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Eatituf
The
iminurct
.4sr 10,
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, NOVEMBER 26 1910.
VOL. 91.
Thranirit.
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CHICAGO OFFICE-Pliny Bartlett,513 Monadnock Block: Tel. Harrison 4012
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WILLIAM D. DANA COMPANY,Publishers,
Front, Pine Mid Depeyster Ws..
New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., Vice-President and. Secretary; Arnold (3. Dana, Treasurer.
Addresses of both, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicate) that the total
bank clearings of all clearing houses of the United States for week ending
to-day have been $2,889,255,063, against $3,318,976,708 last week and
$3,024,454,418 the corresponding week last year.
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
_
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_
Dayton
Evansville
Kalamazoo
Springfield, III _ _
Fort Wayne ___ _
Youngstown _ _
Rockford
Akron
Quincy
Canton
Lexington
Springfield, 0_ _
South Bend
Bloomington _ _ _
Decatur
Jackson
Mansfield
Danville
Lima
Jacksonville, Ill_
Ann Arbor
Adrian
Saginaw
Lansing
Tot. Mid.West.
San Francisco_ _ _
Los Angeles
Seattle
Salt Lake City_ _
Spokane
Portland
Tacoma
Oakland
Helena
Sacramento _ _ _
San Diego
Fresno
Stockton
San Jose
North Yakima _
Billings
Pasadena
NO. 2370.
Week ending November 19.
Clearings at
PUBLISHED WEEKLY.
P.O. Box 958.
Electric Railway Section
State and City Section
1909.
Inc. or
Dec.
3
278,299,356 272,580,569 +2.1
25,098,450
26,853,050 -6.5
22,814,695
20,823,565 +9.6
20,402,725
17,858,326 +14.2
13,879,349
13,185,754 +5.3
9,264,155
9,273,265 -0.1
5,771.400
6,061,800 -4.8
5,022,417
4,469,538 +12.4
3,071,752 +11.8
3,432,197
3,130,388
2,871,142 +9.0
2,238,165
1,961,506 +14.1
2,544,582
2,078,100 +22.4
1,426,378
1,534,952 -7.0
930,066
944,325 -1.5
1,054,898
976,369 +8.0
1,106,557
1,027,288 +7.7
835,576
760,410 +9.9
1,131,000
1,036,800 +9.1
573,715 +3.9
596,333
1,009,707
714,115 +41.3
1,050,614
+9.7
957,841
554,396
437,990 +26.7
608,070
469,403 +29.9
572,386
465,904 +23.0
405.075
312,296 +18.4
543,588
300,000 +82.8
+5.7
411,095
389,031
391,365
397,282 -1.5
336,215 +14.0
383,450
272,124
259.323 +4.9
203,159 +0.9
205,000
39,124
23,975 +63.2
659,510
627,867 +5.0
410,214 Not Included in total
$
265,497,591
28,447,800
16,262,758
14,459,665
12,501,341
8,515,821
5,485,800
3,445,429
3,311,376
2,230,001
1,803,428
1,998,813
1,111,342
950,000
823,272
716,230
565,014
700,000
489,878
609,838
647,779
416,418
435,299
467,501
425,492
275,000
327,379
280,153
253,715
252,284
140,113
40,012
1907.
$
192,133,238
20,996,050
15,769,925
13,865,053
10,226,518
5,755,214
4,580,500
3,421,567
1,199,436
2,014,183
1,280,619
1,804,312
672,100
912,038
597,786
1,300,649
643,056
475,000
538,869
440,000
427,513
399,701
330,266
326,027
245,883
240,185
197,941
275,000
225,421
125,806
35,000
393,866,622
48,020,947
15,368,188
14,203,863
8.827,188
4,774,416
9,450,000
5,958,561
1,832,520
1,091,075
1.460,012
1,094,000
830,874
755,268
645,549
425,465
317,091
600.000
+3.1
+8.1
+20.3
-18.0
-3.7
+2.3
+15.9
-23.9
+70.0
-4.6
+32.3
+37.1
+23.4
+20.3
--2.8
+55.0
-44.4
+33.3
373,886,537
39,059,068
10,855,954
9,715,721
8,340,245
3,591,675
6,696,244
4,826,929
1,664,230
1,101,191
979,296
856,000
684,001
586,258
430,305
300,000
241,901
281,404,956
25,955,699
8,130,322
7,483,654
3,866,045
2,632,685
4,074,497
4,572,783
1,118,318
848,008
697,500
Total Pacific_ _ 122,770,486 115,655,017
55,437,166
Kansas City
51,006,112
26,343,107
28,649,510
Minneapolis
16,684,101
Omaha
14,147,841
The full details for the week covered by the above will be given next Sat- St. Paul
12,850,629
14,193,682
urday. We cannot furnish them to-day, clearings being made up by the
10,367,306
10,137,670
clearing houses at noon on Saturday, and hence In the above the last day Denver
4,714,945
7,045,616
Duluth
of the week has to be In all cases estimated,as we go to press Friday night. St.
Joseph
7,705.913
6,365,253
We present below detailed figures for the week ending with Saturday, Des Moines
3,883,120
3,754,568
noon, November 19, for four years.
2,800,000
2,608,491
Sioux City
Wichita
3,391,610
2,710,337
Lincoln
1,570,602
1,359,420
Week ending November 19.
Topeka
1,356,760
1,457,102
Clearings atDavenport
1,590,662
1,134,197
Inc. or
Cedar Rapids _ _ _
1,582,278
1,409,930
Dec.
1908.
1909.
1907.
1910.
Fargo
9(13,627
969,700
Sioux Falls
1,300,000
1,050,000
$
711,355
762,303
1,872,470,525 2,091.858,744 -10.5 2,172,383,023 1,261,168,396 Colorado Springs
New York
1,018,895
730,650
Philadelphia
167,839,791 148,397,260 +13.1 142,022,125 117,532,393 Pueblo
237,717
257,826
42,525,515
Pittsburgh
49,122,843
50,094,033
51,192,846 Fremont
1.9
27,020,474
31,827,973 +12.1
Baltimore
26,529,859
35,689,323
Tot. oth.West _ 154,103,793 149,750,208
9,276,307
11,581,135
Buffalo
10,303,228 +12.3
8,382,712
7,512,844 -16.1
6,425,789
6,305,633
84,632,830
5,461,608 St. Louis
Albany
71,798,116
7,481,228
6,267,914
24,144,802
Washington ___ _
6,848.777 +9.0
4,506,295 New Orleans. _
22,895,324
3,856,638
4,382,369 +1.7
4,457,6)9
14,479,771
3,321,864 Louisville
13,429,215
Rochester
2,421,162
17,031,544
2,550,642 +5.4
Scranton
2,693,9:38
14,844,575
2.085,195 Houston
2,098,645
2,659,500 -4.8
2,532,135
11,327,000
2,230,984 Galveston
Syracuse
7.536.000
1,105,663
Wilmington
7,621,742
1,413,599 +20.3
7,894,106
1,187,085 Richmond
1,700,000
Reading
1,309,970
7,371,428
1,658,689 -2.9
1,611,278
12,454,958
1,210,229 Memphis
Wilkes-Barre __.
1,207,170
1,409,785 +0.4
1,414,740
13,427,592
16,999,597
1,172,997 Atlanta
Wheeling
1,617,152
1,830.319 -3.2
8,731,411
1,345,285 Savannah
1,800,628
6,203,407
Harrisburg
1,229,531
1,22),000
1,357,478 -10.1
8,740,244
997,093 Fort Worth
8,001,256
Trenton
1,416,721
1,466,242
2,038,995 -28.1
Nashville
3,601,567
4,150J59
York
730,379
1,120,798
956,920 +17.1
651,563 Norfolk
3,587,192
4,293,058
Erie
921,007
756,193 +21.8
699,050
709,534 Augusta
3,109,064
4,424,367
Greensburg
523,187
663,984
477,351
+9.6
476,400 Birmingham _ _
2,806,155
2,529,640
Binghamton _ _ _ _
574,400
529,200
433,700 +9.3
2,083,715
2,878,905
441,300 Little Rock
560,999
503,513
_Altoona
463,081 +21.0
2,710,609
Charleston
2,210,531
560,528
430,704
488,269 +14.7
Chester
2,355,805
1,531,320
445,197 Chattanooga
244,646
• 247,973.
225,000 +10.2
Franklin
2,769,195
_
1,903,648
205,889 Jacksonville
1.643,522
1,750,000
Knoxville
Total Middle_.2,173,932,030 2,369,988,729 -8.3 2,425,983,275 1,491,906,237 Mobile
1,904,680
1,593,066
2,254,007
2,815,000
Oklahoma
187,550,569 186,722,027 +0.4 187,431,119 123,879,749 Austin
Boston
936,190
1,571,407
10,298,300
9,752,000
7,511,600
1,467,612
Providence
1,325,661
6,753,000 Macon
3,577,029 +12.6
4,028,674
3,068,747
Hartford
600,000
609,270
2,725,380 Beaumont
2,858,031
+9.2
2,292,498
3,120,:388
New II wen
441,717
460,184
2,111,509 Vicksburg
2,675,000 --7.7
1,713,476
Springaeld
2,469,287
600,000
1,727,095 Jackson
518,000
1,993,297
1,727,024
+12.4
2,241,729
Portland
485,800
1,851,315 Meridian
354,439
1,923,383 +35.8
1,631,709
2,614,039
915,416
1,496,916 Wilmington,N.C.
Worcester
735,828
1,699,003 -11.3
1,378,445
Fall River
1,508,028
887,316
1,225,970 +26.8
1,150,890
New Bedford __ _
815,117
1,554,929
Total Southern 244,770,570 234,144,476
553,003 .-0.3
562,861
Lowell
551,199
564,466
450,007
606,207 +1.1
Holyoke
6134143
Total all
3,318,078,708 3,447,536,323
497,897
+62
+8.7
-8.0
+17.9
-9.5
+2.3
-33.1
+21.1
+3.4
+7.4
+25.1
+15.5
-7.0
+40.2
+12.3
-0.6
+23.8
-6.7
+39.4
-7.8
89,928,728
44,654,967
26,934,237
12,910,133
12,553,156
9,972,068
60,082,011
29,172,659
23,141,424
10,268,290
10,626,943
7,751,682
5,457,227
3,099,942
2,889,427
1,554,738
1,209,455
1,241,337
1,219,044
720,403
821,832
680,000
684,210
635,138
278,765
3,359,392
2,732,182
1,744,826
1,158,842
1,522,567
806,537
824,042
580,354
507,725
565,000
632,596
578,863
211,421
Clearings-Returnsiby Telegraph.
Week ending November 26.
1910.
1909.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,316,799,342
104,615,336
106,348,626
22,718,193
188,363,566
59,951,743
16,273,398
$1,490,680,777
110,338,194
103,560,630
22,572,539
192,021,326
50,877,266
13,649,821
-11.7
-5.2
+2.7
+0.6
-1.9
+17.8
+19.2
Seven cities, five days
Other cities, five days
$1,815,070,204
504,237,641
$1,983,700,553
425,018,976
-8.5
+18.6
Total all cities, five days
All cities, one day
$2,319,307,845
569,947,218
$2,408,719,529
615,734,889
-3.7
-7.4
Total all cities for week
12.339 255.063
13.024 454 413
-4 a
Total New Eng.
216,034.585
214,131,281
+0.9
208,918,376
143,309,756
406,039,194
51,925,655
18,490,778
11,657,418
8,497,942
4,883,639
10,954,125
4,534,589
3,114,929
1,041,340
1,932,744
1,500,000
1,066,325
908,251
627,444
659,103
176,209
800,000
1908.
+3.2
+17.9
+5.5
+7.8
+14.7
+50.3
-3.5
+68.9
+26.6
+40.8
+9.2
+15.2
+19.7
+42.3
+10.9
+38.2
+22.6
+53.8
+45.0
+6.5
+13.5
+24.9
+67.9
+10.7
-1.5
+15.8
+31.4
+24.4
+19.9
503,500
400,000
96,405,345
127,516,079
57,033,388
69,613,078
20,301.130
19,071,961
11,392,968
8,901,056
16,513,860
9,414,468
8,519,500 I 6,299,000
6,719,541
6,168,418
7,038,779
5,855,345
5,870,156
5,263,998
5,460,132
5,839,598
4,418,567
7,546,310
3,924,992
3,152,132
2,684,846
2,958,503
2,145,762
2,368,331
2,087,196
2,046,151
1,148,377
2,105,314
1,793,546
1,735,000
1,620,000
1,511,299
1,238,854
1,559,385
1,420,732
1,487,315
1,452,624
1,525,497
637,860
1,502,916
765,000
646,061
727,538
906,870
372,000
530,374
495,743
450.000
425,000
510,000
184,431,754
150,795,858
-3.8 3,410,665,045 2,223,904,213
Outside N. Y 1,445,606,183 1,355.677,579 +6.6 1.238,882.1)22 962,735,817
Note.-For Canadian Clearings see "Commercial and Miscellaneous News."
1406
THE CHRONICLE
STATE AND CITY SECTION.
With to-day's issue of the "Chronicle" we send to
our subscribers a new number of our "State and City
Section" revised to date.
In the editorial columns of the publication will be
found an article dealing with the "Growth of Urban
Population," together with tables showing the population of such of the States and also such of the cities of
more than 25,000 for which the 1910 figures had been
announced by the Bureau of the Census up to the time
of going to press.
THE FINANCIAL SITUATION.
Attention is again being directed to the fact that
the reports of the movements of money to and from
the interior and in and out of the Sub-Treasury each
week are far from tallying with the weekly statements
of the Clearing-House banks as issued each Saturday.
For instance, last Saturday the figures collected by us
showed that the banks had gained $3,332,000 on the
interior movement, while the Sub-Treasury report
indicated a loss during the week to the banks on Government operations of $1,000,000. Accordingly the
net result ought to have been a gain in the money
holdings of the banks and trust companies of $2,332,000. But Saturday's statement - of the ClearingHouse banks, according to the actual.figures of condition, made the gain in specie and legal tenders for the
week $9,033,600. If from this we deduct the.$1,690,800 average loss in specie and legal tenders for the
same week as reported by the trust companies and
the State banks outside of the Clearing ,.House, we
get $7,342,800 as the real addition to the money holdings of the financial institutions of this city for the
week in question, as against the $2,332,000 which ought
to have been shown according to the recorded money
movements.
Similar, and often even wider, discrepancies have
been noticed in many other weeks in recent periods.
What accounts for these differences? All sorts of
theories have been advanced from time to time. Up to
1908 variations of this sort were invariably attributed
to the circumstance that the Clearing-House returns,
being based on averages, did not reflect the true condition of the banks at the end of the week. But this
apparently plausible explanation is no longer available. The Clearing House now furnishes the actual
figures as well as the averages, and in the above illustration we have used these actual figures. How then
are the discrepancies to be explained? Apparently
it has never occurred to any one that maybe the result
of the Sub-Treasury operations for the week, as announced each Friday, is • misleading or erroneous.
These results certainly do not accord with the changes
as they appear in the reports of the United States
Treasurer issued at Washington.
For the understanding of the reader we ought perhaps to say why we speak of the results as "announced"
by thp, Sub-Treasury. Figures of"receipts" and "disbursements" of the Sub-Treasury are meaningless as
indicgtions of how the operatious,of the Sub-Treasury
are ;,A4cting the banks, ,ince they may include receipts, from or shipments,,to Washington or other
extraneous items that concern merely the internal
WoL. Lxxxxx.
management of Government finances. Therefore it
is necessary to eliminate these outside items. The
"Chronicle" recognized this fact over thirty years
ago, and has ever since obtained a weekly report
intended to show the items, on both sides of the account,that ought to be excluded in order to indicate the
amount of gain or loss sustained by the banks on the
operations of the Sub-Treasury. The writer remembers spending nearly a whole clay behind:the Sub-Treas
ury counters, a great. many years ago, in conference
with William Sherer, now Manager of the Clearing
House but then in the Sub-Treasury, in the endeavor
to locate all extraneous items, and he also recalls repeated conferences with Assistant Treasurer Jordan and •
with Maurice L. Muhleman, in seeking to perfect the
Weekly statements so that it might be possible to say
with absolute accuracy whether the ordinary operations
of the Sub-Treasury in any given week had resulted in a
gain or a loss to the banks, and just how much. It is obvious that, given the result of the Sub-Treasury operations, and knowing the interior currency movements
(to obtain which we collect returns from the separate
banks), and considering also the import and export
movement of gold, we have all the leading elements
that go to make up the weekly Clearing-House statement.
For a long time the special report thus prepared for
our use by the Sub-Treasury yielded very close results. More latterly these results seem to have been
wide of the mark, if the Washington figures may be
applied as a test of their accuracy. It should be said
that besides the special report furnished to us, the
Sub-Treasury officials also now give out a regular report for the general use of the press. This latter in
its final result does not differ greatly from our own,
and in any figures we may cite here we shall confine
ourselves entirely to this general press report. Last week,
as already stated,the press report showed a loss to the
banks of, roughly, one million dollars—in exact figures
$1,040,000. Accordingly the Treasury should have
gained that sum. Turning, however, to the Washington figures, we find that, so far from the Treasury having gained any, its cash holdings between Nov. 12 and
Nov. 19 were reduced from $311,947,786 to $306,866,374. In other words, instead of the banks having lost
$1,040,000 through the operations of the Sub-Treasury,
they appear to have gained $5,081,412. Of course,
the Washington figures cover the results for all SubTreasuries combined, but the preponderating part is
always supplied by New York. If now we accept
these Washington figures, showing a gain to the banks
last week of $5,081,412, as the more reliable, and combine them with the gain of $3,332,000 on the interior
currency movement, we get a total gain of $8,413,412
for the week. This, it will be observed, accords pretty
closely with the gaib actually recorded by the banks
and trust companies combined in their statement of
last Saturday, as worked out above, namely $7,342,800. The trouble, therefore, apparently lies with the
Sub-Treasury results.
In view of the outcome in this .instance, we have
thought it best to extpnd , our investigations further
back. We find that jn eaelkand every week since the
beginning of September ;09 Sub-Treasury report 1111s
shown a loss to the banks—or "Banks lose," as is ow
expression used in the reports. In the following we
furnish a summary of these losses.
Noy. 26 1910.]
TIIE CHRONICLE
Results by Sub-Treasury Figures.
Week ending—
September 9—Banks lose
16—Bank5 lose
23—Banks lose
30—Banks lose
October
7—Banks lose
14—Banks lose
21—Banks lose
28—Banks lose
•
November 4—Banks lose
11—Banks lose
18—Banks lose
$2,209,000
6,053,000
3,189,000
9,913,000
912,000
4,746,000
1,217,000
6,342,000
2,482,000
70,000
1,040,000
Total loss September 1 to November 18
_ _$38,173,000
Thus in the eleven weeks to November 18 an aggregate of $38,173,000 was taken out of the banks, according to the foregoing, and went to enrich the SubTreasury. But if cash resources of the latter were
reinforced in any such striking way, the gain should be
reflected in the Washington figures. What are the
actual facts? Here are the amounts for the first of
each of the last three months according to the Washngton statements, and also for Nov. 12 and Nov. 19.
Actual Money Holdings of the U. S. Treasurer.
Amount September 1 1910
$312,463,661
Amount October 1 1910
313,844,384
Amount November 1 1910
312,908,182
Amount November 12 1910
311,947,786
306,866,374
Amount November 19 1910
From these figures it is plain that so far from the
Sub-Treasury having gained $38,173,000 at the expense of the banks during the last eleven weeks, the
If. S. Treasury in its operations through the various
Sub-Treasuries actually sustained a loss of $5,597,287.
The difference between the two amounts; it will be
seen, is 439 million dollars. Furthermore, instead
of large losses having occurred from week to week
during September and October, the Washington
figures make it clear that the Government money holdings for the three dates, September 1, October 1 and
November 1,remained almost stationary,having been,
respectively, $312,463,661, $313,844,384 and $312,908,182. Evidently, therefore, the Sub-Treasury
compilations, according to present methods, do not
furnish a correct clue to the way the Government operations are affecting the Clearing-House banks from
week to week.
Cotton advanced quite sharply on Monday last,
following the publication of the report on amount of
cotton ginned to Nov. 14, and on subsequent days
of the week a further net rise was established. The
advance has been ascribed to the fact that the quantity ginned did not come up to preconceived ideas of
what it would be; but that speculative manipulation
was especially effective in bringing it about, there is
little or no reason to doubt. The report as issued
showed that up to the date mentioned 8,764,153 bales
had been ginned, against only 8,112,199 bales in the like
period of 1909, or an increase of 651,954 bales, and,
moreover, this season's aggregate, notwithstanding the
lateness of the crop, is greater than in any year except
1904 or 1908. The quantity ginned between Nov. 1
(the date of the last previous report) and Nov. 14 was,
furthermore, particularly heavy.; aggregating 1,418,200
bales—a total very much larger than last year, ncleiëh
Slighily in excess of 1908,-i1Vihen: the record crop wa's
seiiured.
Thd'teport, of course, PossessA no significance beyond the fact that it indicates the progress made in
1407
getting the staple into marketable shape, showing at
the same time that in at least two important States,
Oklahoma and Texas, a yield in excess of the previous
year is already assured, the amount ginned to Nov. 14
this year being greater than the total ginning reported
for those States by the Census Bureau in 1909. As an
indication of the size of the current crop this report,
it is perhaps needless to say, is of little value. Ginning has apparently progressed rapidly, or as fast as
the cotton has been brought in, but the necessary factor in making crop estimates is the amount remaining
to be ginned, and it is much too early to know anything
of that. Nor do the percentages of amount ginned to
Nov. 14 in earlier years furnish any basis upon which
to found any reliable calculations. They have varied
widely, ranging all the way from 65.9% in 1906 to
80.5% in 1909, and upon the widely divergent bases
a yield of anywhere from .10,900,000 bales to 13,300,000
bales can be adduced. This being the fact, the folly
of guessing should be apparent.
While efforts to obscure the crop situation and maintain the current high prices for cotton continue, the
conditions in manufacturing lines do not show the
measure of improvement looked for -with the coming
on the market of new supplies of the raw material.
The situation is, of course, better than it was some
few months ago, but demand is not of a character to
warrant full production of goods. On the contrary,
there is discussion of the necessity for the curtailment
of output, both North and South, unless material
improvement of conditions affecting the mills develops
soon.
A novel wage scale is likely to become operative
shortly in a leading industry in Great Britain, and the
working out ofthe plan should be followed with considerable general interest wherever labor is employed. The
new scheme is the outcome of the deliberations of a
conciliation board selected to settle a dispute as to
wages in the brass-making industry of Great Britain,
and involves no more nor less than the grading of the
workers according to their qualifications or capacity.
It has the unanimous support of the conciliation board
of 'thirty-two members, equally divided between employers and employees, and only awaits the approval
of the Brass-Masters' Association and the National
Society of Brassworkers and Metal Mechanics to he
put in force. The plan as outlined divides the workmen into five grades, ranging from A to E, and defines
clearly the qualifications necessary in each. The
rates of wages to be paid in each grade at the start will
be the minimum, and will advance as the qualifications
and,capacity of the workmen in each grade increase.
Full opportunity (according to the American Consul at
Birmingham, who has drawn attention to the matter)
will be afforded workmen to prove their qualifications
and capacity.
It is hardly necessary to go extensively into the details of the plan, which have been communicated quite
fully to the Department of Commerce and Labor;
but it is well in passing to note that the scheme seems
to be entirely feasible and marks a distinct advance
in the relations of employer and employee. Even
after a workman is dfilr krb,ded, the right is accorded
to him to qualify for a 'ade higher by submitting
himself for examination by the properly constituted
authority, the employer to pay a fee to the municipal
1408
THE CHRONICLE
brass school in case the decision is favorable. By
this provision the ambitious and competent employee
is enabled easily to reach the top of his trade. The
agreement, the Consul states, advances wages above
those paid at present, and is intended to do away absolutely with "sweating" in the brass trade. Moreover,
it is anticipated that it will bring about closer relations
between employers and workmen and result in such
improvement in the character and quality of the work
as to materially strengthen the brass trade of Great
Britain. The plan is certainly an innovation, and its
successful working in this instance should be the means
of inducing its wider adoption. In most trades the
wage scales now in force make no provision for differences in capacity to do work, although, of course,
the employer often recognizes superiority by increased
pay. Under such a plan as this the ability to accomplish more or better work would have recognition also
by the union.
[VoL. Lxxxxi.
want subways so intensely that they give no heed to
the conditions on which those are obtained; and so
they join, or tacitly assent to, the outcry which
demands relief from congestion, and is scarcely willing
to halt long enough to have the problem studied.
This and that borough or section clamors for itself,
and urges upon city officers some "pledge" that may
or may not have been given. Nothing of that nature
can be deemed a valid obligation; it is not a question
of a borough, but of the whole city; not a question of
the present, but of the future. The rush to get something begun at once seems to have been checked, and
the head of the Commission is reported as waiving
his zeal for the tri-borough scheme so far as to say that
he favors waiting until all propositions are in.
President Taft has returned to Washington after
his visit of inspection to the Panama Canal, where
satisfactory progress has been made, according to the
annual report of Col. George Goethals, Chairman of
the Isthmian Canal Commission. That so huge a
project, beset by many novel p.roblems for the engineer, could not be carried out without mishaps of
magnitude commensurate with the undertaking, is
brought out in this report. The chief difficulty lies
in the tendency of the excavated material to slide back
to its original position and thus involve the execution
of the work a second time. One slide covered no less
than 47 acres, a movement scarcely imaginable, while
others brought the amount of material that had to be
moved a second time up to fully a million cubic yards.
The estimates have had to be revised to meet these
unfortunate but apparently unavoidable occurrences.
Breaks also interfered with the work; one, at the town
of Culebra, covered an area of more than ten acres
and necessitated the removal of fully a million and a
half cubic yards of dirt and stone. Then "floods
seriously interfered with the progress of the work,"
the engineer goes on to state. Yet gigantic results
were attained. Upwards of 36,500,000 cubic yards
of material were removed from all parts of the canal
during the year, including almost 15,000,000 from the
Culebra cut, from which section about 35,000,000
cubic yards remain to be removed. Excavation costs
varied from 24c. to $2 51 per cubic yard. More than
700,000 cubic yards of concrete were laid during the
year at a cost ranging from $6 09 to $8 60. Repair
shops have been established, employing nearly 4,400
men, for facilitating the work of construction, but
"nothing as yet has been done toward permanent shop
facilities, which will be needed after completion of the
canal." The number of 'employees on the Canal
(ihcluding those on the Panama Railroad) reached
38,676 on March 30, while at the end of the fiscal year
the total was 35,578, as compared with 33,493 in 1909.
No cases of plague or yellow fever broke out during
the year. The daily average of sick was 23, against
23.49 during the previous year, while the deaths
numbered 548, equal to 10.84% per 1,000. As we recorded last week, the engineer in charge expects to
have the actual building of the Canal finished by
Dec. 1 1913, and that the official opening can take
place, as arranged, on Jan. 1 1915.
During the week the subway situation has distinctly
improved in that there is now some prospect of an
operator coming forward in case the tri-borough
scheme is undertaken, and, further, that some other
propositions from private capital seem to be likely.
These are not very definite as yet, but they indicate
that the city may be saved from the yery last step
which it ought to take, namely subway building directly on its own account.
At this stage there is working a misapprehension
which is corrected once more by Mayor Gaynor in his
letter suggesting that a joint committee of the Chamber of Commerce and the Merchants' Association
might greatly assist the city authorities in considering
the whole subject. Many persons doubtless suppose
the alternative lies between allowing private capital
to secure what is deemed a mine of profit or having
the city retain this for itself by undertaking the business of building and operating subways. On the contrary, the city will own the subway in any case, since
the basis will be substantially like that of the present
one, which is closely like a building on leased land
the building goes with the land after a term of years,
and after a term of years the present subway becomes
city property. Therefore, under the law as it stands,
there is no question of private ownership.
There seems to be also a hazy impression that the
debt limit is cash in hand, and announcement of some
increase in that seems like finding money. But whether
the margin is now 57 millions or something more, that
means only a constitutional authority to borrow;
against this should be set the fact that the pressure
towards increasing expenditure is constant, and is held
in check only with difficulty; also that the city's credit,
measured by the interest rate, is already not what it
should be, and the volume of debt and the disposition
to increase it make in the same direction. The Mayor
points out, also, that this raising of debt limit by revision of assessed values is once for all not a continuous annual process; more important, that the city has
various needs which develop imperatively out of its
growth, and that its borrowing capacity cannot be all
turned to subways; indeed, the total which can be
constitutionally borrowed is not too much to hold in
reserve for other purposes.
The Premier of Canada, Sir Wilfred Laurier, has
persons,
some
of
Unhappily, many
whom are ordi- predicted in Parliament that the Tariff Commissioners
careful
in
their
narily thoughtful and
own affairs, to Washington will return with a commercial treaty
Nov. 261910.)
THE CIIRONICLE
that will "mean for Canada peace, honor and prosperity." He is convinced that a majority of Canadians are in favor of obtaining better access to the
markets of the 90,000,000 people of the United States.
The Canadian Minister of Trade and Commerce, Sir
Richard Cartwright, on Wednesday also made a
hopeful statement on the subject. He declared that
nothing could have been more courteous than the
conduct of the President of the United States in the
present reciprocity negotiations. It was, he said,
an unexampled thing to find the President of a great
republic coming more than half way from Washington
to meet the Canadian Finance Minister and it was
eminently considerate on the part of the American
Administration to send its commissioners to Ottawa
to discuss amicably the best way in which freer reciprocal relations may be brought about between the
two nations. Sir Richard went on to outline the
larger possibilities of the present movement. "There
are," he said, "more considerations in this matter
than mere pounds, shillings and pence. I have always
been an advocate of Canada making herself valuable
to the Empire by promoting friendly relations between
ourselves and the people of the United States. Others
may have a different view; but my opinion is that no
one thing can be done by Canada which will be onequarter as great a service to the British Empire as
the promoting in every way of equitable and friendly
relations between the two Anglo-Saxon Powers. And
I will go further,and say that if there is one thing
more than another calculated to bring about some
thing like a condition of general disarmament, it would
be an alliance between these two great nations."
Tariff matters affecting the United States will be
discussed at the session of the German Reichstag,
which was opened on Tuesday. The Socialists on
'Wednesday interpellated the Government as to what
it proposes to do to alleviate the burden imposed upon
the masses by the high prices of meat. A week ago
Berlin dispatches stated that the authorities contemplated the removal of restrictions upon the importation of meat and that certain modifications had
already been sanctioned. Replying to the Socialist
interpellation Herr Delbruck, Vice-Chancellor and
Minister of the Interior, said that Chancellor von
Bethmann-Hollweg, upon the solicitation of the South
German governments, had sanctioned the importation
from France of a fixed number of cattle and swine
weekly. The importation of cattle from America,
which was prohibited originally owing to the prevalence of Texas fever, could not be permitted on veterinary grounds. American fresh beef was also barred
because of Texas fever, but if this provision were
abrogated, the importation would still be impossible
owing to the provision of the meat inspection law
which requires fresh beef to be imported in whole or
halved carcasses With the internal organs intact.
The agrarian interests, which form a very powerful
political body, are naturally opposed to the free importation of either cattle or frozen meat, Since the
high prices have meant generous profits for them.
But of late years the non-agrarian parties, thanks to
the phenomenal growth of industry throughout the
Fatherland, have come to the front and forced concessions formerly denied by the dominating class of
voters. The present agitation against the excessive
1409
cost of meat may eventually bring another rebuff to
the agrarians, who have not always been guided by
that spirit of magnanimity essential to permanent
success.
Great Britain, after a tranquil summer, has been
precipitated into the throes of a general election. Parliament will be dissolved on Monday next and the
voting will begin in the boroughs next Saturday. In
the following week polling will be very active and the
whole contest is expected to be over by Dec. 18. The
campaign is being waged with fury by the suffragettes,
who have been guilty of a series of disgraceful assaults
upon Cabinet Ministers; the labor unions are dissatisfied with promises made by Premier Asquith to pass
legislation enabling them to pay, through voluntary
but not compulsory dues, their representatives in Parliament (thus overcoming an existing law), but the
Irish members are warmly denouncing the House of
Lords, the United Irish League having issued a manifesto calling landlordism and the Upper House synonymous. The Chamberlain tariff proposals have been
overshadowed at this election by the fundamental
problem of how to readjust the relations between the
Commons and the Lords. Mr. Austen Chamberlain,
it will interest America to know, has announced that
the maximum duty the tariff reformers will propose
on wheat will be two shillings per quarter, that Colonial
wheat shall be duty-free and that flour will be taxed
to encourage home milling. The question of Home
Rule for Ireland has been pushed to the front and the
generous contributions by Irish-Americans to the Nationalists' funds have come up for much discussion, not
all of a complimentary nature.
Lord Lansdowne, on behalf of the Unionists, submitted to the Lords a set of resolutions which was
adopted on Thursday without a division and forwarded,
with Lord Rosebery's reform plans, to the House of
Commons. The resolutions are of sufficient importance to justify reproduction in full:
"It is desirable that provision be made for settling differences that may arise between the House of Commons and
this House as re-constituted, reduced in numbers in accordance with the recent resolutions of this House.
"That as to bills other than money bills such provision
should be made on the following lines:
"If a difference arises between the Houses in regard to any
bill other than a money bill in two successive sessions and
during an interval of not less than one year, and such differences are unable to be adjusted by other means, it shall be
settled at a joint sitting composed of the members of the two
Houses, provided that if the measure relates to a matter of
great gravity and has not been adequately submitted to the
judgment of the people, it shall not be referred to a joint sit-.
ting, but submitted for decision to the electors by-a referendum.
"That as to money bills, the provision should be on the
following lines:
"The Lords are prepared to forego their constitutional
right to reject and amend money bills which are of a purely
financial character, provided effectual provision is made
against `tacking'; and provided that if any question arises
as to whether a bill or any of the provisions thereof are of a
purely financial character, that question shall be referred to
a joint committee of both Houses, with the Speaker of the
House as Chairman, and who shall have a casting vote only.
If the committee holds that the bill or the provisions in question are not of a financial character, they shall be dealt with
forthwith at a joint sitting of the Houses."
The Government's Veto Bill was ignored by the
House of Lords, which adjourned until Monday, the
1410
THE CHRONICLE
day of dissolution. The Liberals claim that the Lansdowne proposals afford no adequate relief from the
"tyranny" of the Upper Chamber; the Earl of Crewe,
(in introducing the Veto Bill), characterized them as
"a death-bed repentance," while Chancellor LloydGeorge denounced them (as well as Lord Rosebery's
resolutions) as "useless shams."
Rioting by advocates of votes for women has become a menace to the safety of Liberal statesm en
Premier Asquith on Tuesday announced that, if he
were returned to power, the Government would give
facilities for the consideration of a woman's franchise
bill so framed as to admit of free amendment, a concession which was evidently misunderstood, as it was
at once interpreted by the suffragettes as "an insult
to women." They declared warfare upon the Ministry
and immediately set about attacking the residences of
prominent statesmen and the Government offices in
Downing Street. They caught the Prime Minister and
one woman hit him a smart blow before the police
could rescue him, while Mr. Augustine Birrell, Chief
Secretary for Ireland, was so seriously kicked and
cuffed that he had to be taken home to bed and placed
under the care of physicians. Over 100 arrests were
made during one demonstration, but all were liberated
by order of the Home Secretary (whose house was
attacked) with the exception of those charged with
violence. Yesterday twenty of them were sentenced
to two months' imprisonment, without hard labor;
the presiding magistrate remarking that these "disorderly women" had been treated heretofore with too
much leniency.
Mexico has not been alone in having to contend
with internal disturbances. Rio de Janeiro has this
week been subjected to mild bombardment by mutinous
sailors on board Brazil's new battleships of the Dreadnought type, but the incident is barren of political
significance, having been instigated solely by dissatisfaction over the conditions .of service on board
ship. The trouble began on Tuesday evening. When
Capt. Neves, Commander of the battleship Minas
Geraes, returned from dinner on board a French
training ship, he heard a fusillade of shots, and on
offering resistance to the mutineers, he, with two other
officers, was killed and a third fatally wounded.
Sailors also took possession of Brazil's only other
Dreadnought, the Sao Paulo, as well as the scout ship
Bahia, and the insurrectionary squadron was placed
under the command of an ordinary sailor of the first
class, who handled the ships with considerable skill.
A coal depot was seized and shipments to a French
and a British steamer prohibited. The mutineers,by
means of the radiograph, presented their demands
to the newly-elected President Fonseca, who, curiously
enough, was present when the Portuguese warships
opened the fire on Lisbon that precipitated the successful revolution. The men asked for the immediate
abolition of corporal punishment on board ship, an
increase in pay in accordance with a program
recently submitted to Congres§, and less extra work in
cOnS64uence of deplieted '6'reWS. Refusal, it wns
added, would cause a borph"ardinent of the city. As
the' Government did not'...iii'akPPepAy, 'fire wai opened
and'''6ontinued, though Vitir'ffel.cely, all night. The
attack Was resumed on Wednesday, again in only a
•
Lxxxxi.
mild way, the objective being the fortress, which
refrained from retaliating. In the afternoon Deputy
Carvalho, a retired naval officer, proceeded in a small
boat carrying a white flag, to the battleships, and
endeavored to effect a settlement of the trouble. He
returned with a report to the Chamber and again
interviewed the leaders of the mutiny, to whom he
named conditions of surrender. The men refused to
consider anything short of general amnesty and the
concessions demanded. Yesterday Congress capitulated by granting the men increased pay, shorter hours
of service, less work and the abolition of corporal punishment. The formality of surrendering having been
gone through, the incident was closed, although there
are misgivings as to the effect the success of the mutiny
will have upon discipline in the future.
Discount rates at most foreign centres were easier
during the early part of the week; on Wednesday an
advance occurred at London, where a revival in the
Egyptian demand for gold was disliked, but a good
bank statement on Thursday caused a decline. A notable incident on the Continent was a reduction in the
private rate at Paris to 29%, which is nearly 2% below the charge for discounting bills in Berlin and sixtyday bills in London. At no time during the current
season has there been danger of an advance in the
French Bank's discount rate above the 3% level,which
the Governors strive to adhere to irrespective of
changes at other centres. American financiers who
have spent several months abroad this summer state
that France is the only prominent country in Europe
which has not become infected with the mania for
extravagance; the peasants continue, to live in their
accustomed quiet, thrifty way, and in spite of the bad
harvests this year,they have been able to save money.
The discount range in London is 4 7-16% for sixty-day
spot bills and 4% for bills to arrive, 4 5-16% for
ninety-day spot bills and 414% for ninety-clay bills to
arrive; European bankers were more perturbed by the
uprising in Mexico than New York financiers, and the
latest news has produced a cheerful feeling. Berlin
now charges only 43
4% for accepting spot bills,
while bills to arrive are quoted at 45
4%. At Vienna
money is also dear, the private discount rate being
only a fraction below the 5% Bank rate. Brussels
quotes 43'4%, a shade down from last week, while
Amsterdam is comfortable, the market rate being M
of 1% betow the 4% official minimum. There are
no indications that any European bank rates will have
to be advanced between now and the new year, unless
unforeseen circumstances arise.
The Bank of England, having made purchases of
new gold in the open market and drawn shipments
from Paris, was able on Thursday to record a substantial gain in bullion, namely £627,010, bringing
the total on hand to £35,591,024, according to our
special correspondent in London. This addition to
the metallic reserve, however, did not raise the ratio
of reserve to liabilities; this figure fell from 52.36%
last week to 51.47% this, week. The reason for.thisi
is to be found in the changes in other accounts, notably
111.'expansion of $8,890,04in loans. Deposits,' both.
ppblic and private, showed considerable gains, though;
circulation did not disclose' tI 'tn increase but a nioderate
decrease. The total reserve improved to the extent
Nov. 2.) 1910.1
THE CHRONICLE
of almost $5,000,000 (£997,000). The Bank is now
very well situated for the closing week of November,
a fact that evidently impressed itself upon the London
money market, as private discounts came lower when
bugness.was resumed here after the holiday. Our
special cable dispatch also advises us that the £627,010
gain in bullion for the week was due in greatest measure
to purchases in the open market. The details of the
movement into and out of the Bank were as follows:
Imports, £769,000 (of which £200,000 French coin
imported and purchases of £569,000 in the open market, including £10,000 French coin and £5,000
United States coin); exports, £426,000 (of which
£250,000 to Egypt and £176,000 to South America),
and receipts of £284,000 net from the interior of Great
Britain.
Stock Exchange transactions having dwindled to a
minimum of 250,000 shares for a full day and currency movements with the interior being now in favor
of New York, it is not astonishing that interest and
discount rates in this city have declined. The trend
has been accurately reflected by the fluctuations lit
call loans. Thus on Monday the ruling rate was
23%%, on Tuesday 234% and on Wednesday only
23'%, the lowest renewal rate in many weeks. Yesterday the rate was 2% to 23%, the final loan
being made at 2%. The average rate for the week
has been 234%, with 2% and 23%% the extremes.
The offerings of time money have also become materially larger, and in the absence of inquiry from
brokers the prevailing quotation has declined to 4%
for all periods from sixty days to five months, with
43.% charged for six months' loans. Occasionally
transactions for the shorter maturities are also made
at 4h%, but those who can provide the highest grade
of collateral can secure the lower figure. The money
market has not been influenced by the resumption of
gold exports to Canada, as this outflow has been more
than counterbalanced by the inflow of currency from
interior points. An even more encouraging development than the fall in collateral loan rates has been a
decline in discounts of commercial paper from the
53'% to 6% level which has prevailed for some time.
This week drawers of the highest standing have been
able to negotiate four to six months' single name bills
at as low as 5%. A good deal of business, however,
is still done at 531@53%,both for 'local and outof-town account. Less desirable names range from
53
4 to 6%. The lower rates are encouraging drawers to increase their output. Companies which
would not have their paper offered around the market
at 6% have no objection to obtaining facilities in the
neighborhood of 5%. The bond market is also benefiting to some extent by the easier conditions in the
money market. The more recent offerings have been
promptly taken off the hands of underwriters, although it should be explained that the European absorption has been relatively better than that locally.
Investment houses are now pointing out that very fine
bonds can be purchased to net, more than the interest
procurable on money lent °it:Stock Exchange collat-;
eral, and inasmuch its (Well &iNVer
.• rates for money ,are
confidently looked for Witlim the next two months,
it is contended that the out Ook isrdistinctly favorable
for bonds bought at to-day's.levpi. of quotations.
1411
The placing of several blocks of new securities,
ranging from $5,000,000 to $10,000,000, with European banking interests has been mainly responsible
for the holding down of foreign exchange rates during
the current week. Bills drawn against these sales,
which have included bonds, notes and stocks, have
figured in the market in fair volume, but all other
classes of remittance have been in light supply. It is
no longer profitable to draw finance bills upon either
London or Paris, since money here is as cheap as in
London, and attractive exchange arrangements cannot
be made to take advantage of the 23%% private
discount rate now ruling in Paris. The week opened
with moderately large offerings of cotton bills, which
depressed sight drafts to almost 4 853%, but after these
were absorbed remittance became somewhat scarce.
Grain bills have been little in evidence. By Wednesday there was very keen bidding by an institution
which has earned a reputation for indulging in speculation, now on the long side, now on the short side, of
the market. According to brokers, an extensive short
account had to be covered at all cost this week. When
trading ceased before the holiday, demand sterling
had touched 4 8615 and cable transfers 4 8665, and
yesterday forenoon the same kind of bidding carried
sight drafts to 4 863I, although later there was a
moderate relapse. International monetary fluctuations have favored a rise in sterling here. Thus, discounts in London were marked up during the first half
of the week concurrently with notable weakness
in our own money and discount markets. While
call money in London has ruled at 432@5%, the
rate here has fallen to only 23
4%, and at the same
time accommodation for most maturities has become available at 4%. Currency movements
point to another favorable bank statement to-day,
following last Saturday's gain of $9,063,600 cash and
addition of $7,141,700 to the actual surplus reserve.
The engagement of $500,000 gold for Canada on
Wednesday is strictly in line with what usually happens towards the' close of each month at this season;
perhaps other shipments may be made, but the total
outgo is likely to be offset by receipts of currency from
the West and South, where farmers are not receiving
quite so much encouragement this year to withhold
their product from the market and borrow money
at the banks.
The outlook for a continuance of easy money here,
combined with the hardening tendency at London, is,
of course, a factor of the first importance in considering
the foreign exchange position. Against the disparity
in the money rates, however, should be placed the fa ct
that EurOpean investors are showing greater interest in
new American issues. The principal local underwriters, all of whom have lately effected flotations,
found a better market abroad than at home, and once
the uncertainty that always attends the closing up
of the year has passed, it is believed that a broad,
healthy demand for our securities will arise on the
other side. The disturbance created by the British
general election is not expected to be either serious
or lasting, as it is the earnest desire of all clas§es,,to
avoid the upse4ing of the very fine businesl, now
being done throughout viirtually all triff1e..
(0A,ny,
very large sales of ,sep,u9t1,es to, Europe tosaight
easily, in conjunction with,,the extensive merc,handise
exports of November-December, bring exchange
1412
THE CHRONICLE
quotations down to the gold-import basis; yet the
general impression in banking circles here (and in
London) is that no considerable gold movement will
take place during the remainder of the year. London
needs gold more than New York needs outside assistance.
Compared with Friday of last week, sterling exchange on Saturday was firmer, on the basis of
4 8595@4 86 for demand, 4 8655@4 8660 for cable
transfers and 4 8210@4 8215 for 60 days. On Monday
demand declined to 4 8585@4 8595, cable transfers to
4 8640@4 8645 and 60 days to 4 82@4 8210. On
Tuesday demand was quoted at 4 8585@4 8590 cable
transfers at 4 8640@4 8645 and 60 days at 4 8210@
4 8215. On Wednesday, partly on short covering,
demand advanced to 4 8610@4 8615, cable transfers
to 4 8660@4 8665 and 60 days to 4 8215@4 8225.
Thursday was a holiday. On Friday speculation
carried demand up 10 points and cable transfers 20
points, but the close was easier.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.
Lxxxxi.
THE UPRISING IN MEXICO.
To say that the news from Mexico, at the opening
of the present week, came as a genuine shock to our
people, would not exaggerate the facts. The markets,
it is true, received the news with calmness. Neither
here nor abroad could any really disturbing effects be
traced in the movement of investment securities generally. Mexican Government bonds fell two or three
points at New York and London, but they were not
active and the decline excited no great misgiving.
This calmness may have been caused by private advices from Mexico, more accurate than the press dispatches later turned out to be, or it may have been
response to the absence of any seeming alarm at our
State Department. It appears, however, to have
correctly foreshadowed the real nature of the Mexican
situation.
The reason why this week's early news was startling
to the American public was less, perhaps, the
situation created in Mexico itself than the possibilities which arose to most people's minds, when the
dispatches were received, as to the diplomatic situaFri., Mon., Tues., Wed., Thurs., Fri.,
conceivably be
Nov. 18 Nov. 21 Nov. 22 Nov. 23 Nov. 24 Nov. 25 tion in which our Government might
were
insurrection
the
of
placed. The particulars
83
83
8234
160 days 4 8254
8234
Brown
87
87
8634
1Sight__ 4 8634
8634
Bros. & Co
still
rendered
possibly
were
8254
8254
8254
8254
meagre at the best, and
160 days 4 8254
Kidder, Pea8634
8634
8634
8634
1Sight_ _ 4 8634
body & Co
Government's
Mexican
83
83
83
the
83
4
of
days
160
8234
less enlightening because
Bank of British
87
87
87
'
87
1Sight..4 8634
North America
83
83
HOLI- 83
8234
160 days 4 8234
Bank
censorship. What appears to have happened was a
87
87
DAY.
87
'(Sight.. _ 4 8634
8654
Montreal
8234
8254
8234
8234
160 days 4 8234
Canadian Bank
more or less spontaneous outbreak of revolt against
8654
8634
8634
'(Sight__ 4 8654
8654
of Commerce
83
83 .
8254
160 days 4 8234
8254
Heidelbach, Ickelthe Diaz Government in some of the rural districts
87
87
8634
'(Sight_ _ 4 8634
8654
heimer & Co
8234
8234
8254
160 days 4 8234
8234
Lazard
of Mexico, a hundred miles or more away from the
8634
8634
1Sight__ 4 8634
8634
8634
Freres
8234
8234
8234
160 days 4 8234
8234
Merchants' Bank
'
8634
86% • 8634
8634
national capital. The uprising seemed to be most
1Sight__ 4 8634
of Canada
violent in the northwestern and southeastern provinces.
The market closed on Friday at 4 8230@4 8240 for It was headed by Madero, a political malcontent, and
60 days, 4 8615@4 8620 for demand and 4 8665@ the first reports gave some credence to the report,
4 8675 for cables. Commercial on banks was quoted subsequently shown to .be unfounded, that General
at 4 81U@4 82 and documents for payment 4 813/ Reyes, formerly Minister of War under Diaz, but more
@4 8194. Cotton for payment ranged from 4 81® recently sent abroad on a military mission, had re4@4 82.
turned and was taking part in the revolt.
4 8131, grain for payment from 4 813
Several of the provincial towns were captured by
revolutionists, who appeared to be more or less
the
The following gives the week's movement of money
armed and who were able to overcome
scientifically
to and from the interior by the New 'York banks.
the smaller garrisons. What the motive, provocaNet Interior
Shipped by
Received by
tion or purpose of the various revolutionary parties
Movement.
N. Y. Banks. N. Y. Banks.
Week ending Nov. 25 1910.
made very clear. According to the
$3,013,000 Gain $3,587,000 was, has not been
$6,600,000
Currency
849,000 Gain
948,000
1,797,000
Gold
dispatches, the successful insurgents in some of the
$3,862,000 Gain $4,535,000
$8,397,000
Total gold and legal-tenders
towns proceeded at once to open the jails and engage
looting. Whether any concerted leadership exin
With the Sub-Treasury operations the result is as
over the whole movement—a more or less imtended
follows.
probable contingency, in view of the great distances
Net Change in
Out of
Into
and poor communications—is not at all apparent.
Bank Holdings.
Banks.
Banks.
Week ending Nov. 25 1910.
The news had a peculiarly dramatic interest be$3,862,000 Gain $4,535,000
$8,397,000
Banks' interior movement, as above_
514,000
28,051,000 Gain
28.565,000
Sub-Treasury operations
cause of two other events which shortly preceded it.
$36,962,000 $31,913,000 Gyin $5,049,000
Total gold and legal-tenders
One was the Mexican Centenary of last September,
distinctly in the nature of. a national tribute
The following table indicates the amount of bullion which was
to Porfirio Diaz, and which gave to the world at large
in the principal European banks.
an impression that contentment was more general
Nov. 25 1909.
Nov. 24 1910.
among the Mexican people than for many years. The
Banks of
Silver.
Gold.
Total.
Silver. I Total.
Gold.
other was an incident of the first week of November,
when a Mexican border ruffian, having murdered a
36,545,155
36,545,155
35,591,024
England_ 35,591,024
131,878,000 33.401,040165.279.040 142,552,280 35,934,240 178,486,520
France
in Texas, was lynched and burned at
Germany- _ 39,079,70 13,715,650 52,795,350 39,012,400 12,179,050 51,191,450 ranchman's wife
Russia _ _ 145,704,000 6,055,000 151,759,000 143,291,000 6,719,000 150,010,000
several
Atur-Hun_ 55,303,00 11,878,000 67,181,000 56,990,000 11,928,000 68,918,000 •the stake by Texas cowboys;and when it was for
Spain .._ _ 16,395,000 30,607,000 47,002,000 16,091,00 30,797,000 46,888,000
Mexicans
4,000,000
38,380,0
of
band
hundred
42,380,000 days reported that a
several
Italy ___ _ 39,150,000 3,476,000 42,626,000
2,816,800 12,896,800
Nethlands 10,249,000 1,791,800 12,040,800 10,080,00
Nat.Belg.. 5,524,667 2,762,333 8,287,000 4,249,333 2,124,667 6,374,000 was marching across the border to make reprisals.
4,479,000 4,376,000
4,376,000
4,479,000
Sweden _
5,031,000
6,320,000 5,031,000
Switzland 6,320,000
This last report was baseless, and the frontier
1,797,000
2,055,000 1,797,000
2,055,000
Norway _
of sinking into forgetfulness
Total week 491,728,391 103,686,823 595,415,214498,395,108 106,498,757 604,893,925 incident was in a way
Prey.week 488,425,411102,707,663 591,133,074 494,411,119 105,089,760600,100,879
when the news of the general Mexican uprising sud-
Nov. 26 1910.1
THE CHRONICLE
1413
denly arrived. It is not at all probable that the Texas measures, and the more or less close control over elecincident was in any respect connected with the Mexi- tions which the Mexican Government has always
can revolt, but it naturally drew attention to our Gov- maintained would render probable a vote in favor of
ernment's own position in the event of a possible in- such a candidate. But what will inevitably occur to
ternal contest, prolonged for any considerable time, mind in connection with this week's episode is the
among the Mexicans. The news as the week closes question, whether succession to Porfirio Diaz can be
certainly indicates that the Diaz Government has established quite as peacefully as seemed probable
quickly regained the upper hand. On the other hand, only a very short time ago, or whether popular unrest,
to the question, why the insurgent movement should combined with individual ambitions, might not bring
have occurred just now, there can be no•ready answer political disorder to a serious head again.
In any such quarrel over the succession, it is obvious
save what would be derived from the ambitions of
revolutionary leaders, the great age and necessarily that our Government could directly take no part. Inapproaching withdrawal of Diaz himself, and the rest- directly, we might undoubtedly accomplish much
lessness of the Mexican people. Whether that rest- through diplomatic channels, though it is obvious that
lessness is merely a part of the psychological movement in this undertaking the utmost wisdom and sagacity
of political unrest which has been showing itself all would be required. On the other hand, it is equally'
around the globe, appearing in countries as diverse certain that in the long run our Government could not
in character and institutions as Persia, Spain and tolerate outright and continued anarchy, prolonged
England, or whether it is more immediately a revolt through any length of time, just beyond our southern
against hardships to which the people of these pro- border, and in a country where our own citizens have
vinces have been subjected, is another question which so largely embarked their capital and their enterprise.
it would just now be somewhat premature to attempt Perhaps the knowledge of this necessary attitude on
to answer.
the part of the United States will be the chief reason
We shall shortly, no doubt, learn something more why the matter will never assume a really critical
regarding these aspects of the question, and the in- diplomatic shape. Perhaps the very fact that revolt
formation will certainly throw an interesting side-light flared up and was suppressed, before the death or reon the future. Happily, the fact seems now to be tirement of Diaz, is a better guaranty of peaceable
reasonably assured that our Government will not be succession than if the embers of revolutionary senticalled upon to take any new position on account of ment had merely smoldered. At the same time,
Mexican civil disturbances. It will be the wish of the recent incident is very distinct notice to our Govevery one who has at heart the interests of both coun- ernment that our course with Mexico should be at
tries that such a contingency will not arise at all. once liberal, discreet and firm; that our friendliness to
Our people owe this great obligation to President Diaz, Mexico as a nation should always stand forth as our
•that, whatever may have been the incidental defects first consideration, and that in no way should our Govof his regime, his firmness in maintaining public order ernment, through its diplomatic officers, countenance
and diplomatic good relations in behalf of Mexico has anything which should prejudice our future attitude
for twenty-five years removed from the sphere of toward a sister republic.
political consideration one of the gravest questions
which had up to that time repeatedly taxed the re- MORTGAGE BONDS OF NEW YORK CORPORAsources of our State Department. Now, as then, a
TIONS CAN NOW ESCAPE YEARLY TAXES.
prolonged deadlock between two belligerent factions
An amendment to the tax law of this State approved
in the Mexican Republic, with guerrilla warfare and by the Governor last June should have the effect of
with anarchy in parts of the country where American commanding increased favor for corporation bonds
capital is already busy, would call for the most care- secured by mortgages on property in this State,
ful of diplomacy. The similar incidents in both Cuba thereby tending to eliminate the preference for stocks
and Nicaragua, during recent years, would provide over bonds on the part of investors seeking tax-exempt
some more or less troublesome political precedents— securities which has heretofore existed. By "taxas when our Government last year almost directly in- exempt" we mean exempt from the annual personal
tervened in Nicaragua, both by sending gunboats to property tax by the individual holders of the bonds
prevent the bombardment of the capital, and when it to which securities generally are subject. In
further refused to recognize the diplomatic envoy this city the tax is over 13
4% per year, and all
of the de facto government. Undoubtedly the fact forms of personal property are liable to it except where
that our own territory fronts upon Mexico for a very there is exemption for some special reason. Every
considerable distance, as it did not in the case of Nica- one is of course familiar with the effort to escape or
ragua, and as it only partially did in the case of Cuba, evade the personal property tax by ,swearing it off
would render the problem of our Government still before tax assessors, and knows what a feature of our
more exacting.
municipal administration this process has become.
We trust, and we think we see good reason to beStocks are not subject to the annual levy, as taxes
lieve, that none of these contingencies will arise, in lieu of same are levied by the State upon the coreither in the present instance or in the nearer future. poration itself. Bonds, however, have never enjoyed
When one considers, however, the light which this any such exemption, and have been assessed for taxaMexican uprising throws upon the future, it is not in tion by the taxing officers. whenever they could be
all respects encouraging. It has been pretty well un- located. Under the recording tax law of 1906 and
derstood that President Diaz, when he retires from the 1910 amendment to the same it is possible now
office, will virtually name his own successor from his for bonds also to enter the tax-exempt class by the
present immediate Cabinet. Were he to die, the Ad- payment of a single small registry tax, after which
ministration party would presumably take similar they are forever after relieved of all liability for the
1414
THE CHRONICLE
i
annual personal property tax. As soon as the fact
becomes generally known it would seem certain that
holders of bonds will widely avail of the privilege thus
extended, and doubtless it will not be long before only
a few bonds secured by mortgage on real property in
this State will remain and be subject to the annual tax
of 13@23/2% (the rate varying according to location).
As yet the fact that escape from the regular yearly
personal property tax is now open to the individual
bondholder has not penetrated very far, though banking and investment houses are endeavoring to give
publicity to the matter. Dominick & Dominick of
this city over a month ago mailed a printed circular
to their clients with the view to acquainting them with
the provisions of the new law, and prominent banking
houses, like Brown Bros. & Co., have also deemed the
subject of sufficient importance to merit the sending
of special communications regarding the matter to
their customers. As Dominick & Dominick well say,
the substance of the new law is that the holder of a
mortgage bond of a railroad or other corporation may
take his bond to the office where the mortgage was
of 1%
originally recorded and upon the payment of
of the face value of the bond, which payment will be
endorsed upon it, can thereby have such bond rendered
exempt forever from all personal taxation in the State
or City of New York. In other words, the owner of
the bond will thereafter hold his bond free forever of
all personal taxes, whether municipal, county or State.
Of course, the law applies only to bonds secured upOn
real property within the State of New York, but is
nevertheless of wide application. Heretofore trustees,
executors and others who could not conceal their
holdings have fought shy of bonds, since if they held
investments of that class they would be unable to
escape the tax. Now that absolute exemption from
taxation can be obtained, these bonds will no longer
be in the tabooed class and the demand for mortgage
bonds ought to be stimulated by that circumstance.
The change in the law has been effected by amending
the law taxing real estate mortgages. It will be remembered that after much discussion and long consideration the New York Legislature finally passed a
law in May 1906 providing that real estate mortgages in this State after July 1 1906 should pay a recording tax of one-half of 1%,and on the payment of
such tax should "be exempt from other taxation by the
State, counties, cities, towns, villages, school districts
and other local sub-divisions of the State." The law
was also made to apply to corporate bonds secured by
mortgages of real property within the State. The
principle embodied in this provision was subsequently
extended by a later enactment so that exemption
could also be secured for mortgages recorded prior to
July 1 1906 on the payment of the same recording tax
of one-half of 1%. As far as corporation bonds,
however, are concerned, only the corporation itself
had the privilege of optional payment on mortgages
recorded prior to July 11906. It is obvious that the
corporation had no object in making the payment,
or at least it had no inducement if the bonds Issued
under the mortgage had already been floated or
disposed of. If it elected to make payment of the
recording tax; it would be called upon to pay out a
considerable sum of money without having any
tangible return. One-half of 1% does not figure out
a large sum when applied to the $10,000 or $25,000
[Vor, Lxxxxr
of bonds held by the individual, but it amounts to
$50,000 where the issuing company undertakes to
make payment itself, say on a mortgage for $10,000,000. To increase the salability of the $10,000,000
issue, the $50,000 payment would of course be readily
made; but a corporation is not likely to part with
such a sum of money where the bond issue has already
been made and nothing could be gained by the act.
Hence very little was done under the old statute
towards securing exemption for bonds issued under
mortgages recorded prior to July 11906.
Under the 1910 amendment, however, the law has
been changed so that the individual holder of the bond
can secure the exemption which it is clearly to his interest to have on these earlier issued mortgages. The
law as it now stands reads as follows:
"and any mortgagor or mortgagee under
.
. .
a corporate trust mortgage given to secure a series of bonds,
or the owner of any such bond or bonds secured thereby, may file
in the office of the recording officer where such mortgage is
first recorded a statement in form and substance as required
by section two hundred and fifty-four of this article, except
that it shall specify the serial number, the date and amount
of each bond and otherwise sufficiently describe the same to
identify it as being secured by such mortgage, and thereby
elect that such bond or bonds be taxed under this article. A tax
shall thereupon
be computed, levied and
.
.
.
upon the amount of the bond
.
.
.
collected
or bonds specified in the statement filed, at the rate prescribed by section two hundred and fifty-three of this article.
Said bonds representing prior advancements under corporate
trust mortgages, and taxed as herein provided, may be presented to the recording officer whose duty it is to collect
said tax for indorsement, and he shall thereupon indorse
upon each of said bonds a statement, attested by his signature, of the payment of the tax as provided in this section
in respect to bonds representing subsequent advancements,
and the record owner of any other mortgage taxed upon
prior advancements as herein provided may present said
mortgage to the recording officer and thereupon such officer
shall note upon the same the filing of the statementland the
amount of the tax paid, attested by his signature. In all
such cases the recording officer shall note on the margin of
the record of such mortgage the filing of such statement and
the amount of the tax paid, and, in case of bonds secured by
corporate trust mortgages, the serial munber of each such
bond. The words "bond" and "bonds" as used in this
section shall be deemed to embrace all notes or other evidences of indebtedness secured by mortgages taxable under
this section."
As far as the individual bondholder is concerned
the foregoing provisions apply only to mortgages, or
to bonds secured by the same, recorded prior to July 1
1906. As to bonds issued and mortgages recorded
subsequent to that date, there is of course no need for
any such proviso, since the payment of a recording
tax of one-half of 1% in such cases is compulsory, and
that payment renders such bonds, as we have already
seen, exempt from other taxation by the State, the
county, the city, the town and all other civil divisions.
It follows that when the new privilege given to the
individual bondholder as regards bonds issued previous
to July 1 1906 shall have been generally availed of,
all corporate bonds secured by mortgage of real
property in this State will be exempt from the annual
personal property tax.
STATE REGULATION OF FIDELITY INSURANCE
RATES UNCONSTITUTIONAL.
We referred briefly last week to the decision of Judge
Munger in the U. S. Circuit Court in declaring unconstitutional what is known as the Nebraska State Rating
Law and granting an injunction restraining the Gov-.
ernor, Attorney-General and Auditor of the State'
from enforcing its provisions1- The case is important
enough, however, to r merit more extended notice,
inasmuch as some other States have enacted statutes
undertaking to fix insurance rates of this class, and the
Nov. 261910.]
THE CHRONICLE
1415
principles laid clown in the present case would appear
As stated, the business of the companies engaged in
to be of wide application.
furnishing surety bonds has none of the characteristics
The Nebraska Rating Law here referred to was here noted. Judge Munger observes that this business is
enacted in 1909 and creates a State Board to fix the in no way a monopoly, for individuals and partnerships
rates for fidelity and surety premiums, consisting of are free to furnish such bonds in competition with the
the Governor of the State, the Attorney-General and companies, and to make any charge or no charge for
the State Auditor. The American Surety Co., one of assuming such risks. No one is compelled to resort to
• the surety companies affected by the new statute, the surety companies as practically the only source
deeming the law unconstitutional, instituted proceed- from which may be obtained surety bonds. The
public
ings in the U. S. Circuit Court, District of Nebraska, interest in the business of the surety companies is
no
asking for an injunction to restrain the State officials different from its interest in the business of any large
from enforcing the provisions of the law. These of- mercantile or manufacturing company whose capital,
ficials on their part retaliated by bringing two actions experience and facilities may enable it to have a widely
for $5,000 each, demanding fines from the company extended patronage. Yet such characteristics—that
for having resisted the law. In addition, the Attorney- is, the size of the business—do not make the business
General brought a separate action in equity to have the one which is affected with a public interest.
American Surety Co. barred from doing business in
Judge Munger also says,with much force,that if the
Nebraska. The suits to impose fines on the company State may fix the amount of compensation for which
came up before Judge T. C. Munger, who upholds the an insurer may lawfully contract for furnishing
contention that the law attempting to fix premiums such insurance, the State may dictate the price
for
on surety bonds is invalid and grants the temporary which all other commodities shall be sold, including
injunction asked for.
the price which may be paid for labor. Obviously
Judge Munger takes the view that fixing the price of this cannot be done, as the Fourteenth Amendment
insurance or surety premiums is not within the pro- to the Constitution protects the right of those engaged
vince of the State any more than would be the fixing in purely private business to fix the price at which
of the price of any commodity, and that, hence, any they will sell their services or commodities. Reference
endeavor of this kind is a violation of the Fourteenth is made to the case of People vs. Coler (166 N. Y. 1;
Amendment to the Federal Constitution, under which 59 N. E. 716), where the Court had before it an Act
the States are forbidden to "deprive any person of of the Legislature of New York providing that laborers
life, liberty or property without due process of law." on *public works should be paid the prevailing rate
After noting that the real controversy in the actions of wages. This provision of the statute was held
to
before him was over the power of the State to fix rates be void, the Court saying that the contractor is a
to be charged for insurance, Judge Munger points out private individual, engaged in private business. When
that no case has been cited where such a question has he enters into a fair and honest contract for some
previously arisen, although Acts somewhat to the same municipal improvement, that contract is property,
effect have been passed in other States. He is careful entitled to the same protection as any other property.
to say that the liberty to enter into contracts is not an It is not competent for the legislature to deprive him
unrestricted liberty, but is subject to the police power of the benefit of this contract by imposing burdensome
of the State. The extent, however, to which the State conditions with respect to the means of performance
may go in the exercise of this power, in regulating or or to regulate the rate of wages which he shall pay to
prescribing the prices of goods or services, is not clearly his workmen, or to withhold the contract price when
defined.
such conditions are not complied with in the judgment
In earlier days it was usual for Parliament to fix the of the city. When he is not left free to select his own
rates which lawfully could be charged even by those workmen upon such terms as he and they can fairly
who were engaged in private business, and such legis- agree upon, he is deprived of that liberty of action
lation also existed in the American Colonies before the and right to accumulate property embraced within
adoption of our Constitution. The right to regulate the guaranties of the Constitution, since his right to
the charges for services of those whose business is de- the free use of all his faculties in the pursuit of an
voted to public use has been thoroughly established. honest vocation is so far abridged.
It is also well settled that the right exists in the State
Reference is likewise made to the case of Street vs.
to regulate the charges to be made by those whose busi- Varney Electrical Supply Co. (160 Ind. 338; 66 N. E.
ness is affected by a public interest. Cases are cited 895), where an Act of the Indiana Legislature was in
involving the validity of statutes regulating the charges question. This provided that unskilled labor emwhich lawfully might be made by those owning grain' ployed on any public work of the State, counties, cities
elevators, and in each instance it was declared that the and towns should receive not less than 20c. an hour.
business conducted by them was so affected with a In holding this law to be in violation of the Fourteenth
public interest that the State could regulate the charges Amendment to the Constitution of the United States,
imposed by them. But the characteristics of that the Court said that if the Legislature has the right to
business which led the courts to declare it to be affected fix the minimum rate of wages to be paid for common
with a public interest are entirely missing in the case of labor, then it has the power to fix the maximum rate.
the surety bond business. These characteristics And if it can regulate the price of labor, it may also
were: The practical monopoly of the business at the regulate the prices of flour, fuel, merchandise and land.
places where it was carried , on and the consequent But these are powers, the Court said in that case,
power. to levy tribute upon the community; its rela- which have never been conceded to the Legislature,
tion tof_the business of transportation and to the busi- and their exercise by the State would be utterly indonness otcommon carriers thus being of a quasi public sistent with our ideas Of citil liberty. The Nebrask
character.
State Rating Law is held to fall within the principles
1416
THE CHRONICLE
announced in these cases, and as there was no way
of separatinithe objectionable portions of the law from
the rest, the whole Act was declared void. It may
reasonably be expected that the experience at the
hands of the courts in this instance will have a deterrent effect upon other similar legislation and will tend
to prevent the enactment of insurance statutes like
that of Nebraska in other parts of the United States.
A BETTER OUTLOOK FOR THE PROBLEM OF
RATE ADVANCES.
The dinner on Tuesday evening, marking completion
of two years' existence of the Railway Business Association, showed anew what a happy and timely step
was that organization. As explained at the start, it
has no part in politics and takes no position on any
formally-stated public policy. It was begun by firms
engaged in railway supplies, who found their sole customer the target of assaults growing out of a wide
misapprehension of facts and principles; they therefore associated themselves, out of self-protection, into
a movement to promote a better understanding
between their customers and the public and lead to
establishing a practical modus vivendi. The need
of just such a work has been growing as the work itself
has been gathering force. The progress of the Association is shown by the representative attendance at
the dinner, which included men who stand for an estimated billion of invested capital and in the position
of employers of an enormous number of workmen.
The most prominent speaker was the Chairman of the
Inter-State Commerce Commission, and the need of
the Association's educational work is emphasized by
the timeliness of the occasion, coming just as the
• question of an advance in rates is in course of a public
hearing.
Chairman Knapp began by saying that continued
growth and prosperity for the country requires three
things: first, a return from railway investments which
shall be both large enough and safe enough to attract
capital sufficient to improve existing roads and build
thousands of miles in new districts now destitute.
It is in common knowledge that the traffic output in
1907 was beyond carrying capacity; it is also as certainly, though less generally, known that there are
huge sections (in Texas, for example) which are
almost if not quite bare of tracks. Must we not (asked
Mr. Knapp) "in the larger public interest, whatever
may be thought by this or that shipper, make the
business of furnishing railroad transportation so desirable to the investor that the necessary funds for
betterments and extensions will be forthcoming"? On
this point of appeal to the investor, President Willard,
of the Baltimore & Ohio, in his turn as speaker,
remarked, it will not serve to tell this investor that he
shall have a fair rate, for "he will decide for himself, not
what is a fair return, but what is a return satisfactory to
him."
The other two requisites to general prosperity, said
Mr. Knapp, are betterments without unnecessary increase in capitalization, since betterment out of earnings both avoids permanent addition to the interest
charge and tends to a lower rate by strengthening the
security of that already invested; also, "payment
of liberal wages to an adequate number of competent
men." The reason incidentally stated for this,
namely "the great influence of railway wages upon
LVoL. Lxxxxi
compensation of labor in private employment," is liable
to be interpreted as an encouragement for still more
of the labor demands which have produced the present
situation; yet, Mr. Knapp, while condemning "unbridled competition" as a mistake, and declaring that if
governmental regulation does not succeed,there will be
no escape from the perils of Government ownership,
made it very clear that he fully realizes the seriousness
of the Commission's position as arbitrator. This
seems to indicate that he is coming to the belief that
rate arrangements by the roads must be permitted, as
being the natural alternative of the competition which
he pronounces ineffective.
Mr. Willard, in his turn, repeated his indisputable
proposition that the Commission is now, whether
willing or unwilling to be such, the conservator of
railway credit. Increase of rates is necessary to meet
changed conditions; the Commission must pass upon
that increase; credit depends on net earnings and a
reasonably safe outlook; therefore, the future life of
the roads and the prosperity of the country are
placed in the Commission's hands. This is not
Mr. Willard's language, but it is his thought. He urged
keeping discussions free from heat; recognition of duty
by the roads and of rights by the public; keeping out
of politics; dropping all thought of retaliation; and,
particularly, a term of rest from further regulation
until the roads can work out some of the many problems
confronting them.
Speaking from the viewpoint of an investor in retail
stores throughout the country, since he is thus much
more directly affected by an increase in freight rates
than as a wholesaler in New York, Mr. John Claflin answered in the affirmative the question whether the average merchant outside of New York will gain by paying
an increase for the sake of helping the general situation.
He cited a typical case of a store beyond the Mississippi, doing a business of a million a year and paying
$3,000 more in freights because of a 12% increase,
and in his opinion such a store would enjoy a net gain
of twice that sum by reason of increased sales. He
therefore believes the railroads will answer satisfactorily the question how to promote general prosperity,
and he pointed out that average prosperity in business
has always waxed or waned according to railroad
progress. In the latter opinion, President Shedd, of
Marshall Field & Co., concurred, a letter from him
being read in which he expressed his belief that the
country is never in enjoyment of full prosperity except
when railroad dividends are being freely made.
It is demonstrable that the moderate increase of
rates to which such resistance is made by some persons
is no serious matter 'after it is distributed, as by
the laws of economics it will be, by being commuted
into selling prices. This means a little more to the
consumer, certainly, but it is only a little, and increase
in prices in one quarter is inevitably followed by
readjustments. No organization and no statute can
prevent this; therefore, the protesting shipper might
well remember that he is only an intermediary in the
process and so has no particular exposure.
Apropos of the still-continuing attempt to show that
economy, and not advance in rates, is the proper
remedy, it is only just to say that the railroads already
have the strongest inducements to practice economy,
and if Mr. Brandeis has a genuine discovery he might
better take it directly to the roads; indeed, Mr. Hill,
Nov. 261910.)
THE CHRONICLE
of the Great Northern, says he can get his own price
from almost any road if he can really show how to
save a portion of the million per day of which he speaks.
The subject is tremendously large and serious—too
much so to be dealt with in a small way or in haste.
It must be treated "in the larger public interest," and
not determined by "whatever may be thought by this
or that shipper," as Mr. Knapp said. The problem is
not how to satisfy outcries—which is always rather a
hopeless undertaking, because granting demands of one
quarter or interest pretty surely starts a cry from some
other which fancies itself hurt in turn. The problem is
to deal broadly and wisely for the general welfare, and
what was said at the dinner gives renewed assurance
that it will be treated to that end.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate 182
shares, of which 162 shares were sold at the Stock Exchange
and 20 shares at auction. The only transaction in trust
company stock was the sale at auction of 100 shares of stock
of the Broadway Trust Co. at 144.
Shares. BANKS.—New York. Low. High. Close.
60 Commerce, Nat Bank of_ _ _ 200
200
200
•102 Fourth National Bank____ 196
196
196
BANK—Brooklyn.
20 City Bank, National
2853 285M 2853i
TRUST COMPANY—New York.
144
144
144
100 Broadway Trust Co
Last previous sale
Nov 1910— 200
Nov 1910— 196
Nov 1910— 29234
Nov 1010— 145
Sold at the Stock Exchange.
—A plan to improve the character of banking assets by
careful audit and by a form of insurance for the assets of
sound banks is about to be launched by a group of bankers
who have given much study to the subject. It is proposed
to incorporate a trust company under the laws of the District
of Columbia with the title of "The National Bank Audit
Co.," with the Hon. Wm.Barrett Ridgely,former Comptroller
of the Currency, as President. This company will undertake
to examine and audit the assets of banks desiring to participate in the plan. If their assets are found in good condition,
they will be permitted to enter the system and will be subjected to special examinations semi-annually as long as they
remain clients of the Audit Company. So long as these
member or client banks comply with the conditions of the
contract which will be offered to them by the new company,
the latter will undertake to make good any deficiency in
assets to an amount sufficient to pay liabilities in case of
liquidation. This offer will not extend to the liability of
stockholders, but will in effect protect absolutely depositors
and others having legitimate claims.
The theory upon which this protection will be afforded is
based upon the statistical history of forty-six years of the
national banking system. These statistics have shown that
the average loss to depositors and other claimants by bank
failures and liquidations has been a small fraction of 1% of
the total liabilities of all operating banks. It has been upon
these figures that the advocates of a more flexible currency
have based their calculations of the contributions required
to constitute an adequate fund. By extending the same
principles to the entire volume of a bank's liabilities, except
to stockholders, it is believed that for a very moderate charge
what is equivalent to a guaranty of the payment of deposits
in case of failure can be given to those banks which comply
with proper requirements. If the average loss in all national
banks—good and bad, conservative and speculative, honest
and fraudulent, in pioneer communities as, well as in the
cities—has been much less than a quarter of one per cent, it
is calculated that much better results can be obtained from
a selected class of banks complying with the rigid requirements of the new company.
The new plan is called "bi-central banking" because it is
intended to create two centres of financial responsibility—
the resources of the individual banks and the guaranty fund
oft the National Bank Audit Co., with its reserve of cash
and other quickly convertible assets. One of the motives
which it is expected will attract clients for the new project
is the benefit to a bank from making known to its depositors
that it is a member of such an organization. In the five or
six States which have adopted the system of guaranty of
deposits under compulsory State law there has developed a
1417
marked tendency to transfer deposits to the State banks
which come under this system from the national banks,
which do not participate in it. It was decided by the Attorney-General of the United States that national banks
could not legally assume the liability involved in becoming
parties to the State guaranty fund. Under the plan which
is now proposed, however, the Attorney-General it is stated
has decided that it is legal and competent for a national bank
to pay a small sum to a company which audits and insures its
assets. It is anticipated, therefore, that there will be a
strong inclination on the part of national banks in the States
having State guaranty funds to enter the hi-central banking
system. It is argued by those who have formulated the
plans that the mere increase in deposits which will come to a
bank from being known as a client of the new enterprise
will fairly cover the small cost of the audit and insurance.
One of the ramifications of the proposed plan is the examination of commercial paper and of the institutions which
offer it for discount. The Audit company will indicate to its
clients a decided preference for loans and discounts by them
upon the paper of institutions which are not afraid to submit
to the same sort of audit proposed for the banks themselves.
It will thus be possible to check the abuse of credit by overextension, which has proved fatal in several recent cases to
large institutions and has involved heavy losses to their
bankers. Along these lines it is hoped to realize in a measure
the policies of the Comptroller of the Currency and the
American Bankers' Association for a record of the amount
of paper put afloat by large borrowers and the exchange of
credit information on the subject.
It is possible that the new corporation will, in some cases,
put its name upon such paper. This will be done with extreme caution, however, and will only bind the Audit Company in case of failure of the bank first discounting the
paper, because the signature of the company will appear
only as the guarantor of the signature of the bank. If such
a guaranty is given, the paper will bear three good names—
that of the maker, that of the discounting bank and that of
the new company. This will give to it something of the
character of quickly convertible assets, which are so essential to the flexibility and safety of the banking system.
This branch of the subject will be very carefully studied
before being put into operation by Mr. Ridgely, who is
familiar from his experience as Comptroller with the causes
of bank failures and the weak points in bank management;
by Mr. Charles A. Conant, who, as Treasurer of the Credit
Clearing House, has long advocated the exchange of credit
information among the banks, and who will probably be an
officer of the company, and by other experts.
The Audit Company expects to organize at the beginning
of the new year, with a paid-up capital and surplus of
$1,500,000. The bi-central system will not be put in operation, however, in regard to the assets of banks until contracts have been made with a sufficient number to afford
a fair basis for averaging losses in case any should any occur.
It is probable also that the capital will be considerably increased before contracts with the client banks go into effect.
The capital and surplus are,of course, only in the nature of
a guaranty fund to cover unexpected losses. The semiannual premiums for audit and protection of assets will be
sufficiently large to cover the amount required upon the
average to enable liquidating banks to meet their liabilities
in full, with ample margins for contingencies. While a
part of the capitil and surplus will be kept in cash, a large
proportion will be invested in securities of the character
required to secure circulation under the general provisions
of the Aldrich-Vreeland Law. This will enable the new
company to render an important service to its member banks
during the crop-moving season or on any occasion of emergency by promptly lending these securities to the banks
to be used as a means for taking out additional notes. The
company will be protected against any possible loss by requiring the member bank to deposit good securities more
than covering the value of those borrowed, but not falling
within the classes required by the Aldrich-Vreeland Law.
In this manner the company will be able to relieve its member banks from any anxiety as to a deficiency of currency,
and to contribute its share to making impossible a currency
famine like that of 1907. Several leading bankers who have
been consulted are understood to have expressed the opinion
that the new plan is sound in principle, entirely feasible, and
eminently safe, if conducted along the conservative lines
which ex-Comptroller Ridgely and his associates are laying
down.
1418
THE CHRONICLE
—"Treasury Decisions" for Nov..17 contains the announcement of the appointment by Secretary Franklin MacVeagh
of a committee on departmental efficiency and economy
to carry forward improvements in the administration of the
Department which have been under way for some months.
The announcement is as follows:
Treasury Department, October 29, 1910.
To All Officers and Employees, Treasury Department:
I have appointed a committee on departmental efficiency and economy,
consisting of Messrs. James L. Wilmeth, Chief Clerk, Treasury Department;
M. 0. Chance, Auditor for the Post-Office Department; and Lawrence
0. Murray, Comptroller of the Currency, to take charge of and carry forward the improvements in administration of the Department which have
engaged our attention for many months, and also to represent this Department In the matter of the President's Inquiry Into economy and efficiency.
In this connection, I beg to invite the co-operation of every one connected with the Department, and / especially invite all helpful suggestions.
All such suggestions will be most carefully and cordially considered by the
committee in the first instance, and then by me.
All of the Departments of the Government will now be engaged in this
work of departmental efficiency and economy, and the esprit de corps of
each Department will, of course, be appealed to. I hope the public spirit
of our Department will be conspicuously in evidence.
FRANKLIN MAC VEAGH, Secretary.
[VoL. Lxxxxi.
capital of $100,000 is in shares of $100 and the dividends
on it are limited to 7%. The minority holdings have never
possessed as high a value as those of the majority interest,
although President Paul Morton is stated to have paid $2,000
a share in the purchase of five shares• of the company's
stock. While the price figuring in the acquisition of control
by J. Pierpont Morgan a year ago has never been made
public, it is the generally accepted belief that Mr. Morgan
paid at least as much for the holdings bought from Thomas
F. Ryan as the latter himself originally paid for control.
Mr. Morgan, it will be remembered, last year took over all
the holdings of Mr. Ryan, including the 502 shares bought
by Mr. Ryan from James Hazen Hyde in 1905. Mr. Ryan,
it was understood, had paid $2,500,000 for the Hyde holdings.
—Three members of the firm of Burr Brothers, promoters
of mining and other ventures, were taken into custody by
post office inspectors on Monday, when a raid was made on
the offices of the concern in the Flatiron Building, this city.
The inspectors also took charge of the quarters of the Continental Wireless Telephone & Telegraph Co. at 56 Pine St., and
placed under arrest Charles L. Vaughan, formerly VicePresident and Treasurer of the company, and also Treasurer
of the Columbia Finance Corporation, likewise located at 56
Pine Street, and Assistant Treasurer of the Collins Wireless
Telephone Co. All four individuals were placed under
810,000 bail. A statement in explanation of the arrest was
issued by Postmaster-General Frank H. Hitchcock, which
said in part:
—It is stated that a meeting of the National Monetary
Commission is to be held in Washington on the 30th inst.,
at which Senator Aldrich hopes to be able to submit to the
other members of the commission the skeleton framework
which may be used as the basis for discussing the formal
report which the Commission will present to Congress.
—A. W. Hudson has resigned as Secretary to New York
State Comptroller Clark Williams to enter the employ of
the State Banking Department. Mr. Hudson, it is announced, will undertake the organization of a liquidation
The arrest to-day by Post-Office inspectors of the principals in two imbureau in the Banking Department, necessitated through portant
companies, Burr Brothers, with offices In the Flatiron Building,
the operation of the law placing the liquidation of insolvent and the Continental Wireless Co.. with headquarters at 56 Pine Street,
two more cases in the series of investigations that the postal auconstitute
institutions
banking
in the hands of the Superintendent of
thorities have been making In their crusade against the fraudulent use
Banks.
of the United States malls. With the work accomplished to-day, 78 such
—The Appellate Division of the New York Supreme Court cases have been brought to a head during the year. It is estimated that
the swindling operations of these 78 cases have filched from the American
has vacated the injunction obtained last month by James people
in a period of five years over $100,000,000. The crusade now in
Lee, a curb broker of this city, restraining the enforcement progress Is the result of a carefully laid plan of some months ago, the first
step
in
which was a thorough reorganization of the inspection service, with
of the Act intended to govern the business of small private
the selection of a new Chief Post-Office Inspector and certain changes and
banking concerns in this State. The State and county of- re
-assignments in the force of inspectors in charge of the fifteen inspection
ficials had been enjoined from enforcing the law by Justice divisions.
Bijur of the State Supreme Court, who, in an opinion ren"Formerly the procedure In such fraud cases was entirely different. It
dered on Oct. 11, held the law to be unconstitutional. Juswas the practice to
a fraud order against the guilty concerns. This
tice Bijur, whose opinion was quoted at length in our issue method proved to beissue
ineffective; while it deprived the offending concern
of Oct. 15, stated in his findings that "it is to be noted that of the use of the malls, It was a simple matter for its promoters to reorganize
the statute distinguishes between persons of different degrees under a new name and thus evade the law, In the Department's present
crusade the practice has been to proceed immediately to the arrest of the
of wealth, and that the conduct of this business is restricted principles in the fraudulent enterprises, the object being to secure the
substantially to persons who have a minimum of $20,000 prompt conviction and imprisonment of the men who organize and promote
schemes to defraud. The results already accomplished by the
rather than to persons of approved probity or sound judg- these
Department represent only the beginning. The work of investigation and
ment, and that a person who can procure a bond of $100,000 prosecution will proceed with all possible vigor until the swindling of the
can remove himself entirely from the restraints of the Act. people through the use of the malls is brought to an end."
In its complaint against Burr Brothers, the Government
This is a novel standard in our legislation." The decision
vacating the injunction of Justice Bijur was handed down states that "it can safely be said that they sold stock at
on the 18th inst. by the Appellate Division, to which the par value of from $40,000,000 to $50,000,000." The comcase had been carried by Attorney-General O'Malley and plaint also says that "in every instance they have promised
State Comptroller Williams. The opinion, concurred in large dividends on the stock sold, in addition to an increase
by all the Justices, was written by Justice Clarke. No con- in the value of the stock, but in not a single case have any
clusion, however, as to the validity of the law was expressed of the companies paid any dividends, and practically all of
by the Court. Speaking through Justice Clarke, the Court them have been complete failures." The three members of
says: "We decline to pass upon the constitutionality of the the firm arrested in this city are Sheldon C. Burr', President;
Act, for we are convinced that no cause of action is stated of Eugene H. Burr, Secretary and Treasurer, and Frank H.
which a court of equity has jurisdiction, and hence no in- Tobey, Vice-President. Charles H. Tobey, also said to
junction can be allowed."
have been formerly connected with the firm, was arrested
—The annual dues of the Philadelphia Stock Exchange near Bloomingdale, Mich., on Tuesday, and released under
have been increased by the GoVerning Committee from $25 bonds of $20,000. E. NV. Preston was likewise arrested on
to $100. The change is to go into effect on Jan. 1, and the the 21st inst. in Portland, Ore., on a warrant charging
dues will be payable yearly in advance, instead of quarterly him witi} using the mails to defraud, the arrest, it is reported,
as now. The Exchange has 230 members, and at the having been made in connection with the raid on Burr
advanced rate the receipts will be increased from $5,750 to Brothers.
$23,000 yearly.
The offices of the International Finance Co. at 154 Nas—It is reported that John W. Knight, head of the failed sau are also reported to have been closed by post office
cotton firm of Knight, Yancey & Co., has been indicted by inspectors.
the Federal Grand Jury at Huntsville, Ala., on charges of
—A new number of the "Bankers' Encyclopedia," the
using the mails to defraud. The charges, it is said, concern
September 1910 edition, has made its appearance. The
the use of alleged fraudulent bills of lading covering fictitious
publication is one of the most complete of its kind. Not
shipments. Mr. Knight was arrested at Decatur and taken
only does it present detailed information relating individto Huntsville on the 23d, but was released under bonds of
ually to the country's banks and trust companies, but it
$20,000. The failure of the firm, which had a number of
also contains much other useful data. A new feature of
Southern offices, with headquarters at Decatur, occurred
the present issue is the inclusion of a special list of surety,
in April last, and was directly responsible for the contro- audit
companies and expert bank auditors of New York
versy which has since arisen between the foreign and AmeriCity, and a list of dealers in commercial paper. The laws
can bankers over the bill-of-lading question.
of the various States regulating banking, the rules of re—The sale on Wednesday, at auction, of five shares of stock sponsibility for collections as interpreted by the Supreme
of the Equitable Life Assurance Society of this city, at $300 Courts of the States, the date of legal holidays and legal
per share, has attracted some attention. The compan y's rates of interest comprise some of the regular features of the
Nov. 261910.)
THE CHRONICLE
Encyclopedia. The work is published by the Anthony
Stumpf Publishing Co. of 22 Pine St., this city.
—A discharge from bankruptcy was granted to Edward D.
Shepard, senior partner in the firm of E. D. Shepard & Co.
of this city, by Judge Hough on the 21st inst. Following the
filing of an involuntary petition in bankruptcy against the
firm on April 19 1909, it was adjudicated bankrupt by Judge
Holt of the U. S. District Court on June 111909. Schedules
in bankruptcy filed on Aug. 3 of that year showed liabilities
of $9,758,348 and nominal assets of $8,411,427.
—The litigation over the fees allowed in the receivership
of the Brooklyn Bank of Brooklyn Borough during its suspension, from October 1907 to June 1908, has been finally
settled under a decision of the Appellate Division of the Supreme Court. The allowances to the receivers and their
counsel were brought into question by Charles M. Higgins,
one of the receivers, who sought a review of the same. Mr.
Higgins had been allowed $19,000, of which, he stated, he
had returned what he considered the excess of his share,
namely, $4,000. The co-receiver, Bruyn Hasbrouck, had
been allowed $23,000 and an allowance of $22,000 was made
to James C. Church andJ. Edward Swanstrotn,the receiver's
counsel, who, Mr. Higgins alleged, had signed an agreement
to perform all the necessary duties for twelve months for
$14,000, and proportionately less if the contract or receivership terminated sooner. In a decision given by Justice
James A. Betts of the Supreme Court, in July 1909, the fees
allowed were held to be neither excessive nor in violation of
the law, which prohibits bank receivers from getting In excess of $12,000 a year for their services. Justice Betts at
the time pointed out that the law under which the allowances were made provided for 2% on all sums received
and disbursed, if such allowances do not exceed $12,000 in
any one year, and such additional allowance, not exceeding
5%, upon final accounting as the Court may consider the
services warrant. His decision is now reversed by the
Appellate Division, and the "Brooklyn Eagle" states
that under the present ruling the lawyers' fees will be fixed on
a basis of $14,000 per annum for the seven months' work,
while Mr. Hasbrouck's fee will be kept down to the legal fee
for receivers.
—Frederick H. Schroeder, formerly a Vice-President of
the Eagle Savings & Loan Company of Brooklyn Borough,
was released from Sing Sing Prison on the 23d inst. after
serving one year, following his conviction On charges of misappropriating the funds of the institution. He had been
sentenced to an indeterminate term of not less than one year
nor more than four and a half years.
—It is reported that the indictments against John G. Jenkins Jr., Frank and Fred Jenkins, which were handed down
following the suspension in October 1907 of the Jenkins Trust
Co. of Brooklyn Borough, were dismissed by Supreme Court
Justice Stapleton on Tuesday upon motion of District Attorney Clarke of Kings County. Indictments said to allege
forgery in the third degree and conspiracy were returned
against all three in November and December 1907. In addition, John G. Jr. and Frank Jenkins were also reported to
have been indicted on charges of perjury. A motion for a'
change of venue was granted in March 1908, at about the
time of the death of John G. Jenkins Sr. The "Brooklyn
Eagle" states that John G. Jr. was later indicted for grand
larceny but the trial resulted in his acquital. After that,
the "Eagle" reports, District Attorney Clark tried to have
Justice Scudder send the other indictments back to Brooklyn, but failed, and, deciding that an attempt to prosecute
would be futile, he moved to have the indictments dismissed'.
—Justice Stapleton of the Supreme Court this week concurred in the motion of District Attorney Clarke to dismiss
the five indictments against William Gow, formerly a
director of the Borough Bank of Brooklyn Borough. Mr.
Gow had been indicted in November 1907, following the
suspension of the bank the previous month. He was tried
on one of the indictments in February 1909, but the jury
was unable to agree on a verdict. In his application to have
the indictments quashed, District Attorney Clarke is reported to have advised Justice Stapleton that the case had
been submitted once to the jury, which had disagreed,
and that it would be impossible to present a case that would
be any stronger from the prosecution's point of view. The
charges against Mr. Gow concerned the alleged use of
$145,000 of the funds in the bank belonging to an estate to
assist in the financing of the International Trust Co.
—The Huguenot Trust Co. of New Rochelle, N. Y., which
began business on Aug. 1, in its initial statement to the
1419
Banking Department under date of Nov. 10 reports deposits
of $171,079 and aggregate resources of $368,938. The company was organized in March with $150,000 capital and $50,000 surplus, the shares being sold at $133 1-3 per share—
par $100. Otto Kelsey, formerly Comptroller of the
State of New York and also formerly State Superintendent of Insurance, is President of the company. The other
officials are William E. Holloway and Charles W. Bryan,
Vice-Presidents; Frank D. Kirven, Vice-President and Secretary, and A. C. Schlesinger, Treasurer.
—The Nov. 10 statement of the Merchants' National Bank
of Providence, R. I., shows that deposits have grown to
$7,572,062 from $6,915,782 on Sept. 1 1910. Aggregate
resources are reported at $10,172,545. Robert W. Taft is
at the head of the institution, with Horatio N. Campbell
Vice-President; Moses J. Barber, Cashier, and Frank A.
Greene, Assistant Cashier.
—John D. Johnson, President of the Ronald & Johnson
Company, has been added to the directorate of the West
End Trust Co. of Philadelphia.
—At a recent meeting of the board of directors of the North
Scranton Bank at Scranton, Pa., the resignation of Thomas
R. Brooks as President, which has been in the hands of the
directors for several weeks, was accepted,and John R.Atherton, the former Vice-President, elected to fill the vacancy.
Valentine Bliss and P. J. Ruane are Vice-Presidents and
D. R. Atherton is Cashier.
—The indebtedness of the City Saving Fund & Trust Co.
ofL ancaster, Pa., to the city of Lancaster was finally discharged on the 3d inst. At the time of the failure of the instie
tution in January 1905 the city was a depositor to the extent of $155,738, and the interest allowed on the account in
the interval brought the total up to $166,418. In the three
dividends paid by Receiver J. H. Rathfon, aggregating
58%, the city received $93,164; from May 2 1906 to June 10
1910 the company's bondsmen paid over to the city $65,165,
and on Nov. 3 1910 there was a final payment of $8,089
to the city by the bondsmen. In the latter settlement the
city transfers any moneys that may be credited to it on the
final distribution of the funds of the institution to the trustee for the bondsmen. The county and State accounts,
we are informed, were settled on the same basis; the county's
claim was $38,250, while that of the State was $65,000.
—The liquidation of the Citizens' National Bank of Johntown, Pa., has practically been completed, the final distribution to the stockholders, it is stated, having just been made.
The bank was placed in liquidation last December, when its
business was merged with that of the First National Bank of
Johnstown. The latter is reported to have paid $410 per
share for the majority stock in the Citizens', or about 600
shares. According to the Pittsburgh "Gazette-Times," the
minority interest, which did not enter into the transaction,
refused to dispose of their holdings, maintaining the stock
to be worth at least $500 per share. Following the recent
sale of the property of the bank, all the assets were divided
pro rata among the stockholders, the final distribution, it is
reported, being made on the basis of $361 52 per share.
—Since Sept. 1 1909 the Mellon National Bank of Pittsburgh has increased its surplus and undivided profits from
$2,832,496 to $3,296,346 on Nov.10 1910,and this too after
the payment of five dividends totaling $300,000. The
bank has a capital of $4,000,000 and its aggregate resources
in the newest statement are $45,441,436.
—At a meeting last month the stockholders of the Scranton
Trust Co. of Scranton, Pa., approved a proposition to increase the capital from $200,000 to $300,000. One-half of
the new issue was allotted to the existing shareholders at
$160 per $100 share, and the directors were authorized to dispose of the other half at their discretion at a price not less
than $160; 25% was made due Nov. 11910 and 25% each
quarter until paid.
—In response to an inquiry made by us with regard to the
dividend payments to the creditors of the failed City Trust
& Banking Co. of Baltimore, we have received from Augustus
C. Binswanger, receiver of the stockholders' liabilities in
the institution, the following information:
November 14, 1910.
Wm. 13. Dana Co., New York, N. Y.:
Gentlemen.—Your favor of Nov. 11th In the matter of dividends declared
and payable to depositors of the City Trust & Banking Co. from moneys
obtained from stockholders under their statutory liability, to hand.
Creditors had obtained 30% of their deposits from Carrington .& Penniman, receivers of the assets in the case of John A. Sheridan Co. vs. The
City Trust & Banking Co.,a proceeding to wind up the banking company.
Creditors whose claims aggregate $200,000 became parties plaintiff to a
general creditors bill filed by John A. Murphy against all the stockholders,
to obtain 70% still due out of the statutory liability of the stockholders..
1420
THE CHRONICLE
[VoL. Lxxxxi.
Oklahoma City. He became Commissioner, succeeding A.
M. Young, during the summer.
—An application to convert the American Exchange State
Bank of Sioux Falls, South Dakota, into the American
National Bank has been approved by the Comptroller of the
—The Savings Bank of Brunswick, at Brunswick, Md., Currency. The capital under the national system will be
was closed on the 14th inst. by the State Banking Depart- $100,000.
ment pending an examination of its affairs. The bank was
—"Kentucky's oldest bank," the National Bank of Kenorganized in 1892, and no statement, it is said, has ever
of Louisville, reports another increase in its business,
tucky
been issued by it. Its closing is said to have resulted from
according to the new statement just issued. Deposits are
1
the
of
June
on
effect
into
went
the new banking law which
given as $5,981,130 on Nov. 10, as compared with $5,437,334
present year, and which, in its more stringent regulation
on Sept. 1 last, while resources have advanced from $9,998,examinaperiodical
their
requires
institutions,
State
of the
765 to $10,718,843 during the same period. This institution
tion. The institution was a savings bank without any was
established in 1834. It has a paid-up capital stock of
corporate stock. John S. Newman and John C. Motter were
$1,645,000 and surplus and profits of $1,365,415. The
15th.
the
on
appointed receivers
official staff is headed by Oscar Fenley as President; J. M.
—In the new statement sent out by the First National Atherton is Vice-President, H. D. Ormsby is Cashier and
Bank of Cleveland, we note the following interesting facts: D. W. Gray and T. J. Wood Assistant Cashiers.
(1) That Cleveland is the sixth city in size and importance
—Under the last official call of Nov. 10, the Hermitage
in the United States; (2) that the First National Bank was
Bank of Nashville, Tenn., reports aggregate reNational
the seventh bank to organize under the national bank system
sources of $1,006,139. This new institution, of which Hon.
in
bank
the
is
twenty-fifth
it
that
(3)
States;
United
in the
Frank Dibrell, Comptroller of Tennessee, is President, has a
size of deposits in the country; (4) that it is the first bank in
capital of $300,000. W. J. Cude and Jo, J. Green are
deposits of the national banks in Ohio. According to the
Vice-Presidents, E. S. Brugh, Cashier, and A. B. Cummings,
of
date
under
Comptroller
the
by
for
called
new statement
Cashier.
Assistant
aggregate
and
of
the 10th, the bank has deposits $27,048,660
—The Continental Savings Bank-of Memphis, Tenn., was
resources of $33,435,139. The capital is $2,500,000 and surplaced in the hands of Hunsdon Cary, as receiver, on the
plus and profits $1,345,697.
11th inst., following the suicide of its President, D. F. M.
1,
Jan.
payable
1%
quarterly,
of
dividend
—An initial
The application for the appointment of a receiver
Schas.
has been declared by the directors of the Pearl Street was in accordance with a resolution of the directors, who in
Market Bank of Cincinnati. The bank began business their petition, it is reported, stated that the bank was inin September 1907 with $100,000 capital. The authorized solvent, and that the sudden death of its President had
capital was increased to $200,000 the present-year and the brought about a state of confusion in its affairs impossible to
paid-in amount is $150,000.
straighten out before the opening of business on the 12th,
—The Second National Bank of Toledo recently effected the when it was feared a run might be made on the institution.
purchase of a piece of property known as the Hartford Block The bank had increased its paid-in capital since the summer
at Summit Street and Madison Avenue. According to the To- from $25,000 to $50,000. A statement of its condition on
ledo "Blade," the property, which is taken over for $275,000 the 10th inst. gives the deposits (individual and time)
cash, brought the highest price per front foot ever paid as $446,284. Mr. Schas, the late President, was fiftyin the city. The block has a frontage of 60 feet on Summit five years of age. The Memphis "Appeal" states that
Street and a depth of 120 feet. The bank intends to erect his action in taking his own life is thought to have grown out
a new building on the site, in which it will have more ade- of financial worries and ill-health. These worries are underquate facilities than at present, but its plans with regard to stood to have concerned his indebtedness to the bank, said
the same are not yet fully determined upon. The lease on its to have amounted to $70,000, and a depreciation which is
present quarters still has five years to run. The Second Na- reported to have occurred in the collateral securing the
tional has a capital of $1,000,000 and a surplus fund of $1,- loan.
000,000, and in addition reported undivided profits of $263,—As a souvenir of a quarter of a century of "continuous
442 in its November 10 statement. Its deposits under that growth," the National Bank of Savannah, at Savannah,
date were $5,733,174, while its resources aggregated $9,695,- Ga., is distributing an elaborate brochure to its friends.
409.
Besides reproductions of both the exterior and interior of its
—At the annual meeting of the Minneapolis Trust Co. of handsome bank building, the book contains photographs
Minneapolis, Minn., on the 9th inst., J. S. Bell was elected of the present officials and an excellent portrait of the late
First Vice-President of the institution to succeed W. H. Dun- Hon. Herman Myers, the founder of the bank, and who
was its President for twenty-four years up to the time of his
woody.
—An opportunity to view the new building of the City Na- death last year. Sigo Myers, the present head of the institional Bank of Omaha and the bank's own quarters in the tion, is a brother of the late President, and had been for a
building was afforded to the public on the 12th inst. The number of years Vice-President of the bank. Wm. W.
entire structure, which is sixteen stories high, was open for Williamson is Vice-President, F. D. Bloodworth, Cashier,
general inspection from 3 to 10 p. m., and the invitation was and R. R. Withington, Assikant Cashier. The bank has a
availed of by large numbers of people. The main banking capital of $250,000 and surplus of $460,000.
room, which is on the street level, is 132 feet by 44 feet. The
—Hugh T. Inman, Vice-President of the Atlanta National
interior is of mahogany and marble and every facility and Bank,and well known in the South as a cotton factor, died in
accommodation requisite to the modern bank is provided New York on the 14th inst. at a private sanitarium, where
in the new offices. The building is owned by the City Na- he had been under treatment for neurasthenia for several
tional Bank Building Co., and John F. Flack, President of months. Mr. Inman was born in Dandridge, Tenn., sixtythe bank, is Treasurer of the company. The City National three years ago. After the Civil War he 'located in New
Bank was organized as a department of the Omaha Loan & York, where he became associated in business with his
Trust Co. in 1884, and incorporated in 1888 as the Omaha uncle. He later moved to Savannah, engaging in the cotton
Loan & Trust Co. Savings Bank. It became the City Sav- business, and still later established himself in Atlanta, taking
ings Bank in 1901, and last year was converted into the City a prominent part in the development of many of its indusNational Bank. The stock of the savings bank was purchased trial interests. He was identified with the Atlantic Compress
in November 1901 by a syndicate organized by John F. Flack, & Warehouse Co., the Atlanta Home Insurance Co., the
the present executive.
