nt Year Prev's Year Inc. or Dec.
S
1 4 .5 1 4 .3 9 9
1 5 ,3 1 6 ,4 2 8
1 5 ,4 1 5 ,5 5 0
2 0 ,4 4 9 ,5 1 4
1 5 ,5 2 9 ,2 9 9
1 6 ,2 0 4 ,2 1 4
1 0 ,3 8 8 ,5 2 5
2 3 ,0 9 8 .7 8 4
1 5 ,6 6 4 ,5 7 7
1 5 ,7 7 5 .7 9 5
S
1 3 ,9 0 3 ,2 3 5
1 4 ,5 1 7 ,5 7 2
1 5 ,0 0 4 ,4 3 0
1 9 ,8 3 2 ,1 3 6
1 5 ,1 7 2 ,6 3 3
1 5 ,6 6 1 ,2 3 7
1 5 ,9 5 1 ,4 8 3
2 1 ,8 5 9 ,6 0 3
1 5 ,1 7 5 ,0 4 3
1 5 ,3 4 0 ,5 6 8
S
+ 5 5 1 ,1 6 4
+ 0 9 8 .8 5 6
+ 4 1 1 ,1 2 0
+ 0 1 7 ,3 7 8
+ 3 5 0 ,6 0 6
+ 6 0 2 ,9 7 7
+ 4 3 7 ,0 4 2
+ 1 ,2 3 9 ,1 2 1
+ 4 8 9 ,5 3 4
+ 4 2 9 ,2 2 7
%
M o n th ly S u m m a r ie s .
CuPni Year Prev's Year Inc. or Dec.
Mileage Curr. Yr. Prev. Yr.
3 .0 5
4 .8 1
2 .7 8
3 .1 1
2 .3 5
3 .8 5
2 .7 4
5 .8 8
3 .3 0
2 .8 0
J an u ary . . . 2 4 2 , 4 7 9
F ebru ary - . 2 4 2 , 6 4 0
M a r c h .............2 4 2 ,6 8 6
A p r i l ________ 2 4 2 ,9 3 3
M a y __________2 4 3 ,1 7 0
J u n e ................2 4 3 ,7 3 2
J u l y .................. 2 3 0 ,0 7 0
A u g u s t _______ 2 3 0 ,5 3 6
S e p t e m b e r ..2 3 0 ,9 1 8
O otob er . . . 8 2 .6 2 3
5
2 3 8 ,8 6 0 2 1 5 ,0 5 7 ,0 1 7 2 1 0 ,8 0 8 ,2 4 7
+ 4 ,2 4 8 ,7 7 0
2 3 8 ,6 0 3 199,035,21)7 2 0 2 ,4 9 2 ,1 2 0 — 3 ,4 5 6 ,8 6 3
2 3 8 .9 4 1 2 2 6 ,9 9 7 ,4 8 1 2 3 8 ,3 3 6 ,0 0 9 — 1 1 ,3 3 9 ,1 2 8
2 3 9 .1 3 2 2 1 8 ,1 7 7 .1 2 3 2 2 5 ,7 0 0 ,8 1 1 — 7 ,5 2 3 ,6 8 8
2 3 0 ,3 5 7 2 2 9 ,0 4 2 ,7 7 1 2 3 4 ,3 3 9 ,8 7 4 — 4 ,6 9 7 ,1 0 3
2 4 0 .0 1 2 2 3 1 ,6 9 7 ,0 5 3 2 3 8 ,1 5 6 ,7 5 5 — 6 ,4 5 9 ,7 0 2
2 2 6 ,4 9 3 2 2 4 ,7 5 1 ,0 8 3 2 2 6 ,3 0 6 ,7 3 5 — 1 ,5 5 5 ,6 5 2
2 2 7 ,0 7 6 [24 3 ,8 1 8 ,5 9 4 2 4 5 ,7 8 4 ,2 8 9 — 1 ,9 6 7 ,6 9 5
2 2 0 ,5 2 6 2 4 0 ,0 5 4 ,0 3 6 2 4 9 ,0 1 4 ,2 3 5
+ 3 9 ,8 0 1
81.1051 7 2 ,3 9 8 .8 6 5 6 8 ,7 4 2 ,5 1 3
+ 3 ,6 5 6 ,3 5 2
2 .0 1
1 .7 8
4 .7 6
3 .3 3
2 .0 0
2 .7 1
0 .6 8
0 .8 0
0 .0 1
5 .2 8
a M exican c u rren cy , e In cludes th e B osto n A A lb a n y , the N ew Y o r k A O tta w a , the S t . Law rence A A d iro n d a ck an d the O tta w a A N . Y . R y .
th e latter of w hich , being a C anadian road , does n ot m ak e returns to the In te r -S ta te C om m erce C o m m issio n . / I n c l u d e s E v a n sv ille A T erre H a u te
an d E van svlllo A In d ian a R R .
g Includes the C levelan d L orain A W h eelin g R y . In both ye a rs, n In clud es th e N orth ern O h io R R . p In clu d es
earnings of M ason C ity A F t D od ge and W isc o n sin M in nesota A P acific,
s In clud es L ou isville A A tla n tlo from J u ly 1 1 9 09 an d the F ra n k fo rt A
Cincinnati from N o v . 1 1 9 0 9 .
t Includes the M exloan In ternation al fro m J u ly 1 9 1 0 . u In clud es th e T e x a s C en tral,
t In clu d es n o t on ly op eratin g
revenu es, b u t also all other receip ts.
THE CHRONICLE
1454
Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second week
of November. The table covers 43 roads and shows 2.80%
Second Week of November.
A la b a m a G reat S o u th e r n .
A n n A r b o r .............. ..................
B u ffa lo R och ester ft P ittsb u rgh
C an ad ian N o r th e r n _______________
C an ad ian P a c ific _________________
C en tral o f G eorgia________________
C hesapeak e ft O h io _______________
C hicago & A lt o n __________________
C hicago G reat W e s te r n ___________
C hicago In d ft L o u is v ille -----------CIn N e w Orleans & T e x P a c ific .
C olorad o & S o u th e r n -----------D e n v e r ft R io G r a n d e ______
D e tro it ft M a c k ln a o -------------D e troit T o le d o ft I r o n t o n ..
G ran d T r u n k of C a n a d a ------G ran d T r u n k W e s t e r n ------D e tr o it Gr H a v e n ft M llw
C an ad a A t la n t ic -----------------In te r n a tio n a l & G reat N orth ern
In te roce an ic of M e x ic o —
Io w a C e n t r a l ---------------------L o u isv ille ft N a sh v ille ---------------M e x ica n R a ilw a y ---------------M in eral R a n g e . . ....................
M in n eapolis ft S t L o u is-------------- M in n S t P & S S M .................
C hicago D iv isio n -------------M issou ri K a n sas & T e x a s . _
M issou ri P acific--------------------M o b ile ft O h io ----------------------N a tio n a l R y s of M e xico —
N e v a d a -C a lifo r n la -O r c g o n .
R io G ran d e S o u th e r n ---------S ea b o a rd A ir L in e ----------------------S ou th e rn R a i l w a y ..........................
T c n n A la & G e orgia......... .............
T e x a s & P a c ific --------------------------T o le d o P eoria ft W e s te r n --------T o le d o S t L ou is & W e s te r n —
W a b a s h ____________________________
Increase. Decrease.
1910.
1911.
S
8 4 ,4 8 9
4 6 ,7 9 6
0 0 ,3 5 2
1 8 9 ,7 3 0
5 0 4 ,0 0 0
2 ,4 8 0 ,0 0 0
2 7 0 ,2 0 0
0 2 0 ,7 3 2
3 2 7 ,3 0 6
2 8 9 ,5 1 1
1 1 0 ,9 2 0
17 6 ,9 2 1
3 1 6 ,3 5 9
4 7 8 ,7 0 0
2 1 ,4 5 2
3 0 ,4 9 7
6 1 ,3 5 5
5
8 9 ,5 0 8
4 3 ,5 3 0
5 7 ,1 1 0
1 9 8 ,7 0 4
3 7 9 ,9 0 0
2 ,1 0 8 ,0 0 0
2 7 1 .6 0 0
6 1 8 ,1 0 0
3 2 3 ,6 6 4
3 1 0 ,4 6 8
1 0 9 ,8 3 7
1 7 8 ,1 3 3
3 0 0 ,4 9 7
5 1 7 ,0 0 0
2 2 ,3 0 5
3 4 ,6 5 2
6 3 ,7 8 0
9 5 9 ,9 8 0
8 9 9 .7 6 0
6 0 ,2 2 0
2 4 4 ,0 0 0
1 5 1 ,3 2 5
7 5 ,8 2 9
1.1 1 0 ,3 3 5
1 5 0 ,7 0 0
1 4 ,5 7 6
9 7 ,6 1 6
2 0 2 ,0 0 0
1 5 3 ,7 6 5
8 1 ,1 9 2
1 ,1 5 4 ,8 8 5
1 0 1 ,8 0 0
1 4 ,6 1 4
1 2 2 ,4 7 1
4 2 ,0 0 0
5 0 4 ,9 9 7
0 1 2 .4 0 1
1 ,1 7 8 ,0 0 0
2 3 2 ,2 5 0
1 ,2 0 0 ,2 9 3
7 ,6 1 4
5 ,9 8 4
2 8 0 ,0 0 0
4 5 6 ,1 3 2
1 ,2 0 1 ,7 0 4
1 ,3 9 4
4 0 1 ,2 3 5
2 4 ,7 0 0
8 5 ,9 5 9
5 5 3 ,3 1 9
5 1 2 ,1 7 6
7 0 3 ,5 4 4
1 ,1 2 9 ,0 0 0
2 2 5 ,9 4 9
1 ,2 2 2 ,6 0 8
6 ,1 2 2
1 3 ,1 8 1
2 9 1 ,0 0 0
4 3 9 ,3 1 4
1 ,2 4 5 ,0 5 3
1 ,7 7 0
3 8 0 ,9 0 8
2 4 ,7 7 4
8 9 ,5 0 2
5 7 8 ,3 8 0
$
5 ,0 1 9
$
3 ,2 6 0
9 ,2 4 2
________
1 2 4 ,1 0 0
3 7 8 ,0 0 0
4 ,0 0 0
2 ,6 3 2
3 ,6 4 2
________
8 ,9 7 4
1,2 12
5 0 ,1 3 8
3 8 ,3 0 0
853
________
1 ,8 4 5
2 ,4 3 1
2 ,4 4 0
5 ,3 0 3
3 8 ,5 5 0
1 1 ,1 0 0
38
2 4 ,8 5 5
5 2 ,8 2 1
9 1 ,1 4 3
4 9 ,0 0 0
0 ,3 0 7
..............
1 ,4 9 2
2 2 ,3 1 5
________
7 ,1 9 7
1 1 ,0 0 0
1 6 ,8 18
1 0 ,7 1 1
' “ 37 0
2 0 ,3 2 7
!
..............
8 0 0 ,1 0 0
4 2 9 ,2 2 7
14
3 ,5 4 3
2 5 ,0 0 1
3 7 0 ,8 7 9
Current
Year.
Previous
Year.
2 0 ,2 3 4
2 3 ,3 1 5
5 ,7 7 2 ,1 7 0
1 ,1 0 3 ,1 4 8
4 ,0 7 2 ,0 0 8
1 3 8 ,7 8 0
7 4 1 ,0 1 5
4 ,2 2 8 ,9 3 7
1 ,3 4 8 ,6 0 7
4 ,0 0 0 ,3 5 7
1 1 9 ,7 6 1
1 ,0 2 8 ,2 4 4
7 6 ,7 0 0
1 4 0 ,2 0 4
4 3 ,5 8 4
1 0 9 ,9 9 0
N Y
C hicago ft S t L ou is— b
7 9 0 ,8 5 1
9 0 3 ,1 6 9
2 ,7 8 3 ,4 0 4
J u ly 1 to S e p t 3 0 ________ 2 ,8 5 7 ,5 9 2
3 3 7 ,4 5 '
4 4 1 ,4 2 1
1 ,4 5 3 ,5 2 8
P ere M a r q u e t t e .b ----------- O c t 1 ,6 0 9 ,2 8 7
1 ,5 3 4 ,5 5
1 ,6 9 3 ,9 9 4
5 ,7 1 6 ,3 7 5
J u ly 1 to O c t 3 1 _______ 0 ,0 4 5 ,1 8 3
P ittsb u rg h S h a w m u t & N o r 5 0 ,4 6 0
1 0 5 ,5 3 9
3 3 2 ,1 1 5
3 0 0 ,1 8 2
J u ly 1 to S e p t 3 0 -----------378
1 ,8 7 1
0 ,6 4 3
8 ,6 8 1
T id ew a ter ft W e s t c r n .b -O c t
3 ,9 2 0
7
,6
6
8
2
8
,2
6
5
3
5
,0
9
2
J u ly 1 to O c t 3 1 -----------r 2 4 0 ,0 4 1
r
2
2
9
,8
9
3
6
0
5
,0
5
8
0
6
7
,8
2
3
W e ste rn M a r y l a n d .a - - - S e p t
r 7 7 5 ,0 3 2
r 6 0 3 ,3 0 7
2 ,0 0 3 ,3 5 6
1 ,8 9 3 ,6 0 4
J u ly 1 to S ep t 3 0 . . .
IN D U S T R IA L C O M P A N IE S .
-------- Gross Earnings -------- ------- Net Earnings ------ -
Companies.
A tla n t ic C ity E le c t ............O ct
C a n to n E le c tr ic ................... O c t
K in g s Co E l L t & P ------- O c t
° j a n 1 to O c t 3 1 . “
Current
Year.
%
3 5 ,2 2 4
2 8 ,5 0 1
4 1 1 ,6 8 5
3 ,8 5 5 ,2 1 7
M u n c lc E le c tr ic .................... O c t
P en n sy lv a n ia L ig h tin g .b .O c t
3 0 ,4 8 6
9 ,9 5 0
R o c k fo r d
3 5 ,3 5 0
S cra n to n
E le c tr ic ............-O c t
E le c tr ic ------------O c t
0 6 ,2 4 3
Previous
Year.
5
2 9 ,0 7 1
2 6 ,1 0 4
3 5 5 ,2 3 8
3 ,5 0 1 ,7 4 1
2 7 ,3 0 1
8 ,7 3 3
2 9 ,7 9 6
0 2 ,4 3 3
8 0 7 ,0 2 0
1 ,7 0 8 ,8 8 3
1 5 ,1 5 9
Current
Year.
Previous
Year.
$
2 0 ,5 5 0
1 4 ,7 9 3
2 1 2 ,0 7 4
1 ,9 2 2 ,2 7 9
1 6 ,5 0 8
6 ,2 3 2
1 8 ,2 5 6
4 1 ,8 3 2
$
i 4 ,1 8 6
1 4 ,4 9 0
1 8 2 ,5 2 0
1 ,8 0 9 ,2 1 3
1 2 ,0 2 7
5 ,4 0 3
1 1 ,2 7 2
3 0 ,8 3 3
5 5 ,7 0 8
1 0 8 ,3 7 5
7 ,5 2 3
1 3 ,8 7 5
U n ite d S ta te E x p r e s s .b .A u g
d c f 5 9 ,8 2 3
J u ly 1 to A u g 3 1 ________1 ,7 3 6 .0 9 9
1
0 ,5 6 9
W h e e lin g E le c tr ic ------------ O c t
1 9 ,7 3 2
a N e t earnings here given are a fte r d ed u c tin g ta x e s,
b N e t earnings here given are before d ed u ctin g ta x e s .
g T h ese results arc in M e xican c u rren cy .
,
r A fte r allo w in g for m iscellaneous receipts and n et ^ o m coal a n d other
d e p a r tm e n ts, total n et earnings for S e p t. 1911 w ere $ 2 7 2 ,8 0 0 , again st
$ 2 0 9 ,2 5 6 In 1 9 1 0 ; an d irom J u ly 1 to b e p t. JO w ere $ 7 7 1 ,o ^ 8 In 1 9 1 1,
a gain st $ 8 3 2 ,4 0 0 In 1 9 1 0 .
Interest Charges and Surplus.
— In t., Rentals, & c .—
Roads.
Current
Year.
$
3 ,3 1 7
9 ,0 1 4
Chic M em p h is ft G u l f ..S e p t
J u ly 1 to S ep t 3 0 ________
G enesee ft W y o m in g —
J u ly 1 to S e p t 3 0 ________
7 ,7 4 5
L a k e S hore ft M ich S o u —
J u ly 1 to S ep t 3 0 . ............ 3 ,3 7 8 ,3 2 4
N e w L o n d o n N orth e rn —
J u ly 1 to S e p t 3 0 ________
9 0 ,4 6 0
2 3 5 ,0 9 0
J an 1 to S ep t 3 0 _________
N Y Chic & St L o u is—
J u ly 1 to S e p t 3 0 ________
5 2 5 ,9 8 0
Pere M a r q u e tte __________ O c t
3 9 0 ,3 7 1
J u ly 1 to O c t 3 1 . ............ 1 ,5 0 9 ,3 5 0
P ittsb u r g h S h a w m u t ft N o r —
a5jjj<July 1 to S e p t 3 0 -----------1 0 3 ,6 7 7
Previous
Year.
$
— Bal. of Net Earns.
Current
Year.
4 ,8 4 0
8
5 ,1 4 2
1 4 ,7 5 0
7 ,9 4 4
1 2 ,5 3 9
1,618
Previous
Year.
8
437
1 ,7 8 8
1 5 ,3 7 1
2 ,6 0 9 ,0 7 8 £ 3 ,8 9 4 ,7 8 0 £ 3 ,0 3 4 ,5 1 9
8 2 ,5 2 0
2 1 1 ,6 0 3
d e ll 3 , 708 d e f3 8 ,9 3 0
d e f9 4 ,8 9 2 d e f l0 1 ,6 0 7
4 4 3 ,1 6 7
£ 4 1 0 ,4 0 0
£ 4 1 7 ,1 6 2
3 5 2 ,8 7 2 i/d e f2 3 ,7 7 7 t/d c f7 3 ,8 1 1
1 , 4 5 0 , 5 5 2 y d e f l l 6 , 52 3 j/d e f9 6 ,4 7 1
8 7 ,3 8 3
Previous
Year.
Current
Year.
Previous
Year.
S
6 9 ,7 3 0
8 3 ,5 1 0
K in g s Co E le c t L t & P .O c t
1 2 8 ,5 5 8
7 6 2 ,9 5 9
7 6 7 ,4 4 1
Jan 1 to O c t 3 1 ________ 1 ,1 5 4 ,8 3 3
2 ,0 4 7
2 ,0 0 7
P e n n sy lv a n ia L i g h t i n g ..O c t
3 ,5 6 5
x A fte r allo w in g for o th e r In com e receive d .
‘V A fte r allo w in g for o u tsid e op era tio n s, hire o f e q u ip m e n t an d other
In c o m e.
ELECTRIC RAILW AY AND
§
1 1 2 ,7 9 0
1 ,0 4 6 ,2 5 4
3 ,3 5 6
TRACTION COMPANIES.
Week or
M onth.
Current
Year.
Previous
Year.
7 ,0 8 9
S
$
S
B a ltim o r e & O h l o . b _____O c t
8 ,2 5 9 ,8 2 3 8 ,1 0 8 ,8 1 7
2 ,0 7 2 ,3 4 4
2 ,2 0 7 ,0 3 4
J u ly 1 to O c t 3 1 .............. 3 2 ,1 5 0 ,7 0 5 3 2 ,0 8 4 ,4 4 4 1 0 ,5 5 1 ,5 1 7 1 0 .0 1 4 ,1 1 4
,05 2
8 ,4 5 9
1 0 ,2 0 3
2 0 ,0 3 8
C hic M e m p & G u lf . b . . - S e p t
6 ,6 3 4
2 3 ,7 7 0
2 4 ,0 6 2
0 1 ,1 0 5
J u ly 1 to S e p t 3 0 ...........
G enesee & W y o m in g — b
3 3 ,4 4 2
3 5 ,8 0 9
J u ly 1 to S e p t 3 0 --------L a k e Shore & M ich S o u . b —
J u ly 1 to S ep t 3 0 ________1 3 ,1 0 4 ,0 9 7 1 3 ,1 8 7 ,„ o 0
Lehigh V a lle y b
______ O c t 3 ,4 0 5 ,3 0 5
3 ,3 8 4 ,0 0 9
J u ly 1 to O c t 3 1 _______ 1 3 ,3 9 3 ,6 4 1 1 2 ,4 0 9 ,0 8 2
c M e x N o r th W e s t e r n .a .O o t
2 3 1 ,0 7 2
2 1 8 ,0 9 0
1 ,8 4 3 ,3 3 7
J a n 1 to O c t 3 1 ------------ 1 ,5 5 0 ,3 7 1
N e w L o n d o n N orth e rn — b
2 8 8 ,9 0 8
J u ly 1 to S ep t 3 0 -----------3 1 7 ,0 0 0
8 0 9 ,5 0 0
an 1 to S e p t 3 0 -----------9 2 1 ,5 5 1
5
Latest Gross Earnings.
-------- Gross Earnings ------------------- Net Earnings --------
Previous
Year.
Current
Year.
Companies.
Name oj
Road.
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
Current
Year.
$
IN D U S T R IA L C O M P A N IE S .
— In t., Rentals, etc .—
— Bal. of Net Earns .—
Jan. 1 to latest date.
Current
Year.
2 0 ,9 5 7
1 5 ,7 7 5 ,7 9 5 1 5 ,3 4 6 ,5 0 8
T o ta l (43 roads)
N e t Increase ( 2 .8 0 ? . ) .......................
.................
- ...............
Roads.
[VOL. LXXXXIII
£ 3 7 ,7 8 4
£ 1 0 ,0 6 1
4 1 7 ,5 7 8
A m e rica n R y s C o _____S ep te m b er
1 5 6 ,7 4 2
cA u r E lgin ft Chic R y O c to b e r —
5 3 ,1 2 9
B an go r R y & E le c Co O c to b e r —
1 0 ,0 7 4
B a to n R o u g e E lec Co S ep te m b er
3 0 ,4 1 8
B in g h a m to n R a ilw a y S ep te m b er
1 2 ,1 1 9
B rock ft Plyrn S t R y . S ep te m b er
B k ly n R a p T r a n S y st A u g u st — 2 1 1 9 ,3 0 2
3 0 ,3 1 4
C ape B reton E le c C o . S ep te m b er
3 9 ,3 9 2
C arolin a P ow ft L t Co O c to b e r . .
5 0 ,8 0 4
C en t P ark N & E R iv A u g u st —
0 9 ,4 9 4
C entral P c n n a T r a c . . O c to b e r . .
8 3 ,0 9 8
C h a tta n o o g a R y ft L t O c to b e r —
3 4 ,0 7 7
C lev P aln esv ft E a s t . S ep te m b er
1 0 7 ,1 5 6
C lev S o u th w ft C olu m S ep te m b er
4 1 ,8 1 6
C o lu m b u s (G a) E l Co S ep te m b er
8 1 ,4 9 1
C oney Islan d ft B k ly n A u g u st —
1 3 1 ,2 4 9
D allas E lectric C o r p . S ep te m b er
2 6 0 ,0 0 4
D e tr o it U n ite d R y ___ 4th w k O ct
5 3 ,0 0 6
D I) E B & B a c(R e c ) A u g u s t ___
9 0 ,7 0 4
D u lu th -S u p erio r T rac O c to b e r ___
1 9 7 ,0 3 0
E ast S t L ou is ft S u b . S ep tem b er
5 0 ,9 0 2
E l P aso E le c tr ic ______ S ep te m b er
0 7 ,9 7 0
F alrm ft C larks T r Co O c to b e r —
1 3 9 ,8 1 4
4 2 d S t M & S N A v (lic e ) A u g u s t . . .
1 3 0 ,0 8 5
G a lv -llo u s t o n E l C o . S ep tem b er
9 3 ,5 8 7
G ran d R a p id s R y C o . O c to b e r —
4 6 ,2 0 8
H a v a n a E lec R y C o . . W k N o v 19
H on olulu R apid T ran
4 1 ,6 2 0
■3c L a n d C o _________ S ep te m b er
2 5 ,0 7 5
H o u g h to n Co T r a c Co .Septem ber
3 7 7 ,0 0 7
H u dson 8: M a n h a tta n S ep te m b er
5 9 8 ,3 5 0
111 nols T ra c tio n C o . . S ep te m b er
In te rb o ro R a p T r a n . A u g u st . . . 2 1 4 0 ,1 0 2
4 5 ,0 9 9
J ack son ville T ra c C o . S ep te m b er
1 2 4 ,7 6 7
L ak e S h ore E le c R y . S ep te m b er
2 4 ,8 5 4
L o n g Islan d E le c t r ic . A u g u s t . . .
1 1 4 8 ,0 5 0
M e tro p o lita n S t (R ec) A u g u st —
4 4 8 ,1 5 0
M llw E l R y & L t C o . O c to b e r —
9 2 ,9 3 2
M llw L t , l i t ft T r C o . O c t o b e r .. .
4 4 2 ,3 9 3
M o n tre a l S tre et R y . . O c to b e r . .
1 7 9 .1 3 2
.Nashville R y & L ig h t S ep te m b er
5 2 1 ,5 7 0
New O rleans R y * L t S ep te m b er
2 0 ,5 3 1
N Y C ity I n t e r b o r o .. A u g u st —
3 9 ,9 0 8
N Y & L o n g Isl T r a c . A u g u s t ___
11 0 ,8 3 1
N Y & Queens C ou n ty A u g u s t ___
1 4 ,0 5 0
N orthern E a sto n ft W O c to b e r ___
1 7 ,9 7 9
No Caro P u b S erv Co S ep te m b er
2 4 0 ,0 1 5
North O h io T rac ft L t S ep te m b er
1 3 0 ,0 8 9
N orth T e x a s E le c C o . S ep tem b er
2 8 ,5 4 0
O cean E lectric (L I ) . A u g u st . . .
2 2 ,8 0 1
P ad ucah T r ft L t C o . S ep te m b er
2 4 ,0 0 7
P en sacola E lectric Co S ep te m b er
P h lla R a p T ran s C o . . O c to b e r ___ 1 9 4 7 ,0 0 2
5 4 0 ,7 0 4
P ort(O re) R y .L ft P C o . O c to b e r —
1 5 2 ,0 3 4
P uget S ou n d E l C o . . S ep te m b er
4 0 .1 7 7
R ic h m o n d L t & R R . A u g u s t ___
Rio de J aneiro T ram
L ig h t & P ow er C o . O c to b e r ___ 1120,971
St Joseph (M o) R y .L t
9 1 ,4 4 2
H e a t & P ow er C o . . O cto b e r
3 1 5 ,5 4 9
S ao P aulo T r , L & P . O c to b e r ___
5 8 ,4 2 8
S a v a n n a h E lectric Co S ep te m b er
4 4 3 ,6 3 9
S ea ttle E lectric C o ___ S ep te m b er
9 0 ,8 0 0
S econ d A v e n u e (R ec) A u g u s t ___
1 2 ,3 4 5
S ou th e rn B o u le v a r d . A u g u st . .
1 0 ,7 0 0
S ou W isc on sin R y Co O c to b e r ___
3 4 ,1 3 0
S ta t e n ls l M id la n d ___ A u g u st —
5 6 ,8 4 0
T a m p a E lectric C o . . S ep te m b er
3 1 2 ,2 7 2
T h ird A v e n u e ( R e c ) . A u g u st —
4 1 5 ,7 5 7
T o r o n to R a ilw a y C o . O c to b e r —
1 4 3 ,0 1 9
T w in C ity R a p T r a n . 2d w k N o v
2 2 1 ,3 0 9
T r l-C lty R y ft L t C o . S ep te m b er
U n dergroun d E l R y
of L o n d o n —
£ 1 4 ,2 5 5
T h ree tu b e lin es___ W k N o v 18
M e tr o p o lita n D l s t . W k N o v 18 £ 1 1 ,9 7
£ 5 ,3 9 7
U n ited T r a m w a y s . W k N o v 18
2 1 9 ,8 8 3
Union ( R e c ) ...... .............A u g u s t . .
2 5 7 ,2 0 3
U n lo n R y . G & E C o ( 111) Septem ber1 0 5 1 ,4 7 1
U n ited R y s of S t L - . O ctober;—
0 7 1 ,3 8 2
United R R s of San F r S ep te m b er
0 0 ,5 9 0
W e stc h e ste r E l (R e c) A u g u st . . .
3 2 ,9 1
U h a tc o m Co R y ft L tS e p tem b e r
5 7 ,2 9 1
Y o n k ers R R ( R e c ) . . A u g u st . . .
2 2 ,7 9 8
Y o u n g st ft O h io R i v . S e p te m b e r
3 9 2 ,4 7 9 3 ,2 3 1 ,5 6 2
1 5 4 ,3 5 9 1 ,5 0 0 ,9 3 4
4 9 1 ,4 9 7
4 9 ,5 9 3
8 5 ,7 1 8
8 ,8 8 0
2 9 2 ,1 0 0
3 3 ,1 5 8
9 3 ,7 0 7
1 1 ,9 7 5
1 9 7 2 ,2 3 8 1 5 ,4 7 0 ,3 9 4
2 4 3 ,4 9 8
2 8 ,8 3 5
2 8 9 .7 0 9
3 5 ,5 0 2
4 2 1 ,9 3 0
5 8 ,4 2 5
7 2 3 ,8 9 5
0 8 ,3 0 5
7 8 0 ,9 3 4
7 7 ,9 9 3
2 7 9 ,5 9 2
3 3 ,6 4 7
8 4 0 ,2 1 4
1 0 2 ,4 9 5
3 5 6 .5 9 6
3 9 ,2 3 0
9 8 9 ,3 1 1
1 6 0 ,0 2 9
1 1 9 ,8 0 4 1 ,1 5 5 ,0 8 0
2 4 3 ,6 3 8 8 ,4 5 2 ,1 8 1
4 0 5 ,8 0 3
5 4 ,0 3 0
9 4 2 ,0 3 7
9 5 ,2 7 8
2 1 1 ,2 4 9 1 ,6 7 7 ,8 5 0
4 9 3 ,4 1 9
5 4 ,8 4 6
5 8 ,5 0 4
6 1 1 ,6 3 9
1 2 9 ,2 3 8 1 ,0 3 7 ,8 8 7
1 1 0 ,1 4 5 1 ,1 2 1 ,4 1 6
9 0 0 ,4 0 1
9 1 ,2 6 7
4 2 ,7 3 7 2 ,1 1 2 ,2 0 9
3 6 7 ,1 4 5
3 7 ,2 1 4
2 2 9 ,8 9 7
2 0 ,7 1 0
3 2 3 ,4 9 3 3 ,3 7 5 ,9 0 8
5 ,0 1 9 ,7 1 1
5 2 9 ,2 9 1
2 1 0 5 ,1 3 0 1 9 ,7 1 4 ,5 5 3
4 2 2 ,7 8 0
4 5 ,9 9 5
9 0 2 ,2 3 7
1 1 5 ,0 0 9
1 4 5 ,7 9 8
2 4 ,2 2 0
1 1 3 2 ,4 1 1 8 ,9 0 9 ,7 2 1
4 0 0 ,9 1 0 4 ,1 2 2 ,4 5 8
9 4 3 ,0 7 1
8 9 ,0 2 8
3 8 0 ,6 8 8 4 ,0 8 7 ,0 3 2
1 0 3 ,3 0 7 1 ,4 4 0 ,1 7 5
4 8 9 ,4 5 8 4 ,8 9 4 ,4 5 0
1 9 1 ,4 1 1
2 0 ,5 3 4
2 5 9 ,0 4 3
4 0 ,3 1 8
8 3 5 ,5 7 4
111 ,0 0 5
1 4 5 ,9 0 3
1 4 ,6 2 6
1 8 0 ,1 0 1
2 1 ,0 4 0
2 2 4 ,9 0 2 2 ,0 1 9 ,7 4 6
1 ,1 7 8 ,0 0 5
1 1 8 ,1 9 2
9 5 ,9 6 1
2 4 ,1 4 7
1 9 3 ,2 2 9
2 1 ,2 5 1
2 1 2 ,3 8 9
2 3 ,2 0 5
1 8 3 1 ,0 6 7
5 0 3 ,4 8 5 5 ,2 3 8 ,3 7
1 6 0 ,5 4 4 1 ,3 3 2 ,3 1 3
2 4 8 ,8 5 7
3 9 ,2 7 7
4 ,6 0 9 ,9 7 4
1 ,4 4 5 ,2 7 1
2 3 3 ,7 5 6
9 0 5 ,2 0 5 1 0 ,0 4 9 ,1 9 8
8 ,9 9 9 ,0 3 4
8 7 ,0 1 3
2 5 5 ,0 2 8
5 1 ,5 9 8
4 8 1 ,1 5 7
8 3 ,5 8 2
1 0 ,7 9 9
1 5 ,0 0 0
3 2 ,0 0 7
4 4 ,9 0 0
2 9 0 ,4 7 2
3 7 9 ,7 2 1
1 4 3 ,5 1 8
2 1 2 ,5 3 2
9 0 3 ,3 0 6
2 ,8 9 9 ,7 7 9
5 1 1 ,4 1 0
4 ,0 5 9 ,9 8 3
0 1 0 ,9 1 8
8 3 ,0 4 1
1 0 1 ,5 2 0
1 9 4 ,2 0 2
5 0 5 ,2 8 3
2 ,4 2 8 ,0 7 5
3 ,9 3 0 ,5 3 9
0 ,7 9 2 ,3 1 0
1 ,9 5 9 ,1 0 0
8 5 4 ,3 0 3
2 ,4 0 6 ,2 0 1
4 0 8 ,1 8 2
4 ,1 5 3 ,9 7 9
5 5 0 ,7 1 2
7 2 ,2 4 0
1 4 9 ,0 0 5
1 8 2 ,2 8 5
4 5 9 ,2 0 5
2 ,2 7 1 ,9 5 4
3 .5 7 5 ,6 5 9
0 ,5 4 0 ,5 7 9
1 ,8 1 3 ,2 4 8
£ 1 3 ,4 4 5
£ 1 1 ,4 0 7
£ 4 ,9 7 2
2 1 2 ,5 1 2
2 4 1 ,7 0 4
1 0 4 1 ,8 3 7
0 5 3 ,9 2 2
5 0 ,5 8 4
3 3 ,7 8 1
5 9 ,1 0 7
2 1 ,8 2 5
£ 0 2 4 ,9 9 5
£ 5 3 4 ,4 6 1
£ 3 0 1 ,7 0 1
1 ,0 4 3 ,2 8 1
2 ,2 7 5 ,4 0 2
9 ,9 1 0 ,9 8 0
5 ,8 1 0 ,7 7 2
4 0 0 ,1 4 0
2 7 9 ,7 5 4
4 4 6 ,3 3 3
1 7 5 ,4 0 0
£ 5 8 7 ,0 0 3
£ 4 9 8 ,4 2 0
£ 2 9 1 ,4 8 0
1 ,4 8 0 ,0 0 0
2 ,1 3 7 ,5 9 0
9 ,5 9 7 ,0 0 4
5 ,0 0 7 ,2 2 0
3 5 2 ,4 5 0
2 9 9 ,2 0 1
1 5 5 ,0 0 5
c T h ese figures are for con so lid a ted c o m p a n y .
Electric Railway Net Earnings.— The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.
Roads.
- Gross EarningsPrevious
Current
Year.
Year.
S
%
3 0 7 ,0 4 1
A m e r L ig h t ft T r a c . a . - O c t
Jan 1 to O ct 3 1 ________ 3 ,2 9 3 ,3 4 4
A u b u r n ft S y r a c u s e .b —
1 3 3 ,8 2 1
ft C h l c .b .O c t
1 5 0 ,7 4 2
0 9 9 ,7 1 6
B an go r R y ft E l e c t . a - . O c t
Ju ly 1 to O c t 3 1 ________
C h a tta n o o g a R y f t L t . a . O c t
Jan 1 to O ct 3 1 ________
D u lu th -S u p erior T r . b . - O c t
Jan 1 to O c t 3 1 ________
F a ir m o n t ft C l a r k s b .b .- O c t
Jan 1 to O c t 3 1 -----------Grand R a p id s R y . a _____O c t
Jan 1 to O c t 3 1 _________
H o n o lu lu R a p T & L . b . S e p t
Jan 1 to S e p t 3 0 -----------K e n tu c k y S ecurities C o .O c t
5 3 ,1 2 9
2 2 0 ,8 4 8
A u ro ra E lgin
8 3 ,0 9 8
7 8 0 ,9 3 4
9 6 ,7 0 4
9 4 2 ,0 3 7
6 7 ,9 7 0
6 1 1 ,0 3 9
9 3 ,5 8 7
9 6 0 ,4 6 1
4 1 ,6 2 6
3 0 7 ,1 4 5
6 1 ,9 7 0
2 5 9 ,2 3 0
4 4 8 ,1 5 0
M llw E le c R y ft L t . b . - O c t
Jan 1 to O c t 3 1 ________ 4 ,1 2 2 ,4 5 8
9 2 ,9 3 2
M llw L t H e a t ft T r . b . - O c t
9 4 3 ,0 7 1
Jan 1 to O c t 3 1 ________
4 4 2 ,3 9 3
M on tre al S treet R y . b — O c t
-N et EarningsPrecious
Current
Year.
Year.
3 5 0 ,6 8 5
3 ,0 0 9 ,8 4 2
8
3 5 0 ,8 8 4
3 ,1 9 8 ,7 1 8
S
3 4 5 ,5 5 9
2 ,9 0 9 ,2 9 2
1 3 3 ,7 5 9
1 5 4 ,3 5 9
0 7 7 ,0 7 4
4 9 ,5 9 3
2 1 0 ,4 7 2
7 7 ,9 9 3
7 2 8 ,9 4 0
9 5 ,2 7 8
9 0 0 .0 0 0
5 8 ,5 0 4
5 0 4 ,5 1 4
9 1 ,2 0 7
9 4 7 ,9 2 9
8 7 .2 1 4
3 3 4 ,5 5 7
0 3 ,2 7 3
2 0 2 ,9 0 1
4 0 0 ,9 1 9
3 ,8 0 3 ,0 9 5
8 9 ,0 2 8
8 9 6 ,0 0 7
3 8 0 ,0 8 8
0 3 ,3 4 8
7 1 ,2 5 3
3 4 5 ,5 3 5
2 8 ,4 5 7
1 2 8 ,4 0 8
3 4 ,4 5 1
3 2 4 ,9 3 2
4 8 ,2 9 9
4 2 7 ,2 1 8
4 2 ,3 7 2
3 9 7 ,2 0 3
3 9 .4 0 5
4 1 9 ,4 9 4
1 8 ,761
1 7 3 ,0 9 9
2 8 ,0 2 9
1 0 8 ,4 0 3
1 0 9 ,0 5 2
1 ,8 7 9 ,1 9 9
4 9 ,2 3 7
5 2 0 ,3 0 9
2 1 0 ,1 9 1
0 4 ,8 4 4
0 8 ,5 7 6
3 3 3 ,0 2 6
2 7 ,8 2 2
1 2 2 ,0 1 3
3 5 ,2 4 7
3 0 6 ,2 9 7
4 4 ,9 8 3
3 9 4 ,8 9 5
3 9 ,1 1 8
3 2 8 ,6 8 2
4 0 ,4 3 5
4 3 9 ,2 0 0
1 8 ,9 0 5
1 6 0 ,3 4 7
2 1 ,1 3 9
9 9 .4 1 1
1 9 3 ,1 7 0
1 ,7 7 9 ,5 8 7
5 0 ,2 8 5
5 0 4 ,5 1 4
1 8 0 ,0 3 8
THE CHRONICLE
N o v . 2.1 1911.]
------ Gross Earnings-
Current
Year.
Iloads.
Previous
Year.
-N et Earnings------Current
Previous
Year.
Year.
$
$
P h ilad e lp h ia Co ( P lt t s ) a .O c t 1 ,6 4 5 ,8 0 0
1 ,0 4 9 ,8 9 2
A p ril 1 to O c t 3 1 ----------- 1 1 ,3 1 0 ,0 5 5 1111,4,48888,0,04411
P h ilad e lp h ia P a p T r a n .O c t 1 ,0 4 7 ,0 0 2
1 ,8 3 1 ,0 6 7
J u ly 1 to O c t 3 1 . ............ 7 ,4 9 8 ,1 5 0
P o u g h k eep sie C ity * W a p F a lls _!>—
J u ly 1 to S e p t 3 0 ________
5 3 ,7 0 5
4 3 ,0 0 3
$
5 7 4 ,1 7 6
4 ,1 3 0 ,5 8 3
P o r tla n d (O r e )R y .L t & P a O c t
5 4 0 ,7 0 4
Jan 1 to O c t 3 1 _______ 5 ,2 3 8 ,3 7 2
5 0 3 ,4 8 5
4 ,0 0 9 ,9 7 4
9 6 5 ,2 6 5
8 ,0 9 9 ,0 3 4
2 7 0 ,1 5 0
2 ,0 7 5 ,3 4 2
0 0 0 ,0 1 4
5 ,5 5 6 ,G 5 4
2 3 ,5 4 9
2 4 6 ,7 3 7
2 ,3 7 3 ,4 7 3
4 0 4 ,4 2 0
4 ,4 1 2 ,2 5 1
1 9 9 ,7 4 5
8 7 ,6 1 3
8 5 4 ,3 0 3
1 2 7 ,2 6 4
3 6 ,6 9 0
3 3 8 ,2 0 8
1 1 4 ,4 9 3
3 8 ,5 0 7
3 4 0 ,9 6 7
2 5 5 ,6 2 8
2 ,4 0 G ,2 0 1
1 9 7 ,7 5 0
1 ,8 2 2 ,3 6 3
1 6 2 ,7 1 8
1 ,5 3 5 ,2 7 3
1 4 4 ,8 0 1
8 6 ,3 4 0
T o r o n to R a ilw a y C o _____O c t
4 1 5 ,7 5 7
3 7 9 ,7 2 1
2 1 0 ,0 3 1
J an 1 to O c t 3 1 ________ 3 ,9 3 6 ,5 3 9
3 ,5 7 5 ,0 5 9
1 ,9 6 5 ,4 3 7
U n ite d R y s o f S t L o u i s .a .O c t 1 ,0 5 1 ,4 7 1
1 ,0 4 1 ,8 3 7
3 8 7 ,9 3 2
J an 1 to O c t 3 1 ..................9 ,9 1 0 ,9 8 0
9 ,5 9 7 ,6 0 4
3 ,1 7 3 ,5 1 3
V irg in ia R y & P o w e r .b -O c t
3 8 4 ,9 8 9
3 6 7 ,1 6 7
1 7 7 ,9 7 3
J u ly 1 to O c t 3 1 . ............ 1 ,5 5 2 ,9 7 0
1 ,4 7 3 ,3 7 1
7 2 0 ,9 3 3
a N e t earn ings here given are after d ed u c tin g ta x e s,
1 9 1 ,1 5 3
1 ,7 3 4 ,3 2 4
3 5 6 ,1 5 3
2 ,9 8 3 ,2 5 3
1 6 8 ,5 8 1
6 9 0 ,3 3 5
R io d e J a n e lr o T r .L & P .a .O c t 1 ,1 2 6 ,9 7 2
Jan 1 to O c t 3 1 ________ 1 0 ,0 4 9 ,1 9 8
R o ch ester S y r 8: E a s t e r n .b —
J u ly 1 to S e p t 3 0 _______
2 2 2 ,1 7 2
S t Joseph R y . L . H & P . a . O o t
9 1 ,4 4 2
J an 1 to O c t 3 1 _______
9 0 3 ,3 0 0
S a o P a u lo T r a m L & P . a . O c t
3 1 5 ,5 4 9
J an 1 to O c t 3 1 .............. 2 ,8 9 0 ,7 7 9
S yracu se L a k e Shore Sc N o . b —
1 7 0 ,7 7 0
J u ly 1 to S ep t 3 0 .............
b Net
$
6 6 1 ,2 9 5
4 ,8 8 1 ,1 1 5
7 9 2 ,0 7 7
2 ,0 4 4 ,6 8 7
2 5 ,3 0 4
6 8 ,0 1 2
earn ings here given arc before d ed u c tin g ta x es
Interest Charges and Surplus.
—In t ., Rentals, A c .—
Roads.
A u b u r n & S yracu se E le cJ u ly 1 to S e p t 3 0 . . .
Current
Year.
Previous
Year.
S
—Iial. of Net Earns .—
Current
Previous
Year.
Year.
3 4 ,8 3 8
3 4 ,2 5 2
5
£ 2 8 ,9 0 2
S
£ 3 0 ,0 8 1
A u r o r a E lgin
& C h ic ___ O c t
_
J u ly 1 to O c t 3 1 _______
3 0 ,4 3 8
1 4 5 ,7 2 7
3 3 ,7 7 9
1 3 2 ,4 4 1
3 4 ,8 1 5
1 9 9 ,8 0 8
B a n g o r R y & E le c t ............O c t
J u ly 1 to O c t 3 1 ..............
1 2 ,7 5 0
5 1 ,9 9 1
1 2 ,0 0 4
4 7 ,7 2 5
1 5 ,7 0 1
7 6 ,4 1 7
3 4 ,7 9 7
2 0 0 ,8 5 5
1 5 ,8 1 8
7 4 ,2 8 8
C h a tta n o o g a R y & L t . - O c t
J an 1 to O c t 3 1 _______
2 0 ,1 9 8
1 9 8 ,1 3 2
D u lu th -S u p er io r
T r a o ._ O c t
J an 1 to O c t 3 1 _______
2 2 ,9 0 2
2 2 3 ,1 9 1
F a ir m o n t & C la r k s b u r g .O c t
J an 1 to O c t 3 1 _______
G ran d R a p id s R y _______ O c t
J an 1 to O c t 3 1 _______
H o n o lu lu R a p T r & L . _ S e p t
Jan 1 to S e p t 3 0 ............
1 7 ,4 8 5
1 6 3 ,6 0 3
1 4 ,9 8 0
1 5 0 ,3 4 1
6 ,2 3 8
5 9 ,2 7 5
1 8 ,5 4 5
1 8 3 ,0 6 8
2 4 ,0 8 0
2 0 2 ,0 4 9
1 2 ,7 9 1
1 2 3 ,3 7 4
1 5 ,2 9 9
1 5 2 ,1 2 9
6 ,8 4 0
5 8 ,8 1 8
1 4 ,2 5 3
1 2 0 ,8 0 0
2 5 ,3 0 7
2 0 4 ,0 2 7
2 4 ,8 8 7
2 3 3 ,5 4 0
2 4 ,4 2 5
2 0 9 ,1 5 3
K e n t u c k y Securities C o . . O c t
1 7 ,5 1 1
J u ly 1 to O c t 3 1 . ............
7 0 ,5 2 8
M Ilw E le c t R y A L t _____O c t
1 3 7 ,5 9 2
Jan 1 to O c t 3 1 .............. 1 ,2 5 5 ,0 6 4
M Ilw L t H t it T r a c t _____O c t
7 1 ,6 2 3
Jan 1 to O c t 3 1 ________
7 2 2 ,2 8 9
M o n tre a l S treet R y ______ O c t
3 5 ,6 9 7
P h ilad elp h ia R a p T r a n .. O c t
7 3 7 ,0 1 9
J u ly 1 to O c t 3 1 ________ 2 ,9 4 8 ,1 8 9
P o rtla n d (Ore) R y L t & P .O c t
1 2 7 ,1 7 9
Jan 1 to O c t 3 1 _______ 1 ,2 4 0 ,7 2 3
P ou g h k eepsie C ity is W a p F a lls—
J u ly 1 to S e p t 3 0 ______
9 ,4 4 4
1 9 ,5 3 3
7 8 ,8 3 8
1 1 6 ,5 0 1
1 ,1 2 5 ,8 0 2
6 9 ,8 2 5
7 0 5 ,1 8 8
£ 1 2 ,8 2 0
£ 1 7 ,7 9 2
£ 1 1 ,3 2 5
£ 4 1 ,0 4 5
1 6 ,7 0 2
1 2 3 ,2 2 9
2 0 ,0 1 7
1 9 2 ,2 4 0
2 0 ,3 2 7
2 0 5 ,3 0 8
2 5 ,1 3 6
2 8 7 ,0 7 1
£ 1 2 ,5 8 2
£ 1 0 6 ,7 0 3
£ 2 ,4 5 1
£ 2 4 ,5 0 3
1 2 0 ,5 9 9
,1 5 5 ,0 8 0
£ 6 8 ,6 7 0
£ 6 9 0 ,4 2 4
£ 2 2 ,2 0 3
£ 2 9 9 ,1 8 2
1 7 4 ,4 9 4
5 5 ,0 5 8
d e f3 ,5 0 2
1 4 8 ,9 7 1
1 ,4 2 8 ,0 1 9
1 2 6 ,1 3 8
1 ,2 1 8 ,3 9 3
9 ,2 2 5
£ 1 5 ,9 3 2
£ 1 4 ,3 5 8
3 1 ,9 9 8
R o ch ester S y ra o & E a ste r n —
J u ly 1 to O c t 3 1 ________
9 0 ,3 4 0
8 9 ,5 3 4
S t Josep h R y L I f & P . _ O c t
1 9 ,0 4 3
1 8 ,6 9 7
Jan 1 to O c t 3 1 . ............
1 9 2 ,5 1 9
1 8 1 ,5 5 0
S y r a cu se L a k e Sh & N o —
J u ly 1 to S e p t 3 0 ..............
3 0 ,8 1 9
2 8 ,9 8 7
U n ite d R y s o f S t L o u i s ..O c t
2 2 7 ,4 2 2
2 3 2 ,2 1 7
Jan 1 to O c t 3 1 ________ 2 ,2 8 8 ,0 0 0
2 ,3 3 0 ,1 4 8
V ir g in ia R y & P o w e r ___ O c t
1 1 8 ,6 0 7
1 1 7 ,1 2 2
J u ly 1 to O c t 3 1 ________
4 7 3 ,7 5 0
4 7 2 ,4 1 3
£ A fte r allo w in g for other In com e received .
£ 8 1 ,0 0 3
£ 7 0 0 ,1 2 5
£ 2 5 ,7 1 8
£ 2 0 5 ,4 0 0
1 4 8 ,9 4 0
3 0 ,9 2 4
2 4 ,9 5 9
1 7 ,6 5 3
1 4 5 ,7 4 9
1 9 ,8 7 0
1 6 8 ,4 1 1
5 5 ,5 2 1
£ 1 6 3 ,0 5 4
£ 9 2 2 ,4 9 6
3 9 ,0 2 5
£ 1 2 7 ,6 6 2
£ 6 9 0 ,9 1 4
£ 6 0 ,0 7 4
£ 2 0 9 ,8 1 0
£ 5 2 ,9 0 7
£ 2 3 2 ,6 2 1
New Y ork Street Railways.
H u d so n & M a n h a t t a n . a .A u g
J u ly 1 to A u g 3 1 ------------
18 0 80 2
(-1 1 8 ,1 1 0
C 08.473
3 0 6 ,0 2 2
2 2 8 ,8 0 9
1 8 5 ,0 4 2
In tc r b o r o R T (Sub) . a . -A u g
9 5 3 ,9 0 0 , 0 1 5 ,7 0 2
4 2 6 ,5 0 5
5 1 6 ,7 5 7
J u ly 1 to A u g 3 1 _______ 1 ,8 3 0 ,3 2 2
1 ,7 7 5 ,1 4 8
8 0 4 ,1 2 8
9 0 0 ,1 5 3
In tc r b o r o R T (E lev ) . a . A u g 1 ,1 9 2 ,2 0 2
1 ,1 8 9 ,4 2 8
5 2 5 ,8 3 9
5 4 1 ,5 4 8
J u ly 1 to A u g 3 1 _______ 2 ,4 0 3 ,5 0 9
2 ,3 8 1 ,6 3 9
1 ,0 5 9 ,4 9 4
1 ,0 8 4 ,3 7 8
T o ta l In tc rb o ro R T . a . A u g 2 ,1 4 6 ,1 0 2
2 ,1 0 5 ,1 3 0
9 5 2 ,4 3 4
1 ,0 5 8 ,3 0 5
J u ly 1 to A u g 3 1 ________ 4 ,2 3 3 ,8 9 1
4 ,1 5 6 ,7 8 7
1 ,8 6 3 ,6 2 2
2 ,0 4 4 ,5 3 1
B ro o k ly n R a p T r a n s .a .- A u g 2 ,1 1 9 ,3 0 2
1 ,0 7 2 ,2 3 8
8 1 0 ,5 2 8
7 5 0 ,3 7 0
J u ly 1 to A u g 3 1 . ........... 4 ,3 5 7 ,3 4 7
4 ,1 3 4 ,4 2 4
1 ,0 9 0 ,0 4 7
1 ,6 7 8 ,4 2 8
M e trop olitan S t r e c t . a - - A u g 1 ,1 4 8 ,0 5 0
1 ,1 3 2 ,4 1 1
3 8 3 ,1 7 1
3 7 2 ,7 7 3
J u ly l to A u g 3 1 _______ 2 ,2 8 2 ,3 1 4
2 ,2 5 5 ,0 0 9
7 2 4 ,7 3 3
7 8 0 ,5 3 1
C en t P ark N o & E R i v .a A u g
5 0 ,8 0 4
8 ,3 3 8
5 8 ,4 2 5
5 ,5 6 7
J u ly 1 to A u g 3 1 _______
1 1 5 ,4 5 3
1 1 9 ,0 8 7
1 5 ,8 0 3
9 ,0 2 8
S econ d A v e . a -------------------A u g
9 0 ,8 6 6
8 3 ,5 8 2
1 5 ,9 8 6
2 7 ,4 7 2
J u ly 1 to A u g 3 1 ________
1 8 0 ,2 5 0
1 7 1 ,0 4 4
5 7 ,8 0 0
3 4 ,8 0 5
T h ird A v e . a ----------------------- A u g
3 1 2 ,2 7 2
2 9 6 ,4 7 4
1 5 2 ,0 5 4
1 2 8 ,0 2 0
J u ly 1 to A u g 3 1 _______
0 4 9 ,7 0 6
0 2 4 ,1 3 0
3 2 2 ,6 9 9
2 8 7 ,7 2 2
D r y D o c k E B w y & B a t .a A u g
5 3 ,6 6 6
5 4 ,0 3 6
5 ,3 2 2
1 1 ,7 7 1
Ju ly 1 to A u g 3 1 -----------1 0 6 .9 7 9
1 0 7 ,8 8 9
1 2 ,0 8 0
3 1 ,0 0 5
42d St M & St N A v e .a .-A u g
1 3 9 ,8 1 4
1 2 9 ,2 3 8
4 3 ,8 4 4
5 2 ,0 9 7
Ju ly 1 to A u g 3 1 -----------2 8 5 .0 9 9 ,
2 6 4 ,8 2 2
1 0 0 ,0 8 2
1 1 4 ,2 0 2
N Y C ity I n t e r b o r o .a — A u g
2 6 ,5 3 1
2 0 ,5 3 4
4.8G 9
3 ,9 0 4
J u ly 1 to A u g 3 1 ________
5 3 ,6 0 1
4 2 ,8 0 9
1 1 ,5 6 0
8 ,0 7 9
S ou th ern B o u l e v a r d .a .- A u g
1 2 ,3 4 5
1 0 ,7 9 9
5 ,3 1 1
1 ,7 8 1
J u ly 1 to A u g 3 1 .............
2 5 ,7 7 0
2 2 ,2 0 9
9 ,9 0 8
4 ,5 1 0
2 1 2 ,5 1 2
U n i o n .a __________
Aug
2 1 9 ,8 8 3
0 1 ,7 8 0
2 1 ,2 6 6
J u ly 1 to A u g 3 1 -----------4 7 1 ,9 1 0
4 4 8 ,2 6 1
1 4 3 ,9 7 5
1 5 9 ,3 5 3
5 6 ,5 8 4
W e stc h e ste r E l e c . a ______ A u g
0 0 ,5 9 9
2 2 ,0 7 3
1 8 ,5 3 0
1 2 2 ,3 4 5
J u ly 1 to A u g 3 1 ________
1 3 1 ,2 7 0
4 9 .0 7 0
4 5 .S 7 7
5 9 ,1 0 7
Y o n k e r s . a _______________ ,- A u g
5 7 ,2 9 1
1 0 ,3 4 3
1 0 ,1 4 6
J u ly 1 to A u g 3 1 _______
1 1 9 ,2 8 9
1 2 4 ,3 4 3
2 0 ,3 5 7
3 0 ,8 0 7
2 4 ,8 5 4
2 4 ,2 2 6
L o n g Islan d E l e c . a ______ A u g
7 ,2 3 9
8 ,7 1 0
5 3 ,6 5 1
J u ly 1 to A u g 3 1 ________
5 3 ,3 8 4
1 7 ,5 1 4
2 1 ,7 0 8
3 9 ,0 9 8
N Y & L o n g Isl T r a c . a . - A u g
4 0 ,3 1 8
1 2 ,4 9 8
1 3 ,8 4 2
J u ly 1 to A u g 3 1 _______
8 1 ,8 0 4
8 3 ,0 8 9
2 8 ,1 2 7
3 1 ,0 7 9
1 1 6 ,8 3 1
N Y & Q u eens Co . a ____A u g
1 1 1 ,0 0 5
670
1 8 ,5 1 1
J u ly 1 to A u g 3 1 ________
2 4 7 ,9 7 7
2 3 4 .9 2 6
1 5 ,0 0 2
4 6 ,5 5 0
O cean E le ct (L I) . a _____A u g
2 8 ,5 4 0
2 4 ,1 4 7
1 7 ,4 1 4
1 4 ,7 0 4
J u ly 1 to A u g 3 1 _______
0 0 ,1 9 2
5 3 ,7 7 0
3 7 ,0 8 8
3 5 ,7 6 2
C on e y Isl & B k l y n . a _____A u g
8 1 ,4 9 1
1 6 0 ,0 2 0
47
6 4 ,7 9 7
J u ly 1 to A u g 3 1 _______
2 7 9 ,3 3 3
3 5 0 ,7 0 4
8 2 ,6 9 7
1 0 0 ,5 6 1
Richmond L t & R R .a .- A u g
4 0 ,1 7 7
3 9 ,2 7 7
1 1 ,6 4 6
1 7 ,4 3 4
J u ly 1 to A u g 3 1 ..............
8 7 ,0 7 4
8 9 ,1 0 9
3 5 ,1 6 8
4 1 ,5 0 0
S ta ten Island M i d . a -------A u g
3 2 ,0 0 7
3 4 ,1 3 0
8 ,9 9 8
0 ,1 9 7
J u ly 1 to A u g 3 1 -----------7 4 ,0 5 3
7 6 ,8 3 4
3 1 .0 7 1
3 1 ,4 0 6
a N e t earnings hero given arc after d ed u c tin g ta x e s.
c O ther ln o. a m o u n te d to 5 7 8 ,4 2 7 In A u g . 1 9 1 1 , again st 5 7 7 ,0 0 7 in 1 0 1 0 .
2 2 2 ,4 1 7
4 3 8 ,7 9 2
1455
ANNUAL REPORTS,
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Oct. 28.
This index, which is given monthly, does not include re
ports in to-day’s “ Chronicle.”
Railroads—
Page
Alabama Great Southern R H ______ u s d
ngg
A.labama & Vicksburg R y . .........
Ann Arbor R R ......... ....................... I I I 1256
Baltimore & Ohio 11R_______ 1255,1264
Bangor & Aroostook R R . .
’ 1057
Canadian Northern R y ..............I I I I I l3 8 3
_ 1190
Central Vermont R y . ................
Chesapeake * Ohio R y ______ 1183,1200
Chicago Great Western R R _________ 1 3 3 2
Chicago Rock Island & Tac. R R __ 1 1 8 4
Chic. R ock Isl. & Pac. R y ___1184, 1196
Cincinnati Hamilton & D ayton Iiy__13l7
Coal Sc Coke R y. (of W . V a .)_______ 1 185
Detroit & Mackinac I t y . . ................... 11,37
Florida East Coast R y ................... .. 1 1 3 3 2
Georgia Southern A: Florida R y ____1187
Grand Trunk R y . of Canada— Half
Yearly Meeting...............
131s
Hocking Valley R y _________________ 1256
Kanawha Sc Michigan Ity . ..................1 1 3 5
Kan. City Mexico & Orient R y.
(balance sheet June 3 0 ) . . . ............ 1318
Midland Valley R R _________________ 1 2 5 7
New Orleans Sc Northeastern R U __ 1188
Quebec Central R y ________________ 1 ui 2
Rock Island Com pany_________
1184
St. Louis R ocky Mtn. & Pacific C o. .1325
Tonopah & Goldfield R R . ........... ...1 3 1 8
Union Pacific R R ........... ........ 13S1, 1391
Vicksburg Shreveport & Pac. R y __ 1188
Virginian R y .................................
1184
Virginia & Southwestern R y ...............1180
Wabash-Pittsburgh Terminal R y ___1185
Western Maryland R y . .....................1 3 8 1
Electric Railways—
American Cities C o_________________ 1190
Binghamton (New York) R y ......... .. 1190
Boston Elevated R y __________
1384
El Paso (T ex.) Electric C o__________ 1259
Electric Railways (panel.)—
Page
Kansas City Railway & Light C o ... 1380
1319
Montreal Street R y__________
Quebec R y., Light, Heat & Pow. Co. 1192
Third Avenue R R ., New York_____ 1319
Virginia Ry.
Power Co., Rich
mond, &c., Va....... .......................... 1319
Industrials—
American Cotton Oil Co_____ 1384-1404
American Shipbuilding Co., C leve..l320
American Steel Foundries (14 mos.
1261
ending Sept. 30)..............
Colorado Fuel & Iron Co., Denver.. 1320
Commonwealth Gas & Electric C o .. 1261
Consolidated Gas, EL Lt.
Power
Co., Baltimore___________________ 1189
Consumers' Gas Co., Toronto______ 1262
Federal Mining & Smelting Co..N. Y.1321
General Motors Co. (10 mos. ending
July 31 1911)_____________1384, 1402
Independent Brewing Co., Pittsb___1385
Keystone Telephone Co.. Philadcl._1322
Massachusetts Lighting Cos_______ 1203
Mergenthaler Linotype Co., N. Y ...1 1 S 9
National Casket Co. (balance sheet
June .30)________
132 1
Nevada-Callfornla Power Co. (bal
ance sheet Dec. 31)_____
132 1
132 7
Nipe Bay Co...........................
Pittsburgh Brewing C o .____________ 1385
Pope Mfg. Co., Hartford, Conn_____ 1322
Plymouth Cordage Co. (balance
sheet July 31)............................
132 2
Pullman Company_____ _____ 1189, 1389
Russell Motor Car Co., Ltd., Torontol322
Torrlngton (Conn.) Co__
1323
Virginia Iron, Goal & Coke Co______ 1.321
United States Express Co..............
13S5
United States Steel Corporation
(9 mos. end. Sept. 30)..................... 1258
&
&
Atlantic Coast Line Railroad.
(.Report for Fiscal Year ending June 30 1911.)
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.
O P E R A T IO N S A N D F I S C A L R E S U L T S .
Operations—
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
A v e r a g e m ile s____________.
4 ,4 9 4
4 ,4 8 2
4 ,4 3 4
4 ,3 6 5
P assen gers carried (N o .)1 8 ,1 5 9 ,8 8 0
7 ,2 3 2 ,0 8 9
0 ,3 0 3 ,1 3 7
6 ,5 4 4 ,4 0 9
P a ss, carried one m l l e . ..3 5 0 ,5 2 1 ,0 5 5 3 0 4 ,5 3 4 ,5 9 6 2 6 0 ,3 0 5 .3 1 8 2 0 1 ,8 8 1 ,3 4 0
A v . rate per p ass, per m .. 2 .2 0 4 c ts.
2 .2 2 4 c ts.
2 .2 2 4 c ts .
2 .3 9 8 c ts .
F re igh t (rev. t o n n a g e ). . 1 1 ,0 8 8 ,5 7 7
1 1 ,2 9 7 ,8 4 6
1 0 ,2 4 2 ,5 0 8
1 0 ,0 7 7 ,1 0 9
T o n s one m ile (revenue) 1 7 7 6 4 1 8 0 1 0 1 6 3 9 8 8 0 0 9 5 1 4 5 5 4 2 1 8 3 0 1 4 3 6 1 4 1 8 1 0
A v . rate per ton per m . _.
1 .2 1 5 c ts.
1 .2 7 3 c ts.
1 .2 5 9 c ts.
1 .2 3 5 c ts .
P ass, ea rn s, p er train m ..
$ 0 .9 3
$ 0 .8 7
$ 0 .8 2
$ 0 .8 9
F re igh t cars per tr . m ile5
$ 2 .5 2
$ 2 .5 6
$ 2 .4 4
$ 2 .2 8
Gross earnings per m lle ..
$ 7 ,0 3 6
$ 6 ,6 5 1
$ 5 ,8 9 6
$ 5 ,9 6 3
IN C O M E ACCO U N T .
1 9 1 0 -1 1 .
$
. 2 1 ,5 8 7 ,3 6 1
.
7 ,7 2 3 ,8 5 4
M a ll, e x p . & m lsc c ll_____. 2 ,3 1 1 ,2 3 4
2 0 ,8 7 0 ,3 9 7
0 ,7 7 3 ,3 3 2
2 ,1 6 0 ,5 3 9
1 9 0 8 -0 9 .
$
1 8 ,3 2 8 ,1 7 0
5 ,8 4 2 ,0 5 9
1 ,9 7 3 ,8 2 9
1 9 0 7 -0 8 .
$
1 7 ,7 3 9 ,1 7 2
0 ,2 7 9 ,5 8 4
2 ,0 1 0 ,2 9 0
Operating revenues—
1 9 0 9 -1 0 .
. 3 1 ,6 2 2 ,4 4 9
2 9 ,8 1 0 ,2 6 8
2 6 ,1 4 4 .0 0 4
2 6 ,0 2 9 ,0 5 2
M a ln t. w ay & stru ctu res! 3 ,9 2 6 ,5 6 8
M a in t. of e q u ip m e n t___ . 4 ,5 8 3 ,8 9 0
T r a ffic e x p e n se s .................
5 3 7 .0 8 3
T ra n sp o rta tio n expenses! 1 0 ,5 5 6 ,8 3 4
General ex p e n se s________
8 4 3 ,1 0 4
3 ,7 0 0 ,1 9 7
4 .2 7 5 ,9 6 0
4 9 9 .3 2 3
9 ,2 2 7 ,8 3 0
8 5 0 ,8 3 6
3 ,5 6 6 ,7 0 2
3 ,0 8 1 ,4 5 7
4 3 0 ,0 9 2
8 ,5 2 0 ,7 1 4
7 4 4 ,3 9 0
3 ,7 4 5 ,0 9 7
4 ,0 8 5 ,9 6 9
4 3 2 ,7 1 5
9 .9 0 8 ,0 0 7
7 0 0 ,3 5 5
T o ta l op er. e x p e n se s. 2 0 ,4 4 7 ,5 3 9
N e t op eratin g r e v e n u e .. 1 1 ,1 7 4 ,9 1 0
T a x e s _____ _______________
1 ,2 8 0 ,2 4 7
1 8 ,6 1 4 ,1 5 7
1 1 ,1 9 6 ,1 1 1
1 ,2 0 8 ,9 0 0
1 6 ,9 4 3 ,3 6 1
9 ,2 0 0 ,7 0 3
1 ,1 1 9 ,5 3 8
1 8 ,9 7 1 ,7 4 3
7 ,0 5 7 ,3 1 0
1 ,0 7 2 ,0 5 2
0 ,8 9 4 ,6 6 3
2 ,6 3 2 ,8 3 0
0 3 4 ,2 7 4
9 ,9 8 7 ,1 5 1
2 ,4 4 0 ,7 0 3
4 3 5 .4 7 0
6 4 ,9 2 3
8 ,0 8 1 ,1 6 6
2 ,0 7 4 ,4 0 8
4 1 3 .2 3 8
3 2 ,1 6 7
5 ,9 8 5 ,2 5 8
a 2 , 7 1 0 ,3 3 2
4 3 0 ,0 4 4
Gross In c o m e__________ 1 3 ,0 0 1 ,7 6 7
Deduct—
I n t . on fu n d ed d e b t, & c .
5 ,3 4 5 ,3 6 0
I n t . on c t f s . o f i n d e b t ..
9 ,3 7 8
1 a t . on 3 -y e a r n o te s ____
li l t , on eq u ip m en t trust
1 1 5 ,4 2 0
R e n ta ls o f leased lin e s. .
4 0 ,2 7 6
H ire o f e q u ip m e n t ______
7 0 ,1 2 3
R e n ta ls of te r m in a ls_____
5 1 ,1 7 9
D ivid en d s on c o m m o n ..
3 ,4 1 7 ,8 6 4
P , c . d lv s . on c o m m o n ..
(6 % )
D iv s . on R . & P . “ A ” s t k .. ( 6 ) 6 0 ,0 0 0
D lv s . on p ref. ( 5 % ) . .
0 ,9 2 5
1 2 .9 3 4 ,3 0 7
1 0 ,0 0 1 ,0 3 9
9 ,1 3 1 ,6 3 4
5 ,2 5 6 ,0 5 0
3 7 9 ,3 5 9
7 5 ,9 5 4
1 3 3 ,4 2 0
4 0 ,2 7 0
4 ,7 5 0 ,0 2 8
7 5 7 ,1 2 2
2 2 1 ,7 0 5
1 5 1 ,4 2 0
4 2 ,8 1 5
5 5 ,3 9 4
3 ,1 3 5 ,0 6 0
(0 % )
(6 ) 0 0 ,0 0 0
4 4 ,8 7 7
4 8 ,5 6 9
2 ,6 1 4 ,5 6 8
( 5 )-$ % )
(5 A ) 5 5 ,0 0 0
7 9 .8 3 0
a 4 , 8 9 5 ,8 7 2
a 8 6 2 ,7 5 4
2 5 0 ,0 0 0
1 6 9 ,4 3 3
4 4 ,0 0 8
8 9 ,6 9 0
3 8 ,7 3 0
2 ,6 1 4 ,5 4 0
(5 M % )
(5 K ) 0 5 ,0 0 0
7 9 ,8 3 0
9 .1 1 9 ,5 2 5
3 ,9 4 2 ,2 4 2
9 ,1 8 0 ,9 9 0
3 ,7 5 3 ,3 1 7
8 ,7 2 1 ,0 5 7
1 ,8 7 9 ,3 8 2
9 ,0 9 9 ,8 5 7
3 1 ,7 7 7
Operating expenses
O p eratin g In c o m e _____
I n t . & d lv s . re c e iv e d ___
O th e r In t., ren ts, & c ___
H ire o f e q u ip m e n t______
S urp lu s in com e for y e a r .
a T h e three Item s m ark ed (a) a b o v e do n o t com p are w ith sim ilar Item s
In later years because In th ose years Interest on tre asu ry securities Is e lim i
n a te d on both sides o f th e a c c o u n t, all other Item s an d the final resu lt re
m ain in g u n ch an ged .
T h e Interest so elim in a te d , a m o u n tin g to $ 3 7 8 ,8 9 2
In 1 9 0 8 -0 9 , consists o f $ 2 7 3 ,2 0 0 in terest on bond s an d $ 1 0 5 ,0 3 2 on certifi
cates of In d eb ted ness.
N ote .— T h e c o m p a n y charges d ivid en d s In "p r o f it an d l o s s ," b u t are here
d ed u c ted for the sake of sim p lic ity .
T h e d ivid en d s charged a gain st th e
earn ings o f 1 0 1 0 -1 1 , 1 0 0 9 -1 0 an d 1 9 0 8 -0 9 were paid in c a sh .
O f th e d iv i
dends d ed u cted In 1 9 0 7 -0 8 , 3 % w as paid in J a n . 1 9 08 in A tla n tic C oast
L in e R R . 435 c ts . o f in debted n ess an d 2 'A % In J u ly 1 9 08 In cash — V 03
p . 1385, 1323.
'
’
St. Louis & San Francisco RR.
(Report for Fiscal Year ending June 30 1911.)
The text of the report is given on a subsequent page; also
comparative tables of earnings and operations and balance
sheet for two years past, &c. Below are comparative operat
ing statistics and income account for several years. The
figures do not include the New Orleans Texas & Mexico divi
sion lines, 977 miles, which are operated separately.
THE CHRONICLE
1456
T R A F F IC S T A T IS T IC S .
M iles o p er a ted (average)
Equipment—
L o c o m o t iv e s ----------.---------P assen ger e q u ip m e n t —
F re ig h t e q u i p m e n t :------C o m p a n y c a r s, & c ............
1 9 1 0 -1 1
5 ,1 8 8
1 9 0 0 -1 0
5 ,0 7 2
1 9 0 8 -0 9 .
5 ,0 7 3
1 9 0 7 -0 8 .
5 ,0 6 4
99 8
622
2 9 ,2 4 2
2 ,5 8 8
047
579
2 7 ,8 9 9
2 ,6 9 2
90 4
531
2 8 ,6 1 5
2 ,6 7 7
907
53 6
2 9 ,9 8 4
2 ,6 8 8
[VOL. LXX X X III.
Chicago & Eastern Illinois Railroad.
Y e a r e n d in g J u n e 30 1911.)
President B. L. Winchell, Oct. 1 1911, wrote in substance:
{R e p o r t f o r F is c a l
Results .— T h e to ta l op era tin g reven u e Increased $ 5 3 0 ,9 8 9 , o r 4 . 5 % ; op er
a tin g ex pen ses Increased $ 3 9 0 ,4 7 9 , or 4 . 9 % ; n et o p e r a tin g revenu e In
creased $ 1 4 0 ,5 0 9 , or 3 . 7 % . S urp lu s for y e a r, after p ayin g d iv id e n d s aggre
g a tin g 6 % on p ref. an d 0 'A % on c o m m o n sto c k , was $ 2 8 ,8 0 7 .
T h e earn
8 ,4 2 8 ,1 8 3
1 0 ,5 3 4 ,1 9 6
1 1 ,2 7 5 ,0 4 3
1 0 ,4 1 3 ,7 0 2
in gs, b oth gross an d n e t, w ere the largest In th e h istory o f th e c o m p a n y .
5 0 6 ,0 4 8 ,9 4 7 1 7 7 ,0 8 9 ,0 9 0 4 6 7 ,3 8 5 ,7 1 1 4 1 4 ,1 7 8 ,2 8 9
U p w ard o f 2 6 % o f th e to ta l increase in op eratin g revenu e w as sa v e d for
2 .1 5 c ts.
2 .2 1 c ts .
2 .0 5 c ts.
2 .3 7 Cts.
R a te per p a ss, per m ile .
th e n e t, an d th e surplus availa b le fo r d ivid en d s Increased $ 6 8 ,5 5 0 , or 5 . 8 % .
1 5 ,2 7 5 ,6 1 9
1 5 ,9 5 2 ,1 4 4
1 7 ,1 2 8 ,4 4 6
1 7 ,8 2 9 ,7 1 3
being so m e w h a t cu rtailed b y a d ecrease in in com e fro m hire o f e q u ip m e n t
R e v e n u e freigh t (tons)
o f $ 5 5 ,7 8 6 , an d an increase In in terest a n d ren tals o f $ 7 1 ,9 1 5 .
O f th e In
carried one m ile ______ 2 6 7 5 6 9 5 ,2 0 0 2 8 2 9 4 8 2 ,7 9 3 2 5 1 8 9 4 4 ,7 4 6 24 0 5 4 4 8 ,2 9 1 )
crease
of $ 1 4 1 ,4 3 1 In cost o f tra n sp o r ta tio n , Increases In rates o f p a y
0 .9 7 2 Cts.
1 .0 4 9 c ts .
0 .9 7 7 c ts .
1 .0 0 3 c ts.
R a te per to n p er m ile ___
a m o u n ted to $ 2 0 3 ,0 0 0 an d th e Increased c o st p er to n o f en gin e fuel b rou gh t
212
221
223
221
A v . tra in -lo a d (rev.) tons
a further burden o f $ 7 4 ,9 0 0 .
$ 0 .9 9 3 4
$ 1 .0 8 4 4
$ 0 .9 9 5 1
$ 0 .9 9 7 6
E a r n , per p a ss, train m .
T h e grow th o f p assenger tra ffic Is g r a tify in g , h a v in g m ore th a n d ou b le d
$ 2 ,0 6 5
$ 2 ,3 1 8
$ 2 ,1 7 8
$ 2 ,2 1 5
E a r n , per fr ’ t train m ___
In ten y e a rs, an d p assen ger-train earn ings for th e llscal y e a r Increased 1 1 .7 6
$ 7 ,0 7 0
$ 8 ,3 1 9
$ 8 ,1 1 6
$ 7 ,4 4 3
Gross earn ings per m ile .
cen ts p er train m ile , com p a red w ith the p reviou s y e a r.
B itu m in o u s coal
ton n age increased d uring th e year 2 6 4 ,8 7 3 , sta n d in g a t 7 ,1 6 5 ,7 4 2 t o n s , or
IN C O M E ACCO U N T .
5 7 .5 9 % o f th e to ta l to n s carried .
•
1 9 0 7 -0 8 .
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
Operating revenuesBonds, & c .— T h e m o r tg a g e , b on d e d an d secured d eb t w as increased
F reigh t
"
_________ $ 2 8 ,0 7 1 ,7 8 2 $ 2 7 ,6 4 5 ,8 6 3 $ 2 5 ,2 6 2 ,5 1 6 $ 2 3 ,9 7 6 ,2 9 7
$ 7 2 9 ,9 4 2 an d the w orking liabilities decreased $ 2 6 4 ,9 9 4 .
[T h ere w ere Is
3 ,0 2 7 ,0 3 7
P assen ger
__
. . . 1 1 ,9 9 9 ,3 8 5
1 0 ,5 4 8 ,9 7 0
9 ,6 0 3 ,3 4 0
sued “ r efu n d in g an d im p r o v e m e n t m o r t g a g e " b o n d s, fo r a d d ition s an d
2 ,6 6 6 ,2 2 9
M a ll, e x p . & rnlscell_____
2 ,7 8 0 ,4 6 0
2 ,6 0 4 ,9 5 8
2 ,6 5 7 ,0 8 8
b
e
tte
r
m
e
n
ts
an
d
car
tru
st
obligation
s
p
aid
in
this
an
d
prior
y e a rs, $ 1 ,9 9 1 ,
2
3
6
,5
6
9
O ther th a n tr a n sp . r e v .
3 0 7 ,6 0 1
1176,148
2 3 4 ,0 4 2
______
0 0 0 , an d there were red eem ed e q u ip m en t o b ligation s to a t o ta l o f $ 1 ,2 6 1 ,
T o ta l o p e r . r e v e n u e .. $ 4 3 ,1 5 9 ,2 2 8 $ 4 1 ,1 6 5 ,9 3 9
$ 3 7 ,7 5 6 ,9 8 6 $ 3 5 ,8 0 6 ,1 3 2
0 5 8 ; n et Increase o f In d eb ted ness, $ 7 2 9 ,9 4 2 .— E d .]
New Industries .— D u rin g th e ye ar th e Industrial d e p a r tm e n t lo c a ted 50
M a ln t. of w a y & s t r u c ts . $ 5 ,4 7 0 ,1 7 9
$ 5 ,7 7 8 ,2 6 8
$ 4 ,9 8 7 ,6 3 3 $ 4 ,6 7 1 ,4 1 6
n ew In dustries, th e e stim a te d c o st of w hich w as $ 1 ,5 5 8 ,3 0 0 , em p lo y in g
M a ln t. o f e q u i p m e n t . . .
5 ,7 3 8 ,2 9 0
5 ,9 4 0 ,3 1 0
4 ,5 9 6 ,8 6 2 4 ,5 1
5 ,9
9 ,1
6 60 7m en w ith a y e a rly o u tp u t o f 1 0 ,4 9 6 cars.
T r a ffic e x p e n se s _________
1 ,0 8 5 ,8 4 7
1 ,0 3 6 ,8 2 1
8 7 3 ,2 9 2
8 3 3 ,0 /9
New Rolling Stock .— N e w e q u ip m en t w as received an d p laced In serv ic e,
T r a n sp o r ta tio n ex pen ses 1 5 ,7 3 7 ,1 6 5
1 4 ,6 9 8 ,0 9 4
1 3 ,1 0 3 ,8 7 8
1 3 ,6 6 3 ,6 3 3
all purchased fo r ca sh , reim bu rsed b y 4 % r efu n d in g an d Im p ro v e m e n t
General e x p e n se s________
1 ,2 8 8 ,0 1 0
1 ,2 2 3 ,3 4 8
1 ,1 9 3 ,4 „ 6 1 ,2 7 0 ,4 a0
b on d s u nd er the m tg e . o f J u ly 1 1 9 0 5 , as fo llo w s: 5 P acillc t y p e p assenger
lo c o m o tiv e s an d 5 sw itch lo c o m o tiv e s, $ 1 7 5 ,8 7 9 ; 2 o b serv a tio n sm o k in g
T o ta l o p e r . e x p e n s e s .$ 2 9 ,3 2 0 ,4 0 0 $ 2 8 ,6 7 6 ,8 4 2 $ 2 4 ,7 6 0 ,0 9 1 $ 2 5 ,0 0 7 ,2 8 6
cars, $ 4 0 ,2 0 6 ; 2 0 0 4 0 -t o n c a p a c ity steel u n d erfram c a u to m o b ile c a rs, $ 2 1 7 ,
N e t op era tin g r e v e n u e .. $ 1 3 ,8 3 8 ,8 2 8 $ 1 2 ,4 8 9 ,0 9 7 $ 1 2 ,9 9 6 ,8 9 o $ 1 0 ,7 9 8 ,8 4 6
9 4 8 ,4 1 4
T a x e s _____________________
1 ,8 1 1 ,8 2 7
1 , 4 5 8 , 186
1 ,5 3 2 ,1 4 9
7 0 8 ; t o ta l, $ 4 3 3 ,7 9 3 .
$ 9 ,8 5 0 ,4 3 2
O p eratin g In c o m e ____ $ 1 2 ,0 2 7 ,0 0 1 $ 1 1 ,0 3 0 ,9 1 1 $ 1 1 ,4 6 4 ,7 4 6
W E IG H T O F R A I L I N T R A C K { M A I N , S E C O N D & T H IR D ) J U N E 3 0 .
D
r
.3
2
,0
7
9
O u tsid e o p e r a tio n s------------------------------------^
Total. 85-16.
80-lb. 75-lb. 72-lb. 70-lb. 05-lb.
00-lb. 5 6 ,& c .
D r .6 0 9 .9 8 8
D r .2 6 0 ,0 8 6 D r .4 5 5 ,1 4 5
H ire o f e q u ip m e n t ______ D r .3 2 3 ,6 4 1
1911 ( m ) . 1 ,0 0 5 .2 2 2 3 9 .8 4 3 3 2 .8 7
2 .6 4 1 7 .7 9 1 2 .9 7 1 3 8 .6 3 2 4 1 .2 3 1 9 .2 5
1 ,9 5 0 ,142
O th er In c o m e ____________
2 ,6 5 7 ,6 1 1
2 , 0 1 0 ,4 1 7
1 ,7 1 5 ,1 1 2
1 9 1 0 (m ) .1 ,0 0 5 .2 2 2 1 8 .1 5 3 4 2 .7 8
2 .6 4 1 8 .0 1 1 3 .2 1 1 4 4 .2 7 2 4 6 .0 1 2 0 .1 5
$ 1 3 ,3 3 1 ,3 4 0 $ 1 2 ,9 1 0 ,7 7 2 $ 1 1 ,3 1 3 ,3 5 0
T o ta l In c o m e____$ 1 4 ^ 3 6 0 ,9 7 1
O P E R A T IO N S , E A R N I N G S , E X P E N S E S . &c.
Deduct—
_
1 9 0 7 -0 8 .
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 0 0 8 -0 9 .
$ 6 ,5 1 7 ,3 1 9
$ 7 ,4 4 7 ,8 0 6
$ 6 ,1 1 8 ,7 5 2
I n t e r e s t ____________ $ 7 ,8 5 0 ,6 0 <
95 7
2 ,5 9 4 ,3 9 1
2 ,5 9 1 ,6 3 1
M iles op erated Jun e 3 0 .
966
966
966
2 ,5 6 4 ,2 0 3
I n t . on g u a r. see .(re n ta ls) 2 ,6 0 4 ,0 3 8
.627,30 2
6 6 1 ,5 6 3
Operations—
5 3 6 ,4 4 6
O t h . rentals & sin k . f d s .
8 3 6 ,0 4 0
2 ,8 0 9 ,2 3 3
P assen gers carried. N o .
3 ,4 9 5 ,2 0 0
3 ,0 2 8 ,9 1 5
2 ,8 4 3 ,3 4 7
___ _____
D Iv s. on tru st c e r ts.—
„
9 5 ,6 7 0 ,4 2 3
P a ss, carried 1 m ile, N o . 1 2 0 ,3 8 3 ,9 1 2 1 0 6 ,7 0 2 ,8 8 7
9 5 ,5 7 5 ,1 2 2
5 4 0 ,4 0 0
K .C . F t .S c o t t & M . R y .
5 4 0 ,4 0 0
5 4 0 ,4 0 0
5 4 0 ,4 0 0
1 .7 6 c ts .
R a te per p a ss, per m i l e .
1 .7 4 c ts .
1 .7 5 c ts .
1 .7 4 c ts .
1 ,0 9 4 ,4 8 2
ChlC. & E . 111. R R . . .
0 9 4 ,4 8 2
9 9 9 ,4 8 2
1 ,0 9 4 ,4 8 2
1 1 ,2 7 3 ,4 3 6
R e v . f r ’ t (tons) c a r r ie d . 1 2 ,4 4 3 ,1 9 2
1 2 ,1 3 6 ,8 4 3
1 0 ,0 8 0 .4 0 9
1 9 9 ,7 4 2
D lv s . on p re f. s t k . ( 4 % )
1 9 9 ,7 4 2
1 9 0 ,7 4 2
1 9 0 ,7 4 2 ___________
do
do
1 m ile ...1 9 5 0 9 9 5 8 3 7 19 93 79 439 8 16 82 0 9 7 0 1 5 18 31277819
T o ta l d e d u c tio n s ............$ 1 3 ,0 2 5 ,3 0 9 $ 1 2 ,4 0 9 ,1 2 3 $ 1 1 ,6 0 5 ,1 3 8 $ 1 1 ,0 5 4 ,0 2 6
0 .4 7 c ts .
0 .4 8 c ts .
0 .4 6 c t s .
0 .4 8 c ts .
R a te per to n per m ile ___
B a la n c e , su r p lu s ___________ $ 1 ,3 3 5 ,6 6 2
$ 9 2 2 ,2 1 7
$ 1 ,3 1 4 ,6 3 4
$ 2 5 9 ,3 2 4
IN C O M E A C C O U N T .
— V . 03, p . 1387, 1100.
1 0 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 9 -1 0 .
1 0 1 0 -1 1 .
»■ operations—
Evansville & Terre Haute Railroad.
30 1911.)
President B. L. Winchell, Oct. 1 1911, wrote in substance:
l-
9 ,4 2 1 ,5 0 0
2 ,0 9 4 ,0 7 3
7 0 1 ,4 7 0
6 3 ,3 9 3
0 ,2 5 8 ,4 9 0
1 ,8 6 7 ,1 7 5
5 6 3 ,9 2 3
0 0 ,7 6 2
8 ,0 0 5 ,5 8 3
1 ,6 0 6 ,9 8 1
5 1 8 ,7 3 4
7 8 ,3 2 1
8 ,5 2 3 ,3 8 7
1 ,0 8 0 ,3 0 3
4 8 6 ,5 0 3
5 2 ,5 3 8
,_
1 2 ,2 8 1 ,3 4 4
1 1 ,7 5 0 ,3 5 6
1 0 ,2 6 9 ,0 1 0
1 0 ,7 4 2 ,7 3 1
3S
1 ,1 5 2 ,5 6 1
1 ,9 7 7 ,0 3 2
2 7 9 ,7 8 2
4 ,5 3 8 ,1 0 2
3 9 6 ,9 8 0
1 ,1 5 3 ,0 2 0
2 ,0 4 3 ,3 7 7
2 0 7 ,4 1 2
4 ,0 9 6 ,6 7 1
3 9 2 ,5 9 5
0 9 4 ,7 1 0
1 ,6 0 3 ,7 5 9
2 1 0 ,0 1 1
3 ,0 3 5 ,0 8 6
4 3 0 ,3 6 7
1 ,2 0 5 ,7 1 1
1 ,6 0 9 ,7 0 4
1 0 7 ,2 9 5
3 ,0 2 6 ,5 3 5
4 1 5 ,5 4 7
8 ,3 4 4 ,4 0 3
(6 7 .9 4 )
3 ,9 3 6 ,8 8 1
3 3 8 ,1 2 9
7 ,0 5 3 ,0 8 4
(0 7 .6 9 )
3 ,7 9 0 ,3 7 2
3 6 2 ,1 2 4
0 ,9 3 4 ,5 3 4
(6 7 .5 3 )
3 ,3 3 5 ,0 8 5
2 7 4 ,1 1 4
7 ,3 5 4 ,7 9 2
(0 8 .1 6 )
3 ,3 8 7 ,9 3 0
3 5 8 ,5 8 7
3 ,5 9 8 ,7 5 2
d e b .1 5 ,2 1 5
8 3 ,9 1 9
6 4 9 ,8 8 0
3 ,4 3 4 ,2 4 8
d e b .1 6 ,1 9 1
1 3 0 ,7 0 5
6 1 9 ,1 0 8
3 ,0 6 0 ,9 7 1
d e b . 1 9 ,9 4 2
6 1 ,9 9 5
5 4 3 ,5 5 1
3 ,0 2 9 ,3 5 2
d e b .8 ,8 4 0
4 0 1 ,4 4 9
5 9 6 ,8 0 7
4 ,3 1 7 ,3 3 5
4 ,1 7 0 ,8 7 0
3 ,6 4 6 ,5 7 4
4 ,0 1 8 ,8 5 1
2 ,2 5 5 ,5 6 8
8 1 7 ,4 2 7
R e n t a l s ..............................
5 2 9 ,3 4 2
D lv s . on p ref. sto c k (6 ; 70)
.(8 i I D 6 8 5 ,6 9 1
2 ,2 2 9 ,0 7 7
7 7 2 ,0 0 3
5 2 9 ,8 4 2
( 8 ) 5 7 7 ,4 2 4
2 ,1 0 2 ,1 7 2
7 5 9 ,2 3 1
5 2 9 ,8 4 2
( 2 ) 1 4 4 ,3 5 6
2 ,1 7 9 ,8 0 1
7 0 2 ,8 2 3
5 2 0 ,8 4 2
(1 0 ) 7 2 1 ,7 8 0
T o t a l d ed u ction s .
B a la n c e ___________________
4 ,1 0 8 ,3 4 6
s u r .6 8 ,5 2 4
3 ,6 2 5 ,6 0 1
s u r .2 0 ,9 7 3
4 ,1 3 4 ,2 4 5
d e f .1 1 5 ,3 9 4
{ R e p o r t f o r F i s c a l Y e a r e n d in g J u n e
T h e resu lt fr o m op eration show s an increase In gross revenu e o f $ 1 2 7 ,8 8 9 ,
or 5 . 2 % .
T h e op eratin g ex p en ses, ex clu sive o f ta x e s, sh ow an increase of
$ 2 3 1 ,0 8 9 , or 1 5 . 1 % , due to h e a v y renew als o f ties an d to general tra ck an d
e q u ip m e n t e x p e n d itu r e s.
T o ta l train m iles Increased 6 3 ,3 5 0 m iles, or
5 . 1 % , an d lo a d e d car m iles increased 3 0 0 ,4 4 0 m iles, or 3 . 5 % .
M a in te n a n ce Included 6 .1 9 m iles, or 8 2 6 .8 t o n s , of n ew 8 5 -lb . steel rail
laid d urin g th e y e a r; 1 8 5 ,2 7 0 cross-ties ren ew ed, an avera ge o f 4 2 3 ties per
m ile o f m ain an d side tra ck ; 18 m iles o f m a in line b allasted w ith g ra v e l.
T h ree P acific t y p e passenger lo c o m o tiv e s were purchased fo r cash an d
p laced in serv ic e.
,
E q u ip m e n t bonds a m o u n tin g t o $ 1 6 0 ,0 0 0 h a v e b een p a id .
M a il, e x p re ss, & c .
2S
General e x p e n se s.
O P E R A T IO N S , E A R N IN G S , & c., IN C L U D IN G E V A N S V I L L E &
IN D IA N A P O L IS .
T o t a l m iles o p e r a te d —
1 0 1 0 -1 1 .
310
1 9 0 9 -1 0 .
31 0
P assen gers c a r r ie d ______
1 ,0 2 5 ,9 1 0
9 0 4 ,6 6 7
P a ss, carried 1 m ile _____ 3 7 ,2 0 4 ,5 0 7
3 2 ,0 8 9 ,7 7 2
R a te p er p a ss, per m il e .
1 .9 2 c ts.
1 .9 0 c ts .
R e v . f r t . (tons) c a r r ie d .
3 ,5 4 1 ,1 2 2
3 ,4 6 6 ,4 7 8
R e v . f r t . (tons) 1 m i l e . . 1 7 5 ,5 0 7 ,8 8 5 1 6 6 ,9 7 5 ,7 2 6
0 .9 2 c ts .
0 .9 6 c ts.
R a te per to n per m ile —
$ 1 ,1 0 4
$ 1 ,0 4 1
P a ss, e a r n s.(a ll)p e r tr.m .
$ 2 ,9 5 9
$ 2 ,9 8 2
F r t . ea rn s, p er train m . .
$ 8 ,3 0 1
$ 7 ,9 6 1
G ross receip ts p er m i l e . .
1 9 0 8 -0 0 .
31 0
1 9 0 7 -0 8 .
310
8 4 0 ,9 9 2
8 4 1 ,7 6 7
3 0 ,3 2 2 ,8 5 1 2 9 ,5 9 3 ,3 0 6
1 .9 2 {c ts .
1.9 3 c ts.
2 ,7 3 8 ,9 4 8
3 ,0 6 6 ,8 3 7
1 2 6 ,4 9 7 ,1 6 0 1 4 4 ,0 9 6 ,6 6 0
1 .0 3 c ts.
1 .0 0 c ts.
$ 1 ,0 2 0
$ 2 ,7 1 3
$ 2 ,7 3 5
$ 6 ,7 4 6
$ 7 ,1 0 0
IN C O M E A C C O U N T .
'UHOperaling revenues—
1 9 1 0 -1 1 .
F r e ig h t................. - .................. $ 1 ,6 2 1 ,0 4 7
P a s s e n g e r ________________
7 1 5 ,4 4 0
M a il, ex p re ss an d rnlscell
O th e r than t r a n s p o r t s .
1 9 0 8 -0 9 .
1 9 0 0 -1 0 .
$ 1 ,2 9 8 ,0 1 4
$. 1 ,6
. 0 5 ,2
. 55
5 8 1 ,2 9 9
6 2 8 ,2 2 7
2 4 2 ,7 0 7 2 2 1 ,2 7159 5 ,7 1 0
1 9 ,8 7 1 1 6 ,4 1 8 1 8 ,9 6 5
$ 2 ,4 7 1 ,1 7 5
$ 2 ,0 9 3 ,9 0 7
1 9 0 7 -0 8 .
$ 1 ,4 3 9 ,4 9 8
5 7 0 ,4 0 3
1 7 9 ,4 4 7
1 4 ,7 2 1
$ 2 ,2 0 4 ,0 6 9
T o t a l _____________
$ 2 ,5 9 9 ,0 6 5
Operating expenses—
$ 2 8 9 ,0 6 7
$ 2 6 8 ,2 1 0
$ 2 8 7 ,0 0 4
M a ln t. o f w a y & s t r u c ts .
$ 3 5 9 ,8 0 4
3 0 3 ,2 3 0
3 4 7 ,0 0 5
2 6 9 ,0 8 2
M a ln t. o f e q u ip m e n t —
3 7 0 ,0 7 5
3 9 ,4 6 3
6 1 ,7 1 8
4 6 ,3 6 0
6 7 ,0 7 1
T r a ffic e x p e n se s..............
7 4 8 ,6 9 8
6 6 3 ,5 3 2
6 7 9 ,5 7 0
T ra n sp o rta tio n ex p e n se s
8 7 7 ,0 5 3
7 6 ,4 5 7
7 4 ,7 7 4
8 0 ,3 9 7
General e x p e n se s_______________8 0 ,0 3 1
$ 1 ,3 2 1 ,9 6 4
$ 1 ,5 2 2 ,9 4 5
$ 1 ,3 8 9 ,7 2 3
T o ta l e x p e n se s________$ 1 ,7 5 4 ,0 3 4
$ 7 7 2 ,0 3 3
$ 8 1 4 ,3 4 6
$ 9 4 8 ,2 3 0
N e t ea rn in g s.........................
