Full text of Commercial and Financial Chronicle : October 14, 1911, Vol. 93, No. 2416

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fiitanriat

TV.

W
J

ommerctH

IN C L U D IN G

Bank & Quotation Section
R ailw ay Earnings Section

Railway & Industrial Section

Electric Railw ay Section

Bankers’ Convention Section

State and C ity Section

N O . 2416.

SATURDAY, OCTOBER 14 1911.

V O L. 93.

Week ending October 7

voe.
h
&
a

Clearings m —

1911.

PUBLISHED WEEKLY.

Terms of S u b s c rip tio n — Payable In Advance
Jot O no Y ea r ......................................................................................... ...............$ 1 0 00
b’ or S ix M o n th s ..........................................................................................................
0 UU
European Subscription (including postage)........................................ 13 00
European Subscription m x months (Including postage)....................
7 50
A n nual S u b scrip tion In L ondon (in c lu d in g p< s t a g e )............................... £ 2 1 4 s
Six M on th s S u b s crip tio n In L on don (in c lu d in g p o s ta g e )........................ £ 1 11 a
Canadian S u b scrip tion lin o lu d in g postage) ............................................... $11 60

Chicago — .........
Cincinnati---------

Indianapolis------

S u bscrip tion in c lu d e s f o llo w in g S u p p lem e n ts—

it •,\k and Quotation (monthly)
I S tate and City (semi-annually)
Railway and INDUSTRIAL (quarterly) I E lectric R ailway (3 times yearly)
Railway E aumnos (monthly)
|B ankers’ uonveniion (yearly)

T erm s o f A d v ertisin g — P er In ch S p a ce
•lansieut m atter p e r in ch spaeo (14 a gate lin o s ).......................................... $ 4 20
e T w o M on th s
( ' t im e s )............................... 22 00
ii
ti
i „ „ / i ™ i „ ) T h re e M o n th s (13 t im e s )...................
20 00
s ta n d in g B u sin ess Cards < g ix M on th s
(2 0 t im e s )............................... 5 0 00
( T w e lv o M on th s (52 t im e s )............................... S 7
’11IC A G O O P F T O E — P U ny B a rtle tt,518 M o n a d n o ck B lo o k ; T e l. H a r r is o n 4012
O N D 0 N O F F I C E —E d w ard s & S m ith , 1 D ra p e rs’ G o rd o n s, E. C,
W I U / L U I I*. D A N A C O M P A N Y , P u b l i s h e r s ,
l». O . I t o x 0 5 8 .
F r o n t, P in e a n d D e p e y s te v S t s .,
N ew Y o rk .
Published every Saturday morning by W ILLIA M B. D AN A CO M PA N Y,
Jacob Seibert Jr., Prcddcnt and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arrvtld G Dana. Sec
Addresses of all. O ffice of the Com pany.

Grand R a p id s .--

Springfield. —
Port W a y n e -----Youngstown - -.
Lexington ...........
South Bend------Bloom ington----Snringfield, Ohio
O 'cnttir ..............
Jackson _ --------Jacksonville, 111.
D anville________

CLEARING-HOUSE RETURNS.
T h e fo llo w in g t a b ic , m ad e up b y teleg ra p h . & c., in d ica te s th a t th e to ta l
l-mlc clea rin gs o f all clea rin g houses o f th e U nited S tates fo r w eek e n d in g
J e t 14 h a ve been $2,875 715 174, a gain st 5 3 ,3 0 4 ,4 7 0 .3 4 4 last w eek an d
>2 8 8 0 ,310 ,87 4 th e co r re s p o n d in g w eek last y e a r.
Clearings— Returns 6;/ Telegraph.
Week ending October 14.

Per
Cent.

1911.

1910.

$1,180,300,100
105,435,835
98,135,081
28,844,291
209,433,594
09,820,989
10,031,190

$1,184,888,543
124,297,001
107,237,581
37,384,276
211,250,564
65,310,349
18,520,464

—0.4
— 15.2
— 8.5
— 28.2
— 0.9
+ 0 .9
— 10.2

Seven cities, 5 days___________
Other cities, 5 days----------- -----

51,708,601,770
545,298,970

S I,748,894,778
530,271,814

— 2.4
+ 2.9

Total all cities, 5 d a y s .. .
All cities, 1 d a y . . ...............

$2,251,900,746
623,814,728

S2,279,166,592
001,183,282

— 1.2
+ 3.8

*2,875,7! 5.17 1

$2,880,349,874

— 0.2

New Y o r k ______ _______— ............
B o s to n ..................................................
Philadelphia.................... ...................
Baltimore........................ ...... ..............
C h ic a g o ...................... .............. ..........
St. L o u is ..... .......... ....................... —
New Orleans
-----------------------------

Total all cities for w eek.............

T lie fu ll details for the w eek c o v e r e d b y th e a b o v e will he g iv e n n e x t S a t­
u rd a y
W o c a n n o t furnish them to -d a y , clea rin gs b e in g m a d e up b y the
clea rin g h ouses at n o o n o n S a tu r d a y , an d h e n ce in th e a b o v e th e last d a y o f
the w eek has to he in all cases estim a te d , as we g o to press F r id a y n ig h t.
W e present below d etailed figures fo r th e w eek e n d in g w ith S a tu r d a y ,
n o o n , O ct. 7, fo r fo u r years.
.
Week ending October 7.
Clearings at —

1911.

Syracuse ...... ... .
Heading------------W ilmington. . . . .
YVIlkcs-Barre . -.
Wheeling --------H arrisburg--------

Chester — .........
L a n caster----------

1910.

$
$
1,941.005,541 1,805,101,230
100,501,849
102,514,282
53,075,577
51,807,119
35.376.204
38,695.040
11.807,669
12,048,388
6,474,260
7,382,540
7,342,720
8,177,714
4,620,497
5,433,071
3.075.443
3,111,412
2.910.917
3,205.675
1.674.575
2,092,210
1,624,526
1,718,013
1,422,290
1,004,530
1,707.728
2,128,825
1,400,000
1,414,000
1,033,519
1,110.373
1,750,000
1,793,501
4 11,566
417.144
893,421
988,595
076,053
050,000
729,200
624.200
022,757
602,875
1,252,847
1,383,871

Total M iddle. . 2,250,646,030 2,105,019,009

Inc. or
Dec.

1909.

1908.

$
$
+ 4 .1 2,425,007,506 1,003,285,128
154.004,012
102,014,177
+ 1.3
51,147,452
39,484,096
— 2.3
29,922,465
24,432,543
+ 9.4
10,552,925
9,283.400
+ 0 .0
0,918,520
5.975,378
+ 14.0
7,777,755
5,701,019
+ 11.4
•1,018.234
+ 17.0
.3,374,681
+ 1.2
2.908,514
2.295.842
2,257,239
+ 10.1
1,888,045
+ 2 5 .0
1.013.477
1,202,132
+ 5.8
1,575,854
1,210,179
+ 17.0
1,017,810
1,382,604
4-24.7
1.776.085
1,497,092
+ 1.0
1,499,433
1,104,922
+ 7.4
782,121
937,084
— 2.4
1,001,034
1,165,966
+ 1.4
415,275
324,5.37
+ 10.0
813,915
612,722
—4.0
505,871
402,048
— 14.4
487,200
480,400
— 1.6
385,558
46S.538
+ 10.4

San Francisco__
Los Angeles,
-Seattle
----------Portland _ .........
Spokane________
Tacom a _______
Salt Lake C ity ..
Oakland. ______
Sacramento___Fresno .................
San Jose______ .
North Y a k im a ..
. Total P a cific-.
Kansas City. . .
Minneapolis.........
O m aha. ..........
St. Paul________
D enver......... ........
St. Joseph--------D uluth_________
Des Moines_____
Sioux C ity______
W ich ita ________
O a v tn p jrt-’. ____
Lincoln ________
T o p e k a ......... ..
F a r g o ....... ..........
Cedar Rapids.
Colorado Springs
Pueblo ________
Fremont ...........
Helena _______ _
A b e rd e e n .-.
..
Hastings ___ . .
B illin g s................
T o t. Oth. West
St. L ouis_______
New Orleans___
l-ouisvllle - - - - - Galveston
Savannah ______
M em phis_______
Fort W orth__ A tla n ta ............. Augusta. ------Birmingham . . .
Chattanooga . . .

+ 3 .9 2,707,845,217 1,809,055,003

H olyoke-------------

164,897,465
8,544,20C
5,393,80C
3,191,097
2,537,315
2,805,007
2.802.011
1,271,542
997,702
587,045
759,317

169.377,511
8 142 000
4,074,488
3,297,639
2,268,998
2,037,297
2,477,430
1,241.771
954,611
524,793
030,521

— 2.6
+ 4.9
+ 15.4
— 3.2
+ 11.9
+ 0.4
+ 13.1
+ 2.4
+ 4.5
+ 12.0
+ 19.3

177,033,149
7.918.00C
3,898,327
3.054,722
2,OOO.OOC
1,993,285
1,820,151
1,288,08$
995,757
550,50:
542,925

139,937,830
0.283,400
2,084,313
2,622,032
1,971,048
2.172.193
1,451,345
1,125,629
880,942
478,061
497.010

Tot. New Eng.

103.788.371

196.232 050

— i.2

201.096.407

160.106,003

—Par Canadian clearings s e e "Commercial and Miscellaneous News.”




O w e n sb o ro _____
Tot. Mid. West

S
289,239.694
26,041,600
24,922,636
19,356,254
16,930,382
8,598,729
5,435,100
4 °21 322
2,800,000
2,956,101
2,260,059
2,728,943
798,374
991,239
1,050,605
1,723,715
850,900
695,923
1,255,000
690,000
1,157,239
701,900
658,033
443,824
007,577
419,007
465,772
301,136
320,620
469,937
668,940
147,192
35,000
371,048
420,620,307

1910.

Inc. or
Dec.

1908.

1909.
$
283,900,031
24,715,100
19,668.602
15,348,157
12,362,022
9,827,148
0,211,600
3,987,298
2,991,713
2,572,779
2,391,960
2,255,434
807,286
939,240
979,742
1,127,308
725,187
646,930
820,000
527,489
800,000
723,865
561,713
413,949
465,200
472,054
370,000
270,586
315,425
426,512
597,595
357.597
32,105
....................
398,078,293

53.249,350
19.098.500
11,508,772
13,372,912
5,008,575
4,710,353
6,743,300
4,003,404
1,830,408
792,428
972,59S
935.601
694.S84
506,320
123.427.471

50,274,834
+ 5.9
16,138,208 + 18.3
+ 2.1
11,272,807
10,861,219 + 2 3 .1
— 9.4
5.528.414
0,176,954 — 23.7
5,934,763 + 13.0
3.456,741 + 15.8
1,593,427 + 14.9
— 2.9
.815,788
721,714 + 3 4 .8
802,520 + 16.0
678,060 + 24.0
576.853 — 12.2
+ 7 .5
114,782,392

40,258,203
12.601.212
12,067,874
11,100,833
5,065,695
0,155,910
0.452,096
1.850,408
1,213.254
757,755
664.305
058.083
500,000
500.947
99,852,035

30,744.357
!),823.634
9,796,762
7,493,181
4,055,260
4,931,619
4,784,697
1.679,079
991,577
652,100
195.040
517,048

53,380,394
29,328,899
15,928,611
10,946,371
10,686,343
6.3S9.610
6,012,078
5,142,703
2,808,608
3,718,193
2,192,822
.1,751,500
1,545,158
1,086,808
1,450,000
G38.800
050,074
349,838
1,371,884
1,139,687
409,737
242,084
■ 300,000
157.476,211

54.672,573
26,552,863
17,066,072
11,870,091
10,456,004
5,880,379
5,000,394
4,814,71G
3,465,312
3,575,509
2,084,582
1,723,193
1,282,152
918,597
1,405,000
080,844
675,035
366,326
1,110,500
1,004,891
579,285
220,00C
200,000
156.210,918

— 2.0
+ 10.5
— 0.7
— 7.8
+ 2 .2

57,298,750
33,255,252
10,940,517
11,481,710
10,961,521
7,202,278
7,912,441
4.079.9S4
3,362.910
3,347,795
1,017.058
1,607,551
1,319,211
1,220,359
1,370,354
609,207
611,992
520,559

43,230,245
31,391,915
13,359,605
11,063,711
8,340,338
5,651,580

278 (133,390
24 963,250
22 053,911
18 25.8,024
14 300,584
8.058,360
.+403,000
4 219,707
705,604
2 994,194
2 450,22S
,337,513
983,368
961,177
1,065,224
1,203,602
874,537
710,301
808,050
085,198
1,052,723
064,718
082,310
451,925
580,488
445,948
407,000
315,260
268,389
426,320
051,09.8
378 017
40,5,87
325.770
401,627,101

+ 8 .6

+ 7 .4
+ 0.8
— 19.0
+ 4 .0
+ 5.2
+ 1.6
+ 20.5
+ 18.3
+ 3 .2
— 0.2
— 3.8
— 4.5
+ 2 3 .5
+ 13.4 .
— 29.3
+ 10.0
+ 5 0 .0
+ 0 .8

930,326
____
389,701
165,503,961

234.465.77S
22,997,550
14,644,617
12,545,124
12,352,362
8,311,410
5,118,300
3,065,298
2,918,647
2,094,820
1,928.269
1,919,830
580,838
837,173
767,421
870,514
572,699
594,119
600,000
474,781
049,392
536,685
402,073
304,882
427,973
374,968
350,835
263,678
172,0S0
321,049
287,009
23,312
....................
332,439,483

347,915
82,342,700

3,015,028
2,645,201
1,523,530
1,500,494
1,383,704
1,035,862
951,530
876,838
986,194
189,710
471,601
1,051,696

_
214,700
129,195,653

93,131,402
77,950,725 + 19.5
72,873,428
59,664,052
18,194,50-1 —0.07
18,182,278
18,675,748
14,656,682
— 2.9
12,224,194
12,588,871
13,270,064
11,161,835
16,178,135 —31.0
21,197,205
13,122,390
13,469,150
9.880.50C — 35.0
13,068,000
8,275,000
7,027,500
+ 2.0
9,382,139
9,200.237
8,574,417
7,164,707
7,422,412
+ 7.6
6,900,000
7,043,000
5,740,927
7,981,238
5,671,872 + 40.7
7,847,093
5,475,804
— 8 .0
7,902,014
7,107,535
7,725,53 4
5,418,039
10,704,522
13,238,675
14,818,707 + 12.7
5,267,009
3,820,762
5.3S0.08C
4,417.227 + 2 1 .8
3,144.020
3,736,759
0,828,253
3.804,47( + 79.5
2,785,100
3,510,282
3,089,99! + 15.3
3,563,977
2,450,436
+ 8.9
3,098,392
2,865,07!
2,200,98!;
1,856,010
1,813,297 + 1 0 .8
2,009,856
2,108,858
1,093,75!
2,003.972
1,042,010 + 2 2 .0
1,700,OK
1,550,073
+ 5.6
2.475.00C
2,338,158
2,458,995
1,532,144
2,25-3,830
1,648.246 + 30.7
1,708,78(
1,520,089
2,850,000
2,499,475 + 14.0
2,088,075
1,505,953
1,505,502
1,339,411 + 12.4
1 , 0 0 3 ,7 1,290,272
—
29.5
2,477.435
1,740,297
2,454,46<
1,121,028
1,600,00C + 200.C
4 ,800,00(
1,722,635
1,036,889
1,800,000
2,022,451 — l l . t
755,235
600,100
272,489
397,540 — 31.3
348,20'
305,675
375,000
+ 0.1
400,000
357,21!
035,001 —aa.fi
420,000
552,000
467,000
799,07’
840,097
+ 5 .1
647,933
408,000
603,917 Not Included In tota
966,050 Not Included In tota
+ 10.6
248,511,894
2 1 2 ,8 1 1 . 2 6
207.009,25C
159,596.305
+ 4 . f 3,775,536,284 2,672,744,216
3.394.470.344 3.247.213.700
1,453,404,80 Jl 1,382.052.4701 + 5. 1.350,528.77f '1,069,449,98.3

a

W llm ’ton, N. C
T u ls a ..................
M u sk o ge e -----Total Soutbcn
Total a l l . ...........
Outside N. Y

%

%
+ 4 .0
+ 4.4
+ 13.0
+ 6 .0
+ 18.4
— 0.7
— 0.6
+ 0.04
— 12.6
— 1.3
— 7.S
+ 10.7
— 19.8
+ 3 .1
— 1.4
+ 43.1
— 2.7
— 2.0
+ 5 5 .3
+ 0.7
+ 10.0
+ 5.6
— 3.5
— 1.8
•1-3.6
— 6.0
+ 14.4
— 4.5
+ 19.5
+ 10.1
+ 2 .7
+ 18.3
— 13.8
+ 13.9
+ 4 .6

9

978

THE CHRONICLE

•
THE F I N A N C I A L S I T U A T I O N .
[t is obvious that in order to provide a remedy for
the present dislocation in business it is necessary that
the causes of the dislocation shall be clearly under­
stood. To any one who has kept in touch with busi­
ness affaire during the last two years these causes
appear to lie on the surface. Unwise laws and hostile
political policies are at the bottom of our troubles.
With the passing out of the Roosevelt Administration
and the advent of President Taft on March 4 1909, the
country experienced a revival of industrial activity
which has had few parallels in American history.
Within a few brief months business had completely
recovered from the great depression following the panic
of 1907— and this, too, notwithstanding that Congress
nearly all summer was in session revising customs
duties. Most joyful anticipations regarding the future
prevailed. Every one supposed that the Roosevelt
policies and the Roosevelt methods in the conduct of
the National Government had been consigned to oblivi­
on and that the country had entered upon a new
and long era of prosperity.
The illusion, however, was soon dispelled. In the
autumn of the same year there came a sudden awaken­
ing. Mr. Taft felt it his duty at that time to imitate
his predecessor by engaging in a speech-making tour
over the country much like that in which he is now in­
dulging, and to proclaim the policies which were to
distinguish his Administration. As speech followed
speech it quickly became apparent that hopes were to
be disappointed and that there was to be no relief from
the political activity and the political agitation that
had been so potent in bringing about the ccmmercia
and financial upheaval of 1907. The President used
language that left no doubt of his intentions, and he
also followed his predecessor’s practice of iterating and
reiterating his statements so as to give additional
emphasis to them. The business community was of
course prepared for the announcement that existing
laws would be enforced and was not greatly disturbed
thereby, though there was still more or less doubt as
to the way in which the Sherman Anti-Trust Law was
to be interpreted. But the President went further
and indicated that new legislation of a most drastic
type was to be urged upon the consideration of Con­
gress.
W e wish to emphasise that point, namely that it
was threats of new laws of a destructive type that
were the cause of the feeling of disquiet which arose
at that time and has been spreading over since. Nor
were the fears on that score idle. All during the first
half of 1910 Congress gave serious consideration to
these hostile projects of legislation. Worst of all,
some of the projects actually found their way into the
statute book, more especially the amendments to the
Inter-Btate Commerce Law, which have dealt such a
blow to the railroad industry.
When it became apparent what was in store in the
way of new legislation and inimical Government ac­
tion, the stock market at once lost the buoyancy which
had continued during the summer of 1909 and up to the
time when these revelations came of renewed danger
from political sources. The industrial world also
soon felt the adverse effects. After maintaining its
activity for two or three months longer, the pace be­
gan to slacken in January 1910, and the reaction has
been growing steadily more pronounced ever since.
This is the true genesis of tile existing trade depression.
But memories are
proverbially short, and in




[V ol .

l x x x x iii .

many quarters all this has already passed out of mind.
Accordingly, new and strange theories are being
evolved to account for the ills under which the country
is suffering.
We think it so important that a correct diagnosis
of our economic malady should be made that allusion
to certain attempted explanations which under other
circumstances might be allowed to pass unnoticed
seems not out of place. In the W est, as usually hap­
pens, the shrinkage in security values and the set­
back in trade are ascribed to Wall Street operations.
It seems strange, however, to find such a usually wellinformed publication as “ The Commercial West” of
Minneapolis among the exponents of views of that kind.
It accepts without reserve an amusing statement
emanating from this city that the recent great collapse
in the Steel shares was the work of a campaign of bear
operators, and then goes on to say:
“ But the New York Stock Exchange has always
been a place for gambling operations rather than a
legitimate trading place for securities where the public
might come and invest its savings with some assurance
of safety. For example, let us glance at the “ high”
and the “ low” of some of the standard stocks in 1910
— at the present time they are approximately at the
lo>v point of 1910: Atchison, 124 to 91 (fractions
omitted); Baltimore & Ohio, 119 to 100; St. Raul, 158
to 114; Great Northern, 144 to 118; Northern Pacific,
145 to 112; Southern Pacific, 138 to 1.03 ;Union Pacific,
204 to 152; Steel common, 91 to 01, and Steel pre­
ferred, 125 to 111.
“ Such fluctuations in reliable dividend-paying stocks
are a disgrace to the country, as they reflect an unsta­
ble financial, commercial and economic sentiment
and situation. Such fluctuations suggest the gam­
bling atmosphere that pervaded the mining camps
of early California days, but without the excuse or the
romance. The plain truth is that the New York
stock market is in the hands of speculators— to put
it mildly; and there must be a reform before the public
can feel secure in going there to invest its savings or
its surplus income.”
It will be observed that this view attributes the
great shrinkage in prices and the wide fluctuations in
security values entirely to speculative operations.
There is not the remotest allusion to the depressing in­
fluences which have come in such rapid succession,
month by month, ever since the beginning of last year.
To refute the allegations that the depression on the
Stock Exchange and in trade circles has been due to
bear operations, and not to legitimate causes, it is
necessary to refer only very briefly to some of the
influences which so completely demoralized Stock
Exchange values during the calendar year 1910.
If prices have gone off simply in response to bear ef­
forts, without any real cause in legitimate conditions,
then, indeed, there is need of “ reform” on the Stock
Exchange, and a remedy must be sought in that di­
rection. If, however, values have become impaired
as a result of genuine adverse influences of weight and
importance, then a remedy can only be found in a re­
moval of these disturbing conditions. As a matter of
fact, the industrial and financial world has never had
to contend with such a series of unfavorable events and
conditions as those experienced during the last twentyone months.
As early as January 1910 a tremendous slump in
prices occurred. What was the reason? The chief
unsettling influences were the President's special mes­
sage to Congress, advocating new legislation of a most
radical land with reference both to railroads and to

OcftP. 14 lflll.J

THE CHRONICLE

industrial companies; also the Government prosecu­
tions under the Anti-Trust Law. In one of these
special messages the President used for the first time the
statement which he has repeated on his present trip,
namely that all large industrial combinations must
be held under suspicion, as having been organized
or being conducted in violation of the Sherman Law.
And as indicating how early the railroads began to
suffer, and how fearful their managers were of the
adverse legislation which they have since been called
upon to endure, it should be noted that it was in this
same month (January 1910) that Mr. J. P. Morgan in­
terceded with the President and induced him to see
the executives of the leading railroads of the country
and hear their views with regard to the proposed
amendments to the Inter-State Commerce Law before
sending in his special message to Congress.
In February 1910 the introduction of the various
bills which the Administration was seeking to have
enacted caused a further break in values. Tremen­
dous losses in net earnings, in part due to bad weather
but in part also to the rise in operating cost, served to
intensify the depression. In March labor contro­
versies began to loom up one after another and the re­
sulting adjustments invariably involved an increase in
wages, besides which a by-election in Massachusetts
seemed to involve the possibility of a change in the
country’s tariff policy. As a consequence still greater
weakness developed on the Stock Exchange. In
April 1910 ce.-tain speeches of President Taft and
Attorney-General Wickersham had a depressing effect,
and, furthermore, the announcement came that the
U . S. Supreme Court had ordered the Trust cases re­
argued. Furthermore the Republican defeat at a
Congressional election in this State afforded further
evidence of a prospective change in tariff policy. All
this time the railroads found themselves obliged, over
and over again, to yield to demands for higher wages
on the part of their employees. The managers believed
the roads would be allowed to advance their freight
schedules slightly to offset in part the higher operating
cost, and in that belief had given notice of intention to
raise their rates. The Federal Government seemed to
have no objections. But it was simply keeping its
intentions secret. Late in the evening of May 31,
without previous notice to the roads, Attorney-General
Wickersham got an injunction from one of the lower
Federal courts enjoining the advance in freight rates
which the Western roads had arranged to put into
effect the next day, June 1. This action served com­
pletely to demoralize the stock market.
In June the gloom deepened. Both the Western
roads and the Eastern roads had conferences with
the President and Attorney-General Wickersham and
found themselves obliged not only to withdraw the
tariffs already filed proposing higher freight charges
but also to agree not to file any other tariff schedules
involving increases in rates until the new Railroad Law
giving the Commission power to suspend advances
should have been enacted. On June 18 the new
measure became a law and the provision giving the
Commission the right to veto proposed advances in
rates went into immediate effect. Under this new
law the Commission’s powers were extended in all
directions. It was given the right, for instance, to
initiate rate reductions, and it can interdict advances in
rates for a total of ten months, and is granted power over
the classifications, practices and methods of the roads
as well as their rates. The long-and-short-haul clause
was altered in some of its most essential particulars.




979

In July the Commission began to avail of its new
powers. It gave formal notice of its intention to
suspend the new freight schedules for 120 days. Rail
road managers thereupon agreed to hold all general
freight advances in abeyance until Nov. 1. The time
subsequently had to be extended to Feb. 1 1911 and
then to March 15. Furthermore; in adjudication of
some old cases that had been held under consideration
for a long while, it handed down orders reducing rates.
At the same time additional wage increases were an­
nounced in various parts of the country. The Grand
Trunk Ry. of Canada, which, with its United States
connecting lines, had attempted to resist the demands
of its employees, found itself confronted with a strike,
and the next month, Aug. 2, the managers thought it
best, the Canadian Government having taken a hand in
the matter, to enter into a compromise with the em­
ployees. All this caused a further tremendous break
in prices on the Stock Exchange.
In August ex-President Roosevelt again began to
take an active part in affairs and there were various
political developments of a highly disturbing character.
During September the Commerce Commission gave
hearings on the proposed advances in rates by Eastern
and Western roads, and in the course of these hearings
some of the Commissioners blurted out remarks that
were anything but reassuring. In the Maine State
election the Democrats made a clean sweep of the State
for the first time in thirty years. This was not hailed
as an unfavorable event, but rather the reverse, and
yet marked a great change. In the Republican Con­
vention in this State Mr. Roosevelt got the upper hand
and his candidate was dominated for Governor. In
October and November Mr. Roosevelt continued his
activities, but in the latter month, fortunately, met
with overwhelming defeat. This, and the success
achieved everywhere by the Democrats, seemed to
mark the end of the radical policies that had been so
destructive to business interests. President Taft,
too, in his annual message to Congress the next month,
(December) appeared to bow to the inevitable and
the tone of the message was notably conservative.
Had this change of attitude been continued through
1911 the course of business might have been a different
one. But disappointment and disillusionment again
camq before very long.
If we carried this recital of disturbing events into
1911, we should have to note the action of the Inter­
State Commerce Commission in February, in refusing
absolutely to allow either Western roads or Eastern
roads to make any advances whatever in rates, and
its decisions in July, making most arbitrary adjust­
ments in the case of rates to inter-mountain territory
as compared with rates to the Pacific Coast. We
would also have to refer to various other acts of the
same character, all tending to undermine the prosper­
ity of the railroad-carrying industry and weakening
confidence in the integrity and stability of railroad se­
curities all this being apart from the new crusade
started by Attorney-General Wickersham and Mr.
Taft against industrial concerns under the Anti-Trust
Law. But these later facts are all so fresh in mind, it
is unnecessary to pursue the narrative any further. As
showing, however, how seriously railroad revenues
have been cut down as a result of all these unfavorable
happenings and events, the results for the twelve
months ending June 30 1911 may be taken as examples.
Of the roads mentioned in the above excerpt, whose
shares have suffered depreciation, the Atchison Topek
& banta Fe is the only one which is able to report some­

980

THE CHRONICLE

what better gross and net earnings for these twelve
months than for the twelve months preceding. It is
for that very reason the price of Atchison has been
better maintained than that of other stocks. All the
other companies mentioned have suffered heavy de­
creases in gross and net alike. The Union Pacific
lost $1,244,984 in gross and $4,311,594 in net; the
Southern Pacific $2,402,068 in gross, $4,473,407 in
net. The Northern Pacific has fallen almost ten mil­
lion dollars ($9,612,994) behind in gross and $3,355,­
349 in net. The Great Northern suffered a reduction
of $3,212,727 in gross and of $1,537,299 in net. The
Milwaukee & St. Paul, with the aid of the traffic fur­
nished by its Puget Sound extension, managed to come
out a trifle ahead in its gross, which was $129,101 bet­
ter than in the preceding year, but sustained a decrease
of $2,133,620 in net. The Baltimore & Ohio reports a
decrease of $765,248 in gross and of $2,188,515 in net.
Additional significance is given to these reductions in
income when it is recalled that the capitalization of all
roads keeps increasing from year to year, through new
stock or bond issues, and that to maintain their pros­
perity it is necessary that revenues should steadily
expand.
From what has been said it will be seen that security
values have declined not because of attacks by Stock
Exchange speculators, but because the outlook for
the properties has become impaired by reason of the
train of events set out above. The setback in general
trade has been the inevitable concomitant of the
crippling of the railroad industry. For months now
hardly a new loan of any consequence has been brought
out by the railroads. The very few that have been
announced have been mainly for the purpose of taking
up old issues about to mature. Strictly new work
has come almost to a standstill for the reason (1) that
under existing conditions there is no inducement for
the investment of new capital for that purpose, and
(2) that it would be very difficult, anyway, to float
new issues except on onerous terms, since confidence
in the stability of railroad investments has been so
completely undermined. A t the same time the rail­
roads find themselves obliged to curtail their ordinary
expenditures— maintenance outlays particularly being
heavily cut— owing to the rise in wages and the
shrinkage in traffic and gross revenues. In these two
ways several hundred million dollars a year are being
withheld from reproductive enterprise. W e deem it
no exaggeration to say that fully half a billion dollars
($500,000,000) of money which would be at the dis­
posal of the railroads yearly is not now available to
them because the railroad industry has been so seri­
ously crippled. Not unlikely the amount is very much
larger. With the railroads no longer buying in the
old way, the iron and steel industry has fallen into a
state of great depression, and the absence of activity
there has in turn affected adversely all other industries.
• If the railroads were buying equipment, rails and new
material and supplies with the customary freedom, the
iron and steel trade would now be active and pros­
perous and there would be no such cuts in prices as
are at present disturbing the trade. Even fears of
trust prosecutions would not operate to prevent the
making of large profits. Prices are never cut when
mills and factories are employed to their full capacity.

[ VOL. LXXXX III.

one fail to recognize their bearing on the present unfor­
tunate situation in the railroad and industrial world.
As the facts, too, are matters of common knowledge, it
seems strange that here in the East, where so much
stress is being laid upon them, any one should be in
doubt as to what is ailing business. There are cer­
tainly many and serious causes of apprehension; yet
some current comment is to the effect that no real
basis exists for the feeling of alarm that pervades the
business community. Some go so far as to assert our
merchants are guilty of hysteria in giving expression
to their anxiety. Here, for instance, is an extract from
the columns of our staid contemporary, the “ Evening
P o s t/’ of this city. It appeared in an article entitled
“ Business Timidity” in its issue of Sept. 29:
“ Business conditions which are the result of large
economic forces, and financial strains due to huge specu­
lative folly, are charged directly upon the President,
as if he alone were at fault; and because he does noth­
ing to stop what he did not cause, and really has no
power to stop, he is called a fool or a knave.
“ To say that this attitude is unworhty of business
leaders, is to put the matter mildly. Their display of
moral quality is disheartening. We are accustomed
to speak highly of their courage, their sagacity, their
farsightedness and indomitable spirit. That praise is
frequently deserved, but it must be said that under the
threat of financial difficulties, or in the pinch of mar­
ket depression, they too often act like men who have
no reserves of coolness and pluck. It is most dis­
couraging to find them looking to the Government as
the source of all prosperity and^ the cause of every
financial adversity, and going with the multitude of
limp dependents on Washington for every blessing.”

But why look for an explanation in remote causes
when there is more convincing testimony in near causes?
There seems to be no appreciation of the hartn and mis­
chief that has been done through the new railroad
legislation of last year and the disturbing action of
Government in other respects. Railroad revenues are
still declining, and there appears very little likelihood
of an early return of confidence in the stability and
security of railroad investments. A t the very time
the lines we have quoted were being penned, all the
papers were publishing numerous monthly returns of
earnings showing that the shrinkage in revenues
was still going on. For instance, the Atchison for
July and August reported a loss of $201,613 in gross
and of $1,234,190 in net, the Union Pacific a loss of
$1,316,885 in gross and of $819,306 in net, and the
Southern Pacific a loss of $686,027 in gross and of
$912,680 in net.
Moreover the Inter-State Commerce Commission
continues its activity to the detriment of the roads and
is issuing new orders each day suspending contem­
plated advances in rates and initiating proceedings
for reductions in rates. In one recent case where the
Commission had been appealed to to interfere with a
proposed new through rate on flour because the pe­
titioners feared the result would be a general scaling
down of rates, the Commission made the statement
that Congress could never have contemplated that the
Commission should act to prevent the lowering of rates.
This bears out wliat we have always said, that au­
thority to fix rates was sought merely for the purpose
of reducing rates— never to maintain or advance them,
no matter how powerful the arguments ip favor of the
latter course.
Worst of all, President Taft is apparently giving
When passed in review in this way no one will be
disposed, we are sure, to deny the cumulative force sanction and approval to the course being pursued. For
and effect of the influences narrated. Nor will any in a speech in Lewiston, Idaho, last Saturday he said:




O ct 14 1911.

THE CHRONICLE

“ Wc have put the railroads under control and they
acquiesce in it. For a time they were defiant. Now,
under the steady action of Congress in increasing the
power of the Inter-State Commerce Commission, they
have realized that the whole people is greater than any
part of the people.
“ So, too, with respect to our trusts. The industrial
combinations that have controlled prices are now under
the Anti-Trust Act, and are beginning to feel the weight
of the hand of the law.”
Is it any wonder, under these circumstances, that
business men are apprehensive, and asking when and
where all this is to end? And in the light of this situa­
tion and these facts, are not our business leaders justi­
fied in fixing their eyes upon Washington and protest­
ing against what is going on? The business community
is not looking to Washington for aid, but for relief—
relief from a condition of things of the Government’s
own making.

081

with the volume of business done throughout France,
where nearly every householder owns at least a mod­
erate amount of money. With the disappearance of
the political troubles in North Africa the financial
atmosphere should become much clearer and the large
sums withdrawn from deposit institutions by frightened
customers should quickly find their way back to the
banking channels where they rightly belong. Mean­
while financial bills are being discriminated against to
the extent of )4 of 1%, the rate being 3 )4 % , as
against 3 A
l % for commercial bills.
London entered the fall season with an unusually
large stock of bullion, but during recent weeks the
demands of Egypt, India, Turkey, South America,
South Africa, &c., have brought about a marked de­
crease. Thursday’s statement showed a los3 for the
week of $5,530,000, notwithstanding the purchase of
the $3,000,000 new bars offered in the open market
on Monday. Impending withdrawals are stated to be
heavy. Consequently, London bankers have shown
a strong disposition to abstain from discounting bills—
so much so, indeed, that the investment purchases of
long sterling bills by New York bankers, referred to
last week, have become a more important factor.
Whether gold will be sent to London at this time is a
debatable question. Sterling rates have advanced
during the current week to a high level of 4 8640 for
demand and 4 8680 for cable transfers, but a move­
ment would not set in under normal conditions until
demand crossed 4 87. At the Stock Exchange
settlement in London this week the contango rate on
American stocks was 4)4% , while ninety-day bills to
arrive are quoted at 4 @ 4 )4 % — charges which contrast
with a 2 @ 2 )4 % call-money rate and a 3 )4 % quota­
tion for ninety-day loans here. Unless the disparity
between the value of money at the two centres lessens,
an outflow of gold would be inevitable. Happily,
there is no reason why New York should not assist
London in meeting the requirements of other countries.
Furthermore, no objections are being raised by our
bankers; as a matter of fact, exports would be hailed
with satisfaction, since they would have a tendency to
stiffen money rates at home and thus enhance banking
profits.

Monetary developments abroad have been less satis­
factory in certain respects since October opened than
they were before the end of the quarter, when mild
stringency was natural. The refusal of bankers at
London, Paris and Berlin to materially modify their
charges for discounting bills, their continued borrowing
in New York, and the reported intention of London to
encourage imports of gold from New York, do not form
an exhilarating commentary upon conditions and senti­
ment, while rumors still persist of considerable hoard­
ing in France and Germany, especially in the former
country. Notwithstanding the fact that the first, and
reputedly the more important, half of the Moroccan
agreement has been approved by both governments,
and notwithstanding also growing confidence of an
early settlement of the Tripolitan war, financial Europe
has betrayed a good deal of uneasiness— more, indeed,
than would seem to be warranted by the known facts.
The Imperial Bank of Germany on Monday reported
a cash gain of nearly $8,000,000, its note circulation
(after abnormal expansion) was contracted $02,000,000
and loans and discounts were curtailed $75,000,000.
Yet the open market discount rate in Berlin stands
well above 4% .
The Bank of France approached so near the legal
limit of its note circulation at the opening of this
month that there were reports that it would apply to
The Italian attack upon Turkish territory in North
Parliament for permission to increase the amount; the Africa is' proving successful from a strictly military
weekly statement showed total issues of 5,530,881,000 point of view, and Italy’s plans for gaining complete
francs, as compared with an allowed maximum of ascendency in Tripoli have not thus far aroused any
5.800.000. 000 francs. However, the latest return dis­ international complications. On the contrary, there
closes a decrease of 84,025,000 francs and an increase is growing reason to believe that the Italian Govern­
of 12,050,000 francs in gold on hand, and cable advices ment had quietly “ sounded” the Powers chiefly con­
state that, instead of seeking fresh powers, the Gover­ cerned before sending Turkey the ultimatum that
nors have decided to keep within the present limit took the public by surprise. Reports that an armis­
and pay cash in the legal ratio of gold and silver. tice had been arranged came from Berlin at the middle
Moreover, the Bank is to encourage the freer use of of the week, but no confirmation has been forthcoming.
checks, a medium of settling accounts which has not Rome has reiterated that no truce will be considered
attained in France or Germany a popularity at all com­ until her army is in occupation. Such a consumma­
parable with that in the United States and Great tion is being rapidly effected. Every day brings news
Britain. The Governor of the Bank of France has ad­ of the dispatch of troops from Italy to some part of
vised the introduction of the crossed check in the Tripoli, and very feeble resistance has been offered.
ordinary daily transactions of the Bank’s customers, From the start it was recorded that the Italian forces
and, as a preliminary, check books, he indicated, encountered scant opposition when they took posses­
should be given to all applying for them.
sion of Tripoli, of Bangazi, of Derna andCyrene. The
The slow growth of the employment of checks in Turkish soldiers who had occupied the forts in Tripoli
France may be gathered from the statement that retired to an inland position and several skirmishes
in 1897 the number issued was 6,828,000, while three took place between them and the Italians. An ad­
years later the total had.increased only to 7,906,000, vance Italian contingent landed at Tobruk (in Cyand nine years thereafter (in 1909) the aggregate was renaica), which is described as the gateway to the
12.261.000, a figure utterly insignificant in comparison most productive part of Tripoli. It is a fine harbor,




982

TIIE CHRONICLE

[VOL. LXXXX1II.

ing Government notes. Serious fires are reported
from Hankow, where the important Government
treasury was located; it is said to have been destroyed
by the flames. A massacre of Manclius also occurred,
but the safety and rights of all foreigners are be­
ing zealously protected. The General in command
of the Hu-Peh 'forces has issued a proclamation
warning that instant death will be the punish­
ment for interfering with foreigners. “ This is the
army of the people,” the proclamation states. “ We
will overthrow the tyrant Manchu dynasty and revive
the rights of the real Chinese.” One report says that
twenty miles of the Pekin & Hankow Railway have
been torn up and the bridges burned. The Imperial
Government is not idle. It is hurrying troops to the
disturbed area and fighting is likely to last some time.
No manifestation of a desire to check the revolution
has yet come from any foreign Power, and in view of
the magnitude and gravity of any attempt to shape
the course of events, no action may be taken so long
as all foreign residents and interests are safeguarded.
The establishment of a republic in China would not
be inconsistent with Twentieth Century political ten­
dencies, but should not be counted on too confidently.
Yesterday the following message was received by
our Government from Consul-General Greene, sta­
The official statement was made in Berlin on Tues­ tioned at Hankow:
day that the first half of the Moroccan agreement had
“ Wu-chang and Hinkang are held by the rebels.
been finally drawn up and was ready to be “ initialed” Hankow is in great disorder. Two American, two
by both governments, though the formal signing would Japanese, three British, one German and six Chinese
be deferred until the second part, covering the compen­ warships are here. The rebels have seized the pro­
sation to be allowed Germany in French Congo, had visional treasury and Mint and captured 1,000,000
taels. The rebels crossed the Yangtse River in the
been completed. The impression conveyed was that
Province of Sze-Chuen and captured Han-kang.”
no room has been left for any possible misunderstand­
Later reports, unofficial, say that a republic has
ing, and that only details of secondary importance re­
main to be adjusted. So often, however, have reas­ been formally declared and that Gen. Li Yuan LIung
suring statements emanated from both Paris and Ber­ has been made President.
lin that more or less apprehension still prevails lest
The new Premier of Canada, R. L. Borden, imme­
the final bargaining p rove more difficult than contem­
diately
on the resignation of the Laurier Government
plated. Already there are murmurs of dissatisfaction
proceeded
to draw up a Cabinet, the personnel of.
in France over the concessions which are said to be
which
was
announced
on Monday as follows:
planned. French sentiment, indeed, according to
Premier and President ot the Council— R. L. I3orden.
some accounts, has become more belligerent in tone
Minister ot Agriculture— Martin Burrell, British Columbia.
than it was in the earlier stages of the negotiations.
Minister ot Customs— Dr. J. D. Reid, Ontario.

about six hundred miles east of the City of Tripoli, and
some seventy-five miles west of the Egyptian frontier.
It was announced early in the week from Rome that
Italy would not consider any peace proposals until the
occupation of Tripoli and Cyrenaica had been fully
accomplished. The additional information was given
that a permanent army of ten thousand would be sta­
tioned in the newly-acquired territory, that railroads
would be constructed and that direct cable communi­
cation with Italy would be speedily established.
To-day (Saturday) has been fixed for the convoca­
tion of the Ottoman Parliament under the direction of
Said Pasha as Grand Vizier, who has succeeded in form­
ing a new Cabinet. The new Minister of Foreign Af­
fairs is Rechid Pasha, formerly Ambassador at Rome
and latterly at Vienna. Shefket Pasha, who success­
fully commanded the Young Turks when they marched
into Constantinople, has been appointed to his old po­
sition as Minister of War. The reconstituted Cabinet
is looked upon with slightly more favor than its prede­
cessor, but no Turkish Ministry could have hoped to
cope with the superior naval forces of Italy, and it is
questionable if another change of administration will
not be witnessed, owing to the internecine differences,
especially between the YoungTurks and the old regime.

The Manchu dynasty, which has ruled in China for
some 300 years, may fall. A revolution, apparently
carefully planned and guided by conservative leaders,
has sprung up in the important Province of Hu-Peh,
and the native troops and civilians have rallied to the
cause so heartily that already the capital of the Prov
ince, Wu-Chang, has fallen, Hankow and Plan-Yang
were very easily captured and several places in the
neighboring Province of Sze-Chuen are in the hands of
t he revolutionists. Yesterday’s dispatches stated that
even Pekin is in danger, and that all available troops
are to be concentrated there for defensive pur­
poses. The commander of the army of revolt is
Doctor Sun Yat Sen, who is recognized as a bril­
liant advocate of the. Young China movement.
The uprising bears characteristics different from other
outbreaks of recent years, and those familiar with
Oriental undercurrents incline to the belief that the
Pekin authorities may be unable to preserve the pres­
ent regime. A message from Hankow states that al­
ready the whole Provincial Assembly has seceded
from the Imperial Government and has elected as
President Sun Yu, a brother of the rebel leader. Local
treasuries and banks have been confiscated and new
paper money is being issued to redeem the outstand­




Minister ot Finance— W. T. White, Ontario.
Minister ot Inland Revenue— W . B. Nantel, Quebec.
Minister of the Interior— Robert Rogers, Manitoba.
Minister of Justice— C. J. Doherty, Quebec.
Minister of Labor— T. W. Crotlicrs, Ontario.
Minister of Marine and Fisheries— J. D. Ilazen, New Brunswick.
Minister of Militia— Col. Sam Hughes, Ontario.
Minister of Public Works— F. D. Monk, Quebec.
Minister of Railways— Frank Cochrane, Ontario.
Minister of Trade and Commerce— The lion. George Foster, Ontario.
Postmaster General— L. P. Pelletier, Quebec.
Secretary of State— Dr. Roche, Manitoba.
Without Portfolio— A. E. Kemp, Ontario; George Perlcy, Quebec; Sena­
tor Loughhecd of Alberta.

The well-known financier, Rodolphe Forget of
Montreal, was offered a portfolio, but he declined to
accept office until the Government has had opportun­
ity to pass upon his application for a charter for a new
bank, which proposes to develop an extensive inter­
national business, particularly with France. Earl
Grey bade farewell to the Dominion on Thursday, and
the new Governor-General, the Duke of Connaught,
has arrived. Elaborate preparations were made
to give the uncle of King George V. a demonstrative
welcome on his arrival at the Dominion capital,
and the people of Canada are looking forward to an
era of great material and social success. Parliament
is expected to meet early in November, when the Op­
position, it is understood, will be led by the ex-Premier,
Sir Wilfrid Laurier.

O ar. 14 1911.]

'

THE CHRONICLE

The deep resentment excited by Russia’s refusal to
honor passports issued by the United States Govern­
ment is beginning to take concrete form, there having
been formed at a meeting held in the, Waldorf-Astoria
this week a Citizens’ Committee to Protest Against
Russia’s Discriminations. Andrew D. White, ex­
Ambassador to Germany, accepted the presidency,
and William G. McAdoo (who was chairman of the
meeting) was elected chairman of the executive com­
mittee. All the speakers denounced the Russian Gov­
ernment for what was termed the systematic insulting
of the American people and Government. While those
of the Jewish faith have suffered most frequently from
the indignities perpetrated by the Czar’s officials, it
was declared that Baptists had also been denied ad­
mission to Russia solely because of their religious
views. Congressman Jefferson M. Levy, who is a
member of the House Committee on Foreign Relations,
expressed his belief that every member of that com­
mittee was in favor of abrogating our treaty with Rus­
sia, and he added that the committee would be ready
to recommend this course at the next session of Con­
gress. Russia’s hostile attitude towards American
citizens was likewise brought before the National German-American Alliance, which has been holding its
sixth biennial convention in Washington, and the fol­
lowing resolution was unanimously adopted:

Resolved,

That the non-acknowledgment by the Russian
Government of passports granted by the United States, on
account of the religious belief of persons holding them, is in
violation of the existing treaty between the two govern­
ments, and that Congress be petitioned to annul and abrogate
that treaty.

What policy the new Prime Minister of Russia and
his colleagues will adopt in dealing with this important
question cannot, of course, be foreseen; but in view of
the palpable right of our Government, under treaty
arrangements, to insist upon all passports issued by it
being honored, it would appear reasonable to expect
that the shortsighted course now followed will be aban­
doned.
The Portuguese Royalists having fixed Oct. 5, the
anniversary of the downfall of the monarchy, as the
date for an attempt to overthrow the republican form
of government, an uprising took place in the northern
part of the country very close to the Spanish border,
and strong measures had to be taken to defeat the
movement. The reports received by cable have been
fragmentary and somewhat contradictory, those em­
anating from Royalist sources giving the impression
that the whole country was seething with discontent
and that as many as 30,000 men had taken up arms
against the Administration. But the facts seem to be
that the revolt did not excite popular enthusiasm, that
less than one thousand took the field, and that the
Government troops had little difficulty in routing the
rebels. The frontier was crossed near Vinhaes and
several villages in the Braganza district were occupied,
but the Government quickly drove the invaders back
with serious losses. The peasantry as a rule refrained
from joining the Royalists. Several hundred political
conspirators were arrested in Oporto just before the
uprising, and the Republicans showed complete famil­
iarity with the Royalists' plans. The revolt, however,
is still causing the Government much trouble. Re­
ports that ex-King Manuel had left England and joined
his sympathizers on the Spanish border caused excite­
ment until they were shown to be unfounded. It ap­
pears that the movement is being fostered more ener­
getically by Dom Miguel of Braganza, the Pretender,




983

than by the deposed King. Dom Miguel has an­
nounced that he is willing to leave the Cortes to choose
between Manuel and himself when the Republic has
been overthrown and the time has arrived for selecting
a new ruler. All present indications are that the Por­
tuguese Parliament will not have to perform so em­
barrassing a duty.
The grain crop situation in the United States on the
first of October, as revealed by official reports, differs in
no essential particular from that disclosed a month
earlier. Private advices during September denoted
that generally favorable meteorological conditions had
promoted the maturing of corn, and that on the whole
there had been a slight improvement in that cereal.
This the Department of Agriculture’s report for Oct. 1
confirms, but the improvement shown is merely
nominal, leaving the general condition of corn at that
time much below the average of recent years, and indi­
cating a considerable shortage in the )deld of that
cereal. Moreover, a crop of oats much below that of
last year is indicated, as well as a largely reduced
spring-wheat production. Finally, as the situation
now stands, it would appear that our aggregate cereal
production this year will fall below that of last )rear
by about 650 millions of bushels.
In the condition of corn, according to the Depart­
ment, there was an improvement of one-tenth of a
point during September, making the average on Oct. 1
this year 70.4, against 80.3 at the same time last year,.
73.8 in 1909 and a ten-year average of 78.6. Every
State of large yield returns a lower condition this year
than last, and in Texas, Oklahoma and Kansas, where
summer drought was most severely felt, the condition
is abnormally low. I lie official preliminary estimate
of yield of corn is not available until Nov. 1; on the
basis of current condition and acreage, however, the
indications would seem to be for a crop of 2,770,000,000
bushels, or about the same as in 1909, but 355 million
bushels less than last year’s record total.
In the Sept. 1 report the indicated yield per acre of
spring wheat was 9.8 bushels; that is now reduced to
9./ bushels, or the lowest of which we find record.
1his rate on the acreage harvested affords an aggregate
production of only 200,367,000 bushels, the smallest
crop since 1900, and exhibiting a loss of 31 million
bushels from 1910 and a falling off of 90 million bushels
from 1909. Combining this spring-wheat total with
the estimated yield of the winter grain— announced as455.149.000 bushels in August—gives an aggregate
wheat crop of 655,516,000 bushels for 1911, which
contrasts with 695)^ million bushels in the previous
season, 737 millions in 1909 and 748% millions as far
back as 1901.
llie outlook as regards oats improved somewhat
during September, but, nevertheless, the probabilities
are the poorest of a number of years past. In fact
the Department estimates the yield per acre at only
24.8 bushels— the lowest of any year since 1904— and
comparing with 31.9 bushels in 1910 and 30.3 bushels in
1909. The aggregate production is figured out as
approximately 873,641,000 bushels, which contrasts
with 1,126% million bushels in 1910. Barley is ex­
pected to yield 20.7 bushels per acre, or a crop of
145.951.000 bushels, against an average of 22.4 bushels
and an aggregate of 162,227,000 bushels in 1910. The
rye crop, according to the preliminary estimate, aver­
ages 15.6 bushels per acre, or 30,677,000 bushels for
the area harvested, against 33,039,000 bushels last
year. 1 he hay crop also shows a very appreciable

984

THE CHRONICLE

falling off, the yield per acre being estimated at only
1.09 tons, or the smallest with one exception (1895)
of any year since the close of the Civil War. The
aggregate production is placed at 46,909,000 tons,
against 60,978,000 tons a year ago.
The commercial failures statement for September
1911 for the United States shows a distinct improve­
ment, both as regards number of insolvents and
amount of defaulted liabilities, as compared with
the corresponding period a year ago. One or two
large failures among brokerage concerns served to
swell the indebtedness of brokers and transporters
to such an extent that the liabilities in that class are
much heavier than for any recent September, but in
the manufacturing and trading divisions, more
particularly the former, the debts for the month are
very much less than a year ago, and the better exhibit
extends to almost all branches included. According
to Messrs. R. G. Dun & Co.'s compilations, which
furnish the basis for our deductions, the number
of failures in September 1911 was 827, with liabilities
of $11,900,568, against 945 with indebtedness of
$15,933,182 in the like period last year and 813 and
$8,446,029 in 1909. Disasters among manufacturers
made up only $4,145,110 of the 1911 aggregate,
contrasting with $10,295,428 a year ago and $3,423,171
in 1909. Traders were involved to the extent of
$3,816,927 this year, against $5,273,496 in 1910 and
$4,265,308 two years ago, and brokers, &c., accounted
for $3,938,531 in 1911, against only $364,258 and
$757,450, respectively, in 1910 and 1909.
The result for the nine months of the current
calendar year is also more favorable as regards the
volume of liabilities than a year ago. The number
of defaults for the period this year were heavier,
reaching 9,941, against 9,399 in 1910, but indebted­
ness totals only $138,865,620, against $154,417,304.
In 1909 the figures were respectively 9,666 and
$116,135,871. Manufacturing debts for the nine
months aggregated $61,333,505, or 9 millions less
than for the corresponding interval of the previous
year and 6% millions greater than in 1909. Trading
liabilities, however, at $62,607,819 record an increase
of 8 millions over- last year, but the indebtedness of
brokers, &c., notwithstanding the large September
total, makes a very favorable comparison with recent
years, the aggregate at $14,924,296 being less than
half of that of 1910.

[VOL. LXXXXII1.

latest compilation is the very noticeable decline in the
immigration from Italy, the arrivals from that country,
which have from month to month for a long time past
been the dominant quantity in the statements, having
been exceeded in July by the influx of Hebrews, of
Poles and of Germans. For the seven months of the
calendar year 1911 the inflow of aliens was 562,647,
contrasting with 776,285 and 716,014, respectively, in
1910 and 1909 and the record figures of 993,728 in
1907.
The outward movement of aliens has of recent
months, as already intimated, proceeded along quite
free lines, the departures of steerage passengers from
all ports of the country for the seven months ended
July 31 reaching fully 300,000. This total compares
with only 223,623 for the period of 1910 and but
171,430 in 1909. Deducting the efflux from the
aggregate inflow as given above, we ascertain that
while in the seven months of the current year there
was a net gain of approximately 262,647, the increase
for the like period of 1910 was no less than 552,662
and for 1909 nearly as great. In 1908, on the other
hand, owing to the depression then prevailing, we lost,
net, 104,836.
Discount rates abroad have not shown any tendency
to recede to the lower levels which obtained before the
quarterly demands brought about firmness. London
quotes for bills to arrive 324 to 3% % for sixty-day and
4 to 4 y%°/o f° r ninety-day maturities, and even on
these terms is not anxious to do a large business.
Paris, as is explained in another paragraph, is charging
324% lor discounting finance bills, as compared with
3)4% for commercial bills, a form of discrimination
very rarely resorted to. Berlin is distinctly higher than
a week ago,’4 ^ to 4)4 % being quoted for spot bills and
424 1° 4)4% for bills to arrive. The Imperial Bank
of Germany was able this week to report a gain of
$7,755,000 cash, a decrease of $62,140,000 in notes
and of $75,500,000 in loans and discounts. The
private discount rate at Amsterdam has eased off to
3)4% , but at Brussels the charge is in the neighbor­
hood of 5%.
The Bank of England’s weekly statement reflected
the withdrawals of gold. The bullion account showed
a decrease of £1,106,128, but circulation was reduced
sufficiently to modify the loss in total reserve to
£666,000. The marked changes in deposits must have
been due to the paying off of Treasury bills; a shrinkage
of £4,891,000 in Government deposits was accom­
panied by a gain of £3,120,000 in ordinary deposits.
Loans showed only the nominal decrease of £61,000.
Government securities were reduced £1,000,000, a
change in line with the other fluctuations. The total
amount of bullion now carried is £37,958,103. The
ratio of reserve to liabilities has improved from 51.46%
last week to 51.91% this week, which is the highest
at this season since 1904. Our special correspondent
also furnishes the following details of the movement
into and out of the Bank for the Bank week: Imports,
£1,066,000 (of which £25,000 from Australia and
£1,041,000 bought in the open market); exports,
£2,133,000 (of which £1,005,000 to Egypt, £600,000
to Turkey, £500,000 to South America and £28,000
to various destinations) and shipments of £39,000
net to the interior of Great Britain.

Immigration into the United States continues upon
the comparatively restricted scale noted during the
first six months of the current calendar year, the
official result for July showing important declines from
the figures for the corresponding periods of 1910 or
1909 and partial data we have compiled for August
and September indicating a like outcome for those
months. It is quite evident, therefore, taking into
consideration the further fact that the departures
of aliens have of late been upon a freer scale than
usual that our net gain in foreign-born population for
the full calendar year 1911 will, with the exception
of 1908 (when, as a result of depression here, an actual
loss was shown), be the smallest in about ten years.
The official immigration statement for July shows
that the inward movement of all classes of aliens in
the month this year was only 61,726 (made up ot
Money brokers have more reason even than stock
51,737 immigrant and 9,989 non-immigrant aliens),
which compares with 82,191 in the previous year brokers to complain of dulness. We have repeatedly
and 77,944 in 1909. A prominent feature of this referred to the absence of demand for funds, but the




O ct . 14 1911.]

stagnation to-day is more intense than it has been at
any previous time this year or, indeed, in a long series
of years. Speculation has again narrowed down to the
professional element; the widespread liquidation in
stocks has diminished the needs of commission houses;
the poor demand for merchandise has enabled the
mercantile communities to reduce debts to a minimum;
the improvement in bonds has not yet gone far enough
to induce bankers to bring forward important new
offerings, and gold exports have not been resumed since
the shipment of $3,500,000 to Paris. The inactivity
throughout the country has resulted in the accumula­
tion of sufficient funds in Western and Southern
States to permit of lending to farmers on a generous
scale, so that the out-of-town demands for currency
have thus far been extremely light. It is true that
the stringency in foreign cities has attracted many
millions of New York money, but the supply still is
considerably greater than the demand. New enter­
prises are not springing up with ordinary rapidity,
owing to political discouragements, and reports are
now current that fewer mortgages than usual are being
accepted by savings banks, insurance companies and
other institutions, because of the over-built condition
of New York City. One fruit of the plethoric state
of the money market has been a revival in the assimi­
lation of high-grade bonds. Contrasted with the very
low rates obtainable on collateral loans, the yield
afforded by even the best bonds is quite attractive.
The bond market has for months been dormant, but
the prospects appear to be encouraging for a larger
measure of activity. In a good many instances prime
commercial paper would be preferred. Discounts have
weakened to 434@ 4% % for the best bills, but the
output is inadequate to absorb the amount of money
available for investments.
C all m o n e y r a te s h a v e b e e n th e le a s t trifle h ig h e r
th e p r e s e n t w e e k .
2 % — on

The

M o n d a y ; an

T u e s d a y a n d to 2
w as 2 % %
resu m ed

re n e w a l r a te

advance

%% o n

W ed n esd ay.

a fte r

234%

w as m ad e at 2 % % .

w a s o n l y o n ce

o cc u r re d t o

o n ea c h o f th e s e d a y s .
y esterd a y ,

r a n g e re c o rd e d w a s

2% %

W h e n b u s in e s s w a s

T h u r s d a y 's

h o l id a y ,

th e

to 2 3 4 % , w h ile t h e la s t lo a n

to 4 %

fo r fo u r ,

fo r n in e t y

fiv e a n d s ix

t o n in e t y d a y s ’ e n d o r s e d b ills r e c e iv a b le

m o n th s.
to r s i x t y

and 43 4

to

fo r p r im e fo u r to s ix m o n t h s ' s in g le -n a m e b ills ,

w ith 5 %

a n d u p w a r d s n a m e d fo r le ss a t t r a c t iv e o ffe r ­

in g s .
A

d iffe re n ce o f o p in io n p r e v a ils a m o n g fo r e ig n e x ­

change

ban k ers

p o r ts .

C u rio u s as it m a y s o u n d , th e s t r ic t ly b a n k in g

re g a r d in g

th e

p r o s p e c ts

o f g o ld

ex­

c o n d itio n s are le ss o f a g o v e r n in g fa c to r t h a n th e p o lit i­
cal u n c e r ta in tie s in E u r o p e .

I f th e p r in c ip a l b a n k e r s

in E n g la n d , in F r a n c e a n d in G e r m a n y k n e w fo r a c e r ­
t a in t y t h a t b o t h M o r o c c o a n d T r ip o li w o u ld in th e v e r y
n e a r fu tu r e cea se t o be a s o u r c e o f c o n c e r n , t h e y w o u ld
b e le ss a n x io u s t o g o o u t o f t h e ir w a y to p r o te c t th e ir
resources.

B u t c o n s e r v a t iv e in s tit u tio n s

are n o t in ­

clin e d to s h u t th e ir e y e s to e v e n r e m o te e m e r g e n c ie s ;
h e n c e , m o n e ta r y c o n d itio n s m a y r e m a in m o r e o r le ss
u n s e ttle d
passed .
n ese

u n til

th e

d ip lo m a tic

Y e ste r d a y ’s

bonds

to

fa ll

new s
a

c lo u d s

fr o m

p o in t

in

have

C h in a

e n t ir e ly

cau sed

London,

se rio u s d e v e lo p m e n t s w ere fe a r e d .




m oved

m a t e r ia lly

n e a re r

exp ort

s te r lin g

b a s is ,

has

th o u g h

th e

sh ip p in g

still

good

w ay

a

ste r lin g

and

at

a c tu a l

o ff— a b o u t

le a s t

4 8734

4 8734
fo r

th e

g o ld -

p o in t

f°r

c a b le

is

dem and
tr a n s fe r s ,

a g a in s t t h e h ig h q u o t a t io n s a lr e a d y re a ch e d o f 4 8 6 %
a n d 4 8 6 % , r e s p e c tiv e ly .
to

a v a r ie ty

T h e fir m n e ss h a s b e e n d u e

o f in flu e n c e s.

F ir s t

and

fo r e m o s t

has

b e e n th e s h a r p d iffe re n ce b e tw e e n th e v a lu e o f m o n e y
in N e w Y o r k

a n d in E u r o p e a n c e n t r e s .

T h e n th e r e

h a s b e e n s o m e s e llin g o f A m e r ic a n s e c u r itie s b y fo r e ig n
h o ld e r s.

T h e r e m i t t a n c e o f O c t o b e r d i v id e n d a n d in ­

te r e st m o n e y

h a s e n ta ile d

I n v e s t m e n t b u y in g

an

o f 9 0 -d a y

in q u ir y fo r
b ills

has

exch an ge.

c o n t in u e d

in

p r o g r e ss.

A g a in s t a ll t h is , t h e re c e ip ts o f c o m m e r c ia l

b ills

in c re a se d

have

in

s e a s o n a b le

v o lu m e ,

th e

lo w

p rices n o w r u lin g fo r c o t t o n , w h e a t a n d o th e r c o m m o d i ­
tie s h a v in g s t im u la t e d o v e r -s e a b u y i n g .

T h e presen t

s t a t e o f th e in te r n a tio n a l e x c h a n g e s in N ew 7 Y o r k
a b n o r m a l fo r O c t o b e r ; g o ld

is

im p o r t s a re u s u a lly w i t ­

n e sse d in th e fin a l q u a r te r o f t h e y e a r in r e sp o n se t o
th e m a r k e tin g o f o u r m a j o r c r o p s .

Very peculiar developments have occurred in the
handling of cotton bills of exchange. Numbers of
national banks and private banking firms have abso­
lutely refused to comply with English demands, that
specific information be given covering the merchandise
shipped, an arrangement which, when complied with,
would increase the responsibility of the American
bankers handling the bills. But other institutions
have not allowed such considerations to interefere
with doing business. The consequence is that the
competition for cotton bills has very greatly decreased.
It is commonly stated in the trade that something
of a monopoly has been built up by one trust company
possessing enormous resources and having at the
head of its exchange department an expert of con­
spicuous ability. How long the present unsatis­
factory status will continue cannot be judged. The
sooner the courts can pass finally upon the whole
question of responsibility in the matter of bills of lading
the better will it be not only for exchange bankers
but for cotton growers in this country, European
consumers, and for all parties associated with the
marketing of the staple.

T h e q u o t a t io n s fo r t im e m o n e y

T h e c u rr e n t d is c o u n t r a te s are 4 3 4 to 4 3 4 %

434%

cm

T h e m a x im u m

a re : 3 t o 3 3 4 % to r s i x t y d a y s , 3 3 4 to 3 % %
d a ys and 3 %

985

THE CHRONICLE

and

C h i­
m ore

D u r in g th e w e e k

Compared with Friday of last week, sterling exchange
on Saturday was unchanged, with demand quoted at
4 8615@4 8620, cable transfers at 4 8665@4 8670
and sixty-day bills at 4 83 @ 4 8310. On Monday
demand advanced to 4 8625 @ 4 8630, sixty-days
declined to 4 8290 @ 4 8305 and cable transfers re­
mained at 4 8665@4 8670. There was an advance
on Tuesday, demand moving up to 4 8630 @ 4 8640,
cable transfers to 4 8670 @ 4 8675 and sixty days to
4 8305 @ 4 8315. Demand w7ent as high as 4 8640
on Wednesda}7 and cable transfers to 4 8680; later,
however, the market reacted, the close being at
4 8630@4 8635 for demand and 4 8670@4 8675 for
cable transfers; sixty days rose to 4 8315 @ 4 8325.
Thursday wras a holiday. On Friday the high level of
the week wras again reached, and the close was at
4 8310@4 8325 for 60 days, 4 8630@4 8640 for de­
mand and 4 8670@4 8680 for cables. Commercial on
banks was quoted at 4 8234* @ 4 82% and documents
for payment 4 82% @ 4 83%. Cotton for payment
ranged from 4 82 @ 4 82% , grain for payment from
4 83@4 83%.
Tim following gives the week’s movement of money
to and from the interior by the New7 York banks.

THE CHRONICLE

1)86
Week, ending October

13 1911.

R eceived by
S h ipp ed by
N . Y . H anks. iV. Y . B anks.

Currency ................
Gold ______ ____

N et Interior
M ovem en t.

36,429.000 I.oss
1,492,000 Loss

Total gold and legal tenders__ ..

SO,479,000

$074,000
768,000

$7,921,000 Loss $1,442,000

AYith the Sub-Treasury operations the result is as
follows.
W eek ending October

13 1911.

Banks’ Interior movement, as above.

N et Change in
B a nk H oldings.

In to
B a n k s.

Out of
B a n k s.

$6,479,000
18,100,000

37.921.000 Loss $1,442,000
20.410.000 Loss 2,316,000

$24,579,000

$28,337,000 Loss $3,758,000

The following table indicates the amount of bullion
in the principal European banks.
October

12 1911.

October

13 1910.

B anks of
G old.

England..
France ..
Germany .
Russia__
Aus.-Hun.
Spain___
Italy ___
Neth'land?
Nat.Belg.
Sweden
Swltzerl’d
Norway ..
■l-fl

|

£
37,958,103
123,905,500
36,953,700
145,528,000
54.645.000
16.657.000
40.139.000
11.851.000
6,668,000
4.740.000
6.437.000
2.132.001

Silver.

£

Total.

Gold.

|

£
£
37,958,103 33,778,750
31,872,040 155,778.140 133,588,400
14,000,350 50,954,050 32,882,450
6.603.000 152,131,000 145,389,000
11.736.000 66.381.000 55.448.000
30.467.000 47.124.000 16.357.000
3.472.000 43.611.000 38.506.000
1,142.300 12,993,300 10.097.000
3.334.000 10.002.000 5,430,667
4.740.000 4.446.000
6.437.000 6.230.000
2.132.000 2.026.000

Silver.

Total.

£
33,778,750
33,480,280 167,074,680
12,744.500 45,620,950
7.217.000 152,630,000
12,166,000 67.614.000
30,617,000 40.974.000
3.325.000 41.831.000
1,033,900 11,730,900
2,718,333 8.155.000
4.446.000
6.230.000
2.026.000

Total week 487,614,303 102,627,290 590,241,593 184,185,267 103,938,013 588,123,280
Prev. week 489.851,904 103.254.947 593,106.851 484,530,789 105.355,723 589,886.512

T HE F U T U R E OF T U R K E Y .

The two main indications in the news of the week
regarding the Turco-Italian conflict have been that the
Turkish Government was being brought to a point
where Tripoli would be quickly surrendered as the
price of peace and that popular demonstrations
against the Government were beginning at Constanti­
nople. These two indications are of larger importance
than as regards the question of war or peace with
Italy. They bring to mind what is really the formid­
able factor in the present Mediterannean situation—
namely what is to happen to Turkey itself after peace
has been concluded.
Supposing a treaty of peace, on the basis of cession
of Tripoli and without any actual fighting on the
grand scale, there are three results which might ensue.
The status quo might be maintained in Turkey exactly
as before, Tripoli being given up as quietly as Bosnia,
and Herzegovina were surrendered to Austria after
the Young Turks’ successful revolution. Or, again,
disturbances in the army or an uprising of an ex­
asperated people, at Constantinople especially, might
bo greatly stimulated by formal announcement of the
inglorious outcome of the war, leading conceivably
to such internal anarchy and disorder as might induce,
even if it did not require, interference by other States.
Or, finally, the longer result of Turkey’s surrender
might be resumption of the old diplomatic idea of
partitioning Turkey’s European territories into the
hands of other Powers. This might conceivably
occur because of intervention due to popular violence,
or merely because the helplessness of the Turkish
Government seemed to the other Powers to be demon­
strated.
All of the serious European comment on the war in
the Mediterranean gives evidence of having in mind the
third of these possibilities— not regarding it as an
immediate or even probable outcome of the existing
situation, but as a possibility too formidable to be
lightly dismissed. The Turkish Government’s long
possession of the magnificicnt site which guards the
entrance to the Danube, to the Black Sea, and, in a
measure, to the Suez Canal, has been due to the'
tolerance of the Christian States; or to speak more
accurately, to their mutual jealousies. The Turk




[VOL. LXXXXIII.

has been an anachronism in Europe ever since the
end of the Seventeenth Century, when his armies
were defeated and expelled from Hungary. Thence­
forward the only expansion of the Empire was in
Mohammedan Asia Minor and in Africa; as a European
Power, it was thenceforward a decaying State.
It is fifty-eight years since Czar Nicholas of Russia
warned Sir Hamilton Seymour of the “ very sick man
we have on our hands” , who might slip away when the
rest of Europe was unprepared. But the Russian
Czar was wrong. Not only was Russia unable in the
Crimean AVar to extend her own control into Turkish
territory, but Turkey herself gave evidence, then and
later, of military capacity which it had been imagined
she had lost. The Turkish question, as conceived by
diplomats throughout the Nineteenth Century, was
the question how to prevent Constantinople from falling
into the hands of Russia, with the enormous com­
mercial and political advantages which the Russian
Empire would thereby gain. It was England’s direct
interference in the Russo-Turkish War of 1877 which
prevented a Russian advance on Constantinople,
brought all the European States into the matter in
the next year’s conference at Berlin and resulted in
the erecting of independent Balkan States as “ buffers” .
In many respects that situation is not changed,
though the relations of the various Powers have been
oddly shifted. Russia to-day is not only not re­
garded as conspiring for the immediate capture of
Constantinople, but in European diplomacy she stands
as at least the potential ally of England, her old
antagonist. The glittering prize of Constantinople is
still before the eyes of Europe; but it is quite as
difficult to-day as it was half a century or a century
ago to answer the question, to whom should it be
awarded if the Turkish Government were to be
dislodged? Certainly not by common consent to
Russia, nor to England; hardly to Hungary or Austria,
whose territorial expansion on such a scale would
never be calmly contemplated by the rest of Europe.
Had Greece or any of the smaller Balkan States dis­
played the capacity and military power which would
have enabled them, years ago, to drive the Turkish
army beyond the Bosphorus, a logical outcome of the
long anachronism of Turkish rule in Europe would
undoubtedly have been witnessed and the Eastern
question closed. But the Balkan States were weak
and burdened with problems of their own, and Greece,
with the mixed race which to-day makes up its popula­
tion, is not the Greece of Miltiades or Themistocles.
They have had to be defended from Turkey, not
Turkey from them.
To all appearances, therefore, the problem, what
shall be done with Turkey in Europe, stands almost
exactly where it has stood for a century past. If the
plain interests of modern commerce and civilization
were alone to be considered, it would scarcely be
possible to deny the advantages which would follow
the handing over of Constantinople to a Christian
Power. But political considerations have certainly,
up to t he present time, weighed down the scale on the
other side, and even when the Eastern problem is
revived in its present form, it is difficult for any
one familiar with Europe’s diplomatic history to
escape from the alternative that the Turkish Govern­
ment must remain in Constantinople with the consent,
reluctant or otherwise, of all the Christian Powers.
The revolution of 1908, which took the whole world
by surprise, seemed to open up possibilities of the
reforming and modernizing of Turkey from within.

OOT. 14 1911.1

THE CHRONICLE

It is still possible that, in fullness of time, the Young
Turks, or whatever faction may supplant them in
control, will achieve this purpose. That the public
record of the Young Turkish Government since the
revolution has been such as to inspire great hopes of
such an outcome, cannot be very enthusiastically
urged. The best authorities on the state of things in
Turkey concede that great advances have been made,
under the new regime, in public safety throughout
the Empire, in security of property, and in such
matters as the removal of censorship of the press.
But the effort to do away with corruption and ineffciency in the public service has not yet demon­
strated its success. The grave religious problem of the
State, the hatred of the old Moslem party both to
political innovation and to other faiths, remains.
More serious, perhaps, than all is the fact that the
present government was established and sustained in
power through its influence over the army. How
would that influence be affected, when the Turkish
soldiery, traditionally a fierce and militant body,
learned that the Government, for whatever cause, had
sued for peace without giving the army a chance to
strike a blow? The soldiers and the common people
even outside of Turkey, do not often reason judiciously
and considerately under such conditions. What,
therefore, remains now to be seen— and the test is
bound to be interesting— is how the popular spirit in
Constantinople, and in Turkey as a whole, will bear
the news of an unsuccessful war.

987

only bonds, notes and checks, not mentioning certifi­
cates; also that this refers only to matter issued by the
United States proper, and that the law must not be
construed to cover anything beyond its strict letter.
Furthermore, says the Washington dispatch, over
nine-tenths of Government currency is certificates,
and so the issue lies between economy and obstruc­
tion.
As was pointed out seven months ago, the restriction
to hand presses means a tribute of a million a year to
organized labor. The history of unionism for a cen­
tury has been one of resistance to improved methods
of production and transportation, and it seems almost
hopeless at present to argue with the unions the fallacy
of their assumption that the work to be done in the in­
dustrial world is a fixed quantity; hence that any im­
provement in method means depriving some worker
of bread. Yet if the Federal Government lacks cour­
age and firmness to conduct its own work upon ordinary
business rules as to efficiency and economy, the absur­
dity of its undertaking to re-arrange the management
of private industries becomes quite glaring. Until
Government can get more scientific efficiency and
less waste into the work it does on its own ac­
count and by its own employees, is it not a sort
of ghastly piece of humor to talk of enforcing such
management upon railroads as the cure for the rates
problem?

T H E SOUTHERN R A I L W A Y ’S W O N D E R F U L
GROWTH.
GO VE RN M EN T P RINTING A N D LABOR
UNIONS.

The trouble between the Bureau of Engraving and
Printing and organized labor is again brought to notice
by a decision of the Comptroller as to the limit of
positive application of a law of 1898. Seven months
ago we reviewed the case as it then stood, the issue
between progress and economy on the one hand, and
the obstructiveness of the unions on the other, being
entirely distinct. Plate-printing by steam power, in
lieu of the original and necessarily slow “ pulling” by
hand, was authorized as far back as 1886, but although
such a change was naturally gradual, the unions took
notice and succeeded in inserting clauses in the appro­
priation bills of 1888 and 1889 forbidding any increase
in the number of the obnoxious machines, and also for­
bidding any expenditure for their repair or re-con­
struction.
In 1898 the unions managed to insert in the appro­
priation bills a clause abolishing the improved process
as to internal revenue stamps and a proviso that “ here­
after all bonds, notes and checks shall be printed from
hand-roller presses” ; the first effect of this was the
sale of power presses which cost $15,000 for $350 as
mere junk. Then, in 1907, a two-line clause was
tucked in unobservedly which repealed something
whose nature it did not specify, so that power presses
were left permissible for stamps, and twenty-five new
ones were purchased.
Then came the clutch anew, the Treasury desiring
to extend this to notes and bonds, and the unions
desiring to regain the slip which had been gained
against them. Now comes another problem. The
Philippine authorities have to issue some silver certifi­
cates, and the head of the Printing Bureau reports that
he can save over $7,000 on this particular job alone by
using the obnoxious power presses. The Comptroller
rules thatjthe law of 1898 specifies hand printing as to




The annual report of the Southern Railway Com­
pany for the fiscal year ending June 30 1911 is like the
preceding reports of the same company. It is a
record of marvelous growth and development. And
the result for the latest year in that respect is the more
noteworthy inasmuch as it is in sharp contrast with
the exhibits for the same period of most other large
railroad systems in the United States. These latter
have quite generally suffered a setback, if not in their
gross revenue at least in their net revenue. In the case
of the Southern Railway Co. there is no evidence of a
setback in any direction. Gross revenues, net reve­
nues, trade and traffic statistics are all the very best in
the company’s entire history. When one looks back
a few years to the time when Mr. J. P. Morgan under­
took the reorganization of this property after every
one else had failed— when one recalls the physically
defective condition of the roads that had to be welded
together, and how devoid of earning power they were,
and unable to perform their duties as public carriers—
and then contrasts this collection of imperfect and
disconnected lines with the powerful Southern Rail­
way system of to-day and the earning capacity that
has been developed for it, one cannot help marveling
at what has been achieved.
In the year under review $3,050,554 was added to
the gross revenue and $759,510 was also added to the
net revenue, notwithstanding that the Southern Rail­
way system felt the rise in operating cost the same as
all other railroad systems throughout the United
States. Operating revenue passed the $60,000,000
mark, reaching $60,345,062, and aggregate gross reve­
nues were even larger, amounting to $61,696,181.
Going back to 1900, we find that aggregate gross
revenues then were only $31,200,870. The length
of road operated at the earlier date was 6,306 miles,
in 1911 it was 7,042 miles. Hence, with only 10%
addition to mileage, there has been an expansion of

988

THE CHRONICLE

over $30,000,000 in gross receipts, the ratio of gain
being almost 100%. In 1900 the gross revenues per
mile of road were $4,948; for 1911 they were $8,761
per mile. The net earnings per mile (after the de­
duction of taxes) in the same interval increased from
$1,486 to $2,437. As a result of this great growth,
the income account for the year under review is of a
highly gratifying character. The balance over and
above all expenses and fixed charges for the twelve
months is $6,670,003. This is more than twice the
full 5% dividend to which the $60,000,000 of preferred
stock is entitled. Dividends were resumed on these
shares during the year, but action was very cautious
and conservative, 1% having been paid last April
and another 1% the present October, the two together
calling for only $1,200,000, whereas the surplus above
the fixed charges, as we have seen, was $6,670,003.
Of the remainder of the surplus a round $3,000,000 has
been charged off to represent the discount on securi­
ties sold, which at the end of the previous year had
stood at $4,853,154 and which now a year later (after
allowing for some slight alterations during the twelve
months) has been reduced to $1,688,029; $66,045 was
also appropriated for additions and betterments.
Even after these various deductions and allowances,
an undistributed surplus of $2,403,957 remains on the
operations of the twelve months over and above the
2% paid out in dividends.
The results here recorded could not have been
achieved except for the advance in operating efficiency
and the broad and liberal policy pursued in the man­
agement and conduct of the property. Of course the
South itself has enjoyed wonderful growth, but this
growth has followed in large measure from the building
up of the lines embraced in the Southern Railway
system and the development of their efficiency as
public carriers. Some figures regarding growth in
population which we find in the report bear out this
statement in a striking manner. These show that the
population of the stations on the lines of the Southern
Railway— or at least the stations of sufficient import­
ance to be returned separately— in the ten years from
1900 to 1910 increased 34.2%, and in the twenty
years from 1890 to 1910 75.3%. But the fact to
which we wish to direct especial attention is that the
growth at these Southern Railway stations has in
every State been larger proportionately than the
growth in population of the State as a whole, indicating
what the building up of this system of roads has done
for the communities served. In Virginia the growth
in population for the entire State during the last
decade was 11.2%, but that of the Southern Railway
stations was no less than 42.2%; in North Carolina
the growth for the entire State was 16.5%, that for
Southern Railway stations 60.5%; in South Carolina
13.1 for the entire State and 25.4 for the stations; in
Georgia 17.7 for the State and 43.3 for the stations; in
Alabama 16.9 for the State and 83.2 for the stations; in
Mississippi 15.8 for the State and 47.9 for the stations;
in Tennessee 8.1 for the State and 34.7 for the stations;
and in Kentucky 6.6 for the State and 13.6 for the
stations.
As indicating the broad policy pursued in the man­
agement of the property, the following paragraph from
the remarks of President W. W. Finley may be quoted:
“ The management of the company, with, as it thinks,
a broad conception of its relations to the public, aims
to make the railway not merely a carrier of the people
and the products of the South, but also a helpful factor
in Southern development. With that end in view it is




[VOL. LXXXXIII.

carrying out a carefully considered policy of develop­
ment work which has for its objects primarily the in­
crease of the prosperity of the people already living in
its territory, and, secondarily, the location along its
lines of those from other regions who are seeking indus­
trial and agricultural opportunities.” Mr. Finley also
enumerates some of the things that have engaged
attention along these lines— what has been done, for
instance, to help planters fight the Mexican cotton
boll-weevil and the efforts made to encourage the
development of live-stock raising and dairying in the
territory of the Southern Railway, hie points out
that with climatic and soil advantages unsurpassed by
those of any other part of the United States, the farm­
ers of the Southeastern States are taking up the most
approved methods of agriculture with intelligence and
zeal. The success with which they are doing this, he
says, is attested by the statistics of the United States
Department of Agriculture, which show increasing
yields per acre in each State traversed by the system.
It appears that in the States covered by the company’s
lines the total value of the farm crops in the eleven
years from 1899 to 1910 rose from $485,481,000 to
$1,042,614,000. Industrial development has been no
less marked and during the fiscal year under review
379 new industrial plants were established and addi­
tions made to 141 existing plants.
All this shows upon what a solid basis the prosperity
of the company rests and how encouraging is its out­
look. But in noting what has been accomplished, it
would be a mistake to overlook the advance that has
been attained in operating efficiency. The system
could never have met the needs of the communities
which it undertakes to serve, if efficiency had not been
steadily promoted, for such efficiency means not merely
improving net results for the company, but also ability
to render transportation service at a minimum of cost.
If one looks at the traffic and train statistics, a record
of achievement is found fully as striking as the growth
in traffic and income. For example, we find that in
1911 the number of miles run by the freight trains was
almost precisely the same as in 1904, seven years be­
fore— the comparison being between 16,999,638 miles
in 1911 and 16,955,900 miles in 1904. Yet, with the
mileage practically unchanged, 5,111,331,177 tons of
freight (including company material) were carried in
the latest year, as against only 3,812,864,988 ton-miles
in the earlier year. In other words, 1,300 million
ton-miles more of freight were moved in 1911 with no
addition to the miles run. This means that in the
seven years the average train-load has been raised
from 224 tons to 300 tons.
The earnings per train-mile have, of course, increased
correspondingly. In 1911 the trains earned per mile
run $2 32, which is an advance from $1 77 per mile
run in 1904. The passenger trains, of course, earn
very much less per mile run than the freight trains.
But even when the results for the passenger trains and
the freight trains are combined, it appears that there
has been an improvement in the gross earnings per
train-mile from $1 49 in 1904 to $1 89 in 1911. More­
over, the net result per train-mile has also sharply im­
proved in face of the higher wage schedules and an
advance in the cost of many other items entering into
the operating accounts. The net earnings per trainmile for 1904 were '39.6 cents; for 1911 they are 52.7
cents. Thus there has been an improvement of nearly
one-third in the seven years, and this has been an im­
portant element in raising the company to a dividend­
paying basis.

O c t . 14 1911.]

THE

C H R O N IC L E

THE NORTHERN PACIFIC REPORT.
The Northern Pacific Railway Co. has had trying
conditions to contend with during the last few years—
more so, we believe it correct to say, than any other
large railroad system in the country. It has carried
out a policy of construction and development involving
enormous new capital additions; and before these new
outlays could be made productive, it has been obliged to
meet new competition on an extensive scale and been
confronted at once with business depression and a
period of poor crops. As a result, both gross and net
earnings have been heavily reduced, at a time when
the call for interest and dividends had markedly
increased.
Back in January 1907 $93,000,000 of new stock was
offered to shareholders at par, subscriptions being
payable in installments extending over a period of two
years, the last falling due in January 1909. The stock,
therefore, is now $248,000,000, where formerly it was
only $155,000,000. As a consequence, it takes $17,­
360,000 to meet the annual dividends of 7% , whereas
previously the dividends could be met with an annual
payment of $10,850,000.
The company has passed through the ordeal very
creditably. It used to show an enormous surplus each
year above the dividend requirements. It still shows
a surplus over and above the enlarged dividend require­
ment, though this surplus, very naturally, has been
greatly reduced. In 1906-07 the surplus above the
call for dividends was $12,623,929. In 1907-08 the
surplus on the year’s operations above the dividend
requirements fell to $9,043,068. For 1908-09 the
year’s surplus was only $7,534,350 and in 1909-10 it
got down to $4,936,259. Now for 1910-11 the surplus
on the operations of the twelve months is only $3,­
082,266. This last result, however, is much better
than any one supposed it would or could be. Previously
gross receipts at least had continued to rise, though
yielding poorer net. In the year under review,
however, gross receipts suffered contraction and this
contraction was of large dimensions. The shrinkage
fell but little short of ten million dollars—from which
an idea can be gained of the magnitude of the back-slide.
In exact figures, the falling off in gross receipts
during the twelve months under review reached $9,­
612,994. Expenses were also heavily reduced— in
amount of $6,257,645, but this still left a decrease in
net of $3,355,349. These comparisons reflect the
unfavorable conditions which prevailed. The fallingoff extended to all departments of the service. In
the freight revenues there was a decrease of $5,425,818,
in the passenger revenues a decrease of $4,054,500.
Of the decrease in freight earnings $2,000,000 was
due, the report tells us, to the smaller amount of grain
handled and $1,600,000 was due to the fact that
nearly 10,000 less cars of lumber were moved, while
$700,000 more was due to a decrease in the earnings from
long-haul freight moving from the Mississippi River
and points east thereof to Butte, Spokane, Seattle,
Tacoma and Portland, on account of less construction
and expansion of general business facilities. From
this it is apparent how varied have been the influences
which have brought about the loss in business.
The shrinkage in passenger earnings, on the other
hand (reaching no less than $4,054,500, as already
stated), followed from the fact that in the previous
year there were some special stimulating events of
large importance which were not repeated in the fiscal
year 1910-11. The gain in the passenger revenues in




989

the previous fiscal year had been over 23%, by reason
of the special events referred to, which served to
augment travel for the time being. Thus the AlaskaYukon-Pacific Exposition held in Seattle from June 1
to October 16 1909 induced a very large passenger
movement and the opening of certain Indian Reserva­
tions to settlement also created a large amount of
passenger business, besides which there was in that
period of twelve months a very general demand for
land all through the country tributary to the lines
of the system, resulting in a large volume of travel.
The 1909-10 gain in passenger revenues having been
so largely a result of special circumstances, it was
certain 1910-11 would see the amount heavily re­
duced. The official explanation of the contraction in
the passenger revenues as contained in the annaul
report is in these words: “ The absence during this
fiscal year of events like the Alaska-Yukon-Pacific
Exposition, the opening of the Flathead, Coeur d’Alene
and Spokane Indian reservations, coupled with
lessened business activity, diminished grain crops
and new competition, all contributed to this large
decrease in earnings.” It is also pointed out that, as
compared with two years ago— that is eliminating
the intervening year— there is scarcely any decrease
at all, the earnings from the passenger trains in the
latest year having been $19,966,754, as against
$20,117,707 in the twelve months ending June 30
1909.
We have referred above to the new competition
which the road has encountered. The Puget Sound
Line of the Milwaukee & St. Paul was perhaps the
most serious of the new competitors, though this
has as yet been able to take very little of the passenger
business of the Northern Pacific. Other lines newly
opened also served to encroach upon the business of
the Northern Pacific. The company’s report for the
previous fiscal year spoke of the making of connection
between the Chicago Burlington & Quincy and the
Great Northern at Billings, of the building of the
Spokane Portland & Seattle Railway between Portland
and Spokane and of the opening of the Minneapolis
St. Paul & Sault Ste. Marie Line to Duluth as having
adversely affected the Northern Pacific. The same
competition, of course, was also operative in 1910-11.
The $6,257,645 decrease in expenses during the late
year will, no doubt, attract attention, particularly as
$3,858,398 of it was in the maintenance outlays. But
comparison is with exceptional totals in the previous
year, and President Howard Elliott in his remarks for
that year took occasion to say that expenditures of
equal magnitude would not be necessary during 1910­
11. As indicating the magnitude of the previous
year’s expenses, it should be noted that while aggregate
gross earnings in that year increased $6,065,079,
expenses ran up in amount of $7,967,401, thus pro­
ducing an actual loss in net of $1,902,322. In view
of all this, the large diminution now recorded in the
maintenance expenditures is obviously devoid of un­
favorable significance. There would appear, indeed,
not the slightest doubt that these maintenance outlays
in 1910-11 were entirely ample. This appears plainly
enough when comparison is made with similar expen­
ditures in the same period of twelve months on other
large systems. One of the officials of the company has
prepared a statement showing the amount spent per
mile on the leading Western roads. From this it
appears that the Santa Fe alone, among the prominent
systems, spent appreciably more, its outlays for
maintenance of way and structures having averaged

990

THE

C H R O N IC L E

$1,544 per mile. For the Northern Pacific the main­
tenance expenditures figure out $1,338 per mile, which
compares with $1,358 spent on the Burlington &
Quincy, $1,316 on the Great Northern, $1,342 on the
Union Pacific, $1,047 on the Milwaukee & St. Paul,
$1,261 on the Chicago & North Western and $1,213
on the Rock Island. We are informed that the main
line and also the branch lines, with a single exception,
are in better shape than at any previous period in the
company's history.
With reference to the reduction in the cost of con­
ducting transportation, which was a little over 10%,
that follows, of course, mainly from the contraction in
the volume of the freight traffic and the passenger
traffic. The number of tons of revenue freight carried
one mile declined from 5,419,084,365 to 4,800,666,026,
being a decrease of 11.41%, and the number of passen­
gers carried one mile diminished from 976,772,093 to
759,276,059, being a decrease of 22.27%. It is proper
to point out, however, that growing efficiency of opera­
tions also played a part in reducing transportation
costs. The Northern Pacific in recent years has given
as much attention to the lading of its trains as has the
Great Northern, and though the train-load has not yet
been brought up to that of the Great Northern, it has
nevertheless reached high figures. In the year under
review the further progress in that direction was par­
ticularly noteworthy, the average train-load of revenue
freight moved having increased from 429 tons to 461
tons, and the total train-load (including company
freight as well as commercial freight) from 523 tons to
553 tons.
Separate income statements are given in the report
for the outside properties in which the company is in­
terested, and these make satisfactory exhibits. This
remark applies especially to the Spokane Portland &
Seattle Railway Co., the securities of which are owned
one-half by the Northern Pacific and one-half by the
Great Northern. This shows available net income for
1910-11 o f $2,653,414, as against only $1,154,513 for
1909-10.
As to the Northern Pacific's outlook for the current
fiscal year, the returns of earnings for July and August
have shown considerable losses. But better compari­
sons are expected in succeeding months. President
Elliott states that the crops in Minnesota and North
Dakota are much better this autumn than in 1910, al­
though not equal to a good year. The crops in Mon­
tana, he asserts, were never better, and there is a
marked development of agriculture in the part of that
State tributary to the company's lines. The crops in
Idaho, Washington and Oregon are reported good.
The character of the business handled is changing with
the growth of the country, there being, it is stated, a
greater proportion of merchandise and short-haul
business than formerly. As to the course of general
trade, it would be idle to prophesy, since everything
will depend upon the politicians.
CORNELIUS N. BLISS.

The death of Cornelius.N. BJiss on Monday in his
seventy-ninth year had been foreshadowed by failing
health during some twelve months past. He was a
native of Fall River, and, like many another New
Englander, was of English descent. He began his
work as a clerk in the counting-room of his stepfather in
New Orleans, but made his way to Boston and there
obtained employment in the large importing house of
James M. Beebe & Co., remaining in it until he reached
a partnership interest. In 1866 he took the manage­




[V O L . L X X X X I I I .

ment here of the dry goods commission house which,
with some few changes of form, has for many years
past borne his name as its head.
A few sentences state the movements of a long and
prominent career in the wholesale dry goods trade, but
Mr. Bliss was best known to the public at large by his
connection with the politics of the dominant party,
this connection beginning soon after he removed to
New York. He was a warm friend of Chester A.
Arthur, and through this was pushed to the charge of
the Republican State Committee. In 1892, and again
in 1896, he was financial head of the Republican na­
tional campaign, and in this position his name became
familiar in men's mouths. In the campaign of 1896,
the occasion for beating Bryan and “ free silver," he
conducted the financial work with banking precision,
employing a strict audit and paying all obligations im­
mediately, while permitting none to be incurred with­
out the funds in hand to meet it. He declined Mr.
McKinley’s offer of the Treasury portfolio, but was
persuaded, in the interest of harmony, to accept that
of the Interior temporarily, and he held it only till
1898. In 1900 and 1904 he was virtually compelled to
act as campaign treasurer; afterwards, although he was
mentioned for Vice-President, for Governor and for
Mayor, he withdrew from all official participation in
politics.
His death removes one more of the not large number
of surviving men of what may be called the old school
of business, the men whose foresight, energy, skill and
probity have brought the metropolis and the country
to the stage where greatness and abundance, unhap­
pily, have bred rebellious and bitter dissensions. Mr.
Bliss was one of the men whose lives and example
evolved the now half-rejected title of “ merchant
prince." These men increasingly recognized wealth
as a trust, as the “ Chronicle" has often pointed out,
and they led the way towards recognition of a moral
debt to the whole city and to that civic spirit of which
the metropolis still lacks much. Possibly Mr. Bliss
wondered to himself at the strange times to which
his latter years had brought him and at the substitu­
tion of new tinsel standards for the ancient ones of life
and conduct. Yet time irresistibly corrects and re­
adjusts, and time may be trusted to restore. The type
of business man who flourished when business success
was deemed personally honorable and of beneficial im­
portance to the whole country will regain place; its
stock is too sturdy and vital to perish.
RAILROAD GROSS E A R N IN G S FOR SE P T E M B E R .

Our preliminary statement of railroad gross earnings
for the month of September makes a showing much like
that of the early statements for preceding months, and
there are no special features to record. These early
statements, as noted on previous occasions, comprise
mainly Western grain-carrying and Southern cotton­
carrying roads and do not necessarily reflect results in
the mineral and manufacturing sections of the Middle
and Middle West, where trade depression is more of
an influence than in the remoter parts of the country.
Our totals to-day comprise an aggregate of 83,889
miles of line. On this mileage there is an increase
of $2,302,158, or 3.63%. Among the roads included,
however, there are three large Canadian systems,
namely the Canadian Pacific, the Grand Trunk of
Canada and the Canadian Northern, and these together
contribute the bulk of the whole increase. Their
aggregate gain is $1,317,104, leaving, therefore, only
$985,054 increase for United States roads.

O c t . 14 1911.]

THE

C H R O N IC L E

This slight improvement, however, cannot be regarded as unsatisfactory, considering the trade condi­
tions which have prevailed. It is also important to
bear in mind that there was a shrinkage in the Western
grain movement and that this followed a shrinkage in
the previous year. The spring-wheat yield in Minne­
sota and the two Dakotas is again deficient the present
season, some claiming that the crop is shorter even
than that of last year. There is very little evidence,
however, of a smaller yield in the wheat deliveries at
the primary markets for spring-wheat, such as Duluth,
Minneapolis and Chicago. Some roads, indeed, in the
spring-wheat districts, which last year sustained heavy
losses in earnings because of the spring-wheat shortage,
the present year show a recovery of a good part of
the loss. The “ Soo” road, for instance, which in
August 1910 reported a loss of $451,191, now for
August 1911 has a gain of $444,229. The Great North­
ern, too, after a loss last year of $521,417, this year
has an increase of $102,071. On the other hand, the
Minneapolis & St. Louis, which in August 1910 ran
ahead $30,387, now reports a loss in the large amount
of $120,330.
It is the winter-wheat points chiefly that show
diminished wheat receipts, and particularly Kansas
City and St. Louis. The corn movement, too, at the
Western markets fell below that of last year, and so
did the oats movement; but deliveries of barley were
on a greatly increased scale. Combining the five prin­
cipal cereals, namely wheat, corn, oats, barley and
rye, the receipts for the five weeks ending Sept. 30 in
1911 were only 85,457,041 bushels, against 91,947,457
bushels in the corresponding period of 1910 and 100,­
020,849 bushels in the same period of 1909. The
details of the Western grain movement in our usual
form are set out in the following:
WESTERN FLOUR AND GRAIN RECEIPTS.
Ending
Sept. 30.
Chicago—
1911___
1910___
Milwaukee1911___
1910___
St. Louts—
1911___
1910___
Toledo—
1911___
1910___
Detroit—
1911___
1910___
Cleveland—
1911___
1910___
Peoria—
1911___
1910___
Duluth—
1911___
1910___
Minneapolis
1911___
1910___
Kansas City1 9 1 1 ___

1910___

Flour.
(bbls.)

Wheat.
(bush.)

Corn.
(bush.)

Oafs.
(bush.)

Barley.
(bush.)

R ye.
( bush.)

991

Southern roads had the advantage of a larger cotton
movement. This does not apply jto the shipments
overland, which reached only 17,312 bales in Sept.
1911, against 20,524 bales in Sept. 1910. The receipts
at the Southern outports, however, amounted to
1,248,517 bales, against only 923,564 bales in the
month last year and 1,035,879 bales in Sept. 1909.
RECEIPTS OFICOTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JANUARY 1 TO SEPTEMBER 30 1911, 1910 AND 1909.
September.

Porte.
1911.
G a l v e s t o n ................ b a le s
P o r t A r t h u r , A c _____
N e w O r l e a n s _____
M o b i l e _ ..................... . . "
P e n s a c o la , A c __________
S a v a n n a h _______________
B r u n s w i c k _______________
C h a r l e s t o n ______________ I
G e o r g e t o w n _____________
W i l m i n g t o n ........................
N o r f o lk .............................
N ew p ort N e w s, A c . . .

543,071
31,423
52,832
27,214
13,823
367,850
40,275
65,438

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

1,248,517

54,194
52,269
128

1910.
501,054
16,563
45,749
18,211
804
211,160
20,611
33,924
35
48,221
26,938
294

Since January 1.
1909.

1911.

1910.

1909.

364,148 1,422,787 1,315,223 1,639,343
11,826 301,402 124,420 246,457
67,796 693,339 655,394 971,523
28,312
103,714 176,316
86,101
60,119
697 102,235
96,277
326,171 716,064 475,200 759,764
53,955 120,311
60,428 161,093
57,675 104,328
74,806 120,131
25
827
1,381
756
74,528 129,830
90,169 189,275
50,284 190,507 206,771 260,944
463
1,268
7,563
15,907

923,564 1,035,879 3,868,928 3,174,634 4,638,411

In the case of the separate roads the companies
with improved earnings greatly outnumber those
with losses. The Canadian lines stand at the top of
the list, and the “ Soo” road also occupies a prominent
place for amount of increase. After these come the
Southern systems like the Southern R y., the Central of
Georgia, the Seaboard Air Line, the Louisville & Nash­
ville, &c. It should be said with respect to all the
roads in the South that not alone was the cotton
movement larger, but the South itself is making con­
tinued prosperity. It is maintaining activity in all its
varied industries— iron and steel alone excepted— and
appears to be enjoying uninterrupted growth.
Among the roads reporting decreases the Colorado &
Southern heads the list with a loss of $253,360. In
contrast with this, the Denver & Rio Grande, in the
same part of the country, actually has an increase
of $49,400. Both roads, presumably, are affected by
the diminished demand for coal in Colorado and by
the reduced ore shipments, and no adequate explana­
tion has yet been suggested as to why the Colorado &
Southern should suffer uninterrupted large losses week
by week and month by month, while the Denver &
Rio Grande manages to maintain so well its old level of
earnings. In the following we show all changes for
the separate roads for amounts in excess of $30,000,
whether increases or decreases.

642,376
919,886

3,827,800 13,544,750 10,057,800 3,726,100
3,646,000 15,165,150 9,619,600 1,973,500

347,500
91,000

316,020
315,900

1,659,160
1,632,580

867,840
937,900

403,920
583,410

336,555
284,975

1,474,331
2,819,857

1,203,365
1,522,160

1,791,800
1,993,835

_____
- .......
34,039
25,434

807,000
613,500

277,800
299,900

424,000
491,250

361,967
381,226

173,226
487,827

268,418
463,480

1,750
7,708

105,854
129,511

287,705
218,007

150,270
719,907

1,335
10,331

215,406
237,204

115,400
124,000

1,036,773
1,529,329

479,430
725,100

358,851
222,500

27,600
32,792

61,345
84,175

6,539,671
6,451,805

189,990
227,255

317,954 2,404,400
258,966 2,022,050

270,304
32,193

P R IN C IP A L CHANGES IN OROSS EARNINGS IN SEPTEMBER

_____

14,465,182
15,274,430

413,480
916,200

1,270,370 5,719,870
4,554,190 3,211,100

417,700
275,030

3,880,400
6,782,300

862,800
1,333,400

Canadian Pacific_________
Minn St Paul A S S M ___
Southern Railway________
Grand Trunk_____________
Canadian Northern______
Central of Georela________
.Seaboard Air Line________
Great Northern___________
Louisville A Nashville__
Missouri Pacific_________
Atlanta Birm A Atlantic.
Denver A Rio Grande___
Cine N O A Tex Pacific. .
Ann Arbor_____________

____
___
.....

Total of all—
1911___ 1,607,491
1910___ 1,875,282
Jan. 1 to Sept. 30—
Chicago—
1911___ 3,872,495
1910___ 6,023,927
Milwaukee—
1911___ 2,253,835
1910___ 2,252,405
St. Louts—
1911___ 1,781,225
1910___ 1,953,355
Toledo—
_____
1911___
1910___
Detroit—
188,809
1911___
169,911
1910 ...
Cleveland—
1911___
22,167
1910___
68,429

1,292,000 2,142,600
1,637,200 1,824,400
512,267
117,600

23,268
24,326
2,000
12,500

851,700
557,900

33,286,765 18,917,819 16,903,742 14,856.423
37,855,209 22,638,028 21,021,428 9,381,511
30,820,602 73,512,150 65.196,200 12,084,600
23,787,700 72,610,350 77,225,400 17,718,900
5,804,970
6,570,050

5,085,770
6,106,830

8,517,004 6,998,406
8,890,950 9,924,693

929,700
703,500
939,340

Increases.
Increases
$719,000 Texas A Pacific........ .....
$30,127
444,229
358,344 Representing 15 roads
301,604
In our compilation...$2,958,182
296,500
223,100
Decreases.
130,183Colorado A Southern___ 5253,360
102.071W abash___________
102,071
159,869
89,269 Minneapolis A St Louis..
126,330
73,000 Chesapeake A Ohio______
80,793
63,336 Detroit Toledo A Ironton.
34,951
49,400
41,626
Representing 5 roads In
36,39.3
3ll{l
our compilation_____
$655,303

In August last year the improvement in earnings

12,528,427 15,731,540 14,527,000 1,903,833 103,503
14,222,039 18,218,072 10,333,250 1,938,565 229,188 reached only moderate proportions, speaking of the
5,492,000 3,204,100 3,005,000
9,000 roads collectively, while some of the separate com­
3,525,000 3,050,500 3,243,650
101,650
panies, as already mentioned, sustained important
1,518,411 2,305,747 2,135,917
1,078,018 2,031,137
1.880,276
decreases. Our early statement then showed only
392,251 2 , 0 1 ^ , 5 3 6
1,947,785
32,686
516
$2,487,898 increase, or 3.81%. In Sept. 1909 the im­
507,437 3,809,218 4,268,28 i
75,282
7,242
P eoria —
provement
was of larger proportions, the increase
1911___ 1,542,846
993,822 9,948.786 5,505,958 1,234,283 156,400
1910___ 2,232,368
971,234 11.866,705 10,483,9)7 1,609,812 307,292
reaching $6,613,195, or 11.91%. But that, of course,
D u lu th—
1911___
438,790 13,636,312 1.475,720 1,8°1 323 2,996,213 369,480
1910
___________
20,157,384
566,595
914,576 5,238 635 6,041,222 363,332 followed a loss in 1908, the falling-off then by our early
Minneapolis—
Prior to
1911
___________
51,808,269 4,968,711 7,455,000 11,365,800 1,216,330 statement having been $3,986,202, or 5.78%.
1910
___________
70,537,490 0,618,921 13,801,208 13,781,418 1,314,170
Kansas City—
1908 the September record of earnings was one of con­
1911
___________
19,182,310 11,391,500 4,323,200
.......
1910___
31,802,650 13,066.450 3.395,400
tinuous improvement, as will appear from the state­
..... .............. "
Total of all—
ment we now annex, giving the September comparisons
1911..
-.10,100.166 142,177,374 130,537,560 114.564,387 35,625 941 3 785 269
for all the years back to 1896.
1910..
.. 13,266,990 173,219,602 138,292,759 Ui.707.05l 49:889,892 4,169,594




THE

993
September.

Increase (+ )
or
Decrease (—).

Gross Earnings.

Mileage.
Year Yr. Pre­ InGivcti. ceding. cr’se.

Year
Given.

Year
Preceding.

$
|%
8
S
Year. Roads Miles. Miles. %
—495,355| 1.18
1S96___ 117 90,456 89,696 0.85 41,561,327 42,056,682
+ 6,387,555| 14.74
1897 ___ 128 95,865 94,422 1.52 49,720,753 43,333,198 -f2,72o,898 6.14
1898 ___ 123 91.517 90,818 0.77 47.105.094 44,379,196
1899 ___ 111 95,700 94,503 1.26 58,682,534 53,004.3.36 -I-5,678.198 10. /1
1,097,043 1.92
1900 ___ 101 96,165 92,902 3.51 58,270,588 57,173,545 +
10.88
1901___
96 101,165 99,204 1.98 66,491,460 59,962,628 4-6,528,832
4*5,376,413
9.55
56,278,213
1902 ___
72 89,680 88,033 1.82 61,654,626
6.97
1903 ___
7.3 90,183 88,703 1.67 68.192,919 03,748,368 + 4,444,551 4.16
4-2,465,988
59,124,478
61,589,568
2.41
81,623
83,592
66
1904 ___
55 80,859 79,023 2.32 61,549,676 58,045.752 4-3,503,924 6.03
1905
0,600,266 9.01
68 92,839 90,527 2.55 79,890,683 73,290,417 +
1900 ...
+4,144,749 7.95
55 73,482 72,668 1.12 56,317,229 52,172,480 —3,986,202
1907
53 83,157 81,908 1.52 64,925,965 68,912,167 4-6,613,195 5.78
1908
49 77,460 76,330 1.48 62,138,040 55,524,845 + 2,487.898 11.91
1909
3.81
50 84,994 82,163 3.43 67,702,377 65,214,479
1910
49 83,889 82,099 2.06 67,190,811 01,888,656 + 2,302,158 3.63
1911___
Jan. 1 to Sep
111
124
122
108
1899
101
93
72
73
1900
66
1905
68
1907
51
1908
47
1909
49
1910 .
49
1911___

t. 30—
88,223
95,250
91,475
95,181
96,165
100,492
89.680
90.183
83,592
80,859
92,839
73,482
82,501
77,147
84,254
83.889

87,464
93,807
90,776
94,020
92,902
98,531
88,082
83,703
81,622
79,02:
90.527
72,662
81,25:
76,06!
81,503
82,09!

0.86 320,903,450 312,929,980 + 13,973,170 4.46
US'! 350,545,8011 313,560,268 + 12,985,541 3.78
0.77 356,283,597 319,888,352 + 36,395,245 11.37
1.22 435,131,215 399,525,997 + 35,605,218 8.91
3.51 470,582,005 423,590,726 + 46,991,879 11.09
1.91 525,841,522 475,’815,865 + 50,025,657 10.51
1.82 489.250,535 451,717,198 +37,509,337 8.33
1.67 561,854,385 500,075,914 +61,778,474 12.33
2.4] 481,650,242 483,274,172 —1,623.930 0.33
2.32 484,597,911 452,253,707 + 32,339,204 7.15
2.5.r 657,972,747 574,280,788 4“83,685,951 14.57
1.12 474,839,846 429,640,386 + 45,199,460 10.52
1.5: 480,087,961 575,319,572 —88,651,611 15.41
1.42 460,976,50! 417,970,108 + 49,000,401 11.72
3.37 555,870,66! 487,758,708 +68,111,961 13.96
2.01 532,990,303 521,245,531 + 8,744,833 1.74

Note.—Neither the earnings of the Mexican roads nor the mining operations
of the anthracite coal roads are Included In this table.

To complete our analysis we subjoin the following
six-year comparisons of the earnings of leading roads,
arranged in groups:
EARNINGS OF SOUTHERN GROUP.
September.
Ala Great Sou.
Ala N O A T P
N O & N oH .
Ala & Vicksb
Vick Shr & P
Atl Birm A Atl
Cent of Georgia
Ches A Ohlo.c
Cln N O & T P
Lou & Nasliv.b
Mobile & Ohio.
Seaboard Air L
Southern lty_Yazoo & MlssV
Total...

1911.

1910.

1909.

1908.

1907.

1906.

S
305,834

S
377,790

8
329,074

S
286,066

S
345,552

$
341,250

288,664
139,703
116,073
285,020
1,282,900
2,880,539
848,278
4,699.440
894,083
1,741,911
5,394,356
d791,358

285,935
151,873
126,558
221,684
1,059,800
2,961,332
806,652
4,610,171
878,481
1,611,728
5,036,012
791,358

280,110
137,961
125,364
216,484
1,064,952
2,732,275
764,429
4,267,792
838,814
1,543,921
4,839,095
763,143

245,676
120,067
112,636
154,359
1,014,608
2,308,999
651,988
3,954,648
783,664
1,256,842
4,406,693
a764,60l

244,606
131,095
138,340
171,154
1,046,750
2,541,328
776,525
4,189,277
890,990
1,329,026
4,898,261
796,628

228,283
114,925
118,601
120,909
973,490
2,144,476
700,181
3,859,039
807,875
1,187,176
4,571,765
693.053

19,759,059 18,919,374 17,909,414 16,061,447 17,499,535 15,861,023

a Includes, beginning with this year, some large Items of Income not previously
................. to, n
Included In monthly returns.
b Includes Louisville & Atlantic and the Frankfort & Cincinnati In 1J11,. lJiu

1903.

Colo & South.*
Denv & Rio Gr
Int & Grt Nor.
Mo Kan & T.a
Missouri Paclflo
St Louis Sou VV
Texas A Paclflc

1,283,742
2,285,300
961,000
2,673,033
4.810.000
1.013.000
1,420,688

1,537,102
2,235,900
950,000
2,654,054
4.737.000
1.033.000
1,390,561

1,403,600
2,131,739
833,799
2,475,819
4,663,838
972,927
1,318,744

I

S

1,282,582
1,977,293
725,633
2,371,747
4,106,966
904,253
1,192,888

1907.

$

1,269,727
2,059,321
645,612
2,278,658
4,408,801
944,922
1,302,075

1906.
S
1,099,327
1,811,152
776,515
2,088,369
4,018,435
864,773
1,194,317

Total........ 14,449,768 14,537,617 13,800,406 12,561,362 12,909,116 11,852,888
* Includes all affiliated lines except Trinity A Brazos Valley R.R
a Includes the Texas Central In 1911 and 1910.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
September.

1 1911.

Canadian Pac.
Chic Grt West*
Dul 3 3 A Atl.
Great Northern
Iowa Central..
Minn St L ..
M St P A SSMa

1910.

1909.

1908.

1907.

1906.

S
'
S
$
'8
$
S
9,834,000 9,115,000 8,323,178 6,391,672 0,423,452 6,152,767
711,466
843,987
980,127 1,042,330
1,105,373 1,146,193
302,122
285,834
310,331
310,502
237,717
284.457
6,390,993 b6,204,922 bO,816,339 b5,861,776 5,723,664 5,322,604
300,580
279,208
282,802
309,262
316,938
304,116
373,923
331,672
554.182
518,095
446.697
428,152
2,497,743 2,053,5t 1 2,504,705 2,183,003 1,658,952 1,942,853

Total........ 20,90S,834 19,783,701 19,769,884 10,446,597 15,524,165 15,158,925
* Includes Mason City A Fort Dodge and the Wisconsin Minnesota & Pacific in
1911, 1910, 1909 and 1903.
a Includes Chicago DIvLsIon In 1911, 1910, 1909 and 1908; for previous years we
have combined Minn. St. Paul A S. S. M. and Wisconsin Central,
b Actual figures of earnings are now used for comparison.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
September.

1911.

1910.
$
897,516
576,802

1909.
$
a819,520
538,701

GROSS E AR N IN G S AND MILEAGE IN SEPTEMBER.

1906.

1908.

1907.

$
626.939
485,235

5
S
771,0031 746,724
539,760
546,461

Buff Roch A P
896.611
596,202
Chic Ind A Lou
Grd Trk of Can 1
. Grd Trk W. >4,409,559 4,107,955 3,949,004 3,534,830 4.049,923 3,813,151
1 Det G H A M 1
Canada Atl. ) '
Illinois Central do.318,923 c5,318,923 b4,791,579 4,830,208 5,405,906 4,647,543
116,136
109,332
104,526
105,187
122,521
107,261
Tol Peor & VV.
388,457
340.122
292,271
317,131
326,008
332,472
Tol St L A W.
Wabash ....... 2,578,066 2,738,835 2,545,469 2,319,906 2,498,899 2,421,820

Mileage.

G ro s s E a r n in g s .

Name of Road.

New Orl & Northeast’ll
Alabama & Vlcksburg.
Vlcks Shrev & Pacific.B e l l e f o n t e C e n t r a l ___________
U u ila lo R o c h e s t e r & P itts
C a n a d i a n N o r t h e r n ..................
C a n a d i a n P a c i l i c --------C e n tra l o f G e o r g ia —
C h e s a p e a k e & O h i o __________
C h i c a g o & A l t o n _____________
C h ic a g o G r e a t W e s t e r n ..
C h ic a g o I n d
L o u is v ille
C in e N e w O il
T ex Pac
C o lo r a d o A S o u th e r n —
D e n v e r A Itlo G r a n d e —
D e t r o i t & M a c k i n a c -----------D e tr o it T o le d o
Iro n to n
D u lu t h S o S h
A t la n tic
G e o rg ia S o u th e r n & F la
G r a n d T r u n k o f C a n a d a .1
G ra n d T ru n k W e ste rn
D ot Gr H av
M l l w ..
C a n a d a A t l a n t i c ------------ J
G r e a t N o r t h e r n --------In te r n a t’l A G t N o rth ern
I o w a C e n t r a l -------------K a n C ity M e x
O r i e n t ..
L o u is v ille & N a s h v ille —
M acon
B ir m in g h a m .
M i d l a n d V a l l e y -----------------M i n e r a l R a n g e . . ..................
M in n e a p o lis & S t L o u t s . .
M in n S t P a u l
S
M —
M isso u r i K a n s & T e x . a . .
M i s s o u r i P a c i l i c _______________
M o b ile
O h i o ______ _
N e v a d a -C a llfo r n ia -O r e g o n
R io G r a n d e S o u t h e r n ..
S t L o u is S o u th w e s te r n
S e a b o a r d A i r L i n e ________
S o u th e r n
R a i l w a y ______
T e n n e ssee A la
G e o rg ia
Texas
P a c i f i c _____
T o le d o P e o r ia & W e s t e r n
T o le d o S t L o u is
W e st.
W a b a s h ________________________

A

A

A

A

I n c . ( + ) or
D e c . (— ).

1911.

1910.

8
395,834

§
377,790

288,664
139,703
116,973
208,555
285,020
6,307
896,611
1,576,400
9,834,000
1,282,900
2,880,539
1,295,568
1,165,373
596,202
848,278
1,283,742
2,285,300
103,797
160,538
283,457
108,099

285,935
151,873
126,558
172,162
221,684
8,364
897,516
1,279,900
9,115,000
1,059,800
2,961,332
1,314,818
1,146,193
576,802
306,652
1,537,102
2,235,900
105,501
195,489
310,331
197,581

4,409,559 4,107,955

$
+ 18,044

309

309

+ 2,729
195
— 12,170
142
171
— 9,585
+ 36,393
291
+ 63,336
661
— 2,057
27
— 005
572
+ 296,500 3,711
+ 719,000 10,542
+ 223,100 1,915
— 80,793 2,242
— 19,250 1,025
+ 19,180 1,495
610
+ 19,400
330
+ 41,626
— 253,360 1,978
+ 49,400 2,555
309
— 1,704
441
— 34,951
61
— 26,874
395
-I" 51&

195
142
171
201

661
27
506
3,297
9,913
1,915
2,225
998
1,487
615
330
2,032
2,553
360
441
604
395

+ 301,604 4,528 4,528

A

A

A

A

S

A

A

A

A

Total (49 roads)___
Net increase (3.63%)
Interoceanic of Mexico..
Mexican Railway______

6,396,993
964,000
303,116
1/95,040
4,699,440
15,683
123,886
64,081
428,152
2,497,743
2,673,038
4,810,000
894,083
37,669
47,586
1,013,000
1,741,911
5,394,356
10,231
1,420,688
107,261
332,472
2,578,066

6,294,922
950,000
309,262
1/104,965
4,610,171
13,078
107,414
69,506
554,482
2,053,514
2,654,054
4,737,00c
878,181
40,074
53,732
1,033,001
1,611,728
5,036,012
7,098
1,390,561
122,521
326,008
2,738,835

+ 102,071
+ 14,000
— 6,146
— 0,925
+ 89,269
+ 2,605
+ 16,472
— 5,425
— 126,330
+ 444,229
+ 18,984
+ 73,000
+ 15,602
— 2,405
— 6,146
— 2 0 ,0 0 0

+ 130,183
+ 358,344
+ 3,133
+ 30,127
— 15,260
+6,464
— 159,869

7,347 7,129
1,100 1,160
558
558
740
764
4,644 4,590
105
105
323
323
127
127
1,027 1.027
3,769 3,534
3,395 3,353
7,234 7,171
1,114 1,114
204
184
179
179
1,499 1,476
3,046 3.027
7,076 7,053
04
92
1,885 1,885
247
247
450
450
2,514 2,514

67,190,814 64,888,656 + 2,302,158 83,889 82,099
eluded in t otal)—
632,002
652,461
j/439,100 1 / 5 1 3,60(
5,200,970 5,124,243

+ 20,461 1,035 1,018
361
375
— 74,500
+ 76,727 6,146 6,166

a Includes the Texas Central In both years.
x Includes Mexican International In both years.
!/ These figures are tor three weeks only In both years.

GROSS EARNINGS FROM JAN U AR Y 1 TO SEPTEMBER 30.
Name of Road.

'Includes Chesapeake & Ohio of Indiana, beginning July 1 1910.
d Month thl3 year not yet reported; taken same as last year.
EARNINGS OF SOUTHWESTERN GROUP.
September.

[V O L . L X X X X I I I .

C H R O N IC L E

Alabama Great Southern . .
Ala New Orl & Tex Pac—
New Orl & Northeastern
Alabama A Vicksburg..
Vicks Shrev A Pacilic—
Ann A rbor....... ...............
Atlanta B’ham & Atlantic .
Bellefonte Central....... —
Buflalo Rochester & Pitts.
Canadian Northern----Canadian Pacilic-----------Central of Georgia____
Chesapeake A Ohio___
Chicago A Alton.........
Chicago Great Western.
Chicago Ind & Louisville..
Cine New Orl A Tex Pac..
Colorado A Southern..
Denver A Rio Grande..
Detroit A Mackinac—
Detroit Toledo A Ironton.
Duluth So Sh & Atlantic..
Georgia Southern A Fla..
Grand Trunk of Canada..
Grand Trunk Western..
Det Gr Hav A Mllw—
Canada Atlantic_______
Great Northern................
Internat’l A Gt Northern..
Iowa Central..............
Kansas City Mex A Orient
Louisville A Nashville---Macon & Birmingham---Midland V alley__________
Mineral Range........... —
Minneapolis A St Louis___
Minn St Paul & S S M ____
Missouri Kansas A Tex.a.
Missouri Paclflc__________
Mobile & Ohio___________
Nevada-Callfornia-Oregon _
Rio Grande Southern____
St Louis Southwestern___
Seaboard Air Line________
Southern Railway________
Tennessee Ala A Georgia..
Texas & Paclflc__________
Toledo Peoria A Western.
Toledo St Louis A Western
Wabash................ ............
Total (49 roads)____ _—
Net increase (1.74%)........
Mexican Roads (Not Incl
Interoceanic of Mexico___
Mexican R ailw ay.________
National Rys of Mexico.x .

1011.
S
3,276,12 1

1910.
S
3,314,860

Increase.
3

Decrease.
5
38,730

2,651,008
61,764
2,590,144
1,267,634
53,405
1,214,229
1,083,676
67,835
1,015,841
90,560
1,435,838
1,526,398
217,008
1,943,502
2,160,510
61,553
10,431
51,122
6,181
6,770,603
6,782,784
11,625,900 9,620,900 1,990,000
78,297,870 72,303,521 5,994,355
039,361
9,452,809 8,813,448
60,695
24,242,505 24,181,810
705,158
10,810,133 10,104,975
13,244
0,353,727 0,340,483
54,500
4,714,592 4,660,002
220,268
6,801,020 7,021,288
2,040,702
10,437,704 12,484,466
745,755
10,805,119 17,550,874
51,780
049,348
897,563
110,336
1,310,202
1,190,956
258,032
2,282,205 2,541,107
27,287
1,717,975
1,745,262
35.070,538 32,340,127 3,321,411
44,554,455
6,419,489
2,570,778
1/1,190,081
39,628,163
111,077
1,018,586
554,791
3,516,101
16,554,136
20,349,957
38,838,957
8,318,716
233,611
371,943
8,200,282
16.534,305
44,702,987
89,547
10,773,918
934,146
2,830,300
21,739,815

47,511,362
2,956,907
25,649
6,303,840
98,047
2,472,131
___
1/1,292,101
102,020
____ 234,908
39,803,161
101,471
9,006
939,832
78,754
579,220
24,429
3,080,790
164,689
17.004,385
510,240
19,494,529
855,428
39,551,683
712,726
8,052,540
266,170
296,608
62,997
452,494
80,551
8,096,949
103,333
15,220,420 1,313,975
42,874,335 1,823,652
13,690
75,857
474,716
11,248,634
16,739
917,407
54.448
2,775,858
55,732
21,795.547

532,090,363 524,245,530 17,790,851 9,046,018
8,744,832
tided In tot al)—
59.13C
6,712,864
0,653,734
120,400
y 0,083,201 1/6,209,600
2,634,875
40,165,979 48,800,854

Total........ 14,239,994 11,088,560 13,066.594 12,193.915 13,770,144 12,625,153
a No longer Includes receipts from outside operations.
b No longer Includes receipts for hire of equipment, rentals and other Items,
c T- hides earnings of the Indianapolis Southern, beginning with July 1910.
d M > i a of September not yet reported: taken same as last year.




a Includes the Texas Central In b th years.
x Now includes Mexican International In both years.
V These llgurcs are down to the end of the third week of September only
I In both years.

O0T. 14 1911.]

THE

C H R O N IC L E

COMPULSORY LAWS TO PROMOTE SAFETY
ON RAILROADS.
The following, relating to an article which recently
appeared in these columns, is self-explanatory:
SPECIAL COMMITTEE ON RELATIONS OF
R A IL W A Y OPERATIO N TO LEGISLATION.

Editor The Commercial & Financial Chronicle,
New York City, N . Y .
Dear Sir:
I have read with much interest your editorial entitled
“ Impossible Orders of Statutes,” which refers to my com­
munication with relation to the financial problem involved
in compliance with proposed laws designed to promote
safety.
The real purpose of the communication was to endeavor
to bring home in some manner the magnitude of the financial
problem involved, with the hope that it might have the
attention of those who are more familiar with the financial
phase of the matter than the men who are actually engaged
in the operation of the railways.
It is true that the gradual accomplishment of the things
specifically referred to would remove a large part of the
danger which would exist if they had to be accomplished
immediately, but for the purpose of the communication we
were obliged to consider the proposed legislation in its
expressed terms.
From the experience of the past it is believed that the
railways may be confident that any enactment along the
lines of the proposed legislation will contain some method
of extending time for compliance and that if such provision
placed the extension of time within the discretion of the
Inter-State Commerce Commission that the Commission
will be reasonable in its requirements.
The estimate contained no reference to the increased
maintenance expenses from the inauguration of such im­
proved methods and this expense in addition to many
million dollars more might have been added to the estimate,
but this was not done, since a literal compliance with the
legislation in the terms proposed is impossible.
The recent legislation requiring the application of the
“ United States Safety Appliance Standards” to freight and
passenger equipment has, by its terms, committed the
railways to an expenditure exceeding sixty millions of
dollars. Under this Act the expenditure was to be made
prior to the first of July 1911; giving the railways fifteen
months for all work to be done, notwithstanding that the
Commission was unable to formulate the standards for these
appliances for another period of six months.
Under the discretion provided for in the Act the Com­
mission granted an extension of approximately five years,
which materially relieved the situation as to the current
obligations of the railways.
It may be claimed that notwithstanding the fact that the
railways are making rapid strides toward safer operation,
that reasonable legislation might secure earlier consum­
mation of the objects to be desired.
Legislation of this sort must be reasonable in its character
as to the physical and financial ability of the railroads to
conform therewith.
The contemplated legislation does not seek to obtain
anything which is not going on on the various railroads of the
country as rapidly as the conditions of the industry will
permit in one form or another.
Unless it is made clear by those who can speak with
authority upon the financial resources of the country just
what those resources are, and to what extent contemplated
legislation will strain them, and what the result of such
straining is likely to be, it is obvious that to simply draw
attention to the unreasonableness of the laws in the demands
which they make upon the railroads will not serve the
purpose of causing those who are pushing them to give
serious consideration to the problems involved.
It is believed by the writer that the policy of the railways
must be that of frankness and publicity in these questions;
that all of the facts should be available to those who are
interested in the problems under consideration, and in no
sense should such communications be construed as
legislation upon
grounds, but rather to guide public
sentiment in avoiding the creation of demands impossible
of compliance.




It will give the Special Committee pleasure to forward
copies of its bulletins giving the facts relative to proposed
legislation. These bulletins are not arguments
legislation but simply statements of
gathered through
an accredited committee of all the railways.
Yours truly,
F . O. M E L C H E lt,

fact

against

Chairman.

401 Grand Central Station,
Chicago, October 6 1911.

selfish

993

opposing

ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
— Only two sales of bank stocks were made at the Stock
Exchange this week and none were sold at auction. Each
of the two Stock Exchange sales was of 20 shares of National
Bank of Commerce stock at 197
Shares. BANKS— New York.
Low. High. Close. Last previous sale.
40 Commerce Nat. Bank o f ---- 197}$ 197 >4 197J^ Oct. 1911— 195

— William P. Goodwin, Bank Commissioner of Rhode
Island, was elected Treasurer of the People’s Savings Bank
of Providence on the 9th inst. He will assume his new
duties as soon as arrangements can be made to close his rela­
tions with the Commissionership. The People’s Savings
Bank is one of the old-line mutual savings institutions,
having been organized in 1851. In its June 30th report its
deposits were $7,069,157. The book valuation of its surplus
and undivided profits is stated as $396,895, the market valua­
tion being given as $921,597. Under the efficient manage­
ment of the late John G. Massie, whose death occurred a
short time since, the prosperity of the institution was espec­
ially marked. A new building is about to be erected on
Market Square, near the present location of the bank,
which is intended for the sole occupancy of the institution.
— In an address before the Illinois Bankers’ Association
at its convention in Springfield this week, James J. Hill,
Chairman of the board of directors of the Great Northern
R R ., criticized some of the features of the Aldrich plan for
the revision of the monetary system. Mr. Hill credited Mr.
Aldrich and his associates with the “ first comprehensive and
scientific study of the currency ever completed in this coun­
try ,” and, while observing that it has been constructed with
great care and obvious sincerity, he nevertheless declared
that there are details in it which seem to be unsatisfactory
and possibly dangerous. “ Perhaps,” said Mr. Hill, “ the
proposed Reserve Association might be an effective agent
for currency reform, but the plan of it does not guard against
capitalistic or political capture.” In part his remarks were
as follows:
The bankers ot the country are now studying and discussing the plan
proposed by Senator Aldrich to the Federal Monetary Commission lor its
reform. He and his associates have done a memorable work. They have
made the first comprehensive and scientific study of the currency ever
completed in this country. Their conclusions should be received with
great respect, but they should also be studied with great care. Every
defect that wins Indorsement, every weakness that it might develop in
operation, will react unfortunately by opening the way for demagogic,
amendment in answer to popular discontent. Yout recommendation!
should have great weight. It Is desirable, therefore, for you bankers to*
digest thoroughly and scrutinize minutely this scheme. YvThIlc it has been,
constructed with great care and obvious sincerity, there are details Id .
which It seems to be unsatisfactory and possibly dangerous.
It Is declared by everybody, by none more earnestly than by SenatorAldrich himself, that the great national organization of banks which it isproposed to create, the Reserve Association, must be made and kept freer
forever from control by politics on the one side and powerful combinations
of capital on the other. It is doubtful if either could be done by the
method laid down in this plan. The political connection Is inherent in the
constitution of the proposed Reserve Association. Its Governor and two
Deputy Governors arc to be appointed by the President of the United
States. These sit in the directory, together with two members of the
Cabinet and the Comptroller of the Currency. No matter how largeminded these men may be, they are all necessarily Involved in the conduct
of party politics and obligated to serve Its end so far as decency permits.
It would be foolish to believe that the tremendous opportunity offered
by a strong Internal influence in such an organization would not tempt
most men and some administrations to an alliance disastrous alike to the
Government and the finances of the country.
The advocates of the plan say also that it has been made Impossible for
any large financial Interest to control the Reserve Association. Let us
examine this. Of the forty-five directors, twenty-seven arc to be chosen. In
one way or another, by the local associations. In these local bodies
three-fifths of their directors are elected by ballot by the banks, irrespective
of size, and two-fifths on the basis of capitalization. It is plain, of course,
that a combination of a few very strong banks in any district would repre­
sent a capitalization great enough to select these two-fifths. The other
three-fifths are open to the same control. Each bank has a vote, and
the limitation of capitalization for membership Is $25,000. For the big
banks of a district, or any one of them, to Increase its capital stock by a
million dollars would be a trifle In these days of large financial projects.
Such an addition, used to finance new banks In small towns throughout
the district, would provide for forty, if each were capitalized at $25,000.
The voting control of any district and its choice of Its own directorate and
of a director for the national association could be controlled as easily
as the British House of Lords can be swamped by the creation of new
peers.
To eliminate this danger the system of representation or voting power in
any form In proportion to capitalization should be done away with; the
minimum capitalization entitling a bank to a vote should be raised; and
suffrage In an association should be.condltloned on absolute financial inde-

994

THE

C H R O N IC L E

pcndcnce. This Implies a “ one bank, one vote” rule In all ballotings, and
an effective legal prohibition against combinations.

At the Illinois meeting “ Proposed Monetary Legislation”
was also discussed by George M. Reynolds, President of the
Continental & Commercial National Bank of Chicago, Mr.
Reynolds defending the measure submitted by Mr. Aldrich,
and assailing Mr. Hill's arguments. John V . Harwell, Presi­
dent of the National Citizens’ League for the Promotion of a
Sound Banking System, was likewise a speaker at the meet­
ing, and in his utterances said: “ As a league we do not be­
lieve in a central bank doing a general banking business like
the Bank of England, but wc do believe in what might be
called a national reserve agency, controlled and managed so
as to represent the democratic spirit and the sound common
sense of the nation.” A paper was presented at the conven­
tion by E . J. Parker, President of the State Savings Loan &
Trust Co. of Quincy, 111., advocating legislation giving
Clearing-House Associations incorporated under authority
of Congress, power to issue currency to their bank members
on'.pledge of bank assets.
— A branch of the National Citizens’ League for the Pro­
motion of a Sound Banking System has been established in
New York State. The League has its headquarters in Chic­
ago. Its formation was undertaken in that city last April,
and the object of its organization, as explained in its certifi­
cate of incorporation, is “ to give organized expression to the
growing public sentiment in favor of, and to aid in securing
the legislation necessary to insure an improved banking sys­
tem .” Inline with the purpose to organize branches in various
sections of the country, the establishment of branch Leagues
of the New York State Branch has been undertaken in
Buffalo, Rochester, Syracuse, Utica and Albany and similar
State organizationsare proposed in Connecticut, New Jersey,
Delaware and Maryland, and a branch, it is also expected
will be developed in Pennsylvania. John Claflin, of the H .
B. Claflin Co.and President of the New York State Branch
of the League, made known on the 6th inst. the officers and
directors of this branch. The offices are at 100 Broad Street,
and Mr. Claflin is associated with Isidor Straus, Treasurer,
Irving T . Bush, Chairman of the Executive Committee;
William Sloanc, Chairman of the Finance Committee, and
George A . Plimpton, Secretary. The directors consist of
the following:
Cleveland H. Dodge ot Phelps, Dodgcl& Co.
John C. Eames of the H. B. Claflin Co.
Gerrlsh II. Milllkcn of Deering, Mllllken & Co.
J. Harper Poor ot Amory. Browne & Co.
Henry A. Caesar ot H. A. Caesar & Co.
Arthur Lehman of Lehman Brothers.
Edward D. Page of Faulkner, Page & Co.
Welding Ring of Mailler & Quereau.
Cornelius N. Bliss Jr., of Bliss, Fabyan & Co.
James Talcott of the American Hosiery Co.
Hermann Flcltmann of Fieltmann & Co.
James II. Post of H. B. Howell, Son & Co.
Frank Trumbull of the Chesapeake & Ohio Railway Co.
; • Edmund D. Fisher, Deputy Comptroller of New York City.

In an announcement with regard to the movement Mr.
Claflin had the following to say:
We are aiming to make this movement In the furtherance of currency
and banking reform a national oao. There Is a popular belief that this
problem Is one th t only c merns bankers. That Is altogether a mistaken
one. It concerns every business man, every farmer, every wage-earner.
The panic of 1907 was as unnecessary as disastrous. It disclosed
weaknesses In our banking system which all admit can be and must be
effectively corrected. The country Is still suffering from the effects of this
panic, and the small businesses are suffering more than the large businesses.
So the problem Is one that concerns our entire population, and,
as President Taft Is pointing out In his Western speeches, there Is no legis­
lation of any kind— tariff, railroad, corporation or a general p lltical character— that at all equals In Importance the putting of our
banking and curency system on a sound basis. It Is one of the first few
duties the Government owes the peoplo.
This movement Is non-partisan and must be kept so. The problem
Is too vital and pressing a one to be made the football of party politics. It
must not be delayed and dlvorted as the tariff matter has been

[V O L . L X X X X 1 I .

South Park Commission; Chairman of the Executive Com­
mittee, J. Laurence Laughlin, of the University of Chicago;
Treasurer, A . C. Bartlett, of Hibbard, Spencer, Bartlett &
Co.; and Secretary of Organization, Murray S. Wildman,
of the Northwestern University. A pamphlet setting out
its constitution and by-laws which was latelykissued announced
the League as not yet committed to any particular bill,but
the following general principles were submitted:
First:—The Integrity of Individual banks, both national and State should
be preserved. •
p
Second:—These units should be federated In sucb a manner as to make
It possible to carry Into effect measures that Involve credit transactions of
national scope, and to present a solid front when the stability of legitimate
business In any section of the country Is In danger.
Third:—This should be accomplished through such an organization which
Is also absolutely protected against ambitious financial control by any class
or section, and placed beyond the reach of political Influence.

— The Executive Committee of the Clearing House Section
of the American Bankers’ Association, acting under authority
accorded last month, has appointed O. Howard Wolfe, for­
merly Transit Manager of the Philadelphia National Bank,
as Assistant Secretary of the Section. Mr. Wolfe took up
his duties on the 1st inst., and at the annual election of
officers in November will assume the title of Secretary.
This change has been made necessary by reason of the fact
that the development of the Section requires more time than
could be given to it by General Secretary Farnsworth, added
to his manifold duties in connection with the general work
of the Association.
— In an announcement relative to the annual convention
at New Orleans the coming month of the American Bankers’
Association, the October “ Journal” of that organization
states that the program will not be issued until immediately
prior to the meeting, in order that it may embody in full
detail every feature of the week’s work. As has been indi­
cated in these colums, much of the time of the Convention
will be given to addresses on the National Reserve Association
as defined in the Aldrich plan and its modifications. Every
phase of this plan is covered in the subjects which have been
assigned to the individual speakers, whose names are to be
announced later. Consideration of the matter will be had
under the following heads:
The Proposed Monetary Plan.
Trade Depression and Panics.
Trade Expansion and Crop Movements.
The Organization and Control of the National Reserve Association.
The Relation ot the National Reserve Association to the Government.
Relation ot the State Banks, Savings Banks and Trust Companies to the
National Reserve Association.
Circulating Credits.
Re-discounts and Book Credits.
Bank Acceptances and the Creation of a Discount Market.
The Mobilization and Control ot the Reserves ot the Country.
Interest Rates, Earnings, Dividends and Taxations.
Keeping the National Reserve Association apart from Partisan Politics
and Special Control.
The Needs of the Farm and Its Benefits from the National Reserve
Association.
Benefits from the National Reserve Association to the Manufacturer
and Laborer.
Benefits of the National Reserve Association to the Country as a Whole.
Relation of the National Reserve Association to Foreign Trade and Banks
and the World’s Financial Centre.

The National Citizens’ League Is altogether Independent in every way.
We recognize the able and thorough work done by the Monetary Commission
and that many and valuable suggestions may bo had from It. But the
league has no cut-and-drled plan to offer.
There are certain basic principles of rotorm upon which we are agreed.
Wc have adopted these. Further than this wc want suggestions from all—
from all sections and all classes to the end that the remedial legislation
that Is finally adopted by Congress shall reflect the needs of the country
at large.
We do not advocate a contral bank doing a general banking business,
but do believe In what has been called a National Reserve Assocatlon,
controlled and managed so as to represent the democratic spirit and the
sound c-mm^in sense of this nation.
When the weaknesses of our present system are understood and the
principles of sound finance are made clear to all— and we hope to make
them so Just as the principles of sound money were made clear— I have
confidence that the legislators will devise the right kind ot laws and that
the peoplo will want these laws enacted.

The Association will hold its sessions in the Athenaeum.
Monday, November 20, has been designated as “ Committee
day.” All committees will meet during the forenoon, and
the Executive Council will have its session in the afternoon.
The Convention proper will be held on Tuesday, Wednesday
and Friday, one extra day being given to it this year on
account of the importance of the discussion relating to bank­
ing and currency legislation. The usual routine for the
first day, Tuesday, will consist of addressesof welcome, re­
sponses, the President’s address, reports of officers and
committees. The various Sections will hold their meetings
on Thursday. The Administrative Committee, it is an­
nounced, is endeavoring to co-operate with the New Orleans
local committee, so that there may be no conflict between
the business sessions and the entertainment which New
Orleans is lavishly providing, in order that the Convention
itself, the various committees and the several Sections can
hold sessions without counter attractions. This determi­
nation has caused a slight change in the entertainment pro­
gam, and the visit to the City Water-works Plant and the
Polo game have beem assigned to Monday afternoon instead
of Wednesday. It is also announced that the gala perfor­
mance to be given at the French Opera House on Friday
evening will be augmented by additional performances at
four opera houses and theatres which have been engaged
by the local committee for the purpose.

The National Association in Chicago is under the direction
of the following: President, John V . Farwell, of John V.
Farwell & Co,; Vice-President, John Barton Payne, of the

— Nine of the branch post office stations in Manhattan
and the Bronx^beganjoperations as postal savings banks on
Monday. The system was first installed in New York at




O ct . 14 1911.]