Exposition Cotton Mills, the Kennesaw Guano Co., and was
—The Hamilton National Bank, the latest addition to the a director of the Trust Co. of Georgia and the Southern Loan
banking institutions of Denver, began business on the 16th dr Banking Co.
inst. The application 'to organize the bank was approved by
—Action towards the liquidation of the Citizens' Bank of
the Comptroller of the Currency last month. It has been Louisiana, at New Orleans, and the establishment of its
formed with $250,000 capital and is under the management of proposed successor, the Citizens' Bank & Trust Co. of LouT. A. Cosgriff, President; A. R. Couzens, Vice-President; isiana, was taken at a meeting of the stockholders of the
and E. J. Weckbach, Assistant Cashier.
bank on the 15th inst. A reference to the impending step
—E.B. Cockrell has tendered hiFil resignation as Bank Com- was had in our issue of Oct. 29. After seventy-five years
missioner of the State of Oklahoma. It is stated that Mr. of existence the bank is to be placed in liquidation with the
Cockrell has acquired stock in the Central Reserve Bank of expiration of its charter on Jan. 30 next. The liquidation
The last paid dividend. Oct. 28 1910, was 1%; previous thereto in three
dividends 18.05% was paid to creditors.
The institution suspended June 7 1903, and these proceedings were instituted June 17 1903. It Is possible that another small dividend may be paid.
Yours very truly,
AUGUSTUS C. BINSWANGER.
Nov. 26 1910.]
THE CHRONICLE
1421
proceedings will be conducted byreorge W. Nott, A. A.
IMPORTS AND EXPORTS FOR OCTOBER.
The Bureau of Statistics at Washington has issued the
Lelong and S. A. Trufant. Messrs. Nott and Trufant are
also members of the committee on organization of the suc- statement of the country's foreign trade for October, and
ceeding institution, together with Peter Torre, Simon from it and previous statements we have prepared the following interesting summaries:
Pfeifer and Charles J. Theard. The new company is to have
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
a capital of $400,000 and a surplus of $100,000, represented
(In the following tables three ciphers (000) are in all cases omitted.)
per
$25
and
each
by 4,000 shares of the par value of $100
1910---1909
Exports. Imports. Excess.
Exports. Imports. Excess.
share paid in as surplus. The stock will be allotted, share
Merchandise.
$
$
i
$
for share, to the shareholders of the Citizens' Bank, which January-March ___ 412,678 426,783 -14,110 422,056 355,105 +66,951
April-June
+3,024
392,082 372.638 +19,446
365.917 362,893
has a capital of $380,200, and the remaining 198 shares will July
114,627 117,316
-2,689
109,337 112,488 -3,151
August
-7,342
134,666 138,358 -3,692
109,752 117,094
be disposed of,atthe discretion of the organization committee, September
153,963 121,015 +32,948
117,280 +51,614
168,874
260,697 127,673 +73,024
208,058 123,869 +84,189
to persons other than those at present stockholders of the October
Total
bank. The new organization is to begin business on
1,430,985 1,296,227 +134,758 1,361,722 1,196,268 +165,454
Gold and Gold In Ore.
Jan. 31.
January-March
12,158 +25,821
37,979
+1,348
9,568
10,916
April-June
38,601
9,820 +28,781
28,858
7,977 +17,879
-R. A. Greer has resigned as President of the Gulf Na- July
3,270 +13,392
16,662
-9,454
10,283
829
August
+3,881
5,349
9,230
3,150
-9,669
12,819
tional Bank of Beaumont, Tex., to become an active Vice- September
+3,195
2,381
7,546
3,192 -1,370
1,822
+2,345
7,034
9,379
President of the Texas Bank & Trust Co. of that city. It is October
4,247 -3,497
750
stated that the latter institution has made application to the
Total
38,139 +68,513
56,068
106,652
49,929
+6,139
Silver and Silver In Ore.
State Department for permission to amend its charter so as
4-4,021
10,453
13,640
14,474
11,398
+2,242
to enable it to increase its capital from $110,000 to $250,000. January-March
April-June
+2,467
12,419
13,415
+2,912
14,886
10,503
5,124
+1,133
5,049
3,795
3,916
+1,329
J. Blewett Smyth has succeeded Underwood Nazro, resigned, July
August
4,756
+1,309
3,191
4,495
4,120
+636
September
as President of the company.
+1,124
4,830
3.261
3,441
+1. 89
4,385
4,269
3,395
4,049
4,054
+874
+5
W.B. Dunlap has replaced R. A. Greer in the presidency October
Total
46,034
39,652
37,289 +10,059
47,343
+9,382
of the Gulf National Bank. Mr. Dunlap had been First
-Excess ot imports.
+ Excess of exports.
Vice-President of the bank.
We subjoin the totals for merchandise, gold and silver for
-The legality of the election of the new management of ten months since January 1 for six years:
the All Night & Day Bank of Los Angeles, Cal., on Oct. 14
Gold.
Merchandise.
was upheld by Judge Hervey of the State Supreme Court on
Ten
Excess
Excess
Excess
the 2d inst. The regularity of the meeting was brought into Months. ExExof
of
ImImExof
mmquestion by the former management, which was replaced in
ports. ,Exports ports. parts. Exports parts. ports. Exports
ports.
control
October. Particulars concerning the change in
were
$
$
6,139 46,034 39,652 9,382
1910___ 1,430,985 1,296,227 134,758 56.068 49,92
given in detail in our issue of Nov. 5. The Los Angeles 1909_
1,361,722 1,196,268165,454 106,652 38,139 68,513 47,343 37,289 10,054 .
43,159 34,539 8,620
"Times" states that an assessment has been made on the 1908___ 1,402,752 900,538,502,214 70,890 42,214 28,676
1907_ 1,511,842 1,219,985291,857 53,596 35,37 18,221 53,025 38,088 14,937
stockholders to strengthen the institution.
1906_ 1,425,187 1,066,395358,792 42,865 139,027 96,162 48,990 36,877 12,113
I905___ 1,256,924 979,7171277,207 42,989 41,062 1,927 43,955 26,940 17,015
-The details of the proceedings of the fifteenth annual cona Excess of imports.
vention of the Washington Bankers' Association-the most
totals for the four months since July1 for six years
Similar
form.
circulation
volume
in
in
history-are
its
successful in
make the following exhibit:
A copy of the report has come to us from Secretary P. C.
Gold.
Silver.
Merchandise.
Kauffman (Second Vice-President of the Fidelity Trust Co.
Four
of Tacoma), and it furnishes a complete review of the matters Months.
Excess
Excess
Excess
of
IreExof
ImIntExExol
covered at the meeting. The convention took place on
ports. Exports ports. ports. Exports ports. ports. Exports
ports.
July 21, 22 and 23 at Aberdeen-Hoquiam. A number
$
$
$
s
S
s
$
s
$
of important resolutions were adopted at the meeting, and 1910_ 626,225 496,802 129,423 6,551 30,541 ,990 18,979 14,751 4,228
I909___ 573,748 478,270 95,478 42,817 18,004 24,813 17,983 14,417 3,566
we took occasion to refer to several in our issue of Aug. 20. 1908_ 524,954 378,087 146,867 17,372 15,806 1,566 17,645 13,397 4,248
1907_ _ 571,392 468,706 102,686 17,295 13,906 3,389 23,806 15,693 8,113
Still another which we find in the report and not noted at the 1906_
567,345 429,036 138,309 11,254 76,489a6S,235 15.553 13,200 2,353
time, is a resolution approving San Francisco as the place for 1905_ 515,955 389.776126,179 3,157 24,45+21,295 18,873 11,766 7,107
holding the International ,Exposition of 1915. The present
a Excess of imports.
officers of the Association are: President, E. W. Purdy,
In these tables of totals, gold and silver in ore for all years
President of the First National Bank of Bellingham; Vice- are given under the heads respectively of gold and silver.
The following shows the merchandise balance for each year
President, George Donald, President of the Yakima National
411
Bank at North Yakima; Secretary, P. C. Kauffman; and back to 1875:
EXCESS OF MERCHANDISE IMPORTS OR EXPORTS.
Treasurer, C. C. Richardson, Cashier of the National Bank of
10 months ending Oct. 314 months ending Oct. 31Imports $13,973,143 1875
Imports $35,768,355
1875
Cheney.
Exports 93,649,941
Exports 43,586,158 1876
1876
Fxports 71,991,489
1877
Exports
34,095,076
1877
-The payment of a final dividend of 4% to the creditors 1878
Exports 237,665,651
Exports 81,811,116 1878
Exports 201,443,193
Exports 86,406,582 1879
of the Aetna Banking & Trust Co., which had offices in 1879
Exports 105,462,491
1880
Exports 74.298,997 1880
Butte, Mont., and Washington, D. C., was reported on the 1881
Exports 130,201,922
Exports 32,201,956 1881
Imports
44,113,076
1882
4,676,046
1882
Imports
1st inst. The institution closed its doors in 1906. The 1883
Exports 63,214,886
Exports 17,131,847 1883
Exports 37,338,152
Exports 26,582,317 1884
1884
total amount paid to creditors, including the present dis 1885
Exports 61,468,823
Exports 6,155,030 1885
Imports 2,235,930
Exports 3,214,668 1886
bursement, is said to be 32%.
1886
Imports 30,290,870
Imports 3,200,743 1887
1887
Exports 81,322,837
Exports 19,747,537 1888
-Under date of Nov. 16 we are advised by Receiver 1888
Exports 15,137,586
Exports 15,517,670 1889
1889
R. S. Howard Jr., receiver of the Title Guarantee & Trust 1890
Imports 28,315,168
Imports 9,593,805 1890
Exports 46,487.800
Exports .59,749,371 1891
Co. of Portland, Ore., that of the institution's original lia- 1891
Exhorts 45,065,459
Imports 2,358,953 1892
1892
Exports 22,190,325
Exports 82,636,681 1893
bility to depositors of approximately $2,000,000, there yet 1893
Exports 96,661,369
Exports 28,175,297 1894
1894
Imports 31,105,045
Imports 26,370,010 1895
remains unpaid only about $240,000. Mr. Howard states 1895
Exports 207,022,868
Exports 132,066,428 1896
1896
that all the savings accounts, and items not exceeding $500 1897
Exports 219,248,144
Exports 182,286,245 1897
Exports 460,169,226
Exports 164,888,467 1898
1898
in amount, as originally filed, have been paid in full, and in 1899
Exports 370,309,391
Exports 165,735,637 1899
Exports 500,255.451
Exports 227,640,360 1900
addition 60% has been paid in dividends on the outstanding 1900
Exports 464,054,350
Exports 175,642,832 1901
1901
accounts. The institution closed its doors in November 1902
Exports 297,919,199
Exports 116,065,178 1902
Exports 124,038,596 1903
Exports 308,945.596
1903
1907.
Exports 138,436,021 1904
Exports 303,824.565
1904
Exports 126,179,328 1905
Exports 277,206,917
-The dividend rate of the Royal Bank of Canada (head 1905
Exports 138,308,905 1906
Exports 358,792,305
1906
Exports 291,857,072
Exports 102,685,883 1907
office Montreal), which was increased with the April pay- 1907
Exports 502,213,609
Exports 146,867,251 1908
1908
Exports 165,454,546
Exports 95,478,668 1909
ment from 10% to 11% per annum, has now been raised to 1909
Exports 129,422,519 1910
Exports 134,757.7(1
1910
present
been
having
quarter,
declared for the
12%, 3%
payable Jan. 1 next, on its paid-in capital of $5,000,000.
FALL RIVER MILL DIVIDENDS IN 1910.
The bank is also said to have declared a 2% dividend for
Thirty-four cotton-manufacturing corporations located in
November and December on the $1,200,000 capital of the Fall River which furnish reports of operations have declared
Union Bank of Halifax, which was recently taken over by dividends during the fourth quarter of the year. The total
amount paid out is moderately less than for the corresponding
the Royal Bank.
period of 1909 and somewhat in excess of 1908, but appreof
rate
(head
the
Bank
office
Molson's
dividend
-The
ciably smaller than in 1907. The aggregate of the amount
Montreal) will be increased with the January payment from distributed has been $441,575, or an average of 1.63% on
10% to 11% per annum. The dividend is payable guar- the capital. One mill passed its dividend, two declared at a
smaller rate than in 1909 and the remainder maintained last
tlrly.
. The bank has a paid-in capital of $4,000,000.
year's percentage. In 1909 the amount paid by thirty-five
mills was $485,625, or an average of 1.82%. The distribution of dividends for the fourth quarter of earlier years was
1.48% in 1908, 3.71% in 1907, 1.77% in 1906, 1.09% in
1905, 0.50% in 1904, 1.39% in 1903, 1.49% in 1902 and
1.24% in 1901. The details for the fourth quarter were
as follows:
Fourth Quarter.
1910 and 1909.
Dividends 1910.
Capital.
%
American Linen Co
Ancona Mills
Atkvitight Mills
Barnard Mfg. Co
Barnaby Mfg. Co
Border City Mfg. Co
Bourne Mills
Chace Mills
Conanicut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills.
Granite Mills
Hargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg. Co
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Richard Borden Mfg. Co_
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills.
Stafford Mills
Stevens Mfg. Co
'Tecumseh Mills
Troy Cot. & W. Mfg. Co_
Union Cotton Mfg. Co
Wampanoag Mills
Weetamoe Mills
Amount.
vidends 1909. Inc.(+)
or
Amount. Dec (-).
12,000 154
144
800,000
1,500 5144
300,000 5144
154
450,000 No dlv idend.
7,425 144
144
495,000
3,500 1
1
350,000
15,000 144
1,000,000
134
15,000 144
144
1,000,000
24,000 2
2
1,230,000
4,500 144
300,000
144
8,000 112
2
400.000
18,750 144
1M
1,250,000
7,500 144
500,000
154
17,400 134
1,160,000
154
20,000 2
2
1,000,000
20,000 234
244
300,000
22,500 144
1,500,000
136
12,000 2
2
600,000
5,?50 154
144
350,000
11,250 144
144
750,000
18,000 146
1,200,000
154
2
8,000 2
400,000
144
11,250 144
750,000
244
20,000 244
800,000
18,000 144
1,200,000
136
1,000,000 .2
20,000 2
2
24,000 2
1,200,000
1
600,000
6,000 2
550,000
8,250 144
134
144
1,000,000
15,000 144
144
700,000
10,500 156
750,000
11,250 154
134
3
300,000
9,000
144
1,200,000
1
18,000 1 4
750,000
136
11,260 134
144
500,000
7,500 144
3
12,000
1,500
6,750 -6,750
7,425
3,500
15,000
15,000
24,000
4,500
48,000 -40,000
18,750
7,500
8,700 +8,700
20,000
20,000
22,500
12,000
5,250
11,250
18,000
8,000
11,250
20,000
18,000
20,000
24.000
12.000 -6,000
8,250
15,000
10,500
11,250
9,000
18,000
11,250
7,500
441,575 1.82
485,625 -44,050
27,105,000
Total
1.63
0 On $100,000 preferred stock. f2% regular and 10% extra. d On capital of
$580.000.
Combining the foregoing results with those for the first
nine months, we have the following exhibit for the year. It
will be observed that on a capitalization of $27,105,000 the
mills have paid out in dividends $1,829,950 in the present
year, or an average of 6.85%, against $1,976,000, or 7.40%,
in the like period of 1909.
Years
1910 and 1909.
Capital.
American Linen Co
Ancona Mills
ArkwrIght Mills
Barnard Mfg. Co
Barnaby Mfg. Co
Border City Mfg. Co
Bourne Mills
Chace Mills
Conanicut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills
Granite Mills
Hargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg. Co
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Richard Borden Mfg. Co_
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford Mills_
Stevens Mfg. Co
Tecumseh Mills
Troy Cot. & Wool Mfg.Co.
Union Cotton Mfg. Co__
Wampanoag Mills
Weetarnoe Mills
Total
s
800,000
300,000
450,000
495,000
350.000
1.000,000
1,000,000
1,200,000
300,000
400,000
1,250,000
500,000
1,160,000
1,000,000
800.000
1,500,000
600,000
350,000
750,000
1,200,000
400,000
750,000
800,000
1,200,000
1,000,000
1,200.000
600.000
530,000
1,000,000
700,000
750.000
300,000
1,200,000
750,000
500,000
27,103,000
Dividends 1910. 1 Dividends 1909. Inc.(+)
or
Amount. Dec.(-)
%
Amount. %
$
6
56
236
6
4
6
6
8
6
18
6
6
6
8
10
6
8
7
6
6
8
6
10
6
10
8
654
6
6
6
6
12
6
6
6
48.000
6,000
11,250
29,700
14,000
60,000
60,000
96,000
18,000
72,000
75,000
30,000
43,500
80,000
80,000
90,000
48,000
24,500
45,000
72,000
32,000
45,000
80,000
72,000
100,000
96,000
39,000
33,000
60,000
42,000
45,000
36,000
72,000
45,000
30,000
$
6
56
6
6
234
6
5
8
6
18
6
6
6
8
7
6
8
6
6
6
8
0
7
6
8
8
644
6
6
6
6
13
2934
5
6
48,000
6.0)0
27,009 -15,750
29,700
8,750 +5,250
60,000
50.000 +10,000
96.000
18,0)0
72,000
41,250 +33,750
30.030
34,8)0 +8,700
83,000
56,000 +24,000
90,0)0
48.000
21,009 +3,500
45.00)
72.000
32,000
45,00)
56,001) +24,000
72,000
8).000 +20,000
78,000 +18,000
39,000
33,000
60.000
42,00
45,000
39,000 -3,000
334.000 -282,001
37,500 +7,500
33,030
6.85 1,829,950 7.40 1,976,000 -146,050
b On $100,000 preferred stock.
The foregoing indicates that, of the thirty-five mills, ten
have paid out more than a year ago. To furnish a more
comprehensive comparison, we append the dividend record
back to 1886.
Years1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1890
1889
1888
1887
1886
[VoL. Lxx
THE CHRONICLE
1422
i
-Companies
Capital.
Number.
$27,105,000
35
26,725,000
35
25,125,000
34
24,275,000
33
21,825,000
32
20,625,000
32
21,505,000
32
21,505,000
32
21,411,000
35
21,061,000
35
35
20,958,500
34
20,058,500
34
19,408,000
37
22,793,000
37
22,628,000
21,828,000
36
35
21,478,000
21,278,000
35
34
19,858,000
18,558,000
33
33
18,658,000
33
18,558,000
33
17,608,000
33
17,204.700
33
16,116,200
Dividends
Amount.
P.C.
$1,829.950
6.85
1,976,000
7.40
1,733.067
6.90
2,691,625
11.09
1,491,100
6.83
688,550
3.34
764,950
3.56
1,217,275
5.66
1,368,400
6.47
1,164,095
5.53
1,855,450
8.85
1,201,327
5.99
467.700
2.41
772,700
3.39
1,385,675
6.12
1,772,925
8.12
1,128,000
5.25
1,706,310
8.02
1,492,260
7.52
914,850
4.93
1,420,870
7.62
1,850,700
9.97
1,696,040
9.63
1,427,090
8.30
1,047,550
6.50
As showing the relation this year's dividends in the case
of individual mills bear to those for a series of years, we have
prepared the following, which embraces seventeen of the
leading corporations. The intention is to compare this
year's ratio with the average rate per cent for the previous
ten years:
Av. 10
Years
1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900 '00-'09
Amer. Linen Co_ --- 6
5
634 6.45
6
6 11
6
3
544 744 8
7.80
Border City Mfg. Co_ 6
644 8
6
6
5542354 944 334 334 6
6.00
Chace Mills
6
8
8
8
644 6
434 3
6
6
6
7.65
Granite Mills
8
8
8 10
734 8
844 434 6
8
8
Xing Philip Mills
6
6
6
6
6
6
6
6 16
6
6
7.00
Laurel Lake Mills
8
8 13 11 11
434 6
7.80
534 544 754 6
6
4
1
3
Mechanics' Mills- _ -- 6
4
6
4.70
636 7
434 5
2
2
4
4
4
6
4.42
Merchants' Mfg. Co_ 6
6
6
634 4
5
4
6
8
8 1134 8
6
7.00
Narragansett Mills.- 8
554 8
6
6
6
2
3
4
4
344 834
Osborn Mills
536 4
8.60
8 13 20
644 53-4 544 6
6
R. Borden Mfg. Co 10
634 9
454 744 6
9
10.55
8
8 12 30 20
Sagamore Mfg. Co
434 4
1 __
4
4
3
8
4.15
6
Stafford Mills
6
6
554 4
6
6
534 6
6
5
744 7.20
Tecumseh Mills
6
944 1444 6
22.15
Troy C. & W.M. Co_12 13 21 67 20
854 10 16 22 17 27
43'4 6
6
14.35
6 2934 6 3544 184.5 6
65423
Un. Cot, Mfg.
Wampan0ag Mina- 6
5
It will be observed that in ten cases the average rate of
distribution this year is above the average for the previous
ten years.
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished us
this week with the details of the imports and exports of gold
and silver through that port for the month of October, and
they are given below in conjunction with the figures for preceding months, thus completing the results for the ten
months of the year 1910. The imports of gold in October
were moderate, reaching $419,433, mainly gold coin. Of
silver there came in $97,006, largely bullion and ore, During
the ten months there was received a total of $3,254,177 gold
and $1,619,327 silver, which compares with $2,847,675 gold
and $2,333,297 silver in 1909. The shipments of gold during
October were nil and the exports of silver were $464,400,
mainly bullion. For the ten months the exports of gold
reached $1,980,208, against $23,355,032 in 1909; and $5,393,821 silver was sent out, against $6,468,902 in 1909. The
exhibit for October and for the ten months is as follows:
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Gold.
Months.
Coin.
Bullion.
Bullion.
Total.
Coin.
183,913
88,160
171,738
147,884
155,833
210,627
369,798
559,285
861,506
419,433
171,115
104,318
173,280
Total 10 months... 1,245,974 2,008,203 3,254,177
788,851
7'otal.
1910.
January
February
March
April
May
June
July
August
September
October
12,000
4,068
250
81,064
274,004
622,500
252,088
183,913
76,160
167,670
147,881
155,833
296,377
288,734
285,281
239,006
167,345
21,292
4,080
45,450
96,797
45,936
36,583
152,625
13,837
93,147
71,512
33,841
104,675
133.980
103,989
62,447
60,423
323,740
208,155
206,427
71,512
55,133
108,755
179,430
200,786
103,333
97,006
830,476 1,619,327
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Gold.
Months.
1910.
January
_
February
March
_ _April
May
June
July
August
S3ptember_
October
Total 10 mos
Coin.
Bullion.
Silver.
Total.
1,970,205 1,970,208
Coin.
Bullion.
$
1,500
4.500
10,000
10,000
25,000
10,000 1,970,208 1,980,208
489,700
620,000
462,800
800,100
469.400
512.000
334,000
378,000
831.821
464,400
Total.
491,200
620,000
462,800
800,100
469,400
512,600
338,500
378,000
831,821
489,400
31,000 5,362,821 5,393,821
Mentetattigornmerciaignalisttgturs
••
•
••••
•••••••
••
••••AVW•AINOVVVYNNNAM.,/,..
1
•*WVVW'.
,
. [From our own correspondent.)
London, Saturday, November 19 1910.
. Although business on the stock markets all over Europe
remains very quiet, the really surprising feature is the
strength of markets. Here in England we have a general
election pending and a fight hanging over our heads on other
matters the consequences of which no one can foresee. We
have evidence before us that the elevation of trades union
leaders to the Imperial Parliament has weakened, if it has
not shattered, their influence over the men. Again and again
efforts have been made to settle the various labor troubles
that have arisen on the railways in the great coal fields of
the Rhondda Valley and in the shipbuilding interests in
the north of England. The Government has intervened,
and with the assistance of official representatives of the great
unions and representatives of the employers a temporary
peace has been patched up, only to break down once more.
All over the country there is grave unrest among the labor-
THE CHRONICLE
Nov. 26 1910..
1423
ing classes. If this were confined to England it would be
The quotations for bullion are reported as follows:
a misfortune for this country more or less of local interest;
GDLD.
SILVER.
Nov. 17 Nov. 10.
Nov. 17. Nov. 10.
Landon Standard.
London Standard.
d. S.
d.
d.
s,
d.
but a state of things at least as bad exists upon the Continent. Bar
gold, fine, oz
Bar silver, fine, oz
77 9
2534
25 13-16
77 9
U.
S.
gold
coin,
delivery....
"
76
2
mos.
oz........76
4%
_
_25
13-16
26
434
The French Prime Minister had quite recently to resort to German gold coin oz 76 4 76 4 Cake silver, oz
27 11-16 2734
French gold coin. oz_ _76 5% 76 514 Mexican dollars
nom.
nom.
an expedient the ethics of which it would be difficult to justify Japanese
yen
76 4
76 4
principles,
republican
order
in
to prevent Paris being
on
Messrs. Pixley & Abell write as follows under date of
starved out by the strike. In Germany troops had to be
Nov. 10:
called upon to put down a most formidable labor rising in
GOLD.-Arrivals of bar gold amounted to £776,000 this week, and after satisfywhat is known as the Moabit quarter of Berlin. On the ing the usual Indian and trade demands the Bank of England has been able to seAmerican side of the Atlantic we learn by cable that labor cure about £500,000. Egypt has already begun to release sovereigns, and £500,000
Is on the way to India,
further shipments are expected. The total shipped
troubles are also inconveniencing the inhabitants of New from here to Egypt since while
Aug. 27 amounted to £8,900,000, and it is only two weeks
since the last £1,000,000 went there. Indian exchange is slightly firmer, but 70
York.
lacs of Council bills and the gold from Egypt have sufficed for the present. AmeriIn spite of these grave causes of anxiety and the absence of can exchange
is weaker, and, although not low enough to make shipments profitable,
public support, markets maintain a remarkably cheerful it is rumored that a small amount of gold will go this week. Since our last the Bank
has received £675,000 in bar gold, while sovereigns to the value of £51,000 have
attitude. Trade, speaking generally, notwithstanding the been withdrawn for Peru,
£12,000 for Brazil and £10,000 for Egypt. Next week
poorness of last year's crops, is good all over Europe. And we expect £595,000 from South Africa and £67,000 from India. For the week:
ArrivalsSouth
Africa,
£592,500; India, £107,500; Brazil, £13,000; New Zealand,
although money is dear, there is a sufficient supply for all
£57,000; West Africa, £6,000; total, £776,000. Shipments-Bombay, £150,500.
requirements. In spite of the labor troubles referred to, For month of October: Arrivals
-Germany, £3,000; France, £333,000; South
home railways are higher than they were a year ago. And Africa, £2,448,000; India, £181,000; Shipments-Germany, £449,000; France,
£92,000; South Africa, £30,000; India, £913,000; Egypt, £6,055,000.
with the notable exception of Consols, there has been no seriSILVER.-The market remains inactive and prices show a fall on the week of
ous fall in any of the markets. The securities of even brew- 1-16d. at 25 13-16d, cash and 26d.forward. At one time cash sliver fell 10 25 11-16d.,
but this level attracted China and the price recovered quickly to 26d., although on
ery companies, which are perhaps harder hit than any class the cessation of this demand quotations gradually eased off. China exchanges have
more Steadiness, partly on silk business and partly on resales of sterling by
of security dealt in on the London Stock Exchange, have shown
local speculators, and are now close to parity. India has been very quiet. The
up-country demand improved at one time to 80 bars a day, but stocks of £2,250,000.
appreciated rather than the reverse on balance.
with £500,000 more on the way, tend to keep pries down. Stocks in London ,too,
The Bank rate remains at 5%, and money even in the are over £2,000,000, and in consequence of the dearness of money
and the fact that
most of the buying has been forward, cash silver has been at a discount of %d. per
open market may be quoted at about the same figure. It is oz. Dear money and large stocks are the depressing factors at present, the latter
being made more prominent by the fact of their being concentrated largely in the
significant that discounts even of two months' security are hands
of one group. The China loan for £10,000,000. which has as its avowed obthe reform of the currency, has now been definitely concluded. At the close the
quoted at an appreciable concession from this price. And ject
market Is steady, with a good undertone. The price in India is Its. 65% per 100
long-dated paper has been discounted even as low as a full total's. For the week: Arrivals-New York, £170,000; Mexico, £10,000; New
Zealand, £7,000; total, £187,000. Shipments-Bombay, £102,500; Port Said,
point under the official minimum. The Bank return, while £1,500; total, £104,000. For month of October: Arrivals-Germany, £7,000:
France, £4,000; U. S. A., £810.000; Straits Settlements, 8236,000. Shipmentsfar from a strong one, shows a marked improvement on the Germany, £158,000; France,
£106,000; India, £782,000.
week. The reserve has improved by about two millions
Messrs. Pixley & Abell write as follows under date of
sterling and closely approaches 25 millions sterling. This, Nov. 17:
GOLD.-The Bank of England has been able to materially improve its position
however, is about half a million less han at the same date
this week, and the receipts
all amount to £2,079,000. The South African and
twelve months ago. The public deposits are up 33' millions other arrivals this week werein£721,000,
and of these the Bank secured upwards o
the balance being taken by India and the trade. Since our last the Bank
4 millions. £500,000,
on the week and exceed those of last year by 33
has received £1,030,000 in bars, of which £400,000 came from France, £43,000 in
French gold coin,.£1,000,000 in sovereigns from Brazil, the shipment of which was
From this it is hoped that Government disbursements may announced
two weeks ago, and £6,000 from Australia. Further arrivals in bar
from France cannot be expected for the time being, as even at 2 per mule
shortly increase the supplies of the outside market. This gold
premium they are not obtainable. Withdrawals from the Bank are £30,000 for
will be of great convenience with the near approach of the South Africl, £9,000 for South America and £10,000 for Egypt. Egypt has again
sent £300,000 in
to Bombay. The Argentine demand shows signs of
Christtnas retail trade. And no doubt the responsible au- beginning and Illssovereigns
reported that some gold will go this week. Next week we expect
from South Africa. Arrivals-South Africa, £595,000; India, £70,000;
thorities will take this into consideration. Of course it has £549,000
West Indies, £16,000; Australia, £6.000; New Zealand, £34,000; total, £721,000.
£120,750; Calcutta, £45,000; total, £165,750.
to be remembered that such modest ease in our London Shipments-Bombay,
SILVER.-Fluctuations have been small until to-day, when selling orders from
India have depressed the market 3-16d., and the closing quotations are 253/5d. for
money market as we do enjoy is due very largely to assist- spot
and 25 13-16d. for forward, against 25 13-16d. and 26d. at the date of our last
ance from elsewhere, notably from the Bank of France, which Circular. At the close the tone is steady. The chief support has come from China,
where exchanges are again about on the parity of silver. This demand is partly
against exports and partly as cover against speculative operations. The Indian
will have to be repaid sooner or later.
market has again been quiet, the up-country demand showing but little improveThe India Council offered for tender on Wednesday 70 ment, and stocks are slightly
heavier at 19,200 bars. A few small buying orders
have been received from Bombay, but the last two days substantial selling orders
lacs of its bills, and the applications exceeded 4843/ lacs, have
been received, owing to the maturing of options and to the advance of the
of Bombay's rate of discount to 6%. In China the holdings of sycee and bars
at prices ranging from is. 4 1-32d. to is. 4 3-32d. per rupee. Bank
have decreased and now amount to 130 lees of sycee and 5,220 bars, the total vauel
Applicants for bills at is. 4 1-16d. and for telegraphic trans- being £650,000, less than at thts time last year. it is worthy of note that in spite
of the large stocks in Bombay the total stocks in India and China are only £120,000,
fers at is. 4 3-32d. per rupee.were allotted about 14% of the more than at this time last year. The Bombay quotation Is Rs. 65 5-16 per 100
tolahs.
Arrivals-New York, £180,000; Mexico, £10,000; West Indies, £2,000;
amounts applied for.
total, £192,000. Shipments-Bombay, £37,500; Calcutta, £17,500; Port Said,
The following returns show the position of the Bank of £2,400; total, £57,400.
England, the Bank rate of discount, the price of consols,
The following shows the imports of cereal produce into
&c., compared with the last four years:
the United Kingdom during the season to date, compared
1909.
1908.
1910.
1907.
1900.
with previous seasons:
Nov. 17.
Nov. 18.
Nov. 20.
Nov. 16.
Nov. 21.
£
£
£
Circulation
28,522,745 28,431,490 28,403,660 29,020,350
7,789,614
Public deposits_
6,320,867
8,996,781
10,076,210
37,433,191 40,228,009 40,018,336 43,490,989
Other deposits
Governin't securities 14,603,568 16,007,788 14,730,533 14,332,136
25,732,458 22,906,803 26,184,918 34,936,372
Other securities__
Reserve,notesaccoln. 24,891,269 25,363,669 25,848,270 19,915,401
Coln&bull ,both dep. 34,904,014 35,345,159 35,801,936 30,485,751
Prop. reserve to liabilities
p. c.
52%
51%
52%
38%
5
Bank rate
p. C.
s
2%
7
Consols, 25 p c___
78 15-16
82%
82
84%
Silver
25 13-165.
23%d.
23 1-16d.
27%d.
Clear.-house returns 304,541,000 289,398,000 254,790,000 256,901,000
28,223,935
10,578,450
42,344,591
15,458,666
34,031,243
21,364,247
31,138,182
40 5-10
6
86 9-10
32%d.
225,200,000
The rates for money have been as follows:
Nov. 18.
5
Bank of England rate
Open Market rateBank bills--60 days
4%
-3 months__
4%
-4 months
4%
-6 months_ _- 3 11-16(4)3%
Trade bills-3 months..___
5
-4 months
Interest allowed for deposits- 4%@5
By joint-stock banks
3%
By discount houses33
At call
3%
7 to 14 days
Nov. 11,
5
Nov. 4.
5
Oct. 28.
5
4%
4%
4
3%
5
@t5
440)4%
43,
1@4%
404%
3%04
5@5%
5
3%
334
3%
35
33
34
3%
3%
3%
4%
464 7-16
43
4%04 3-16
3i®3%
5
4%@5
4
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest atParis
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Nov. 12.
Nov. 19.
Bank Open Butt Open
Rate. Market.liate. Market.
2%
2%
3
3
5 4 11-16
44
5
5 4 11-16
4%
5
4 11-16
5
4%
5
3%
4
4
4
4q
5
4%
5
4%
5 4 13-16 5
nom.
nom. 5
5
4% 4
4
43
5
5
6
5
Nov. 5.
Bank Open
Rate. Market.
3
2%
45/
5
5
5
4%
5
43
4
4
5
4.4
5
4%
5
nom.
4%
4%
5
5
Oct. 29.
Bank Open
Rate. Market.
3
2%
4%
a
5
44
4%
5
4
4
5
4yi
5
4 13-16
5
nom.
4%
4%
5
5
Ten weeksWheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1910-11.
1909-10.
1908-09.
1907-08.
cwt_20,829,200 21,184,100 17,411,700 19,509,400
5,267,300
6,555.000
7,709,500 6,625,900
2,525,500
4,221,200
2,707,800
1,871,100
559,615
326,030
342,380
473,870
224,990
925,480
391,500
280,420
9,603,600 8,423,700
7,678,300 11,115,100
' 2,204,500
2,599,700
2,306,300
3,063,200
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown
1910-11.
1909-10.
1008-09.
cwt_20,829,200 21,184,100 17,411,700
2,204,500 2,599,700
2,306,300
5,764,286
5,241,271
7,634,993
1907-08.
19,509,400
3,063,200
8,741,422
Total
28,797,986 39,025,071 27,352,999 31,314,022
Average price of wheat, week_ _ _ _ 29s. 11d.
32s. 53.
30s. 11d.
35s. 10d.
Average price, season
30s. 54.
32s. lid.
31s. 25.
335. 55.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
qrs 2,265,000 2,400,000
qrs
170,000
175,000
qrs 1,005,000
1,010,000
1909.
1,455,000
240,000
445,000
1908.
1,865,000
195,000
545,000
The British imports since Jan. 1 have been as follows':
ImportsJanuary
February
March
April
May
June
July
August
September
October
Ten months
1910.
£
55.921.154
51,158.357
58,120,393
59.555.459
55,269.179
54,636,758
49,384,462
52,030,617
51,600,395
58,047,427
1909,
£
53,500,364
50.468,143
52,013,465
49.173.762
44,854,548
51.711,874
50,316,493
48,411,204
49,476,275
52,641,491
+2,420,790
+690,214
+6,106,928
+10,381,697
+10,414,631
+2,924.884
-932.031
+3,619,413
+2,124,120
+5,405,936
Per
Cent.
+4.5
+1.3
+11.7
+22.0
+23.2
+5.6
-1.8
+7.5
+4.3
+10.3
545,335,935 502,404,889
+42,931,046
+8.5
Difference.
e
The exports since Jan. 1 have been as follows:
ExportsJanuary
February
March
April
May
June
July
August
September
October
Ten months
[VoL. i.xxxxx.
THE CHRONICLE
1424
Merchandise Movement to New York.
Difference.
£
+6,000,069
+3,667.418
+2,486,885
+6,333,757
+4,081,565
+5,081,679
+2,900,937
+6,524,183
+4,163,237
+3,760,454
Per
Cent
+20 8
+13.0
+8.9
+21.9
+13.8
+17.1
+8.1
+20.3
+12.7
+11.1
356,268,276 311,268,092 +45,000,184
+14.4
1910.
£
34,803,115
31,691.870
34,391.558
35.292,215
33,607,311
34,799,654
38,388,177
38,638,883
36,964,261
37,691,232
1909.
£
28,803,046
28,024,452
31,904,673
28.958,458
29,525,746
29,717,975
35,487,240
32,114,700
32,801,024
33,930,778
The re-exports of foreign and colonial produce since Jan. 1
show the following contrasts:
Re-exportsJanuary
February
March
April
May
June
July
August
September
October
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
1909.
£
6,687,551
8,473,634
7,540,319
8.631.006
7,251,262
7,965,605
7,374,231
6,990,059
6,464,143
7,601,053
Difference.
.£
+1,459,613
+1,710,926
+903,669
+3,227,648
+1,043,014
+418,038
+847,364
+1,109,254
+343,966
+398.538
Per
Cent
+21.8
+20.0
+12.1
+37.4
+14.3
+5.2
+11.4
+15.8
4-5.3
+5.3
86,940,879 74,978,654 +11,462,225 +15.3
Ten months
Note.-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,
the past week:
as reported by cable, have been as follows'
London
Thurs.
Fri.
Tues.
Wed.
Sal.
Mon.
Week ending Nov. 25.
25 9-16 25 9-16 25 7-16 25 5-16
d 25%
25%
Silver, per oz
78 15-16 78 15-16
78%
Consols, New,2% Per Cents_ 79 3-16 79 5-16 798%
78 15-16
78 15-16 79
79 5-16 79 9-16 793
For account
French Rentes (in Paris)_fr. 97.25 97.37% 97.37% 97.27% 97.42% 97.35
71%
713
71%
72%
718%
72%
Amalgamated Copper Co_
8%
8%
8%
8%
8%
8%
bAnaconda Copper Co
106%
106%
1073's
106%
Atchison Topeka & Santa Fe.107 A
106%
104
104%
104
104
104
104
Preferred
110%
110% 110%
110%
111
110%
Baltimore & Ohio
938%
93%
93%
938%
Preferred
938%
201% 200% 202%
200%
201%
201'%
Canadian Pacific
87%
87
87
87%
86%
86%
Chesapeake & Ohio
24%
24
23%
24%
24
24%
Chicago Great Western
127
127
1273's
128
Chicago Milw. & St. Paul_ _127%
127%
34
34
34
34
34%
39%
Denver & Rio Grande
76%
77
76%
76%
75%
76
Preferred
30%
30%
31%
31%
30%
Erie
30%
5
50
50%
50
49%
51
First Preferred
.49%
39
39
39
38%
Second Preferred
38%
38%
139
138
138
137%
138
138
Illinois Central
151%
150%
150%
150%
150% 150%
Louisville & Nashville
3
35%
36%
35%
35%
358%
Missouri Kansas & Texas_ _ _ _ 36
68
68%
68%
Preferred
68%
688%
8
72
71%
72
73
73
Nat. RR.of Mex., 1st Pref 73
37%
36%
37%
378%
37%
Second Preferred
36
117
116%
117
117%
117
N. Y.Central & Hudson Riv.117%
938%
44%
44%
438%
N. Y. Ontario .3, Western
448%
448%
1018
% 100% 102%
101% 101% 101%
Norfolk & Western
92
92
92
90
92
92
Preferred __
120
120
118%
1198/s
119% 119%
Northern Pacific
67
66%
66%
66%
66%
aPennsylvania
668%
79
78%
78%
79%
78%
798%
aReading Company
45%
45%
45%
45%
45%
---aFirst Preferred
5050
50%
50
50
aSecond Preferred
121%
1.2i- 121%
121
122% 121%
Southern Pacific
27%
27%
28%
27%
28%
28%
Southern Railway
65
65
65%
66
66%
66%
Preferred
182%
182%
182%
183%
183%
183%
Union Pacific
95%
95
95%
95%
95%
95%
Preferred
81%
82
828%
82%
838%
83'%
U. S. Steel Corporation
8
121%
121%
121%
121%
121%
121%
Preferred
18%
18
18
18
18%
18%
Wabash
38%
38
39%
38%
38
39
Preferred
67
67
67
67%
67%
---Extended 48
a Price per share. b .0 sterling.
Touxuvercial and laiscellantratsgt1US
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
1909.
1910.
1909.
1910.
1909.
61,789,335
73,074,545
80,729,503
75,898,549
69,230,504
73,252,301
68.687,013
68,295,105
73,362,959
76,749,472
52,644,329
49,927,253
56,874,809
52,027,284
58,511,642
61,704,701
56.019,567
65,279,115
66,183,119
61,166,950
50,812,004
45,319,475
58,684,184
51,709,272
48,571,972
52,404,342
50.583,478
49,212,360
50,779,347
55,899,327
17,545,140
18,778,746
21,988,922
16,276,428
14,999,383
17,119,870
16,911,067
20,276.113
17,699,966
16,381,800
$
15,795,700
17,775,728
19,064,331
18,802,924
16,846,056
17,318,187
20.728,717
19,732,558
17,906,343
19,793,908
1910.
January _ 78,656,123
February 77,826,788
March_ _ _ 102,955,233
78,224,201
April
May
68,497,815
June _ _ 72,216,609
69.966,872
July
August__ _ 81,340,437
September 67,590,619
70,317,977
October
CU3l0Ms Receipts
at New York.
Exports.
Imports.
Month.
Total _ 767,592,674 721,069,281 580,338,769 513,975,761 177,977,435183,764,452
The imports and exports of gold and silver for the ten
months have been as follows:
Gold Movement at New York.
Exports.
Imports.
Month
1910.
1910.
1909.
1909.
Silver-New York
Imports.
Exports
1910.
1910.
January
February
March
April
May
June
July
August
September
October
$
577,955 3,935,890
714,693 3,113,576 7,843,125
421,946
1,912,799 819,731 2,786,542 8,818,220 365,049 3,208,972
2,425,426 2,728,363 1,644,417 21,173,385 439,488 3,572,439
470,490 742,91136,168,360 6,269,450 503,764 3,442,767
479,415 3,267,495
438,769 11,094,572
493,413 619,503
127,503 5,233,050 577,053 3,971,397
578,263
532,143
470,018
177,490 13,405,800 376,817 4,272,445
4,906.446
9,335,389 600,563 276,000 2,847,470 1,007,193 3,931,438
481,945
134,500 335,620 693,062 424,670
431,581
132,185 1,974,125 482,644 2,684,265
689,290 685,147
Total
21,618,923 8,441,137 44,999,34278,994,817 5,502,44033,011,728
Canadian Bank Clearings.-The clearings for the week ending Nov. 19 at Canadian cities, in comparison with the same
week of 1909, shows an increase in the aggregate of 4.7%.
Week ending November 19.
Clearingi at1910.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
St. John
Hamilton
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Total Canada
1909.
Inc. or
Dec.
1908.
1907.
42,383,307 44,434,985 -4.6 40,017,285 32,843,903
36,000,000 34,960,203 +3.0 31,277,704 25,000,000
29,291,167 27,658,559 +5.9 22,158,528 15,031,008
9,863,904 7,372,207 +33.8 4,357,551 3,893,178
4,266,272 3,979,248 +7.2 3,983,133 3,253,792
2,809,348 2,750,152 +2.1 3,690,442 2,735,906
1,633,389 2,175,238 -24.9 2,248,461 1,925,631
3,596,842 2,639,233 +36.3 2,072,306 1,544,130
1,560,353 1,524,190 +2.4 1,709,113 1,411,406
2,351,039 1,934,549 +21.6 1,640,078 1,714,598
2,462,075 1,811,179 +35.9 1,453,093 1,230,112
1,385,267 1,184,262 +17.7 1,130,239 1,264,793
971,830
974,434
1,765,641 1,148,826 +53.7
1,425,716 1,158.703 +23.0
683,527 Not include d in tot al.
659,900 Not include d in tot al.
916,600 Not include (1 in tot al.
140,794,320 134,431,534
+4.7 116,712,363 92,820,287
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Stocks.
10 Woman's Hotel Co
65%
$200 Note of Wm. W. Livermore)
100 North Carolina Copper Co.,
)$6 lot
$5 each
1 The Alden Type Setting &I
Distrib. Mach. Co., $1,000_1
40 Library Sq. Realty Co., ctf.
of deposit of Lincoln Trust
Co., Atty.,$5 each__ _$1 55 per sh.
2,500 Bay State Gas Co
9-16
6 2-3 Empire State Surety Co.. 93
40 Williamsburgh City Fire In395-396
surance Co
10 Ossining (N. Y.) Nat. 13ank_124%
5 Equitable Life Ass'ce Society 300
100 Broadway Trust Co
144
20 Nat. City Bank of Bklyn_ _.285%
1,550 Block's Incorp., $100 each.1
233 1-3 The Orrilla Holding Co.,
$10 each
$575
415 Scoop Folding Box pref.,'
$100 each
Stocks.
•500 Standard Milk FlourCo.com.1 651
60 Standard Milk FlourCo.pref.1 lot
Bonds.
$3,000 Bar IIarbor Assn. of Arts
1st 5s, 1911; int. ann. Sept_ _30 & int.
$3,000 Restigouche Salmon Club of
Metapedia, Que., 54, 1916..80 & int.
$2,000 Restigouche Salmon Club of
Metapedla, Que., 5s, 1914,
80 & Int.
J. & J
$25,000 Corp. of the Chamber of
Commerce of State of N. Y.
Building Fund Subscription__ _ 25
$12,000 U. S. Mtge. & Tr. Co. 1st
coll. trust 4s, 1922, series M;
100 & int.
F. & A
$70,000 Penwood Coal Co. 1st 5s,
$500
1926
$3,000 Second Ave. RR. cons. 5s,
1958; F. dr A.; Guaranty Trust
55%
Co. &Ls
•
APPLICATION TO CONVERT INTO NATIONAL BANKS APPROVED.
"The American Exchange State Bank," Sioux Falls, S. D., Into "The
American National Bank of Sioux Falls," capital $100,000. Correspondent, A. B. Kittredge, Sioux Falls, S. D.
The Farmers' State Bank of Rogers, Rogers, Ark., into The Farmers'
National Bank of Rogers. Capital, $25,000. Correspondent, Perry N.
Clark, Rogers, Ark.
The Farmers' State Bank of Walnut, Walnut, Kans., into The First
National Bank of Walnut. Capital, $25,000. Correspondent, Geo. Goff,
Walnut, Kan.
CHARTERS ISSUED TO NATIONAL BANKS NOV. 3 TO NOV. 16.
9,884-The Farmers' National Bank of Cherokee, Cherokee, Oklahoma.
Capital $25,000. C. I. Overshett. President; J. D. Butts and
0. S. Young, Vice-Presidents; Chas. M. Delzell, Cashier; J. C.
Beaty, Assistant Cashier.
DIVIDENDS.
9,885-The Virginia National Bank of Norfolk, Norfolk, Virginia. Capital, $500,000. J. W. Hunter, President; Jno. L. Roper, First ViceThe
all the dividends announced for the
shows
following
President; Wm.C. Whittle, Second Vice-President; Hugh G. Whitehead, Cashier; Washington Reed, Assistant Cashier.
corporations:
important
future
by
or
large
Lake
Arid,
Arid,
Pa.
Capital,
9,886-The First National Bank of Lake
$50,000. (P. 0. Ariel). Chas. Shaffer, Pres.; W. R. Shaffer,
announced this week are printed in italics.
Dividends
Vice-Pres.; M. J. Emery, Cashier.
9,887-The Hamilton National Bank of Denver, Denver, Colo. Capital,
Per
When
Books Closed.
$250,000. T. A. Cosgriff, Pres.; A. R. Couzens, Vice-Pres.; E. J.
Cent. Payable.
Days Inclusive.
Weckbach, Cashier.
Name of Company.
9,888-The First National Bank of Heavener, Heavener. Okla. Capital,
$25,000. 0. J. M. Brewer, Pres.' J. M. Young, 1st Vice-Pres.;
S. L. Britton, 2d Vice-Pres.; Roy'A. Cooper, Cashier.
Railroads (Steam).
4% Jan, 3 Dee. 16 to Jan. 2
Albany dr Susquehanna, guaranteed
LIQUIDATION.
Atch. Topeka & S. Fe, com.(qu.)(No.22) 1% Deo. I Holders of rec. Nov. 90
6,121-The American National Bank of Vicksburg, Vicksburg, Mississippi, Atlantic
Coast Line Co., common (guar.). _ 2% Dec. 10 Nov. 30 to Dec. 9
was placed in voluntary liquidation Nov. 2 1910.
3
Jan. 10 Dec. 17 to Jan. 10
Atiantic
Line RR., common
2,660-The Lebanon National,Bank, Lebanon, Ind., was placed in volun- Boston d:Coast
2% Dec. 31 Holders of rec. Nov.30a
Albany (guar.)
tary liquidation Oct. 26 1910.
Boston
Jan.
2 Nov. 28 to Dec. 3
&
$4
Lowell
5,305-The First National Bank of Crystal Lake, Crystal Lake, Iowa, was Boston Revere Beach & Lynn
3
Jan.
2 Holders of rec. Dec.15a
placed in voluntary liquidation Sept. 23 1910.
1% Deo. 31 Holders of rec. Nov.30a
Canadian Pacific, corn. (quar.)(No. 58)
Common(extra)
31 Dec. 31 Holders of rec. Nov.30a
1% Dec. 31 Holders of rec. Dec. 9a
Chesapeake & Ohio (quar.)
FOREIGN TRADE OF NEW YORK-MONTHLY Chestnut
1% Dec. 5 Nov. 20 to Dec. 4
Hill (guar.)
of rec. Dec.10a
STATEMENT.-In addition to the other tables given in Ctn. N. 0. & Texas Pacific, common_ _ 2% Dec. 17 Holders of
1% Dec. 1 Holders rec. Nov. 26a
Preferred (ouar.)
this department, made up from weekly returns, we give the Cleveland
& Pittsburgh, reg. guar. (qu.) 1% Dec. 1 Holders of rec. Nov.10a
Dec. 1 Holders of rec. Nov.10a
1
Special guaranteed (quar.)
following figures for the full months, also issued by our New
Dec. 31 Dec. 22 to Jan. 2
2
Colorado & southern, common
House.
York Custom
THE CIIRONICLE
Nov. 26 1910.J
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
01 Railroads (Steam) Concluded.
1 Holders of rec. Nov.19a
Deo.
Cripple Creek Central, pf. (qu.)(No. 20).
2y, - Dee. 20 Holders of rec. Nov.29a
Delaware & Hudson Co. (guar.)
10 Dec. 22 Holders of rec. Dec. 10
Delaware Lackawanna & Western (extra)_
2% Dec. 115 Holders of rec. Dec. 3a
Bait Ma/tartan
Dec. 10 Holders of rec. Nov.30a
Erie dIs Pittsburgh (quar.)
1 Nov. 19 to Dec. 1
50c. Dec.
Great Northern Iron Ore Properties
Dee. 20 Holders of rec. Dec.14a
3
Greene RR. guaranteed
1 Holders of rec. Nov. 15
N. Y. Philadelphia & Norfolk
6
Dec.
1% Dec. 19 Holders of rec. Nov.30a
Norfolk & Western, common (quar.).--Nov. 30 Holders of rec. Nov. 5a
Pennsylvania (quar.)
15
3
Dec. 5 Nov. 20 to Dec. 4
Phila. Germantown & Norrist'n (quar.)_
1 Holders of rec. Nov. 15
Pittsb. Bessemer & L. E., peel. guar_ _ _ _ 3
Dec.
1 Holders of rec. Nov.19a
Pittsb. Youngst. & Ashta.,com.&pf.(qu.) 1% Dec.
3 Holders of war't No. 17
Jan.
Southern Pacific Co.(quar.)(No. 17).-- 3 Holders of rec. Dec. la
2;4 Jan.
Union Pacific, common (quar.)
Jan. 14
bl
White Pass & Yukon
Street and Electric Railways.
American Railways (quar.)
Brooklyn Rapid Transit (quar.)
Chtppewa Valley fly., L. & P., pf.(gu.)_ _
Columbus(O.) Rv., corn.(guar.)(No. 30)
Federal Light & Tract., pref. (quar.)---Grand Rapids Ity., corn. (quar.)
Kansas City Itv. & Light, pref. (quar.)_ _
Metropol. West Side Elev., Chic., pf.(qu.)
New Orleans Railway & Light, pref
Norfolk Hy. & Light
North. Texas Elec. Co., com.(qu.)(No.5)
Pensacola Electric Co., pref. (No. 8)_ _ _ Portland Ry.,L.&Pow.,com.(qu.)(No.6)
Railways Company General
Rocriester Ity. & Light, pref. (quar.)___ _
St.Jos.lty.,H.,L.&Pow.com.(qu )(No.9)
Preferred (quar.) (No. 33)
Washington (D. C.)fly. & Elec. Co., com_
Preferred
West Penn Traction, corn. (No. 1)
Dec. 15 Dec. 1 to Dec. 4
2 Holders of rec. Dec. 10
Jan.
1
December 1.
1 Holders of rec. Nov.15a
Dec.
1 Nov. 16 to Dec. 1
Dee.
Dec. 1 Holders of rec. Nov.15a
1 Nov. 21 to Dec. 1
13 Dec.
1 Holders of ree. Nov.16a
IA Dec.
234 Jan. 16 Jan. 1 to Jan 15
1
23i Dec.
1 Holders of rec. Nov.21a
Dec.
1 Holders of rec. Nov.23a
3
Dec.
1
Dec. 1 Holders of rec. Nov.12a
5
Dec. 2 Holders of rec. Nov. 21
ig Dec. 1 Holders of rec. Nov.23a
Dec. 1 Holders of rec. Nov.15a
Jan,
2 Holders of rec. Dec.15a
1 Nov. 17 to Dee. 1
Dec.
Dec. 1 Nov. 17 to Dec. 1
Dec. 15 Dec. 8 to Dec. 15
1g
Miscellaneous.
Am. Brake Shoe & Fdy., com. & pfd.(qu.) el% Dec.
Dee.
$3
Adams Express (quar.)
Amalgamated Copper (quar.)
;
.5 Nov.
1
Dec.
American Caramel, common (quar.)
2% Dec.
American Cotton Oil, common
Dee.
Preferred
3
American Express (quar.)
Jan.
83
American Gas (guar.)
1U Dec.
American Radiator, common (quar.)._
Dec.
2
Amer. Shipbuilding, common (guar.)
1
Dec.
Common (extra)
1
Dec.
Amer.Smelters Securities, pref. A(No.23) 1% Dec.
lg Dec.
Preferred B (quar.)(No. 22)
1
Dec.
American Stogie, pref. (quar.)
IN, Jan.
Am. Sugar Itefg., com.&pref.((Nara_
American Teleg. & Cable, guar. (guar.). 1% Dec.
American Tobacco, common (quar.).--- 2% Dec.
734 Dec.
Common, extra
1
Nov.
Associated Merchants, corn. (quar.)
M Nov.
Common (extra)
1% Dec.
Borden's Con tensel Milk, pref. (quar.)_ _
25e. Dee.
Butte Coalition Mining (quar.)
% Dec.
Butterick Company (quar.)
87 Dec.
Calumet & Hecla Mining (guar.)
1% Jan.
Central Leather, preferred (guar.)
Dec.
2
Chicago Telephone (quar.)
2% Dec.
Childs Company,common (guar.)
Preferred (quar.)
1% Dec.
Consolidated Gas of N. Y. ((Mar.)
1% Dec.
Crex Carpet
3
Dec.
Cuban-American Sugar, pref. (quar.)_ _ _ _
14 Jan.
1% Jan.
Detroit Edison (quar.)
1;.6 Dee.
Diamond Match (quar.)
Eastman Kodak,corn.(guar.)
25 Jan.
10
Dec.
Common (extra)
25i Jan.
Common (extra)
1% Jan.
Preferred (quar.)
Federal Mining & Smelting, pref. (quar.) 1% Dec.
I% Dec.
General Asphalt, pref. (quar.)(No. 14)
I% Dec.
General Chemical, common (auar.)
1% Jan.
Geaeral Chemical, preferred (quar.)
2
Jan.
General Electric (quar.)
3% Nov.
General Motors, preferred
Dec.
Harbison-Walker Refractories, common _
3
Jan.
Ingersoll-Rand, preferred
Internat. Harvester, pref.(qu.)(No. 15). 13i Dec.
Dec.
1
International Nickel, common (quar.)._
34 Dec.
Common (extra)
Dec.
Internat. Smelt. & Refg.(guar.)(No. 6). 2
Dec.
Internat. Time Recording, com. (quar.). 3
1% Dee.
Preferred (quar.)
Dec.
Kings Co. Elec. L. & Pow.(qu.)(No. 43) 2
15.1 Dec.
Laclede Gas Light, coin. (quar.)
Preferred
23.4 Dec.
Nov.
Lehigh Coal & Nay.(quar.)(No 128)-- 2
Mackay Companies, com. (guar.)(No. 22) 1;j. Jan.
Jan.
1
Preferred (guar.)(No. 28)
Dec.
Massachusetts Gas Cos., preferred
2
Michigan State Telephone. corn. (guar.). 19( Dec.
13.4 Feb.
Preferred (quar.)
National Biscuit, corn. (quar.) (No 49). 134 Jan.
1M Nov.
Preferred (quar.) (No. 51)
Dec.
National Lead, common (quar.)
1% Dec.
Preferred (quar.)(No.76)
Jan.
2
National Surety (quar.)
133 1-3
Stock dividend
1% Dec.
New England Telenh. & Teleg. (quar.)
N. Y. & Queens El. L. & Pow., pf. (an.) lk‘ Dec.
Niles-Bement-Pond, common (guar.).-- 1;si Dec.
ig Jan.
North American Co.((mar.)
Omaha Water, 1st preferred
5
Dec.
Second preferred
Dec.
3
Onderdonk Estate, common
5 , Jan.
Preferred
33.4 Jan.
Philadelphia Electric (guar.)
134 Dec.
Pure Oil, common (guar.)
Dec.
Quaker Oats, corn. (quar.)
2
Jan.
Common (extra)
34 Jan.
Preferred (guar.)
13,6 Nov.
Preferred (guar.)
1% Feb.
Quincy Mining (quar.)'
$1 Dec.
1% Dec.
Railway Steel-Spring, pref.(guar.)
1% Jan.
Republic Iron & Steel, pf. (qu.)(No. 36)_
_
2 Dec.
Safely Car Heating & Lighting (quar.)
3 Dec.
Extra
$10
Dec.
Standard Ohl (quar.)
1,3,4 Jan.
Uaderwonl Tnnewriter, pref. (guar.)
1% Dec.
Union Stock Yards of Omaha(guar.)
1% Dec.
United Cigar Mfrs., pref. (quar.)
United Dry Goods Cos., pref. (quar.).....„ 1% Dec.
U.8. Cast Iron P. & F., pf.(qu.)(No.:37) lq Dec.
U. S. Steel Corp., corn. (quar.)(No. 28). 1M Dec.
15i Nov.
Preferred (quar.) (No. 38)
Jan.
3
Van Dyck Estate, common
1% Jan.
Preferred (guar.)
734 Jan.
Ver Planck Estate, common
Preferred
334
Dec.
3
Waltham Watch, preferred
31 Holders of rec. Dec.16a
1 Nov. 15 to Nov. 30
28 Holders of rec. Oct. 29a
1 Nov. 12 to Nov. 30
1 Nov. 11 to Dee. 1
1 Nov. 11 to Dec. 1
3 Holders of rec. Nov.303
1 Holders of rec. Nov.21a
31 Dec. 23 to Jan. 1
1 Nov. 17 to Dee. 1
1 Nov. 17 to Dec. 1
1 Nov. 23 to Nov. 30
1 Nov. 23 to Nov. 30
1 Holders of rec. Nov.15a
3 IIolders of rec. Dec. la
Holders of reo. Nov.30a
Holders of rec. Nov. 15
1 Holders of rec. Nov. 15
30 Holders of rec. Nov. 23
30 Holders of rec. Nov. 23
15 Dec. 6 to Dec. 15
Nov. 15 to Dec. 1
Holders of rec. Nov.15a
22 Holders of rec. Nov.25a
3 Holders of rec. Dec. 10
31 Dec. 29 to Jan. 2
10 Dec. 4 to Dec. 10
10 Dec. 4 to Dec. 10
15 Holders of rec. Nov.16a
15 Holders of rec. Nov.30a
3 Holders of rec. Dec.15a
16 Holders of rec. Jan. 3a
15 Holders of rec. Nov.22a
2 Holders of rec. Nov. 30a
1 Holders of rec. Oct.31a
2 Holders of rec. Nov. 30a
2 Holders of rec. Nov.30a
15 Holders of rec. Nov.25a
Holders of rec. Nov.16a
Holders of rec. Nov. 19a
3 Holders of rec. Dec.20a
14 Holders of rec. Dec. 3a
30 Nov. 22 to Nov. 29
1 Holders of rec. Nov.19a
riolaers of rec. Dec.loa
1 Holders of rec. Nov.10a
1 Nov. 12 to Dec. 1
Nov. 12 to Dec. 1
Nov. 22 to Dec. 1
Nov. 21 to Nov. 30
Nov. 21 to Nov. 30
1 Holders of rec. Nov.18a
15 Dec. 2 to Dee. 15
15 Dec. 2 to Dec. 15
30 Holders of rec. Oat. 31
3 Holders of ree. Dee.10a
3 Holders of rec. Dec.10a
1 Nov. 13 to Nov. 30
1 Nov. 16 to Dec. 1
1 Jan. 15 to Feb. 1
14 Holders of rec. Dec.28a
30 Holders of rec. Nov.18a
31 Dee. 10 to Dec. 13
15 Nov. 19 to Nov. 22
3 Dec. 24 to Jan. 3
Holders of rec. Nov. 30
31 Holders of rec. Dec. 15
1. Holders of rec. Nov.25a
20 Dec. 1 to Dec. 20
2 Holders of ree. Dec.15a
1 Holders of rec. Nov. 15
1 Holders of ree. Nov. 15
1
------1
15 Holders of rec-Itoy.190
1 Nov. 20 to
Nov. 30
16 Holders of rec. Jan. 33
16 Holders of ree. Jan. 33
30 Holders of rec. Nov. la
28 Holders of rec. Feb. la
19 Nov. 27 to Dec. 4
20 Dec. 8 to Dec. 20
2 Holders of rec. Dec.17a
23 Holders of rec. Dec.10a
23 Holders of rec. Dec.10a
15 Holders of rec. Nov.18a
I tolders of rec. Dec.20a
to
1 Nov 21
1 Holders of rec. Nov.25a
1 Holders of rec. Nov.23a
1 Holders of rec. Nov.21a
30 Dec. 2 to Dec. 14
29 Nov. 1 to
Nov. 14
1
1425
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Nov. 19.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 85, P. 836.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Specie. Legal& I Deposits. ReAverage. Average. Average. Average. eve.
$
$
$
$
$
$
%
Bank of N. Y__
18.707,0 3,234,0
855,0 15,904,0 25.7
2,000,0 3,624,1
Manhattan Co_
2,050,0 4,184,5 30,100,0 6,825,0 1,613,0 33,500,0 25.1
Merchants' ____
2,000,0 1,832,1 19,091,0 3,568,0 1,262,0 19,064,0 25.3
Mech.& Metals.. 6,000,0 8,049,5 49,083,4 10,684,0 1,320,0 46,123,5 28.0
America
1,500,0 5,874,2 22,483,1 3,953,6 1,826,2 21,848,7 26.4
Phenix
7,359,0 26.8
225,0
8,103,0 1,707,0
759,6
1,000,0
City
25,000,0 31,588,3 168,438,5 37,533,5 5,460,0 156,467,5 27.5
Chemical
3,000,0 6,577.7 28,006,2 5,029,1 1,893,8 25,865,0 26.9
Merchants' Ex_
7.176,9 24.9
133,6
7,012,4 1,653,7
600,0
602,6
Gallatin
6,355,8 26.1
518,5
1,000,0 2,517,2
8,264,5 1,143,1
Butch. & Drov_
2,214,8 22.3
83,1
300,0
412,8
162,0
2,775,0
Greenwich
8,117,0 25.0
202,5
500,0
832,9
7,266,8 1,833,3
Amer. Exch
5,000,0 4,252,9 31,869,3 8,109,7 2,387,1 30,571,8 27.9
Commerce
25,000,0 16,601,4 135,722,6 22,696,5 6,637,1 110,364,0 26.7
Mercantile
3,000,0 2,723,8 14,233,9 1,679,4
997,5 10,371,9 25.8
Pacific
500,0
913,0
488,5
3,049,9 31.4
3,435,2
470,0
Chatham
450,0 1,012,4
8,485,2 25.0
8,175,0
961,9 1,164,4
People's
200,0
1,960,1 27.2
470,3
1,995,0
386,7
148,4
Hanover
3,000,0 12,069,9 59,162,9 10,525,3 7,117,7 65,522,7 26.9
Citizens' Cent
2.550,0 1,713,2 21,622,2 5,045,3
229,0 20,705,8 25.6
Nassau
500,0
538,2
8,048,3 25.0
856,6 1,160,2
7,183,9
Market& Fult'n
1,000,0 1,749,1
8,502,0 1,355,1
8,101,6 24.8
661,0
Metropolitan
2,000,0 1.478,9 12,741,7 3,164,6
237,9 13.371,9 25.4
Corn Exchange. 3,000,0 5.254,1 39,495,0 6,925,0 4,601,0 45,633,0 25.2
Imp. & Traders' 1,500,0 7,675,1
24,973,0 4,284,0 1,739,0 22,427,0 26.8
Park
5,000,0 12,550,1 78,577,0 19,706,0 1,517,0 81,279,0 26.1
249,9
148,6
250,0
111,9
1,388,8
1,486,7 26.7
East River
5,000,0 5,635,0 26,852,0 4,249,0 2,118,0 25,135,0 25.3
Fourth
12,662,0 2,984,0
148,0 12,215,0 25.6
1,000,0 2,116,1
Second
10,000,0 20,913,1 93,226,1 23,859,0 1,809,5 83,930,5 30.5
First
2.000,0 1,741,1 22,269,5 4,527,2 1,460.6 23,182,0 25.8
Irving Exch
3,592,0 24.5
59,0
823,0
815,9
3,452.0
250,0
Bowery
612,2
7,604,3 24.6
7.739,0 1,227,8
N. Y. County
500,0 1,726,6
222,3
3,893,8 26.7
821,2
4,001,1
689,5
German-Amer..
750,0
5,000,0 8,108,3 70,208,6 14,742,3 5,239,3 75,295,8 26.5
Chase
100,0 2,109,4 12,543,6 2,325,1 1,264,1 14,052,2 25.5
Fifth Avenue
4,125,8 25.5
501,8
552,0
3,875,6
German Exch._
200,0
895,2
507,5
5,509,3 23.6
793,7
4,903,7
Germania
200,0 1,016,6
760,0 14,954,7 25.0
14,243,8 2,981,1
1,000,0 1,563,1
Lincoln
8.230,8 25.6
8,242,0 1,724,2
383,0
1,000,0 1,208.7
Garfield
3,552,6 26.4
250,0
510,4
3,338,1
554,5
384,9
Fifth
1,000,0 2,078,2 11,390.4 1,428,8 1,423,5 11,276,6 25.2
Metropolis .._ _
4,231,0
866,0
233,0
4,613,0 23.8
200.0 1,019,2
West Side
Seaboard
1,000,0 1,977,2 20,221,0 4,195,0 1.597,0 23,052,0 25.1
1,000,0 2,719,9 16,317,2 3,275,8
860,8 16.204,7 25.5
Llberty
757,1
8,083,8 2,142,9
210,8
9,545,3 24.6
N. Y.Prod, Ex. 1,000,0
782,2 15,223,0 4,377,0
1,000,0
313,0 18,586,0 25.2
State
6,571,8 25.5
5,937,8 1,065,8
612,3
14th Street___. 1,000,0
320,4
5.550,0 25.7
408,9
5,608,0
628,0
799,0
Coal & Iron
1,000,0
8,531,1 1,184,3
886,6
8,267,3 25.0
1,000,0
970,7
Union Exch.-Totals Average 133,350,0 195,801,9 1201,508.6 243,320,8 67,031,3 1170,315,1 26.5
1204,971,6 245,433,6 68,551,4 1177,133,3 26.7
Actual
'figures Nov. 19_
On the basis of averages, circulation amounted to 848,643,600 and United States
deposits (included in deposits) to S1,645,100; actual figures Nov. 19, circulation,
848,730,500; United States deposits, 31,655,900.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City(Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see "Chronicle," V. 86, P. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Nov. 19.
Trust Cos.
State Banks
Trust Cos.
Stale Banks
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Capital as of Aug. 31_ _
25,175,000
8
65,656,000
8,998,000
Surplus as of Aug. 31_
38,315,700
172,728,334
10,891,650
9,817,991
289,628,100 1,017,086,200
-3,689,600 -17,810,300
95.636,800
+531,600
142,641,100
+437,200
Loans and investments_
Change from last week_
Specie
Change from last week _
46,457,400
-258,700
113,181,500
1,200,500
Legal-tenders & bk. notes
Change from last week_
24,169,000
+36,200
12,839,600
218,000
9,075,000
Deposits
Change from last week_
330,850,500 042,520,800
-5,732,700 -16,852.400
102,009,600
+1,410,000
198,095,200
-569,400
Reserve on deposits
Change from last week_
90,646,500
-1,089,800
131,688,800
-1,787,400
21,132,400
+968,300
20,771,400
-910,600
P. C. reserve to deposits _
Percentage last week
28.1%
27.9%
15.6%
15.5%
21.5%
20.7%
14.6%
15.3%
+ Increase over last week. -Decrease from last week.
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" includes, for both trust companies and State banks, not only cash items, but amounts
due from reserve agents. Trust companies in New York State are required by
law to keep a reserve proportionate to their deposits, tile ratio varying according
to location as shown below. The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, represented by certificates, and also exclusive of depostis secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910), and exclusive of deposits secured by bonds
of the state of New York.
-Trust Cos.- -State BanksTotal
Total
Of
Of
Reserve Required for Trust Companies
Reserve
which Reserve
which
Banks.
State
and
Required in Cash.Required. in Cash.
Location1
25%
15%
15/0
15,,
Manhattan Borough
1
10%
10%
20%
Manhata.15%
1 Holders of rec. Nov.15a Brooklyn Borough(without branches in
15%
10 7
0
734%
Other Boroughs(without branches in Manhattan).15%
20%
15%
20%
Brooklyn Borough, with branches In Manhattan_ _15%
15%
15%
15%
a Transfer books not closed. b Less income tax. dCorrectIon. eDeclared 7% on both Other Boroughs with branches in Manhattan... 15%
15%
5%
10%
6%
common and preferred stooks, payable in quarterly Installments. / Payable in stock. Elsewhere in State
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. 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.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear:House Clear.-House
Banks.
Banks.
I
ActualFigures I Average.
Weelc ended Nov. 19.
Capital
[vol. Lxxxxi.
THE CHRONICLE
1426
Nat'l banks
Nov. 10_ _ _
Surplus I State banks
Aug. 31_
I
State Banks & Total of all
I Trust Cos. not Banks& Trust
lin C.-H. Aver. Cos. Average.
133,350,000
$
133,350,000
74,631,000
207,981,000
195,801,900
195,801,900
180,661,300
376,463,200
We omit two ciphers(00)in all thesefigures.
Banks.
Boston.
Oct. 29__
Nov. 5__
Nov. 12_
Nov. 19_
Phila.
Oct. 29_ _
Nov. 5Nov. 12_ _
Nov. 19.-
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits. a Circu-
40,200,0
40,200,0
40,200,0
40,200,0
$
206,874,0
205.663,0
206,023,0
200,954,0
24.485,0
24,581,0
23,701,0
24,021,0
5,256,0
5,194,0
4,478,0
3,904,0
55,465,0
55,465,0
65,466,0
55,465,0
253.155,0
253,646,0
253.989,0
252,431,0
69,550,0
68,857,0
67,494,0
69,943,0
Clearings.
7,988,0
7,972,0
7,965.0
7,981,0
165,654,9
201,362.4
157,615,1
187,550,6
301,249,0 15,957,0
301,304,0 16,045,0
302,816,0 16,055,0
306,020,0 16,078,0
141,157,4
155,102,7
134,155,8
167,889,8
245,891,0
251,589,0
245,346,0
245,558,0
a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,057,000 on November 19, against $3,037,000
on November 12.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Nov.19; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
Loans and investments 1,204,971,600 1,201,608.600 1,108,371,500 2,309,880,100
--652,700 -11,802,100 -18,785,500 -30,587,600
Change from last week
1,177,133.300 1,170,315,100 a1,057,349,600 2,227,664,700
Deposits
Change from last week 4-7,567,600 i -2,716,000 -18,257,000 -20,973,000
Specie
Change from last week
243,320,8001
+8,671,5001
245,433,600
+7.672,300
120,059,700
-1,196,100
363,380,500
+7,476,400
Legal-tenders
Change from last week
68,551,400
+ 1,361,300
67,031,3001
+941,500,
b21,307,700
-494,700
88,339,000
+446,800
Aggr'te money holdings
Change from last week
Money on deposit with
other bks. dr trust cos.
Change from last week
313,985,000
+9,033,600
310,352,1001
+9,613,000
c141,367,400
-1,690,800
451,719,500
+7,922,200
23,127,900
-1,018,200
23,127,900
-1,018,200
Total reserve
Change from last week
Percentage to deposits
requiring reserve__ _ _
Percentage last week
313,985,000
+9,033,600
310,352,100
+9,613,000
164,495,300
-2,709,000
474,847,400
+6,904,000
26.55%
25.07%
17.3%
17.2%
I
26.71%
26.10%
Surplus reserve
The averages of the New York Clearing-House banks
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing-House compare
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all thesefigures.
•
Loans and
Investment,
:.
I4 44 I
Specie.
Deposits.
Sept. 17.- 2,367,842,8 2,328,750,6
Sept. 24._ 2,375,411,8 ,2,329.379,2
Oct. 1_ 2,388,453,3 2,330,077,9
2,387,881,5 2,316,630,7
Oct.
Oct. 15._ 2,382,131,5 2,306,865,9
Oct. 22._ 2,365,975,6 2,287,487,9
Oct. 29_ 2,358,583,6 2.273,641,0
Nov. 5._ 2,361,563,2 2,271,515,7
Nov. 12_ 2,340,467,7 2,248,637,7
Nov. 19...2,309,880.1 2.227,664,7
397,232,0
392,538,2
382,271,2
374,198,8
371,151,9
367,935,1
364,544,7
357.466,7
355,905,1
363,380,5
Total
Since January 1.
Dry Goods
General Merchandise
Total 46 weeks
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
88,597,9
88,911,4
89,226,2
87,948,8
88,364,2
88,481,0
89,325,5
88,230,4
87,892,2
88,339,0
485,829,9
481,449,6
471,497,4
462,147,6
459,516,1
456,416,1
453,870,2
445,697,1
443,797,3
451,719,5
513,289,9
508,147,8
497,810,3
489,103.9
484,935,4
480,663,0
477,425.5
470,422,9
467,943,4
474,847,4
Reports of Clearing Non-Member Banks.-The following
is the statement of condition of the clearing non-member
banks for the week ending November 19, based on average
-daily results:
I
$3,046,436
16,032,730
33,021.166
12,672,405
1907.
1908.
$3,004,362
9,407,418
$3,316,954
9,123,668
$15,693,571 $19,079,166 $12,411,780 $12,440,622
$139,366,325 4149,016,328 $110,495,418 3165,018,966
667,443,113 624,671,366 450,933,766 594,919,694
$108,809,488 8773,687,694 $561,429,184 $759,938,660
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. 19 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1910.
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $1,155,486,700, a decrease of $19,566,800 from last week.
In the case of the Clearing-House banks, the deposits'are "net" both for the average
and the actual figures. b Includes bank notes. c Of this amount State banks held
$15,346,300 and trust companies $126,021.100.
Week
Ended.
1909.
1910.
D:y Goods
General Merchandise
For the week
Previously reported
17,773,325
19,701,675
For week.
1909.
1907.
1908.
817,947,170 512,584,232 813,675,649 315,986,689
593,803,366 538,824,879 554,350,845 554,834,222
Total 46 weeks
$611,750,536 5551,409,111 5568,026,494 3570,810,911
The following table shows the exports and imports of
specie at the port of New York for the week ending Nov. 19
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other cJuntries
Week.
$32,110,000
$13,469,736
$15,351 3,536,000
314
6,300
525,015
684
247,482
28,540 2,031,99()
76,033 1,479,655
4,45:
3,397,417
9,493,761
41,900
Total 1910
Total 1909
Total 1908
SineeJan.l.
845,087,538 $126,921 $21,290,192
2,220,700 82,529,517
78,974 7,825,005
603,250 48,301,300 - 280,041 15,718,468
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1910
Total 1909
Total 1908
SinceJan.1.
$1,192,554 $35,300,604
56,500 2,170,700
595,419
1,263
72,726
47,821
6,508
$1,250,317 $38,103,779
682,190 39,525,081
859,727 38,064,121
$1,9*
100
6,5*
1,610
78,771
$13,344
5,624
13,310
76,964
1,566,154
1,153,942
1,408,428
$88,981 $4,237,766
215,706 4,605,757
106,401 3,652,236
We omit two ciphers(00)in all thesefigures.
k, Banks.
Capitat.
SurPlus.
N. V. City
Boroughs of
Man.& Brx.
Wash. 'Ms 100,0
270,6
250,0
Century __ _
160,2
400,0
Colonial _ _
362,5
300,0
Columbia _
751,7
200,0
Fidelity _ _
175,5
Jefferson __
521,3
500,0
Mt. Morris_
313,8
250,0
371,3
200,0
Mutual _
Plaza
453,8
100,0
23d Ward_ _
200,0
106,5
Yorkvide _ _
451,8
100,0
New Neth_ _
200,0
265,5
Bat.Pk.Nat. 200,0
164,0
Aetna Nat_
300,0
315,7
Borough of
- Brooklyn.
200,0
Broadway _
513,3
252,0
Mfrs.' Nat_
838,4
Mechanics'_ 1,000,0
815,4
Nassau Nat. 750,0 1,018,1
Nat. City_ _
300,0
614,9
North Side_
200,0
139,0
300,0
First Nat_ _
623,9
Jersey City.
400,0 1,264,0
First Nat_ _
FIud.Co.Nat 250,0
763,1
200,0
Third Nat_ _
400,9
Hoboken.
626.0
220,0
First Nat_ _
267,4
Second Nat. 125,0
Loans,
Disets
and
Investments.
Legal
Tender
Specie. and
Bank
Notes.
Deposit with
Clearing
Agent.
Other
Net
Banks, Deposits.
&c.
Of the above imports for the week in 1910, $6,300 were
American gold coin and $100 American silver coin. Of
the exports during the same time, $___ ___ were American
gold coin and ___ were American silver coin.
Aaniting and ginauciaL
1.232,0
1,346,0
5,574,0
6,263,0
1,065,4
3,130,7
2,485,8
3,519,6
4,261,0
1,851,9
3,980,6
2,307,0
1,523,5
2,087,4
3,422,1
5,447,5
11,381,0
6,698,0
3,797,0
2,222.7
3,414,0
46.0
188,4
507,6
592,0
83,2
281,8
29,9
593,3
412,0
46,7
708,4
88,0
67,1
29,9
117,0
62,6
649,8
629.0
98,4
148,5
306,6
391,1
686,0
206,8
193,9
196,0
60,0
83,1
16,0 1,185,0
192,3 1,438,0
262,3 7,205,0
73,0 7,061,0
1,076,1
536,6 3,636,7
108,2 3,166.5
4,045,0
5,231,0
1,966,3
260,6 5,024,1
24,0 2,442,0
1,253,0
28,6 2,070,2
33,7 381,3
530,9 175,4
312,3 1,265,2
566,0 271,0
99,0 626,0
131,9 119,8
80,0
346,0
234,8
694,4
1,238,6
1,025,0
478,0
110,8
281,0
118,0 3,592,3
145,4 5,770,0
240,0 14,321,1
6,673,0
160,0 4,764,0
110,6 2,513,5
38,0 3,000,0
140,0
31,5
884,7
631,0
88,7
223,4
451,0
28,8
339,0
159,9
63,9
266,0
174,7
479,3
Railroad and Industrial Stocks
fly Lei uasend you our circular describing 110 ISSUES of listed Rail
treed aid Industrial Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE. - - NEW YORK.
Albany. N. Y.
Boston, Mass..
Chicago. ill.,
Members New York Stock Exchange
WHITE, WELD & CO.
Members New York Stock Exchange.
5 NASSAU STREET,
THE ROOKERY,
NEW YORK
CHICAGO
6.264,5
3,108,8
2,122,4
289,5
136,8
46,5
317,8
52.8
109,2
1,804,1
348,0
356,0
144,0 6,149,7
115,5 2,652,4
15,2 2,098,2
BANKING and EXCHANGE of every description in connection with
3,132,7
2,792,9
148,9
110,9
29,6
88,2
187,8
67,2
79,3 2,834,2
148,0 2,944,0
International Banking Corporation
Tot. Nov.19 7,497,0 12,568,6 93,431,5 6,703,3 7,170,5 10,654,5 2,815,5 104112,3
Tot. Nov.12 7,497,0 12,469,2 94,666,7 6,616,0 7,546,1 12,788,6 3,244,5 107891,7
Tot. Nov. 5 7.497,0 12,469,2 94,717,0 6,422,4 7,282,6 11,649,6 2,934,1 106212,8
EXPORTS & IMPORTS
60 Wall St., New York.
CAPITAL & SURPLUS. 86.500.000
BRANCHES and AGENCIES throughout the WORLD.
THE INTERNATIONAL BANK
Boston and Philadelphia Banks.-Below is a summary of Organized under the laws of N. Y. State.
60 Wall St.. New York
the weekly totals of the Clearing-House banks of Boston
Accounts invited. Interest paid on Term Deposits.
and Philadelphia.
THOMAS H. HUBBARD, President.
Nov. 26 1910.1
THE CHRONICLE
tukV OZ1Zette,
Wall Street, Friday Night, Nov. 25 1910.
'The Money Market and Financial Situation.—Business
at the Stock Exchange has been limited in volume and almost wholly of a routine or professional character throughout the week. The political disturbance in Mexico has
attracted general attention and matters which have come
out in connection with the Inter-State Commerce Commission's
investigation of the railway rate question have been more or
less discussed in railway and financial circles. The security
markets seem to have been unaffected thereby, however,
and have been unusually stagnant and devoid of interest,
even for a national holiday period.
Saturday's bank statement showed a substantial addition
to the surplus reserve and the movement of funds this week
has been steadily towards this centre. As a consequence
the local money market shows increasing tendency to ease,
although there is not much change in call-loan rates. The
Bank of England reports a somewhat reduced percentage
of reserve, but otherwise the weekly bank statement is a
favorable one and the financial situation abroad remains
about as heretofore reported.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 to 23%%. To-day's rates on call were 2@23-%.
Commercial paper quoted at 5@5%% for 60 to 90-day endorsements 5@5M% for prime 4 to 6 months' single names
/
1@k for good single names.
and 53
The Bank of England weekly statement on Thursday
showed an increase in bullion of £627,010 and the percentage
of reserve to liabilities was 51.48, against 52.36 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 20. The Bank of France shows an increase of 1,925,000
francs gold and 1,850,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1910.
Averages for
week ending
Nov. 19.
Differences
from
previous week.
1909.
Averages for
week ending
Nov. 20.
1008.
Averages for
week ending
Nov. 21.
$
3
8
$
133,350,000
127,350,000 126,350,000
Capital
195,801,900
177,371,800 163,720,100
Surplus
Loans and discounts_ _ _ 1,201,508,600 Dec. 11,802,100 1,204,634,200 1,332,773,100
Circulation
48,463,600 Inc.
453,300
53,022,200
47,901,300
1,170,315,100 Dec. 2,716,000 1,187,694,100 1,419,028,300
Net deposits
1,645,100 Inc.
U. S. dep. (incl. above)
42,600
1,664,700
9,174,000
Specie
243,320,800 Inc. 8,071,500 238,092,700 303,390,500
Legal tenders
67,031,3001Ine.
941,500
68,439,600
79,716,200
i
Reserve held
310,352,10011m 0,613,000 306,532,300 383,106,700
25% of deposits
292,578,775 Dee,
679,000 206,923,525 353,507,075
I
Surplus reserve
17,773,32511ne. 10,292,000,
9,608,775
29,599,625
Surplus, excl. U.S. dep.
18,184,600,Ine. 10,302,650
10,024,950
31,893,125
Note.—The Clearing House now issues a statement weekly showing the actua
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of separate banks, 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.
Foreign Exchange.—Speculative operations were mainly
responsible for a rise in demand sterling to 4 864 this
forenoon; later there was a relapse to 4 8615()4 8620, with
cable transfers back to 4 863%, after having touched 4 8685@
4 8600.
To-day's (Friday's) nominal rates for sterling exchange
% for sixty clays and 4 863/b for sight. To-day's
were 4 823
actual rates for sterling exchange were 4 8230()4 8240 for
sixty days, 4 8615@4 8620 for cheques and 4 8665Q4 8675
for cables. Commercial on banks 4 813%@4 82 and documents for payment 4 813'2(a4 813
%. Cotton for payment
4 81@4 81% and grain for payment 4 813%@4 82.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 223/b less 1-16()5 223-i for long and 5 20 less 1-16@,
5 20 less 1-32 for short. Germany bankers' marks were
94%@94% for long and 95 less 1-32@)95 for short. Amsterdam bankers' guilders were 40 17(:)40 19 for short.
Exchange at Paris on London, 25f. 31c.; week's range,
25f. 31 yo. high and 25f. 29%c. low.
Exchange at Berlin on London 20m. 483'pf.; week's
range, 20in. 493pf. high and 20m. 48pf. low.
The range of foreign exchange for the week follows:
Sterling, Actual.
Sixty Days.
Cheques.
Cables.
High for the week
4 8634
4 8234
4 8685
Low for the week
4 82
Paris Bankers' Franca.
High for the week
6
5 9223:3,1i
Low for the week
Germany Bankers' Marks.
High for the week
Low for the week
943
Anaslerilam Bankers' Guilders.
40
High for the week
39 06
Low f )r the week
4 8534
4 8630
5 20 less 1-32
5 2034
5 1934 less 1-10
5 20 less 3-64
95
9434 less 1-32
05 1-10
91 15-16
40 20
40 16
90 25
40 21
The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
5c. per $1,000 discount. Boston, par. San Francisco, par.
Charleston, buying, par; selling, 1-10c. per $1,000 premium.
St. Louis, 20c. per $1,000 premium. Savannah, buying,
3-16c. per $1,000 discount; selling, par. Montreal, 783@
623/2e. per $1,000 discount.
IIN State and Railroad Bonds.— Sales of State bonds at the
Board include $1,000 Virginia fund. debt, 1991, at 88 and
$1,000 New York Canal 4s at 104%.
PliTransactions in the market for railway bonds steadily
diminished clay by day, beginning with $2,000,000 on Mon
1427
day,but included about the usual number of issues,and prices
have generally been well maintained. As against a few
fractional declines of M a point or less there are about an
equal number of advances for similar amounts. Practically the only exception to the above is General Electric
cony. deb. 5s, which steadily advanced from 147 to 152 on a
demand which brought out a very meagre supply.
Seaboard Air Line adjustment 5s and Distilling Securities
Corporation 5s have been unusually active, the former showing a tendency to weakness under relatively liberal offerings.
United States Bonds.—Sales of Government bonds at
the Board are limited to $1,000 3s coup. at 102. The following are the daily closing quotations; for yearly range
see third page following.
l
Interest
Periods
2s, 1930
registered Q—Jan
2s, 1930
coupon Q—Jan
3s, 1908-18
registered Q—Feb
3s, 1908-18
coupon Q—Feb
4s, 1925
registered Q—Feb
4s, 1925
coupon Q—Feb
2s, 1936_Panama Canal regis Q—Feb
2s, 1938_Panama Canal regis Q—Nov
Nov.
19
Nov.
21
Nov.
22
Nov.
23
Nov.
24
Nov.
25
*1003
% *10034 *100% *10034
*10034
*1003j
'1)'% *10034
*10034 10'%*
*10134 *10134 *10134 *10134
*10134
*101% *101% *101% 102 HOLI- *101%
*115 *115 *115 *11534 DAY. *1153
*11534
*11534 *11534 *11534 *11534
*10034 *10034 .10034 *10034
*10034
'
10034'10034 •1003.4
*10034
*10034
1
*This is the price bid at the morning board; no sale was made.
• Railroad and Miscellaneous Stocks.—The stock market
has been unusually dull this week and prices have generally
fluctuated over a very narrow range. The daily transactions
averaged scarcely 300,000 shares and are therefore smaller
than at any time since the dull period early in September;
and the net changes, mostly fractional, are about evenly
divided as to higher and lower. Of such a market there is,
of course, very little to be said. A large part of the business
recorded has been, as usual, in the more speculative issues
and some of these have covered a range of two points.
The sale of a few shares of Delaware Lackawanna & Western
at 55 points below the last previous selling price elicited some
comment, but as that sale was nearly six weeks ago, and as
there has been in the meantime a difference almost continuously of from 75 to over 100 points in the bid and asked
price for this stock, the incident seems unimportant.
The other exceptional features have been mostly industrials.
Sears, Roebuck & Co. recovered more than half of the 10point decline noted last wealc, American Can preferred advanced 5 points to the highest quotations of the year,
General Electric advanced 5A points and U. S. Steel preferred has been strong. Consolidated Gas, on the other
hand, shows a net loss of 1% points and nearly all the copper
stocks are lower than last week.
For daily volume of business see page 1435.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Nov. 25. for
Week.
Range for Week,
Lowest.
Highest.
! Range since Jan. 1.
Lowest. I Highest.
Amer Brake Shoe & Fdy
200, 8934 Nov 211 8934 Nov 22 8334
Preferred
110 129% Nov 21 12934 Nov 21 119
1,300 ;234 Nov 21 12% Nov 21 $2
Batopilas Mining
Cuban-American Sugar_
100 39 Nov 19 39 Nov 19 38
1001 434 Nov 21 4% Nov 21 434
Des Moines & Ft Dodge_
10, 8434 Nov 22 84% Nov 22 83
E I du Pont Powd., pref.
General Chemical, pref_ _
100,10334 Nov 22 10334 Nov 22 10134
100 8534 Nov 19 85% Nov 19 81
Homestake Mining
Lackawanna Steel
20, 3994 Nov 21 39% Nov 21 34
1001 70 Nov 23 70 Nov 23 70
New York Deck, pref_ _ _
100' 38% Nov 21 38% Nov 21 35
North Ohio Trac & Light
St Jos & Cr Isi, 1st pref _
141 47 Nov 23 47 Nov 23 45
Second preferred
5, 39 Nov 23 39 Nov 23' 38
Sears, Roebuck &Co..Pf
221121 Nov 22 121 Nov 22 120
1
Oct 9134
July 131%
Sept $.334
June 39
Nov 434
Nov 88
June 107
Jan 89
Oct 45
Nov 80
Feb 39
July 55
Feb 90
Oct 121%
Nov
Nov
Jan
July
Nov
Jan
Mch
Feb
May
Mch
Oct
Jan
Feb
Mch
Outade Market.—Little developed in the way of activity
or chqnge in prices in the market for outside securities this
week. The appearance of Lehigh Valley stock on the
"curb" attracted attention, sales being reported at $953t
4 and down to $943o, with the close to(par $50) up ,to $953
4. Application to list the stock on the New
day at $943
York Stock Exchange has been approved. American Tobacco sold down from 425 to 420. Amer. Writing Paper
preferred moved up from 283/2 to 30 and down to 293%.
Houston Oil commtm gained a point to 9, the preferred sell5i and up to 47. Intercontinental
ing down from 46 to 45/
Rubber lost over a point to 283/i and sold up to-day to 293..
Pittsburgh Steel preferred stock was traded in for the first
time and advanced from 1003/2 to 101. Standard Oil gained
4. In bonds, Amer.
2 points to 615 and weakened to 6143
Smelters Securities 6s, "w. i.," rose from 102 to 1033/2 but
sold back to 102. Western Pacific 5s fluctuated between
4. Among the copper issues Chino was the
9334 and 933
feature, and on good trading advanced over a point to 253(,
a new high record. The close to-day was at 243
4. British
Columbia went down from 65
/
s to 6% and ends the week at
73/i
weakened
Giroux
from
6
to 7 7-16. Greene Cananea fell from 8 3-16 to 73 and finished to-day at VA. Inspiration after an early advance from 9% to 10 sank to
9 7-16 and then recovered to 10 3-16. Miami lost about
half a point to 20 and improved subsequently to 203. Ray
Central ranged between 2 9-16 and 2%, the final figure to,( to
day being 21i. Ray Consolidated weakened from 203
20%, advanced to 213/2 and closed to-day at 213. Kerr
Lake improved from 7 3-16 to 73
4, dropped back to 73' and
ends the week at 7 7-16. Nipissing from 103%' rose to 11,
sold back to 1034 and closed at 10 13-16.
Outside quotations will be found on page 1435.
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov. 19
Monday
Nov. 21
Tuesday
Nov. 22
Wednesday
Nov. 23.
Thursday
Nov. 34
35
*25
30
35
*25
35 *25
70
*65
70
70
*65
70 *65
10414 10312 10418 10314 10334 10314 10378
10118 10118
10118 10118 10118 101 101
11812 11812 11812 119 *11712 11912
119
10778 10712 10734 10738 10712 410714 10714
92
91
*90
9112 91
*90
91
7838 7734 7878 7738 7818 7713 7734
196 19614
19634 19478 19578 195 195
7012 *62
7012
7012 *62
7012 *62
285 *275 285 *275 285 *275 285
8413 8434
8434 8418 8514 8418 85
40
*30
40
43
*30
*30
43
6612
66 *___ 66 *_— 66
23
2,334 23
2312 2358 2338 2338 *23
48
*45
48
*46
4712 4712 *4512 48
12378 12414 12314 12378 123 12378 12314 12414
14714 14714 *147 148 *147 149
*147 149
146 14612
147 14714 14738 14738 14634 147
*200 210 *203 210 *AO 210 *200 210
*143 150 *140 150 *140 150 *140 150
*160 170 4160 170 *160 170 *160 175
*234 312 *234 312 *258 312 *212 312
8
*6
8
*6
8
*6
8
*6
69
6718 6718 *67
*6718 69
*5713 69
*9858 105
*9853 105
*9858 105
*9358 110
59
*5912 6012 59
5914 5912
60
60
77 *74
77
77 *75
*75
77
*75
77 *72
77
77 *73
*73
77
*73
170 170 *169 17012 *169 170
170 171
520 520
*500 575 *500 575 *500 575
33
3213 33
33
*32
33
*3212 331
• *73
75
7314 7314
7512 7514 7514 *73
61
*51
60
*51
61
*51
*54
61
*1134 1318 *1134 1318 *1134 13 *1134 13
*2218 24
24
23
*22
*2212 2412 23
3034 3078 3038 3012 2953 3014 2934 30
38
1, 4914 4938 4814 4812 4814 4814 *4613 4833
3778
38
3714 3714 3773 3778 *35
7 38
12358
124
12412
12314
124
12413
12312
- 12414
5912 5912
5912 60
5912 6078 5912 60
1312 1414
15
1412 *14
*14
*1414 15
*25
*65
104
10118
119
10778
*89
78
196
*62
*275
84
*30
*-_
*125
135 *125
135 *125
Sales of
the
Week
Shares.
Range Since January 1.
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Highest
Range for Previous
Year (1909)
Lowest
Highest
Rail:onds
25 Ma
20 1Ich
25 Feb 28 35 Mch 2
Ann Arbor
30
*25
A. Do pret_..
4812 Feb 25 7212 Mch 8
72
*68
Oct
10313 10378 9,990 Atch Topeka & Santa Fe 9034 J'ly 2,, 12418 Jan 3 -Wig -Ail 1253s J'ne
x97 J'ly 1 10414 Jan 10 10014 Jan 10634
Do pret
700
10118 10118
660 Atlantic Coast Line RR__ 10212 J'ly 26 13712 Jan 5 10712 Jan 14312 Aug
*11713 119
10014 Sep 6 11918 Jan 8 1031. Feb 12
12
4134:
4 J:1
840 Witt more & Ohio
10712 10713
go Apr
Nov
8714 Sep 10 94 Jan 7
'
91
250 KP Do pret
91
*88
8278 J'ne
67 Jan
6812 Feb 7 8238 May21
7758 7778 17,650 Brooklyn Rapid Transft_
176,, Feb 8 23238 Nov 1 r165 Mch 18938 Oct
19633 19612 2,850 t lanadlan Pacific
7014 Nov
6014 Jan
6012 J'ly 20 70 Jan 4
% lanada Southern
7012
*62
Central of New Jersey__ 248 J'ly 26 312 Jan 7 215 Feb 32312 Sep
*275 285
9114 Deo
5588 Jan
05 Aug 2 92 Jan 3
8413 85
38,050 Chesapeake & Ohio
5778 Fen
2378 J'ly 16 6634 Jan 3
Chicago & Alton ItR____
*30
40
7812 Mch
70 Nov
6418 J'ne 27 (39 Apr 1
Do pret
*___. 66
3112 Dec
19 J'iy 23 3)373 Jan 3
800 Chic GI Wes8 trust ctfs__
373s Dec
23
23
Deo
Dec
m
ch
1,
6434
6418
Jan
10
J'iy
A
Do pret trust ctfs ___ 40
100
Feb 165t8 Sep
ilw & St Paul__ 11334 J'ne30 i535 Jan 3
12334 12412 12,600 Chicago 511w
Aug
11088112
172)4
Jan
3
1
5
18
8
1
:2
4
2
Sep
143
pref
Do
100
*147 150
Aug
17318 Feb
146 14612 3.509 Chicago & North Western 13714 J'ly 26 18212 Jan 3
203 .111e27 225 Jan 6 203 Mch 1230 Aug
Do pref
*190 295
Apr 167 Aug
Apr
28
16213
Feb
23
148
140
Omaha
Chic
St
P
Minn
&
*140 150
4160 Apr 25 417014 Feb 18 16612 Jan 1180 J'17
Do pret
*160 170
312 Dec
7 Jan
538 Jan 4
212 May24
n Trac ctfs stmpd
tin
*238 312
81381144 DeoJa
478 Sep 28 1214 Jan 4
Do
stmpd____
pref
ctfs
734 Dec
*6
8
Jan
Nov
1
9214 Mch 18
68
81
100 Cleve Chi Chic & St L___
69
*67
99 Sep 14 104 Jan 15 100 Jan 105 Men
Do pref
*9858 105
48 J'ly 26 6534 Feb 25
51 008
6814 Jan
1,200 Colorado & Southern
6812 59
85 May
76i2 Jan
70 J'ly •z7 83 Men 4
Do 1:8 preferred
7612
*74
84 2 Jan
7314 Jan
Do 2d preferred
70 Aug 1 81 Jan 6
7612
*72
May
Feb
200
J'ly
26
185
Jan
3
15734
14914
lugs?n
.34c
lZ
a111:: 1.5
a
700 Ir
*169 170
680 Apr
Vest 490 J'ly 26 (321) Mch 21 535 Febr
190
0
*500 575
54 Apr
2314 J'ly 26 52 Jan 3
3758 Jan
3213 3234 1,000 Denver & Rio Grande—
90 Feb
7912 Jan
DO
6238 J'ly 26 84 Jan 3
74
*73
7134 Aug
273 DetroltPrU
56 Jan
ernIted
45 J'17 11 66 Jan 27
61
*51
21 Jan
1834 Jan 3
1414 NovN
10 J'ly 1
Duluth So Shore & Atlan
*1134 1343
100
Do pret
17 J'iy 26 :3453 Jan 4
28 Feb
3613 Jan
*2218 24
345
Mch
Ply 16
39 J'ne
Jan 5
2238
2978 2978 5.300 lb
5634 Aug
35 J'17 1.7 5234 Nich 8
3612 Men
*4712 49
600 ld°Do 1st pre
4178 Aug
'2813 Mei) 15
Do 2d peer
g
2814 J'iy 27 42 Mch 8
*35
3812
400
118 J'Iy 28 14378 Jan 3 1385s Feb
124 12434 8.200 Great Northern pref
8812 Aug
6518 Mch
45 J'11, 0 8012 Jan 4
5913 5912 2,300 Iron Ore propertles_
21 Deo
gi3 Nov
17
12
4
47 Green Bay & W, deb cttB
881112
81! AAI0
ch
r2
*14
15
Feb 103 Dec
Jan :0
rjavana Electric
*93
Dec
400
9312
Nov17
99
Jan
8318
Febk
4
Do
And
9312 -9313 ---iii•
"
—_
Hocking Valley
103 May 5 140 Oct 4
*125 135
-7-88 Apr
86 Feb 7 10138 J'ne 14
Do pref
9412 Jo
124 Ply 26 147 Jan 6 137 Feb 1621s Aug'•
*133 136
1,200 Illinois Central
Deo
257
8
Alen
J'ly
20
2512
Jan
11
1158
1414
2012 2034 5,200 Laterboro-iletropolltan _
3634 Mch (Xs Deo
4112 J'iy 26 6278 Jan 12
prof
5512 6614
Nov
2634
1P0031)30
P
0
3
1
)
a
l
_
Jan
5
1:78
078
3
Iowa
Do
2034 21
62 Apr
tr ofs
pret
48 Sep
25 J'ly 26 5414 Jan 3
80
50
0 tzDo datrset&
*3412 36
82 Sep
M
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,Prat 68 Aug 2 80 Feb 18
*74
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Feb
u
1014 Aug
Aug'y22u
m8
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City
7
44
1
14
J
5
238
34
Jan
Southern...