$ 8 4 5 ,0 3 1
1 1 9 ,9 6 0
1 1 0 ,1 4 2 ___ 1 0 4 ,2 7 8
T a x e s _____________________
1 1 9 ,1 8 8
$ 8 0 1 ,8 9 1
$ 7 1 0 ,0 6 8
O p eratin g In c om e------$ 7 2 5 ,8 4 3
$ 8 2 8 ,2 7 0
d e b .3 ,5 3 1
17
O u tsid e o p e r a tio n s---------- d e b .8 ,4 9 5
d e b .1 0 ,2 0 8
7 2 ,5 0 8
2 3 6 ,0 8 8
1 2 0 ,1 8 8
1 2 0 ,7 8 8
H ire o f e q u ip m e n t............
4 7 ,0 0 7
4 4 ,9 8 7
4 8 ,0 2 2
O th e r In c o m e -------------------4 2 ,9 3 2
$ 8 8 0 ,4 6 7
$ 9 8 0 ,8 7 2
$ 7 7 7 ,8 7 4
$ 9 9 1 ,1 6 0
T o t a l In com e
Deduct—
$ 5 8 8 ,3 9 6
$ 5 7 7 ,4 4 0
$ 5 8 0 ,7 7 8
$ 5 6 8 ,8 5 0
I n t e r e s t ___________________
1 4 ,3 6 2
1 4 ,6 0 8
1 0 ,4 1 1
R e n t a l s _____________
2 7 ,9 5 0
0 1 ,2 0 0
6 1 ,1 9 7
6 1 ,2 0 0
• D Iv s. on p ref. s t k . ( 5 % )
6 1 ,2 0 0
D Iv s. on c o m m o n s t k . ( 5 % ) 1 9 0 ,1 1 0 (5 % ) 1 9 9 ,1 1 0 (4 % ) 1 5 9 ,2 8 4 (4 % ) 1 5 9 ,3 2 6
T o ta l d e d u c tio n s ...........
$ 8 5 7 ,1 1 9
$ 8 5 7 ,4 9 9
$ 8 2 3 ,2 4 2
$ 8 1 2 ,5 7 1
B a la n c e ............................- - - s u r $ 2 3 ,3 4 8 s u r $ 1 2 0 ,3 7 3
d e f$ 4 5 ,3 6 8 s u r $ 1 7 8 ,5 8 9
• T h e d ivid en d s are c harged b y th e c o m p a n y ag a in st proflt a n d lo ss, b u t
are here d ed u c ted fro m in co m e a c co u n t for th e sake o f s im p lic ity .
GENERAL BALANCE SHEET JUNE 30.
(Including Evansville & Indianapolis.)
1911.
1910.
S
S
Road and equ ip.016,051,374 16,065,819
Stocks owned____ 6108,785
6108,785
448,408
231,473
Cash ............. ............
3 0 ,000
Cash to red’m b d s.
d 92,457
9 2 ,457
Securities In treas.
345,994
345,994
Marketable stocks
141,484
141,484
I.oans&bllls recelv.
77,364
71,801
Traffic, & c., bals
77,128
99,703
Agts.' & conductors
114,149
Mat’ls & supplte .
158,625
117,854
127,963
Mlscell. account:
906
Advances, &c
..
890
4,504
3,0 89
Prepaid Ins., & c ..
14,023
2,2 16
>. th.def.deb.ltems.
V®Assets—
1911.
Liabilities—
s
Common s t o c k ... 3,9 87,3 83
Preferred s t o c k ... 1,283,333
Mtge bds. In treas.
30 ,000
Bonds outstanding 9 ,4 70,0 00
Equipment trusts.
760,000
Vouchers <& wages
247,163
Mat’d lnt.,dlvs.,& c.
170,766
Matured bonds............................
Mlscell. accounts.
41,790
Accr.lnt.,dlvs.,&c’_
64,813
Taxes accrued____
112,204
Operating reserves
12,805
Oth. def.cred. items
3,226
Proflt and loss____ 1,264,178
._
4 ,2 8 8 ,5 2 8
s u r .2 8 ,8 0 7
BALAN CE SHEET JUNE 30.
1911.
1910.
1911.
1010.
Liabilities—
$
$
A ssets—
S
?
Road and eq u lp .a58,369,804 57 ,819 ,09 0 Common stock. . d 13,626,100 d 13,026,100
Securities o w n ed .. b373,232 b l , 102,232 Preferred s t o c k ...(1 8 ,9 9 2 ,0 0 0 dS,992,000
Other Investments c 2 15,744
208,552 Funded d e b t .f .. .4 9 ,2 7 7 ,2 3 2 48 ,547 ,29 0
528,249
515,250
1.006,947 Loans & bills p a y .
C a sh .......... ............ . . 1,183,763
244,03 5
250,421
Secure. In treasury
2,0 0 0
423,000 Traffic, & c., b a l . .
Marketable secure.
192,335
257,806 Vouchers & wages. 1 ,1 59,4 70 1,241,027
59,331
57,232
Loans «fe bills r e c ..
545,076
437,077 Matured Int., & c . .
362,396
173,844
Traffic, & c., bals.
258,953
317,531 Mlscell accou n ts..
713,193
757,582
Agts. & conductors
326,009
327,579 Accr.lnt.,dlvs.,& c.
221,345
229,866
Material & supplies 1,171,935 1,038,243 Taxes accrued____
169
169
Mlscell. accou nts..
654,891
010,250 Miscellaneous____
200,262
179,325
Disc, on securities. 1,772,894
1,164,180 Operating reserves
Special deposits. .c l0 ,5 7 S ,0 9 2 10,578,092 Other def. credit
330.870
259,047
Items ....................
Other def. debit
813.871
810,923
It e m s ___________
746,054
487,232 Profit and loss____
Total ................... 76,391,383 75 ,777 ,81 7
T o t a l .....................70 ,391 ,38 3 75 ,777 ,81 7
a After deducting $194,692 reserve for accrued depreciation, b Securities owned
Include In both years those of proprietary, affiliated and controlled companies, un
pledged, $373,232, and in 1910 securities Issued or assumed, pledged, 8729,000.
c Miscellaneous Investments Include In 1911 physical property, $21o,74 3 , nnd
securities unpledged, S I. d O f these, $9 ,408 ,30 0 common and $ 1 01 ,3 00 preferred is
treasury stock held in trust by Trust Co. of America, e Of this, $ 0 ,569 ,60 0 consists
of common and pref. stock (see V . 85, p. 1001); balance sundry investments,
f Includes mortgago bonds in treasury (pledged or unpledged), SJ,U00 In 1911,
against S I ,152,000 In 1910.— V . 93, p. 1386, 588.
The Missouri Pacific Railway Co.
Y e a r e n d in g J u n e 30 1911.)
Pres.B, F. Bush, St. Louis, Sept. 20, wrote in substance:
{R e p o r t f o r F is c a l
1910.
S
3,0 87,3 83
1,283,333
30.000
9,4 7 0 ,0 0 0
920,000
178,532
171,706
30 .0 0 0
33 ,5 1 0
67,813
109,884
20 ,448
23,757
1,3 00,7 00
B T o t a l .................... 17,447,661 17,627,066
T o t a l .....................17,447,661 17 ,627 ,06 6
a After deducting reserve for accrued depreciation, $38,113.
’ 6 Includes stocks of proprietary, affiliated and controlled companies, pledged, $1,
and unpledged, $1 08 ,7 84 .— V . 93, p. 407, 229.
H ire o f e q u ip m e n t.
O th e r in co m e______
Results .— T h e m a jo r p art o f th e y e a r's d eficit ( $ 5 ,2 3 2 ,5 3 9 ) arises fro m
u n a d ju ste d claim s an d th e se ttle m e n t o f ju d g m e n t su its of p reviou s y e a rs,
to g eth e r w ith a rea d ju stm en t of a p reviou s o v e r-v a lu a tio n o f w ork in g asse ts.
A p ortion Is also ow in g to th e Increase In th e rates o f p a y o f tra in m en an d
all classes of la b o r, w h ich , after m e d ia tio n a n d a rb itra tio n , this c o m p a n y
conced ed In 1 9 1 0 .
___ ftlo
.
T h e freigh t earnings fo r th e y e a r w ere $ 3 7 ,6 2 9 ,2 1 3 , a decrease o f $ 5 7 2 ,5 7 1 .
T h e com m ercial an d in du strial business c ond itions the latter p art o f th e
year were n ot as go o d as those o f th e preced ing y e a r, an d the freigh t carried
decreased 7 0 4 ,7 6 2 to n s.
T h e p assenger earnings were $ 1 0 ,9 1 7 ,8 5 1 , an in
crease o f $ 7 0 7 ,4 9 3 ove r those o f th e p reced ing year.
Gold Notes.— T h ere w as issued on Jun e 1 of this year $ 2 0 ,0 0 0 ,0 0 0 3-y e a r
5 % collateral gold n otes o f th e M issouri P acific R y . C o. of an au th orized
issue of $ 2 5 ,0 0 0 ,0 0 0 .
O f the proceeds of these n o te s, $ 9 ,2 0 0 ,0 0 0 w as u sed
fo r th e p a y m e n t o f th e fioatin g d e b t an d $ 8 ,0 0 0 ,0 0 0 w as d ep osite d w ith the
tru stees of the “ first an d refu n d in g m ortgage*' of the M issouri P acific R y .
an d tru stees o f th e “ im p r o v e m e n t m o r tg a g e ” o f th e S t . L ou is Iron M ou n tain
& S ou th ern R y ., to bo u sed for th e p urchase of n eed ed e q u ip m e n t an d th e
m p r o v e m e n t o f the p r o p e r ty ; $ 2 ,1 0 0 ,0 0 0 o f th e proceeds is sh ow n as cash
n h an d (see V . 9 2 , p . 143$)
THE CHRONICLE
N o v . 25 1911.1
Development of Territory Served.— T h ere were e stab lish ed on you r c o m
p a n ie s’ lines d urin g th e ye ar 34 3 new In dustries, In w hich w as In vested $ 9 ,
7 4 1 ,0 0 0 .
T h ese give prom ise o f 1 2 2 ,3 8 5 carload s of business an n u ally
u nd er fa v o ra b le c o n d ition s.
T h e e d u cation o f the farm in g c om m u n ities c o n tigu ou s to these lines of
railroads In the c u ltiv a tio n o f th e soil, the ro ta tio n of crop s, the use of b etter
seed , the best m e th od s of c o m b a tin g the ravages o f Insects an d other m a t
ters beneficial to th e grow th o f crops and d e v e lo p m e n t o f the fa rm Industries
is b ein g carried on w ith g ood resu lts.
T h e a tte n tio n of prospective settlers
is b ein g d irected to th e a d v a n ta g e s of the u noccu p ied la n d alon g the sy s
te m , w ith the resu lt th a t it is b ein g c o n tin u a lly tak e n u p , c u ltiv a ted an d
m ad e p ro d u c tiv e .
Outlook.— A v e r a g e crops h a v e been h arv ested this season in the territory
trib u ta r y to you r lines, an d the o u tloo k fro m these sources for a good busi
ness for the en suin g year Is v e ry en cou ragin g.
Changes in Interest Charges.— F ix e d interest charges for th e year Increased
$ 1 ,2 7 2 ,2 4 2 , due to Increases aggre gatin g $ 1 ,4 0 5 ,3 0 9 an d a decrease of $ 1 3 3 ,
0 9 7 (occasion ed as to $ 1 3 1 ,2 0 0 b y p a y m e n t o f eq u ip m en t o b lig a tio n ).
T h e item s m ak in g u p the increase o f $ 1 ,4 0 5 ,3 3 9 w ere: (1) M o . P acific (a)
“ first an d refu n d in g M . ” , 12 m on th s this ye ar as a gain st 4 m on th s last ye ar,
Increased c harge, $ 0 9 3 ,5 3 3 ; Co) 3 -y e a r 5 % secured go ld n o te s, 15 d a y s’ in
terest on $ 2 0 ,0 0 0 ,0 0 0 , $ 4 1 ,0 6 7 ; (c) 1-y ea r gold n ote esta te o f J a y G o u ld , 15
d a y s ’ in terest a t 6 % on $ 1 ,0 0 0 ,0 0 0 , $ 2 ,0 0 0 ; (d) K . C . N . VV. 1st M . series A .
1 Vi m o n th s, $ 5 ,3 3 3 , an d K a n sa s & C olorad o 1st r e f. M ., $ 2 4 ,8 2 5 (1 M m o s.
n ot in clu d ed in in te rrst on fu n d ed d eb t in previou s y e a r ).
(2) S t. L . Iron
M t n . A S o u . B y . (a) R iv er A G u lf d ivisions m o rtgage ac co u n t of ad dition al
Issues fo r recen t im p r o v e m e n ts, A c ., $ 4 6 ,9 0 7 ; (b) im p r o v e m e n t m ortg a g e ,
12 m on th s this y e a r, as a gain st 4 m o s. last ye ar on $ 5 ,3 0 0 ,0 0 0 , and 15 d ays
th is ye ar on $ 0 ,0 0 0 ,0 0 0 a d d itio n a l, $ 1 8 9 ,1 0 7 ; (c) 3 -y e a r 0 % gold n o te , due
Jun e 1 1 9 1 4 , 1 m o n th in terest on $ 8 ,5 0 0 ,0 0 0 , $ 4 2 ,5 0 0 ; (d) u n ifyin g an d ref.
M . , $ 8 8 0 ; (e) 1st M . A r k a n sa s M id lan d l i R . , $ 0 ,1 0 0 ; L ittle R o ok A I l o t
S p rin gs W e ste r n R R „ $ 2 6 ,0 0 0 , an d P ine BlulT A W e ste rn R R . , $ 2 5 ,0 6 7
(all 12 m o n th s' in terest this ye ar as a gain st 5 m on th s last y e a r ) .
Construction, Additions, & c. — W o r k w as largely su spend ed in F e b . 1 9 1 1 ,
progress on th e principal item s b ein g resu m ed In M a y .
C harges were m ad e
to b ette rm en ts d urin g the fiscal ye ar as follow s:
T o p r o p e r ty . $ 8 ,2 3 8 ,1 0 7 ;
to e q u ip m e n t, $ 1 9 8 ,3 3 9 .
T h is lust item is ex p la in ed as follow s:
New'
e q u ip m e n t, $ 1 ,0 2 3 ,5 9 7 ; im p ro v em en ts to e q u ip m e n t, $ 1 7 0 ,8 3 0 ; to ta l, $1 ,
8 0 0 ,4 3 3 , less a m o u n t required to be credited to p rop e rty a c cou n ts fro m
e q u ip m e n t tak e n ou t o f service, $ 1 ,0 0 2 ,0 9 4 ; b a la n ce , $ 1 9 8 ,3 3 8 .
Expenditures for A dd’ ns and Bctterm’ts to Property Aggregating $ 8 ,2 3 8 ,1 0 7 .
R ig h t o f w ay A s U . g r’n d s . $ 1 4 3 ,0 0 8 Term inal y a r d s ________________ $ 7 2 0 ,1 5 0
W id e n in g cuts an d fills
1 9 5 ,4 2 1 F ilm , grade crossings, A c _ _
0 8 ,3 1 2
7 4 ,7 2 9
P rote ction o f b a n k s ______
2 1 7 ,9 1 0 In terlockin g a p p a ra tu s_____
4 5 ,6 0 5
G rad e rev isio n s, & c . .
__
1 4 3 ,2 0 2 B lo c k , & c ., sig n a ls _________
B rid g e s, trestles A c u lv ’rts 0 2 1 ,0 5 8 S ta tio n b ld g s. A f i x t u r e s .. 2 0 9 ,7 9 3
In creased w eigh t o f r a i l . . .
5 7 0 ,1 3 4 S h o p s, engine h ouses, A c . . 8 0 1 ,3 3 0
B a lla s t ---------------------------------------1 ,2 5 5 ,8 4 2 S hop m ach in ery an d t o o ls . 2 9 8 ,4 4 0
A d d itio n a l m ain t r a c k ____ 1 ,0 3 8 ,8 0 9 W a t e r an d fuel s t a tio n s ___
2 2 0 ,0 8 5
S idin gs an d sp u r t r a c k s ____
4 9 2 ,9 3 2 m iscellaneous s tru c tu r e s___
3 8 8 ,5 5 0
Statement of Mileage of Rail in Track June 3 0 1 9 1 1 .
Location— 100-16.
8 5 -lb. SO-lb. 7 5 -lb. 70-lb. 65-lb. 63-lb. 5 2 -6 0 -lb. Iron.
M o .P a o .R y ............... 1 ,1 5 4 .5 9
5 8 9 .0 9 ... ................ .. 3 4 0 .2 7 1 ,7 7 0 .1 4 7 .8 5
do 1 9 1 0 .
9 7 0 .7 8
5 9 2 .5 2 ______ _____ 3 7 0 .0 8 1 ,9 1 5 .8 0 7 .9 0
Ir o n M t n . . 1 0 5 .3 9 1 ,0 4 8 .7 4 2 4 .5 2 0 5 3 .0 0 8 0 .4 4 5 6 .7 5 1 0 5 .2 8 1 ,1 1 0 .1 3 2 .4 0
•do 1 9 1 0 .
9 0 7 .7 2
7 0 9 .7 9 8 6 .4 4 5 0 .3 3 1 7 0 .7 5 1 ,1 3 7 .7 0 1 3 .1 6
Mileage of Ballasted and Unballasted Tracks June 30 1 9 1 1 .
Gravel.
M o .P a c .R y . 5 0 5 .3 5
do 1 9 1 0 . 4 2 2 .0 4
Ir o n M t n . . 1 ,5 4 7 .8 9
do 1 9 1 0 .1 ,4 1 7 .7 4
Rock. Cinders.
Chats.
1 7 0 .9 3 7 5 3 .2 2 1 ,0 3 0 .2 5
2 1 4 .0 3 7 0 0 .5 3
9 8 8 .4 3
1 3 0 .3 1 2 4 4 .9 4
4 2 5 .5 4
1 4 8 .0 4 2 5 5 .7 2
3 0 3 .5 0
Stone Dust. Tot.Ball.
3 8 .4 7
______
______
______
2 ,5 7 0 .2 2
2 ,3 2 5 .0 3
2 ,3 5 4 .0 8
2 ,1 8 5 .0 0
Unball.
1 ,3 0 3 .8 8
1 ,5 3 8 .1 1
9 5 8 .0 3
1 ,0 1 0 .8 9
O P E R A T IO N S A N D F IS C A L R ESU L 'T S OF M IS S O U R I P A C IF I C A N D
S T . L O U IS IR O N M O U N T A I N & S O U T H E R N (IN C L U D IN G
P R E D E C E SSO R C O M P A N I E S OF P R E S E N T M IS S O U R I
P A C IF I C P RIO R TO A U G . 9 1 9 0 9 ).
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
M iles op era ted , a v e r a g e .
7 ,2 3 5
6 ,7 7 5
0 ,4 8 9
6 ,4 7 9
Operations—
P assen gers c a r r ie d . . . . . 1 2 ,2 2 4 ,7 2 3
1 1 ,3 8 7 ,0 4 0
1 0 ,7 4 7 ,4 9 2
1 0 ,3 0 1 ,4 9 8
P a ss, carried 1 m ile ____ 4 8 8 ,3 2 0 ,0 5 9 4 5 9 ,7 8 3 ,7 3 8 4 4 5 ,8 8 3 ,9 0 7 4 5 2 ,3 7 4 ,5 0 9
F r ’ t (tons) c ar’ d ( r e v . ) . . 1 9 ,4 8 5 ,4 2 2
2 0 ,1 9 0 ,1 8 4
1 7 ,6 0 4 ,1 3 3
1 0 ,9 2 0 ,7 4 1
do c a r ’ d 1 m ile (rev.) .4 3 9 2 4 1 5 ,6 7 9 4 0 9 0 3 7 8 ,0 0 7 4 0 8 5 8 5 9 ,5 3 1 3 9 7 0 4 1 3 ,5 4 3
N o . r e v . tons in tr a in ___
2 9 0 .8
2 9 3 .8
2 7 4 .5
2 8 5 .0
E a r n s, p er fr ’ t t r . m i l e . .
$ 2 .4 0 1 4 7
$ 2 .3 9 0 5 1
$ 2 .2 3 0 1 7
$ 2 .2 5 5 9 8
E a rn s, per p a ss. tr . m ile
$ 0 .8 9 3 1 0
$ 0 .8 9 6 0 0
$ 0 .8 2 7 5 3
$ 0 .8 3 0 7 8
•Gross ea rn s, per m . o f r d .
$ 7 ,2 9 5
$ 7 ,8 2 0
$ 7 ,1 4 9
$ 0 ,8 2 8
M IS S O U R I P A C IF I C R Y . P R O P E R — IN C O M E A C C O U N T .
[C om b in ed sta te m e n t 1 9 1 0 -1 1 M o . P a c . and Iron M t n ., see V . 9 3 ,p .7 9 3 .]
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
M iles op er. en d o f p eriod
3 ,9 1 0
3 ,8 8 3
3 ,4 9 2
3 ,4 9 2
Earnings —
4 ,7 8 1 ,6 2 4
P assen g ers______ __________
4 ,0 5 8 ,8 7 0
4 ,1 2 8 ,7 7 1
4 ,2 8 3 ,2 2 7
F r e ig h t --------- -----------------1 7 ,2 4 0 ,0 2 0
1 0 ,9 0 9 ,6 9 3
1 5 ,3 5 7 ,1 0 7
1 4 ,8 3 8 ,5 9 4
M a il, ex p re ss, & c ____ _
2 ,1 8 0 ,2 2 2
2 ,1 0 4 ,1 1 3
2 ,0 5 2 ,4 9 4
1 ,9 7 9 ,2 4 5
T o t a l ___________________ 2 4 ,2 0 8 ,7 7 2
Expenses —
M a ln t. o f w a y A s t r u c ts .
4 ,5 7 4 ,7 0 5
M a ln t. o f e q. u ip
. m e n t ..
4 ,2 7 2 ,0 3 8
T r a n sp o r ta tio n
.............. 1 2 ,2 1 3 ,8 4 7
T ra ffic expenses
7 2 7 ,0 8 5
G eneral
9 0 1 ,1 4 5
2 3 ,3 5 7 ,0 3 3
2 1 ,4 0 8 ,5 3 7
2 0 ,9 4 0 ,0 1 1
3 ,0 1 7 ,4 1 8
3 ,5 0 9 ,8 1 1
9 ,5 1 9 ,7 3 8
6 2 5 ,7 8 4
6 8 3 ,8 0 1
3 ,1 9 7 ,2 8 0
3 ,4 0 0 ,8 3 3
8 ,9 0 0 ,0 9 9
5 7 1 ,7 0 7
7 0 9 ,4 4 3
3 ,1 3 0 ,7 2 7
2 ,6 0 0 ,1 1 5
8 ,7 0 0 ,1 5 0
5 4 3 ,4 5 8
0 4 0 ,5 4 0
T o t a l ..................
2 2 ,7 4 8 ,8 8 0
N e t ea rn in g s.....................
1 ,4 5 9 ,8 9 2
T a x e s ................
9 7 8 ,0 0 9
O u tsid e op erations (net)
* 3 5 ,5 2 8
1 7 ,9 5 0 ,5 5 2
5 ,4 0 0 ,4 8 1
9 0 7 ,5 0 4
3 7 ,5 5 3
1 0 ,9 0 5 ,4 2 3
4 ,5 0 3 ,1 1 4
8 5 2 ,5 5 8
1 0 ,7 9 5
1 5 ,6 8 1 ,0 0 2
5 ,2 0 5 ,6 0 9
8 9 5 ,5 4 5
1 0 ,4 3 8
1457
1 9 0 8 -0 9 .
$
1 9 0 7 -0 8 .
$
In te r e st on b o n d s ..............
R e n t a l s .............................
H ire o f e q u ip m e n t ............
S u n d r y it e m s ..................
D i v i d e n d s . . . _________ _
R a te per c e n t ------------------
6 ,3 8 3 ,3 5 0
4 0 8 ,6 0 5
7 8 1 ,6 3 9
4 1 ,5 6 4
__________
----------------
5 ,1 1 6 ,3 0 1
2 9 5 ,8 3 4
3 5 2 ,2 7 4
3 ,8 5 2
2 ,0 0 3 ,4 6 7
(6 % )
4 ,0 1 0 ,9 5 2
1 8 0 ,1 9 8
5 2 0 ,2 2 8
1 0 1 ,5 2 2
1 ,7 7 5 ,6 4 5
(4 % )
4 ,5 7 7 ,4 5 5
1 6 4 ,6 7 9
5 1 4 ,4 4 3
5 2 ,5 7 1
2 ,2 1 9 ,5 5 6
(% )
T o ta l d is b u r s e m e n t s ..
B a la n ce , su rp lu s--------------
6 ,6 1 5 ,1 6 4
8 1 8 ,5 7 0
8 ,4 3 1 ,7 2 8
4 8 3 ,7 8 9
7 ,1 9 4 ,5 4 5
2 6 ,5 1 1
7 ,5 2 8 ,7 0 4
1 3 8 ,5 9 6
Disbursements—
1 9 1 0 -1 1 .
$
1 9 0 9 -1 0 .
$
MISSOURI PACIFIC R Y . BALANCE SHEET JU N E 30.
1911
1911.
1910.
1910.
Assets—
S
§
Liabilities—
S
S
Hoad & equip’t . 147,951 ,199 145,245,199 Capital stock___ 83,251 ,08 5 8 3 ,251 ,00 0
Securs. pledged*l 18,678 ,300 85,602 ,00 0 Fund. dt. outs’g
Secure, of sub.
(see "R y . &
cos. unpledged 3,937 ,967
Ind. Sec.’ ’) ...1 5 8 ,8 0 4 ,5 0 0 139,044,500
902,879
Other In vests.. 22,312 ,921
2,2 44,7 02 Funded debt in
C a s h ........ ............ 2,625 ,401
treasury, A c . . 58 ,477,500 48 ,477 ,50 0
2,2 75,5 18
Secure, in treas.
427 500
233,937
808,003
427,500 Traffic,& c.,bals.
Marketable secur
864 800 30,162,004 V ouchers............. 2,579,253
2,060,041
Loans&billsrec.
78 ,938
2,0 46,4 25
188,741 P a y -ro lls_______
2,170,671
Agfa. A condue.
1,712 807
64,404
530,505 Frt. claims p a y .
115,963
Traffic, Ac ,bals.
387 ,575
4,6 75,6 65
67,182
Miscell. accounts
Miscell. accounts 1,654 271
15,730.724 M at’d lnt., A c . .
04,044
221,090
S t.L .I.M .& S .H y. 5,904 ,891
Other working
Mater’IsAsuppl’s 4,281 3G9
0,G 51,078
63,385
522,620
liabilities_____
Unm at’d Int., Ac.
143 ,333
245,125 Unmatured in
Advances.............
338 ,795
382,523
terest, A c ..........
2 ,0 3 8 ,9 1 5
2,0 63,0 09
Special deposits 0,928 ,659
8,3 40,4 88 Deferred credit
Ollier deferred
it e m s _________
596,424
1,695,653
debit items___
578 732
1,454,104 Profit and lo s s ..
9,1 48,2 53
16,655,587
T o t a l ............... 31 8,89 7,4 59 3 0 0,39 5,2 10
Total
............. 3 1 8,80 7,4 59 300,39 5.2 10
♦Includes securities of proprietary, affiliated and controlled companies, S 60 .2 18 ,30 0. and securities Issued or assumed, S 58.400.
ST. LOUIS IRON M O U N TA IN & SOUTHERN R Y . BALAN CE SHEET JU N E 30
1911.
1910.
8
Road & equip’t . 151,503,685 147,693,541
Securs. pledged. a 3 ,045,426
4,364,851
Securities of sub.
9,949
cos. unpledged
2,834
19,874,509
Other invests___ 24,530,942
1,138,937
Cash ___________
830,264
562,509
Securs. in treas.
84,092
3,5 13,5 35
Marketable sec.
828,580
220,404
Miscell. accounts
372,549
Unmatured in
5S.2G0
terest, A c ...................................
Deferred debit
3,2 15,1 33
it e m s .................. 64,131,461
T o t a l ............... 185,329,833 180,651,628
1911.
Liabilities—
S
Capital s t o c k ... 44,390,574
Fund. dt. outs’g
(see "R y . A
Ind. Sec.” ) . ..1 3 2 ,9 5 5 ,9 0 5
Funded debt in
treasury, A c . .
119,212
LoansAbllls pay.............. .........
Miscell. accounts
4,623
Mo. Pac. R y . . .
5,904,891
M at’d Int., A c . .
077,919
M at’d bonds,Ac.
176,000
Unm at., lnt.,A c.
971,626
Def. cred. Item s.
11,115
Profit and lo s s ..
I l l ,968
1910.
$
44,390,574
40,629
120,000
12,591,250
1,523,586
419,615
1,425,298
T o t a l ................ 185,329,833 180,651.628
a Includes securities of proprietary, affiliated, A c ., companies, 5 3 ,0 1 0 ,4 2 6 , and
securities issued or assumed, $3 5,000.
6 Includes advances, $80,933; special deposits, $4 ,005 ,50 0; cash and securities In
sinking funds, $44,686, and miscellaneous, $3 41 .— V . 93, p. 1260, 793.
FerrocarrilGS Nacionales de Mexico.
(National Railways of Mexico.)
(.Report for Fiscal Year ending June 30 1911.)
; . The remarks of Vice-Chairman of the Board Lius Elguero
and President E. N. Brown will be found on subsequent
pages. Below are the principal statistics of operations,
earnings, charges and balance sheet:
TRAFFIC STATISTICS YEAR ENDING JU N E 30 1911.
One kilometer equals .62138 mile; 1 metric ton equals 1.103 tons of 2,000 lbs.
Average kilometers.......
9,869
ITons revenue freight..............
0,7 64,3 69
7,0 29,0 39 Tons 1 m ile .............................. 2 ,4 37,8 62 ,8 50
Passengers ................
Passengers 1 kilometer_6 99,40 1,0 80 Receipts per train kilo____________
$3.53
Receipts per train kilometer. $2.05 |A v.tons p.tr.,all fr’t(p .tr.k .)
271.02
REVENUES A N D EXPEN SES (M E X IC A N CURRENCY).
1910-11.
1909-10.
1910-11.
1909-10.
$
S
Expenses
S
F r e ig h t ____________45,197 ,74 8 45,477,881 Malnt. of way, A c .11.161,931 9,7 04,3 00
P assen ger_________ 12,057,110 12,234,008 Malnt. of e q u ip .. S ,788,388 7,7 60,5 16
E x p ress___________ 2,0 86,5 45 1,954,532 Conduct, transp’n 17,141,417 17,100,344
Miscellaneous____ 2,0 13,0 18
1,816,726 General expenses. 2 ,1 87,6 08 2 ,1 51,1 58
Gross Earnings—
T ot. gross earns.01,9 3 4 ,421 61,483,147
Total op. e x p ..3 9 ,2 7 9 ,3 4 5 3 0 ,728 ,31 8
Net earnings_______________ _____________________________________ 22,655 ,07 0 24 ,754 ,82 9
INCOME ACCOUNT YEAR END. JUNE 30 1911 (M EXICAN CURRENCY).
4 4 0 ,3 5 5
4 ,4 5 5 ,4 2 4
3 ,6 9 3 ,7 6 1
4 ,3 5 3 ,0 2 0
Net earnings.......... ................. ..$ 2 2 ,6 5 5 ,0 7 6 ln t. on bonds (Con.)—
1 ,3 0 5 ,8 2 3
1 ,0 9 9 ,3 7 2
1 ,0 8 3 ,0 0 4
1 ,3 0 1 ,9 0 0
Mex. Cent. R y . bonds-----$435,960
191,330
___________________________ 2 ,0 6 0 ,1 9 5 1 ,7 7 3 ,4 6 4 2 ,2 1 0 ,8 2 9 ln t., less exchange.......... .........
do equip. A co lln t.b d s.
79,975
ln t. and divs. on securities..
753,563
do carAloco.rent'l notes
132,281
1 ,7 5 2 ,1 7 8
8 ,2 1 4 ,9 9 1
0 ,5 5 0 ,2 2 9
7 ,9 3 2 ,3 5 5
T o ta l n et I n c o m e .. .
Mex. In t. prior lien 4 1 ^ 8 ..
526,500
Total net income.....................$23,599,969
Disbursements—
Deduct—
do cons. M . 4s_________
33 6,52 0
4 ,6 5 5 ,0 9 5
,2 5 9 ,4 5 4
0 ,0 2 1 ,9 4 7
5 ,1 0 8 ,3 1 3
In te rest on b o n d s, A c . .
T a x e s . . . ...............................
$413,545 Interest on notes payable—
2 3 4 ,9 1 9
2 2 5 ,2 7 4
1 5 1 ,9 1 3
1 0 9 ,4 3 8
R e n t a l s ___________________
91,667
2-year 4 % n o t e s .................
Rent. Mich. A Pac. leased line
50,046
2 ,0 2 0
5 4 ,8 3 8
2 ,0 0 9
E q u ip , o b ligation c x p _ .
Rent Coahuila Coal R y . leased
Issued in favor of Lazard
2 0 5 ,5 8 9
2 2 1 ,7 3 2
2 0 7 ,9 6 3
4 8 0 ,3 7 1
In te r c st an d e x c h a n g e ..
20,000
Bros. A C o., London___
286,924
lin e ..............................................
4 0 3 ,8 3 0
2 6 0 ,1 9 4
3 8 8 ,0 0 5
0 2 7 ,8 0 0
H ire o f e q u ip m e n t ____ _
Oper. def. Pan-A m . R R ____
309,952
Iss. in favor o (S o . Pac. R y .
132,985
L o s s — sep a ra tely
oper
Op. <lef. Texas Mexican R y . .
154,409
5-year 6 % P an-A m . notes.
184,561
1 9 ,1 0 0
2 1 ,1 7 5
1 7 0 ,0 8 4
3 5 ,3 1 9
a te d p ro p e rtie s_______
Sundry adjustments................. a 2 ,147,817
Transferred to reserve fu n d ..
6127,894
------------(2 > 4 )1
9 3 5 ,2 1 0
D iv id e n d s ........................ ..
Interest on bonds, A c .—
First preferred dividend (4 % )
2,3 06,6 32
N . Rys. prior lien 4 J^s-----7,6 31,9 20
T o ta l d is b u r s e m e n ts ..
7 ,3 0 3 ,2 9 3
0 ,0 2 9 ,9 7 5
5 ,5 8 0 ,5 6 0
7 ,1 2 0 ,4 9 3
do gu. gen. 4 s . ...............
4,0 57,7 76
.......... 523,470,624
Total deductions.
S u rp lu s or d e fic it____ _ .d c f 0 .0 5 1 .1 1 5 s u r 2 ,1 8 5 ,0 1 0
su r 9 6 9 ,6 6 4
s u r 8 t l .8 0 1
N
.
R
R
.
prior
lien
4
M
s____
2,0
70,0 00
‘ O u tsid e op erations (net) in 1 9 10 -11 include din in g car r eve n u es, $ 7 9 ,8 0 5 ;
do 1st cons. 4 s ...............
1 ,979,200
Balance, surplus....................
$123,345
ex p e n se s, $ 1 1 5 ,3 3 3 , leavin g n et loss as a b o v e , $ 3 5 ,5 2 8 .
O p eratin g in c o m e ____
D l v s ., ln t ., ren ts, A c ___
S t. L . I. M . A S. d i v s ...
S T . L O U IS IR O N M T N . & S O U . I I Y .— I N C O M E A C C O U N T .
1 9 1 0 -1 1 .
3 ,3 1 3
M iles o p e r . en d o f period
Earnings from —
$
0 ,3 0 8 ,0 5 0
P a ssen g ers____ _
F r e ig h t____________
2 0 ,3 8 2 ,2 8 7
1 ,8 7 7 ,4 8 4
M a ll, ex press A m is c e ll..
1 9 0 9 -1 0 .
3 ,2 8 8
$
5 ,5 1 0 ,8 0 5
1 9 ,3 0 7 ,1 4 3
2 ,0 3 8 ,9 4 3
1 9 0 8 -0 9 .
2 ,0 0 9
$
4 ,0 3 7 ,3 9 0
1 0 ,7 0 0 ,0 7 0
1 ,9 0 4 ,1 0 3
1 9 0 7 -0 8 .
2 ,5 9 9
$
4 ,0 7 0 ,1 4 2
1 5 ,5 0 9 ,7 8 3
1 ,9 1 3 ,3 6 9
T o ta l e a rn in g s_________ 2 8 ,5 0 7 ,8 2 1
Expenses —
M a n lt. of w a y A stru cts
4 ,4 0 9 ,3 6 7
4 ,0 1 1,4 83
M a ln t. of e q u ip m e n t___
T r a n sp o r ta tio n ____ _
1 0 ,5 3 1 ,5 0 1
0 8 3 ,6 9 5
T r a f f i c -------------------------- ---General ................... ...............
9 4 4 ,9 5 0
2 6 ,9 1 0 ,8 9 1
2 3 ,2 4 2 ,2 3 5
2 1 ,7 9 3 ,2 9 4
3 ,9 9 1 ,7 2 0
3 ,7 2 4 ,1 3 3
8 .3 8 0 .1 7 5
6 7 5 ,1 4 1
8 4 1 ,1 9 4
3 ,5 2 9 ,2 9 9
3 ,3 2 9 ,0 7 9
7 .0 8 0 ,1 8 8
5 4 4 ,9 2 0
7 3 4 ,1 0 8
3 ,2 0 5 ,9 7 8
2 ,0 3 1 ,7 1 8
7 ,9 3 3 ,7 0 4
5 1 0 ,7 8 3
0 5 3 ,4 4 3
T o ta l e x p e n se s------------ 2 0 ,5 8 1 ,0 5 6
(7 2 .0 4 )
P . c . o f e x p . to e a r n s .. .
N e t e a rn in g s----------- -------7 ,9 8 0 ,7 6 5
O u tsid e op er. (net d e f . ) .
5 0 ,5 5 4
1 ,0 0 5 ,7 8 0
T a x e s -------------------------------
1 7 ,0 1 8 ,3 0 3
(6 5 .4 5 )
9 ,2 9 8 ,5 2 8
5 9 ,5 3 1
8 9 4 ,9 9 9
1 5 ,8 1 8 ,2 0 0
(0 8 .0 0 )
7 ,4 2 4 ,0 3 5
2 0 ,5 3 2
7 7 9 ,0 4 4
1 4 ,9 9 5 ,0 8 8
(0 8 .8 0 )
0 ,7 9 7 ,0 0 0
6 3 5 ,8 6 3
O p era tin g In c o m e------D iv s ., in t ., ren ts, A c —
0 ,9 3 0 ,4 3 1
5 0 3 ,3 0 9
8 .3 4 3 ,9 9 8
5 7 1 ,5 1 9
6 ,0 1 8 ,4 5 9
0 0 2 ,5 9 7
0 ,1 6 1 ,7 4 3
1 ,5 0 5 ,5 5 7
T o ta l n et In c o m e ______
7 ,4 3 3 ,7 4 0
8 ,9 1 5 ,5 1 7
7 ,2 2 1 ,0 5 6
7 ,6 6 7 ,3 0 0
a Sundry adjustments Include $200,000 for adjustment of material accounts;
S300,009 for adjustment of additions and betterments and $100,000 for proportion
of additions and betterments in suspense; $1,300,000 to provide for expenses for
repair and replacement of equipment; SIOO.COO for reserve for bad and doubtful
debts and S147.817 for items in suspense eliminated.
b This is 5 % of net profits.
B A L A N C E S H E E T J U N E 30 (M E X IC A N C U R R E N C Y ).
1911.
1010.
j\. s’sets---$
$
R o a d , e q u ip m e n t, la n d , concession s, & c .......................8 4 7 ,0 1 1 ,1 4 3 8 3 2 ,3 9 6 ,0 3 1
C onstruction o f n ew lin es, A c ..........................
3 ,4 3 7 ,5 9 5
3 1 8 ,1 5 0
B ond s an d stock s ow n e d .............................................
2 1 ,2 9 4 ,6 1 4
1 7 ,1 5 4 ,6 4 0
M aterial an d su p p lie s............................................................__ 1 1 ,1 2 4 .7 2 2
8 ,0 4 1 ,5 0 6
A g e n ts , con d u ctors an d e m p lo y e e s ............................_
1 ,1 0 9 ,0 7 7
8 7 1 ,4 4 0
T r a ffic b a la n ce s..................................
4 2 3 ,4 4 5
0 6 8 ,7 0 6
In d iv id u a ls an d c o m p a n ie s........................................
1 ,6 4 8 ,7 1 5
2 ,0 6 4 ,1 7 4
B ills co lle ctib le .............. - ................................................................
0 0 6 ,3 7 7
1 ,1 6 1 ,1 8 4
N o te s r e c e iv a b le -----------------------------------------------------------a 2 ,4 4 5 ,1 1 4
___________
P u rch ase o f su b sid y righ ts o f H id a lg o A N . E . R R .
2 7 ,9 3 5
2 7 ,9 3 5
A c c r u e d interest on securities o w n e d ........................
1 6 4 ,0 3 0
2 1 4 ,1 1 4
C a sh in bank s an d on h a n d .....................
6 1 5 ,5 4 0 ,2 1 0
1 5 ,5 7 4 ,0 7 4
A d v a n c e p a y m e n ts— insurance p r e m iu m s___________
1 1 5 ,1 8 1
8 8 ,5 4 6
In te rest an d d iscou nts In su sp e n se______ __________
6 7 8 ,2 7 9
....................
T o ta l
........................................................................................... .9 0 5 ,9 8 6 ,4 4 4 8 7 8 ,5 8 1 ,4 0 0
THE CHRONICLE
1458
1011.
s
Liabilities —
C o m m o n s t o c k -------------------------------------------- ---------- ---------- 140 ,605 ,46 7
F irst preferred s t o c k ------------------------------------------------------- 5 7 ,662,000
S ec o n d preferred s t o c k --------------------------------------------------- 240 ,5 0 2 ,8 8 0
N a tio n a l R y s . b o n d s ................................................................... 27 1 ,0 7 5 ,0 8 0
N a tio n a l R R . b o n d s....................■_............................................ C 95,480,000
M e x ic a n In tern ation al R R . b o n d s ........... ........................
M e x ica n C en tral, N a tio n a l R R . and M exican In
tern ation al R R . securities n ot h e ld _____________ 1 2 ,1 2 1 ,2 9 5
1 ,500,000
M e x . C en t. R y . eq u ip m en t and collateral t r u s t s ..
2,7 1 3 ,2 0 8
do
do
car an d loc o m o tiv e n o te s __________
8 ,3 9 6 ,3 6 5
A c c r u e d b o n d Int. and c oup ons n ot p r e se n te d _____
1 .1 8 0 .4 5 0
D ivid e n d s on preferred s t o c k _________________________
3 ,8 8 3 ,5 8 0
V ou c h ers and p a y -r o lls__________________________________
360,572
T r a ffic b alan ce s_________ ____________ ____________________
2 ,5 6 7 ,1 4 4
In d iv id u a ls an d c o m p a n ie s____________ ________ _______
N o te s p a y a b l e ____________________________________________ 3 2 ,8 0 0 ,4 5 8
25,270
M lch o acan & Pacific R y . (sp e c ia l)___________________
64,900
A cc r u ed t a x e s ______ _____________________________________
116,655
R eserves for m aterial a d ju s t m e n t ___________________
490 ,023
R eserve to repair d am age s b y w a sh o u ts-----------------4 ,4 2 3 ,4 8 2
E q u ip m e n t a n d rail renew al fu n d ___________________
333 ,070
R e serve f u n d _____________________________________________
*561,924
P rofit an d lo s s __________________________________________ .
1910.
$
149 ,600 ,93 3
57,660,400
2 4 0 ,231 ,37 3
27 0 ,9 0 7 .2 8 0
c95.4 8 0 .0 0 0
(120,113,000
12,3 9 4 ,6 0 5
1 ,700,000
3 ,0 0 8 ,0 0 0
8 ,3 5 0 .7 1 8
1 ,169,360
3 ,5 6 6 ,2 5 7
778,434
2 ,9 6 2 ,0 0 5
3,7 2 3 ,5 9 9
25,270
63,871
132,770
1,000,000
4 ,484,012
205,186
1,015,237
[VOL. LXXXXIII
Kansas City Railway & Light Co.
{Report for Fiscal Year ending May 31 1911.)
S T A T IS T IC A L S T A T E M E N T FO R FO U R
(IN C L U D IN G S U B S ID IA R IE S ).
191 0-1 1.
1 90 0-1 0.
G ross e a rn s ., all s o u r c e s .
$ 7 ,773,171 $7,1 7 8 ,4 4 1
P e r c e n t o f in cre a se ____
8 .2 8 %
8 .2 9 %
N et earn in gs, all sou rces
3 ,3 2 2 ,6 3 7
3 ,0 2 5 ,1 9 1
Per c e n t o f Increase____
9 .8 3 %
5 .6 9 %
O p e ra tin g e x p e n s e s ____
5 7 .2 5 ” ,',
5 7 .8 6 %
R e v e n u e p a sse n g e rs____ 1 1 7 ,3 6 4 ,9 2 5 1 1 1 ,1 7 1 ,5 4 8
T ra n sfe r p a ssen gers____ 4 8 ,8 0 6 ,4 2 7
4 7 ,2 8 0 ,5 3 5
G ross ea rn s, p er ca r m ile
2 5 .7 3 c .
2 4 .2 0 c .
N et earn in gs per ca r m ile
1 0 .5 6 c .
9 .8 2 c .
M iles Of r o a d ____________
136.133
130.432
M iles o f t r a c k ___________
260.631
249 .7 0 9
E q u ip . 16 c .- p . Inc. lam ps 1,0 9 2 ,3 1 2
854 ,2 9 6
YEARS
190 8-0 0.
1907-08.
$ 6 ,6 2 9 ,1 9 5 $ 0 ,1 7 5 ,7 9 7
7 .3 4 %
7 .9 5 %
2 ,8 6 2 ,4 0 7
2 ,9 2 3 ,7 0 4
£ 2 .0 9 %
4 .2 2 %
5 6 .8 2 %
5 2 .6 6 %
10 4 ,0 5 0 ,5 2 6 1 00 ,858 ,02 7
4 5 ,3 5 0 ,1 7 2 4 3 ,4 8 5 ,3 1 2
2 2 .1 8 c .
2 1 .9 2 c .
9 .4 3 c .
1 0 .2 2 c .
129 .832
1 2 7 .0 5 5
2 4 9 .7 0 9
2 4 4 .4 6 6
706 ,8 8 4
583,271
T h ese s ta tis tics, e x c e p t as t o track m ileage, d o n o t Inclu de th e K a n sa s
C ity & W e s tp o r t B elt R y . (a b o u t 17 m iles o f t r a c k ), x D ecrease.
C O N S O L ID A T E D IN C O M E A C C O U N T .
1909-10.
1910-11.
1910-11.
1909-10.
Gross earnings___ $7,727,680 $7,161,042 Interest on floating
905,08G ,444 878 ,581 ,40 0
T o ta l
$77,230
515,760
debt (net)____
Operating expenses 4,450,534 4,153,250
Res’ve for doubtful
a In clu d es P a n -A m e ric a n R R ., $ 6 0 7,52 0 (after d e d u ctin g $309,952 fo r
20,693
accts. receivable
30,423
Net earnings_____S3,277,140 $3,007,792
d e fic it In o p e r a tio n ), a n d V era Cruz t o Isth m u s R R ., $ 1 ,8 3 7 ,5 9 4 .
608
15
Other Income (net)
45,491
17,399 Sundries......
b In clu d es d ep osits fo r p a y m e n t o f p rin cip a l o f A lex. C en t. R y . b on d s
Bond sinking fund
m a tu rin g J u ly 1 1911, $ 7 ,4 1 7 ,0 9 5 , an d Interest o n b o n d s , $0,594,337 .
provision (Corri
Gross Income......... $3,322,637 $3,025,191
c D ocs n ot in clu d e $ 5 ,0 8 0 ,0 0 0 ($ 2 ,5 4 0 ,0 0 0 IJ. S . c u r .) b o n d s de p o site d
55,000
gan Issue)_____
55,000
D ed uctio n s —
w ith Central T ru s t C o. as co lla te ra l u n d e r p rio r lien 4 ) ( . % m o rtg age o f
<5)470,376
$477,109 Pf. Stic, diva_(3 54)352,781
T a x e s ____________ $585,805
N a tion a l R y s . o f M e x ico .
, ,
, ,
Int. on bond debt, 1,475,435 1,356,588
il
D oes n o t in clu d e $ 5 9 3,00 0 ($ 296,500 U . S . c u r .) b o n d s in c o s . treasu ry.Bond disc. & com
T o t a l ................. $2,751,670 $2,623,337
e A fte r d e d u ctin g d iv id e n d o f 1 % o n first p re fe rre d s to c k , $570,658
mission (propor
(M ex . cu r.) p a id N o v . 1 1910, to m ake u p 4 % fo r th e y e a r e n d in g June 30
$396,854
170,734 Net Income........... $570,966
tion written off).
230,391
191 0.— V . 93, p . 1324, 940 .
C O N S O L I D A T E D B A L A N C E S H E E T M A Y 31.
1910.
1911.
1910.
1911.
Interoceanic Ry. of Mexico (Acapulco to Vera Cruz), Ltd.
L ia b ilitie s —
$
s
$
A ssets —•Jiws
Co3t of properties. •51,055,530 49,780,847 Preferred stock___ 0,407,500 9,407,500
Secretary N. Strzelecki, London, Nov. 10, says in part:
Common stock___ 9,543,080 9,543,080
Deposits for re72,350
Stock of sub. c o s ..
72,350
G e n e r a l R e s u l t s .— T h e a c c o u n ts a n d sta tistics in clu d e the results o f the
190,100 Bond3 and n o te s .. 28,526,000 28,527,000
5,100
tured bonds-----o p e r a tio n o f the M ex ica n S o u th e rn an d M e x ica n E a stern railw ays fo r the
263,707 Met. bonds ma33S.060
Materials & s u p p ..
y e a r , b u t the c o m p a r a tiv e figures g iv e n fo r the previou s y e a r Include those
75,190
73,514
tured but not
Mlsc. investments.
o f the S ou th ern fo r 0 m o n th s o n ly , th a t line n o t h a v in g been taken o v e r on
190,100
5,100
a212,410
presented______
Accts. receiva ble.. (1264,489
lease b v the c o m p a n y u n til J a n . 1 1910. T h e a vera ge len gth o f line o p e r
______ Equipment notes.
120,000
54,084
Ace.earn.,light cos
a te d w as 1,033 m iles, c o m p a r e d w ith 878 m iles fo r the previou s year.
S22.857
984.382
19,473
33,250 Bills A- accts. pay.
Bills receivable—
T h e c o m p a n y ’s business su ffered th rou gh the po litica l distu rban ces in
294,143
374,926
581,470 Accrued taxes____
138,393
Cash In banka-----M e x ico w hich c o m m e n c e d to w a rd s th e e n d o f the y ear 1910; ce rta in sections
218,012
217,898
153,050
66,500 Accrued interest..
Cash for co u p o n s..
o f the line h ad to be clo s e d fo r so m e tim e an d there w as a con sid era b le
06,500
153,050
Int. on coups, due
Discount and exfa llin g ofr In the v o lu m e o f t r a ffic th ro u gh th e P ort o f V e ra Cruz.
117,593
6510,577 Pref. (11v. June 1. .
ponses (n et)------ b 360,854
D uring the d istu rb a n ce s som e d am age w as ca u s e d , t o repair w hich an e x
32,510
47,816 Sink. it res’ve Ids. 1,045,859 1,657,868
M iscellaneous-----p en d itu re o f $ 1 0 1,01 5 has been in cu rre d .
O f th a t a m o u n t $42,260 is In
409,401
411,895
M iscellaneous____
c lu d e d in the exp en ses o f th e year, a n d the b a la n ce , $ 5 8 ,7 5 5 , was ch arged
463,727
S u rp lu s .................. 1,034,093
o u t d u rin g the m on th s o f J u ly to S e p te m b e r o f the cu rren t y ear. Claim s
h a v e been m ad e u p o n the G o ve rn m e n t fo r reim b u rse m e n t o f this am ou n t
52,496,733 51,790,101
T o t a l .................. 52,406,733
Total
—
............
a n d fo r loss o c c a s io n e d b y reason o f the suspension o f tra ffic. T h e m anage
m en t e x p e c t th a t these cla im s will s h o r tly be re co g n ize d b y th e G o ve rn m e n t.
a Accounts receivable are stated after deducting $77,073 reservod’.fo r jbml and
P ro s p e c ts fo r the cu rre n t y ear are r e p o rte d to be fa v o r a b le , the co m in g
doubtful accounts in 1911 and $72,399 in 1910.
KJ
£3
J i t "'sal
c ro p s th rou g h ou t the te rrito ry se rve d be in g in e x ce lle n t c o n d it io n .
t) Bund discount andiexpenses.Jless discounts on capital stock purchased.— V . 93,
O i l F u e l .— In Ja n u a ry last arran gem en ts w ere en te re d Into fo r th e su p p ly
p.
13S6.
a
o f oil fuel fo r lo c o m o tiv e s , an d a lre a d y a b o u t o n e -h a lf o f th e to ta l n u m b er
o f lo c o m o tiv e s h a v e been co n v e r te d fro m c o a l-b u rn in g to o il-b u rn in g . T h e
V ictor-A m erican F uqI C o ., D en ver, Col.
rem a in d er are bein g c o n v e r te d as q u ic k ly as p o ssib le , a n d eom -iderable
e c o n o m y In expen ses w ill result w h en th e co n v e r s io n has been co m p le te d .
{Report for Fiscal Year ending June 30 1911.)
M e x i c a n S o u t h e r n R y .— T h e net receip ts o f th e M e x ica n S ou th ern R y .
a m o u n te d t o £ 4 7 ,9 1 8 12s. I d ., th e ren tal p a y a b le fo r the period being
President G. W. Bowen, Denver, writes in substance:
£ 7 2 ,6 2 1 1 Is. fld., a dltfcren ce o f £ 2 4 ,7 0 2 19s. 5d . T h e po litica l d istu rban ces
T h e 'n ctT ca rn in g : fo r th e y ear w ere $ 8 3 7 ,8 4 1 . A f t e r ;p r o v id in g fo r fixed
a lre a d y referred t o a d v e rs e ly a llc c t e d earnings an d ca u se d an Increase in
ch
arges
and d e p re cia tio n reserves, a ba la n ce o f $51 0,68 8 r e m a in e d ’.?. • F ou r
ex p e n d itu r e .
A loss on the w o rk in g o f the M e x ica n S ou th ern R y . du rin g
d iv id e n d s o f 1 >■ % o n th e c a p ita l s t o c k , a g g re g a tin g $ 4 7 0 ,0 0 0 , w ere p a id ,
th e ea rly years o f the lease was n o t o n ly a n tic ip a te d w hen th e line w as taken
le
a
v
in
g
a
b a lan ce o f $ 40 ,688 , w hich w as carried to th e c r e d it o f,p r o fit ,a n d
o v e r , b u t a special reserve fu n d w as set aside t o m e e t It. T o w a rd s this
loss, in crea sin g th e sam e, a fter a d ju s tm e n ts , to $ 2 0 1 ,6 8 9 .;
• ■ f'-e • •• -I
d ifferen ce a sum o f £ 5 ,5 3 9 10s. Od. has been transferred fro m the fu n d .
In O cto b e r , a fire o ccu rre d at th e D ela gu a m in e, w h ich d e s tr o y e d the
T h e In terocea n ic s v s te m , h o w e v e r, b e n e fite d t o a c o n sid e ra b le e x te n t b y
larger
p
a
rt
o
f
th
e
top
w
ork
s;
e
n
d
In
th
e
fo
llo
w
in
g
m
o
n
th
an
e
x p lo s io n 1.o c
th e tra ffic re c e lv e d 'fro m the M e x ica n S o u th e rn R y ., w h ich w o u ld have been
cu rred at the sam e ’ line. T h is m in e is ou r largest p ro d u c e r an d th e loss
lost had the line been u n d e r o th e r c o n t r o l.
, „
,, ,
o f to n n a g e d u rin g th e w inter m o n th s a flce te d th e earnings a d v e r s e ly .
•
C a p i t a l E x p e n d i t u r e s .— O f the total o f £ 8 0 ,4 8 0 la s . I d ., £< 1,125 os. l i d .
A n un u su ally m ild w inter in '.lie se ctio n s o f th e c o u n t r y tr ib u ta ry t o ou r
w as sp en t on the M ete p e c t o San L o re n z o d e v ia tio n . T h is im p o rta n t w o rk
m ines cau sed a con sid era b le fallin g o ff in th e d e m a n d fo r d o m e s tic coals
is nearin g c o m p le tio n , a n d w h en finished w ill e tfect co n sid e ra b le e c o n o m y
du rin g th e last six m o n th s o f th e cu rren t business y e a r; and a h a lt in general
in the op e r a tio n o f the m ain line.
business a c t iv it y th ro u g h o u t the c o u n t r y resu lted in a r e d u c tio n In th e ,
T h e use o f oil fuel has n ecessitated the p r o v is io n o f a n u m b e r o f o il-s to ra g e
demand, fo r railroad co a ls d u rin g th e sam e p e rio d .
. . . . . . .
ta n k s an d p u m p in g p lan ts a t va rio u s p o in ts a lo n g the line. T h e am ou n t
T h e new mine.; m en tio n e d in th e re p o r t fo r the y ear cn d ln g 'J u n e,450.1910
so far sp en t In this c o n n e c t io n , £ 1 3 ,7 5 8 19s. 6 d ., is In clu ded in the item
h a v e been d e v e lo p e d and e q u ip p e d .
“ c a p ita l e x p en d itu re in su s p e n s e ,” a p p e a rin g in the b a lan ce sh eet, an d the
b a la n ce will h ave t o be p r o v id e d du rin g the c u rre n t y e a r.
R E S U L T S F O R Y E A R S E N D I N G J U N E 30.
S a l e o f S e c o n d D e b e n tu r e S t o c k .— A fte r d e b itin g the e x p e n d itu r e Incurred
D ed uct —
1910-11.- 1909-10.
d u rin g the y ea r, th e c a p ita l a c c o u n t w as on Ju n e 30 o v e rd ra w n to the e x te n t
(T o n s 2,000 lbs.) 1910-11.
1909-10.
$21,597.
$20,152
o f £ 5 7 ,4 5 2 8s. 8 d . T o m ake g o o d the d e ficie n cy a n d p ro v id e fo r fu rth e r
2,358.909 Taxes ....................
Coal produced_ 2.256,041
9,312
ex p e n d itu r e , th e d irecto rs h a v e , since the d ate o f th e clo sin g o f the a c c o u n ts ,
do s o l d ...... 2,033,699
2,063,085 Insurance ............. ; 10,041
10,131 '
9,277
Coke produced___
84,943
108,409 Miscellaneous . . .
d isp osed o f th e b a lan ce o f £ 1 5 0 ,0 0 0 o f 4 1 3 % s e c o n d d e b e n tu re s to c k .
152,500
do sold __ .'_
85,213
108,693 Int.on V .-A .F.bds. ’ 126,000
E A R N I N G S A N D E X P E N S E S (M E X I C A N C U R R E N C Y ) .
93,55a- ' 95.000
Coal purcli. * sold
103,353
206,833 Int. on V. F. bds.
107,603 " 110,580
1907-08.
Gross earnings_$ 3,592,341
$3,689,070 Depreciation . . ..
1908-09.
1009-10.
1910-11.
736
Oper. expenses_ 2,783,025
2,832,720 D iv id e n d s ____(5% )470 ,000(3 54)305,000
734
1,033
878
A v e ra g e m iles o p e r a t e d 1 ,690,545
1,6 6 2 ,2 4 3
1 ,955,886
2,3 8 5 ,2 0 3
Passen gers c a r r ie d _____
Total deduc’ns. $838,922
$707,821
2 .5 cts.
Net earnlng3__ $803,719
$83!!,350
2 .5 cts.
2 .7 c ts .
2.8 c ts .
R e c t s . per pass, per m ile
$40,088 ... $215,429
901,804
820 ,010
943,791
Total net Incom e.. £879,610
8923,250 Balance, surplus..
971 ,160
T o n s freigh t c a r r ie d .......
6 cts.
5.0 c ts .
5 c ts .
5 cts.
R e c ts . per to n per m ile .
B A L A N C E S H E E T J U N E 30.
N u m b e r o f to n m iles___ 119 ,401 ,11 9 107.S 48.225 8 4 ,4 7 3 ,3 1 8 100,890,281
1911.
1910.
$
1910.
E a rn in gs—
S
•>
$
1911.
1,195,388
$V < '
8
1,1 4 4 ,0 8 5
P a ssen gers----------------------1 ,475,138
L ia b ilities —
1,872,612
8
A ssets — 1
9,400,000
4 ,7 1 0 ,5 7 0
5,604,857
5,8 6 9 ,2 9 0
6,3 5 3 ,6 0 8
Capital stock......... 9,400,000
F r e i g h t _________________
Real e s ta te .........
900,860
804 ,073
M is c e lla n e o u s ___________
638,062
642 ,870
ref. M. 6s__ •>.1 0 0 ,0 0 0 7 ' 2,100,000
!,620,147 2.516,538 tst
E q u ip m en t.........
210,000 Victor FuelCo.bds. 1,871',000 1,900,000
210,000
West.StoresCo.stk.
7,7 0 1 ,1 0 5
99,534
,100,000
6 ,7 1 8 ,7 2 8
100,000 Interest a ccru ed ..
7 ,9 8 7 ,2 0 8
8,8 0 4 ,2 8 2
T o t a l _________________
100,000
C ol.& S .E .R R .stk .
>2 ,0 0 0 . - ......... .
5 ,305,657
4 ,4 1 9 ,8 5 6
5 ,043.184
5,076,351
300,000 Bills payabje_____
O p era tin g e x p e n s e s ------300,000
Col.&S.IO.Ry.bds.
108,211
299,150
_____
Vouch.
&
pay-rolls
15,000
Mtn. Tel. Co. stk.
2 ,3 0 5 ,4 4 8
10.600
10,200
2 ,2 9 8 ,8 7 2
2,0 4 4 ,1 1 3
3,187,931
25,319 Taxes accr. Unpaid
N et earns. (M ex . c u r . ) . .
21,251
Bond redsmp.nccts.
JL235,402
.950
1,050
£30 0 ,9 1 1
£ 2 3 4 ,7 1 9
93,500 Unpaid coupons .
£ 3 2 6 ,8 2 1
N e te a rn s . (s te r lin g )------187,905
D eve lo p m e n t____
92,015 Net liability to
43,671
Advance royalty.
I N C O M E A C C O U N T (S T E R L IN G .
102,343
sub. cos. on cur
112,860
S u p p lie s ...............
104,439
35,594
1907-08.
1909-10.
1908-09.
rent account___
150,671
1910-11.
124,151
Cash In banks____
21,044
25,191
£
£
£
508,000 Res.for bd.redemp.
£
350,030
Accts. & bill; rcc.
. ■ | • •• •(
235,402
300,911
234,719
6.301 Disc, on V. F. Co.
326,821
N et earnings (as a b o v e ) .
5,849
Coal&coke on hand
1,477
7,439
'
‘
3,639
11,099
bonds
redeemed
3,784
30,734
a
8,703
O th er Incom e (see “ a” ) .
San Fran, dept___
2,488 Profit and loss------ a-201,089 . 215,510
' " 7 ,094
Miscellaneous____
236,878
3 12 ,610
238 ,503
335,584
N et In c o m e ___________
13,986,900 14,090,334
T o t a l ..................13,986,906 14,090,334
D ed u ct—
—
3,0 0 0
3,500
R o llin g s to c k reserve a c c ’ t
20,000
20,000
20,000
x After deducting losses of 373,557 through Dclagua explosion and $5,197 misccl20,000
R e n t M ex. E a stern R y .
_______
_______
M 3 ,2 2 5
72,621
aneous and adding miscellaneous credits of $24,214.— V. 91, p.
R en t M ex. S o u t h e r n ___
2 0 ,0 0 0
13,308
I n t . o n pr. Hen d e b . 5 s .
27,9 9 5
4 6 ,000
36,999
40,000
I n t .o n 1st d e b . s t k . (4 % )
Nipo Bay Company (Cuba), Boston, Mass.
51,750
51,750
51,750
52,312
I n t .o n 2d d e b .s t k .(4 'A % )
32,862
32,862
32,862
32,862
D iv s .o n “ B ” d e b .s t k .( 7 % )
{Report for Fiscal Year ending Sept. 30 1911.)
(5 )7 0 ,0 0 0
(5)7 0 ,0 0 0 (■US) 63,000
(5 )7 0 ,0 0 0
D lv s. on 1st p r e f . stk . .
(4 )4 0 ,0 0 0
(1) 10,000
(4 )4 0 ,0 0 0
D lv s . on 2d p ref. s t o c k . .
This subsidiary of the United Fruit Co. reports, through
20,0 0 0
R e s ’v e f ’d prior Hen d e b .
A c e ’ t expenses m ak in g
President Andrew W. Preston, Boston, Nov, 10:
CS.187
(f0,458
M e x . Sou th ern l e a s e ..
R e s u lt s .— T h e p r o d u c tio n o f sugar b y the c o m p a n y ’s m ill w as 9 2 ,8 3 5 ,6 0 0
lb s . a n d o f m olasses 1 ,8 4 2 ,0 8 7 gallon s, co m p a r in g w ith 1 3 7 ,190 ,74 0 lb s .
235 ,607
305 ,024
238,419
343 ,253
T o ta l d e d u ctio n s ___
o f sugar an d 2,8 7 0 ,3 3 4 gallons o f m olasses In the previou s y e a r . T h e re
SU f. 1,271
su r.7 ,5 8 6
s u r .84
B a la n ce, surplus o r d e f .
d e f .7,669
d u c e d o u tp u t was the result o f a seriou s d ro u g h t w h ich p reva iled th ro u g h
o u t C u ba du rin g th e season w hen o rd in a rily th e can e gets Its b est g r o w th ,
a O th er in com e In 1910-11 Inclu des, besides transfer tees, £ 2 0 1 , an d In
a n d the co n se q u e n t re d u c tio n in y ie ld o f ca n e , and the low prices fo r sugar
terest re ce iv e d , £ 3 ,0 2 3 , the a m o u n t tra n sferred fro m reserve a c c o u n t,
w h ich p revailed du rin g the c r o p se ason m ake the earnings c o in pare u n fa
£ 5 ,5 3 9 , to w a rd the d e ficit o f £ 2 4 ,7 0 3 resu ltin g from the op e ra tio n s o f the
v o r a b ly w ith th ose o f the p re vio u s season .
M e x . S o u . R y ., bein g the dilTerence b e tw e e n net receip ts o f £ 4 7 ,9 1 9 an d
A d d i t i o n s , etc.— 1
T o ta l ex p e n d itu re s fo r Im provem en ts and a d d itio n s to
ren tal pa y a b le o f £ 7 2 ,6 2 2 .
In 1909-10 th e en tire d e ficit fo r the 6 m o s .’ p er
pro p e rtie s fo r the fiscal y e a r a ggregate $45 8,94 0, o f w h ich $10 2,41 0 w as
io d o f o p e ra tio n , v iz ., £ 5 ,3 2 2 , w as tran sferred fro m the reserve fu n d .
a b s o r b e d In o p e ra tin g a c c o u n ts .
W o rk has been c o m m e n ce d on 3,000 acres
b 6 m on th s,
c O n e -th ird o f e x p e n se s, d O n e-h alf o f balan ce o f e x
o f new ca n e , o f w h ich It Is in te n d e d th a t all bu t 500 acres shall he rea d y for
pen ses.— V . 91, p . 1441.
Nov. 25 1911.]
THE CHRONICLE
th e 1913 cro p .
M a n y new b u ild in gs h a v e been erected for the b ette r ac
c o m m o d a tio n of e m p lo y e e s, a ste a m p low ing ou tfit ad d e d to the e q u ip m e n t
an d a d d ition al facilities furn ished In all d ep a rtm en ts for th e b etter h an d
ling of th e op era tio n s.
Debentures.— T h e c o m p a n y Issued 5 9 2 0 ,0 0 0 In 0 % deb en tu res due June 1
1 9 1 7 , b ein g the b alan ce of the au th orized Issue of 5 1 ,0 0 0 ,0 0 0 ( V . 9 2 , p .
1 0 0 9 ).
T h ere were red eem ed w ithin the year 5 1 5 4 ,0 0 0 o f the 6 % d eb en
tu res, In accord an ce w ith th e p rovisions o f th e a greem en t u nder w hich
th e y were Issued, an d there were also red eem ed 5 1 4 9 ,0 0 0 in live -ye ar n otes of
th e issue o f 5 3 ,5 0 0 .0 0 0 m a tu rin g Jun e 1 1 9 1 4 .
I N C O M E ACCO U N T FO R F I S C A L Y E A R S E N D E D S E P T . 3 0 .
1 9 1 0 -1 1 .
* $ 4 7 0 ,0 0 3
1 9 0 9 -1 0 .
"5 1 ,0 7 2 ,0 7 5
1 9 0 8 -0 9 .
* 5 4 4 0 ,9 2 1
1 9 0 7 -0 8 .
d c f .5 3 9 ,0 3 7
$ 2 0 0 ,8 7 9
1 9 5 ,2 0 9
3 ,3 0 8
$ 2 1 0 ,0 0 0
1 1 0 ,1 0 8
7 8 ,0 1 2
$ 1 8 0 ,0 0 0
9 0 ,0 0 0
1 4 0 ,7 8 2
$ 1 0 5 ,0 0 0
9 0 ,0 0 0
7 0 ,8 9 7
T o ta l ................................
$ 4 0 5 ,4 5 0
5 4 0 5 ,0 8 0
P referred d iv id e n d ______ ( 1 % ) 20,000 (7 )$ 1 4 0 ,0 0 0
C o m m o n d ivid en d (4 % )
________
1 4 0 ,1 0 0
$ 4 2 2 ,7 8 2
$ 3 3 7 ,8 9 7
N e t e a r n in g s .......................
L ess Interest charges—
I n t . on m o rtgage n otes
I n t . on d e b e n t u r e s .._
In te rest an d d iscou n t
S u r . or d e f. for y e a r ,
s u r .5 4 4 ,6 0 7 s u r .$ 9 8 0 ,8 9 0
s u r .$ 2 4 ,1 3 9 d e f .$ 3 7 7 ,5 3 3
* A fte r d ed u c tin g $ 1 0 2 ,4 1 0 In 1 0 1 0 -1 1 e x p e n d ed for b e tte r m e n ts, charged
a gain st o p eratin g e x p e n se s,'a g a in st 5 6 9 ,2 1 1 In 1 9 0 9 -1 0 an d $ 4 2 ,1 4 0 in 1909
1910.
S
Liabilities—
4,390,000 Common stock___
7,1 53,5 99 Preferred s t o c k ...
128,750 5-year 1st M . 0 %
444,311
notesduo 1 9 1 4 ..
43.28S 0 % debs., ducl917
Accounts payable.
44,593 D r a f t s . .. ..... ............
I)Iv. payable O ct.2
Unpaid coup., A c .
Interest accru ed ..
Income a c co u n t..
T o t a_ l .................... 12,882,303 12,210,547
_______
1911.
3
3,5 02,5 00
2,0 00,0 00
1910.
S
3,5 02,5 00
2,0 00,0 00
3 ,3 51,0 00
3,7 00,0 00
40,961
30 ,427
20 ,000
2,713
112,310
a20,368
3,5 00,0 00
3,0 00,0 00
01,912
5,570
___
5,656
130,000
1,909
T o t a l .................... 12,882,309 12,210,547
•Plantation equipment In 1911 Includes: Buildings, 3859,711; furnishings
3 2 2,49 1; cultivations, 52,177,524; live stock, 8178,085; tools and machinery’
$297,135; railways, 81 .721 ,64 6; telephones, $24,256; boats, 817,420: wharves
$87^,213; merchandise, $140,382; material, 3 2 4 4 ,4 9 3 ;sugar mill, 51 ,739 ,77 0; total’
$7 ,510 ,12 9.
a After deducting $20,148 discount on debentures and miscellaneous.
Cultivations and Lands Owned Sept. 30 1911 and 1910 (Acres).
Cultivations—
1911.
1910. |
1 9 11.
1910.
S u garcan e------------------ 223,829
2 1 ,8 4 7 1Hoads and Ore lines____
0,893
4,008
Pasture-------- --------- —
13,365
1 2 ,0 1 7 1Unimproved land_______ 83,705 8s|oGO
Total cultivated---------- 37,194
3 4 ,4 6 4 1
Total all land owned. 127,792 127,792
x Includes acreage In preparation for the 1913 crop.
Also owned Sept. 30 1911, 3,150 head of cattle, 254 horsc3 and mules, 05.50 miles
of road^(havlng_l2 locomotives and 412 steel-frame cars, capacity 40,000 lb3. each).
Harbison-Walker Refractories Co.
(Report for Fiscal Year ending Sept. 30 1911.)
P R O F IT A N D LO S S A C C O U N T FO R Y E A R E N D IN G S E P T . 3 0 .
1 9 1 0 -1 1 .
N eO lproflts after d e d u ctin g expenses
• (3 2 8 1 ,1 0 4 In ye ar 19 1 0 -1 1 ) for all
• ord in ary repairs an d m ain ten an ce.
• w hich covers d ep reciation of plants
Deduct—
E x tra o r d in a r y ex p e n se s, being r .
im p r o v e m e n ts, A c ., Increasing ca
p acity and efficien cy o f the w o r k s .
C harged o il for d cp rec’n of m in in g , &e.
C harged of for d ep letion of c la y , coal
and gan lster p rop e rtie s_________
.
T o ta l d e d u c tio n s.
In te rest on b o n d s________________ I I . I I
D iv id e n d s on preferred sto ck (6 % j I I
S urplus for y e a r .
1 0 0 9 -1 0 .
$
1 9 0 8 -0 9 ,
5
1 ,6 8 6 ,3 3 5
2 ,0 7 3 ,3 4 1
1 ,5 2 6 ,8 7 9
1 1 0 ,3 2 0
9 0 ,0 0 6
1 2 2 ,7 0 8
5 0 ,3 5 9
3 0 ,8 0 2
2 3 ,5 2 7
1 0 ,4 7 3
2 4 3 ,1 3 4
2 0 5 ,5 9 5
1 ,4 4 3 .2 0 1
1 ,8 0 7 ,7 4 0
7 7 ,0 0 0
8 8 ,8 7 5
5 7 0 ,0 0 0
5 7 0 ,0 0 0
(2 )3 6 0 ,0 0 0 (1 'A)2 7 0 ,0 0 0
1 5 0 ,2 8 6
1 ,3 7 0 ,5 9 3
1 1 9 ,1 8 7
5 7 5 ,3 7 9
4 3 0 ,2 0 1
9 3 2 ,8 7 1
9 5 ,7 6 4
3 8 ,0 4 9
0 8 2 ,0 2 7
BALANCE SHEET SEPTEMBER 30.
1911.
1910.
1911.
1910.
Assets—
S
Liabilities—
5
Prop. * franch. of
Bonds................. . . . z l , 205,000 1,505,000
constituent c o s .28,635,163 28 ,509,397 Common stock -.1 8 ,0 0 0 .0 0 0 18,000,000
B et’m ’ts completed 1,281,223
1,147,700 Preferred stock - - 9,0 00,0 00 9,0 00,0 00
B et’ts uncomplet’d
400,012
497,551 Int. A taxes accr’d
23,582
20,842
Deferred charges to
Depletion fund___
153,795
141,690
^ fu tu r e oper’s ___ x295,877
298,608 P a y -r o lls..................
70,959
90,711
1,590,759 Accounts payable.
Inventory at cost. 1,699,77S
151,525
209,270
C a s h ..................
689,074
565,437 Premium on bonds
3,015
Accts. receivable.y 1,257,210 y l , 407,082 .Sundry reserves..
382,883
297,045
24,100 Surplus......................
Bills receivable___
20,412
,215,000 4,7 84,8 00
222,000
Invest, of reserves
222,000
Co. bonds purch.A
137,000
held in treasury.
30,000
Other securities___
328,425
235,399
Total ....................34,832,804 34,725,039
_______
T o t a l .................... 34,862 ,80 4 31,725,039
x Includes clay, coal and ganlster outfits, $2 17,691; advanced royalties, stripping
prospecting, uncompleted extraordinary repairs, A c. y Accounts of constituent
companies against each other omitted, z Total Issue, 53 ,5 0 0 ,0 0 0 . less purchased
and canceled for sinking fund, 52 ,2 3 5 ,0 0 0 .— V. 93, p. 411.
Lehigh & Wilkes-Barre Coal Co.
(Report for Fiscal Year ending June 30 1911.)
Of this company’s outstanding capital stock, .$9,212 500
the Central R R. of New Jersey owns $8,491,150.
’
’
President George F. Baer Sept. 21 wrote in substance:
Tonnane.— 1T here were m ined d u rin g the period 4 ,2 8 4 .4 4 4 .0 7 t o n s ' n
ch ase d . 7 2 4 ,5 0 2 to n s, and so ld , 5 ,0 2 4 ,7 6 7 08 to n s.
’
js
Development. A c .- - T h e d eve lop m en t w ork a t In m a n C olliery N o . 21
p rogressin g an d considerable coal h as been prepared for m a r k e t.
Favorable Tax Decision .— -The m a tte r o f v a lu a tio n o f ro a l lan ds fo r t a
purposes w as decided b y th e S u p rem e C ourt In fa v o r o f the c o m p a n y , su s
ta b lin g Its claim th at the m eth od o f v a lu a tio n ad o p te d b y the ta x c o m m is
sioners w as n ot In accord an ce w ith the law .
T O N N A G E , E A R N IN G S , E X P E N S E S , A c .
Tonnage shipped —
F ro m c o . s fee la n d s, b y c o m p a n y
do
do
b y t e n a n t s ------F rom leased la n d s, b y c o m p a n y ______
do
do
b y t e n a n t s ..............
F r o m w ash crlcs, b y c o m p a n y .................
do
do
b y t e n a n t s ...................
1 9 1 0 -1 1 .
3 ,0 1 2 ,4 8 6
9 0 7 ,9 3 3
1 ,1 0 4 ,5 4 5
1 1 5 ,0 2 4
1 3 7 ,4 1 1
1 7 1 ,9 13
T o ta l o f a ll......................................................
5 ,5 3 9 ,3 4 5
Earnings —
C oal m in ed b y t e n a n t s .
M is c e lia n e o u s __________
T o t a l___________________ ; ________________
Expenses—
M in in g c oal an d repairs
C olliery im p r o v e m e n ts _____
R o y a lt y leased p r o p e r tie s .....................
C oal p u rc h ase d _________
T r a n sp o r ta tio n , y a rd a n d 'a g e n c y ex p"
General e x p e n se s____________
T a x e s , S ta te an d lo c a l_____I
I "
In su r a n c e ______________________________
D e p letio n coal lan d s fu n d
C oal sto c k , or sold fro m sto ck
T o t a l.............. ..................................
N e t ea rn in g s_________ _______
"
Deduct—
F ixe d in terest on b o n d s . .
S in k in g fu n d s _______________
’ I
Federal Incom e t a x for year 19 09
D ivid e n d s ( 1 3 % ) _________
O th er d e d u c tio n s __________
T o ta l d e d u c tio n s.
S u r p lu s_______________
BALANCE SHEET SEPT. 30 1911 A N D 1910.
1911.
Assets—
$
Cost of p roperty.. 4,390,000
Plantation equlp’t.*7 ,5 1 0 ,1 2 9
Secur. of other cos.
128,750
C a sh ________ ______
590,689
A c c t ;. receivable..
219,950
Sugar and molasses
stock......................
30,779
1459
1 9 0 9 -1 0 .
2 ,8 8 5 ,3 1 4
0 0 2 ,5 7 7
99 1,780
1 4 0 ,5 7 0
1 4 1 ,0 6 8
1 9 7 ,0 5 7
1 9 0 8 -0 9 .
3 082 715
9 8 0 !0 2 0
909 473
1 5 0 ,0 0 8
101 4 6 0
2 1 3 ,8 0 8
5 ,3 2 2 ,5 8 3
5 ,4 4 5 ,3 5 2
1 9 1 0 -1 1 .
5
1 6 ,3 9 0 ,2 4 1
3 5 0 ,0 3 2
1 3 9 ,2 9 9
1 9 0 9 -1 0 .
S
1 5 ,8 1 5 ,0 4 3
3 7 0 ,4 1 1
9 9 ,5 1 0
1 9 0 8 -0 9 .
5
1 0 ,0 9 4 ,3 5 9
3 8 3 ,8 0 9
1 2 4 ,6 8 9
1 0 ,8 7 9 ,5 7 5
1 0 ,2 8 4 ,9 7 0
1 0 ,6 0 2 ,8 5 7
6 ,2 9 7 ,1 3 1
2 0 9 .7 4 3
3 4 1 ,1 5 6
1 ,7 5 0 ,0 1 4
3 ,8 7 0 ,8 6 3
1 2 4 ,5 0 2
0 3 1 ,8 8 7
1 6 ,1 8 0
1 5 2 ,6 5 7
0 ,1 1 8 ,4 7 1
2 3 0 ,6 9 3
3 0 1 ,6 5 5
2 ,0 3 4 ,3 5 0
3 ,7 9 6 ,4 4 2
1 2 1 ,5 1 5
4 4 6 ,6 3 0
20,022
2 0 1 ,2 3 8
1 7 ,3 9 8
6 ,1 9 2 ,3 1 2
2 7 0 ,7 9 8
2 4 9 ,5 1 1
2 ,0 9 1 ,1 7 8
4 ,0 5 1 ,5 9 4
1 2 1 ,1 5 2
4 7 7 ,4 6 2
1 7 ,3 7 6
2 4 9 ,5 0 3
C r .3 0 3 ,4 6 2
1 3 ,4 0 0 ,1 9 3
3 ,4 7 3 ,3 8 2
1 3 ,2 9 4 ,4 2 0
2 ,9 9 0 ,5 5 0
1 3 ,4 2 3 ,7 2 4
3 ,1 7 9 ,1 3 3
8 1 4 ,3 9 0
4 6 0 ,0 0 0
1 7 ,1 9 3
1 ,1 9 7 ,0 2 5
0 1 4 ,3 8 5
1 9 0 ,2 8 3
2 2 ,2 7 9
1 ,1 9 7 ,6 2 5
a 4 4 6 ,8 0 9
1 ,0 2 9 ,1 7 7
1 5 6 ,8 6 1
2 ,4 8 9 ,2 0 8
9 8 4 ,1 7 4
2 ,7 7 1 ,4 4 1
2 1 9 ,1 0 9
1 ,1 8 0 ,0 3 8
1 ,9 9 3 ,0 9 4
a O th e r d ed u ction s in 1 9 0 9 -1 0 Include 5 6 5 ,0 0 0 to c o m p le te S ta n to n
b reaker; 5 1 1 0 ,0 0 0 for estim a ted d ep reciation o f 220,000 tons o f coal In
sto ck a t H a m p t o n storage p la n t, an d $ 2 7 1 ,8 6 9 c ost o f r efu n d in g d e b t.
CON DEN SED B A L A N C E S H E E T J U N E 30 .
1911.
1910.
§
§
Prop'ty A equlp’ t _ 2 8 ,125,885 28,100 ,06 5
Advanced royalties
for c o a l ...............
1
1,224,083
Cash ................
879,742
Cash for c o u p .,& c.
20,123
14.291
Bills A a c e 't s r e c .. 2,174,664
1,796.317
Coal on hand.......... 1,579,493
1,732,150
.1. P. Morgan A Co.
85,000
Land contracts not
due .......................
14,770
20,052
Insur., adv. pay'ts
31.991
44,824
327,881
Material A suppl's
318,200
Sccurs. of cos.owned 281,001
257,621
darketable securs.
732,596
4,553
460,000
Jinking fund..........
202,780
Suspense acc’ ts___
285,607
429,612
Assets—
T o t a l ....................35,248 ,47 5 33,S94,889
V. 9 3 , p . 7 0 9 .
1911.
1910.
Liabilities—
$
S
Capital stock........... 9 ,2 12,5 00 9 .2 12.5 00
Funded debt (sec
"R y .A I n d .’ ’See.>19,687,000 19,687,000
Consols due June ’ 10
1,000
85,000
81c. fd. 4 % consol.
gold loan.............
498,333
39,058
Vouch. Apay-rolls.
921,204
764.053
C o u p .,A c., unpaid
20,123
14,291
In t., mine rents,
A c ., not due___
590,000
435,497
Reserve for new
collieries, A c ___ 1,729,905
1,776,987
Land suspense acc't
21.398
29,372
Insurance, A c ., on
Stanton Breaker
________
131,441
Suspense acc’ ts ___
285,667
4 2 2.51 8
Profit and loss____ 2,2 81.3 45
1.297.171
T o t a l.................... 35,248 ,47 5 33 ,894 ,88 9
Street’s Western Stable-Car Line.
(Report for Fiscal Year ending June 30 1911.)
President F. J. Reichmann, Chicago, Sept. 26, wrote:
B on d s . - - W h e n y o u r d irectors to o k c h arge In A p ril 1 9 10 it fo u n d the
c o m p a n y h e a v ily c o m m itte d to the u nd erw riters o f the new issue o f 5 2 ,
0 0 0 ,0 0 0 bond s o f Ju n e 1 1909 ( V . 88 , p . 1 0 2 6 ) .
T h e c o m p a n y lied agreed
to p u t th e 7 ,5 0 0 cars covered b y th e car tru st in d en tu re In good serviceable
cond ition an d to ex p en d 5 1 7 3 ,0 0 0 In c o n v e rtin g 2 0 -t o n ears in to 3 0 -t o n cars.
Purposes for which the Proceeds of these $ 2 ,0 0 0 ,0 0 0 Bonds were Distributed.
Raid tru stee to retire car lease w arrants d a te d M arch 1 1902
$1 501 2 8 0
In v ested b y th e tru stee In th e Orst tw o an d p art o f th e third
m atu rities o f this Issue o f b o n d s, u nder an escrow agree m e n t
to gu aran tee th e c h an gin g o f the 2 0 -t o n cars to 3 0 -t o n ea rs ___
1 7 3 ,0 0 0
R e ta in e d In business ($ 1 2 5 ,7 1 4 ) an d d iscou n t on issu e__________
3 2 5 ,7 14
O f these b o n d s, th e first tw o m atu rities, $ 1 5 0 ,0 0 0 , h a v e been retired b y
b ette rm en ts and canceled u nder th e agreem en t w ith th e tru stee; $ 2 3 ,0 0 0
m ore (due Ju n e 1 1912) will b e sim ilarly retired w ith in a few m o n th s, as the
b ette rm en ts called for will then h a v e been c o m p le te d .
T h e rem ainin g
$ 1 ,8 2 7 ,0 0 0 bon d s m a tu re In annu al In sta llm en ts on Ju n e 1 as fo llo w s:
1 9 1 2 , $ 5 7 ,0 0 0 ; 1 9 1 3 , 5 8 0 ,0 0 0 : 1 9 1 4 , 5 9 0 .0 0 0 ; 1 9 1 5 . $ 9 5 ,0 0 0 ; 1 9 1 0 , $ 1 0 0 ,0 0 0 ;
19 1 7 , 5 1 0 5 ,0 0 0 ; 1 9 1 8 , 5 1 1 0 ,0 0 0 ; 1 9 1 9 , $ 1 1 5 ,0 0 0 ; 1 9 2 0 . S 1 2 0 .C 0 0 ; 1 9 2 1 ,
$ 1 2 5 ,0 0 0 ; 1 9 2 2 , $ 1 3 0 ,0 0 0 ; 1 9 2 3 , $ 1 4 0 ,0 0 0 ; 1 9 2 4 , $ 1 4 5 ,0 0 0 : 19 2 5 , $ 1 5 5 ,0 0 0 ;
1 9 2 6 , $ 1 6 0 ,0 0 0 ; 1 9 2 7 , Sioo.OOO.
T h e total an n u al charge fo r p rincipal
an d Interest will for 1 0 1 1 -1 2 be $ 1 7 1 ,3 5 0 (and thereafter will rang e from
$ 1 6 8 ,5 0 0 to $ 1 7 5 ,7 5 0 u n til 1 9 2 7 , w hen It will be $ 1 0 5 ,0 0 0 , as sh ow n In
V . 9 0 , p . 1 1 7 7 .— E d .]
Results.— T h e c o m p a n y h as been p assing throu gh a recon stru ction period
and th e special and e x traord in ary w ork d one has m ad e it m ore d ilficu lt than
usual to present an Incom e a ccou n t th a t w ould represent n orm al o p eration s.
T h e Incom e ac co u n t sh ow s n et earnings $ 1 0 3 ,6 0 0 and carries a d ju stm e n t o f
losses In th e b ook v a lu e o f cars o f 5 3 0 ,0 9 5 , d ue to scrap p in g o f 2 0 -t o n trucks
replaced w ith new 3 0 -t o n tru c k s.
T h e Incom e ac co u n t since D ec. 31 1909
has also been b urden ed w ith 5 5 2 ,0 3 8 for “ reserve for accrued ren ew als an d
r e p a ir s ," a p p ly in g to b ad -ord er cars in sh ops an d railroad repair bills,
ou tsta n d in g a t close o f th e year
A fte r d ed u ctin g fixed charges (interest on bonds) $ 0 1 ,3 5 0 , there rem ained
a net Incom e o f 5 7 2 ,2 5 0 , carried to su rp lu s, an d this a m o u n t, o f cou rse, h ad
to be used to retire m a tu rin g bond s and w as n ot a v a ila b le for d iv id en d s.
Cars.— Since Jun e 1 19 09 th e c o m p a n y h as Increased Its eq u ip m en t o f
3 0 -t o n cars b y ove r 1 ,0 0 0 , of w hich n u m b er 55 0 are c o m p le te ly n ew m od ern
cars.
T h e to ta l a m o u n t ex p en d ed since th a t d a te for rep lacem en ts, b ette r
m e n ts an d m ain ten an ce Is 5 9 8 2 ,8 8 0 .
Bank Department. A c . — T h e m a x im u m d eb t to the b a n k w as $ 1 5 0 ,0 0 0 ,
and w hile It show s 5 8 0 ,0 0 0 on th e b alan ce sh eet o f Ju n e 3 0 1 9 1 1 , it h a ssln c e
been reduced to 5 4 5 ,0 0 0 .
Outlook.— I t w as u n fo rtu n a te th a t th e c o m p a n y w as c o m m itte d to e x tr a
ord in ary ex pen d itu res d urin g a period w hen th e railroads th rou gh ou t th e
c o u n tr y h ad a large surplus o f Idle c a rs.
I t Is c on fid en tly b elieved , h ow
ever, th a t th e c o m p a n y will con tin u e to fill an econ om ic p osition and will
find em p lo y m e n t for Its ears In general tra ffic.
T h e op erations for th e p a st ye ar h a v e fu lly d em on stra te d t h a t th e
preferred d ivid en d s c ould u n d er no c ircu m stan ces h a v e been c o n tin u e d .
IN C O M E A C C O U N T .
Year end.
-------- Years
June 3 0 ’ l l .
1909.
ending
Dec.
1908.
5
3 0 1 ,3 2 0
104
6 4 ,8 0 0
5
1 0 3 ,6 0 0
9 1 ,3 5 0
$
2 5 0 ,9 9 6
5 2 ,5 6 4
2 5 ,3 0 2
9 ,7 3 5
N e t In com e____________
D lv s . on p ref. ( 7 % ) _____
D lv s on c o m m o n ________
7 2 ,2 5 0
1 6 3 ,3 3 4
5 4 ,2 5 0
( 3 ^ ) 1 3 3 ,0 0 0
23 6,3-56
5 4 ,2 5 0
( 2 ) 7 6 ,0 0 0
2 2 7 ,0 1 5
5 4 ,3 8 3
( 2 ) 7 6 ,6 9 4
B a la n ce , su r. or d e f . .
su r 7 2 ,2 5 0
d c f 2 3 ,9 1 6
su rlO C .1 0 0
s u r 9 5 ,9 3 8
N e t earn ing s_____________
In te rest on b o n d s________
I n t . on car lease w a r’ n ts.
P ro p o r. b d . d isc. A e x p .
BALA N CI1 SH EET.
June 30 ’ 11. Dec.31 ’ 09
$
$
Liabilities—
June 3 0 *1 1 . Dec.31’ 09
Assets—
Cars, franchises, pat
ents, real estate,
buildings, A c ------ 7,6 97,1 58 7,596,583
Construction and ma
terials ......................
7 8 ,850
104.669
Bond redemp. fu n d .
15,000
_______
Accounts receivable.
90,884
108,807
Cash....................
11.682
39,194
Prepaid e x p e n s e s ...
3,804
1,920
Bond disc. A e x p . . . 158.292
166,584
$
$
Common stock.......... 3,8 00,0 00 3 ,8 00,0 00
Preferred stock_____
775,000
775,000
5 % equip, gold b ond sl.827,000 1,827,000
Car renewal funds___
81,253
38,992
Dividends paid Jan.....................
05,125
Accounts payable___
73,928
80,018
Bills payable...............
80,000
.............
Res. for renewals, Ac.
52,038
...........Surplus invested in
assets of com pany.1,366,451 1,431,622
T o t a l ......................... 8 ,0 55.6 70 8,017,757
— V . 9 1 , p . 1333.
T o t a l......................... 8.0 55,6 70 8 ,0 1 7 ,7 5 7
THE CHRONICLE
1460
United States Finishing Co., Norwich, Conn.
(Re-port for Fiscal Year ending June 30 1911.)
President J. H. Wright, Norwich. Conn., Oct. 2 1911,
wrote in brief:
Results .— D u ring th e y e a r the c o m p a n y finished 2 8 6 ,4 7 1 ,6 4 7 y a r d s o l
g o o d s (1 6 2 ,7 6 8 m iles.)
T h e gross Incom e fr o m p r o d u c tio n w a s $ 4 ,0 4 1 ,9 6 6
(a d ecrease of $ 1 8 0 ,2 3 5 ) .
T h e cost o f p rod u ction w as $ 3 ,5 3 5 ,2 2 1 an d
th e charges for m a in te n an ce an d general ex p e n se s w ere $ 8 0 6 ,1 2 3 .
D is
b u r se m en ts fo r th e m ain ten an ce an d ren ew al o f b u ild in g s, m a c h in e r y , ooc.,
are In cluded In th e charges for m a in te n an ce an d general e x p e n se s, anil
th ere Is also Included u nd er th is h ead th e u m o f $ 9 1 ,0 2 8 for Interest on
curren t bills p a y a b l e . ......................
„
_
_ ,
T h e n e t earn ings w ere $ 5 6 1 ,7 5 3 (decrease $ 1 9 2 ,2 5 0 ) .
F r o m th is a m o u n t
there h a v e been p aid Interest on th e o u tsta n d in g b o n d s an d d ivid en d s of
7%
on th e p ref. sto ck an d 4 %
on th e c o m m o n s to c k .
T h e ex ce ssiof
$ 5 9 ,2 5 3 w as ad ded to surplus a c co u n t, in creasing It to $ 1 ,6 2 6 ,8 8 0 . '
Bonds — D u rin g th e year all th e $ 400,000S|consolIdated b o n d s rem ainin g
In th e tre asu ry a n d n o t reserved as ag a in st u n d e r ly in g b o n d s w ere so ld .
I n th e ^sa m e p eriod th e sin kin g fu n d acqu ired $ 7 5 ,0 0 0 o f 5 % u n d erlyin g
b on d s
I n c on n ec tion w ith th e sale o f th e consols th e c o m p a n y h as agreed
n o t to exercise th e righ t to Issue certain consols reserved as again st under
ly in g b o n d s n ow or hereafter in th e sin kin g fu n d s.
T h e effect is to lim it
th e issue o f c o n so lid a ted b o n d s to so m e th in g less th a n th e a m o u n t origin ally
a U Wanes0 — T h e ave ra ge n u m b e r o f person s e m p lo y e d sh ow s a decrease of
9 8 w hile th e to ta l o f salaries an d w ages paid sh ow s an Increase o f $ 8 ,2 4 6 .
Additions, & c .— A d d itio n s an d ren ew als h a v e been m a d e am o u n tin g to
$ 3 8 0 17 2 o f w h ich $ 6 0 ,1 0 8 w as ad d ed to p la n t a c c o u n t, $ 2 6 4 ,6 7 1 w as
c harged to o p eratin g ex p e n se s (an increase o f $ 6 8 ,2 8 8 as com p a red w ith
ve a r 1 9 0 9 -1 0 ) an d $ 5 5 ,3 3 4 w as received from th e sale o f real esta te an d m a
ch in ery m a k in g th e n et Increase in b o o k valu e of th e p la n ts on ly $ 6 0 ,1 6 8 .