THE

C H R O N IC L E

995

the General Post Office on Aug. 1, and the additional offices
through which it was extended this week are as follows:

— In line with the efforts of the Comptroller of the Currency
to abolish the professional promoter, F. E . Baxter, State
K, Nos. 202-204 East 88th St., near Third Ave.
Superintendent of Banking in Ohio, has issued notice that it
Li, N o. 141 East 125th St., corner Lexington Ave.
R, Nos. 378-380 East 149th St., between Third and Courtlandt Avenues. will hereafter be impossible for any professionally promoted
U, Third Ave., corner 103d St.
bank to obtain a charter in that State. The “ Ohio State
VV, Nos. 100-162 West 83d St., near Amsterdam Ave.
Journal,” in commenting on Superintendent Baxter’s plans,
Y, Nos. 1160-1162 Third Ave., near 68th St.
Grand Central, No. 110 East 45th St., between Lexington Ave. and states that no obstacle will be placed in the way of the
Depew Place.
organizers of a bank where one is needed, and all effortsof the
Times Square, Nos. 231-241 West 39th St.
Department will be given toward the assistance of the men
Tompkins Square, 12th St. and Avenue B.
The number of depositors in the nine branches on the first who are behind it, except in cases where it is evident that
day is reported to have been but 151 and the aggregate of professional bank promoters are furthering the movement,
their deposits was $2,868. The new depositories will remain when the Superintendent will use his authority to withhold
his approval. It is also stated that in places where the
open from 8 a. m . to 8 p. m.
In Philadelphia, where the postal savings system was field is overcrowded with banks, efforts will be directed
inaugurated on Sept. 1, the Southwark and Manayunk toward consolidations, and if a merger is not feasible, the
institution which displays a lack of earning power and is a
stations were opened as postal depositories on the 9th inst.
Ten sub-stations of the General Post Office in St. Louis menace to the financial situation will be urged to go into
voluntary liquidation.
also started as postal savings depositaries on the 9th inst.
— The subject of “ Electric Railway Securities” was dis­
cussed by James G. Cannon, President of the Fourth National
Bank of this city, before the American Electric Railroad
Association at Atlantic City on the 11th inst. In his com­
ments Mr. Cannon expressed it as his opinion that the prob­
lems confronting electric railways are perhaps more varied
and difficult of solution than those experienced in any other
sort of enterprise. These problems, he stated, may be classed
under the headings of franchises, legislation, rate regulation,
taxation, fares, strikes, public demands and criticisms. In
discussing railway securities from an investment standpoint,
he said: “ I would give franchises first consideration. This
problem to-day bears very closely on the vital questions of
depreciation and financing. The tendency now is to limit
the time of franchises.” Referring to the assertion that in
New Jersey a franchise cannot be obtained for more than
forty years, and then only in exceptional cases, the usual
period being twenty years, Mr. Cannon pointed out that it
seems to be the consensus of opinion that it is impossible to
make proper allowance for depreciation and at the same
time work out the finances of a road in twenty years, thirty
years at least being considered necessary. The following ex­
tracts from Mr. Cannon’s remarks are also worthy of re­
production:
By fur the most Important subject affecting the llnanclal status of
electric railway securities Is that of rate regulation. Mr. R. P. Stevens,
President of the Lehigh Valley Transit Co., said some time since: "Our
street railway lines can only charge live cents for passenger fares whether
the cost of conducting the line has remained the same or Increased 100%
or 200% over that of former years. Meanwhile all other lines of Industry
are suffered by public sentiment to conduct their business on ordinary lines;
that Is to say, to adjust the prices of what they have to sell In such a way
that their ratio of profit shall not be diminished. There Is a wrong In all
tills sort of thing that must be remedied before the business relations of the
country can ever be soundly established.” With this view of the subject I
heartily concur and It behooves every one connected with this Industry to
Impress upon the people the necessity for fair rate regulation by public
sentiment. I also believe that all public utilities must bear their fair share
of taxes, but they cannot stand unjust and Irregular taxation. * * « •
With the betterment of the laws directed toward the regulation of public
utility corporations, I look forward to a brighter era In the clectric-railwaysccurlty situation but much has yet to be accomplished In the line of the
solving of existing problems . . .
I believe the answer to most of the
problems which at present confront electric railways will come largely
through the workings of the Public Service Commissions, If these bodies
arc wisely appointed and perform their functions In an equitable manner.
Unquestionably the personnel of these commissions has yet much of a
practical nature to learn from the management of railways, but If the
commissions and the railroads will work In harmony, with a singleness
of purpose for the welfare of the traveling and Investing public, In my
judgment we may soon look for a marked Improvement In every feature
surrounding the traction situation.”

— A movement looking to the voluntary supervision of the
financial institutions in the District of Columbia has been
started by the Bankers' Association of Washington. A t a
meeting on the 25th ult., a committee, known as the Com­
mittee on Examination, was named to consult with the
Council of Administration of the Association on the selection
of an examiner, who will be required to exercise a supervision
over the banks in the Capital and report upon the safety of
the methods of operation of the different institutions. The
Washington “ Star,” from which we learn of the movement,
states that “ the institution of the examinership will have the
effect of placing all of the national banks, savings banks and
trust companies which are members of the Association
under the direct supervision of an examiner, who will be
an officer of the Association. The supervision will be
somewhat similar in character to that already exercised by
the national bank examiner for this District, who operates
directly under the Comptroller of the Currency, save that
the latter works by authority of and under the terms of
the national bank law, while the former will work according
to|the rules and regulations of the Bankers’ Association.”




— The Supreme Court of Kansas handed down a decision
on the 7th inst. upholding the right of the State Banking
Board to use its discretion in the matter of issuing charters
to proposed financial institutions.
The last Legislature
passed a law giving the State Charter Board discretionary
powers in the granting of charters and, it is the constitutionality
of this law which the Supreme Court sustains. The legality
of the law was brought into question through the refusal to
grant a charter to the Central State Bank of Abilene. Just
about the time this application was presented application for
a charter for the Commercial State Bank of Abilene was filed.
The State Banking Board, which is composed of the State
Bank Commissioner, the Secretary of the State and the
Attorney-General, was divided in its opinion as to the action
in the two cases. Bank Commissioner Dolley voted in favor
of granting only one charter— to the one applying first—
the Commercial State Bank; Secretary of State Sessions
voted against both applications, while Attorney-General
Dawson was in favor of granting both charters. Com­
missioner Dolley's vote being the deciding one, the Com­
mercial State Bank received a charter, while the Central
State Bank charter was refused. Commissioner Dolley
sustained his action on the ground that conditions war­
ranted the establishment of but one new bank in the city.
Attorney-General Dawson, however, held that the Board
had no authority to refuse a charter to any bank where the
legal qualifications were met, and that, furthermore, it had
no authority to discriminate between the two banks. In
his view, the law was unconstitutional. In upholding the
law, the Supreme Court said:
The business of banking Is so intimately related to the public welfare
that It properly falls within the scope of the police power of the State
exercisable by the Le^slaturc.

— That the remarks made last week by Henry A . Wise,
United States District Attorney, before the New York Chap­
ter of the American Institute of Banking, reproaching the
bankers of New York for not giving employment to those
clerks of the National Bank of North America who had tes­
tified against Charles W . Morse, have called forth strong
criticism from both bank executives and clerks, is further
evidenced by the opinions which have been expressed by the
President of the American Institute of Banking, Raymond
B. Cox, and the ex-President, Newton D. Ailing. Mr. Cox,
who is also Auditor of the First National Bank of Baltimore,
considers that Mr. Wise was evidently not familiar with the
American Institute of Banking, when he suggested to them
that “ the bank clerks ought to organize and walk out union
fashion, every man of them, when any clerk is discharged
for the truthful evidence given by him in a court of law .”
He endorses as a full and complete definition of the objects
and principles of that organization the resolution which the
Board of Governors of New York Chapter passed subsequent
to the above address in which they were stated “ to be pri­
marily and entirely for education in banking and kindred
subjects; as seeking to uplift the professional standard and
to make efficiency and capability the sole reasons for reward
and promotion, and as establishing a harmonious and prac­
tical co-operation between all persons engaged in the banking
profession regardless of grade or position.” Mr. Cox further
points out that the Institute has persistently and consist­
ently since it was organized ten years ago refused to entertain
any suggestion which tended to advance the interests of
bank clerks through coercion in any form whatever, thus
proclaiming the respect which the bank clerks hold toward
their superior officers and their confidence in the purpose
which guides their clerical supervision.

996

THE

C H R O N IC L E

Mr. Ailing, ex-President of the Institute and Assistant
Cashier of the National Nassau Bank of this city, has this to
say in the matter: “ The Institute of Banking was organized
and owes its existence and strength to the fact that it de­
votes all its energies to educational work. Its aim is the im­
provement of its members by making them more efficient
and more useful to the institutions by which they are em­
ployed. Its whole spirit and intent is diametrically opposed
to that of a labor union. It strives not to level, but to
raise up. W e do not know if, nor do we believe, that any
man or set of men has been discriminated against by the
banks of New York City because of telling the truth in court
or anywhere else.”
W e give herewith in full the resolutions in which the Board
of Governors of the New York Chapter of the American In­
stitute of Banking took occasion to make it known that no
movement on the part of bank clerks associated with the
Institute looking to the formation of a sort of labor union
would receive countenance, and expressing disbelief in the
statement that any bank clerk has been discriminated
against for telling the truth:
New York, Oct. 5 1011.
At a special meeting of the Board of Governors of New York Chapter
American Institute of Banking, representing 1,800 banking men, held this
date, It was unanimously resolved to dellne the principles and objects of
our organization as being primarily and entirely for education In banking
and kindred subjects.
It seeks to uplift the professional standard of our vocation and to make
efficiency and capability the sole reasons for reward and promotion, and
directs Its constant endeavors to establish a harmonious and practical co­
operation between all persons engaged in the banking profession, regardless
of grade or position; and the Board of Governors desires to declare a most
successful result as having been established.
Further, that the Chapter Is opposed to the formation of any association
as a protective union; and that the Board of Governors do not know of,
nor do they believe that, any man or set of men has been discriminated
against by the banks of New York City because of their telling the truth
In court or anywhere else.

— Cornelius N . Bliss, Secretary of the Interior under Presi­
dent McKinley, prominent as a merchant, and an active par­
ticipant in the management of national campaigns, died on
the 9th inst. in his seventy-ninth year. Mr. Bliss served for
sixteen years as Treasurer of the Republican National Com­
mittee, and while from time to time it was sought to induce
him to take various national, Sta,te or civic posts, he declined
all such honors except the Secretaryship of the Interior,
and it was only at the earnest solicitation of President Mc­
Kinley that this office was accepted. As a merchant Mr.
Bliss was head of the dry goods commission house of Bliss,
Fabyan & Co. of this city, which had originally been known
as J. S. & E . Wright & Co. of Boston; with the death of
the senior partner the firm name became Wright, Bliss
& Fabyan, and was finally changed to its present designa­
tion. Mr. Bliss had also officiated as a banker, having at
one time been Vice-President of the Fourth National Bank
of this city. A t the time of his death he was a director of
that bank, a trustee of the Central Trust Co., a director of
the Home Insurance Co. and the Round Bale Press Co. He
was also formerly a Vice-President of the New York Chamber
of Commerce. Editorial reference to Mr. Bliss’s career ap­
pears on another page of to-day’s issue of our paper.
— The trustees of the New York Life Insurance & Trust
Co., 52 Wall Street, have appointed Zeger W . Van Zelm
Secretary, succeeding the late George M. Corning. Zeger
W . Van Zelm was formerly an Assistant Secretary of the
institution.
— The initial statement of the recently consolidated Se­
curity Bank of this city, R . Ross Appleton, President, made
its appearance in response to the bank call of Sept. 29. On
that date the net deposits reached $14,082,059 and cash re­
serve $4,455,394, while its capital, surplus and profits were
over $1,503,000 and aggregate resources $10,300,122. The
Security Bank is a consolidation of the old Fourteenth Street
Bank, Nineteenth Ward Bank and the Twelfth Ward Bank.
Besides the main banking office on Fifth Avenue and 14th
Street, the institution has nine branches in New York City,
and is a member of the New York Clearing House. James
G. Cannon, President of the Fourth National Bank, is Chair­
man of its executive committee.
— Ernest Wolkwitz has been elected Cashier of the Yorkville Bank of this city, to succeed the late William L. Frankenbach. Mr. Wolkwitz had previously been the Assistant
Cashier, and he is replaced in that office by Frederick Rath.
— The deposits of the Farmers’ Loan & Trust Co. of New
York, London and Paris on the date of the recent bank call
were $137,022,528, an increase of $20,053,938 since Janu­
ary 2 1911. Its undivided profits on September 29, the date
referred to, were $6,051,927, in addition to $1,000,000




[VOL.

LXXXXII1.

capital. Cash on hand and in bank was $35,831,809
aggregate resources were $145,325,948.

and

— A ruling having an important bearing on existing meth­
ods of affording accommodations to brokers by the banks is
embodied in a report filed in the United States District Court
on Wednesday by Charles F. Brown, Special Master in the
litigation between the trustees for the creditors of J. M. Fiske
& Co. and the Mechanics’ & Metals’ National Bank of this
city. The matter passed upon by Mr. Brown involved the
transfer to the bank on the day of the suspension of the firm,
Jan. 19 1910, of securities to cover a loan of $400,000 which
had been advanced to the firm that morning. In Mr.
Brown's opinion the transfer of the securities to the bank
and the delivery to the latter of a deposit of $54,048 “ con­
stituted a preference as defined by Section 00 of the Bank­
rupt A c t.” He also holds that the “ transfer is voidable by
the complainants, and they are entitled to a decree that the
defendant repay to them the sum of $229,745, with interest.”
The bank on its part, according to the New York “ Tribune,”
maintained that the loan constituted a daily transaction
well understood in Wall Street. The loan was made, it was
contended, on the customary understanding that it was
granted to enable the brokers to make deliveries of stock
purchased on the previous day, and that the money thus
obtained was to be immediately deposited with the bank,
while any securities that were purchased and held pending
delivery were to be kept in trust to cover the daily loan.
— The Franklin Trust Co. of Brooklyn, which has recently
been designated one of the depositaries for the United States
Government postal savings system, makes a gratifying re­
port under the last call of the State Banking Department.
In this statement (Sept. 29) it showed a deposit line of $13,­
393,094, surplus and profits, $1,357,298, in addition to
$1,000,000 capital; cash, $3,487,610, and aggregate re­
sources, $15,873,750. The institution is now one of the
four largest Brooklyn companies and a member of the New
York Clearing House. Besides having a prominent repre­
sentation of Brooklyn business men as trustees, the company
is strongly identified with interests affiliated with the Farm­
ers’ Loan & Trust Co. of New York. Arthur King Wood
is President of the Franklin Trust Co.
— Indictments were handed down on Wednesday by the
Kings County Grand Jury against Edward M. Grout, formerly
President, and James T . Ashley, formerly Cashier, of the
failed Union Bank of Brooklyn Borough. The indictments
against both, it is reported, are the same, and, according to
the “ Eagle,” charge them with being guilty of a misde­
meanor in that they made a false report to the State Super­
intendent of Banks as to the condition of the institution on
March 25 1910. The following statement relative to the
indictments was made by District Attorney Clarke:
The Indictments are found under Section 011 of the Penal Code, which
provides that a director, officer or agent of a corporation who knowingly
concurs In publishing any written report, exhibit or statement of its affairs
or pecuniary condition containing any material statement which is false, or
who omits or concurs in omitting any statement required by law to be
contained therein, is guilty of a misdemeanor.
The indictment alleged that among the resources of the bank the loans
and discounts amounted to $4,054,103. It Is alleged that this Is a false
statement In that the amount Is excessive.
It Is further alleged that among the liabilities was the statement that
bills payable amounting to $1,502,885 81 did not mature until December
1910. It Is alleged that that Is false In that all of these bills payable
matured and were due and payable on the date when the report was made.
The Indictment alleges that the defendants knowingly omitted to insert
among the liabilities In the report the sum of $200,000, the payment
of which the Union Dank of Brooklyn had guaranteed.
The Metropolitan Trust Co. had loaned to the Onslovv-Moorc Co. and the
Shetland Co. the sum of $200,000. The payment of this the Union Bank
of Brooklyn guaranteed. This was a liability. It Is claimed, which should
have been set forth among the liabilities of the company, but was omitted.

Attorneys for the defendants entered pleas of not guilty,
reserving the customary right to change the plea within ten
days. No bail was called for, Judge Dike paroling both in
the custody of their counsel. With regard to the allegation
concerning the “ bills payable” item of $1,502,885 81, the
“ Eagle” says: “ The indictment asserts that this entire
amount, made up of $297,885 81 due the Metropolitan Trust
Co., $915,000 due the Empire Trust Co. and $350,000 due
the Hanover National Bank, was due and payable prior to
March 25 1910, and that Edward M. Grout and James T.
Ashley, knowing the statement that it was not due until
December to be false and untrue, nevertheless caused it to
be made and published.”
Following the Court proceedings
on Wednesday, Mr. Grout gave out the following statement:
I desire to assure my friends who have been so loyal to me these past
months, and the public, from whom I ask a suspension of Judgment, that I
am Innocent of these charges, as well as of any other criminal act.
I have been refused a hearing by the Grand Jury, notwithstanding my
most persistent efforts to obtain one. I thought that my fifty years In this
community and the confidence and respect in which I believe that I have
heretofore been held would have assured me at least that much consldera-

O ot . 14 1911.]

THE CHRONICLE

t lo n , b u t It seem s t o h a v e s erved s o m e b o d y ’s p u rp o se t h a t it sh o u ld be
d e n ie d .
T h e U n io n B a n k has a lre a d y c o s t m e a large loss in m o n e y , e n ou gh to
n ea rly ruin m e fin a n cially, a n d tw o yea rs a g o It w as th e cause o f m y alm ost
fa ta l illness.
Y e t there seem t o b e s o m e w h o w ish m e t o suffer furth er,
e v e n t o a b s o lu te ruin, an d n o t b e ca u se I w re ck e d th e b a n k , b u t because
I t o o k th e w reck fr o m th e B a n k in g D e p a rtm e n t, u p o n Its ce rtifica te o f
s o lv e n c y , a n d tried t o sa ve it— tried t o o h a rd , t h e y n o w sa y.
A s fo r th e E m p ire T ru st C o. lo a n , n e v e r u n til less th a n a w eek a g o d id I
h ear it su g g ested th a t a t th e tim e o f m a k in g o u r la st r e p o r t th e fa c ts c o n ­
c e r n in g th is loa n w ere as has been testlA cd t be fo re th e G rand J u ry . A s to
th e o th e r co u n ts or item s in th e in d ictm e n t, I belie v e I h a v e already
s et fo r t h th e fa c ts fu lly in m y p re v io u s sta te m e n ts.

997

institution and will enter its management on Jan. 1 1912.
Mr. Lowndes is Vice-President and director of the Second
National Bank of Cumberland, President and director ofthe
First National Bank of Mt. Savage, Md., a director of the
Lowndes Savings Bank & Trust Co. of Clarksburg, W. Va.,
and a director of the Potomac Coal Co. It is understood
that he will retain all these interests.

— William Wallace Lanahan was elected to the board of
the Mercantile Trust & Deposit Co. of Baltimore at a meeting
Rumors on Thursday of an alleged error of fact in the in­ of the directors on the 10th inst. Mr. Lanahan, who fills the
dictment, in so far as it related to the time when the “ bills vacancy due to the death of his father, the late Samuel Lana­
payable” were supposed to be due, gave rise to the question han, is a member of the banking firm of Whelan, Duer &
as to whether or not the indictment might be invalidated. Lanahan.
District Attorney Clarke, however, is said to have character­
— The directors of the Mellon National Bank of Pittsburgh
ized the rumors as untrue, and to have stated that no mis­ have declared a quarterly dividend to stockholders as of
take was made in the indictment. It was announced yes­ Sept. 30 at the rate of 114% ■ This is the third quarterly div­
terday that the hearings in the Union Bank investigation idend since the capital stock of the institution was increased
were ordered discontinued by State Superintendent of to $6,000,000. The increase was made in March of this year
Banks Van Tuyl until Nov. 10. Mr. Van Tuyl based his by the declaration of a 50% stock dividend. The regular an­
action on the fact that James C. Cropsey and Louis Gold­ nual rate of 6% has been continued since that time, which in
stein, principals in the prosecution, arc candidates for office effect is an increase in the rate paid to stockholders from 6%
at the forthcoming election.
to 9% on their former holdings.
— Charles H. Babcock, First Vice-President of the Lincoln
National Bank of Rochester, N. Y ., was elected President
of the institution on the 11th inst. Mr. Babcock had been
the acting President since the death of Walter Duffy last
January. William C. Barry has been chosen to succeed
Mr. Babcock as First Vice-President. .

— Clyde L. Ross was chosen Cashier of the Commercial
Savings Bank of Grand Rapids on the 2d inst. Since the
consolidation of the Fifth National Bank with the Commer­
cial in 1908, the cashiership of the consolidated institution
has remained unfilled until the present time— the cashiers of
the uniting banks having both been made assistant cashiers
— Hugh Rankin was elected an Assistant Secretary of the of- the enlarged Commercial Savings Bank. Mr. Ross was
Rhode Island Hospital Trust Co. of Providence at a meet­ the Cashier of the Fifth National, while H. N. Morrill had
ing of the directors on the 10th inst. For the past three been Cashier of the Commercial before the merger. Mr.
years Mr. Rankin had been Secretary of the Continental and Morrill recently resigned his post as Assistant Cashier of the
Fidelity-Phenix Insurance companies of New York.
Commercial to become Secretary of the Board of Education.
— Frank A. Jackson and James M. McCarthy have been With Mr. Ross’s advancement, Denton Pratt has been chcsen
elected directors of the National Union Bank of Woonsocket, Assistant Cashier. Tyler E. Wheeler has been made Auditor
R . I., succeeding Darius D. Farnum and William E. Williams. of the bank.
Messrs. Farnum and Williams, it is stated, have disposed of
— The Night & Day Bank of Little Rock, Ark., was
their holdings in the bank to interests representing a syndi­
placed in the hands of a receiver on the 26th ult. on a com­
cate now controlling the stock of the National Union.
plaint filed on behalf of D. A. Frayser, receiver for the All
— Nathaniel Stevens has been elected a director of the Night & Day Bank of Memphis. The petition is said to
Boston Safe Deposit & Trust Co. of Boston.
allege that the Little Rock institution is insolvent and mis­
— The officials of the First National Bank of Philadelphia managed, and, according to the Memphis “ Commercialgave a dinner in honor of Louis G. Kaufman on the 4th inst. Appeal,” it is further alleged that certain “ certificates of
at the Racquet Club. Mr. Kaufman is President of the deposit were fraudulently issued by the Memphis bank to
recently consolidated Chatham and Phenix National Bank one Robert H. Timmons, and were without consideration;
of this city. Many prominent Philadelphia bankers greeted that the President of the Little Rock bank, H. C. Wynne, is
the guest of the evening.
a director in the Memphis bank and personally knew that the
— Joseph Wayne Jr., Cashier of the Girard National Bank certificates of deposit were fraudulently issued, and that the
of Philadelphia, has been chosen to a vice-presidency, retain­ Little Rock bank is not a bona fide holder for value of the
ing as well the cashiership of the institution. Mr. Wayne deposit certificates.” The Memphis institution suspended
has been associated with the bank since 1890. The institu­ on Aug. 14.
tion has two other Vice-Presidents in Richard L. Austin and
— An important event marked the course of banking af­
Theo. E. Wiedersheim. Francis B. Reeves is President and
fairs in Nashville on the 4th inst. in the consolidation of the
Charles M. Ashton is Assistant Cashier.
Union Bank & Trust Co. with the American National Bank.
— Important changes respecting the management of the
The merger serves to increase the deposits of the American
Fidelity Trust Co. and the Fidelity & Deposit Co.of Balti­
National (the name which the continuing institution retains)
more are planned with the approaching completion of the
from $4,500,000 to over $6,000,000, and its assets have cor­
new Fidelity Building. We learn from the Baltimore “ Sun”
respondingly risen from $7,500,000 to over $9,000,000. The
that it has been determined, as soon as the building is com­
proceedings under which the business of the two institutions
pleted, that there will be a reorganization of the executive
have been combined were approved by the stockholders of
corps and a complete divorcement of the two companies.
the two institutions on the 4th, and, following the completion
Up to the present time the administrative work of the two
of the details, the American National moved to the building
concerns has been handled and directed in the main by the erected by the Union Bank & Trust Co., at Third Ave. and
same executive officers, but the volume of business of the Union Street. Announcement of the consummation of the
two organizations has grown to such an extent that this transaction was made in a statement which said: “ The Union
method is no longer feasible. It is the intention to abolish Bank & Trust Co. has for some time been considering the
all dual executive officers and employees, the only exception advisability of converting to the national system, and the
being the position of President, which will continue to be stockholders of the two banks, which have for many years
filled by ex-Governor Edwin Warfield, the founder of the been closely connected, determined that a consolidation of
two companies, who will remain at the head of both insti­ the two institutions would be best for all parties interested,
tutions. Thomas A. Whelan will retire as Second Vice­ and so authorized the merger. It is understood that the
President of the trust company in order to give his entire terms of the merger were based upon the price of $170 a share
attention to his duties as First Vice-President of the Fidelity for the stock of the Union Bank & Trust Co., which price was
& Deposit Co.; John II. Wight will relinquish his post as paid alike to the large and small stockholders, every share­
Third Vice-President of the trust company to centre his in­ holder assenting to the terms.” The American National was
terests in the affairs of the Fidelity & Deposit Co. Both founded in 1883 and in 1884 the Third National was consoli­
Messrs. Whelan and Wight will, however, continue as direc­ dated with it. It has a capital fully paid of $1,000,000, a
tors and members of the executive committee of the trust shareholders’ liability of an additional $1,000,000 and earned
company. The other Vice-President of the trust company surplus and undivided profits of $800,000. No increase in
is Van Lear Black. W. Bladen Lowndes of Cumberland, capital, it is understood, is contemplated. The Union Bank
Md., will also be identified with the trust company as Vice­ & Trust Co. was organized in 1891 and it had a paid-in capi­
President. He has purchased a large blockiofjstock in the tal of $300,000 and a surplus of $150,000. W. W . Berry con-




THE CHRONICLE

9l>8

•tinues as President of the American National and the other
officers of the American, it is announced, will be retained
, in their official capacities. Eustice A. Hail, Vice-President
of the Union Bank & Trust Co., is expected to become a
Vice-President of the American National, and E. R . Burr,
Cashier of the trust company, will also likely be identified
with the bank.
. — Herman A. Wulff, an Assistant Cashier of the Commcrcial-Germania Savings Bank & Trust Co. of New Orleans,
was arrested on the 6th inst. charged with an alleged short­
age of $20,737 in his accounts. When arraigned on Satur­
day he pleaded not guilty to the charge. His bond was fixed
at $15,000. The bank holds surety bonds covering the
amount of the alleged shortage.
— Following the recent purchase of large interests in the
Exchange National Bank and the State Bank of Long Beach,
Cal., by D. I. Wiley and P. H. Updike, the latter has been
chosen President of the Exchange National, succeeding A. J.
Wallace, resigned. A. M. Goodhue and Richard Loynes
' of the State Bank have been chosen to the directorate of the
national bank, and W. H. Wallace, Vice-President of the
Exchange National, has been made a director of the State
Bank. It is believed to be the intention to consolidate the
two banks and to change the State bank into a savings and
'rust institution.
— A merger of the Bank of Southern California and the
Globe Savings Bank of Los Angeles was ratified by the
stockholders of the first-named institution on Sept. 15.
The consolidation will be effected under the name of the
Globe Savings Bank, which will increase its capital from
$200,000 to $500,000. The selling price of the new stock to
be issued by the Globe has been fixed at $150 per share,
but shareholders of the Bank of Southern California will be
allowed to exchange two shares of stock in that institution for
one share of Globe stock. In addition, the stockholders of
the Bank of Southern California receive a cash bonus of
$20,000. The last-named institution has a capital of $300,­
500 and deposits of about $080,000. The deposits of the
. Globe Savings Bank are in the neighborhood of $625,000.
Charles A. Elder has been chosen President of the united
institution, and R. II. Morse has been elected Cashier.

Cflto m m e v c L x l g t x f j I i s T x ^ x u s
(From our own correspondent.)

[V O L . L X X X X I I I .

creased unemployment during the winter. Those who give
orders upon a large scale may hold back for a while. But if
they begin to give orders again before the orders on the books
of manufacturers are completed, then the new orders will
keep all the manufacturers employed, and there will be no
serious increase of unemployment. But if the stoppage
of orders continues long the matter may become serious.
Unquestionably all who have orders to give are now hold­
ing back.
It would surprise the public to hear how many orders have
been canceled and how many that were prepared are held
back. In one particular case the present writer knows that
everything had been arranged for the commencement of a
building. The war scare caused the postponement of con­
struction, and the present intention is to put off the matter
until the spring. This case is only one of thousands. Or­
ders for new ships, orders for all kinds of things, are held
back, so that manufacturers are becoming anxious. Further­
more, there is someapprehension that many may become
scarce and dear. Great scarcity and dearness were caused
in Berlin by the withdrawals of their surplus balances by the
foreign banks, especially French banks, lately. Equally
great stringency was caused in Paris by the alarm of the
French banks, which actually hoarded and in some cases
refused to lend. Should anxiety then spring up again, there
is apprehension that artificial dearness might be created.
The India Council offered for tender on Wednesday 60 lacs
of its bills, and the applications exceeded 707 lacs, at prices
ranging from Is. 4 1-lOcl. to Is. 4 3 32d. per rupee. Appli­
cants for bills at Is. 4 1 lOd. were allotted 8% , and above in
full, while applicants for telegraphic transfers at Is. 4 3-32d.
per rupee were allotted 8% .
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Tues.
Week ending Oct. 13—
M on.
Snt.
24 3-10 24)4
Silver, p e r o z ........... ............ d . 24 H
77 5-10 77 5-10
Consols, 2'A per c e n ts .......... 77 H
For account.......................... 77 11- 10 77 7-10 77 7-10
French Rentes (in Paris), fr . 93.90
93.97)4 94.00
50)4
Amalgamated Copper C o . . . 50
50)4
05
Amer. Smelting & Retln. Co.. 64 'A
04)4
0)4
i)'A
0)4
b Anaconda Copper C o .........
107 ',
Atch. Topeka & Santa F o . . . 107 H
ioo)4
105)4
105)4
Preferred......... ..................... .105)4
98)4
98)4
Ilaltlmore & O hio................. . 98
89)4
Preferred.............................. 89
89)4
232
Canadian Pacific.......................232
232)4
74
Chesapeake & O h io .............. . 73)4
73)4
18
18
Chicago Great W estern......... 19
110
Chicago Mlhv. & St. P a u l... 109)4
110)4
23
23
Denver & lllo Grande______. 23
48)4
Preferred.............................. . 48
47)4
Erie ........... ................................ 31
30)4
30)4
50
50)4
First preferred__________ . 50 'A
42
42)4
Second preferred............... ■ 42)4
141
140
Illinois Central_____________ .140)4
150)4
146
Louisville & Nashville______ .145)4
29)4
Missouri Kansas & T e x a s .... 29 H
29)4
07
P referred............................. . 00)4
06)4
38)4
Missouri Pacific............. ......... 38)4
38)4
08
08
Nat. lilt, of M ex., 1st pref. . 08
31
30)4
Second preferred............... . 30 H
107
107)4
N. Y. Cent. & Hud. R iver...107)4
39)4
N. Y. Ontario & W estern .... 39)4
39)4
105 A
105
Norfolk & W estern-. . . . . .105)4
91
91
Preferred.......................... . 91
119
118
Northern Pacific..................... .118
02)4
G2M
a Pennsylvania------------------- . 02
70)4
70)4
a Reading Com pany.............■ 70)4
40)4
40)4
a First preferred............... .. 46
a Second preferred.............. 47)4
47)4
47)4
24
24)4
Rock Island________ _______ . 24
109)4
109)4
Southern Pacific......... ............ .109)4
27
Southern Railway................. . 27
28)4
09
07
Preferred............................ .■ 07)4
104
Union Pacific........................... 103
162)4
93
Preferred________________ . 93
93)4
01
U. S. Steel Corporation.......... 00
00)4
1 12
Preferred.............................. .112
111 )4
12
W abash ......... .......................... . It Vx
11)4
23)4
23)4
Preferred ............. - .......... .- 23)4
57
50 'A
Extended 4s_____________. 50)4

Wed.

Thurs.

Frl.

24 5-10
77 5-10
77 7-10
94.10
51)4
____
o Vi
107)4
____
98)4
____
233
74)4
18)4
110)4
23

24 5-10
____
____
94.25
51)4
—
0)4
108
____
99)4
____
233)4
74)4
18)4
111)4
23

31
50)4
____
140)4
149
30)4
____
____
____
31)4
107)4
39)4
108)4
____
119)4
02)4
70)4
____

31
50 M
____
14214
150
31
—
—
__ 32
107)4
39)4
108)4
____
118)4
02)4
70)4
____
____
25
110)4
29)4

24)4
77 11-10
77 13-16
94.30
51 M
05
0)4
108 Hi
100
99)4
89^2
233)4
! 4 )4
18Ha
111)4
23)4
48
30)4
50)4
42
142)4
149)4
31)4
09
39
70
32)4
107)4
39)4
108)4
91
119
02)4
70H
40)4
47 )4
25)4
110)4
28)4
71)4
164)4
93 )4
00)4
112
12
23)4
57

London, Saturday, Oct. 7 1911.
The Italian Government is enforcing so strict a censorship
that exceedingly little of what is going on, either in Italy
itself or in Tripoli, is known. The war so far has had sur­
prisingly small effect upon the stock exchanges and bourses.
Early in the week the London Stock Exchange jumped to the
conclusion that Turkey, having no fleet worth considering,
can do nothing either to protect Tripoli or to hurt Italy,
24)4
and that consequently she must make peace almost imme­
110
28)4
diately. So little attention was paid to the war by the Stock
Exchange, in fact, that prices all rose on Tuesday; while,
104)4
103)4
____
when it became known on Wednesday that £850,000 in gold
00)4
01)4
would that evening be withdrawn for shipment to Brazil
112
112)4
____
and Egypt, prices all dropped. Nothing can show more
23)4
23)4
clearly the utter ignorance in which London is respecting
—
—
what is going on, and we have reason to believe that there
a Price per share. b £ sterling.
is equal ignorance in Paris, Berlin and Vienna.
Apart from the Turco-Italian quarrel, confidence is reviv­
ing everywhere. It is now generally believed by all classes, C o m m e r c i a l axxtl
l s c e ll a xxcents J l c m s
both in Berlin and in Paris, that the negotiations regarding
Morocco are to all intents and purposes completed, and that
in a very few days the fact will be officially announced. But
Canadian Bank Clearings.— The clearings for the week end­
the negotiations regarding how much of the Congo is to be ing Oct. 7 at Canadian cities, in comparison with the same
ceded to Germany will then have to be begun. In both Ber­ week of 1910, shows an increase in the aggregate of 11.9%.
lin and Paris, however, it is taken for granted that, France
having agreed to the principle of a cession, no serious
Week ending Oct. 7.
difficulty will be made about the details. It is hoped, there­
Clearings at—
Inc. or
fore, that not only will the danger of war between those two
1910.
Dec.
1909.
1908.
1911.
great Powers be removed in a very few days, but that their
Canada—
S
%
8
relations will become better than they have been for a great
+ 3.9 47.721,890 33,780,594
48.818,954 40,999.087
many years. Still, there is so much uncertainty that busi­
40.714,112 35,000,383 + 10.0 29.999,330 25,715,433
23,001,327 + 10.8 22,090,190 15,290,819
ness continues exceedingly quiet. The rise upon the Stock W in n ip e g...................... .. 20,138,775
9,892,929 + 17.2
7,740,980
4,209,025
V a n co u v e r........................ 11,590,985
Exchange at the beginning of the week was really due to O
+ 8.9
4,142,320
4,503,818
3,827,930
3,507,997
tta w a ..............................
buying back by “ bears.” A few wealthy people, or at all Q u e b e c ............................... 2.823.902 2,900,102 — 2.8 2.910.304 2,477.507
1,970,075
— 2.5
1.927,397
1,999,469
1,691,308
. events people who had money at their disposal, may have H a lifa x ............................... 3,137,914
2,438,332 + 28.7
1,551,392
1.985.259
bought in the belief that prices were as low as they were St. John......... ................... 1,009,799 1,409,022 + 9.5 1,073,120 1,022,928
2,735,083 + 5 2 .3
2,098,492
1,395,150
likely to go. But the general public still holds completely Calgary ............................. 4,100.000
1.935.710 + 2 0 .9
930,481
2,455,037
1,753,558
1.409,953
aloof, and, except for the covering by “ bears,” there is prac­
1,547.249
+ 5.3
1,122,185
1,302.700
1,481,131 + 81.3
2,085,085
600,412
917,045
Edmonton ...................... ..
tically a suspension of all investment and speculation.
1,459,314
1,159,976 + 25.9
798,440
• There is, too, a decided setback to trade. If the settle­
081,000
710.179
+ 5.1
549,435
401,017 + 3 0 .8
ment between France and Germany comes quickly, and if Lethbridge........................ 5,501,579
Not Include d In tot al
/ the war between Italy and Turkey can be localized, confidence Saskatoon..........................
852.175 Not Include d In tot al
Moose J a w .. ....................
523,004 Not Include d In to ta l
• will, of course, rapidly revive, and the setback will have no Urantford ........................
serious consequences. But if the present apprehensions conTotal Canada................ 154,850,5G1 138,350,707| + 11.9^20,824,779 94.021,231
finue it is to be feared that there will be a good deal of in­




OCT. 14 1911.]

THE CHRONICLE

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:

999
P er

Name of Company.

Cent.

When
Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
American Malt Corporation, preferred___ 02
Nov.
O ct. 20
to
N ov. 9
C H A R T E R S I S S U E D T O N A T I O N A L B A N K S S E P T . 20 T O S E P T . 26.
American Malting Co., preferred............... -51 24 h Nov.
Oct. 20
to
N ov. 9
10.077—
" T h e C op en h agen N ation a l B a n k ,” C o p e n h a g e n , N . Y .
C apital, Amer. Seeding Machine, com mon (quar.)
1
Oct.
Holders o f rec. Sept.30a
Preferred (q u a r.)................................ ..
$ 2 5 ,0 0 0 .
H . L . G ra n t, P re s.; A . M . S e y m o u r , V lc e -P r e s .; D . A .
Holders o f rec. Sept.30a
I X Oct.
T lm c rm a n , Cashier.
Amer. Shipbuilding, pref. (quar.) ______
Oct.
Sept. 17
to
O ct. 15'
IX
1 0 .078—
“ T h e T r in ity N a tion a l B a n k ,” T r in ity , T e x . C a p ita l, $ 30 ,000 . Am. Smelt. & R efg., com . (qu.) (N o. 32)
1
Oct.
Sept. 28 to
O ct. 3
American Telep. fic Teleg. ( q u a r .) ...........
F . L . B arn es, P res.; J . B . P e y t o n , V lc e -P r e s .; P . II. C a uthan,
2
Oct.
Holders of rec. Sept.30a
Cashier.
Amer. Typefounders, com mon (q u a r .)..
1
Oct.
Holders o f rec. Oct.HW
1 0.079—
“ T h e L itch field N a tion a l B a n k ,” L itch fie ld , 111. C a pital, $ 5 0 ,­ Preferred (q u a r.)..............
Holders o f rec. Oct.lOd
I X Oct.
0 0 0 . M . M orrison , P res.; J . W . K id d , V lc e -P r e s .; I I . B . Ilc r r lck ,
Amer. W oolen, pref. (quar.) (N o. 50)11
I X Oct
Sept. 23 to
O ct. 5
Anaconda Copper Mining (qu.) (N o. 44)
Cashier; F ran k P a d c n , A s s t. C ashier.
(C o n v e rsio n o f th e First
50c. Oct.
Holders o f rec. Oct. 6a
S ta te a n d S a v in gs B a n k o f L itch fie ld , 111.)
Associated Gas fic Electric, pref. (qu ar.).
Holders o f rec. Sep .30a
I X Oct.
1 0 .0 8 0 —
“ T h e Central N ation a l B ank o t R ic h m o n d ,” V a . C a pital, $ 25 0,­ Associated Merchants, first pref. (auar )
Oct.
Holders o f rec Oct. 7a
IX
First preferred (extra). . . . . .
000 . Charles H u tz lcr, P re s.; C. A . P e p le , F irst V lc e -P r e s .; W . H .
Holders o f rec. Oct. 7a
X Oct.
Second preferred (qu ar.). .
S ch w arzsch ltd, S e co n d V lc e -P r e s .; P . E . W . G o o d w in , Cashier.
Holders o f rec. O ct. 7a
I X Oct.
1 0 .081—
" T h e First N ation a l B a n k o f O sh k o s h ,” N e b . C a pital, $ 25 ,000 . Second (preferred (extra)
Holders o f rec. Oct. 7a
X Oct.
Bell Telephone o f Canada (quar.)
W . E . R o u d e b u s h , P res.; G . E . M elv in , V lc e -P r e s .; R . A . D a y ,
2
Oct.
Holders o f rec. Sept. 25
Bell Telephone of Pennsylvania (quar.)
Cashier; C. M . E m p son , A s s t. C ashier.
(C o n v e rsio n o f T h e D euel
Oct. 6 to
Oct. 16
I X Oct.
C o u n ty B a n k o f O sh k osh .)
Blnqhamlon Li. ,H t.& P . , com.(qu.)(N o. 20)
Holders of rec. Sept.30a
X Oct.
10.082—
“ T h e N ation a l B ank o f C o m m e rce o f P a sa d e n a ,” Cal. C apital, Preferred (No. 2 7 )................
Holders o f rec. Sept.30a
I X Oct.
Central Coal & Coke, com . (q u a r .)I ll
$ 10 0,00 0.
II. W . ^C hynow eth, P res.; M a cD . S n o w b a ll, V lccOct.
1 to
Oct. 15
I X Oct.
Preferred (qu ar.).................... ...... I
P res.; E . D . T y le r , V lc e -P r e s .; T . J . S to c k s , Cashier,
(C on version
Oct. 1 to
O ct. 15
I X Oct.
Chicago Pneumatic Tool ( q u a r . ) . . . .........
o f T h e B ank o f C o m m erce o f P a sa d en a, Cal.)
Oct
Oct. 15 to
O ct. 25
Claflln (H . B .), com mon (qu ar.).............. "
10,083- - " T h e P a cific N ation a l B a n k o f B o is e ," I d a h o . C a pital, $ 20 0,00 0.
Holders o f rec. O ct. 7a
I X Oct.
First preferred (q u a r .) _____ __________'
IT. B. E a stm a n , P res.; E . W ilso n , V lc e -P r e s .; F . H . P a rson s,
Nov.
Holders o f rec. Oct.25a
IX
Second preferred (quar.) ....... ............ H I
Cashier; J . I I . B la ck , A s s t. Cashier; E . W . T u ck e r, A s s t. Cashier.
I X Nov.
Holders o f rec. O ct.25a
Commonwealth Edison (qu ar.)......... ........
(C on version o f T h e B a n k o f I d a h o , B oise C Itv, Id a h o .)
I X Nov.
Holders o f rec. Oct. 14a
10,084- - “ T h e C ornw all N ation a l B a n k ,” C ornw all, N . Y . C a pital, $25 ,­
Consolidated Ice, Pittsburgh, pref. (quar.).
I X Oct
Corn Products Refining, pref. (qu ar.)___
000 . C. E . M alller, P res.; F . C. W essclls, V lce -P re s .; l .M .C o c k s ,
Oct.
Holders o f rec. Sept.30a
V lc c -P r e s .; J . S . Ilo llo r a n , Cashier
Cuyahoga Telephone, pref. (qu ar.)______
I X Oct.
Oct. 16 to O ct. 30
D ayton Power fic Light, pref. (qu ar.)____ $1.50 Oct.
10,085— “ M arlon N a tion a l B a n k ,” M arlon , S . C. C a pital, $1 0 0 ,0 0 0 . S . W .
Holders o f rec. Sept. 30
N o r w o o d , P res.; J . L . W illia m s, Cashier.
Delaware Lack. fic Western Coal (qu ar.).
Oct.
2X
Holders o f rec. Sept.30a
Detroit Edison (quar.).................................
10,080— " T h e F irst N ation a l B a n k o f D o n g o la ," 111. C a pital,. $25, 000.
IX
Oct.
Holders o f rec. O ct. 2a
Distillers’ Secur. Corp. (quar.) (N o. 3 6 ) . .
J II M orris, P res.; C. A . C. P a rk er, V lc e -P r e s .; R . A . A n d ec rrso n ,
X
Oct.
Sept. 23 to Oct. 18
Cashier.
Distilling Co. of America, p re f.(q u a r.)..
1
Oct.
Sept. 28 to Oct. 18
1 0 .0 8 7 —
“ T h e C itizen s’ N ation a l B ank o f A r k a d c lp h la ,” A r k . C a pital, du Pont (E .I.) de Nemours Pow d. p f.(qu.)
Oct.
IX
O ct. 15 to Oct. 25
$ 5 0 ,0 ° 0 .
R . VV . H u le, P res.
(C o n ve rsio n o f T h e C itizen s’ Bank
Eastern Steamship (quar.)......... .................
Nov.
IX
Holders o f rec. Sept. 16
<x Frust C o.)
Eastman Kodak, common (extra)______
Dec.
7X
Holders o f rec. Oct.31a
3
10.088—
“ T h e F irst N ation a l B a n k o f T a ft ,” C al. C a p ital, $25 000 C. E . Edison Elec. 111., Boston (qu.) (No. 9 0 ) . .
Nov.
Holders o f rec. Oct. 16
W o r d e n , P res.; J . J . w i l t , V lc c -P r e s .; C . S . C rary Cashier
Edison Electric Illuminating of Brockton..
S4
Nov.
Holders o f rec. Oct. 18a
2
1 0 .089—
" T h e First N ation a l B a n k o f H a m p t o n ,” G a. C a pital $30 000.Electric Bond & Share, com. (qu.) (No. 10)
Oct.
Holders o f rec. Oct. 13a
W . M . H arris, P re s.; A . M . H en d e rso n , V lc c -P r e s .; E . R . H arris,
Preferred (quar.) (No. 2 6 ) . .. . __________
Nov.
IX
Oct. 20
to Oct. 31
C ashier.
.
’
Electrical Securities C orp., pref. (quar.).
ix Nov.
Oct. 28
to N ov. 8
Electrical Utilities Corp., pf.(qu .) (N o. 6)
I X Oct.
Holders o f rec. Sept.30a
A P P L IC A T IO N T O C O N V E R T A P P R O V E D .
$3
Fall River Gas Works (quar.) (No. 6 3 ) . . .
Nov.
Holders o f rec. Oct. 14a
T h e S u m ter S a v in gs B a n k , S u m te r, S . C .. in to the C ity N ation a l B ank
Federal Sugar Refg., pref. (quar.) _______
I X Oct.
Holders o f rec. O ct.27a
o f S u m ter, S . C . C a p ita l, $15 0,00 0.
2
Oct.
General Electric (qu ar.)........................ ......
Holders o f rec. Sept. 2a
Goldfield Consol. Mines (quar.) (N o. 13). 30c, Oct.
V O L U N T A R Y L IQ U ID A T IO N .
Holders o f rec. Sept.30a
E x t r a ............................................................ 20c. Oct.
Holders o f rec. Sept.30a
5,8 0 0 — T h e C h erok ee N ation a l B a n k , V ln lta , O k la ., S e p t. 15 1911. (T a k e n
Gorham Manufacturing, com. (quar.) ____
2 X Nov.
o v e r b y th e In tern ation al B a n k fie T ru st C o . o f V ln lta .)
Guanalualo Pow.tt Elec..pref.(qu.)(No. 13)
Nov.
Oct. 21
to
N ov. 1
IX
1,462— T h e W a t c r b u r y N ation a l B a n k , W a te r b u r y , V t ., O c t. 1 1911.
Harblson-Walker Refrac., pref. (q u a r .)..
Holders o f rec. O ct. 10
I X O ct.
3,0 3 4 — T h e M erch a n ts ’ N a tio n a l B a n k o f C h a rlo tte , M ic h ., S e p t. 30 1911.
Homestake Mining (monthly) (No. 443).
50c. Oct.
Oct. 21
to
Oct. 25
Houghton County Electric Light, com _____ 6 2 ^ c . Nov.
Holders o f rec. Oct. 18a
Preferred ............................ .......... ..............
75c.'N ov.
Holders o f rec. Oct. 18a
DIVIDENDS.
Ingersoll-Rand, c o m m o n ..............I I I I H I
251 |Nov.
Holders o f rec. O ct. 16a
Int. Buttonhole Sew. Mach, (qu.) (N o.56)
1
O ct. 16 Holders of rec. O ct. 5
The following shows all the dividends announced for the Internat. Cot. Mills Corp., pref. (quar.) SI Oct. 15 Holders o f rec. Sept. 30
Internat.
Harvester,
com
.
(qu.)
(N
o.
7
).
I X Oct. 14 Holders of rec. Sept.25a
future by large or important corporations:
International Nickel, common ( q u a r .)...
4
Dec.
1 Nov. 14
to
D ec. 1
Dividends announced this week are printed in italics.
Preferred (qu ar.).......................................
1 O ct. 14
I X NOV.
to
N ov. 1
International Paper, preferred (quar.)___
16 O ct. 5
X Oct.
to
O ct. 25
Internat. Smokeless Pow. fic Chem., pref.
4
N ov. 15 Holders o f rec. N ov. 4a
Per
When
Books Closed.
Internat. Steam Pump, pref.(qu.)(N o.60)
1 Holders o f rec. O ct. 20
I X Nov.
Name o f Company.
Cent.
Payable.
Days Inclusive
Kansas City Breweries, pref. (qu ar.)____
I X N ov. 15
La Rose Consolidated Mines ( q u a r . ) ____
2
Oct. 20 O ct.
1
to
Oct. 17
Railroads (Steam).
Lowell Elec. Light Corp. (quar.) (No. 6 2 ). .
$2
Nov.
1 Holders o f rec. Oct. 14a
Atchison Top. & Santa Fe, com . (quar.)
1 Holders of rec. N ov. 3a
Dec.
IX
Massachusetts Gas Cos., com mon (quar.)
1
Nov.
1 Holders o f rec. Oct. 14a
Central HIt. of New Jersey (qu ar.)...........
2
Nov.
1 Holders of rec . Oct.20a
Massachusetts Lighting C os.(qu.) (No.32)
16 Holders o f rec. O ct. 2a
I X Oct.
Clcv. Cln. Ch. & St. L ., pref. (q u a r.)____
O ct. 25
I X Oct. 20 Oct. 10 to
M a y Department Stores, com. (qu.) (No. 1)
1
Dec.
1 Nov. 16 to
_____
Delaware Lackawanna & Western (quar.)
20 Holders of rec. O ct. 5a
2 X Oct
Mexican Light & Power, Ltd. (q u a r .)...
1
Oct. 16 Oct. 8
to
Oct. 15
Georgia Railroad & Banking (q u a r.)____
1 to
3
Oct. 15 Oct.
O ct. 15
Mexican Telegraph (qu ar.)......... .................
2 X Oct. 14 Holders o f rec. Sept.30a
2
Orand Trunk, guaranteed......... ........
Nov. 11 Sept. 23
to
O ct. 26
Michigan State Telep., pref. (qu ar.)____
1 Oct. 15
to
N ov. 1
I X Nov.
First and second preferred______
to
O ct 26
2 X Nov. 11 Sept. 23
Mountain States Telep. fic Teleg (No. 1) $1.36 Oct.
15 Holders o f rec. Sept. 30
Great Northern (q u a r.)......................
Nov.
1 Holders o f rec Oct. 18a
IX
National Biscuit com . (auar.) (No. 5 2 ) ..
Oct. 14 Holders o f rec. Sept.28a
IX
Kansas City Southern, pref. (quar.)
1
Oct.
16 Holders of rec. Sept.30a
National Carbon, common (qu ar.)______
14 Oct. 5
to
Oct. 15
I X Oct.
__ Oct.
Mexican Railway, ordinary ................
1 3-165 Oct.
2 to
Oct. 19
National Fire Proofing, preferred (quar.).
1
Oct.
16 Holders o f rec. Oct.
fi
_ _ Oct.
First preference........... .....................
45
2 to
Oct.
Oct. 19
New Orleans Brewing, pref. ( annual) ___
5
Oct.
16 Holders o f rec. Oct. 12
Second preference .......................................
35
Oct.
2 to
Oct.
Oct. 19
New York D ock, p re fe rre d .............
1
Oct.
16
Holders
o
f
rec.
Oct.
2a
Minn. St. Paul & s . S. M ., com . & pref.
id Holders of rec. Sept.22a
3 X Oct.
Niagara Falls Power (qu ar.)______
2
Pet,
16 Holders o f rec. Sept.30a
Missouri Kansas & Texas, preferred
2
Nov. 10 Holders o f rec. Oct. 20a
NJpissIng Mines Co. (qu ar.)_______
5
Oct. 20 Oct.
1 to
Oct. 17
2
Morris & Essex E x te n sio n .. .............
l Holders of rec. Oct. 24a
Nov.
E xtra________________________________
Oct. 20 Oct.
2
X
1 to
O ct. 17
N. Y. Central & Hudson River (q u a r .)..
16 Holders o f rec Sept.21a
I X Oct.
Northern States Power, preferred (quar.)
Oct. 16 Holders o f rcc. Sept. 30
\x
1
Norfolk & Western, pref. (qu ar.)..
Nov. 18 Holders of rec. O ct.3 la
Nova Scotia Steel Sc Coal, com . (q u a r .)..
14 Holders o f rec. Sept. 30
I X bet.
1 Holders of rec. Oct. 9a
Nov.
Northern Pacific (qu ar.)..................
ix
Preferred (qu ar.).......................... ............
2
Oct.
14 Holders o f rec. Sept. 30
2
Passaic & Delaware Extension ___________
Nov.
1 Holders o f rec. Oct.24a
Oklahoma Gas & Elec., pref. (qu ar.)____
Oct. 16 Holders o f rec. Sept. 30
IX
Pitts. Cln. Ch. & St. L ., com . & pf. (qu )
25 Holders o f rec. Oct.16a
I X Oct
Otis Elevator, com mon (qu ar.)____
1
Oct.
16
Holders o f rec. Sept. 30
2
Reading Company, second preferred-----Nov. 10 Holders of rec.. O ct.2 la
Preferred (qu ar.)............................
16 Holders o f rec. Sept. 30
1 X Oct.
Rom e Watertown & Ogden., guar, (quar.)
ix Nov. 15 Nov. 1 to Dec. 1 Pacific Coast C o., common (q u a r.)..
1 Oct. 21
i x Nov.
to
N ov. 1
1
1 Oct. 14 to
St. L. fic San Fran., 1st pref. (qu ar.)-----Nov.
N ov. 13
First preferred (qu a r.). ........... ......
1 Oct. 21
I X Nov.
to
N ov. 1
1
Oct. 30 Holders of rec. O ct. 14
Southern Railway, preferred...........
Second preferred (qu a r.) ..... .......... ..........
1 Oct. 21
I X Nov.
to
N ov. 1
1
Oct.
Toledo St. L. & Western, pref. (q u a r .)..
16 Holders o f rec. Sept.30a
Pacific Telep. & Teleg., pref. (qu ar.)____
Oct.
15 Oct. 1 to
I
X
O
ct. 15
1
Utica, Chenango ,6 Susy. Valley ........... ..
3
Nov.
Holders o f rec. Oct. 16a
Pay-as-you-Enter Car Corp., pfd. (qu.)
15 Holders o f rec. O ct. 10
I X pet.
1
Oct. 20 Oct.
Western Maryland, pref. (qu ar.)...............
6 to
O ct. 18
Pennsylvania Salt Mfg. (N o. 9 7 )................
6
Oct.
14 Iloldersofrec. Sept. 25
Street and Electric Railways.
Pittsburgh Coal, pref. (qu ar.)_____ _____
I X Oct. 25 Holders o f rec. Oct. 12
16 Holders o f rcc. Sept.30a
Oct.
Auburn fic. Syracuse Elec. R R ., pref. (qu.)
ix
Pittsb. Term. Whse. <fc Transfer (monthly)
15c. Oct.
16 Holders o f rec. Oct. 14
Oct
16 Holders of rec. Oct. 3a
Boston Suburban Elec. Cos., pref. (quar.) $1
Pope Manufacturing, preferred (q u a r .)..
I X Oct. 31 Holders o f rec.Oct .25da
4 to
2
Oct.
16 Oct.
Brooklyn City R R . (qu ar.)................. ..
O ct. 16
Procter <tr Gamble, preferred (qu ar.)____
2
Oct.
14
Sept. 24 to O ct. 15
1 to
Cln. Ncwp. fic Cov. L. & T rac., com . (qu.)
O ct. 15 Quaker Oats, common (au ar.)___________
ix Oct. 15 O ct,
16 Holders o f rec. Oct. 2a
2 X Dct.
1 to
15 Oct.
O ct. 15
Preferred (qu ar.).......................................
I X Oct.
Preferred (q u a r.).......................................
30 Holders o f rec. N ov. la
Nov.
I
X
Holders
o
f
rec.
1
O ct. 14a
Columbus (O.) Ity., pref. (qu ar.)...........
I X Nov.
Reece Buttonhole Machine (qu.) (N o. 102)
?
Oct
16 Holders o f rec. O ct. 5
to
2k
1 Oct. 22
Oct. 31
NOV.
Easton (Pa.) Cons. Electric C o ...............
Rhode Isld. Perk. Horseshoe, pref. (qu.)
1
Oct. 14 Holders o f rec. Oct. 25a
16 Holders o f rec. Sept. 30
Ft. Smith Light & Trac., pref. (q u a r .)..
I X Oct.
San Diego Cons. Gas & Elec., pref. (q u .).
16 Holders o f rec. Sept. 30
Oct.
I
K
11 to
Georgia Ry. <fe E l., pref. (fpiar.)...............
Oct. 20 Shawlnigan Water & Power (qu ar.)______
I X Oct. 20 Oct.
I X Dct. 20 Holders o f rec. O ct. 7
1 Holders of rec. Oct. 15a Silversmiths Company (quar.)......................
Orand Rapids R y . , pref. (quar.) (No. 4 4 ).
i x NOV.
I X NOV. 15 Nov. 11
to
N ov. 15
to
Havana Elec. R y ., com. A pref. (qu a r.)..
N ov. 11
I X Nov. 11 Oct. 22
Southern New England Telephone (quar.)
14 O ct.
\ x Oct.
1 to
Oct 15
1
Nov. 10 Holders of rec Oct. 31a
Lehigh Valley Transit, preferred...............
Standard Milling, preferred (No. 17)____
2
Oct. 31 Oct. 25
to
O ct. 31
14 Holders of rec. O ct. 2a
2
Oct.
Manchester (N. H .) Trac., L. & P. (quar.)
Standard Underground Cable (qu ar.)____
3
O ct.
1 Oct.
16 to
Mexico Tramways (qu ar.)..........................
I X Nov.
Oct. 31
Union Bag fic Paper, pref. (qu.) (N o. 50)
1
O ct.
16 Holders o f rec. Sept.30a
Milwaukee El. R y. & r,t., pref. (q u a r .)..
I X Oct. 31 Holders o f rec. O ct. 20
United Cigar Stores, Corp. o f (qu .)(N o.9)
16 Oct. 3
I X Oct.
to
Oct. 16
Montreal Street R y. (quar.) ..........................
25 Holders o f rec. O ct. 14a
2 X Oct.
Extra ........... ........................................ ......
16 Oct. 3
X Oct.
to
O ct. 16
Oct.
16
Ottumwa Railway fic Light, pref. (qu ar.).
Holders o f rec. Sept. 30
IX
United Dry Goods, com mon (qu ar.).........
2
Nov.
1 Holders o i rec. Oct. 25
Philadelphia Company, com mon (qu ar.).
1 Holders o f rec. Oct. 2a
I X Nov.
United
Electric
Securities,
pref________
$3.50 Nov.
1 Holders o f rec. O ct.17a
Common (extra )......... ................................
1 Holders of rec. O ct. 2a
X Nov.
United Fruit (quar.) (No. 4 9 )....................
2
14 Iloldersof rec. Sept. 23a
O ct.
Public Serv. In v., prof, (qu.) (No. 1 0 ).1 Holders of rcc. O ct. 11a
I X Nov.
United Gas Improvement (q u a r.)..............
2
14 Holders o f rec. Sept. 30
Oct.
1
Quebec R y ., L. II. * P ., Ltd. (q u a r .)..
Oct.
Holders o f rec. Sept. 30
U. S. Industrial Alcohol, pref. (qu ar.)___
15 Holders o f rcc. Oct. 7
I X Oct.
Railways Company General (quar.) ..............
1
Nov.
Oct. 22
to
O ct. 31
U. S. Printing o f N. J ., pref. (qu ar.)____
15 Nov 5
I X Nov
to
N ov. 15
Republic Ry. fic Light, pf. (quar.) (No. 1)
I X Oct.
Holders of rec. Sept. 30
U. S. Realty A Improvement (quar.) _____
1. Holders o f rec. O ct. 21
I X Nov.
Rio de Janeiro Tram ., L.& P ., Ltd. (qu.)
Nov.
IX
Holders o f rcc. Oct. 10
1
United States Rubber, common (quar.)
Oct. 31 Holders o f rec. Oct. 16a
Seattle Elec. Co., com . (quar.) (N o. 13)
Oct.
IX
Holders of rec. O ct. 2a
2
O ct. 31 Holders o f rec. Oct.16a
First preferred (qu ar.)........................ ..
1
Virginia Railway & Power, com . (No. 1 ).
Oct.
Holders of rec. O ct. 7a
Second preferred (qu ar.)_____________
\ x Oct.
31 Holders o f rcc. Oct.16a
Washington-Va. R y ., com and pref.........
Nov.
IX
October 18
1
U. S. Smelt., Ref. fic Min., com . (quar.).
Oct.
14 Holders o f rec. Sept. 30
West Penn Traction, pref. (qu ar.)...........
I X Oct.
O ct. 8 to
O ct. 16
Preferred (quar.)......... .............................
I X O ct.
14 Holders o f rec. Sept. 30
1
Wheeling Traction (quar.)..........................
Oct.
O ct.
1 to
O ct. 15
U. S. Worsted, pref. (quar.)....... .......... ..
I X Oct.
15 Oct. 2
to
O ct. 14
Banks.
Utah Consolidated M in ing ----------------------50c. Nov. 14 Oct. 22
to
O ct. 29
4
Nassau, National (No. 117)........... - ..........
Nov.
Holders o f rec. Oct. 31a
Va.-Carolina Chem., pref.(qu .)(N o.64 )._
2
O ct.
16 Oct.
1 to
Oct. 15
4
Oct.
Produce Exchange, New York (No. 5 3 ) ..
Holders of rec. O ct
3
Vulcan Detlnnlng, preferred (qu ar.).........
I X O ct. 20 Holders o f rec. Oct. 10a
Trust Companies.
Warner (Chas.) Co. of Del., 1st pref. (qu.).
I X Oct. 25
Broadway (quar.) ...........................................
N ov.
1 Oct. 21
IX
to
Oct. 31
Western States Gas Sc E lec., pref. (quar.)
16
O ct.
IX
Holders o f rec. Sept 30
2
Nassau, Brooklyn (quar.) ............................
Nov.
1 Oct. 29
to
Nov. 1
Western Union Teleg. (quar.) (N o. 170)
16 Sept. 21
X O ct.
to
O ct. 12
Miscellaneous.
Westlnghousc Elec. & M fg., pref. (quar.)
16 Holders o f rec. Sep .30a
i x Oct.
2
Alliance Realty (q u a r.).................................
Oct.
16 Holders o f rec. Oct. 6
W h lte(J.G .)& C o.,In c.,pfd.(qu .)(N o. 34)
1 Holders o f rec. Oct.20a
1X Nov.
3
Amor. Agrlcul. Chem., pref. (N o. 2 5 )___
Oct.
16 Holders o f rec. Sept.30a
Worthington (Henry R .), In c., preferred..
1 Holders o f rec. O ct. 20
3 X Nov.
1
Amcr. Dtst. Teleq. of N . J . (quar.) ...........
Oct. 28 Oct. 19 to
Oct. 27
Nov.
American Gas fic Electric, pref. (q u a r .)..
IX
1 Oct. 21
to
Nov. 1
a
Transfer
books
not
closed
for
this
dividend,
b
Less
Income
tax. d Correction
2
Nov.
Amerlcan Glue, com m on............................
t
2
1 fOct. 22
to
Nov
1
Common (extra)......... ...............................
Nov.
1 fOct. 22
to
Nov, 2 / O n account o f accumulated dividends, g Declared 4 % , payable 2 % Nov 2 1911
to holders o f record Oct. 19 1911 and 2% May 2 1912 to holders o f record April 19
Nov.
1 Oct. 17
Am. Light fic Traction, com . (qu ar.)____
2X
to
Oct. 31
1912
ft Dividend o f $2 48 declared, payable $1 24 N ov. 1 1911 to holders o f
1 Oct. 17
Common (payable In common sto ck ) . .\ 2 X stk Nov.
to
Oct. 31
record Oct. 10 1911 and $1 24 payable May 1 1912 to holders o f record April 19
Preferred (q u a r.)....... .................................
IX
L Oct. 17 to
Nov.
O ct. 31
1012. i Payable In com mon stock. * On amount paid In ($25). I Payable to
Oct. 21 Sept. 22
American Locom otive, pref. (q u a r.)____> I X
to
Oct. 20
holders o f record Oct. 23.




THE CHRONICLE

1000

Auction Sales.— Among other securities, the following, not
usually dealt in at the Stock Exchanges, were recently sold at
auction in New Y ork, Boston and Philadelphia.
By Messrs. Adrian II. Muller & Sons, New York:
Per cent. Bonds.

Shares.

Per cent-

10 Tabard Inn Corp., co m m o n ..]
$1,000 Crescent Athletic Club 2d
5s, 1923. M. A N ............... - - - 7 0 A int.
8 Tabard Inn Corp., preferred. )$30 lot
30 Metropolitan Safe Deposit C o. j
$1,000 Bkljrn. Heights U K. 1st 6s,
1941, A. A O .............................100 A lnt.
2 n. S. Electro-Galvanizing C o . . 25

By Messrs. R. L. Day & Co., Boston:
Shares.

10
7
1
4
2
1

S per sh.
2 West Side Co.,M anchester,N .II. GO
91 Plym outh Cordage Co. rights. 19 5+20

%per sh.\ Shares.

Great Palls Mfg. Co.................... 185
Lyman M il l s ............................. 129 M
Plttsf. A N. Adams HU. C o .. 140
Hartford Fire Insurance C o___720
New Hampshire Fire Ins. C 0 ..1 9 5 X
Lewis Wharf C o., $ 1.000 par. . 1250

Bonds.

Per cent.

$2,000 Boston, Mass., 3 % s , 1 9 3 5 .. 93
$40,000 Elk IUver (Minn.) Milling
Co. 1st Gs. 1918.............................10 flat

By Messrs. Francis Henshaw & Co., Boston:
S p ersh . Shares.

S persh .
9 Albany Building T rust................ 0 2 %

Shares.

4
Nashua Mfg. C o., $500 each— G50
15 Amoskeag Mfg. C o., co m m o n .. OOJ-i 175 Waltham Watch Co., c o m ...2 7 -2 8 M
25 Warren Bros. Co., com .. $ 5 0 ea. 27
10 Amoskeag Mfg. Co., prof......... 103%
1 Plym outh Cordage Co. rig h ts.. 19%
1 Berkeley Hotel Trust______ 80 A lnt.

By Messrs. Barnes & Lofland, Philadelphia:
Shares.

S p ersh .

7 Western National Bank............12 2%
22 Penn. Co. for Ins., A c ., A c ------600
5 Phlla A Camden Ferry Co., $50
each ..............
..1 1 0
8 Cam. A Burl. Co. HIt. C o., $25
each ------37
10 Bank o f Commerce.....................131
10 Htdge Ave. Bank ($12 50 paid) 17 H
10 Hlttenhouso Tr. Co., S50 each. 52
5 Colonial Trust Co., $50 each — 100
14 Equitable Trust C o.....................100
20 People’s Trust Co., $50 each— 5 0 %
9 Commonwealth T . I. A Tr. C o .241
% Independence Tr. Co., $50 each 33
5 Frank!. A Southwark Pass. Ily.378
80 Phlla. A Gray's Fy. Pass. R y . . 80
6 Pennsylvania Fire Insur. C o . . 405
32 Nor. Liberties Gas Co., $25 each 44 %
10 Mt. Holly (N. J.) Water C o . . . 22

Shares.
’
S persh .
2 John B. Stetson C o., co m m o n .520

3 Do Long Hook A Eye C o--------101
60 Sham. Val. A Potts. HU. Co.,
$50 each....... ............................63
50 Morris Canal A Bkg. Co., pref.169
20 U. S. Loan Society. $10 e a c h .. 15
10 Loan Soc. of Phlla., $10 e a c h .. 1%
10 St. Louis A Suburban C o., com . 23
25 Pleasantvlllo (N . J.) Water C o. 2
Bonds.

Per cent.

$2,100 Heal Est. Title Ins. A T rust
Co. 4s, Series O, 1919........... 94 *+94
$7,500 Blrdsboro Stone Co. 1st 5s,
1936...............................- ................... 85
$500 Altoona Gas Co. 1st 5s, 1 9 3 2 .. 97
$200 Zoological Soc. o f Phlla. loan. 25
$1,000 Spgfd. Water Co. 5s, 1926..100
S I,000 No. Spgfd. W at.Co.5s, 1928.100

[V O L . L X X X X I I I

D E T A IL E D R E TU RN S OF T R U S T COM PANIES.

Trust Cos.

00s

Surplus.

omitted.

Net
On Dep.
Specie. Legals. with C . 11 Deposits.
Loans.
Average. Average. Average. Banks. Average.

Reserve.

$
$
S
2,331,4 16,830,0 1,676,0
2,397,2 17,4,84,0 1,655,0
12.860.9 127.441.0 13.439,0
U. S. M tg.A Tr 4,446,4 35.398.0 2.990.0
1,043,1 16,682.0 1.919,0
Title Guar. A T 11,429,9 35,276,0 1.914.0
22,977,9 142,900,0 15,253.0
597,0
7,073.0
1.272.4
6,453,8 19,502,0 1,307,0
1,813,1 15,051,0 1,616,0
1,426,3 15,303,0 2,052,0
1,727,4 16,495,0 .1,841,0
11,183,3 46,938,0 4,653.0
977.4 11,447,0 1,258,0
972.0
8,940,0
582,0
M etropolitan.. 6,107,4 23,437,0 2,391,0

S
$
$
%
48,0 2,959,0 11,327,0 15.2+ 20.7
413,0 2,413,0 13.544,0 15.2 + 15.0
584,0 11,115,0 93,448,0 15.0 + 10.6
929,0 5,466,0 26.072,0 15.0 + 17.1
29,0
.688.0 12.856,0 15.1 + 11.3
1,318.0 3.449,0 20,226,0 15.9+ 14.3
1.302,0 15,652,0 103,140,0 16.0 + 13.1
5.405.0 15.3 + 11.1
801.0
231,0
873,0 1,885,0 14,168,0 15.3 + 11.7
80.0 1,056,0 11,331,0 15.0 + 12.7
2,003,0 15.126,0 13.7 + 11.6
422,0 2.806,0 15,004,0 15.0 + 15.6
123.0 3.619.0 31.162,0 15.34-10.4
363,0 1,396,0 10,438,0 15.64* 11.7
7,985.0 15.0 + 13.5
232,0 1,251,0
13,0 3,529,0 15,661,0 15.3 + 18.3

Totals, A v g e .. 89,029,9 556,197.0 55,533,0

6,984.0 61,688.0 406,893,0 15.3 + 13.1

Actual figures Oct. 7 . . 553,843,0 57,851,0

7,052,0 66,118,0 407,367,0 15.9 + 13.9

M an h a ttan ___
B r o o k l y n ------

1

21,0

The capital o f the trust companies Is as follows: Manhattan, $1,000,000; Brooklyn;
$1,000,000; Bankers, $5,000,000: U. S. Mtge. A Trust, $2,000,000: Astor, $1,260,­
000: Title Guarantee A Trust, $4,375,000: Guaranty, ¥5,000.000: Fidelity, $1,­
000,000: Lawyers’ Title Ins. A Trust, $4,000,000: Columbia, $1,000,000; Standard,
$1,000 000: People’s, $1,000,000; New York, 3,000.000 Franklin, $1,500,000:
Lincoln $1,000,000: Metropolitan, 32,000,000; total. $35,125,000.
SU M M ARY CO VERIN G BO TH BA N K S AN D TR U S T COMPANIES.
Week
ending
Oct. 7

Capital.

Loans.

Surplus.

Specie.

On Dep.
Legal with C .H .
Tenders. Banks.

Net
Deposits.

$
5
$
$
S
$
$
135,150,0 196.199.01.360.815,0 284,699,0 73,652,0 _______ 1,378,366,0
Trust cos. 35,125,0 89,029,9 556,197,0 55,533,0 6,984,0 61.688,0 400,893,0
T o ta l.... 170,275,0 285,228,91,917,012.0 340,232,0 80,636,0 61,688,0 1,785,259,0
Actual.
1,381,851,0
1,367.528,0 282,703,0 73,280,0
B a n k s __
Trust cos.
...........
............ 553,843,0 57,851,0 7,052,0 66,118,6 407,367,0
T o t a l ...

...........

80,332,0 66,118,0 1,789,218,0
............ 1,921,371,0 340,554,0

By Messrs. Samuel T. Freeman & Co., Philadelphia:
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Statement of New York City Clearing-House Banks and New York) and those for the rest of the State, as per the
Trust Companies.— The detailed statement below shows the
condition of the New York City Clearing-House members following:
For definitions and rules under which the various items
for the week ending Oct. 7. The figures for the separate
banks are the averages of the daily results. In the case of are made up, see “ Chronicle,” V. 86, p. 316.
the totals, actual figures at the end of the week are also given.
STATE BA N K S AND TR U S T COMPANIES.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
Trust Cos.
State Banks
Trust Cos.
Slate Banks
banks, and V. 92, p. 1607, in the case of the trust companies.
outside o f
outside o f
in
in
Week ended Oct. 7.
5 Persh.
30 Equitable Trust Co.................... 100

Shares.

Bonds.

Per cent.

$1,000 Springfield Water Co. cons.
5s, 1926.............................................. 100
Bonds.
Per cent.
$600 North Springfield Water Co.
$5,000 N. Y . A East River Ferry
5s, 1928.............................................. 100
1st 5s, 1922..................................... 03

Greater N . Y . Greater N . Y . Greater N . Y . Greater N . Y .

D E T A IL E D R E TU R N S OF BA N K S.
VTe omit two ciphers (00) in all cases.
Capital as o f June 7 ---------Banks.
00? omitted.

Capital.

Surplus.

Loans.
Average.

Legals. Net Depos­ Re­
Specie.
Average. Average. its, Aver. serve.
%
$
18,563,0
953,0
35,000.0
1.427.0
22.028.0
1.357.0
54,490.0
1,326,0
28,861,0
2.145.0
7,213,0 187,382,0
27,962,0
1,053,0
7.300,0
183,0
7.185.0
439,0
2,241.0
69,0
9,197,0
200.0
41.950.0
3.487.0
7,056,0 121,784,0
10.646,0
1,015,0
3 484,0
439,0
15,330.0
1,141,0
2,133.0
150,0
78,657.0
4,608,0
20.379.0
629.0
11,223,0
655,0
8,832,0
1,128,0
12.793.0
244.0
60.626.0
5.659.0
23,406,0
1,998.0
84,877,0
1,410,0
1,473.0
109.0
33.533,0
1,900.0
12,740,0
119,0
2,819,0 108,652.0
25,737,0
2,115,0
3.569,0
61,0
8,249,0
664.0
3,662.0
215.0
99.029.0
5.282.0
15,016,0
1,181,0
3,708,0
550,0
6,491,0
369.0
17,963,0
1,586.0
403.0
8.703,0
371,0
3,666.0
1,739,0
12,168,0
250,0
5.071,0
1,973,0
26,660,0
968,0
18,510,0
441.0
9,693,0
342.0
20,487.0
1,085.0
13,858,0
700.0
6.734,0
1,466,0
8,953,0
294.0
7,700.0

25.5
27.3
26.2
25.4
27.1
27.3
25.6
26.5
24.6
27.8
24.8
26.9
25.7
25.5
22.7
24.5
28.1
27.4
25.6
24.6
26.2
25.9
20.0
25.3
25.4
21.7
24.5
23.5
25.1
25.6
24.6
24.1
26.6
23.9
26.4
23.5
26.4
32.0
26.8
24.8
24.5
25.0
27.2
28.8
25.9
25.0
25.3
25.3
25 1
25.3

Totals, A v g e .. 135,150,0 196,199.0 1360.815,0 284,699,0 73,652,0 1378.366.0

26.0

1367,528,0 282,703,0 73,280,0 1381,851,0

25.7

Bank of N. Y .
Manhattan Co.
Merchants' . . .
M ech.A Metals
A m e r ic a -------C i t y -------Chemical.........
Merchants’ Ex
Gallatin
Butch. A Drov
G reen w ich ___
Amer. E x c h ..
C om m erce..
Mercantile P a ddo ____
People’s ____
H a n ov er___
Nassau
Metropolitan

East R iv e r ..
F o u r t h -------First
Bowery .
German-Amcr
Chase. .
Germania . . .
Lincoln _____

West S id e ...
Seaboard___
L ib e r t y .........
State .............
S e c u r it y -----Coal A Iron.
Union E x ch .

2 000,0
2,050,0
2 000.0
6.000,0
1,500.0
25.000.0
3,000,0
600,0
1,000,0
'300,0
500,0
5,000,0
25,000 0
3,000,0
500,0
2,250.0
200.0
3,000.0
2,550,0
500.0
1,000,0
2,000.0
3.000.0
1,500,0
5,000,0
250,0
5.000.0
1.000.0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100.0
200,0
200,0
1,000,0
1,000,0
250.0
1,000.0
200,0
1,000.0
1,000,0
1,000.0
1,000,0
1,000.0
1,000.0
1,000.0
1,000,0

Actual figures Oct. 7 . . .

$
$
20,812.0
3,657,6
30,600.0
4.413.4
21.181.0
1 887.9
55,925.0
8,317,8
27.574 0
6.134.4
27,475.2 187.570.0
30.330,0
6,799.9
7,037.0
574,6
9,036,0
2,538,9
2,501,0
156.7
8,198.0
874,5
42,257,0
4,624.3
15,532,1 143,824.0
13,984,0
2,771.7
4,173,0
936.8
15,797,0
1,160.3
2.039.0
470.9
12.744.2
69,348.0
1,882.8
21,546,0
9.661,0
590,5
8,965.0
1,799,5
12,248,0
1,572,3
50.813,0
5,557.8
25,985.0
7,580,4
82.000.0
12,947.5
1,545,0
98,2
32.070.0
5,783.4
13,473.0
2.290,2
21,189,3 116,196,0
23,981,0
1,904,1
3,446,0
794,9
8.331.0
1,684,1
3,915,0
717,7
89.808.0
8,444.5
13,256,0
2,227,3
3,777.0
888,4
5,488.0
1,041,2
15,353.0
1,667,6
8.523.0
1,234,9
3,701,0
517,4
12,219.0
2,145.7
4,434,0
1,064,0
22.475,0
2.082.1
17,393 0
2,709,5
8,189.0
797,4
16,165.0
967.5
10,528.0
485,0
6,463.0
446,5
9,001.0
952,9
7,678,0
1,063,2

$
3.783,0
8.159.0
4.425,0
12,522,0
5,682 0
41.078,0
5.531.0
1.754,0
1,331,0
555,0
2,089,0
7.801.0
24.245.0
1,705,0
353,0
2,616.0
451,0
16,896,0
4,596,0
2.109.0
1,189,0
3,068,0
10,119.0
3,946,0
20,213,0
213,0
6,322,0
2,888,0
24,472,0
4.482.0
818,0
1,328,0
760.0
18,433,0
2,798.0
322.0
1.351 .C
4.165,0
1,937.0
540,0
1,249,0
1.012,0
5.287.0
4.366,0
2,075.0
4,788.0
2,423.0
1,007.0
786,0
1,661,0

%

~~Clrculatton.— On the basis of averages, circulation o f national banks In the
(Hearing House amounted to $50,037,000, and according to actual figures was
$50,211,000.




Surplus as of June 7 _____
Loans and Investments..
Change from last week.

$
9,525,000

8
9.453,000

S
23,275,000

$
62.206,000

38,912,100

178,697,600

11,631,137

11,999,889

294,311,300 1,082,587,300
+ 675.100 — 21,623,100

102,264,200
— 135,700

155,317,900
— 328,100
__________ _

Change from last week.

53,201.200
+ 934,900

113,577,600
— 1,723,400

Legal-tenders A bk. notes
Change from last week.

23,487,200
— 1,527,700

10,926,900
+ 112,600

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

345.759,600 1,186,740,500
+ 1,843,400 — 21,009,400

108,026,200
+ 099,400

164,160,400
+ 1,056,900

Change from last week.

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

Reserve on- deposits.........
Change from last week.

96,919.700
+ 936,500

135,746,000
— 161,000

22,015,600
+ 890,300

24.118,300
+ 1,610,300

P. C. reserve to deposits.
Percentage last w e e k ..

28.3%
28.1%

10.8%
16.0%

21.3%
20.0%

15.4%
14.5%

+ Increase over last week.

— Decrease from last week.

N ote. — "Surplus" includes all undivided profits.

“ Reserve on
for both trust companies and State banks, not only cash Items
L.d ?®
from reserve agents. Trust companies In New York State;
P.J *a.^ .*®
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation 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 thirty days,
represented by certificates , and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
o f New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca­
tion, the reserve being computed on the whole amount of deposits exclusive o f time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910). and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the com pany or held In trust
for It by any public department.
— Stale Banks —
— Trust C os .—
Reserve Required for Trust Companies
ana State Banks.
Location—

Total
Of
Total
Of
Reserve
which
Reserve
which
Required, in Cash. Required, in Cash.

Manhattan Borough______________________
15%
Brooklyn Borough (without branches in Manhat.) 15%
Other Boroughs (without branches In Manhattan) 15%
Brooklyn Borough, with branches In M anhattan..1 5 %
Other Boroughs, with branches In Manhattan------ 15%
Elsewhere In State......................................................... 16%

15%
JO%
J0%
15%
15/4
5%

25%
20%
15%
20%
15%
15%

15%
10%
1% %

20%
16%

6%

present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below as are
also the results (both actual and average) for the Clearing-

House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.

Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
W e omit two ciphers (00) in all these figures.

N E W Y O R K C IT Y BA N KS AN D TR U S T COMPANIES.

Capital
and
Surplus.

Banks.
Total o f all
Clear .-House State Banks &
Members.
Trust Cos. not Banks &Trusl
Average.
In C .-H . Aver. Cos. Average.

Clear.-House
Members.
ActualFigures

Week ended Oct. 7.

1001

THE CHRONICLE

O c t . 14 1911]

$

3

5

Capital IN at. banks
170,275,000
170,275,000
| Sept. 1____
Surplus JStatc banks
285,228,900
285,228,900
J June 7 -----Loans and Investments 1,921,371,000 1,917,012,000
+ 1,165,000
— 5.934,000
Change from last week

378.867.000
93,638,100
603,632,000 2,520,644,000
— 9,481,100 — 15,415,100

D e p o s it s ......... .............. 1,789,218,000 1,785,259,000
Change from last week — 3,733,000 — 12,508,000

a597,261,900 2,382,520,900
— 9,609,300 — 22,117,300

35,166,000

205.431.000

Change from last week

340.554,000
— 5,642,000

340,232,000
— 8,249,000

63,743,700
+230,100

403,975,700
— 8,018,900

Change from last week

80,332,000
— 1,687,000

80,636,000 • 610,909,000
— 2,520,000
— 329,600

91,545,000
— 2,849,600

Banks: cash In vault. .
Ratio to deposits------

355,983,000
25.76%

358,351,000
26.00%

371,005,800

12,654,800
13.50%

Trust cos.: cash In vault

64,903,000

62,517,000

61,997,900

124,514,900

Aggr’to m oney holdings
Change from last week

420,886,000
— 7,329,000

420,868,000
— 10,769,000

74,652,700
— 99,500

495,520,700
— 10,868,500

Money on deposit with
oth. bks. & trust cos.
Change from last week

66.118,000
+ 7,025,000

61,688,000
+2,278,000

22,727,400
+ 1,364,700

84,415,400
+ 3,642,700

Change from last week

487,001,000
— 304,000

482,556,000
— 8,491,000

97,380,100
+ 1,265,200

579,930,100
— 7,225,800

Surplus CASH reserve
Banks (above 25% ) - .
Trust cos.(above 15%)

10,520,250
3,797,950

13,759,500
1,483,050

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

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

Change from last week

14,318,200
— 7,306,650

15,242,550
— 8,713,600

% of cash reserves o f tr ust cos.—
15.93%
Cosh on dep. with bks.
13.96%

15.36%
13.16%

15.27%
1.71%

28.52%

16.98%

Total . .

29.89%

Boston.
S e p t.1 6 ..
Sept .2 3 ..
Sept. 3 0 ..
O ct. 7 . .
Phila.
S e p t.1 6 ..
Sept. 2 3 ..
Sept.3 0 . .
O ct. 7 . .

Loans.

Specie.

COM BINED RESU LTS OF BA N KS AND TR U S T COMPANIES IN
G R E A T E R N EW Y O R K .

$
41,350,0
41.350,0
41,350,0
41,350 0

S
217,948.0
218,145,0
218,068,0
221,484,0

$
S
26,806,0 3,704,0
26.840,0 3 906,0
25,546,0 3,728,0
24,754,0 3,660,0

S
266,648,0
266,613.0
265,152,0
270+61,0,

$
7.060,0
7,054,0
7,011,0
7,101,0

$
145,492,7
147,341,1
138,341,3
164,897,6

60,105,0 '
60,105,0 i
60,105,0 ,
60,105,0

279,335,0
279,162,0
280,087,0
279,644,0

76,718,0
76,840,0
76,567,0
78,099,0

334,944,0
334.343,0
335,194,0
335,523,0

15,361,0
15,336,0
15,312,0
15,328,0

135,680,1
138,886,6
141,161,5
162,514,3

Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
O ct.

5 -.
12..
19..
26 ..
2 ..
9 ..
10..
23 ..
30 ..
7 ..

Specie.

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Oet. 7; also
totals since the beginning of the first week in January.
F O R E IG N IM PORTS A T N E W Y O R K .
1911.

For week.

1910.

$2,421,303
12,081,241

S
S
~ $
2,624.434.0 2,483,768,1 .416,051,2
2,593,876.3 2,455.008.2 417.341.1
2.509.106.7 2,439.358.9 422,091,8
2.550.602,0 2.429.138.0 420.748.7
2,547,141.8 1 2,420.404,7 422,588,3
2,548.812.6 2,412.039,0 412,202,6
2,551.764,6 2,418,943,6 411 293,4
2.549.499,3 2,418.181,1 413,729,9
2.530.0.59,1 2,404.638,2 411,991,6
2,520,644,0 2,382,520,9 403,975,7

$2,663,152
10,282,036

T o t a l ..................................... $14,502,544 $18,882,5361 $18,752,726
Since Jan. 1.
Dry G oods....... ............ - .......... $107,851,056 $121,826,395 $130,323,435
General Merchandise----------- 557,013,926 588,250,842 533,126,608

$94,049,067
386,442,027

Total 40 weeks..................

$17,148,165
579,119,635

S
512,864,8
513,881,3
520,001,3
523,533,0
518,600,4
506,983,0
507,856,9
508,952,1
506,389,2,
495,520,7

S

602.621.5
601.100,0
608.381.3
610.906.5
607.356.4
591,982,2
591,178,7
589.576.5
687,161.9
579,936,1

W e omit two ciphers (00) in all these figures.

Banks.

Capi­
tal.

Sur­
plus.

New York City.
Manhattan <fe Bronx.

Washington Heights.
Century ____________
Colonial ......................
Colum bia......................
F id elity ........................
Jefferson ......................
Mount Morris..............
M utual...........................
P la z a ......... ...................
Twenty-third W a r d ..
Yorkvllle ....... ............
New Nethcrland-------Battery Park N at-----Aetna N ational--------Borough of Brooklyn.

$
100,0
250,0
400.0
300,0
200,0
500,0
250,0
200,0
100.0
200.0
100.0
200,0
200.0
300,0

B roa d w a y.................... • 200,0
252,0
Manufacturers’ N a t..
Mechanics’ ___________ 1 000,0
300,0
National C ity_______
North S i d e . . .............. 200.0
300,0
First N ational......... ..
Jersey City.
400.0
First N ational.............
250,0
Hudson County N at.
200,0
Third N a tion a l______
Hoboken.
220,0
lrst N ational----------125,0
Second N ational.........

$
291,2
127,8
433,4
796,5
182,2
533,3
339,9
401,8
473,7
105.8
502,3
273,3
132,6
313,2

S
1,347,0
1.064.0
6.111.0
0,711,0
1,027,0
4,538,0
2,467,0
3,361,0
3,839,0
1,947,0
4,160,0
2,435,0
1,500,0
2,201,0

554.0 3,350.0
867,3 5,727,0
918,6 11,153,0
592,9 4,039,0
161.7 2.019.0
659,0 3,631,0

On
Legal
Tender Deposit
with
Specie. and
C .-H .
Bank
Notes. Banks.

S
270,0
152,0
1,074,0
723,0
334,0
182,0
397,0
208,0
996.0
323,0
613,0
277,0
82,0
159,0

S
1,084,0
1,447,0
7,483,0
7,557,0
951,0
4,363,0
3,182,0
3,561,0
4.025.0
2,134,0
4,695,0
2,504,0
1,381,0
2,183,0

430,0
125,0
619,0
196,0
340,0 1,733.0
500,0
194,0
185,0 117,0
356,0
66,0

410,0
550.0
1,787.0
1,070,0
303,0
404,0

3,321,0
5,275 0
13,218,0
4,155,0
2,055,0
2,868,0

1,292,2
776,8
414,1

5,409,0
3,155.0
2,039,0

271,0
256,0
115,0

402,0
106,0
172,0

4,242,0
841,0
785,0

4,606,0
2,420.0
1,756,0

625,8
264,5

3,685,0
3,113,0

173,0
180,0

57,0
51,0

524,0
297,0

1,632,0
1,276,0

Totals O ct.
7 ____ 6,747,0 12,033,9 90,628,0 7,394,0 7,158,0 17,003,0
Totals Sept. 3 0 ------ 6,747.0 12,033,9 90,884,0 7,521,0 7,315,0 14,190,0
Totals Sept. 2 1 ------ 6,747,0 12,033.9 90,959.0|7,419,0 7,372,0 15,296,0

89,132 O
89,257,0
89,310,0




$11,629,554
454,974,480

$16,096,294
494,891,260

$12,553,827
480,575,468

Total 40 weeks___________ $596,267,800 $510,987,554 $466,604,034 $493,129,295

The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 7
and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:

Imports.

Gold.
Since Jan. 1

Week.

Great Britain........... ...........................
France
________________________ $2,Oil",238
Germany
2,400
West Indies_______________________
Mexico
South America____________________
110,000
All other countries__
Total 1911______________________ $2,123,638
400
Total 1910.........................................
Total 1 9 0 9 ---........... - ..................... 1,100,000
Silver.
Great Britain
- ____________
France _ _ _______________________
Gormanv
West Indies __ __________
Mexico ..................................................
South America____________________
All other countries.......................... ..
Total 1911.........................................
Total 1910.........................................
Total 1909______________ ________

Net
Deposits.

S
48,0
224,0
391,0
560,0
114,0
455,0
30,0
652,0
393,0
99,0
814,0
89,0
30,0
34,0

S
140,0
29,0
814,0
643,0
37,0
211,0
458,0
19,0
334.0
243,0
5 i, o:
208,o;
182,0
504,0

1908.

1909.

1010.

1911.

For week.

For the w eek_______________
Previously reported________

E X P O R T S AND IM PORTS OF SPECIE A T N E W Y O R K .

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
or the week ending Oct. 7, based on average daily results:

Loans,
Dtsc’ls
and
Invest­
ments.

$12,945,188

$664,864,982 $710,077,237 $663,450,103 $480,491,094
1
1

Exports.

S
96,813.6
96,540,2
97,369,5
96.784,3
90,012,1
94,780,4
90,563,5
95,222,2
94,394,6
91,545,0

1908.

1909.

$3,024,605 ! $2,897,928
15,857,931 | 15,854,798

Dry G oods--------------------------General Merchandise-----------

Tot. Money Entire Res.
Holdings. on Deposit.

Legals.

l

a Includes Government deposits and the Item “ due to other banks.” A t Boston
Government deposits amounted to $3,120,000 on October 7, against $3,109,000
on September 30.

W e omit two ciphers in all these figures.

Deposits.

Clearings.

E X P O R T S FR OM N E W Y O R K .

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a scries of weeks past:

Loans and
Investments.

Circu­
lation.

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 7 and from Jan. 1 to date:

+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item "D u e from reserve depositories
and other banks and trust companies In New York City” ; with tills Item Included,
deposits amounted to $890,053,500. a decrease of $11,341,700 from last week. In
the caso of the Clearing-House members, the deposits are "legal net deposits” , both
for the average and the actual figures. & Includes bank notes.

Week
Ended.

Deposits, a

Legals.

Week.

$3,503,745
3,500
1,677,850

**$V,684

1,661,561
172,250

30,077
2,794

$6,918,906
44,854,353
76,994,692

Since Jan. 1

$73,067
499,140
2,578*
1,363,060
6,802,351
2,453.954
1,623,753

574

$39,129 $11,817,9*3
221,993 20,555,186
119,589
7,091,399

$763,640 $35,273,167
2,251,334
52,000
167,149
90,738
200

$11

” 21*401
6,848

* 4 6 ,1 9 8
18,000

$170,928
11,713
25,761
37,319
2,695,160
1,368,191
1,272,345

$816,840 $37,810,637
1,082,530 33,733,001
790,418 35,738,011

$64,393
58,586
44,774

$5,581,417
3,633,336
3,834,420

” '*i*666

184

Of the above imports for the week in 1911, $530 Were
American gold coin and $67 American silver eoin.

g a tiliitig a n d Jfitx a tx c ia L

Diversify Your Investments
W r ite fo r o u r circu lar e n titled
treats th e a b o v e s u b je c t In d e ta il.

"J u d ic io u s

I n v e s t m e n t .'

w h ich

Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK.
Chicago. 111.
Boston. Mass.
Albany. N. Y.
Members New York stock Exchange.

WHITE,
5

NASSAU ST R E E T :
NEW YORK

WELD

&

CO.
TH E ROOKERY
C H IC A G O

THE CHRONICLE

1003

fB m t k je rs '

(i a a o e t t e .

Wall Street, Friday Night, Oct. 13 1911.
The Money Market and Financial Situation.— Practically
the only development worthy of mention in a review of the
security markets this week has been a slight increase in the
transactions in bonds. The additional interest in this
department is almost wholly of an investment character and
does not appear in transactions at the Exchange, where
a large part of the business continues to be in speculative
issues. Leading bond houses report more inquiry at the
counter and manifestly some of the hitherto idle money is
absorbing this class of securities.
Traffic reports given out by some of the railways in the
South have attracted attention, have stimulated an interest
in Southern securities making them leaders of a general
upward trend in stock market values.
The political situation abroad is not much changed but
the financial outlook has further improved. The German
Bank makes a more favorable statement than last week
and the Bank of England has increased its percentage of
reserve somewhat, notwithstanding the fact that large
shipments of gold have been made to Egypt, Turkey and
South America.
Local money market conditions are illustrated by reports
that foreign bills of exchange in considerable amounts, drawn
against sales of cotton for export, have been negotiated, and
are being held here instead of abroad, as usual. It is also
reported that in other ways New York is helping Berlin,
Paris and perhaps London to meet the requirements incident
to the situation over there.
• Statements relating to the iron industry, which,as is wellknown, are regarded with more than usual interest just now,
are to the effect that the lower prices now in force are stimu­
lating a little better demand. The Steel Corporation’s
daily shipments in September were larger than those in
August, but the Corporation’s monthly statement shows a
decrease in tonnage of unfilled orders.
Except increasing activity in New England textile plants,
mentioned in this column last week, there is not much evi­
dence of business revival.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2
To- day’s rates on call were 2}^@ 2J^% .
Commercial paper quoted at 4 ^ @ 4 ) ^ % for 60 to 90-day
endorsements, 4^£@ 4% % for prime 4 to 6 months’ single
names and 5 and upwards for good single names,
jt. -The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,100,128 and the percentage
of reserve to liabilities was 51.91, against 51.45 last week.
•The rate of discount remains unchanged at 4 % , as fixed
Sept. 21. The Bank of France shows an increase of 12,­
050,000 francs gold and a decrease of 5,650,000 francs silver.
N EW Y O R K CLEARIN G-H O U SE BAN KS.
{Not Including Trust Companies.)

1911.
Averages for
week ending
Oct. 7.

j-

S
135.150.000
190.109.000
Loans and discounts__ 1.360.815.000
50.037.000
Net deposits___________ 1.378.360.000
284.699.000
73.652.000

Dl/fercnccs
from
previous week.
$

1910.
A verages lor
week emling
Oct. 8.

1909.
Averages lor
week ending
Oct. 9.

S
$
132.350.000
127,350,000
193,297,900
177,371,800
1.272.197.000 1.273.033.200
48,110,100
51,599.200
1.249.228.000 1.278.402.200
251,895,700 255,731.700
66,350,600
68.413,600

Inc.
Inc.
Dec.
Dec.
Dec.

0,728,000
78,000
1,792,000
6,212.000
2,710,000

Reserve held......... ........

358.351.000 Dec.
311,591,500 Dec.

8,922,000
448,000

318,252,300
312.307.000

324,148,300
319 600,550

Surplus reserv e.........

13,759,500 Dec.

8,474,000

5.915.300

4.547,750

Note .— The Clearing House now Issues a statement weekly showing the actual

condition of the banks on Saturday morning, as well as the above averages. These
figures, together with the returns of tho separate banks and trust companies, also
the summary Issued by the Stato Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the .second page preceding.

[V O L . L X X X X I I I .

D O M E S T IC E X C H A N G E .— T h e fo llo w in g are th e rates fo r d o m e s tic
e x ch a n g e at the u n d e rm e n tio n e d cities at the clo se o f th e w eek: C h ica go,
5e. p er $1,000 d is c o u n t; B o s to n , 10c per $1,000 d is c o u n t.
N ew O rleans,
co m m e r c ia l, 75c. per $1,000 d is c o u n t; ban k , $1 per $1,000 p rem iu m . St.
L o u is , 15c. per $1,000 d is c o u n t. S a v a n n a h , b u y in g , 3 -1 0 % d is co u n t;
se llin g, par. C h arleston , b u y in g , par: selling, 1-1 0 % p rem iu m .
M in­
n e a p o lis , 20c. per $1,000 p rem iu m . San F ra n cisco , 4 0 c. per $ 1 ,000 p re­
m iu m . M on treal, 15 % c . per $ 1 ,000 d is c o u n t.

State and Railroad Bonds.— Sales of State bonds at the
Board include 891,000 New York 4s 1961 at 1 0 3 to 103%,
81,000 New York Canal 4s 1961 at 103% and 818,000
Virginia 6s deferred trust receipts at 59 to 60.
Enormous transactions in American Tobacco issues gave
the bond market the appearance of activity on one or two
days of the week, otherwise that department has been dull
and generally firm. The Allis-Chalmers 5s have declined
over 10 points within the week and 23 points since
May.
United States Bonds.— Sales of Government bonds at the
Board are limited to 885,000 Panama 3s at 102% to 102%.
Closing prices have been as follows; for yearly range see third
page following.

2s,
2s,
.‘is,
;*s,
4s,
4s,
2s,
3s,

1930 . . . ______ registered
1930____ ................coupon
1908-18. ........... registered
1908-18 .............. coupon
1925 . . . ........... registered
1925____ ............... coupon
1936..Panama Canal reals
1961____ -Panama Canal

Interest
Periods

Oct.

Oct.

Oct.

Oct.

Oct.

Oct.

7

9

10

11

12

13

Q— Jan
(1— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Feb
Q— Mch

*100%
*100%
*101%
*101%
*113%
*113%
* 100 ',
*102%

*100%
*100%
*101%
*101%
*113%
*113%
*100%
102%

*100%
*100%
*101%
*101%
*113%
*113%
*100%
102%

*100%
*100%
*101%
*101%
*113%
*113%
*100%
102%

*100%
*100%
*101%
Holt- *101%
day. *113%
*113%
*100%
*102%

* This 13 the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— The transactions in
stocks have averaged only about 350,000 shares daily, as
against nearly 1,400,000 shares two weeks ago, and the
market has been, for the most part, unusually steady.
There was practically no change in the tone of the market
from day to day. The tendency of prices has been towards
a higher level, but in only a few issues did the advance exceed
a point until to-day. More strength developed to-day than
previously during the week and closing quotations are
generally the highest.
Issues that will benefit by the enormous cotton crop have
been strong features, with Norfolk & Western, Louisville &
Nashville and the Southern Railway shares leading the
upward movement in an advance of Irom 2 to 4 points.
For no generally known reason, Reading and Erie have been
relatively weak, while Baltimore & Ohio, Lehigh Valley and
Chesapeake & Ohio have followed the course of the market
and are an average of 2 points higher.
Allis-Chalmers issues have been notably weak, the common
selling down to 2 and the preferred to 10%, as against 7%
and 18 at the end of August. Beet Sugar, on the other hand,
shows a net gain of 4 points. Tobacco preferred 2 and other
industrials from 1 to 2.
For daily volume of business see page 1012.
The following sales have occurred this week of shares
not represented in our detailed list on the pages which
follow:
STOCKS.
Week ending Oct. 13.

American Snuff, pref__
Amor Telcg & Cable
Amer Tobacco, pf tr ctfs
Batopllas Mining.............
Col & Hock Coal & Iron
lull paid trust receipts
Detroit U n ite d ...............
General Chemical, p r e f..
Standard Milling, p r e f..
U S llcduc & Refining..
Virginia Iron, Coal & C.

Sales
for
Week.

Range since Jan. 1.

Range lor Week.
Lou'esl.

Highest.

Lowest.

100
25
800
200

104
78
97
82

Oct 7 101
Oct 7
Oct 13 78
Oct 13
Oct 7 97 i Oct 7
Oct 10 82
Oct 10

100
100
4.3
300
100
100

12
73%
106
51%
3
60

Oct 7 12
Oct 13 73%
Oct 13 106
Oct 13 52 ;
Oct 10 3
Oct 13 60

Oct
Oct
Oct
oct
oct
Oct

Highest.

Aug 104
96
May
78
July 85% Jan
92 %, Sept 97% Sept
S l % Aug 82% Jan

7 12
Apr 15
July
13
Sept 74
Feb
13 103 % Jan 108
Apr
11 50
July 52% Oct
10
3
Oct
4% Jan
13 52 . Jan 97
July

Outside Market.— Trading in “ curb” securities this week,
except in a few scattered issues, was very dull and price
Foreign Exchange.— The movement has been upwards. changes of no great significance. American Tobacco was
At the close to-day demand sterling was quoted at 4 86% again of chief interest and was active. After an early gain
of 2 points to 409 it dropped to 397, but moved upward
and cable transfers were wanted at 4 86%.
again, reaching 413 to-day, the close being at 412. Inter­
T o - d a y ’ s (F r id a y ’s) n om in al rates fo r sterlin g e x c h a n g e w ere 4 83 % for
s i x t y d a y and 4 87 for sig h t. T o - d a y ’s a ctu a l rates fo r sterlin g exch a n g e
continental Rubber, com., was neglected, a few transactions
w ere 4 8 3 1 0 @ 4 8325 fo r s ix ty d a y s , 4 8 6 3 0 @ 4 8040 fo r ch eq u es and 4 8070
being reported at 19. Studebaker Corp. com. sold up from
© 4 8680 fo r cables. C om m ercia l o n ban ks 4 8 2 % @ 4 82 % an d d o cu m e n ts
57% to 58. United Cigar Mfrs. com. advanced from 42%
fo r p a y m e n t 4 8 2 % 0 4 83 % .
C o tto n fo r p a y m e n t 4 8 2 @ 4 8 2 % and grain
fo r p a y m e n t 4 83 © 4 83 % .
to 48. In bonds N. Y. Westchester & Boston R y. 4%s
T o - d a y ’s (F rid a y 's ) actu al rates fo r P aris b a n k e rs’ fra n cs w ere 5 2 1 % @
were active and moved up from 97% to 97%. Oregon-Wash.
5 2 0 % less 1-10 fo r tong an d 5 17 % less 3 - 3 2 @ 5 1 7 % less 1-32 fo r sh ort.
G erm a n y ba n k ers’ m arks w ere 94 3 - 1 0 © 0 4 5-1G fo r long" and 0 4 % @ 9 4 13-16
R R. & Nav. 4s sold down from 92 to 91% and up to 92%,
fo r sh ort.
A m sterd am ba n k e rs’ gu ild ers w ere 40 1-16 plus l - 3 2 @ 4 0 % less
the close to-day being at 92% . Southern Bell Telep. 5s
1-16 for sh ort.
T h e p osted rates fo r sterling as q u o te d b y a r e p re se n ta tiv e h ou se have
advanced from 98% to 98% . N. Y. City 4%s improved
rem ain ed th rou g h ou t th e w eek a t 4 83 % fo r s ix ty d a y s and 4 87 fo r sigh t.
from 102% to 103 1-16. Business in mining stocks was
E x ch a n g e at Paris on L o n d o n , 25f. 1 9 c.; w e e k ’s range. 25 f. 19 % c . high
and 25f. 18c. tow.
small. Braden Copper was active, selling up from 4% to 5,
E x ch a n g e at Berlin on L o n d o n , 2 0 m . 5 2 p L ; w e e k ’s ran ge, 20m . 52p f.
the close to-day being at 4 % . British Columbia went down
high and 20m . 51p f. low .
T h e ran ge for foreign e x ch a n g e fo r th e w eek fo llo w s ;
from 3% to 3% and up to 3% . Butte Coalition was traded
Sterling, Actua l — S ix tv D a gs.
C heques.
Cables.
in up from 14% to 15. Giroux was another active feature
H ig h for th e w e e k . . . 4 8320
4 8640
4 8080
L o w fo r the w eek . . .4 8290
4 8625
4 8665
and advanced from 3 11-16 to 3% , with the final quotation
P a ris Bankers' F r a n cs —
to-day 3% . Greene Cananea sold up from 5% to 5% . In­
H ig h fo r th e w e e k ___5 2 0 %
5 1 7 % less 1-32
5 16 % less 1-16
L o w fo r th e w eek . . . 5 2 1 % less 1-16 5 18 %
6 1 7 % less 1-32
spiration was strong and from 6% reached 7% , the close to­
G erm an y B a nkers' M a r k s —
day being at 7% . " Kerr Lake was off from 3 11-16 to 3% .
HIgfc. lor the w e e k ___ 94 5-16
91%
01 15-16 plus 1-32
L o w f o r th e w e e k ___ 94 3-10
La Rose Consolidated sold down from 4 to 3 15-16 and back
04 %
04%
Am sterdam Bankers' G u ild ers —
to 4 and Nipissing from 7% down to 7% .
H Ig h fo r l he w e e k . . .
3 0 1 3 -1 6
40 t -1 0 p lu s l-1 6 4 0 % plus 1-32
Outside quotations will be found on page 1012.
L ow or the w e e k ___ 3 9 % less 1-16
40 1-10
40 % less 1-32




N ew Y ork Stook E x c h a n g e - S t o c k R ecord , D aily, W eek ly and Y early
O C C U P Y IN G
S TO C K S— H IG H EST
Saturday
Ocl. 7.

Monday
Oct. 9.

ASD

LO W EST

Tuesday
Oct. 10.

SALE

Wednesday
Oct. 11.

1812
1812
413)
4134
IOOI4 *10534
15934 1581,
90
90
*25
31
5512 *54
4212 * ____

1134
*1112 1212
2 2 1 2 223,
22l2
Gll 2 6112 513,
♦75
79
*75
*23,
234
*212
*7
*7
9
*3
*3
4
#47
621jj *49

R a ilroad s
tch T o p e k a & San ta Fe
24,110
106
D o p r e f ___________
1,170
103
3,000 A tla n tic C oast Line R R . .
127
5,904 lo a lt lm o r e & O h io _______
963)
D o p r e f ___________
150 ■ ’
88
8,800 B ro o k ly n R a p id T r a n s it .
7514
4,450 / 'a n a d la n P a c i f i c _____
22712
* a n a da S o u t h e r n _____
7214
Central o f N ew J e rs e y ___
270
5,950 C h esapeake & O h io _____
7312
C h ica go & A lto n R R ____
25
D o p r e f________________
45
300 C h ic G t W e s t tru st ctfs _ _
19
D o pref trust c t f s ___
*3514
38
108 1083} 20,800 C h icago M llw & S t Paul
D o p r e f _____________
*146 150
1*051 C h icago & N orth W estern
144 14412
D o pref
*190 200
C h ic S t P M inn & O m aha
*130 140
D o pref
*142 158
C h ic Un T r a c c tfs stm p d
*15,
212
D o pref c t fs s t m p d ___
*
C leve Cln Chic & St L . . .
*59
70
D o p r e f________________
♦883) 100
950 C o lo ra d o & S o u th e rn ____
49
50
D o 1st p re fe rr e d _____
100
*73
78
D
o 2d p r e fe rre d _______
*63
70
elaw are & H u d s o n ___
162 162
elaw are L a ck & W c s t .
+49712 540
900 D en ver & R io G ra n d e ___
227, 227,
D o p r e f________________
300
46% 4634
D u lu th So Sh ore & A tlan
*9
11
D o pref
*1812 2 0
30
303, 10,200
D o 1st p re fe rre d ___
1,900
49
49*2
D o 2d p re fe rre d ___
200
+41
42
5,800 G reat N orthern p r e f_____
1251.) 12.53)
Iron O re p r o p e r tie s ___
503] 5112 5,150
Green B a y <5e W .d e b c t f B
*1U 2 1212
avan a E le c t r ic _______
200
*9312 -----D o p re fe rre d _____
100
*1 0 2
H o ck in g V a lle y _________
*7 6 6 I llinois C en tral_________
13812 13812
147, 147,
1,000 I n te rb o ro -M e tro p v t ctfs
D o p r e f.........................
3,200
*1414 4512
D o p re f v o t tr c t fs ____
385
*42
____
200 Io w a C en tral_____________
1812 1834
D o p r e fe rre d ___________
100
*36
38
C F t S & M tr ctfs ,p re f
80
*72
ansas C ity S o u t h e r n ..
600
29U 2912
Do
p re fe rre d _______
*64
67
ake
E rie & W e s t e r n ..
*1 0
D o p r e fe r r e d _______
*25
158I2 I 6 OI4 44,510 Lehigh V a lle y ____________
L o n g Isla n d _____________
*47
53
146 1403)
6,475 L o u is v ille & N a s h v ille ..
an h atta n E l e v a t e d ..
13 412 13412
100
Inneapolls <5c S t L ouis
*33
34
100
D o p r e fe rre d ___
60
60
100
*12714 12912
100 M inn S t P A S S M arie___
D o p re fe rre d ________
*147 152
D o leased line c t f s . .
*87
91
2934 3012 7,900 M o K ansas & T e x a s ____
D o p re fe rre d ________
550
68
68
3814 3812 3,300 M issouri P a cific ________
ash C h att & S t L ou is
*147
....
at R y s o f M ex 1st pref
*62
70
D o 2d p r e fe r r e d ..
900
3112 311
10434 105%
2,955 N Y Central A H u d s o n .
1,000 N Y C h ic & St L o u i s . . .
*48
49
D o 1st p re fe rre d ____
*9812 . . .
D o 2d p re fe rre d _____
*75
85
1,225 N Y N H & H a r t f o r d . ..
*132 133
825 N Y O ntario & W e s te r n .
38% 383)
1053, 1055, 14,600 N o rfo lk & W estern
D o a d ju s tm e n t p r e f . .
*87
90
N orth ern O h io T r a c & L t
*513, 54
1151, 11012 11,620 N orth ern P a cific ____
acific C oast C o ____
*85 100
D o 1st preferred
*85 110
D o 2d p re fe rre d ___
*85
90
9,198 P e n n s y lv a n ia _____
1213, 12134
300 P lttsb Cln C h ic & S t L ___
*94
9434
D o p re fe rre d _________
*105 11512
I 3 OI4 138 425,900 1 l e a d i n g -----------------------140 llU 1st p re fe rre d _______
*88
91
2d pre fe rre d ________
100
*92
96
4’,375 R o c k Island C o m p a n y —
2412 247,
D o p r e fe rre d _________
1,600
4512 47
t L & San F r, 1st p r e f .
250
16I
65
D o 2d p re fe rre d ____
1,600
4012 42
St L o u is S o u t h w e s t e r n ..
*25U 32
D o p re fe rre d ___
*69
71
200
1077, 1083) 14,000 S ou th ern P a cific Co
281, 2812 23,350 S ou th ern v tr c tfs s t m p d .
4,750
z 6S12 6934
D o p ref
do
2,400 r P e x a s & P a cific_______
2134 25
2,300 1 hlrd A v e n u e (N Y ) „
8 l2
9l 2
T o le d o R a ilw a ys & L t ___
600 T o le d o St L & W e s t e r n ..
*1712 19
D o p re fe rre d __
407, 417,
1,400
200 T w in C ity R a p id T r a n sit.
IOOI4 1061,)
nion P a c ific ___
15912 1613, 235,900
D o preferred
2,800
9114 921,
300 U n it R y s I n v ’ t o f San Fi
31
31
D o p re fe rre d ____
200
*5514 5512
Virginia Rv & P ow er
D o p r e fe r r e d _____
abash
925
1134 117,
1,650
D o p r e fe rr e d _____
2334 24
3.275 W e ste rn M aryland R y . .
5412 56
D o p r e f e r r e d . . ___ _
100
*76
83
W h e e lin g & L a k e E r i e ..
*212
3
D o 1 st p re fe rr e d ____
*7
9
D o 2d p re fe rre d ______
*212
312
W isco n sin C e n tra l______
*51
5312

A

Erle

H

__

K
L

M

N

P

20

S

187,
417,
IO6 I4
1601,
91
3012
6512

117,
225,
521,
*75
*212
*7
*3
*50

117,
117,
223) *2212
5312
5314
78
79
*212
3
*7
9
*3
41
51
51*2

117,
2312
64
78
3
9
412
51

113)

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

D

187,
183)
4 U2
4114
10612 *10534
1597, 1587,
9034
91
3012
31
5512 *55
4212

2212

Sales o]
the
W°ek
Shares

PAGES

112 6

185,
1812
41
417,
IOGI4 *10512
159
159 3 4
907,
90
*3012
35
5512
551
4212 * ____

613,
78
3
9
412
62

Friday
Oct. 13

105
103
126
963,
*SG12
7412
227
* ____
*255
7234
*17
*40
19

10378 10434 1045, 1051,
103 103
103 103
126 1273t 12G34 12G34
96
9614 961, 965,
88
8 6 t2
8612 *86
741, 7412
737S 7412
22G12 22714
226U 227
____ 7214 ____ 7214
*255 270 *255 270
72
72t2 7214 7212
*17
25
♦1612 25
*40
45
*35
45
*1814 19
10
19
§38
38
*3514 3814
10734 1085,
1073S 108
*145 150 *145 150
14214 143
14234 143*2
*190 200 *190 2 0 0
*130 140 *130 140
*142 155 *142 155
♦ 112
212 ♦ U 2 212 *15, 2 1 2 *15, 2 12
*412
6
534
*U2
6
*412 534 ♦412
62
623)
62
6314
♦59
65
♦59
61
*8734 100
♦,8884 100
*8834 100
♦90 100
4734 4 734
48
4834
♦47
48
48
♦45
*73
76
♦74
78
*74
76
74
74
*63
____ *63
♦63
75
70
75
♦63
16012 16012 162 162
♦160 163 ♦160 163
♦49712 540 ♦49712 540 *49712 540 *49712 540
22
22
22
22
*22
23
22
2 2 I4
*46
47
47
47
47
47
♦46
47
♦9
12
*9
12
♦9
12
*9
12
♦ 1812 2 1
*1812 2 1
*1812 2 0
♦ 18
24
295, 3018 2934 3 OI4
293S 3014
297S 30's
4812 4812 49
49
49
4914
49
49
4i.
41
41
41
*4012 4112
♦4012 41
1235s 12378 1237, 12412 1243, 1247s 1245, 1 2 5 I4
495, 5034
48
49
49
4934
4738 48
♦ 12
1212 ♦ 12 1212 *1 2 1212 *1112 1212
*9312 . .
98
98
♦9312
1025S 1025g
*102
...
------ 1251,
1365s 13658 138 138 *13612 13812 1377, 138
1478 15
*14
151,
1458 1478 ♦ 1412 1512
45
4514 *44
4514
44
4518
4 4 I4
45
437, 437g *4212 4412
43
43
*18
19
*18
19
♦ 18
♦ 17
19
3734 3734
*36
♦37
♦36
38
*72
*72
80
♦72
♦72
80
*28
2912
2812 287g 29
♦2812 29
*64
*64
*64
67
♦64
67
*11
*1 0
*11
15
♦ 11
15
*25
*25
*24
30
♦25
30
15758 158
15612 1581, 15712 1583, 1575, 15834
*47
52
*45
53
*45
52
♦45
52
I 4 4 I4 14612 14434 I 4 5 I4
14238 14234 14212 147
♦132 135 *132 135 *134 13512 *134 13512
3312 3312
*30
34
*32
34
♦
_____________
34
*57
60
*57
60
*59
61
♦
________________
02
12634 12634 *12G78 128 *127 129 *127 130
♦146 150 *147 ICO *146 150 *146 150
*87
8914
94
*87
*87
91
♦87
94
295, 297,
30
29
2834 2S78 283) 29
§67
67
67
67
♦64
6512 *6134 67
38
38
3712 373)
37
3712
3712 377,
...
____ *147
. . . *147
____ *147
♦ 147
*65
71
*60
70
*60
70
♦60
70
31U 32
31
*2912 3012 *30
*2912 31
104 10412 104 10412 §1037, 1037, §1047, 1047,
48
48
48
485,
48
48
♦48
49
* 9 8 1 2 ____ *9812 ____ *9812 ------ *98l2 -----*75
85
*75
85
*75
85
♦75
85
133 13314 1327, 133
*13212 134 §133 133
3812 3812 *381) 39
38
38
38U 38U
10512 106
103 106
10234 10234 IO2 I4 103
*87
90
♦87
90
*513, 54
*513, 60
*50
60
♦50
60
11434 115 xl 135, IH I 4 1141, 1143) H 4 I4 H 5 I4
*85 100
*85 100
*85 100
♦85 100
*85 110
*85 110
*85 110
♦85 110
*45
90
*85
90
*85 100
♦85 100
121 1213s 1207, 1213, 12U 2 1217, I 2 H4 12U 2
931|
94
94U
9314 *90
♦90
9314 *90
§1053,
1053,
♦ 105 11512 *105 l l o l 2 *105 11512
1373g 138>s 13534 138*4 I 3 6 I4 13714 1355, 1371,
91
*89
91 * 8 8
91
91
♦893g 91
923) 9234
*92
96
*92
96
♦92
96
237, 2412
2312 24
♦2318 2312 231, 23%
45
4512
4434 443)
445, 443)
♦4412 4512
*6112 65
*60
65
*58
65
♦58
65
3912 3912
39
3 9 I4
38
38
♦37
39
*2514 32
*30
32
*2514 32
♦2 5 I4 32
*69
71
71
69
691 *69
♦6812 69
108
10012 10714 107
1063, 107
10658 107
277, 2812
2714 277,
261g 263g 2 GI4 271,
68
G912
6712 6712
66
67
♦6412 6 OI4
2434 2434
2412 2434
243, 2412
♦24
2412
9
034
*8
9
“
8 I4
85S *8

1041/1 1047, 10334 10434
+ 1 0 2 1 2 103 § 103 103
123 12312 124 128
9558 96
9514 <J014
♦8 GI2 871j ♦8612 8714
7358 7378
7334 74
22 0
2 2658 22534 22G12
* ____ 7214 ♦____ 7214
♦255 270 ♦255 270
713S 7218
7134 7134
♦ 1612 25
♦ 1 0 1 2 25
♦35
45
♦35
45
181o 1 S12
♦18
19
*351.1 3812 ♦ 35 14____
10G12 10714 10034 10712
♦145 147 ♦145 145
♦ 14U2 14212 H 2 I4 I I2 I4
♦190 2 0 0 ♦190 200
♦130 140 ♦130 140
♦142 155 ♦142 155

1812
4U 2
*1053l
1587,
90
31
5512
* ____

PR IC ES.

Thursday
Oct. 12

TW O

U

27*4 Jan
61 Jan
543, Mch
77 D ec
10 Jan
23 Jan
13i2 Jan
64 N o v

BANKS AND TRUST COMPANIES— BROKERS' QUOTATIONS.
Banks
N ew York

A e t n a _____
A m erica I I ..
A m er E x ch .
B a ttery P k .
B o w e r y j] ...
B ro n x llo ro j,
B ron x N a t.
B rya n t Pk 3|
B u tch & Dr
C entury 31—
Chase

Bid

Ask

180
590
250
145
380
300
180
155
145

185
005
257%
155

550

_
__

185
160
155
155
575

Banks

Bid

Chr.t&l’ henlx 169
Chelsea E x 3| 2 0 0
Chem ical . _ 435
Citizens' Ctl 158
C ity ________ 430
Coal & Iron 160
Colonial 1| .. 400
C olum bia 3]. 375
C om m erce . 119712
Corn Ex 3 1 - 310
East R iv e r . 115
F idelity 3 (.. 165

Ask

171
445
162
440
160
400
315
120

175

Bank.
Fifth A veilF ilth ..........
First _______
F o u r t h ____
G a ll a t i n ___
G a r i l c l d ___
G erm -A m 3i
G erm 'n Ex3|
G erm ania 1|.
G o t h a m ___
G reen w ich 3l
H a n o v e r ___

Bid
1100

300
970
204
335
295
140
485
550
150
240
630

Ask

1350
350
980
207
341
300
145

__

675
155
250
640

Banks
H a r r lm a i ._
im p & Trad
Irvin g N Ex
ietferson 3] „
L ib e r t y ....
L in c o ln ____
d a n h a tta n 3!
Mark’ t& F ul
Mech A M et's
M ercantile .
U ercb E xch
M erchants

Bid

285
570
215
145
550
390
310
250
260
150
16212
180

Uanki
M etropolis 3
.Vletropol ’ n 1;
Mt M orrlsll.
Mutual 31___
155
N a s s a u ____
575
New N eth .3
410
N ew Y ork C o
350
25712 New Y o r k .
P a cific^ ____
265
P a r k _______
155
16712 P eop le's 3 ]..
Plaza 3) ___
185

Ask

580

Bid.
Banks
Prod E xch 3; 170
90
R e s e r v e ___
Seaboard . . 415
260
S e c o n d ____ 385
295
150
S ecu rity
sh erm an ___ 135
220
State 31 . . . .
975
23d W ard t- 175'
310
U nlon E x c . 170
280
36212 W ash H ’ ts 1 275
W est Side '
250
Y ork v llle 31
—

Bid

Ask

370
198
250
285
300

385

210

900
300
270
35712
240
650

202

Ask
175
96
400*
160

•Bid an d asked prices; no sales w ere m ade o n this d a y .
t E x -rlg h ts,
§Less than 100 shares. IS ta te ban k s, a E x -d iy k le n d an d rig h ts. 6 N ow sto ck .
tS ale at S to c k E x ch a n g e or at au ctio n this w eok . h F irst Installm ent p aid, n b o ld a t p riv a te sale at this p rice ,
t 2d p a id , y 3 d p a id .




1004

New Y ork Stock R ecord— Concluded— Page 2

STO C K S— H IG H EST
Saturday
Oct. 7

jMonday

Oct. 9

AND

LOW EST

Tuesday
Oct. 10

SALE

Wednesday
Oct. 11

*205 215 *205 215 *205 215 *205 215
2
5
3
314
2
318
278
31,
13
15
1212 123,
10-34 1112
1212 1212
48-14 49%
4918 49%
4853 491 s
49
50
*40
48
*45
48
*4033 48
48
48
*90
...
*90
...
53% 56%
50
571
551 - 5034
50
5714
*9512 1 0 1
*95 1011 *9512 10134 100 101
9% 10
978 10 %
IOI4 1 0 %
10
10
81
84
5 1 S5-34
85
8538
8434 85%
47% 47%
467S 47-3?
48
48
48
48
*113 110 * 1 1 0
116
114 114
115 115
50
50
49% 51
4934 5034
50
5034
*99 103
*99 103
*99 103
*99 103
*208 2 1 2 *208 215 *208 2 1 2
§205 209
*312 4
312 3%
*312
4
*312
4
*20
24
*20
24
*20
22
*2 0
22
*171t 18
*17
18
*1714 18
*1714 1734
S%
85S *818
9
*S12
9
*83s
9
*27
29
28% 281
29
29
281- 281
*3434 351
3434 3 43,J *34% 3512
35
35
*10414 100% *10412 100 *105 107
105 105
*3
5
*312
4
*31t
4
*3
4
*41
43
*41
43
411- 417g *38I2 42
*83
84
*82
84
*84
85
*84
85
0212 63
G214 6318
6278 63%
6318 64%
< 0 1
102
10134 1013) * 1011- 1021
102 102
*32
35
33
33
33
3314
31
31
*110
118 * U 012 118 *110 117% *116 118
*115 110 *115 110 §110 n o *115 116
13334 134
133% 134
134 1345? 134=3 13434
9014 97%
9612 98
9738 97%
97% 98
3112 3112 *3012 3112 3 l l 2 3112 *30
3112
88
8812 * 8 8
90
*88
90
*8712 90
*24
20
*2412 2512
25
25
*2412 2014
*31
32
*3 118 32
32
32
32
32
*2534 29
*20
28% *28
29
*2G12 2878
*517S 55%
5512 55I2
5638
56
5618 56%
133 133
134 134 *134% 130 *134 137
*712 10
*712 10
*719
*712
9
*2914
30%
2834 291i *28I8 301a *2811 30
21
21
21
21
*21
2“ H2
2112 2112
931i 9 3 I4 *9212 90
*93
96
*93
95
18
18
175s 18
177a I 8 I4
18% 1914
27
27
*20
281s
27
27
2612 27
13712 138% 13734 13,8% 13714 138'n 13712 13712
*1114
12
113s 11"
1 II4
1 1%
1134 117s
*7512 7012 *75
761 *7512 78
*75
77
*31
3112 5 3 1 1 4 3 1 1 ; *3034 3 U 2 *301- 3112
*1512 25
*1514
25
*1514 25
*151- 25
*49
0212 *48
62
4934 50
*37
00
14812 14812 148 I 4 8 I4 1487s 150
150 150I8
*3718 41
*371S 41
*39
41
*37% 41
*70
70l2 70
701 *75
78
75
75
5%
5l4
5
51S
47s
5
478
5
10334 104
10334 104
104 10418 103 10334
* ____ 117
11512 116% *11478 116%
*3l 2
4
31)3
3%
*312
4
*3%
4
*14
15
*14
15!
*14
1514
14% 14%
*912 10
*912 10
*912 10
*9% 10
*40
47
45
40
*45
47
40
40
*27
30
251* 26
20
20
20
26%
*80
84
80
S012 *80
8112 8112 8112
10234 10234 *10214 103
103 103
103 103%
*S3
85
8 -II3
85
*84
87
*85
90
*7212 731­ *7212 7312
7212 721- *7212 7312
7414 74U *7312 7712 *7312 771­ *7312 77%
*108 IIOI4 *I08-74 IIOI4 10834 1 1 0 % *108 1 1 1
1 734
W 8
1734 1734
1714 177S
17% 18%
12412 12412 *121% 127
12512 127
126 126
12834 128-14 *12014 129 *124 129 *120% 12S34
15
15
*14
15
*1414 I 5 I4 *14
15
*90
94
*90
94
93
93
*90
94
45% 4512 *45
4G12
4G14 4014 *46
46%
*105 109 *105 109
105 109 *106 109
157S 16%
1512 10
1512 15%
1512 10
*50
00
*50
00
*50
60
*53
50
67% 67% *6612 6 8
6 7 I4
G712
6712 6712
*30
3012 3012 3012 3014 3014 30
30
41
4314
42
43
43
45
43% 4412
*10414 105 *10414 105
10434 1047s 105 10534
*17
1712 *17
1712 *17
7834 78% *7 712 80
80
*2S12 2912 *2812 2912
29
*9412 9512 *94
90
95
* ____114
*155 1501 *155 15612 157
2778 2775 *27
28
27%
*90 10314 *90 103
*90
12% 127s
1212 1234 1 2 %
*2214
2234 *2214 2234
22 %
*83
85
*83
841­ *83
+129 131 *130% 133
133
37
37
37
37
*37
33-34 34
*3314 34
3373
*8G12 9078 *89
907,
9034
*91
90
8914 8 9 I4 *89
*10834 110
'10834 IIOI4 1 1 0
*518
0 l8
6
618
6
*50
58
*50
58
52
*97
99
*9712 99% *97%
* 10112 102
101 % 102
102
* 1 1 1 2 1314 * 1 1
13
*11
*42
45
42% 423g *42%
*85
90
*85
90
*85
*07
70
*60
70
68 %
437S 44%
43 ! 2 437g
43%
IO8 I4 10S12 108% 109
109
75% 7533
76
70
*74%
5773 5878
5814 59%
5S34
10812 10834 IO8 - 3 109
109
4 OI4
40%
40l2 41
4034
4 7 I3
473,
4712 47%
4773
5117 117 *116 119 *116
*147 152 *146 152 *147
78t2 7912
78
79!S 79%
*01
G3
62
02
61%
*110 115 *113
115
115

17% *17
80
279
29
*28%
95
95
157
27%
103%
13%
22%
85
13334
39
35%
91
92
110
0

52
99%
102
15
45
90
08%
44
109
70%
5934
109
41
48%
119
153
7934
01%
115

187s
79
29
95

150% 156%
2734

2 734

*90 103
12>78 13%
*22% 227S
847g 847g
130 136
*37
38%
34% 35%
*91
99
*90% 90%
*108 1 1 1
*5
0%
*50
58
* 9 7 % ____
*102
106
§ 11 % 11 %
*42% 45
*85
91
*67
70
4334 45%
109 109
75% 70
58% 59%
108% 1087S
4034 41%
■1773 48
*110
118
*149 155
78% 79%
61% 63
♦111 115

P R IC E S

Thursday
Oct 12

Sales 0 1
the
Week
Shares.

Pr.day
Oct 13

1878
80
29
95

156 150
*27
28
*90 103
137a 14%
227S 2278
85
85%
138 138
*37% 40
3 5 3534
*91
99
*89
94
*108 1 1 0
6

0

53%
93%
* 102 %
*11
*43
*84
*07
45
10934
70
587S
109
4078
4734
*11078
*149
78
*62
♦111

53%
98%
100
13%
45
91
70
45%
10934
70
60%
109%
41%
48
118
155
79
04
115

Range sines January 1
On basis ot 100-sfcarj lots

Rang-, far Previous
Year l'JlO.

Hi/lies.

Highest

Industrials;,M iscellaneous
dam s E x p re ss________ §209 Sep 29 j245 A p r i
2 O ct 7
10,845
llls-C halm ers
9% May31
3,005
D o p r e f_________
1034 O ct 9
34 1-cb
44% S ep 25
39,100 A m algam ated C o p p e r___
71% J ’n c lu
44% S ep 25
200 A m e r A g ricu ltu ra l C h e m .
60% M ayl8
D o p r e f ____________
101% Jan 27 103 F eb
39% Jan 12
58 O ct 13
74,525 A m erican B eet Su g ar____
92% Jan ~ 101 O ct 11
D o p r e f___
200
878 Jan
12% May
6,550 A m erican Can
77 Jan
D o p r e f___ .____________
887s Ma> 23
4,825
42% Sep 28
58% J ’ ly 19
2,000 A m erican Car A F ou n d ry
II < O ct 10 120 M a y 2
D o p r e f_____________
400
45% S ep 26
4,200 A m erican C o tto n O i l . .
62% F e b 28
100 May
D o p r e f_____________
105% F eb 10
30 A m erican E x p re ss_______ 201 S ep 20 >255 J an 27
3% S ep 22
400 A m erican H ide A Leather
5 J 'n e l
D o pref _____________
18 S ep 25
26.% J ’ne 14
16% A u g 2 8
2534 J 'ly 11
A m erican Ice S e cu rities!
8 A u g ll
400 A m erican L in s e e d ___
12% F eb 14
D o p r e f________________
26% O ct
300
34 F e b 14
400 A m erica n L o c o m o t iv e !! !
33% S ep 25
43% M a y 2 2
D
o
p
r
e
f_____________
500
104 A p r 18 110% Meh
3 S ep 25
A m erican M alt C o r p . . ! !
5% Jan 11
D o p r e f ____
31% Men
4 3 = 3 J ’ly 2 2
865
82 S ep 20
A m er Sm elters Seo p refT l
89% J ’ly 19
56% Sep 25
26,950 A m e r S m e lt in g * R elln ln g
83% J ’ ne 15
9834 Sep 27 108% J 'u o 15
D o p r e f________________
300
25 S ep 25
1,140 A m er Steel F ou nd (n e w ).
52% F eb
1,500 A m erican Sugar R ellnlng 112% S ep 25 1.2% F e b 27
I II Jan
D o p r e f__________
110
119% F eb 14
5,185 A m erican T e lcp h & T c lc g 131% A u g 30 153% J ’no
87 A u g 24 1 0 .- M ay 18
7,750 A m e r ic a n T o b a o (n ew ), pf
27 Sep 14
300 A m erican W o o le n ________
36% Mch 21
D o p r e f____
330
86% Mch 29
90% J 'n e 15
100 Am er W riting Faper"’ prt!
24% S ep 20
34% Feb 15
500 a A n an on d aC opper P a r i 25 S29 S ep 25 *41% J ’ ne lo
U cth le h e m S te e l____
26 S ep 21
38% A u g 1
D o p re t___________
’ "TOO • ’
54 SeD 26
001)4 J 'ly 31
zl2 9 S ep 15 145% J ’n c
200 B ro o k ly n U nion G a s.
B run sw ick T e r m * R y Sec
8% A u - 15
10-14 F e b 15
28 F eb 10
’ 400 B u tterlck C o ____
31 M ch 30
18-3.1 Sep 25
1,074 1 'en tral L eath er
33% Feb
D o p r e f___________
9178 S ep 25 105 F e b 10
200 '
8,100 rfChlno C o p p e r____ P a r i s S10% Sep 25 * 2 5 3 4 M ay 19
500 C o lo ra d o Fuel & Iron
25 S ep 2 J
30% F eb
3,200 C on solidated Gas (N Y J" 12834 Sep 25 148-- J ne 0
1,920 C orn P r o d u cts R e fin in g .
103.J S ep 25
15% M ayl7
D o p r e f________________
100
73 Sep 27
85 M ay:u
200 D istillers’ Securities Corp
29 S ep 20
38% Mch
Federal M in ing & S m elt’ g
15 Sep 25
30 F eb 10
D o p r e f________________
47 O c t 13
328
0 6 % M a y lo
142 S ep 22 1 0 8 % M ay29
4.150 G eneral E le c t r ic _____ !d
37% S ep 27
233 Gen M otors v o t tr c t f s . .
61% A u g
Do pref v o t tr c t fs ___
75 Sep 20
1.150
86% A u g
S4% O ct 13
23,2.50 G oldfield Con M . P a r $10
$778 Jan
99% S ep 20 129% May
nt H arvester stk tr efts
2,050
D o pref stk tr c t f s . . 115 S ep 22 128% May
no
3% Sep
578 Jan 30
425 In t M er M arine stk tr ctfs
14 A u g 30
D o p r e f_________
19% J ’ne 17
100
9 S ep 9
500 In tern ation al Paper
13% Jan 31
Do p r e f_____
44% M ay 15
800
663s Jan 17
25% O c t 9
3,700 In te r n e t Steam P u m p ! ! !
44 F eb 8
D o p r e f_____
80 O ct 9
900
90% J ’ ne 12
1,750 L a cled e Gas (St L) c o m ! . 101% S ep 25 114% Jan 2 0
82 Sep 15
300 M ack ay C om panies
95 F eb 2
D o p r e f________________
72 A u g l l
300
77 Mch 7
70 Apr 28
200 M ay D epartm en t S t o r e s !
87 J ’ n e 2 0
10734 S ep 21 113% J ’ ne
D o p r e f _______
_
3,150 dM lam f C o p p e r___ P ar $5 *10% S ep 28 S22<3 J ne 26
200
117% Jan 10 141 A p r 4
ational B iscuit
D o p ro f________
100
124 Jan 20 130 F eb 4
150 N at E n am el’ g & S ta m p ’ g
14 Sep 25
22 J ’ ly 24
D o p r e f___
100
85 Jan o 100% J 'ly 2 2
400 N ation a l Lead
42% S ep 25
59 F eb 2
D o p r e f________________ 104 Sep 22 109% A u g 15
8,100 d N ev Cons C op p er . P a r * 5 S15% S ep 25 *21% J ’ ne 14
New Y o rk A ir B rak e____
51 S ep 20
70 F eb 4
600 N orth A m erican Co (new)
04 Jan 10
76% May 18
aclfio M all_____________
900
23% A p r 24
31% J ’ ly 31
aclfio T e ie p A Tel e g . .
0,925
35 Sep 22
54% Jan 31
1,508 P e o p le ’s G L & C (C h ic ). 1 0 1 % A u g25 109 Jan 19
P h iladelph ia C o (P it t s b ’ h)
99 Sep 2 3 118% J ’ ne
P ittsbu rgh Coal C o _______
17% Jan 3
23% J ’ ne 6
D o p r e f________________
07% Jan 4 90% J 'ly
400
25 Sep 25
100 Pressed Steel C ar________
37% J ’ no21
i/O n re i_____________
91 Sep 21 102% J ’ne lo
300
Pub S ervice C orp o f N J . 115 Aug 10 120 F eb 7
425 P u llm an C o m p a n y _______ 154 Sep 23 103 Jan 30
all w ay Steel S p rin g ___
600
20% Sep 1 4
39 J ’ ne 14
92 Jan
103 J 'tie 15
13,500 d R a y C on sC opper P ar *16 *12 Sep 25 *18% M a v is
300 R e p u b lic Iron & S te e l___
21% Sep 25
35% Feb 6
D o p r e f_____
500
81% Sep 22
99% Feb 1
400
ears, R o e b u c k & C o : ! . 125% Sep 21 192 F eb 6
500
loss-Sh effleld Steel & Tr 34 Sep 25
50% F eb 0
6,000 dT ennessce C o p p .P a r *25 *30% S ep 20 *44 J ’ ne 13
420 T exa s Co (T h e )___________
81 A u g .il 136% Feb 1
210
nd erw ood T y p e w rite r.
63 M ch 29 111 J 'n c2 0
D o p ret________
100
103 Mch 31 11378 J ’ly 28
600 U nion Bag A P a p e r .. .
5% Sep 22
9 F eb 9
Do p r e f________________
200
59% Jan 30
62 O ct 10
100 U nited D ry G o o d s .C o s . .
97% S ep 26 108 J ’ ne20
D o p r e f________________ 100% Sen 25 107% J ’ ly 7
100
120 U S Cast I P ip e A F ou ndr
11 S ep 25
lo F eb 3
D o p r e f________________
40% Sep 25 rOl F eb 23
U nited States E x p re ss___
85 S ep 25 105 Jan 27
100 U S R ea lty * I m p r o v e m ’ t
05% Jan 25
79% M ay29
17,103 U nited S tates R u b b e r ___
30% Sep 25
4778 Mch 1
D o 1st p r e f____________ 104 S ep 25 115% J 'ly 7
040
000
D o 2d p r e f____________
66 Sep 2 1 79 Mch 1
431,750 U nited S tates Steel______
51% Sep i o
82% F eb o
D o p r e f________________ 103% Sep 25 1207S F eb 4
3,700
9,100 dU tah C o p p e r___ P a r jlO *38 Sep 25 *52% J no 14
1,550 V lrglnla-C aroltna C h e m ..
43% S ep 25
70-% F eb 28
D o pref
15
114 Sep 25 12s% M ch 15
ells F a rgo * C o .......... 139 Sep 25 177 May2o
' 7 ,300
estern U nion T e l c g ..
71% A p r 18
84% May24
1,075 W cstln gh ’ seEl A M fg assen
58% S ep 25
79 M ay 29
200
D o 1st p r e f...................... I IQ’ - \ug i . 123 Jan 5

*205 215
27s
3%
12% 121
4934 51
48
48
*90
91
50-% 58
*98 101%
1038 10%
85% 80
48% 48%
*110 115
50% 5034
*99 103
*205 212
*3%
4
*20
22
*17% 18
*S%
9
*28
29
35% 35%
104% 104%
*3%
4
42
42%
*84
85
6334 64%
*10178 102%
32
32%
110% 117%
110 110
13434 135-%
98
9S38
*30
*88
90
*25
20
3238 33
*27
28
50-% 5G;
*134% 137
*7%
9
*28% 30
2 1 % 21 %
94% 94%
19% 19%
27
27
138 138%
11% 1178
75% 751;.
31% 31%
*15% 25
47
47
149% 151
*37
41
70
70%
4-% 478
103 104
no
110
§3%
3%
*14
15
934
978
40% 40%
26-% 2678
*80
81%
10334 104%
*85% 90
7234 7234
75
75
*108 1 1 1
18
18%
*124 120
*120% 12834
*13% 15
*90
95
46% 40%
*100 109
16%
10
*50
CO
63
68%
30% 30-%
4378 437S
106 1073S
*17
*79
*28
95

STOCKS

N E W Y O R K STOCK
EXCHANGE

[VO L. LXXXXIII.