1.650
*33
34
Feb
7512 Aug
Do pref
*65
67
2912 Aug
Lake Erie & 1,Veztern___
15 J'ne30 2534 Jan 5
1912 Feb
*15
20
647
8 J'ne
(3234
Oct
1
Jan
Do
pret
48
3
39
*39
43
Long Island
00 J'ly 1 7014 Apr 14
59 Jan
7112 Dec
*63
6712
13112 J'ly 26 15U4 Jars 5 z121 DecJan 16212 Aug
145 14512 2.600 Louisville & Nashville
15312 Jan
100 14
1 anhattan Elevated
123 J'n030 146 Oct 6 137
*14012 142
65 Jan '
23 J'ly 26 5334 Jan 4
51 S013
400 l'A-inneapolis & St Loafs
2834 29
81 Mch
Do pref
40 Set, 21 80 Feb 24
90 Jan
54
*46
114 J'ly 26 145 Mch 3 13212 Jan 145001122J:0ns
13334 13412 1.525 Shinn St P & S S Marie
310 Do pret
144 J'ne 6 15513 Mch 2 147 1r 16412 Ault
149 149
89 J" t
Do leased line ctfs-___ 58614 Sep 20 1)234 Jan 3
*8813 8912
3512 Fe
27 J'ly 26 1118 Jan 5
3414 3414 2,750 Mo Kansas & Texas
7814 Oct
57 J'ly .6 7458 Jan 5
71 Feb
Do pret
100
65
65
7712 Aug
65 Feb
41 J'17. 26 7358 May23
1.930 Missouri Pacific
51
51
Mash Chatt & St Louis. 125 J15,25 140 Nov 3 12213 Jan 142 Deo
*135 145
4412 Apr
200 "at Rys of Mex 1st pref 60 Feb 3 7238 Nov 3
69
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2312 J'ly 26 3712 Nov14
21 Dec
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6
24
2
6
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36
3512 8,400
10518 J'ly 26 128 /rich 9 12012 Feb 1649734
11312 11378 10,700 N Y Central & Hudson
Nov
4813 MCh
100 N Y Chic & Si Louis
5512 May 4 6878 Nov 3
68
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568 Fob
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1101 J'ly 8 10934 Jan 21 100 Feb 1:0
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100
05 Nov
7614 Apr
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8234 Apr 28 98 Jan 19
*88
95
149 Apr 28 162 Mch14 (154 Nov 17434 J'ne
*152 15313
300 N Y N H & Hartford
Subscription receipts z__ h143 J. ne 10 h151 Mch 11 514712 Dec 514934 Deceo
*14712 14812
9214 Feb
600 N Y Ontario & Western- 3812 Atilt 2 50 Jan 6
4212 4258
8812 J'ly 26 10818 Mch 21
8414 Jan 102 Deo
9933 9958 1,700 Norfolk & Western
88 Feb 2 9114 Mehl°
Do adjustment pref.__
8518 Men
11112 Aug 3 1455 Jan 3 13314 Feb 15912 Aug
1157 11718 yoio Northern Pacitic
Pacific Coast Co
100 Oct 13 11834 Jan 21
76 Mch 11613 Dec
*102 109
Do 1st pref
11100 Mch 4106 Sep
*90 110
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105 Feb 14 118 Jan 3
88 Mch 115 Dec
4100 110
12212 J'ly 26 13312 51.
o ypiv
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,
11 9 12618 Feb 15114 Sep
13014 13034 19.300 FeD
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9812
110 Oct 25 115 Mch 1 104 Feb 11614 Sep
*110 11512
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ing
Feb
17338
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Read
118
18
17214
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218,600
15234 15358
x35 Aug 24 93i2 Feb 17
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96 Aug
400
88
88
2d pret
87 J'ly 26 11012Jan 3
90 Feb 11712 Deo
9412 9412 46,:8
100
1 100
2278 J'ly '26 5714 Jan 3
81 Dec
2078 Feb
450 Rock Island Company
33
3358
54 J'iy 27 9213 Apr 9
Do pre(
9434 Dec
5758 Feb
67
6712
58 Augll 73 Jan 6
74 Dec
6514 Mch
400 St L & San Fr, 1st pref._
*6012 63
s
doop
Duots2
3412 Aug 2 60 Jan 5
L0
35 Feb
2,270500
6034 Sep
4113 42
2012 Feb
St
1812 J'ly 26 3412 jail 3
trh
erwestern_ 3533 Deo
2434 25
82 Dec
471 Jan
200 Do pret
*62
65
5112 Ply 26 7712Jan 3
513814
13918
Aug
Feb
Southern
Pacific
Co
10314
J'ly
11458
4
26
Jan
11758 11818 20,800
34 Aug
22 Feb
13 J'iy 26 3334 Jan 3
1,600 Southern v tr cfs stmpd27
27
7513 Dec
60 Jan
4:3 Ply 20 75 Jan 3
1,40
63
2000
35 0
83
4013 Aug
TIelasP&
30 Feb
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221n J'ly 2)3 303.i Jan 3
*2634 28
1214 Dec
1.. bird Avenue (N Y)..?_
4213 Jan
512 xi:10 1
7
1912
*12
13
7 May
200 Voted° Railways & Light
1538 Jan
512.1'1Y 6
1534 Jan 12
*7
10
43 Feb
5478 Oct
19 J'iy 26 543 Jan 4
2513 2513 2,000 roledo St L & Western
6434 Feb
7414 Jan
4234 J'iy 28 7214 Jan 4
57
5718 1,800
97 Jan 11614 Dec
100 Iwin City Rapid 'fransit 103 J'17 26 11712 Jail 3
*109 11212
0
lo re,t
Pacific
15214 J'iy 26 20434 Jan 3 17212 Feb 219 Aug
17758 17858 152,800 I rDn:
, 88t4 J'ly 26 10334 Jan 7 z94 Meta 11812 Aug
*93
9314 1.100 ki Do pret
30 Feb
Unit Rys Inv't of San Fr 2334 J'ne30 4214 Jan 3
47 SeU
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2912
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5
1014
5 '
727
778 Sep
D0 prat
47 J'ne30 7238Jan 8
200
*5513 58
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8
25
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2
18
900 Wa4_soil
*1714 18
2
67
134 ja
Ja n 33
41 keb
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pref
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74
1,775
74
10 Jan 3
3 Apr 28
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5 J'ly
1278 Jan
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23 Jan 3
8 .4'ne30
100
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1514 J'ly
n
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571 Jan
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4 J'ne30
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6178 Apr
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-5513 •Vil;
135 *125 135
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*13353 135
2138 2138 2078 2114 2013 2034 2012 2034
5612 5534 5614 5512 5512
5658 5718 56
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30
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5114 5114 *51
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69
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; 3558 3614 3578 36
114 11438 113 11418 11318 11378 11318 11334
63
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*6413 6712 *6412 6713 67
10814 10314 *10112 110
*10834 118 *10834 118
*8814 95
*8814 95
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154 154 *152 15334 15238 15213 *15238 154
0-___ 14914 *14813 149 *147 149 *147 14878
4312 4214 4214
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9934 9934
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11518 116
11614 11612 11514 116
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12913 13038
12978 13018 12413 13018 12912 130
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1258 1234 *13
738 738
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2514 2514
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24
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17714 17812 17678 17812 17713 17838
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93
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5558 5558 57
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15
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834 *7
812
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714 734
6112
*59
60
60
60
63
60
*60
N'tiday
Nov. 25
PAGES
•
•
Jan
0
Jan
BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS.
Banks
Bta
Ask
Bid
Ask
Banks
Banks
Bid
Ask
Bui Ask
Banks
Ask
Banks
lila
Banks
295
Prod Each ¶
.,.,.,
300 350 Irving N Ex 200 210 Mutual 11___ 285
New York
Chatham .., 310 330 Filth
41___
Nassau
240
First
_
185
Reserve
Jetiersonli__
_
___
Chelsea
Ex
_
_.,,,°
180
Il 200
Aetna
840
220
___ New Netli'd 210
ieaboard _
America II_ 01,,5
605 Chemical — 425 430 14th Stil— 150 1-55- Liberty__ 57-5
_ iecond __
New Yorke() 900
__ Lincoln__ 400 4-23
t194
Fourth
__ Citizens' Ctl 150 155
Amer Exch. 230
New York_ 315
325- iherman..„
Manhattan 325 330
-2
380 385 Ciallatla
Audubon _ 115
1-2-5 City
325 3-3
itate 'fi........
230
200 303 Mark't&Ful 25212 25712 N'ht &DaYll 225
Battery Pk_ 12211 __ eoal & Iron 153 158 Garfield
150
....... Colonial 'fl-- 403
Mech &Met's 245
12th W ard_
248 19th Ward. 250
_ _ Germ.Am ¶ 140
260
Bowery(.. 375
Northern -105
23d Ward-Mercantile
150
160
. 405 GerM'n Ball 985 505
BronxBortaj, 300
__ CoiuMbla 1].
Unlon BSc170 Paclacli___ 23-0- 240
.
] 160
Bronx Nat. 200 2-0-5 Commerce - (2-00 t20018 Germania 11_ 550 565 %Lerch Excl
Wash ll'ts 11
Park
181
350 355
Bryant Pk II 155
160 Corn Es 1)._ 310 315 Gotham .... 150_ Merchants'. 179
123 Greenwich If 255
West Side l'a
East Myer_ 115
255
Butch & Dr 133
65- ‘letropolis 41 390 410 People's li
245
2-145
Yorkville 11200
Fidelity 11.- 165
Metropol 'nil 202 206 Phenix __ 190
Believer— 010 620
175
175
Century 41_ 170
Imp
&
4250
Plazali
Chase
Trad
Mt
1090
Avell,
MorrIsli_
AO
550
565
259
625
430 951
Fifth
'Bid and a' Iced pr ces: no sales were mule on trits day. 4 Ex-rtgats. 4 Less than WU snares, iistate mantis. a Ex-dividend awl r gills. 0 NW
fSale at Stock Exchange or at auction this week, h First Installment paid
n Sold at privato sale at this price. s 2d pald. 93d Paid.
1314
182
100
400
400
135
75
2_
140
17212
275
05))
500
s oc
Ask
.....
......,
- -,
425
.._,.,
290
190
------
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Nov. 19
Monday
Nov. 21
Tuesday
Nov. 22
Wednesday
Nov. 23.
Thiirsday
Nov. 24
24.5 245
248 1250 *245 250
*247
*834 10
*8
10
*834 10
*834 10
34
*3118 3114 *31
32
52
*3213 34
69
70
69% 7014 6914 70
70% 71
*44
*44
45
45
45
45
*44
45
*90 10114
*100- -- *100 -- *95 101
3812 3-858 3712 3312 3712 3734 3714 3734
94
94
*92
9334
*92
94
*92
*92
10
101s 1014 103s 1014 1078 10% 1078
8214 80
7712 7734 7734 78% 78
8214
(
5434 55 2 5434 5512 5414 5412 5412 5434
*11312 115 1115 115 *113(2 115 *11312 115
65
65
6434 6434 6418 6418
6412 65
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*i55" i5"O *230 250 *230 250 *230 250
478 *414 473
*419 478 *414 478 *414
*23
24
*2212 24
*2334 2434 *2212 24
*1812 1978 *1812 1914
19
1912 1912 19
1212 1212 *12
13
*1212 13
*1212 13
35
*3212 3412 *3212 3412
3414 3414 *33
40
40
40% *39
41)
4014
4014 40
10634 10634 *10612 10634
*105 107 *105 107
3% 3% *312 412
4
4
*312 414
34
33
35
35
*33
*32
3334 3334
88
87
87
89
8812 8812 *87
*88
79% 8012
8134 8218 8014 8112 8018 81
106 10612 10578 10578
108 106
108 106
*240
*240
*240
---*240
10112 10112
-*100 10112 *100 10112 *100 10112
47% 47% 4734 4734
*4718 48
*47
48
118
*117 119
11834
*117
11714 11714
11834
117 117 *116 118
116 11612
*11658 118
142 14214 142 14278 14214 14278 14258 14278
95
95
96
98
96
*9434 9512
*95
3558 3558 *35
34% 3512 3514 38
3512
9334 9334 0334 9414 *9312 9412
94
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4158 41% 54158 41%
*4218 4212 4134 42
*3034 3234 32
3278 33
3234 32
3278
61
*60
61
6014 63
61
6258 6258
*136 138 *136 138 *138 138 *134 13712
*912 11
10
10
*912 11
*912 12
*2938 30
*2938 30
*29% 30
*2938 30
3434 3478 3378 34
3434
3334 3334 34
*10514 10612 *10514 10612 *10514 10614 105% 10538
38
36% 3412 36
3434 3518 3412 3514
*412 612 *412 612 *412 512 *412 512
13618 13634 135 13512 13434 13512 13434 135
51634 1634 1612 1673 1812 1612
*1638 17
80
*78
*78
80
80
80
80
180
*63
67
*63
67
6414 65
*64
75
3414 3434 3312 3438 33
3378 3318 3318
*16
20
21
20
2014 2014 *15
*15
58 15812
5812
58
58
5812 57
5778 58
*154 15412 15414 15612 156 15612 15814
8
8
8
318
8
8
8
8
11212 11212 112 11212 112 112
11212 113
*12014 12114 *121 12114 *121 12114 *121 12114
*5
5% *5
512
*458 8
513 *5
17
17
*1634 1712 *1634 1712
*1612 17
1934 1314 *1212 1334 1314 1338 1312 1418
5578 56% 5512 5534 5612 5712
57
*56
4414 4434 4414 4434
4334 4478 44% 45
8519 8534 *8412 8534 *85
8512 8512 8618
10534 10612 10014 10034 10634 108
10718 10734
*90
95
9258 92% *91
95
*90
94
*737/1 75
*7378 75
75
75
*74
75
111 112 *110 112% *110 11112 *110 112
*12012 124 *12012 124 *12012 124 *12012 124
*16
18
*18
18
*15
18
*15
18
87
*82
87
*82
*82
87 *82
87
*58
60
*58
60
5878 5878 *5812 5912
*10514 107
10614 10614 110634 10634 *10512 107
2034 2076 2034 21
2038 2078 2012 2058
77
76
75
*73
*73
75
7412 7412
165
68 *____ 66
65
6018 64
3078 3078 3012 3034 *30
3112 *2912 31
45
45
4514 4534 4512 4578 4512 4512
106 107 *106 107
*106 107
10618 10638
92
*89
93
*89
*89
92
*89
92
2038 *20
2014 2014 *20
2014 *20
2012
72
*70
7212 71
72
71
*70
72
3312 3478 3412 35
3412 *34
34
3412
96
9634 9878 9878 *98
97
*96
97
185 16514 16458 185 *16412 16512
165 165
212 212 *234 4
*214 4
*212 3
5%
*478 512 *5
518 518
5
5
36
35
*3312 36
3578 38
*3412 36
9778 9778 *9612 99
*9712 99
*9612 99
3513 3518 3438 3514 3414 3414 3418 3418
98
99
*97
98
97
9712 08
97
170 18012
*17912 182
*17814 185
52
5134 5112 511 "Er 114 51
*51
-17; 3738 "5/ 07-4 "5/ WI; 3634 1732
139 139 *138 13812 13812 13812
130 130
93
93
*88
*88
*88
*88
92
93
58
8
*7
8
*8
*7
9
*56
60
*56
60
*56
60
*56
60
105 105 *104 10512 *104 10512 *104 10512
10578 10578 105 10512 *102 104
*105 108
1714 1714 *1714 1812 1712 1713 *1714 1812
*46
60
*56
59
59
*50
*57
59
98 1100 *95 100
*95 100
*95
72
*67
72
*60
*86
*___ 70
70
*418 712 *418 712 *418 712 *418 712
*15
17
*15
17
*15
*15
17
17
38
3618 *35
3578 3578
36
36
38
110 110 *110 111
*11012 11112 111 111
*7214 75
7238 7212
*7218 75
75
*72
8078 81% 7978 8118 7914 8012 7918 8014
11712 11734 118 11834 11814 11812 118 11838
5018 50% 4934 5038 49% 5018 4938 4978
6234 6314
6234 0312 63
6312 6234 63
*120 126 *120 126 *120 126 *120 126
4E5" ig" *158
*7012 7212 72
71
71
71
*120 124 *120
1429
New York Stock Record--Concluded-Page 2
OV. 26 1910.]
Ili-- 4E5" 1.1"44Ei"
7234 *71
73
72
124 *120
165
7234 172
72
72
72
7318
124 *12212 124
Friday
Nov. 25
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCH ANGE
Range Since January 1
On basis of 100-share lozs
Lowest
Highest
Range for Previous
Year (1909
Lowest
Highest
,Iltsc211aaccii310 A dams Expres.
245 245
245 Nov23 5270 Jan 5 190 Jan 250 NOV
Li Ills-Chal niers
15 Jan 3
1234 Feb
1675 Aug
*834 10
712 J'1Y ad
5712 Nov
38 Feb
Do pret
100
*32
34
27 Aug 5 5434 Jan 5
1618 Nov
65 Feb
5513 J'ly 13 9034 Jan 3
6958 7014 33,200 Amalgamated Copper
Amer
50
Aug
35
3312
*44
200
Jan
45
J'ly 26 402 Oct 21
Agricultural ChemDo pret
9512 Jan 103 Aug
*90 10112
9414 Apr
103 Jan 10
2,800 American Beet Sugar
33
38
2014 Jan
4912 Aug
24 J'iy 26 4714 Jan 10
Do pret
100
89 J'iy 27 1)513 J'ne 15
98 Oct
82 Jan
9334 9334
678 Jne..311
1038 1012 12,150 American Can
712 Feb
1378 Jan 3
1518 Nov
Do pret
86 J'ne
80% 8114 30,595
62 J'ly 26 8214 Nov22
7112 Feb
7(92 Nov
3,600 American Car & Foundry 3912 J'ly 26 728 Jan 3
5434 55
4414 Feb
Do pref
55
5115 115
109 J'nen 120 Mch 9 10712 Feb 12434 Aug
7914 Nov
6412 1,250 American Cotton 011
*64
4218 Jan
5218 J.17 26 6934 Mch 9
Do pret
gs Jan 10714 Nov
101 Feb
107 Oct 13
American Express
5235 Aug 3 ,,LU Jan 4 8205 Feb 300 Dec
*230 250
614 Feb
312 Sep 13
10 American Hide & Leather
5414 414
818 Jan 5
10 Serf
Do
pref
5178 Aug
100
2312 2312
34 Feb
19 Sep 8 4/78 Jan 3
200 American Ice Securities... 1872 J'iy 26 2914 Mch 9
1878 Jan
*1812 1914
4214 Apr
100 American Linseed
12 Feb
*1212 13
20 J'no
1734 Jan 3
1018 J'ly 27
Do pret
29 Jan
25(2 J'ne 39 4678 Jan 3
200
4734 J'ne
34% 34%
49 Feb
8914 Aug
4014 4034 2,650 American Locomotive__ _
29 J'ly 26 6212Jan 3
Do pref
100
*10612 107
10212 Aug 6 115 Jan 7 10914 Feb 122 Aug
512 J'ly
276 American Malt Corp
1112 J'ne
358 Nov22
*3
412
8 Feb 18
Do pref
38 Nov
• 2812 J'ne..,ti 48 Mch21
748
*33
34
59 Sep
200 Amer Smelters Sec pret B 82 J'ly 23 9078 Jan 3
9238 Aug*87
88
80 Jan
7734 Feb 10512 Nov
7978 8078 34,500 Amer Smelting& Refining 6138 J'ly 26 104 Jan 3
Do pref
98(4 J'ly 26 11234 Jan 3 101 Jan 11634 Aug
1,700
105% 108
100 American Snuff
245 245
277 Apr 4 256 Apr 27 225 Mch 5285 Nov
Do pref
1)512 Jan 13 10112 Sep 20
200
05 Mch 195 May
*100 102
*47
400 Amer Steel Found (new)- 38 J'ly 26 96 Jan 10
48
3478 Feb
6638 Nov
600 American Sugar Relining in18 Oct 3 12878 Feb 18 11538 Nov 13638 Set) 4
11714 118
Do pref
112 Oct 3 124 Feb 28 118 Nov 131 Apr
950
116 117
14212 14278 10,950 American Teeph & 'releg 12634 J'lg 28 14338 Feb 24 125 Feb 14518 Sep
*95
300 American Tobac (new).111 14012 J'ly 26 9034 Mch14
9512
9012 Feb 104 May
2518 J'AY
26 Feb
*3412 3534 1,900 American Woolen
19(2 Mch18
4012 Aug
Do pref
9118 J'ly 5 104 Mch 7
9334 Jan 10734 J'ne
500
9334 9414
vi312
J'ly
26 554 Jan 8 83734 Feb 35438 Dec
475 dAnacondeCopper Par$25
*4112 42
21 J'ne3C 3478 Oct 21
32
3278 2,100 Dethlehem Steel
1834 Mcb
3614 Sep
47 Feb
49 Aug 10 65 Jan 19
6412 Sep
6278 6278 1,740 .1.1 Do pret
Brooklyn Union Gas
12.5 J'17 26 16412 Jan 3 118 Jan 16412 Dec
*134 138
8 J'ne29 1818 Jan 3
1912 Dec
100 Brunswick Term dc 1ty Sec
1778 Dec
*912 1112
Butterlck Co
28 J'ne 8 33 Jan 4
37 Nov
2378 Jan
*2938 30
2514 J'ly 26 4834 Jan 3
3414 3438 2,500 lentral Leather
2512 mc't 5134 Oct
9914 J'ly 27 10914 Mch 8
165 V Do pref
91434 Apr 111 Sep
5106 106
53 Dec
2212 J'ly 26 50 Jan 3
3438 5,950 Colorado Fuel & Iron
29 Feb
34
3 Sep 12 9212 Jan 4
Col do Hock Coal & Iron_
9112 Dec
*41z 512
21% Feb
13434 135
2,600 Consolidated Gas (N Y).- 322 J'IY 26 1(4033 Jan 3 11412 Feb 16514 Jan
1612 Feb
1812 1612 1,425 Corn Products Refining- 1112 J'ne30 2314 Jan 6
2612 J'ne
7038 J'ly 26 8(338Jan 3
8014
7314 Feb
*78
Do pret
9312 J'ne
205
63 Dec
55 Apr 20 85 Nov22
*65
75
200 Ore' Carpet
45 Jan
3212 Feb
4112 Jan
3314 3314 3,450 Distillers Securities Corp 2514 J'iy 26 .3634 Jan 10
*15
20
9512 May
200 Federal Alining & Smelt'g
55 Mch
12 Oct 26 60 Mch 8
Do pref
37 Oct 27 88 Jan 3
*3934 3614 1,000
80 Feb
94 Aug
General
15912
10,400
15812
Electric
139 J'iy 26 16078 Jan 6 15018 Feb 17234 Aug
818 814 6,300 dGoldfield Con M_Par $10 8734 Oct 14 8914 Sep 16
1,400 at Harvester stk tr eta 88318 Feb 8 12578 Jan 10
112 113
(,2 Jan
Dec
1.
Do
pret stk tr ctfs
100
12114 12114
x117 Aug11 129 Jan 4 10914 Jan 128
Int Mer Marine stk tr cBs
*47s 512
713 Jan 5
9 Oct
(33 J'ly
414 J'ly 25
Do pref
17
600
17
1258 J'iy 26 2433 Jan 5
2782 Jan
1834 J'IY
1414 3.525 International Paper
14
9 J'ly 1 16 Jan 3
912 Mch
1914 Jan I
Do pret
4112 J'iY 26 61(2 Jan 3
15734 5734 1,950
4734 Mch 5934 Aug
4438 4434 28,600 Internet Steam Pump._
3312 Feb
3858 J'IY 26 5458Jan 7
5.412 Nov
Do pret
8512 8512 1,600
7812 J'ly 26 1)034 Jan 17
8212 Jan
91 Sep ,
10734 10778 6,300 Laclede Gas (St L) corn,,_ 9334 J'ly 29 118(2 Jan 10 104 J'ne 11338 Dec
79
Mackay
J'ly
*90
Jan
26
Companies
100
9334
98 Oct 10
70
9512 Nov i
Do pref
6912 Jan
*74
100
75
71 J'iy 27 7834 Oct 10
7738 Den 1
100 Aug
112 112
9612 Jan 120 Sep 1
900 National Biscuit
115 Jan 5
J.
Do
Jan
pret
6
*12013 124
11834 J'ly
130 Sep
125 Jan 17 11812
Nat Enamel'g & Stamp'g 14 Sep 17 2812 Jan 3
*15
18
1258 Feb
3014 Dee
Do pref
82 Jan
*82
87
84 Oct 17 96l Jan 18
9912 Sep
*58
7114 Feb
60
100 National Lead
4612 J'iy 26 8958Jan 8
94 Aug'
Do pret
*10512 107
10434 J'1Y 26 11012 Jan 17 10234 Apr 11334 Aug '
120
2014 20% 3,825 dNev Cons Copper_ Par $5 81712 J'ly
$2238 Oct 17
200 New York Air Brake
*73
77
9714 Nov
59 J'ne
9512 Jan 3
80 Feb
*61
625 North American Co, new 6018 Nov23 84 Jan 3
72Jan
65
8712 J'ne
acific Mall
3038 3112 1,150
2918 Feb
22,8 J'ly 26 4314 Jan 4
4812 Nov ,
actfic Telep dc Teleg
45
1,400
45
30 J'1Y 25 4614 Jan 4
4514 Nov
64 Oct !
10618 10618 1,076 People's G L es C (Chic)- 103 J'ly 26 11638Jan 3 10112 Jan 120 Aug
Philadelphia Co (Pittsb'h) 34 XI)" 6 10612 Jan 8
9912 Dec 103 Dec
*89
92
*20
100 Pittsburgh Coal Co
2012
2938 Nov
13 J'iy 26 2734 Jan 5
10 Apr
Do pret
300
71
*70
6014 J'iy 28 85 Jan 3
40 Feb
8712 Dec
2,300 Pressed Steel Car
*34
35
68 Aug
3012 Feb
25 J'IY'28 5178 Jan 3
Do pref
750
*90
97
96 Feb 11134 Aug
90 J'ly 27 10712Jan 5
668 Pullman Company
155 J'nezli 200 Jan 11 169 Jan 200 Aug
*16412 16512
200 Quicksilver Mining
*214 4
2 Sep 26
938 J'iy
158 Jan
078 Apr 5
Do pref
278 Aug 2
500
3 Men
*434 558
578 May21
10 may
allvDva
oyprS
erel Spring.... 28 J'iy 26 5178 Jan 3
400
*3412 36
541
:Aug
3212 Mch
122
59612 9612
X4014 Sep 7 107 Jan 17
0778 Feb 109 Aug
27 J'ne 4 4578 Jan 3
1,400 Republic Iron ec Steel
*34
Fob
35
4912
Sell
1033
Do pref
400
*97
674 Feb 11014 J'1Y
90
8234 J'1Y 26 10414 Jan 3
1183 183
_
250 Sears, Roebuck & Co_
150 J'ne 30 190 Nov12
*51
9458 Oct
.
900 loss-Sheffield Steel ds-Ir 4812 J'ly 30 5(412 Jan 3
.
5212
68 Feb
111412 11412
Do pret
114 J'1Y
14
11834 Feb 1 10788 Feb 120 Sep ,
37
3718 6,800 dTen nesseeCo p per Par425 81934 J'ly 26 $403g Jan3 $3312 Oct $49 Jan
138 138
715 Texas Co (The)
134 Oct 7 144 Oct 18
*88
Texas Pacific Land Trust 83 Feb 8 9.5 May13
8012 Feb
92
9378 J ly
*7
9
Mon Bag & Paper
6 J'ly 5 1314 Jan 10
40
914 Feb
1532 J'nn
V
*50
Do pret
66 Jan
60
55 J'iy 15 73 Jan 17
8114 J'nu
110514 10514
United
Dry Goods Cos
150
913 Aug 2 122 Jan 3 115 Oct 12512 Deo
*101 10312
Do pref
9914 Aug
500
11378 Jan 4 r109 Sep 114 Dec
1734 1734
400 U S Cast I Pipe & Foundr 1418 J'ly 21 32 Jan 3
2438 Feb
3512 J'ne
*56
Do pref
60
3712 Aug
70 Mch
49 J'ne28 84 Jan 10
*95 100
260 United States Express... 9514 J ly 26 145 Jan 10
82 Feb 1111 Dee
U S Realty & Improvem't 6434 J'iy 26 8414 Jan 4
*67
71
64 Feb
87 Sep
*418 712
U S Reduction & Refining
11 Jan 14
4 J'ne27
10 Mch
1712 J'110
*15
Do pref
17
13 J'ly 8 2913 Jan 3
24 Feb
3912 Aug
*35
500 United States Rubber- 27 J'ly
36
27 Feb
oarz Jan 3
5738 Aug
*110 111
Do 1st pref
300
98 Jan 12312 Aug
99 J'ly 26 11613 Jan 10
Do 28 pref
*72
75
200
6712 Feb
59(2 J'iy 27 84 Jan 3
8912 Aug
7938 8038 344,250 United States Steel
6118 J'ly 26 id Jan 3
0478 Oct
4114 Feb
Do pret
11818 11814 5,297
11012 J'ly 26 1253 Jan 3 107 Feb 131 Oct
4033 4934 8,750 dUtah Copper_Par $10 20938 J'ne 30 $6014 Jan 6 83918 Feb $8714 Nov
63
6338 - 5,000 Virginia-Carolina Chem
47 Feb 3 6618 Oct 21
404 Feb
Has Dee
12212 12212
Do pret
100
117 J'ly 28 12914 Jan 4 114 Jan 128 Dee
V Vale Iron Coal & Coke 50 Sep 24 73 Jan 8
67 Feb
7578 SeP
I
1160 180
ells
Fargo & Co
50
152 Feb 8 a195 Jan 4 300 Jan 1670 Dec
estern Union Teleg- 53 fly 28 7812 Mch
7214 7214
620
8514 Nov
69 Feb
73
6.300 WestIngh'seEl &Mfg assen
73
4912 J'ly 26 8212 Jan 3
90 Aug
74 Feb
Do 1st Drat
*12212 124
110 !day 3 130 Feb 24 110 Mch 145 Sep
118.4
p
U
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Ask
Bid
Banks
Brooklyn
Broadway I
__
100
Brooklyn li _ 375.
Disney IsTdi
_ 155
290 310
First
11111sidell --- --125
__ 115
Homestead,:
Manufac'rs' 4-1-5
_
245
--Mechanics1, 230
Montauk .._ . _ 150
24-5 270
Nassau
Banks
Hid
Ask
Brooklyn
Nat City,,,,,,
,. t28512
_
North S cle1] 153
1-80People's .....
Prosp'ctillej 150
1-60
Terminal 1. ___
go
Urns( Co's
N Y City
Astor
Bankers'
320
630
Ask
IfUSt Co's Bid
N Y Oily
Er way Tr__ t144
.
Carnegie - 110
iii
Central 'rr__
- 1015 1030
Columbia-- 280
285
Commerclai 120
130
Empire
- 300 310
Equit'ble-ir 465 4721,
Farm Lo &T 1625 1650
__ Fidelity ...._ 213(2 21712
_ _.
64
--0
Fulton -.. 290
Flint Co's Bid
Gnarly Tr.. 800
Guardian Tr
.
Hudson . 110"
Knickerb'kr 29712
Law T I&Tr 255
Lincoln Tr. 130
Madison... 20)
Manhattan 375
Mercantile _ 700
Metropoll'n 510
Mutual __ . 130
Mut Allnoe
- 126
Ask II trust Co's Bid
Ask
810 INY Life &Tr 1120 1130
180
N I Trust_ 635
650
180
100
90
3021 Standard Tr 400 410
265 TlUeGu& Tr 500 510
140 II Tr Co of Am 320 330
205
Union Trust 1275 1300
US litg& Tr 475
400
____
Unit States_ 1160 1190
740
Washington 375
520
___
-___ Westchester 150
160
Windsor -- 120
130
130
frust Co's Bid
Brooklyn
Brooklyn Tr 420
Citizens'
12.5
Flatbush - 200
Franklin__
__
Hamilton -- 2-7-0
Rome
103
Kings Co -.500
L. It L & Tr 300
Nassau _ _ 170
People's _ 300
Queens Co_ 110
Williamsb'g ___
._Savoy
Ask
tit
220
210
280
110
_..."
310 i
180
316
12C
100.
*Bid and asked prxes; no sales on th.s day. *Less than 100 shares. $ Ex-rights. b New stook *4 Ex-div and rights. d Now quoted dollars Pet RUM
stock dividend, II Banks marked with a paragraph (11) are State banks.
Itiale at Stock Exchange or at auction this week. s
,
_
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909,tits 'exchange method of quoting bonds .was Changed. aril prices are now
BONDS
321
7 Pries
Iratay
N. Y.STOOK EXCHANGE
4
;
4
Nov 25
Wititg ENDINA Nov 25
Week's' ri,e,
111 Pangs
Range or 4,2
January 1
Last bate i
interest"av3spt /or inemas tinf delaultel 147111s.
BON Ds
N. Y.STOOK EXCHANGE
Wass Kaman Nov 25
4.0
h
Pries
'
,maw)
Nov a
Week's
Rang.
Sines
Range or
Last bale 4:1 1i January
Low itigA
Atoll.
Bid.
vont
kAsielLow
Bia
Ask Low
Jityk No Low Nigh Cent ui Ca ix
L. s. ..oweriiiiieta
...
Chan Inv put mon g 48.1951 .1.1) 88
90% Sep '09
U 5 28 consolregistered 91931) 4 10034 101 190% Oct'10 .... 100 10114
53.1946
08
Rao
&
1013
4
1044.1ne
Nor
let
g
Div
.1.4
4
1003
4
101
100.
14
1001
4
1004
U S 2s consul coupon
91930
Aid (Is Be All Div 58.. .1947 .4 10314
115 Nov'05
10134 10.
0s 10184 Nov'10. 101% 1044
‘1'8 38 registered
kl0I8
110..110
1'40 J.J 107
Motile Div 1st g 5s
110 Jan'10
1 101,
102
4 103
/
2 102
U 8 3s coupon
le1918 41-11' 101% 1021
102 103
1014 rly'10 .... 10241021
/
2 Oen RR Be 801 L*5 ool g Os 11)37 B.14 162 107 102% Nov'10
U 13 as con small bonds k1018 Q-11
122's 1214 122.1,Nov'10
120 12534
11434115'S tient ot A J gen'i gold 63.11187 •
11 8 48 registered
1925 1-F 11614 116 115 10 Oct'10
12134
1204 125
Registered
3.1987
1214Nov'10
1144 1 lb%
115 10 Nev't0
1164 •
U S 48 coupon
1925
107 109
Am Dock & Imp gu 58..1021 Y108
4
.1 10734 1094 108
10034100%
100% Atig'10
LOU'S
U 8Pan Can 10-30 yr 28.k1936
Lo Be Hutt geu gug 5a 1920 3.2 11J0
1004 1014
Len al Wilka B Coal 5s..1912 M-N 11304
Foreign Llovorlllllout
10034 Nov'10
(km ex), guar 44s
100 1004
100 Slay'10
g1010 Q-N1
971 29, 9534 974
0788
Argentme--Irtternal 58 of 1909 Xi-8 97% 98
N Y & Long Br gen g 43 1941
974
1
Imperial Japanese Goverinn't
Cent
Paean)
bee
So
Pacific
Co
944
114%
40
943
8
ink
94
964
F
1925 -A
toterling wan 14s
9414
85
8834
8634 88
4: 934 957 OentVermont let gag 98 81920 Q-E
87-34 Nov'10
94% Salo 41434
1925 J- J
20. series 44s
8978 2 8834 924 Chas di say bee ALL Coast Luis
80
90
1031 J -J f 89
8teriing loan 43
100
1014
N
ov'
10
100
4
100
Chee
Limo
.
..N
o
102
11,
9918
gold
68
1
9
1
13
1
1
1)
rA
A
102
a1
Sato
101
4
1102
104
Bepub ot Cuba 58 exten debt.. MS
102 10134
03 Nov'10
Con funding & linpt 58.10211 jJ
..
101 194
974
San Paulo(Brazili trust 5s 1911) 4-2 t Mika 97,4 137 18Nov'10 -.11105
1124 9 1104 114%
112 11244 112
let COnsui g as
07 Noir 10 ....1 9634 9934
13578 97
U S ol Mexico e I g 53 of 1899
1124Jan
'iv
1121
01124
Registered
114
11)31)
fia-N
024
581
04
9234
97,t,
1954 1-9
Gold 48 of 1904
1092 An-s 1014 bale 10i% 101.4 31 in) 1034
Cienerai gold 44e
'test) are pr Lees on the b
ol $5 to Z.
101%1014
101
Registered
eg
State and City Securities 1
1
i.);) 503 89
11;34
94'4 Sale 94'
19
99
12
0 F-A
1
Convertible 448
10012 Sale 100% 10034 94 100 10134
1060
N Y City-14s
Nov'10
87
89
90.
2 119
J.D
-1)
05.4
89% •
1944 2
dig sandy 1St 46
99
51, 96 10034
1959
4% Corporate Stock
83
884
85% 167
85.4 NOY'1 0
Co
Coal ltiv Ry 1st
40 ,11)43
984 99
!V
9614
11358
100'0
4% Corporate stock
101 1044
1
2.
1112/
104,u 01) 10
j
()nog valley 1st g
1064841e 1064 Nov'10--..
1.0t3
,
4 113. 10541097s
'957
New 410,3
90 Jail '01/
90
81
Potts Creek Br let 43 .1916 3.2
102
103 Oct'10. 10234101'S
1017
New 4',s
9434 99
R ge A DIY 1st eon g 48-1080 J.2
9534 114334 18334 Nov'I0
10638100 106% IVO -6
510534110
41
/
2% Corporate Stock _1957
91 Sup 10
11034 1.13
91% 93
2d coneol 45 4a
101 Sato 102
102
2 102 10334
1917
44% asse8suit bonds
1A arm spr Val let g 68_1
91)41
84 N1
2:8 101
1034 9,1
084
08% 23 96 4 100.,
11334 eu'uo
4% Corporate Stook., 1057
'IA)
Clot
wile 05
95
•
•..
'40
By
Greenbrier
let
00
104%
Sale
gag
Is
10
1017
Os
1.
M-11
1014
1051
8
11.160
Impt
4s
N Y State-Canal
74i 7414 Nov'lb ..•. 70
77
101 103 1-2J'1y10 ....11034 1034 Clue & Alt Itit rut g 33 11/41) A-0 73
191
bo Carolina 443 Z0-40
liattiony lst lien 345_1030 j-J
70
8 684 75
69 Salo 60
954 97
MI wit'10
I 9134 96
Tenn new settlement 33-1013
Oct
'09
1
Registered
713
4-67
11150
j•J
88
11
87
90
88
88
11)91
2.38
Virginia fund deut
09% 6 1;878 100
Chic burl di w-tieuv D48 11)22 F.A
004
1194
33
41
41 Oct'10
40
50
Us deferred Brown Bros (Atm.
111tnous Div 3123
88
[941)- J
864 1184 88
18 864 8)4
88 801)'10
8034
RegisteredJ • J
itailroad
874 88
Ilis Div 45
9134 5 084 101
•
904 101)4 O034
1049 J.J
A lituanuit Cent bee So IV
Iowa Div sink Lund 5s...1.011) A-0 105
1084 001 'Olt
413..laba Mid! Bee At Coast LILL
Sinking Lund 48
9834100
Rill) A-0 994 13936 90% Nov'10
Albany Susn bee Del& Hue
Nebraska 4xtensioo 48 11)21 M-6; 09
98 10044
9934 111) Nov'10
Allegheny Valley See Penn kth
Registered
14)134 .xiar'ou
11327 "11-N
Alleg xti Weal see Butt It t l•
074 09
Souttiweetern Div 48
1)7.4 mai'10
111'21 51.S
1)1
834
'79
77
181s
FV, 1 74
411105
&nu Arbor 1st g 4s
vsk,
Joint bonds bee Crest North
1.18 11A Oil 074 101
1184 Sale
&ten & Sb'e-(1 ea g 40.11)115 A.C.;
1014 14 10034102'.
Dobenture 58
*97% 03,6 f)8
1913 VI-N 101 10114 101
138 101)
Registered
General 48
97% li6 97 DM
86
90%
95
1038'M-8 971
/
4'utle 1)74
adjutstinent g 46
g11)11
1995
5 Sox, 90% 8aie 110
92 Jatt'll)
Han eb 6t•J on consul 68 11111 81.
100,Nov'10
[0034102
02
92
100'4
Registered
/41093 No
91
81
-1)-(5.1.
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84 Nov'10
80 4
13 89
83% 84
9434 el= clb h. Wad SO pup g 48 1915 4-2
ii11)01,
Stamped
121 127
let °ousel g 13s
1 105 117
10134 19644 106'4
1924 A-0 1'234127% 121 J'iy'iu
Cony 48 issue 01 11)00_1955
10834113
General consui 1st
M•N 1104111% 11.034 Nov-10
,
55 J-1, i0678 4itie 1004 10616 1:, UM 12216
Cony g4,1
111 Alay'ull
103.
Registered
1037 51-N
us 104.4
Cony 4s (issua of 1910). 291 2-13 103 nai 103
rili••ii
108 4,4 Salt 1084 10834 21 10134 1228,,
110 Oct'10
Clue Be Intl Ity 18408 1930 2-.1 1093s
lull J
10-year cony g us
9678 Jan'10
'JtOs 084 Chicago da Erie Aim Writ,
Debentures 4s Series J 1912 F -A
87%
86
854 19 84
1)84 06 4 Chin (it Western let 4s 1059 U.S 81% 80
11834 Fet.010
Series 1
1913 F-A
12118121)4
145 001'10
07 Apt-'10.
9714 Lauc in 38 liouniv rot. us. 194/ J •.1 125
(37
East Okla Div 1st g 48 1926 .111•S, 1)2
114 DeWitt)
Refunding gold be
1047 -2 110
1124
0278
1/2
9434
Short Line 1st 48 g
1956 J • J. 92 Salo
1131) 1004
Lomas- N A &Oh let 08 1910 J -J
100
6 se Pres & Ph 1st g 53 1942 4.5 1013 10966 LW 4 J'1,1'10 -.I:10741004
Chia Ind Be Sou 50-yr 46_11356 J'-x)
1124 04
92
0234 Oct'10
&tlKnox&N See L N
103 103%
911
/
2 04
02
9076 Ciao MAI& 6t. term g 63 1914 J .J 1024 113234 103 J'ne'I0
94
Atlantic Coast 1st g 48.h1052 11-S 91
I
General g 48 series A..el081).1.4
98% Sale 118%
08% 18 98 1004
101 889'09
Ala Mid 1st gu gold 53 1028 .11-61 10734
014
94%
Registered
1133 4,0et'08
94%
U45s 0438
Bruns& W 1st gu g 43 11116 J -J
General g /
88
4 85% 89
13
4s series 13.61113
e 981.1
;39 J
411.3 874, 8834 88
Charles &; day 1st g 78-1936 j•J 128 l
25-yr deueu 4s
1)24 Sale 924
17 914 U334
924 26 89
Int
954
1934 J-J
91 4 93
03
0195:4 31-14
L & N coll g 43
1
107% Mario
Clue L 8u Div g
127 J'ne'011
1074 108
J-J 105%
Say if Be W 1st gold es..1914 A•() 124
112 Mar'10
1084 Oct'10
Chia &
11./7 1104
.,"112 112
Bay Div Os 113213 J -J 1074
1914 A-0 1104
let gold 58
Clue 04, P W latg 53
1)538
2 10534108%
95
974
135 J'ly'10
107
1921 4-4 10634 1074 107
81113p Oca & gug 4e 101a J -J
&(It 8o g fis
1024103%
1916 J -J 1024 104% 103 is Oct'10
'Atlantic Be Danv bee South lty
11044 May'10
110% 11634
Far db boa Men g ds
1024 J-J 117%
gituitui Be N W See6ou Pacific
924 23 90
924 214
93
LaCrosse & D let 58
1919 J -J 1008
1044 106
10534 sovilt)
Ualt& Ohio prior 1g 348.11125 J-2
1054 108
Wlitla
16
ixc
el
105% Aug'10
li
doins
e Div g 58
/11925 4-2
9134 Oct'00
81 Registered
1921 J• J 1116
98 bale 98
11.1338 1054
1)834 63 9734100¼
4
1. %Ts 00- 1913 J -D 103%
u
/1.11)46
(4019 48
- DM% Allie10
1i9'S 904 964 11 90
9976
1013 J-D 101) 10034
Registered
4194a
111
',I 110%113
l)101Pelt:
;t
ee;a tr
120 Oct'01
eo troh
gn
5
60 tar NAA
F 110 1114 111
ei:ta
ws3
c0
111990822
17
,23
us711181 g30
.
.
66 19
PIUS J uno 1st gold 613;..11.122 J •J 111%
87.4 8844 8734
A 101
1 96,
9)
119
871% 894
87%
PJusi& M Div let g 3481925 51.10
9014
xc
05% J'ly'10 .... 053s 95 1j
013s'Sale 91
93
91% la 80
100
Registered
• PLE& W Va Sys rof 481041 51-N
9u
87
1()
1)0
kW% 110
9234
11 811
874 89% 88 Nov'10 ••••
Southw Div let g 348-1025
894 Apr'10 ....1 894 901
8,34
9334 Apeln)••••
/
2
Registered
41925 W•J
•
9844
101 Alar'10 -1 103 11)3
16inkimg Lund 6s 1819-1'11992897 4
11034 801)'10 •••• ritirs; rifi
0 111%
AF-1f
Con Ohio 11 1st g443..1930 51-b
109%1134
112 101)34 Nov'10
Registered
110
01 Lor & W con 1st g 158 11133 A-0 A
.1
106% Feli'07
zsi o
uv:9
Sln
i,e
lun
11414 N
1
1.1)
16
113
9 :::: 105 1994
giegte
tr
ueti
nd 5s. 187
1115%
879
1).1
113
92
29
slonon Riv 1st gu g 6s..1911, F-A 101%
..1
100 Alar'lu .,..• 1136 106
112 Deo'011"
1034
Ohio River BR 1st g 53 113313 2-1) 1034
•
Nov'09
:Nol
l,
u
u
v,10
lllll
3
,
4
2
1
0
6
5
o
'0
1074
06
7,2
103
Debenture
....
.... 1002
05 10
112
106
Is
A-0
General gold 5s
1937
1194 Nise94
Registered
Pitts Clew &Tol 1st g Ws 1922 41.-0 1094
811i
itk
eu
giltr
AAA--- ONO°
111) M
109 8ep'10 .... 109 1114
081
/
2Sep'09
ue
it deb 58
9993
2213
1879.1
11113
9644
• Pitts Be West 1st g 48 1917 2.2
•
LOU Nov'04
• ;Stitt Isl lty lot gug 44s 11)43 -1) , 81)
MU L & West 1st g
Nov'10.... 114%1114
rill jlY'96•
193
21
3 M:N
S 115
Beech creek bee N (I Be 11
Ext.& Imp sfund g 66 11329 F..A 109
109 Nov'10 ..., 109 112%
•Beller & Oar 'Sea 111111018 Cent
•.
lilan
cu
chi pd
1.4241ftlin02 •••
ivDliavtl
gs6
t8g tis 11)25 M-8 117
Bklyn es Montauk See Long 1
AsSu
1184 Nov'10 ••,.. 11841184
117
Bruns as West bee Atl Coast L
Incomes
1004
Bullalo N Y a° Erie bee Erie
eg
oicsk
telrset
314
12Nlo
av
Y:119
111 116% 1.161sny'10 .... 113%1164 ChlouR
14 JJ
1(
)
1.0
0 :.:: /01110112
li& Pac 08 19
217
11 9111
Banal() 11 & P gen g 64 11137
107 14 109 105 J'Iy'101.... 105 10934
109 Aug'10.... 109 109
4,1180938
Consol 143
1907
General gold 48
Aug'10
9114
Ull
1174 12 944 99
AU di Weal 18t g 4s gu 111136
9734 97
97
103 J'ly '1)8
108
Registered
GIBe Mali 1st gu g53..1943
98% Vol1'10 .... 98% 98%
92
Refunding g 4s
10 86
11534118 116 J'ne 10
115 117
813
Rooli & Pitts 1.81. g 0s 1921
89 Salo 3834
Coll trust Series J 4s. :
Ajjj.
::N
Ujjj
8
2M
97.4.Ply'10 .... 9734 97 1
0938811487
1924
1119
Consul 1st g 63
1104 889'10. -110411034
1
11634.
94;„, Jan'to •••• 944 044
72 Max'11)....1 1 72
.8
72
71$
1015 M-N
Bull Be Susq let ret g 43.911151
N 40
I
11
I &P
111 Dee'09 •...
BurCR&N See C
0 48
103141 28 10234105%
103 Sale 103
1913
0441:g'01.3Y110 •••• 914 944
Ian So let ext es
95
P 49
934
1001-4 111114 101. 4,Nov'10. 10034101%
1913
1.--;2t.1 Is
11
/4%8u6 66„% 837
1011
Registered
10104 M3037
Bit 4s
74 Sale 73 18
Chilt:isjiteascei:ta°
70.4 Ilay'10 .... 70% 60,,
• Garb Be Shawn See 111 Cent
RI Ark;31,Louia 1st 4482
Carolina Cent See Scab Air L
19
9
(
3
'2
4 114
M-18
5
12
4 10
0
13
9
19
8
44
1 19
ouriite
i:
t Ltit
r lot, g 513.11)3.1
Carthage& Ad Bee A I C441 11
1104 19
11
4% 19
13
4 4 NoVI01....
3,7...
Ma
ot'.:11)0
°
:
5
20
CeiiitlalfdiN bee BCR&A
10
1034 A-0
Cilia Be N W 1st gu 56 11321 A..0 1034
Ceti BraiicIl kV bee Mo Pao
111 Be St L let gu g 78 11)27 J -D
1093s Oct'10.
Cent oh Ca Rit let g be-2)1045 P-A 11134
100341134
Choc Ok 34 ti gen g 50.o11)10 J-J 100
107 Sale 1064 107
101 MaY'I0 .... 104 104
17103% 101)
Consol gold Os
1941
107341084108400110 .... 108 110
_Consol gold 5s
Registered
113 Apr'00
1945 51.11
101 Feli'10 .... 1034 104
Keok
A-O
-N 100
2M
De8 Al 1st Is. 1 23
110 Sale 110
let pret utconie g os„...p11.145 Oct
9134
0034 42 82
Stamped
MI Salo 93
90
2, 84
1104 Jino st de (I bee Ill Cent
8814 sale 884
I
11
864 Jnio St Lai, Pitts bee Penn Co
2u prei income g bs....p1045 Out
884 19; 75
2-17) 123%12441125340dt '10 .... 123 1274
864 11 75
884 11110 St P IL Be 0 eon
29 pier income g 5s stamped
88,
4 Sale 684
I 93 De0'03 ...' .
Cons es reduced to 34;3.1931i .1.1) 85
85 1 81 75
So prei income g 58....p1045 60
.1. 85 Stub 85
804
11
,
8518 Oct'10 ....11 80
86
80
84
ild prat mow= g Is stamped.
••
••••
-•
.
..•.
•
•
.
•
-••
••••
11
••••
•-•-
••
.
•
-•
•
.
-•
•
•
.
•-•
......
•••
MISCELLANEOUS DOM./S.-Continued on Next Page.
-Street Railway
Street ItallsiTiy
Siet St ity gen col tr g 53.1997 F-A
Brooklyn hap 'Jr g 53
78 Nov'10
75% 77
1945 A.0 10334
10334 10334
2 101% 105
74% 8234
1st refund cony g 43
48 001'10 ••.. 46
Ref g 4s
54
'2002 A.0
2002 2-2
83 Salo 83
8334 105 7984 sI7
nis.City 181 coil 53.11)10 1941 J -J 102 103 102
Bway& 7th Av 1st c gbs 1941 2-9 101 1024 102 Nov'10 ..•. 9841024
102
; [0034104
ilk w Cu& S eon gtt g 53 1091 .41-N
Col&
984100
9th Av 1st gu g 58.111113 51-S
1)84
U0 4 '2 130 1132
/
2 90
1174 138
97,2Oct '16 .... 971
• Bglyn tin EL lat g 4.55 1950 F -A 101 4 10314 102
Lex Ay& P If lst gu g 53 1011.3 1.1•S
98% 98'0
102
1)7
2t 110 103
904 99
98'..
.tatuped guar 4-58
Third Ave RR con gu 48 2000 J -J
6 103
614 Oct'10
1950 F -A 1014104% 10214 Nov'10 ...• 99,
5744 0114
08%
, Kings co ba 1st g 48
Cent Tr Co certfs stuipd...
55
00% Sale 60%
19411
s2.4 Nov'10 .... 8234 85
*834 85
0134
btaniped guar 43
Third Ave Hy 1st g 53 1937 j-11
105410878
10411 F.A
. 107 108 107 Nov10
84 Sale 814
84
; 80
8534
Nassau Elee gu g 4s
854 81% Oct'10
N Orl Hy & Lt gen 44s 11)35 I• J
1931
73
14 76
77 Sale 77
82
84% 87
Conn ilyBe List& ref g 443'51 J -J
110
98 Nov'08
102% 102 is Mar'li
u84's 102,, St Jos Hy LLB Be P 1st g Os'3 51-N
Stamped guar 443
1951 J -J 1004
-it Paul City Cab con g 58.1937 J -J 104 108 10734 Dee'00
10134 Aug'ii
10034102
80 Ply'it. .... 80
Del United 1st con g 448 1032 24
70
81
8234 Tri-City Ry& Lt 1st. 1 58.1923 A-0 904 984 1)8, NoV'10
Elee cense! g 53 1952 F-A 9434 96 4 9634
115%
1 93
954 Underground of Lon 53....192b 31-N
95
90% 08 Apr'09
894
83
1956 A.0 8044 Salle 8034
448
Inter-Met coil 4 48
80;4 2115 77
804
8914
894
1'13.1 J -J
8344
Inter Rap T 3.yr cony 08 11111 041•N' 1004 sale [(4034 10034 48 1(34)44104
Ineoiiie 63
374 stale 374
31' 13 314 40
1948
1953 M.N 10314 sale 104 76 10336 /68 100 1031, Union Et(Chic) 1st g 53 1045 Alb
43-year 513 Series A
84 Oct '08
79's 83
anch'rise colt tr 43 11319 2-2
(3734 Mar'I t •... 6'7 4 671
/
2 United Rya St L let g 48.1034 J -J ...... 8116 80 Aug'10
74
antis Mee 1st & colt Os D)52
93 blay'06 .... ......
United RRs San Fr 8 1 43.1027 A-0 074 70
6788
07% 1 65
No price Ft-ulay; latest this week. 11F1at. untie Jan 9 Due Air e Due May g Doe J'ne
hD-ne-j'ly-knue-Ang °bac Oct p-ban Nov 8 Option Sale
•..•
r
Nov. 26 1910.1
BONDS
-3
N. Y. STOOK EX(11-1A NOE
Wititg Minim Nov 25
I .4a•
Ohio St.P M & 0-(Con)
Ch SI P & Minn lst g6s 1918 M-N
Nor Wisconsin let 6s 1980 J-J
St P & S City let g 68 1919 A.0
Chic dis West Ind gen g 6s g1932 Q-M
Consol 60-year 4e
1952 J. J
Chic & W Mich See Pere Marq
1%000& Gulf SeeCRl&P i
Cin
& 1) 2ii gold 4%5_1937 J • J
Cin 1.0 & I lst gu g 5s 1941 fa-N
Find& Ft W lst gu 48 g.23 M-N
Cln 1 & W let gu g 48.1958 J -J
Ind Dec & W let g 5s 1935 J -J
lst guar gold 5s
1935 J -J
ClStL&u See (7(.1 0 &
Oin S&
See
0 St
Clearfield &
See 11 & P!
!ley Inn 0& st L gent, 48 1993 J-D
Cairo Div let gold 48.-1939 J-J
Uhl W& 51 Div 1st g 46.1991 J •J
St L Div let col tr g 4e 1990 24-N
11/90 51-N
Registered
9pr & Col Div let g 4.2 11140 7.1-E
W W Val Div let g 40 1941) J • J
C I St L & C consul 6s 11/20
/21936 3-F
let gold 4e
k'
k1936 Q.F
ttegletered
& CI con let g 5s..1928 •J
1914J-1)
C & 1 °moot 7s
Consolfaux f unit 78.-1914 .1..1)
General consol gold 68.1934 J-J
1934 J-J
Registered
mU 131 & W let prof 4a 1940 A-0
0 Intl & W let pf be...41988 Q4
Peo & Emit let con 4e 1940 A•0
1990 Apr
Income 48
Clev da Marietta See Penn /Chi
Cleo & Pitts See Penn Co
I
1947 J • J
Col 11110huni let g 4s
Colored)& Sou let g 4a 1929 F -A
1935 M-N
Rotund a ext 412s
Ft W & Den 0 1st g 63 1921 J -D
Column & Ureenv dce So tty
col .3b 'Loci( Val See hook Val
Col & Tol See Rock Vat
Col Conn & Terin bee N & W
Conn 8, Pas Rave let g 4e.1043 A-0
Cuba RR 1st 50-yr 6 g
1952 J• J
!lak & bit do hes() bt iSb St PI
/taloa & Waco SeeM 1I &T
Del back & WesternMorr(e& Essex lat 7e 1914 M•N
latconsol gnarls
1915 J-1)
Registered
1915 J-D
let ref gn g 312e
2000 J -D
N Y Laok&W 1st 6s 1921' J•J
1923 INA
Construction be
Term & unprove 4s
1923 M-N
Warren let ref g-a g 3.28 2000 F-A
Del & liud let Pa Div 78 1917111-E
Registered
19171M-8
1916 J-D
10-yr cony deb 48
1922 J -J
1st hen equip g 4128
1st &ref 4s
1943 Mal
Mn.
cony 312e.. -1946 A-0
Alb &
Roue& SaraWga let le.1921 M-14
Dal Ely RR Bridge see Pa RR
Dsnv & It Or let con g 48 1936 J-1
Consol gold 4124
1936 .1 -J
Improvement gold 5s 1928 .1-1)
let Si refunding (is
1965 F-A
Rio Or J mine let gu g 58 1939 J -D
Rio Gr So let gold 48-1940 J
Guaranteed
1940 J -J
Rio(Jr West 1st g 4s
1939 J.J
lige and col trust 48A 1949 A-0
Utah Cent Istgu g 4s a1917
Des Min & Ft D lesM&tA
Dee &tol tin Ry let g 58 1917 kt-N
Det do Mack let lien g 413 1996 J-D
Gold 4s
1:195 .1-0
Dot So-C)8 Div let g 48 1941 MD ul & Iron Hauge 1st6s 19- 4-0
Registered
193 A-0
2d 6s,
1916 J-J
Dal Short Line Sea Nor Pao
Dal So Shore& ALL g 68 1937 J4
Ii`liat of Minn /SeeStP Al& Al
W.Jast Ten Va &(la See So Ity
Elgin Jol & East let g 56.1941 91-N
Elm Cott & No See Leh& N Y
1920
Erie let consol gold 7a
Y & Erie let ex t g 48 1947 M-N
1919 M-S
2i1 ex t gold be
1923 WS
ad ext gold 41213
11/20 A•0
4th ext gobu 53
Stli ex t gold 4s
MS& 311)
NYL E&W ist g
one ist eon g 413 prior-191W .1-J
Registered
1996 J-J
let()ousel geu lien g 48191)6 J -J
Registered
1996 J-.1
1961 F-A
Penn coil tr g 48
1953 A-0
50-year cony 4, A
Series 11 1953 A-0
do
Bull N 5 & Erie let 7s 1916 61-1)
Chic .*4 Erie let gold 58 1982
Cleo 8. Mahon Val g 58 11)36 J -J
Long Docg consol g t33 11135 A•0
0oaiS
let cur gu 6a 1922 M•N
Dock &
let cur tis 1913 J -J
N8 al Green i gu g 53 11146 01-N
Y sue & W let ref 6s 1937 J -J
20 gold 41-28.
1937 F-A
General gold 6a
1940 F-A
Terminal let gold 6s 1943 111-N
Regis 35,000 each 11143 611-13
•
Wilk a.6 Ea let gu g 64 11142 .1-1)
KT& lud 'stain gag 6a 11/26 J-J
-------
oe
Prttlat
Nov 25
Range
Wee-les
litoige or
Last Sale
Since
44 January
BONDS
N. Y.STOCK EXCHANGE
Wictic Mutitsti Nov 25
1":
Pries
Prides
Nov 25
1431
Week's
Range or
Last Sate
an
High No
Low
1225812584 123 J'ly'10
122% 12712 12932 May'll9
112.4 Nov'10 -112
109%411 10312J'IY'10 ---•
V134 6
9112 91% 91%
hut
Ask
102 106
113
105
Oct'00
Oct'10
Low High
High No
Rid
Ask Low
123 127
Erie & Pitta See Penn Co
115 Dec'09
Evans Si -r 131st cons 6s 1921 J -1 110
1 I 134 11432
let&eneral gold 5s
1942 A-0 101 101: 101% Nov'10
Mt Vernon let gold 6e.„1923 A.0
114 Apr1)6
108%112
93%
1*5 J'ne'Oe
88
Sull Co Branch let g 68.1980 A-0
14,argo it, So See Ch M Si SIP
1.- lint& Pere M See Pere Mai
Fla0& Penne Nee Sea Air Line
101 108
Fort St 1.1 D Co let g 4126.1941 .14
92 Aug'10
61 W Si Rio Gr 1st g 4s 1928 J • J
87
84 Sep'10
8714 a *al Liar & IS A tieeSoracOo
86
07 J'ly'09
Tat li 8,li of 1882 lei 5e.1913 A-0 05% 99
10 t% 107 '
Georgia Si Ala See Sea A Line
......
Ga Car & Nor See Sea A Line
Georgia Pacific see So Hy
Gila V li.& Nor See So Pac CO
90% 96% (+OUP Si Oewegat See N ICent
Grand Kap& Ind See Penn RR.
......
90
9412 Gray's Pt Term See St L 3 W
7 8934 95% Gt Nor--C B.fe Q coil tr 4s 1921 J• J
v5
87
,2
95se Sale ca 4%1 9
11 210
4
Regiatered.A
1921
10
S
J,
elp
y:1
•
•
•
•
•
•
•
•
8812
1051 104
8634 Oct'10
102 Sep ..-10
10712 Dec'02
95% 95 Nov'10
94% 9412 Aug'ut)
91 Sep'10
03
Sale 92
91 001 '97
100% 96 Dec'09
90 May'10
90%
106% 111.31)'10..10614 10614
106 ce
DO
9714 9734 Oct'10
9612 96%
, 116 Aug'10
96
973
96
118
10512
108 Oct'16
108 1(18
108
10914 Dee'ul)
93
Range
Since
January
.1
Low High
101
102
8812 92
84.
87
•
•
•
•
92
92
g-rj 20
1 ou i.,
0703,!
8,,, 12
d.oidut;.4a....Esaa3 1...1 10
rvel
i gma
ew
i
stiratakti
9412 97%
94.4 9674
98 IOU
125%12834
132 Apt'09
106% 109%
1085
L06111 1 193.4 107.4
44 J'ne'im
07i. us%
Nov'l0
117 12 Wu%
Mont ext lat gold 4s 1937 .
in
:
'
1
100 4 Get'MS
Registered
15 Minu.NorDIvIst g 481947
141134 Jan'1u
99% 993
.
8. fi--0
1
) 95'a
Minn Union 1st g 66-11.122 1•J 114
1564%125% 119 Aug'10
11412 114 12 4 113 11412
110 119
Mout C 1st gu g 68-.10
125 129
93
37 i:J 126% 128 127 Nov'10
94 i'ly
136%.
gy'Ut.1
Registered
lat guar gold 6s
110 113%
1937 Jr- J 111%116 112%Nov'10
116 J'ne'Ulf
89.4 02
Will& S B' lei gold5a 1938 J-D 112
PO Nov'10
9412
89
68.4 60
Greenbrier It)' See Claes & 0
60 Nov'10
67
63
88
87 Oct'10
87
94%
Gulf& s I Let ref(et g 56 o1962 •74
1...1 an & StJo See (.; Li & 4
69
7012 7012 Nov'10
65
818b A lotteatome See N IN Hob li
100121021
4
1021
4
1
J
.
-4
.
1
10214
997
05
9
,
9
2 104
95.2 9512
977e Hock Val Istoonsolg41.28.19u
95% 7 93
10012 Strp 'Uar
97.4 Sale
Registered.
7
97.4 14 94 *4 99
93' 95
95
9512 MaY'10
95%
11234
Col & /1 V let eXt g 48..1948 A-fa
113
1 11142 114
113
Is
2
I11114 c eu'1)1)
Col 61, Tot let ex 48
11.65 F- A
Roust it Si W Tex See So Pao
Roust& Tex Cen See tio Pao Oo
104 J'ne'10
104 1054
I Ilinola Central 1st g 48..1961 J4 101
107% AP:'07
I. Registered.
lual.
14
87's.
0034 Nov'10
90
IOU 100
92
let gold 312,3
100 Mario
1001 J-J
94 bey)'ut.)
Registered
1951 J4
9312 lilay'09
Extended let g 312e
1961 A-0 87
at) J'ly'99
let gold 3a sterling
1951 SC6
9932 Nov'10
. 100*4
10312 111%
108%
108% Oct'10
Coll Trust gold 4s
,
2, A:0 99 46
145
1314 1
11112 11011 3 111% 114%
111%
Regiatered.
u16
127 J'ne'05
96
99%
let ref 45
0
9
314
07 lu 97
9 4.'.
Nj,
:°"
94 Sep '06)
ov
'
e
v l0
9
111 14 10032
80
94
A. N 0 Si Tex gold 40 -19
95
63
5 1111--N
N
06
97.
2
96
Nov'10
11E51
/
4118 11802Nnv'll)
96
113 118%
06
Registered.
9
mp
ary:y0
106 Oct'10
00
7is A
107
106 110%
Cairo Bridge gold 4s 19
00 115
860
8 MJ, --ND
99
99
99
Loausvinv
87% 88'2
d bTerm
2 27... 101
ga l./11 1963 4 -.I
86
102% Feb'03
uti
ary:111
0
Middle Div rag 58
2134.
m
1021 F-A 102
7, 17
117 120 120 Oct'10
a Div le g 3e
Omah
120 1202
t
1951 F-A
7744 77%
118 149 aug'01
bit Louis Div&term g 38 11161 J "J
118
118% 9812
9812 6 96.2 104
Registered
1961 J-J
8
79
10034 102 10112Icov'10
9.4 F
ile
e)
1c:°
18
WU 103
Gold 3122
0
83.483
1951 J-J 87%
88% 82 9612 100%
08% 911 12 98%
Registered
_1
1951 :I,-i
00
1j
9312 9412 93%
v:
i0
10
933
. 9 91
i
u,
12
el
m
it.)ctr
81
l
i9
0:l
9712
Spring Div let g 312a
951 -*
Oct
122%
123.2 Sep
12314 13014
Western Lines let g 48-1961 F-A
•••• 96
98
11712117,
ilellev & Car 1st tis
2
1923 ..J -D„ ". is
9412
94 Sale 94
92% 97%
96 L4 Oct'10
Carb db Shaw 1st g 45 1932
95,
2 99
.
1 13
'
94
1044
Marl
9012102.2
103% 104%
Clue St L & N () g 5s...1951 J-D 112 1111 12 116 out'10 .... 11434 119
1061 .1-D 112 115 118 Mar'10 .... 118 118
100 105
101 102 1014 Nov'10
Regietered
1951 .1-0.
111 Sale 11034
91 4, 20 VW% VA%
Gold 312a
Feli'l)
88
M mph Div let g4s...1961 „J',
9
8?% lOcar
t:0
e18
U
97% 07la
0
78 Dec'011
St .L Sou let gu g 4a. _1931 34-'
98 J'ly'titi
79
85 hiarq)6
Ind /11 8, West See OU O
.
& St L,,
95 Mar10
VA
95
90
9012
90% 3 87% 04% Ind III Si la let g 48
98
1950 a -'1
14„,4
85
Int & Great Nor 1st g 6a 19111 1.1-N 107 108
83
ba% Oct'10
6 107 110%
84%
2d gold be
97 Jan'92
112 11
°7
0
'
34 514
1 /170
4
106% 112
1909 M-8 *
Trust Co centre
103
6 103 11234
... 102.2 103 103
35
ad gold 48
16 Le 6 15
.-8_ ,1412 16
15
110 Sep '04
1921 A
0772 Iowa Central lat.gold.6a 1938 _
105% Nov'10
94
1(12%10634
94
94 Sep '1u
4 w,, 1°3
'
31°5
'
4
88
91
Gold 42
611
71%
83 89% 91 Nov'10
1951 .1,-14
:amiu
74 .1.
esA.
IP‘&
u LICInearsles
72
72
eti,
7
90
414 9
70
4%°"
041%
74 Oet llu
° 2 1/4
74
.
9 d -D 114
4t...3;14
90
91%
109 111
10814110 10814 Omit '10
1.5...an & Mich bee To!& 0 U.
106¼ .11.ar'ub
K 0 Ft8& DI (lee St 14,80 S 1'
Kl.)& .511t&I.1 SeeSt.L&SF
1061210034 lo7.
2 Oct'10
10 12107% Rau li Its Paoillo See 51 K 8,T
Kan City Sou 1st gold 301..1950 A-0 73% Sala 73%
73% .5 9
7
,
1% 9784
Oct '00
lteguitered
1115t) A-0
Ref & impt efe Apr 1950
'IQ
.,- 911121011 •
11934 101% 10
81
3•
1 10812 108%
108%
Kansas City Terml let 461960 "1 -()
88
.1"
11814 12212
118% 120 120 Nov'10
Nov'10kentugy
cent bed L.& N
100 J'ne'l u
100 100
Aeok 80 De3 blo See 0 It 184P
100%
10414 Oct'10
10414 1067s linoxville Si Ohio See So ity
103%
10.i Mar'10
103 103
100%
W lat g 6s-19371.14 110 110,t 10958 109% $, 108%112%
10614 Jan Ili)
10614 101514
103.
1
107 106 12 Mar'111 ..... i
108
6%
ss 1
1112
7 12
58..1941'J -J
904 90s4
9934 irebqu
Nortii ()Lilo let ga g
-0 10612 111 109 Alar'l0
119 *4 118 °el.'1U
118 118
L She cib Inch.6 See N Y C
le4
u5
t"A
"
b544Nov'10
8934 574., Leh Val N Y lat gu g 4124.11141./ J•J 106%
1
10
05
5% 105
83% nO
106 Nov'10
08%
81 Nov'u9
85
2'
Registered..
14
"
"
74% 401 67
70% Lehigh Val(Pa)cons g 48.2003
8 No
W
74,32
v'10
0 , ..1 96321)8
74% Sale
M-11 100 Sale n5
Len V Ter Ity 1st gu g 58.1,141A-0 113 113 12'11382 113%!.. :.; , 1 1 2:1115%
sS's.F'eb'Ol
Registered109.
2 Oct 'Mr
'I
8312 67.2
86% 87
87
87
ma,Sale 7514
Lou V Coal Co let gu g 631)
83
79
18 64
93
43
1A
J- J0 1015%
73% Loh & N I let guar g 4a..1945 51.-S
'1
, 03
108% 51
69
70
30 66
l'1°
a
‘
r1U
11 ....' 93', 95
113%
68
70
Registered
113 113,
1 11372113%
2 Mar'10
El C 4
,N let pt tis
18
94
ill's 111% Ill's 11162 2 Ilu 115
lot's 101%
1"-8
4 A-0 103
101.2 1110'10
Gold guar 58
121 Dee'08
"cola 0111111 A-0 100
112
101% bep'00
Loh & find tt 5
120 127
122%12412 12314Nov'10
Loh & Wilgeet, see Cent of N J
104 100% L14 Apr'10 .... 114 114
Leroy Si Caney Val see Mo P
Loa 12(aft '119
WU%
99.2 103% Laing Dock see Erie
91.1 14 Nov.10
904 105
101
1 99 RA .2 f,oug islkt-latcou g 53.41931 Q-J 111
112% Nov'1019
101 103 101
13
0%19
:
12
7
.
1st 0011801. old 411
1011 12 WU% Dee'Od
96 100
h19314.1
113
89
General go d 4s
87
1938.1-1), 9%
1
95% 94 ()et'10
89 J'ne'10
110% 6 108 110:
Ferry gold 4%a
/
4, 9841
1922 M-81 9712 961
liti'.a
1 97 100%
110% 8a16 110
Gold Is
97
9914 Oct'06 .... ......
11432 .1-D' 91
U Wiled gold 4e
10i.
2 Mar'10
101 12101%
95 I 93% Mar'10 .... 1.3 12 95
1949 M-81 94
911
Debenture gold Os
1934' J -D
•104 12 Dee'l/8 .... ......
114 Oct '011
106
1933 J4
Reue
dugi
oed
eteto
red
gold 4124 19
933 JJ..-iJ
..
.
Uti..
•
•
•00•
..
•
••
•
•
•
•
•
•
•
•
108% 1°812
La2kdegEorl(itefs
..
MISCELLANEOUS BONDS-Continued en Next Fame.
------Gas and Electric Light
NYGELII&Pg 5s...1948 .1*-0 10134 Sale 10134 102
102
9 9912 10314
Purchase money g 4a...1949 F-A
87
8i% 21 80
105%105% 10534 1051-, 6 105 10734
Si% Sale 84
Ed El 1.11 let cons g 58..1995 '-.1 11034 11134 11012 Oct '11)
6113,, Sep'10
60% 67
110 111%
66
Y&QE1 L&P let con g531930 F-A
100,2 19014 Alar'10
100%101'.
100:
IOU 101: N Ye,, Rich Gas 1st 5s.1921 al-N
100 101
97.2 J'ly '01.1
Pacific 0Si Eleo (So Cal Cr Si E
IOU
1.532 Sep '08
Corp unifying & ref Is 1o37
105
105 Oct'10
9212 Sale 924
10111100 LA
92% 8 91
93
Peo Gas 8, c let con g 66 19
047
3 A-0 116%
01 12 Oct !Ol
116% Aug'lu
11612119
Refunding gold 58
K-s 101) 192 102 Oct'10
101 11/0 Oct'09
I.0 1%104
o234
Ch G-L& Cke lstgu g5a 1937 J -J 102 1043a 104 Oct '10
102% 102
lot's 1934,
10212 104%
117
Con (3 Coot Ch let gu g 58.'36 -0 100% 102 101% Oct'10
07
97 Marl.°
07
100%102
102
1(30351017e 102
.00 102
Ind Nat Gas& Oil 30-yr 6a'36 M44 91
1)()
6 90
99
92% 90
113 115 114 Oct '10
aiu Fuel Gas 1st gu g os.1947 4•N 100 100% 101 Mat'10
110 12 115
101 101
Philadelphia Co cony 08 13IV F-A
5632 90
r1632Nov'10
863e 87
99% Nov'10
la) 105
97 101
102:
Syracuse Lighting 1st g 58.'61 J-D
102%10212 102%
13 10012105
1)8
98 100
98 Aug'10
111012 1111.4 101 Nov'10
s
99 101 ,
110 .dar'05
1 'Prenieu U Si El let g Os 194v
......
8.)32 9234 91 Apr'19
01
93 Oct'1G
92% Union Bloc L&P 1st g5s 1932 Si-S IOU%
93 .93
Westchester Light'g g 514 11)5u J-D 102%103% 102% Nov'19
100 103',
price Friday;- latest bid and asked this week. a Due Janb Due Feb 4 Due Apr eDUe May -4 Due i ly le Due Aug q Due Dee a Option Sale
(tns and Electric Light
4tttiitat.i L Co 1st g 5s 11)47 1-1)
ikiyu U Gas 1st con g 58 1046
buffalo UM lstgOs
1947 A-0
.foliunbus Gas let g 6s
1932
J
uetroit City uaa g oe
•J
Dot Una Co con let g 5s 11)16 F A
Equ LN
1st cou g58-193i a-6
ciao& Elee Berg Co c g 63,194v .1-1)
L Co let g 6.3 1010 F -A
ir Rap
liudeon Co Gas let g 63-1941.1 M-N
Kan City(Me)Gas 1st g 58 1922 A-0
11)37 A-0
Kluge Co kl L & Pg 54
i097 A-0
Purchase money 68
Ed 6111 Bkn letcon g 4s 11331. J -J
Lac Gas Lot St L letg 58.41010
F
1934 A0
Ref and ext let g Os
II ilwaukee Gas L 1St 48_19. 41-N
wark Colt Gas g 58....11)48 J-13
*
New York Bond Record-Continued-Page 2
1432
BONDS
'4°
N. Y.STOCK EXCHANGE c-2:ti
41 a,
WEEK ENI)INC4 Nov 25
[VoL. Lxxxxi.
New York Bond Record-Continued-Page 3
Price
Friday
Nov 25
Range
Week's
Since
Range sr
Last Sate oci:e January 1
No Low
t.g
But
Ask Lem
Long Island-(Con)
9414 100
9678 9314 Nov'10
Guar ret gold 48.
1949 M-S 06
Bklyn cgs Mont lstg 68-1911 M.8
10188 Deo'08
1st 58
1911 M.S
/
4 Nov'06
1101
N Y 13& Al 13 lateen g 501935 A-0 103
105 Apr'07
NY&RBletg58
1927 M-S 101
109 Nov'06
Nor Sit B 1st con g gu5so1932 Q-J 101
97 Nov'011
Louisiana & Ark-let g 58.1927 31-9 *95
/
4 Oct'10
11214 11634
1151
/
4 1151
Louisv & Nash's' gen g 68.1930 J-1)
113 Oct'10
1121
/
4 114
Olti 5s
1937 M-N
99 Salt, 981
/
4 99 '11) 96%1001
/
4
1940
United gold 4s
97%
Nov'10
9734 9734
1940 J-J'
Registered
10014 Dee'09
1910 A-0
Sink fund gold 68
10714 Sep'V'
107 110
1931 M.51 108
Coll trust gold Is
115 Oct '10
111 14 115
E H 86 Nash 1st g 66-.1919 J -D 112
Nov'10
104%
103 106
101
106
11-N
L Cin & Lox gold 412s...1931
124 mar'10
124 1254
N 0 dg M 1st gold 6s....1930 J •J 121
1184 Nov'10
/
4
11812 1181
/
4
1930 J.J 1171
241 gold 6s
N 0&
1
4 Nov'i0
1054 11014
Pensacola Div gold 68.-1920 P5.8 1054 111 105/
113 Sep'10
113. 114
1921 m.8 11314
St L Div 1st gold 65
71 Msy'09
2t1 gold 345
198 P5.5 68
/
4 Sep'10
921
/
4 931
91
951
/
4
AU Knox & ein div 48 1945 M-N
/
4
116 J'iy 06
Ati Knox & Nor 1st it 581948 J.0 1011
110 Jan'09
Mender Bdge 1sts g 66.1931 1,1.9
9434
9434
412 95
94% 971
/
4
Kentucky Cent gold 43 1987 .1J 103
102 Sep'16
102 10514
L.31;N&M&MIstg 41281945 yi.gi 102
95
904 Oct'10
804 92
L&N-soutli M joint 40.1952 J.J
/
4.Nov'10
/
4 11238 1121
1064 1121
/
4
g 5a 1937 F-A 1071
N •Ifla 86 6 1st
98
Nte,C Bdge gen gu g 44431945 J -J, 11014
Oct
'16
1101
/
4
1104 1101
F-A
/
4
68-1921
g
1st
gu
Pens & Ati
18914114
Nov'10
110
F.A
10914114
8& N Ala con gu g 58-11136
04 Oct'10
94
8814 92
L & Jett lidge Co gu g 46 1945 M.5
L N A & Ch Bee 0 I & L
M
Mahon Coal hies L
97% Ii 93% 9814
97% 97
014D hatten Ry consol46 1990 A-0 07
104 Apr'06
1990 A-0
Registered
081
/
4 98
984 16 94% 99%
Stnapd tax exempt 199 A-0
MoK'pt & 13 V Bee N Y Cent
9914 86 9634 9914
100
991
4
0918
J.
J
Ilex Cent cons g 48.......1911
31% May'lu
271
/
4 31%
a1939 J'ly
1st cons Inc g 35
261
/
4 Apr'09
2d 00118 inc g 35 trust roots..
77 Blar'10
75
77
flex Internal let con g 48.1977 td-S1 76
79
Nov'10
79
79
Stamped guaranteed.....1977 141-8
100 May'10
100
100
J
68.-191
gold
Alex North let
Mich Cent See N Y Cent
Mid 01 N J Bea fine
MU L & W See Chic & N W
ct, North Bee Ch & St P
11
3
ja132
ln,
207
131 132
/
2
Kinn &St L 1st gold 78-1927 J-D 1311
118
Pacitio Ex 1st gold 6s...1921 A-0 110
10012 101
1001
/
4 J'ly'10
South West Ex 1st g 78 1910 J -D
uou
102% 101.1
1934 11•114 1071410714 1708738
let 00/1801 gold Is
Nov'10
671
/
4 811
74
/
4
let and refund gold 46 1949 M.8
87
9134
J.J *854
Dee & Ft 1) 1st gu
Minn ob St irti See .130It& N
9431
/
4100
881
/
4
0612 9766 0612
61.8tP&S M cong4intgu'38 J -J
9812 981
/
4
9312 Jan'16
5i8IS M 86 A 1st g 4 lut gu 11326
M
&M.
On
Bee
St
P
Minn
.7 961
/
4100
/
4
9758 20
Mo Kan & Tex 1st g 48 1990 J.13 0768 Kale 971
84 Sale 84
84
87%
85
g1990
24.1 gold 4a
1 100 105
/
4 10% 18
11)44 M-N 102 1031
let ext gold Is
Nov'10
784 854
/
4 814
2004 51-8 791
1st & refund 4s
851
/
4 9 831
/
4 9034
85% 85
1936 .14 85
Gen 8
4145
88 Apeuu
2001 A-0
St L Div 1st ref g 4s
8
e'
9110
us
105 105
83
57.J'
10
104
Dal & Wa 1st gu g 58-1940
881
/
4 91.134
89% 931
/
4
Kan & Pao 1st g 46.-19110
11014 Oct'10 ..•• 106 113
1st gu g 58 11/42 A-0 10.94
Mo K
/
4
1942 M-N 1074 1011 10614 Nov'lu .••. 103 1081
K Ok let gu Is
1U4
1 1001
/
41051
/
4
51 K & T otT 1st gn g 58 11142 M-13 10114 104 12 104
Sher Shall. So 1st gu g 543 1943 J.0 104 109 11014 Apr'W)
1051.
4
Sale 105.2 10514 8 105 108
Tex& Okla 1st gu g 5s 1943 M-S
107 111
1921) M-N 108 110 110 Nov'10
410 Pacific 1st con g 68
/
4101% 101% 10114 3 100 10214
Trust gold Is stamped.a1917 11-S 1011
99% Marl°
99% 9938
Registered
al917 M.SI
1920 F-A I 101 102 10134 10134 1 IOU 10238
let coil gold Is
8178
7714 Nov'10
75
1943 NI-SI 7738 78
40-year gold loan 4s
1(814 953 N ov'01;
ad 78 extd at 4%
1938 M•11/'
92%
93
/
4 83
17 81) 96
let & ref cony 5s
1959 M 8, 921
93
92
92
92
911
/
4 95
Cent Br By 1st g-u g 48 1910
/
4
831
/
4 86
86 871
8714 May'10
Con Branch U P latg 46 1948 J
19
10
6,4
Leroy& CI VA L lstg 58 1926 J-.11
Oct (
1
)
8
5
9818
961410014
Pao kt of Mo 1st ex g 48.1938
/
4 11014 Nov't0
110 113
2d extended gold ba 1938 J-JI 110 1101
/
4 10714 6 10512110
1
411174 1071
Sgen con g 581931 A.0 107/
St L Ir
111 Sep'09
Gen con stamp gtd g 58 1931 /1.0 106%
2 81
34'
1
86
4
8464
8414 84% 843
Unified & ref gold 4,8 1929 J
Ile 8234 87%
84'4 84%
Rw & kJ Div 1st g 48 1933 PA-N
/
4 Jan '14.,
1021
1021410214
W 1st g 58 1926 M-S
Verdi V I
98 Dee'06
MobJ & K Clat con8 856 11)53 J.J
0
t 4.10
Oe
cp
115 1211
/
2
414S
11718 121 117
Mob & Ohio new gold 138-1927 J
114121171
/
4
/
4
1131
/
41151
• let extension gold 6s..h1927
Oct
'10
90
861
/
4 80
8131
/
4
85
14
.1938
General gold 48
107 1091
1091
/
4 Nov'10
/
4
/
4
• Diontgom Div 1st g 68-1947 F-A 1091
15 May'08
80
St L & Cairo coil g 48-611)3i)
4 94
96
98
94
94
93
1931 -J
Guaranteed g 4s
M 86 ooll 4s See 8outhern
Mohawk & Mal Bee N Iu&ii
Monongahela Riv Bee B &
Mont Cent Bee St P &
fdorgan's La & T Bee 8 l' Co
Morris & Essex See Del L& W
/
411014
/
4 Sale 1061
/
4 1064 1 1061
.K1 ash Chat & St 1,1st 74.11)13 J -J 1061
1081
/
2110 4,
110 Nov'10
1928 11.0 10108
1.1 1st()ousel gold Is
1
4
1.151
/
21151
/
2
• Jasper Branch 1st g 66-1923 J.J ill/
11514 Nov'10
/
4
W& Al 1st 68-1917 J -J 1061
Mehl
1174 Mar'05
113 Ply '1/4
T &P Branch 1st 68
1917 J.J 11/64
Nash Flor & Shed See L &
9414 Sale 044
/
4 9534
94% 51 931
Nat Rys of Mexpr 1414s 1957
901
/
2 8934 Nov'10
874 9218
Guar gen 48
1977 A-0
Nat ot Mex prior lien 4128 19213 J.J 1004 101 1004 1004 1(10014 10214
86
/
4 831
/
4 2 82
lat consoi 48
1951 A-0 8338 8134 831
New
& 1) See YN.H.&
NJ Juno BB See N Y Cent
N Ilkin 86 Man Boh Bee L I
88 881
/
2 884
N Y Cent& /1 Riv g 3128 1997 J.J
884 25 87% 92
/
4
Registered
83% 901
881
/
2 8638 Ply'10
1997 J.J
92
9338
• Deben g 48
9534
/
2 9334 93
1934 M-N 931
/
4
8038 34 791
/
4 841
Lake Shore cell g 3126-1998 F-A 80% Sale 80
78% 6 78 8012
Registered
791
/
4 78%
1998 F.A
•
•
•
.
•-
-•
•
•
-
-•
..•.1
•.
•
BONDS
N. Y.STOCK EXCHANGE
WEEK
riptivo Nov 25
ge
Price
Friday
NOV 25
Week's
Range or
Last Sate
oc,
Range
a:151
Since
?
)
t January 1
ii
Riah No Low Rigla
Bid'
Ash Low
N Y Cent dl H it-(Con)
821
/
4
80
Mich Cent coil g 3.2s. 1998 F-A
781
/
2 791
/
4 4 78
/
2
7914 Aug'10 •..• 7938 791
Registered
• 1998 F-A
9334
9868
98 Oct'10 .•.. 97
Beech Creek let ;Ku g 48 1930 J•
/
2 981
/
2
981
/
4
981
/
4
19343 J-J
981
/
4 6 081
Registered
24.1 gu gold 543
15436 J -J 10512
/
4
Beecher Eat 1st g 31
/
48 51951 A-0 841
971
/
4 Apr'09
Cart & Ad 1st gu g 4s. .1981 J -0
Gouv 840sweistgugba 1942 J-D
9878 J'ne'l0
981
/
2 I197
Molt & Mal 1st gug 48 1991 M-S
104 tic( '02
J June 11 gu 1st 4s. 1986 F-A
1.3
93 Aug'10
931
/
4
N Y & Harlem g 312.s. 2000 M-N
108 Oct '09
N Y di, North 1st g Is. 1927 A-0
95% 1 9514 981
/
4
N I& Pu lateen gu g 48 1903 A-0 95% 1)814 11518
Nor & Mont let gu g 58.1916 A-0
131.8 Jan '011
eine Creek reg guar 68.1932 J -D
/
411014 107 Nov'10
107 110
B Wed 0con lat ext5s.h1922 A-0 1061
1041
/
4 105 Jan 'OS
Oswe & R 2d gn g 58...e1915 F-A
10.1 104
104 J'ne'10
W&OTH 1st gug 56.1918 M-N 163
95
Rutland let con g 4128 1941 J .J
1011410214
10214 Fob'10
8214 87
801
/
4 9114
84 Oct'10
0g8,CChem lat gu 48 g1948 J-J
92 J • ne'09
Rut-Canad let gu g 48.1949 J.J
110 115 J'ne'09
St Law & Adir 1st g Is 1996 J.J
125 Foli'08
2d gold 68
1996 A-0
100 102
100 100 Nov'40
Utica dl Blk Err gug48 1922 J.J
9004 90 Nov'lu
90
921
/
4
Laze Shore gold 312s
191/7 .1.1) 88
92
/
4 Nov'10
88
/
4 8914 881
Registered
1997 J.1) 881
63
92
Sale
92%
9314
9534
9314
M-E3
Debenture g 48
1928
93
114%
'27 92
25-year g 4s
.11131 M-N 93 Sale 9218
/
4
KaA&G R Lague 56.11438 J.J 1101
109 114 109 Oct'07
Mahon O'l RR 1st 58_1934
100 Deo'09
Pitts & L Erie 2(1 g 5s.a1928 A-0 100
1221
/
2
1301
/
4 Jan'
Pitts MoK•31, Y 1st gu 68 1932
09
2d guar 68
1934 J.J 120
107
MoKees& BY lat g t38 1918
/
4Oct'10
110/
1
4 1101
Mich Cent 5s
/
4
1931 M-S IOU 115 1101
119 J UfgOO
10814
Registered
1931
97
9874 149 Jau'1u
46
99
1)9
1940
9318 97
98 Dec'09
Registered
1940 J-J
90 J'ne 08
J L & 8 lat g 31
/
4s
1051 M-S
881
/
4 87 Apr'10
lat g 3128
87
90
1952 M-N 85
9134 Nov'10
90
20-year deb 4s
89
1929 A•0 82
924
Bat U & Stur lat gu g 38 11189 4.0
N Ohio& St L lat g 48 1937 A-0 100 10034 9938 Nov'10
971410019
100 144343'09
Registered
1937 A-0 9834
91
Debentures 48
911
/
4 Oct'10
911
92
1931 1111-N
West Shore 181 45 gu 23131 j
10078 Sale 10078 10138 .44 11914 10214
Registered
/
4 27 9614 100/
1004 1001
1
4
2331 j.j 1/978
N Y dl tireenw Lake See Brie
N Y & Her Bee N Y 0& Htld
Lack
N Y
& W Bee D L & W
N YLE & W See Erie
N Y(41 Long Br See Centof N J
13414 15 130% 1351
/
4
134 Sale 134
N IN 11& 11-Cony 68_1948
Conv deben 31
/
4s
.19l6 J -J 10034 Sale 100% 10078 39 116% 1034
/
4 Oct '10
1121
/
4116
Housatonic) R con g 58_1937 M-N 112 121 1121
N kl & Derby con oy 58.11418 M-N 100.4
107 Aug'09
Y & North .6'es N Y C 11
9638 8 95
90
98
N YO& W ref 1st g 4s g111112 U.S 964 97
95 10112 J'ne'Ou
Regis $5,000 only
g191/2 M-S
N Y & Put .SeeNIC&hj
Y&htB See Long island
N YS&W sea Erie
N Y Tex & M Bee do Pao Co
101 May'10
100 1011
Nor & South 1st g 58
/
2
1941 M-N 10078
Nonf & West gen g 68
12418
1251
/
4 Sep'10
123 1261
/
2
1931
1
4 128 126 DAVI°
124% 12638
Improvein't 85 ex t g 66-11134 F-A 122/
123 May'10
New River 1st g 6s
123 1214
1932 A-0 12214
1/8% 18 9644 100
/
4
N & W By 1st con g 45 1996 A-0 1/838 Sale 981
97 Apr'10
97
97
Registered
1996 A-0
9334
93'2 11218 Nov'10
Divil lat 1& gen g4,s 1944 J -J
91
10-25 year cony 48.-1932 J-1) 100 14 bale 101/18 10(08 45 941410814
88'4 5 861
/
4 90 14
Pocah Cdl C joint 48-11141 J -D 8814 Sale 884
105
105
104% 106
C C& T let ga g 56
1922 J..j *101
114.
9614
Uti Nov'10
97
Soio V & N it: let gu g 48 1989 M-N
North Illinois See Chi & N W
North Ohio See .L Erie& W
21 99 10238
Nor Pao-Prior hen g 48-114117 43 99% Sale 99% 100
99
25 9814 101
981
/
4 91134 1)0
Registered
1997 471
6 691
70% Sale 7108
/
4 74
General lien gold 35....a2047
70 Sep '10 •..• OJ
7
1212
Registered
a2047
961
/
4 961
/
4 2 961
/
4
/
4 971
St Paul-Dul Div g 4s. ..111l10 J -D 961
/
4
99 Feb'10
99
Dui short L 1st gu 58..1913 2,1-8 119
99
CB&(4 coil tr 48 bee ut Nor
11618 Nov'10
Ist 2As
gen, g 68....1923 F-A 116
1151
/
2 1181
/
2
11534 111 l'eb'10
Registered certinc's..11)23 Q.F
117 117
St Paul & Dui 1st ba....1931 F-A 1074
110 J'ne'10
110 110
2d 5s
103% 103 Oct'10
1017 A-0
103 103%
9641 Apr'10
1st oon8o1 gold 4s
111)
1968 -1) 02
961
/
2 971
/
2
914
Wash Cent 1st g 411
1948
9214 Nov'Ill
924 921
/
2
Nor Pao Ter Co 1st g 60-1933 J--M
11114 Nov'10
J 11138
1101
/
2111%
Nor By Cal See So Pao
Non \Via BeeCStPStdlO
Nor & Mont Bee N Y Cent
& W See
& SU,
hio Ely Itft Bee Balt ()
Ore & eat See So Pao Uo
ore Short Lute See On Pao
Oswego & Rome See N (1
vac Coast co 1st g 58-.1946 J-D 1041410514 1041
/
2Nov'10
1021
/
2 1081
/
2
no of. Missouri See Mo Pao
Penn RR let real eat g 48 1923 M-N
102 1031
102 Aug'10
/
4
°ousel gold 5s
't/i/
110
Jan
M-S
1919
1091
/
4
Consol gold 48
10234 106
102% out '10
1943 M-N
987 27 11718 102
Convertible g 3'2s.
981
/
2 9914 8834
1912 Al•N
Convertible g Siga
967 133 944 974
1015 J-D 9578 sale 95.4
j 10134 10478
Consol gold 4s
11118 MN 10334 Sale 10314 103'
102-1410214
Alieg Vat gen gu g 4s 11.442 M-3
100 Out'10
DR it Ras 13gelst gu4sg '36 11'•A
9414
'1
1031
/
4 Doc'09
Plata Bat& W 1st g 48 194.3 M.N 101%
102 J au'03
1140
Sod Bay & So 1st g Os. 1924 103 104
1031
/
4 May'10,„
UN J lIlt & Can gen 46 1944 M-S
!
103 106
Penn Co-Guar lat g 4128 11121 J -J 103 104 101
1034 Nov'10.._ 10334 1034
102
Registered
1921
90 1f431/'101Aug'101
I 90
Gnar 34s coil trust reg 1937 /4-9 8812
110
8834 Oet
....I 88
911
/
4
Guar 3/
1
4
8 coll. tr ser B
11141 F.A 8834 89
9712 98
Tr Co Genii's gu g 31
9758
/
48 19143 M-N
07381 5 9531 981
/
2
81134 87 Ang'10,....1
Gu314etnctfaO
1942 J -D
87 90
/
2 9014 91 Deo'09'
Gu 34s tr otfsD
1944 J-0 881
••
.
•
•
•
••
•
••
•
•
•
•
•
•
U
MISUELL 4,NEOUS BONDS-Continued on Next Page
Coal and Iron
Manufacturing & Industrial
Bull& Susq Iron 8 f 5s.. .1932 J-D 9614
991
/
2 Nov'09
7712 Sale 771
90 Nov'10
Debenture Is
1936 j• J
41926 M-8 90
90
Allis-Chalmers lat 5s
84%
90
/
4 781
/
4 22 72
92
83i: 1,
Ani
Am c
AogtO
A1? 10
08
34, 19
Dols do 1 eo gen 8 X g 58...11/43 F -A 95
ohuem
kiln 9
08
24
3 19
08
3,4 0 100 103
exts4
tiss
o 649
971
/
2 98 Nov'10 ...6 96 101
Convertible deb g 58....1911 WA 9832
981
/
4 981
981/4
/
4
93
11 9314 0812
Col Indu 1st& coil 5s gu..1934 F-A
77'4
?7'
1 70 82', Am Hide & L 181 s f g 6s 1919 hi-8 94
94
94.1
/
2 4 92 102
7714 78
Dontin't.al018t8 I gii 5313.1942 F-A
Amer Ice Seour deb g 66_1926 A-0 67
72
10768 D00'04
661
/
4 Nov'10
661
/
4 781s
r Bay Coal ct:s 0 lst g 6s..1919 A..0 90 100 10208 Apr'05
8pirita Mfg 1st g 66_1915 .2-8 974 Salt 97
9714 3 94 101
91
112' 9214 Nov'10
eft & Clear U 84 I lat g 56.1.926 -1) 95
93
107 May'97
Am Thread lat
89
tr 43-1011) .1-4
Dee'06
an& HO do 0let a fg58.19b1 J-.1
1061
/
4
/
2
Sale 106
Am Tobacco 40-yr g 6s....1944 A-0
99 100 1051
1061
/
4 40 10414 109
48
801
/
4 Sale 8014
83 J'ne'lO
ooah Con Collier let s I 56.'57 J -J
85
83
83
801
/
4 148 764 8514
Beth Steel let ext s 1 58..1:91F:'
73 Feb'07
0A
/
4 89
unday Creeic Co g Is....1944 J J
ji.):-.1
854 861
/
4 864
8618 12 831
1951 J.J 102'4 102N 108 Nov''('
U 902 /
1
23an. 091
Lean Coal gen Is
1
1041
/
2 •Jent Leather 20-year g 58.19 5 A/
2 99% 74 97 102
4
a1917 A.0 104%108 10114 Oct '10
Tenn Div 1st g 68
103 107
Conx01 Tobacco g 4s
/
2 83,
410-14 804
95 F
80
804 1 761
' Dim Div 1st collard 6s..1917 J.J 105 Seib 104°4 105
93
6 10314107
corn Prod Ref a g /Ss...J.931 *1-N 971
97
/
4
96 Nov'10
1 Cah C M. Co lst gu g 68.1922 J -D 106
110 Jan '09
lat 25,year at be
1,93481-N 944 Sale 941
/
2
/
4
941
/
4 4 93% 9411
; De Bar0& I Co gu g 68 1910 F-A
100 Jan '10
96
97
100 100
Cuban-Amer Sugar
tr 68'18 -0 95
97
064Pl•T'10
ater Fuel let 8 168
87 Ang'09
1953 J -J
7714
. Distal see Cor cony lat g 56.'27 A-0 7618 Sale 761
/
4
7734 :187 67
siren Coal&Colst g 68 1949 M.8 95
96 Noy'lo
97
iliEl duPont Powder 41
84
14 84
.
88
/
25 1936 J-D 84 Sale 84
t *No price Friday; latest bid and asked. aDne Jan 6Due Feb s Due May gDne J'neJ'ly kDne Aug •o.Date
'Due Nov qDue Dee
p
Nov. 26 1910.]
BONDS
N. Y. STOCK EXCHANGE
\\TREK EminNn Nov 25
New York Bond Record-Concluded-Page 4
1.3.2t
4gx.
Price
&Maw
Nov 25
Week's
Range or
Last Sale
g-41 Range
:2,
Since
1Janttarv
BONDS
N. Y. STOCK EXCHANGE
Wititit ENDING Nov 25
11.2
4.4
Price
Fritiali
Nov 25
1433
I
Week's
Range or
Last Sale
no
Range
Since
, January
[ha
Pennsylvania Co-(Con)
Rich No' Lot° _High
iish Low
!Jigs No Low Emit
Bia
Ask, Low
Guar 15-25 year g 45....1031 A•0
eo Pat RR 1st ref 48
'1 94h 09
044 30 , 934 957
1 98 Oct '10
91 Sale I 94
1955, J -J
CI & Mar 1st gu g 412:3_1935 M-N 1004
110 Jan '05 ....11......
Southern-let con g be
/
4 108h 6 103181114
19041 J • J 108% Sale '1071
CI & P gen gu g4,12s sev A.'42 J -J 103h
11034 Jan '09
Registered
110 blay'ou, ... !
1904 J•J
Series B
1942 A.0 1034
1091
/
4 J'13-'09 ..11
817
Develop & gen 48 Ser A 1956 A-0 704 Sale 76
76/
1
4 101 73
96 Ang'O'J ....11......
Series 0 31as
Mob & Ohio coil tr g 4,3 1938 13-S
9012
1948 51- NI 90
90
85
85 Nov'10....1 86
1
Series I)31,,,s
90 May'08
90
Mem Div 1st g 412-58_1096, J
1950 F-A
107 108 108 Sep '10 -.4
1 06 110
Erie & Pitts gu g 3128 11 11140 J ,i
112 18
0238Novlo ....11 01
St Louis div let g 4s
9238
854 8612 8514 Nov10 .11 80h 87
19511 J•J
Series C
08.4 Apr'04 .....1,......
Ala Con it let g 63
1940 J• J
92.4
•107% 1077 --3 107%107%
1918 J -J 1064
I
Or 11& 1 ex 1st gu g 4 hs 1941'J - J 100 106 Is 10412()et '09
All & Danv let g 48
1 8914 Nov'10 ---.1 894 034
1948 J -J 4894
Pitts Ft W & 0 let 78-1911 J - J 1041
104:Oct'10
1.1044106
/
4
82
2d48
1 821
,uct '10 -Hi 82h 82h
1948,J -J
/
4
267s.1
044
1041
104¼
1012,J.J
Atl & Yad 1st g guar 48 1949 A•0 70
1!•10414 105%
8
3678
'107 Oct '08
11
Col & Greenv 1st 68
8191" A•0 103,
11)0
11064 Nov'i0 -.110641064
1916 J
109 May'10 ...4109 109
Pitts V& Ash 1st con 5,4.1927j51-N 107
E
Va eib (la Div g 68 1930 J -J 107h 109 1110 Feti'lt) .1 106 110
P CC & St I,gu 4123A...1940 A.0 105 10738'10738 Nov'10 ....1107 1073s
Con 1st gold 58
.--7 .109 114h
1956 Al•N 110%1104110h 1103
E Ten reor lien g 58
Series B guar
1942 A-0 105 108 107 Oct '10 ....103's 10734
104.8 1()s¼
31104% 106
1938 WS 105 .
Ga Midland 1st 3s
Series C guar
1001
/
4 Sep '10
1942 M-N
10(3121064
67
.11
05 Nov'09
19461 A-0
98
(la Pao Hy lat g 6s
Series 1) 48 guar
98's Oct'10
1045 AI-N
... 974 9834
11278 112% 3 411 1811334
19221J-J 112
Genes E 34 p;uar g....1949, F -A 89% 934 94 J'Iy'lu .... 94
Knox & Ohio 1st g 6s 1925 J.J 116
94
1110 Nov'l u -.1114 116
Series 1? 48 guar
ll)53,J 4)
Mob& BirprIorhiongSslU4SIJ.J 1054 S
- I& 11054 1054 2 105h 105'2
112 h Nov'10
C St L& P 1st con g 58.1932.A-0 1114
Mortgage gold 48
1
1114 1124
70
1 82 Nov'08
19451J • J
Pensacola & A ti See L& Nash
Rich & Dan con g 6s....19151 J-J 104 4 107 41054 vet '10 ....I 14./5 12 106 4
Peo & East See(1(10 & St L
Deb 5s stamped
/
4 11 106 1071
/
4
1051
/
4 1051
1917A-0 106
1073
8
Rich & Meek 1st g 4s 19481M-N
112 Feh'10 . 112 112
Poo ,1••• Pek (In 1st g 6s....1921 Q• F
70%
75 Oct '08
51011 11-N
004 119 • 95 Oct '10
2i, .iiitt 44s
So Car & (La let g bs. 191WM-N 103
00h 95
102 104
103¼ Oct'10
70
Pere Marquette-Ref 48..1956 J -J
711
Virginia
/
4 Nov'10
79
7078
Mid ser 0 us 1916 NI1051
/
4
112 Oct'08
1921 J -0 101 11.12h 101 .Nov'10
Series D 4-5s
IOU 102'4
Ch & W M fis
10841/W06
1921181-S 10338
1920'A-0 1081
/
4
10812Sep '10 . 108%1)24
Flint ,Y.. P At g 6s...
Serum)E 5a
/
4
,10734 Dec'th)
1916 -8 lu51
1939,M-N
gold
consol
Os
101
343
4 101 Aug'10
General be
101 101
18t
/
4 3 110541071
11051
/
4 1051
1936 M-N 10518
/
4
Guar stamped
Pt Buren Div 1st g bs.11.1391 A-0 103 lti../4 105 Oct'10 .... 101 106
1936 M-N 1054
1054 Nov 10 .... 10518 105 12
1
Sag l'us ,‘:, IL lstgu g 48.1931 F-A
W 0& W let ay gu 48 1924 F-A
..
86
91 Feb'10 .... 91
91
Phil B & W See Penn HU
Vest NC les con g 68_1E114 J-J 1044
10618May'10 .... 105411/64
Philippine ity 1st 30-yr 81413'37 J -J
86
89
S & N Ala Bee L & N
894 Ply'10 .... 88
90
Pitts Um & St L See Penn Co
Spokane Internat 1st g 58 1955 J.,
106/
1
4 1061
/
4 Sep '09
Pitts Clove & Tel bee 13 do 0
ri er A 01 51 I. let g 4 he..19311 A-0 105'4
1041
/
4 Oct'10 ....,10434 1074
Pitts Ft W & Ch See Penn Co
1 1st con gold b5.....1894-11/44 le-A 108
1011 Aug'10 ....'109 1154
Pitts MeKees Ai Y See N V Oen
Lien refund a f g 48
1953 J -J
93
98h
97¼ Oct '10 ....1 96
Pitts Sli & L E 1st g bs...1.U40 A.0 112h
131 L Ai lige Ter gu g 58.1930 A-0 108 1119 109
1124Nov'10
112 1124
109
5 109 109%
let coneol gold 58
11143 J -J
Tex & N 0 See So Pao Co
'ly '97
1)348)
Pitts 8a West ,See 13 di,0
Tex& Pao 1st gold 58
11012
Sale
2000 J-D
11014 110h 8 108¼112¼
D eading Co gong 4s
984 Sale 98
1997 J -J
26 gold Inc 58
9814 133 97 100
q2(100 Mar *.