Queen Dyeino C o .— T h is su b sid iary c o m p a n y finished d urin g th e year4 3 7 9 8 9 9 7 y a r d s o f g o o d s an d had gross Incom e o f $ 7 7 0 ,7 0 5 (a decrease of
$ 5 ’ 8 0 5 ) a n d n et earn ings o f $ 1 3 6 ,8 8 1 (an increase o f $ 2 6 , 4 5 0 ) .
Plants .— I n th e p rin ted rep ort are Illustrations o f th e several p la n ts.
IN COM E ACCOUNT U.
S. FINISHING CO. YEAR ENDING JU N E 30.
1910-11.
1910i -l l . 1909-10.
S
S
Gross receipts---------- 4,941 966 5,122,201
Cost of production..3 ,5 3 5 221 3,635,664
1,406,745
51,131
1.457,876
a896,123
561,753
172,500
Interest on bonds —
389,253
1909-10.
B alan ce......................... 389,253
578,153
Pref. dlv. ( 7 % ) ........... 210,00 0
210,000
Com. dlv. ( 4 % ) ........... 120,000
80,000
1,486,537 Depreciation...................................
86,519
120,348
201,634
Balance to su rp lu s..
59,253
1,606,885
1,567,627 2,240,993
852,882 Prem. on com. stock,
sold...............
125,00
754,003
2 ,5 67,6 27
175,850
. . . ( 5 0 % ) 1 , 000,000
578,152
.1 ,6 2 6 ,8 8 0 1,567,627
a Maintenance and general expenses Include interest on current bills payable,
3 9 1,92 8 In 1910-11, against $82,140 In 1909-10.
BALAN CE SHEET U. S. FINISH ING CO. JU N E 30.
1911.
S
7,9 60,1 68
P la n t s ............... —
Sterling Improve250,000
ment Co. stock.
Assets—
' common stock .
Gash _____________
Accounts receivable
Cash in sinking fund
750,000
1,234,947
677.015
658,952
707
1910.
Liabilities—
$
.
7 ,9 00,0 00 Common stock—
Preferred stock___
250,000 Bonds outstanding
Notes payable------750,000 Accounts payable.
1,115,277 July divs.& coupon
745,578 Sinking fund..........
574,084 S u r p lu s---------------503
1911.
S
3 .0 0 0 .
3 .0 0 0 .
3 ,0 40,0 00
575,000
115.451
173,750
707
1,626,880
1910.
S
3000
.0 0 0 .
3000
.0 0 0 .
2,7 15,0 00
750,000
138,562
163,750
503
1,567.627
T o t a l ........ ............ 11,531,789 11,335,442
T o t a l ..................- 11,531,789 11,335,442
Bonded Debt June 30 1911—
... §61 0,00 0 $1,140,000
U . S . F . Co. 1st M. 5 % ,(lue July 1919------------ $ l,7 o 0 ,0 0 0
.............
500,000
Sterling D . & F. Co. 1st 5s, 1 0 2 6 - - - - - - - ..........
.
"y”
1,400,000
U S- F . Co. cons. M. 5 % . due July 1929..........
3 ,5 00,0 00
«■«« Reserved for retirement of above underlying Issues, $1,640 ,00 0; reserved for
account of U . S. F . Co. 1st M . bonds In sinking fund, and underlying bonds, $460,000;
outstanding consolidated bonds, $1,400 ,00 0.
___
Total number of stockholders June 30 1911 was 878— preferred, 701 ;common, 177.
Note — The company guarantees the principal and Interest of $7 50,000 Queens
Dyeing Co. 5 % 25-year 1st M. bonds duo July 1934 and redeemable at 104 and
$5 00 ,0 00 7 % preferred stock redeemable at 110.
INCOME ACCOUNT QUEEN D YEIN O CO.
1909-10.
1910-11.
1909-10. |
1910-11.
35,000
Gross receipts____ S770.705
$776,5101 Pref. dlvs, 7 % . . . . 35,000
T o t. net earnings.
136,881
11 0,431| Depreciation--------6,389
37,931
Bond Interest. . . .
537,500
S37.500|Balance, su rp lu s..
57.992
The liabilities Include $750,000 common stock (all owned by the U . S. Finishing
G o ) $500 000 preferred stock, $750,000 bonds, $23,025 accounts payable, $9,030
nav-rolls accrued and $27,500 reserved for coupons and dividends payable July 1
1911. The total surplus June 30 1911 was §9 5 ,9 2 3 .— V. 93, p. 942, 538.
International Textbook Co., Scranton, Pa.
{Balance Sheet of May 31 1911.)
No income account is furnished. Report says in substance:
U n d er th e term s o f th e m ortg a g e (of th e C olliery E n gin ee r C o.) $ 4 ,1 6 6 66
Is p aid e v e r y m o n th to th e C o u n ty S a v in g s B a n k , tru stee o f th e m o rtg a g e ,
to In vest as a sin kin g fu n d for th e red em p tion o f tho b on d s secured b y the
m o r tg a g e .
T h e entire a m o u n t o f $ 5 0 0 ,0 0 0 has n ow been d ep osited w ith the
tr u ste e .
O f this a m o u n t $ 3 3 8 ,0 0 0 has been a p p lied b y th e trustee since
M a y 31 1 9 04 to th e red em p tion of 3 3 8 b o n d s, le a v in g $ 1 6 2 ,0 0 0 still In the
h a n d s o f th e tru stee to be ap plied in the m an n er p ro v id e d In th e m ortgage
to w a r d th e red em p tion of the rem ainin g b on d s.
T h e a ccou n ts p a y a b le , $ 4 3 4 ,4 6 4 , as b elo w , cover th e salaries, c o m m ission s,
& c ., for th e m o n th of M a y 1 9 1 1 , p a y a b le th e fo llo w in g m o n th .
T h e su rplu s ( $ 4 ,5 3 4 ,3 3 7 ) represents profits In ex cess of d ivid end s and
p rem iu m s on c ap ital stock an d Is Included in th e real an d personal p roperty
o f th e c o m p a n y .
A d d itio n a l reserves were set asid e th is year to cover
.cation s ” to p rovid e for d ep reciatio n , am o u n ted u p to M a y 31 1911 to
$ 3 7 1 ,8 0 7 [In 1 9 1 0 -1 1 to $ 2 0 ,0 8 2 — E d .]
F r o m th e item “ furn itu re an d
m a c h in e r y ” th e d ed u ction s for d epreciation a m o u n t to M a y 31 1911 to
$ 2 2 3 ,3 9 5 [in 1 9 1 0 -1 1 to $ 3 3 ,5 1 2 — E d .]
BALAN CE SHEET M A Y 31.
1911.
Assets—
S
Real est. & bldgs. 1,101,913
Plates of publlca’ns 1,589,373
Furniture & m ach.
336,815
Textbook, supp.,&c
375,175
A gcy. establlshm’t
669,132
Accountsrccelv’le . 4,424,103
Stocks of other cos. *1,801,500
162,000
Sinking fund..........
Cash Items________
670,789
$10.
$
1,062,155
1,516,240
339,714
374,597
532,911
4,277,101
1,894,700
163,894
887,286
Jr T o t a l ..................... 11,130,801 11,048,598
1911.
Liabilities—
S
Capital stk. (auth)
810,000,000— V .
84, p .6 2 8 ) ........... 6,0 00,0 00
lstM .5% bd s.of CollleryEngineerCo.
— V . 79. p. 2799
162,000
Accounts payable.
434,464
Surp. (excess of as
sets overllabll’s) 4,5 34,3 37
1910.
8
6,000,000
180,000
290,732
4,577,866
T o t a l ............ ...1 1 ,1 3 0 ,8 0 1 11,048,598
« This includes stock of the Technical Supply C o., for which the company paid
$300 000; stock of the International Correspondence Schools, par value S100.000;
-stock of the International Educational Publishing Co.— 3 5 .000 shares of pref. and
88,682 shares of common— par value $6,184 ,10 0 and also the stock of smaller corpora
tions.— V . 92, p. 1568.
[VOL. L X X X X III.
Ray Consolidated Copper Co., New York.
{Report for Fiscal Year ending June 30 1911.)
The report, signed by Sherwood Aldrich, President, and
D. C. Jackling, Gen. Mgr., Oct. 25 1911, says in substance:
M in e Equipment.— T h e e q u ip m en t o f N o . 1 sh a ft w as p u t In op eration
a b o u t M a y 1 an d since h as been in sa tisfa cto r y op era tio n .
A t N o . 2 sh a ft
th e eq u ip m e n t n ow r e a d y fo r op eration is p ra ctic a lly Identical w ith t h a t o f
N o . 1 , e x ce p t th a t th e crush ing p lan t is o n ly on e-h alf as large; said c a p a c ity ,
h ow ever (2 0 0 to 3 0 0 to n s per hour) w ill p robably su ffice fo r th e u ltim a te
r od u ction fr o m th e se c tio n , served b y the N o . 2 s h a ft.
A ll th e w areouses an d surface facilities h a v e been c o m p leted .
In th e ea stern sec tio n ( N o . 1 sh aft) th e d ev e lo p m en t w ork req u ired for
th e im m e d ia te fu tu re is p ra ctic a lly finished an d w e h a v e a v a ila b le , trib u ta r y
to the levels now d e v e lo p e d , som e 3 ,0 0 0 ,0 0 0 ton s of ore r ea d y for s to p ln g .
In th e w est section ( N o . 2 sh aft) th e N o . 1 level has been c o m p le te d for
about 4 300 ft.
S h a ft N o . 2 a n d its sta tio n s are co m p le te d to th e secon d
level 1 6 5 f t . below N o . 1 le v e l. • T h e secon d level will be c o m p le te d t o th e
w esterly lim its of the d eve lop ed ore b o d y in D e ce m b e r .
U p to d a te ,
m o st o f th e to n n a g e , e x ce p tin g a sm all a m o u n t produ ced fro m d e v e lo p m e n t,
h as c om e fro m N o . 1 s h a ft.
A s th e h oistin g e q u ip m en t o f N o . 2 sh a ft is
n ow r ea d y for op era tio n , th e ton n age fr o m t h a t section w ill increase r a p id ly .
W e sh all n o t, h o w ev er, b e ab le to d erive as m u ch ton n age fro m N o . 2 sh a ft
as fr o m N o . 1, u n til th e N o . 2 le vel is co m p le te d an d fu rth er p rep aration
h as been m ad e for sto p ln g .
, ,
,
. ,
,
.
No d ifficu ltie s h a v e been en cou n tered In u nd ergrou nd d ev e lo p m en t
w ork , w h ich c o n tin u es to p rove th e a c cu racy of ou r chu rn drill d eve lop
m e n ts, b o th as to the ch aracte r an d grade o f ore.
D u rin g S ep te m b er th e cost o f m in in g, Including a p roper p roportion of
current d e v e lo p m e n t, w as a b o u t 65 c ts. per t o n , th is figure in clu d in g the
cost o f crush ing an d th e d eliv e ry o f ores on b oard earn read y for sh ip m e n t
to th e m ill.
T h ere is n o reason n ow to b elieve th a t w e shall n ot be ab le to
m in e a t n o t ex ceed in g 7 5 cen ts a t o n , in clu d in g th e retirem en t o f a ll th e
In v estm e n t in th e u nd ergrou nd d e v e lo p m e n t.
,
„
T h e ore w hich w ill be m in ed fo r som e m o n th s to c om e Is n ecessarily
fr o m th e u pp er zones a n d Is so m e w h a t low er grade th a n th e avera ge fo r the
p rop e rty
U p to d ate th e to ta l ore produ ced has ave ra g ed slig h tly u nd er
2 % an d a t present is a b o u t 1 . 8 5 % .
W h e n v/e are ab le to m in e in a greater
n u m b e r o f p laces, th e grad e o f ore p rodu ced sh ou ld b e of th e avera ge
represented b y d rillin g, & c ., or a b o u t 2 . 1 7 % .
W e e x p e c t to produ ce
n early if n ot q u ite , th is avera ge grad e b y th e tim e w e are ab le to su p p ly
th e m ill w ith its c a p a c ity o f 8 ,0 0 0 tons per d a y .
Since A p ril 1 w e h a v e d riven 1 7 ,2 4 0 f t . of w ork in gs, m o s t ly d rifts an d
raises m ak in g a to ta l on O c t. 1 of 1 3 5 ,8 9 1 f t . o f w ork in gs, or a p p r o x im
a te ly 2 5 Vx m iles.
W e h a v e also en larged for p erm an en t w orkings several
m iles of d rifts an d tu n n e ls.
,
.
,
,
Reduction Works.— T h e c on c en trator b u ild in g , p ow er p la n t, sh o p s an d
all accessories a t H a y d e n h ave been c o m p le te d .
In th e c on cen tratin g
mill fou r o f th e eig h t section s h a v e been eq u ip p e d ; th e fifth w ill be c o m
p leted ea rly In N o v e m b e r th o u g h n o t n eed ed u n til a b o u t D e c . 3 1 ; a n d all
th e eq u ip m en t is on h an d for th e rem ainin g three section s.
T h e four
sections n ow In c om m ission are ru n n in g so m e w h a t over 80 0 to n s p er d a y
ea ch ; th e y are designed for a c a p a c ity o f 1 ,0 0 0 ton s per d a y ea ch .
U p to O c t. 1 1911 our gross p rod u ction o f c opp er c on tain ed In c o n
cen trates was a b o u t 9 ,0 0 0 ,0 0 0 lb s. an d th e gross p rod u ction a t presen t
a p p r o x im a tes 2 ,5 0 0 ,0 0 0 lb s . per m o n th ; we ex p e ct to increase to n e a r ly .
If n ot q u ite, 3 ,0 0 0 ,0 0 0 lb s . per m o n th b y th e en d o f tills y e a r.
T h e m ill
ex tr a c tio n s n ow ave ra g e a b o u t 6 9 % , on an ore c on tain in g 1 . 8 5 % c o p p e r.
Sale of Smelter Contract.— S o m e m o n th s ag o th e A m e rica n S m e ltin g &
R e fin in g C o . op en ed n e gotiation s w ith a v ie w to securing a c o n tr a ct for
th e sm e ltin g o f th e con c en trates p rod u ced b y us a t H a y d e n , this to serve
as the basis for the b u ild in g u p o f a large sm e ltin g In d ustry a t th a t p o in t.
T
h e S m eltin g C o m p a n y offered term s t h a t ap p eared m ore fa v o ra b le to you r
000
directors
t h a n .t h e p la n o f co m p letin g an d o p eratin g th e sm elter o n our
000
ow n a c co u n t.
A c o n tr a ct w as acco rd in g ly e x ec u ted w h e reb y th e S m eltin g
C o m p a n y p urchased, a t c o s t, th e sm e ltin g p la n t th en In process o f e re ction ,
an d ob ligated itself to s m e lt the con cen trates a t rates an d u nd er con d ition s
th a t are p articu larly fa v o r a b le to y o u r c o m p a n y . ( V . 9 3 , p . 5 3 6 ) .
The
sm e lte r, It is e x p e c te d , w ill b e c o m p leted ea rly in 1 9 1 2 , an d In a n y e v e n t
you r c o m p a n y Is p rivileged to b egin th e d eliv e ry o f th e principal p ortion
o f Its concen trates to th e S m e ltin g C o m p a n y on an d after J a n . 1 a n d the
en tire o u tp u t after A p ril 1 1 9 1 2 .
,
.
.
. ,r
,
U n til the S m eltin g C o m p a n y begins to receive the con cen trates a t H a y d e n ,
It Is necessary for us to con tin u e sh ip p in g to E l P a so , an ad d ed ex p e n se in
freight an d 'trea tm en t charges a ve ra gin g so m e th in g o v e r 1 M c ts . per
p ou n d o f cop p er, as a gain st th e cost of sm e ltin g a t H a y d e n u nd er our
c o n tr a c t.
F o r the six 'm onths up to O c t. 1 the cost of produ cin g copp er
has been such t h a t , w ith th e a b o v e -n a m e d credit a p p lied our n et c o st per
p ou n d w ou ld h a v e ex ce ed ed o n ly [sligh tly our estim a te on full to n n a g e ,
n o tw ith sta n d in g the ex ce ssiv e ex p en se o f Irregularly run nin g a new p lan t
on a c o m p a r a tiv e ly sm a ll to n n a g e.
W h e n the p lan t Is run nin g r e g u la rly ,
a t full c a p a c ity , th e c o st o f c o p p e r, ev e n fro m the grade o f ore we are n ow
h an d lin g, will be well below nine c ts. per p o u n d .
T h e q u a n tity o f w ater
availa b le is u n lim ite d , so far as futu re req u irem ents are c on cern ed .
T h e service of the A r iz o n a E a stern H R . C o. in th e tra n sp o rta tio n o f our
ores an d other p rod u c ts Is en tirely sa tisfa cto r y .
Ray and Gila Valley R Il. — T h e op eration o f th e line b etw een R a y J u n ction
an d R a y has p roven en tirely sa tisfa c to r y , b oth fro m an op eratin g an d
earning sta n d p o in t.
W e h ave n o t purchased a n y ad dition al e q u ip m e n t
since ou r last rep ort, b u t w e h ave received tw o lo c o m o tiv e s, m ak in g three
In all
W c arc still h an d lin g our ore business w ith 100 cars b u t h ave
ordered 20 ad d ition al c a rs, b elievin g th a t 120 cars w ill fill ou r req u irem ents
u ntil the m in e reaches a c a p a c ity of 5 ,0 0 0 ton s per d a y .
General — T a k e n as a w h o le , th e results o f our op erations u p to d ate
h ave been’ as sa tisfa cto r y as w e h ad a n y reason to e x p e c t .
Q u arte rly rep orts
of op erations w ill be regu larly issu ed h ereafter.— V . 9 3 , p . 5 3 6 .
E
GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Aberdeen & Asheboro R y.— Sale.— See Norfolk Southern.
Arkansas Valley R y., Light & Power Co.— New; Byllesby
Company.— This company was inoorp. in Colorado on or
about Nov. 14 with $10,000,000 of authorized capital stock,
of which there is now issued $3,500,000, a ll‘ of one class,
$3,499,400 thereof being owned by the Standard Gas &
Electric Co., the holding company, controlled by H. M.
Byllesby & Co. of Chicago (see V. 93, p. 1327). The new
corporation, it is understood, takes over the Colorado prop
erties recently acquired by the Byllesby interests, namely,
the Pueblo Suburban Traction & Lighting Co. (see p. 105 of
“ El. Ry. Sec.” , also V. 93, p. 45), and the Colorado Light
& Power Co. of Canon City (V. 93, p. 1024).
The new company has authorized an issue of first and
refunding mostgage bonds, of which $3,500,000 will now
be issued and pledged to secure the new convertible 6%
bonds of the Standard Gas & Electric Co. and $3,147,000 will
be reserved to retire the underlying bonds.
Atlantic Coast Line R R .—Report.— See “ Annual Reports.”
On 7% Basis.— A semi-annual dividend of 3)^% has been
declared on the $57,973,200 common stock, payable Jan. 10
to holders of record Dec. 15, comparing with 3% semi-an
nually from July 1909 to July 1911, inclusive.
Common (Includino Class " A " ) Dividend Record (Per Cent).
_____
Year—
’0 0 . ’ 0 1 . ’ 0 2 . ’ 0 3 . ’ 0 4 . ’ 0 5 . ’ 0 6 . ’ 0 7 . ’ 0 8 . ’0 9 . ’ 10 . ’ l l . 1 0 1 2 .
P er cen t
.
.. 2H
6
6
a5
6
6 55 H 5 H
6
6
3 Ml
a A lso 2 0 % , In c o m . sto ck scrip an il 5 % in A tla n tic C oast Line C o . 4 %
c tfs . o f in d e b ted n ess.
V . 81, p. 1558.
b In clud es 3 % paid In J a n . In A t l .
C oast L in e R R . 4 % c t f s . o f in d e b ted n ess.
V . 93 , p . 1385, 1323.
Nov. 25 1911.]
THE
Bonds Offered
Austin (Tex.) Street R y .—
.— Estabrook &
Co., Boston and New York, are offering at 95 and in t., to
yield
1st M. gold 5 % bonds, dated Jan. 2 1911 and
due Jan. 1 1936, but redeemable in whole or part at 10224}.
Equitable Trust Co., N . Y ., trustee. Interest J.
J.in
New York. Par, $100 (c*.)
5% % ,
&
Digest of Letter from President W . H. Folts.
In c orp orated In T e x a s in J a n . 1 9 1 1 ; acqu ired the p ro p e rty o f the A u stin
E le ctric R y ., an d op erates the stre et r a ilw ay sy ste m in. A u s t in , T e x .
H as
5 0 -y e a r franch ise gran te d A u g . 2 6 1 8 9 1 ; no on erou s c o n d itio n s.
O f an au th orize d issue o f $ 1 ,5 0 0 ,0 0 0 , $ 6 0 0 ,0 0 0 are n ow issu ed , $ 3 5 0 ,0 0 0
o f these to retire p reviou sly ex istin g b on d e d d e b t (called for p a y m e n t O c t. 1
1 9 1 1 , V . 0 3 , p . 5 2 6 ) , an d the rem ain d er to retire floatin g d eb t an d p rovide
for Im p r o v e m e n ts.
T h e $ 9 0 0 ,0 0 0 u nissu ed b o n d s can be Issued for p erm a
n en t ex te n sio n s, a d d ition s or im p ro v em en ts a t 8 0 % o f tile cash cost o f the
s a m e , b u t o n ly if net earn ings sh all su ffice to p a y 'sinking fund charges an d
tw ice the in terest c h a rg e , in clu d ing b on d s then so u g h t to be issu ed .
A nnual
sin kin g fun d begin n in g 1 9 1 5 , 2 % o f o u tsta n d in g bon d s an d a c cu m u la tio n s.
T h e c o m p a n y ow n s (a) 18 H m iles e q u iv a le n t single tra c k , a b o u t 16 m iles
o f w hich are laid in 5 5 -lb . rail, th e b alan ce in 7 2 -lb . rail; (b) 38 single truck
cars; (c) c en tra lly located p ow er h o u se , 1 3 5 x 8 0 f t . , an d ston e b u ild in g,
7 2 x 1 0 0 f t . , co n ta in in g p a in t sh o p , m a ch in e sh o p , & c .
Earnings of Predecessor Co. (which had paid Dividends on Stock since 1 9 0 4 .)
1906.
1907.
1908.
1909.
1910.
G r o s s --------------------------------------$ 1 1 8 ,1 7 6 $ 1 4 6 ,6 7 7 $ 1 5 3 ,2 6 1 $ 1 0 8 ,0 7 1 $ 1 8 1 ,7 5 7
N e t (after taxes) a v a ila b le
for in te re st------------------------4 0 ,1 1 1
6 2 ,7 2 4
6 0 ,2 9 9
7 0 ,9 4 9
7 6 ,9 1 4
In te r e st on p resen t issue o f $ 600,000
_
_
. . $ 3 0 ,0 0 0
F or the 6 m o n th s en d in g Ju n e 30 1911 the gross earnings were $ 1 0 2 ,8 2 7 '.
n e t , $ 4 0 ,8 3 0 ; in terest an d ta x e s , $ 1 9 ,3 3 2 ; b a la n ce , su rp lu s, S 2 1 .5 0 4 .
P o p u lation of c ity ( U . S . C en su s): 1 4 ,5 7 5 In 18 9 0 ; 2 9 .8 0 0 In 1 9 1 0 , e x clu
sive o f 5 ,0 0 0 stu d e n ts.
B u ild in g p e r m its, $ 1 0 1 ,3 0 1 in 19 0 5 ; $ 1 ,1 1 2 ,7 0 0 in
1910.
D epo sits o f n ation al ban k s an d tru st c om p an ie s D e c. 31 1 9 1 0 , 3 6 ,
0 .0 9 1 • C entre o f a good c o tto n -g r o w in g c o m m u n it y .— V . 0 3 , p . 5 2 6 ;
Necessity for Relief from Onerous
Stock
Boston & Maine R R .—
Valley R R . below.
( Boston Railroad Holding Co.—
.— The Mass R R .
Commission has approved an issue of 2,395 shares of pref.
stock at par, to pay a demand note of $239,517 given in con
nection with the purchase at auction on July 21 1911 of
2,273 shares of B oston& M aine com .stock.— V .9 3 , p. 1258.
Boston Terminal Co.
.— The 8500,000
bonds due Feb. 1 1947 have been awarded to Perry, Coffin
& Burr and will be offered to the public shortly.— V . 93,
p . 1323, 870.
Buffalo Rochester & Pittsburgh R y .—
— Hamil
ton F. Kean of Kean, Taylor & Co., has been elected a di
rector to succeed the late A . Lanfear Norrie.— V. 93, p. 939.
Leases .— Sec Suncook
—Bonds Sold
1461
C H R O N IC L E
3}4%
Director.
Canadian Northern Pacific R y . — Offering of Debenture
Stock Guaranteed by Govt, of British Columbia .— Subscription
books were open in London Nov. 16 to 18 at £99 per £ 1 00 at
the company’s bankers (Lloyds Bank, L td ., Bank of Scot
land and Canadian Bank of Commerce) for £1 ,438 ,35 6 1st M.
4 % guaranteed debenture stock, principal and interest un
conditionally guaranteed by the Government of British
Columbia, being part of an issue limited as below mentioned.
An advertisement said in substance:
Merger
Central Railway Co. of Canada.—
.— Notice is given
that the company will apply to the Parliament of Canada at
its next session for the passing of an Act
(1) T o confirm certain transfers an d agreem en ts m a d e b etw een th e c o m
p a n y an d th e O tta w a R iv e r R y . C o ., th e C entral C o u n tie s R y . C o ., th e
.( ? atT,E a y ern R y-> th e O tta w a V a lle y R y . C o ., th e C arillon & Gren
ville R y . C o . an d th e O tta w a R iv e r N a v ig a tio n C o ., an d to a m a lg a m a te
these c om p an ie s w ith th e Central R y . C o . o f C an ad a (see V . 9 3 , p . 3 4 5 , 7 3 0 ) .
(2) T o e x te n d th e tim e for th e c om p letion of th e ra ilw a y an d to au th orize
th e c o n stru c tio n o f b ran ch e s: (a) F ro m a p o in t In L a v a l C o u n ty to S t .
J ero m e , in T e rre b on n e C o u n ty ; (b) from th e m a in line in T w o M o u n ta in s
C o u n ty to S t . S ch o la stiq u e , in sam e c o u n ty ; (c) from th e m a in lin e In H o c h e . a C o u n ty th rou gh th e coun ties o f C h a m b ly , Vercheres an d S t . H y a cin th e to th e In te rcolon ial R y . a t or near S tc . R o salie in B a g o t C o u n ty ;
Kl) fro m th e la st n a m ed b ranch in C h a m b ly C o u n ty , th rou gh c ou n tie s o f
L ap rairie an d N a p le rv ille to th e In te rn ation al b o u n d a r y , S t . J oh n s C o u n ty ,
all in P rovin c e o f Q u e b e c .
(3) T o a u th orize th e c o m p a n y to en ter in to agreem ents w ith th e P o n tia c
C en tral R y . C o ., th e W e ste r n C en tral R y . C o ., th e Q u eb ec M o n tre a l &
S ou th e rn R y . C o ., th e M on treal & S ou th ern C oun ties R y . C o ., th e J o lie tte
& L a k e M an u an C olon ization R y . C o . an d th e Im p erial T r a c tio n C o .
J . D . W e lls o f M o n tre a l is S ec reta ry .
—First Dividend
Chicago Elevated Railways.
.— This vol
untary association, now controlling all the elevated roads in
Chicago, has declared a first quarterly dividend of 12 ^ % on
its $160,000 pref. participation shares (6 % cumulative),
payable Dec. 1 to holders of record N ov. 25 .— V. 93, p. 795.
Referred Back
Chicago & Milwaukee Electric R R .— Case
Judge Carpenter in the United States District
Court on N ov. 24, on the motion of the Merchants’ Loan &
Trust Co., trustee of the Illinois Division mortgage, ruled
that the order made on June 23 last, by which the foreclosure
suit was taken out of the hands of the Master (Morrison),
be vacated and that the case be again referred to the master.
All evidence and additional testimony are to be submitted
to the master, in order to complete the taking of proofs, so
that he may report on the case with all possible speed.— Y .
93, p. 939, 730.
to M aster—
Cincinnati New Orleans & Texas Pacific
June 3 0
Year —
R y . — R e p o r t .—
Gross
Net (after Other Rentals & P f.D iv.C om .D iv.B a la n ce,
Revenues. Taxes). Income. Interest.
(5 % ).
( 5 % ) . Surplus.
$
$
$
$
$
$
$
1 9 1 0 -1 1 ...9 ,2 0 5 ,4 0 5 2 ,8 1 8 ,2 8 8 4 4 0 ,1 0 1 1 ,3 5 3 ,0 1 8 1 2 2 ,6 7 0 1 5 0 ,0 0 0 1 ,6 3 2 ,7 0 1
1 9 0 9 -1 0 ...9 ,0 7 9 ,4 7 1 3 ,2 9 6 ,0 3 0 3 0 8 ,4 7 1 1 ,4 0 6 ,9 8 0 1 2 2 ,6 7 0 1 5 0 ,0 0 0 1 ,9 2 4 ,8 5 4
F r o m th e b alan ce as a b o v e in 1 9 1 0 -1 1 w as d ed u cted $ 6 0 6 ,6 7 1 fo r "p e r
m a n en t im p r o v e m e n ts, ad dition s an d b e tte r m e n ts ,” a gain st $ 1 ,4 7 5 ,9 5 9 In
1 9 0 9 -1 0 , le a v in g $ 1 ,0 2 6 ,0 3 0 in 1 9 1 0 -1 1 . ag a in st $ 4 4 8 ,8 9 5 .
An official statement says:
T h is action w as tak en in response to th e ex p e cta tio n of th e stock h o ld ers
fo r an Increased d istrib u tion b y reason o f th e increases o f n et in com e in
recen t years due to th e a b ility o f th e c o m p a n y to h and le m ore ec o n o m ic a lly
an increased tra ffic b y reason of the v e r y large ex p e n d itu res (aggreg atin g
m ore th an th e entire c o m m o n stock o f this c o m p a n y ) w hic i h ave been
m ad e for a d d ition s an d b ette rm en ts to an d u p on the C ir cln n tl Sou th ern
R y ., w hich a d d ition s an d b ette rm en ts will accrue e v e n tu a lly to the C ity of
C incinn ati— th e ow ners o f th e leased p r o p e r ty , an d n ot to m e stock h o ld ers
of this c o m p a n y , an d also b y reason o f the fa c t th a t d u rin g th e eleven years
fro m 1893 to 1 9 0 3 , in clu sive, n o d ivid en d s w ere p aid u pon th e c o m . stock
o f this c o m p a n y .
Rate Increased—Extra Distribution
.— A semi-annual divi
dend of 3 % , also an extra distribution of 2 > £ % , has been
declared on the $3,000,000 common stock, payable Dec. 15
to holders of record Dec. 2, comparing with 224j% semi
annually from June 1907 to June 1911.
T h e stock is rep a y a b le a t par on A p ril 2 1 9 50 a t th e C anad ian B a n k of
C om m erce In L o n d o n in sterlin g, or In T o r o n to in curren cy , at $4 8 6 6 6 to
th e .£1 sterlin g .
T h e sto ck will be registered in L o n d o n and T o r o n to , an d
w hen fu lly p aid m a y be transferred fro m on e register to the other on w ritten
in stru ction s o f h old er on a special fo r m .
In te rest will be paid b y w arrant
Common Stock Record (Per Cent) .
h a lf-y e a r ly A . & O . 2 , th e first p a y m e n t calcu lated fro m the d ates of the
'0 3 . '0 4 .
1905.
1906.
1 9 0 7 -1 0 .
1911.
variou s In sta llm en ts to be m ad e on A p ril 2 1 9 1 2 .
2
2
5
(
J
’
ne
3
,
D e c .2)
5 1 ■(J .3 , D . . 2 H ) 5 (2 J 4 J .& D .) 8 (in c l.2 'A e x t .)
T h e stock is secured b y a first m tg e . on th e c o m p a n y 's line o f railw ay be
tw een tile C ity o f V a n c o u v e r a n d th e b o u n d a r y o f the p rovin ces o f British
.— Daniel Willard of Baltimore, M. B . Waite
C olu m b ia an d A lb e r t a , an d u p o n certain other lin es.
T h e first-m en tion e d
and William C. Loree of Cincinnati have been elected direc
line will form p art of the m ain tra n s-c o n tin e n ta l line o f th e C anad ian N o r th
ern H y . sy ste m .
T h e stock Is c o n stitu te d b y a tru st deed In fa v o r of the
tors to succeed William Cotter, George W . Perkins and Nor
British E m p ire T r u st C o ., L t d ., o f E n g la n d , an d th e N a tio n a l T r u st C o .,
man B . Ream, who resigned.— V . 92, p . 1374.
L t d ., of T o r o n to , w hich lim its th e a m o u n t at a n y on e tim e o u tsta n d in g to
$ 3 5 ,0 0 0 per m ile (o r Us eq u iv a le n t in sterlin g or other m o n e y ), (a) o f the
&
— The Ohio
lines of railw ay to b e c on stru cte d as specified in the said trust d ee d , an d
(b)
of a n y a d d itio n a l lines h ereafter to be con stru cte d in th e P ro v in c e of Public Service Commission has been asked to sanction an
B ritish C o lu m b ia , In resp ect of which th e P rovin ce m a y h ereafter lie a u th o r
issue of $1,073,950 of additional stock in order to reimburse
ized b y Its Legislature to give a g u a r a n ty .
T h e stock is a first m o r tg a g e or
charge on the said lines of railw ay (exclu sive o f te r m in a ls), and certain other
the Pennsylvania RR. for improvements.— .V 92, p. 1635.
p r o p e r ty a n d assets as specified in th e said tru st d e e d .
[See Can . N o r . m a p
a n d s ta te m e n t for c o m p a n y , pages 21 an d 22 of " R y . & I n d .” Sec.]
— See Massachu
New Directors
Cleveland
Pittsburgh RR.— Slock.
State
Connecticut Valley Street Ry.— Control.
Copy of General Guaranty.
B y virtu e o f the pow ers conferred b y th e Legislature o f the P rovin c e of
British C olu m b ia, C a n a d a , an d of an order o f the L le u tc n a n t-G o v e r n o r -ln C ou n cll, a n d p u rsu an t to the p r o v isio n s o f a deed of tru st dated A p ril 2
A . I). 1910, m ad e b etw een th e C an ad ian N orth e rn P acific R y . C o ., N a tio n a l
T r u st C o ., L t d ., the British E m p ire T r u s t C o ., L t d ., tru stees, H is M a le s ty
th e K in g , a c tin g on b eh alf o f the P rovin ce of British C olu m b ia, an d the
C anad ian N orthern R y . C o ., th e said P rovin ce o f British C olu m b ia does
h e r e b y gu aran tee p a y m e n t, accord in g to their ten o r, of the p rincipal an d
in terest of the d eb en tu re stock an d o f b on d s (herein called gu aran teed se
curities) o f tile C an ad ian N orthern Pacific R y . C o ., Issued or to be issued
u nder the term s o f said deed o f tru st, p a y a b le on the 2d d a y o f A p ril A . D .
1 9 5 0 , and b earin g Interest a t th e rate o f 4 % p er a n n u m , p ayab le h a lf-y e a r ly .
T h e a m o u n t of said gu aran teed securities Included in this present gu ar
a n t y is the su m o f $ 2 1 ,0 0 0 ,0 0 0 or its e q u iv a le n t, £ 4 ,3 1 5 ,0 6 8 9 s . 10 J4d.
F rom tim e to t im e as the c o m p a n y m a y b ec o m e en title d to issue further
gu aranteed securities u n d er th e provisions o f said deed o f tru st, an d as fur
th er gu aranties o f th e p a y m e n t thereof arc g iv e n , all general gu aran ties
tak e n togeth er shall represent th e total securities gu aran tee d .
[Signed a t V ic to r ia , B ritish C o lu m b ia , Jun e 21 1 9 1 0 .
W . J . B ow ser,
M in iste r of F in a n c e .]— V . 9 1 , p . 3 7 , 9 3 ; V . 9 0 , p . 6 9 6 ; V . 8 9 , p . 1 1 4 1 .)
— Debenture Stock Offering
—Legislation Regarding Guaranteed
Canadian Northern R y .
.— See
Canadian Northern Pacific R y. above.— V . 93, p. 1385, 1383.
Canadian Pacific R y .
.— The company announces its intention to apply
to the Parliament of Canada, at its next session, for an Act
Securities
A m e n d in g th e S ta tu te r elatin g to th e c o m p a n y 's pow er to issue 4 °
c on solid ated d eb en tu re sto ck for the acqu isition o f m o rtg a g e bon d s so a
to m a k e it a p p ly also to th e d eb en tu re sto ck an d o th er securities o f an
o th er ra ilw a y c o m p a n y the principal or Interest o f w hich has been guaran
teed b y th e c o m p a n y , an d for other p u rp oses.
New Lines .— The
company will also apply for an Act
setts Northern Rys.— V. 91, p. 716.
Delaware Lackawanna & YJestern RR.— Lease—Bonds
— See Syracuse Binghamton & New York RR. and Oswego
& Syracuse RR. below.— V. 93, p. 1323, 1190.
Dominion Atlantic Ry.—
— Notice is given
that an application will be made to the Canadian Board of
Railway Commissioners for a recommendation to the Gov
ernor in Council for the sanction of a lease of the road to the
Canadian Pacific Ry. Co. for a term of 999 years from Jan. 1
1912 on the terms and conditions therein mentioned.—
V. 91, p. 716.
Durham & Charlotte RR.—
See Norfolk Southern.
Proposed Lease.
Sale.—
Everett (Wash.) Railway, Light & Power Co.— Proposed
Purchase of Water Co. by City.
Bonds.
— See “ Everett” in “ State and
City” department.— V. 93, p. 871.
Fitchburg RR.—
— The Mass. RR. Commission has
been asked to sanction an issue of $1,200,000 42^% bonds,
dated Jan. 1 1912, to provide for refunding $100,000 Brook
line & Pepperell RR. bonds maturing Dec. 1 1911, and to
reimburse the Boston & Maine for additions and betterments
under the lease. See V. 93, p. 730.
Gardner Westminster & Fitchburg St.
R y —Control.— See
Massachusetts Northern Rys. below.— V . 69, p. 1247.
Bonds Of
(1)
A u th o riz in g th e c o n stru ction of seven b ran ch lines In the P rovin ces of Georgia Railway & Electric Co., Atlanta, G a —
S ask a tch ew an an d A lb e r t a .
(2) A u th o r iz in g th e ex te n sio n o f th e L au d er
— Chas. C. Harrison Jr. & Co., Phila., are placing at
Hue to a p o in t a t or near S to u g h to n on th e A r e o la b r a n c h .
(3) A u th o r iz
in g an agreem en t w ith th e P rovin ce of N ew B run sw ick for a n y o f th e p ur
99 and int., yielding about 5 .0 5 % income, their block of
poses specified under S e e . 361 of th e R a ilw a y A c t in respect o f a lin e o f
$519,000 “ ref. & impt. M. sinking fund gold 5 % bonds.”
ra ilw a y ex te n d in g from N o r to n to M ln to , N e w B r u n sw ick , an d for o th er
p u r p o se s.— V . 9 3 , p . 1 1 0 3 , 8 7 0 .
There is now outstanding $1,743,000 of this issue, also $10,
fered.
Chicago Terminal M ortgage—
Lease
See Minneapolis St. Paul &
Sault Stc. Marie below.
.— See Dominion Atl. Ry. below.— V . 93, p. 1103, 870.
612,000 of prior liens.
A circular says:
P resent n et earnings are m ore th an 3 y tim es Interest ch arges, an d a fte r
p a y m e n t o f 5 % d ivid en d s on $ 2 ,4 0 0 ,0 0 0 p ref. stock are eq u iv a le n t to a b o u t
1 6 % on $ 8 ,5 1 4 ,6 0 0 c o m m o n sto c k , u p on which 8 % d iv s . are now b ein g p a id .
THE
U 62
Earnings Every Other Year Since the Consolidation.
1010.
1008.
1006.
1004.
1002.
G ross
8 4 ,0 4 0 .8 8 0
$ 3 ,3 3 9 ,0 2 1
$ 2 ,8 9 4 ,0 2 4
$ 2 ,1 1 2 ,9 7 3
$ 1 ,6 2 9 ,6 9 0
N et
2 ,1 3 2 ,4 4 1
1 ,6 8 9 ,0 2 6 1 ,4 6 7 ,0 7 2
1 ,0 2 4 ,8 9 2
7 6 6 ,0 0 2
F o r th e n ine m o n th s ended S e p t. 3 0 1911 th e c o m p a n y reports Increases
In gross a n d n et earnings o f $ 3 3 2 ,4 7 6 an d $ 1 8 3 ,8 0 0 , r e sp e c tiv e ly , o v e r th e
corresp on d in g period of 1 9 1 0 .— -V . 9 3 . p . 1 2 5 9 , 1 1 0 1 .
Trackage Rights Construction.— The
Grand Trunk Ry.—
—
following, is pronounced practically correct:
A n a rran g em en t has been m ad e for tra ck age righ ts o v e r th e T e m is k a m Ing & N orth ern O n tario R y . (ow ned b y th e P rovin ce o f O n ta r io ), in con-,
sld era tio n o f w hich th e G ran d T r u n k assu m es an eq u ita b le share o f th e ge n
eral m ain ten an ce of the road an d p a y s the su m o f $ 3 0 0 ,0 0 0 per a n n u m as
ren tal fo r such run nin g righ ts, this su m rep resen tin g o n e -h a lf o f th e in terest
___
on the to ta l cost o f c o n -1ru ction .
, .
.
T h e m ain line o f the T e m isk a m in g & N orth e rn O n tario has been c o m
p leted fro m N o rth B a y , O n t ., on B ak e N ip issln g , c o n n ec tin g there w ith the
G ran d T r u n k an d the C anad ian P acific, n orth erly to C och ran e , on the Gtancl
T r u n k P acific R y ., a d istan ce of 25 3 m iles,
T h e P orcu p ine b ran ch . It is
e x p e c te d , w ill be co m p le te d to M e ta g a m i R iv e r before tn e en d o f the p .c ^ cn t
y e a r, w hen th e railwa-y, w ith branches, w ill h ave a b o u t 3 8 0 m iles in opera
tio n .
S u r v e y s for a possible ex ten sion of the line h a v e been m ad e as fa r
north as J am es B a y , in case it is decided to con tin u e th e lin e to th a t p o in t .—
.
Sale of Tickets.
A t th e A tla n tic A v e . s ta tio n in B r o o k ly n , w here th e su b w a y con n ec ts
w ith th e L o n g Islan d R R . , 1 6 ,7 1 8 ,8 5 0 tick e ts w ere so ld , th e in crease of
1 48 2 56 0 being greater th a n a t a n y other sta tio n .
A s regards Increase in
s a le s ,’ th e H o y t St. s ta tio n , B r o o k ly n , c a m e n e x t, an d 1 8 1 st S t ., on th e
B r o a d w a y b ra n c h , th ir d .
D ecreases were sh ow n a t th e Grand C en tral
S ta tio n , 2 3 d S t . , B r o o k ly n B ridge an d W a ll S t .— V . 9 3 , p . 7 3 1 , 6 0 0 .
Decision as to Guaranty
I t w ou ld be a breach o f faith w ith th e G ran d T r u n k R y . to let in a n y fur
th e r ch arge in p riority to their se c u rity , a n d , as it ap pears to tlieir L ord
sh ip s, th e c o m p a n y h as no pow er to issue b on d s oth er th a n th ose au th orized
b y th e origin al c o n tr a c t.
I t is op en to th e G o v e r n m e n t to su p p le m en t
their g u a r a n ty , eith er b y a p a y m e n t in cash or in a n y oth er m an ner which
p rodu ces th e sa m e resu lt w ith o u t im p o sin g a n y further lia b ility on th e c o m
pany.
[T h e op in ion w as give n a t len gth in th e
M o n e ta r y li m e s
of
N o v . 1 8 .— E d .] — V . 9 3 , p . 1 3 8 6 , 1 3 1 8 .
Bonds.—
Guayaquil & Quito Ry.—
The Council of Foreign
Bondholders in London received advices on or about Nov. 9
that the daily deposits to the bondholders’ account had been
resumed under contract of Sept. 30 1908 and that the first
fortnightly remittance would be forwarded on Nov. 15.—
V. 93, p. 1323.
Hudson & Manhattan RR
7
— The company
announces that, beginning Dec. 24, the fare between Jersey
City and Hoboken and 6th Ave. or uptown N. Y . City will
be increased from 5 cts. to 7 cts.
.—Fare Between Jersey City and
Hoboken and Uptown New York to be Cents.
D ig e st o f Official Statement by President W . G. McAcloo. Nov. 21 1911.
B efo re th e tun nels w ere op en ed an d after lon g c o n sid eration , it w as d e
term in ed to tr y a u n iform fare o f 5 c e n ts, alth ou gh th e c o m p a n y h ad .the
righ t a t th a t tim e to m a k e it 8 cen t3.
A fte r a lm o st fo u r years o f tria l, it
h as b een d em o n stra te d t h a t w e arc n o t ju stifie d in c arryin g passengers
b etw ee n N e w Jersey an d u p to w n N e w Y o r k , for a 5 -c e n t fare.
F r o m all of these poin ts to 6 th A v e . , N ew Y o r k , the r a te b y ferry an d
tro lle y is 8 c e n ts, w hile fro m S u m m it A v e . in J ersey C ity to 6th A v e . p oints
th e c o m b in e d ra te o f tro lleys an d ferry is 13 c e n ts.
M ore over, b y ferry
a n d tro lley fro m H o b o k en to 33 d S t . th e tim e is 30 m in u te s, a gain st 14
m in u te s b y tu n n e l; fro m th e E rie sta tio n to 3 3 d S t . it is 39 m in u te s, again st
13 m in u tes b y tu n n e l.
T h u s w c h a v e the a n o m a lo u s co n d itio n o f th e
superior fa c ility receivin g a lower rate th a n th e inferior fa c ility .
T h e tu n n el sy ste m is now p ra ctic a lly c o m p le te d , e x c e p t for the ex ten sion
fr o m 3 3 d S t . to th e G rand C en tral S ta t io n .
T h e en tire in terest on the
b on d e d d e b t an d all fixed charges m u s t, w ithin th e n ear fu tu re , be charged
a gain st th e earn ings from th e railroad an d th e 'te r m in a l B u ild in g s.
O n the
b usin ess thus far d e v e lo p e d , an d w ith a u n iform 5 -c c n t fa re, th e co m p a n y
h as n o t ea rn ed in terest on its b o n d s, ta x e s an d other fixed ch arges.
F o r th e year 1 9 1 0 -1 1
ta x e s alon e aggre gate d $ 4 1 4 ,5 8 8
an d for th e
p resen t fiscal year w ill be a p p r o x im a te ly $ 4 7 8 ,2 8 1 .
I f th e c o m p a n y w as
e x e m p t from ta x a tio n (like th e N . Y . S u b w a y ) H o o u l d e m ^ ^ ^ a ^ ^ t h a t
p assen gers for a u n ifo rm 5 -c c n t fa r e .
I t sh o u ld b e rem em b ered also th a t
th e N Y C ltv S u b w a y , a far less c o s tly u n d erta k in g , w as financed w ith
C ity c r e d it, a t low rates of in te re st, w hile th e H u d s o n Tunnels h a v e been
fin a n ced b y p r iv a te c a p ita l, a t higher rates, a n d w ith n o financial aid f io m
S t T h e °tu n n e ?U iie s b ^ t w ^ ^ J e r s e y C ity . H o b o k e n an d 6tli A v e . In v o lv e an
a v e ra g e lon ger h a u l, an d cost d ecid e d ly m ore to c o n str u c t, than th e tun nel
lines to d o w n to w n N e w Y o r k .
It see m s, th erefore, rea so n a b le t h a t , in a
r e a d ju stm e n t o f rates, th e fare to uptown N e w Y o r k sh ou ld b e m o te th an
th e fare to downtown N e w Y o r k .
F o r these reason s it has been d ecided to
increase (b egin n in g D ec. 24 1911) th e rate b etw een J ersey C ity , H o b o k e n
a n d 6th A v e . , or uptown New \ o r k , to 7 c e n ts.
I h e p resen t rate o f o c en ts
b etw ee n N e w Jersey an d u p to w n N e w Y o r k , for a 5 -e c n t fa r e .
W it h this Increase In the u p to w n rate to 7 cen ts an d w ith th e n ew service
p u t in to op eration betw een N e w ark an d N e w Y o r k , a n d w ith a reason ab le
grow th In tra ffic o v e r the s y s te m , th e c o m p a n y will earn its fixed charges
w ith a rea so n a b le su rp lu s for e q u ip m e n t, renew als a n d con tin ge n c ies.
T h e c o m p a n y is n ow an d h as a lw a y s been in d e p e n d e n t.
N o railroad
c o m p a n y In N e w Jersey or elsew here h as ever h ad a n y financial in terest in
this c o m p a n y or a n y voice in Its m a n a g e m e n t.
,
Service to Newark Nov.
26.— To-morrow will mark tho in
auguration of the new service over the Pennsylvania R R .Hudson & Manhattan RR. rapid transit line from the Hudson
Terminal in lower New York to Park Place, Newark. A
special train on Thursday covered the distance in less than
20 minutes, which is to be the regular running time,— V. 93,
p . 1259, 940.
Illinois Traction Go.—
— N. W . Halsey
& Co., N. Y ., Phila., San Fran, and Chicago, are distribut
ing among their friends and customers copies of a descriptive
booklet, with numerous views, of the Illinois Traction sys
tem, showing the substantial character of the equipment,
both passenger and freight, stations, block signals, &c.
Descriptive Booklet.
T h e firm rec en tly financed the P eoria R y . C o . ( V . 8 9 , p . 4 2 ; V . 9 0 , p .
5 6 0 ) , th e S t . L ou is Springfield & Peoria R R . ( V . 9 0 , p . 3 0 4 ) an d the B lo o m
in g to n D ecatu r & C h am p aig n R R . ( V . 0 2 , p . 2 5 9 ) , a ll three being p arts o f
th e Illinois T ra c tio n s y s t e m .
n „ „ „
,
Statistics Furnished (Compare M a p , etc., pages 23 to 2 5 , E l. R y . Section).
P assen gers carried: In te ru rb a n lin es, 1 0 ,0 0 0 ,0 0 0 ; c ity lin es,
4 0 0 0 0 0 0 0 ; t o t a l______________________________________________________.5 0 ,0 0 0 ,0 0 0
N u m b e r of passen ger trains in y e a r , 2 2 0 ,1 5 5 ; freigh t tra in s, 2 1 ,7 6 5
2 4 1 ,9 2 0
T r a c k a g e ; (a) In te r u r b a n — M ain tra ck , 4 17 . l o m iles; p assin g tra ck ,
3 5 .3 1 ; d ou b le tra ck , 6 .6 7 ; t o ta l, 4 5 9 .1 3 ; (ft) C ity stre et rail
w a y , 1 6 9 .6 0 ; to ta l all lines ( m i le s ) ------------ - - ----o .b .7 3
S ta tistics of in teru rb an lines ( 4 5 9 .1 3 m iles o f tra c k , 100 s ta tio n s ).
P o p u la tio n : C ities, 1 ,0 7 0 ,0 2 1 ; c o u n tie s, 1 ,5 2 5 ,5 6 5 ; served b y r d - - 2 ,o 0 0 ,0 0 0
N u m b e r of cars: P assen ger, 1 5 0 ; fr e ig h t, 0 0 0 ; ex p re ss, 1 2 8 ; t o t a l , .
8^8
P ow er sta tio n s: C en tral sta tio n s, 4 ; su b -s ta tio n s , 4 0 ; t o t a l-----------44
L e n g th o f M c K in le y B ridge ove r M ississip p i R iv er (river sp a n s,
2 ,0 6 5 f t . ; shore sp a n s, 4 5 0 f t .; ap p ro a ch es, 4 ,1 0 0 f t . ) , to ta l (m iles)
1U
T h e in teru rb an lines h ave as sta n d a rd 7 0 -lb . rail ( A . S . C . E .) ; avera ge
w id th o f r ig h t-o f-w a y , 66 feet; Include 4 b e lt lines; 1 2 0 m iles are p ro te cted
b y b lo c k sig n a ls.
D ivisio n o f freigh t tra ffic : P rod u c ts o f agricu ltu re ,
4 5 7 % ; p rodu cts o f tho m in e, 6 8 . 8 2 % ; p rod u cts o f th e fo r e st, 4 . 2 3 % ;
p a ck in g -h o u se p rod u cts an d liv e sto c k , 1 . 1 5 % ; m a n u fa c tu res a n d m e rch an
d ise. 5 . 9 3 % ; m iscellan e ou s, 1 5 .3 0 % ,.
,
T h e M c K in le y B rid ge h a s.a c a r r y in g -c a p a c ity per lineal fee t o f 1 2 ,0 0 0 lb s .;
Its w id th Is 65 f t . ; clearan ce a b o v e lo w -w a te r, 8 5 f t . — V . 9 3 , p . 6 6 6 , 5 2 7 .
Tenders Asked.
l x x x x ih
to noon Jan. 5 next for the sale to it, at not exceeding 105 and
interest, for account of the sinking fund, of series “ A ” bonds
due N ov. 1 1952 to exhaust the sum of 8314,743 60.
— During the year ended June 30 1911
there were 276,704,796 tickets sold at the various stations of
the subway, showing a total increase of 7,742,681 over the
year before and an average daily, counting Sunday as only a
naif-day, of 813,837, against 791,035 in 1909-10 and 701,265
in 1908-09.
.— The opinion by Lora Macnagnten
on behalf of the Judicial Committee of the Privy Council,
London, which sustained the position of the Grand Trunk
Pacific Ry. in regard to the guaranty agreements with the
Canadian Government (compare V. 93, p. 1386), says in part:
Interborough Rapid Transit Go,—
— The
Guaranty Trust Co., as trustee, will receive sealed offers up
[V o l.
C H R O N IC L E
Franchise Tax Decision.
— The Court of Appeals on Oct. 17
handed down a decision in the suit brought by the Manhattan
R y. reducing the value of the special franchises in the
Borough of Manhattan from 875,000,000, as fixed by the
State Board of Tax Commissioners, to 865,350,060, a reduc
tion of 81,311,870 from the amount found by the lower
courts. The case was remitted to the lower courts, but has
since been settled.
T h e C ou rt ap plied th e n e t earn ings rule to the ev id en ce as laid d o w n In
th e J am aica W a t e r S u p p ly C o . case (19 6 N . Y . , 3 9 ; see C hron icle, V . 8 9 .
n 1 4 1 3 ) , an d the case is o f Interest in th a t It am plifies on th e p ractical ap pli
c ation o f the rule there laid d o w n .
T h e low er cou rts d e w i n g th e princi
ple laid d ow n in th e T h ird A v e . R R . case (198 N . Y „ 5 0 8 ; 136 A p p . D i v .,
155) determ in ed th a t th e relator w as en title d to m ak e a n n u al d ep reciation
charges, am o u n tin g in M a n h a tta n B orou gh to $ 3 6 0 ,6 1 4 an d in B io n x B or
ou gh to $ 3 7 ,4 3 6 , to create a fu n d to p ro v id e for d ep reciatio n , u p on w hich
interest a t 4 % c o m p o u n d e d w ou ld p rodu ce a su m a t the term in ation o f th e
ascertained ph ysical life o f th e sev eral classes o f p roperty eq u al to th e c o st
of the particular p r o p e r ty .
T h e m a jo r ity o f th e higher co u rt, h ow ever, al
low ed th e c o m p a n y ’s c o n te n tio n t h a t th e an n u al allow ance lo r d ep reciation
sh ou ld b e c o m p u te d b y d iv id in g the v alu es o f the variou s kind s o f tan gib le
p ro p e rty b y th e n u m b e r o f years o f their resp ective estim a ted ph ysical liv e s,
thu s p rovid in g for d ep reciatio n as required fro m tim e to tim e in the im in ne
th a t railroad com p an ies recon stru ct their road3 a n d rollin g s t o c k .— V . 9 J ,
p . 731, 666, 664.
New General Manager.
Long Island RR.—
— James A . McCrea, son of President James McCrea of the Pennsylvania
R R ., has been appointed General Manager at the request
of President Peters, who desired to be relieved of that office,
which he held in addition to the presidency.— V , 93, p.
1324, 1022.
Louisiana & Northwest RR.—
The stock
holders at a meeting on Oct. 25 authorized the issuance of
81,860,000 three-year 5 % collateral trust gold notes, secured
by first mtge. 5 % bonds dated April l 1905, the proceeds of
the notes when sold to be used for refunding, extending the
line and for betterments. Beyond this authorization, we
understand that plans are not fully matured.— V . 93, p. 731.
Note Issue—
Louisville & Nashville RR.— Joint Control of New Orleans
Mobile & Chicago R R — See St. Louis & San Francisco R R .
Listed. — The New York. Stock Exchange has listed 81 0,
000,000 additional Atlanta Knoxville & Cincinnati Division
4 % bonds due 1955, making the total amount listed 8 2 0,
245,000. These are the bonds which were offered in June
last. V . 92, p. 1565.
.
„
A
— For the 3 months ending Sept. 30:
Earnings.
Three
ftfonth?__
Operating
upvptiiibs
Net (after
Taxes)*
1911
$ 1 3 ,0 3 0 ,4 9 0 $ 3 ,8 2 4 :7 0 7
1 9 10
1 3 ,3 7 9 ,0 3 8
3 ,3 6 0 , 9 7 0
— V . 93, p . 1191, 94 3 , 9 3 6 .
Other
1'ncovie.
$ 5 0 0 ,9 8 6
...............
Fixed
Charges.
$ 1 ,0 2 9 ,5 7 1
....................
Balance
for Divs.
$ 2 ,3 9 6 ,1 2 2
Accrued
Massachusetts
Boston.— -17*1
•LUctiSSUiliilUSBltba Electric
XILVI UIIV Cos.,
---------------• 4%
su --------Dividends on Preferred Stock to Be Paid m Pref. Stock at Par
as of July 1 1912— Trustees’ Statement.— 'The trustees, on
j
N ov. 23, in addition to declaring the usual semi-annual divi
dend due Jan. 1, recommended the payment of the accrued
dividends of 1 7 % % on the preferred shares in pref. stock at
par on July 1 1912.
This will increase the outstanding pre
ferred from 820,55 7,4 00 to 824,206,338.
D ig e st o f S ta te m e n t b y T r u s t e e s o f th e M a s s a c h u s e tts E le ctric C o s .
I t Is the op inion o f th e tru stees t h a t th e tim e has com e w h e n th e p rob
ab le futu re earnings ju s tify the a d o p tio n o f such a plan ( V . 9 1 , p . 1 5 7 H Th ^ Diet sh areholders a re, o f co u rse , en title d to tlieir a c cu m u la te d d iv i
den ds in cash b u t o n ly fr o m n e t ea rn in g s, and o n ly w hen the financial c o n
dition of t h e ’ tru st w ill p erm it n et earnings to be so a p p r o p r ia ted ,
do
u n d ertake t o p a y th e sa m e in c ash in th e near fu tu re is Im p ra c tica b le , be
cause It w ou ld in v o lv e th e creation o f a floating d eb t w hich m ig h t seriou sly
im n alr the cred it an d resou rces o f th e a ssociatio n .
T h e issue o f preferred
shares for such arrears will be o f a d v a n ta g e n o t o n ly to tho p r e f. share
h olders b u t also to th e c o m m o n sh areh o lders, w ho can receive no d ivid en d s
u ntil such ac cu m u la tio n s h a v e been liq u id a te d .
,
,
T h e tru stees th erefore, r e c o m m en d th a t the pow ers give n th e share
holders b y the tru st in stru m en t be so exorcised as to au th orize th e tru stees
t o issue as of J u ly 1 n e x t $ 3 ,0 4 7 ,0 0 0 (par valu e) of ad d itio n a l p r e f. shares
an d to offer these a t p a r in p a y m e n t o f the c laim s for arrears of <llv (lends
on th e o u tsta n d in g p r e f. shares
A t th e ex p iration o f th e tru st all p ref.
sh ares, old an d n ew . will be en titled to p a y m e n t In cash a t p a r .— v .y .s .p a o o .
Massachusetts Northern Railways, Greenfield, M ass.—
I his is
the name of a voluntary association organized in Boston on
N ov. 16 to manage and control the following lines:
Organized to Control Connecticut Valley St. Ily., &c.
C on n ecticu t V a lle y S t . R y . (see p . 84 o f “ E l . R y .
'O p e ra tin g
betw een M illers’ F a lls , T u rn e r’s F a lls, G reen field, N o r th a m p to n
an d A m h e r st
__________________________ 4 7
A th o l & O ran ge St". R y : ‘(sto ck $ 7 4 ,5 0 0 ;T sY m . 5s o f 1 0 0 5 , d u e J a n . 1
1 9 1 5 , $ 6 0 ,0 0 0 ) , o p e r a tin g -------------------------------------------- - - - v r . v r r -Tv
7
Gardner W e s tm in s te r & F itch b u rg S t . R y . (see p . o2 o f
EL R y.
Sec *’ )
o p e r a t i n g _______ _____ ___________________________________________16
T e m p le to n S t . R y . (c a p . s t k . J un e 30 1 9 1 0 , $ 7 5 ,0 0 0 ; n otes p a y a b le ,
$ 4 3 5 ,5 3 2 ) , o p e r a tin g ---------------------------------------- --------------- --------------------------18
A ls o th e p roposed M iller’s R iv er S tre et R y .
m iles
m lles
m iles
m iles
Trustees for First F ive Years Under Agreement, A m . Tr. C o., Boston, Trustee.
R ussell G . Fessen den o f B o s to n , P res. A m c r . ' I rust C o .; R ich ard M . S a lt o n s ta ll, o f th e firm o f G a sto n , S n ow & S ta lto n sta ll, law yers; Josep h W .
S te v en s o f G reen field , P r e s. IHrst N a t . B a n k ; R o b e r t L . W a r n e r o f B o s to n ,
o f W a r n e r , T u ck er & C o ., b an k e rs; E d w a rd C . C rosb y o f B r a ttlc b o r o , c a p i
ta list: Frederick E . Pierce of G reenfield, P res, o f th e tru st; D an iel P . A b e r croinble J r. of G reentteld, clerk a n d T reasu rer o f the tru st.
Further
Particulars
From
Public
Announcement.
T h e lines con trolled w ill cover 8 8 m iles o f r o a d , p assing throu gh 1 5 cities
an d tow n s h a v in g a p o p u la tio n o f o v e r 1 2 5 ,0 0 0 , an d It is p roposed t o run
throu gh cars for b oth passen ger anil express service.
T h e p h ysclal v a lu e
o f th e p rop e rty p assin g in to th o con trol o f tho a ssociatio n is s ta te d to do
N ov. 25 1911.J
THE
C H R O N IC L E
$ 2 ,3 5 0 ,0 0 0 , .and th e earn ings fo r th e ye ar en d ing Ju n e 30 last ex ce ed ed
$ 3 7 7 ,0 0 0 .
T h e office o f th e associatio n is to he a t G reenfield, w here th e
o ffic e o f th e C on n ecticu t V alle y S t . R y . C o. Is now situ a te d , an d the c o n
trol o f th e properties Is in th e h an d s o f the sa m e persons as th e con trol o f
th e C on n ecticu t V a lle y S treet R y .
In Possession.
— Deeds were filed on N ov. 18 transferring
the property of the Montreal Street R y. Co. to the Tram
ways Co., per plan in V . 93, p. 1022.— V .93 ,p. 1324, 1022.
New Orleans Mobile & Chicago R R .—
cfe A .
— See
St. Louis & San Francisco R R . below and compare V . 93,
p. 1108, 1191.
Sale Again Adjourned .— Frisco and L.
24,
Metropolitan Street R y ., N . Y .—
The foreclosure sale, which had been adjourned to N ov.
has been further postponed to Dec. 29, at which time
reorganization committee expect to bid in the property
carry through a reorganization.— V . 93, p. 13S7, 731.
the
and
Bonds.
Mexico North Western R y .—
— The London Stock
Exchange on Nov. 10 listed £5 67 ,4 00 5 % 1st M. bonds,
making the total listed £ 5 ,0 0 0 ,0 0 0 . See V . 93, p. 727, 1324.
Minneapolis St. Paul & Sault Ste. Marie R y .
D a te d N o v . 1 1 0 1 1 .
T o ta l a u th orized issue, $ 2 0 ,0 0 0 ,0 0 0 .
Due N ov. !
1 9 4 1 , b u t red eem ab le on a n y in terest d a te after M a y 1 1 9 1G as a w hole a t
1 0 5 an d in t. on 90 d a y s ’ n otice a n d in part b y lot for the sin kin g fu n d a t
102 A an d In t.
D e n o m in a tio n s: C $ 1 ,0 0 0 ; r * $ l ,0 0 0 an d $ 5 ,0 0 0 .
G u a ra n ty
T r u st C o . of N . Y . , tr.i d e c .
I n t . M . & N . In N . Y . an d L o n d o n .
T h e m o r tg a g e p rovides for a sin kin g fun d b egin nin g in 1910 su fficien t to
retire a t or before m a tu r ity all bon d s Issued.
T h e tru stee m u st c all bonds
fo r p a y m e n t a t 102 1; an d in t. each ye ar beginning N o v . 1 1 9 1 0 , If n o t o b
ta in a b le In the op en m a r k e t a t th a t price or low er.
T h ese $ 0 ,0 0 0 ,0 0 0 bon d s arc Issuable o n ly for cash in v e stm e n t In th e p rop
e r ty a t le ast equ al to their par v a lu e, as certified to th e tru stee.
Issu e o f th e
rem ain in g bonds o f th e $ 2 0 ,0 0 0 ,0 0 0 au th orized Is restricted to an a m o u n t
n o t ex ce ed in g , a t p a r, 8 0 % o f the cost o f term in al exten sion s an d Im p rove
m e n ts, as certified to the tru stee.
T h e C anad ian P acific R y . C o . secures Its p rincipal en tran ce Into th e
U n ite d S ta te s th rou gh th e M in n . S t . P . & S . S . M . R y . , w hich It co n tro ls
■ 5 wner,ship o f a m a jo r ity of both preferred an d c o m m o n sto c k s .
D iv i
d en ds o f 7 % per a n n u m h a v e been p aid regu larly for a n u m b e r o f years on
each class of sto c k , a to ta l of $ 3 7 ,8 1 0 ,0 0 0 being n ow o u tsta n d in g .
L e g a lity
o f this Issue has been ap p ro v ed b y .Strong & C ad w a la d cr.
A p p lic a tio n will
b e m a d e to list this loan on th e N e w Y o r k S to c k E x c h a n g e .— V . 0 3 , p .
Jointly Controlled by
RR.— Proposed Through Service.
Equipment Trust 4f£s.
New York Central Lin es.—
— The
directors of the several companies interested have authorized
an issue of §15,000,000 joint 4 j ^ % equipment trusts matur
ing in annual installments over a period of 15 years. Guar
anty Trust Co., trustee. See V . 93, p. 1387.
New York Susquehanna
Western R y .—
— Beginning Dec. 1 trains will run to and from the
terminal station of the Erie at Jersey City instead of the
Pennsylvania station as heretofore.
— Offering of ri
Join t Bonds on Chicago Terminals of Canadian Pacif ic System. Terminal.
— V/m . A . Read & Co., N. Y ., Boston, Chicago and London,
are offering at 9 6 ^ and int., by advertisement on another
page, the unsold portion of the present issue of $6,000,000
1st M . Chicago Terminal sinking fund 4 % gold bonds,. This i ss i i e is a direct joint and several obligation of the Minneapo
lis St. Paul & Sault Ste. Marie and the Central Terminal
Ily . Cos., secured by direct first mortgage of the Central Term
inal R y. Co., covering railway terminals at Chicago for the
Minneapolis St. Paul & Sault Ste. Marie R y. Co. and Cana
dian Pacific R y. System lines. The firm states in substance:
1463
&
New Jersey City
1 he E rie u n til re c e n tly la c k ed facilities fo r th e a d m ission o f th e S u sq u e
h a n n a tra in s, an d th e c o n tr a ct fo r th e u se o f th e P e n n sy lv a n ia sta tio n w as
tnerefore c o n tin u e d .— V . S 3 , p . 1 1 0 2 , 1 0 2 2 .
Acquisitions.
Norfolk Southern R R ,—
— The company has
acquired the entire capital stock of the Aberdeen & Asheboro
R y ., Durham & Charlotte R R . and Raleigh & Southport
R y ., operating together 228_ rnjles of road in the Piedmont
section of North Carolina, with 25 miles under construction.
Capitalization (as recently reported) and M ileage of Roads Acquired.
■
Stock.
Bonds. M i l ’gc.
A ante of Company
-------------------------D u rh a m & c h a il0 tte R R ------------------------------R a leigh & S o u th p o r t R y --------------------------------------*A lso 2 5 m iles u n d er c o n stru c tio n .
$ 2 7 0 ,0 0 0 $ 1 0 4 ,0 0 0
1 0 0 ,0 0 0
N one
600,000
637,000
112
50
*6 6
T h e A b erd ee n ci A sh e b o r o e x te n d s fro m A b erd ee n to A s h e b o r o , N . C .,
(i) C!J’ l ^ scoe to M t . G ilead , N . C ., 22 m .; W e s t E 2id to J ack son S p rin g s,
o L 0 ”, t m '.’ A e 11,'10,1', 5 ° L ” c‘'0 'v,,!17 L “ l ” a n ? leases C arth age & P ln e h u r st
R L . , 12 m ., to ta l, 1 1 - m iles.
In e D u rh a m & C h a rlo tte R I i . o p erates fro m
T r o y to C o lo n , N . C ., 00 m iles, an d th e R a leig h & S o u th p o r t R y . fro m
R a le ig h , N . O ., to F a y e tte v ille , 64 m iles, in clu d in g 2 m iles of tra ck a g e , an d
h as u n d er co n stru c tio n a branch fro m L illin gton to S a n fo r d , 2 5 m iles.
Decision.
— The decision of the Supreme Court of Appeals
(opinion by Cardwell, J.) referred to last week (page 1387),
which sustained the demurrer to the bill of Van Dyke, Zell
and others against the company and the reorganization com
mittee, is based on the theory that no completed and enforce
able contract was ever entered into between the parties, the
Montreal Tramways Co.—
— Harris, Forbes bill merely setting out various negotiations between them.
Co., New York, Harris Trust & Savings Bank (the trustee), — V . 93, p. 13S7, 1109.
Chicago, and N . \V. Harris & Co. and Perry, Coffin & Burr,
Oswego
Syracuse R R .—
— The shareholders will
Boston, have sold at par and int. §10,445,000 “ first and re
funding mortgage” 5 % gold bonds dated July 1 1911 and due vote Dec. 6 on authorizing a §2,000,000 mortgage, §500,000
to reimburse the Del. Lack. & W est, for advances for im
July 1 1941, but redeemable as an entire issue (but not any
part) at 105 and int. on any interest date. Int. J. & J. in provements, & c., §600,000 or §700,000 to pay off some ma
N . Y ., Chic., Montreal and London. Par §500 and S I ,000 turing bonds, and the remainder for construction.—
V. 91, p. 1026.
(c*). Payable in London, p.
i., in sterling at §4 86 2-3.
Pacific Electric R y .—
.— The
National Trust Co., L td ., Montreal, co-trustee. Applica
tion will be made to list these bonds on the New York, stockholders on Nov. 16 voted to authorize the new mort
gage for §100,000,000. Compare V . 93, p. 872, 667.
Montreal and London Stock Exchanges.
A bstract of Letter from President H. A . Robert, Montreal, Nov. 17 1911.
Pacific Gas & Electric Co., San Francisco.—
O rgan ized 1911 u nder special ch arter from P rovin ce o f Q u eb ec an d has
— Notice is given by advertisement on another page by
acqu ired the p r o p e r ty , righ ts an d franchises of the M on tre al S tre et R y . C o.
a n d eith er th e p r o p e r ty , A c ., or th e entire cap ita liz a tio n o f its a ffiliated
Secretary Charles D . Foote that the directors at a meeting
c o m p a n ie s.
S erves a p op u lation of ove r 5 0 0 ,0 0 0 ( V . 9 2 , p .. 5 2 7 ) .
on N ov. 22 at 3:30 o’clock P. M ., for the purpose of con
Capitalization.
C o m m o n s t o c k ......................................
verting §10,000,000 of the accumulated surplus into capital
............
$ 2 ,0 0 0 ,0 0 0
D e b en tu re (5 % ) sto c k , d ated 1 9 1 1 ......... ............... ......... ................................1 0 ,0 0 0 ,0 0 0
stock, authorized the issuance of fully-paid-up common stock
F irst & refu n d in g m o rtg a g e 5 % b o n d s ______________________________ 1 0 ,4 4 5 ,0 0 0
to holders of common stock of record at that time in the pro
R e serv e d to retire rem ain in g u n d erlyin g bond s [o u tsta n d in g , due
in 1 9 2 2 , $ 4 ,4 2 0 ,0 0 0 (see “ E l . R y . S e c .” ) , less $ 1 ,1 4 7 ,0 0 0 cash
portion of one-half share for each whole share of common
d ep o site d w ith R o y a l T r u st C o ., tru stee, to retire s a m e ______ 3 ,2 7 3 ,0 0 0
stock then held by them.
Certificates for the new stock will
T o en ab le the c o m p a n y p rop erly to finance th e assured grow th of th e
p r o p e r ty , it has a u th orized an issue o f $ 7 5 ,0 0 0 ,0 0 0 "f ir s t and refu nd ing
be issued as soon as possible and sent by registered mail to
m o r tg a g e ” gold b o n d s, b earing Interest a t not m ore th an 5 % .
E x c e p t for
holders of record.— V . 93, p. 1191.
th e $ 3 ,2 7 3 ,0 0 0 bon d s reserved to retire u n d erlyin g liens, a d d itio n a l bond s
can o n ly be Issued for n ot ex ce ed in g 7 5 % o f the cash c o st o f ex te n sion s and
Pecos Valley Southern R y .—
.—
a d d itio n s w hen th e net earnings for the preceding 12 m o n th s are tw ice the
The company recently applied to the Texas R R . Commission
an n u al Interest charge on “ first and r e fu n d in g " an d u n d erlyin g b on d s o u t
sta n d in g , in clu d in g th ose proposed to be issued.
for permission to issue §130,000 bonds.
Earnings for Year ended Sept. 3 0 1 9 1 1 , Showing Net over 2 A Times the
&
Bonds Offered.
&
&
Bonds.
New Mortgage Authorized
Stock Dividend.
Application to Issue Bonds
Bond Interest Charge.
Gross receip ts, $ 5 ,3 1 8 ,0 1 9 ; n e t, after t a x e s _________________________ $ 1 ,8 2 4 ,8 3 8
A n n u a l In t. charge on these an d all u n d erlyin g bond s ( $ 1 4 ,8 0 5 ,0 0 0 )
7 2 1 ,1 5 0
B a la n c e , su rplu s (for d eb en tu re an d c o m m o n sto ck — E d . )
$ 1 ,1 0 3 ,6 8 8
T h e a b o v e interest charge ($72 1,1501 will be reduced b y $ 5 1 ,0 1 5 as soon
ns $ 1 ,1 4 7 ,0 0 0 of u n d erlyin g bond s Is retired b y m eans of th e cash h eld
therefor and In th e m e a n tim e b y the Incom e from said cash w hile on d ep o sit.
Gross Earnings for Four Years ending Sept. 3 0 , Showing Steadg Increase.
1 9 0 7 -0 8 .
1 9 0 8 -0 9 .
1 9 0 9 -1 0 .
1 9 1 0 -1 1 .
$ 4 ,0 5 0 ,1 0 1
$ 4 ,2 7 2 ,0 8 2
$ 4 ,8 3 2 ,6 8 8
$ 5 ,3 1 8 ,0 2 0
T h e c ity o f M on treal
interested In the p rosperity o f the c o m p a n y , re
c eiv in g as It docs a p ercen tage o f the earn ings.
T h e c o m p a n y ’s prede
cessor paid c on se cu tive d ivid en d s on its cap ital sto ck for m ore th an 30 y e a rs.
Bonds. — T h ese b ond s are a first m o rtgage on a p ortion o f tbc p r o p e r ty ,
in clu d in g the new pow er s t a tio n , an d c o v er the rem aind er o f the p ro p e rty
su b je c t to b on d s d ue in 1 9 2 2 .
T h e proceeds o f these $ 1 0 ,4 4 5 ,0 0 0 bon d s
will be u sed as p art p a y m e n t for th e properties ac q u ired .
T h e acqu isition
w as au th orized b y the Q u ebec P ub lic U tilities C o m m issio n .
Properly. — E m b races th e entire street railw ay sy stem o f the c ity an d
Isla n d o f M o n tr e a l, ex ce p t a b o u t one m ile of in teru rban line en terin g the
c ity ; to ta l m ileage , m easured as single tra ck , 2 3 0 .9 7 m iles, a b o u t 1 2 % o f
o f w hich on p rivate right o f w a y , in clu d ing an en tran ce of great valu e Into
th e c it y .
W e ll bu ilt an d m ain ta in ed in highest e ffic ien cy .
P a y -a s -y o u
en ter cars were first u sed in M o n tre a l.
M uch o f the e lec tric ity u sed is
gen erated b y w ater p ow er an d acquired u nder fa v o ra b le term s.
T h e p rop e rty c o st the presen t c o m p a n y , In cash an d secu rities, ove r
$ 3 0 ,0 0 0 ,0 0 0 , or m ore th an twice th e a m o u n t of these an d u n d erlyin g b o n d s.
T h e principal franch ise i-s. In the opinion of cou n sel, u nlim ited as lo tim e .
T h e c ity has the righ t, in 1922, or at a n y fiv e-y ea r in terv al th e re a fte r, to
purchase p ortion s o f the p rop e rty a t an appraised v a lu a tio n p lu s 1 0 %
I n case o f such p urchase the proceeds will be d ep osited w ith the tru stee am i
ap plied to th e retirem en t of this Issue.
City of Montreal. T i n ; m e trop olis and financial cen tre o f C an a d a Is
situ a te d on the
S t . Law rence R iv e r , a t head o f ocean n a v ig a tio n a n d a t
c o m m e n c e m e n t o f lak e an d river n a vigatio n ; served b y the G ran d T r u n k
C an ad ian P acific an d N . Y . C en tral le v s .,a n d 8 lines o f ocean steam sh ip s
an d m a n y lines o f lak e stea m e rs.
T h e p opu lation h as Increased 7 4 % in
th e p ast 10 y e a r s — from 2 0 7 ,7 3 0 In 1901 to 4 0 0 ,1 9 7 in 1 9 1 1 .
1901.
1910.
A ssessed v a lu a t io n _______ ________________________ $ 1 8 8 ,7 3 3 ,9 9 3
$ 4 2 8 ,5 3 4 115
B u ild in g p c r m lt 3 _______________
2 ,3 6 8 ,3 7 2
1 5 ,7 1 5 ,8 5 9
B a n k clearin gs----------------------------------------8 8 9 ,4 7 9 ,0 0 0
2 ,0 8 8 ,5 4 9 ,0 0 0
C u sto m s c o lle c te d --------------------------------------------------9 ,4 2 3 ,2 5 2
1 7 ,7 2 4 ,1 8 4
M erch and ise e x p o r t e d ..........................................
5 0 ,9 4 7 ,0 4 5 7 1 ,6 4 2 ,6 4 8
M erch and ise Im p o r ted --------------------------------------------0 5 ,0 3 2 ,0 8 0
1 1 4 ,4 7 3 ,1 8 4
T o ta l ton n age o f p o r t --------- ■-------------------- -----------1 ,4 5 3 ,0 4 8
2 ,2 3 4 ,7 2 2
T h e c ity Is n ote d for the size o f Its financial In stitu tion s, th e w ealth of
Its citizen s an d as th e sc a t o f m a n y ed u cation al an d ch aritab le In stitu tion s
T h e c o m p a n y w as in corp orated In T e x a s In A p ril 1 9 1 0 , Its road ex te n d in g
fro m P ecos, T e x ., to T o y o h v a le , 4 0 m ile s.
S to c k , $ 4 5 ,0 0 0 .
X’ r c s ., W . L .
C arw llc, Dali.!: , T e x .; S e e ., ,J. B . G ib so n ; T r e a s ., D . S . F lo y d .
O ffic e ,
P ec o s, T e x .— V . 9 2 , p . 9 5 7 .
Sale.
Raleigh & Southport R y .—
— See Norfolk Southern
R R . above.— V . 93, p. 408.
Rapid Transit in New York City.—
—
.— The following are recent developments:
New Lines Proposed
Contracts
.i T h e B oard o f E s tim a te on O c t. 26 (M a y o r G a y n o r n o t v o tin g In fa v o r
thereof) ap p ro v ed the routes for n ew rapid tra n sit lines In th e B orough o f
^ r S 2 n s{-.k now n as th e 5 9 th S t ., W o o d s id e , A sto ria an d R o o se v e lt A v c . lines.
( h e B oard o n th e sa m e d a y aw ard ed th e c o n tr a ct for section 15 of the
L e x in g to n A v e . s u b w a y to the Ila g g e r t y -D r u m m o n d C o. o f P hilad elp h ia
for $ 3 ,8 0 0 ,0 0 0 , C o m p troller P ren dergast s t a tin g th a t th e a m o u n t au th orized
to be ex p e n d ed on rap id transit lines, Including the $ 1 G ,0 0 0 ,0 0 0 on the
F ou rth A v e . su b w a y (B r o o k ly n ) . then reach ing a to ta l of $ 3 8 ,6 6 7 ,0 0 0 , or
m ore than the entire c o st o f th e original M a n h a tta n -B r o n x su b w a y .
T h e P ub lic S ervice C om m issio n on O c t. 31 aw arded to
B ra d ley C o n
tra ctin g C o. section 13 o f th e L e x in g to n A v e . su b w a y , from 1 1 8 th to 129th
stre ets, for $ 4 ,0 7 1 ,4 1 6 , th e low e st h id .
W ith the fou r oth er sections p rev i
o u sly aw ard ed to it, the B ra d ley C o .
$ 1 7 ,1 6 0 ,3 8 2 w orth of su b w a y w o r k .
W it h the e x ce p tion of tw o sections for which bids are to be a gain rec eive d ,
the c on tracts let c o v er th e su b w a y from 14th S t . to section 14 , w hich In
cludes the tun nel u nd er th e H arle m R iv e r .— V . 0 3 , p . 7 3 1 , 4 7 0 .
the
has
— New Stock.
Rio de Janeiro Tramway, Light & Power Co.
— The shareholders will vote Dec. 11 on authorizing an in
crease in the capital stock from §40,000,000 to §50,000,000,
of which §5,000,000 will be offered to present shareholders—
one new for eight old. A circular says in substance:
A s will be seen from th e m o n th ly ea rn in g s, th e business In e v e r y d ep art
m e n t is grow in g In a rapid m an n er, an d It Is n ecessary th a t p rovision be
m a d e to cope with such d e v e lo p m e n t.
T h e n et earnings from th e first 9
m on th s of the present year a m o u n t to $ 4 ,9 5 6 ,0 4 0 , being an increase o f
$ 1 ,0 3 8 ,2 0 9 ove r the sam e period In 1 9 1 0 .
T h e facilities offered b y th e ex te n sion o f th e tra m w a y s an d th e s u p p ly o f
electricity for ligh tin g an d pow er to th e su b u rb an sections o f th e c ity h a v e
en couraged their grow th
to a c on sid erab le e x te n t, their p op u lation
ra p id ly Increasing; also th e e sta b lish m en t In th e o u tly in g districts o f in
dustrial u n d ertak in gs, w hich will c o n su m e a large a m o u n t o f p ow er.
T h ese ex ten sion s o f th e tr a m w a y , ligh t an d p ow er services will require
for several years to com e a large o u tla y for tra ck , overh ea d an d und ergrou nd
c an alization s an d for eq u ip m en t an d a d d itio n a l rollin g s to c k .
T h e new
gas w ork s, w hich are p ractically c o m p le te d , h a v e en ab led th e c o m p a n y to
en erge tically ex p lo it th e use o f gas for c o o k in g an d h ea tin g , w ith c o n sid er-
THE
1464
[VOL. LXXXX III.
C H R O N IC L E
a b le su ccess, as th e u se o f gas fo r su ch p u rp oses, on a c co u n t o f th e c lim atic
c o n d itio n s , is p r o v in g v e r y p op u lar w ith th e p u b lic .
The grow th o f this
b usin ess w ill n ec essitate con sid erab le ex te n sio n s, b o th In c ity a n a sudulos.
T h e c o m p a n y h as also p urchased (1) th e J a ca re p a g u a t r a m w a y lin es,
w hich e x te n d fro m th e term in u s o f our C asca d u ra line for 11
*nT
t ®.t“ .e
F e d e ral D istr ic t, an d Is eq u ip p in g it fo r electrical o p e r a tio n .
(2) T h e in te r
u rb a n T e le p h o n e C o ., w hich a t presen t Is o p e r a tin g In th e c ity o f Islc tn e r o y ,
th e capital o f th e S ta te o f R io d e J aneiro, an d h as d irect co m m u n ic a tio n
w ith th e c o m p a n y ’s telep h on e sy ste m In R io de Janeiro b y m e a n s o f a
su b m arin e cab le across th e B a y .
T h e In te r u r b a n C o . h old s a concession
ru n n in g u n til 1 9 5 9 an d ex clu sive u n til 1 9 2 9 , for tele p h on e th ro u g h o u t the
S ta te o f R io d e J an e iro.
I t a lre a d y has a lo n g -d ista n c e lin e to P ctr o p o lls,
an d is m a k in g ex ten sion s to other im p o r ta n t cen tres in th e S ta t e .
••rwinn- " tvio r>iroiii»r s iv a . “ to th e a-rowth o f th e c o m p a n y s
th e p resen t c o n su m p tio n o f p ow er h as n ecessitate d an [ncreaso lIn th e R io
d as L a g e s p ow er sta tio n , an d w ork is n ow u nd er w a y fo i th e in stallation of
tw o a d d itio n a l generators of 1 0 ,0 0 0 h .p . e a c h ; b u t ev en
'„ !}
n o t b e su ffic ien t to m e e t th e p ow er req u irem en ts w ith in a jfe w y ears an d
c o n se q u e n tly th e c o m p a n y p roposes to d ivert in to th e b<isln *
^ 0 , s
= W
o d
w a ters o f JIm *
A^with
f r o m \ h e S t a t °e o ^ R l o de Janeiro" u nd er a c o n tr a c t m a d e w ith th e S ta te In
1906
T h is d iversion w ill p rovid e an a d d itio n a l su p p ly o f w ater su fficien t
to d ev e lo p 5 0 ,0 0 0 h .p . . w hich w ill en ab le the c a p a c ity of th e p ow er sta tio n
a t R io d as L a g e s to be increased to 1 0 0 ,0 0 0 h .p . w hen grow th o f th e business
reniiires it
T h e w ork o f con stru c tion on th e tu n n e l an d can al required for
th e d iversion h as alre a d y been c o m m e n c e d , a n d will b e c o m p le te d as soon
as p o ssib le.— V . 9 3 , p . 1 3 8 7 , 1 1 9 2 .
Bonds.—
Rochester (N. Y.) Railway & Light Go.—
The
Public Ser. Com m ., 2d D ist., has authorized the company
to issue $1,998,000 5 % consols., dated 1904 and due July 1
1954 to retire a like amount of Rochester Gas & Electric Co.
5 % 20-year gold bonds, due N ov. 1 1912. See V . 92, p. 730.
Circular.
Rutland RR.—
— The committee of minority
shareholders, consisting of Tompkins C. Delavan, John F .
Calder and George N . Towle, has issued a circular inviting
stockholders to deposit their certificates with the Columbia
Trust C o., 135 Broadway, N . Y . , the depositary of the com
mittee, on or before Dec. 14. A payment of $2 per share is
required at time of deposit toward the expenses of the com
mittee in their effort to compel recognition of the rights of
the minority stock. Two suits in the interest of certain
shareholders are pending in the Federal Courts, one agamst
the old directors, the other against the N . Y . Central.
The
committee beiieves that, notwithstanding the treatment re
ceived, the Rutland has earned a substantial amount avail
able for dividends since 1907, when the lastdistribution was
made. Edgar A . Hickman, 37 W all S t., is Secretary of the
committee, and Samuel Untermyer its Counsel.
I n reference to th e allegation s o f th e c o m m itte e t h a t throu gh rates h a v e
b een u n fa ir ly d ivid ed betw een th e R u tla n d a n d th e N e w Y o r k C e n tia l,
C . C . P a u ld in g , S olicitor for th e C en tra l, sta te s t h a t in m a n y o f the in stan ces
c ite d th e p o rtio n of the rate a llo tted to th e C en tral h ad to cover p a y m e n ts to
o th e r lines; th a t in others th e C en tral h ad a ssu m ed an d w as co m p en sa te d fo r
ligh terage a n d oth er term in al e x p e n se s.— -V . 9 3 , p . 1 1 0 6 .
St. Louis & San Francisco RR.— New Arrangement for
Trackage to New Orleans—Joint Control of New Orleans Mo
bile & Chicago RR. — The agreement with the Missouri Pacific
deemed from the proceeds of a sale, which has been ar
ranged, of Seaboard Air Line adjustment incomes. Ih e
holders of Seaboard Co. second preferred and common stock,
it is thought, will have distributed to them the shares of the
Seaboard Air Line now in the treasury of the Seaboard
Company.— V . 92, p. 323.
Seattle (Wash.) Electric Co.—
Judge Hanford
in the U . S. Circuit Court on N ov. 16 denied the application
of the company for an injunction restraining the company
from enforcing the ordinance directing the company to
place tickets on sale on the cars.
Decision.—
T h e C ourt sa y s the c o m p a n y w ill n o t sutler financial lo ss, b u t on tb o con
tra ry t h a t th e ord inan ce w ill stim u la te the sale of tick ets a n d benefit th e
c o m p a n y .— V . 9 2 , p . 1 2 4 4 .
.—Receiver Discharged.— A
Southern Indiana Ry
copy of
the order of Judge Kohlsaat of the U . S. Circuit Court at
Chicago, discharging Myron J. Carpenter as receiver of
the company, which has been reorganized as the Chicago
Terre Haute & Southeastern R y ., has been filed in the office
of the Federal Court at Indianapolis, Ind.— V . 93, p. 1566.
Southern Ry.—
— Pres. Finley an
nounced on N ov. 15 that the company had contracted for—
New Rolling Stock.
C on stru ction o f 1 ,7 0 0 a ll-ste el 5 0 -to n d oub le drop b o tto m g o n d o la coal
cars, 50 0 steel u n d er-fra m e 3 0 -t o n v e n tila te d b o x cars a n d 2 5 0 a ll-ste el
5 0 -t o n Hat cars, all a d d ition al to th e purchase ju s t c o n su m m a te d o f 7 M lk a d o
en gin es 60 0 all-ste el coal cars an d 65 steel u n d er -fr a m e b o x cars fo r the
V irgin ia & S ou th w e ste rn R y . C o .— V . 9 3 , p . 1 0 3 7 , 1 0 1 5 .
Southern Traction Co., Dallas, Tex.— Subscriptions
for Stock of Neio Co.— An
Asked
advertisement states that John
Auchincloss as fiscal agent will receive subscriptions at $85
per $100 share for the preferred stock of a new company
which it is contemplated to form to build a system of inter
urban roads in a southerly direction from Dallas, T ex ., to
Waco and Corsicana.
T h e stock is to b ear 7 % c u m u la tiv e d iv id en d s, to b e c o m p u te d from one
y e a r after the road is in a c tiv e o p e r a tio n .
P a y m e n ts arc to bo m a d e as fol
low s: 1 0 % on d e m a n d , 30 d a y s after c o n stru ction has c o m m e n c e d ,a n il th e
rem aind er In 1 0 % in sta llm en ts as called a t le ast 3 0 d a y s a p a r t.
A. A.
J ack son Is C hairm an of the general c o m m itte e h a v in g In c h arge th e placin g
o f th e sto c k , an d W . R . E llis is S ec r e ta r y .— V . 9 3 , p . 2 3 0 , 1 6 4 .
Negotiations.—
Suncook Valley RR.— Lease
The lease of
this 17-mile road to the Concord & Montreal R R . (Boston &
Maine system) at 6 % per annum on $240,000 stock expires
Jan. 1 1912. The shareholders have declined a proposed
exchange of stock on the basis of one share ($100) of C. & M.
class IV . 7 % stock for three shares ($300) of Suncook Valley.
On N ov. 9 President Mellen of the Boston & Maine wrote to a
Suncook shareholder, saying:
T h e m a jo r p ortion o f th e m ileage o f th e leased line3 In N e w H a m p sh ire Is at
the p resen t tim e far from self-su p p o r tin g ow in g to p resen t con d itio n s sur
ro u n d in g railroad op eration in th a t S ta t e , an d is fast c o m in g to b e so great
a burden th a t it m a y b ecom e a necessity to red u ce th e r e n t e s p a id , If n o t
b y n eg o tia tio n w ith th e ow n ers, In la st resort throu gh th e m e d iu m o f tn e
co u rts.
Y o u sh ould n o t look u pon this m a tte r as in d ic ative of a d isposition
to treat y o u other th an fa irly , b u t rath er th a t w e are p artn ers in m isfortu n e
resu ltin g from c on d ition s neither or us Is resp on sible for, w hich co n d itio n s
are bearin g sev erely u p o n th e B o sto n & M ain e a t th e presen t tim e .
[Tho
shareholders w ill m eet again N o v . 24 to consid er th e m a t t e r .
L il.]
interests for trackage rights between Memphis and Chicago
having failed of ratification (V . 93, p. 1387), it was an
nounced late on N ov. 17 that an arrangement had been
effected by which the Louisville & Nashville has become
part owner of the New Orleans Mobile & Chicago R R . (con
Syracuse Binghamton & New York RR.— Lease.— A t the
trol of which was recently acquired by the Frisco (V . 93,
annual meeting on Dec. 6 the stockholders will vote on leasing
p 1106, 1191), and that the N . O. M. & C. will be extended
the property to the Del. Lack.& W est. R R . Co. V .8 5, p.470.
so that the St. Louis & San Francisco will have its desired
Third Avenue RR., New York.—
short line to New Orleans, and other advantages as well.
The proposed extensions of the New Orleans Mobile &
The Court of Appeals at Albany on N ov. 21
Chicago are (1) from a point north of Mobile southwesterly
to a point on the L. & N .’s line to New Orleans, affording the affirmed the decision of tho Appellate Division of the Su
St. Louis & San Francisco, via its Kansas City Memphis & preme Court in June last, which reversed the order of the
Birmingham division, a new route to New Orleans shorter by. Public Service Commission, First D ept., refusing to approve
49 miles than the Mo. Pac. lines; also (2) northerly to Jack the amended plan of reorganization submitted by the bond
son or Lexington, Tenn., connecting with the Paducah line holders’ committee dated Dec. 2 1909 (V . 90, p. 168). Com
of Nashville Chattanooga & St. Louis R y ., and forming, pare V . 92, p. 1637. Chief Judge Cullen, who writes the
with the Chicago & Eastern Illinois division of the Frisco, opinion, says:
T h e req u irem en t o f th e s ta tu te is th a t th e Issue of th e secu rities shall b e
a short line between Chicago and both Mobile and New Orl.
Decision by Court of A p
peals Reversing Order of Commission Disapproving Reorgani
zation P la n —
O f fic ia l S ta t e m e n t o f N o v . 17 1 9 1 1 .
T h e L o u isv ille & N a sh v ille R R . h as b ec o m e In terested in th e ow nership
o f th e N e w O rleans M ob ile & C hicago R R . w ith th e S t . L . & S an Fran, R R .
I t is co n te m p la te d th at the N . O . M . & C h . w ill be ex te n d e d fro m som e
p oin t n orth o f M ob ile to a con n ection w ith th e L o u isv ille & N ash ville a t
som e p o in t betw een N e w O rleans an d M o b ile , w hich will m ak e th e N e w
O rleans M ob ile & C hicago the sh ort line b etw ee n C hicago an d b oth M obile
an d N e w O rle a n s.
In a d d ition to this c o n te m p la te d extension of the N e w
O rleans M ob ile & C hicago Into N ew O rlean s, t h a t lin e, under the new d e a l,
w ill be e x te n d e d to a con n ection w ith th e N a sh v ille C h a tta n o o g a & S t .