V

N

P

S

§235 D ec
7% J ’ ly
27 A u g
65% J ’ly
35 J 'ly
99% A pr
24 J ’ iy
89 J ’ ly
078 j ne
02 J ’ ly
39% J ’ ly
109 J n 2
;2% J ’ ly
100 D ec
§230 D ec
3% Sep
19 Sep
10% D ec
1 0 % J 'ly
25% J ’ ne
29 J ’ ly
102% A u g
3% Dec
28% J ut
82 J ’ ly
0 1 % J ‘ly
98% J ’ lv
38 J ’ ly
111% O ct
111% Dec
126% J ’ ly
90% J ’ly
25% J ’ ly
90% D ec

270 Jan
15 Jan
54% Jan
90% Jan
49% O ct
103 Jan
47% Jan
95% J 'n e
1378 Jan
82% N o v
727g Jan
120 Mch
69% Mch
107 O ct
►320 Jan
8% Jan
4778 „a n
29% M ch
17% Jan
4078 ,ian
02% Jan
115 Jan
8 F eb
48 M ch
9078 Jan
104 Jan
112% Jan
60 Jan
127% Feb
124 F eb
143% F eb
99% Mch
39% Mch
104 M ch

§32%
21
49
125

J ’ly
J no
Aug
J ’ ly
8
Juc
28 J ’ne
25% .. ’ly
99% J ’ ly

854 Jan
347g O ct
06 Jan
104% Jan
18% Jan
33 Jan
48% Jan
109% Mch

2 2 % J ’ ly
122% J ’ly
l-% J uc
70% J ’ ly
25% J ’ ly
12 O ct
37 O ct
134 J ’ly

60 Jan
100% Jan
23% Jan
80% Jan
30% Jan
00 M ch
88 Jan
'.C078 Jan

87% O ct
-83% F«b
•H.
Aug
4% J ’ly
12% J ’ ly
9
J ’ly
-’ 1% J ’ly
3 0 % J ’ ly
78% J ly
9 3 % J ’ ly
79 J ’ ly
71
J ’ ly

*9% Sep
Jan
Jan
7% Jan
24% Jan
10 Jan
01% Jan
64% Jan
90% Jan
110% Jan
98 O ct
78% O ct

100 Aug
'13% J ’ly
14 Sep
84 O ct
40% J ly
101% J 'ly
.17% J ’ly
60 J u s
90% Nov2273 J ’ly
30 J ’ ly
103 J ’ ly
8-1 J ’ ly
13 J ’ly
60% J ’ly
26 J ’ly
90 J ’ly

119%

165 J 'n e
28 J ’ ly
r90i - Sep
27 J nr
82% J ’ly
150 J ’ ne
481.| D ec
819'- J ’ ly
134 O ct

U

W

0
52%
90
99%
14%

49

§93%
04%
27
99
69%
ol%
lio iS39%
47
117
144%
50
49t-

10

125
129

D eo
125 Jan
28% Jan
96% Jan
69% Jan
1 1 0 % Jan
* 2 2 % O ct
95% Jan
84 Jan
43% Jan
40% Jan
HO-% Jan
100% Jan
27% Jan
85 Jan
5178 Jan
107% J an
Jan
6178 Jan
107 Jan

200

4578 Jan
104% Jan
190 N o v
80% Jan
*40% Jan
144 O ot

J ’ ly
D ec
Aug
Aug
J ’ ly

13% Jan
73 Jan
122 Jan
1137s Jan
32 Jan
J ’ ne
84 Jan
Dec
145 Jan
J ’ lV
84% Jan
J ’ ly
62% Jan
J ’ ly
110% Jan
J ’ ly
84 Jan
J ’ly
91 Jan
J ’ ly
125% Jan
J ’ ne i00% Jan
F eb
00% O ot
J ’ ly
129% Jan
D ec
195 Jan
J ’ly
78% Mch
J 'ly
82% Jan
M» V 130 F eb

BANKS AND TRUST COMPANIES— BANKERS’ QUOTATIONS.
Banks

Bid

Ask

Banks

385

400
155
300
125
100
4^n
240
150
225

vat C i t y . .
■forth Side §
P e o p le 's ___
Prosp^ctl'k^

Brooklyn

B road w ay '
C on ey Isl’ clf
F ir s t _____
H ltis ld e H ...
H om cstca d l
M anufac’ rs
.Vlechaoics •’
M ontauk
N a s s a u ____

Bid

Ask

Trust Co’ s

280
150
153
135

295
170
165
155

350
685

360
695

B’ wav t r . .
Central I T ..
C olum bia . .
Com m ercial
E m p i r e ___
K qult’ ble Tr
Farm Lo A 1
F i d e l it y ___
F u l t o n ____

Brooklyn

290
■115
225
212

N Y C ity

Trust C o’ s
TV Y C ity
As t o r _____
Bankers’ T-

Bid

Ask

142%
1000
300
105
300
495

148
1 Ml)
310

Trust Co’ s
G uar’ ty Tr
G uardian Tr
H u d s o n ___
lin lc k e r b ’ ki
Law T I A 1’r
Lincoln Tr
310
vlannattan
505
M e trop ol't’ n
1500
217% 222% v lu t u a l____
300
vlut A il’ n o
310
\ V Lite A 1’r

.. ..

Bid

Ask

790
100

800
115
150
295
250
132
400
480

2S3
240
125
470
132%
130

140
1070

Trust Co's
Bid
•4 V Trust
59)
-a v o y ____
75
stan dard Tr 390
n ttc G u A Tr 480
IT Co of Am
Union T r
1230
IJS M tg& 'Tr 405
U nit States 1125
A ashington 300
vVestchestei 150
vVlndsor . . 195

Ask

610
405
490
370
1250
475
1150
375
160
200

Trust

Co’ s

Bid

a. ooXit/n

B rook lyn Tr 445
T t l z e n s '___ 120
F l a t b u s h __ 200
fra n k lin . . 6270
H am ilton . . 205
■t o m e ____
1 i5
Ivdlgs Co .
520
L isl L A Tr 325
S a s s a u ___
P e o p le ’ s .
285
ju een s C o. 100

130
215
290
275
115
340"

105

295
115

* Bid an d asked prices: n o sales on tbls d a y . § Less than 100 shares. tE x-rl«-h ts. b N ew s to c k , c E x -d lv an 1 ria-hts
d N nw m m rn,i
s h a r*
TSalc at S t o c k E x ch an ge or at a u ctio n this w eek,
s E x -s to c k d iv id e n d . * B anks m arked w ith a paragrap h ' f lu a r e S ta te b a n k s .5
^ dollars por




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all— ‘and interest” — except for income and defaulted bonds.
BONDS
N. Y . STOCK EXCHANGE
Week Ending Oct. 13.
U
U
U
U
U
U
U
U

S
S
S
S
S
S
S
S

U. S. Government.
2s consol registered..<11930 Q-J
2s consol coupon___ (11930 Q-J
3s registered________ fcl918 Q-F
3s coupon__________ fcl918 Q-F
4s registered_________ 1925 Q-F
4s coupon___________ 1925 QPan Canal 10-30-yr 2s fcl930 Q-N
Panama Canal 3s g ___ 1961 Q-S

Foreign Government
Argentine— Internal 5s of 1909. M-S
Chinese (Hukuang) Ity 5s £ ___ J-D
Imperial Japanese Government
Sterling loan 4 'As_______ 1925 F-A
2d Series A'As________ 1925 J-J
Sterling loan 4s_________ 1931 J -J
Republic of Cuba 5s exten debt. M-S
External loan 4 A s______1949 F-A
San Paulo (Brazil) trust 5s.1919 J-J
U S of Mexico s f g 5s of___ 1899 Q-J
Gold 5s of 1904_________ 1954 J-D
State and City Securities
City— 4>.fs..........
1960 M-S
c orporate Stock___ 1959 M-N
Corporate Stock___ 1958 M-N
4% Corporate stock_____1957 M-N
1957 M-N
New 4 'As................
New 4 'As...........
1917 M-N
4 'A% Corporate Stock.. 1957 M-N
4Jj,% assessment bonds. 1917 M-N
3 'A% Corporate Stock.. 1954 M-N
N Y State— 4s.................. 1901 M-S
Canal Improvement 4s..I960 J-J
So Carolina 4 'As 20-40____1933 J-J
Tcnn new settlement 3s___ 1913 J-J
Virginia fund debt 2-3s____ 1991 J-J
6s deferred Brown Bros ctfs
N

Price
Friday
Oct. 13

a

Week's
Range or
Last Sale

Range
N.
Since
January 1

Bid
Ash Imo
High No
loot'' 100)} 101% Apr ’ 1
100%___ 1003, Sep ’1 ___
101% 1021, 10178Sep ’ 1
101% .
I0178 A lig’l
1133.1 un- 11378 Aug’ l
1133, n ib 1137s Aug '1
1001., 1003 I00t2 J’ne’ l
102% 102% 102% 102% 79
t 97 973} 97
t 97 Sale 97%

97
97%

Low High
101% 101%
10034 1013,
101% 103%
1017s 1023,
1137s 110
1133, 11C%
1001* 100%
10178 103

4 963, 99
31 97% 99

Gen gold 4s...............1995 A-0
Registered___________
199 A-O
Adjustment gold 4s____)jl 995 Nov
Registered.................*1995 Nov
Stamped.................. fti995 M-N
Conv 4s Issue of 1909____ 1955 J - D
Conv gold 4s............... 1955 J - D
Conv 4s (issue of 1910)..1900 J - D
1 10-year conv gold 5s___ 1917 J - D
Debentures 4s Scries J. .1912 F-A
Series K ...................... 1913 F-A
■ East Okla Dlv 1st g 4s. ..1928 M-S
Short Line 1st 4s gold__ 1958 J - J
S Fe Pres & I’ ll 1st g 5s.. 1942 M-S
Chic & St L 1st 6s______ 1915 M-S
Atl Coast L 1st gold 4s__ ftl952 M-S
Registered__________ ft1952 M-S
Ala Mid 1st gu gold 5s__ 1928 M-N
Bruns & W 1st gu gold 4s 1938 J - J
• Charles & Sav 1st gold 7s 1936 J - J
i L & N coll gold 4s______ 01952 M-N
Sav F & W 1st gold 6s___1934 A-O
1st gold 5s___________ 1934 A-O
f SU Sp Oca & G gu g 4s__ 1918 J - J
altimo & Ohio—
B Prior
1gold 3 A s............. 1925 J - J
1 Registered............
ftl025 Q - J
■ Gobi 4s....... ............... ftl948 A-O
Registered................ ftl948 Q - J
j Pitts June 1st gold 6s
1922 J - J
• P June & M Dlv lstg3Msl925 M-N
; P L E & W Va Sys ref 4s. 1941 M-N
i Southw Dlv 1st gold 3 As 1925 J - J
; Cen Ohio It 1st c g 4 Ms.. 1930 M-S
' Cl Lor & W con 1st g 5s..1933 A-O
Monon Rlv 1st gu g 5S...1919 F-A
! Ohio IUvcr RR 1st g 5s.. 1936 J - D
<■ General gold 5s______ 1937 A-O
•Pitts Clev & Tol 1st g 6s.1922 A-O
;• Pitts & West 1st g 4s___1917 J - J
D
’ Stat Isl Ry 1st gu g 4 MS-1943
Dutfalo R & P gen g 5s____ 1937 M-S
1 Consol 4 Ms____________ 1957 M-N
r All & West 1st g 4s gu__ 1998 A-O
Cl & Mali 1st gu g 5s____1943 J - J
A
Roch & Pitts 1st gold 63.1921
Consol 1st g 6 s_______ 1922 J - D
J
Buff & Susq 1st ref g 4s___dl951
So 1st ext 6 s________ 1913 J - J
C an2d
5s......................... 1913 M-S
Registered______________1913 M-S
Central of Ga 1st gold 5s._pl945 F-A
Consol gold 5s__________ 1945 M-N
Registered____________1945 M-N
1st pref Income g 5s____pl945 Oct
Stamped________________
2d pref Income g 5s____7)9145 Oct
2d pref Income g 5s stamped..
3d pref Income g 53 ____7)1945 Oct
3d pref Income g 5s stamped..
Chatt Dlv pur mon g 4s. .1951 J-D
Mac <Sc Nor Dlv 1st g 5s..1946 J - J
J
Mid Ga & Atl Dlv 5s____ 1917
Mobile Dlv 1st g 5s______ 1946 J - J
Cen RR <fe B of Ga col g 5s. 1937 M-N
Cent of N J gen’l gold 5s___1937
J
Registered................ ftl987 Q-J
Am Dock & Imp gu 5s___1921 ‘ J
Le & Hud R gen gu g 5s. 1920
J
Lch & Wilkes-B Coal 5s__1012 M-N
N Y & Long Br gen g 4s. 1941 M-S
Cent Vermont 1st gu g 4s..cl920 Q-F
Street Railway.
Brooklyn Rap Tran g 5s...1945 A-O
1st refund conv gold 4 s..2002 J-J
Bk City 1st con 5s 1910..1941 J J
. Bk Q Co & S con gu g 53.1941 M-N
Bklyn Q Co & S 1st 5s.-.1941 J-J
Bklyn Un El 1st g 4-53..1950 F-A
Stamped guar 4-5s----- 10.>0 F-A
*■ Kings Co El 1st g 4s------ 1049 F-A
.
Stamped guar 4s______ 1049 E-A
Nassau Elec guar gold 4s. 1951 J-J
Conn Ry& List & ref 5g4Ms.'51 J-J
Stamped guar 4 AS______ 1051 J-J
Denver Con Tram cons g 5s.1033 A-O
Det United 1st cons g 4 MS-1932 J-J
Grand Rapids Ry 1st g 5s .. 1910 J-D
Havana Elcc consol g 5s__ 1052 F-A
Intcrboro-Metrop coll 4 Ms. 1956 A-O
Interboro Rap Tr 5s Scr A . 1052 M-N

C h e s a p e a k e & O h io —
G e n fu n d in g A im p t 5 s . .1 9 2 9 J - J
1 s t c o n s o l g o l d 5 s ___________ 1 9 3 9 M - N
R e g i s t e r e d ..................................1 9 3 9 M - N
G e n e r a l g o l d 4 A s .............. . . 1 9 9 2 M - S
R e g i s t e r e d __________________ 1 9 9 2 M - S
C o n v e r t i b l e 4 M s _____________ 1 9 3 0 F - A
B i g S a n d y 1 s t 4 s _____________ 1 9 4 4 J - D
C o a l R l v R y l s t g u 4 s ______ 1 9 4 5 J - D
C r a i g V a l l e y 1 s t g 5 s ______ 1 9 4 0 J
P o t t s C r e e k B r 1 s t 4 s ______ 1 9 4 6 J - J
R & A D lv 1st c o n g 4 S ..1 9 8 9 J
2 d c o n s o 1 g o l d 4 s ..................1 9 8 9 J - J
W a r m S p r V a l 1 st g 5 s . .1 9 4 1 M -S
G r e e n b r ie r R y 1s t g u g 4 s 1 9 4 0 M -N
C h i c & A l t R R r e f g 3 s .............. 1 9 4 9 A - O
R a ilw a y 1 s t l i e n 3 M s ______ 1 9 5 0 J
C h ic B & Q D e n v e r D l v 4 s . 1 9 2 2 F - A
I l l i n o i s D l v 3 ^ s _____________ 1 9 4 9 J
R e g i s t e r e d __________________ 1 9 4 9 J - J
I l l i n o i s D l v 4 s _____________ . 1 9 4 0 J - J
R e g i s t e r e d __________________ 1 9 4 9 J - J
I o w a D l v s i n k f u n d 5 s ____ 1 9 1 9 A - O
S i n k i n g f u n d 4 s ___________ 1 9 1 9 A - O
N e b r a s k a E x te n s io n 4 s . .1 9 2 7 M -N
R e g i s t e r e d __________________ 1 9 2 7 M - N
S o u t h w e s t e r n D i v 4 s ______ 1 9 2 1 M - S
J o in t b o n d s S ee G r e a t N o r t h .
D eb en tu re
5 s ________________ 1 9 1 3 M - N
G e n e r a l 4 s ______________________ 1 9 5 8 M - S
C h i c & E III r e f & I m p 4 g s _ 1 9 5 5 J - J
1 s t c o n s o l g o l d 6 s ___________ 1 9 3 4 A - O
G e n e r a l c o n s o l 1 s t 5 s ______ 1 9 3 7 M - N
R e g i s t e r e d __________________ 1 9 3 7 M - N
C ld c & I n d C R y 1 s t 5 s . . 1 9 3 6 J - J
C h i c G t W e s t e r n 1 s t 4 s ______ 1 9 5 9 M - S
C h ic I n d & L o u is v — R e f 6 s . 1 9 4 7 J - J
R e f u n d i n g g o l d 5 s _________ 1 9 4 7 J - J
R e f u n d i n g 4 s S c r i e s C ____ 1 9 1 7 J - J
In d & L o u is v 1 st g u 4 s . .1 9 5 6 J - J
C h i c I n d & S o u 5 0 - y r 4 s ______ 1 9 5 6 J J
C h ic L S & E a s t 1 s t 4 M S ...1 9 G 9 J - D
C h ic M il & S t P te r m l g 5 s . .1 9 1 4 J - J
G e n ’ l g o ld 4 s S e rie s A _ _ c l 9 8 9 J - J
R e g is te r e d
_______________ e l 9 8 9 Q - J
G e n 'l g o l d 3 A s S e r i e s B .C 1 9 8 9 J - J
R e g i s t e r e d _________________ e l 9 8 9 J - J
2 5 - y c a r d e b e n 4 s ______________1 9 3 4 J - J
C h i c & L S u p D l v g 5 s ____ 1 9 2 1 J - J
C h ic & M o R l v D l v 5 s . . . 1 9 2 6 J - J
C h i c & P W 1 s t g 5 s .............. 1 9 2 1 J - J
C M & P u g e t S d 1st gu 4 s 1 94 9 J - J
D a k & G t S o g o l d 5 s _____1 9 1 6 J - J
D u b u q u e D lv 1 st s f 6 s . .1 9 2 0 J - J
F a r & S o u a s s u m g 6 s ______ 1 9 2 4 J - J
L a c r o s s e & D 1 s t 5 s .............. 1 9 1 9 J - J
W l s & M i n n D l v g 5 s ______ 1 9 2 1 J - J
W i s V a i l D i v 1 s t 6 s _________ 1 9 2 0 J - J
M U & N o 1 s t c o n s 6 s ______ 1 9 1 3 J - D
E x t e n d e d 4 A s ____________ 1 9 1 3 J - D
C h ic a g o & N W e s t c o n s 7 s .1 9 1 5 Q - F
E x t e n s i o n 4 s _________ 1 8 8 6 - 1 9 2 6 F - A
R e g i s t e r e d . ...............1 8 8 6 - 1 9 2 6 F - A
G e n e r a l g o l d 3 M s ____________ 1 9 8 7 M - N
R e g i s t e r e d _________________ p l 9 8 7 Q - F
G e n e r a l 4 s ______________________ 1 9 8 7 M - N
S i n k i n g f u n d 6 s ______ 1 8 7 9 - 1 9 2 9 A - O
R e g i s t e r e d ..................1 8 7 9 - 1 9 2 9 A - O
S i n k i n g f u n d 5 s ______ 1 8 7 9 - 1 9 2 9 A - O
R e g i s t e r e d ..................1 8 7 9 - 1 9 2 9 A - O
D eb en tu re
5 s _________________ 1 9 2 1 A - O
R e g i s t e r e d . . .............. ..............1 9 2 1 A - O
S i n k i n g f u n d d e b 5 s ________1 9 3 3 M - N
R e g i s t e r e d .............. .................... 1 9 3 3 A l - N
F ro m E lk & M o V 1 st 6 s . 1 9 3 3 A -O
M a n l G B & N W 1st 3 M s 1941 J -J
M llw & S L 1 st g u 3 > 4 s ..l 9 4 1 J - J
M il L S & W e s t 1 s t g 6 s . . 1 0 2 1 M - S
E x t & Im p s f g o ld 5 s . .1 9 2 9 F - A
A s h la n d D lv 1 st g 6 S ..1 9 2 5 M -S
M ic h D lv 1 s t g o ld 6 S ..1 9 2 1 J - J
N o r th w U n io n 1 st 7 s g . . l 9 1 7 M -S
W in o n a & S t P 1st e x t 7s 1 9 1 6 J -D
C h ic a g o R o c k I s & P a 6 s . .1 9 1 7 J - J
R e g i s t e r e d ...................................1 9 1 7 J - J
G e n e r a l g o l d 4 s _______________ 1 9 8 8 J - J
R e g i s t e r e d ___________________ 1 9 8 8 J - J
R e f u n d i n g g o l d 4 s __________ 1 9 3 4 A - O
C o l l t r u s t S c r i e s J 4 s ________1 9 1 2 M - N
S c r i e s L ______________________ 1 9 1 4 M - N
M 4 s _ ......................................... . . 1 9 1 5 M - N
N 4 s ...................................................1 9 1 6 M - N
O 4 s ................................................... 1 9 1 7 M - N
P 4 s ...................................................1 9 1 8 M - N
C h ic R I & P a c R R 4 s . . . 2 0 0 2 M -N
R e g i s t e r e d __________________ 2 0 0 2 M - N
R I A r k & L o u is 1 st 4 A s 1 93 4 M -S
B u r C R & N — 1 st g 5 s . .1 9 3 4 A -O
l . e g i s t e r e d ............................ 1 9 3 4 A - O
6 R I F 4 N W
1 s t g u 5 s '2 1 A - O
M & S t L 1 s t g u g 7 s ____ 1 9 2 7 J - D
U h co O k & G g e n g 5 s . .0 1 9 1 9 J - J
C o n s o l g o l d 5 s ______________1 9 5 2 M - N
K c o k & D c s M 1 s t 5 s ______ 1 9 2 3 A - O
C h 'o S t P M & O c o n 6 3 ______ 1 9 3 0 J - I )
C o n s 6s red u ce d to 3 M s . . 1 9 3 0 J - D
C h S t P & M in n 1 st g C s . . 1 9 1 8 M -N
N o r W i s c o n s i n 1 s t 6 s ______ 1 9 3 0 J - J
S t P & S C i t y 1 s t g 6 s ______ 1 9 1 9 A - O
S u p e r io r S h o r t L 1 s t 5s g _ 1 9 3 0 M -S
C h ic & W e s t I n d g e n g 6 s . . c l 9 3 2 Q -M
C o n s o l 5 0 - y e a r 4 s ____________1 9 5 2 J - J
C l n I I & D 2 d g o l d 4 A s ______ 1 9 3 7 J - J
1 s t <fe r e f u n d i n g 4 s __________ 1 9 5 9 J - J
1 s t g u a r a n t e e d 4 s ________1 9 5 9 J - J

t 94 94% 94
943 84 93% 953,,
t 9,1 933 93
93% 38 93 95%
t 8612 87% 871,
87%
1 86% 90
1102%Sale 10273 103
6 102% 101
t 97 9734 97%Sep ’ ll
97% 100
97 9734
t 97% 97% 97% Sep ’ ll
f 9633 963, 96% Oct ’ ll
95% 98
---- 893, 89% Aug’ll
89% 94%
These arc j rices ontheba sis 0 f S5 to £ ■
1023, Sale 102% 102% 27
100 Sale 9973 100
75
0978 100 997s
99%
2
99% 100 997s Oct ’ ll ___
108 108% 10S
108% 13
102%___ 102%Aug’ ll __
9
108 108% 108
108%
1
102% 102% 102% 102%
88 Sep ’ ll
1033a 103% 103% 103% 91
Sep ’ ll —
............. 104
103%J’ly '10
97%___ 98 Oct ’ ll
87 ___ 88 Sep ’ll
58% 59 59
60
18

1003,103
98% 100%
98% 100%
983, 1003,
1067s 109%
1017s 103
106% 109%
102 103
88 89
102% 10334
103% 106%
90
80
40

98
88
67%

Railroad

Arbor 1st g 4s..’____ftl095 Q-J
A nn
tchlson Topeka & Santa Fc

BONDS
Y . STOCK EXCHANGE 15
Week Ending Oct. 13.

80 Sale 80

80

4 787S 85

99% Sale 9873
09% 181 98 997S
___ 98% 97 Oct *i:
97 9S34
907s 91% 91%Sep ’ ll . . . . 903, 92%
91% Sale 01%
91%
8
U43SJ’ne’ n ___
106%Sale 1053, 100% 159
100 Sale 99% 100 503
107% Sale 107% 108
53
987s Jan '10
99% J’ly ’ll
___ 96% 90 Aug’ll
___ 93% 923, Oct ’ ll ___
103 109 1083, J’ne’ll
104 ___ 106%J’ly ’ ll ___
25
96
95% 90 95
98 Oct '06
107%___ 108%Aug '11
0538 ---- 05% Mch’ll . . . .
138 ___
933, 211
93% Sale 92%
122 125% 126 J’ne’ ll
107 111 110% May’ll
97 100 97 Sep ’ll —
92% 49
92% Sale 917g
. — 92% 91% May’ ll
9S7SSale 98%
99% 98
98% J’ly ’ll
112%---- 112% Dec ’ 10
87%___ 88% Aug’ ll
91 Sale 90%
91
30
89% 90% 90
90% 25
100%___ 103 Mch’ 10
107%___ 110 Dec '10
101%___ 102% Feb ’ll
107% 110% 109%Apr ’ ll
104 110% 100 J’ly ’ ll . . . .
113% Aug’ ll
97% .... 97% Sep '11
81 ___ 100 Nov '04
110 ___ 1123*May’ll
103 1073, 107% Aug’ll . . . .
07 Feb '11
108 ___ 103 J’l y ’08
114%___ 11434J’nc '11
115 1163, 1167s Mch’ ll _
___ 60 72 Mch *10
102 102% I017S 102% 69
100% 100% 100%Oct '11 . . . .
100-3, Jan ’ ll
1113,___ 11312 Aug ’ll
1073, 100 107% 10.3
15
105 107% 107 J’l y ’ ll __
97 Sep ’ 11
100%May'11
93 O c t'11 . . . .
___ 93
100 May’ ll
92 98 100 J’no’ ll . . . .
85% Oct no
88%
1
88% Sale 88%
101%___ 100 Aug’ ll
101% 107% 115 N ov’05
100 ___ 10934 May 11
1013,___ 102 Sep ’ ll . . . .
120% 122 120% 12034
5
120
120 121% 120
2
1043S___ 100%J’nc’ll — 100 ___
100%___ :oo% Aug’ ll
99% 100% 100% Aug’ ll
S8D 90 88%Sep ’ ll ___

907s 92%
105 1143S
103-34 11578
9012
105% 110%
99% 9934
96 97%
92% 9-1%
108% 109%
106% lU6fy>
9334 96%
108 108%
9514 9514
917s 96%
1241-> 126
110% 111%
97 97%
91%
91%
97%
97

93
911?
99%
98%

8734 883,
90 92%
8812 91%
102% 102%
109% 109%
100 109%
113% 11334
9733 97%
11263 113

107% 1083s
97 97%

114% m-v

110% 1167s

101% 10378
100% 1013,8
1003, 1003,
112% 114%
107% no
107 107
90 108
100% 106%
93 106%
100 100
85 102
873g 88%
105% 106%
1083, 1093,
101% 103
120% 125
120 123%
100% 108%

100% 100%
100% 1001?
87% 92%
AHSCELLANEOJJS BONDS—Continued on Next Page.

103% 101 104 Oct 'll
84 Sale 83%
84% "1 28
---- 1013S 101-3, J’ly >11
100 Sep ’ ll

100 ___

1007g Sale

100%

1007g

100 101 101 Oct ’ ll
84%___
84%___
---- 78
10034 ___

....

102% 102% 102%

-

Range
Since
■January 1

Loin
High
103ioSep ’ ll
111%Sep "
11134 May’ l
10034 101%
100 M ay’ l
9278
93%
87 May’l
88%J’ne’ l
10234 J’ly ’ ll
90 Jan ’0
95%Sep ’ 1
92% J’ne’ ll
113% Feb ’0‘
95 Oct ’ 10
70 Sep ’ 1

Low High
1027g 106%
111% 113%
11134 I I I 34
1003g 102

66

66

99%Sep ’ ll
87%
87r
88 Sep ’ 1C
987s 99% 99
99%
100 Jan ’ ll
104% 101% 105%J’ly ’ 1
9938
99% 99% 9938
-----98
98 Oct ’ ll
98%Mch’ l
99 .
99%
99%

101 101% 101

101%

96% Sale 96
96%
80% 81% 80 Oct ’ ll
123 125 12633 Aug’ l
10834 109% 109 Sep ’ ll
10834 Mch’ ll
109 ___ 10934 Aug’ll
83% Salt- 83
83%
124 128 126% Sep ’ ll
107%___ 109% Aug ’ll
9538 Apr ’ ll
97 J’ne ’ 10
90 917c 9178 Oct ’ ll
___ 102
104 Aug’ ll
102 Sep ‘ 11
9S34 Sale 9S34
99%
99% Jan ’ ll
87% 871 87% Aug’ ll
86 J’ne’ ll
02%
92% Sale 913,
104 106% 1063s Aug ’ ll
___ 109% 10S34 Apr ’ll
1063,
106 Sale 106
9334 947g 93%Oct ’ ll
___ 103% 103% Aug’ll
113%___ 113% Sep ’ll
115 ___ 1173SAug’ ll
10334 ___ 105 Aug’ ll
104 ___ 10634 Sep ’ ll
111% 11334 114 J’l y ’ ll
101 .
102 Sep ’ ll
100 .
10038 Aug’ ll
*109 109% 109% 109%
98 ___ 98 Sep "
-----97% 99% Aug’ ll
85 86% 85
86
93% Apr '09
977g Sale 975S
977g
11134
111% ___ 11134
110%..
11% N o v '09

107 ..
1075g J’nc’ ll
103%___ 107% May'll
103% 104% 106%Sep ’ll
106% Feb '10
107%..
107 Aug’ ll
106 ..
10734 Aug’ ll
126%___ 127 Sep ’ ll
90%Sep '09

100 100

92% 97%
87 89
85 88%
10234 103
94 96
90% 92%
70
65
99
87%

7334
71%
997g
88%

98% 100%
100 1003g
105% 105%
99% 99%
963g 100
9S% 98%
99 99%
1007g 101%
9534 98
80 83
1263g 127
109 111%
10834 10834
10934 110%
82 86%
126% 12S34

10734 111
95

95%

917g 93%
104 104%
102 1027g
98 99%
99% 99%

86% 88%

86 80
91 93%
1063g 107
10834 109
106 107%
93% 95
103% 10334
113% 114%
117% 117%
105 105
1063g 107%
114 114

102 10334

1003g 100%
10S% 112
977g 9934
97 99%
85 88%
97% 99%
UI84II2
108 107%
107% 107%
IO484 106%
107 109%
107% 108%
127 128%

114 114% 1137g 1137g
1137g 115%
109% 110% 103g Aug’ ll
109% 111
115%___ 142%Feb ’02
115%___ 'IS J’l y ’ ll
118 118
il2 ___ 115 J’l y ’ ll
115 115
112-3, 1147g 1334 Aug’ ll
11334 11334
108 ___ lOSSgSep ’ ll
10S%110
107%___ 109 Aug '10
9534 Sale 95%
9534
95% 987g
___ 96 9S-3, Feb '10
893g Sale SS3,
893g
87% 90
97% J’ly ’ 10
9734 Sep ’ ll
97% 9784
___ 96% 97%Oct ’ ll
9634 97%
94 Dec '09
94% May’ 10
9434 9434
___ 95% 9434 J’ne’ll
73 Sale 71
73
258 70% 77
75% J’ly ’ ll
74% 75%
92 94 92%Oct ’ ll
921? 94
1093g___ 111% Aug’ ll
111% 112%
120%Mch ’03
104%105% 105%Sep ’ll
105% 106%
10234 Aug’ ll
___ 1073g 108%Sep ’ ll
99 102 101
101
123% 125% 123 Oct ’ ll
88 ___ 93 Dec '03
1243g M ay'll
129% May'00
n o 112% IIIS4 Aug’ll
108 ___
108 108% IO8I9 108%
91% 93% 92% Aug’ lF
____ 111 101% J’ly ’ll
. . . 91%
. . . 89 89 May’l l ___

102% 10234
108% 109%
99 103
123 125%
124 125%

III34 112%
108 109%
92% 93%

101 101%
8S34 89

Street Railway.
102 1043, fnternat Trac coll trust 4 S ..1 9 4 9
82-3, 8863 Louisville Ry 1st cons g 5s. 1930
Manhat Ry (NY) cons g 4 s . 1990
101% 103
Stamped tax-exempt___ 1990
too 100

18 100% 103%
1003, 103
84% 85%
82% 85%
78
81
1013, 10134
101 102%

84%
"“ 2
85 C
781., Sep ’ ll
10134 Apr ’ ll
101 102 101% Sep ’ ll
---- 817g 80 S ep ’ ll
09 ___ 90 J’ly *10
983.,___ 9934Oct ’ ll
79 Sale 787g
79% ’ 212

Week's
Range or
Last Sale

80

823,

94% 993,
77% 83
25 10134 104%

J - J ___ 73
67% Mch’ 10
J-J
A-O "96% "97'% 96% ~96%
A-O 97 ___ 97% Oct ’ ll
Manila Elec 1st & coll 5s__ 1953 M-S 90 ___ 98 May’06
Met St Ry gen coll tr g 5s. .1997 F- A 76% Sale 75
7G%|
Guaranty Trust Co certlfs___
74 77 75
76%
Refunding gold 4s........ 2002 A-O 41 .
47
47*2
Farmers' Loan & Tr ctf___
41 . " 54 N o v ’09
Stamped______________
43% 47% 433gSep ’ ll
B w a y *7 th A v Istcg5s.l943 J-D 08% 101 9934 Oct ’ ll
Col & 9th Av 1st gu g 5s.1993 M-S ------100
100 Jan ’ ll
Lex Av & P F lstgu g 5s.1993 M-S -----99
993s Sep ’ ll
Third Av RR cons gu 4s.2000 J-J
65% Oct ’ ll
Central Trust Co certs____
6734 Apr ’09
Cent TrCo cts stamped___
68 Sale G5%
6884
Third Ave Ry 1st g Cs__ 1937 J-J 108 111 10684 Sep ’ ll

96 98%
96% 98%
73% 79
73 79%
45% 48

43% 50%
98% 10234

100 101

993g 1001s
59 70%

5S34 70*4
10634 111

•No prlco Friday; latest this week, d Due April. eDucMay. pDueJune. ADucJuIy. fc Due Aug. oDueOct. pDueNov. q Due Dec. sOptlonsale.




[V O L . L X X X X I I I .

New Y ork Bond R ecord— Continued— Page 2

1006

Price
Friday
Oct. 13

BONDS
Y . STOCK EXCHANGE
Week Ending Oct. 13.

Week’s
Range or
Last Sale

Is

Range
N.
Since
January 1

BONDS
Y . STOCK EXCHANGE
Week Ending Oct. 13.

High No. l.cno High St P M A M (Continued)—
Bid ■ Ask Low
Cln Ham & Dayton (Continued)
Pacific Ext guar 4s £ ____ 1940
10214 10434
Cln D & I 1st gu g 5s___ 1941 M-N 103 105 103 J’ly "11
E Minn Nor Dlv 1st g4sl948
90 88 M ch'll _ 88 88
C Find & Ft W 1st gu 4s g 1923 M-N
Minn Union 1st g GS...1922
87 ___ 88 l2Sep ’ll . . . . 88 8812
Ciu I & W 1st gu g 4s___ 1953 J-J
Mont C 1st gu g 0s---- 1937
Day & Mich 1st cons 4 Ms 1931 J-J
Registered_________ 1937
Ind Dec & W 1st g 5s____ 1935 J-J 104 ___ 104 Sep ’ ll . . . . 103 105
1st guar gold 5s___ 1937
10712 Dec ’02
1st guar gold 5s______ :1935 J-J
Registered_________ 1937
Cleve Cln Chic & St Louis—
Will
A S F 1st gold 5S.1938
4
92
95
923
8
925
8
92
?8
Sale
J-D
General gold 4s..........
1993
92 92 Gulf A S I 1st ref A t g 5S..61952
92 Feb ’ ll —
J
Cairo Dlv 1st gold 4s____ 1939
Reglstcreel____________ 61952
Cln W & M Dlv 1st g 4s. .1991 J-J ___ 91i4 93i8 Dec ’ 10
St I. Dlv 1st col tr g 4s__ 1990 M-N 90 92 92 Sep ’ ll . . . . 9134 94 H ock Val 1st cons g 4 J^s_15)99
Registered__________ 1999
Registered.__________ 1990 M-N 90 ___ 91 Oct ’07
Col A II V 1st ext g 4s...1948
Spr & Col Dlv 1st g 4s__ 1940 M-S
Col
A Tol 1st ex 4s______ 1955
91l2
Dec
’
1
0
90
.
.
.
.
W W Val Dlv 1st g 4s.-.1940 J-J
10ol2 1063., IIous Belt A Term 1st 5s__ 1937
C I St L <fc C consol 0s__ 1920 M-N 1051?___ 105i2Aug ’ll
96 97 I llinois Central—■
1st gold 4s__________ fcl936 Q-F 9713 98 9638Sep ’ ll —
1st gold 4s_____________1951
Registered________ fcl93G Q-F 971S___ 96 Aug TO
Registered____________1951
106 1071,1
Cln S & Cl con 1st g 5s__ 1923 J-J 107 ___ 10714 Oct ’ ll
1st gold 3 Ms___________ 1931
C O C & I consol 7s......... 1914 J-D 106 ___ 10712 Aug ’ll . . . . 10718 10778
Registered___________ 1951
J-D
Consol sinking fund 7 s .1914
Extended 1st g 3 ^ s ____ 1951
General consol gold Os.1934 J-J 12114- - - I 25I4 Feb ’ ll . . . . I 25I4 I 25I4
Registered___________ 1951
Registered_________ 1934 J-J
1st gold 3s sterling______ 1951
94 J’ly ’08
Ind 111 A W 1st pref 4 s...1940 A-O
Registered____________1951
O Ind & W 1st pref 5s..dl938 Q-J
Coll trust gold 4s--------- 1952
90 93
Peo & East 1st con 4s — 1940 A-O 89
. 90 Oct ’ ll
Registered____________1952
2
40
6
U
2
42
42
■
42
Sale
Apr
Income 4s___________ 1990
1st ret 4s_______________1955
Col Midland 1st g 4s---------191 J-J ___ 60 60 Sep ’ ll __ 60 69
Purchased lines 3 ^ s ----- 1952
9014 39 9434 071"
Colorado A Sou ls tg 4s— .1929 F-A 96I4 Sale 96
L N O A Tex gold 4s____ 1953
971? 41 96 983;
Refund & ext 4 Ms--------1935 M-N 97io Sale 9612
Registered___________ 1953
1 1113, 113
Ft W & Den C ls tg 6s...1921 J-D 11178 Sale 11178 11178
Cairo Bridge gold 4s_____ 1950
Conn A Pas Rlvs 1st g 4s..1943 A-O
Litchfield Dlv ls tg 3 s ._-1951
100 May’10
Cuba RR 1st 50-yr 5 g ....... 1952 J-J
Loulsv
Dlv A Term g 3 MS1953
Lack A Western—
Registered____________1953
D elMorris
1075s 1083/
1075gJ’ly ’ ll
A Essex 1st 7s..1914 M-N 106
Middle
Dlv reg 5s_______ 1921
2
1091
2
1
1
1
3
.1
1st consol guar 7s___ 1915 J-D 109«2 Sale 10912 10912
Omaha Dlv 1st g 3s_____ 1951
11138 Dec *10
•
Registered ________ 1915 J-D
St Louis Dlv A term g 3S.1951
91 Jan ’ ll
91 91
1st ref gu g 3 Ms------2000 J-I) 90
Registered___________ 1951
N Y Lack A W 1st 6s-----1921 J-J 113I4 1145s 115D J’ne’ U __ 115141101,
Gold 3 M s .................. 1951
1071? May’ll __ 1071" 107R
Construction 5s--------- 1923 F-A 106
Registered_________ 1951
98 991;
Term A Imorove 4s— 1923 M-N 99 IOOI4 98 Oct ’ ll —
Spring Dlv 1st g 3 Ms____ 1951
102tg Feb ’03
Warren 1st ref gu g 3 Ms.2000 F-A
Registered___________ 1951
Del A Hud 1st Pa Dlv 7 s... 1917 M-S . . . . 117 llol 2 Aug’ ll . . . . 1151?116
Western lines 1st g 4s____ 1951
149 Aug’01
Registered____________1917 M-S
Registered___________ 1951
9734 11 9038 100
10-yr conv deb 4s--------- 1910 J-D 9734 Sale 97'18
Bcllev A Car 1st 6s______ 1923
2 101 102
10134 10134
1st lien equip g 4 Ms------1922 J-J
Carb A Shaw 1st g 4s____1932
9S58
087s 21 9778 10012
1st A ref 4s__________ ..1943 M-N
Chic St L A N O g 5s____ 1951
90
903s 11 891- 9 H4
Alb A Sus conv 3 Ms---- 1946 A-O
Registered___________ 1951
Rens A Saratoga 1st 7s.. 1921 M-N 12214 . . . . 121 May’ ll — 1233., 1241"
Gold 3 Ms____________ 1951
Denver A Rio Grande—•
Registered_________ 1951
1 90
94
90l8
90i8
1st consol gold 4s_______ 1936 J-J
Memph Dlv 1st g 4s__ 1951
98 Sep ’ ll __ 98 98
Consol gold 4 M*________ 1936 J-J *99l2 . ..
Registered_________ 1951
9812 101
Improvement gold 5s___ 1928 J-D 97* 99 98l2Aug’ ll
St L Sou 1st gu g 4s------ 1931
85
8512 22 8 U4 9358
1st A refunding 5s______ 1955 F-A
10434 Mch'll ___ 10434 1043., Ind III A la 1st g 4s........... 1950
Rio Gr June 1st gu g 5s..1939 J-D
6 U2 0 U2 Int A Great Nor 1st g 6s— 1919
7212 0 U2 A p r’ll —
Rio Gr So 1st gold 4s-----1940 J-J —
Iowa Central 1st gold 5s— 1938
85 Mch ’08
' Guaranteed _________ 1940 J-J
Refunding gold 4 s_______ 1951
1 8712 923.,
8 SM 88
88
88
Rio Gr West 1st g 4s---- 1939 J-J
83
I 83 8512 Tamcstown Franklin A
Mtge A col trust 4s A . .1949 A-O 80 83 83
Clearfield 1st 4s_______ 1959
97 Jan '02
Utah Cent 1st gu g 4s.al917 A-O
City Sou 1st gold 3s..1950
110 Sep '01
Dea Mot Un Ry ls tg 5s---- 1917 M-N 99
K anRegistered
_________ 1950
Det A Mack 1st lien g 4s— 1995 J-D 92 95 91 Sep TO
Ref A Impt 5s______Apr 1950
95 J’ne’ ll __ 881" 95
Gold 4s........................... 1995 J-D 90 —
70 Aug’ ll
70 70 Kansas City Terml 1st 4s.. 1960
Det T A O— O S Dlv 1st g 4sl941 M-S
108 105 Sep ’ ll __ 105 IO6I4 L ake Erie A W ls tg 5s — 1937
Dul MIssabe A Nor gen 5s..1941 J-J
2d gold 5s................ -1941
Dul A Iron Range 1st 5s— 1937 A-O . . . . IO8I4 10818 J’ly ’ ll — 10712 IO9I4
North Ohio 1st gu g 5s--- 1945
106i2Mch’0S
Registered______________1»37 A-O
__
_
Leh
Vail
N Y 1st gu g 4MS-1940
104
F
eb
’
ll
104
104
J-J
2d 6s.........................
1916
Registered______________1940
108 108
Dul So Shore A Atl g 5s-----1937 J-J 104 109 108 Jan ’ ll
Lehigh Vail (Pa) cons g 48.2003
112 112
lgin Jol A'East 1st g 5s.-1941 M-N *112 __ 112 J’ly ’ ll
E rle 1st consol gold 7s-----1920 M-S
11734 ii734
2 1173., 12058 Leh V Ter Ry 1st gu g 5S..1941
Registered______________1941
1011? J’ne’ ll ---- 10012 10158
N Y A Erie 1st ext g 4s..1947 M-N
1057SMay’ ll __ IOH4 108 Leh V Coal Co 1st gu g 5s. .1933
2d ext gold 5s________ 1919 M-S
__
Registered______________1933
104
J’ly
’
ll
10
ni
101
M-S
101
___
3d ext gold 4 Ms------- 1923
1st Int reduced to 4s___ 1933
4th ext gold 5s--------- 1920 A-O 103 1073, 1061? J’ne’ ll ___ 105 10634 Leh
A N Y 1st guar g 4s___1945
9912 9912
5th ext gold 4s--------- 1928 J-D 95's---- 99i2 J’nc’ ll —
Registered_____________
1945
1
118
Oct
TO
___
12
0
3
M-S
N Y L E A W 1st g fd 73.1920
El C A N 1st pref 6s____ 1914
38 8478 90
88
88 Sale 8658
Erie 1st con g 4s prior— 1996 J-J
2 8212 86
Gold guar 5s_________ 1914
8312
831j 86 8312
Registered_________ 1996 J-J
771g 52 7312 7934 Long Island—
771s Sale 76>4
1st consol gen lien g 4S.1996 J-J
1st consol gold 5s______h i931
77 77
■
Registered_________ 1996 J-J ___ 7712 77 J’ly ’ll
1 86
1st consol gold 4s______hl93l
91
8812
Penn coll tr g 4s-------- 1951 F-A 88 89 8812
General gold 4s_________ 1938
825s 37 73 92
50-year conv 4s A -----1953 A-O 8218 8278 821|
43 69 8012
75
Ferry gold 4 Ms________ 1922
do
Series B___ 1953 A-O 75 Sale 7458
Gold 4s........................... 1932
Bull N Y A Erie 1st 7S..1916 J-D 107 110 10914 10938 3 10914 1115s
Unified gold 4s_________ 1949
Chic A Eric 1st gold 5 s..1982 M-N 112 11212 113 Aug ’ll __ 11058 113
Debenture goid 5s______1934
Clev A Mahon Val g 5s. .1938 J-J 111 __ .111 Apr ’ll — 111 11138
Guar ref gold 4s________ 1949
Registered____________1938 Q-J 106 ___
Registered___________ 1949
12434M ay'll . . . . 12434 125
Long Dock consol g 6s— 1935 A-O
N Y B A M B 1st con g 5s 1935
114 Apr TO
Coal A RR 1st cur gu 6s.1922 M-N
N
Y A R B 1st g 5s....... 1927
10
0
5
8
10
05
8
10
0
5
8Jan
’
ll
J-J
Dock A Imp 1st cur 6s..1913
Nor Sh II 1st con g gu 5s.ol932
I02 i2Sep ’ ll __ 1001" 10212
N Y A Green L gu g 5s.. 1946 M-N
10312 Aug’ ll — 10134 10434 Louisiana A Ark 1st g 5s___1927
N Y Sus A W 1st ref 5s.. 1937 J-J
Louisville A Nashville—
IOOI4 Dec '06
2d gold 4 Ms______
1937 F-A
General gold 6s_________ 1930
83 J’ly ’ ll __ 83 87I4
General gold 5s--------- 1940 F-A
Gold 5s........................... 1937
110 May’ ll
110 no
Terminal 1st gold 5s..1943 M-N
Unified gold 4s_________ 1940
U 012Sep ’ ll ___ iiois noi 2
Mid of N J 1st ext 5s___ 1940 A-O
Registered____________1940
8 9912 Aug T 1 ___
9912 10H8
Wllk A Ea 1st gu g 5s...1942 J-D
Collateral trust gold 5s..1931
110 1101"
Ev A Ind 1st con gu g 6s— 1926 J-J 105 . . . HO J’ne’ ll
E II A Nash 1st g 6s___ 1910
1 11U2 113
Evans A T H 1st cons 6s — 1921 J-J H178.__ U178 1117»
L Cln A Lex gold 4 M s...1931
101 10212
1021s Aug’ll
1st general gold 5s______ 1942 A-O
N O A M 1st gold 6s___ 1930
Mt Vernon 1st gold 6s--- 1923 A-O 107»8 112 114 A p r'05
N O A M 2d gold 6s___ 1030
95 J’ne’08
Sull Co Branch 1st g 5s..1930 A-O 95
Paducah A Mem dlv 4s.. 1946
95 9838
8 96 Oct ’ ll
■EMorlda E Coast 1st 4MS..1959 J-D 96
Pensacola Dlv gold 6s__ 1920
92 Aug’ ll) __
90
i 1ort St U D Co 1st g 4 Ms.1911 J-J
St Louis Dlv 1st gold 6S.1921
8212 8412
4 8314 Aug '11
Ft W A Rio Gr 1st g 4s___ 1928 J-J
2d gold 3s___________ 1980
9712 9818
al H A II of 1882 1st 5s. 1913 A-O '9 6 '___. 97l2 J’no’ll
G reat Northern—
Atl Knox A Cln Dlv 4S..1955
Atl Knox A Nor 1st g 5s.1946
96I4 373 9512 98
O6I4 Sale 9578
C B A Q coll trust 4s___ 1921 J-J
Render Bdge 1st s f g 6s.1931
9534
961s 17 9538 981s
Registered ,h_______ 1921
Kentucky Cent gold 4s..1987
4 100 Oct ’ ll
100 IOOI4
10O38 1003.1
1st A refund 4 Ms ser A . . 1961
L A N * M A M 1st g 4 MS1945
Registered________ ...1961
_
L A N-South M Joint 4s. .1952
9812 9918
. 99*8 May’ ll
St Paul M A Man 4s____ 1933 J-J
Registered______ «... hi 952
12538 Sep '11
125 I 27I4
. 1st consol gold 6s____ 1933 J-J
N Fla A S 1st gu g 5s___ 1937
132 Apr '09 1 _
: ■ Registered_________ 1933 J-J
N A C Bdge gen gu g 4 Ms 1945
105 IO6I4
Reduced to gold 4 Ms1933 J-J 10434 106 105 Sep 'll
Pens A Atl 1st gu g 6s__ 1021
Registered_______ 1933 J-J
S A N Ala con gu g 5s__ 1936
983S 4 95U 9812
Mont ext 1st gold 4s..1937 J-D 98 ___ 9§38
98 98 L A Jeff Bdge Co gu g 4s__ 1945
98 J’ne’ ll —
■.
Registered_________ 1937 J-D

T-J

Price
Friday
Oct. 13

Range
Is
Since
eqc/: January 1

Week's
Range or
Last Sale

Higli No.
Ask Ijyw
9258Mch ’ 11 . . . .
' 9M4 "97 ' 9934Jan TO
1121?___ 115's Aug ’ll
1281?___ 12812Sep ’ ll . . . .
1361., May’06
11212 113 11234Sep ’ll — 113 . . . 112i2Sep ’ ll
___ 93 92 A u g’ll . . . .

Bid

I/no High
9258 92?s
1141? 116*4
127 12878
11212 11234
1121? 11234
SS18 92

5 101 1035S
10112 1015f 10U? 10U"
100l2Scp ’08
94 95
91 ___ 95 May’ ll
96 96
91 ___ 96 Feb ’ ll
10018 10U8
101 J’ly ’ ll —
___ 101
IOOI4 103
10218___ 101 Aug’ ll
100 100
lOOljj___ 100 Sep ’ll
86I4 91
90 ___ 91 Au g’ ll
90 ___ 89 A p r’ ll . . . . 89 89
93l2 May’09
80 J’ly '09
993S
9938
1
981? Aug ’ ll
9612
9612 24
87 F eb ’ ll
985sSep ’ ll
943.1Jan ’ 11
97i2 Feb ’ ll
75i8Sep ’ ll
85i2Sep ’ ll . . . .
831., Nov TO
1057g ---- 123 ' May'99
73 7512 76i8J’ne ’ ll
7312 ___ 75i2 Jan ’ll —

98 9878
9812 9812
96>18 98
86
87
971? 9858
9134 9434
96 9712
7o!8 75l8
8512 871.,

'84 ' 8634 87is May’ ll . . . .
10118 Oct ’99
100 N ov '00

86

9914___
9112---9014 9612
___ 8612
9812---9412 ___
___ 96
7312 77
___ 8714

9612----

96 Oct ’ll . . . .

751? 7018
7512 7512
87ls

9f>'8 96t2

11719
II 7I2 May’ 10
9434 ___ 95I4 Oct '10
i l .334 117
113U110 11334 Sep ’ ll
113 ___ 111 F e b ’ ll . . . . 113 115
8412 87 90 Oct ’09
95

97

97l2 Mch’ 10

■94*12: : : : "98' J’ly'os
9418 9534 95 Sep ’ ll
108 ___ 1081" Oct ’ ll
101
___ 1011" 101
683.,
6573 68*>f 6534

. . . . .............
95 9612
10712 109
5 101 103
19 63 7UZ

9478 J’ne’ ll
i
74
74
03 Oct '00
9958 98
9938 Sale 9878
983, 997S 99 Oct ’ ll
10812 11012 10912 J’ly ’ ll ___
104 105 1011?J’ly ’ ll
*107 ___ 1071? 10712
1
1001? ___ 1051., Sep ’ ll
10412105 IO4I4 Jan ’ ll
9738
9634 ___ 9738
9
___ 1127S 113 Aug’ l l
llllg 113 113 J’ne’ll . . . .
108 N o v '09
___ 94

7334 74

Oils

9434 9134 Aug

’ ll . . . .

0412
73I4

95U
7434

9812 102
oil'll 9934
1081? IIH 4
1041? 10412
1071? 11034
10518 IOOI4
IOU4 IOU4
9034 9712

113 11434
113 113
9312 9434

103 ___ 10U2Feb TO
IOOI4 ___ IOU4 Sep ’09
10912 11212
10758 112 I09l2J’ly ’ ll
93 . . .
9234 9012
92 ___ 93 Sep ’ ll
9812 100
100 Aug '11 . . . .
___ 100
9H8 95
93 9512
___ 92 93 May’ ll
10412 Dec ’OS
9534 97
9534 96 OS*., Sep ’ ll
95 95
95 Jan ’ ll
10438___ IIOI4 Nov ’06
103 105 105 Apr ’07
103 ___ 106 J’i y ’ ll
16312 106
94 9834
96 9712 973.1Sep ’ll —
11458Sale U4l2 11458 7
IIU 4 ___ I12i2 J’ne’ ll
9834 Sale 981?
983., 90
* ___ 983., 973., Nov TO
10334Sep ’ ll
108
I l l 115 111 Sep ’ ll
............. 1051?J’ly ’ ll
120U 125 121 Sep ’ ll
115 1181s I18«s Feb ’ ll
94 953, 95 Sep ’ ll
10514 109 1053., Mch’ ll
.
___ 1133. 113 Sep ’ ll
68
733S 711? Feb ’ ll
921j 15
92i2Sale 9212
II 2I4 May’ ll ___
1 ___ 113
104 ___ 106 A p r’ ll
9312 94*8 941? Aug’ ll ____
104 . . . . 103 Deo T<
90 91 90 Aug’ ll
95 Feb 'Of
109 ___ IO8I4 May’ll . . . .
100t2 ___
1IOI4 ___ 110 Jan ’ll
109 11U8 llllg J ’no’H
*9114 9234 0 U4 Aug’ ll ____

112 11612
1121s 11212
9S18 9978

10834 109*4
111 113
10438 10512
US34 12212
11838 1185s
95 96I4
10534 10534
7112 7U2
92 9334
II 2I4 I I 2I4
100 106
94 96
88

91

108*4 112*8
no
n n 2 i i 2ig
9 U4 94

110

MISCELLANEOUS BONDS— Continued on Next Page.
Street Railways.
Street Railway.
75 7514
United Rys St L 1st g 4 s...1934 J - J
75 80 75U Oct ’ ll
9312J’ly '06
Met W S El (Chic) 1st g 4s.1938 F-A
85 85
St
Louis
Transit gu 5s__ 1924 A-O ---- 84*8 85 J’ne'11
10
412N
ov
T
0
Milw Elec Ry A Lt cons g 5sl926 F-A 103 ___
United RRs San Fr s f 4s..1927 A-O 66 Sale 66
0# " ' 3 6512 72*g
Refunding A exten 4 M s.1931 J-J 92 ___ 921? Nov TO
Mlnneap St 1st cons g 5s__ 1919 J-J 101 ___ 107i2Feb ’06
Gas and Electric Light
84 8714
New Orl Ry A Lt gen 4 Ms.1935 J-J ___ 803,, 87I4 Aug’ ll
Portland Ry 1st A ref 5s__ 1930 M-Ni| 98 991? 98*4 Aug’ ll : : : : 98l2 9834
Atlanta G L Co 1st g 5s__ .1947 J - D 109
Portland Ry, Light A Pow—6 10534 108*4
I 06
Bklyn U Gas 1st con g 5s. .1945 /M-N 106 Sale loo
Portland Gen Elec 1st 5s.1935 J-J
6 59U 02*8
60
Buffalo Gas 1st g 5s_____ 1947 A-O 60 ___ 00
St.Jos Ry. L. H A P lstg 5s 1937 M-N 983s---- 98 N ov'08
St Paul City Cab cons g 5s. .1037 J-J 105 ___ IOOI4 Apr ’ ll — - 106 IO6I4 Columbus Gas 1st g 5s___ .1932 J - J ___ 95
Detroit City Gas g 5s____ .1923 J - J lOOU___ l0()58Sop ’ ll . . . . 100 101
Guaranteed 5s gold------1937 J-J
955s Sep '08
Det Gas Co con 1st g 5s__ .1918 F-A
Trl-Clty Ry A Lt 1st s f 5s. 1923 A-O ___ 97'l2 97i2Sep ’ ll . .. . 9714 99
1 100 101
Det Edison 1st coll tr 5s.. .1933 J - J 100i2 101 10078 1007s
98 Apr ’09
Underground of London 58.1920 M-N
105 Sop ’ ll
Eq G L N Y 1st con g 5s.. .1932 M-S
105 106*4
96
2 9OI4 97
4 M s.............. - ............. H>38 J-J ___ 96 96
52 5814 58 Aug’ ll
Income 6s______
1948
3814 6612 Gas A Elec Berg Co c g 5s. .1949 J - D 100 ___ 0U2Oct '01
Gr Rap G L Co 1st g 5s__ .1915 F-A 100 101 100 Oct ’09
84 Oct '08
Union Elec (Chic) 1st g 5s. .1945 A-O
103
1 103 1041s
Hudson Co Gas 1st g 5s__ .1949 M-N 101 ___ 103
United Rys Inv 1st lien coll
9778 99*2
___ 8318 S.MjSep ’ll
8314 861s Kan City (Mo) Gas 1st g 5s .1922 A-O 98 99*4 9778J’no’ ll
trust 5s Pitts Issue______1926
3Option sale.
• N» price Friday; latest bid and asked this week, a Due Jan. 6 Duo Feb. dDuo April, h Duo July. KDuo Aug. 0Duo Oct




Oc t ! 4
N.

New York Bond Record — Continued— Page 3

BONDS
Y. STOCK EXCHANGE
Week Ending Oct. 13.

Range
Since
January

Week's
Range or
Last Sale

N.

BONDS
Y . STOCK EXCHANGE
Week Ending Oct. 13.

Michigan Central— (Con)
Bat C AStur lstgug3s.1989 J-D
N Y Chic A St L 1st g4s. 1937 A-O
2d cons Inc g 3s trust rects___
Registered___________ 1937 A-O
Equip & coll g 5s_______1917 A-O
Debenture 4s_________ 1931 M-N
2d scries g 5s_________ 1919 A-0
West Shore 1st 4s guar..2361 J-J
Mex Internat 1st con g 4s..197. M-S
Registered___________ 2361 J-J
77 Mch’ 10
Stamped guaranteed___ 1977 M-S
N Y Cent Lines cq tr 4 Ms 1923 J-J
79 Nov "10
Minn A St L 1st gold 7s___ 1927 J-D
130 Aug’ll
130 130 N Y New Haven A Hartf—
Pacific Ext 1st gold 6s__ 1921 A-O
Non-conv deben 4s______1955 J-J
1101s Aug’l
110t8 1101*
1st consol gold 5s_______1934 M-N ---- 103 105 J’ly ’ 1
Non-conv4s____________ 1956 M-N
105 109
1st and refund gold 4s__ 1949 M-S
70 71 71
71
65 75
Conv debenture 3 Ms___ 195C J-J
Des M A Ft 1) 1st gu 4s.. 1937 J
---- 81 8 II 2 Aug'l
80 8 H2
Conv debenture 6s....... .1948 J-J
M StPASSM con g 4s lilt gu.19.1f J-J
O6I4 9734 97i2 Sep ’1
9534 98
Harlem R-PtChes 1st 4s.1954 M-N
M S S M A A 1st g 4s Int gu .1920 J-J
9812Jan ’ 10
Cent New Eng 1st gu 4S.1961 J-J
Mississippi Central 1st 5s. .1949 J
93i2 Mch ’ll
9312 9312
Housatonic R cons g 5 s..1937 M-N
Missouri Kansas & Texas—
N H A Derby cons cy 5s. 1918 M-N
1st gold 4s_____________ 199f J D 97 9734 97l2 97*8
New England cons 5s___ 1945 J-J
9612 08
2d gold 4s__________________ (7199cF-A8 If2 Sale 84% 8458
8314 86
Consol 4s .................. 1945 J-J
1st ext gold 5s______________ 1944M-N
IOH3 102 9912 Oct ’ ll
9!)12 10312
Providence Secur deb 43.1957 M-N
1st A refund 4s_________ 200-' M-S 78 80 7834 7834
78 83 N Y O A W ref 1st g 4s__ (71992 M-S
Gen sinking fund 4 Hs— 193C J-J 87 Sale 85
87
8312 88
Registered 55,000 only. (71992 M-S
St Louis Dlv 1st ref g 4s.200! A-O 78 Sale 78
78
General 4s____________ 1955 J-D
78 791)
Dal & Wa 1st gu g 5s----- 1940 M-N 100t4 ___ 1053s Aug ’ ll
1053g 1053S NTorf A South 1st gold 5s..1941 M-N
Kan C & Pac 1st g 4s----- 199 F-A 88 897* 8912 Aug’ ll
89% 9012 Norf A West gen gold 6S..1931 M-N
Mo IC A E 1st gu g 5s...1942 A-O ---- 10934 10812 10812
1()734 11012
Improvement A ext g 6s.1934 F-A
M K A Ok 1st guar 5s— 1912 M-N -----110 10734Sep ’ 1
IOGI4 108
New River 1st gold 6 s__ 1932 A-O
M K A T of T 1st gu g 5S.1942 M-S 1031s 10312 1053s Aug ’ ll
10234 105%
N A W Ry 1st cons g 4s.. 1996 A-O
Slier Sh A So 1st gu g 5s. 1942 J-D 100 . .
103i2May’ ll
10312 IO5I4
Registered___________ 1996 A-O
Texas A Okla 1st gu g 5s 1943 M-S
101 Sep ’ ll
Dlv’l 1st 1 A gen g 4s..1944 J-J
103 1051s
Missouri Pac 1st cons g 0s..1920 M-N 107 IO8I4 IOGI2 Sep ’ 1
10-25-year conv 4s___ 1932 J-D
IO
O
I
2 111
Trust gold 5s stamped..al9 17 M-S 997s IOU4 993| lOOig
Pocah C A C joint 4s.. 1941 J-D
995s 10214
Registered................«1917 Al-S
99 Mch’ 10
C C A T 1st guar gold 5s.1922 J-J
1st collateral gold 5s___ 19° F-A ----- 100 100l4 Sep '11
Selo V A N E 1st gu g 4s. 1980 M-N
100>4 102
Registered................. 1920 F-A
Northern Pac prior 1 g 4s.. 1997 Q-J
40-year gold loan 4s____ 194,', M-S
72 74l2 74
74
Registered___________ 1997 Q-J
74 82
3d 7s extended at 4% __ 193; M-N ---- 95 96i2May’ll
General lien gold 3s___ a2047 Q-F
9612 9612
1st A ref conv 5s______ 195! M-S
86 Sale 8512
86
Registered__________ a2047 Q-F
81 963S
Cent Br Ry 1st gu g 4 s ..1919 F-A 89 . . .
90% 9334
St Paul-Duluth Dlv g 4S.1096 J-D
9038
9038
Cent Br U P 1st g 4s___ 194* J-D
78 83i8 8712 May’ 10
Registered___________ 1996 J-D
Leroy A C V A L 1st g 5s.1926 J-J ____ 102
110 Men *05
Dul Short L 1st gu 5s__ 1916 M-S
Pac R of Mo 1st ext g 4s. 1933 F-A ---- 9712 9612Oct ’ll
96 9834
St P A N P gen gold 6s..1923 F-A
2d extended gold 5s__ 1933 J-J ____ 10J14 IO8I2 May’ll
Registered certificates. 1923 Q-F
IO8I2 108M
StL Ir M&S gen con g 5s. 1931 A-O 10612107 106t2 107
St Paul A Duluth 1st 5s. 1931 F-A
1061s 1085g
Gen con stamp gu g 5s.193! A-O
111 Sep '09
2 d 5s...........................1917 A-O
Unified A ref gold 4s..1929 J-J
81 82 82l4 Sep ’ ll
1st consol gold 4s....... 1968 J-D
82l4 8778
Registered_________ 1929 J-J
8634 Mch’ll
8634 8G34
Wash Cent 1st gold 4s...1948 Q-M
Rlv & G Div 1st g 4s. .1933 M-N 83% Sale 83%
83%
82i4 883s Nor Pac Term Co 1st g 6 s..1933 J-J
Verdi V I & W 1st g 5s.. 1926 M-S ____ 100 l 02 l2 Jan '10
pacific Coast Co 1st g 5s..1946 J-D
Mob A Ohio new gold 6s__ 1927 J-D 119 121 120 Sep ’ ll
1 enna RR 1st realestg4s,1923 M-N
120 122
1st extension gold 6s__ /il927 Q-J 114 116 114 Sep ’ll
Consol gold 5s.................1919 M-S
114 1163;
General gold 4s_________ 1933 M-S
85 87 80 Sep ’ ll
Consol gold 4 s .............. 1943 M-N
80 87
Montgom Dlv 1st g 5s...1947 F-A 10812___ “
A p r’ ll
110 11014
Convertible gold 3 Ms...1912 M-N
St L A Cairo coll g 4s__ elO.IO Q-F
Mch’ ll
Convertible gold 3 M s ...1915 J-D
81 81
Guaranteed gold 4s__ 1931 J-J
9U2 9314 93i2 Mch’ ll
9312 9412
Registered................ 1915 J-D
XTashv Chatt A St Louis—
Consol gold 4s................ 1948 M-N
TN 1st 7s.......................... 1912 J-J 104% 105 1041%Sep ’ ll
Allcg Vnl gen guar g 4s..1942 M-S
104S8 10612
1st consol gold 5s....... ..1928 A-O 108 110 10934 Aug’ ll
D R R R A Bge 1st gu 4sgl936 F-A
10918 111
Jasper Branch 1st g 6s..1923 J-J 113 . . . 11578Nov ’10
Phlla Balt A W 1st g 4s..1943 M-N
McM M W A A1 1st 6s...1917 J-J 107!4 ___ 108i2Dec '10
Sod Bay A Sou 1st g 5s..1924 J-J
T A P Branch 1st 6s___ 1917 J-J 10 /% ____ 113 J’l y ’01
Sunbury A Lewis 1st g 4s 1936 J-J
9034 92 9H8
Nat Rys of Mcx pr lien 4 J^s.1957 J-J
9U8
U N J RR A Can gen 4s..1944 Al-S
91 95ls
8312 85 8312 Oct ’ ll
Guaranteed general 4s__ 1977 A-O
83 8934 Pcnna Co guar 1st g4 Ms__ 1921 J-J
Nat of Mcx prior lien 4HS.1926 J-J ____ 100 10()34 Feb ’ll
10034 10034
Registered___________ 1921 J-J
1st consol 4s....... .......... 1951 A-O 78 8012 78i8 Sep ’ ll
Guar 3 Ms coll trust reg.. 1937 M-S
781S 831S
N O A N E prior lien g 6s..pl915 A-O 10413__
Guar 3 Ms coll trust scr B .1941 F -A
New Orleans Term 1st 4s..1953 J-J ____ 88
88l4 J’ly ’ll
8814 8814
Trust Co certfs gu g 3 Ms. 1916 M-N
N Y Central A Hud R iv e r Guar 3 Ms trust ctfs C...1942 J-D
Sale 87I2
Gold 3 1 K . .................... 1997 J-J
88
87 90
Guar 3 Ms trust ctfs D...1944 J-D
Registered.................. 1997 J-J
. 875g 86 Sep ’ ll
Guar 15-25 year g 4s___ 1931 A-O
80 8912
Debenture gold 4s______193 ! M-N
927g
9312 92%
CIn Lcb A Nor gu 4s g __ 1942 M-N
921* 9412
Registered.................. 1934 M-N
9234 Sep ’ ll
Cl A Mar 1st gu g 4 Ms. .1935 Al-N
9212 931s
Lake Shore coll g 3 H s ... 1998 F-A 79 Sale 78*2
7914
78 807g
Cl A P gen gu g 4 Ms ser A 1942 J-J
Registered___________ 1998 F-A 76i2Sale 76l2 70i2
75 7934
Series B______________1942 A -O
Mich Cent coll gold 3^3-1998 F-A 77i2 79 7034
7712
Int reduced to 3 Ms-1942 A -O
7612 7912
Registered___________ 1998 F-A 75 77 75 Sep ’ ll
75 78
Series C 3 Ms_________ 1948 M-N
Beech Creek 1st gu g 4s..1936 J-J
99iS . . .
983s Dec ’10
Series D 3 Ms............... 1950 F-A
Registered____ ______ 1936 J-J
99 May’ ll
99 99
Erie A Pitts gu g 3 Ms B.1940 J-J
2d guar gold 5 s..........193* J-J 10014 .
Scries C ......................1940 J-J
Registered_________ 1936 J-J
Gr R A I ex 1st gu g 4 Ms.1941 J-J
Beech Cr Ext 1st g 3 Hs.519 .1 A-O 8 H2 .
Pitts Ft W A C 1st 7s...1912 J-J
Cart A Ad 1st gu g 4s__ 198! J-D
90 .
2d 7s........................... 1912 J-J
97M Apr ’09
Gouv A Oswe 1st gu g 5s. 1942 J-D 100 .
3d 7s....... ................ 7il912 A-O
Moh A Mai 1st gu g 4s__ 199' M-S
99i8 Mch’ ll
Pitts Y A Ash 1st con 5s.1927 M-N
99
99'a
N J June R guar 1st 4s. .198 f -A 9534 100 105 Oct ’02
Tol W V A O gu 4 Ms A . .1931 J-J
Registered___________ 1986 F-A
Series B 4 Ms________ 1933 J-J
N Y A Harlem g 3JjS-.-20(l M-N 90
90i8 Feb '11
Series C 4s.................1942 M-S
901* 90lg
Registered___________ 2000 M-N
P C C A St L gu 4 MS A . .1940 A -O
N Y A Northern 1st g 5s. 1927 A-O
108 Oct ’09
"Series B guar_________ 1942 A-O
N Y A Pu 1st cons gu g 4sl993 A-O
9712 977* Aug’ ll
Scries C guar_________ 1942 M-N
9714 977g
Nor A Mont 1st gu g 5s.. 1916 A-O
Series D 4s guar..........1945 M-N
Pine Creek reg guar 6s__ 1932 J-D 120 __ 131%Jan ’09
Series E 3 Ms guar g ___1949 F -A
R W A O con 1st ext 5S./U922 A-O 107 Sale 107
107
107 110
Series F gu 4s g _______ 1953 J-D
Oswc A R 2d gu g 5s__ el915 F-A ___ 10512 105 Jan '08
Series G 4s guar______ 1957 [M-N
R W A O T R 1st gu g 5s.1918 M-N
104 J’nc’ 10
C St L A P 1st con g 5s..1932 A -O
Rutland 1st con g 4 Ms..1941 J-J
983s J’ly ’ ll
983* 983* Peo A Pek Un 1st g 6s____ 1921 Q-F
OgALCham 1st gu 4s g.1948 J-J
80 Sep ’ ll
8512 9012
2d gold 4 Ms.................. 51921 M-N
Rut-Canad 1st gu g 4s. 1949 J-J
92 J’nc’00
Pere Marquette— Ref 4s__ 1955 J-J
St Lawr A Adlr 1st g 5S..1996 J-J
115 J’ne ’09
Refunding guar 4s______1955 J-J
2d gold 6s. ................ 1996 A-O 118 . . . 125 Feb '08
Ch A W M 5s__________ 1921 J-D
Utica A Blk Rlv gu g 4s.1922 J-J 9978 ___ 100 J’ne’ ll
9934 100
Flint A P M g 6s________ 1920 A -O
Lake Shore gold 3 Ms___ 1997 J-D
88
88 00’s 88
88
90
1st consol gold 5s____ 1939 M-N
Registered................ .1997 J-D 8714 8812 88 Sep ’ ll
Pt Huron Dlv 1st g 5s.1939 A-O
871s 89
Debenture gold 4s___ 1928 M-S
9312 Sale 9278
93i2
9212 95
Sag Tus A H 1st gu g 4s.1931 F-A
25-year gold 4s_______ 193’ M-N 93% Sale 93
921* 943, Philippine Ry 1st 30-yr s f 4s.*37 J-J
93D
9334 May’ ll
fteglstered_________ 1931 M-N
9334 9334 Pitts Sh A L E 1st g 5s___ 1940 A -O
Ka A A G It 1st gu c 5s.1938 J-J 108 .
1st consol gold 58_______ 1943 J-J
Mahon Cl RR 1st 5s..1934 J-J I l l ___ l l l i 2 Mch’ ll
1105* IIU 2 13 cadlng Co gen g 4s______1997 J-J
Pitts A J, Eric 2d g 5s..nl928 A-O 107I3 ---- 100 Dec '09
*-*' Registered____________1997 J-J
Pitts McK A Y 1st gu Os.1932 J-J 121 .
130i2Jan '09
Jersey Cent coll g 4s___ 1951 A-O
2d guaranteed 6s....... 1934 J-J 123 124
Atlan City gu 4s g______1951 J-J
McKees A B V 1st g 6s.1918 J-J 108
t Jo A Gr Isl 1st g 4s___ 1947 J-J
S
Michigan Central 5s....... 1931 M-S 110
11 A p r’ ll
111 111
t L A San Fran gen g 6S..1931 J-J
Registered_________ 1931 Q-M 109
19 J’ne’06
General gold 5s_________ 1931 J-J
4 s---------1940 J-J 88 9912 99 J’ne’ ll
99
99
St L A S F RR cons g 43.1996 J-J
Registered...............1940 J-J
98 Dec '09
Gen 15-20 yr 5s______1927 M -N
J L A S 1st gold 3 M s..1951 M-S ---- 881a 90 J’ne’08
Southw Dlv 1st g 5s..1947 A-O
1st gold 3 Ms............. .1952 M-N 8634 88*2 8034 Sep ’ ll
8634 89
Refunding
g 4s_______ 1951 J-J
20-year debenture 4s__l929 A-O
— 91 0112 Sep ’ ll
9U2 93
Registered_________ 1951 J-J
AUSCELLANEOUS BONDS—Continued on Next Paw.
Loto

RR—Sou lines 4s. 193(1 M-N
M anila
exlcan Cent cons g 4s..1911 J-J

Gas and Electric Light
Kings Co El L & P g 5s---- 1937 A -O
Purchase money 6s--------1997 A -O
Convertible deb 6s--------1922 M -S
Ed El II Bkn 1st con g 4s.1939 J-J
Lac Gas L of St L 1st g 5s..*1919
Ref and ext 1st g 5s------ 1934 n
Milwaukee Gas L 1st 4s____1927 Al-N
Newark Con Gas g 5s______ 1948 J - D
N Y G E L H A P g 58____ 1948 J-D
Purchase money g 4s____ 1949 F -A
Ed El 111 1st cons g 5s__ 1995 J-J
NY A Q El LAP 1st cong 5S.1930 F-A
N Y A Rich Gas 1st g 5s__ 1921 Al-N
Pacific G A El Co Cal G A E
Corp unifying A ref 5s..1937 M-N
Pat A Passaic G A E 5s____ 1949 Al-S

....

10412 ___ 105 Sep '11
---- 116 115 Sep ’ll
116 1171
---- 90 89 May’ ll
103 IO4I4 103
103 ***3
101% 1017* 101% 101%
1
*8734 . . .
90
00
4
1OBI2 ____ 104 J’n e'll
1023* Sale 102
102% ” 23
87 88
88
88
5
112i2 ____ 112%Oct 'll
100I2 101 101% May'll
97%J’ly '09
94 047* 95
95
1
100

•No price Friday; latest bid and asked.




High

I6() May'l
2512 Apr '09

1007
Price
Friday
Oct. 13

Lena High
*99% 100

Gas and Electric Light
101%100 Peo Gas A C 1st con g 6s__ 1043 A-O
11334 116%
Refunding gold 5s_____ 1947 M-S
Registered.................. 1947 M-S
Ch G-L A Cke 1st gu g 58.193 7 J-J
87% 90
Con G Co of Ch 1st gu g 5s 1936 J-D
102 104
Ind Nat Gas A OH 30-yr 5s ’36 M-N
100 103
Mu Fuel Gas lstgu g 5s..1947 M-N
90 91
Registered.................. 1947 M-N
100% 104
101% 104% Philadelphia Co conv 5s.. 1919 F-A
87 89% Syracuse Lighting 1st g 5S.1951 J-D
111 11234 Syracuse L A P 5s________ 1954 j . j
100 101% Trenton G A E 1st g 5s___ 1949 M-S
Union Elec L A P 1st g 5s..1932 M-S
Ref A ext 5s.................. 1933 M-N
9134 96 Utica El L A P 1st g 5s___ 1950 J-J
Utica Gas A E ref 5s......... 1957 J-J
Westchester Light’g g 5 s ...1950 J-D

aDuoJan.

5Duc Feb.

eDucMay.

Week's
Range or
Last Sale

Ask Low

Range »
Since *
January V

High

Low High

993* 100 993* Oct ’ ll
98%___ 100 Dec '09
883, 0<)12 90l8Sep ’ ll
997* 10012 9934 100
9734 Sale 97
9734
’10012 J’ly ’ll

99 1001*
8934 923*
97% 101%
97 100%

1001210012

943* Aug’ll
9234 93
92 Oct ’ ll
9U4 94 90i8 Sep ’ ll
130 Sale 12934 130

9314 943*
92 9412
89 10012
12834 13434

___ 92% 923*Sep ’ll
1127S. . . 1131* J’nc’ ll
1015* . . . 107 Aug’09

92i2 935*
1131* 1131*

___ 8534 87 May’ ll
841* 87
941* 94% 9412
9412
9414 97
93i4 Sale 9314
9314
9314 94%
9H4 923*
___ 92% 9U4 Aug’ ll
103 . . . 103i2Jan ’ ll
103l« 1031*
12234 . . . 12434J’ne ’ll
1245* 12434
124 127
124 1281* 124 Sep ’ ll
124 128 125 J’ly ’ ll
1241* 125
9834 Sale 9814
9834
9712 9912
98 Jan ’ ll
98 98
921* ~923j 923* Sep ’ ll
9U2 94
10534 Sale 10334 10534 299 100121097*
90 91 90 Oct ’ ll
883* 90i2
104i2Sale 10412 104%
104l2104l2
975* 9812 9712
9712
9G14 9712
100i4 Sale 1001* 10014
9S5* 10034
99
99
98 99I4
69 Sale G834
693a
68
7Ua
-----70i2 68 Sep ’ ll
63 691*
----- 98 90 Sep ’ll
96 93
99 Feb ’10
1153411712 11534Sep ’ ll
115 . . . . 1)538Aug’ll
107 ___ 110 J’ne’10
101% ___ 10234J’nc’ll
96i2Apr ’10
89 ___ 911* Apr '11
IIH 4 . . . 111 Sep '11
105 1051* 105
i05
99*8 10012 100l2Scp '11
108 J’ne’ ll
____ 110
___ 10234 103i2J’n e'll
aoi2
9912 Sale 993*
9634
965* Sale 963*
96i4Sep ’ll
102i2Sale 10212 10212
996* 10014 997* A p r'11
100 .
-----10134 102 Sep '11
10212 ___ 102 Jan '03
97 .
____ 10212 1031* May’ 10
1027* 104 103l4 Oct '11
1027* Mch 'll
90 Aug’10
883* J’ly 'll
9734 98 97»*Sep ’ll
---- 90 87 Aug'10
88
88 Sep ’ll
'93* 9812 98 Sep '11
9G12 9712 06i4 J’ly '11
103l2___ 110 Jan '05
1001* _____ 11034Jan '09
1001* ____ 10934J’ly '09
90 ___ 96 Aug ’09
90 ___ 90 May’08
90 . .
90l2Apr ’ ll
90 . . . . 9S34 Apr ’04
---- 105 105 Sep ’ ll
10U2 ____ 103 J’no’ ll
10112 ____ 1037* Feb ’ ll
10114
10134 Sep ’ ll
107
109 May’ 10
101
103 Aug ’07
101
100 J’ly ’10
94
10512 10712 053* Oct ’ ll
8
105l2 107 0512Sop '11
105 ___ 100 J’ne’ll
97 ___ 985* Dec '10
923*___ 931* Aug ’ ll
97 ___ 977* Aug'11
97 ___ 98
98
11312 ___ 1i3i2J’ly ’ ll
109 May’ ll
99 93l2Jan '11
*6012 74 70 J’l y '11
6012 68 67 Aug’ll
100i4 Apr ’ ll
1101*___ 10934J’nc’ll
97 ___ 103 Mch’ll
97 102 98 Aug’ll
___ 90
84 8734 863* Oct 'll
11234 ___ 1127* May’ll
937* J’ly '97
9734 Sale 975*
0734
9714 Apr '11
'o7i2: : : : 97i2Sep '11

11534 11634
1153* 1153*
10234 10234
9H* 9H*
111 1113*
105 108

10012102 ,

108 108 '
10312 1031*
9834 991*
957* 97I4 "
961* 97 i
102 1041*
997* 10014

10112 1021*
10314 1041*
1027* 1027*
88
97

89
97*4

,

88
88
•97«4 99 ■

96

961*

9012 91

j

10414 105
103 105
1037* 1037*
10134 101*4

165% I o
' tjV
“ij
10512 107*,

100

10a

9134 93%
977* 975
98 99%
113 113t|.
109 109 >
93l2 93H
66 76*4
67 763*
1001* 1007*.
10934 11034
100 103 ■
98 1033*
84 88 .
1121*1127*
96*4 981*
9714 9734
96 93

84 89 89 Oct '11
118 1191* 118
118
107 IO8I4 10712 Oct '11
88
92 90 Sep '11
87
87 Sale 855*
100 ___ 10034Mch ’ ll
79 Sale 77
79
8034Mch’ ll

8612 90
118 119%
107 108 ,
90 91 ; ;
8512 90
10034 1011*
77 83 „
8Q34 80%

116%...

119%May’ll

116% 119%

103 Feb '09
103 104 102% Aug’ ll
101 102l4 102 Sep 'll
90 Mch'll
101% Aug'11

101 102 i,

-------102U 10I78Sep '11

116 J’n e'll
98 Aug’ 10
81% 81 J'ne'll
109 Feb '01
98% Sep '11
97% 00 J’ly '11

___ 109
___

102

99
95

101

98
99%J’ly '11
104%___ 104%Oct '11

(/Due June. ftDuo July.

pDuc Nov,

101% 102%

10234 109%
90

91%

100% 101%

104 110
81

82.'

98% 100*.
93 06%
'99% *99%
104 105%

New Y ork Bond R ecord — Concluded— Page 4

:

N.

BONDS
STOCK EXCHANGE)
Week Ending Oot. 13.

T.

Price
Friday
Oct. 13

Range
N.
Since
January 1

Week's
Range or
Last Sale

BONDS
Y . STOCK EXCHANGE
Week Ending Oct. 13.

Low High
High
St L & San Fran (Con)
Bid
116 117% YTandalla cons g 4s Ser A.1955
. K 0 Ft S & M con g 6s. .1928 M-N 115l2 1167a U 6I2 J’ly ’ll
V Consol 4s Series 13___ 1957
79
77% 81
• K C Ft S & M Ry ref g 4s.1930 A-O 7834 79% 7834
Vera Cruz & P 1st gu 4 Ms.1934
'
Registered___________ 1936 A-O
79 Sep ’ 10
abash 1st gold 5s______ 1939
IOOI4 Dec ’09
. K C & M R & B 1st gu 53.1929 A-O
W
2d gold 5s................ 1939
97% 99%
( Ozark & Ch C 1st gu 5s g.1913 A-O 9834 99 9812 Sep ’ ll
Debenture
Series 13____ 1939
897S
9
2
3
4
St I. s W 1st g 4s bd ctfs.. 1980 M-N 9012----- 9012
901a
1st lien equip s fd g 5s — 1921
78 83
80
2d g 4s Inc bond ctfs___ pl989 J-J
79 81 80
1st lien 50-yr g term 4s.. 1954
75% 81%
791
. Consol gold 4s__________ 1932 J-D 79*4 Sale 7834
1st ref and ext g 4s______1956
( Gray’s Ft Ter 1st gu g 53.1947 J -I) 95 ___ 10Us Apr ’07
Det & Ch Ext 1st g 5s...1941
113 86 88%
88
8712 Sale 8634
S A & A Pass 1st gu g 4s__ 1943 J-J
Des Moln Dlv 1st g 4s__ 1939
9914___ 104 Oot '09
8 F & N P 1st sink f g 5s..1919 J-J
Om Dlv 1st g 3 3£s........ .1941
853,, 87%
87% Aug’ ll
;8caboard Air Line g 4s___ 1950 A-O
8(512 - •
Tol & Ch Dlv 1st g 4s. v . . 1941
8134 83
80%
Gold 4s stamped________ 195(1 A-O 86% Sale 86%
VVab Pitts Term 1st g 4s__ 1954
• Registered______________1950 A-O
Cent & Old Col Tr Co certfs..
74% 82
77%
• Adjustment 5s________ 01949 F-A 77% Sale 77
Columbla Tr Co ctfs________
< Refunding 4s__________ 1959 A-O
Col Tr ctfs for Cent Tr ctfs..
85% 87
851
Atl-Blrm 30-yr 1st g 4s.el933 M-S -§5' 86% 85%
9134 913,
2d gold 4s_____________1954
9134 Apr '1
• Car Cent 1st con g 4s___ 1949 J-J
Trust Co certfs___________
102 103
' Fla Ccn & Pen 1st g 53___1918 J-J 100 ___ 103 May’ll
Wash Terml 1st gu 3 Hs__ 1945
i1st land gr ext g 5s___ 19.30 J-J 101 ___
1st 40-yr guar 4s________ 1945
10534 1063s
•
Consol gold 5s________ 1943 J-J 10434 ___ 10534 Apr ’ l l
104 104% West Maryland 1st g 4s___ 1952
‘ Ga & Ala Ry 1st con 5s.ol948 J-J 104 ___ 101 Oct *1
104 105 West N Y & Pa 1st g 5s...1937
; Ga Cat & No 1st gu g 53.1929 J-J 104 ___ 104% 104%
Gen gold 4s_____________1943
109 109
f Seah & Roa 1st 5s______1926)J-J 105% 110 109 M ay'll
Income 5s____________ <41943
Southern PaciUc Co—
12 90% 937g Wheeling & L E 1st g 5s ...1926
921
.. Gold 4s (Cent Pao coll).fcl949 J-D 91%Sale 91%
Wheel Dlv 1st gold 5s__ 1928
- 90 90%
;
Registered__________ fcl949 J-D ___ 90% 90 A u g’l
Exten & Imp gold 5s___ 1930
< 20-year oonv 4s________ c/1929 M-S 9r Sale 95% . 97 173 91% 100
RR 1st consol 4s_______ 1949
96% 26
“
96 97%
C Cent Pac 1st ref gu g 4s..1949 F-A 96-%Sale 963g
20-year equip s f 5s--- 1922
<
Registered__ ;_______ 1949 F-A ___ 96% 97 Feb '10
90 92 Winston-Salem S B 1st 4s.. 1960
Mort guar gold 3 ^s..fcl929 J-D 90 90% 90 Oct '1
92 933, Wls Cent 50-yr 1st gen 4s..1949
<■• Through St L 1st gu 4s. 1954 A-O ___ 91% 9334 Aug’ l
1st & refunding 4s______ 1959
100% 108%
- G II & S A M & P 1st 5s.1931 M-N ____108% 107% Aug’ l l
Mllw & L Winnebago 6s.1912
103 103
103 May’ l l
*■ Glia V G & N 1st gu g 53.1924 M-N
Sup&Dul dlv & term 1st 4s ’36
105 10o34
( Hous E & W T 1st g 5s.. 1933 M-N 104 . . . 105 J’ne’l l
104% 103
<■
1st guar 5s red_______ 1933 M-N 101 . . . 104% Aug’ ll
109% 1103., Manufacturing and Industrial
t H & T O 1st g 5s Int gu_.193? J-J 109% 110 109% Aug’ l l
107% 109%
,
Consol g 6s lnt gu ar..1912 A-O 111 . . . 107%Sep ’ 1
9334 96 Allis-Chalmers 1st 5s______ 1936
.
Gen gold 4s lnt guar..1921 A-O 98 9G3f 98 Sep '1
Am Ag Chem 1st c 5s------- 1928
119% Mch ’ 10
•
Waco & N W div 1st g 6s ’30 M-N 111
Registered----------------- 1928
107%
Jan
’09
■ A & N W 1st gu g 5s___ 1941 J-J
112% 115% Am Cot Oil ext 4 Hs--------- 1915
112%Sep ’ l l
Morgan’s La & T 1st 7s..1918 A-O 111 .
Debenture 5s___________ 1931
111 111
‘
1st gold 6s___________ 1920 J-J 10934___ 111 Mch’ ll
Am Hide & L 1st s f g 6S...1919
N Y Tex & M gu 4s g____1912 A-O
Amec Ice Secur deb g 6s— 1925
112 Feb ’07
‘ No of Cal guar g 5s______ 1938 A
Am Smelt Securities s f 6s..1926
102 J’ly ’ 1 . . . 102 102
; Ore & Cal 1st guar g 5s_1927 J
101% May’ l. . .. I l 0 1 % 102% Am Spirits Mfg 1st g 6s___ 1915
. So Pao of Cal— 6s E ___ 1912 A-O
114%Dec ’01
Am Thread 1st col tr 4s___ 1919
•.
1st gold 6s F ________ 1912 A-O
Am Tobacco 40-yr g 6s___ 1944
‘
1st con guar g 5s______ 1937 M-N 109% 1127S 116 May’07
Registered______________1944
89 92% 90 J’ly ’09
. So Pao Coast 1st gu 4s g.1937 J-J
99%
93
%
Certificates of deposit_______
90%
t San Fran Terml 1st 4 s. .1950 A-O ___ 91 90%
Gold 4s..............
1951
101% I017g
Tex & N O Sab Dlv 1st g 6s ’ 12 M-Sj 100% . _. 101%Sep ’ IP
Registered....... .......... 1951
100%May’ ll
1015s 103
Con gold 5s__________ 1943 J-J
Certificates of deposit____
935ft 96
95
9434 Sale 91%
So Pac RR 1st ref 4s______1955 J-J
101% 109% Am Wrltg Paper 1st s f 5S..1919
’ Southern 1st consol g 5s__ 1994 J-J 107% Sale 105% 107%
105 105 Fialdw Loco Works 1st 5s_1940
105 Sep ’ l l
Registered____________ 1994 J-J.
741, 80% Beth Steel 1st ext s f 5s....1926
791.,
Develop & gen 4s Scr A.1956 A-O '787s Sale 77
85 88 Cent Leather 20-year g 5s..1925
87
Mob & Ohio coll tr g 4s .. 1938 M-S 86 Sale 86
1083,, 109% Consol Tobacco g 4s______1951
109 Aug’ ll
Mem Dlv 1st g 4 H-5s__ 1996 J-J 106%
Registered______________1951
80% 89
88
87%---- 88
St Louis dlv 1st g 4s___ 1951 J-J
Corn Prod Ref s f g 5s____ 1931
Ala Cen R 1st g 6s^,___ 1918 J-J 10778 110% 1077s N ov’ 10
1st 25-year s f 5s....... ..... 1934
90% 90%
85 00% 90% May’ l l
Atl & Danv 1st g 4s___ 1948 J-J
82% 82% Cuban-Amer Sugar coll tr 6s 1918
82% 8234 82% J’ly ’ll
2d 4s...........
1948 J-J
Distil Seo Cor conv 1st g 5s.1927
Atl & Yad 1st g guar 4s.. 1949 A-O 76
105% 107 E I du Pont Powder 4HS..1936
> Col & Greenv 1st 6s_____1910 J-J 105%___ 105%Sep "’l l
1075S 108% Gen Electric deb g 3 yta___ 1942
10734 ___ 108% J’ne’ ll
v E
T Va & Ga Dlv g 5 s ...1930J-J
10-yr g deb 5s__________ 1917
109% 112
Con 1st gold 5s______ 1950 M-N 109%111 109% 1091
105 107 Gen’l Motors 1st lien 6 s....1915
i E
Ten reor lien g 5s_1938M-S 104% 10634 108% Sep ’ 1
111Steel non-conv deb 5s__ 1913
. Ga Midland 1st 3s......... 1940 A-O 62% 72 65 N ov’09
113 114 Ingersoll-Rand 1st g 5s__ 51935
Ga Pac Ry 1st g Os______ 1922 J-J 111 113 113 Sep ’ ll
Registered ___________ q 1935
115% 116
Knox & Ohio 1st g 6s___ 1925 J-J 114 116 115% May’ ll
Int Paper Co 1st con g 6s..1918
Mob & Blr prior lien g 53.1945 J-J 100 . . . 105% N ov’ 10
Consol conv s f g 5s____ 1935
73 70% 82 N ov’08
Mortgage gold 4s-------1945 J-J
1017s 1057s Int St Pump 1st s f 5s____ 1929
<■ Rich & Dan con g 63 ___ 1915 J-J 103% . . . 1047a Sep ’ ll
Registered______________1929
10458 105
Deb 5s stam ped...___ 1927 A-O 104 105 10478Sep ’ ll
71 71 Lackaw Steel 1st g 5s______ 1923
71 Mch’ ll
Rich & Meek 1st g 4s----- 1948 M-N 71%.-.
1st con 5s Series A ______ 1950
103 104%
< So Car & Ga 1st g 5s---- 1919 M-N 102 104 103 Sep ’ ll
5-year convertible 5s___ 1015
Virginia Mid ser C Cs____ 1916 M-S 105 . . . 112 Oct '06
104% 104% Nat Enam & Stpg 1st 5s__ 1929
Series D 4-5s__________1921 M-S 102% ____ 104% J’nc’l l
108 106 N Y Air Brake 1st conv 6s.. 1928
Series E 5s____________ 1920 M-S 104 ___ 106 Mch’ ll
Ry Steel Spgs 1st s f 5s___ 1921
Series F 5s____________ 1931 M-S 104%___ 105 J'no’ 10
107 108 Repub I & S lst&col tr 5s..1934
107% Aug’ ll
General 5s____________1930 M-N 105
108 110
10-30-year 5s s f ............. 1940
108%J’ly ’ 1"
Va & So’w’t 1st gu 59.2003 J-J
94% 97% Standard Milling 1st 5s___ 1930
96%
1st cons 50-ycar 5s..1958 A-O 95 98% 95%
The
Texas Co conv deb 6s.. 193'
91
F
e
b
’
1
0
8534
.
.
.
/ W O & W 1st cy gu 4s— 1924 F-A
101% 105 Union Bag & Paper 1st 5s..1930
West N C 1st con g Cs__ 1914 J-J 102% 105 10434 J’ly ’ ll
Stamped_______________1930
102 102%
Spokane Internat 1st g 53.-1959 J-J 101 104 102% Apr ’ ll
105 1055,s U S Leath Co s f deb g 6s__ 1913
105 Sep ’ ll
of St L 1st g 4 Ms. .1939 A-O
11()34 1123s (J S Realty & I conv deb g 5s.'24
T er1stA con
112 Aug’ ll
gold 5s__ 1894-19441 F-A
9558 08 U S Red' A Refg 1st g 6s__ 1931
Gen refund s f g 4s______1953 J-J. ___ 07 98 Sep ’ ll
108%
108% U S Rubber 10-yr coll tr Os.1918
, St L M Bgo Ter gu g 5s..1930 A-O 105 . . . 108% Feb ’ ll
Registered______________1918
110 1115s
Tex & Pac 1st gold 5s....... 2000 J-D 110 % ___ 110%Oct ’ ll
USSteel Corp— /coup___ <11963
2d gold Ino 5 s_________ <72000 Mch 45 65 70 Mch’ 10
S f 10-60-yr 5 slre g ____<11963
99% 99%
90% Apr ’ ll
La Dlv B L 1st g 5s....... 1931 J-J 100 . . .
Va-Car Chem 1st 15-yr 5s..1923
106% N ov’01
W Min W & N W 1st gu 5s.’30 F-A
10834 1101s West Electric 1st 5s Dec 1922
Tol & O C 1st g 5 s .......... 1935 J-J 105 . . . 109 Sep ’ ll
Wcstlnghouse E & M s f 5s.1931
Wcstorn Dlv 1st g 5s___ 1935 A-O 108 . . . 112 Sep ’09
10-year coU tr notes 5S..1917
101% 103%
General gold 5s_________ 1935 J-D 103% 105 103%Sep ’ ll
90 92
93% 92 92 Aug’ ll
Kan & M 1st gu g 4s___ 1990 A-O
Telegraph & Telephone
96% 98
2d 20-year 5s_________ 1927 J-J ___ 97% 97 S ep ’ ll
90 91 Am Telep & Tel coU tr 4s..1929
90% 94% 94 Sep ’ ll
,Tol P & W 1st gold 4s....... 1917 J-J
Convertible 4s__________ 1036
87% 89%
Tol St L & W pr Hen g 3 H8-1025 j - j
8712-... 87% Sep ’ ll
67 74?s Chicago Telephone 1st 5s ..1923
1 50-ycar gotcl 4s_________ 1950 A-O 61 67 67 Oct ’ ll
75% 81% Commercial Cable 1st g 4s.2397
Coll tr 4s g Scr A _______ 1917 F-A ■___ 75 75%Sep ’ ll
Registered_____________ 2397
87 90%
90%J’ly ’ ll
Tor Ham * Bull 1st g 4s._/sl046 J-D 89%----105 106 Keystone Telephone 1st 5s .1935
lster & Del 1st con g 5s ..1928 J-D 105 . . . 105 Sep ’ ll
U 1st refund g 4s_______ 1902 A-O 84% 85% 85%J’ly ’ ll
85% 85% Metropol Tel & Tel 1st s f 5s 1918
Mich State Telep 1st 5s___ 1924
Union Pacific—
100 102% N Y & N J Telephone 5s g_1920
101%
101 Sale 101
R R & land grant gold 43.1047 J
99% 1007g N Y Telep 1st & gen s f 4 Hs 1939
10078 Sep T
Registered____________1947 J-J
100 110% Pao Tel & Tel 1st 5s_______ 1037
20-year conv 4s________ 1927 J-J 102% Sale 1013s 1021s
Registered______________1937
9534 98%
97%
1st & ref 4s.............1 .-0 2 0 0 8 M-S 97 97% 97%
93% 97% West Union col tr cur 5s__ 1938
94
95%
( Ore Ry & Nav oon g 48 . .1940 J-D 95 .
Fd and real est g 4 Hs__ 1950
113 115%
Ore Short Lino 1st g 6s..19221 F-A 111%114% 113%Oct ’ ll
Conv 4s, series A _______ 1936
109% 113%
no
1st consol g 5s________ 1040) J-J 110 Sale no
93 %
Registered__ J________1036
92% 95
Quar refund 4s_______ 1929 J-D 93% Sale 9278
Mut Un Tel gu ext 53___1941
103 108
Utah & Nor gold 5s__ 1920 J-J 100 . . . 108 May’ l
Northwest Tel gu 4 Ijs g.103 1
1st extended 4 s ______1933 J-J I 01 . . .
A1ISCELLANEOUS BONDS—Concluded.
Coal & Iron

Bull & Susq Iron s f 5s___1032 J-D
Debenture5s__________ a l920 M-S
Col F & I Co gen s f g 5s___ 1943 F-A
Col Fuel gen 0s_________ 1919 M-N
Col Indus 1st & coll 5s gu_.1934 F-A
;Cons Ind Coal Me 1st 5s__ 1935 J-D
'Cons Coal of Md 1st & ref 5s 1959 J-1)
IGr Rlv Coal & C 1st g 6s..hl9l9 A-O
:Kan & II C & C 1st a f g 58.1951 J-J
iPocah Con Collier 1st s f 53.1957 J-J
St L Rock Mt & P 1st 5 s...1955 J-J
Tenn Coal gen 5s_________ 1051 J-J
Btrm Dir 1st consol 6s..1917 J-J
Tenn Dir 1st g 0s___ ._al917 A-O
Call C M Co 1st gu g 63 . .1922 J-D
.Utah Fuel 1st g 5s________ 1931 M-S
Victor Fuel 1st s f 5s______ 1953 J-J
Va Iron Coni & Coko 1st g 531949 M-S
•No price Friday; latest bid and asked

:




-53

Price
Friday
Oct. 13

!

74

Week’s
Range or
Last Sale

Range
Since
January 1

Ask Low
High No. Loto High
6 97 97
97
97"
___ 97t 9/*s May’ ll ___ 9G34 97%
90 90
90%___ 90 J’ne ll
___ 106% 107 Oct ’ll ___ 100% 110
95% 12 95 101
___ 99 95
98 Apr ' 11 ___ 98 98
___ 105
100 ___ 100 vSep ’ ll __ 100 104
85 83 Dec’ 10
563g 208 47 71%
5638 Sale 55%
107 ___ 107%Sep ’ ll ___ 107%108%
75 ___ 81% May’ ll - -- - 81 81%
68% 72% 76 J’l y ’ ll ___ 70% 753,
-0
-s
75 86 85 May’ ll ___ 85 85
1 41% 4934
4134
4134
-I)
94 39% 60
42
42 Sale 41%
10 39% 50
41
*40 ___ 41
40 42
1
7%
-D —
1% 1 Sep ’ ll ___
% 8
1%Sep ’ ll ___
1% ___
88% 90
-A -----88% 88% Mch’ll —
-A
70 86 88%
88 Sale 80%
88
-0
- j 108 ___ 10934J’ne’ ll ___ 1091.1110%
-0
88 ___ 8S% Aug’ ll ___ 88% 8S%
34 Feb ’07
-0
103 101% 101% Aug’ ll ___ 10334 105
- j ___ 101 102% Sep ’ ll ___ 102% 1043,
-A ___ 103 102 J’ne’ 10
1 82 86
8258
83% 83% 825s
-s
-.1 96%___ 98% Feb ’ ll
98% 99%
91 95
-J ___ 95 95 May’ ll
92% Sale 92%
92% 25 92% 935ft
-J
-A
-N
-J
-N
-A
-J
-S
-J
-J
-J
-.1

Bid

-0

-J
-N

02 Sale 92

-J

56% Sale 56
101% 1013s 1013ft

-0

-()
-F
-N
-S
-O
-A
-S
-J
-O
-O
-A
-A
-J
-N
-J
-()
-A
-A
-N
-N
-O
-O
-I)
-A
-D
-O
-O
-.1
-J
-A
-J
-S
-S
-O
-s
-s
-D
-N
-J
-O
-()
-N
-.1
-J
-N
-J
-.1
-1)
-1)
-N
-N
-[)
-J
-J
-O
-J
-s
•I)
-J
-.1
-J
-N
-A
-N
-N
-J

92

7 917ft 93

60 207 56 79
8 101 1025ft
1013ft

97% 9778 9778 Oct ’ ll ___
___ 90 96 Oct ’ ll ___
9838 5
98% 99% 9S3s
701., 72 74 Sep ’ ll ___
102% Sale 1013,s
102% 24
100 101 99% Sep ’ ll ___
___ 91 933ft A u g'll ___
111% Sale 112% 114% 1502
11
M3
113
113%Sale ,123ft 114 403
017s Sale 88
92345032
91 Sale 8812 Sep ’ 11 ___
915ft 3205
91% Sale 87%
895s 10
895s Sale 89%
103 ___ 103% J’ly ’ ll ___
92% 93 92
92% 11
901,, 34
96% Sale 96
5
90%
90% Sale 88%
57 N o v’0/
1
97
96% 97% 97
96% 10
06% Sale 96%
5
96% Sale 96%
96%
73 107
73 Sale 79%
84% 85 85 Oct ’ ll ___
___ 83 82 J’ne’ll
149%Sale 116% 119% 9
97% 97% 97
97% 13
___ 100% 101 J’ne’Ol) __
95 J’ne’07

97% 983,
96 973ft
90% 100
65 78
100 101
99% 102
92% 935ft
1027ft 115
102% 113
1045ft 11 (7ft
797s 93%
821.1 88%
85% 915*
89% 917ft
1023ft 103%
86% 98%
95 100
81% 90
96 978ft
95% 97%
95% 97
703.1 80
827ft 86%
81 82
115 107
97 99%
. . _____

8 101 104%
103 103% 10234 103
83 84 83% Sep ’ ll ___ 83 87
9 913ft 95
91% Sale 91%
91%
2
97 Sale 97
97%
21
80
80 Sale 797ft
90 Sale 90
90% 32
947ft
---- 9478 947ft
3
---- 98% 99 Oct ’ l l
983ft
1
___ 98% 983ft
10278 ___ 10278Aug’ ll
___ 913, 94 Aug’ ll
---- 87% 80 Oct ’ ll
97 Sale 97
98
47
___ 91% 94 O c t'11
___ 96% 94% J’ne’ li
102 102% 102% Sep ’ ll __
89% 893. 89%
89%
5
___ 86% 70 A p r’ 111
103%Sale 1031., 1035a 31
103%Jan 'lli
102 Sale 1015ft 102 268
101%Oct ’ ll
100 101% 101 Oct ’ ll
102 102% 102% 102% 2
92
92 Sale 9078
18
90 J’ne’ll —
90% Sale 90
100 107 100%

90%
1001a

96% 99%
79 881.,
90 90
91% 95%
9S34 105
97% 99
1027ft 103%
91 96
86 89
96 98
90% 95%
92 96
102 105
87% 91
70 88
1013., 105
100% 106%
100 1061.,
987ft 102%
100% 1027ft
90% 95%
90 00

14 S938 921ft
13 104% 113%

82 ___ 83% May’ ll
82 ___ 84 Mch’ ll
83 ___ 85 Aug’ ll
103 103% 103 Sep ’ ll
0
100
98% 100% 100
*997ft 100% 103%May’ ll ___
100%Sale 100
1001.,
10
9834 Sale 98
98% 53

83% 83%
81 84
85 85
103 104
98 101
103% 103%
983ft 1003ft
97 0934

-J 100% 101% 101% 101% 10
90
-N 96 Sale 95%
27
- N 1045ft ___ 1013ft Oct ’ ll
103 F eb ’ ll
-N
i-N
1101 J’ne’ ll
92'%___ 1103 J’l y ’04 ___
-J

99% 103
91% 98%
103 1043ft
103 103
104 104%
________

Miscellaneous
Adams Ex coll tr g 4s___ ..1948 M-S
' rmour & Co 1st real est 4 >SS ’39 J - D
Bush Terminal 1st 4s____ ..1952 A-O
Consol 5s_____________ ..1955 J - J
Chino Copper 1st conv 6s...1921 J - J
Comstock Tunnel Inc 4s....1919
Irrigation Wks & D of A 4 Hs ’43 M-N
Int Mercan Marine 4)(s.. ..1922 A-O
Int Navigation 1st s f 5s....1929 F-A
Mge Bond (N Y) ser 2-4s. ..1066 A-O
Morris & Co 1st s t 4 Hs. . ..1939 J-J
N Y Dock 50-yr 1st g 4s. -.1951 F-A
Nlag Falls Pow 1st 5s__ 1932 J-J
Refunding & gen 6s__ .01932 A-O
Ontario Transmission 53- .1945 M-N
Pub Serv Corp N J gen 5s..1959 A-O
1930 J - J
_____
86
.
87 88% St Jos Stk Yds g 4 ><is___
96% Said 96%
91% 98 Wash Water Pow 1st 5s. 1939 J - J
aDuoJan dDueAprll eDucMay oDueJune ftDucJuly fcDue Aug oDuo Oot
97 Feb ’ l l
96% 97
90 J’ly ’ ll
89 90
97% 102%
___ 09 100 A u g'll
107%
10734
75 74
73 79%
85
85 85
95%) 97
96 97
102.%.
.III
90
99 '
99 99
96% 101
85% 85
84 85
81 84%
83 86
‘ " a 102 101%
101% 102% 102%
103% 108
103% 1017s 10334Sep ’ ll
104
10334 105%
103%
97 ___

( V O L. L X X X X III.
|Bonds
| Sold

1008

80% Sale
92 Sale
92 Sale
97 98
102 Sale

....

93% 95
64% Sale
70% Sale
___ 89
___ 915ft
82% 80
100%___

....

...
93
87
100

84%
86%
9134
92%
92
92
98%Sep ’ ll

101

102%

16 J’no’ ll
92 • J’ne’ ll
0334
64%
79%
79%
89 A p r’ ll
0034J’ly ’ 11
82%Sep ’ll
102 A p r’ ll

»5
Sale 91
___ 100%Sep ’05
___
. . . 102% Mch’ ll

83% 91
91% 93%
90 93%
97 100%

100 111
16
92
63%
78
89
9034
82%

102
93

18%
93
08%
82%
89
92
90

102
66%

102% 102%

pDueNov gDueDco sOptlonsaie.

CHICAGO STOCK EXCHANGE—Stock Record—Daily. Weekly and Yearly
STOCKS—HIGHEST AMD LOWEST SALE PRICES.
Saturday
Oct. 7
*160
*1
23

Mo/iaay
Oct. 9

185 *160
*1
3
*3
5
23 *20

'Luesdag
Oct. 10

185 *160
*1
3
5
*3
25 *20

185
3
5
25

tv ednesday
Oct. 11

*100
*1

*3

*2 0

*80
95 *90
95 *90
*27
2712 *26l2 2712 *2714
*914 10
*912 10
*91s 10
*91S
*5> 014 *5>s 61­ *512 7
*512
* 112 134
134
1>2
H2 11
1*4
19 *10
*16
19 *16
19 *16
45 *40
45 *40
*10
45 *40
8I4
8I4
81
*812 9*4 *812 9
*12 “ 46
40 40 *40
*40 " 42
*86
*8 8

88

*8 6

95 *88
2714 *27

934
97s 97fj
8312 8312 84
*300 305 *300
*130 . .. *130
50 50 *48
105
*106 110
*133 131 *133
* ___ 45

88

*86

88

185
3
5
25
88

101
10012 101 *100
*10034 ion 2 1007s 100',.

527s 52-g

*125
*127

101

101

101

CODUMDAY

bus

12612 >124
129 *127

*1 00

Note.—Oi

88

101g 101g
8512 8512

130 Sep’ll

72
51
114
8

47
11912
155
135l2

11912 11912

Last Sale 1047g Oct’ ll
12712 128
Last Sale 115S Oct’ ll
Last Sale 78 Jail’ ll
10034 101
IOH4 101l2
52l2 53I4

101

Last Sale 50 Aug’ ll
Last Sale 4112 Oct’ll
90 91
12612 12 61p
125 125
Last Sale 101 Sep’ ll
Last Sale 119 Sep’ ll
IO7I4 10714
136 1393g
Last Sale 1171? Oct’ ll
991s 993g
Last Sale 187 Sep’ ll
106 106

41
41
90
90
1261 124X2 12612
12812 *125 12812

*117
*104 10434 10434 105 *104I2 105
105
13012 13H4 131U 13214 13212 135
135
*118 120 *118 120 *118 119 *118
99"'8 U9>« 9834 99'>x 98
993* 99
*180 187 *183 189 *183 188 *183
*105l2 IO6I2 10014 IO6I4 10512
134 2
214
214
‘ *158 ‘ V
2
5812 5834 58l2 59U 59*8 59*8 5S34
*16
18 *16
18 *16
18 *10

.

Last Sale 10612 Sop’ ll
Last Sale 134 Oct’ ll
50 50
I3l2 July’ ll
7212 74
Last Sale 51 Oct’ll
Last Sale H3 Oct’ ll
Last Sale 534 July’ 11

110034 lOHo 101 101
5234 5234 *5212 53 *5212 53
IO4I4 IOH4
42
90
126
12412
129 *125

88

Sate 92
Sale 27
Sale 9i2
Sale 0

102

119
105
13612
119
9934
188
100

2 I4
5914
18

593g 59*g
18 Sep'll

SI OCRS
CHICAGO STOCK
EXCHANGE

Ranye since January 1
unrest.

Highest.

Range icrr Freilous
year lull).
Lorctst.

Highest.

Kailroaus
Chicago City K y_____ 100 185 Jan 11
160 Ont 185 Mch
Chicago & Oak Dark.100
ll 2 J ne 16
li2 J’ly
3i2Jan
L)o pref__________ 100
4 J’ly
3 J’nelO
71* Jan
Chio Elev Rys com__
21 J'ly 12
Ho pref________ I
85 J’ly 19 93
Ohio Rys part ctf ’’ i ” __
8C Apr 29 101
■*603s Sep’ "loo Jan*
Chic Rys part ett " 2 ” .
2034 May 13
llD Sep
36 Jan
Chlo Rys part ctf "3” . .
8 May 13
8 Ma\
16 Jan
Chic Rys part ctf ‘‘ 4 ’’ __
4i2 Men 1
3 Mat
•Ms Jan
Chicago Suoway_____ 106
ll2Sep 22
21,8 J’ne
6 Mch 1
6I4 Aug
Kans City Ry & Dt__100 15 Sep 25 25 Feb 23
20 Aug
29 Jan
Do pref------------- 100
39 Sep 26 72i2 Feb 26
69 Feb
V73j Mch
150 Streets W Stable C H.100
8I4 Oct 10
7 J’ly
1314 Feb 23
64;ii Jan
34 Ho pre.___________100 40 J ne 1 50 Jan
40 J’ly 104 Jan

Sen’ ll
Oet’ ll
Sep’ 11
Oct’ 11
ll 2 H2
Last Sale 15 Sep’ ll
Las: Sale 10 Sep’ll
812 812

7
134
19
45
8I4
42

10">8 IOI4 1012 10
IOI4
8512 S538 853g 8434 843,
___ *300 305 304 304
___ *130 . . . *130 ___
49 49
51
49 49
106 *105 100
105 100
134 *134 135
13412 13512
44 46I4 40 48

68
*00U 69
68
7012 70Ig
*50
51 *50
51 *50 51
*1
114
H4
*1
9
*0
i *6
8
8
*
*0
j 4534 45-l4
46 *46
4612 47
' 120
120 *119 119*2 120 120
11912
*162 165 *162 165 *163 105 *163
*13412 135
135 13612 13514 1351» 13412

Last
Last
Last
Last

10

*50
*1

Sales
of the
Week
Shares

Last Sale 190 Apr’ 11
Last Sale li 2 July’ ll
Last Sale 3 Junc’ll
24 24

95
2812

*6614

Friday
Oct. 13

Thursday
Oct. 12

Miscellaneous
1,295 American Can_______ 100
600 Do pref__________ 100
30 American Radiator.. 100
Do pret__________ 100
Amcr Shipbuilding_.100
Do pre-------------- 100
Amcr Tciep & Teleg_____
785 Booth Fisheries com____
Voting trust ctf_______
Do prei___________ _
■fSl
Cal & Chic Canal & D.100
Chlo Brew’e & ilalt'g___
Do pref_____________
170 Chic Pneumatic T ool.100
100 Chicago Telephone__ 100
Chic Title & Trust__ 100
Com mon w’ th-Edison .100
Corn Prod Kef Co com__
Do
do
pref___
198 Diamond Match_____100
130 Hart S11iflner & Marx pi.
116 Illinois Brick............. 100
60 Intcrnat Harvester C o _
Masonic T em p le_______
McCrum-Ilowell Co_100
150 Do pref_____________
20 National Biscuit_____100
30 Do pref_________ 100
Nat’ onal Carbon_____100
Do pret_________ 100
180 People’s Gas L&Coke.lOO
4,303 Sears-Roebuck com_100
Do pref________ 100
1,774 Swift & Co_________ 100
The Quaker Oats Co..100
45 Do pref_________ 100
346 Unit Box Bd & P C o.100
1,080 United States Steel com.
Western Stone______100

9 Jan 16
7G78 Jan 7
265 Jan 9
126*2 Men 9
49 Oct 10
10612 Sep 6
131*8 Aug30
35 Apr 28
38 J’nel 4
60 Sep 22
49*2 Anr 24
1 J'ly 20
312 Mch27
3912Sep 22
115 Jan 25
151>*Jan 6
113 Jan 19
113s Sep 30
7» jan 18
U2D Feb 16
100 Sep 22
4078 Sep 26
0914 Sep 20
47 Jan Is
40 Sep 30
90 Oct 3
11714 Jan 17
123 Jan 3
100 Aug 18
117 Sep 13
101 Sep 27
12334 Sep 21
116 Sep 25
9734 Sep 25
165 Mch 7
10212 Feb 1
li2Sep 12
52 Sep 25
18 Sep 14

12i2 May 9
887g J ne 2
304 Oct 11
131 J’ly 29
79 Feb 6
113 May 18
152l4 J’ne 12
6914 Mch 4
573j Men 9
82 Mch 21
62 Feb 2
1*4 J no 7
534 J'ne 9
65i2 Feb 23
12412 J'U“<24
170 J’ne 9
1373g J’ly 16
153a J’ne 15
78 Jan 18
105i2 J'ly 10
lOJSg J no 2
70 Jan 2o
129 May 6
6018 Aug 2
67 Jan 3
98 Feb 2
140 Apr 7
130 Mch31
120 Mch 14
120 Mcb23
1083g Jan 19
19234 Jan 31
122 Menu
104 ,J ne 5
193 J’ue 29
107i2 J’ly 21
7 Jan 3
81‘g Feb 0
25 Jan 27

683 J*ne
62i2 J’ly
240 Apr
126 J’ly
72 Feb
107 Aug
131D J’ly
31 J’ne
29 Aug
56 J’nt
46 Dec
1 Feb
3 Sep
2512 J'ly
110 Mat
142 Aug
10M2 J’ly
121. J ly
79m Apr
82 l2 Sep

I 35f Jan
82 Jan
261 Dec
135 Apr
84is May
1I 2 Jan
l42ig Mch
43 Dec
41 Dec
74 Jan
65 Feb
1 Feb
3 Sep
a Dec
137 Jan
lo3 Alch
121i2Jan
2234 Jan
82 Feb
12 Jan

bo J’ly
947s Aug
4312 Men
40 Mcb
93 J’n*
101 Aug
l l i J’ly
104 Feb
112 Feb
103 J iy
148 Feb
1161* Aus
100 Dec
155 J’ly
101 J’ly
6I4 Apr

bl Alch
115 Nov
46 Jan
6712 Dec
10234 Apr
l l j Dec
125 Jan
145 Oct
123 NOV
11534 Jan
18634 Nov
122 Meh
1095s Jan
186 Feb
106 Jan
1538Jan

16 J’ne

263* Deo

ortc transac

i
ed 1

(Jincago bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 13

Inter­
est
Period

Ihrlce
Friday
Oct. 13
HU

Week’s
Range or
Last Sale
; how

High
10012 Jan’ 11
91*8
91*8
100
Mch’ 11
100
Mch 11
98l2 Apr’ U

AmcrStrawb’d 1st Os.1911 r - A
Armour & Co 4 *4 3 . _193j i ■ i> t OPg Sale
Booth Fish Co Deb 1 53’ 1 7 J - J
Deb g 5s__
1924 J - J
Sink Fd Deb 6s tr rcc
A-O
Oalumet & South Chicago
Ry 1st 5s.............. 1927 F - A t 98l4 99
99D July’ ll
Cass Av & t’ g i£>t u 5s 13 J - J
10ll 4 Oct 09
Oldc Board 01 Trade 1st927 1 - D
100
May’07
Chicago City Ry 5s ..1927 K - A l0234 Sale 10234
10278
Chic Conso. Br & Allt 6s__ J - j
103 Apr’04
Chic Consol 1'rac
I 93 j J - D
50 Apr’09
Chic Audltortu n lst5slU2J F - A
9834 Jan’06
Chicago Elev Ry 5s.. 1911 J - J
97*8 Sep’ll
Chic JO lilt 1st M g OS. 1940 .1 - s
9412 Dec’09
Chic No Shore Elec 6s. 191 2 \ - o
87 Feb’ 06
Chic Pile Tool lstos.al921 J - J t 89 90
89 Sep’ ll
Chlo Ry ..s__________ 1927 F - A 9914 Sale
9934
9934
Chic Rys 4-5s series "A " A - D
94 Scp’ l 1
Chlo Rys 4-5s series ’’ B’ J - U 87*8 Sale
87*8
87»s
Chlo Rys 4-5s series ” C F - A
91
Sep 11
Chic Rys coll 6s__ luio F - A
IOO33 Oet’li
Cldc Rys Fund 6s..1913 F - A {100
100
Jan 11
Chic Rys Tern Ctfs 1st os
99-13 Sep'll
t 97
Ohio R I & P Kit 4s..2002 M - A
861* Aug’08
Collat trust g 5s__ lolo d - 3
6612 Juiy’08
Chic Telephone 5s____1923 J - D
102
Oct'll
Commonw-Edison os. 1943 a - s U02)4 Sale 102*4
102-s
Chic Edison deb 6s. 1913 I - J
lOOfg Nov’ 10
1st g 5s___ July 1920 A - U
IIX)
Feb’ 11
Debenture 5s___ 1920 .1 - S
100'g Aug'OJ
Cominonw Elect 5sh1943 ■1 - s
10214
IO2 I4
DIa Match Con dbfls.. 1920 ...... UO4I4 105
105
105
Illinois Tunnel 5s___ lujrt I -1/
80 Dee’08
Kan City Ry & Eight
Co 5s....................1913 l - N
9734 May’ll
Knlck’ b ker Ice 1st 5s 192* A - G
100
May 11
Lako .St El— 1st 5s__ 1928 1 - J 86 Sale
86
86
Income 5s_
102 .. Feb
16 May’05
Metr W Side Hi—
1st 43----------------1038 F - A
847s
851,
Extension g 4s___ 1938 J - J
8 l 78 Sep’ ll
Alorri: & Co. •-H_ ..loan I - J
89fs Oct’ll
North West El 1st 4s".. 1311 At - S
100
July'11
Northwestern Gas Dlght &
Coke Co 5s________1928 Q -M ____100
993g Oct’l l
Ogden Gas os_______ l94o 4 ’ A 1 94 Bide
94
94
Pearsons- Taft 5s------ 191 o 1 - 1. 9812 ___ lOO-lg Mcli’OO
4.40s________________ il - S 95 ___
U6 I2 Alch'10
d
N
96 ___
4.00s Series E_________
97
Feb' 10
\l - N 97l2 . . . .
9812 Moh’ 10
Peo Gas D & C 1st 6s. 1943 \ - o
9Th May’09
Refunding g 5s___ 1947 d - 8 |" " II 102 ' IOU3 Oct’ l 1
Chic Gas L&C 1st 5s1937 - J |103U Sale }0314
lOilD
Consuni Gas 1st 5s 1936 1 - IH 101 102
101l2 Sep'll
Muti Fuel Gas Ist5sl947 il - N t ---- 10U2 1011* July’ 11
South Side Elev 4Hs.l32i 1 - J 9514 S de
9514
9514
Swift & Co 1st g 5s__ 1914 1 - J I 0OI4 Sale 10“ U
100D
Union El (Doop) -5s..1945 A • U
88 Apt* lli
United Box Board col 6’ 26
70 Apr’ 10
General mtge 6s ._
60 MclTll
1- J
Western Eleo Co 5s__ 1922 1 - J t
10258 Aug'll
Note..— Accrued Interest must b
a 11 Chloago b
* Ulil ana asked pr.cok uo sa e« wore
prloi Friday; late., pries thl
feicnts Q-F, ; In adillt.un, th- equivalent
trust & Savings Bank, to MarchT u T




S V

.”

Chicago Banks and Trust Companies
H’ ds . Range
Sold
for
Year 1911

Outstand­
ing
Stock

NAME

ll Ign Calumet National..___
100'2 1001* Chicago City__________
9U2 936s Contl’ tat & Coal.n Nat.
99ls 100
Corn Exchange Nationa.
90 100
Douglas State_________
Drexel State_________
98*8 99
Drovers’ Dep National.
9914 99I4 Englewood State______
First National________
First Nat Englewood
102r8 1027s Foreman Bros B’ g’ g Co.
Fort Dearborn National
Hibernian B’ k’g Ass’n ..
Kaspar State Bank____
~973a "b"»78 bake View State...........
Da Salle St National__
Dive Stock Exch’gc Nat
H7‘4 91
Monroe National______
9738 100
Nat Bank o’f Republic..
93IS 95U National City______
821* 8012 National Produce_____
90 91
Nortel Avenue State__
99>8 1007s North Side State Sav'gs
100 100
North West S tate...
9734 100
People’s Stk Yds State.
Pralric State__________
Security_________
102 10312 South Chicago Savings.
10012 10.H8 South Side State______
State Bank of Chicago.
loo* 100" Stock Yards Savings__
Union Bank of Chicago.
10034 1027g Washington Park Nat'l
IO3 I4 10734 Wendell State________
Central Trust Co of III..
Chicago Sav Bk & Tr_.
903j 9734 Chicago Title & Trust..
9734100
Citizens Trust & Savings
77
8912 Colonial Trust & Saving
Cout & Comm Tr & Sav
Drovers’Trust&SavIngs
82ls 86 I 1 First Trust & Savings..
781s 8 7S Ft.Dearborn Tr&Sav Bk
8934 9134 Grecnbaum Sons Bk&Tr
96ls 100
Guarantee Trust & Sav.
llarrls 1’rust & Savings.
99t2 100
Heine Bank A Trust___ .
92 9414 Illinois Trust & Savings
Kenwood Trust & Savgs
Dake View Trust &Savgs
•Merchants’ Doan&TrCo
Metropolitan Trust &Sav
Michigan Ave Tr Co__
10114 10234 Mld-Clty Tr & Sav Bk.
10278 1031* Northern Trust Co___
lOH* 102
North-Western Tr&Sav
10U2 101Sg Old Colony Tr & Sav Bank
93 9534 People’s Tr & Sav Bk..
100 1017* Pullman Trust & Savgs.
Sheridan Tr & Sav Bank
Standard Tr & Savings.
58 60"
Stockmen’s Trust & Sav
IOOI4 103
Union Trust Co_______
West’ n Trust & Savings
West Side Tr&Sav Bank
Woodlawn Tr&SavBan

X W iS r* M m '

“ *ul- ,J“ °

30W 1-

in Per­
1910 iod

Last Paid,
%
5100.000
6
An Jan 'll, 6
6
500.00J
10
10
j-j July ’ ll, 5
21.500.000
___
__ _ Q-J Oct 'll. 21*
3.000.
000
12
16 Q-J Oct ’ ll, 4
200,00:
Beg. b us May 31 ’ 1 DV.92.pl538
200.000
9
8
y-j Oet '11. U2
600.000
10
10
y-j Oct ’ ll. 2l2
200,000
6
6
y-j Oct '11. 1»4
10.000,000
12;
12; y-ii Sep 30'll,3u
150.000
193 99:
10
10
y-M Sep30'11,21*
1.000. 000
Prlv ate Ba nk
2 , 000,000
8
O y-j DCt 'll, 2
1.500.000
8
8+2
y-j July *11. 2
500.000
10
10+ 15 j-j July '11, 5
200.000
Beg. b us Apr 8'11 V.92, p.1004.
1, 000.000
Beg. b us. Ma y ’ 10 V.90, p. 1277
1.250.000
551.741 10
10
y-M Sep 30’ 11,212
300.000
64.814
4
4
y-e Aug *11. 1
2 , 000.000
8
8
y-j Oct *11.2
2 , 000.000
497 151
6
6
y-j Oc* ' 11. U2
250.000
90,104
3
4 y-j Oct *11. U2
200.000
5H
liX y-j Oct *11. 134
50.000
6
6
y-j Oct '11. 1I2
200,000
33.712
4 y-j Oct '11. II4
300.000
127,782
7 Q-J Oct *11. 212
500.000
72,028
6
6
y-M Oct ’ ll. Hi
400.000
327,429
IX
4X y-j Oct *11, U2
200.000
96,000
6
y-j Oct *11. 2
7X
200,000
13,066
0 y-j Oct '11. ll 2
1.600.000 2.021.601 12i x
12
y-j Oet *11.3
250.000
191,171
8
8
y-Ai Sep 30’ 11, 2
600.000
136.300
6
6
M-N May ’ ll, 3
100.000
7,814 See V. 90. p. 159
50.000
11,686 None None y-M Deo3r08.Hi
1,000,000
994,956
7
IX y-j Oct '11,2
1.000.000
221.679
6
6 y-j Oct *11. U2
6.000.000 tl. 810,042
0
y-j Oct ’ ll. 2
7X
60.000
12,928
4
6 y-j Oct *11. 21*
600,000
471,635 8 + 2
8+2 y-j Oct '11. 212
3.000.
000
881,739
200,000
146,540
8 y-j Oct ’ ll. 212
8
2.500.000 3,772,432 16
12 y-M Sep30‘ 11.4 1
250.000
1,682 Beg. b us.Apr 3’ 11 V. 92, p. 929
1.500.000
79.70U ___
Q-J Oct '11. 212
200.000
*28,100 Ineorp orated 1908 V.87.P.1138
F.500,000 1,825.537
SIX H + 5 y-j Oct ’ 11,3
300.000
66,558 Beg. b us Apr l^ ’ i 1V.92.P.1004
5.000.
000
9,303,969
16+4 16+4
7 Oct ‘ 11. 4
200.000
64,192
651 7+1M y-j Oct *11. 1*4
200,000
54.439
6 1 5X Q-J Oct ’ ll, U2
3.000.
000
6,328.809 12
12 y-i Oct *11. 4
750.000
260,413
6 I 6 y-j Oct ’ ll. ID
200.000
69.951 Beg. b us. Oct 29 ’ i 0V91.P.1221
600.000
51,562 Com. b U S. Ap rlO ' 11V92 p1004
1,500.01X1 2,616,071
8 y-j Sep30'11, 2
250.000
111,221
6
6
J-J July ’ ll. 4
200.000
60.153 Beg. b us J’ne I ’ ll V.U2.P.1637.’
600,000
145,191 Beg. b us.Dec 1*10 V. 92, p. 9«
300.000
261.300
8
8 y-j Sep 30* 11, 2
200.000
27,960 Beg. b us. J'ly 12’0 9 V.89,p.141
1.000.
000
305,509 Comm enced 6US. Sept 6 1910
200.000
V43.462
6
6X J-J July ’ ll, 3
1. 200.000 1.318,707 18+2 k8+2 y-M Sep30’ ll,2
1.250,000
210.532
6
6 Q-J Oct ’ ll. ID
200,000
124,220
6
Q-M July ’ ll, 2
200.000
72,458
6
7X Q-J Oct *11. 21*1
ft)

Low

Dlmdena Record
In
1909

•*»«<■»»• i K w h S W 8 » ’« S f S ! T J B *

BOSTON STOCK EXCH A N G E-Stock Record, Daily, Weekly anti Yearly
SHARK PRICKS—NOT PER CENTUM PRICES.
Saturday
Oct 7

Monday
Oct 9

Tuesday
Oct 10

Wednesday
Oct 11

Thursday
Oct. 12.

Friday
Oct. 13.