66
70 Mar'10
70
70
Lt./Registered
1997 j.,7
98 Sale 08
La Div B L 1st g be
98
2 95
98¼
1931 J • J
103 Sep '01)
9858
Jersey Cent coil g 4s 1951 A 0 .. ... 971
1064
W
Min
/
4 973
Wet
N
Wlat gu 50'JO V- A
vov'04
9738 2 05
118¼
Rensselaer & bar 'Nee U& ti
Tol & 00 1st g 58
1935 J -J 107¼109 107.8 Nov'10
106 1121
/
4
Rich & Dan See South By
Western Div 1st g 58-1935 A-0 108¼ 111h 112 ,
,ep '00
Rich & Meek bee Southern
General gold 6s
1935 .1-1) 101's103 10112 Nov'lii
99 104%
Rio(.4r West S'ee Den& Rio Or
Kan & 31 let gu. g 4s
81.1
93
111110 A-0
1104 044
94¼ Mar'10
Hoch & Pills bee B B. & P
Tel P.2 W let gold 48
1917 J •J
9138
93 Sep '10
93h
92
Rome Witt & Og See N Y Cent
Tol St1,4% W pr Hen g 3128.11125 J.J
884
87 Aug'10
87
90
Rutland See N Y Cent
60-year gold 41;
1), A•0
77
76
Si .
46
(3 70
ag Tim &B. See Pere Marq
Coll tr 4s g Ser A
80
83
19175'-A
83 Oct -10
80h 864
OW o & Ur lel Ist g 48_1947 J -J
Tor Ram& Bun let g 40.811346 4.1) SO's
89 Sale 89
89
2 88.8 94
89 J'ne'th
87,4 91
St L & Cairo See Mob & Ohio
later& Del let con g 55 1928 4-1) 103)2 106 103 J'ne'10
WU 106
Ell L & Iron Mount See M P
1st refund g 4t3
1952 A-0 834 87
80 Oct '01)
Bt L bl Br Seel' RR A of St, L
Un Pao 1111, & 1 gr g 414-1947 J -J 101 1014 101
10138 101 91134 102
fat Louis & 8 F-ieng 68.1031 J•J 117¼121 120 Apr'10.... 120 124
Registered
1947 J -J *101 lul1
/
4 WU
100/
1
4 12 984 101%
General gold be
20-yr cony 48
1931 J -J 10612 107 107 Sep'10
/
4 .-)atit. 10538 1061
1927 J-J 1031
105 10834
/
4 188 101 116/
1
4
St L.2 6 If 1411 eons g
1st & ref 4s
'116 J -J
91 7,Oct'19
9178
g1008 hi-8 964 97
90
1119'4
061
80
/
4 1 95
984
Gen 16-10 yr Os
Ore Ry & Nav con g 48.11)46 J-1) 044 05¼ 04 h Nov'lv
86% 45 84
4e..
1927 M1
86 14 Sale 804
90
94: 984
Southw Div 1st g be 1947 A-0 99
Oct
114
/
1
4
Short
'10
()re
9914
Line lstgea...11)22 F-A
saie 1i4', 114.4 4 1134117
.... 09 1004
1961 J.,j
Refunding g 4s
231La Sale 8034
let collsol g ba
814111 784 85
/
4 Sale 111% 112
1946 J -J 1111
19 1084 113%
K 0 Ft S & Ai con g 68 1028 M-N 11638
Guar refund 48
117 Sep '10
11119 J-D
114 1174
924 Zalt. 9.119
94%
024/ 34 91
K WitS & M Its ref g4e 1930 A•0 77h 781
13 764 821
Registered
/
4
/
4 77
78
94 Jan'09
1929 J•D
KC& M. it& B letgu 58.11)19 A.0 IOU
1004 Dec 08
Utah & Nor gold be..1926 J -J 104
1074 Dec'o9
Oz'rk& Clic 1st gu 6s g.11)13 A-0 964 974 981
/
4 Aug'10
Uni N J ELI db C Co See Pa 811
11614 97
St Louis So See Illinois Cent
Utah Central Bee Rio Or Wes
89h 91
Bt L li W let g 48 Lid ctis.1981.1 41-N
110h 41 88
90's
93/
1
4 Utali & North Bee tin Pacific)
26 g 48 inc bond cUs...p.19811 J -J
78
83
80 Nov'10 . 79
Utica .2 Black 11 See 11 Y Cent
82
()onset gold 48
1932 .1.1) 75
70
75
75
13 72h 79% V autialia consul g 48. .1955 F-A
98 Nov'08
1
Gray's PtTer lot gu g bs 1947 J -D 9610118 Apr'la
V era Cruz &Plat gu 4481934 J-J
in) Apr'10
96
96
Si Paul & Dui See Nor Pacific
Vet Val Ind & W See Mo 1-•
St P Minn & Mau See Cit Nor
Virginia Mn! Bee South ity
cit P it) Nor Pao bee Nor Pao
Va & bouthw't 1st gu 58.2003 J -J 105 1104 105 Ply'10
105 108
&Pa S'xeity Beet;St PM OW
let cons 60-year bs
11)58 A-0 93
944 94 Oct '11) •••• 94
984
IS A & A Prima let gu g 48-1943 J•J
V abash let gold be
864 Bale 86
86,
4 29 83h 88%
1931/ m-N 109 Saw 100
100
24 107 11334
V 20. gold be
tiil 4
Oct'00
S b'& N P 1st sink 1 g 68.1.U11) J J
11131) F-A
.
.104
98 L4 ....
99% 6 98 103h
1.111 12
Debenture
series il
Say F cte West See AU Coast L
105
1939 J -J
81; Ply'10
86
88
let lien equips ld g 68-1921 M-8
Belot() Vtll & N E ,Vee Nor ea W
10:04 100 J'ne'lu
IOU 102
let lien fill yr g term 46.1954 J -J
Seaboard A L g 4s stamped '50 A-0 85.8 Sale 86%
851
/
4 9 81h 864
85
DU blarlu
In.)
90
7
let ref aud ext g 43 ....19613 J• J
Coll tr refund g be
LW%
th) 10018
651
/
4Sea. 66
651
/
4 ilL 564 771
99 Sale 00%
1911 M-N
/
4
Let & eh Ext let g 58..1941 J •.1 103
Adjustment bs
105 J'ly'101._ 105 1071
o1949 F-A 77 Sole 76h
/
4
77% 231 6114 534
Des Mom Div let g 4e..1931.1 J -J
Ati-Isurni 30-yrlet,g 48 81033 AI-8 84
Si
1' SO
83 Dee't/./
844 84
84
Om Div let g 34s
Oar Cent let con g 48.-1114:1 J -J
92
91
91
02 Oct'10
1941 A-0 75%
7518
75s
721 77
Tel & Cli Div 1st g 48. 1941 M-S
Fla Cen & Pen Ist g 58.11/18 J • J 101'4
103 Apr'10
103 103
153 Sep'10
90
83
Wal) Pills Term 1st g 43.1954 .1-12
1st land gr eat g be ...11/30 J -J 101.4
1
46¼ 454 Nov'10
524
33
Consol gold be
Trust Co certts
1034 Nov 10
1001
4i
/
4 1034
1943 J -J 101.4
46/
1
4 Sale 46.8
88 32
64
2a gold 48
Ga & Ala By 1st con be o1046 J •J 103%
101,
4 Mar'10
104 1044
1954 .1-D
/
4 61
61
/
4 20 4
/
4
71
114
lia Car & No let gug bs 1929 J • J 1031
Trust Co cents
/
4
/
4
104 J'I.V 10 . 104 1041
7
•••
7: 7
74 15 4
121
/
4
Seab & Rea 1st be
Warren bee Del Lao'S West
106 Apr'10
1026 J • J 1041
/
4
108 100
dher Stir & So B'ee Al K & T
Wash Cent Bee Nor Pao
13116p uoit & ti See AU coast L
Wash 0& W See bouthorn
Southern Pacific CoWash Termi 1st gu 3128_1945 F-A
88
894 894 Nov'10 .... 8812 9012
48(Cent Pao coll).k1949 J -D 92
G
West Maryland let g 48 1952 A-0 861
l2od
/
4 Sale 86
21 89
1,
-1214
861
/
4 37 824 86/
1
4
05
i
Registered
r4 OcG)Fio
k1949 J -1)
Lien & cony g 4s
7122 Feb'1U
1951 A-0
73
ii
20-year cony 4s
glint) 31-8 1/738 Sale 9714
Trust Co certfs
97¼238 863
73.2apr'10
1/ 42 19
06
114
6812 7418
Cent Pao lst ref gu g 43 11)40 F-A
WVa Cent & P let g 6s 1911 4-4
1)6's 96¼
,
1 944 11814
i
)
/(434 Fein•kt)
10012 Nov'ull
Registered
1940 if - A
West N 1.2 Pa let g 58-1937 J -J 110 dale 110
1
4
1).1)
11 1094 110/
Mort guar gold 348-12192U J -D
9034 Sale 11034
(ken gold 48
1943 A-0 88
901
/
4 6 8
t17
864 01
14 11
1)
)1)34
864 SeP'10
Through St L 1st gu 40'64 A-0 88
94
92 J'ne'lti
Income 68
81943 Nov
91 18 94
34 .54)007
G IL& SA Al &I'18t66_1931 M-N 10151
West No Car Bee South Ry
/
4 1084 1074 107¼
3 10378 109
Gila VG &N 1st gu g 68.1924 M-N
Wheerg & L E 1st g 5s. .1916 A-0 105
1041
/
4 3131)'01)
1054 1054 4 104/
1
4 1054
Hone 13.2 W '..1: let g 50.1933 M-N 103¼ 1051
/
4 106¼ MaY'00
Wheel Div let gold. bs..1918 4-4 101 1034 1034 Nov'it)
10344 101
1933 M-N 10418 11/ti ,1034 Aug'10 . 1034 1054
Exten & Imp gold bs. .1030 F-A IOU
1st guar 6e red
102 .1 ue'10
09 102
()slut
109
let
h
J•J
gu
110
g
11137
1
11/06
1114
,
Nov'10
let
0
consul
48.T
.... 1011)2 11012
LI do
....1940 11-8 82
84 Nov'10
b714
77
Coneol g 138 hut guar 1912 A-0 10841104 1(111 1,NoY'01)
20-year equip 8 1 58 ...1922 J -.I
u7, 1)8 1-4 Oct'10
in
98h 9812
/
4 Nov'10 .... 92
Oti 4 U31
Gen gold 48 int guar-11111 A-0 94
084 Wilkes'S Mast Nee Erie
111414
118
Sioux
115
Wil
I
&
blar'10
Bee
Waco& N W div let g 68'3(1 M-N
SIP Iii & 2.1
.... 11.94 1194
107 12Jan '011
Wie Cent 50-yr let gen 48 11141) J.J
A& N W let gu g 58-.1041 J -J 102
921a Sale 921
95
/
4
93
42 90
Sup& Duldiv& term 1st48'313 M-N
Morgan's IA & T 1st 78.1918 A 0 115 116¼115 Oct'10 .... IlO 115
93
94
034 92/
90
1
4 Nov'10
/
4 Owl° .... Ilui0101
let gold tis
1101
11120 J -J 11012
/
4 Telegraph and
Telephone
112 Fob'117
No of Cal guar gi51)
1938 A-0
Am '.1.`elep & Tel coil tr 45 1919 J.J
Ore & Cal 1st guar g 5s.11/17 J •J 100
100 Ptle'10...., 100 100
9012 Sale 904
9078 10 894 93
Convertible 48
14
1 1up
tlio
bo Paco!Cal-Os h;& F.11112 A-0 102 1014 1.0
1936 M.8 105% stun 1051
,ov:0
19
4 ......... !1
.
1.
2.. 102
.
/
4 106% 589 1)8 106/
1
4
let gold 68
Mich State Telep let 58 -1914 F-A
1012 A-0 101
1)9 100% 05 Aug'10
05
99
let con guar g be
Telep
1st&
Y
Aiay'07
gene
I
1937 bi•N 11/74
445.'39 bi•N
116
98% Sale 954 128¼ 77 9534 99
El Pao of N Mex let g 68-1911 J -J 100 10012 100180ot '10...... 1004101
Pac Tol& Tel let 68
1037 J•J
97h,sate 974
974
991
/
4
93
13o Pao Coast 1st gu 4/3 8.1937 J-J
Weal. Union col tr cur 56 1938 J -J Lou Sale 100
93 i 110 J'ly'09
84
1004
II 97 1004
Tex&NOSabDivIst wie.11112 13-13
I'd and real est g 4qs 1950 M-N
102 i101%MaY'10 .... 10/76 102's
95 Sale 9434
95
93
974
49
Con gold Os
Cony 48,Series A
1943 J -J 1001
1936 Z.-N 1011
/
4
/
4 Sale 101/
'102 Nov'09...
.
1
4 10134 27 1001
/
4102/
1
4
U
‘
.1
•
•
•
•
27'
611SCELLANEO US BONDS-Concluded.
flanulacturIng 4.%t Industrial
Manufacturing & Industrial
Gen Electric deb g 3128_1942 F.a
/
13
.-Car Chem 1st 15-yr 58 1923 .7•D
81
82 Jan'10 ... 82
991
/
4 10014100
1004 32 964 1004
10-yr g debbe
1917 J-D 152 Sale 147
Westinghouse E & Ms L 58 '31 J-J
162 '20- 130 152
92/
1
4 Sale 917
034
. 924 281 85
1st Paper Co let con g138 11118 F-A 10
,itisceitaneous
84
1188,.
05 1044 104¼
2 100 105
Consol cony 8 t g ba
1935 J -J
86
874 851 821/4 89¼ Adams .1Lx oat tr g 48
1948 M-8 90 Sale 90
904 III 90
934
19111 13•13
Int St Pump 1st 8 f 68
911
/
4 Sale
'3
50J-1)
5 J..1
921
. 131 91h 967 A.rmocir&Liolstreake.st4:1139
914
/
4 Sale 914
911
9178 150 904 944
Lackaw Steel let g l's
1923 A•0
Bush Terminal let 4e
961
1951 A-0 884 9
. 06 Nov'10 .... live 100
88
9
Nat En= 84 Stpg let 68..1021 J -D
9
9
be
Consol
64
0
8
973
94
96 Sep '10
ct
8
'
610..
.
1.
6 9
85
7'2
12 8
99
8
N 5( Air Brake Let cony Os'28 M-11 103 19
. Chic.;ci & -t Yard col g 58 11)15 4-4 100 105 100 May'10.... 100 100
08
43' 104 Nov'10
100 1143
R,y steel 8pga lets f be...191 I J -J
97¼00t'le
40 35 Aug'1O.1 35
I 064 9812 Det M & M ldgr inoomes 1911 A-0 35
40 .:
Repub 1db 3let& coltr 56.1934 A-0 96'2 1021
Irrig
Instil for
Wks 44e 1943 Ai-N
/
4 102 Oet'10 .... 102 104
964, sate 913,-,
0612 SI 96
98
Union Bag & P lst isi 68..193U J-J
92 Sale 92
92
1
4 96h Int Meroan Marine 4128_1922 A-0 6518 65/
1j 91/
1
4 65
653
. lb 66
714
_Stamped
95
93 May'10 ....i 93
9612 Int Navigation let it 1 68.1929 F-A
81h 79 Nov'10.... 76
78
88
68-1913
M-N
deb
g
8
Leath
I
Co
104h
U )3
105 10412 10412
Newp Ne Ship & D D58ca990 J -J
1 It/412 105
98
95
Dea'09._
86/
1
4 88
US Realty& I cony deb g 68'24 J -J
87
88
Ui 864 944 N Y Dock 50-yr let g 4a...1951 F-A
92% 91'.
91
88
84
U 8 Red & Ref let a f g 68.1931 J.J
87 Nov -0 --.1 86
9012 Providence Sec deb 4s.....1957 M.N
90 Sep'10 _ 90
90 U 13 _Rubber 10-yr coiltr 68.'181 J.0 101% Sale l029
103
1
4 1044 Provident Loan Soo 41211.1921 11-S
35 10//
95 J'ly'09._ ............
1
4 Sale 103% 103% 184 1(114 10614, 8 Yuba Wat Co con g 68..1023 J•J
11 S Steel Corp--jcoup .819113 11-N 103/
111 J'ly'04_,
i St 10-60 yr be.1 reg _81963 1,1-N 103
1034 103% 55 10178 105/
1
4 Wash Water Pow let 68-1939 J...41 1014 103 103 Aug'10...
, *No price Friday; latest bid and asked this week. bDao Feb 4 Due Apr ()Due May g Due Pile h Due J'ly kDue Aug °Das Oct p Due Nov
801414n Sele ;
- •
-••
••-
lir'Mr
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Monday
Nov. 21
Saturday
Nov. 19
*113
*0
78
23
1033
*5
*434
*21
*72
*1•J
*61
*18
*55
*62
*1112
*52
11
*112
-8-02358
101
.6
5
22
77
20
63
22
60
65
12
55
8213
2212
10
*5
*434
*21
*70
*19
62
*18
*55
63
1113
*52
Wednesday
Nov. 23
Tuesday
Nov. 22
*112
212
85
8212 85
26
2318 28
1014 1014 11
*5
6
*5
473
*434 5
2114 *___
*70
75
*70
*19
20
*19
*62 ____ 62
22 *18
*18
60 *55
*55
*6212 65 *6212
1114
*1112 12
*52
55
*52
90
2714
1113
6
478
2114
75
20
62
*112
8212
2333
1014
6
5
22
73
20
62
22
60
63
1113
55
212
22
60
61
1114
55
1033 1073
1014 1014 1013 11
8058 8112
81
7834 783s 78
1 260
,
_ 11280
*....- 131
131 *260131
_ 131
*26078
*77
79
*77
78
78
79
*t7
11012 11012
*11012 111 *11012 112 *11012 112
*14112 1421 *142 14212 *14212 143 *14212 143
10
10
7738 77
34 ;55- -3-i- ;55" 34
_ 64
64 *__._ 64
3
60 ;i150
*43
50
118
112 *1
*1
1
lig 1
3
3
*2
*2
3
*2
3
4014 4012 4012 4013 4034 4034 4113
123 123
123 .123 124 *123
34
;55- 35
64 *___
*43
60
64
*48
*1
*2
*40
123
*Ho- fES- 154 fil" *Tho- 1-6Y- 16012 15012
115 11312 11312 11534 11513 11512 116 116
61; -613-s -66r2 92
-61- -91-
63
73
73
-65_
11134
*121
*120
119
*106
97
4 --.
7212
69
68
-41-2
97 *-_
97
-5512 -661-2
7234
68
--a' 14
97
21
21*-_-_-_-_
11134 *111 112 *111 112 *111 112
12034 12034 121 121 *121 122
122
12512 *120 12513 123 123 *120 12513
119 119 *119 121
119 *11834 120
10612 10612 10612 10312
10612 10612 107
181 181
178 17914 179 18112 *18013 182
*11912 11934 *11912 11934 *11913 11934 11912 11934
10312 10312 10314 10312 10312 10333 10334 104
170 170
170 170
*172 174 *172 174
415212 163'
534 534
-55- -2-5-34
- -4 4465- 1-63-1-2
165- 10314 165- 10
533
24
534
534
6
-2-5-7-3 -55- -2-3-1-3
613
22
638
22
Thursday
Nov. 24
Friday
Nov. 25
Holiday
Last Sale 170 Oen()
Last Sale 112 July'10
July'10
Last Sale 478
92
90
2638
26
1113
11
Sep'10
Last Sale 412
478
472
Nov'10
Last Sale 22
Oct'10
Last Sale 75
20
20
66
*34
Sep'10
1.0.11 Sale 20
Nov'10
Last Sale 90
66
64
1112
*11
Last Sale 5478 Nov'10
Sales
of the
1Veek
Shares
Inter,sf
P:rioa
Price
Friday
Nov. 25
Highest
Lowest
Miscellaneous
• J'ne39
100
1012 1034 3,075 American Can
100 6212 J'ly 26
80. 8034 1,685
Do Orel
American Itadiator_100 290 Apr 25
Last Sale 26018 Nov'10
100 1:6 J'ly' 19
Do
pret
Last Sale 126 Nov'10
10 Ahser Shipbuilding_ 100 72 Feb 7
*73
80
100 107 Aug 6
10
Do
pre(
*11012 111
13114 J'ly 30
Amer Telep & Tl
Last Sale 14113 Nov'10
100
June'09 ---- B• ooth IA) & Co
Last Sale Is
100
Do pre
June'09
Last Sale 14
31 J'ne 6
3413 -81 B• ooth Fisheries com____
:34
56 J'ne
20pre
o
I ,t
eaD
64
*62
itc Canal & D..100 47 Aug 11
Aug'10
Last Sale 17
1 Feb 4
118 -lob Chic 13rewg &
1
3 Sep 23
met
Do post
Oct'10
Last Sale 3
,neumatIc Tool_100 2512 J'iy 26
4114 4138 1-,66i Chic 1
29 Chicago Telephone....100 110 Slay17
123
*121
Do rights
Feb'08
Last Sale 214
30 Chic Tube & Trust__ 100 142 Aug26
152
*150
402 OoMmonw Di- Edison-100 10812 J'ly 27
11534 11578
114 Jan 26
Do rights
Feb'10
Last Sale 133
13(3 J'ly 9
Corn Prod Ito: Co cons_
Last Sale 1713 Nov'10
(--o
pret___
7914 Apr 7
Do
Last Sale 7914 Apr'10
100 8213 Sep 30
9012 9012 -183 Diamond Match
100 53 J'1y26
6978 2,858 Illinois Brick
69
9312 Mch 9
Masonic
Temple
Aug'10
45
Sale
Last
04
74
Co_100 41) Meh 17
64
93 J'ne 28
Do pret
Nov'10
Last Sale 97
Milw & Chic Brewing
Las: Sale 218 June'07
Do pref.
Nov'09
Last Sale 20
100 101 Aug 3
*11012 11213 -HIP National Biscuit
100 1/8 J'ly 11
*121
123
40 Do pret
100 101 Feu 24
50 National Carbon
*120
125
100 112 Feb 10
Do pret
35
121
*119
135 People's Gas L&Coke_100 103 J'ly 26
10614 10614
Do r‘ghts
Last Sale 11-16 Mch'09
1,870 Sears-Roebuck corn..100 145 Feb 7
182
182
100 11612 Aug 8
pret
Do
21
11934 11973
100 101 Sep 16
691 Swift & Co
10312 101
15 Me Quaker Oats Co..100 155 J'ly 27
175
*170
• J'ne 22
Do rights
Last Sale 634 June'10
100 101 J'ly 16
Do
pret
44
*103
10312
Co_100
514 Apr 28
P
)0
.re
)
4
&
Unit1.1o1
rd
B
1,277
814
634
100
Apr'0,
Last Sale 734
100 15 J'ne3.,
2112 1,525 Western stone
*20
Week's
Range or
Last Sale
Runge for l'revioUs Yea?
(1909)
Range for Year 1910
1:roads
100 160 Oct 24 185 Mch
Chicago City Hy
312 Ja 26
112 J'ly 28
_ Chicago & Oak Park. 100
712 Jan )
4 J'ly
100
Do tarot
-566 Clio flys part ctt "1"-__ 6038 Seri -8 lot) .1 a n
1114 SOP 13 36 Jan 3
3,650 Chic Itys part ctt '2' ___
8 Mav26 10 Jan 14'
585 Chic flys part ca "3"___
913 Ja
3 hsay24
Chic flys part ctt "4"___
614 Aug 16
100
213 J 020
100 chicago Subway
Kans City tty & Lt_100 20 AIM .8 30 ,a:l 5
773, Mch .0
100 6.3 Feb 17
1)0 pret
18 Jail 14 '25 J'ne,
100 Metropo: W S Elev-100
100 51 Feb 7 72 J'no..:
Do pre(
11
23 Jar ;
100 15 Apr i
Northwestern Eley
100 53 May31 06 Joe.'
Do pre:
7212 J
J'ly
5514
5
100
South
Elevated_
Side
-4'76
7 J'13r 28 143315:1 3
20 Streets W Stable C L-100
104 Jan 6
100 40 J'ly
peer
Do
13b3 Jan 11
uy Jan 4
26013 Nov17
1..3 Apr 1
841: Mayll,
112 Jan 11
1421s Meh 9
3034 Jan a
74 Jan .1
65 Fe.b '7
1 Feb 4
3 Sep 23
41 Feb 1
137 Jan 3
163 McnI6
12112jan 11
2 Jan 13
2234 Jan ti
82 Feb 28
12/ :an 6
91 Mch28
46 jail 7
68 Oct 2Z
10234 Apr 20
115 Jan 7
125 Jan IN
193 Oct 31
123 Nov 1
11634 Jan 3
18634 Nov12
11.2 Men 8
1098 Jan 8
186 Feb 19
o Slay:.6
106 Jan 6
153a Jan 3
29
Nov18
Lowest
Highest
i80 Mch
112 Oct
5 Oct
9712 Deo
3; Dec
1012 Dec
8 Dec
314 Dec
30 Dec
73 Dec
1518 Stu
47 Jan
17 Nov
63 J an
It) Jan
2914 Apr
97 Feb
190 Feb
4 Jan
15 Jan
113)12 J'Iv
4534 Jan
30 .,an
1313 Jan
2914 J au
52 J'ly
8612 May
1912 Dec
3 Dec
6,
'25 May
73 May
61 May
541. Dec
108 Dec
775 Jan
7134 Jan
100 Jan
126 Jan
5413 Apr
101 Feb
139 Aug
13 J ne
14 MaY
10 May
48 Inc
6114 Jan
1 Apr
213 Apr
20 Meh
127 Jan
1514 Nov
86 J'ne
22514 Oct
132 J'iy
slip Dec
112 Sep
145 Nov
1 Jan
b Jan
40 Dec
7513 Deo
58 Apr
1 Apr
213 Nov
42 Dec
140 Sep
117
107
Jan
Jan
152 Oct
12112 J'ly
-ifis Feb
794 Mch
117 Jan
33 Jan
43 Jan
2513 Aug
8812 May
13034 Aug
8812 Deo
47 Sep
20 Nov
97/13 Jai
11814 Feb
82 Jail
110 Jan
102 Jan
12 Feb
55 Jam
101 Jan
10013 Jan
119 Jan
'21 Joe
11914 Sep
130 Sep
10812 Dec
129 Nov
119/3 Aug
1 Mch
16912 Dec
12134 Oct
11414 Aug
162 Dec
0812 Jan
es Feb
334 Meh
15 Feb
Dec
etch
912 Jan
'25 latch
105
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Nati. 25
STOCKS
CHICAGO STOCK
EXCHANGE
B'ds
sota
Bangs
for
Year 1910
High
High No. Low
Ask Low
i
3 Mch'10
3)934 0034
Amer Strawb'd 1st 65_1911 1- - A ---------094
9034 9413
92
6
9173
Armour & Co 4 34,5„.1030 J - D:91-3 Sale
____
_ ____
Aurora ElgIn&Chic 5_1941 A - U
Cal & So Chic ay Co
1927 e A ---- ----102 J'ne'09
1st M Is
Cass Av & 8' U (St L) Is '12 J - J ___ ____ 10114 Oct'00
100 May'07
Chic Board of Trade 931927 J - b
Chicago City 1ty 55_1927 F - A 10214 Sale 10214 10213 17 10134 fa-4
0:3 Apraei
Chic lonsoi Br & Slit 63..._ J - J
Chic Consol Trac 4 Ifs 1931) J - La ---------50 Apr'09
...---------- 9034 Jan'06
Chic Auditorium ist551020 N' - A -....
Chic Dock Co 1st 45_192'3 A - (3
--------...... 9412 Dee'09
Chic le RR 1st Si g 55_1943 II- s ......
87 Fela'06
Chic No Shore Eiec 6s.1912 A - 0 ____ ____
4 17-3-4
-134.186
88
8634 Nov'10
Chic Pue fool 1st 55..a1921 J - J
93 10133
98
9814 Sale
1927 I1 - A
9814 29
Chic Ity Is
3
8712 9518
88
Chic itys 4-55 series "A" A - () 8734 8814 8712
80t.1 62
75
86
7912
Chic Itys 4-5s series "13" J - 1) 8014 Sale
901,, 91
1012 0012 sic/1'm
Chic Ilys 4-5s series "C'' F - A 85
5714 10114
Ms
9834 20
Chic Itys colt tis_1913 Le - A __ 99
9714 Sep'iu
9714 03
Chic Itys Fund 6s_1913 F - A__
loots 10034
Chic Itys Tens Ctts 1stIs10018 Apr'08
6612 Amr03
Chic It 1 & P RR 45_2002 Al - i1
-------Juiros
6512
8
M
Collat trust g M....1915
__ 10214 10214 15 1- (3.3-8 10314
1925 J - t) 102
Chic Telephone 5s
Commonw- Edison 5s_1043 .11 - 6 10114 Sale 10113 1014 11 10013 10213
100,4 10)78
Chic Edison deb 65_1913 J - J __-_ 10078 Nov'10
100 10012
1st g 5s___July 19116 A - 0 ____ ____ .10014 Oct'10
1920 .11 - S ___ __ 10o53 Aug'ut)
Debenture 5s
5 1-66- 10234
Commonw Elect 5501943 it. 6 :10034 Sale 1004 10034
8u Dec•Js
1923 J - I)
Illinois 'I'unnel M
Kan City Ity & List•ht
9434 9514
9514 -- 9514 Oct'10
1913 11 - N
Co Is
9434 9434
9434 Oct'so
Knick'b'ker Ice 1st Is 1928 A - () ____
73
b5
77 Oct'10
76
75
1028 J - .1
Lake St E1-1st 5s
16 May'05
___ ___
1925 Feb
Income Is
Metr W Nde El82
84
80
4
8113
1038 1" - A 82 Sale
1st 45
2
76 80
78
77
78 Sale
1938 J - J
Extension g 43
88 0314
91
1
91
91 Sale
11/39 J - J
Morris & Co. a
9512
4
91334 9614
North West El 1st 4s_1911 Ni.6 ____ 9512 95
99
- 99
99 Apr'10.
__
No W G-L & Coke Co 58 24 Q - M 9212 9614
9312 Nov'10 --93
92
1945 A - N
Ogden Gas Is
10032 Alch'09
1916 J - 1) 9812 __
Pearsons-Tatt Is
Ni _ 5 95 ..___ 0612 Mch'10
4.405
97
97
id - N
98 - 97 freo'10 .-_
4.605 Series E
0712 __. 9813 Alch'10
9812 9812
ai - N
4.803 Series P
12134 May'09
_
Poo Gas L & C 1st 63_1943 A - (3 ,
4 103-1-4
Refunding g 58____1947 M. - 6 10114 Sale 10114 10114 10 1063103
1 103 1012
__ 103
Chic (las 1.&C 1st 551937 J - J 103
3 10014 10212
Consum Gas 1st 58_1936 J - D
--_ 1011. 10112 10112
10034 Oct'10 --_- 10034 10112
__
Alut'l Fuel Gas lst551947 31. N 101 '
9214 Noy'10 ---9134 94
South Side Eley 434a_1112-4 J - .18..... 94
10) Nov'111 ___ 100 10073
Swift & Co 151 g 55_1914 J - J L.- 100
83
88
Union Ill (Loop) 55_1045 A - U -------- 88 Apr'10
Union Facia()cony 45_1911 11 - N ___ ___ 114 Nov.04
70
70 Apr'10
61
70
United BoX Board col 6/ 26
0114 Oct'10 -0114 65
1 5812 00
General mtge 63
I'
_
851 July OS
Western Stone Co 5s.._1009 34 0
-‘ccruett nteresi inugt be added to all ChIcago I. owl pii-ei4i4.
NAME
Outstanding
Stock
Surplus
and
Profits
Dividend Record
In
1908
In Per- Last Paid
190) iod.
An Dec 113, 6
5100,060 x$43,541
Calumet sNatIouIal
J-J (sly '10, 5
10
245,216 10
500,000
Chicago City
Oct '10, 212
Contl'tal & Comm Nat 20,000,000 9,764,961
12
Q-J Oct '10, 4
Corn Exchange Nationa. 3,000,006 5,497,543 12
1 Oct '10 113
9
30,767
200,006
Drexel State
402,510
600,000
11Y, 10 Q-J Oct '10 212
Drovers' Dep National6
40,916
200,006
Q-J Oct '10, 112
Englewood State
12
121 Q-51 Sep 30'10,3v
10,000,000 10,903,891
First National
10 Q-M Sep 30'10,212
193,436 10
150,000
First Nat Englewood
552,446
Priv ate Ba ilk
Foreman Broa 11"k'ir Co _ 1,000,000
417,082
8
Fort Dearborn National 1,560,001)
Q-J Oct '10, 2
8
981,665
8
1,500,000
iiibernlan B'k'g
Q-J Oct '10, 2
162,210 10
J-J July '10. 5
10
200,000
Kaspar State Batik
y'16 V.90, p.1277
258,839 Beg. la :.s.
La Salle St National - 1,000,000
525,597 10+2
10 Q-51 Sep 3O'1021
Live Stock Exch'ge Nat 1,230,000
4
66,795
4
300,000
Monroe National
14-1' Nov '10. 1
Q-I Oct '10, 2
8
2,000,000 1,255,625
Nat Bank of Republic
a
405,878
dep30 10, 113
1,500,000
National City
Oct '10, 112
3
81,807
250,000
National Produce
23
70,952
634 (4-6 Oct '10, 134
206,000
North Avenue State
Ii
is (4-J Oct '10, 113
50,000
y26,239
North Side State Say'gs
y18,498
North West State
2110,000
Q-J Oc..'10, I
(4-1 Oct '10, 2
300,000
103,876
People's Stk Yas State _
(v)
vPrairie National
250,000
Prairie State
500,000
86,405
Q-14 (ict '10,112
Ian '03, 2
2
None Railway Exciaange
250,000
33,452
Oct '10,113
Security
300,1300
194,357
134 •
Q-J Oct '10, 2
6
6
South Chicago Savings_
200,000 • 89,000
V. 89, p. 817
South Side State
200,000
10,43) Beg. b us Sep
Q-J Oct '10, 3
12
11
State Bank of Chicago
1,500,000 1,782,614
7
8 Q-41 Sep30'10,2
Stock Yards Savings_
250,000
200,198
-N Nov '10, 3
13
Unkin Bank of Chicago. '21.10,060
37,006
x7,814 Sea V. 96, p. 139
100,006
Washington Park Nat'l
740118 Q-31 bec31'08,112
y0,570
Wendei.
50,000
7
Q-J Oct '10, 2
038,613
2,0011,000
Central Trust Co of Ill
6
Q-3 Oct '10, 112
112,944
134
Chicago Say Bk & Tr...._ 8500,004)
6
6
Oct. '10, 2
5.000,000 :1,543,802
Chicago Title & Trust
4
A-0 01(9, 10,3
4
y7,188
50,000
Citizens Trust do Savings
Oct '10, 212
459,366 8+2 8+2
600,000
Colonial Trust & Savings
414,153
Coat 63 Comm Tr & Say_ 3,000,000
8
Oct '10,2
123,963
Drovers'1 rusteoSaviugs
734
200,000
a 1.4-3 Oct. '10, 112
Farwell Trust Co
1,600,000 y183,929
1 i (4-51 Sep30.10, 4
First Trust & Savings_ 2,54)0,006 3,163,066
y14,619 incorp orated 1908 v.87.0.1138
200,000
Guarantee Trust & Say_
9344 Q-J Oct '10,3
Harris Trust & Savings_ 1,250,000 1,471,163
Illinois Trust & Sayings 5,000,000 8,609,829 16-1-4 16+4
Nov 19'10, 1
6
59.49)
Oct '10, 134
659 Q
Kenwood Trust & Savgs
200,006
41,702
5
Lake View Trust&Saygs
200,000
Q-3 Oct '10, 112
12
12
Q-J Oct '10, 3
Merchants' Loan &Tr Co 3,000,000 6,012,401
226,783
Metropolitan lrustdeSav
Sep 30 10.11,
750,000
y50,000 Beg. b us.Oct 29'l 0 V91,p.1221
200,000
Michigan Ave Tr Co
8
Northern '['rust Co
1,300,u06 2,382,905
Q-J Oct '10, 2
63,040
hay '10, 3
6
200,000
North-Western 'IsrdoSav
8
Q-J Oct '10, 2
233,906
8
500.000
Pullman Trust & Savgs _
y25,432 Beg I) us J'ly 120 0 V 89,11.141
200,1)00
Sheridan Tr & Say Bank
260,075 Comm owed bus. Sept 0 1910
1,000,000
wStandard Tr & Say
itay '10, 3
200,000
33,000
Stockmen's (rust & Say
8 t8+2 Q-31 Sep:30'10,9
1,200.00i1 1,161,140
Union Trust Co
148,374
Q-J Oct '10, 112
11
0
v est'n Trust & Sayings 1,250,000
sop 30'10,2
119,030
West Side Tr&Sav Bank
200,000
Oct '10 2
200 ',04)
53,122
c,,avl1in
Woofflawn Tr,
--A-
• Bid and asked pric; no sales were made on th s day. t Nov 10 (close of business) tor national banks and Nov. 11 (openiu4 or business) tot mato institutions.
No orica Vrilsy; latest price this week. a Dile Dee. 31. b Due June. k Alas 10% In stock, n Capital and surplus to be increased, q Dividends are paid Q-J,
rrith aura payment-5.14-1r. r In addition the equ vaient of 4% more clone from First Trust &Sayings Bank. I July 31 1910. v In addition the equivalent 01 1% came
v Prairie Nat. Bank and Western Trost &Say. Bank ranged and 3apitai ot latter In3reased from $1,000,000; V. el. p. 314. w See
from First Trust & Savings Bank.
V. 91. p. 72. 17. x Sept. 1 1910. y Sept. 2 1910,
Nov. 26 1910.]
THE CHRONICLE
Volume of Business at Stock Exchanges
Electric Companies
Chic Edison Co-See Chi
Grt West Pow 5s '4.3..J-J
• Kings Co 0. L&P Co 100
Narraan (Prov) Si Co.50
NY& El L &Pow Co 100
Preferred
100
(flatted Elec of N J
100
151 g 43 1949
J-D
Western Power com.I00
Preferred
100
1435
73:2
;•ago
8)14
122
s 89
40
73
SO
7412
4012
0512
4skils*
9014
124
99
50
78
85
771,
41'2
07
Indusiris, and M.scel
Bid
e Cruclbie Steel
10:
131 1
Preferred
e
7914 80
TitasissauriONS AT rui.; N 6tV MAK STOCK EXCHANGE
Davi:AS:1'y Copper Co.1
199i *1
134
1'
otILY. WEEKLY AS11.) YEARLY.
e Diamond Match Co_100 90
111
dul'ont(EI)deNerrillo li)e 146 149
•
10U 8234 9434
e Preferred
Stocks.
Railroad.
J- Is
e Gold 4141 1930
S411
Week ending
cte.
State
U. S.
Electric Boat
100
-11
2 12
Shares.
No'. 25 1010.
Par value.
Bonds.
Bonds.
Bonds.
Preferred
53
Empire
Steel
100
ill
15
Saturday
199.404 115,855.4001 11,209,500
$49.000
Preferred
10J 55
62
Monday
310,407 28,028,2001
telegraph and Telephone
1,981,000
104,000
;General Chemical-10
01U, 19
04
0 100
Tuesday
• Amer Teleg & Cable_100 75
335,308 30,188,3001
1,640,500
79,500
'0314
85
e Preferred
Wednesday
252,876 22,753,100
1,518,500
91,000
$1.000 e Central is So Amer_100 118 120 GoldLield Con Thnes See. tie Ex list
Thursday
Cowart Un Tel (N Y)_ 25 105 ___ Gold Hill Copper _..
UoLI DAY
*12 • 51
101
Friday
178,413 15,981,475
Einp & Bay State Tel_100 65
1,545,500
128,000
Ureene-Cananea
*/52 734
2
Franklin
100 40
Guggenheim Explorn 100 185 195
50
Total
1,276,4)8 1112,806,475 $7,895,000
$1,000 e Gold & Stock Tekr_1041 110e Hackensack' Water
$451,500
e Northwestern Teleg_ 50 112 Hilief g 4s '32 op '12_3-3 85
88
Pacific & Atlautte
Sales at
tiall Signal Co cosn_100 20
25 50
Week ending Nor. 25.
Jan. 1 to Nov. 25.
35
ePao TeLep & Tcleg pt_100 90 .... davana Tobacco
New York Stock
Co 100
Southern
&
AtlanticExchange.
23 90
Preferred
1910.
1909.
13
12
1910.
1110
1
1909
1st ir 5s June 1 '22 J-D
59
55
Companies
Stocks-No. shares__
decker-Jones-Jewell MIL
5,006,040
1,276,408
153,164,167
194,417,200 I3 & Ferry
N
1st
Y
Os
1911_J-J
Par vslue
1112,806,475 1435,231,150 $13.674,811,975 $17,803,378,750
93
97
1st 63 1922
A S 103 105
N Y & E it Ferry stk_100 20
Dank shares, par
fierg-Hall-Mar. new_109 36
116,200
28
*5,200
11,057,300
40
$178,450
Al-N 55
Hormken fAnd & Imp 103
Bonds.
65
N
Y
l
O
e
o
s
de
til
is
1
"
9
5
s
May
'46_J-D 96
Government bonds ___
11,000
$500
99
1st 55 Noi 1930
1354,200
1702,7001 Hob Fy 1st
- fdi 102
Os 1946 M-N 103 107
451,500
State bonds
doustou Oi
530,500
39,463,050
511
-15'
34,740,900 NY doNJ
7
5s 11.146___J-4
7,895,000 15,656,000
RR. and misc. bonds_
536,533,700 1,159,247,600 lulls
9612Preferred
'
46
10
45
& 23d Sts Ferry_100 30
"id- Hudson Realty
113
100
1st Inge 51 11019_.1-1) 65
$8,347,500 110,187,000
Total bonds
_
75 e lngersoll-ltaud com..10
1576,350,950 11,194,691,200 • Union
93
Ferry stock _100 26
21
e Preferred
10C 100
e 1st :4 1920
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
N 95
99 1ntercontin't'l 1tubber.104 231 29
EXCHANGES.
interuat'l Bank'g Co_l
90 100
Short- erm Notes
Internal" Mer Mar-See
tie Ex list
Am Cig ser A 41 11_11 S 9058 100 international
Nickei_10( 140 150
Boston.
Phikidelphia.
Ser B 43 Mch 15 '12 M-S 98
9834
Preferred
Week ending
too 90
9212
Bait &Ohio %s191;_J-1) 98; 99
1st g 33 1932
Nob. 25 RHO,
Listed Unlisted 1 Bond I Listed
A93
95
Unlisted
Bond
iiethieh :steel iss
1614 97 International Sal t
shares, shares.
10
1,
8
sales.
shares,
shares.
.'hic & Alton Os '13 _M-S 11814 99
sales.
1st g 55 1951
A- /47
52
Liam
Oin
is
45
191-3-J-J 9714 97; international ST ver-10
Saturday
8,444
80
50
8,910
120,000
25,332
860,000
12,812
0 & St L 5s. June '11 100 10014
'
ItsrteIe
Os
rreld945
Monday
13,433
I Ou' 107 113
13,025
54,000
31,074
11,096
01,000 .iudson CompaniesTuesday
110 112
10,152
11,313
27,500
31,055
12,702
112,700
Os Oct 15 1011 ____ A-0 9812 9912 Internist Smelt & Refit J-I.,
Wednesday
10
130 140
12,684
14,134
45,000
23,849
7,357
25,000
(is Feb 1 1913_
9814 9914 Internet Ilin.; Reco,
F-A
Thursday
d_11/5 190 225
HOLI DAY
interb
It
g
63
_A-N
1003
Preferred
10058
s
Friday
10 112 120
12,338
9,539
38,000
13,184
3,094
75,100
C RydeLight 6s '12_11-S 9812 9912 Jones & Laughlin Steel Co
Minn & St L g 5s '1 I _F-A
1st s f g Is 1939 M-N 1001: 10112
Total
--.. 63,0.,1
56,9211 5193,500 124,4941 47,751 13.34,400 iNYO Lines Elq 5s'10-22 9938 9978 sLackawa
64.60 4.20
nna Steel
100
45
54 Jan 1911-1925- 51.00 4,20 e 1st con 5s 1950_51-2. 40
85
W
100 101
I Bob us 1913
in-s
-91-7
;
St L & S 1044ss'12op_F-A
9738 97. Lauston Monotype
100 80
8634
5s Itch 1 1913__--M-S 9812 9712 Lawyers' Mtge Co
11/0 243 250
All bond prices are now "and interest'. exce.st where marked '1,"
South Hy g Sc 1913__F-A
Leh di Willie.s-B Coal_ 50 200 250
Tidewater Os, 1913 guar 19
118
118 10
98
17,82 e Lorillard (P) prel_100 135 145
Wabash 434s 191._ 51-N Madison So Garden.
. 97
Bid Ask
Street Railways
Street Railways
35
45
Bid Ask West Telep & T
'1-21.F-A 9912 100
2d 6s 1919
New York ccy
Pub Serv Corp N J (Corn
A1-.5i 85
WestIngh'
e EldeM 61 1913 10u 10012 stanhattau Transit__ 20 *118 --114
13leeck St & Flu F stk_100 16
Cons Tract of N J__100 73
22
75
5%
notes
Oct
1917-A-0
100
__
_
May
62 (so
lot 5a 1933
lst nage 45 1950 _J-J
Dept
Stores
J- I) 103 104
5512
100 53
Now'k Putty 55 '30 J-J 10(312 107
B'y do 7th Ave stk .--100 120 140
Preferred
100 10212 10312
Railroad
Rapid 'frau St fly..100 235 245
Monongahela tt Coat_ su * 758 8
2d intge 53 1914 ___J -J 98 100
eChic (it Wcoui tr acts tSee Stool: _ET.
Preferred
Coo 5s 1943-See Stock Esc list
let 53 1921
50 *21
A-0 IO2
22
e Preferred tr etf
13'way Sun 1st 5s go 1924 102 105
Mortgage Bond Co
list
J 0 Hob as PatersonIou 11312 115
Chic Peo & St I,
Cent
'
Nat Bank of Cuba
. Crosst'it stk ___100-_. 90
48 g 1949
100 103 107
AI-N
74
75
Prior lien g4 %s'30 M-S / 90 .9.4.. NN,
at1
1st intge 69 1922 __M-N / 80
;v
So J Gas El & Trao_100 125 130
s5
10u t185 195
Coil rutg 35 1930__J -J
Cen Pk 51 & it it stk __100 15
s
a
Sd
ua
reC
ty
ons'd Coppers *2038 2018
Gu g 55 1953
21
M S 97
ui)
Income 5s, July lt)30.
Chr't'r & 10th St stIc_100 75
Nev-Utah Min & Stn.. 10 *1114 Ds
45
No Hud Co Ely Os 14 .14 101 _ .. Chicago
Subway
tub'
New
Col & 9th Ave 5s See Stock Sic Ilst
412
5
Central
e
Coal
1028
20 30
5s
CO
J-J 102 __ _ Kan & Jo! Pac
631938 _F-A 109 ill
Dry D ED & 13N Y Air Brake 6s-See Stk Etc list
Ext 5s 1924____M-N
93 _ -- Nat itys of Mexico-See
S t Eke list N Y Iliscwt 6s 1911_61-5 IOU
1st gold Os 1932 ___J-1) 95 100
Pat Ry con es '31_J-D 115
_. North's' Securities Stubs_
Scrip 5s 1914
New
1(.0
11212
e
York
Dock
F-A /30
100
4()
2d 6$ opt 1914 _A-0 99 101 Pitts Bess
36
&LE
50 *0
Eighth Avenue stock_100 200 300 So Side El (Chic)-See
*3
71
33
74
N ePre
erret1
y
e,
100
SO
Ch
Preferred
50
Scrip 65 104, F-A / 05 100 Syracuse 11 1' 5s '46__M-S icago list
Mtge
Security_100 200 210
1021: • Railroad Securities Co42d & Cr St toy stk -100 200 300 Trent P & 11 5s 1943-1-1) Lou
N Y Transportation_ 20 *4
6
0/ _.
Ill
stk tr
ser A 52 90 ____ Niles-Hem-Pond coin_1(0) 97 102
42d St Al de St N Ave_100 ____ -.. United Itys of St LSeaboard CompanyNipissing Mines
1st 'rage (Is 1910.81-5
a *1034 1078
__ ....
Com vot tr cas
100
9
91;
1st
preferred
100 7712 7812 (Ado Copper Co.
2d Income Os 1915..J-J /10
60
e Preferred
10 *158 184
100 41
Com & 2d pret-See Bal I Exc. il.st e Ontario
Inter-Slat-See Stk Each ange list
Slyer
Ion
(len 4$ 1934-See Stock Sze list
212
2
Air Liao()Us Elevator coin
Lax Av 53 PavF 55 See Ste Sic list UnitItys San Fran See Stk Sao list Seaboard
10u
52
Coll
5s
eat
May
'11_51-S
Metropol St Ity-See Ste Eke list Wash By es El Co_
Preferred
10 96
93
100 3212 ;Jail West Pac lit Os '33._ WS 9918 too
Ninth Avenue stock...100 155 180
9312 94 Pittsburgh Brewing
51) .2318 2314
Preferred
100 8612 870
Second Avenue stock_100 10
Preferred
5u * 4012 4114
10
43 1951
J-1) 8278 830
Industrial and Miscel.
151 SI 55'09 ext'10._ St-IN 99
Pittsburgh Coai-See stii Exa list
_
Adams Hip g 45 1947 J-1) 4
/1u
,,
Oonsol 155 1948____F-A I 53 -58
012 19112
95 Pope Mfg Co co m
lUu 58
(ins Securities
60
Ahmeek Mining
25
*Sixth Avenue stock_ _100 115 130
Preferred______100
_
73
Alliance Realty
100 115 120
Pratt & Whitney pretiv
Sou Boulev Os 1945___J-J 00
85
i
New York
iO5
American 1300k
100 152
So Leer 1st Os 11)19A-0 88
Producers Oil
112 Gent Un Gas 55 1027 _J-J 101 102 American
1.9
1.49
4- 148
Brass
100 iku 125
Third Avenue-See-Stock Eke list Con Gas IN 1()-.See SIC Eire its
Realty Assoc (1.31slyn) _1
100
u 112
00
5 123
American Chicle oom_10t 222 22, Royal I3ak Powd
Tarry W P de Al 58 1028 / 50
80 e Mutual Gas
com_100 193 200
100 163 175
Preferred
100 10112 104
YkersStItit5s 1046 A-0 80
Preferred
85 New Amsterdam Gasios
Am
Uraphoph
one
corn
100
28th & 29th Sts 53 '90 A-0 ,n10
5 ____ Safety Car Heat & Lt..100 13712 139
1st consol 55 1948__J-J 100; loll,
20
Preferred
100 20 -_ -' Seneca fabling
Twenty-third St stk __100 100 215 N Y & ERG/1.s lit Ls '44 J-J 102
25
75
104
Amer Hardware
10u
122
Singer
_
Union ItK 1st 5s 1942.F-A 10012 102
Mfg
Consol 55 1945
Co
IOU 350 455
J-J
98 109 Am Malting 6s 1914.....1-11
100
{Neste est 1st 5s '43 J-J
- South Iron & S cons
10
00
0 15
7
76 N Y & Richmond Gas_100 40
(1.5
10
50 Amer Press Assoc'n 1OU 95 102
Preferred
100
NY & SVestchesterL'hrg--18
St Found new-See S tie Ex list
Standard Cordage_ _100
Brook len
BOB g 53 1954 guar_J-J 10114 1031 Am
6s
1935
A-0 10.112 102
Atlan Avenue lilt1st AI g 53 '31 red_A-()
Nor Uu 1st 58 1927_11-N
-17
us 100
f 15
Deb 4s 1923
F-A 01
Con Os g 1931
Adjust M 5s Apr 1 1931 / 3
A-0 100 102 e Standard Gas cow...100 55
70
4
American Surety
50 20
B B & W E Os 1933-A-0 117 102
.4
312 215
013 Standard
efe Coupler
oupler coin 10
00
e Preferred
0 ills_ 40
100
American
Thread pret 3
Brooklyn City Stock_10 167 172
1st Os 1930
M-N 104 __ _. Am Tobacco Co co in _ 10(.;
Con 5s-Se Stir Each ange list
415 420
Standard Milling Co_101) 10
18
Amer Typefders com_100 49
Bkin Hgts 1st 5s 1941 A-U 98 102
43
Pre'erred
Other Cties
WU 51
Preferred
10u
Belli Queens Co & Sub1.8 100
1st Os 1930
Ant Gas de Eke oom__ 30 *51
Ai IN 84
88
53
De0 g Os 1039__M-N 97 top
Standard
Is 1st g Os '41 op '16_J-3 09 101
011
Preferred
of N J__100 610 015
50 *41
41
Writing Paper-100
212 312 Swift de Co-See Bost Stli Exc list
elst con Os'41 op'16 MN
1+7
99 Amer Light ec Tract-100 .491 2021 Amer
Preferred
100 2914 30
Bklyn Rap Tran-See Ste Sic list
138 5s-s-e Ohio Stuck Esc Ilst
l'referred
100 102 104
Isle
r
g
5a
'19
op
'09
J-J
88
Coney 1st es ilklyn_100 60
Texas
CompanyBay
89
76
State Gas
See SIC Each Bat
50
62
a4 A %Rif& IndSSL'ues_100
e Texas as Paeltic Coal IOU 95 101)
lit cons g 4s 1943-J-J 78
83 13ingli'ton (N Vi Gas Wks
Preferred _
...IOU 11.
.)73 -2-0_- Title Ins Co 01 N Y___100 132 138
Con g 45 1955
80
let g Os 1938
75
J-J
A-0 95
Col tr g Os -1-9-5-9-.. _J J 63
89i2 Tonopah Min (Nevada)
Brie 0 & N 5s 1930_J-J 95 100 Brooklyn Un Gas-Seetite Exc 100
638
list
Barney & Smith Car...100
Trenton Potteries corn 100
Kings 0 El 48-See Stocli Esc ilst
32
Buffalo City Gas stk 100
1100
00 4305
4
8
312 41
Preferred
100 -90
_-_-- 98
Preferred, new
Nassau Elea pret
100
let 5s 1947-See Stock Ego List
55
Beth'
Steel
Corp-See
S
tie
Os 1944
list Prow Directory
A-0 103 105 Cities Service Co
k
Ex
10., 00
62
Bliss Company corn_ 50
Underwoo1:
_3
130
' 1st 43 1051-See Stock Sic list
d Typew
1
10
00
00t
Preferred
16
124
000 02
11/1)
82
Preferred
50 118 122
N W bg & Flat 1st ex 445 87 92 Con Gas of N J 5s '36..J-J 79
Preferred
10012
95
Bond & Mtge Guttr__100 250
Steinway 1st 04 1922.-J -J 1113 106 Consumers' L 11 es Pow- 90
Union Typew
Typewriter com1
10
0
0
10
45
4
49
Borden's Cowl Aillk_100 123 1251st preferred
Os 1938
108
J-1) 102
Preferred
100
Other CUtes
103
108
2c1
preferred
Denver Gas ec Elec
107
100
1913
210
British
Col
Copper__
Buffalo Street fly3 *Os 612 Un'ted Bk Note Corp_ 50 *49
(hen g 5s 1940 op.A1-N
52
90
03
Butte Coalition Minini
, let consol 55 1931-F-A 105 108 Elizabeth Gas Lt Co
Preferred
5212
100 300
_ Casein Co of Am com_100 *19
3
2;
3
1
1 Deb Os 1917
united
ar Alfrs
A-0 103 100 Essex & Hudson Ga3-100 134
10
50
9 *6
59
1
137
Preferred
Columbus (0) St fly..100 95 100 Gas & El Bergen Co
100 55
(10
e Preferred
100
x
_
_
105
100
78
80 Casualty Co of Amer_100 125 135
, Preferred
United Copper
IOU 101 104 e Ur Rap let Os 'i5-FA 08
100
-43-4 514
101 Celluiold Co
100 130 135
Colum fly con 5s-See Ph ia list
l'referred
11/0 10
Hudson Co Gas
29
100
130 Cent Fireworks cow _100
U S Casualty
I Crosst'wn lit 55 '33 J-1) 100 1021: Indiana Lighting Co__100 134
100
200
220
33
35
Preferred
100
°Conn fly de Ltd com-100 75
-.. U S Envelope com-10
00 15
76
1(
)
1 _ _4s 1938 op
F-A 64
60
Central
Foundry
100
; e Preterred
100 79
PreLerred
81 Indianapolis Gas
114
50 11
20
Preferred
100
! 1st do ref 43ss-See 5th Sic list
_ U S Finishing
100
1st g 58
A-0 80
85
Deb Os 1919 op '01_M-N 1 35 40
Grand Rapids Ely pref.100 82 85 Jackson Gas1052
Preferred
10
00
9 19
05
6 111
g
Sc
'37_A-0
/
88
921
Chesebrou
Mfg
gh
03-100
700
.e LoUtsv St 53 1930_ _J -J 10434 IO W: e Laclede Gas
let g Is 101u _____J-3 1.s.) 105
100
10714
107)
Chino Copper Co
5 *2412 -543-4 Con g 5s 1929._ __ 3-, 95 100
Lynn & Dos lit 55 '24 J-1) 104 105
e Preferred _
_100 s97 102 City Investing Co.-100
e New Orl itys & Lgt_100 25
61
63
U S Steel Corporation...0.38 Sladison Gas 6s1926-A-0
----103 108
Preferred
100 101 105
a Preferred
Col tr s 1 55 '51 opt 'ii 114 11434
100 6(1
07 Newark Gas Cs 1944-Q-3 128 130
Clailln Ill 13) com_100 102 105
(hen Mg 4 145 '35-See 5 Lk Si .ist Newark Conso, Gas__100
Cot tr s f 55 '51 not op 114 11434
117
09
e 1st preferred
100 93
Pub Sere Corp of N 3_100 113 115
tO (I S Tlt Gu & Indein_10.,
e Con g 5s 1948__J-D 103 104
9212
e 2d preferred
100 93
Tr ctis 2% to brsperpet 09 101 No Hudson L ii & Pow__ eUtah Copper Co-Ste St'.: Hu:- I 1st
Col & Hock Coal&I pt 100
.
; North Jersey St Ity_101) 130_
Westchetter & Bronx Tit
55 11)38
A-0
110
1st
g
5s
11117
J-J
45
1
- 1st 45 11/48
& Mtge Guar
__
M-N
74 -fa - l'acitIc Gas 53 E, coin 100 7014 711
10u 165 170
Col tr Os Oct 1956 J-3 1 45 __ __ NesUngh'se Air 13rake_oi,
4
14212
Preferred
100 88
80 Consol Car Ileating
100 4012 4212 West El & Alfg Os-seeSti. Etc '1st
Pat & Pas Gas & Itlec-100 88
01
Cousol Rubber 'fire_10u
3
4
Worthing Pump pret_iuu 103 106
r Con g 53 1940___M-S 100 102
Preferred
100
St .ioseeh Ges it 11E17 I-I
WI
skil
Debenture 45 i 931 A-0 /40
42
* Per share. I Basis. e Sells on Stock Exchange, but
not very active, ilat price.
n Nominal.
s Sale price. t New stock. x Ex-d1v. ti Ex-rights
40 00
Outside Securities
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Nov. 19
Monday
Nov. 21
Tuesday
Nov. 22
Wednesday
Nov 23
Thursday
Nov 24
Friday
Nov 25
Sales
or the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan, 1
Lowest
Highest
Range for Previous Year
(1909)
Lowest
Highest
Railroads
98 Jan 12518 Oct
J'ly 26 12318 Jan
45 Atch Top & Santa Fe.100 9112
*10314 10334
10334 10334 10353 10358 *103 10312 *10312 104
9712 Aug 2 10.114 Jan 7 10034 Jan 106 J'ne
Do pret
30
*10058 10158
*10034 10112 *10034 10112 10114 10114 4,10012 10112
10
225
234
Jan 23914 Apr
Jan
i0
J'ne
218
100
0
10
230 Boston & Albany
22212 223
222 22314 222 22214 22214 22214
*222
12414 Jan 135 Dec
x122 Aug I 13334 Jan
698 Boston Elevated
1281128
12912 12912 129 12912 12812 12853 12812 12812
J'ly .7 221 Feb 54 22312 Dec 235 Melt
20u
100
Lowell
&
Boston
*216
*216
*216 ........ *218
Last Sale 216 Nov'10
13212 Jan 153 Nov
100 121 Nov21 152 Feb
-ioi Boston & Maine
123
123
12212 125
121 125
12234 12312
127 127
4 3 0 Nov 3 205 Sep 301 Jan
4 Boston & Providence_ 1 00 285 Oct 16
*295
300 300 *295 ____ 300 300 *295 __
1134 Jan
22 Feb
1t,13
Nov18
J'ne
14
Cos_
El
Boston
Suburban
40
2
-1
-16
*15
15
1612
*15
*15
1612 *15
1612 15
7712 Nov
6012 Jan
70 J'ly 21 73 Apr
Do
pref
50
72
72
74
74
72
*70
*70
72
*70
*70
1412 Men
10 May
8 hictr...4
1442 Sep 30
Cos&
Wore
Eine
Boston
Oct'10
1014
Last Sale
10 4._ _ _ - 10
10
*____ 10 *__
1514 Oct
Jail 3
48
29
Aug
9612
35
Do
--Lo
pre(
Dve
41
*40
41
*40
40
*40
*40
41
40
41
Chic June Sty & USY _100 139 Sep 16 15014 Oct 15 193 .Jaa 162 J'no
Last Sale 15613 Nov'10
160
*156 160 *15712 159 *___ 160
100 189 Oct 3 118 Jan it 115 Nov 123 J'Iy
115
*113
113 113
*113 115
11312 11312 113 114
100 200 Oct 13 270 Mch16 267 Jan 275 Wit
Oct'10 --;15 Connecticut River
Last Sale 260
*___ 270 *____ 270 *___ 270 *235 270
12812 Nov 136 Feb
12414 Sep 21 11312.1an
100
pref
Fitchburg,
6
.
-131
131
131.2
131
131
131
13112
*128
*128
*-_
75 Jan 103 Dec
104 Jan 3 123 Oct 27
(Ia
By
100
&
Electric
Nov'10
118
Last Sale
118 *117 118
*___ 118 *____ 118
8812 Sen.
14
79 Jan
Oct
b
80
85
Apr
oe
n
748
) Cp
maii
100
ernetfrai
88
88
88
83 *8712 88
88
87
8712
10514 Jan
202 Fc0 10 210 Oct Is 195 Oct
100
210
Nov'10
*20912
Sale
Last
--*20912 --- *20912
*20912 ___19 Oct
Jan
26
1114
221,,
1414
Nov16
J'ly
100
Cos
Mass
Electric
*1934 20
2;465
2014 *1934 20
2034 2034 2012 2058 20
84 Nov
5812 Jan
8834 Nov17
et
100 75 J'ly 1
irIf
87
87
M N Do fp
88
8834 88
8712 8778
8814 *88
88
140 Apr 28 16288 Mch 14 4153 Nov 17478 J'ne
arttord_101)
15312
15313
153
153
4
15312 15312 153 15334 1523 15312
140 Aug
100 13912 Mch 11 14414 Aug 25 146 Feb
l
_ Northern N I
Last Sale 140 Nov'10
*139 141 *139 141 *139 141 *139 141
Apr 215 Sep
Norwich & Wor pret_100 210 lidaylu 212 Meath 200 Dec
Last Sale 210 June'10
*212 ---*212
*212
20015 Jan
18114 Sep 14 :MO Jan 7 190
--a
Old
Colony
100
189
*187
fif
186
187
185
186 186
*186 190
40 J'ne
26 Apr
4412 Nov 1
edEp
100 25 May
fteuattltain
efric
ierct
1s
30
15
3958
*35
38
39
37
38
33
3812 39
*37
9044 Mch 11712 Aug
100 103 Aug 18 116 Jan 5
107
107
*____ 107 *106 10712 108 108 *106 108
9712 Apr 107 Aug
9834 Au v 2 106 Mch
100
Do
pret
102
Nov'10
*____
Last
*___
103
Sale
103
Feb 21834 Aug
*___- 10214 *____ 103
100 15314 J'ly 26 20112 Jan 3 03278
17712 17713 -5-66 Union Pacinc
9342 Mch 11714 Aug
17834 17834 17734 17814 177 17718 17712 178
100 8914 J'ly 26 10338Jan 3 165
Do
pret
Nov'10
Last Sale 92
*9212 0312
*9212 93 *9212 9312 *9212 93
Jan 175 Apr
Oct 16 168 Jan /7
151
&
---100
Vermont
Mass
157
Nov'10
Last Sale
*157 _- *157 -- *157
9818 Apr
*157
38 Jan
West End St..
50 b3 Sep 20 0512 Mch b
9034 9034
9014 91
9012 Vi THANKS91
90
9012 90
Oct 112 Apr
10
102
J'ly
6
Feb
100
Do
50 uu
pret
0
f,iWo4
105
105
104 104
104 105
GIVING
103 104
*103 105
Miscellaneous
DAY.
3314 Jan
5014 Aug
J'ly 27 4912 Oct 20
60 Amer Agricul Chem_ 100 16
4413 4418 *44
45
*44
45
45
*4414 45
*44
09 Jan 105 J'ly
103 Sep 26
Do pre
100 0834 mch
552
10012 101
10013 10013
100 10012
10112 10112 101 101
558 Jan
0/8 Feb
878 Feb 41
438 Aug 2
50
305
Amer
Pilau
Service
5
8
*47
478
473
473
478
434 434 *478 5
2212 Nov
13 Jan
60 14 J'ly 15 24 Feb 11
Do
prat
220
*1412 15
15
15
15
*1419 15
15
15
15
100 111 Oct 3 12738 Mch 2 ,114 Nov 134) Apr
234 Amer Sugar Itelin
11712 118
118 11812
Nov
11834 11834 11814 11834 118 118
131 Apr
x117
100 11134 Oct 3 124 Sich
Do pref
288
117
117
11714 11734 117 117
11712 11734 11714 118
12714 J'ly 26 14373 Nov 4 12514 Feb 14518 Sep
14253 14278 5,822 Amer Tclep & Teleg_100 26 J'ly 7
14214 14278 14233 14273
142 14214 142 143
2712 Fob
4013 Aug
3012 Slots 19
100
150 American Woolen
3512
*3412
35
36
Jan
*35
9312
*3412
35
35
108 J'ne
100 1,1 J'ly 1 11/414 Mch 21
Do
pref
404
9378 9418
-9312 94
94
9312 93
93
Apr
1212 Sep
9334 94
18
Mch
7
7
412
1112Jan
Atl
Gulf
120
&
L_100
W
S
S
I
1013 101,
1018
1018 10
10
912 912
3112 Aug
934 10
1514 Apr
Do prat
100 16 Maylo 28 Jan 6
830
2014 2012
2012
20
20
*1934 2012 20
814 Oct
20
20
28
J'ly
11
412
Jan
812
Apr
4
3
3
50
Boston
10
Land
612
7
*6
6
6
*512 612 *512 612 *512
Cumb Telep & Teleg_100 13813 J'ly 28 15212 Mch 3 125 Jan 14712 Nov
Last Sale 145 Nov'10
*147 15312 *147 15312 *14812 153.2 1.14813 15312
J'ne
7
Jan
1378
14
1138 Jan 3
718 Apr
Nov'10 --- - East Boston Land*314 9
Last Sale 914
*814 9
*814 914 *814 9
-66 Edison Oen Illum
100 4239 Jan 26 29212 Nov16 295 Jan 260 Apr
284
284
287 287 *____ 287
287 288
288 288
173
Aug
J'ly
6
15038
Feb
Jan
16012
135
417 General Electric
100
15912
159
156 158
*154 15412 15434 15658 156 157
59 Jan
8334 Dec
7614 Feb 8
Nov16
8913
0038 2.703 MassachusettsGasCos 100 80 Maylti 9138
9014 9013 9034
9012 90
9034 9034 90
89 Jan
97 Apr
16
1.17
Men
100
Do
pref
91
9314
348
9314 94
93
Dec
9338 93
9312 9312 93
100 214)4 Jan 4 256 Nov14 20212 Mcn 221)14
39 Mergenthaler Lino
22412 22412 *224 226
226
226
*224 225 *224 225
314 Oct
2 Jan
234 Jan 3
634 Mayi0
10
21 Mexican Telephone
512 *5
*5
5
5
5
5
534
534
*5
68 Apr 125 Oct
22 124 Jan 3
Sep
107
100
Yarn
E
N
Cotton
207
112 112
112
112 112
112
112 112
*10912 111
93 Jan 118 Oct
100 9912 Aug 3 115 Jan 11
Do lore!
5
110 110 *_ ___ 110
110
*___ 112
100 12912 Aug 17 13812 Mehl' 12614 Jan 139 Sep
289 N E Telephone
13612 1361 13714 138
13712 13712
13612 137
*136 13612*_75 Fob 108 Oct
4,
Nov
b
9314
100
Jan
75
Coast
Power
Pacific
100
0314 931,
__ *___ 95
*9312 95
____ *94
*94
271 Pullman Co
100 153 J'ne 3u 200 Feb 11 168 Jan 199 Aug
165
165
16412 165
16518 1711512 16473 165
16414 165
934 Jan
12 Sep
1114 Jan 15 14 Oct 3
is
Reece
10
Button-Hole...
1212
58
13
*1212
12
12
1212 *12
*12
1212 *12
637 Swift & Co
100 101 Jan 24 10934 Jan 10 100 Jan 11912 Aug
10353 10414
10378 104
*103 10312 10313 10312 10312 104
Dec
2012
34
May
3u
Mch
3
Jan
3414
Torrington
25 28
3112
*31
31
3112
*31
3112 31
31
*3014 31
2414 Jan
35 Nov
75
173
Do pre,
25 27 Jan is 31 May 6
29
*27
*2612 28
28
*27
27
27
27
27
Jan 170 Deo
12612
Jan
15
10
1.566
Sep
United
200
16512
Fruit
100
198
194
188 190
18934 194
18712 18812 187 188
71 Oct
x54 Mch
7134 Apr lb
865 Un Shoe Mach Corp
25 4634 J'ly
5614 5612
5612 5612 5614 5614 5614 5638 5534 5614
3114 Sep
2812 Jan
216 Do pref
31 Jan 4
25 2514 J'ly
2834 2834
2914 29
29
29
29
2812 2834 29
9478 Oct
4134 Feb
15,074
Jan
U
3
26
S
J'1Y
Steel
9034
100
Corp
7933 8014
8158 7978 8118 7933 8033 7913 8018
81
pref
100 111 J'ly 26 l255 Jan 6 107 Feb 131 Oct
432 Do
11838 11838
11818 11838 11833 11838 11773 11838
*11713 118
618 Jan
1.,) Dec
15 Wes
t Teplerp
po
1334 Sep 30
et & Teleg_100 19 Feb 14
18
1713 1712
*17
18
*17
18
*17
76 Mat 08 Dec
100 81 Anglo 04 Jan 3
20
90
101-2
91
90
*90
90
91
*90
91
*90
Mining
1012 May
478 Oct
05 Adventure Co
4 J'ly 13
It) Feb 1
814
814
25
812 812 *8
812 873
833
834
Algomah Mining -----25 10 Sep 21 1434 Sep 15
1114 1134
1012 11 11-*10
10
1014 1014 10
62 Oct
34 Jan
31 J'ly 13
'65
1
367 Ailouez
5
58 Feb :..,
25
4
3
4334
43
4
3
4334
3
433
43
43
4
4
4413
4373
44
9612 Nov
44
65 Feb
5 5514 J'ly Is 0034 Jan 3
6934 7014 6,187 Amalgamated Copper 100
6978
69
7053 7078 6933 7014 6913 70
4012 Dec
23 Mch
25 1912 J'ly 26 4013 Jan 3
2914 2914 1,050 Am Zinc Lead & Sm
2933
2912 2912 29
2934 2934 2934 30
54 Dec
3813 Feb
Anaconda
25 36 J'ly 13 5334 Jan 3
Nov'10
Last Sale 43
30 Feb
5134 Dec
3
4
Jan
Slay
4
3
50
1214
Arizona
5
25
Commercial,
*1653 1714 1075
*1714 17-12 -His If-1'154 1;18 Jan
8 J'Iy
1214 Jan 14
5 J'ne3u
315 Atlantic
7
7
7
7
733 738
712 712
7
7
.81) May
,45 Feb
.70 Mch2s
Bonanza Dev Co
5 .50 Mch
10
2
*.50 .55
*.50 .55
Last Sale .50 Nov'10 -iJ'ly
24 Dec
4 2414 Jan 13
1718
May
5,3
(
10
Bos
Mg
5
&CorbCop
&Sit
*1612 17
1634 1634
1634 1634 *1634 17
id65.4 17
8 Sep
1114 Deo
412 Nov 5 1814 May25
614 3.695 Butte-Balaklava Cop_ 10 15.
6
634 678
714
7
612 612
714 7'8
2138 Feb
3358 Nov
,8 J'ne3() 2812 Jan 3
Butte Coalition
15
2014 1958 20
20
2014 20
20
20
9614 May 119 Jan
12
J'ly
4434
103
Jan
3
Calumet
10
&
Arizona
54
-8E"
5414 55
5434 5512 5514 5512 5434 56
47 Calumet & Ueda- 25 500 J'ly 6 685 Jan 3 685 Feb 695 Aug
575
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29 Fob
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25
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18
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18
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18
1734 18
19
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Cons Mercur Gold.-*M5 .08
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Last Sale .05 Nov'10 -55Cokoper
8634 Nov
6812 Feb
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71
71
72
71
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71
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72
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72
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1358 13
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25
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150
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;
912
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9,2 912
934 034
25 102 J'ly 12 150 Jan 3 139 Melt 168 Aug
Last Sale 128 Nov'10
*125 128 *125 130 *126 130 *126 130
4 Jan
2 Oct
25
114 J'iy 26
oo
334 Jan 14
14 112 *112 134
*112 134 *112 134
"1712 1712
2
10104
7412 N:r
erth LBauktet
-04
• Bid and asked prices.
et Now stook.
s Asal paid. 0 Bz-ateok dlv
Is Ex-rights. a Ez-dly. and rights.
Nov. 26 1910.1
Boston Bond Record
liOA ups
BOSTON STOCK EXCH'CIE
WEEK Maim Nov 25
ro-2
a.,*)
Price
Friday
Nov 25
Range
141,11
Week's
Since
Range or Zi,„P
January 1
Last Sale
1437
BOA Li?.
BOSTON STOCK EXCIPGE
WEEK ENDING ov 25
Price
Friday
Nov 25
Week's
Range or
Last Sale
p'
Lange
Since
January 1
Wiwi .vo; Low High
High: NolLow _High 1
Ask tow
Btu
Btu
Ask bow
Illinois Steel deben 68-.1913 A-0 100 100.2 100,
Am Agrioul Chem 1st 5s 1928 A-0
1 I 99%101
102,2 Nov'10 •--- 10014 103
4 1.0014
9314 la Falls &Sioux Clst 73..1917 A-0
am Telco & Tot coil It 48 11329 .).,1
907& 32 89
117 Apr'08
9034 Sale 9050
Convertible 4s.
1936 Nt.8 105% IOU 105.2' 105 %I 13 09;106 i Kau C Clin & Spr 1st 5a. .1923 A..0 111314
% Mar'10 ....I 931 97
873
878
....
4
4
i
809
.10
,Kall
C,
Ft 6.g, Gulf est 5s. 1911 J -D
Am Writ Paper lst t 63 g 1919 J • J
99% Feb'10 ... 91134 9934
s714
Am Zinc L& 8(101) 6s
1913 M-N 117 120 119 Nov 10.... 97 119 I Kan C let Scott & M 6s....1928 M-N
113 118
116% 11638
Kau 0 M & 6 gen 4s
24
94
3 89
1934 M-8
Ariz Corn Cop 1st cony 63 1920 J-D
94
93
93 Oct '1 ....1'2's9314
1013,
Assented income 58
is
AtcuTop & lee gen g 48 1996 A-0 98,
92
1934 M-8
90
91
90 Nov'10
4 98% 1-8 .2 Nov'10
8812 tI4 4,1 Kan C & ki Ity & Br let 581929 A-0 10214103 102; Nov'10 .....102 103
Adjustment g 4s....J'iy 1995 Nov 8102 91; 908 Nov'10
92,2 9438 Maine Cent cons let 78 .1912 A-0
Stamped
Ply 1995 M-N 80; 91; 9214 Sep 10
11355 Nov'06
.11
102%102,2 1 Cons 1st 48
102,
2.Ply'10
1912 A-0
60-year cony 4s
1935 J-D
10114 Sep'05
kt
Maaro
ssG
liaosu4
gi2
lis
dis Ont ist 68 1925 A-0
i3
.
3
108.8 Nov'10.
10-year cony 58
1917 J-D
115 J'ne'118
108141171473
6)
68 Sale 67
1929 J -.I
Atl Gull & W 185 Lines 58.'59 J •J
99.4 Sale 99
97 100
99;
Mich Teleplst 5s
110 ifeli'04
......
Boston Elect I, consul 53.1924 M.S
1917 J- J
99.8
97 Aug'10 (31 97
Attune Gen Elea con g 53 1929 J-J
Boston & Lowell 48
10014 Mar'09
1916 J -J
10214 Aug'04 .1.
New
Lug
Cot
•
.
Yarn
10414
Oct
'08
......
53-.1929 F-A 10114 Sale 10114 101; 13400%105
Boston ob Maine 4,
1944 J •J
29
New Bug Teleph 58
11241an'03 •.
1915 A-0
.
Boston Terminal lat 343 1947 F-A
102 Feb'09
......
103 Feb'10 • 103. 103 I 581916 A-0
Bur & Mo itiv cons 68
1918 J -J
10014 Sep'08
New England eons g 58. 1945 J -J
..
100 J'ne'01
Butte 6, Boston 1st 63- 191 A•0
, Boston Term 1st 48
1939 A-0
Butte Elec& Pow 1st g 58 1951 J -11
113% 114 I New River(The) cony 58 1934 J -J
79%
Cedar Rap & blo It 1st 78 11/16 M-N
76 Oct '10 ....1 76
113'2 MaY'10
87
N TN ii & H con deb 3,
8714 10 85
8
87
281956 I -J
Cent Venni,lat g 48..May1920 Q-F
10114 Nov'10 ....I 9655102
Cony deb 68 (CBs)
11103 Oct'07 .........I
..
19-18 .14 133 135 133% Nov'10 -.1 131 135
C B & Q Iowa Div 1st 68.1919 A-0
1919 A-0
98.2 J'ne'10 ...• 18 y 08.2 Old Colony gold 48
1924 F-A
101 Apr'09 ....1 ......
Iowa Div 181 48
1913 M-N
101% 10134 Oreg By & :star con g 48 1946 J-D
10134 Mar'10
.
Debenture 58
98% Sep '01,
Oreg Sii. Line 1st g 68
1922 F-A
99; Nov'10. . 99'100
9934100
1922 F-A
Denver Elton 48
11315 Aug'10 ...
.1 1137 11638
99
9935 Pere Marquette deb g 68. 1912 I- I
11/27 M-N
99 Marl()
Nebraska Exteu 43
99 Mar'lu
98% 99
Repub Valley 1st et t 64. .11/19 1-1 10255
921 M113
99 Oct'0 .
6,8Wat 4s
'103,
810355
10314 Sep '10
893, 8855 Rutland let con gen 4143.11141 J -J
1449 J -J
87% Sep '10
Illinois Div 3.2s
107,2 .005.
Rutland-Canatilan
4
Yoe
53.1915
1013
11113
Stx
1st
8
J
J
101
I-.1
4
L4
100
101
lty
4311149
19
&
Ohio J c
14)114
1.
102 Mai'02
90,2 Oct'10 .
9278 Savannah Elec 1st cons 58.11/52 .1-.1
Coll trust refunding g 481940 A-0
89
7812
7814 78 11
11/30 F-A 103,
115,
2Jan'10 . • 115%11534 Seattle Elec lat g 5s
Oh Pail& St P Dub D 68 1920 J -J
3
103% Nov'lo ....! 103 10414
Shannon-Aria 1st g 63....11119 M-N
96
126 Feli'05
Oh M & Ht P Wis V div 601920 J • J
97
2 88 110
97's 97
10
929
18 11
99 Oct'10 .... 99 10014 Terre Haute Eleo g Is....1
91114101
Ohio 65 No Mica let go 58.1931 M-N
.1.
1
Torrington 1st g 68
Ohio & W Mich gen 66-.1921 J -D
10134
101
Ala'r:10
4 100 104
10
903
7 4 Atr
°7.
....11100.4 10034
Union Pao RR & I gr g 4s MI7
Concerti & Mont eons 4a 1920 J-D
7 IA
101 k6 No1010 ....I 9978 101,1
91 Deo'07
20-year cony 48
Conn & Pass 11 1st g 48 1913 A-0
104% Oct '10
11 4 Jan'03
.1 104410955
2
Uniteti Fruit gen 8 14148.1923 J.J
11714 'Sat 974
Cudahy Pacic(The)Ist g 58 1924 M-N
10(114 Aug'011
9714 -13' 964 97's
U S Coal & Oil 1st 8 I 6s. 1938 M.N
Current River 1st 53
1926 A-0
99
165 ,
1:ov'10
145 16.3
99 Aur'10.
ill)
U S Steel Corp 10-60 yr 58.1963 51-N
Dot ur Rap & W let 48_11146 A-0 88
90
101 13 1054
90
104 Nov'10
88 Nov'10 •••• 88
Dominion Coal 1st s 1 68-11140 PA-N
96
98
9834 J'ly'to .... 117
111314
1/614 J'ne'I() •••• 9614 0834 West End Street Ry 48....1915 F•A
Gold 4.2s
1914 M.
Fiten burg 48
1014 J'be'uN
1'116 NI- S
10.114 Apt'06
Gold deuenture 48
1910 M-N
48
118.2 Apele ....! 98,
2 9914
1'127 M-8
! 96 A pr'08
Gold
48
1917
Fromt Elk & Mo V let 63-1933 A-0
F -A
99
98 Oct'10 ....! 97
1133 Mar'011
Western Telepli & Tel 63 1932 J -J
Unatampen 1st Os
08
1 1344 99
12 98% 98
1933 A-0
140 A or'06
Gt Nor C B &40011 tr 48 10211J -J
2 97 % Wisconsin Cent 1st gon 4819411 J -J
11414 9439
9438 Jan'10
9155 Salt 96; 9534 Jti 1.14,
Registered 48
1421 Q.J
95% Nov'10
95%
_
•
NOTZ-Buyer pays accrued Interest In addition to the purchase price for all Boston Bonds. *No price Friday; Latest bid and asked. 11 Flat price.
-
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
I
IofSales
the:
share Prices-Not Per Caution Prices
Saturday I
Nov 19 I
Monday I
Nov 21
125
.20
*424 43
"1414 15
•
I
;
-
125
43
43
*1438 15
Tuesday
Nov 22
Wednesday I 7'hur8day I
Nov 23
Nov 24
64
04
91 .91
12534 126 4 125 1.4
21,
2
44 A
44
*1438 1434 *144
PHILADELPHIA
Inactive mucus
Amal Asbestos Corp 100
Preferred
100
10
Anunican MUlin,
IOU
Amer Pipe Mfg
Bell Telephone(Pa)100
60
Cambria Iron
Central Coal & Coke.100
ConsolTrao of N J...100
Easton Con Electric 0.50
100
Ft Wayne &W V
60
Germantown Pass
IndiamipoLis St
100
Indiana Union Tr....100
Insurance Co of N A..10
Inter Sin Pow & Chem.50
Keystone Telephone..50
Preferred
50
KeystoneWatchease.100,
Leh Vail Trau v t c...50
Preferred v t c
50
Brothers
10
Little Schuylkill
50
Minehill Schuyl 11..50
N Haven Iron & Steel.))
Northern Central
50
North Pennsylytima 60
Penney' RR receipts
Pennsylvania salt
50
Pennsylvania sieel..100
Preferred
IOU
Phila Co(Pitts) pref...50
Phil Gorman & Norris 50
50
Phila Traction
10
Railways General
Busqueii iron & Steel..))
10
Tidewater Steel
Prelerred
10
100
Union Tr ot Ind
United NJ11,1t& C..100
Unit Tree Pitts pret..50
Warwick Iron & Stee1.1U
100
Welsbaoh Co.
West J ersey & SeaS11.50
Westmoreland Coal....50
Wilkes Gas & Elec..100
Bid
Ask
as
45
73
20
204
8. 9
33
37
434 5
1555 10
58
62
1244 1254
1/1
110
41
147
82
'240
105
414
149
83
244
424
1034
10
43
44
5334 54
Co
Range Since
Jau
Lowest
tyIte.rt
I Range For Previous
11
Year(1909)
Lowest
illynest
Baltimore
I
5 Con. Gas EL 1... ti, Pow 100 40 Mar21 64 Nov23 30 Mar 48 Dee
Do pret
100 80 Marl 1 1/0 J'ly 1 4' 76 Mar 89 May
255 Northern Central
50 115 Jan 1,3132 b eu 29, 100 Jan 121; Dec
Seaboard(new)
100 1855J'Iy21.1 27% Jan 3: 114 Feb 2834 Deo
WU
Do 26 prof
100 40 Oct 17 47 Jan 8' 2234 Feb 48 Dee
United Ry & Electrio.. 00 1- 55 Slay 3 1614 J'ly 161
934 Feb 14% DeO
Philadelphia.
American Cement
.244 25
50 17 42 Sep 19 28 Jan 3 25 Dec 43 Jan
'20 American Railways._ 50 41% J'iy 2i 60 Jan 6 4455 Ply 48 Dee
.43
4314
2,710 Cambria Steel
431 44
50 404J'ly
5312Jan 10 3255 Feb 1955 Den
22 Electric Co of America 10 11,
*11% 1171,
4J'Iyzu 124Jan 14 xlii% Jan 12 -8 J'ly
6,106 Klee Storage Battery 100 42 J'ne.36 6434 51ar11 43 Jan ti3 J'iy
49
49
3455 Jan 29 15 4Jan 33.4 Deo
WU 1934 J'ly
3214 3255 3,181 Oen Aspnalt trolls
885
Do pret tr ctts
*78
79
NO 61 J'mylo 844Jan IU 63 Jan 8455 Deo
*314 1./
Keystone Teiephone... 60 7 J'ly ii 13 .an 10
9%Jan 16 Apr •
27
2734 4,293 Lake superior Corp....100 15 13J'ne.iu 28'. Jan 3 1455 Jan 3355 May
97
97
2,076 Lehigh 0 25 Nay tr ctIs 50 86 J'ue3,.. .23 Jan 7 96 Jan 125; Deo
9434 IA% 48,2o'2 Lehigh Valley
;214 Marie 67 Feb 113 Sep
50 634J'ly
65118 6838 1,370 Pennsylvania itit
60 611118J'iy 2/ 69.18 Mar 9 6314 Feb 7555 Sep
3411 Pluladelp'aCo(Pittso) 6U 42
4534 46%
03,
4 Jan
4i)12 Vet) 515 Dec
1534 16 23,9..5 elitladelphia hileetricji 25 #1.376 you
1634 Mar18 11 14 Feb 14 Deo
1855 19 14,80, Philo Rapid Transit
5U 15 Apr 2z- 234150 3 244Jan 364 Apr
76718703m 2,620 Reading
50 65 4 J'iy Ii 66 Feb 18 59 13 Feb 86.4 Sep
*8.8 s-•,
312 Tonopah Aiming
1
,11111 2
4
a Li. May13
534 Jan 7131. Mar
44% 9,42. Union Traction
44
50 38 Oct 2, 52,
4 ian 41 6078Jan 6878May
50 79
95 55 Jan.101 8459 RN 954 De0
8634 8655 18,561 United Gas Impt
PHILADELPHIA
Bonds
Prices are all "and
interest."
Alt(41.11 Klee ,38'33.F-A
Am Gas tt, Mee 66'07.1.NA
Am bye cony be 1911.1-D
All City let 613 g'19.51-N
Berg& Ellrw Ist 613'2134
Bethle Steel 6s 1998.q-r
Choc& Me lack'111411J4
Clt Ok
geu 53'19 J-J
Col St By 1st con 58 1932
Con True ot N J 1st 50.'33
LEA 18t51 0s 1920 51-N
Mee & Peo Tr elk It °Us
Eq It tias-1,1st g 53 1928
Indianapolis Ity 4s.1933
Interstate 4s 1943. F-A
Lehigh Nay 448 '14.Q4
RIts 4s g
1914.Q-1f
Gen M 44s g 11.124.1.4-1C
Leh V (.1 1st 55 g '33..J4
Leh Volt 481st 1948.J.D
J-1)
Consul 6s 1923
Cousol 455e 1923 J-D
J
Annuity Us
Oen cons 4s 2003.51.N
Leh V Trail con 48'35J-D
Istseries B 55 .985 \LS
New Con Gas Os 1948 J.D
Newark Pass eon os 1930
N V Ph& Nolet48'39J4
Income 48 11139 1i-N
NoOlnoTrac cou5,3'19.J4
Penn Cons 58 19111 .Var
Penn & Ald Steel coo 66.
Pa & N Y Can Os '39.A-0
Con 4s 1939
A-0
Penn Steel 1st 56'17 51-1
,
1
People's Tr tr cons 4s '43
P Co 1st& col tr 65'49 34-8
Con& col It 09195151-N
Elee gold trust Ws
Trust certlfs 4s
PIe E gou Al g'20.A.0
Glen Al. 43 g 1920. ALM./
*Bid and asked; no sales on this day. 11Ex-rittilts. 11415 paid.
ACTIVE STOCILS
wee/b- I (tor Bonds and inactive ,
l6hares1
Stocks see below)
I
*63%
*811
91
0125 126
.20
21
'42.2 43
.14% 1614
125
8424 43
.4212 43
43
43
43
43
44
44% 44
444 43% 444 44
44
. 11% 1 i% *1134 1178
4,1134 11; .11.4 117
48% 49% 4834 43
467
. 484 47.4 4ii
33
324 33
82,2 23% 33
32's 33
784 78%
*78% 79
79
79
79
711
*84 114
27% 28
27% 27% 27
27'4 27
2714
9334 t'434
sib
97,2 97
9738 97% 97'.
9434 957y 94% 95% 94% 95% 94% 94%
05% 6478 63
66
LIA% 65
(3086514
v4514 46
46
45% 4538 45% 4514 46
154 15% 15% 16 '4
15,
8 16%
16
16%
17%
17
1'04 18
1734
17% 18%
77310 77318 76% 77.8 76193 76%
7t1
7634
*a,
. 8.3
84
8%
14
841 8,2
404 40.8 414 4134 42
424 424 44
534 854 814 86-4
b5/8 804 86
864
Pridas
Nov 45
Bid I Ask
83
83,2
114
108;
103.4
1033 34
811
88
10511
61
1104 110.2
1174
104,
8
148.4
91 14 97%
101
101
108
108,
i
......
9:14
.
11124
114.1, 914
101 14 101.4
76:ki 76
107 13
10034
PHILADELPHIA
Bid
Ask I
cfs Read 28 Os *33.A.0
Con M. 7a 11111
J-D
U955
Ex Imp 51. 48 g'47.A.0
Termuial 5s g1941.Q.S' 1154'
P W & B col It 48'21.J4
Portland By let 5s 1930.
Ruch Ity& Leon 513'54J4 984
Spanisu-Am ir 63'27 J4 101 1014
15 Trite Ind gen 53'19.J4
tin Rya Tr otis 44'49J &J
74
United Rya Inv lat eolltr
5f Os 1926
at-N so 804
U `frac Pit gen 56'97 J-J
Welsbach s /5a 1930.J.D 884
Wlks-1361&F.con5s'55J4
RALT1.1101LE
Inactive Stocks
Ala V011s 00al& Iron.100
Pret
100
Atlanta & Charlotte..100
Atlan UosuB L (Conn)100 232 245
Canton Co
100 115 12/
Cons Cot Duck Corp...50
6
6
Preferred
20
•
50 18
Georgia Sou &
.100
1st prof
100 1/3
97
2d prof
100 70
75
G-13-13 Brewing
100
1
2
1Souds
Prices are all" and
interest."
Anaoostia & Pot5s1004
101
,
AU Coast L(Ct)ctfs 6s J-D'
Ctlis of indebt 4s
J4
5-20 yr 4s1925
14 91
Balt CPass 1st 5s'11 M-N 100 100 34
Belt Fundg 55.1916 51-N 104 105
Exchange 343 Mt/J-J
93
934
Balt& P 1st Us in 1'11 A-0 10011 101
BSP & ist4 43'53F-A
94
95
Balt Traci 1st5s. '29 .51-Zi 106 107
No Balt Div 6811142 J-D 110 112
Cent'! Itycon5s1932 M-N 105
Lit& Imp 58.1032 AI 8,
Chas Citylty 1st 58'23J-J1 100
ChasIVO & E153'99 AL-Si 91
96
BA bT1.111011E
()hark Ca,A 26 7810 A-0
City & Sub Ist5s..'22J-D
City & Sub( Was)Ist03'48
Coal & I Ry Ist 53'301f-A
Col&Urny let 68.1916J-J
eoheol Gas 55..1939 J-D
(AN indebt 4.3s
J4
Cons GE P4 413'35 J4
Fair& UlTr 1st65'38.A.0
Au/Dawn Os'48J -J
GaCar 8,5N Istbsg'29.14
Georgia P Ist tis...'22 J4
(.3aSo & Fiala'.6s 19453-J
0-1343 Brew 3-4s 195151-5
28 mcome 53 1951
Knoxv Trae 1st 5s'28A-0
Laket( El 1st gubs'4251-8
Maeon By& LtIst53.63J4
Memphis st 1st 53'45 J4
Alet8tAWaeli)lat68'2611'A
Alt Vet Cot Duck tel Os.
NIA Neal)2'1st 513'38 M.N
Nor &Por Tr Ist5s136J-D
Nortoik St 1st 6s'44 J.J
231925 A-0
North Cent4,
Series A 5s 1926. J4
J4
Series 13 5s 1926
Pitt Uu Traci 6s 1997 34
Polo Val 1st 55 11141-J4
Say ifla 44 West68'34 A-0
Saab 6, Loan Os 1926.J4
South Bound 1st Os-A-0
U liii L&P 18t44s'29 M-N
/Pa By & Eliot 48'49 51-8
Income 48 1949
JD
Funding Os 1936 J.D
Va Mid 28 tier 68 '11.31.-6
36 series 68 1916..M.8
4th *ler 3-4-Os 1921.M-S
6th series 68 1926.51.S
Va (State) 38 new'32.J4
Fund debt 2-38 1991.J4
West N 0con6si91444
WesVaC&P 1st tig'11J4
Wit & Weld 53..1936.J4
Bid
Ask :
103
1014
1004
1074 108
97
96
83
834
964 a7
lt/3 104
105
113 1134
107 109
424 43
1024 104
105
116
97
98
7334 74
92
824 8234
104
1104
116
105 10712
105
105
106 107
9/4 92%
84
814
6334 64
85
8514
100% 11/01
.
105
1115
106
87
87
105 108
100.4 1004
110 112
$1214 paid. I $1314 paid. I $35 paid. a Receipts. 8 $25 paid. 0$30 paid. d $424 pal&
[VoL.Lxxxxi.
THE CHRONICLE
1438
puestment and ilailroad Intelligence.
ti.AILROAD GrtOSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from whieh regular weekly or monthly returni
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last twa
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July; but covers some other
period The returns of the electric railways are brought together separately on a subsequent pale.
Latest Gross Earnings.
ROADS
Week or
Month.
Current
Year.
$
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
*
8
Ala NO & Tex Pac
66,000 1,219,559 1,191,792
60,000
N 0 & Nor East_ 1st wk Nov
31,000
33,000
636,423
588,014
Ala & Vicksburg_ 1st wk Nov
29,000
20,000
545,033
508,785
VIcks Shrcv & P_ let wk Nov
8,393
6,153
23,870
17,414
Ala Tenn & North.. September
0,068.441
8,732,776
20,159,332 25,434,887
Atch Toncka & S Fe S'entember
57,274
55,930 1,010,800
Atlanta Birm & At) 2d wk Nov
944,030
,
it Line September 2,246,774 2,173,130 6,464,588 5,83(1,732
Atlantic edi
0 Baltimore & Ohio_ October __ 8,168,817 7,840,698 32,684.444 30,518,589
407,932
285,909
B it 0 Ch Ter Itit september
136,345
95,403
726,400
283,016 249,332
694,467
Bangor & Aroostook September
8,790
6,687
31,069
21,082
Bellefonte Central__ October __
Bostou &
_ September 1,170,981 3,983,948 12,130,571 11,658.849
16,022
15.353
4,389
4,750
Bridgeton Maine..it Saco 11 September
198,095 137,019 4,020,127 3,818,503
Bun Roch it Pittsb_ ;0 wk Nov
Buffalo & Susq____ September
663,683
202,422 236,890
593.853
Canadian Northern.. 30 wk Nov 363,100 357,900 6,326,001; 5,179,600
Canadian Pacific__ 30 wk Nov 1,106,000 1,903,000 44,070,760 38,810,193
Central of Georgia... 2d wk Nov 273,500 279,600 4,842,451 4,603,235
eptember 2,416,792 2,228,715 7,227,399 6,722.650
Central of New Jar..,
376,619 349,338 1,000,435 1,018,112
Central Vermont-- September
20,307
23,989
2,08t1
2,445
Chattanooga South. 4tri wkSept
Ches 40 Ohio Lines_ 2d wk Nov 615,864 607,971 12,561,776 11,649,957
Chicago & Alton__ 2d wk Nov 312,294 359,991 5,825,052 5,486,675
Chic Burl & Quincy :.,epteinber 1,395,269 7,896,737 23,849,6/8 22,533,348
p Chic Great West__ 20 wk Nov 295,216 289,282 4,977,309 4,511,282
Chic Ind & Louisv_ 2d wk Nov 107,958 121,652 2,480,601 2,317,699
Chic Ind & Southern -See New York Cen tral.
Chic Mil 40 St Paul_ September 0,504,203 6,287,926 17,844,045 17,057,384
Ch MI1 & Pug Sd_ September 1,162,399 775,599 3,475,123
Chic & North West.. ..,eptember 7,304,835 7,237,348 20,372,047 19,738,374
Chic St P M & Om. September 1,621,007 1,423,223 4,325,777 3,767,217
Cin Ham & Dayton September
872,257 875,128 2,579,002 2,450,626
Clev Cln Chic 40 St L -See Now York Cen tral.
Colorado Midland.... September
195.990 231,323
554,198
623,514
Colorado do South__ 2d wk Nov 368,554 364,016 6,702,469 6,380,383
August _66,774
140,479
62,557
137,508
Copper Range
September
48,218
42,624
13,964
14,633
Cornwall
30,403
38,156
113,738
September
103,251
Cornwall & Leban
631,191
484,536
'eptember
190,880 158,898
Cuba Railroad
Delaware & Hudson September 1,763,208 1,618,919 5,263,884 4,867,835
September 3,046,594 2,940,504 9,13(5,527 8,995.928
Del Lack & West
Deny & Rio Grande 2d wk Nov 517,000 502,400 9,777,458 9,418,729
474,924
432,831
23,561
25,707
Denver N W & Pac_ Set wk Nov
629,744
811,274
37,514
34,340
Det Tol & Iront Sys 0 wit Nov
767,302
710,350
38,632
2d wk Nov
42,659
Ann Arbor
469,275
463,390
22,305
21,130
Detroit & Mackinac 2d wk Nov
Dui & Iron Range
September 1,138,620 1.454,173 3,534,055 4,204,335
69,547 1,372,016 1,361,744
63,786
Dul Sou Sh 63 AU_ 2d wk Nov
El Paso & Sou West :eptember
581.221 554,495 1,768.244 1,743,579
Erie
September 5.112,179 4,875,173 15,115,959 13,714,456
6,116
1,995
5,619
2,017
Fairchild & Nor E.September
277,334
250,468
84,185
79,307
Fonda Johns & Glov September
725,925
266,710 268,287
697,560
Georgia Railroad... September
Georgia South & Fla -See Sout hemn Rail way.
Grand Trunk Syst- 20 wk Nov 899,760 924.271 17,175,119 17,189,426
Grand Trk West_ 2d wit Nov 106,425 121,168 2,188,572 2,337,793
755,788
769,678
46,378
42,753
Det Gr Hay it Mil 2d wit Nov
746,510
828,290
57,834
40,217
Canada Atlantic_ 2d wk Nov
Great Northern Syst October__ 6,401,109 7,253,966 24,364,061 24,943,156
491,290
470,017
160,657 177,432
Gulf it Ship Island_ September
770,751 760,844 2,186,401 1,992,264
Hocking Valley-- September
Illinois Central-- October -- 5,466,769 5,301,602 20,612,729 10,294,070
internat it Gt Nor. 2d wk Nov
202,000 207,000 3,628,419 3,285,782
a interoccanic Mex. 3d wit Nov 102,758 143,049 3,285,181 3,076,629
2d wk Nov
Iowa Central
65,749
84,921 1,292,435 1,328,201
Kanawha it Mich
September
313,402 229,382
891,324
681,589
876,588 734,186 2,576,335 2,156.773
Kansas City South_ September
39,900
34,300
740.473
642,683
K C Mex it Orient 2d wk Nov
October __ 3,384,100 3,344,380 12,409,081 11,912,704
Lehigh Valley
116,526
46,398
39,182
133,736
Lexington it East September
september
hic.27, 091
/ne.197, 194
Long Island
120,030 110,214
363,548
316,364
Louisiana & Arkan_ September
116,171 105,849
317,667
292,254
Louisv Ilend it St L September
s Loulsv it Nashv__ 20 wk Nov 1,132,230 1,076,730 20,439,612 19,040,102
15,628
16,785
51,184
52,559
Macon it Birm'ham October __
September
860,258 828,412 2,505,211 2,494,152
Maine Central
Maryland it Penna. September
43,964
40,370
120,801
109,445
a Mexican Railway. 20 wk No,, 159,700 138,100 3,082,800 2,845,000
774,44(
218,690 122,973
411,319
a Mexico Nor West.. October __
-See New York Cen tral.
Michigan Central
14,614
327,356
20 wit Nov
14,583
Mineral Range
283,724
Minneap it St Louis 20 wk Nov 120,597 144,897 2,179,850 2,096,625
512,176 514,259 9,248,859 9,856,576
Minn St P it S S M1 2d wit Nov
ChIc.tgo DIvi3 on ,
79,273
72,175
230,437
195,991
Mississippi Central., September
U Mo Kan it Texas.. October _ 3,111,828 2.856,104 10,203,852 9,425,146
1,10 Pac it Iron A1t1
Central Branch_ J 2d wk Nov 1,092,000 1,090,000 20,730,004 20,375,961
970,828 934,410 2,854,041 2,781,413
Nashv Ohatt it St L September
a Nat Rys of Nter.,._/_ 10 wk Not 1,202,300 1,118,271 24,698,012 21,496,703
6,122
7,215
212,179
Nevada-Cal-Oregon 20 wk Nov
165,787
18,449
6,86',
18,11(
6,046
Nevada Central__ ,,epteinber
436,498
312,792
143,024 105,920
N 0 Great Northern September
38,295
34,276
563,446
N 0 Mobile it Chic.. Wk Nov 12
637,268
N Y Ont it Westeri. .eptember
820,343 713,930 2,739,211 2,432,353
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Data.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
b
NY N H & Hartf__ September 5,665,785 5,354,172 16,475,341 15,552,160
a N Y C & Hud Riv September 9,349,556 8,860,782 28,804,142 25,175,049
Lake Shore & MS September 4,487,125 1,269,028 13,187,251 12,486,004
n Lake E & West September
532,663 516,505 1,507,474 1,404,617
779,575
269,734 282,597
819,637
Chic Ind do South September
Michigan Central. September 2,634,249 2,557,816 7,915,489 7,252,566
Cleve C C 46 St L_ September 2,792,529 2,623,288 7,990,364 7,541,025
974,583
831,983
363,304 300,935
Peoria & Eastern September
360,867
331,751
128,886 124,582
Cincinnati North. September
Pitts 60 Lake Erie September 1,537,471 1,533,372 4,070,308 4,452,703
966,770
882,375
340,018 301,244
Rutland
September
N Y Chic & St L_ September
936,075 844,017 2,783,405 2,554,147
Toledo & Ohio C_ September
516.241 412,076 1,485,050 1,163,374
Tot all lines above September 23887851 22 620248 89,431,284 54,895,831
N Y Susq & West
801,991
306,088 316,249
910,608
September
Norfolk Southern
633,672
September
227,880 209,774
692,00.,
Norfolk & Western_ September 3,220,664 3,033,344 9,290,862 8,507,651
Northern Central
September 1.121,819 1,091,519 3,220,470 3,115,670
Northern Pacific
September 6,617,992 7,589,339 19,123,078 21,108,295
September
753,157 714,352 2,337,542 2,271,721
Pacific Coast Co
Pennsylvania Co.. ,_. September 5,154,607 4,982,54i 15,260,09, 14,067,027
d Penn-E of P & September 14207059 13844559 12,023,023 40,305,323
d West of P & E.September Inc.470, 000
/nc.2,162, 800
Pere Marquette
October
1,453,527 1,309,464 5,716,375 5,549,902
Philo Bait it Wash_ September
_- 1,672,090 1,572,890 5,180,295 4,601,695
Pitts Cin Ch it St L.. October __ 3,087,605 2,969,747 12,063,723 11,096,368
Raleigh do Southp't October...