L o u is a t so m e p oin t a t or near J ack so n , T e n n ., or L e x in g to n , T e n n ., w ith
tra ffic or tra ck age arran g em e n t to P a d u cah , K y . , on th e O h io R iv e r , w here
It will co n n ec t w ith the new bridge to be co n stru c te d over the O hio R iv er
b y th e L ou isville & N a sh v ille , C hicago & E astern Illin o is, C hicago B u r lln g -
t 0 T h e n ew p^orf gives U > *h e °F risco a line fr o m M e m p h is t o N e w O rleans 4 9
m iles sh orter th a n fro m M e m p h is to N ew Orleans o v e r the M issou ri P acific
lines w est of th e river, th e co n tra ct for use o f w hich th e M issou ri Paciiic
an d T e x a s & P acific h ave n o t carried o u t.
,
. .
. . .
["F in a n c ia l A m e ric a ” on N o v . 2 0 said : " I t is learned th a t b y th e term s
o f th e a greem en t m ad e w ith th e Lou isville & N a sh v ille , th a t road an d th e
’ Frisco are Joint ow ners o f the stock of the N ew O rleans M ob ile & C hicago
RR.
N eith er road will b e called u p on to raise m o n ey to build the p roposed
ex te n sio n o f th e M ob ile ro a d , w hich will be paid for th rou gh the sale o f the
c o m p a n y ’s ow n b o n d s.
T h e b on d s are. n o t gu aranteed b y the Ir is c o an d
L . & IN'.
L a st year the road earn ed th e in terest on th e b on d s.]
Report.— See
"Annual Reports” above.— V . 93, p. 1 3 8 7 .
Savannah Augusta & Northern Ry.— Change
in Operation.
— Operations Extended
— See Savannah & Statesboro Ry. below.— V . 90, p. 1103.
Savannah & Statesboro Ry.
.— The
company on N ov. 16 began to operate the Savannah Augusta
Northern R y ., extending from Statesboro, G a., to Stevens’
Crossing, 39 miles.— V . 83, p. 970.
Seaboard Air Line Ry.— See Seaboard Company below.
— V . 93, p. 1192, 956.
Seaboard Company.— To
.— Plans are under
consideration for rtie dissolution of this holding company,
which owns about 8 3 % of the Seaboard Air Line Railway Co.
stock. It is understood that the $6,360,000 Seaboard Co.
first preferred stock which is retirable at par will be re
&
be Dissolved
n ecessary for th e a cqu isition o f th e p r o p e r ty , a n d a lth o u g h as a general
rule u nd er this req u irem en t th e securities sh ou ld n o t b e au th o r ize d , ex ce p t
w here th e v a lu e o f the p ro p e rty Is eq u al to th e a m o u n t o f secu rities issu ed ,
there m a y be ex ce p tio n s to th e ru le.
O n e is fo u n d In th e sta tu te itself.
T h u s In tn e case of m erger th e lim it of th e a m o u n t of sto ck o f a c orporation
is d ep en d e n t n ot on th e v a lu e o f Its p rop e rty b u t on th e sto ck ou tsta n d in g
o f th e co n stitu en t corporation s prior to the m erger.
W e thin k th e sam e
rule Is a p p licab le to th e case o f a c orporation fo rm e d o n th e reorgan ization
° f W e°d o° n o t Isa y ' th a t \ n th e reorgan ization o f a railroad th e n ew corpora
tion is au th orized to issue securities In excess o f th ose o f th e c o m p a n y to
w h o se p ro p e rty an d franch ises It has succeeded an d th e new m o n e y of
p r o p e r ty th a t m a y b e p u t In th e en terp rise.
S uch a plan w o u ld b e p lain ly
in con sisten t w ith th e sp irit o f th e P u b lic S ervice C o m m issio n ’s law a gain st
th e Issue o f w atered sto ck or b o n d s, b u t up to th e lim it w o h ave n am ed th e
new corp oration has th e righ t to Issue secu rities.
T h e d eterm in ation o f the
C om m ission to th e c o n tr a r y w as therefore erron eou s.
■
Reorganization to be Completed.
— Both the
Appellate
Division of the Supreme Court and the Court of Appeals
having unanimously ruled that the bondholders committee
should be permitted to proceed with its plan of reorganization
dated Dec. 2 1909 (sec plan V . 90, p. 168; earnings V . 93,
p 1319), the committee announces, by advertisement on
another page, the taking of tho final steps for completing the
the reorganization. It hoped to terminate the receivership
and turn the property over to tho new company by Jan. 1.
Of the consolidated bonds, $37,258,000 out of a total issue
of $37,560,000 have been deposited under the plan, being
over 9 9 % of the outstanding bonds. Further deposits will
be received without penalty at the Central Trust Co., 54 Wall
Street, depositary, prior to Dec. 23. The owners will
receive for each $1,000 bond and overdue interest $2o0
stock, $600 incomes and $250 (m case of “ stamped certihcates” only $230) refunding 4s.
In te rest a t th e rate of 4 % per a n n u m from J a n . 1 1910 to J a n . I 1912i o n
th e refu n d in g b on d s of th e new c o m p a n y will be paid in cash to holders o f
certificates o f d ep osit a t th e tim e o f the d elive ry o f th e n ew secu rities, anil
th e refu n d in g b ond s w ill bear th e c ou p on m a tu rin g J u ly 1 1912 and. su b sc q u e n t c o u p o n s.
T h e new refunding: Issue Is lim ited to $ 4 0 ,0 0 0 ,0 0 0 , th e
present Issue to b e $ 1 5 ,7 0 0 ,0 0 0 .
Nov. 25 1911.]
THE
Stockholders are notified that in order to participate in the
reorganization they must deposit their certificates with the
Central Trust Co. on or before Dec. 23 and must pay the
assessment of $45 a share, either in three installments
($15 on deposit, $15 Jan. 15 and $15 Feb. 15) or optionally
in full at once, in which case interest will be allowed at rate
of 4 % per annum. Having made such payment, they will
be entitled to receive for each $100 share, $40 in new refunding
4s (see above) and $45 in new stock.
The Central Trust C o., as syndicate manager, has agreed
to take the place of non-assenting stockholders and to guaran
tee the sum of $7,200,000 for the purposes of reorganization.
T h e p ro p e rty w as foreclosed, th e sale b ein g confirm ed A p ril 13 1 9 1 0 , and
w as transferred b y deed A p ril 18 19 1 0 , ex ec u ted b y th e S pecia l M aster to
J am e s N . W a lla c e , A d ria n lseltn anti H a r r y B ronn er, as a purch asin g c o m
m itte e .
T h e n ew T h ird A v e n u e H allw a y C o . w as in corp orated A p ril 20
1 9 10 an d w ill Issue the n ew secu rities called for b y th e p la n ( V . 9 0 , p . 1 0 8 ) .
C om p are an n u al rep ort, V . 9 3 , p . 1 3 1 9 .
Listed
.— The New York Stock Exchange yesterday ad
mitted to the list the new company’s securities, which sold,
“ when issued,” as follows: First refunding M. 4 % bonds,
8 3 % to 8 4 % “ and interest” ; adjustment M. 5 % income bonds,
7 1 % to 7 2 % “ flat,” and cap. stock, 33 to 34.— V. 93, p. 1319.
Tri-City Railway & Light Co., Davenport, la ., Rock
Island and East Moline, 111
— N . W . Halsey
& Co., N . Y ., Chic., Phila. and San Fr., are placing at 95
and int. 8000,000 “ first and refunding mortgage” 5 % gold
bonds, par $1,000 (c*& r*), dated 1910 and due July 1 1930,
but subject to call at 105 on any interest date.
.—Bonds Offered.
D ig e st o f L etter from P res. J osep h F . P orter, D a v e n p o r t, N o v . 1 19J.1.
B y p urchase o f th e en tire c a p ita l sto ck of Its su bsid iary c o m p a n ie s, ow ns
all the street ra ilw a y lin e s, electric light an d gas properties in eleven cities
anti, tow n s In Illinois an d Io w a , servin g v ir tu a lly a sin gle c o m m u n it y .
(See
m a p on p age 41 o f “ E le ctric H a llw a y S e c tio n .” )
Outstanding Capitalisation.
S toc k -— C o m m o n , 6 9 ,0 0 0 .0 0 0 ; p r e f., 0 % c u m ., 5 2 ,8 2 0 ,2 0 0 _____$ 1 1 ,8 2 0 ,2 0 0
P rior lien bon d s d u e 1 9 2 2 , secured on a p art o f p r o p e r ty ________
0 4 ,0 0 0
C o lla t. t r . f lr s t lle n 5s, 1923 ( 8 9 ,0 0 0 ,0 0 0 a u th .) ( V . 8 2 , p . 1 2 1 3 ) 0 ,2 0 7 ,0 0 0
F irst an d refu n d in g 5s, 1 9 3 0 , Including th e presen t $ 0 0 0 ,0 0 0
1 ,9 5 0 ,0 0 0
b on d s for financing th e new ln tcru rb an r a ilw a y ________________
0 % go ld n o te s, d u e to 12 ( 5 1 ,0 0 0 ,0 0 0 a u t h .) .........................................
7 5 0 ,0 0 0
O f th e $ 1 ,9 5 0 ,0 0 0 “ first an d refu n din g b o n d s” n ow o u tsta n d in g , $ 1 ,0 3 8 ,
0 0 0 h a v e been issued for b e tte rm e n ts, ad d itio n s, ex te n sion s and Im prove
m e n ts, $ 7 3 ,0 0 0 In the aid o f refu n d in g old ob ligation s an d 5 8 4 5 ,0 0 0 for con
stru ctio n o f the new ln tcru rban railw ay betw een D a v e n p o rt an d M u sca tin e .
T h e to ta l Issue is lim ited to 8 2 0 ,0 0 0 ,0 0 0 , 5 1 0 ,2 8 1 ,0 0 0 bon d s bein g reserved
to retire old ob lig a tio n s; $ 1 0 5 ,0 0 0 fo r th e co m p letio n o f n ew ln tcru rb an
ra ilw a y an d $ 7 ,0 0 8 ,0 0 0 for 8 5 % o f cash co st of Im p ro v e m e n ts, ad d itio n s,
ex te n sio n s, & c ., w ith c o n se rv a tiv e restriction s.
T h ese bonds are (a) an
ab solu te 1st M . on a b o u t 3 0 m iles o f tra ck . Including th e ln tcru rb an ra ilw a y ,
n ow b u ildin g,
(b) A direct Hen, su b ject to prior liens, on ail th e electricligh t an d gas s y s te m s , street r a ilw a y s, & c ., o f th e c o m p a n y In Io w a , and
(c) a collateral lien, su b je c t to prior liens, on all th e p ro p e rty of th e con
tro lled c o s. throu gh dep osit of th e entire capital sto ck an d all b u t 5 5 4 ,0 0 0
o f th e b o n d s.
N o a d dition al sto ck or bon d s can be Issued b y said co s.
u nless pledged for th e co ll, tru st first lien bon d s or under this m o rtg a g e .
Property: (1) Railways.— O v e r 93 m iles o f street railw ay in o p eration ,
largely laid w ith 7 0 -lb . an d 8 0 -lb . steel rails on concrete In brick p a v e m e n ts;
o v e r 194 cars; fou r brick an d steel car b arns; repair sh o p s.
A lso bu ildin g
a b o u t 30 m iles of ln tcru rb an ra ilw a y , con n ectin g D a v e n p o rt an d M u sca tin e .
(2) Electric Lighting and Power.
G eneratin g c a p a city 2 1 ,0 0 0 k .w ., in clu d
in g tw o w ater-p ow er p la n ts, th e com b in e d ca p a c ity o f which will be a b o u t
5 ,0 0 0
k .w . b y D e c. 3 1 ; 07 d u ct m iles o f undergrou nd d istrib u tion sy stem
an d 1 ,2 5 0 m iles of pow er an d ligh t distribu tin g (pole) lines; ove r 3 0 0 ,0 0 0
In candescen t la m p s, 0 4 0 c om m e rcial arc lig h ts, 1 ,4 0 0 m u n icipal arc lights
a n d 9 ,0 0 2 electric ligh t an d pow er con su m ers.
(3) Gas: T w o p la n ts, c o m
bin ed an n u al o u tp u t 3 8 5 .0 0 0 ,0 0 0 c u . f t ., served throu gh 3 0 2 m iles of m ain s
an d 1 7 ,7 2 0 m e te rs,
(d) Parks, 4 0 0 acres.
In ad dition to the sin kin g fu n d , which is to retire $ 2 ,2 5 0 ,0 0 0 c o l. tr.
first lien bonds b y m a tu rity (p a y m en ts to d a te $ 8 0 0 ,0 0 0 ) , th e “ first and
r e f .” m o rtg a g e creates an im p ro v em en t fu n d , effective F e b . 1 1 9 2 1 , callin g
a n n u a lly for a su m equ al to 1 'A% o f th e bon d s o u tsta n d in g , to be u sed for
ex te n sio n s, Im pro v e m e n ts am i b ette rm e n ts.
Principal franchises are cither practically c o -e x te n siv e w ith or e x te n d
b e y o n d th e life o f thc.sc bon d s an d are free from b u rd en som e restriction s.
T h e p o pu lation o f th e cities an d tow ns served w as in 1900 7 7 ,0 0 0 ; in 1910
(U . S . C en su s), 1 0 0 ,2 9 3 , Increase 3 0 % , an d on co m p letio n o f ln tcru rb an
ra ilw ay will be ove r 1 2 0 ,0 0 0 .
D iv id e n d s 6 % on p re f. sto ck w ith o u t In terruption since org a n iza tio n .
Earnings for Calendar Years and Year ending Sept. 30 1 9 1 1 .
1908.
1909.
1910.
1 9 1 0 -1 1 .
$ 2 ,0 3 9 ,4 8 7
$ 2 ,5 1 3 ,4 8 6
$ 2 ,6 5 9 ,3 4 0
Gross e a r n in g s __________ $ 1 ,8 1 9 ,0 7 7
O p c r . e x p . an d t a x e s
1 ,0 0 9 ,3 1 6 1 ,1 4 0 ,9 0 7
1 ,4 8 1 ,9 6 7
1 ,5 4 4 ,9 4 0
N e t ea rn in g s__________
$ 7 4 9 ,7 6 1
5 8 9 8 ,5 8 0
$ 1 ,0 3 1 ,5 1 9
In te r e st on all bon d s (p resen t in terest ch arge is $ 5 1 0 ,8 5 0 ) -------
$ 1 ,1 1 4 ,4 0 6
4 5 0 ,4 9 9
B a la n c e a v a ila b le for Interest on n o te s, sin kin g fu n d s, d lv s ., & c .
$ 6 6 3 ,9 0 7
Gross Earningt.• 1 9 05 to S ep t. 3 0 1 9 1 1 , Showing Increase of Nearly 1 0 0 %
$ 1 , 7 8 2 , 3 5 5 1 1 9 0 9 ..$ 2 ,0 3 0 ,4 8 7 1 1 9 1 0 - 1 1 $ 2 ,6 5 9 ,3 4 0
1 0 0 5 . . $ 1 ,3 3 0 ,7 9 11907
6
1 9 0 0 . . 1 ,6 3 2 ,3 0 0 1 1 9 0 8 . _ 1 ,8 1 9 ,0 7 7 11 9 1 0 . . 2 ,5 1 3 ,4 8 6 |
— V . 92, p. 952.
Twenty-eighth & Twenty-ninth Streets Crosstown RR.—
Suit for Accounting .— Receiver Joseph
B. Mayer on N ov. 16
brought suit in the Supreme Court in this city against the
directors of the Metropolitan Traction Co. at the time of its
dissolution, to compel them to give an accounting of the
proceeds of $1,100,000 5 % bonds of the company, which, it is
alleged, were not used for the company's benefit. The
directors include, with others, Thomas F. Ryan, P. A . B.
Widener, H . H . Vreeland and Almeric H . Paget.
T h e an sw er o f th e d efen d an ts states t h a t the b on d h old ers, w ho arc
represented b y the p r o te ctiv e c o m m itte e an d the receiver, c on se n ted to
th e ac ts of th e d irectors and h ave n o stan d in g In c o u r t.— V . 9 3 , p . 16 5 .
United Rys. of the Havana & Regia Warehouses ,Ltd,—
Plan Approved .— A press dispatch announces
the ratification
by both companies of the plan for absorbing the Western
Railway of Havana, Ltd. See V . 93, p. 1388.
Wabash-Pittsburgh Terminal Ry.—Reorganization
mors .— It
Ru
is reported that a banking syndicate has offered to
relieve the Wabash R R . of the obligation incurred by it
(1) on account of the taking up of the Wheeling & Lake Erie
notes, which originally matured on Aug. 1 1908, and amount
ed on June 30 last, as shown by the Wabash R R . balance
sheet (V . 93, p. 866), to $9,807,958; and (2) of that repre
sented by the $5,000,000 4 % % notes due May 1 1913, which
are secured in part by the deposit of $5,000,000 WabashPittsburgh Term. R y. notes and Pittsburgh Terminal R R .
Coal Co. stock and bonds (see collateral in V . 90, p. 915).
jv.In return the Wabash, it is stated, would surrender all
&
1465
C H R O N IC L E
claims against the Wheeling & Lake Erie R R . and the WabashPittsburgh Terminal R y ., which would be consolidated and
reorganized independently. No confirmation of the reports
can be obtained from parties in interest.— V .9 3 ,p . 1325,1185.
Western Maryland R R .—
— The New York Stock
Exchange has listed $4,115,000 additional 1st M. 4 % 50year bonds, due 1952, making the total listed $46,633,000.
Listed.
Purposes for which the $ 4 ,1 1 5 ,0 0 0 bonds have been issued.
T o p a y for e q u ip m e n t, ex te n sion s anti d e v e lo p m en t of th e p r o p e r ty $ 2 1 5 ,0 0 0
T o retire, $ fo r $ , the $ 3 ,9 0 0 ,0 0 0 b o n d s of W e s t V a . C e n t. & P itts .
R y . an d P ie d m o n t & C u m b e rlan d R y . m a tu r in g J u ly 1 an d
_____________________3 ,9 0 0 ,0 0 0
A u g . 1 1 9 1 1 . . _________
C om p are V . 9 2 , p . 1 5 6 7 , 1 4 3 7 .— V . 9 3 . p . 1 3 8 1 , 1 1 0 6 .
Order of Sale Refused.
W est Side Belt R R ., Pittsburgh.—
— Judge Orr, in the U . S. District Court at Pittsburgh on
N ov. 15, handed down a decision refusing to grant the peti
tion of the Pittsburgh Construction Co. for an order for the
sale of the road to satisfy a claim of the construction com
pany of over $450,000. The petitioner may, however, renew
the motion after 6 months. Judge Orr says:
I t w ou ld n o t o n ly b e p reju dicial to p riv a te In terest, b ecause m u ch has
been d one tow ard elfectin g a p lan o f reo rg a n iza tio n , b u t m a v be p reju dicial
to the in terest of the p u b lic , because the W e s t S ide B elt R R . is so related
to an d con n ected w ith th e W a b a s h -P itt s b u r g h T e rm in a l R y . an d the
W h e e lin g & L ak e E rie as to fo rm p r a ctic a lly a th rou gh line o f ra ilw a y from
P ittsb u rg h to th e L a k e s.
C om p are V . 9 3 , p . 1 3 2 5 .
Suits.
Wheeling & Lake Erie R y .—
— 'Judge Day in the Fed
eral Court at Cleveland, Ohio, on N ov. 24 appointed Frank
H . Ginn, counsel of the minority stockholders’ protective
committee, and Joseph G. Fogg, as joint counsel to bring
suit in behalf of B . A . Worthington, as receiver, to set aside
the trackage and traffic contracts of October 1902 and May
1904 with the Wabash-Pittsburgh Terminal Ity., and to ob
tain an accounting in favor of the Wheeling & Lake Erie
for the amounts alleged to have been wrongfully paid under
said contracts. The Court expressed doubt as to the right
of the minority stockholders to bring the suit.
— See Wabash-Pittsburgh Termi
nal R y. above.— V . 93, p. 1325, 1260.
Reorganization Rumors.
IN D U S T R IA L , GAS A N D M ISCELLANEOUS.
City to Vote on Issuing
Akron (O.) W ater Works Co.—
— See “ Akron” in “ State and City”
Department.— V . 93, p. 797, 287.
Alaculsy Lumber Co., Conasauga, Tenn.—
— Charles M. Smith & Co., Chicago, offered on N o v .15 1911
at par and int. $710,000 closed 1st M. 6 % serial gold bonds,
guaranteed by the Conasauga Lumber Co. A circular shows:
Bonds for Purchase.
Bonds Offered.
D a te d O c t. 1 1 9 1 1 .
D u e serially each A . & O . from 1912 to 1 9 2 1 , both
In clusive.
In t. A . & O. a t F irst N a t . ban k s of D e tro it an d C hicago.
R e d eem a b le on a n y in t. d ate after 60 d a y s ’ n otice a t 102 an d In t.
P ar,
$ 5 0 0 an d $ 1 ,0 0 0 ( c * ) .
B on d s m atu re $ 1 5 ,0 0 0 s .-a . In 1 9 1 2 , $ 3 0 ,0 0 0 s .-a . in
1 0 1 3 , $ 3 7 ,5 0 0 s .- a . 1914 to 1 9 1 7 , $ 4 0 ,0 0 0 s .-a . 1918 to 1 9 2 1 .
T ru ste e,
S ec u rity T ru st C o ., D e tr o it.
A llrst lien on a b o u t 0 4 ,0 0 0 acres o f virgin tim b e r la n d s, ow n ed in fee
sim p le , c o n tain in g 3 5 5 ,0 9 2 ,9 1 0 f t. o f stan d in g m e rch an tab le t im b e r , ly in g in
p ra ctic a lly a solid b o d y in P olk C o u n ty , T e n n ., an d F an n in , G ilm er and
M u rra y c o u n tie s, G a .; also m od ern b an d and gan g -sa w m ills, c a p a c ity
3 0 ,0 0 0 ,0 0 0 f t . per a n n u m ; p la n in g -m ill, d ry k ilns, & c ., a n d stan d a rd -g a u g e
loggin g railroad , store b u ild in gs, em p lo y e e s’ h ouses, located at C on asa u ga.
T h e tim b er m o rtg a g e d is ap praised a t $ 2 ,0 1 7 ,7 9 9 , v i z . - w h ite p ine, 75
m illion f t . a t $6 per $ 1 ,0 0 0 : p oplar, 58 m illion a t '$ 13 5 0 ; o a k . 55 m illion
a t $ 5 ; ye llow p in e, 7 6 m illion a t $3 5 0 ; c h e stn u t o a k , 7 m illion a t $ 4 ;
c h e stn u t, 38 m illion at $ 2 : h e m lo ck , 38 m illion a t $ 3 ; o th er h ard w ood s,
7 m illion a t $ 3 .
B efore a n y tim b er Is c u t, th e c o m p a n y m u st p a y to the
sin kin g fu n d for th e bon d s $3 50 per 1 ,0 0 0 f t . ; after rem oval of tim b er the
lan d m a y be released on p a y in g $4 per acre to sin kin g fu n d . T h is sh ould
retire all the b ond s before 6 % o f th e tim b er has been c u t.
A ssets .— S ta n d in g tim b er, S 2 ,0 1 7 ,7 9 9 ; sa w -m ills, loggin g rail
r o a d , e q u ip m e n t, & c ., $ 3 3 5 ,0 0 0 : lu m b er, m erch an d ise, ac
c o u n ts receiva ble, ca sh , & c., $ 2 1 0 ,0 0 0 ; to ta l (not in clu d ing
6 4 ,0 0 0
acres ow n ed In p roposed A p p a la ch ia n forest reserve; th e
G o v t , has recen tly p urchased sim ilar lan d a t a h . $4 per a c r c ) $ 2 ,5 6 2 ,7 9 9
Liabilities .— T h ese bon d s (closed 1st M ) Issued to p a y ail d eb ts
an d for a d d ition al w ork ing c a p ita l_________________________ ________
7 1 0 ,0 0 0
T h e c o m p a n y has taken ove r from the C onasauga L u m b e r C o. [organized
in 1 0 0 7 , V . 9 1 , p . 156] its P olk C o u n ty , T e n n ., tim b er lan ds an d p la n t.
Its
ca p ita l stock Is ow n ed b y the C onasauga L u m b er C o ., and th e officers an d
directors o f b o th com p an ie s are the sa m e , v i z .: C . IL B en ed ict ( P r e s .),
C on a sa u g a . T e n n .: M . F . Greene ( V . - P . ) , N a sh v ille ; J ohn B vru s (S e c .T r e a s .) , C in cin n ati; J ohn W . L o v e an d A r th u r B . R a n s o m , N a sh v ille .
Injunction.
American Graphophone Co.—
— Judge Lacombe
in the United States Circuit Court on Nov. 24 entered a
decree in the suit of the Victor Talking Machine Co. against
the company granting a permanent injunction restraining
the defendant from making, using, selling or operating any
device for talking machines infringing tTie patent granted
the Victor Talking Machine Co.
T h e order Is in c om p lian c e w ith a m a n d a te o f th e U n ite d S ta tes Circuit
C ourt o f A p p e a ls w hich th e p reviou s w eek a ffirm ed th e findings o f the
Circuit C ourt in fa v o r of th e c o m p la in a n t.— V . 9 1 , p . 4 0 .
New
American Hawaiian Steamship Co., New York.—
have been let for five new freight
steamers of 9,000 tons each, making the total fleet 23 vessels.
Steamers.— Contracts
T h e new steam e rs are ordered In prep aration for th e op en in g o f the
P a n a m a C an al.
W h e n th e canal is open freight will be tra n sp orte d from
N e w Y o r k to C alifornia in 21 d a y s, again st 28 a t presen t (inclu din g trans
sh ip m en t ove r th e T e h u a n tep ec R y .) . a savin g o f 2 5 % in tim e .
N o new
secu rities h ave been au th orized on a ccou n t o f the new b o a ts.
P resent ou t
sta n d in g c a p ita liz a tio n : C ap ital sto c k , $ 5 ,0 0 0 ,0 0 0 , In $ 1 0 0 shares (d ividen d s
6 % per a n n u m ; 1903 to 1 9 1 0 ; sin ce, 7 % ) ; .Series A 6 % b o n d s, due 1 9 1 4 ,
$ 2 7 0 ,0 0 0 ( $ 9 0 ,0 0 0 p aid y e a r ly ); Series B 6 % b o n d s, d ue 1 9 1 6 , $ 7 0 0 ,0 0 0
( $ 1 4 0 ,0 0 0 paid y e a r ly ).
P r e s., G . S . D e a rb o rn ; V . - P . , L . H . L a th a m ;
T r e a s ., E . D . D o u g la s; S e c ., H . E . D . J a c k so n .— V . 8 3 , p . 1 2 3 0 .
Business
American Piano Co.—
.— President Foster has con
firmed the following for the “ Chronicle” :
A t a m e etin g in N e w Y o r k la st w e e k , A m e ric a n P ia n o d irectors carefu lly
su rv e y ed th e y ear's results to d a te .
O u r v o lu m e o f business has been larger
th an In 1 9 1 0 , b u t greater ex p e n d itu res for ad v ertisin g an d In soliciting
tra d e will p ro b a b ly redu ce n et p rofits so m e w h a t below th ose o f last y e a r.
A c c o u n ts to O c t. 31 will sh ow th e entire y e a r ’s p ref. d ivid en d s to h a v e been
fu lly ea rn ed .
W h a te v e r is earn ed In th e m o n th s o f N o v e m b e r an d D e
cem b e r will be ad d ed to profit an d loss su rp lu s.
C o m m o n d ivid en d in au gu ration will n o t c o m e u p a t p resen t for consid era
tion b y th e d irectors.
In Its fiscal ye ar en d ed D e c . 31 last th e c o m p a n y
earn ed 6 . 4 5 % on its $ 3 ,1 6 1 ,1 0 0 c o m m o n sto ck after p a y m e n t o f th e regular
7 % d ivid en d on $ 3 ,8 5 8 ,0 0 0 p referred.
T h is c om p ares w ith 5 . 2 5 % earned
on th e c o m m o n In 1 9 09 an d w ith earnings a t th e rate o f a b o u t 4 . 5 0 % d u rn g th e c o m p a n y ’s first six m o n th s begin n in g J u ly 1 1 9 0 8 .— V . 9 3 , p . 1 1 9 2 .
146G
THE
American Snuff Co.—
C H R O N IC L E
Closing of Books.— It is announced:
T h e transfer b ook s o f th e c o m m o n sto ck w ill b e closed a t 3 p . m . on D e c. 1
for th e purp ose o f th e d istrib u tion o f securities an d otherw ise carryin g ou t
th e decree of th e U . S . C ircuit C ou rt for th e S ou th ern D istrict o f N ew Y o r k ,
entered N o v . to f o i l , an d for th e p urp ose o f carryin g o u t said decree, an d
th e p a y m e n t o f the usual d ivid en d on J a n . 2 1 9 1 2 , an d for th e an n u al m e e t
in g o f stock holders on M arch 3 the said b ook s w ill rem ain closed u ntil the
o p en in g o f business on M arch 0 .— V . 0 2 , p . 1 5 0 1 .
&
Offer for Minority
American Telephone
Telegraph Co.—
Cumberland Telephone & Telegraph Co.; also
Chicago Telephone Co., below.— V . 93, p. 1544, 1350.
.Stock.— See
— Meeting to Authorize Changes in
American Tobacco Co.
shareholders vote on Dec. 26 on authorizing
a change in the charter providing that the preferred stock
holders will have equal voting rights with the common stock
in accordance with the plan just approved by the United
States Circuit Court.
Books will close for the meeting on
Dec. 1.
— The Wallace
Committee, representing the preferred stockholders, an
nounces that on Jan. 2 it will pay to the holders of certificates
representing the preferred stock deposited with the Central
Trust Co. under the agreement of July 28 last the amount of
the dividend of
recently declared on the preferred stock
of the company. Checks for the amount of the dividend will
be mailed to the holders of record of certificates of deposit.
Charter.— The
Dividend Payments to Holders of Certificates.
1}4%
T h e transfer b ook s of th e sto c k , b oth preferred an d c o m m o n , will be
closed a t 3 p . m . on D e c. 1 ; th e transfer b ook s o f th e preferred sto ck will re
m a in closed for th e p urp oses o f the m e etin g an d o f th e d ivid en d to be p aid
J a n . 2 , an d op en ed a t th e op en in g of business J a n . 3 ; th e transfer b ook s of
th e c o m m o n stock w ill rem ain closed u ntil th e op en in g o f business M arch 1 4 ,
fo r th e purposes o f said m e etin g on D e c . 2 6 1 9 1 1 , a n d for th e d istrib u tion of
sto c k s , d eterm in ation o f righ ts to p urchase sto ck s in com p an ies to be
fo rm e d an d a n y other p urp oses th a t arise in or in c on n ection w ith th e carry
in g o u t of th e provisions o f th e decree o f th e U . S . C ircuit C ourt en tered
N o v . 16 1 9 1 1 .
Incorporated.
— As required by the plan of dissolution
(V . 93, p. 1122), there were incorporated yesterday at
Trenton, N . J., two new companies, namely the P. Lorillard
Co., with an authorized capital stock amounting to .$26,
463,200, and the Liggett & Myers Tobacco Co., with an
authorized capital stock of $36,880,200.
T h e p lan ( V . 9 3 , p . 1 1 22 ) calls for c a p ita liza tio n as follow s: (a) P . L o r lllarcl ft C o .: C o m m o n sto c k , $ 1 5 ,1 5 5 ,5 7 1 ; p ref. sto c k , 7 % c u m ., $ 1 0 ,8 4 5 ,
9 8 1 , an d a further $ 4 0 1 ,4 5 0 p ref. to p rovid e for retiring a t 114 'A the
$ 4 0 3 ,9 0 0 preferred sto ck o f th e old P . L orillard C o . (see V . 9 3 , p . 1 1 2 4 );
7 % bond s d u e O c t. 1 1 9 4 4 , $ 1 0 ,9 3 3 ,4 8 8 ; 5 % bon d s d ue A u g . 1 19 5 1 ,
$ 1 0 ,0 1 7 ,4 0 1 .
(b) L . ft M . T o b . C o . c o m m o n sto c k , $ 2 1 ,4 9 0 ,3 5 4 ; 7 % c u m .
p ref. s to c k , $ 1 5 ,3 8 3 ,7 1 9 ; 7 % bon d s d u e O c t . 1 1 9 4 4 , $ 1 5 ,5 0 7 ,8 3 7 ; 5 %
b on d s due A u g . 1 1 9 5 1 , $ 1 5 ,0 5 9 ,5 8 9 .— V . 9 3 , p . 1 3 8 8 , 1 3 2 5 .
P lan.
American Union Telephone Co.—
— The proposa
made by the Telephone Investment Co. of Pittsburgh in
accordance with the plan of John W . Garland of that city
(Chairman of the reorganization committee of National Tele
phone Corporation) for reorganization of American Union
Telephone Co., Consolidated Telephone Companies of Penn
sylvania, National Telephone Corporation and underlying
companies, is presented to the bondholders of the United
Telephone & Telegraph Co. (see V . 93, p. 1328) in a circular
dated N ov. 4 as follows:
[VOL. LXXXXIII.
Right of Exchange Offered by the Telephone Investment Co. to Holders of
Bonds of the United Telephone ft Telegraph Co.
5 5 % o f p ar o f su ch bon d s In general m o rtg a g e b on d s an d 4 5 % in p r e f'
sto ck o f the c o rp o ra tio n , togeth er w ith accrued in terest to d ate o f ex ch a n g e
in ca sh , on th e co n d itio n th a t su fficien t a m o u n t o f the bon d s o f th e several
c om p an ie s sh all be lod ged w ith the d esign ated d ep ositories fo r ex ch a n g e
on or b efore N o v . 3 0 , 1 9 1 1 .
T h is p roposal sh all b ecom e null an d void unless th e T e lep h o n e In v e stm e n t
C o. sh all w ithin 40 d a y s after D e e . 12 1911 d eliver to th e a c ce p to r or his
assigns the securities herein sp ecified .
(S igned) T e lep h o n e In v e s tm e n t C o ., b y A . R . T h ier lc h , V ic e -P r e sid e n t,
7 1 0 B a lle y -F a r r e ll B u ild in g , P ittsb u r g h , P a .
’
[F u rth er d ep osits o f the bon d s o f th e U n ite d T e lep h o n e ft T e legrap h C o .
will be received on or before N o v . 30 a t the L a n d T itle ft T r u st C o .. P h lta .,
or S a fe D e p . & T r . C o ., P ittsb u r g h .— E d .] — V . 9 3 , p . 1 1 9 3 , 3 4 7 .
Bonds, &c
Annville & Palmyra (Pa.) Gas & Fuel Co.—
.—
O. B . J>ansinger & Co., Philadelphia, are offering at 95 and
int. 1st M. 5 % gold bonds due Oct. 1 1930, but after 1915 call
able at 105 and interest. Par $500 (c).
Interest A . & O.
Trustee is Valley Trust Co., Palmyra. Tax-free in Pcnna.
Authorized, $100,000; issued, $75,000; reserved for future
improvements, &c., 9 0 % of cost, $25,000. A circular says:
O p erates u n d er p e r p e tu a l franch ises (exclu sive as to gas ligh tin g) In the
flourishing tow n s of P a lm y r a an d A n n v ille , situ a ted a b o u t 4 m iles ap a rt in
th e b eau tifu l L e b a n on V a lle y , em b rac in g together w lth th e Intervening p o p u a tlo n a p p r o x im a te ly 6 ,0 0 0 p eop le.
P a lm y r a a lm o st d ou b le d Its p op u la
tion In the la st 10 y e a rs.
A n n v ille Is the sea t of L e b a n on V a lle y C ollege.
T h e c o m p a n y ow n s all the capital sto ck of the H u m m e lsto w n G as ft Fuel
C o. (w hich see below ) an d su pplies th e la tte r w ith gas; L ow e w ater-gas a p
p aratu s (b uild in gs b r ic k ), c a p a c ity 2 0 0 ,0 0 0 cu . f t . o f gas per d a y ; steel gas
h older; steel oil ta n k , c a p a c ity 1 0 ,0 0 0 gallon s; h e a v y h igh-p ressu re gas, an d
in the low -pressure area c ast-iro n p ipe, a total of o v e r 12 m ile s.
T h e se
curities are m o stly held In L e b a n o n an d ad join in g c o m m u n itie s.
T h e earn
ings are m ore th a n su fficien t to take care of the fixed ch arges, w ith e v e r y
p rosp ect o f an ea rly d ivid en d on the sto ck ( $ 1 5 0 ,0 0 0 a u t h .; $ 1 0 0 ,0 0 0 o u t;
p ar $ 5 0 ) .
P r e s ., E . U . S ow ers, an d S e c .-T r e a s ., I . L . B c c k le y , b oth of
Lebanon.
Plan Status.
Bon Air Coal & Iron Co., Nashville, Tenn.—
—
— The plan of reorganization presented under date of Sept. 11
1911 by the stockholders’ committee, consisting of Joseph H .
Thompson (Chairman), E . B. Stahlman and Byrd Douglas,
has thus far, we understand, received the assent of about
6 6 % of the stock; 9 0 % is required. An outline of the plan
and the status of the present company as shown therein follow:
Company's Properties.— (a)
A b o u t 3 8 ,0 0 0 acres o f coal an d tim b er lan ds
In W h ite an d P u tn a m c ou n tie s, T e n n .; (b) 8 0 ,0 0 0 acres o f Iron ore an d tim
ber lands in D ic k so n , Itlc k m a n , Lew is, W a y n e an d L aw rence c o u n tie s ,
T e n n • (c) on th e coal la n d s,'a t B on A ir , th e old m ine and a new sh aft m in e,
eq u ip p ed w ith electric m in in g an d h aulin g m a c h in er y , recen tly p u t Into o p
eration , a t U ave n scroft a sh a ft m in e, a t E a stla n d a drift m ine an d 2 0 0 coke
o v e n s; (J) on the Iron ore la n d s, ore m ines an d w ashers an d tw o b last fur
n aces, o n e , n ow in op eration m a k in g an avera ge of 9 0 tons o f pig Iron d a ily .
T h e im p ro v em en ts an d d ev e lo p m en ts on th e a b ove-d e scrib e d lan ds (a & b)
are con se rv a tiv e ly va lu ed a t $ 1 ,0 0 0 ,0 0 0 ; (e) 5 2 ,0 0 0 acres o f coal an d tim b er
lan ds In W h ite , C u m berlan d an d V a n B uren cou n ties, on w hich the $ 7 8 0 ,7 4 0
"p u r c h a se an d Im p ro v e m e n t” bond s are a first lien.
T h e tim b er on 4 1 ,1 1 4
acres o f these 5 2 ,0 0 0 acres has recen tly been e stim a ted at 1 5 2 ,0 0 0 ,0 0 0 f t .
o f m erch an tab le tim b er of all k in d s, 10 In. and up in d iam eter a t the w aist.
T h is tim b er lies sou th and east of th e C an ey Fdrlc R iv er, an d Is n o t accessi
ble a t p resen t, but it is u n d o u b te d ly v e ry v a lu a b le .
[T h e tim b er on the
3 0 ,0 0 0
acres o f th e tim b er lan ds In W a y n e C o u n ty , on w hich th e B uffalo
Iron C o . bonds arc a first lien, was also carefu lly ex a m in e d b y th e sa m e e x
p ert, w h o reports u pw ard s of 1 0 0 ,0 0 0 .0 0 0 f t . of m erch an tab le tim b er, 10 In.
an d up In d iam eter a t the w a ist.
W h ile this lan d w ou ld be v e ry valu ab le
If a railroad c ou ld be c on stru cte d throu gh It, as It Is h op e d there m a y b e, It
Is too in accessible, a ve ra gin g 15 m iles from a R R „ to be n ow a vaila b le.]
Present Status— Stock, Bonds and Interest Thereon to Jan. 1 1 9 1 2 .
Outstan’g. A&Collat. In T r’y.
Total.
Interest.
..................... ..
$ 3 ,7 5 3 ,0 0 0
..............
S to c k (on e-h air p r e fe r r e d )- - $ 3 , 7 5 3 , 6 0 0
D u lfa lo Iron C o. At. ( 5 % due
A n ew c orp oration w ill b e form e d u nd er th e law s of the S ta te of P en n
O
c
t.
I
1925)
1st
lien
on
. a n la
. , u nder ,th
i e ......
.........
Am
r.fnr>lAn
n 'Pnlnnhnnp
plpw anh C
or.
s y lv
n am
e o0f N o rth A
e rica n
T elep h o n e <v
& Itelegraph
Cor
" b " an d " d ”
......................... z 2 0 2 ,0 0 0 $ 8 ,0 0 0 $ 1 ,1 0 0
2 1 1 ,1 0 0 $ 1 0 ,1 0 0
p oration (herein after called " t h e C o r p o r a tio n ") or such o th er title as shall
B o n A ir Coal L a n d ft L u m b er
be selected , w hich shall acqu ire title fn th e m a n n e r p rovid ed b y law , to all
C o. ( 6 % due J u ly 1 1928) —
th e p r o p e r ty , a sse ts, franchises a n d go o d -w ill of the fo llo w in g com p an ies:
1 st lien on “ a ” an d “ c ” - - .
1 6 2 ,0 0 0
..............................
1 6 2 ,0 0 0
9 ,7 2 0
(a)
(See ou tsta n d in g bon d s in V . 9 3 , p . 3 4 7 ) A m e ric a n Onion T e le G e n . M . ( 5 % due 1 0 3 4 , V .7 9 ,
p h on e C o ., U n ited T e lep h o n e ft T elegrap h C o ., N orth & W e s t B ranch l e l c p . 2590) , coverin g " a , b . c . d ” 4 1 9 ,0 0 0 8 0 ,0 0 0 2 ,0 0 0
5 0 7 ,0 0 0
2 0 ,9 5 0
t'..
rrni(.nhmm On.. S ch u v lk ill Telep h o n e C o ..
P urchase an d Im p . M . ( 5 % )
c overin g “ a , b , c , d , e ” - .
7 7 1 ,7 4 0
8 ,0 0 0
1 ,0 0 0
7 8 0 ,7 4 0 i/1 5 0 ,0 0 0
P a st due coup ons (on u n d erlyin g bonds) held b y 4 th N a t . B a n k _____$ 4 1 ,2 0 0
H u n tin g d o n ft Cleartleld T e lep h o n e C o ., C am b ria C o u n ty T e lep h o n e ft
Bills p a y a b le : $ 8 8 ,7 2 5 secured b y b on d s; $ 2 9 ,3 5 0 secured b y pig
T elegrap h C o ., U n ion T e lep h o n e C o . o f E r ie, U n io n T e lep h o n e & Telegrap h
iron w arrants; t o t a l---------------------- ---------------------------------------------------------- 1 1 8 ,0 7 5
C o ., E lk T e lep h o n e ft T elegrap h C o ., M ercer T e lep h o n e C o .. N ew Castle
U n sec u re d a c c ’ ts, $ 1 3 5 ,0 0 0 , an d unsecured bills p a y a b le , $ 2 1 ,6 8 3 . . 1 5 6 , 6 8 0
T e lep h o n e C o .. In d iana T e lep h o n e C o ., M a r y la n d , P en n sy lv a n ia ft W e s t
V ir g in ia T e lep h o n e ft T e legrap h C o .
v In sin kin g fu n d , $ 1 1 8 ,4 0 0 a d d ition al, w ith $ 5 ,9 2 0 Interest accru ed (to
(b) (See list o f ou tsta n d in g bond s In V . 9 3 , p . 1 1 93 ) C onsolidated T ele
J a n . 1 1 9 1 2 ).
V In te rest to D e c. 1 1 9 1 1 .
p hon e C om p an ies or P en n sy lv a n ia , L a c k a w a n n a T e lep h o n e C o ., P eop le's
N o a ccou n t Is here tak e n o f a Judgm ent rendered In the S u p rem e C ourt o f
'tele p h o n e C o ., Lehigh T e lep h o n e C o ., H on esd a le T elep h o n e C o ., B erw ick
M ain e In M arch 1911 fo r . In roun d n u m b e rs, $ 1 3 0 ,0 0 0 , w hich c la im , w ith
T e lep h o n e C o .
,T
. _ ,
.
_
th e interest th e re o n . Is b ein g litig a ted .
(c) (See b o n d s. & c ., V . 9 1 , p . 1 3 2 0 , 1770) N a tio n a l Telep h o n e C orpora
tio n , P ittsb u rgh & A lle g h e n y T e lep h o n e C o ., N a tio n a l Telep h o n e C o . o f
proposed Plan— New Stock Issuable After Foreclosure.
W e s t V irg in ia , C on solidated T e lep h o n e C o . o f W e s t V irg in ia , W e s t V irginia
W e ste rn T elep h o n e C o ., L y k e n s T e lep h o n e C o ., N a tio n a l Telep h o n e C o . o f
S u b le c t to G e n . M . a n d U n d erly in g B on d s and S ettle m e n t w ith P urchase
J
a n d Im p r o v e m e n t B ond s.)
O h io , N ation al T e lep h o n e C o . of P e n n sy lv a n ia , N a tio n a l T e lep h o n e C o . o f
M on on galia C o u n ty , W o o d sfle ld , S tafford ft M a rie tta T e lep h o n e C o .,
A u th o riz e d cap ital sto ck of th e new c o m p a n y , all c o m m o n .............$ 3 ,0 0 0 ,0 0 0
E xc h a n g e $ 1 ,8 3 0 ,0 0 0 n ew sto ck a t p ar for present
W e s to n C entral T e lep h o n e C o ., U n ion T e lep h o n e C o ., B ee gh le y T e lep h o n e
C o ., B elm o n t T e lep h o n e C o ., M a rie tta T e lep h o n e C o ., P ittsb u rgh ft W h e e l
‘ pref sto ck an d oue share ol' new stock (In all $ 4 7 0 ,
000) for four shares of present c o m m o n sto ck ; pro
in g Telep h o n e C o ., C hartlers T e lep h o n e C o ., P ittsb u rgh ft B utler T e l.
(d) A lso to a cqu ire, b y purchase or o th erw ise, th e cap ital sto ck of the
v id ed in b o th cases h olders su bscribe at par for ad
follow in g corp o ra tio n s, N ew JY ork S ta te T e lep h o n e C o ., C u m berlan d V a lle y
d ition al new sto ck (In all $51 7 ,0 0 0 ) equ al to 2 2 %
T e lep h o n e C o . o f B a ltim ore C ity , A m e rica n U n io n T e lep h o n e C o . o f V ir
of new sto ck e x c h a n g e d , m a k in g t o t a l . ----------------$ 2 ,8 6 7 ,0 0 0
gin ia and U n ite d A m e ric a n T e lep h o n e C o . o f W e s t V irg in ia .
Issu e to unsecured an d undisputed^ creditors new
sto ck a t p ar for 50 o . o f their d e b ts, the balance
Proposed Immediate Capitalization of the Corporation.
to bo p aid In c a s h -------------------------- — -------—------------B alan ce of sto ck In tr e a su r y -------------------------------------------4 3 ,0 0 0
F irst m o rtg a g e 50-y e a r 5 % b on d s ...............................................................
General m o r tg a g e 5 0 -y e a r 5 % b o n d s ......... ..................................... ............. 1 0 ,.> 0 0 .0 0 0
C o m m o n s t o c k ------------------------------------------------------ --------------------— ,--------,o 0 0 ,0 0 0
pay:
P referred s to c k , 5 % n o n -c u m u la tlv e , w ith righ t to v o te o n ly on
au th orization o f an increase of g e n . M . bon d s an d p ref. s t o c k - 1 0 ,0 0 0 ,0 0 0
b o n d s°(lnol” '$ 5 'o 2 0~frit” o n b d s . In s . f d .) , a b ou t $ 8 7 ,8 9 0 ; past-due. cou p on s
nn "n n r e h ‘and’ Im n ” b o n d s to D e c. 1 19 1 1 , $ 1 5 0 ,0 0 0 ; balan ce In treasu ry,
T h e corporation m a y fro m tim e to tim e Issue a d d itio n a l general m ortgage
S 110 3'*5
T h e c o m p a n y w o u ld then be free from floating liabilities, an d
b o n d s an d p ref. sto ck for a d d itio n s, ex ten sion s or b e tte r m e n ts, after h avin g
w ou ld h old cash $ 1 1 0 ,3 2 5 ; b o n d s : ge n . M ., $ 3 0 ,0 0 0 an d p u rch . ft im p .,
o b ta in e d th e c on se n t of th e holders of 68 2 - 3 % of th e o u tsta n d in g general
« « non- m an u factu red p r o d u c ts, m erch and ise, su pp lies, raw m aterial, to o ls,
M bond s and p ref. sto ck In w ritin g or a t a m eetin g c alled for th at p u rp ose.
live s t o c k , ft c . . o n h a A d , $ 3 0 0 ,0 0 0 ; to ta l. $ 1 4 0 ,3 2 5 .
T h e new 1st M . bond s are to be sold to n et the c orp oration 8 0 % of par
v a lu e In cash an d the p roceeds (sa y $ 9 ,6 0 0 ,0 0 0 ) are to be used as follow s:
Earnings Subject to Taxes, Coupon Interest and Sinking Fund.
(a) For p urchase o f u n d erlyin g co m p a n ie s’ b on d s an d sto ck s; (b) for p a y
m e n t of all secured floatin g d eb t of the acqu ired c o m p a n ie s; tc) for p a y
tE lim in a tln g Interest on floating d eb t an d losses on old B o n A ir m in e,
m e n t o f ail receivers’ o b lig a tio n s, receivers’ ex p e n se s, a tto r n ey s fees an d
n ow on a p rofit basis.]
accrued Interest on b o n d s; (d) for expenses o f org a n iza tio n ; (e) for treasury
1 9 06
1907.
1 9 0 8 .'
1909.
1910.
1912.
w orking c a p ita l n o t less th a n $ 3 ,0 0 0 ,0 0 0 .
S 178 03 9
S 2 1 0 ,3 4 7
$ 0 4 ,8 0 2
$ 1 0 0 ,1 9 4
$ 1 0 0 ,2 0 5 E s t .$ 1 2 5 ,0 0 0
T h e present issue o f new general m o rtg a g e b o n d s, p ref. and c o m m o n
Deduct— In terest on b o n d s, $ 4 0 ,7 7 0 , ta x es ( e s t .), $ 1 0 ,0 0 0 ; sin kin g
sto c k are to be u sed for th e acq u isitio n o f the stock s and bon d s o f the ac
fu n d (Incl $ 5 ,9 2 0 In t. on bond s held th e r e b y ), $ 2 5 , 9 2 0 ....................
7 0 ,6 9 0
q uired c om p an ie s and In c on n ection w ith the reorgan ization .
T h e n et Incom e o f the p roperties to b e acqu ired will ex ceed the Interest
B alan ce ap p licab le to d iv id e n d ------------------------------------------ •-------------- $ 4 9 ,3 1 0
u p o n the first an d general m o r tg a g e b o n d s to be Issued, an d it Is e stim a ted
W it h an average Increase In th e selling price o f iron In 1912 of $1 per t o n ,
th a t w hen th e c orp oration sh all h a v e received th e benefits of the In vestm en t
th e earnings for 1912 sh ould be u pw ards of $ 1 2 5 ,0 0 0 .
„
o f th e a d d itio n a l cap ital In b ette rin g an d ex te n d in g Its p la n t, the net In
T
h e plan co n tem p la tes the cancellation of th e "p u r c h a se an d Im p .
c o m e will be m ore than su fficien t to p a y full d ivid en d s u p on th e p ref.
m ortgage on p a y m e n t of the accrued Interest an d the tra n sfer, for a ccou n t
sto ck after m ak in g due p rovision for con tin gen cies an d reserve.
o f the b on d h old ers, of the lan ds u pon which said m o rtg a g e Is a first lien.
T h e T e lep h o n e In v e stm e n t C o. reserves th e righ t to o m it from the cor
I t is b elieved th a t this arrang em ent can be m ad e.
T h is w ou ld leave to th e
p oration a n y c o m p a n y or com p an ies g ive n in th e list o f co m p a n ie s to be
present stock h o lders the a c tiv e properties, consisting o f a b o u t 3 8 ,0 0 0 acres
acq u ired , an d to acqu ire a n y o th er c o m p a n y or c o m p a n ie s: p r o v id e d , h ow
of
coal
an
d
tim
b
er
lan
ds
an
d
a
b
o
u
t
8
0
,0
0
0
acres
of
Iron an d tim b er lan d s,
ev er that the presen t n et earn ings o f the c orp oration shall alw ays be In
w ith all th e Im p ro v e m e n ts, b urd en ed w ith a bon d ed d eb t o f o n ly $ 8 1 3 ,0 0 0 .
ex cess o f th e Interest n o o n the first an d general m o r tg a g e b on d s to be
In a sm u ch as In the J udgm ent o f som o o f the stock h o ld e rs, the valu e of the
issued b y th e c o r p o r a tio n .
tfov. 25 1911.]
THE
C H R O N IC L E
lan ds w hich were p urchased b y the Issue of th e purchase an d im p . bon d s far
exceed ': th e am o u n t o f th ose b on d s, su ch stock h o ld ers will h ave th e privi
lege of purchasing a t par In the c o m p a n y w hich Is to tak e over th e lan ds In
Question stock or b ond s (w hichever sh all be Issued In ex ch an ge , $ for 8 , for
the purchase and Im p . bonds) lo a n a m o u n t n o t ex ce ed in g their stock holdin gs
in the c o m p a n y to be organ ized to take o v e r th e old B on A ir and B uffalo
properties, the a m o u n t so realized to be u sed for th e d ev e lo p m en t an d opera
tion o f th e lan ds.
(C om p are V . S I , p . G 6 6 ; V . 8 3 , p . 4 0 4 .) — V . 9 2 , p . 1 1 1 1 .
Explanation as to Extra Dividend.
Brooklyn Union Gas Co.—
— The following statement was issued on N ov. 17 in regard
to the 1 % extra dividend declared payable on Jan. 2:
A t th e u rgent req u est of so m e o f th e p rincipal stock h o ld e rs of th e B ro o k
ly n U n ion (las C o. th a t Im m ed iate step s sh ou ld b e tak en tow ards c o m p en
sa tin g th em for h a v in g b een le ft w ith o u t a n y return w h a tever on their In
v e stm e n t during a period o f n early tw o y e a rs, th e directors d ecided this
aftern o o n to p ay a t p resen t an e x tr a 1 % .
I t is e stim ated th at the net earn
ings for th e current ye ar will n o t exceed 6 % u p on th e valu e of the c o m p a n y ’s
p rop erties.
T h e grow th of B r o o k ly n an d o u tly in g sec tio n s, an d th e d evel
o p m e n t o f business there, h a v e m a d e It possib le to Increase its n et earnings
ove r those d urin g th e period im m e d ia te ly after th e d rastic red u ction in the
price of gas ordered b y th e L e g isla tu re.
F ro m tim e to tim e further p a y
m e n ts m a y be m a d e w hen an d If c on d ition s w a r r a n t.
Earnings .— The following
data are given by the “ Boston
News Bureau” on the authority of a stockholder present at
the annual meeting:
In c o m e a ccou n t for 9 m o s. ended S e p t. 30 191 1 (th e three best m o n th s are
O c t ., N o v . an d J )e c .).
S ales, 8 , 9 5 2 ,9 7 8 ,9G6 eu . f t . o f gas (increase over
‘1 % 1
au averg ae rate of 7 5 .6 1 c .; gross earn ings, 8 0 ,7 7 1 ,9 6 1 , an Increase
surplus
for d iv id en d s, § 1 ,1 6 2 ,3 1 1 ,
a decrease o f
§ 4 0 ,3 6 0 .
[D ivid en d s for 9 m o n th s a t th e u su al rate o f G % per an n u m call for § 8 1 0 ,0 0 0 ,
an d an e x tra 1 % for § 1 8 0 ,0 0 0 .— -lid . "C h r o n ic le .” !
T o ta l su rplu s S e p t. 30
So hon
,’ 7 8 j F u n d e d d eb t S e p t. 3 0 , § 1 5 ,0 0 1 ,0 0 0 ; u nfu n d ed d e b t,
§ 3 ,0 8 3 ,0 0 0 ; in v e stm e n ts, § 1 ,7 4 0 ,0 1 8 ; su spense a c co u n t, § 6 5 6 ,4 9 9 .
C om
p are V . 8 8 , p . 6 8 2 ; V . 9 3 , p . 4 7 .— V . 9 3 . p . 1 3 8 8 , 4 7 .
Brush Electric Light & Power 0 o ., Galveston, T ox.—
— See Cities Service Co. below.
Sale.
Offer for M inority Stock
Chicago (Bell) Telephone Co. —
.—
The American Telephone & Telegraph Co., which on Sept. 30
1911 owned 814,049,600 of the company’s 827,000,000 capi
tal stock, has offered to give in exchange on or before Dec. 23
for the minority shares its own capital stock, share for share.
A circular says:
T o be ex ch a n g e d h ereunder, C hicago T e lep h o n e sto ck m u st b e properly
en d orsed for transfer an d d ep osite d w ith the Northern T ru st C o . of C hicago
on or before D e c. 2 3 .
T h e C hicago c o m p a n y ’s d ivid en d p ayab le D e c . 30
will go to stock h o lders o f record of D e c . 2 0 .
T h e A m e rica n T e lep h o n e &
Telegraph stock will be d elivered on or before J a n . 23 19 1 2 , an d will carry
tile d ivid en d w hich begins to accrue J a n . 1 1 9 1 2 .
Th erefore no a d ju st
m e n ts of d ivid end will be In v o lv e d .
(T h e d ivid en d rate o f th e Chicago
c o m p a n y h as for several years been 8 % per a n n u m .— E d .) — V . 9 3 , p . 6 6 8 .
Chicopee (M ass.) Gas Light
Springfield Gas Light Co. below.
Co.—
Bonds.
&
Tenders Asked.
Columbia Gas & Electric Co., Cincinnati.—
— The Knickerobcker Trust Co., as trustee of the 1st M. 5 %
bonds, will receive sealed offers up to Dec. 21 for the sale to
it of bonds sufficient to exhaust the sum of 8673,350, which
has been paid into the sinking fund from the proceeds of
the release of bonds of the East Ohio Gas Co.— V. 93, p. 107.
Conasauga Lumber Co.— See Alaculsy Lumber Co. above.
— V. 91, p. 156.
Plan.
Consolidated Telephone Companies, Pennsylvania.—
■— See American Union Telephone Co. above and compare
V . 93, p. 1193.
Consumers’ Power Co.—
.—
Earnings
Gross
Earnings.
Expenses
& Taxes.
Net
Earnings.
Annual
Bond Int.
Balance,
Surplus.
S e p t. 3 0 1 9 1 1 - . § 2 , 2 4 8 , 7 1 4
$ 1 ,1 7 9 ,7 9 3 § 1 ,0 6 3 ,9 5 1
§ 5 0 8 ,9 4 5 § 5 6 0 ,0 0 6
D e c . 31 1 9 1 0 .
1 ,9 8 2 ,4 2 7
1 ,0 1 3 ,9 9 5
9 6 8 ,4 3 2
196,650
1 7 1,78 2
T h ere Is ou tsta n d in g § 3 ,7 5 0 ,0 0 0 G % p referred, $ 1 0 ,0 0 0 ,0 0 0 e o m in on
s to c k , § 6 ,7 2 4 ,0 0 0 1st lien an d r e f. 5s a n d § 3 ,4 5 4 ,9 0 0 u n d erlyin g b o n d s .—
V . 91, p. 520.
Crucible Steel Company of America.—
“ Pittsburgh Dispatch” of N ov. 16 said:
Earnings .— The
T h e T reasurer’s rep ort for the tw o m o n th s en d in g O o t. 31 sh ow s th a t
earn ings d urin g th a t period were in excess of the req u irem en ts for the d iv i
d en d c overin g the q uarter en d ing N o v . 3 0 , the o p eratin g p rofits for O c to b e r
alon e b ein g in excess o f § 4 0 0 ,0 0 0 , the largest sh ow ing since F e b ru a ry 1910
B ased u pon such an ex cellen t rep o rt, the board declared a q u a r te r ly d iv i
d en d o f 1 3
A % on the p ref. sto c k , p a y a b le D e c . 22 1911 to sto ck h o ld e rs n
record D eo. 12 1 9 1 1 .— V . 9 3 . p . 1 1 9 3 .
s °
Cumberland Telephone & Telegraph Co., Nashville, Tenn.
—
— This company lias
outstanding 819,680,150 capital stock in 8100 shares, on
which it has paid in recent years 8 % per annum. ’The
American Telephone & Telegraph Co. on Sept. 30 owned
810,508,400 of this stock, and it has now bought the hold
ings of Pres. James E . Caldwell and offers to buy on the
same terms, on or before Dec. 18, the remaining stock, giv
ing therefor either (a) 5 % 25-year mortgage bonds of the
Cumberland T. & T . Co. at par (the present 8755,000 20-year
1st M. 5s mature Jan. 1 191S), the stock to be taken at 160,
and accrued dividend, and the new bond issue to be limited
to 815,000,000; or (6) American T. & T. Co., stock share for
share. Pres. Caldwell in a circular of N ov. 18 says in brief:
Offer for M inority Stock— New Bonds.
A ll stock h o lders desirin g to a c ce p t eith er o f th e a b o v e proposition s m u st
d ep osit their sto c k , p rop erly en d orsed for tra n sfer, w ith VVm R D river
Treasurer o f the A m . T . & T . C o ., 125 M ilk S t . , B o s to n , or G eorge d ’
M iln e , A s s t . T r e a s ., 15 D e y S t . , N . Y . C ity , on or before D e c . 18 1911
’
Deposits.
Cumberland Valley Telephone Co.—
— The pro
tective committee representing the 1st M. 5s due 1932,
James Brady, Chairman; Charles A . Kunkel and W . J.
Lescure (A . E . Pendergast, Harrisburg, P a., Secretary), has
fixed Dec. 15 as the final day for depositing bonds with the
Commonwealth Trust Co. of Harrisburg under agreement of
Aug. 11. See plan of Amer. Union Telephone Co. above.—
V . 93, p. 348.
New Stock.
(The) Detroit Edison Co.—
— A circular dated
Nov. 20 offers to shareholders of record Dec. 9 the right to
subscribe at par (8100 a share) at the office, 30 Broad S t.,
N . Y. City, on or_ before Jan. 3, for 81,500,000 new stock
to the extent of 2 5 % of present holdings.
S u b scrip tion w arrants will b e m ailed on D e c . 11 1 9 1 1 .
P aym en t m u st
VS,1.Va d e ilh.a b 0 Y9 offl<?e
from colle ction ch arges, either (a) In full J a n . 3
1 9 1 - , en titlin g the su bscrib er to th e sto ck a t o n ce , or (&) In three in stall
m e n ts as fo llo w s: J a n . 3 1 9 1 2 , 5 0 % ; A p ril l 1 9 1 2 , 2 5 % ; J u ly 1 1 9 1 2 , 2 5 % .
In this la tte r case the new certificates .will be delivered J u ly 1 1912 w ith
Interest a t 6 % u p o n th e In sta llm en ts p a id .
T h is oiler Is m a d e su b je c t to
ap p ro v a l o f the R R . C om m issio n o f M ic h .
C om p are V . 9 3 , p . 1 1 9 3 .
Notes Called.
Diamond Match Co.—
— The company by
advertisement on another page, gives notice that it has
called for payment at 101 and interest on Dec. 29 all the
unredeemed 5 % notes, dated July 1 1908, of the last install
ment of 8500,000, due July 1 1912. Payment will be made
at the Empire Trust Co., New York. Compare annual
report.— V . 92, p. 1497.
New Financial Policy. — Sec Dominion
Dominion Coal Co.—
Steel Corporation below.— V . 93, p. 471.
Dominion Iron & Steel Co.— Improvements— New Finan
cial Policy. — See Dominion Steel Corporation above.— Y . 92,
p. 1433.
decided upon a new policy of financing its controlled cos.
Acquisition—Sale of Pre
City W ater Co., Chattanooga, Tenn.—
— Threequarters of the present issue of 81,800,000 1st ref. 6s of 1911,
due Jan. 1 1931, having been sold, J. S. & W . S. Kuhn, Inc.,
and C. E . Mitchell
Co., New York, on Nov. 16 offered the
remainder at 101 and int. See V . 93, p. 1024.
Year
Ending—
T h e b on d s will b e d a te d J a n . 1 1912 a n d d elivered as soon th ereafter as
p ossib le.
'Phcy w ill be $ 1 ,0 0 0 an d § 5 0 0 2 5 -y e a r 5 % b o n d s, Interest p a y a
ble se m i-a n n u a lly , an d be su b je c t o n ly to a prior m o rtgage secu rin g b on d s
n ow ou tsta n d in g of $ 7 5 0 ,0 0 0 . T h e to ta l Issue will n ot exceed $ 1 5 ,0 0 0 ,0 0 0 .
I f th e d ep o sitin g sto ck h o ld e r elects to take s to c k , h e wiU receive th e
A m e rica n sto ck on or before D e c . 2 7 1 9 1 1 , w hich w ill carry the d ivid en d
p a y a b le J a n . 15 1 9 1 2 .
I f he elects to tak e b o n d s, th e eq u iv a le n t o f th e
J a n u a ry d ivid en d on the C u m berlan d sto ck w ill be p aid In cash on J a n . 15
1912.
T h e sto ck h o ld e r m a y , if he prefers, ta k e p a y m e n t p a r tly In sto ck
an d p a r tly in b o n d s .— V . 9 3 , p . 1 3 2 6 .
Dominion Steel Corporation.— New Financial Policy —
Consolidation — See Proposed Preferred Stock Issue.— The directors on N ov. 20
Cities Service Co., New York.—
.— The company has acquired the property of the
Brush Electric Light & Power Co. of Galveston, Tex. The
purchase price is reported as about 81,500,000.
In order to
finance the same, the company has sold to a London banking
house a block of the preferred stock in the treasury, which
will shortly be listed on the London Stock Exchange.—
V . 93, p. 1107, 471.
ferred Stock
1467
T h e Iron & S teel C o . is n o t to co n tin u e to p rovid e for ex p e n d itu res on
Its new p la n t b y th e sale o f bon d s w hich w ere a u th orized In 1 9 0 9 an d of
w hich a b o u t § 6 ,0 0 0 ,0 0 0 are still h eld in th e tre a su ry , b u t c a p ita l Is to be
ob ta in ed b y th e Issue o f preferred sto ck of th e D o m in io n S te el C o rp o ra tio n .
I he Coal C o m p a n y lias also entered on im p o r ta n t ex te n sio n s, w hich will in
crease Its 14 p rodu cin g collieries to 2 0 , an d require greater facilities for
tra n sp o rta tio n , & c ., th e cap ital required for w hich , it w as d eterm in ed , can
also be best o b ta in ed throu gh the co rp o ra tio n .
A s ta te m e n t issued sa y s: " T h e a d v a n ta g e o f this m e th o d Is th a t It av o id s
th e Increase of fixed charges an d leaves th e Iron & Steel C o . w ith a large
reserve of unissued b o n d s of estab lish ed m ark et v a lu e .
N o th in g defin ite
w as d on e w ith regard to m a k in g th e issue, b u t th e b oard d ecided t h a t , u nd er
proper c o n d itio n s, this w ou ld b e th e w isest m e th o d of o b ta in in g c a p ita l
for th e b u ild in g u p of th e variou s p la n ts.
Its u ltim a te effect w ou ld be to
Interest peop le in L o n d o n , and p ro b a b ly In P aris, also, in the stock s o f the
c orp oration , an d It w ou ld p u t th e latter In a p osition to ta k e care o f the fu
ture cap ital req u irem ents o f th e su bsid iary c o m p a n y on good term s.
P rovision will be m a d e for th e ex ch an ge in d ue course of th e preferred
sto ck of the C oal an d Steel com p an ies for corporation preferred, on an
e q u ita b le basis; w ith an estab lish ed m a rk et for the n ew secu rity In E u r o p e ,
such an ex ch an ge w ou ld benefit th e presen t h olders.
T h e c o m p a n y has been ask ed to give certain righ ts as to c o m m o n stock
In conn ection w ith the sale of the n ew preferred w h en ever th a t p o in t m a y
be reach ed , an d it Is n o t u n lik ely th at this m a y lead to con sid erab le In
ve stm e n ts in the c o m m o n stock a b r o a d .
In a n y case. It Is the Interests of
th e c o m m o n stock holders w hich th e board h a v e m o st in m in d .
T h e w hole
o b je c t of the p olicy o f ex te n sio n , w hich is b ein g vig o ro u sly p u rsu ed . Is to
increase o u tp u t, decrease c ost an d en large p rofits.
T h e b en efit of th is,
after p a y m e n t o f Interest on th e n ew c a p ita l, necessarily accrues to th e
c o m m o n stock h o ld ers.
T h e new p olicy Is m o st stro n g ly su p p o rte d b y th ose w h o h a v e th e
argest Interest in th e c o m m o n sto c k , a n d w as a d o p te d b y th e b oard w ith
ou t a d issen tin g v o ic e .— V . 9 2 , p . 1 7 0 4 .
Extra Dividend.
Draper Co., Hopedale, Mass.—
— This
manufacturer of cotton-mill machinery has recently paid an
extra div. of 10 % on its 86,000,000 com. stk.— V . 90, p. 979.
Bonds Earnings.
^ East Ohio Gas Co., Cleveland, O.—
—
—
E . \V. Clark & Co. are offering at par and int. a block of 1st
M. 5s of 1909, due July 1 1939. Amount authorized, $25,
000,000; outstanding, S15,000,000. The firm reports:
A sid e from v a lu a b le real esta te In C levelan d an d A k r o n , th e c o m p a n y
ow ns a p ipe line an d d istrib u tin g sy ste m o f a p p r o x im a te ly 2 ,4 0 0 m iles;
m eter conn ection s (artificial an d n atu ral gas) a p p r o x im a te ly 2 0 0 ,0 0 0 .
A r
tificial gas is sold a t 8 0 cen ts an d n atu ral gas a t 30 cen ts p er th o u sa n d fe e t.
C o m p a n y 's franchises in C levelan d arc w ith o u t tim e lim it.
T h e gross earnings fo r th e c a l. year 1 9 10 w ere $ 3 ,7 5 3 ,8 0 4 ; n et ea rn in g s,
$ 2 ,3 4 2 ,3 2 8 ; interest on b o n d s, § 7 5 0 ,0 0 0 ; su rp lu s ea rn in g s, 8 1 ,5 9 2 32 8
F or the nine m o n th s ended S e p t. 30 1911 gross earnings sh ow an Increase
o f $ 2 5 1 ,5 0 4 and n et earnings an increase of § 2 8 0 ,7 1 5 ove r the corresp on d in g
p eriod of the p reviou s y e a r .
S ee also V . 9 2 , p . 6 6 1 .— V . 9 3 , p . 5 3 3 .
Everett (Wash.) Water Co.— Proposed
Purchase by City. —
See “ Everett” in “ State and City ’ ’department.— V . 80
p. 2223.
Bonds Offered
Harper Transportation Co., Boston.—
.—
Westling, Em m ett & Co., Phila. and Chicago, are offering
at par (8100 a share) a limited amount of the 8600,000 7 %
cumulative pref. stock of this coastwise coal transportation
company, incorporated under the laws of Maine.
P r e f. stock carries eq u al v o tin g pow er w ith th e c o m m o n : p r e f/d iv id e n d s
accru e from J u ly 1 1 9 1 1 .
C o m p a n y m a y a t a n y tim e a p p ly th e su rp lu s
a lte r p a y in g fixed charges to retirem en t o f p r e f. sto ck a t p a r, pro ra ta from
all h olders.
O n an d after J u ly 1 1921 th e p ref. sto ck m u st thu s be retired
p ro r a ta a t p ar, 1 0 % per a n n u m .
N o d ivid en d on c o m m o n sto ck In excess
o f 5 % in a n y on e year so lon g as a n y p r e f. sto ck rem ain s o u t.
Earnings Based on M inim um Income from Contracts now in Force.
Gross
.............. - - - . . . - . . $ 5 4 7 , 2 9 9 [ I n t . on $ 9 0 0 ,0 0 0 6 % c t f s . . . § 5 4 ,0 0 0
N e t (after in suran ce, & c .) . . § 2 8 6 , 2 5 9 |Preferred d ivid end ( 7 % ) . . .
4 2 ,0 0 0
S urp lu s to retire m a tu rin g 6 % certificates ( $ 9 0 ,0 0 0 ) , & c .............$ 1 7 0 ,2 5 9
In suran ce ( § 1 ,5 0 0 ,0 0 0 ) c overs th e entire c o st o f the b o a ts an d secures
the fu ll p ar valu e o f b oth 6 % certificates an d 7 % p r e f. s to c k , jj
THE
1.468
Lewiston (Ida.) Land & Water Co., Ltd.— G u a r a n te e d
E x t r a c t s from L etter o f P resid en t W illia m H arp er J r ., B o s to n , O c t. 9 1 9 1 1 .
Outstanding Capitalization of Com pany.
(
6 % serial tru st certificates d ate d A p ril 1 1 9 1 1 , m a tu r in g § 9 0 ,0 0 0
a n n u a lly [$ 4 5 ,0 0 0 each A . o c O . 1912 to A p ril 1920 in c l.; $ 9 0 ,0 0 0
O c t . 1 9 20 and $ 9 0 ,0 0 0 A p ril 1 9 2 1 .
P ar $ 1 ,0 0 0 ,
I n t . A . & O .]
T r u ste e , P h lla . T r u s t, S a fe D eposit & In s . C o ., P h ila d e lp h ia $ 9 0 0 ,0 0 0
S to c k , $ 0 0 0 ,0 0 0 7 % c u m . p ref. an d $ 1 ,0 0 0 ,0 0 0 c o m m o n -............. . 1 , 0 0 0 , 0 0 0
O w n s fou r m od ern steel b u lk steam ers (th e F . J . L Ism a n , M . E . H a rp er,
P en o b sco t an d 6 'ca c o n n e t), c a p a c ity a , 60 0 to n s e a c h , an d sev en ate cl b a rg e s ,
c a p a c ity a b o u t 2 ,5 0 0 tons e a ch , all classed as A l .
C on tractd >rlce for
these vessels w as $ 1 ,5 0 0 ,0 0 0 .
T h e steam e rs are all ch artered b y Im p o rta n t
coal operators an d sh ippers o f B o sto n to op erate In th e c oal tra d e b etw een
B a ltim o re, H a m p to n R o a d s p o r ts, or P h ilad e lp h ia to B o sto n a n d the
principal p orts in N e w E n g la n d .
T w o are c h a rteie d for three y e a is and
tw o for one y e a r, this c o m p a n y h a v in g th e o p tio n , h o w e v e r , of ren ew in g
for a fu rth er tw o y e a rs.
B o th steam ers a n d barges are now in u se.
.—Bonds Offered.—
Hummelstown (Pa.) Gas & Fuel Co
O. B. Lansinger & Co., Phila., are offering at 95 and int.
1st M o’old 5s, due Oct. 1 1931, but callable after 1915 at 105
and bit
Par 8500 (c). In t. A . & O. Hershey (Pa.) Trust
Co
trustee. Tax-free in Penna. Authorized, $35,000;
issued, $30,000; reserved for future improvements, &c., at
9 0 % of cost, $5,000. A circular shows:
O p erates u n d er perp etual franch ises (exclu sive as to gas lighting) from
P a lm y r a to H u m m e lsto w n , servin g the tow n of H e r sh e y , w ith l ,o 0 0 p op u
la t io n , an d H u m m e lsto w n , w ith ove r 3 ,0 0 0 p o p u lation ; also su bu rb an terri
t o r y an d villa g es o f D e rry , C hu rch , S w a ta r a , B row n ston e and VValtonvllle.
T h e H ersh ey C h ocolate W o r k s are e q u ip p e d w ith gas cookers anil other
h eatin g a p p a ra tu s.
T h e c om b in e d p op u lation alon g th e m ain s Is a p p rox i
m a te ly 8 0 0 0 an d the co n su m p tio n per m eter w ill be v e ry m u ch a b o v e the
avera ge ’ T h e b o n d s are gu aran tee d , principal an d In terest, b y th e A n n v llle & P a lm y r a G as & Fuel C o ., w hich ow n s th e entire ( 3 5 ,0 0 0 ) sto c k .
(See t h a t c o . a b o v e .)
E x t r a h e a v y h igh-pressu re gas m a in s.
E n tire sy s
te m a b o u t 10 m ile s.
P r e s ., E . U . S ow ers; S e c .-T r c a s ., I . L . B c c k le y ,
Lebanon.
,— Voting Trust.
International Nickel Co., New Y ork
— At
the request of the holders of a large amount of the stock,
preferred and common, Edmund C. Converse, Joseph R.
De Lamar, Ambrose Monell, Robert M. Thompson and
Ezra F. W ood, all members of the company’s executive com
mittee, have agreed to act as trustees under a voting trust
agreement dated Aug. 4 1911, which is to continue for five
years from that date, participation in the voting trust being
offered on equal terms to all the company’s stockholders.
A circular dated N ov. 15 says:
T h e v o tin g tru stees are th e presen t e x e c u tiv e c o m m itte e o f th e c o m p a n y ,
w ho h a v e been In charge of Us o p eration s an d policies since Its fo u n d a tio n .
T h e su ggestion th at a v o tin g tru st sh ou ld be fo rm e d w as m a d e b y sto ck
h olders w ho h ad contldence in the present m a n a g e m e n t, w ere desirous of
Insuring Its con tin u a n c e, an d d ee m ed a v o tin g tru st th e p referable m eans
Th e*votin g* tru st agreem ent h as a lre a d y b een ex e c u te d an d m ore th a n a
m a lo r lty o f the c a p ita l sto ck d ep osited u nd er It.
T h is Includes all the stock
ow n ed b y th e tru stees In d iv id u a lly , e x c e p t q u a lify in g sh ares.
E n g ra v ed
v o tin g tru st certificates are n ow read y for d elive ry to stock h o ld e rs.
I f vou are In s y m p a t h y w ith the p urposes o f the tru st, w e sh ould be glad
to h ave you b ecom e a p a r ty to the agreem en t b y en d orsing you r sto ck cer
tificates (b oth for preferred an d c o m m o n stock ) In b la n k , an d d elivering
or sen d ing the certificates b y registered m ail to the B an k ers T r u st C o ., 7
W a il S t
N . Y . C ity , w hich Is the age n t for th e v o tin g tru stees.
A n y fur
th er In form ation desired w ill be furn ished b y Janies L . A s h le y , Secretary
43 E x c h a n g e P la c e , N e w Y o r k .
,
,
.
. ___,
('file v o tin g tru stees will h ave full p ow er to v o te the sto ck so transferred
to th e m a t all m e etin g s, for the follow in g p urp oses, exercisin g therein their
best J ud gm ent, v iz .: (a) E le ction o f d irectors.
(b) A p p r o v a l o f th e acts of
th e d irectors 1n th e general c o n d u c t of the b u sin ess.
(c) A m e n d m en t of b y
l a w s M ) A ll rou tin e or o rd in ary m a tte r s.
B efore v o tin g u p on an y other
niiestlon the v o tin g tru stees m u st solicit th e In stru ction of th e registered
h o fd o r e o f stock ° tru st chrtl flcates b y le tte r , an d shall thereup on v o te upon
said nues lons ‘'for each h older to the a m o u n t o f his h oldin gs, as directed b y
him.••UeT h en voting0 tru stees m a y a t th eir d scretion term n ate th e tru st
agree m e n t a t a n y tim e prior to A u g . 4 1 9 1 0 .
1*™ tru stees a ie to a ct
th rou gh a m a jo r ity o f their n u m b e r.— E d .] — V . 9 3 , p . 7 0 J , 4 1 1 .
—Bonds Offered —
lowa-Nebraska Public Service Co
Charles M. Smith & Co., Chicago, are offering at par and
int. $350,000 1st M. 6 % gold bonds, dated Oct. 1 1911 and
due Oct. 1 1931, but redeemable on and after Oct. 1 1J1J at
103 and int. Int. A . & O. at First Trust & Savings Bank,
trustee, Chicago. Par $100, $500 and $1,000 (c*). A cir
cular dated Oct. 30 1911 reports:
C a p ital sto ck a u th o rize d , $ 1 ,2 5 0 ,0 0 0 ; o u tsta n d in g
.
--$ 7 7 5 ,0 0 0
B o n d s : T o t a l Issue lim ited to $ 1 ,0 0 0 ,0 0 0 ; held b y tru stee fo r 8 5 %
of c o st o f futu re ex te n sio n s, p rovid e d th e n et earnings are tw ice
th e interest ch arge, Including bon d s then to b e Issued $ 0 5 0 ,0 0 0
(sink in g fun d 2 % o f o u tsta n d in g bon d s begins 1 9 1 6 ) . l o t a i o u t o .jO.OOO
E arn in gs as rep orted b y A u d ito r for year 1 9 1 1 : Grossi ea rn in g s, 5 1 2 2 ,9 8 8 :
n et (after t a x e s ) , $ 5 1 ,8 6 7 ; interest on b o n d s, $ 2 1 ,0 0 0 ; su rp lu s, $ 3 0 ,8 6 7 .
O w n s an d op erates cen tral sta tio n s a t M issou ri V a lle y , Io w a , B ea trice ,
N eb
an d N o r fo lk , N e b ., and furnishes 24-h o u r lig h t an d pow er service In
these’ cities an d ove r Its h igh -ten sion tra n sm ission lines in M agn olia an d
L o g a n ° l a , an d In B lair, W y m o r e an d B lue S p rin gs, N e b .
H a s a favorab le
c o n tra ct for p ractically the entire o u tp u t o f a w ater-p ow er p lan t at H o lm e svm e N eb
w hich pow er Is d istrib u ted in th e B eatrice group an d the ste a m
n lvn ’t there used o n ly as an a u x ilia r y .
N u m b e r o f c u stom ers 4 ,0 0 0 and
ste a d ily In creasing.
Fran ch ises liberal.
I t Is p roposed to e x te n d the
tra n sm ission lines e a sy d istan ces from M issouri V a l l e y 't o l o a d d ition al
cities- from B eatrice to 9 cities an d from N o rfo lk to 16 cities.
T h e W . H . Z im m e r m a n C o ., en gin eers, C h ic a g o , rep ort th a t it Is their
belief th a t gross earnings of a t least $3 50 per ca p ita can b e c o u n te d u p o n
in the new territory “ w h ich , w ith th e present ea rn in g s, sh ould produce a to
tal cross of S’ SO 000 per a n n u m ” ; a n d th e y are of the op inion th a t the p iese n t
n n V ^ t ln g i w e i s o o f 5 8 % c a n b e reduced to 5 0 % , “ th u s le a v in g the net
nnnir-il revenue a b o u t $ 140,000 to be u ltim a te ly o b ta in ed from op eration .
a Woh 'a m teu ltu ral se c tio n .
P o p u la tio n served a b o u t 3 0 ,0 0 0 and w ith
B o n d s O ffe r e d .—
Morris Brothers, Portland, Ore., are placing
at par and int. $1,050,000 7 % refunding gold bonds, uncon
ditionally guaranteed by the Lewiston-Sweetwater Irrigating
Co., Ltd. Par $100, $500, $1,000(0*). Dated Oct. 1 1911,
due in annual installments each Oct. 1, $25,000 yearly
1912 to 1916; $50,000 yearly 1917 to 1920; $725,000 1921,
but redeemable on and after Oct. 1 1912 at 102. P. & i.
payable at Security Savings & Tr. Co., Portland, Ore., fiscal
agent and registrar. Idaho Trust Co., trustee, Lewiston.
In corp orated In 1905 In O regon an d Id a h o an d ow n s o u tr ig h t a t r a c t o
7 .2 3 2 aore3 ly in g w ithin or o v e rlook in g the c ity of L e w isto n ; soil 10 to oO
fee t deep an d ve ry fertile.
F in ely grad ed 60-f o o t roa d w a y s h a v e been
laid o u t a t u n iform d istan ce s, an d sk irtin g these ro a d w a y s n u t an d sh ade
trees are b ein g p la n te d .
A reserve reservoir fo r m s an a t tr a c tiv e artificial
lake an d su rrou nd in g sa m e w ill be a c o m m u n ity p a r k , the purp ose being to
m a k e L e w isto n O rchard s the ilticst residence tra c t o f its k in d ev er d e V° E x p en d itu re s to d a te , as rep orted b y E . G . H o p s o n : G eneral ad m in istra
tio n , $ 7 2 ,7 4 0 ; purchase of la n d , $ 4 5 4 ,9 4 7 ; lan d Im p r o v e m e n t. $ 2 7 1 ,8 3 2 ,
selling ex p e n se , $ 1 8 9 ,6 5 1 ; in terest on in v e stm e n t, $ 1 3 3 ,3 9 3 ; ta x e s, $ 2 4 ,3 3 7 ,
In v e stm e n t In the sto ck an d bon d s of the irrigating c o n ^ a n y an d o th e r
ad v a n c es secured b y n otes o f the Irrigating* c o ., § 5 3 1 ,0 0 0 ; t o ta l, $ 1 ,0 7 7 ,0 0 0 .
D ig e st of L etter from M a n a g er 11. L . P o w ers. L e w isto n . Idaho.. O c t. 2 4 ’ l l
T h is la n d , w h e n su p p lie d w ith a sm all q u a n tity o f w ater In a d d itio n to the
an n u al rain fa ll, b ecom es su sceptib le o f p rodu cing the ch o ic est varieties
o f fruits an d v e g e ta b le s.
Irrigation Is m ad e possible b y the L e w isto n S w eetw ater Irrigatin g C o. th rou gh a w ater sy stem w hich h as c ost a p p r o x i
m a te ly $ 7 5 0 ,0 0 0 .
T h e w ater [ "f r o m n ever-failin g m o u n ta in stre a m s an il
s e r in e s” — E G . H op son ] is im p o u n d ed In a reservoir from w hich it Is piped
t o each 5-acre tra ct as b y o rd in ary c ity w ater w orks th u s p r ovid in g n o t
o n ly for Irrigation b u t for house u se .
W c Im prove the tracts w ith special
reference to residence co n d itio n s, b u t no lands are sold w ith o u t stlp u la ltn g
th a t th e y be c u ltiv a te d .
T h e first p lan tin g b y the c o m p a n y occu rred in
1 9 0 7 ; a t present a b o u t tlv e-sev e n th s o f th e en tile tra ct Is in orch ard s.
Our
m in im u m price Is $ 4 0 0 an acre an d d urin g the p ast year so m e o f these 01chards h a v e c h an ged h an d s a t $ 1 ,1 0 0 per acre.
. . .
.
,
.
T h e b o n d issue is secured b y 7 ,2 3 2 acres of la n d , h a v in g a v a lu e o f n o t
less than $ 3 ,5 0 0 ,0 0 0 .
O f th is, th e c o m p a n y h as c o n tracted to sell 3 ,4 7 1
acres for $ 1 ,3 4 6 ,9 9 9 , of w hich the u n p aid b alan ce is $ 8 1 6 ,8 9 7 , ev id en ced b y
n otes an d c on tracts b earin g 7 % In terest.
O f these n otes an d c o n tr a c ts,
$ 500,000 are p led ged as a special reserve to secure the b o n d s.
I he b o n d s
are fu rth er secured b y the g u a r a n ty of the L e w isto n -S w eetw a ter Irrigatin g
C o ., L t d . O f the 3 ,8 8 2 acres u n sold , a b o u t 1 ,5 0 0 acres lie b etw een the lan d
u nd er c o n tra ct o f sale an d the c ity , an d Is the m o s t v a lu a b le p ro p e rty in the
tra ct; 1 ,7 0 0 acres are u nder orchard s o f a t least on e season s ^ o w t h .
T h e c o m p a n y was origin ally financed b y c o m p a r a tiv e ly s h o it-t h n c b o n d s.
B elie vin g th a t the proper tim e h as n ow a rrived , wo h a v e u n d ertak en to sell
$ t , 0 5 0 ,0 0 0 10 -y e a r b on d s, th e proceeds o f w hich will he used o n ly to retire
the presen t b on d ed an d floating d e b t.
u m n » r -n
r
W . F . Burrell is P resid en t; I I . L . P ow ers, 1st V .-P r e s . ..n il M a n a g e r , I t . L .
GU san, V .-P r e s .; R . W . M o n ta g u e , S e c .-T r e a s .
_
Lewiston-Sweetwater Irrigation Co.— See Lewiston Land
& Water Co. above.— Y. 82, p. 1325.
Long Aero Electric Light & Power Co., New York. N e w
Y o r k E d i s o n C o . A s k s f o r R e v ie w o f O r d e r o f C o m m i s s i o n .—
The New York Edison Co. on Nov. 21 obtained from Justice
Seabury in the Supreme Court in this city a writ of certiorari
to review the order of the Public Service^ Commission of
July 29, granting the company authority to issue $2,000,000
stock and $4,000,000 bonds. Compare V. 93, p. 474, 349.
Massachusetts Gas Companies,
Wl t A W t a r a c o r p o r a t io n ! ’org a n ised as th e B u llock P u b lic Service Co
tn control the n e a t r i c e E lectric C o . ( V . 8 2 , p . 1441) an d on or a b o u t O c t . 1 8
1 9 11 ad o p te d present n am e an d th e c a p ita l sto o k ^ l n g Increased to $ R o c000.
E . A . B ullock and C lyd e B u llo c k , b o th o f N o r fo lk , N e b ., are tesp cc
t lv e ly P resid en t an d S e c r e ta r y .— E d .]
Iron Steamboat Co. of Now Jersey.—
Gross
Earns.
1 0 1 0 -1 1 ................... $ 3 1 3 ,8 7 6
1 9 0 9 -1 0 ................... 3 5 9 ,7 9 5
— V . 91. P. 1444.
R eport— For year:
Net (after
Taxes).
Other
Income.
B ond.
Interest.
$ 3 4 ,6 0 0
3 1 ,6 9 1
.............0 0 ,8 8 0
$ 2 4 ,9 6 2
2 o ,0 0 0
(5 % )
-----1 5 ,..1 7
Sinplus.
Decision Reaffirmed.
5 9 .0 8 8
5 ^ ,3 5 4
Kings County Lighting Co.—
— The
Public Service Commission on N ov. 17, after a re-hearing,
reaffirmed the order adopted on Oct. 20 reducing the rate
charged for gas in the 30th Ward, Brooklyn from $1 per
thousand cubic feet to 85 cents from N oy. 1 i911 to Dec. 3 i
1912 and 80c. for year 1913. Compare \ . 93, p. 1262, 1108.
Boston.—
E a r n in g s
of
C o n tr o lle d C o m p a n i e s . —
Net earnings of the subsidiary com
panies for October and the four months ending Oct. 31:
1911.
$ 1 1 0 ,5 9 5
4 9 .8 3 8
.
9 ,0 0 2
6 ,4 4 8
N e w to n <Sc W a t e r to w n Gas L ig h t -.
6 .2 0 5
E a st B o sto n G a s ----------------------------1 .6 3 6
C itizens' C o . o f Q u i n c y -.................
1 ,2 23
Federal C oal & C o k e -----------------------.
4 ,7 9 5
B o sto n T o w b o a t ----------------------------- .
1910.
$ 1 0 2 ,3 2 1
4 8 ,7 0 2
2 9 ,4 2 3
7 ,9 2 0
6 ,9 7 2
2 ,2 5 6
def .2 ,0 5 9
897
4 M o s. end. Oct. 3 1 .
1910.
1911.
$ 3 0 3 ,9 0 1
$ 2 7 4 ,0 6 0
1 8 7 .5 6 1
1 8 8 .3 0 4
5 0 .9 6 9
1 0 0 ,0 1 9
2 1 ,7 9 5
2 0 ,5 1 5
2 0 .5 0 4
2 0 ,5 3 7
9 ,5 6 0
1 0 ,8 9 4
clef .3 71
619
1 1 ,0 3 3
*897
.$ 1 8 9 ,7 4 2
$ 1 9 6 ,4 3 2
$ 6 0 6 ,0 2 6
$ 0 1 5 ,4 0 2
4 .3 4 %
1 2 .0 3 %
2 1 .6 0 %
8 .5 0 %
3 .5 9 %
1 2 .7 1 %
34.11%
7 .7 3 %
-October
Boston Consolidated Gas C o-----East Boston Gas------------------------- Tr rSo?
Citizens’ Co. of Q u in cy..................
N e w ton & W a t e r t o w n .............. - - -
».tn%
* For month o f October o n ly .— V . 93, p
1 .2 5 %
1 2 .0 9 %
2 8 .4 6 %
6 .0 1 %
1020, 232.
Sale of Notes.
Mitchell-Lewis Motor Co., Racine, W is .—
—
White, Weld & Co. and George H . Burr & Co., New York
and Chicago, have purchased and largely resold an issue of
$2,500,000 6 % gold notes, the price for $750,000 due
Aug. 1 1912 being par and int. and for the $1,750,000 due
Aug. 1 1913 98J^ and int. A circular reports:
n-ited N ov 1 1911
Par $1,000 and $5,000 (c* ). Redeemable ns a
whole at lo t and Int. on 60 days’ notice. Trustee. Continental & Commer
cial Trust & Savings Bank, Chicago. Payable, prlri. and int. ( I . & A .), at
Cont & Comra’l T r , & S av. Bank. Chicago, and First N at. Bank, N. Y.
Dinest of Letter from Pres. W in. M. Lewis. Racino, W ise., Nov. 20 1911.
fn 1834, at Ft. Dearborn (now C hicago', Henry Mitchell, the founder o f
this business built the Hist wagon factory in the W est. I’ or 77 years the
com m ercial branch has been in continuous and uniformly, prosperous opera
tion
The autom obile business was established in 1994 as a separate organ
ization with a capital of $100,000. When consolidated with the wagon
business Jan. 1 1910. the net assets, after paying $800,000 In dividends, were
$2,400,000. all earned, except the original capital ot $100,000.
For the 3 IS-vear period ended June 30 1911, the net profits, as verified by
Arthur Young & C o., amounted to $2,870,458. showing an average annual
profit of $820 131. (The accountants say: “ These earnings are subject to
some qualification on account ot depreciation of plant, but in our opinion
an arbitrary annual charge of $50,000 would more than cover this Item .” ]
rnnUtiii-ntinn—
a b o v e -m e n tio n e d cities show ed c o m b in e d c a p ita l an d su rplu s o f $ 1 ,6 48,0 01 ,
Oct. 31
Year.
[VOL. LXXXXIII.
C H R O N IC L E
Authorized.
Notes (6 % ) this issue (no funded debt or m tg e s.)--$2,800,000
Pref. 7 % stock (7 % dlvs. paid since con solid ation). £.000,000
Issued.
$2,500,000
t ’o o o ’ noo
These S’ 500 000 notes are represented by assets of $7,473,414 (exclusive
ot patents good-w ill, Sec.). of which casli and working assets alone am ount
to $4 599.498, based upon the audit of Arthur Y ou ng & C o., as of O ct. 1
1911 ’ The proceeds of t-hls issue of notes arc sufficient to retiie all the hills
payable leaving as the only obligations current operating accounts and
custom ers’ cash deposits on cars ordered. [The real estate, plant and equip
ment are appraised at $2,674,066 and the investments are given as $109,850.
Com pany Is* a W is. corp. Par of shares $100.— Ld.|
wElle^thesc notes are outstanding, the quick assets at all times must ex
ceed 150% of all bills payable, Including these notes, and It Is further agreed
that current accounts payable shall not be enlarged beyond the current
requirements o f t h c hus'lness. The property is free and clear of m ortgage
or other encum brances, anil no m ortgage or voluntary lien m ay bo placed
on it during the life of these notes.
Statement Showing Sales of Motor Cars (Number Delivered) .
1 Q05
10 0 6 .
10 0 7.
10 0 8 .
1000.
10 10 .
1911 (10 m o s.)
R°a
315
600
1 377
2 .1 6 6
2 ,9 4 6
5 ,6 1 4
4 ,0 4 9
O n N o v . 15 1011 th e c o m p a n y h ad orders for 0 ,5 0 0 cars for d om estic
foreign d eliv e ry , w hich Justifies a 10 12 p rodu ction of 5 ,0 0 0 to 6 ,0 0 0 cars.
T h e factories are located a t R a c in e , w i s e ., an d h a v e a m a n u fa c tu iln g
Nov. 25 1911.J
T H E C H R O N IC L E
1469
• a p a c lty o f 3 0 ,0 0 0 w agon s an d 8 ,0 0 0 a u to m o b ile s.
T h e w agon buildin g
Is of s u b sta n tia 1 brick c o n str u c tio n and fou r stories h ig h , co n ta in in g 8 3 0 0 0 0
•q. ft floor sp ace fo r m a n u fa c tu rin g p u rp oses.