Sales
of the
Week
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

Raw,e a m e lanuari, l.
On 'n n s a Utt)-share o u

Range lor Previous
Vet:r (1910).
Highest,

Railroads
Atch Top & Santa Fe.100 too** Sep 2 11 i>4 J’ne 5 91*2 J’ly 123*8 Jan
105'>s 105%
*104% 10419 101% 104% *104-% 104% 105 105
r7*2 Aug 10414 Jan
Do prci_________ 100 101 Sep 1 105 J’ ue20
Last Sale 101 Sep’ ll
102% *102
*102
102% *102*2 103 *102% 103%
2t> Feb 15 213 J'ne 234 Jan
103 iloston & Albany____ 100 219 >nril _130*2
220 220%
221
221
*220
220 220*2 *220
220 220
122 Aug 13634 Jan
AU
124i2
Sep
23
100
Boston
Elevated_____
226
12512 12612
126 126
1251o 125 125% 126 126
Sep 14 200 J’ly 22/ Feb
32 Boston & Lowell_____ 100 207 Feb 1 213
21G 21G
*216
216 216 *216 ---*216
223$ Feu 16 118 Dec 162 Feb
205 Boston & Maine_____ 100 98% Oct 13 100
98>s 99
99
*99! 2 99-3.| 99*4 99*4 99 99*2 9!)
285 Oct 3 00 Nov
Mch
292
.V
I
1
h
.
■
Boston
&
Brovl
lcnce.100
Last Sale 298 Aug’ 11
*295
*295 ___ *295 298
*295
14 J 'ne
16*8 Nov
12 Sep 1 16 Mch 15
Boston Suburban El Cos.
Last Sale 14 Oct’ 11
15
*12
15 *12
*12
*12
70 J 'ly
70 Apr
76*4 J’ne22
70
Oct
9
Do
pref____________
*70
75
75
*70
70 70 *71 ___ *70
Mch
8
10*2
Sep
1
3
J’l.v
1
3
0
Feb
'5
Boston
&
Wore
Elec
Cos.
Oct’ 11
Last Sale )
*9
12
11
*9
12
*9
10% *9
48 Jan
35 Aug
38i2 Jan ) 54 J’ly
Do pref____________
Last Sale ,>0 Oct’ 11
51
51 *50
51 *50
*50
51 ‘ *50
139 Sep 160 Deo
165
Aug
156
Apr
2
j
Cliio
June
Ky
&
USY.100
*160
___
1GO 10!) *160 ___
*160
160 160
118 Jan
Do pref____________ 107 Mch 17 I lol2 j ’ly 26 109 Oct
Last Sale 109 Oct’ 11
*109 111 *109 111 *109 111 *109 111
270 Mch
200 Oct
Connecticut Elver___100 265 Jan 31 272 J ne
Last Sale 272 July’ U
*271 ___ *271 ___
*271
*271
124*4 Sep 133*2 Jan
130
Jan
125
Apr
10
Fitchburg,
pret______
100
126
126
99
126% 126*2
126% 12612 126*2 12612 *126 127
Oct 4 104 *a.1 123 Oct
175 Ca fly & Electric____ 100 117% Jan 23 164
101
102 *160 162
*160 L62 *161 163
90 Oct
85 Apr
Do pref_________ 100 86 Feb -O a3*2 J'ue 1» 202
Last Sale 92 Sep’ 11
93
93 *90
93 *90
*92
93 *92
Feo .18 Dec
2I 6 Jan 18
135
Sep
20
Maine
Central_______
100
Last
Sale
135
Sep’
1
1
*140 145 *135 ___
*135
+135
21*8 Nov
1
4
*4
J’ly
24
J'ne
16
Apr
20
1934 20
1,105 Mass Electric Cos____ 100 8334 Jan u "5*8 J’ly 15 75 J’ly
19% 19*9 1938 19*2
19
. *19
19*2 19
8834 Nov
93 9434
969 Do pref_________ 100 127‘4 Sep 14
91
92% 92% 93
91
90*-> 91
91
1643s Mch
149
Apr
151
<
3
Feb
23
N
Y
N
II
&
Hartford.100
1.^234
133
I
4
943
t’ 1323, 133
133 133% 133 133% 133 133%
139 Dec 141 Deo
Northern N H _______ 100 139 Jan 13 142 Moil 6 Liu
Last Sale 140% Sep’ 11
May 112 Mch
Norwich & Wor pref. 100 210 Jan 26 213 J’ly 14
*212
___
*212
___ *212 ___
2101* 210*9 *212
I 8 H4 Sep 200 Jan .
189
Jan
3
183
Mch
1
5
Old
Colony_________
100
187 187%
*187 18712 * 187 187*2 187 187 *187 187%
44*2 Nov
26
May
32
Jan
26
43
Feb
21
Rutland pref________ 100
Last Sale 13% Sep’ 11
*33%___ *33%___
*33%
Jan
Seattle Electric______ 100 105'2 Apr 18 112 Feb 27 103 Aug 116
Last Sale 110 Sep’ll
*108 110 *108 110 *108 no *108 110
)06
Mch
9834
Auv
104
Aug
28
x97%
Mch
1
3
Do
pref_________
100
101
101
___ *100 ___
100*4 100*4, *100
*100
204%
Jan
1
U
2
1
8
J’ly
22
153l2
Sep
25
153*4
J’ly
265 Union Pacitlc_______ 100 90 Mch 9 95*8 May 12
IGUs lGU.s
159*4 159*9 158% 159 *159% 159% 159-3g 159%
1033s Jan
8OI4 J’ly
Do
prei_________
100
1
*9134
921
2
90% 90% *89% 90*4 *903., 91 *90% 91
Oct 1C8 Jan
Vermont & Mass____ 100 156 Mch 21 164 J’ne HI 154 Sep
Last Sale 164 June’ ll
*162 ___ *162 ___
*162
*162
95*2 Mch
85 Sep 29 93 Men 22
255 West r.ud St_________ 50 100
86->s 86->s
85% 8578 85*2 85% 857g 861,3 86 % 86%
J’ly 109 Feb
Aug U 105 Jan 10
Do
pref__________
50
165
*
1
0
1
)3
3
10012
100% 100% 100*2 100%
10038 100% 10O34 101
Miscellaneous
COLUM4912 Oct
36 J ly
46 Sep 25 60i-> Mayl8
110 Amer Agricul Chem..l00
48 48
BUS
49
48 *48
*46
48
105 Sep
47*2 48 *47
98I2 Dec
Jan 6 105*4 Mch
237 I)- pret............... 100 99
100*8 100%
DAY.
100
100*4
4 Dec
100
IOOI4 100*4 100 100
100
8/8 Feb
6*2 Jan 20
3%
Aug
25
Amer
Pneu
Service..
50
334 334
725
378 37S
3% 378
3-34 3%
3%
1334 Dec
24 Feb
12i8 Aug25 19*4 Jan 31
270 Do nref.................50 112
*14
14%
14% 14*2 14% 14*2
14
15
14
- *14
122 Feb 27 111 Oct 1273S Mch
Sep
25
Amer
Sugar
Ketln_
_
100
425
117%
117%
116% 117 1163, 116-1,
116% 117
116 110
5 120*s Mavlu 11134 Oct 124 Mch
286 Do pref_________ 100 11134 Jan
110
116
UG 116 115*2 11578
115 116
116 no
Aug30 153*4 J’ne 3 127*4 J’*y 14378 N ov
134% 135*8 3,002 Amer Tele;. & l'eleg.100 131%
133% 134
134 134% 13438 1347g
133% 134
39*2 Mch
26 J’ly
27 2 Sep 19 36*4 Mch20
Amer.can Woolen___ 100
Last Sale 28*2 Sep’ ll
901■>Dec 10414 Mch
247 Do pref............... 100 Z86 Mch 29 96*2 J'ne 15
89 89
89 89*4
88 % 89
88*4
88 % 88 % 88
7 “ Mch
l l i 2 Jan
7*2 Oct 2 I I May-29
Atl
Gulf
&
W
I
SS
L.100
318
773
7
7
g
*73.,___
*7*2
8
7*2 Us
16 May
28 Jan
Do pref_________ 100 15 Oct 13 26 Jan 31
15 15
*15
10
15% 15*8
1533 15-%
8i2 Jan
4i2
J
’ly
8*4
Apr
29
5i2
Jan
1
3
Boston
Land________
10
Last Sale 7 .Tilly" 11
15 Dumb Telep & Teleg.100 145*4 Jan 10 159*2 J nel5 138*2 J ’ly 152i2 Mch
150*4 160*4
150% 150%
*150%
>150*2
1
2
May
1
1
1
&8Jan
7*4
Jan
18
7
*8
APr
East
Boston
Land______
1
0
Oct’ll
*9% 10
Last Sale
*9% io’
*934 10
*9% 10
86 Oct
70 J ly
178 Eastern Steamship... 100 78?s Feb 3 95*2 Aug 22 /I239
---- ---87% 90% 90% 903.| *89*2 90
89
89
292i2 N ov
Ja.
275 Sep 9 292*2 Feb 3
Edison
Elec
Ilium__
100
167
287
287
286
2
8
(1
284
286
283 283 283 284
May29 135 J’ly 160*2 Jan
547 General Electric____ 100 142 Sep 22 iu7*i
150 151%
150 150
148 149
148*9 149
9138 N ov
76*4 Feb
4 Aug 3
583 Massachusetts Gas CoslOO 8734 Jan 3 063
z89% 90
90% 90% 901., 9019 90% 901., 90*2 90*2
89 May 97 Mch
98 Mch 25
94i2
J'ne27
Do
pref__________100
282
97%
973
4
97%
97*o
963,1 97
97*8 97D
97*8 98
212i2 Dec 226 Nov
235
Aug
3
211
Jan
4
100
Mergenthaler
Lino__
5
*232 235
>22733
234 Jan
228*4 22814 *230% 233 *230*4 235
634 May
478 Jan 31
3 Oct 2
8 Mexican Telephone.. 10
3
3
*3
4
*3
4
4
124 Jan
3I4 Oct 4 119 Mch 14 107 Sep
16 N E Cotton Yarn___ 100 IO
*103 104
104 101
104 104
99l2 Aug 115 Jan
104 104
>103 101
110*2 Mch 13
105
Oct
6
Do
pref__________100
Last Sale 105 Oct LI
>105 107 *105 107 *105 107 *105 107
Jan 14 150*2 J’ne 10 129*2 AllC 13S34 Deo
149 N E Telephone______ 100 137
110 146
>145
146 146 145% 146 *145 140
93*4 MOV 100 Jan
Pacific Coast Power..100 96 Jan 9 105 J’ne 28
Last Sale 103*2 Sep’ 11
>100
102 *10019 101 * 100*2 101 * 100% 101
6234
J'ly 29 66*2 Oct 6
Portland
(Me)
Elec--100
♦GOG___
Last Sale 66% Oct’ 11
153
J’ne 200 Feb
* 66*2
*66
163
Jan
30
153 Sep 25
36 Pullman Co_________ 100 xl2
*150 157
*155 156*2 156 156% 150 156*2 *155% 156*2
14 Oct
Jan 5 15 May 1, 11*4 Jan
6 Reece Button-Hole.. 10
12% 13
10934Jan
100
Jan
J’ne
5
104
9734
Sep
26
Swift
&
Co__________
100
990
99 99%
99 99%
993i 997S 98*4 99% 98*g 99
23
Mch
37
Dec
Jan
3
36
Sep 29
278 Torrlngton___________ 25 29
30
29% 2912
2912
293., 29 29 *20
. *29
31 May
27 Jan
27 Mch 23 31 J'ly 17
30 Do pre?___________25 180
29 29
28 28
28 28
30 *28
29
*28
1051, Jan
200
Sep
197*2
J’ly
1
5
Mch
1
3
__
United
Fruit________
100
161
186% 188
188 188 188 188 188 188 187% 188
7134 Apr
4C34 J’ly
jjdolUn Shoe Mach Corp__ 25 40*4 Aug 26 5878 Feb 18
42% 43
43
42% 42% 43
- 42% 42% 42% 43
Jan
2514jiy
Jr,jy 31
067
Do pret___________25 26i2 Sep 20 29*4 Jan 31
27% 27%
27% 27% 27% 27%
27
27
27
903, Jan
27
0138
82'8
Feb
6
51%
Sep
25
587g GO 13 392 U S Steel Corp______100
58% 5S*4 59*4 587S 59*2 58% 5938
58
ly 12558 Jan
103*2 Sep 22 120*2 Feb 2 m J
’343
Do
pref__________100
10
87
3
109
10
87s
109
*108%
109%
10
83
4
Feb
1
0
9
1
4
1934 Sep
108-34 1091,
15 Sep 26 2,ii4 Feb 6
192 West Telep & Teleg_.100 89
*19
197s
19*9 19 19% 19% 19%
Aug
94 Jan
19*2 197s *17
Jan 23 100 J’ly 28
35 Do pref__________100
*95
95^8
95*8 95*8 95% 95*3 95*8
*95
95*8 *95
Alining
10 Feb
4 J'ly
7i8 J’ne 16
4 Sep 22
30 Adventure Con_______ 25
4% 4%
4%
*4
4% *4
734 Dec
4
1434 Sep
4
’ *4
278 Aug 24 11 J’ne 13
900 Algomah Mining_____25
3
3
*278 3%
3
3
3
3*8
68 Feb
31 J iy
3*s 3%
21 Aug 23 39 Jan
Allouez______________
25
917
261»
27
*20
2
6
-%
*26
27
91)34 j an
28
27
2612 20*2
715,3 J’ne 19
551.1 J ,[y
4134
Sep
2
5
Amalgamated
Copper
100
2,407
50
50%
4978
4oi 2 Jail
J’ne 14
19*2 J ly
: 487g 49*8 48*3, 49'!., 49% 491; 49*s
499 un Zinc Lead & Sm. 25 1934 Oct 5 30\s
21
2 LI4
20% 21
12*4 Mas
5034 Jan
20*8 20*2 20 20% 203, 203
i4 Sep 11 1838 J’ne 14
10,200 Arizona Commercial. 25
.50 .59
.55 .GO
.50 .60
.33 .50
.75 May 22 .50 Mch .70 Mch
.30 .50
.50
Jan
5
Bonanza
Dev
Co___
10
260
*
.60
.70
.60 .75
.70 .70 * .60 .63
10 May 2414 Jan
* .60
334 Aug24
15*2 May27
15 Bos&CorbCop&SllMg
*4% 5
434
434
4*2 Nov
*4% 5
I 8 I4 May
6*2 Jan 14
3I4 Aug 29
♦ •H2
190 Butte-Balaklava Cop. 10 14
**334 '373
33,| 334 *33i 378
4
4%
15% J ne 28*2 Jan
4
20i2 Mav24
Aug25
Butte
Coalition______15
281
15 15
15 15
15 15
15 15
4434
J
’ly
103
Jan
03
J’ne
6
■ 15
45
Sep
25
1,345 Calumet A Arizona.. 10 360 Sep 20 545 Jan 4 500 J iy 68^ Jan
471- 49
47 4778
43*2 49*S 477g 49% 477s 49
52 Calumet & Hccla__ _ 25
380 390
38 Jan
390 397 390 390 388 388 +387 395
15*2
Jan
4
i3!2
3
iy
8
Aug
24
Centennial___________
25
465
912 912
93i 1018
10 101«
.16 Jail
10% 10%
Oct 13 .15 J’ne 15 .01 J'ly
10% 1012
500 Cons Mcrcur Gold____ 1 .04
.04 .04
85 Jail
58 I’ Cb
* .04 .05 * .04 .05 + .01 .05
.05
>.01
“
Sep 25 0934 Feb 2
901 Copper Range Con Co 100 4634
52 52
5118 5U8
0% Mch
3% Sep
51
51
51*8 51*8 5U2 52
6*2 J’neL’l
3
Feb
8
Daly-West_________
20
200
*5
5 I4
14 Nov
5SS *53S 5->s *5*8 ____
*5
1
4
3
4
J’ne24
o*4
J’ly
878 Aug 25
743 East Butte Cop Min.. 10
978 978
93., 978
5 Dec
9%
22*2 Mch
r 9-14 97g
9*2 078
5*2 Aug24 14 J’ne 8
Franlclln__________
25
G
3
4
6
3
4
685
63.,
6-3.1 63.,
0 J ’iy
U% Jan
8*8 Feb
1 6% 7334 63,
3% Sep 22
338 334
860 Giroux Consolidated.
334 334
3‘*48 3% 3‘%a3‘%0
: 33.1
i o J ’ly 111*4 Jan
26 Aug 25 43i2 J’ne21
22 Granby Consolidated. 100
29 29
117S Jan
03s Sep
29
29
29*2 2912 29 29 +283g 29%
U»
J’ne
1
9
5u
io
Oct
Greene
Cananea_____20
808
.
534 534 *5% 5%
36 Jan
143., J’ly
5'*io 6
! 534 5**18
Sep 20 30*4 J’no 19
240 Hancock Consolidated 25 17% Sep
*1S12 19I«
13, Oct
19
19*2 19*3 1834 1912
573 Jan
• 19
2 Feb
1912 19
21
Helvetia
Copper_____2
1
Oct’
if
*3
,.
Last
Sale
4434 Mch
-'4
1%
10 J ’ly
1%
! *% 1*8 * .85
5*2 Aug23 16 J’no 2
1*8 * .85
368 Indiana Mining______2
714 714
7
7%o
93
j
May27
7
7*18 7‘ ie
5
8
8
Sep
22
7*2
l *714 7*2
71i 3,050 Inspiration Copper. -.10 29*4 May 9 4038 J’ne 3
014 7
3334 Oct
303, Dec
6% 6*2
6*8 6“ ,o
6%
75 Island Creek Coal__ - 1 8218 Sep 25 91 J’ne '
33 33%
34 34
84*4 Nov
34
90 Nov
34 *33
34 *33
Do pref_________ I
4
84 84
13U May
83 83 *32% 84
28*2 Jan
I9i
8
J’ne
1
3
84 *82*2 84
1
1
1
Aug2
3
38 Isle Royale Copper.. 25
*13I2 14
x6 " Sep
14
11 Jan
Us Jan 21
15
13*8 1318 *13*4 14 *13
3*8 Oct 11
Kerr
Lake__________
2,645
3U
*31
8
63, Jan
3 J’ly
334 J’ne 15
334
3*8 3%
1
3
4
May
1
0
39io 3%
Keweenaw
Copper—
25
70
*178
0
2
94i2 Jan
2
2
40
J'nol3
1?8 2
28*2
J’ly
2
22
Aug
24
2412 2434 2,251 Lake Copper Co_____25
0 I4 Dec
24t2
19 Jan
6 Jan
3 Aug 17
25*2 2414 2434 2412 24% 24
La
Salle
Copper_____25
4
3
.,
4
3
4
1,566
434
434
43,i 5
5
5
512
0i2 Apr 24 10*4 Mav29
Mason Valley Mines__ 5
Oct’ 11
4lo Mch ‘ loss' Oct'
7*2 Last Sale 7
7*2 *7
7*2 *7
412 Aug 24 filO J’ne19
7*2 *7
Mass Consol__________ 25
2 Oct’ 11
Us Jau
3 May 18 .35 “ Oct
534 *5t4 534 *5*4 53., *5U 5% IjOsI Sale 51.30
,20 Feb 18
Mayllower___________
25
1,157
.40
.40
40
17 J’ly
29 Jau
227g J’no21
.40 .40 * .40 .50
.50
167
8
Sep
28
Miami
Copper_______
"
155
*1734 I 8I4
31., Dec
1734 1734 *173* 13
8l2
Jan
3*2
Jan
'
18
1712 18
llo
Sep
22
Michigan____________ 25
Ho dep’ ll
112
43 J’ly
*1
53 J’no 15
75 Jan
1*2 *1
*1*2 2
*ll4 2
280 Mohawk______________25 36 Apr 18 21*4
3912 39%
39*2 3912 39l2
J’no 15
271* Jan
39*8 39*2 *39
1733
J
’ly
40 40
15
Sep
25
Nevada
Consolidated
1,380
16
16
3i2 J’ly
15*2 15-3., 16 16
10% Jan
4*4 Anr 28
16*8 16 16
2 Aug 10
50 New Arcadian Copper 25
*2
2*2
212
934 Jan
214 2*4 *2
12 May
2*2
7*8 j ’ly 24 113S Feb 17
2*2 *2
7% 758 1,236 Nlplsslng Mines. 4 ___ 5 20
712 734
30*4 J’no ‘
18
J’ne
50
Jan
7%s 734 7**18 7uu>
75S
Sep
25
North
Butte_______
15
2,110
24 25
9
3
4
J’ne
3
24*2 2412 2312 24
2
57s Mch
014
Dec
23*2 21
3
3
.t
Aug
23
24
434
434
239 North Lake__________ 25
4!% 4%
1234 Jan
458 43.,
5 Sep
8*2 J’no 6
43, 43,
378 Aug25
5
OJlbway
Mining_____25
4
7
8
200
*434
4
?8
473 478
134 Feb
3*8 J’ly 10 .25 Aug
473 *43., 478
200 Old Colony__________ 25 .50 Jan '
*13s 1»S
16* 1%
134 134
20*. J'ne 5-/ Jan
Sep 25 49 J’ne 13
13.1 134
178
295 Old Dominion C o .... 25 34*4
38 38
37% 3734
114 J’ly 163 Jan
3G78 37
37 *3614 37
81 Sep 22 124 Jan
Osceola______________25
*85
263
89
88
88
2134 Jau
11 Dec
87 89
883, 88-3.,
92
778 Sep 22 13 May22
834 834
61 Carrot Silver & Cop. 10
812 9
00 J’ly
92 Mch
10
* 8*2 9*2 *8*2 9*8 60
Sep 22 74 J’ne21
*58
60
61 sulncy_______________25 55
60
60
243, Mch
1514 J’ly
60 60 *58
6 OI4
12 Sep 25 18% Jan
Ray
Consol
Copper..
10
1
3
3
4
1
3
7
g
1,318
13U
1
3
1
4
li4
Nov
234 Jan
1
3
4
J
’ne
1
0
127g 1212 12--'8 1278 13*8
3
4
Apr
26
* .80
1
50 Santa Fe Gold & Cop. 10
.99
.99
8
3
4
J
'ly
1
*4
12*4
Feb
*
.90
18 Jan
*
.90
1
*4
7
Oct
‘
1
*4
* .90
7 1-16 7 1-16
760 Shannon___________ 10
7
718
1 Dec
l ‘ io May 18
334 Jail
7
7*4
7*4 *7
.60
Sep
71* 7*4
South
Utah
M
&
S—.
5
.60
Sep’
ll
Last
Sale
36 J’ly
Jan
0Si4 Jan
* .60 .80 * .60 .75 * .60 .75 + .60>4 .75
*2478 2512 ’ *"571 Superior______________25 21 Aug 17 42*2
2514
4% Dec
8*4 J’ne 15
18 Jan
2*4 Sep
. 25 2 GI2 25 26*2 25 25*4 25
Superior
&
Boston
l.Iln
10
212
212
556
2
3
8
2
3
8
52 Jan
2-38 3
45*2 J’ne 78 Jan
Sep
t 2l4 214
2% 2*2
*22
24
60 Tamarack___________ 25 20
24
24
22 22
5 Jan
113s Jan
4i2 Dec
24 24
3 Sep 13
t 25 25
31* 318
265 Trinity_______________25 303s
3I4
3 I4
3*r 3*8
55 Jan
30 Dec
Sep 25 40*8 J’no 14
I >314 3*2
3*8 3*8
3112
31*4
(J
S
Smelt
Ref
*
Min.
50
560
32
4
5
3
4
J’ly
49*2
J’ne
2
53i8
Jan
45L
Aug
26
i *313; 32*4 31*2 3134 *31% 313,
.
32
D
>
pref.............
50
46
46
215
45->8 46
3*2J’no 15
2 Dec
6i4 Jan
2 Mch 10
i 46 40 *4534 46*4 45% 46
*2
21
Utah-Apex Mining..
20 J’ne 14
40 Jan
12*2 Deo
934 Jan 20
i *21* 21S *2*8 23g *2*s 2% *218 23g
Utah
Consolidated..
1
5
1
4
15%
3,048
1
5
1
4
15 15*4 15
141; 14*2 15
38 Sep 25 52 J’ne14 /;3934 J’ne G0*2 Jan
41
4112
i 14
446 Utah Copper Co_____10
41
41
41*2 41
534 Jan
2 Dec
2*2 Feb
1 Aug 17
40U 403 405s 41
*U2 13.,
150 Victoria_____________ 25
158
*1*2 1%
1-3; ------ - - - 15 Jan
5 J’ly
9*2 Feb
4*2 Aug 24
* 1'2
Winona____________
25
*5
6
100
514
*5
G
5*3 5*; *5
160
Jan
122
Feb
1
0
!• *51*
120
J’ly
8812
Oct
Wolverine________
8912
8912
38
89 90 *8 8
89
89
334 Jan
00
3 Feb
I >89
.95 Oct
1*4 J'ly
VVvandott__________ 2
Last Sale .95 Oct’ 11
* .90 .95
* .90
* .90 .95 * .90
Bid afflTisked prloo . d Now st03k“
Aas’ t P U'l 0 Bx-stoox <llv. a Ex-rig its. u Ex-dlv. aa-l rights,




0?8

578 578
718

3%

478

1%

00

1011

Si
BONDS
BOSTON STOCK EXCHANGE |is
Week Ending Oct. 13
5 a.

Price
Friday
Oct. 13

1 Bonds
1 Sold

Boston Bond Record

Ocx. 14 1911.1

Week's
Range or
Last Sale

Price
Friday
Oct. 13

BONDS
Range
BOSTON STOCK EXCHANGE
S nee
Week Ending Oct. 13
January 1

WcelJ:
Range or
rMSt Sale

3
«d

High No.
Bid
Ask Lose
Bid
Ask txno
High No Low High
100l8 100% 100% 106% 8
Am Agrlcul Chem 1st 5s__ 1928 A-O IOM3 Sale 10U8 101% 16 100% 102% Illinois Steel deben 5s____ 1913
la Falls A Sioux C 1st 7s...1917
117 A p r’08
90% 35 89% 92
Am Telep A Tel coll tr 4s..1920 •I-.l
90% Sale 90
3 104 111% Kan C Clin & Spr 1st 5s___ 1925
106
Convertible 4s__________ 1930 M-S 106 ___ 106
110i2Oct 'll
98% Oct ’ 11 __ 90 98% Kan C Ft Scott A Mem 6s.. 1928
Am Writ Paper 1st s f 5s g._1919 J-.l
92 ___ 92 Aug’ ll
98 122% Kan C M & 15 gen 4s_______ 1934
98 Oct '11
Am Zinc L & S deb 6s____ 1915 M-N
89 Aug'11
___ 91
Assented income 5s____ 1934
92%
11 36
42
Ariz Com Cop 1st conv Os..1920 J-D 42 Sale 42
102l2 ____ 102 Mch’ ll
Atcb Top & S Fe gen g 4s__1995 A-O 98*4 9913 99 Oct ’ ll _ 98 99% Kan C & M Hy A Br 1st 5S.1929
10234 Feb 'll
91 91'% Maine Cent cons 1st 7s_____1912
Adjustment g 4s___ July 1995 Nov 91 92 91% Sep '11
IOH4 Sep '05
Cons 1st 4s_____________1912
91 92
Stamped _______ July 1995 M-N 91 92 92 May'll
115 J’ne’OS
Mara Hough A Ont 1st 6s. .1925
109% 113
113 J 'ly 'll
50-ycar conv 4s______ 1955 J-D
991.
99% 99% 9912
110%Mch'll _ 108% 110% Mass Gas 4 A s_____________1929
10-year conv 5s______ 1917 J-D
9912 May’ ll
Mich Telephone 1st 5s____ 1917
66 Sale 66
67
7 03% 73
Atl Gulf A W 1 SS Lines 5s.1959 J-J
991
*99% '9934 9914
New Eng Cotton Yarn 5s..1929
iOOl^ Meh '09
Boston & Lowell 4s_______ 1916 J-J
101*8Mch'll
New Eng Teloph 5s_______ 1915
Boston A Maine 4 'As______ 1944 J-J
10-112 Oct '08
100i2Sep 'OS
5s....................
1916
103 103%
103 Jan ’ ll
Bur A Mo HIv cons 6s____ 1918 J-J
9834Sep 'l l
111% 111% New England cons g 5s___ 1945
111%Sep 'll
Cedar Hap A Mo K 1st 7s..1910 M-N
Boston Term 1st 4s_____1939
1 87% 00%
88 %
Cent Vermt 1st g 4s__ May 1920 Q-F 88 % Sale 88 %
75 Oct '10
New River (The) conv 5s..1934
1103 Oct '07
C B A Q Iowa Dlv 1st 5s__ 1919 A-O
9634 May'll
N Y N H 4 H con deb 3 A s . 1956
99 F eb ’ ll
Iowa Dlv 1st 4s_________ 1919 A-()
1291?Oct ’ll
Conv deb 6s (ctfsi______ 1948
100% 101%
10034 Sep '11
Debenture 5s__________ 1913 M-N
101 “ Apr '09
99% 100
Old Colony gold 4s________ 1924
997sSep '11
Denver Exten 4s________ 1922 F-A
987g Sep '09
98% 99% Oregon Hy A Nav con g 4s.1946
991? M ay'll
Nebraska Exten 4s-------- 1927 M-N
113 Oct 'll
99% 991s Oreg Sh Line 1st g 6s______ 1922
99% Feb '11
B & S W s t 4s.................1921 M-S
98 J’nc'll
87%Sep '11 ___ 87% 88% Pere Marquette deb g 6s__ 1912
Illinois Dlv 3HS-----------1949 J-J
103 Jan '11
Chic Jet Hy A Stk Yds 5S..1915 J J 101 Sale 10078 101
5 100 102% Repub Valley 1st s f 6s____1919
7014 Dec '10
88% 90*4 Savannah Elec 1st cons 5s..1952
Coll trust refunding g 4s. 1940 A-O 88I4 89*4 88 %Sep '11
104i2Sep '11
Seattle Elec 1st g 5s_______ 1930
111 114
114 Jan '11
Ch MllW A St P Dub D Os..1920 J-J
9U2Aug ’ll
113% 113% Shannon-Ariz 1st g 6s_____1919
113%Feb 'll
Ch M A St P Wls V dlv 6s..1920 J J
97 Apr '07
Terre Haute Elec g 5s____ ,1029
98% 101
Ch A No Mich lstgu 5s-----1931 M-N 97 99 100%J'ne'll
10034Mch’ 10
Chic A W Mich gen 5s........1921 J-D 98 100 99%Oct '11 ___ 99% 101% Torrington ls tg 5s________ 1918
10078Oct '11
97%Sep '11
97% 97% Union Pac RR & 1gr g 4S..1947
Concord & Mont cons 4s--- 1920 J-D
104% Apr '11
20-year conv 4s_________ 1927
100% Aug'09
Cudahy Pack (The) ls tg 5s 1924 M-N
96i4Sale 90I4
96I4
United Fruit gen s f 4 A s — 1923
97 Mch’ ll
97 97
Current River 1st 5s_______ 1926 A-O
96
96
___ 96
Debenture 4 A s-----------1925
3 85% 87%
86
Det Gr Itap A W 1st 4s___ 1946 A-O 85i2 Sale 85%
10112
101%
Dominion Coal ls ts f 5s___ 1940 M-N 97 9812 98%Sep '11
95% 98% U S Steel Co 10-60-yr 6s Apr 1963
99igSep 'l l
West End Street Ry 4s-----1915
103%Apr '05
Fitchburg 4s______________1915 M-S
100i2M ay'll
Gold 4 'As....................... 1914
4 s...........................
1927 M-S
9812Apr '10
Gold debenture 4s______ 1916
Freint Elk & Mo V 1st 6s__ 1933 A-O
128 J 'ly ’ ll
127% 128
99 Aug’ ll
Goid 4s________________ 1917
Unstamped 1st 6s_______ 1933 A-O
140 Apr ’05
9734 98 98
9812
General Motors 1st 5-yr 6s.1915 A-O 9712 981? 97%Sep ’ 11
97% 99% Western Telepli A Tel 5s__ 1932
93I4 Jan 'll
Gt Nor C 15 & Q coll tr 4s..1921 J-J
'J0*8 Sale 96
96% i3 95% 98% Wisconsin Cent 1st gen 4s.. 1949
Registered 4s__________ 1921 Q-J
9578 ---- 9534
24 95% 98
96
NOTE.— Buyer pays accrued Interest In addition to the purchase price lor all Boston Bonds. * No price Friday; latest bid and asked. U Fiat

Range
S.nce
January

1

Low High
100

102%

9414 94U
115 I I 6S4
92 93%
88
90
102 10$
10234 102*4

9912 1063s
9912 9912
99 103
10134 102

9834 9S34
9634 9912
1291213434
113 1147g
98 9834
103 103
104 105
91 93
10033 101

1043s 104I58
9573 9712
96 067s
100 106
9812 9913
IOOI3 1001j

9818 99
96*4100
9312 9314
price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Centum Price;
Saturday
Oct. 7.

Monday
Oct. 9.

Tuesday
Oct. 10.

Wednesday
Oct. 11.

94
94
94
93 93
92 92% ♦ _
97*3 97% 98 98
98
97 97 *97
8% 8%
87S 8/3 * 8% 9
* 8?s
73
73 *71
__ 72% 72 72%
124% 124% 124% 124%
125 125
125
27% 27 27 * __ 27
27% *26
*25
59 59%
59 00
58 59
60
♦57
18
18
18
18
18 18
17% 18

94
94
98*4 98%
* 8% 87g
72 72
*124 125
*26
27
*81
*58% 59
18 18
*10

44% *43% 44%
43
43% 43
* 11% 11%
51
50% 51
33% *33% 34
73%
73% *73
7
21 % 24% 24%
86%
86 *86
78% 79%
79
8% *8
Sl2
2214
22% 22%
60% 00% 60*4
50 50
50
10% 107S
17
2178 21% 21%
69 08 68"io
6
6%
6>s 6{ig
49% 49% 49% 491?
847S 85
85 85

*43*4
43%
* 11%
50%
3373
73
*6U
24%
86
787g
*8
22%
00'Jic
50
17
*21%

44
43
11%
51%
*33%
*73

44
43%
11%
511?
34
73%

44
43
11%
51
34
73

44
431,|
11%
51%
34%
73%

24 24
24% 25%
86% 80% 86% 80%
79 79% 7878 79%
*8
8%
8% 8%
221o 22% *22% 22%
60% 00l%6 60% 5010tn
*50
50% *50
50%
16% 10% 10% 16*3
21% 21% 21% 21%
68% 68<io 677g 08%6
6*16 CI4
6% 6%
49% 49% 49% 49%
85 85% 85% 85%

PHILADELPHIA

Bid

As*

Q
m
a
p
p
0

11

44
43%
11^4 1134
51%
51
34 % 35%
73% 74%

44
43

*7

25*4 27
80% 80-%
79% 79%
8%
*8
*22% 22%
00% 01
*49% 50%
16% 16%
21% 22%
68% 68 >%6
0 *10
6%
49% 60%
857g 80

PHILAD ELPH IA

Bid

100
100
100
100

50

100
100
100

50




'is'

Jan 9 94 May 29
Jan 9 101 Sep 18
Meh 31 10 Aug 15
Feb 8 79 J’ly 31
121 Jan 11 130% .1 ’nc26
21 Jan 4
28% J'ne 3
80 Jan 6 88% J’ne 3
43% Jan 4 62 J'ne 3
16%Jan 9 197g J'ly 20
64
89
7
45

Philadelphia
10 Sep 18
American Cement____ 50
50
42 Jan 5
51
50
4078 Sep 22
537
10
279
11%Jan 4
100
48%Jan 3
594
100
28% Aug 25
3,323
100
68 Aug26
608
50
7 Sep 6
100
21% Sep 14
5,572
83% J’ne 29
431 Lch C A Nav tr ctfs.. 50
75% Sep 14
898 Lehigh Valley______ 50
0%Jan 11
20 Leh V Trans tr ctfs .. 50
18%Jan 16
75 Do pref vot tr ctfs 50
69*3 Sep 25
1,179 Pennsylvania R R ___ 50
48% Sep 21
50
221 Phliadel Co(Pittsb).
16 Jan 19
4,481 Philadelphia Eiecll. 25
50
17 Apr 18
2,239
50 68l6i6 Sep 25
10,716
1
6%J'ly 28
4,903 Tonopah Mining.
50
43 Jan 3
1,706
50
84% Sep 25
2,165
Ask

PHILADELPHIA

Bonds
Ph & Head 2d 5s 1933 A-O
Prices are all “ and
Ex Imp M 4s 1917.A-O
1% 1%
interest"
Terminal 5s g 1941.Q-F
Alt A L V Elec 4 Ks’33F-A
P W & B col tr 4s '21._ j-J
Am Gas A Elec 5s '07.F-A
83% 84 Read Trac 1st 6s ’33..J-J
94
Roch Ry & L con 5s’54 J-J
75 . . . . Am Rys 5s 1917____ A-O
Atl C Elec ret 5s 1938.M-S
Spanlsh-Am Ir 6s '27. J-J
BcrgAEBrew 1st 6s'21 J-J
117 Stand Stl Wks 1st5s’28 J-J
14 15 Bcthleh Steel 6s 1998.Q-F
U Trac lnd gen 5s '19.J-J
Choc A Me 1st 5s 1940.J-J
Un Rys Tr ctfs 4s’49..J-J
"20% '20% Ch Ok A G gen 5s 1910 J-J 103
United Rys Inv 1st coll tr
Con Trac of N J 1st 5s ’33 103%
s f 5s 1926________M-N
Del Co Rys tr ctfs 4s’49J-J
7'%
Welsbach s f 5s 1930. .J-D
89
15 16% Elec A Peoples Tr tr ctfs..
Wll-B GAE con 5s'55.J-J
55 Fr TacAH 1st 5s 1940. J-J
York Rys 1st 5s 1937.J-D
Gen Asphalt 5s 1916.M-S 95%
Indlanap Ry 4s 1933..J-J 821,i
RAI TLMORF.
56% 56%
■95" : : : : Interstate 4s 1943__ F-A
Keystone Tel 5s 1935.J-J
Lake Sup Corp Inc 5s’24_0
62 62%
Lehigh Nav 4 As ’ 14..Q-J
Gen M 4 As g 1024.Q-F
Atlan Coast L (Conn) -100
20
Leh V C 1st 5s g 1933 .J-J
109
70
" o f Leh V ext 4s 1st 1948.J-D
112
Consol 6s 1923_____J-D
2d preferred_______100
Consol 4 Ms 1923...J-D
104
Annuity 6s________ J-D
41% 42%
Gen cons 4s 2003..M-N 97% 98
Lch V Tran con 4s '35 J-D
82% 83
1st series A 4s 1935.M-S
10 11
Bonds
1st series B 5s 1935 M-S
8% 8% MarkctStEt 1st 4s’ 55 M-N
Prices are all “ and
interest”
237
N atLIIA P ser B 5s ’ 19 J-J
100
“00" New Con Gas 5s 1948.J-D
Balt City 3%s 1930...J-J
4s 1954-1955__ Various
40% 41% N Y Ph A No 1st 4s’39 J-J
5s 1916__________M-N
77% 78%
Income 4s 1939___ M-N
Anacostla A Potom 5s A-O
10 10% Pa A N Y Can 5s '39.A-O
Atl Coast I,(Ct)ctfs 5s J-D
Penn Steel 1st 5s ’ 17.M-N
Ctfs of lndebt 4s___ J-J
People’s Tr tr ctfs 4s 1943 92% 923.J
5-20-yr 4s 1925____ J-.J
P Co 1st Acoll tr 0s’49 M-S
10210
62 . . . .
Con A coll tr 5s ’51 M-N 97 97% B S P & C 1st 4 As '53 F-A
___
Phil Elec gold tr ctfs. A-O
No Balt Dlv 5s 1942 J-D
___ . . . .
Trust ctfs 4s 1949 ..J-J
79% 80 "
Car Pow A Lt 5s 1938 F-A
P A E gen M 5s g '20.A-O 106%
.50
York Ra’lway.
Cent Ry cons 5r '32..M-N
Gen M 4s g 1920...A-O
___
•Bid and asked; no sale3 on this day. 11Ex-dlv.A rights.
II $15 paid. i $13 A paid.

Inactive Stocks
American Milling------- 10
Cambria Iron_________ 50
Central Coal A Coke.. 100
Preferred_________ 100
Consol True of N J___ 100
Germantown Pass-----50
Huntington & B T -----50
Preferred__________ 50
Indiana Union T r___ 100
Insurance Co of N A — 10
Inter Sm Pow A Chem.50
Interstate Rys. pref— 10
Kentucky Securities.. 100
Preferred_________ 100
Keystone Telep v t c__ 50
Preferred__________ 50
Keystone Watch Case.100
Idt Brothers__________ 10
Little Schuylkill_______ 50
Mlnehlll A Schuyl I I . ..50
Nat Gas Elec Lt A Po.100
Preferred_________ 100
North Pennsylvania__ 50
Pennsylvania Salt____ 50
Pennsylvania Steel__ 100
Preferred_________ 100
Phlla Co (Pitts) p re f...50
Phil German A Norris..50
Phlla Traction.......... 50
Railways General------10
Tonopah Belmont D c v..l
United Cos of N J.--.100
United Trac Pitts pref.50
Virginia Ry A Pow ...100
Preferred_________ 100
Warwick Iron A Steel..10
Washlngton-Va R y— 100
Preferred_________ 100
Wclsbneh Co________ 100
West Jersey A Sea Sh..50
Westmoreland Coal___ 50

Highest

Lowes',

Slocks see below)
Baltimore
Con Gas El L A Pow
Do
pref _____
Houston Oil_______
Do
pref _____
Northern Central__
Seaboard Company.
Do 1st pref
Do 2d pref
848
1,243

Range for Previous
Year (1910)

Range Since
.Jan. I 1911

ACTIVE STOCKS
Friday
Oct. 13

Thursday
Oct. 12

Bid

Ask

Lowest

Highest

46 Meh
80 Meh
5 Sep
35 J'ly
115 Jan
18% J'ly
721 Feb
40 Oct
12% May

64% Dec
90 J ly
9 Nov
51 Dec
132 Feb
27% Jan
80% Jan
47 Jan
16%Deo

17%Jan 4
17 Dec
28 Jan
41% J’ly
45% Jan 20
50 Jan
53%Jan
48% Feb 18 40% J’ly
11%J'ly
12%Jan
12%Jan 14
42 J’ne 64% M'.-h
56% J'ne15
34% Dec
19% j ; ‘ y
35% Oct 13
84% Jan
64 J'ly
83% Jan 30
13 Jan
7 J'ly
9% Jan 10
15% J'ne 297g Dec
32 Feb 6
98 Jan 14 86 J tie 123 Jan
90% Feb 3 62% J'ly 121% Meh
3% J’ne
9% J'ly 15
6*4 Dec
12% Jan
20 Dec
24% J'ne 9
65 Feb 2 6111u J’ly 69%6 Meh
59% J’ne 5 42 J’ne 53% Jan
18 J’ly 10 1137, Feb
16% Meh
24% Aug 1
15 Apr
28%Jan
SO Feb
80*4 Feb 10 65% J’ly
6%Jan
8% Jan 17
9%o May
62^4 Jan
52% Aug 1 38 Oct
95%Jan
89*3 Jan 9 79 J’lv
BALTIMORE

Bid

Ask

100% Chas City Ry Ht 5s’23 J-J 103
95%
117 Chas Ry G & El 5s '99 M-S
City A Sub 1st 5s 1922 J-l) 105 106
105
125 City & Sub (Was) 1st 5s ’48
Coiil A C Ry 1st 5s ’ 19 A-O 92 91%
101 Coal A 1 Ry 1st 5s ’20.F-A 101% 102
10512
102% 103% Consol Gas 5s 1939__ J-D 108% 109
Gen 4 As 1954___ A-O 95% 00
94%
761? Cons G E A P 4 %s ’35 J-J 867S 87
Fair A Cl Tr 1st 5s'38 A-O 99% 991"
82 82% Ga A Ala 1st con 5s '45 J-J 105 105%
Ga Oar AN 1st 5s g '29.J-J 104%
90
Georgia P 1st Os 1922..J-J 112191% Ga So A Fla 1st 5s ’45.J-J 1067g 107%
G-B-S Brew 3-4s '51.M-S 40
98
Md Elec Ry 1st 5s '31 .A-O
Memphis St 1st 5s '45.J-J 98%
240 242% Mt Ver Cot Duck 1st 5s.. 74%
Npt N A O P 1st 5s’38M-N
Nor APort Tr 1st 5s’36 J-D 86%
North Cent 4 As 1925-A-O
93"
Series A 5s 1926___ J-J 111)
75
Series B 5s 1926___ J-J
%
24 26 Pitt Un Trac 5s 1997..J-J
42
Poto Val 1st 5s 1941..J-J
Sav Fla A West 5s '34 A-O
Seab Air L 4s 1950...A-O 861"
Adjust 5s 1949___ F-A 77%
Seab A Roan 5s 1926..J-J 105
95 95%
101% 102 U El LAP 1st 4 As'29 M-N 93%
104
Un Ry A El 1st 4s '49 M-S 85%
100
Income 4s 1949__ J-D 63%
104
Va Mid 3d ser 6s ’ 16..M-S
4tll ser 3-4-5S 1921. M-S
92 94
5th series 5s 1926..M-S 105%
25

109% 110

74%

87
94
86
63%

Fund debt 2-3s 1991 J-J 87% 877g
West N C con 6s 1914.J-J 104%
Wil A Weld 5s 1935...J-J 110 HOl^

1012

THE

Volume of business at Stoclc Exchanges
TRANdAGIlO-.'S \l mis NE.V YORK STOCK EXCHANUE
DAILY WEEKLY AND YEARLY
Stocks.

Week ending
Oct. 13 1911.

Shores

Saturday _________
Monday__ . ______
T u e sd a y............
Wednesday _______
Thursday.___ _____
Friday____________

Pi/ 0-slue.

Railroad.
Bonds.

Bonds

$1,041,500
2,454,000
2,061,500
5,623,500
HOLIDAY
8,510.000
32,685,100

281,112 $25,573,200
40,521,300
252,972 22,680,700
331,474 27,318,650

[V O L . L X X X X III

C H R O N IC L E

V. S.
Bonds

Blit
UK
tilectric Companies
Chloagj Edison Co—See l ease dst
Jr’t iVe3t Pow 5s 1946..J-J 83 85
122
125
*83
86
52 57
77
Preferred_________ .100 73
United Electric of N J...100 90 93
1st g is 1949............J-D 77 78
Western Power com___ 100 35 35!2
69
Preferred__________ 10O 67

$24,000
61,500
171,000
85.500

Ask
ilia
Industrial and Miscel
s Crueioie Steei........... 100
10l8 IOI4
751" 757*
e Preferred......... ...100
*34 1
Davls-Daly Copper Co... 10
i Diamond Mate 1 0 __ lot 101
0112
JuPont (E I) do Nem Po lot) 130 140
e Preferred_________ 100
e Gold 4 Ms 1936___ J-i 1 8414 85
11
15
Electric Boat_________ 100
40
Preferred____ :_____ 100 25
id
15
Empire Steel_________ 100
50 55
Preferred__________ loo
e General Chemical____ 100 120 131
e Preferred..............TOO 105 ____
Gold Hill Copper________ 1 *Bie
*8
*5*4 6
Treene-Cananea........... 20
Guggenheim Explor’n..l00 163 180
t Hackensack Water Co—
87
Ref g 4s ’52 op 1912 ..J-J 80
6
10
Hall Signal Co com____ 100
3
5
Havana Tobacco C o ....100
10
4
Preferred____ ____ .100
£0
1st g 5s June 1 1922 . J-1> 40
lecker-Jones-Jewell Mlllln,
1st 6s 1922............. Al-S 99 101
Herring-Hall-Mar now.. 100 15 25
___
Hoboken Land A Imp.. 100
1st 5s Nov 1930........... 103 ' 105
Hocking Val Products Co—
60 70
1st g 5s 1961................
8 l2
Houston Gil__________ lot)
8*4
71L 72
Preferred................ 100
■Intersoil-Rand com ..1 0 0 lid ___
e Preferred.............. 100 100 ___
Intercontinental Rubber 100 18i2 1913
Internat’l Banking Co.. 100 . . . . 95
International Nickel___ 100 242 247
Preterred........ . __l<)0 99 100
1st g 5s 1932........... A-O 98 100
1
2
International Salt_____ 100
1st g 5s 1951.........A-O / 43 55
International Silver___ 100 65 75
Preferred .. _______ 100 114 116
112
110
1st 6s 1948........... J-D
Internal Smelt A Refg.,1 0 0 110 123
Jones A Laughlln Steel Co
1st s f g 5s 1939.......M-N 100 10012
e Lackawanna Steel___ 100 30 40
e 1st con 5s 1950___ M-S 78l2 80
e Deb 5s 1915..........M-S «J014 9134
Lanston Monotype____ 100 9014
Lawyers' Mtge Co........ 100 250 .,99' 2
Leh A Wllkes-B Coal___ 60 270 __ __
e Lorlllard (P) pref.......100 150 ..
Madison Sq Garden____ 100 40 50
2d 63 1919.............M-JN
Manhattan Transit........ 20
*k>,3 21*
s May Dept Stores—See Stk EXC1I list
«.Miami Copper— Se- Stock EXCtl list
*9
3.1 10
Monomraheln R Coal.
fill
36
Preterred............. .... 50 *35
Mortgage Bond Co____ 100 111 114
Nat Bank of Cuba...__ 100 ___ 103
e National Surety_____ lou 220 225
*12
Nev-Utah Min & Sm.......10
%
s New Central Coal_____ 20 . . . . -.. . .
1 New York Dock_____ 100 ___ 25
ePreferred ............. 100 __ _ 641*
N Y Mtge A Security... 100 212 210
N Y Transportation____ 20 *234 4
95
Niles-Bem-Pond com__ 100 90
*7** 734
Nlplsslng Mines_________ 6
Ohio Copper Co_______ 10 ♦1*16 1*8
e Ontario Sliver_______ 100
1'8
Otis Elevator com_____ 100 09 *70**
06 98
Preferred____ _____ 100
Pittsburgh Brewing____ 50 * 1114 __ _
Preferred_____ _____ 60 * . . . . 4112
sPIttsjdrgn Steel pref__10u 99 104
Pope Mfg Co com_____ 100 40 50
Preferred__________ 100 69
72
Pratt A Whitney pref.. 100 98 1021*
Producers Oil_________ 100 85 __ . _
rRay Uohsoi Copper—See S tk Ex Ust
Realty Assoc (Bklyn).,.100 112 115
Royal Bak Powd com.. .100 190 198
Preferred __________ 100 106 10712
Safety Car Meat & Lt.._l00 121 123
Seneca Mining.. . . . . . . 26 *
50
Singer Mfg C o........... 100 250 .60
2
4
South Iron A S com___ 100
4
8
Preferred____ _____ lUo
Standard Cordage_____ 100 ___
>4
14
1st M g 5s '31 red.. .A-O /
3
Adjust M 5s Apr 1 1931.. / 1
45
Standard Coupler com.. 100 38
Preferred _________ 100 105 115
17
e Standard Milling Co... 100 15
JPreferred_________ 100 51'2 S212
e 1st 6s 1930........... M-N ___ 8712
Standard Oil of N J____ 100 620 640
Standard Oil cx-subsldlar’ s 326 375
Standird Oil Subsidiaries.. 2/5 350
Studebakor Corp coin._10U 6712 5812
Preferred__ ___ _ ..loa 10212 103<4
Sulzberger A Sons oopt.lo.i 99 102
Swift A Co—See Boston Stk Exc list
1st 58. See Chicago Stk Exc list
Texas Company—See Stock Exo list
e 'Texas A Pacific Coal.. UK) 98 100
eTexas PaclUo Land Tr.100 8212 85
Title Ins Co of N Y .. ..100 125 136
Tonopah Min (Nevada)— 1 *61* 6I4
4
8
Trenton Potteries com.. 100
Preferred new___ '— 100 60 55
Trow Directory--------- 100 25 40
/Underw’d Typewriter—See Stk E x list
Union Typewriter oom..lUO 38 40
1st preferred_______ 100 Xl04
108
2d preferred---------- 100 *97
100
United Cigar Mfrs_____ lou
47 49
« Preferred_________ 100 10012 105
United Copper... . . . . . . 100
1*8
1*4
Preferred___ ___ ...100
8
12
U d Casualty______ —.100 215
U S Envelope com____ 100 73 *7*7*"
Preferred................ 100 n o 114
U 4 Finishing_________ 100 90
95
Preferred . . . . . . . . . . . 1Q0 103 108
1st g 6s 1919........... J-J 100 105
95 100
Con g 5s 1929------ . .J-J
22
t Ui l Indnst Alcohol . . . 1 0 0
26
90
ePreferred..............loo
9 2 tj
U S Steel Corporation—
Col tr » f 6s 1951 op t ’ll . 1141* 115
Col tr s f 6s ’ 61 not o p t . . 1141* 115
U S Tit G u A ludera___ 100 100

875,000 Telegraph and Telephone
74 80
7,000 s Amer 1'eleg A Cable__ loo
3,000 a Central A So Araer___ 100 ___ 116
Jo.nm’l Un Tel (N Y )__ 25 106 111)
50,500 ........ Empire A Bay State Tel. 100 65 78
370,681
45
Franklin ____________ 100 4)
$395,500 $85,000 e Gold a stock Teteg__ lOOj 110 1IS
Total........... ....... 1,706,79IS 148,787,950 819,690,500
e Northwestern I'eleg___ 50 109 111
Pacitlc & Atlantic______ 25 65 75
Jan. 1 to Oot. 13.
Sales at
Week ending Oct. 13.
a Pac Telep A Teleg pref 100 93t2 l<7
Southern
A Atlantic____ 25 85 95
1910
1911.
1910
Exchange
1911.
Companies
135,776,972 B & Ferry
96,249,374
3,389,697
1,706,791
98
N Y 1st 6s 1911___ J-J 88
Par value________ $148,787,950 $217,364,950 38,663.778.725 $12,092,164,250 N Y A E R Ferry stk... 100 . . . . -. .
$1,471,500
$898,600
$4,000
$4,600
Bank shares, par____
1st 5s 1922..............M-N ___ » 63
Y & Hob 5s May ’46. J-D UV12 99
$3,193,500
' $333,200 N llob
$6,000
$85,000
Government bonds__
1st 5s 1946..M-N 104 105
882,743,900
38,623,950 N Y & Fy
$395,500
$393,500
State bonds.............
N J 5s 1916.......J-J 97 . ..
471,267,700
585,338,000
RR. and mlsc. bonds.. 19.694.500 11,910,000
LOtb A 23d Sts Ferry... 100 25 35
1st mtge 5s 1919___ J-D 57 6 j
$671,280.4001 $508,224,850 j Union Ferry stock___ 100 20
1 Total bonds._____ $20,171,0001 $12,309,500
23
e
1st 5s 1920............M-N 94 03
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Short-Term Notes
Anal cop os Apr 1 1U1J.. 100 IOOI4
American Clg..r—
?huadcLvhla.
Boston.
Ser B is Moh 15 12..M-S 99*4 100
Week ending
Bond
Balt * Ohio 4Ms 1913 J-D 100 100'«
Listed |UniUtfd
Bond
L-sied 0 ntisied
Oct. 13 1911,
sales.
snares
shares
Bethleh Steel 6s 1911..M-N 9934 100's
sales.
shares shares
Obes A Ohio 4i2s 1914.J-D 99 99 I4
$16,318 Chib A Alton 5s 1913..M-s 98-3,1 U9*s
5,427 1 7,974
$19,000
5,959
Saturday__________ 11,818
45,500 i.’in Ham & D 4s 1913...J-1 9834 99'4
7,002
51.000
7,877
4,683
Monday___________ 19,381
44,308 Erie 6s Apr 8 1914—.A-O.S 100 >g lOO^
5,442
26.000
19,986
3,146
9,320
Tuesday....... .........
80,600 eGeneral Motors 0s’ 15A&o 971S U712
2,501
5,734
27,000
12,489
7,076
Wednesday___ ____
DAY . . .
Hudson Companies—
56*600
3,297
20,573 j ' ‘ 5*160
bs Feb 1 1913..........F-A O8I4 9834
30,000
Friday____________ 13,636
Os Oct 15 1913.. AA015 9814 0834
94 97
22,819 $153,0001 66,3521 28,0791 8243,326 t nt A Gt No 5s Tr Co ctfs
Total ................ 61,231
K C Ry & Lt Os '12___ M-S 93 95
Minn * St L g 5s 1913..F-A 94i4 95
vlo Kan A Tex 53 May 1’ 13 98I2 0834
MoP.’.clUo 5s 1914.......J-D 95U 0534
Nat Rys of Mex 4Ms’ 13J-D
All bond prices are now "and interest’' cxce.it where marked " f .'
a N Y C Lines Eq 5s ’ ll-’22 64l2y„ 414%
4Ms Jan 1012-1925.
6412% 4*4%
Bid Ask N Y Cent 4Ms 1914...M-S 100 IOJI4
Bid Ask
Street Railways
Street Railways
N Y N H A H 5s Jan 1912
Pub Scrv Corp N J (Con)—
New York CUy
4Ms Mcb 1 1912___ M-S lOOtg 100>2
New’k Pas Ry 5s ’30..J-J 107 108 St L A 8 F 5s 1913___ M-S 08 9Jl2
Bteeck St A Ful Fy stk.100 15 21
65
Rapid Tran St Ry___ 100 235 240
1st mtge Is 1950______l-J 55
53 June 1 1913 opt..J-D 08i2 99
1st
1921.......... A-O 102 ___ South Ry g 5s 1913___ F-A loo IOOI4
B’y * 7th Ato stk........ 100 liO 140
J C Hob & Paterson—
2d mtge 5s 1014.........J-J 99 101
Tidewater 6s, 1913, guar .. 101 10112
4s g 1949........... M-N 74l2 75l2 vVabash 4Ms 1913___ M-N
Con 6i l.r —See Stock 10xc list
95 97
So J Gas El A Trac__ 100 127 132
B’way Surface 1st 5s gu 1924 10U 103
West Telep A T 5s '12.F-A IOOI4 1005s
90
Gu g 53 1953.......M-S 98 99
Cent’i Crosstown stock.. 100
Westlngh’se El A M 6s 1913 1013s 10134
___
102
No Hud Co Ry 6s 1911 J-J
1st mtge (is 1022___M-N / 80 85
a5% notes Oct 1917-A-O 9412 97' 2
6s 1928................J-J 102 ___
Ccn Pk N A E Rlv stock. 100 10 20
Ext 53 1924........ M-N 99 __
Chrlstoph’l A 10th St stk 100 90 110
Railroad
Pat Ry con 63 1931..J-D 115 ___ Chic Peor A St L—
Col A Jtn Ave 5s—See Stock Exc list
2d 63 opt 1914---- A-O 101 103
Dry Dock E B A B—
94
Prior Hen g 4Ms '30.M-S / 88
loago
list
1
0
1
So
Side
El
(Chic)—
See
Ch
97
1st gold 5s 1932........ J-D
50
Con mtge g 5s 1930...J-J ( 40
Scrip 5s 1014............F-A / 30 40 Syracuse R T 53 1946 ..M-S 102 103
Income 5s, July 1930___ 1 . . . . 15
Trent P & H 5s 1943...J-D 96 93 Chicago Subway______ 100
Eighth Avenue stock__ 100 275 110
13S 1*4
Scrip 0s 1014.......... F-A / \)j 100 United Rys of St L—
Northern Securities Stubs.. 97 103
9 . . - - Pitts Bess A L E ............50 *32 33
Com vot tr ctfs_____ 100
42d A Gr St F’y stock.. 100 190 220
e Preferred________ 100 39 3934
Preferred.................. 50 *04
42d St M A St N Ave... 100
70
Gen 4s 1934—See Stock Exc list
a Railroad Securities Co—
2d Income 0s 1915...J-J / 40 " ; ; ; ;
Unit Rys San Fran—See Stk Exc list
111C stk tr ctfs ser A__ 52 87 92
Inter-Met—Sea Stock Excli mge list
Wash lty A El Co........ 100 39L 40
Seaboard Company—See Ba It Exc list
Lex Av A Pav F 5s—See Stl Exc list
Preferred____ ______ 100 89 89t2 West Paa 1st 5s 1933..M-S 00
91
Metropol St lty—See Stk Exc list
8412 85
•4s 1951........... ......J-D
Ninth Avenue stock---- 100 150 175
10
5
Second Avenue stock__ 100
Industrial and Miscel
Gas Securities
Adams Exp g 4s 1947..J-D f 83 85
Consol 5s 1948______ F-A t 38 45
All meek Mining_____ ..25 *165 170
« Sixth Avenue stock__ lou 118 124
7a
New York
Alliance Realty........ J.100 125 135
Sou Boulev 5s 1945___ J-J Go
10212
Amer Bank Note com.. 50 *40 45
So Fer 1st 5s 1910.........A-O 85 95 Cent Un Gas 5s 1927___ J-J 101
52
Con Gas (N Y)—See Stock Exc list
Preferred__ ___ t __ 50 *50
Third Avenue UR.—See Stk Exc dst
174
American Book............ 100 165 __
Tarry W P A M 5s 1028.. t 6J 80
Y ’kers St RR 6s 1040 A-O 81 85 New Amsterdam Gas—
eA-n Brake Sh&FdycomlOO 82 88
1st consol 5s 1948____l-J ICO 101
28th A 20th Sts 5s ’00.. A-O 7 15 15
«Pref erred_________ 100 12212 128'2
Twenty-third St stock.. 100 190 215 N Y 4 E R Gas 1st 5s ’44 J-J 10812 105
American Brass............100 118 122
Consol 6s 1945______ J-J 100 102
Union Ry 1st 5s 1042__ F-A 102 1031«
American Chicle com__ 100 240 250
-Westchester 1st 5s ’43 J-J 70 80 N Y & Richmond Gas.. 100 35
Preferred__________ loo *101 103
Nor Un 1st 53 1927___ M-N 100 102
5 . . -Am Graphophone com.. 100
60
Brooklyn.
Preferred__________ 100 __ 35
95
e Prefe r e d ________ 100
Atlan Avenue RR—
Amer Hardware______ 100 13/ 142
104
103
1st 5s 1930............. M-N
Con 5s g 1031______ A-O 101
105l2 Am Malting 6s 1914___ J-D 99'» 10l >2
B B & VV E 5s 1933___ A-O 98 102
Ainer Press Assoo’n___ 100 90 100
Other Cities.
Brooklyn City Stock____ 10 100 167
aAmer Snuff com ......100 22812 ___
ust
*56
59
Am Gas A Elec com____ 50
Con 5s—See Stock Excli uige
a Preferred_________ 100 90 105
JS 102
Preferred........ .......50 +42 44
Bklyn Hgta 1st 6s 1941 A-<
Am St Found new—See S ik Ex ust
Amer Light A Tract___ 100 302 305
Bklyn Queens Co A Sub—
6s 1935.................. A-O 100 102
108
107
Preferred.. ........... 100
07 100
a 1st g 5s ’41 op 1910 .JDeb 4s 1923......... ..F-A 63 66
a 1st con 5s ’41 op ‘ 10 M-N 95 99 Amer Power A L. com. 100 74 76
American Surety.......... .50 280 285
80 82
Preferred___ . . . 100
Bklyn Rap Tran—See Stock Exc list
6 '2
American Thread pref___ 5 *5
48 16 Bay State Gas_________ 50
*8
410 412
Coney Isl A Bklyn..
«4
75 82 Ulngh’ton (N Y) Gas Wks
45 50
1st cons g 4s 1948.
1st g 5s 1938........... A-O 98 100
98 101
Con g 4s 1055............J-J 75 SO
Deb g 6s 1939........ Al-N 99 102
98 101 Brooklyn Un Gas—See Stk Exc list
4
6
2S4
Exo list
Buffalo City Gas stock.. 100
2
1st 6s 1947—S ee Stock Exc list
ePreferred —See Stock Ex cb’ge list
101 103** Cities Service Co______ 100 68 71
alst s f g 5s ’19red 105J-J 8912 89*4
6s 1044..............
Preferred__________ 100 7612 79
1st 4s 1951—S ee Stook Exc list
7*4 - • _
N W'b’g A Flat 1st ex 4Ms 90 94 Con Gas of N J 5s 1930 .J-J 00 . . -15 lli
Col tr g 5s 1959.........J-J 65 67
Steinway 1st 6s 1922— J-J 100 lu4 Consumers' L H 4 Pow—
5s 1938..................J-D 100
Barney A Smith Car___ 100 15 25
Denver Gas & Eleo____ 100 220 __„„
Preferred ...............100 75 90
O ther CUUs
Gen g 5s 1949 op___ M-N 93 94
Bliss Company com____ 50 70 90
Buffalo Street Ry—
Preferred___________ 60 115 125
1st oonsol 5s 1031___ F-A 10312 104D Elizabeth Gas Lt Co___ 100 300
132
135
Deb Os 1917........... A-O 103'j 105 Essex A Hudson Gas... 100
24712 25212
Gas & El Bergen Co___ 100 83 85
807*
120 121
92*4 - - - - « Or Rap 1st 5s 1915 ...F-A 100 101
Xl06'2 108'2
Colura Ry con 5s 1932 .J-J 102*4 105 Hudson Co Gas_______ 100 128 131
*3>2 334
102 105 Indiana Lighting Co___ 100 32 35
*1412 1512
66 68
74 7512
2 l4
2
80 H2 Indianapolis Gas_______ 50
22
50
55
1st g 5s 1952........... A-O 76 80
Exo list
125 140
80 85 Jackson Gas 5s g 1937..A-O / 01
134 137
105-lr IO6I4 e Laclede Gas— S ee Stock E xeb 11
....
« Preferred.............. 100 93
105 106
10
25"
Madison
Gas
6s
1928..
A-O
104
109
30 38
700 800
Newark Gas 6s 1944___ Q-J 126 128
76
k E xc list
__ 65
tk Ex list Newark Consol Gas----- 106 97 98
e Con Z 5s 1948_____ J-U 10312
Stk K x list
85 95
W estch ester A B ronx T itle
102 104 No Hudson L H Sc Pow—
90
93
6s 1938..................A-C 100
a 1st preferred.
75
A Mtge-G uar .......... .1 0 0
160
88 95
166
77 78 Pacino Gas A E, com. .lot
69 70
W e stiu g h ’ee A ir B r a k e .. 60 *1 4 4
87 92
145
87 90
75 76
Preferred__________ lot
Worthlngt’n Pump pref. 100 106 n o
) 56 59
10314 104>4 Pat A Paa Gas A Elec.. 100 90 93
> 3
4
« Con g 6s 1949.......M-fc 101 102
> 20 27
St Joseph Gas 5s 1937..J-J 91 94
Debenture 4*
1/ 35 40

Inactive ancl Unlisted Securities

• P er sh ore,

•

j o m 1s 1

a Sells on S to ck Exchange^




hot

n o t v ery a ctiv e ,

/ F la t prioe.

n N om in al

s Sale p rice .

(N e w s to c k ,

c E x -d ly .

yK x -rtg h ta , -

O ot . 14 1911.]

THE

C H R O N IC L E

Im re stra e u t a m i lia ilt r a a d
RAILROAD

GROSS

1013

| n :t e llic je t x c e .

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
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 o) the electric railways are brought together separately on a subsequent page.
Late:t Gross Earn njs.
Week >r
Month.

LUTTCrir
Year

Current
Year.

Previous
Year.

Ala N O & Tex Pnc$
5
S
S
288,664 285,935
N O ft Nor East. September
863,621
839,780
139,703 151,873
Ala & Vicksburg. September
430,233
394,275
116,973 126,558
Vicks Shrev ft P . September
384,413
342,209
1 1,060
Ala Tenn ft North. August __
15,479
8,590
20,903
01,959
Ann Arbor............ Ith wkSept
51 845
500,091
003,080
Atch Topeka & S Fc August __ 8.867,640 9,009,359 10,889,285 17,090,898
93,213
004,074
Atlanta Blrm & Atl 4th wk Sep
00,500
772,842
Atlantic Coast Lin August __ 2 , 120 ,22 ., 2.009,750 4,375,238 4,217,814
0 Baltimore * Ohio August __ 8,290.515 8.550,000 15,011,072 16,097,793
143,817 135,540
B ft O Ch Tor RR August __
271.587
200.805
Bangor ft Aroostook August __
274,530 229,224
443,384
501,522
Boston * Maine. _ Au rust __ 4,230,730 1,202,360 8,047,979 7,053.595
6,617
Bridgeton & Saco R August __
11,272
11,531
6,048
Bui? Roch ft Plttsb 1st wk Oct 183.053 210,251 2,708,075 2,701,446
Buifnio .& Suso---- August - - . 21 9.7.1
415.110
392,342
20' ,707
Canadian Northern. 1st wk Oct 400,500 325,000 4,933,450 3,923,900
Canadian Pacific— 1st wk Oct 2,390,000 2,443,000 32,313,722 29,482,545
Central of Georgia. 4th wk Sep 440,400 344,200 3.308.807 3,051,044
Central of New Jers August __ 2,523,075 2,493,099 4,912,430 4,810.607
Central Vermont— August __
381,323 349,487
023,810
733,311
Clics ft Ohio Lines 1til wkSept 89.1,94 1 927,807 8,017,200 8,599,3 >>
Chicago ft Alton — 1st wk Oct 307,023 315,487 4,319,940 4.252.740
Chic Burl & Quincy August __ 8,018,070 8,300,838 15,000,120 15,454,408
V Chic Great West. 4 th .wk Sep 293,372 273.354 3,319,821 3.201.262
Chic Ind ft JLoulsv. 1st wk Oct 134,080 119,142 1,891,084 1,837,808
Chlo MUw ft St Paui August __ 5.495,461 5,998,307 10.539,998 11.339,842
Ch Mil ft Pug Nd. August
1,351 ,410 1,170,052 2.095,004 2,312.724
rChlc & North West, August
7,353,355 7,232,579 13,551,521 13.749,235
tidilc St Paul M & O August __ 1,328,152 1,442,235 2,491,739 2,723.203
Chic '1' II ft S E ___ August
428.953
159,800 224,834
302,509
Cln Ham ft Dayton August
1,004,309 902,307 1,880.073 1.700.740
Colorado Mldand.. August
181,135 200,862
358.208
330,534
Colorado & South.. 1st wk Oct 268,751 330,831 4,000,534 4,094,828
Copper Range____ July ..
60,551
70,733
70,733
60,551
Cornwall ....... ...... August
34.2 54
15,879
15,927
32.788
Cornwall ft Lebanon July
30,882
34,901
30,882
34,901
Cuba Railroad....... August
257,787 200,870
440,310
520,452
Delaware ft Hudson August
1.982,748 1,893,004 3,750,188 3,500,076
Del Lack ft W est.. August
3,240,377 3,081 ,990 0,303 271 0,089,932
Dcnv ft Rio Grande 1st wk Oct 430,200 496,300 0.881,202 0,982,347
922,105
Western Pacific. _ August ___ 500.080
318,287 ’ 295",152
20,822
31,260
Denver N W ft l’ac. 2d wk Sept
455,104
535.14!
55.445
51,011
Detrolt To! ft Iront 4th wk Sep
338,730
20,846
20,780
339,890
Detroit ft Mackinac 1st wk Oct
1.059.813 1,200,381 1,907,209 2,455,435
Dul ft Iron Range.. August
98,286
868,395
03.309
958,793
Dul Sou Sh ft A tl.. 4th wk Sep
540,407 602,064 1,067,530 1.187,023
El Paso & Sou West August
5,388.159 5,328,526 10,287,757 10,003,780
E r lo _____________ August
1.727
2,018
3,397
4,099
Fairchild ft N E — August
190,202
193,149
Fonda Johns ft Glov August
90,382
97,403
484,478
459,215
Georgia Railroad.. August
257,270 240,673
Grand Trunk Syst__ 1st wk Oct 985,730 908,412 14,135,340 12,081,312
Grand Trk West. •id wk Sept 130,398 125,02 1 1.520.028 1,275,385
411,180
Det Gr Ilav ft Mil 3d wk Sept
509,337
45,127
50,000
410,147
Canada Atlantic. 3d wk Sept
41,837
500,259
43.520
Great Northern Syst Septem ter 6,390,993 6,294,922 18,143,861 17,902,952
Gulf ft Ship Island. August
315,301
322,292
165,790 163.034
Hocking Valley___ August
713.400 755,458 1,317.924 1,415,050
Illinois Central___ August
5,551,555 5,328,014 10,679,767 10,132.805
Intcrnat ft Gt Nor. 1st wk Oct 203,000 197,000 2,519,580 2,554,379
a Interoccanlc Mex. 1st wk Oct 148,311 139.087 2,297,072 2,234,381
Iowa Central______ 4th wk Sep
78,021
854,326
85,507
859,749
Kanawha & Mich.. August
342,731 311,725
577,921
601,372
Kansas City South. August
709 040 854,280 1.558.028 1,099,747
33.625
410,016
K C Mex ft Orient. 3d wk Sept
30,101
357,430
3,423,485 3,137,999 6,515,141 6,014,2 10
Lehigh Valle -____ (August
53,936
40,353
87,338
Lexington ft East.. August
101,150
105.409 130,141
243,5)8
Louisiana ft Arkan August
206,147
110,231
201,400
105,211
212,426
Louisv Mend ft St I. August
s Louisv ft Nashv.. 1st wk Oct 1,145,995 1,050,740 14,725,200 14,429,778
15,683
13,078
39,103
35,500
Macon ft Blrmlng’m September
990,350 935,012 1.884.807 1,702,159
Maine Central....... August
43.270
42,822
77,357
76,837
Maryland & Penna. August
a Mexican Railway. 3d wk Sept 127,800 143,400 1,720,000 1,980,000
19,353
24,112
188,244
192,000
Mineral Range------ 4th wk Sep
Mlnneap ft St Louis 4th wk Sep 100,509 155,358 1,202,008 1,401,352
Mnn St P ft S S M) 1st wk Oct 548,182 611.502 7,350,410 0,594,800
Chicago Division]
148,
75,451
151,104
70,038
Mississippi Central. August
.721,530
u Mo Kan ft Texas. 1st wk Oct 035,346 629,506 7,844,
.685,044
Missouri Pacific___ 1st wk Oct 1,078,000 1.082.000 14,835,
.883,213
1,019,034 953,549 1,090,
Nashv Chntt ft St L August
,809,418
a Nat Rys of Mex.f. 1st wk Oct 1,211,946 1,280,040 17,387,
113,803
10,907
09,
10,617
Nevada-Cal-Orcgou. 4th wk Sep
60,090
84,
0,010
7,294
Nevada Central___ June ..
147,521
131,
131,705 147,521
N O Great, Northern fuly ..
450,
411,027
30,838
39,835
N O Mobile ft Chic, Wk Sep 30
,454,580
9,521,081 9.126.107 18,335,
c N Y C ft Ilild Rlv August
,700,120
4,055,514 1,070,234 8,776
Lake Shore ft M S August
998,
974,811
544,700 548,433
n Lake Erie ft W . August
579,
509,841
304,511 203,355
Chic Ind ft South August
2,773,037 2,709,358 5,163,
,281,241
Michigan Central. August
2.810,418 2,821,754 5,410,
,197,835
Cleve C C ft St L. August
550,
294.534 342,062
01 1 280
Peoria ft Eastern August
233
132.152 130,229
237,981
Cincinnati North. August
1.528,183 1,604,261 2.018,
Pitts ft Lake Erie August
,132,838
1.013,504 958,300 1,915,
N Y Chic ft St L. August
.847,359
507,730 505.840
950
Tol ft Ohio Cent. Au gust
968.816
Tot all lines above August — 24092030 23740573 45,832,
,916,682

AGGREGATES
Weekly Summaries.

C u r'n l

Latest Gross Earnlnys.

July 1 to Latest Dots

Previous
Year.

Y ea r P r e v ’ s Y e a r

OF

ROADS.

Week, or
Month.

N Y N II ft Hart
August _
N Y Ont ft Western August__
N Y Susq & West.. August__
Norfolk Southern.. August__
Norfolk & Western. August ___
Northern Pacific__ August__
Pacific Coast Co__ August__
Pennsylvania R R .. August ..
Balt Ches & Atlan August . .
Cumberland Vail August_
Long Island____ August . .
Maryl’d Del ft Va August__
N Y Phlla ft Norf August__
Northern Central. August__
Phlla Balt ft W_. August__
W Jersey & Seash August__
Pennsylvania Co__ August__
Grand Rap ft Ind August__
Pitts Cln Chft StL August__
Vandalla_______ August__
Total lines—
East Pitts & E August__
West Pitts ft E August__
All East* West August__
Pore Marquette___ August__
Raleigh* Southport August__
Reading Company
Plilla A Reading. August ___
Coal ft Iron Co__ August__
Total both cos__ August__
Rich Fred ft Potom August__
Klo Grande June.. Jun e____
Rio Grande South’ n 4th wkSept
Rock Island Lines.. August__
Rutland .............. August__
St Jos & Grand Isl’d August__
St Louis ft San Fran August__
/ Chic ft East III. August__
Total all lines___ August .
St L Rockv Mt ft P. August__
St Louis Southwest. 1st wk Oct
San Ped L A & S L. August__
Seaboard Air Line.. 4th wk Sep
Southern Pacific Co August . .
Southern Rail way.- 1st wk Oct
Moolle ft Oiilo__ ith wkSept
Cln N O ft Tex P. 4th wk Sep
Ala Great South. 4th wk Sep
Georgia Sou ft Fla 4th wk Sep
Tenn Ala & Georgia 4th wk Sep
Texas ft Pacific___ 1st wk Oct
Tidewater ft West. August__
Toledo Peor ft West 4th wkSept
Toledo St L ft West 1st wk Oct
Tomblgbee Valley.. August__
Union Pacific Syst. August__
Virginia ft So West August__
Wabash__________ 1st wk Oct
Western Maryland. Ju l y _____
Wheel ft Lake Eric. August__
Wichita Falls ft NW May _____
Wrlghtsv ft Tennllle August__
Yazoo ft Miss Valley August__

lulv 1 to Latest Date.

Current
Year.

Previous
Year

Current
Year.

5.598.020
951,498
342,850
260,531
3,491,801
5,523,730
720,108
13703008
48,511
235,102
1,160,112
22,584
311.381
1,055,087
1,683,961
871,814
4,970.402
503.539
3,591.392
883,092

5,539,943
971,410
309,716
233,198
3,155,833
6,257,748
768,781
14149013
50,296
274,437
1,054,892
20,093
310,629
1,118,087
1,796.924
902,334
5.337,530
505,374
3,694,098
1,002,315

s
10,795, 728
1,884, 010
650, 191
515, 584
6,545, 574
10,750, 580
1.444, 629
26,484, 72o
80 424
470, 038
2,403 477
40 868
017 771
2,014 00
3,297 ,519
1,725 930
9.399 ,340
930 ,073
0,801 330
1.719 520

809,575
912,873
604,520
446,125
070,198
505,085
584,385
007,408
88,401
530,962
219,757
38,378
603,872
,083,180
,508,103
,714,268
,115,090
953,480
.841,013
822,654

20621931
10402138
31024009
1,510,401
14,052

21109085
10950956
32120021
1,452,642
12,542

39.988,341
19,680,362
59.608,703
2,877,278
28,110

10,852.902
20,488,918
31,341,819
2,824,153
24,278

3,682,190 3,689,908 7.158.987
1,980,389 1,900,105 3,659,602
5,602.579 5,590,013 10,818,589
178.798 180,484
379.701
89,880
82.416
984.094
17,553
14,202
140,552
5,762,512 6,099,280 10,833,270
532,538
319,533 333,419
300,017
152.381 164,805
3,555,786 3,641,549 6,830,649
1,373,791 1,395,941 2 600,488
1.929.577 5,037,491 9.431.137
251.352
136,130 168.378
208,000 2G5.000 3,036,947
750,845 636,495 1,479,614
499,079 461,985 5,055,050
11406015 11748658 22,277.902
1.355.021 1,260,861 16,812.304
209,029 277,431 2.087.987
281,040 251,062 2,407,191
143,355 131,503 1,117,200
60,386
60,098
576.868
3,096
2,184
31,194
327,752 316,154 4,168.310
7,197
10,276
17,859
45.533
35,560
320,337
74,372 1,123,901
80,109
6,894
8,203
15,507
7.750,895 8,479.474 15,079,244
278,105
149.902 111.43 3
594.664 674,162 8,321.712
587,920
587,920 635,116
705,610 697,170 1.380.79.1
52,517
62,668
980,091
46,347
20,001
25,528
810,490 719,924 1.541.001

Various Fiscal Years.

Current
Year.
$

Period.

Prevents
Year.

7,058,673
3,399,769
10.458,442
373,937
1.047,043
163,312
11.410,219
G2G.753
305,310
6,985,213
2,530,979
9.510,192
335,073
3,168,665
1,263,315
4,658,952 22,963,930
16,130,982
2.037,075
2,384,410
1,117,811
581,364
23,531
4,134,114
14,381
341,046
1,015,996
14,299
16,390,129
202.887
8,514,404
035,116
1,327,967
538,037
38,210
1,391 543
Previous
Year.
$

Delaware & Hudson------------- Jan 1 to Aug 31 13,974,198 13,068.291
N Y Central & Hudson River.e. lan 1 to Aug 31 07,144,029 04,425,384
Lake Shore ft Michigan South Ian 1 to Aug 31 31,521,599 32,413,254
Lake Brio & Western.n------ Jan 1 to Aug 31 3,522,799 3,545,692
Chicago Indiana & Southern. Jan 1 to Aug 31 2.452,217 2,435,599
Michigan Central___________ Jan 1 to Aug 31 19,223,204 19,268,644
1 to Aug 31 19,830,489 19,379,102
Cleve Cln Chicago ft St Louis
Peoria & Eastern___________
1 to Aug 31 2,114.604 2.203,038
827,948
774,369
Cincinnati Northern________ Ian I to Aug 31
Pittsburgh ft Lake Erie_____ Tan 1 to Aug 31 9.855.425 11,416,456
New York Chicago ft St Louis Ian 1 to Aug 31 7.307.131 7,296,854
Toledo ft Ohio Central______ Jan 1 to Aug 31 3,058,597 3.134.501
Total all lines______________ Jan 1 to Aug 31 166810523 106346470
Pennsylvania Railroad________ Ian 1 to Aug 31 101810407 105616282
Baltimore Chcsap & Atlantic. Jan 1 to Aug 31
191,083
192,977
Cumberland Valley_________ Jan 1 to Aug 31 1,861,981 2,022,704
Long Island_______________ Jan 1 to Aug 31 7,086,872 0,533.760
Maryland Delaw ft Virginia.. Jan 1 to Aug 31
85,963
89,842
N Y Philadelphia & Norfolk. Jan 1 to Aug 31 2,216,220 2,356,450
Northern Central___________ Jan 1 to Aug 31 8,221.808 8,221,451
Philadelphia Balt & Wash__ Jan 1 to Aug 31 12,416.857 12,570.671
West Jersey ft Seashore____ Jan 1 to Aug 31 4.313,322 4,138.701
Pennsylvania Company________ Jan 1 to Aug 31 32,038,755 35,882,933
Grand Rapids ft Indiana___ Jan 1 to Aug 31 3,275,230 3,370.503
Pitts Clncln Chic & St Louis. Jan 1 to Aug 31 24,853,002 20,509,689
1 to Aug 31 6.483,515 6,098.582
Vandalla ___ ______________
1 to Aug 31 140891881 150726135
Total lines— East Pitts ft Erie
1 to Aug 31 09,643,807 75,320,373
AVest Pitts ft Erie
All lines E ft W. Jan 1 to Aug 31 216535688 226040507
506,564
555,816
Rio Grande Junction__________ Deo 1 to June 30
Rutland _____________________ Jan 1 to Aug 31 2,200,307 2.103,096
7 11,101,670 11,564,788
Texas ft Pacific______________ Jan 1 to Oct

GROSS EARNINGS— Weekly and Monthly.

I n c . o r D ec .

%

M o n t h ly S u m m a r ie s .

CuPn.

Y ea r

Peer's

Y ear

I n c . or D e c .

%

i
M lte a o e C u r r . Y r. P r e v . Y r .
$
i
S
19,242,025 18.322.999
December . .241,304 238.080 236,835,304 220,870,151 4-15,955,153 7.23
+ 919,020 5.02
4th week July (43 roads).
13,998,504 13.473,019
+ 524,885 3.90 January „ .242,479 238,856 215.057,017 210.808,247 + 4,248,770 2.01
1st week Aug (43 roads).
14,372,845 13,923.270
February _. .242.640 238,603 199.035,257 202.492.120 —3,455.863 1.78
+449,569 3.23
2 d week Aug (41 roads).
14.552,817 14.087.327
March____ .242,685 238,941 226,997,481 238,335.003 — 11,339,128 4.76
+ 475,496 3.38
3d week Aug (44 roads).
21,027,272 21.007.985
+ 519,287 2.95 A p r il____ .212,933 233,132 218,177,123 225,700,811 — 7,523,688 3.33
4th week Aug (16 roads).
14,514,399 13.983,235
M ay______ .213,170 233,357 223.612,771 231.330.871 — 4.537,103 2.00
+ 551,164 3.95
1st week Sept (43 roads).
15,216.428 14.517.572
J u n o _____ .243,732 210.012 231,697.053 238,156,755 — 6.459,702 2.71
2 d week Sept (39 roads).
+ 698 850 4.81
J u ly______ .230,076 225.193 221,751.0131225.305.735 — 1,555,652 0.68
15.415.550 15,004,430
3d week Sept (42 rovls).
+ 411,126 2.78
87.981 71.282.467 60,057.050 + 2.225.308 3.22
20,419.514 19.832,130
\ugust___ _ 80,793
+ 017,378 3.11
4th week Sept (43 roads).
82.099 67,190.814 64,888.656 + 2,302,158 3.63
12,783,109 12,463.127
+ 319,982 2.57 Scptomper . 83,889
1st week Oot (24 roads).
a Mexican currency, e Includes the Boston ft Albany, tno New York & Ottawa, the St. Lawrence ft Adirondack and the Ottawa ft N. Y. Ry.,’
the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. / Includes Evansville ft Terre Haute
and Evansville ft Indiana RR. y Includes the Cleveland Lorain ft Wheeling Ry. In both years, n Includes the Northern Ohio RR, p Includes
earnings of Mason City ft Ft Dodge and Wisconsin Minnesota ft Pacific, s Includes Louisville & Atlantlo from July l 1909 and the Frankfort ft
Cincinnati from Nov. 1 1909. t Includes the Mexican International from July 1910. u Inoludcs the Texas Central, v Includes not only operating
revenues, but also all other receipts.




$

S

T IIE

1014

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the first week
of October. The table covers 24 roads and shows 2 .5 7 %
increase in the aggregate over the same week last year.
First week of October.

1911.

1910.

s
$
216,251
183,053
Buffalo Rochester & Pittsburgh
325 900
460,500
Canadian Northern______
2,396,000 2,243,000
Canadian Pacific________
315,487
307,023
Chicago & Alton________
119,142
134,680
Chicago Indianapolis & Loulsv.
330,831
268,751
Colorado & Southern________
496,300
430,200
Denver & Rio Grande________
20,780
20,846
Detroit & Mackinac_________
Grand Trunk of Canada______
908,412
985,730
Grand Trunk Western______
Detroit Gr Haven & M llw ..
Canada Atlantic___________
203.000
107,000
International & Great Northern
139,687
148,311
Interoceanlc of Mexico—
1,145,995 1,050.740
Louisville & Nashville—
548,182
511,502
Minn St P & S S M ______
Chicago Division------629,506
635,346
Missouri Kansas & Texas.
1,078,000 1,082,000
Missouri Pacific_________
National Railways of Mexico.. 1,211,946 1,280,040
265,000
268,000
St Louis Southwestern—
1,355,021 1,266,861
Southern Railway--------316,154
327,752
Texas & Pacific_________
74,372
80,109
Toledo St Louis & Western----674,162
594,664
Wabash______________________
Total (24 ro ad s).................. 12,783,109 12,463,127
Net increase (2.57%)-----------.........
.........

Increase. Decrease.
8
134,600
153,000
15,538

$
33,198

1911.

1910.

62,080

Name oj
Road.

77,318

Latest Gross Earnings.
Week or
Month.

6,000

8,624
95 255
36,680
5,840
3,000
88,160
11,598
5,737
....... 641,416
319,982

4,000
68,094

79,498
321,434

Increase. Decrease.
S
728,331
11,852
26,707
96,200
20,018
29,984

Total (43 roads)___________ 20,449,514 19,832,136
Net increase (3 .1 1% )------------

952,286
617,378

288

37,994
912

$
264,713

3,834
4,977
7,546
4,759
48,789
290
334,908

N e t E a rn in g s M o n th ly to L a t e s t D a t e s .— T h e ta b le f o l­
lo w in g show s th e gross and n et earn in gs o f S T E A M railro ad s
an d in d u strial com p a n ies re p o rte d th is w ee k :
----- Gross Earnings------------Net Earnings----Previous
Current
Previous
Current
Cti
Year.
Year.
Year.
Year.
Roads.
S
S
S
S
3,053
1,524
8,364
6,307
Bcllcfonte Central.b - .Sept
13,033
7,849
51,122
01,553
Jan 1 to Sept 30.
£73,520
£69,334
Brazll Railway_______ . .Aug £175.867 £173,751
Jan 1 to Aug 31. ...£1,450,600 £1,220,010 £602,467 £502,240
3,001
6,048
3,308
6,617
Bridgeton A Saco River.Aug
5,150
11,272
5,106
11,531
July 1 to Aug 31
1,091,554
1,051,648
2,493,099
2,523,675
.
.Aug
Central of N J .b ----4,912,430 4,810,607 2,096,598 1,989,409
July 1 to Aug 31
1,412
1,530
4,015
4,233
Chesterfield A Lancaster: July
Denver A Rio Grande—
156,874
Western Pacific, b___ Aug
500,080
------268,425
July 1 to Aug 31______
022,165
------Grand Trunk of Canada—
854,081
950,681
Grand Trunk R y _____Aug 3,548,408 3,607,841
July 1 to Aug 31______ 6,884,880 5,606,207 1,764,380 1,565,564
98,790
99,033
Grand Trunk West__ Aug
572,544
499,303
157,188
221,669
July 1 to Aug 31______ 1,123,918
893.489
11,479
38,688
Dct Gr Hav A Milw__Aug 192,713
156,701
12,452
66,427
July 1 to Aug 31______
344,014
257,877
13,383
4,380
189,063
162,541
Canada Atlantic____ Aug
34,066
def
.5,353
July 1 to Aug 31........
366,690
289,070
16,887
20,002
Lexington A Eastern.b.Aug
53,736
46,353
33.787
32,205
July 1 to Aug 31______
101,150
87,338
330,926
266,900
Maine Central.b_______ Aug
999,356
935,612
494,496
575,303
July 1 to Aug 31______ 1,884,807 1,762,159
202,774
172,275
Pacific Coast__________ Aug
720,168
768,781
399,474
296,111
July 1 to Aug 31______ 1,444,629 1,584,385
54,245
54,598
Rlchm Fred & Potom.b.Aug 178,798
180,484
127,390
131,320
July 1 to Aug 31.........
379,701
373,937
371,482
372,215
Seaboard Air Llne.a__ Aug 1,677,579 1,544,978
702,457
704,868
July 1 to Aug 31______ 3,313,745 3,047,224
258,476
302,136
Texas & PacIftc.b______Aug 1,304,160 1,294,383
Jan 1 to Aug 31_ 9,353,230
9,858,073 1,316,734 1,780,609
22,287
38,311
Toledo Peoria & West.b.Sep
107.261
122,521
88,750
68,800
July 1 to Sep 30______
327,218
341,016
993,013
802,639
Wabash.b_______
Aug 2,700,640 2,756,976
July 1 to Aug 31______ 5,148,082 5,101,407 1,410,034 1,571,606
IN D U S TR IAL COMPANIES.
----- Gross Earnings----- ---- Net'Earnings----Current
Precious
Current
Previous
Year.
Year.
Companies.
Year.
Tear.
S
$
1,284,302
230,294
73,659
Adams Express.b______June 1,353,142
15,316,010 1,500,312 2,229,763
July 1 to June 30_15,771,353
241,207
371,948
201,005
Edson Ilium (Boston) ..Sep 426,984
624,016
535,150
July 1 to Sep 30______ 1,162,499 1,030,938
859,173 def.33,474
96,496
U S Express.b________ June 886,240
504,054
540,247
July 1 to June 30______10,646,551 9,381,667
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
I n t e r e s t C h arges an d S urplus.
— Int., Rentals, A c .— — Bat. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
5
1,274
236
2,817
250
Bellefonte Central_____Sept
2,124
5,599
10,909
2,250
Jan I to Sept 30______




ELECTRIC RAILWAY AND TRACTION COMPANIES.

66,100
66

5
$
18,275,187 17,811,569
131,503
143,355
93,213
66,506
440,400
344,200
293,372
273,354
281,046
251,062
51,611
55,445
93,309
98,286
60,386
60,098
85,567
78,021
19,353
24,112
106,569
155,358
10,617
10,907
461,985
499,979
3,096
2,184

Previously reported (20 roads) .
Alabama Great Southern------Atlanta Birmingham & Atlantic
Central of Georgia...........—
Chicago Great Western------Cine New Orl & Texas Pacific
Detroit Toledo & Ironton---Duluth South Shore & Atlantic.
Georgia Southern & Florida —
Iowa Central__________ _____ _
Mineral Range__________ '-----Minneapolis & St Louis--------Nevada-Callfornfa-Oregon ___
Seaboard Air Line____________
Tennessee Alabama & Georgia.

— Int., Rentals, A c.— — lial. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
S
,s
$
$
651
2,403
598
2,657
Bridgeton A Saco River.Aug
3,953
1,302
1,197
3,804
July 1 to Aug 3 1 . . ---521,801
522,605
529,043
569,753
Central of New Jersey..Aug
937,499
July 1 to Aug 31______ 1,038,308 1,051,910 1,058,290
26,750
£13,930
24,879
gdef.91
Toledo Peoria & West. .Sep
2:2,823
75,025
£22,960
73,040
July 1 to Sep 30------Roads.

x After allowing for other Income received.
8,464

For the fourth week of September our final statement
covers 43 roads and shows 3 .1 1 % increase in the aggregate
over the same week last year.
Fourth week of September.

[VOL. LXXXXIII

C H R O N IC L E

American Rys Co___ August__
cAur Elgin & Chic Ry August__
Bangor Ry & Elec Co August__
Baton Rouge Elec Co August__
Binghamton Railway J u l y _____
Brock & Plym St Ry. August__
Bklyn Rap Tran Syst Ju n e____
Cape Breton Elec Co. August__
Carolina Pow & Lt Co August__
Cent Pk N & E R lv .. Ju n e____
Central PennaTrac.. August__
Chattanooga Ry & Lt August__
Clcve Palnesv A East July ____
Clev Southw & Colum August__
Columbus (Ga) El Co August __
Coney Island A Bklyn J u n e____
Dallas Electric Corp. August __
Dctrolt United R y __ 2d wk Sept
D DIE B A Batt(Rec) June ____
Duluth-Superior Trac August__
East St Louis & Sub. August__
El Paso Electric ___ August__
Falrm A Clarks Tr Co August__
42dStM&SNAv ( Rcc) Ju n e____
Galv-Houston El Co. August__
Grand Ranlds Ry Co. August . ..
Havana Elec Ry Co. Wk Oct 8
Honolulu Rapid Tran
& Land Co_______ Ju n e____
Houghton Co Trac Co August__
Hudson A Manhattan Ju n e_____
Illinois Traction Co.. July ____
Interboro Rap Trans. Ju n e_____
Jacksonville Elec Co August__
Lake Shore Elec Ry July _____
Long Island Electric Ju n e____
Metropolitan St (Rec) Ju n e____
Mllw El Ry A Lt Co Ju n e_____
Mllw Lt, Ht & Tr Co. Ju n e_____
Montreal Street R y .. Au gust__
August__

Jan. 1 to latest date.

Current
Year.

Previous
Year.

$
427,598
189,282
60,048
9,996
38,107
14,872
2045,384
29,834
25,455
57,747
77,896
83,990
41,297
110,427
39,573
154,490
129,851
193,458
50,923
103,279
193,413
50,588
64,241
142,890
142,326
105,274
51,387

5
408,011 2,813,984
178,730 1,176,770
380,374
58,065
75.644
9,155
218,064
37,330
81.588
16,057
1922,192 11,113,047
213,184
30,777
220,662.
23,726
306,477
56,179
577,237
78,790
77,085
614,120
205,015
41,880
107,062
739,059
314,780
39,328
147,508
709,978
118,257 1,023,837
177,68 1 7,066,163
298,824
51,623
746,810
101.083
215,316 1,480,821
436.457
46,897
468,899
56,696
752,788
123,578
990,731
124,764
765,706
III .8 14
44,583 1,831,034

42,767
28.534
375.870
561,606
2363,079
44,564
135,300
19,876
1169.282
418,823
103,839
443,108
154,254

37,866
29,708
324.169
506,907
2321,079
47,042
132,032
19,069
1115,478
388,174
96,072
398,828
146,038

26,013 20,543
N Y City Interboro Ju n e.......
33,896
35,541
N Y & Long Island Tr Ju n e____
N V & Queens County June . __ I 18,956 102,391
Norf & Portsm Tr Co Ju n e_____ 185,342 166,823
15,630
17,571
Northam Easton &W September
21,122
17,674
No Caro Pub Serv Co July .......
North Ohio Trac A Lt August__ 272,624 263,149
North Texas Eiec Co. August __ 135,529 1 19,813
Northwest Elev Co.. Ju n e_____ 176,820 181,760
13.424
12,079
Ocean Electric (L I ). Ju n e____
57,105 61,397
Oklahoma City R y .. Ju n e____
21 ,469 20,779
Paducah Tr A Lt Co. August__
23,555 24,177
Pensacola Electric Co August__
Phlla Rap Trans Co.. August __ 1794,989
Port(Orc)Ry,L&PCo. August__ 521.262 479,944
Puget Sound El C o .. August __ 155,665 173,988
32,257
Richmond Lt A RR. Jun e_____
35,651
Rio de Janeiro Tram
Light & Power Co. August__ 1149,851 1027,931
St Joseph (Mo) Ry.Lt
89,773
92,959
Heat A Power Co. August __
Sao Paulo Tr, L & P August — 303,796 258,704
56.870
58,680
Savannah Electric Ci August__
Seattle Electric Co. . August __ 418,863 479,573
86,283
63,897
Second Avenue (Rec) Ju n e.......
10,371
l l ,969
Southern Boulevard. Ju n e-----17,106
16,720
Sou Wisconsin Ry Co August__
25,299
28,383
Staten Isl’d Midland. Ju n e____
50,346
56,407
Tampa Electric Co.. August__
Third Avenue (Rec). Ju n e____ 321,828 294,999
33,476
35,112
Toledo Rys & Lt Co. 3d wk Sept
Toronto Railway Co August__ 421,953 380,934
Tri-City Ry & Light. August — 215,477 204,862
Twin City Ry & Light 4th wk Sep 189,371 185,141
Underground El Ry
of London—
Three tube lines .. Wk Oct 7 £13,760 £12,640
Metropolitan Dlst. Wk Oct 7 £11,646 £10,820
United Tramways Wk Oct 7 £5,902 £6,773
Union (R cc)____ . lu n c ------ 282,126 243,236
UnlonRy.G&ECodll) August — 254,812 232.4 9 t
United Rys of St L _. July ....... 1016,759 988,080
August — 673,743 639.803
57,176
50.157
Westchester El (Rec) June -----32,337 32,470
A u gust__
65,051 ____ _
Yonkers RR (Rcc).. ru n e__ __
22 329 21,281
Youngst & Ohio Rlv. August —
c These figures are for consolidated company.

Current
Year.

Previous
Year.
2,678,4 79
1,099,887
367,378
70,944
204,881
82,154
10,380,396
207,201
183,369
300,688
554,910
573,925
195,459
082,730
290.792
668,361
917,809
6,501,048
296.824
717,157
1,545,513
405,486
383,960
604,403
855,991
755.642
1,668,677

221,557
240,219
210,739
204.222
2,290,153 1.967,378
3,81 1.596 3,351,403
15,480,662 15,062,837
377,414
377.687
658,759
693,885
85,027
02,147
6,686,907 6,416,831
2,401,314 2,240,473
457,094
480,332
3,189,757 2,863,032
1,161 ,043 1,178,539
3,337,433 3,142,294
103.793
137,8 10
177,179
159,966
506,816
587.597
1,011,792
932.430
124,357
131,248
116,951
140.458
1,773,731 1,012,504
923,376
t ,041,9 I 6
1,101,680 1.096.218
34,288
35,709
289,313
301,207
101,726
170,428
170,198
187,722
4,179,778 3,616,280
1,180,270 1,284,727
146,082
159,748
8,403,502 7,051,007
674,715
715,6561
2,271,490 1,889,744
452,982.
416,584
3,616,344 3,674,822
424,608
379,068
57,26f
49,971
128,326
119,305
117,428
108,232
44 8,44
414,236
1,778,969 1,647,818
3,052,968 2,707.358
1,737,797 1,600.710
5,843,894 5,012,914
£539,030
£402,189
£267,681
1,171,365
2,018,199
0,841,998
5.139,300
271,870
24 6,842
327,044
152,002

£505,919
£429,002
£258,054
1.037,745
1,895,832
0,590,144
5,013,299
230,105
265,510
133,260

Electric Railway Net Earnings.— The following table gives
the returns of ELE C T R IC railway gross and net earnings
reported this week.
----- Gross learnings------------Net Earnings----Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
S
S
$
$
89,484
85,055
192,201
201,633
Republic Ry & L igh t.. .Aug
638,599
601,010
Jan 1 to Aug 31..____ 1,508,230 1,442,432
Roads.

n Net earnings here given are after deducting taxes,
b Net earnings here given are before dcductnlg taxes.

ANNUAL REPORTSo
Annual Reports.— An index to annual reports of steam
railroads, street railways and ■miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
include reports in the issue of the “ Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 30. The next will appear in that of Oct. 28.

not

THE

OCT. 14 14U1.]
Erie Railroad.

{Report for Fiscal Year ending June

30 1911.)
Extracts from the report of President Underwood, to­
gether with the income and profit and loss accounts and
the comparative balance sheet for two years, will be found
on subsequent pages. Below is published the usual com­
parative statement for several years of the operations, earn­
ings, charges, &c.
OPERATIONS AND EQUIPMENT.
1907-08.
1909-10.
1908-09.
1910-11.
2,171
2,227
2,231
2,205
Miles operated_______
* Equipment—
1,415
1,436
1,419
1,403
Locomotives ________
1,178
1,179
1,193
1,190
Passenger equipment..
55,105
48,488
51,137
47,433
Freight equipment---2,259
2,129
2,071
2,173
Service cars, &c------418
358
400
335
Floating equipment—
Operations—
23,654,430
Passengers carried----- 25,454,161 25,277,283 23,684,283 539,524,474
Pass. car. 1 mile_______020,835,771 627,788,837 597,317,739
1.484 Cts.
1.507 cts.
1.487 Cts.
Rate per pass, per mile. 1-500 cts
Freight (tons) carried. _ 37,.>70,66- 38,763,000 32,797,205 33,029,700
5,001,538
6,008,714
0,414,732
Fr’t (tons) carried 1 mllea 0,82o.o82
0.000 cts.
0.599 Cts.
0.586 cts.
0.585
cts.
Rate per ton per mile—
n
r'Rr' ''t«
405
495
521
469
Av. train-load (rev.) .tons
51.229
$1,285
$1,257
$1,174
Earns, per pass. tr. mile
52.787
$2,963
$2,747
$3,049
Earns, per fr’t tr. mlle..
$21,531
$21,299
523,702
$23,273
Gross earnings per mile* Negotiations have been completed for the purchase of additional
equipment consisting of 45 locomotives, 00 passenger and 4,000 freight cars.
x 000s omitted.
e a r n in g s a n d e x p e n s e s .
1907-08.
1908-09.
’ 1910-11.
1909-10.
S
5
20,009,171
20,777,945
Freight*” 5 5 --- 24,071,522 24,114,760
834,189
853,080
Milk
-------------902,700
805,927
C oal..........
15,805,027 14,295,370 14,411,844 13,937,170
8,880,034
9,489,449
Passenger"
--- 9.817,950
9,459,903
406,582
469,485
Mall
--431,348
431,803
1,140,377
1,204,579
Express"
1,444,550
1,437,272
809,498
917,285
Miscellaneous_________
1 ,280,875
1 ,225,025
Earnings— railroad__ 53,820,050
Earns.—outside oper’ns 2,829,858

51,830,720
3,035,470

47,514,859
2,926,303

46,740,430
3,037,800

50,049,908
Total earnings—
Expenses—
Malnt. way & structures 5,720,900
Malnt. of equipment__ 9,104,917
Transportation expenses 18,407,380
Traffic expenses_______ 1,400,210
General expenses______ 1,090,484
Taxes ...................
1,390.380

54,800,190

50,441,162

40,784,230

5,217,451
9,455,981
17,422,952
1,295,870
1,062,509
1,374,757

4,232,407
9,648,980
16,616,181
1,12 1,621
1,071,830
1,369,523

5,911,414
10,654,742
17,793,522
1,008,8 6
1,041,018
1,111,535

34,003,548
*2,840,737

37,581,077
*3,450,619

Expenses— railroad-- 37,240,271
Expenses— outside oper. 3,005,030

35,829,526
3,236,040

Total expenses______ 40,245,301 39,005,572 '30,904,285 '41,031,090
(82.42)
(73.16)
(71.20)
Ratio of exp. to earns..
(71.04)
9,105,359
Net earnings— r.allroad. 16,579,779 16,001,194 13,451,311
Net earns.— all opera’ns 10,404,607 15.800,018 '13,536,876 ' 8,752,540
INCOME ACCOUNT.
1908-09.
1909-10.
1910-11.
S
8
Receipts—
. 5
Net earnings______________________ 16,404,607 15,800,018 '13,530,870
2,537,451
3,527,091
Int. and dividends on securities....... 3,183,774
738,552
806,929
757,288
Rents, &c., received.......................
Total net Income_________________ 20,315,609 20,134,038 *10,812,879
Deductions—
9,669,733
9,749,801
9,714,101
Interest on bonds__________ _____ _
520,327
747,039
793,988
Interest on collateral notes-----------983,587
998,868
980,046
Rentals of leased lines----------------426,671
512,862
448,587
Hire of equipment— balance---------718,001
608,295
1,079,302
Joint facilities----------- --------------*34,378
810,499
69,111
Miscellaneous rents--------------------733,164
509,710
598,852
Interest on car trusts------------------779,373
958,177
043,388
Penn. Coal Co. sinking fund and misc.
381,927
737,087
Additions and Improvements---------- 1,339,737
Total.............. - ............................ 16,294,994
Balance, surplus......... ................... - 4,050,075

15,065,182 ■14,247,162
2,565,717
5,009,456

* Comparisons with these Items In 1908-09 are Inaccurate, as, In order to
conform to the ruling of the Inter-State Commerce Commission, the
amounts paid for rental of dock property used by lake steamers at Chicago
and Milwaukee arc now Included In “ Income Account” under miscellaneous
rents Instead of under "expenses of outside operations," as formerly. The
amount of such rental In 1909-10 was 534,700. For purposes of comparison
the Items affected In 1909-10 have been re-stated, the Anal result, of course,
remaining unchanged.— V. 93, p. 940, 587.

Southern Railway.

{Report for Fiscal Year eliding June

30 1911.)
The remarks of President Finley, together with the de­
tailed comparative balance sheets and traffic statistics for
two years, and the profit and loss account, are published on
subsequent pages.
Below are given comparative statistics and income account
for several years.
TRAFFIC STATISTICS. &C.
1910-11.
1909-10.
7,050
7,030
Average miles operated____________
7,042
*Equipment—
1,531
Locomotives________
1,588
1,571
Passenger equipment_______________
1,078
1,074
968
50,000
Freight equipment_________________
51,84052,080
Road service equipment.............—
1,209
1,242
1,256
Marine equipment — .......................
23
23
24
Operations—
Passengers carried---- -------------- 17,137,450 15,694,480 14,623,136
Doaoenorers carried one m ile -----------740,411,290 671,732,143 615,252,906
Average revenue per pass, per mile.. 2.109 cts.
2.165 cts.
2.179 cts.
No of tons carried (revenue freight). 20,091,001 25,204,297 21,970,006
Tons carried 1 mile (revenue freight). ‘luonauimja 3985563001 3590900,091
Average revenue per ton per mile—
0.966 cts.
0.957 cts.
0.919 cts.
Average revenue train-load (tons)—
240.51
217.10
237.46
Revenue per passenger-train mile—
51.18146
$1.15689
$1.14843
Revenue per freight-train mile^-----$2.32352
$2.27368
$2.06047
$7,348
Operating revenue per mile-----------58,o09
$8,127
* Includes narrow-gauge equipment.
INCOME ACCOUNT.
1010-11.
1909-10.
Miles operated, average.
7,042
7,050
Revenues
Passenger.................... 16,348,404
Mall, express and mlsc.. 4,497,695

14,918,253
4,214,863

1008-09.

1907-08.

534,376,610 $34,171,329
13.778,513 14,504,903
<L205i394
410321975

Total oper. revenues.$60,345,063 $57,294,508 $52,188,107 $52,041,710
$52,941,716




1015

C H R O N IC L E
Expenses—
1911 10.
Malnt. of way & struc.. $7,464,916
Maintenance of cqulp’t- 9,460,757
Traffic expenses_______ 1,549,404
Transportation expenses 20,662,086
General expenses______ 1,789,627

1909-10.
56,035,725
9,876,729
1,436,776
18,934,420
1,752,090

1908-09.
$6,016,661
8,193,753
1,252,329
18,348,507
1,757,731

1907-08.
$7,109,173
9,138,378
1,300,233
20,773,255
1,533,683

Total oper. expenses.$40,926,790 $38,635,740 $35,508,981 $39,854,722
Net operating revenue $19,418,273 $18,658,702 516,019,126 $13,086,994
Outside operations (net) def.42,028 sur.18,980 sur.136,963 sur.21,263
Net revenue............. $19,376,245 $18,677,742 516,750,089 $13,108,257
Taxes ________________ 2,212.968
2,027,104
1,916,701
2,027,967
Operating Income___ $17,163,277 $16,650,638 $14,839,388 $11,080,290
Rent of tracks, yards, &c
$366,602
5346,026
$334,237
$308,773
Hire of equlp’t, balance137,343
149,346
______
______
Income from Invcstm’ts 2,153,005
1,999,139
1,941,126
2,127,270
Int., commissions, &c__
635,579
733,417
*622,948
*330,634
Total gross income---$20,455,806 $ 19 ,8 7 8 ,566*517.737,699*$13,840,967
Deduct—
Sou. Ry. In Miss, def__
531,959
$34,440
Other road rentals____
1,381,504 $1,351,504 $1,351,860
1,381,505
759,103
814,810
Rent of track, yards, &c.
869,650
859,079
121,101
19,493
Hire of equlp't, balance.
103,515
81,464
Separately oper. prop’ys
176.396
116,462
358,662
535,214
Discount on securs. sold
125,815
266,806
Int. on funded debt___ 10,230.820 10,533,324 *10,376,016 *9,482,835
*827,940
Int. on equip, obligat’ns
*711,715
607,229
002,346
Dlvs. on M. & O. stock
226,808
226,808
226,808
trust certificates_____
220,808
1,200,000
Preferred dlvs. (2%) —
122,707
Additions & betterm’ts.
66,046
78,285
52,373
213,292
83,710
31,290
92,688
Miscellaneous — .........
$15,051,849 $14,173,920* 514,220,599* $13,567,824
$279,143
$5,403,958 $5,704,646 53,511,100
•Comparisons with these Items In 1908-09 and 1907-08 arc slightly inac­
curate, owing to changes in the figures of 1909-10, the general results, how­
ever, remaining unchanged.— V. 93, p. 872.
•

Northern Pacific Railway.

{Report for Fiscal Year ending June

30 1911.)
The report of President Howard Elliott will be found on
subsequent pages, together with the income account, profit
and loss account, balance sheet and traffic statistics. The
comparative income account was given in the “ Chronicle”
of Oct. 7, page 937. The comparative balance sheet for two
years on the present basis of accounting and comparative
traffic statistics for several years ate given below. . . . .
Average miles operatedEquipment—
Locomotives__________
Passenger cars________
Freight cars___________
Miscellaneous cars_____
Operations—
Passengers carried____

OPERATIONS.
1909-10.
1910-11.
5,765
5,950
1,441
1,101
43,100
6,460

1908-09.
5,671

■ 1907-08.1
5,633

1,323
1,005
41,498
6,417

1,314
923
42,171
5,935

1,430
1,119
43,816
6,755

9,202,853
9,639,994
7,880,333
8,404,712
976,772,093 707,439,465 794,351.948
2.18 cts
2.28 cts.
2.25 cts.
Rate per pass, per mile.
2.27 cts.
Revenue freight carried. 17,217,748 18,268,998 16,800.504 15,836,823
do
do
1 m ile..4800666026 5419084365 5260492660 5156378369
0.895 cts.
0.900 cts.
0.900 cts.
Rate per ton per m ile.. 0.903 cts.
$12,071
512,928
$12,110
Gross earnings per mile.
$10,909
GENERAL BALANCE SHEET JUNE 30.
[For further details of 1911 balance sheet, see page 1031.]
1910.
1911.
1911.
1910.
S
Liabilities—
S
Road & cqulp’t.401,802,861 397.048,685 Capital stock...248.000,000 248,000,000
Securities_____ 159,992,182 113,270,301 Mortgage bonds. 190,325,500 190,952,500
Coll, trust bondsl07,613,500 107,613,500
Advs. to prop.,
Traffic, &c.,bals
885,996
784,079
&c., cos. for
construe., Ac. 20,529,958 52,127,788 Vouch. & wages 3,669,737 8,501,798
Mlsc. lnvestm’ts --------4,290,992 Matur.Int.,dlvs.
1,108,574
and rents___ 1,131,909
Cash_________ 5,931,724 8,397,348
685,180
Securs. in treas. 16,248,000 20,041,000 Mlsc. accounts. 6,867,679
Marketable sec. 19,362,918 19,039,968 Unmatured Int.,
dlvs. & rents. 4,850,891 4,853,908
Loans & bills rec
53,317
31,357
Traffic,&c.,bals.
930,122 1,178,422 Taxes accrued
(partly est) _. 1,825,013 1,765,988
Agts. & contiuc.
660,405
S06,585
Material & supp. 0,058,227 9,077,901 Deferred credit
141,881
Items..........
153,452
4,118,606 6,058.735
Mlsc. accounts
Approp. surp.—
Accrued Interest,
5,395,802
Insur.
fund..
5,397,117
1,399,339
822,395
dividends,&c.
83,552
Miscellaneous. --------523,389 2,594,907
Speclal deposits.
Insurance fund. 5,397,117 5,395,891 Profit and loss.. 78,074,262 71,166,411
Other def. debit
Items______
282,044
303,685
T otal.........648,795,056 641,053,263
—V. 93, p. 937.

Total.......... 648,795,056 641,053,263

Kansas City Southern Railway.
30 1911.)
The full text of the remarks of President J. A . Edson will
be found on subsequent pages. Below we give various sta­
tistics of interest.

{Report for Fiscal Year ending June
ROLLING STOCK JUNE 30.

5,636
1,102
168
79
1911__________________
872
6,536
86
202
1910............... ...........
688
6,908
87
208
1909__________________
694
7,148
89
1908__________________
210
STATEMENT FOR YEARS ENDING JUNE 30.
1909-10.
1908-09.
1907-08.
1910-11.
827
827
827
827
Miles operated--------- Operations—
$11,493
$11,074
$10,103
510,170
Gross earnings per mile.
53,814
54.085
53,944
$3,509
Net earnings per mile —
3,620,047
3,095.274
2,968,145
- 3,605,461
•Tons carried.-----•Tons carried one mile. -925,279,313 996,940,502 889,119,698 #27,699.200
7.87
7.2 5
7.47
7.23
Av.per ton per m. (mills)
$8,864
Freight receipts per mile
58,794
$8,107
$8,053
$2.29652
52.63806
$2.65040
Fgt. rec- per rev. tr. mile $3.01505
380.49
317.75
353.67
361.47
Rev. train load, tons--1,557,058
1,644,918
Rev. passengers carried. 1,839,357
1,860,020
Rev. pass, carried 1 mile 66,510,967 61,220,129 57,743,041 56,851,140
2.315 cts.
Avge. per pass, per mile. 2.525 cts.
2.366 cts.
2.289 Cts.
•Revenue freight only
INCOME ACCOUNT.
Gross Receipts—
1909-10.
1910-11.
Freight-------------------- $7,278,970 $7,226,739
1,430,114
Passenger................ .
1,657,662
937,799
Mall, express, &c......... 1.058,542

1908-09.
$6,638,420
1,306,079
827,466

1907-08.
$6,692,308
1,302.738
762,872

$9,694,652

$8,771,965

$8,757,918

Total receipts......... -3$9,995,174

1016

THE

C H R O N IC L E

Operalino Expenses— 1911-10.
1909-10.
1908-09.
1907-08.
Maint. of way & structs.
$939,962 $1,047,348
$960,600
$889,448
Malnt. of equipment__
1,394,547
1,006,698
1.195,699
1,214,166
Transportation expenses 3.376,634
3,346,463
2,779,583
3,084,629
Traffic expenses_______
316,940
319,957
271,593
268,526
General expenses______
375,918
359,117
331,581
303,490
P. C. of exp. to earns. 11
Int., disc., rents, & c ...

Rents, &c____________
Int. on equip, notes___
Int. on collat. gold notes
Hire of equipment_____
Adjust, of current accts.
DIv. on pref. stock, 4% .

$6,404,001
$3,591,173
(64.07)
130,460

$6,268,585
$3,326,067
(65.33)
94,453

$5,350,056
$3,421,909
(60.99)
97,813

$5,760,259
$2,997,659
(65.77)
134,609

$3,721,633

$3,420,520

$3,519,722

$3,132,268

$361,875
1,334,186
23,676
48,240

$343,773
1,209,042
23,518
57,420

286,597
2,400
•840,000

232,088
63,258
•840,000

$322,279
900,000
21,689
66,600
255,000
77,498

$283,138
900,000
15,825
75,780
249,273
0.5,020

$2,896,974
$824,659

$2,769,099
$651,421

•840,000

•840,000

$2,483,066
$1,036,655

$2,358,996
$773,272

[V L-

glng trucks. The cost or record value of equipment retired, 47 locomotives,
138 passenger, 1,018 freight and 154 work cars, was $803,571, and the net
addition to equipment, $6,206,922, has been charged to capital account.
We also acquired with the Worcester Nashua & Rock. RR. 20 locomotives
and 139 cars, appraised value, $227,213.
There was charged to operating expenses for renewals and depreciation
of equipment $l,18o,319, to dining-car service for depreciation $5,072 and
to profit and loss 190,735.
The following additional equipment has been contracted for: 11 switching
locomotives, 99 passenger cars, 15 smoking cars, 41 combination smoking
and baggage cars. 46 baggage cars and 100 flat cars.
Siqnals.— The work of installing block signals has been continued during
the year at a cost of about $270,000, and a total expenditure of $1,211 145
has thus far been made. All station telegraph offices from which train
orders are issued are now equipped with train order signals of semaphore
pattern.
Iloosac Tunnel.—The Hoosac Tunnel was on May 11 1911 opened for elec­
tric service. There have been electrified some 22 miles, measured In single
track, 9.5 of which are within the portals of the tunnel. Power is supplied
by a station erected at Zylonlte, 2.4 miles from the west portal of the tunnel.
Motive power equipment consists of five engines.
Rails, Ac.— There have been laid during the year 39,675 tons of nekv rails
and 1,701,140 ties.
Change of Line.— The work of changing and double-tracking tho line be­
tween Newmarket and Madbury, N. H., has been practically completed.
This consisted of building 4.77 miles of additional track from Newmarket
to Durham, N. H., and 2.42 miles of double track on new location from
Durham to Madbury, N. H. In connection with tills work four grade
crossings were abolished; an underpass was constructed to eliminate four
farm crossings; a new passenger station, a freight house and two new bridges
were built.
b
Additional Track.— A total of 5.64 miles of new 2d track has been put In
operation: also a net addition of 19.87 miles of side tracks.
Grade Crossings.— Work has been completed during the year on the ellmInatlon of 13 grade crossings. Including four crossings abolished at Durham,
N. II., account of change of line, and work Is In progress at other points.
On this account $851,530 has been expended during the year, $88,276 of

•Charged against profit and loss account but here deducted from Income
account.
OPERATIONS OFSUBSID. PROPERTIES OPERATED SEPARATELY.
Gross. Netiorertax) Int.,&c. Balance.
Arkansas West. R y ------ 1910-11..$57,781
$18,382 $36,623 def$18,241
do
do
1909-10..
62,139
21,520
36,028 defl4,508
27,557
8,782
K. C. Sh.<&Gulf Ter___ 1910-11
6,000 sur2,781
do
do
1909-10..
27,330
8,498
6,000
sur2,498
Pt. Arthur Can. &lDock_ 1910-11 _ _ 45,072 def6,810
50.000 det.56,810
do
do
50.000 def73,694
1909-10.. 39,758 def23,694
BALANCE SHEET JUNE 30.
company’s construction account. Total net expenditure for'thls'work"on
1911.
1910.
1910.
1911.
Assets—
$
the B. & M. RR. and leased lines to June 30 1911 has been $5,520,350.
Liabilities—
S
$
$
Property acet__ a93,036,904 90,677,032 Preferred stock__21 000,000 21.0uO.000
OPERATIONS A N D FISCAL RESULTS.
Replacem’t val. of
Common stock__30 000,000 30.000.
000
abandoned line. 6523,063
First mtge. bonds.30 000,000 30.000.
000
1910-11.
1909-10.
1908-09.
1907-08.
Cash for notes
Refund. & Im­
♦Miles operated June^30_
2,243
2,243
2,243
2,242
called for pay­
provement b’ndsl5 ,000,000 10,000,000
Operations—
6,000 Notes called for
ment July 1 1909
carried------ 48,666,086 47,365,852 42,836,742 43,214,995
185,606
pay. July 1 1909 .
Agents & conduc’rs 190.545
6.000 Passengers
carried 1 mile---- 862,472,977 864,870,875 792,426,730 790,805,436
Cash .................. c5,30.3,170 2,356,355 Equip, trust notes 048,000 1,152,000 Pass,
Rate per pass, per mile. 1.801 cts.
1.694 cts.
1.698 cts.
1.712 cts.
848,482 Unpaid coupons.. 392,922
Material & supplies 870,378
279,582 Freight
(tons) carried.. 23,064.301 22,815,528 20,414,314 20,135,853
Accrued Interest.. 230,985
Loans on collateral
232,290 l r t (tons)
card
1
mile-2365040,613
2346444,728
2124899,447
2152627.405
security______ 1,072,019 1,711,004 Traffic balances., 179,656
183,227
per ton per m ile... 1.095 cts.
1.085 cts.
1.083 cts.
1.045 cts.
55,140 ray-rolls & asets. 1,126,675
Bills receivable...
21,722
990,841 Rate
$19,982
$19,332
$17,625
$17,389
340,629 Bills payable____
Traffic balances.. 296,183
35,308
64,402 Gross earns, per m ile...
463,8 'Faxes 75, not due. 175,(25
Individuals & cos. 587,818
'
174,725
• Does not Include electric street railways, 47.53 miles In 1910-11.
10,003 Renewal and re­
10,339
U. S. Government
31,002
Wells,F.&Co.Exp.
30,171
serve funds___
176,644
140,818
INCOME ACCOUNT.
Investments In and
Prof. dlv. payable
1910-11.
1909-10.
1008-09.
advances to pro­
July 15...........
1907-08.
210,000
210,000
Miles
of
steam
roads
op.
2,243
2,243
2,243
prietary cos___ 2,063,552 1,829,105 Miscellaneous___
2,242
164,116
180,257
Earnings—
$
$
Miscellaneous___
221,230
$
187,861 Profit and loss___ 4 587,063 4,087,844
$
Passenger____________ 15,929,378 15,003,066 13,763,690 13,844,220
Freight_________
_____
_
25,891,481 25,451,237 23,014,439 22,486,065
Total assets...104,227,094 98,702,076 Tot. liabilities.104,227,094 98,702,076
Express & extra baggage 1,368.075
1,337,956
1,273,011
1,213.920
444 849
445,849
511.064
509,943
a Includes In 1911 cost of properties, $80,518,320, and Improvements and re­ M alls......... ................
1,119,067
964,088
habilitation, $13,584,696, less value of equipment, buildings and tracks destroyed Miscellaneous_________ 1,181,301
936,589
or abandoned, which, less salvage, has been charged to operating expenses, $769,006;
.............
T
o
ta
l.........
44,815,084
43,357,175 39,528,608 38,990,749
and also less credit of $203,100 to equipment from renewal and reserve funds and
Expenses—
$88,007 salvage from equipment dismantled during the year.
5,253,611
b ThU Is the replacement value, less salvage, of line abandoned In course of Im­ Maint. of way & structs. 6,066,121
4,251,566
4,609,147
5,446,735
provements, which was taken out of cost of properties under an order of the Inter­ Maint. of equipment__ 6,248,435
4,730.779
4,352,218
500,351
544,016
State Commerce Commission and carried separately pending appeal from the order. Traffic expenses_______
516,417
512,662
cThe Item of cash In 1911, $5,303,170, Includes reserve for dividend, $210,000; Transportation expenses 21,229,175 19,075,789 17,800,498 18,573,874
1,016,173
reserve for coupons unpaid. $392,922; available for other purposes, $4,700,248.— General expenses______ 1,104,621
964,595
024,240
V. 93, p. 940.
T o ta l....................... 35,148,703 31,330,324 28,263,855 28,972,141
P. C. of op. exp. to earns
(78.43)
(72.27)
(71.50)
(74.30)
Net operating revenue.. 9,666,381 12,020,851 11,264,843 10,018,008
Boston & Maine Railroad.
Outside operations— net
a68,236
(147,200
83,414
65,722
3 0 1 9 1 1 .)

W Results.— The total operating revenues were $44,815,084, an Increase of
$1,457,909. The net corporate Income decreased $2,494,633. The amount
of the pay-rolls charged to operating expenses for the previous year was
$18,368,269; similar charges for the year ending June 30 1911 for the same
class and amount of labor were $20,010,141; the difference, $1,641,872. rep­
resents the amount paid as an Increase In wages for the year ending June 30
1911 to Its employees In service during the previous year.
Had the company been able to maintain the same schedule of wages for
the same class, character and quantity of labor during the year ending
June 30 1911 as were In ettect during the previous year, the net revenue ap­
plicable to dividends would have been Increased by $2,468,457.
Dividend Reduction.— The directors have found It necessary to reduce the
last quarterly dividend upon the common stock to the basis of 4% per an­
num, hoping the earnings of the company may, within a few years, be suf­
ficient to Justify that rate, maintaining thesame In the meantime by a dis­
tribution of the surpus earnings of previous years available for such * pur­
poses. This reduction became necessary because of the concessions In
wages made to the labor employed by the road, and by the further fact
that the road has been operated for several years with such strict economy
there remained but little. If any, margin for further savings, unless by such
serious curtailment of service that would have brought upon tho manage­
ment severe public criticism.
(Mr Slock.— To provide additional equipment and for other permanent im­
provements the stockholders on Nov. 2 1910 authorized an additional Issue
of 106,637 shares of common stock, and the right to subscribe to this stock
at $110 per share was given to stockholders on Dec. 28 1910. Subscriptions
were received for 104,364 shares, and on June 30 96,881 shares had been
fully paid and certificates Issued therefor: Installment payments of 50%
had been made on 7,159 shares and 75% on 304 shares. The total amount
paid In on this stock up to June 30 1911 was $11,077,935. The remaining
2,273 shares were sold at public auction at $105 25 per share.
• On June 30 the outstanding stock (31,498 shares of pref. and 385,294
shares of common) were owned by 8,0 49 stockholders.
Debt.—-Bonds of the Worcester Nashua & Rochester RR., $1,776,000.
have been assumed under the purchase of that road. Notes payable to the
amount of $6,250,000 were outstanding June 30 1911, which were Issued to
provide for the purchase of Worcester Nashua & Rochester RR. stock and
for Improvements.
Purchase.—The franchises and property of the Worcester Nashua &
Rochester RR. Co., heretofore operated under lease, were purchased In
June 1911. The B. & M. RR. assumed all of the Indebtedness and agreed
to pay $150 per share for the outstanding stock not already purchased. At
the date of this report 30,020 shares ha been purchased, leaving 624 shares
still outstanding. The total cost of the property was $7,925,691, Including
equipment appraised at $227,243 and expenditures made by the B. & M.
RR. for Improvements since the Inception of the lease amounting to $1,­
377.492.
Additions and Betterments.— These, aggregating during the year $10,­
993,859, Include:
Equipment _____________$6,206,922 Elimination of grade"cros’gs.$329,383
Right of way & real estate 1,023,591 Signal apparatus.................. 313.934
Grade reduc.&change of line 207,951 Stations, shops, & c._............717,345
Bridges, trestles, &o____
358,815 Dock property............
300,415
Increased weight of rail..
100,343 Elec.-light & power plants. 144,961
Additional tracks....... .....
386,894 Electric power transmls’n .. 640,143
166,654 Miscellaneous...... .............. 96,505
Terminal yards__________
The above amount ($10,993,859) was distributed as follows- Charged
to capital account, $8,511,737; charged to leased roads, $2,396,684; charged
as additional rental of leased roads, $85,438.
i> New Equipment.— Added at a cost of $6,978,719, viz.: 155 steam and 5
electric locomotives, 207 passenger, 20 combination, 2 baggage, 1,460 box,
280 refrigerator, 5 coal, 400 flat, 12 caboose and 119 work cars and 41 log-




Taxes accrued_________

9,734,617
2,089,905

12,068,111
2,076,880

11,348,257
1.789,933

10,084,330
1,712,273

Operating Income____
Income from rents____
Inc. from stocks & bonds
Interest and mlscell___

7,644,712
261,400
492,711
107,393

9,091,231
231,886
375,390
134,477

0,558,324
218,701
325.672
74,527

8,372,057
218,160
381,784
92,134

Net Income_________ 8,506,216 10,732,984 10,177,225
9,064,135
Deduct—
Rentals of leased roads. 5,385,054
5,265.498
5,246,433 5,183,515
Hire of equipment____
848,581
752,670
626,423 1,284.757
Rent of tracks, yards.&o.
53,037
51,490
28,024
45,677
Interest accrued.........
1,834,171
1,783,910
1,859,357 1,769,905
Sinking fund payment..
28,785
28,785
28,785
28,785
198,842
41,099
80,537
Additions & betterm’ts.
Dlvs. on pref Stock (6%)
188,988
188,988
188,988
188,988
Dlvs. on com. Stock.*(5^)1,769,983(6)1,679,532 (6)1,028,373 (7)1,891,633
.

(Report for Fiscal Year ending June

''■’ .President Charles S. Mellen says in substance:

Balance................. def 1,002,983

sur783,200

sur529,1436dcf 1409,662

• Includes dividend on Installments received on account of shares not
Issued, $102,276. a Includes net earnings of electric street railways, 47.53
miles In length. The earnings of these roads were: Gross, In 1910-11, $235,­
482, against $223,207: net, $27,953 In 1910-11, agst. $22,244. b The deficit
as above, $1,409,662, In 1907-08 was decreased by $543,206, being the
amount of "contingent fund representing unappropriated surpluses for 6
years ended June 30 1907,” leaving deficit for year $866,456.
EARNINGS OF CONTROLLED COMPANIES— YEARS END. JUNE 30.
Vermont Valley R R .

Oper. Netiafter Other
Fixed Add'ns
DMBal., Sur.
Fiscal Revenues. Taxes). Income. Charges. &lmps.
dends.
or Def.
Year—
$
$
$
$
$
$
$
1910-11..476,168 129,333 130,606 106,726 29,028 (10)100,000 SUl-24,185
190910..431.122 142,30650,05068,969 22,935 (10)100,000
sur452
Sullivan County R R .

1910-11..489,956 107,715
1909-10..456.445 123,164

5,463 17,330 31,726
802 21,330 62,386

(8)40,000 sur24,122
(8)40,000
sur250

York Harbor & Beach R R .

1910-11
1909-10

48,034
43,524

15,242
12,910

1,601
1,624

7,875
5,390

210
329

(2)6,000 sur2,758
(2)6,000 sur2,815

M t. W ashington R y.

1910-11.
1909-10.

23,793
23,082

8,546
8,462

35 ....... .............
5 1,890

(4)8,460
(3)6,345

surl21
sur232

St. Johnsbury & Lake Champlain R R .

1910-11. .385,237
1909-10. .360,802

98,575
72,609

1910-11. .262.205
1909-10. .238,896

92,533
51,739

1910-11. .124.414
1909-10. .102,901

27,861
11,046

1,426 138,239 _____
811 132,061 ........

Montpelier

&

3,368
2,742

------------ dcf38.238
............. def58,641

W ells River R R.

15,059 9,364
14,588 ........

(6)48,000 8ur23,47»
(3)24,000 surl5,893

25,157 .......... 28,308
21,067 ...................

(6)24,000
sur710
(5)20,000 surl3,013

Barre R R .

Conway Electric Street R y.

1910-11.
1909-10.

18,051
17,717

6,367
5,627 ........

0,367 ........
4,930 ........

sur697

G o t . U 1 9 11 .]

THE

C H R O N IC L E

COMBINED INCOME ACCOUNT.
[Includes the Boston & Maine R R „ Vermont Valley RU,, Sullivan County
RR., York Harbor & Beach R R „ Mt. Washington Ry., St. Johnshury
& Lake Champlain RR., Montpelier & Wells River RR., Barrc RR.
and Conway Electric St. Ry., with lntcr-co. transactions eliminated.]
1910-11.
1009-10.
1910-11.
1909-10.
Revenue—
$
$
$
$
Freight _____ 27,087,098 20,514,255 Total net rcv.10,292,265 12,568,502
Passenger___ 10,02 6,762 15,141,4 54 Taxes accrued 2,165,410 2,149,827
Mall_________
474,437
475,440
Express____ 1,278,257 1,250,395 Opcr. income. 8,120,855 10,418,675
Oth.trans. rev. 1,018,375
943,354 Other Income.
784,769
629,050
Other revenue 739.481
088,982
Gross corn. Inc 8,911,624 11,047,725
Deductions—
Total op. rev.40,624,410 45,013,880
Rent. Isd. roads 5,391,501 5,270,298
Expenses—
920,398
822,403
Main.of way,&c.6,381,600 5,600,114 Hire of equip.
63,183
61,004
Main, of equip. 0,413,564 5,595,441 Otherrents...
T r a ffic ______
509,423
554,254 Interest accr’d 1,998,257 1,904,590
Transportat’n.21,942,260 19,089,589 Sinking fund
28,785
General______ 1,159,900 1,058,266
paym ent...
28,785
Total op. exp.36,400,748 32,497.664 Total ded’ct” ns8,402,124
Net op. re v ..10,217,062 12,510,216 Bal., surplus.
509,500
Outside op.,net
74,603
52,286

8,087,080
2,960,645

Total net rev T o , 292^265 12,568,502
BALANCE SHEET JUNE 30.
1909.
ssets__
1911 •
1910.
Road and equipment------------------a$82,539,483 $67,523,403 $65,344,780
1,293,668
Boston & Maine stock-------------------------8,263,858
Stocks of controlled, &c., cos--------- 8,301,008 11,073,8 45
545.619
Bonds of controlled, &c., cos--------545,619
545,619
248,852
200,552
218,700
Real estate------------------------------1,696,401
1,827,244
Leased roads for betterments, & c__
1,289,953
4,375,678
6,393,275
Cash____________________
7,075,233
Loans and bills receivable................
607,371
512,250
1,165,506
Traffic, &c., balances----------------124,292
57,813
95,017
Agents and conductors----------------1,428,693
1,386,996
1,425,049
Materials and supplies----------------- 4,774,784
4,043,817
3,928,346
Miscellaneous accounts------- -------- 1,417,712
1,115,051
1,313,956
074.651
2.415.644
Advances to leased roads-------------1,468,623
902,537
Sinking fund---------------------------1,030,579
965,226
408,113
Elimination of grade cros’gs in process 1,169,050
743,906
648.651
Other deferred debit items-----------812,426
594,918
Total___________ .......... ..............$113 750,607 $90,354,485 $91,818,736
Liabilities—
Common stock...........................
$38 ,529,791 $28,841,691 $28,271,791
Install, rec’d on 7,483 shs. not iss'd
382,750
3,149,800
Preferred stock____________________ 3 ,149,800
3,149,800
5,199.137
Premiums on common stock sold___
6 ,453,416
5,446,331
Funded debt_______________________ 43 ,849,000 42,073,000 42,073,000
Loans and bills payable____________
6 ,250,000
4,400,000
1,150", 858
Traffic, &c., balances_______________ 1 ,462,587
1,366,679
2,100,977
Vouchers and wages________________ 3 ,917,988
2,983,526
23,742
28,724
26,206
Matured Interest, &c.......................
407,145
432,620
Common dividend July 1___________
373,273
1,486,582
1,567,678
Interest and rents July 1........
1,428,347
616,873
586,716
Miscellaneous accounts_______
1,109,058
1,364,741
1,325,786
1,359,286
Accrued Interest, rents, &c_________
1,824,245
1,824,245
Sundry lease accounts_____________
1,852,346
563,215
563,550
97,408
Other deferred credit Items----------1,156,568
026,366
Appropriated surplus______________ b 1 221,920
3,610,424
231,912
2,650,929
Profit and loss_____________ _____ c2,
Total______________________ ____ $113,750,607 $09,354,485 $91,818,736
a Includes In 1911 investment In road, $56,824,252, and In equipment,
$27,664,5 19 (excluding leased road equipment inventoried at the Inception
of leases at $8,205,808), less reserve for accrued depreciation of equipment,
$1,949,318. b Appropriated surplus In 1911 Includes additions to property
since June 30 1907, through income, $191,341, and sinking fund for redemp­
tion of Improvement bonds, $1,030,579. c After adding premium on bonds,
$474,510, and deducting depreciation accrued prior to July 1 1907 on equip­
ment retired during the year, $190,735, and miscellaneous, $6,303.—
V. 93, p. 039, 730.

Chicago Indianapolis & Louisville Ry.

Report for Fiscal Year ending June

(
30 1911.)
President Fairfax Harrison, Chicago,Sept. 20 1911, wrote:
Income Statement.— Gross operating revenues Increased $166,637, but
the net operating revenue decreased $142,391. While other Income de­
creased $33,647, fixed charges. Including Interest on funded debt, also de­
creased $26,835. The balance of Income after charges was $712,587, being
a decrease of $148,993. The regular dividends were declared, namely, 4%
on pref., $200,000; 3 H% on common, $341,250; total, $541,250.
Refunding.— The $2,300,000 of 6% bonds of I,. N. A. & C. Ry. Co. were
redeemed at maturity, Aug. 1 1911, with funds derived from the sale, prior
to the close of the fiscal year, of a like amount of the refunding M. 4% bonds,
Series C (V. 93, p. 44). This refunding will result In a further reduction In
fixed charges of $54,000 per annum, and leaves the refunding mtge. a first
and closed mtge. upon all our main lines. Of the $15,000,000 refunding
bonds, however, there are still held free in the treasury $1,558,000 of the
5% series.
Equipment Bonds.— On March 15 1911 there were Issued $425,000 equip­
ment 4
gol d bonds, Scries A, payable in 20 substantially equal semi­
annual Installments to and Including March 15 1921. These bonds were
delivered in part payment for new equipment, viz.: 10 locomotives, 300
freight-train cars and 8 passenger-train cars, constructed at a total cost of
$525,242, the remainder above the bonds being paid In advance.
Profit and Loss.— The discount on Series C bonds sold, as well as the bal­
ance of discount on the Series O bonds sold a year ago (V. 91, p. 1095) to re­
fund the $3,000,000 L. N. A. & C. 6s of 1910, was charged |during] the year
to profit and toss.
,
.
,
Operating Conditions.— The operating revenues were the largest In the
history of the company; but it Is a fair illustration of the changing operating
conditions of an American railway that, while the operating revenues for
the year ended June 30 1905 were 9.33% less than they arc this year, the
operating Income was then 19.17% greater than It is this year. The change
Is due to an increase of the basis of nearly every unit of operating expense.
While operating revenues Increased this year 2.77% as compared with
the previous year, operating expenses increased 7.83%, which can be
traced largely to increased wages and compliance with the requirements of
governmental regulating authority. However, the Increased terminal
expenses at Louisville, incident to the congestion and reconstruction of the
Kentucky & Ind. Terminal HR., was a substantial but extraordinary factor.
• The new power acquired at the close of the year was of heavy, modern
type, and It is believed that it will afford an opportunity, heretofore lack­
ing, to increase train tonnage, and so offset In some measure the Increased
bases of transportation expenses.
Traffic.— The revenue from passenger traffic increased 8.80%,, due to the
development of this service, which, while highly competitive, it is believed
can be made of still greater relative Importance. While the freight revenue
shows a small decrease (0.02%,), this may be accounted for by the general
hesitation in business prevailing throughout the year. There Is an in­
creasing diversification of the freight traffic, due to the Increased percentage
of manufactures handled. While this is of advantage on the revenue side,
the necessity of expediting the higher classes of traffic and the greater use
of foreign cars which it entails have their effect In keeping down train ton­
nage and swelling the cost of hire of equipment,
i•
Classification of Tonnage— Products of—
Years.
Agricul. Animals. Mines.
Forests. M frs.,& c. Total.
114,696 1,685,538 298,341 1,112,904 3,656,179
1910-11___ 441,700
1909-10___ 429,675
107,951 1,627,352 328,097 1,027,664 3,520,739
Monon Coal Co.— A traffic agreement has been entered Into with the
Monon Coal Co., which has acquired Important coal mines adjacent to the
lines of this company In Sullivan, Greene and Vigo counties, Ind. This will
result In a substantial Increase in the coal traffic for the future (V. 93, p. 50.)
Physical Condition.— The physical condition of the property is good and
has been Improved during the year. Additions and betterments have been
charged wltn $1,152,123 through Income since June 30 1907, or equivalent




1017

to more than 2H% per annum on the common stock during the past four
years. In the year ended June 30 1911 such charges through Income
amounted to $274,302, the remainder of the total charge during the year
of $663,559 to additions and betterments being for new equipment, the
cost of which was financed through the equipment trust. Series A.
Liberal appropriations have also been made for up-kcep during the year,
as Is reflected In the charges to operating expenses of $1,383 per mile of
road for maintenance of way, ana $2,723 per locomotive, $49 per freight
car and $749 per passenger car for maintenance of equipment.
4,957.94 tons of new 75-lb. steel rail were laid In the main track, 327,148
new ties were placed In the main track and branches and 47,436 yards
of new ballast were distributed and put in track. The new rail bought to
be laid during the year ending June 30 1912 was of 90-lb. section, which
hereafter will be our standard. Four steel bridges, aggregating 10 spans,
were erected on the French Lick branch, replacing wooden Howe Truss
spans. Nine stone box culverts and 24 iron pipe culverts were Installed.
The rolling stock has been Increased by the addition of 12 new consolida­
tion freight and 3 new Pacific type passenger engines, also 100 steel under­
frame automobile box cars and 200 steel underframe flat cars, all of 80,000
lbs. capacity. Eight new passenger train cars have been ordered.
A contract has been let for the installation of a modern system of auto­
matic electric block signals on the line between Chicago and Indianapolis,
and construction was begun on new station I nil. in' s at Bloomington, <5;
Louisville Terminals—Kentucky & Indiana Terminal RR.— This company
has issued £1,231,000 (say $5,990,784) 1st M. 4)4% 50-year gold bonds,
due Jan. 1 1961, with which it refunded its entire outstanding funded debt
and provided for the construction of a new double-track bridge across the
Ohio River between Louisville and New Albany, the double-tracking of Its
belt line and the reconstruction and enlargement of its classification yards
in Louisville. These bonds are guaranteed Jointly and severally, as to prin­
cipal and interest, by your company, the IJ. & O. RR. Co. and the Southern
Ry. Co., which together own in equal parts the etnire capital stock and
have by contract agreed to use, during the life of the bonds, the bridge and
terminal facilities for all their traffic in Louisville and crossing the Ohio
River at Louisville. The fixed charges and operating expenses are borne,
by the proprietary companies in the proportions of their several use of the
property (V. 92, p. 187, 261, 1032; V. 93, p. 469).
OPERATIONS, EARNINGS A N D EXPENSES.
1910-11.
1909-10.
1907-08.
1908-09.
Miles operated June 30.
616
616
616
616
Operations—
Passengers carried____
2,160,716
1,855,532
1,996,220
1,897,949
Pass, carried 1 mile___ 86,436,178 80,049,334 75,038,705 71,871,428
Rate per pass, per mile. 1.824 cts.
1.810 cts.
1.798 cts.
1.850 cts.
Rev. freight (tons) car’d 3,656,179
2,821,358
3,520,739
2,061,152
___________
Fr’t (tons) car’d 1 mile.485,074,802 524,265,062
Rate per ton per mile__ 0.836 cts.
0.775 cts.
—
. ...........
Aver, train-load (tons).
313
340
Earn, per pass, train m.
$115
$1.13
$1.14
$1 13
Earn, per fr’t train mile
$2 61
$2.64
$2.27
$2 48
Earns, per mile of road.
$10,040
$9,777
$8,639
$8,458
Earnings—
$
$
$
$
Passenger____________
1,576,660
1,449,074
1,349,547
1,329,973
F reigh t______________
4,054,115
4,063,422
3,482,685
3,382,361
Mall, express and mlsc..
556,104
507,746
487,154
454,827
Total earnings______
Expenses—
Maintenance of Way, &c.
Maint. of equipment__
Traffic expenses_______
Transportation _______
General................ .......

6,186,879

6,020,242

5,319,386

5,167,160

799,008
878,722
201,556
2,193,184
184,693

792,968
822,785
175,641
1,973,814
182,927

777,957
796,980
152,177
1,761,205
165,461

827,557
819,190
139,688
1,797,807
160,821

T o ta l________ _____ _
Per cent. exp. to earns.
Net earnings__________
Taxes ________________

4,257,163
(68.81)
1,929,716
268,445

3,948,135
(65.58)
2,072,107
268,654

3,653,780
(68.69)
1,665,606
260,814

3,745,063
(72.48)
1,422,097
258,395

Operating revenues..
Add’ l dividends, &c___
Hire of equip., balance.
Rents receivable_______

1,661,271
168,187
36,121

1,803,453
173,663
12,709
51,583

1,404,792
191,743
7,718
52,840

1,163,702
204,443
19,286
48,694

T o t a l______________
Disbursements—
Interest on bonds______
Rentals.............. ........
Hire of equipment— bal.
Miscellaneous_________

1,865,579

2,041,408

1,657,093

1,436,125

724,920
416,485
8,345
3,242

774,036
405,706

772,100
382,106

772,100
301,663

85

1,154,206
1,073,763
T o ta l______________
1,152,992
1,179,827
502,887
362,362
712,587
861,580
Surplus for dividends__
200,000
200,000
Dividend on pref. (4 % ).
200,000
200,000
(3)328,125 (3)315,000
Dividend on com_____ (3 H )341,250 (3 K ) 341,250
BAL. A.NCE SHEET JUNE 30.
1910.
1911.
1911.
1910.
Assets—
S
Liabilities—
$
S
Road & equlpt._a32 ,493,403 30.467,258 Common stock__ 10 ,500.000 10.500.000
Stocks of proprie­
Preferred stock__ 5 ,000.000 5,000,000
tary, &c., cos.. 692,036
626,463 Funded debt____ 17 ,300,000 18.212.000
551,875 Eq. 4)4s, Series A
425.000
Miscell. stocks... 306,511
82,874
69,680
839,594
946,887 Traffic, &c.. bals.
Cash ........... .
561,949
621,251
Sedurs. in treas’y. 1,562,300 1,561,391 Vouch. & wages..
150,610
53,712
Marketable securs. 1,598,700 2,008,872 Miscell. accounts.
Loans & bills rec__
79,577
13,000 Matured int., dlvs.
358,295
351,893
24,098
74,055
and rents........
Traffic, &c., bals.
61,717
185,975 Unmat’d lnt., &c.
Agents & conduc. 287,092
67,295
192,845
174,201
Mat’l & supplies.. 467,720
356,856 Oper. reserves...
13,622
Miscell. accounts. 257,950
293,275 Oth.def.cred.items
19,790
Special deposits.. 135,984
........ . Add’ns to prop’ty
Sinking fund___ 2 ,411,987 3,379,280
through income 1,152,122
Oth. dcf. deb.Items
41,252
22,784 Profit and loss...55 ,463,261 5,354,060
Total________ 41,198,205 40,487,972

Total..... ....... 41,198,205 40,487,972

a After deducting reserve for accrued depreciation, $489,506.
b After adding $1,376,847 for adjustment of equipment and depreciation
accounts and $3,288 miscellaneous; and deducting $1,152,123 for additions
to property through income since June 30 1907. $281,923 for discount on
bonds sold and $8,225 miscellaneous.— V. 93, p. 795, 4 4 ..........................

.. ..

Toledo Peoria & Western Ry.

{Report for Fiscal Year ending June

.

30 1911.)
Pres. E . N . Armstrong, Peoria, Sept. 13, wrote in brief:
Results.—The revenue from all sources shows an increase of $120,143, or
10.24%, and expenses increased $106,876, or 10.83%, the result being an
increase in operating income of $13,267, or 7.11%.
The freight traffic Increased 139,848 tons, or 16.42%. The average
revenue per ton mile was 13.2 mills, a decrease of .09 mills, and the average
cost was 11.5 mills, a decrease of .06 mills. The revenue per freight train
mile was $2 39, an Increase of 24 cents; the average cost was $2 07, an
Increase of 22 cents. The number of passengers carried was 1,047,416, an
Increase of 84,943, or 8.83%. The revenue per pass. permlle was 1.96 cts.,
as compared with 1.95 cts. in the preceding year, and the revenue per
passenger train mile was 99 cts., as compared with 94 cts. In the preceding
year. The cost per passenger train mile was 83 cts., an increase of Sets.
Other Income, from hire of equipment. Increased 88,988, or 25.32%.
There is an Increase of $16,259 in maintenance of way and structures.
Maintenance of equipment Increased $42,743: of this increase $41,467 was
due to freight train car repairs, account of cars ageing and In need of more
repairing and a small Increase In wages. Transportation expenses Increased
$52,833, because of increase in mileage, higher cost of fuel and supplies
and an increase In joint facilities account (Peoria yards). There was 1,032
tons of new steel rail and 74,425 cross tics used In renewals and 9.4 miles of
track were ballasted with cinders, of which all replaced dirt.
Expenditures for additions and betterments charged to cost of property
aggregated (net) $41,405. Rolling stock in service June 30 1911: En­
gines, 29, Increase 2; cars In pass, service 30, decrease 1: oars in freight
service 1,726, decrease 6.

THE

1018

Operating Revenue—
Freight revenue.........
Passenger revenue___
Mall, express, &c____

INCOME ACCOUNT.
1910-11.
1909-10.
S
8
778,364
697,431
440,858
410,915
74,340
65,073

C H R O N IC L E

1908-09.
$
654,264
379,714
60,180

1907-08.
8
810,047
353,499
57,934

Total oper. revenue..
Oper. Exp. A Taxes—
Malnt. of way and struc.
Malnt. of equipment__
Traffic expenses_______
Transportation expenses
General expenses______
Taxes ________________

1,293,562

1,173,419

1,094,158

1,221,480

224,146
257,837
28,163
487,583
38,746
57,149

207,887
215,094
30,425
434,750
37,559
61,033

190,482
218,390
25,254
416,641
39,044
50,143

232,082
261,808
22,009
456,602
37,661
48,856

T o t a l _______
Operating Incom e______

1,093,624
199,938

986,748
186,671

939,955
154,203

1,059,018
162,462

Other income—
Hire of equipm ent_____

44,491

35,502

26,895

38,123

T otal net Income____

244,429

222,173

181,098

200,585

Interest on funded d e b t.
Int. on equip, tr. ob lig’s
ln t. on bills payable____
R e n t a ls _______________

195,800
2,753
31,120
1,570

195,800
3,719
31,495
3,448

195,800
5,705
26,950
3,618

195,800
7.816
24,922
7,277
1,002
44,901

Deductions —

18,085

A d d ’ns and betterm ’t s .

231,243
234,462
250,187
281,718
Balance........... ............ sur.13,186 def.12.288 dcf.69,089 def.81,133
GENERAL BALANCE SHEET JU N E 30.
1911.
1910.
1910.
1911.
Liabilities— '
S
Assets—
$
$
S
Road & equlpm’t. 9,418,834 9,403,691 Capital stock....... 4,076,900 4,076,900
103,000 1st M. 4s. due 1917 4,895,000 4,895,000
Stock owned____
103,000
Cash ........... .
63,203
94,396 Equip, tr. oblig’ns
78,658
97,985
778,000
13,166 Loans & bills pay. 778,000
Traffic, &c., bals.
32,125
18,678 Traffic. &c., bals.
46,672
21,300
30,274
Agts. & conduc’rs
80.062 Vouchers & wages 185,253
83,543
Material & supplies
173.657
40,291 Matured Interest.. 141,041
48,013
98,761
Misc. accounts__
19,312 Misc. accounts__
Def. debit items..
27,697
9,991
7,887
Profit and loss---- *362,008 *369,179 Def. credit Items..
549
534
T otal d ed u ctio n s ____

Total............. 10,194,505 10,141,776

Total..............10,194,505 10,141,776

* After deducting 862,986 for additions to property since June 30 1907,
through Income.— V. 93, p. 797.

['.

Cripple Creek Central Railway Co.