14,265
15,332
52,148
49,535
Reading Companyphila & Reading_ September 3,830,102 3,677,901 10,888,775 10,280,763
Coal & Iron Co... September 2,286,628 2,037,895 5,686,397 5,415,154
Total both cos..... September 6,116,730 5,715,796 16,575,172 15,695,918
176,133 148,901
550,070
481,534
Rich Fred & Potom September
Itto Grande June... September
287,3:09
100,463
96,250
267,615
179,875
247,061
16,886
Rio Grande South_ 2d wk Nov
13,181
Rock Island Lines September 0,249,659 5,973,175 17,059,878 17,366,909
458,949
448,080
St Jos & Grand 181_ September
152,136 147,185
St Louis 63 San Fran September' 3,781,537 3,636,202 10,746,749 10,408,873
Chlo & East Ill__ September 1,072,884 990,667 3,106,028 2,813,877
645,349
t Evans & Ter H September
753,588
256,351 220,513
Total of all lines.. September 5,090,773 4,847,383 14,606,065 13,958,099
St L Rky Mt & Pee_ September
512,920
420,470
177,848 143.117
St touts Southwest_ 2d wk Nov 295,980 250,190 4,662,801 4,307,120
San Pad LA & S L. September
634,845 655,492 1,898,160 2,118.782
Seaboard Air Line_
Atlanta & Birm_ 2d wk Nov 424,478 405,673 7,364,674 6,874,908
Florida W Shore
Southern Indiana... September
346,357
155,996 120,762
474,496
Southern Pacific Co Meptember 11929727 11531903 14,893,657 13,657,218
Southern Railway__ 2d wk Nov 1,229,846 1,180,607 22,811,784 21,593,990
Mobile & Ohio__ 2d wk Nov 225,330 211,431 3,967,050 3,804,736
Cln N 0 & Tex P- 2d wk Nov 178,133 172,609 3.554,996 3,237,844
Ala Great South_ 2d wk Nov
75,800 1,685,158 1,436,695
89,508
839,357
Georgia Sou h Fla 2d wk Nov
881,059
51,181
47,737
Texas it Pacific__ 2d wk Nov 871,683 356,249 6,168,389 5,792,800
19,789
21,621
Tidewater it West_ September
6,748
7,242
506,206
441.040
Toledo Peor it West 2d wk Nov
20,333
24,774
Toledo St L it West 2d wk Nov
99,450 1,483,607 1,484,768
85,253
6,230
21,039
18,851
Tombigbee Valley__ September
6,741
Union Pacific Syst_ September 8,609,636 8,100,378 25,005,705 23,583,841
973,067 863,432 2,795,721 2,391,013
Vandalla
September
Virginia & Sou West September
107,181 102,443
310.008
305.077
Wabash
3d wit Nov 592,310 574,101 12,441,412 11,823,841
665,658 610,391 2,003,356 1,733.046
Western Maryland_ September
W Jersey it Seash
September
714,908 622,408 2,482,839 2,205,439
Wheeling it Lake E
612,581 610,874 2,580,589 2,471,015
October_32,710
37,270
Wrightsville it Tenn September
70,920
72,626
Yazoo it Miss Vali_ October -. 951,865 1,024,095 3,134,766 3,174,137
Various Fiscal Years.
Period.
Bellefonte Central
Jan
Delaware it Hudson
Jan
a Mexican Railway
Jan
a Mexico North Western
Jan
e N Y Central it Hudson River.. Jan
Lake Shore it Michigan South Jan
n Lake Erie it Western
Jan
Chicago Indiana it Southern.. Jan
Michigan Central
Jan
Cleve Cln Chicago it St Louis Jan
Peoria 40 Eastern
Jan
Jan
Cincinnati Northern
Pittsburgh it Lake Erie
Jan
Rutland
Jan
New York Chicago it St Louis Jan
Toledo it Ohio Central
Jan
Total all lines
Jan
Northern Central
Jan
d Penn-East of plush & Erie_ Jaw
d West of Pittsb it Erie
Jan
Philo Baltimore it Washington_ Jan
Pittsb Cin Chicago it St Louts_ Jan
Rio Grande Junction
Dec
Texas it Pacific
Jan
West Jersey it Seashore
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to Oct
to Sept
to Nov
to Oct
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to' Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Sept
to Oct
to Sept
to Nov
to Sept
Current
Year.
Previous
Year.
$50,314
31
$70,343
30 14,899,130 14,165.202
19 7,261,800 6,565,900
31 1,843,337 1,029,068
30 73,774,040 67,749,419
30 36,900,370 32,731,112
30 4,078,355 3,571,058
30 2,705,334 2,248,321
30 21,902,894 19.842,930
30 22,171,632 20,049,047
30 2,1566,342 2,168,335
856,382
956,833
30
30 12,953,927 10,235,345
30 2,443,115 2,252,433
30 8,232.923 7.225,820
30 8,650,743 2,792,911
30 192337422 171721819
30 9,410,864 8,826,704
30 122447572 110443172
30 /nc.11,54 2,600
30 14,268,706 13,068,906
31 28,855,414 24,686,468
30
843,170
765,504
14 13,599,055 12,410,908
30 5,082,791 4,603,891
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cur'nt Year Press's Year Inc. or Dec.
Monthly Summaries.
Current Yr. Previous Y . Inc. or Dec.
Mileage Curr.Yr. Prey, Yr.
1st week Sept (41 roads)........ 13,436,925 12.381,354 +1,055,521 8.52 January __236,733 231,362 210,302,219 182,649,825 +27,652,394 15.14
gd week Sept (39 roads)
13,898,196 13,014,025
+384,171 6.80
February _236,851 231,652 202,258,490 174,159,723 +28,098,767 16.16
pa week Sept (40 roads)--- _ 14,104,775 13.566,355 +598,420 4.41 March
235,925 230.841 237,533,005 204,916,997 +32,016,008 15.92
April
4th week Sept (46 roads)..... 19,035,149 18,221,030
+814,119 4.47
237,569 232,463 225,225,596 196,595,911 +28,029,685 14.56
1st week Oct (42 roads) _ _ 1,1,399,649 14,023,816
+375,834 2.68
May
237,560 232,494 234,310,642 201,069,381 +33,241,261 16.53
+679,365 4.80 Juno
2d week Oct (42 roads)._ 14,838,200 14,158,835
232,108 232,051 237,036,159 209,270,887 +27,765,272 13.27
ad week Oct (42 roads)
15,114,753 14,512,27a
+602,475 4.15
July
233,169 233,203 230,615,776 217,803,354 +12,812,422 5.90
_ 20,827,936 20,204,138
+623,798 3.06
AtKu5t
4th week Oct (46 roads) _
238,493 239,404 254,005.972 235,726,000 +18,279,072 7.75
+362,290 2.61
1st week Nov (41 roads)..... 14,198,835 13,838,545
September_233,428 229,161 252,711,515 242,562,898 +10,148,617 4.19
+182.623 1.27
October _ 81,498
2d week Nov (43 roaoi(__;__ 14,555,983 14,373,300
79.146 60,014,101 62,173,773 +1,340,328 2.14
1
0 Mex.can currency. d Cover: lines directly operated. e Includes 0 e New York it Ottawa, the St. Lawrence it Adirondack and the Ottawa it
road,
does
not
Canadian
make
a
being
returns
to the Inter-State Commerce Commission, I Inoludes Evansville it
. Y. Fly- the latter of which,
ndlana RH. 0 Includes the Cleveland Lorain it Wheeling Fly. In both years. n Includes the Northern Ohio RR. p Includes earnings of Magonelli
1 In.
Ft Dodge and wise mine. it pacific. 3 Includes Louisville it Atlantic from July 1 1909 ansl the Frankfort it Cincinnati from Nov. 1 1909.
udes the Mexican International from July 1910. u Includes the Texas Central in 1910.
Nov. 26 1910.
THE CHRONICLE
1439
Latest Gross Earnings by Weeks.-In the table which ELECTRIC RAILWAY AND TRACTION COMPANIES.
follows we sum up separately the earnings for the second week
of November. The table covers 43 roads and shows 1.27%
Latest Gross Earnings.
Jan. 1 to latest date.
Name of
increase in the aggregate over the same week last year.
Road.
Week or
Month.
Second Week of November.
1910.
$
klabama Great Southern
89,508
ktlanta Birmingham & Atlantic
57,274
200,847
3ufralo Rochester ec Pittsburgh.
Danadian Northern
379,900
Danadian Pacific
2,108,000
Deritral of Georgia
273,500
Dhesapeake & Ohio Lines
615,864
312,294
Dhicago & Alton
295,216
Dhicago Great Western
107,958
)hicago Indianap & Louisville_
178,133
Dincin New Or! 6: Texas Pacific_
368,554
Dolorado & Southern
517,000
Deaver & Rio Grande
Det -oft & Mackinac
22,305
)etr,pt Toledo do Ironton
34,346
42,659
Ann Arbor
83,786
Duluth South Shore & Atlantic..
47,737
icorgia • outhe a & Florida_ _ _
:hand Trunk of Canada
899,760
Grand Trunk Western1
Detroit Grand Haven & Mil_
1
Canada Atiantic
202,000
international & Great Northern
[nteroccanic of Mexico
152,124
65,749
[owa Central
Kansas City Mexico & Orient
39,900
r,outsvIlle & Nashville
1,182,230
,lexieln Railway
159,70C
Vlineral Range
14,614
Ainneapolis & St Louis
120,597
Kinn St Paul & SS M} 512,176
Chicago Division
klissouri Pacific
1,092.000
Ifobile & Ohio
225,330
gational Railways of Mexico
1,206,557
Vevada-Californta-Oregon
6,122
Rio Grande Southern
13,181
It Louis Southwestern
295,980
3eaboard Air Line
424,478
iouthern Railway
1,229,846
rexas & Pacific
371,683
Poled° Peoria & Western
24,774
Poled° St Louis & Western_
85,253
Ara bash
567,048
Total (43 roads)
_
Net increase
(1.27%)
1909.
$
75,800
55,930
187,020
369,800
2,130,000
279,600
607,971
359,491
289,262
121,652
172,609
364,016
502,400
21,130
37,514
38,632
69,547
51,181
$
13,708
1,344
13,827
10,100
1,090,000
211,431
1,123,009
7,215
16,886
256,190
405,673
1,180,607
356,249
20,333
90,459
585,804
14,555,983 14,373,360
$
22,000
6,100
7,893
47,197
5,954
13,694
5,524
4,538
14,600
1,175
3,168
4,027
5,761
3,444
924,271
207,000
147,888
84,921
34,300
1,076,730
U8,1( 0
14,583
144.897
514,259
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
Increase. Decrease.
24,511
5,000
4,236
19,172
5,600
55,500
21,609
31
24,300
2,083
2,000
13,899
83,548
1,093
3,705
39,790
18,805
49,239
15,434
4,441
14,206
18,756
398,813
182.623
214,190
Net Earnings Monthly to Latest Dates.---The table following shows the gross and net earnings of Erma!railroads
and of industrial companies reported this week:
$
$
$
$
American Rys Co..__ )ctober __ 339,378 310,419 3,279,158
3,025,511
c Au Elgin & Chic By )ctober __ 154,359 137,662 1,405,845 1,296,068
Bangor Ry & Elec Co )ctober __
49,593 49,173
444,669
471,776
Baton Rouge Elec Co leptember
8,881
8,249
70,749
79,827
Binghamton St Ry__ ruly
37,330 34,910
Birm'ham By Lt & P fuly
216,505 183,187 1,496,110 1,276,482
Brocktin & Ply St Ry leptember
11,974
12,832
103,902
94,130
Bklyn Rap Tran Sys_ fuly
2162,186 2018,122 12,601,238 11,771,268
Cape Breton Elec Co_ leptember
28,835 25,890
217,063
187,904
Carolina Pow & Lt Co leptember
17,402 17,545
154,349
141,318
Cent Park N & E Riv fuly
61,262 54,159
364,055
338,374
Central Penn Trac__ _ )ctober
68,635 62,773
691,474
627,520
Chattanooga By & Lt ieptember
77,022 67,806
650,947
574,785
Chicago Railways Co.. leptember 1175,420 1066,056 9,014,329 8,188,754
Cleve Painesv & East ieptember
33,642 31,361
269,381
242,206
Coney Isl & Brooklyn ruly
199,684 178,551
867,203
859,064
Dallas Electric Corp_ leptember 119,804 107,570 1,037,613
931,301
Detroit United Ry_ _ _ ld wk Nov 160,562 149,067 8,112,585 6,924,982
DDEB & Bat (Rec) ruly
53,853 55,761
356,987
364,139
Duluth-Superior 'I rac )ctober
01,278 87,2$.
906,901
810,837
East St Louis & Sub.. leptember 211,249 176,402 1,756,761 1,481.078
El Paso Electric
leptember
54.846 50,501
460,332
426,875
Fairm & Clarks Tr Co )ctober
58,504 41,433
504,497
387,874
Ft Wayne & Wabash
Valley Traction Co leptember 136,685 132,736 1,134,725 1,038,350
42dStM&SNAv (Rec) ruly
135,584 120,947
800,671
739,121
Galv-Hous Elect Co.. ieptember 110,145 100.837
966,136
894.606
Grand Rapids Ry Co_ )ctober
91,267 82,519
947,928
858,541
Havana Electric By.. Vk Nov 20 42,737 39,091 1,909,287 1,788,395
Honolulu Rapid Tran
& Land Co
leptember
37,214 37,725
334,557
305,614
Houghton Co Trac Co ieptember
26,710 28,732
237,450
242,425
Hudson & Manhattan 'uly
179,160
1,469,317
Illinois Traction Co_ _ leptember 529,291 455,137 4,404,389 3,870,153
Interbor R T (Sub).... 'uly
859,446
8,234,227
Interbor R T (Elev)_ Filly
1192,211
8,880,257
Jacksonville Elect Co ieptember
45,995 38,375 . 423,414
350,587
Kans City By & Lt Co )ctober __ 693,420 642,238 6,189,534 5,697,049
Lake Shore Elec Ry_ ieptember 115,009 108,207
913,664
835,061
Long Island Electric_ ruly
29,158
25,530
116,646
106.296
Metropolitan St(Bee) ruly
1123,198 1062,674 8,252,816 8,083,629
Milw El By & Lt Co_ )ctober
406,919 376,355 3,863,695 3,493,240
Milw Lt Ht & Tr CO.. )ctober
89,028 77,696
896,007
783,825
Montreal Street Ry_ _ )ctober
386,688 354,007 3,712,797 3,293,772
Nashville Hy & Light()ctober
161,502 148,992 1,503,354 1,415,675
New Orleans By & Lt ieptember 493,491 466,738 4,629,019 4,445,669
N Y City Interbor
ruly
22,335 16,597
125,828
95,432
N Y & Long Island Tr ruly
42,771
38,805
202,788
187,510
N Y & Queens County ruly
123,861 102,225
631,698
557,435
Norf & Portsm Tr Co leptember 172,065 158,234
North Ohio Trac & Lt )ctober __ 208,342 184,815 2,045,748 1,818,987
North Texas Elec Co_ leptember 118,192 104,829 1,041,568
910,119
Northwest Elec Co.._ )ctober __ 193,914 184,430 1,833,958 1,707,858
Ocean Electric
ruly
29,629 26,367
64,335
60,215
Paducah Tr & Lt Co_ leptember
21,251
19,096
Pensacola Electric Co leptember
23,264
21,649
199,464
184,050
Port(Ore)Ry,L&P Co )ctober
503,485 426,708 4,609,974 3,974,355
Puget Sound Bice Co.. 1eptember 160,545 179,956 1,445,274 1,410,887
Richmond Lt & RR_ ruly
47,797 42,658
195,133
189,996
Rio de Janeiro Tram
Light zt Power Co_ )ctober
965,265 645,192 8,999,034 6,212,690
St Joseph (Mo) By Lt
Heat & Power Co.... leptember
92,034 88,285
766,750
722,808
Sao Paulo Tr Lt & P. )ctober
255,628 205,146 2,406,201 1,981,417
Savannah Electric Co leptember
51,598 49,523
468,183
451,818
Seattle Electric Co...... leptember 481,158 568,494
Second Avenue (Bee) "uly
87,462 81,729
466,885
484,213
Southern Boulevard_ 'uly
11,470
9,777
61,441
49,250
Sou Wisconsin By Co )ctober
15,606
13,651
149,597
134,061
Staten Isl Midland..
uly
41,446 37,082
149,793
146,097
Tampa Electric Co
eptember
44,969 47,108
459,205
436,254
Third Avenue (Bee).. uly
327,662 281,632 2,082,343 1,729,480
Toledo Rys & Lt Co.. leptember 239,415 217,738 2,178,648 1,981,436
Toronto Ity Co
)ctober
379,721 332,977 3,575,651 3,190,268
Twin City Rap Tran_ A wk Nov 143,518 129,301 6,546,579 6,030,426
Underground El Ry
of LondonThree tube lines.. _ _ Vk Nov 19 £13,445 £13,835 1588,195 £581,070
Metropolitan Dist _ Vk Nov 19 £11,378 £11,084 £495,147 £454,114
United Tramways_ ,Vk Nov 19
£4.972
£4,966 £291,446 £279,446
Union (Bee)
ruly
235,749 198,934 1,276,262 1,166,405
UnionRy,G&ECo(Ill) ieptember 241,764 224,313 2,137,596 2,016.724
United RIls of San Fr leptember 653,921 624,261 5,667,220 5,457,039
Westches Elec (Bee).. ruly
65,761
53,291
295,866
237,692
Whatcom Co Ry & Lt leptember
33,781
34,835
295,190
299,290
Yonkers RR (Rec)
ruly
85,236
-Gross Earnings- -NetEarnings-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Baltimore & Ohlo_b____Oct 8,168,817 7,840,698 2,267,034 2,705,183
July 1 to Oct 31
32,684,444 30,518,589 10,014,114 10,736,887
Boston & Maine_ bJuly 1 to Sept 30
12,130,578 11,658,848 3,529,195 3,996,442
Jan 1 to Sept 30
32,731,563 30,715,042 8,377,949 9,192,078
anadlan Northern
Oct 1,627,800 1,384,200
580,500
480.700
July 1 to Oct 31
• 5,225,800 4,111,600 1,572,900 1,226,200
Chicago Great Western b Oct 1,245,453 1,115,170
379,061 V 400,840
July 1 to Oct 31
4,443.840 3,974,464 1,206,043 1,184,520
Copper Range- b
Aug
62,557
66,774
32,258
24,682
July 1 to Aug 31
140,479
137,508
53,139
61,228
Greenwich & Johnsonv-bJuly 1 to Sept 30
33,280
29,300
18,821
15,520
Jan 1 to Sept 30
86,127
95,600
50,148
42,417
Lehigh & Hudson River-bJuly 1 to Sept 30
325,519
334,217
115,788
110,909
IN Jan 1 to Sept 30
1,035,204
391,852
988,844
340,343
Lehigh Valley_ b
Oct 3,384,100 3,344,380 1,348,608 1,462,534
July 1 to Oct 31
12,409,081 11,912,704 4,600,356 4,752,679
g Mexico N W Ry_a___-.0et 218,600
122,973
119,761
60,524
Jan 1 to Oct 31
1,843,337 1,029,068 1,028,244
351,856
Pitts Cinc Ch & St I.,_a_ _Oct"3,087,605 2,969,747
817,535
1,011,801
Jan 1 to Oct 31
28,855,414 24.686.468 6,260,544 6,531,786
Raleigh & Southport_ b-_Oct
15,332
14,265
7,070
6,203
July 1 to Oct 31
52,148
49,535
16,525
18.822
Rio Grande Junction..__Sept
100,463
96,250
n28,875
n30,139
Dec 1 to Sept 30
843,176
765,504 n252,952 n229,651
Southern Railway_ b_ _ _ _Oct 5,471,391 5,326,232 2.011,405
1,982,188
c These figures are for consolidated company.
July 1 to Oct 31
20,314,512 19,166,561 6,760,002 0,589,729
Westin Maryland Ry-a_Sept 665,658
610,391
r246.641
r232,534
July 1 to Sept 30
2,003,356 1,733,046
r775.032
r661,355
Electric Railway Net Earnings.-In the following we show
INDUSTRIAL COMPANIES.
both the gross and the net earnings to latest dates of all
Cumb Tel & Tel Co_b__ _Oct 612,390
535,324
272,949
234,209 ELECTRIC railways from which we have been able to pro5,691,083 5,202,954 2,471,752 2,272,834
Jan 1 to Oct 31
cure monthly returns. The returns of the different roads
96,345
Keystone Teleph Co_a_Oct
91,560
48,029
46,016
379,154
364,411
July 1 to Oct 31
189,616
183,344 are published by us each week as soon as received, and once
g Mexican Lt & Pow Co_Oct 676,120
517,271
491,400
a
month we bring together all the roads reporting, as is
399,475
5,824,444 4,951,051 4,104,503 2,182,945
Jan 1 to Oct 31
done to-day.
a Net earnings here given are after deducting taxes.
--Gross Earnings- -Net Earnings
b Net earnings here given are before deducting taxes.
Precious
Current
Current
g These results are in Mexican currency.
Previous
.
Roads.
Year.
Year.
Year.
n These Ihro rem re,resent :il)
of voss earnings.
Year.
r After allowing for mseellaneous receipts and net from coal and other
departments, total net earnings for Sept. 1910 were $269,256, against American Lt & Tr Co.___ _Oct 356,685
313,847
345,559
304,982
6282,857 in 1909; and from July 1 to Sept. 30 were $832,400 in 1910.
Jan 1 to Oct 31
3,009.842 2,610,970 2,909.202 2,531,914
against $775,068 in 1909.
Aurora Elgin & Chlc_b__Oct
154,359
137,662
68,576
63,890
July 1 to Oct 31
677,075
618,116
Interest Charges and Surplus.
315,533
333,026
Bangor
Ry
&
Elec
Co_b_Oct
49,593
49,173
29,132
29,552
-Int., Rentals, (tc.- -Bat. of Net E'nos.July 1 to Oct 31
216,472
210,051
125.157
128,933
Current
Current
Previous
Previous
Roads.
Baton Rouge El Co_
_Sept
Year.
Year.
8,881
Year.
Year.
3.285
2,744
8,249
Boston & MaineJan 1 to Sept 30
$
79,827
1
$
8
20.010
70,749
27,791
July 1 to Sept 30
2,518,019 2,400,120 z1,173,464 z1,760,734 Binghamton St Ry_bJan 1 to Sept 30
7,541,076 7,180,880 z1,416,309 z2,493,086
Oct 1 to Sept 30
355,544
152.172
146,403
338,959
Chicago Great Western.. Oct 222,467
177,604
214,437
191,892 Boston & Wore St By....
__Oct
50,439
July 1 to Oct 31
47,181
823,190
518,076
907,968
202,404
Oct
1
July
to
31
264,335
248,082
Copper Range
Aug
15,712
16,546
11,898
12.784 Brock & Plym St Ry_b_Sept
July 1 to Aug 31
4,447
11,975
12.832
3,474
31,425
21,714
23,875
37,353
Jan 1 to Sept 30
29.837
Greenwich & ,J•ihnsonv94,130
103.902
31,849
July 1 0 Sept 30
Breton
Cape
El
Co_b___Sept
15,722
25,890
28,835
12,511
x6,824
11,679
12,623
x4,012
Jan 1 to Sept 30
Jan 1 to Sept 30
38,376
98,739
187,904
217,063
72.512
z12,866
37,696
x10,680
Lehigh & Hudson RiverCarolina Power & Lt_ __Sept
6,296
17,545
17,402
7,459
July 1 to Sept 30
Jan 1 to Sept 30
73,605
42,183
81,834
141,318
62,803
154,349
29,075
53,373
Jan 1 to Sept 30
225,989
231,108
165,863
109,235 Central Pcnna Tract Co....Oct
62,773
68,365
17,986
18,218
Junction._
_Sept
Rio Gralie
8,333
21,806
Jan 1 to Oct 31
8,333
20,542
627,520
691,474
198,153
164,325
Dec 1 to Sept 30
83,333
83,333
169,619
146,318 Chattanooga Ry & Lt b Sept
67,806
77,022
38,636
30,696
INDUSTRIAL COMPANIES.
Jan 1 to Sept 30
574,785
650,947
317,428
240,313
Oct
Cumb Tel & Tel Co
48,432
41,801
224,517
192,408 Chicago Railways Co_ _ _Sept 1,175,420 1,066,056
n352,626
n319,817
Jan 1 to Oct 31
483,406
424,221 1,088,316 1,848,613
Jan 1 to Sept 30
9,014,329 8,188,754 n2,704,298 n2,456,626
Keystone Telephone Co_Oet
24,519
24,981
23,510
21,035 Clev Painesv & East_a_ _Sept
33,647
31,361
15,480
14,149
July 1 to Oct 31
98,159
101,808
91,457
81,536
Jan 1 to Sept 30
269,381
242,206
130,365
113,621
x After allowing for other Income received.
Columbus Elect Co_ b_ - _Sept
39,236
31,604
22,526
13,275
Roads.
1440
Lxxxxi.
THE CHRONICLE
-Int., Rentals, ecc.- -Bat, of Net E'ngs.--Net Earnings---Gross Earnings
Previous
Current
Previous
Current
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
Year.
Year.
Year.
Year.
Companies.
5
a
a
a
$
7,949
18,253
25,109
20,013
Sept
41,932
30,132 Dallas Elect Corp
81,524
93,188
Cleveland Southw & Col_Oct
82,232
92,476
251,861
234,183
30
to
1
Sept
Jan
289,904
369,096
748,517
849,659
Jan 1 to Oct 31
x97,320
155,972 x120,417
178,429
Oct
44,266
33,058 Detroit United
107,570
119.804
- Dallas Elect Corp_ b___ _Sept
1,689,549 1,565,479 x1,265,057 x1,056,918
Jan 1 to Oct 31
334,093
326,659
931,301
1,037,613
Jan 1 to Sept 30
14,975
20,917
20,757
24,066
_Oct
_
_
Co_
Trac
Duluth-Sup
239,976
286,397
711,476
Detroit United Ry_b____Oct 809,455
188,847
192,246
188,847
202,649
Jan 1 to Oct 31
7,837,433 6,674,907 2,828,950 2,500,875
Jan 1 to Oct 31
39,733
60,868
99,345
48,394
35,732 East St Louis & Sub_ _ _ _Sept
44,983
87,235
95,278
Duluth-Sup Trac Co_ b__Oct
217,960
379,315
445,112
450,695
Jan 1 to Sept 30
394,895
329,351
810,837
906,006
Jan 1 to Oct 31
12,442
15,247
8,185
8,216
Sept
Co
Elect
Paso
El
109,260
89,078
176,402
211,249
_Sept
b_
Sub_
St
ec
Louis
East
94,418
119,597
71,997
75,058
30
to
Jan
1
Sept
830,010
663,072
1,756,761 1,481,078
Jan 1 to Sept 30
14,425
26,006
12,655
13,112
_Oct
&
Clarksburg_
23,463
20,627
Fairmont
50,501
54,846
Sept
El Paso Elect Co_ b
130,406
201,925
123,803
126.739
199,655
166,415
Jan 1 to Oct 31
426,875
460,332
Jan 1 to Sept 30
19,000
16,076
42,672
45,112
27,080 Ft Wayne & Wab Val_ _Sept
39,118
41,433
58,504
Fairmont & Clarksb_ b_ _Oct
48,366
90,258
381,445
405,554
Jan 1 to Sept 30
328,664
387,874
254,209
504,497
Jan 1 to Oct 31
21,650
20,638
22,824
26,199
61,188
132,736
61,672 Galv-Houston El Co_ _ Sept
136,685
Ft Wayne & Wab Val_ b Sept
177,725
163,998
192,225
210,240
Jan 1 to Sept 30
429,811
495,812
1,134,725 1,038,350
Jan 1 to Sept 30
21,697
25,136
19,314
19,979
Oct
By
100,837
44,474
46,837
Rapids
Grand
110,145
b____Sept
Co_
El
Galv-Houst
263,987
287,071
190,084
198,930
31
Oct
to
1
894,605
Jan
374,238
369,950
966,136
Jan 1 to Sept 30
8,487
7,419
6,216
6,638
_Sept
Co_
Trac
Co
Houghton
82,519
45,115
41,011
91,257
Grand Rapids Ry Co_ b_Oct
56,937
54,530
53,788
57,361
Jan 1 to Sept 30
858,541
486,001
454,071
947,928
Jan 1 to Oct 31
x15,154
x12,482
6,378
6,940
_Sept
Co_
Ld
&
T
28,732
14,703 Honolulu R
14,057
26,710
Houghton Co Tr Co_ b _ _ _Sept
z99,467
55,757 z106,793
58,818
242,425
237,450
110,725
Jan 1 to Sept 30
111,891
Jan 1 to Sept 30
858,042 x535,950 z658,322
20,973 Interborough R T Co_ __Oct 904,812
37,725
37,214
18,905
Honolulu RT & LtCo b_Sept
3,557,971 3,508,023 z1,188,463 z1,445,950
149,674
160,347
305,614
334,557
July 1 to Oct 31
Jan 1 to Sept 30
8,046
9,388
9,522
9,451
200,996 Jacksonville Elect Co__ _Sept
232,834
955,137
529,291
Sept
Illinois Traction Co
65,080
110,477
83,610
83,156
30
1,645,181
to
Jan
1
Sept
1,815,642
3,870,153
4,404,389
Jan 1 to Sept 30
107,031
85,694
175,293
193,806
Interborough R T Co_a_Oct c2,547,654 2,527,424 c1,411,212 1,482,660 Kansas City By & Lt___Oct
412,436
339,163
865,630
943,532
June 1 to Oct 31
8,968,020 8,823,992 4,628,629 4,788,956
• July 1 to Oct 31
23,561
25,664
34,804
17,568
34,928
18,839
__Sept
Elec
Ry__
Shore
Lake
38,375
45,995
Jacksonville El Co_b___Sept
86,277
127,496
148,690
309,093
313,008
Jan 1 to Sept 30
193,633
350,587
423,414
Jan 1 to Sept 30
3,984
3,382
282,324 Lewist Aug & Water.__Oct
15,080
13,780
279,500
642,238
Oct 693,420
Kan City By & Lt
51,283
45,978
59,310
54,965
July 1 to Oct 31
3,184,789 2,944,481 1,282,695 1,278,066
June 1 to Oct 31
x80,734
x81,663
112,764
58.365 Milw Elect By & Lt___ _Oct
116,501
60,592
108,207
115,009
Lake Shore El Ry_a___Sept
x744,823
1,125,802 1,065,605 x706,126
395,370
440,504
835,061
Jan 1 to Oct 31
913,664
Jan 1 to Sept 30
x24,439
x25,718
65,386
69,825
_Oct
18,564
__
Co_
17,162
Tr
&
Ht
43,332
Lt,
Milw
43,090
Lewiston Aug dc Waterv_Oct
640,237 x265,400 z263,871
705,188
110,573
100,943
220,686
Jan 1 to Oct 31
217,712
July 1 to Oct 31
148,193
148,940
31,079
31,998
229,542
Oct
267,768
454,637
Montreal St By
g Mexican Tramways_ _ _Oct 527,603
26,776
32,831
4,885,622 4,514,160 2,488,192 2,244,246 Nashville By & Light
33,023
33,390
Jan 1 to Oct 31
Oct
251,047
294,478
328,306
335,646
187,459
193,176
376,355
Jan 1 to Oct 31,_
Oct 406,919
Milw El By & Lt_b
1,767,172
22,903
1,779,589
3,493,240
47,200
3,863,695
31
Oct
172,186
to
1
176,219
Jan
New On By & Lt Co_ _ _Sept
417,440
523,476
44,719
1,588,753 1,552,752
50,285
Jan 1 to Sept 30
77,696
89,028
Milw Lt. Ht & Tr Co_b_Oct
6,803
458,923 Norf & Portsm Trac__Sept
504,514
11,177
783,825
896,007
63,058
62,857
Jan 1 to Oct 31
37,272
57,914
189,527
194,298
30
Sept
to
1
July
179,272
180,938.
354,007
386,688
Oct
Montreal St Ry_b
39,901
51,604
44,114
43,387
Oct
59,799 Nor Ohio Tr ev Lt
148,992
66,271
161,502
Nashville By & Lt_a___ _Oct
393,001
488,991
437,456
433,528
Jan 1 to Oct 31
579,353
630,125
1,503,354 1,415,675
Jan 1 to Oct 31
29,853
36,908
17,190
19,690
_Sept
Co_
El
Texas
Northern
195,089
223,419
466,738
493,491
Sept
New Orl By & Lt
245,423
302,493
154,684
174,455
30
Sept
to
1
Jan
4,629,019 4,445.669 2.112,229 1,970.192
Jan 1 to Sept 30
1,588
2,861
6,613
7,126
69,861 Paducah Tr & Lt Co_ _ _ _Sept
74,033
158,234
172,065
Norf & Portsm Trac_ b_ _Sept
4,486
4,098
4,335
5,207
Sept
226,799 Pensacola Elect Co
252,213
512,671
557,798
July 1 to Sept 30
40,126
36,402
39,053
45,240
Jan 1 to Sept 30
84,015
94,971
184,815
Nor Ohio Tr & Lt_a_- _ ..Oct 208,342
111,114
126,138
126,873
152,229
830,457 Portland(Ore)Ry, L & P.Oct
922,519
2,045,748 1,818,987
Jan 1 to Oct 31
896,198
1,238,208 1,218,393
1,399,104
Jan
31
Oct
1
to
47,043
56,598
104,829
23,799
Northern Texas El Co_ b_Sept 118,192
9,964
48,552
51,973
400,107 Puget Sound El Ry_ _ __Sept
476,948
910,119
1,041,568
54,536
Jan 1 to Sept 30
45,378
422,260
458,295
Jan 1 to Sept 30
8,201
9,987
19,096
21,251
25,418
Paducah Tr & Lt Co_ b_ _Sept
22,544
22,058
23,158
St
Jos
P.-Sept
&
L
(Mo)RY,
8,821
9,305
21,649
156,198
23,264
148,541
Sept
192,080
b
Co_
203,759
Pensacola El
Jan 1 to Sept 30
79,179
81,642
184,050
199,464
48
835
Jan 1 to Sept 30
17,444
18,157
Sept
Savannah Elect Co
3,388
237,987
278,367
2.621
426,708
155,251
160,208
Jan 1 to Sept 30
Portland(Ore)Ry,L& P.b.Oct 503,485
4,609,974 3,974,355 2,617,587 2,134,406 Seattle Electric Co
156,209
95,520
Jan 1 to Oct 31
106,944
110,933
Sept
72,351
61,937
179,956
15,240
160,545
15,041
4,615
6,018
Puget Sound El Ry_b__Sept
Sept
Co
476,796 Tampa Elect
503,673
136,836
1,445,274 1,410,887
159,137
41,183
45,299
Jan 1 to Sept 30
Jan 1 to Sept 30
34,692
282,716 TA-City By ec Lt
494,420
645,195
46,557
965,265
43,428
44,373
Oct
1110 de Jan Tr, Lt & P_a_Oct
8,999,034 6,252,690 4,412,251 2,504,518
x20,834
x8,261
Jan 1 to Oct 31
75,484
78,192
Toledo Ilys ec Lt Co_ __ _Sept
x197,383
47,476
45,702
652,203 z136,773
88,285
92,034
600.710
Jan 1 to BOA 30
St Jos(Mo)Ry,L,H&P b Sept
348,278
234,911
352,300
722,808
231,505
766,750
140,251
140,286
Jan 1 to Sept 30
Twin City Rap Tr Co_ _ _Sept
1,261,653 1,248,510 1,670,609 1,495,342
125,647
162,718
205,146
Jan 1 to Sept 30
255,628
Sao Paulo Tram,L&P_a_ Oct
45,646
38,891
68,892
2,406,201 1,981,417 1,535,273 1,229,906 Union By G & E Co (Ill) Sept
66,981
Jan 1 to Oct 31
395,495
346,972
590,578
593,455
17,492
Jan 1 to Sept 30
18,992
49,523
51,598
Savannah Elect Co_ b_ _ _Sept
x107,839
158,639 United Rys of St Louis_ _Sept 233,233
x96,548
232,132
162,829
451,818
468,183
Jan 1 to Sept 30
x720,315 x907,049
2,100,709 2,101,632
263,153
Jan I to Sept 30
208,453
568,494
Sept 481,158
Seattle Elect Co_ b
5,580
15,833
7,316
16,681
Oct
19,855 Western Ohio By
21,059
47,108
44,969
Sept
Tampa Elect Co_ b
30,680
43,744
63,251
65,667
July 1 to Oct 31
178,019
204,436
436,254
459,205
Jan 1 to Sept 30
7,803
:
,
7,366
8,069
9,084
_Sept
Lt_
&
95,959 Whatcom Co By
86,008
217,738
239,415
Toledo Rys & Lt Co_b_Sept
53,219
78,707
40.285
74,289
Jan 1 to Sept 30
847,387
825,082
2,178,648 1,981,436
Jan 1 to Sept 30
C Includes dividend on preferred stock.
191,153
164,319
332,977
379,721
Oct
Toronto Railway
income received.
other
for
allowing
z
After
1,571,888
1,734,324
3,575,659 3,190,268
Jan 1 to Oct 31
78,120
90,930
178,223
Oct 222,217
Tri-City By & Lt
375,162
371,791
645,197
694,852
_Sept
_
_
b_
Twin City R T Co_
5,620,369 5,176,420 2,932,262 2,743,852
Jan 1 to Sept 30
Underground El Rys LA•irionAnnual Reports.-The following is an index to all annual
£30,718
£26,099
£54,718
158,937
Metropolitan Distri( ei )ct
130,187
£28,370 reports of steam railroads, street railways and miscellaneous
160,257
£61,358
__Oct
London Electric Ry.
16,406
17,881
126,151
£28,149
London United Tram_Oct
which have been published since Oct. 29.
112,627
107,783 companies
224,313
Union Ry,G & E (Ill) _ b Sept 241,764
940,427
This index, which is given monthly, does not include
986,073
2,137,596 2,016,724
Jan 1 to Sept 30
323,761
335.636 reports in to-day's "Chronicle."
924,993
965,943
United Rys of St La__ _Sept
Page.
Railroads (Continued)Pages.
8,559,204 8,195,315 2,790,378 2,977,610
Jan 1 to Sept 30
Railroads1156 Yazoo & Mississippi Vail. RIt..1261, 1242
308,904
281,530 Alabama Great Southern RR
624,261
United RRs of San Fr_ b Sept 653;921
Electric Railroads1248
Ry
2,443,151
2,308,800
Vicksburg
&
Alabama
5,457,039
5,667,220
30
Sept
Jan 1 to
1383 Mass. Eleo. Cos. (prelim. statem1)_1254
21,413 Ann Arbor RR
23,997
43,325
1157
49,517
Oct
Western Ohio Ry_b
1382, 1389 Michigan United Ry
93,931 Atlantic Coast Line RR
109,411
186,366
1249
212.903
July 1 to Oct 31
1155 Montreal Street Ry
Bangor'& Aroostook RR
15,878
Industrials
16,450
34,835
1322
33,781
Canadian Northern By
Whatcom Co Ry & Lt_ b Sept
1249
Co
127,502
Allis-Chalmers
118,992
1324
295,190
299,290
Central Vermont By
Jan 1 to Sept 30
1325, 1334
1154 American Cotton Oil Co
Chicago & Alton RR
a Net earnings here given are after deducting taxes.
1252
Co
Chic. Burl. & Quincy RR_ __ _1242, 1259 American Malting
b Net earnings here given are before deducting taxes.
1249
1243 American Malt Corporation
RR
Illinois
expendi&
Chicago
Eastern
extraordinary
to
due
largely
Is
expenses
operating
in
c Increase
Co
1250
Shipbuilding
American
1243
RR
conin
Western
Chicago
Great
necessary
tures, the result of changes in subway equipment made
American
Smelters
Co.
_1154
Securities
RR_
Chicago Rock Island & Pacific
nection with the operation of ten-car express and six-car local trains.
1327
(official statement)
1181
Ity_1154,
Pee.
&
Isl.
Rock
Chicago
currency.
Mexican
g These results are In
Cinc. New Orl. & Text's Pacific Ry_1246 Consolidated Gas, Electric Light &1251
n These figures represent 30% of gross earnings.
1324
Power Co. of Baltimore
Cleveland Terminal & Valley RR
1246 Consumers' Gas Co. of Toronto__ ...1326
Interest Charges and Surplus.
Coal & Coke Ry
1325
1155, 1186 Diamond Match Co
-Int., Rentals. etc.- -Bat, of Net E'ngs.- Colorado & Southern Ry
1157 Edison Elec. Ilium. Co. of Boston_ _1159
Previous
Current
Previous
Current
Cripple Creek Central By
Co_1250
1247
Pow.
Con.
&
Min.
Granby
Smelt.
Year.
Year.
Year.
Year.
fly
&
Detroit
Mackinac
Companies.
1383 Intercontinental Rubber Co. of N.J_1325
$
$
$
5
Detroit Toledo & Ironton Ry
1242 Independent Brewing Co. of Pittab_1325
34,477 Evansville & Terre Haute RR
34,797
28,413
33,779
Aurora Elgin & Chic_ _.!_Oct
1326
RR_1324
Inland Steel Co
108,456
200,586
Gloversv.
117,077
132,440
Fonda Johnstown &
July 1 to Oct 31
1326
Florida Ry_ _1160 International Textbook
dr
Southern
16,167
Georgia
15,818
12,965
13,734
Co__
_Oct
Eke
ev
By
Bangor
(strtement
1245
Corp.
National
Telephone
RR
Island
&
72,708
Ship
Gulf
74,288
52,449
• 54,645
July 1 to Oct 31
1326
1323
for
halt-year)
799
1,334 Louisiana & Arkansas BY
1,951
1,945
1251
Baton Rouge Elec Co_ __Sept
1383 Nipe Bay Co
Mexican International RR
1326
Milts
Flour
Co
Ogilvie
1156
Binghamton St RyRR
&
Ohio
1325
37,856 Mobile
43,273
108,547
108,899
1382 Pittsburgh Brewing Co
Oct 1 to Sept 30
National Railways of Mexico
1168
1,833
RR_1323
1,641
Co
Pullman
3,088
1,359
Eastern
North
_Sept
de
New
Orleans
Ry__
St
Piym
&
Brock
1250
Co
Copper
Ray
15,502
Consolidated
16,347
RIt_1156
14,402
15,435
Western
N. Y. Susquehanna &
Jan 1 to Sept 30
1388
4153, 1175 Shannon Copper Co
6,342 Northern Pacific Ity
6,281
9,574
6,148
Sept
Cape Breton El Co
1159
Co
Milling
1248
Standard
sheets)
(balance
Co.
48,914
23,598
Reading
49,829
48,910
Jan 1 to Sept 30
1391
Co
,
Fruit
1153
United
7,184 Rock Island Co
14,944
23,512
23,692
1384
Chattanooga By & Lt___Sep
1161, 1244 United States Express Co
Co_
Pao.
dr
Mt.
Rocky
L.
St.
106,838
193,063
47,250
1252
210,901
Co
Finishing
Jan 1 to Sept 30
States
1257
United
RIL1242,
Francisco
San
&
St. Louis
6,299
mos.)._1158
7,364
(9
7,850
Steel
Corp.
8,116
States
1387 United
Clev Painesv & East__ _Sept
Toledo St. Louis & Western RR
1252
46,021 Tonopah
57,728
67,600
72,607
1245 Victor-American Fuel Co
Jan 1 to Sept 30
& Goldfield RIt
1252
1153, 1164 Virginia Iron, Coal & Coke Co
14,006
3,774 Union Pacific RR
26,358
27,926
Cleveland Southw & Col_Oct
1158
Co
&
41,763 Vicksburg Shreveport & Pao. Ry .1324 Wells-Fargo
88,755
248,141
280,341
Jan 1 to Oct 31
1247
564 Virginia & Southwestern Ry
4,618
12,711
17,908
Sept
Columbus El Co
ANNUAL REPORTS.
Nov. 26
1910.1
THE CHRONICLE
1441
Ferrocarriles Nacionales de Mexico.
Mexican International Railroad.
(National Railways of Mexico.)
(Report for Fiscal Year ending June 30 1910.)
(Report for Fiscal Year ending June 30 1910.)
The full text of the report will be found on subsequent
The remarks of Vice-Chairman of the Board Pablo Macedo pages. Comparative tables of operating statistics, earnings,
and President E. N. Brown will be found on subsequent charges, Ste., were given in last week's "Chronicle," p. 1383.
pages. Tables showing the principal statistics of operations,
Toledo St. Louis & Western Railroad Co.
unings, charges and balance sheet were given in last week's
"Chronicle" on page 1382.
(Report for Fiscal Year ending June 30 1910.)
President T. P. Shonts says in substance:
Interoceanic Ry. of Mexico (Acapulco to Vera Cruz), Ltd.
General ResuUs.-The gross operating revenues for the year were $3,772;(Report for Fiscal Year ending June 30 1910.)
636, an increase of $343,992. or 10.03%. Freight traffic shows an increase
of $356,620. or 13.04%. The number of tons of revenue freight carried one
Secretary N. Strzelecki, London, Nov. 4, reported:
mile increased 16.52%, while freight-train mileage increased 11.59%, indi-
General Results.-The company having taken over the Mexican Southern
By.(292 mlies-see V. 89, p. 1542) on lease Jan. 1 1910, the accounts and
statistics now submitted include the results of the operation of that line
from that date (as well as those of the Mexican Eastern Ry.), but such
results are not included for 1908-09.
During the year the average rate of exchange was about 24.52d. per
dollar, as against 24.51d. during the preceding year;
Owing to the inclusion of the earnings of the Mexican Southern Ry.
from Jan. 1 1910, detailed comparisons with the previous year's results
are impracticable, but the following general comparisons are subjoined.
The gross receipts show an increase of *1,268,570, as compared with the
previous year, $713,570 of which was contributed by the Mexican Southern
Ry. Passenger earnings increased by $331,053, of which $207,928 represents Mexican Southern traffic. Goods traffic shows an increase of *1,158,719, of which $445,093 was from Mexican Southern traffic.
The decrease of $263,131 shown in "express" earnings is accounted for
by the fact that whereas the figures for the year ended June 30 1909 represent the gross receipts, those for the present year represent the gross
receipts for July and Aug. 1909 only, and since Sept. 1 1909 the actual net
amount received by the company under a contract made for the conduct
of this business. The contract is producing satisfactory results.
There was an increase of $623,328 in working expenses, $440,550 of
which is accounted for by the inclusion of the Mexican Southern Ry., the
net increase in the case of the Interoceanic being $182,778, due to the larger
volume of business handled. The ratio of working expenses to receipts
was 63.14%, as compared with 65.78%, a reduction of 2.64%.
The separate results of the working of the Mexican Southern Ry. show
the net profit from Jan. 1 to June 30 1910 to be £27,903, whereas the rental
payable for that period amounts to 133,225, a difference of 15,322. The
possibility of there being some loss on the working of the early years of the
lease was recognized when the line was acquired, and it was accordingly
proposed in the last annual report that the reserves of the Southern Co.,
amounting to 127,869, which this company took over, together with the
company's own reserve of £42,443. should be placed to a special reserve
account to be drawn upon in the event of any deficiencies.
The amount of £5,322 has therefore been transferred from the special
reserve account to the credit of net revenue account. It has been decided
to write off during three years the amount of consideration paid for the
granting of the Mexican Southern lease and the expenses in connection
therewith, which together total 124,562 9s. 11d., and accordingly one-third
of that amount is debited against net revenue this year.
Dividends.-The directors propose to pay from the year's
[and
we have included in the income account below.-Ed.] £2 balance
5s%, less income tax, on the 4;i% 2d debenture stock, making, with
the interim
payment of May 30 1910, 4£ 10s.% for the year; (b) 13 105.%, less income
tax, on the 7% "B" debenture stock, making, with the interim payment
of May 30 last, £7% for the year; (c) a dividend of £2 10s.%, less income
tax, on the first pref. stock, making, with the interim payment of May 30
last, E5% for the year; and (d) a dividend of 14%, less income tax, on the
2d pref. stock. The above distributions will absorb £117,306 is. 4d. and
leave 17,669 55. 10d. to be carried forward.
Second Debenture Stock.-Under the terms of issue of the 4;4% second
debenture stock it is provided that the stock shall enter into its full rights
when the net revenue has for five consecutive years been sufficient to provide the full interest on that stock and on the "B" debenture stock. After
making the above payments this provision will become effective, and
accordingly the interest on the stock will in future be paid half-yearly on
May 30 and Nov. 30. The payment of interest to be made on Nov. 30 1910
will be in respect of the five months from July 1 1910.
Traffic Agreement.-As briefly stated in the last report, an agreement
for the pooling of all competitive passenger traffic has been arrived at with
the Mexican By. Co., the term being for 7 years, expiring Oct. 31 1916.
The negotiations, also referred to in the last report, for the pooling of all
competitive goods traffic between the National Rys. of Mexico, including
the Interoceanic Ry., and the Mexican By. Co., reached a satisfactory
conclusion towards the end of last year, and an agreement was made which
also continues until Oct. 31 1916.
• Capital Expenditures.-A further issue of £125,000 4% 1st M. debenture
stock has been made by the Southern Co. in accord with this company, to
cover cost of various works which are being carried out on capital account.
The principal work which we are carrying out is on the
to San
Lorenzo deviation, upon which $317,494 had been spent up bietepee
June 30 last.
This work is one of those contemplated in the report for to
1908, with the
object of eliminating certain heavy grades and curves, thereby enabling
more economical and efficient working. Some £6,767 was also spent on
replacing old rails with a heavier rail, which amount represents
the value
of the increased weight only, the balance being charged to revenue.
To provide in part for the above expenditure, £37,000 454% debentures
received from the Vera Cruz Terminal Co. have been sold, and
•further
amounts will be realized as work proceeds.
EARNINGS AND EXPENSES (MEXICAN CURRENCY).
1908-09.
1909-10.
1907-08.
1906-07.
Average miles operated..
878
734
736
736
Passengers carried
1,955,886
1,662,243
1,690,545
1,561,987
Rects, per pass. per mile
2.7 cts.
2.5 cts.
2.5 cts.
2.5
cts.
Tons of freight carried.._
943,791
901,804
820,010
868,667
Recta. per ton per mile_
Sets.
5.0 cts.
6 cts.
5.0 cts.
Number of ton miles_ _ _107,848,225 84,473,318 106,899,281 101,235,851
Earnings$
$
$
$
Passengers
1,475,138
1,144,085
1,195,388
1,108,883
Freight
5,869,290
4,710,570
5,604,857
5,236,693
Miscellaneous
642,870
864,073
900,860
847,349
Total
7,987,298
6,718,728
7,701,105
7,192,925
Operating expenses_ _ 5,043,184
4,419,856
5,395,657
5,297.459
Net earns (Mex. curr.)__ 2,944,113
2,298,872
2,305,448
1,895,466
Net earns. (sterling)____
£300,911
1234,719
£235,402
£194,804
INCOME ACCOUNT (STERLING).
1909-10.
1908-09.
1907-08.
1906-07.
£
I
1
£
Net earnings (as above)_ __ _300,911
234,719
235,402
194,804
Other income (see "a")_ __ _a11,699
3,784
1,477
2,589
Net income
312,610
238,503
236,878
197,393
DeductRolling stock reserve acct
3,000
3,500
Rent of Mex. Eastern Ry_ 20,000
20,000
20,000
20,000
Rent of Mex. Sou.. 6 mos_ _ _ 33,225
Interest on prior lien deb. 5s
13,308
20,000
20,000
Int. on 1st deb. stock (4%)_ 46,000
36,999
27,995
27,995
/fit. on 2d deb. stk.(435%)_ 51,750
51,750
51,750
51,750
Divs. on "B" deb. stk.(7%). 32,862
32,862
32,862
32,862
Divs. on old preferred stock
(3)032,500
Divs. on 1st pref. stock_ _ _(5)70,000
(5)70,000 (4 34)63,000
Divs. on 2d pref. stock_ (4)40,000
(1)10,000
Reserve fund pref. lien deb
20,000
13,000
One-third expenses making
Mexican Southern lease_ 8,187
Total deductions
305,024
235,607
238,419
198,108
Balance, surplus
7,586
1,271
84
def.715
a Other income in 1909-10 includes, besides transfer fees,1347and interest
received, £6,030, the amount transferred from reserve account to balance
rental of Mexican Southern By., being difference between net earnings for
0 mos. (t27,903) and £33,225, rental payable, £5,322.-V. 91, p. 1328.
cating improved train and car loading; the average miles each ton of freight
hauled was 191.22 miles, an increase of 5.37%. The revenue per ton per
mile was .00499c., or a decrease of 2.92%. A number of industries have
been located on the line of road. The expenses for conducting transportation were $1,245,382, an increase of $87,003, or 7.51%.
The expenditures for maintenance of way and structures were $407,87.0
an increase of $33,414, or 8.92%; 1,487 tons of new rail and 79,347 crossties were placed in main track. The wages of section men were advanced
from 12 34 to 15 cents per hour. The expenditures for maintenance of
equipment were $533,060, an increase of $155,024, or 41.07%, due to extensive repairs to locomotives and freight-car equipment. 2 locomotives were
scrapped and 1 sold.
CHARACTERISTICS OF LINE-TOTAL MILES 450.72.
Curved
Tangent Level -Ascending- -DescendingMiles.
Miles. Miles. Sum in Ft. Miles.Sum in Ft.MUe
50
400
19
211
3.426
3.608
220
COMPOSITION OF TRACK JUNE 30-TOTAL MILES 450.72.
Ft.BridgesAc -Miles of Ballast- -Miles of Rails
June 30- Steel. Trestles. Rock. Gravel.Cinders. Slag. 80-10. 75-11). 70-1b. 6134
1910 ____6,670 35,004
23
406
13
3-5
8 245 197
1
1909 ____----42.506--19
418
13
3-5
3 245 202
1
AVERAGE REPAIRS PER YEAR.
Per Mile
Per
Per Pass. Per Fght.
Road.
Locomotive.
Car.
Car.
1909-10
904.93
$2,397 27
$550 15
$58 21
1908-09
1,728 06
597 58
31 53
Coal Strike.-On April 1 the miners in various States made a demand for
an increase in the existing rates of pay for mining coal, and their demands
being refused by the operators, the work of mining coal was discontinued.
The operators and miners in Ohio and Indiana came to an early agreement,
and the miners in these States resumed work. The operators and miners
in Illinois could not come to an agreement, and there was very little coal
mined in this State during April, May and June.
Your company began, early in February. at increased cost, to store coal
in anticipation of the closing down of the mines on April 1. In April, May
and June coal was very scarce in this territory; the additional cost of fuel
consumed by the road from February to June, inclusive, due to the strike
situation, was $25,000.
Taxes.-The marked increase in the taxes is giving your management
much concern. The total amount paid during the calendar year 1909 was
$165,326, an increase over the previous year of $16,406, or 11.02%. Since
1905 there has been an increase of $46,371, or 38.92%, in the yearly taxes,
Other Income.-The company has received during the year dividends of
8% on its holdings of Detroit & Toledo Shore Line stock, an increase of 2%
over preceding year. The dividends received on holdings of the Chicago &
Alton RR. Co. common stock were 2%, as compared with 4% last year.
Improvements.-The expenditures for additions and betterments amounted to $114,414. The principal improvements consisted of the completion
of the Edwardsville grade reduction by the removal of 118,014 cubic yards
of earth, which material has been used in strengthening embankments and
filling bridges. The new bridges put in include a new 200-ft. through plate
girder bridge, a 10-ft. concrete arch, a 60-ft. deck plate girder bridge;
Bridge 271-B is being replaced with a 338-ft. plate girder.
General Remarks.-The results of operations for the year have not been
altogether satisfactory. While operating revenue shows an increase of
$343,992 over previous year, this has been largely offset by an increase of
$323,488 in operating expenses and taxes. The trouble in the coal fields
resulted in considerable loss in freight revenue; and throughout the winter
there was an unprecedented fall of snow in addition to very cold weather.
While operating costs during the past ten years have been steadily increasing, rates of transportation have been gradually decreasing. The average
rate per passenger per mile in 1901 was 1.83c.; in 1910, 1.68c. The average
rate per ton per mile in 1901 was 0.542c.; in 1910, 0.499c. Taxes increased
from $104,400 in 1901 to $164,147 in 1910, or 57.23%. The labor problem
is still confronting your management, in the form of applications for further
increases. In Ohio, Indiana and Illinois, by legislation, the passenger rate
has been reduced to two cents per mile.
Upon the other hand, so reasonable an advance as 10c. per ton in the rate
upon coal within the State of Illinois-an advance made absolutely necessary by the increased cost of transportation-has been postponed by the
Illinois RR. & Warehouse Commission until after the larger questions of the
advance in inter-State rates, pending before the Inter-State Commerce
Commission, shall have been passed upon.
Your management believes that a reasonable supervision of public utilities is essential to the promotion of commercial prosperity and the establishment of confidence on the part of investors in railroad securities. Restrictive legislation, however, should be undertaken with a great deal of caution
lest it defeat the very purpose it is intended to remedy.
June 301910
CLASSIFIED STATEMENT OF TONNAGE.
Total
Fiscal
Products (tons) of
Forests.
Other.
AU.
YearAgricul. Animals. Mines.
1909-10_ __ A83,633 121,244 1,287,298 305,068 1,063,288 3,240,531
961,326 2,930,376
1908-09_ _ _ _477,749 117,326 1,120,196 253,779
975,922 3,213.115
1907-08_ __ _609,721 151,871 1,237,142 238,459
In 1909-10 "other" includes iron and steel rails, 44,110 tons, decrease,
107,887; bar and sheet metal, 205,003 tons, decrease, 34,679; iron-pig and
bloom, 64.040 tons, increase 50,735; other castings and machinery, 116,044
tons,'increase, 95,168.
Equipment
-LocomotivesPass. -Freight CarsJune 30No. Cap.(tons).
No. Trac.Pote.(lbs.) Cars.
1910
105,000
3,317
42
2,546,531
94
1909
107,420
3,411
42
2,596,384
97
TRAFFIC STATLISTICS.
Operations,
1907-08.
1906-07.
1909-10.
1908-09.
Miles operated
451
451
451
661,001
712,fll
rs cariedPsng
692,156
614,876
Passengers carried 1 mile 26,640,808 27,659,139 32,524,053 28,717.209
Earn, per pass. per mile 1.676 cts.
1.652 cts.
1.793 cts.
1.598 cts.
Pass. earn, per train mile$0.70
$0.69
Tons freight carried_
,214 4
3,240,531
3,213,115
3,4080
2,930,373
°.76
Tons fght. carried 1 m 619,644,032 531,797,878 612,646,605 669,934.227
Earns, per ton per mile_ 0.494
0.514 eta.
98
c1t.
s3
.
0.514 cts.
0.502 cts.
Freight earn. per train m
$2.42
$2.33
$2.40
Avge. tons per train mile
465.0
470.6
$
46
203
.7
9
Gross earningsper mile_
$8,482
$9,278
$8,370
$7,607
REVENUES AND EXPENSES.
Operating Revenues1908-09.
1907-08.
1909-10.
Freight
$3,090.773 $2.734,152 $3,072,674
Passenger
519,719
456,963
Mail, express and miscellaneous
230,441
235,191
237,529
Total operating revenues
ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
$3,772,636
$3,428,644
$3,822,834
$407,870
533,060
92,047
1,245.382
107,413
$374,456
378,036
71,487
1,158,378
95,363
$486,238
448,731
132.792
1,359,859
145,736
Total expenses
Net operating revenues
$2,385,772
$1,386,864
$2,07,721
$1,350,923
$2,573,355
$1,249,479
1442
INCOME ACCOUNT.
1909-10.
Net operating revenue
$1,386,864
Dividends on Chicago & Alton stock
547,600
Dividends on Det. & Tol. S. L. stock_
57,120
Other income
28,501
1908-09.
$1,350.923
836,000
42,840
4,774
Inc. (+) or
Dec.(-).
+$35,941
-288,400
+14,280
+23,727
Total net income
$2,020,085
DeductTaxes
$164,147
Hire of equipment-balance
89,653
Rentals-balance
15,021
Interest on bonds
954,390
Int. on equipment trust certificates
31,125
Advances Tol. Term. Ry. interest__ _
16,200
'Preferred dividends (4%)
898,104
$2,234,537
-$214,452
$148,711
114,777
21,139
954,390
35,625
21,600
398,104
+$15,436
-25,124
--6,118
--4,500
--5,400
Total deductions
--$25,706
$1,668,640 $1,694,846
Balance, surplus
$540,191 -$188,746
$351,444
'
Deducted from profit and loss account, but here shown for simplicity.
BALANCE SHEET JUNE 30.
1910.
1909.
1910.
1909.
$
AssetsLiabilities$
$
$
Cost of road, &c_a38,219,686 38,119,776 Preferred stock_ _ _10,000,000 10,000,000
Securities
b12,938,903 12,832,302 Common stock _ _ _10,000,000 10,000.000
Cash
28,677,000 28,777,000
520,170
525,679 Funded debt
Agts. & conductors
42,440 Bills payable
150,000
72,244
150,000
Traffic, &c., bals_
26,861
216,974
59,103 Vouchers & wages. 465,022
Cos. & individuals. 263,442
69,438
174,183 Agents drafts_ _
104,726
U.S. P.0. Dept__
5,279 Int.,divs.,&c., due
5,285
Loans & bills rec__
and accrued_
50,000
395,917
397,443
485,828
Materials & supp_ 320,577
167,485 Misc. accounts
56,251
43,160
C.&A.pf.divs.accr. 129,600
418,000 Taxes accrued_ _ _ _
110,872
100,363
Adv. Tol.Term.Ry
33,102 Operating reserves 172,137
48,600
138,367
Anadj. fgt. claims. 111,205
108,969 Oth.def.cred.items.
2,087
1,506
Other def.deb.items
31,343
33,560 Profit and loss..
3,075,019 2,640,339
Total
53,173,744 52,569,878
Total
53,173,744 52,569,878
a After deducting reserve for accrued depreciation, $576,633. b Securities In
1910 Include: (1) Securities of proprietary, affiliated and controlled cos., pledged
(par value, $20,900,000; book value,$11,527,000), viz.: Chicago & Alton pref. stock
$6,480,000, and common stock, $14,420,000; (2) Securities of proprietary, affiliated
and controlled cos., unpledged (par value, $1,424,000, and book value, $909,501),
viz.: Det. & Tol. Shore Line RR. stock, $714,000, 1st M. bonds, $230,000, and
Toledo Terminal Ry. stock, $480,000; and (3) company's pref. stock, $47,400,
Common stock, $5,000, and prior lien bonds, $450,000, and miscellaneous stocks,
$700.-V. 91, p. 1386, 1328.
Iowa Central Railway Co.
(Report for Fiscal Year ending June 30 1910.)
President T. P. Shouts writes in substance:
General Results.-The gross operating revenues show an increase of
$345,635, or 11.46%, and, notwithstanding the loss of coal tonnage due to
the strike in the Illinois and Iowa coal fields, are the largest moor history.
Freight traffic increased $301,644, or 12.78%. The number of tons of
revenue freight carried increased 10.52% and the number carried one mile
increased 69,805,819 tons, or 18.21%, the average length of haul being
166.67 miles, an increase of 11.74 miles, or 7.58%. The increased tonnage
was handled with an increase of only 5.37% in freight-train mileage.
Passenger traffic shows an increase of $40,504, or 7.92%. The number of
passengers carried increased
passengers one mile increased 7.03%.
Maintenance.-The expenditures
1.24%'for maintenance of way and structures
were increased $110,722, or 33.49%. There were placed in track 24.52
miles of new 80-lb. rail and 129,075 cross-ties. The wages of section men
were increased from 13
to 15c. per hour. There was expended $790
per mile of road for maintenance of way and structures.
The expenditures for maintenance of equipment show a decrease of
$68,882, or 11.55%. During the previous year such expenditures were
abnormally large. The average cost for repairs and renewals per locomotive, based on locomotives owned as of July 1 1909, was $3,282.
Coal Strike.-On April 1 the miners in various States made a demand for
an increase in the existing rates of pay for mining coal,and,their demands
being refused by the operators, the mines were closed. The operators and
miners in the State of Iowa came to an agreement and work was resumed
May 14 1910. In Illinois an agreement was not reached until Sept. 9 1910.
In anticipation of the strike, a supply of coal was stored, causing an increase In the cost of coal consumed of approximately $15,000.
Taxes.-The total amount paid in taxes account of the calendar year
1909 was $102,923, an increase over 1908 of $8,100, or 8.54%. Since
June 30 1905 there has been an increase of $11,771, or 12.91%, in the
yearly taxes paid.
Funded Debt.-There were issued under the "first and refunding mtge."
$601,000 4% bonds to reimburse the company for cash expended for additions and betterments not provided for in any previous issue of bonds under
the mortgage. Equipment trust notes amounting to $46,946 were paid.
Improvements.-The expenditures for additions and betterments during
the year, amounting to $832,105, were charged to capital expenditures,
chiefly $327,477 for new rolling stock and $381,216 for new bridge over
Mississippi River at Keithsburg, Ill. This bridge, commenced late in
1908, has been put in service.
General Remarks.-The results of operation for the year have not been
altogether satisfactory, due to the prevalence of conditions over which the
company had no control. The trouble in the coal fields resulted in a very
heavy loss in freight revenue. Throughout the winter there was an unprece
dented fall of snow and very cold weather, making it impossible to handle
all the business offered, and increasing the cost of operation.
During the past ten years operating costs have been steadily increasing
rates of transportation have been gradually decreasing. The average rate
per passenger per mile in 1901 was 2.365c.; in 1910, 1.887c. Average rate
per ton per mile in 1901 was 0.709c.; in 1910, 0.588c. Taxes increased
from $75,884 in 1901 to $98,524 in 1910. Notwithstanding substantial
increases in wages to shopmen, trainmen, switchmen, freight-house men,
section men and others during the year just closed, the labor problem is still
confronting your management in the form of applications for further increases. It is a question how to meet the increased expense due to increase
wages and other causes. In Illinois, Iowa, and Minnesota, by legislation,
the passenger rate has been reduced since May 1 1907 to 2e. per mile.
On the other hand, so reasonable an advance as 10c. per ton in the rate
upon coal within the State of Illinois-an advance made absolutely necessary by the increased cost of transportation-has been postponed by the
Illinois Railroad and Warehouse Commission until after the larger questions
of the advance in Inter-State rates, pending, before the Inter-State Commerce Commission, shall have been passed upon.
Unless the rights of the railroads are safeguarded,funds cannot be secured
to make the necessary improvements and extensions without which the
transportation interests of tile country will inevitably suffer.
ROLLING STOCK OWNED ON JUNE 30.
--Locomotives-Pass. -Freight Equip.Trac. Power. Equip.
No. Cap.(tons)•
No.
1910
102
2,398,209 lbs.
51
3,561
115,090
1909
90
52
1,958,653 lbs.
3,418
109,550
CHARACTERISTICS OF ROAD JUNE 30.
Curves
Tangent. Total Ascents.
Total Descents.
1910 ____115miles. 424miles 7,156 ft. in 249 miles. 5,995 ft. in 203 miles.
Bridges, dec. (It.) -Ballast-(Miles)Steel. Trestles. Gray. Cind. Slag. Sail. 80-lb. 70-lb. 60-16. 56-19. 50-lb
1910
_8,490 37,722 330
81 199 142 108
5 133
62
8
1909 __
-49,134- 299
57 203 162 108
68
6 157
8
OPERATIONS AND FISCAL RESULTS.
1909-10.
1908-09.
1907-08.
1906-07.
Miles operated June 30..
558
558
558
558
Operations1,001,314
Passengers carried (No.) 1,013,778
930,417
737,438
Pass. carried one mile__ 29,253,096 27,330,948 25,406,981 22,640,824
1.872 cts.
Rate iper pass. per mile_ 1.887 cts,
1.889 cts.
2.243 cts.
2,355,717
Rev. freight (tons) car'd 2,603,446
2,291,152
2,381,964
Freight (tons) car'd 1 m.453,116,263 383,310,444 402,447,559 399,374,439
Rate per ton per mile.. _ _ 0.588 cts.
0.616 cts.
0.592 cts.
0.628 cts.
310
275
Tons per train mile
291
300
3
79
Earns. per pass. train m.
1..7
$0.74
$0
$0.70
$0.72
Earns. per freight tr. m_
$1.61
$1.64
$1.81
Gross earnings per mile_
$5,963
$5,338
$5,329
$5,589
Arm. Lxxxxi.
THE CHRONICLE
REVENUES, EXPENSES, &C.
Revenue1909-10.
1908-09.
Passenger
$552,150
$511,646
Freight
2,661,200
2,359,557
Mall, express and miscellaneous
147,932
144,444
1907-08.
$479,987
2,383,816
138,672
Total operating revenue
ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General
Taxes
$3,361,282
$3,015,647
$3,002,475
$441,311
527,146
100,107
1,417,420
107,359
98,524
$330,590
596,028
107,370
1,332,294
105,390
89,103
$378,685
322,446
102,377
1,196,932
106,071
86,843
Total expenses and taxes
Net operating revenue
$2,691,867
$669,415
$2,560,776
$454,871
$2,193,354
$809,121
1908-09.
$454,871
69,656
Inc.(+) or
Dec. (-)•
+$214,544
-20,159
INCOME ACCOUNT.
Net operating revenue
Other income
1909-10.
$669,415
49,497
Total operating income
DeductInterest on bonds
Sundry interest (net)
Rentals, trackage and terminals
$718,912
$524,528
+$194,384
$627,504
7,743
.110,329
$571,601
Cr.3,832
184,279
+$55,902
+11,574
-73,950
Total deductions
Balance, deficit
$745,576
$26,664
-$6,473
$752,049
$227,521 -$200,857
• Includes hire of equipment, $57,560, and rentals, &c., $52,769.
BALANCE SHEET JUNE 30.
1910.
1909.
1910.
AssetsLiabilities$
Road & equip't_ _a29,332,281 28,573,370 Common stock._ 8,525,623
Secure. of affird,
Preferred stock._ 5,674,810
&c.,cos. pledged 555,000
555,000 Bonds
14,366,095
Coal mines, lands,
Equip. trust notes. 304,192
&c
619,711
619,711 Bills payable
600,000
Cash
173,178
113,688 Vouchers & wages. 390,107
Securities owned.._ 996,000
395,000 Traffic, &c., bal__
25,925
40,135
73,292 Misc.accounts. _
Agts. & conductors
30,657
Cos. & individuals. 340,404
290,058 Matured int., &c__
14,419
U. S. P.0. Dept
5,393
5,200 Taxes accrued..___
73,090
Loans & bills rec....
88,171
Accrued interest__
110,295
Material & supplies 250,783
274,221 Oper. reserves_ _ _ _
20,139
Deposit to purchase
Other def. credits_
65,177
equipment
407,000 Profit and loss..___ 2,219,296
Other. def. chges_
68,769
25,658
Taal
32,419,825 31,332,198
Taal
1909.
8,524,683
5,674,771
13,765,095
351,138
44J,577
13,301
31,414
14,909
74,889
106,363
16,864
46,744
2,262,450
82,419,825 31,332,198
a After deducting reserve for accrued depreciation of equipment, $103,204.
V. 91, p. 1095, 790.
Grand Trunk Railway of Canada.
(Report of Chairman Made at Half-Yearly Meeting Oct. 24.)
At the half-yearly meeting held in London Oct. 24, Alfred
W. Smithers, Chairman of the company, said in part:
General Results.-In these days of high prices and high wages, It is something to maintain the position already won. We have been able also to
Improve on the position in the corresponding half-year of 1909 by earning
the half-year's dividend on the 2d preference stock, which we have not been
able to do in the first half of the year since 1907.
On the Grand Trunk proper, the gross receipts increased during the halfyear by 1455,000. To attain these results we carried 173,000 more passengers and over 1,300,000 tons more freight. The working expenses increased by the sum of £376,000. The increase of £189,000 in the charge for
maintenance of equipment includes 1122,000 in reduction of the engine
and car-renewal suspense account, leaving about £75,000 on that account
still to be dealt with in the current half-year.
Strike.-I have lust returned from an extensive journey over the Grand
Trunk and Grand Trunk Pacific railways. On the voyage out I received
word by marconigram that the strike had ended. In the end, terms were
agreed which, with other additions to various branches of the service, will
immediately cost us about £120,000 per annum increase in pay-rolls.
Ottawa Terminals.-At Ottawa the new station and terminals are nearly
finished, and we shall have as tenants and part users the Canadian Pacific,
the Canadian Northern and the New York Central railways. Connecting
by subway with the station is the new hotel, built of gray stone in the old
French Chateau style, and one of the finest hotels in Canada. It Will be
named the Chateau Laurier and will supply an urgent need. I hope it will
be open in time for next summer's season.
New Shops.-The two other greatest improvements on the system are
the excellent new workshops, fitted with all the latest machinery, at Stratford, on the Grand Trunk, and at Battle Creek, on the Gr. Trunk Western.
Detroit River Tunnel.-At Detroit, where our trains are now ferried over
the river from Detroit to Windsor, a tunnel has been constructed, called the
"Detroit River Tunnel," by the Michigan Central My. The same company
is building a new Union Station at Detroit, which, with the tunnel, will cost.
It is said, including electrification, about 820,000,000. We shall, no doubt,
use this tunnef for some of our traffic on terms, and It will be a great advantage in the handling of our traffic, especially in the winter, when the ice
in the Detroit River often causes delay to our ferries carrying trains.
Grand Trunk Pacific
now come to the Grand Trunk Pacific. At
Fort William we have a splendidly-situated terminal, ready for traffic,
and capable of being enlarged to any extent. We have a first-class concrete
elevator capable now of holding 3 million bushels of wheat, and arranged
to easily enlarge to take ten million bushels. Our branch line from Fort
Wiliam to Lake Superior Junction, where we connect with the Government line known as the National Transcontinental Ry., is in tine order
and ready for any amou:Lt of traffic. From Lake Superior Junction to
Winnipeg the distance Is about 246 miles. It is on this section that the
Government contractor had great trouble from the numerous places where
swamps cause the line to sink. I think the great difficulties are over.
There Is nothing that will stop the traffic for long. We have agreed to work
this portion of the line under arrangements with the Government, and we
shall bring down a considerable portion of the grain of this year's harvest
to our elevator at Fort William.
At Winnipeg the new Union Station, which we shall share jointly with
the Canadian Northern Ry., is far advanced. I think the station will be
ready for traffic at all events in the early spring. About 5 miles from
Winnipeg we inspected the new shops being built by the Government for
the Transcontinental Ry. at Springfield. They are built on the model of
our new shops at Battle Creek,and will be up to date In every respect.
From Winnipeg we went over our new main line to Melville, thence to
Wainwright and on to Edmonton. The country through which the line
passes is very nearly all first-class wheat land. There are several towns,
such as Rivers, Melville, Wainwright and Watrous, containing already from
1,000 to 2,000 inhabitants, and many more on a smaller scale. Two years
ago where these towns now stand was almost uninhabited prairie. We
have replaced the construction trains, which have hitherto served the public weekly between Winnipeg and Edmonton, by a daily service both ways
of both passenger and freight trains, and the public save from live to seven
hours on the journey from Winnipeg to Edmonton as compared with any
other route. Of course, until the lino is properly connected with the East.
It is Impossible to work it on a commercial basis, and tho service is still
worked on construction account.
Froln Edmonton we Inspected the line to Wolf Creek, about 123 miles
from Edmonton. From Wolf Creek, the beginning of the mountain section,
we proceeded to Edson. the end at the track at the present time. Between
Wolf Creek and Edson we crossed three very high bridges nearly completed
over Wolf Creek and the McLeod and Pembina rivers. From Edson, the
beginning of the Rockies could be dimly seen, yet, had the line been laid,
we should have arrived at the summit, In the Yellowhead Pass,about 3,700
feet above the sea level, without noticing any difference In the grade than
that on which we had crossed the prairie from Winnipeg. It is hoped the
track will be laid a further 100 miles this season to the Athabasca River.
NOV. 26 1910.
THE CHRONICLE
From Edmonton we traveled to Vancouver by the Canadian Pacific By.
At Vancouver we embarked on board one of our new steamers, the Prince
Rupert, and went on to Stewart, at the head of the Portland Canal, a distance of 150 miles from Prince Rubert. Here a mining town Is being established. We returned to Prince Rupert and started the next morning
to the end of the laid track of the new line, 60 miles cast of Prince Rupert.
We then went by boat to Kitselas Canyon, 105 miles from Prince Rupert,
where we disembarked and inspected the tunnels and work on the grade at
this point. The scenery up the Skcena Is magnificent, high mountains
capped with snow rising on every side. There can be no doubt that In the
near future a large tourist traffic will be developed to enjoy this scenery of
mountain and river, which is not surpassed on the whole continent.
In Prince Rupert when I was last there, in 1907, there were 200 people
and about a dozen houses; there are now 3,000 inhabitants and branches of
most of the large banks in Canada. At Victoria, the capital of British
Columbia, at the head of the harbor, we have secured first-class dock accommodation. The population of Victoria has nearly doubled in ten yearsthere are now 40,000 inhabitants. At Seattle, we have also secured firstclass dock accommodation In the heart of the city. Twenty years ago this
city had some 20,000 inhabitants; to-day close upon 250,000. This city
forms a fine base for our steamers, and popular as they have been for the
short time we have used them this past summer, I have no doubt next year,
when we begin the season fairly, their popularity will still further increase.
We returned to Edmonton and inspected the Calgary branch as far as
the track was laid from Tofield, on the main line, 50 miles from Edmonton,
This branch is about 180 miles in length and the track Is laid for 60 miles.
We next went to Melville, and inspected the Regina branch. The length
of this branch Is 95 miles, and track is laid for 40 miles. From Melville
we also Inspected the branch which Is completed to Yorkton. a distance of
25 miles from the main line, and will be extended to Canora, about another
25 miles. All these branches pass through first-class wheat land.
Financial Status.-In 1895 the net earnings of the Grand Trunk-a railway passing through a sparsely-populated country compared with the
American roads-were short of the amount required to meet the fixed
charges; to-day we are paying the dividends down to and including that on
the second preference stock. To this result has to be added the interest
on the large amount of capital which has been raised since 1895 at the moderate rate of 4%,and without which expenditure the junior securities would
not have been in so good a position as they occupy to-day.
Grand Trunk Pacific Development Co.-That company, It was hoped at
one time, would have been financed by an issue of some sort of security,
but the Development Co.'s operations took place lust after the panic of
1907, which was not a propitious time to do anything with the land, and
the money received from the land, as it has been sold, has been used to
finance several undertakings in which the Grand Trunk Pacific Co. are
Interested, through the Grand Trunk Pacific Development Co. on the Pacific Coast, such as docks at Victoria, at Seattle and Vancouver, and the
new boats which have recently been built. I hope within a very short
time to give you an account of what the Grand Trunk Pacific Development
Co. has done. All I can tell you to-day is this, that all the profit that the
Development Company has made or will make will go into the pockets of
the Grand Trunk Pacific Company, and as you are the shareholders In the
Grand Trunk Pacific
such profit will come to the Grand Trunk Co.
[Canadian Government
Co.. memoranda dated Dec. 4 1907, Jan. 2 1908 and
Aug. 13 1908, recently published, give the substance of the agreement
with the Government by which (1) the Development company agrees to
Issue to the Grand Trunk Pacific fly. Co., as fully paid up shares, all its
capital stock, except such shares as are necessary to qualify directors;
(2) the Grand Trunk Pacific 1W. Co. covenants that it will retain the said
capital stock so long as any of the railway bonds guaranteed by the Government and referred to In the agreements remain outstanding; (3) the
railway company covenants with the Development company to guarantee
the principal and interest on the bonds of that company to an amount sufficient to finance the undertaking necessary to promote the objects of the
company; (4) the Government agrees to sell to the Development company
135 tracts of land, aggregating 19,931 acres, available for town-sites and
located along the line of the road, at the nominal price of $3 an acre, a railway station to be eotablished on each town-site, and also on the same condition to give the company the right to procure the abandonment by persons holding the homestead entry on certain lands which are under homestead entry and to acquire the said lands upon paying to the Government
the sum of $1 per acre and In addition settling with the person having the
homestead entry. See also V. 86, p. 1045; V. 90.. p. 306-1,
41.]--V. 91,
p. 1095, 1025.
1443
BALANCE SHEET SEPTEMBER 30.
1909,
1908.
1910.
$
$
S
$24,708,500 $23,689,629 $22,359,270
3,667,323
2,724,070
1.574,907
1,696,781
1,731,5461
985,105
2,029,235
542,063
256,387
167,040
52,000
*8,288,777
8,471,048
5,267,040
1,449,528
1,449,528
1,448,271
1,478,666
72,666
2,497,633
1,904,546
2,482,725
5,052
4,358
1.731
AssetsPlantations and equipment
Cash
Accounts collectible
Notes receivable
Advance payments
Old Colony Trust Co
Advances
Nipe Bay Co. common stock
Nipe Bay 10-yr. 6% debentures
Miscellaneous investments
Other accounts
Total
$45,033,753 $40,756,494 $35,215,178
LiabilitiesCapital stock
$23,474,000 $21,340,000 $21,328,300
Cony. bds.(called for pay't Mch.1 '08)
52,000
Serial debentures
1,282,000
1,440,000
1,600.000
4 H% sinking fund debentures
4,250,000
4,250.000
Accounts payable
760,864
914,700
672,531
Sight drafts and acceptances
454,505
460,106
781,299
Bills payable
600,000
Dividends
426,564
469,480
426,800
Accrued interest and miscellaneous
74,948
77,520
39,228
Income account, surplus
13,787,326 12,006,805 10,036,450
Total
$45,033,753 540,756,494 535,215,178
• Advances in 1910 include: To Northern fly.. $3,819,586; Tropical Fruit
Steamship Co. Ltd., *4.469.191.
Note.-The insurance fund assets, amounting Sept. 30 1910 to $687,211,
are not included lathe above balance sheet.-V.91, P. 1391. 1265.
American Steel Foundries.
(Report for Fiscal Year ending July 31 1910.)
Pres. Win. V. Kelley, Chicago, Oct. 5, wrote in substance:
Audit.-The combined balance sheet and statement of profit and loss
has been prepared by independent public accountants after a full audit.
which covers not only the last year, but the preceding year as well, and
together with a similar audit in 1908 covers the entire five years of the
present management.
General Results.-The gross sales for the year were $17,173,741 and the
gross earnings from operations of plants and other income after deducting
manufacturing, selling, administration, head and district office expenses
and management commissions, were *1,896,072. The net income of
$1,030,221 is the remainder after deducting all interest and other charges.
Including $1,199,983 for repairs and maintenance and $355,693 for depreciation of fixed properties, and also after appropriating *162,570 for the
sinking fund for the first mortgage bonds.
Bonds.-From the sinking fund $138,500 1st M. bonds were bought and
retired during the year and the balance of the accretions to the fund, together with the annual installment paid to the trustee Oct. 1 will purchase
at least $178,500 more, making the total retired or provided for to date
$1,155,000 out of the original issue of $3,500,000.
Additions, &c.-Charges aggregating $598,855 were made to the capital
account during the year for real estate, new construction, additions,
machinery and equipment. In addition $300,582 was spent for replacements and for minor additions and improvements and charged to the
depreciation reserve.
Additional land was acquired adjoining the Alliance plant; it is not intended at present to improve the property. At Indiana Harbor a new
plant for the production of light-weight castings has been put in operation,
lowering costs and increasing the output. A tract of land adjoining the
same plant was purchased.
Dividends.-On May 14 a dividend of 1 % was paid, and in June a
second dividend of the same amount was declared, payable Aug. 15.
Outlook.-Since the close of the fiscal year shipments and earnings have
been satisfactory, but orders on hand have shown a steady decrease from
month to month for several months, and there is as yet no definite betterment in sight, although there is a decided change in sentiment and the
United Fruit Company.
opinion seems to be that better conditions will prevail In a short time.
(Report for Fiscal Year ending Sept. 30 1910.)
Review Aug. 1 1905 to July 31 1910, Covering the Five Years of Present
The full text of the remarks of President Andrew W.
Management.
Contract.-Effective Aug. 1 1905, a five-year employment contract was
Preston, affording many particulars regdrding the property made
with the President and the First, Second and Third Vice-Presidents
and its business, and also comparative income account and under which they were to have the management
of the buying, selling and
manufacturing departments and share in the profits in excess of a fixed
balance sheets for two years, Sm., will be found on subse- specified
sum, such sum being equal to about 3 3.4% on the present capital
Tient pages. Further facts compiled from the report and stock.
July 31 1910 marks the termination of the contract.
Finances.-At the beginning of the period the company found itself withthe usual comparative tables for several years follow:
out working capital and with a large indebtedness, impaired credit and a
LOCATION AND BOOK VALUE OF PROPERTY OWNED.
deficit from previous operations.
Total Acreage- -Plants and Equipment, Book CostA bond issue of $3,500,000 was sold and the proceeds-about $2,700.000
1910.
1909.
-used principally for the payment of debts,and the remainder for working
1908.
1910.
1909.
1908.
Costa Rica 175,844 166,918 183,269 $8,459,601 $8,448,322 $8,501,014 capital. Subsequently the net earnings (surplus) to Aug. 1 1907 were
Cuba ____ 90,270 00,258 07,956
6,770,437
6,328,288 made a part of the permanent assets of the company, with the result tbat
6,047,702
Guatemala 80,549 50,000 50,000
1,075,633
847,776
534,721 on July311910 wc had. after providing for all bond interest and sinking fund
Jamaica __ 34,182 29,636 29,822
2,496,402
2,352,332 requirements, all debts except outstanding bonds and debentures, paying
2,324,299
SantaDom.
18,203
412,275 for all new property and improvements,and the payment of 2 quarter-year
Repub. of
dividends to stockholders, a net working capital (including the surplus
Colombia 30,032 11,265 11,265
475,235
415,519
374,208 shown in the appended balance sheet) of approximately *5,000,000; meanRepub. of
while, through the retirement of some of its own capital stock which had
Panama 43,588 53,048 38,873
5,431,102
4,706,010
3,856,372 come into its possession, the company had been able to cancel the discount
on the sale of its bonds at a small cost and without any direct charge
Totals__454,465 401,125 399,388 $24,708,500 $23,689,629 $22,359,270 against profits.
• Also leases 4,989 acres In Costa Rica and 21,303 acres in Jamaica,
It should be noted that while the present working capital may seem large,
it includes the depreciation reserve and is no more than is necessary for
BOOK COST OF COMPANY'S LANDS, &c.
normal
business requirements, and in view of the growth of the company,
1909.
1910.
1908.
1907.
$0,420,058 $9,062,372 *8,970,886 $9,029,026 a surplus must be accumulated and maintained for such needs.
Lands
In 1908 all of the old stock, both common and preferred, aggregating
1,480,304
1,300,899
Houses and bulidings
1,202,773
1,100,474 $33,050,000, was retired and canceled,and new stock, all of one class,to the
4,751,656
4,718,156
Cultivations
4,268,608
3,856,837 amount of $17,184,000,
was, with $3,436,800 in 4% debentures and $3 cash
799,354
765,303
771,442
Live stock
691,499 per share to old preferred
stockholders, issued in lieu thereof. The sound193,503
192,303
199,688
Tools and machinery__ _
193,688 ness of the plan
best evidenced by the present condition of the company
5,326,887
4,865,509
4,073,197
Railways
2,936, 86 and the paymentIsof
dividends on the new stock. The bond issue has, by
96,075
92,574
86,729
Telephones
85,659 the sinking fund, been
reduced by the amount of $976,500, and as the funds
383,366
341,211
342,341
Wharves, lighters, Zee
337,341 in the sinking fund (including
the payment of Oct. 1 1910) are sufficient to
632,163
607,561
591,702
Merchandise (stores)._ _
560,370 purchase at least $178,500 more
564,369
Material on hand
456,207
437,601
549,719 time does not exceed *2.345,000.bonds, the 1st M. bond obligation at this
Sugar mill
1,287,533
1,287,533
1,287,533
1,287,533
Productive Capacitg.-Prior to Aug. 1 1905 the company's largest twelve
months'shipments of steel castings did not exceed 120,000 tons; the largest
Total
$24,708,500 $23,689,629 $22,359,270 $20,628,932
Total head of cattle Sept. 30 1910, 18,104, against 17,352 In 1909 and single month's shipments being just over 12,000 tons. The capacity of the
17,641 In 1008; horses and mules,•3,553, against 3,214 In 1009 and 3,360 plants at that time may, therefore, be fairly estimated not to have exceeded
in 1908; miscellaneous, 271 In 1910 and 1909. against 245 in 1908. Rail- 130,000 tons per year. For the 12 months just ended (Seta. 30 1910) there
were shipped a little more than 205,000 tons; the largest single month's
ways owned, 542 miles, against 493 miles in 1909.
shipments being only a trifle less than 20,000 tons; hence the present
INCOME ACCOUNT.
capacity of the plants may be fairly taken at not less than 220,000 tons per
year-an increase of about 70%, or more than two-thirds larger than for1909-10.
1907-08,
1908-09.
1006-07.
Net earns, from tropical
merly. The records show a steady increase in the percentage of perfect or
fruits and other oper_ $5,912,294 $3,871,833 $3,723,511 $6,061,910 merchantable goods produced; hence it is evident the increase in product
Miscellaneous income_ _ _
640,282
317,580
516,817
227,900 has not been at the expense of quality.
The Hammond Works product consists of bolsters, brake beams, springs.
Total income
$6,552,576 $4,388,650 $4,041,091 56,289,909 &c., for railway cars, but it does not produce castings; hence its output Is
Deductnot included in the foregoing tonnages; its capacity, however, has also
Interest on bonds
$260,583
$94,746
$220,771
$90,082 been largely increased and the additions to the plant are included In the
Dividends
1,877,472
1,584,484
1,707,042
1,419,350 capital expenditures shown, while the resultsof its other operations are inRate of dividend
(8%)
(8%)
(8%)
(7%%) cluded in other figures given herein.
Capital Charges and Depreciation Reserve for the Five Years.
Total deductions_ __ _ 32,138,055 $1.927,813 51,679,230 $1,519,332
1905-06. 1906-07. 1907-08. 1008-09. 1909-10.
Total.
Balance,surplus for year $4,414,521 $2,460,837 $2,361,861 $4,770,577
Capital
expen_$456,232
$462,173 $144,031 $48,844 $598,855 $1,710,135
12,006,805 10,036,450
Surplus previous years
9,752,050
5,523,033
Deprec. res'ves 221,541 233,681 *507,911 113,481 355,693 1,432,307
$16,421,326 $12,497,287 $12,113,911 $10,294,510
Total surplus
• Includes *300,000 transferred from profit and loss account to cover
2,134,000
Extra div.(10%)
1,940,000
depreciation prior to 1905 for which no reserve was provided at the time.
$14,287,326 512,497,287 $10,173,911 510,294,510
Balance, surplus
The capital charges cover a practically new plant at Pittsburgh, together
Direct charges to profit
with the land on which it stands, to take the place of inadequate worn-out
500,000
and loss
490,482
137,461
542,460 buildings on leased lands; also a new plant and equipment at Indiana
Harbor for the economical production of small castings, additional lands at
Surp. as per bal. sheet_ _$13,787,326 $12,006,805 $10,036,450 $9,752,050 Alliance, Indiana Harbor and Hammond Works, new buildings, additions
Lxxxxi.
TIIE CIIRONICLE
1444
Earnings.-The increase in the gross earnings during the past year has
to buildings, additional furnaces, new machinery,- boilers, locomotives,
is approximately double the increase in any
tracks, cranes, tools and general equipment, Including numberless items amounted to $2,444,278, which
year in the history of the company.
previous
expenditures
these
that need not be here enumerated. The advisability of
The general increased cost of all classes of labor and material and the
Is demonstrated by the great increase in capacity and the lowering in costs,
unusually large expense to which the company was put, partly in storage
both of which were necessary for the company to maintain its position.
cost of same, owing toits scarcity reOf the depreciation reserve $1,028,380 is still unused, the balance having of coal and partly in the increased
of transportation caused by the severe weather
been applied to replacements, minor additions, improvements,,&c,...ailes sulting from the difficulties
last winter, have greatly Increased the operating expenses of the company
SalesrandlNet Earningrfor..the Five Years.
during the year.
New Central Plant.-In order to take care of the increasing business, the
Total.
[1905-06. 1906-07. 1907-08. 1908-09. 1909-10.
have acquired 112 acres of land on the North Branch of the Chidirectors
$
of Belmont Ave., for the purpose of building thereon a
Gross sales
15,297,496 19,463,521 8,964,189 7,138,008 17,173,741 68,036,955 cago River, north
an ultimate capacity of 360,000 h. p
19,846 1,030,221 4,497,131 central power plant which iwll have
58,445
Net earnings__ 1,009,522 2,379,097
the first section of this plant is now in progress and it is expected
on
Work
Had the present capacity of the plants been available during the first two that 60,000 h. p. of machinery will be installed and in operation by next fall.
The
greater.
1909-10
years, both sales and earnings would have been far
Business.-The company's connected business (exclusive of electrical
earnings are considerably in excess of the 5-year average,notwithstanding energy supplied to other public service corporations) amounted to the
they were largely reduced by the low selling prices which continued for equivalent of 5,915,622 standard 16-c. p. lamps on Sept. 30, 1910, agains
some time after the panic. In addition to the net earnings here shown, 4,920,800 on Sept. 30 1909.
there was paid into the bond sinking fund sums aggregating $727,899 for
RESULTS FOR FISCAL YEARS.
reducing the mortgage debt. The net earnings, together with the profits
paid into the sinking fund, makes the total for 5 years $5,225,030, an
Year end,
Years ending Sept. 30
reduced
the
on
(13i%)
dividend
first
The
year.
of
Mch. 31 '07.
average
$1,045,006 per
1908.
1909.
1910.
capital stock was paid May 14 1910 for the quarter year ended April 30 Gross earnings (Includ'g
1910, and a second dividend of the same amount was declared for the
merchandise sales____$13,083,724 *10,639,447 *9,500,907 $8,842,088
quarter ended July 31 1910.
Expenses (incl. deprec. &
6,198,269
6,374,578
6.642,694
cost of merch. sales) _ _ 8,441,883
INCOME ACCOUNT.
$3,126,329 $2,643,819
$3,996,753
$4,641,841
Net
earnings
-1907-08.
1906-07.
1908-09.
1909-10.
$771,271
$1,266,918 $1,182,507 $1,032,626
$17,173,741 $7,138,009 $8,964,169 $19,463,521 Interest on bonds
Gross sales
236,000
236,000
427,250
532,089
Depreciation reserve__ _
Earn.from oper.of plants
and of sub. cos. (after
$1,636,548
$1,857,703
$2,386,996
$2,842,834
dividends
Balance for
deducting mfg.,selling,
'009,845
(6)1,847,244 (6)1,800,000(5)1,372,035
Dividends
admin. & head district
621,056
569,440
2,893,642
1,839,984
office expense)
$636,703
$485,668
$586,996
$995,590
Balance, surplus
147,758
72,866
• 63,126
56,088
Other income
Profit on sale Commonwealth Steel Co. stock
134,099
$1,896,072
• Total income
Deductions$232,300
Interest on bonds
137,472
Interest on debentures
107,054
Sink.fund 10-30-yr. bds.
33,332
Int. on borrowed money
Deprec. of bldgs., plant,
355,693
and equipment
Purch. of pat. rights,&c.
429,600
Dividends (23%)
$632,566
$768,814
$3,100,607
$232,300
137,472
128,003
1,464
$232,300
68,736
154,689
$233,192
113,481
207,911
46,733
233,682
110,000
$1,295,451
$600,620
$612,720
$19,846
$710,369
$58,445
$721,510
$2,379,097
Total deductions
Surplus
105,000
39,636
BALANCE SHEET JULY 31 (INCLUDING SUBSIDIARY COMPANIES).
1910.
1909.
1909.
1910.
Liabilities$
$
-$
Assets
Capital stock
17,184,000 17,184,000
Real estate, plant,
equipment, &e_19,961,095 19,912,251 Mortgage bonds.._ 2,969,500 3,108,000
4% debentures... 3,436,800 3,436,800
Expenditures, ad100,000
48,844 Notes payable_
ditions & imp'ts 598,855
440,785
298,630 Accounts payable_ 1,154,408
298,630
Other real estate__
.10.),091
236,443
a179,264 a389,703 Pay-rolls
Securities
40,558 Accrued Interest on
64,628
Sinking fund
bonds and de2,206,121 3,782,725
Inventories
144,311
144,311
bentures
Accts. & bilis recle
(less reserves)__ 3,642,878 1,206,619 Dividend Aug. 15_ 214,800
61,614,047 1,347,196
218,389 Reserves
645,464
Cash
78,292
678,912
Profit and loss
Insur. premiums,
46,756
36,285
&c., prepaid....
27,633,221 25,944,475
Total
Total
27,633,221 25,944,475
a Includes notes secured by first mtge. 340,000, and misc. securities, $139,264.
b Reserves include in 1009-10 bond sinking fund,_3493,942, and depreciation and
renewal, 31,120,105.-V. 91, p. 947.
Iron Steamboat Co. of New Jersey.
(Report for Fiscal Year • ending Oct. 31 1910.)
1908-09.
1909-10.
EarningsTicket sales, Coney Isl__1 $309,647 f $214,406
1
90,540
Fishing. route
29,023
30,260
Charters
25,200
Hudson-Fulton celebr'n
18,181
19,888
Privileges, &c
1907-08.
$221,384
83,721
25,525
1906-07.
*233,528
86,028
31,000
17,709
18.372
Total
ExpensesOper.,gen'l,repairs, &c_
Terminal charges-rents,
wharfage, &c
Taxes
$359,795
$377,350
$348,340
$368,928
$253,453
$255,030
$206,761
$226,550
71,847
2,804
70,022
3,131
69,736
2,138
89,516
3,247
Total
Net earnings
"Other income"
$328,104
$31,691
60,880
$328,183
$49,167
1,350
$278,635
$69,705
10,210
$319,313
$49,615
8,658
Total income
DeductInterest on bonds
Other interest
Dividends (5%)
$92,571
*50,517
$79,915
$58,273
$25,000
$25,000
$25,000
1,085
$25,000
8,881
Total deductions
Balance, surplus
$40,217
$52,354
$25,000
$25,517
$26,085
$53,830
$33,881
$24,392
15,217
"Other income" in 1909-10 includes $60,880 for 6,088 shares capital stock
sold at par; in 1908-09, $1,350 for 135 shares; in 1907-08, $10,210 for 1,021
shares and In 1906-07 $8,658 for profits on sale of Oscawanna Island.
GENERAL BALANCE SHEET OCT. 31.
1909. I
1910.
1 Liabilities$
Assets$
Cost of property_ A,000,000 1,000,000 Capital stock issued..
Capital stock in treas.
13right.P.&N.Co.stk. 60,480
21,913
Bilis receivable
20,7251 1st mtge. 5% bonds.
8,74412d mtge. 4% bonds_
8,744
Valley Grove
5,6901Profit and loss
5,690
Repair shops
41,0471
31.733
Cash
1,128,560 1,076,2061
Total
-V. 91, p. 1331, 1256.
Total
1910.
$
365,230
34,770
100,000
500,000
128,560
1909.
$
304,350
95,650
100,000
500,000
76.206
1,128,560 1,076,206
Commonwealth Edison Co.
Fiscal Year ending Sept. 30 1910.)
for
(Report
President Samuel Insull says in substance:
Bonds and Stock.-The company during the year has called for redemption on April 1 1911 $5,335000 of Chicago Edison Co. 1st M. bonds, has
issued $3,117,000 of Commonwealth Edison 1st M. Sly bonds in exchange
for an equal amount thereof and has deposited with the Northern Trust Co.
$2,405,000 of bonds to insure the retirement of the remainder.
On Nov. 8 1909 the stockholders authorized an increase of the capital
stock from $30,000,000 to $40,000,000 and new stock to the amount of
$3,000,000 was offered during the past year at par and subscribed for by
stockholders, payable in installments. Of this subscription, $2,721,897
was paid in during the year.
Additional 1st M. bonds have also been issued and sold to the amount
of $3,050,000.
• This is 8% on former Chicago Edison stock.
CONDENSED BALANCE SHEET SEPT. 30,
1910.
1909.
1910.
Liabilities$
Assets32,721,897
Plant,real est.,&c.63,643,076 57,105,744 Capital stock
Cons. Ed. Co. 1st
Unfinished plant
*17,417,000
M. 5s
99,378
Investment
Com.El.00.lstM5s 8,000,000
180,184
55,007
accounts..__
Open
2,218,000
793,777 Chic. Ed. 1st
700,135
Material
92,107 Real estate mtge... 130,000
122,012
Coal in storage..._
Deprec'n reserve__ 2,753,839
Accounts and bills
1,771,023 1,287,464 Accounts payable_ 453,199
receivable
146,877
1,196,184 1,026,330 Municipal comp'n_
Cash
153,219
Bond int. acced._
468,000
Taxes accrued____
Balance, surplus__ 3,025,407
1909.
30,000,000
11,250,000
8,000,000
5,412,000
130,000
2,221,750
783,519
122,468
224,042
411,388
2,029,817
67,487,438 60,584,984
Total
67,987,938 60,584,984
Total
been
* $2,405,000 additional Commonwealth Edison Co. 1st M. bonds have
deposited with the Northern Trust Co. to retire the outstanding bonds of the Chicago
40.
p.
91,
1911.-V.
1
Edison Co. called for redemption on April
Colorado Fuel & Iron Company.
(Report for Fiscal Year ending June 30 1910.)
President J. F. Welborn, Denver, Oct. 17, wrote in brief:
General Results.-The gross earnings were $23,630,813, an increase of
$3,295,182, or 16%; operating expenses were $19,897,198, an increase of
$2,453,578, or 14%;and net earnings were $3,742,615, an increase of $841,604,or 29%. The net Income from all sources increase d$1,022,763, or34%.
there remains a
After providing for all fixed charges, sinking funds,
&c.'loss. The debit
surplus of $1,506,819 carried to the credit of profit and
balance in profit and loss account June 30 1909 was $467,505, the lowest it
had been since June 30 1905, when it was $1,877,403. The surplus for the
past year takes care of this balance, as well as various small charges to
profit and loss, and leaves a credit balance in the account of $083,554.
The demand for coal was fully up to our capacity during practically all
of the year, but operations at the coal mines were so retarded by shortage
a loss in outof railroad cars during the fall and winter months as to cause the
year was
put of close to 200,000 tons; yet total coal production for
1908-09. Of
4,722,832 tons, being 628,481 tons, or 15%. greater than forand
in
coal
as
form of
sold
were
65%,
or
tons,
3.100,000
this production.
coke, and remainder used in operation of steel works and other plants.
Additions Needed.-The physical condition of the plants has been well
maintained and in many respects improved, yet the increasing demand for
open-hearth steel will make necessary some enlargement of the open-hearth
department in the near future. The surplus from the past year's operations will enable us to proceed with these additional Improvements without borrowing money, and business conditions warrant this outlay.
Outlook.-Business for the current year promises well and earnings in the
first quarter just closed compare favorably with corresponding period last
year. Operations since Aug. 1, however, have been interfered with by
shortage of railroad cars to an extent unusual at this season of the year,
the loss in coal production during August and September from that cause
having been in excess of 100,000 tons.
Statement of Production for Years ending June 30.
1906-07.
1907-08.
1908-00.
1909-10.
Tons, 2,000 lbs.4,844,461
4,276,095
4,094,352
4,722,832
Coal
992,661
789,989
645,545
905,599
Coke
893,454
647,269
580,784
879,630
Iron ore
417,612
391,128
Limestone
(?)
(9)
295,534
385,602
Pig iron produced
(9)
(?)
359,793
412,749
Finished iron and steel_ _
RESULTS FOR YEAR ENDING JUNE 30.