A t this p la n t arc also m a n u La0n\Tei
Oodles for both c om m ercial an d pleasu re au tom ob iles
The
buildings fo r th e m an u fac tu re of a u to m o b iles h a v e been rep laced since 1906
.trruo0t I o T te V n t X l n g C440o ^
saw l 0 0 t ? flr o o f ty p c
“
od em conth e tw o factm ifts I s l 270 non L , * A
sp acc,- A g g r e g a te floor sp ace
real estate o n w hich three buildin gs sta n d 1?P— x—
7—
’ P ow er
to d rive m ach in ery, e lectricity, p rodu ced b y gas engines a n d d?rect-coiinTed
this ch em ica l q u a h t ^ a n d k a r l c t c r P
C r o is f
DavN k
»-«SWB5i^SSStSS«!;
sim ilar p osition s in the
7;!> a /y
C h i c a g o , is o f f e r in g a t
®u m u l a t i v e p r e f . s t o c k
Q - M . 15.
of M
v
F ° — f I l h 70 , s > C h i c a g o , a n d S t a n d a r d
o f N e w Y o r k C ity .
A c ir c u la r s h o w s :
— /0
-n S b y & F —
7—
I
E
a p r ic e t o
(p re fe rre d
R e g is tra r ,
T ru s t Co.
(V A 0™ n 1 3 2 7 / which is o i l OW.hea b y th c S ta n d a r d G as & E lectric C o,
C hicago
S erv ’s th . i i 'l
dhr tb c 'm an agem en t of H . M . B y lle sb y & C o.
an d fu n iis h r a l k c t r l c n l f t
')Iu sk °R e c w ith g a s , electric lig h t an d pow er
a b o u t 3 000S
r
to tllc c lty o f F o r t G ib son , which has
p ow er s ta tio n w fth r w u c l
to ta l P op ulation served o f 3 3 ,0 0 0 .
M odern
rators o f 3 0 0 0 k w —
C0m£ 0u m t en gin es, 4 ,2 0 0 h . p „ electrical gen c-
« > «
CO
1911.
$444,090
174,277
Bal su rp lu s, after b o h d 'i'n t'! 3 7 2 ,9 1 4 ! 'an d p r e f3cfiv°, $ 4 , L 4 4 l ! ! . .
o
,,» ^ u
57,920
a t 7 % dp crl a n n u m b (CQ” M 1'*! ^ o n t,n u o u sly on
sto ck sin ce M arch 1 1910
1909.
$ 2 6 3 ,0 1 6
1910.
$ 3 3 6 ,0 3 6
Growth of Properly— Electric and Gas Departments During Past Pour Years
net
Qct
N qv A u *Oct.
Narn„
ov. Aug.
....
„
10 07 . 19 09 . 1911. „
1907. 1909. 1911.
" l i e s o f gas m a in .
52
83
95 Gas „s t o v e s ----------------1
,4 3 2 3,001 4 ,2 4 6
26
54
68 C ity arc l a m p s . . .
M iles p ole lin e ------147
251
383
Consumers g a s . _ . l , G 0 7 3 ,6 1 3 4 ,5 0 5 H o rse-p o w e r m o
°m s. s e le c tr ic ity . 1 .4 2 0 2 ,0 2 5 3 ,0 3 0
twi.-,________
o so 1
1 ,1n3s2 1,901
1 001
to
r s ------- -------- . . .
686
1 he franch ises, m a tu r in g 1926 to 19 3 3 , fair an d eq u ita b le
C ontractiviV h
M u sk ogee for c ity ligh tin g expires A u g . 1913 a t le o p e r ik m ir w lth F o r t
G ib son for 10 years a t $ 9 0 per lam p per ye ar, an d fo r c ity p u m p in g a t 5 eta
per k ilow att h ou r; w ith M u sk ogee S treet H y . till F e b 1 1 9 1 7 for n o w e r tn
op erate the street railw ay (14 m iles o f track)
p ow cl t0
th e prlnclpa* c ity In E a stern O k la h o m a an d to -d a y has a
p op u lation o f 3 0 ,0 0 0 ; served b y fou r railroad lines an d nine bank s with
to ta l resources o f $ 7 ,0 0 0 ,0 0 0 , & c .— V . 9 0 , p . 1 6 8 1 .
KS’ with
Is
N a t i o n a l T e l e p h o n e C o r p o r a t i o n , W e s t V i r g i n i a . — Plan
— b e e A m e r ic a n U n io n T e le p h o n e C o . a b o v e a n d c o m p a re
V . 91, p . 1326, 1776.
N e w Y o r k D o c k C o . — Director. — C h a r le s A .
Peabody,
o f M u t u a l L i f e I n s . C o ., h a s b e e n e le c te d a d ir e c t o r to
s u c c e e d F r e d e r i c C r o m w e l l , w h o r e s ig n e d o n a c c o u n t o f i l l
h e a l t h . — V . 93, p . 1019, 800.
1r e s .
5%
.................
has
5?G E 1n
estate on 33 d
—
p r o p e r tie s
of
th e
fa
A dvance
22 t o
h o ld e r s o f r e c o r d D e c .
8,
c o m p a re d w ith
2%
and
iin v ln L * '1^ a t 110 s a i,n e t i m o *a s t y e a r , t h e s a m e e x t r a d i v f d e n d
h a v i n g , h o w e v e r , b e e n p a i d i n D e c . 1909.
The com nanv
p a y s its d iv id e n d s o n A p r il , J u ly a n d O c t. 1 a n d la te in D e c
Cash ( % ) 8 y i y . l l i i o s t k .
9
12
I0-,4 ’ 17°'' i°8° ’ N ' °o8 ‘ °Q
9In J u ly 1 9 07 a 1 0 0 % sto ck d iv id en d w as p a id .— v / 9 1 p 14 5 1
D
/ K
h
' W
"
F°r
(p a in t > & c .),
'U 11
C l e v e l a n d . — N /odfc
D t t i t d e n d — H o i d e r s o f t h e $ 4, 448,200 c o m m o n s t o c k o f r e c 0J ° F
r e c e i v e d a d i v i d e n d o f 33 1- 3% i n c o m m o n s h a r e s .
$
5
^
30
,
9
0
0
^rilE?H
ofl£Bue^*$ 6SOCK)6000^ 4ap
« « h ^ r/fSn? ° f com m on
to
sto ck 1 9 00 to 19 11 in pi * in o / na
Cash d ivid en d rate on c o m m o n
000,000
p re f stock (dividends
TherC Is a ls o «2 -'
898, 000; $ 500,000 7% cum nref am i 8i C s onn ro?1'® 1s outs,tandtog $ 1,or m ortgage. S h e rw ln -W illiam 's
* if '3?.8 ’90? 6/0 CUIP ' Pr e f- N o bonds
See V . 02. p . 1705.
W illiam s Co. of C an ad a was floated last Ju n e.
S o u th e rn
C a lifo r n ia
Sept. SO
Gross
Year—
Earnings.
E d is o n
Net (after
Taxes)
i1SS8=ii:,I:Sa?S
C o . — Earninas ___
.
rZt^Jti
Deprec n
Balance
$6
° ^ ’5S
$ 1 2 .EGO, 000j1d e n t u r e s ! 2#riOOM OO0.— V6 I9? , 0p ! 5374d4 7 5 ® ° ’ “ t g e .'b o n 5^
S o u th e rn Ir o n
&
S t e e l C o — Suit to Foreclose Underlinna
S
?
r - S u , t 'l? S m Sd i n t l l e U n i t e d S t “ te s C o u r t a t
C h a t t a n o o g a o n N o v . 23 b y t h e T r u s t C o . o f A m e r i c a ,
/ ‘ l ,,
a s k ]n g (o r a re c e iv e r fo r th e C h a tta n o o g a Ir o n &
C o a l C o ., a s u b s id ia r y o f tile S o u t h e r n S te e l & I r o n C o
and
m 6 " g SeVvre937pa i02O6!gaSe fOT 8600'000' datod J“ - 1
S o u t h e r n P o w e r C o . — Earnings. —
E n d in g -
Earninas
i S 8U e o f 32, 750,000 “ f i r s t r e f u n d i n g
I n t . J . & J . a t o ffic e o f tr u s t e e .
« W IS
r- NeJ
Annual
Balance.
‘ ‘
°° f ^ r
—
th e
1 1911.
W
ill'S
real
and
C o. o f N . J . and $ 3 9 ,3 0 0 sto ck o f
7UU lv lV U c wL
59th sts
N o r t h e r n C a lif o r n ia P o w e r C o ., C o n s o lid a t e d , S a n F r a n c i s c o .— Bonds Offered.— N . W . H a l s e y & C o . , N . Y . , P h i l a . ,
f a.n F r * f ? n n <n n n ' ^ a r f m ^ !u n S ft n a d v a n c e o f f e r i n g a t 94^ a n d
in t ._ o f 8400,000 r e f u n d i n g a n d c o n s o l id a t i n g 5% b o n d s ”
a n is s u e o f w i n c h , 54, 848, 000, is n o w o u t s t a n d i n g , i n c l u d i n g
$ 1, 003,000 r e s e r v e d t o r e t i r e u n d e r l y i n g l ie n s . h
^
T h e c o m p a n y h as Just c om p leted an d p u t In op eration (N o v 1 i d i n
n ew C olem an p la n t (gen erating c a p a c ity 2 0 ,0 0 0 h . p .) , in crea sin gV . « L v ^
d eve lop ed c a p a c ity of its sy stem to 4 7 ,0 0 0 h . p .
n
VV H a l s e v V rv.1 o ?
d istrib u tin g a h an d so m e ly illustrated p am p h le t w hich describes i
ai c
P lant
F or th e year en d ing A u g . 31 1911 th e ^com p an y'^^ groM
w ere $ 6 2 0 .0 6 4 ; n e t. $ 4 3 4 ,6 7 1 ; b o n d in t ., $ 1 5 0 ,1 7 8 ;
f lu m
*284 In s
A full y e a r s Interest on the bon d s now o u tsta n d in g a m o u n ts to m i ' ™ '
See further particulars In V . 9 3 , p . 10 7 .
b “ m o u n ts to $ 2 4 1 ,5 5 0 .
1203, 801.
o
k
t or % ten slons
m ? rOPOSC(1 con8oli-
S t a n d a r d G a s & E l e c t r i c C o . , C h i c a g o . — Unvledaed In
vestmentHoldings .— T h e is s u e o f t h e “ C h r o n i c l e ” for N o v . 11
( p a g e 3- 7) c o n t a i n e d a l i s t o f t h e s e c u r i t ie s o w n e d b y t h is
c o m p a n y ( c o n t r o lle d b y H . M . B y lle s b y & C o ., E n g in e e r s
C h i c a g o ) , a n d b y i t p l e d g e d t o s e c u r e i t s $ 7, 500,000 n e w
c o n v e r tib le b o n d s .
W e h a v e n o w b e e n fa v o r e d w ith a s ta te
m e n t s h o w in g t h e o u t s t a n d i n g b o n d e d d e b t a s o f D e c . 1 o f
c o m p a n ie s n o n e o f w h o s e b o n d s w e r e p le d g e d a s a f o r e s a i d
a n d th e s to c k w h e r e n o s to c k w a s p le d g e d .
E“
ec0 / f o £
bx w D tc Not 8hown in Previm^ f A
Oklahoma Gas & E l. Co. 1st M. bonds (V . 89 . p. 1284V V 9 2 ''n 'i s i i o i ------S anlM egoC as & E l. Co 1st M . bonds V. 88 p ! 1185 V 92! p! 570—
l l s o ’ono
Western States Gas & E l. Co. of Cal. 1st & ref. bonds (V . 92 p 1 3 7 8 ) " ' 2 3 Q 2 n n n
bal
. P i t t s b u r g h & A l l e g h e n y T e l e p h o n e C o .— P lan .— S e e A m e r
i c a n U n i o n T e l e p h o n e C o . a b o v e . — V . 92, p . 1503.
Total StmrtjUajMc^the C o m ^ w^ Z { T r t E l e 6s (lee V 9 3 ° — 3271 m° U m BOth
------------Bonds-------------------- Notes_____________ Pret
cm A
'
’ v ‘ f,611’ Pledged. Tot. DYd.Pledged. Tot.lss. Pledged’ ’ T o T f s T T
r e c e n t l y o f f e r e d t o t h e i r c u s t o m e r s a t $15 a s h a r e 100 000
o f t h e a u t h o r i z e d is s u e o f 200,000 s h a r e s ( p a r $ 10) o f ’t h is
n e w c o m p a n y w h ic h th e fir m h a s c a u s e d to b e o r g a n iz e d in
M a i n e ( i n c o r p . N o v . 16 1911) .
T h e fir m s a y s :
K
0 ' 0 0 0 sh a}’cs arc
p.
and^the r e m a n in g $1 i
H
o
o
°
s
t
o
d atlon w ith th c C hicop ee C m U g h ? C o ^ V
ao f
a
l*ia aS%- . \ 4 ? I3'11.1011
S . H S f i n e r i i ' p ^ i o o f 00
u nder optFon 'to* m irsc/vcs* fo r ‘a* perfod *of tw o
^ J
« * o u t 3 0 .0 0 0 acres o f S o ^ ln n ita ^ in ^ ll^ o County^
93,
G a s L i g h t C o . — Application to Issue
r l f o tfn
M e y e r - — M e c o m p a n y h a s p e titio n e d th e
w tr nni ' S
10 L Jghfc C o m m is s io n e r s f o r a u t h o r i t y t o is s u e
$. 44o ,000 a d d i t i o n a l s t o c k .
Terrace *
3357— u u — —
P o n d C r e e k C o a l C o . , B o s t o n a n d K e n t u c k y .— New Enter,
prise— Stock.— Hayden, S t o n e & C o . , B o s t o n a n d N e w Y o r k
d e p a rtm e n t.— Y .
(M a ss*)
a
sols d a te d O c t. 1 1 8 8 8 .
T h ere ar o *ien i k J i l f L t L lc
° % con$ 3 4 2 ,5 0 0 , w hich will be p aid oO w fth ln a y e a r s 1
1 m tg es" "n e g a t i n g
T h e m ortgage co v ers, besides f r a n r h im
m
v
nu
51— 1—
also other
over
c ioi‘2| «v “ ea ■ " " »
r>p°n oT r bh en d e c lf e d o n t h e § 9, 862,000 s t o c k , p a y a b l e
S ta te & C ity
wo
ta k e n
L a p o rte '
S a f e t y C a r H e a t i n g & L i g h t i n g Co.— Extra Dividend
A
r e g u l a r q u a r t e r l y d i v i d e n d o f 2% a n d a n e x t r a d Y v i d e n Z o f
N e w Y o r k S t e a m C o . — New Mortgage.— T h e c o m p a n y , i n
o r d e r t o p a y o f f a l l o u t s t a n d i n g i n d e b t e d n e s s , & c . , h a s f ile d
fo r re c o rd a m o rtg a g e to th e U n io n T r u s t C o . o f N e w Y o r k
^ 1;,r K S te ? h ^
g o ld b o n d s d a ,te d J u l y
? r ely,,C ° -
je v io u ^ D iv id e n d Record (Per Cent) j an Dies Being Paid the Precious Dee.
Earnings for 12 Months ended A ug. 3 1 .
* 1008>
........................................................... 3 2 1 5 ,6 5 6
' L
C o n i 1p f o h l n n n ! ) 1 0 F w’ ’ B a ^ le C r e e k > M i c h . , a n d G a a r , S c o t t
s t o c k t o S 9? n n o ’n n n d ' ’ a n ^ V -la s in c r e a s e d i t s a u t h - c a p i t a l
$10 n o n n n r o?n°f°’ 00S ’ C' n f ls ) 5 o f 312, 000,000 c o m . a n d
f o r N o v 2 % P11 h n rr f » 7 T h e ^ r o n A g e ” o f n ! Y . i n i t s is s u e
l o r Mov. 2 1911 h a d a / - p a g e i l l u s t r a t e d a r t i c l e r e c a r d i n e t h e
c o m p a n y 's p l a n t a t L a p o r t e .
S e e V . 92, p . 1247
S
D ec
Gross
N et .
r i »
Z
com pany
cntlrc business a n d r ^ i d i m i a l s ^ a f o M .'11' ° 5 lnUcS ° f Pi,,C Hne' COVCrs th c
Com?nnnCI^ n ^ t St00iu aUthorlzccb '’$2 fsOO jlo o ” ’o u tsta n d in g
$ 0 80 30 0
I' n t r
P t i aUrt !I)r (I ',t ' « 1 .3 0 0 ,0 0 0 ;’ o u t s t a n d i n g . " " " I
7 6 5 !o o o
1 S e t aside
V1— Yi(X ,9 ° ' p !i8 1’ ' a u t h -. $ 1 ,3 0 0 ,0 0 0 ; issu e d . .$ 1 ,0 7 8 ,0 0 0
3 7 0 ,0 0 0
Retired 841 *0 0 0 ° fll? t 081 5 3 } 0 . ° 0 0 , an d first Gs, $ 6 0 ,0 0 0 ____
u c t u c d , $ 4 1 ,0 0 0 , an d reserved for e x te n sio n s______ I . . 1 $ 5 2 ,0 0 0
o c cu p y in g
$318 °7 5 c o m m o n a^Td’ °$ 8 1°8 5 Drcfbes t n o i / f o US° n h& . I{anU c o m m o n s to c k ,
h olders o f $ 2 ,5 0 0 000 nrof
cack share o f old s t o c k , and
$ 2 ,0 0 0 0 0 0 P e te r s’stoniF s w r 1 iew s ^oci£t sh are for sh are.
H old ers o f th e
M u s k o g e e ( O k l a . ) G a s & E l e c t r i c C o .— Pref. Stock Offered.
?
’c on !p a 'n y?SMCnC aUd G c n ‘ M a n "
m w
°{r,fiXic/ln ffe'~^ 1
j inder the a in e n c le d c o n s o l id a t i o n p l a n t h e
° f th° c.o m P a n y a n d o f t h e P e t e r s S h o e P C o . w i l l
i t is s t a t e d , r e c e i v e i n e x c h a n g e s h a r e s o f t h e n e w c o m p a n y :
s u n n 'n n n ^ f f90 w a n , & , C o > C h i c a g o , h a v e b o u g h t a n d s o ld
5400,000 o f t h e n o t e s f r o m o r i g i n a l s y n d i c a t e .
• |J
d em a n d for c oari of
R o b e r t s , J o h n s o n & R a n d C o . , S t . L o u i s . — Amended Terms
bo?hame j r anC haIrm in ra^ x c J — ‘ w 3 ’ C, I??.lri n?1n o f B o a r d ; Joseph W in tc r W a l d c c k — c - P r r e C n n V i ^ i V i — V M ltoh e 1 L e w is, P resid en t; H erm a n
JndW
M o M 'f l u t t e r Co f V h lt
W n i S 1;!®!'01? N a t . B a n k ; H a y Morris
C randall o f G e o . H lJurr & Co ' ^
R
ofcts 1 Se— r? 7 ‘ S l 1
/ rh al? di ,o b ]e
J W Rato non K ortonr v x V ;
o e c .; F . L . M itch ell, T r e a s.;
G ilson, A s s t P s e o .: G * 1 3 - W i l s o n V t o ^ ' r e s
af e ^ Ia n a ^ eAr; J a ™ *8 w *
H en ry P lo w , E u ro p ea n M a n a g e r ! v lc e I r e s - H - E - R e d m a n , A s s t . T r e a s.;
I
th ° lncreaslt^
w ,ll be Identical w ith th a t o f th c su ccessfu l Island
nfC Y „ A bcr,t F ; H °ld e n o f C levelan d is P resid en t an d T
B
7.934 OOO lO OSS OOG 46.000 223,000 5,0 9 7 ,2 0 0 15.427,900 16.157,200 24 83*4 800
Note.— W ith reference to the companies mentioned In V 93 n 1307 tl, , „
Ing points should be noted (a) The 367,000 Ark & Terr’ nii t’ r f 7 ’ rlhe l ° °,w
anil §30 ,000 Little R ock-Ft. Smith Gas & Oil Co homii
,Gas. Co- bonds
Southwestern General Gas Co.; (b) Muskogee Gas A El Co ow lY^ii" ^ 18811®8 of the
of Sapulpa (Okla.) E l. Co.; (cj Oklahoma Gas T p i r 7 l . . i f
the cap ,8tock
bonds of the El Reno (Okla.) Gas A EL Co— <fvTacoma gI ? Co nwnC7 Pi.St, ? ck and
stock of the Olympia Gas C o.— V . 93, p. 1390 1327 ° *
C ’ owns a11 the caP-
^J'tfev^pment^^tlio^roperty5’ 'n th° Plan °f
S t a n d a r d O i l C o . — E. T . Bedford Retires.— E . T B e d f o r d
h a s r e s ig n e d a s a d i r e c t o r o f t h e c o m p a n y a n d a s d i r e c t o r a n d
P r e s i d e n t o f s e v e r a l o f i t s s u b s id ia r i e s
m t n lr r m n ? r e c o v e r a b le ^ to n n T g o 'f r o ^ o t ^ s e ’a m at^l'oo
lnnne ttlm a tC n t b °
^ I t l o n a ! ibb'b.bO.OOO to n a ^ H o r n ^ tw o 'o th c ^ R c a in H ^ o ^ b e ^ fttta c k a r ^ a te r 1
Teruis o f Exchange as Officially Reported, in Sub-Company
Stocks at Par. S e e V . 93, p . 1390.
—
size h a'
I -7 ^
1 7^
, ,
n. »
,.
U 80
[VOL. LXXXXIII.
THE CHRONICLE
1470
cu ro rts
ara l
I p x r a n u je w is .
A T L A N T I C C O A ST LINE R A I L R O A D C O M P A N Y
S E V E N T Y -S E V E N T H
A N N U A L
R EPO R T— FO R
Richmond, V a., November 21 1911.
To the Stockholders o f the Atlantic Coast Line Railroad Co.;
M iles ow n ed J u n e 3 0 1 0 1 0 ---------------------------------------.
.4 ,3 7 4 . 6 3
M iles n o t ow n ed b u t op era ted u n d er lease a n d tra ck age
c o n t r a c t s . . . ................................. - .................. ............. ...............................
4 ,4 9 7 .8 2
7 -0 5
M iles op era ted J un e 3 0 1 9 1 0 ---------------------------------------------------------------------- 4 ,4 9 0 .7 7
M iles a d d e d d u rin g fiscal y e a r:
A d d itio n a l lin es to F a c to rie s, M ills, e t c . . . ----------------------8 .J 0
L ess d ecrease In m ilea g e , a c co u n t line r ev isio n s---------------.46
7 .8 4
T o t a l m iles op erated J u n e 3 0 1 9 1 1 ----------------------------------------------------------- 4 ,4 9 8 .6 1
A v e r a g e m ileage op erated d u rin g y e a r ---------------------------------------- ---------- .4 , 4 9 4 . 1 5
M ileage ow n ed Ju n e 3 0 1 9 1 1 ---------------------------------------------------------------------- 4 ,3 8 2 .4 7
S econ d tra ck m ileage o p erated J un e 3 0 1 9 1 1 --------- --------------------------------
1 3 7 .5 8
IN C O M E A C C O U N T .
Increase ( + ) or
Decrease (— ) .
1911.
O p eratin g r e v e n u e s_________ $ 3 1 ,6 2 2 ,4 4 9 24 $ 2 9 ,8 1 0 ,2 6 7 78 + $ 1 , 8 1 2 , 1 8 1 4 6
Oper.
ex p
pe
en
n se
se ss an d t a x e s . . _____________________________________
2 1 ,7 2 7 ,7 8 6 7 5
1 9 ,8 2 3 ,1 1 6 9 5
+ 1 ,9 0 4 ,6 6 9 80
O p e r . ex
— $ 9 2 ,4 8 8 34
+ 2 1 9 ,9 4 8_ 13
_
N e t o p er. r e v . less t a x e s . $ 9 ,8 9 4 ,0 6 2
O th e r In c o m e________________
3 ,1 6 7 ,1 0 4
49
10
G ross in c o m e ______ _______ $ 1 3 ,0 6 1 ,7 6 6
In te r e st a n d r e n ta ls ________
5 ,5 1 0 ,4 3 4
50 $ 1 2 ,0 3 4 ,3 0 6 8 0 + $ 1 2 7 , 4 5 9
70
16
5 ,8 8 5 ,6 5 9 2 0
• ■3 7 5 ,2 2 o 10
M iscellaneous d ed u ction s
from In c o m e ______________
$ 7 ,5 5 1 ,3 3 2 4 3
$ 7 ,0 4 8 ,6 4 7 54
+ $ 5 0 2 ,6 8 4 89
1 2 1 ,3 0 1 8 4
5 5 .3 9 3 51
+ 6 5 ,9 0 8 33
$ 6 ,9 9 3 ,2 5 4 0 3
+ $ 4 3 6 ,7 7 6 56
N e t In c o m e________________ $ 7 ,4 3 0 ,0 3 0 59
In te r e st
In te r e st
In te r e st
In te r e st
in te r e s t
on
on
on
on
on
$ 9 ,9 8 7 ,1 5 0 83
2 ,9 4 7 ,1 5 5 9 7
IN T E R E S T A N D R E N T A L S .
1911.
fu n d e d d e b t .
- - - - - - - - .............$ 5 ,3 4 2 ,7 6 0 1 6
9|378 0 0
certificates of In d eb te d n ess..............
freig h t c e rtificates----------------------------g old n otes o f M arch 1 1 9 0 7 - - - - - e q u ip m e n t tru st b ond s o f M arch 1
^
^
^
F IS C A L
T h ere w ere
T h e B o a r d o f D ir e c to r s o f th e A t la n t ic C o a s t L in e R a ilr o a d
C o m p a n y r e s p e c tfu lly s u b m its th e fo llo w in g r e p o r t fo r th e
f is c a l y e a r e n d i n g J u n e 30 1911:
M iles ow n ed b u t n o t op era ted b y this C o m p a n y --------------------
TH E
$ 5 ,8 8 5 ,6 5 9 2 6
O p e r a t i n g r e v e n u e s in c r e a s e d 6. 08% .
O p e r a t i n g e x p e n s e s i n c r e a s e d 9. 85% .
T a x e s i n c r e a s e d 5. 90% .
N e t o p e r a t i n g i n c o m e , le s s t a x e s , d e c r e a s e d O .J 3% .
T h e r a t i o o f o p e r a t in g e x p e n s e s a n d ta x e s t o o p e r a t in g
r e v e n u e s w a s 68. 71% , a s c o m p a r e d w i t h 66. 50% f o r t h e
p r e v io u s y e a r .
O P E R A T IN G R E V E N U E S .
1911.
1910.
Increase.
P erct.
F re igh t
$ 2 1 ,5 8 7 ,3 6 1 22 $ 2 0 ,8 7 0 ,3 9 7 12
$ 7 1 6 ,9 6 4 10 3 .4 4
P assen ger "
7 ,7 2 3 ,8 5 3 8 6
6 ,7 7 3 ,3 3 2 42
050,021 44 1 4 .0 3
E x p r e ss
. ......................
1 ,0 2 9 ,1 5 1 11
9 6 2 ,5 2 6 0 6
6 6 ,6 2 5 0 5 6 .0 2
431 98
0 .0 7
M afl
- ....................
6 0 7 ,8 6 9 19
6 0 8 ,3 0 1 17
1 0 ,5 2 4 9 0 1 2 .4 1
E x c e ss b a g g a g e ............0 5 ,3 1 8 10
8 4 ,7 9 3 20
6 7 ,9 7 7 9 5 1 3 .3 1
M iscellaneous _________
5 7 8 ,8 9 5 7 6
5 1 0 ,9 1 7 81 _____________________
6 .0 8
0p E R A T IN 0 E XPEN SES AN D T A X E S .
Increase.
85
88
00
72
82
08
$ 1 6 6 ,3 7 1
3 0 7 ,9 2 3
3 7 ,7 6 0
1 .3 2 8 ,9 9 8
7 ,6 7 1
7 1 ,2 8 7
P erct.
6 5 4 .4 2
8 3 7 .2 0
0 7 7 .5 6
50 1 4 .4 0
97
0 .9 0
72
5 .9 0
T o t a l ................................. $ 2 1 ,7 2 7 ,7 8 6 7 5 $ 1 9 ,8 2 3 ,1 1 6 9 5 $ 1 ,9 0 4 ,6 6 9 8 0
9 .6 1
♦Decrease
F R E I G H T -T R A I N M IL E S A N D
in c r e a s e d
in c r e a s e d
in c r e a s e d
in c r e a s e d
in c r e a s e d
IN
O P E R A T IN G E X P E N S E S .
N o tw ith s ta n d in g
an
6 . 0 8 % , in O p e r a t in g
in c r e a se
of
$ 1 ,8 1 2 ,1 8 1
46,
equal
to
R e v e n u e s , O p e r a tin g I n c o m e s h o w e d
to
a
g r e a te r r a tio
O p e r a tin g E x p e n s e s a n d T a x e s .
o f in c r e a s e
a
in
T h e t o t a l in c r e a s e in O p e r
a tin g E x p e n s e s w a s $ 1 ,8 3 3 ,3 8 2
0 8 , o r 9 .8 5 % , th e m a jo r p a r t
th e y e a r .
Taxes
in c r e a s e d
$ 7 1 ,2 8 7
or
5 .9 0 % .
D u r in g
th e y e a r 3 ,5 2 1
s e t tle r s
(h e a d s o f fa m ilie s )
lo c a t e d
o n y o u r lin e s in t h e v a r i o u s S t a t e s a n d e n g a g e d in a g r i c u lt u r a l
p u r s u its ,
and
in d u s tr ie s
229
w ere
fa c to r ie s,
lo c a t e d
m ills
and
o th e r
a t lo c a l p o in t s
on
in g
rep o rt,
c o n tin u e d
th ro u g h o u t
th e
m a n u fa c tu r in g
your
T h e m o v e m e n t o f h o m e -s e e k e r s , r e fe r re d
lin e s .
t o in t h e p r e c e d
year.
DOUBLE TR ACK .
R e fe r e n c e
tio n
of
w as m ad e
secon d
in
th e p r e c e d in g
rep ort
to
c o n stru c
tra ck :
M iles.
F olk ston G a to C a lla h a n , F la ., In cluding ch an ge o f line a t C a lla h a n .2 1 .8 6
S ou th end Pee D ee V ia d u c t to F lo re n ce, S . C ---------------------------------------------- 0 .8 4
A sh le y J u n ctio n , S . C ., to M t . H o lly , S . C --------------------------------------------------- 1 2 .3 4
w ork
w as
c o m p le te d
b e c o m p le t e d a n d
tra ck
d u r in g
th e
year.
is u n d e r c o n s t r u c t i o n
in o p e r a t io n b y
and
s h o u ld
th e s p r in g o f 1 9 1 2 , a s fo l
lo w s :
M ile s.
B a ttle b o ro to W e ld o n , N . C - - - - - - ...................................... ....................................... 2 9 .2
R o a n o k e R iver to G a r y sb u r g , N . C ........................... .......... .......................... ............. 2 .6
G arys b urg to P leasant H ill, N . C ------------------------------------------------------------------ 5 .0
M t . H o lly to B o n n e a u , S . G------------ ------------------- ---------- -----------------------------------1 0 .6
W hen
except
c o m p le te d
over
th e
H ill
th is
w ill g iv e
R oanoke
to
R iv e r
S e lm a ,
N .
C .,
c o n tin u o u s
B r id g e
87
d o u b le
at
and
s h o u ld
c o m p le te d
by
A p ril
fro m
m ile s .
.
th e
r e c o n s tr u c tio n
T h e n e w s t r u c t u r e s w ill b e f o r d o u b le
be
fro m
a ls o
b r id g e s a n d m a s o n r y b e tw e e n G a r y s b u r g , N . C ., a n d
burg, V a .
tra ck ,
W e ld o n ,
m ile s ,
C h a r le s to n t o B o n n e a u , S . C ., 3 8 .4
W o r k w a s b e g u n in J u n e 1 9 1 1 o n
of
P e ters
tra ck , an d
1912.
A t t h e c lo s e o f t h e y e a r t h e r e w e r e
1 3 7 .5 8 m ile s , o f d o u b le
t r a c k in o p e r a t i o n , a n in c r e a s e o f 4 4 . 0 5 m i le s , a n d 5 6 .4 m ile s
u n d e r c o n s tr u c tio n .
R A IL
R E L A Y IN G
w ere
AND
la id
IN C R E A S E IN S ID E T R A C K S A N D
TRACKS.
d u r in g
to ta l o f 4 9 .5 9 m ile s .
T h e r e w e r e r e -la id t h e fo llo w in g :
7 0 -lb
r a il;
.0 5 * m ile s
new
r a il;
w ith
.0 3
m ile s w ith
r e le a se d
w ith
9 .3 %
r a il;
5 0 -lb .
r a il;
7 0 -lb .
3 .8 5
8 0 -lb .
0 .1 8
2 9 %
w as
o f th e
r a il;
e n tir e
la id
3 4 7 .6 6
new
r a il;
r a il;
5 6 -lb .
m a k in g a
m a in
w ith
m ile w ith
re le a se d
and
A t t h e c lo s e o f t h e y e a r 6 4 %
m ile a g e
m ile s
of
m ile s w it h 8 5 -lb .
0 .1 3
m ile s
NEW
w ith
w ith
m ile
7 5 -l b . r e le a s e d
r a il;
m ile s w it h
r e le a s e d
r a il;
t o ta l o f 4 0 9 .7 6
lin e
6 0 -lb .
0 .0 4
m ile
m ile s , o r
m ile a g e .
o f y o u r m a in a n d b r a n c h lin e
r a il w e ig h in g
t o t a l m ile a g e
tra ck s, a
0 .3 1
2 .1 6
branch
YARD
a d d itio n a l
m ile s o f s id e a n d y a r d
m ile s w ith
r e le a s e d
of your
8 .3
m ile w it h 8 5 - l b . r e le a s e d r a il;
w ith 8 0 - l b . r e le a s e d
5 5 .3 5
4 1 .2 9
year
in d u s tr ia l t r a c k s
new
and
th e
L O A D IN G .
T h e r e w e r e n o c h a n g e s d u r in g th e y e a r in a m o u n ts o f
c o m m o n a n d p r e fe r r e d s to c k s o u ts ta n d in g .
D u r i n g t h e y e a r $100 o f W i l m i n g t o n & W e l d o n R a i l r o a d
C o . 7% C e r t i f i c a t e s o f I n d e b t e d n e s s a n d $ 9,000 o f B r u n s w i c k
& W e s t e r n R a i l r o a d C o . I n c o m e B o n d s w e r e a c q u ir e d b y
p u r c h a s e , l e a v i n g $600 o f s a id C e r t i f i c a t e s a n d $ 46,000 o f
s a id I n c o m e B o n d s o u t s t a n d i n g J u n e 30 1911.
.
T h e r e w e r e p a i d d u r i n g t h e y e a r $ 450,000 E q u i p m e n t
T r u s t 4% B o n d s , l e a v i n g t o t a l o u t s t a n d i n g o f $ 2, 698, 000.
72,
IN D U S T R IA L .
2. 35% .
0. 49% .
3. 08% .
5. 59% .
12. 20% .
C A P IT A L A C C O U N T .
S E C U R IT IE S
’
T R A F F IC .
■ Freight—
T o n s o f freigh t earn ing revenu e In creased ......... ..................... ..........................3 . 4 6 %
T o n s carried on e m ile In creased____________________ ____________________ 8 . 3 3 %
M ileage o f r ven u e freigh t-train s In c re a se d ...................................................- 5 . 6 2 %
1’ ons per freigh t train m ile Increased_______________________
3 .0 8 %
Passengers—
1 2 .8 3 %
N u m b e r o f passengers carried In creased ____________
N u m b e r carried one m ile Increased------------------ ----------------------------------------- 1
M ileage o f revenu e p assen ger-train s In creased ------------------------------------------- 7 . 2 7 %
P assen gers per train m ile In c re a sed _________________________________________ 7 . 6 9 %
T h ere
F r e i g h t c a rs p e r t r a i n m ile
L o a d e d c a rs p e r t r a in m ile
T o n s p e r fr e ig h t t r a in m ile
L o a d e d f r e i g h t c a r m il e a g e
E m p t y f r e i g h t c a r m il e a g e
debt of your
I n T re a su ry J un e 3 0 1 9 1 1 ____________________________________________ $ 1 1 ,2 8 0 ,7 5 0
P le a s a n t
T o t a i ................................. $ 3 1 ,6 2 2 ,4 4 9 2 4 $ 2 9 ,8 1 0 ,2 6 7 7 8 $ 1 ,8 1 2 ,1 8 1 4 6
$ 3 ,7 6 0 ,1 9 6
4 ,2 7 5 ,9 0 5
4 9 9 ,3 2 3
9 ,2 2 7 ,8 3 5
8 5 0 ,8 3 5
1 ,2 0 8 ,9 5 9
H O L D IN G S O F C O M P A N Y ’S O W N
IT S T R E A S U R Y .
A d d itio n a l d o u b le
T o P referred S toc k h o ld e rs 5 per c e n t, eq u al t o . . .........................
nn
T o C o m m o n S toc k h old e rs 6 per c e n t, eq u al t o ................................. $ 3 ,4 7 7 ,8 6 4 00
50
71
07
22
85
40
th e b o n d e d
U nified M o rtg a g e F o u r P er C en t G old B o n d s .............$ 8 ,8 4 2 ,0 0 0
F ir st C on solidated M ortgage F o u r P er C en t G old
B o n d s ____________________________________________________
2 ,4 3 8 ,7 5 0
----------------------$ 1 1 ,2 8 0 ,7 5 0
T h is
D IV ID E N D S .
D i v i d e n d s w e r e p a i d a s f o ll o w s d u r i n g t h e y e a r :
^ stn m tu re s
*.?!!* $ 3 ,9 2 6 ,5 6 8
M a in te n a n ce o f e q u lp t.
4 ,5 8 3 ,8 8 9
TVafflo exD cnses
5 3 7 ,0 8 3
T r a n sp o r ta tio n ex p e n s. 1 0 ,5 5 6 ,8 3 4
G eneral e x p e n se s ______
8 4 3 ,1 6 3
T a x e s . . . . . . . - - - - _____
1 .2 8 0 .2 4 7
in
I n C o m p a n y ’s T re a su ry Jun e 3 0 1 9 1 0 — ...................... $ 1 6 ,7 6 6 ,0 7 5
U n ified M ortgage F o u r P er C en t G old B o n d s p ur
chased a t 92 an d In te rest------------------------ ------------ —
3 ’0 0 0 . , „ „ „ „
— ————$ lo ,7 0 U ,U 7 5
U n ified M o rtg a g e F o u r P er C en t G old B o n d s tra ns
ferred to Fire In suran ce F u n d _______________________
$ 1 5 0 ,0 0 0
U n ified A lortgage F o u r P er C en t G old B o n d s sold
a t 9 0 n et an d In terest--------------------------------------------------3 ,0 0 0 ,0 0 0
C on vertib le 6 -3 0 -Y e a r F o u r P er C en t G old D e b en
ture B o n d s sold a t 98 n et an d I n t e r e s t . -----------2 ,3 3 8 ,3 0 0
F ra c tio n a l F ou r P er C en t C ertificate o f In d e b te d
ness transferred to “ A d v a n c e s ” ..........................
25
--------------------5 , 4 o o , o£D
d u r in g
64
50
49
63
fl0
$ 5 ,5 1 0 ,4 3 4 16
1910.
o th e r ch a n g es
30 1911.
JU N E
o f w h ic h is a t t r i b u t a b l e t o t h e la r g e in c r e a s e s in w a g e s m a d e
1010.
$ 5 ,2 5 2 ,2 2 7
3 7 9 ,3 5 9
1 ,6 7 2
7 5 .9 5 3
^
^
£ , 7 5 0 00
________ '________
10 11.
no
C om pany.
C H A N G E S IN
E N D IN G
d e c re a se o f $ 9 2 ,4 8 8 3 4 , d u e
In te r e s t'o n B ru n sw ick & W e ste r n in com e b on d s
^ 2 ,6 0 0 0 0
-------- 1________
R e n ta ls --------------------------------------------------------- --
♦D ecrease.
Y E A R
8 5 -lb .
70
to
85
lb s . p er y a r d ;
r a il.
C O N S T R U C T IO N .
R e fe r e n c e w a s m a d e in t h e p r e c e d in g r e p o r t to a c q u is it io n
o f r ig h t o f w a y fr o m
H a in e s C it y , F l a ., s o u th w a r d
to a p o in t
Nov. 25 1911.]
THE CHRONICLE
n e a r L a k e H a r e , a d i s t a n c e o f a b o u t 47 m il e s .
C o n s tr u c tio n
o f t h i s l in e w a s b e g u n i n O c t o b e r 1910 a n d s h o u ld b e c o m
p l e t e d e a r l y i n 1912.
T h e n e w lin e f r o m W e ld o n to G a r y s b u r g , in c lu d in g b r id g e
a n d v ia d u c t a c ro s s th e R o a n o k e R iv e r , r e fe r r e d to in p r e v io u s
r e p o r t a s u n d e r c o n s t r u c t i o n , s h o u ld b e i n o p e r a t i o n b y
D e c . 1 1911.
GENERAL.
T h e W in s to n - S a le m S o u th b o u n d R a ilw a y , o w n e d j o in t l y
b y Y o u r C o m p a n y a n d th e N o r f o lk & W e s te rn R a ilw a y
C o m p a n y , a n d r e f e r r e d t o i n t h e p r e c e d in g r e p o r t , w a s c o m
p l e t e d a n d o p e n e d f o r l i g h t t h r o u g h t r a f f i c o n M a r c h 6 1911.
R e v is io n o f g r a d e a n d a lig n m e n t b e t w e e n F lo r e n c e , S . C .,
a n d W a d e s b o r o , N . C ., r e fe r r e d to in jir e v io u s r e p o r t , w a s
c o m p l e t e d i n M a r c h 1911.
W o r k w a s u n d e r w a y a t t h e c lo s e o f t h e y e a r o n i m p r o v e
m e n ts a t a n d n e a r th e A lt a m a h a R iv e r , G a ., in c lu d in g n e w
s te e l b r id g e o n c o n c r e te p ie r s , w i t h r o llin g l i f t d r a w s p a n ,
s te e l v ia d u c t a p p ro a c h e s s u b s titu te d fo r w o o d e n tr e s tle , a n d
r e d u c t io n o f g ra d e s to fo u r - te n th s o f o n e p e r c e n t.
A t i m b e r - c r e o s o t i n g p l a n t is b e i n g e r e c t e d , w i t h a c a p a c i t y
f o r t r e a t i n g 1, 250,000 c r o s s - tie s a n n u a l l y .
T h e p la n t h as
b e e n l o c a t e d n e a r G a i n e s v i l l e , F l a . , a n d s h o u ld b e c o m p l e t e d
i n 1912.
F u r t h e r p a r tic u la r s a r e g iv e n in th e r e p o r t o f th e
T h ir d V ic e -P r e s id e n t.
B r i c k b u i l d in g s f o r t h e u s e o f t h e C o m p a n y ’s e m p l o y e e s a r e
u n d e r c o n s tr u c t io n a t R o c k y M o u n t , N . C ., F lo r e n c e , S . C .,
a n d W a y c ro s s , G a .
T h e s e b u ild in g s a r e b u i l t a t th e c o s t o f
th e C o m p a n y , a n d w ill b e o p e ra te d b y th e In t e r n a t io n a l
C o m m itte e o f th e Y . M . C . A .
S u b s ta n tia l c o n tr ib u tio n s to
th e ir m a in te n a n c e a n d o p e r a tio n a r e to b e m a d e b y th e
C om pany.
E x t e n s iv e a d d it io n s to th e b u ild in g s o f th e S o u th R o c k y
M o u n t , N . C . , s h o p s w e r e a u t h o r i z e d , a n d s h o u ld b e c o m
p l e t e d d u r i n g t h e fis c a l y e a r .
T h e le n g t h o f th e m a c h in e a n d
e r e c t i n g s h o p w i l l b e in c r e a s e d f r o m 210 t o 400 f e e t , a n d t h e
n u m b e r o f t r a c k s t h e r e i n w i l l b e in c r e a s e d f r o m 11 t o 22.
T h e r e w i l l a ls o b e a n a d d i t i o n o f 15 s t a l ls t o t h e r o u n d - h o u s e .
O n J a n . 1 1911 y o u r C o m p a n y i n a u g u r a t e d a F i r e I n s u r
a n c e F u n d , a n d § 150,000 o f U n i f i e d M o r t g a g e 4% G l d
B o n d s h e l d i n t h e T r e a s u r y w e r e a p p r o p r i a t e d a n d s e t a s id e
f o r its u s e .
T h e F u n d is n o w a s s u m in g 50% o f t h e f ir e r i s k
u p o n fix e d p r o p e r t y ( n o t in c lu d in g la r g e t e r m in a ls ) , r o llin g
s t o c k a n d m e r c h a n d i s e , t h e r e m a i n i n g 50% b e i n g p l a c e d w i t h
th e T r a n s p o r ta tio n M u tu a l In s u r a n c e C o .
B y r e -in s u r a n c e
t h e o b l i g a t i o n o f t h e F u n d c a n n o t e x c e e d $ 15,000 o n a n y o n e
r is k .
E Q U IP M E N T R E P L A C E M E N T A C C O U N T S.
B alan ce to C redit Jun e 30 1 0 1 0 ____________________________________ 5 2 ,1 7 2 ,0 1 7 90
C redits d urin g the year:
F rom O p eratin g E x p e n se s:
Depreciation—
F o r lo c o m o tiv e s_________________________________ 5 1 4 1 ,2 0 1 09
F o r p assen ger-train c a rs_______________________
6 4 ,0 3 2 13
F or freigh t-train c a r s __________________________ 5 4 6 ,9 1 0 57
1 3 ,2 9 0 69
F o r w ork e q u ip m e n t___________________________
F o r floatin g e q u i p m e n t _______________________
2 ,8 7 2 32
--------------------7 6 8 ,8 7 6 70
F rom O p eratin g E x p en ses:
Renewals, Equipment Destroyed or Sold— ■
For
2 lo c o m o tiv e s _________________________
5 1 .5 5 9 18
For
18 p assen ger-train c a r s ______________
38 87
For
554 fr e ig h t-tr a in c a r s__________________
2 2 ,8 3 8 18
For
2 3 w ork eq u ip m en t c a rs____________
1 3 ,3 7 1 32
$ 3 7 ,8 0 7 55
F ro m d e p r e d a tio n accrued prior to Jun e 30 1 0 07 1 8 0 ,1 7 9 12
F ro m s a lv a g e , Insurance an d foreign r o a d s............ 1 0 7 ,1 8 0 40
---------------------
$ 3 6 7 ,6 2 3 28
3 ,6 0 9 00
---------------------
3 7 1 ,2 3 2 28
B alan ce to C redit o f R e p la c e m e n t A c c o u n ts J un e 30
1 9 1 1 ................................................................. .................................... $ 2 ,9 0 0 ,8 3 8 39
T h e f o l l o w i n g t a b l e s h o w s t h e e q u i p m e n t o w n e d , o r le a s e d
u n d e r c a r t r u s t s , o n h a n d a t t h e c lo s e o f e a c h y e a r :
1903.
1901.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
506
545
467
611
672
451
669
663
680
523
530
564
505
606
505
602
Passenger train c a r s..
605
603
Freight train cars____ 13,972 14,439 15,530 18,10.8 23,009 24,668 24,508 24,581 25,472
450
499
593
424
600
390
Work equipment____
657
773
847
T h e r e w e r e p u r c h a s e d a n d p u t in s e r v i c e d u r i n g t h e y e a r
25 l o c o m o t i v e s , 7 c o a c h e s , 4 c o m b i n a t i o n m a i l a n d e x p r e s s
c a rs , 1 c o m b in a tio n p a s s e n g e r a n d b a g g a g e c a r , 4 e x p re s s
c a r s , 225 f l a t c a r s , 1,185 b o x c a r s , 15 a u t o m o b i l e c a r s a n d
1 s t e a m w r e c k i n g c r a n e . I n a d d i t i o n , 5 c o a l c a r s a n d 13
c a b o o s e c a r s w e r e b u i l t a t t h e C o m p a n y ’s s h o p s .
A t t h e c lo s e o f t h e y e a r p u r c h a s e o r le a s e o r d e r s w e r e o u t
s t a n d i n g f o r 20 M i k a d o t y p e f r e i g h t l o c o m o t i v e s , 15 P a c i f i c
t y p e p a s s e n g e r l o c o m o t i v e s , 50 p h o s p h a t e c a r s , 1 p i l e - d r i v e r ,
2 h o u s e b a r g e s , 1 d i t c h i n g m a c h i n e , 50 b a l l a s t c a r s , 1,400
b o x c a r s , 25 c o a c h e s a n d 4 c o m b i n a t i o n m a i l a n d e x p r e s s
c a r s , a n d s in c e t h a t t i m e a d d i t i o n a l o r d e r s h a v e b e e n p l a c e d
f o r 900 b o x c a r s , 100 f i a t c a r s , 8 s t e e l m a i l c a r s , 9 e x p r e s s c a r s ,
3 c o m b i n a t i o n m a i l a n d e x p r e s s c a r s a n d 1d e r r i c k c a r . * * *
T. M. EMERSON, President.
H. WALTERS,
Chairman.
C O M P A R A T IV E
GENERAL
BALANCE
SH EET.
A sse ts.
Property Investment—
'J u n e 3 0 1 9 1 1 .
R o a d an d E q u ip m e n t—
In v e s tm e n t to J u n e 3 0 1 9 0 7 —
R o a d ....................................
$ 1 1 9 ,4 7 7 ,0 4 9 7 5
E q u ip m e n t _______________________________
2 6 ,7 2 9 ,5 3 2 72
$ 1 1 9 ,4 7 7 ,0 4 9 75
2 7 ,1 7 9 ,5 3 2 72
$ 1 4 6 ,2 0 6 ,5 8 2 4 7
$ 1 4 0 ,6 5 6 ,5 8 2 4 7
$ 7 ,9 4 2 ,1 2 7 81
3 ,7 0 9 ,3 3 0 40
2 5 9 ,9 3 1 50
$ 4 ,9 6 6 ,1 1 8 95
1 ,6 7 0 ,2 8 1 96
2 5 9 ,9 3 1 50
In v e s tm e n t sin ce J u n e 3 0 1 9 0 7 —
R o a d _____________________
E q u ip m e n t _______________________________
G eneral E x p e n d itu r e s __________________
June 3 0 1 9 1 0 .
$ 1 1 ,9 1 1 ,3 8 9 71
$ 6 ,8 9 6 ,3 3 2 41
5 1 5 8 ,1 1 7 ,9 7 2 18
R e serv e fo r A cc r u e d D e p re ciation — Credit
7 ,2 2 4 ,5 1 6 88
$ 1 5 3 ,5 5 2 ,9 1 4 88
7 ,0 7 9 ,5 8 6 24
$150,893,455 30
$146,473,328 64
S ecurities—
S ecurities o f P r o p rie ta ry , A ffilia te d
an d
C ontrolled
C o m p an ie s— U n
p led ged —
S to c k s _____________________________________
$142,440 06
$142,440 06
O th e r In v e stm e n ts—
M iscellan eou s In v e s tm e n ts —
P h y sic a l P r o p e r t y .______ ______________
S ecurities— P le d g e d ___________________
S ecurities— U n p le d g e d ________________
$ 6 1 8 ,8 9 1 4 4
4 5 ,5 5 4 ,2 2 0 58
4 ,0 3 0 ,7 9 8 28
$ 5 2 3 ,2 7 2 40
4 5 ,5 5 4 ,2 2 0 58
3 ,9 3 8 ,9 5 4 77
$50,203,910 30
$50,016,447 75
Working Assets —
C ash .............................................
$ 1 3 ,6 6 1 ,8 7 0
S ecurities Issu ed or A ssu m e d — H e ld In
T r e a su r y —
F u n d ed D e b t . ..................
1 1 ,2 8 0 ,7 5 0
M a r k eta b le S ecurities—
S to c k s .............. ..............................
1 2 9 ,0 0 9
F u n d ed D e b t ......... .........................................
2 ,1 9 6 ,1 0 2
M iscellan e ou s___________________________ . .
1 6 ,5 0 0
L oan s an d Bills R e c e iv a b le ________________
T ra ffic an d Car Service B alan ce s d ue from
O th er C o m p a n ie s__________________________
N e t B alan ce due fro m A g e n ts an d C on
d u ctors _____________________________________
M iscellaneous A c c o u n ts R e c e iv a b le ______
M aterials an d S u p p lie s______________________
O th e r W o r k in g A s s e t s ______________________
T o t a l_________________________
.
10
$ 8 ,6 5 4 ,0 3 3 49
00
1 6 ,7 6 6 ,0 7 5 00
79
66
00
1 2 9 ,0 4 9 79
2 ,0 7 5 ,9 2 8 36
1 6 ,5 0 0 0 0
$ 2 ,3 4 1 ,6 1 2 4 5
2 4 4 ,4 9 0 31
$ 2 ,2 2 1 ,4 7 8 15
6 4 1 ,4 6 2 86
4 2 8 ,3 1 9 74
3 7 1 ,5 8 1 42
4 4 9 ,5 6 1
7 2 1 ,6 1 5
2 ,6 6 0 ,7 7 5
68,35)1
33
96
35
77
3 8 9 ,2 8 0
6 8 9 ,1 9 1
2 ,0 2 1 ,2 9 1
4 4 ,8 6 1
03
01
95
38
$31,857,387 01
$31,799,255 29
$1,161,018 04
’ $94,988 93
$ 9 8 0 ,1 5 9 88
9 ,2 9 8 82
2 5 00
$ 1 ,8 8 8 ,5 8 4 8 6
9 ,2 4 0 62
$ 9 8 9 ,4 8 3 70
6 2 5 ,0 1 1 18
$ 1 ,8 9 7 ,8 2 5 48
5 9 1 ,0 0 0 00
Accrued Income Not Due—
U n m a tu r c d
In te r e st,
D iv id e n d s
an d
R e n ts R e c e iv a b le _________ _______________
Deferred Debit Items—
A d v a n c e s—
T e m p o r a r y A d v a n c e s to P ro p rie ta ry ,
A ffilia te d an d C ontrolled C om p an ies
W o r k in g F u n d s ____________________________
S pecia l D e p o sits.............. ....................... ................
Cash an d Securities In S in k in g an d R e
d em p tio n F u n d s __________________________
Cash an d Securities In In su ran ce an d
O th er R e serve F u n d s ___________________
O th e r D eferred D e b it I t e m s _______________
1 5 7 ,0 0 0 00
1 6 8 ,1 8 2 2 5
5 4 8 ,4 4 0 36
.
$2,488,117 49
$3,148,507 41
.$236,746,328 20
$231,674,968 08
Liabilities.
Stockr—
June 3 0 1 9 1 1 .
C a p ital S to c k —
C o m m o n S to c k ______________________________$ 5 6 ,9 6 4 ,4 0 0 00
Class " A ” R ich m o n d & P etersb u rg R R .
C o . S to c k .....................................
1 ,0 0 0 ,0 0 0 00
P referred S to c k ____________________________
1 9 8 ,5 0 0 00
3 3 1 ,1 7 6 0 7
T o ta l Credits to R e p la c e m e n t A c c o u n t s _____________ $ 3 ,2 7 2 ,0 7 0 67
C harges to R e p la c em e n t A c c o u n ts:
,
For c o st v a lu e o f eq u ip m en t retired b y d estruc
tio n , sale or transfer to a n oth er c la ss _______ $ 4 2 0 ,3 0 2 00
Less valu e a t w hich eq u ip m en t w as transferred
to o th e r cla sses___ _______. ________ _______________
5 2 ,0 7 8 72
C ost o f c h an gin g eq u ip m en t fro m on e class to
an oth er c la ss......................................................... ................
1471
$ 5 8 ,1 6 2 ,9 0 0 00
2 ,9 4 9 ,8 8 0 00
P rem iu m s realized on C a p ital S to c k ____
T o t a l.............. ............................................................ $61,112,780
Mortgage, Bonded and Secured Debt—
F u n d ed D e b t—
M o rtg a g e B ond s— H e ld b y
C o m p a n y ...................... .......... $ 1 1 ,8 5 5 ,7 5 0
N o t H eld b y C o m p a n y .. 8 4 ,2 4 4 ,0 0 0
--------------------- $ 9 6 ,0 9 9 ,7 5 0
C ollateral T r u st B o n d s— N o t H eld b y
C o m p a n y ________________________________
3 5 ,0 0 0 ,0 0 0
P lain B o n d s, D eb entu res an d N o tes—
N o t H e ld b y C o m p a n y ______ __________
1 0 ,5 8 0 ,1 2 0
In c o m e B o n d s— N o t H eld b y C o m p a n y
4 6 ,0 0 0
E q u ip m e n t T ru st
O b ligation s— N o t
Hle
e ld' 'b y C
“ om pany.
2 ,6 9 8 ,0 0 0
June 3 0 1 9 1 0 .
$ 5 6 ,9 6 4 ,4 0 0 0 0
1 ,0 0 0 ,0 0 0 0 0
1 9 8 ,5 0 0 00
$ 5 8 ,1 6 2 ,9 0 0 0 0
2 ,9 4 9 ,8 8 0 0 0
00
$61,112,780 00
00
$ 9 6 ,0 9 9 ,7 5 0 0 0
00
3 5 ,0 0 0 ,0 0 0 0 0
00
00
1 0 ,5 8 0 i,220 00
55 ,0 0 0 00
00
3 ,1 4 8 ,0 0 0 00
T o t a l.............................................................................. $144,423,870 00 $144,882 ,970
Working Liabilities—
L o a n s an d Bills P a y a b le ___________________
________________
$2 .0 0 0
T raffic an d Car S ervice B alan ces D u e to
O ther C o m p a n ie s ............................... ................
$ 5 4 9 ,3 8 9 54
491 ,4 6 4
A u d ite d V ouch ers an d W a g e s U n p a id ___
1 ,8 1 1 ,3 9 7 32
1 ,9 1 5 ,1 9 3
M iscellaneous A cc o u n ts P a y a b le .................
2 5 3 ,1 5 4 09
22 9 ,1 2 2
M atu re d In te rest, D ivid e n d s an d R e n ts
4 4 6 ,1 0 0 09
U n p a id ____________________________________
4 4 3 ,8 5 4
M a tu re d M o rtg a g e. B o n d ed an d Secured
D e b t U n p a id .......................................................
7 ,0 0 0 0 0
,0 0 0
O th er W o r k in g L ia b ilities.............. ................
2 8 8 ,8 2 4 0 6
,3 8 7
00
00
42
23
33
09
00
51
$3,355,865 10
$3,133,021 58
$ 2 ,9 0 3 ,3 4 4 74
4 9 9 ,7 9 7 92
$ 2 ,8 8 3 ,2 6 6 07
4 9 9 ,7 9 7 92
$3,403,142 66
$3,383,063 99
.
.
$ 1 ,7 8 1 ,6 4 7 08
3 5 4 ,4 9 9 13
$ 1 ,4 0 1 ,0 5 7 13
2 5 8 ,1 5 5 41
.
$2,136,146 21
$1,659,212 54
.
$150,000 00
Accrued Liabilities Not Due—
U n m a tu r e d
Taxes
In te rest,
D ivid en d s
L
.
A cc ru ed .
Deferred Credit Items—
O p era tin g R e serv e s-----------------O th e r D eferred Credit I t e m s .
Appropriated Surplus—
R eserves from In c o m e or S u r p lu s.
Profit and Loss —
. $22,164,524 23
$17,603,919 97
.$236,746,328 20
$231,674,968 08
1473
[VOL. IiXXXXIIl.
T H E C H R O N IC L E
ST . LOUIS & SAN F R A N C I S C O R A I L R O A D
F IF T E E N T H
A N N U A L
R EPO R T— FO R
TH E
To the Stockholders:
T h e D ire c to r s h e r e w ith s u b m it th e ir r e p o r t o f th e o p e ra
t i o n s a n d a fF a ir s o f t h e S t . L o u i s & S a n F r a n c i s c o R a i l r o a d
C o m p a n y f o r t h e fis c a l y e a r e n d e d J u n e 30 1911:
T h e r e s u l t s o f o p e r a t i o n f o r t h e fis c a l y e a r w e r e a s f o ll o w s :
O p eratin g reven u e (Increase $ 1 ,0 0 3 ,2 8 8 3 2 , or
4 . 8 % ) ___________________________________________ $ 4 3 ,1 5 0 ,2 2 7 60
O p eratin g ex p e n se s (Increase $ 6 4 3 ,5 5 7 8 1 , or
2 . 2 % ) ......... .......................................... ............................. 2 0 ,3 2 0 ,4 0 0 00
N e t o p eratin g reven u e (Increase $ 1 ,3 4 0 ,* 7 3 0 5 1 , or 1 0 . 8 % ) _____________________1 ............................. ................$ 1 3 ,8 3 8 ,8 2 7 69
T a x e s ____________________________________________________________________
1 ,8 1 1 ,8 2 7 15
5 1 2 ,0 2 7 ,0 0 0
54
2 .3 3 3 ,9 7 0 73
M iscellaneous In c o m e___________
T o t a l In c o m e _________________________________________________________ $ 1 4 ,3 6 0 ,9 7 1 27
In te r e st, ren tals an d other fixed c h a r g e s__________________________ 1 2 ,8 2 5 ,5 6 7 17
N e t In com e a fte r p rovid in g for all c h a r g e s------------------------------------ $ 1 ,5 3 5 ,4 0 4 10
D ivid e n d s p aid — 4 % on first preferred s t o c k ------------------------------1 0 0 ,7 4 2 12
S u rp lu s carried to p rofit an d lo s s ________________________________
$ 1 ,3 3 5 ,6 6 1 08
T h e in c r e a s e in th e a v e r a g e m ile a g e o p e r a t e d d u r in g th e
y e a r , a s c o m p a r e d w i t h t h e p r e c e d in g y e a r , w a s 116.14
m il e s , o r 2. 3% .
T h e m a in -tr a c k m ileage a t J un e 3 0 1911 w a s ------------------------------- 5 ,2 2 7 .3 7 m iles
T h e m a in -tr a ck m ileage a t Ju n e 3 0 1 9 1 0 w a s------------------------------- 5 ,0 7 1 .5 4 m iles
S h ow in g an Increase o f _______________________________________________
1 5 5 .8 3 m iles
T h is Increase Is ex p la in ed as fo llo w s:
M IL E A G E
CONSTRUCTED
E x te n sio n W h lt e la n d , T e x a s , to M e n a r d , T e x a s .............................
M a r lo n -H u lb e r t C u t -o lf, A r k a n s a s ............................................................
2 7 .5 6 m lles
5 .4 9 m l!e s
TR ACK AG E U N D E R CONTRACT
B r a d y , T e x a s , to W h lt e la n d , T e x a s .........................................................
I r v in g , T e x a s , to D a lla s, T e x a s ------------------------------------------------------D a lla s, T e x a s , to P a r is, T e x a s ....................................................................
1 1 .7 8 m iles
1 0 .5 0 m iles
1 0 0 .5 0 m iles
T o t a l In crease------------------------------------------------------------------------------------
1 5 5 .8 3 m iles
O n p a g e s 76, 77 a n d 78 ( o f p a m p h l e t r e p o r t ) w i l l b e f o u n d
d e t a i l s o f t h e m il e a g e o f a l l t h e l in e s o p e r a t e d , o w n e d o r c o n
t r o l l e d b y t h is c o m p a n y .
C A P IT A L
STOCK.
T h e r e w a s n o c h a n g e d u r in g th e y e a r in
C a p i t a l S t o c k is s u e d o r o u t s t a n d i n g .
FU N D E D
D EB T
A N D
E Q U IP M E N T
NO TES.
th e C o m p a n y ’s
BONDS
A N D
T h e o u tsta n d in g fu n d e d d e b t a t Ju n e 30
I jjU w a s ________________- __ - _________________ $ 2 2 8 ,9 2 4 ,2 2 4 68
T h e o u tsta n d in g e q u ip m e n t tru st b on d s an d
n ote s w e r e _____________________________________
1 4 ,4 9 8 ,4 9 1 59
T o t a l ...............................................................................- ..................................... $ 2 4 3 ,4 2 2 ,7 1 6 27
T h e o u tsta n d in g fu n d ed d eb t a t Jun e 30
19 10 w a s _______________________________________ $ 2 2 1 ,0 6 6 ,1 7 4 11
T h e o u tsta n d in g e q u ip m e n t tru st bond s
an d n ote s w ere_______________________________
1 5 ,7 0 0 ,5 2 1 79
T o t a l....................................................................................................................... 2 3 7 ,6 6 6 ,6 9 5 90
T h e n et Increase for the ye ar w a s ............................................................
$ 5 ,7 5 6 ,0 2 0 37
S t a t e m e n t s o n p a g e s 21 a n d 22 ( o f p a m p h l e t r e p o r t ) g i v e
in d e t a i l th e c h a n g e s in f u n d e d d e b t a n d e q u ip m e n t n o te s .
E Q U IP M E N T .
T h e fo llo w in g e q u ip m e n t w a s p u r c h a s e d d u r in g th e y e a r :
1 . Under Trust Agreements.
2 5 C on solid ation L o c o m o tiv e s
5 Pacific T y p e L o c o m o tiv e s
10 S w itch in g L o c o m o tiv e s
6 T e n -W h e e l L o c o m o tiv e s
7 M a llet L o c o m o tiv e s
2 O b se rv a tio n Cafe Cars
3 S teel U n d erfram e C o m b in a tion
P assen ger an d M all Cars
2 S teel U n d erfram e B a g g a g e Cars
4 Steel U n d erfram e C oaches
6 G a solin e -E lectric M o to r Cars
2 5 0 S teel F ram e A u to m o b ile and
Fu rn itu re B o x Cars
2 5 E x p r e ss R efrigerator Cars
2.
Under Lease & Purchase Agree
ment .
50 0 S teel F ram e B o x Cars
3 0 0 S teel F ram e A u to m o b ile & F u r
niture B o x Cars
2 5 0 Steel T a n k Cars
50 0 Steel F ram e S to c k D u m p Cars
3 . Purchased [or Cash.
2 B row n H olsts
Huilt at Company’s Shops.
1
1
4
1
1
2
2
1
2
6
B allast Spread er
B oa rd in g Car
B o x Cars
C oal Car
C om m issa ry Car
F la t Cars
O fficial Cars
R efrigerator Car
S cale T e st Cars
S to c k Cars
A l l o f t h is a d d i t i o n a l e q u i p m e n t w a s r e c e i v e d a t J u n e 30
w i t h th e e x c e p t io n o f th e s ix G a s o lin e - E le c t r ic M o t o r
C a rs a n d tw o O b s e rv a tio n C a fe C a rs .
O n p a g e s 40 a n d 41 ( o f p a m p h l e t r e p o r t ) w i l l b e f o u n d
s t a t e m e n t s s h o w in g t h e n u m b e r o f e a c h c la s s o f e q u i p m e n t
o w n e d a n d le a s e d .
*
1911
C O N S T R U C T IO N .
R e f e r e n c e w a s m a d e i n l a s t y e a r ’s r e p o r t t o t h e c o m p l e t i o n
o f t h e M a r i o n - I I u l b e r t c u t - o f f i n t h a t y e a r — 5.49 m il e s — b u t
t h e t r a c k w a s n o t p u t i n o p e r a t i o n u n t i l J u l y 1 1911. T h i s
t r a c k is , b y a g r e e m e n t , b e i n g o p e r a t e d j o i n t l y w i t h t h e
C h i c a g o R o c k I s l a n d & P a c if ic R a i l w a y C o m p a n y .
T h e F o r t W o r t h & R io G ra n d e R a ilw a y w as e x te n d e d d u r
i n g t h e y e a r f r o m W h i t e l a n d , T e x . , t o M e n a r d , T e x . , 27.56
m il e s , a n d p u t i n o p e r a t i o n F e b . 25 1911. T h i s n e w t r a c k
is l a i d w i t h 60- p o u n d s t e e l r a i l a n d 3,000 c r o s s - t ie s t o t h e
m ile .
T h e m a x i m u m g r a d i e n t is 0. 75% a n d t h e m a x i m u m
c u r v a t u r e 3 d e g re e s .
COMPANY
F IS C A L Y E A R E N D IN G
JU N E
30 1911.
TR A C K A G E.
A g r e e m e n ts w e r e m a d e d u r in g th e y e a r w it h th e G u lf
C o lo r a d o & S a n t a F e R a i l w a y C o m p a n y f o r th e j o i n t u s e o f
11.78 m il e s o f t r a c k b e t w e e n B r a d y a n d W h i t e l a n d , T e x . ,
a n d f o r j o i n t u s e o f 100.50 m il e s b e t e w e n D a l l a s a n d P a r i s ,
T e x . ; a ls o w i t h t h e C h ic a g o R o c k I s l a n d & G u l f R a i l w a y C o m
p a n y f o r t h e j o i n t u s e o f 10.50 m il e s o f t r a c k b e t w e e n I r v i n g
a n d D a lla s , T e x .
N E W
O RLEANS
TEXA S
&
M E X IC O
R A IL R O A D
CO.
T h is p r o p e r t y w a s o p e r a t e d a n d its a c c o u n ts k e p t s e p a
r a te ly .
I t s o u t s t a n d i n g f u n d e d d e b t a t J u n e 30 1911 w a s $ 26, 000,
000 a n d o u t s t a n d i n g e q u i p m e n t t r u s t n o t e s § 1, 176,596 54.
T h e g r o s s o p e r a t i n g r e v e n u e f o r t h e fis c a l y e a r w a s 83,
737,716 32.
P o l i t i c a l c o n d it io n s i n M e x i c o p r e v e n t e d t h e e x p e c t e d
in te r c h a n g e o f t r a f f ic v ia th e B r o w n s v ille g a t e w a y , a n d u n
fo re s e e n d e la y s in th e c o m p le t io n o f n e c e s s a ry b a lla s t a n d
o t h e r c o n s tr u c t io n w o r k p r e v e n te d th r o u g h p a s s e n g e r - tr a in
s e r v i c e f r o m b e i n g u n d e r t a k e n u n t i l n e a r t h e c lo s e o f t h e
f is c a l y e a r ( J u n e 18) .
F o r th e s e r e a s o n s t h is l in o c o u ld n o t
b e c o n s id e r e d a s i n f u l l o p e r a t i o n u n t i l t h a t t i m e .
I n a d d i
t i o n t p i n t e r e s t o n i t s in d e b t e d n e s s , t h e C o m p a n y p a i d
$ 254,148 37 i n r e n t a l s , l e a v i n g a d e f i c i t f o r t h e y e a r o f $ 943,
392 14, w h i c h , f o r t h e r e a s o n s s t a t e d , h a s b e e n i n c l u d e d i n
th e c o s t o f th e p r o p e r ty .
T h e i n c r e a s e i n i t s m a i n - t r a c k m il e a g e f o r t h e y e a r w a s
38.35 m il e s , a n d i n s i d e - t r a c k m il e a g e 23.56 m il e s . S e e
p a g e 78 ( o f p a m p h l e t r e p o r t ) f o r d e t a i l s o f m il e a g e o f t h is
lin e .
( T h i s l in e e x t e n d s f r o m N e w O r l e a n s t h r o u g h H o u s t o n t o
B r o w n s v i l l e , T e x a s , o n t h e M e x i c a n b o r d e r , a n d is n o w o p e r
a t i n g 976.72 m il e s , i n c l u d i n g 183.84 m ile s u n d e r t r a c k a g e
rig h ts .
I t s s t r e n g t h is d e m o n s t r a t e d b y t h e n o t ic e a b l e d e v e l o p
m e n t o f t r a f f i c s in c e t h e c lo s e o f t h e fis c a l y e a r , g r o s s e a r n
in g s f o r t h r e e m o n t h s e n d e d S e p t . 30 1911 s h o w in g a n i n
c r e a s e o f $ 219, 640, o r 26% , o v e r t h e s a m e p e r i o d i n 1910.
T h e a c r e a g e p l a n t e d i n c o t t o n i n 1911, t r i b u t a r y t o t h e
B r o w n s v i l l e L i n e , w a s c o n s id e r a b ly m o r e t h a n d o u b le t h a t
p l a n t e d i n 1910. S h i p m e n t s o f c o t t o n f r o m t h e R i o G r a n d e
V a l l e y in J u l y w e r e 6,000 b a le s , a g a i n s t 700 b a le s l a s t y e a r .
S h i p m e n t s o f s u g a r w i l l c o m m e n c e b y D e c . 1, a n d t h e i n
c r e a s e d a c r e a g e p l a n t e d i n d i c a t e s a l a r g e in c r e a s e i n t h e m o v e
m e n t o f t h is c o m m o d i t y .
I t is e x p e c t e d t h a t L o u i s i a n a w i l l
h a v e t h e l a r g e s t s u g a r - c a n e c r o p i n it s h i s t o r y , a n d t h e p r e s e n t
h i g h p r ic e f o r s u g a r s h o u ld r e s u l t i n v e r y f a v o r a b l e c o n d i
tio n s f o r t h a t S t a te .
T h e r e h a s b e e n a m a r k e d in c r e a s e i n p o p u l a t i o n a l o n g t h e
lin e d u r in g th e y e a r .
T h e s e t t le r s a r e p r i n c i p a l l y f a r m e r s
o f m e a n s fr o m th e o ld e r a g r ic u ltu r a l d is tr ic ts a n d fo re ig n
c o u n t r ie s , w h o a d o p t t h e m o s t i m p r o v e d m e t h o d s .
T h e p r o p e r t y is w e l l c o n s t r u c t e d a n d in g o o d o p e r a t i n g
c o n d itio n .
I t h a s a lo w -g r a d e , p e r m it t i n g o f h a n d lin g
t r a f f i c p r o m p t l y a n d e c o n o m ic a lly .
T h e t e r m in a l fa c ilitie s
a r e e x c e l l e n t , e s p e c i a l ly a t N e w O r l e a n s , B a t o n R o u g e ,
B e a u m o n t a n d H o u s to n .
T o t a k e c a r e o f t h e in c r e a s e d t r a f f i c , a d d i t i o n a l e q u i p m e n t
h as a lr e a d y b e e n c o n tra c te d .)
T h e p r o p e r ty o f y o u r c o m p a n y h a s b e e n w e ll-m a in ta in e d
d u r in g th e y e a r , e x p e n d itu r e s fo r M a in te n a n c e o f 'W a y h a v
i n g b e e n a t t h e r a t e o f $ 1,054 40 p e r m i l e o p e r a t e d ; f o r r e p a i r s
o f l o c o m o t iv e s , $ 2,671 69 p e r e n g in e o w n e d ; f o r r e p a i r s o f
f r e i g h t c a r s , $62 79 e a c h , a n d o f p a s s e n g e r c a r s , $727 76 e a c h .
T h e p e r c e n t a g e o f l o c o m o t iv e s in s h o p o r a w a i t i n g r e p a i r s
d e c r e a s e d 1.5 a n d t h e p e r c e n t a g e o f b a d - o r d e r f r e i g h t c a r s
d e c r e a s e d 3. 05% a s c o m p a r e d w i t h c o n d it io n s a t t h e c lo s e o f
t h e p r e v i o u s fis c a l y e a r .
I n c r e a s e d r a t e s o f p a y c a u s e d in c r e a s e d c o s ts p e r t r a i n
m i l e a n d p e r t r a f f i c u n i t m i l e f o r e n g in e , t r a i n , y a r d a n d
s t a t i o n s e r v ic e .
W h i l e f r e i g h t r e v e n u e in c r e a s e d 1. 5% , f r e i g h t t r a i n m ile s
d e c r e a s e d 4. 7% , a n d f r e i g h t r e v e n u e p e r t r a i n m i l e in c r e a s e d
6. 4% .
P a s s e n g e r t r a i n r e v e n u e in c r e a s e d 11. 3% , w i t h a n a c c o m
p a n y i n g in c r e a s e i n p a s s e n g e r t r a i n m ile s o f o n l y 4. 7% .
T h e g r o s s r e v e n u e p e r m i l e o f r o a d — $ 8,319 16— is t h e
h ig h e s t in th e h is t o r y o f th e C o m p a n y .
T w o h u n d r e d a n d s e v e n t y - s i x i n d u s t r i a l p l a n t s , c o s t in g
a p p r o x i m a t e l y $ 6, 400,000 a n d e m p l o y i n g o v e r s i x t h o u s a n d
m e n , w e r e l o c a t e d o n t h e c o m p a n y ’s t r a c k s d u r i n g t h e f is c a l
y e a r.
I t is e s t i m a t e d h y t h e I n d u s t r i a l d e p a r t m e n t o f t h e
c o m p a n y t h a t t h e t o n n a g e - p r o d u c i n g c a p a c i t y o f th e s e p l a n t s
w i l l e x c e e d f i f t y - n i n e t h o u s a n d c a r lo a d s p e r a n n u m .
F o r t y - e i g h t a n d e i g h t e e n - h u n d r e d t h s m ile s o f n e w i n d u s
t r i a l a n d s id e t r a c k s w e r e c o n s t r u c t e d d u r i n g t h e y e a r .
T h e u s u a l c o n s o l id a t e d s t a t e m e n t s s h o w in g t h e b a l a n c e
s h e e t , i n c o m e a n d p r o f i t a n d lo s s a c c o u n t s a n d s t a t i s t i c a l
d a t a , i n c l u d i n g t h e f ig u r e s o f t h e C h ic a g o & E a s t e r n I l l i n o i s
R a i l r o a d C o m p a n y , w i l l b e f o u n d o n p a g e s 46 t o 78 ( p a m p h
le t re p o rt).
T h e s e s t a t e m e n t s a r e in f o r m s p r e s c r i b e d b y
t h e I n t e r - S t a t e C o m m e r c e C o m m is s io n .
THE CHRONICLE
NOV. 25 1911.]
T h a n k s a r e d u e to o ffic e r s a n d e m p lo y e e s ,w h o s e lo y a l s e r
v i c e is h e a r t i l y a p p r e c i a t e d .
B y o r d e r o f th e B o a r d o f D ir e c to r s .
O c t.
ST.
B . L . W IN C H E L L ,
2 1911.
L O U IS
IN C O M E
&
President.
SAN
F R A N C IS C O
R A IL R O A D
A C C O U N T — F IS C A L Y E A R E N D E D J U N E
P A R E D W IT H P R E V IO U S Y E A R .
1 9 1 0 -1 1 .
5 ,1 8 7 .0 3
3
A v e r a g e m ileage op erated
Operating revenue—
2 8 ,0 7 1 ,7 8 1
1 1 ,9 0 9 ,3 8 5
1 ,0 1 0 ,2 1 8
1 ,1 2 0 ,1 9 4
6 5 0 ,0 4 7
1 0 0 0 -1 0 .
5 ,0 7 1 .7 9
3
86 2 7 ,6 4 5 ,8 6 3
31 1 0 ,5 4 8 ,9 6 9
1 ,0 0 9 ,2 4 1
61
1 ,1 3 4 ,9 0 4
06
02
5 5 0 ,8 1 1
48
83
56
37
88
30
L IN E S .
1011, COM
Inc. ( + ) or Dec. (— )
A m ount.
%
+ 1 1 6 .1 4
5
+ 4 2 5 ,9 1 8
+ 1 ,4 5 0 ,4 1 5
+ 977
— 1 4 ,7 1 0
+ 9 9 ,2 3 5
2 .3
1473
Brought forward _ _ .......................................................................................$ 2 2 8 ,2 9 1 ,5 2 4 68
L E A S E H O L D E S T A T E (K A N . C IT Y F T . SC O T T & M E M . R Y .) .
Additions—
T h e K . C . F t . S . & M . R y . C o . r e f. M . 4 % b on d s— I s s u c d f o r :
lt e d e m p .o f un d erlyin g b o n d s $ 2 ,0 5 5 ,3 0 0 00
R e d e m p tio n o f O zark E q u ip
m e n t C o ., b o n d s....................
2 8 ,0 0 0 00
-------------------------- $ 2 ,0 8 3 ,3 0 0 00
R e fu n d in g p u rp oses__________________________
6 0 4 ,7 0 0 00
T o t a l......... ...........................
$ 2 ,6 8 8 ,0 0 0 0 0
Deductions—
K a n sa s C ity F t . S c o tt & G u lf R R . C o . e x
ten ded 1st M . 5 % b ond s m atured an d cash
d ep osited
w ith tru stee fo r r e d . th ereof 2 ,0 5 5 ,3 0 0 00
N e t Increase.
_________________________ ____________ ________
1 .5
38
48 1 3 .7
0 .1
05
1 .3
31
14 1 8 .2
C O N D E N S E D G E N E R A L B A L A N C E S H E E T J U N E 30 1 0 1 1 .
ASSETS.
1011.
1910.
3
$
Franchises an d p r o p e r t y . . . 2 1 7 , 0 9 3 , 6 2 0 4 7 2 1 4 ,0 0 3 ,8 9 0 9 4
S toc k s a n d b on d s o w n e d ___
2 0 3 ,8 4 5 69
2 0 3 ,8 4 5 69
Capital Assets —
T o t a l tra n sp ortation
reven u e __________ ■4 2 ,8 5 1 ,6 2 6 86 4 0 ,8 8 9 ,7 9 1 12
R e v e n u e fro m op era 3 0 7 ,6 0 0 83
+ 1 ,9 6 1 ,8 3 5 74
4 .8
+ 3 1 ,4 5 2 58 1 1 .4
2 7 6 ,1 4 8 2 5
T o t a l o p eratin g r e v 4 3 ,1 5 9 ,2 2 7 69 4 1 ,1 6 5 ,9 3 0 37
+ 1 ,9 9 3 ,2 8 8 32
4 .8
Operating expenses—
M a in te n a n ce o f w a y &
stru ctu res ___
5 ,4 7 0 ,1 7 8
M a in te n a n ce o f eq u lp 5 ,7 3 8 ,2 9 0
1 ,0 8 5 ,8 4 6
1 5 ,7 3 7 ,1 6 4
1 ,2 8 8 ,0 1 9
59
32
84
89
36
— 3 0 8 ,0 8 9 56
5 ,7 7 8 ,2 6 8 15
5 ,9 4 0 ,3 1 0
1 ,0 3 6 ,8 2 1
1 4 ,6 9 8 ,0 0 4
1 ,2 2 3 ,3 4 8
37
23
38
06
2 8 ,6 7 6 ,8 4 2 19
1 3 ,8 3 8 ,8 2 7 69 1 2 ,4 8 9 ,0 9 7 18
1 ,8 1 1 ,8 2 7 15
1 ,4 5 8 ,1 8 5 96
5 .3
05
61
51
30
3 .4
4 .7
7 .1
5 .4
+ 6 4 3 ,5 5 7 81
2 .2
— 2 0 2 ,0 2 0
— 4 9 ,0 2 5
+ 1 ,0 3 9 ,0 7 0
+ 6 5 ,5 7 1
+ 1 ,3 4 9 ,7 3 0 51 1 0 .8
+ 3 5 3 ,6 4 1 10 2 4 .3
+ 9 9 6 , 0 8 9 32
1 2 ,0 2 7 ,0 0 0 54 1 1 ,0 3 0 ,9 1 1 22
0 .0
tscellancous income—
+ 2 3 6 ,3 4 7 42 4 6 .9
8 .7
— 2 5 2 ,8 0 5 41
d c& 323,640 8 5 (fe6600,088 27
2 ,9 1 0 ,4 1 6 99
2 ,6 5 7 ,6 1 1 58
T o ta l
m iscellaneous
2 ,3 3 3 ,0 7 0 73
2 ,3 0 0 ,4 2 8 72
+ 3 3 ,5 4 2 01
1 .5
1 4 ,3 6 0 ,9 7 1 27
1 3 ,3 3 1 ,3 3 9 94
+ 1 ,0 2 9 ,6 3 1 33
7 .7
7 ,8 5 0 ,6 0 8 63
7 ,4 4 7 ,8 0 5 63
+ 4 0 2 , 8 0 1 00
5 .4
2 ,6 0 4 ,0 3 8 36
2 ,5 9 4 ,3 9 0 91
+ 9 ,6 4 7 4 5
0 .4
8 3 6 ,0 4 0 18
6 2 7 ,3 0 2 2 3
Interest on guaranteed
Other rentals and sink
ing funds ______
Dividends on trust certifi
cates The Kansas City
F t. Scott A M em phis
R a llio a v _________
Dividends on trust certifiIllinois Railroad .
5 4 0 ,4 0 0 0 0
0 9 4 ,4 8 2 00
9 9 9 ,4 8 2 0 0
— 5 ,0 0 0 00
0 .5
.1 2 ,8 2 5 ,5 6 7 17 1 2 ,2 0 9 ,3 8 0 7 7
+ 6 1 6 ,1 8 6 40
5 .0
1 ,1 2 1 ,9 5 9 17
1 9 9 ,7 4 2 12
1 9 9 ,7 4 2 12
GENERAL
1 ,3 3 5 ,6 6 1 08
0 2 2 ,2 1 7 0 5
T o t a l C red it____________________ _____________________________________ 3 5 ,7 3 0 ,2 6 8 21
Debit—
P rop ortion for th e ye ar o f d iscou n t on securities
sold ________________ __________________ _____ ________
3 8 0 2 ,2 5 3 01
S u n d r y a d ju stm e n ts n o t affectin g curren t year’s
I n c o m e ______________________________________________
9 4 ,8 0 5 32
p.vl
----------------:---------T o t a l D e b it__________ _______________________________________________
$ 8 0 7 ,0 5 8 33
B a l a n c e __________ ___________ ________________________________________ 4 ,8 3 3 ,2 0 0 8 8
3 5 ,7 3 0 ,2 6 8 21
B y D alanco a t credit June 3 0 1 0 1 1 ........................................................$ 4 ,8 3 3 ,2 0 9 8 8
E X P L A N A T IO N O F C H A N G E S IN F U N D E D D E B T D U R IN G F IS C A L
Y E A R E N D E D J U N E 30 1911.
T o t a l fu n d ed d eb t a t June 30 10 1 0 _________ ____________ ________ $ 2 2 1 ,0 6 6 ,1 7 4 11
S T . L O U IS & S A N F R A N C IS C O R A I L R O A D C O .
Additions —
S t . L . «Xs S . F r . R R . C o. ref. M . 4 % b o n d s— Issu ed for:
C ap ital stock an d 1st M . 4 % b on d s o f the
F t . W o r t h & R io Grande R y . C o _______
$ 6 1 8 ,0 0 0 00
R e d e m p tio n o f u n d erlyin g b o n d s---------------5 ,0 0 0 0 0
3 6 2 3 ,0 0 0 00
S t . L . & S . F r . R R . C o . g e n . lien M . 5 %
b o n d s— Issu ed for:
A d d itio n s , b ette rm en ts an d new e q u ip m en t
ex p e n d itu res after Ju ly 1 1 0 1 0 ---------------- $ 2 ,5 0 0 ,0 0 0 00
R e d e m p tio n of u n d erlyin g b o n d s .
--------3 ,7 2 0 ,0 0 0 00
R e tire m e n t o f e q u ip m en t bond s an d n otes
1 ,7 0 7 ,3 5 0 57
+ 2 7 9 , 0 2 8 02
25
4 ,0 5 0 ,4 5 5 0 0
— 3 ,4 7 3 65
00
0 ,3 2 1 ,5 5 0 0 0
.........................
13
1 8 ,2 3 9 ,1 8 7 13
..........................
+ 3 , 6 8 7 , 3 1 2 13
17
98
1 ,5 6 8 ,9 1 0 29
4 ,1 9 8 ,9 5 0 17
64
6 ,3 4 8 ,0 0 0 0 0 — 1 ,3 2 3 ,1 8 3 3 6
— 1 5 4 ,9 7 6 12
— 5 7 8 ,0 6 9 19
90
6 3 4 ,2 6 8 59
+ 8 4 , 9 9 9 31
64
2 5 ,7 1 0 0 4
— 3 6 ,2 2 2 68
46
72
2 ,3 7 5 ,8 5 2 23
6 7 2 ,2 0 4 71
+ 5 1 8 ,9 3 4 23
+ 1 ,6 1 5 ,8 5 7 01
77
23
57
+ 1 9 ,0 3 2 4 3
8 4 ,3 3 5 34
9 ,2 6 9 ,0 5 8 32 — 4 ,3 7 0 ,6 2 9 09
— 4 5 9 ,6 6 9 0 6
3 ,8 7 3 ,7 9 5 63
01
— 6 7 ,7 2 6 64
9 3 4 ,7 8 6 65
2 9 ,9 8 6 ,7 7 1 9 7 — 4 ,7 5 7 ,6 5 3 16
20
7 4 7 ,0 7 4 0 5
+ 2 8 8 , 9 3 8 15
26
65
66
9 ,7 8 8 ,6 9 0 67
4 6 8 ,7 7 6 58
3 2 ,4 8 3 30
+ 1 ,8 0 1 ,5 4 8 59
+ 3 7 ,2 7 3 07
— 3 1 ,4 5 2 64
1 3 ,1 3 3 ,3 3 1 77
1 1 ,0 3 7 ,0 2 4 60
+ 2 , 0 9 6 , 3 0 7 17
2 ,2 5 0 ,0 0 0 00
C ap ital S to c k :
F irst p r e f e r r e d . . . ..............
S econd p referred __________
C o m m o n ________
1911.
$
Increase ( + ) or
Decrease (— )
1910.
3
5 ,0 0 0 ,0 0 0 0 0
1 6 ,0 0 0 ,0 0 0 0 0
2 9 ,0 0 0 ,0 0 0 0 0
$
5 ,0 0 0 ,0 0 0 00
1 6 ,0 0 0 ,0 0 0 00
2 9 ,0 0 0 ,0 0 0 00
T o ta l
......................... 5 0 ,0 0 0 ,0 0 0 0 0
5 0 ,0 0 0 ,0 0 0
F u n d ed d e b t ________________ • 1 7 1 ,4 5 3 ,5 5 4 6 8 * 1 6 5 ,1 2 8 ,2 0 4
E q u ip m e n t b ond s an d n otes 1 3 ,2 7 8 ,4 9 1 59
1 4 ,1 5 2 ,5 2 1
O u tsta n d in g securities on
leaseh old esta te ( K . C . F t .
S . & M . R y .) :
S to c k —
Preferred c e r t ific a t e s ..2 :1 3 ,5 1 0 ,0 0 0 0 0
1 3 ,5 1 0 ,0 0 0
F u n d ed d e b t _______________ 4 4 ,3 0 1 ,0 0 0 0 0 1 /4 3 ,6 6 8 ,3 0 0
E q u ip m e n t b ond s an d n otes 1 ,2 2 0 ,0 0 0 0 0
1 ,5 4 8 ,0 0 0
T o t a l_________________________ 5 9 ,0 3 1 ,0 0 0 0 0
5 8 ,7 2 6 ,3 0 0
O u tsta n d in g securities on
leasehold esta te ( K . C . M .
& B . R R .) :
F u n d e d d e b t _______________
9 ,2 4 6 ,6 7 0 0 0
0 ,2 4 6 ,6 7 0
F u n d e d d e b t, au x ilia ry c o m
panies ______________________
3 ,9 2 3 ,0 0 0 0 0
3 ,9 2 3 ,0 0 0
P referred stock tru st certfs.
(C . & E . I . R R . ) __________
0 ,3 1 7 ,5 5 0 0 0
0 ,3 1 7 ,5 5 0
C om m o n stock tru st c tfs .
1 8 ,0 4 4 ,5 0 0
(C . & E . I . R R . ) ---------------- 1 8 ,0 4 4 ,5 0 0 0 0
T o t a l______________
3 3 4 ,2 9 4 ,7 6 6 2 7 3 2 8 ,5 3 8 ,7 4 5
Current Liabilities—
A u d ite d vou ch ers an d p a y
4 ,5 8 6 ,7 6 7
ro lls__________________________
4 ,5 1 7 ,0 3 4 69
3 ,1 0 6 ,7 6 3
In te rest & d ivid en d s m a tu re d 4 ,1 1 0 ,5 7 5 53
1 ,6 0 2 ,6 7 9
In te rest accrued (n o t d u e ) . .
1 ,6 1 0 ,4 9 4 70
5 2 1 ,5 6 8
T a x e s accrued (n o t d u e )_____
5 7 0 .5 4 9 07
1 ,1 7 5 ,0 0 0
L a n d an d real estate n o t e s ..
1 ,0 7 5 ,0 0 0 00
4 ,8 3 3 ,0 7 0
B ills p a y a b le ....................................................................
B o n d s an d n otes called for
6 ,3 4 8 ,0 0 0
red em p tion (see c o n t r a ). . ___5 ,0 2 4 ,8 1 6 64
00
11
70
+ 6 ,3 2 5 ,3 5 0 57
— 8 7 4 ,0 3 0 20
00
00
00
00
+ 6 3 2 ,7 0 0 00
— 3 2 8 ,0 0 0 00
+ 3 0 4 ,7 0 0 00
00
_____________
00
_____________
00
.........................
00
00
_____________
+ 5 ,7 5 6 ,0 2 0 37
04
90
72
98
00
00
— 6 9 ,7 3 2
+ 1 ,0 0 3 ,8 1 1
+ 7 ,8 1 4
+ 4 8 ,9 8 0
— 1 0 0 ,0 0 0
— 4 ,8 3 3 ,0 7 0
3 7 7 1 ,0 0 0 0 0
2 ,0 4 9 ,0 0 0 00
7 5 0 ,0 0 0 00
5 ,0 0 0 00
’l o t a l ........................................................... .................. $ 4 ,4 7 5 ,0 0 0 00
6 ,3 2 5 .3 5 0 57
35
63
98
09
Off
00
0 0 — 1 ,3 2 3 ,1 8 3 3 6
63
2 2 ,1 7 3 ^ 8 4 9 64 — 5 ,2 6 5 ,3 7 9 01
67
02
2 4 8 ,9 7 7 31
— 5 ,9 5 2 64
2 7 8 ,9 4 5 35 + 1 0 3 ,3 8 9 67
37
7 ,4 7 5 2 7
T o t a l......................................- - 6 3 2 ,1 1 9 0 6 _____5 3 5 ,3 9 7 93
G rand to ta l L i a b i l i t i e s . . . 3 5 + 8 3 5 ,3 5 5 9 6 3 5 1 ,2 4 7 ,9 0 3 4 7
Profit an d lo ss-----------------------4 ,8 3 3 .2 0 9 8 8
4 ,3 9 4 ,6 0 6 23
3 1 0 ,8 0 0 ,3 5 0 57
Deductions—
S t . t L . & S . F r. R R . C o . 7 -y r . 4 M %
Net Increase.............. ................. ........................................................... ..
Capital Liabilities—
T o t a l________________________ 1 6 .9 0 8 ,4 7 0
Provisional Accounts—
S in k in g fun d s a c cr u e d ______
2 4 3 ,0 2 4
E q u ip m e n t rep lacem en t fu n d
3 8 2 ,3 3 5
Im p r o v e m e n t fu n d ( K . C . &
M . R y . & B r . C o .) _______ ____
6 ,7 5 9
$ 7 ,9 2 7 ,3 5 0 57
+ 3 2 2 , 0 2 8 23
0 ,2 5 7 ,6 0 0 78
L IA B IL IT IE S .
Credit—
Sold
• n ote s re d e e m e d ________________________________
C ash d ep osite d for red em p tion o f S t . L . & S .
• F r . R R . 7 -y r . 4
goid n o te s-------------------S t . L . & S . F r . R R . C o . 3 -y r . c o ll, tru st 5 %
n otes o f 1011 r e d ee m e d ______ _______________
St. L . & S . F r . R y . C o. 1st M . 6 % bonds
(M issouri & W e ste rn D ivision) r e d e e m e d .
5 8 ,6 4 2 ,2 6 3 69
+ 4 1 3 , 4 4 4 93 4 4 .8
B alan ce a t credit as per an n u al rep ort J un e 30
1 0 1 0 _____________ ___________________________________ 3 4 ,3 0 4 ,6 0 6 2 3
S urplus for tlic ye ar en d ed J un e 3 0 1 9 1 1 _________ 1 ,3 3 5 ,6 6 1 08
T o t a l . . . .......................................
02
. 2 5 ,2 2 9 ,1 1 8 81
Deferred Accounts —
O p en c arryin g acco u n ts in
process o f a d ju s tm e n t_____1 1 ,0 3 6 ,0 1 2
D isc o u n t o n b o n d s, carriedl
In su sp en se, to be chargedL
o u t In an n u al In stallm entsi 1 1 ,5 9 0 ,2 3 9
5 0 6 ,0 4 9
T ru ste es sin k in g fu n d acc’ ts>
.
1 ,0 3 0
S in k in g f u n d s _________
+ 3 , 0 8 0 , 7 2 9 53
80
.3 1 8 ,3 0 6 ,1 1 5 26 3 1 4 ,6 1 8 ,8 0 3 13
Current Assets —
1 ,4 1 3 ,9 3 4
Cash In tre a su ry ...................... ...