{Report for Fiscal Year ending June

30 1911.)
^•President Henry M. Blackmer, Sept. 26, wrote:
Results.— The Income account shows an Increase of 851,619, although
the gross business shows some decline. This Increase Is due partly to
saving In operating expenses and partly to the fact that renewals have been
considerably less. However, the road-bed, track and equipment have been
kept up to the regular standard. The regular annual dividend of 4% has
been maintained on the pref. stock and tho company has carried to surplus
886,709.
Status.— The company had In cash on deposit June 30 1911, 8252,438.
None of the companies has any lloating debt and there are no outstanding
bonds or other obligations, excepting 8373,000 1st M. bonds of the Midland
Terminal Ry. Co.
Tunnel.— The Cripple Creek Drainage Tunnel Is slowly unwatering the
larger mines of the District at the rate of approximately seven feet per
month. The How of this tunnel to date has been somewhat disappointing,
but recently additional funds have been subscribed to prosecute this work
further and active operations have been resumed and It Is bcllcvedthat the
next few months will greatly Increase the benefits from this undertaking
General business In the Cripple Creek District Is quiet but on a substantial
basis.
-------- 1910-11--------------- 1909-10-------Int.on Dividends
In t.on
Dividends
Receipts from—
Bds., &c. on Stock.
Bds., &c.
on Stock.
Florence & Crip. Crk. RR.861,500 (5%) 850,000 861,500
8,750 10.500
.........
Golden Circle R R ________ 10,500 (5%)
Canon City & Crip.Ck.RR. 10,500 (5%)
8,750 10.500
______
2,327 (5 H %)855,000
Midland Terminal_______ 1,800 (4 H% ) 45,000
3,528
10%) 20,000
Colorado Trad & Transfer 3,786 (6%) 12,000
$75,000
$124,500 $88,355
T o t a l........................ .$88,086
Total of a ll____________ .--------- $212,586-------- -------- $163,355-------INCOME ACCOUNT.
1908-09.
1910-11.
1909-10.
1907-08.
$
$
$
$
163,355
188,154 .
214,902
212,586
Net Income (as above). .
7,581
6,957
7,154
8,921
Other Income..............
221,507
Total Income________
14,798
Exps. New York office. .
Preferred dividend_____ (4)120,000
Common dividend_____
T o ta l.................. .
Balance, surplus...........
Surplus previous year..

134,798
86,709
207,705

Total surplus.............

294,414

Total deductions........
Balance, surplus--------Surplus preceding years.
Dividends____________
Profit and loss adjust__

130,103
35,759
606,235
(5)50,000
______

Total surplus June 30.

591,994

195,735
170,312
14,026
15,221
(4)120,000 *(6)180,000
.........
194,026
135,221
1,709
35,090
6170,906
172,615

222,056
13,869
(2)60,000
(3)75,000

172,615

170,999

207,705

148,869
73,187
97,812

[VOL. LXXXXIII

CRIPPLE CREEK CENTRAL RY.
1911.
1910.
Assets—
S
S
Stocks, bonds, &c.,
(V. 81, p.1488)..5,433,846 5,435,908
Due from sub. cos...
1,465
1,356
Cash__________ __ 252,438 160,274
Deposit with Kessler
& Co., of doubtful
value..... 115,590
115,590

CO. BALANCE SHEET JUNE 30.
1911.
1910.
Liabilities—
S
$
Preferred stock........3,000,000 3,000,000
Common stock_____2,500,000 2,500,000
Amounts to credit of
underlying cos____ *5,622
2,120
Dividends unpaid...
3,302
3,302
Surplus................ 294,414 207,705

Total................ 5,803,339 5,713,128

Total....... .........5,803,339 5,713,128

•Includes Mid. Term. Ry., 81,450; Golden Circle RR., 81,150; Canon City & Crip.
Crk. RR., SI,172 and Col. Trad. & Transfer Co., 81,850.
FLORENCE A CRIPPLE CREEK RR. BALANCE SHEET JUNE 20.
1911.
1910.
1911.
1910.
Assets—
S
8
Liabilities—
S
S
Road &equlpment_.2,601,413 2,599,350 Capital stock......... 1,000,000 1,000,000
First mtge. bonds... 1,000,000 1,000,000
Due from Individuals
companies, &c__
22,722
8,292 Vouchers & pay-rolls 14,475
2,665
Due from agents___
2,950
7,075
918 Traffic balances___
2,870
Materials & supplies. 21,805
25,000
25,000
23,870 Notes payable........
Cash....................
14,733
8,658 Crip. C. C. Ry_____
1,465
Traffic balances___
6,000
47,809 Mid. Term. Ry____
22,234
5,262
Cripple Creek Central
Accrued taxes........
'll', 163
670 Rental accounts___
Railway Co........
12,400
3,925
Miscellaneous........
4,681
3,886 Equipment renewal.
10,380
13,878
Miscellaneous
2,303
1,426
Profit and loss_____ 591,994 606,235
Total............... 2,670,401 2,693,253
Total__________ 2,670,401 2,693,253
MIDLAND TERMINAL RY. CO. BALANCE SHEET JUNE 30.
1911.
1911.
1910.
1910.
Liabilities—
S
Assets—
8
8
$
Road & equipment..2,355,051 2,353,798 Capital stock..........1,000,000 1 ,000,000
First mortgage bonds 380,000 383,000
Due from railroads..
31,753
16,015
39,636 Vouchers & pay-rolls 16,413
and Individuals__
13,247
Traffic balances___
30,184
Due from agents and
887 First mtge. coupons.
9,525
375
1,711
conductors-------9,187 Notes payable_____
11,981
10,000
10,000
Materials & supplies.
8,262
256 Equipment renewals.
8,106
Sinking fund accts..
5,945
9,525
375 Equip, lease warrants 24,000
Coup. lnt. acct........
24,000
9,932 C. C. drainage tunnel _____
12,885
Cash....................
438
1,450
1,450 Accrued lnt. & taxes. 13,407
Crip. Crk. Cent. Ry.
6,977
Flor. & Crip. Cr. RR.
6,000 Bills In suspense..... ........
2,527
Canon C. & C. C. RR.
3.000 Profit and loss........ 944,404 934,354
Golden Circle R R ...
3.000
Miscellaneous........
2,222
2,033
Total..... ....... ..2,419,102 2,429,5541 Total....... ........ 2,419,102 2,429,554
GOLDEN CIRCLE RR. AND C. C. A C. RR. BALANCE SHEETS JUNE 30 1911.
Golden
C. C. A
Golden
C. C. A
Circle. C. C. RR.
Liabilities—
Circle. C. C. RR.
$350,000 $350,000 Capital stock______ $175,000 $175,000
Florence & Cripple
First mortgage bonds 175,000 175,000
Creek RR...
.
2,143
1,782 Taxes, vouchers, &c.
2,359
2,011
1,150
1,172 Profit and loss_____
Crip. Crk. Cent. Ry.
934
943
$353,293 $352,954

Total__________ $353 ,'293 $352,954

— V . 91, p. 1157.

Northwestern Elevated Railroad, Chicago.
30 1911.)

{Report for Fiscal Year ending June
President Britton I . Budd says:

Since June 30 1911 the company has made a new mortgage, covering al
of Its property, to secure $25,000,000 bonds, dated Sept. 1 1911. All of
these new bonds have been Issued and sold and the proceeds have been or
will be devoted (a) to the payment and discharge of the principal and Inter­
est of the company’s bonds which matured Sept. 1 1911; (b) to the payment
and discharge of other Indebtedness of the company, and (c) to other cor­
porate purposes. [These notes are deposited as part collateral to secure
Chicago Elevated Rys. notes. V. 93, p. 104; V. 92, p. 1435, 1498.)
RESULTS FOR YEARS ENDING JUNE 30.
1909-10.
1908-09.
1907-08.
1910-11.
Total passengers carried.44,471,566 42,815,132 40,955,795 37,419,286
117,301
112,207
Dally average__________
121,840
102,238
Passenger earnings______$2,023,964 $1,969,833 $1,913,515 $1,857,753
Other earnings (Including
662,206
627,368
loop net earnings)___
707,412
605,434
Total earnings. _ , _____$2,731,376
Malnt. of way & struc__
$63,027
Malnt. of equipment___
153,407
Conducting transport’ll-.
751,011
General expenses_______
117,360

$2,632,039
$56,435
149,593
737,671
111,987

$2,540,884
$45,038
147,045
699,843
103,893

$2,463,18 7
$40,11 4
130,3 81
693,759
100,861

Total oper. expenses..$1,084,805
Net earnings___________ $1,646,571
* T a x es________________
257,468
Bond Interest....... .........
944,100
Other Interest__________
7,494
Preferred dividends.. . (4%)200,000

$1,055,686
$1,576,353
244,380
944,100
11,775
(3)150,000

$995,819
$1,545,065
261,846
848,852
78,590

$905,116
$1,498,071
226,381
802,837
117,965

Total charges_______ $1,409,062
Surplus for year_______ $237,509

$1,350,255
$226,098

$1,189,288
$355,777

$1,147,183
$350,887

* Includes compensation to city on account of loop.
b After deducting 894 for adjustments during the year.
JUNE 30.
* The preferred dividends as above In 1908-09 Include 3% paid Sept. 1 GENERAL BALANCE SHEET (INCLUDING LOOP DIVISION)
1910*
1911.
1911.
1910.
1908 for the 9 months ending June 30 1908 and 1% each paid Dec. 1908
Liabilities— ■
S
8
Assets—
S
$
and March and June 1909; In 1907-08 1% each paid July and Oct. 1907.
Road & e q u lp m ’ t .3 4 ,5 1 6 ',3 1 8 3 4 ,3 1 8 ,5 3 7 Preferred stock... 5,000,000 5.000.
000
— Flor. & Crip. Creek—
— Midland Terminal
339,872 Common stock__ 5,000,000 5.000. 000
Land & blindings. 337,872
1910-11.
1909-10.
1910-11.
1909-10.
Bonds................ 22,482,000 22,482,000
1,096,420
Stocks
and
bonds.
1,095,920
Railroads—
8
8
8
8
Mortgages........ .
........
64.000
and bills re­
Gross Income__________
415,740
430,914
227,474
236,503 Cash
772,202 Equipment notes. 184,000
ceivable.......... 1,079,688
228,000
Operating expenses___
250,495
302,866
137,835
154,871
Reserved for taxes
92,249
92,502
Accounts receiva­
199,489 Accr’d lnt. on bds. 296,025
ble.................. 387,528
296,025
165,245
128,048
Net earnings.
89,639
81,632 Materials
Reserve for malnt. 250,000
250,000
and sup­
498
617
328
Other Income. .
341
28,412 Res’ve for damages
25,000
plies on hand...
25,986
25.000
70,246 Accts.* notes pay. 1,441,322
805,875
128,546
80,967
Total Income________
165,862
81,973 Unadjusted accts. 146,569
Profit
and
loss___
2,819,285
2,681,776
19,100
60,000
19,630
Interest on bonds______
60,000
1,800
1,500
Other Interest_________
1,500
1,800
Total........ ,..37,589,881 36,825.178
Total.............37,589,881 36,825,178
472
1,059
Rents of tracks, &c___
875
571
31,467
Rental leased lines_____
*41,115
« Total bonds. $24,000,000; less owned, 51,518,000; outstanding, $22,482,000.—
” 4^351
5,104
9,705
Hire of equipment_____
* 3,623
0,105
14,267
Taxes...........................
16,908
7,692 V. 93, p. 796, 667.
11,176
Sinking fund__________
______
11,674
113,397
46,004
44,990
15,149
43,963
36.983
591,086
934,354
940,959
______ (4H)45,000 (5 H) 55,000
______ Cr.11,086
Cr.11,412
606.235

944,404

934,354

‘ Includes Golden Circle. 320.899 and Canon City & Crip. Cr., 820,215.
COLORADO TRADING A TRANSFER COMPANY.
1910-11. 1909-10.
1910-11. 1C03-10.
$
S
$
S
Gross earnings------- 528,190 631,565 Dividends............. (6)12,000 (10)20,000
15,462
17,032
Net income...........
18,962
21,930
Surp. previous year.
1,018
Miscellaneous ____
Total................

35,442




38,962

Tot. sur. June 30.

23,442

18,962

Boston & Worcester Electric Companies.

{Report for Fiscal Year ending June

30 1911.)
President William M. Butler, Sept. 1 1911, wrote in brief:
Results.—The gross earnings of the street railway company have Increased
$45,436, or about 8%, while the earnings per car hour on the main line In­
creased from $7 12 to $8 26 and per car mile from 34c. to 38 He. The lim­
ited service between Boston & Worcester has.continued to stimulate the
through business, which has Increased by 47,000 through passengers.
The expenses of transportation were practically the same; maintenance,
however, Increased something over $16 ,0 0 0 . The block signal system Is
being rapidly extended to all parts of the railway.
Double Track.—The street railway company during August 1911 com­
pleted the double tracking of Its main line. The work on the highways at
Framingham In this connection will be completed within 60 days.
Finances.—The street railway company during the year sold $397,200
of 6% pref. stock to bankers (V. 92, p. 39 l. 659, 724); $297,000 of this pref.
stock has been delivered and a major portion of the proceeds used to pur­
chase at par $297,000 of common stock of tho street railway company held

O c t . 14 1911.]

THE

1019

C H R O N IC L E

and owned by the trust, thereby providing the trust with sufficient funds
to retire the $300,000 3-year 6% notes issued July 1 1908 and maturing
July 1 1911, leaving the trust free from liabilities of every kind.
The balance of $100,200 of pref. stock will be delivered to the bankers
some time before Jan. 1 1912 and the proceeds used to reimburse the treas­
ury for expenditures for additional equipment and for the completion of the
double tracking of its railway through Framingham.
The street railway company has no iloatlng debt except $300,000 of notes
payable, held by the trust, and has ample cash for its requirements.
Dividend Resumption Deferred.— While the surplus earnings had accumu­
lated sufficiently so that a dividend could have been paid, it was the unani­
mous decision of the trustees in June last that it was best to allow a further
accumulation of surplus earnings before the resumption of dividends.
BOSTON & WORCESTER ELECTRIC COMPANIES INCOME AC­
COUNT FOR YEARS ENDING JUNE 30.
Disbursements— 1910 - 1 1.1909-10.
Income—
1910-11.1909-10.
___ $33,936
Div. B.&W. St. R y___ $30,375 Preferred dividendsInt. on 3-year notes.$15,855 18,000
Int. on notes and
2,356
otherjmisc. income$20,239 29,835 Miscellaneous _____ 1,829

Crucible Steel Company of America.

{Report for Fiscal Year ending Aug.

31 1911.)
The report, signed Oct. 2 by Herbert Du Puy, Chairman,
and C. C. Ramsey, President, says in substance:
Earnings by Quarters IResults for 1909-10 from Previous Report.— Ed.}
1910-11.
1909-10. I
1910-11.
1909-10.
First quarter.$1,022,759 $1 ,4 1 0,906 Third quarter.$1,078,550 $1,133,685
Second quar_.
972,321 1 ,4 0 6 ,3 6 1 1Fourth quar.. 1,007,146 1,007,111

Total year______________________________________ $4,080,776 $4,958,063
Although the gross earnings, $4,080,776, are gratifying, the plants are
still contending with the economic difficulties of fluctuating activities which
have prevailed in varying degrees since 1907. The production of the year
In tons was 69% of that of the previous year, though sales were 85%, based
upon the same comparison. This shows that although the output was con­
siderably less in tons, the standard of quality of material shipped was much
higher.
Orders.— At the beginning of the year there were unfll'ed orders on the
Total Income___ $20,239 $60,210 T o ta l.....................$17,684 $54,292 books
of 115,936 tons, and at the end 92,113 tons. Not in any single
Balance, surplus--------------------------------------------$2,555$5,917
month did the receipt of orders represent normal mill capacity. The Allqulppa
steel works was therefore closed.
BALANCE SHEET JU L Y 1 1911.
Depreciation and Renewals.— There has been expended $719,032 for main­
Liabilities—
tenance and upkeep, all of which has been charged against income as a part
a ssets__
33,936 preferred shares..No par val. of current expenses. We have also set aside out of profits the usual sum
20,250 com. shares I1.&W. St. Ry.
$300,000 notes pay. B.&W. St. Ry. 34,614 common shares..No par val. of $500,000 to cover depreciation and renewal of plants of the parent com­
pany, and an additional $99,473 for that of the subsidiary companies.
Cash In bank______________ $8,741 Profit and loss, surplus____ $13,891
Crucible Coal Co.— To reduce its fuel costs, your directors during the year
Accounts receivable---------- 5,150
BOSTON & WORCESTER STREET R A IL W A Y RESULTS FOR YEARS purchased at a cost of over $1,600,000 some 2,025 acres of the best coking
and
steam coal property, located along the west side of the Monongahela
ENDING JUNE 30.
.
River, in the Sixth Pool, In Greene County, Pa. In part payment for this
1910-11. 1909-10 large Investment your company deeded in fee the remaining portion of the
Revenue—
1910-11. 1909-10.
Passenger______ $607,383 $563,047
Deduct—
Howe-Brown Steel Works, Pittsburgh, the ground of the old Canton (O.)
Mail _____ _____
451
447 Interest_________$122,805 $134,755
Steel Works, and a piece of unimproved land on the Monongahela River
42,560
41,368 south of West Elizabeth, Pa., all of which were unproductive.
Renta! & miscell.
7,853
6,651 Taxes_________ _
Dividends_______ - ........
30,375
To operate this new coal purchase a subsidiary corporation was formed
Total revenue..$615,687 $570,145
known as the Crucible Coal Co., all of whose capital stock Is owned by your
Total dcduct’ns$ 165,365 $206,498 company. At the site of this new purchase active construction Is now going
Operating expenses 355,855 333,312
$30,335 on with a view to producing fuel in large quantities some time during 1912.
Surplus.............. $94,467
Net revenue...$259,832 $236,833
[The Crucible Coal Co.lwas incorp.iln Pa.March 6 1911 and made a first
mortgage to the Union Trust Co. of Pittsburgh, as trustee, to secure an
GENERAL BALANCE SHEET JU L Y 1.
issue of $1,000,000 5% gold bonds (all outstanding) dated July 1 1911 and
Assets—
1911.
1910.
Liabilities—
1911.
due July 1 1936, but subject to call for payment at 102 and Int. at any
Property invest..$4,826,117 $4,730,948 Preferred stock... $297,000
108,735 Common stock... 2,025,000 $2,322,000 Interest date. Interest J. & J. at office of trustee. Sinking fund 10 cents
91,586
Cash In bank.
per ton, but not less than $20,000 seml-an. These bonds were offered at
6,295 l-’unded debt....... 2,320,000 2,320,000 par
4,903
Accounts receivable
and Int. by a Pittsburgh Institution last July. They are not guaranteed.
1,833
2,463 Notes payable___ g300,000 2/317.090 There
Prepaid Insurance.
are no prior liens. The property is estimated to contain 21,273,000
23,656
101,989 Accounts payable.
30,321
Material & supplies 125,205
53,910 tons of coal, and In July 1911 Improvements of $500,000 were projected.
76,500
76,500 Interest accrued..
47,525
Disc, on bonds__
Pres.,
C. C. Ramsey; Sec., H. E. Zarlng; Treas., Geo. A. Turville. Office,
27,924
37,650 Taxes accrued___
29,823
Profit and loss__
Oliver Bldg., Pittsburgh.]
Pref. stock prem..
29,700
Pittsburgh Crucible Steel Co.— Your company purchased In March 1911
Profit and loss___
46,776
the blast furnace plant of the Midland Steel Co., located on 423 acres on
the Ohio River, in Beaver County, Pa., 36 miles below Pittsburgh. On
Total............. 15,126,145 $5,064,580 Total............. 55,126,145 $5,064,580 this
site, in connection with the blast furnace already in operation. Is now
erected a modern and economical plant for the production of the raw
x Held by B. & W. Electric Cos. y Includes $300,000 held by B. & W. being
materials to be used In the Pittsburgh plants, the plan being that the boats
Elec. Cos. and $17,090 held by banks.— V. 93, p. 795.
carrying coal for coking to the Midland works shall return with billets and
metal for Pittsburgh plants. To operate this purchase Pittsburgh Crucible
Steel Co. was incorporated, the Crucible Steel Co. of America owning the
Western Union Telegraph Company.
entire capital stock and managing It as a subsidiary company.
To provide for the large Improvements now being erected upon this site,
30 1911.)
the Pittsburgh Crucible Steel Co. has made a bond issue of $7,500,000, the
The remarks of President Vail will be found at length on principal and Interest of which are guaranteed by your company. It Is
subsequent pages. Below we show the comparative in­ safe to presume that this works, being the source of supply of future raw
material, will always be a very valuable adjunct. (See V. 92, p. 326, 730.)
come account and balance sheet for several years:
Atha Works.—-The enlargement of the Atha Works at Harrison, N. J.,
through the addition of an electric-steel plant, to be operated by the low
RECEIPTS AN D DISBURSEMENTS.
pressure turbine system, the erection of a new office and other considerable
1910-11.
1909-10.
1908-09.
1907-08.
buildings necessary to take care of the growing business of that mill, will be
Revenues for year....... $35,478,793 $32,754,111 $30,541,073 $28,582,212
finished by the end of the current year, when the results should show greatly
Oper. exp., lncl. rent of
improved earnings.
leased lines, rc-conStockholders.— The number of stockholders on Aug. 31 1911 was pref.,
structlon, repairs, &c.$29,153,632 $25,764,4051 $23,193,966 $25,179,215 3,405; common, 1,669; total, 5,074 (contrasting with 5,013 Aug. 31 1910).
Taxes ....... ................
900,000
849,898/
EARNINGS FOR YEAR ENDING AUGUST 31.
Total
. $30,053,632 $26,614,303 $23,193,966 $25,179,215
1910-11.
1909-10.
1908-09.
1907-08.
Balance
$5,425,161 $6,139,808$7,347,107$3,402,997
Gross earnings....$15,902,139$18,782,729 $12,121,651
$8,928,030
Income from Invest., &c. 1,680,196
1,135,092 lncl. in“ Rev. for year”
Operating charges_ 12,675,023
14,686,4151
Provision for dcprec’n. .
599,473
500,000) 10,126,243
9,456,514
Net p rofits................ $7,105,357 $7,274,900 $7,347,107 $3,402,997 Provision for contlng’s. _
32,505
72.912J
Disbursements—
$1,687,830 $1,732,250 $1,732,250
Net earnings.... $2,595,138
$3,523,402 $1,995,408 dcf.$528,485
For intercston bonds__ $1,733,390
1,714,571 Other income___
2,739,436
2,989,696
Cash dividends________ 2,991,304
134,628
25,943
29,518
18,460
3%
2 %%
Rate per annum_____
3%
1 H%
Balance for divs___ S.$2,729,766 S.$3,549,345 S.$2,024,926 D.$510,025
Total disbursements.. $4,724,694 $4,677,526 $4,471,686 $3,446,821 Int. on dividend scrip..
$73,310
$12,218
______
______
Balance____ _______ sur$2.380,663sur$2597,374sur$2875,421 def$43,824 Int. on bonds of sub. cos.
98,938
______
______
______
Surp. July 1 (beg. year). 7,733,693 18,867,462 15,992,041 18,482,965 Int. on purch. money M.
______
1,245
$10,000
$10,000
Preferred dividends.. (7) 1,730,277a(7%) 1802,192(2 M)549,821 (1)244.365

(Report for Fiscal Year ending June

T o t a l _________________ $ 1 0 ,1 1 4 ,3 5 6 $ 2 1 ,4 6 4 ,8 3 6 $1 8 ,8 6 7 ,4 6 2 $ 1 8 ,439 ,14 1
S to c k d iv id e n d , 2 > i % . .........................
............................................
2 ,4 4 7 ,1 0 0

Adjustments _________

________

13,731,143

________

________

_

_

_ _

Surp. June 30 (end ycar)$10,l 14 356 $7,733,693 $18,867,462 $15,992,041
Tool
Net
Fiscal
Miles of Miles of No. of Messages.
offices.
'
sent.
income.
profits.
Year,poles&cables. wire.
2.565
5,879,282 $6,568,925 $2,624,920
85,291
1 8 6 6 -6 7 _____ 46,2 7 0
1879-80____ 85,645 233,534 9,077 29,215,509 12,782,894 5,833,938
1 8 9 2 -9 3 _____ 189,936
769,201 21,078 66,591,858 24,978,443 7,496,037
1 9 0 3 -0 4 _____199,350 1,155,405 23,458 *67,903,973 29,249,390 7,887,475
ICO 1 -0 5 _____200,224 1,1 8 4 ,5 5 7 23,814 *67,477,320 29,033,635 7,188,065
19050 6 2 02,959 1,256,147 24,323 *71,487,082 30,675,654 7,070,583
19060 7 2 05 ,646 1,321,199 24,760 *74,804,551 32,856,406 6.324,210
19070 8 2 08 ,477 1,359,430 23,853 *62,371,287 28,582,212 3,402,996
19080 9 2 11 ,513 1,382,500 24,321 *68,053,439 30,541,072 7,347,107
190910_2 14 ,360 1,429,049 24,825 *75,135,405 33,889,203 7,274,900
191011_2 15 ,763 1,487,345 24,926 Not given 37,158,989 7,105,357
Not Including messages sent over leased wires or under railroad contract.
BALANCE SHEET JUNE 30 (For full details In 1910 see V. 91, p. 1022).
1911.
1910.
Assets—
1911.
1910.
$
S
Telegraph lines &
$
S
equipment a.. 131,503,226 127,978,618 Capital stock... 99,786,968 99,786,968
Ileal estate....... 5,913,876 5,908,446 Sub. stks. not owned (par):
Patents...........
106,957
102,108 Perpetual leases 3,435,475 3,448,025
Stk. ownership.
458,000
458,100
Amount recover­
Funded debt (sco
able at explratlonofiease___ 1,180,000 1,180,000 "Ily.&lnd.”sec.)c40,584,000 40,572,000
Stk.ofcos. leased* 6,263.453 4,699,623 Temporary loan. d3,500,000 1,500,000
Stk. of cos. not ls’d 4,878,583 4,478,678 Accts. payable.. 1,985,023 2,179,688
Accrued taxes__
787,342
850,000
Sinking fund---33,890
355,339 Int.&gu.dlvs.accr’d 323,580
MIsc. Investments
356,728
368,954
Unpaid dlvs. lncl.
Purchase money
notes & obllg’ns 16,500,000 20,500,000 (July 15)........
779,544
787,761
Material & suppl’s 2,431,644 2,752,090 Def. non-lnt.-bear­
Bllls&accts. rec.
ing liabilities.. _el2,382,901 12,382,901
(less reserve)__ 5,092,298 3,198,119 Res. for cables.. 1,333,221 2,000,000
500,060
Treas. balance.. 1,599,488 1,415,069 lies, for contlng.
389,727
Surplus............ 10,114,356 7,733,693
Total........... 175,860,143 172,508,090

Total............ 175,8C0,143 172,568,090

a Telegraph lines and equipment Include properties controlled by stock ownership
or held under perpetual leases and merged in the Western Union system, b Stock of
cos. leased does not Include securities held by the company as lessee, amounting to a
par value of $2,236,042 In 1911, against $2,280,292 In 1910. c Funded debt includes
In 1911 bonds of subsidiary companies assumed or guaranteed by the W. U. Tel. Co.,
$7,000,000, less held In treasury, $3,123,000. d Partly secured by deposit of treas­
ury bonds, e Deferred non-interest-bearing liabilities consist of proceeds of sales of
securities and other properties held under leases for terms expiring In 1981 from lessee
cos. In which the W. U. Tel. Co. has a controlling Interest, payable only on the deter­
mination of the leases.—V. 93, p. 870, 734.




Balance............. _-.sur.$827,241 S.$l,733,690 S.$l,465,105 def.$764,390
a 7 H % ; also 10% scrip dividend ($2,443,650) on the pref. stock Issued
June 30 1910.
BALANCE SHEET AUGUST 31.
1910.
1910.
1911.
1911.
Liabilities—
S
$ ’
$
S
Assets—
Real est.,plants.&c.44 .758.516 45.825,663 Preferred stock... 25.000.000 24,436,500
Common stock... 24.578,400 24,578,400
Inv. In and advan.
Dividend scrip___ . 2,242,487 2,443,660
to associated cos. 3 511,295
949.775 1,119,733
Accounts payable.
Cash, &c., with
Bills payable...... 1,577,500
trustee of Atha
68,452
39,341
Int., &c., accrued. ,
Wks. lmp’t fund 385,047
272,387
191,690 Depreciation, &c. . 540,264
Invcst’t securities. 200,569
83,389
Accts. & bills rec.. 2,146,066 2,265,457 Insurance fund... . 148,262
122,286
50.000
791,299 Res’ve for contlng .
Cash..............
1,188,877
53,342
56,670 Profit & loss, surp. . 3 275,280 2,448,040
Taxes.Ins.,&c.,adv.
Inventory ........ 6 186,708 6,412,947
Total.............. 58,430,420 55,543,726 Total............... 58.430.420 55,543,726
The company has also guaranteed the principal and Interest of $7,995,000 5%
bonds of subsidiary companies.—V. 92, p. 1638.

New York Dock Company.

{Report for Fiscal Year ending June

30 1911.)

Pres. F. S. Landstreet, Sept. 19 1911, wrote in brief:
Results.— The gross earnings of all departments other than railroad show
a decrease of $157,436. Of this decrease $117,800 was in the warehouse and
storage department and $51,727 was In the steamship and dock department,
while there was an Increase of $12,091 In other Income. The decreases have
been contributed to by the general depressed condition of business, the
agitation for a reduction of the tariff, and decreased crops of coffee and sugar.
Comparative Stocks of the Principal Commodities in Storage in N . Y. on July 1
Sugar.
Cotton.
Coffee.
In store July 1 1910.............157,045 tons 237,205 bales 2,930,483 bags
In store July 1 1911.......... . 88,504 "
95,418 "
2,263,476 “
Decrease......................... 68,541 “
141,787 “
667,007 “
The decrease In the dock and steamship departments was partly due to
steamship business diverted to piers erected by the city In South Brooklyn,
but was further affected by the decrease of vessel arrivals In the port, as
shown by the following statement furnished by the Maritime Exchange
of the Port of New York for years ending June 30: 1910, 10,458 vessels;
1911, 10,026; decrease, 432.
Permanent Improvements.— The reinforced concrete warehouse. Store 46.
mentioned In the last annual report, has been nearly completed: It will have
a storage space of 84,000 sq. ft. Stores 48 and 53 Inclusive, and adjoining

1020

THE

C H R O N IC L E

Store 46, are being converted Into fireproof structures and equipped with
the sprinkler service. These stores have a storage space of 286,000 sq. ft.
All these buildings, when put In operation, will carry the lowest possible
Insurance rate. The policy of adding to your fireproof warehouse facilities
will be continued as demands may justify.
The superstructure of pier 22, which was destroyed by fire, has been
replaced with a modern steel shed. The fire sprinkler system at the
German-Amerlcan stores has been extended to Include Stores 304 and 305
and an additional fire-pump has been installed; this section is used for
storage of cotton. A modern coffee-cleaning plant has been established in
Store 41. The reconstruction of the general office building in Brooklyn
has been completed. The company has purchased at public auction the
Jewell milling property at the foot of Fulton St. Car floats 8 and 9 and
the tug “ Brooklyn” were completed and the steam lighter "Baltic” was
purchased. The Improvements of Baltic Terminal Section has been com­
pleted, largely Increasing the facilities at that point.
The expenditure for permanent Improvements during the year was
S470.810. Of this amount $26,460 was provided by Insurance collected on
Pier 22; $31,370 by the construction fund realized from sale of bonds, and
the balance, $412,980, was paid out of earnings.
Manufacturing Buildings.— Plans have been prepared for the erection of
two manufacturing loft buildings of the most modern type, each 440 ft.
long by 80 ft. In width and six stories In height, on the site of the old
Franklin and Nye stores In the Atlantic Basin Section. The old buildings
are being torn down and the new buildings are expected to be ready for
occupancy In the fall of 1912. It is the Intention ultimately to surround
Atlantic Basin with eight buildings of this type, leaving space next to the
water-front for bulkheads, railroad tracks and modern storagelwarehouses.
The policy of converting some of the older warehouses into manufacturing
structures has been followed and the number of your tenants is showing a
satisfactory growth. The cost of this work was $33,866, part of which has
been charged into operating expenses and the balance will be charged to the
same account before the expiration of the existing leases.
Railroad Deparment.— The gross revenue of this department Increased,
$41,222, while the expenses Increased $59,343. The latter increase was
due to liberal repairs and also to maintaining water-equipment and organi­
zation for the service with the various coastwise and steamship companies
which was put Into effect during the past year, the tonnage handled not
having reached as yet a volume proportionate to the expense Involved.
Your company now acts as terminal agent for 28 railroads and water trans­
portation lines.
A charter for the railroad (V. 90, p. 1365; V. 91, p. 944) was obtained
(In May 1910) and after exhaustive hearings the Public Service Commission
granted a certificate of convenience and necessity. An application for a
franchise to occupy several streets Is still pending before the Board of Esti­
mate and Apportionment.
Damages Suffered during the Construction of the Interborough Tunnel.— A
decision In case No. 2 was rendered by the Rapid Transit Commission late In
the year; this award has been confirmed by the Supreme Court. The
award In the first case has been argued before the Appellate Division and
a decision Is expected during the coming year. Maenwhllc, both awards
are drawing interest at 6%.
Taxes.— The assessment on your real estate made by the city for 1911
was about $28,000,000, an Increase of about $10,000,000 over 1910. After
several hearings the city reduced Its assessment to $23,000,000, leaving an
increase of about $5,000,000, which the company accepted.
Bonds.— The company sold during the year $750,000 of Its 1st M. 4%
bonds held In the treasury, the proceeds of which were set aside as a con­
struction fund. About $630,000 of this amount is still available. The
entire discount on these bonds was absorbed in the sundry net adjustments
shown In the surplus account.
Relations to City.— The Dock Department has made extensive plans look­
ing to the city’s acquisition of the entire water-front of Brooklyn between
Brooklyn Bridge and Bay Ridge, including your water-front property.
The uncertainties as to the consummation of the plan make It Impossible
to predict what effect It may have upon the property.
Dividends.— The directors on Sept. 19 declared a dividend of 1% on pref.
stock, payable on Oct. 16 1911 to holders of record Oct. 2 1911. A dividend
of 1 'A% was paid April 15 1911.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1910-11. 1909-10.
1910-11. 1909-10.
$
$
S
$
1,184,918 1,302,718 Net earnings.. . 1,083,297 1,273,289
Docks_________ . 531,508
583,235 Net earns., rail­
30,872
42,963
Other Income__
road dept___ *27,560
*45,682
Earnings—

Total income.1,110,857 1,318,971
1,759,389 1,916,825
Deduct—
Expenses—
527,075 Taxes_________ 376,400 336,000
Wareh’ses&dks... 539,702
Bond interest__ 472,000 472,000
Repairs & malnt.
48,063
wareh. & docksj 79,415
50,827
63,745
Insurance______
Total deduc,. 8 18,400 808,000
6,653 Balance, surplus 262,457 510,971
6,148
Legal expenses .
Pref. d iv s ...(3>i)350,000 (4)400000
643,536
Total expen.. 676,092
* Gross earnings from operations of RR. Dept. In 1910-11 were $258,773,
agst. $217,552 In 1909-10; expenses, $231,213, agst. $171,870; and net,
as above, $27,560, agst. $45,682.
■
BALANCE SHEET JUNE 30.
1911.
1911.
1910.
Liabilities—
$
Assets—
S
S
Property, &<____ _ (29,603,139 29,172,422 Common stock... 7,000,000
Gash................... 904,618
595,260 Preferred stock...10,000,000
Loans on mdse__.
45,226
First mtge. bonds. 12,550,000
Accounts & claims5
Accounts payable.
114,743
receivable........ 492,556
615,180 Accrued bond Int. 200,167
Accr’d earns., net..
47,192
79,943 Accrued taxes___
204,076
29,242
Materials &supp_..
8,478 Miscellaneous___
4,079
Insur., &c., unexp..
67.570
159,225 Reserve ...........
21,088
38,773
Mlscell. expenses...
8,866 Surplus.............. 1,124,264

b

.31,228,317 30,639,375

1910.
S
7,000,000
10,000.000
11,800,000
93,052
196,667
296,131
597
31,588
1,221,340

Total...............31,228,317 30,639,375

a Property, &c., Includes In 1911 real estate, wharves, warehouses, &c., $28,343,­
035; terminal railroad, $587,441; floating equipment, $139,448; machinery and
tools, $88,865: and expenditure on Improvements and betterments since July 31
1910, $444,350; total as above, $29,603,139.
Reserve for cost of delivering merchandise in store.—V. 93, p. 800.

b

Canada Machinery Corporation, Limited.

(Report for Fiscal Year ended June

30 1911.)

Prea. George D . Forbes, Galt, O n t., Sept. 6 1911, wrote:
A considerable delay was occasioned In starting the organization of the
company, owing to the Inability of your board to secure the services of a
capable General Manager. They were able, however, to secure the service
of Mr. T. F. Kenny, who took charge on Sept. 1.
The profits for the period have been satisfactory and have enabled your
board to pay the Interest on the 1st M. bonds, and, at the same time, pro­
vide for a dividend on the pref. stock for the period. For the first five
months the company Just earned the bond Interest and pref. dividend, but
the latter period shows a surplus over and above the bond Interest and pref.
dividend at the rate of approximately 5% on the common stock, which your
directors have conslderecl advisable to utilize for the purpose of providing
for any possible depreciation In partly finished machinery on hand.
Business during the past year has been good and Indications point to
considerable Increase for the ensuing year.
BALANCE SHEET JU N E 30 1011.
Assets ($2,129,252) —
Liabilities ($2,129,252) —
Plant and chattels, good­
7% preference stock------ $908,800
will, patents, &c., $1,­
Common stock____________
653,400
_______
.
___________
970,301; less depreclaFirst M. 6%
bonds------400,000
tlon, $183,294 ---------- $1,787,008 I Bond
“
' lnt.
‘ ' accrued,
■■■'"* &c___
‘
123,241
Cash, Inventories, bills,&c. 325.552|Pref. div., due Sept. 1___
31,808
Advances for future oper.
16,6921Special mdse, reserve___
12,003
See also Y. 01, p. 278.




[VOL. LXXXXIII

Massachusetts Gas Companies, Boston.

{Report for Fiscal Year ending June

30 1911.)
President C. Minot W eld, Boston, Oct. 10 1911, wrote:
Earnings.— During the year ending June 30 1911 the trustees voted to
set aside $1,000,000 from the accumulated earnings for the payment of
dividends upon the common shares in the year ending June 30 1912, same
being at the rate of 4 % per annum (being the same percentage as in the
preceding year).
Properly, Acquisitions, &c — The property account Includes 4,000 shares
of the Boston Tow Boat Co., which were acquired In Sept. 1910 (V. 91,
p. 1028, 521).
During the year the New England Coal & Coke Co., one of the con­
stituent companies, purchased 2,000 shares (being about 60%) of the stock
of the J. B. B. Coal Co. of West Virginia (see V. 93, p. 232). The property
of the J. B. B. Coal Co. consists of the mining rights and Improvements
on about 3,500 acres of coal lands in West Virginia In the Pocahontas field.
The New England Coal & Coke Co. has been the selling agent for this coal
In the New England market for the last two years.
During the year the Massachusetts Gas Companies sold to the New Eng­
land Coal & Coke Co. (of which your trustees own 4,990 shares of a total
Issue of 5,000 shares) Its entire ownership In the capital stock of the Federal
Coal & Coke Co., so that now all the coal Interests of the gas companies
are consolidated In the New England Coal & Coke Co. [A deed was filed
on July 12 1910 transferring 3,040 acres of the 5,500 acres of coal land of
the Federal Coal & Coke Co. in Northern West Virginia to the Keystone
Coal & Coke Co. (V. 90, p 1428) for a sum variously reported as $1,050,000
and $1,013,143. See V. 91, p. 521.— Ed.]
PROPERTY ACCOUNT JUNE 30 1911.
*Oulsl’g.
Owned.
Owned. *Oulsl’g.
Stocks—
Stocks—
5
S
S
New England Gas
New England Coal &
& Coke Co____ 17,500,000 17,500,000
Coke Co........ .........499,000 500,000
Bos. Con. Gas Co.15,111,600 15,124,600 Boston Tow Boat Co.-.400,000 400,00*
East Host. Gas Co. *567,700
575,000
Newton & Water­
Bonds—
town Gas Lt. Co. 560,000
560,000 Federal Coal & Coke Co.
Citizens' Gas Light
first mortgage (see
Co. of Quincy..
38,300
38,300
below) ....................450,000 450,00*
* Supplied, not In report, x Par of shares $25; other shares $100.—Ed.
The profit from the sale of securities shown In the financial statement*
amounting to $206,975, Is the difference between the cost of 471 1st M
bonds and 251 2d M. bonds of the Federal Coal & Coke Co. and redemption
price received for same, amounting to $92,767, and the profit on 5,000
shares of Federal Coal <Se Coke Co.’s stock sold to the New England Coal &
Coke Co., amounting to $114,208. This last profit, $114,208, was set aside
’as a reserve for any future depreciation of securities.
Price of Gas.—-During the year three of the constituent gas companies,
viz., hast Boston Gas Co., Newton & Watertown Gas Light Co. and Citizens’
Gas Light Co., made reductions In the price of gas. The reduced price
during the year when compared with the price charged at the time your
trustees acquired control of these companies represents a saving to con­
sumers (and consequent reduction In earnings) for the year ending June 30
1911, of $1,031,457 and a total saving to consumers from July l 1905 to
June 30 1911 of $4,669,210.
Boston Consolidated Gas Co.— The net addition In street mains for the
year was 14 miles, 3,928 ft. The total output of gas to consumers was
4.737.313.000 cu. ft., an increase of 4.33%; net gain In meters set 7,019
The company paid the 9% dividend for the year as permitted by the
“ sliding scale bill.” Three parcels of real estate were sold for $52,402
less than the book value.
East Boston Gas Co.—-Net addition In street mains 18,985 eet. To al
output of gas to consumers was 340,531,000 cu. ft., an Increase ui 13.48%;
net gain In meters set, 1,377. The price of gas was reduced on May 1 1911
to 85c. net per 1,000 cu. ft., a reduction of 5c.
Newton & Watertown Gas Light Co.— N ct gain In mctersjsct, 765; net addition
In street mains, 35,212 feet. Total output of gas to consumers 387,821,000
cu. ft., an Increase of 10.02% . The price of gas was reduced on May 11911
5 cents net per 1,000 cu. ft.
Citizens' Gas Light Co. of Quincy.— Net gain In meters set, 973; net addi­
tion in street mains, 58,931 ft. Total output of gas to consumers, 67,752,­
000 cu. ft., an Increase of 28.61 %. During the year a dividend of 5% was
paid, as compared with 2% In the preceding year. A reduction of 10c. net
per 1,000 cu. ft. was made Feb. 1 1911 In the price of gas.
New England Gas & Coke Co.— The net earnings for the year show an In­
crease of $55,991. During the year a dividend of 3 }$% was paid, being the
same rate as In the preceding year.
New England Coal & Coke Co.—-During the year the company purchased
the barge BUvablk and contracted for a new steel steam collier, the Newton,
having a carrying capacity of 7,200 tons. It will cost over $500,000. The
fleet. Including the Newton, now consists of 4 steamers, 3 tugs and 8 barges.
The company continues to show a satisfactory growth considering the
depression in general business. During the year there was sold and de­
livered approximately 1,972,000 tons of coal In addition to the tonnage
sold by the Federal Coal & Coke Co. Liberal allowances for depreciation
of the fleet have been made, the amount to the credit of depreciation
June 30 1911 being $270,000.
During the year ending June 30 1911 the company paid a dividend of 10%
on Its capital stock, being the same rate as paid In the preceding year.
As mentioned above, the New England Coal & Coko Co. purchased a
60% Interest In the J. I). B. Coal Co. on April 1 1911: while the latter’s
output during April, May and June was only 70,858 gross tons, due to cur­
tailment caused by depression In the fuel business, lt Is expected that th*
J. B. B. Coal Co. In normal times will produce between 400,000 and
500.000
tons per year.
The company has purchased (see above) the entire $500,000 stock of th«
F. deral Coal & Coke Co.
Federal Coal & Coke Co.— The net results show undivided earnings of
$7,720, as compared with a deficit of $51,045 In the year ending 1909-10,
an Increase of 558,765. During the year the company mined 377,771
gross tons of coal, an Increase of 140,867 gross tons
During the first six
months, to Dec. 31 1910, during which time a car shortage existed on the
B. & O. RR., the company was unable to get sufficient coal cars, and the
Increase In production was only 27,357 tons. During the half-year to
June 30 1911, the car supply was fairly satisfactory and the Increased pro­
duction was 113,510 tons. Provided that sufficient coal cars are received
to ship the coal to market, the output for the year ending June 30 1912 Is
expected to be between 450,000 and 500,000 gross tons.
Boston Tow Boat Co.— This company docs a general towing and llghtcrag*
business In Boston Harbor and a coastwise towing of barges. Its property
consists of 14 tugboats, 14 coal and merchandise lighters and 2 grain ele­
vators (a new tugboat Is now being built); shops at East Boston, for re­
pairing the fleet, and a coal-handling plant capable of handling 1,000 tons
of coal per day. The business for the 9 months ending June 30 1911, when
considering the necessary time for reorganization and the expenditures
necessary to put the fleet In good condition, should be considered satis­
factory. A dividend of 2% was paid during that period.
MASSACHUSETTS GAS COMPANIES— YEAR ENDING JUNE 30
1909-10.
1908-09.
1910-11.
1907-08.
$250,927
Int. on bonds, notes, &o. $206,423
$155,020
$29,034
2,134,041
Dividends received___
2,177,564
1,946,900
1,791,745
4,350
206,975
Profit on sale of securities
Total earnings......... $2,590,962
Deduct—
E xpenses__
$54,578
Interest__
274,143
Dlvs. on pref. shares, 4% 1,000,000
114,208
Res. for deprec. of secur.

$2,389,318

$2,102,580

$1,821,67*

$57,693
300,313
1,000,000

$55,324
• 172,385
1,000,000

$35,658
29,867
1,000,000

Total deductions___ $1,442,929
Balance, surplus_______ $1,148,033
Surplus from prev. years 1,051,798
Adjustments _________

$1,358,000 $1,227,700
$1,031,312
$874,871
1,010,874
926,002
Cred.9,012 Deb.30,909

$1,065,525
$756,154
012,418
Crcd.7.430

T o ta l------------------- $2,109,831 $2,051,798
Dlvs. on com. shares..(4) 1 ,0 0 0 ,000 (4)1,000,000
Balance____________

$1,199,831

$1,051,708

$1,760,874
(3)750,000

$1,676,002
(3)750,000

$1.010.8T4

$926,002

OOT. 14 1911.]

THE CHRONICLE

T h e n et u n d ivid ed earnings o f the c o n stitu en t com p an ies from th e opera­
tions o f 1 9 1 0 -1 1 (see th e several sta te m e n ts below) sh ow a su rplu s o f $ 1 2 ,7 6 2 ,
g a i n s t deficits o f 5 3 3 ,1 9 0 In 1 9 0 9 -1 0 , $ 5 2 ,8 5 0 In 1 9 0 8 -0 9 an d $ 1 1 ,5 9 3
In 1U U7-08.

O P E R A T IO N S O F S U B -C O M P A N I E S
Additions to
Street M ains.
B o sto n C on solidated G as C o . . . 7 7 ,8 4 8 ft.
E a s t B o sto n Gas C o ......... ............... 1 8 ,9 8 5 ft.
N e w to n & W a t e r t ’n Gas L t . C o . 3 5 ,2 1 2 f t.
C itizen s’ G as E ig h t C o ..................5 8 ,9 5 1 f t .

D U R IN G

YEAR

1 9 1 0 -1 1 .

-------- Gas to ConsumersTotal Cubic Feet.
Increase.
4 ,7 3 7 .3 1 3 ,0 0 0
3 4 0 .5 3 1 .0 0 0
3 8 7 .8 2 1 .0 0 0
0 7 ,7 5 2 ,0 0 0

4 .3 3 %
1 3 .4 8 %
1 0 .0 2 %
2 8 .6 1 %

O P E R A T IO N S OF B O ST O N C O N S O L ID A T E D G A S CO FO R Y E A R S
E N D IN G J U N E 3 0 .
Reported by Public Accountants as Required by Sliding Scale Act.
„
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
2 2 74 ,349 ,10 0
G as p urchased (cubic f e e t ) . . . ................................. 2 ,4 2 5 ,0 6 9 ,0 0 0
G as m a n u fa c tu red (cubic f e e t )................................. 3 ,0 5 2 ,0 4 8 ,0 0 0

2 ,9 1 7 ,3 5 9 ,0 0 0

T o ta l
.................
...................... - . 5 ,4 7 7 .1 1 7 ,6 0 0
G as sold d urin g year (cub ic f e e t ) ---------------------- 5 ,2 9 4 ,0 0 8 .5 0 3
C ost o f gas In holder (per 1 ,0 0 0 cub ic fee t)—
G as p u r c h a s e d ..
...................... - ............... ..
2 9 .9 3 c t s .
G as m a n u f a c t u r e d ...................... .................. .............
2 3 .2 7 c ts .
G as sold ________________________________________
2 7 13 c ts
C ost of d istrib u tion , m a n a g e m e n t, & c ___I
2 2 ,0 1 c ts .

5 ,1 9 1 ,7 0 8 ,1 0 0
5 ,0 3 7 ,9 0 1 ,2 9 0

T o ta l c o st o f gas sold (exclu d in g Interest,
d ep reciation an d r e se r v e )__________________

3 0 .1 0 c ts .
2 3 .5 3 c ts.
2 7 22 cts
2 E 3 5 cts.'

4 9 .1 4 c ts .

4 8 .5 7 c ts .

BOSTON CONSOLIDATED GAS CO.— YEAR ENDING JU N E 30.
19 10-11.
19 09-10.
Gross Income..........$4 ,019,270 $3 ,880,116
Expenses .............. 2,0 65,8 79 2,5 27,7 09
Net Incom e..
MIsc. In c o m e ...

-5 1,35 3,39 1 51,352,347
8,453
7,884

1910 -11 .
1909 -10 .
Net earnings_______S I,361,844 81,360,231
Deduct—
In terest............... ..
$70,650
$62,250
D ivid end s................. 1,361,214 1,361,214

Net earnings— 51,361,844 $1,360,231 Balance,'defl'c'ltl” * 1 $70 020
$63 233
The above docs not Include $52,402 charged to profit and loss account forVdepre­
dation of buildings and machinery located on real estate sold during the year.

N E W ENGLAND GAS & COKE CO.
19 10 -11 .
1 9 09 -10 .
Gross Income.......... $2,989,308 $2,760,426
Oper. e x p e n se s... 2,1 55,7 12
1,998,853
Net Inc. from oper.
Mlscel. Incom e___
Total In c o m e ...

$833,596
31,073

$767,573
26,209

$864,669

$793,782

YEAR ENDING JU N E 30.

_
19 10 -11 .
Gen. exp. & m an.
S78.888
Taxes and ln s u r ..
73 ,510
47,456
In terest....................
D ivid end s...............
612.500
Total deductions
Balance, su rp lu s..

$812,354
$52,315

19 09-10.
$82,121
55,378
35,061
012,500
S785.003
S8,119

LA S I BOSTON GAS CO., N EW TON A W ATERTO W N GA S' IIC IIT CO
CITIZENS' GAS LIGHT CO. OF QUINCY. N E W ENGLAND COAL
& COKE CO., FEDERAL COAL A COKE CO., BOSTON TO W
BOAT CO.— YEAR ENDING JU N E 30 1911
E. Boston Newton A Citizens’ N. E. Coal Fed. Coal
Boston
Cmaa
£ V , C.°N wJ\l-G.Lt. G .Lt.Co. <fc Coke Co. A Coke Co. TowB.Co.
Gross Income............ $323,445
E xp en ses.................... 262,324

$364,324
286,490

$88,844
58,126

$61,121
1,369

$77,834
4,341

$30,718
417

$115,193
$34,723
$12,069
...............................................................

Net e a rn in g s... $62,490
Deduct—
In te re st....................
$800
D iv id e n d s...............
57,500

$82,178

$31,135

S115,193

$34,723

$12,069

$4,191
07,200

$9,696
19,150

$90,940
50,000

$27,003

$2,781
8,000

T otal...................... $58,360
B a la n ce ....................
$4,130

$71,391
S10.787

828,846
$2,289

5140,940
$4,253

$27,003
$7,720

$10,781
S I .288

Net from oper.
MIsc. In com e..

$1 ,155,069 $311,072
1,009,870

1911.
1910.
1911.
1910.
Assets—
3
5
Liabilities—
s
s
Property accou nt.53 ,956,658 54,310,614 Preferred stock___ 25 ,000,000 25 ,000 ,00 0
Cash In banks-----188.667
50,077 Common s t o c k . . . 25 ,000,000 25,000 ,00 0
Notes receivable.. 3,6 41,8 39 3,5 59,5 28 20-year bonds______ 5 ,761,000 5,8 81,0 00
Accts. receivable.
95
2,887 Notes payable____ .
300,000
Bond disc, suspense 373,485
395,234 Accounts payable.
2,372
2,209
Prof. dlv. accrued.
83,333
83,333
Res. for com. d lv . 1,,000,000
1,000,000
Eos.for dep’n of see. i ! 1,208
S u rp lu s............... ..
1 , 199,831
1,051,798
T o t a l.................... 58,100,744 58,318,340

Standard Milling Co.

{Report for Fiscal Year ending Aug.

31 1911.)
The results for the year ending Aug. 31 1911 compare with
those of previous years as follows:
1908-09.

Standard Milling C o_____
N . W . Cons. Milling C o___
Hecker-Jones-Jewell C o . .
Duluth Superior Mills C o.
Dalsy Eollcr Mills________
Southwestern Milling Co

-1
-)
■1
■1
-J

Interest on bon d s.

--

1907-08.
S70.657
270,008
409,819
3,120
1,416
46,665

$766,737

$771,435

$749,8841
1

146,491

$771,435
159,517

$749,884
159,433

$801,691
175,350

-(4 % )2 7 5 ,7 7 2

$611,918
(3)206,821

$590,451
(4)275,728

$626,341
(3)206,763

S405.097

$314,723

$419,578

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

l

$344,474

BALANCE SHEET A UOUST 31.
1911.
$

1910.
S

Assets—
Heal estate, plant,
trade-marks,Ac. 7,699,014
7,686,569
Cash ....................... )
r 252,025
Net avail, assets|
|
at branches . . . )
541 5.19/
101,983
Miscellaneous . . .J
8,342
Accum. earns, duo
from su b-cos___ 3,3 63,1 22
2,753,324
In vestm ents...........
140,436
<1137,335
Insurance fund___
364,252
338,309
Sundry debtors............................
250,754
Securities covered
by 1st M. bonds 6,274,264 60,568,064
T o t a l .......... 18,388,634

18,096.705

GENERAL INVESTM ENT N E W S,
R A IL R O A D S , IN C LU D IN G ELECTRIC R O AD S.
Alabama & Vicksburg R y .—
June 3 0 .
Year—

Operating
Revenues.

1911.
1910.
$
g
6,9 00,0 00 6 ,9 00,0 00
4 ,6 00,0 00 4,600,000
2 ,9 26,0 00 c 3 ,174,000
48,017
52,900
174,396
364,252
338",309

Liabilities—
Preferred stock . . .
Common stock . .
First mtge. bds___
Interest accru ed ..
Sundry creditors.
Insurance reserve.
Surplus
earnings
accou n t............... 3,3 75,9 69

T o t a l ....................18,388,634 18,096,705

Report .— For

Net
Income.

J 9 1 0 -1 1 ............................. $ 1 ,7 4 1 ,9 8 3
$ 4 8 8 ,4 2 1
1 9 0 9 -1 0 .....................
1 ,6 7 2 ,3 5 0 5 6 2 ,4 6 5
— V . 91. p. 1248.

Interest <&.
Rentals.
$ 1 2 2 ,1 6 4
1 2 0 ,4 3 7

year
D ivs.

Balance,
Surplus.

(7 % ).
$ 1 4 7 ,0 0 0
1 4 7 ,0 0 0

$ 2 1 7 ,2 5 7
2 9 5 ,0 2 8

Committee.

Alton Jacksonville & Peoria R R .—
— St. Louis
banks, which, it is said, hold about half of the $600,000 out­
standing bonds as collateral, are reported to have named
\V . C. Fordyce and C. A . Caldwell as a bondholders’ com­
mittee. (See V . 91, p. 1765).— V . 93, p. 939.
Bloomsburg Millville & Northern (Electric) R y
-Notice was filed at Harrisburg on Oct. 10 of
the reorganization of the Bloomsburg & Millville Street R y.
under this title with an authorized issue of $250,000 stock
and §225,000 bonds to complete the road.

.— New

Company.

T h e ro a d , w hich con sisted o f 2 m iles o f c o m p leted
ack o u t o f th e 10
m iles p ro jec ted , w as sold so m e tim e a g o u nd er foreclosu re o f the m orttn p ’c
to the C om m o n w ealth T r u st C o . o f H arrisb u rg trustee1 ^ V 81 n
M
lh cDnew'cCo m ? a n y .an d W ftU er A ' H u g h e s .

'A

&

e ^ n t ^

Reorganization.

Bloomsburg (Pa.)
Millville Street R y .—
— See Bloomsburg Millville & Northern R y . a b o v e — V
81, p. 1435.

.— To Vote on Lease

Boston & Maine R R
.— The stock­
holders voted October 11, to lease the road of the Hampdea
R R . Corporation, which is under construction.
T h is new 3 0 -m lle road ( V . 9 2 , p . 1242) w ill be a lm o st an air line from
Springfield to B o n d sv llle, M a s s ., an d w ill fac ilita te throu gh tra ffic thence
via the C en tral M a ss, division to th e N o r th station in B oS ton an d resorts
In N e w H a m p sh ire an d M ain e.

Dividends .— After

the annual meeting Oct. 11 President

Mellen said:

I see a ye ar o f h a rd w ork ah ead an d I do n o t a n tic ip ate o v e r-sa tisfa c to ry
resu lts
I w ill s a y , h o w e v e r , t h a t I h a v e great confidence In th e fu tu re
o* f a 5 ; an£ 1 ,10P ° t0 b e a b lc to m ain ta in the presen t rate o f
— V dC03dS^ ” 939*1 7 3n0 a l,o u t three years to sec y o u g e ttin g yo u r 6 % again .

Listed

Chicago Indianapolis & Louisville R y .—
.— The
New York Stock Exchange has.listed §2,300,000 refunding
4 % bonds, series
due 1947, making the total

“C,”

$223,901
mortgage
309,349 211,832

BALANCE SHEET OF M ASSACHUSETTS GAS COMPA N ILS JU N E 30.

T o t a l ....................68,160,744 58,318 ,34 0
— V . 93, p. 232.

1031

" 9 :Sen44

C

IStcd § 5 ’ 300>0 0 0 -

(v - 93 P- 4 4 ).— V . 93, p.

Colorado & Southern R y .— Zested .— The New York Stock
Exchange has listed §506,000 refunding and extension
4J ^ % bonds, due 1935, with authority to a d d $1,494,000
on notice of sale, making the total amount authorized to be
listed §31,289,000.
Purposes lor which $ 2 ,0 0 0 ,0 0 0 Bonds have been Listed.
l o r b ette rm en ts an d e q u ip m e n t for 1 9 1 0 .
_
$ 1 7 539
F o r r eim b u rsem en t in th e acqu isition o f $ 1 ,4 0 0 ,0 0 0 face v a lu e o f
’
the 1st - M . 5 % bon d s o f th e C olorad o R R . C o . th e tru stee
issued $ 3 ,0 6 1 ,0 8 5 9 5 b on d s, o f w h ic h _______
1 gs? 46I
are Included In th e ap p lica tio n ; the rem aind er o f s a ld ’ b o n d s
’
b ein g in th e treasu ry o f the C olorad o & S ou th e rn R y .
_____________
R y . C o - Pledged w ith th e tru stee as^additlonal
c ollateral $ 1 ,6 4 7 ,0 0 0 c a p ita l sto ck o f th e C olorad o R R . — V . 9 3 , p . 2 8 3 .

.— Offer for Notes

Colorado-Utah Construction C o
—
Holders of the §4,000,000 two-year Collateral Trust 6 %
Gold Notes, Guaranteed by David H . Moffat (see V . 8 8 ,p.
1127; V . 92, p. 1245), have received a circular dated at
Denver, Oct. 2, signed by W m . G. Evans, President, and
J. C. Helm, Secretary of the Denver Railway Scurities Co.
[organized in Colorado with stock of $10,000,000, all issued
V . 92, p. 1701; V . 93, p. 163]offering, on the condition that
$3,200,000 of the notes be deposited with the Equitable
Trust Co., N .Y ., on or before Oct. 25, the following exchange:
Offer for Every $ 1 ,0 0 0 in Prin. of Guar. Notes of Colo.-Utah Construction Co.
$ 1 2 5 In c a sh , w ith Interest thereon a t 6 % per an n u m for th e period A u g . 1
_
1911 to O c t. 3 0 19 1 1 .
$ 8 7 5 In purchase m o n e y collateral tru st 6 % go ld n otes of th e Securities
c o m p a n y , b earing coup ons m atu rin g N o v . 1 1911 and su b se q u en tly .
J i 'e rl lF,c b 'H c 5 l ° 2 ® y n ° tc- v _
vi11 b e issu ed In d en o m in a tio n s o f $ 4 3 .<o0, $ _ l , 8 / o , $ 8 .7 o 0 , $ 4 , 3 / o an d $ 8 7 5 .
N o cash p a y m e n ts there­
fore will be required In a d ju stm e n t.
For th e purpose o f effecting such e x ch a n g e , th e S ecurities C o m p a n y h as
au th orized an Issue o f $ 3 ,5 0 0 ,0 0 0 p urchase m o n ey collateral tru st 6 % go ld
notes to m atu re M a y 1 1 9 1 2 , to bear Interest from M a y 1 1 9 1 1 , (p a y a b le
qu arterly A u g . l , A c .) , and to be Issued u nder a tru st a greem en t w ith th e
E q u ita b le T ru st C o. of N . Y . , as tru stee, u nd er w hich , as se c u rity , th e
ou tsta n d in g n otes of th e C on stru ction C o m p a n y acquired b y th e Secu rities
C o m p a n y will be transferred to th e tru stee.
If th is offer b ecom es effe ctive, th e cash p a y m e n t w ill h e m a d e b y th e
T r u st C o m p a n y on p resen tation , on or a t a n y tim e after O c t. 3 0 1 9 1 1 . of
th e d ep osit receip ts, and th e new p urchase m o n e y n otes w ill be d elivered oh
or 2P cr N ° v - 6 1811 on surrender o f th e d eposit receipts.
IThis offer supersedes th e earlier offer and differs from it o n ly b y th e In­
sertion of th e w ords “ w ith Interest thereon at 6 % per an n u m for th e nerlod
A h ? - 1 1 0 1 1 to O c t. 3 0 1 9 1 1 ,” after th e figures an d w ord s “ $ 1 2 5 In cash ” 1
— V . 92, p. 1245.

Stock

Concord & Montreal R R .—
.— The shareholders voted
Oct. 10 to issue S400,000 additional stock on account of
improvements made and in progress.— V . 91, p. 1629.

Denver Northwestern & Pacific R y.— Offer for Notes
Secured by Railway Stock and Bonds .— See Colorado-Utah
Construction Co. above and compare V . 93, p. 163, 871.

mlscoUaneous!n$ l!3 3 5 ; I n ^ o Y lf^ T s ^ a t e d * M,WnB C° ' llcbcnturo l,oml3' S133.000;
•00 (out*of*$2! 50(MX>()*at
J2)

Co. of New Jersey 1st M. 6s, $ 1 ,0 5 2 ,-

{f.0rcker"Jone3' Jcwc11 Milling Co. of New York (out of $ 1 ,0 0 0 ,0 0 0 ),

(3) Northwestern Oons. Mill. Co. com. stock, 42,91(5 shares valued at SI 229 ^4(5
(4) Duluth-Superior Milling Co. stock, $250,000 ( t o t a l,^ o u n t ) , at o a r .'
’
(5) Southwestern Milling Co. stock, 1,000 shares (total amt ) valued at $389 413
(6) Ilccker Cereal <:>. stock, $10,000, at par
va'uea a* 538J.413.
(7) Daisy Eoller Mills stock, S100.000, at par; In 1911 not stated
c in 1910 as follows: Authorized Issue, $6,250,000: Issued.' $5,857 000- held In
treasury to take up outstanding II.-J .-J . M. Co. and N . W . C. M. Co. bonds' $2 278 000; canceled (sinking fund,) $105,000; balance outstanding, $3 174 000' In ' 1911
stated.— V . 92, p. 1440.




.— Offer for Notes

Denver Railway Securities Co
.— See
Colorado-Utah Construction Co. above and compare V . 93,
p. 163; V . 92, p. 1701.

.—Bonds Ready.

Detroit River Tunnel Co
— J. P . Morgan
& Co. announce that they are prepared to deliver definitive
bonds in exchange for their trust receipts for 1st M. Terminal
and Tunnel 4
50-year guaranteed gold bonds upon
presentation of the receipts at their office properly indorsed.
— V . 93, p .4 6 9 .
‘
*

Yiff0

[VOL. LXXXXIII.

THE CHRONICLE

1023

debenture stock and $20 in common stock of
Report.— See “ Annual Reports.”
Notes Offered.— Kissel, Kinnicutt & Co., New York, are Tramways Co.
President E . A . Robert made substantially
placing at 9 8 Y% and int., to net about 5 ^ 2 % , 8250,000 of the ,
Erie R R .—

new issue of 81,550,000 3-year 5 % collateral trust notes
dated Oct. 2 1911, which were sold by the company last
week. See V . 93, p. 940.
F t. Dodge Des Moines & Southern R R .—
— Judge McPherson in the Federal
Court has authorized the receivers to issue 8720,000 of
receivers’ certificates, of which 8500,000 will be used to
retire the certificates issued on March 20 1911 and the
remainder for improvements. The new extension, Ankeny
to Des Moines, at a connection with the Rock Island road,
will cost 820,000.— V . 92, p. 1242.
Hampden R R . Corporation.—
— See Boston &
Maine R R . above.— V . 92, p. 1242.
Harriman Securities Co.—
8 .— The Standard
Trust Co. of N . Y . , as trustee, under indenture dated Mch. 30
1909, announces that it will on N ov. 8 1911, through Adriall
H . Muller & Son, auctioneers, N o. 14 Yescy S t., N . Y ., sen
the following pledged securities: 8275,000 1st M. 5 % bonds
and 8350,000 stock of the Tennessee R y . Co. (see “ R y . &
In d .” Section) and 837,500 stock of the Paint Rock Coal Co.
of New Jersey.
Hocking Valley R y .—
.— The Supreme Court
of Ohio on Oct. 10, by consent of the parties thereto, dis­
missed the ouster proceedings brought by the AttorneyGeneral of Ohio about 8 years ago on the ground of viola­
tion of the Valentine Anti-Trust law.

T h e n ew charter o f the M on treal T r a m w a y s C o. gives th e righ t to m ake
4 2 -y e a r c on tracts w ith the C ity o f M on treal an d o th er m unicip alities on
th e Isla n d , th u s g rea tly sim p lify in g the dealings betw een the c o m p a n y w ith
the m unicip alities an d also en ab lin g the directors to llnance the u nd er­
ta k in g on a m ore econ om ical basis.
T h ere will be no w atering o f the stock
an d the return to shareholders w ill be Increased from 1 0 % as a t presen t to
12 V i% .
I t Is an a b so lu te ly sq uare deal and as m uch in the Interests of the
shareholders a s o f the irectors. |The c a p ita l stock of th e n ew c o m p a n y is
reported as $ 2 0 ,0 0 0 ,0 0 0 .)
A s to sale of $ 1 0 ,0 0 0 ,0 0 0 T r a m w a y s C o . bonds
see V . 9 3 , p . 9 4 0 .

New Orleans & Northeastern R R .—
J u n e SO.
Operating
Year—
R ev en u es.
1 9 1 0 -1 1
___ $ 3 ,5 2 7 ,9 3 1
190910 __________
— V . 91 , p . 1323.

Lease.
Sale Nov.

Suit Dismissed

T h e C ircu it C ou rt o f Fran klin C o u n ty , O h io , on A p ril 24 1900 held to be
illegal the con trol of the K a n a w h a & M ichigan R y ., T o led o & O hio Central
R y ., Z an e sville & W e ste rn R y ., an d the allied coal p roperties, and the
order Just m a d e d isposes o f th e ap peal taken from the decision of the lower
C o u r t.
C om p are V . 8 9 , p . 2 8 6 and V . 8 8 , p . 1 1 2 7 , 1 2 5 3 .
T h e S ta te
c on se n ted to th e d ism issal, insam ucli as the c o m p a n y h as, as th e result of
th e Jud gm ent of the low er C o u r t,d isp o se d of its h oldings In the K a n aw h a
& M ic h ig a n , T o le d o & Ohio C entral and Zanesville & W e ste rn and also
(In 1908) c o n v e y e d In tru st Its con trol of the S u n d a y Creek C o ., the sam e
to be re -co n v e y e d in case of the favorab le en d ing of litigation .
T h e dis­
p osition of the su it does n ot afreet a n y other litigation now pen din g in which
th e c o m p a n y Is In v o lv e d .— V . 9 2 , p . 1 7 0 1 .

New President.

Iowa Central R y .—
— See Minneapolis &
St. Louis R R . below.— V . 93, p. 940, 731.
Jonesboro Lake City & Eastern R R .—
—
The company, whose line extends from Jonesboro to Bar­
field, A rk., 67 miles, and Osceola Jet. to Osceola, Ark.,
20 miles, has, since Sept. 16 last operated under lease the
Wilson Northern R y ., extending from Wilson to Ross, 18
miles.— V . 92, p. 659.
Kansas City Fort Scott & Memphis R y .—
— The
New York Stock Exchange has listed 82,688,000 guaranteed
refunding M 4 % bonds due 1936, recently sold, making the
total listed to date, 825,569,000. Compare V. 93, p. 45; V.
92, p. 1311.
Lehigh Valley Transit Co.—
— The
voting trust will expire at 3 p. in. Oct. 16, after which date
Brown Brothers & Co., Phila., will as agents receive the
trust certificates for transfer for stock certificates.— V .
93, p. 940, 871.
Long Island R R .—
— The Public
Service Commission, Second District, on Oct. 11 authorized
the company to issue $4,000,000 4 % (debentures, which are
to be given to the Penna. R R . on account of advances.

Leased Road.

the following

comments:

New Receiver

Certificates Authorized.

the Montreal

Report.— For

year:

N et (after
Other
I n t. & D ividen d s B alan ce,
T a x e s).
In com e.
R en tals.
(6 4 $ % ) . S u r p lu s.
$ 1 ,0 0 8 ,8 5 9 $ 1 0 8 ,3 6 4 $ 5 8 6 ,3 3 2 $ 3 9 0 ,0 0 0 $ 1 4 0 ,8 9 1
3 ,4 4 3 ,1 0 2 1 ,0 7 4 ,0 9 2 1 0 0 ,1 8 4 5 0 3 ,9 6 5 3 9 0 ,0 0 0 2 8 0 ,3 1 1

Verdict on Bonds Against

Newton & Northwestern R R .—
items on “ Banks, Bankers, &c.— V . 89, p.
1597.
New York Susquehanna & Western RR

Bankers.— See

—Report.

J u n e 30
Operating
N et (after
Yea r—
R even u e.
T a x e s).
191011
_ . $ 3 ,8 7 6 ,6 7 8
1 9 0 9 -1 0 .
3 .4 7 4 ,3 6 0
1 ,0 7 4 ,9 3 5
— V . 93, p. 470.

Other
F ix e d A d d ’ns A B a la n ce,
In com e. Charges. B elter'ts. S u rp lu s
$ 1 ,3 7 2 ,0 6 2 $ 1 5 6 ,8 7 4 $ 9 9 4 ,3 9 9 $ 1 6 3 ,9 0 4 $ 3 7 0 ,6 3 2
1 3 0 ,9 3 8 1 ,0 1 6 ,1 1 9
1 ,8 0 8 1 8 7 ,9 4 6

New Directors.

Northern Pacific R y .—
— Thomas W .
Lamont of J. P. Morgan & Co. and George F. Baker Jr.,
a Vice-President of the First National Bank, have been
elected directors, to succeed George W . Perkins and Alex­
ander S. Cochran, who resigned.
— See “ Annual Reports.” — V . 93, p, 937.
Old Colony R R .—
— The shareholders will vote
Oct. 24 on purchasing the property and franchises of the
Plymouth & Middleborough R lt. (V . 93, p. 106).— V.93,p.872
Quebec Railway, Light, Heat & Power Co.
— In view of the heavy holdings by French investors
three Paris men are to be elected to the board. J. W .
McConnell of Montreal has resigned as a director.
— For year ended June 30: Gross $1,380,126;
] operating expenses, $661,907; net, $718,219; fixed charges,
$445,219; balance, surplus, $273,000. The third quarterly
dividend of 1 % on the ($10,000,000) stock will be paid
Oct. 1.— V . 93, p. 106.
Rutland (V t.) R y ., Light & Power
— Red­
mond & Co. report:

Listed.

Voting Trust Expires.

Debentures Authorized.

Report.

1Purchase.

—French

Directors.

Earnings.

Go.—Earnings.

Year end.
Sept. 3 0 .

Gross
Earnings.

1911 ____ . . $ 3 0 9 , 1 9 8
19
LU _______
7),0 ,1 9 8
1910
_____ . . 6 I2V
— V . 9 1 , p . lG t.

Net
Earnings.
$ 1 4 5 ,0 7 7
1 3 0 ,4 6 5

Balance .
Surplus■

Taxes
Paid.

Bond
Interest.

«i>1)4,08 1
4 5 ,8 0 8

$ 6 ,9 0 0
6 ,9 0 0

$ 8 4 ,0 9 6
7 7 ,7 5 7

Listed

St. Louis & San Francisco R R .—
.— The New York
Stock Exchange has listed (1) $623,000 4 % refunding M.
bonds, due 1951, making the total listed to date $68,223,000;
and (2) $29,000,000 common stock, and (3) has authorized
to be listed $4,000,000 trust certificates for Chicago & Eastern
Illinois R R . preferred stock, on notice of issuance in exchange
for C. & E . I. prof, stock, making the total authorized to
be listed.
.— For years ending June 30:

Report

June 30
Year—

Operating
Revenue.

Net (after
Taxes.

$
$
19 10 -11 . . 4 3 , 1 5 9 , 2 2 8 1 2 ,0 2 7 ,0 0 1
1 9 0 9 -1 0 . . 4 1 , 1 6 5 , 9 3 9 1 1 ,0 3 0 ,9 1 1
— V . 93, p. 797, 667.

Other
Income.

P fd . Divs. Balance,
Fixed
(4 % )
Surplus.
Charges.

$
$
2 ,3 3 3 ,9 7 0 1 2 ,8 2 5 ,5 6 7
2 ,3 0 0 ,4 2 9 1 2 ,2 0 9 ,3 8 1

$
1 9 9 .7 4 2
1 9 9 .7 4 2

$
1 ,3 3 5 ,6 6 2
9 2 2 ,2 1 7

Earnings.—

T h ere w as d u e th e P e n n sy lv a n ia R R . on D e c. 31 1910 $ 1 2 ,7 9 8 ,7 9 2 , on
ac co u n t o f w hich $ 8 ,0 6 2 ,9 5 1 deb en tu res h ad been Issu ed .— V . 9 3 , p . 1 0 5 .

Spokane Portland & Seattle R y .—
(550.95
miles), including in both years the Austin & Columbia R R .
Midland Valley R R .—
— The
Wichita & Midland Valley R R . Co. 5 % bonds, which were (merged Mch. 1 1911):
Year end. Oper.
Net (after)
Other
Interest,
Balance,
sold during the summer for the extension of the Midland June 30 Revenue.
Taxes.
Inc.
Rents, A c .
Surplus.
1911
$5
4
5
3
4
5
9
$
2
,3
2
6
,7
6
6
$
7
2
6
,5
2
8
$
3
9
9
,8
7
9
$
2
,6
5 3 ,4 1 4
Valley R R . into Wichita, K a n ., are being delivered by the.
1910 '
4 [.3 3 4 ,2 7 8
1 ,1 5 9 ,8 9 4
3 8 3 ,2 9 1
3 8 8 ,6 7 2
1 ,1 5 4 ,5 1 3
Philadelphia Trust, Safe Deposit & Insurance Co. (V . 92,
J o in tly controlled b y G reat N orth e rn R y . and N o r . P a c . R y . S y ste m on
p. 795). The extension is completed and the Midland Valley June 3 0 19 11 , aggregated 8 1 4 .9 5 m iles, v l z . : S t . P . & S . R y ., 5 5 0 .9 5 ; Oregon
T ru n k R R ., 1 2 6 .4 0 ; O regon E le ctric R y ., 7 1 .6 8 ; U n ite d R y s . of P o rtla n d ,
began to run trains into Wichita October 3.
3 2 .9 2 ; Pacific & E a ste r n , 3 3 .0 0 .— V . 9 3 , p . 9 1 4 .
T h is gives the M id lan d V a lle y R R . a d irect line fro m F t . S m it h , A r k .,
Tennessee R y .— See Harriman Securities Co. above.— V .
in to W ic h ita , thu s conn ectin g the im p o rta n t tow ns of F t . S m ith , 2 4 ,0 0 0
p o p u la tio n , S tig lcr , 3 ,0 0 0 , M u sk ogee 2 5 ,0 0 0 , T u lsa 1 8 ,0 0 0 , P aw h u sk a
81, p. 1242.
4 ,0 0 0 , A r k a n sa s C ity 7 ,5 0 0 an d W ic h it a 6 0 ,0 0 0 .— V . 9 3 , p . 4 5 .
Union Pacific R R .—
— Julius Kruttschnitt,
Minneapolis
St. Louis R R .—
— Newman
Vice-President and director of maintenance and operation
Erb has been elected President of the Minneapolis & St. Louis
on the Harriman lines, has been elected a director. Louis J .
R R . and of the Iowa Central R y ., to succeed Theodore P.
Spence who will succeed J. C. Stubbs as directoi of traffic
Shouts, resigned. Compare V . 93, p. 940, 666.
of the Harriman lines, on Jan. 1, becomes a director of the
Missouri Oklahoma & Gulf R y .—
— The Oregon Short Line R R .
Missouri Oklahoma & Gulf R R . of Texas has filed a mortgage
E v e n tu a lly , M e ssrs. K r u ttsc h n itt a n d S p e n c e , It Is said , will en ter all
to the St. Louis Union Trust Co. to secure 81,000,000 1st M. of the H arrim an b oard s. A t p resen t the o n ly vacancies on a " y,
30-year 5 % bonds, dated Jan. 3 1911, covering lines in Texas. b oard s are those left b y the resign ation of I I . C . 1 lic k . V . 9 3 , p . J 4 1 , 8 7 2 .
United Railways
Electric Co. of Baltimore
Compare V. 91, p. 1328; V. 93, p. 469.
— The Safe Deposit & Trust Co. will pay the fol­
Mobile & Ohio R R .—
For year ending June 30:
lowing bonds:
Fiscal
Operatino
Net (.after
Other
Interest, Dividends Balance,

Bonds on Extension, &c.

&

New Director.

Neiv President.

Neiv Mortgage.

of Bonds.

Report.—

&

.— Payment

Year—
Revenue.
Taxes).
Income. Rents, A c .
(4 % ).
Surplus.
1 9 1 0 -1 1
$ 1 1 ,1 9 7 ,3 4 7 $ 2 ,9 8 8 ,2 4 2 $ 2 3 0 ,1 8 8 $ 2 ,6 0 4 ,5 8 1 $ 2 4 2 ,8 2 4 $ 3 7 1 ,0 2 5
1 9 0 9 -1 0 " 10 6 3 6 ,7 3 3
2 ,9 0 2 ,9 0 2
2 2 9 ,8 8 0
2 ,5 8 0 ,1 9 6
2 4 2 ,8 2 4
3 0 9 ,7 6 2
F ro m th e balan ce as a b o v e in 19 10 -11 w as d ed ucted $ 8 ,3 3 5 for ad dition s
an d b ette r m e n ts, ag a in st $ 2 8 ,4 3 2 in 1 9 0 9 -1 0 , leaving $ 3 6 2 ,6 9 0 In 1 9 1 0 -1 1 ,
again st $ 2 8 1 ,3 3 1 .— V . 9 2 , p . 4 6 2 .

(1)
A t m a tu r ity $ 2 ,0 0 0 ,0 0 0 B a ltim o re C ity P assenger R y . 1st M . 5 %
bon d s an d $ 5 0 0 ,0 0 0 1 J $% c ertificates of In d eb ted ness, b oth of w hich are
due N o v . 2 ; also (2) $ 8 5 ,0 0 0 U n ite d R a ilw a y s & E lectric C o. car tru st cer­
tificates series B and $ 3 5 ,0 0 0 car t r u s t certIUcatcs series A , w hich m atured
on O c t. 1 .— V . 9 3 , p . 4 7 0 , 1 6 5 .

Montreal Tramways.—
— See Montreal Street R y.
above.— V . 93, p. 940.
Montreal Street R
— The shareholders on_Oct. 5
by a favorable vote of 61,391 shares, with only 3,627 shares
opposed, decided to convey all the properties of the company
and its subsidiaries to the new Montreal Tramways Co.
As consideration, the stockholders of the Montreal [Street
R y . Co., for each share,will receive at their option (a) 887 50
in cash and 8160 in 5 % debenture stock and $20 in common
stock of the Montreal Tramways Co. or (
$250 in 5 %

June 3 0 . Operating
Year— Revenues.

Net (after
Taxes )*

Other
Income.

1 9 1 0 - 1 1 . $ 1,4 5 2 ,8 1 2
1 9 0 9 - 1 0 . 1 ,4 1 8 ,3 1 2
— V . 91, p. 1324.

$ 3 1 7 ,0 3 1
3 0 8 ,0 3 9

$ 1 0 4 ,0 9
9 3 ,9 o l




Terms.
y .—Sale.

b)

Vicksburg Shreveport & Pacific R y .—

Report.— For

Interest & P r e f.d iv .
(5 % ).
Rentals.
$ 8 1 ,6 8 2
1 8 0 ,6 7 5

$ 1 0 7 ,1 4 0
1 0 7 ,1 4 0

Neiv Director.

year:

Balance.
Surplus.
$ 1 3 2 ,3 0 0
1 1 4 ,1 7 5

W abash R R .—
— Howard Gould has been
elected a director to succeed John T . Terry, who retires on
account of age.— V . 93, p. 938, 866.
Western N . Y . & Penn. R y .—
— The share­
holders will vote Oct. 16 on purchasing the property and
franchise of the subsidiary Kinzua R It.

Purchase.

Ocw». 14 1911.]

THE CHRONICLE

T h e K ln z u a U R . is a recen t c o n solid ation of the Iiin z u a R y . an d K ln z u a
V a lle y R R . an d its c a p ita l Is all ow n ed b y th e W e ste r n N . Y . & P en n R y .
I t has n o b on d s o u tsta n d in g .
T h e road ex te n d s from K ln z u a to G ates and
from M orrison to W e s t L in e, P a .. 2 2 .7 8 m ile s.— V . 9 2 , p . 1 3 7 6 , 14 3 1 .

Lease—

W ilson Northern R y .—
See Jonesboro Lake City
& Eastern ItR .
Winnipeg (Manitoba) Electric R y .—
— See “ Winnipeg, Manitoba” in the
State and City department.
Wisconsin Central R y .—
W . F. Fitch of
Marquette, Mich., President of the Duluth South Shore &
Atlantic R y ., has been elected a director to succeed Newman
Erb.— V . 90, p. 1364.

Negotiations For Pur­

chase by City Deferred.

New Director.—

;

IN D U S T R IA L , GAS AN D M ISCELLAN EO U S.
Adam s Express Co.—
— For year ending June 30,
as filed in Massachusetts:

Fiscal
Year.

Report.

Gross
Earnings.

Net
Earnings.

Other
Income.

Fixed
Charges.

G ivi(lends.

Balance,
Surplus.

$
8
8
$
$
$
1 9 1 0 -1 1 ___ 3 2 ,8 5 5 ,1 8 5 1 ,3 0 0 ,3 1 2 2 ,5 9 0 ,4 1 3 1 ,2 0 5 ,2 3 6 1 ,2 1 1 ,2 8 0 1 ,6 1 4 ,2 0 9
1 9 0 9 - 1 0 . . .3 1 ,8 1 0 ,9 7 0 2 .2 3 2 ,3 7 2 1 ,8 6 4 ,0 0 4 1 ,1 7 4 ,2 1 6 1 ,2 1 3 ,6 8 0 1 ,7 0 8 ,4 8 1
T h e to ta l su rp lu s on Jun e 30 1 9 1 1 , after a d d in g profit on purchase and
sale of secu rities, $ 1 5 4 ,9 7 6 , an d m iscellan eou s, $ 1 0 4 ,3 5 0 , and d ed ucting
d ep reciation on b uildin gs, $ 4 6 ,7 1 3 , and m iscellan e ou s, $ 6 0 ,4 9 0 , w as $ 2 5 ,0 4 1 ,4 1 9 .— V . 9 2 , p . 1 0 3 4 .

Plan.
.—Status.—Change in Fiscal

Alabama Consolidated Coal & Iron Co.—
— See Ala.
Consol. Coal, Iron & Steel Co. below.— V . 93, p. 103.
Allis-Chalmers Co., New York
— Touching the price of the company's securities, Vice­
President Nichois on Oct. 9 said:

Year.

F or so m e tim e p ast the v o lu m e o f new b u sin ess— th e sam e as w ith other
concerns— has been u n sa tisfa cto r y .
O ur p rod u ct consists o f h ea v y m achin ­
e ry , pow er p la n ts, & c ., for w hich , as new en terp rises arc now being held in
ab ey a n c e, m ark ets m u st be fou nd a m o n g go in g concern s w ho th em selv es
are operatin g far below c a p a c ity .
T h ere seem s to be n o Im m ed iate prospect
o f reviv al.
O ur c o m p a n y has curren t assets greatly In excess o f Its current liabilities.
Our sem i-an n u al a u d it is n ow in p rogress.
I t has been decided to change
the en d ing of our fiscal year from Jun e 30 to D e c . 3 1.
[A n exch ange jou rn al u n d erstan d s th a t for the llscal year en d in g June 30
1011 there w as a deficit after fixed charges an d d ep reciation of betw een
$ 2 5 0 ,0 0 0 an d $ 3 0 0 ,0 0 0 .
T h e sin kin g fu n d for tin; $ 1 1 ,0 1 7 0 0 0 1st M . 5s
n ow ou tsta n d in g begins In 1912 an d m u st retire all the b on d s b y 19 36 , the
a m o u n t to be retired in 19 12 , based on a $ 1 2 ,0 0 0 ,0 0 0 issu e ,b e in g $ 2 5 1 ,0 0 0
(sec V . 8 6 , p . 1 0 3 2 .)
T o June 30 1910 $ 1 3 ,5 7 3 ,0 0 0 b on d s had been issued
b u t o f these $ 2 ,2 8 9 ,0 0 0 w ere In the treasury and $ 1 3 6 ,0 0 0 h ad been re­
d eem ed and con c ele d .— V . 9 2 , p . 6 0 .

Outlook.

Amalgamated Asbestos Corporation, Montreal.—
— The 5 % bonds recently sold in Montreal as low as 40, the
previous sale being 50. An exchange journal says:
S uch a decline n a tu ra lly h as caused a great d eal o f u nrest a m o n g b o n d ­
holders as foresh ad ow ing som e d ifficu lty In m eetin g lixed c harges.
The
ou tsta n d in g bond s are $ 8 ,0 0 0 ,0 0 0 an d the h a lf-y e a r ly Interest is d ue on
D e c . 1.
O n e en couragin g featu re is the v e ry p ronou nced chan ge for the
b etter In the asb estos b u sin ess.
S om e o f the h igh -grad e m ill fibre can n ot
be p rodu ced q u ick ly en ou gh to m eet the d e m a n d .— V . 9 2 , p . 6 6 1 .

Plan of Reorgani­

Alabama Consolidated Iron & Steel Co.—
11 1911.— Notice is given by
advertisement on another page both to (1) holders of “ first
and refunding mortgage” gold bonds, 6 % gold deben­
tures, one-year 6 % secured gold notes and pref. and common
stock of the Southern Iron & Steel Co., and (2) to holders of
pref. and common stock of the Alabama Consolidated Coal
6 Iron Co., that the committee named below, who hereto­
fore constituted separate committees, one for the reorganiza­
tion of Southern Iron & Steel Co. and its merger with Ala­
bama Consolidated Coal
Iron Co. and the other to repre­
sent the security-holders of Southern Iron & Steel Co., have
now agreed upon a plan which, in their unanimous judgment,
based on investigations and expert reports, will largely benefit
all interested security-holders.
The plan has already received the approval of holders of
large amounts of securities of both companies of all classes,
and as immediate concerted action is considered essential, the
time for the deposit of securities with the Bankers Trust Co.,
7 Wall S t., the depositary, is limited to N ov. 6 1911.

zation and Merger Dated Oct.

&

C o m m itte e : Cecil A . G renfell, C h airm an ; A le x a n d e r J . H e m p h ill, E d w in
G . M errill, J ohn W . F la tte n , B en ja m in Stron g J r ., H a r r y B ron n er, N e v ille
G . I llg h a m , I I . I I . M elville and S . I I . V oorh ees, w ith A r th u r M . W lckw 'lre
as S ec reta ry , 37 W a ll S t ., an d S am u el U n te rm y e r an d A lb e r t R a th b o n e as
c ou n sel. N ew Y o r k .
E v e r y class o f secu rity holders o f b oth com p an ies Is rep resented on the
c o m m itte e .
T h e c o m m itte e has been furnished w ith : ( l ) A p p ra isa ls of the p hysical
p roperties o f both com p an ies b y Charles C a tle tt; (2) a report on the steel
p lan t o f the S outhern C o m p a n y b y A le x is VV. T h o m p s o n ; (3) rep orts w ith
respect to the Ilnanclal requ irem ents o f the m erger for Im p rove m e n ts and
b e tte r m e n ts, the com p letion o f the finishing m ills of the Sou th ern C o m p a n y
and for w ork ing c a p ita l; and (4) balance sh eets o f b oth co m p a n ie s.
T h e c o m m itte e believes th at the properties can be op erated an d financed
m ore e c o n o m ic a lly an d are ap precia bly more valu ab le as a single u n it than as
tw o d istin ct enterp rises.
I t , therefore, recom m en d s their m erger through
the acqu isition o f their resp ective properties, or su ch securities th ereof as
will ensure practical co n tro l, b y a new corporation on the basis hereinafter
specified, w hich It believes to be fair to all classes o f sec u rity-h old ers.
P resent F in ancial C ond ition a s S how n by B alan ce S h eets o f M a y 31 1 9 1 1 .
Alabama Consolidated Coal <& Iron Co. (Compare V . 9 3 , p . 1 0 3 ) .
F irst con solid ated m o rtgage 5 % gold b on d s, d ue M a y 1 1 9 3 3 ___ $ 2 ,0 8 4 ,0 6 °
S to c k : 7 % c u m u la tiv e p r e f ., $ 1 ,2 5 0 ,0 0 0 ; c o m m o n , $ 2 ,5 0 0 ,0 0 0
3 ,7 5 0 ,0 0 0
C ollateral n o t e s _________ _______ _____________________________________ _
355 qq O
E x c ess o f curren t assets ove r current liab ilities______ 1 1 I I I I ~I I I
2 3 7 )9 7 2

Southern Iron & Steel Co. {comp. V .O l .p . 1 5 7 3 , 0 5 7 ;V .9 0 ,p .6 9 5 ;V .8 6 ,;;.1 2 8 8 )
U n d erly in g (su b sid iary c o m p a n y ) b on d s: 1st M . 5s o f G eorgia
S teel C o ., due O c t. 1 1 9 2 6 , b u t callable a t 105 (all 1911

000

[and also th e $ 9 3 ,5 9 9 p ro p e rty m o rtg a g e s
P rop erty m ortgages
9 3 ,5 9 9
“ F irst anil refu n d in g” M . 4 - 5 % 2 0 -y e a r gold b ond s,[du e O c t. I
1929 (all 1911 cou p on s u npaid)
_
6 8 2 5 ,0 0 0
6 % gold deben tu res d ue F e b . 1 1 9 15 (all V o iV d o u p I u npaid) I 1,’200,’0 0 0
"O n e -y e a r 0 % secured go ld n o te s ” (all 1911 cou p on s u np aid ) _ _
6 0 0 ,0 0 0
S to c k : 0 % p r e f., $ a ,9 0 0 ,0 0 0 ; c o m m o n , $ 9 ,5 0 0 ,0 0 0
15 4 0 0 0 0 0
E x c ess of current a sse ts ove r current liabilities (exclu din g accrued
Interest on a b o v e securities to be fu n d ed under the plan
56 7 361
D e fa u lt has also been m ad e In respect o f certain sin kin g fu n d p a y m e n ts
b y th e S outhern C o m p a n y .




1023

Plan o f M erger and R e o r g a n iza tio n .
I t Is p roposed to organ ize a new c o m p a n y to be called “ A la b a m a C on ­
solid ated Iron & S teel C o .” ( V . 8 2 , p . 88 2) or o th er ap p rop riate n a m e ,
w ith a u th o r ity to create:
Twenty-year 6 % mortgage (or collateral trust) g o ld b o n d s c o v er­
in g all p ro p e rty an d securities o f new c o m p a n y ________________ $ 10 , 000,000
N o w to be issued for p urposes of p la n _____________ $ 5 ,0 0 0 ,0 0 0
R eserved for retirem en t o f or In ex ch an ge for u n ­
d erlyin g b on d s o f A la b a m a C o m p a n y or b ond s
o f su bsid iary corporation s an d m ortgages o f the
Sou th ern C o m p a n y an d for the acqu isition of
n ew properties or secu rities. Im p rove m e n ts and
ad d itio n s, & c __________________________________________ 5 ,0 0 0 ,0 0 0
Preferred stock (par $ 1 0 0 per sh a re ), cu m u la tiv e a t the rate of
6 % per an n u m on an d after J u ly 1 1 9 12 a n d e n tltle d a f t e r 6 %
in a n y one fiscal year shall h ave been paid on both classes of
sto ck , to p articip ate w ith the c o m m o n , w ith ou t d istin ction
b etw een th e m , pro rata In a n y fu rth er d ivid end s for th at y e a r.
A ls o preferred In the e v en t o f liq u idation to face valu e
an d all cu m u la tiv e d ivid end s u npaid thereon.
T o ta l a u th _ _ 1 2 ,5 0 0 ,0 0 0
Common stock in shares of th e par valu e o f $10 0 ______ __________ 1 2 ,5 0 0 ,0 0 0

Note.— T h e u nd erlyin g b o n d s, $ 2 ,0 8 4 ,0 0 0 . o f the A la b a m a C o m p a n y an d
the b on d s o f su bsid iary corporation s of the S ou th e rn C o m p a n y , in th e
a ggregate $ 1 ,8 6 1 ,0 0 0 [and also th e $ 9 3 ,5 9 p ro p e rty m o rtgage s! an d the
liens resp ectively securing th e m , m a y in th e discretion o f the c o m m itte e
rem ain u n d istu rb ed .
Distribution of New Securities.
— New Bonds— New Pref. Slock.
Amount.
Amount.
%
%

(а) Terms of Ex­
Amount
change—
Outstanding
Ala. Co. pref. sto ck .$1,250,000
Ala. Co. com. stock. 2,5 00,0 00
Southern Co. bonds. 6,8 25,0 00
So. Co. debentures.. 1,200,000
So. Co. notes_______
600,000
So. Co. pref. s to c k .. 5,900,000
So. Co. com. s t o c k .. 9.500,000
(б) Option to Purch.—
Ala. Co. com. stock,
paying 8 0 % cash. 2,5 00,0 00
So. Co. pref. stock,
paying 2 0 % cash. 5,900,000
So. Co. com. stock,
paying 10 % cash. 9,5 00,0 00
(e) Other Purposes—
Res. for future u s e ........................
James V. Shaw et al,
commissions In ef­
fecting m erger___ _________
Merger and reorgani­
zation purposes.........................

_________
_________
_________
_____
600,000
_________

___
___
___
100
___
...

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

150 $1,875,000
122 3,0 50,0 00
80 5,4 60.0 00
60
720,000
25
150,000
___
...
..................

New Com. Stk.
Amount.
%

..
•
115 S2,875,000
20 1,365,000
480,000
40
600,000
100
20 1,180,000
475,000
5

80

2.0 00,0 00

20

500,000

80

2,0 00,0 00

20

1,180,000

5

295,000

20

1,1S0,000

10

950,000

2 'A

237,500

10

950,000

...

5,000,000

...

...

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

—

...

270,000

___

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

...

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

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

___

1,000,000

212,500

___

39 5,00 0

S 12.500.000
$12,50 0,0 00
Total auth. Issue.................................. 510,00 0,0 00
Cash Requirements.— O f th e new secu rities, $ 4 ,1 3 0 ,0 0 0 b o n d s, $ 1 ,0 3 2 0 0 0
p ref. sto c k and $ 4 ,1 3 0 ,0 0 0 c o m m o n sto ck w ill be oilered for sale (as in di­
cated In the foregoin g tab le) for the a ggregate su m of $ 4 ,1 3 0 ,0 0 0 to the
holders o f c c t lf lc a t c s of d ep osit, rep resenting c o m m o n stock o f th e A la ­
b a m a C o m p a n y or preferred or c o m m o n sto ck o f th e .Southern C o m p a n y .
Such cash as m a y be con tribu ted ( $ 4 ,1 3 0 ,0 0 0 if all su bscribe) will be a v a il­
ab le a p p r o x im a te ly as fo llo w s:
(1) T o liq u id ate th e current d eb ts (a) of A la . C o m p a n y (in clu d ­
ing $ 3 5 5 ,0 0 0 c ollateral n o te s), $ 8 4 8 ,7 6 1 ; (b) S ou th e rn C o m ­
p a n y , $ 9 1 8 ,9 2 3 _____________ ____________________________________________ $ 1 ,7 6 7 ,6 8 4
(2) F or new p r o p e r ty . Im p ro v e m e n ts an d a d d itio n s_____________
8 0 0 ,0 0 0
(3) W o r k in g c a p ita l, ban k in g an d u nd erw ritin g c o m m , e x p ., & c . * l , 5 6 2 , 3 1 6
* T h is is in ad dition to th e curren t assets o f the A la b a m a C o m p a n y an d
the S outhern C o m p a n y , e stim a te d a t o v e r $ 2 ,0 0 0 ,0 0 0 .
A ll p a y m e n ts for n ew securities m u st be m ad e a t th e B an k ers T r u st C o.
in N ew Y ork fun d s in fou r eq u al in sta llm e n ts, to be a t least 3 0 d ays a p a rt,
w hen called for b y the c o m m itte e b y ad v ertisem e n t In N ew Y o r k , L o n d o n
and A m ste r d a m .
N o c a ll, h ow ever, shall be m ad e u n til th e plan sh all be
declared op erative.
Voting Trust.— A ll th e shares of preferred an d c o m m o n sto ck o f th e
n ew c o m p a n y (excep t such as m a y be reserved to q u a lify directors) will be
transferred to Cecil A . G renfell, A le x a n d e r J . H e m p h ill, E d w in G . M errill,
P lin y F isk an d H en ry H . M e lv ille , as v o tin g tru stees, su b je c t to a v o tin g
tru st agreem ent for a term of n o t m ore th an five y e a rs, and v o tin g tru st
certificates w ill be issued In lieu th e re o f.
In case of d isa b ility or refu sal
to a c t su b stitu te tru stees m a y b e d esign ated prior to ex ec u tion o f v o tin g
tru st as follow s: (a) For Cecil A . Grenfell b y holders o f certificates of d ep osit
representing sto ck of the S ou th ern C o m p a n y ; (b) for A le x a n d e r J . H em p h ill
b y holders o f certificates o f d ep osit rep resenting b on d s of the S ou th ern
C o m p a n y ; (c) for P lin y F isk and H e n r y H . M elville b y the directors of the
A la . C o m p a n y ; (d) for E d w in G . M errill b y the fou r other v o tin g tru stees.
T h e stock In the v o tin g tru st shall n ot be v o ted to au th orize a n y m ortgage
u pon the p ro p e rty nor to increase the a m o u n t o f the preferred sto ck au ­
thorized u nder the p la n , ex ce p t w ith th e con sen t o f the registered holders
o f v o tin g tru st certificates rep resen tin g a m a jo r ity in a m o u n t of th e p ref.
sto ck an d a m a jo r ity In a m o u n t of the c o m m o n sto ck su b je c t th e re to .
When Operative. — -The plan sh all b ecom e o p er a tiv e w henever th e c o m ­
m ittee d ecides th a t su fficien t securities o f b oth c o m p a n ie s h a v e been d e­
p osited and th at the cash req u irem ents h a v e been su fficien tly p r o v id e d .
— V . 92, p. 957.

Option

•American District Telegraph Co., Brooklyn, N . Y ,—
option secured in July 1911 by F . M. Delano
of Detroit on 3,540 of the 4,000 shares of stock at $20 a
share (par $25) has expired, but it is said may be taken up
again later on. Company organized in 1872. President,
Tunis J. Powell.
American Shipbuilding Co,—
— Robert B.
Wallace, general manager, has been elected a director to
succeed W . T . C. Carpenter.
— For year ending June 30:

Expires.— The

New Director.

Report.

Fiscal
Year —

Net

Depreciation,

P ref. Divs.

Balance,

Earnings.
Alaint, &c.
(7 % ).
Surplus.
1 9 1 0 - 1 1 . . ...................... $ 9 5 4 ,8 6 2
$ 3 1 7 ,6 4 4
$ 5 5 3 ,0 0 0
$ 8 4 ,2 1 8
1 9 0 9 -1 0 .
------------- 1 ,9 8 0 ,6 5 4
2 7 2 ,0 3 2
5 5 3 ,0 0 0
1 ,1 5 5 ,6 2 2
D ivid e n d s paid on c o m m o n sto ck d u rin g th e ye ar 1 9 1 0 -1 1 , 8 % . ’ call for
$ 6 0 8 ,0 0 0 , a gain st 4 % ( $ 3 0 4 ,0 0 0 ) In 1 9 0 9 -1 0 .— V . 9 3 , p . 2 8 7 .

American

—Conviction of Officers

Sugar Refining Co.
United States Circuit Court of Appeals on
Oct. 10 affirmed the sentences of fine and imprisonment
imposed by Judge Martin in the Circuit Court on Charles R .
Ileike, former Secretary, and Ernest W . Gerbracht, former
Superintendent.— V . 93, p. 732, 529.

Affirmed.— The

Arizona Commercial Company.— Independent Reorganiza­
tion— Majority of Bonds Deposited—Plan Underwritten —
A majority of the S I,000,000 bonds and a substantial pro­
portion of the $3,000,000 stock (120,000 shares, par $25)
have been deposited with the American Trust Co., of Boston,
under the depository agreement of the committee of bond­
holders and shareholders who have formulated a plan to
reorganize the company and operate it independently.
Further deposits will be received on or before Oct. 19. The
amount required for the assessment under the new plan has
been fully underwritten by members of the New York and
Boston Stock Exchanges.

[VOL. LXXXXIII

THE CHRONICLE

1024

City to

C harles S . S m it h , P resid en t o f th e O ld D o m in io n C op per M in in g &
Delaware (O.) Electric Light, Heat & Power Co.—
S m e ltin g C o ., h as agreed to a c ce p t th e m a n a g em en t o f th e p r o p e r ty .
— See “ Delaware” in State & City Dept.
T h e p lan c o n te m p la te s th e organ ization o f a new corp oration w ith
3 0 0 ,0 0 0
shares of sto ck (par $ 5 ) , o f w hich 1 4 0 ,0 0 0 shares w ou ld b e ex ch an ge d
Easton Consolidated Electric Co.—
.—
fo r th e $ 1 ,0 0 0 ,0 0 0 b on d s an d 1 2 0 ,0 0 0 sh ares, share fo r sh a re , for the ex istin g
A ug. 3 1 .
Gross
Net
Interest
Renewals
Balance,
sto ck on p a y m e n t in th e la tte r case o f an a ssessm en t o f $3 p er sh are; 4 0 ,0 0 0
Year—
Earnings. Earnings.
& Taxes. A Deprec’ n.
Surplus.
shares w ill rem ain In th e tre a su ry .
T h e p lan Is c o n tin g e n t u p o n d ep osit
$ 1 8 5 ,2 3 7
$ 1 2 0 ,3 5 0
$ 1 0 ,9 2 7
$ 5 3 ,9 5 4
1 9 1 0 - 1 1 _______ $ 4 4 1 ,7 3 9
o f 7 5 % o f the b o n d s.
See V . 0 3 , p . 8 7 4 , 9 4 1 .
1 9 0 9 -1 0 ________ 4 1 0 ,6 7 7
1 0 8 ,1 7 9
1 1 9 ,3 7 3
251
4 8 ,5 5 5
Bayless Pulp
Paper Co., Binghamton, N . Y .—
— V . 93, p. 940.

Vote on Purchase.

Disaster .— The

&

Dam

following statement was issued on Oct. 2 by
George C. Bayless, Pres., and Franklin Bayless, Vice-Pres.:

T h e loss o f life an d p ro p e rty resu lting fro m th e great c a ta stro p h e a t
A u s t in , P a ., on S a tu r d a y a ftern oo n Is so a p p a llin g t h a t th e officers o f the
B ayiess P ulp & P ap er C o . h a v e give n little consid eration to their In dividual
In terests, b u t It w ou ld s e e m ,a n d m a y b e a u th o r ita tiv e ly sta te d , th at the
c o m p a n y o f N e w Y o r k , th e h old in g an d financial c o m p a n y , w ith their
v a lu a b le C an ad ian properties, w ater p ow ers an d oth er asse ts, Is en tirely
so lv e n t, an d its b on d h old ers an d creditors need b e w ith o u t alarm .
T h e financial loss, h o w ev er, in significant as c om p ared w ith the loss of
life, is a c a la m ity b ey o n d th e expression o f w ord s.
R e p resen ta tive s o f the
c o m p a n y w ere im m e d ia te ly d ispatch ed to th e scen e o f th e disaster w ith
relief fun d s and in stru ction s to do ev er y th in g w ithin their pow er to alleviate
the su ffering and d istress.
[T h e c o m p a n y , it is sta te d , w ill transfer its
p la n t to C a n a d a .
S ee ' ‘ A u s t in 1’ in “ S ta te an d C ity ” d e p a r tm e n t, V . 9 3 ,
p. 968.
A ls o “ E n g . N e w s” o f N . Y . for O c t. 5 .] — V . 9 1 , p . 1 7 7 1 .

Director.—

Canadian Light & Power Co., Montreal.—
John M. McIntyre was recently added to the board, which
now includes:
F . H . W ils o n , P resid en t; E . A . R o b e r t (P res. M o n tre a l S t . R y ., w hich see
u n d er “ R a ilr o a d s” ab ove) .V ic e -P r e sid e n t; N a th a n ie l C u rry , H o n . J . M .
W ils o n . J . W . M c C o n n ell, G eorge G . F o ste r , K . C .; W m . C . F in le y , R . N .
S m y t h , F r e d . J . S h aw and John M . M c In ty r e .
(T h e c o m p a n y ’s n e w p la n t
w as p laced In p artial op eration on A u g . 3 1 . ) — V . 9 2 , p . 1 4 3 8 .

-Merged.
Dividends Resumed.

Capital City Power Co.—
— See United Missouri
River Power Co. below.— Y . 86, p. 111.
Cincinnati (O.) Ice Co.—
— The com­
pany paid on Oct. 1 a quarterly dividend of
on the
preferred shares, the first this year.
s t o c k a u th . reported as $ 0 6 6 ,0 0 0 6 % c u m . p ref. an d $ 4 0 5 ,0 0 0 c o m m o n .
Issu ed a t la s t accou n ts $ 3 5 8 ,2 0 0 o f each c la ss.
See V . 8 0 , p . 1 7 3 1 .

—Bonds Offered

City W ater Co., Chattanooga, Tenn.
.—
J. S. & W . S. Kuhn, In c., Pittsburgh, Chic., Phila., Boston
and N . Y . , are offering at 101 and int. a block of 1st (re-'
funding) M. 20-year 6 % bonds (underlying an authorized
issue of 84,000,000 5 % consols), guaranteed by the A m .
Water Works & Guarantee Co.
B o n d s d a te d J a n . 2 1911 an d d u e J a n . 1 1 9 3 1 . b u t callab le a t 102 an d
ln t . prior to J a n . 1 19 16 ; a t 101 an d in t. J a n . 1 1016 to J a n . 1 1 9 2 1 ; a t 100
an d ln t . o n an d after J a n . 1 1 9 2 1 .
I n t . J . & J . a t F a rm e rs’ L o a n & T r u st
C o ., N . Y . C ity , tru stee.
T o ta l a u th . $ 1 ,8 0 0 ,0 0 0 , of w hich $ 3 0 0 ,0 0 0 Issued
an d th e r em ain in g $ 1 ,5 0 0 ,0 0 0 w ill be Issued to refu nd $ 1 ,5 0 0 ,0 0 0 1st M . 6s
d u e J a n . 2 1 9 1 2 , u p o n p a y m e n t o f w hich th e 1st r ef. 6s w ill b e a first lien .
O f th e $ 4 ,0 0 0 ,0 0 0 con sols, $ 4 7 1 ,0 0 0 are o u tsta n d in g , $ 1 ,7 2 9 ,0 0 0 arc re­
served fo r ex ten sion s an d im p ro v em en ts an d $ 1 ,8 0 0 ,0 0 0 to p rovid e fo r re­
d e m p tio n o f th e 1st r e f. 6 s .
Earnings for Years ending April 30
1902.
1904.
1906.
1908.
1910.
1911.
G r o s s _____$ 1 4 2 ,0 3 8
$ 1 5 5 ,1 6 2
$ 1 8 7 ,1 5 9
$ 2 1 7 ,2 8 5
$ 2 2 9 ,3 0 9
$ 2 4 5 ,3 7 3
O p e r . e x p . for y e a r 1 9 1 0 -1 1 $ 1 0 1 ,3 6 4 , n et ap plicab le to In te rest------- 1 4 4 ,0 0 9
Services to c on su m ers, 1 2 ,1 7 8 ; c ity h y d r a n ts, 3 0 6 ; m iles o f p ip e , 1 7 5 .
D a lly filtering c a p a c ity , 1 2 ,0 0 0 ,0 0 0 g a ls .; d a ily p u m p in g c a p a c ity , 2 1 ,7 5 0 ,­
0 0 0 g a ls .— V . 8 8 , p . 1 4 3 9 .

Purchased

Colorado Light & Power Co. of Canon City.—
.—
This property has been purchased by H . M. Byllesby & Co.
of Chicago, who recently acquired the control of Pueblo &
Suburban Traction Lighting Co. (Y . 93, p. 45.)
A reorgan ization som e t im e ago o f the C olorad o E le ctric P ow er C o .,
w hich w as fo rm e d b y c o n solid ation o f C anon C ity L t . H t . & P o w . C o . and
L a B ella M ill W a t e r & P ow er C o .
S up p lies electrical service to th e m in es
o f th e C ripple Creek d istrict an d C anon C ity , R o c k v a le , F lo ren ce, &c.
S to c k au th orized $ 4 0 0 ,0 0 0 ;b on d s $ 4 2 5 ,0 0 0 .
G . S . D a v iso n o f P ittsb u r g h ,
P a ., w as P resid en t.
•

Bonds on Coal

Consolidated Fuel Co., Salt Lake City.—
$600,000 1st M. 6 %
sinking fund gold bonds recently purchased and offered at
par and int. by the Continental & Commercial Trust & Sav­
ings Bank of Chicago, the mortgage trustee,are a closed issue,
covering properties now owned or hereafter acquired by Con­
solidated Fuel Co. and Southern Utah R R . Co. Par $500
and $1,000. A circular says in substance:

Property and Southern Utah RR. — The

D a ted S e p t. 1 1 9 1 1 , d u e $ 5 0 ,0 0 0 a n n u a lly (S e p t. 1) 19 13 to 1921 an d $ 7 5 ,­
0 0 0 In 1 9 22 and 1 9 2 3 , b u t red eem ab le on or after S e p t. 1 1916 a t 103 and in t.
A b s tr a c t o f L etter b y President F . A . S w eet, Salt Lake C ity . A u g . 3 0 1 9 1 1 .
• T h e fo llo w in g su m m arizes th e In form ation regard in g this c o m p a n y , the
S ou th ern U ta h R R . C o . an d th e p rop e rty th a t said com p an ies arc Jointly
an d se v er a lly offerin g as secu rity for their $ 6 0 0 ,0 0 0 1st M . 0 % b ond s.
O u r m in es are situ ated a t H ia w a th a , C arb on C o ., U t a h , a b o u t 20 m iles
sou th w est o f th e to w n o f Price. A ll the coal Is hauled b y th e S ou th ern
U ta h R R . d ow n grade to said to w n , w hich Is on th e D . & II. G . R R .
T h u s far p ate n ted to the c o m p a n y 2 ,7 6 0 acres o f coal land con ta in in g , b y
G o v e r n m e n t m e th od o f estim a tin g , a b o u t 1 3 2 ,0 0 0 ,0 0 0 to n s, w hich w ou ld
require m ore th a n 2 0 0 years to rem o v e a t th e rate o f 2 ,0 0 0 ton s per d a y .
A ls o ow n s 2 8 0 acres o f Irrigated fru it an d h a y lan d an d all o f th e w aters of
M iller Creek an d Its trib u taries, and Is leasing th e use o f a sm all a m o u n t of
Its su rp lu s w ater for $ 3 ,0 0 0 per y e a r .
T h ere are a n u m b er o f b lan k e t coal
veins ex te n d in g under th e entire p r o p e r ty , three o f w hich (sep arated b y
60 to 7 5 f t . o f san d stone) h a v e been d ev e lo p ed , v iz .: N o . 1, th e low er v e in ,
a v g . 18 f t . th ick; N o . 2 , 6 f t . 6 In ., an d N o . 3 , 5 f t. 0 In.
M a x im u m dip 2 % .
H ig h q u a lity b itu m in o u s, low In ash an d m oistu re , free from su lph ur, hard
n te x tu r e an d th e eq u a l, If n o t th e su perior, of a n y coal now bein g m a r ­
k eted in th e P acific C oast S ta te s .
O p erated w ith th e m o st m od ern electrical
e q u ip m e n t, which w ith th e d ev e lo p in g w ork cost $ 3 2 9 ,7 3 4 .
T h e S outhern U ta h R R . ow n s 2 0 .2 m iles o f m a in line, H ia w a th a to P rice;
6 m iles o f side track s an d y a r d s; 4 new m od ern freigh t lo c o m o tiv e s, d e p o ts,
rou n d h ou se. & c.
W e sold an u nd ivid ed o n e-h a lf Interest in a p ortion o f the
m ain line o f the S ou th ern U ta h R R . to th e C astle V a lle y Coal C o . ( V . 9 0 ,
p . 1 1 2 ) , w h o se m in es ad join our p r o p e r ty .
T h e railroad secu rity p led ged
fo r this Issue a c tu a lly c o st $ 3 1 3 ,9 8 2 .
,
. ,
T h e C onsolidated Fu el C o . is in corp orated for 2 ,0 0 0 ,0 0 0 shares o f th e par
v a lu e o f $1 ea ch , all fu ll-p a id sto c k , o f w hich 500,000 shares rem ain in the
T r e a su r y .
A fte r d isb ursing tliep rocecd s o f this b on d Issue, n e lth c r c o m p a n y
w ill h a v e a n y other o b ligation s o u tsta n d in g .
T h e m a jo r ity stock h o lders
w ould n o t acce p t a v a lu a tio n o f $ 3 ,2 0 0 ,0 0 0 as a basis for tho sale o f their
h old in gs.
S in k in g fu n d o f 15 c en ts per to n m in ed for th e p a y m e n t o f n .& l .
O u r m a r k et is U t a h , Id a h o , M o n ta n a , N e v a d a , C alifornia, W a s h in g to n
an d O re g o n , the principal d em a n d b ein g for th e use o f railroad s, m in es,
sm e lte rs, p ow er p la n ts, su gar factories an d for d o m estic p u rp oses.
We
' c o m m e n c ed a c tiv e op erations In J un e 19 10 an d h a v e establish ed a large
b usin ess, w hich Is b ein g ra p id ly ex te n d ed and ou r o u tp u t en larged.
Our
n et earn ings for this year w ill b e In excess o f three tim es th e b on d In terest,
an d after this y e a r sh ould avci-age not. less th an $ 2 0 ,0 0 0 p er m o n th .
[B oth C oal C o . an d R R . were in corp . in U ta h In 1 9 0 7 .
P r e s., F . A . S w e e t;
S e o .-T r e a s ., W . H . S w e e t.]— V . 9 3 , p . 5 9 1 , 5 3 2 .

Bonds, &c.

Crucible Coal Co.—
— See report of Crucible
Steel Co. of America under “ Annual Reports.”




Earnings
Stock.

El Paso (Tex.) Gas & Electric Co.—
— A certificate
has been filed increasing the capital stock from $545,000 to
$595,000.— V . 91, p. 719.

Settlement of Suit.

General Electric Co.—
— Judge Killits in
the U . S. Circuit Court for the Northern District of Ohio,
at Toledo, Ohio, on Oct. 12 entered a decree in the suit begun
by the Government in March last against the company, the
National Electric Lamp Co. and 30 or more other de­
fendants, ordering the dissolution of the combination in in­
candescent lamps, which was adjudged to be in restraint of
inter-State trade and commerce. Compare V . 92, p, 599.
T h is w as d on e In p ursu ance o f an u n d erstan d in g w ith th e d efen d a n ts,
their answ ers bein g w ith d raw n b y p erm ission o f th e C o u rt.
T h e N a tio n a l L a m p C o . an d all its subsidiaries are ordered to b e dis­
so lv e d , an d th e General E lectric C o . Is forb id d e n hereafter to c o n d u c t a n y
business in th e m an u factu re an d sale o f electric la m p s e x ce p t in Its ow n n a m e.
T h e d efen d a n ts, it Is c la im e d , n o t o n ly con trolled th e p rices a t w hich
la m p s w ere sold b y m an u factu rers, b u t .also th e prices a t w hich th e y were
resold b y jo b b e r s an d dealers: n o t alon e th e prices a t w hich la m p s c overe d
b y p aten ts w ere so ld , b u t th e prices a t w hich u n p a te n ted la m p s w ere so ld ,
an d th e y w ere en ab led b y th e en orm ou s p ow er th u s secured over th e m a r k et
to require p ractically all purchasers o f lam p s to b u y u n p a te n ted la m p s fro m
m em b ers of th e c o m b in a tio n as a con d ition to th e rig h t to p urchase p a t­
en ted la m p s.
I t Is also sta te d t h a t those In th e c o m b in a tio n h ad resorted
to m a n y practices c o n tra ry to fair tra de In order to crush an d d estro y
In d ep en dent r iv a ls.
. . . .
^
.
.
.
T h e d efen d an ts are sev era lly en join ed fro m en terin g Into or p erform in g
a n y agreem ents or arrang em ents b y w hich th e prices of in can descen t elec­
tric lam p s o f a n y ty p e or description , w heth er p a te n te d or u n p a te n te d ,
are to be so ld , cither a t w holesale or retail.
A tto r n e y -G e n e r a l W Ic k ersh a m sa y s t h a t , In ad d itio n to th e general In­
ju n c tio n , there arc certain specific thin gs accom p lish ed b y th e decree w hich
are o f far-reach in g im p ortan ce to th e free d om o f c o m p e titio n in In te r-S ta te
com m e rce , an d w hich it Is believed b y th e G o v e rn m en t w ill establish p rece­
d en ts of genuine v a lu e to It In a n y like cases th a t m a y arise.
H e further sa y s th a t th e In vestigation o u t o f w hich th e su it arose also
disclosed eleven other p a te n t p ools o f a sim ilar n atu re, b y w hich th e prices
o f variou s electrical d evices an d su pplies w ere fixed , an d to w hich so m e o f
th e d efen d an ts In th e su it were p arties, b u t t h a t , since lt w as In stitu te d , all
o f these p ools h a v e been v o lu n ta r ily d issolve d ; also t h a t th e in v estig a tio n
disclosed a general trade an d p a te n t a greem en t betw een the General E le ctric
C o . an d th e W c stln g h o u se E l. & M fg . C o . "c o v e r in g s u b sta n tia lly their
w hole b u sin ess,” b u t this agree m e n t, sin ce th e In stitu tion of th e G overn ­
m e n t's su it, has expired b y lim ita tio n [on A p ril 3 0 1 9 1 1 .— E d .] a n d h as
n o t been ren ew ed.
( V . 9 2 , p . 1 3 1 4 .) — V . 9 2 , p . 1 5 6 8 .
•

Status.

Gilchrist Transportation Co., Cleveland.—
— The
holders of the $6,761,400 capital stock, it is stated, had until
Oct. 10 to join with the creditors in steps looking to fore­
closure and reorganization.
T h e to ta l d e b t Is sta te d as a b o u t $ 4 ,0 0 0 ,0 0 0 , In clud ing 1st M s ., $ 1 ,8 5 2 ,
0 0 0 : receiver’s certificates, $ 6 0 0 ,0 0 0 , th e rem aind er b ein g due to th e A m e r ­
ican S h ip b u ild in g C o . an d oth er cred itors.— V . 9 0 , p . 4 4 9 , 3 0 6 .

Decision.

Goodrich Transportation Co. of Chicago.—
— The
United States Commerce Court has granted an injunction
restraining the Inter-State Commerce Commission from en­
forcing its order against the company and the White Star
Line, which operate steamers on the Great Lakes.
T iie order o f th e C om m ission required th e com p a n ie s to a d o p t certain
m e th o d s o f keeping their a ccou n ts an d to m a k e certain reports to th e C o m ­
m ission .
T h e C ourt held th a t th e com p anies are a m e n a b le to th e law w ith
respect to all In ter-S tate business In con n ection w ith railroad s, b u t th a t til
C om m ission has no au th o r ity to c all Tor reports o f tra n saction s relatin g e x clu slv ely to p ort to p ort In ter-S tate business, or to In tra -S ta te tra ffic.
The
C om m ission is ordered to re-ca st th e fo r m o f rep orts required fro m such
tra n sp ortation c o m p a n ie s.— V . 8 2 , p . 1 1 0 4 .

L isted— The

Inger 3 oll-Rand Co.—
New York Stock E x ­
change has authorized to be listed on and after N ov. 1 the
$1,318,600 common stock which has been declared payable
on that date as a 2 5 % stock dividend, making the total
authorized to be listed $6,593,100.— V . 93, p. 874.

Earnings.—For

6 months ending June 30 1911:

E arn in gs before c h argin g
d ep reciation - - - ..........
D e p r e c ia t io n _______________
N e t ea rn in g s________________
Deduct— Bond i n t e r e s t . - .
— V . 93, p. 874.

Deductions ( continued) —
$ 6 2 4 ,5 8 8 .
P ref. d lv . (0 m o s . ) --------2 3 1 ,1 4 9 S pecial reservo In respect
3 9 3 ,4 3 9
o f p a te n t s -------------------------5 0 ,0 0 0 B a la n ce , s u r p l u s -------------

$ 7 5 ,7 5 9
5 ,0 0 0
2 6 2 ,6 8 0

International Cotton Mills Corporation, New York .—
City Bank of Syracuse on Sept. 30 (V . 93, p.
942) offered a small lot of the $2,000,000 6 % convertible
notes, dated July 1 1911, the issue floated by Blair & Co.

Status .— The

D ig e st o f L etter from P resid en t M yron C . T a y lo r , 8 0 W o r t h S t .. N ew Y ork .
J un e 3 0 1 9 1 1 .
O rgan ized In su m m e r o f 1 9 1 0 an d h as acqu ired th e capital stock of the
concerns n am ed as fo llo w s: C on solid ated C o tto n D u c k C o . (ab ou t 9 4 % ) ;
M o u n t V c r n o n -W o o d b e r r y C o tto n D u ck C o . (su b sta n tia lly all ow n ed
throu gh C on solid ated C otton D u ck C o .) ; B a y S ta te C otton C orporation
(a b o u t 68 } * ,% ) ; J . S pencer T u rn er C o. (a ll); B o sto n Y a r n C o. (a ll).
The
last tw o n am ed are selling c om p an ie s for th e foregoin g and other m ills.
A u th o rize d share capital $ 10 ,000,000 7 % p ref. stock an d $ 1 0 ,0 0 0 ,0 0 0
c o m m o n sto ck ; ou tsta n d in g $ 5 ,7 4 8 ,1 2 5 preferred an d $ 8 ,6 $ 3 ,1 0 0 c o m m o n .
T h e C orpo ra tion , throu gh th e su bsid iary com p anies ow ned an d controlled
b y It, h a s a n "aggreg ate of 27 m ills, a n d p rodu ces som e 3 ,0 0 0 varieties o f
good s from c o tto n .
T h e sales of ou r selling com p a n ie s for the current
fiscal y e a r, on the b asis of th e sales th u s far m a d e , w ill a p p ro x im a te $ 1 7 ,­
0 0 0 ,0 0 0 , an d u nd er n orm al con d ition s w ill be largely In excess o f th a t
a m o u n t.
W e are p ro b a b ly tho largest users of raw c o tto n in tho w orld .
T h e mill p roperties (exclu sive o f th e M o u n t V c r n o n -W o o d b e r r y group) of
th e C onsolidated C o tto n D u ck C o an d th e B a y S ta te group valu ed at
$ 5 ,3 0 0 ,0 0 0 are free from m ortgage d e b t, ex ce p t as t o $ 1 4 5 ,0 0 0 u nd erlyin g
b ond s the S tark an d B a y S ta te grou ps h avin g no m ortg a g e d e b t.
Th ese 6 % n otes [par valu e $ 1 ,0 0 0 c r— E d .] are d ated J u ly 1 1 9 1 1 ,
arc to m ature on J u ly 1 1916 an d are red eem ab le m eanw h ile In w hole or In
p art a t par an d In t. on a n y sem i-a n n u a l Interest d a te ; th ey are to bo con ­
vertib le a t a n y tim e after A u g . 1 1913 an d before Jan 1 1916 a t p ar, a t the
op tion o f th e holders th ereof, in to th e 7 % p ref. sto ck o f th e C orporation .
T h e Interest will b e p a y a b le se m i-a n n u a lly (J. & J .) an d $ 1 0 0 ,0 0 0 face
valu e of n otes will b e retired on the first d ays of J a n u a ry 1 9 1 3 , 1914 an d
1 9 1 5 , resp ec tiv ely , an d $ 2 0 0 ,0 0 0 on J a n . 1 10 16 .
T a k in g the surplus n et earnings o f the C orporation an d Its su bsid iary
com p an ies since Its org a n iza tio n , to g eth e r w ith su b se q u en t e stim a tes,
I a m confid en t th a t th e su rplu s n et earnings w ill this year a p p rox im ate
$ 6 0 0 ,0 0 0 .
U n d er n orm al c o n d ition s th e earnings w ill be largely In creased .
A s ta te m e n t of M essrs. D e lllo tte , P lcn d er, G riffiths & C o . show ed a t
D e c . 31 1910 n et su rp lu s cash a n d q u ic k assets o f th e C orporation an d Its
subsidiaries of $ 2 ,1 5 0 ,0 0 0 (exclu sive o f in v estm en ts In securities o f ou tsid e
' com p anies an d in v estm en ts In associated c om p an ie s h eld as realizable

Oct. 14 1911.]

THE CHRONICLE

in v e stm e n t of a valu e o f $ 1 ,6 0 0 ,0 0 0 ) , to w hich sh ould be ad ded from the
proceeds of these n otes a b o u t $ 1 ,5 0 0 ,0 0 0 , It being In tended to a p p ly the
balan ce of the proceeds of the notes In p a y m e n t of Im m ed iate Im p rove m e n ts
m a d e or to be m ad e on the m ill properties.
T h e surplus cash assets o f th e C orpo ra tion an d its subsidiaries after
these n otes arc Issued sh ould therefore be In excess of $ 3 ,6 0 0 ,0 0 0 (exclu sive
o f the In vestm en ts a b o v e referred t o ) . T h e valu e o f the m ill properties
su b m itte d Is In accordan ce w ith th e ap p ra ise m e n t o f M essrs. L o c k w o o d ,
Greene & C o . o f B o sto n , M ass.
T h e p lan ts are u nder th e engineering su pervision o f L o c k w o o d , Greeno
& C o ., and are being b rou gh t up to a high sta te o f effic ien cy .
B y the term s of the n o te agreem ent secu rin g the $ 2 ,0 0 0 ,0 0 0 Issue the
C orp o ra tion , as ow ner of their c a p ita l s to c k , c o v e n a n ts th a t no m ort­
gage d eb t or other en cum b ran ces w ill be placed on a n y of these properties
w hile a n y of these n otes are o u tsta n d in g .
T h e n o te agreem en t also pro­
v id es th a t the “ cash and quick asse ts” of the C orporation shall a t all tim es
be a t least eq u al to all Its liabilities, secured and unsecured (Including the
$ 2 ,0 0 0 ,0 0 0 of n otes.)
[If In the quick assets there are Included a n y unsecured n o te s, ob ligations
o r a c cou n ts p a y a b le o f a n y su b slld ary or u n d erlyin g c o ., such n o te s, ob li­
g ation s or accou nts p a y a b le are to be va lu ed a t a su m n ot to exceed the
a m o u n t o f the surplus assets o f such c o m p a n y a b o v e all Its other current
ob lig a tio n s; b u t for tills purpose th e d eb en tu res o f th e J . S pencer T u rn er C o.
sh all n ot be d eem ed a lia b ility .
T h e c o m p a n y further co v en a n ts th a t It will n o t w ith o u t the con sen t of
th e tru stee sell or otherw ise d ispose o f a n y o f th e shares o f th e su bsid iary
or u n d erlyin g c om p an ie s, ex ce p t th e 1st p r e f. sto ck o f th e B a y S ta te C otton
C orp o ra tion .
T h e com p an ies here referred to Include (besides th e B a y
S tate) the C on sol. C otton D u ck C o ., M t . V ern on W o o d b c r r y C otton D u ck
C o ., J . Spencer Tu rner C o. an d B o sto n Y a r n C o .
Sec d ecrease o f p ref.
d ivid en d rate from 7 % to 4 % In V . 9 3 , p . 9 4 2 .

Interstate Independent Telephone & Telegraph Co.,
Joliet, 111.—
— Payment of the Oct. 1 inter­
est on the $2,390,000 1st M. 5s began at the Cont. & Com.
Trust & Savings Bank, trustee, on Oct. G.

Interest Payment.

T h e receivers had on hand o n ly $ 2 4 ,0 0 0 to m eet th is p a y m e n t, and th ere­
fore o b ta in ed p erm ission from J u d ge K o h lsa a t o f th e U . S . C ircuit C ourt
to borrow $ 3 5 ,0 0 0 in order to cover th e su m n eed ed .
T h e m o n ey borrow ed
to p a y Interest due A p ril 1 1 9 1 1 , It Is s ta te d , h as all b een r ep a id .
(See
C h icago S u b w a y C o ., V . 9 3 , p . 9 3 8 . ) — V . 9 2 , p . 1 5 6 8 , 1 9 2 .

— New Enterprise—Bonds Offered.

1025

Lindsay (Cal.) W ater & Gas Co.— Water Plant Sold to
City. — The company recently sold its water plant to the city
for $41,873. Compare “ Lindsay, C al.,” item in the State
& City Department, V . 93, p. 743.
M ay Department Stores Co.— First Dividend. — An initial
quarterly dividend of 1 % has been declared on the $15,000,­
000 common stock, payable Dec. 1 to holders of record
N ov. 15.—-V. 92, p. 1181.

Favorable Decision Affirmed.

Midvale Steel Co.—
— The
United States Circuit Court of Appeals at Philadelphia on
Oct. 11 affirmed the decision of the lower Court, dis­
missing the four suits brought by the Fried-Krupp-Aktien
Gesellschaft of Prussia against the company for further in­
fringements of the so-called Krupp armor-plate patents.
T h e low er C ourt held t h a t th e p roof w as In sufficien t.
J u d ge RufTIngton,
w h o w ro te the op inion for th e C ou rt o f A p p e a ls, b asis th e conclu sion of th e
h igher C ourt upon grou n d s ev en m ore fa v o r a b le th an th e C ourt b elo w ,
sa y in g ; “ Our affirm a n ce Is b ased on th e conclu sion th a t claim 5 , o f p a te n t
N o . 5 3 4 ,1 7 8 , gran ted to A lb e r t S c h m itz and E m il E hrensberger, Is In valid ;
th a t c la im 1 o f th e p a te n t N o . 6 4 2 ,9 2 6 , gran te d to A lb e r t S c h m itz , is In­
v a lid ; th a t c laim s 1 and 3 o f p a te n t N o . 6 5 1 ,9 6 5 . and claim s N o s. 1 an d 3
of p a te n t N o . 6 5 3 ,4 1 3 , both gran te d to E hre n sb erge r, are n ot In frin g e d .”
C om p a re V . 9 2 , p . 4 6 6 ; V . 8 9 . p . 1 3 5 5 .— V . 9 2 , p . 8 7 6 .

Injunction.

Minneapolis (Minn.) General Electric Co.—
—
The Federal Court on Oct. 3 granted an injunction restrain­
ing the publication or enforcement of an ordinance passed
by the City Council on Sept. 29 compelling the company,
upon the filing of an indemnity bond, to furnish light to any
person at the legal rates established by the ordinance
adopted June 28 1907.
T h e c o m p a n y claim s th a t th e ord inan ce w ou ld p reve n t th e c o m p a n y fro m

d iscon tinu ing th e service o f a n y c u sto m e r w ho d efa u lts In p a y m e n t o f his
Key W e st (Fla.) Gas Co.
b ill, u nless th e c u sto m er req u ests It or the C oun cil con se n ts; th a t It w ould
— It. W . Jones Jr., 55 Wall S t., N . Y ., is offering at par and force the c o m p a n y , on d ep osit o f a sm all su re ty bon d b y the a p p lic a n t,t o
service to all Its bad d eb to rs w h o m igh t a p p ly ; th a t It does n ot even
int., with 2 5 % stock bonus, the present issue of $500,000 1st restore
p rovid e th at these d eb to rs to he c m p a n y p a y an y part o f their bills before
M. 6 % sink, fund gold bonds, dated Aug. 15 1911, due A u g .15 re Installation o f service and t h a t It w ou ld c om p el the c o m p a n y to su p p ly
w ith ou t co m p en sa tio n to a n y person w ho m ig h t a p p ly .— V . 9 3 ,
1931, redeemable at any date on 30 days’ notice at 120 and service
p. 942.
int. Int. F.
A . 15 at Franklin Trust Co., Phila., trustee.
National Electric Lamp Co.—
— See General
Par $500 and $1,000 c*.
Total authorized, $1,000,000;
issued, $500,000; remainder reserved for extensions and Electric Co. above.— V . 88, p. 567.
improvements.
National Electric Signaling Co.—
—
A b s tr a c t o f L etter from P resid en t J . A le x . A la y c rs, A u g . 2 9 1 9 1 1 .
Judge Hale in the United States Circuit Court for the District
In c o rp o ra ted In D elaw are [on A u g . 7 1 9 1 1:— E d .] w ith $ 5 0 0 ,0 0 0 stock
of Maine on Sept. 21, in the suit against the United Wireless
(p ar $ 2 5 ) , all ou tsta n d in g — no preferred— to su p p ly all the gas fori lgh t,
Telegraph Co., sustained 16 of the 35 claims under a patent
h e a t, fuel an d pow er In th e c ity o f K e y W e s t , F la ., under 3 0 -y e a r franchise
gran ted b y the C ity C ouncil on A p ril 28 1 9 1 1 .
Th is franchise p erm its a
(N o. 706,736) issued to Prof. R . A . Fessenden on Aug. 12 ’02.
c h arge of $ 1 6 0 per 1 ,0 0 0 c u . f t . o f gas gross and $1 50 n e t, and Is w ith ou t un­

&

Dissolution.

Favorable Decision.

fa v o r a b le restriction s.
T h e eq u ip m en t will consist o f the m o st m od ern ,
u p -to -d a t e m a c h in ery , en tirely new and In d u p licate , en ab lin g th e p lan t
to op erate d ou b le Its c a p a c ity w ith b u t a sligh t ad d ition al c o st.
K e y W e s t In 1910 had a p op u lation o f 19,945; w ith th e large Increase dur­
in g the last year It Is now c st. a t 23,000.
F a m o u s as a c lg a r -m a n u fa ctu r Ing p oin t; the cigar m ak ers live well and will b e large consu m ers o f g a s.
T h e n earest p ort to P a n a m a a n d , after the en tran ce o f the F lo rid a E a s t C oast
r r ., which Is expected to b e c om p leted J a n . 1 1912, sh ould d eve lop ve ry
ra p id ly .
lia s favorab le h arb or co n d itio n s, ex cellen t sc h ools, n um erous
c h u rch es, n aval and a r m y sta tio n s. G o v e rn m en t and p riv a te h osp itals,
b a n k s, and a street railw ay system reaching all p oin ts o f th e Island .
W ith
Its u n eq u aled w inter c lim a te , fishin g, b a th in g and b o a tin g , & c ., It Is be­
lieved will d evelop as a su ccessfu l w inter resort.
E stim a te d earn ings, & c ., follow in g co m p letio n o f th e p la n t (b y F e b . 1
1912) aro as follow s:
1st y e a r . . 2 , 0 0 0 , 2 0 ,0 0 0 c u . f t . per m , [3 d y e a r . . 3 , 0 0 0 , 2 4 ,0 0 0 c u . f t . per m .
2 d y e a r _ _ 2 ,5 0 0 , 2 0 ,0 0 0 c u . f t . per m .)
1st Year.
2 cl Year.
2d Year.
Gross e a r n i n g s .................................
$ 6 0 ,0 0 0
$ 7 5 ,0 0 0
$ 108,000
N c t(a ft c r ta x e s)fo r bon d In t., & c .
3 6 ,0 0 0
4 5 ,0 0 0
6 4 ,8 0 0
G as o u tp u t per a n n u m ______________4 0 ,0 0 0 .0 0 0
5 0 ,0 0 0 ,0 0 0
7 2 ,0 0 0 ,0 0 0
N u m b e r o f m e te rs___________________
2 .0 0 0
2 ,5 0 0
3 ,0 0 0

T h e C ou rt said th a t M arcon i created a sy ste m o f definite signals w ith ou t
wires and while th e in ven tion o f Fessen den Is n ot en titled to be p ronou nced
as Im p o rta n t as th a t o f M arcon i, It w as a pioneer In ven tion w hich g a v e a
new direction to th e progress o f th e a r t.
T h e Im perfect electrical c on tact
w as a t th e basis o f space telegrap h y u ntil F essen den m ad e his In ven tion.
T h e op inion w as given a t so m e len gth In th e “ E lectrical W o r ld ” o f S e p t. 3 0 .
C om p are V . 9 2 , p . 6 0 0 .

Lackawanna Steel Co.—
— The combined earnings
of the company and subsidiaries for the 3 and 9 months
ending Sept. 30 1911 were:

Ocean Freight Line, Inc.—
— J. S. Wilson Jr.
& Co., Baltimore, are placing, at prices to yield 5 .2 % , an
issue of $375,000 1st M. marine equipment 5 % gold bonds,
dated Dec. 1 1911 and due $25,000 June 1 1913, $30,000
June 1 1914 and $40,000 annually thereafter. Trustee,
Merc. Tr. & Dep. Co., Balt. Int. J. & D . A circular says:

Results.

Total
Three Months. Income.

I n t .o n B d s . S .F .a n c l
Depreciaand Notes. Exhaustion, tion, & c.

Balance,
Surplus.

19U
$ 7 9 0 ,9 3 6
$ 4 3 7 ,5 0 0
$ 8 0 ,8 0 7
$ 2 3 5 ,4 9 9
$ 4 0 ,0 7 0
19 10 ...................... 1 ,4 4 0 ,1 5 0
4 3 7 ,5 0 0
1 0 1 ,6 5 6
3 0 8 ,6 3 8
5 9 2 ,3 5 6
Nine M onths —
1011
. $ 2 ,4 0 6 ,2 9 7
$ 1 ,3 1 2 ,5 0 0
$ 2 0 1 ,0 5 9
$ 7 4 5 ,0 9 4
$ 1 4 7 ,0 4 4
1 9 1 0 I I I ............ 4 ,8 8 8 ,4 9 3
1 ,2 9 2 ,0 8 3
2 9 3 ,2 7 0
1 ,0 1 6 ,8 0 4
2 ,2 8 0 ,3 3 5
T h e unfilled orders on S e p t. 30 1911 w ere $ 1 8 9 ,8 9 8 gross to n s, ag a in st
$ 2 6 1 ,9 3 1 In 1 9 1 0 .
T h e c o m p a n y also reports balan ces on O c t . 1 as follow s:
A c c o u n ts receiva ble, $ 4 ,0 8 0 ,9 3 7 ; cash on h a n d , $ 4 ,3 8 5 ,9 7 0 ; curren t liabili­
ties, $ 8 6 4 ,3 0 2 .— V . 9 3 , p . 1 6 7 .

Dams Fail.

La Crosse (W is.) W ater Power Co.—
— On
Oct. 6 following a 3-inch rainfall the eastern ends of the
company’s two dams at D 11s and Hatfield, W is., on the
Black River gave way, owing to insufficient spillways and
caused a flood that wrecked the entire business section of the
City of Black River (see “ State & City D ept.” )
T h e p ow er p lan t w as saved and th e m ain concrete p ortion s o f b o th d am s
rem ain In ta ct; $ 1 0 0 ,0 0 0 , it Is e stim a te d , will cover th e cost of repairs.
A third d a m a t th e m o u th o f R o c k Creek Is p r o jec ted .— V . 9 3 , p . 4 7 3 .

Lake of the W oods Milling Co.—
Year to
Net
A u g . 3 1 . Profits.
1911 . . $ 4 1 2 , 1 5 3
1 9 1 0 . . 4 7 5 ,2 2 6
— V . 91, p. 592.

Int. on
Bonds.

P f. Dies.

(7 % ).
$ 1 0 5 ,0 0 0 $ 1 0 5 ,0 0 0
1 0 5 ,0 0 0
1 0 5 ,0 0 0

Report.—

Common
Dividends.

Bonus on
Com. Stock.

Balance,
Surplus.

( 8 % ) $ 1 6 8 ,0 0 0
(O H ) 1 3 6 ,5 0 0

...................... ..
( 5 H ) $ 1 0 5 ,0 0 0

$ 3 4 ,1 5 3
2 3 ,7 2 6

First Dividend.