1906-07.
1907-08.
1908-09.
1909-10.
$
Gross Earnings13,927,108
13,175,747
2,058,228
13,604,832 1
Iron department
9,454,223
8,486,086
Industrial dept. (fuel) _ 110,034,981 t 7,889,910
438,047
410,967
396,492
Denver retail dept
23,639,813 20,344,631 22,009,880 23,792,299
Total gross earnings
Net Earnings2,596,044
1,907,3841 2,553,366
2,492,136
Iron department
903,627j
Industrial dept. (fuel) _ _ 1,250,470
3,742,615
Total net earnings
499,080
Add-Income from secur.
127,840
Interest and exchange
2,901,011
328,341
117,420
2,553,366
234,305
92,822
2,596,044
259,028
137.026
4,369,535
Total net income
Deduct2.097,692
Bond interest
218,765
Taxes
171,458
Real estate
Insurance, sociological,
154,908
personal injury, &c_ _
164,945
Equipment renewal_
on
Loss
Col. & Wyo.fly.
36,000
Loss on Crystal R.RR
Rentals(Col.Ind.Co.prop.)
18,948
Prospecting
3,340,772
2,880,494
2,992,098
1,054,068
177,783
61,414
1,054,305
177,127
62,551
1,056,214
160,691
65,213
52,346
92,031
67,049
6194,691
c32,575
896,461
18,158
240,869
26,825
899,659
32,760
149,537
24,264
959,182
39,855
2,862,716
1,506,819
2,488,396
858,376
2,586,129
294,305
2,522,008
470,092
Total deductions_ __ _
Balance, surplus
b Includes traffic contract guaranty at $25,000 per month ($300,000):
less earned from traffic, as per contract for year, $105,309 in 1908-09,
$59,130 in 1907-08 and $150,463 in 1906-07.
c Includes traffic guaranty at $3,000 per month ($36,000), less earned
from traffic as per contract for year, $3,425 in 1908-09, $9,174 In 1907-08
and $11,376 in 1906-07.
Nov. 26 1910.
THE CHRONICLE
BALANCE SHEET JUNE 30.
1009.
1908.
1910.
$
Assets$
Real estate (properties and securities) 15,711,875 15,792,850 14,901,272
26,666,788 26,662.042 26,653,870
Equipment-Iron department
130,670
133,817
134,920
Equipment-Miscellaneous
243,842
243,591
243,201
Equipment-Hospital
9,666
9,323
8,737
Equipment-Sociological
1,548,378
2,384,585
2,426,254
Cash on hand
5,341,939
5,489,239
Securities-Stocks and bonds
6,056,719
866,850
730,866
Bills receivable
706,492
2,899,288
3,002,854
Customers and others
2,872,803
1,079.559
1,261,473
Colorado Industrial Co
2,077,013
129,204
142,090
Rocky Mountain Coal & Iron Co
144,832
872,214
959,771
Iron department-Supplies
1,453,885
1,261,168
771,595
Iron department-Manufactured stocks 1,110,146
206,262
232,611
279,293
Iron department-Misc. accounts..
401,916
398,030
411,132
Industrial department-Supplies_ _
85,582
62,546
75.996
Coal and coke on hand
329,058
246,542
340,621
Sunrise ec Chic. stripping & ore devel't
20,263
24,507
37,720
Royalties on leased lines paid in adv
103,684
91,037
154,096
Uncollected dividends and interest
469,229
385,037
538,142
Miscellaneous accounts, &43
1,229,932
467,505
Profit and loss
61,450,665
Total assets
Liabilities34,235,500
Common stock
2,000,000
Preferred stock
x20,822,000
Funded debt
470,289
Unpaid general and freight vouchers_
555,457
Unpaid pay and time checks
81,313
Colorado Supply Co
858,130
Bond Interest-accrued but not due_
100,000
Fund for payment of taxes
250,173
Colorado & Wyoming Railway Co_ _ _
16,850
Fund for emergencies
Sinking fund-real estate
873,634
Iron lands development fund
Re-lining furnaces,insur. fund & misc.
203,764
Profit and loss
983,554
Total liabilities
61,450,665
59,662,306
58,613,254
34,235,500
2,000,000
20,834,000
403,244
412,259
58,796
424,069
100,000
162,547
16,850
799,978
215,062
34,235,500
2,000,000
19,945,000
302,794
432,372
78,175
423,331
100,000
152,116
21,570
738,563
19,027
164,806
59,662,306
58,613,254
x Includes Col. Fuel & Iron Co. 5% 10-year convertible gold debentures.
414,187,000; Col. Fuel & Iron Co. 5% general mtge. bonds, $5,515,000;
Colorado Fuel Co. 6% gen. mtge. bonds, $363,000; Grand River Coal &
Coke Co. 6% 1st mtge. bonds, $877,000.
CONSOLIDATED BALANCE SHEET JUNE 30 UNDER
APPRAISEMENT OF 1909.-(V.89, p. 1664).
The Colorado Fuel de Iron Co. and Subsidiary Companies.
1910.
1910.
1909.
1909.
$
Liabilities$
$
Assets$
Iron, &e.,lands. 57,650.115 58,335.250 Common stock_ 34,235,500 34,235,500
Equipment,&e. 28,082,011 27,696,024 Preferred stock_ 2,000,000 2,000,000
5,791,583 Funded debt5,854,000
Railroads
Gen. M. 5s_ _ _ 5,515,000 5,440,000
20.254
34,038
Cooperage plant
Cony. debs. 5s
36,184
34,005
993,000
1,003,000
Timber lands,&c.
389,828
Col. Fuel 6s_ _
363,000
438,000
Store bidgs., &c.
Col.Ind.Co.5s 33,848,000 33,911,000
Inventories, &c_ 4,033,466 2,616,335
Rky. Mtn. 5s.
554,000
567,000
Acc'ts receivable 3,111,117 3,076,602
2,683,951
2,440.974
Gr.Riv.C'l 6s_
877,000
889,000
Cash
84,784
97,801
Bills receivable_
C.C.&I.Dev.5s
*575,000
Stocks & bonds_
238,959
201,784
Pueblo Realty
Cash (trustees).
16,349
46,628
Tr. Co. Os__ *575,000
Reserve funds__
99,841
170,339 Acc'ts payable_ 1,908,629
1,202,756
Accr'd interest_
6,077
4,299 Accr'd bond int_
882,747
863,107
113,500
113,500
37,720
24,508 Accr'd taxes__
Royalties in adv.
10,285
Fund for lire ins
20.512.865 19,308.327
Balance
Total assets.. A02,358,241 100,556,475
Total
102,358,241 100,556,475
• The Colorado Coal & Iron Co.'s 5% bonds ($575,000) matured July 1
1909, their retirement, it appears, being provided for by the issue of a corresponding amount of Pueblo Realty Trust Co.'s 6% bonds.-V.91, p. 947.
Michigan Lake Superior Power Co., Philadelphia.
(Report of First Mortgage Bondholders' Committee, with Extracts from Agreement Dated Oct. 25 1910.)
The committee of 1st M. bondholders, John Pitcairn,
Phila., Chairman, made on Nov. 12 1910 its fourth report,
the substance of which follows:
After considerable negotiation, it was agreed on May 27 1910 that each
side should appoint a representative to work out a plan of settlement.
Mr. Pitcairn appointed Percy M. Chandler as the committee's representative, and Mr. Drummond. President of the Lake Superior. Corporation,
designated Mr. J. Frater Taylor on behalf of the Corporation. On June 10
Messrs. Chandler and Taylor recommended the outline of an agreement of
settlement of all differences. The recommendation was approved by this
committee, the corporation and the several trustees under the Michigan
Company's first and second mortgages and the corporation's mortgage, and
was subsequently executed in the form hereto attached.
The agreement is substantially self-explanatory. Though your committee is advised that, by the terms of the bondholders' agreement of
May 29 1908 (under which over 99% of the $3.500.000 1st M. bonds has
been deposited), it has power to enter into the proposed agreement, the
committee feels that the matters involved are of such extreme importance
that the proposed agreement should be submitted to you for consideration.
Under the proposed agreement, the committee allows the Lake Superior
Corporation's trustee 4-39 of such securities as may be allotted the depositing 1st M. bondholders, or, at the committee's option. $200,000 in cash;
the Lake Superior Corporation, its trustee under its $10,000,000 mortgage,
Its allied and subsidiary companies. and others, forego all known claims
against the Michigan Lake Superior Power Co., including their $2,400,000
2d M. bonds, the $500.000 capital stock and $320,759 demand notes of
the Michigan Company and sundry other claims exceeding $1,000,000:
future use of the compensating works is gained at a nominal rental.
If you require any further information in respect of, or if you dissent
from, the proposed agreement, you will please advise the committee's
counsel within 15 days from date of this report. If, within that period.
holders of 1st M. bonds, deposited under the agreement of May 29 1908, of
an aggregate par value of more than 50% of the total bonds then so deposited dissent in the manner above indicated, the proposed agreement
will be treated as null and void: otherwise, it will be regarded as approved.
We believe the proposed agreement operates to the advantage of the
assenting 1st M. bondholders, and unhesitatingly urge its adoption.
Charles H. Graham has felt constrained to resign from the committee.
[Signed: John Pitcairn, Chairman; Thomas M. King, Percy M. Chandler,
Samuel F. Houston and Alexander J. Hemphill, with A. S. Weill, 1418
Land Title Building, Philadelphia, Counsell-V. on, p. 1299.
Extracts from Agreement of 1st M. Committee with the Lake Superior
Corporation Dated Oct. 25 1910.
(1) The Lake Superior Corporation agrees that the U. S. Mortgage &
Trust Co., as trustee under the collateral trust mortgages dated May 21
1904 and Nov. 30 1904, will (a) deliver to the committee an agreement that,
upon receipt of the bonds, stock or cash to he delivered as provided below,
said trustee will deliver to the committee $2,400,000 2d M. bonds of the
Michigan Co. and all unpaid coupons thereof, together with the $500,000
capital stock of the Michigan Company and demand notes aggregating
1445
$320,759, more or less, all freed from the lien of said collateral trust mortgages. (b) cause to be transferred to the committee or its nominees
12 shares of the capital stock of the Michigan Company in order to qualify
directors, the said nominees forthwith to execute transfers of said shares
in blank to the trustee under said collateral trust mortgages.
(2) The decree of foreclosure is to determine the 1st M. of 1899 to be a.
first lien on all the properties and franchises owned by the Michigan Company at the execution of said mortgage, or thereafter acquired by the company or its receivers, saving therefrom those certain tracts or parcels of
land numbered 1 to 9, both inclusive, referred to below.
(3) The Lake Superior Corporation agrees to convey to the receivers, by
warranty deed, certain lands In the city of Sault Ste. Marie and all in
Township 47 North, Range 1 West, containing 631.40 acres, for $10,394.
with interest thereon at 6% per annum from Jan. 22 1909.
Also to procure from Charles D. Warren his resignation as one of the
receivers of the Michigan Company upon receipt of $5,000 per annum as
compensation for his services, it being the intention that the committee
shall, with the concurrence of the Court, have the sole power of suggesting
who shall be receiver or receivers, said Clarence M. Brown to become sole
receiver upon the submission of said Charles D. Warren's resignation.
Further,to assign to the committee all claims that the parties next named
may have against the Michigan Company,for which claims sums aggregating
$121,584 have been paid by the corporation: Mason & Hoge Co., Stanley
Electric Mfg. Co., Thompson Towing & Wrecking Co., Wellman-SeaverMorgan Co., Soo Lumber Co. and Soo Hardware Co. Likewise all claims
for (a) advances aggregating $262,500 made in liquidation of three semiannual interest payments in respect of said 1st M. bonds of the Michigan
Company, as to which payments liens upon the receivers' estate have been
created by the Court, by order duly entered Nov. 19 1907; (6) alleged balance due, aggregating $265,191, more or less, made up of $14,912 for legal
fees, interest on certain items and $250,279 alleged claims, including said
mechanics' lien claims,alleged to have been purchased by the Corporation;
(c) alleged balances, aggregating $3,666.
Also to cause all of the outstanding capital stock of the St.Mary's Power
Co. to be placed in the name of the receiver of the Michigan Company,save
for 42 shares which are to be placed in the names of such parties as may be
nominated by the committee. Any sum awarded on the condemnation
proceedings instituted by the U. S. Government against Island No. 5 in
the St. Mary's River shall solely enure to the benefit of the trustee under the
said first mortgage of the Michigan Company (V. 88, p. 999; V. 90, p. 1299).
To transfer to the receiver all interest of the corporation or its subsidiaries in the stock and property of the Sault Ste. Marie Terminal Ry. Co.
To cause to be executed by the Lake Superior Power Co. (a) an instrument releasing the receivers and the Michigan Company from any claims
for use of the Lake Superior Power Company's compensating works prior
to the date of this agreement, a claim for alleged past use thereof having
recently been presented for $117,000, more or less; also (b) an agreement
that no claim for use of said compensating works shall he made so long as
the Michigan Company remains in the hands of a receiver; and, further,
(c) an agreement that, subject to the mortgage dated Jan. 1 1903, made by
the Lake Superior Power Co. to Central Trust Co., trustee, the Michigan
Company and its successors shall be entitled to the use of said compensating
works for one year from the date of reorganization at a rental of $100 per
year, with a provision that the right to such use may be renewed from year
to year upon the same terms until such time as compensating works.
sufficient to divert all water required to operate to full capacity the plant
of the Michigan Company as now or hereafter constructed, are provided
on the American side of St. Mary's River.
To deliver to the committee a proper agreement, granting to the committee, its successors and assigns, subject to the terms of said collateral
trust mortgages, the privilege of leasing all or any parts of the tracts of
land numbered 1 to 9 referred to below for not to exceed 50 years on the
basis of a rental of $750 per annum for all said land.
To indemnify the Michigan Company and any reorganized company
against any claims of any nature of the Consolidated Lake Superior Co.,
included in which claims is an unsecured balance alleged to be due for
vouchers of the Michigan Company paid by the Consolidated Lake Superior
Co., aggregating $418,345.
To cause to be assigned to the committee 999 shares of stock of the Sault
Ste. Marie Light. Heat & Power Co.
Basis of Participation of Lake Superior Corporation in Reorganization.
The value of the foregoing interests of the Lake Superior Corporation, all
allied companies and the United States Mortgage & Trust Co.,trustee, it is
agreed, shall be treated as if the said trust company, as such trustee, were
a depositing first mortgage bondholder of the Michigan Company under
said 'bondholders' agreement of May 29 1908, to the amount of $400,000.
and as if the total principal amount of said first mortgage bonds of the
Michigan Company had been $3,900,000 instead of $3,500,000.
The committee further agrees that on the date when the committee distributes to the bondholders who have deposited their 1st M. bonds the net
amount of such bonds, stock or cash as said bondholders may be entitled
to under any plan of reorganization or dissolution, the trustee under said
collateral trust mortgages shall receive from the committee 4-39 of all the
bonds, stock or cash that would have been distributed to said depositing
1st M. bondholders but for the provision in this paragraph contained;
Provided, however, that in respect of said 4-39 of such bonds, stock or
cash so to be allotted, neither the corporation nor the United States
Mortgage & Trust Co., as such trustee, shall be required to bear any portion
of any cash payments or charges that the committee may require or permit
the depositing first mortgage bondholders to assume in respect of new
securities which the committee may cause to be issued by the new or reorganized company in order to secure fresh money for betterments or
development or other legitimate requirements of the committee or the
new or reorganized company. Nor shall any securities given in return for
said cash payment be taken as forming any part of the amount as to which
said trustee is to receive 4-39.
The committee shall reserve the option, to be exercised not later than
four months after the date of reorganization, but in no event later than 18
months from date of the committee's agreement in this paragraph referred
to, of paying the United States Mortgage & Trust Co., as such trustee.
$200,000 cash in purchase of said 4-39 of bonds, stock or cash.
It is the intention of the committee to endeavor with all due diligence
to complete the reorganization to the end that the distribution to the
holders who have deposited their bonds under said agreement of May 29
1908 may be made at the earliest practicable date.
The committee will procure from the Real Estate Trust Co. of Philadelphia. as substituted trustee under said first mortgage of the Michigan
Company, an agreement that, upon delivery to the committee of the
bonds, stock and notes referred to in Par. (1) hereof, said trust company
will deliver to the corporation a deed quit-claiming to the corporation all
of said trustee's interest in those certain tracts of land numbered 1 to 9,
both inclusive. In the corporation's supplemental mortgage to the United
States Mortgage & Trust Co., trustee, dated Nov. 30 1904.
There shall be issued by the Northern Michigan Railway Co. as soon
after Dec. 1 1910 as practicable, capital stock to an amount which will
make the total outstanding stock Issue of said railway company $55,500,
of which $44,000 shall be transferred to the receivers of the Michigan Company and $11.500 of said stock shall be transferred to the corporation or its
nominees in full settlement of all claims against said railway company.
No representations are made respecting any claims of the Union Carbide
Co.[on account of contract for power; V.86, p. 1526.-Ed.).-V.90, p.1299.
GENERAL INVESTMENT' NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
American Railways, Philadelphia.-Re-Exchange-Retirement of Bonds.-See 'Inter-State'Railways" below.-V. 90,
p. 789, 716.
e4!
_
Buffalo Rochester & Pittsburgh Ry.-New President.William T. Noonan, formerly Vice-President and General
Manager, has been elected President to succeed Adrian
Iselin Jr., who has been made a Vice-Pres.-V. 91, p. 1024.
Chicago Great Western RR.-Change in Chicago Office.The following announcement is made:
THE CHRONICLE
1446
On and after Nov. 15 the offices of the President, Vice-President, General
Manager, General Freight Agent, General Passenger Agent and Purchasing
Agent, formerly located In the Harvester Building, will be located on the
11th floor of the People's Gas Building, corner Adams St. and Michigan
Boulevard, Chicago, Ill.
The offices of the Accounting, Engineering and Treasury Departments
will remain in the Grand Central Station, 5th Ave. and Harrison St.,
Chicago.—V. 91, p. 1243, 1160.
Chicago Lake Shore & Eastern Ry.—Listed in London.—
The London Stock Exchange has granted an official quota0 1st M. gold bonds (V. 89, p.
tion to the $9,000,000 4320
/
1410).—V. 90, P. 1170, 108.
Chicago Southern Ry.—Successor.—See Chicago Terre
Haute & Southeastern RR. below.—V. 91, p. 1327, 1253.
Chicago Terre Haute & Southeastern RR.—Successor
Company.—The company has been incorporated in Illinois
and Indiana as successor to the Soutliern Indiana Ry.
(V. 91, p. 1255) and Chicago Southern Ry. foreclosed.
Cincinnati (0.) Street Ry.—New Secretary.—Albert J.
Becht, Assistant Cashier of the Citizens' National Bank, has
been elected Secretary to succeed James A. Collins, deceased.
Mr. Becht will sever his connection with the bank.—V. 84,
p. 1551.
Cleveland Cincinnati Chicago & St. Louis Ry.—Bonds
Called.—Six consolidated 6% mortgage bonds of 1880 of
the Cincinnati Indianapolis St. Louis & Chicago Ry. have
been drawn for redemption on May 1 1911 at 105 and
interest at the office of J. P. Morgan & Co., New York.
—V. 00, p. 1613.
Cleveland & Pittsburgh RR.—Listed.—The New York
Stock Exchange has listed $465,500 additional special guaranteed betterment stock, making the total listed $9,853,050.
The new stock represents new equipment ($88,684), second, third and
fourth tracks, storage yards and track elevation ($82,843), right-of-way
and station grounds ($291,943); remainder for various purposes.
Earnings.—For 6 months ending June 30:
Operating
Six
Months. Revenue.
1910_ __ _$5,442,331
1909__ 4,223,719
p. 092.
—v.
Net (after
Taxes.)
$1,557,836
1,337,934
Fixed
Charges.
$390.114
390,463
Dividend
Fund.
$581,240
559,565
Balance,
Surplus.
$586,482
376,906
0
Dayton & Michigan RR.—Extension of Bonds at 4327
2.—Holders of the $2,728,000
with Right to Call at 1023/
consolidated 1st M. 5% bonds dated Jan. 1 1881; maturing
Jan. 11911, are notified under date of Nov.19, by advertisement on another page, that, pursuant to arrangement with
the company and J. P. Morgan & Co., the Cincinnati Hamilton & Dayton Ry. Co., the lessee of the Dayton & Michigan
RR. Co. under lease dated May 1 1863, amended June 23
1870, will permit the holders of slid bonds to have the same
extended so that they shall mature Jan. 11931, with interest
at the rate of 432% per annum, payable J. & J. in New
York, the railway company reserving the right at its option
to redeem on Jan. 1 1917, or on any interest date thereafter,
by payment of a premium of 2% and .interest. The
present first lien on the entire railroad, extending from
Dayton, 0.2 to Toledo. 0., will remain unimpaired.
J. P. Morgan & Co., referring to the above notice, state that the extension privilege applies only to the holders of such bonds who deposit the
Same with the undersigned at their office, 23 Wall St., New York, on or
before Dec. 15 1910. A cash payment of $5 per $1,000 bond will be made
to such depositors; and the Jan. 1 1911 coupons, If presented, will be cashed
at the time of such deposit.
At any time on or prior to Jan. 3 1911, at their office, the firm wit
buy, at par and Interest, the bonds of such holders as do not desire to avail
themselves of the above privilege of extension.—V. 88, p. 563.
Denver Northwestern & Pacific Ry.—Proposed $4,000,000
Tunnel to Improve Present Line.—President David H. Moffat,
in conversation with a representative of the "Denver Republican," stated on Nov. 19 that he was just as firm in his
determination to complete the undertaking as he ever was,
and that the prospects te-day are much blighter than ever
before. He also favors expending about $4,200,000 in shortening the present road 163/i miles, with a saving of 2,130 ft.
of elevation, through the construction of a 4-mile tunnel
through the main range of the continental divide.
Abstract of Letter of Vice-President Wm. U. Evans. Nov. 18 1919.
As the result of the several surveys shown In the reports, It is tile decision
Of the engineers that the best location for the eastern portal of a main range
tunnel is at a point on the eastern slope about 3 miles west of Tolland (a station 47 miles west of Denver) at 9,470 ft. above sea level. The western portal
would be In the Fraser Valley about three miles southeast of Vasquez.
The elevation of Corona, the present railroad summit, where the Moffat
road crosses the crown of the continental divide, is 11.600 feet. The tunnel
will save In elevation 2,130 feet, will cut out all heavy grades and shorten
the main line 16 ;4 miles.
The tunnel would be 4.1 miles long and would be easily approached at
both the east and west portals at a maximum of 2% grade and easy curvature from the present main line. The cost of the tunnel, If lined with reinforced concrete for 75% of its entire length, with connecting tracks and
yards at either end and with generating plant for lighting the tunnel and
for electrically operating trains through it, Is estimated to be within $4,200,000. It will require between 3 and 4 years to complete the work.
The saving In conducting the annual business now done by the road should
be sufficient to pay interest at ordinary rates on the cost of the tunnel.
The saving on the haulage of the coal business done from Routt County alone
will shortly amount annually to a sum largely in excess of a reasonable
annual interest charge on the cost of the tunnel.
The fine quality of the bituminous and anthracite coal In Routt County.
the enormous and accessible supply there, the wide and certain market for
this good coal existing as far west of Denver as Missouri River polnts—all
make It certain that the coal traffic alone over the Moffat line will steadily
Increase from its present proportions to average shipments of from 5,000
to 10,000 tons or more per day.
With the above-mentioned tunnel completed,the grades upon the Moffat
railroad crossing the mounroad would be much easier than upon any other
will be an important
tains In Colorado. The construction of the tunnelfertile
the
and resourceful
of
development
further
speedy
factor In the
Grand River, White River and Bear River valleys in western Colorado
With the proposed tunnel built and a connecting line about 40 miles long
constructed along the Grand River Valley from Orestod to Dotscro, the
present rail route from Salt Lake City to Denver would be shortened
about 168 miles.—V. 91, p. 945.
proL. Lxxxxi.
Joseph A. Ramsey Jr., the only bidder. Attorneys representing F. J.. Lisman. & Co. and. the King committee filed a
formal protest.
The $5,000,000 consol. M. 4 M% bonds were sold for $500,000 and the
$3,001,000 Ann Arbor common and $2,190,000 pref. for $2,000,000. Compare V. 91, p. 1025.—V. 91, p. 1383, 1160.
Florida East Coast Ry.—Effect of Storm on Key West Ertension.—W. J. Krome, chief constructing engineer, says:
The extension work north of Knight's Key was not severely damaged
and the equipment was practically uninjured. Several of the temporary
trestles were partly destroyed by floating debris and the repairs to these
prevented the operation of regular trains for about a week. At Boca Chica
one pump barge was destroyed and the steamer Virginia drifted into the
bridge and was a total wreck. The concrete arch work suffered no damage.
From Key West to Boca Chlea the loss was very heavy. The extreme
height of the water and the fact'that the wind came from what was considered the least exposed side of the road-bed caused the washing out of a long
section of track and embankment. The loss at the Key West end of the
line was much heavier than In 1909, and was the greatest damage that has
been incurred. With full protection such as would have been completed
within a few months It is probable that trains could have been operated
from the terminal to Trumbo Island without delay. No lives were lost
at any point along the extension work.
Listed.—The New York Stock Exchange has listed $10,000,000 1st M.50-year 432% bonds due 1959.—V.91,p.589.
Fort Smith & Western RR.—Deposit of Securities.—Holders of the securities of the Fort Smith & Western RR. and
the Sans Bois Coal Co. have been asked to deposit their holdings with a committee composed of W. L. Brown, A. W.
Mellon, Colgate Hoyt, W. H. Canniff, W. G. Mather, J. J.
Sullivan, George S. Russell, James H. Hoyt, S. H. Tolles,
C. C. Bolton and A. C. Dustin. W. B. Jackson in the "Ohio
State Journal" of Columbus, Nov. 17, said:
The bonds were never marketed, and the proposition, largely underwritten In Cleveland, with some bonds taken In Columbus, has failed
to make good. The accumulated deficit up to last year was $725,796. The
road Is 196 miles in length and operates from Guthrie, Okla.. to Ft. Smith,
I. T., the last 20 miles over the Kansas City Southern. It was designated
as a coal-carrying proposition, but that end of the venture failed to do
well. Bonds outstanding are $6,240,000 1st 4s, and there are besides
$452,408 equipment trusts. The capital outstanding Is $5,000,000. Interest on the bonds has been unpaid since Oct. 1 1007. Considerable
money has been borrowed with the bonds as collateral. No action has been
taken to force payment, but it has been deemed wise, the circular states,
to take action In order to protect all Interests. The committee Is given
power to act in case of a receivership. A. C. Dustin is President of the
company. The directorate is largely made up of prominent Clevelanders
and Henry C. Frick of Pittsburgh. The late N. Monsarrat, President of
the Kanawha ec Michigan, was a large holder of these bonds.—V.83, p. 271.
Frederick (Md.) RR.—Purchase.—The company recently
applied to the Public Utilities Commission of Maryland for
authority to issue an additional $40,000 of pref. stock to
pay for a majority of the shares of the stock of the Frederick
Gas & Electric Co.
This will make $180,000 pref. stock outstanding—$170,000 now Issued
and $10,000 more to be sold.—V. 90, p. 1296.
Great Northern Ry.—Statement-by James J. Hill.—Chairman James J. Hill was quoted by the New York "Times" on
Nov. 22 as saying:
We have sown to the wind and must expect to reap accordingly. The
business of the country Is all right, fdr It is proceeding under caution. In
the Northwest general business Is good with the exception of the grain situation, and In the Middle West business is good as a whole.
Take the case of my own road. While last year our gross earnings showed
an increase of about $10,000,000, it looked for a time as If this fiscal year
they would show a decrease of from $2,000,000 to $3,000,000, but the indications now are that they will be up to last year's and the net better.
The railroad situation as a whole, however, is not good. The roads are
handling a good deal of business and they will handle a good deal, but the
trouble is that there has been no new work done by the railroads, and when
traffic expands more (it has grown the past ten years at an average of about
15% a year), there will be congestion, and that in the centres of heaviest
traffic will mean added expense.—V. 91, p. 1160, 1099.
Inter-State Railways, Philadelphia.—Agreement as to 4%
Bonds Held by American Railways Co.—The arrangements
by which the Inter-State 4s held by the American Railways
Co. are to be returned to Edward J. Moore and Caleb F. Fox
and others were ratified yesterday by the stockholders of the
American Railways Co., as was also the pref. stock plan by
the stockholders of the Inter-State Railways Co. The
"Philadelphia News Bureau" on Nov. 23 said:
American Railways Co. holds about $1,700,000 of the Inter-State 48.
(Including over $1,000,000 deposited by Mr. Fox and Mr. Moore], which
were acquired In exchange for Its own debenture 4 3s on a basis of par for
the latter to 50% for the former, In accordance with a plan (now abandoned
for taking over the Inter-State properties. The American Railways Co. Is
unwilling to accept the pref. stock plan, as a bondholder, but has no desire
to stand In the way of those who are willing to accept it.
The proposed basis of re-exchange provides that the Inter-State bonds
shall have the February coupons attached and the American Railways
bonds the July coupon or be accompanied by the cash equivalent. It is
intended, if the re-exchange Is effected, to retire the American Railways
debentures which were Issued for this purpose only.
Some compensation, which it is felt is justly due. will be given to the
American Railways Co. for Its services In practically insuring the price of
the bonds. The amount of such compensation is still under consideration,
but sums between 2% and 4% of the amount exchanged are being discussed.
The debenture bonds issued In exchange for the Inter-State bonds, In the
ratio of 1 to 2, were convertible into American Railways stock,and hence
worth, In per cent, about twice the current quotation for American Railways stock. This fixed a definite minimum value for the Inter-State bonds.
If the latter rose In the market above this figure, those who deposited their
bonds could demand their return, but In the event of their falling the
ro
leran
ieeRa
. liways could not force their return. Hence it virtually Insured
their
To date about $740,000 of the proposed $1,000,000 pref. stock Issue of the
Inter-State Railways Co. has been subscribed.
Extract from Statement by Large Holder of Inter-State 48. Oct. 24 1910.
It the company Is given a chance to recuperate it can do so from Its own
resources and without help from the outside. The fixed charges are only
$790,000. The rentals from the leases of the underlying properties will
start at $810,000 per year and increase annually until a maximum of well
over $1,000,000 Is realized. Under the terms of the leases the lessees are
obliged to provide for maintenance of all the properties. The costs of
thereadministration of the company will be merely nominal. There will,
fore, be a good margin of receipts over fixed charges and expenses applicable
to liquidating overdue obligations. When this has been accomplished, the
balance of income will belong to the stock. The present outstanding stock
Is only $2,300,000, so that tile hope of dividends appears far from being
unreasonable.—V. 91. p. 1385. 1005.
Kansas City Mexico & Orient Ry.—Inspection Trip.—
President A. E. Stilwell, with a party of 55 capitalists, has
rk Detroit Toledo St Ironton Ry.—Collateral Sold.—The col- just completed an inspection trip over the road.
lateral for the $5,500,000 5% notes of 1905 was sold on V Mr. Stilwell reports that a rapid development of a large region In the
Nov. 25 through Adrian H. Muller & Sons, auctioneers, to southwestern part of the United States and a wide area in Mexico already Is
Nov. 26 1910.1
THE CHRONICLE
following upon.'he building of the new transcontinental line which Is being
pushed from Kansas City southwestward to the Pacific Coast at Topolobampo, Mexico, a total distance of 1,659 miles.
The road is completed and in operation from Wichita, Kan.,
to San Angelo, Tex., 510 miles, and also for about 400 miles
in Mexico. Construction work is being pushed on uncompleted portions of the line. See map of route in our "Railway and Industrial" Section.—V. 91, p. 1025.
Lake Superior & Ishpeming Ry.—Remainder of Bonds
Called.—The company has called for payment at 105 and
interest on Jan. 1 1911 at the Farmers' Loan & Trust Co.,
New York, the remainder of the outstanding 1st M. bonds
($85,000) issued under mtg.dated Jan. 1 1896.—V.89,p. 1347
Lancaster County Ry. & Light Co.—Earnings.--
12 Mos.end.
Total Net
Sept 30—
Income.
1909-10
$261,941
1908-00
200,824
—V. 91, p. 463.
Bond
Pref. Divs. AmortizaInterest.
(5%).
tion.
*50,000 _
$50,000
$40,572
50,000
50,000
8,118
Surplus.Balance
$121,369
92,706
1447
mortgage. The supplemental mortgage
provides that the company
cannot sell any of the collateral held byalso
trustee as security for the
gen. M. bonds without the approval of thethe
trustee as to price. We have
also offered to deposit with the trustee to the
credit
of the company any
difference between the price paid by
the price received by us from.
the trustee, should we determine to us andany
of the gen. M. bonds purchased by us as above; said deposit totender
be used only to pay the balance of the
floating debt and for capital expenditures.
The above action has strengthened substantia
lly the company's financial
condition and the security of your
and should give the management
an opportunity to work out results.bonds,
The company's statements show that
interest has always been earned on all of its
bonded debt.
By provision of the supplemental
the bondholders are to have
their bonds stamped with a referencemortgage,
to the
of the supplemental
mortgage "creating additional security for execution
the
within-mentioned bonds,
and modifying and enlarging the powers of the trustee
and restricting those
reserved by the said Railway & Electric Co. in the
mortgage securing said
bonds," &c. [The firms ask authority to present
the deposited bonds to the
trustee to be stamped in accordance with
provision.—Ed.]
[The aforesaid deposit agreement, dated this
gen. M. bonds and coupons deposited shall Feb. 9 1909, provictes that the
remain vested in said committee,
being the two iirms above named,
to the terms of this agreement,
"and shall not be withdrawn untilsubject
litigation
all
of the committee shall have been fully concluded, necessary in the opinion
nor until the full plan for
the reorganization of the said company, its subsidiary
companies
ert,*
in the opinion of the committee have been sufficientl and propy completed
and'
the trusts and powers hereof
executed." There are no coupons
in default on the general mortgagefully
bonds, nor have there ever been.—Ed.]
—V. 91, p. 1254. 791.
Lehigh Valley RR.—Listed in New York.—The New Ycrk
Stock Exchange has listed $60,501,000 common stock, trading to commence Monday next, and has authorized the listing of $53,850 additional stock on notice of payment in full,
New York Central Lines.—Sale ofRemainder of $30,000,
000
making tile total amount authorized to be listed $60,555,350. Equipment Trust 43-s of 1910.—J. P. Morgan
& Co. have
Earnings.—For the 3 months ending Sept. 30:
purchased and resold an additional $7,500,000 43270
Three
ment trust certificates dated Jan. 1910. This block equipOperating Net (after
Other
Interest,
Add'ns
Balance,
is made
Months. Revenue.
Taxes).
Income. Rents.,dac. & Belts. Surplus.
up of $500,000 of each maturity, Jan. 1911 to 1925
1910____$9,024,982 $2,975,148 $215,178 $1,578,390
$228,817 *1,383,119
The sale completes the marketing of the $30,000, inclusive.
1909_ _ 8,568,324 3,006,345
—v. 91, p. 1386, 463.
ized issue, $22,500,000 having been disposed of 000 authorby the same
Lexington & E tstern Ry.—Sale.—See Louisville & Nash- firm in June last (V. 90, p.
1677).
ville RR. telow.—V. 91, p. 1025.
The notes were placed on a basis of 4.65%
cost to the company, which,
it is understood, Is slightly less than for the money
Louisiana & Arkansas Ry.—New Station, &c.—The new of
the previous $22,500,000. Most of the present secured through the sale
issue was resold around
passenger station at the terminal recently completed by 99 and 99 depending upon
the date of maturity. The entire $30,000,000
issue matures serially from Jan. 1 1911 to Jan. 1
the company in the business section of Shreveport, La., is to $2,000,000
1925 at the rate of
a year.—V. 90, p. 1677
be completed on or before Jan. 1 next, and will also be used
Norfolk
&
Southern
Ry.—Distribution to Bondholders.—
by other roads. The St. Louis & Southwestern Ry. has
Judge Waddill in the United States Circuit Court at Norfolk,
contracted to use the station.
Va.,
on
Nov.
23,
ente:ed
a decree confirming the report of sae
A trackage agreement Is in force for several years
the Rock Island of the road on Dec. 7 last (V.
for the use of the tracks of the Louisiana & Arkansas with
89, p. 1542; V. 90, p. 698),
Ry. from Packton to
Pineville, La.,36 miles. The Rock Island interests will use
and
directing
the
thisas
manner
of applying the $8,500,000 received
through line to New Orleans, via Alexandria. Under the termspart of their
of
the
conas
purchase
price.
tract, the Rock Island pays one-half of the fixed charges, on a basis
of $20,-
000 per mile, amounting to $500 per mile per annum, and in addition
their
share of the maintenance charges. For earnings of the month
of September and the 3 months ending Sept. 30, see monthly earnings
page, before "Investment News" Items.—V. 91, p. 1323, 483.on a previous
A deficiency judgment for $7,915,471 was granted in favor
Co. of America, trustee, against tile old N. A; S. By. The of the Trust
allows
$570 per $1,000 "first and refunding" bond outstanding in the Court
hands of the
public (total $14,000,000), and $516 per $1,000 "first and reft:nding
"
bond
held as security for $2,197,998 collateral trust gold notes
due Nov. 1 1910
(see reorganization plan, V. 91. p. 614. 678).—V. 91, p. 1026.
Louisville & Eastern (Electric) RR.—Sale.—Judge Evans
in the Federal Court at Louisville on Nov. 17 ordered the
North Coast RR.—Consolidation.—See Oregon -Washingsale of the road. The upset price, it is understood, is
ton RR. Sr. Nay. Co. below.—V.90, p. 698.
$1,000,000.—V. 91, p. 463.
Ocean Shore Ry., Oalifornia.—Sale Postponed.—The foreLouisville & Nashville RR.—Purchase.—The company has
acquired all of the $500,000 capital stock 9f the Lexington & closure sale has been postponed sixty days "or until Jan. 17,"
the request of the bondholders' committee.
Eastern Railway Co. and nearly all of the general mortgage atCharles
C. Moore,
of the committee, informed the Court on
bonds ($1,500,000) and deferred debentures ($330,000), Nov. 10 that there hadChairman
then been deposited under the plan
of the
bonds,
and
"thereby assurr in; an issue of first mortgage bonds ($800,- holdings. the holders of $1,200,000 more had premised$2,822,800
to deposit their
The committee believes that the deposit of 90%
of the entire
000) which !nature during the year 1911; so that it is ex- bond issue will
be obtained within the next sixty days. If there
should be
no adequate bid for the property,the committee proposes to
pected that within a reasonably short time the property will complete
buy it in and
the road from Santa Cruz to San Francisco. Receiver
Frederick
be entirely clear of all mortgage obligations." The present S. Stratton
estimates there will be a deficit of $5,000 in the operation
of the
road during the winter. Owing to the condition of the
owners have entered upon an extension of the line from election,
money market, the
&c., the committee has had difficulty in raising cash needed
at
Jackscn. Ky., up the North Fork of the Kentucky River time of sale
and the Court has therefore increased from $131,433 to $141,433
to a point near the headwaters of Beones Fork, a distance the amount which the receiver is required to have on hand.
of atout 96 miles (see Consolidation Coal Co. in V. 91 p.
Bondholders' Committee.—The committee of 1st M. bond1330).—V. 91, p. 1323, 1025.
holders consists of:
A.
C. Kains, R. D. Robbins, F. W. Bradley, Maurice
Middletown Unionville & Water Gap RR.—Protective Charles
Schweitzer and
C. Moore (Chairman).
Measures.—H. S. Henry & Son, 21 State St., New York,
It is contemplated that certificates representing all of
the
shares of stock
of
the
new
(less if thought necessary 'bonus shares,")"shall
request holders of the 2d M. bonds, due June 1 last, the prin- issued in thecompany
be
names of the members of the committee as trustees, to
be held
cipal of which was defaulted, to communicate their addresses, by them until the income
of the new company shall pay the expenses of
operation and maintenance of the road and interest and sinking
with the amounts of their holdings, to the undersigned in charges
fund
on the
and 2d M. bonds for at least one year." and thereupon
order that joint action may be taken for the protection of said certificates1st
shall be issued in exchange for the certificates of deposit.
holders of the bonds. Compare V. 91, p. 154; V. 90,p.1363. See further particulars as to plan of Nov. 3 in V. 91, p. 1255.
Oregon Railroad & Navigation Co.—Consolidation.—See
Mt. Airy & Eastern Ry.—Sold.—This 12-mile road, extending from Mt. Airy, N. C., to Keblers (lumber) Mills, Oregon-Washington RR. & Nay. Co. below.—V. 89, p. 163.
Patrick County, Va., has been bid in at receiver's sale for
Oregon-Washington RR. & Navigation Co.—Proposed
$20,000 by John Hare of Washington, D. C.—V. 91, p. 397. Consolidation.—This company was incorporated at PortNewport News & Old Point Railway & Electric Co.— land, Ore., on Nov. 23 with $50,000,000 of authorized capital
Bonds.—In response to its recent request for tenders of gen. stock to merge the new North Coast RR. (building—V. 90,
M. bonds, the company has purchased through the Maryland p. 698), the Oregon RR. & Navigation Co. and other subTrust Co., trustee, $606,000. The total auth. issue i3 sidiaries of the Union Pacific RR. Co. J. P. 0'Brien, Gen$4,000,000, of which there have been issued $2,300,000. eral Manager of the Harriman interests in the Pacific NorthOf the latter amount, $698,000, including the aforesaid west, in his offitial announcement at Portland said:
company is organized for the purpose of securing and
$606,000, have now been retired, leaving outstanding $1,- theThe
taking over
property and rights of way now owned by the Oregon RR.
&
Co..
602,000. The remainder of the issue is held by trustee to Oregon & Washingto
n RR. Co.. Columbia River & Oregon CentralNay.
Co..
retire underlying bonds and bonds of constituent companies. Ilwaco RR. Co., Des Chutes RR.Co., Lake Creek & Coeur d'Alene RR.
RR. Co.,
Oregon Eastern Ry. Co., Ozegon Washington de Idaho RR.
Co.. Spokane
Notice to Holders of Gcn. Mtge. Bonds.—Alex. Brown & Co., Union Depot Co., Umatilla Central RR. Co., the North
RR. Co. and
Malheur Valley Ry. Co. These properties are situated Coast
Baltimore, and Brown Bros. /I:. Co., N. Y. City, have
in Oregon, Washsent
ington
and
Idaho
and
constitute a total of 3,474 miles of roadbed.
a circular dated Nov. 9 to the holders of their certificates
"Financial America" yesterday said:
of deposit of gen. intge. bonds, saying in substance:
Referring to the
It
deposit with us of general mtge. bonds, we have,
after
protracted negotiations,looking to a bettermen
t of the company's financial
condition, purchased $500,000 Norfolk & Atlantic
Terminal
Co.
(1st
M.)
bonds which were held by the trustee as part collateral
for the gen. M. bonds.
This purchase placed the trustee in funds with
to retire a large amount
of the outstanding general mortgage bonds, which
tendered as per advertisement (see V. 91, p. 1254). We have also ifpurchased
$600,000 general
mortgage bonds formerly held by the trustee
of
the company's collateral
trust notes, which notes were owned by us, the company
having defaulted
on same last March. The opinion of our counsel being that the
mortgage should be strengthened, we obtained the execution of general
plemental mortgage. The company in the past had from time a supto time
Issued its notes, having as collateral security the notes
of underlying companies. The underlying companies had also borrowed money
directly
and
Issued notes therefor. This, in our judgment, materially
the
security of your gen. M. bonds, as these notes were designed toaffected
come
ahead
of tile stock deposited as part collateral for your bonds. The supplemen
mortgage prohibits the constituent companies from creating any debt tal
other
than that of current expenses.
We also required the whole surplus of our purchase price to be applied
to the retirement of the floating debt of the companies
. As a result, a
large portion of tills debt has already been paid and nearly
all of the notes
of_the constituent companies have been deposited with the:truste
e of your
is learned that the company will authorize a large bond issue, sufficient
to cover the needs for new construction and development work in
Oregon
and Washington for a good many years to come. The total issue
will
probably be In the neighborhood of $150,000,000, though it is not proposed
to sell any of the bonds at present or In the near future. Part
go into
tile Union Pacific treasury In payment for advances made by will
the parent
corporation for construction work done by its subsidiary
. The
$50,000,000 stock will go into the treasuries of the Oregoncompanies
Short
Line RR.
Co. and the Union Pacific RR. Co. which controls the Short
Line, so that,
practically speaking, all of the stock
'will be owned by the Union Pacific
RR.,
will be a first mortgage on the new lines, except the portion
(relatively
small) already covered by the Oregon RR. & Navigation
$23,000,000, The Union Pacific will, accordingly, have Co. 1st M. of
at its disposal
what Is regarded as a first-class bond to dispose of when it
becomes necessary
to sell now securities against the new lines In the Northwest
.
Incidentally the formation of the new company may be said
to divide the
U. P. system into three distinct parts: the Union Pacific proper,
the Southern Pacific, onerating In the Southwest, and the Oregon-Wa
shington Mi. &
Navigation Ce. In the Northwest.
Parra' & Durango RR.—Sale.—The road, extending from
Minas Nuevas, Chihuahua, Mexico, to Paraje Seco, Durango,
Mex., 57 miles, with 8-mile branch from Minas Nuevas to
1448
THE CHRONICLE
[VoL. Lxxxxl.
us
Parral, has, it is reported, been sold to an American syndi- more stockroadeposit after Nov. 15 except by unanimo
consent of the committee and the Guarantee Trust & Safe
cate headed by A. J. McQuatters of Dallas, Tex.
of Philadelphia,depositary. The committee says:
The road, It Is said, will be extended from Minas Nuevas through the tim- Deposit Co.
ber belt of the Sierra Madres and the mining region of the western part of
Under the advice of counsel, we are now preparing to take active legal
the State to Durango City. over 150 miles of road,to the west of thebeTepeproceedings, which, we confidently believe, will achieve substantial results,
and which, If successfully prosecuted, will add materially to the value of
huanes branch of the National Railways, including branch lines, to ofconthe
the stock; but before proceeding further we give those who have not done
structed. The syndicate has also purchased the extensive holdings
Hidalgo Mining Co. consisting of mines and timber lands. . The railroad so this opportunity of co-operating with us by depositing their stock at once.
'paid is stated to have been $1,500,000
The consideration
6% bonds
New Officers.—H. G. Atwood of Chicago was recently
company has outstanding $1,000,000 stock and $725,000 20-year
subject to call a 105; elected President, to succeed A. G. Winter, who resigned.
(authorized issue $800,000), due Jan. 1 1928, but Bank.
Pa.,
,
Pittsburgh
Interest playable Jan. and July 1 at Union National
of Pittsburgh
Edward S. Dunn of Philadelphia has been chosen Vice-President in place
trustee, Fidelity Title & Trust Co., Pittsburgh. S. E. Gill
of H. W. Stone, resigned, and A. F. Seay, Secretary and Treasurer of the
Is President.—V. 71, p. 1270.
company, has been elected a director to succeed Mr. Stone.
Railways Company General, Philadelphia.—Extra DiviSale of Du Pont Stock.—President Atwood has sent out a
divicash
extra
an
dend.—The directors on Nov. 21 declared
s against the former management
to
criticism
letter replying
dend of 5% on the $700,000 stock, payable Dec. 2 to holders in regard to the sale of 7,753shares of Du PontInternational.
of record Nov. 21.
He justifies the sale of the same to E. G. Buckner at 545 a share mainly
.
of 1% each, No. 1 In
The company has paid five quarterly dividends
of last year an initial cash
Nov. 1909 and No. 5 last week. In September
of
the management to
policy
the
Is
It
.
dividend of 10% was distributed
warrant. Compare V. 91, p. 867.
pay extra dividends as the profits may date
annual
meeting from the
the
of
the
change
to
voted
It was recently
In February, and also to
third Monday in September to the third Monday
to Dec. 31.—V. 91, p. 867.
change the date of the fiscal year from June 30
St. Louis Merchants Bridge Terminal Ry. Co.—Suit.—
Three minority stockholders, together owning $50,400 stock,
have brought suit against the Terminal RR. Assn. in the
s
St.Louis Circuit Court to recover, on behalf of the Merchant
Bridge Co., the sum of $2,040,000 expended since Feb. 1894
as interest on the $2,000,000 Merchants Bridge Co.6% bonds,
and which, it is claimed, should have been paid by the Terminal RR. Assn, under the contract between them.
the Bridge Terminal Ry. has been
The Terminal RR. Ass'n claims that
to, and that the suit Involves merely
receiving all the revenue it Is entitled
the companies.—V. 81, p. 32.
between
agreements
the
of
ion
Interpretat
an
St. Louis & San Francisco RR.—Possible Traffic Agreen inspection trip
ment with Chicago Milwaukee & St. Paul.—A
by
over the lines of the St. Louis & San Francisco systemand
B. F. Yoakum and President Winchell of the 'Frisco
President Earling of the St. Paul has led to a report that a
traffic agreement between the companies is contemplated.
No confirmation of the report is obtainable.—V. 91, p. 1328,
1252, 1242.
Southern Indiana Ry.—Successor.—See Chicago Terre
Haute & Southeastern RR. above.—V. 91, p. 1255, 1162.
Switching Rate Agreement at Chicago.—See full statement in "Railroad Age-Gazette" of New York for Nov. 18.
Terminal Railroad Association of St. Louis.—Suit.—See
39.
St. Louis Merchants Bridge Term. Ry. above.—V. 91, p.
ings.-Co.—Earn
Light
&
Railway
Tr -City
Balance
because it released an equity of $158,885 at a time when It was most urgently
needed, the stock having been out as collateral for loans at $20 to $30 per
share.—V. 91, p. 520, 398.
American Smelting & Refining Co.—New Securities—
foreshadowed by the recent announcement of President Guggenheim (see V. 91, p. 1327, 1329), a
special meeting of the stockholders will be held Jan. 5 1911
(1) to increase the authorized capital stock from $100,000,000
to $115,000,000, all of said increased stock to be common
stock, and to be deposited in trust to provide for the conversion of $15,000,000 6% 15-year gold c'eb qiture bonds to
be issued by American Smelters Securitit a C3.; and (2) to
ratify the action of the board in respect to the acquisition
and disposition of said $15,000,000 6% debenture bonds.
Right to Subscribe.—A circular dated at New York, Nov. 21
1910, offers, subject to said authorization, to holders of the
pref. and common stock of this company, as of record at
3 p. m. Dec. 15 1910, the privilege to subscribe, at par (with
an adjustment of accrued interest), on or before Feb. 1 1911,
on the company's warrants (issuable as soon as practicable
after Dec. 15), for an amount of said 6% gold debenture
bonds of the Securities Company equal to 15% of their
respective holdings. The company has arranged with
Kuhn, Loeb & Co. to underwrite the subscription of the
entire issue. The circular (see advertisement on another
page) further says in substance!
Further Facts.—As
BoncLeec Sinking Pf. Divs.
Net
Gross
Year ending
Surplus.
Earnings. Earnings. Interest. Fund. (6%). $305,259
Sept. 30—
$2,380,190 $1,002,059 $477,227 $50,000 $169,572
1909-10
463,806 50,000 169.572 174,589
857,968
1,973,756
1908-09
• —V. 91, p. 590, 338.
Pacific RR.—Consolidation of Subsidiaries.—See
Union
Oregon-Washington RR. & Nay. Co. below.—V. 91, p. 1153.
liilmington (Del.) Newcastle & Southern Ry.—Forere sale of the line between 'Wilclosure Sale.—The foreclosu
of the
mington and Newcastle under the first mortgage
Wilmington & Newcastle Ry. of 1896 for $150,000 is to take
place on Dec. 23.—V. 91, p. 1162, 872.
ExWinnipeg Electric Ry.—Listed.----The LondonofStock
£200,000
change in September last listed a further issue making the
43% perpetual consolidated debenture stock,
total listed £500,000.
stock Is Issued under trust deed In
The 4 34% perpet. consol. debenture
Ltd., as trustee, subject only to $1,000,favor of British Empire Trust Co..
St. Ry., due Jan. 1927, and $4,000,000
000 5% mortgage bonds of Win. El.
Ry. redeemable In 1935. The capital
5% mortgage bonds of Winnipeg El. in 5100 shares.—V. 90, p. 561.
stock auth. and issued Is $6,000,000
Winston-Salem Southbound RR.—Completed.—The last
N. C., to
spike in this road, extending from Winston-Salem,
Wadesboro, 88 miles, jointly owned by the Atlantic Coast
Line RR.and Norfolk & Western Ry., was driven on Nov.20.
The road is expected to be placed in operation next month.
—V. 90, p. 448.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Directors.—
Alabama Consolidated Coal & Iron Co.—New
onal Trust Co.
Douglas H. Gordon, President of the Internati e, have been
of Baltimore, and Joseph Levering of Baltimor
elected directors to fill vacancies.
July 31 1910, net
Earnings.—For the 9 months ending
sufficient
earnings are currently stated as $178,000, which is
altoto pay fixed charges and sinking fund (about $137,000
gether) and leave $61,000.
the months of August, September and
No statement of earnings foris reported that President Hoadley claims
October has been issued, but Itending
Oct. 31 are in the neighborhood of
the net earnings for the year
sum needed for fixed charges. It is ex$250,000. The amount over the
on the $1,250,000 7% cumudividend
the
pay
to
pected, will be sufficient
but It is stated will be added to surlative pref. stock (calling for $87,500),
account.
plus
Williams & Co., and E. N. Rich,
J. W. Middendorf, of Middendorf;
the interests of the minority
members of the committee named to protect
of minority stockholders at the
interests
the
represented
s,
stockholder
590.
p.
91,
annual meeting.this week.—V.
American Hardware Corporation, New Britain, Conn.—
Charles M. Jarvis, formerly Vice-Presithe late Philip
dent, has been eleeted President to succeed
to
Corbin. Charles H. Parsons becomes Vice-President
succeed Mr. Jarvis.
New Officers.—Col.
chosen a director of the P. & F. Corbin Co..
Philip Corbin II. has been
p. 91.
one of the subsidiaries.—V. 91,
Milling Co.—Time for Deposits.—The stock-
American
gave
holders' protective committee (V. 91,p.520) recently any
notice that the committee had decided not to receive
0. They will be
Said bonds will be of an authorized issue of $15,000,00
Aug 1 1918 (or In
convertible at option of holder at any time prior to
date),Into
redemption
the
to
prior
days
30
until
i
case of earlier redemptlo
& Refining Co.
fully paid shares of the common stock of Am. Smelting
conat par, provided that at the time when such bonds shall be offered for
1
version the market value thereof shall be at least par. On Feb. 1915.
or on any semi-annual interest day thereafter, said bonds are to be subject
in
to redemption by the Securities Company as a whole, or to redemption
part by the sinking fund, on 90 days' notice. at 105% and Int. when drawn
by lot; but any bonds so called during the conversion period may be converted into stock. •
from
The bonds will be payable on Feb. 1 1926 and will bear interest
first coupon
Feb. 1 1911 at the rate of 6% per annum, payable F. & A. the
payable
be
will
'
interest
and
principal
Both
1911.
1
being payable on Aug.
ons $500 and
in U.
gold coin without deduction for any tax. Denominati
any bonds, debenS.
(0). The Securities Co. covenants not to create
$1,000
the stockrof
of
holdings
the
of
pledge
tures or mortgage, nor to make any
owned which shall take
any of Its subsidiary companies now or hereafter
Company will also
Securities
The
bonds.
convertible
precedence over said
of at least $500,000
maintain for the redemption of the bonds a sinking fund
the option
per annum, the first payment to be made on Feb. 11912, withper
annum.
of
$500,000
excess
in
amount
said
at any time to increase
to the
added
thereof
income
the
and
All bonds so retired to be kept alive
sinking fund.
Funds.
Price of Subscription for the Bonds Payable in New York Par
11.000.
Par 5500.
$500 00
At subscription, on or before Feb. 1 1911_ __ _$250 00
501 58
On Feb. 20 1911 (19 days' Interest included) _ _ _ 250 79
ns
Subscriptions may, however, be paid in tun- at time of subscriptio
$500
on or before Feb. 1 1011, in which case the amount payable will bebe
remust
for a $500 bond or $1,000 for a $1,000 bond. The warrants
accomturned to this office [165 Broadway, N.Y.] on or before Feb. 11911,
payable.
panied by the payment of the first installment or the full amount
17 1910,
Explanation of Plan by Pres. Daniel Guggenheim, New York, Nov.
of
Interdependence of the Two Companies.—This company is the owner
of the
stock
common
of
0
of
$30,000,00
117,751.000 out of a total
of the $30,000,000
American Smelters Securities Co. It is the guarantor
a large creditor of the
of Series "B" pref. stock of that company. It Iscompanies
is, therefore,
Securities Company. The prosperity of the two
Cominterdependent. The funding of the indebtedness of the Securities
both.
to
of
importance
pany Is, therefore,
your
1905,
in
Company
At the time of the organization of the Securities
of ores would require a vast
directors foresaw that the enlarged production
product.
increased
such
refine
and
smelt
expenditure of capital in order to
without the expenditure
The Securities Company was successfully organized
& Refining Co., and notwithof any capital on the part of the Am. Smelting
there has been
Company
Securities
standing the enlarged operations of the
by your company In the
no necessity of payment, even of a single dollar,
"B" pref. stock of the
Series
the
of
guarantor
as
obligation
discharge of its
this policy Is shown by the fact that,
Securities Company. The wisdom ofat
the time of the organization of the
while the product of your company
of approximately $80,000,000 per
total
a
Securities Company had reached products of both companies to-day aggreannum, the annual value of the
1327.)
p.
91.
V.
(See
00.
gates $190,000.0
time has now arrived to prepare for
• Plans for Further Development.—The
the business. Plans have accordingly
a further increase and development ofof
the receipt of ores and furnace marespect
In
y
particularl
been devised,
works, located in the United States
terial from abroad. The reduction
are capable of smelting and refining
by reason of their enormous capacity,
Is now in
ores shipped from every quarter of the globe. This company
Africa, Australia, South America, Spain,
receipt of ores and bullion from and
fess ble
As
only
yet,
Is
Alaska.
it
China
America,
Central
Japan,
the seacoast, but with the constructo transport Alaskan ores produced on
will flow
tion of railroads, It is believed that a great mineral production
refining plants of this company.
[from Alaska] to the smelting and
future of this company,
Financial Plan.—To prepare adequately for the
Company, It is deemed advisable that
and to fund thd debt of the Securities
acquire $15,000,000
and
issue
your
company
shall
Company
the Securities
of the Securities Company; that the
of 6% 15-year gold debenture bonds
to it and discharge
the
made
repay
advances
thereby
shall
company
latter
be made conIts floating debt; that the bonds so acquired by this company
stock of this company.
vertible into the common ultimate
into common
bonds
of
the
conversion
expected
Through the
Company should,
stock and the operation of the sinking fund, the Smelting
$15,000,000 additional
as a result of this transaction, receive approximately will make a total of
capital,
cash
present
the
with
cash capital, which,
metals In process of smeltapproximately $27,000,000 cash. The ores and
wth the present ining and refining now held by the company, together
at least 523.000,aggregate
&c..
of
stock
fuel,
vestments and the necessary
that the cash assets of the
000. It can, therefore, be confidently expectedpref.
of the company
stock
the
0,
and
that
$50,000,00
company will equal
assets. The comwill have its entire face value offset by cash and quick of $86,000,000, t
mon stock will be represented by the property account
0 par value of the comWhich should be added the value of the $17,751,00
Nov. 26 1910.1
THE CHRONICLE
1449
mon stock of the Securities Company. Such bonds as remain In the treasury of the company not retired by the sinking fund will receive6% interest.
Outlook.-It Is believed by the directors that the holders of the pref. and
common stock will profit greatly by carrying out this plan. The increase
of business, and the increasing value of the stock held by It In the Securities
Company, should assure not only the payment of the 7% dividends on the
pref. stock, but should enhance the dividend-earning power of the common
stock. See also V. 91, p. 1327, 1329.
$1,250,000 pref. stock, payable Dec. 10 to holders of record
Nov. 30.-V. 90, p. 1241.
Central Leather Co.-Common Stockholders Request Dividends and Representation.-J. S. Bache & Co., in behalf of
themselves and other holders of common stock, have reArkansas Natural Gas Co., Pittsburgh, Pa.-Bonds Of- quested the directors to make some distribution thereon, as
fered.-Chas. S. Kidder & Co., Chicago, are offering the earnings justify the declaration of the same.
It is also requested that two or three directors be named to represent the
unsold portion of $4,000,000 serial mtge. 6% gold bonds, common
stock, it being stated that the present members of the board are
dated May 1 1910 and due in ten series of $400,000 each, Interested principally In the preferred. The board, It Is reported, Is of the
that the election of directors is a matter for the stockholders to
A to J, yearly on May 1 from 1913 to 1922, incl., but callable opinion
deal with at their annual meeting in February next, the board having no
on any int. date at 105 and in
Prin. and int. (M. & N.) power to choose directors except to fill vacancles.-V. 91. p. 1173, 561, 558.
payable at the Colonial Trust Co., trustee, Pittsburgh, or
Childs (Restaurant) Co., New York.-Dividend Increased.
the Central Trust Co. of Illinois, Chicago. Circular shows: -A regular
quarterly dividend of 2
has been declared
Capitalization.
$6,500,000 on the common stock (approximately $2,500,000 now outCapital stock [In $100 shares, all of one class.-Ed.]
Serial mtge 6% gold bonds, total auth.. $5,000,000; outstand'g_ 3,730,000 standing), payable Dec. 10 to holders of record Dec. 3. This
Reserved to retire bonds of old company (see V. 91, p. 1329)_ -$270,000 increases the
annual rate to 10%, contrasting with 8% from
Reserved for extensions, &c., as provided by trust
June 1909 to Sept. 1910 and 6% from Dec. 1907 to March
1,000,000
deed
The company owns a pipe line extending from the Caddo gas and oil 1909. The company began business in July 1902.
fields, In Louisiana, northwest through Arkansas, together with the gas
Dividend Record (Per Cent) of Common Stock.
rights on 165.000 acres of land, including 17 wells with a capacity of about
1902. 1903. 1904. 1905, 1906, 1907, 1908, 1909.
1910.
300,000,000 cubic feet open flow per day. This line will supply the cities
3
3*
33•66
734
834
of Little Rock, Pine Bluff, Hot Springs, Arkadelphia, Hope, Malvern,
Prescott, Benton, Gurdon and some smaller places, having an aggregate -V90, p.1615.
population served of over 150,000.
Compania Nacional de Tobacco.-New Company.-The
Abstract of Letter from Pres. J. C. Trees, Pittsburgh, Pa., Oct. 20 1910. company was
incorporated in South Dakota on or about
This company owns the gas rights on 165,000 acres in Caddo Parish, La.,
now
17
drilledin
there
are
wells
with
approximately
a capacity of
on which
Nov.16, with $10,000,000 common and $5,000,000 7% non300,000,000 cubic feet a day. The developed field from which the supply
for this plant is to be obtained Iles principally In Caddo Parish, La. This cum. pref. auth. stock, to take over various tobacco concerns
field is without a parallel in the world to-day, while its distance from large in Cuba. The company will make a feature of cigars and
markets will tend to long life. Shreveport, La., has been supplied for four
years, and during the last two years lines have been laid to Texarkana and cigarettes.
Marshall, Tex. Gas Is found In three to five distinct horizons. At from
Among the incorporators are R. R. Govin. of H. B. Hollins & Co.(who is
800 to 1,000 ft., at 1,800 ft. and at 2,200 ft. and lower, one of the very large a director of the Havana Tobacco Co., which is controlled by the American
wells of the district being In the 2,300 ft. stratum. The oil and gas sands Tobacco Co., and other Cuban concerns engaged In the manufacture of
of the district seem to be entirely distinct and separate, while the wells cigars); George P. Butler and William H. Butler, Mr. Govin states that
have a daily open flow capacity of from five to sixty million cubic feet.
the new company will be Independent of, although not antagonistic to, the
Taking into account the reports of the geologists of the United States American Tobacco Co.
Government and those of the State of Louisiana, as well as those of our own
J. B. & J. M. Cornell Co., Structural Iron and Steel Conengineers and experts, I believe that the natural gas in that portion of the
Caddo fields in which this company draws its supply to be practically in- tractors, New York.-Not to Be Sold.-Judge Hough on
exhaustible, In our generation at least.
The main pipe lines consist of 65 miles of 18-inch, 99 miles of 16-inch, 68 Nov. 22 declined to permit the receivers to sell,the property,
miles of 12-inch and 27 miles of 10-inch steel pipe, one 2-1,200 h. p. com- and directed them to continue work on such contracts as
pressing station, telephone lines, rights of way, as well as distributing plants are worth completing. Pres.
John M.Cornell opposed the sale.
In towns now not piped for gas, lying near the route of the main pipe line.
The receiver's report as of Oct. 1 showed quick assets (exclusive of
The capacity of the pipe line is approximately 40,000,000 Cu. ft. per day,
with a maximum yearly earning capacity of $2,100,000. The company's plant and equipment) aggregating $530,492 (chiefly stock on hand, $131,wells now have a producng capacity of 300,000,000 cu.ft. per 24-hour day, 463; work in progress, $126,946; accounts receivable, $240,421, and cash.
or nearly eight times the maximum output required for the present line. $3,093), and receiver's liabilities, $346,289, including $200,000 receiver's
Franchises without burdensome restrictions and running for 30 years have certificates. The company's bonded debt is $660,000 (U. S. Mtge. & Trust
been secured in all the cities proposed to be furnished with gas.
Co., mtge. trustee), unsecured debt about $750,000. When the receivers
took possession there was only $420 cash on hand and the contracts for
Estimated Yearly Earnings.
work aggregated $1,500,000.-V. 88, p. 824.
1st Year. 2d Year. 3d Year.
Total.
Gross earnings
$835,500 $1,003,500 $1,133,500 $2,972,500
Crucible Steel Co. of America.-Earnings.-The net earnAll operating expenses
$225,000 $250,000 $250,000 $725,000 ings
for October are reported as slightly in excess of $300,000.
Interest on bonds
240,000
240,000
240,000
720,000
Retirement of bonds
400,000
400,000 The company is stated to be operating to the extent of about
Net surplus
$370,500 $513,500 $243,500 $1,127,500
The management is In the hands of men of large experience In the operation of such properties. (Compare V. 91, p. 1329.)
Atlantic City (N. J.) Electric Co.-Earnings.Pref. Divs. Balance.
Gross
Net(after
Bond
12 Months
Interest.
(6%)
endingEarnings. Taxes).
Surplus,
$18,000 $111,480
$62,500
$360,318 $191,980
Sept. 30 1910
116,204
34.950
291,433
151,154
Nov. 30 1908
Preferred stock outstanding, $300,000; common stock, $1,250,000, and
bonds. $1,250,000.-V. 91, p. 1329.
70% of its capacity.-V. 91, p. 1256, 1097.
Cumberland Coal & Coke Co.-Sale.-Judge E. T. Sanford of the Federal Court has ordered the sale of the company's properties in Cumberland County, Tenn., along with
$100,000 bonds of the Bon Air Coal, Iron & Coke Co., and
$20,000 stocks owned in other companies.-V. 77, p. 453.
Economy Light & Power Co., Joliet, Ill.-Report.April 30
Gross
Operating
Net
Interest
Balance,
YearPaid.
Earnings. Expenses. Earnings.
Surplus.
Atlantic Fruit Co., New York.-New Director.-Charles 1909-10
$406,746 $217,654 $189,092
$75,743 $113,349
M. Hart of Canada has been elected a director, succeeding 1908-09
310,402
138,739
171,663
65,325
106,338
-V. 90, p. 1616.
W. H. Bennett. Compare V. 91, p. 1330.
Electric Boat Co.-Official Statement as to Omission of
Bituminous Coal Companies.-Agreements.-The "Coal
October Dividend.-President Isaac L. Rice says:
Trade Journal" has published the following:
"The companyhas a large amount of business onhand and the outlook Is
(Nov. 16.) An agreement has been reached in the Crooksville district
of Ohio and between 6,000 and 7,000 men who had been on strike since excellent, and this has required the use at present of all Its capital and earnApril returned to work last week. The Interests could not agree upon cer- ings. It was the concensus of opinion among the directors thatunder the
tain local points and so the trouble continued there long after operations circumstances It would be wise to suspend dividends for the present."
had been resumed elsewhere in the State. The operators have agreed to [There is outstanding $2,637,500 pref. stock, on which dividends at the rate
of 8% a year have been paid quarterly since Oct. 1 1903. The common
have the questions in dispute settled by arbitration.
(Sept. 21.) Representatives of the miners In the southwestern field rati- stock, $4,999,600, received 2% annually in December from 1906 to 1909.1fied on Sunday night the agreement made with the operators and the men, V. 85, p. 1579.
returned to work on Tuesday. According to the new agreement, the miners
•General Motors Co., New York.-Additional Directors.receive an Increase of 5.55% on day work, dead work and yardage, an Increase of 3 cts. a ton on shooting coal and of 5 cts. a ton on long wall work. To the board already announced (V. 91, p. 1387) there have
differences
All future
are to be settled by W. L. A. Long, Mine Inspector been added Emory W. Clark, M. J. Murphy, Thomas Neal
of Kansas. In future, when the operators close a mine they shall pay the
men a dollar a day each, and the miners agree to pay the operators 50 cts. and Andrew H. Green Jr., all of Detroit, and James N.
a day for the time they cause a mine to be closed. The strike began more Wallace, President of the Central Trust Co. of New York.
than five months ago.-V. 91, p. 655.
The executive committee consists of W. C. Durant, Emory W. Clark,
Booth Fisheries Co.-Status-Earnings.----President Lett M. J. Murphy, Thomas Neal, Andrew H. Green Jr., James J. Storrow and
Albert Strauss. Mr. Storrow has been elected President and Mr. Durant
is quoted as saying:
and W. J. Mead, Vice-Presidents. C. P. Hathaway has been re-elected
The profits which we have spent for improvements will shortly prove the Secretary and Treasurer.-V. 91, p. 1387.
wisdom of making these expenditures rather than paying dividends. At
Seattle we have Just completed a refrigerator plant at a cost of $65000
Grand Trunk Pacific Development Co.-See under "Grand
we believe will save $25,000 yearly in reduced freight bills, Last
spring we added 4 new tugs to our Lake Erie fleet. In one Western city Trunk Ry." under "Annual Reports" on another page.
we formerly paid $18,000 to $20,000 a year for power in the operation of a V. 90, p. 306.
refrigerator plant. We recently completed there a plant of our own at an
Gum Supply Ca.-Bonds Called.-$6,000 1st M. 10-year
expense of $7,000, which will cost $6,000 a year to run, and we are no
longer paying rent.
6% bonds have been drawn for payment by lot at 105 and
There has been a large increase in the total consumption of fish in the
United States, High prices for meat may have caused people to buy more interest on Dec. 1 at the Empire Trust Co., 42 Broadway,
fish, but I am of the opinion that the Increase Is due In greater measure to
p. 1671.
the general Improvement in the quality of fish and oysters. We have con- New York.-V. 89,
sidered It a more profitable policy to sell fish even at a poor price than to await
Refractories
Harbison-Walker
Co., Pittsburgh.-Report.a better market by holding fish in cold storage, at a possible sacrifice of
quality. In this matter we have reversed the policy of the old company. Sept. 30
Depreen,
Net
Bond
Pref. Dies.Com. Dies, Balance;
While our company Is the biggest in the fish business, its competitors
Year- Profits. Rep'rs,&c. Interest.
(134%) Surplus.
(6%)
are many. For instance. the Pacific coast fisheries yield 75,000,000 pounds 1909-10_$2,073,341 $205,595
$88,875 $576,000 $270.000 $932.871
a
year.
We
of halibut
catch about one-third of this in our own boats and 1908-09_ 1,526,879
150,286
575,379
119,187
682,027
market a little over half of the total.-V.90, p. 1492.
-V. 90, p. 505.
Butte Electric & Power Co.-Earnings.-
Imperial Window Glass Co. Pittsburgh.-Fines-Liquidation.-The accused defendants
' having entered pleas of nolle
contendre (the substantial equivalent of pleas of guilty) to
the indictments found on April 7 last, charging violation of
the Sherman Anti-Trust Law, Judge Young in the United
States Circuit Court at Pittsburgh on Nov. 11 imposed a
Canadian Car & Foundry Co.-Report.-The earnings for fine of $2,500 and costs on the corporation and fines of $500
the 11 months ending Sept. 30 were:
each on each of the individual defendants.
Year ending
Gross
Expenses
Bond
Net
Balance,
Earnings. & Taxes. Earnings, Interest. Surplus.
Aug. 31$1,701,742 $676,783 $1,024,959 $376,077 *648,882
1909-10
1,577,663
1908-09
630,892
946,771
599,785
346,986
Miller & George of Providence, R. I., are offering at par and Interest a
block of the Billings & Eastern Montana Power Co.-Butte Electric .S3 Power
June
1
due
1934.-V. 90, p. 561.
Co. Joint mtge. 6s.
Profits after interest on $3,500,000 1st M.6% bonds, $832,130; dividends
on pref. stock, $320,833; balance, surplus, $511,697.-V. 91, P. 719, 1387.
Canadian Cereal & Milling 00.-First Dividend.-An ini-
tial quarterly dividend of 1% has been declared on the
The company Is In process of liquidation, and as soon as its stock of glass
on hand is sold proposes to surrender Its West 'Virginia charter. AttorneyGeneral Wickersham on the evening of Nov. 16 issued a long statement
regarding the matter, which was given In the daily papers of the following
day.--V. 90. D. 979.
1450
THE CHRONICLE
Independent Brewing Co., Pittsburgh.-New Directors.Orlando Miller and J. H. Friday have been elected directors
to succeed J. H. Shaffer and Peter Hermes, both deceased.V. 91, P. 1325.
Ingersoll-Rand Co., New York.-Acquisition.--The company has acquired a controlling interest in the stock of the
A. S. Cameron Steam Pump Works, whose plant is located
at the foot of East 23d St., East River, New York.
The Cameron company has outstanding $1,000,000 stock, all of one class.
No bonds or mtge. Its officers are: President, George Doubleday; Secretary, F. H. Brainerd; Vice-President and Treasurer, W. R. Grace; VicePresident and Gen. Mgr., Geo. W. Fuller.-V. 91, p. 1388, 1099.
International Agricultural Corporation, New York.-Sali
of Preferred Stock.-The company has sold to White, Weld
& Co., New York, and associates, $5,400,000 7% cum. pref.
stock voting trust certificates. The cash derived from this
sale has been applied to payment for properties, modernizing
plants and working capital. Application will be made to list
the company's stocks on the New York Stock Exchange.
The company was Incorporated in N. Y. In July 1909 and owns a number
of fertilizer-manufacturing plants in Tennessee,all the capital stock of the
Kaliwerke Sollstedt Gewerkschaft Potash Mines In Germany, a contract
with the Tennessee Copper Co. for an ample supply of sulphuric acid for
some years, and large deposits of phosphate rock in Tennessee, and all the
capital stock of the Prairie Pebble Phosphate Co. In Florida, one of the
most extensive and valuable phosphate deposits in the country.
CapitalizationAuthorized. Outstanding.
Pref. stock, 7% cum. (pref. as to assets and divi$12,000,000 *10,124,000
dends (J. & J.)
5,928,000
12,000,000
Common stock
For the year ending June 30 1910 the net earnings available for dividends,
It is stated, were $1.017,504. Several of the larger properties were not
paid for until the middle of the fiscal year; therefore the amount required
for dividends on pref. stock for the year 1909-10 was $437,271, instead of
the full $708,680 on the present $10,124,000. As the company did not
operate these properties for the full 12 months,it received the earnings:only
fo the period of actual operation.
The transfer agent for both issues of voting trust certificates is the Bankers Trust Co. of New York. Registrar, First Nat. Bank, New York.
Directors: Waldemar Schmidtmann, President, and William N. Shaw,
Albert French and T. C. Meadows, VicoPresidents of company; Thomas
W.Lamont, Vice-Pres. First Nat. Bank, N. Y.; A. H. Wiggin, V.-P. Chase
Nat. Bank, N. Y.; Chas. H. Sabin, V.-P. Guar. Trust Co. N. Y.; Benj.
Strong Jr., V.-P. Bankers' Trust Co., N. Y.; Francis M. Weld of White,
Weld & Co.. N. Y.-V. 91, p. 97, 41.
FOL. Lxxxxx.
For the live years ending May 1 1909 our preferred capitalization was
$600,000, and our earnings thereon averaged per annum 20.21%; the following year (1909-10) our pref. capitalization was increased to $1,500.0t00
and our earnings amounted to 26.07% on the same.
Organization.-The company is one of the largest corporations engaged
in the manufacture of radiators, boilers and enameled ware in tho United
States, and is the largest manufacturer of vacuum-cleaning systems in the
world. The company'a product, widely known and distributed under the
"Richmond" trade-mark throughout the United States and Canada. The
property consists of five modern plants. The men most responsible for the
success of the five companies now taken over will be actively associated
with the present management, which owns almost the entire corn. stock.
The Model Heating Co. of Phila., established 1895, is one of the leading
jobbers of boilers and radiators in the East; its net earnings for the past
five years have averaged $54,451 per annum. The Cameron-ScrhothCameron Co. of Chicago are jobbers of radiators and enameled ware; commenced business in Jan.1909 and for year ending May 1 1910earned $30,530.
Cleaners.-During the past year our company has acquired a well-equipped
plant at Racine, Wis., where are manufactured the "Richmond" portable
suction cleaners, the sales of which to date aggregate over 14,000 machines.
As regards stationary cleaning systems, the American Air Cleaning Co. of
Milwaukee, the Vacuum Cleaner Co. of N. Y. and the Sanitary Devices Co.
of San Francisco (the three companies now acquired) have for the past two
years been doing about 80% of the vacuum-cleaning business of the United
States. The McCrum-Howell Co. now owns altogether some 85 vacuumcleaner patents, Including not only the basic Kenney and Matchette, but
all other patents necessary to the control of the stationary vacuum-cleaner
Industry. The stationary vacuum-cleaning business, now in its infancy,
has demonstrated itself to be as essential to comfort and health as steam and
hot-water heating and sanitary plumbing.
Combined Balance Sheet.
[Introducing assets and liabilities of the several companies as of May 1 1910
as adjusted after the sale of the new issue of preferred stock.]
Liabilities ($7,425,686)Assets ($7,425,686)$3,500,000
$5,017,089 Preferred stock
Plants, patents, &c
3,500,000
Common stock
Cash, after deducting cur333,186
462,506 Surplus
• rent liabilities
92,500
Accts. & bills receivable__ 1,157,629 Reserve
788,462 (No bond or mortgage.)
Materials, supplies,
&c_Is no bonded or mortgage indebtedness, and
Capital Stock, &c.-There
no bonds can be placed upon the property except with the consent of 75%
of the total outstanding stock. The pref. stock has equal voting power
with the common and is preferred both as to assets and dividends. The
pref. dividends are cumulative at the rate of 7% per annum, payable quarterly, Q.-F. Full preferred dividends have been paid regularly every year
since the organization, and the 26th consecutive quarterly pref. dividend
was paid Nov. 1 1910. Dividends on the common stock are at the rate
of 3% per annum and payable quarterly. Registrars of stock, Trust Co.
of America, N. Y., and Continental & Commercial Trust & Savings Bank,
Chicago. Transfer agents, Trust Co. of Am., N. Y., and George H. Burr
& Co., Chicago.-V. 91, p. 1331, 1163.
Manufacturers' Coal & Coke Co., Tunnelton, W. Va.Island Creek Coal Co., Boston.-First Dividend.-This Sale Dec. 1.--The foreclosure sale is advertised for Dec. 1
company, successor of the U. S. Coal & Oil Co. (V. 91, p. under order from U. S. Circuit Court for Nor. Dist. of W. Va.
The property (located about 1 mile from RR.) comprises 910 acres of
948), has declared a first dividend of $1 50 per share upon leaseholds
of surface and coal lands, with machinery, sidings, acc4 also
the outstanding 50,000 shares of pref. capital stock, payable adjoining the foregoing, 4,823.66 acres of Freeport or Austin and Lower
or Newburg seams of coal, situate in Preston and Taylor counties,
Jan. 2 1911 to stockholders of record Dec. 15 1910. There Kittaning
W. Va. Wilson D. Althouso is receiver, 424 Stephen Girard Bldg., Phila.
are 100,000 common shares outstanding.
Mexican Petroleum Co., Ltd. (of Delaware), Los Angeles.
Hayden, Stone & Co., Boston, New York, &c., have issued a circular
regarding the cumulative preference shares in which they say: "The pref. -First Dividend on Common Stock.-The directors on Nov. 16
shares are now quoted at about 85, and at that price return about 7%.
dividend on the common stock, $1 a share,
Already the net earnings from the coal business have been raised to a level declared the first
in the recent fiscal year of about $450,000, or 50% above the amount re- for the quarter ending Dec. 311910. E. L. Doheny is Pres.
quired to pay dividends on this issue of preferred stock: the outlook is that
profits for the current fiscal year will exceed those of the fiscal year recently
closed by some $100,000 or $150,000. Compare V. 91, p. 948, 1163.
The auth. common stock is $38,000,000, of which some $29,800,000 Is
said to be outstanding (a transcript of the list of the Los Angeles Stock Exch.
says $27,521,500); auth. pref. stock, 8%, $12,000,000; outstanding, $11,Angeles Times" says that the dividend now
Jersey City (N. J.) Water Supply Co.-Decree Filed.- 036,800 or more. The "Loa
will be paid Out of the earnings of the Huasteca Petroleum Co.
Vice-Chancellor Stevens on Nov. 17 filed the final decree of declared
Early in 1910 "Huasteca 011 Co.", it was said,made a $2,000,000 mortgage.
It was reported on Oct. 29 that a contract had been signed between
the Court of Chancery fixing the terms of the purchase by
Henry Clay Pierce, President of the Waters-Pierce 011 Co., and the Huasthe city under the Flynn contract.
teca
Petroleum Co., calling for the delivery at the Waters-Pierce refinery,
The decree specifies the deductions (amounting to $103,000) to which the Tampico,
of a minimum of 2,500,000 barrels of crude petroleum (at. it is
city is entitled from the original contract price of $7,595,000, an additional said, 95e. a barrel), the deliveries to extend over a period of five years;
$58,300 to be also deducted unless a bond be given or other provision be 1,000,000 barrels to be delivered as soon as possible and the remainder at
made for the construction of the Boonton sewer. The city under a previous the rate of 200,000 barrels monthly. It was rumored that $250.000 had
decree of the Court is entitled to retain a further amount of $500,000, but been paid in advance to the Huasteca Petroleum Co.
the company may file a supplemental bill to recover this latter amount
Circular of R. B. Dickinson Co., Los Angeles,
whenever in Its judgment the amount shall be payable by the city. Com- Condensed Extracts from
October 1909 (Not 1910).
pare V. 90, p. 1298, 630.
Controls about 700,000 acres of oil lands, 500,000 in fee simple, east and
States of San Luis Potosi, Tamaluipas and Vera
Keokee Consolidated Coke Co.-See Stonega Coal & Coke south of Tampico, in the350,000
acres suitable for agriculture and cattle
Cruz. Mexico, including
Co. in V. 91, p. 1332.-V. 89, p. 414.
raising. In the neighborhood of Ebano approximately 20 wells have been
bbls. per day; there is now being with14,000
01
capacity
a
with
completed
Long Acre Electric Light & Power Co.-Re-argument
drawn something less than 8,000. Extensive development work is being
Denied.-The Court of Appeals at Albany on Nov. 22 denied constantly
prosecuted. Approximately 2,600,000 bbls, per annum Is beon a contract still having 11 years to run. Production from
the application of the Public Service Commission, First Dis- ing delivered field,
to be reached by the 100-mile pipe line, will, it is thought,
the Huasteca
trict, for a re-argument of the appeal of the Public Service reach
10,000 bbls. per day within two years from this date. The company
refining plant, capacity 800 bbls. per day.
asphaltum
courts,
modern
which
re- owns a
Commission from the decision of the lower
An 8-inch pipe line, to be 100 miles In length [completed In Juno 1910.versed the Commission in their denial of the company's appli- Ed.]
will extend from the wells in the Huasteca field to Tampico, where the
on its own frontage, ample shipping facilities by
cation to issue any part of the proposed $50,000,000 bond is.- company has provided,
rail and water. Pipe lines aggregating about 40 miles, for both oil and wasue and $10,000,000 stock.-V. 91, p. 875.
In and about Ebano, and the company owns a
installed
been
have
ter,
connecting at Ebano with the Nat. Rys. of Mexico. Steel
McCrum-Howell Co.(Radiators, Enameled Ware, Vacuum- 7-mile railroad,
capacity, 600,000 bbis.; reservoir storage capacity, 600,000 bbis.
storage
Cleaning Systems, &c.), New York.-Pref. Stock Offered.- The company Is under long-time contract to supply the Mexican National
oil to the extent of many thousand barrels per day,
The company's fiscal agents (George H. Burr & Co., N. Y.) By. system with fuel
A large dewhich has, so far, taken most of the company's production.
and associates have recently been receiving subscriptions mand
will also be developed through the completion of a
product
for the
which is now being constructed
for the unsold portion of $1,150,000 7% cumulative pref. modern gas plant in the City of Mexico,
closely affiliated interests (Mexican National Gas Co.).including wells,
stock at par ($100 per share) and accutnulated dividends byThe
Investment in development and equipment work,
at the
from Nov. 1 1910, with a bonus of 10% of common stock.
pipe line, storage„ railroad terminal shipping facilities. &c., equals
the 100-mile
time fully $3,500,000, and with the completion of
Subscriptions are received by George H. Burr & Co. N. Y., Chi. and St. present
building and the development work carried on prior to its
lme
now
pipe
'
&
Boyce
Co.
Colston,
Balt.;
&
Y.;
Gavet
N.
Hicks,
&
Louis; Coggeshall
will amount to approximately $5,000,000. As yet the proPorter, Bost.; Scully, Painter & Beech, Pittsb., and Franc1;11. Cooley,Hart. completion,
,duction comes from only about 8% of the developed area, and this develAbstract of Letter from Pres. L. G. McCrum, New York, Nov. 1 1910. oped area Is scarcely 10% of the known area.-V. 90, p. 1047.
New Stock.-The company has authorized an additional $2,000,000 of
Dec. 21.-The foreclosure
Mohican Oil & Gas Co
7% cumulat ye pref. stock, all of which is to be issued immediately, making
a total capitalization of pref. stock, $3,500,000; common stock, $3:500,000. sale has been set for Dec. 21 at Akron, 0. Upset price,
purchase
of
the
the
Model HeatOf this new issue, $850,000 Is to be used for
$1,750,000.-V. 90, p. 917.
ing Co., Philadelphia; American Air Cleaning Co., Milwaukee; CameronSchroth-Cameron Co., Chicago; Vacuum Cleaner Co., New York, and SaniMontreal Light, Heat & Power Co.-Dollar Gas.-The
the
sale
of the balance
tary Devices Co.San Francisco. The proceeds from
announced a further reduction of 5c.
of this issue 01:150,000), together with the liquid assets of the companies company on Nov. 12
now acquired, as shown above, Increases our net working capital from per 1,000 cu. ft. in the price of lighting gas.
$1,077,811 as of May 1 1910 to $2,408,597, which amount provides ample
The present rate is $1 20 per 1,000 Cu. ft. less 15c. per 1,000 cu.ft. for
working capital and effects a saving of $65,096 in int. on borrowed money. prompt payment; the new rate Is $1 per 1,000 Cu, ft. not for prompt PayEarnings.-For the first six months of the current fiscal year, beginning ment, or the same as the fuel rate. The reduced price Is nominally effective
May 1 1910, our volume of business, as shown by actual shipments, has in- as from May 1911, but it will be put in effect at once for those who at their
creased 88%. Orders on hand are larger than at any previous period.
own expense remove the second (fuel gas) meter and make the proper
Net Earnings for Fiscal Year ended May 1 1910; Aggregate $640.196.
pipe connections.-V. 91, p. 1264, 1163.
[Included In this amount Is $65,096 Interest on money borrowed last year.
Nevada Consolidated Copper Co.-Report.capital.)
cash
new
now
the
by
eliminated
is
charge
whiCh
Balance.
Bond
Main:. Dividends
Other
$444,882 American Air Cleaning Co__ ;44,469 Sept. 30 Nel.Oper.
McCrum-Howell Co
Inconie. Interest. Cumb;Ely. (30%)
Year.
ProJ its.
56,125 Vac. Cl. Co and San.Dev.Co 63,431
Model Heating Co
2
8,11u48.
5u9rP
6
$
$26,099
$2,982,644
$1,522
31,2891
all
of
Co_
Total
1909-10_$2,345,382
$640,196
$1,263,025
Cameron-Schroth-Cam.
622;70762:384702
590,599 174,791
1908-00_ 1,646,062
The above earnings ($640,196) are over 2 M times the 7% dividend reproduced
1910
30
Sept.
there
were
ending
During
year
the
quirements ($245,000) on the entire Issue of $3,500,000 pref. stock. As our lbs.,of copper, against 34,527,823 lbS., in 1908-00.
pret.,stock outstanding for the current year will average only $2,500,000.
dividend requirements for same will be but $175,000, leaving $465,191
Nova Scotia Steel & Coal Co., Ltd.-Bonds.-The Londoti
applicable to the common stock, or over 13%. These figures do not take
or about Oct. 19 the £300,000
into consideration profits from our large increase In business for the current Stock Exchange listed on
year; reduction In overhead expense of the companies taken over; nor manur 50-year 1st M. gold bonds, par £20, £100 and £500 (Y. 90,
facturIng profits (say, $107,061 for the past year) on goods heretofore purp. 1428, 1487).-V. 91, p. 792, 341.
chased by the Model and the Cam.-Sch,-Cam. Co. from our competitors
,
Nov. 26 1910.1
THE CHRONICLE
Ocean Falls Co., Ltd.—Listed in London.—The London
Stock Exchange recently listed £300,000 1st M. 6% bonds,
par £100 and £20 each.
O'Gara Coal Co.—New Director.—Joseph Harris has been
elected a director to succeed A. B. Kerr and F. J. Lisman
In place of W. P. Ijams.—V. 90, p. 1169.
People's Water Co., Oakland, Cal.—Annual Report.—
1451
payable Dec. 1 to holders of record Nov. 19, comparing with
2% quarterly from March 1906 to Sept. 1910, inclusive.
Suit.—Henry Doscher of New York, owner of 100 shares
of United States Pipe Line Co. stock, in Aug. last brought
an action in the U. S. Circuit Court at Pittsburgh to prevent
the President and directors of that company from turning
over the business to the Pure Oil Co.—V. 86, p. 1413.
Quincy (Copper) Mining Co.—Dividend Decreased.—A
quarterly dividend of $1 (4%) per $25 share has been declared, payable Dec. 19 to holders of record Nov. 26, comparing with $1 25 (6%) paid Sept. 19 and June 20 last and
$1 50(6%) in March last. Compare V. 90, p. 508.
Year ending Aug. 31 1910 and Cal. Year 1905 (Contra Costa Water Co.).
[Rates of 1910 prior to July 1 are 25% lower and after July 1 30% lower
than in 1905.]
1909-10.
1905.
Aug. 31 '10. Dec.31 '05.
Cash recelpts.$1,489,265 $954,762 Miles of pipe__
541
823
Net after taxes 880,748
619,350 Gals.sup.dally18,992,450 14,620,000
Flatd charges 628,350
(1)
Annual Dividend Record (Per Cent) Since 1893.
(1,000 gals.)31,000,000 7,791,535
Status Aug. 311910: Pref. stock 8% cum., $2,000,000; corn. stk., $18,- '94 '95 '96 '97 '98 '99
'01 '02 '03 '04 '05 '06 '07 '08 '09 '10
000,000; underlying bonds, $5,600,000; gen. M. bonds, $6,967,000 (auth. 32 48 80 48 26 38 '00
36 36 28 22 20 24 50 54 18 16 20
Issue $20,000,000, $7,433,000 being owned by the co. and $5,600,000 reserved to retire underlying bonds); floating debt, $2,611,770, on account of
Acquisition.—The company has arranged to purchase for
extensions and additions which, from Jan. 1 1907 to Aug. 31 1910, aggre- $600,000,from the St.
Mary's Mineral Land Co.,section 14
gated $2,989,292.
The foregoing and other particulars appear in the "Monthly
Digest of California Securities," issued by Wakefield, Garthwaite & Co., 1st Nat. Bank Bldg., San Francisco.
New President.—F. C. Havens was recently elected (1) a
director in place of L. G. Burpee and (2) President, succeeding F. A. Leach. who became Vice-President.—V. 90, p.1106.
Pittsburgh (Pa.) Steel Co.—Sale of Pref. Stock.—Speyer
& Co., New York, have sold the entire issue of $7,000,000
7% cumulative pref. stock, which they offered at par ($100
a share). Their advertisement, however, is published as a
matter of record on another page of to-day's "Chronicle."
The subscription list was opened on Wednesday, Nov. 23,
and was closed immediately as all the stock was sold.
Application will be made in due course to list the pref. shares
on the New York Stock Exchange.
Abstract of Letter from President Wallace H. Rowe, Pittsburgh, Pa.,
Nov. 9 1910.
Business.—The company manufactures open-hearth basic steel, blooms,
billets, bars, wire rods, bright, annealed and galvanized plain wire, barbed
wire, wire nails, fence staples, coiled spring wire, steel hoops, bands and
cotton ties. It has the sole right in this country and Canada to manufacture
the "electrically welded" "Pittsburgh Perfect Fencing," for which there is
a growing demand in all sections of the country. The company's products
are of a more staple character than those of most steel manufacturing concerns, and the earnings are not subject to so great fluctuations. Our
products go Into every State and Territory In the United States and we
enjoys a good export trade. We have branch offices and depots in N. Y•,
Phila., Savannah, Galveston, Memphis, St. Louts, Des Moines and Chicago.
Properties.—The principal works are located at Monessen, Pa., and have
All buildings and machinery are
excellent rail and water connections
modern. The plant was erected In 1901 and at present covers about 40
acres. The real estate owned aggregates about 200 acres at the plants,
which includes about two miles of frontage along the Monongahela River.
This gives us ideal conditions for the assembling, manufacturing and shipment of our material. The company also owns a coal mine on the Pitts. &
Lake Erie RR. and Monongahela River within two miles of the works.
Capitalization.—The company was organized July 1 1901 under the laws
of Pennsylvania and has an authorized capital of $7,000,000 common stock
(par value $100), whereof $6,000,000 is outstanding and fully paid, and of
the remaining $1,000,000 common stock 10% will be paid in on or before
Jan. 5 1911, the balance being due In installments during the next 15 mos.
In order to retire the outstanding bonds, viz.; $3,250,000 1st M.6% and
$500,000 gen. mtge. 6% gold bonds, and for the purpose of furnishing additional working capital and funds for the introduction of further economies
In manufacture, the company has decided to create $7,000,000 7% cumulative pref. stock, which has been sold to you. The capitalization will then
be: 7% cum. pref. stock, 57,000,000, and common stock, $7,000,000.
New Pref. 8tock.—This pref. stock will be entitled to receive dividends
at the rate of 7% per annum (payable Q.-M.). No dividends shall be paid
upon the common stock until the dividends upon the iorcf. stock with all
accumulations shall have been paid in full, and upon liquidation or dissolution the pref. stock will be entitled to prior payment in full at par with the
diva, accrued thereon; all remaining assets to go to the common stock.
The entire Issue of the pref. stock Is to be redeemable by the company, on
any dividend date, at 120% of Its par value, together with all accrued dividends thereon, upon three months' notice. While the pref. stock Is outstanding, no mortgage shall be placcd on the property, nor can theamount
of the pref. stock be Increased without the written consent of the holders
of at least 75% of the pref. stock outstanding.
Earnings and Dividends.—DurIng the last six years dividends at the
rate of 8% per annum were paid on the common stock then outstanding.
Net Earnings for the Five Years ended June 30 1910
[Before charging depreciation or interest on Indebtedness to be retired
through the new preferred stock.]
1907-08.
1906-07.
1908-09.
1905-06.
1900-10.
Average.
$1,169,859 $1,225,769 $1,592,495 $1,673,735 $1,284,594 $1,389,290
The annual average, $1,389,290, Is almost equal to three times the annual
dividend on the $7,000,000 7% pert. stock, or to 19-8% per annum thereon.
Orders and contracts for this company's products are at this date largely
In excess of the amount for the corresponding period of last year.
Directors (when increased to nine).—Wallace II. Rowe, Pres.; John
Bindley, 1st Vice-Pres.; Willis F. McCook, 2d Vice-Pres.; Emil VVinter,
Edward H. Bindley and George Nash (Gen. Supt.), all of Pittsburgh;
Wm. A. Nash, Wm. H. Nichols and Henry Ruhlender, New York.
Adjusted Balance Sheet of June 30 1910 as Prepared by Public Accountants.
[On the assumption that the proceeds of the $7,000,000 pref. stock and
$1,000,000 additional common stock were used to discharge indebtedness
and to create additional working capital.]
Liabilities ($19,067,931)—
Assets ($19,067,931)—
Real estate, plant, &e _ _$13,036,481 Preferred stock
$7,000,000
459,981 Common stock, $7,000.Cash
000,less $6,000 in treas. 6,994,000
Accts. & notes receivable 1,460,372
Loans, advances de misc.
927:67
853
759,726 Time and demand loans_
399
1
Subscript'n new coin, stk. 1.000,000 Accounts payable
Securities
330,000 Dividends unpaid
119,880
Finished products & supp. 1,904,546 Real est. bond and mtge_ 3,14
30
2:00
90
81
Deferred charges
116,825 Surplus
Contingent liability, 5273,300.—V. 91, p. 1388.
Price Brothers & Co., Ltd., Quebec.—Bonds All Subscribed.—The Farwell Trust Co. of Chicago announces that
the subscription books for the issue of $1,000,000 1st M. 5%
bonds, which were offered at 86 and int. (V. 91, p. 1332),
were closed on Nov. 16, the entire issue being over-subscribed, and that advices from London indicate that a
premium over the subscription price is bid for allotments of
bonds.—V. 91, p. 1332.
Procter & Gamble Co.—Increase of Stock Authorized.—The
stockholders on Nov. 22 authorized an increase in the common stook from $10,500,000 to.$12,000,000. The $1,500,0001new stock is offered to stockholders of record Dec. 10 at
noon at, 200, payable between Dec."12 and 31. Compar6
V. 91, p. 1163, 1098.
Pure Oil Co.—Dividend Reduced.—A quarterly dividend of
137
0 has been declared on the $4,880,335 common stock,
and northeast one-quarter of section 22, of which amount
$150,000 is payable in cash.—V. 91, p. 271.
Safety Car Heating & Lighting Co.—Increased Extra
Dividend.—A regular quarterly dividend of 2% and an extra
dividend of 3% have been declared on the $9,862,000 stock,
payable Dec. 23 to holders of record Dec. 10, compared with
2% and 1% extra at the same time last year. The company
pays its dividends on April, July and Oct. 1 and late in Dec.
Previous Dividend Record (Per Cent), Jan. Divs. Being Paid the Previous Dec.
DIVIDENDS.'98-'00.
1901. '02. '03. '04. '05. '06. '07. '08. '09. '10.
Cash (%).
8 yrly. 11&10 stk. 9 12 12 17 18 13
9
9
8
In July 110-7 a 100% stock dividend was paid.—V. 91, p. 522.
St. Clair County (Ill.) Gas & Electric Light Co., East St.
Louis, Ill.—$1 Gas.—On and after Jan. 1 1911 the price of
gas will be reduced from $1 05 to $1 net per 1,000 cu. ft.
Compare V. 89, p. 668.
Schwarzschild & Sulzberger Co., New York.— Mergrr.—
On Sept. 6 1910 Sulzberger & Sons Co. being then the owner
of all the capital stock of Schwarzschild & Sulzberger Co.,
merged that company so that Sulzberger & Sons Co. then
succeeded Schwarzschild & Sulzberger Co., with the same
assets and the same liabilities as the latter company, whose
business it continues. Sulzberger & Sons Co. have $32,000,000 of authorized capital stock in $100 shares, consisting
of $20,000,000 common and $12,000,000 6% cumulative
preferred, of which there is outstanding all the common and
$5,269,500 of the preferred. The only funded debt consists
of $5,400,000 sinking fund 6% gold debentures of the
Schwarzschild & Sulzberger Co.—V. 90, p. 1048.
Southern Power 0o.—Bonds Called.—Five ($5,000) 30-yr.
6% bonds of the Catawba Power Co., issued under mtge.
dated Nov. 1 1903, have been drawn for payment at 105
and interest on Dec. 1 at the Trust Co.of America, New York.
—V. 90, p. 855.
Sulzberger & Sons Co.—Merger.—See Schwarzschild &
Sulzberger Co. above and compare V. 90, p. 1048, 981.
Tennessee Copper Co., New York.—Bonds.—The shareholders on Nov. 18 authorized an issue of $1,500,000 6%
1st M. gold bonds. See V. 91, p. 1333.
Texas (Oil) Co.—New Director.—J. J. Mitchell, President
of the Illinois Trust & Savings Bank, has been elected a director to succeed M. Moran, who retired.—V. 91, p. 960, 965.
United Electric Securities Co., Boston.—New Collateral
Trust Bonds Offered.—Perry, Coffin & Burr and Parkinson
& Burr, Boston, are placing $500,000 collateral trust 5%
bonds (31st series), due Feb. 1 1940, at 1011A and int.,
yielding 4.90%. A circular dated Nov. 12 says:
This company has a record of 20 years of successful business. It pays
7% annually on $1,000,000, pref.stock, and showed on Feb. 1 1910 a surplus of $1,314,719. It has issued, prior to the present offering, 30 series,
aggregating 518,000.000, of collateral trust bonds, of which amount $13,972,000 have been retired either by purchase in the open market or by call
at 103 and int. The directors are: Gordon Abbott, Walter Abbott.
Samuel Carr, Winthrop Coffin, Philip Dexter, Francis R. Hart, C. N. Mason, Robert Treat Paine 2d, Francis Peabody Jr. and N. W. Rice.—
V. 90, p. 241.
Utah Copper Co.—Controlled Company.—See Nevada
Consol. Copper above; also under "Annual Reports" on a
preceding page.—V. 91, p. 1336, 522.
Wells Fargo & Co. (Express).—Terms of Joint Control of
Mexican Express Co.—See National Railways of Mexico
report on a subsequent page.—V. 91, p. 1388, 1163.
Western Union Telegraph Co.—New Officers.—Theodore
N. Vail, President uf the American Telephone & Telegraph
Co., which owns a substantial minority interest (understood
to be about $30,000,000) in the stock,has been elected President to succeed Robert C. Clowry, who retires from active
service after more than 50 years' service in the telegraph
business. Mr. Clowry remains a director and member of the
executive committee Newcomb Carlton, formerly connected with the British Westinghouse Sr Manufacturing
Co., has been named a Vice-President.—V. 91, p. 966,
1022.
—Attention is called to the offering by Porter, Fishback &
Co., Chicago, of the 6% 1st M. bonds of the Harlingen Land
& Water Co. This is an irrigation enterprise situated at
Harlingen, Cameron County, Tex., about 25 miles from
Brownsville and the Gulf, crossed by the 'Frisco Ry. system., •
Particulars regarding the security behind the bond issue will
be found in the advertisement on another page. This bond
issue is for the extension and increase of the company's
business. A descriptive circular will he mailed on application.
THE CHRONICLE
1452
[VOL. Lxxxxi.
Stports and Priicninents.
FERROCARRILES NACIONALES DE MEXICO.
(NATIONAL RAILWAYS OF MEXICO).
SECOND ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1910.
New York Office:
No. 25 Broad Street.
Mexico Office:
Primera Calle de Vergara. 209.
To the Stockholders:
In compliance with the provisions of Article 48 of the ByLaws of the Company, the Board of Directors has the honor
to present to the stockholders th ereport of operations for the
fiscal year ended June 30 1910.
EXECUTION OF AND COMPLIANCE WITH THE
BANKERS' AGREEMENT OF FEBRUARY 29 1908.
The Bankers' Agreement of February 29 1908 has been
complied with in all respects, both with regard to the receipt
of the certificates of stock of the former Mexican Central
Railway Company Limited and the former National Railroad Company of Mexico, called for conversion, and in relation to the distribution of the stocks and bonds of the
Ferrocarriles Nacionales de Mexico (National Railways of
Mexico).
The shares and bonds of the former Mexican Central Railway Company Limited and the former National Railroad
Company of Mexico have continued to be presented for conversion, and at June 30th of this year the number and proportion of these certificates exchanged for those of this
Company is shown in the following statement:
Statement of Securities Deposited up to the 30th of June 1910,
in accordance with the plan of the 6th of April 1908.