C ash In h and s o f fiscal agents3 3 ,6 2 0 ,8 8 0
C ash w ith trustees for re
d e m p tio n o f called b ond s1
5 ,0 2 4 ,8 1 6
an d n otes (see c o n t r a ) ___ .
D u e fro m agen ts a n d con
.
7 1 9 ,2 6 7
d u ctors _______________
D u e fro m railroad c o m p a n . Cred 1 0 ,5 1 2
D u e fro m c om p an ie s an d in . 2 ,8 9 4 ,7 8 6
. 2 ,2 8 8 ,0 6 1
D u e fro m U n ite d S ta tes P o st
'
1 0 3 ,3 6 7
O ffice D e p a r t m e n t .
. 4 ,8 9 3 ,3 2 9
. 3 ,4 1 4 ,1 2 6
A d v a n c e s a c co u n t con stru c
.
8 6 7 ,0 6 0
tion __________________
$
+ 3 , 0 8 9 , 7 2 9 53
_____________
3 5 6 ,6 6 8 ,5 6 5 84 3 5 5 .6 4 2 ,5 9 9 70 + 1 ,0 2 5 ,9 6 6 14
N ote .— In sta tin g th e assets an d liabilities o f th e com p an ies covered b y
this b alan ce sh eet, th e h oldings o f th e S t . L ou is & S an F ran cisco R R . C o .
In th e b on d s an d c ap ital stock s o f leased an d au x ilia ry lines are elim in a te d .
P R O F IT A N D LO SS A C C O U N T A N D
AD JUSTM ENTS
T H E R E I N , J U N E 30 1010 T O J U N E 30 1 0 1 1 .
S t . L . <fc S . F r . R R . C o . 2-y r . 5 % secured
gold n o te s_______________________________________
16 2 1 4 ,2 0 7 ,7 3 6 63
Increase ( + ) or
Decrease (— )
+ 4 1 3 , 4 4 4 93 3 6 .9
Dividends—
4 % on first
T o ta l franchises an d p rop
e r t y ----------------------------------- 2 1 7 ,2 9 7 ,4 6 6
Leaseh old esta te (T h e K a n
sas C ity F t . S c o tt & M e m
phis R a ilw a y )--------- ---------- 5 8 ,9 6 4 ,2 0 1
L easeh old esta te ( K a n . C ity
M e m . & B irm in gh am R R .) 9 ,5 3 6 ,6 3 7
F ran ch ises
an d
p ro p e rty ,
au x ilia ry c o m p a n ie s______
4 ,0 4 6 ,9 8 2
C hicago & E astern Illinois
R R . C o . preferred stock
(cost o f ) . . ................................
9 ,3 2 1 ,5 5 0
C hicago & E a stern Illinois
R R . C o . c o m m o n stock
(cost o f ) ____________
1 8 ,2 3 9 ,1 8 7
+ 2 0 8 , 7 3 7 9 5 3 3 .3
5 4 0 ,4 0 0 00
1 ,5 3 5 ,4 0 4 10
$ 6 3 2 ,7 0 0 0 0
T o ta l fu n d ed d e b t a t J u n e 3 0 1 9 1 1 ______ _______________ _____ $ 2 2 8 ,0 2 4 ,2 2 4 68
— 715
+ 9 6 ,7 2 1
+ 5 8 7 ,3 6 2
+ 4 3 8 ,6 0 3
90
13
49
65
T o t a l_________________________3 5 6 .6 6 8 ,5 6 5 84 3 5 5 ,6 4 2 ,5 9 9 70 + 1 , 0 2 5 , 0 6 6 14
* flx c lu d e s, in order to a v o id d u p lic a tio n : $ 1 0 ,0 0 0 ,0 0 0 N . O . T . & M .
D ivisio n bond s pledged as collateral to oth er liabilities Included In “ fun d ed
d e b t .”
x E x c lu d e s $ 1 ,4 9 0 ,0 0 0 o f T h e K . C . F t . S . & M . R y . Preferred S tock
T r u st C ertificates p led ged as collateral to oth er liabilities Included In
“ fu n d ed d o b t ."
V E xclu d es $ 4 0 3 ,0 0 0 M e m p h is K a n sa s & C olorad o R y . C o . F irst M ort
gage 7 % bonds m a tu rin g S e p t. 1 1 9 1 0 , fu n d s fo r red em p tion o f w hich were
held b y T ru ste e (since p a id ) .
1474
[VOL. LXXXXIII.
THE CHRONICLE
FERROCARRILES NACIONALES DE MEXICO
(NATIONAL RAILWAYS OF MEXICO)
T H IR D
A N N U A L
R EPO R T— FO R
M exico Office,
Segunda Calle dc Bolivar, No. 19.
F IS C A L Y E A R
E N D E D
New York Office.
No. 25 Broad Street.
A C Q U IS IT IO N
IS T H M U S
OF STOCK O F T H E Y ER A CRUZ
R A IL R O A D A N D P A N -A M E R IC A N
R A IL R O A D C O M P A N Y .
To the Shareholders:
I n c o m p l i a n c e w i t h t h e p r o v i s i o n s o f A r t i c l e 48 o f t h e B y
L a w s o f th e C o m p a n y , I h a v e th e h o n o r to p re s e n t to th e
s h a r e h o ld e r s , i n t h e n a m e o f t h e B o a r d o f D i r e c t o r s , t h e
r e p o r t o f o p e r a t i o n s f o r t h e f is c a l y e a r J u l y 1 1910 t o J u n e 30
1911.
E X C H A N G E A N D P A Y M E N T O F S E C U R IT IE S O F T H E
M E X IC A N C E N T R A L R A IL W A Y C O M P A N Y , L IM I
T E D , A N D O F T H E N A T IO N A L R A IL R O A D
C O M P A N Y O F M E X IC O .
I n a c c o rd a n c e w it h th e te rm s o f th e B a n k e r s ’ A g r e e m e n t
o f F e b r u a r y 29 1908, a n d f o l l o w i n g t h e p l a n a d o p t e d , t h e
d e p o s i t o f s e c u r i t ie s o f t h e o ld M e x i c a n C e n t r a l R a i l w a y
C o m p a n y , L im it e d , a n d N a t io n a l R a ilr o a d C o m p a n y o f
M e x i c o , w h i c h u n d e r s a id a g r e e m e n t w e r e c a ll e d f o r c o n v e r
s i o n , h a s c o n t i n u e d , a n d t h e r e is a t p r e s e n t a v e r y s m a l l
n u m b e r o f s a id s e c u r i t ie s w h i c h h a v e n o t b e e n e x c h a n g e d
fo r s to c k a n d b o n d s o f th e N a t io n a l R a ilw a y s o f M e x ic o , as
s h o w n in th e fo llo w in g
•
Statement o f the Securities Deposited up to the 30th of June
1911, in Accordance with Plan o f 6th o f A pril 1908.
S E C U R IT IE S O F T H E M E X I C A N C E N T R A L R A I L W A Y C O . L IM IT E D
5 % N o t e s _____
5%
P riority
B o n d s _____
F irst M . B ond s
C o n s .M .B o n d s
F irst In c . B d s .
R e g . In c . B d s .
2 d I n c . B on d s
S h a r e s_________
Per
Per
Cent. Outstanding• Cent.
Deposited.
Total Issue.
0 .0 0
$ 5 0 0 00
6 .5 9 7 ,0 0 0
2 6 4 ,0 6 2
1 0 9 ,0 2 0 ,0 0 0
3 2 .7 0 6 .0 0 0
3 2 5 ,2 0 0
1 1 .2 8 4 .0 0 0
5 9 ,1 2 7 ,1 0 0
00
50
00
00
00
00
00
$ 5 ,1 9 8 ,0 0 0
2 2 5 ,7 1 5
1 0 5 ,3 6 1 ,0 0 0
3 2 ,4 2 4 ,3 0 0
3 1 4 ,0 0 0
1 1 ,2 6 0 ,0 0 0
5 9 ,0 5 8 ,8 0 0
00
00
00
00
00
00
00
$ 5 0 0 00 1 0 0 .0 0
7 8 .7 9
8 5 .4 8
9 6 .6 4
9 9 .1 3
9 6 .5 5
9 9 .7 9
0 9 .8 9
00
50
00
00
00
00
00
2 1 .2 1
1 4 .5 2
3 .3 6
.87
3 .4 5
.21
.11
T o t a l.............. $ 2 1 9 ,3 2 3 ,8 6 2 50 $ 2 1 3 ,8 4 1 ,8 1 5 00 9 7 .5 0 $ 5 ,4 8 2 ,0 4 7 50
2 .5 0
S E C U R IT IE S
OF
THE
N A T IO N A L
Total Issue.
P referred S t k .
2 d P r e f. S to c k
C om m on S tk .
D eferred S t k .
T o t a l...............
TOTAL
$ 3 2 ,0 0 0 ,0 0 0
2 2 ,0 4 3 ,6 0 0
2 8 4 ,6 0 0
1 1 ,0 2 1 ,8 0 0
00
00
00
00
OF
M E X IC O .
Per
Cent.
9 9 .9 9
9 9 .8 1
5 4 .2 2
1 0 0 .0
$ 1 ,9 0 0 00
4 1 ,0 0 0 00
1 3 0 ,3 0 0 00
.01
.19
4 5 .7 8
0 .0 0
$ 6 5 ,1 7 6 ,8 0 0 00 9 9 .7 3
$ 1 7 3 ,2 0 0 00
0 .2 7
$ 3 1 ,9 9 8 ,1 0 0
2 2 ,0 0 2 ,6 0 0
1 5 4 ,3 0 0
1 1 ,0 2 1 ,8 0 0
O F S E C U R IT IE S
Issued.
CO.
Per
Cent. Outstanding.
Deposited.
$ 6 5 ,3 5 0 ,0 0 0 00
NUM BER
R A IL R O A D
1 .3 9 9 .0 0 0
3 8 ,3 4 7
3 .6 5 9 .0 0 0
2 8 1 ,7 0 0
1 1 ,2 0 0
2 4 ,0 0 0
6 8 ,3 0 0
Deposited.
00
00
00
00
OF BOTH
C O M P A N IE S .
Per
Cent. Outstanding.
B d s. & sh ares. $ 2 8 4 ,6 7 3 ,8 6 2 50 $ 2 7 9 ,0 1 8 ,6 1 5 00 9 8 .0 1 $ 5 ,6 5 5 ,2 4 7 50
Per
Cent.
1 .9 9
Note. — A ll o f th e a b o v e a m o u n ts arc In U n ite d S ta te s C u rren cy.
I n v ie w o f th e fa c t t h a t th e F ir s t M o rtg a g e B o n d s , th e
R e g i s t e r e d I n c o m e B o n d s a n d t h e C o n s o li d a t e d M o r t g a g e
B o n d s o f th e M e x ic a n C e n tr a l R a ilw a y C o m p a n y , L im it e d ,
w h i c h w e r e o u t s t a n d i n g a n d h a d n o t b e e n d e p o s i t e d a c c o r d in g
t o t h e P l a n , b e c a m e d u e J u l y 1 1911, a n d w h i c h t h a t C o m
p a n y h a d t o r e d e e m , t h e B o a r d o f D i r e c t o r s r e s o lv e d t h a t a s
th e N a t io n a l R a ilw a y s o f M e x ic o h a d a s s u m e d th e o b lig a tio n
b y v ir t u e o f th e c o n tr a c t o f tr a n s fe r o f th e r a ilw a y s a n d o th e r
p r o p e r tie s o f th e M e x ic a n C e n tr a l R a ilw a y C o m p a n y , L i m i
t e d , t h a t p a y m e n t o f t h e s e c u r i t ie s b e m a d e w h e n t h e y b e
c a m e d u e , a n d in th is w a y t h e y w e r e n e a r ly a ll r e d e e m e d ,
th e r e b e in g a t p r e s e n t o u ts ta n d in g o n ly a fe w w h ic h h a v e n o t
b e e n p r e s e n te d fo r r e d e m p tio n .
T a k i n g t h e f o r e g o in g i n t o
c o n s id e r a tio n , i t w i ll r e a d ily b e s e e n t h a t th e t o t a l a m o u n t
s h o w n i n t h e a b o v e s t a t e m e n t o f s e c u r i t ie s o u t s t a n d i n g
s h o u ld b e c o n s i d e r a b l y d e c r e a s e d , i n a s m u c h a s t h e s t a t e m e n t
i n q u e s t i o n is m a d e u p a s o f J u n e 30 1911, t h e c lo s e o f t h e
f is c a l y e a r u n d e r r e v i e w .
F u r t h e r m o r e , i n c o n s id e r a t i o n o f t h e s m a l l n u m b e r o f F i r s t
a n d S e c o n d In c o m e B o n d s a n d o f R e g is te r e d In c o m e B o n d s
o f th e M e x ic a n C e n tr a l R a ilw a y C o m p a n y , L im it e d , w h ic h
w e re o u t s t a n d in g , a n d in o r d e r to w ith d r a w fr o m th e m a r k e t
t h e s e c u r i t ie s o f t h a t C o m p a n y b e f o r e t h e y b e c a m e d u e , t h e
B o a r d o f D i r e c t o r s c o n s id e r e d t h e a c q u i s i t i o n o f s a id b o n d s
a d v i s a b l e , u n d e r f a v o r a b l e c o n d it io n s , a n d a u t h o r i z e d t h e
p u r c h a s e t o b e m a d e w h e n p o s s ib le t o d o s o o n d e s ir a b l e
te rm s .
I t is s a t i s f a c t o r y t o r e c o r d t h a t b y r e a s o n o f t h e d e p o s it s
o f s e c u r i t ie s a n d t h e p u r c h a s e o f s a m e a s o u t l i n e d a b o v e , t h e
a m o u n t o f o b l i g a t i o n s c a lle d f o r c o n v e r s io n u n d e r t h e P l a n
o f A p r i l 6 1908 w h i c h a t p r e s e n t h a d n o t b e e n c o n v e r t e d is
o n l y 82, 029,747 50, w h i c h , i f c o m p a r e d w i t h 8284, 673,862 50,
t h e t o t a l o f t h e s e c u r i t ie s e x c h a n g e a b l e u n d e r s a id P l a n , a n d
c o n s id e r i n g t h e c o n d it io n s u s u a l l y a t t e n d i n g o p e r a t io n s o f
t h is n a t u r e , t h e i m m e n s e s u c c e s s o f t h e P l a n o f R e a d j u s t m e n t
a n d U n io n o f th e M e x ic a n C e n tr a l R a ilw a y C o m p a n y , L im i
te d , a n d N a t io n a l R a ilr o a d C o m p a n y o f M e x ic o w ill b e
a p p r e c ia t e d .
JU N E
30 1911.
T H E
TO
C o n s id e r in g i t a d v is a b le f o r th e C o m p a n y to a c q u ir e c o n s
tr o l o f th e V e r a C ru z to Is th m u s R a ilr o a d , a n d w h ic h w a y
h e ld b y th e M e x ic a n G o v e r n m e n t as o w n e r o f th e m a jo r it
o f t h e s t o c k o f s a id C o m p a n y , t h e B o a r d o f D i r e c t o r s , a c|
r e p o r t e d t o t h e r e g u l a r a n n u a l m e e t i n g o f s h a r e h o ld e r s h e l ,
O c t o b e r 5 1910, e n t e r e d i n t o n e g o t i a t i o n s f o r t h e p u r c h a s e o *
s a id s t o c k i n o r d e r t o a c q u i r e t h e p r o p e r t y i n q u e s t i o n , a n d
a s a re s u lt a c o n tr a c t w a s m a d e w ith th e M e x ic a n G o v e r n m e n t
b y v i r t u e o f w h i c h t h is C o m p a n y a c q u i r e d a l l t h e s t o c k o f t h e
V e r a C r u z & P a c if ic R a ilr o a d C o m p a n y a n d th e V e r a C r u z
to Is th m u s R a ilr o a d , w h ic h w a s o w n e d b y th e G o v e r n m e n t ,
f o r t h e c a s h p a y m e n t o f 8100, 900, a n d t h e o b l i g a t i o n o n t h e
p a r t o f th e N a t io n a l R a ilw a y s o f M e x ic o to p a y th e in te r e s t
o n th e b o n d s o f th e V e r a C r u z & P a c if ic R a ilr o a d C o m p a n y ,
w i t h th e c o n d it io n t h a t in th e e v e n t t h a t th e e a r n in g s o f th e
l in e s o f t h e V e r a C r u z t o I s t h m u s R a i l r o a d s h o u ld n o t c o v e r
s a id i n t e r e s t , t h e F e d e r a l G o v e r n m e n t w o u l d c o n t r i b u t e f o r
t h a t p u r p o s e , u p t o t h e f is c a l y e a r o f 1912- 1913, t h e a m o u n t s
o f 8450, 000, 8350,000 a n d 8150,000 a s m a x i m u m d u r i n g t h e
f is c a l y e a r s o f 1910- 1911, 1911-1912 a n d 1912- 1913, r e s p e c
t i v e l y , a n d i t b e i n g p r o v i d e d t h a t a f t e r J u n e 30 1913 t h e
M e x ic a n G o v e r n m e n t w o u ld p a r t i c i p a t e in th e n e t e a r n in g s
w h i c h m i g h t r e s u l t f r o m t h e o p e r a t i o n o f t h e l in e s c o v e r e d
b y s a id c o n t r a c t .
T h is C o m p a n y h a s th e d ir e c t m a n a g e m e n t o f th e V e r a
C r u z t o I s t h m u s R a i l r o a d b y r e a s o n o f t h e o w n e r s h i p o f s a id
s t o c k , w h i c h lin e s a r e o f g r e a t i m p o r t a n c e f o r t h e s o u t h e r n
p a r t o f th e R e p u b lic .
T h e V e r a C ru z to Is th m u s R a ilr o a d
is s t i l l a l e g a l l y i n d e p e n d e n t c o r p o r a t i o n , b u t , a s b e f o r e s a id ,
i t is c o n t r o ll e d b y t h e N a t i o n a l R a i l w a y s o f M e x i c o t h r o u g h
t h e p o s s e s s io n o f t h e s t o c k p u r c h a s e d b y t h e l a t t e r f r o m t h e
F e d e ra l G o v e rn m e n t.
I n v i e w o f t h e i m p o r t a n c e o f t h e l in e s o f t h e P a n - A m e r i c a n
R a i l r o a d C o m p a n y , w h i c h is t h e c o n n e c t in g l i n k b e t w e e n t h e
T e h u a n te p e c N a t io n a l R a ilw a y a n d th e M e x ic a n fr o n t ie r w ith
G u a t e m a la , a n d w h ic h w ill u n d o u b te d ly c o n s titu te th e fu tu r e
r o u t e t o C e n t r a l A m e r i c a , t h e B o a r d o f D i r e c t o r s c o n s id e r e d i t
d e s ir a b l e t o a c q u i r e t h e c o n t r o l o f t h e P a n - A m e r i c a n R a i l r o a d
C o m p a n y , n o t o n ly fo r th e in te r e s ts o f th e C o m p a n y p r o p e r ,
b u t a ls o i n t h e i n t e r e s t s o f t h e s e r v i c e a n d d e v e l o p m e n t o f t h e
c o u n tr y a d ja c e n t to th e r a ilw a y in q u e s tio n .
A s a conse
q u e n c e th e B o a r d o f D ir e c to r s n e g o tia te d fo r th e p u rc h a s e o f
a m a jo r it y o f th e s to c k o f th e P a n -A m e r ic a n R a ilr o a d C o m
p a n y , a s r e p o r t e d t o t h e s h a r e h o ld e r s a t t h e l a s t r e g u l a r
a n n u a l m e e t in g , a n d e n te r e d i n t o a c o n t r a c t to t h a t e n d w i t h
M r . D a v i d E . T h o m p s o n , o w n e r o f s a id s t o c k , w h e r e b y t h is
C o m p a n y a c q u i r e d 96,000 s h a r e s a n d 570 G e n e r a l M o r t g a g e
B o n d s o f t h a t C o m p a n y , th ro u g h th e o b lig a tio n a s s u m e d b y
th e N a t io n a l R a ilw a y s o f M e x ic o to g u a r a n te e u n c o n d itio n
a lly th e p r o m p t p a y m e n t o f p r in c ip a l a n d in te r e s t o f th e
F ir s t M o rtg a g e B o n d s a n d G e n e ra l M o rtg a g e B o n d s o f P a n
A m e r ic a n R a ilr o a d C o m p a n y .
W i t h t h e c o n t r o l o f t h e lin e s o f t h e V e r a C r u z t o I s t h m u s
R a ilr o a d a n d P a n -A m e r ic a n R a ilr o a d C o m p a n y , th e N a t io n a l
R a ilw a y s o f M e x ic o h a s a t r a n s p o r t a t io n lin e e x t e n d in g f r o m
t h e f r o n t i e r w i t h t h e U n i t e d S t a t e s i n t h e N o r t h t o .t h e
s o u th e r n b o u n d a r y w i t h G u a t e m a la , w i t h th e e x c e p t io n o f
s o m e fe w k ilo m e te rs c o v e re d b y th e T e h u a n te p e c N a t io n a l
R a ilw a y .
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T h e s h a r e h o ld e r s w i l l f u l l y a p p r e c i a t e t h e a d v i s a b i l i t y o f
a c q u ir in g c o n tr o l o f th e V e r a C ru z to Is th m u s a n d P a n
A m e r i c a n l in e s , a s a ls o t h e a d v a n t a g e t o b e g a i n e d b y i n c l u d
in g th e r a ilr o a d s in q u e s tio n in th e s y s te m o f th e C o m p a n y .
O n a c c o u n t o f th e p o o r p h y s c ia l c o n d it io n o f b o t h th e V e r a
C ru z to Is th m u s a n d P a n -A m e r ic a n R a ilr o a d s , a n d a s n e ith e r
o f th e s e c o m p a n ie s w a s f i n a n c i a l l y a b l e t o m e e t i t s f i x e d
c h a rg e s n o r to p a y e x p e n s e s o f im p r o v e m e n ts w h ic h i t w a s
d e s ir e d t o m a k e o n th e s e p r o p e r t i e s , y o u r B o a r d o f D i r e c t o r s
a p p r o v e d v a r i o u s lo a n s o f m o n e y t o s a id C o m p a n i e s , a s is
s h o w n in th e G e n e r a l B a la n c e S h e e t a c c o m p a n y in g th is
r e p o r t ; s a id lo a n s a r e t o s o m e e x t e n t o f f s e t b y d e f i c i t i n
o p e r a t io n a n d b y th e a m o u n t r e c e iv a b le to c o v e r in t e r e s t
p a y m e n ts u n d e r th e te r m s o f th e c o n tr a c t a b o v e m e n tio n e d .
S U B S ID IA R Y
C O M P A N IE S .
T h e C o m p a n y h a s c o n t i n u e d t o o p e r a t e t h e v a r i o u s lin e s
a n d p r o p e r tie s p e r ta in in g to th e d iff e r e n t c o r p o r a tio n s s h o w n
in th e s t a t e m e n t a c c o m p a n y in g th e G e n e r a l B a la n c e S h e e t,
o f w h ic h th e N a t io n a l R a ilw a y s o f M e x ic o o w n s th e m a jo r it y
o f th e s to c k , a n d th e c o n tra c ts e n te r e d in to w ith o th e r tr a n s
p o r t a t i o n c o m p a n ie s h a v e b e e n c o m p l i e d w i t h .
S p e c ia l
a t t e n t i o n is d r a w n t o t h e C o m p a n i a M e x i c a n a d e E x p r e s s ,
S . A . , in th e o r g a n iz a tio n o f w h ic h th e N a t io n a l R a ilw a y s o f
M e x i c o t o o k p a r t o n t h e l in e s r e p o r t e d a t t h e r e g u l a r a n n i i a l
m e e t i n g o f s h a r e h o ld e r s o f O c t o b e r 5 1910, a n d i t is g r a t i f y i n g
t o t h e B o a r d o f D i r e c t o r s t o r e p o r t t o t h e s h a r e h o ld e r s t h a t
th e re s u lts o b t a in e d f r o m th e v a r io u s c o n tr a c t s e n t e r e d i n t o
THE CHRONICLE
Nov. 25 m i .
w i t h s a id C o m p a n y h a v e b e e n v e r y s a t i s f a c t o r y , t h e e a r n i n g s
d e r iv e d b y y o u r C o m p a n y fr o m t h a t s o u rc e d u r in g th e y e a r
b e i n g $ 2, 066,544 67 f o r e x p r e s s s e r v i c e a n d $ 50,000 a s d i v i
d e n d o n t h e E x p r e s s C o m p a n y ’s s h a r e s o w n e d b y t h e N a t i o n a l
R a ilw a y s o f M e x ic o .
W it h re s p e c t to th e B r o w n s v ille & M a ta m o r a s B r id g e
C o m p a n y , a n o t h e r s u b s id ia r y c o m p a n y w h ic h w a s o r g a n iz e d
b y th e N a t io n a l R a ilw a y s o f M e x ic o a n d T h e S t . L o u is
B r o w n s v ille & M e x ic o R a ilw a y C o m p a n y , fo r th e c o n s tr u c
t i o n a n d o p e r a t i o n o f a n i n t e r n a t i o n a l b r id g e b e t w e e n
B r o w n s v i l l e a n d M a t a m o r a s , t h e c o n c e s s io n s g r a n t e d , o n e
to th e B r o w n s v ille & G u lf R a i l w a y C o m p a n y b y th e U n it e d
S t a t e s G o v e r n m e n t t o c o n s t r u c t t h e b r i d g e i n q u e s t i o n i n so
f a r a s t h e n o r t h e r n h a l f o f t h e R i o B r a v o is c o n c e r n e d , a n d
th e o t h e r g r a n te d b y th e M e x ic a n G o v e r n m e n t to th e N a t io n a l
R a ilw a y s o f M e x ic o f o r th e c o n s tr u c t io n o v e r th e s o u th e r n
p o r t i o n o f s a id r i v e r , w e r e t r a n s f e r r e d t o t h e B r o w n s v i l l e &
M a t a m o r a s B r id g e C o m p a n y in c o m p lia n c e w it h th e re s p e c
t i v e c o n t r a c t s , w h i c h a r e a l r e a d y k n o w n t o t h e s h a r e h o ld e r s .
I n c o m p lia n c e w ith th e o b lig a tio n s a s s u m e d b y th e N a
t io n a l R a ilw a y s o f M e x ic o a t th e tim e o f o r g a n iz in g th e
B r o w n s v ille & M a t a m o r a s B r id g e C o m p a n y , to th e e ffe c t
t h a t y o u r C o m p a n y as w e ll as T h e S t . L o u is B r o w n s v ille &
M e x ic o R a ilw a y C o m p a n y w o u ld g u a r a n te e th e m o r tg a g e
b o n d s t o b e is s u e d b y t h e B r i d g e C o m p a n y , u n d e r t h e T r u s t
A g r e e m e n t w ith th e S t . L o u is T r u s t C o m p a n y , b y v ir t u e o f
w h i c h b o n d s w e r e t o b e is s u e d t o t h e a m o u n t o f $ 600, 000,
a n d w h i c h w e r e d u l y is s u e d , t h e N a t i o n a l R a i l w a y s o f M e x i c o
a n d T h e S t . L o u is B r o w n s v ille & M e x ic o R a ilw a y C o m p a n y
g a v e t h e i r j o i n t g u a r a n t y t o s a id b o n d s , a n d , a s y o u w i l l n o t e
o n th e a t t a c h e d B a la n c e S h e e t, s a m e h a s b e e n in c lu d e d in
th e c o n t in g e n t lia b ilit ie s ; th is b y re a s o n o f th e f a c t t h a t
w h i l e t h e g u a r a n t y is o f a j o i n t n a t u r e , t h e N a t i o n a l R a i l w a y s
o f M e x i c o m i g h t b e h e l d r e s p o n s ib le f o r t h e e n t i r e a m o u n t .
H o w e v e r , c o n s id e r i n g t h e i m p o r t a n c e a n d r e s p o n s i b i l i t y o f
T h e S t . L o u is B r o w n s v ille & M e x ic o R a ilw a y C o m p a n y , i t
c a n s a fe ly b e a s s u m e d t h a t th e g u a r a n t y o f th e N a t io n a l
R a ilw a y s o f M e x ic o c o v e rs o n ly o n e -h a lf o f th e a m o u n t
m e n tio n e d .
C o n c lu d in g th e r e m a r k s r e la t in g to S u b s id ia r y C o m p a n ie s ,
t h e B o a r d d e s ir e s t o r e p o r t t o t h e s h a r e h o ld e r s t h a t t h e t o t a l
is s u e o f . F i v e P e r C e n t G o l d N o t e s o f t h e M e x i c a n C e n t r a l
R a ilw a y C o m p a n y , L im it e d , h a v e b e e n re d e e m e d , a n d th a t
t h e s e c u r i t ie s d e p o s i t e d t h e r e a g a i n s t a s c o l l a t e r a l h a v e b e e n
r e tu r n e d to th e C o m p a n y .
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o f w h a t h a s b e e n d o n e i n t h is d i r e c t i o n b y r e f e r r i n g t o t h e
t e c h n i c a l r e p o r t o f t h e C o m p a n y ’s E x e c u t i v e P r e s i d e n t ,
w h o s e w o r k d e s e rv e s a ll p r a is e .
I d e s ir e t o m a k e s p e c ia l
m e n t i o n o f t h e c o n s t r u c t i o n o f t w o l in e s , t h e i m p o r t a n c e o f
w h i c h is s e l f - e v i d e n t , a n d w h i c h w e r e a u t h o r i z e d b y t h e
B o a r d o f D ire c to r s , a n d w o r k s ta r te d o n th e m b y th e C o n
s tr u c tio n D e p a r t m e n t .
T h e s e t w o l in e s a r e : t h e l i n e t h a t is
to c o n n e c t tn e C it y o f D u r a n g o w ith s ta tio n o f C a n ita s o n
th e m a in lin e o f th e o ld M e x ic a n C e n t r a l R a i l w a y a n d th e
p r o p o s e d lin e f r o m th e s t a t io n o f P e n ja m o o n th e G u a d a la ja r a
D iv is io n to A ju n o o n th e U r u a p a n B r a n c h .
B O A R D
O F
D IR E C T O R S .
T h e r e is n o t h i n g s p e c i a l t o b e r e p o r t e d t o t h e s h a r e h o ld e r s
w it h re s p e c t to th e w o r k o f th e B o a r d o f D ir e c to r s , s u c h m a t
te rs as p e r ta in e x c lu s iv e ly to th e D ir e c to r s r e s id e n t in M e x ic o
a s a ls o th o s e c o n n e c t e d w i t h t h e N e w Y o r k L o c a l B o a r d h a v
in g p r o c e e d e d w i t h a l l r e g u l a r i t y a n d th e p r o v is io n s o f th e
C o m p a n y ’s B y - L a w s h a v in g b e e n p r o p e r ly o b s e rv e d in a l l
a c ts a n d r e s o lu tio n s a s w e ll a s in th e r e la tio n s b e t w e e n th e
t w o B o a r d s , a s is e v i d e n t f r o m t h e m i n u t e s o f t h e m e e t in g s
h e l d i n b o t h p la c e s .
I t is w i t h m u c h r e g r e t t h a t t h e B o a r d h a s t o i n f o r m t h e
s h a r e h o ld e r s o f t h e lo s s s u s t a i n e d b y t h e d e a t h o f M r . E m i l i o
P a r d o , w h i c h o c c u r r e d t h e 9t h o f J a n u a r y 1911.
B y d e s ig
n a t io n o f th e B o a r d , M r . E n r iq u e C . C re e l w a s e le c te d to fill
th e v a c a n c y .
D u r i n g t h e y e a r D i r e c t o r s M a r t i n G . R i b o n , J o s e A . S ig n o r e t , P a b lo M a c e d o a n d G u ille r m o d e L a n d a y E s c a n d o n
re q u e s te d le a v e o f a b s e n c e , w h ic h w a s g r a n te d in a c c o rd a n c e
w i t h th e A r t ic le s o f A s s o c ia tio n a n d B y - L a w s o f th e C o m
p a n y , a n d M e s s rs . Ig n a c io L . d e la B a r r a , J o rg e V e r a E s t a n o l,
L e a n d r o F e r n a n d e z a n d J a im e G u r z a , r e s p e c t iv e ly , w e r e a p
p o in te d to a c t in th e ir s te a d d u r in g th e ir a b s e n c e .
O n A u g u s t 2 1911 M r . J o a q u i n D . C a s a s u s r e s ig n e d a n d
M r . J . N . G a l b r a i t h w a s a p p o i n t e d i n h is p l a c e .
A lth o u g h
th is d id n o t o c c u r d u r in g th e p e r io d c o v e re d b y th e p r e s e n t
r e p o r t , t h e B o a r d o f D i r e c t o r s w is h e s t o g i v e t h e s h a r e h o ld e r s
t h i s i n f o r m a t i o n i n o r d e r t h a t t h e y m a y b e f u l l y a d v is e d a s
to c h a n g e s m a d e .
A t t h e m e e t i n g h e ld b y t h e B o a r d o f D i r e c t o r s o n O c t o b e r
28 1910 M e s s r s . J o s e Y v e s L i m a n t o u r a n d P a b l o M a c e d o
w e r e a p p o in t e d C h a ir m a n a n d V ic e - C h a ir m a n , r e s p e c t iv e ly ,
o f th e B o a r d o f D ir e c t o r s , a n d a t th e s a m e m e e t in g M r .
L i m a n t o u r w a s g r a n te d le a v e o f a b s e n c e , a n d M r . M a c e d o , in
h is c a p a c i t y o f V i c e - C h a i r m a n , d i s c h a r g e d t h e d u t i e s o f t h e
f o r m e r u n t i l M a y 1 1911, w h e n h e a s k e d t o b e r e l i e v e d f r o m
t h e d u t ie s o f V i c e - C h a i r m a n , o w i n g t o h is a p p o i n t m e n t t o
t h e p o s it io n o f F i n a n c i a l A g e n t o f M e x i c o i n L o n d o n , w h i c h
r e q u i r e d h is d e p a r t u r e f r o m M e x i c o C i t y ; t h e u n d e r s i g n e d w a s
a p p o i n t e d t o s u b s t i t u t e h i m d u r i n g h is a b s e n c e .
T h e t e r m s o f o f f i c e o f a l l t h e D i r e c t o r s d e s ig n a t e d b y t h e
s h a r e h o ld e r s a t t h e r e g u l a r a n n u a l m e e t i n g o f 1910 t o s e r v e
d u r in g o n e y e a r e x p ir e to -d a y , as w e ll as o f th e D ir e c to r s
c o m p o s in g t h e s e c o n d g r o u p m e n t i o n e d i n C la u s e X I V . o f t h e
A r t ic le s o f A s s o c ia tio n o f th e C o m p a n y , a n d o f th e p e rs o n s
s u b s titu tin g e ith e r o f th e s e .
T h e te r m s o f o ffic e o f th e C o m
m is s a r ie s a n d s u b s t i t u t e s a p p o i n t e d b y t h e s h a r e h o ld e r s
a t t h e r e g u l a r a n n u a l m e e t i n g o f 1910 a ls o e x p i r e t o - d a y .
P u r s u a n t t o t h e a u t h o r i t y g i v e n b y t h e s h a r e h o ld e r s a t
t h e i r r e g u l a r a n n u a l m e e t i n g h e l d O c t o b e r 5 1910 t o t h e B o a r d
o f D i r e c t o r s , t h e l a t t e r lia s a u t h o r i z e d t h e is s u e o f t h e f o l
l o w i n g b o n d s t o J u n e 30 1911: $ 1, 072,133 39 G e n e r a l
M o r t g a g e F o u r P e r C e n t B o n d s in r e im b u r s e m e n t f o r th e
c o s t o f a d d it io n a l r o llin g s to c k a n d e q u ip m e n t a c q u ir e d b e
t w e e n J u l y 1 a n d D e c e m b e r 31 1910; $ 3, 863,340 60 G e n e r a l
M o r t g a g e F o u r P e r C e n t B o n d s to r e im b u r s e th e C o m p a n y
fo r e x p e n d itu r e s m a d e o n a c c o u n t a d d itio n s , b e t te r m e n t s
a n d i m p r o v e m e n t s t o i t s p r o p e r t y b e t w e e n J a n u a r y 1 1910
a n d M a r c h 31 1911, a s w e l l a s f o r t h e c o s t o f a d d i t i o n a l l 'o l li n g
s t o c k a n d e q u i p m e n t a c q u i r e d f r o m J a n u a r y 1 t o M a r c h 31
1911; a ls o $ 4, 384,925 o f t h is c la s s o f b o n d s a n d $ 6, 949,000
R E S U L T S O F O P E R A T IO N A N D D IV ID E N D S .
P r io r L ie n F o u r a n d O n e - h a lf P e r C e n t B o n d s , in o r d e r t h a t
t h e y m i g h t b e s o ld o r u s e d a s c o l l a t e r a l , a s t h e b e s t i n t e r e s t s
A s w ill b e s e e n fr o m th e B a la n c e S h e e t to b e p re s e n te d
o f th e C o m p a n y m ig h t re q u ire .
s h o r t ly , th e r e s u lt o f th e o p e r a t io n s o f th e C o m p a n y f o r th e
C o n s i d e r a t i o n w a s g i v e n t h e s a le o f c e r t a i n o f t h e b o n d s o f fis c a l y 6a r w h i c h t e r m i n a t e d o n t h e 30t h o f J u n e 1911 is v e r y
t h e C o m p a n y b y y o u r B o a r d o f D i r e c t o r s , i t b e i n g t h o u g h t s a t i s f a c t o r y , e s p e c i a l ly i f d u e c o n s id e r a t i o n is g i v e n t o t h e
a d v i s a b l e t o d is p o s e o f a p p r o x i m a t e l y $ 10, 000,000 o f t h e a b n o r m a l c o n d it io n s t h r o u g h w h i c h t h e c o u n t r y h a s p a s s e d
b o n d s in th e tr e a s u r y , b u t , d u e to th e u n f a v o r a b le f in a n c ia l d u r in g th e s e c o n d h a l f o f th e y e a r a n d w h ic h h a v e n o t s e ri
c o n d i t i o n s , t h e B o a r d d e c id e d to p o s t p o n e s a m e ; a c c o r d i n g l y , o u s ly a f f e c t e d t h e n e t r e s u l t s f o r t h e y e a r .
T h is w ill s u r e ly
a n d i n o r d e r t o m e e t o b l i g a t i o n s a n d p a y m e n t s f a l l i n g d u e s e r v e a s a s o lid b a s is o n w h i c h t o e s t a b l i s h t h e c r e d i t o f y o u r
i n J u n e a n d J u l y 1911, c o n s is t i n g m o s t l y o f o b l i g a t i o n s o f t h e
C o m p a n y a n d a d d c o n f id e n c e i n t h e m in d s o f t h e s e c u r i t y
M e x ic a n C e n tra l R a ilw a y C o m p a n y L im it e d , a s s u m e d b y
h o ld e r s .
y o u r C o m p a n y , t h e B o a r d o f D i r e c t o r s a u t h o r i z e d t h e is s u e
A s t h e s h a r e h o ld e r s w i l l n o t e b y t h e B a l a n c e S h e e t a n d
o f T w o - Y e a r F o u r a n d O n e - h a lf P e r C e n t N o t e s to th e a m o u n t In c o m e A c c o u n t a t t a c h e d to th is r e p o r t , w h ic h a f t e r e x a m i
o f $ 10, 000,000 G o l d , d e p o s i t i n g a s c o l l a t e r a l t h e r e a g a i n s t n a t i o n m a d e b y M e s s r s . P r i c e , W a t e r h o u s e , C o m p a n y ,
$ 6, 000,000 in P r i o r L i e n B o n d s a n d $ 7, 000,000 i n G e n e r a l C h a r t e r e d A c c o u n t a n t s , w e r e d u l y a p p r o v e d b y t h e C o m
M o rtg a g e B o n d s .
T h e c o r r e s p o n d i n g T r u s t A g r e e m e n t w a s m is s a r ie s , a s p e r r e p o r t f r o m t h e l a t t e r , a n d n o w s u b m i t t e d
d u l y e x e c u t e d , th e c o lla t e r a l d e p o s ite d a n d th e a m o u n t o f th e
t o t h e m e e t i n g , i t is s h o w n t h a t d u r i n g t h e f is c a l y e a r u n d e r
n o te s r e c e iv e d b y th e C o m p a n y .
W it h th e s a m e o b je c t in
r e v ie w th e r e w a s p a id a d iv id e n d o f f o u r p e r c e n t in t w o i n
v i e w , a n d o w i n g t o s i m i l a r r e a s o n s , t h e B o a r d o f D i r e c t o r s s t a l l m e n t s o n t h e C o m p a n y ’s F i r s t P r e f e r r e d S h a r e s , w h i c h
n e g o t i a t e d t h e is s u e o f n o t e s t o t h e a m o u n t o f £ 1, 000,000 is t h e m a x i m u m d i v i d e n d a l l o t t e d t o s a id s h a r e s , a n d w h i c h
s t e r lin g w i t h M e s s rs . L a z a r d B r o s . & C o m p a n y o f L o n d o n a t w a s a u t h o r iz e d b y th e B o a r d o f D ir e c to r s u n d e r a n d in a c
a d i s c o u n t o f 4} ^ p e r c e n t , p l e d g i n g P r i o r L i e n B o n d s t o t h e
c o r d a n c e w i t h t h e r e s p e c t i v e p r o v i s i o n s o f t h e C o m p a n y ’s
f a c e a m o u n t o f $ 6, 150,000 a s c o l l a t e r a l t h e r e a g a i n s t .
A r t ic le s o f A s s o c ia tio n a n d B y - L a w s , w h ic h a u t h o r iz e th e
T h e B o a r d e x p e c t s t o b e a b l e t o p a y o f f b o t h o f t h e a b o v e - B o a r d t o d e c la r e d i v i d e n d s i n a d v a n c e f o r a c c o u n t o f e a r n
m e n t i o n e d s e r ie s o f n o t e s a t o r b e f o r e m a t u r i t y a n d a s s o o n in g s .
T h e B o a r d h o p e s t h a t t h e s h a r e h o ld e r s w i l l a p p r o v e
a s i t c a n d is p o s e o f c e r t a i n o f t h e b o n d s o f t h e C o m p a n y n o w
t h e p a y m e n t o f s a id f o u r p e r c e n t m a d e t o t h e h o l d e r s o f
in th e t r e a s u r y o n f a v o r a b le te r m s .
F ir s t P re fe rre d S h a re s .
M e n t i o n is m a d e o f t h e r e t u r n t o t h e C o m p a n y o f t h e $ 1,
800,000 P r i o r L i e n B o n d s a n d t h e $ 1, 200,000 G u a r a n t e e d
G e n e r a l M o r t g a g e B o n d s d e p o s ite d f o r th e p u r p o s e o f g u a r
F r o m t h e f o r e g o in g f a c t s a n d d a t a t h e s h a r e h o ld e r s c a n
a n t e e in g th e d iv id e n d o f t w o p e r c e n t p e r a n n u m f o r th e th r e e f o r m a g o o d id e a o f th e w o r k p e r fo r m e d b y th e B o a r d o f D ir e c
y e a r s b e g i n n i n g J a n u a r y 1 1908 o n t h e C o m p a n y ’s F i r s t t o r s , w h o s e m e m b e r s t r u s t t h a t t h e i r a c t i o n s w i l l m e e t w i t h
t l i e a p p r o v a l o f t h e s h a r e h o ld e r s , f o r w h o s e f u r t h e r i n f o r m a
P r e fe rr e d S h a re s .
t i o n t l i e b o o k c o n t a i n i n g t h e m i n u t e s o f m e e t in g s o f t h e B o a r d
C O N S T R U C T IO N A N D O P E R A T IO N O F L IN E S .
o f D ir e c to r s a n d E x e c u t iv e C o m m it te e , as w e ll as d o c u m e n ts
E v e r y e f f o r t h a s b e e n m a d e t o i m p r o v e t h e c o n d i t i o n i n p e r t a i n i n g t h e r e t o , a r e a t t h e i r d is p o s a l .
g e n e ra l o f th e tr a c k s a n d a p p u r te n a n c e s , as w e ll as o f a ll
L U IS E L G U E R O ,
e q u ip m e n t a n d r o llin g s to c k a n d to im p r o v e th e s e rv ic e in a ll
M e x i c o , O c t o b e r 4 1911.
Vice-Chairman.
re s p e c ts .
T h e s h a r e h o ld e r s w i l l b e a b l e t o g e t a g o o d i d e a
1476
[VOL. LXXXXIII.
THE CHRONICLE
^ R E P O R T OF P R E S ID E N T .
[jS M exico, D . F ., September
18 1911.
Sr. Lie. D . Luis Elguero, Vice-Chairman o f the Board, M exico.
M y Dear Sir: I b e g t o s u b m i t h e r e w i t h t o y o u r B o a r d o f
D ir e c t o r s th e fo llo w in g r e p o r t o f th e o p e r a t io n s o f th e p r o p
e r t y f o r t h e fis c a l y e a r e n d e d J u n e 30 1911.
I n t h e s t a t i s t i c a l s t a t e m e n t s w h i c h f o l l o w , t h e f ig u r e s o f
th e M e x ic a n In t e r n a t io n a l R a ilr o a d C o m p a n y h a v e b e e n
i n c l u d e d w i t h th o s e o f t h e F e r r o c a r r i l e s N a c i o n a l e s d e M e x i c o
p r o p e r , b o t h in s t a t e m e n t s o f o p e r a t i o n s f o r t h e y e a r u n d e r
r e v i e w a n d w h e r e c o m p a r i s o n is m a d e w i t h t h e p r e v i o u s y e a r .
R E S U L T S O F O P E R A T IO N .
||g
T h e fo llo w in g c o n d e n s e d s t a t e m e n p o f th e In c o m e A c c o u n t
s h o w s th e re s u lts f o r th e y e a r :
~
M exican Currency.
T h e Gross E arn in gs fro m all sources were
T h e T o t a l E x p e n se s o f O p era tio n w ere___
M a k in g .................................................... ......................... .......................................$ 2 3 ,5 9 9 ,9 0 8 98
F r o m w hich d ed uct:
T a x e s an d R e n ta ls .............. .......................................... ..
$ 4 8 3 ,5 9 0 82
O p era tin g D eficit o f S u b sid ia r y C om p anies
(T e x a s-M e x lc a n R y . C o . an d P a n -A m e r ic a n
R a ilr o a d C o m p a n y )..................................... .............
4 6 4 ,4 2 1 13
S u n d r y A d ju s tm e n ts of O p eratin g E x p en ses:
M aterial A d ju s t m e n t A c c o u n t $ 2 0 0 ,0 0 0 00
A d d itio n s an d B ette rm en ts A d
ju stm e n t A c o o u n t ...... ..............
3 0 0 ,0 0 0 00
R e se r v e on A d d itio n s an d B e t
term e n ts in S u s p e n s e ............. 1 0 0 ,0 0 0 00
P rovision for E x p en ses for R e
pair an d R e p la c em e n t of
E q u i p m e n t _______ ____________1 ,3 0 0 ,0 0 0 00
R e serve for B ad an d D o u b tfu l
D e b t s ___________________________
1 0 0 ,0 0 0 0 0
V ariou s
Ite m s In S u sp en se
e l i m i n a t e d . . ..................................
1 4 7 ,8 1 6 84
------------------------ 2 ,1 4 7 ,8 1 6 84
---------------------------3 ,0 9 5 ,8 2 8 79
$ 2 0 ,5 0 4 ,1 4 0 19
And:
In te rest on F u n d ed D e b t an d E q u ip m e n t and
C ollateral T r u sts, e t c . .............................. ................$ 1 7 ,2 5 0 ,1 3 1 77
In te re st o n N o te s P a y a b le _______________________
6 9 0 ,1 3 7 55
---------------------------- 1 7 ,9 4 6 ,2 0 9 32
L e a v in g B a la n ce carried to P rofit an d L o ss A c c o u n t ................. .. $ 2 ,5 5 7 ,8 7 0 87
A n d d ed u c tin g :
5 % o f N e t P rofits transferred to R e serve F u n d
$ 1 2 7 ,8 9 3 54
D iv id e n d on F irst Preferred S h ares, 4 % ............
2 ,3 0 6 ,6 3 2 00
---------------------------2 ,4 3 4 ,5 2 5 54
L e a v in g as N e t S urp lu s for th e year ended Ju n e 3 0 1 9 1 1 ______
T o w hich a d d :
N e t S urp lu s a t Jun e 30 1 9 1 0 ...................................... $ 1 ,0 1 5 ,2 3 7 00
$ 1 2 3 ,3 4 5 33
Less:
5 7 0 ,0 5 8 00
----------------------------
4 3 8 ,5 7 9 00
W h ic h glvcs|a to ta l N e t S u rp lu s a t Ju n e 3 0 1911 o f ____________
$ 5 6 1 ,9 2 4 33
M IL E A G E .
T h e f o l l o w i n g t a b l e g iv e s d e t a i l o f m il e a g e i n o p e r a t i o n a t
J u n e 30 1911:
M A IN L IN E
AND
Standard Gauge—
Kilometers.
M e xico (S an tiago) to cen tre o f R io
G ran d e B r id g e ______________________ 1 ,2 9 0 .6 8 4
C olon ia to Jun ction w ith M ain L in e a t
K ilo 6 _____________ _____________________
5 .7 9 1
CIntura Line— S a n tiago to S an L azaro
5 .0 8 9
C o n n ection a t G onzales J u n c tio n _____
0 .0 5 4
G on zales to A c a m b a r o ________________
8 5 .2 0 6
S an J u an J u n ction to Jaral dc V a lle . .
8 0 .0 6 7
C on n ection w ith the “ Y ” a t S ala m a n c a
0 .9 3 6
M a teliu a la B ran ch , in clu d ing P otrero
6 5 .2 1 2
S a n L u is d e la P az B r a n c h ____________
______
59
.9 9 5
M a ta m o r o s B r a n c h . . .............................
3 3 0 .5 1 2
C Intura E x te n sio n — S an L azaro to
X lc o an d B ranch to F a c to rie s_____
5 .1 8 3
M e x ico
(B u e n a v ista )
to
CuUlad
Juarez ..................
. 1 , 9 7 0 .3 4 0
T a m p ic o to M o n te r e y an d G om ez
P a l a c i o ...................
8 8 2 .1 0 0
C h lc alote to T a m p ic o ___________________
0 5 3 .4 8 8
Ir a p u a to to M a n za n illo ________________
0 1 5 .1 5 2
G u ad alajara to A n e c a __________________
8 9 .9 0 0
T orreon to S a ltillo ______________________
3 0 7 .0 9 4
M e x ico (B u e n a v ista ) to B a lsa s ________ 2 9 2 .7 8 0
J im e n ez to R o sa r io _____________________
1 5 3 .8 9 5
L ech erla to P a c h u c a ___________________
7 6 .1 8 0
Y u rec u a ro to L o s R e y e s _______________
1 3 8 .2 4 8
A n h e lo to P ared on an d P arcd on to
S a ltillo ................
8 0 .1 0 1
7 0 .2 0 0
T u la to P a c h u c a ...... .................................
L a V e g a to S a n M a rc o s________________
4 7 .0 0 0
S an B a rto lo to R io V e r d e _____________
4 2 .3 5 6
T cp en a ca sc o to A p u ic o ________________
2 2 .2 5 9
O c o tla n to A to to n llc o __________________
3 4 .9 2 2
S llao to G u a n a ju a to _____________________
2 3 .6 0 0
M e x ica n U n ion R y ., R in c o n de R o
m os to C obre (L eased L in e ) ________
1 7 .0 7 0
T e llez to H o n e y . ...........................................
9 4 .0 7 0
B r lttln g h a m to D ln a m lta _____________
1 0 .2 4 0
T a m p ic o to L a B a rra ________________ .
1 0 .0 0 0
CIntura R a ilw a y o f th e C ity of M e x ico
9 .5 7 2
A d ria n to S a n ta B a r b a r a _____________
8 .3 6 3
S a n Luis P otosl to H ac ien d a d c Denefico 8 .3 5 0
K ilo m e te r 1 ,2 2 8 to S ulp h u r M ines
5 245
S a n tia g o B ranch — M exico to C ustom s
H o u s e ..........................
l .9 3 0
C iu d ad P orflrlo D iaz to J a r a l.
409 0 0 0
Jaral to D u r a n g o ...................
400 5 t o
T e p e h u a n c s B r a n c h ____________________
2 1 7 175
M o n te r e y B r a n c h ......................
1 1 6 .3 8 0
T la h u a lilo B r a n c h ______________________
7 0 .0 0 0
C u atro C icnegas B r a n c h _______________
0 8 .4 4 5
H o r n o s B r a n c h ---------------------------------------23.090
R o slta B r a n c h ---------------------------------------2 0 .4 7 0
V elard e n a B r a n c h ---------------------------------9 .3 7 0
C oah u lla C oal R a ilw a y (L eased Line)
3 9 .1 9 0
T o t a l, N arrow G au ge.
5 7 .1 1 4
1 0 2 .0 3 0
1 7 .5 2 3
1 0 .4 6 0
1 0 .0 9 4
8 4 0 .5 1 7
5 2 2 .2 7 7
T o t a l, n o t op erated d urin g year.
8 ,1 3 2 .0 0 1
1 9 .1 3 9
1 4 .0 0 0
1 1 .0 5 1
7 2 .0 8 0
4 4 .7 9 0
T o t a l, M ain L in e an d B ra n o h es_______________ 0 ,9 4 0 .6 1 7
6 ,1 7 6 .8 5 1
S ID IN G S A N D Y A R D S .
O n M ain L in e an d B ran c h e s, Includ
in g T e rm in a ls:
S tan d ard G a u g e _____________ ________ 1 ,2 5 9 .0 2 3
N a rro w G a u g e
...................................
8 5 .7 0 9
7 8 2 .3 2 0
5 3 .2 5 7
T o t a l S idin gs an d Y a r d s .................................... 1 ,3 4 4 .7 3 2
G ran d
8 3 5 .5 8 3
T o t a l................. .......... .................................. 1 1 ,2 8 5 .3 4 9
7 ,0 1 2 .4 3 4
T h e d e c r e a s e d m il e a g e o f l in e f r o m M e x i c o t o U r u a p a n ,
a s c o m p a r e d w i t h l a s t y e a r , is a c c o u n t e d f o r b y t h e u s e o f n e w
l i n e b y n a r r o w g a u g e t r a i n s s in c e e a r l y i n t h e c u r r e n t y e a r ,
w h e r e c h a n g e s o f lin e h a v e b e e n m a d e in s t a n d a r d iz in g g a u g e
w es t o f A c a m b a ro .
Standard Gauge—
Texa,s M e xican R a ilw a y .
Narrow Gauge— •
T u la n cln g o R a ilw a y ____
Kilometers.
2 6 0 .4 7 5
1 0 1 .8 5 3
..
3 .7 8 1
2 .3 4 9
9 .6 5 0
.0 .0 5 4
--------
1 5 .7 0 4
9 .7 5 8
Decauvllle:
R e lln as to L o s R e y e s .
R e lln as to S a lin a s___
AVERAGE LENGTH
M iles.
..
O F L IN E O P E R A T E D .
T h e a v e r a g e le n g t h o f lin e o p e r a t e d d u r in g th e y e a r w a n
k i l o m e t e r s , o r 6. 132.061 m il e s .
9, 868.537
W E IG H T
O F
R A IL S .
T h e fo llo w in g ta b le s h o w s th e w e ig h t o f r a ils in th e m a in
l i n e a n d b r a n c h e s , a ls o s id in g s a n d y a r d s , a t J u n e 30 1911.
M A IN
L IN E
AND
BRANCHES.
Kilometers.
M iles.
S ID IN G S A N D
8 5 -lb . r a il................ 8 9 4 .0 9 8
5 5 5 .5 7 0 8 5 -lb . r a il_____
8 3 -lb . “ ................
3 2 .5 2 8
2 0 .2 1 2 8 3 -lb . “ _____
7 5 -lb .
" ................ 2 ,5 1 0 .1 9 1 1 ,5 5 9 .7 7 0 7 5 -lb . “ _____
7 0 -lb .
" ............... 1 , 0 3 5 .3 0 7
9 5 4 .0 0 1 7 0 -lb . “ _____
6 6 -lb .
“ ...............
2 2 9 .6 2 3
1 4 2 .0 8 2 6 6 -lb . “ _____
6 5 -lb .
“ -----------3 9 .8 3 6
2 4 .7 5 3 05-11). “ _____
O l ^ - l b . " ..............
2 0 2 .9 4 4
1 2 6 .1 0 4
01 Yi-l b . “ _____
6 0 -lb .
“ ...............
4 3 6 .1 8 2
2 7 1 .0 3 3 0 0 -lb . “ _____
5 0 -lb . “ ------------- 2 ,0 8 0 .0 8 4 1 ,6 6 5 .3 3 7 5 6 -lb . “
...
5 4 -lb .
“ ...............
5 4 5 .9 2 5
3 3 9 .2 2 4 5 4 -lb . “ _____
5 0 -lb .
“ .............
8 3 .9 5 0
5 2 .1 6 5 50-11). “ _____
4 5 -lb .
“ ................ 3 0 5 .0 9 2
2 2 7 .2 3 2 45-11). “ _____
4 0 -lb .
“ ------------- 3 5 8 .5 8 7
2 2 2 .8 1 7 4 0 -lb . “ _____
V a r i o u s " ..............
2 5 .0 7 0
1 5 .9 5 1 3 0 -lb . “ _____
V a r i o u s " _____
T o t a l, M ain L in e
an d B ra n c h e s^ 9 ,9 4 0 .6 1 7 6 ,1 7 6 .8 5 1 T o t a l, Sidings
Y a r d s ______
M
GROSS
YARDS.
Kilometers.
_.
. .
..
..
..
..
...
..
..
..
..
._
..
..
..
M iles.
1 2 .1 1 1
1 0 .8 9 3
2 8 .9 0 0
7 5 .7 2 9
8 .8 1 7
7 .2 8 3
1 0 .8 9 4
9 .2 4 3
0 0 7 .0 3 3
1 7 5 .3 4 0
7 4 .7 9 2
1 2 1 .9 1 0
1 3 0 .9 5 8
3 .5 1 1
1 .2 4 0
7 .5 2 5
0 .7 4 #
1 7 .9 0 #
4 7 .0 5 6
5 .4 7 9
4 .5 2 5
6 .7 0 9
5 .7 4 3
4 1 4 .4 7 4
1 0 8 .9 5 6
4 0 .4 7 4
7 5 .7 5 2
8 5 .1 0 2
2 .1 4 2
.77 4
<5c
1 ,3 4 4 .7 3 2
8 3 5 .5 8 3
.1 1 ,2 8 5 .3 4 9
7 ,0 1 2 .4 3 4
E A R N IN G S .
8 0 1 .0 9 8
3 .5 9 8
3 .1 6 2
0 .0 3 4
5 2 .9 4 4
4 0 .7 5 2
0 .5 8 1
4 0 .5 2 1
3 7 .2 8 0
2 0 5 .3 7 2
3 .2 2 1
1 ,2 2 4 .3 2 0
5 4 8 .1 1 5
4 0 6 .0 6 1
3 8 2 .2 4 0
5 5 .8 0 1
1 9 1 .1 9 3
1 8 1 .9 2 0
9 5 .6 2 0
4 7 .3 4 0
8 5 .9 0 4
T h e t o t a l G r o s s E a r n i n g s f r o m a l l s o u r c e s a m o u n t e d to
$ 61, 934,421 05, M e x i c a n C u r r e n c y , f o r d e t a i l s o f w h i c h ,
a s w e l l a s c o m p a r i s o n w i t h l a s t y e a r , y o u r a t t e n t i o n is c a lle d
to th e fo llo w in g ta b le :
1 9 0 9 -1 9 1 0 .
Earnings.
$ 4 5 ,2 6 2 ,0 0 4
2 1 5 ,2 7 7
1 2 ,2 3 4 .0 0 7
2 2 0 ,8 8 4
1 ,9 5 4 .5 3 2
5 1 ,4 7 0
1 3 0 ,0 9 2
8 ,1 8 0
1 ,4 0 0 ,0 9 1
1 9 1 0 -1 9 1 1 .
Per
centage .
45
03
92
91
43
45
42
34
47
7 3 .0 2
.35
1 9 .9 0
.37
3 .1 8
.08
.21
.01
2 .2 8
$ 6 1 ,4 8 3 ,1 4 7 42
1 0 0 .0 0
Per
centage .
Earnings.
C om m ercial F r e ig h t--------- $ 4 4 ,3 2 0 ,7 6 0
8 7 0 ,9 8 1
C on stru ction F r e i g h t ------1 2 ,0 5 7 ,1 1 0
P a s s e n g e r ___________________
2 3 5 ,1 1 1
B a g g a g e ......................................
2 ,0 0 0 ,5 4 4
E x p ress _____________________
5 5 ,7 0 5
T elegrap h __________________
1 3 0 ,7 2 0
R e n ta ls _____________________
4 4 ,5 1 7
F lo a tin g e q u ip m e n t-----------1 ,5 4 0 ,9 5 0
M iscellaneous ---------------------
34
93
32
03
07
93
74
39
10
7 1 .5 6
1.41
20.4-1
.38
3 .3 4
.09
.21
.07
2 .5 0
$ 6 1 ,0 3 4 ,4 2 1 0 5
1 0 0 .0 0
4 9 .7 7 2
4 3 .6 2 1
2 9 .2 0 5
2 0 .3 1 9
1 3 .8 3 1
2 1 .7 0 0
1 4 .0 0 4
T h e p e r c e n t a g e o f e a c h c la s s o f c o m m e r c i a l f r e i g h t t o t h e
t o t a l h a n d le d d u r in g th e y e a r , a n d c o m p a r is o n w i t h th e
p r e v i o u s y e a r , is s h o w n i n t h e f o l l o w i n g t a b l e :
1 0 .6 0 7
5 8 .8 2 0
0 .3 0 3
6 .2 1 4
5 .9 4 8
5 .1 0 7
5 .1 8 9
3 .2 5 9
Percentage.
1 9 0 9 -1 0 1 0 .
10 .71
1 9 .3 3
3 .0 0
5 7 .1 9
9 .7 7
1 0 0 .0 0
1 .1 9 9
2 5 4 .1 4 2
2 8 0 .1 4 9
1 3 4 .9 4 7
7 2 .3 1 6
4 3 .4 9 0
4 2 .5 3 0
1 4 .3 4 7
1 2 .7 2 0
5 .8 2 2
2 4 .3 5 2
T o t a l. S ta n d a r d G a u g e, * p c r a t c d ...................... _ 9 ,02 8 . 0 2 0 ^ ' L o f t - 5 ,6 0 0 .7 8 4
5 ,6 0 9 .7 8 4
3 1 3 .0 5 0
T o t a l, M ain L in e a n d B ran c h e s,
o p e r a t e d .............................................. .......................... 9 ,8 0 8 .5 3 7
S ta n d a r d G au ge lines In ex isten ce b u t
n o t op erated d u rin g th e ye ar In re
vie w :
N orth e rn D ivisio n — J arlta B ranch
3 0 .8 0 0
T orreon D ivisio n — B erm e jlllo 13’ch
2 2 .5 3 0
M o n c lo v a D ivisio n — H o n d o B ran ch
1 8 .7 5 0
G ran d T o a l ......................................
BRANCHES.
M iles.
L im it of M e xico T e rm in als to U ru a p a n 5 0 3 .8 0 0
M Ich oacan & P acific R a ilw a y (L e ased
L i n e ) _____________________________
9 1 .9 1 7
P eralv lllo to B c r ista ln __________________
1 0 4 .2 0 0
S an A u g u stin to Ir o lo __________________
2 8 .2 0 0
V e n to q u lp a to T o r t u g a s _________________
2 6 .5 0 0
T e p a to P a c h u c a ___________________________
2 5 .9 0 0
------- $ 0 1 ,9 3 4 ,4 2 1 05
. . . 3 9 ,2 7 9 ,3 4 4 57
L e a v in g N e t R e c eip ts o f _____________ ________ _______________________$ 2 2 ,6 5 5 ,0 7 0 48
T o w hich a d d :
In te re st an d D iv id e n d s on Securities o w n e d _____________________
7 5 3 ,5 0 2 60
O th e r r e c e ip t s ............... .......................................................................................
1 9 1 ,3 2 9 90
D iv id e n d o f 1 % on F irst P referred S h a re s_____
Kilometers.
9 ,0 2 8 .0 2 0
Brought forward ----------------------------------------------------Narrow Gauge—
1 9 1 0 -1 9 1 1 .
Percentage.
________
I.ive S to c k an d A n im a l P r o d u c ts . _
1 2 .8 8
2 2 .3 3
3 .1 0
5 0 .9 #
1 0 .7 4
1 0 0 .0 *
T h e f o r e g o in g t a b l e s h o w s a s l i g h t in c r e a s e i n t h e G r o t s
E a r n in g s fo r th e y e a r , a n d b y r e fe r r in g to th e G e n e ra l
A u d i t o r ’s S t a t e m e n t o f E a r n i n g s a n d E x p e n s e s b y m o n t h * ,
N o . 6, s u b m i t t e d h e r e w i t h , i t w i l l b e s e e n t h a t f o r t h e f i r s t
s e v e n m o n th s o f th e y e a r th e e a r n in g s s h o w v e r y s a tis fa c t o r y
in c r e a s e s , b u t I a m s o r r y t o r e p o r t a c o n s id e r a b le f a l l i n g o f f
f o r th e r e m a in in g fiv e m o n t h s o n a c c o u n t o f th e p o lit ic a l
d is tu r b a n c e s t h r o u g h o u t th e R e p u b lic .
N o v . 2.1 1 9 1 1 .
THE CHRONICLE
OPERATING EXPENSES.
The maintenance of the property has received careful
attention and at the close of the year the physical condition
throughout the major portion of the system was much im
proved, particular attention being called to the large amount
of new heavy rail purchased and laid, amount of stone ballast
placed in track and number of permanent steel bridges
bunt and replaced as shown in detail in this report.
During the last six months of the year the expenses were
increased by the political disturbances in the Republic.
It is expected that the Government will reimburse your
Company for such damages as can be properly substantiated
by supporting evidence to claims. These are in process of
being formally presented.
the cost of operating the property for the fiscal year
was fill.42 per cent.
The comparative percentage of the Sub-Accounts for the
years 1909-1910 and 1910-1911 are as follows:
1009-1910.
Percentage.
26.42
21.15
46.57
5.86
1910-1911.
Percentage.
------ -------Maintenance of Way and Structures...
-------------Maintenance of Equipment
................ Conducting Transportation
------------- General Expenses____
28.42
22.37
43.64
5.57
100.00
100.00
l he comparative percentage to Gross Earnings for the
years 1909-1910 and 1910-1911 being:
1909-1910.
Percentage.
15.79
12.63
27.82
3.50
1910-1911.
Percentage.
18.02
14,19
27.68
3.53
- - - ......... -Maintenance of Way and Structures...
50.74
63.42
1L77
1911; of this amount the sum of $4,290,918 94, Mexican
Currency, pertains to expenditures made up to and including
June 30 1910; the balance, or $14,797,535 88, Mexican Cur
rency , covers amounts expended during the year under
review.
From the following statements it will be noted that of the
latter amount, 87,148,177 22 were expended on locomotives,
passenger coaches, freight cars and work equipment (the
major part of these having been authorized and purchased
ni the previous year but not received and paid for until
alter July 1 1910), the balance, or $7,649,358 66, on extraor
dinary work of a capital nature.
Ihe following statement gives details of amounts expended
on tins account for the period referred to, viz.:
Mexican Currency
Expended July 1 1910
Kltfht of Way and Station Grounds____________________ fo June 30 1911^
I rotectkm of Banks and Drainage_____ ZZZZZZZ'ZZZ'ZZZZ
103 031 29
Guide Reductions and Changes of T.lne
1n
i 7 n’ i i i 7 a
Tunnel Improvements____ _____
Iiildges, Culverts and Trestles? ooq' i i .i r»7
Increased Weight of Rail...............IZZZZZZZZZZZZZZZZZZZZZ
16
=-
35«:662 11
I S S ^ ^ ^ ^ ^ ' ^ Z Z Z Z Z Z Z
Telegraph and Telephone Lines
Station Buildings and FixturesZZZZZ
•------------------Roadway Buildings______
Shops, Knginehouses and' furntablesZZZZZ.............
Shop Machinery and Tools.............
......................
Water and Fuel Stations.........
...........
Dock and Wharf P ro p erty ...........ZZZIZZIZZ.....................
Electric Light and Power Plants
Gas Plants___________ _____ _
Additional Equipment—
Locomotives______
S871
m
Passenger Coaches___ ZZ............................. 601 521 70
5 5 * } ’ 700 I?
Freight Cars................ .........
Work Equipment--------------------------------- '120,298 37
77’27
T o2
3
3,525 33
38,933 16
124 067 08
324,ut>7 08
Other Additions and Betterments_____________________
Cnange of Gauge and Change of Line between Acambaro
and Uruapan_____________________
Tram Line between Tecajetc and Hacienda "Los Arcos”
Connection between Anhelo and Parcdon
zatlonI3Ctterment Expcndltures Pending Formal ZAuthorl-
2s r » ? 7 09
2 2 1 1 1 1 78
- ’l l ?
3,601
3,580
6,014
1.
24
32
53
7,148,177
6,258
j 732
' «6,500
’
305,475
22
87
56
STATEMENTS OF OPERATION.
35
^ The various statements of accounts as prepared by the
9,872 31
General Auditor, and which accompany this report, give in
$14,798,487
55
detail the results for the year, and show the financial condi Less—
tion of the property.
Line from Durango to Llano Grande
*41
00
Colombia Branch________
910 67
The books and accounts have been audited by Messrs.
951 67
Price, Waterhouse & Company of London, New York and
lou “ ................................................... - ...................... *14,797,535 88
Mexico, and a copy of their certificate as to the correctness
thereof accompanies this report.
BALLAST.
The results of operation for the year are as follows:
The following quantities of ballast have been placed in the
track during the year, viz.:
1909-1910.
Mexican Silver.
1910-1911.
Mexican Silver.
SGI ,483,147 42
36,728,318 36
Gross Earnings......... .
*61,934,421 05
Operating Expenses....... . 39,279,344 57
*24.754,829 06
Net Earnings_________ *22,655,070 48
Which, reduced to gold at
the average price of the
Mexican dollar for the
year, viz., 50 cents,
equals, . gold___ . .. *11,327,538 24
Operating percentage___
63.42
Kilometers run by revenue
tr a in s __
19,833,846
Gross Earnings per revenue
train kilometer. _
*3 1227
Operating Expenses per
revenue train kilometer
1 9804
Net Earnings per revenue
train kilometer.__
1 1423
Gross Earnings per kilo
meter of road operated.
6,275 04
Operating Expenses per
kilometer of road op
erated ________________
3,980 26
Net Earnings per kilometer
of road operated_______
2,295 08
Average amount received
for each ton of freight..
6 55209
Average receipts per ton
per kilometer_________
01818
Average amount received
from each passenger__ _
1 80069
Average receipts per pas
senger per kilometer__
01810
2.377,414 53
09 .V4
9,903,910
*3 0890
1 8453
l 2437
6,192 06
3,698 96
2,493 10
5 93194
01706
l 85472
01852
Percentaye of Inc.
or Dec.
Inc. 3.68
Total .......................................................... ............................ 548,264
Dec. 0.35
BRIDGES, TRESTLES AND CULVERTS.
The following permanent bridges were built during the
year:
Inc. 1.09
“
7.32
AGUASCALIENTES DIVISION.
Zacatecas District. One 31.97 meter Pony truss changed
to steel trestle lattice span.
“
7.60
Dec. 7.92
Inc. 10.47
“
6.57
Dee. 2.91
“
2.27
Expressed in miles the figures show as follows:
1009-1910.
Mexican Silver.
1910-1911.
Mexican Silver.
Percentaye of Inc.
or Dec.
12.367,693
Miles run by revenue trains 12,324,157
Dec. 0.35
51 9713 Gross Earnings per revenue
train mile. ___________
55 0254 Inc. 1.09
2 0697 Operating Expenses per
revenue train m ile____
3 1872
“
7.32
2 0016 Net Earnings per revenue
train mile___
. -----1 8382 Dec. 8.15
9,965 19
Gross Earnings per mile of
road operated_________
10,100 18
Inc. 1 35
5,952 93
Operating Expenses per
mile of road operated..
6,405 62
“
7.60
1,012 26
Net Earnings per mile of
road operated_________
3,694 56
Dec.
7.92
5 93191 Average amount received
for each ton of freight..
6 55200 Inc. 10.47
02740 Average receipts per ton
per mile_____________
02926 “
6.57
1 85472 Average amount received
from each passenger___
1
80069
0^98U Average receipts per pas
senger per mile______
02912 “
2.27
ADDITIONS AND BETTERMENTS.
Reference to the General Balance Sheet will show the
total amount ot 819,088,454 82, Mexican Currency, to the
debit of “ Additions and Betterments" Account at June 30
Divisions-—
LinealMeters.
Aguascallentcs .....................................................
13 192
Cardenas ........................
ZZZZZZZ 851538
Chihuahua_________________________________________ _
_
71 219
Gomez Palacto_______________________
6’385
QuadfUaJara ............
36,283
Hidalgo ________
...
834
Mexico Terminals_______________________________________________ 1,470
Mexico-Qucretaro_______________________________
84,998
Monclova____________
_
_
545
Monterrey-------------------- ZIZ11Z ZZZZZZZIZ111Z ZZZZIZ ZZIZ ZZZZZZl91,890
San Luis........................ ............... . .
_____ .
55,910
CARDENAS DIVISION.
One 54.86 meter through pin connected span changed to
one through rivetted span of same length; bridge 481-A—
Main Line.
Two 45.72 meter through pin connected spans andTone
22.86 meter opening on frame bents changed to two 45.72
meter through plate girders and one 21.34 meter through
girder on new abutment; bridge 526-A— Main Line.
One 16.46 meter plate girder span changed to 17.07
meter deck plate girder span; bridge 550-A— Main Line.
One 45.72 meter through pin connected span changed to
one 45.72 meter through rivetted span; bridge 551-A—
Main Line.
Bridges 560-A and 561-A— Main Line. Strengthened)by
building piers under 9.75 meter “ I ” beam spans.
Bridge 665-A— Main Line. Two 45.72 meter through pin
connected spans and one draw span over Tamesi River
reconstructed.
GOMEZ PALACIO DIVISION.
Bridge 1213-A. The 24.38 meter pile approach on south
end replaced with two 9.14 meter “ I " beam spans , od
masonry.
GUADALAJARA DIVISIO N .
•
Bridges 93-B and 150-A, at La Piedad and La Barca,
respectively, changed from 62.41 meter light weight through
trusses to heavier weight trusses of same length.
Two five bent pile bridges of 18.3 meters each built on “ Y "
at Mazatepec, on the Manzanillo line.
Aineca Branch— Bridge 41-A. One 18 bent pile bridge
replaced with two 24.38 meter deck plate girders.
HIDALGO DIVISION .
One v .01 meter “ I " beam bridge replaced with one 16.46
meter through plate girder span on masonry; Bridge)59-D.
THE CHRONICLE
1478
[V O L . LXXXXIII.
Bridge 425-B. One double 5.18-meter “ I ” structure on
standard abutment, to replace a light half through 9.75mcter bridge with wooden floor.
Bridges 472-A, 474-D, 324-A and 344-B. Three double
2-meter segmental arches, to replace wooden trestles.
Bridge 487-B. Four 2-meter segmental arches, to replace
wooden trestles.
Bridge 479-B. One double 5.18-meter “ I ” beam bridge
on masonry, to replace old structure.
Bridge 480-C. Three 71.63-meter deck plate girders on
masonry abutments and piers, replacing old structure.
Bridge 331-A. One 3.96-meter “ I ” span on masonry, to
replace wooden stringers.
MONCLOVA DIVISION.
Bridge 566-B. Two new 5.18-meter “ 1” beam spans—
Bridge 126-A. Two wooden trestle spans replaced with one in main line and one in siding— to replace old beams of
two 5.26 meter floor stringers on masonry.
lighter weight.
Bridge 127-A. Five wooden trestle spans replaced with
Bridge 647-A. Two 5.18-meter “ I ” beam spans on abut
two 9.14 meter deck plate girders on masonry.
ments and piers, to replace wooden trestle.
Bridge 145-A. Eight wooden trestle spans replaced with
Bridge 910-F. One 53.34-meter through pin-connected
two 4 meter segmental arch culverts.
span, to replace a riveted span of same length.
Bridge 136-A. Four wooden trestle spans replaced with
TORREON DIVISION.
two 3 meter segmental arches.
Bridges 631-A, 631-C, 632-C and 635-A. Four 5.18-meter
Bridge 157-A. Two wooden trestle spans replaced with
“ I ” spans on masonry, replacing former wood and rail strucone floor stringer of 5.26 meters.
Bridge 158-A. Two wooden trestle spans replaced with
tUBridges 631-D, 631-E, 632-A and B, 633-A and 634-A.
one 5.18 meter “ I ” beam span on masonry.
Bridge 163-A. Two wooden trestle spans replaced with Twelve 1-meter semi-circular arch culverts, replacing rail
and timber trestles.
•
one 3.05 meter rail girder span on masonry.
Bridges 633-B and 638-E. Two 3-meter semi-circular
Four wooden trestle spans replaced with two 2-meter seg
arch culverts, replacing former timber trestles.
mental arch culverts.
Bridge 635-B. Five 5.18-meter deck girder spans on
Bridge 171-A. Thirty-three wooden trestle spans, 130
meters long, replaced with three 24.38 meter through plate masonry, replacing timber trestle structure.
girder spans on masonry.
RELAYING W ITH HEAVIER RAIL.
Bridge 193-A. Four wooden trestle spans replaced with
The following sections of track were laid with heavier rail
three 5.18 meter “ I ” beam spans on masonry.
Bridges 194-A and 194-B. Four wooden trestle spans re during the year, viz.:
MEXICO-QUERETARO DIVISION.
Bridge 0-152-A. New bridge of one 5.18 meter span “ I ”
beams on masonry.
Bridge 0-87-A. New bridge of one 3.05 meter span “ I ”
beams on masonry.
Bridge 0-87-B. Changed from rail to one 3.05 meter span
“ I ” beams on masonry.
Bridge 0-88-A. New bridge of one 3.05 meter span “ 1”
beams on masonry.
Bridge 0-77-A. Wing walls repaired and lengthened.
Bridge A-84-D. One 21.30 meter pin connected span re
placed with a 21.33 meter plate girder.
placed with two 5.18 meter ‘ 'I ” beam spans.
Bridge 195-A. Four wooden trestle spans replaced with
two 9.14 meter deck plate girders on masonry.
Bridges 197-A and 198-A, respectively. Eight wooden
trestle spans replaced with two 5.18 meter deck plate girders
and two 5.18 meter “ I ” beam spans on masonry.
Bridge 247-C. Seven wooden trestle spans replaced with
two 3-meter circular arches.
Bridge 251-D. Seven wooden trestle spans replaced with
three 5.18-meter “ I ” beam spans on masonry.
Bridge 252-A. Seven wooden trestle spans replaced with a
5-meter semi-circular arch culvert.
M O NTERREY AND GULF DIVISION.
Bridges 165-C, 171-B, 177 and 179. Victoria District,
which were all wooden structures, were replaced with five
7.01- meter “ I ’ ' spans on masonry.
Bridge 410. Linares District, consisting of one 3-meter
arch, changed to a double 3-meter arch structure.
NO RTH ERN DIVISION.
AGUASCALIENTES DIVISION.
From kilometer 475.150 to kilometer 486.030, difference
10.880 kilometers, and from kilometer 735.838 to kilometer
745.030, difference 9.192 kilometers, a total of 20.072 kilo
meters of 32.739 kilogram (66-lb.) rail replaced with 37.204
kilogram (75-lb.) rail.
San Juan del Rio Yard. From kilometer 190.144 to kilo
meter 190.789, a total of 645 track meters of 27.779 kilo
gram (56-lb.) rail replaced with 37.204 kilogram (75-lb.) rail.
CARDENAS DIVISION.
From kilometer 322.070 to kilometer 382.S09, or 60.739
kilometers, and from kilometer 618.759 to kilometer 651.000,
or 32.241 kilometers, a total of 92.980 kilometers, of which
79.936 kilometers was 27.779 kilogram (56-lb.) rail and 11.165
kilometers of 32.739 kilogram (66-lb.) rail and 1.879 kilo
meters and 41.172 kilogram (83-lb.) rail replaced with 42.390
kilogram (85-lb. A. R. A.) rail.
From kilometer 291.963 to kilometer 295.330, or 3.307
kilometers of 32.739 kilogram (66-lb.) rail replaced with
42.164 kilogram (85-lb. A. S. C. E.) rail.
From kilometer 453.624 to kilometer 453.774, or 150 track
meters of 41.172 kilogram (83-lb.) rail replaced with 42.164
kilogram (85-lb. A. S. C. E.) rail.
From kilometer 514.920 to kilometer 520.632, or 5.712
kilometers of 32.739 kilogram (66-lb.) rail replaced with
42.164 kilogram (85-lb. A. S. C. E.) rail.
i
Bridge 1116-B.
Six-span frame trestle replaced with
13-41-meter deck plate girder.
Bridge 1014-B. One 19.8-meter deck girder replaced with
a 30.48-meter through truss.
Bridge 958-B. Two 38.10 meter through spans to replace
two spans of same length, which were too light.
Bridge 993-B. Ten-span frame trestle replaced with six
CHIHUAHUA DIVISION.
7.01- meter ‘ T ” beam spans.
From kilometer 1734.422 to kilometer 1829.000, or 94.578
Bridges 956-E and 959-A. One span frame trestle replaced
with 5.18-meter “ I ” span and one 4-meter arch culvert re kilometers; from kilometer 1320.318 to kilometer 1321.196,
or 878 meters; also several turnouts on this Division were
placed with one 5.18-meter “ I" beam span.
Bridges 954-C, 960-B, 964-E,, 966-B, 966-D, 971-A and changed to the extent of 734 meters, making a total of 96.191
972-A. Fourteen 7.01-meter “ I ” beams put in to replace kilometers of 27.779 kilogram (56-lb.) rail replaced with
37.204jikilogram (75-lb.) rail.
frame trestle.
GUADALAJARA DIVISION.
Bridges 955-D, 964-D, 967-A, 967-D and 968-A. Five
From kilometer 0.860 to kilometer 251.160, or 250.300 kilo
5.18-meter “ I ” structures replacing frame trestles.
Bridges 954-D, 956-D and 960-A'. One 3-meter arch re meters of 27.779 kilogram (56-lb.) rail replaced with 34.723
placing frame trestle, and one new arch culvert of one meter kilogram (70-lb.) rail.
Manzanillo Line. Between Tuxpan and Zapotutic 1.378
and one 4-meter arch culvert replacing small masonry box.
kilometers of 27.779 kilogram (56-lb.) rail replaced with
Bridge 961-C. One new “ l ” span of 7.01 meters.
Bridges 928-F, 986-A and 988-D. Three 5-18-meter “ l ” 37.204 kilogram (75-lb.) rail.
spans replacing spans of same length, which were too light.
MEXICO-QUERETARO DIVISION.
Bridges 969-C and 9S4-C. One 9.75-meter girder and one
From kilometer 0-5.014 to kilometer 0-7.614, or 2.597
7.01- meter “ I ” beam span replacing those of same length, kilometers of 32.739 kilogram (66-lb.) rail was laid in place
which were too light.
of 37.204 kilogram (75-lb.) rail.
Bridges 954-E, 955-A, 955-C, 956-B, 962-A, 964-A and
From kilometer 0-237.648 to kilometer 0-237.967, or 319
993-C. Seven 2-meter arch culverts replacing frame trestles. meters; from kilometer 0-251.209 to kilometer 0-266.960, or
Bridges 954-B, 962-B and 966-E. Three 5.18-meter “ I ” 15.751 kilometers, a total of 16.070 kilometers of 27.779 kilo
beam spans replacing frame trestles.
gram (56-lb.) rail, replaced with 32.739 kilogram (66-lb.)
Bridge 1117-A. Two 18.28-meter through girders re
rail.
placing ten-span frame trestles.
From kilometer A-52.780 to kilometer A-62.180, or 9.400
Bridges 961-A and 994-A. Two 7.0l-meter “ I ” beam kilometers; from kilometer A-71.220 to kilometer A-169.000,
span replacing frame trestles.
.
or 97.840 kilometers, a total of 107.240 kilometers of 32.739
Bridge 994-B. One 4-meter arch culvert replacing frame kilogram (66-lb.) rail, replaced with 37.204 kilogram (75trestle.
lb.) rail.
SAN LUIS DIVISION.
At Hercules, Queretaro, Jocoqui, Manuel and Gonzales
Bridges 353-C, 355-A, 355-D, 355-E, 356-A and B, 359-D, switches were changed, and Main Line between switches to
360-A and C, 367-C, 368-A and C, 370-B, 371-C, 372-B, the extent of 7.209 kilometers from 37.204 kilogram (75-lb.)
375-A, 472-B, 329-B and 0, 330-A and B, 332-A, 335-D, rail to 42.164 kilogram (85-lb. A. S. C. E.) rail.
MONCLOVA DIVISION.
347-D and 348-B. Twenty-five 3.05-meter rail girder bridges
From kilometer 113.721 to kilometer 115.943, or 2.222
to replace wooden stringers.
Bridge 372-F. One 3.96-meter “ I ” span to replace wooden kilometers ol 27.779 kilogram (56-lb.) rail, replaced with
30.507 kilogram (613^-lb.) rail.
stringers on masonry.
THE CHRONICLE
N o v . 2 5 1 9 1 1 .]
M O NTERREY DIVISION.
1479
NEW EQUIPMENT.
From kilometer 21.000 to kilometer 26.273, or 5.273 kilo
The new equipment referred to in the last annual report
meters; from kilometer 96.796 to kilometer 97.509, or 713 has all been received, the greater part of it having been
meters; from kilometer 233.919 to kilometer 234.769, or 850 delivered to us during the year under review, and in addition
meters; from kilometer 371.022 to kilometer 371.760, or 738 thereto orders were placed, with the approval of the Board
meters, a total of 7.574 kilometers of 27.779 kilogram (56-lb.) of Directors, for 200 tank cars and 200 flat cars, the latter for
rail, replaced with 34.723 kilogram (70-lb.) rail.
replacement of cars destroyed, etc., and the former to take
From kilometer 50.100 to kilometer 75.000, or 24.900 kilo care of the increased business, principally in the movement
meters, and from kilometer 593.520 to kilometer 594.500, or of oil.
980 meters, a total of 25.880 kilometers of 27.779 kilogram
EXPRESS SERVICE.
(56-lb.) rail, replaced with 37.204 kilogram (75-lb.) rail.
The results from the operation of this service under the
From kilometer 478.890 to kilometer 479.162, or 272 meters
of 27.779 kilogram (56-lb.) rail, replaced with 32.739 kilo contract with the Compania Mexicana de Express, S. A .,
for the year have been satisfactory.
gram (66-lb.) rail.
From kilometer 580.631 to kilometer 581.000, or 369 meters
TRE E PLAN TIN G .
and from kilometer 644.000 to kilometer 644.600, or 600
Considerable advance has been made in the matter o,
meters, a total of 969 meters of 27.779 kilogram (56-lb.) rail,
planting trees along our lines during the year just closedf
replaced with 30.507 kilogram (OlJ^-lb.) rail.
and a large number of young trees were shipped from the
NO RTHERN DIVISION.
Company’s nursery at La Barra to various points on the
Matamoros Branch. The following rail was taken up system. In the majority of the cases the young trees are
and laid, v i z . : ___________________________ __ ________
thriving and doing well.
From
To
86.440
92.500
107.900
112.600
125.000
129.350
132.020
137.000
190.000
198.830
199.250
207.495
207.960
216.000
235.650
279.600
328.000
88.500
107.300
112.000
125.000
128.900
131.700
137.000
180.000
190.044
198.874
199.295
207.540
208.005
Totals
Laid.
Taken Up.
Kilometers.
AR TE S IA N WELLS.
19.812 K . 22.522K. 27.779 K. 32.739K. 37.2047C.
(56-lb.)
(66-/6.)
(75-/6.)
(45-10.)
(40-16.)
3.900
2.350
4.980
43.000
.044
.044
.045
.045
.045
19.650
40.050
27.550
1.754
275.700
307.150
329.754
_______
T o ta ls ________
143.457
2.060
14 .800
4.100
12.400
1.971
14.71 1
4.011
12.355
3.900
2.350
4.624
________
42.599
19.383
39.694
27.283
1.754
33.360
112.653
176.817
61.982
.089
.089
.089
.045
.356
.401
.044
.044
.045
.045
.045
.267
.356
.267
2.182
176.817
New artesian wells were sunk and existing wells deepened
at various points on the system for the purpose of improving
the water service.
FUEL OIL.
Arrangements have been made fpr an additional supply of
2,000 barrels of fuel oil per day, under contract, for the
National Railways of Mexico, and it is expected that the
necessary engines will be equipped and facilities ready for
using this additional quantity by the end of the present
calendar year.
LAREDO BRIDGE.
A new six-span single-track steel bridge with concrete
piers and abutments over the Rio Grande (Rio Bravo del
Norte) was erected during the year and trains were first
operated over it on April 5 1911.
CHANGE OF GAUGE.
The change from narrow to standard gauge of the line from
From kilometer 5.745 to kilometer 36.388, or 30.643 kilo Acambaro to Uruapan, a distance of 230 kilometers, was
meters; from kilometer 49.622 to kilometer 49,888, or 266 carried out during the fiscal year and the work completed
meters, and from kilometer 63.510 to kilometer 72.902, or and standard gauge trains operated over the line on the 20th
9.392 kilometers, a total of 40.301 kilometers of 22.322 kilo of July 1911. The work involved the construtcion of 63
gram (45-lb.) rail replaced with 27.779 kilogram (56-lb.) rail. kilometers of new line at various points between Acambaro
and Patzcuaro to reduce grades, avoid unnecessary curva
SAN LUIS DIVISION.
ture, and shorten the distance by some 7.260 kilometers.
PACIFIC DIVISION.
On the Morales Branch to the San Luis Smelter 11 kilo
meters of 19.842 kilogram (40-lb.) rail replaced with 27.779
kilogram (56-lb.) rail.
From kilometer 313. to kilometer 364., or 51 kilometers, of
34.723 kilogram (70-lb.) rail replaced with 26.742 kilometers
of 42.164 kilogram (85-lb. A. S. C. E.) rail, and 24.258 kilo
meters of 42.390 kilogram (85-lb. A. It. A .) rail.
From kilometer 364. to kilometer 505., or 141 kilometers
of 34.723 kilogram (70-lb.) rail replaced with 42.664 kilogram
(85.45-lb. A. It. A.) rail.
From kilometer 505. to kilometer 523.750, or 18.750 kilo
meters; from kilometer 527.585 to kilometer 530.765, or
3.180 kilometers, a total of 21.930 kilometers of 34.723 kilo
gram (70-lb.) rail replaced with 42.664 kilogram (85.45-lb.
A. R. A.) rail.
From kilometer 530.765 to kilometer 562., or 31.235 kilo
meters of 34.723 kilogram (70-lb.) rail replaced with 42.164
kilogram (85-lb. A. S. C. E.) rail.
TORREON DIVISION.
From kilometer 700. to kilometer 870., or 170 kilometers
of 26.787 kilogram (54-lb.) rail replaced with 37.204 kilo
gram (75-lb.) rail.
T U N N E L A T “ LA M ARIPOSA.”
This tunnel, at kilometer 959, Northern Division, was en
larged and lined throughout and line changed at both ends
of tunnel. Retaining walls and a 4-meter culvert vrere also
constructed at the south end of this tunnel.
ANHELO-PAREDON CUT-OFF.
This cut-off line was put into operation on September 15
1910, all work having been completed by that time with the
exception of the placing of two pairs of 25.15 meter deck
girders at Rio Patos and one pair of 22.13 meter deck girders
at kilometer 6.250, the masonry, however, being all ready.
ISASI CHANGE OF L IN E — M ONTERREY AND GULF DIVISION.
Due to the washouts in the year 1909,the line between kilo
meters 154.963 to 157.615 was revised, line changed^to reduce
curvature and grade raised above the high-water level.
At kilometer 151 work similar to the above was done for the
same reason, and the bridge there was raised 2.1 meters, and
an additional bridge of 45.72 meters, single track through
riveted trusses, was constructed.
LIN A R E S BRIDGE AND CHANGE OF LIN E .
The original bridge, which consisted of two 51.82 meter
spans, was replaced with a new bridge of five 53.34 meters,
During the year new side tracks, passing tracks, cross through pin-connected span, and reinforced concrete abut
overs and extensions to existing side-tracks were built to the ments and piers. The grade was raised on each side of the
extent of 46.947 kilometers. The following statements give bridge to clear the high-water level.
NEW SIDE AND PASSING TRACKS.
details of weight of rail used in these new tracks, viz.:
Kilometers.
Forty-pound rail (is).8 12 kilograms)______________________________
.401
Forty-llvc-pounil rail (22.322 kilograms)__________________________ 8.510
Flfty-six-pound rail (27.770 kilograms)____________________________ 31.818
Sevonty-pound rail (34.723 kilograms)— __________________________4.050
Scvanty-ilve-pound rail (37.204 kilograms)______________
.622
Elghty-llve-pound rail (42.300 kilograms)_________________________ .537
Total....... ........................................................
46.047
From which deduct—
Tracks taken up—
Forty-pound rail (10.842 kilograms).............................. 1.467
Forty-flve-pound rail (22.322 kilograms,__________ ____ 0.177
Flfty-slx-pound rail (27.770 kilograms)_______ ____ _____ 11.206
Slxty-slx-pound rail (32.730 kilograms)____________ „
0.015
Seventy-pound rail (34.723 kilograms)________ _.
0.312
Sevcnty-flvc-pound rail (37.204 kilograms)_____ .
0.128
-------- 13.305
Net Increase_______________________________________________ 33.642
IN GENERAL.
EMPLOYEES.
The number of employees in the service of the Company
at the close of the fiscal year was 30,874. Of the total
number, 1,219, or 3.95 per cent, were foreigners.
STATEMENTS OF EQUIPMENT.
Your attention is invited to the accompanying statement
showing various classes of locomotives and cars on hand at
June 30 1911.
MONTEMORELOS BRIDGE AND CHANGE OF LIN E .
This work, which includes new passenger and freight sta
tions, a new bridge composed of five 48.46 meter steel spans,
as well as a 4.069 kilometer change of line, was carried out
during the year with a view of avoiding further trouble from
high water.
SAN JUAN BRIDGE AND CHANGE OF LIN E .
A new bridge, consisting of eight 53.34 meter spans on
reinforced concrete abutments and concrete piers, was con
structed over the San Juan River, and also 1.600 kilometers
of change of line on the south end and 200 meters of grade
on the north end raised 1.5 meters.
These changes were made on account of damages done
during the floods in August 1909 and were completed in
December 1910.
NEW LIN E FROM DURANGO TO LLANO GRANDE.
Reference to this line was made in the report for the year
ended June 30 1910. During the fiscal year under review
work has been proceeded with and at the close of the year
the total percentage of grading and masonry completed to
that date was 89.37 per cent. It is estimated that the first
twenty kilometers of this line will be eompleted and ready
for operation by the end of September 1911.
THE CHRONICLE
1480
NE W L IN E FROM DURANGO TO CANITAS.
[VOL. LXXXXIII.
The company, Incorporated In 1905, Is a consolidation of the Lake Huron
& Manitoba Milling Co. of Goderich, Ont., and the Kelly Milling Co. of
This line, from Durango to Canitas, in the States of Brandon, Manitoba, rounded out by the erection at Winnipeg In 1900 of
mill with a capacity of 4,000 barrels dally and the acquisition and erec
Durango and Zacatecas, covers a distance of approximately ation
of 58 elevators, now 86, along the Canadian Northern and Canadian
267 kilometers and passes in the vicinity of Nombre de Dios, Pad Ac railways In Manitoba and Saskatchewan.
Plants; (a) At Winnipeg, one of the most modern mills In America; ele
Chalchihuites and Rio Grande to a junction with the Aguas- vators
(reinforced concrete) capacity 780,000 bushels; motive power
calientes Division at kilometer 813.261 from Mexico. A electricity;
cooperage capacity 600 barrels per diem, using material from
branch line of about 12 kilometers in length is to be built to company’s stave and heading mills at Rainy River, (b) Goderich mill,
now 2,200 barrels, marine elevator, &o., handles wheat direct
Sombrerete. The line is covered by concessions from the capacity
from vessels arriving from Fort William; elevating capacity, now nearing
State Governments of Durango and Zacatecas as well as from completion, 20,000 bushels per hour; cooperage and salt plant; elevator
capacity just Increased from 200,000 to 800,000 bushels by erection of a
the Federal Government. Contract for the grading and concrete
and steel tlreproof elevator
(c) Brandonifimill, capacity now
masonry on the first 160 kilometers out of Durango was let 500 barrelsof Hour, 150 barrels of oatmeal;elevator capacity, 135,000 bush.