Laurentide Company, L td ., Montreal.—
—
This company, incorporated at Ottawa in March last, with
$10,000,000 stock, all of one class, of which $7,200,000 was
recently issued in exchange for the $3,600,000 stock of the
Laurentide Paper Co., paid on Oct. 2 a quarterly dividend
of 1J^% to shareholders of record Sept. 25, making the
annual rate 6 % , equal to 12 % on old shares. No bonds.
(
— Years ending June 30:

Earnings Old Company).

1 9 1 0 -1 1 . 19 0 9 -1 0 .1
1 9 1 0 -1 1 . 1 9 0 9 -1 0 .
P ap er, p u lp , & 0- . $ 8 3 1,5 0 8 $ 6 6 9 ,8 9 3 I n t ., ch arges, & o _$ 1 9 6 ,0 4 3 $ 2 5 9 ,2 1 9
L u m b e r Sc m lsc e l.
7 8 ,0 7 5
1 0 5 ,6 3 1 |P rofit for y e a r . . . 7 1 3 ,5 10
5 1 6 ,3 0 5
T h e old c o m m o n shares h a v e been receivin g 8 % p er a n n u m .— V . 0 3 , p .5 3 4 .

New Stock.

Lincoln Manufacturing Co., Fall River.—
— The
shareholders voted on Sept. 26 to increase the stock from
$700,000 (par $100) to $1,250,000 . in order to build a new
mill, increasing the spindles from 70,000 to 105,000 and the
looms to 2 ,2 0 0 . Pres., Leontine Lincoln; Treas., B. B . Read.




Nevada-Galifomia Power Co.—

Earnings .—

8 M o s. end.
Gross
Operating
Net
A ug. 3 1 —
Earnings. Expenses. Earnings
$ 5 0 4 ,9 2 7 $ 1 0 5 ,4 0 8 $ 3 9 9 ,5 1 9
1 9 1 1 ..........................
1 9 10 . . .................................. 4 8 2 ,2 3 9
1 0 9 ,2 2 3
3 7 3 ,0 1 6
— V . 91 . p. 340.

New River Co.—

Fixed
Charges.

Balance,
Surplus.

$ 1 7 4 ,4 4 0
1 6 7 ,4 5 0

$ 2 2 5 ,0 7 9
2 0 5 ,5 6 6

Report.— For year ending March 31

1911:

N e w R iv er C o . p roportion o f p rofits an d losses of o p eratin g c o m p a n ie s,
net loss, $ 4 6 ,2 8 6 , an d N e w R iv er C o. losses for th e y e a r, $ 6 4 ,5 7 2 , to ta l
$ 1 1 0 ,8 5 8 ; N ew R iv er Fuel C o. p rofit, $ 3 1 ,9 7 0 ; net loss o f N ew R iv er C o .
(direct and throu gh su bsid iaries), $ 7 8 ,8 8 8 .
D epreciation a m o u n tin g to
$ 0 6 ,6 5 0 w as charged o ff an d n o ap precia tion figured on coal la n d s.—
— V . 93 . p. 535.

Bonds Offered.

A 1st m ! on 3 new steel freight ste a m sh ip s, 261 f t . lo n g , 4 ,1 0 0 gross tons
c a p a c ity ; fu lly eq u ipp ed for ocean service, t ) c ost ove r $ 7 5 0 ,0 0 0 an d b e
Insured for th a t a m o u n t.
T h e c o m p a n y p ays ove r $ 3 7 5 ,0 0 0 In c a sh , b alan ce
represented b y th e $ 3 7 5 ,0 0 0 b o n d s.
T h e vessels h a v e b een chartered for
3 years from d elive ry a t $ 7 ,0 0 0 each per m o n th , yield in g $ 2 5 2 ,0 0 0 per
a n n u m ; e stim ated net earn ings, $ 1 2 6 ,0 0 0 , or fou r tim es th e m a x im u m
Interest ( $ 1 8 ,7 5 0 ) , after p rovidin g for th e an nu al In stallm ent of p rin cipa l.
C h airm an o f B o a r d , N e w m an E r b ; P r e s ., C h as. L . D lm o n ; T r e a s ., R ich ard
Ir v in ; S e c ., I I . B . B la n ch a rd .
T h e c o m p a n y Is c o n tro lle d , throu gh ow n ership o f th e entire cap ital sto c k ,
b y th e B lack C om m ercial C o ., w hose n et earnings for th e years ended
Jun e 1 1 9 1 0 an d J un e 1 1 9 1 1 w ere c on sid erab ly In excess o f $ 1 5 0 ,0 0 0 per a n n .

Pacific Coast Co.—
Fiscal
Year —

Report.— For

Gross
Net (alter
Earnings.
Taxes.)

years ending June 30:

Other
Total
Income. Chgs.,& c.

Total
Divs.

B a l.,
Surp.

1 9 1 0 - 1 1 ............... $ 7 ,7 9 8 ,7 4 0 $ 1 ,3 2 8 ,9 8 0
$ 3 4 ,6 9 8 $ 4 9 4 ,6 4 6 $ 8 4 6 ,2 5 0 $ 2 2 ,7 8 2
1 9 0 9 -1 0 ________ 7 ,9 0 3 ,1 4 8 1 ,5 1 2 ,4 7 9
2 1 ,8 0 8
4 9 0 ,2 0 4 9 2 8 ,7 5 0 1 1 5 ,3 3 3
T h e d ivid en d s, as a b o v e , Include $ 7 6 ,2 5 0 ( 5 % ) on first p ref. y e a rly an d
In 1 9 10 -11 7 % % each on 2d p ref. and c o m . stock ( $ 2 8 0 ,0 0 0 an d $ 4 9 0 ,0 0 0 ,
r e sp e c tiv e ly ), a gain st 7 M % on each o f the tw o sto ck s last n a m e d , callin g
for $ 3 1 0 ,0 0 0 an d $ 5 4 2 ,5 0 0 , re sp e c tiv e ly .— V . 9 2 , p . 1 2 2 .

Electors to Vote on Purchasing

Pacific Power & Light Co.—
“ Pasco” in State & City Department.—
V . 93, p. 592, 536.
Pittsburgh (Pa.) Coal Co.—
— The Union
Trust Co. of Pittsburgh, the depositary, announced on
Oct. 10 (1) that the plan for the absorption of the Mon. River
Consolidated C. & C. Co. was operative and (2) that it was
prepared to make exchanges of securities on the basis of the
plan (V . 93, p. 233).

Pasco Plant.— See

Plan Operative.

T h e T ru st C o . will a d ju st fraction s b y b u y in g or selling scrip a t 9 0 c en ts
on the dollar for d eb en tu res and 2 0 cen ts on th e d ollar for P ittsb u rgh c o m ­
m on stock In a m o u n ts su fficien t to m ak e ev en shares or b o n d s.
T h e first
c o u p o n , due M arch 1 19 1 2 , on th e new 5 % deb en tu res c overin g 8 m o n th s,
Is for $3 3 3 3 .
C om p are V . 9 3 . p . 9 4 2 .

Merger.

Public Service Co. of Northern Illinois.—
— A press
dispatch announces the incorporation of this company at
Springfield, 111., with nominal ($1,000) stock, to merge the
North Shore Electric, Co. Economy Light & Power Co.,
Illinois Valley Gas Co. and Kankakee Gas
Electric Co.
(see V . 93, p. 232), per plan outlined under previously sug-

&

1026

gested caption of “ Chicago Suburban Edison C o .,” in V . 93,
p. 231, 733.
Republic Railway & Light Co.—
.— For August
and 8 months ending Aug. 31:

Earnings

------------- August ----------- 8 M o s . end. A u g. 3 1 ­
1011.
1 9 1 0 .----------------- 1 0 1 1 .
1910.
G r o s s ______ _______
$ 2 0 1 ,6 3 3
$ 1 9 2 ,2 0 1
$ 1 ,5 0 8 ,2 3 0 $ 1 ,4 4 2 ,4 3 2
O p eratin g ex p e n se s________ 1 1 2 ,1 4 9
1 0 7 ,1 4 6
8 6 9 ,6 3 1
8 1 1 ,4 2 2
N e t ---------------------------------------8 9 ,4 8 4
8 5 ,0 5 5
6 3 8 ,5 9 9
6 0 1 ,0 1 0
— V . 93, p. 872.

Rhode Island Coal Co., Portsmouth, R . I . — $100,000
shareholders on Sept. 25 authorized the
making of the 6 % $100,000 mortgage notes, due not later
than Jan. 1 1914 (int. semi-ann.), on which Hayden, Stone
& Co. have agreed to loan the company $100,000.

Mortgage.— The

P residen t W h itn e y on S e p t. 3 0 w as q u o te d as sa y in g : T h e c o m p a n y now
has m o n ey en ough to c o m p lete th e c o n stru ction an d d e v e lo p m en t w ork .
T h e y h a v e a good m ark et for th e c o a l, and the q u a n tity In sigh t Is agreed
b y ex p erts to be su ffic ien tly to su p p ly a large d em an d for q u ite a period; In
the op inion o f the S u p erin te n d en t, for gen eration s.
T h e y are now takin g
ou t u pw ard s o f 2 0 0 tons per d a y , and It Is b elieved w ill Increase tills stead ily .
In th e op inion o f the e x p e r ts, th e c o m p a n y can p lace its coal f . o . b . at
P o rtsm o u th for n ot ex ceed in g $2 per ton w hen m in in g 4 0 0 .to 50 0 tons d a lly .
Th is a m o u n t, th e S u p erin ten d en t b elie v es, will be reached b y J a n . 1.
[Th e b alan ce sh eet o f J a n . 3 1911 sh ow ed ; Assets: P r o p e r ty , $ 3 ,8 2 5 ,0 0 0 ;
m ac h in ery , $ 1 0 9 ,8 6 4 ; undergrou nd w ork , $ 11 8 ,9 8 0 ; m ls c ., $ 5 0 3 ,4 7 4 ; to ta l,
$ 4 ,5 5 7 ,3 1 8 .
Liabilities: C ap ital sto c k , $ 4 ,2 0 0 ,0 0 0 ; a c cou n ts and bills
p a y a b le , $ 1 4 3 ,2 2 7 ; H e n r y M . W h itn e y , $ 2 1 2 ,6 3 4 ; m ls c ., $ 1 ,4 5 7 ; to ta l,
$ 4 ,5 5 7 ,3 1 8 .]
C om p are V . 0 1 , p . 1 3 8 8 .

Roberts, Johnson & Rand Shoe Co., St. Louis.— Merger
Plan Effective.— The plan for the merger of the company and

the Peters Shoe Co. into a $20,000,000 corporation has, it is
stated, been agreed to by 9 8 % of the stockholders of the two
companies. The merger will go into effect in December.
Jackson Johnson will be President and H . W . Peters, First
Vice-President, of the new company.— V . 93, p. 536.
Rochester & Pittsburgh Coal & Iron Co.—
.—
Seventeen Helvetia property purchase-money 5 % gold bonds,
issued under mortgage dated May 1 1896 for payment on
N ov. 1 at 110 & int. (say $1,125 per bond), at Central Trust
Co. of New York, trustee.— V . 89, p. 924.
Shaw Stocking Co., Lowell, M ass.—
— The share­
holders on Oct. 6 voted to reduce the capital stock from
$540,000 to $180,000, and then to issue $270,000 new stock
at par, making the stock $450,000, par $100. Director
Amasa Pratt on Oct. 3 was quoted:

Bonds Called

Stock.

T h e c o m p a n y has qu ick assets su fficien t to p a y all d eb ts to w ith in
$ 8 0 ,0 0 0 a n d still leave th e p lan t fu lly eq u ip p ed to d o busin ess.
A t present
w e h a v e d o u b le th e orders c o m in g In th a t w e had a ye ar a g o .
O f course
th e c o m p a n y has been u nder consid erab le ex p e n se In bu ildin g a new mill
an d n ew board in g h ou se s.
F or a long tim e th e p lan t w as op erated a t o n cth lrd Its c a p a c ity , an d lost m o n e y , b u t n ow all w e require Is r ead y c a p ita l.

Plan.

Southern Iron & Steel Co.—
— See Ala. Consol. Iron
& Steel Co. above.— V . 92, p. 1440.
Standard W all Paper Co., Sandy Hill, N . Y . —
— The grand jury in the Federal Court at Cleveland on
Oct. 5 returned indictments against four wall-paper manu­
facturers and four wall-paper jobbers, charging them with
conspiracy in restraint of trade in violation of the Sherman
Law. The indicted manufacturers include Winfield A . IIuppuch, First Vice-Pres. of the Standard Wall-Paper Co.

Indictment.

T h e In d ictm e n ts, which were fou n d on c o m p la in t o f the Peerless F lv e -a n d T e n -C e n t S tores o f P ittsb u r g h , charge th a t the fou r m an u factu rers, c on sti­
tu tin g a c o m m itte e rep resenting the W a ll Paper M an u factu rers' A ssoc iation
of th e U n ite d S ta te s, rep ea te d ly m e t the fou r Jobbers as m em b ers o f a c o m ­
m itte e rep resenting the N a t . A ssoc iation o f W a ll P aper J ob bers In the United
S ta te s, and d evised a plan to p reven t their p rodu cts fr m being b o u g h t
b y 5 and 10 -cen t sto res.
A cc o rd in g to th e In d ictm e n ts, 3 7 concerns from
c o a st to c o a st are m em b ers of the W a ll P aper M an u factu rers’ A ssoc iation
an d 2 7 are m em bers o f the jo b b ers' o rg a n iza tio n , p r actically con trollin g
the c o u n tr y ’s w all-p ap er o u tp u t.
M r . H u p p u c h , w ho is President o f the N a tio n a l A sso c ia tio n o f M a n u fa c ­
turers, h as Issued a s ta te m e n t to th e new spapers vig o ro u sly d en y in g t he
c h a rg e s.— V . 7 6 , p . 8 7 0 .

Bonds Offered.

Struthers (O.) Furnace Co., Cleveland.—
—
The Tillotson & Wolcott Co., Cleveland, is offering at par and
int., yielding 6 % income, the unsold portion of $750,000
“ 1st M. and collateral trust” 6 % gold bonds, dated Oct. 1
1911 and due $25,000 half-yearly, beginning April 1 1912 and
ending Oct. 1 1926. Par, $1,000, $500 and $100. Prin. and
int. (A . & O .) payable at Guardian Savings
Trust Co.,
trustee, Cleveland. Auth., $1,000,000; unissued, $250,000;
outstanding (this issue), $750,000, covering properties ap­
praised at $1,744,811 and showing earnings that for the last
12 years have averaged $123,489 per annum; present interest
charge, $45,000.

&

A b s tr a c t of L etter from P res. VV. C . R u n y o n , C le v e la n d , S ep t. 2 5 1 9 1 1 .
Security .— ( 1) A d irect 1st M . on th e c o m p a n y ’s m od ern b last furnace of
4 0 0 tons d a lly c a p a c ity , a t S tru th ers, M a h o n in g C o u n ty , O .; also on th e
m od ern sla g cem e n t p lant a d jo in in g th e fu rn a c e, c a p a c ity 1 ,0 0 0 b b ls. of
n o n -sta in in g cem e n t d a ily .
T h ese p la n ts arc located u p on 3 6 .0 3 acres
ow n ed In fee , located on th e M a h o n in g R iv er an d con n ected w ith both the
P en n sy lv a n ia an d N . Y . C en tral lines.
(2) A first c ollateral Hen, b y pledge
o f th e entire $ 5 0 0 ,0 0 0 stock and all o f th e $ 5 0 0 ,0 0 0 b ond s of the S tru th ers
C oal & C oke C o. (of P e n n sy lv a n ia ), on the la tte r c o m p a n y ’s m odern m ine
located In th e Low er C onneilsville coke regio n, F a y e tte C o u n ty , P a ., on the
M on on gah cla R H .; 2 3 4 .9 3 acres of coal an d su rfa c e, ow n ed In fee , an d 4 4 .3 8
acres o f su rface, there rem ainin g u n m ln ed 1 0 3 .6 9 acres o f c o a l; 2 0 0 coke
ove n s of stan d ard d esign , e m p lo y e e s’ h ouses, sto r e , s h o p s, & c .
T h e v a lu a tio n fixed b y th e appraisers aggre gate s $ 1 ,7 4 4 ,9 1 1 , w hich we
esteem u ltr a -co n se r v a tiv e , an d wo w ould ou rselves p lace a m u ch higher
figure u p on these properties.
Earnings. — T h e c o m p a n y has op erated this p r o p e r ty sin ce 18 9 6 , su cceed ­
in g (w ith the sa m e m an agem en t) the partn ersh ip w hich h ad ow n ed th e fur­
nace for several years p reviou s.
T h e o p eration s o f th e last 12 years h ave
sh ow n net profits o f $ 1 ,4 8 1 ,8 6 6 , after all charges, In clud ing Interest, d ep re­
cia tio n , & c ., or a ve ra ge an nu al profits o f $ 1 2 3 ,4 8 9 .
W e h a v e orders on ou r
books requiring our full c a p a c ity for the n ex t six m o n th s.
Purpose of issue .— T h is Issue o f ($ 7 5 0 ,0 0 0 ) bon d s will fu n d the In d eb te d ­
ness largely Incurred In con n ection w ith th e reb u ild ing o f the furn ace an d
th e d ev e lo p m en t of the coal an d coke p r o p e r ty , an d retire th e $ 3 0 3 ,0 0 0
bon d s o f th e C oal & C oke C o .
T ills Issue m ak es n o ad d itio n to th e an nu al
Interest c harges, b u t m erely co n v e rts th e Indebtedness Into a m ore c o m p a c t
fo rm for s te a d y liq u id a tio n . The rem ainin g $ 2 5 0 ,0 0 0 b ond s are reserved for
th e ex clu sive purpose of acqu iring ore land on th e basis o f 7 5 % o f c o st
th e re of, In order to render ou rselves In d ep en dent In th e m a tter of ore s u p p ly ,
sh o u ld It b ec o m e ad v isa b le so to d o .
Sinking Fund. — 2 5 cen ts per ton o f 2 ,0 0 0 lb s. o f r u n -o f-m ln o coal m in ed ,
p a y a b le q u a rterly to th e tru stee.
B ased on p ast o p e r a tio n s, this alon e wll
In a c tiv e years retire all th e m a tu r in g b o n d s, as th e C o a l & C ok e C o . h as a




[VOL. LXXXXIII

THE CHRONICLE

lo n g -tim e c o n tra ct to su p p ly th e F u rn ace C o . w ith all its coal an d coke
req u irem ents a t m ark et ra tes.
A p p ra isa l o f Furnace an d C oal an d C oke P rop erties, $ 1 ,7 4 4 ,9 1 1 .
J ulian K e n n e d y , P ittsb u r g h , S e p t. 2 , ap praised the S tru th ers F u rn ace C o.
as a goin g concern (n o t Including v a lu a b le grou nd on w hich It Is built) a t
$ 7 6 5 ,0 0 0 .
“ H e sa y s this m od ern b last furn ace Is In op era tio n , is well m an ­
aged an d th e o p eratin g costs are low ; I consider this w orks a p rofitab le
en terp rise .”
T h e W . G . W ilk in s C o ., o f P ittsb u rgh , w ho ap praised T h e S tru th ers Coal
& C oke C o ., rep ort: su rface, p la n t an d e q u ip m e n t, $ 2 9 3 ,5 6 1 ; coal ( 1 6 3 .6 9
acres @ $ 2 ,6 7 5 ) , $ 4 3 7 ,8 7 0 ; su rface 2 3 5 acres (over coal) @ $ 1 0 0 , $ 2 3 ,5 0 0 ;
44 acres (house an d sto r e p lo t ), @ $ 2 0 0 , $ 8 ,8 0 0 ; to ta l, $ 7 6 3 ,7 3 1 .

Bonds.

Sutter-Butte Canal Co., Oroville, Cal.—
— A mort­
gage was filed in April last to the First Federal Trust Co. of
San Francisco, as trustee, to secure an issue of $ 1 ,0 0 0 ,000 bds.
T h e c o m p a n y w as Incorporated in C alifornia early In 1911 w ith $ 1 ,2 5 0 ,0 0 0
o f a u th . cap ital sto c k , In $ 1 0 0 sh ares, the d irectors b ein g M . R ow lan d s an d
G . H . K e llo g g , o f B e rk ele y ; E . M . K e n t an d G ord on H a ll, o f S a n Francisco
an d T h o s . H . B reeze, o f F air O a k s.

Union Ferry Co., New Y ork.—
ing is announced:

New Officers.— The

follow­

W illia m H . E n g lish , V ic e -P r e sid e n t o f th e E m p ir e T r u st C o ., N e w Y o r k ,
h as been elected V ic e -P r e sid e n t, to succeed W illia m A . N a s h , C h airm an of
th e B oard of the Corn E x c h a n g e B a n k , w ho retires on a c co u n t o f 111 h ea lth .
T h o m a s B la k e , S ecretary o f th e K in g s C o u n ty T r u st C o ., h as been m ad e
A ssista n t S ecretary an d T re asu rer.— V . 9 3 , p . 5 3 8 .

Receivership.

United Missouri River Power Co.—
— Judge
Rasch in the United States District Court at Helena, Mont.,,
on Oct. 7, appointed George II. Shelton, of Butte, re­
ceiver for the company, on petition by IJ. S. M ort.& Trust
Co. of New York, representing as mortgage trustee the de­
faulted $2,781,500 (
$2,871,500) “ 1st and ref.” 5s that
are advertised for sale Nov. 8 1911, having been pledged to
secure $1,850,000 6 % one-year notes due and unpaid
July 1 1011 (V . 93, p. 875.)

not

T h ere are also in d efa u lt $ 7 5 0 ,0 0 0 6 % n otes d a te d J u ly 1 9 0 9 and due
Jan. 1 1911.
D e fa u lt, It is rep o rted , w ill lik ew ise occu r N o v . 1 1911 on th e
$ 1 ,5 0 0 ,0 0 0 3 -y c a r 6 % n otes d ated N o v . 2 19 08 (V . 8 8 , p. 7 5 2 ) .
A re­
organ ization plan Is in p rep aration , th e c o m p a n y h avin g h ad to expend
so m e $ 2 ,5 0 0 ,0 0 0 In th e reb u ild in g of th e H au ser L a k e d a m , co m p le te d as
n ow last M a y .
( V . 9 3 , p . 8 7 5 .)
A ll bond Interest h as been p r o m p tly p a id .
T h e ou tsta n d in g b on d s are
c allab le a t 1 0 5 , In cluding ( V . 8 8 , p. 7 5 2) $ 6 3 0 ,0 0 0 M issouri R iver Pow er
1st 6s d ated 1 9 0 0 , d ue N o v . 1920 (V . 7 6 , p . 7 0 8 ) ; $ 9 0 0 ,0 0 0 H elen a P ow er
T ra n sm issio n C o. 1st 6s d ated 1 9 0 5 . due .Tune 1 19 25 (V . 8 1 . p. 8 4 3 );
$ 2 ,1 7 6 ,0 0 0 U n ite d M issou ri R iv er P ow er M . 6s d a te d M cli. I 1 9 0 6 , due
M c h . 1 1936 (V. 8 6 , p. 1 1 2 ), and S 1 ,5 0 0 ,0 0 0 C a p ital C ity P ow er C o. (m erged
I'Cb. 21 1910) 1st M . 6s d ate d 1 9 07 and due N o v . 1 1 9 3 7 , b u t ca lla b le after
N o v . I 1912 a t 10 5 (V . 8 6 , p. 1 1 1 ).
T h e gross earn ings since organ ization In 1 9 0 0 a r e s a ld to h a v e b een; 19 0 6 ,
$ 4 0 9 ,0 0 0 ; 1 9 0 7 , $ 7 2 7 ,0 0 0 : 19 0 8 , $ 6 3 5 ,0 0 0 , and 19 10 , $ 6 2 5 ,0 0 0 .— V . 9 3 , p .8 7 5 .

Subsidiaries’ Orders

United States Steel Corporation.—
30.— The report of orders given out Oct. 11 shows un­
filled orders on the books Sept. 30 aggregating 3,611,317
tons, being a decrease of 84,668 tons during September.

Sept.

Tonnage of Unfilled Orders ( 0 0 ,0 0 0 omitted)— All on New Basis.
-------------------------------- 1 9 11------------------------------------------------------------l o i o —
’09 .
’0 4 .
Sept. A ug. July.J'ne. M a y .A p r . M ch. Feb. Jan.

Dec. Sept.M ch. Dec. Sept.

3 ,6
3 ,7
3 ,5
3 ,3
3 ,1
— V . 93, p. 876, 801.

2 ,7

3 ,2

3 ,4

3 ,4

3 ,1

3 ,1

5 ,4

5 ,9

2 ,4

Decision.

United Wireless Telegraph Co.—
— See National
Electric Signaling Co. below.— V . 93, p. 475, 290.
Utah Consolidated Mining Co., New York.—
•
— The directors on Oct. 6 declared a dividend of
50 cts. per share (1 0 % — par, $5) upon the ($1,500,000) capi­
tal stock out of the net earnings for the fiscal year 1911, pay­
able Nov. 14 1911 to stockholders of record of Oct. 21 1911.
This dividend (said to be semi-annual) is the first distribution
since Jan. 1910, and it makes the total dividends to date
$8,742,000.

Dividends

Resumed.

Dividend Record (Per Cent).

•
1901.
4 8 .8

1902.
..

1903.
64

1904.
60

1905.
70

New President.— Urban

1906.
100

1907.
14 0

1908.
40

1909.
40

1910.
10

1911.
10

II. Broughton, having resigned as
President, will, it is stated, be succeeded by Roscoe II.
Channing Jr., now General Manager.
Maxwell Woodluill of
Washington, D. C., has been elected a director.— V .9 3, p. 40.
United States Reduction & Refining Co., N . Y . City.—

Bondholders Asked to Waive Sinking Fund Provisions from
June 30 1911 to June 30 1916.— “ For the purpose of insuring
continued payment of interest” upon the $1,525,000 1st M.
6 % bonds dated 1901, the holders of these bonds are re­
quested to deposit the same with the N . Y . Trust Co., 26
Broad S t., to be stamped with a waiver of the sinking fund
provisions from June 30 1911 to June 30 1916, such waiver
to be operative when assented to by holders by a majority
of the bonds on or before Dec. 15 1911. President J. D.
Hawkins in a circular dated Aug. 30 1911 says in substance:
W it h in the p ast five years n o t o n ly has there been a h e a v y decrease In
th e a m ou n t of ore produced from the C ripple Creek district and also In the
avera ge valu e per ton of th e ores, b u t also there has been co m p etitio n of
the m o st strin gent character In th e tre a tm e n t of the ores.
F or this reason
th e c o m p a n y , while ab le to p a y th e interest u pon Its b on d s, ca n n o t face
the h e a v y sin kin g fun d charge im posed b y the m ortgage .
U n til J u ly 1 1911 the c o m p a n y paid each year the $ 5 0 ,0 0 0 due to th e sink­
in g fun d an d purchased b ond s therefor until $ 1 ,1 2 5 ,0 0 0 o u t of a to ta l Issue
o f $ 2 ,6 5 0 ,0 0 0 arc now In said fu n d .
T h ese bon d s b ear Interest a t 6 % , thus
m ak in g a charge a t this tim e o f $ 1 1 7 ,5 0 0 per an n u m In ad dition to the
Interest on th e o u tsta n d in g b o n d s.
D e fa u lt w as m ad e In the p a y m e n t of
the a m o u n t due the sin kin g fun d J u ly 1, and the c o m p a n y docs n ot be'Icve
tlr
for so m e years to p a y th e sin k in g fu n d o b ligation s.
C« m p le tlon a t thfl d rain gc tun nel in the C ripple Creek district w as looked
to
„ m eans . „ e .tiy increasing the p rodu ction o f ore, b u t engineers a d ­
vise t h ... . . wal require further ex te n sion s of the tun nel before the results
h oped for from ts construction will be o b ta in e d .
T h e r esu m p tion o f p a y ­
m e n t u nder the sin kin g fun d p rovision in 1916 will be a m p le tim e to retire
th e sa m e w ithin the rem ainin g 15 years o f th e life o f the b o n d s, which m ature
in 1 9 3 1 .— V . 9 2 , p . 9 5 4 .

Receivership Suit.

Western Steel Corporation, Seattle.—
—
Aaron Rome of Seattle applied to Judge King Dykeman in
the Superior Court at Seattle on Oct. 5 for a receiver for the
company, his claim of $807 for scrap iron being unpaid.
O ther creditors are said to be the M e t. T r . C o . o f N . Y . on a n o te of
$ 0 0 ,0 0 0 ; G r a tto n -K n lg h t M fg . C o ., $ 3 1 2 ; Port T ow n sen d Pile D rivin g C o .,
$ 3 ,9 2 0 ; T e m p e st B rick C o .,
79 3. & e.
A plan of rcorg. has been under
c o n sid eration .
Sec V . 9 3 , p . 8 7 6 , 5 3 8 .
i

For other Investment News sec page 1047.

OCT. 14 1911.J

THE CHRONICLE
f^ fc p x r r ls

a n d

1021

^ a a u u ^ w ts .

NORTHERN PACIFIC RAILWAY COMPANY
F IF T E E N T H A N N U A L R E P O R T — FO R T H E FISC AL Y E A R E N D IN G JU N E 30 1911.

Office of the Northern Pacific Railway Co.,
St. Paul, M inn., Sept. 23 1911.
To the Stockholders of the Northern Pacific Railway Company.

E A R N IN G S .
f r e ig h t

Increase ( + ) or
1910.
1911.
Decrease (— ) .
R e v en u e from T ra n sp o rta tio n :
$
3
5
Freight _______________________ 4 8 .7 5 8 ,7 .1 0 25 4 3 ,3 3 2 ,9 1 8 23 — 5 ,4 2 5 ,8 1 8 02
P assen ger----------------------------------------2 1 ,3 3 3 ,3 1 2 841 7 ,2 7 8 ,8 1 2 52 — 4 ,0 5 4 ,5 0 0 32
O th er revenu e from trans­
p o r t a t io n ........................................... 3 ,0 7 1 ,8 1 0 80 3 ,4 5 0 ,9 0 2 01
— 2 1 4 ,8 5 4 79
T o ta ls ..........................................7 3 ,7 0 3 ,8 0 5 80 6 4 ,0 6 8 ,0 9 2 70
R e ven u e from op eration other
than T r a n s p o r t a t io n .......................
7 0 1 ,9 0 0 30
8 4 4 ,1 3 9 13

-9 ,6 9 5 ,1 7 3 13

T o ta ls

93
47
40
05
48
05

P A S S E N G E R B U S IN E S S .

Passenger revenue was $17,278,812 52, a decrease of
$4,054,500 32, or 1 9 .0 1 % , from the previous year.
Mail revenue was $980,235 82, a decrease of $52,655 30,.
or 5 .1 0 % .
Express revenue was $1,409,120 41, a decrease of $163,­
879 70, or 1 0 .4 2 % .
Excess baggage and miscellaneous passenger revenue was
$298,585 74, a decrease of $34,882 88, or 1 0 .4 6 % .
The total revenue for persons and property carried on pas­
senger trains was $19,966,754 49, a decrease of $4,305,918 20,
or 1 7 .7 4 % , from the previous year.
The number of passengers carried was 9,262,853, a de­
crease of 377,141 from the previous year, and the number of
passengers carried one mile was 759,276,059, a decrease of
217,496,034, or 2 2 .2 7 % .
The miles run by revenue passenger trains was 11,380,355,
a decrease of 1,194,552, or 9 .5 0 % .
The rate per passenger per mile was .02276 and .02184
last year.

— 2 ,0 1 8 74
- 2 ,7 7 7 ,4 9 2
- 1 ,0 8 0 ,9 0 5
+ 9 0 ,8 2 9
- 2 ,4 4 3 ,7 1 9
— 4 6 ,3 5 0

73
63
43
61
28

..........................................4 5 ,9 8 7 ,4 0 5 33 3 9 ,7 2 9 ,7 0 0 51 — 6 ,2 5 7 ,0 4 4 82
0 ,0 7 6 79

— 1 ,3 0 0 45

N e t o p eratin g r e v e n u e ____2 8 ,5 3 8 ,4 2 0 80 2 5 ,1 8 3 ,0 7 1 38
Per m ile (a v e ra g e )______________
4 ,9 5 0 43
4 ,2 3 2 14
O u tsid e O p eration s:
S leep in g, p arlor, ob serv a tio n ,
(lining an d cafe cars and
r esta u r a n ts_____________________
0 0 2 ,4 7 4 89

- 3 ,3 5 5 ,3 4 9 48
— 71 8 29

P er m ile (a v e ra g e ).............. ..

7 ,9 7 7 24

T o ta l n et r ev e n u e_____________ 2 9 ,1 4 0 ,8 9 5 752 5 ,0 2 4 ,8 7 4 21 — 3 ,5 1 6 ,0 2 1 54
3 ,2 9 6 ,7 9 7 49
— 3 2 5 ,2 0 2 31
T a x e s A c c r u e d .. ______ __________ 3 ,6 2 1 ,9 9 9 80
554 04
— 74 25
Per m ile (a v e ra g e )---------------------628 29
O p eratin g In com e_____________ 2 5 ,5 1 8 ,8 9 5 952 2 ,3 2 8 ,0 7 0
O ther In c o m e:
D ivid en d s an d Interest on
securities, Interest on de­
2 ,7 0 5 ,9 8 1
posits and m isc ella n e o u s. 2 ,5 0 6 ,4 7 4 91
R e n ta ls re c e iv e d _________________ 1 ,2 8 9 ,2 5 2 04 2 ,0 2 7 ,3 5 2
0 0 7 ,0 9 4
H ire o f e q u ip m e n t________________
1 6 0 ,5 7 8 51

72 — 3 ,1 9 0 ,8 1 9 23

8.1
75
40

+ 1 9 9 , 5 0 0 92
+ 7 3 8 , 1 0 0 71
+ 4 1 6 , 5 1 5 95

O P E R A T IN G E X P E N S E S .
C O N D U C T IN G T R A N S P O R T A T I O N .

Gross In com e___________________ 2 9 ,4 7 5 ,2 0 1 412 7 ,6 0 8 ,5 0 5 70 — 1 ,8 0 6 ,6 9 5 65
D e d u c t:
5 0 1 ,1 4 9 20
R e n tals p a id __________
5 0 9 ,9 2 7 ,9 0
0 ,6 6 5 ,0 9 0 00
In te rest on fun d ed d e b t _____ 6 ,6 6 9 ,0 1 4 17
D iv id e n d s on s t o c k _______________1 7 ,3 6 0 ,0 0 0 001 7 ,3 6 0 ,0 0 0 00

+ 5 1 ,2 2 1 36
— 3 ,9 2 4 17

..........................................2 4 ,5 3 8 ,9 4 2 07 2 4 ,5 8 0 ,2 3 9 26

+ 4 7 ,2 9 7 19

T o ta ls

N e t Incom e for the y e a r . . 4 ,9 3 0 ,2 5 9 34
R a tio o f o p eratin g expenses to
to ta l op eratin g r ev e n u e------R a tio o f taxes to to ta l op erat­
in g rev e n u e -----------------------------

The charges for transportation expenses were $21,601,­
477 48, a decrease of $2,443,719 61, or 1 0 .1 6 % .
A lA IN T E N A N C E O F E Q U I P M E N T .

The charges for Maintenance of Equipment were $7,911 ,­
231 46, a decrease of $1,080,905 63, or 1 2 .0 2 % .

3 ,0 8 2 ,2 6 6 50 — 1 ,8 5 3 ,9 9 2 84

0 1 .7 1 %

0 1 .2 0 %

— .5 1 %

4 .8 6 %

5 .0 8 %

+ .2 2 %

L O C O M O T IV E S .

M IL E A G E O P E R A T E D .
Changes have taken place in the mileage operated during
the year as follows:
There were added:

T o t.il n u m b e r o f lo c om otives on a c tiv e list Ju n e 3 0 1 9 1 0 ________________ 1 ,4 3 0
A d d itio n s— P aclflc ty p e passen ger lo c o m o tiv es p u rc h ase d ______ _______
18
1 ,4 4 8
D e d u c tio n s:
S o ld
.............................. .. ..............................................................................................6
D ism a n tle d __________________________________________________________________ 1
—

M iles.
N ov.
N ov.
N ov.
N ov.
N ov.

1 1 9 1 0 . M issouri R iv er R y ., M a n h a n , N . D . , to C ann on R ail
3 0 .1 1
J u n ctio n , N . D ., c o n s t r u c te d .............— ....................... —
1 1 9 1 0 . W e ste rn D a k o ta R y ., C ann on R ail J u n ctio n , N . D .,
to M o t t, N . D . , c o n str u c te d __________ ____________________ 9 1 .3 5
1 1 9 1 0 . Connell N orthern R y ., Connell to A d c o and R ltz v llle
R ran c h , R assett J un ction to S cragg, W a s h ., c o n str’ ted 7.1.49
1 1 9 1 0 . O rtln g Rranch In W a sh in g to n , e x te n sio n --------- ----------2 .5 7
1 1 9 1 0 . R itter R o o t Rranch In M o n ta n a , e x te n sio n -------------------1 .0 5

T o ta l

T o t a l lo c o m o tiv es o w n e d _________________________________________________ 1 ,4 6 7

H A U L IN G

d e d u c tio n s ________________ ________ - ---------------------------------------------

2 .3 7

N e t a d d itio n s ______________________________________________________________ 2 0 2 .8 0
M ileage op erated Ju n e 30 1 9 1 0 . _________
5 ,8 1 4 .1 2
6 ,0 1 6 .9 2
M ileage op erated Ju n e 3 0 1 9 1 1 _____________
A v e r a g e m ileage op erated d urin g the y e a r .............. ................................5 ,9 5 0 .4 3

Owned
June 30 1 9 1 0 .

Condemned, De­
stroyed and Sold.
1
2
_____
_____
_____
_____
3
1

3
200
9
139
143
2
127
29 2
4
0
124
150
220
22
5
4

' -------

1 ,4 5 0

7




Added.

A ssig n m e n t June 30 1 9 1 0 ______1 ,4 3 0
A d d e d d urin g fiscal y e a r _______ 18
T o ta l
S o ld an d

4 4 ,3 9 2 ,9 0 0 2 0 0 ,5 0 4 ,5 4 2 2 5 4 ,4 5 6 ,5 0 2
1 1 6 ,0 0 0
5 1 9 ,4 0 4
6 0 4 ,5 0 4

T o ta l

18

4 4 ,2 7 6 ,9 0 0

1 9 9 ,9 8 5 ,1 3 8 0 2 5 3 ,7 9 1 ,9 9 8

Average weight of Locomotive
without tender (Tons of 2 ,0 0 0 Pounds).

Tractive
Force.
(Lbs.)

On Drivers.

2 20
22
5
4

2 4 .3 7
6 0 .8 3
6 8 .5 0
5 3 .3 8
8 8 .7 7
7 2 .5 1
4 4 .7 7
7 9 .3 0
9 3 .0 0
8 4 .3 9
1 1 2 .7 0
1 0 2 .2 5
1 3 0 .3 5
1 7 0 .7 0
2 1 8 .9 8
6 3 .3 2

2 2 .7 5
0 0 .8 3
0 8 .5 0
4 4 .3 4
7 0 .0 8
0 5 .2 7
2 8 .4 0
5 9 .4 8
7 5 .0 0
4 3 .8 5
7 1 .3 0
7 0 .7 5
1 0 1 .0 8
1 5 0 .7 2
2 0 1 .9 0
6 3 .3 2

8 ,1 0 0
2 5 .3 8 1
2 6 ,5 0 0
1 8 ,1 5 5
3 7 ,4 4 0
3 4 ,8 0 0
1.1,880
2 6 ,1 2 0
.18 ,5 00
2 1 ,5 5 0
3 1 .5 1 7
3 3 ,3 0 0
4 0 ,3 0 0
0 4 ,9 4 0
8 9 ,5 4 0
2 9 ,2 5 0

1 ,4 6 7

8 7 .2 4

6 8 .2 8

3 0 ,4 2 0

142
150

—

.................................................1 ,4 4 1

Total.

4
0

_____

........................................1 ,4 4 8
d ism a n tle d __________
7

The following statement shows the character and condi­
tion of the locomotives of the company on June 30 1911:

2
20 4
9
139
143
2
124
291 |

is

N o.

Total weight Total weight
on Drivers,
of Engines.

( Pounds)
( Pounds )
( Pounds )
4 3 ,8 0 7 ,9 0 0 1 9 7 ,8 5 8 ,5 4 2 2 5 0 ,1 6 3 ,5 0 2
5 8 5 ,0 0 0
2 ,6 4 6 ,0 0 0
4 ,2 9 3 ,0 0 0

Owned
June 3 0 1 9 1 1 .

_____

C A P A C IT Y .

Tractive
Power.
Active List—

Jun e 3 0 1 9 1 1 . G aylord & R u b y V a lle y R ranch In M o n ta n a ,
s h o r t e n e d ______________________________________________ 1-08
Jun e 30 1 9 1 1 . C orrections b y line changes and r c -ch a ln ln g ------- 1 .2 9

7

T o ta l n u m b e r on a c tiv e list Jun e 30 1 9 1 1 ____________________________1 ,4 4 1
In ad d itio n to those on the a c tiv e list there are held for sa le __________
26

a d d itio n s --------------------------------------- ------------------------------------------------- 2 0 5 .1 7

Deductions:

T o ta l

.

+ 8 2 ,1 7 8 83

T o ta l op eratin g r e v e n u e ..7 4 ,5 2 5 ,8 2 0 19 6 4 ,9 1 2 ,8 3 1 89 — 9 ,6 1 2 ,9 9 4 30
P er m ile (a v e ra g e )---------------------1 2 ,9 2 7 67
1 0 ,9 0 8
O p eratin g E x p en ses:
M ain ten an ce o f w a y and
stru c tu res_______________________ 1 0 ,8 4 2 ,9 5 5 20 8 ,0 0 5 ,4 6 2
M ain ten an ce o f e q u i p m e n t .. 8 ,9 9 2 ,1 3 7 09
7 ,9 1 1 ,2 3 1
T raffic e x p e n s e s ....................... 1 ,0 3 0 ,4 0 3 02
1 ,1 2 7 ,2 3 3
T r an sp ortation e x p e n se s____2 4 ,0 4 5 ,1 9 7 09 2 1 ,0 0 1 ,4 7 7
G eneral ex p e n se s_________________ 1 ,0 7 0 ,7 1 2 33 1 ,0 2 4 ,3 5 0

b u s in e s s

Freight revenue was $43,332,918 23, a decrease of $5 ,­
425,818 02, or 1 1 .1 3 % , from the previous year.
4,800,666,026 tons of revenue freight were moved one
mile, a decrease of 618,418,339 tons one mile, or 1 1 .4 1 % ,
from the previous year.
The rate per ton per mile increased from .00900 to .00903.
The revenue train load increased from 429.28 to 461.45
tons.
I’he total train load, including company freight, in­
creased from 523.65 to 553.12 tons.
The miles run by revenue freight trains was 9,771,713, a
decrease of 2,267,880, or 1 8 .8 4 % .

The following, being the Fifteenth Annual Report, shows
the result of the operation of your property for the fiscal year
ending June 30 1911.
INCOM E ACCOUNT.

1038

[VOL. LXXXXIII.

THE CHRONICLE

Condition—
Number. P e r c e n t.
G ood .................................- .....................................................................................1 ,1 3 6
7 7 .4 4
F air
.............................................................................................................. ..
199
1 3 .5 7
A t s h o p s ........................................... ....................................................................
132
8 .9 9
1 ,4 6 7
N u m b e r o f oil-bu rn in g lo c o m o tiv e s_______ _____________________
N u m b e r o f lo c o m o tiv e s equ ipp ed w ith su p e rh ea te rs________

PASSENG ER

1 0 0 .0 0
1.4 3
6 .4 0

g
9

E Q U IP M E N T .

B R ID G E S .

During the year 156 bridges were replaced and 10 aban­
doned. 72 bridges 11,923 feet in length were replaced by
timber structures, and 7 permanent and 77 timber structures
were replaced in permanent form as follows:
R e p la c e d b y e m b a n k m e n t .............................................. 3 5 bridges,
R e p la c e d b y tru ss, gird er, I-b e a m an d rein­
forced con crete tre stle .............................................. .4 9 b ridges,

T o t a l......... .......................................... .................................... 84 b rid ge s, 1 1 ,3 0 0 lineal feet

On June 30 1910 the company owned 1,119 passenger train
cars, including 131 sleeping cars owned jointly with the Pull­
man Company; on June 30 1911, 1,161 passenger train cars,
including 130 sleeping cars owned jointly with the Pullman
Company, a net increase of 42. The number and kind of cars
owned is shown in table in pamphlet report.
On June 30 1911, of the 1,161 cars owned, 886 cars were
not due in shops for two months or more.

107 timber culverts were rebuilt, 36 in temporary and 71
in permanent form.
There are now under construction on operated lines 1,615
lineal feet of steel girder and I-beam spans; 1,364 lineal feet
of steel truss spans; 1,400 lineal feet of reinforced concrete
trestle; one 325-foot and one 200-foot steel draw spans and
one 160-foot bascule draw span; also one steel highway
viaduct 738 feet long.
B R ID G E S A S T H E Y E X I S T E D J U N E 30 1011.

F R E IG H T E Q U IP M E N T .

Aggregate length.

Comparative number and capacity of freight cars:
-----------1!) 1 0 ----------

N o.
B o x _____________________ .2 4 ,3 5 7
Fu rn ltu ro .............. .
638
R e frigerator ................ . 1,5 62
S to c k ____________________ . 2 ,6 1 8
F la t .............................. ......... . 8 ,0 1 4
18
O i l _______________________ .
C o a l __________ __________ . 5 ,1 0 3
810
B a lla st an d O r e _______ .
T o t a l s ________________.4 3 .8 1 6
P e r c e n t a g e -------------------A v e r , c a p a c ity per car.-

Capacity.
(Tons.*)

1 .5 4 2 ,0 8 2

Capacity.
(Tons.*)

or D e c .Capacity.
N o. (Tuns.*)

N o.

8 0 5 ,7 0 0
1 8 ,0 7 0
4 1 ,4 2 5
5 8 ,0 9 5
2 8 8 ,5 5 5
475
2 2 9 ,0 5 5
3 2 ,1 2 0

4 3 ,1 0 0

1 ,5 3 4 ,6 9 5

1 5 7 0 £ 1 5 ,1 8 7
£ 1 ,1 0 0
£44
1 ,7 5 0
4
£ 3 ,1 5 5
£39
£ 2 .4 7 5
£214

____

160
£13

1 2 ,7 0 0
£520

£710

£ 7 ,9 8 7

£ 1 .0 3 %
3 5 .2

--------

N o. Lineal F t. M iles.

-----------11)1 1 -------------- -Inc.

8 8 0 .8 8 7 2 3 ,7 8 7
1 0 ,7 7 0
594
1 ,5 6 6
3 0 ,0 7 5
0 1 ,2 5 0
2 ,5 7 9
8 ,4 0 0
2 9 1 ,0 3 0
18
475
5 ,3 5 3
2 1 0 ,9 5 5
3 2 ,6 4 0
803

—

3 5 .6

—

£ .5 2 %
----------

* O f 2 ,0 'i0 ib s.
x In d ica tes deorease.

Of the total number of freight cars on the road on June 30
1911, only 1,132, or 2 .6 3 % , were in need of repairs costing
55 or more per car.
In addition to equipment shown as on hand June 30 1911,
the following will be built at the Company’s shops during
the current year.

S te el, Iron, sto n e an d con crete p erm an en t b r id g e s___
57 8
T im b e r an d c o m b in a tio n Iron an d tim b er s t r u c tu r c s -2 ,7 3 9

O F E Q U IP M E N T .

In accordance with the rules of the Inter-State Commerce
Commission, the following amounts have been charged to
operating expenses on account of estimated depreciation of
equipment, viz.:
L o c o m o t i v e s __________________________________________
P assen ger c a r s _________________________________________
F reigh t c a r s____________________________________________
W o r k c a r s_____________________________________________
F lo a tin g e q u ip m e n t__________________________________

M A IN T E N A N C E

OF

WAY

AND

$ 7 8 4 ,1 3 8 2 0
1 9 0 ,3 4 5 25
1 ,1 0 0 ,7 5 8 68
4 1 ,7 4 2 08
5 ,0 4 3 3 6
-------------------------- $ 2 ,1 2 2 ,0 2 7 57

STRUCTURES.

The charges for Maintenance of W ay and Structures were
$8,065,462 47, a decrease of $2,777,492 73, or 2 5 .6 2 % .
The table in the report of the Comptroller shows the dis­
tribution of this decrease under the respective accounts.
The following statements give particulars of the work done
and show that the property has been well maintained.
PERM ANENT W A Y .
1910.
1911.
N e w m ain line laid w ith 8 5 -p o u n d r a il_____________ M iles
2 .4 0
________
N e w secon d tra ck laid w ith 8 5 -p o u n d r a il____________ “
5 .3 3
6 .7 6
N ew second tra ck laid with 9 0 -p o u n d ra il____________ “
4 5 .2 3
5 4 .5 0
N e w secon d track laid w ith 7 2 -p o u n d r a il____________
“
2 .6 4
N e w third track laid with 7 2 -p o u n d r a il_______________ “
1 .3 8
N e w branch lines laid w ith new 9 0 -p o u n d ra il______
“
1 2 .2 6
N e w branch lines laid w ith 7 2 -p o u n d ra il____________
"
1 8 8 .6 9
N e w branch lines laid with 56 an d 6 0 -p o u n d r a i l - .
“
________
2 .5 7
M ain line relald w ith new 9 0 -p o u n d r a il______________
“
7 4 1 .4 7
1 3 6 .6 8
3 1 .1 6
-----------M ain line relaid with new 8 5 -p o u n d ra il_______________ “
B ranch line relald with new 0 0 -p o u n d r a il____________
“
9 .0 0
-----------M ain line relald w ith 6 6 , 72 and 8 5 -p o u n d r a il_____ "
2 2 .9 7
S econ d track relald with new 9 0 -p o u n d ra il_________
“
3 6 .0 6
1 0 .8 0
S econ d track relald w ith 8 5 -p o u n d ra il_______________ "
-----------1 .3 5
"
6 .6 1
B ranch lines relald w ith new 9 0 -p o u n d r a il---------------B ranch lines relald with 6 6 , 72 an d 8 5 -p o u n d r a i l . .
“
1 0 0 .4 5
S idin g an d spurs c o n str u c te d __________________________
“
7 5 .8 6
4 8 .1 1
T ra c k b a lla ste d ____________________________________________ "
4 2 0 .1 3
3 4 1 .5 1
E m b a n k m e n t w id e n e d .______ ___________________________
“
3 7 0 .0 0
1 6 1 .3 4
C ross-tie ren ew als, m ain lin e_________________________ T l c s .1 ,5 0 9 ,4 0 4 1 ,9 5 5 ,8 4 0
C ross-tie ren ew als, branch lin es_______________________
“
9 1 0 ,9 3 2 1 ,2 7 4 ,4 7 2
T im b e r bridges replaced b y p erm an en t stru ctu res
an d e m b a n k m e n ts, 84 In n u m b e r, eq u al t 2 ______ M iles
5 .7 5
2 .1 4
T im b e r bridges ren ew ed _______________________________N o .
40
72
"
101
10 7
T im b e r cu lverts rep la c ed ________________________________
N ew stock fence c o n str u c te d __________________________ M iles
1 5 9 .8 4
7 8 .5 6
N e w sn ow fen ce c o n str u c te d ____________________________ “
1 5 .5 9
3 0 .8 2
R A IL IN M A IN , SE CO N D A N D T H IR D T R A C K S .
------------- -M iles ------------1911.
1905.
9 0 -p o u n d "rst e c l_________________________________________________ 1 ,1 0 8 .6 2
________
8 5 -p o u n d st e e l_________________________________________________ 1 ,9 9 9 .7 4
5 2 9 .1 9
2 .5 2
2 .1 0
80 -p o u n il ste e l_________________________________________________
7 6 -p o u m l ste e l_________________________________________________
5 .1 4
5 .1 4
7 5 -p o u n d s t e e l_________________ ______________________ ________
________
2 .8 2
7 2 -p o u n d s te e l_________________________________________________
7 3 2 .5 7
1 ,6 5 0 .4 0
7 0 -p o u n d s t e e l_________________________________________________
4 1 .0 2
4 6 .6 5
6 6 an d 6 7 -p o u n d ste e l_______________________________________
6 2 9 .7 5
9 8 1 .4 1
6 0 -p o u n d st e e l--------------------------------------------------------------------------2 1 4 .7 1
2 2 7 .0 6
5 6 -p o u n d s te e l--------------------------------------------------------------------------- 1 ,6 0 5 .6 6
1 ,9 7 3 .8 8
O th e r w e ig h ts___________________________________________________
1 0 .0 2
1 8 .2 9
6 ,4 4 0 .6 5
5 ,4 3 6 .0 4
Note. — 7 2 -p o u n d steel h as b een sold to p rop rietary an d affiliated c o m ­
panies an d u sed In Im p o rta n t sidings an d term in al y a r d s.




9 0 ,9 3 5
4 2 9 ,7 1 1

1 7 .2 2
8 1 .3 8

T o ta ls ................. ........................................................... ................. 3 ,3 1 7
5 2 0 ,6 4 6
9 8 .6 0
T o ta l length o f tim b er stru ctu res replaced b y steel b ridges, em b a n k m e n t,
or In other p erm an en t form from J u ly 1 1 8 8 5 , w hen w ork w as c o m m e n c e d ,
to Ju n e 3 0 1911 h as been 1 2 0 .2 7 m iles.
S T A T IO N B U IL D IN G S .

New buildings and structures, or increased facilities, have
been provided at the following stations:
— New Duluth, Boat Club Station, Coon Creek,
Salida, Becker, De Lamere, Cloquet, Lake Park, Dilworth
and Moorhead.
— Mandan, Barney, Fargo, Magnolia, Dazey.
— Park City, Terry, Big Timber, Butte, Patney,
Red Lodge, Garrison, Plateau, Deborgia, Borax, Lookout,
Trident, Clarkston, Orwell, Darby.
.— Ritzville, Toppenish, Bellingham, Ellensburg, Tacoma, Spokane, Hartline, Thomas, Auburn, Bur­
nett, Byron, Halterman, Pasco, Scragg.
— Warren.

Minnesota.

North Dakota.
Montana.
Washington

Oregon.

SHOPS,
F reigh t T ra in C ars— B o x cars, 4 0 ton s c a p a c it y ____________________________ 500
D E P R E C IA T IO N

7 ,7 6 4 lineal feet
3 ,5 3 6 lineal feet

E N G IN E

F A C IL IT IE S

AND

YARDS.

Buildings, tracks, turntables or increased facilities have
been provided at the following points:
— Ashland.
— Duluth, Brainerd, St. Paul, Northtown,
Staples.
— Dickinson.
— Glendive, Forsyth, Livingston.
— Wallace.
— Fairfax, Hoquiam, Pluvius.

Wisconsin.
Minnesota.
North Dakota.
Montana.
Idaho.
Washington.

F U E L S T A T IO N S .

Additional or increased facilities have been provided at the
following points:
— Dawson, Dickinson.
— Tacoma, Lester.

North Dakota.
Washington.

W ATER

SUPPLY.

Additional or increased facilities have been provided at the
following points:
— Moose Lake, Rush City.
— Richardson, Dickinson.
— Forsyth, Sanders, Huntley, Clyde Park, Aus­
tin, Lothrop.
— Ellensburg.

Minnesota.
North Dakota.
Montana.
Washington.

B L O C K S IG N A L S A N D IN T E R L O C K IN G P L A N T S .

Automatic block signals or interlocking plants have been
nstalled and placed in service at the following points:
— Between Northtown Junction and St. Cloud,
St. Cloud, Manitoba Junction, Staples to Dilworth, Carman,
St. Anthony Park-St. Paul, St. Paul-White Bear Line.
— Huntley and Billings, Great Northern Junc­
tion, Billings to Livingston, Livingston, Silver Bow, Garri­
son, Garrison to Missoula, Laurel.
— Kalama to Vancouver, Lewis River Bridge.
— Willbridge to Portland, Columbia River Draw
Bridge, Oregon Slough Draw Bridge, North Portland Junc­
tion, Willamette River Draw Bridge, North Portland Junc­
tion to Willamette River Draw Bridge.
On June 30 on important main line mileage of 2,485 there
were 440.81 miles protected by automatic block signals and
913.74 miles protected by manual block.

Minnesota.

Montana.

Washington.
Oregon.

DOCKS A N D W H A R V E S .

The work at Duluth and Seattle, referred to in last year's
report, has been carried to completion.
C H ARG ES TO C A P IT A L AC CO UN T.
Upon requisition of the Executive Officers, approved by
the Board of Directors, expenditures have been made during
the past fiscal year for:
R e a l E s ta te , R ig h t of W a y an d T e rm in a ls:
A t S u p erior, W isc o n sin , real e s ta te ___________
S t . P a u l, M in n e sota, real e s t a t e - - ......................
M in n e ap olis, M in n e so ta , real e s ta te ....................
L a u rel, M o n ta n a , te r m in a ls................... (C redit)
P arad ise, M o n ta n a , term in a ls________(C redit)
S a n d P o in t, Id a h o , te r m in a ls................... .............
S p o k a n e , W a sh in g to n , term in a ls.........................

$ 4 ,3 5 0 3#
2 ,0 6 7 86
1 2 ,5 4 1 73
5 ,0 6 6 62
163 89
1 ,5 1 0 60
0 ,0 1 0 76
--------------------------$ 2 1 ,2 5 9 81

$21,259 81

Brought forward _______________________________________
B ra n c h e s, L in e C h an ges, G rade .Revisions an d
S econ d M ain T r a c k :
O n e-th ird Interest In d o u b le -tra ck line V a n ­
couver
to
N o rth
P o r tla n d ,
Including
bridges over C olu m b ia an d W illa m e tte
R iv e r s.
(T w o -th ird s ow n ed b y S p o k a n e
P o rtla n d & S ea ttle R y . C o.)
A d d itio n a l
charges ........................... - ............................ ...............
$ 5 0 ,9 6 2 91
E d g ele y -M lsso u rl R iv er lin e. N orth D a k o t a .
7 ,9 0 0 64
P ln gree w est lin e, N orth D a k o t a _____________
3 4 7 ,9 9 2 13
T u r tle L a k e ex te n sion , N orth D a k o t a -----------1 3 ,7 1 2 61
G lcn cllve-H clen a c u t -o il, M o n ta n a -----------------3 ,3 9 1 12
B itter R o o t Branch ex te n sion , M o n ta n a ------2 7 ,4 5 3 50
D c S m c t to P arad ise, M o n ta n a ------------------------1 2 ,5 6 8 65
W h ite P ine H ill, M o n t., grade rev isio n ---------9 ,0 8 2 03
R ltz v llle-E U en sb u rg c u t-o ff, W a s h i n g t o n . . .
1 4 ,1 2 9 74
S u n n y sid e B ranch ex te n sion , W a s h i n g t o n ..
4 2 ,1 4 1 55
2 9 ,9 7 8 29
T a c o m a -T c n ln o line, W a s h in g t o n -------------------G r a y ’s H arb or ft C olu m b ia R iver R y ., W a s h .
3 7 0 44
O c o sta B ranch ex te n sion . W a s h ---------------------3 ,4 4 0 58
R l g h t s -o f -W a y a t S e a ttle , W a s h ., for chan go
of line and new t r a c k s . . --------------------------------8 5 ,0 3 7 17
S t . P au l to M in n eapolis, secon d m ain t r a c k . .
3 6 ,6 8 2 83
S t . C lou d to R ic e 's. M in n ., secon d m ain tra ck
2 8 6 ,9 6 3 28
P h llb ro ok to S ta p le s, M in n ., second m ain
tra ck ____________________________
1 1 6 ,9 4 0 35
W a d e n a to L a k e P a rk , M in n ., second m ain
t r a c k _____________________________________________
10 0 75
L a k e P ark to G ly n d o n , M in n ., secon d m ain
tra c k ..............................................................( C r e d i t )
2 6 3 12
W h e a tla n d to B ufralo, N . D . , second m ain
t r a c k ....................
591 91
A lt a to B erea, N . D . , secon d m ain track (Credit) 9 ,1 1 4 78
B lo o m to J a m e sto w n , N . D . , secon d m ain
7 7 ,3 1 4 03
t r a c k _____________________________________________
H u n tle y to B illin gs, M o n t ., secon d m ain track 2 8 5 ,2 9 1 62
8 0 ,2 5 2 42
B illings to L au rel, M o n t ., secon d m ain track
4 5 4 54
L iv in g sto n to M u ir, M o n t ., second m ain track
1 ,6 5 1 42
B ozem an to L o g a n , M o n t., second m ain track
Garrison to M issou la, M o n t ., second m ain
2 0 ,5 1 6 42
t r a c k ---------------- ---------- ----------------------------------------M issou la to D e S m e t, M o n t., second m ain
tra c k ----- -------------------------------------------------------------1 4 1 ,5 9 9 13
M.
1’ . 73 to Y a r d lc y (S p o k a n e ), W a s h .,
secon d m ain t r a c k -------------------------------------------1 5 1 ,3 4 9 37
Y n r d ley to O . - W . R R . , f t N a v . C o . C rossing,
W a s h ., second m ain t r a c k ____________________
1 2 ,2 4 3 37
7tli A v e . (Spok an e) to W in s , W a s h ., second
m ain tr a c k ------- ------------------------------------------------1 3 2 ,6 1 1 94
M arsh all to W in s , W a s h ., secon d m ain track
3 ,5 6 1 16
A u b u r n to M eek er, W a s h ., second m ain
2 3 4 02
t r a c k ___________________ ________ _______ (Credit)
T e n ln o to K a la m a , W a s h ., grade revision and
1 ,9 3 2 ,7 3 2 73
d o u b le t r a c k _________________________________
K a la m a to V a n c o u v e r , W a s h ., second m ain
1 2 ,2 5 4 87
t r a c k _________ ___________________________________
N orth P ortlan d to P ortlan d C ity lim its, O r e .,
8 ,0 1 1 95
secon d m ain tra c k _____________________________
3 1 7 62
S u n d r y c red its__________________________ (Credit)
A d d itio n s and B ette r m en ts:
R ig h t -o f-w a y an d sta tio n g r o u n d s-----------------R e a l e s t a t e ________________ ________ — (Credit)
W id e n in g cu ts an d ill's ---------------------------------------P rotection o f banks an d d r a in a g e -------------------G rade reduction an d ch an ge o f l l n c . . . . - . - T u n n el Im p r o v e m e n t---------------------------(Credit)
B rid ges, trestles and c u lv e r t s ............... ...............
Increased w eigh t o f r a i l------------------------------------Im p r o v e d frogs an d sw itch es___________________
T rack fasten ings an d a p p u rte n a n c es-------------B a l l a s t _____________________________________________
A d d itio n a l m ain tr a c k s_________________________
S idings an d sp u r tr a c k s_________________________
T e rm in a l y a r d s ___________________________________
F e n cin g r ig h t-o f-w a y ____________________________
Im p r o v e m e n t of crossings, u nder or over
g r a d e ___________________________________________
F.llm lnatlon o f grade c r ossin gs------------------------In terlockin g a p p a r a tu s_________________________
B lock an d other sign al a p p a ra tu s-------------------T elegrap h an d teleph one lin es--------------------------S ta tio n buildings an d llx tu re s--------------------------R o a d w a y m ach in ery an d t o o l s . . . -----------------S h o p s, en gin e houses an d tu r n ta b le s-------------S h op m ach in ery and to o ls--------------------------------W a t e r an d fuel sta tio n s -------------------------------------D ock an d w harf p r o p e r ty --------------------------------S n ow and san d fences and sn ow sheds
O th er ad dition s an d b e t t e r m e n t s ...( C r e d it )

$ 2 9 5 ,6 6 3
4 2 1 ,0 2 9
1 1 9 ,9 8 2
3 3 ,8 8 0
8 4 ,6 1 2
2 2 ,2 0 3
3 0 8 ,9 1 2
1 3 3 ,0 7 7
4 ,4 9 8
2 0 5 ,6 0 4
1 2 8 ,5 9 6
1 ,9 7 2
1 6 0 ,2 8 1
3 5 0 ,2 9 0
6 ,7 5 7

96
43
56
91
13
25
45
29
91
11
87
09
84
03
90

1 9 ,2 3 6
1 6 2 ,9 6 9
2 3 ,5 9 1
4 0 4 ,8 9 1
6 4 ,9 0 0
3 8 6 ,4 3 0
722
4 0 1 ,9 1 8
5 6 ,4 1 8
8 5 ,6 6 1
4 6 ,3 5 6
54 5
4 0 ,4 9 1

35
95
91
32
35
28
15
92
34
02
09
60
56

Less used

N e w E q u ip m e n t:
Expenditure. from Res' ve.
$ 3 0 ,1 3 0 35
L o c o m o t iv e s _____$ 4 1 7 ,8 2 0 70
5 8 ,1 2 5 63
P ass, train c a r s .. 3 6 5 ,9 8 2 57
F reight train cars
3 7 3 ,9 1 3 58
and w ork c a r s . 7 1 1 ,7 7 7 96

$ 3 ,4 0 0 ,0 0 0

O p era ted M ile a g e __________________________________

1911.
5 5 0 .9 5

N e t o p eratin g rev e n u e __________________________$ 1 ,4 7 8 ,9 5 4 99 $ 2 ,7 9 1 ,3 3 6 77
O u tsid e o p era tio n s_________________________________
8 ,5 7 0 71
5 ,7 2 9 37
T o ta l n e t r e v e n u e ________________________________ $ 1 ,4 8 7 ,5 2 5 70 $ 2 ,7 9 7 ,0 6 6 14
L ess t a x e s . .................................................- ..........................
3 2 7 .6 3 0 87
4 7 0 ,3 0 0 0 0
O p eratin g In c o m e_________________________________ $ 1 ,1 5 9 ,8 9 4
3 8 3 ,2 9 1
O th e r In com e (ren ts, & c ., r e c e iv e d )---------------------

83 $ 2 ,3 2 6 ,7 6 0 14
00
7 2 6 ,5 2 8 22

Gross In c o m e______________________________________ $ 1 ,5 4 3 ,1 8 5
R e n ts , In terest, hire o f e q u ip m e n t, & c . ...............
3 8 8 ,6 7 2

83 $ 3 ,0 5 3 ,2 9 4 36
73
3 9 9 ,8 7 9 75

B a l a n c e .................................- ................- .......................... $ 1 ,1 5 4 ,5 1 3 10 $ 2 ,6 5 3 ,4 1 4 61

The gross earnings of this company on business exchanged
with the Northern Pacific Railway Company for the fiscal
year approximated SI,725,000.
OREGON TRU NK R A IL W A Y .
The work of building the Oregon Trunk Railway has con­
tinued during the year, and at this date the road is graded to
Bend, Oregon, 15G miles from Fallbridge, the point on the
Columbia River where connection is made with the Spokane
Portland & Seattle Railway, and track is laid to Opal City,
126 miles. The bridges over the Columbia River at Fallbridge and over the Crooked River at Opal City are nearly
completed, and it is expected that the track will reach Bend
prior to Nov. 1 next.
3 ,9 3 9 ,3 5 5 31

OREGON ELECTRIC R AILW AY COMPANY.
The results of the operation of this property for the year,
as given below, show a gratifying increase over the previous
year:
iMst Year.

This Year.

____ ------------------

7 1 .6 8

7 1 .6 8

T o ta l operatin g r e v e n u e ---------------------- -----------------T o ta l operatin g e x p e n se ______ ________ -------------------

$ 4 7 4 ,8 6 7 40
2 7 4 ,1 2 0 09

$ 6 1 6 ,0 7 9 79
3 2 3 ,5 1 2 28

N e t o p eratin g r e v e n u e _________ ____________________
Taxes
_________________________________ ____________

$ 2 0 0 ,7 4 7 31
1 1 ,4 5 0 00

$ 2 9 2 ,5 6 7 51
3 0 ,4 0 3 0 3

O p eratin g In c o m e _____________ ______ ____________
M iscellaneous In c o m e _________________ . . . ______

$ 1 8 9 ,2 9 7 31
1 ,9 4 2 45

.$ 2 6 2 ,1 6 4 48
5 ,2 3 9 62

Gross In c o m e___________________________ ________
In te rest on b o n d s ______ _______________

..

$ 1 9 1 ,2 3 9 76
1 0 0 ,0 0 0 00

$ 2 6 7 ,4 0 4 10
1 0 0 ,0 0 0 00

B a l a n c e .............................. .......... ............................................

$ 9 1 ,2 3 9 76

$ 1 6 7 ,4 0 4 10

M iles o p e r a te d ________________

Arrangements have been made to extend this line from
Salem, Oregon, to Albany, Oregon, about 60 miles, and it is
expected that the extension will be completed during the
fiscal year.

3 3 7 ,8 6 4 38
1 ,0 3 3 ,4 1 1 67
$ 7 ,9 9 8 ,1 0 5 88

In addition to the above amount added to the cost of
Northern Pacific Real Estate, advances have been made to
sundry companies as follows:
C learw ater S h ort L in e R y . C o --------- --------------------------------------------M issouri R iver R y . C o -------------------------------------------------------------------W e ste rn D a k o ta R y . C o ------- --------------------------------------------------- -------Shields R iver V a lle y R y . C o .............. ............................... ..........................
C onnell N orthern R y . C o ........... — ----------------------------------------------O ly m p ic P eninsular R y . C o _______________________________________
K en n ew ick N o rth ern R y . C o . . -------------------------------------------------Bear Creek ft W e ste rn R y . C o . (C red it)-------------------------------------N orth ern P acific T e rm in al of O regon — ac co u n t .Sinking F u n d
A d v a n c e s accou nt of su n d ry su r v e y s ______ _____________________

1910.
54 9 30

O p era tin g r e v e n u e _________________________________$ 4 ,3 3 4 ,2 7 8 84 $ 5 ,4 5 3 ,4 5 9 14
O p era tin g e x p e n se s_________________________________ 2 ,8 5 5 ,3 2 3 8 5
2 ,6 0 2 ,1 2 2 3 7

$ 3 8 7 ,6 9 0 35
3 0 7 ,8 5 6 94

T o ta l for th e Y e ar

$ 7 5 0 ,0 0 0
2 ,5 5 0 ,0 0 0
1 0 0 ,0 0 0

SPOKANE PORTLAND & SEATTLE RAILW AY CO.
The results of the operation of the Spokane Portland &
Seattle road (including the Astoria & Columbia River R R .,
merged March 1 1911) for the years ending June 30 1910 and
1911 were:

Charged
Capital.

$ 1 ,4 9 5 ,5 8 1 23 $ 4 6 2 ,1 6 9 56

During the year bonds held as Treasury Securities were
sold to provide funds for general construction purposes:
P rior L ien b o n d s ____________________________________________________
N o rth ern P a cific-G reat N orth e rn J o in t 4 s ______________________
C . B . ft Q . G eneral M o rtg a g e 4 s __________________________________

3 ,0 0 4 ,0 7 9 09

Total

1029

T H E C H R O N IC L E

O c t . 1 4 1 9 1 1 .]

$ 9 8 ,7 5 8
1 ,9 0 7 ,0 4 1
1 ,1 7 7 ,2 4 6
5 ,2 3 9
5 6 8 ,7 6 4
6
169
4 ,8 2 9
* 4 1 2 ,3 8 7
5 6 ,3 8 1

97
66
47
63
65
75
85
38
21
60

UNITED RAILW AYS COMPANY.
Work on this property has continued, and it is now in oper­
ation between Portland, Oregon, and Banks, Oregon, a dis­
tance of 28 miles, occupying a fertile valley and adjacent to
large bodies of very fine timber.
PACIFIC & EASTERN RAILW AY.
During the year an extension of 22 miles was constructed,
making a total of 33 miles now in operation, extending from
Medford, Oregon, to Butte Falls, Oregon.
Note.— All of these properties are owned, controlled and
managed by the Spokane Portland & Seattle Railway Com­
pany, the securities of which are owned one-half by your
company and one-half by the Great Northern Railway Co.
NEW LINES, DOUBLE TRACK, GRADE REVISIONS
AND LINE CHANGES.
M IN N E S O T A .

Saint Cloud to Rice’s, Second Main Track, Line and Grade
Change, 14.79 miles.— Grading was completed in 1910 and
track will be completed ready for operation by October 15.
T o t a l . ____________
$ 4 ,2 2 1 ,1 6 7 41
Grade is reduced to 0.3 in either direction, distance 0.43
Less —
miles and curvature 66 degrees 7 min.
S ettle m e n t o f ad van ces m a d e to S p ok an e P ortlan d & S eattle
R y . C o. (and Its su bsid iary com p anies) b y receip t o f its
St. Paul to Minneapolis (Line B), Freight Line, Second
s e c u r it ie s --------------------------------------------2 9 ,8 1 8 ,9 9 7 95
Main Track, 2.68 miles.— This work is now completed except
N e t red u ction d urin g th e y e a r . .................................................................. $ 2 5 ,5 9 7 ,8 3 0 54 a small amount of bridge work.
The new track will expe­
dite movement of business in, out and through the terminals
* N orthern P acific c on tribu tion to th e S in k in g F u n d ta k e n u p as an
a d v a n c e In accord an ce w ith req u irem ents of th e In te r -S ta te C om m e rce
at St. Paul and Minneapolis.
C om m issio n .

DAKOTA.

CAPITAL STOCK AND DEBT.
T h ere has been n o ch an ge In the a m o u n t o f ca p ita l sto ck
ou tsta n d in g d urin g the ye ar, v i z --------- -------------------------------- -- .$ 2 4 8 ,0 0 0 ,0 0 0 00
C hanges In B onded D eb t were as follow s:
Prior Lien bonds purchased with N e t M on eys o f the L an d
D e p a rtm e n t as p rovided In A rticle E ig h t, S ection 2 , of
M o r tg a g e , a m o u n tin g t o --------- ---------- ----------------------------------$ 4 9 3 ,0 0 0 00
S t . Paul & N orthern Pacific R y . C o. m ortgage bon d s pur­
chased with N e t Land R e ceip ts, as p rovided In S ection
2 5 of m ortg a g e , a m o u n tin g t o ------------- ---------- --------------------1 3 4 ,0 0 0 00
Decrease in b on d ed d e b t ____________________________________




$ 6 2 7 ,0 0 0 0 0

Bloom to Jamestown, Second Main Track, 4.99 miles.—
Grading was finished in 1910, but on account of lessened vol­
ume of business, work has been postponed.
Pingree to Wilton, 92.5 miles.— Grading for this branch
was finished in 1910, but on account of business outlook work
of finishing line was not begun until summer of 1911. At
present time 42 miles of road are completed and the line will
be ready to handle this year’s grain crop and take in fuel
and supplies.

1030

LTIE C H R O N IC L E

Missouri River Railivay (Mandan North Line), 53 miles.—
Track Mandan to Sanger is now being put in condition for
handling crop, which has turned out to be better than ex­
pected.
M ONTANA.

Glendive East Line, from Glendive Northeastwardly along the
Yellowstone River, 55 miles.— Grading on this line and bridge
over Yellowstone River is completed and track is now being
laid. Grain crop tributary to this line is good and country
developing.
Huntley to Billings, Second Main Track, Line and Grade
Changes, 12.63 miles.— All work on this will be completed
this autumn.
Bitter Root Extension, 2.76 miles.— 1.65 miles of track are
in service and balance of work has been postponed.
ID A H O .

Tuscor, Line Change, 2.824 feet.— This work is completed.
Clark’s Fork to Oden, Grade Revision, 7.62 miles.— This
work will remove a few small humps and sags and reduce eastbound grade to 0.4% .
Cocalalla, Line Change, 0.8 miles.— Some very bad curva­
tures along the shores of Lake Cocalalla are taken out by this
change. Work will be finished this autumn.
.
Algorna, Line Change, 0.5 miles.— This work is completed
and reduces curvature and improves line.
W A S H IN G T O N .

[V o L . L X X X X III.

The arrangements under which your Company’s main line
is used by the Great Northern between Seattle and Tacoma,
and by the Great Northern and Union Pacific between Ta­
coma and Vancouver, have worked advantageously to all
parties and to the public. The work on the Tacoma passen­
ger terminal was completed so far as it can be until the Point
Defiance Line is built, and the Terminal is now in use by your
Company, the Great Northern and the Union Pacific.
In the Gray's Harbor country, to which the Union Pacific
and Chicago Milwaukee & Puget Sound roads have built,|a
joint line, arrangements were made for the use by those com­
panies of some of your terminals, and by your company of
some of their terminals, which it is thought will prevent du­
plication of facilities and give the growing cities of Aberdeen,
Hoquiam and Cosmopolis better service.
During the year the Union Pacific System completed and
put into operation a branch line of railroad through the
Yakima Valley from the Columbia River to North Yakima.
On April 8 1911 Honorable Walter H. Sanborn, United
States Circuit Judge, handed down his decision in the Minne­
sota Rate Cases, sustaining the findings of the Special Master
in Chancery, Ex-Judge Charles E. Otis. As a result of this
decision, on July 1 1911 passenger rates in Minnesota were
restored to the three-cents-per-mile basis, which was the rate
before May 1 1907, when the two-cent basis went into efFect
in obedience to an Act of the Legislature of Minnesota. Also,
on the same day and in obedience to the decree of Judge San­
born, classified merchandise rates within Minnesota were
restored to the basis in efFect before Nov. 15 1906, when re­
ductions ordered by the Minnesota Railroad Commission
became effective.
On June 22 1911 the Inter-State Commerce Commission
announced decisions in cases involving the long and short
haul clause of the Commerce Law, as applied to Pacific Coast
rates compared with rates to Spokane and other points inter­
mediate between Missouri River and the Coast. This order
directs radical changes and reductions in the basis of freight
rates between the Missouri River and all points east thereof,
and points in Montana, Idaho, Washington and Oregon
short of the Coast.
The report of the Comptroller gives further details of the
transactions of the Company.
By order of the Board of Directors.
HOWARD ELLIOTT,
Preisdent.

Mile Post 73 on Idaho Division to Yardley, near Spokane,
Second Main Track, 7.9 miles.— Grading is all completed and
much of track laid. Contract for bridge over Spokane River
has been let and work should be finished this fiscal year.
Moab to Trent, Minor Grade Revisions, 2.93 miles.— This
work is in progress and will be completed during this fiscal
year; grades will be reduced to 0.4 in each direction.
Spokane to Wins, Second Main Track, 4.94 miles.— This
track is now in operation.
Point Defiance Line between Tacoma and Tenino.— On ac­
count of delay in negotiations about some of the franchises
necessary before construction work could be started, no work
has been done. These negotiations have been completed
and it is expected to begin work during this fiscal year.
Tenino to Vancouver, Second Main Track and Grade Changes.
— This work has been pushed during the year, but on account
of wet weather and the large number of trains operating
between Portland and Tacoma, the work has of necessity
been slow. All of the grading is done and all track and bridge INCOME ACCOUNT FOR THE FISCAL YE A R ENDING
JUNE 30 1911.
work will be finished by Nov. 15. . ; ; ; . , ; . .: . . . . . .; . . .
: ; . : : : : : : : : : : : : : : : : : •g e n e r a l . : ;; •/ : ; ; ; ; ; ; . : ; ; ; ; ; ; ;
The very marked business activity of 1909-10 in the terri­
tory served by your company’s lines began to decline in the
autumn of 1910, and the volume of transactions of all kinds
was less than during the previous fiscal year.
The grain crop in North Dakota and Minnesota was seri­
ously damaged and the crop in Washington, Idaho and Ore­
gon was less than usual.
Freight earnings decreased $5,245,818 02; $2,000,000 of
this decrease was due to the smaller amount of grain hand­
led and $1,600,000 to the fact that nearly 10,000 less cars
f lumber and shingles were moved, and $700,000 was due to
decrease in the earnings from long-haul freight moving
rom the Mississippi River and points east thereof to Butte,
Spokane, Seattle, Tacoma and Portland, caused by less
construction and expansion of general business facilities;
and the same causes affected the earnings at other important
to" ns and cities. .
('.^Earnings from operation of passenger trains decreased
$4,305,918 20.
; .The absence during this fiscal year of events like the AlaskaYukon-Pacific Exposition; the opening of the Flathead,
Coeur d ’Alene and Spokane Indian Reservations, coupled
with a lessened business activity, diminished grain crops and
new competition, all contributed to this large decrease in
earnings.
Earnings for the year ending June 30 1909 for carrying
persons and property on passenger trains were $20,117,­
706 98, compared with $19,966,754 49 for the past year.
The closing down of heavy construction work by railroads
affected the lumber business, and this, with the lessened
grain output, reduced the purchasing power of the country
and curtailed the movement of agricultural implements,
merchandise and manufactured articles.
. The crops in Minnesota and North Dakota are much better
this autumn than in 1910, although not equal to a good year;
the crops in Montana were never better, and there is a marked
development of agriculture in the part of that State; tributary
to your Company's lines. The crops in Idaho, Washington
and Oregon are good. The character of the business handled
by the Company is changing with the growth of the country,
there being a greater proportion of merchandise and shorthaul business than formerly. The average haul of all freight
in 1906 was 342 miles, and this year 279 miles, the average
distance traveled by each passenger in 1906 was 111.3 miles,
and this year 82 miles.
. Operating expenses were reduced $6,257,644 82, of which
$3,788,917 59 was in labor and $2,468,727 23 in material and
miscellaneous charges.




To— -

Operating Expenses —
M ain ten an ce of w a y and stru c tu res..............
M ain ten an ce of e q u ip m e n t...... ..........................
T r a ffic e x p e n se s______________________________
T ra n sp o rta tio n e x p e n se s____________________
G eneral e x p e n se s______________________________

Taxes —
S ta te an d c o u n ty _________________ ________
U . S . G o v e rn m en t C orporation T a x ______

Interest and Rentals—
In te rest on fun d ed d e b t _______ ________ _____
R e n ta ls o f leased roads and term inals
__
O th er r e n ta ls.............................. .......... .......................

Dividends—
N o s . 52, 53, 54 and 55_______________
Balance, carried to P rofit an d L o s s ___________

$ 8 ,0 6 5 ,4 0 2 4 7
7,9 1 1.231 4 0
1 ,1 2 7 ,2 3 3 05
2 1 ,0 0 1 ,4 7 7 48
1 ,0 2 4 ,3 5 6 05
-------------------------- $ 3 9 ,7 2 9 ,7 0 0 51
$ 3 ,1 4 1 ,9 3 9 87
1 5 4 ,8 5 7 02
--------------------------

3 ,2 9 0 ,7 9 7 49

$ 0 ,0 0 5 ,0 9 0 00
5 5 6 ,8 4 5 23
4 ,3 0 4 03
---------------- —

7 ,2 2 0 ,2 3 9 20

_
" I I " ..............

1 7 ,3 0 0 ,0 0 0 00
3 ,0 8 2 ,2 6 0 50
$ 7 0 ,0 9 5 ,0 0 3 70

B y—

Operating Revenue—
Freight___________
Passenger________
O th e r ____ • . . . .

$ 4 3 ,3 3 2 ,9 1 8 23
1 7 ,2 7 8 ,8 1 2 52
4 ,3 0 1 ,1 0 1 14
------------------ $ 0 4 ,9 1 2 ,8 3 1 89

Outside Operations—
S leepin g c a rs____________________________________
Parlor and ob servation c a r s __________________
D in in g and cafe cars ( I )e llc lt)_________________
R e sta u r a n ts_____________ ________________________
S to c k y a r d s ______________________________________

Rentals Received __________________________ - .............
H ire of Equipment_________________________________
Miscellaneous Income _____________________________
Dividends and Interest on securities ow n ed an d
Interest on d e p o sits______________________________

$ 4 0 5 ,0 9 4
3 9 ,2 4 0
9 0 ,9 7 9
9 3 ,9 3 1
51 0

36
20
35
27
35
4 4 1 ,8 0 2
2 ,0 2 7 ,3 5 2
0 0 7 ,0 9 4
0 ,4 7 3

83
75
46
42

2 ,0 9 9 ,5 0 8 41
$ 7 0 ,6 9 5 ,0 6 3 76

PROFIT AND LOSS ACCOUNT JUNE 30 1911.
To—
D iscou nt an d com m ission treasury bon d s s o ld --------------------------$ 1 0 7 ,2 4 3
P rem ium on fun d ed d eb t purchased an d c a n c ele d _____________
2 5 ,8 2 6
S ettle m e n t a ccou n t of w reck In 1 9 0 4 . . ................................... .............
5 7 ,5 1 9
A d ju s t m e n t o f rental with A sto ria & C o lu m b ia R iver R R . C o .
1 2 ,4 4 8
B alan ce o f su n d ry accou n ts w ritten o f f . . ______ _______________
7 ,6 7 5
B a l a n c e ______ ________ __________________ __________________ ___________ 7 8 ,0 7 4 ,2 0 1

51
25
09
00
12
88

$ 7 8 ,2 8 4 ,9 7 4 51
B y—
B alan ce to credit June 30 19 1 0 , as per an n u al r ep o r t__________ $ 7 1 ,1 6 6 ,4 1 0
B alan ce o f Jncom e for ye ar en d ing Jun e 30 1 0 1 1 , b rou gh t
down,_______________________________ _________________________________
3 ,0 8 2 ,2 6 0
In terest on ad van ces to S p ok an e P ortland & S eattle R y . C o .
from S e p t. 22 1905 to June 30 1 9 1 0 _________________________...
0 ,0 7 9 ,5 4 9
S in k in g fund paid T ru ste e N orthern P acific T e rm in a l C o .
M ortgage from S e p t. 1 1896 to Jun e 30 1 9 1 0 ..............................
3 2 3 ,7 1 4
2 5 ,5 4 7
U n claim ed w ages— 3 years o l d .............................. . . ................. ............
P rofit on op eratin g p rop e rty s o ld _________ _______________________
7 ,4 8 0

53
50
00

■
76
47
19

$ 7 8 ,2 8 4 ,9 7 4 51
By—
•
B alan ce to credit o f Profit and L oss as per b alanco s h e e t------- $ 7 8 ,0 7 4 ,2 6 1 88

1031

H E C H R O N IC L E

O c t . 14 1 9 1 h ]

NORTHERN PACIFIC RAILW AY COMPANY GENERAL BALANCE SHEET JUNE 30 1911.
R O A D A N D E Q U I P M E N T (N o rth e rn P acflc E state)
C ost to Jun e .')0 1907 - R o a d , la n d s, & c -$ 3 1 S ,3 8 8 ,4 9 3 4 5
E q u i p m e n t _________
3 7 ,2 9 5 ,6 7 0 07

C A P I T A L S T O C K — C o m m o n .............................................................. .$ 2 4 8 ,0 0 0 ,0 0 0 00
M ORTGAGE, BONDED AND SECURED DEBT:
M ortgage B o n d s ______ ________ ______________ $190,325,500 00
C o ll. T ru st B o n d s (N o r .
P a c .- G t . N o r . J oint),
to ta l Issue.............. .......... $215 ,22 7,00 0 00
L e ss, Great N o r . R y .
C o .’s p ro p o r tio n ........... 107,613,500 00

$ 3 5 5 ,6 8 4 ,1 6 3 52
C ost since Ju n e 30 1907 - R o a d (less L an d
D e p t, n et pro­
ceeds)
----- $ 4 0 ,9 9 5 ,6 9 9 48
E q u ip m e n t
1 1 ,2 0 8 ,8 5 9 42
L and D e p t, cu rr e n t a s s c t s ..
4 ,0 0 3 ,5 0 5 20

---------------------------

107,613,500 00
-----------------------2C7.9 e .c to 00

$ 5 6 ,2 0 8 ,0 6 4 10
Less reserved for accrued d ep relc a tlo n —

$ 4 1 1 ,8 9 2 ,2 2 7 62
1 0 ,0 8 9 ,3 6 6 86
$ 4 0 1 ,8 0 2 ,8 6 0 76

S E C U R IT IE S :

Securities o f p ro p rie ta ry , a ffiliated an d
c on trolled com p an ies -p le d g e d , v iz .:
T h is c o m p a n y ’s on e-h a lf o f $ 1 0 7 ,6 1 3 ,­
50 0 sto ck of Chicago B u rlin gton &
Q u in c y R R . C o. pledged to secure p a y ­
m e n t o f $ 2 1 5 ,2 2 7 ,0 0 0 Joint bon d s m ad e
an d Issued b y this C o m p a n y an d the
G reat N orthern C o m p a n y to p a y for
said sto c k , c o stin g -------------------------------------- $ 1 0 9 ,1 1 4 ,8 0 9 76
O th e r pled ged secu rities-------------------------------1 ,1 4 2 ,4 4 8 11
$ 1 1 0 ,2 5 7 ,2 5 7 8 7
Securities of p rop rie tary, affilia ted an d
controlled co m p a n ie s— u n p le d g e d ___

4 9 ,7 3 4 ,9 2 4 46

O T H E R IN V E S T M E N T S :
A d v a n c es to p roprietary, affiliated an d c on trolled c o m ­
panies for co n stru c tio n , e q u ip m e n t an d b e tte r m e n ts ___

1 5 9 ,9 9 2 ,1 8 2 33
2 6 ,5 2 9 ,9 5 7 78

Total Capital A ssets........................... ...........................................$ 588 ,32 5,00 0 87
W O R K IN G A SSE TS:
C a s h .......................
Securities Issued or assu m ed — held In
t r e a s u r y ------------------------M ark etab le securities (other th an th ose
Issued or a s s u m e d ) ,..........................
L o a n s and bills r e c e iv a b le _________
T r a ffic an d car service balances d ue from
other com p an ies .................................................
N e t balances due from a g e n ts an d con ­
d u c to rs ------------. . ...........
M iscellaneous a c cou n ts rec eiv a b le________
M aterial an d s u p p lie s ..........................................

Total Capital Liabiliites.

$ 5 ,9 3 1 ,7 2 3 81
1 6 ,2 4 8 ,0 0 0 00
1 9 ,3 6 2 ,9 1 8 11
5 3 ,3 1 7 13
9 9 0 ,1 2 2 28

$ 8 8 5 ,9 9 6 27
3 ,6 6 9 ,7 3 7 19
6 ,5 9 8 ,4 7 4 2 5
1 ,1 3 1 ,9 0 9 50
2 6 9 ,2 0 4 53
1 2 .5 5 5 ,3 2 1 74

6 6 0 ,4 6 5 03
4 ,1 1 8 ,6 9 5 63
6 ,0 5 8 ,2 2 7 33

A C C R U E D IN C O M E N O T D U E :
U n m a tu re d Interest, d ivid en d s an d ren ts receiva ble
D E F E R R E D D E B IT IT E M S :
A d v a n c e s ___________________________________ : _
$ 1 0 3 ,8 2 5
Special d ep osits (w ith T ru ste es o f M tg cs.)
.5 2 3 ,3 8 9
Cash and securities In S in k in g an d R e­
d e m p tio n F u n d s __________________________
V] 9 9 ,8 5 9
Cash an d securities In In suran ce F u n d ___
,3 9 7 ,1 1 6

- $545 ,93 9,00 0 00

W O R K IN G L IA B IL IT IE S :
T ra ffic and car service balan ces due other
c o m p a n ie s ---------------------------A u d ite d vouchers an d w ages u n p a id _____
M iscellaneous a c cou n ts p a y a b le __________
M atu red Interest, d iv id en d s an d ren ts
u npaid
_______
O th er w ork ing lia b ilitie s______ _______

5 3 ,4 2 3 ,4 6 9 32
8 2 2 ,3 9 5 02
25
17
73
90
6 ,2 2 4 ,1 9 1 0 5

A C C R U E D L IA B IL IT IE S N O T D U E :
U n m a tu re d In terest, d iv id en d s an d ren ts
p a y a b l e -------------------------------------------------------$ 4 ,8 5 0 ,8 9 1 13
T a x e s (p a r tly e s t im a t e d )______ _____________
1 ,8 2 5 ,0 1 3 0 5
------------------------------

6 ,6 7 5 .9 0 4 18

D E F E R R E D C R E D IT IT E M S :
O th er deferred cred it Ite m s_________ _____ ________ _____________

1 5 3 ,4 5 1 56

A P P R O P R IA T E D S U R P L U S :
In v ested In o ther reserve fun d s (In suran ce F u n d )_________

5 ,3 9 7 ,1 1 6 9 0

P R O F I T A N D L O S S .............................. .................................. .....................

7 8 ,0 7 4 .2 6 1 88

$648,795,086 26

$ 648 ,79 5,05 5 £6

TRAIN AND CAR MILEAGE STATISTICS.
1 9 0 9 -1 9 1 0 .

1 9 1 0 -1 9 1 1 .

M iles, T ons,& c. M iles, T ons,& c.
Mileage of revenue passenger trains________________________________ _______
Mileage of locomotives employed In "helping” passenger trains____ _ _
Percentage of "helping” to revenue train mileage__________________
Mileage of revenue mixed trains_________________________________________
Mileage of revenue freight trains____ ________________________ _____________
Mileage of locomotives employed In "helping” mixed and freight trains
Percentage of “ helping” to revenue train mileage________________ .
Mileage of revenue special trains________________________________
_
Total revenue train mileage______________________________________________
Mileage of non-revenue trains______________________________________________ 3
Mileage of passenger train cars-------------------------------------------------I I I I I I I I
Average number of passenger train cars In train ___________________I I I I I I "
Average number of passengers in train............... ................ ...................I I I I I I I I
Average number of passengers In each car____________________________ H I . ’
Mileage of loaded freight cars-------------------------------------------------------------------’ ~
Mileage of em pty freight cars---------------------------------------------------Mileage of caboose cars_______________________________________________ II
Total mileage of revenue freight cars.............................. ..............
Special service car mileage— freight---------------------------------------- "
Special service car mileage— passenger________________________________ '
Total special service car mileage__________________________________I I I I
Non-revenue service car mileage_____________________________________ I
Average number of loaded freight cars In train_______________________II "
Average number of em pty freight cars In tr a in .. .. ________
______
Average number of freight cars In train (exclusive of cabooses) . ____ . .
Percentage of em pty cars to total cars In train (exclusive of cabooses) _ _.
Average number of tons revenue freight In tr a in .. _____________________
Average number tons revenue freight In each loaded c a r .________ ________
Company freight— tons carried____________________________________________ _
Company freight— tons carried one m ile_________________________ _________
Tons per train— company and commercial__________________________________
Tons per loaded car— com pany and com m ercial_____ _______________________

1 2 ,5 7 4 ,9 0 7
7 5 3 ,9 1 4
6 .0 0 %
5 8 4 ,1 9 2
1 2 ,0 3 9 ,5 9 3
1 ,4 0 2 ,1 5 3
1 1 .1 1 %
1 2 ,4 9 9
2 5 ,2 1 1 ,1 9 1
2 ,0 6 5 ,4 8 6
8 0 ,5 1 6 ,0 1 2
6 .1 2
7 4 .2 3
2 0 .8 4
2 9 6 ,2 2 6 ,8 1 2
7 9 ,3 9 0 ,8 0 1
1 1 ,9 2 5 ,9 5 3
3 8 7 ,5 4 3 ,5 6 6
1 8 8 ,4 1 0
5 2 ,2 1 3
2 4 0 ,6 2 3
8 ,3 7 7 ,4 7 5
2 3 .4 7
6 .2 9
2 9 .7 6
2 1 .1 4 %
4 2 9 .2 8
1 8 .2 9
5 ,1 6 4 ,2 6 4
1 ,1 8 1 ,3 4 7 ,3 0 8
5 2 3 .6 5
2 2 .3 2

1 1 ,3 8 0 .3 5 5
7 8 0 ,3 4 4
6 .8 6 %
0 3 1 ,6 5 4
9 ,7 7 1 ,7 1 3
1 ,1 8 1 ,7 0 7
1 1 .3 6 %
1 5 ,5 8 3
2 1 ,7 9 9 ,3 0 5
1 ,3 2 9 ,1 7 0
7 2 ,2 7 8 ,0 0 3
0 .0 2
6 3 .2 1
1 6 .5 7
2 6 3 ,6 1 1 ,1 0 2
7 2 ,5 0 2 ,1 0 9
9 ,6 5 6 ,7 1 0
3 4 5 ,7 6 9 ,9 2 1
2 4 0 ,5 7 2
6 7 ,0 3 0
3 0 7 ,6 0 2
5 ,4 5 2 ,3 2 0
2 5 .3 4
6 .9 7
3 2 .3 1
2 1 .5 7 %
4 6 1 .4 5
1 8 .2 1
4 ,5 1 5 ,8 4 6
9 5 3 ,6 1 2 ,2 4 2
5 5 3 .1 2
2 1 .8 3

Increase.

2 6 ,4 3 0
.8 6 %
4 7 ,4 6 2
.2 5 %
3 ,0 8 4

5 2 ,1 0 2
1 4 ,8 1 7
0 6 ,9 7 9
1 .8 7
.68
2 .5 5
.4 3 %
3 2 .1 7

2 9 .4 7

—

Per
Cent.
9 .5 0
3 .5 1
8 .1 2
1 8 .8 4
1 5 .7 2
2 4 .6 7
1 3 .5 3
3 5 .6 5
1 0 .2 3
1 .6 3
1 4 .8 5
2 0 .4 9
11 .01
8 .6 8
1 9 .0 3
1 0 .7 8
2 7 .6 9
2 8 .3 8
2 7 .8 4
3 4 .9 2
7 .9 7
10.81
8 .5 7
7 .4 9
.44
1 2 .5 6
1 9 .9 6
5 .6 3
2 .2 0

Decrease.
1 ,1 9 4 ,5 5 2

2 ,2 6 7 ,8 8 0
2 2 0 ,3 8 6
3 ,4 1 1 ,8 8 6
7 3 6 ,3 1 6
8 ,2 3 8 ,0 0 9
.1 0
1 1 .0 2
4 .2 7
3 2 ,6 1 5 ,7 1 0
6 ,8 8 8 ,6 9 2
2 .2 6 9 ,2 4 3
4 1 ,7 7 3 ,6 4 5

2 ,9 2 5 ,1 5 5

.08
6 4 8 ,4 1 8
2 3 7 ,7 3 5 ,0 6 6
.49

PASSENGER AND FREIGHT STATISTICS.
1 9 0 9 -1 9 1 0 .

M iles,
Tons, & c.
A v e r a g e m ileage fo r the y e a r ......... .................. ..................................
Passenger Traffic —
N u m b e r of passengers c a r r ie d ............................................................
N u m b er o f p assengers carried on e m i l e . _____________________
A v e r a g e m iles traveled b y each p a ssen g er. ________ ________
P assen ger r e v e n u e --------- ----------------------------------------------------------O th er passen ger train r e v e n u e ................................................. ..
T o t a l p assen ger train rev e n u e --------------------------- --------------------A v e r a g e a m o u n t paid b y each p assen ger.............. ....................
A v e r a g e rate per passenger per m ile -------------------------------------P assen ger train revenu e per m ile o f road (a v e r, m ileage)
Freight Traffic—
N u m b e r o f tons of revenue freight c a r r ie d ________________
N u m b e r o f ton s reven u e freigh t carried on e m ile ________
A v e r a g e d is ta n c e haul o f on e t o n .............. .....................................
F r e g h t r e v e n u e ------- ------------------------------------------------------------------O th er fr e ig h t train r ev e n u e_______________________ ___________
T o t a l freigh t train r e v e n u e ____________________________________
A v e r a g e receip ts from each ton of fr e ig h t--------- ----------------A v e r a g e receip ts per ton per m ile revenu e fr e ig h t_________
F re ig h t train revenu e per m ile o f road (a v e r , m ileage) . .
Total Train Traffic—
R e v e n u e fro m freigh t an d p assen ger tra in s________________
R e v e n u e per m ile o f road (a v e r, m ile a g e )________________
R e v en u e per train m ile ______ ________________________________
E x p en ses per train m ile_______________________________________
N c t.tr a fflc revenu e per train per m i l e _____________ __________




1 9 1 0 -1 9 1 1 .

Amount.
Iiate, &c.

M iles,
Tons, & c.

5 ,7 6 4 .8 3 ............„ .............

Amount,
Hate, &.c.

Per
Cent.

5 ,9 5 0 .4 3
9 ,2 6 2 ,8 5 3
7 5 9 ,2 7 6 ,0 5 9
8 2 .0

9 ,6 3 9 ,9 9 4
9 7 6 ,7 7 2 ,0 9 3
1 0 1 .3

$ 1 7 ,2 7 8 ,8 1 2 52
2 ,6 8 7 ,9 4 1 97
1 9 ,9 6 6 ,7 5 4 49
1 87
.0 2 2 7 6
$ 3 ,3 5 5 51

3.9 1
3 7 7 ,1 4 1
2 2 .2 7
2 1 7 ,4 9 6 ,0 3 4
1 9 .0 5
1 9 .3
19.01 $ 4 ,0 5 4 ,5 0 0 32
8 .5 5
2 5 1 .4 1 7 88
1 7 .7 4 4 ,3 0 5 ,9 1 8 20
1 5 .3 8
34
.0 0 0 9 2 4 .2 1
2 0 .3 0
$854 97

$ 4 8 ,7 5 8 ,7 3 6 25
9 7 5 ,8 6 6 39
4 0 ,7 3 4 ,6 0 2 64
2 67
.0 0 9 0 0
$ 8 ,6 2 7 25

$ 4 3 ,3 3 2 ,9 1 8 23
1 ,0 0 9 ,3 0 8 53
4 4 ,3 4 2 ,2 2 6 76
2 52
.0 0 9 0 3
$ 7 ,4 5 1 94

1 ,0 5 1 ,2 5 0
5 .7 5
6 1 8 ,4 1 8 ,3 3 9
1 1 .41
1 7 .8
6 .0 0
1 1 .1 3 $ 5 ,4 2 5 ,8 1 8 02
3 3 ,4 4 2 14 3 .4 3
1 0 .8 4 $ 5 ,3 9 2 ,3 7 5 .8 8
5 .6 2
15
.0 0 0 0 3
.33
1 3 .6 2
$ 1 ,1 7 5 31

$ 7 4 ,0 0 7 ,2 7 5
1 2 ,8 3 7
2
1
1

$ 6 4 ,3 0 8 ,9 8 1
1 0 ,8 0 7
2
1
1

$ 2 1 ,3 3 3 ,3 1 2 84
2 ,9 3 9 ,3 5 9 85
2 4 ,2 7 2 ,6 7 2 69
2 21
.0 2 1 8 4
$ 4 ,2 1 0 48
1 7 ,2 1 7 ,7 4 8
4 , 8 0 0 ,6 6 6 ,0 2 6
2 7 8 .8

1 8 ,2 6 8 ,0 9 8
,4 1 9 ,0 8 4 ,3 6 5
2 9 6 .6

33
72
94
82
12

25
45
94
82
13

1 3 .1 0 $ 9 ,6 9 8 ,2 9 4 08
1 5 .81
2 ,0 3 0 27
.34

1033

T H E C H R O N IC L E

[V O L . L X X X X III

ERIE RAILROAD COMPANY
SIXTEENTH ANNUAL REPORT— FOR THE FISCAL Y EA R ENDING JUNE 30 1911.

New York, October 10 1911.
To the Bond and Share Holders of the Erie Railroad Company:
The following report of the operations of your Company
for the year ending June 30 1911 is respectfully submitted
by the Board of Directors:

The decrease in revenue from the transportation of mer­
chandise freight was $43,238 43, or .18 per cent less than the
previous year.
A detailed statement of the commodities transported is
shown in Table 'No. 17.
COAL AN D

MILEAGE.

COKE.

The total coal and coke tonnage for the year was 19,478,40S
Table No. 1 shows in detail the mileage controlled or tons, an increase of 349,612 tons, or 1.83 per cent more than
operated during the fiscal year ending June 30 1911 from the previous year.
:
which you will note that the Company:
The anthracite tonnage was 9,591,646 tons, an increase of
O w ns In Ice or controls b y ow nership o l en tire s t o c k __________ 1 .G 8 0 .0 3 M iles
884,395 tons, or 10.16 per cent more than the previous year.
C ontrols b y ow nership o l o v e r a m a jo r ity o l s t o c k _____________
1 0 0 .5 8
“
The bituminous tonnage was 8,579,494 tons, an increase of
L e a s e s ___________________________________________________________________ 2 7 7 .6 2
“
H a s track age righ ts o v e r _____________________________________________
1 4 0 .7 3
“
389,507 tons, or 4.76 per cent more than the previous year.
The coke tonnage was 1,307,268 tons, a decrease of 924,290
T o ta l m ileage o p e r a te d ______________________________ , ___________ 2 ,2 0 4 .0 6
“
H a s restricted trackage righ ts o v e r ________________________________
1 0 9 .2 0
“
tons, or 41.42 per cent.
. ‘.
O w n s and leases to other c o m p a n ie s_______________________________
1 5 .1 2
“
The revenue from the transportation of coal and coke
L eases and re-leases to o th er c o m p a n ie s_________________________
2 .3 5
“
C ontrols lines op erated In d ep en d e n tly ____________________________
3 7 .8 7
“
increased $1,569,657 14, or 10.98 per cent.
1
The coal and coke tonnage was 51.85 per cent of the tota
T o ta l m ileage controlled b u t n ot o p e r a te d _____________________
1 6 4 .5 4
“
Grand T o t a l____________________________ ____________________________ 2 ,4 2 9 .5 0
“
tonnage transported.
— of which 943.37 miles, or 38.83 per cent, have second track,
G E N E R A L F R E IG H T T R A F F IC .
18.06 miles have third track and 18.01 miles have fourth
The total revenue freight traffic of the Company during
track.
The decrease of .28 miles in track owned is due to a the year, including both merchandise and coal, was 37,­
correction increasing the mileage of the Erie & Wyoming 570,662 tons, a decrease of 1,192,938 tons, or 3.08 per cent.
The number of tons carried one mile was 6,825,581,956,
Valley Railroad 4.87 miles, less revision of Penhorn Creek
Railroad mileage, .68 miles; abandonment of old line Newark an increase of 410,850,276 ton miles, or 6.40 per cent.
The total revenue derived from the transportation of
& Hudson and Arlington Railroads 4.40 miles, and shortenng of line Bergen Tunnel to New Jersey Junction Railroad freight was $39,936,548 96, as compared with $38,410,130 25
for the year 1910, an increase of $1,526,418 71, or 3.97 per
.07 miles.
The increase of 2.31 miles in track controlled is due to the cent.
The general average freight rate per ton per mile was
revision of mileage of New York & Greenwood Lake Railway
.585 cents, as compared with .599 cents the previous year,
Main Line.
The increase of 35.90 miles in trackage rights is due to the a decrease of .014 cents, or 2.34 per cent.
In addition to the above tonnage, 3,972,978 tons of
use of the tracks of the Genesee River Railroad between
Hunts, N. Y ., and Cuba, N. Y ., 32.60 miles, and New York Company's freight were hauled, making the total tonnage
'. ;'. ;
Ontario & Western Railway, Middletown, N .Y .,t o Crawford handled 41,543,640 tons.
In hauling this tonnage 13,096,546 train miles were run,
Junction, N. Y ., 3.30 miles.
The increase of 48.30 miles of second track is due to the an increase compared with the previous year of 134,009
construction of additional second track as follows: New York train miles, or 1.03 per cent.
The average distance each ton was carried was 181.67
& Greenwood Lake Railway, Main Line, 2.30 miles; between
Avoca, Pa., and Saco, Pa., 2.14 miles; Cuba, N. Y ., and miles, an increase of 16.19 miles, or 9.78 per cent.
The revenue per freight train mile was $3 05, as compared
Hinsdale, N. Y ., 5 miles; Olean, N. Y ., and Allegany, N. Y.,
4.78 miles; Leavittsburg, O., and Marion, O., 32.09 miles; with $2 96 the previous year, an increase of 9 cents, or
Cleveland & Mahoning Valley Railway, 2.76 miles, less 2.91 per cent. The average train load of revenue freight
revision of Penhorn Creek Railroad mileage .70 miles, and was 521.17 tons, an increase of 26.30 tons, or 5.31 per cent.
shortening of line between Bergen Tunnel and New Jersey Including Company’s freight, the average train load was
571.18 tons, an increase of 30.48 tons, or 5.64 per cent.
Junction Railroad .07 miles.
The average carload of revenue freight was 20.44 tons, an
increase of .07 tons, or .34 per cent. Including Company's
OPERATING REVENUE AND EXPENSES.
freight, the average carload on the system was 22.40 tons,
The following statement shows the gross operating revenue, an increase of .15 tons, or .67 per cent more than the previous
operating expenses and operating income of the entire system year.
for the fiscal year:
P A SS E N G E R T R A F F IC .
REVENUE.

M e rc h a n d ise ..
C o a l___________
P assen ger____
M a ll___________
E x p r e s s ______
M i l k __________
M iscellaneous

1911.
$ 2 4 ,0 7 1 ,5 2 1
1 5 ,8 6 5 ,0 2 7
9 ,8 1 7 ,9 5 6
4 3 1 ,3 4 8
1 ,4 4 4 ,5 5 6
9 0 2 ,7 6 5
1 ,2 8 0 ,8 7 4

96
00
18
06
47
63
92

1910.
$ 2 4 ,1 1 4 ,7 6 0
1 4 ,2 9 5 ,3 6 9
9 ,4 5 0 ,9 0 3
4 3 1 ,8 0 2
1 ,4 3 7 ,2 7 2
8 6 5 ,9 2 6
1 ,2 2 5 ,0 2 5

Increase ( + ) or
Decrease (— ) .
39
— $ 4 3 ,2 3 8 43
8 6 + $ 1 , 5 6 9 , 0 5 7 14
21
+ 3 5 7 , 9 9 2 97
15
— 45 4 09
44
+ 7 , 2 8 4 03
83
+ 3 6 , 8 3 8 80
05
+ 6 1 , 2 4 9 87

R e v en u e— R a il O p e r . . .$ 5 3 ,8 2 0 ,0 5 0 22 $ 5 1 ,8 3 0 ,7 1 9 93
R e v en u e— O u tsid e O p er.
2 ,8 2 9 ,8 5 8 02
3 ,0 3 5 ,4 7 0 02

+ $ 1 , 9 8 9 , 3 3 0 29
— $ 2 0 5 ,6 1 2 00

Gross O p e r . R e v e n u e .$ 5 6 ,6 4 9 ,9 0 8 24 $ 5 4 ,8 6 6 ,1 8 9 9 5

+ $ 1 , 7 8 3 , 7 1 8 29

EXPENSES.
M ain ten an ce o f W a y an d
1911.
S t r u c t u r e s _______________
$5,720,899 92
M ain te n an ce ol E u u lp m e n t
9,164,917 04
1,400,209 99
T ra ffic E x p e n se s ......................
T ra n sp o rta tio n E x p e n s e s .. 18,467,379 90
General E x p e n s e s ___________
1,096,484 52

Increase ( + ) or
Decrease (— ) .
+ $ 5 0 3 ,4 4 8 25
— 291,064 28
+ 1 0 4 ,3 3 4 22
+ 1 ,0 4 4 ,4 2 8 17
+ 3 3 ,9 7 5 67

1010.

$5,217,451
0,455,081
1.205,875
17,422,951
1,062,508

67
32
77
73
85

O p eratin g E xp en ses—
R a il O p e r a tio n s________$35,840,891 37 $34,454,769 34
O u tsid e O p e r a t i o n s ...
3 ,0 0 5 ,0 2 9 81
* 3 ,2 3 0 ,0 4 5 60

+ $ 1 ,3 9 5 ,1 2 2 03

Total Operating E x p e n s.$ 3 8 ,854,921 18 $37,090,814 94
T a x e s .............................
1,390,379 87
1,374,757 17

+ $ 1 ,1 6 4 ,1 0 6 24
+ 1 5 ,6 2 2 70

T o ta l O p eratin g E x p en ses
an d T a x e s ______ _________$ 4 0 ,2 4 5 ,3 0 1 0 5 $ 3 9 ,0 0 5 ,5 7 2 11

+ $ 1 ,1 7 9 ,7 2 8 94

O peratin g In c o m e ___________ $16,404 ,607 19 $15,800 ,617 84

+ $ 6 0 3 ,9 8 9 35

R a tio o f O p eratin g E x p en ses
and T a x e s to O p e r . R e v .
R a tio of O p eratin g E x p en ses
to O p eratin g R e v e n u e ..

7 1 .0 4 %
6 8 .5 9 %

7 1 .2 0 %
.
6 8 .7 0 %

— 2 3 1 ,0 1 5 79

•

.1 6 %
.1 1 %

* T o conform to ruling o f I n te r -S ta te C o m m e rce C o m m issio n , the a m ou n ts
paid for ren tal of d ock p roperty u sed b y L a k e steam e rs a t C hicago and M il­
w aukee are Included in In c o m e A c c o u n t , an d for p urp oses o f com p arison
O p eratin g E x p en ses o f O u tsid e O p eration s for 1910 h ave been re -sta te d
accord in gly.
M E R C H A N D IS E F R E IG H T .

The merchandise tonnage for the year was 18,092,254 tons,
a decrease of 1,542,550 tons, or 7.86 per cent.




The total number of passengers carried during the year
was 25,454,161, an increase of 176,878, or .70 per cent.
The number of passengers transported one mile was
626,835,771, a decrease of 953,066 passenger miles, or .15
per cent.
The increase in gross revenue therefrom was $357,992 97,
or 3.78 per cent.
The average fare received from each passenger per mile
was 1.566 cents, an increase of .059 cents, or 3.92 per cent.
The average distance traveled was 24.63 miles, a decrease
of .21 miles, or .85 per cent.
The average revenue received from each passenger was
38.57 cents, an increase of 1.15 cents.
The passenger train mileage was 9,944 train miles, an
increase of 1.10 per cent.
The revenue per passenger train mile was $1,286, an
increase of 2.25 per cent.
,
The average number of passengers in each train was 63.03,
a decrease of .80 passengers, or 1.25 per cent.
.
The average number of passengers in each car was 16.93,
a decrease of .20 passengers, or 1.17 per cent.
The volume of the business increased .70 per cent, the
revenue increased 3.78 per cent and the train mileage
increased 1.10 per cent.
Of the total number of passengers carried, 24,794,794
were’’ local and 659,367 were through passengers, the local
traffic showing small increases, both in volume and the
average’ revenue received per passenger per mile. But slight
changes are shown in the through traffic transported, the
volume decreased, while the average rate received per passen­
ger per mile was slightly increased.
.

.

.

M A IL .

There was a' decrease in revenue from the transportation
of United States Mails of $454 09, or .11 per cent.

1033

T H E C H R O N IC L E

O c t . 1 4 1 9 1 1 .]
EXPRESS.

The revenue from the transportaation of Express during
the year amounted to $1,444,550 47, an increase of $7,284,03,
or .51 per cent.

TAXES.
The Taxes for the year on both rail and outside operations,
were $1,390,379 87, an increase of $15,622 70, or 1.14
per cent.

M IL K .

The revenue from the transportaation of Milk was^$902,705 03, an increase of $30,838 80, or 4.25 per cent.

ADDITIONS AND BETTERMENTS— ROAD.

The Company’s Capital Account Additions and Better­
ments for the year is charged with $740,293 52, representing
a portion of the expenditures for additions and betterments
The revenue derived from miscellaneous sources was made to the property. These improvements consist chiefly
$1,280,874 92, an increase of $01,249 87, or 5 per cent.
of:
M IS C E L L A N E O U S .

OPERATING EXPENSES.

Land,
A d d itio n a l T r a c k s an d S id in g s,
E lim in a tio n o f G rade C rossings,

Y a r d s , S ta tio n s an d B u ild in g s,
In te rlo c k in g an d Signal A p p a r a tu s ,
D o c k and W h a r f P r o p e r ty .

From December 1 1895, the date of the organization of the
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S .
The expense of Maintenance of Way and Structures was Company, to June 30 1911 $17,361,106 14 has been expended
$5,720,899 92, an increase of $503,448 25, or 9.05 per cent in additions and betterments to the property and charged
over the previous year. The details of this account arc to Capital Account, as follows:
shown in Table No. 9. The increase is general in character L a n d ...... ............. .................... .................... .......... ..................... ............................... 5 2 ,9 2 6 ,8 5 7 74
R e d u c tio n s an d C han ges o f L in e _________________________
1 ,4 2 3 ,3 3 7 06
and is due to additional trackage and the policy of the Grade
B ridges, T re stle s and C u lv e r ts_____________________________________
2 0 5 ,5 4 5 52
Company to keep its roadway and appurtenances up to the A d d itio n a l T r a c k s an d S id in g s-------------------------------------------------------- 3 ,3 3 1 ,3 4 6 34
E lim in a tio n of Grade C rossin gs-----------------------------------------------------2 ,1 7 8 ,2 7 5 24
highest standard of safety and efficiency.
In te rlock in g an d Signal A p p a r a t u s ----------------------------------------------4 0 6 ,1 3 7 78
During the year 29 bridges were reconstructed or are in T e legrap h and T e lep h o n e L in e s -----------------------------------------------------1 1 ,3 4 2 74
Y a r d s , S ta tio n s an d B u ild in g s-------------------------------------- -----------—
2 ,9 1 2 ,6 0 4 78
the course of reconstruction.
S h op M ach in ery an d T o o ls ........................... — --------------------------------1 ,0 2 0 ,6 9 2 2 6
3,504 tons of new 100-pound, 30,922 tons of new 90-pound W a t e r and F u el S ta t io n s ____________________________________________
9 6 ,4 2 9 69
4 0 7 ,7 2 1 09
and 070 tons of new 80-pound steel rail were laid during the G rain E le v a to r s an d S torage W a r e h o u s e s -----------------------------------5 5 6 ,7 0 6 67
D ock an d W h a r f P r o p e r ty __________________________________________
year, with the necessary frogs, switches, &c.
E lectric P ow er T r a n sm issio n ........................................................... .............
2 3 6 ,9 2 2 34
1,125,940 cross ties and 3,204,995 feet of switch timber D e v e lo p m e n t o f C oal P r o p e r ty ______________________ ______________ 1 ,6 4 7 ,1 8 6 89
were used in the track, with 595,590 tie plates.
T o t a l...................................................... - .................................. ............................ $ 1 7 ,3 6 1 ,1 0 6 14
104.749 miles of track were fully ballasted and 38.711 miles
of track were partially ballasted.
ADDITIONS AND BETTERMENTS— EQUIPMENT.
79 miles of new right-of-way fences were built.
15.08 miles of passing and other company's sidings and
Capital Account has been charged during the year with
3.53 miles of industrial side tracks were constructed.
$368,369 52 for additional equipment as follows:
New passenger stations were constructed at Harriman,
1
T ra c k In sp ection C a r ______________________________________
5 6 ,4 9 1 82
Wellsville, South Dayton, Asheville, N. Y ., and Highlands,
1 Car F lo a t ______________
3 1 ,0 1 0 8 5
17 B a r g e s _________________________________________________________
6 9 ,9 8 3 22
Ind.
2 L a k e S te a m e r s ----------------------- ----------------------------------------------1 0 5 ,0 0 0 0 0
M A IN T E N A N C E O F E Q U IP M E N T .

P artia l P a y m e n t on 10 L o c o m o tiv e s ---------------------------------P artia l P a y m e n t on 3 Car F lo a t s ----------------------------------------

9 2 ,8 3 4 41
6 3 ,0 4 3 22

Maintenance of Equipment expenses were $9,104,917 04,
T o t a l . . . . . __. . . . . _____ . . . . . . . . . . . . _______- . . . - ____ - - - - 5 3 6 8 ,3 6 9 52
a decrease of $291,004 28, or 3.08 per cent less than the
From December 1 1895 to June 30 1911 $42,037,178 02
previous year. The details of this account are shown in
Table No. 9. Although a liberal charge to expenses for has been expended for new equipment charged to Capital
depreciation has been made and an improvement in the Account and represents the purchase or partial payment on
condition of all equipment effected, the result has been account of
accomplished at less cost by reason of the increased facilities
52 2 L o c o m o t iv e s _________________________________________________ 5 8 ,3 5 4 ,3 5 8 34
1 5 ,5 0 1 B o x C a rs......................... ....................................................... ...............1
and greater efficiency in the Company’s shops.
1 5 .5 0 0 C oal C a r s.................................................................................................
39 locomotives were retired from service and the difference
50 0 R e frigerator C a rs___________________ ________ ______________
2 9 ,8 8 7 ,2 2 6 51
184 F la t C a rs....................................................................- ..........................
between their depreciated and scrap value charged to
100 Fu rn itu re C a r s.............. ..................................... .................... ..........
Operating Expenses.
20 C ab oose C a rs___ _________
—
6 M ilk C a rs------------------------------------------------------------------------------The tractive power of locomotives is 46,375,393 pounds,
50 0 L o w -sid e G on d ola C a r s--------- ------ ------------------------------------a decrease of 497,511 pounds.
16 5 Passen ger C a rs.............................................................................—
The total number of locomotives at the close of the fiscal
1 Parlor C a r......... ....................................................................................
2 D in in g C a rs...................................................................... .....................
year was 1,403, a decrease of 33 as compared with the
8 B a ggage C a r s.......................................................................................
2 ,1 1 5 ,1 6 9 73
previous year, 6 new locomotives having been received and
82 S lx t y -f o o t E xp ress C a rs__________________________________
16 H orse E xp ress C a rs______________________ ________ ________
39 locomotives disposed of as stated above.
1 B usiness C a r . . --------------------The average age of the locomotive equipment is 14 years
3 C om b in e d E xp ress B aggage and M a ll C ars-----------------6 M o to r Cars an d E q u ip p in g 6 T raile r C ars w ith L ig h ts
5 months, an increase of 6 months over the previous year.
and H e a te r s ..........................
The average mileage made by steam locomotives was23,705
7 D errick C a rs________________________________________________
1 0 3 ,3 6 1 0 0
1 T ra c k In sp ection C a r . . --------- ------------- ---------- ------------------miles, an increase of 612 miles, or 2.65 per cent. The
1 R o ta r y S now P lo w ...................................... .....................................
average mileage made by motor cars was 37,995 miles, an
4 L ak e S te a m e r s--------------------------------------------------------------------1 ,1 2 6 ,5 4 7 80
3
F erry B o a t s _______________________________________________
increase of 2,454 miles, or 6.9 per cent.
u g B o a t s .............................................................................................
2
steel steamers were added to the fleet of the Union 2 5 73 TCanal
B o a t s ............................................................................................
4 4 7 ,4 8 6 40
Steamboat Line. 4 car floats, 20 covered barges and 3 canal
37 B a r g e s ------------------------ -------- -------------------------------------------------10 O p en L ig h te rs.......................................................................................
boats were acquired. 1 tug boat, 1 ocean barge and 50 canal
7 Car F lo a ts ------------------ ---------------------------------------------------------3 ,0 2 8 24
boats were disposed of during the year.
M iscellaneous E q u i p m e n t .. .......................................- .............
The other floating equipment, both in New York Harbor
5 4 2 ,0 3 7 ,1 7 8 02
T o ta l
and on the Great Lakes, was fully maintained.
The changes in equipment during the year are indicated in
ADDITIONS AND BETTERMENTS— INCOME.
the Inventory of Equipment, Table 13.
During the year $1,339,737 45 has been expended for
T R A F F IC E X P E N S E S .
................................................
additions and betterments to the property, appropriated
Traffic Expenses increased $104,334 22, or 8.05 per cent from Income and charged as follows:
over the previous year, due chiefly to the establishment of R ig h t of W a y an d S ta tio n G r o u n d s------------------------5 9 ,2 3 3 30
9 ,7 0 9 21
rad e R evision and C han ges of L i n e . . ......................
new outside agencies, both freight and passenger, to the BG ridges,
2 2 7 ,1 8 6 22
T restles an d C u lv e r ts .........................................
employment of additional soliciting forces at Western freight In creased W e ig h t of R a il.............. .......................................
1 0 7 ,9 1 3 46
6 6 ,6 2 5 52
agencies and to a largely increased expense for the printing Im p r o v e d F rogs, Sw itch es an d T rack Fastenings
1 4 6 ,2 3 1 93
A d d itio n a l B a lla st...................... ...............................................
ofjfreight tariffs.
1 8 6 ,3 9 0 35
M ain T r a ck s, S idin gs an d Y a r d s ------------------------------T R A N S P O R T A T IO N

EXPEN SES.

Transportation Expenses show an increase of $1,044,428 17
or 5.99 per cent over the previous year. The details of this
account are shown in Table No. 9, and indicate that the
increased expense is principally due to higher rates of wages
paid employees, increase in price of fuel and to settlements
for injuries to persons.
The number of tons of freight moved decreased 3.08 per
cent. The number of passengers carried increased .70
per cent.
The number of tons of freight carried one mile increased
6.40 per cent. The average distance each ton was moved
during the current year was 181.673 miles, an increase of
9.78 per cent, as compared with the previous year.
GENERAL EXPENSES.

The increase in General Expense was $33,975 67, or
3.20 per cent more thanUhc previousjyear.




2 8 ,4 7 1
1 6 3 ,4 9 2
1 2 7 ,9 8 2
6 9 ,9 8 4
7 1 ,8 3 4
1 5 ,5 5 1
8 7 ,8 8 1
1 8 ,3 9 8
6 3 ,4 3 2
3 4 7 ,4 7 5
1 3 9 ,7 6 7
2 4 9 ,5 2 1
2 4 ,1 2 1
9 5 ,8 4 9

E lim in a tio n of G rad e C r o s s i n g s . . . ..............................
In terlockin g an d S ignal A p p a r a t u s ............................
S ta tio n B u ildin gs an d F ix tu r e s ......................................
S h op s an d E n gin e H o u s e s ...... ............................................
S h op M ach in ery an d T o o ls __________________________
W a t e r and Fu el S ta t io n s _____________________________
G rain E le v a to rs an d S torage W a r e h o u se s-------------O ther R o ad A d d itio n s an d B e tte r m e n ts---------------P urchase of 5 S w itch in g L o c o m o tiv e s ........... .............
50 0 G on d ola C a r s_____________________________________
100 F u rniture C a r s . . -------------------------------------------------2 5 S u b u rb a n C o a c h e s________________ ________ _______P artia l P a y m e n t for 5 C overed L ig h te r s ---------------M iscellaneous E q u i p m e n t ............ -----------------------

73
86
00
05
99
98
21
02
25
49
72
11
10
74

5 2 ,2 5 7 ,0 5 4 24

T o ta l

Less credits account equipment destroyed
or sold as follows:
L o c o m o tiv e s ........................................................................
F reight C a r s...................... - .................................................
P assenger C a r s.............................. .................................. ..
F lo a tin g E q u ip m e n t ------------------------------- -------------O ther E q u ip m e n t ------- . . . --------- ------------------- -.
T o ta l

.5 9 5 ,1 3 3
6 6 6 ,1 4 6
2 0 ,2 5 4
1 0 8 ,8 7 7
2 6 ,9 0 5

19
28
00
71
61
9 1 7 ,3 1 6 79
5 1 ,3 3 9 ,7 3 7 45

1034

T H E C H R O N IC L E

EQUIPMENT TRUSTS.
No Equipment Trusts were made during the year.
Of the Trusts created prior to this fiscal year,
T h e r e w as a b alan ce on Jun e 30 19 10 o f .............................................. 5 12 8 1 3 994 99
U p o n w hich p a y m e n ts h a v e been m a d e d urin g th e year o f . .
3 io 5 3 ]o 2 2 45
T o t a l E q u ip m e n t T ru sts ou tsta n d in g as o f Ju n e 3 0 1 9 1 1 . .

$ 9 ,7 0 0 ,3 7 2 54

CAPITAL STOCK AND FUNDED DEBT.
No change has been made in the outstanding Capital Stock,
which is as follows:
..
, ,.
_ ,,
Authorized Issue.
Issued.
N o n -c u m u la tiv e 4 % F irst P refe rre d ______ $ 4 8 ,0 0 0 ,0 0 0 00
$ 4 7 ,8 9 2 ,4 0 0 00
N o n -c u m u la tlv e 4 % S econ d P refe rre d
1 6 ,0 0 0 ,0 0 0 00 1 6 ,0 0 0 ,0 0 0 00
1 1 2 ,3 7 8 ,9 0 0 00
C o m m o n ........................................................ ................. 1 5 3 ,0 0 0 ,0 0 0 0 0
T o t a l---------------------------------------------------------------- $ 2 1 7 ,0 0 0 ,0 0 0 0 0 $ 1 7 6 ,2 7 1 ,3 0 0 00

Of the Prior and General Lien Bonds secured by the First
Consolidated Mortgage Deed, an additional $2,382,000
General Lien Bonds have been issued during the year.
The total amounts of bonds issued under that mortgage,
now outstanding, are:
Prior L ien B o n d s . .
G eneral L ien B ond s

$ 3 5 ,0 0 0 ,0 0 0 00
4 8 ,7 2 4 ,0 0 0 00

The statements published herewith show in detail the
Company’s entire funded debt, rentals of leased lines and
other fixed obligations as of June 30 1911.
INCOME ACCOUNT.
G ross O p era tin g R e v e n u e .............. ..............................................
$ 5 6 ,6 4 9 ,9 0 8 24
O p eratin g E x p e n se s an d T a x e s ___________________________________ 4 0 ,2 4 5 ,3 0 1 05
O p eratin g In c o m e .............. ......................... .............................
$ 1 6 ,4 0 4 ,6 0 7 19
3 ,9 4 1 ,0 6 2 41
In c o m e fro m Securities O w n ed , R e n ta ls, e t c ___________________
G ross C orpo ra te In c o m e --------- ----------------------- ----------$ 2 0 ,3 4 5 ,6 6 9 60
In te r e st, R e n ta ls, e t c ., p a id ______________________________ ________ 1 4 ,9 5 5 ,2 5 7 48
N e t In c o m e _________________________________
A p p r o p r ia te d for A d d itio n s an d B e tte r m e n ts ______ I I I I I I I I I

55 390 .jjg \z
R 33o i7 3 7 45

B a 'a n c e to Credit o f P rofit an d L o s s __________________________

$4 ,0G 0 ,674 ~ 6 7

FINANCIAL.
The financial condition of the Company at the close of the
fiscal year is shown by the General Balance Sheet, Table 4.
During the year your Company has received from the
Trustee $2,382,000 of General Lien Bonds, being the eleventh
and twelfth million of the $17,000,000 of General Lien Bonds
reserved for construction purposes and $382,000 in rembursement for N. Y. P. & O. Car Trust payments.
On April 8 1911 $12,500,000 three-year six per cent
Collateral Gold Notes were issued and the proceeds thereof
used to retire a corresponding amount of notes maturing
on that date, of which $23,000 had been issued during the
year.
The statements of charges to “ Additions and Betterments”
shown herein explain the increases in the accounts “ Invest­
ment since June 30 1907” , and “ Miscellaneous Investments,
Physical Property.”
The depreciation on existing equipment accruing during
the year was $1,106,205 62, as shown by the increase in the
account “ Reserve for Accrued Depreciation— Cr.”
Chicago & Western Indiana Railroad Company’s bonds,
amounting to $115,000, were acquired during the year, of
which $58,000 are held in the Treasury and $57,000, together
with $80,000 acquired in previous year, were pledged under
the Collateral Indenture of April 8 1911, which explains the
increase in the account “ Securiticsof Proprietary, Affiliated
and Controlled Companies—Pledged, Funded Debt.”
The increase of $2,382,000 in “ Securities Issued or Assumed
— Pledged, Funded Debt” is due to General Lien Bonds
received during the year in reimbursement for expenditures
account construction and equipment trusts, which bonds
were pledged under the Collateral Indenture of April 8 1911.
The decrease in “ Miscellaneous,” $6,552,000, is on account
of the release and cancellation of various interest obligations
and equipment trust certificates of your Company which
were pledged under the terms of the Collateral Indenture of
April 8 1908.
In the account “ Securities of Proprietary, Affiliated and
Controlled Companies--Unpledged,” the increase in “ Stocks”
$250, represents additional shares of capital stock of the
Buffalo Bradford & Pittsburgh Railroad Company pur­
chased and the decrease in “ Funded Debt” $19,957 37, is
on account of the pledging of Chicago & Western Indiana
Railroad Company’s bonds as explained above, less Chicago
& Western Indiana Railroad and New York & Greenwood
Lake Railway Companies' bonds acquired during the year.
“ Advances to Proprietary, Affiliated and Controlled
Companies for Construction, Equipment and Betterments,”
increased $657,776 04, representing amounts advanced by
your Company to the Penhorn Creek Railroad and the Long
Dock Company.
Charges amounting to $11,447 73 were made to the
account “ Miscellaneous Investments” “ Physical Property” ,
on account of expenditures for development of coal property.
The account “ Securities Pledged” increased $6,387,941 on
account of pledging under the Collateral Indenture of April 8
1911, Lehigh & Hudson River Railroad Company capital
stock, New York Susquehanna & Western Railroad Company
preferred stock and Mutual Terminal Company of Buffalo




[V O L . L X X X X III.

I notes, which also explains the decrease in the accounts
|“ Securities Unpledged” and “ Marketable Securities-Stoeks” ,
with the exception that additional notes of the Mutual
Terminal Company of Buffalo and other miscellaneous
securities were acquired.
The increase in “ Marketable Securities-Miscellaneous” is
on account of miscellaneous small promissory notes acquired
during the year.
The amount invested in materials at the close of the year
shows a decrease of $465,831 83.
The increase in the account “ Temporary Advances to
Proprietary, Affiliated and Controlled Companies,” $921,­
902 47, is principally due to addition d amounts advanced
to the Erie & Jersey, Genesee River and Erie Terminals
Railroad Companies.
The increase of $17,653 92 in “ Working Funds” is due to
increase in amount advanced to the Eric Despatch Fast
Freight Line, less a number of miscellaneous funds dis­
continued.
The increase of $370,000 in the account “ Special Deposits”
represents the proceeds of the sale of the “ Union Dry Dock”
property at Buffalo, N. Y ., which has been deposited with
the Trustee of the First Consolidated Mortgage pending an
accounting.
There is an increase of $625,391 34 in the account “ Cash
and Securities in Sinking and Redemption Funds” , due to
increased balances in the Akron& Barberton Belt Railroad,
the Chicago & Western Indiana Railroad and the Penn­
sylvania Collateral Sinking Funds.
The increase in Mortgage Bonds and Collateral Trust
Bonds has been heretofore explained; explanation has also
been made of the account “ Equipment Trust Obligations.”
The decrease of $19,965 94 in “ Miscellaneous Funded
Obligations” is on account of reductions made in real estate
mortgages and grade crossing construction due the City of
Buffalo.
The account “ Unextinguished Premiums on Outstanding
Funded Debt,” $14,438 66, represents the proportion of
premium on Collateral Gold Notes applicable to income in
future years.
The decrease of $6,511,710 27 in the account “ Other
Deferred Credit Items” is due principally to the release and
concellation of various interest and equipment obligations
pledged under the Collateral Indenture of April 8 1908, as
heretofore explained.
The increase of $662,795 33 in the account “ Reserves from
Income or Surplus Invested in Sinking and Redemption
Funds” represents 10 cents per ton on coal mined from the
mines of the Pennsylvania Coal Company during the fiscal
year, together with interest on the bonds purchased by the
Trustee and held in the Trust Account.
All of the securities for construction purposes turned over
by the Erie Reorganization Committee have been con­
verted into cash, as follows:
Value as Placed on
the Books Jan. 1 8 9 7 .
SI 1 5 ,2 0 0
4 0 5 .0 0 0
3 6 4 ,0 5 5
1 ,0 3 4 ,4 0 0
6 3 0 .0 0 0
2 0 2 .0 0 0

Cash Realized
from Sale.

00 B uffalo & S ou th w estern R R . 2d L ien B o n d s .
00 Eric R R . C o . Prior L ien B o n d s ______ __________
22 N . Y . & G reenw ood L a k e R y . Prior Lien B d s.
0 0 Erie R R . C o . G eneral Lien B o n d s ............
0 0 D elaw are & H u d so n E x c lu siv e Car T r u st C tfs .
00 Car T ru st o f N e w Y o r k C ertificates_______ ____

$ 2 ,7 5 0 .6 5 5 22

S 1 2 6 .7 2 0
4 1 4 ,0 0 0
3 8 5 ,5 7 0
1 ,2 1 4 ,9 0 8
6 3 0 ,0 0 0
2 0 2 ,0 0 0

00
00
22
93
00
00

$ 2 ,9 7 3 ,1 9 9 15

In addition to these securities, there have been certified
by the Trustee of the Erie Railroad Company First Consolid­
ated Mortgage Deed, and turned over to your Company to
reimburse it for expenditures already made, $5,000,000 Erie
Railroad Company Prior Lien Bonds and $12,000,000 Erie
Railroad Company General Lien Bonds; and by the Trustee
of the Erie Railroad Company General Mortgage $22,000,000
Erie Railroad Company Convertible Bonds.
Of these securities the following have been converted into
cash:
Cash Realized
from Sale.

Par Value.
$ 5 ,0 0 0 ,0 0 0 00
Erie R R . C o . Prior Lien B on d s
3 ,0 0 0 ,0 0 0 0 0
E rie R R . C o . General Lien B ond s
2 1 ,0 1 5 ,0 0 0
00 Erie R R . C o . C on vertib le B on d s

$ 4 ,5 3 9 ,8 8 4 2 7
2 ,4 8 4 ,1 1 1 11
1 9 ,2 1 5 ,0 0 0 00

$ 2 9 ,0 1 5 ,0 0 0 0 0

$ 2 8 ,2 3 8 ,9 9 5 38

leaving still owned by the Company:
Erie R a ilroad C o m p a n y General Lien B on d s
Eric R a ilroad C o m p a n y C on vertib le B o n d s ..

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

$ 9 ,0 0 0 ,0 0 0 00
9 8 5 .0 0 0 00

From December 1 1895 to June 30 1911 your Company
has received cash from all sources for Construction and
Equipment purposes, as follows:
$ 5 0 0 ,0 0 0
5 0 0 ,0 0 0
4 ,3 4 3 ,8 5 0
2 ,9 7 3 ,1 9 9
7 ,0 2 3 ,9 9 5
1 9 ,2 1 5 ,0 0 0
2 ,5 0 0
4 5 7 ,8 6 7
2 0 0 ,0 0 0
1 0 7 ,9 8 9
2 3 0 ,2 2 7

0 0 .Sale of Erie & W y o m in g V a lle y I t l t . C o. C apital S to c k .
00 S ettle m e n t o f old ac co u n t w ith the N ation al T ran sit Co
13 F rom the E rie R e organ ization C o m m itte e .
15 P roceeds of sale o f securities received from th e E rie R e ­
organ ization C o m m itte e .
38 Proceeds of sale o f securities received fro m th e F a rm e rs’
L oan & T r u st C o ., T r u ste e .
0 0 Proceeds o f sale o f securities received from th e S tan d ard
T r u st C o. of N ew Y o r k , T ru ste e.
0 0 S ale of P ittsb u rgh Chartlers & Y o u g h o gh en y R R . C o.
B on d s acquired from th e R eceivers o f the N ew Y ork
L ak e E rie & W e ste rn R R . C o.
50 Sale Jun e 1 1899 o f C ap ital S tock o f the N orthern R R . C o.
o f N ew J ersey, origin ally paid for b y the E rie R eorgan i­
zation C o m m ittee from C onstruction F u n d s.
-jA
00 S ale of the U n ion D ry D ock franchises, e tc .
Fjfj
22 Special T a x d ep osit m ad e b y Erie R eorgan ization C o m m it­
tee, returned Ju n e 14 1901 b y th e E nglish G o v e r n m e n t.
05 A m o u n t to en ab le th e C o m p a n y to purchase E rie & W y ­
om in g V a lle y R R . E q u ip m e n t.

S 3 3 .5 5 4 .6 2 8 43

OOT. U

This amount has been used to partially reimburse your
Company for the following expenditures:
5 4 5 7 ,8 6 7
1 ,7 2 9 ,0 1 1
a:>,()00
.848,377

50
68
00
50

P urchase o f N orth ern R R . C o . o f N ew Jersey C ap ital S to c k .
O k l N ew Y o r k L ak e E ric & W e ste rn Car T r u sts.
P a y m e n t of M ortgages on R e al E s ta te .
D isbursed on a ccou n t of U n ion S te a m b o a t C o . In liq u idation
o f Its alfalrs an d In b uildin g or acqu iring a d d ition al p rop ­
e r ty .
1 1 1 ,2 4 1 84 L iq u id a tin g R eceiversh ip N e w Y o r k L a k e E rie & W e ste r n
R R . C o.
1 4 ,8 9 8 ,0 6 5 53 N ew C on stru c tion .
3 3 ,9 5 1 ,8 0 5 48 N e w E q u ip m e n t.
5 1 ,5 6 1 ,9 6 9 53

•

Your Company has, therefore, expended from its current
cash for liquidating the Receivership of the New York Lake
Erie & Western Railroad Company and for construction and
equipment purposes from December 1 1895 to June 30 1911,
$10,007,341 10, for which it is or will be entitled to be re­
imbursed from the sale of either Erie Railroad Company
General Lien Bonds or Erie Railroad Company Convertible
Bonds.
The amount stated as having been expended for new
Equipment includes payments aggregating $9,461,630 72
for cars and locomotives, which are covered by new Equip­
ment Trusts.
Construction expenditures on properties covered by
Pennsylvania Collateral Trust Indenture have been kept
separately and to June 30 1911 there has been expended on
these accounts $1,511,879 01; $1,439,461 14 has been
realized from the sale of securities obtained from the Trustee
of the Indenture, leaving $336,000 Pennsylvania Collateral
Trust Bonds owned by the Company. Your Company has,
therefore, expended from its current cash for construction
nirposes to June 30 1911 $72,417 87, for which it is or will
)c entitled to be reimbursed from the sale of Erie Railroad
Company Pennsylvania Collateral Trust Four Per Cent
Bonds.
The total amount for which your Company has not yet
been reimbursed from the sale of bonds for expenditures
made under the terms of the First Consolidated Mortgage
Deed, the General Mortgage and the Pennsylvania Collateral
Trust Indenture, is $16,079,758 97.
f.y/

. :

1035

T H E C H R O N IC L E

1 9 1 1 .]

general

rem arks.

:: : : : : .

..