SECURITIES OF THE MEXICAN CENTRAL RAILWAY CO. LIMITED
Total Issue.
Deposited.
per
Per
Cent. Outstanding. Cent.
$500 00 100.00
$500 00
0.00
10%
Notes_5% Priority
6,597,000 00 $5,192,000 00 78.70 1,405,000 00 21.30
Bonds
38,347 50 14.52
225,715 00 85.48
264,062 50
lstMtge.Bd-s.
Cons.M. Bd8. 109,020,000 00 105,359,000 00 96.64 3,661,000 00 3.38
376,900 00 1.16
FirstInc.Bds. 32,706,000 00 32,329,100 00 98.84
11,200 00 3.45
314,000 00 96.55
325,200 00
Reg.Inc.Bds.
.28
30,000 00
11,284,000 00 11,254,000 00 99.74
2d Inc. Bds_
88,200 00
.15
59,127,100 00 59,038,900 00 99.85
Shares
Total
$219,323,862 50 $213,712,715 00 97.44 $5,611,147 50
2.56
SECURITIES OF THE NATIONAL RAILROAD CO. OF MEXICO.
Total Issue.
Pref. Stock_ $32,000,000 00
2d Pref. Stk. 22,043,600 00
284,600 00
Corn. Stock_
11,021,800 00
Def'd Stock_
Total ..._
$65,350,000 00
Per
Per
Cent. Outstanding. Cent.
$31,997,300 00 99.99
$2,700 00 0.01
22,002,600 00 99.81
41,000 00 0.19
147,500 00 51.83
137,100 00 48.17
11,021,800 00 100.00
0.00
--$65,169,200 00 99.73 $180,800 00 0.27
Deposited.
TOTAL NUMBER OF SECURITIES OF BOTH COMPANIES.
Issued.
Deposited.
Per
Per
Cent. Outstanding. Cent.
Bonds and
Shares ___ $284,673,862 50 $278,881,915 00 97.97 $5,791,947 50
2.03
All the above amounts in United States Currency.
The remaining Five Per Cent Gold Notes of the former
Mexican Central Railway Company Limited, to which reference was made in the annual report last year, and which
were assumed by your Company together with other °bliptions of that Company, have been paid in full, and the Equipment Bonds and Notes of the said former Mexican Central
Railway Company Limited are being paid as they mature.
There remains pending payment, therefore, of the obligations referred to only the amount shown in the attached General Balance Sheet, or $4,708,000, as compared with $37,046,238 72 at June 30 1909.
In order to give greater scope to the certificates of this
Company on the market, the First and Second Preferred
Shares have been listed on the Exchanges in Basle, Geneva and
Zurich, Switzerland, and the Prior Lien Bonds have been
listed on the Exchanges in Berlin and Frankfort, Germany.
In connection with these listings the Company has only
assumed the obligation to communicate and publish in due
time advertisements relative to the payment of dividends
and interest, redemption of bonds, etc. The listing of the
Second Preferred Shares on the Paris Bourse has also been
accomplished.
. ACQUISITION OF RAILWAY LINES.
SUBSIDIARY COMPANIES.
By the purchase from the Southern Pacific Company of
a considerable number of shares of The Mexican International
Railroad Company, the Ferrocarriles Nacionales de Mexico
(National Railways of Mexico) became the owner of 203,023
of the total 207,082 shares comprising the Capital Stock
issued by that Company, and this permitted the execution
of the deed transferring all of the properties of The Mexican
International Railroad Company to the Ferrocarriles Na
cionales de Mexico (National Railways of Mexico), which
transfer took effect as of date June 30 1910.
Your Company being the only holder of the stock of the
Mexican Pacific Railway Company, it was deemed convenient, in order to simplify the administration of said Railway, to transfer all of the properties of that Company to
the Ferrocarriles Nacionales de Mexico (National Railways
of Mexico); this was done, the transfer being effected as of
June 30th last.
The two deeds of transfer mentioned above were executed
in New York City in due legal form, and as the transfers had
previously been authorized by the Department of Communications and Public Works,the documents were protocolized
in the City of Mexico on the register books of Notary Juan M.
Villela.
The Board of Directors entered into negotiations for the
acquisition of all or at least a large majority of the shares
of stock of the Pan-American Railroad Company and the
Vera Cruz & Isthmus Railroad, considering that these lines
had great significance in connection with the future development of this Company, and although the contracts covering
these acquisitions were executed after June 30th of this year,
and do not, therefore, properly pertain to the period covered
by this report, the Board of Directors deem it expedient to
inform the Stockholders of this fact, though only in general
terms, on account of the corresponding deeds not having
as,yet been executed.
It would be proper to observe, with respect to these contracts, that, in all probability, according to careful studies
which have been made of the physical and financial conditions of the lines referred to, the earnings of these railroads
will in the near future be sufficient to fully cover the expenses
of operation as well as the fixed charges.
The Interoceanic Railway Company of Mexico (Acapulco
to Vera Cruz) Limited, which, as the Stockholders understand, is operated by this Company, entered into a contract
with the Mexican Southern Railway Company, covering
the rental of the latter Company's properties for the balance
of the time covered by its concession, and inasmuch as the
concessions of the Interoceanic Railway will expire before
those of the Mexican Southern Railway, it is stipulated in,
said contract that, after the expiration of the former Company's concessions, the rental contract will continue in favor
of the Ferrocarriles Nacionales de Mexico (National Railways of Mexico). The rental stipulated is the equivalent
of the amount necessary to cover the payment of the principal and interest of the bonds issued by the Mexican Southern Railway Company, and to reimburse the Capital Stock,
paying thereon progressive dividends not to exceed at any
time 5 per cent per annum. The receipts to date from the
Mexican Southern Railway assure the payment of these
amounts in the near future, and will soon yield considerable
profit directly to. the Interoceanic Railway and indirectly
to the Ferrocarriles Nacionales de Mexico (National Railways of Mexico).
It does not appear necessary to say more concerning the
great advantages offered by the acquisitionof the, only railroad that connects the State of Oaxaca with our System.
This Company is the owner of the concession issued by the
Federal Government to the National Railroad Company of
Mexico for the construction of a bridge over that part of the
Rio Grande belonging to this country, to connect the towns
of Matamoras, State of Tamaulipas, and Brownsville, State
of Texas, and the St. Louis Brownsville & Mexico Railway
is the owner of the concession issued by the Government
of the United States of America for the construction of that
part of the bridge located in the State of Texas, and these
Companies agreed to the organization of a subsidiary company to which they will transfer the concessions and facilities
on both sides of the river and which subsidiary company shall
take charge of the construction and operation of said bridge.
The result of this agreement was the organization of the
Brownsville-Matamoras Bridge Company under the laws of
the Territory of Arizona, and the concessions referred to will
be transferred to that Company in due course, with the
authority granted by the Governments of Mexico and the
United States of America. The Capital Stock of the Bridge
Company was subscribed in equal parts by both Railway
Companies.
It was considered advantageous to reorganize the Express
Service over the Company's lines, which had previously been
performed by Wells, Fargo & Company on the former Mexican Central Railway, and by the National Express Company
on the lines of the former National Railroad Company of
Mexico. The result of the negotiations entered into with
this end in view was that this Company and Wells, Fargo.&
Company organized a limited company in accordance with
the laws of the Republic of Mexico under the name of the
"Compania Mexicana de Express, S. A.," the object of
Nov. 26 1910.
THE CHRONICLE
which was to perform express service in the Republic of
Mexico. The organization having been perfected, the said
company executed with the Ferrocarriles Nacionales de
Mexico (National Railways of Mexico) a contract covering
the operation of express service on its system, and by virtue
of this contract your Company and the lines which it operates,
in their capacity of transportation companies, receive as
compensation for providing the facilities necessary for the
performance of the service 50 per cent of the gross earnings
that may be received on the entire System, the balance going
to the Compania Mexicana de Express, S. A. Furthermore,
the Capital Stock of the Express Company, totally paid in
cash by Wells, Fargo & Company, was fixed at one million
pesos in the Deed of Incorporation, represented by ten
thousand shares of one hundred pesos each, which were divided into two series, A and B, of five thousand shares each,
Series A shares being assigned to this Company, free from all
expense, as compensation for our having agreed to the organization of the Express Company. It was also provided
in the Deed of Incorporation that out of the gross earning
of the Compania Mexicana de Express, S. A., on the lines of
the Ferrocarriles Nacionales de Mexico (National Railways
of Mexico) a cumulative dividend of 9 per cent should be set
aside for a period of five years, which would be assigned
preferably to shares of the A series. In view of this and in
accordance with contract entered into with the Ferrocarriles
Nacionales de Mexico (National Railways of Mexico), in its
capacity as a transportation company, as already stated,
your Company should receive 59 per cent of the gross earnings mentioned. The B series shares are also entitled to
9 per cent cumulative for a period of five years, but subordinate to the 9 per cent corresponding to shares of the A series.
Any balance left over, after providing for the Reserve and
Sinking Funds, is to be divided pro rata between the two
series of shares.
As a matter of information and in view of its importance,
the Board desires to advise the stockholders that the gross
Express receipts of the Compania Mexicana de Express,
S. A., on the lines of your Company for the first ten months
of its operation (September 1 1909 to June 30 1910) amounted
to $2,542,982 10 Mexican Currency, out of which this Company, as a transportation company, is entitled to 50 per cent,
or $1,271,491 05 Mexican Currency, and on account of dividends declared on the Capital Stock of the Compania Mexicana de Express, S. A. A Series, $278,868 37 Mexican Currency, making a total of $1,550,359 42 Mexican Currency.
As the Stockholders are aware, the Mexican Central Railway Company Limited was the only stockholder in several
subsidiary companies which it had organized, and some of
these companies owned exclusively certain railway lines or
had charge of the operation of certain other lines. When
the transfer of the Mexican Central Railway and subsidiary
companies to the Ferrocarriles Nacionales de Mexico (National Railways of Mexico) had been consummated, it was
considered undesirable that these companies should continue
in existence, as their continuance would not only cause difficulties in the accounting in connection therewith,but also
unnecessary expense. Existing under these circumstances
were the following: "The Tampico Short Line Company"
and "The Mexican & Northern Steamship Company," which
have been dissolved in accordance with the laws of the respective States of the United States of America, under which
they were organized.
For the same reason, and in view of the close relationship
which existed between the Alamo Coal Co. and the Coahuila
Coal Company, it was deemed desirable to consolidate these
two companies, and to that end a company named "The
Coahuila Consolidated Coal Company" was organized under
the laws of the State of Colorado, the corporate documents
which company were duly protocolized in the City of Mexco, it having acquired all the properties, rights, etc., of the
two companies mentioned above.
THE BOARD OF DIRECTORS.
The Board of Directors has proceeded regularly, not only
in such matters as pertain exclusively to the Directors resident in Mexico, but also in those concerning which, in accordance with the By-Laws, it became necessary to obtain the
vote of the Local Board resident in New York, the relations
with which have been wholly satisfactory and in perfect
accord.
It is with much regret that the Board has to inform the
stockholders of the loss sustained by the death of Mr. Julio
M. Limantour, which occurred on October 11 1909. Mr.
Martin G. Ribon, by designation of the Board, was elected
to fill the vacancy caused by Mr. Limantour's death.
During the year Messrs. Ernst Thalmann, James Speyer,
Manuel de Zamacona e Inclan and Samuel M. Felton resigned
as Directors, and in accordance with the provisions of Article
Twenty-six of the By-Laws the Board appointed Messrs.
Walter T. Rosen, Hans Winterfeldt, Emilio Pardo and
Hugo Scherer Jr., respectively, to act in their stead until the
holding of the general meeting of shareholders at which this
report is presented.
In accordance with the provisions of Clause 14 of the Deed
of Incorporation of the Company, the term of the first group
of the three into which the Board of Directors is divided
having expired, which is composed of Messrs. Luis Elguero,
Ricardo Honey, William H. Nichols, Jose Signoret, Walter
T. Rosen (substitute of Mr. Ernst Thalmann), James N.
Wallace and Emilio Pardo (substitute of Mr. Manuel de
1453
Zamacona e Inclan), seven Directors should be elected at the
General Meeting to hold office until the meeting of 1911, and
in addition two to fill the unexpired terms of Messrs. Samuel
M. Felton and Julio M. Limantour, to hold office until the
meeting of 1912. The outgoing Directors may be re-elected.
The Commissaries, Messrs. Luis Mendez and Salvador M.
Cancino, and their substitutes, Messrs. Emilio Pardo and
Porfirio Diaz Jr„, appointed at the ordinary general meeting,
shall cease to exercise their functions on the date of the present general meeting of shareholders.
In accordance with Article 27, of the By-Laws, the Board
of Directors elected Mr. Jose Y. Limantour as Chairman of
the Board and Mr. Pablo Macedo as Vice-Chairman. In
view of the fact that the same conditions existed during the
past year with Mr. Limantour as in the one preceding, that
is to say, he still held the office of Minister of Finance and
Public Credit, he asked to be excused from assuming the
duties of Chairman, and Mr. Pablo Macedo, in his capacity
of Vice-Chairman, therefore discharged the duties of Chairman.
OPERATION OF THE LINES.
The administration of the Company's affairs and the operation of its lines have been carried on without interruption
during the fiscal year 1909-1910, and it is with great satisfaction that the Board informs the stockholders of the
gratifying results achieved, notwithstanding our having
suffered, as was but natural, from the effects of the general
loss of crops throughout the Republic and the financial depression experienced during the year 1908.
These results appear in the Accounts and Balance Sheet
submitted to the annual meeting, as well as in the report
rendered by the President of the Company to the Board of
Directors, and which accompanies this report. Reference to
the Presidents' report and accompanying statements will
give full details regarding the operation of the property.
As the stockholders were informed by the Board at the
general meeting of 1909, the exceptionally heavy rains in
the northern part of the Republic during the month of
August 1909 caused serious damage to that portion of the
system located in the region mentioned. Immediate steps
were taken to do the necessary work to open the line and in a
comparatively short time the damage was not only temporarily repaired but some permanent work had been done
which materially improved the condition of portions of the
Road. This meant a very heavy expenditure for the Company, which, in round numbers, amounts to $3,282,300
Mexican Currency.
During the early part of the year under review the conductors and engineers of foreign nationality tried to induce
the Company to adopt certain rules and conditions which
would tend to give them rights over natives occupying similar positions, threatening to strike if their demands were not
granted. The Board of Directors worked energetically
and by exercising necessary prudence was able to handle the
situation in such a way as not only to satisfy the conductors
and engineers mentioned, but to uphold the principle of
giving preference to the Mexican employees under equal
circumstances; this in accordance with the regulation in
effect that foreign employees who properly performed their
duties would be kept in the service, thus recognizing their
personal merits, the understanding being that, under equal
conditions, preference would be given to native employees
with a view to stimulating the native element, so that in
course of time the Company would be able to use native employees in its service as far as possible. The Board of
Directors, through the Press, made known all the details
of this incident, and no doubt these are known to the Stockholders.
ACCOUNTS AND DIVIDENDS.
Embodied in the report to the Stockholders will be found
the Balance Sheet and Income Account corresponding to
the fiscal year 1909-1910, which show the financial condition
of the Company as of June 30 1910, and which have been
duly audited by Messrs. Price, Waterhouse & Company,
Chartered Accountants, and approved by the Commissaries.
As the Stockholders will note by said Balance Sheet and
Income Account, the results obtained permitted the payment
of a 1 per cent dividend on First Preferred Shares for the
second half of the year 1909 and of 2 per cent for the first
half of 1910, making a total dividend pf 3 per cent, which
exceeded by 1 per cent the dividend guaranteed on this
stock by the Dted of Incorporation of the Company. Now,
if the Stockholders approve the proposition which the Board
of Directors present to them, to the effect that an additional
dividend of 1 per cent be declared, the First Preferred Shares
will receive the full dividend of 4 per cent to which they are
entitled in accordance with the Statutes of the Company,
notwithstanding the fact that the past year is only the second
of the existence of the Company.
The details given in this report embody the most important occurrences during the fiscal year under review and
the books containing minutes of meetings of the Board of
Directors and of the Executive Committee, as well as the
documents pertaining thereto, are at the disposal of the
Stockholders, should they desire to refer to them or secure
any information not made mention of in this report, which
I have the honor to submit in the name of the Board of
Directors.
PABLO MACEDO,
Vice-Chairman.
Mexico, D. F., October 5 1910.
THE CHRONICLE
1454
[VOL. Lxxxxx.
REPORT OF PRESIDENT.SWEEMON
SIDINGS AND YARDS.
On Main Lines (between Mexico and
Mexico, D. F., September 22 1910.
New Laredo and Mexico and Ciudad Juarez), including Mexico City
Lie. Pablo Macedo, Vice-Chairman of the Board:
818.180
512.067
Terminals
submit
to your Board of Directors On Branch Lines
Dear Sir.-I beg to
297.892
479.408
10.049
30.657
report of operations of the property for the fiscal year ended Hidalgo Division
June 30 1010. 1.,;a1;;iiit ,i-11.,--i-A•,:Z;i=ati5
635.127
Total, Sidings and Yards
1,022.132
5,896.765
Grand Total
9,489.866
RESULTS OF OPERATIONI
The following condensed statement of Income Account
The decreased mileage of sidings and yards, as compared
shows the results of the year:
with last year, is accounted for by a re-measurement of the
Mexican Currency.
Central property during the fiscal year under
The Gross Earnings from all sources were
$52,562,293 39 ex-Mexican
The total Expenses of Operation were
31,593,557 78 review, and which developed this difference.
Leaving Net Earnings of
To which add:
Interest on Securities owned
Other Receipts
1,165,742 28
22,793 87
Making
$22,157,271 76
From which deduct:
Taxes and Rentals
$413,067 77
Operating Deficits of Subsidiary Companies
s. •
(Mexican-American Steamship Co. and Texas
Mexican Railway Co.)
78,238 55
$489,306 32
Sundry Adjustments of Operating Expenses:
Material Adjustment Account__ $50,000 00
Reserve on Additions and Betterments in Suspense
61,652 08
Reserve for accrued Depreciation
on Equipment covered by the
Prior Lien and General Mortgages
980,000 00
*Reserve to repair Damages
caused by Floods in Monterey
District
1,000,000 00
2,091,652 08
And:
'win
Interest on Funded Debt and Equipment and Collateral
16,739,743 78
Trusts, &o
•
Leaving Balance carried -to Protit'andlLoss Account
$2,836,569 58
And deducting:
Five per cent of Net Profits transferred to Reserve Fund
$141,828 47
Dividend on Preferred Shares, three per cent...1,729,974 00
1,871,802 47
Which gives a total Net Surplus at June 30 1910 of
9.650
6.054
15.704
9.758
AVERAGE LENGTH OF LINE OPERATED.
The average length of line operated during the year was
8,467.734 kilometers, or 5,261.638 miles.
WEIGHT OF RAILS.
2,580,958 40
Leaving as Net Surplus for the year ended June 30 1910_ _
To which add:
Net Surplus for year ended June 30 1909
Texas Mexican Railway
TulacIngo Tramway
Relinas-Decauville:
To Los Reyes
To Salinas
The following table shows the weight of rails in the main
line and branches, also sidings and yards, at June 30 1910:
$19,576,313 36
$964.767 11
50,469 89
$1,015,237 00
• On account of the extent of damage done by the floods in and about
Monterey during the month of August 1909, it has been decided to create
this reserve fund to take care of the heavy expenditures which we will have
to ineur in order to restore our lines in the effected district to standard.
MILEAGE.
The following table gives details of mileage in operation at
June 30 1910:
Ft.:1
MAIN LINE AND BRANCHES.
Kilometers.
Miles.
Standard GaugeMexico (Santiago) to centre of Rio
Grande Bridge
1,290.684
801.998
Colonia to Junction with Main Lino
at Kilo 6
5.791
3.598
Cintura Line-Santiago to San Lazaro
5.089
3.162
Connection at Gonzales Junction_ __ _
0.054
0.034
Gonzales to Acambaro
52.354
84.256
Branch in Yard at Acambaro
0.950
0.590
San Juan to Jaral del Valle
80.067
49.752
Connection with the "Y"at Salamanca 0.936
0.581
Matehuala Branch, including Potrero
Branch
65.212
40.521
San Luis de la Paz Branch
59.995
37.280
Matamoras Branch
331.078
205.723
Cintura Extension-San Lazaro to
Xico: and Branch to Factories_ _ _ _
5.183
3.221
30.800
Jarita Branch
19.139
Mexico (Buena Vista) to Ciudad
1,970.340
Juarez
1,224.320
Tampico to Monterey and Gomez
Palacio
882.100
548.115
Chicalote to Tampico
652.678
405.558
Irapuato to Guadalajara
259.100
160.998
Guadalajara to Ameca
89.900
55.861
Guadalajara to Manzanillo
356.052
221.242
Torreon to Saltillo
307.694
191.193
Mexico (Buena Vista) to Balsas
292.480
181.740
Jimlnez to Rosario
153.895
95.626
Lecheria to Apuico
141.200
87.738
Yurecuaro to Los Reyes
138.248
85.904
Paredon to SaltIllo
73.763
45.834
Tula to Pachuca
70.200
43.621
La Vega to San Marcos
47.000
29.205
San Bartolo to Rio Verde
42.356
26.319
Tepenacasco to Honey
35.162
21,849
Ocotian to Atotontico
34.922
21.700
Salto to Guanajuato
23.600
14.664
Mexican Union Ry.-Rinc•n de
Ramos to Cobre (Leased Line)
17.070
10.607
Telles to Pachuca
16.753
10.410
Brittingham to Dinamita
10.240
6.363
Tampico to La Barra
10.810
6.717
Cintura fly. of the City of Mexico_ _ _
9.572
5.948
Adrian to Santa Barbara
8.363
5.197
San Luis Potosi to Hacienda de Beneficio
8.350
5.180
Kilo. 1228 to Sulphur Mine
3.259
5.245
Santiago Branch-Mexico to the
.
Customs House
1.199
1.930
r
. Total, Standard Gauge
7,619.118
4,734.329
NF Narrow GaugeTacuba Junction (Kilo. 6) to Urua-''''•-• -. - •• •• :,-,:tik.,,,t1,4 -t••••• •
--pan: and Extension to Packing '
1,1
House "Popo"
511.899 t; •,, ••- 318.081
Michoacan & Pacific) Railway (Leased
...
L
Line).?..
'.•
. 91.917
•
57.115
Peralvillo to Beristain
164.200
102.030
San -Augustin to Irolo
--28.200
17.523
Ventoquipa to Tortugas
- •.1 r .26.560
16.466
Tem). to Pachuca ,
900
25
16.094
"T-!'
.
• .
---,,
. , Total, Narrow Gauge '
848.616 .11.*Aa,
527.309
4446 ,
Total. Main L inc ; (
Kilometers,
Miles,
Standard Gauge. Standard Gauge.
260.475
161.853
3.781
2.349
$20,968,735 61
MAIN LINE AND BRANCHES.
Kilometers. Miles.
546.741
339.731
30.382
18.879
1,629.373 1,012.452
1,549.305 962.699
298.578
185.529
12.520
7.780
419.187 260.472
2,787.010 1,731.778
669.360 415.923
499.608
310.444
25.670
15.951
85-lb. rail
83-lb. "
75-lb. "
70-lb. "
66-lb. "
663 -lb."
60-lb. "
56-lb. "
45-lb. "
40-lb. "
Various"
Total,MainLine
and Branches_8,467.734 5,261.638
SIDINGS AND YARDS.
Kilometers. Miles.
rail
5.341
8.595
"
1.194
1.922
11.855
7.366
"
..
66.372
41.242
"
8.493
5.277
"
2.830
1.759
"
629.057 390.880
"
3.169
1.969
4
55
4-lb.
-1b. "
122.251
75.964
40-lb. "
163.780 101.769
30-lb. "
3.808
2.366
85-1b.
83-lb.
75-lb.
70-lb.
66-lb.
60-1b.
56-1b.
Total, Sidings
and Yards
1,022.132
Grand Total
635.127
9,489.866 5,896.765
• GROSS EARNINGS.
The total Gross Earnings from all sourCes amounted to
$52,562,293 39, Mexican Currency, for details of which, as
well as comparisons with last year, your attention is called
to the following table:
1908-1909.
Earnings.
1909-1910.
I Peri centage.
$34,968:578 03
103,733 74
10,365,724 23
130,214 95
1,879,617 15
38,472 82
134,793 31
8,678 89
1,175,709 14
71.65
.21
21.24
.27
3.85
.08
.28
.02
2.40
$48,805,522 26 100.00
Percentage •
Earnings.
Commercial Freight
Construction Freight
Passenger
Baggage
Express
Telegraph
Rentals
Floating equipment
Miscellaneous
$37,668,711 38
202,652 70
11,245,560 16
207,16068
1,769,049 99
46,014 50
101,36525
8,186 34
1,313,592 39
71.66
.39
21.39
.39
3.37
.09
.19
.02
2.50
$52,562,293 39 100.00
The percentage of each class of commercial freight to the
total handled during the year, and comparison with the
previous year, is shown in the following table:
1909-1910.
Percentage.
1908-1909.
Percentage.
10.04
23.43
3.41
52.41
10.71
100.00
Forest Products
Agricultural Products
Live Stock and Animal Products
Mineral Products
General Merchandise
12.34
23.24
3.48
48.87
12.07
100.00
The foregoing table shows a very satisfactory increase in
Gross Earnings for the year, and the increases in earnings
from commercial freight and passenger traffic are most
gratifying when it is taken into consideration that the
country has been recovering from the effects of a financial
crisis. Also, the fact should not be lost sight of that on
account of the floods in the Monterey district in August 1.909,
the lines in this district were not only closed for quite a time,
which prevented us from moving freight and passengers,
but the farmers suffered to a great extent in the loss of crops,
cattle, etc.
OPERATING EXPENSES.
Diligence and care have been exercised in the maintenance
of the property, and at the close of the fiscal year the physical
condition might be considered as good, and somewhat improved during the year.
On account of the heavy floods in the Monterey district,
and consequent extensive washouts, Operating Expenses
were charged during the year with approximately $870,000 00
Mexican Currency, being the cost of repairing the line temporarily to open it for traffic, together with such permanent
repairs as were made during the period under review. There
is also included in Operating Expenses the extra cost f -touring freight and passenger trains to and fronillidints
affected 15y these interruptions,and which,in some instiplees,
meant n, haul of considerable-additional mileage.
The cost of operating .the _property for the fiscallYlar,wa•
60.11 per cent.
- "
The comparative lieiebrifages of the sub-accounts f9r the
years 1908-1909- and-1909-1910 are as follows:
Nov. 26 1910.1
THE CHRONICLE
1908-1909.
Percentage.
22.54 Maintenance of Way and Structures
21.23 Maintenance of Equipment
49.61 Conducting Transportation
8.62 General Expenses
-.100.00
1909-1910.
Percentage.
26.14
20.38
47.59
5.89
100.00
The comparative percentages to Gross Earnings for the
years 1908-1909 and 1909-1910 being:
1908-1909.
Percentage.
13.47 Maintenance of Way and Structures
12.69 Maintenance of Equipment
29.85 Conducting Transportation
3.95 General Expenses
1909-1910.
Percentage.
15.71
12.25
28.61
3.54
59.76
60.11
STATEMENTS OF OPERATION.
The various statements of accounts as prepared by the
General Auditor, and which accompany this report, give in
detail the results for the year, and show the financial condition of the property.
The books and accounts have been audited by Messrs.
Price, Waterhouse & Co., of London, New York and Mexico,
and a copy of their certificate as to the correctness thereof
accompanies this report.
The results of operation for the year are as follows:
1908-1909.
Mexican Currency.
$48,805,522 26
Gross Earnings
29,168,879 30
Operating Expenses
$19,638,642 96
$9,819,321 48
59.76
10,914,927
$2 8853
1 7243
11610
5,801 81
3,467 25
2,334 56
6 12627
01766
1 65477
01790
1909-1910.
Percentage
Mexican Currency. of Inc'se
*52,562,293 39
or Dec'se.
31,593,557 78
Net Earnings
$20,968,735 61
Which, reduced to gold at
the average price of the
Mexican dollar for the
year, viz., 50 cents,
equals
$10,484,367 80
Operating percentage
Inc. 0.35
60.11
Kilometers run by revenue
G.
trains
17,164,988
1.48
Gross Earnings per revenue
train kilometer
6.13
$3 0621
Operating Expenses per
revenue train kilometer_
6.71
1 8405
Net Earnings per revenue
train kilometer
5.23
1 2218
Gross Earnings per kilo11
meter of road operated
6,207 36
6.99
Operating Expenses per
kilometer of road oper14
ated
3,731 05
7.61
Net Earnings per kilometer
2,476 31
of road operated
8.07
Average amount received
for each ton of freight
6 59474 .4 7.65
Average receipts per ton
per kilometer
01851
4.81
Average amount received
from each
1 85195 " 11.92
Average receipts
passenger_per pas61
senger per kilometer_ _ _ _
1.28
01813
Expressed in miles the figures show as follows:
1908-1909.
Mexican
Currency.
10,510,428
$4 8435
2 7750
1 8685
9,337 13
5,580 01
3,757 12
6 12627
02841
1 65477
02881
1909-1910.
Mexican
Currency.
Miles run by revenue trains
10,685,809
Gross Earnings per revenue train mile
$4 9281
Operating Expenses per rev, train mile_
2 9621
Net Earnings per revenue train mile__
1 9660
Gross Earnings per mile of road operated 9,989 80
Operating Expenses per mile of road
operated
6,004 55
Net Earnings per mile of road operated.3,985 25
Average amount received for each ton of
freight
6 59474
Average receipts per ton per mile
02978
Average amount received from each
passenger
1 85195
Average receipts per passenger per mile_
02918
P. C. of
Increase
or Dec.
Inc. 1.48
" 6.13
" 6.74
" 5.23
" 6.99
" 7.61
" 6.07
" 7.65
" 4.81
" 11.92
" 1.28
ADDITIONS AND BETTERMENTS.
By referring to the Balance Sheet it will be noted that
there is a total amount of $4,290,918 94, Mexican Currency,
standing to the debit of Additions and Betterments at
June 30 1910, of which amount the sum of $1,779,501 52,
Mexican Currency, pertains to expenditures . made up to
June 30 1909; the balance, or $2,511,417 42, covers amounts
expended during the year ended June 30 1910. From the
appended statement it will be seen that of the latter amount
$99,756 22 was expended on freight and passenger equipment and on converting locomotives from coal to oil burning;
the balance, or $2,411,661 20, on extraordinary work of a
capital nature.
The following statement gives details of amounts expended
on this account during the year ended June 30 1910:
Expended
July 1 1909 to
June 30 1910.
$46,277 99
1,474 76
4,777 25
261,190 96
24,39&20
392,328 17
587,028 79
500,636 25
84,801 76
56,477 51
15.639 87
2,190 45
23,546 32
46,203 61
4,774 88
60,278 19
86,528 83
53,095 23
13,167 67
2,949 06
Right of Way and Station Grounds
Real Estate
Protection to Banks, and Drainage
Grade Reductions and Changes of Line
Tunnel Improvements
Bridges, Trestles and Culverts
Increased Weight of Rail
Ballast
Sidings and Spur Tracks
Terminal Yards
Improvements of Crossings Over and Under Grade
Interlocking Apparatus
Telegraph and Telephone Lines
Station Buildings and Fixtures
Roadway Buildings
Shops, Engine-houses and Turntables
Shop Machinery and Tools
Water and Fuel Stations
Dock and Wharf Property
!Meade and PoWer Plants
Asktiltional Equipment:
"Locejnotlyes
$53,304 96
'iPtisgenger Coaches
25,000 00
Freight Cars
'L.J.."
4.2,378 00
' Work Equipment
19,073 26
-r--r99,750:Z2
Colombia.Branch •
.:.;
.
40 62
Sundry Betterment Expenditures pending Formal Authorization
143,854 85
it).1 '
Total
$2,511,417 42
1455
BALLAST.
The following quantities of ballast have been placed in
the track during the year, viz.:
DivisionsMexico-Queretaro
Guadalajara
San Luis
Monterey
Torreon
Chihuahua
Aguascalientes
Cardenas
Hidalgo
Lineal Meters.
27,093,
58,027
45,132
56,424
1,622
54,587
21,407
18,745
985,
Total
284,022
BRIDGES, TRESTLES AND CULVERTS.
The following permanent bridges were built during the
year:
NORTHERN DIVISION.
Two 38.1 meters deck steel spans on masonry; Bridge
958-A near Mariposa.
AGUASCALIENTES DIVISION.
At Encarnacion an 8-meter masonry arch culvert with
9 meter side walls has been constructed to replace the viaduct; this work embraced a 130,000 cubic meter fill, changing
line to one curve of 2m. 30 deg. in place of three curves of
seven degrees each.
GUADALAJARA DIVISION.
lrapuato to Guadalajara. Two 62.4 meters through steel,
truss bridges, Nos. 93-A and 150-A, at La Piedad and La.
Barca, respectively.
GOMEZ PALACIO DIVISION.
Two pairs of 4.87 meters steel I beams on masonry abutments; Bridges 908-A and 986-A, Main Line.
Two 45.7 meters steel, double span on masonry abutments
and pier; Bridge 1,093-B; Main Line (Picardias Bridge).
CHIHUAHUA DIVISION.
Three spans of 7.01 meters, and two spans of 3.9 meters
steel I beams; Bridge 1,610-A; Main Line, over street car
subway.
LINARES DISTRICT.
Ten spans of 7.01 meters steel I beams on masonry; comprising three bridges, Nos. 456-A, 457 and 465-B; located at
kilometers 455.93, 456.30 and 465.55, respectively.
ZAMORA BRANCH.
One pair of 7.01 meters steel I beam spans on masonry
abutments; Bridge 38.B.
PACIFIC DIVISION-NARROW GAUGE.
Two spans of 5.18 meters steel I beams on masonry;
Bridge 357-K; Morelia district, near Charo.
RE-LAYING WITH HEAVIER RAIL.
The following sections of track were laid with heavier
rail during the year, viz.:
MEXICO TERMINALS.
Buena Vista yard: 1.097 kilometers of 27.779 kilograms
(per lineal meter)-(56 lbs. per yard) rail laid in place of
19.842 kilograms(40-lb.). Santa Julia: 411 meters of 19.842
kilograms (40-lb.) replaced with 313 meters of 34.723 kilograms (70-lb,) rail, and 98 meters of 27.779 kilograms
(56-lb.) rail.
MEXICO-QUERETARO DIVISION.
From kilometers 123.389 to 312.438, difference 189.049
kilometers, and from kilometers 5.377 to 95.000, difference
89.623 kilometers, a total of 278.672 kilometers of 34.723
kilograms (70-lb.) rail replaced with 42.390 kilograms
(85-lb.) rail.
SAN LUIS DIVISION.
Matehuala Branch: from kilometers 34.700 to 47.000, or
12.300 kilometers of 22.322 kilograms (45-lb.) rail were replaced with 34.723 kilograms (70-lb. rail.
In Matehuala yard, 1.859 kilometers of 19.842 kilograms
(40-lb.) rail were replaced with 780 meters of 34.723 kilograms (70-lb.) rail and 1.079 kilometers of 22.322 kilograms
(45 lb.) rail. Morales Smelter Branch; San Luis Potosi; 7
kilometers of 19.842 kilograms (40-lb.) rail replaced with
27.779 kilograms (56-lb.) rail.
NO13,THERN DIVISION.
Matamoras Branch: There were 38.820 kilometers of
22.322 kilograms (45-lb.) rail and 19.842 kilograms (40-lb.)
rail taken up and re-laid with 27.779 kilograms (56-lb.) rail,
as follows:
Kilometers.
From
79.440
88.500
107.300
112.000
128.900
131.700
203.950
275.700
307.150
-Totals ___
Rail Taken Up.
To
86.440
92.500
107.900
112.600
129.350
132.020
205.050
279.600
328.000.
22.322 kgs.
19.842 kgs.
7.000
4,000
.800
.500
12.200
.450 •
.320
1.100
_ 3.900 '•
.. 20.850
26.620
Raft Laid.
27.779 kgs.
7.000
4.000
.600
.600
.450
.320
1.100
3.900,,
20.850
38.820
MONTEREY DIVISION..
From kilometers 16.400 to 21.000, or 4.600 kilometers, Mid
from kilometers 26.273 to 60.100, or 33.827 kilometers, total,
38.427 kilometers of 27.779 kilograms (56-lb.) rail replaced
[VOL. Lxxxxi.
THE CHRONICLE
1456
with 34.723 kilograms (70-lb.) rail. From Kilometers proval of the Board of Directors, orders were placed in the
581.000 to 593.520, or 12.520 kilometers of 27.779 kilograms months of January, March, April and July 1910 for the
(56-lb.) rail replaced with 30.507 kilograms(61 341b.) rail. following:
13 Mallet Compound Locomotives.
From kilometers 593.520 to 594.500, or 980 meters of 27.779
46 Passenger Coaches.
2,550 Freight Cars.
kilograms (56-lb.) rail replaced with 37.204 kilograms(75-lb.)
rail.
The first deliveries of this new equipment will begin during
GUADALAJARA DIVISION.
the last quarter of the present calendar year.
Irapuato to La Junta: Between Kilometers 0.861 and
MATAMOROS-BROWNSVILLE BRIDGE.
251.168 there were 205.535 kilometers of 34.723 kilograms
This bridge, to which referecne was made in the last Annual
(70-lb.) rail laid in place of 27.779 kilograms (56-lb.) rail,
Report, was completed and opened for traffic on July21 1910.
leaving some small gaps at switches still to be changed.
OPERATION OF EXPRESS DEPARTMENT.
AGUASCALIENTES DIVISION.
Under a contract executed between this Company and the
From kilometers 735.034 to 735.838, or 804 meters of
32.739 kilograms (66-lb.) rail replaced with 37.204 kilograms Compania Mexicana de Express, S. A., the latter assumed
control and operation of the express service on all of our lines
(75-lb.) rail.
as of September 1 1909, and for a period of twenty-five years
CARDENAS DIVISION.
From kilometers 438.462 to 457.069, or 18.607 kilometers from that date. The results from operation for the ten
of 37.204 kilograms (75-lb.) rail replaced with 42.390 kilo- months to June 30 1910 have been satisfactory.
NEW LINE FROM DURANGO TO LLANO GRANDE.
grams (85-lb.) rail.
Under contract executed January 4 1909 between this
CHIHUAHUA DIVISION.
From kilometers 1,734.422 to 1,778.600, or 44.178 kilo- Company, the State of Durango and the Compania Maderera
meters of 27.779 kilograms (56-lb.) rail replaced with 37.204 de la Sierra de Durango, and covered by a concession from
the Federal Government, we are to build a line from Durango
kilograms (75-lb.) rail.
in a westerly direction for a distance of approximately 105
NEW SIDE AND ;PASSING TRACKS.
kilometers to a point called Llano Grande. The State of
During the year new side tracks, passing tracks, cross-overs Durango and the Compania Maderera guarantees for a period
and extensions to existing side tracks were built to the extent of twenty years any deficit from operations sufficient to pay
of 19.820 kilometers. Of these new tracks, 19.428 kilo- the interest on cost of the line. Contracts for construction
meters are of standard gauge, and the balance, or 392 meters, of the line were let in the month of January 1910, and the
of narrow gauge. The following statement gives details of work is progressing satisfactorily.
weight of rail used in these new tracks, viz.:
INTERNATIONAL RAILROAD CO.
Kilometers. TRANSFER OF THE MEXICAN
.097
The physical transfer of all the lines, property, etc., of
Forty-ound rail (19.842 kilograms)
3.233
Forty-live-pound rail (22.322 kilograms)
16.005 The Mexican International Railroad Company to FerroFifty-six-pound rail (27.779 kilograms)
2.361 carriles Nacionales de Mexico having become effective on
Seventy-pound rail (34.723 kilograms)
.201
Seventy-five-pound rail (37.204 kilograms)
.172 June 30 1910, all of the assets and liabilities of that company
Eighty-five-pound rail (42.390 kilograms)
have been included in the General Balance Sheet of this
22.069
Total
company, and which forms part of and accompanies this
From which deductreport.
Tracks taken up:
1.365
Forty-pound rail (19.842 kilograms)
As in former years, a separate report of the operations,
.884
Fifty-six-pound rail (27.779 kilograms)
be
2.249 etc., of The Mexican International Railroad Company will
rendered for the fiscal year ended June 30 1910.
19.820
Net increase
FLOODS IN MONTEREY DISTRICT.
With reference to remarks under head of "Damages
Suffered by the Lines" in your report of last year, an approximate estimate of the total damage places the amount at
$3,282,300 00, Mexican Currency, as necessary to repair the
damage, improve the districts affected by the washout by
changes of line, raising grades and putting in permanent
steel and masonry. Of this amount it is estimated that a
sum of $1,332,900 00, Mexican Currency, will be chargeable
to Additions and Betterments, and the balance, or $1,949,400 00, represents the approximate cost of replacing previous
structures. It is thought that the charge of $870,000 00,
Mexican Currency, to Operating Expenses, and the reserve
of $1,000,000 00, Mexican Currency, which has been set up in
the accounts for the year under review, will take care of all
the work to be done under this head and which is chargeable
to operation.
IN GENERAL.
EMPLOYEES.
TREE PLANTING.
The work of planting trees on the various divisions of the
system has received considerable attention during the last
year; at most points the experiment has been a success, and
in a few cases it has been ascertained that in certain districts
the soil, climate, etc., are unsuitable for certain kinds of
trees. To further this work a nursery has been established
at La Barra, a short distance out from Tampico, on company's land, and many young trees are being shipped to
suitable points on the system for planting.
STOCKING STREAMS, ETC., WITH FISH.
The Industrial Department has been endeavoring to stock
the principal lakes, running streams and larger presas along
the lines with game fish of various kinds, and at some places
the fish have been supplied.
ARTESIAN WELLS.
At various points on the system new artesian wells have
been sunk, and at some places existing wells have been
deepened, with a view to improving the water serivce.
STATEMENTS OF ACCOUNTS.
The number of employees in the service of the company at
Attached hereto you will please find letter from the
the close of the fiscal year was 26,106. Of the total number, General
Auditor, dated September 13 1910, together with
foreigners.
were
cent,
per
4.12
or
1,075,
the ten statements of accounts as listed therein.
STATEMENTS OF EQUIPMENT.
Accompanying this report will be found a list of directors
Your attention is invited to statements showing various and officers of your company as at June 30 1910.
and
1910,
30
June
classes of locomotives and cars on hand at
Respectfully submitted,
which accompany this report.
E. N. BROWN,
NEW EQUIPMENT.
President.
The increase in the traffic over the system made necessary
[For Balance Sheets. Income Account and Traffic Statistics see last Issue
the purchase of additional rolling stock, and, with the ap- of "Chronicle." page 1382.1
MEXICAN INTERNATIONAL RAILROAD COMPANY.
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1910.
New York, October 111910.
The President and Board of Directors submit herewith
their report of the Company's transactions for the year ended
June 30 1910:
I. MILES OF ROAD OWNED AND LEASED.
The following statement shows the miles of road owned
and operated at June 30 1910:
to Durango
a to
Main Line, RieuadtadnilrioDlaz
Monterey
va to Cuta
niaostoRosla
Branghes. Mbnle
tro Clenegas
"
Hornos to San Pedro
"
Pedricena to Velardena
"
Matamoras to Tiahuallio
"
Horizonte to Bermejtilo
"
Durango to Tepehuanes
Coahuila Coal Ry. (Leased Line)
"
Miles. Kilometers.
540.291
869.510
72.315
116.380
12.719
20.470
42.530
68.445
14.347
23.090
5.822
9.370
43.496
70.000
14.000
22.530
134.947
217.175
24.351
39.190
• Total
Sidings
904.818
179.551
1,456.160
288.958
1,084.389
1,745.118
Total miles of track
The Hondo Branch, 19.790 kilometers, has been dropped
from the statement of mileage this year, as it has not been
under operation on account of the abandonment of the coal
mines which it served; a small portion of this track has been
taken up. The increase in the mileage of sidings is brought
about by our having built new lines to reach some of the
coal fields, extension of existing side-tracks and additional
passing tracks. Some sidings were taken up, but the net
result has been an addition of 15.216 miles, or 24.488 kilometers, to the mileage of sidings as compared with last year.
The average number of kilometers of road operated during
the year was 1,461.61 (908.22 miles), as compared with
1,477.46 (918.06 miles) for the previous year.
II. RECEIPTS AND EXPENSES.
The gross earnings from all sources for the year were $8,920,854 03 Mex. Cy.
5,445.668 32
The total expenses of operation
The net earnings
To which addIncome from investments
$3,475,185 71
$6
1,389 50
66
j
"
$3,476,575 21
Gives a total net of
$1,738,287 60 U. S. Cy.
Equivalent in United States Currency
acon
collected
current
Adding thereto interest
"
18,773 09
counts
16
69
$1,757.060
Gives the total net revenue of
Nov. 26 1910.]
TIIE CHRONICLE
The interest on the funded debt and two years' interest
to June 30 1910 on the income bonds makes a total interest
charge of $911,430 00, United States currency.
From the foregoing it will be seen that there was an excess
from Income Account of $845,630 69, United States currency, over the fixed charges for the year.
Reference was made in last year's report to duties payable
to the Government on imported company material in excess
of the kilometric allowance, and it will be seen from the following statement that a charge of $200,000 00, Mexican
currency, has been made under this head; same represents
the estimated amount of duties to be paid to the Government
for importations, in excess of the kilometric allowance, made
during the six months ended June 30 1910. The principal
item on which this duty is assessable being new rail imported
during the term mentioned above.
For details of the Receipts and Expenses see following
statement:
Year ending
Year ending Increase(+) or
June 30 1910. June 30 1909. Decrease (-).
Mexican Currency.
Passengers and express
Freight
All other sources
$1,193,654 43 $1,022,248 87
7,606,517 40 5,829,166 23
120,682 20
101,869 39
+$171,405 56
+1,777,351 17
+18,812 81
$8,920,854 03 $6,953,284 49 +$1,967,569 54
Total receipts
Maintenance of way and
$1,446,482 97
structures
Maintenance of equipment.... 1,328,291 90
Conducting transportation
2,068,821 24
General expenses
291,164 47
$909,062 67
967,177 85
1,874,484 79
296,751 72
+$537,420 30
+361,114 05
+194,336 45
-5,587 25
Total working expenses__ _$5,134,760 58 $4,047,477 03 +$1,087,283 55
Receipts over working expenses
$3,786,093 45 $2,905,807 46
Income from investments
1,389 50
Total
$3,787,482 95 $2,905,807 46
Stamp and other taxes
Rental Coahuila Coal Ry___
Duties on imported Company
material in excess of the
kilometric allowance
Interest, discount & exchange
Sundry adjustments of operating expenses
Reserve for doubtful debts_
Forfeiture of Branch Line
Concession
$21,181 88
20,000 00
+$23,580 80
200,000 00
1,087 87
26,099 92
3,611 12
+173,900 08
--2,523 25
10,000 00
A-45,057 19
--10,000 00
45,057 19
2,376 00
--2,376 00
$83,268 92
+$227,638 82
Net Revenue, Mexican Cur$3,476,575 21 $2,822,538 54
rency
U. S. CurrencyAverage price realized for the
.
50 cts.
silver dollar
50 cts.
$1,738,287 60 $1,411,269 27
Amount of net revenue
Interest collected on open ac18,773 09
705 48
counts
$1,757,060 69 $1,411,974 75
DeductInterest on bonded debt
$551,510 00
One year's interest at 4% on
Income Bonds declared
from operations of fiscal
year ended June 30 1909,
and paid in October 1909_ _
179,960 00
One year's interest at 4% on
Income Bonds declared
,
from operations of fiscal
year ended June 30 1910.._
179,960 00
Interest on loans
+$654,036 67
+$327,018 33
+18,067 61
+$345,085 94
$551,510 00
'
170,060 00
13,890 00
+$179,960 00
-13,890 00
$911,430 00
$745,360 00
+$166,070 00
$845,630 69
$666,614 75
+$179,015 94
$666,614 75
+$183,812 74
$87,221 51
+$153,862 89
Reserve for doubtful debts
written back
4,796 80
$850,427 49
Additions, betterments and
$241,084 40
new equipment
Equipment written off as
136,865 60
valueless
Mezquite Branch, net debit
written off
Surplus
+$881,675 49
$44,762 68
20,000 00
$310,907 74
Total
+$880,285 99
+1,389 50
+4,796 80
+136,865 60
31,387 17
-31,387 17
$377,950 00
$118,608 68
+$259,341 32
$472,477 49
$548,006 07
-$75,528 58
Your attention is invited to Tables 8 and 10 for details of
passenger and freight traffic.
The freight traffic operations for the fiscal year show an
increase of 473,877 metric tons in the volume of freight
handled, or 32.7%, as compared with the previous year, and
an increase in earnings of $1,777,351 17, Mexican currency,
or 30.49%. The average number of kilometers each ton of
freight was hauled shows a decrease of 3.16%.
It will be noted from the following brief statement that
with the exception of agricultural products there were increases in the various subdivisions in classification of traffic,
viz.:
Forest Products
Agricultural Products
Live Stock and Animal Products
Mineral Products
General Merchandise
Net increase
Increase. Decrease.
(Tons.) (Tons.)
34,329
1,931
3,923
419,522
18,054
473,877
The increased movement of forest products is due to
heavier importations of lumber; also to a change in the classification of Guayule, which, for the fiscal year under review,
has been included under the head of forest products instead
f agricultural products, in which class it was previously
carried.
The apparent decreased tonnage in agricultural products
s due to the change in claszification eferred to in the preced
1457
ing paragraph. The general crop conditions this year were
more favorable than those of the previous year, and there
was in reality an increased movement in practically all of the
various agricultural products.
In the last annual report mention was made of the readjustment of fuel rates, and the belief expressed that an
increased movement of native coal and coke might be anticipated; there was an increase of 346,349 metric tons in these
during the year under review, due to the more favorable
conditions brought about by the readjustment of rates, as well
as to a heavier demand.
An increase of 18,054 metric tons in the tonnage of general
merchandise handled is evidence of the more favorable financial conditions which obtained this year as compared with
last.
The increase of $80,086 19, Mexican currency, in passenger
earnings is due chiefly to the improved commercial conditions.
The express receipts show an increase of $85,321 08,
Mexican currency, due partly to more favorable industrial
conditions and also to the arrangement entered into with the
Compania'
Mexicana de Express, S. A., under which the said
company assumed charge of the express service from the
1st of September last for a period of twenty-five years. The
results from this service for the ten months to June 30 1910
have been satisfactory.
Table No. 7 gives in detail the working expenses of the
property. The percentage of working expenses to gross receipts was 57.56, as against 58.21 for the preceding year, viz.:
1908-1909.
13.07
13.91
26.96_ __ _
4.27..___
Maintenance of Way and Structures
Maintenance of Equipment
_Conducting Transportation
General Expenses
58.41
1909-1910.
16.22
14.89
23.19
3.26
57.56
As will be seen from the foregoing, Maintenance Expenses
absorbed 31.11%, and Operation, 26.45%, of the gross
earnings.
The percentage of the total expenses of the sub-accounts
is shown in the following statement:
1908-1909.
22.46
23.90
46.31
7.33
100.00
Maintenance of Way and Structures
Maintenance of Equipment
Conducting Transportation
General Expenses
1909-1910.
28.17
25.87
40.29
5.67
100.00
The decrease in expenses is due principally to the generally
improved physical condition of the property, and to the use
of heavier cars and engines of greater capacity. Your attention is invited to Table No. 8, from which will be noted the
increase in average tons per train and average tons per loaded
car.
For details of operation of the Transportation Department
see Tables Nos. 8 and 9.
The results for the year, as well as the financial condition
of the property, are shown in the statements of accounts
prepared by the General Auditor, and which are included in
this report.
The books and accounts, as in previous years, have been
audited by Messrs. Price, Waterhouse & Company, of London, New York and Mexico, copy of whose certificate as to
the correctness thereof is incorporated in this report.
III. ADDITIONS, BETTERMENTS AND IMPROVEMENTS.
Table No. 6 of this report gives the details of expenditures
for additions, betterments and improvements during the
year, the total amount thereof being $518,470 17, Mexican
currency, from which there has been deducted the sum of
$36,301 36, Mexican currency, representing credits from a
small portion of track material, etc., taken up on the Hondo
Branch, leaving a net expenditure for these accounts of
$482,168 81, Mexican currency.
During the year new steel bridges of some importance
were built near Leona (Bridge 67-A) and between Silencio
and Blanco (Bridge 92-A) and at Topo Chico (Bridge 111-A)
on the Monclova Division, as well as a number of small
permanent bridges to replace temporary structures at various
points along the line.
During the year some 62.150 kilometers of track have
been laid with 75-lb. rail in substitution of rail of lighter
weights, and on the Torreon Division about 19 kilometers
of 54-lb., and a corresponding distance of 75-lb. rail were
taken up and re-laid, the one substituting the other on two
different sections of the track.
There was an increased mileage of side and passing tracks
during the year, and the charge under this heading amounts
to $166,205 36, Mexican currency.
A new cut-off track of approximately 6 kilometers was
commenced in December 1909 between Anhelo and Paredon;
work is progressing satisfactorily.
During the year under review considerable work was done
in sinking new wells, constructing and strengthening reservoirs, etc., with a view to improving the water service.
IV. CAPITAL.
It will be noted from Table No.4 that for additions, betterments and improvements during the year, an amount of
$241,084 40, United States currency, has been charged to
"Profit and Loss."
IR
Out of surplus earnings for the year ended June 30 1909
and June 30 1910, 4% interest on the Income Bonds, or a
total of $359,920 00, United States currency, was duly paid
to the holders of these bonds.
[Vok..i.xxxxx.
THE CHRONICLE
1458
V. FUNDED DEBT.
There have been no changes in the Funded Debt of your
Company during the year under review.
•
Year1893
1892
1891
1890
1889
1888
1887
1886
5
Gross
Earnings.
(Mex. Curr.)
$2,050,934 01
2,095,726 14
1,197,856 55
1,126,366 41
911,698 51
656,781 41
237,394 13
185,150 25
153,916 18
103,307 98
Average
Kilometers
Operated.
922.19
746.37
658.30
637.38
636.34
EarningsAverage
Average.
Earnings'
per Kilometer. per Mile.
2,22615
3,579 04
4,518 67
2,807:89
2,924 02
1,81969
2,839 77
1,745 04
2,305 64
1,432 73
1,841. 47
1,14428
1,396 43
867 73
1,098 11
676 76
905 39
562 59
612 37
421 49
VI. GENERAL REMARKS.
,
The property has been maintained in good physical con257733..5987
273.58
dition during the year and quite up to requirements.
273.58
average
The average kilometers operated, gross earnings,
1884
245.20
earnings per kilometer, and average earnings per mile, for the
At June 30 1910 there wese 3,192 employees in the service
years 1884 to 1905, inclusive, for the six months January to
June 1906, and for the fiscal years ending June 30 1907 of your Company, of'which 231, or 7.24%, were foreigners.
Under authority .given at special meetings of the stockto 1910, inclusive, are shown in the following table:
Average
Average
Gross
holders of this Company, held on October 18 1909 and
Average
Earnings
Earnings
Earnings.
Kilometers
under deed .of sale and conveyance duly
(Mex. Curr.) per Kilometer. Per Mile. April 29 1910, and
Operated.
$6,103 44
$9,822 57 executed as between this Company and the Ferrocarriles
$8,920,854 03
1,461.61
Year 1909-10
4,706 24
7,569 60 Nacionales de Mexico (National Railways of Mexico), the
6,953,284 49
1,477.46
Year 1908-09
5,604 51
9,019 35
8,281,565 66
1,477.66
Year 1907-08
took possession of all the railway
9,365 72 latter assumed control and
5,819 70
8,572,770 13
1,473.06
Year 1906-07
4,522 17 lines, fixed and movable property, including rolling stock, of
2,810 03
4,037,532 82
1,436.83
.6 Months 1906
your Company, on June 30 1910, and will operate same from
Year4,584 73
7,378,20
6,519,161 41
1,421.93
1905
date as part of its system.
that
57
88
7,829
4,865
15
6,891,196
1,416.44
1904
Under the mine date the Ferrocarriles Nacionales de
7,091,827 24
8,060 36
5,008 60
1,415.93
1903
7,481 04 Mexico (National Railways of Mexico) assumed all of the
4,648 61
6,496,161 58
1,397.44
1902
7,030 60
5,960,824 06
4,368 76
1,364.42
1901
6.71088 outstanding assets and liabilities of this Company.
4,17001
5,378,977 33
1,289.92
1900
6,441 91
4,645,559 29
3,918 55
1,185.53
1899
By order of the Board,
5,306 31
3,297 26
3,497,073 97
1,060.60
1898
E. N. BROWN, President:
4,603 86
3,034,126 04
2,860 76
1,060.60
1897
1896
1895
1894
1,011.02
947.23
922.19
2,900,925 33
2,664,126 08
2,169,131 47
2,869 30
2,812 54
2,352 14
4,617 69
4,526 28
3,785 29
[For Balance Sheet, Income Account and Traffic Statistics, see last issue
of "Chronicle," page 1383.1
UNITED FRUIT COMPANY.
ELEVENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1910.
CURRENT ASSETS AND CURRENT LIABILITIES.
Office of the United Fruit Company,
Accounts Collectible, $1,696,781 35, represent mainly
131 State Street, Boston, Mass.,
balances due for sales of fruit, and are considered good for
November 17 1910.
their face value.
To the Stockholders:
Your Board of Directors submits the following report of
the Company's business for the fiscal year ended Sept. 30
1910:
INCOME ACCOUNT FOR THE YEAR.
'Total net earnings for the year, after deducting $679,551 96
expended for betterments, were:
$3,943,802 92
From bananas and miscellaneous tropical fruits
1,968,491 57
From the sugar business
$5,912,294 49
640,282 19
Net earnings
Miscellaneous income
Total income
,Deduct interest on debentures
$6,552,576 68
260,583 33
$6,291,993 35
Balance, net income for the year
Against income there have been charged the four regular
1,877,472 00
aggregating
each,
dividends of two per cent
$4,414,521 35
Balance, surplus for fiscal year
There was brought forward from the close of the previous
12,006,804 60
year a surplus of
$16,421,325 95
Making the total amount at credit of income account
.Direct charges have been made against income account as
follows:
Extra dividend of 10 per cent paid Nov. 15
$2,134,000 00
1909
500,000 00
Special charge for depreciation
2,634,000 00
Balance, surplus, Sept. 30 1910
$13,787,325 95
BETTERMENT EXPENDITURES INCLUDED IN CURRENT
OPERATING ACCOUNTS.
These items are in effect a provision for depreciation over
and above the provision regularly made through the maintenance accounts. The liberality of the allowances made under
this head is attested by the fact that the inventories of the
Company's properties disclose an actual value $2,273,277 86
in excess of the value at which the properties are carried on
the books. Betterments charged to current. operating accounts for the past year are as follows:
$259,095 72
For new banana and cane fields
For farm, office and commissary buildings at tropical divisions 168,875 71
79,103 43
For railways and railway equipment
157,216 90
For tramways
15,260 20
For boats, wharves, telephones, &c., at tropical divisions
$679,551 96
TROPICAL DIVISIONS.
The Company's sugar mill at Banes produced 143,657,720
pounds of sugar and 2,359,872 gallons of molasses. The
output for the previous year was 120,120,340 pounds of
sugar and 2,770,688 gallons of molasses.
The Hotel Titchfield, at Ports' Antonio, Jamaica, was destivtgd by fire early in January 1919. In view of the popularity of this point as a winter resort, arrangements have
been made for rebuilding, and the new structure, with accommodations for 130 guests, will be ready for occupancy
early in the year 1911.
Cash on hand Sept. 30 1910 was
Current Liabilities
Capital Stock
$3,667,323 23
2,165,470 19
CAPITAL STOCK AND FUNDED DEBT.
$23,474,000 00
This was registered in the names of 6,181 shareholders,
indicating an average of 38 shares owned by each.
The outstanding capital stock was increased within the
year by the amount of the new shares, $2,134,000, issued
to stockholders under the terms of the Company's circular
dated October 12 1909.
Since Sept. 30 1910 there has been issued $1,125,000 in
additional stock in exchange for the balance of the shares in
Elders & Fyffes, Limited, thus giving your Company ownership of the entire capital stock of that corporation.
The authorized capital has been increased from $25,000,000
to $35,000,000.
Funded Debt.
There has been no change within the year in the funded
debt, excepting that occasioned by the maturing of $160,000
of the Company's 5% serial debentures.
INVESTMENTS.
Nipe Bay Company.-The Nipe Bay Company's sugar mill
produced 137,196,740 pounds of sugar and 2,870,334 gallons
of molasses, as against 91,888,400 pounds of sugar and
2,673,808 gallons of molasses the previous year.
The Northern Railway Company has continued at heavy
cost the substantial reconstruction of the roadway and structures on the lines of the Costa Rica Railway Company
Limited, which were damaged by the floods referred to in
last year's report.
Tropical Fruit Steamship Company, Limited.-Four steamships, the Almirante, Santa Marta, Metapan and Zacapa,
referred to in the report for 1909 as having been contracted
for, have been delivered by the builders and placed in service.
These are of 5,000 tons gross register, with accommodations
for 112 first-class passengers, and are supplied with the most
approved devices for proper handling and carriage of fruit.
Three additional steamers, generally similar in dimensions
and appointments, have been contracted for, and will be
placed in service early in 1911. Another steamship, the
Greenbrier, was purchased to serve as an auxiliary.
This will make a total of seventeen vessels owned by this
Company, specially equipped for its service. The superior
passenger accommodations and freight service which they
afford are appreciated by tourists and by shippers.
Elders & Fyffes, Limited.-The banana trade in Great
Britain and Europe continues to develop satisfactorily and
to call for continual enlargement of the transportation and
marketing facilities of Elders & Fyffes, Limited. That Company now owns and has in service 10 modern steamships,
fitted especially for its fruit,',transportation service, ,plyWg.,
,put
between England and Caribbeafi ports, and will shortly
:
.
into service 2 others now, under.construction.
Respectfully submitted by order of the Board of Directors.
ANDREW W. PRESTON, President.
Nov. 26.1910.]
THE .CHRONICLE
1459
COMPARATIVE BALANCE SHEET SEPTEMBER 30 1910 AND 1909.
ASSETS.
1910.
1909.
Plantations hnd Equipment (See exhibits "A" to "E")---'..
$24,708,499 79
Current Assets:
Cash
$3,667,323 23
Accounts Collectible
1,696,781 35 5,364,104 58
Notes Receivable
Advance Payments:
Charters, Wharfage and Steamship Supplies
Unclaimed Dividends and Unpaid Coupons
Nipe Bay Company Advances
Northern Railway Company Advances
Tropical Fruit Steamship Company Advances •
Nipe Bay Company Common Stock
Nipe Bay Company Ten-Year 8% Debentures
Miscellaneous Investments
Increase.
$23,689,628 75
$2,724,069 49
1,731,546 48
$1,018.871 04
$943,253 74
*34,765 13
4,455,615 97
908,488 61
985,105 00
542,063 00
443,042 00
256,386 95
5,052 00
3,819,586 30
4,469,190 98
1,449,528 57
1,478,665 96
2,407,632 84
167,040 07
4,357 75
1,512,593 91
3,227,461 16
3,730,992 95
1,449,528 57
72,665 96
1,904,545 63
89,346 88
694 25
•1,512,593 91
592,125 14
738,198 03
1,406,000 00
593,087 21
$45,033,752 97
$40,756,493 72
$4,277,259 25
$21,340,000 00
$2,134,000 00
LIABILITIES.
Capital Stock
Funded Debt:
4 %% Sinking Fund Debentures, due July 1 1923
5% Serial Debentures, duo June 1 1909 to 1918
Unclaimed Dividends and Unpaid Coupons
Current Liabilities:
Accounts Payable
Drafts
Dividend payable Oct. 15
$23,474,000 00
$4,250,000 00
x1,282,000 00
_
5.690,000 00 •$158,000 00
$4,250,000 00
1,440,000 00
5,532,000 00
5,802 00
$914,700 11
781,299 08
469,480 00
Interest Accrued not Yet Due on Bonded Debt
Income Account (Surplus)
*158,000 00
5,707 75
$760,863 82
454,505 05
426,800 00
2,165,479 19
94 25
$153,836 29
326,794 03
42,680 00
1,642,168 87
523.310 32
69,145 83
13,787,325 95
71,812 50
12,006,804 60
•2,666 67
1,780,521 35
$45,033,752 97
340.756.493 72
14 277_2511 25
The Company's Insurance Fund Asset of $887,210 84, shown on page 18 [pamphlet], s not included in the above balance
sheet.
• Deorease. x $160,000 of these debentures matured on June 1 1910, all but $2,000 of which have been presented and
paid.
COMPARATIVE STATEMENT OF INCOME ACCOUNT FOR THE FISCAL YEARS ENDED SEPT. 30 1910 AND 1909.
1910.
1909.
Increase.
Net Earnings arising from the production and Importation of tropical products
$5,912,294 49
$3,871,832 65
$2,040,461 84
Miscellaneous Income
640,282 19
516,816 81
123,465 38
Total Income
$6,552,576 68
$4,388,649 46
$2,163,927 22
Less: Interest on Bonds
260,583 33
220,770 83
39,812 50
Balance, Net Income
$6,291,993 35
$4,167,878 03
$2,124,114 72
Dividends Declared (see foot-note)
1,877,472 00
1,707,042 00
170,430 00
Surplus for fiscal year
$4,414,521 35
$1,953,684 72
$2,460,838 63
Surplus Income at close of previous year
12,006,804 60
10,036,449 87
1,970,354 73
Total Surplus
$16,421,325 95 $12,497,286 50
$3,924,039 45
Extra Dividend of 10% paid Nov. 15 1909
2,134,000 00
2,134,000 00
Balance
$14,287,325 95 $12,497,286 50
$1,790,039
45
Less: Direct Charges to Profit and Loss
500,000 00
490,481 90
9,518 10
Balance, Surplus
$13,787,325 95 $12,006,804 60
$1,780,521 35
Dividends.
Four quarterly dividends were declared and charged to Income Account during the year, viz.:
Dividend pay! Jan. 15 1910, 2%
$469,198 00
' April 15 1910, 2%
469,314 00
" July 15 1910, 2%
469,480 00
" Oct. 15 1910, 2%
469,480 00
$1,877,472 00
This item represents a special allowance for depreciation
Direct Charges to Profit and Loss.
$500,000 00
EXHIBIT "A."-COMPARATIVE STATEMENT SHOWING THE BOOK COST OF THE COMPANY'S PLANTATIONS AND EQUIPMENT AT
ITS TROPICAL DIVISIONS FOR THE FISCAL YEARS ENDED SEPTEMBER 30 1910 AND 1909.
Costa Rica.
1910.
Lands
Houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Telephones
Wharves, Lighters, Soc
Merchandise (Stores)
Material on Hand
Sugar Mill
Cuba.
1909.
1910.
Jamaica.
1909.
1910.
Honduras&Guatemala
1909.
1910.
$5,051,946 $4,905,215 $1,944,721 $1,943,461 $1,112,328 $1,009,682
413,765
413,765
301,305
290,477
193,225
182,523
1,350,362 1,461,023 1,233,861 1,457,276
496,117
484,806
316,069
276,705
217,865
264,946
184,128
159,333
47,791
47,791
80,532
80,532
49,409
48,209
984,238 1,026,929 1,402,589 1,380,489
82,152
82,152
60,355
60,355
12,841
11,168
16,524
16,524
468
468
58,533
23,633
224,066
223,826
189,814
188,191
77,902
82,196
90,220
79,103
66,252
46,499
152,750
125,986
48,228
38,136
1,287,532 1,287,532
$1-5-1,816
423,392
4,332
3,536
198,658
4,120
8,165
43,234
10.520
$8,459,890 $8,448,322 $6,770,436 $6,947,702 $2,496,402 $2,324,299 $1,075,633
$84T,775
Republic of Colombia.
Lands
Houses and Buildings
Cultivations
Live Stock
Tools and Machinery
Railways
Telephones
Wharves, Lighters, &c
Merchandise (Stores)
Material on Hand
Sugar Mill
1909.
$70,048
194,690
469,657
10,370
3,536
255,626
5,948
15,181
39,174
11,398
1910,
1909.
$283,082
7,894
115,059
18,843
8,669
9,000
$246,082
7,894
105,059
16,453
8,669
9,000
27,707
4,978
•
$475,234
Republic of Panama.
1910.
$957,929
269,421
1,086,598
52,077
3,563
2,593,278
405
85,115
208,966
173,744
Grand Totals.
1909.
1910.
$957,929
254,421
786,598
43,533
3,563
2,168,278
405
85,115
191,815
214,347
$9,420,057
1,380,303
4,751,656
799,353
193,503
5,326,886
96,075
383,365
632,163
437,601
1,287,532
1909.
Increase.
$9,062,372
1,300,898
4,718,156
765,302
192,303
4,865,509
92,574
341,210
607,561
456,207
1,287.532
$357,685
79,405
33,500
34,050
1,200
461,377
3,500
42,155
24,601
d18,605
$415,519 $5,431,101 $4,706,009 $24,708,499 $23,689,628
$1,018,871
21,398
963
.
The item of Railways includes 88.48 miles of tramways in Costa Rica, 42.54 miles in Panama and 38.31 miles In Guatemala.
d Decrease.
EXHIBIT "B."-COMPARATIVE STATEMENT OF LANDS OWNED AND LEASED BY THE COMPANY ON SEPTEMBER 30 1910 AND 1909.
Lands Owned.
Lands Leased.
Acreage.
Acreage.
Location.
Improved.
1910,
1909.
Unimproved.
Total.
1910. I 1909.
1910. , 1909.
Costa Rica'
39,845 42,987 136,199'123,951 175,844 166,918
Cuba
46,767 44,761 43,503 45,497 90,270 90,258,
Giltitemaja•
12,352 0,60 68,197 40,350 80,549 50,000
Jamaica
14,257 12,045 1.19,925, 17,591 34,182 29,636
Republic of Colombia.. 5,355 5,244 , 24,6771 0.021 30,032 11,265
Panama _ 30,638 28,530 - 12,950 24,518 43,588 53,048
.11
Total
149,014 143,197 305.451'257,928 454,465401,125
Location.
Improved.
1910.
Costa Rica
Jamaica
.,
Total
3,516
8,904
1909.
I
Unimproved.
1910.
1909.
3,835 I 1,473
1,206
9,388 12,489 12,583
12,420 13,223
13,982 13,789
Total.
1910.
,
1909.
4,989 5,041
21,393 21.971
26,382 21;012
Total Acreage,Lands
Owned and Leased 161,434 156,420 319,413 271,717 480,847 428,13
VOL. Lxxxx.t.
THE CHRONICLE
1460
The Tounntrcial
irnc
COMMERCIAL EPITOME.
Friday Night, Nov. 25 1910.
Trade reaches fair proportions, which is only another way
of saying that there is still room for considerable improvement. The iron and steel business seems to hesitate. Conservatism is still in the air. Collections are reported fair
to good and a bright feature is the bountiful crops of grain.
LARD on the spot has been weak at a further decline in
prices, due to falling prices for live hogs. Trade has been
quiet at the decline. Prime Western 10.85c., Middle Western 10.70c. and City steam 1014c. Refined lard has also
fallen, owing to the weakness of live hogs at the West and
dulness of trade. Refined Continent 10.90c., South Ainerican 12c. and Brazil in kegs 13c. The speculation in lard
futures in the local market has been dull and featureless,
with prices somewhat easier. At the West the trading has
been active, with the trend of prices still downward in the
main, owing to the weakness of the live-hog market, dulness
on the spot, selling by large packers and general liquidation.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Mon.
Tues.
Wed. Thurs.
Sat.
Fri.
10.00
10.20
10.00
Holl9.80
November delivery ___10.60
10.20
10.20
10.15
10.35
day. 9.95
January delivery
9.92
9.75
9.85
9.85
May delivery
9.80
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed, Thurs.
Fri.
10.20
10.0734 10.00
November delivery_ _ _ _10.50
Holl9.85
9.97 ;•6 9.85
9.60
9.80
9.773.6 day.
January delivery
9.45
9.573i 9.523
9.50
9.50
May delivery
COTTON.
Friday Night, November 25 1910.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total receipts have reached
393,380 bales, against 413,466 bales last week and 375,754
bales the previous week, making the total receipts since
Sept. 1 1910 4,083,412 bales, against • 4,078,360 bales
for the same period of 1909, showing an increase since Sept. 1
1910 of 5,052 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
7'otal.
Galveston
16,66'7 14,925 25,690 14,354 18,079 14,354 104,069
Port Arthur- --- ----------------------------____
____
6,441
6,441
Texas City, &c
_ __ _
_ ____
____
12,509 12,509
New Orleans
13,796 11,935 18,358 18,133 14,299 15,802 92,323
,62
,010 4,474
2,051
Mobile
1,778
-------__
_
------------8,075
___
Pensacola
6,075
244
_ ___
___ _
875
___ _
264
1,383
Jacksonville, &c.
9,882 3,380 7,873 58,326
9,341 13,278 14,572
Savannah
18,000 18,000
Brunswick
571 3791 16594
,62 2,920 2856
Charleston
_
----158
_
----__
----158 ---------Georgetown ---1,730 17,986
2,500
3,112
2,217 5,355 3,072
Wilmington
5,800 3670 5,095 39,426
8,202
9,251
Norfolk
7
149
N'port News. &e.
--------------------149----------494
263
231
New York
1,691
___ _
318
'
Boston
1
----5,978 5,978
------------Baltimore
---____
___- --____
_ ___
_ ___
Philadelphia__
rorsds this week 52.926 61.1.i2 77.892 62.026 46.515 92.879 393.380
The following shows the week's total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
PORK on the spot has been easy in tone, but without last year:
quotable change in prices. Trade has been quiet. Mess
1910.
1909.
Stock.
$19 50, clear $21@$22 50 and family $24. Beef has been
Receipts to
quiet but. generally steady, owing to the smallness of supplies.
Nov. 25.
This Since Sep This Since Sep
1 1909.
week. 1 1910. week.
1010.
1909.
Mess $15 50@$16, packet $17@$17 50, family $19 50®
$20 and extra India mess $30 50. Cut meats have been Galveston
104,069 1,547,172 84,373 1,389,436 204,501 259,400
39,017
6,441
64,766
quiet and as a rule easier. Pickled hams, regular, 11'© Port Arthur
20,282
1,894
City, &c__ 12,509 120,028
14c.; pickled bellies, clear, 15®18c. and pickled ribs 14®16-c. Texas
New Orleans____ 92,323 519,422 36,701 538,940 163,518 153,031
723
7,981
Tallow has been quiet and easy; City 7Uc. Stearines have Gulfport
52,942
52,922
8,885 133,123
11,778 112,131
Mobile
been dull and easier; oleo 10c. and lard 123'c. Butter has Pensacola
55,415
0,075
23,797
been quiet and easy; creamery extras 303'c. Cheese has Jacksonville, &c_ 1,383
19,555
2,741
9,335
58.326 798,500 25,782 976,446 155,622 174,081
been quiet and firmer; State, whole milk, colored, Sept. Savannah
14,557
18,931
7,090 170,804
18,000 105,841
Brunswick
fancy 153'e. Eggs quiet and steady; Western firsts 31@35c. Charleston
37,660
44,465
32 160,993
16,594 181,653
607
544
58
158
OIL.-Linseed in the local market has ruled steady with Georgetown
18,576
42,821
Wilmington ____ 17,936 261,934 7,914 235,076
trade quiet. At some Western points prices have been easier Norfolk
31,740
32,586
39,426 287,633 15,281 292,025
6,247
1,255
1,721
149
though trade there has remained small. The receipts of N'port News, &c_
977
2,511 173,664 133,985
New York
494
1,839
seed at the Northwestern markets have been light. City, Boston
2,254
921
3,890
6,258
635
1,691
18,541
19,138
25,460
40,832 3,866
5,978
raw, American seed 97@98c.; boiled 98®99c., and Calcutta, Baltimore
10,948
4,318
552
Philadelphia
raw, $1 03. Lard has been quiet for most grades with trade
non nand nan Al9 9AA 92A A AIR 'IRA
011 AAR
OAR AftR
moderately active, but prime has been dull and weak with
consumers disposed to await a further decline. Prime
comparison
may
be
made
with
other
years,
that
order
In
95c. and $1; No. 1 extra 65@70c. Cocoanut has been firm
for Ceylon at 9®93%c. with a moderate demand; Cochin we give below the totals at leading ports for six seasons:
is still out of supply. Olive has been quiet and firm at
1905.
1907.
1906.
1908.
1909.
1910.
Receipts at90@95c. Corn active and firm at 7®7.05e. Cod firmer with ---------86,028 136,988 103,657
84,373 164,826
101,069
a good demand; domestic 44@46c.; Newfoundland 48@50c. Galveston
2,946
7,399
9,997
10,264
1,894
18,950
-e.
COFFEE on the spot has been active and firmer. Rio Pt.Arthur,&
90,906
93,807
97,467
74,646
36,701
New Orleans_
92,323
19,585
12,153
14,590
8,885
9,359
11,778
No. 7, 133/
8 ®131/0., and Santos No. 4, 133.I ®13Mc. Mobile
63,629
49,915
25,782
61,687
45,031
58 3,6
_
Buyers in various parts of the interior have requested prompt Savannah
7,090
10,649
6,679
18,475
9,428
18.00)
Brunswick....
6,890
8,509
7,104
7,442
7,098
shipment of purchases. West India growths firmer and more Charleston,&e 10,752
7,914
20,873
18,367
17,986
16,933
16,200
_
active. Fair to good Cucuta 14@143c. The speculation in Wilmington_
15,281
29,376
39,426
22,045
26,098
26,418
Norfolk
1,255
108
273
future contracts has been active and more or less excited, and N'port N., &c
149
1,091
3,225
8,219
8,849 . 12,968
15,621
20,140
7,621
though profit-taking on a large scale has caused irregularity at Ail others_ __ _
------times,the tone of the marketon the whole has remained strong, Total this wk_ 393,380 204,284 413,653 333,317 390,838 322,610
-with sentiment among many in the trade still bullish, owing
4,083,412 4,078,380 4.368.485 3,299,982 4,205,197 4,036,203
to unfavorable crop accounts from Brazil and reports of Since Sept. 1 _
small supplies of old coffee. Closing prices were as follows:
The exports for the week ending this evening reach a total
10.31c.
November
10.35c. July
10.35c. March
10.300. of 311,933 bales, of which 137,758 were to Great Britain,
December
10.35c. April
10.36c. August
10.35c, May
10.27c.
10.36c. September
January
France and 140,912 to the rest of the Continent.
10.35c. June
10.180. 33,263 to
February
10.34c. October
exports for the week and since Sept. 1 1910.
the
Below
are
SUGAR.-Raw has been quiet and firmer. Centrifugal,
96-degrees test, 3.93c.; muscovado, 89-degrees test, 3.43c.,
Week endinallov. 25 1910. From Sept. 1 1910 to Nov. 25 1910.
Exported toExported toand molasses, 89-degrees test, 3.18c. Refined has been quiet
Exports
and steady. Granulated 4.60c. Teas have been quiet and
ContiGreat
I
fromgenerally firm. Spices firm with a routine demand from grindGreatFence' nent. Totad Britain. France. nent. I Total.
Britain.,
ers. Hops moderately active and firm. Wool quiet and
522,867107,599 434,17311,124,639
Galveston _ _ _ _ 23,079111,732 70,057 104,868
15,441 14,572 34,753 64,766
5,800
steady.
Port Arthur___ 5,800 _
2,143 101,049
98,906
8,515
_
PETROLEUM has been in moderate demand from do- Texas City, &c. 8.515
14,923 60,633 242,869 25,18q 89,620 357,669
____
45,710
New
Orleans__
mestic and foreign consumers and prices have ruled firm. Mobile
11.601 7,4051 13,921
32,927
1,300 7,722 9,022
9,207 9,963
4,727 23,897
75 6,075
6,000
Refined, barrels 7.40c., bulk 3.90c. and cases 8.90c. Gaso- Pensacola
Gulfport
line has been moderately active and firm; 86 degrees in 100- Savannah __ 25,972 5,650 30,785 62,447, 150,323 45,561 175,335 371,219
1 29,848
37,12
gallon drums 183
66,974
4c.; drums $8 50 extra. Naphtha in fair de- Brunswick_
----9,992 9,992
6,000 9,90q 59,192 75,092
mand and steady; 73®76 degrees in 100-gallon drums 16Y1c.; Charleston_
22,646 83,393 19,290 107,389 210,072
14,105 8,541
Wilmington__
_
drums $8 50 extra. Spirits of turpentine easier at 79c. Rosin Norfolk
10,406
61
5,500
5.500i 10,345
Newport News
has been quiet and steady; fair to good strained $6 10.
2,332 3,178 153,807 44,914 86,584 285,305
846
New
York_
_....
TOBACCO.-There has been a good business in binder of Boston
40,811
2,640 38,048
2,763
2,640
41,368
2,049 • 3,049
8,398 2,800 30,17
1,000
late, as manufacturers of cigars have been disposed in not a Baltimore _
25,937
4,591
24,537
1,04
4,591
Philadelphia
_
requirements,
owing
to
unfavorable Portland, Me_ _
few cases to anticipate
15,349
2,977 2,977
15,349
reports regarding the crop. The general market for domes- San Francisco_
11,561
11,561
tic leaf has been rather quiet. Sumatra and Havana have Seattle
1,757
1,757
Tacoma
400
40
been in fair demand. Prices have ruled firm.
Portland, Ore_
Pembina
only
slight
changes.
shown
Small sales
COPPER has
have been made of late at 12N ®13c. for lake, 12.85® Detroit
137,75833,263140,912311,9331,405,590347,1841,108,4242,861,198
Total
12.873'2c. for electrolytic and 12M ®12%c. for casting. It
is stated that the largest melters have provided for their re- Total 1909.... 59,42849.254 68,780177,4621,112,937'548,884 1,193,5802,855,410
quirements up to the first of February. Lead has been quiet
and steady at 4.45@4.55c. Spelter has been quiet and easy .In addition to above exports, our telegrams to-night also
shipboard, not
at 5.80@5.90c. Tin has been quiet and firmer; spots give us the following amounts of cotton on
36.95c. Iron has ruled steady. No.'1 Northern $15 75® cleared, at the ports named. We add similar figures for
New York.
$16 26 and No. 2 Southern $15 25@$15 75.
THE CHRONICLE
Nov. 26 1910.1
On Shipboard, Not Cleared forNov. 25 at-
Total 1910_ 99,633 26,039 60,377 48,793 25,198 260,040
Total 1909_ 77,712 56,580 84,295 34,983 31,080 284,650
Total 1908_ 100,100 61,484 95,162 53,056 28,972 338,774
653,368
623,788
712,508
Good mid. tinged_c Even
Strict mid, linged_ _0.15 off
Middling tinged_ 0.25 oft
Strict low,Mid.ting..0.60 off
Low mid. tinged _ _ _1.50 oft
Middling stained_ _0.75 off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 19 to Nov. 25Middling uplands
1910_c
1909
1908
1907
1906
1905
1904
1903
Sat.
14.55
Mon. Tues. Wed. Thars. Fri.
14.80
14.85
14.95
H.
15.10
NEW YORK QUOTATIONS FOR 32 YEARS.
15.10
14.60
9.45
11.20
11.20
11.75
9.70
11.30
1902_c
1901
1900
1899
1898
1897
1896
1895
8.50
8.00
10.25
7.75
5.44
5.81
7.62
8.62
1894_0
1893
1892
1891
1890
1889
1888
1887
6.00
8.12
10.00
8.12
9.44
10.50
9.94
10.50
1886.0
1885
1884
1883
1882
1881
1880
1879
9.19
9.44
10.44
10.50
10.56
11.94
11.50
12.38
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _
•Monday _ _ _
Tuesday _
Wednesday
Thursday _
Friday_ _
Futures
Market
Closed.
Quiet, 5 pts. adv_ _ Barely steady
Quiet, 25 pts. adv_ _ Firm
Quiet, 5 pts. adv_ _ Barely steady
Quiet, 10 pts. adv_ _ Barely steady
HOLI I)AY
Quiet, 15 pts. adv.. Firm
Total......
Sales of Spot and Contract.
Con- ConSpot. sum'n. tract.
Total.
I5R
Egg
in , g
'
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epe,
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Wednesday,
Nov. 23.
Middling
c Basis
Strict low, mid.- _ 0.25 off
Low middling
0.60 off
Strict good ord. _ _ _1.05 oft
Good ordinary.. _ _1.75 off
Strict g'd mid. tgd.0.35 on
n
Tuesday,
Nov. 22.
Fair
c 1.50 on
Strict mid. fair_ __ _1.30 on
Middling fair
1.10 on
Strict good mid_ _ _ _0.66 on
Good middling__ _0.44 on
Strict middling.. __ _0.22 on
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Monday,
Nov. 21.
Speculation in cotton for future delivery has been more
active at rising prices, chiefly owing to a tendency to reduce
crop estimates. Most of these of late have ranged from
11,200,000 to about 12,000,000 bales. The average estimate of 170 members of the New York Cotton Exchange is
11,927,000 bales, the range of estimates among the members
being from 10,650,000 to 13,000,000 bales. Some prominent
interests for a long period identified with the bear side have
latterly, it is understood, liquidated their transactions on
that side of the market and bought freely for long account.
Various spot interests which sold persistently for many weeks
have during the present week, it is said, sold less freely, if
they have not been quietly buying to some extent. Spinners have bought futures. Wall Street houses and the uptown element have also been buyers for the long account. In
addition to the reduced crop estimates in certain quarters,
bulls have been encouraged by reports of an active business
at Manchester with India and China and very good transactions for Mediterranean and South American markets. Also,
spot prices at the South have been generally firm. As to the
reduced crop estimates, they are predicated, it is supposed,
partly on the Census report which appeared on Monday,
Nov. 21,stating the ginning up to Nov. 14 at 8,764,153 bales,
against 8,112,199 for the same time last year, 9,595,809 for
the like period in 1908 and 7,300,655 in 1907. The figures
up to Nov. 14 this year were somewhat smaller than had been
expected by some, and the report was the signal for a jump
in prices of 30 to 40 points. At first the Liverpool market
seemed inclined to dissent from the bullish construction
placed on the ginning report, but finally took an upward
course, and its tone of late has been noticeably strong, and
though for a time its spot sales were small, on Friday they
rose to 10,000 bales. Prominent Southern interests are
still identified with the bull side, though two well-known members of this contingent who had been here for many months
have returned to New Orleans. From parts of the South reports are persistent that the recent freezes did a good deal
of damage. On the other hand, on the advance there
has been considerable hedge selling for Southern account and
whatever they may have done within a day or two large spot
interests were heavy sellers in the fore part of the week. The
certificated stock here, moreover, is steadily rising, the gain
thus far this month approximating 62,000 bales, and it is
understood that the December notices will be of large volume.
• December and January at times have hesitated noticeably to
follow in the wake of other months, and some conservative
people do not regard this as a favorable factor in the situation. There are still those, too, who believe that the crop is
12,500,000 to 13,000,000 bales and that the present relatively
high prices discount anything at all credible in the bullish
argument, especially as the cotton goods trade in many parts
of this country is in anything but a satisfactory condition.
At times there has even been some talk of possible curtailment this season. To-day prices again advanced. The spot
markets were reported firmer and more active, Liverpool advanced, the spot sales there increased, spot interests, spinners
and commission houses bought and shorts covered. Spot
cotton has been quiet. Middling closed at 15.10c., an advance for the week of 60 points.
.
.
The rates on and off middling, as established Nov. 16 1910
Revision
the
by
Committee, at which grades other than
'middling may be delivered on contract, are as follows:
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Saturday.
Nov. 19.
New Orleans.._
• Galveston _ _ _ _
Savannah _ _ _ _
Charleston_ _ _ _
Mobile
Norfolk
New York.. _ _ _
Other ports_
Other CoastGerLeaving
Great
Stock.
Britain. France many. Foreign wise. Total.
-566 57,085 106,433
12,097 10,282 15,200 18,940
55,320 12,393 14,531 24,653 3,450 110,347
94,155
1,100 1,000 1,100 3,200 152,422
7,000
_
500 7,500
36,965
1,564 3,546
7,716
350 13,176
39,746
19,232 19,232
13,354
2,500
1,800
1,060 1,200
6,500 167,164
15,000
25,000 3,000
43,129
43,000
1461
TZ
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THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and.
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
November 25Stock at Liverpool
Stock at London
Stock at Manchester
1910.
bales. 658,000
3,000
38,000
Total Great Britain stocks_ _ __
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1909.
840,000
7,000
56,000
1908.
547,000
12,000
35,000
1907.
649,000
17,000
45,000
699,000
5,000
165,000
154,000
2,000
8,000
35,000
__
903,000
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
711,000
16,000
146,000
116,000
4,000
12,000
14,000
28,000
369,000
560,000
582,000
336,000
Total European stocks
1,068,000 1,463,000 1,176,000 1,047,000
80,000
60,000
India cotton afloat for Europe__ _
50,000
46,000
Amer. cotton afloat for Europe.. _ 737,861
897,486
900,231
878,070
Egypt,Brazil,&c.,aflt.for Europe_
91,000
82,000
63,000
68,000
Stock in Alexandria, Egypt
236,000 199,000 217,000
185,000
Stock in Bombay, India
92,000 289,000
176,000 225,000
Stock in U. S. ports
913,408
908,438 1,051,282 837,922
Stock in U. S. interior towns
711,879 697,759 820,980 466,892
U. S. exports to-day
61,123
1,957
37,572
19,662
Total visible supply
4,075,271 4,534,640 4,408,065 3,837,546
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 559,000 763,000 448,000
548,000
Manchester stock
26,000
50,000
30,000
34,000
Continental stock
343,000
533,000
535,000 256,000
American afloat for Europe
737,861
897,986
900,231
878,070
U. S. port stocks
913.408
908,438 1,051,282 837,922
U. S. interior stocks
711,879 697,759 820,980 466,892
U. S. exports to-day
61,123
1,957
37,572
19,662
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
3,352,271 3,851,640 3,823,065 3,040,546
99,000
3,000
12,000
26,000
80,000
91,000
236,000
176,000
77,000
7,000
6,000
27,000
60,000
82,000
199,000
225,000
99,000
12,000
5,000
47,000
50,000
63,000
217,000
92,000
101,000
17,000
11,000
80,000
46,000
68,000
185,000
289,000
723,000
683,000
585,000 797,000
3,322,271 3,851,640 3,823,065 3,040,546
4,075,271 4,534,640 4,408,065 3,837,546
Total visible supply
Middling Upland, Liverpool
8.101.
7.62d.
5.08d.
6.18d.
Middling Upland, New York_ _ _.. 15.10c.
14.80c.
9.45c.
11.70c.
Egypt, Good Brown, Liverpool.... 11 I3-16d. 12 %d. 9 3-16d. 10 9-16d.
Peruvian, Rough Good, Liverpool 10.75d.
9.25d.
7.90d.
12.00d.
Broach, Fine, Liverpool _
7%d.
7 Wi. 4 13-16d.
55d.
Tinnevelly, Good, Liverpool_ _ 7 9-16d. 6 15-16d. 4 11-16d.
5 Sid.
Continental imports for the past week have been 232,009
bales.
The above figures for 1910 show an increase over last week
of 203,297 bales, a loss of 459,369 bales from 1909, a
100
100 decrease of 332,794 bales from 1908, and a gain of 237,725
100
too bales over 1907.
1462
Receipts.
Week. I Season-.
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Week. I Season.
Movement to November 25 1910. II Movement to November 26 1909.
AT THE INTERIOR 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.
I
[VOL. Lxxxxi
THE CHRONICLE
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Closing Quotations for Middling Cotton onWeek ending
Novemher 25.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington_ _ _ _
• Norfolk
Baltimore
Philadelphia __ _
Augusta
Memphis
St. Louis
Houston
Little Rock..
Sat'day, Monday, Tuesday, Wed'day,jThursd'y, Friday,
143/
1438
14 1-16
14
14
14
14 5-16
14%
14.80
14 5-16
14 11-16
14%
1434
14 3-16
14 9-16
14 9-16
14 1-16
14 3-16
14%
14 3-16
143-i
14%
15.05
14%
1434
1434
14 11-16
14 3-16
14 11-16
14 9-16
14 31434
14
14 3-16
1434
14%
15.10
14 7-16
15
1434
14 11-16
14%
14
14%
14 5-16
14 5-16
14% •
14 3-16
14%
14 IX
15.20
14%
15
15
1434
14%
1434
14%
14 7-16
1434
14%
14%
HOLI- 1434
DAY. 1434
15.35
14 13-16
15M
15 1-16
15
1434
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Nov. 19. Nov. 21. Nov. 22. Nov. 23. Nov. 24.1 Nov. 25.
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
-I illyRange
Closing
ToneSpot
011,-,..;
- ® -- ® - 14.45 --- ® 14.17 * 14.50 • 14.56 • 14.57 •
4.73-.75
4.75 •
14.20-.25 14.49-.57 14.41-.60 14.51-.64
14.22-.23 14.55-.56 14.57-.58 14.59-.60
4.69-.85
4.80 -
14.26-.35 14.59-.68 14.51-.74- ® 14.30-.31 14.65-.66 14.70-.71 14.74-.75
4.84-.99
4.95-.96
-43--- 43 _ _ @ _ _ @ 14.39 • 14.75 • 14.79 • 14.83 •
5.00-.03
5.06 •
14.43-.52 14.78-.88 14.71-.95 14.87-.01
15.07-.24
14.48-.49 14.86-.87 14.91-.92 14.97-.98 HOLI- 5.21-.22
DAY.
-43-- ® -- ® -- ® 4-4314.55 • 14.93 * 14.98 • 15.05 *
15.29 *
14.57-.63 14.91-.02 14.85-.10 15.07-.18
14.61-.62 15.01-.02 15.06-.07 15.15-.16
5.27-.44
5.41-.42
- ® - 14.91-.02 -- qp -- __ (g __
14.67 * 15.00 * 15.08 • 15.20 •
® 15.45 •
- 14.72 14.99-.10 14.97-.19 15.18-.20
14.69-.71 15.09-.10 15.17-.18 15.26-.27
15.38-.53
15.51-.52
Steady. Firm.
Firm. Steady.
Steady, Steady, Steady, Steady.
Firm.
Steady.
• Nominal.
E-4
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The above totals show that the interior stocks have increased during the week 52,636 bales and are to-night 14,120
bales more than at the same time last year. The receipts
at all the towns havebeen 143,621 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK 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:
1909-
1910
Novem5er 25Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes. &c
Total gross overland
Deduct shipmentsOverland to N. Y.. Boston, &c
Between interior towns
Inland, &c., from South
Week.
Since
Sept. 1.
Week.
Since
Sept. 1.
33,946
14,363
1,971
6,843
2,228
8,103
8,742
146,585
93,398
14,575
37,690
23,926
53,663
51,560
13,831
12,932
568
2,107
1,753
5,088
9,438
137,699
73,012
3,402
28,127
14,534
36,729
51,841
76,196
421,397
45,717
345,344
8,163
1,248
576
48,929
12,127
18,677
5,478
1,022
584
32,413
5,689
13,370
9,987
79,733
7,084
51,472
66,209
341,664
38,633
293,872
Total to be deducted
Leaving total net overland •
• Including movement by rail to Canada.
The foregoing show's the week's net overland movement
has been 66,209 bales, against 38,633 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 47,792 bales.
1910
1909
Since
In Sight and Spinners'
Since
Week. Sept. 1.
Takings.
Week. Sept. 1.
Receipts at ports to Nov. 25
393,380 4,083,412 204,284 4,078,360
341,664
66,209
38,633
Net overland to Nov. 25
293.872
507,000
Southern consunIption to Nov. 25 51,000
52,000
650,000
510,589
52,636
4,932,076
661,101
294,917
34,055
Came into sight during week ._ _563,225
Total in sight Nov. 25
_
5,593,177
328,972
Nor. spinners' takings to Nov. 25_109,524
862,712
103,657
Total marketed
Interior stocks in eXCP.R.
5,022,232
614,596
5,636,828
795,220
Movement into sight in previous years:
Week1908-Nov. 28
1907-Nov. 29
1906-Nov. 30
1905-Dee. 1
Bales.
567,396
407,524
522,247
436,461
,Since Sept. 11908-Nov. 28
1907-Nov. 29
1906-Nov. 30
1905-Dee. 1
Bales,
6,054,698
4,498,088
5,688,972
5.408,159
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.
WEATHER REPORTS BY TELEGRAPH.-Our advices by telegraph from the South this evening denote that
with quite generally favorable weather during the week,
the picking of the crop has made good progress and in some
sections is nearing completion. Marketing continues quite
free.
Galveston, Texas.-We have had light rain on one day of
the week, to the extent of two hundredths of an inch. The
thermometer has averaged 60, the highest being 70 and the
lowest 50.
Abilene, Texas.-We have had no rain the past week. The
thermometer has averaged 45, ranging from 36 to 54.
Palestine, Texas.-We have had no rain during the week.
The thermometer has ranged from 42 to 64, averaging 53.
Taylor Texas.-We have had no rain during the week.
Average'
thermometer 53, highest 62, lowest 44.
San Antonio, Texas.-There has been no rain during the
week. The thermometer has averaged 53, the highest being
60 and the lowest 46.
New Orleans, Louisiana.-We have had rain on one day
of the past week, the precipitation being two hundredths of
an inch. Average thermometer 62.
Vicksburg, Mississippi.-We have had rain on two days
during the week, the rainfall being sixty-one hundredths of
an inch. Average thermometer 59, highest 76, lowest 42.
Mobile, Alabama.-Fine weather in the interior and cotton
picking is nearing completion. It has rained on two days
of the week, the rainfall being thirty-four hundredths of an
inch. The thermometer has averaged 58, the highest being
73 and the lowest 46.
Montgomery, Alabama.-It has rained on three days during
the week, to the extent of eighty-six hundredths of an inch.
The thermometer has averaged 56, ranging from 43 to 86.
Selma, Alabama.-We have had rain on two days the past
week, the rainfall reaching sixty-one hundredths of an inch.
The thermometer has ranged from 40 to 75, averaging 54.
Helena, Arkansas.-We have had rain on one day the past
week to the extent of seven hundredths of an inch. The
thermometer has averaged 54.2, the highest being 73 and
the lowest 31.
Savannah, Georgia.-It has rained on three days of the
week, the precipitation reaching one inch and seventy-nine
hundredths. The thermometer has averaged 56, ranging
from 41 to 74.
Charleston, South Carolina.-Rain on one day of the week,
rainfall being sixty-two hundredths of an inch. The thermometer has averaged 59, ranging from 44 to 74.
Charlotte, North Carolina.-Picking is almost completed.
The week's rainfall has been only a trace. The thermometer
has ranged from 31 to 68, averaging 48.
The following statement we have also re4eived by telegraph, showing the height of rivers at the peints named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Below zero
Above zero
of
of
of
of
of
Nov. 25 1910. Nov. 26 1009,
Feet,
Feet.
3.8
3.4
gauge_
14.5
3.4
gauge..
8
7.27.
gauge.
0.9
3,4
gauge_
12.6
1.9
gauge..
Nov. t.)6 1910.]
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1910.
Cotton Takings.
Week and Season.
1909.
Season.
Week.
Week.
Season.
3,871,074
4,426,457
Visible supply Nov. 18
1,405,514
1,031,022
Visible supply Sept. 1
563,225 5,593,177 828,972 5,636,828
American in sight to Nov. 25_ _
55,000
223,000
362,000
97,000
Bombay receipts to Nov. 24_ _ _
49,000
2,000
3,000
59,000
Other India ship'ts to Nov. 24..
65,000
476,000
Alexandria receipts to Nov. 23..
358,000
50,000
9,000
75,000
66,000
Other supply to Nov. 23
15,000
Total supply
4,566,199 7,911,691 4,920,420 8,412,850
DeductVisible supply to Nov. 25
4,075,271 4,075,271 4,534,640 4,534,040
Total takings to Nov. 25
490,928 3,836,420 385,789 3,878,210
Of which American
406,028 3,034,420 298,789 3,239,210
Of which other
84,000
802,000
839,000
87,000
* Embraces receipts in Europe from Brazil, Smyrna, West In lies,l&c.
INDIA COTTON MOVEMENT FROM ALL PORTS.
November 24.
1910.
1909.
1008.
Receipts at-
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
1 55,000
Bombay
Bombay1910_ __ _
1909_-1908
Calcutta1910_
1909_ ___
1908_ - Madras1910_ _
1909_
1908._
All othe
1910_ _
1909_ _
1908._
Total all1910____
1909--1908---
Great
Great Conti- 1Japan I
Britain. neat. &China, Total. Britain.
1,66.-
138,000
Since September 1.
For the Week.
Exports
from-
362,000 43,000
223,0001 97,000
18,000 18,000
_
-.000, 26,000' 33000
12,000i 7,000 19,000
ContiJapan
nent. & China. Total.
3,000 138,000
4,000 57,000
85,000
61,000 202,000
67,000 128,000
53,000 138,000
_
1,000
1-,65151 2-,6515
4,000
2,000
2,000
3,000
5,000
6,000
9,000
8,000
7,000
8,000
20,000
1,00
1,000
1,000
1,000
3,000
2,000
5,000
4,000
7,000
1,000
2,000
6,000
8,000
11,000
1,0
2.0
1,000
2,000
8,000
9,000
2,000
28,000
34,000
46,000
4,000
36,000
43,000
52,000
1,000!
1,000 18,000 20,000
6,000 26.000 36,000
13,000 9,000 24,000
1,0
4,0
2,0
14,000 178,000
18,000 101,000
7,000 147,000
61,000 251,000
68,000 187,000
67,000 221,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
Noltentber 23.
Receipts (cantars)This week
Since Sept. 1
To Liverpool
To Manchester
To Continent
To America
Tole, bales
NEW YORK-To Liverpool-Nov. 18-Arabic. 3172 upland, 250
Sea Island, 4 foreign
646
To London-Nov. 18-Minnetonka, 200
200
To Bremen-Nov. 21-George Washington, 350
350
To Hamburg-Nov.18-Bluccher, 100
100
To Antwerp-Nov. 22-Finland, 300
300
To Genoa-Nov. 19-Berlin, 1,082
1,082
To Naples-Nov.19-Berlin, 200_ __Nov. 22-San Giorgio, 300
500
GA.LVESTON-To Liverpool-Nov. 18-Ikbal, 13,221
13,221
To Manchester-Nov. 23-Anselma de Larrinaga. 9,859
9,859
To Havre-Nov. 19--Monomoy, 11,732
11,732
To Bremen-Nov. 18-Frankfurt, 8,403; Newton Hall, 9,052
__ _Nov. 22-Imani, 11,576; Mohawk, 13,436___Nov. 23Cayo Gltano, 8,874
51,341
To Hamburg-Nov. 18-Harald, 833
833
To Christiania-Nov. 17-Noruega, 2,575
2,575
To Barcelona-Nov. 19-Federica, 4,529
4,529
19-Federica,
250
To VenIce-Nov.
250
To Genoa-Nov. 19-Otta, 8,295
8,295
To Trieste-Nov. 19-Federica, 2,234
2,234
PORT ARTHUR-To Liverpool-Nov. 24-Albano, 5,800
5,800
TEXAS CITY-To Liverpool-Nov. 23-Warrior, 8,515
8,515
NEW ORLEANS-To Liverpool-Nov. 21-Canadian, 19,910...
Nov. 25-Author, 8.000; Antlillan, 8,500
36,410
To Manchester-Nov. 22-Cuban, 6,500
6,500
To Belfast-Nov. 23-Rathlin Head, 2,800
2,800
To Bremen-Nov. 23-Spanish Prince, 14,073
14,073
To Hamburg-Nov. 22-Caledonia, 850
850
MOBILE-To Havre-Nov. 21-Auchenarden, 1,300
1,300
To Bremen-Nov. 21-Auchenarden, 7,722
7,722
PENSACOLA-To Havre-Nov. 23-Ada,6,000
6,000
To Antwerp-Nov. 23-Ada. 75
. 75
SAVANNAH-To Liverpool-Nov. 19-Sirocco, 11,554._ _Nov.