The aggregate storage capacity, Including Its 86 country elevators. Is
on March 30 1911.
over 4,000,000 bushels of wheat. The company has active agencies In all
NEW L IN E FROM PENJAMO TO AJUNO.
This line, in the States of Guanajuato and Michoacan, of
approximately 135 kilometers in length, from Penjamo on
the Guadalajara Division to Ajuno on the Pacific Division,
is being built under a concession from the Federal Govern
ment. Contract was let for the work in October 1910, and
work commenced out of Penjamo during the early part of
November 1910.
PURCHASE OF NEW R A IL .
During the year under review your Company received and
paid for some 33,160 tons of domestic 85-lb. rail and 33,560
tons of 75-lb. foreign rail. These quantities of new rail were
furnished under contracts dating back some time and which
were duly approved and authorized by the Board of Directors.
EJ s .!> • • • V ' STATEMENTS OF ACCOUNTS.
Attached hereto you will please find letter from the Gen
eral Auditor, dated September 8 1911, together with the ten
statements of accounts as listed therein.
Accompanying this report will be found a list of directors
and officers of tlie Company as of June 30 1911.
the Important Hour markets of the world.
During the five-year period to Aug. 31 1911, the aggregate net earnings
applicable to Interest charges were $1,384,800, an average of $276,960 per
annum, or after deducting Interest ($65,700) on the 1st M. bonds, $211,260,
being- over four times the Interest on the $750,000 bonds just sold. Be
hind these bonds there is $1,500,000 of Issued capital stock, all fully paid
and representing an actual cash Investment; dividends paid, 5% for fiscal
year 1908, 7% for 1909 and 8'% for each of the years 1910 and 1911.
Directors: Andrew Kelly, President; S. A. McGaw, V.-Pres. and Gen.
Man.; Z. A. Lash, K. CL: D. B. Hanna, 3d V.-Pres. Can. Nor. tty.; Col.
A. D. Davidson. Joseph Wright and A. J. Mitchell, Comptroller Mackenzie.
Mann & Co., Ltd.— V. 91, p. 1098.
Wilmington (N. C.) Sewerage Co.— Negotiations Declared
Off.—The company, not having up to Nov. 20 accepted the
city’s ultimatum in connection with the proposed sale of the
sewerage system to the City, the City Council on Nov. 21
adopted resolutions calling off all negotiations for the purch
ase of the existing plant.
The Council also instructed the City Attorney to notify the company to
extend Its lines to wherever the water mains are now laid In the city, work
to begin in 30 days, and to be completed In a reasonable time, and also to
bring suit for damages against the bondholders for failure to comply with the
terms and conditions of Its proposition originally submitted and accepted
by the city.— V. 93, p. 960.
Walter A. W ood Mowing & Reaping Machine Co.— Bonds
Called.— Twenty-five ($25,000) 1st refunding M. 5% gold
bonds dated June 1 1905, for payment at par and int. on Dec.
It is with deep repret that I record the death of an old” 1 at Security Tr. Co. of Troy, trustee.— V. 89, p. 1487, 1286.
time official of the Company in the person of the late Mr. J'
M. Frazer, who at the time of his death in October 1910 was
— Sixty-three lecturers, many of them men of national
General Treasurer of your Company.
prominence, will address the Finance Forum which opens
on Wednesday next, Nov. 29, at the West Side Young Men’s
Christian Association, 57th St. and 8th Ave., under the
Respectfully submitted,
direction of Dr. Channing Rudd. Lectures have been
E. N. BROW N,
arranged so as to cover seven distinct courses, each course
President.
under the direction of a specialist. It is the purpose of each
• [For Balance Sheets, Income Account and Traffic Statistics, see a pre
course to give from three to six lectures, systematic and
ceding page under "A n n u al Reports.!
comprehensive instruction, which will adequately cover the
subjects treated
The courses cover: Principles of Money
Texas (Oil) Co.— Status.— John J. Mitchell, of Chicago, and Banking, Corporate Organization and Management,
who has just returned from Port Arthur, is quoted’as saying: Analyses of Railroad Investment, Accounting of Invest
The property Is in excellent condition and the company Ingoing ahead
with Its Improvements. Its petroleum plants will be completed by Jan. 1, ment, How to Invest Money, “ Trust” Problems, Market
and there are now 1,400 miles of pipe line. The company Is a producing, Analysis and Forecast.
In the series of lectures on “ Trust”
manufacturing and distributing proposition. It has Its own oil, Its own
pipe lines and Its own ships. Money put Into the property within the last Problems, men of wide experience will thoroughly discuss
year has been devoted to its plants. At the same time the company has the pros and cons of such subjects as Standard Oil and
acquired an additional 279,000 acres of oil lands, and experts value this Tobacco cases, Government control and regulation of trusts,
property at between $40,000,000 and $50,000,000. Of course, this Is
merely an estimate, but the country down there Is a wonderful oil-produc- monopoly, concentration of capital, Sherman Anti-Trust
ingisectlon. Prices for refined oil are at present low. So far as the com
pany’s dividend is concerned, that is being more than earned. It is payable Law, dissolution of trusts, &c. Sessions of the Forum will
In January. With a more settled condition In the oil trade there is no be held every Wednesday evening from Nov. 29 to May 8
reason why the company should not earn twice the amount It Is now earning.
1912. Two lectures will be delivered at each session meet
— V.: 03, p. 875, 734.
United States Independent Telephone "C o ., Rochester, ing from 8 until 10 o ’clock.
—Jiaving sold the greater, part of $700,000 Wenatchee
N. Y .— Additional Suits.— Summons and complaints were
served recently in 126 new actions by bondholders against Valley Gas & Electric Co. (Wenatchee, Wash.) general
the directors to recover the purchase price of the bonds first mortgage 6% bonds, West ling, Emmett & Co., bank
purchased by them, based on the test case decided by the ers, 437 Chestnut St., Philadelphia, and 946 West Adams St.,
Appellate Division of the Supreme Court and now on the Chicago, are offering the remaining balance to investors at
calendar of the Court of Appeals for argument in January. 100 and interest. The bonds are due Oct. 1 1930 and are
redeemable on any interest date before maturity at 105 on
— V. 93, p. 290.
four months’ notice. Circular with full particulars of this
United States Realty & Improvement Co.— Earnings.— issue will be mailed upon application.— See also V. 92, p.
For the six months ending Oct. 31:
1315.
..vfT-v
io n .
1910.
1911.
101O.TF.
— The full report of the proceedings of the American
Gross proflts..$1,097,531 $1,344,744 Bond interest___ $208,250 $300,000
Manag’t exp. 229,380
231,074 Dividends (2 Vt %) 404,070 404,070 Bankers' Convention, held at New Orleans the past week,
N ctproAt-. $868,151 $1,113,670
Surplus j?...........$165,831 $409,600 will appear in our annual number, the “ Bankers’ Convention
Section,” to be issued with next week’s number of the
—V. 02, p. 1641.
. ,1 ii
United Telephone & Telegraph Co., Pittsburgh.— Plan.— “ Chronicle.” All subscribers will receive a. copy of the
publication.
See Am. Union Telep. Co. above.— V. 93, p. 1328.
— Wm. A. Read & Go. are offering $6,000,000 Minneapolis
Utica Gas & Electric Co.—Earnings.—
St. Paul & Sault Ste Marie Ry. and Central Terminal Ry.
Year
;
Gross
Expenses
N e t* ' ' Annual "^Balance, first mortgage Chicago Terminal sinking fund four per£cent
Ending— '
Earnings. & Taxes. Earnings. Bond Int. Surplus.
Aug. 31 1011...........$1,015,747 $514,394
$501,353 $244,500 $256,853 gold bonds. The issue is described in our investment news.
Dec. 31 1910______
971,699 485,264
486,435
226,436 259,999
Dividends at the present rate of 8% on the $2,000,000 capital stock call See also the advertisement on another page.
for $160,000 yearly.— V. 92, p. 799. y ...
— Investors in bonds will be interested in the selected list
Western Canada Flour Mills Co., Ltd., Toronto.— New of high-grade bonds yielding a 4.40 to 6% return, owned
Bonds'iOffered.— The,Dominion Securities Corporation,'Ltd., and offered by advertisement to-day on another page by
Montreal, Toronto and London, is placing at par and. int. White, Weld & Co., of 5 Nassau St., New York, ampThe
$750,000 6% “ first and refunding-mortgage” 20-yearjsinking Rookery, Chicago.
fundj'gold>bonds.idated Sept. 1 1911 and due Sept. 1 1931.
— Colston, Boyce & Co., Baltimore, are offering to buy
Redeemable as a whole at 105 and int. on or afteriSept. 1 1916 on six
These
weeks’, notice, or annually for sinking fund drawings, beginning^Sept. 1 or sell Atlantic Coast Line RR. convertible fours.
1912, sufficient to retire the entire outstanding Issue by maturity * Prln. bonds are convertible at 135 into Atlantic Coast Co.^of
and .int. (M. & S.) payable at Can. Bank of Com., Toronto, Montreal and Connecticut stock until Jan. 1920. See advertisement.
London. Denominations $100, $500 and $1 .OOOlc'&r*) withy sterling
equivalents. Trustee National Trust Co., Ltd., Toronto.
. ,— Roswell C. Bogue, for several years associated with the
Assets.— Mills, elevators, machinery, &c., $1,993,716; real
ond office of Harvey Fisk & Sons in Chicago, and for the
estate, $407,160; patents, trade-marks and good-will, $182,700;r"•
investments, $12,676; current assets (net). $992,644---------- $3,588,896 past year with McCoy & Co. of Chicago, lias now become
Bands— First M. 6%, due March 1 1928 (£225,000, or.$1,095,000,
•„.
connected with E. B. Shapker & Co. of Chicago as salesman.
less (held in sinking fund, $67,646), $1,027,354; ” flrst>andiref.”
’•
f • 6%, due 1931, present Issue $750.000................................... S$l,777,354
— Clark, Dodge & Co. are advertising in this issue an
Condensed Letterjfroiri,V.-PJ& Oen. Man. S.’ a . McGnw.5Toronto,!'Nov.2’ l !..
attractive list of Railroad and Public Utility bonds. -De
Thejtotalauthorized Issue Is $2,500,000, of which $1,095,000' (£225,000)
s reserved to retire the present outstanding 1st M. bonds, $750,000;ls,now tailed description will be furnished on request.
being Issued to pay off existing temporary loans for building purposes,
— The London office of Wm. A. Read & Co. has been^re
and the balance of $655,000 can only be Issued for 75% of the cost of new
properties, future extensions and Improvement#, as provided in trust deed. moved to 6 Austin Friars.
IIIIB IIW IB IIIIllIU ■ him mini I
Not <25
THE CHRONICLE
19 11 .]
1481
2?ixje ®mmttjercial 'Jpraes,
COTTON,
Friday Night, Nov. 24 1911.
THE MOVEMENT OF THE CROP as indicated by our
COMMERCIAL EPITOME.
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
Friday Night, Nov. 24 1911.
Though there is no marked change in trade conditions, 483,606 bales, against 438,861 bales last week and 449,418
some gradual improvement is noted, traceable mainly to a bales the previous week, making the total receipts since
conservative replenishing of depleted stocks. Foreign trade Sept. 1 1911 4,846,255 bales, against 4,083,412 bales for
gains somewhat. Railroad traffic shows but little improve the same period of 1910, showing an increase since Sept. 1
:•;.
ment. With financial and political conditions somewhat 1911 of 762,843 bales.
better, the feeling is perhaps a trifle more cheerful, but every
Receipts at—
Wed. Thurs. Fri.
Sat.
Mon.
Tues.
Total.
where the^note of conservatism is still apparent, and it is not
likely soon to be dropped. In the iron and steel trade in G a l v e s t o n _______ 16,573 20,308 41,568 19,396 22,447 18,237 138,529
T e x a s C it y ______
10,543 2,310 10,214 5,875 5,654 6,230 40,826
creased sales have often been at the expense of profits.
u r, & c .
10,125
10,125
LARD higher, with a good demand. A large part of the PNoe rwt AOrrth
le a n s___
15,380 8,170 9,484 19,005 12,435 18,815 83,295
buying has been influenced by reports of hog cholera. G u l f p o r t _________
2,700 2,700
ob ile __________
1,670 2,171
1,459
1,742 11,925
2,024 2,259
Prime Western here 9.G5c., refined for Continent 9.85c., M
P e n s a c o la _______
7,150
7,150
South America 10.50c. and Brazil in kegs 11.50c.
J a ck so n v ille , & c.
1,181
56
578
547
D A IL Y CLOSING PRICES 01< LARD FUTURES IN N E W Y O R K .
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
Dec. delivery In elevator 9.35
9.30
9.30
9.35
9.35
9.35
Jan. delivery In elevator 9.50
0.30
9.30
9.35
9.45
9.40
D A IL Y CLOSING PRICES OF LARD FUTURES IN C HICAG O.
S a t.
Dec. delivery In elevator 9.00
Jan. delivery In elevator 9.30
M on.
----9.20
T u e s.
W ed .
9.02 B 9.22
9.17 M 9.40
T h u rs.
9.17
9.35
F r i.
9.07H
9.27}•£
PORK has been firm. Receipts of hogs at Western cities
have been smaller than a week ago. Mess here $16 75 to
$17 25, clear $16 75 to $17 50. Cut meats quiet and un
changed; pickled hams 11 to llf£ c ., pickled bellies, clear,
l\Yz to l l ^ c . Beef higher, with an improved demand;
mess $12, packet $13, family $14 and extra India mess $20 50
to $21. Tallow lower, with City quoted at 6% c. Stearines
dull at 9 to 93^c. for oleo and 10 to 10%c. for New York
lard. Butter higher. The shortage of fancy fresh cream
ery continues. Creamery extras 35c. Cheese firm, even
though buyers are unwilling to follow advances. State,
whole milk, fancy, 15 to 1534c. Eggs higher, the arrivals
•continuing small and hardly sufficient for necessary needs.
Western firsts 33 to 35c.
OIL.— Further reductions have been made in linseed oil.
The seed market has again been lower and receipts continue
large. City, raw, American seed, 80 to 81c.; boiled 81 to
82c.; Calcutta, raw, 90c. Cottonseed has been irregular.
The action of the market during the past week has lessened
the fears of a squeeze in the November delivery. Winter
6.20c. to7.20c.,summer white 6c., and crude 4.34 to 4.40c.
Cocoanut 12 to 1234c. for Cochin and 12c. for Ceylon. Corn
lower at 6.10 to 6.15c. Lard firm, with an active foreign de
mand. Stocks are said to be small. Prime 80 to 85c., No. 1
extra 58 to 64c. Cod steady, even though in light demand.
Supplies are still small.
Newfoundland 55 to 58c. and 52
to 53c. for domestic.
COFFEE on the spot has been quiet but steady. There is
no pressure to sell, as stocks are concentrated in the hands of
a few leading roasters. Rio No. 7, 15 to 1534c. Santos
No. 4, nominally 16%c. Futures have been irregular.
Leading valorizationists have been purchasing September.
Closing prioes were as follows:
Nov _____14 .33® 14 .34
D ec______ 14.33® 14.34
J a n ______ 14.Oic® 14.02
F e b ______ 13.85@ 13.87
March____ 13.55® 13.56
A p ril_____ 13.47® 13.48
M a y ........ 13.39® 13.40
Jun e_____ 13.37® 13.39
July _____13.36® 13.37
August__ 13.35@13.36
Sept______13.34®13.35
October__ 13.34® 13.35
SUGAR has been lower. The crop advices from Cuba
■have been more favorable. The market is now awaiting the
^beginning of the Cuban crop movement. Centrifugal, 96degrees test, 5.06c.; muscovado, 89-degrees test, 4.56c.;
molasses, 4.31c. Refined lower. Granulated, 6.10c.
PETROLEUM has held steady. The usual activity at
this period of the year is lacking. The export demand has
slackened. Refined, barrels, 7.35c.; cases 8.85c. Gasoline,
in 100-gallon drums, 1834c.; drums $7 50 extra. Naphtha,
73 to 76 degrees, in 100-gallon drums, 1634°.; drums $7 50
extra. Spirits of turpentine 48c. Rosin $6 30 for strained.
TOBACCO.— Leaf, especially good binder, has met with
a fair demand. That sort is in meagre supply. It is re
marked, too, that the supply of Connecticut broad leaf
has been practically exhausted and that of Wisconsin is
steadily diminishing. At the same time the opinion is very
general that manufacturers, who for a long period have been
buying only from hand to mouth, must be carrying but small
supplies, so that when they do enter the market they find
it necessary to pay the prevailing quotations. Sumatra
meets with a routine demand, but the supply has been re
duced to the point where medium grades are about all of
this description that there is to be had. Nowhere is there any
more than a light trade in Cuban tobacco.
COPPER has advanced, with the demand steadily im
proving. Domestic consumers have been good buyers.
Considerable speculation is going on in standard copper and
copper securities. Lake 13 to 1334°•> electrolytic 12J4 to
1334c. Tin has been quiet and irregular. Spot here 43.60c.
Spelter 6.40c., lead 4.35c. Pig iron, after having been quite
active in the early part of the week, turned dull. Virginia
furnaces are still taking quite a fair run of small orders for
Connecticut and New York. No. I Northern $15 to $15 25,
No.f2 Southern $14 50 to $14 75. Railroads have been active
in placing car orders. In some places there is a greater mill
. capacity in operation. Yet many mills are said to be eager
forgbuSiness and some low prices are being named under the
, pressure of sharp competition. It is pointed out, too, that
profitsjhave been cut down in order to stimulate trade.
S a v a n n a h _______
B run sw ick . _ . .
C h a r le s t o n _____
G e o r g e t o w n _____
W i l m i n g t o n _____
N o r fo lk . _______
N ’ p ort N e w s, &c.
N e w Y o r k _______
B o sto n __________
B a lt im o r e _______
P h ila d e lp h ia _____
12,920 17,158
___
2,501
3,188
___
5,133 7,923
4,981
8,558
___
__
398
456
T o ta ls this w e e k .
77,255 80.429 99,488 81,355 64,967 80,112 483,606
—
9,737 16,088 87,176
350 10,350
4,218 21,426
183
3,690 2,351 25,333
5,721
3,991 35,669
18,833 12,434
10,000
5,911 2,796
183
2,707 3,529
7,520 4,892
438
2,812
622
—
434
—
—
405
4,985
—
2,753
4,985
The following shows the week’s total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911.
Receipts to
November 24.
This Since Sep This Since Sep
Week. 1 1910.
Week. 1 1911.
Galveston______ 138,529 ,619,081 104,009 1,547,172
8,515 100,374
40,826 262.721
Texas City____
78,420
63,843 10,435
10,125
Port Arthur. &c
83,295 493.721 92,323 519,422
New Orleans__
2,975
2,700
Gulfport ______
11,925 150,021 i f , 778 112,131
Mobile ......... .
23,797
57.083 6,075
7,150
Pensacola______
9,335
1,181
20,543
1,383
Jacksonville, &c
87.17G ,189,180 58,320 798,506
Savannah______
10,350 157,995 18,000 105,841
Brunswick_____
21,420 220,050 10,594 181,653
Charleston_____
183
308
Georgetown ___
158
544
Wilmington ___ 25,333 258,70 G 17,986 261,934
35,009 300,185 39,426 287,033
Norfolk________
2,009
N’port News, <5cc
149
1,721
2,150
494
New York_____
1.839
2,753
15.C13
1,691
Boston________
6,258
29,405 5,978
4,985
40,832
Baltimore______
Philadelphia___
Total.............
1911.
346,278
51,531
204,502
178,583
2,700
55,048
163,518
237,645
4,312
56,224
155,622
18,931
44,465
38,189
60,861
42,821
32,586
98,979
3,523
6,610
5,306
173",664
921
19,138
4,318
483,606 4,846,255 393,380 4,083.412 1,145,789
913,408
52",922
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1907.
1906.
1911.
1910.
1909.
1908.
Galveston —
TexasCIty,&c.
New Orleans.
M obile______
Savannah —
Brunswick —
Charleston,&c
Wilmington..
N orfolk ____
N ’port N., 4:c
All others-----
138,529
50,951
83,295
11,925
87,176
10,350
21,009
25,333
35,669
18,769
104,069
18,950
92,323
11,778
58,320
18,000
10,752
17,980
39,426
149
15,621
84,373
1.894
36,701
8,885
25,782
7,090
6,890
7,914
15,281
1,255
8,219
164,820
9,997
90,906
19,585
49,915
10,649
8,509
20,873
29,376
168
8,849
86,028
10.264
93,807
12,153
63,629
6,679
7,104
18,367
22,045
273
12,968
136.988
2,946
97,467
14,590
61,687
18,475
7.442
16,433
26,098
1,091
7,621
Total this wk.
483,606
393,380
204,284
413,653
333,317
390,838
Receipts at—
Since Sept. 1. 4,846,255 4,083,412
,078,360 4,368,485 3,299,982 4,265,197
The exports for the week ending this evening reach a total
of 367,090 bales, of which 141,702 were to Great Britain,
75,477 to France and 149,911 to the rest of the Continent
Below are the exports for the week and since Sept. 1 1911:
! Week ending Nov. 21 1911. From Sept. 1 1911 to Nov. 24 1911.
Exported to—
]
Exported to—
E x p o r t s --------------------------------------------------------------------------Great
Conti
Great
Conti
from—
Britain. Fr'nce. nent. Total. Britain. Prance. nent.
Total.
Galveston------ 58,635 18,388 33.030110,053
9,617 13,292
600 23,509
Port Arthur, &c.
10,125
10,125
New Orleans.. 40,060 17,239 13,805 71,704
3,150 8,130
11.580
Mobile.............
7,150
Pensacola-----7,150
__
Gulfport — ..
Savannah ------ 11,565 8,303 30.997 59,865
Brunswick-----5,796
___
18.000 18,600
Charleston----Wilmington—
. . . . 12,718 12,718
Texas City------
8,220 11,022
Newport News.
Boston --------Baltimore-----Philadelphia . .
San Francisco.
Seattle ...........
Tacoma...........
Portland, Ore.
Pembina.........
Detroit-----------
1,000
fooo
6,200
1,779
____
____
____
___
___
—
—
—
—
—
—
—
—
—
—
____
11,035 17,235
____
1,779
____
____
300
300
-- - —
6,039 6,039
1,351
1,351
—
____
---- —
-----—
—
—
G14.2ll|l28,G02
159.252 36,603
5,158 20,125
189,711 32,487
30,082 12,960
21,600 17,0.33
______
____
254,89.3 93,705
____
OS,8.32
____
11,709
53,295 38,986
2,991
90,809 31,410
____
45,833
8,305
___
14,153
_____ .
—
........
2,210
______
______
—
........
____
____
____
—
400,925 1,149,738
15,523 211,378
21,571
46,881
93,597 335,795
28,684
71,732
18,450
57 083
275
275
360,308 714.956
82,343 151,175
114,090 125,799
109,980 202,261
2,991
101,875
3,533
59,029
0,940
224,124
49,366
69,544
21,093
45,404
15,471
950
______
______
45,404
15,471
950
______
______
—
........
Total........... 141,702 75,477 149,911 367,090 l,570,80l|434,157 1,490,998 3,490,016
Total 1910------ 137.758 33.263 140 912311 933 i 405 *>r*0?47.1«4 1.108,424 2.801,198
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the^ports named. We add similar figures for
New York.
THE CHRONICLE
1482
On Shipboard, Not Cleared tor—
Great ,
GerOther CoastDr itain.} France many. Foreign wise.
INov. 24 al-
Leaving
Stock..
Total.
1,800: 3,000 "f,200
20,000, 4,000 23,000
Total 101l_
Total 1910.
Total 1909.
108,761 39,054 72,986 58,090 26,026 304,917
99,633 26,039 00,377 48,793 25,198 260,040
77,712 56,580 84,295 34,983 31,080 284,650
840,872
653,368
623,788
Cotton for future delivery has advanced at times and then
declined on light transactions. No marked changes in prices
have occurred. Spinners and speculators for both sides of
the account have bought with sufficient freedom to cause
now and then some rise of prices. It is found difficult to
force the market below 9 cents, and this, despite large re
ceipts, a record-breaking ginning total and the fixed belief
among what appears to be a majority of the trade that the
present crop exceeds 15,000,000 bales, while the highest esti
mate of the world’s recpiirements of American cotton is
13,500,000 bales. Manchester is reported firm. Fall River’s
print cloths sales for the present week are expected to reach a
large total at firm quotations. More cheerful reports are cur
rent as to the condition of the yarn trade. Augsburg, Ger
many, despatches report a good demand for yarns there and
also for spot cotton. Inaia s requirements of American
cotton, it is said in Liverpool, will reach an unusual total this
year. Bombay, it is estimated, will take 250,000 bales of
the American staple. A scheme is broached here involving
$50,000,000, with object of advancing $25 a bale to the
Southern farmers upon his agreeing to curtail his next acre
age, taking 2,000,000 bales from him, selling it and buying
futures, in the profits of which the farmer is to share when the
price advances to a suitable point, say 12 or 13 cents. At
least that is how nine out of ten members of the trade under
stand the matter. It is generally regarded as impracticable.
The holding back of cotton at the South, noticeable for some
weeks past, especially in the Eastern section of the belt, is
still a factor. Continental spinners are buying the next-crop
months on a rather liberal scale, it is said, in Liverpool. Some
New Orleans speculative interests are buying Oct. 1912. Spot
markets on the whole have been steady. The exports
have reached so large a total as to excite remark. The gin
ning report by the Census Bureau on Nov. 21 showed a total
of 11,269,986 bales ginned up to Nov. 14, against 8,780,433
up to the same date in 1910 and 8,112,199 in 1908. Liver
pool after being dull lias latterly become stronger and its
spot sales have somewhat increased. There is said to be a
liberal-sized short interest here. On the other hand, the
Census Bureau’s ginning figures, it is contended, were only
smaller than expected because of wet weather during much
of the fortnight covered by the report, and, in any event,
point to far the largest crop ever raised. Some are even rais
ing their crop estimates. Guesses in the neighborhood of
16,000,000 bales are more numerous than earlier in the sea
son. On the day the ginning report was issued the South
is said to have sold heavily; also some of the Wall Street bulls
were, it appears, among the sellers. Northern spinners’ tak
ings have for weeks past been relatively small. The situa
tion in China is still grave. It is regarded as a serious menace
to Lancashire’s trade, even though some China business in
cotton goods is being done in this country. Rumors of finan
cial troubles in the Russian trade have been in circulation.
There is said to be a large Russian “ long” interest in Liver
pool. To-day prices declined slightly. Trading is unusually
small and fluctuations of prices correspondingly contracted.
There is practically a deadlock in the market pending further
developments. The week-end statistics were regarded as
bearish rather than otherwise, but fell flat. Spot cotton has
been dull, closing at a decline of 5 points, with middling up
lands 9.45c.
;
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 18 to Nov. 24 —
Sat.
M on. Tu es. W ed . Thurs.
Middling uplands......... .......... 9.50
9.45
9.45
9.45
9.45
Fri.
9.45
NEW Y O R K QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov. 24 for each of the past 32 years have been as follows:
1911.C._ . 9.45
1910___ __ 14.95
1909___ ...14.60
1908___ . . . 9.45
1907___ ..11.20
1906. . . ..11.20
1905___ ..11.75
1904___ . . 9.80
1903.c. ___ 11.30
1902... ___ 8.60
1901... ___ 8.00
1900... ___ 10.25
1899... ___ 7.75
1898... ___ 5.44
1897... ___ 5.81
1896... ___ 7.62
1895.c__
1894___
1893---1892___
1891___
1890___
1889___
1888. . . .
. . 8.56 1887-C-.
. . 6.00 1886___
. . 8.12 1885___
1884___
. . 8.12 1883___
. . 9.44 1882___
-.10.25 1881___
. . 9.94 1880___
..10.44
. . . 0.19
. . 9.44
...10.44
...10.50
..10.56
. .11.94
..11.50
MARKET AND SALES AT NEW Y ORK.
Spot Market
Closed.
Saturday__
Monday___
Tuesday__
Wednesday.
Dull
Dull,
Dull
Dull
Dull
Dull
T o ta l___
_____________
5 pts decline..
_____________
................ .
____________
.....................
Futures
Market
Closed.
Barely steady..
Steady________
Barely steady. _
Very steady__
SALES.
Spot.
___
____
Contr’ct Total.
600
___
too
700
l x x x x iii
FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
142,474
197,433
217,668
47,224
42,333
39,590.
90,979
63,171
108 30,109
1,847 48,845
1,300 19,977
9.000
1,500 12,715
21,271 21,271
8.000
2,000
49,000
2,000
8,069' 3,740 4,406 19,786
63,102; 24,809 32,783 26,304
2,077 8,000
8,600;
4,000
5 ,0 0 0 ;
2,190; 3,505 5,520
New Orleans^
Galveston__
Savannah __
Charleston__
M obile______
N o rfo lk .......
New York__
Other ports.-
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§ « o gK o aK o | K o -K o | K o
THE VISIBLE SUPPLY OF COTTON to-night, as made
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 24—
1911.
Stock at Liverpool _......... bales.. 548,000
.
3,000
Stock at London_________
. 36,000
Stock at Manchester______
1910.
658,000
3,000
38,000
1909.
840,000
7,000
56,000
1908.
547,000
12,000
35,000
Total Great Britain stocks____. 587,000
.
9,000
Stock at Ham burg_______
Stock at Bremen_________ _____ . 183,000
Stock at Havre ....................... . 127,000
.
2,000
Stock at Marseilles_______
.
11,000
Stock at Barcelona_______
. 26,000
Stock at Genoa__________
.
4,000
Stock at Trieste _________
699,000
5,000
165,000
154,000
2,000
8,000
35,000
003,000
6,000
182,000
313,000
2,000
8,000
48,000
1,000
594,000
18,000
324,000
194,000
4,000
15,000
21,000
6,000
Total Continental stocks______. 362,000
369,000
560,000
582,000
Total European stocks________. 949,000 1,068,000 1,463,000
60,000
80,000
India cotton afloat lor Europe__ .
9,000
897,486
737,861
.1,013,773
Amer. cotton afloat for Europc.-l,013,773
91,000
82,000
8 1,000
Egypt,Brazil,&c.,allt.for Europe..
81,000
199,000
Stock In Alexandria, Egypt------. 169,000 236,000
225,000
176,000
Stock In Bombay, Indiana______. 216,000
908,438
913,408
.1,145,789
Stock In U. S. ports_______
697,759
711 ,879
. 827,931
Stock In U. S. Interior town
1,957
61,123
50,548
U. S. exports to-day___________ .
.4,462,341 4.075,271 4,534,640
Of the above, totals of American and other descriptions are as
American—
763,000
Liverpool stock__________ bales. 458.000 559,000
50,000
29,000
26,000
Manchester stock_______________
533,000
330.000
343,000
Continental stock_______________
897,486
American afloat for Europe------ 1,013,773 737,861
908.438
U. S. port stocks------------------- 1,145,789 913,408
697,759
711,879
U. S. Interior stocks____________ 827,731
1,957
50,848
61,123
U. S. exports to-day--------------
1,176,000
50,000
900,231
63,000
217,000
92,000
1,051,282
820,980
37,572
■4,408,065
follows:
448,000
30,000
535,000
900,231
1,051,282
820,080
37,572
3,823,065
Total American......... .....'____ 3,855,341 3,352,271 1,851,640 1
East Indian, Brazil, &c.—
77,000
09,000
99,000
90,000
Liverpool stock________________
7,000
12,000
3,000
3,000
London stock__________________
6,000
12,000
5,000
7,000
Manchester stock_______________
27,000
26,000
47,000
32,000
Continental stock------------------60,000
80,000
50,000
9,000
India afloat for Europe— .........
82,000
91,000
63,000
81,000
Egypt, Brazil, &c., afloat_______
236,000
199,000 217,000
Stock In Alexandria, Egypt_____ 169,000
176,000 225,000
02,000
Stock In Bombay, India________ 216,000
723,000
683,000
585,000
Total East India, &c_________ 607,000
Total American_____________ 3,855,341 3,352,271 3,851,640 :3,823,065
Total visible supply__________ 4,462,341 4,075,271 4,534,640 4,408,085
Middling Upland, Liverpool____
6.22d.
8.10(1.
7.62d.
5.08d.
Middling Upland, New York___
9.45c.
14.80c.
9.45c.
Egypt, Good Brown, Liverpool. .11 10d. 11 13-16d.
12 J^d. 0 3-16d.
Peruvian, Rough Good, Liverpool
9.50d. 10.7od.
0.25d.
7.90d.
Broach, Fine, Liverpool________ 5 5- 16 d.
7 Hd. 4 13-16d
TInnevelly, Good, Liverpool___ 5 5-10d.
7 9-16d. C 15-16d. 4 ll-16d
Continental imports for the past week have been 174,000
bales.
___
The above figures for 1911 show an increase over last week
100
of 282,390 bales, a gain of 387,070 bales over 1910, a de
crease of 72,299 bales from 1909 and a gain of 54,276 bales
700
over 1908.
600
THE CHRONICLE
N o t . 2 5 1 9 1 1 .]
AT THE IN TERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.
HMOSig
2 2 c o -r
Sg
02.
9 >
-•O rt>
$
S2.P O
Galveston_____
New Orleans__
M obile_____ __
__
Savannah
Charleston_____
Wilmington___
N orfolk _______
Baltimore_____
Philadelphia__
Au gu sta______
Memphis______
St. Louis. __
Houston______
Little Rock___
Closing Quotations for Middling Cotton on
Sat’day. Monday. Tuesday. Wed’ day. Thursd'y. Friday.
9A
9 7-16
9 'A
9 y*
9H
9
9A
9%
9.75
9%
9 y»
9H
9 9-16
9 'A
9H
9'A
9 'A
9H
9M
9
9 3-16
9H
9.70
9%
9a
9H
9A
9A
9H
9H
9 'A
9A
9a
9
9 3-16
9 Vi
9.70
9 7-10
9 Vi
9H
9A
9H
9A
9A
9 5-16
9A
9A
9
9 3-16
9%
9.70
9 5-16
9A
9%
9 9-10
9'A
9%
9A
9 5-16
9A
9 Vs
9
9 3-16
9%
9.70
9%
9'A
9 Ys
9 9-16
9'A
9A
9A
9 5-16
9'A
9 Ys
9
9 3-16
9A
9.70
9A
9H
9 9-16
9A
>
-g
^ „grcd _ g.cr
: p : : £!
g
el
■33?;
*d
Week ending
November 24.
1483
NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sal’day, Monday, Tuesday, Wed’ day Thursd’y Friday,
Nov. 18. Nov. 20. Nov. 21. Nov. 22. Nov. 23. Nov. 24.
*gjto>-»crc>to ro“vi cotocotococt c« coo go►
GO•'I C3OS
Cl O toO ►
-O O GOOj^ h-400COCOON^t0-v|^lC0O^lOM^»J*O>-*Ot'0H-*00
CO
ton
OOGOCOCl CoH-4 GO Cl
_>UCO
______
. *UO
tOCOCOCOtC5COCOCOClOK-4OOOO^COOOM>-4tOOOO-'IOtOOOOCiO*UCOCT»-4M)-*-vlCr>
toL* Ci ■'ICl COto*n! CO O MGO C« COCOG3O COVl
CSCOCl
ooVj o -*J
O to O) OC1C
►
*
*
C
l
to
C
ft*
0
0
C
O
O
ii‘
O
O
to
G
O
o
C
G
C
WtoMOCMCO
~
' O CD*W
“ CO' ' ‘ -t*Cl <0C COMOCtoO O M^ O' •-*MWO O O
to
tOH
C3COtoCl to
CO CO OMM CO£» to toCl toMMo COo o toCl CI
CoVlWO^i! co*uc« co toto o cocrgjtocotoc>go**VjVj o >u ►
-*coL4ooci
toO tU.O COCOMo COCOto c« COK*Ci to M*-*c>O ci O >uCOv-4 ^£ 7
lUQtUOGlCOCOOMQtOCTtOeo CO«OCiCOtOCiO*U*UOtOO
“'l O O to 00COCO (t-.COCl
to^ O COCl toto O to<100COC»to-0OCO
OOWO^Ci ----------I ---- ----|• |
toCOGOOto>U
Cl to to Cl CI Cotoo
to toCOtotoCO Cl
O 00 OO COo COCOtoo >UCOcotolUCOCI O c Mo >-4O Cl Ooc »t» O C OO i-4A*
03O»lOO^MOO00CltOf
ocotoo-viosco^cicstooco^ajoco.uoM-vicooo*ci co ci to
“JO 00 o totol
MiUHO^Ol
•vICOOOCOOl
4o o toO coO 00t400CO
400-4Cl 00
5 COCl
9O O COCOo GOCl
a> o i-4coto
M-4*-*^ toto»■
m coVjL» coL* c> 09Vj ci ootb. tocoL* L . .
V-4O C<CO^ coh-4Cotoc* COCoo £*■-J"vlMco to>_ ___
tJh*CD C5M Cl O ce»* MC O H*MC.IHlo c Cl O C C»'l w
C0^C0>-4ClC0H4Ot0M*-4C0C0r0C0Ci00>-k^lO COCOOit-^COCi*cooiUocooo-acoc>oci-^OM“4citocioooootoooco«aooocotoo9H
The above totals show that the interior stocks have in
creased during the week 45,775 bales and are to-night 116,052
bales more than at the same time last year. The receipts
at all towns have been 33,177 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
November 24—
Shipped—
Via Hock Island.
Deduct shipments—
Overland to N. Y., Bostc
Between Interior towns..
Inland, &o., from South.
. 4,683
.
195
. 5,103
. 2,984
7,890
.10,730
1011-——
Since
Sept. 1.
131,430
17,656
1,013
38,424
20,709
49,718
73,007
week.
33,490
14,303
1,971
0,843
2,228
8,103
8,742
1910----Since
Sept. 1.
140,585
93,398
14,575
37,690
23,920
53,003
51,500
.52,392
332,017
70,190
421,397
. 7,738
. 974
. 513
47,108
10,440
13,110
8,103
1,248
570
48,929
12,127
18,677
Week,
Total to be deducted_________ .0,225
9,225
70,730
9,987
79,733
Leaving total net overland * . ....... .43,107
43,107
201,287
00,209
341,604
* Including movement by rail to Canada.
The foregoing shows the week’s net overland movement
has been 43,1(57 bales, against 66,20!) bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease from a year ago of 80,377 bales.
-1910—
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Nov. 24----483,600
Net overland to Nov. 24_________ 43,107
Southern consumption to Nov. 24 53,000
Since
Sept. 1.
4,840.255
201,287
529,000
Week.
393,380
00,209
51,000
Since
Sept. l.
4.083,412
341,004
507,000
Total marketed_______________ 579,773
Interior stocks In excess________ 45,775
5,030,542
727,494
510,589
52,630
4,932,070
661,101
Came Into sight during vyeek..625,548
Total In sight Nov. 24________ _______
---------0,304,030
503,225
______
5,593,177
North, spinners’ takings to Nov. 24 83,353
094,310
109,524
862,712
Movement into sight in previous years:
Week—
1909— Nov.
1908— Nov.
1907— Nov.
1900— Nov.
Bales.
2 6 ................ 328,972
28__________ .507,390
29...........
407,524
30____________ 522,247
Since sept. 1—
Bales.
1909— Nov. 20...................5,030,828
1908— Nov. 28............. ...0,054,098
1907— Nov. 29................. .4,498,088
1906— Nov. 30................. .5,088,972
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week, , ' j . ; ; ; ..............
. . j;^
November—
Range------Closing------December—
R ange-----Closing______
January—
Range---- Closing---- -r
February—
Range ------Closing------March—
Range ------Closing------April—
Range------Closing------May—
Range------Closlrtg------June—
Range..........
Closing------July—
Range___ -Closing------August—
Range______
Closing___ - September—
Range______
Closing___ -Tone—
Spot - - — Options------
— @ — — © — — © — 9.18 —
9.20 — 9.21-.22 9.10-.1S 9.22-.24
9.20-.30 9.17-.23 9.17-.33 9.14-.22
9.20-.21 9.21-.22 9.17-.1R 9.22-.23
9.10-.22 9.12-.18 9.13-.31 9.13- .20
9.16-.17 9.17-.18 9.15-.16 9.19-.20
— © — — © — — @ — — @ --9.20-.22 9.41-.23 9.18-.20 9.21-.23
9.22 — — ® —
9.20-.21 9.16-.17
9.20-.23 9.16-.20
9.20-.21 9.16-.17
9.18-.21 9.14-.18
9.18-.19 9.14-.15
— © —
9.20-.21 9.16-.18
9.23-.29 9.19-.25 9.20-.36 9.20-.28 9.25-.29
9.23-.24 9.24-.25 9.23-.24 9.27-.28 9.26-.27
— © — — © — — @ — — © — — © —
9.26-.28 9.27-.29 9.25-.26 9.29-.31 9.28-.29
9.22-. 20
9.22-.23
— © —
9.24-.26
9.33-.38 9.,30-..35 9.30-.47 9.30-.38 9.35-.39 9.31-.36
9.34 — 9.35 — 9.32-.33 9.37-.38 9.36-.37 9.31-.32
— © — — © — — © — — © — — © —
9.37-.39 9.37-.39 9.34-.35 9.39-.41 9.38-.39 9.33-.35
9.44-.48 — (5) — 9.41-.51 9.44-.48 9.47-.48 9.44 —
9.44-.45 9.44-.45 9.43-.44 9.48-.49 9.47-.48 9.42-.43
9.35 —
— © — — © — — @ — — © — — @ —
9.34-.30 9.31 — 9.35 — 9.34 — 9.37 —
— © — — © — — © — — @ — — © — —- © —
9.33 — 9.32-.34 9.29 — 9.38 — 9.37 — 9.36 —
Firm.
Steady.
Steady.
Steady.
Quiet.
Steady.
Easy.
Steady.
Quiet.
Steady.
Easy.
Steady.
W EATHER REPORTS BY T E L E G R A P H — Our ad
vices by telegraph from the South this evening denote that
quite generally favorable weather has prevailed during the
week, the rainfall having been light as a rule. The picking
of the crop has made good progress and in some sections is
already completed. Marketing continues free.
Galveston, Tex.— There has been light rain on one day
during the week, to the extent of one hundredth of an inch.
The thermometer has averaged 57, the highest being 73 and
the lowest 40.
Abilene, Tex.— There has been no rain the past week.
Minimum thermometer 34.
Palestine, Tex.— Rain has fallen on one day during the
week, the precipitation reaching seventy-eight hundredths of
an inch. Lowest temperature 32.
San Antonio, Tex.— Rain has fallen on one day during the
week, to the extent of eight hundredths of an inch. Lowest
thermometer 38.
Taylor, Tex.— We have had rain on one day of the week,
to the extent of four hundredths of an inch. Lowest tem
perature 30.
New Orleans, La.— We have had rain on two days during
the week, the rainfall reaching forty hundredths of an inch.
The thermometer has averaged 68.
Shreveport, La.— Rain has fallen on two days of the week,
the precipitation reaching one inch and two hundredths.
Average thermometer 60, highest 80, lowest 39.
Vicksburg, M iss.— We have had rain on three days during
the week, the precipitation reaching one inch and eight hun
dredths. The thermometer averaged 57, the highest being
79 and the lowest 32.
Little Rock, Ark.— Rain has fallen on three days during the
week to the extent of two inches and twenty-three hun
dredths.
The thermometer has ranged from 28 to 68,
averaging 48.
Helena, Ark.— There has been rain on three days of the
past week, the rainfall reaching one inch. The thermometer
has averaged 49.6, ranging from 27 to 72.
Mobile, Ala.— It has rained on three days during the week,
to the extent of one inch and five hundredths. The ther
mometer has averaged 60, ranging from 46 to 76.
Montgomery, Ala.— We have had rain on two days during
the week, the rainfall reaching twenty-seven hundredths of
1484
THE CHRONICLE
an inch. The thermometer has ranged from 35 to 78,
averaging 55.
Selma, A la.— Rain has fallen on two days of the week,
the precipitation reaching twenty hundredths of an inch.
Average thermometer 50, highest 75, lowest 33.
Savannah, Ga.— It has rained on one day of the week, the
precipitation reaching seven hundredths of an inch. The
thermometer has averaged 57, the highest being 73 and the
lowest 36.
Charleston, S. C .— There has been rain on one day of the
week, to the extent of nine hundredths of an inch. The
thermometer has averaged 58, ranging from 43 to 73.
Charlotte, N . C.— We have had rain on one day during the
week, the rainfall being twelve hundredths of an inch. The
thermometer has ranged from 28 to 66, averaging 47.
The following statement we have also received by telet
graph, showing the height of rivers at the points named a8 a. m. of the dates given.
New Orleans-------------Above
Memphis_____________ Above
Nashville----------------- Above
Shreveport____________ Below
Vicksburg____________ Above
zero
zero
zero
zero
zero
of
of
of
of
of
Nov. 24 1911.
Feet.
gauge.
5.1
gauge.
10.4
gauge.
10.5
gauge.
4.4
gauge.
15.5
»
Nov. 25 1910.
Feet.
3.4
3.4
7.2
3.4
1.9
COTTON FREIGHTS AT NEW Y O R K .— Cotton freights
at New York the past week have been as follows, quotations
being in cents per 100 lbs.:
Tues.
Wed.
Mon.
Sat.
Tlturs.
Frt.
25
25
25
25
25
25
25
25
25
25
25
25
35
35
35
25
35
35
25
25
25
30
25
25
27 >4
27 >4
27 >4
27 Y
27 Y
27 Y
30
30
30
30
30
30
36
36
36
36
36
36
43
45
42 Y
45
45
45
..
..
__
S3
35
30
35
35
35
35
37 H 35@ 37 >4 35-37 Yj 35-37 Y 35-37 Y 35-37 Y
42
40
42
42
42
42
55
55
55
55
55
55
Liverpool ________
Manchester_______
Havre ___________
Bremen__________
Hamburg ________
Antwerp__________
Ghent, via Antwerp
R ev a l____________
Gothenburg ........Barcelona_________
Genoa ___________
Trieste___________
Japan _____________
RECEIPTS FROM THE PLANTATIONS.— The follow
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts at Ports.
Week
e-ndiag
Oct.
”
“
“
Nov.
"
“
"
1911.
1910.
Stock at Interior Towns. Receipts from Planta’ns.
1909.
1911.
1910.
1009.
1911.
1910.
1909.
6 444,027 349,502 418,615 359,703 223,532 321,709 530,350 408,333 493.217
13 431,120 400.089 442,783 420,130 200.714 401,231 50 ,565 467,271 522,305
20 473.532 451,952 450.899 503,157 390,627 474,240 547,550 551,865 523,908
27 487.092 390,831 420.071 683.506 471.775 530,365 567.441 471,979 476,196
3 487.956 381,530 401.448 664,364 542,020 565,685 568.813 452,684 436,767
10 440,418 375,734 367,454 740,866 608,000 631,918 525,920 440,825 433,688
17 438,861 413,466 278,293 782,156 659,243 663,704 480,151 464,709 310,079
24 483,606 393,380 204,284 827,931 711,879 697,759 529,381 446,016 238,339
[V O L . L X X X X II1 .
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight, for the like period.
Cotton Takings.
W eek and Season.
1911.
Week.
Season.
1910.
Week.
Season.
Visible supply Nov. 17. _ ____ 4,170,951
3,871,974
Visible supply Sept. 1___
__
1,603,418
1,495,514
American In sight to Nov. 24__
625,548 6,364,036 563,225 5,593,177
Bombay receipts to Nov. 23___
56,000
158,000
55.000
223,U00
Other India ship’ts to Nov. 23..
1,000
54.000
2,000
49.000
Alexandria receipts to Nov. 12.
53,300
306,100
65.000
476,000
Other supply to Nov. 22*______
7,000
86.000
9,000
75.000
Total supply. _
__________ 4,922,799 8,571,554 4,566,199 7,911,691
Deduct—
Visible supply Nov. 2 4 . ___ __ 4,462,341 4,462,341 4,075,271 4,075,271
Total takings to Nov. 24______ 460,458 4,109,213 490.928 3.836.420
Of which American_________
371,158 3,361,113 406.928 3.034.420
Of which other. . _____
89,300
748,100
84,000
802,000
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
— We give below a statement showing the exports of domestic
cotton manufactures for September and for the nine months
ended September 30 1911, and, for purposes of comparison,
like figures for the corresponding periods of the previous
year are also presented:
Quantities 0/ Manufactures of Cotton Month end. Sept. 30.
(.Colored and Uncolored)
Exported to—
1911.
1910.
9 Months end. Sept. 30.
United Kingdom................ yards.
315,668
117,333
Canada...................... ............. 1,243,531
699,239
Central American States and British
Honduras........ ..................... 4,025,644 3,104,124
Mexico ........ ............................
118,054
138,028
2,612,59+
H aiti____________________
1,830,527
Other West Indies and Bermuda__ 1,459,976 2,917,788
Brazil ......................................
213,350
107,643
Chile........................................ 1,164,600 1,215,827
Colombia......................... ....... 1,793,086 1,502,957
Other South America____________ 1,252,320
868,648
Aden_________________________ 1,213,400 2,224,755
Chinese Empire________________ 7,671,189 4,226,655
British East Indies_______ ____
413,938
983,800
British Oceania_________________
881,098
547,970
Philippine Islands________ _____ 5,311,493 7,180,316
Other Asia and Oceania..... ..........
284,786
368,005
Other countries_____ ___________ 1,329,766 1,411,803
1,305,901
8,189,176
1,277,520
8,084,288
30,782,950
1,192,483
17,487,701
12,597,215
20,506,928
949,893
0,143,575
12,645,130
13,602,198
14,972,504
78,182,798
8,642,7S9
7,411 906
30,063,845
2,960,981
13,377,716
18,914,113
1,341,801
8,625,206
1911.
1910.
26,059,247
1,700,895
7,261,452
12,444,847
9,382,185
7,991,005
00,241.093
0,511,026
5,497,217
41,323,129
2,170,332
7,784,298
Total yards of above________
33.025,707 30,313,278 284,015,689 227,209,054
Total values of above_________ $2,290,794 $1,992,639 S19,997,680 $15,309,422
Value per yard------------------$.0694
$.0657
$.0704
$.0674
Value of Other Manufactures
of Cotton Exported—
Clothing and other wearing apparel
Knit goods........... .................
All other....... ..... .................
Total.................................
Waste, cotton_____ ____
Y a rn ________________
All other_______________
$153,486
518,573
$148,009 $1,364,926 $1,083,891
409,407 4,468,965 3,703,055
$672,059
$557,416 $5,833,891 34,786,946
8271,807
48,946
489,006
$341,761 $2,538,893 S2,638,675
35,927
431,635
431,698
372,416 4,166,233 3,396,216
Total manufactures of.............. $3,772,612 $3,300,159 $32,968,332 $26,562,957
SAVANNAH COTTON EXCHANGE.— Annual Election.
The above statement shows: 1.— That the total receipts
from the plantations since Sept. 1 1911 are 5,573,749 bales; — At the annual election for officers of the Savannah Cotton
Exchange held on Monday the old board of the past year
in 1910 were 4,744,513 bales; in 1909 were 4,692,956 bales.
with the exception of the inspectors for the next election
2.— That although the receipts at the outports the past was chosen. The ticket elected follows: President, Paul
week were 483,606 bales, the actual movement from planta T. Haskell Jr.; Vice-President, Beirno Gordon; Directors,
tions was 529,381 bales, the balance going to increase stocks W. W. Williamson, F. D. Bloodworth, John W. Gleason,
A. J. Ritch, R. P.Canon, M. M. Hopkins, Wright Hunter,
at interior towns. Last year receipts from the plantations George F. Tennille, John Nisbet. Inspectors of next election,
for the week were 446,016 bales and for 1909 they were J. L. Crump, A. J. Howard, George C. Heyward Jr.
238,339 bales.
CENSUS BUREAU’S REPORT ON COTTON GINNING.
— The Division of Manufactures in the Census Bureau com
EXPORTS OF BREADSTUFFS, PROVISIONS, COT pleted and issued on Nov. 21 its report on the amount of
TON AND PETROLEUM.— The exports of these articles cotton ginned up to Nov. 14 the present season, and we give
during the month of October and the ten months for the past it below, comparison being made with the roturns for the
like period of the two preceding years.
three years have been as follows:
Exports
from
U. S.
Quantiltes.
Wheat, bu.
Flour.bbls.
1Wheat*bu.
■Corn ..bu.
1911.
October.
10 Months.
1910.
October.
10 Months.
1909.
October.
10 Months.
3,833,074 26,322,155
1,214,927 9,190,771
3.210,364 16,782,189
929,204 6,368,774
9,300,245 67,680.624
2,908,791 53,514,967
7,391,782 45,441.072 13,873,872 68,198,405
3.187.878 30,329,829 2,068,046 27,262,363
8,561,978 34,780,964
1,180,421 7,426,098
Total bu_. 12,209,036 121,195,591 10,579.600 75,811,501 15,942,518 95,460,768
$
$
Values.
S
$
$
$
Wh’t&ll'r. 8,682,890 67,835.660 7,715,027 49,714,658 14.407,563 75,031,551
•C’rn&meal 2,368,981 31,992,084 1,917,344 21,087,378 1,507,282 20,491,471
202,037 1,137,089
100,187
989,222
O’ts&meal
138,308 1,557,914
40,632
724,854 2,609,718
290,767
Barley__
80,034 2,175,966
13,917
28
424.030 2,328,2.35
413
R y e .......
910
Breadst’fs. 11,270,626 103,563,434 10,559,290 74,502,760 16,479,694 99,131,246
Provisions 10,330,045 115,643,460 7,708,544 89,415,297 S, 736,740 112,286,053
■C’tle&hogs
742,0891 12,540,646
729,056 6,544,932 1,179,132 12.823,511
Cotton ... 72,457,993 370,884,670 92,551,094 339,615,378 88,883,350 328,526,864
Pet'm.&C- 8,620,870 83,408,987 7,169,829 74,712,991 8,355,404 83,444,819
Wi ' *
Tot’l value 103,421,629 686,041.203 118,717,813 584,881.358 123.034.320630.212,493
----- Continuum Round as Half Rale.
1911.
1910.
United States............................. 1 1 ,2 6 9 ,986
8,780,633
Arkansas_______________________
562,542
479,122
895,894
Alabam a________ ________ _ _ . 1,108,191
Florida ............
65.238
46,847
Georgia....................................... 2,103,979
1,436,997
Louisiana ..........
268,408
183,818
Mississippi..
720,748
759,152
North Carolina...........................
715,537
494,920
Oklahoma . .
656,166
727,654
South Carolina
1,164,149
888,291
Tennessee.........
264,830
192,213
Texas________
3,478,802
2,636,696
Others_______
" “
71,396
38,829
The statistics In this report include 76,011 round bales for 1911, 651364
bales for 1910 and 123,757 bales for 1909. The number of Sea Island bales
Included Is 71,199 for 1911, 52,631 for 1910 and 68,495 for 1909. The dis
tribution of Sea Island cotton for 1911 by States is: Florida, 26,818; Georgia,
41,725; South Carolina, 2,656. The statistics In tills report aro subject to
slight corrections when checked against the Individual returns of the glnncrs
being transmitted by mall. The corrected statistics of the quantity of
cotton ginned this season to Nov. 1 are 9,970,905 bales.
— Colonel Alfred B. Shepperson, compiler of "Cotton
Facts” since 1878 and author of “ The Standard Telegraphic
Cipher Code for the Cotton Trade,” died suddenly on Monday
in his office in the Cotton Exchange Bldg., his death being
t * Including flour reduced to bushels.
Colonel Shepperson was born in Virginia
Note.—All the above flgures are based on the monthly preliminary returns Issued clue to apoplexy.
in 1838, but came to New York as a young man.
.byithojliureau of Statistics, and cover about 96% of the total exports. -kJ.u
Nov. 25 1911.]
THE
IN D IA COTTON M O V E M E N T FROM A L L PORTS.
Receipts at—
Since
Sept. 1.
Week.
Bom bay.. .............. .......
56,000
Week.
Since
Sept. 1.
Week.
223,000 97,000
362,000
Since Sept. 1.
4.000
57.000
47.000 70.000
61.000 202,000
67,000 128,000
1.000
2,000
2,000
6,000
5.000
6.000
7.000
7.000
8.000
l'ooo
2,000
1,000
3.000
5.000
5.000
4.000
l’ ooo
2,000
4.000
8.000
9,000
35.000
28.000
34,000
23.000
___________
l'ooo
___________
2,000
___________
Total all—
1911
1910
>9___
1909___
1,000 32.000 34.000
1,000
___________
1,000 18.000 20.000
1.000
___________
36,000
4,U
Uu o.U
UU *0»U
UU .J
DtUUU
26,000
6,000
4,000
l'ooo
1,000
1,000
___________
___________
LO
___________
GO
Total.
3’ 56o 138,000
1,000 32.000 33.000
___________ 18.000 18.000
o’,666 26,000 33,000
i",66o
___________
1911___
1910
1909
Calcutta—
1911
1910
1909
Madras—
1911
1910
1909
All others—
1911
1910
1909
___________
l’ ooo
___________
___________
Japan
Conti
nent. ct- China.
Great
Britain
Great Conti- j Japan
Britain. nent. dkChlna Total
Bombay—
Since
Sept. 1.
168,000 55.00C
For the Week.
Exports
from—
1909.
1910.
1911.
November 23.
7.000
6.000
8,000
1,000
1,000
40.000
36.000
43.000
48.000 124.000
61.000 251.000
68,000 187.000
uo.uuw
i
7,000 69,000
14.000 176.000
18.000 101.000
io,uuu
A L E X A N D R IA REC EIPTS A N D SH IP M E N TS.
Alexandria, Egypt,
November 22.
1910-11.
1909-10.
1908-09.
Receipts (cantars)—
This w eek _____________
' • Since Sept. 1.......
400,000
2,295,796
490,000
3,569,031
370,000
2,684,182
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
Exports (balcs)To
To
To
To
Liverpool------------Manchester....... .....
Continent and India.
America___________
57,498
41,462
86,947
16,340
29,000 170,236 43,000 276,164 25,750 202,247
Note.— A cantar Is 99 lbs. Egyptian bales weigh about 750 lbs.
M A N C H E STE R M A R K E T .— Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. Spinners are considered jto hold
small stocks of yarn. We give the prices for to-day (below
and leave those for previous weeks of this and last year for
comparison.
32s Cop
Ticist.
d.
Oct.
@
13 9
@
20 85*
27 8 11-16®
Nov
@
3 85*
10 85*
@
®
17 85*
®
24 85*
1910.
8H lbs. Shirt- Cot’ n
Ings, common Mid.
to finest.
Upl’s
d. a. d.
s. d.
d.
85* lbs. Shirt- Cot’n
ings, common Mid
to f inest.
Upl’s
32s Cop
Twist.
d.
d. s. d.
s. d.
95K 5
95* 5
95* 5
9 5* 5
5 @10
45*@10
4 5*@10
45*<aiO
4
4
4
4
5.17
5.25
5.19
5.22
10 13-16 @115*
10 15-16 @115*
11
@ 115*
115* ® 12
SH IP PIN G N E W S .— As shown on a
exports of cotton from the United States
reached 367,090 bales. The shipments
up from mail and telegraphic returns, are
5
5
5
5
6 @10 75*
7 @10 9
7 @10 10
75*@10 105*
7.81
8.00
7.85
8.10
previous page, the
the past week have
in detail, as made
as follows:
Total bales.
N EW Y O R K — T o Liverpool— N ov. 22— Celtic, 2,514 upland, 354
Sea Island, 1,455 Peruvian: Georglc, 175_____ _______________
T o Manchester— N ov. 23— Thespis, 100_______________________
T o Hull— N ov. 18— Galileo, 200___________ __________ _________
T o L ondon— N ov. 17— Mlnnewaska, 1,402___________________
T o Bremen— N ov. 22— George W ashington, 4,019___________
T o Hamburg— N ov. 17— President Grant, 700________________
T o Antwerp— N ov. 17— Lapland, 1,486_______________________
T o Naples— N ov. 17— Prlnzess Irene, 500___N ov. 22— San
Gugllelmo, 400_______________________________________________
T o Leghorn— N ov. 21— Perugia, 100________________ _____ ____
T o Piraeus— N ov. 18— Patrls, 280_____________________________
T o Japan— N ov. 17— Jeserlc, 200__________________ ___________
T o China— N ov. 17— Jeseric, 3,350...................................................
G A LVESTON — T o Liverpool— N ov. 16— Iowa, 2 3 , 1 7 5 .. .N ov. 18
— Indian, 21,652__ N ov. 23— Ingleflngcn, 10,366---------------T o Belfast— N ov. 17— Torr Head, 3,442....... ................................T o Havre— N ov. 17— Egrem ont Castle, 8,114___N ov. 23— St.
Andrews, 10,274___________________________________
T o Bremen— N ov. 18— H annover, 12,630
N ov. 20— Matteawnn, 5,795.................
T o Hamburg— N ov. 20— Den of Mains, 2,975_________________
T o Antwerp— N ov. 17— Egrem ont Castle, 3,716_______________
T o Christiania— N ov. 18— Noruega, 2,350_____________________
T o Barcelona— N ov. 18— Conde WUfredo, 5,564_____________
T E X A S C IT Y — T o M exico— N ov. 17— City of Tam pico, 6 0 0 ...........
T o Liverpool— N ov. 17— Antillian, 9,617____________________
T o Havre— N ov. 18— Kaduna, 13,292............................................
PORT A R T H U R — T o Havre— N ov. 18— Pretoria, 10,125______
N EW O R LE A N S— T o Liverpool— N ov. 18— A tlantlan, 19,506;
Canadian, 4 5 0 . . -N o v . 21— Civilian, 1 7,2 04 ......................
T o Belfast— N ov. 24— Torr Head, 3,500----------------------------------T o H avre— N ov. 17— Texas, 7 ,0 7 0 ..N o v . 24— Florlde, 10,169.
T o Bremen— N ov. 20— Irishman, 12,682......................................
T o Hamburg— N ov. 21— W lnkflcld, 923............................... ...........
T o Gothenburg— N ov. 23— Noruega, 2 0 0 .......................................
M O B ILE — T o Liverpool— N ov. 21— Castano, 3,450...........................
T o Havre— N ov. 17— Corby, 8,130..........................
PENSACO LA— T o Bremen— N ov. 18— Leeds City, 7,1 5 0 _________
SA V A N N A H — T o Liverpool— N ov. 17— Khallf, 6 ,8 9 2 ... N o v . 21—
Kelvlngrove, 7,673----------------------------------------------------------------T o Havre— N ov. 20— Cunda 1, 3 ,6 5 5 ... N o v . 22— N orton,4,648
T o Bremen— N ov. 20— Belford, 7 ,0 8 0 ...N o v . 22— C alyx,9 ,372
T o Hamburg— N ov. 22— Huron, 500; Strathby, 3,413_________
To Malmo— N ov. 22— Huron, 1 5 0 . ............................................. ..
T o W arberg— N ov. 22— Huron, 100__________________________
T o R cval— N ov. 18— Asama, 5,933
N ov. 22— Huron, 49;
Strathby, 2 0 0 . . . .................... - ..........................................................
T o Norrkonlng— N ov. 22— Huron, 100............................................
T o Gothenburg— N ov. 18— Asama, 2,050; Belford, 200___N ov.
22— Calyx, 50; Huron, 150_____________________
To|Oxelsund— N ov. 18— Belford,|200..............................................
d.
8.25
7.98
7.76
9K 5 7 @10 75* 5.31 11 1-16@ 115* 5 75*@H 0
5.29 11
® 115* 5 7 @10 9
m 5 6 @10 6
9 5 55*@10 45* 5.17105* @ 115* 5 65*@10 8
Total bales.
200
SAVANNAH — To Riga— Nov. 22— Huron. 200 - .............- ............
To Genoa— Nov. 20—Arlmatea, 3,950______________________
3,950
To Naples— Nov. 20—Arlmatea, 200________________________
200
To Trieste— Nov. 20— Arlmatea, 3,100------------------------•—
3,100
BRUNSW ICK— To Liverpool— Nov. 21 —Albanian, 5,796........... 5,796
To Bremen— Nov. 18— Harlseywood, 8,226_________________ 8,226
CHARLESTON— To Bremen— Nov. 21 — Membland, 8,'260...Nov.
23— Rokeby, 10,400___ ______ ___________________________ 18,660
W ILM INGTON— To Bremen— Nov. 21— Forerlc, 12,718........... 12,718
NORFOLK—To Liverpool— Nov. 22— Peruviana, 1,000------------ 1,000
BOSTON— To Liverpool— Nov. 18 — Bohemian, 1,779....... ............ 1,779
P H IL A D E L P H IA — To Hamburg— Nov. 17— Pretoria, 300--------300
SAN FRANCISCO—To Japan— Nov. 22— Tenyo Maru, 6,039----- 6,039
SEATTLE—To Japan— Nov. 21— Tamba Maru, 1,150--------------- 1,150
To Shanghai— Nov. 21— Tamb Maru, 201__________________
201
367,090
Total
L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Nov. 10.
Nov. 3.
50,000
Sales of the week______bales. 55,000
4,000
Of which speculators took.. 2,000
Of which exporters took___________ 2,000 4,000
44,000
Sales, American______________ 44,000
7,000
Actual export________________ 6,000
Forwarded__________________ 105,000
134,000
Total stock— Estimated______ 404,000
470,000
Of which American________ 307,000
375,000
Total Imports of the week____ 115,000
207,000
Of which American________ 107,000
194,000
408,000
Amount afloat_______________ 503,000
Of which American............. 459,000
358,000
4,498
100
200
1,402
4,019
700
1,486
000
100
280
200
3,350
55,193
3,442
18,388
18,425
2,975
3,716
2,350
5,564
600
9,617
13,292
10,125
37,160
3,500
17,239
12,682
923
200
3,450
8,130
7,150
14,565
8,303
16,452
3,913
150
100
6,182
100
2,450
200
NOV. 17.
42,000
1,000
4,000
35,000
16,000
105,000
483,000
391,000
133,000
118,000
478,000
414,000
Nov. 24.
44,000
4,000
2,000
35,000
7,000
108,000
548,000
458,000
175,000
153,000
478,000
409,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices «f
spot cotton have been as follows:
•
Spot.
This Since
Week. Sept. 1.
9.500 46,590 5,750 85,301 7,000
9.500 50,510 16,750 73,579
8,250 67,453 15,000 92,486 16’,500
1,750 5,683 5,500 24,798 2,250
1911.
1485
C H R O N IC L E
Market,
12:15
P. M.
]
|
J
Saturday.
Monday.
Tuesday.
Dull.
Fair
business
doing.
Fair
business
doing.
Wednesday. Thursday.
Fair
business
doing.
Good
demand.
Friday.
Easier.
Mid. Upl’ds
5.22
5.21
5.20
5.20
5.24
5.20
Spcc.&exp.
4,000
300
8,000
500
8,000
2,000
8,000
1,500
10,000
2,000
8,000
2,000
Quiet,
un
changed.
Quiet at
2@3 pts.
decline.
Steady at
1@2 ptsadvance.
Steady at
5 points
decline.
Quiet at
2 points
advance.
Quiet at
1 Quiet,
1 unch. to 4@5 pts.
J3 pts. adv. decline.
Steady at
6 points
advance.
Steady at
3@4 pts.
decline.
Quiet at
Quiet at
25* @3 5* 1@15* Pts.
decline.
advance.
Quiet,
Futures.
un
Market 1
opened 1 changed.
Market,
4
P. M.
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOths.
Thus: 5 09 means 5 9-100d.
Tues.
Wed,
Mon.
Thurs.
Fri.
Sat.
N o v .18
to
N o v .24. 125* 125* 12 5* 4 12 5* 4 12 5* 4 12 5* 4 12 5* 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
November
Dec .-Jan
Feb ,-Mch.
Mch .-Apr.
Apr.-May.
May-Junc
June-July
July-Aug.
Aug.-Sep.
Sept.-Oct.
Oct.-Nov. —
5
5
5
4
5
5
5
5
5
5
5
5
5
06 5* 07 10 09 5* 09 5* 08 5*
09 06 5* 05 06 i i
00 5* 98 96 97 02 97 5* 98 01 01 01 00
00 *7 95 96 01 96 5* 97 00 99 5* 99 98 5*
99 97 95 96 01 96 5* 97 00 00 99 5* 99
00 5* 98 96 5* 97 5* 02 5* 98 98 5* oi 5* oi 5* 01 00 55
01 5* 99 97 5* 99 03 5* 99 99 5* 02 5* 02 5* 02 01 5*
03 5* 01 99 5* 01 05 5* 01 01 5* 04 5* 04 5* 04 03 5*
05 03 01 5* 02 5* 07 H 02 5* 03 5* 06 5* 06 5* 06 05 >a
06 5* 04 02 5* 04 5* 08 5* 04 05 08 08 07 5* 07
07 5* 05 03 5*l05 09 5* 05 06 00 09 08 5* 08
06 5* 03 5* 02 5* 04 08 5* 04 05 08 08 07 06 5s
05 02 5* 01 5* 02 5* 07 5* 03 5* 04 07 06 5* 06 05 5*
04 02 00 5* 02 06 5* 02 03 5* 06 06 06 05
BREADSTUFFS.
Friday Night, November
24 1911.
Flour has been in the main firm but has met with only a
moderate demand. A t the Northwest trade has been on
the whole quiet. There has been some reduction in the out
put there, owing to unsatisfactory shipping directions, a
state of things which it is pointed out is unusual on the eve
of the close of Lake navigation. Ordinarily, owing to the
cheaper freight via the Lake as compared with rail rates, the
mills at this time are very busy. Buyers still purchase from
hand to mouth, despite predictions of higher prices later on.
It is of interest to observe that the output last week at Min
neapolis, Duluth and Milwaukee reached a total of 356,475
barrels, dropping from 384,385 barrels in the previous week,
though showing some increase over the total for the same
week last year, when it was 344,650 barrels. The flour traf
fic at Chicago last week was unsatisfactory both to millers
and railroad interests, the deliveries being 18,133 barrels
under those of the previous week and 56,765 less than in the
same week last year. The Lake shipments of flour last week
were only 83,840 barrels, against 100,540 in the previous
week, 100,230 for the same week last year, 96,644 in 1909,
129,960 in 1908 and 158,978 in 1907. In other words, the
flour trade of this country is being conducted on a very cau
tious scale, so much so, indeed, as to suggest general apathy,
though later in the week there were reports that some of the
Northwestern mills were doing a better business.
Wheat advanced, though it has also shown some irregu
larity. Attempts to depress the price of December have
been noticeable. They were based on the largeness of sup
plies in this country and abroad. The differences between
December and May have shown a tendency to widen.
Buenos Ayres quotations have at times declined, owing to
better weather in the sections where harvesting is in prog
ress. The increase in the American visible supply was
greater than expected. Chicago’s stock increased last week
315,000 bushels and now amounts to 17,118,000 bushels, to
say nothing of 614,000 bushels afloat. The Northwestern
receipts after decreasing for a while have latterly increased.
1486
THE
C H R O N IC L E
A t Winnipeg they have been especially large. The trouble
in Chicago growing out of recent bull operations has de
veloped another phase. The broker who is supposed to be
handling the Lichenstein cash wheat and who has been issu
ing numerous circulars reflecting, it is contended, on the
State grain officials and others, has had charges preferred
against him by tire Chicago Board of Trade directors,
and a committee has been appointed to investigate the
matter. ^ In France, Germany and Hungary tne crop
outlook is favorable. In Southwestern Russia the crop out
look is satisfactory. Stocks there are increasing. The
weather is mild, which is keeping navigation on the Sea of
Azof open. Many think that the crop outlook in Argentina
is really favorable, and that statements circulated from time
to time to the contrary are merely for speculative effect.
On the other hand, however, certain factors have tended to
advance the price of wheat. Among them were reports of
wet weather and occasionally of higher prices in Argentina,
a decrease in world’s shipments and some decrease also in the
European visible supply. Also some rather unfavorable
crop advices have been received from Australia. European
markets have at times shown decided strength, owing to
unfavorable weather reports from Argentina and Australia,
decreased offerings from Russia and a falling off in the Euro
pean visible supply last week of 1,440,000 bushels, against an
increase for the same week last year of 600,000 bushels. The
world’s visible stock decreased 1,334,000 bushels, against an
increase last year of 2,112,000 bushels. The world’s ship
ments last week fell to 7,520,000 bushels, against 10,800,000
bushels in the previous week. Y et the advance was not
striking for the reason that the world’s stocks are large, i. e.,
104,944,000 bushels of American,aga’st 58,108,000 a year ago,
and of European 91,100,000 bushels, against 78,500,000 last
year, or a total of 196,044,000 bushels, against 136,086,000
last year, or an excess over 1910 of nearly 60,000,000 bushels.
Y et a good cash demand has at times prevailed at the North
west, and at one time interior receipts decreased noticeably.
This, with the news of some decrease in the world’s supply
and seemingly rather sensational reports from Argentina, to
gether with covering by nervous shorts, accounts for any rise
that has taken place. Among the reports from Argentina is
one which may be given for what it is worth to the effect
that exportable surplus instead of reaching anywhere from
130,000,000 to 190,000,000 bushels, as wras at one time esti
mated, is not likely to exceed 115,000,000 bushels. Even
this would be a substantial increase over that of the present
year. To-day prices advanced slightly. Liverpool was
higher, rains were reported in the Santa Fe and Cordoba sec
tions of Argentina, and there was some covering. American
crop advices, however, were favorable.
D A IL Y CLOSING PRICES OF W H EAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
100
100
100
99 Is
99 H
No. 2 r e d . . . ............................ . . . 1 0 0
100
99 a
99 13
December delivery In elevator_____99 54 100 'A
D A IL Y CLOSING PRICES OF W H EAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery In elevator_____ 95 3
4
96
yt951305 539514 95
May delivery In elevator__________ 10013 101 100 13 100% 100 13 1 0 0 J3
July delivery In elevator____________ 91H 94 13 94 53 94 53 94 53 94 53
Indian corn advanced somewhat for a time, owing to wet
or unsettled weather in the corn belt, rising cash markets,
covering of shorts and buying by influential interests at
Chicago. Country houses have been buying December.
Y et prices, after all. have been irregulai under the influence of
the weather reports from the West and the predictions in
regard to the size of the receipts, and the daily increase or
decrease in the shipping demand. No very marked ad
vance has taken place despite the smallness of supplies and
the poor grading at Chicago. On Thursday only one car
out of 393, it is stated, graded contract at Chicago. Pro
longed wet weather this fall is said to account for this. Kan
sas City dealers, it is reported, have been trying to cancel
sales of corn made to Chicago people. Y et at times reports
have been received of increasing deliveries whenever the
weather shows improvement. This is something to be ex
pected. The world’s shipments of corn increased last week
to 2,347,000 bushels, against 1,008,000 bushels in the pre
vious week. Y et, what with generally light receipts, poor
grading, a steady cash demand, short covering and occasional
bull support, to say nothing of some natural sympathy with
the firmness of wheat, corn advanced at one time to a mod
erate extent.
o-day prices declined slightly, owing to better
weather at the West for curing and marketing the crop.
Europe bought May.
'W
D A IL Y CLOSING PRICES OF NO. 2 M IXED CORN IN N E W YORK.
Sat.
M on .
Tues.
W ed. Thurs. F r i.
Sat.
M on .
Tues.
W ed. Thurs. F ri.
Cash corn------------------------------- nom. nom. nom. nom. nom. nom.
December delivery In elevator......... nom. nom. nom. nam. nom. nom.
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.
_
,
December delivery In elevator........ 65 53
May delivery In elevator............... 64 53
63 53 03 53 64 53
64 53 64 53 65 >3
64 53
64 53
higher than they were a year ago. To-day prices were ir
regular, eventually declining with corn.
D A IL Y CLOSING PRICES OF OATS IN NEW YO RK.
. ,
Sat. M on. Tues. Wed. Thurs. Fri.
Standards..................................... 54
54
54 54
54
54
No. 2 white.................................. 54 53
54
5354
53
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
_
u i n
i .
' Mon. Tues. Wed. Thurs. Fri.
December delivery in elevatar_____ 47 53 47 53 47 53 4753 47 53 4753
May delivery In elevator_________ 50
50
49
53 53 49J3 49 53
50
July delivery In elevator_________ 46 53
46
5346
4653
4653 53 4551
The following are closing quotations:
_
FLOUR.
Winter, low grades____ ?3 50@ $3 70 Kansas straights. sack.J4 7 5@ J 5 00
Winter patents_________4 3 0@ 4 60 Kansas clears, sacks___ 4 0 0 ® 4 50
Winter straights_______ 4 10@ 4 30 City patents______________
@
Winter clears___________ 4 0 0® 4 25 R ye flour______ ________ 4 50® *5 20
Spring patents...................5 10@ 5 40 Graham flour.................. N om inal.
Spring straights_______ 4 9 0 ® 5 10 Corn meal, kiln dried___
3 65
Spring clears____________ 4 2 0 @ 4 50
G R A IN
Wheat, per bushel— f.o .b .
Corn, per bushel—
N. Spring. N o. 1................. 51 13 53
N o. 2 ------------------ L o .b .
N. Spring, N o. 2 _________ 1 08 53
S t e a m e r ..........elevator
Red winter. N o. 2 _________
99
N o. 3 ---------------elevator
Hard winter. N o. 2 _______ 1 05 53 R ye, per bushel—
Oats, per bushel, new —
Cents.
N o. 2 W estern_________
Standards_________________
54
State and Pennsylvania
No. 2 white_______________ nom . Barley— M alting...................
No. 3 white_______________ nom .
Cents.
Nominal
Nominal
Nominal
Nominal
Nominal
Nominal
The statements of the movement of breadstuff's to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts al-
Flour.
Wheat.
Corn.
Oats.
llarley.
Rye.
bbls.imbs. bush. 60 lbs. bush. 50 lbs. bush. 32 lbs. bushA&lbs. bu . 56 lbs.
115,070
291,600 1,390, 250 1,243,000
700,700
48,000
62,400
174,000
72. 320
09,700
248,300
27,540
16,320 1,482,945
100,933
207,245
32,231
2,283,080
86,400
175,870
572,410
55,160
28,000
78,300
18,000
1,000
7.110
131.297
15' 103
40,075
890
6,619
43,168
0,110
53,320
121,041
249,200
100,600
53,284
3,354
37,000
462,066
9,000
67,200
39,600
2,200
214,800
170,400
88,400
Chlcago___
Milwaukee..
Duluth____
Minneapolis.
Toledo____
Detroit.......
Cleveland ..
St. Louis__
Peoria.......
Kansas City.
Total wk. ’ ll
Same wk. ’ 10
Same wk. ‘09
293.610
362 830
468,517
4,698,582
4,101,170
4,981,363
2,757,607
2,529,981
2,149,697
2,041,888
2,912,292
2,971,955
SInco Aug. 1
1911....... 5,135,001 104,003,617 49,271,SOS 57,105,002 35.730,905
1910....... 6,022,313 115,182,351 54,635,160 80,073,598,28,257,779
1909....... 8,041,305 132,532,019 47,791,304 70,280,000 35,159.114
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 18 1911 follow:
Flour,
Receipts at—
bbls.
New York.......... 205,138
Boston
38,410
Philadelphia___
03,008
Baltimore______
31,585
New Orleans * __
33,109
Newport News__
13,402
Norfolk________
2,857
Galveston.................. .
■Mobile..............
2,000
"if.ooo
Montreal...........
52,183
Wheat,
bush.
807,100
181,229
499,241
235,248
6,000
Corn,
bush.
79,875
19.000
22.000
91,822
38,400
Oats, Barley,
bush.
bush.
418,175 123,450
71,675
112,000
13,704
74,000
Rye,
bush.
23,000
_____
1,900,508
4,000
12,000
105,941
320,302
I" ”
58,575
Total week 1911. 441,812
3,772,386 373,038 1,010,576 182 031 17 307
SinceJan. 1 1911.10,994,581 81,790,45060,822,237 42,593.093 4216,229 944 920
Week 1910-----475,880
1,774,096 440,124 1,103,681 185 679 23 006
SinceJan. 1 1910.10,450,992 69,005,81136,179,945 45,214,582 3507,600 821 921
* Receipts do not Include grain passing through New Orleans for foreign ports’ on
through bills of lading.
The exports from the several seaboard ports for the week
ending Nov. 18 are shown in the annexed statement:
Wheat.
Exports from—bush.
New York........ . 730,354
Boston_______ . 223,023
Philadelphia__ . 305,000
Baltimore........ . 144,195
New Orleans__ .
1,029
Newport News..
Galveston........
Mobile.............
Montreal.......... . 418,000
Norfolk........... ..............
Total week__ .1,882,201
Week 1910....... .2,197,000
Corn, Flour,
bush.
bbls.
21,550 52,71.3
30,121 11,940
25,000
3,920 4,840
24,000 12.739
13,402
275
12,000 2,000
34,000 35,000
2,857
131,591 100,771
633,905 234,825
Oats,
bush.
18,208
Rye, Barley,
bush.
bush.
Peas,
bush.
5,893
.................
.................
5,993
5,215
000
1,000
........
19,808
15,110
The destination of these exports for the week and since
July 1 1911 is as below:
-WhealCorni' Since
Since
Since
July 1
Week
Week
July 1
Week
July 1
1911. Nov. 18.
Exports for week and Nov. 18.
1911. Nov. 18.
1911.
bbls.
bbls.
bush.
Since July 1 to—
bush.
bush.
United Kingdom__ 97,852 2,096,894 1,249,180 20,385,853
70,121 4,588.595
Continent..
__ 14.7S8 930,707 622,392 14,901,748
4,237,419
10,629
Sou. & Cent. Amcr. 14,519 380,975
281,704
21,996
619.465
West Indies___ .. 32,944 458,045
7,388
39,474
730,004
25,272
Brit. Nor. Am Cols.
670
5,043
129,695
Other Countries___ .......
9,000
13,610
Total................160,771 4,033,588 1,882,201 35,645,753
Total 1910........... 234,825 3,337,837 2,197,006 23,073,859
131,591 10,194,136
__ _
633,905
7,275,971A
The world’s shipments of wheat and corn for the week
ending Nov. 18 1911 and since July 1 1911 and 1910 are shown
6353 in flin f rO1/-vvTri*varv.
6453
Oats have shown no striking features. If anything,
prices have had a slightly downward tendency, restrained
only by the comparative firmness of other grain. The
trading has been light. The visible supply in the United
States decreased last week 710,000 bushels, against an in
crease in the same week last year of 449,000 bushels, and at
Chicago the contract stock is only 2,047,000 bushels, against
4,939,000 bushels last year. But all this has been for the
most part neutralized by the persistent dulness of trade.
Besides, whatever the inherent strength of the position of the
oats market, it is largelv or wholly discounted in the estima
tion of many by the fact that prices are 13 to 17 cents
[V O L . L X X X X 1 I I .
Wheal.
Exports.
1911.
Week
Nov. 18.
Bushels.
North Amer. 3.448.000
Russia....... 1.728.000
Danube___ 610,000
Argentina .. 472.000
Australia . .. 712.000
India........ 320.000
Oth. countr’s 230.000
Since
Jidy 1.
Bushels.
69.132.000
41.634.000
35.241.000
19.752.000
19.192.000
18.954.000
4,071,000
Com.
1910.
Since
July 1.
1911.
Week
Nov. 18.
Since
July 1.
1910.
Since
July 1.
Bushels. Bushels. Bushels.
Bushels.
44.201.000 179.000 8,509,000 6.619.000
100,208,000 400.000 19.150.000 2.896.000
52.184.000 1,708,000 26.905.000 9.905.000
19.280.000
60,000 68,004,000
13.328.000
20.120.000 ........
...........
............
3,870,000
Total___ 7,520,000 207.976.000 253.101,000 2.347.000 54.000.000 87.484.000
54 5354
THE
K ov. 25 1911.]
The quantity of wheat and corn afloat for Europe on dates
Com.
Wheat.
United
Kingdom. Continent.
Nov. 18 1911Nov. 11 1911..
Nov. 19 1910..
Nov. 20 1909..
Nov. 21 1908..
Nov. 23 1907..
Total.
Bushels.
Bushels. Bushels.
21.570.000 8,9G8,000 30.544.000
22.856.000 11.344.000 34.200.000
18.768.000 23.960.000 42.728.000
16.240.000 15.360.000 31,000,000
17.440.000 13.040.000 30.480.000
16.520.000 10.160.000 26.680.000
United
Kingdom. Continent.
Bushels.
2.372.000
2.176.000
7.259.000
3.655.000
4.335.000
5.560.000
Total.
Bushels. Bushels.
2.176.000 4.548.000
1.428.000 3.604.000
16,924,000 24,183,000
5.185.000 8.840.000
4.930.000 9.265.000
3.520.000 9.080.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
AMERICAN GRAIN STOCKS.
Oals,
Corn,
Wheat,
bush.
bush.
bush.
33,000 1,115.000
New York.............. .. 3.528,000
21,000
32.1X10
Boston.................. __ 1,019,000
65,000
1,000
Philadelphia.......... .. 1,011.000
251.000
74,000
Baltimore.............. .. 2,132,000
127.000
123,000
43,000
New Orleans ..........
7,000
Galveston. ............. __ 194,000
57,000 1.037.000
.. 3,005,000
355.000
48,000
1,872.000
235.000
250,000
.. 515,000
424,000 6.015.000
Chicago................ ..17,118,000
4.414.000
__ 614,000
201.000
18,000
Milwaukee............. .. 1,159,000
740.000
..10,204,000
..12,841,000
12,000 1.894.000
24,000
623.000
.. 3,961,000
25,000
. . 5,448,000
263.000
37,000
26,000 1.300.000
69,000
145.000
Indianapolis........... .. 622,000
1.758.000
4,000
342.000
50,000
On Lakes........ ...... .. 854,000
17,000
260.000
On Canal and River. . . 396.000
Rye,
bush.
19,000
4,000
Barley,
285,666
1,000
bush.
14,000
92,000 1,171.000
41.000
42.000
147,000
146.000
301.000 1,484,000
963.000
343.000
165.000
9,000
223',666
3,000
177.000
298.000
59,000
Total Nov. 18 1911. .67,921,000 1.294.000 21,221,000 1.362.000 4,625,000
Total Nov. 11 1911. .60,566,000 1.370.000 21,931,000 1.288.000 4,865,000
408.000 2,706,000
Total Nov. 19 1910. .43,319,000 2.355.000 15,681,000
832.000 3,353,000
Total Nov. 20 1909- .27,030,000 2.631.000 13,919,000
CANADIAN GRAIN STOCKS.
Barley
Rye,
Com,
Oats,
Wheat,
b t/h s
bush.
bush.
bush.
bush.
61,000
74,000
396,000
. 777,000
Montreal..........
........
1,025,000
. 5,480,000
Fort William___
........
651,000
. 3,:.'57,000
Port Arthur---........
2,582,000
. 2,813,000
Other Canadian.
Total Nov.
Total Nov.
Total Nov.
Total Nov.
18 1911.
11 1911.
19 1910.
20 1909.
12,427,000
13,965,000
12,382,000
11,093,000
Wheat,
bush.
American ............... 67,921,000
Canadian................ 12,427,000
Total Nov. 18 1911.
Total Nov. 11 1911.
Total Nov. 19 1910.
Total Nov. 20 1909.
Total Nov. 21 1908.
80,348,000
80,531,000
55,701,000
38,723,000
52,920,000
61,000
74,000 4,654,000
36,000
245,000 4,802,000
70,000
756,000
9,000
124,000
126,000
425,000
32,000
SUMMARY.
Barley,
Oats,
Com,
Rye,
bush.
bush.
bush.
bush.
1,294,000 21,221,000 1,362,000 4,625,000
61,000
74,000 4,654,000
1,368,000
1,015,000
2,479,000
2,663,000
1,904,000
25,875,000 1.362,000 4,686,000
25,733,000 1,288,000 4,901,000
417,000 2,776,000
16,437,000
832,000 3,479,000
14,344,000
9,054,000 1,087,000 6,539,000
THE DRY GOODS TRADE.
1487
C H R O N IC L E
are quite active, with good orders placed for spring delivery
and of novelty yarns for quick shipment.
DOMESTIC COTTON GOODS— The exports of cotton
goods from this port for the week ending Nov. 18 were 13,782
packages, valued at 3806,277, their destination being to the
points specified in the table below:
New York to Nov. 18Great Britain............ .
Other European--------China. -------------------In d ia................ ..........
Arabia. -------------------Africa — ....................
Mexico..............
Central America.
South America. _
Other countries.
Week.
91
69
9,354
490
215
97
1,961
31
425
556
493
Since
Jan. 1.
887
1,173
03,882
21,800
18,326
11,936
38,186
2,172
17,782
52,036
37,629
Week.
1
23
738
1
• • ■_
82
946
24
212
2,164
183
Since
J a n .1.
1,787
856
58,485
13,990
13,548
6,470
29,056
1,824
12,217
45,672
44,068
13,782
295,809
4,374
227.973
The value of these New York exports since Jan. 1 has been
$21,264,967 in 1911, against $16,091,266 in 1910.
Business in domestic cottons continued fairly satisfactory,
although for some lines the demand was slow. Wash fabric
re-orders were less numerous, as the general tendency among
retailers was to hold off in anticipation of lower prices, which
they think will materialize after the turn of the new year.
For goods like tickings, fancy denims and other heavy colored
domestics there was a good inquiry and fair-sized orders
placed. Bleached or brown cottons were only requested in
small lots. Markets for print cloths and convertibles have
been firmer, with business more active. Some of the mills
have booked sufficient orders to take care of their production
for about seven or eight weeks. As a result asking prices in
many instances have been advanced and buyers have been
unable to make purchases at levels they were in hopes of
doing at the beginning of the month. Gray goods, 38^-inch
standard, were quoted l-16c. higher at 4 3-lGc.
WOOLEN GOODS.— No abatement was noticeable in
the demand for dress goods or men's wear during the past
week; if anything, business was more aggressive, with buyers
of staple men’s wear showing an interest in goods for delivery
as far ahead as the fall of 1912. On account of the impending
tariff legislation, however, there is some uncertainty dis
played regarding the future and not an over-desire on the
part of many to stock up too heavily. There is a moderate
demand reported for plain goods in addition to numerous
repeat orders on fancy worsteds and carded woolens.
FOREIGN D R Y GOODS.— Although not active, the
market for linens cannot be described as entirely lacking ani
mation. A number of fair-sized orders have been placed for
prompt and spring delivery, with dross fabrics leading in the
point of yardage. Spot burlaps developed little change.
Light-weights were in small supply and firmly held, while
heavy-weights were quiet and featureless. Futures ruled
steady in sympathy with the Calcutta markets; light-weight
spots are quoted at 4.20c. and 10J^-ounce at 5.35c.
N e w Y o r k , F r id a y N i g h t , N o v . 24 1911.
Sentiment in cotton goods markets during the past week Importations and Warehouse Withdrawals of Dry Goods.
was indicative of growing optimism.
The volume of
W
g
g
B
g
g
S
£
orders placed was not large, but there was a good general
e ijO lO s S
q
T3
S srsogg
o
5
C o 50
o
r+ O ^
demand for staple prints and staple colored cottons, and the
S3
feeling in the average of commission houses was decidedly
mJ
better. Perhaps most prominent among the factors respon
H
ci o
sible for the improved feeling was the stability of raw cotton,
2
g £
indicating that bottom had been readied, at least for the
pp
H
c 3
present. The cotton ginning figures issued du ing the week
lM
S3
3 £.
K
offered nothing to change the views of merchants in this
•o «•
K
©
direction. Export trade continued fairly good with ship
o
w
ments reported as being made regularly to China. In export
O
H
H U
circles it was the consensus of opinion that there was little
w
COto Ml co
likelihood of any withholding of goods for shipment to that
o
Co to ^
Cl Cl to 0®to
UlUM CDto M
COo o Cl
COCOO M
* lb.
o Co co Cl o
COO ci CI 00
country or that there would bo any cancellations. It was
M* Cl CDCD
C3 C! to o H
:§
“
Cfl
estimated that something like 9,000 bales went out during
H
sj
the week on old orders. The Italian troubles are expected
to b b o w r? ► L§
to -J
ts» Cl
H
bbMCnWMjJc
ib CO
b to
1|00 00
►
to result in a larger business than heretofore in American
-1 Cl
a
■Nl c«
V
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THE
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C H R O N IC L E
ttm ent.
STATE AND CITY SECTION.
A new number of our ‘ ‘State and City Section/’
revised to date, is issued to-day, and all readers of the
paper who are subscribers should receive a copy of it.
News Items.
Akron, Ohio.— Election
on Purchase of Water Plant.
— We
are advised that the proposition to be voted upon on Dec. 5
is to issue $815,000 bonds for the purchase of the plant of the
Akron Water-Works Co. The question of building a new
plant is not to be submitted, as was reported in some of the
papers. V . 93, p. 822.
Jones Falls Loan Declared Valid
Baltimore, Md.—
.—
Newspaper dispatches state that the Court of Appeals yes
terday (N ov. 24) decided that the $1,000,000 loan for buildng the Jones Falls Boulevard is valid. V . 93, p. 301.
Result of Election on Annexation.
Cincinnati, Ohio.—
— The
election held N ov. 7 resulted, it is stated, in favor of annexa
tion of the villages of Pleasant Ridge, Oakley, Hartwell and
Cheviot. Propositions to annex Elmwood Place, Fernbank, Norwood and St. Bernard also carried in Cincinnati,
but were defeated in the villages themselves.
Everett, Wash.—
Voters Authorize Water-Works Purchase.
— The electors on N ov. 7 voted, we are advised, to purchase
the property of the Everett Water Co., owned by the Everett
Raifway, Light & Water Co., and by acceptance authorized
the issuance of $200,000 general city bonds at a rate of inter
est not to exceed 5 % , and incurring a special bonded indebt
edness of $150,000 at a rate not to exceed 5 % . The special
bonded indebtedness is to be an obligation against 5 0 % of
revenue or proceeds of the water system to be acquired.
The authorization is not subject to the $500,000 Everett
Water C o.’s outstanding bonds. Our informant adds that
the proceeds of the city bonds will be applied toward the
purchase of the property and will be entirely inadequate in
amount to complete the purchase; also that no definite
action can be taken until purchase price shall have been
. voluntarily or legally agreed on.
Greenville, Washington County, Miss.—
Commission Form of Government.— Reports
Voters Defeat
state that the
election held N ov. 15 resulted in the defeat of the commission
form of government (V . 93, p. 1337). The vote was 28
“ for” and 176 “ against.”
Janesville, Rock County, Wis.— No Action Yet Taken Con
cerning Purchase of Water Plant. — Concerning the question
of purchasing the plant of the Janesville Water Co., the City
Treasurer writes that “ there is some talk concerning the pur
chase of the water-works plant, but no action has been taken
as y e t.”
Liberia (Republic of).— Legislature
ment.— Newspaper
Ratifies Loan Agree
dispatches from Washington state that
the Liberian Legislature has ratified an agreement with a
syndicate of American bankers for a loan of $1,000,000.
Marietta, Cobb County, Ga.— Commission
ment Rejected.— By
Plan of Govern
a vote of 252 “ for” to 296 “ against” ,
the proposition to adopt the commission form of government
was rejected at an election held N ov. 15, it is stated.
Mississippi.— Bond
Adjourns.— The
Refunding Bills Passed—Legislature
Legislature of this State ended its extra
session at 6 p. m . N ov. 15. Just prior to adjournment the
House concurred in two bills previously passed by the Senate
making an appropriation to redeem the $600,000 bond issue
of 1910 and providing for an issue of new bonds. See
V . 93, p. 1211.
Suit by State to Compel Accounting of Public Funds Alleged
to Have Been Received by Ex-Gov. Vardaman.— On N ov. 18
suit was brought by the State in the Chancery Court of
Hinds County to compel an accounting of certain public
funds alleged to have been received by James K . Vardaman
during his term as Governor, from January 1904 to January
1908. The Memphis “ Commercial Appeal” prints the fol
lowing statement, made by Judge L . Brame, who drew the
bill, having been employed as special counsel for the State:
The suit Is brought In the Chancery Court of Hinds County by the State
of Mississippi against James K. Vardaman and the Mississippi Bank &
Trust Co. and the receivers of that bank. The object Is to compel an ac
counting with respect to the contingent fund, the Spanlsh-Amerlcan War
fund and other publlo moneys alleged to have been received by ex-Gov.
Vardaman during his term of office, from January 1004 to January 1908,
and also to recover Interest on certain bonds of the State that were sold In
1906 and which were ante-dated.