Additions and Betterments to the property and equipment
of the Company, aggregating $2,448,400 49, have been made
during the year, of which $1,108,663 04 has been charged to
Capital Account, as shown on a previous page and $1,339,­
737 45 has been appropriated from the Company’s income,
as shown on a previous page.
By reference to the financial statement in this report it
will be noted that on April 8 1911 a new Collateral Indenture
was created, securing the issuance of $12,500,000 Three-Year
Collateral Gold Notes, all of which were sold and the proceeds
used to pay a corresponding amount of notes maturing on
that date. The Company, by pledging other satisfactory
collateral, was enabled to pay and cancel all of the interest
and car trust obligations pledged under the indenture of
April 8 1908, thus adding materially to the strength of all
of its securities.
The $200,000 First Mortgage 6 per cent Bonds of the
Bergen County Railroad Company were extended for a
period of ten years from April 1 1911 at five per cent, the

amount paid as rental for this line being correspondingly
reduced under the terms of the lease.
The reduction of grades between Hornell and Salamanca
from 1.07 per cent east and 1.25 per cent west to 0.2 per cent
east and 0.3 per cent west, to be used in connection with the
Genesee River Railroad, has been completed, thus materially
adding to the capacity of the line and reducing the trans­
portation costs.
Under agreement with the Cincinnati BlufTton & Chicago
Railroad Company, the single main tracks of that cornpam'
and your Company between Huntington and Uniondale,
Ind., a distance of 14.4 miles, are now operated as double­
track, thereby increasing the capacity and decreasing the
expenses of both Companies.
An arrangement similar to the foregoing with the Cleveland
Cincinnati Chicago & St. Louis Railway Company, between
Dayton and Durbin, Ohio, a distance of 20 miles, is being
negotiated.
To increase the capacity for handling coal consigned to the
Lake at Cleveland and to transfer it to vessels at the minimum
cost, a new coal unloader with necessary yard tracks has been
constructed at an approximate cost of $300,000.
The draw-bridge over the Hackensack River, for use in
connection with the Erie Terminals Railroad Company’s
new low-grade line, of which mention is made in preceding
reports, will be completed by November first. Additional
land for this line between Suffern and Passaic has been
purchased.
Extensive alterations and additions have been made at the
Jersey City Terminal. Further improvements are con­
templated to provide facilities for handling the passenger
traffic of the New York Susquehanna & Western Railroad
Company.
During the year your Company sold to the Buffalo Dry
Dock Company the land in Buffalo occupied by the plant of
the Union Dry Dock Company, the former Company exer­
cising its option under the lease to purchase the land at its
appraised value.
Pursuant to agreement made in 1879, the Erie Elevator
Company surrendered possession of the grain elevator at
Jersey City, the cost of which had been originally defrayed
by the Elevator Company, upon the payment of $792,427 20,
the appraised value of the Elevator and improvements there­
to. A satisfactory lease of the property has been made.
Additional storage facilities at the Inter-State Elevator in
Chicago were made at an expenditure of $75,000 and a new
lease of the property effected.
$23,379,824 55, or 60.17% of the total Operating Ex­
penses, was paid by the Company direct to labor, being
distributed among 36,370 employees.
Mr. W. J. Harahan was elected Vice-President and Chief
Engineer on January 25 1911.
Mr. David Bosman was elected Vice-President and
Secretary on March 1 1911.
Mr. C. P. Crawford was elected Comptroller, effective
July 1 1911.
The thanks of the Board to the officers and employees for
their efficient services are hereby tendered.
Respectfully submitted by order of the Board,
F. D. UNDERWOOD,
President.

T A B L E 2 — IN C O M E A C C O U N T ( E N T I R E S Y S T E M )

T o O p eratin g E x p en ses —
5 5 .7 2 0
9 ,1 6 4
1 ,4 0 0
1 8 ,4 6 7
1 ,0 9 6

89 9
9 17
20 9
379
484

Rail Operations:

92
04
99
90
52
5 3 5 ,8 4 9 ,8 9 1 37

Outside Operations:
W a t e r R o u t e s ------------------------------------C oal S torage an d S h ip p in g P la n ts.
M is c e lla n e o u s _________________________

,77 7 63
177 ,802 51
301 ,449 67

T o ta l O p eratin g E x p en ses an d T a x e s ------T o D e d u c tio n s—
In terest A ccru ed on Ilon d s (sec T a b le 5) —
In terest A ccru ed on C ollateral Gold N o t e s .
In te rest A ccru ed on E q u ip m e n t T r u s ts _____
In terest A ccru ed on M ortgages ................... ..
In terest A cc ru ed on C o n s t r u c t io n ............... ..
O ther In te r e st___________________________________
R e n ts A ccru ed for Lease o f O ther R o ad s
(sec T a b le 6 ) ................. ............... .........................
O th er R e n ts —
H ire o f E q u ip m e n t (B a la n c e )...................
J oint F a c ilities_____________________________
M iscellaneous R e n t s _____________________
S ink ing F u nd s A c c r u e d _____________________
O ther D e d u c tio n s ___ _______ ____ _________

5 4 0 ,2 4 5 ,3 0 1 05
00
83
19
16
68
77

9 9 8 ,8 6 8 29
51 2,
66 8,
810,
506,
375

86 2
295
499
575
000

16
04
03
33
00

T o ta l D e d u c tio n s.
T o N e t I n c o m e ______ __

W a t e r R o u t e s ____ ____________________
Coal S torage and S h ip p in g P la n ts .
M ls c c lla n c o u s _______ _________________

52, 2 1 7 ,6 9 8
3 4 0 ,2 1 0
2 7 1 ,9 4 8
2 ,8 2 9 ,8 5 8 02

Gross O p era tin g R e v e n u e .............................
B y O th er In c o m e—
D ivid e n d s D eclared on S tock s O w n ed or
C ontrolled ____________ ____________ ________
In te rest A cc ru ed on B on d s O w n ed or C on ­
trolled __________________________________________
In terest on O th er Secu rities, L o a n s and
A c c o u n ts ___________________ __________________
R e n ts A cc ru ed from Lease of R o a d . .................
O th e r R e n ts— Join t F a c ilities----------------------S ep a ra te ly O p erated P roperties P r o fit--------M iscellaneous In c o m e — --------------r -----------------

5 5 6 .6 4 9 ,9 0 8 24
5 1 ,6 1 7 .9 7 2 50
5 3 0 ,0 1 7 34
1 ,0 3 5 ,7 8 4
1 5 ,0 0 0
5 5 7 ,8 7 0
1 1 4 ,4 2 4
6 9 ,9 9 4

04
00
05
14
34
3 ,9 4 1 ,0 6 2 41

T o ta l O th e r In com e

5 1 4 ,9 5 5 ,2 5 7 48
5 ,3 9 0 ,4 1 2 12
5 6 0 ,5 9 0 ,9 7 0 65

B alan ce for Y e a r T ran sferred to Credit
of Profit an d L o s s _____ __________________ 1

524, 0 7 1 ,5 2 1
15, 8 6 5 ,0 2 7
9, 8 1 7 ,9 5 6
4 3 1 ,3 4 8
1, 4 4 4 ,5 5 6
9 0 2 ,7 6 5
1, 2 8 6 ,8 7 4
5 5 3 ,8 2 0 ,0 5 0 22

5 3 8 ,8 5 4 ,9 2 1 18
1 ,3 9 0 ,3 7 9 87

5 9 ,7 4 9 , 801
7 4 7 , 03 8
50 9, 7 1 6
4 5 , 791
19, 9 3 0
10, 8 7 9

M e r c h a n d is e _____________
C o a l ______ _________________
P a s s e n g e r ________________
M a l l _______________________
E x p ress __________ _______
M ilk ______________________
M is c e lla n e o u s ____________

Outside Operations:
3 ,0 0 5 ,0 2 9 81

T o ta l O p era tin g E x p e n se s.
T o T a x e s _______ ___________________

N e t In c o m e for Y e a r . _________________________ _.
A p p ro p ria ted for A d d itio n s and B e tte r m e n ts.

E N D I N G J U N E 30 1911.

B y O p eratin g R e ven u e—

Rail Operations:
M ain tenan ce of W a y an d S tr u c tu r e s.
M ain ten an ce of E q u ip m e n t ____________
T ra ffic E x p e n s e s ..............................................
T ra n sp o rta tio n E x p e n se s......... ..................
General E x p e n s e s --------------------------------------

FO R T IIE Y E A R

5 6 0 ,5 9 0 ,9 7 0 65

5 5 ,3 9 0 ,4 1 2 12
1 ,3 3 9 ,7 3 7 45
5 4 ,0 5 0 ,6 7 1 67

The net Income of companies whose capital stock Is owned by this Company,’during the currcnt'ycar, was 52,963,491 76, of which 51.500,00# was
paid In dividends and 5354,889 04 paid as Interest on advances, both of which amounts are Included In the Income Account of the current year




1036

T H E C H R O N IC L E
T A B L E 3— P R O F IT A N D

M iscellan e ou s D e b its:
D ifference b etw een c o st or record v a lu e and
d ep reciated v a lu e on J u ly 1 1 9 07 of equ ip ­
m e n t d e str o y e d or sold d urin g the cur­
r e n t y e a r . . ----------------------------------------------------A b a n d o n e d p ro p e rtie s____________ ______________
S e ttle m e n t for d am a g e s to p rop e rty In 1903
C an cellatio n o f bills a c c t. o f b ad d e b ts, e t c .
V a r io u s sm a ll d e b its _________ ________________
T o B a la n c e _______

LO SS A C C O U N T — Y E A R

[V O L . L X X X X III

E N D I N G J U N E 30 1011.

B y b alan ce Ju n e 30 1 9 1 0 ________________________________ ___________ $ 2 0 ,5 8 9 ,5 9 3 04
$ 3 7 2 ,9 1 8
1 4 0 ,5 9 0
1 0 ,0 0 0
1 9 ,3 7 8
5 ,7 6 1

16
73
00
50
48

B alan ce for ye ar transferred fro m In c o m e
4 ,0 5 0 ,6 7 4 67

$ 5 4 8 ,6 4 8 87 M iscellaneous Credits:
2 4 ,0 9 9 ,5 3 2 79

_______ _________________ _____

7 ,9 1 3 9 5

$ 2 4 ,6 4 8 ,1 8 1 66

$ 2 4 ,6 4 8 ,1 8 1 66

T A B L E 4 — C O N D E N S E D G E N E R A L B A L A N C E S H E E T ( E N T I R E S Y S T E M ) , C O M P A R A T I V E — J U N E 30 1911 A N D J U N E 30 1 9 1 0 .

June 3 0 1 9 1 0 .

June 3 0 1 9 1 1 .
P R O P E R T Y IN V E S T M E N T —

$ 2 9 4 ,4 3 4 ,5 1 7 24
4 ,6 0 7 ,2 3 4 37
5 ,5 2 3 ,5 3 3 03
3 .4 7 8 ,9 4 5 61
3 0 ,6 8 3 ,6 5 0 00
3 5 ,5 6 2 ,2 0 0 00
1 1 ,7 7 8 ,0 0 0 00
6 ,5 5 2 ,0 0 0 00

R o a d an d E q u ip m e n t:
In v e s tm e n t to Ju n e 3 0 1 9 0 7 —
In v e s tm e n t since Ju n e 3 0 1 9 0 7 :
R o a d ...................................................
E q u ip m e n t _____________________
R e serve for
Securities:
S ecurities
S to c k s
F u n d ed

$ 2 9 4 ,4 3 4 ,5 1 7 24
6 ,6 7 2 ,9 6 6 99
5 ,8 9 4 ,7 5 3 17

A cc r u e d D e p re ciation — C r --------------------------------------------------o f P ro p rie ta ry , A ffilia te d an d C on trolled C o m p a n le s- -P ied ged —
___________________________________________________________________
D e b t ____________________________________________________________

S ecurities Issu ed or A s s u m e d - -P lc d g c d F u n d ed D e b t __________________
M iscellan eou s ________________

$ 3 0 7 ,0 0 2 ,2 3 7 40
4 ,5 8 5 ,1 5 1 23 $ 3 0 2 ,4 1 7 ,0 8 6 17
$ 3 0 ,6 8 3 ,6 5 0 00
3 5 ,6 9 9 ,2 0 0 00
6 0 ,3 8 2 ,8 5 0 00
$ 1 4 ,1 6 0 ,0 0 0 00
1 4 ,1 0 0 ,0 0 0 00

2 9 5 ,4 8 8 44
1 6 9 ,4 3 0 10
6 0 0 ,0 0 0 00

S ecurities o f P ro p rie ta ry , A ffilia te d an d C on trolled C om p an ies— U n p led g ed —
S to c k s __________________________________________ ________ __________________________________
F u n d e d D e b t ______________________________________________________________________________
M iscellan eou s ____________________________________________________________________________

$ 2 9 5 ,7 3 8 44
1 4 9 ,4 7 2 73
6 0 0 ,0 0 0 00
1 ,0 4 5 ,2 1 1 17

4 ,0 9 7 ,0 1 4 16
1 ,6 3 5 ,7 3 9 16
2 1 ,1 3 2 ,5 4 0 00
1 2 ,9 0 3 ,3 1 3 24

O th e r In v e s tm e n ts :
A d v a n c e s to P r o p rie ta ry , A ffilia te d an d C ontrolled C om p an ies for C o n stru ction , E q u ip m e n t and
B e tte r m e n ts --------- ------------------------------------------------------------------------------------------------1
--------------------------------------------M iscellan eou s In v e stm e n ts:
P h ysical P r o p e r ty .............................................................................................. ............. '......................................................................
S ecurities— P l e d g e d ......................................................... ....................................................................................................................
S ecu rities— U n p led ged ............................................. .................................. _ .................................. ..........................................__

4 ,7 5 4 ,7 9 0 20
$ 1 ,6 4 7 ,1 8 6 89
2 7 ,5 2 0 ,4 8 1 00
6 ,5 6 3 ,0 7 2 33
3 5 ,7 3 0 ,7 4 0 22

W O R K IN G
8 .1 0 3 ,9 0 4 98
2 2 ,1 1 6
1 7 ,9 8 2
1 ,1 3 8 ,0 9 4
1 ,3 8 3 ,4 6 2
3 ,5 5 0 ,2 2 8
3 ,7 8 8 ,3 4 5

00
18
33
01
15
17

ASSETS—

C a s h _____________________________________________ ________ _________________
M a rk eta b le Securities:
S to ck s __________________________________________ ________ ______________
M i s c e ll a n e o u s ___ ______________ ______________________________________
T ra ffic an d C ar-S ervice B alan ces D u e from O ther C o m p a n ie s.
N e t B alan ce D u e from A g e n ts an d C o n d u cto r s__________________
M iscellaneous A c c o u n ts R e c e iv a b le _________ ________________________
M aterials an d S u p p lie s___________________________________ ______________

$ 7 ,1 9 8 ,7 4 9 28
1 8 ,6 5 3
9 7 1 ,8 9 8
1 ,0 7 5 ,0 1 5
2 ,2 5 0 ,0 8 0
8 ,3 2 2 ,5 1 3

32
12
01
75
34
1 4 ,8 3 6 ,9 0 9 82

A C C R U E D IN C O M E N O T D U E —
4 ,3 7 1 00

U n m a tu r c d In te r e st. D iv id e n d s an d R e n ts R e c e iv a b le -------------------------------------------DEFERRED

D E B IT

A d van ces:
T e m p o r a r y A d v a n c e s to P ro p rie ta ry , A ffilia te d an d C ontrolled C o m p a n lc s.
W o r k ln g F u n d s ------------------------------------------------------------------------------------------------------------------

1 0 ,9 5 7 ,6 9 1
9 5 ,3 9 1

2 7 8 ,1 0 2 00

IT E M S —
$ 1 1 ,8 7 9 ,5 9 4 29
1 1 3 ,0 4 5 44
1 1 ,9 9 2 ,6 3 9
3 9 ,8 8 6
3 7 9 ,9 4 0
4 ,1 2 5 ,3 0 1
300
8 5 ,7 0 0

R e n ts an d In su ran ce P aid In A d v a n c e -----------------------------------------S p e cia l D e p o s its ----------------------------------------------------------------------------------Cash an d Securities In S in k in g an d R e d em p tio n F u n d s _____
Cash an d Securities In In su ran ce an d O th e r R e serve Funds
O th e r D eferred D e b it I t e m s . .....................................................................

3 6 ,7 5 4
9 ,9 4 0
3 ,4 9 9 .9 1 0
300
9 3 ,7 5 1
$ 4 5 9 ,1 9 7 ,9 5 7 98

73
83
00
68
00
04

$ 4 5 0 ,2 2 9 ,5 1 7 80

L I A B I L IT I E S ,
STOCK—
$ 1 1 2 ,3 7 8 ,9 0 0 00
4 7 ,8 9 2 ,4 0 0 00
1 6 ,0 0 0 ,0 0 0 00

C a p ital S to c k :
C o m m o n _______________________________
F irst Preferred N o n -c u m u la t lv e —
S eoon d P referred N o n -c u m u la t lv e .

$ 1 1 2 ,3 7 8 ,9 0 0 00
4 7 ,8 9 2 ,4 0 0 00
1 6 ,0 0 0 ,0 0 0 00
$ 1 7 6 ,2 7 1 3 0 0 00

M ORTGAGE. BONDED AN D SECURED
1 7 4 ,0 6 4 ,4 0 0
5 0 ,1 7 6 ,5 0 0
1 2 ,4 7 0 ,9 9 4
1 ,3 7 9 ,8 5 2

00
00
99
54

1 ,8 5 7 ,5 2 9
4 ,2 5 8 ,6 7 2
7 6 9 ,7 5 8
3 ,0 8 1 .4 8 1

73
37
67
66

DEBT-

F u n d e d D e b t:
M o r tg a g e B o n d s ______ _________________________________
C ollateral T ru st B o n d s _______________________________
E q u ip m e n t T ru st O b lig a tio n s______________________
M iscellaneous F u n d ed O b lig a tio n s ______ _______
W O R K IN G

$ 1 7 6 ,4 4 6 ,4 0 0
5 0 ,1 9 9 ,5 0 0
9 ,7 6 0 ,3 7 2
1 ,3 5 9 ,8 8 0

00
00
54
00

$ 1 ,7 2 4 ,0 4 4
3 ,6 0 6 ,2 6 4
7 2 9 ,9 3 0
2 ,2 5 0 ,5 3 0

58
50
23
02

2 3 7 ,7 0 0 ,1 5 9 14

L IA B IL IT IE S —

T r a ffic an d C ar-S ervice B alan ces D u e to O th e r C o m p a n ie s.
A u d ite d V ou ch ers an d W a g e s U n p a id _________________________ _
M iscellan eou s A c c o u n ts P a y a b l e .______ ___________________________
M a tu re d In te r e st, D iv id e n d s an d R e n ts U n p a id ______________

8 ,3 7 1 ,3 6 9 93
ACCRUED
2 ,2 4 2 ,8 9 5 84

L IA B IL IT IE S

NOT DUE—

U n m a tu r e d In te r e st. D iv id e n d s an d R e n ts P a y a b le ______

2 ,1 8 6 ,9 1 5 69

D E F E R R E D C R E D IT IT E M S —
6 ,6 5 4 ,3 1 8 42

U n ex tln g u lslied P rem iu m s on O u tsta n d in g F u n d ed D e b t .
O th e r D eferred C red it I t e m s ------------------------------------------ ------------

$ 1 4 ,4 3 8 66
1 4 2 ,0 0 8 15
1 5 7 ,0 4 6 81

A P P R O P R IA T E D S U R P L U S —
1 ,6 9 4 ,8 1 7
3 ,6 7 9 ,8 4 3

A d d itio n s to P r o p e r ty sin ce Ju n e 30 1 9 0 7 , through I n c o m e _______________________
R e serve s from In c o m e or S u rp lu s— In v ested In S ink ing and R e d em p tio n F u n d s .

$ 3 ,0 3 4 ,5 5 4 65
4 ,3 4 2 ,6 3 8 85
7 ,3 7 7 ,1 9 3 50

P R O F IT A N D
2 0 ,5 8 9 ,5 9 3 04

LO SS—

B a la n c e ................. .................. .......... .............................................................................. ............. .............................

$ 4 5 9 ,1 9 7 ,9 5 7 98




2 4 ,0 9 9 ,5 3 2 79
$ 4 5 6 ,2 2 9 ,5 1 7 8 6

O ot . 14 1911,

THE CHRONICLE

1037

T A B L E 15— A N A L Y S I S O F T R A F F IC R E V E N U E A N D E X P E N S E S (E N T IR E SY S T E M ) F O R T IIE S I X Y E A R S E N D IN G J U N E 30 1006, 1907,
1908, 1909, 1910 A N D 1911.
1905.*
Mileage of road operated —

1903.

1907.*

2,150.937

2,150.937

2 ,171.160

1909.
2,230.814

1910.
2,227.032

1911.
2,264.901

F re ig h t T r a ffic —

Number of tons of merchan­
dise freight carried----------19,377,350
10,258,427
2 0 ,911,580
15,953,788
18,092,254
19,034,804
Number of tons of coal and
oolce carried_______________
16.978,032
17,371,279
18,258,031
16,843,417
19,478,408
19,128,796
Total number of tons of all
36,355,382
33,029,706
freight carried____________
39,169,617
37,570,662
32,797,205
38,763,600
Total number of tons of all
freight carried one m ile .. 5 ,944,379,550
5,601,538,181
0 ,275,029,877
6,008,714,174
6 ,414,731,080
6 ,825,581,956
103.508
A v g . distance hauled per ton
100.217
108.349
165.483
181.073
183.208
$35,555 ,937 87
$33,940 ,340 67
Total freight revenue---------$38,550,092 47
S39,930,548 90
$38,410,130 25
$35,189,788 82
.598
A v g . rev. per ton per m ile .. Cents
Cents
.000
Cents
.614
Cents
.599
Cents
.585
Cents
.586
$16,530 44
$15,635 12
Freight rev. per mile of road
$17,922 46
$17,632 34
$17,247 23
$15,774 42
$2 71945
$2 89707
$2 78751
Freight rev. per train mile.
$2 96316
53 0494
$2 74697
Average number of tons of
464.90
freight In each train--------454.65
471.62
521 .17
469.05
494.87
Average number of tons of
freight In each train, In­
cluding co’s material------501.13
484.30
504.84
510.86
571.18
540.70
Average number of tons of
freight In each loaded car
20.30
19.57
18.75
20.51
20.44
20.37
P a s s e n g e r T r a f f i c —N o. of passengers carried ..
23,054,430
22,816,022
24,199,723
23,684,283
25,277,283
N o. of pass, carried 1 mile.
598 ,655,755
039,524,474
639,792,010
597,317,739
627,788 ,837
A v g . distance per passenger
27.036
20.238
20.438
25.220
24.836
Total rev. from passengers.
$9,489,448
73
$8,880,634 32
$8,982,810 52
$9,458,281 07
$9,459,903 21
A v g . rev. per pass, per mile Cents
Cents
1.484
Cents
1.487
1.500
Cents
1.478
Cents
1 .507
Total passenger train r e v ..
$12,054,020 13
$11,565 ,227 52
$10,807,374 53
$11,218,098 25
$12,308,328 25
Passenger train revenue per
mile of r o a d .. ----------- ...
$5,184 31
$5,551 88
$5,024 50
$5,215 45
$5,553 73
Passenger train revenue per
train m ile------ —
----------$1 22976
$1 17402
$1 21195
$1 21429
$1 25746
Average number of passen­
gers In each train------------60.64
65.24
67.13
69.25
03.83
Average number of passen­
gers In each car----------------16.50
18.62
17.45
18.72
17.13

25,454,161
626,835,771
24.620
$9,817,956 18
$12,786 ,155 tO
$5,645 20
$1 28576
63.03
16.93

R even u e and E x p e n se s—

Freight and passenger r e v ..
$44,538,748 39
$44,070,423 14
$43,435,789 40
$48,008 ,374 14
$47,870 ,093 46
$49,754 ,505 14
Freight and passenger reve­
nue per mile of road--------$20,700 67
$20,005 80
$19,755 31
$21,495 02
$22,319 75
$21,967 05
Gross revenue, all sources
rail operations____________
$47,401,401 99
$46,746,435 90
$47,514,858 74
$51,830 ,719 93
$51,194 ,113 45
$53,820 ,050 22
Gross rev. per mile of road.
$22,065 45
$21,530 03
$21,299 34
$23,273 45
$23,800 84
$23,762 021
Gross revenue per train mile
$2 13252
$2 10273
$2 11812
$2 28042
$2 27075
$2 34407
Oper. expenses, rail oper’ ns
$30,469,542 21
$32,059,129 05
$32,694 ,025 26
$34,4 54,709 34
$35,849,891 37
$33,579,958 52
Oper. exp. per mile of road.
10,797 26
$14,904 72
$15,471 16
$14,655 65
$15,611 78
$15,828 04
Oper. exp. per train m ile___
$1 51592
$1 56140
$1 0(5370
$1 44684
$1 45770
$1 48946
$10,276,893 69
N et revenue________________
$17,375,950 59
$14,384,707 49
$14,820 ,833 48
$17,970 ,158 85
$16,171,356 59
$4,733 37
Net revenue per mile of road
$7,518 28
$7,802 29
$7,933 98
$6,087 07
$6,643 09
Cents
46.882
Cents
78.267
Net revenue per train m ile. Cents
Cents
71.729
Cents
05.588
Cents
70.450
65.409
♦Many of the statistics for the years 1900 atul 1907 are not true comparisons with the figures for following years, on account of the changes In the
classifications proscribed by the Inter-State Commerce Commission.

SO U TH ERN

R A IL W A Y

COM PANY

S E V E N T E E N T H A N N U A L R E P O R T — FO R T H E Y E A R E N D E D JU N E 30 1011.
Washington, D . C ., September 29 1911.

To the Stockholders of the Southern Railway Company:

The Board of Directors submits the following report of the
affairs of the Company for the year ended June 30 1911:
IN COM E ST A T E M E N T .
Miles of Road Operated,
A v e r a g e _______ __________

1911.

1910.

7 ,041.95

7 ,050.17

Gross Operating R even ues.$60,345,062 64 $57,294,508 34
Total Operating Expenses. 40,926,790 08 3 8 ,635,745 94
Net Operating R evcn u c.$10,418,272 56 $18,658,762 40
Outside
Operations— Net
D e f ic it ___________________
42,027 75
(Cr)18,980 36
Net R evenue...........................$ 1 9 ,3 7 6 ,2 4 4 81 $18,677,742 76
T a x e s _______________________
2 ,212,967 87
2,027,104 35
Operating Incom e...................$ 1 7 ,1 6 3 ,2 7 6 94 $16,650,638 41
other I n c o m e _____ _______
3,202,529 36
3,227,927 98
Total Gross Incom e_____ $20,455,806 30 $19,878,566 39
Deductions from I n c o m e .. 2 ,000,940 05
2,759,069 41
Total Available In co m c .$ 1 7 ,79 1,860 25 $17,110,490 98
In t. on Mortgage, Bonded
and Secured D ebt............. 11,124,856 70
11,302,478 37
Balance of Income over
Charges ..............................$6,670,003 49

$5,757,018 61

Dividends on Preferred Stock:
N o . 21, One Per Cent,
paid In April 1911____
$600,000 00
...........................
Reserve for Dividend No.
22, One Per Cent, pay­
able In October 1 9 1 1 ..
600,000 00 _______________
Total D iv id en d s__________ $1,200,000 00

______________

Balance over Dividends on
Preferred Stock_________ $5,470,003 49
55,757,018 61
Additions and Betterments
66,045 71
52,372 91
Balance carried to Credit
of Profit and Loss-------$5,403,957 78

$5,704,045 70

In crea se ( + )
D e c r e a s e (—

or

).

— 8.22

D IV ID E N D S .
The financial condition of the Company having so improved
as to make such action entirely consistent with a sound and
+ $ 7 5 9 ,5 1 0 16
conservative policy, a Dividend of One Per Cent on the
Preferred Stock of the Company was declared and paid in
+ 6 1 ,0 0 8 11
April 1911, and provision has been made for the payment
+ $ 6 9 8 ,5 0 2 05
in October of a similar Dividend out of Net Income earned
+ 1 8 5 ,8 6 3 52
during the year. It was considered that, as a fair recog­
+ $ 5 1 2 ,6 3 8 53
nition, under all the circumstances, of the just expectations
+ 0 4 ,6 0 1 38
of the holders of its Preferred Stock who had received
+ $ 5 7 7 ,2 3 9 91
dividends for a series of years until the conditions which
— 98,123 30
culminated in the financial panic in the fall of 1907 and the
+ $ 0 7 5 ,3 0 3 27
subsequent business depression necessitated their suspension,
a reasonable proportion of the Company’s cash resources
— 237,021 61
could properly be devoted to the payment of dividends. It
.
+ $ 9 1 2 ,9 8 4 88 is the expectation of the Board of Directors that, with a
continuance of favorable conditions, the rate of dividend
may gradually be increased until the full dividend can again
be properly paid.
+ $ 6 0 0 ,0 0 0 00

+ $ 3 ,0 5 0 ,5 5 4 30
+ 2 ,2 0 1 ,0 4 4 14

+ 6 0 0 ,0 0 0 00
+ $ 1 ,2 0 0 ,0 0 0 00
— $287 015 12
+ 131072 80
— $300,087 92

D ISCO UN T ON S E C U R IT IE S .
As of June 30 1910 there remained a balance of discount
on securities sold amounting to $4,853,144 57. There
accrued during the year 335,700 as discount on Equipment
Trust Obligations issued and $75,000 as premium on First
Consolidated Mortgage Bonds sold, leaving a net balance of
$4,813,844 57. Following the general practice of the Com­
pany, there was charged during the year to Income $125,­
814 78 and to Profit and Loss $3,000,000, leaving a balance
on June 30 1911 of $1,688,029 79 to be charged to income
in subsequent years during the life of the securities, or, at
the option of the Company, to Profit and Loss.




IN T E R E S T .
The accrued Interest on the Funded Debt of the Company
for the year was $302,504 19 less than for the previous year,
while the accrued interest on Equipment Trust Obligations
was $64,882 58 greater, thus making the total interest on
Funded Debt and Equipment Trust Obligations $237,621 61
less than for the previous year.

.

P R O F IT A N D LOSS.
The surplus as shown by the Profit and Loss statement as
of June 30 1910 was $8,685,959 91, while the surplus as of
June 30 1911 after, as hereinbefore stated, charging to the
account $3,000,000 for Discount on Securities, amounted to
$11,445,965 08, a gain of $2,760,005 17 over the previous
year. (See Table 3.)
.
P R O P E R T Y IN V E S T M E N T £A N D J M O R T G A G E D E B T .
The investment in physical property, exclusive of de­
preciation, has been increased $7,574,876 55, of which
$2,554,042 66 was in Road and $5,020,833 89 in Equipment.
This increase represents net additions made during the year.
The Mortgage, Bonded and Secured Debt increased during
the year $5,369,300, consisting of increases in Mortgage and
Collateral Trust Bonds $6,153,300 and a decrease in Equip­
ment Trust Obligations amounting to $784,000.
There were retired during the year at maturity $500,000
Charlotte Columbia & Augusta Railroad Company Second
Mortgage Seven Per Cent Bonds and $500,000 Richmond

1038

THE CHRONICLE

York River & Chesapeake Railroad Company Second Mort­
gage Four and One-Half Per Cent Bonds, and, through the
provisions of Sinking Funds, $27,700 Charlottesville & Rapidan Railroad Company First Mortgage Six Per Cent Bonds
and $5,500 Franklin & Pittsylvania Railroad Company First
Mortgage Six Per Cent Bonds. All of these bonds were
redeemed by the Company with Treasury Funds and there
were issued and placed in the Treasury to represent such
disbursements an equal amount of First Consolidated
Mortgage Five Per Cent Bonds.
There were also retired at maturity during the year
$1,580,000 Virginia Midland Railway Company Serial Mort­
gage Six Per Cent Bonds, Series B , to retire which $1,500,000
First Consolidated Mortgage Five Per Cent Bonds free in
the Treasury were sold. Subsequently, as provided for in
the First Consolidated Mortgage, $1,580,000 First Consolid­
ated Mortgage Five Per Cent Bonds were issued and placed
in the Teasury.
By reason of these drawings the total amount of First
Consolidated Mortgage Five Per Cent Bonds free in the
Treasury as of June 30 1911 amounted to $2,392,800.
On February 21 1911 there were drawn and taken into the
Treasury $5,000,000 Development and General Mortgage
Four Per Cent Bonds, which, under the terms of that mort­
gage, could be so drawn during the calendar year 1911 to
reimburse the Treasury for its advances made for additions
and betterments. In like manner there were drawn and
taken into the Treasury during the fiscal year $1,131,000
Development and General Mortgage Four Per Cent Bonds
to reimburse the Treasury for the proportion of equipment
obligations paid during the year which was charged to
capital account.
By reason of these drawings the total amount of Develop­
ment and General Mortgage Bonds free in the Treasury as
of June 30 1911 was $13,667,000.
The Company has thus been able to conserve its Working
Assets through the conservative, but progressive, employ­
ment of its Treasury fu n d s.................... .. . : .

[VOL, LXXXXIII.

ment of regular steamship service to and from South Ameri­
can ports.
During the two years ended June 30 1911 the Company
has acquired and contracted for 198 locomotives, 203 passen­
ger-train cars, 5,207 freight-train cars and 11 pieces of road
service equipment, all of modern type and standard capacity.
In addition 1,000 gondola cars, which had passed the stage
of economical operation, were converted into 800 steel
underframe ventilated box cars and 200 refrigerator cars at
the Company’s car works at Lenoir City, Tenn.
T E R M IN A L S A T L O U IS V IL L E , K Y .
During the year the Kentucky & Indiana Terminal Rail­
road Company, the entire capital stock of which is owned
in equal parts by this Company, the Baltimore & Ohio
Railroad Company and the Chicago Indianapolis & Louis­
ville Railway Company, made provision for the refunding of
its entire outstanding funded debt and for the construction
of a new double-track bridge across the Ohio River between
Louisville, K y ., and New Albany, In d ., the double-tracking
of its Belt Line, and the improvement and enlargement of its
terminal facilities in Louisville, K y .
For these purposes, it issued £ 1 ,231 ,00 0 (approximately
$5,990,784 60) First Mortgage Four and One-Half Per Cent
Fifty-Year Gold Bonds, due January 1 1961. These bonds
are guaranteed, jointly and severally, as to principal and
interest, by this Company, the Baltimore & Ohio Railroad
Company and the Chicago Indianapolis & Louisville Railway
Company, which companies have, by contract, agreed to
use, during the life of the bonds, the bridge and terminal
facilities of the Kentucky & Indiana Terminal Railroad
Company for all their traffic in Louisville and crossing the
Ohio River at Louisville.

.
L A B O R C O N D ITIO N S.
All questions as to wages and conditions of employment
which have arisen during the year between the Company and
its employees have been amicably adjusted. In some cases
settlements were reached through mediation under the
National Law commonly known as the Erdman A ct. It is
A D D IT IO N S 7A N D *B E T T E R M E N T S .£$
: : '
proper, in this connection, that recognition should be ex­
During the year the Company s new double-track line pressed of the conservative value of the Erdman Act as
through Lynchburg, V a ., was completed and put into service, affording a means for the settlement of controversies between
giving a shorter line, without grade crossings and with railway companies and their employees.
substantial reduction in grades and curvature, thus avoiding
It is noteworthy that, in the settlement of the recent rail­
congestion, promoting regularity and safety of train move­ way strike in England, through the medium of a special
ment and effecting economies in operation. The completion Governmental commission, the Government gave an assur­
of this work through Lynchburg, together with the con­ ance to the railway companies that it would propose legisla­
struction of a mile and a half of double-track south from tion in the next session of Parliament providing that an
Franklin Junction, V a ., to connect with about five miles of increase in the cost of labor due to the improvement of
double-track already constructed from Whittle, V a ., north— conditions for the employees would be a valid justification
a gap of five miles between Sycamore and Franklin Junction, for a reasonable general increase of charges within the legal
V a ., being operated as a single-track gauntlet— gives the maxima established under the Act of 1894.
Company practically the equivalent of fifty miles of double
Another illustration of this same tendency was a statement
track between Monroe and W hittle, Va.
of the Judge of the Australian Court of Arbitration, acting
The new double-track line through the traffic funnel under the compulsory arbitration law of Australia, in settling
between Citico and Ooletewah Junction, Tenn., referred to in a controversy as to industrial wages. He said that he could,
previous annual reports, has been completed and placed in not dictate to the employers what work they should carry
service since the close of the fiscal year, resulting in sub­ on, but he could and would prescribe the conditions under
stantial gains in efficiencv and economy of operation.
which they must employ men, if they chose to employ them;
During the year the Company has pursued the policy of and that if any industry could not afford to pay the “ living
constructing lap-sidings to facilitate train movement, at wage” which the Court awarded, its remedy was to apply to
points where traffic is heavy but does not yet require double­ the Federal Parliament for protective duties that would
tracking, these sidings being so arranged that they can be allow it to comply with the award.
used as parts of a double-track line if the business shall
require its construction. Thirteen of these lap-sidings are PRO G RESS OF T H E SO U TH IN ITS R E L A T IO N TO
T H E C O M P A N Y.
being constructed at points between Atlanta and Macon, G a.,
One of the most Important factors In the strength of the
eight between Knovxille and Chattanooga, Tenn., and three
between Morristown, Tenn., and Asheville, N . C ., the aggre­ Company’s position is the progressive industrial and agri­
cultural development of the territory traversed by its lines.
gate length of which will be 28.4 miles.
The growth of communities served by the Company’s lines
Since the close of the year work has been commenced on
thirty-eight miles of double-track north of Atlanta, between may be measured by the United States Census reports of
Crosskeys and Gainesville, G a., which in connection with population of all Southern Railway Stations of sufficient
six miles of existing double-track from Atlanta to Armour, importance to be returned separately in 1890, 1900 and 1910,
G a., and by the operation of two five-mile gaps of single­ The figures for 1910 show a growth in the aggregate popula­
track gauntlets in a double-track system, will give practically tion of these places of 34.2 per cent in the ten years since
the equivalent of fifty-four miles of double-track north from 1900 and of 75.3 per cent in the twenty years since 1890.
The percentages of increase for Southern Railway stations,
Atlanta to Gainesville, greatly facilitating the movement of
so far as reported separately by the Census Bureau, compare
traffic on that important part of the Company’s lines.
The Company has also undertaken the completion of its with the percentages of increase for the Southeastern States
Knoxville, Tenn., Belt Line River Front Extension by the named as follows:
10101010.
19101910construction of about seven miles of track,which will provide
A la b a m a —
1900.
1890V ir g ln ia —•
1900.
1890.
transportation facilities to the marble quarries along and Southern R y . stations '.42.2
144.3
0 2 . 8 Southern R y. s t a t io n s ..83.2
41.2
24.4 Entire S ta te _____________ 16.9
adjacent to the Tennessee River, and will also provide track Entire State____________ 11.2
M i s s i s s i p p i ....
N o r th C a r o lin a —
facilities for further industrial development in that vicinity.
Southern R y . s t a t io n s ..60.5
185.7 Southern R y . sta tio n s ..4 7 .9
127.6
39.3
36.3 Entire S t a t e . . __________ 15 .8
The construction of a new inbound freight station of Entire State____________ 10.5
S o u t h C a r o lin a —
T en n essee —
modern type at Atlanta, G a., has been undertaken and is Southern Ry. s ta tio n s..2 5 .4
90.1
72.5 Southern R y . sta tio n s ..3 4 .7
31.6 Entire State_____________ 8.1
23.6
expected to be completed early in 1912. The upper floors Entire State____________ 13.1
G e o r g ia —■
K e n t uck u of this building will provide office accommodations for the Southern R y . s ta tio n s ..43.3
82.3 Southern R y . s t a t l o n s . . l 3 . 6
46.2
E n tire'S ta te____________ 17.7
42.0 Entire State_________
6-0
23.2
Company’s forces at that point.
The Company is constructing additional yard facilities at
A diversified industrial development, based on the founda­
Macon, G a., and, in connection with the Geroiga Southern tion of the manufacture of Southern raw materials, is in
& Florida Railway Company, additional freight station progress. This development is passing beyond the stage of
andrplatform facilities are being provided at that point.
advancing raw materials through the primary processes of
In connection with the Mobile & Ohio Railroad Company, manufacture, and is characterized, to an increasing degree,
ther Company is constructing additional wharf facilities at by the establishment of industries devoted to the conversion
Mobile, A la., upon adj'oining river frontage owned by the of the products of primary manufacturing into articles ready
two companies. This improvement, consisting of a wharf for the final consumers. A notable illustration of this is the
and two-story warehouse, is necessary for the proper handling multiplication of furniture factories and other wood-working
and storage of existing Cuban traffic and traffic to and from establishments which use as their raw materials the products
South’'America which it is expected^will followlthejestablish- of the lumber mills of the South. The same tendency is seen




OOT. 14 1911.]

THE CHRONICLE

in the establishment of plants which draw their raw materials
from Southern iron and steel mills, cotton mills and other
primary manufacturing industries. The United States
Census reports on manufactures in 1909, as compared with
1904, show an increase of 40 per cent in the annual value of
manufactures in the Southeastern States traversed by the
Company’s lines. A large •proportion of tiiis industrial
development has been contiguous to the lines of the Company.
This development during the year ended June 30 1911
included the completion of 379 industrial plants and ad­
ditions to 141 existing plants. A t the close of the year there
were 62 plants under construction. The plants completed
during the year included 34 textile mills, 70 lumber mills,
11 furniture factories, 20 other wood-working plants, 24 iron
industries, 12 cotton-seed oil mills, 13 fertilizer works,
29 flour and feed mills, 29 stone quarries, coal and other
mines, 19 brick works and one hundred and eighteen mis­
cellaneous plants.
With climatic and soil advantages unsurpassed by those
of any other part of the United States, the farmers of the
Southeastern States are taking up the most approved
methods of agriculture with intelligence and zeal. The
success with which they are doing this is attested by the
statistics of the United States Department of Agriculture,
which show increasing yields per acre in each State traverseu
by the Company’s lines.
A table published by the United States Department uf
Agriculture giving the total value for each State of the farm
crops reported on by the Department in comparison with the
Census figures for 1899, shows that in the Southeastern
States traversed by the Company’s lines there was an
increase in the annual value of these crops in the eleven
years from $485,484,000 to 81 ,042,614,000, or 115 per cent.
For all of the other States, including the newer Western
States, where the growth has been rapid, the increase in the
same period amounted to 73 per cent, and for the States
north of the Ohio and Potomac Rivers and east of the
Mississippi to 60 per cent.
The agricultural development in the territory contiguous
to the Company’s lines is duo in part to increased average
yields per acre and partly to the more general practice of
diversified farming. One-crop farming, even in the region
most favorable to cotton production, is becoming much less
common. Southeastern farmers are making record yields
of corn and other grains, they are devoting more attention
to live stock and dairying and are growing more fruits and
vegetables. There are localities along the Company’s lines
in Virginia, North Carolina and other States which are
unsurpassed by any other region in the United States for
the growing of apples.
Orchards produce abundantly, the
flavor of the fruit is particularly fine and this industry is
rapidly growing.
The management of the Company, with, as it thinks, a
broad conception of its relations to the public, aims to make
the railway not merely a carrier of the people and the products
of the South, but also a helpful factor in Southern develop­
ment. With that end in view it is carrying out a carefully
considered policy of development work which has for its
objects, primarily, the increase of the prosperity of the
people already living in its territory, and, secondarily, the
location along its lines of those from other regions who are
seeking industrial and agricultural opportunities.
As the cotton plant is of such great economic importance
to the people of the Southeast as a whole, and as important
industries throughout the world, including the cotton mill
and the cotton-seed crushing industries along the Company’s
lines, are dependent upon it for their raw materials, the
management of the Company felt that an obligation rested
upon it to aid the growers of cotton along its lines to meet
the new problem which was presented by the appearance of
the Mexican cotton boll-weevil in a restricted region cast of
the Mississippi River in the season of 1910.
This insect made its appearance in Texas about 1892 and
has gradually spread to the eastward. In the States west
of the Mississippi River the appearance of the weevil has
generally been followed by a series of short crops, until the
farmers have learned that by the adoption of improved
cultural methods they can grow as much cotton per acre
as before the insect arrived, and in some cases more. Profit­
ing by this experience, in the fall of 1910 the Company, in
conjunction with the Mobile & Ohio Railroad Company,
the Alabama Great Southern Railroad Company and the
Southern Railway Company in Mississippi, organized a
Cotton Culture Department, with a General Agent and seven
field agents, each one of whom has had practical experience
in the growing of cotton under boll-weevil conditions.
It is the duty of these agents to visit the farmers in their
fields and give them practical advice as to growing cotton
by those methods by which farmers in boll-weevil territory
have recovered their losses and increased their production.
This service is free to all farmers along our lines desiring to
avail themselves of it. Through this means cotton growers
in localities to which the weevil may spread are being put in
readiness for the coming of the insect, so that they will not
have to learn how to deal with it after it appears, at the cost
of short crops, but will be able to maintain their production
from the start. The value of the work of the Cotton Culture
Department is much increased by the fact that the cultural
methods being taught and which must be adopted when the
weevil appears, are identically those by which the yield of




1039

cotton per acre may be increased where the weevil is^rio
present. It is believed that as a result of the work of£thi
Department, in co-operation with the United States Depart
ment of Agriculture and State authorities, the weevilfjw 1
do relatively little damage if it shall spread to territory a on
the Company’s lines. The results attained by the Company’s
Cotton Culture Department have been sufficiently satis­
factory to warrant an increase in the force of field agents,
and the work of the Department will be extended further
to the eastward so as to cover all of the territory along the
Company’s lines to which there is even a remote danger that
the weevil may spread within the next several years.
It is interesting to note that, with Governmental en­
couragement and the active support of European spinners,
efforts are being made to increase cotton production in other
parts of the world. A recent illustration of this was the
publication of a letter from the British Foreign Office to the
British Cotton-Growing Association, stating that the first
step for encouraging the further cultivation of cotton in the
Anglo-Egyptian Sudan had been taken “ by putting down a
plantation of several thousand acres, to test all conditions
of which full knowledge is necessary before any scheme for
a larger development can be undertaken.’ ’ It is also
reported that the possibilit ies of increasing cotton production
in British East Africa are being looked into and that improved
transportation in Uganda is expected to be followed by
increased production in that region. The French Govern­
ment, for five years past, has annually placed a sum of
money at the disposal of the Ministry of the Colonies for the
purpose of promoting cotton-growing in the French Colonies.
The cotton-producing States of the United States now
possess a substantial monopoly in the production of cotton,
giving them an advantage such as is enjoyed by no other
region in the world. It is gratifying to be able to state that
the statistics of the United States Department of Agriculture,
covering the period from 1866 to 1910, show that the average
yield of cotton per acre in each of the cotton-producing States
traversed by the lines of this Company has been greater in
the last ten years than in any preceding ten-year period.
In view of this increase under normal conditions and as the
boll-weevil is not a menance to the supremacy of the southern
part of the United States in cotton production, for the
reason that successful and profitable growing of cotton
under boll-weevil conditions is a matter of the adoption of
improved cultural methods, we may expect still larger yields
per acre; and, notwithstanding the efforts being made to
expand the industry in other countries, there should be no
difficulty in the American planter keeping pace with the
growing demand of the world and maintaining the great
advantage which he now possesses.
The management of the Company, recognizing that the
cutting up of the great cattle ranges of the West into farms
will make the consumers of meat products in the United
States dependent upon farm-grown meats fora larger pro­
portion of their supply, and having in view the constant
increase in the demand for meats and dairy products in the
South and in the densely populated area along the North
Atlantic seaboard, is making special efforts to encourage the
development of live stock raising and dairying in its territory.
It is proper that recognition should be made of the valuable
assistance rendered by the newspapers published in the
cities and towns along the Company’s lines and by commercial
organizations, banks and individuals who have aided the
Company in all its efforts to advance the agricultural pros­
perity of the Southeast. Highly effective work is being
done along this line by the United States Department of
Agriculture, the Agricultural Commissioners of the several
States and the State Agricultural Colleges. The Company
is working in harmony with all of these agencies and special
acknowledgement should be made of the cordial spirit with
which they have welcomed its assistance and of their uni­
formly helpful co-operation.
Statements of the accounts and statistics of the Company
in the usual detail will be found in the tables hereto annexed.
The accounts have been examined, as usual, by Certified
Public Accountants, Messrs. Patterson, Teelc
Dennis,
and their certificate is made a part of this report.
Respectfully submitted, by order of the Board,
W . W . F IN L E Y ,

&

President.

PATTERSO N , T E E L E
C E R T IF IE D

P U B L IC

& D E N N IS .
ACCOUN TANTS,

New York and Boston.

30 Broad Street, New York,
September 1 1911.

To the Stockholders and Bondholders of the Southern R y. Co.:
We have made an examination of the books and accounts
of the Southern Railway Company for the fiscal year ending
June 30 1911 and have verified the Balance Sheet and
Income and Profit and Loss Accounts published herewith.
The amount charged to Capital Accounts for expenditures
during the year is, in our opinion, proper.
The securities owned have either been produced or we
have obtained certificates from the various Trustees or
Depositories holding the securities.
The valuation of the equipment in the Balance Sheet is
fully borne out by the rolling stock on hand and the pro­
visions made for replacement.
The method of arriving at the valuation placed upon the
material and supplies on hand has been carefully examined,

[VOL. LXXXXIII.

THE CHRONICLE

1040

and the results reached in former inventories justify the
present valuation.
The amounts due to the Company from the various sources
cited in the Balance Sheet are believed to be collectible, due
provision having been made in the reserves for such as are
of doubtful realization.
Cash has either been counted or certificates obtained from
the Depositories.

All known liabilities have been stated and sufficient reserves
exist for such as have not yet been determined.
The charges against the year’s income for the Maintenance
of W ay and Structures and Equipment have been, in our
opinion, sufficient for the upkeep of the capital.
Respectfully submitted.
P A T T E R S O N , TEEL.E & D E N N IS .
Certified Public Accountants.

T A B L E 1 .— IN COM E S T A T E M E N T FO R Y E A R E N D E D JU N E 30 1911, C O M PARED W IT H Y E A R E N D E D
JU N E 30 1910.

$ 3 8 ,1 6 1,.301
1 4 ,0 3 0 ,ICO
270,002
1,375,681
1,020,028
845,782
373,370

03
70
78
64
34
71
18

$6,035,724
0,870,728
1,430,770
18,934,426
1,752,080

58
58
24
50
08

$57,204,508 34

3 8 ,635,745 94

O P E R A T IN G R E V E N U E S —
Freight R evenue__________________________________________
Passenger Revenue_______________________________________
Miscellaneous Passenger-Train Revenue________________
Mali Revenue______________________________________________
Express Revenue__________________________________________
Other Transportation R e v e n u e .,________________________
Revenue from Operations other than Transportation.

$30,498,903
10,056,303
292,100
1 ,370,741
1,810,970
891,104
418,818

61
70
46
78
04
43
56

Total Operating Revenues...................................................
O P E R A T IN G E X P E N S E S —
Maintenance of W a y and Structures____________________
Maintenance of Equipm ent______________________________
Traffic Expenses________________________________
__
Transportation Expenses____ ______ ______________________
General Expenses__________________________________________

$7,404,916
9,460,750
1,549,403
20,66 2 ,0 8 5
1,789,027

42
74
98
84
10

$60,345,062 64

Total Operating Expenses.

40,020,790 08

$18,658 702 40 N E T O P E R A T I N G R E V E N U E _____________ . _
18 980 36 O U T S I D E O P E R A T I O N S — N E T R E V E N U E .
lO U T S ID E O P E R A T I O N S — N E T D E F I C I T __

$19,418,272 56
42,027 75
119,376,244 81
2,212,967 87

$18,677 ,742 76 N E T R E V E N U E .
2 ,027,104 35 T A X E S ----------------

$15,400
140,345
105,510
135,016
141,218
1,090,138
592,108

08
71
13
29
53
71
03

3 ,227,027 98

$31,958
1,381,504
808,056
60,993
110,462
200,806
92,688

$17,163,276 94

$16,650 ,638 41 O P E R A T IN G IN C O M E .................... ................ ................ .....................
O T H E R IN C O M E —
Rents Accrued from Lease of R oad _________________________
Hire of Equipment— Balance_________________________
—
Rents Accrued from Joint Tracks, Yards and Terminals
Miscellaneous R ents____ _______ ______________ _______ _______
Miscellaneous I n c o m e _____________________________________ Income from Investm ents____________________________________
Miscellaneous Interest and Commissions____________________

$17,499
137,342
200,131
148,070
194,268
,153,005
441,310

Total Other Incom e.

3 ,292,520 36

$10,878 ,566 39 T O T A L GROSS IN C O M E ______________________ _______ _______________________________ ________
D E D U C T IO N S FROM T O T A L GROSS IN C O M E ^ Income from Operation Southern Railway Company in Mississippi, Alabam a State Line
to Columbus, M iss__________________________________________________________________ ________
Rents Accrued for Lease of Other Roads (See Table 2 in pamphlet) __________________ _
Rents Accrued for Joint Tracks, Yards and Term inals__________________________________
Miscellaneous R ents_______ ______ ___ : ___________________________________________________________
Separately Operated Properties_________________________________________________________________
Discount on Securities Sold— Proportion charged to Incom e_________________
________
Miscellaneous Deductions_____________________________ ______ ___________________________________
2 ,759,069 41

96
87
10
63
92
36
52

$20,455,800 30
834,440
,381,505
799,061
60,017
176,390
125,814
83,709

49
00
91
72
39
78
76
2 ,600,946 05

Total Deductions.

$17,119,490 98 T O T A L A V A IL A B L E IN C O M E .......... ............................ .................................................................... . . .
I N T E R E S T O N F U N D E D D E B T (Sec T a b le 2 in p a m p h le t ) _________
________
$10,533,324 19
I N T E R E S T O N E Q U IP M E N T
TRUST
O B L I G A T IO N S
(See T a b le 2 in pam ph let)
602,346 18
D IV ID E N D S A C C R U E D ON S O U T H E R N
R A I L W A Y -M O B I L E & O H IO S T O C K
T R U S T C E R T I F I C A T E S _________________ _____________________________________ _____________
220,808 00
11,362,478 37

$17,794,860 25
$10,230,820 00
067,228 76

_________
$5,757,018 61 B A L A N C E OF IN C O M E O V E R C H A R G E S ________ _______ ________ . . .
FR O M W H IC H D E D U C T —
Dividend N o. 21 ( 1 % ) on Preferred Stock, paid in April 1911____ . .
. _____ .
Reserve for Dividend N o. 22 (1 % ) on Preferred Stock, payable in October 1911
TOTAL

226,808 00
11,124,856 76
$6,070,003 40
$600,000 00
600,000 00

1,200,000 00

D IV I D E N D S .

$5,757,018 61 B A L A N C E O V E R D IV ID E N D S O N P R E F E R R E D S T O C K .
52,372 O U A D D IT IO N S A N D B E T T E R M E N T S .
$ 5 ,7 0 4 ,6 4 5 7 0 I B A L A N C E

C A R R IE D

TO C R E D IT

O F P R O F IT A N D

LOSS

$5,470,003 49
66,045 71
FO R

THE

YEAR

$5,403,957 78

The Decrease in Interest on Funded Debt amounting to......................................................- ........................................................................................................ $302,504 19
consists of the following:
IN C R E A S E S __
Twelve months’ Interest this year on $5,000,000 First Consolidated Mortgage Five Per Cent Bonds sold In January 1010
to acquire Atlanta & Charlotte Air Line Railway Bonds, as against six m onths’ Interest on such bonds for the year
previous ___________________________________________________________________________________________________________________________
$125,000 00
Four months’ Interest this year on $ 1 ,500,000 FirstConsolidatedMortgage
Five
Per CentBonds sold March 1 1011
to retire $ 1 ,580,000 Virginia Midland Railway Serial MortgageSix Per Cent Bonds,
Series B ................ ........................—
25,000 00
Twelve months’ Interest this year oti First Consolidated Mortgage Five Per Cent Bonds sold during the previous year
to acquire Divisional Prior Lien Bonds, as against various periods of accrual during previous year____________________
3,605 14
Interest on $15,000 Southern Railway-Mobile & Ohio Collateral Four Per Cent Bonds, exchanged for a like am ount
of Mobile & Ohio Railroad General Mortgage Four Per Cent B onds------------------------------------------ ----------------------------— —
573 34
Twelve m onths’ Interest this year on $10,000,000 Three-Year Five Per Cent Notes Issued February 1 1910, as against
five months for the previous year__________________________________________________________________________________
201,666
66
Total Increase_________________________________________________________________________________________________________________
D ECREASES—
Interest on Virginia Midland Railway Serial Mortgage Six Per Cent Bonds,Series B , retired March 1 1911
$31,828 00
Interest on Three-Year Five Per Cent Notes retired February 1 1910__________________________________________
437,500 00
Interest on Three-Year Six Per Cent Convertible Notes retired November 1 1909 ......
222,100 00
Interest on Charlotte Columbia & Augusta Railroad Second Mortgage Seven Per Cent Bonds retired
October 1 1 9 1 0 .--------------------------------------------------------------------------------------------------------------------------------------------------------26,250 00
Interest on Richmond York River & Chesapeake Railroad First Mortgage Five Per Cent Bonds retired
January 1 1910______________________________________ ___________________ ____________________________ ______________
10,000 00
Interest on Richmond York River & Chesapeake Railroad Second Mortgage Four and One-Halt Per Cent
Bonds retired November 1 1910..........................................— -----------15,000 00
Interest on Divisional Prior Lien Bonds exchanged during previous y e a r .. -------------5,671 33
Total

D e c re a s e .._____ _______________________________ __________ ______ —

----------------------------------------------------- ------------------------

Net Decrease, as shown............................................ ..................... ........................................ ............................

$445,845 14

.

748,340 33

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

$302,504 19

The Increase In Interest on Equipment Trust Obligations amounting t o ---------------------------------------------- -----------------------------------------------------------consists of—
Interest on Equipment Trusts M and N _ . ...........- ..................... — -------------------------------------------------------. .--------------------- $150,253 32
Less Interest on Obligations retired during the year------------------------------------------------------------------------------------------------------ -----------85,370 74

$64,882 58

Net Increase, as shown.

$64,882 58

TA B LE 3 .— P R O F IT A N D LOSS FO R Y E A R E N D E D JU N E 30 1911.
Balance at Credit of this Account June 30 1910___________________________________________________________ _______________________________________ $8,685,959 91
A d d—
Credit Balance of Income for the Y e a r_________________________________________________________________________________________________________
5,403,957 78
Net Miscellaneous Credits_________________________________________________________________________________ ______ __________________________________
356,047 39
$14,445 ,065 08
Deduct—
Discount on Securities charged oil during the year------------------------------------------------------------------ -------------------------------------------------------------------------Credit Balance June 30 1911




3,0 0 0 ,0 0 0 00
$ 1 1,445 ,965 08

1011

THE CHRONICLE

Oct . U 1911.]

T A B LE 4 .— G E N E R A L B A L A N C E S H E E T JU N E 30 1911 A N D JU N E 30 1910.
June

30 1911.

June

ASSETS.

30 1910.
P R O P E R T Y IN V E S T M E N T —
H oa d and E q u ip m e n t:

Investm ent to June 30 1907:
$318 ,24 3,50 7 64
4 7 ,790,405 54

$366,039,973 18

$13,093,692 77
10,212,667 94

$318,243,507 64
4 7 ,796,465 54
$360 ,03 9,97 3 18

Investment since Juno 30 1907:

$ 1 5 ,647 ,735 43
15,233,501 83
30,88 1 ,2 3 7 26

23,300,360 71

$396 ,92 1,21 0 44
12,912,296 92

$389,346,333 89
12,050,132 83

$384 ,00 8,91 3 52

$377,290,201 06
Securities of Proprietary, Affiliated and Controlled Companies— Pledged:
$2,495,351 93
21,797,543 34

$110,244 35
696,371 53

$24,292,805 27
2,000,000 00

Securities of Proprietary, Affiliated and Controlled Companies— Unpledged:

82.487,686 26
21,502,921 74

$125,886 21
673,419 75

806,615 88

$23,990,608 00
2,000,000 00

799,305 96
$26,789,913 96

$27,099,511 15
O th er In v e s tt n e n t s j

Advances to Proprietary, Affiliated and Controlled Companies for Construction,

M is c e lla n e o u s In v es tm e n ts:

$391,513 51
36.059,531 02
9 ,589,405 55

$589,749 37
$374,587 76
3 6 ,189,186 93
9 ,598,039 18

Securities— Pledged --------------------------------------------40,040,510 08

46,161,813 87

$40,376,166 97

$46,751 ,563 24
W O R K IN G A S S E T S —

$10,377,361 16
16,101,800 00

$9,998,129 1 1
8,855,788 75
Marketable Securities:
53,055 00

$256,522 00
179,059 04
53,955 00
489,536
137,128
732,882
415,424
2,901,861
3 ,837,425
368,991

495,491 54
752,905
450,220
2 ,340,580
4,2 l o ,870
321,788

97
46
92
11
08

04
77
78
63
71
42
90

IOI
$597,069 51 A C C R U E D INC O M E N O T D U E —
D E F E R R E D D E B IT ” IT E M S—
$816,926
53,832
/i)1,2 10
807
2 1,323
4,853,144
5,833,650
23,275
700,610
1,688,722

$938,693 31
,

„ J _

,

80
07
29
73
30
57
40
00
56
51

$745,771
22,494
1,013,232
2,318
23,528
1,688,029
1,815,598
31,830
804,390
1,569,663

25
24
37
43
45
79
46
58
12
48
$7,716,857 17

$14,744,509 23
$493,972,031 41

$"01,628,35.3 61

Grand T o ta l______________ __________

T A B L E 4 .— G E N E R A L B A L A N C E S H E E T JU N E 30 1911 A N D J U N E 30 1910.
L IA B IL IT IE S .

June 30 1010.
C A P IT A L ST O C K —
C o m m o n ________
Preferred _______

3120 ,00 0.00 0 oo
60,000,000 00
$180,000,000 00

June

30 1911.

$120,000,000 00
60,000,000 00

$180 ,00 0,00 0 00

Total____________________________________________________________

M ORTGAGE, BONDED AN D SECURED DEBT—

_______
Mortgage Bonds— O u ts ta n d in g ,._____ ___ ______ ___________________ $193,986,300 00
Mortgage Bonds— Held by Com pany_____________________ __________
18,309,800 00

F u nd ed

3105 ,00 4,00 0 00
11,063,800 00
$200,157,800 00
$10,667,700 00
42,000 00
19,709,700 00
10,107,000 00
$235,974,500 00
18,173,000 00

D e b t:

$212,290,100 00
T o t a l _______________
Collateral Trust Bonds- -Outstanding____ ______ ___________________ $19,082,700 00
42,000 00
Collateral Trust B o n d s- -Held by C om pany________________________
Total ....................
Notes— Outstanding

19,724,700 00
10,107,000 00
$242,127, 800 00
17,389, 000 00

Total (Sec Table 5 ) -------------------------- --------Equipm ent Trust Obligations (See Table 0).

$259,510 ,800 00
33,099 ,000 00

_________________ - ______________ ....... - — ------------- -Total
$254,147,500 00
33,099,000 00 O U T S T A N D IN G S E C U R IT IE S ON L E A S E H O L D E S T A T E S .......................................
W O R K I N G L I A B I L IT I E S —
Loans and Bills Payable_______________________________ — --------------------------------------Traffic and Car Service Balances due to other Companies---------------------------------Audited Vouchers, Accounts and W ages U npaid...................... .......................................
Miscellaneous Accounts Payable__________________ - - - - - ------------------------ - - - - ­
Matured Interest, Dividends and Rents Unpaid, Including amounts due July 1 . .
Matured Mortgage, Bonded and Secured Debt unpaid— Bonds not presented for
R ed em p tio n ------------------------------------ ------------------------------- ----------------------------------------Other Working Liabilities-------------------------------------- ---------------------------------------------------

$1,760,328
833,430
4,844,401
460,612
2,870,246

21,100

1,317,271

12,113,479 96

2.658,389 73

2.313,725 79

T o t a l ____________________________________________________________________
953,976 02
8,085,959 91 P R O F IT A N D L O S S .................................................................................... ........................
$493,972,031 41




10,231,621 25
$1,713,954 50
909,467 67
5,623,422 17
$2,245,362 71
742.381 11

Total
A P P R O P R IA T E D S U R P L U S :
,
„
.
,
Reserve for 1 % Dividend on Preferred Stock, payable October 1911.
Additions to Property since June 30 1907, through Incom e-----------------Insurance Reserve F u n d .. ---------------------------------- --------------- ------------- .............

$253,365 40
700,010 50

29 ,300 00
956 ,775 13

Total
D E F E R R E D C R E D IT IT E M S:
Operating Reserves__________
Other Deferred Credit Items

$2,010,077 75
302,748 04

36
48
08
90
70

Total
A C C R U E D L IA B IL IT IE S N O T D U E —
Unmaturcd Interest and Rents Payable.
Taxes ______________________________________

$1,829,760 06
828,028 77

$470,,339
829,,448
4,861, ,646
207,,897
2,876, ,213

Grand T o ta l.

$600,000 00
310,411 17
804,390 12
1,723 ,801 29
11,445 965 08
$501,628,353 61

1042

THE CHRONICLE

[VOL. LXXXXII1

T A B L E 16.— T R A F F IC STA TISTIC S FO R Y E A R S E N D E D JU N E 30 1911 A N D 1910.

1911.
A V E R A G E M IL E S OF R O A D O P E R A T E D
P A S S E N G E R T R A F F IC —
" *
.............* ..................
Num ber of Passengers Carried .
Num ber of Passengers Carried One Mile
Average Distance Hauled per Passenger (M iles)_________________
Total Revenue from Passengers_____
Average Receipts per Passenger per Mile (Cents)_______________
Total Passenger-Train Revenue_________________________ ______ _
Passenger-Train Revenue per Mile of R oad _____ _____________
Passenger-Train Revenue per Train M ile__________________ ______
Average Number of Passengers In Each Train___________________
•Average Number of Passengers in Each C a r ____ _______ __________
F R E IG H T T R A F F IC —
...............
R e v e n u e F r e ig h t—
Number of Tons Carried..................................... ........................ .............
Num ber of Tons Carried One M ile_______________________________
Average Distance Hauled per Ton (M iles)_____________________
Total Freight-Train Revenue___________________________ ________
Average Receipts per Ton per Mile (Cents)_______ _________
Freight-Train Revenue per Mile of R o a d . . ............... .......
Freight-Train Revenue per Train M ile_______________ ______

7,04 1 .9 5
17,137,450
740,411,290
43.20
$16,056,303 76
2.160
$19,536,116 04
$2,774 25
51.18146
44.78
13.57

+ 9.19
+ 10.22

$2.27368
237.46

+ 2.19
+ 1.28

$39,498 ,963 61
$5,609 09
$2.32352
240.51
14.54

Average Num ber of Tons of Freight in Each Loaded C a r _____

Includes Sleeping, Parlor and Observation Cars.

7,050.17
15,604,486
671,732,143
42.80
$14,639,160 76 .
2.179
$17,913 ,063 52
$2,540 93
51.14843
43.06

26,091,061
4 ,0 88,406,703

A l l F r e i g h t (in c l u d in g C o m p a n y 's M a t e r i a l H a u l e d F r e e )—

Num ber of Tons Carried________________________________ __________
Num ber of Tons Carried One Mile________ ____ _________________
Average Number of Tons of Freight In Each Train____ _______ __________
Average Num ber of Tons of Freight In Each Loaded Car ....................
R E V E N U E S A N D O P E R A T IN G E X P E N S E S —
Passenger and Freight-Train Revenue........................... ...............................................
Passenger and Freight-Train Revenue per Mile of R o a d . _________________
aOperating Revenues____ _________ _______________________ ____________
Operating Revenues per Mile of R oad ...................................................... .....................
Operating Revenues per Revenue Train Mile_________________________________
aOperating Expenses (Taxes E xcluded)............................................................. ...............
Operating Expenses per Mile of R oad _____________ ______ __
__________
Operating Expenses per Revenue Train M ile________________________
aN et Operating Revenue____________________________ ______ _______ __________ _________
N et Operating Revenue per Mile of R o a d _____________ _______ _
N et Operating Revenue per Revenue Train M ile________________ ________ . _

P e r C ent of
I n c . ( + ) or
D e c . (— ) .

1910.

31,088,281
300.67
18.17
$50,035,079 65
$8,383 34
$60,345,062 64
$8,569 37
$1.85206
$40,926,790 08

$56,075 ,355
$7,953
$57,294,508
$8,126

45
76
34
68

o Excludes Outside Operations.

TA B L E 2 0 .— O P E R A T IN G STA TISTIC S FO R Y E A R S E N D E D J U N E 30 1911 A N D 1910.

1911.

M IL E A G E —
Miles of Main Line of Road In Operation on June 3 0 th _______________________ . _ _
7,038.64
7 ,050.17
Average Miles of Lines Operated during Y e a r______________________________________ ______
.
7 ,041.95
7,050.17
Average Miles of Lines Maintained during Y e a r____________________________ . ..
6,572.91
6,580.44
M A IN T E N A N C E O F W A Y A N D S T R U C T U R E S —
T otal Charges______________________________________ ________ ____________________________________
$ 7 ,464,916 42 $6,635,724 58
R atio to Operating Revenues______________________________________________________
_
12.37
11.58
Ratio to Operating Expenses____________________________________________________
_
18.24
17.18
C r o s s -T ie s R en ew ed —
In Main Line_________ _____ _____
_
_ _
2,617 049
In Side Tracks_____________ _________________________
. ______ _
'
409,447
324 + 31
T o t a l _____________________________________________________________ _ .
_
.
3 ,331,686
2,941,180
"----­
Cross-tie Renewals per Mile of Main Line Maintained____________ ________
445
398
N e w S te e l R a i l L a i d i n T r a c k — T o n s —
75-lb. Section____________________________ _
_____ .
___
50
4,570
80-lb . Section______________________________________________________
. ____ _
-­
45
5,347
_
85-lb. Section_________________________________ ___________________ ______
43,340
36,570
86-lb. Section Girder______________________________ _ _ _ _ _
_
_
4
T o t a l _________________________________________________________ I _________
43,439
46,487
Miles of Track Laid with New Rail during Y e a r_____________________________
355.13
325.30
New Ballast Placed In Track— Cubic Y a rd s____________________________________ _ __ ____
327,104
584,066
Total Miles of Ballasted Track, June 30th ____________________________________ _
• _ _
4,402 92
4,350 59
M A IN T E N A N C E O F E Q U IP M E N T —
Total Charges______________________ _______________________________________________ ___________
$9,460,756 74 $0,876,728 58
R atio to Operating Revenues_________________________________________________ _______ _
15.68
17.24
Ratio to Operating Expenses_______________________________________________________________
23.12
25.56
Average Num ber of Locomotives on Hand during Y e a r______________________________
1,560
1,485
Cost of Repairs per Locom otive, excluding Renewals and Depreciation____________
$2,292 26
$2,288 98
Cost of Repairs per Locom otive, Including Renewals and Depreciation_________ _________
$2,540 44
$2,529 69
Average Cost of Repairs of Locomotives per Mile R un, excluding Renewals and Depreciation
( C e n t s ) .._____ _____________________________________________________________________________________
8.52
8.36
Average Cost of Repairs of Locomotives per Mile R un, Including Renewals and Depreciation
(Cents)__________________________________________________ _______________________________________
9.44
0.24
Average Number of Passenger-Train Cars on Hand during Year________________________
1,076
1,030
Cost of Repairs per Passenger-Train Car, excluding Renewals and Depreciation_______
$648 43
$635 10
Cost of Repairs per Passenger-Train Car, Including Renewals and Depreciation________
$756 68
$730 02
Average Number of Freight-Train Cars on Hand during Y ear_____________________
51,188
51,065
Cost of Repairs per System Freight-Train Car, excluding Renewals and Depreciation
$49 06
$57 83
Cost of Repairs per System Freight-Train Car, Including Renewals and Depreciation.
$76 49
$88 73
T R A F F IC E X P E N S E S —
Total Charges______________________________ __________ ___ ______ ____________________
_
$1,549,403 98 $1,436,776 24
R atio to Operating Revenues_________________________________ . _____ _____
2.57
2.51
D atio
o tln tb
tn n.w
ico t Inn- Expenses_____________________________
U m nnooc.
R
Operating
__________ __________
3.79
3.72
T R A N S P O R T A T IO N E X P E N S E S —
Total Charges_________________________________________________ _ .
.
$20,662 ,085 84 $18,034,426 56 +
R atio to Operating Revenues____________________________
34.24
33.05
R atio to Operating Expenses_________ _
_
_
‘
50.49
49.01
Transportation Expenses per Revenue Train M ile. ...............
_
(Cents)
63.42
60.48
L o c o m o tiv e C o sts p er M i l e R u n —
Englnemen ---------------------------(Cents)
7.85
7.46
Englnehouse Expenses__________________
(Cents)
1.94
1.87
Fuel---------------------(Cents)
9.06
9.25
W ater ------------(Cents)
0.66
0.63
L u b rican ts----------------(Cents)
0.17
0.17
Other Supplies---------------------------------------------------------(Cents)
0.21
0.19
(Cents)
T o t a l------------19.43
20.03
Average Number of Miles Run per L o co m o tiv e _________
_
_____
40,791
40,863
Average Number of Miles Run per Ton of Coal___________
_
_
12.74
.
12.77
■ Coal Consumed— To n s________________________________________
_
_
3,193,262
3,300,774
T r a in C o sts p e r M i l e R u n —
■ Trainmen— Passenger........ ............

(Cents)
..(C e n ts)
___ (Cents)
___ (Cents)

Trainmen— Freight___________
Train Supplies and Expenses_____ ____________________________________ _ _ _ _
T o ta l T r a i n C o s t s p e r M i l e R u n ______________________________________
_
_

(— ) .

— 11.53
— 8.22
— 7.53

P ercent
o f In c.
or D e c .

— 0.16
— 0.12
— 0.11

+ $829,191 84 + 12.50
+ 0.79
+ 1.06
-4-306
T
wvO| 100
1<11/
+ 85,316
+ 390,506
+ 47
— 4,520
— 5,302
+ 6,770
+4
— 3,048
— 29.83
— 256,962
+ 52.33

+
+
+
+

11.66
26.32
13.28
11.81

— 98.90
— 99.16
+ 18.51
— 6.56
— 8.40
— 44.00
+ 1.20

— $415,071 84
— 1.56
— 2.44
+ 81
+ $3 28
+ $10 75

— 4.21

+ 0.16

+ 1.91

+ 5.45
+ 0.14
+ 0.43

+ 0.20 + 2.16
+ 46
+ 4.47
+ $13 24 + 2.08
+ $16 76 + 2.27
+ 123
+ 0.24
— 58 77 — 15.17
— $12 24 — 13.79
+ $112,627 74
+ 0.06
+ 0.07

+ 7.84

$1,727,659 28
+ 1.19
+ 1.48
+ 2.94

+ 9.12

+
+
+
—

0.39
0.07
0.19
0.03

— 0.02
+ 0.60
+ 72
+ 0.03
+ 107,512

4.07
0.33
1.93
9.40

6.53
11.47
1.96
11.26

(+ )

In crea se
or
D ecrease

1910.

+
+
+
+

+ 4.86
+
+
+
—

5.23
3.74
2.10
4.55

— 9.52
+ 3.09
+ 0.18
+ 0.02
+ 3 .3 7

1.56 + 31.39
2.14 + 22.94
0.03 + 1.55
1.86 + 19.79

E Q U IP M E N T TR U ST O B L IG A T IO N S JUN E 30, 1911.
D a te o f
O b lig a t io n .
D e s i g n a t i o n o f O b lig a tio n .

Series
Series
Scries
Series
Series
Series
Series

E ____
H .......... .......
K .................
L ....................
M ....................................................................
N _____________________________________
O . ____________ _______________________




July 1 1904
M ch. 1 1905

M a tu red and
P a id D u r in g
Y ea r E n ded
J u n e 30 1011.

O r ig in a l
A m oun t of
O b lig a t io n .

$2,955,000
4.50 0 .0 0 0
2.800.000
9,000,000
June 1 1909
1.400.000
April 1 1910
5.200.000
M ay 1 1911 i 1,500,000

00
00
00
00
00
00
00

...................... $27,355 ,000 00

$294,000
450.000
280.000
COO,000
140.000
520.000

00
00
00
00
00
00

of

R a te
M a tu r e d a n d ! U n m a tu red and
In ter­
P a i d to D a t e . • O u ts ta n d in g
est.
! J u n e 30 1011.

$1,026,000
2 .700.000
1.540.000
3 ,000,000
280,000
520,000

& Dec.
4V6% Juno
May & N ov.
May
N ov.
Feb. & A u g.
4Vi% June
Dec.
April & O ct.
M% May
& N ov.

00 $1,029,000 00
00
1,800,000 00 4 Vi %
00
1,200,000 00 4 %
00;
0,000,000 00
00!
1,120,000 00 4 Vi %,
00
4.68 0 .0 0 0 00 4
1.500.000 00 4 V i %

$9,906,000 00 $17,380,000 00

D e fe r r e d
In s t a llm e n t s
P a y a b le .

&

&

F in a l
Paym en t
M a tu res.

Dec.
May
N ov,
Feb.
June
April
May

1
1
1
1
1
1
1

1914
1015
1015
1021
1019
1020
1021

THE CHRONICLE

O ct . 14 1911.]
THE
ELEVENTH

KANSAS

C IT Y

SOUTH ERN

1043

R A IL W A Y

A N N U A L R E P O R T — FOR T H E FISCAL Y E A R E N D E D JU N E 30 1911.
A c q u ir e d
under
E q u ip .
O w n e d . T r u s ts .

Kansas City, M o., September 15 1911.

To the Stockholders of The Kansas City Southern Railway
Company:
The eleventh annual report of the affairs of your Company,
being for the year ended June 30 1911, is herewith presented.
M IL E S O F R A I L R O A D .

The track mileage of your Company on June 30 1911 was
as follows:
Main Line—
Kansas City, M o., to Holt Junction, M o____ 11.97 miles.
Grandview, M o., to Port Arthur, T e x _______765.10
“

777.07 miles.

Spiro, O kla., to Fort Sm ith, A r k ____________ 16.47 miles.
Jenson, A rk ., to Bonanza M ine___________ _ 2.79
“
W est Lake, L a ., to Lockport, L a ___________
4.05
“
DeQulncey, L a ., to Lake Charles, L a _______ 22.59
“

Second Track—
Between Second and W yan dotte Streets,
Kansas City, M o., and Air Line Junction,
M o _________________________________ __________
Between DcQueen, A rk ., and Neal Springs,
A r k __________________________________________

L o c o m o t iv e s —
Passenger___________ . . .
F r e ig h t_____ . . . . . . .
S w itching____ ____ . . .

403.57

T o t a l ________ .
. . . 133
51
C a b o o s e s ___ _______ . . .
F r e ig h t E q u i p m e n t —
In Commercial Service—
B ox Cars____________ - - .2 ,0 6 4
172
Fu rniture__________ . . .
S t o c k _____ _______ . . .
241
Tank
_ .
.
...
86
C o a l ___
. ______ ..- 1 ,0 6 4
Convertible Coal and
B a ll a s t _____ _____
F l a t ________________ . . . 377

5.57 miles.
“
14.11

Total owned or controlled_________ ______ ______________ 1,240.65 miles.
Operated under Trackage Rights—
Between Belt Junction, M o., and Grandview, M o ., the
tracks of the S t. Louis & San Francisco Railroad Co. are
used by The Kansas City Southern Railway Co. under
trackage contract:
Length of track so used— Main Line____ 11.03 miles.
1.81
“
S id in gs..............
-----------------------12.84
Operated under Lease—
Yard Track to plant of the Armour Packing C o___________
3.74
1,257.23 miles.

Total Miles In System

98
99
392

1,632

Grand T o ta l-------- . . . 5 , 0 0 0

1,632

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

...

T o t a l_________________

5
7

18
12
3
3
9
1
5
4
6

2
4

61

18

99
...

...

.

A c q u ired
under
E q u ip .
O w n ed . T r u s ts .

P a s s e n g e r E q u i p .—
___ Coaches_________________
27 Chair Cars___________
.
8 Coach and Baggage. . .
Coach and M all________
35 Baggage ------------------------10 Baggage, Coach & M all.
Express and M a l l . ____
Excursion _____________
944 Office and P a y Cars___

996

Total

8.54

25
82
26

Total . . .
. . - .- 4 ,0 0 4
In Work Service—
Box Cars____ _____
...
471
W a t e r ____________
...
10
21
Coal _________ ______ . . .
86
F l a t _________________ . . .
Ballast - . ---------------- . . . 408

45.90
Yard, Terminal and Side Tracks—
North ot Belt Junction, M o., and In and
around Kansas C i t y - . . ____________________ 79.38 miles.
All other Yard, Terminal and Side Tracks. .3 2 4 .1 9
“

W o r k E q u ip m e n t —
Outfit Coaches_________
Outfit F lat_____________
1lerrlck ___
___ _ . .
Steam Shovels_________
Slope Levelers___ _____
D itch ers____________
Pile Drivers_____
Lldgervvoods_________

9

1
8
7
6
3

2
8

T o t a l ___________

1

...
1

44

In addition to this railroad property, its rights of way,
real estate, buildings, equipment, appurtenances, etc., your
Company on June 30 1911 controlled, by virtue of its owner­
ship of securities, all the property of the following corpora­
tions, viz.:
TH E AR K A N SA S W E S T E R N R A IL W A Y COM PAN Y.

Standard-gauge line from Heavener, Oklahoma, to W al­
dron, Arkansas, 32.33 miles, together with rights of way,
buildings, appurtenances, etc.; controlled by The Kansas
City Southern Railway Company as the owner of all the capital
stock and bonds of The Arkansas Western Railway Company.
T H E K A N S A S C IT Y S H R E V E P O R T & G U L F T E R M IN A L C O M P A N Y .

M IL E A G E B Y S T A T E S .

M ile s.

S ta te —

299.06
81 40
217.87
185.65
335.46
137.79

M issou ri..
K ansas___
Arkansas .
Oklahoma
Loulslana.
T c x a s ___

T otal_______________________________________________ __________________ 1,257.23

During the past fiscal year the total track mileage of the
System was increased from 1,207.49 to 1,257.23, making a
net addition of 49.74 miles, which consists of the following
items:
Net additions to operated Yard, Terminal and Side
Tracks________________________________
41.42 miles.
Second Track between DcQueen, A rk ., and Neal
Springs, A r k _______________________________________ 8.54
“
--------------------49.96 miles.
Less net decrease due to reconstruction of various
stretches of main line In Oklahoma and Louisiana:
Length of original lineabandoned_______________ 21.13 miles.
20.91 “
Length of reconstructed line..................................

--------------- .22

“

49.74 miles.

Of the total System mileage, the following was not oper­
ated by your Company during the year ended June 30 1911.
Bonanza Coal Mine Spur—
Operated- by the Central Coal & Coke Co. under
contract—
Main Brancli____
________________________ 2.79 miles.
S id in g s _______ _________________________________ 3.62
“
-------------------- 6.41 miles.
Lockport Branch—
Operated by the Edgcwood Land & Logging Co.
under lease—
Main Branch.......... ................................................— 4.05
S id in g s--------------------------------------------------------------- 1.07
Total not operated by The Kansas City Southern R y . C o .l 1.53 miles.

Therefore the total mileage operated by your Company
during the year was:
Main Line_____ _________________________________________________________
B ranch es________________________________________________________________

788.10
39.06

Total Main Line and Branches Operated--------------------------------------Second Track___________________________________________________________
Yard, Terminal and Side Tracks---------------------------- ----------------------------

827.16
14.11
404.43

Total Mileage Operated__________________________________ ___________ 1,245.70

During the past fiscal year the total operated track mile­
age increased from 1,195.96 to 1,245.70, making a net addi­
tion of 49.74 miles, which consists of the increase in operated
mileage already explained; there being jio increase in mileage
not operated.
This increase of operated mileage includes 8.54 miles of
new low-grade freight line between DcQueen, Ark., and
Neal Springs, Ark., which is used for through freight trains,
the old main line between those stations being used by
passenger and local freight trains in order to accommodate
the business developed since the construction of the original
line.
For this reason the new low-grade line is classed as second
main track, as shown in the statements of mileage.
E Q U IP M E N T .

The Rolling Equipment owned or otherwise controlled on
June 30 1911 consisted of:




COM PANY

Union depot property at Shreveport, Louisiana, including
its real estate, buildings and 1.06 miles of yard and terminal
track; controlled by The Kansas City Southern Railway
Company as the owner of all the capital stock of The Kansas
City Shreveport & Gulf Terminal Company.
P O R T A R T H U R C A N A L & D O C K C OM P AN Y'.

•Lands, slips, docks, wharves, warehouses, one grain ele­
vator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by The Kansas City Southern Railway
Company as the owner of all the stock and bonds of the Port
Arthur Canal & Dock Companj’’ .
T H E K . C. S . E L E V A T O R C O M P A N Y .

One first-class elevator of capacity 650,000 bushels, situ­
ated at Kansas City, Missouri.
TH E M ENA LAND

& IM P R O V E M E N T C O M P A N Y .

A Company formed for taking title to real estate at Mena,
Arkansas, abandoned and vacated in consequence of estabishing new division terminals at Heavener, Oklahoma, and
DcQueen, Arkansas; controlled by The Kansas City Southern
Railway Company as the owner of all its capital stock.
G L E N N -P O O L T A N K L IN E C O M P A N Y .

A Company owning 9 tank cars, and controlling 168 tank
cars under equipment trusts, controlled jointly by The
Kansas City Southern Railway Company as the owner of
'three-quarters of the capital stock, and the Midland Valley
Railroad Company as owner of the remaining one-quarter
of the stock.
That portion of the System lying within the State of Texas,
the mileage of which is included in the operated mileage of
The Kansas City Southern Railway Company, is operated
separately by its owner, the Texarkana & Fort Smith Rail­
way Company, which Company has its own general offices
and books of account at Texarkana, Texas, in accordance
with the Texas law.
For the sake of completeness, however, the reports of that
Company are included in those of The Kansas City Southern
Railway Company in so far as is necessary to show the results of
the operation of the whole line from Kansas City to the Gulf.
R E S U L T S O F O P E R A T IO N .

The following statement shows the results of operation of
The Kansas City Southern Railway for the year ended
June 30 1911, compared with corresponding results for the
preceding year:
.
1910-1911.
1909-1910.
788.10
788.32
39.06
39.06
404.43
363.01
14.11
5.57
G r o s s E a r n i n g s fr o m O p e r a tio n —
Freight Revenue_______________57,278.970 14 57,226,738 98
Switching Revenue......................
529,527 27
472,462 47
Passenger R e v e n u e .-.................. 1,657,662 21
1,430,114 47
Excess Baggage Revenue--------16,677 01
14,086 07
Special Service Train Revenue.
15,945 01
11,715 84
Other Passenger-Train Revenue
986 12
077 92
Mall R e v e n u e ..............................
123,181 02
119,293 37
Ex press R e v e n u e ........................
246,378 54
182,889 85
Miscellaneous
Transportation
R e v e n u e --------------------3,682 52
3,543 00
Revenue from Operations other
than Transportation...............
122,163 45
132,538 01
O p e r a te d M i l e a g e —

Miles
Milos
Miles
Miles

ol
of
of
of

Main Lino.........................
Branches______________
Spurs and Sidings------Second Main Track-----

Total

I n c . ( + ) or
D * c . (— ) .

— .22
____________
+ 4 1 .4 2
+ 8 .5 4
+ 5 5 2 ,2 3 1
+ 5 7 ,0 6 4
+ 2 2 7 ,5 4 7
+ 1 ,9 9 0
+ 4 ,2 2 9
+308
+ 3 ,8 8 7
+ 6 3 ,4 0 7

16
80
74
34
77
20
65
69

+ 1 3 9 52
— 10,374 56

59,995,173 89 59,554,651 58 + 5 4 0 0 ,5 2 2 31

1044

[VOL. LXXXXIII.

THE CHRONICLE

O p e r a ti n g E x p e n s e s —
Maintenance of W a y and Struo.
tures-------------------------$939,061 78 $1,047,348 45 — $107,386 67
Maintenance of Equipm ent------- 1,394,546 58 1,195,698 89
+ 1 9 8 ,8 4 7 69
Traffic E x p e n se s ------------316,939 09
319,956 47
— 3,016 48
Transportation Expenses.......... 3,376,634 32 3,346,463 46
+ 3 0 ,1 7 0 86
General Expenses----------------------375,918 29
359,117 40
+ 1 6 ,8 0 0 89

T o t a l .................................. .......$6,404,000 96 $6,268,584 67

+ $ 1 3 5 ,4 1 6 29

N et Earnings— Taxes N ot D e•
■ • - •
d u c te d ------------------------------------ $3,591,172 93 $3,326,006 91 + $265,106*0 2
Taxes ---------------------------------------361,875 32
343,773 00
+ 1 8 ,1 0 2 32
Net Earnings— Taxes Deducted 3 ,229,297 61
2 ,982,293 91
+ 2 4 7 ,0 0 3 70
Ratio of Operating Expenses to
E a rn in gs-------------------------------6 4 .0 7 %
6 5 .3 3 %
— 1 .2 6 %
Ratio of Operating Expenses
and Taxes to Earnings_____
6 7 .6 9 %
6 8 .9 2 %
— 1 .2 3 %

The Gross Earnings for the year ended June 30 1911, com­
pared with Gross Earnings for the preceding year, show the
following results:
Increases In
Passenger, Mall and Express______ ________
F r eig h t__________________
Sw itching________________________________

$301,461 39
52,231 16
57,064 80
--------------------$410,757 35
L e s s — Decrease In Miscellaneous_________ ______________________
10,235 04
N ot Increaso In Gross Earnings_____________________ - -.$ 4 0 0 ,5 2 2 31

The increase in Passenger, Mail and Express Earnings of
$301,461 39 was due to the general development of the terri­
tory tributary to your road.
The net increase in Freight Earnings of $52,231 16 arose
as follows:
Increases—
„ ,
Due principally to general development of the territory—
From Products of Agriculture (except W heat) $247,466 63
Products of A nim als_____________________
4 i,1 9 2 87
Products of Mines (except Coal& Coke)
24,259 73
Manufactures (except Petroleum and
Other O ils)..................................................... 163,226 40
Merchandise -------------------------------------------87,919 16
Im m igrants’ Movables----------------------------7,900 37
M iscella n eo u s..............................
709 97
------------------- $572,675 13
L ess—

Decreases due to causes stated—
From W heat— Due to shortage of crop and no
export m o v e m e n t_____________________ $50,894 71
Coal and Coke— Due tominers’s trik e ..
19,440 82
Products of Forest— Due to dull market
and labor t r o u b le s ..______ ____________ 136,493 51
Petroleum and Other Oils— Due to com­
pletion of pipe lines from Kansas City
Southern oil Helds to Baton Rouge,
L a ., and to the Gulf of M exico_______ 313,614 93
-3
-------------------- 520,443 97
Net Increase In Freight Earnings_______________$52,231 16

The large increase in Freight Earnings due principally to
the general development of the territory tributary to your
road is gratifying, and particularly so since it was more than
sufficient to overcome the large decreases resulting from the
causes mentioned.
The increase in the average rate per ton per mile as com­
pared with that for the preceding year was .62 mill. This is
due in the main to decrease in the volume of low-class freight
and increase in volume of higher-class traffic.
No revenue charge was made against any Company freight.
The increase in earnings from switching of $57,064 80 is
due principally to increased switching to and from industries,
at and near Kansas City, Missouri.
The decrease in Miscellaneous Earnings of $10,235 04 is
due to decrease in trackage charges under contracts with a
construction company for trackage for its trains between
Joplin, Missouri, and Grandview, Missouri.
The increase in Operating Expenses of $135,416 29 was
due to the following causes:
Increases In
Charges to Maintenance of Equipment— Due to expenditures made with a view to Im­
proving the general condition of the equip­
m ent, and to com ply with the requirements
of the law ------------------------------ --------------------------- $198,847 69
Transportation Expenses—
Due to Increased wages granted cnglnemen,
trainmen and yard men during the year, not
entirely overcome by reductions In other
Items of expense-------------------------------- -------------- 30,170 86
General Expenses—
Due principally to Increased Insurance premi­
ums on cotton at Port Arthur, T e x --------------16,800 89
•
------------------- $245,819 44
L ess—

Decreases In—
Charges to Maintenance of W a y and Structures—
Due principally to Improvements made In for­
mer years---------------------------------------------------------- $107,386 67
Traffic Expenses—
Due to decreased cost of tariffs................................
3 ,016 48
-------------------- 110,403 15
N et Increaso In Operating E x p e n s e s ............ ......... ............$135,416 29

Wage schedules were revised, beginning with the yard men
on May 1 1910 and concluding with enginehien January 1
1911. In consequence the Transportation pay-rolls were
increased over the preceding fiscal year by $59,334 61.
In view of this large increase and of the increase of Gross
Earnings of $400,522 31, the comparatively small increase
of $30,170 86 in Transportation Expenses is a source of satis­
faction to your management.
During the year the net expenditures for Additions and
Improvements were:
From the Proceeds of Refunding and Im provem ent Mortgage
Gold Bonds:
Issued July 1 1909__________________________________________ $2,332,529 79
Issued February 15 1911____________________________________
414,297 79
From Surplus_________________________________ ___________________
379,279 86
Total

.$3,126,107 44

These expenditures include the cost of a number of new
spurs to serve industries not heretofore reached by your
tracks, and to accommodate new industries that were being
established.
The following is a list of such spurs, of which some have
been completed and others are in course of construction:
N E W T R A C K S TO S E R V E N E W IN D U S T R IE S .
Completed—
J. S . Broughton________________________ ___________ Milo 200.
Sun (Oil) C o_________________________________________ Vlv an, La.
Kingston Lumber C o_____________ __________________Hollingsworth, La.
United Stock Food C o______________________________ East Manchester, M o.
W ood , Bancroft & D o ty ____________________________ Leeds, Mo.
Alley Spur to serve Industries---------------------------------Kansas City, Mo.
Arkansas Natural Gas Co__________________________ Lewis, La.
H unt & Meek_______________________________________ W lckes, Ark.
W . II. Caffrey________________ _______ ______________ Leeds, Mo.
J. M . T a tu m _________________________________________Benson, L a.
Carlisle Commission C o______________________ ______ Sugar Creek, Mo.
Kansas City Rock & Sand C o.......... ......... .................. Leeds, Mo.
Caddo OH R effn cry._____ ___________________________ Milo 562.
National Aniline & Chemical C o . . . ............... ............Kansas City, M o.
Sheridan Coal Co---------------------------------------------- ! . . . Fuller, K an.
W llllam s-Hubbard Peanut C o___________________..T e x a rk a n a , T ex.
Texas Glass C o .---------------- --------------------------------- -- . .Texarkana, T e x .
United OH & Refining Co__________________________ Spindle Top, Tex.
Uncompleted—
Sheridan Coal Co------------------------------------------------------Fuller, K an.
Spur to serve various Industries________ _______ ..M i le 563.
Memphis Column Post F actory.................................... Beaum ont, Tex.
N E W T R A C K S TO S E R V E O LD IN D U S T R IE S .
Completed—
W . G. Strange Lumber C o______________________ ..N o w lin , La.
The Louisiana Co................................ .................................Caddo, La.
Green Tree Brewing Co-------------------------------------------- Kansas City, Mo.
Pect Bros. Manufacturing C o______________________ Kansas City, K an.
Slloam Springs Cold Storage & Ice C o____________ Slloam Springs, Ark.
Vivian Oil C o................. .............................. ........... ..............Vivian, La.
Standard OH Co______________ ______________________ Lewis, La.

During the year the Joplin Union Depot Company, in
which your Company owns a one-fourth interest, completed
the new union passenger depot at Joplin, Missouri, and the
same was placed in operation July 1 1911. As of that date,
all the improvements originally contemplated by the Joplin
Union Depot Company were practically completed except a
small amount of work necessary to finish the round-house
and tracks.
The management of the Kansas City Terminal Railway
Company, in which your Company owns a one-twelfth inter­
est, reports that the affairs of that company have progressed
favorably during the year. The original ordinance granted
July 7 1909 by Kansas City, Missouri, to that company has
been amended so as to permit a reduction of grade to and
from the new .union station from 1.25 per cent to 0.9 per cent,
which change will greatly improve operating conditions and
reduce Operating Expenses. Several large contracts for the
construction of the facilities proposed by the Kansas City
Terminal Railway Company have been let, and others are
in process of being awarded. The management expects to
have the new union station ready for use by October 1913,
and to complete all the improvements now contemplated by
January 1 1915.
During the year arrangements were made for the construc­
tion of a first-class passenger depot at Fort Smith, Arkansas.
For this purpose additional real estate was purchased, suit­
able municipal franchises were procured, and contracts for
the construction of the depot were let.
The general improvement and development of your prop­
erty, for which funds were provided from the proceeds of
the $15,000,000 00 Refunding and Improvement Mortgage
Gold Bonds authorized by the Stockholders, of which
$10,000,000 00 were issued July 1 1909 and $5,000,000 00
were issued February 15 1911, was prosecuted vigorously
during the past year.
The situation at June 30 1911 with respect to the Refund­
ing and Improvement Mortgage Gold Bonds authorized was
as follows:
B a la n c e to B e
E x p e n d e d to
E xpen ded .
J u n e 30 1911.

D istr ib u tio n o f P r o p o s e d E x p e n d itu r e s —

Discount on Bonds.
.
______________________
_________________ .
______________________________
Utamp Tax on Bonds sold In foreign markets__________________________ .
Paym ent of Collateral Gold Notes on July 1 1909 .
_______________
_____ ________ .
Reducing Grades to one-half of one per cent on five full Operating Divisions, aggregating 66 per cent of
the Com pany’s lines____ ____________________________________ _________
_____________ ______
Re-arranging Five Division Terminals to permit of better and more economical operation under the 16-hour
law and to provide more adequate facilities for taking care of Power and Traffic...........................................
Improvem ents of Terminal Facilities at Kansas City and Port Arthur, Facilities for securing new business
and for other corporate purposes____
_________________________
_____________
Purchase of additional Equipm ent_______________________________________
_________ ______ ______
Acquisition of New Rail to complete the laying of heavier rail to- Port Arthur, for Ditching, Ballasting,
Improvement of Tracks and Bridges, Facilities for securing new business, and for other corporate purposes

$562,500 00
50,000 00
5,100,000 00

$562,500 00
25,183 43
5,100,000 00

$24,816 57

1.822.730 85

927.269 15

1.250.000 00

1,129,624 79

120,375 21

1.275.000 00
1,000,000 00

1.024.730 45
7,424 03

250.269 55
092,575 07

3 ,0 1 2 ,5 0 0 00

761,531 31

2 ,250,968 60

To ta ls............. ....................... ......... ............................................................................................... ............................................... ......... $15,000 ,000 00 $10,433,725 76 $4,566,274 24




Oot . 14 1911.

THE CHRONICLE

The work of re-laying with new 85-pound rail the line
south of Shreveport, Louisiana, was prosecuted during the
year as rapidly as conditions would permit— the total track
so re-laid to June 30 1911 being 37.42 miles.
The bridges and culverts of your road were improved
during the year by reducing the total length of trestles from
73,011 feet to 72,324 feet; increasing the total length of steel
bridges from 20,581 feet to 21,077 feet; increasing the num­
ber of Stone and concrete culverts from 564 to 604; increasing
the number of cast-iron pipe culverts from 550 to 563, and
installing 56 culverts of reinforced concrete pipe.
Among the statements and statistics will be found a table
showing the progressive improvements made in the bridges
and culverts of your road from June 30 1900 to June 30 1911.

1045

The appended balance sheets and statistical statements
full detailed information concerning expenditures for
mprovements, and the results of operation.
The form of balance sheet prescribed by the Inter-State
Commerce Commission has been filed with that Commission
at Washington. Your Board has deemed it advisable, how­
ever, to retain herein the form of balance sheet heretofore
adopted, since the Stockholders are familiar with the same,
and since it is believed to set out more clearly the financial
condition of your Company.
By order of the Board of Directors.
J. A . E D SO N ,

f ive

President.

[For statistical tables, see under Annual Reports on a preceding page.!

THE WESTERN UNION TELEGRAPH COMPANY
A N N U A L R E P O R T — F O R T H E Y E A R E N D IN G JU N E 30 1911

To the Stockholders:
I submit for your consideration the following annual re­
port of the condition of your company as at June 30 1911,
and of its earnings and expenses during the fiscal year which
ended upon that date.
INCOME ACCOUNT FOR Y E A R ENDING JUNE 30 1911.
334,714,810 07
G ross T elegra p h E a rn in g s _________________________
M iscella n eou s E a rn in g s _____________________________________
783,98281
Total Earnings_________
.535,478,792 88
Deduct—•
.
Operating Expenses, Including rent of
Leased Lines, Reconstruction Repairs,
Miscellaneous Interest, etc____________ 820,153,631 63
T a x e s ..---- --------------900,000 00
------------------ 30,053,631 63
Balance
___
$5,425,161 25
Add— Income from Loans and Investments, Including
Rentals from Real Estate___________ _ _______________
1,680,196 23
Net P ro fits..... ...................
$7,105,357 48
Deduct—
Interest on Bonds of the Western Union
Te'egraph Company________
$1,733,389 52
Dividends—
Paid October 15 1910____ ___ $747,770 25
JaiiMary 16 1911________ 717,801 75
Apn' 15 1911__________ 747,846 00
July 15 1911__________ 747,886 50 2,991,304 50
--------------------------- ----- 4.724,694 02
Balance transferred to Surplus Account..__ ______ $2,380,663 46

The outstanding holdings of 6 % Mutual Union bonds
maturing in 1911 were on June 30th 81,877,000. Theso
bonds were renewed for 30 years at 5 % .
TEM PO RARY L 6 A N .

The Company has had occasion to borrow in the past
year, on temporary loan, the sum of $2,000,000.
ACCOUNTS PA YA B LE .

The total of Accounts Payable has been reduced by
approximately $195,000.
RESERVE FOR TAXES.

The reserve for taxes of $787,000 at the end of this fiscal
year represents the estimated amount accrued to that date
and, in the judgment of the Tax Department, is amply
sufficient to meet obligations.
RESERVE FOR M AINTENANCE OF CABLES.

On June 30 1910 the accountants set up a reserve of
$2,000,000 against the American Telegraph & Cable Com­
pany cables leased by your company until 1932, in order
that there might be a fund to guarantee their maintenance
during the continuance of our contract. There has been the
extraordinary expenditure of approximately $800,000 in the
course of the year for the renewal of the English shore ends,
and there has been added to the fund, by means of monthly
charges to operating account, the sum of $135,000, showing
a net decrease in fund at the close of the year of $665,000.

TELEG RAPH LINES AND EQUIPMENT.

RESERVE FOR CONTINGENCIES.

The increase in this amount for the year of 83,524,608 25
is made up of approximately 82,300,000 expended during
the year for the completion of the Bay Roberts cable and
approximately 81,200,000 spent in the construction of land
lines*.
Tlib total cost of the Bay Roberts cable was 83,334,402 92,
of which surp .81,037,093 39 was expended prior to June 30
1910.
Under the provisions of the proposed lease with the
Anglo Company, it is provided that the cost of this cable
shall be repaid to the Western Union Company.
There have been added to the company’s plant during the
year 1,403 miles of poles and 58,296 miles of wire, the latter
consisting of 43,082 miles of copper wire and 15,214 miles of
iron wire. On June 30th 1911 there were 24,926 Western
Union offices.

This fund has been utilized in various adjustments amount­
ing, in the net, to 8110,000.
AU D IT.

The Auditor made a careful examination of the Treasurer’s
accounts as of June 30 1911, verifying all the bank balances
by means of certificates obtained from the various deposi­
tories. The securities in the hands of the Treasurer were
also examined and found to be intact and in agreement with
the books; those securities on deposit as collateral being
verified by certificates from the banks holding them.
GENERAL.

Notwithstanding the existing unsettled conditions of busi­
ness, such as have heretofore caused a decrease in gross
revenue, there has been an increase of $3,018,964— 9 .5 7 %
in total revenue. The increase in the message tolls was
STOCK OF TELEG RAPH, CABLE AND OTH ER COMPANIES.
$3,153,122— 1 2 .5 8 % . The only decrease was on the leased
This has been increased by the investment of 81,963,735. wires, which was nearly $400,000, or 1 5 .3 1 % . This was
probably due to the rigid enforcement of the rules and regula­
S IN K IN G FUND.
The Executive Committee instructed that on the 1st of tions respecting the uses made of these wires by the lessees.
The large increase in gross is more than offset by the in­
July of each year 832,600 should be set aside and invested
for the purpose of meeting the Deferred Non-Interest­ crease in the expenses of $3,167,853— 1 3 .1 4 % , causing a
Bearing Liability on its maturity in 1981. The amount decrease of $148,889 in the net revenue. Of this increase in
shown in the Balance Sheet is plus accumulated interest to expenses, $2,369,434 was for salaries and wages, an increase
in this item of 2 1 .1 8 % over last year.
June 30th 1911.
While your Company has had a great past, and cannot fail
PURCHASE MONEY NOTES AND OBLIGATIONS.
to have as great a future, present conditions, resulting from
Have been reduced by 84,000,000.
a long period of unsettled business and labor conditions and
M ATE R IAL AND SUPPLIES.
of economies and retrenchment, are, from a conservative
A physical inventory was taken at the end of the year of standpoint, far from satisfactory.
Without going into detail, there still exists a necessity for
all materials and supplies, and the amount shown in the
the doing of many things which cannot be ignored. Salaries
Balance Sheet represents the value thereof at cost prices.
and wages to be readjusted, an effective and beneficial pen­
BILLS AND ACCOUNTS RECEIVABLE.
sion scheme to be inaugurated that good men may not onlj'
The increase over last year of 81,894,000 is largely due to
be retained, but encouraged and made to feel that the inter­
the increase in gross telegraph receipts during the year,
est and prosperity of the company works for their interest
which amounted to $2,926,000.
and prosperity.
Offices and apparatus and general sur­
TREASURER’S BALANCES.
roundings to be improved, brightened up, that all work may
The cash in banks, etc., shows an increase of approximately be done under decent and sanitary conditions. Plant to be
8185,000 at the close of this year.
re-constructed, that promptness and efficiency may be re­
quired and obtained.
‘ CO LLATERAL TRUST BONDS AND BONDS OF SUBSIDIARY
COMPANIES.
Considerable has been done in these directions, but much
During the year 880,000 in Mutual Union Telegraph Co. remains to be done, and when done there is no doubt but that
6 % bonds were exchanged for a corresponding amount of the result will be increased economy and efficiency in the
outstanding Western Union Telegraph Co. 5 % Collatera work and service, to the direct advantage of both your com­
Trust bonds, which largely accounts for the increase in out­ pany and the public.
From 1890 to 1910, inclusive, the capital obligations of
standing Collateral Trust bonds and the reduction in the
your Company increased over $37,000,000— 5 8 % — or about
outstanding bonds of subsidiary companies.




1046

THE CHRONICLE

$21,000,000 of this increase was in the last ten years. The
gross revenue from the business operation of your Company
increased in about the same ratio, while the net revenue
remained stationary. In fact, the largest net earnings from
the telegraph business during that period were in the years
1892 and 1893.
Under ordinary conditions, where there are no new lines
of development, no new work being done far in advance of
its utilization, any increase of capital obligations without a
corresponding increase in net revenue with which to meet
the charges on such obligations can have but one result, and,
unfortunately for the shareholders, that result has been
realized, and to a certain extent is reflected in your dividends.
Your capital obligations are well represented by your
property, as confirmed by the independent inventory which
was submitted to you, made by engineers of international
reputation, and on the findings of which your directors
wrote off a substantial part of the surplus. The report of
the independent Auditors, dealing with the question of depre­
ciation and of intangible property, said:
‘ 'To undertake the computation of the value of The
Western Union Telegraph Company’s intangible property
would involve an investigation into many matters and
would require an expenditure of much time and effort.
Such an investigation is not within the scope of the in­
structions given to us, nor is it necessary for the purposes
now in view. Sufficient has been said, we think, to indi­
cate the very great value of the Company’s intangible
property and to show that the appraised value of the tele­
graph lines and equipment, omitting as it does all provision
for accrued depreciation, may be taken safely as a reason­
able value of the telegraph plant, including the intangible
property which it represents.”
While in law, equity, practice, or in the opinion of the
most radical thinkers on corporation matters, there is no
question of the right of a corporation to recognize in its
balance sheet, intangible assets which arc essential and
necessary in its business, and to its existence and continu­
ance, or of the right to consider such assets in its financial
operations, yet under the conditions already set forth, it
would be much better to have the reserve for depreciation
of your company represented by something more tangible
than by such assets. The stability and value of your securi­
ties as an investment depend on the regularity and certainty
of its dividends, and upon the unquestioned strength of the
company in every particular.
DIVIDENDS.

In order that public confidence may be strengthened not
only in the ability of your company to continue any dividend
disbursement which may be established in the future, but
also confidence in its possibility to restore your company to
a reasonable dividend-paying basis, it is proposed to carry
to depreciation reserve all earnings over and above the pres­
ent dividend, to charge such construction to that reserve as
the Directors may deem expedient, and to continue this
procedure until such a time as the fund would, in the opinion
of your Directors, admit of an increase in your dividend rate.
NEW SERVICES.

The telegraph business of the past has been built upon,
and all the traditions surrounding it are almost exclusively
on, the idea of expedition or immediate service with a large
surplus of facilities and operating staff, equal at any time
to the maximum demand, and consequently idle much o,
the time. These surplus facilities, together with the cost
of the insurance against damages for delays, avoidable or
unavoidable, required for expedited business, necessitates
higher charges for this class of service than if the business
were handled so as to keep both plant and staff occupied
to a fair maximum capacity. Unexpeditcd business would
result in some delays to a part of the business, but the
operating cost and plant charges would be so much reduced
that a very appreciable reduction in the rates could be made.
There is, however, a great quantity of important business
that demands expedition and is perfectly able and willing
to pay for such expedition. To this class of business a re­
tarded service with lower rates presents no attraction. Any
increase in the use of or introduction of new uses for the idle
and unused plant will reduce the cost per unit of service, or
enable some other service to be given at a cost within the
value of such service to the public. It was the belief that
thero was a large business which lay in value and importance,
so far as transmission was concerned, between the expedited
telegram and the ordinary mail that caused the introduction
of the Day Letter and the Night Letter. When these new
services become assimilated by the working organization,
and the changes and innovations in plant and operating
force now going on arc in full working order, it is believed
that some new and popular services, additional to those now
in effect, can be given.
The “ Night Letter” was intended to be an improvement
and advance upon tho “ Night Telegram.” In starting it
the company took little risk beyond possible small increase of
operating expenses. With the “ Day Letter” the case was
different. The revenue from excess words in regular telef rams over and above the amount charged for the “ Day
ietter” is several millions of dollars. All these millions of
revenuo would be lost if the “ Day Letter” was used in place
of long messages at regular tolls, whenever the charge for




l VOL. LXXXXln.

such messages exceeded tho charge for Day Letters. E x ­
perience has shown the revenue from tin Day Letter to be a
substantial one, while the revenue from oiiitr forms of tele­
graphic service is not materially affected thereby. That the
Day Letter has created its own place in the business of the
Company, and that there was and is a place for the Day
Letter in the transaction of the country's business is shown
by the results.
TELEPHONE AND TE LE G R A PH RELATIONS.

Progress has been made in tho direction of joint occu­
pancy and joint use of facilities, largely, however, in the
working out of arrangements and details of working.
Progress in this direction is apparently slow because of
the many details to be arranged and solved, all of which
— though not insurmountable— are complex and much
involved. The apparent progress of the future will be
greater. All reconstruction, as well as construction, is
being done on lines which will make your plant available
for long distance telephone business and short distance tele­
graph business by telephone in connection with the Bell
System.
That there may be a better and correct understanding
of the relations between the Telegraph and Telephone Com­
panies, your attention is invited to a discussion of these
relations on pages 51, 52, 53 of the Annual Report of the
American Telephone & Telegraph Company, 1910, from
which the following is quoted:
“ Before a telegraph company could do a ‘ telephone
business’ it would be necessary to reconstruct and rearrange
its entire wire plant; to construct and equip central offices,
distributing subways and lines, subscribers' connections and
stations, at a cost of several times its existing telegraph wire
plant, and also to create a distinct ‘ telephone’ operating
organization.”
PENSIONS.

The Committee on Pensions has been engaged in the col­
lection of data necessary to enable the actuaries to give
figures on benefits and expenses. This work has been some­
what delayed by the absence in Europe of Vice-President
Clark, the Chairman of the Committee. The work will be
necessarily slow, as it is desired that any pension scheme
which may be established will, in case of disability, give
material aid and benefit to those who have been for a few
years only in the service of the company, as well as to those
of long service. Whatever scheme is put in operation will
take into consideration past service, and will therefore
involve a large expense from the very start. While the
general scheme is being worked out, all necessitous cases are
being provided for.
TELEGRAPH RATES.

The telegraph rate of Great Britain is often used to argue
the possibility for similar telegraph charges in this country
or as an argument for Government ownership and operation
of the telegraph.
While the English rate is small, so are the distances and
area covered by the rate small. According to the official
figures of the British telegraph system, the deficit, for the
last year obtainable, was over $5,000,000. This deficit in­
cludes interest only on a capital of about $50,000,000,
whereas, as a matter of fact, there has been a total expendi­
ture up to date, for qapital expended and unextinguished,
for loss of interest and for working expenditure over re­
ceipts, approximately, of $175,000,000. In the expenses
charged against the revenue there are no allowances for
depreciation or depreciation reserve. About $1,250,000 for
extensions, not nearly enough to offset proper depreciation,
is charged against revenue. No taxes are paid. This
item is a large one in a private enterprise. No rental or
charge for buildings owned by the Postmaster-General.
There is no liability for or payment of damages from any
cause whatever.
The wages paid to telegraph employees of Great Britain
are only 5 0 % to 7 0 % of pages paid by the Western Union
for same classes of service.
The average operating cost per message, official figures,
which do not include any of tho above material and unavoid­
able items of the expense of a private enterprise— is over
20 cents. If all the items were added to . expense that
would have to be borne by a private enterprise, the cost
would be increased by a very considerable amount, certainly
2 5 % , and probably nearer 5 0 % , or increased to 25 or 30
cents. The average revenue per message is about 15 cents;
in other words, one-half of the cost of every private telegram
is directly and indirectly borne by the public revenue.
The telegraph system of Great Britain is and has been
maintained for the convenience of its. users at the expense
of the general revenue. The British rate is 12 cents for
12 words and I cent for each additional word,
Tho Western Union
25-cent rate for 10 words (address and signature, an average
of 9 to 10 words, free) covers about the same area in territory
and the same average distance of telegram that the British
rate covers. The territory of Great Britain is about the
same as that of five Middle States, but 7 5 % of the popula­
tion are within 200 miles of London.
Compared with the British telegraph wire system, the
Western Union telegraph wire system covers an area twelve
times as large. The Western Union wire mileage is five

signature counted and charged for.

address and

THE CHRONICLE

Oot 14 1911.]

times as great. The Western Union has nearly twice as
many offices. The distance between the most distant prin­
cipal commercial centres is ten to twelve times as great as
in the British system.
Comparisons of greater distances and larger rates cannot
be made except on a Continental basis. The rates from
London to European points vary from 4 cents a word, ad­
dress and signature counted and paid for, covering distances
from 225 miles, up to 12 cents a word, address and signature
counted, for about 2,000 miles; while the Western Union
maximum rate is SI 00 for 10 words, address and signature
free, for 3,500 miles.
TR A NSATLANTIC CABLES.

There is very little additional to what has already been
laid before you. The proposed arrangement, if ratified, will
put the Western Union in a position where it can handle
the transatlantic cable business in a manner which will be
in accordance with its importance and to the satisfaction of
the public, something that has been impossible heretofore.
The charges assumed are about the equivalent of the divi­
dends which the two companies have been making from the
business, and everything indicates that under any probable
future conditions the transatlantic cable business will be a
source of profit instead of a loss to the Western Union as
heretofore.
Under the arrangement, the Western Union is reimbursed
for the cost of the new cable laid last year, amounting to
$3,334,402 92, and is relieved from the large additional in­
vestment, amounting to twelve to fifteen millions, involving
tho duplication of existing facilities now only partially
utilized, which would have been necessary had these arrange­
ments not been made.
The Anglo-American and the Direct United States Cable
Companies have at their preliminary meeting unanimously
ratified the proposed arrangement, and this action will with­
out doubt be confirmed in all statutory proceedings to follow.
On the part of the Western Union Company proxies in
favor have been received sufficient to ratify the proposed

arrangement.
. Respectfully submitted,
T H E O . N . V A IL ,

President.

Western Union Telegraph Co.— See “ Annual Reports.''
shareholders on Oct. 11 ratified the
99-ycar leases of the Anglo-American Telegraph Co. and the
Direct United States Cable Co. See V . 93, p. 876, 734.
Westinghouse Electric & M fg. Co.—
.—
See General Electric Co. above.— V . 93, p. 350, 294.
Worcester (M ass.) Electric Light Co.—
.—
The following changes are announced:

Lease Ratified. — The

Settlement of S u it
New Directors

The board has been Increased from 8 to 11, Robert W . Drury, President
of tho Merchants’ National Bank; Willis E. Sibley and T. Jlovey Gage being
added to the board; Robert W. Rollins succeeding John C. Mclnnes. who
resigned. Mr. Rollins has been chosen President to succeed George P.
Dewey.— V. 91, p. 1715.

— In another column the firm of Deloitte, Plcnder, Grif­
fiths
Co., accountants and auditors, of 49 Wall S t., this
city, announce the termination by effluxion of time of the
partnership heretofore existing, and the formation of a new
partnership, under the same firm name, as from Oct. 1 1911.
The senior member of the firm, Sir William Plender, is the
present President of the Institute of Chartered Accountants
in England and Wales, this being the second year of his occu­
pancy of that office. The resident partners in the New York
firm are members of several State societies of certified public
accountants in this country. The firm, which is one of
international reputation, is also one of the oldest and most
important in the profession. The New York firm has been
established about 25 years, during which time it has been
retained in many important matters, including the investiga­
tion of governmental and municipal accounts. Deloitte,
Plender, Griffiths
Co. have offices in New York, London,
Mexico City, Buenos Aires and Rio de Janeiro, South Amer­
ica; Johannesburg, Bulawayo, Cape Town, Salisbury and
Durban, South Africa, and Batavia and Soerabaya, Java,
with agencies in San Francisco, Australia, India and Singa­
pore. The partnership as composed at present includes:
Francis F . White, F . Palmer Page, Thomas R . Clark, all
certified public accountants, and Sir William Plender and
Percival D . Griffiths, both F. C. As.
— The well-known bond and financial house of C. Meredith
& Go., Limited, Montreal, Canada, has opened a London
office in the Bank of Montreal Building, 46 Thrcadnecdle
Street, E . C ., under the management of Lionel G. Guest.
A . P. B. Williams has been appointed Secretary and Treas­
urer of the firm, taking the place of Mr. Guest, who will hence­
forth reside in England.
— Walter S. Place, formerly of the firm of Coffin & Co.,
New York, has opened offices in Boston at 35 Congress S t.,
and will make a specialty of handling high-grade bonds and
tax-exempt securities.
— Owing to the retirement of Mr. J. W . Garthwalte on
September 30th, the business of Wakefield, Garthwaite &
Co. will hereafter be conducted under the name of S. B.
Wakefield & Co., 232 Montgomery Street, San Francisco, Cal.
— Scasongood & Haas, 100 Broadway, this city, want to
buy Missouri Paoiflo 5 % notes, 1914.

&




&

1047

ilm ©ommcraal jinxes.
C O M M E R C IA L E P I T O M E .

F riday Night, Oct.

W

13 1911.1
Business still reflects general conservatism, but in many
lines there appears to be a somewhat greater activity than
at the same time last year. The cotton and dry goods
trades are showing some improvement, the steel trade has
been stimulated in a measure, the needs of a growing popu­
lation are pressing for supplies, and the leather trade has
made a respectable gain.
L A R D has been easier, owing to the continued lower hog
markets. Prime Western here 9.15 to 9 .2 0 c ., refined for
the Continent 9.70c. South America 10.60c. and Brazil
in kegs 11.60c. Futures have been easier, owing to liqui­
dation in the Western markets.
D A IL Y CLOSING PRICES OF LAR D FUTURES IN NEW Y O R K .
Sat.
M on.
Tves.
Wed.
7 hurt.
Fri.
October delivery______ 9.00
9.00
9.00
8.90
Roll8.90
January delivery______ 9.00
9.00
9.00
8.90
day.
8.90
D A IL Y CLOSING PRICES OF LAR D FUTURES IN CHICAGO.
Sot.
Mon.
Tves.
Wed.
Thurs.
Fri.
October delivery....... . 8.92^ 8.95
8.80
8.80
Boll8.77>s
January delivery--------8.92M 8.92J4 8.77M
8.80
day.
8.77Ji

P O R K has been fairly active and steady; mess here $17(g
$17 25, clear $16 75 to S17 50 and family $19 50 to $20 50.
Cut meats have been steady with a fair demand; pickled
hams 1 2 % to 1 3 % c ., pickled bellies, clear, 1 2 % to 13% c.
Beef has continued steady and in fair demand; mess $12 to
$12 50, packet $12 50 to $13, family $14 and extra India
mess $18 50 to $19. Tallow quiet and steady with City
quoted at 6 % c . Stearines easier at 10 to 1 0 % c . for oleo and
1 0 % to 11c. for New York lard. Butter has been firm;
creamery extras 31c., firsts 27 to 29c. Cheese steady with
State, whole milk, colored, fancy 1 4 % to 14% c . Eggs firm
with supply of high grades small. Western firsts 23 to 25c.
O IL .— Domestic linseed has been steady, crushers devot­
ing their attention to purchasing seed. Owing to the ad­
vance in the flaxseed markets, crushers have withdrawn fu­
ture offers for oil. City, raw, American seed, 92 to 93c.;
boiled 93 to 94c. Calcutta, raw, 98c. Cottonseed has been
easier, owing to speculative selling induced by good crop ac­
counts and freer offerings of crude. Winter 6c., summer
white 5.80c. to 6.5 0c., crude, immediate, 4.27c. Cocoanut
nominally 11c. for Cochin and 10c. for Ceylon. Corn easier
at 0.20 to 6.25c. Lard dull with prime quoted at 82 to 86c.
and No. 1 extra 60 to 64c. Cod steady with the advices from
the menhaden fisheries more optimistic. Supplies, however,
are still meagre. Newfoundland 55 to 56c. and 52 to 54c.
for domestic.
CO FFEE on the spot has been firm, advancing with futures
on strong bull support. Rio No. 7 1 5 % c . and Santos N o. 4
nominally 1 5 % c . Futures have again reached new high
levels. After prices had sagged off in the early part of the
week, bulls supported the market and compelled shorts to
cover. The daily grist of unfavorable advices from South
America is still very much in evidence. Closing prices were
as follows:
Oct
Nov
Dec
Jan

14.92
14'. 65

14.93 F e b ______ 14.50® 14.55
Mch _____ 14.30® 14.31
A p r ______ 14.30® 14.31
14.70 May______ 14.30® 14.31

June____ 14.30@ 14.31
July______ 14.30® 14.31
Au-.f ........14.30@ 14.31
Sept.......... 14.30® 14.31

S U G A R .— Raw has been dull and steady. Reports on the
European beet situation have been more optimistic and it is
noW believed that the yield will be larger than previous ex­
pectations. Centrifugal, 96-degrees test, 5.95c.; muscovado,
89-degrees test, 5.45c.; molasses, 89-degrees test, 5.20c.
Refined, granulated, 6.75c.
P E T R O LE U M has continued steady and in good demand.
Export business has been small, owing to the scarcity of
boats. Refined, barrels, 7.3 5c., bulk 3.85c. and cases
8.85c. Gasoline, in 100-gallon drums, 1 8 % c .; drums $8 50
extra. Naphtha, 72 to 76-degrees, in 100-gallon drums,
1 6 % c .; drums $8 50 extra. Spirits of turpentine 5 2 % c .
Rosin, $6 50 for strained.
TO BACCO.— Trade in tobacco has been quiet, consider­
able interest being centred in the reorganization of the
Tobacco Trust. Although the demand for cigars is good,
manufacturers are buying on a very conservative scale, pur­
suing, indeed, the policy which they have followed for some
time past of buying only for current necessities until the
whole outlook as to supplies and prospects for trade takes
on more definite shape.
COPPER has been dull, most of the domestic consumers
having supplied their near-by requirements; foreign markets
have been slightly easier. Lake 12 % to 1 2 % c ., electrolytic
1 2 % to 12% c . and standard 11.75c. Tin has been higher,
an improvement being noted in the spot demand. Spot here
4 1 % c . Spelter 5.95c. Lead 4.25c. Pig iron has been
active, large purchases having been made by pipe works.
N o. 1 Northern $15 25 to $15 60; N o. 2 Southern $14 50 to
$14 75. Steel products have shown considerable activity.
The output of steel ingots by tho United States Steel Cor­
poration in September is estimated to have been slightly in
excess of 1,200,000 tons, and the production of finished
products about 904,000 tons. Rail buying by domestic rail­
roads is very light.

THE CHRONICLE

1048

On Shipboard, Not Cleared for—

COTTON.

Friday Night, Oct.

13 1911.

T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
431,129 bales, ggainst 444,027 bales last week and 437,525
bales the previous week, making the total receipts since
Sept. I 1911 2,025,791 bales, against 1,076,499 bales for
the same period of 1910, showing an increase since Sept. 1
1911 of 349,292 bales.
Hecetpts at—

Sat.

Mon.

Wed.

Tues.

Fri.

Thurs.

Total.

Galveston ____ 14,800 20,962 42,805 10,028 19.638 15,703 129,936
Port Arthur___
/—
18,268 4,542
3,655 3,134 31,099
Texas City, &c~
1,500
6,075 6,636 5,011 31,500
New Orleans___
3,093 4,422 6,263
1,982 2,247 2,585 2, M3 16,194
1,454 5,183
Mobile _______
___
4,446 10,346
5,900
Pensacola______
1,587
222
1,014
1,498
707
Jacksonville, &o.
■Savannah ______ 21,094 26,299 23,633 10,744 16,191 21,474 125,435
___
8,750
8,750
Brunswick ... ...
1,152 3,268
1,471 3,117 20,182
Charleston____
3,244 7,930
• ____
___
___ •
___
Georgetown__
3,350 4,236 2,959 22,180
1,887 5,047 4,701
Wilmington___
6,453 3,167 2,844
5,652 28,033
3,774 5,843
____
____
238
238
Ncwp’t News, &c
____
___
___
.! __ i
New York______
'
___
94
194
100 ' ____
Boston__
__
—
3,028 3,028
Baltimore _____
—
—
Philadelphia__
52,344 76,393 111,473 55,721 67,693

Totals this week.

6 7 ,5 0 5

431,129

The following shows the week’s total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911.

Hecetpts to
October 13.

1910.

This Since Sep This Since Sep
Week. 1 1911. Week. 1 1910.

Galveston--------Port Arthur_____
Texas City, &o..
New Orleans___
M ob ile_________
Pensacola_______
Jacksonville, &c.
Savannah_______
Brunswick------Charleston------G eorgetown----Wilmington — .
Norfolk_________
N ’port News, <Jcc.
New Y o r k ______
Boston--- -------Baltimore------- Philadelphia----T o ta l----------- -

129,936
31,099
31,500
16,194
10,346
4,014
125,435
8,750
20,182
22,180
28,033
238
194
3,028

—

790,259 159,700
7,500
70,020 11,152
105,653 35,858
56,986 11,201
22,800
274
5,518
588,281 89,179
60,155 14,509
106,000 18,910
135
97,980 27,305
101,409 28,120
300
188
302
319
53
5,382 3,508

—

------

789,663
0,857
28,289
103,215
40,823
1,625
397,403
38,748
73,194
85
115,173
73,702
482
1,220
1,074
4,940

—

431,120 2,025,791400,089 1,676,499

Stock.
1911.

1910.

143,300

138,087

13,018
05,388
42,255

40,391
30,024

188,440
3,735
48,304

124,105
18,075
41,445

21,090
30,560

54,308
20,714

80,695
2,710
0,341
1,090

77,084
1,128
5f4G2
7,102

050,034

504,525

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Hecetpts atGalveston__
Pt. Arthur,&c.
New Orleans.
M obile______
Savannah __
Brunswick—
Charleston „&c
Wilmington...
Norfolk _____
N'port N., &c
All others.. . .
Total this wk.

1911.

1910.

1009.

1908.

129,936
31,099
31,500
10,194
125,435
8,750
20,182
22,180
28,033
238
17,582

159,706
11,152
35,858
11,201
89,179
14,569
18,910
27,365
28,126
188
3,835

141,308
1,629
58,059
10,497
110,724
21,800
18,110
24,530
35,585
176
14,365

139,431
249
04,178
15,031
81,752
4,218
10,930
28,211
22,579
178
3,400

1907.
51,087
394
37,744
13,939
82,800
4,386
14,107
30,159
22,899
247
10,111

1006.
150,900
447
02,9-12
8,833
73,728
5,873
9,121
31,968
26,872
123
851

431,129 ' 400,089 424,783 370,763 267,873 371,658
2.025.761 1,676,409 1,955,911 1,734,833 1,248,451 1,703,733

The exports for the week ending this evening reach a total
di 243,201 bales, of which 97,848 were to Great Britain,
- 23,215 to France and 122,138 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week ending Oct. 13 1911.
Exported to—
Exports
from—
Port Arthur. ..
Mobile______
Charleston ...
New York___
Boston _____
Philadelphia ..
San Francisco.
Tacoma-----Total........
Total 1910___

ContlGreat
Britain. Efnce. nent. Total.

From Sept. 1 1911 to Oct. 13 1911.
Exported to—
Great
Conti­
Britain. ■'ipitnqe nent.

Total.

26,313 71,221 323,501 80,418 205,052 609,031
7,500
2,500
5,OIK)
40,440 9,300
050 56,390
34,510
04,053
8,450 15,095 23,123 19,653 21,877
1,619 ____
8,219
3,000
10,055 0,805 _____
22,860
0,082 4,264
10,346
7,400 39,333 40,739 120,291 42,759 125,380 291,4.30
' ' 9,638 9,638 29,098 —
40,SCO 70,507
0,800 -----41,503 48,303
12,000 12,000
18,934 6,435 45,470 70,845
6,435 20,231 20,060
3,875 12,782 49.904 15,406 47,293 112,063
8,907
1,8,245
2,225 20,470
1,526 . . . . ....... 1,520
710 20,597 22,117
1,110
380
2,847
.3,227
430
50
380
8,070
8,076
1,418 1,418 _____ —
1,550
1.550
800
800
250
250
....... —
........ .......
97,848 23,215 122,138 213,201 667,660 181,510 572,245 1,421,451
vt
‘>00 1 1s 5<n nm 140 09*1 .1 . run
122.835*2?
44,878

34,541] -Sr1,535 5,11(1

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at. the ports named. W e add similar figures for
New York.




[VOL. LXXXXIII.

Oct. 13 at—

GerOther CoastGreat
Britain. France many. Foreign wise.

19,775
71,849
31,000
13,000
18,242
12,007
9,700
34,000

45,013
71,511
157,440
35,304
24,013
18,55!)
79,995
14,020

Total 1911... 87,542 28,354 53,235 27,328 13,114 209,573
Total 1910.. 79.889 24,279 63,403 .33,880 19,530 221,041
Total 1909.. 90,172 56,007 81,392 21,704 33,605 282,940

440,401
343,484
400.892

New Orleans _
Galveston___
Savannah — .
Charleston......
M obile.... . . .
Norfolk _ . . .
New York__ _
Other ports__

10,747
34,998
10,000
3,000
0,797
4,000
18,000

4,298
2,289 2,441
1,107
9,800 7.914 18,030
8,400 10,100 2,500 *' i,,__
10,000
2,605 8,780
12,007
1,000 2,500
2,200
—
---.
3,000 13,000

Leaving
Stock.

Total.

Speculation in cotton for future delivery has continued
along broadening lines and with prices lower. The South
and large up-town interests have been steady sellers. The
weather has continued in the main exceptionally favorable
throughout the South. There have been rallies on covering
of short commitments, but they have been ephemeral and
microscopic as compared with the enormous downward
swing of prices since early last June. The receipts have
reached, if not equaled or exceeded, records of late. The
weight of the actual cotton, (he hesitation of the Southern
spot markets, the persistent Southern hedge selling, or, in
other words, the steady offerings of the South both here and
in Liverpool, all have combined to depress prices. Many
contend that with the generally admitted reduced buying
power extant over large portions of the civilized globe that
cotton prices must work still lower, owing to the fact that
foodstuffs come first and clothing afterward. Then, too,
it is pointed out that cotton goods can, when it is imperative,
be made to last unusually long. Such is the opinion of
m any. Large traders who were associated with the bull side
last year are now as aggressively arrayed on the bear side
Prominent metal interests, it is averred,*arc now heavily
short of cotton, whereas until latterly they were believed to
be extensively long of both spots and futures. Crop esti­
mates are increasing, some of them being far larger than
would to many seem probable. Then, too, while some
500,000 to 600,000 bales of short contracts have recently
been covered, prices have failed, as already intimated, to
recover to any noticeable extent. Recent rains in the
Eastern section of the American cotton belt have failed
to stimulate prices much.
But there has latterly
been much talk of holding back cotton
at
the
South; the
point
has
been made that the South
when fortified by the actual cash received from the sale of
its raw cotton, in say two months from the first of the sea­
son (Sept. 1), will then be in a position to dictate prices.
Many close observers of the cotton situation contend that
cotton prices, after the recent and severe decline, may easily
rise violently, as in their estimation the short interest has
been over-extended. However, the steady Southern hedge
selling has thus far taken the snap out of all the bullish argu­
ments. To-day on continued Southern hedge selliug further
new low records were reached. Spot cotton has been dull,
and during the week has declined 45 points for middling
uplands to 9>£c.
The rates on and off middling, as established Sept. 13 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair------------- c.1.50 on [Middling ---- .'.C. BaslsIGood mid. tinged.c. Kven
Strict raid. fair. ..1.30 on|Strict low mid---- 0.25 off |Strict mid. tinged. .0.15 ofr
Middling fair____ 1.10 on| Low middling------0.00 off IMiddling tinged__ 0.25 off
Strict good mid___ 0.00 on|.Strict good ord---- 1.05 off |Strict low mid.ting. 0.00 off
Good middling___ 0.44 on IGood ordinary.. .1.75 off |Low mid. tinged__ 1.50 olT
Strict middling___ 0.22 on|Strict g’d mid. tgd.0.35 on|Middllng stained..0.75 oft

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 7 to Oct. 13—
Sat. Mob. T ucs.
Middling uplands___________ 9.95
9.75
9.75

W ed. Thurs.

9.75

II.

Fri.

9.50

N E W Y O R K Q U O TA TIO N S FOR 32 Y E A R S .
The quotations for middling upland at New York on
Oct. 13 for each of the past 32 years have been as follows:
1911.0_____9.50
1910_______14.90
1909 _______ 13.85
1908_______9.15
1907_______11.70
1900........... 11.30
1005_______10.10
1904......... 10.40

1903.C____ 9.00
1902_______ 8.80
1901
8.50
1900_______ 10.44
1899......... 7.19
1898______. 5.38
1897_______ 0.38
180G_______ 8.00

1895-C____ 9.12 1887.0_____ 9.44
1894_______ 0.00 1880. ..... . 9.31
1893_____ . 8.38 1885
9.81
1892_______8.00 1884_______ 10.00
1891_______ 8.02 1883....... . .10.69
1890..
.
.10,38
1882......- .11.50
1889.. ....... 10.02 1881.......... 11.50
1888______ 9.00 1880_______11.31

M A R K E T A N D SALES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday__
Monday _ _ .
Tuesday__
Wednesday.
Thursday ..
F r id a y ___
Total —

Q u ie t...................
Quiet, 20 pts. dec.
Quiet _ ....... .........
Quiet __________
........... . HO LI
Quiet, 25 pts. dec..

Futures
Market
Closed.
Weak_____ --Barely steady..
Steady............
Barely steady
DAY ........... .
Steady________ :

SALES.
Spot:

Contr’ct Total.

___
___

1,700

—

, 500

500

2.200

2.20O

1,700

F U T tlR E S .— The highest, lowest and closing prices at
New Yorlc the past week have been as follows:
e

1049

THE CHRONICLE

O ct . 14 LOU,]

to

£

zrn

A T T H E IN T E R IO R T O W N S the m ovem ent—that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out in
detail below.
■ /

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T H E V IS IB L E SU P P L Y OF COTTON to-night, as made
up by cable and telegraph, is as follows: Foreign stocks, as
well as the afloat, are this week's returns, and 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.
Stock at Liverpool______ ..b a le s.
•Stock at L o n d o n ............... . .........
•Stock at M anchester_______ _ _. .

1910.
209,000
4,000
15,000

1909.
002,000
12,000
35,000

1908.
320,000
12,000
24,000

•Stock
S tock
Stock
Stock
Stock
Stock
Stock

288,000
10,000
71,000
55,000
2,000
7,000
17,000
2,000

649,000
11,000
92,000
119,000
2,000
9,000
8,000
3,000

356,000
20,000
78,000
51,000
4,000
14,000
12,000
10,000

164,000

273,000

189,000

452,000
55,000
657,273
52,000
82,000
232,000
564,525
290,714
38,164

922.000
320,000
779,584
38,000
84,000
101,001
743,832
401,231
36, 109

545,000
46,000
709,828
27,000
79,000
206,000
507,138
453,726
28,61 0

October 13—

at
at
at
at
at
at
at

H am burg_____________
Bremen _ ....................
H avre. . . v . : . - - ______
Marseilles_______ ___ _
Barcelona ___________
G en oa________________
T rie s te ______________

Total European stooks_____
India cotton afloat for Europo__
Amcr. cotton alloat for Europe.,
Egypt,Brazil,&c.,adt.for Europe.
Stock In Alexandria, Egypt__ ..
Stock In Bombay, India_______
Stock In U. S. ports___________
Stock In U. S. Interior towns___
U. S. exports to-day_______ _ . ..

423,000
2 ,000
855,351
2 ',000
54,000
273,000
656, 34
429,Ltd
59,856

American—
Liverpool stock.__
____ bales. 153,000
Manchester atook___ ___________
11,000
Continental stock______________
97,000
American alloat for Europo__ 855,351
U. S. port stocks._____________ 056,031
TJ. S. interior stocks________ . 429,139
U. S. exports to-day..................
59,856

2,423,676 3,138,050 2,722,292
er descriptions are as follows:
204,000
10,000
121,000
657,273
564,525
290,714
38,164

522,000
27,000
245,000
779,584
743,832
401,231
36,109

216,000
16,000
126,000
709,828
567,138
453,726
28,600

Total American_________ __ 2, 261,383 1,885,676 2,755,056 2,177,292
leant Indian, Brazil, &c.—
65,000
80,000
104,000
Liverpool stook......................... 107.000
JyOndon stock.............................
4,000
12,000
12,000
8,000
8,000
8,000
Manchester stock... _____ ....___
5,000
8,000
Continental s to c k ..___________ _
63,000
43,000
28,000
39.000
16,000
India afloat for Europo_________
55,000
32,000
20.000
27,000
Egypt. Brazil, &c.. afloat__ ____
52,000
38,000
29.000
79,000
Stock In Alexandria, Egypt.......
82,000
94,000
54.000
Stock In Bombay, In d ia ............ 273.000
101,000
206,000
232,000
545,000
383,000
538,000
1,885,676 2,755,056 2,177,292
Total visible supply. ---- - .
Middling Upland, Liverpool-----Middling Upland. New York---Egypt, Good Brown, Liverpool..
Peruvian, Rough Good, Liverpool
Broach, Fine, Liverpool.-- -----Tinnevclly, Good, Liverpool-----

2,423,670 3,138,056 2,722,292
7. lid .
4.99d.
8.25d.
13.90c.
9.30C.
14.900.
10 'Ad.
8 5*d.
13d.
8.75d.
8.15d.
10.50d.
7 'Ad. 6 13-10d. 4 13-16d.
6Hd. 4 ll-10d.
7 Md.

Continental imports for the past week have been 101,000
>ales.
The above figures for 1911 show an increase over last week
258,941 bales, a gain of 375,707 bales over 1910, a de­
Tease of 338,673 bales from 1909, and a gain of 77,091
tales over 1908.

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The above totals show that the interior stocks have
138,425
bales more than at the same time last year. The receipts
at all the towns have been 20,252 bales more than the same
week last year.

creased during the week 69,436 bales and are to-night

O V E R L A N D M O VEM EN T FO R T H E W E E K A N D
SINCE SE P T. 1.— W e give below a statement showing the
overland movement f#r 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:
October 13—
Shivped—
Via Cairo_______
Via Rock Island.
Via Cincinnati..
Via Virginia polti
Via other route?.
Total gross overland_____
Deduct shipments—
Between Interior towns..
Inland, &c., from South.

...
992
...
489
. . . 5,268
. . . 4,819

Since
Sent. 1.
13,773
1.268
100
4,857
1,600
10,212
16,050

Week.
7,293
7,052
375
3,011
5,549
5.087
4,146

Since
Sept. 1.
17,953
10,216
625
5,754
2,830
9,267
13,470

...19,233

47,860

28,513

60.115

: ... 3.222
...
536
...
027

6,063
2,412
7,787

3,561
694
602

7,240
3,459
12,085

ireet.
. .. 7,337
...
328

. . . 4,385
4.385
Total to be deducted____________

16,262

4,857

22,784

...14,848
Leaving total net overland*_____14,848

31,598

23,656

37,331

The foregoing shows the week's net overland movement
has been 14 ,^4s bales, against 23,656 bales for tho week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 5,733 bales.
-------- 1911---------- -------- 1910---------Since
Since
In Sight and Spinners'
Sent. 1.
Week.
Sept. l.
Takings.
Week.
Receipts at ports to Oct. 13________ 431,129 2,025,791 400,089 1,676,499
23,056
37,331
31,598
Net overland to Oct. 13___________ 14,848
45,000 218,000
Southern consumption to Oct. 13— 45,000 ■ 230,000
Total marketed_____________
490.977 K 287.389
Interior stocks in excess--------------- 69,436 328.702

468,745 1,931,830
67,182
239,936

_____
Came Into sight during week_____560.413
Total In sight Oct. 13_____________
_____ 2.016,091

535.297
__
___
2,171,766

North’n spinners’ takings to Oct. 13. 68,435

212,710

70,224

243.039

years:
Movement into sight in previous years
Wees-—
1909— Oct.
1908 —Oct.
1907—Oct.
1906—Oct.