21-Zafra, 8,323
19,877
To Manchester-Nov. 22-Luchana, 6,095
6,095
To Havre-Nov. 22-Allanton, 5,690
5,690
To Bremen-Nov. 18-Kildale, 11,200; Simoon, 11,235
22,435
To Hamburg-Nov. 22-Allanton, 1,150
1,150
To Reval-Nov. 18-Kildale, 200
200
To Malmo-Nov. 18-Simoon, 200
200
To Barcelona-Nov. 23-Margherlta, 3,200
3,200
To Trieste-Nov. 23-Margherita, 3,100
3,100
To Venice-Nov. 23-Margherita, 400
400
To Fiume-Nov. 23-Margherita, 100
100
CHARLESTON-To Bremen-Nov, 21-Cataione, 9,992
9,992
WILMINGTON-To Liverpool-Nov. 18-Bengrove, 14,105
14,105
To Havre-Nov. 23-Winnie, 8,541
8,541
NORFOLK-To Liverpool-Nov. 23-East Point, 5,500
5,500
BOSTON-To Liverpool-Nov. 22-Ivernia, 2,640
2,640
BALTIMORE-To Liverpool-Nov. 18-Vedamore, 1,000
1,000
Bremen-Nov.
To
23-Brandenburg, 2,049
2,049
PHILADELPHIA-To Liverpool-Nov. 18-Merlon, 3,889
3,889
To Manchester-Nov. 19-Manchester Exchange, 702
702
SAN FRANCISCO-To Japan-Nov. 22-Nippon Maru, 2,977.... 2,977
Total
311,933
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
1910.
1909.
1908,
490,000
3,569,031
370,000
2,684,182
400,000
2,265,871
This Since
This I Since
This
Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
--5,750 85 301 7,000 57,498 6,250 40,841
41,462 16,000 38,587
18,750 73 579
15,000 92 486 16,500 86,947 8,500 71,095
5,5‘,0 24,798 2,250 16,340 1,250 10,662
---43,000 276 164 25,750 202,247 32,000 161,185
r1-1
Exports (bales)-
1463
. - -SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 321,933 bales. The shipments in detail, as made
up frOm mail and telegraphic returns, are as follows:
Nov. 4.
bales_ 58,000
Sales of the week
Of which speculators took__ 2,000
Of which exporters took_ __ _ 1,000
50,000
Sales, American
Actual export
8,000
Forwarded
91,000
Total stock-Estimated
452,000
Of which American
364,000
Total imports of the week___ _142,000
Of which American
111,000
Amount afloat
522,000
Of which American
437,000
Nov. 11.
51,000
1,000
1,000
43,000
5,000
102,000
514,000
429,000
168,000
147,000
481,000
385,000
Nov. 18.
48,000
1,000
1.000
42,000
4,000
106,000
575,000
491.000
171,000
143,000
501,000
400,000
Nov. 25.
45,000
2,000
2,000
39,000
4,000
124,000
658,000
559,000
212,000
176,000
448,000
361,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
CENSUS BUREAU S REPORT ON COTTON-GINNING. spot cotton have been as follows:
-The Division of Manufactures in the Census Bureau comSpot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday,
pleted and issued on Nov. 21 its report on the amount of
cotton ginned up to Nov. 14 the present season, and we give Market,
Fair
12:15I
Dull.
Quiet.
it below, comparison being made with the returns for the
Good
Quiet.
business
Good
P.
M.
demand.
doing.
demand.
of
the
period
like
five preceding years:
Total exports
Counting Round as Half Bales
1910.
1909.
1908.
1007.
1906.
1905.
891,361 805,849 1,020,724 744,627 834,910 944,391
474,422 557,857 665,232 385,528 453,658 309,280
46,765
51,612
51,497
35,454
42,278
56,628
1,434,606 1,559,828 1,564,037 1,388,694 1,193,147 1,439,392
184,058 217,433 341,953 351,241 552,910 282,936
755,145 731,354 1,086,183 794,992 792,778 666,642
494,723 466,797 451,434 399,050 384,275 510,202
727,237 476,471 322,051 484,657 484,996 363,241
888,309 913,440 938,926 851,361 654,458 912,603
192,213 183,529 243,493 139,959 142,661 156,152
2,636,944 2,104,329 2,863,328 1,705,529 2,995,791 1,826,125
46,151
43,700
38,370
19,573
30,331
33,588
Alabama
Arkansas
Florida
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
United States_ _8,764,153 8,112,199 9,595,809 7,300,665 8,562,242 7,501,180
10073,731 13086,005 11057,822 12983,201 10995,105
Total crops
65.9
73.3
86.0
80.5
Per cent ginned
71.5
The number of round bales included this year is 91,939, against 123,757 a yeaeago,
173,908 two years ago and 142,210 three years ago, and the number of Sea Island
bales 52,585, compared with 68,607 bales in 1909, 56,701 bales in 1908, 44,698 bales
in 1907 and 30,671 bales in 1906.
The statistics in the above report on the quantity ginned are subject to slight
corrections when checked against the individual returns of the ginners being transmitted by mail. The corrected statistics of the quantity of cotton ginned this sean to Nov. 1 are 7,345,953.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for both India and
China is improving. We give the prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
1910.
32s Cop
Twist.
d,
Oct
11%
113
45
11% 6
11% 8
14
21
28
Nov
11%
4
11
115,(
0 11% 5
18 11
25 11% 0 12 5
s. d.
32s Con
Twist..
d. d.
84 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upt's
d. s. d.
7 ®10 9
7m0/.11 0
7 (51109
6%®10 8
7.88 9%
8.23 10
1.95 1014
7.76 10%
6 @l0781
7 010 9
7 010 10
7%0410 1012
7.81 10%
8.00 10% 04
7.85 10% 84
8.10 10%
7.82
7.85
7.95
8.00
8.04
8.10
5,000
300
10,000
500
7,000
300
6,000
200
8.000
300
10,00(1
1,000
Futures. ) Steady at St'y, unch. Irreg. at
Market } 2 points to 1 point 1844 pts.
advance. advance,
opened
J decline,
Market,
4
n xr
I Quiet at
} 1%®2%
s
...ra
a.....
Steady at St'y. unch. Irreg. at
6847 pts. to 1 point 104 pts.
advance, advance. advance.
Steady at Easy at Very st'y at Quiet at
3%®14% 21484414 1014 ®11% %02 pts.
ra
.t
nfilly
1.1.1
elon
nto
ariv
nta
ativ
Firm at
6%09
nta
attar
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus, 7 63 means 7 63-1008.
Nov.19
Sat.
Mon.
Tues.
Wed.
Fri.
Thurs.
to
Nov. 25. 124 12% 12g 4 12g 4 124 4 124 4 124 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.p.m. p.rn. p.rn. p.m.
November ____ 7
Nov.-De. _ ___ 7
Dec.7
Jan------- 7
Jan.-Feb_
Feb.-Mch. _ _ _ _ 7
Mch.-Apr. _ _ _ _ 7
Apr.-May. ____ 7
May-June _ ___ 7
June-July ____ 7
7
July-Aug_
Ano-Ron
7
63 67 A 77 77 74 A 82 8534 86 87% 2 9634
56 60% 69% 68 % 66 73 76% 77 78 14 83 8734
55 59"% 69 68 65% 72% 76 76% 78
2 54 86 A
56 60% 70 69 66% 74 77 A 78 179 541835487 34
70 67% 75% 79 79
57 61 % 71
0% 84 % 89
71
%
69
77 80% 80 182 185349054
58 62% 72 34
58 A 63 723472 69 14 77% 81 81 18254186 91
59 83% 73% 72% 70% 78 % 82% 82 183 18634 91 34
58 62 /4 72 /4 71 34 6934 7734 81 80 82 18554 90
____ 79 A 82 A 8634
5534 6054 70 69 66 74 % 78
53 39 48 4954 43 54 51
54
56 5834 62 14
1909.
84 lbs. Shirt- Cot'n
ings, common
to finest.
Upl's
d. .d.
Mid.Upi'ds
Sales
Spec.&exp.
3.
a.
84 10% 5 3/4(49 9
84
104 5 4 00 9
10% 5 41409 9
84 114 5 6 ®9 11
11345
114 5
114 5
11 5
6 ®0 11
6 0i 9 11
6 @911
5 @910
d.
7.27
7.41
7.37
7.71
7.59
7.72
7.72
7.62
BREADSTUFFS•
Friday, Nov. 25 1910.
Prices for wheat flour have varied but ,little during the
week. The trading of late has been on the smallest scale
witnessed for some weeks past. The belief of consumers
apparently:is that purchases can be made tobetter advantage
later on. Reports from various parts of the Northwest and
the Southwest have been of a pessimistic sort. At the big
spring-wheat milling centres there has been a sharp decrease
in the output. Shipping directions on old contracts have
been received at Minneapolis in fair volume, hut new busi-
1464
EvoL. Lxxxxi.
THE CHRONICLE
ness has been dull. Rye flour and corn meal have been
quiet and steady.
Wheat is supposed to have been oversold. Certainly the
market is in a nervous condition and news or rumors of a
bullish character tends to alarm the shorts. Of late, rumors
of damage to the crop in Argentina have been used with
effect in marking up prices despite the fact that there ports
in regard to the condition of the crop in that country are
by no means uniformly bad. But this much at least is
certain, that quotations at Buenos Ayres have risen sharply
and Broomhall of Liverpool, who is now in Argentina, reports
that in the Southern section of that country irreparable damage has been done to the crop. Frost and drought have
been principally complained of. English and Continental
markets have also been advancing. In this country
while the crop outlook is in the main considered favorable,
there have, as usual, been some complaints. Some insist
that more or less damage is being done by protracted dry
weather in the Southwest. Then, too, the movement of the
crop has been on quite a moderate scale. On one day the
total receipts at winter and spring-wheat points reached only
678,000 bushels against 860,000 on the same day last year.
In parts of the West there has been some increase in the cash
demand. Elevator interests have bought to some extent
and there has been a good deal of buying for short account.
As already intimated, however, Argentina has played a leading part in the rise. One estimate of its exportable surplus is
as low as 82,000,000 bushels, as contrasted with some recent
guesses of as high as 125,000,000 bushels. In the present
calendar year they are expected to reach about 75,000,000
bushels. On the other hand, the cash demand in this
country has in the main been light, flour has been dull and
there are those who believe the damage in Argentina is
exaggerated. The world's available supply increased last
week 2,112,000 bushels, against an increase for the same
week last year of only 835,000 bushels. The total world's
available supply is now 201,200,000 bushels, or about
65,000,000 bushels more than at this time last year. Chicago
has a stock in public and private elevators of 10,671,000
bushels, or more than double the supply a year ago. The
short interest has been reduced to some extent on the rise.
To-day prices declined on reports of rains in Argentina, lower
cables, dulness on the spot, Improved crop reports from the
winter-wheat belt, where beneficial rains have latterly fallen
in some sections, bearish pressure and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
Holt- 97
95% 95% 96 A 98
No.2 red winter
07
3g
98 A 98 % day. 19
97 A 97
December delivery In elevator
%
104
31;
104
A
103
A
103
May delivery In elevator
CHICAGO.
IN
FUTURES
WHEAT
OF
PRICES
CLOSING
DAILY
Sat. Mon. Tues. 1Ved. Thurs. Frt.
90% 90% 91 A 91 A Holl- 90%
December delivery in elevator
96% 96 % 97% 97% day. 96 A
May delivery in elevator
93 A
93 yi 92 A 93% 94
July delivery In elevator
GRAIN.
Cents.
Corn, per bushel525
No. 2 new, forward _ ...
$1 16'%
No. 2 mixed_ __ ,,f.o.b. Nominal
1 155-i
f.o.b. Nominal
97
No. 2 white
1 0234 Rye, per bushel84
No. 2 Western___f.o.b.
Cents.
State and Pennsylvania 81 @8354
3734
80@84
38
Barley-Malting
Nominal
37
Feeding. 0.1.1., N. Y.._
Wheat, per bushelN. Spring, No. 1
N. Spring, No. 2
Red winter, No. 2
Hard winter, No. 2
Oats, per bushel, newStandards
No. 2 white
No. 3 white
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been.
Receipts at-
Barley. I
Oats.
Corn.
Wheat.
Flour.
Rye.
bbis.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. intsh.481bs. bu.56 lbs.
15,000
555,000
273,600 1,497,2tk 1,628,000
173,185
Chicago ____
395,400
21,420
197,200
74,580
504,150
79,180
Milwaukee__
17,984
245,735
18,987
72
822,385
18,000
Duluth
608,400
49.880
351.030
217,930
1.710,780
Minneapolis
48,000
36,600
25,000
Toledo
33,138
110,471
7,857
4,355
Detroit
1,837
43,103
1.306
1,570
Cleveland
1,145
106,400
447.100
152,175
342,892
56,740
St. Louis..._
3,300
65,400
88,000
293,400
16,000
Peoria
29,800
98,000
104,400
397,200
Kansas City.
362,830
468,517
515,145
Total wk.'10
Same wk.'09
Same wk.'08
2,912,292 1,976,335
2,971,955 2,110,846
3,362,287 2,131,752
2,529,981
2,149,697
2,680,706
4,101,170
4,981,363
7,461,247
108,729
179,157
148,576
Since Aug. 1
6,022,313 115,182,351 54,635,166 80,073,598 28,257,779 2,458,262
1910
8,041.305 132,532,049 47,701,364 70,280,000 35,159,114 3,425,234
1909
8.021.270 127,783.119 35.974,898 68,953,973 39,941,352 3,305,515
1908
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 19 1910 follow:
Flour,
bbls.
197,447
54,882
59,145
49,277
4,082
38,739
10,447
2,569
Receipts atNew York
Boston
Philadelphia
Baltimore
Richmond
New Orleans *_ _ _ _
Newport News_
Norfolk
Galveston
Mobile
Montreal
2,800
56,498
Total week 1910_ 475,886
Since Jan. 1 1910..10,456,992
536,255
Weak 1909
Since Jan. 1 1909..15,333,767
Wheal,
bush,
457,400
58,177
248,464
218,909
23,758
Corn,
bush,
57,800
4,815
20,000
158,523
38,000
133,000
23,000
6.000
3,888
24,098
744,988
1,774,690
69,065,811
3,184,171
85,643,584
Oats, Barley,
bush.
bush,
613,325 148,050
50
90,325
1,000
140,827
24,973
37,500
42,800
1,000
152,931
Rye,
bush.
900
2,400
17,652
2,054
36,579
23,006
446,124 1,103,681 185,679
36,179,945 45,214,582 3507,600 821,921
801,210 1,356,906 302,052 16,586
36,404,790 39,756,423 6381,730 1047,368
* 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. 19 1910 are shown in the annexed statement:
ExportsfromNew York
Boston
Philadelphia ____
Baltimore
New Orleans
Newport News.....
Mobile
Montreal
Wheat,
bush,
747,451
302,722
100,000
163,833
Oats,
bush,
12,500
Corn, Flour,
bbls,
bush.
57,411 86,379
18,494
34,000
283,356 14,636
102,250 21,500
10,447
2,800
3,888
187,000 44,000
Rye,
bush.
Barley, Peas,
bush.
bush.
5,115
Indian corn futures in the local market have been merely
x
1,010
nominal as a rule. At the West the speculation has been
active, and, though the feeling there among many of the
100
1,000
trade is bearish, there has been nevertheless considerable
877,000
liquidation of short commitments at times which has im5,215
15,110
Total week _ _ _ .2,197,006 633,905 234,825
149,196 8,569
10,211
parted firmness to the market. The receipts have not been Week
3,559.979 238,191 277,961
1909
up to expectations. The stock of contract grade at Chicago
The destination of these exports for the week and since
is small. The country has not sold freely. It is reported
that the French import duty has been removed. Yet, as July 1 1910 is as below:
-Corn
Wheat
Flour
already intimated, many look for lower prices ultimately,
Since
Since
Since
July 1
as supplies in the country, both of old and new corn, are
Week
July 1
Week
July 1
Week
1910.
Nov. 19.
1910.
1910. Nov. 19.
heavy. To-day prices declined early on the fall in wheat, Exportsfor week and Nov.19.
bush.
bush.
bush.
bush,
bbls.
bbls.
since July1 to-favorable weather for handling the crop, weakness on the United
Kingdom_ _132,502 1,624,953 1,187,007 14,598,823 144,246 2,366,215
spot and bearish pressure; but later a rally occurred on cov- Continent
38,352 706,110 1,003,389 8,349,642 377,249 2,863,796
87,222 1,470,526
118,392
6,600
Sou. cir Cent. Amer. 38,630 431,047
ering of shorts.
556,477
25,188
West
25,340 457,860
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. MOIL Tues. Wed. Thurs. Fri.
57
nom. nom nom. Holt- nom.
Cash corn
day. 54
54
54 A 53% 53
December delivery in elevator
54i
54 A
53
553j 543
May delivery in elevator
OF
IN
PRICES
CORN
FUTURES
CHICAGO.
CLOSING
DAILY
Sat. Mon. Tues, Wed. Thurs. Fri.
44% 44 % 44 A 44 % Holl- 44 A
December delivery in elevator
46% 4634 4634 4634 day. 4734
May delivery In elevator
478% 4734 4734 473
4734
July delivery in elevator
Oats for future delivery in the Western market have
moved within narrow limits, the fluctuations reflecting to
some extent the variations in corn. Large cash interests
have covered freely of late. On the other hand, the country
has sold more freely, hedge selling has increased, and the
belief of some experienced people is that prices are likely to
sag to a still lower level before any material or permanent
rally takes place. Large receipts are expected by some in
the near future, their idea being that oats will be shipped
to market in order to make storage room for corn. To-day
prices were easier on the weakness in wheat, hedge selling
and liquidation.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Tdurs. Fri.
37
37
37 A Holl- 37%
37
Standards
day. 38
3734 3734 3734 38
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
30% 30% 30% 3034 Holl- 30 A
December delivery in elevator
33
33'4 33% 34
day. 33 A
May delivery In elevator
333( 3334 34
3334
3334
elevator
in
July delivery
Indies
Brit. Nor. Am.Cols_
Other Countries_
Total
Total 1909
5,708
13,249
234,825 3,337,837 2,197,006 23,073,859
277,961 3,970,836 3,559,979 40,095,412
033,905 7,275,971
238,191 3,651,671
The world's shipments of wheat and corn for the week
ending Nov. 19 1910 and since July 1 1910 and 1909 are
shown in the following:
Corn.
Wheat.
Exports.
Since
July 1.
Since
July 1.
1909.
1910.
1909.
1910.
Week
Nov. 19.
Week
Nov. 19.
Bushels. Bushels.
Bushels. Bushels.
North Amer 3,928,000 45,731,000 63,682,000 8
50.0
000
Russia
6,528,000 103.312,000 97,432,000 170.
Danube _ _ 2,?56,000 52,520,000 9,672,000 2,295,000
Argentina _ _ 840,000 20,296,000 13,072,000
496,000 21,440,000
India
736,000 13,928,000 127.844.000
Australian
Oth- eountr's 176,000 3,934,000
14960000 261,161,000 211,702,000 3,510,000
Total
Since
July 1.
Since
July 1.
Bushels.
Bushels.
6,978,000 3,523.000
3,177,000 6,411,000
46,788,000 7,605,000
34,803,000 49,602,000
91,746,000 67,141,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom, Continent.
The following are closing quotations:
FLOUR.
Winter, low grades_ _ _ _$2 75 ® $3 40 Kansas straights, sack_$4 60@$4 80
4 40
4 90 Kansas clears, sacks__ 4 00
4 70
Winter patents
6 00t3 6 80
4 40 City patents
4 25
Winter straights
4 40
3 85
4 00 Rye flour
3 75
Winter clears
4 15t 4 25
5 55 Graham flour
5 25
Spring patents
4 80® 5 00 Corn meal, kiln dried_ __ 2 70@ 2 90
Spring straights
4 25® 4 35
Spring clears
7,000
• 55,614
62,253
Nov. 19 1910_
Nov. 12 1910...
Nov. 20 1909..
Nov. 21 1908_ _
Nov. 23 1907_ -
Total.
Bushels. Bushels. Bushels.
40,400,000
18,352.000 23,176,000 41,528,000
16,240,000 15,360,000 31,600,000
17,440,000 13,040,000 30,480,000
16,520,000 10,160.000 26,680,000
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
21,505,000
7,880,000 16,193,000 24,073,000
3,655,000 5,185,000 8,840,000
4.335,000 4,930,000 9,265,000
5,560,000 3,620,000 9.080,000
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 19 1910, was as follows:
AMERICAN
Wheat,
bush.
3,208,000
New York
152,000
"
afloat
673,000
Boston
742,000
Rhiladelphia
1,008,000
Baltimore
3,000
New Orleans
120,000
Galveston
2,603,000
Buffalo
.
afloat
2,736,000
1,527,000
Toledo
Detroit
407,000
Chicago
6,104,000
Milwaukee
812,000
Duluth
3,186,000
Minneapolis
11,474,000
St. Louis
2,331,000
Kansas City
4,143,000
Peoria
10,000
530,000
Indianapolis
1,395,000
On Lakes
On Canal and River... 355,000
GRAIN STOCKS.
Oats,
Corn,
Mali.
busk.
924,000
154,000
144,000
47,000
3,000
52,000
129,000
394,000
145,000
116,000
5,000
178,000
890,000
17,000
317,000
108,000
24,000
10,000
36,000
182,000
12,000
135,000
856,000
Total Nov. 19 1910__43,319,000 2,355,000
Total Nov. 12 1910_ _41,889,000 2,307,000
Total Nov 20 1909_ _27,630,000 2,631,000
CANADIAN GRAIN
Corn,
Wheat,
bush,
bush.
869,000
124,000
Montreal
5,559,000
Fort William
3,154,000
Port Arthur
2,800,000
Other Canadian
Total Nov. 19 1910_ _12,382,000
Total Nov. 12 1910_ _13,222,000
Total Nov. 20 1909..11,093,000
American
Canadian
Wheat,
bush.
43,319,000
12,382,000
Total Nov. 19 1910._55,701,000
Total Nov. 12 1910_ .55,111,000
Total Nov.20 1909_ _38,723,000
Total Nov. 21 1908...52,920,000
1465
THE CHRONICLE
Nov. 26 1910.]
124,000
201,000
32,000
Rye,
bush.
5,000
Balrey,
bush.
166,000
25,000
127,000
412,000
400,000
321,000
133,000
5,839,000
435,000
841,000
2,984,000
370,000
247,000
1,668,000
134,000
163,000
123,000
6,000
10,000
13,000
64,000
1,000
23,000 1,043,000
267,000
148,000
20,000
5,000
15,681,000
18,130,000
13,919,000
408,000 2,706,000
409,000 2,729,000
832,000 3,353,000
STOCKS.
Oats,
bush.
758,000
756,000
604,000
425,000
SUMMARY.
Corn,
Oats,
bush.
bush.
2,355,000 16,681,000
124,000
756,000
70,000
Rye,
214,000
95,000
Barley,
bush.
bush.
9,000
70,000
9,000
70,000
44,000
126.000
Raney,
Rye,
bush.
bush.
408,000 2,706,000
70,000
9,000
417,000
2,479,000 16,437,000
409,000
2,508,000 16,734,000
832,000
2,663,000 14,344,000
1,904,000 9,054,000 1,087,000
THE DRY GOODS TRADE.
2,776,000
2,773,000
3,479,000
6,539,000
New York to November 19Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1910-Since
Week. Jan. 1.
1
1,787
23
856
58,485
738
1
13,990
13,548
82
6,470
946
29.056
24
1.824
212
12,217
2,164
45,672
183
44,068
-1909
Since
Week. Jan. 1.
1.805
22
17 P1.056
___ 166.473
15,924
518
25,295
___
14,843
3
36,977
298
1.606
48
12,736
382
48.080
571
21,134
1,083
4.374
2,952
227.973
345,929
The value of these New York exports since Jan. 1 has been
$16,091,266 in 1910, against $18,991,379 in 1909.
Orders for staple prints continue to be received in good
volume, and business in this line is relatively better than in
other domestics. Bleached and brown sheetings are fairly
steady, but in light request. Both dress and staple ginghams are moving in fair quantities, with requests for prompt
deliveries more numerous, especially in dress ginghams,which
are reported well sold ahead. Colored cottons show no
improvement, demand being irergular and very slow in
some houses. Trading in ducks has been more active lately
and leading producers are said to be comfortably situated
for the next few months in the matter of orders booked.
Trade in napped cottons, blankets, &c., is of good proportions and fully up to expectations of some sellers; in certain
instances, jobbers have shown more of a desire to cover
future needs at current levels. No business has been done
with China, but buyers and sellers appear to be less far apart;
trade with miscellaneous ports continued quiet. In print
cloths business put through was light and mostly for near-by
needs; gray goods, 38%-inch standard, showed a slightly
easier tone at 53c. to 53.4c.
WOOLEN GOODS.-Overcoatings continued the feature
in men's wear, demand for spot goods of this description
still being brisk in most quarters, with supplies small.
In other lines trading showed little life. Heavy-weight
suitings were taken to a moderate extent, but demand was
spasmodic and business unevenly distributed. Lightweight lines for spring are moving slowly. The market
generally has not been helped by the offering of stock goods
at concessions by some 'producers. A similar development
is noted in the market for dress goods, particularly in the
West. Application on spring lines of the latter has been
only moderate, and much below agents' expectations.
FOREIGN DRY GOODS.-Conditions prevailing in the
market for domestic woolens and worsteds affected imported
fabrics of this character, with the result that business was
again moderate. Linens continued fairly active, demand
being chiefly for housekeeping lines; prices rule decidedly
firm with an upward tendency for distant deliveries. The
burlap market has been active and unsettled in sympathy
with Calcutta; prices are slightly easier, light-weights 3.85e.
and 10,founce 4.85e.
New York, Friday Night, Nov. 25 1910.
Conditions in textile markets remained practically unchanged during the -week. In cotton goods demand continued scattered and irregular and trading only moderate in
volume, the holiday being an additional factor in restricting
business. Prices generally ruled steady to firm. The Census
cotton-ginning report served to make first hands somewhat
firmer in their views on contracts, and in some quarters
there was less willingness to accept the lowest prices that
have recently prevailed for spot goods. Although the raw
material market advanced sharply upon the ginning report, Importations and Warehouse Withdrawals of Dry Goods.
m
the rise failed to stimulate demand in the goods market or to
K
0.3 $7.4922*10
change the attitude of buyers, except that some converters
a
showed a little more interest in covering immediate or
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q
near-by requirements and bid slightly higher than spot prices
O
as
for small-sized contracts. As indicated, however,such offers
'
g 80.
0
met with little response from mills. Among buyers the
I
i
P;
opinion seems to prevail that production is in excess of current demand, and with the recent easier tone in gray goods,
they do not look for higher prices in finished lines. Sellers
m
p
t4
.3
do not share this view; on the contrary, they contend that
14
CA
stocks in first hands are by no means burdensome, that con- .
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jobbers
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developments. Reports from jobbing centres throughout CO 00 vstmov
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in orders forwarded by salesmen traveling in those sections, 400
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such orders for the most part being only moderate. In the CO
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past there is little anticipating in any direction. Retailers
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continue to buy steadily in moderate quantities and are
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frequently in the market, which is construed as indicating
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that their stocks are in a healthy condition. In underwear
.0
a fair volume of business came forward during the week for N 0. Ca 1 .4
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fall, but agents experienced difficulty in securing higher
CO
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-NANON
7A 7
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Co .3 .4 Co W 1..
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prices. Hosiery showed a better tone following the cleaning CD
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have had a better call than cotton. Business in spring silk
..N. 01
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goods was reported as satisfactory, with some mills well sold
.
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up for that season; prices are firmer, reflecting the advance
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but other men's wear lines were quiet. Trading in dress
CO
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goods was dull, and the market more or less unsettled by
5.04 OI.O 'a 5'
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liquidation at low prices of stocks of staple fabrics in some
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quarters.
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DOMESTIC COTTON GOODS.-The exports of cotton
N.4000.
1.4
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goods from this port for the week ending Nov. 19 were 4,374
0004
WW
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packages, valued at $330,195, their destination being to the
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points specified in the table below:
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13CI
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1466
THE CHRONICLE
STATE MO CITY
ptliMITIVITIVT.
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.
We would also direct attention to the fact that the
editorial department of that publication contains
comparative tables showing the population of all the
cities of more than 25,000 for which the 1910 figures
had been announced by the Census Bureau up to the
time of going to press.
[VOL. LxXXXI.
Arlington, Middlesex County, Mass.-Bond Offering.Proposals will be received until 3 p. m. Nov. 29, it is stated,
for $39,000 school-addition and $14,000 sewer 4% bonds,
dated Dec. 1 1910. The school bonds mature $3,000 yearly
from 1913 to 1925 inclusive and the sewer bonds mature
$2,000 yearly from 1912 to 1918 inclusive.
Armstrong County Common School District No. 5, Tex.Bonds Registered.-On Nov. 14 the State Comptroller registered $2,000 5% 10-20-year (optional) bonds.
Benton County School District No. 13, Wash.-Bond
Offering.-Proposals will be received until 10 a. m. Dec. 7 by
R. B. Walker, County Treasurer (P. 0. Prosser), for $2,000
coupon school-building and furnishing bonds at not exceeding 6% interest.
Authority Sections 288, 289, 290, &c., Code of Public Instruction, Laws
of 1909, pages 76 et seq. Date day of issue or first of some month, at option of bidder. Interest annually at the County Treasurer's office. Maturity 20 years, subject to call after 10 years. Bonded debt at present,
$19,000. Warrants outstanding, $23 89. Cash on hand Nov. 1 1910.
$4,247 13. Assessed valuation 1910, $463,739.
Boaz, Marshall County, Ala.-Bond Offering.-Proposals
will be received until 1 p. in. March 1 1911 by R. E. BorAtlantic City, N. J.-Park Bond Ordinance Sustained by oughs, City Cerk, for $20,000 5% water-works-construction
Court of Errors and Appeals.-The Court of Errors and Ap- bonds.
$500. Date March 1 1911. Interest semi-annually at
peals on Nov. 14 handed down an opinion sustaining the theDenomination
Farmers' & Merchants' Bank In Boaz. Maturity March 1 1941.
ordinance of City Council providing for an issue of $500,000 Certified check for 10%, payable to the City Clerk, Is required. No debt
public park bonds. The City Comptroller, A. M. Heston, at present. Assessed valuation in 1909, $85,280.
Bowling Green, Wood County, Ohio.-Bond Sale.-Two
advises us that this is one of several proceedings instituted
by Mrs. Isabella Fishblatt, whose lands were being taken by issues of 4% 1-5-year (optional) street-improvement bonds,
condemnation proceedings, owing to her refusal to accept aggregating $5,300, offered on Nov. 21, were purchased by
the city's offer to purchase. The bond ordinance was at- B. C. Harding of Bowling Green at par and accrued interest.
tacked on the ground that the statute which authorized Bids at par and accrued interest, less attorney's fees, were
the passing of the bond ordinance was not constitutional, be- also received from Seasongood & Mayer and the Provident
cause its object was not expressed in its title. Justice Savings Bank & Trust Co., both of Cincinnati.
five bonds of $600 each, four bonds of $500 each and
Trenchard of the Supreme Court dismissed the original pro- oneDenominations:
bond of $300. Date Sept. 1 1910. Interest semi-annual.
ceeding based on this objection, and an appeal was taken to
Bremen, Fairfield County, Ohio.-Bonds Voted.-A propothe Court of Errors, with the result as noted above.
sition to issue $20,000 water-works bonds was approved on
Louisiana.-Special Session of Legislature.-Governor Nov. 8. The vote was 154 "for" to 36 "against.'
Sanders on Nov. 16 issued a proclamation calling for a special
Brown County (P
• . 0. Brownwood), Tex.-Bonds Voted.session of the Legislature to convene Nov. 28 to elect a
United States Senator and enact legislation to facilitate the It is said that a favorable vote was cast recently on a proposale of the $7,000,000 sewer bonds of the City of New Orleans, sition to issue $50,000 Precinct No. 1 road-improvement
which were offered without success on Oct. 1. See V. 91, bonds.
Burlington School District (P. 0. Burlington), Des Moines
p. 1050.
New Mexico.-Constitutional Convention Adjourns.-The County, Iowa.-Bond Sale.-On Nov. 1 an issue of $9,000
Constitutional Convention, which has been framing a con- 4% 10-year high-school-completion bonds was awarded to
stitution for the new State, completed its work at 5 a. m.on local investors at par.
Denominations: 20 bonds of $100 each and 14 bonds of $500 each.
Nov. 22. The constitution as drafted will be referred to the Date
Nov. 1 1910. Interest semi-annual.
voters of the State, it is said, on Jan. 21, and if adopted on
Butler, Butler County, Pa.-Bonds Voted.-An election
that day will be presented to Congress early in February.
held Nov.8 is said to have resulted in favor of the question of
New York City.-Board of Aldermen Adopts Resolution Pro- issuing $50,000 4% 20-year funding bonds. An ordinance
viding for Reduction in Budget.-By a vote of 46 to 25 the providing for the issuance of these bonds was passed by the
Board of Aldermen on Nov. 22 adopted a resolution providing Council on Nov. 15.
for the elimination from the budget for 1911 of an appropriaBonds Defeated.-Propositions to issue $12,000 fire-alarmtion of $110,000 which had been made by the Board of Esti- system and automobile-fire-truck bonds and $15,000 park
mate for an investigation of the departments of Health, Chari- bonds were defeated, it is stated, at the same election.
ties ancl Bellevue and Allied Hospitals, and for an inquiry into
Calhoun County Common School District No.
the general question of salaries and grades in all the city de- Bonds Registered.-An issue of $1,500 5% 5-10-year 3, Tex.partments. As already stated, the budget as finally adopted bonds was registered by the State Comptroller on (optional)
Nov. 11.
by the Board of Estimate and Apportionment on Oct. 31
Calhoun County Common School District No. 10, Tex.amounted to $174,079,335.
Registered.-The State Comptroller registered $1,000
Oklahoma.-Extra Session of Legislature.-On Nov. 19 a Bonds
(optional) bonds on Nov. 11.
proclamation was issued by Governor Haskell calling upon 5% 5-20-year
Callaway, Custer County, Neb.-Bond Sale.-On Nov. 1
the Legislature to meet in special session in Oklahoma City
Nov. 28 to enact legislation necessary to change the location the $6,000 6% 10-20-year (optional) water-main-extension
of the State Capital. As stated last week, the State Supreme and improvement bonds described in V. 91, p. 1196, were
Court on Nov. 15 decided that the election held June 11, at awarded to H T. Holtz & Co. of Chicago.
Denomination $500, Date Nov. 11910. Interest annual.
which it was voted to change the location of the State Capital
Calumet Township, Lake County, Ind.-Bond Sale.-On
from Guthrie to Oklahoma City, was void because of defects
Nov. 12 the $10,000 5% school-house bonds described in
in the title of the ballot.
V. 91, p. 1342, were awarded to J. T. Elliot &Sons of Indianapolis at 101. Purchaser also to furnish printed bonds
and all other printed matter.
Bond Calls and Redemptions.
Date Jan. 101911. Maturity $500 on July 10 1912 and on Jan. 10 1913
Ohio County (P. 0. Wheeling), W. Va.-Bonds Drawn for and $1.000 yearly on Jan. 10 from
1914 to 1922 inclusive.
Redemption.-The following numbers of 4% bonds of $500
Cameron County (P. 0. Brownsville), Tex.-Bonds
each have been drawn for payment Dec. 1 at the German Authorized.-Reports state that the County Commissioners
Bank in Wheeling: 11, 12, 27, 67, 103, 119 and 129.
have authorized the issuance of $204,500 5% 30-year DrainUnited States of Mexico.-Called Bonds Not Yet Presented age District No. 1 bonds.
Denomination $500. Date Dec. 1 1910. Interest seml-annually In
for Payment.-In an advertisement on a preceding page
notice is given that the following bonds, drawn for payment No York or Brownsville.
Charles City Independent School District (P. 0. Charles
some time ago, have not yet been presented for payment:
Nos. 17,245 and 30,119, Series "A," for $1,000 each. Interest ceased City), Floyd County, Iowa.-Bonds Offered by Bankers.
June 1 1909. No8.7,064.11.722,17,234 and 32.459, Series "A," for $1,000 The Harris Trust & Savings Bank of Chicago is offering to
1909.
each. Interest ceased Dec. 1
investors an issue of $25,000 432% 10-year bonds.
News Items.
Bond Proposals and Nedotiations this week
have been as follows:
Alliance School District (P. 0. Alliance), Stark County,
Ohio.-Bonds Voted.-A vote of 2,000 "for" to 900 "against"
was cast at the election held Nov. 8 on the proposition to
issue the $50,000 school-improvement bonds mentioned
in V. 91, p. 1275.
Americus, Sumter County, Ga.-Bonds Defeated.-It is
stated the election held Nov. 8 resulted in defeat of the
propositions to issue the $65,000 electric-light-plant, sanitarysewerage-system and water-works-improvement bonds mentioned in V. 91, p. 1275.
Denomination $1,000. Date Nov. 1 1910. Interest semi-annually at
the Harris Trust & Savings Bank in Chicago. Total debt, including this
Issue, $48,000. Assessed valuation for taxation, $960,082. Real value
(estimated). $3,840,328.
Cincinnati School District (P. 0. Cincinnati), Ohio.-Bond
Offering.-Further details are at hand relative to the offering
on Dec. 5 of the $240,000 4% coupon school-propertyimprovement bonds mentioned in V. 91, p. 1342. Proposals
for these bonds will be received until 12 m. on that day by
Wm. Grautman, Clerk Board of Education.
Denomination $500. Date, day of sale. Interest semi-annually at the
American Exchange National Bank in New York City. Maturity 40 years.
Certified check for 5% of bonds bid for, payable to the Board of Education.
Is required. Purchaser to pay accrued interest.
Cleveland, Ohio.-Bond Sale.-Reports state that on
Nov. 21 the $600,000 4% 30-year coupon grade-crossing
Nov. 26:1910.]
THE CHRONICLE
bonds described in V. 91, P. 1114, were awarded to the
Cleveland Trust Co., C. E. Denison & Co., of Cleveland,
Field, Longstreth & Co. of Cincinnati, and Stacy & Braun
of Toledo at their joint bid of 100.14.
Bond Offering.-Proposals will be received until 12 in.
Dec. 5 by H. B. Wright, City Auditor for $500,000 4%
coupon grade-crossing bonds.
Denomination $1,000. Interest from Oct.1 1910,payable semi-annually
at the American Exchange National Bank in New York City. Maturity
Oct. 1 1940. Certified check on a national bank for 5% of bonds bid for,
payable to Harry L. Davis, City Treasurer, is required. Bids to be made
on blank forms furnished by the City Auditor.
Coleman, Coleman County, Tex.-Bond Offering.-This
city is still advertising for sale the $20,000 5% 5-40-year
(optional) electric-light-plant-improvement bonds described
in V. 91, p. 601.
Collin County Common School District No. 3, Texas.Bonds Registered.-The State Comptroller registered $2,000
5% 10-20-year (optional) bonds on Nov. 15.
Crawford County (P.0. Denison), Iowa.-Bonds Voted.A proposition to issue bonds for a county-poor-farm was
approved by a vote of 2,219 to 1,250 on Nov.8.
Crawfordsville, Montgomery County, Ind.-Bond Sale.Breed & Harrison of Cincinnati purchased $48,000 4%
electric-light-plant bonds on Nov. 21 at 101.62. The following bids were received:
Breed & Harrison, Cinc__$48,777 77 Joseph T. Elliott & Sons,
Harris Trust & Savings
Indianapolis
$48,552 00
Bank, Chicago
48,705 75 J.F.Wild & Co., Indianan. 48,450 00
Denomination $500. Date Dec. 1 1910. Interest semi-annual.
1467
Frackville School District (P. 0. Frackville), Schuylkill
County, Pa.-Bonds Defeated.-An election held Nov. 8
resulted in the defeat of the question of issuing $25,000
building bonds. The vote was 7 "for" to 135 "against."
Frankfort, Clinton County, Ind.-Bond Sale.-Reports
state that an issue of $15,000 park bonds was awarded on
Nov. 18 to the Meyer-Kiser Bank in Indianapolis at 101.18.
Franklin County (P. 0. Hampton), Iowa.-Bonds Defeated.-An election held Nov. 8 resulted in the defeat of a
proposition to issue hospital bonds.
Franklin County Common School District No. 18, Tex.Bonds Registered.-The State Comptroller registered on
Nov. 14 an issue of $1,200 5% 10-20-year (optional) bonds.
Gainesville, Cooke County,Tex.-Bond Election.-Reports
state that an election will be held Dec. 14 to vote on the
question of issuing $150,000 5% 50-year bonds for the purchase of the plant of the Gainesville Water Co.
Galveston County Drainage District No. 1, Tex.-Bonds
Registered.-The State Comptroller registered $70,000 5%
bonds on Nov. 11. These securities take the place of the
$116,000 bonds, proposals for which were asked until July 5
1909. See V. 88, p. 1636.
Garfield, Bergen County, N. J.-Bonds Voted.-An election held Nov. 15 resulted in favor of propositions to issue
the following bonds:
$42,500 sewerage-system-construction bonds. Vote 176 "for" to 37
"against."
25,000 electric-light-plant-construction and equipment bonds. Vote 129
"for" to 78 "against."
Crewe, Nottaway County, Va.-Bond Offering.-C. E.
Bonds Defeated.-The question of issuing $25,000 bonds
Wilson, Chairman Finance Committee, is offering at par
for the purchase of the electric-light system of the Public
$25,000 5% coupon electric-light and water bonds.
Service Corporation was defeated on Nov. 8 by a vote of
Interest semi-annually at the Bank of Crewe. Denomination $500. Date
Jan. 1 1911. Maturity 20 years. This town has no debt at present. 87 "for" to 114 "against."
Assessed valuation, $400,000.
Glen Ridge School District (P. 0. Glen Ridge), Essex
Cuyahoga County(P.O.Cleveland), Ohio.-Bond Offering. County, N. J.-Bond Offering.-Proposals
will be received
-Proposals will be received until 11 a. m. Dec. 7 by the until 5 p. m. Dec. 6 by the Board
of Education Edward D.
Board of Commissioners, John F. Goldenbogen, Clerk, for Street, Clerk, for $35,000 4M% coupon
school bonds.
$300,000 4% coupon court-house-construction bonds.
Denomination $1,000. Date Dec. 1 1910. Interest semi-annually
Authority, Sections 2434, 2435 and 2438, General Code; also election held
Nov. 5 1901. Denomination $1,000. Date Dec. 11910. Interest April 1
and Oct. 1 at the County Treasurer's office. Maturity $15,000 yearly on
Oct. 1 from 1911 to 1930 inclusive. Each bid must be accompanied by a
bond signed by not less than two disinterested persons, residents of and
owning real estate In this county, or a certified check, payable to the County
Treasurer, for 1% of bonds bid for. Bids must be made on a blank form
furnished by the county.
Cuyahoga Falls, Summit County, Ohio.-Bond Offering.Proposals will be received until 12 m. Nov. 28 by H. C.
Weidner, Village Clerk, for $8,200 5% Front Street improvement (village's portion) bonds.
Authority Section 2835, Revised Statutes, and 6905, General Code.
Denomination $1,000, except one bond of $200. Date Oct. 22 1910.
Interest April 1 and Oct. 1 at the Cuyahoga Falls Savings Bank. Maturity
$200 Oct. 1 1911 and $1,000 each six months from April 1 1912 to Oct. 1
1915 inclusive. Certified check for 10% of bonds bid for, payable to
John R. Porter, Village Treasurer, Is required ,Purchaser to pay accrued
Interest.
04Decatur, Macon County, Ill.-Price Paid for7Bonds.-We
are informed that 98.32 and interest was the price paid for
the $75,000 4% coupon electric-light-system bonds awarded
last month (V. 91, p. 1197) to the Harris Trust & Savings
Bank of Chicago. This is on an interest basis of about 4.23%.
Delta County(P.0.Escanaba), Mich.-Bonds Voted.-We
are advised that the proposition to issue the $40,000 4%
bridge-construction bonds carried by a vote of 1186 to 1142
at the Nov. 8 election. As stated in V. 91, p. 1400, it was
at first reported that the bonds had been defeated. Maturity
$5,000 yearly on Jan. 1 from 1912 to 1919 inclusive. According to the County Clerk, bids will likely be called for
Jan. 10 1911, when the County Board holds its next meeting.
Douglasville, Douglas County, Ga.-Bond Election.-An
election will be held Nov. 28 to vote on a proposition to issue
$20,000 5% water-works bonds. Maturity lich. 1 1941.
East Rochester, Monroe County, N. Y.-Price Paid for
Notes.-The price paid for the $5,000 5% 1-5-year (serial)
water-main-extension notes awarded to Myron W. Greene
of Rochester on Oct. 5(V.91, p. 1400) was par. Denomination $1,000. Date Oct. 5 1910. Interest semi-annual.
El Dorado County (P. 0. Placerville), Cal.-Bonds Voted.
-The voters of this county recently authorized the issuance
of $125,000 court-house-building bonds.
El Paso County School District No. 1, Colo.-Bond Sale.E, H. Rollins & Sons of Denver recently purchased $45,000
5% 10-20-year refunding bonds at 101.588 and interest.
Five bids in all were received.
pgEscanaba, Delta County, Mich.-Bonds Voted.-According
to reports, the election held Nov.8 resulted in favor of the
questions of issuing the following bonds mentionea in V. 91,
p.'11276.
$30,000 gas-plant-construction bonds. Vote 685 "for" to 380 "against...
g15.000 lire-station-construction bonds. Vote 573 "for" to 338 "against."
Falfurrias Independent School District, Texas.-Bonds
Registered.-On Nov. 14 the $25,000 5% 1-40-year (serial)
bonds described in V. 91, p. 819, were registered by the
State Comptroller.
Flint, Genesee County, Mich.-Bonds Proposed.-According to local papers, this city proposes to issue $400,000 waterworks-extension and improvement bonds.
Fort Lee, Bergen County, N. J.-Bonds Not Sold.-No
award was made on Nov. 23 of the $50,000 5% coupon
funding bonds described in V. 91, p. 1400. A bid of $50,225
was received from Well, Roth & Co. of Cincinnati.
at
the Essex Title Guaranty & Trust Co. of Montclair, and upon request of
holder will be payable in New York exchange. Maturity yearly on Dec. 1
as follows: $2,000 on each of the years 1930, 1931 and 1932: $3,000 in each
of the years 1933, 1934 and 1935, and $4,000 in each of the years 1936, 1937,
1938, 1939 and 1940. Certified check for 2% of bonds bid for, payable to
Board of Education, is required. Purchaser to pay accrued interest.
Gloucester City, Camden County, N. J.-Bond Sale.-On
Nov. 15 $25,000 432% 20-year coupon street-improvement
bonds were sold to the P. A. Stewart Co. at par and accrued
interest. There were no other bidders. Denomination
$1,000. Date Nov. 1 1910. Interest semi-annually in
Gloucester City.
Gooding, Lincoln County,Idaho.-Bond Sale.-On Nov. 7
the $7,000 10-20-year (optional) funding, refunding, building
and purchasing bonds described in V. 91, p. 1277, were
awarded to J. H. Causey & Co. of Denver at par and accrued
interest.
Gordo, Pickens County, Ala.-Bond Offering.-Proposals
will be received until 3:30 p. m. Dec. 19 by W. S. Carver,
Mayor, for the $6,000 5% gold coupon school-building bonds
recently voted. V. 91, p. 1343.
Denomination $100. Date Jan. 1 1911. Interest semi-annually at the
First National Bank in Tuscaloosa. Maturity Jan. 1 1931. The bonds
are tax-exempt. Certified check for 10% of bonds bid for, made payable
to the Mayor, is required. Total debt; this issue. Assessed valuation
for 1909, $125,000.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Granby, Newton County, Mo.-Bond Offering.-Proposals
will be received until 7 p. m. on Dec. 15 by J. Hutsell, City
Clerk, for $18,000 53/
9% water-works bonds.
Authority, Article 7; Chapter 84, Revised Statutes. Date Jan. 1 1911.
Interest semi-annually at the Bank of Granby In Granby. Maturity "any
time after 10 years." Certified check for $500, payable to the City Clerk.
Is required. No bonded debt at present. Assessed valuation, $282,000.
Grassy Lake Drainage District No.1, Ark.-Bond Offering.
-Proposals will be received for $12,000 6% drainage bonds.
Interest annual. Maturity twenty years. Edward Young
(P. 0. Youngstown) is Secretary.
Greene County (P. 0. Jefferson), Iowa.-Bonds Defeated.
-A vote of 800 'for" to 2,400 "against" was the result of an
election held Nov. 8 to decide upon the question of issuing
$100,000 court-house-construction bonds.
Groesbeck Independent School Distfict(P. 0. Groesbeck),
Limestone County, Tex.-Bonds Registered.-An issue of
$7,000 5% 5-40-year (optional) bonds was registered by the
State Comptroller on Nov. 9.
Hamden (P. 0. Hamden Junction), Vinton County, Ohio.
-Bond Sale.-On Nov. 15 the $2,000 432% coupon Wilkesville St. improvement bonds described in V. 91, p. 1277,
were awarded to the Vinton Banking Co. at 103.525 and
accrued interest. Other bidders were:
Citizens' Bk. of Hamden____$2,0501Somerset Bank, Somerset____$2,015
Seasongood & Mayer, Cincin__ 2,02i Wm. H. De Pue, Hamden___ 2.000
Maturity $500 In 1915, $200 In 1916 and $100 each year from 1917 ti
1929 inclusive.
Harbor Springs, Emmet County, Mich.-Bond Sale Not
Consummated.-The $45,000 5% water-works-construction
bonds recently sold to the Continental & Commercial Trust
& Savings Bank of Chicago (V. 91, p. 1277), take the place
of the $45,000 4% bonds awarded last April to A. J. Hood
& Co. of Detroit(V. 90, p. 998). We are advised that Hood
& Co. did not take the bonds, giving as a reason that there
1468
THE CHRONICLE
was a private plant in the town. The bonds were later
awarded to other parties, but refused a second time,an error
having been discovered in the publication of the election
notice. Another election was called for Aug. 20, at which
the bonds were again voted.
Harrison County(P.0. Gulfport), Miss.-Bond Offering.Proposals will be received until Dec. 5 for $50,000 6% Road
District No. 2 bonds. These bonds were offered as 5s on
Nov.7(V. 91, p. 1049), but no sale was made on that day.
Hart County (P.0. Hartwell), Ga.-Bonds Defeated.-The
proposition to issue the $40,000 5% 30-year road and bridge
bonds mentioned in V.91, p. 1049, was defeated by the voters
on Nov.4.
Hawthorne School District (P. 0. Hawthorne), N. J.Bonds Not Sold.-No bids were received on Nov. 15 for
$4,500 5% bonds offered on that day.
Henderson County (P. 0. Henderson), Ky.-Bonds Defeated.-The election held Nov.8 resulted in the defeat of the
question of issuing $20,000 jail bonds.
High Point, Guilford County, No. Caro.-Bond Election
Proposed.-This city, according to reports, proposes holding
an election to vote on the question of issuing $100,000
additional improvement bonds.
Houston, Tex.-Bonds Registered.-The State Comptroller
on Nov. 12 registered $100,000 43% street-improvement
bonds due in 30 years.
Hudson Township (P. 0. Hudson), Summit County, Ohio.
-Bond Offering.-Proposals will be received until 12 m.
Nov. 28 by H. A. Sullivan, Township Clerk, for $10,000
9% coupon highway-improvement bonds.
43/
Authority Sections 3295, 3939, 3940, 3941. 3942 and 3947, of the General
Code. Denomination $1,000. Date, day of sale. Interest, commencing
April 1 1911, payable semi-annually at the National Bank of Hudson.
Maturity $1,000 yearly on Oct. 1 from 1912 to 1921 inclusive. Certified
check for 10% of bonds bid for, payable to the Township Treasurer, is
required. The bonds will be delivered within 10 days from the time of
award. The township has no debt at present. Estimated value, $2,000.000.
[VOL. Lxxxxi
La Fayette, Walker County, Ga.-Bond Offering -Proposals will be received until 8 p. m. Dec. 20 by D. W. Herndon, Mayor, for $28,000 water-works and $12,000 electriclight 5% gold bonds.
Denomination $500. Date Jan. 1 1911. Interest semi-annually at the
Seaboard National Bank In New York City, Maturity Jan. 1 1040. Certified check for 2% of bid, payable to W.A. Enloe Jr., Treasurer, is required.
Las Animas County (P. 0. Trinidad), Colo.-Bonds Voted.
-The election held Nov. 8 resulted in favor of the proposition to issue the $155,000 432% 10-20-year (optional) refunding bonds mentioned in V. 91, p. 978. The vote was
394 "for" to 143 "against."
Liberty Township School District (P. 0. Powell), Delaware County, Ohio.-Bond Offering.-Proposals will be received until 12 in. Dec. 12 for $20,000 43% bonds.
Authority, Sections 7625 and 7626, General Code. Denomination $2,000.
Date Dec. 1 1910. Interest semi-annual. Maturity $2,000 yearly on
June 1 from 1913 to 1922 inclusive. Certified check on a bank in Delaware
County (or cash) for $200, payable to V. P. Rutherford, Clerk, is required.
Lincoln, Lancaster County, Neb.-Bonds to Be Offered
Shortly.-On or about Dec. 15 this city will advertise for sale
an issue of $50,000 sewer bonds.
Lorain, Lorain County, Ohio.-Bond Sale.-On Nov. 23
the $21,500 43270 coupon sanitary-sewer bonds described in
V. 91, p. 1198, were awarded, it is stated, to the DaviesBertram Co. of Cincinnati at 101.688. Maturity $1,000 every
March 15 and $1,500 each Sept. 15 from 1912 to 1916 inclusive, $1,000 each six months from March 15 1917 to
Sept. 15 1920 inclusive and $1,000 Sept. 211921,
Loup County (P. 0. Taylor), Neb.-Bonds Defeated.-The
question of issuing court-house bonds was defeated on
Nov. 8. The vote was 164 "for" to 289 "against."
Lyon County (P. 0. Marshall), Minn.-Bond Sale.-On
Nov. 21 the $63,500 5% coupon ditch bonds described in
V. 91, p. 1278, were awarded to the Wells & Dickey Co. of
Minneapolis for $64,835 (102.102) and accrued interest.
Other bids received were as follows:
Union Invest. Co„ Minnneap.$64,615 McCoy S: Co., Chicago
S. A. Kean Se Co., Chicago__ 64,611 Well, Roth Se Co., Chicago
$64,350
64,180
84,100
Loan ScTr.Co., MInneap 64,376 Kane Se Co., Minneapolis
Huntington Park School District, Los Angeles County, Minn.
Maturity part yearly from 1916 to 1921.
Cal.-Bond Offering.-Proposals will be received until 2
McCracken County (P.0.Paducah), Ky.-Bonds Defeated.
p. m. Dec 5 y the Board of Supervisors, C. G. Keyes, exNov. 8 the voters defeated a proposition to issue
-On
officio Clerk, for the $15,000 5% gold bonds voted on Oct:24 $50,000
jail bonds.
(V. 91, p. 1343) to purchase land for school purposes.
McLeansboro, Hamilton County, Ill.-Bond Election.Denomination $1,000. Date Dec. 5 1910. Interest annually at the
County Treasurer's office. Maturity $5,000 on Dec. 5 in each of the years On Dec. 1 this city, it is stated, will vote on the question of
1920, 1925 and 1930. Certified check for 3% of bonds bid for, payable to issuing $20,000 dam and water-works-extension bonds.
the Chairman, is required. Purchaser to pay accrued Interest.
McPherson, McPherson County, Kans.-Bond Offering.Jamestown, Chautauqua County, N. Y.-Bonds Voted.Clerk, for
A proposition to issue $30,000 fire-department bonds carried Proposals will be received by Nels Pearson, City
by a vote of 402 to 196 at an election held Nov. 19. De- $7,000 electric-light and $3,000 water-works bonds at not
exceeding 6% interest.
tails of bonds not vet determined.
$500. Date Jan. 1 1911. Maturity 10 years, subject to
Kansas City, Mo.-Bond Offering.-Proposals will be re- callDenomination
after 3 years. Interest semi-annually at the fiscal agency of Kansas in
ceived until 10 a. m. Dec. 15 by Darius A. Brown, Mayor, Topeka.
Marlboro, Ulster County, N. Y.-Bond Offering.-Disand Gus Pearson, City Comptroller, for the following bonds:
state that W. C. Grimley, Chairman of the School
patches
CLASS "B" (Concluded).
CLASS "A."
Board, will sell at public auction at 2:30 p. m. Nov. 26 $10,Purpose.
Amount.
Purpose.
Amount.
$100,000__IncineratIng-plant.
$500,000_ _Water-works (2d Issue).
000 83. -year (average) school bonds at not exceeding 43%
100,000__Bridge.
CLASS "B."
interest.
issue).
(2d
protection
_Fire
$50,000_
Class "B" bonds carry 43i% int.
Class "A" bonds carry 4% interest
Martin County (P. 0.Fairmont), Minn.-Bond Offering.p.
91,
(V.
voted
bonds
$3,650,000
the
of
part
are
The above securities
will be received until 10 a. m. Nov. 29 by H. P.
291) on July 19, of which $800,000 were disposed of on Sept. 7, as reported Proposals
In V. 91, p. 666. Denomination $1,000. Date Sept. 1 1910. Interest Edwards, County Auditor, for the following bonds at not
in
Bank
National
Chase
the
office
or
City
Treasurer's
will be payable at the
exceeding 6% interest:
New York City, at the option of the holder. Maturity Sept, 11930, Bid
must be made on a blank form furnished by the City Comptroller or by
Dillon. Thomson de Clay of New York City, and be accompanied by a
bonds bid
certified check on a national bank in Kansas City for 2% of the the
bonds
of
for, made payable to the aforesaid Comptroller. The legality
will be dewill be approved by Dillon, Thomson do Clay, whose opinion
livered to the purchaser. Bonds will be delivered at the office of the
Comptroller on Jan. 3.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Kearny, Hudson County, N. J.-Bond Offering.-Proposals will be received until 8 p. in. Dec. 14 by the Town
Council for $25,000 04% play-ground bonds.
Maturity 20 years. Certified check for $1,000 is required.
E. Canfield is Town Treasurer.
Burton
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
King County (P. 0. Seattle), Wash.-Bonds Voted.We are advised that the propositions to issue the following twenty-year bonds at not exceeding 43% interest carried at the election held Nov. 8: $600,000 to procure the
right-of-way for the Duwamish Waterway, $750,000 for the
excavation of the Lake Washington Canal, $25,000 for the
dredging of the Sammamish River, bringing Lake Sammamish into the general chain of dockage; $325,000 for public
ownership of wharves and docks and $50,000 for the diverting
of the Cedar River into Lake Washington. See V.91, p. 978.
The vote was 17,781 "for" to 4,546 "against." We are
informed that the bonds will be placed on the market next
March.
King County School Dist. No. 15, Wash.-Bond Sale.The $7,000 2-10-year(optional)coupon school-house-site,construction and furnishing bonds described in V. 91, p. 417,
were awarded on Aug. ?0 to the State of Washington at par
for 53's.
p= Klamath Falls, Klamath County, Ore.-Bonds Voted.Anielection held recently resulted in favor of the question
ott issuing $8,000 fire-department-equipment bonds. The
Note was 83 "for" to 19 "against."
$14,000 Judicial Ditch No. 9 bonds. Denominations: 13 bonds of $1,000
each and 2 bonds of $500 each. Maturity $1,000 yearly from 1915
to 1927 inclusive and $500 in 1928 and 1929.
13,000 County Ditch No. 14 bonds. Denominations: 11 bonds of $1,000
each and 4 bonds of $500 each. Maturity $1,000 yearly from 1914
to 1924 inclusive and $500 in each of the years 1925, 1926, 1927
and 1928.
17,000 County Ditch No. 15 bonds. Denominations: 4 bonds of $1,500
each and 11 bonds of $1,000 each. Maturity $1,500 in each of the
years 1914, 1915, 1918 and 1917 and $1,000 yearly from 1918 to
1928 inclusive.
10,000 County Ditch No. 20 bonds. Denominations: 5 bonds of $1,000
each and 10 bonds of $500 each. Maturity $1,000 in each of the
years 1915, 1916, 1917, 1918 and 1919 and $500 yearly from 1920
to 1929 Inclusive.
Interest annually at Fairmont. Certified cheek for $1,000, payable to
the County Treasurer, Is required. Purchaser to furnish blank bonds.
Maryland.-Bond Sale.-On Nov. 22 the $949,000 33%
10-15-year (optional) coupon (with privilege of registration
as to principal) State Roads Loan, Series "C," bonds, described in V. 91, p. 1115, were sold as follows: $859,000 to
the Mercantile Trust & Deposit Co. at 94.033, $50,000 to
H. A. Orrick, $25,000 at 94.05 and $25,000 at 94.10 and
$40,000 to Townsend, Scott & Son, $10,000 at 94.25, $20,000 at 94.50 and $10,000 at 95. The successful bidders are
all of Baltimore.
The bands just sold are part of the $1,000,000 issue offered
on May 16, and on which day only $10,000 was disposed of.
See V. 90, p. 1379. With the sale of the $949,000 bonds
on Nov. 16 the entire issue has now been placed.
Maryville, Blount County, Tenn.-Bond Offering.-This
city is offering at private sale the $30,000 5% 20-year coupon
school-building bonds which failed to sell (V. 91, p. 541) on
July 18.
Medford School District (P. 0. Medford), Grant County,
Okla.-Bond Sale.-The $40,000 6% school-building bonds
voted on Sept. 27 (V. 91, p. 978), have been awarded to the
C. Speer & Sons Co. of Chicago.
Date Dec. 1 1910. Maturity $5,000 on Jan. 1 in each of the years 1918,
1921 and 1928 and $25,000 on Dec. 1 1930. Total debt, Including this
issue, $43,000. Assessed valuation $949,247.
Miles, Runnels County, Tex.-Bonds Registered.-The
$20,000 5% 20-40-year (optional) water-works bonds men-
Nov. 26 1910.]
THE CHRONICLE
1469
tioned in V. 91, p. 354, were registered by the State Comptroller on Nov. 7.
Milford School District, Clermont and Hamilton Counties,
Ohio.-Bond Election.-A proposition to issue $75,000 schoolbuilding bonds will be voted upon Dec. 5.
Montclair, Essex County, N. J.-Bonds Proposed.-This
town, according to reports, is contemplating the issuance of
$221,000 school-building bonds.
Morrow County (P. 0. Mt. Gilead), Ohio.-Bond Sale.Reports state that seven issues of 432% bonds offered on
Oct. 20 were disposed of as follows:
Dec. 15" at the office of John M. Lewis, County Treasurer
(P. 0. Portland), for $350,000 bonds.
Preble County (P. 0. Eaton), Ohio.-Bond Sale.-The
following award was made on Nov. 12 of the three issues of
432% bonds described in V. 91, p. 1200:
$1.994 96 5%-year (average) Westfield Road improvement No. 1 assessment bonds awarded for $2,025 96 (101.55)-a basis of about
4.182%.
10,890 00 5s-year (average) Westfield Road improvement No. 2 bonds
awarded for $11,075 13 (101.70)-a basis of about 4.152%.
11,100 00 5%-year (average) North Bloomfield Road improvement No. 1
bonds awarded for $11,280 (101.621)-a basis of about 4.168%.
5,407 00 5 3 -year (average) North Bloomfield Road improvement No. 1
assessment bonds for $5,499 (101.70)-a basis of about 4.152%.
5,633 00 5 ji-year (average) Westfield Road improvement No. 2 assessment bonds awarded for $5,728 76 (101.699)-a basis of about
4.152%.
6,553 00 5 M-year (average) Fulton Road improvement No. 1 assessment
bonds awarded for $6,664 40 (101.60)-a basis of about 4.152%•
17.160 00 5-year (average) Fulton Road improvement No. 1 bonds awarded
for $17,451 72 (101.70)-a basis of about 4.12%.
It is stated that the first four-mentioned issues were purchased by the
Mt. Gilead National Bank and the remaining issues by the National Bank
of Morrow County, both of Mt. Gilead.
Pueblo School District No. 20 (P. 0. Pueblo), Colo.Bonds Voted.-Propositions to issue $190,000 building and
$35,000 funding bonds carried on Nov. 12, the vote being
123 to 43 on the former issue and 128 to 32 on the latter.
Putnam County (P.0. Ottawa), Ohio.-Bonds Defeated.An election held Nov. 8, according to reports, resulted in the
defeat of a proposition to issue bonds for an agricultural
experiment farm.
Quincy, Norfolk County, Mass.-Bond Offering.-Proposals will be received until 12 m. Nov. 29 by John Curtis, City
Treasurer,for $19,000 4% coupon street-improvement bonds
Mt. Washington, Hamilton County, Ohio.-Bond Sale.On Nov. 12 the $1,000 5% 10-year sidewalk-improvement
(village's portion) bonds described in V. 91, p. 1278, were
awarded to Seasongood & Mayer of Cincinnati at 106.10 and
accrued interest.
Nebraska City School District (P.0. Nebraska City), Otoe
County, Neb.-Bonds Not Yet Sold.-Local papers of Nov. 17
state that no sale has yet been made of the $80,000 highschool bonds offered without success (V. 91, p. 231) on
July 1.
New Haven, Olmsted County, Minn.-Bond Sale.-The
$5,000 6% coupon road and bridge-building bonds offered
on Oct. 29 and described in V. 91, p. 1199, have been
awarded to the Citizens' State Bank in Pine Island at par.
Date Nov. 1 1910. Interest annually on July 1.
yearly on July 1 from 1911 to 1915 inclusive.
Maturity $1,000
Newton, Jasper County, Iowa.-Bonds Voted.-An election held Nov. 8 resulted in favor of a proposition to issue
$40,000 gas-plant-construction bonds. The vote was 671
to 325.
Norman County (P. 0. Ada), Minn.-Bonds Defeated.An election held Nov.8 resulted in the defeat of a proposition
to issue $20,000 4% bonds. The vote was 909 "for" to
1,035 "against."
Northampton, Mass.-Temporary Loan.-Dispatches state
that a loan of $40,000, dated Nov. 25 1910 and due April 25
1911, has been negotiated with Bond & Goodwin of Boston,
with interest to follow at 3.80%.
North Charleroi School District (P. 0. Charleroi), Pa.Bonds Voted.-The election held Nov. 8 resulted in favor of
the proposition to issue the $22,000 school-building bonds
mentioned in V. 91, p. 745. The vote was 93 "for" to 17
"against."
Interest 4% or 43%. Maturity June 1 1926, subject to call after 1920.
North Hempstead (P. 0. Manhasset), Nassau County,
N. Y.-Bond Sale.-On Nov. 17 the $108,000 gold coupon
or registered Roslyn Water District bonds described in V. 91,
p. 1344, were sold to W. N. Coler & Co. of New York City
at par and interest for 4.80s. Maturity $18,000 Nov. 1 1915
and $6,000 yearly on Nov. 1 from 1916 to 1930 inclusive.
Norwood, Hamilton County, Ohio.-Bond Offering.-Proposals will be received until 12 in. Nov. 28 by L. H. Gebhart,
City Auditor, for the following 432% bonds:
$5,935 23 Hudson Avenue macadam bonds. Maturity one-tenth yearly
on Nov. 2 from 1911 to 1920 inclusive.
1,465 70 stone-sidewalk-construction bonds. Maturity one-fifth yearly
on Nov. 2 from 1911 to 1915 inclusive.
The amount of bonds to be issued will be reduced by the amount of
assessments paid In cash prior to the date of sale. The above bonds are
dated Nov. 2 1910. Interest annual. Bid to be made on each issue
separately and be accompanied by a certified check for 5% of the bonds,
made payable to the City Treasurer.
Okfuskee County (P. 0. Okemah), Okla.-Bond Sale..-On
Oct. 17 $31,455 6% 20-year refunding bonds were awarded
to R. J. Edwards of Oklahoma City at a premium.
Denomination $1,000, except one bond of $455.
Interest semi-annual.
Date Dec. 12 1910.
Passaic County (P. 0. Paterson), N. J.-Bond Sale.-On
Nov. 23 N. W. Harris & Co. of New York City were awarded
the $67,500 43-% 18-year coupon road-improvement bonds
described in V. 91, p. 1401, at 102.708 and accrued interest.
A list of the bidders follows:
N. W. Harris & Co
E. H. Rollins de Sons
R. M. Grant & Co
102 708 John D Everitt & Co
102.59 Kountze Bros
102.147 Farson Son & Co
101.7875
100 62
101 337
Pineville, Rapides Parish, La.-Bonds Voted.-It is stated
that the question of issuing the $9,000 5% 40-year street-improvement bonds mentioned in V. 91, p. 1051, carried at the
election held Nov. 15. The vote was 57 "for" to 14 "against.'
Porterville School District (P. 0. Porterville), Tulare
County, Cal.-Bond Election Proposed.-According to San
Francisco papers, this district intends holding an election in
the near future to vote on a proposition to issue $60,000
school-building and equipment bonds.
Portland School District No. 1, Multnomah County, Ore.
-Bond Offering.-Proposals will be received until about
$1,216 Fowble Ditch No. 364 bonds, due $102 each six months from May
12 1911 to Nov.12 1914 Inclusive,awarded to the Preble County National Bank of Eaton for $1,216 50-the price thus being 100.041.
384 Wagner Ditch No. 361 bonds sold to Lizzie Miller of Eaton for
$385 85-the price thus being 100.481. Maturity $64 each six
months from May 12 1911 to Nov. 12 1913 inclusive.
80 Ashworth Ditch No. 366 bonds, due $40 May 12 1911 and $40
Nov. 12 1911, disposed of to W. F. Zelining of Eaton for $80 43the price thus being 100.537.
Denomination $1,000. Date Oct. 1 1910. Interest semi-annu ily In
Boston. Maturity $2,000 yearly on Oct. 1 from 1911 to 1919 In lusive
and $1,000 Oct. 1 1920. Bonds will be certified as to their genuinen ss
by the Old Colony Trust Co. of Boston, which will further certify that the
legality of this Issue has been approved by Ropes, Gray & Gorham of
Boston, a copy of whose opinion will be furnished without charge to the
purchaser.
Rice Lake, Barron County, Wis.-Bond Offering.-Proposals will be received until 2 p. m. Dec. 13 by Geo. A.
Baier, City Clerk, for $17,650 6% Sewer District No. 1 bonds.
Denomination $50. _Certified check for $2,000, payable to the city. is
required.
RiChWOod, Union County, Ohio.-Bond Sale.-On Nov. 19
the $18,000 432% coupon North Franklin Street improvement assessment bonds described in V. 91, p. 1279, were
awarded to the New First National Bank in Columbus for
$18,335 (101.861) and accrued interest. Other bids received
were as follows:
Barto. Scott & Co., Colum $18,333 00 Stacy & Braun, Toledo_ __$18.197 50
Well, Roth & Co.. Cm..
n _ 18,205 00ISeasongood & Mayer, Cln.. 18,100 00
Maturity $1,000 on April 1 In 1912 and 1913 and $2,000 yearly on April 1
from 1914 to 1921 inclusive. Bonds are tax-exempt. Interest payable at
Richwood Banking Co. or Village Clerk's office.
Rochester, N. Y.-Note Sale.-On Nov. 21 the $100,000
water-works notes and $225,000 renewal water-works notes
mentioned in V. 91, p. 1402, were awarded to Bond & Goodwin of New York City at 4.58% interest. Maturity 8 months
Rutherford School District (P. 0. Rutherford), Bergen
County, N. J.-Bond Offering.-Proposals will be received
until 8 p. in. Nov. 28 by C. P. Perham, District Clerk, for
$41,000 432% coupon bonds.
Authority Section 84 of an Act approved Oct. 19 1903. Date Aug. 1
1910. Denomination $1.000. Interest semi-annually at the Rutherford
National Bank in Rutherford. Maturity 40 years. The bonds are taxexempt.
Sacramento, Cal.-Bonds Defeated.-The proposition to
issue the $666,000 filtration-plant bonds mentioned in V. 91,
p. 171, was defeated at an election held Nov. 16.
Bonds Voted.-On Nov. 17 this city voted to issue $75,000
434% river-improvement bonds. Date of offering not yet
determined.
Bond Election Rescinded.-Local papers state that an election, which was to have been held Nov. 18, to vote on the
issuance of $50,000 levee bonds was canceled, as it was found
that it would not be necessary to issue bonds to make the
proposed improvements.
St. Paul, Minn -Bond Sale.-The $150,000 4% 30-year
school bonds mentioned in V. 91, p. 1200, have been disposed of to five St. Paul banks at par and accrued interest.
Bonds Awarded in Part.-Dispatches state that local
banks have agreed to purchase at par $200,000 of an issue
of $300,000 school bonds which was offered without success
on Nov. 23.
Salisbury, Rowan County, No. Caro -Bond Sale.-Ai issue of $50,000 5% street-improvement bonds dated Jan. 1
1910 and due Jan. 1 1960 was disposed of, we have just been
advised, during January.
Sandusky, Erie County, Ohio.-Bond Sale.-The following bids were received on Nov. 21 for the $5,000 4% 8-year
fire-department-equipment bonds described in V. 91, p. 1280:
Amer. Bank'g Co., Sandusky$5,018,
iProv Sav.Bk.&Tr.Co., Cin _..-_$5,000
Third-Nat. Ex. Bk., Sand.... 5,012 Well. Roth & Co., Cincin
all,000
Citizens' Banking Co., Sand.. 5,010 Seasongood & Mayer, Cincin. __ _x5.000
a Less $15 for attorney's fees an other expenses. z Less $35 for attorney's fees and other expenses.
All bidders offered accrued interest in addition to their bids.
Schenectady, N. Y.-Certificate Offering.-Proposals will
be received until 11 a. m. Dec. 2 by C. H. Benedict, City
Comptroller, for $100,000 certificates dated Dec. 1 1910.
Denomination of certificates and rate of interest desired to be named In
bid. Principal and interest will be paid,in New York exchange,on March 1
1911 at the City Treasurer's office or at the Importers' & Traders' National
Bank in New York City, as the successful bidder may elect. Certified
check for 1% of certificates bid for, made payable to the City Comptroller,
is required. The certificates will be delivered within ten days from the
time of award. Purchaser to pay accrued Interest.
Seattle School District No. 1(P.0. Seattle), King County,
Wash.-Bond Election.-An election will be held Dec. 3 to
vote on propositions to issue $600,000 1-20-year (serial)
school-house bonds, $150,000 20-year funding bonds and
$100,000 20-year school-site bonds.
Shawnee County (P. 0. Topeka), Kan.-Bonds .Voted.The election held Nov. 8 resulted, reports state, in favor of
1470
THE CHRONICLE
(VOL. Lamm.
Twinsburg Township (P.0.Twinsburg), Summit County,
the proposition to issue the $50,000 State fair-groundsOhio.-Bond Offering.-Proposals will be received until
improvement bonds, mentioned in V. 91, p. 980.
E. J. McCreery, Township Clerk, for $7,000.
Shelby County(P.O.Shelbyville), Ky.-Bonds Defeated.- 12 m. Dec. 7 by
road-improvement bonds.
On Nov. 8 the voters defeated a proposition to issue $75,000 434% coupon
Authority, Sections 3295, 3924, 3939, 3940, 3941, 3942 and 3947 of the
court-house bonds.
General Code. Denomination $1,000. Date "day of sale." Interest
at the National Hank of Hudson in Hudson. Maturity $1,000
payable
-ProSilverton, Hamilton County, Ohio.-Bond Offering.
yearly on Oct. 1 from 1912 to 1918 inclusive. Purchaser to pay accrued
posals will be received until 12 m. Dec.31 for the $8,500 43/2% interest. Certified check for 10% of bonds bid for, payable to the Township •Treasurer, is required. Bonded debt, at present, $2,800. Assessed
water-system-construction bonds.
valuation 1910, $900,000.
Authority, vote of 88 to 20 at election held Nov. 8 (V. 91, p. 1345).
Matarity Dec. 10 1935. A. A. Sprague Is Clerk.
Skagit County (P. 0. Mt. Vernon), Wash.-Bond Offering.-Proposals will be received until Jan.9 1911 for $125,000
refunding road and bridge bonds.
Bonds Proposed.-This county proposes to issue $100,000
road-improvement bonds. We are informed, however, that
they will probably not be offered for sale until next May or
June.
Snyder, Scurry County, Tex.-Bonds. Registered.-On
Nov. 9 the $27,400 water-works and the $17,000 sewerage
5% 15-40-year (optional) bonds described in V. 91, P. 1201,
were registered by the State Comptroller.
South St. Paul, Dakota County, Minn.-Bond Offering.Proposals will be received until 3 p. m. Dec. 15 by Jno. J.
9% refunding bonds.
O'Brien, City Recorder, for $111,000 43/
Denomination $1,000. Date Dec. 1 1910. Interest semi-annual. Maturity Dec. 1 1930. Certifiedicheek for 2% of bonds bid for, payable
toP. P. Weins, City Treasurer. Is required
Springfield, Greene County, Mo.-Bond Election.-This
city will hold an election Dec. 5, according to local papers,
to vote on the question of issuing the $475,000 publicimprovement bonds mentioned in V. 91, p. 1116.
Stafford, Stafford County, Kan.-Bonds Voted.-At an
election held Nov. 15 a favorable vote was cast on propositions
to issue $30,000 bonds to complete the water-works-system
•
and $25,000 to purchase an electric-light system.
Steele County (P. 0. Owatonna), Minn.-Bonds Proposed.
-This county has applied to the State Investment Commission for a 4% loan of $20,000, the money to be expended
for ditch purposes.
Stilwell, Adair County, Okla.-Bond Election.-According
to reports an election will be held Nov. 29 to vote on a proposition to issue $40,000 electric-light-plant and water-worksconstruction bonds.
Stoneham, Middlesex County, Mass.-Bond Offering.Reports state that proposals will be received until Dec. 1
for $1,000 water and $2,000 sewer 4% bonds.
Denomination $1,000. The water bond matures May 1 1930 and the
sewer bonds are due June 1 1928.
Vallejo, Solano County, Cal.-Bond Sale.-On Nov. 16
the $90,000 5% gold coupon (with privilege of registration)
water-system-improvement bonds described in V. 91,
p. 1280, were sold to G. G. Blymyer & Co. of San Francisco
at 102.12 and accrued interest. A list of the bidders follows:
G.G.Blymyer de Co.,San Fr_ _$91,908 N. W. Halsey & Co., San Fr_$91,751
State Board of Examiners_ _ _a91,950 E. H. Rollins & Sons, San Fr. 91,454
Jas. H. Adams & Co., Los An 91,751 Barroll & Co., Los Angeles__ 91,108
a Bonds to be delivered in Sacramento.
Maturity $4,500 yearly on Jan. 1 from 1912 to 1931 inclusive.
Vandalia, Fayette County, Ill.-Bond Sale.-On Nov. 14
the $10,000 6% electric-light and water-works bonds described in V. 91, p. 1281, were sold to Farson, Son & Co. of
Chicago at 106.33 and interest-a basis of about 4.775%.
The bonds are dated Dec. 1 1910 and mature $500 each six
months from June 1 1912 to Dec. 1 1921 inclusive.
Virginia School District(P.0. Virginia), St. Louis County,
Minn.-Bond Sale.-Dispatches state that the Commercial
Investment Co. of Duluth has been awarded an issue of
$75,000 school bonds.
Wakefield, Middlesex County, Mass.-Temporary Loans.C. D. Parker & Co. of Boston have been awarded, it is
stated, temporary loans of $70,000, maturing April 16 1911
and $40,000 maturing May 16 1911, at 3.86% discount and
a premium of 35 cents.
Wakita, Grant County, Okla.-Bonds Voted.-A proposition to issue $16,000 6% 20-year school-building bonds
received a favorable vote on Oct. 22.
Wapello County (P. 0. Ottumwa), Iowa.-Price Paid for
Bonds.-The price paid for the two issues of 5% 9 1-3-year
(average) funding bonds aggregating $66,000, awarded on
Oct. 19 to N. W. Halsey & Co. of Chicago (V. 91, p. 1201),
was $69,504 60 (105.31) and interest-a basis of about
4.28%. There were eleven bidders.
Denomination $1,000. Date Sept. 1 1910. Interest semi-annual.
Maturity $5,000 In 1913 and in 1915, $6,000 In 1916, $7,000 In 1917 and
1918. $10,000 in 1921 and 1922 and $16,000 in 1923.
Bonds Voted.-We are advised that the proposition to issue
the $45,000 jail-construction bona mentioned in V. 91, p.
1281, carried at the Nov. 8 election. The vote is reported in
local papers as 3,654 to 1,797.
Waseca County (P. 0. Waseca), Minn.-Price Paid for
Bonds.-We are advised that the price paid for the $12,000
4% Crane Creek Ditch bonds recently awarded to the State
of Minnesota (V. 91, p. 1402) was par. Denomination
$1,000. Interest annually in July.
Washington Court House, Fayette County, Ohio.-Bond
Sale.-An issue of $3,490 50 43-% street-improvement
bonds was disposed of on Nov. 22 to the Commercial Bank
of Washington Court House at 101.075. Following is a list
of the bidders and the premiums offered by the same:
Taylor Separate School District, Lafayette County, Miss.
-Bonds Not Sold-Bond Offering.-No sale was made on
Nov. 7 of the $3,000 6% coupon school-building and sitepurchase bonds described in V. 91, p. 1201. Proposals are
again asked for these bonds and will be received,this time,
until Dec. 8.
Terrell, Kaufman County, Tex.-Bonds Voted.-Of a total
of 70 votes cast at the Nov. 8 election 64 were in favor of
a proposition to issue $3,000 5% 10-40-year (optional)
school bonds.
Titusville School District (P. 0. Titusville), Crawford
County, Pa.-Bonds Not to be Issued at Present.-We are
Commercial Bank, Wash.C.H_$37.541New First National Bank, gi
advised that the $100,000 high-school-building bonds voted Seasongood
& Mayer, Cincln__ 15.691 Columbus
on Sept.6(V.91, p. 747) will not be issued until early in 1911.
Denomination $349 06. Date Oct. 16 1910. Interest semi-annual.
one to live years.
Maturity
from
Toledo, Ohio.-Bonds Authorized.-Ordinances have been
Watertown, Middlesex County, Mass.-Temporary Loan.
passed providing for the issuance of the following 5% coupon
-On Nov. 21 a loan of $25,000, due April 3 1911, was neassessment bonds:
gotiated with Bond & Goodwin of Boston at 3.83% discount.
$462 07 Plymouth Street No. 2 improvement bonds. Denomination $115,
except one bond of $107 07. Date Aug. 1 1910. Maturity part
West Feliciana Parish (P. 0. St. Francisville), La.-Bonds
each six months from March 1 1911 to Sept. 1 1912 inclusive.
$22,500
1,216 16 Sewer No. 1089 construction bonds. Denomination $325, except Proposed.-This parish will shortly offer for sale
one bond of $311 16. Date Nov. 18 1910. Maturity part each 6% coupon refunding and improvement bonds.
six months from March 18 1912 to Sept. 1 1913 inclusive.
Interest semi-annually at the Northern National Bank in Toledo.
In addition to the above, an ordinance has also been
passed providing for the issuance of $300,000 4% coupon
city-hall-site-purchase bonds.
Denomination $1,000. Date Dec. 1 1910. Interest semi-annually at
the United States Guaranty ec Trust Co. In New York City. Maturity
twenty-five years.
Denomination $500. Date Jan. 11911. Interest semi-annually in New
York City. Maturity twenty years. The bonds are exempt from all taxes.
White Salmon, Klickitat County, Wash.-Bond Election.An election will be held Dec. 17, it is stated, to vote on a
proposition to issue $7,500 bonds to pay off road-improvement warrants.
Wichita', Sedgwick County, Kan.-Bonds Voted.-By
vote of 2,446 "for" to 1,967 "against," local papers state,
this city on Nov. 8 authorized the issuance of $10,000 jail
and work-house bonds.
Bonds Authorized.-An ordinance has been passed providing for the issuance of the following 5% coupon Central
Avenue improvement bonds.
Tracy, Lyon County, Minn.-Bonds Voted.-Propositions
to issue $7,500 sewer, $6,000 water and $1,500 jail 4% bonds
were favorably voted upon Nov. 8. It is expected that the
bonds will be taken by the State of Minnesota.
Trenton, Mercer County, N. J.-Bonds Authorized.-Ordinances have been passed providing for the issuance of
Denomination $1,000, except one bond
432% 30-year coupon or registered bonds for the following 59,489 73 (city's portion) bonds. $489
73 Aug. 1 1911 and $1,000 yearly
of 5.189 73. Maturity
purposes: $9,000 to build additions to School No. 23 and
on Aug. 1 from 1912 tcr 1920 inclusive.
$1,000, except one bond of
$80,000 to build a school on Rutherford and Exton avenues. 31,815 93 (assessment) bonds. Denomination
$815 95. Maturity $2,815 95 Aug. 1 1911, $4,000 on Aug. 1
Denomination $100 or. multiples thereof. Interest semiin each of the years 1912, 1914, 1916, 1918 and 1920 and $3,000
annual.
on Aug. 1 in each of the years 1913, 1915, 1917 and 1919.
Date Aug. 1 1910. Interest semi-annually at the fiscal agency of the
Trumbull County (P.0. Warren), Ohio.-Bond Offering.- State
of Kansas in Topeka.
Proposals will be received until 1 p. m. Nov. 28 by Fred. T.
In addition to the above, an ordinance has also been
Stone, County Auditor, for $10,000 5% coupon bridge- passed providing for the issuance of the following West
building bonds.
Douglas Ave. improvement 5% coupon bonds:
Authority Sections 2421-2434, General Code. Denomination $1,000.
Date Sept. 1 1910. Interest semi-annually at County Treasurer's office
Maturity $1,000 each six months from March 1 1912 to Sept. 1 1916 inclusive. Certified check for 5% of bonds bid for, payable to the County
Auditor, Is required.
Bonds Defeated.-A proposition to issue jail bonds was
defeated by a vote of 3,100 "for" to 4,300 "against" at the
election held Nov. 8.
$19,360 23 (city's portion) bonds. Denomination $1,000, except one bond
of $360 23. Maturity $1,360 23 on Oct. 1 1011 and $2,000
yearly on Oct. 1 from 1912 to 1920 inclusive.
54.600 57 (assessment) bonds. Denomination $1,000, except one bond of
$600 57. Maturity $3,600 57 on Oct. 11011, $4,000 on Oct. 1
1912, $5,000 on Oct. 1 1913 and $6,000 yearly on Oct. 1 from
1914 to 1920 inclusive.
The above bonds are dated Oct. 1 1910. Interest semi-annually at the
fiscal agency of Kansas in Topeka.
Nov. 26 1910.1
THE CHRONICLE
Williamsport School District (P. 0. Williamsport),
Lycoming County, Pa.-Bonds Voted.-On Nov. 8 the
1471
Yonkers, N.
Y.-Bond Offering.-Proposals will be received until 12 m. Nov. 28 by Joseph
Miller, Comptroller,
for the following 4
registered bonds:
$125,000 revenue bonds. Maturity April 11915.
40,000 school bonds. Maturity $2.000 yearly on
Nov. 1 from 1911 to
Wirt County (P. 0. Elizabeth), W. Va.-Bonds Voted.1930 inclusive.
40,000 water bonds. Maturity $1,000 yearly on
It is reported that the issuance of $45,000 court-house bonds
Nov. 1 from 1911 to
1950 inclusive.
was authorized by a vote of 1,149 to 493 at the Nov. 8 elec20,000 city-hall bonds. Maturity $1,000 yearly on Nov.
1 from 1911 to
1930 inclusive.
tion.
Date Nov. 1 1910. Interest April 1 and Oct. 1 in
New York exchange.
Removal of County Seat Defeated.-Reports further state The opinion
of Hawkins, Deladeld & Longfellow, of New York
certithat at the same.election a proposition to remove the county fying to the validity of the above issues, will be furnished to theCity,
purchaser.
Certified check for 2% of bonds bid for, payable
to the Comptroller, is
seat from Elizabeth to Palestine was defeated.
required. Bonds will be ready for delivery
Nov. 30. Bids to include
accrued interest.
Wood County (P. 0. Grand Rapids), Wis.-Bond Sale.Youngstown, Ohio.-Bond Sale.-The following bids were
On Nov. 16 the $50,000 .04% gold coupon insane-asylum
received on Nov. 14 for the fifteen issues
of 5% streetbonds described in V. 91, p. 1281, were awarded to the First
improvement bonds described in V. 91,
p. 1281:
Trust dr Savings Bank in Chicago at 101.21 and accrued in$5,000
$3,000
$295
$430
$805
terest. The following bids were received:
Bonds.
Bonds.
& Mayer,Cin__•$5,108 00 $3,034 00 Bonds. Bonds. Bonds.
First Tr. & S. Bk., Chic_•$50,605 00 Parson, Son & Co., Chic_*$50,361 25 Seasongood
F.
B.
Wirt,
Youngstown__
"3,046 71
S. A. Kean & Co., Chic_ _ _ 50,660 00 C. E. Denison & Co..Clev_•50,286 75 Firemen's
Pen. Fd., Youngs.
Ulen & Co., Chicago
*$301 22 $439 07 $805 9
x50,537 00 E. H. Rollins & Sons,Chic.•50,275 00 James Squire, Youngstown_
Emery, Peck & Rockwood,
'442 12
C. M. Smith & Co., Chic_ _x50,265 00 New First Nat. Bk., Colum_ 5,103
80 3,023 80
Chicago
x50,515 00. H. T. Holtz Co., Chic_ ___x50,261 00 Field, Longstreth & Co.,Cin.
"816 59
5,106 00 3,036 00 297 00 432 00 807 00
Devitt, Tremble & Co.,Ch. 50,427 00 McCoy & Co., Chicago_ _ _ "50,130 00 Davies-Bertra
m
Co.,
Cin___
5,101
00
3,030
50
N. W. Halsey & Co., Chlc_•50.405 00 H. C. Speer & Sons Co..
Stacy
&
Braun,
Toledo
5,089 75 3,024 05
A. B. Leach & Co., Chic •50.390 00.
Chicago
•50,080 00 Well. Roth 6: Co., Chian_
5,088 50
Continental & Commercial
Win. Ft. Compton Bond &
$4,285
$2,265
$3,175
Trust & S. Bk., Chic_ _ _x50,375 00
$860
Mortgage Co., St. Louis 50,057 00
$1,425
Bonds.
Bonds.
Bonds.
Seasongood&Mayer,Cin•$4,409 25.$2.330 58•$3,267 10 Bonds. Bonds.
• And accrued interest. x Accrued interest and blank bonds.
FIrem.Pen.Fd.,Youngst_
2.312 79 3,241 99o$878 14.11,455 06
Maturity $3,000 April 1 1911, $4,000 April 1 1912, $5,000 April 1 1913, Field,Longstreth&Co.,Cin 4,409 00 2,325
00 3,266 00
$6,000 April 1 1014, $2,000 yearly on April 1 from 1,915 to 1924 inclusive
New First N. Bk., Colum 4,40680 2,30680 3,25980 862 00 1,455 00
1,44080
and $12,000 April 1 1930.
Well, Roth & Co., Cin__ 4,398 55
00
Wood County Common School Districts, Texas.-Bonds Davies-BertramCo.,Cin
$5,735
$930
$695
$-,650
$725
Bonds. Bonds. Bonds. Bonds.
Registered.-The State Comptroller on Nov. 14 registered
Bonds.
Seasongood & Mayer, Cm.._'$5,909 00
$2,727
00
the following bonds:
Jas. Squire, Youngstown..
•1956,31
Firemen's Pen.Fd.,Youngst.
949,62'14709 66 2,705 91•$740 29
$1,000 5% 10-20-year (optional) District No. 1 bonds.
Field, Longstreth & Co.,Cin_ 5,901 50 932 00 697 00 *2,727 00
$00 5% 10-20-year (optional) District No. 8 bonds.
727 00
New
First
Nat.
Colum_
Bk.,
5,898 80
1,000 5% 10-20-year (optional) District No. 12 bonds.
2,705 80
Well, Roth & Co., Cincin__ _ 5,887 55
1,000 5% 10-20-year (optional) District No. 37 bonds.
Davies-Bertram Co., Cln_
1,000 5% 10-20-year (optional) District No. 61 bonds.
944 00
735 00
• Wyandotte, Wayne County, Mich.-Bonds Voted.- • These bids were successful.
According to local papers, an election held recently
resulted in
favor of the question of issuing $68,000 sewer bonds.
electors of this district ratified a proposition to issue $25,000
school-building bonds.
-----1,447
Wymore, Gage County, Neb.--Bond Election.-An election
will be held Dec. 1, it is stated, to vote on a proposition
to
issue $57,000 municipal-water and lighting-plant bonds.
NEW LOANS.
Canada, its Provinces and Municipalities.
CasseLman, Ont.-Debenture Offering.-Proposals will be
received at once, it is stated, for $5,000 5% debentures.
Jos. Racine is Mayor.
NEW LOANS.
NEW LOANS.
$750,000
$25,000
$405,000
KANSAS CITY, MISSOURI, TOWN OF KEARNY, HUDSON CO., N. I., City
of Tacoma, Washington,
BONDS
Play-Ground Bonds
Sealed proposals will be received by the underScaled proposals will be received by the Counsigned, the Mayor and the City Comptroller of
Kansas City, Missouri, until December 15th 1910 cil of the Town of Kearny, Hudson County,
at 10 o'clock A.M.. for the purchase of all or any N. J.' at the Town Hall, DECEMBER 14TH,
part of the following-named bonds of the City of 1910, AT 8 P. M., for the purchase of
Kansas City. Missouri, In the following-named 125,000 00 4% 20-Year Play Ground Bonds.
Each bid must be accompanied by a certified
amounts:
check for $1,000 00. The Council reserves the
CLASS "A"
Water Works Bonds, Second Issue_ _$500,000 00 right to reject any or all bids.
For further information, address
CLASS "B"
Fire Protection Bonds,Second Issue__ $50,000 00
BURTON E. CANFIELD, Town Treasurer.
incliserating Plant Bonds
Kansas City Bridge Bonds
100,000 00
100,000 00
$250,000 00
Class "A" bonds bear Interest at the rate of
four per cent per annum. Class "B" bonds bear
interest at the rate of four and one-half per cent
per annum. All of these bonds are of the denomination of $1,000 00 each,dated September 1st
1910, to mature September 1st 1930. Interest
payable at the office of the City Treasurer of
Kansas City, Missouri, or at the Chase National
Ilank In the City and State of New York, at the
option of the holder.
No bid will be received which Is In whole or In
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
Each bid must be made on a blank form furnished by the City, and must be accompanied by
a duly certified check on a National Bank doing
business in Kansas City, Missouri, payable to the
order of the City Comptroller of Kansas City.
Missouri, for 2 per cent of the par value of the
bonds bid for. 'rho right is reserved to reject
any and all bids.
Delivery of the bonds will be made on Tuesday,
January 3rd 1910, at 10 o'clock A. M., at the
office of
the City Comptroller of Kansas City, in
Kansas City, Missouri. Bids will be received
at
the office of the Mayor of Kansas City. Missouri:
in the City hail in said City; but no bid will be
entitled to consideration unless received by or
before the hour above set for receiving bids.
Printed circulars containing more definite and
detailed Information with reference to said bonds,
and blank forms for bids, can be had on application to the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay
of New York.
DARIUS A. BROWN,
Mayor of Kansas City, Missouri.
GUS PEARSON.
Comptroller of Kansas City, Missouri.
MUNICIPAL AND RAILROAD
BON DS
war ON APPLICATION
SEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI
McCOY & COMPANY
Municipal and
Corporation Bords
181 La Salle Street, Chicago
F. WM. KRAFT
LA W YER
Specializing in Examination of
Municipal and Corporation Bonds
1312 FIRST NATIONAL BANK BLDG..
CHICAGO, ILL.
Public Wharf and Dock Bonds
Notice is hereby given that on THURSDAY,
THE 8TH DAY OF DECEMBER, 1910. at the
hour of 2 o'clock p. m. at the office of
Mayor
of the City of Tacoma, Washington, Inthe
the
Hall, sealed bids will be received for an IssueCity
of
City of Tacoma bonds In the sum of Four Hundred
and Five Thousand Dollars; said bonds will be
general bonds of the said City of the par value of
$1,000 each, payable in twenty years from the
date of Issue, with interest at not exceeding 5%
per annum, payable semi-annually at the fiscal
agency of the State of Washington in New York
City, and are known as "City of Tacoma Public
Wharf and Dock Bonds," Issued pursuant to
Ordinance No.4295, passed September 21st, 1910,
published September 23d, 1910.
Bids for said
id bonds will be received, based on
the interest rate proposed by the bidder, which
cannot exceed 5%.
The right Is reserved by the City to award the
bonds or any part thereof to the highest and best
bidder, or to reject all bids: and the right is also
reserved to require a bond from a successful
bidder for the performance of his contract to take
and pay for the bonds awarded.
For all information apply to John F. Meads,
City Controller.
Dated Tacoma, Washington, November 8th,
1910.
SINKING FUND BOARD,
A. V. FAWCETT,
Mayor.
J. F. MEADS,
City Controller.
RAY FREELAND,
Commissioner of Finance.
November 8, 9, 10, 11, 12, 13, 14, 15. 16, 17,
1910.
The
Trust Company of America
37-43 WALL STREET, NEW YORK.
COLONIAL BRANCH1
LONDON OFFICE'
222 Broadway, New York.
95 Gresham St.
CAPITAL AND SURPLUS $8,000,000
Invites accounts of individuals firms and corporations.
Pays interest on daily balances,
Executes trusts of every description.
Lxxxxi.
THE CHRONICLE
1472
Clinton Township, Ont.-Debentures Voted.-According to
reports, the rate-payers have passed a by-law providing for
the issuance of $4,475 5% debentures, due part yearly for
20 years.
Diamond City, Alta.-Debenture Sale.-Brent, Noxon &
Co. of Toronto, it is stated, have been awarded the $17,000
6% 20-year school debentures mentioned in V. 91, p. 1282.
Dorchester Township, Ont.-Debenture Sale.-Accordin
to reports, a local investor was recently awarded $2,652 5
debentures, re-payable in 10 installments.
Guernsey, Sask.-Debenture Sale.-Reports state that
the National Finance Co. of Regina has been awarded the
$3,000 532% fire-protection debentures mentioned in V. 91,
p. 1282.
Irvine, Alta.-Debenture Offering.-Proposals will be received until Dec. 15 by J. F. 0. Barschel, Secretary-Treasurer, for $5,000 6% fire-protection debentures voted on
Aug. 29 (V. 91, p. 671).
Kincardine, Ont.-Debenture Election.-Reports state that
an election will be held to vote on by-laws providing for the
issuance of $7,000 sewer and $2,500 bridge debentures.
Lethbridge, Alberta.-Price Paid for Debentures.-We are
advised that the price paid for the $316,000 432% coupon
debentures awarded on Nov. 2 to Wood, Gundy & Co. of
Toronto (V.91, p. 1347), was 97.51. The debentures answer
the following description:
$30,000 debentures to purchase land for industries. Maturity 30 years.
50.000 Coutts Street bridge debentures. Maturity 30 years.
30,500 to make up a debenture shortgage. Maturity 30 years.
10,500 debentures to build stables. Maturity 20 years.
12,000 steam-shovel debentures. Maturity 10 years.
148,000 sewerage, water and power extension debentures. Maturity 30
years.
35,000 street-extension debentures. Maturity 30 years.
Denomination $1,000. Date Aug. 1 1910. Interest semi-annually at
the Bank of Montreal in Montreal, Toronto and Lethbridge.
Maisonneuve, Que.-Debenture Sale.-According to reports an issue of $175,000 4% 40-year debentures was
awarded recently to R. Wilson Smith & Co. of Montreal.
Marmora, Ont.-Debenture Election.-An election will be
held Nov. 28, it is stated, to vote on the question of issuing
$2,000 debentures for the purchase of an electric-light-plant
and $10,000 for the construction of an electric-light-substation.
Nanton, Alberta.-Debenture Sale.-C. H. Burgess & Co.
of Toronto, offering 94.24 were the successful bidders on
Nov. 15 for the $6,000 electric-light and the $1,500 fireprotection 5% coupon debentures described in V. 91, p. 1054.
Interest is payable in Nanton. Maturity part yearly for 20
years.
The following bids were received:
C. H. Burgess & Co., Tor_ _$7,068 00 H. O'Hara de Co., Toronto_$6,777 00
Bank of Hamilton, Toronto 6,937 50 G. A. Stimson Jo Co.. Tor__ 6,625 50
6,607 00
National Finance Co., Tor_ 6,911 00 Nay ,S: James, Regina
Wood, Gundy ec Co., Tor__ 6,911 00
Peterboro, Ont.-Debenture Sale.-Issues of $12,500 20year and $50,000 30-year 43/2% debentures have been sold,
it is stated, to Wood, Gundy & Co. of Toronto.
Radway School District No.2136(P.O.Radway), Alberta.
-Debenture Sale.-On Oct. 1 Nay & James of Regina were
awarded $1,500 63/2% school-house and ground-improvement
debentures at par. Interest annually on Dec. 1. Maturity
part yearly on Dec. 1 from 1911 to 1920 inclusive.
Sarnia, Ont.-Debenture Sale.-On Nov. 14 an issue of
$23,334 5% local-improvement debentures was awarded to
Wood, Gundy & Co. of Toronto for $23,815, the price thus
being 102.061. Maturity part yearly for 20 years.
Shellmouth, Man.-Price Paid for Debentures.-We are
informed that G. A. Stimson & Co. of Toronto paid 99.27
and accrued interest for the $10,000 5% 20-year debentures
awarded them (V. 91, p. 1403) on Nov. 1. The following
bids were also received:
National Finance Co.,Regina_$9,8181C. H. Burgess & Co., Toronto-$9,666
9,704 J. G. Mackintosh, Winnipeg__ 9,210
Nay & James, Regina
Victoria, B. C.-Debenture Sale.-Reports state that the
$502,689 4% debentures offered on Nov. 14 (V. 91, p. 1283)
were sold to G. A. Stimson & Co. of Toronto at 96.04.
Wakeley, Sask.-Debenture Election.-Reports state that
an election will be held to vote on the question of issuing
$24,000 5% road debentures.
Yorkton, Sask.-Debenture Sale.-On Nov. 15 W. A.
MacKenzie & Co. of Toronto were awarded the six issues of
5% debentures, aggregating $140,000, described in V. 91,
p. 983.
TRUST COMPANIES.
NEW LOANS.
$6,000
GORDO, ALABAMA,
ndsch Administratie- & Trustkantoor
Nederla
(NETHERLANDS ADMINISTRATION (ft TRUST COMPANY)
215 Singel - AMSTERDAM.(Holland.)
SCHOOL BONDS
H. MEINktilZ, President
Sealed bids for $6,000 00 of twenty-year semiannual five per cent School Building Bonds of the
Town of Gordo. Alabama, are to be opened at
the Council Meeting of said town on the 19TH
DAY OF DECEMBER, 1910. Bonds cannot be
sold below par. Gordo is a thriving young town
on the Mobile & Ohio Railroad of 800 population,
with no debt, and the leading town of the County.
Sealed bids should be Sled with,
W. S. CARVER. Mayor.
Reynolds, Watson 8c Co.
Municipal and Corporation Bonds
Board of Directors*
Chairman,
H. WALTER. L. D..
de tusk & Uyt den Bogaard.
Ph, MEES.
A. A. H. BOISSEVAIN,_
R. Mees & Zoonen.
Director of Swiss Bankverein and
of Labouchere,Oyens & Co's Bank.
MEINESZ.
H.
J. A. DUYNSTEE.
President.
Telders AG Co.
G. H. DE MAREZ OVENS,
P. Th. EVERARD.
Labouchere.Oyens do Co's Bank.
Banker,
A. L. G. H. PICHOT,
P. M. J. GILISSEN
Westerwoudt & Co.
Arnold Gilisson.
W. M. SCHEURLEER.
AUG. KALFP,
& Zoonen
Seheurieer
Jan Raiff do Co.
Acts as Executor, Administrator, Trustee, Guardian, Agent, It"
Acts as Trustee of Corporation Mortgages.
We offer a very exceptional
3Ittinoiz
DRAINAGE BOND
NETTINO
Home Office, 206 La Salle Street
CHICAGO
6%
dm
The Rookery
CHICAGO
ESTABLISHBD 1188
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
Charles M. Smith & Co,
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
MUNICIPAL BONDS
Balest Investments
known. Yielding from
Write for
4% to 6% Circular.
ULEN & CO.
BANKERS
tatty Company
CHICAGO
WRITES ALL CLASSES SURETY BONDS
Court-:-Fidelity-Contract-Miscellaneous
Service"
The motto of the Illinois Surety Company is "Prompt
both in the handling of its business and the adjustment of its losses
FORTY-ONE STATE LEGISLATURES
AND CONGRESS
ARE ABOUT TO CONVENE
For full information as to our system of reporting on proposed
or new legislation relating to Transportation, Commerce,
Manufacturing, and similar subjects, address
Trust
ght Torporation
Street, New York
37 Wall
To.
@FedFRASER