It Is alleged that Interest on these bonds from their date to the time of their
actual Issuance was collected, but not accounted for and paid Into the State
Treasury, the amount of such Interest on the bonds sola to the Mississippi
Bank & Trust Co. being $2,098 45 and the amount on the bonds sold
through the Merchants’ Bank & Trust Co. being $1,740 33.
The bill alleges that It was the duty of the said James K. Vardaman as
Governor to keep a full and accurate account of his receipts and disburse
ments of the contingent fund and other publlo moneys coming into his
hands during his term, and that he failed to do so.
It Is also alleged that he made overcharges and double charges In connec
tion with his visits to various State Institutions, and other delinquencies
are averred.
The bill further alleges that he kept his accounts during his term of office
with the Mississippi Bank & Trust Co., and that public moneys were Inter
mingled with his private funds.
[VOL. LXXXX III.
On Information and belief It Is averred that he is Indebted to the State of
Mississippi In a large sum, and that the State, through legislative commit
tees and through C. J. Moore, publlo examiner of accounts, has made
efforts to secure an accounting as to these various funds and has failed
It Is also averred on Information and belief that the books of said Mis
slsslppl Bank & Trust Co., which are now In the hands of the receivers
contain Important evidence on behalf of the State, and that the examiner
has been refused access to such books. It asked that the books may be ex
amined and used In evidence and that there may be had a full and fair ac
counting In respect to all of said funds, and that a decree may be entered
against the said James K. Vardaman for the full amount that may be found
due to the State, Including the Interest on said ante-dated bonds.
The Mississippi Bank & Trust Co. Is ma.de a party on the allegation
that the accounts of said James K. Vardaman, Individually and as Governor,
were kept In said bank, and It Is asked that a decree may also be entered
against It and the receivers for said sum of $2,098 45, Interest, and any other
money due by It to the State. A separate suit has been brought by the
same counsel In the Circuit Court against the Merchants’ Bank & Trust
Co. for the said sum of $1,740 33 Interest on the bonds sold through that
bank.
The bill, it is stated, is made returnable at rules before the
Chancery Court on the second Monday of December 1911.
Morris County (P. O. Morristown), N. J.— Voters
Commission Plan of Government.— A t
Approve
a recent election the
proposition to adopt the commission plan of government
carried, it is reported, by a majority of eleven votes. It is
claimed, however, that the election was illegal, an error hav
ing been made in the preparation of the ballots.
New Jersey.— Bank
Stock Assessment Sustained. — On
N ov. 20 the Court of Errors and Appeals sustained the de
cision of the Supreme Court, rendered Feb. 27, fixing the
basis upon which shares of national bank stock should be
assessed. See item on a preceding page under “ Items about
Banks, Bankers and Trust Co’s ,” also V . 92, p. 610.
Budget Reduced by Board of Aldermen
New York City.—
.—
On N ov. 22 the Board of Aldermen passed a resolution
cutting $8,151,193 from the budget for 1912, which amounted
to $189,210,950 when passed by the Board of Estimate on
Oct. 31.
V. 93, p. 1274. The principal cut was made in the
item of $10,000,000 to redeem uncollectible taxes. The
Board of Aldermen cut out $6,712,633 appropriated for this
purpose.
In addition the Aldermen eliminated $500,000
which had been set aside for interest on revenue bonds. From
the amounts allowed Borough President McAneny, the
Board chopped off $122,000, which was to be used for
repairing ashphalt pavements, $122,000 for the repair of
public buildings and $85,000 for the restoration of the cityhall. Other large cuts were as follows: $226,261 from the
Department of Education, $216,300 from the Board of
Estimate, $28,800 from the allowance to the Health Depart
ment and $12,200 from the Bureau of Weights and Measures.
Mayor Gaynor has the power to veto any of the reductions
made by the Board of Aldermen but as yet has taken no
action.
Royersford,
Montgomery County,
Municipal Light Plant. — The
Pa.— Voters
Favor
question of establishing a
municipal light plant carried by a vote of 248 to 194 at the
election held N ov. 7 (V . 93, p. 1054).
South San Joaquin Irrigation District (P. O. Manteca), San
Joaquin County, Cal.— Bonds Declared Valid. — The State Su
preme Court, it is stated, has sustained the decision of the
San Joaquin Superior Court upholding the validity of the
bonds issued by this district. As reported last week, an issue
of $700,000 5 % bonds was offered on N ov. 7 , but no bids
were received. Y . 93, p. 1416.
B ond Calls and R edem ptions.
Allegheny County (P. O. Pittsburgh), Pa .—Bond
Call.—
Call is made for payment Jan. 1 1912 at the office of the Coun
ty Comptroller of registered compromise bonds Nos. 801 to
816 inch, 818 to 824 inch and 826 to 829 inch, dated Jan. 1
1863,
B ond P roposals and Negotiations this week
have been aa follows:
A L L I A N C E , S t a r k C o u n t y , O h i o . — Bond Sale.— O n Nov. 20 the f o l l o w
ing bids were received tor the $6,000 5% 1-3-year (ser.) strcet-lmpt. as
sessment bonds (V, 93, p. 1211):
M. S. Pond, Somerset....... $6,057 60|Hoehler & Cummings, Tol.$6,023 75
Well, Roth & Co., CIncIn.. 6,030 50 A. E. Aub & Co., Clncln.-- 6,016 25
Prov.Sav.Bk.&Tr.Co., CIn. 6,025 65|TIllotson & Woloott Co.,Clev6,015 00
A N D A L U S I A , C o v i n g t o n C o u n t y , Iowa.—Bonds Defeated.— The eleotion held Oct. 24 (V. 93. p. 1133) resulted In the defeat of the proposition to
Issue $63,000 light and water-plant bonds. The vote was 19 “ for” to 150'
“ against.”
. A S B U R Y P A R K , M o n m o u t h C o u n t y , N. J . —Bond Sale.— On Nov. 20
the $50,000 4 yi% 40-year coup, (with prlv. of reg.) park-Impt. bonds dated
Jan. 1 1911 (V. 93, p. 1338) were awarded to It. M. Grant & Co. of N. Y.
at 102.278 & Int.— a basis of about 4.38%. Wm. C. Burroughs, City
Clerk, writes that “ bids were also received from Messrs. Kissel, KInnIcutt
& Co. of 101.893 and Int., and from Messrs. Fisk & Robinson of 102.69 and
lnt.; both bids were sent by special delivery letter, plainly addressed to the
writer, and through an apparently Inexcusable error they were mis-dlllvered by the post office, and on our learning over the telephone from
Messrs. Kissel, KInnIcutt & Co. that they had bid for.the bonds, we sent
to the post office, asking with reference to the special delivery letters, and
In course of time received these two bids, both opened and marked ‘opened
by mistake.’ ”
B A C A C O U N T Y ( P . O . S p r i n g f ie l d ) , C o l o . — Bond Sale.— On Oct. 23 the
$29,500 \ Yi% 10-20-yr. (opt.) gold coup, refunding bonds (V. 93, p. 608)
were awarded to Henry Wilcox & Son of Denver at par and blank bonds.
Denom. $500. Date Jan. 1 1912. Int. J. & J. at the Treas. office o r
Kountze Bros., New York.
B A I N B R I D G E , D e c a t u r C o u n t y , Q a . — Bond Election.— It Is stated t h a t
an election will be held Deo. 14 to vote on questions of Issuing $50,000 publloschool, $15,000 city-hall, $20,000 hospital, $10,000 water-works and $25.
000 street bonds.
B A L T I M O R E , M d . —Stock Offering.— Further details are at hand relaIve to the offering on Deo. 4 of $500,000 of the $5,000,000 4% registered.
THE
N o v . 2 5 1911.]
paving stock (V. 93, p. 1414). Porposals will be received until 12 m. on
that day by the Commissioners ot Finance. Denom. $100 or multiple
thereof. Int. (from Aug. 1 1911) F. & A. Due Aug. 1 1951. Cert, check
on a clearing-house bank (or cash) for 2% of loan bid for, payable to the
Mayor and City Council Is required. Stock to be delivered and paid for
on Dec. 18. Purchaser to pay accrued Interest from Aug. 1 1911. Rich
ard Gwlnn Is City Register.
The official notice of this bend tffering will be found among the advertise
ments elsewhere in this Department.
BARBERTON. Summit County, Ohio.— Bond Sale.— On Nov. 20 the
$4,750 5% coup. Cornell St. Impt. assess, bonds (V. 93, p. 1414) were
awarded to Seasongood & Mayor of Cine, for $4,885 (102.842) and Int.
Other bids follow:
Cttlzens’Nat.Bk.,Wooster $4,8*3 45 |Well, Roth &Co.. Cine___ $4,845 75
BATTLE CREEK. Calhoun County, Allch.—Bonds Authorized.— An ordi
nance was passed Nov. 13, It Is stated, providing for the Issuance of $150,000
city-hall bonds at not less than 3 nor more than 5% int. Denom. $1,000.
Due $15,000 yearly Jan. 1 from 1827 to 1930 lncl.
BAYONNE, Hudson C ounty. N. J .— Bonds Authorized.— O rdnances
have been passed providing for the issuance of the following
cou pon bonds:
4 )4 %
1489
C H R O N IC L E
gold
$ 9 ,0 0 0 P ow ers S t . Im p t. (c ity ’ s p ortion ) b o n d s.
D e n o m . $ 5 0 0 , or m u lti
ples th e re o f.
Due D ec. 1 1931.
_______
1 9 ,7 0 0
H arriet S t . Im p t. (c ity ’s p ortion ) b o n d s .
D en om . $500 and $ 7 0 *.
D ue D eo. 1 19 31 .
„
2 ,2 0 0
M c D o w ell A lle y Im p t. b o n d s.
D enom . $500 and $ 7 0 0 .
Due
D eo. 1 1931.
6 .0 0 0 G holson A v e . Im p t. ( c ity ’s portion ) b o n d s .
D e n o m . $ 5 0 0 *r
m u ltip les th e re o f.
Due D ec. 1 1931.
9 ,6 0 0
stre e t-Im p t. (c ity ’s p ortion ) b o n d s.
D enom . $500 and $6 00 .
Due D ec. 1 1 9 3 1 .
8 .0 0 0 M cM illan S t . a n d B u r g o y n e A lle y p u b llc -c o m fo r t-sta tio n b o n d s .
D e n o m . $ 5 0 0 , or m u ltip le s th e re o f.
Due D ec. 1 1931.
5 .0 0 0 Y a le A v e . Im p r o v e m e n t b o n d s .
D enom . $ 5 0 0 or m u ltip le s th e re of.
Due D ec. 1 1931.
, , ,
1 3 5 .0 0 0 s tr e e t-im p t. (c ity ’s p ortion ) b o n d s .
D e n o m . $ 5 0 0 or m u ltip le s
th e re o f.
Due D ec. 1 1931.
3 0 ,5 0 0
S ix th an d B a y m iller S ts . Im p ro v e m e n t b o n d s .
D e n o m . $ 5 0 0 , or
m u ltip les th e re o f.
Due D ec. 1 1941.
D a te D e c . 1 1 9 1 1 .
In t. J . & D .
C I T R U S C O U N T Y (P . O . In v e r n e s s ), F la .— Bonds Offered by Bankers.—
F arson , S on & Co. o f N . Y . are ottering to In vestors $ 1 5 ,0 0 0 5 % school
b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te O c t. 2 1 9 1 1 .
I n t . J . & J . a t th e T r e a s.
office or F arson , Son & Co. In N . Y . or C lilc.
D u e $ 1 ,0 0 0 y r ly .J u l y 1 1912
to 1 9 26 ln cl.
N o oth er d e b t.
A sse ss, v a l ., $ 1 ,7 0 0 ,0 0 0 .
C L A R K S V I L L E , R ed R iver C o u n ty . T e x a s .— Bonds Voted.— T h e elec
$10,500 school No. 12 bonds. Denom. $1,000, except one bond of $500.
tion held N o v . 14 resu lted In fa v o r o f the p r op osition to Issue th e $ 2 5 ,0 0 *
1,400 school No. 11.bonds. Denom. $1,000 and $400.
4 y>% sew erage bond s ( V . 9 3 , p . 1 2 1 2 ) , th e v o te b ein g 187 to 4 .
W e are
25,000 school-bldg, bonds. Denom. $1,000.
ad v ised th a t these b on d s w ill n o t be offered fo r sale b efore A p ril 1 9 1 2 .
7,500 school No. 6 bonds. Denom. $1,000, except one bond of $500.
0,000 school-site bonds. Denom. $1,000.
„
,
C L E V E L A N D , O h io .— Bond Offering.— P rop osals w ill b e received u ntil
Date July 1 1911. Int. J. & J. at the Mechanics’ Trust Co. of New 12 in . D e c . 18 b y H . B . W r ig h t. A u d it o r , fo r th e fo llo w in g 4 ) i % c o u p ,
Jersey, Bayonne. Due July 1 1931.
b on d s:
BENSON. Douglas County, Neb.— Bond Sale.— On Aug. 5 the $25,000 $ 2 5 0 ,0 0 0 of th e $ 5 0 0 ,0 0 0 park b on d s ( V . 9 3 , p . 1 0 5 5 ) . D u e O c t. 1 1 9 3 8 .
4 0 .0 0 0 public b a th -h o u se bonds ( V . 9 3 , p . 1 2 1 3 ) .
D ue O c t. 1 19 36 .
5% 5-20-year (opt.) coup, water bonds.(V. 93, p. 360) were awarded to
1 5 0 .0 0 0 p ark b ond s ( V . 9 3 , p . 1 2 7 6 ) .
D u e O c t. 1 1 9 3 8 .
H. C. Speer & Sons Co. of Chicago at par.
D e n o m . $ 1 ,0 0 0 .
D a te O c t. 1 1 9 1 1 .
In t. A . & O . at A m e r. E x c h , N a t.
BERNALILLO COUNTY (P. O. Albuquerque), N. M.— Bonds Not Sold.— B a n k , N e w Y o r k . C ert, check on a n ation al b ank for 5 % o f b on d s b id fo r.
Wo are advised that the $7*.500 20-30-year (opt.) coup, funding bonds p a y a b le to T r e a s ., req u ired . B ids m u st b e m a d e o n b lan k fo rm s furn ished
nlfered on Oct. 23 at not exceeding 4 \i% Int. (V. 93, p. 744) were not sold b y th e C ity A u d ito r .
on that date.
Bond Sale.— O n N o v . 24 th e fou r Issues o f c o u p , b o n d s ( V . 9 3 , p . 12 12 )
BOISE CITY, Ada County, Idaho.—Bonds Voted.— Reports state that were aw ard ed as fo llo w s:
the election held Nov. 16 resulted In favor of the proposition to issue the 5 1 . 1 0 0 .0 0 0 4 1 - 1 0 % 2 5 -y e a r c ity -h a ll b o n d s J ointly to S ea so n g o o d & M ayer
$90,000 gold coupon refunding bonds (V. 93, p. 1338). The vote was 79
o f C ln ., T U lotson & W o lc o t t C o . of C le v e . an d O tis &
to 12. Int. (rate not to exceed 5%) semi-annually at the City Treasurer’s
H o u g h o f C lev e . for $ 1 ,1 1 4 ,0 0 5 , m a k in g th e price 1 0 1 .2 7 3 .
office or Chase National Bank In New York. Due not more than 20 years;
3 0 0 .0 0 0 4 ) i % 3 5 -y r . sewer b on d s to S easo n g o o d & M a y e r of C ln ., TI1optional after 10 years.
lo tso n & W o lc o t t C o . an d O tis & H o u g h o f C le v e . Jointly
for $ 3 1 2 ,3 2 7 , m a k in g th e price 1 0 4 .1 0 9 .
BOONE SCHOOL DISTRICT (P. O. Boone), Boone County, la.— Bond
50 0 0 0 4 H % 3 1 -y r . Clark A v e . bridge b on d s to B o rto n & B o r to n of
Election Postponed.— The election which was to have taken place Nov. 20
C lev e . for $ 5 2 ,7 5 7 3 8 , m a k in g th e price 1 0 5 .5 1 4 p lu s.
to vote on the question of Issuing high-school-bldg, bonds has been post
2 5 0 .0 0 0 4 H % 2 7 -y r . park b on d s to S eason good & M ayer o f C in ., T ilponed, It Is stated, until Dec. 18.
lotson & W o lc o t t C o . an d O tis & H o u g h o f C le v e . for
$ 2 5 8 ,7 6 9 , m a k in g the price 1 0 3 .5 0 7 p lu s.
BRIDGEPORT, Fairfield County, Conn.— Sewer Ponds and Paving Notes
Sold.— We are advised that $100,000 sewer bonds and $100,000 paving
C L E V E L A N D H E I G H T S . O h io .— Bon'd Sale.— O n N o v . 7 th e tw o issues
notes have been purchased by the sinking: fund and a local Arm of bankers.
Bonds Proposed.— This city, we are also Informed, is considering the Issu o f 4 )4% c o u p . Im p t. assess, b ond s ( V . 9 3 , p . 97 1) were aw ard ed as fo llo w s,
ance of $400,000 high-school bonds.
$ 2 M 5 1 ttH ig h la n d R o a d b ond s to W e ll, R o th & C o. o f C ln. for $ 2 6 ,8 8 7 5 0 .
m a k in g the price 1 0 1 .6 5 .
BRONWOOD, Terrell County, Qa.—Bonds Voted .— The proposition to
2 9 .0 0 0 T a y lo r R o a d b ond s to the T U lotson & W o lc o t t C o . of C le v e . for
Issue $10,000 6% water works bonds carried by a vote of 61 to 3 at the
$ 2 9 ,4 6 2 5 3 , m ak in g th e price 1 0 1 .5 9 5 .
eleotton held Nov. 1 (V. 93, p. 970). Due 1941. The bonds will be oircred
some time in December we are advised.
C L IF T O N S C H O O L D I S T R IC T (P . O . C lifto n ). G rah am C o u n ty . A r iz .—
BROOKVILLE, Atontgonicry County, O hio— Bond Sale.— On Nov. 13 Bond Election.— A n election will b e h eld D e c . 1 , It Is s t a te d , to v o t e on a
the $18,000 5% Market St. Impt. assess, bonds (V. 93, p. 1133) were p roposition to Issue sch ool b o n d s.
awarded to Breed & Harrison of Cln. at 103.50. Other bids follow:
C O C H R A N E . P ulaski C o u n ty , G a .— Bond Election Postponed.— T h e
Well, Roth & Co., Cln...$18,572 00 TUlotson & Wolcott Co.,
Cleveland____________ $18,550 80 election which was to h a v e been held O c t. 2 3 to v o t e on th e q u e stion o f Is
Stacy & Braun, Toledo__ 18,568 58
Hayden, MIller&Co.,CIev. 18,553 00 Sec. Sav. B. & Tr.Co.,Tol. 18,543 50 su in g $ 2 0 ,0 0 0 school b on d s ( V . 9 3 , p . 89 4) h as b een p o stp o n ed u n til after
Seasongood & Mayer, Cln. 18,548 00 Iloehlcr&Cummings, T ol. 18,417 60 J a n . 1 1 9 1 2 .
C O L E M A N C O U N T Y COA tM O N S C H O O L D I S T R IC T N O . 2 6 , T e x —
B R Y A N , B r a z o s County, Tex.—Bond Sale.— On Nov. 10 the $8,000
Registered.— A n Issue o f $ 1 ,0 0 0 5 % 1 0 -2 0 -y e a r (o p t.) b on d s w as regis
15-40-yr. (opt.) water, $7,000 10-40-yr. (opt.) light and $5,000 10-40-yr. Bonds
(opt.) sewer 5% coup, tax-free bond* (V. 93, p. 1275) were awarded to tered on N o v . 13 b y th e S ta te C o m p tro ller.
J. N. Cole of Bryan at par and Int. Seven bids were received.
C O L U M B U S , O h io .— Bonds Authorized.— A n ord inan ce w as passed
N o v . 13 p rovidin g for th e Issuance o f $ 6 ,0 0 0 4 % c o u p . N a g h ten S t . im p t.
B U F F A L O . N. Y .— B on d S a le.— Local papers state that the $400,000
b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a te n ot later th a n M arch 1 1 9 1 2 .
I n t20-year water, $52,500 20-50-yr. (opt.) park and $50,000 1-20 -year (ser.) assess,
City & Co. Hall ref. bonds ottered but not awarded on Oct. 6 (V. 93, p. M . & S . a t T r e a s. o ffic e . D u e M arch 1 1 9 2 3 , o p t . after M arch 1 1 9 1 3 .
971) have been disposed of.
C O N N E C T IC U T .— B o n d O f f e r i n g .— P rop osals w ill b e received u n til 11
C A M B R ID G E , M id d le se x County, Mass .— B on d Sale.— According to a . m . D e c . 2 1 . b y C . L ip p ltt , S ta t e T r e a s ., a t H a r tfo rd for $ 4 ,0 0 0 ,0 0 0 4 %
reports, $16,200 3
40-year ,$60,000 3)4% 30-yr., $16,000 3)4% 20-yr. c o u p , or registered general b o n d s. A u t h . A c t o f G e n . A s s e m b ly ap p rov ed
and $65,000 4% 10-yr. bonds were awarded to Blake Bros. & Co. or Bos
S e p t. 19 1 9 1 1 .
D c n o m s .: C ou p on b o n d s, $ 1 ,0 0 0 ; registered b o n d s, $ 1 ,0 0 0 ,
ton at 100.81.
D a te J u ly 1 1 9 1 1 .
I n t . J . & J . a t th e T re asu ry
C A M D E N , C am d en C o u n ty . N. J .— Bond O fferin g .— Proposals will be $ 1 0 ,0 0 0 an d $ 5 0 ,0 0 0 .
received until 8 p. m. Nov. 27 by the Finance Committee for $25,000 4% D e p a rtm e n t In H a r tfo r d , o r check s w ill b e m ailed w hen w ritten order Is
ooup. or reg. Are bonds. Denom. $1,000. Date Dec. 1 1911. Int. J. & flled. D u e J u ly 1 1 9 3 6 . B o n d s are e x e m p t fro m t a x a tio n In C o n n e c ticu t,
D. at Treas. office. Due Dec. 1 1931. Bonds are exempt from all taxes.
b u t this ex em p tio n d oes n o t a p p ly to corp oration s ta x e d b y S e c . 2 3 3 1 , R e v .
Cash or cert, check for 2%, payable to "City of Camden,” required.
CANYON
COUNTY
(P .
O.
C a ld w e ll),
Id a h o .— B on ds R e fu s e d — T h e
Harris Trust & Sav. Bank of Chic. Is said to have refused the $47,620 5%
10-20-yr. bridge bonds awarded to It on Sept. 11 (V. 93, p. 823).
C A P E M A Y C O U N T Y (P . O . C ape M ay C ou rt House), N. i . — J\ond O f
fe r in g . — Proposals will be received until 2 p. m. Deo. 7 by the Bd. of Chosen
Freeholders for $70,000 4)4% coup. Stone Harbor turnpike and brldgcbonds. Denom. $500. Int. seml-ann. from Dec. 1 1911. Duo
Burchasc
ico. 1 1941. Cert, check for 2% of bid required.
C A S C A D E C O U N T Y (P . O . G reat Falls), M o n t.— Bond O fferin g .— Pro
posals will be received until 11 a. m. Deo. 6 by Lee Dennis, County Clerk,
for $125,000 5% coup, refund, bonds. Denom. $1,000. Int. J. & J• at
Treas. office. Due 20 yrs. N . Y . draft or check, certified by a Great halls
bank. for$l,250, payable to Treas., required. These bonds were ottered as
4 )4s on Nov. 6 but the bids received were rejected (V. 93, p. 1414). Bid
ders to state at what price they will furnish blank bonds. Abstract will
be furnished by Co. Clerk upon request.
CHANUTE, Neosho County, K a n — B on d E lectio n .— It is stated that an
election will be held Jan. 10 to vote on a proposition to issue $2o,000 5%
10-20-yr. park bonds.
CHATTANOOGA. Tenn.— N o A ction Y et T a k en .— WcJ are advised that
uo action has yet been taken looking towards the issuance of the $900,000
4)4% 30 -yr.coup.municipal water-works bonds ottered but not sold on
Aug. 13 1909 (V. 89, p. 486).
C H E H A L I S C O U N T Y SC H O O L D IS T R IC T NO.
103, W a s h .— B on d S ale.
__On Nov. 13 $37,000 1-20 -year (opt.) bldg, bonds were awarded to the
State of Washington at par and Int. for 5s. Denom. $1,000. Int. ann.
CHICAGO III —Bond Offering.— Proposals will be received until 12 m.
Dec 14 (not Nov. 25, as at ill'st reported) by J. E. Traegcr, Cotnpt., for
the following 4% gold bonds:
SI 500 000 of the $4,655,000 bridge bonds voted Nov. 7 (V. 93, p. 1338).
$1 ,.»oo,oou
yearly on Jan. 1 from 1914 to 1930, lncl., and $140.
ludement refunding bonds voted Nov. 7 (V . 93, p. 1336). Due
7O0.00U
_ 1 1 0 X4 , $20,000 Jan. 1 1915 and $45,000 yearly on
Jan. 1 from 1916 to 1931 lncl.
rr These bonds will be registered. If desired, in Comptroller’s office. Denom.
$1,000. Date Jan. 1 1912. Int. J. & J• at tlfe
Trust *
Hank Chinaco Cert check on a Chicago bank for 2% of bonds bid for,
payable toCH y Compt . requhed. Bids to be unconditional. The opin
ion of Wood & Oakley, Chicago, regarding the validity of these bonds will
be delivered to purchaser. Bonds to be ready for delivery Jan. 2 1912.
B on d s O f [erect bg B a n k ers. —The Hanchett Bond Co. of Chicago Is ottering
to Investors $37,500 5% street-paving bonds. Denom. $1,000 and $500.
Date Oct. 9 1011. Int. on Dec. 31 at the City Treas. office. Due on
Deo. 31 as follows: $9,000 in 1913 and $9,500 In 1914, 1915 and 1916.
C H IC A G O JU N C T IO N (P . O . C h ic a g o ), H u ron C o u n t y ,.O h io .— Bonds
Voted.—-According to reports, this place has voted to Issue $65,000 schoolb ld g . bonds.
^ C I N C I N N A T I , Ohio.— B onds A u th o rized .— Ordinances have been passed
providing tor the following 4% coupon bonds:
750 000
S t a t ., w ith a m e n d m e n ts.
C ert, ch eck fo r 2 % o f b ond s bid fo r , p a y a b le to
th e T r e a s ., req u ired .
O fficial circular state s t h a t th e S ta t e has n ev er d e
fa u lte d an d th a t th ere Is n o litigation p en d in g .
P u rc h . m u st b e prepared
to tak e b ond s on J a n . 15 1912 a n d p a y accrued In terest.
B la n k fo r m s for
bids furnished b y th e S ta t e .
T h e o f fic ia l n o tice o f th is b o n d o ffe r in g w i l l b e f o u n d a m o n g th e a d v e r tis e m e h ts e lse w h e re in th is D e p a r tm e n t .
C O R N IN G U N IO N H IG H S C H O O L D I S T R I C T . T e h a m a C o u n ty , C al —
N o v . 15 th e $ 4 6 ,0 0 0 5 % 3 -2 5 -y r . (ser.) b ond s ( V . * 3 , p .
1134) w ere aw ard ed to E . P . K r a ft for $ 4 7 ,3 3 4 50 ( 1 0 2 .9 0 1 ) a n d In t.— a
basis o f a b o u t 4 . 7 1 % .
O th er bids fo llo w :
E.
H . R o llin s & S o n s. S an F r .$ 4 6 ,9 9 0 |G . G . B ly m y e r & C o .. S . F r . . $ 4 * , 0 1 7
Bond Sale— O n
D A Y T O N , O h io .— B o n d S a l e . — On N o v . 20 th e sev en Issues o f cou p on
str e e t-im p t. b o n d s, aggregatin g $ 3 3 ,5 0 0 ( V . * 3 , p . 12 12) w ere aw arded
as fo llo w s, it Is sta te d :
$6 0 0 0 5 % B u rn s A v e . p a v in g assess, b o n d * to D a v le s-B e r tr a m C o . o f C ln .
’
for $ 6 ,2 7 2 . m a k in g the price 1 0 4 .5 3 3 .
3 100 5 % B a y a rd S t p a v in g assess, b on d s to D a v le s-B e r tr a m C o . o f C ln .
’
for $ 3 ,2 5 8 , m a k in g th e price 1 0 5 .0 9 6 .
2 7 0 0 5 % P erry S t . p a v in g assess, b on d s to D a v le *-B e r tr a m C o . o f C ln .
’
for $ 2 ,8 4 1 , m a k in g th e price 1 0 5 .2 2 2 .
3 100 5 % B urns A v e . p a v in g assess, b on d s to D a v le s-B e r tr a m C o . o f C ln .
’
for $ 3 ,2 5 8 , m a k in g th e price 1 0 5 .0 9 6 .
3 6 0 0 5 % W e b b S t . p a v in g assess, b on d s to D a v le s-B e r tr a m C o . o f C in .
for $ 3 ,7 2 5 , m a k in g th e price 1 0 3 .4 7 2 .
.
11 0 0 0 4 V i % stre et-in te r, (c ity ’ s portion ) b on d s to th e D a y to n S a v . & T ru st
’
C o . o f D a y to n for $ 1 1 ,3 9 7 4 0 , m a k in g th e price 1 0 3 .6 1 2 .
4 0 0 0 4 ) 4 % Euclid A v e . and L e roy S t . storm -w ater-sew er bonds to the
’
Dayton S a v . & T r u st C o . o f D a y t o a for $ 4 ,1 2 5 , m a k in g the
price 1 0 3 .1 2 5 .
D E K A L B C O U N T Y ( P . O . D e c a tu r). Ga .— B o n d E le c tio n P o s t p o n e d . —
T h e election w hich w as to h a v e been held D e c. 7 to v o te on th e q uestion
o f Issuing th e $ 5 5 0 ,0 0 0 r o a d -lm p t. bon d s ( V . 9 3 . p . 1339) has been p osi
tioned reports s ta te , to so m e fu tu re d a te .
O n e o f th e reason s for the
p o stp o n em e n t is th e fa c t th a t the engineer* em p lo y ed to m a k e a su rvey
o f th e roads and estim a te th e c ost o f Im provem en ts h a v e n o t h ad su fficien t
tim e to prepare their rep o rts.
D O R S E T T O W N S H I P S C H O O L D I S T R IC T ( P . O . D o r s e t). A sh ta b u la
C o u n ty O hio —Bond Offering— P roposals will b e received u n til 7 p . m .
Deo 12 b v th e B d . o f E d .. C . B . K e n n e d y , C lerk , for $ 8 ,0 0 0 4 % site and
hide- b ond s
A u t h . S ec . 7 6 2 5 , 7 6 2 6 an d 7 6 2 7 , G e n . C od e; also election
held N o v 7 1 9 1 1
D e n . $ 4 0 0 . I n t . M . & S . a t T r e a s. o ffic e . C e r t, check
for $ 5 0 0 , p a y a b le to C lerk , requ ired .
nnVPP
C u y a h o g a C o u n ty , O h io .— B e n d O f f e r i n g . — P rop osals will be
C . P ease. V illage C lerk , for $ 1 2 ,0 0 0 4 ) 4 %
D enom . $500.
D a te D e c . 1 1 9 1 1 .
In t.
received u ntil 12 m . D e c . 2 6 b y
Center Ridge r o a d -lm p t. b o n d s.
A & O
B o n d s to b e d elivered an d p aid for w ithin 10 d a y s fr o m tim e of
a w a rd . ’ C ert, check for $ 2 0 0 , p a y a b le to th e V illage T reasu rer, req u ired .
Purchaser to p a y accru ed In terest.
1490
THE
C H R O N IC L E
DUSTIN, Hughes County, Okla.— Bonds Not Sold.— We are advised
under date of Nov. 17 that no award had yet been made of the $25,000 6%
25-yr. water-works bonds offered on Nov. 0 (V. 93, p. 1134),
EAST LIV ERPOO L, Columbiana County, Ohio.— Bond Offering.— Pro
posals will be received until 12 m. Nov. 30 by R. L. E. Chambers, City Aud.,
for the following 5% bonds:
$35,400 Pennsylvania Ave. lmpt. assess, bonds. Auth. Sec. 3914 and
L*i
3812, Gen. Code. Denom. $500 and $80. Date July 1 1911.
•
Due serially from July 1 1911 to July 1 1916 Incl.
4,980 Ravine St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
[*
Code. Denom. $996. Date July 1 1911. Due $996 yearly on
i'
July 1 from 1012 to 1916 lncl.
■• 85,0 Monroe St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
Code. Denom. $170. Date July 1 1911. Due $170 yearly on
•
July 1 1912 to 1916 Incl.
1 4,115 West 9th St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
•
Code. Denom. $823. Date July 1 1911. Due $823 yearly on
■
July 1 from 1912 to 1916 Incl.
, H2,275 Jefferson St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
L\
Code. Denom. $455. Date July 1 1911. Due $455 yearly on
•
July 1 from 1012 to 1916 incl.
2,600 Centre Alley impt. assess, bonds. Auth. Sec. 3914 and 3812
•
Gen. Code. Denom. $520. Date July 1 1911. Due $520 yearly
•
on July 1 from 1912 to 1916 Incl.
I 1,130 Persimmon Alley Impt. assess, bonds. Auth. Sec. 3914 and 3812,
•
Gen. Code. Denom. $226. Date July 1 1911. Due $226 on
•
July 1 from 1912 to 1916 Incl.
• 350 Crook Alley Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
•
Code. Denom. $70. Date July 1 1911. Due $70 yearly on
•
July 1 from 1912 to 1916 Incl.
• 2,100 Drury Lane impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
•
Code. Denom. $420. Date July 1 1911. Due $420 yearly on
•
July 1 from 1912 to 1916 incl.
■ 690 East Alley Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
•
Code. Denom. $138. Date July 1 1911. Due $138 yearly on
July 1 from 1912 to 1916 Incl.
• 1,585 Jackson St. impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
Code. Denom. $317. Date July 1 1911. Due $317 yearly on
July 1 from 1912 to 1916 Incl.
• 295 Church Alley Impt. assess, bonds. Auth. Sec. 3914 and 3812,
Gen. Code. Denom. $59.
Date July 1 1911. Due $59 yearly
•
on July 1 from 1912 to 1916 Incl.
■ 1,750 Church Alley impt. assess, bonds. Auth. Sec. 3914 and 3812,
Gen. Code. Denom. $350. Date July 1 1911. Due $350 yearly
•
on July 1 from 1912 to 1916 Incl.
• 1,350 Fifth St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
Code. Denom. $270. Date July 1 1911. Due $270 yearly on
•
July 1 from 1012 to 1916 incl.
• 525 Moore St. Impt. assess, bonds. Auth. Sec. 3914 and 3812, Gen.
Code. Denom. $105. Date July 1 1911. Due $105 yearly on
July 1 from 1912 to 1916 Incl.
• 1,252 sewcr-constr. (city’s portion) bonds. Auth. Sec. 3939, Gen. Code.
■
Denom. $500 and $252. Date Sept. 15 1911. Due Sept. 15 1919.
29,406 Strcct-impt. (city’s portioh) bonds. Auth. Sec. 3939, Gen. Code.
•
Denom. $500 and $406. Date Sept. 15 1911. Due $2,000 yearly
on Sept. 15 from 1919 to 1932 incl. and $1,406 on Sept. 15 1933.
Int. scml-ann. Cert, check for $100, payable to City Treas., required.
Bonds to be delivered and paid for within 10 days after time of award.
Purchaser to pay accrued interest.
Bonds Authorised.—-An ordinance was passed Oct. 26 providing for the
Issuance of $2,600 5% bridge bonds. Denom. $1,000 and $600. Date
Nov. 1 1911. Int. scml-ann. Due $600 Nov. 1 1912 and $1,000 Nov.
1913 and 1914.
Bond Sale.— On Nov. 20 the $9,000 5% 12-14-yr.(ser.) coup. garbagecrematory riant bonds (V. 93, p. 1276) were awarded to the Provident Sav
ings Bank & Trust Co. of Cine, at 108.405 and int.— a basis of about 4.16%.
Other bids follow:
Hoehler & Cummings, Tol_$9,713 40 I Breed & Harrison, Cine...$9,720 00
Well, Roth & Co., Cine___ 9,743 00 Hayden, Miller & Co., Clev. 9,639 00
Seasongood & Mayer, Cln.. 9,726 001Stacy & Braun, Toledo___ 0,588 88
EAST ST. LOUIS P A R K DISTRICT (P , O. East St. Louis), St. Clair
C ounty, 111.—Bond Sale.— On Nov. 14 the $200,000 4M% 20-yr. coup,
park bonds (V. 03, p. 1212) were awarded to the Illinois State Trust Co.
Bank of East St. Louis. Bids were also received from N. W. Halsey &
Co. of Chloago, Harris Trust & Sav. Bank of Chicago, W .R . Compton Co..
St. Louis, and Whitaker & Co. of St. Louis.
EAST V IE W , Cuyahoga C ounty, Ohio.— Bond Sale.— On N o v . 20 the
two Issues of 4 'A% coupon KInsmon R oad bonds, aggregating $25,304
(V. 93, p. 1212), were awarded to H ayden, Miller & C o. of Cleveland for
$25,725 (101.663) and Interest. Other bids follow :
Premium
Premium
Tlllotson & Wolcott Co.,Clev.$244 27 Stacy & Braun, Toledo
$92 44
Otis & Hough, Cleveland----- 242 00|
" *
ELDER SCHOOL DISTRICT, Imperial C ounty, C a l— Bonds Not Sold.—
We are advised that an Issue of $2,500 bonds offered on Nov. 6 was not
sold on that day.
ELECTRA INDEPENDENT SCHOOL DISTRICT (P O Electra)
W ichita C ounty, T e x .— Bonds Registered.— The State Comptroller regis
tered on Nov. 13 $12,500 5% 15-40-yr. (opt.) bonds.
MnE1i L ! » 0 F e A,ND ,[5U S n (Towns) UNION FREE SCHOOL DISTRICT
NO. 3 (P . O. C cloron), N. Y.— Bond Offering.— Proposals will be received
until 12 m. to-day (Nov. 25) by the Bd. of Education, C. L. Gardiner,
Clerk, for $14,670 5% bonds. Date Nov. 1 1911. Int. M. & N. Due
$1,670 Nov. 1 1912 and $1,000 yearly on Nov. 1 from 1913 to 1925 incl.
ENTERPRISE IRRIGATION
DISTRICT. Fremont County. Idaho.—
Bond Offering.— Proposals will be received until 10 a. m. Dec 12 by the
Board of Directors, O. K. Mcscrvy (P. O. St. Anthony), for $20,000 gold
coup, bonds at not exceeding 7% Int. Auth. election held Oct. 30 1911.
Date Jan. 1 1912. Int. J. & J. at such place as may be agreed upon be
tween the purchaser and the District.
ESCAMBIA COUNTY (P. O. B rewton), Ala.— Bond Election Postponed.—
The election which was to have been held Nov. 14 to vote on the question
of Issuing the $100,000 road bonds. (V. 03, p. 547) has been postponed.
ETOW AH , McMinn Countv, T cn n. —Bonds Offered by Bankers — II. T .
Holtz & Co. of Chicago arc offering to Investors the $25,000 6% street and
sewer Impt. bonds voted Aug. 29. Denom. $500. Date Oct. 2 1011
Int
A. & O. at the Cont. & Com. Trust & Sav. Bank af Chicago. Duc’Oct. 2
1931. Bonded debt, Incl. this issue $40,000. Assessed val S357 460
Actual value (cst.) $700,000.
*
’
. E V A N SV ILLE , Vanderburg C ounty, Ind .— Bond Sale.— 1
The $800,000
4%
20-yr. coup,
bonds
nlniAxt
tlmnnrefunding ____IV
- 1offered
.1- _ on Nov.
___I 20
.1 (V.in..03, p . 1276)
* ’ were
[VOL. LXXXXIII
F A I R B A N K S -A D D I C K S SC H O O L D IS T R IC T , H arris C o u n ty , T e x .-
Bonds Voted.— An election held recently
resulted In favor of a proposition
pro
recently__________________
to Issue $10,000 bonds. The vote. It is reported, was 23 to 13.
FALL RIVER, Bristol County, Mass.— Bond Sale.— E. H. Rollins &
Sons and Merrill Oldham & Co. of Boston have Jointly been awarded at
103.09, it is stated, $15,000 4% 10-yr. reg. road bands. Date Nov. 1 1911.
FERGUS COUNTY SCHOOL DISTRICT NO. 12 (P. O. Stanford). Mont.
— Bond Offering.— Proposals will be received until 1 p .m . Dec. 4 by L. A.
Kellchcr, Clerk, for $25,000 6% gold coup, building bonds. Auth. Sec.
1,960 Rev. Codes. Denom. $1,000. Date Dec. 15 1011. Int. J. & D.
at County Treasurer’s office. Due Dec. 15 1926, opt. after Dec. 15 1916.
Cert, check for $1,250, payable to Clerk, required. Bonded debt $29,000.
Floating debt none. Assessed val. 1911 $972,603.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 41 (P. O. Rollins),
Mont.—Bond bale.— On Nov. 11 $2,500 6'% 10-20-year (opt.) site-purchase
and bldg, bonds were awarded to the State Board of Lancl Comm’rs at par.
A bid was {jlso received from the Federal State & Savings Bank of Denver.
Denomination $100. Interest semi-annual.
FORT M ILL, York County, So. Caro.—Bond Election Proposed.— An
election will be held to vote on a proposition to issue $4,000 local-street
bonds. These bonds were previously authorized, we are advised, but the
first election was declared void, owing to some technicality.
FORT PIERCE, Saint Lucie County, Fla.—Bond Election.— Propositions
to Issue $45,000 water, $30,000 sewer and $15,000 light 0% 30-year bonds
will be submitted to a vote on Dec. 12.
FORTUNA, Humboldt County, Cal.—Bond Election.— An election will be
held In this place Nov. 27, It Is stated, to vote on the question of Issuing
the $20,000 sewer bonds (V. 92, p. 1715).
FOSTORIA, Seneca County, Ohio.—Bond Offering.— Proposals will be
received until 12 m. Dec. 16 by J. H. Morton, City Auditor, for $9,727
4 >5% llffen St. Impt. asses, bonds. Auth. Sec. 3.914 and 3,939 Gen. Code.
Denom. $1,000 and $727. Date Sept. 1 1911. Int. M. & S. at any bank
I11
r*a>, P ue 5727 Sept. 1 1913 and $1,000 yearly on Sept. 1 from 1914
to 1922. Cert, check for 10% of bonds bid for, payable to Treasurer,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued Interest.
FULLERTON UNION HIGH SCHOOL DISTRICT, Orange County, Cal,
—Bond bale.— On Nov. 8 the $130,000 5% gold tax-free bldg, bonds (V. 93,
p. 971) were awarded to the Wm. R. Staats Co. of Los Angeles for $130.
445 50, making the price 100.342, It is stated.
GENESEE INDEPENDENT SCHOOL DISTRICT NO. 2 (P. O, Genesee),.
Latah County, Idaho.— Bond Sale.— On Nov. 13 the $20,000 5% 10-2 0-yr
(opt.) coup, tax-free building bonds (V. 93, p. 1134) were awarded to the
Genesee Exchange Bank In Genesee at par and Int., less $100. Other
bids follow:
O. H. Coffin, Chicago--------------$20,021 for 5s less $600
A. J. Hood & Co., Detroit...........................
20,006for
5sless375
E. II. Rollins & Sons, Denver.. ..................
20,000for
5sless200
Investors' Securities Co., Des Moines................. 20,000 for 5s less 200
Thos. J. Bolger & Co., Chicago_________________ 20,000 for 5s less 397
James M. Wright & Co., Denver_______________ 20,000 for 5s less 400
H. C. Speer & Sons Co., Chicago...................... 20,000 for 5s less 500
20,000for
5sless543
Fred Glenn & Co., Portland______________
Chas. S. Kidder & Co., Chicago__ __________
20,000for
5sless975
Continental Trust Co., Denver.......................... 20,200 for 5 Ms less 300
Union Trust Co., Spokane................................... 20,000 for 5 Ms less
65
John Nuveen & Co., Chicago.......................
20,000for
6s
Cutter, May & Co., Chicago___________________ 20,000 for 6s less 300
GRAYSON COUNTY (P. O. Sherman), Tex.— Bond Election.—An eleotlon will be held In the Sherman District on Dec. 9, It is stated, to decide
whether or not $400,000 road bonds shall be Issued.
HADLEY, Hampshire County, Mass.— Bond Offering.— Proposals will be
received until 12 m. Nov. 27 by II. S. Shipman, Town Treasurer, for $36,000
4% coup, tax-free refunding bonds. Denom. $1,000. Date Nov. 1 1911.
Int. M. & N. at the Old Colony Trust Co. of Boston. Due $2,000 yearly on
Nov. 1 from 1912 to 1929 Incl. Bonds will be certified as to genluneness
by the Old Colony Trust Co., which will further certify that the legality of
these bonds has been approved by Ropes, Gray & Gorham of Boston, a
copy of whose opinion will be delivered to purchaser without charge.
HALLS, Lauderdale County, Tenn.—Bond Election Postponed.— The
election which was to have been held Nov. 14 to vote on the question of
Issuing $20,000 sewer and street bonds has been postponed Indefinitely, we
are advised.
HAMILTON, Butler County, Ohio.—Bonds Authorized— An ordinance has
been passed providing for the Issuance of $10,000 4% coup. gas-works-Impt.
bonds. Denom. $500. Date Nov. 15 1911. Int. seml-ann. Due
N o v . 15 1926.
HAMTRAMCK TOWNSHIP (P. O. Detroit), Wayne County, Neb.—
Bonds Authorized.— It is reported that this district recently authorized the
Issuance of $10,000 bonds.
HARVARD SCHOOL DISTRICT (P. O. Harvard), Clay County, Neb.—
Bond Sale.— On Nov. 13 the $20,000 5% 5-20-year (opt.) bldg, bonds
dated July 1 1910 (V. 93, p. 1339) were awarded to the State of Nebraska.
Other bids follow:
Hoehler & Cummings, Toledo--------------- $20,000 less $1,000 for expenses
Thos. J. Bolger Co., Chicago------- --------- 20,000less
397 for expenses
H. C. Speer & Sons Co., Chicago_______ 20,000 plus 230 premium
A. J. Hood & Co., Detroit_______________ 20,000 less 190 for expenses
Well, Roth & Co., Chicago.............. ....... 20,000 and accrued Interest
HENRY, Codington County, So. Dak.— Bonds Not Sold.— No bids were
received on Nov. 18 for the $10,000 20-yr. water-works bonds (V. 93.
p. 1339.)
HENRY COUNTY (P. O. Clinton), Mo.— Bond Offering.— Reports state
that the County Court has ordered the sale of $48,000 Big Creek -ditch and
impt. bonds. Denom. not less than $100 or more than $1,000. Date
Feb. 1 1912.
HIGGINSVILLE, Lafayette County, Mo.— No Bonds to be Issued at Pres
ent.— Concerning the reports that this city is contemplating the Issuance
of water bonds, wo are advised that ’’nothing definite will be done before the
spring of 1912 and possibly not then.”
HOBOKEN, N. J.—Bond Sale.— On Nov. 22 the $263,550 4M% 30-yr.
coup, or reg. school bonds (V. 93, d . 1276) were awarded to Kissel, Klnnlcutt & Co. of N. Y . at 105.1813 and Int.— a basis of about 4.20%.
HOWARD COUNTY (P. O. Big Springs), Tex.—Bond Sale.— Reports
state that the $100,000 5% 20-10-year (opt.) Hoad DIst. No. 1 bonds
registered by the State Comptroller on Aug. 7 (V. 93, p. 485), were sold on
Nov. 8 to an eastern company.
INDEPENDENCE, Montgomery County. Kan.—Bond Election.— An
election will be held Dec. 20, it is stated, to vote on a proposition to Issue
$99,000 watcr-Impt. $20,000 park Impt. and $12,000 fire-equipment bonds.
JACKSON, Butts County, Ga.—Bond Sale.— It Is reported that $12,000
5% 30-year water and light bonds (V. 93, p. 745) were awarded to the First
National Bank of Jackson at 101.25.
JACKSON COUNTY (P. O. Gainsboro), Tcnn .—Bond Election.— An elec
tion will be held Dec. 9 to vote on the proposition to issue the $150,000 4%
30-yr. road-impt. bonds (V. 93, p. 896).
JACKSON TOWNSHIP SCHOOL DISTRICT (P. O. Youngstown), Ohio.
— Bonds Defeated.— The election held Nov. 7 resulted In the defeat of a
proposition to Issue $10,000 building bonds. The vote was 85 “ for” to
109 “ against.”
for the bonds was $12,006, making the average price 100.50. Bids^or the
entire Issue were as follows:
O. F. Smith, Evansville-- $811,5551GavIn L. Payne & Co.,Ind $800 000
A. O. Hasscnsall&Co..Evans 800.400 |
u__*ouu,uuu
Mr. Smith also made a scale bid for the entire Issue at prices averaging
101.47. There were additional bids from all the local banks representing
we are advised, over 300 private Investors..
Mr. Chas. Finley Smith for a number of weeks conducted an aggressive
advertising campaign In the local papers, urging upon the citizens the de
sirability of buying the bonds themselves, with the result stated above.
JACKSONVILLE, Duval County, Fla.— Bond Offering.— Proposals will
EVERETT, Aliddlcsex County, M ass.— Bond Sale.— On Nov. 22 $10 000 be received until 3 p. m. Dec. 18 by the Board of Bond Trustees, W . M.
4% coupon refunding bonds were awarded to Hornblower & Weeks’ of Bostwlck Jr., Chairman, for $250,000 of the $500,000 4M% impt. bonds
Boston, at 101.49, and Int. Denom. $1,000. Date Nov. 1 lo 11 in t
voted Sept. 26 (V. 93, p. 972). The legality of these bonds has been
M. & N. at the Old Colony Trust Co. of Boston. Due $1,000 ycarlv approved by Dillon, Thomson & Clay of New York. Blank forms for bids
Nov. 1 1912 to 1921, Inol. Bonds are tax-exempt In Massachusetts
r
can be had upon application to the Secretary Board of Bond Trustees, or
Other bids follow:
io i ai
Blodgct & Co., Boston......... 101.4091Curtis & Sanger, Boston..
to Dillon, Thomson & Clay.
nifl PnlfUltr
Trnof Co.,
Pn nnotnnim
‘HI Adams & Co., TBoston______IlOlioo
locfnn
"~ ^ * *
Old
Colony Trust
Bostonl0l.39
The official notice of this bond offering will be found among the advertise
Estabrook &|Co., Boston___ 101.33 Blake Bros. & Co., Boston__ 100.C4
ments elsewhere in this Department.
EXCELSIOR SPRINC1S, Clay C ounty, M o.— Certificates to Be Offered
JOHNSTOWN SCHOOL DISTRICT (P. O. Johnstown), Cambria
Shortly
__ that this city will soon place on the
\ortlg.—The Oltv Clerk advises us
County, Pa.— Bonds Voted.— Reports state that the proposition to Issue
market $47,000 7% 5-year park certificates.
the $400,000 school bonds (V. 93, p. 745) failed to carry at a recent election.
NOV. 25 1911.]
THE
C H R O N IC L E
K A LI DA. Putnam County. O hio— Bond Offering.— Proposalsi will be
received until 12 m. Dec. 23 by G. A. Slnlff, VII. Clerk, for $3,000 5% re
funding bonds. Authority Sec. 2701, Rev. Stat. Denom. $500. Date
Dec. 23 1011. Int. annually at the YU. Clerk’s office. Due $500 yearly
Dec. 23 from 1916 to 1921 lncl. Purchaser to pay accrued Interest.
KANSAS.—Bonds Purchasedby State in October.— The following seven
Issues of bonds, aggregating $19,820 50, were purchased by the State during
October at par.
Due.
Place Issuing Bonds. Amount.
Purpose.
Date.
Int.
Johnson County........ $2,520 50 Road............. Sept. 5 1911 5 Jan. 1 1912-21
Shawnee Co.S.D.No.34 12,000 00..School-house .Oct.16 1911 5 July 1 1921
Rooks Co. S. D. No. 17
500 00. .School-house .Oct.10 1911 5 jan. l 1913-15
Harper Co. S. D. No.95
1,200 00. .School-house .Oct.10 1911 5 July l 1926
Brown Co. S. D. No. 6. 2,000 00..School-house -Oct.10 1911 5 July 1 1912-16
Chautauqua Co. S. D.
Jan. 1 1913-22
No. 18..... ............ 1,000 00..School-house .Oct. 10 1911
July 1 1920
Meade Co. S. D. No. 5.
600 00..School-house .Oct. 10 1911
The above bonds are subject to call at any Interest-paying period.
K E N T O N , Hardin County, Ohio.—Pond Sale.— On Nov. 20 the $3,440
4H% 6-yr. (aver.) water-maln-cxt. bonds (V. 93, p. 1276) were awarded
to the First Nat. Bank of Kenton for $3,476 (101.046) and Int.— a basis
of about 4.30%. Other bids follow:
„„
..
Cit. Nat. Bk., W ooster... $3,475 00 I Hayden, Miller & Co., Clcv.$3,462 00
J. W. Daugherty, Kenton. 3,467 00|Well, Roth & Co., Cln----- 3,460 7o
KINO C T Y , Gentry County. M o.— Bonds Voted.— According to
reports a proposition to Issue electrlc-llght-plant bonds was favorably
voted upon at an election held recently.
KING COUNTY SCHOOL DISTRICT NO. 175, W ash.— Bond Offering —
Proposals will be received until 11 a. in. Dec. 2 by W . I I . Hanna, Co. Ireas.,
(P. O. Seattle), for $10,000 coup, bonds at not exceeding 6% Int. Denom.
$500. Int. ann. at the Treas. office or at the fiscal agency of the State, at
the option of purchaser. Due 20 yeajrs, opt. after 1 yr. Cert, check or
draft for 1% of bonds, payable to the Co. Treas. required. Bonded debt
$4,500. Outstanding warrants, $718 40. Assessed val., $302,057.
LAKEVIEYV, Lake County, Ore .— Bonds Voted.— An election held
recently resulted In favor of Issuing $15,000 additional lilgh-school-buildlng
bonds, It is reported.
LAM AR. Barton C ounty, M o.—Bond Offering.— Proposals will be re
ceived until 7 p. m. Dec. 4 by J. P. Weddell, City Clerk, for $70,000 bonds
for the purchase or construction of a water and light-plant. Auth. election
held Oct. 24 1911. Denom. $1,000. Int. (rate to be named In bid)
annual from date of delivery at some bank In Lamar to be designated by the
City Council. Due 20 years, opt. after 5 years. Cert, check for $1,000,
payable to Clerk, required.
LIMESTONE COUNTY (P. O. Groesbeck), Tex.—Pond Election.—
Reports state that an election will be held Dec. 16 to vote on the question
of Issuing bonds for good roads In certain parts of Precinct No. 4.
LINCOLN COUNTY (P. O. Shoshone), Idaho.— Bonds Offered by
Bankers.— The Harris Trust & Savings Bank of Chicago Is olTerlng to In
vestors $23,400 5% refunding bonds. Denom. $1,000, $500 and 5100.
Date July 1 1911. Int. J. & J. at Irving Nat. Excli. Bank In New York.
Due on July 1 as follows: $2,600 In 1921 and 1922, $2,900 yearly from 1923
to 1927, lncl., $1,900 In 1928. and $900 in 1929 and 1930.
LINCOLN COUNTY (P . O. L ibby), M ont.— Pond Offering— Proposals
will be received until 2 p. m. Jan. 4 1912 by the County Commissioners at
the office of S. Carpenter, County Clerk, for the $125,000 road and bridge
bonds voted Oct. 28 (V. 93, p. 1277). Denom. $500 or $1,000 or both.
Int. (rate not to exceed 5 % ), J. & J. at Treasurer's office. Due 20 years,
opt. after 15 years. Cert, check for $6,000, payable to J. C. Friend, Treas
urer, must be deposited with the County Clerk at least 24 hours before the
time sot for opening bids.
LODI SCHOOL DISTRICT (P . O. L odi). San Joaquin County. Cal.—
Bond Election.— On Dec. 14 an election will be held In this district, It Is
stated, to vote upon a proposition to Issue $150,000 hlgh-scliool bonds.
LON G VIEW , Gregg C ounty, Texas.— Bonds Registered.— On Nov. 14
$2,000 sewer-construction and $5,000 sewer-lmpt. 5% 20 -40 -year (opt.)
bonds were registered by the State Comptroller.
.
LOS GATOS HIGH SCHOOL DISTRICT, Santa Clara County. Cal.—
Bond Offering.— Local papers state that proposals will be received untu
11 a. m. Dec. 4 by the Clerk of Board of Supervisors (P. O. San Jose), for
$10,000 5% school bonds voted Oct. 21 (V. 93, p. 1277). Denom. $1,000Due $2,000 yearly from 1 to 5 years.
MCMINNVILLE. Yamhill C ounty, Ore— Pond Offering.— Proposals will
be received until 8 p. m. Dec. 5 by A. C. Chandler, City Recorder, for the
following bonds voted Nov. 6 (V. 93, p. 1415):
$30,000 6% water and light bonds. Due 20 years, opt. after 15 years.
15.000 water-main bonds at not exceeding 6% Int. Due $1,000 yearly
from 1 to 15 years.
30.000 8treet-lmpt. bonds at not exceeding 6% Int. Due $2,000 yearly
from 1 to 15 years.
Date July 1 1912. Int. seml-ann. at New York or elsewhere. Cert,
check for 3% of bid required.
M AGN OLIA, Pike C ounty, Miss.— Bond Offering.— Proposals will be
received until 7:30 p. m. Dec. 5 by the Board of Aldermen for $12,000 6%
coup, sidewalk bonds. Authority vote of 105 to 8 at the election held
Nov. 14. Denom. $1,000. Int. J. & D. at any bank of New Orleans or
Chicago. Due Dec. 1 1931. Cert, check for $500 required. J. E. Nor
wood Is Mayor.
M ALDEN , Middlesex C ounty, Mass.— Temporary Loan.— A temporary
loan of $200,000 due In 6 mos. has been negotiated with Blake Bros. <Sc Co.
of Boston at 3.37% discount, according to local papers.
Bond Sale.— Reports also state that $14,000 4% 30-yr. drainage bonds
dated July 1 1911 and $12,000 4% 20-yr. water bonds dated Sept. 1 1911
were awarded to Merrill. Oldham & Co. of Boston at 106.779.
A1ARION COUNTY (P . O. Marion), O h io — Ponds Not Sold— Reports
state that no bids were received on Nov. 15 for the $4,000 5% coup.
Hedges Free Turnpike road bonds (V. 93, p. 1214).
Bond Offering.— In addition to the $5,500 5% coup. Somerlott rrec
Turnpike bonds to be olfered at 12 m. Deo. 4 (V. 93, p. 1415) proposals
will be received at the same time by the Board of Free Turnpike Commis
sioners, care Jay Spaulding, Auditor, for $5,800 5% coup. Davis rrec
Turnpike bonds. Auth. Sec. 7,283 Gen. Code. Denom. $250, $275, $300
and $335. Date Sept, l 1911. Int.M . & S. at the County Treasurer’s office.
Due as follows:
$250.Mch. 1 1912 $275.Sept.1 1914 $300.Mch. 1 1017 $350.Sept. 1 1019
250.Sept. 1 1912 275.Mch. 1 1915 300-Sept.1 1917 350.Mch. 1 1920
250.Mch. 1 1913 275.Sept. 1 1015 300.Mch. 1 1918 350.Sept.1 1920
250.Sept. 1 1913 275. Mch. 1 1016 300.Sept.1 1918 350.Mch. 1 1921
250.Mch. 1 1014 275.Sept. 1 1016 300.Mch. 1 1919 350.Sept. 1 1021
Cert, check on a bank In Marlon for $300, payable to the Board of Free
Turnpike Commissioners, required.
A1ARTHAVILLE SCHOOL DISTRICT. Natchitoches Parish. La,—
Bonds Offered by Bankers.— H. T. Holtz & Co. of Chicago arc ollcring to
Investors $16,000 5% bonds. Denom. $500. Date April 1 1911. Int.
annually (April) at the Cont. & Com. Nat. Bank of Chicago. Due $1,000
on April 1 In 1912 and 1913; $1,500 on April 1 from 1914 to 1917 lncl., and
$2,000 yearly April 1 1918 to 1921 lncl. Bonded debt, tills Issue only
($16,000). Assessed val. $215,000. Actual val. (est.) $450,000.
MASON CITY, Cerro Gordo County, Iowa.—Ponds Voted— At an elec
tion held Nov. 20 a proposition to issue $25,000 fire-house bonds carried
by a vote of 357 to 328.
M AXWELL SCHOOL DISTRICT NO. 7 (P. O. Maxwell), Lincoln County.
Neb.—Bonds Authorized.— We arc advised that this district has authorized
the Issuance of $20,000 5% coup, tax-free bldg, bonds. Date Nov. 22 1911.
Int. payable at the Co. Treas. office. Due serially Oct. 1 from 1916 to 1931
lncl. No debt at present. Assess, val. for 1910, $205,000.
MENDON, Saint Joseph County, Mich.—Bonds Defeated.— Reports state
that an election held recently resulted In the defeat of a proposition to Issue
$7,000 electrlc-llght-plant bonds.
MERRICK COUNTY (P. O. Central City), Neb.—Pond Offering.— Pro
posals will be received until 10 a. m. Dec. 12 by F. R. Nash, County Clerk,
for $100,000 4% rcg. court-house bonds. Denom. $1,000. Date July 1
1911. Int. J. & J. at the State Treasurer's office In Lincoln. Due 20 yrs.,
optional after Issuance. Cert, check for 1% required. No debt at present.
Assessed val. $4,366,721. Actual val. (est.) $30,000,000. These bonds
wero olfered without success on Aug. 19 (V. 93, p. 245.)
1491
MIDDLETOWN, Butler County, Ohio—Pond Sale.— On Nov. 18 the
$15,000 4
2-16-yr. (ser.) sewer bonds (V. 93, p. 1135) were awarded to
A. E. Aub & Co. of Cincinnati at 103.18 and Int.— a basis of about 4.075%.
Other bids follow:
Provident Sav. Bank &
Oglesby & Barnltz Co.,
Trust Co., Cln....$15,417 75
Middletown__________ $15,466 00
Breed & Harrison, Cln__ 15,463 50 Seasongood & Mayer, Cln. 15,405 00
TUlotson & Wolcott Co.,
Hoehler & Cummings,
Toledo....... ...........
15,379 50
Cleveland................ _. 15,462 00
Weil, Roth & Co., Cln___ 15,456 00 Hayden, Miller & Co.,
Cleveland________ 15,315
00
Stacy & Braun, Toledo.. 15,439 55
At ILFORD SCHOOL DISTRICT (P. O. Alilford). Ohio.— Bond Sale.—
On Nov. 20 the $50,000 4 14% coupon school bonds (V. 93, p. 1135) were
awarded to the Provident Savings Bank & Trust Co. of Cincinnati at 106.09,
It Is stated.
A1INERAL COUNTY (P. O. Keyser), W . Va.— Description of Bonds.—
The $22,000 5% coup, bonds awarded on Nov. 11 to the First Nat. Bank
of Keyser at 102.909 and Int. (V. 93, p. 1415) are in the denom. of $500
each and dated Sept. 1 1911. Int. annual. Due from 2 to 9 years.
AlOBILE COUNTY (P. O. Atobile). A la — Pond Offering— Proposals will
be received until 12 m. Dec. 18 by the Bd. of Revenue and Road Commrs.
for $150,000 road bonds. G. E. Stone Is Co. Treas.
The official notice of this bond offering will be found among the advertise
ments elsewhere in this Department.
MONTGOMERY COUNTY (P. O. Dayton), Ohio.—Pond Sale.— On
Nov. 18 $1,200 4 H% l-6-yr. (ser.) coup, ditch bonds were awarded to
Dayton Sav. & Trust Co. of Dayton for $1,207, making the price 100.583.
A bid of $1,204 was also received from Seasongood & Mayer of Cincinnati.
Auth. Sec. 6,489 Gen. Code. Denom. $200. Date Nov. 21 1911. Int.
M. & N. at the Treasurer’s office. We are also advised that $8,000 bridge
bonds were awarded on the same day to the Dayton Sav. & Trust Co. of
Dayton at 100.5625. A bid of $8,042 was also received from Seasongood
& Mayer of Cln. A . E. Aub & Co. and Well, Roth & Co., both of Cln.
submitted bids for this Issue, but they were rejected on account of being
conditional.
AtONTICELLO, Green County, Wis.—Bond Offering.— Proposals will be
received until 10 a. m. Dec. 12 by E. W. Van Norman, Vll. Clerk, for $2,000
5% water-works bonds. Auth. vote of 67 to 29 at election held Sept. 7.
Denom. $400. Int. ann. on March 1. Due $400 yearly on March 1 from
1913 to 1917 Inclusive.
AlOSCOW INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O. Moscow),
Latah County, Idaho.— Bond Sale.— On Nov. 13 the $65,000 5% 10-20-yr.
(opt.) bldg, bonds (V. 93, p. 972) were awarded to the Dexter Horton Nat.
Bank of Seattle for $65,655 (101.007) and int. Other bids follow: ■* *
J. H. Causey & Co., Den.*$66,885 00 Well, Roth & Co., C h ic...$65,077 50
John Nuveen & Co., Chlc-*65,650 00 H. T. Holtz & Co., Chic.. 65,071 00
Federal Nat. Bk., Denver 65,528 45 C. H. Coffin. Chicago___ 65,065 00
Cutter, May & Co., Chic.. 65,507 00 J. H. Causey & Co s Denv. 65,035 00
Thos. J. Bolger Co., Chic. 65,027 00
Woodln, McNear & Moore,
Chicago _____________ *65,500 00 Investors’ Securities Co.,
Des Moines___________ 65,000 00
Spok.&East.Tr.Co., Spok. 65,351 00
A. B. Leach & Co., Chic.. 65,268 00 Devitt, Tremble & Co.,Chi 64,500 00
Wells & Dickey Co..M’p’lls 65,260 00 Fred Glen & Co., Portl’d 64.303 10
E. H. Rollins & Sons and'i 65,175 50 J. N./Wright & Co., Denv. 63,760 00
H.C.Speer&SonsCo., Chic. 63,700 00
Bumpus & Co., Detroit/
A. J. Hood & Co., Detroit 65,175 00 Chas. S. Kidder & Co.,Chic 63,375 00
Mcroh.Ln.&Tr.Co., Chic. 65,165 00 Hoehler & Cummings, Tol. 62,500 00
Union Tr.&Sav.Bk., Spok 65,104 00 S. A. Kean & Co., Chicago 62.406 50
CentralSav.Bk.&Tr.Co.,Den65,100 00 Continental Tr. Co., Den. 61,900 00
Cont.&Com.Tr.&S.Bk.,Chlc.65,100 00
• For 5H% bonds.
AlOUNT MORRIS, Livingston County, N. Y.— No Bonds Sold.— We are
advised by the Village Clerk that the $40,000 4.15% water bonds (V. 93,
p. 1415) were sold a year or so ago and not recently as reported In some
newspapers.
Bond Election.— An election will be held Dec. 5 to vote on the question
of authorizing the Village Trustees to sell $95,995 bonds. This amount. It
is stated, together with $44,000 now on hand will be used to Install a
municipal water-works-system.
MUSSELSHELL COUNTY (P. O. Roundup). Alont.—Bond Sale.— On
Nov. 15 the $50,000 15-20-yr. (opt.) coup, refunding bonds (V. 93, p. 1057)
were awarded to John Nuveen & Co. of Chicago at 102.77 and blank bonds.
Other bids follow:
Wells & Dickey Co., Minn..$51.165 A. J. Hood & Co., Detroit..*$50,280
E. H. Rollln? & Sons. Denver 50,835 A. B. Leach & Co., Chicago. 50,275
Harris Tr. & Sav.Bk., Chic.£50,680 Federal Nat. Bk., Denver. .250,256
Devitt, Tremble & Co., Chic. 50,675 Cutter, May & Co., Chic-----2*50,250
S. A. Kean & Co., Chic_____z50,650|J. II. Causey &Co., Denver.*50,210
Chas. II. Coffin, Chic........ 2*50.501 (Continental Trust Co., DenW. A. Read & Co., Chic__ 250,305 | v e r ......... ..........................48,715
x A n d b la n k b o n d s . • N o c e r t, c h e c k .
NEW BREMEN, Auglaize County, Ohio.— Purchaser of Bonds.— The
$18,000 5% 13)4-yr. (av.) coup, refunding bonds bids for which were re
ceived on Nov. 7 and reported In V. 93, p. 1340, have been awarded to
Seasongood & Mayer of Cln. for $19,270 (107.055)— a basis of about 4.31%
NEW BRITAIN. Hartford County, Conn.—Bond Offering.— Proposals
will be received until 12 m. Nov. 28, it is stated, for $100,000 4>i% 30-year
water bonds, dated Aug. 1 1911.
NEW DECATUR, Morgan County, Ala.— Bonds Re-awarded.— The
$20,000 5% 25-yr school-bldg, and site bonds awarded to Spltzer, Rorlck
& Co. of Toledo on Aug. 21 (V. 93, p. 610) have been re-awarded. It Is stated,
to the Alabama Bond Co. of Birmingham.
NEW HARTFORD. Oneida County. N. Y .— Bond Sale.— On Nov. 6
$1,200 5% 1-2-yr. (ser.) storm-water-sewer bonds were awarded to E. C.
Baker of New Hartford at par. Denom. $600. Date Nov. 15 1911.
Int. ann.
NEWTON COUNTY COA1MON SCHOOL DISTRICT NO. 8, Tex.—Bonds
Registered.— An Issue of $8,000 5% 10-20-year (opt.) bonds was registered
by the State Comptroller on Nov. 17.
NEW YORK STATE.—Bond Offering— Proposals will be received until
2 p. m. Dec. 14 by William Sohmer, State Comptroller, at Albany, for
$10,000,000 4% gold coup, or reg. bonds for the Improvement of the Erie,
Oswego and Champlain Canals. Date July 1 1911. Due July 1 1961.
Bonds are tax-exempt. Cash, cert, check or bank draft upon a bank or trust
company of the cities of Albany or New York for 2% of bonds bid for,
made payable to the State Comptroller, Is required. All bids to Include
accrued Interest.
The official notice of this bond offering will appear among the advertise
ments elsewhere in this Department on Dec. 9.
NORTH WILDWOOD (P. O. Anglesea), N. J.— Bond Sale.— On Nov. 16
$3,900 5% reg. str.-impt. bonds were awarded to the Marine Nat. Bank of
Wildwood at par. Denom. $500 and $400. Date Nov. 21 1911. Due 1931.
NORTH Y A KI At A , Yakima County. Wash.— Bond Offering— According
to reports, proposals will be received until l2 m. Nov. 29 by the City Com
mission for $60,000 bonds.
NOWATA, Nowata County, Okla.— Vote.— We are advised that the vote
cast Nov. 7 on the proposition to Issue the $20,000 5% 20-yr. city-hall
bonds which carried on that day (V. 93, p. 1416) was 179 to 105.
OAK PARK. C o o k C o u n ty , III.—Bond Election.— Reports state that an
election will be held Dec. 8 to vote on the proposition to Issue $60,000 Emer
son School addition bonds.
OCKEYEDAN, Osceola County. Iowa.—Bond Election.— According to
reports, an election will be held In the near future to vote on a proposition
to Issue $3,000 water-works bonds.
OMAHA, Douglas County. Neb.—Bonds Voted.— The question of Issuing
$50,000 4 H% 20-year park bonds carried by a vote of 3,422 to 1,618 at the
election held Nov. 7. We are advised that these bonds will be offered for
sale early in 1912.
OMAHA SCHOOL DISTRICT (P. O. Omaha). Neb.—Bids.— On Nov. 15
the following bids were received for the $250,000 4M% 20-yr. bonds
(V. 93, p. 1277):
1492
Merrill, Oldham A Co.,
Boston_____________ «$256,397 50
Wm. A. Read & Co.,N.Y. 251,685 00
N. W . Halsey & Co., Chic 250,850 00
Curtis & Sanger, Boston. 250,832 50
E. H. Rollins & Sons,Chic 250,3*7 50
THE
C H R O N IC L E
First Trust & Savings
Bank, Chicago......... .5250,250 00
Estabroolc & Co., Chic.. 250,187 50
Woodmen of the World,
Omaha ...................... 250,000 00
Bankcrs’Res.Life,Omaha *75,000 00
[VOL. LXXXXHI
5500.000 Park bonds.
500,000 Water-extension bonds.
1,000,000 Light-extension bonds.
Above issues dated Jan. 2 912, due Jan. 1 1932, Int. J. & J.
5150.000 general bonds dated Deo. 1 1911, due 57,000 yearly Deo. 1 from
1912 to 1930 and 517,000 in 1931. Int. J. & D.
Bids may be submitted for eaoh of the above four Issues separately, or
for “ all or none,” but the price offered for each Issue must be stated In the
bid. Bids may also be submitted for “ all or none", Including the above
Issues and the following three refunding Issues:
5735.000 general refunding bonds. Dated Apr. 1 1912. Due 536,000
yearly Apr. 1 1913 to 1931 and 551,000 1932. Int. A. & O.
205.000 water refunding bonds. Dated July 1 1912. Due 510,000 yearly
July 1 1913 to 1931 and 515,000 1932. Int. J. & J.
190.000 sewer refunding bonds. Dated July 1 1912. Duo 59.000 yearly
July 1 1913 to 1931 and 519,000 1932. Int. J. & J.
If no satisfactory bids shall be received which Includes the three refunding
issues, then said refunding Issues will again be offered for sale on the follow
ing dates, respectively: 5735,000 general refunding bonds at 12 M. Mch. 11
1912; 5205,000 water refunding bonds and 5190,000 sewer refunding bonds
at 12 M. June 3 1912.
All bonds in denomination of 51,000. Principal and Interest of 5500,000
water-extension and 5150,000 general bonds payable at Washington fiscal
agency In New York; principal and Interest of all other bonds payable at
Washington fiscal agency In New York or City Treasurer’s office, at option
of holder. No option of prior redemption Is reserved as to any bonds.
Legality will be approved by Caldwell, Massllch & Reed, attorneys, of
New York City, whose favorable opinion will be delivered to the purchasers
and bonds will be prepared and certified as to genuineness by the Columbia
Trust Co. of New York. Bids must be made on blanks to be furnished on
application to the City Comptroller or said trust company, without condi
tions, Interlineations or erasures, and must be accompanied by a certified
check upon a national bank or trust company for 2% of the face value of
bonds bid for, which check will be returned to the bidder, if unsuccessful:
otherwise applied to the payment of the sum bid, and forfeited to the city
as liquidated damages In case bidder falls to comply with the terms of his
bid. Any check will be returned to any successful bidder upon his deposit
or one or more checks certified as above described for 2% of the amount
of the bonds awarded him; and Interest at 4% will be alloewd on checks
covering refunding bonds. No deposit Is required from the State Treasurer
or Board of Land Commissioners of Washington. No bid for less than par
and Interest will be received.
Delivery of refunding bonds will be made In New York on their respective
dates, April 1 1912 and July 1 1912, or at such later dates as bonds to be
refunded are presented for payment. All other bonds will be delivered In
Seattle, New York, Boston, Chicago or Cincinnati, at purchaser’s option,
on Jan. 2 1912, or such subsequent date before Jan. 10 1912 as purchaser
may elect by notice In writing or by telegram delivered to the Comptroller
on or before Dec. 26 1911. No bonds except those above described will
be offered for sale by the City of Seattle prior to July 1 1912.
SENECA FALLS, Seneca County, N. Y.—Bond Sale.— On Nov. 22 the
515.000 and 516.000 reg. street-paving bonds were awarded to Farson, Son
& Co. of N. Y at 100.03 & int. for 4.30s. Other bids follow:
515,000 issue.
516,000 issue.
Seneca Falls Sav. Bk., Sen. Falls515,000 00 for 4.30s
. . . ................ .
R. M. Grant & Co.. N. Y _______ 15,014 55 for 4.35s 516.012 32 for 4.45s
Cent.N.Y.Gas & El.Co..Geneva. 15,013 00 for 4.35s
16,009 00 for 4.40s
Ferris & White, N . Y ......... ....... 15,009 00 for 4.35s
16,009 00 for 4.40s
Harris, Forbes & Co., N. Y ....................... $31,25110 for 4.45s-----------John J. Hart, A lb an y............. 15,078 75 for 4.50s
16,012 00 for 4.60s
16,000 00 for 4.50s
W. N. Color & Co.. N. Y _______ 15,057 00 for 4.50s
Watson & Pressprlch, N. Y ___ 15,047 00 for 4.50s
10,027 00 for 4.50s
C. E. Denison & Co., Cleveland. 15,011 00 for 4.50s ________ ________
Adams & Co.. New Y o rk .......... ............... $31,160 00 for 4.50s ------------
a This bid (102.559— 4.306% basis) was successful. ‘ For 575,000 bonds.
O S A G E C O U N T Y (P . O . P a w h u s k a ), O k la . — Bonds Voted.— The propo
sition to Issue 5100,000 court-house bonds was favorably voted upon at the
eleotlon held Nov. 14, It Is stated (V. 93, p. 1214).
P E R R Y C O U N T Y (P . O . M a r io n ), A la . — Bond Offering.— Proposals will
be received until Dec. 27 for the 5110,000 5% road bonds. Authority, vote
of 489 to 200 at the election held Oct. 2 (V. 93, p. 973). Due Jjvn. 1 1942.
P I N E V IL L E , Bell C o u n ty , K y . — Bonds Voted.— An election held recently
resulted In favor of propositions to Issue 530,000 school-bldg, and 515,000
street-lmpt. bonds, ft Is reported.
P IT T S F IE L D
B erksh ire C o u n ty , M a s s . — Bond Offering.— Proposals
will be received. It Is stated, until 11a. m. Nov. 28 for 5100,000 4% water
bonds. Date Nov. 1 1911. Due 55,000 yearly from 1916 to 1935 lncl.
P L A T T C O U N T Y (P . O . C o lu m b u s ). N eb .— Description of Bonds.— The
5100,000 court-house-bldg, bonds to be voted upon at the election to be held
Dec. 19 (V. 93, p. 825) will, If authorized, bear 6% Interest and mature
March 1 1921; opt. after 5 yrs.
P L E A S A N T R I D G E . Hamilton County. Ohio.— Bond Offering.— Ptoposals will be received until 12 m. Dec. 23 by H. B. Hayden, Village Clerk,
for 585,000 5% sewer-dlsposal-plant assessment bonds. Authority See.
3881, Gen. Code. Denom. 5500. Int. annual. Due 58,500 yearly.
Bonds to be delivered and paid for within 10 days from time they are ready
for delivery. Cert, check for 5% of bonds bid for, payable to the“ VUlagc
of Pleasant Ridge,” required. Purchaser to pay accrued Interest.
P O C A T E L L O , Bannock County, Idaho.— Bonds Voted.— The election
held Nov. 14 resulted In favor of the proposition to Issue the 5270,000 5%
10-20-year (opt.) coupon water-works bonds (V. 93, p. 1215).
The
vote. It Is stated, was 476 to 27. Denom. 51,000. Int. J. & J. at the
Treas. office.
P O R T E R S V I L L E SC H O O L D IS T R IC T (P. O. P o r t c r s v illc ), Tu lare
County, C a l. —Bond Election.— It Is stated that an election w ill be held
J a n . 11 1912 to vote on the question o f Issuing 560,000 school bonds.
PORTLAND, Ore,—Bond Offering.— Proposals will be received until
2 p. m. Dec. 20 by A. L. Barbur, City Aud., for 5200,000 4% gold bonds for
a municipal Jail and court house, headquarters for Police Dept, and an
emergency hospital. Denom. 51,000. Date Nov. 1 1911. Int. M. & N.
at Treas. office or llscal agency of the city In New York. Due Nov. 1 1941.
Cert, check on a bank In Portland for 5% of bonds bid for, payable to the
Mayor, required. Bids must be unconditional, except as to legality.
PORT W ILLIA Al SCHOOL DISTRICT (P. O. Port William), Clinton
County, Ohio.— Bonds Voted..— It Is reported that an election held recently
resulted In favor of a proposition to Issue school-bldg, bonds. The vote
was 113 to 42.
POTT AW ATOM IE COUNTY (P. O. Tecumsch), Okla.— Bond Sale.—
According to reports this county has disposed of 559.000 refunding bonds.
PRESCOTT, Nevada County, Ark.— Bonds Offered by Bankers.— The
W. R. Compton Co. of St. Louis Is ollerlng to Investors 545,000 6% sewer
bonds. Denom. 5500. Date Oct. 2 1911. Int. A. & O. at the W. It.
Compton Co., In St. Louis and Chicago. Due on Oct. 1 as follows: 51,000
In 1912, 51.500 yearly from 1913 to 1917, lncl., 52,000 yearly from 1918
to 1921, lncl., 52,500 In 1922 and 1923, 53,000 yearly from 1924 to 1927,
lncl., 53,500 In 1928 and 1929, 54.000 In 1930 and 5500 In 1931. No debt
at present. Assessed val. 5844,554. Actual value (est.) 51,500,000.
PULASKI COUNTY (P. O. Mound City), III.—Bond Offering.— Pro
SHOSHONE HIGHW AY DISTRICT (P. O. Shoshone). Lincoln County.
posals will be received until 1 p. m. Dec. 5 by Roy N. Adams, Co. Clerk, for .Idaho.—
Offering.— Proposals will be received until 12 m. Dec. 21 by
the 540,000 5% coup, tax-free court-house and jail bonds voted Sept. 19 Harry W.Bond
Anderson, Sec., for $80,000 coup, bonds at not exceeding 5>4%
(V. 93, p. 973). Authority, Secs. 27 and 28, Chap. 34, Rev. Stat. of 1909.
Auth., vote of 311 to 08 at election held Nov. 2. Denom. not
Denom. 51,000. Date Nov. 1 1911. Int. ann. at the First State Bank of Interest.
than $1,000 and not less than 5100. Date Jan. 1 1912. Int. J. & J.
Mound City or at any one bank of St. Louis, Chicago or New York, at option more
office of Treas. or at some bank in New York to be designated by Bd. ot
of purchaser. Due 52,000 yrly. Nov. 1 from 1912 to 1931 lncl. Bonds to at
Highway Commrs. Due Jan. 1 1932, opt. after Jan. 1 1922 In numerical
be delivered and paid for within 60 days after award. Cert, check for 2% order.
of bid, payable to the Bd. of Co. Commissioners, required. Purch. must required.Cert, check for 2% of bid, payable to Shoshone Highway District,
furnish the printed or engraved bonds and coupons free of charge to county.
Official circular states that there Is no controversy or litigation pending or
SILVERTON, Hamilton County, Ohio— Bond Sale.— On Nov. 2 the
threatened affecting the title of the present county officials to their re 53,502 44 5% 1-16-yr. (ser.) water-maln-assess. bonds (V. 93, p. 973) were
spective offices or the validity of their bonds.
awarded to Seasongood & Mayer of Cln. for $3,556 (101.529) and Int.— a
REEVES COUNTY (P. O. Pecos). T e x — Bond Election.—The Bd. of basis of about 4.53%. Other bids follow:
Premium. \
Co. Commrs. has ordered an election for Jan. 10 1912, It Is stated, In Preolncts Nos. 1 and 4 for the purpose of submitting to the voters the question Well, Roth & Co., Cincinnati-. 17.751Columbia Bank & Savings Co-.par
First Nat. Bank, Norwood___ 9.99|
of Issuing 5100,000 road bonds.
RICHMOND SCHOOL DISTRICT, Contra Costa County, Cal.—Bond
SKAGIT COUNTY (P. O. Anacortes). W ash— Bond Sale.— On Nov. 7
Offering.— Further details are at hand relative to the offering on Deo. 1 of the $100,000 6% coup, bonds (V. 93, p. 1278) were awarded to Carstens
the 5160,000 4 H% bldg, bonds (V. 93, p. 1416). Proposals for these bonds & Earles, Inc., of Seattle, it Is stated, at 101.10, Int. and blank bonds.
will be received until 10 a. m. on that day by L. N. Buttncr, Co. Treas.
SOUTH HAVEN SCHOOL DISTRICT (P. O. South Haven). Van Buren
(P . O. Martinez). Authority, vote of 318 to 53 at the election held Oct. 7.
Denom. 51,000. Date Dec. 1 1911. Int. J. & D. at the Co. Treas. office. County, Mich.—Bonds Voted.— The question of Issuing 538,OuO hlgh-schoolDue on Dec. 1 as follows: 53,000 yrly. 1917 to 1926 lncl., 54,000 yrly. 1927 bldg. bonds carried at an election held recently. It is reported.
to 1931 lncl., 55.000 yrly. 1932 to 1941 lncl. and 56,000 yrly. 1942 to 1951
SOUTH OMAHA. Neb.—Bond Award Rescinded.— The City Council on
tncl. Cert, check for 5% of bid required.
Nov. 16 rescinded Its action taken Nov. 13 In awarding to F. J. Coad Jr. of
ROCHESTER, N. Y.— Note Sale.— On N o v.23 5200,000 8-months water- South Omaha at 100.50 5250,000 5
10-20-yr. (opt.) paving bonds to be
works-lmpt. notes were awarded to Bond & Goodwin of N. Y. for 5200,011 Issued during 1912. According to local papers, many citizens criticized
for 3.90s. Other bids follow:
the action of the Council In attempting to dispose of the bonds at private
Luther Robbins, Rochester, 5200,040 for 4s.
sale, and the Mayor has announced his Intention to veto the contract.
Union Trust Co., New York, 5200,005 for 4s.
SOUTH PORTLAND. Cumberland County. M e —Bond Offering.— Pro
ROCHESTER, N. Y.— Note Offering.— Proposals will be received until posals will be received until 12 m. Nov. 29 by J. F. Chaplin, City Treas., for
2 p. m. Nov. 28 by Chas. F. Pond, City Comp., for 5100,000 watcr-works- 525.000 4% coup, funding bonds. Denom. $1,000. Date Nov. 1 1911.
tmpt., 5300.000 local-lmpt. and 524,000 park notes. Denom. of notes and Int. M. & N. at the First Nat. Bank of Boston. Due $3,000 yearly Nov. 1
rate of Interest desired to be named In bids. Principal and Interest will be from 1918 to 1924, lncl., and $4,000 Nov. 1 1925. Bonds are exempt from
payable eight months from Dec. 1 1911 at the Union Trust Co. in New York. taxation In Maine and will be delivered Deo. 1 1911. Bonds certified as to
RUSHVILLE, Schuyler County, III.—Bond Offering.— Proposals will be genuineness by the First Nat. Bank of Boston, and their legality approved
received until 2 p. m. Dec. 4 by w . L. Schnur, City Clerk, for the 531,000 by Ropes, Gray & Gorham, whose opinion will be furnished to the purchaser.
5% coup, water-works-const, bonds recently voted (V. 93, p. 1340). De
SPRINGFIELD. Greene County, Mo.—Bonds Voted.— The election held
nom. 5500. Date Moh. 1 1912. Int. M. & S. at Bank of Rushvllle and Nov. 16 (V. 93, p. 1215) resulted in favor of the proposition to Issue 5100,000
Bank of Schuyler Co., Rushvllle. Due 51,500 yrly. on Moh. 1 from 1913 sewer bonds, the vote being 1,731 to 723. Due 20 yrs., opt. after 5 yrs.
to 1931 lncl. and 52.500 Mch. 1 1932. Cert, check for 5300, payable to
Bonds Defeated.—The question of Issuing 5600,000 bonds for the coiF. A. Foote, City Treas., required. No debt at present. Assess, val. 1910 structlon of a municipal water-plant submitted on the same day (Nov. 16)
(about) 5650,000.
was defeated by a vote of 807 "fo r” to 1,678 ’ against."
ST. CHARLES TOWNSHIP, Kane County, III.— Bonds Voted.— The elec
SPRING VALLEY, Fillmore County. M inn—Bond Sale.— On Nov. 20
tion held Nov. 18 resulted. It Is stated, In favor of the question of Issuing the the 55,000 5% 2 -6-ycar (serial) coupon tax-free pumping-station bonds
525.000 bonds to purchase Pottawattamie Park (V. 93, p. 1416).
(V. 93, p. 1416) were awarded to the First National Bank of Spring Valley
ST. JOHNS, Alultnomah County, Ore.— Election to Ratify Bonds.— Re at 100.36 and blank bonds. Othef bids follow:
ports state that an election will be held In this city Dec. 5 to ratify an Issue Union Inv. Co.. Minneapolis.*$5,015|Nattonal Bank & Investment
Co., St. Paul----------------*54,900
of 56,000 ferry bonds authorized some time ago and now held by the St. Minn. Loan & Tr. Co., Minn. 5,010
Johns Transportation Co. It Is further stated that, although all the require Thos. J. Bolger Co.. Chicago. *5,0001II. C. Speer & Sons Co.,Chic. 4,850
ments of the law authorizing the bonds were complied with, It was found
STAFFORD, Roseau County. Minn— Bond Sale.— On Nov. 18 the 55,000
that a special election would have to be called under the Initiative and refer 6-year refunding bonds (V'. 93, p. 1278) were awarded to the Farmers’ &
endum to ratify the bonds.
Merchants’ State Bank of Roseau at 105 and Int. for 6s— a basis of about
SALA10N CITY, Lemhi County, Idaho.— Bond Election.—An election 5.02%.
will be held Dec. 12 to vote on propositions to Issue 560,000 water-worksSTEPHENVILLE INDEPENDENT SCHOOL DISTRICT (P. O. Stephcnconst. and 55,000 bldg, and site 6% coup, bonds (V. 93, p. 1416). Auth., ville), Erath County, Tex.— Bonds Registered.—The State Comptroller
Chap. 12 of Title 13, Rev. Codes and amendments. Denom. 51.000. Date registered an Issue of $3,000 5% 5-25-yr. (opt.) bonds on Nov. 10.
Jan. 1 1912. Int. J. & J. at Treas. office or Kountze Bros., New York.
STOCKTON SCHOOL DISTRICT, San Joaquin County, CaL—Bids.—
Due Jan. 1 1932, opt. after Jan. 1 1922.
The other bids received on Nov. 7 for the $75,000 6% coup, tax-free bldg,
SAN BENITO COUNTY (P. O. Hollister). Cal.—Bonds Voted.— Reports bonds awarded, as stated In V. 93, p. 1416, to the Stockton Sav. Bank for
state that a proposition to Issue 5300,000 road-lmpt. bonds carried at an 582,333 (109.777) and Int, were as follows:
election held Nov. 14 by a vote of 1,256 to 163.
J. H. Adams &Co.,San Fr$82,100 001 Wm.R.StaatsCo., Pasad_$80,268 00
SAN DIEGO. San Diego County, CaL— Vote.—'The vote on the 51.000,000 E. II. Rolltns&Sons, SanFr.81,533 00 Scc.Sav.Bk.&Tr.Co------ 78,263 00
4H % wharf and harbor bonds which were authorized on Nov. 10 (V. 93, Stockton Sav.&Loan Soc’y 81,142 50| G.G.Blymyer & Co., SanFr 78,027 00
p. 1416) was 7,196 to 184.
SUMiMERS COUNTY (P. O. Hinton). W. Va.— Bond Sale.— On Oct. 23
SAN FRANCISCO, CaL—Bonds Awarded in Part.— On Nov. 13 510,000 5105.000 6% 32-yr. road and bridge bonds were awarded to O. O. Cooper,
of the 5400,000 4
4-23-yr. (ser.) Geary St. Ry. bonds (V. 93, p. 1136) President of the FTrst Nat. Bank In Hinton. Denom. $1,000 and $500.
were awarded to H. H. Bancroff Sons, Inc., at 100.10.
TARRANT COUNTY (P. O. Fort Worth). Texas.— Bond Election.—
SEATON, Alercer County, III.—Bonds Refused.— We are advised that According to local papers the election to vote on the question of issuing the
59.000 6% water-works bonds were awarded on Oct. 26 to R. C. O. Matli- 51,000.000 road and $600,000 bridge bonds (V. 93, p . 1278) will be held
eny of Springfield, and were subsequently refused by him on grounds of Dec. 12, and not Dec. 5, as at first reported.
Illegality.
TETON COUNTY SCHOOL DISTRICT NO. 12, M ont— Bond Offering.—
SEATTLE, Wash.—Bond Offering.'—Proposals will be received until Proposals will be received until 3 p. m. Dec. 2 (not Dec. 20, as at first re
12 m. Dec. 18 by Wm. J. Bothwell, City Comptroller, for the following ported) for the 51,200 6% 10-15-yr. (opt.) bonds (V. 93. p. 1410). Int.
4J3%Bt:old coup, bonds:
seml-ann. J. Satcrllc is Clerk (P. O. Bynum).
1493
THE CHRONICLE
No t . 25 1911.]
THOM ASTON. Upson County, d a B o n d s O ffe r e d b y B a n k e r s . — T h e
Roblnson-Humphrcy-Wardlaw Co. of Atlanta Is offering to Investors $37,
000 of the $45,000 5% water-works and sewerage bonds offered on June 15
(V. 02, p. 1588).
TH OM ASV ILLE . Thom as C ounty, Ga.— B o n d E l e c t i o n .— An election will
be held Jan. 15 1912, It Is stated, to vote on the question of Issuing $50,000
school bonds.
TRENTON, Mercer C ounty, N. J . — B o n d S a l e . — On Nov. 21 the $37,100
4 H% 10-yr. reg. refunding bonds (V. 03, p. 1416) were awarded to Kissel,
Klnnicutt & Co. of N. Y . at 102.2313— a basis of about 4.23%. Other bids
follow:
E. H. Rollins & Sons, N. Y . 102.217 Fisk & Robinson, N. Y -----101.813
Parkinson & Burr, N. Y __ 102.0867 Kountze Bros., N. Y . _ ........101.732
Chisholm & Chapman, N. Y . 101.877 Estabrook & Co., N. Y ------ 101.36
R. M. Grant & Co., N. Y__.101.838 Harris, Forbes & Co., N. Y . .101.321
TYLER, Smith County,' Tex.— B o n d E l e c t i o n .— An election will be held
Deo. 5, it Is stated, to vote on the question of Issuing $50,000 hlgh-school
bonds.
UNION SPRIN GS, Bullock C ounty, A la.— B o n d s V o t e d .— The question of
Issuing $30,000 sewer and $5,000 tower 5% bonds carried by a vote of 129
to 33 at the election held Nov. 13 (V. 03, p. 1278).
VALLEJO, Solano County, Cal — B o n d E le c tio n P o s t p o n e d .— A n election
which was to be held early In December to vote on a proposition to Issue
bonds for a municipal light and power plant, city-hall and branch county
Jail will not be held this year. It Is stated. It was thought that the issue
would be defeated, owing to the condition of the city treasury, which will
not permit the payment of election expenses, &c.
VAN W E R T , Van W ert County. O h io — B o n d s A u t h o r i z e d — An ordinance
has been passed providing for the issuance of $6,350 4% coup. Gordon Avc.
impt. bonds. Dcnom. $635. Date Dec. 15 1911. Int. seml-ann. Due
$635 yrly. Dec. 15 1012 to 1921 Incl.
W A R R E N . Trumbull C ounty, Ohio.— B o n d Sole— The $3 ,0 0 0 4
Red Run trunk-sewer bonds offered on Nov. 18 (V. 03, p. 1341) were
awarded. It Is stated, to the Western Reserve National Bank for $3,026,
making the price 100.866. Due $300 each six months from Mch. 1 1013
to Sept. 1 1017.
W ATSO N V ILLE, Santa Cruz C ounty, Cal — B o n d E l e c t i o n .— Reports
state that a proposition to Issue $100,000 bonds to install a water-system
will be submitted to a vote on Jan. 0 1912.
W EST C A L D W E L L (P . O. Caldwell). Essex C ounty, N. J . —
t i o n . — An
B o n d E le c
election will be held Deo. 5 to vote on the question of Issuing $3,
500 water-system bonds.
WEST ELKTON SCHOOL DISTRICT (P. O. West Elkton), Preble
County. Ohio.— B o n d s V o t e d . — The proposition to Issue $20,000 tax-free
building bonds carried by a vote of 52 to 49 at the election held Nov. 7.
Duo one bond yrly. for 40 yrs.
W ICH ITA COUNTY (P. O. W ichita Falls), T ex.— B i d s
R e j e c t e d .—
All
B i d s R e j e c t e d .—
All
bids received on Nov. 15 for the $150,000 Precinct No. 1 road bonds (V. 93,
p. 1342) were rejected.
W ILM IN GTON , New Hanover C
@FedFRASER