15........
17............
18----------------1 9 .._____

Bales.
092,444
532,142
382,126
500,686

Sine« Sept.
1909— Oct.
1908—Oct.
1907— Oct.
1906—Oct.

1—
Bales.
15......
..2,645,201
17__________ 2.410,951
18__________ 1,825,882
19____
2,281.382

Q U O TATIO N S FO R M ID D L IN G COTTON AT O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.

1050

THE CHRONICLE
Closing Quotations for Middling Cotton on

Shreveport, La.

[VOL. LXXXXIII.

— W e have had rain on two days during the
past week, the rainfall being eight hundredths of an inch.
The thermometer has ranged from 54 to 94, averaging 74. .
Galveston_____ OH
0u
0H
OH
0A
9A
— There has been rain on one day during
New Orleans__ 9 H .
9 11-16 9 11-16 9 11-16 9 7-16
ou
M obile______ . 9 9-16
the week, the precipitation being three hundredths of an inch .
9 0-16
9H
9H
0A
9H
.Savannah_____ 9 7-16
9 3-16
0H
9 1-16
9 3-16
0 3-16
The thermometer has averaged 76.
• . .,|ty
Charleston_____ 9 0-16
9 5-16
9A
9 3-16
9
0'A
— Rain on three days of the week to the
Wilmington___ 0 0-16
OH
9A
0
9A
9H
.Norfolk_______ OH
9 5-16
9 5-16
9 'A
9A
OH
extent of fifty-two hundredths of an inch. Average^ther­
Baltimore____ 10.00
9A
OH
9H
OH
mometer 71, highest 90, lowest 59.
; .r>. •;
Philadelphia__ 10.20
10.00
0.75
10.00
10.00
A u gu sta______ 9 a
9 7-16
9%
9 7-16
9A
9%
— There has been rain on three days during
Memphis____
10 H
10
10
10
0
13-16
10
the week, the precipitation reaching twenty-five hundredths
St. .Louis....... . 10 'A
10
•
10J4
10
10
10
Houston______ 9 13-10 9 H
9 11-16 OH
The thermometer has averaged 74, the highest
OH
OH ■ ■ of an inch.
Little Rock____ 9 H
9 11-16 0 11-16 OH
OH
' being 91 and the lowest 56.
OH
— We have had rain on two days the past
N E W O R LE A N S O P TIO N M A R K E T .— The highest,
week, the rainfall being forty-three hundredths of an inch.
lowest and closing quotations for leading options in the New
Thermometer has averaged 68, ranging from 41 to 91.
Orleans cotton market for the past week have been as follows:
— Rain has fallen on two days during the week,
the rainfall reaching nineteen hundredths of an inch. The
Sat'day, Monday, Tuesday, Wed’ day Thursd'y, Friuay,
thermometer has ranged from 42 to 87, averaging 65.
Oct. 7.
Oct. 9. Oct. 10. Oct. 11. Oct. 12. Oct. 13.
— Picking and ginning aotive. Receipts
October—
There has been rain on two
Range ______ 9.66-.80 9.54-.75 9.50-.60 9.55-.64 9.38-.50 9.30-.37 delayed by the railroad strike.
Closing_____
9.73 — 9.58-.60 9.60-.01 9.57-.59 9.40 — 9.30-.31 days of the week, the rainfall reaching twenty-two hundredths
November—
Range ______ — @ — 9.60 — — 9.50 — ® —
9.30 — of an inch. Average thermometer 66, highest 88, lowest 53.
Closing___ . 9.60 — 9.51-.53 9.52 — 9.48 — 9.33 — 9.24 —
— Rain in the interior middle of week, retard­
December—
Range ______ 9.63-.78 9.49-.76 9.36-.58 9.45-.62 9.32-.44 9.19-.35 ing cotton picking. There has been rain on five days durjng
the past week, the rainfall being sixty-five hundredths of an
Closing______ 9.69-.70 9.51-.52 9.52-.53 9.48-.49 9.33-.34
Jan.—
R an ge______ 9.67-.83 9.52-.78 9.41-.60 9.4 7-. 67 9.33-.45 9.22-.35 inch. The thermometer has averaged 78, the highest being
Closing....... _ 9.73-.74 9.54-.55 9.55-.56 9.51-.52 9.35-.36 9.26-.27 88 and the lowest 71.
February—
— Rain has fallen on three days the past
Range ......... — 9.88 — © —
— © —
Closing______ 9.77-.79 9.58-.60 9.59-.01 9.55-. 57 9.39-.41 9.30-.32 week, the rainfall reaching one inch and seventy-five hun­
March—
dredths. The thermometer has averaged 78, ranging from
Range ______ 0.81-.07 9.65-.90 9.51-.72 9.59-.78 9.44-.57 9.34-. 47
Closing______ 9.85-.86 9.66-.07 9.67-.68 9.62-.63 9.46-.47 9.38-. 39 68 to 94.
April—
— W e have had rain on four days during the
R an ge______ — @ — — @ — — @ — — @ — __
__ — © —
Closing____
9.89-.91 0.71-.73 9.72-.74 9.67-.69 9.50-.52 9.43-.45 week, the precipitation reaching one inch and sixty-five hun­
May—
dredths. The thermometer has ranged from 58 to 90, av­
Range ______ 9.55-.11 9.77-.00 9.70-.83 9.71-.87 9.58-. 70 9.48-.61
Closing......... 9.98-.00 9.78-.80 9.80-.81 9.75-.77 9.59-.00 9.52-.63 eraging 75.5.
— Fine picking weather. There has been rain
July—
Range ......... 10.06-.00 10.02 — — © — 9.84 — 9.65 — 9.68 —
Closing______ 10.08-.10 9.85-.87 9.88-.90 9.81-.83 9 66- 67 9.58-. 60 on one day during the week, the precipitation being fortynine hundredths of an inch. Average thermometer 69.1,
Tone—
Spot . ......... Steady. Quiet. Steady. Steady. Steady. Steady.
highest 89 and lowest 54.
Options_____ Steady. ll’Iy st’y- U’ly sdy. S toady. Steady. Steady.
— Dry all the week. The thermometer
has averaged 70, the highest being 88 and the lowest 52.
— It has rained on three days during the week,
W E A T H E R R EP O R TS B Y T E L E G R A P H .— Our reports
by telegraph from the South this evening indicate that while the rainfall being fifty-one hundredths of an inch. The
in portions of the Atlantic and Eastern Gulf States rain during thermometer has ranged from 55 to 89, averaging 72.
— There has been rain on two days during
the week has interfered to some extent with the gathering of
the crop, on the whole, picking has progressed actively. the week, to the extent of two inches and thirty-seven hun­
dredths. Average thermometer 76, highest 92, lowest 64.
Marketing has been on a very free scale.
.— We have had rain on two days during
.— Generally much cooler weather has pre­
vailed in Texas during the week. Showers in many local­ the week, the rainfall being sixty-one hundredths of an inch.
ities, but the rainfall has been light as a rule. A light frost The thermometer has averaged 78, the highest being 93
occurred in the Panhandle on the 8th inst. W e have had and the lowest 65.
— Rain has fallen on two days of the
rain on four days during the week, the precipitation reaching
one inch and ninety-six hundredths. The thermometer has week, the rainfall being sixty-one hundredths of an inch.
The thermometer has averaged 65, ranging from 47 to 82.
averaged 75, ranging from 64 to 86.
— It has rained on two days of the week,
— It has rained on one day during the week,
the rainfall being fifty-eight hundredths of an inch. The the precipitation reaching thirty-one hundredths of an inch.
The thermometer has ranged from 51 to 91, averaging 71.
thermometer has ranged from 58 to 98, averaging 78. '
— We have had rain on three days of the past
IN D IA N COTTON M O V E M E N T FROM A L L P O R T S .
week, the rainfall being two inches and twelve hundredths.
Average thermometer 81, highest 100, lowest 62.
1910.
1909.
— We have had light rain on two days during
Oct. 12.
1911.
the week, the rain/.ill being forty hundredths of an inch.
Since
Since
Since
Receipts at—
The thermometer has averaged 72, the highest being 93 and
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1
the lowest 51.
29,000 3,000
36,000
9.000
24.000 13,000
— We have had rain on one day the past
week, the rainfall being eighty-four hundredths o/ an inch.
Since September 1.
For the Week.
Thermometer has averaged 66, ranging from 39 to 93.
Groat
from—
Conti- I Japan
Great Conti­ Japan
— It has rained on one day of the week,
ncnl. let China. Total.
RrlUin. nent. &China Total. Ilrilain.
the precipitation reaching forty hundredths of an inch. The
Bombay—
thermometer has ranged from 57 to 94, averaging 76.
11,000
K ill___
5,000
16,000
— Dry all the week. Average thermometer
1.66(1 74,000, 10,000 85,000
1910.......
23,000 2,006 25,00(1
9,000 30,000
1,00C 2o,oo«);
1909____
3,000 1,000 4,000
73, highest 94, lowest 51.
'
Calcutta—
— It has rained lightly on three days during
3,000; _____
3,000
1911___
1,000
1,000
3.000
4.000
1,000
1,000
1910. ..
....
1,000
the week, to the extent of forty-one hundredths of an inch.
4.000
3.000
1909.......
1,000
The thermometer has averaged 77, the highest being 98 and Madras—
J
3,000 _____
1911.. .
1,000
4,000
2,000
2,000
the lowest 55.
3.000
1910.......
3.000
— - ........
— .— Rain has fallen on two days of the week,
4.000
1,000
5.000
1909.......
the rainfall being thirteen hundredths of an ipch. The ther­ All others—
J
2,000 30,000,
1911___
32,000
3,000
2,000 t.OOO
mometer has averaged 75, ranging from 56 to 94.
1,000 20,000'
1910____
21,000
3.000
3.000
2,000 28,000;
1909......
30,000
.— There has been rain on two days of the week,
2.000 ___ 2.000
the precipitation reaching seventy-seven hundredths of an Total all—
1911......
3,000 47.00o!
inch. The thermometer has ranged from 59 to 96, aver­
5,000 55,000
2,000 4,000
6,000
1 °^
3.000 100 .000I 10,000 113,006
1,000 26,000 2,000 29,000
aging 78.
___ 5,000 1,000 6,000
4.000 55,000 10,000 69,000
1C00,___
— Dry all the week. Average thermom­
eter 76, highest 96, lowest 56.
A L E X A N D R IA R EC EIPTS A N D S H IP M E N T S.
— W e have had light rain on three days of
the week, the rainfall reaching twenty-nine hundredths of
Alexandria, Egypt,
1010.
1909.
Oct. 11.
an inch. The thermometer has averaged 73, the highest
1911.
being 94 and the lowest 52.
Receipts fcantars)—
240,000
250,000
— There has been rain on one day during the
140,000
Tills week ...
776,176
651,782
334,584
Since Sept. 1___________
week, the precipitation reaching seventy-three hundredths
of an inch. The thermometer has averaged 73, ranging
This Since
This Since
This Since
from 50 to 95.
Exports (bales)—
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
— It has rained on one day of the week,
10,478 0,250 18,860.
14,492
To Liverpool........ ........
the precipitation reaching fifty-four hundredths of an inch.
To Manchester___ __:
2,750 7,87" 8,500 15,000 5".750 0,250
The thermometer has ranged from 56 to 94, averaging 75.
To Continent and India. . 4,500 17,547 7,250 24,426 5.500 23,968
1,600 1,000 2,849j
2,307
To America____________
— It has rained on two days of the week,
the precipitation being thirty-eight hundredths of an inch.
Total exports______ _ 0.750 37.504 23.000 61.135 11,250 47.017
Average thermometer 72, highest 93, lowest 50.
Note.— A cantar Is 00 lbs, Egyptian bales weigh about 760 lbs.
Week ending
October 13.

Sat'dag.

Monday. Tuesday. Wed’day. Thursd'y. Friday.

New Orleans, La.
Vicksburg, M iss.

Meridian, M iss.

Ardmore, Okla.

Tulsa, Okla.

Memphis, Tenn.

Mobile, A la.

Montgomery, Ala.

Selma, Ala.

Helena, Ark.

Little Rock, Ark.
Atlanta, Ga.

Savannah, Ga.

Galveston, Tex

Charleston, S. C

Spartanburg, S. C.

Brenham, Tex.
Cuero, Tex.

Dallas, Tex.

Henrietta, Tex.

Huntsville, Tex.

Kerrville, Tex.
Lampasas, Tex.

Longview, Tex

Luling, Tex

Nacogdoches, Tex.
Palestine, Tex.
Paris, Tex.

Sail Antonio, Tex.
Weatherford, Tex.




Charlotte, N . C.

Oct . 14 1911.]

THE

W O R L D ’S S U P P L Y A N D
r-j
f ■i

Cotton Takings,
Week and Season.

T A K IN G S OF C O TTON .
1910.

1911.
Week.

Week.

Season.

Season.

Visible supply Oct. 6___
2,146,531
2,540,442
1,003,416
1,495,514
Visible supply Sept. 1_________
560,413 2,616,091 535,027 2,171,766
American In sight to Oct. 13___
29.000
3.000
24.000
Bombay receipts to Oct. 12___
9.000
39.000
28.000
4.000
6.000
Other India shln’ts to Oct. 12..
44,600
32,000
103,000
9,400
Alexandrta receipts to Oot. 11..
43.000
9.000
40,000
Other supply to Oct. 11*
11,000
Total supply. _______________ 3,136 455 4,375,109 2,730,458 3,862,280
Deduct—
Visible supply___ ;___________ 2,790,383 2,799,383 2,423,670 2,423,676
Total takings to Oct. 13--------- 336,872 1,575,726 .306,782 1.438.604
287,472 1,207,126 227,782 1.079.604
Of which American_________
49,400
308,600
79,000
359,000
Of which other_________ —
* Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.

CENSUS B U R E A U R E P O R T ON COTTON G IN N IN G
TO SE PT. 25.— The Census Bureau issued on Oct. 2 its re­
port on the amount of cotton ginned up to Sept. 25 from the
growth of 1911 as follows, comparison being made with the
returns for the like period of the preceding years.
Number of bales of cotton sinned from the growth of 1011 prior to
Sept. 25 1011, and comparative statistics to the corresponding date In
1910, 1909 and 1908.
-Counting Round as H alf Bales1911.
1910.
1909.
1908.
United States_______________ 3,663,066 2,312.074 2,568,150 2,500,639
State—
Alabama___________________ 360,922
201,488
187,832
316,349
Arkansas __________________
43,551
22,319
83,926
80.365
Florida_____________________
21,272
11,252
16,657
19,581
Georgia-------------------------- 703,066
305,407
514,898
536,212
88,322
Louisiana__________________
45,799
79,042
62,616
Mississippi _________________
96,340
83,768
199,001
96,825
North Carolina______________ 153,642
89,063
46.051
80,498
Oklahoma_________ _______ _ 115,756
5,705
110,530
134,377
South Carolina_____________
339,111
100,521
289,969
285,401
Tennessee__________________
15,488
28,109
1,602
17,152
Texas ----------------------------1,659,816 1,263,212 1,061,558
960,607
All other States____________
5,180
4,774
125
2,172
The statistics In this report Include 27,948 round balcs'for *1911: 38,026
for 1910; 48,070 for 1909 and 57,107 for 1908. The number of .Sea Island
bales Included Is 11,512 for 1911, 7,003 for 1910, 13.832 for 1909 and
11,457 for 1908.
The statistics of this report for 1911 arc subject to slight corrections
when checked against the Individual returns of the glnncrs being trans­
mitted by mall. The corrected statistics of the quantity of cotton ginned
this season prior to Sept. 1 arc 771,297 bales, jy.4
•t
*

DOM ESTIC E X P O R T S OF COTTON M A N U FA C TU R E S.
— W c give below a statement showing the exports of domestic
cotton manufactures for August and for the eight months
ended August 31 1911, and, for purposes of comparison, like
figures for the corresponding periods of the previous year are
also presented:
tQuantities of Manufactures of Cotton Monl’i ending Aug. 31 8 Months ending A uy. 31.
(iColored and Uncolored)
Exported to—
1911.
1910.
1911.
1910.
United Kingdom.................yards
65,311
200,705
990,233 1,160.187
Canada ________ __________ .
811,282 1.201,144 0.945,645 7,985,049
Central American States and British
Honduras.............................. 3,280.682 3,301,874 20,757,300 15,809,989
Mexico .............
..........
110 959
119.902 1.054.455 1,223,747
Cuba ...................
2,389.426
886,100 14,898.587 6,012,612
Haiti .....................
1,097,518
10,766,088
Other West Indies and Bermuda . 2,365,232 3,929’,650 19,046,952 23,141,459
Brazil...........
79,984
842 250 1 487 545
257 811
cwie................... : : : : : : : : : : : : : :
773 008
545.831 7.979,075 0.045.825
Colombia ................................. 1.022.819 1.230,628 10,852,044 10,941,890
Other South America_____ ______ 1,267,322
747,743 12,349,878 8,515,537
Aden.................................... . 1,085,200
942,000 13,759.104 5,786.250
Chinese Empire__ , ____ ____ __ 8,680,449 9,582,788 70,511,609 56,014,438
British East Indies. ____________ 1,226,957
592,065 8,228,851 5,527,226
Brltlah Oceania............ .... .........
702,753 0,530,808 4,949,247
755,847
Philippine Islands________ _____ 4,248,269 5,181,960 24.752,352 34,142,813
Other Asia and Oceania.
686,464 2,676,195 1.802,327
389,798
Other countries........... .
’ 1,792,823 1,084,427 12,047,950 0,372,435
Total yards of above______
Total values of above........
Value per yard.............

32,046,886 31,910.845 250,989,982 196.896,376
$2,188,023 $2,147,817 $17,706,880 $13,310,783
$.0683
$.0673
$.0705
$.0670

Value of Otlter Manufactures
of Cotton Exported—
Wearing apparel—Knit goods__
All other.............................
Total
Waste, cotton---- -----------------Yarn........ ..............................
All other................... ............. -

$186,878
485,739

$180,402 81,211,440
414,815 3,950,392

$672,617

$601,218 $5,161,832 $4,229,530

235,603
42,137
492,616

168,635
98,554
418,542

2,267,086
382,689
3,677,227

8935,882
3,293,648
2,290,914
395,771
3,023,800

Total manufactures of.............. 83,031,002 $3,434,706 $29,195,720 $23,202,798

M A N C H E STE R M A R K E T .— Our r ^ p ^ ~ r ^ d 7 e d ~ b j
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. Merchants are buying
very sparingly.
We give the prices for to-day below
and leave those for previous weeks of this and last year
for comparison:
1910.
S3* lbs. Shirt- Cot'n
tags, common Mid.
to finest.
Upl-s

32s Cop
Twist.

d. s. (1.

d.

8. (

32s Cop
Twist.

d.

83* lbs. Shirt- Cot’n
ings. common Mid.
to finest.
Upl's
d. s. d.

1051

C H R O N IC L E

„ „
Total bales.
NEW YO R K — To Liverpool— Oct. 7— Columbian. 300 foreign...
Oct. 11—Cedric, 5,057 upland, 210 Sea Island, 1,840 foreign. 7,407
To Hull—Oct. 6— Francisco, 500____________________________
500
To Manchester— Oct. 6—Tremont, 1,000____________________
1,000
To Bremen— Oct. 11— Barbarossa, 538 upland, 1 Sea Island__
539
To Hamburg— Oct. 9— President Grant, 400_________________
400
To Antwerp—Oct. 6— Lapland, 800_________________________
800
1,656
To Genoa—Oct. 11— Moltke, 1,656________ _____ - .................
To Naples—Oct. 11— Moltke, 300___________________________
300
To Piraeus— Oct. 11— Patrls, 180___________________________
180
GALVESTON— To Liverpool— Oct. 9— Rowanmore, 22,967
Oct.
10— King Edgar, 11,610....................... ...........................
34,577
To Manchester— Oct. 7— Tclesfora, 10,301------------------------ 10.301
To Bremen— Oct. 9— Breslau, 3,832...O ct. 11— Cayo Do­
mingo, 6,726; St. Andrews, 9,036__________ ;______________ 19,594
To Antwerp— Oot. 9— Kendal Castle, 2,690_________________ 2,690
To Ghent— Oct. 9— Kendal Castle, 4,059____________________ 4,059
TEX AS C IT Y— To Liverpool— Oct. 6—Commodore, 14,087.. .Oct,
9—Alexandrian, 9,150...Oct. 11— Istrar, 11,303__________ 34,540
N E W ORLEANS—To Belfast— Oct. 11— Howth Head. 1.535_____ 1.535
To Havre— Oct. 9— Crown of Cordova, 4,300--.0ct. 10—
Guatemala, 750.............................. ................ - ................. 5,110
To Hamburg— Oct. 11— Lotusmore, 50_____________________
50
To Oporto— Oct. 6— Plo IX ., 2,300 ________________________
2,300
To Barcelona—Oct. 6— Plo IX , 1,100_______________________
1,100
To Genoa— Oct 11— Monccnislo, 5,000_____________________ 5.000
PENSACOLA— To Liverpool—Oct. 10—Richmond, 6.082........... 0,082
To Havre— Oct. 13— Madrlleno, 4,264_____________ ______ _
4.264
SAVANNAH — To Havre—Cheviot Range, 7,406_________________ 7,406
To Bremen— Oct. 7— Cralghall, 4,501; Ramazan, 9,350__ Oct.
9—Gafsa, 10.221-._Oct. 12— Northumbria. 4,850......... .
28,922
300
To Malmo— Oct.'7—Cralghall, 300._______ _________ _______
To Uddevalle—Oct. 7—Cralghall, 100....................................
100
To Gothenburg— Oct. 7—Cralghall, 50________ . .
..
50
To Riga— Oct.7— Cralghall, 100 Oct. 12— Northumbria. 100
200
To Reval— Oct. 7— Cralghall, lOO.-.Oct. 9— Gafsa. 211
1,111
Oct. 12— Northumbria, 800________________
To Norrlcoplng— Oct. 12— Northumbria, 200.............
200
To Oporto—Oct. 9—Gafsa. 450____________________
450
3,600
To Barcelona—Oct. 12—Delphlne, 3,600:________ .
To Genoa— Oct. 12— Dclphinc, 4,400____________
1 400
......... I 9 638
BRUNSW ICK—To Bremen—Oct. 12—Zafra, 9,638 .
CHARLESTON— To Bremen—Oct. 12—BIrkball. 12 000.
’ 12,000
WILMINGTON— To Havre—Oct. 7— VIzcalna, 6.435___
6 435
To Bremen— Oct. 6— Gretavale, 10,143.. .Oct. 12— Cape An­
20 231
tibes. 10,088----- ----------------------------------- ------BOSTON—To Liverpool— Oct. 9— Arabic, 1,526_______
_ I l 526
P H ILA D E LPH IA — To Liverpool— Oct. 6—Merlon, 380.........
380
To Hamburg— Oct. 4— Walclersee, 50
50
1.418
SAN FRANCISCO—To Japan— Oct. 4—Siberia, 1,418________ “
SEATTLE— To Japan— Oct. 7— Kamakura, 800 ......... .............
$00
Total .................. ............................ ....................................... 243,201

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week's sales, Btocks, Ac., at that port:
Sep t. 2 2 .

Sales of the week......... bales. 34,000
___
Of which speculator* took..
Of which exporter* took____
1,000
Sales, American------------------ 22,000
Actual export...............
5,000
Forwarded------------------------ 69,000
Total stock— Estimated......... .274,000
Of which American_________ 132,000
Total impdrts of the week____ 66,000
Of which American_________ 53,000
Am >unt afloat-------------------- 197,000
Of which American_________ 173,0p0

Sep t. 2 9 .

34,000
1.000
3,000
24,000
5,000
67,000
283,000
148,000
80,000
73,000
298,000
273,000

O ct.

6.

72,000

2 .000

3,000
52,000
5,00)
84,000
244,000
121,000
48,000
38,000
449.000
428,000

C c t . i 3.

56,000
4,000

2 .0 0 0

44,000
3,000
83,000
260,000
153,000
10’ ,000
101,000
459.000
432,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

Saturday.
1
(
J

Quiet.

Monday. \
1 Tuesday.
Good
demand.

Good
demand.

Wednesday. Thureday.
Good
demand.

Good
demand.

Friday.
Good
demand.

Mid. Upl'ds

5.59

5.53

5.44

3.47

5.41

5.31

Sales____
Spcc.&exp.

7,000
300

12,000
1,000

10.000
1,000

12.000
1,000

12,000
1,000

10,000
1,200

Futures.
Firm at Ba’ly s'v at Easy at
Market 1 2)* points 6)4@8)4 7@9 pts.
opened J decline.
pts. dec.
decline.
Market,
P. M.

Steady at
3@4 pts.
advance.

Quiet at
Weak at
2 points 5©5J* pt.».
decline.
decline.

1Sty. at 1)* Quiet at Steady at
Easv at
Quiet at Barelv sty.
ots. dec. to 5J*@7 pts. 9 @ ll)4 2©3)4 pts. 3@5 pts.
at 5@8
decline.
pts. dec.
advance.
decline.
pts. dec.

j 1Hots.air.

The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are gUen in pence and lOOths.
Oct. 7
IU
Oct. 13
October..
Oct.-Nov.
Nov.-Deo.
Deo.-Jau.
Jan .-Feb.
Fcb.-Mch.
Moll -Apr.
Apr .-May.
May-June
June-July
July-Aug.
Aug.-Sep.
Sep.-Oct .
Oct.-Nov.

Sat.

Mon.

Tucs.

Thus. 5 31 means 5 31-100<f.
Wed.

Thurs.

Fri.

Si 12 Vi 12 H 4 12 M, 4 12 M 4 12 M 4 12M 4
p.m. p.ra. p.m. p.m. p.m. p.m. p.m ).m. p.m. p.m. p.m. p.m.
1:

31 V, 24 t*
28 J* 21 Yt
24 17)*
24 17)*
26)* 20
28 )4 22
30)4 24
32 26
34 28
34)4 28 )*
35 29)*
26
22
—
18

5

5
___ 15
5
III I 5
___ 5
___ 5
___ 5
___ 5
___ 5
___ 5
—

25 15 W 14 10
21 )* 12 10)* 15)4
18 08 00)4 12
18 08 )* 06)4 12
20)* 11 09 14
22 V* 13 V. 11)4 16
24 )4 15 13)4 18
26)* 17)4 15 J4 20
28)4 19)4 17)4 22
29 20 18 22)4
29)* 21
19 23)4
26 18 16 21
22 15 12 18
19 11 10 15)4

16 15
12 t* 11
09 06)4
09 00)4
11 08)4
13)4 11
15)4 13
17)4 15
19 )4 17
20)4 18
21
18)4
18 H 17
1ft U 14
13 112

13 07
09 03
04)4 99
04)4 99
00)4 01
09 03)4
11 05)4
13 07)4
15 09)4
15)4 10)4
10)4 11
13 )4 08
11 06
00 04

05
01 Vi
97
07
99
01 )4
03)4
05)4
07 )4
08 J*
09
06
04
03

BREADSTU FFS.

Friday Night, October

13 1911.
Flour has in the main displayed some apathy as to prices,
although it is true that in some of the Southwestern markets
@ 104* 5 83*^10 9
6.95 105* @ 113*
0 @ 10 8
7.97 firmness of prices has been apparent, notably at Kansas City.
8 9J* 0 1046 5 9 @10 10 7.32 103* @ 113*
8.
53*@
10
734
@ 103*
15
9 @10 103* 7.18 105* @ 115*
6 @10 736 7.98 Grain crops in the Southwest, it seems, are short this season.
22 9 11-16© 103*
9 @10 103* 6.80 10 0-16@ll 5-16
0 @10 73* 7.82 In the Northwest of late the milling demand has improved.
29 9 7-10@ 10J*
3)4@10 9 3* 6.11 105* @115-16
6 @10 73* 7.61
Oct.
Y et spring-wheat flour has shown some heaviness and the
10
0
73* * 10 8
5.59 103* @ 1134
7 @10 9
7.88 quotations for soft winter wheat grades have been largely
13
7 @10 73* 5.31 11 1-16@ 113*
8.25
73*@11 0
nominal. But in the-local market prices have been firm and
SH IP PIN G N E W S .— As shown on a previous page, the there has been a fairly active jobbing demand. Buyers, it
exports of cotton from the United States the past week have seems, although having sufficient supplies for pressing needs,
reached 243,201 bales. The shipments in detail, as made have been holding off as far as regards making contracts for
up from mail and telegraphic returns, are as follows:: :
the more distant deliveries.
Allg.

25 9)*
Sept
1 9H

@

10H 5 8 @10 8

9%




0.88 103* @

b.

d

113* 5 63*@10 8

8.14

1033

THE CHRONICLE

W heat has shown a steady undertone as to prices— in fact !
at times advancing slightly. The continental markets have
in most instances been firm. Exporters have been buying
the lower grades in the Winnipeg market. Until recently the
weather in the North American Northwest and in Canada has
been unfavorable; there have been complaints, often insis­
tent, of deterioration consequent upon cold and rainy weather
in Manitoba and Saskatchewan; there have been numerous
frost reports from Argentina, and it is claimed that while the
Northwestern receipts have latterly been heavy, that much
of this wheat has merely reflected purchases made at South­
western markets, particularly at Kansas City. Neverthe­
less, frost reports from Argentina have been denied. Stocks
at the Northwest and the W est are piling up. Stocks, for
instance, at Minneapolis gained 2,000,000 bushels in a single
week. Italy, it seems, has been favored with a large crop.
Exports from India and Argentina have been larger and
prices at Chicago have from time to time suffered depression
from long liquidation. Then, too, it is asserted that though
the potato crop in Germany is short, rye or barley, and not
wheat, will be utilized to supply the deficiency. A more
favorable political outlook in Europe is also noted and the
crop prospects in Argentina are pronounced better. Weak­
ness in quotations at Buenos Ayres has seemed to bear out
the more cheerful crop news. A t the same time the opinion
is very general that, taken as a whole, the world’s crops are
smaller than last year's. In this country the receipts have
latterly diminished and predictions are heard of small Rus­
sian shipments this week. About 300,000 bushels of soft
winter wheat have latterly been sold in Chicago to Eastern
cities. The Northwestern situation is regarded by not a few
as bullish. Y et the distant months, it is remarked, have
shown less steadiness than earlier ones, as some of the crop
accounts from Europe have latterly been more cheerful. It
is also true that bull speculation, whatever shape it may
take in the future, has not recently been as a rule at all
aggressive. To-day prices were higher on an improvement in
the cash demand and lighter receipts of spring wheat at
primary points.

[VOL. L X X X X III.
Condition Ocl. 1, or
at time of harvest.

Crops.

1911.
70.4
81.4
02.3
80.5
69.6
85.4
59,8

Sept. 1
lO-yr. P.O.of
1910. Avgo.
80.3
81.7
71.8
80.2
47.2

78.6
84.2
75.3
83.4
•78.9
80.3
52,4

70.3
83.8
59.8
71.1
08.4
87.2
50,2

Acreage, 1911.
Acres.

10 1 0 .

115.939.000
801,000
3.495.000
893,200
3.013.000
706,700

101.7
97.0
97.3
72.4
103.3
97.0

F la x ................ ........
88.1
Rice
____________
46.4
A p p les____________
’ Eight-year average.
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from tho reports of the corre­
spondents and agents of the Bureau, as follows:
Preliminary estimates of production havo been made as follows:
Production.

Yield per Acre.
1906­
1911. 1910. 1910.

Crops.

Bus. Bus.
9.7 11.7
14.5 15.8
12.6 14.1
24.8 31.9
20.7 22.4
15.6 10.3
Tons. Tons.
H a y .................. 1.09 1.33

Spring wheat___
Winter wheat__
All wheat_______
Oats _ _________
B a rley_________
R y e ---------------

1906-1910.
Average.

1910.

1911.

Bushels.
Bushels.
Bus. Bushets.
13.5 200.307.000 231.399.000 243,186,800
15.5 455.149.000 404.044.000 450.129.000
14.7 055.516.000 095.443.000 693.316.400
28.4 873.641.000 1.126.705.000 932.124.400
24.8 145.951.000 102.227.000 166.356.000
33,039.000 32.414,000
16.4 30.077.000
Tons.
Tons.
Tons.
Tons.
1.41 40.909.000
00,978,000 03,507,400

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at—
Chicago __ .
Milwaukee..
Minneapolis.
Detroit____
Cleveland ..
St. Louis__
Peoria____
Kansas City.

Flour.

Barley.

Oats.

Com.

Wheat.

Rye.

bbls. 19616s. bush. 60 lbs. bush. 50 lbs. bush. 32 lbs. bushAHlbs. 6k .50 lbs.
912.500
85,500
112.98,8
304,800 1,440.000 2,209.500
465,400 100,989
314,500
74.400
223.710
157,070
556,762
04,513
204,852
28,676 2,582,528
224,220 1,104,080 107,120
3,895,860
89,600
1,000
72,000
105,000
41),400
........
___ _
9,345
0 .L001
54.368
21,400
500
510
42,770
72,481
9,841
5,500
194,635
70,740
443,700
421,200
317,072
3,300
84,033
29,400
00,000
25,000
182,611
127,500
579,600
111,600

D AILY CLOSING PRICKS OF W H E A T FUTURES IN NEW YORK
326,058 8,157.809 2,545,482 3,822.706 3,378,510 387,922
Total wk. '11
Sat. Mart. Tucs. Wed. Thurs. Fri.
Same wk. ’ 10 426,031 7.017,138 2,912,1.30 3,468,212 2,484,489 159,993
530,797 11,491,325 3,822,275 4,517,480 3,858,1791 310.732
No. 2 red............................
99Vs09 H100 \00y2 Holl- 101 M Same wk. ’09
December delivery In elevator___ 102 $4 102 M 102 Pi 103 'A day. 104 9-6
Since
Aug.
1
D A IL Y CLOSING PRICES OF W H E A T FUTURES IN CHICAGO.
1911____ 3.213,360 61,863,163 32,560,911 39,490,228 20.772,657 2,487,122
Sat. Ainn. Tues. Wed. Thurs. Fri.
1910....... 3.098,801 81,371,790 37,419,2 4 59.2R7.9I7 14,387,589 1,567,908
December delivery In elevator____ 07 9-6 97 'A 98 H
98 96 Holl- 99 H
1909....... 5,208,397 80,628,602 34,129,3 1 40,199,917 9 335 2'<4 2 172.210
day. 10196
May delivery In elevator_________ 103 96 103 96 104 96 104
•luiy delivery in elevator____________99H 09 96 99 96 99 96
9996
Total receipts of flour and grain at the seaboard ports for

Indian corn has maintained relative steadiness. The cash
markets, indeed, havo been firm. Iowa was buying in the
West, something unprecedented, and at Chicago the East
has been a liboral buyer. The corn crop of the South and of
much of the East, it appears, is short. But latterly the
weather has improved, that is to say, it has cleared, pre­
dictions of larger receipts havo thereupon been made, and
the gist of the crop accounts recently has been favorable.
But some do not regard the crop prospects as promising.
James Patten is said to have latterly been buying December
on a large scale. To-day corn was extremely dull, although
there was a firmer undertone.
D A ILY CLOSING PRICES OF NO. 2 M IXED CORN IN NEW YORK.
Sat. Mon. Tries. Wed. Thurs. F 'i.
Cash corn......................
76
76
76 96 76 96 Holl- nom.
December dellvory In elevator__ nom. nom. nom. nom. day. nom.
D AILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tucs. Wed. Thurs. Fri.
Dccembor delivery In elevator__ 64 9i
64 96
64 91 64 96 Holl- 64 96
May dellvory In elevator_______ 6 5 96 65 96
65 J6 65 96 day. 65 96

Oats, although they havo at times displayed some irregu­
larity as to prices, have nevertheless been in the main firm,
as there is a deep-seated and widespread conviction that the
oats crops of the world this season are short. Cash prices
have been firm. Y et tho export business has latterly, and in
fact for some time past, been dull. The undertone is be­
lieved to be firm, owing to prevailing conditions of supply
and demand, but speculation is not at the moment, for all
that, especially brisk. To-day, while trading was dull, the
market held steady.
D A ILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tries. Wed. Thurs. Fri.
Standards____________________ __63
53
52
96
52 96
No. 2 white._______ ____________ 53 96 53 96
53 03
day.
53
D A ILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
October do1Ivery In e'evator___
46)6 46)6 4096 •A6 ^f Iloll- nom.
December delivery Inelevator. ... 47 96 47 96
47
96.
47 96
May delivery In elevator_________■_ 50 96 50 96
50
9<
50

The following are closing quotations:
FLOUR.
Winter, tow grades___ 53 40@53 60 Kansas straights, sack-54 05@$5 10
Winter patents________ 4 7 4 © 4 90 Kansas clears, sacks__ 3 9>@ 4 35
Winter straights_______ 4 2 5* 4 50 City patents__________ 0 45'* 6 85
Winter clears_________ 4 00 @ 4 25 Rye hour.................. . 4 78 * 5 25
Spring patents________ 5 4o(S> 5 85 Graham flour------------Nominal.
Spring straights________ 5 10qf> 5 30 Corn meal, kiln dried— 3 7o@ 3 80
Spring clears__________ 4 50 @ 4 85
G R AIN.
,
Corn, per bushel—
Cents.
Wheat, per bushel— f.o.b.
No. 2........
Lo.b.
77)6
N. Spring. No. 1.............. $1 19 H
S team er......... elevator Nominal
N. Spring, No. 2_________1 15
No. 3_________elevator Nominal
Red winter. No. 2________ 101
Hard winter. No. 2_______ 1 0 9 % Rye. per bushel—
No. 2 W estern.------Nominal
Oats, per bushel, new—
Cents.
State and Pennsylvania Nominal
Standards. _____________
52 96
Barley— Malting---------Nominal
No. 2 white.................
53
No. 3 white_____________
62 96

A G R IC U L T U R A L D E P A R T M E N T 'S OCTOBER R E ­
P O R T .— The report of the Peonrhnent of Agriculture for
Oct. 1 respecting cereal crops was issued on.Oct, 9 as follows:




the week ended Oct. 7 1911 follow:
Flour,
Wheat,
bbls.
bush.
Receipts at—
New York ------- . 194,8/2 1,040,100
26,002
Boston .......... ... . 45,015
325,083
Philadelphia___ . 74,485
126,394
00,100
New Orleans*__ . 31,334
56,588
5,225
Newport News__ .
714
Galveston-------47,000
Mobile ........... _
0,000
2,000
Montreal_______ . 78,410
634,079

Com,
bush.
115,125
30.124
48,279
49,380
40,400

Oats,
Bye,
bush.
bu ji.
437,075 140 1.49
101,601
-- 201,571
1,000
25,613
29,400

Barley,
bush.
43,700
1,345
6,000

55,032

5,000
22,000

18,343

194,938

3,891

Total week 1911. 493,161 2,257,306
334,651
993,801 145,730 107,277
Since Jan. 1 1911. 14,476,G57 03,014,279 55,499,973 42,801,040 3332,150 097.107
991,498 1,205,380 118,900 39,372
Week 1910........
453,300 1,488,713
Since Jan. 1 1910. 13,702.185 52,501,321 31,445,377 39.092.130 2549,541 039,352

The exports from the several seaboard ports for the week
ending Oct. 7 are shown in the annexed statement:
Exports from—
New York..........
Boston _ .j_____
Philadelphia___
Baltimore..........
New Orleans___
Newport News__
Galveston______
Mobile...............
Montreal...........
Norfolk________

Wheat,
hush.
478.855
40,500
192,000
113,971
146,259
56,588
_____
2,000
855,000
_____

Total week___ 1,884,673
Week 1910........ 1,153.208

Com,
bush.
401,272
143,156
2,000
180.900
36,714
------_____
22.000
162.000
_____

Flour,
Oats,
live, Barley, Peas,
bbls.bush.
bush.
bush.
bush
71.331
2.526 ...................
2,088
10,787
---- ------------64,000
— .............
.......
.......
59,864
............................... .............
11,568
50 ...............................
5.225
------------ ----- : -----28.319
---- ------: ------- -----3,000
.............................................
84,000
95.000 ...............................
714
------------

948.012 338.803
454,085 199,695

97.576
10,940

.....
.....

.....

2.088
1.318

The destination of these exports for tho week and since
July I 1911 is as below:

-------Flour------- ------ W)leal-------- --------- com--------Since
Since
Since
July 1
Week
IVcelJuly l
IFeeifc
July 1
Oct.
7.
1911.
1911.
Oct. 7.
Exports for week and
Oct. 1.
1911.
bush.
bush. . bush.
HoH-July
52 961 to—
Since
bbls.
bbls.
United Kingdom...190,854 1,497,499 ,190,173 13,045,800 345,823 3,505,011
Continent............. 91,981 635,675 086,500 10,765,690 658,132 3,358,731
2.000
208,935
429,309
Sou. & Cent. Amer. 27,838 255,016
40,981
0,719
534,880
2,000
West Indies.......... 24,879 307.771
’ __ _
5,043
Brit.
Nor.
3,278 19,001
day.
47 Am.
96 Cols.
4.000
1,100
10,510
Other
___
68.935
9650Countries___
96
918,042 7,843,520
Total............... 338.808 2,783,927 1,884.673 24,031.150
454,085 3,655,333
Total 1910_______199,695 1,938,691 1,153.208 11,908,490

The world’s shipments of wheat and corn for the week
ending Oct. 7 1911 and since Juty 1 1911 and 1910 arc shown
in the following:
_______•
_____
Wheat.
Exports.

1911.
Week
Ocl. 7.

Bushels.
North Amer. 1.696.000
Russia....... 1.336.000
Danube ---- 2.248.000
Argentina .. 1.004 000
Australia —
890.000
India........ 592.000
Oth. countr’s 192.000

Since
July 1.
Bushels.
45.858.000
28.810.000
25.439.000
10.320.000
13.090.000
15.450.000
2,819,000

Corn.

|
1910.
Since
July 1.

|

1911.
Week
Ocl. 7.

<

Since
July 1.

.
1910.
Since
July 1.

Bushels.
Bushels.
Bushels.
Bushels.
21.097.000 991.000 0,018,000 3.864.000
63.218,090 468,000 17.020.000 2.284.000
37.704.000 1.012,000 21.880.000 7,703,001)
-----00.000 47,230,000
14.700.000
9,440,000; ------15,208.000| ---2.750.0001 . . . . . .

T otal___ 11024000 117,792.000 164,807,000 2,471,000 iS.6Q8 .9QO ill . 111.000

O0T. U 1911.]

THE

C H R O N IC L E

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
,
Kingdom. Continent.
Oct.
Sep.
Oct.
Oct.
Oct.
Oct.

Total,

Bushels. Bushels.
Bushels.
7 1011 — 18.928.000 13.130.000 32.004.000
30 1911 _ 17.832.000 13.424.000 31.250.000
8 1910.. 15.528.000 25.296.000 40.824.000
9 1909- - 11.840.000 15.700.000 27,000,000
10 1908... 15.080.000 17.080.000 33.360.000
12 1907.. 17.800.000 15.720.000 33.520.000

D OM ESTIC COTTON GOODS.— The exports of cotton
goods from this port for week ending Oct. 7 were 5,257
packages.
------ 1811------ ■

Com.

I

United
j Kingdom. Continent.

1053

Total.

Bushels. Bushels.
4.109.000 5.840.000
3.825.000 5.364.000
15,402,000 23.031.000
5.355.000 11.135.000
5.950.000 0,0.35,000 11.985.000
7.488.000 3.500.000 11.018.000

Bushels.
1.734.000
1.530.000
8.109.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 7 1911, was as follows:

------ 1810------

W eek .

S in ce
J a n . 1.

Great Britain__________ _. ____________
29
Other European________________________
29
China_____ _______. ______ .. _____ _______2,150
India ........... ........ . _ __ .......... .............
2
A r a b i a ____
__ ____________________ 194
_ __________
A f r i c a _____________ ._
63
W est In d ie s ........................... ........... .........
541
M e x i c o __ ___________ _____ ...........-...... __
41
Central A m erica..... ................____________ 387
South A m erica_ ...................
Other co u n trie s____________...................... 1,257

677
940
82,164
20.313
16,072
11,232
30,971
1,820
15,502
40.042
31,944

1.922
1.482
100
971
14
506
719
2,314

1,599
722
57,051
11,735
11,118
5,703
22,508
1,547
9,738
36.383
36,866

_ . _______________ ____________ 5,257

256.683

8.064

195,270

N ew

T otal

Y o r k to O ct. 7 —

W eek.

30
ti

S in c e
■ I a n . 1.

The value of these New York exports since Jan. 1 has been
AMERICAN CRAIN STOCKS.
Wheat,
Corn,
Barley, $18,409,139 in 1911, against S13,4 4,2 9 in 1910.
Oats,
Bye,
hush.
Aside from the price revisions referred to, there were no
bush.
bush.
bush.
bush.
410.000
New York.... ______ . 2,347,000
3.000 important developments in domestic cottons.
734.000
Heavy brown
________
169,000
333.000
40.000
sheetings continued in short supply for prompt shipment,
________
533,004
10.000
87.000
Baltimore__ ............. 2,084,000
263.000
174,000
590.000
and in many instances buyers experienced difficulty in secur­
New Orleans .............
34,000
45.000
117.000
ing sizable quantities for delivery this year; it is reported
Galveston. ________
207,000
5.000
Buffalo____ ________ 2,800,000
217.000
1.029.000
39.000
726,000 that bag manufacturers have offered premiums for quick
________ 2.070.000
48.000
432.000
2.000
shipments of brown sheetings in widths desired. Wash
Detroit................. - 448,000
146.000
35.000
248.000
Chicago...................17,708,000
2,351,000 G.230.000
7.000
04.000 goods continued active, and jobbers are said to have received
“
afloat
>.ni),ooo
4.535.000
Milwaukee................ 1.010,000
673.000
90.000
85.000
154.000 a fairly satisfactory amount of initial business for spring.
Duluth................. 5,027.000
537.000
12.000
142.000 1,043.000 Napped cottons for fall use were in good request, while
Minneapolis------------ 6,894,000
1.347.000
60.000
102.000
891.000 prints, percale and certain tine yarn cottons moved steadily.
St. Louis........... ...... 4.621,000
674.000
48.000
3.000
105.000
Kansas City........ ......5.4-11,000
220.000
Export trade with miscellaneous ports was fair in the aggre­
27.000
l’corla......................
31,000
3.000
1.575.000
gate, but buyers and sellers for China account were still
Indianapolis........... .
697,000
121,000
67,000
Print cloths and convertibles were
Omaha................... 1,370.000
122.000 1.348.000
97.000 apart in their views.
On Lakes------ ------818.000
713,000
401.000
341.000 generally quiet; gray goods, 38j^-inch standard, were a
35.000
On Canal and River__
319,000
92.000
388.000
shade easier at 4I^c.
Total Oct. 7 1911.-56,6 18,000 5,141.000 21,272,000
629.000 3,424,000
W O O DEN G OO DS.— Some duplicate orders on spring
Total Sept. 39 1911.. .52,709,000 6.339.000 21,014.000
SI 1,000 2,707.000 lines of men’s wear were placed, but only moderate quanti­
Total Oct. 8 1910 ._34,309,000
1.422.000 18.737.000
406.000 2.630.000
Total Oct. 9 1009-.22,506,000 2,915.000 13,310,000
Heavyweight fabrics, especially
513,000 3.601.000 ties were taken as a rule.
CANADIAN GRAIN STOCKS.
overcoatings, were quiet, owing to the mild weather, but
Wheat,
Corn.
Barley,
Oats,
Bye,
bush.
bush. the lull is considered only temporary, as clothiers' supplies
bush.
Montrcil __ .............
•4.000
31.000 are known to be limited. The feature in dress goods was the
394.000
607.000
Fort William ............. 2,352.000
281.000
continued brisk call for fancy coatings and cloakings, par­
Port Arthur. ........... . 1.930,000
273,000
Other Canadian______
779,000
ticularly double-faced material; in fact, mills are being taxed
1.085,000
Total Oct. 7 1911.. 5.455,000
31,000 to meet the demand for deliveries during the next month or
394,000 2,816,000
Cream and colored serges were also in active request
Total Sept. 30 1911.. 1,097.000
20,000 two.
359,000 3.032,000
Total Oct. 8 1910.. 9,077,000
38.000 and scarce.
728.000
121.000
Fine fancy worsted dress materials were well
Total Oct.. 9 1909 .. 7,982,000
63.000
225.000
74.000
Eatronized for late delivery. Generally speaking, however,
SUMMARY.
usiness in the primary dress goods market has been unevenlyWheat,
Com.
Oats,
Hue.
Barley,
bush.
bush.
bush.
bush.
bush. distributed, some producers having fared well, while others
American .. ________ 50,098.000 5,141,000 21,272.000
629,000 3.421.000
Canadian — ............. 5,455.000
394,000 2,846,000
31,000 could handle many more orders than they have received.
........
F O R E IG N D R Y G OO DS.— There was further expansion
Total Oct. 7 1911..62.153,000 5.535.000 21.118.000
620,000 •3.455.000
Total Sept. 30 1911_.56,800.000 6,698.000 24.070.000
511.000 2.787.000 in demand for linens, both for prompt and forward delivery,
Total Oct. 8 1910.. 43,386,000 4.543,000 19.405,000
106,000 2.688.000 especially dress linens for spring; prices continued firm.
'Total Oct. 9 1900. ..30,488,000 2,978,000 13,535,001)
513.000 3,675.000
Total Oct. 10 1908.-37,052,000 3,005,000 8,109,000
904,000 0.108,000 Foreign woolens and worsteds presented no special feature.
A fair business was reported in burlaps, spots being firm but
futures quiet; lightweights are quoted at 4 .0 5 c ., and I0 }4 THE DRY GO^DS TRADE.
ounce at 5.25c. to 5.30c.
13 1911.
Importations and Warehouse Withdrawals of Dry Goods.
In the primary cotton goods market the principal feature
this week was the revision of prices on various lines of mer­
chandise for forward delivery, Smaller producers of tickings
readjusted their prices to conform to the values recently
named by the Amoskeag Manufacturing Co. The new trad­
ing basis served to increase the demand for these goods,
buyers apparently believing that present levels will be main­
tained for some time to come; and some producers arc said
to have booked sufficient business to keep their plants well
engaged for the remainder of the year. On denims and other
heavy colored cottons prices have also been revised to a lower
basis that seems to reflect fully the changed conditions in raw
material; in these lines some of the leading mills have already
sold their output up to January; therefore the new prices
on their products will apply to late deliveries. Pequot wide
sheetings and Naumkeag twills were likewise revised down­
ward, the former being priced on a basis of 26c. net for 10-4
bleached and the latter on a basis of 28c. for 10-4 bleached,
each price showing a reduction of 2c. compared with the
prices named last March; new values were likewise an­
nounced on Naumkeag pillow tubings and bolster cases. It
is too early to note the effect of these reductions upon trading,
but the new levels are expected to prove attractive to buyers,
especially to those who havo been holding off in expectation
of lower values as a result of the decline in the staple. Such
expectations materially hampered trade for forward delivery,
and the poor demand imposed a hardship upon manufac­
turers who have stocks of goods produced from high-cost
cotton; it is confidently believed, however, that jobbers, as
well as cutters and retailers, whose stocks are known to be
light, will begin to operate more freely in the near future.
With the exception of more activity in a few directions, as
indicated, trade in most divisions of the primary cotton goods
market was quiet, demand generally being of a hand-tomouth character. An encouraging feature, and one that will
make for healthy conditions later on, is the entire absence
of speculation. In cotton yarns a better demand was in
evidence for spot merchandise, and more inquiries were re­
ported for futures, but buyers were not disposed to operate
to any extent for forward shipment, pending more settled
conditions in the raw-material market. In dress goods fancy
coatings and cloakings were active, and a satisfactory busineas was done by some handlers in spring dress materials,
especially the finer grades of worsteds; men’s wear fabrics
were rather quiet.

New York, Friday Niyht, Oct.




1054

THE

C H R O N IC L E

News Items.
Beatrice, Gage County, Neb.—Commission Form of
Government Approved.— An election held Oct. 4 resulted.in
favor of the adoption of tho commission form of government,
according to report#.

City

Black River Falls, Wis.—
Destroyed by Flood.— This
city, of about 2,000 inhabitants, was practically destroyed
by flood on Oct. 6, when tho waters of the Black River, swollen
by recent rains, washed through the dam of the La Crosse
Water Power Co. at Hatfield, ten miles above the city. It
is estimated that between $1,700,000 and $2,000,000 worth
of property was wiped out.
California.— Result of State Election.— The returns at hand
from the election held in this State last Tuesday (Oct. 10)
indicate the adoption of the proposed Constitutional amend­
ments granting equal suffrage to women, allowing the recall
of public officials, even the judiciary, and reserving to the
people the powers of initiative and referendum. Twentythree amendments were submitted at this election, but defin­
ite information regarding the result of the vote onall of these,
except the three mentioned above, was not at hand at the
time of going to press.
Cartersville, Bartow County, Ga.—Commission Form of
Government Adopted.— A new charter providing for a com­
mission form of government was adopted at an election held
Oct. 4, it is stated, by a rote of 278 to 1G8.

Chanuto, Neosho County, Kan.—Election on Commission
Form of Government.— The question of adopting the com­
mission form of government will be voted upon, it is stated,

on N ov. 7.
Monterey, Cal.—Commission Form of Government Approved,
— W e have just been advised that this city adopted a new
charter which went into effect on July 1 providing for the
commission form of government.

Nassau County (P. O. Mineola), N. Y . —Sale of Road Bonds
Enjoined.— George M. Hewlett of Freeport, representing a
number of citizens of the county, on Oct. 5 secured a tem­
porary injunction from Justice Maddox of the Supreme
Court, sitting at Mineola, restraining the Comptroller of
Nassau County from selling the $566,000 road bonds adver­
tised for sale on Oct. 6.
Tho com plaint alleges that tho sale o f the bonds would cause a waste of
county funds and that the roads to be Im proved arc not leading market
roads, the power of the Board of Supervisors being confined to the Improve­
ment of such roads. The supervisors. It Is said, claim that the construction
and repair of the roads Is essential to the advance o f real estate In the
oounty and they say that their position was taken after a number of confer­
ences with the most Influential people In the county and that they were
encouraged to proceed with the sale of bonds to raise the $5(50,000 for the
new roads. The case Is expected to be set down for an early hearing.

New Albany, Ind.— City Limits Extended.— On Oct. 5 an
ordinance was passed by the City Council providing for the
annexation of Silver Grove, Glenwood Place and Fairmont
Park and other suburban territory, increasing the population
of the city by about 1,500. In 1910 the population, accord­
ing to the U . S. Census, was 20,629, a gain of 1 person since
1900.
Nicaragua (Republic of).— Loan.— The Government has
borrowed $1,500,000 from Brown Bros. & Co. and J. & W .
Seliginan
Co. The loan is in the form of notes running
from one year from Oct. 15 and bearing 6 % interest. Press
dispatches report that the Nicaraguan Congress ratified on
Monday an issue of $15,000,000 5 % bonds, to be secured by
customs receipts. The Government, it is reported, is nego­
tiating for a sale of these bonds.
There is pending in the United States Senate for ratification
the financial treaty whereby this country would in a measure
supervise the Nicaraguan customs service as a guaranty to
the banking interests floating the loan.— Y .9 2 , p. 1578.

&

Oakley, Ohio.— Election on Annexation to Cincinnati.— The
Board of County Commissioners on Oct. 6 adopted a resolu­
tion ordering a vote to be taken in Oakley on N ov. 7 on the
question of annexation to Cincinnati. The Oakley Council
had been petitioned to take this step but failed to do so.
An ordinance providing for a vote in Cincinnati on Nov. 7
on the question of annexing Oakley and several other suburbs
was adopted by the City Council of Cincinnati some weeks
ago. V . 93, p. 482.

Pittsburgh, Pa.—Supreme Court Sustains Legislation Ex­
tending Terms of Mayors and Numerous Municipal Officers
Throughout the State until Next Year.— The State Supremo
Court on Oct. 9 handed down a unanimous decision sustain­
ing the injunction granted by Common Pleas Court Judges
Shafer and Haymaker restraining the Board of Commissioners
of Allegheny County from printing the names of candidates
for the Mayoralty of Pittsburgh on the ballots to be used at
the primaries this year. The opinion was written by Justice
Mestrezat. The decision reverses that rendered by Judge
Davis of Common Pleas Court No. 3 in the case involving
the election this year of successors to certain officers of the
city of McKeesport. Accordingly no election for a Mayor
•f Pittsburgh or for Mayor and other city officers in Mc­
Keesport will be hold this November.
According to tin;




[V O L .

LXXXXIII.

Pittsburgh “ Gazette,” it is estimated that twenty thousand
office-holders in Pennsylvania, in second and third-class
cities, counties, townships and boroughs are now secure in a
year's extension of their terms of office, as a result of the
ruling just made by the Supreme Court.
The decision rendered by several of the Justices of the
Supreme Court on Sept. 16 (in which the issues involved were
discussed at length, as they were also in the decision just
handed down by the full Bench) it now appears was merely
upon an application to grant a stay pending the hearing
of the appeal. V . 93, p. 822.

Election on Municipal Light Plant

Royersford, Pa.—
.—
The question of establishing a municipal light plant will be
submitted to a vote at the November election, it is stated.

Winnipeg, Man.— N egotiations For Purchase of Winnipeg
Electric Railway Co. Deferred.— The Cilv Council on Oct. 9
accepted of the special committee of City Council made on
Oct. 6 the recommendition deferring negotiations for the
purchase by the city of the property of the Winnipeg Elec­
tric Railway Co. V . 93, p. 302. This is generally accepted
in Winnipeg as meaning that the matter will not be taken
up again, at least for some time.

Mortgages Exempted from Taxation.

W yom ing.—
— An Act
of the Legislature approved Feb. 21 1911 (Chapter 72
exempts from taxation all mortgages upon property withi
the State, whether real or chattel, together with the in
debtedness thereby accrued, provided that the mortgage
property, whether real or personal, shall be taxed at it
true value in money.
— Chapter 52, of tho Laws of
1911, which we give below, provides for the submission to a
vote at the general election in November of a Constitutional
amendment reserving to the people the powers of initiative
ail’d referendum.

Initiative and Referendum.

SECTION 1. The following Constitutional amendment shall be submitted
to the qualified electors of the State of Wyoming at the next general election
for their approval or rejection, and when ratified by a majority of the elec­
tors voting at said election the same shall be valid as a part of the Consti­
tution.
People May Approve or lieject.
SEC. 2. That Section 1 of Article 3 of the Constitution of the State of
Wyoming be so amended as to read as follows:
'"Section 1. The legislative power of the State shall be vested In a .Senate
and House of Representatives, which shall be designated ‘The Legislature
of the State of Wyoming," but the peoplo reserve to themselves the power
to propose laws and amendments to tho Constitution and to enact or
reject the same at the polls, and also reserve power at their option to
approve or reject at the polls any Act of tho Legislature.
Initiative— Twenty-Jive Per Cent Required.
“ The first power hereby reserved by the people 13 the Initiative, and at
least twenty-five per cent of the legal voters shall be required to propose
any measure by petition, and every such petition shall Include the full text
of the measure so proposed. Initiative petitions for State legislation and
amendments to the Constitution shall bo addressed to and filed with the
Secretary of State at least four months belorc the election at which they
are to bo voted upon.
Referendum— Provisions ot Same.
“ The second power hereby reserved Is the referendum, and It may be
ordered, except as to appropriation, against any Act of the Legislature
after it has become a law, either by the approval ot the Governor or his
failure to veto, either by petition signed by not less than twenty-five per
cent of the legal voters or by the Legislature. Referendum petitions shall
be addressed to and filed with the Secretary of State not moro than ninety
days after the final adjournment of the session of tho Legislature that
passed the bill on which the referendum Is demanded. The filing of a
referendum petition against any Act shall not allcct the validity of the Act
until disapproved by the people as hereinafter provided. The veto power
of the Governor shall not extend to measures Initiated and passed by the
people, but laws passed by Initiative shall be subject to amendment and
repeal as other statutes. All elections on measures referred to the people
of the State shall be held at the biennial general election. Each measure
submitted to the people by the initiative as a law shall become a law when
approved by a majority of the votes east thereon, and not otherwise, save
that no measure shall become a law unless It shall receive In Its favor the
votes ot not less than onc-thlrd of the electors voting at such election.
Shall Become Part of Constitution— When.
“ Each measure submitted to the people by Initiative as a part of the
Constitution shall become a part of the Constitution when approved by a
majority of the electors voting at such election, and not otherwise, and such
laws and parts of the Constitution when approved as above stated shall
take effect from and after the date of the official declaration of the vote
thereon by proclamation of the Governor, but not later than thirty days
after the vote has been canvassed.
One-third of Electors Must Vote.
"Each statute submitted to the electors on referendum shall remain In
full force as If not so submitted, unless a majority of the votes cast thereon
shall be against such statute: but no law submitted by referendum shall be
declared defeated unless at least one-third of the electors voting at such
election shall cast their votes against tho same.
On Reqular Ballot— Constitutional Amendments on Separate Ballot.
“ Every measure submitted to the people, whether by the legislature or
by Initiative or by referendum, to become a law, shall be submitted on a
regular ballot which contains the names of condldates for office. Constitu­
tional amendment shall be submitted to the people upon a separate ballot.
Basts Determined.
“ This section shall not be construed to deprive tho Legislature of the
right to enact any measure. The whole number of votes cast for Secretary
of State at the regular general election last preceding the filing of any
petition for the Initiative or referendum shall be tho basis on which the
number of legal voters necessary to sign such petition shall be determined.
Secretary of State Shall Submit— Signatures Must Be Verified.
“ The Secretary of State shall submit all measures initiated by, or referred
to the people for adoption or rejection at tho polls. In compliance herewith.
Tho petition shall consist of sheets having such general form written or
printed at the top thereof as shall be designated or prescribed by the
Secretary of State; such petition shall be signed by qualified electors, in
their own proper persons only, to which shall be attached the residence
address of such person and the date of signing the same. To each of such
petitions, which may consist of one or more, sheets, shall be attached
affidavits by three separate qualified electors, that each signature thereon
Is the signature of the person whose namo It purports to be, and that to tinbest of the knowledge and belief of the affiant each of tho persons signing
said petition so verified was, at the time of signing, a qualified elector.
Such petition so verified shall be prlma facie evidence that the signatures
thereon are genuine and true, and that the persons signing the same are
qualified electors. The text of all measures to bo submitted shall be pub­
lished as Constitutional amendments are published, and In submitting the
same and all matters pertaining to the form of all petitions, the Secretary
of State and all other officers shall bo guided by the Constitution anti
general laws, and the Act submitting this amendment, until legislation In
harmony herewith shall be especially provided therefor.

G ot.

H 1911.]

T IIE

C H R O N IC L E

Each Measure Voted fir Separately.
“ Each separate measure, whether a lavv or a Constitutional amendmentshall be voted upon separately, and no general mark either at the head or
elsewhere on any otflclal ballot shall bo counted as voting separately on
any mcasuro.
Must Contain Enacting Clause.
“ The style of all laws adopted by the people through the Initiative shall
be, ‘ He It Enacted by the People of the State of Wyoming.’
"This section of the Constitution shall be, In all respects, self-executing.
Ballot Must Contain— How Voted.
SEC. 3. The general bal'ot upon which are the names of the candidates
for offices at the next general election shall have printed or written thereon
the words, “ For the amendment to Section 1 of Article 3 of the Constitu­
tion, providing for the initiative and referendum, and for the manner of
submitting to the voters laws and amendments to the Constitution," and
“ Against the amendment to Section 1 of Article 3 of the Constitution,
providing for the initiative and referendum, and for the manner of sub­
mitting to the voters laws and amendments to the Constitution.” Each
elector voting at said election who desires to Indicate his or her approval or
rejection of the proposition for saidi onstitutional amendment shall indicate
tho same by a cross (X ) after one of such sentences, so as to indicate Ills or
her approval or rejection. The vote cast for the adoption or rejection of
said amendment shall be canvassed and the result determined In tho manner
provided by tho laws of the State of Wyoming for the canvass of votes for
Representative In Congress, save and except that said amendment shall be
declared carried only when approved by a majority of the electors, and
n°SEC
This Act shall tako effect and be In force from and after Its
P&SScLgC.
Approved February 18th, 1911.

1055

CAMERON COUNTY (P. O. Brownsville). Texas.— Bonds Voted.—Local
papers state that a favorable vote was cast on Oct. 3 on the proposition to
issue the $230,000 court-house and Jail bonds (V. 93. p. 547.)
CANTON. Stark C ounty, Ohio.— Bond Offerings.— Proposals will be re­
ceived until 12 m. Oct. 30 by E. C. Brumbaugh, City Aud., for the follow­
ing 4 Yt % bonds:
$1,680 Harrisburg St. storm-water-sewer bonds. Denom. $1,000 and
$680. Due Sept. 1 1921.
I, 700 Gay St. sewer bonds. Denom. $1,000 and $700. Due $1,000
Sept. 1 1915 and $700 Sept. 1 1916.
4,200 Meyer Avc. bonds. Denom. $1,000 and $200. Due $1,000 on
Sept. 1 in 1913, 1914 and 1915 and $1,200 Sept. 1 1816.
500 Meyer Ave. (city’s portion) bonds. Denom. $500. Due Sept. 1 ’ 16.
10,800'Cedar St. bonds. Denom. $1,000 and $800. Due on Sept. 1 as
follows: $1,000 In 1913 and 1014, $2,000 yrly. from 1915 to 1918
lncl. and $800 in 1919.
8.000 Cedar St. (city’s portion) bonds. Denom. $1,000. Due Sept. 1 ’ 19.
Proposals will also be received until 12 m. Nor. 6 by 12. C. Brumbaugh.
City Aud.. for the following 4 % bonds:
$17,400 Beldcn Ave. Impt. bonds. Denom. $1,000 and $400. Due on
Sept. 1 as follows: $2,000 yrly. from 1913 t* 1916 lncl., $3,000 In
1917 and 1918 and $3,400 In 1919.
3,500 Beldcn Ave. Impt. (city’s portion) bands. Denom. $1,000 and
$500. Due Sept. 1 1919.
Date Sept. 1 1911. Int. M. & S. Purchaser to furnish blank bonds at
bis own expense. Cert, copy of the abstract showing the legality of the
Issue will be furnished upon application to the City Auditor. Bonds to be
delivered and paid for within 10 days from time of award. Cert, check
on a bank in Canton for 5% of bonds bid for, payable to the City Treas., re­
quired.
ted
CASEY, Guthrie C ounty, Iowa.— Bond Sale.— Geo. M. Bechtel & Co. of
Davenport have been awarded the $14,000 water-works bonds (V. 93,
p. 683.)

B o n d P r o p o s a l s a n d N e g o t i a t i o n s this week
have been as follows:

CATAW BA COUNTY (P . O. N ew ton). No, C oro.— Bond Election Pro­
posed.— Reports state that an election will probably be held In the county
to vote on the question of Issuing road bonds.

AFTON, Ottawa County, O kla , — B o n d E l e c t i o n .— An election will be
held Oct. 17 (postponed from O ct. 10) to vote on the question of Issuing
820.000 electric light and water-works bonds.

CINCINNATI. Hamilton County, Ohio.— Bonds Authorized.— Ordinances
were passed on Oct. 2 providing for the Issuance of $176,000 police and
$256,000 Are dept. 4% coup, bonds. Denom. $500 or multiples thereof.
Date Nov. 1 Int. M. & N. Due 30 years.

AINSW ORTH , Urown C ounty, Neb . — B o n d s D e f e a t e d .— The proposition
to Issue 516,000 water bonds was defeated, It Is stated, b y a vote of 85 to 58
at an election held Oct. 5.

C L A R K S V IL L E , Red River C ounty. T ex.— Description o f Bonds.— The

510.000 5% water works bonds registered Aug. 17 by the State Comp­
troller are In the denom of $500 each and dated July 1 1911. Int. ann.
Due July 1 1931, opt. yi 10 years and H 20 years. Proposals for these
A L B IA , Monroe C ounty. la .— B o n d E l e c t i o n P o s t p o n e d .— The election
which was to have been held on O ct. 3 to vote on the question o f Issuing bonds will be received by Jno. R. Webb., City Clerk.
375.000 hlgh-school bonds was postponed until N ov. 6.
C LE V E L A N D , Cuyahoga C ounty, O hio.— Bonds Authorized.— An
ANDERSON COUNTY COMMON SCHOOL DISTRIC TS. T e x .— B o n d s ordinance was passed on Oct. 2 providing for the Issuance of $500,000 4H %
coupon park bonds. Denom. $1,000. Dated Oct. 1 1911. Int. A. & O
H o t S o l d .— No award has yet been made of the three Issues of 5% reg. bonds
at the American Exchange National Bank of Now York. Duo Oct. 1 1938.
aggregating $4,700 (V. 93, p. 607.)
CLINTON COUNTY (P. O. Lock Haven), P a —Bond Sale.— On Sept. 1
A PE X , W ake C ounty, No. Car.— Rond Election.— Reports state that an
election will be held In December to vote on the proposition to Issue $10,000 local Investors were awarded at par $90,000 4% 10-20-yr. (opt.) bridge
bonds. Denom. $1,000, $500 and $100. Date Sept. 1 1911. In t.M .& S .
strcct-lm pt. and municipal and market bldg, bonds.
COCKE COUNTY (P. O. Newport), Tenn, — Bond Offering.— Proposals
A SH LA N D, Ashland C ounty, Ohio .— B o n d S a l e . — O n Oct. 0 the two
Issues of 5% 5 H - y r . (aver.) strcet-Impt. assess, bonds (V. 93, p. 744) were will be received until 2 p. m. Oct. 28 by G. W. Gorrell, Sec. of Pike Comm.,
for $100,000 5% road bonds. Denom. $1,000. Date Jan. 1 1912. Int.
awarded as follows:
38,200 Sandusky St. bonds to the Ashland Hank & Sav. Co. of Ashland J. & J. at the Trustees’ office or at a national bank in N. Y.. at option of
holder. Due $4,000 yrly., beginning 5 yrs. from date. Cert, cneck for
for $8,600 20 (104.88) and int.
,
.
4,400 Orange St. bonds to the Farmers’ Hank o f Ashland at lOo.lO & lnt. $3,000, payable to the Commissioners, Is required.
The bids follow :
„.
COLUMBUS. Ohio.—Bond Offering.— Proposals will be received until
$8,200
$4,400
2 p. m. Oct. 16 by M. A. Gemunder, Secy. Trustees of Sinking Fund, for
is s u e .
is su e .
Ashland H a n k & Sav. C o., A sh land. .
........... ..$ 8 ,6 0 0 2 0 ,
S4.624 40 the following 4% bonds:
Farmers Bank. Ashland------------------------------------------- ---------4,628 36 $200,000 grade-crossing bonds. Date Dee. 28 1907. Due Oct. 1 1947.
200.000 sewer refunding bonds. Date Jan. 1 1911. Due Jan. 1 1931.
First National Bank, Ashland....... .........
8,594 58
4,012 50
9.000 Pearl St. Impt. bonds. Date July 20 1909. Due Sept. 1 1921.
______
H ayden. Miller & C o.. C le v e la n d ......... ........ ............. 8,474 00
10.000 Granville St. Impt. bonds. Date July 20 1909. Due Sept. 1 1921.
Provident Sav Hank & Trust C o., C ln .__________ 8,464 45
4,541 90
8.000 Seventh St. Impt. bonds. Date July 20 1909. Due Sept. 1 1921.
8,457 80
4,538 80
0 . E. Denison & C o., Cleveland....... .......
14.000 Rich St. impt. bonds. Date Aug. 2 1909. Due Sept. 1 1931.
Seasongood & Mayer, Cincinnati__________________ 8,451 00
4,538 00
8.000 Frankfort St. Impt. bonds. Date Aug. 2 1909. Due Sept. 1 1921.
Stacy & Braun. T oled o___________
... ................. 8,400 80
4.507 36
12.000 Hildredth Ave. impt. bonds. Dato Aug 3 1911. Due Sept. 1
1922.
ATTLEBORO, Bristol C ounty, Mass .— B o n d S a l e .— On O ct. 10 $100,000
Denom. $1,000. Int. semi-annual at the City Treas. offloe. except the
4% sewer bonds were awarded to Estabrook & C o . of Boston at 103.150.
second issue, which Is payable at the agency of Columbus In New York.
Other bids follow:
Bonds are tax-exempt In Ohio and to be delivered Oct. 30 1911. Cert,
Blake Bros. & C o., B o s to n ..102.91 ICurtls & Sanger, B oston ------ 102.51
check on a local bank for 2% of bonds bid for, payable to the Trustees of the
Blodget & C o., B oston_____102.049|
^
,
Denom . $1,000. Dale O ct. 1 1911. Int. A . & O. Due $4,000 Oct. 1 Sinking Fund, required. Separate bids must be made for each Issue and
transcripts of proceedings will be furnished the successful bidder. Official
1012 to 1921 lncl. and $3,000 Oct. 1 1922 to 1941 lncl.
circular states that there has never been any default In the payment of
AUBU RN. Dekalb C ounty. Ind .— B o n d S a l e — On O ct. 4 $7,000 4 % elcc.- principal or Interest. These are not new Issues but bonds held by the Sinking
light and water bonds were awarded to W . II. McIntosh of Auburn at par. Fund ns an Investment.
,
Denom. $500. Date Oct. 4 1911. Int. seml-ann. Due 5 years.
Bonds Purchased by the Sinking Fund During the Quarter Ending Sept. 30.—
The following bonds, aggregating $321,000, were purchased by the Sinking
A U G L A IZ E COUNTY (P . O. W ap akon eta), Ohio.— Bond S a l e . — O n
Fund at par and int. during the quarter ending Sept. 30:
O o t . 12 the 330,000 5% 8 J3-yr. (av.) cou p , bridge bonds (V . 03, p. 822)
Amount—
Purpose.
Date.
Due.
wore awarded. It Is stated, to Field, Longstrcth & Co. o f Cln. at 106.39—
$15,000 City’s portion publlo-lmpt. (No 24)-.Mch. 15 1911 Sept. 1 1921
a basis o f about 4 .1 0 % .
1.000 Milo-main-scwer___________
___Junc 3 1911 Sept. 1 1931
5.000 Cluster-light ___
Juno 3 1911 Sept. 1 1921
AURORA SCHOOL DISTRIC T (P . O. Aurora). Kane C ounty. Ill —
B o n d S a l e .— A ccording to reports the Harris Trust & Savings Hank of
20.000 Public-recreation____________________June 20 1911 Sept. 1 1921
5.000 Electric-light_______________
Apr. 17 1911 Sept 1 1941
Chicago ha3 been awarded $15,000 school bonds.
10.000 Refuse disposal....... ..................... -.Apr. 17 1911 Sept. 1 1931
B AR B O U RSV ILLE, Cabell C ounty, \V. Vn. — B o n d O f f e r i n g .— Proposals 265.000 Assessment-------------- ------------ --------------------- --------------will be received until 12 m. Oct. 23 by C. R . Miller, Recorder, tor $13,000
The $265,000 assessments bonds given above bear 4% and 4>$% Int..
6% sewer bonds voted July 22 1911. Denom . $100 or mulltples thereof. while all the other bonds carry 4% interest.
Date Aug. 1 1911. Int. ann. Due 30 yrs., subject to call $1,000 biennially
Jlonds Authorized.— Ordinances have been passed providing for the
after 5 yrs. by a paym ent of 2 % premium. Cert, check for 51,000, paya­
ble to the “ Town o f Barboursvlllo,” required. Purchaser to pay accrued Issuance of the following coup. Impt. assess, bonds.
$2,000 4% Douglas St. Impt. bonds. Due Sept. 11922 opt.Sept. 1 1912.
interest.
9.000 4% Collins Ave. impt. bonds. Due Sept. 11922 opt.Sept. 1 1912.
7.000 4% Penn. Ave. Impt. bonds.
Due Sept. 11922 opt.Sept. 1 1912.
B A X L E Y , A ppling C ounty. Ga. Bond E l e c t i o n .— An election will be
6.000 4% Elliott Alley Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
held on Oct. 19 to vote on tho question of Issuing $15,000 6% 30-yr. water
4.000 4% Delaware Avc. Impt. bonds. DueSept. 1 1822 opt. Sept. 1 ’ 12.
and light bonds.
9.000 4% Spruce St. Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
BEAUFORT COUNTY (P . O. W ashington), No. Caro .— B o n d S a l e . —
3.000 4% Monroe Alley Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
Reports stato that W oodln, MoNear & Moore o f Chicago have been awarded 20.000 4% Michigan Ave. impt. bonds. Due Sept. 1 1922.
the $35,000 5% 50-yr. bonds offered on Oct. 2 (V. 03. p. 744). Int. s.-a.
13.000 4% Cleveland Ave. Impt. bonds. Due Sept. 1 1922.
20.000 4% Thurman Ave. Impt. bonds. Due Sept. 1 1923­
B ELL COUNTY COMMON SCHOOL DISTRICT NO. 108, T exa s . — B o n d s
2,000 4>$% sewer bonds. DueSept. 1 1917 opt. Sept. 1 1012.
H e g t s t e r c d .— An Issue of $2,000 5% 20 -yr. bonds was registered b y the
3.000 4 y % Seventh St. sewer bonds. Due Sept. 1 1017 opt. Sept. 1 1912.
State Comptroller on Oct. 2.
1.000 4 y,% Chapel St. sewer bonds. DueSept. 1 1917 opt. Sept. 1 1912.
2.000 4 >j% Parsons Alley sewer bonds. DueSept. 1 1917 opt. Sept. 1 ’ 12.
BELMONT COUNTY (P . O.St.Clairsville). O hio .— B o n d S a l e .— On Oct.10
5.000 4% Rich St. Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
the $12,000 5% road bonds (V . 93, p. 894) were awarded to Seasongood &
13.000 4% Rich St. impt. bonds. Due Sept. 1 1922.
Mayer of Cln. for 512,140 (101.166) and int. Other bids follow :
14.000 4% Johnson St. Impt. bonds. Due Sept. 1 1922.
W ell, R oth & C o., Cln------ $12,128 40| Dollar S av. B k., St. C la ir.. .$12,030
4.000 4% Norwich Avc. Impt. bonds. Due Sept. 1 1922 opt. Sept. 11912.
6.000 4% Cable Avc. Impt. bds. DueSept. 1 1922 opt. Sept. 1 1912.
BETHLEHEM, Northampton C ounty, Pa . — B o n d E l e c t i o n .— An election
I I , 000 4% Chittenden Ave. Impt. bonds. Due Sept. 1 1922.
will beheld N ov. 7 to vote on tho question of Issuing $175,000 4 % water bds.
8.000 4% Wilson Ave. Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
BLANCHESTER. Clinton C ounty, O hio .— B o n d E l e c t i o n .— A vote will
bo taken, reports state, on the proposition to Issue $2,000 orm ory-sltcpurohase bonds.

BONHAM, Fannin C ounty, T e x . — B o n d S a t e . -The Commerce Trust Co.
K an. c it y , M o., has been awarded the $100,000 str.-lm pt. umt $30,000
water-works 5% 20-40-yr, (opt.) bonds (V . 93, p . 483).

<*

BOONE SCHOOL DISTRICT (P. O. B oone). I o w a — B o n d E l e c t i o n P r o ­
p o s e d .— w e are advised that an clcotlon m ay be called within the next 30
or 00 days to vote on the Issuance of bonds.
BRISTOL, Sullivan County, T enn .— B o n d s N o t S o l d .— No award has yet
been made of the $40,000 5% 30-yr. cou p, water-w orks-ext. bonds (V . 93,
p. 608). Date Oot. 1 1911.
B R Y A N , W illiams C ounty, O hio . — B o n d E l e c t i o n .— It Is stated that an
etoctlon wll bo held N ov. 7 to vote on tho question o f Issuing $50,000 sewerago-dlsposal-plant bonds.

2.000 4% Lazellc St. Impt. bonds. Due Sept. 1 1922 opt. Sept. 1 1912.
8.000 4% Twenty-second St. Impt. bds. DueSept. 1 1922 opt. Sept. 1 ’ 12.
2.000 4% Will Alley impt. bds. Due Sept. 1 1922 opt. Sept. 1 1912.
Denom. $1,000. Date not later than Nov. 1 1911. Int. M. & S. at
the City Treasurer’s office.
An ordinance has also been passed providing for the Issuance of a 31,000
4% coupon Delaware Ave. impt. assess, bond. Date not later than Dec. 31
1911. Int. M. & S. at the Treasurer's office.
C O LV ILLE. Stevens C ounty, W ash .— Bond Election.— An election will

be held O ct. 17 to vote on the question o f Issuing $22,000 warrant-funding
bonds. It Is stated.

CONCORD. Middlesex C ounty. Mass.— Bond Sale.— On O ct. 0 the $60,­
000 1-20-yr. (ser.) school and $12,500 5-29-yr. (serial) water 4% cou p tax-free bonds (V. 93. p. 971) were awarded. It Is stated, to Estabrook & Go.
of Boston at 103.077— a basis o f about 3.645% and 3 .7 5 4 % , respectively.

C A L D W E L L , Noble C ounty, O hio .— B o n d S a l e .— On O ct. 9 the three
Issues of 4% Impt. (village’s portion) bonds, aggregating $5,050 (V . 93,
0.744) were awarded $3,400 to VV. E . Tipton at 101 and $1,650 at par to
CONNELL, Franklin C ounty. W ash. — Bonds Defeated.— It te stated that
S.
R . McClIntock. A bid o f par less $12 expenses was also received from the election held Sept. 26 resulted In the defeat of the proposition to Issue
Stacy & Braun o f Toledo.
$15,000 water bonds to purchase the water-works system.




1056

THE

C H R O N IC L E

CORPUS C H RIST! INDEPENDENT SCHOOL DISTRICT (P. O. Corpus
C hristi), Ncuces C ounty, T exa s .— B o n d s R e g i s t e r e d . — The $50,000 5%

20-40-year hlgh-school-bldg. bonds (V. 93, p. 182) were registered by the
State Comptroller on October 6.
CORTLANDT (Tow n) SCHOOL DISTRICT NO. 3, Westchester C ounty,
N. Y .— B o n d S a l e . — On Sept. 25 the $5,000 1-10-yr. (ser.) reg. bldg, bonds
(V. 93, p. 823) were awarded, It Is understood, at 100.30 lor (is.
CRAWFORDSVILLE, Alontgomery County, Ind.— B o n d S a l e .— J. F.
Wild & Co. of Indianapolis was awarded at par, it Is stated, $25,000 4%
electric-Ught bonds.
C RE E K COUNTY (P. O. Sapulpa), Okla— Bond E l e c t i o n . — -Reports state
that an election will be held Oct. 24 to vote on the question of Issuing
$125,000 road bonds.
C U M BERLAN D , M d. — B o n d O f f e r i n g . — Proposals will be received until
8 p. m. Oct. 23 by R. Clary, Commissioner of Finance and Revenue, for
$100,000 of an Issue of $469,900 4 '/,% coup, water-works bonds. A t the
election held May 16 the citizens authorized the issuance of bonds at not
exceeding $500,000 for the construction of a new water-system (V. 02, p.
1514). .Subsequently an ordinance was passed fixing the amount of bonds
to be Issued at $<(69,900, the $100,000 now offered being the first Install­
ment. Denom. 31,000. Date Oct. 1 1911. Int. A. & O. at the City
Treas. office. Due Oct. 1 1941. Cert, check, cash or bank draft for
2 V>% of subscription required.
CUYAHOGA COUNTY (P. O. C leveland). O hio .— B o n d S a l e . — On Oct. 7
the $200,000 4% 2-21-year (ser.) coupon building bonds (V. 93. p. 823)
were awarded to Hayden, Miller & Co. of Cleveland at 100.144 and lnt.
A bid of $200,206 was also received from Otis & Hough o f Cleveland.
DA LLA S COUNTY (P . O. Dallas), Tex.—Bond O f f e r i n g . — Proposals
will be received until 11 a. m. Nov. 1 by J. L. Young, County Judge, for
the $500,000 4
coup, road and bridge bonds, scries 3, voted July 22
(V. 93, p. 303). Denoin. $1,000. Date Sept. 10 1911. Int. in April at
the Chase Nat. Bank in New York, at the State Treas. office in Austin or
at the Co. Treas. office. Due Sept. 10 1951, opt. after Sept. 10 1921.
Cert, check for 2% of bonds bid for, payable to the County Judge, required.
Bonds to be delivered on or before Dec. 1 1911 and certified as to their
genuineness by the Dallas Trust & Savings Bank in Dallas. Official cir­
cular states that there has never been any default In payment of obligations.
D A LLA S, T ex. — B o n d s N o t S o l d . — No award was made on Oct. 2 of the
$250,000 4% sch.-lmpt. bonds (V. 03, p. 683). The following bids were
received:
.
___
Commerce Trust Co., Kan. City 02.04 |A. J. Hood &Co., D etroit---- .90.50
DA N VILLE , Pittsylvania C ounty. Va — B o n d S a l e — The Equitable
Life Assurance Society of N. Y . has been awarded the $150,000 elec.-light
and $30,000 str.-impt. 4 14% 30-yr. bonds (V. 93, p. 184), it Is stated.
DASSELL, Meeker C ounty, Minn ,— B o n d S a l e . — On Oct. 9 the $7,500
5% 20-year coupon village-ball and jail bonds (V. 93, p. 894) were awarded
to the Bank of Dassell for $7,525 (100.33) and lnt. Other bids follow:
Union Investment Co., Minneapolis---------- $7,520.
H. T. Holtz & Co., Chicago______________7,511 less $150 for expenses.
Thos. J. Bolgcr Co., Chicago_______________ 7,500 less $160 for expenses.
DAW SON. Terrell C ounty, Qa.— B o n d S a l e . — The Dawson Nat. Bank of
Dawson was awarded at 102 the $12,500 5% school bonds offered on June 15
(V. 92, p. 1582). Denom. $500. Date July 1 1911. Int. J. & J.
D F A D W O O D . Lawrence C ounty. So. D ak. — B o n d S a l e . — On Oct. 2 the
$38,000 5% 10-20 -year (opt.) refunding sewer bonds (V. 93, p. 744) were
awarded to ttie Investors Securities Co. of Des Moines for $38,355 (100.921)
and int. Other bids follow:
Parson, Son & Co., Clilo-_$38,007 50|Thos. J. Bolger Co., Chic.$38,000 00
DELANO JOINT UNION HIGH SCHOOL DISTRICT, Kern and Tulare
Counties, Cal.— D e s c r i p t i o n o f B o n d s . — The $50,000 6% building bonds
awarded on Sept. 5 to Wm. R. Staats & Co. of Los Angeles at 103.256 and

Int. (V. 93, p. 823) are in the denom. of $1,000 each and dated Sept. 1 1911.
Due 20 years.
D E LA W A R E COUNTY (P. O. Delaware). O h io — B o n d

O ffe r in g .— T h e.

Board- of County Commissioners will offer for sale at 1 p. m. Oct. 31 an Issue
of $73,560 4 y % road-improvement bonds. Authority, Secs. 6949, 6950,
2294 and 2295, Gen. Code. Denom. $1,000 and $928. Date Sept. 1 1911.
Int. M. & S. b ginning March 1 1912, payable at the Co. Treas. office.
Due $3,928 each six months from March 1 1912 to Sept. 1 1921 Incl. Bonds
to be delivered within 5 days after the sale. A cash deposit of $2,000 or
oertlfled check for that amount on a bank in Delaware County, payable to
W . II. Bodurtha, Co. Aud., required
D E L A W A R E . Delaware C ounty, Ohio.—Band O f f e r i n g . — Proposalsi will
be received until 12 m. Nov. 4 by f. E. Martin, City Auditor, for the follow­
ing 5% coupon street-improvement bonds:

[V O L . LXX X XI1I

Due Oct. 1 1941. Bonds to be delivered on or about Oct. 23. Purchaser
to pay accrued Interest. Cert, cheek for 2% of bonds bid for, payable to the
Compt., required. Official circular states that there Is no litigation pend­
ing or threatened concerning the validity of these bonds. Proposals to be
made onblanks furnished by the city.
EL PASO, El Paso County, Tex.—Bond Sale.— The Coinmoroe Trust Co­
ol Kansas City, Mo., has been awarded the $294,000 funding and $50,000
school 5% 20-40-year (opt.) bonds, registered by the State Comptroller
on Sept. 23 (V. 93, p. 895).
FIN D LAY, Hancock County, Ohio.— Bids Rejected.— The following bidsreceived on Oct. 9 for the $7,208 90 <1% South Cory St. Improvement bonds
(V. 93, p. 824), were rejected:
Davles-Bertram Co., Cincinnati______ Par and Int. less $48 00 for expenses.
Seasongood & Mayer, Cincinnati_____ Par and int. less $54 00 for expenses.
Stacy &. Braun, Toledo______________ Par and lnt. less 87 89 for expenses.
Well, Roth & Co., Cincinnati_________Par and lnt. less 100 00 for expenses.
FLATHEAD COUNTY SCHOOL DISTRICT No. 23, (P . O. Poison)*
Mont.— Bond Sale.— On Oct. 2 $9,000 6% 10-20 -year (opt.) bldg, bonds
were awarded to the State Land Commissioners at par. Other bids follow:
Fred. Glenn & Co., Portland. .$9,051 Hanchett Bond Co., Chicago.$9,011
First Nat. Bank, Barnesvlllc .^*9,051 J. N. Wright & Co., D enver..*9,010
Wm. E. Sweet & Co., Denver.*9,Oil |S. A. Kean & Co.. Chicago. . -«9,000
* And int. a County to pay expenses.
Denomination $500.
FORT SCOTT SCHOOL DISTRICT (P. O. Fort Scott), Bourdon County,
Kan.—Bonds Voted.— The election held Oct. 10 resulted in favor of the
proposition to Issue the $110,000 4J^% bldg, bonds (V. 93, p. 744). The
vote was 843 to 428.
FULTON, Oswego County, N. Y.— Bond Offering.— Proposals will be
received until 8 p. m. Oct. 17 by G. B. Deuel, City Chamberlain, for
$80,000 4H % Oswego River bridge-construction reg. bonds. Auth.
Chap. 63, Laws of 1902 as amended. Denom. $1,000. Date Nov. 5 1911.
Int. M. & N. at United States Mortgage & Trust Co., New York. Due
$2,000 yearly on Nov. 5 from 1912 to 1931 and $4,000 yearly on Nov. 5
from 1932 to 1941. Cert, check for $1,500 on an Incorporated State or
national bank, payable to City Chamberlain, required. Bids to be made
on blanks furnished by the city. Delivery Nov. 5 1011.
GLIDDEN, Carroll County, Iowa.— Bond Election Proposed.— A petition
Is being circulated, it is stated, for an election to voto on tho question of
Issuing electric-llght-systcm bonds.
GRAFTON, Taylor County, \V. Va —Bond Offering.— Proposals will be
received until 2 p. m. Nov. 1 by the City Council for the $90,000 5% 10-34yr. (opt.) water bonds voted Sept. 21 (V. 93. p. 895). Denom. $100. Date
Sept. 21 1911. Int. M. & S. at the Grafton Bank In Grafton. W . C. Hanway Is City Clerk.
GRANITE CITY, Madison County, III .— Bond Sate.— On Oct. 5, $10,000
5"., ref. bonds were awarded to A. G. Edwards & Sons of St. Louis at too.20
and lnt. .A bid of $10,015 and lnt. was also received from the Mercantile
Trust Co. of St. Louis. Denom. $500. Date Oct. 2 1911. Int. aim. In
July at the Treas. ofifee. Due $2,500 July 1 1912 to 1015 Inclusive.
year (opt.) building bonds sold to tne state on sept, za iv . u;s, p.
in the denom. of $500 each and dated July 1910. Int. A. & O.
HALIFAX COUNTY (P. O. Halifax). No. Caro.— Bond Election.- ■The
proposition to issue $300,000 road bonds will be submitted to a vote,
reports state, on Nov. 14.
HAMILTON COUNTY (P. O. Cincinnati), Ohio.—Bond Election.— An
election will be held on Nov. 7 to vote on the proposition to Issue $4 0 ,0 0 0
bonds to establish an experimental farm within the county.
HARRISON COUNTY, (P. O. Gulfport), Miss.— Bond Election. -O n
Nov. 18 an election will be held, It Is reported, to decide whether or not
$75,000 road bonds shall be Issued.

Denom. $500. Date May 1 1911. lilt. M. & N.
from May 1 1913 to Nov. 1 1918 Incl.

Due$500cach six mos.

HOPKINS COUNTY COMMON SCHOOL DISTRICT

No. 42. T ex.

Bond Sale.— We are advised that the $1,000 5% 10-20-ycar (opt.) reg.
bonds (V. 93, p. 609) were sold about Oct. 1 at par.
HOPKINS COUNTY COMMON SCHOOL DISTRICTS. T E X .— Descrip­
tion of Bonds.— The 5% 10-20-year (opt.) bonds registered on Aug. 17 by
$13 000 -Central A ve. and Elizabeth St. bonds. D enom . $500. Due the State Comptroller are described as follows:
$1,200 District No. 30 bonds. Denom. $100. Date May 8 1911.
’
$1,500 yearly Sept. 1 from 1012 to 1917 incl. and $1,000 yearly
1,200 Dlst. No. 40 bonds. Denom. $100. Date June 13 1911
Sept. I from 1918 to 1921 Incl.
9 600 Campbell St. bonds. Denom. $600 and $500. Due $600 Sept. 1 1,100 Dlst. No. 79 bonds. Denom. $100. Date May 12 1911.
Int. annually In April.
■ • 1912 and $1,000 yearly Sept. 1 from 1913 to 1921 incl.
•1,900 Fountain Ave. bonds. Denom. $380. Due $380 yearly March 1
H U N TSVILLE. Madison C ounty, A la .— B o n d E l e c t i o n .- - A .vote willI be
from 1912 to 1916 Incl.
taken on Nov. 6, reports state, on the question oi Issuing $130,000 refunding
800 South Liberty St. sewer bonds. Denom. $80. Due $80 yearly bonds.
March 1 from 1912 to 1921 inclusive.
_
,
Date Nov. 1 1011. lnt. M. &S. at the depository of the Sinking Fund.
.JACKSON COUNTY (P . O. Jacksonville) .O r e .— V o t e . — The voto cast at
B o n d E l e c t i o n . — An election will be held Nov. 7 to vote on the proposition
the election held In this county recently resulted In favor of tho proposition
to issue $137,50,0 bonds to purchase the Delaware Electric Light, Heat & to Issue the $1 500,000 20-yr. road bonds at not exceeding 6% Int. (V. 03.
p. 972). The vote was 2,815 to 1,347.
Power Co.’s plant.
DENTON COUNTY (P . O . Denton), T e x — D e s c r i p t i o n o f B o n d s . — 1The
JAMESTOWN UNION FREE SCHOOL DISTRICT (P. O. Jam estow n).
$75,000 5% 10-40-yr. (opt.) Lewisville Rond Dlst. bonds voted on July 29 Chautauqua County, N. Y.— Bond Sale.— On O ct. 9 the $135,000 4 !j%
(V. 93. p. 609) are In the denom. of $1,000 each. Int. ann. In Denton. reg. bldg, bonds (V. 93, p. 972) were awarded to Harris, Forbes
Co. of
We are advised under date of O ct. 7 that the Issue will be offered In about N. Y. at 101.193. Other bids follow :
30 days.
J. R. Magoffin. N. Y ......... 1 0 1 .1251 Parkinson & Burr, N. Y ._ 1.100.799
E. H. Rollins & Sons. N. Y ._ 101.096 Parson, Son & Co., N. Y _____100.54
DODOE COUNTY (P. O. Frem ont), N eb .— B o n d E l e c t i o n .— 'The proposi­
tion to Issue the $30,000 5% 5-10-year (opt.) Jail-building bonds (V. 93, A. B. Leach & Co., N. Y . . . . 100.917 I. W. Sherrill, Poughkeepsie. 100.27
p. 824) will be subm itted to a vote at the N ovem ber election, according to Ferris & White. N. Y _______ 100.819|
Denom. $1,000. Date June 1 1911. Int. J. & D. In N. Y. Exchange.
reports.
Due $15,000 Dec. 1 1915 and $10,000 yrly. thereafter.
DONNELLSON, Lee C ounty, Iowa.— B o n d s V o t e d . —An election held
JEFFERSON.
Ashtabula C ounty, Ohio .— B o n d Sale.— On Oct. 6 th«
Oct. 9 resulted lii favor of the proposition to Issue $8,500 water bonds. The
$5,000 4K
5-9-yr. (ser.) water bonds (V. 93, p. 824) were awarded t*
vote was 6j) to 19. ,
E. C. & R. D. Lampson of Jefferson at 100.90 and lnt. Other bids received
DOTHAN, Houston C ounty, A la .— B o n d S a l e . — On Oct. 2 the $70,000 were conditional.
5% OO-yr. -gold coup, water and light bonds (V. 93, p. 744) were awarded
JENNINOS, Hamilton C ounty. Fla.— Bond O f f e r i n g . — Further details
to the Houston Nat. Bank of Dothan, It Is stated.
are at hand relative to the offering on Nov. 1 of the $1,000 light, $2 ,<>oo
DOUGLAS ICOUNTY <P. O. Omaha). Neb . — B i d s R e j e c t e d .— All bids refunding, $5,000 water-works Improvement and $4,000 street aud sidewalk
received on Sept. 30 for the.$200,000 4 yt % 20-yr. coup, court-house bonds 6% coupon bonds (V. 93, p. 972). Proposals for these bonds will be re­
ceived until 2 p. m. on that day by J. C. Barnes, Town Clerk. Tne issu#
(V. 93, p. 824) were rejected. The offers were reported as follows:
S. A. Kean & Co., Chicago $206,720IE. H. Rollins & Sons. Chic.$205,300 was validated bv the Hamilton County Circuit Court on Sept. 15 lJ ii.
Denom. $100. Int. A. & 0 . Due Oct. 10 1041. No deposit required,
Harris Trust & Sav. Bk., Ch. 206,4001
S.
A. Kean <&Co. whose cert, check. It Is said, was drawn oil and certifiedNo bonded debt. Floating debt, $2,500. Assessed val. (1911), $102,000.
to by Its own bank requested to withdrawn Its offer.
JONES COUNTY COMMON SCHOOL DISTRICTS. T ex.— Bond Sale —
DU RAN T. Bryan C ounty, Okla .— B o n d O f f e r i n g . — Proposals will be We are advised that the $2,000 District No. 2. $2,000 District No. 22.
received until 8 p. m. Oct. 17 by W. S. Shannon. City Clerk, ror $10,000 6% $2,000 District No. 27 and $2,000 District No. 62 5% 5-20 -year (opt.) bonds
coup, tai-free bonds (V. 93, p. 1654). Denom. $1,000. Date Oct. 1 1911. registered on Aug. 24 (V. 03, p. 600) have been purenased with county funds,
Tnt.seml-arln. In New York. Due 20 years. Cert, check for 3%, payable
KING COUNTY SCHOOL DISTRICT NO. 172. W ash .— Bond Sale.to City of Durant, required.
On Sept. 2 the $5,000 2-10-year (opt.) coupon building bonds (V. 93, p. 548;
EAST ORANGE. Essex County. N. J.— B o n d Bale.— This city has dis­ were awarded to the State of Washington at par for 6s. Date Sept. 2 1911.
K IR K W O O D . St. Louis County. Mo.—Bonds Defeated.— At an election
posed: 0f the following 4% school bonds.
held Oct. 7 the proposition to Issue $90,000 high-school bonds was defeated
36,500 bonds. Int, J. <& D. Due June 1 1951.
by a vote of 163 “ for” to 278 “ against.”
14,5.00 bonds, ln t. M. & S. Due Sept. 1 1951.
LAGRANGE. Troup C ounty. Ga.— B o n d Election .— Reports state that
EAST PEORIA, Peoria C ounty, 111.— B o n d E l e c t i o n . — An election will be
held, ft.1$ reported, to vote on the proposition to Issue $4,000 bridge bonds. an election will be hold to vote on the question of issuing $75,000 public
school and $150,000 water-works bonds. .
E D W AR D SV IL U E SCHOOL DISTRICT (P . O. E dw ardsville). Luzerne
LA KE LINDEN, Houghton C ounty. M i d i — B o n d Sale.— The First Nat.
C ounty! Pa.— B o n d S a l e . — We ore advised that this district has disposed Bank of Lake Linden has been awarded $4,791 06 paving bonds.
of $23,000 bonds due In 1938. Int. annually on May 1.
LA PORTE COUNTY (P . O. La Porte C ounty). Ind .— B o n d Sale. On
ELIZA BE TH . Union County, N. J .’— B o n d O f f e r i n g . — Proposals will be July 15 $64,000 Cratt gravel-road and $60,800 Bailey gravel-road 4c$*.
reedvfid tintll 12 m. Oct.-16 by J. S. Sauer, City Comptroller, for $60,000 4% bonds were ‘awarded to Wm. 1L Hutchinson at par. Denoin. $400 and
firo-deparV bdnda, Auth. Gfutp. 211 of the Laws of 1911. Denom. $1,000. $380. Date July 15 to il. Int. M/. & N. Duo $3,120 each six months
*;.» • ■'
Date Oct. 1 1011'. Int. A;_& O. at Union County Trust Co. of Elizabeth. for 20 years.




G o t . 14 1911 ]

THE

C H R O N IC L E

1057

Dauphin County, Pa.— Bond Offering.— Poposals
I
\ PORTF La Porte County, Ind.— Bond Offering.— Proposals will be MILLERSBURG,
be received until Oct. 20 by A. J. Haverstick, Secy., and W.P.Mtlls,
receded until 1O a. m. Oct*. t6 by* A . 0. Freese City Con.pt., for *841,000 will
President, for $15,500 4% coup. Borough bonds. Denom. $100 and $500.
5% tax-free water-works bonds. Denom. $->00. Int- J- * D1 lrst
Nov. 1 1911. Int. M & N at the office of Borough Treas. Due in
Nat. Bank of Chicago. Due $0,000 yrly. on June 1 from 1910 to 1924 Date
5 and 10 years. Cash or certified check for 2% of bonds bid for. payable
Incl., all bonds being subject to call after June 1 1910. Cert, check for o ,0 to
Treas, required. Assess. valuation April 1 1911, $794,840.
of bid rcaulrcd. Purchaser to pay accrued Interest.
MOI INE SCHOOL DISTRICT (P. O. Moline), Rock Island County. III.—LAREDO. Webb County. Tex.—Bond Offering.— 'The $20 000' 5% 20­
40-year (opt.) school bonds registered on Au?. 22 (V. 93, p. 010) are being Bond SoteX^Dn Oct. 3 toe $75,000 4!/,% Hidgevlew bdg. bonds, the bids
for which were rejected on Sept. 5 (V. 93, p. 74o) , were awarded to N. \\ .
offered for sale. Denom. $1,000. IJate July 1 1911. Int. J. & J.
Halsey & Co. of Chicago at 100.30, int. and blank bonds.
I
\WRFNCEV1I IB Brunswick County, Ga.— Bond Offering.— Propos­
als will K c c d v ^ u n t l l 12 m. O c t. 31 for $25,000 5% coupon lleht water
MONMOUTH. Polk County. Ore.— Bond Sate.—Awordlng rcpmei»<ra
and sewer-system bonds. Denom. $1,000. J. VV. IJpcliurch is Clerk.
Sept. 26 the $25,000 5% coup, water bonds (V. 93. p. 825) were awarded
to Sutherlin & Co. of Kansas City at 102.068.
I
AWTON Comanche County, Okla.— Bond Offering.— Proposals will be
revived until 8 d m O c t SO by the City Clerk for $70,000 5% coupon
MONONGAHELA. Washington County, Pa.— Bond
Proposals
^ m e n ^ fu n d ln g bonds (V. 93, p. 745). Denom. $1,000. Date Aug 14
1311
Int F & A at the fiscal agency of the State In New York City, will be received until 10 a. m. Oct. 18 by B. L. Ross, C]ty Clerk, for the
nito Auo- 14 1930 Official circular states that “ this Issue of bonds has $65,000 streets, $10,000 garbage-incinerating plant, $10,000 municipal
snertallv authorized by two judgments of the District Court of Co- building 4 'A% coupon bonds voted In August. (V. 93. p. Oil.) Denom.
^ancheCounty and validated by the judgment of the District Court of $1,000. Date Sept. 1 1911. Int. M. & 8. at First National Bank of
Oklahoma County and the Supreme Court of the State of Oklahoma in a Monongahela. Due $5,000 Sept. 1 1932 and $10,000 on Sept. 1 from 1933
decisiontendered Sept. 20 1911 In the case of State ex rel. Board of Educa- to 1940 Incl. Bonds are exempt from Stato tax. Certilied check tor „%
of the CItv of Oklahoma City vs. Charles West, Attorney-General and of bonds bid for. payable to J. J. Boyle, Treasurer, required.
ox-officlo Bond Commissioner of the State of Oklahoma, No. 2.734.’
MONROE COUNTY (P. O. Knoxville), Tcnn— Bonds Authorised.— Re­
p i rtflers desiring to have the proceedings under which these bonds are Issued
invpstlirated by their own attorneys arc requested to do so previous to ports state that the Co. Court authorized the Issuance of road bonds.
r>rt ‘ ao’ so that the sale may be unconditional. Bids must be accompanied
MONROEVILLE, Monroe County, Ala.— Bond Election Proposed.— An
by cash’ draft or certified check, payable to the City Clerk, to be forfeited election
will be held soon, it is stated, to vote on the proposition to issue
to the city If the successful bidder shall fall to recelvo and pay for bonds
$7,300
5% hlgh-school bldg, bonds.
within 15 days from date of sale. There Is no pending litigation affecting
the legality of this bond Issue, according to the official circular, and no
MONTGOMERY, Ala.— Bond Sale.— Reports state that the New Farley
previous issue of bonds has ever been contested; also Interest and principal Nat. Bank of Montgomery has purchased an Issue of $100,000 paving-Impt.
of all bonds previously Issued have always been promptly paid at maturity. bonds.
I B ROY, Genesee County, N. Y.— Bond Election.— An election will be
MORAN PRAIRIE SCHOOL DISTRICT NO. 37. Wash.— Bonds Voted.—
held on Oct. 21, it Is stated, to vote on the proposition to Issue $44,000 Local papers state that an election held recently resulted in favor of the
27 -year refunding water bonds.
propositions to issue $3,000 site-purchase and $15,000 bldg, bonds.
LIMESTONE COUNTY COMMON SCHOOL DISTRICTS. Texas.— Bonds
MOUNT VERNON. Westchester County, N. Y.— Bond Offering.— Pro­
Registered.— On Oct. 3 the following 5% bonds were registered by the State posals will be received until 8 p. m. Oct. 17 by the Common Council for
Comptroller: $1,000 10-year bonds of District No. 74 and $1,500 5-10-year $25,000 re-paving and $30,000 water 4H % bonds. Denom. $1,000.
(opt.) bonds of District No. 78.
Date Oct. 2 1911. Int. A. & O. at Treasurer’s office. Due Oct. 2 1931.
check for $1,000, payable to the City of Mt. Vernon, required.
LOGAN COUNTY (P. O. Guthrie). Okla.—Bond Election Proposed.— Certified
Bonds will be certified as to genuineness by United States Mortgage & Trust
Local papers state that a petition will bo presented to the County Commis­ Co..
New
York, and their legality approved by Caldwell, Massllch & Reed
sioners asking them to call an election to vote on the Issuance of bonds to of New York,
whose opinion will be delivered to purchaser. Bonds to be
build the Inter-State postal highway across this county.
delivered Oct. 24 unless a subsequent date shall be mutually agreed upon.
LONDON, Madison County, Ohio.—Bond Sale.— On Sept. 30 the $2,000 Purchaser to pay accrued interest. Bids must be made on blank forms
5% 1-4 -year (ser.) Elm St. sewer bonds (V. 93. p. 745) were awarded to tne furnished by the city.
London Exch. Bank Co. at 102.225—a basis of about 4.057%. Other blds
MUSSELSHELL CO. (P. O. Roundup). Mont.— Bond Offering.— Pro­
Madison National Bank. ..$2,031 r>0|Somerset National Bank..$2,029 50 posals will be received nnttl 2 p. m. Nov. 15 by Board of Comm’rs, M. M.
Klein, Chairman, for $50,000 coup, refund, bonds at not exceeding 5%
Int. Denom. $1,000. Int. J. & J. Duo 20 yrs., opt. after 15 yrs. Cert,
check for 5% of bonds bid for, payable to Treas.. required. Bonds to be
delivered Jan. 1 1912.
arc exempt from taxation. Cert, check on a national bank or trust com
NACOGDOCHES COUNTY (P. O. Naco gdochcs). T e x — Bonds Registered.
pany for 3% of bonds bid tor. payable to the City Treasurer, required.
— The State Comptroller registered $90,000 5% 5-40-yr. (opt.) court-house
IO R AIN Lorain County. Ohio.—Bond Sale.— The following bids were and jail bonds on Oct. 5.
received on Oct T l for the $90,000 4% 20-ycar coupon refunding bonds
NEBRASKA.— Bonds Purchased by State.— During the month of Septem­
Otls°&'ll6ugh,) Cleveland___ $90.0731Fifth-Third Nat. Bank. CIn_.$90,062 ber the State purchased the following bonds, aggregating $130,331:
$5,000 5% park bonds of Alliance at par. Date Aug. 1 1911 Due
I
( K ANC.PI PS Cal.— Additional Sales of Owens River Water Bonds.—
W,. were advised jjy the City Auditor’s office that up to Sept. 15 Kountze
1.000 5% park bonds of Bartley at par. Date June 15 1907. Due
mos of New York had cxeJciscd their option on $17,761,600 of the $23.June 15 1917.
_
■ino ooo Owen River Water Supply bonds. We have since learned that on
1.500 5% school-bldg, bonds of Boyd County School Dlstrist No. 69 at
.let’ 1 $408 000 more bonds were taken up, and yesterday (Oct. 13) the
par. Date Aug. 15 1911. Due Aug. 15 1921, opt. after Aug. 15
linn mentioned arranged to take an additional $816,000. This makes a total
1916.
of $1,326,100 bond3 sold since our last report (In April). V. 92, p. 1055.
15.000 5% water bonds of Decatur at par. Date July 1 1911. Due July 1
1931, opt. after July l 1916.
LOS ANGELES, Los Angeles County. Cal.— Bond Offering.— Proposals
44,731 6% drainage bonds of Elkhorn Valley Drainage District on a 4%
will ho received, it Is stated, until 11 a. ni. Oct. 23 by L. A. flandley. City
basis. Date July 15 1911. Duo 5 bonds yrly. from 1912 to 1931.
Clerk, for the following 4 ^ % bonds.
___
2.000 5% school-bldg, bonds of Frontier County School Dlst. No. 28 on a
4520,000 harbor impt. bonds. Duo $13,000 yrly. on June 1 from 191„ to
4 H % basis. Date July 20 1911. Duo $1,000 on Jan. 1 In 1916
1051 Inclusive.
.
,
. .
. _
and 1921.
525,000 electric llgh^bonds. Duo $15,000 yrly. on June 1 from 1917
8.500 6% water bonds of Ilaigler on a 4 yt % basis. Date July 15 1911.
Due July 15 1931, opt. after July 15 1916.
The above bonds mv^part 'of the $3,000,000 harbor and $3,500 000 elec,
2,100 5% water bonds of Malmo at par. Date Juno 1 1911. Due June 1
light bonds voted In April 1910 and subsequently declared valid by the
1931 , opt. after June 1 1916.
State Supreme Court. V. 93, p. 119. Denom. $1,000. Date June 1 1911.
20.000 6% water bonds of Ogallala on a 5% basis. Darte June 1 1911.
int. j . & I). at Los Angeles or Kountze Bros. New York City. Cert, check
Due June 1 1931. opt. after June 1 1916.
on a local bank for 2% of bonds bid for required.
11,500 6% water bonds of Stratton on a 5% basis. Date Oct. 15 1910.
Due Oct. 15 1930, opt. after Oct. 15 1915.
MrPHPPSON AlcPherson County. Kan.— Bond Sale.— Wc are advised
3.500 6% lighting bonds of Stratton on a 5% basis. Date Feb. 1 1911.
by the City Clerk that the $35,000 4 'A % 10-yr. paving bonds (V.93, p.010)
Due Feb. 1 1931, opt. oftor Feb. 1 1916.
have been sold.
*10,000 5% water bonds of Upland at par. Date Sept. 1 1911. Due
Sept. 1 1931, opt. after Sept. 1 1916.
MADISONVILLE, Hamilton County, Ohio.— Bond Sale Not Consum­
500 5% school-bldg, bonds of Valley Gounty School District No. 69
mated.— Concerning the award of the $1,306.35 5% assess. Impt. bonds
at par. Date Aug. 22 1911. Duo $250 on Sept. 1 In 1913
(V. 92, p. 330) to the Atlas Nat. Bank of Cincinnati on I-cb. 22. we are
and 1916.
„
advised that the bonds were never Issued. t.*J
5.000 5% city-hall bonds of Wayne at par. Date Sept. 1 1911
Due
MANNINGTON, Marion County. W. Va.—Bonds Defeated.—1The election
Sept. 1 1931, opt. after Sept. 1 1921.
held on Sept. 10 resulted In the defeat of the proposition to issue $4o,000
water bonds.
• Sale previously reported In V. 93, p. 820.
MARION, Marion County, Ohio.— Bond Sale.— On Oct. 2 the $2,500
NORTH CH ARLEROI SCHOOL DISTRICT. W ashington C ounty, P a.—
4 14% Centre St. and $400 4 str.-lmpt. bonds (V. 93, p. 896) were awarded Bond Sale.— It is stated that $24,000 5% tax-free bonds wero awarded to
to John E. Waddell of Marlon for $2,905 (100.172) and Int., it is stated.
the Western Reserve Investment Co. of Cleveland.
NORTH D A K O T A . — Bonds Purchased by the State During September.—
During the month of September the following 4% bonds, aggregating
Mont.
$49,900, were purchased by the State at par.
l ChCol'of"ChTc”. "for'$5,507.50, making the price 100.136.
Place Issuing Bonds— Amount. Purpose. Date of Bonds.
Due.
Bldg. Aug. 1 1911 Aug. 1 1921
MEDFORD, Jackson County, Ore.— Bond Sale.— On Sept. 12 the Clark AntelopeS. D., Wells Co....... $2,500
do
Juno10 1911 June 10 1931
A Henrv Construction Co. of Sacramento was awarded at par and Int. Ash S D Mcrccr Co_______ 1,700
do
June 30 1911 Juno 30 1931
413 750 and $17,250 6% gold coup. str. Impt. assess, bond, Denom. $250 BurtS D., Oliver Co- ....... - 1.000
Dayton S. D., Nelson Co_10,000
do
Aug.
1 1911 Aug. 1 1926
and $500. Int. seml-ann. at tho City Treas.toff Ice.
Fayette S. D „ Dunn C o _ 2,000
do
Aug.
1 1911 Aug. 1 1931
m I o i ) i p poR T UNION FREE SCHOOL DISTRICT NO. 1 (P. O. MiddleFoster S. D.. Logan C o _____
800
do Aug.
1 1911 Aug. 11921
Dort) Niagara County. N. Y —Bond Offering Postponed.— The offering on Glen S. D., Lamourc C o _ 4,000
do
Aug.
1 1911 Aug, 1 1921
(fct \ of the $45.000 4 W % bldg, bonds (V. 93, p. 825) was postponed until Hill S. D.. Logan C o ____
800
do
Aug.
1 1911 Aug. 1 1921
Horning S. D., Kidder C o ...
800
do
Aug.
1 1911 Aug. 1 1921
Dec. 5.
D., McLean Co. 8,500
do Aug.
1 1911 Aug. 1 1931
M il a m COliNTV (P O C am eron). T exas.— Bonds Registered.— An Issue MontefoIrcS.
Pembina
S.
D.,
Pembina
C
o..
8,000
Refund.
Aug.
24
1911 Aug. 24 1931
of $18,500 5 % Hefiey Im i^v?m ont blMrfct bonds has been registered by Reuter S. D., Me Lean C o ...
800 Bldg.
Aug. 1 1911 Aug. 1 1931
the State Comptroller. Due $500 yearly.
Richmond S. I)., Burleigh Co.
800
do June 30 1911 June 30 1931
Funding Aug. 1 1911 Aug. 1 1931
M ILLER LEVEE DISTRICT No. 2 (P . O. Texarkana), A rk.— Bond Rose S. D.. Billings C o _____ 1,000
Aug. 1 1911 Aug. 1 1926
Sale.— On Oct. 5 the $300,000 6
10-20-yr. (opt.) bonds (V. 93, p. 896) Valhall S. D., Wells C o _____ 1,200 Bldg.
Willlamspt.S.D.,Emmons Co. 6,000 Funding Aug. 1 1911 Aug. 1 1931
were uvvarded to the Texarkana Sav. & Trust Co., It Is stated.
MINNESOTA— Bonds Purchased bu Slate.— During tho month of Sep­
tember the State purchased the following 17 Issues of 4% bonds aggregating
$113,100 at par:
Place Issuing Bonds—
Amount. Purpose.
Benton County.-.............................................
-.$16,000 Municipal
Benton County Independent School District No. 3----- 16,000
School
•Brown Valley, Traverse County_______ ____
10,000 Municipal
Courtland, Nicollet County-----------------------3,000
do
Kanabec County School District No. 8................
1,200
School
Kanabec County School District No. 55 .......................
1,500
do
Meeker County School District No. 91 ......................... 1,200
do
Meeker County School District No. 92 ........... ............. 1.800
do
Morrison County School District-No. 136---------------i ’Snn
4°
Nicollet County .School District No. 3...........................
i .200
do
St. Peter Nicollet County------------------------5,000 Municipal
Sauk Center Independent School District .................... 30,000 School
Stearns County School District No. 9 3 --------------------- n’SSU
4°
Traverse County School District No. 5 ----3,700
do
Traverse County Judicial Ditch No. 3------------- ------ - 11,000
Ditch
Traverse County Ditch No. 4 -------4,000
do
West Valley, Marshall County—
..........................
1.000 Municipal
All tho above bonds are dated Sept. 1 1911,
. . . .
•Sale previously reported In V. 93, p. 483.
.............. ...




NORWOOD SCHOOL DISTRICT (P . O. N orw ood). Hamilton C ounty,

Ohio— Bond Sale.— On Oct. 4 the $200,000 4% high-school-bldg. bonds
(V. 93, p. 825) were awarded to the Provident Savings Bank & Trust Co.
of Cincinnati at 100.27 and int. Other bids follow:
Fifth-Third Nat. Bk.. Cin. .$200,3101First Nat. Dk., Norwood $200,119Z50
NYSSA. Malheur County, Ore.— Bond Sale.— On Oct. 2 the $10,000 6%
10-20-yr. (opt.) bridge bonds (V. 93, p. 611) were awarded to the Continen­
tal Trust Co. In Denver at par. Denom. $500. Date Oct. 2 1911.
OBION, Obion County. Tenn.— Bond Offering.— Further details are at
hand relative to the oirerlng on Oct. 18 of tho $35,000 6% water, light and
school bonds (V. 93, p. 973). Proposals for these bonds will be received
until 2 p. m. on that day by the Board of Mayor and Aldermen. Auth.,
Chap. 527, Laws of 1011, ratified by the voters on Sept. 12 1911. Denom.
$500. Date Nov. 1 1911. Int. ann. Due 20 yrs. Cert, check for $1,000,
payable to S. J. Harris, Recorder, required. No debt at present. Assess,
val. 1911. $303,807. Official circular states that the town has never de­
faulted on the payment of any obligation.
.......................................
CYORLANDO, Orange County. Fla.— Bond Offering.— t-roposais will be
received until 12 m. Oct. 18 by C. A. Boone. City Clerk, for $15,000 5% 20yr. coup, refunding bonds. Denom, $100. Date Nov. i 1911. Int.
M.1&-N. at the State Bank of Orlando. No deposit required. • • • ’ •]

1058

THE

C H R O N IC L E

[VO-L. L X X X X I J I .

PADUCAH SCHOOL DISTRICT (P. O. Paducah), McCracken C ounty,

Date Nov. 1 1911. Int. M. A N. at Hanover Nat. Bank. New York, In
gold or at option of purchaser. Cert, check for $1,000, payable to F. A.
Seagle, ’Treas., required. No debt at present. Assess, val. (1911), $1,­
203,000. Bonds to be prepared by purchasers at their expense.
ST. JOHNS. Multnomah C ounty, Ore.—Price Paid for Bonds.— The price
paid for the $20,000 street-lmpt. bonds awarded to the Security Sav. Bank
A Trust Co. of Toledo (V. 93, p. 973) was 101.30.

PA RR OTT, Terrell County, Oa.— Bond Election.— An election will be
held on Oct. 14 to vote on the question of Issuing $6,000 6% school-bldg,
bonds. Denom. $500. Date Jan. 1 1912. Int. ann. on Jan. 1. Due
$500 yearly on Jan. 1 from 1918 to 1929 incl.

ST. LOUIS, Mo.— Bond Sale.— On Oct. 12 the $1,700,000 4% 20-year
gold coup, (with prlv. of reg.) water-works-renewal bonds (V. 93, p. 746 )
were awarded as follows:
Amount.
Price.
Mississippi Valley Trust Co., St. Louis.., _______ 1$1,200,000 100.076
St. Louis Union Trust Co., St. Louis________________/
German Savings Institution, St. Louis_______________
200,000 100.076
Wm. It. Compton Co., St. Louis,____ _____________ 1 290,000 100.051
A. G. Edwards & Co., St. Louis . .
___________ J
S. Ulrich....... ..................... ....................................
4,000 101.000
SALEM, Alarion County, Ore.— Bond Sale.— On Oct. 2 $41,794 01 6%
1-10-yr. (opt.) street-lmpt. bonds were awarded to the Security Savings
Bank A Trust Co. of Toledo for $12,354 01 (101,339) and Int.
Other bids
Hanchett Bond Co., Chicago— $511 premium.
U. S. National Bank, Salem— $500 premium.
Universal Con’t Co., Portland— Par and Interest.
■
Denom. $500. Date Oct. 1 1911. Int. A. A O.

K y .— Bond Election.— Local papers report that the question of Issuing
$75,000 bldg, bonds will be submitted to a vote at the November election.
PARN ASSU S, W estmoreland C ounty, Pa.— Bond Sale.— On Oct. 0 the
$22,000 4.40% 15-30-yr. (opt.) Impt. bonds (V. 93. p. 825) were awarded
fro the Logan Trust Co, for $22,150 (100.681) and Int. Date Oct. 1 1911.
Interest A. A O.

PASCO, Franklin County, W ash.— Bond Election.— An election to vote
on a proposition to Issue $50,000 bonds to purchase the city water works,
now owned by the Pacific Power & Light Co., will be held. It Is reported, on
Oct. 16. It Is proposed to acquire the property by condemnation.
.P A Y E T T E , Canyon County, Idaho.— Bond Sale.— On Oct 2 the $14,000
city-hall, $7,000 bridge and $6,000 sewer gold coup, tax-free bonds (V. 93,
p. 746) were awarded to John Nuveen & Co. of Chicago at par and Interest
for 5>$s.
PENSACOLA, Escambia C ounty. Fla.— Bond Sale.— The following bids
were received on Oct. 10 for the $254,000 4)4% 30-yr. coup. ref. bonds
(V. 03, p. 825):
Fifth-Third Nat.Bk..Cln) $247,294 40|Prov.S.B. A Tr. Co.,C!n$224,017 90
Breed A Harrison, CIn )
N. Y. Life Ins.Co., N .Y . 240,350 04
SeasongoodAMayer, C m . 246,450 20|Spltzer,RorlckACo.,Tol. 239,580 00
We are advised that the b x of the Fifth-Third National Bank of Cincin­
nati will be recommended to Council for acceptance.
PEORIA HEIGHTS, Peoria C ounty, HI.— Bond Election.— A vote will be
cast on Nov. 7, reports state, on the proposition to Issue the $10,000 water­
works bonds (V. 93, p. 897).
PLACENTIA SCHOOL DISTRICT, Orange C ounty, Cal.— Description of
Bonds.— The $44,000 5% bonds disposed of on Sept. 6 (V. 93, p. 825) are In
the denom. of $2,000 each and dated Oct. 1 1911. Int. J. & J. Due from
1913 to 1934.
PLATTE, Charles Mix C ounty. So. Dak.— Bond Sale.— On Oct. 9 the
$14,000 5% 20-yr. gold coup, funding bonds (V. 93, p .826) were awarded to
the II. C. Speer * Sons Co. of Chic, for $14,025 (100.178) and int. A bid
of $14,014 was also received from C. II. Coffin of Chic.
PLEASANT R ID G E , Hamilton C ounty, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. Nov. 8 by II. B. Ilaydcn, VIII. Clerk, for
$2,000 4% street-Impt. (village’s portion) bonds. Auth. See. 3939 et seq.,
Gen. Code. Denom. $500. Date Oct. 2 1911. Int. July. Due Oct. 2
1941. Bonds to be delivered and paid 'or within 10 da s from time they
are ready for delivery. Cert, check for 5% of bonds bid for. payable to the
“ Village of Pleasant Ridge", required. Purch. to pay accrued Interest.
PONCA, Key C ounty, Okla.— Bond Election.— An election to vote on the
question of Issuing $30,000 elcctrlc-llght-plant-constructlon bonds will be
hold, reports state, on Oct. 31.
PONTIAC, Oakland County. Mich.— Bond Sale.— This city has disposed
of the $100,000 4
lmpt. and ref. bonds (V. 93, p. 305). Due $5,000
yearly from June 1 1916.
PORTERSVI LLE. Tulare County, Cal.— Description of Bonds.— The $45,­
000 water and $15,000 paving 5% bonds awarded on Sept. 4 (V. 93, p. 746)
are In the denom. of $1,000 and $500 each, respectively, and dated Aug. 1
1911. Int. F. & A .
POR TLA N D. Multnomah C ounty. Ore,—Bond Offering.— Proposals will
bo received, It Is stated, until Oct. 23 by A. L. Barbur, City Auditor, for
$500,000 4% water-Impt. bonds. Due 20 yrs. Int. semi-annually.
Bond Sale.— On Oct. 5 the $50,000 4 ‘A % 30-50-yr. (opt.) gold dock
bonds (V. 93, p. 611) were awarded to the Portland Trust Co. at 101.61
and Int. Other bids follow:
Sec. Sav. A Tr. Co., Toledo. .101.50 I Dexter Horton N.Bank, Seattle. 101.00
R. L. Day A Co., Boston---101.349 Seasongood & Mayer, CIn____100.81
N. W. Halsey & Co. San F r .101.81 I B. II. Rollins & Sons, Denver.100.66
PORTLAND W ATER DISTRICT, M e — Temporary Loan.— 'The Fidelity
Trust Co. of Portland has been awarded. It Is stated, $200,000 four-months
notes. Date Oct. 21 1911.
PORT LA VA C A, Calhoun C ounty, T ex.— Bond Election Proposed.— There
Is talk of calling an election to vote on a proposition to Issue street-lmpt.
bonds, according to report*.
PORT OF NEHALEM (P. O. Nchalcni), Tillam ook C ounty, Ore.— Bond
Sale.— On Sept. 2 the $25,000 6% 10-19-yr. (ser.) gold bonds (V. 93,
p . 363) were awarded to Cutter, May A Co. of Chicago at 101.20.
PORTSMOUTH CITY SCHOOL DISTRICT. Scioto C ounty. O h io — Bond
Offering.— Proposals will be received until 12 m. Oct. 26 by W. C. Hazlebeck. Clerk Bd. of Ed., for $17,000 4% bldg, bonds. Auth. Sec. 7629,
Gen. Code. Denom. $500. Date Oct. 26 19i 1. Int. A. A O. at the Cen­
tral Nat Bank In Portsmouth. Due on Oct. 26 as follows: $3,500 In 1914
and 1915, $4,000 In 1916 and $3,000 In 1917 and 1918.
POTTER COUNTY (P. O. Amarillo), Texas.— Bond Election.— An elec­
tion will be held Nov. 4 to vote on the question of Issuing $40,000 court­
house and Jail bonds, according to reports.
P R A IR IE B U R G , Linn County, la .— Bond Election.— Reports state that
an election will be hied to vote on the question of Issuing $5,000 water­
works construction bonds.
R E D FIE LD , Dallas County, Iow a.— BondSale.— On Sept. 21 the $15,000
5 ) i % water-works bonds (V. 93, p. 826) were awarded to Geo. M. Bechtel
A Co. of Davenport for $15,250, making the price 101.66. Denom. $500.
Date Oct. 2 1911. Int. A. & O. Due from 1916 to 1931, opt. after 1921.

, SALEM TOW NSHIP FIRST SEPARATE SCHOOL DISTRICT (P . O.

Lower Salem), O h io.— Bonds Awarded in Part. —Wc have Just been advised
that on July 22 $3,500 o f an Issue of S7.000 5% bonds was awarded to
L. Petzer for $3,808 50, making the price 108.814. Denom. $250. Date
July 10 1911. Int. J. A J.
Bond Offering.— Proposals will be received until 12 in. Oet. 26 by Harry
Lauer, Clerk Bd. of Ed., for $2,000 5% coup. bldg, bonds. Auth. Sec.
7625-6-7-8, Gen. Code; also an election held Jan. 17 1911. Denom. $250.
Date Ju'y 19 1911. Int. seml-ann
Due $250 yearly July 19 from 1932
to 1939 Incl., unpaid bonds being subject to call after July 19 1921. Pureb.
to pay accrued Interest.
SAN

GABRIEL SCHOOL DISTRICT,

Los

Angeles County. Cal.—

Oescrtption of Bonds.—4'he $20,000 5% bonds awarded on Aug. 14 to
N. W. Halsey A Co. of San Francisco at 104.87 (V. 93, p. 550) arc In the
denom. of $1,000 each and dated Aug. 1 1911. Int. ann. Duo Aug. 1 1917
to 1936.
SCRANTON, Lackawanna County, Pa.— Bond Offering.— Proposals will
be received until 12 m. Oct. 25 by J. Von Bergen Jr., Mayor, for $54,000
4 M% coup, or reg. rellef-sewer bonds. “ Series 1911.” Denoin. $1,000.
Date Oct.. 1 1911. int. A. A O. at the City Treas. offlec. Due $2,000
yi/ly• Oet. 1 from 1912 to 1938 Incl. Bonds are exempt from State tax,
the payment of which Is assumed by the City of Scranton. These bond*
will be guaranteed as to genuineness and certified to by the U. S. Mtge. A
Trust Co., N. Y., and their legality approved by Caldwell. Massllch A
Reed of New York, whose favorable opinion will be furnlshetl to the pur­
chaser. Cert, check for $1,000 on an Incorporated bank or trust com pany
required.
SELA1A Johnston County, No. Caro.— Bond Offering. —Proposals will be
received until Nov. 14 by J. A. MItohener. Mayor, for $20,000 6% coup,
bonds for an electric-light system, water system tor fire protection and
other municipal purposes. Due 20 years. Int. seml-ann. Cert, cheoh
or New York exchange for 10% of bid required.
SHREVEPORT, Caddo Parish, La.— Bond Election.— In addition to tho
proposition to Issue $310,000 4 kj% 1-40-ycar bonds for the construction of
a municipal electrlc-llght plant (V. 93, p. 973), the question of Issuing
$50,000 4 'A% 1-40-year fire-department bonds will be also submitted to
a vote on Oct. 17.
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 59. T e x — Bonds
Registered.— On Oct. 2 the State Comptroller registered $600 5% 5-20-yr.
(opt.) bonds.
SOM ERVILLE, N. J. — Bond Sale.— We are advised by wire that the
$14,000 4 4% coup, school bonds (V. 93, p. 897) were awarded as follows
on Oct. 13:
$2,000 due in 1932 and $3,000 In 1933 to J. J. KUne of SomervIUe at 103.42,
1,000 due 1917 to the Second Nat. Bank of Somerville at 101.
38,000 (balance) to First Nat. Bank of Somerville at 101.925.
SOUTH GLENS FALLS, Saratoga C ou n ty, N. Y.— Bond Sale.— On Oct.
10 the $40,000 1-20-yr. (ser.) sewer bonds (V . 93, p. 897) were awarded to
Adams & Co. of N. Y. City at 100.2375 and Int. for 4 L$s. Other bids:
For 4.40s—
| For 4.60s—
Ferris A White, N. Y ___ $40,022 00IA. B. Leach A Co.. N. Y . $40,030 00
Parkinson & Burr, N. Y -_ 40.017 53 Harris. Forbes A Co., N.Y. 40,028 00
For 4.50s—
11 , VV. Sherrill. Poughkeep. 40,025 00
A. R. Wing......... ........... 40,092 00 | For 4.65s—
VV. N. Coler A Co., N. Y . . 40,051 0 0 1John J. Hart, Albany___ 40,005 50'
Date Oct. 12 1911.
SPOKANE, Spokane County. Wash.— Bond Offering.— Proposals will
be received , It Is stated, until Oct. 14 by J. McCougan, City Auditor, for
$850,000 5)4% 1-20-yr. (ser.) water bonds. Int. scint-ann.
SPOTSYLVANIA COUNTY (P . 0 Spotsylvania), V a — Bond Election.—
An election will be held on Nov. 7 to vote on the proposition to Issue $30,000
Berkeley DIst. and $50,000 Livingston DIst. 5% road-Impt. bonds.
SPRIN GFIELD CITY SCHOOL DISTRICT (P. O. Springfield). O hio.—

Bond Sale.—On Oct. 7 the $45,000 4 « % 2l-2S-yr. (ser.) coup, bonds
(V. 93, p. 685) were awarded to the Fifth-Third Nat. Bank of CIn. for
$48,535 (107.855) and Int.—a basis of about 4.012%. Other bids follow:
First Nat. Bk., Springfield .*$48,530 Well, Roth A Co., CIn___ $48,155 00
Field, Longstrcth & Co., CIn. 48,335 Lagonda Nat. Ilk., Sprlngf‘ 48,150 00
Seasongood A Mayer, CIn.. 48,240 Prov. Sav. A Tr. Co., CIn. 48,050 00
Amer. Tr. A Sav. Co., Sprg. 48,205 C. B. Denison A Co., Clev. 47,507 80
* Bids at auction.
SPRIN GFIELD, Hampden C ounty, Mass.— Correction.— W e are advised

that the bid of Estabrook A Co. of Boston for the two Issues of 4% gold
reg. bonds aggregating $340,000, ottered on Oct. 6 (V. 93, p. 973) was
103.159 and not 102.039 as at Urst reported.
SPRING GARDEN. Allegheny C ounty, Pa.— Band Offering.— Proposals
RICHMOND COUNTY (P. O. R ockingham ), No. Car.— Bond Sale.—• will be received until 12 m. Oct. 24 by William Zeyfang, Borough Treasurer,
F. M. Stallord A Co. of Chattanooga were awarded at 103 the $15,000 5% at the otflce of VV. F. Stadtlander, Borough Solicitor, 802 Frick Building,
Jail bonds offered on March 13 (V. 92, p. 485.)
Pittsburgh, for $8,000 4 )4% coupon refunding street-improvement tax-free
bonds. (V. 93. p. 1)73.) Denom. $1,000. Date Nor. 1 1911. Int. M. A
R ID G E W O O D , Bergen C ounty, N. J . — Bond Offering.— Proposals will be N. Due Nov. I 1931. Certified check for $500, payable to Borough
received until 8:15 p. m. Oct. 31 by F. H. Bogert, Pres. Bd. of Trustees, Treasurer,
required.
and J. B. Hopper, VII. Clerk, for $69,500 5% coup, sewer funding bonds.
Denom. $500. Date Aug. 1 1911. Int. F. A A. at the Ridgewood Trust
STAMFORD. Fairfield County, Conn.— Bond Sale.— On July 28 $20,000
Co., Ridgewood. Due $5,000 yearly on Aug. 1 from 1913 to 1925 Incl. and 4 '/i% 25-yr. Impt. bonds were awarded to R. L. Day A Co. ot Boston at
$4,500 on Aug. 1 1926. Cert, check on a national bank or trust co. for 105.799—a basis ot about 4.127%.
3% of bonds bid for, payable to Treas., required. Bonds will be certified
SUMNER COUNTY (P . O. Gallatin). Tenn.— Bond Election.— Local
as to genuineness by the U. S. Mtgc. A Trust Co., New York, and approved papers
state that an election will be held Dec. 23 to vote on tile proposition
by Caldwell, Massllch A Reed, New York, whose opinion will be delivered
to the purchaser. Bids to be made on blanks furnlshetl by the city. De­ to Issue $200,000 road bonds.
SUSSEX COUNTY (P. O. Newton), N. J.— Bond Sale.— This county has
livery of bonds Nov. 6. unless a subsequent date shall be mutually agreed
disposed ot $4,000 4% 30-yr. coup, tax-free road bonds dated Oct. 1
upon. Purchaser to pay accrued Interest.
1911 • Int. A. A O. at the Sussex Nat. Bank ot Newton.
R IV E R SID E TO W N SH IP, Burlington C ounty. N. J .— No Bond Election.
SW ISSV A LE, Allegheny County. Pa.— Bond Sale.— On Oct. 5 the
— We arc advised that the reports stating an election was to have been held $15,000
5-7-year (ser.) sewer and $50,000 11-15-year (ser.) street 4M%
on Oct. 9 to vote on the question of Issuing the $4,000 Summit Ave. lmpt. coupon bonds
(V. 93, p. 897) were awarded to the Mellon National Bank
bonds (V. 93, p. 826) were erroneous.
of Pittsburgh, it is stated.
• ROCKW OOD, Roane C ounty. Tenn. — Bond Election.— An election will be
SYRACUSE. N. Y . — Bond Sale.— On Oct. 10 the *146,000 4 )4% 1-20-yr.
held Oct. 28 to vote on the question of Issuing $15,000 5% school bonds
(ser.) reg. munlelpal-Impt. 1911 bonds <V. 03, p. 973) were awarded to
Due 20 years.
Ferris A White of N. Y. for $149,402 (102.33)— a basis of about 4.224%.
Other bids follow:
ROFF, P ontotoc C ounty, Okla,— Bonds Defeated.— The proposition to Is­ Parkinson A Burr, N. Y .$140,345 33 A. B. Leach A Co., N. Y .$148,509 74
sue $10,000 city-hall, flre-statlon and court-room bonds failed to carrv at Jas. R. Magoffin, N. Y _. 149,139 00 Sutro Bros. A Co., N Y. 148,467 40
the election held recently, it Is stated.
Curtis A Sanger, Boston. 148,934 60 Farson. Son A Co., N. Y. 148,133 82
R Y A N . Jefferson C ounty. Okla,— Bond Sale.— This town has disposed o f Morgan. Llvcrm.ACo.,N.Y.148,821 77 Bigelow A Co., N. Y ---- 148,409 00
W. N. Coler A Co., N. Y. 148,658 00 Kountzc Bros., N. Y --- 148,392 32
$8,000 water-extension and $12,000 park 6 % 20-yr. coup, bonds d a t e d
May 29 1911. Int. M. & N. In N. Y .
a 511 Blodgct A Co., Boston.. 148,655 74 R. M. Grant A Co.. N. Y. 148,347 08
Estabrook A Co., N. Y . 148,613 40 N. W. Halsey A Co., N Y.148,030 62
E. H. Rollins A Sons.Bost.148,609 02 Harris, Forbes A Co., N.Y.147.854 20
ST. ELMO. Hamilton C ounty, Tenn. — Bond Offering.— Further dctali
Klssell, Kinn. A Co., N.Y 148,571 50 Syracuse Sav. Bk., Syr. 146,000 00
are at hand relative to the ottering on Oct. 24 of the $80,000 5% 3o-yca
coup, sewer bonds (V. 03. p. 973). Proposals for these bonds will be re
T A L IH IN A , Le Flore C ounty. Okla.— Bond Election.— An clcotlon will be
cclved until 4 p. m. on that day by H. B. Wilson, Mayor. Auth Char
held Oct. 19, It Is Btated, at which a proposition to Issue $25,000 water250, Laws • 1611, also vote of 150 to 12 on Sept.,19 1911. Denom. SI OOr
works-eonst. bonds will be submlttcdjto a vote of the taxpayers.
RICE COMMON SCHOOL DISTRICT (P . O. R ice), Navarro C ounty,
T e x .— Bonds Not Sold.— No award has yet been made of the $16,000 5%

20-40-yr. (opt.) bonds (V. 83, p. 550).




Date April 1911.

OOT. 14 191!.]

THE

C H R O N IC L E

TERRACE PAR K SPECIAL SCHOOL DISTRICT NO. 5, Columbia
Township. Hamilton County, Ohio.—Bond Offering.— Proposals will be
received until 8 p. m. Oct. 24 by J. W. Williams, Clerk, for S30.000 4
school-building bonds. (V. 02, p. 1588.) Autli. Sec. 7625. 7626, 7627 of
General Code: also election held June 12 1911. Denom. 5100. Int.
it. & N. at Citizens’ National Bank, Milford. Due$l,200 yearly on Nov. 15
from 1912 to 1936 lncl. Ccrtilied check for $1,000, payable to Clerk, re­
quired.
TIVERTON, Newport County, R. I.— Bond Offering.— Proposals will
be received until 12 m. Oct. 19 by 1. N. Brown, Town Treas., for 556,000
1% coup, refundin' bonds. Denom. $1,000. Date Sept. 1 1911. Int.
M. & S. at the Town Treas. office, or at the Massasoit-Pocasset Nat. Bank
in Pall River, Mass. Due $1,000 Sept. 1 1912 o 1967 lncl. Cert, check
for 2% of bid, payable to “ Town of Tiverton,” Is required. Bonds will be
certified as to their genuineness by the Old Colony Trust Co. of Boston,
which will further certify that, In the opinion of Ropes, Gray & Gorham,
this Is a valid obligation of the Town of Tiverton. These bonds were pre­
viously offered on Sept. 21, but not sold (V. 93, p. 973.)
TRACY, San Joaquin County, Cal.—Bond Sale.— On Sept. 21 the $50,000
5% 1-30-year (serial) sewer bonds offered on Aug. 31 (V. 93, p. 550) were
awarded $10,000 to the Bank of Tracy, $19,000 to the West Side Bank of
Tracy and $21,000 to N. W. Ilalsey & Co. of San Francisco. Int. F. <5c A.
TROY, N. Y.— Temporary Loan.— On Oct. 3 $250,000 5% revenue bonds
were awarded to the Manufacturers' Nat. Bank at par. Denom. 2 bonds of
$100,000 each and one of $50,000. Date Oct. 3 1911.
TROY TOWNSHIP SPECIAL SCHOOL DISTRICT. OHIO.— Bond
Sale.— Hayden, Miller & Co. have been awarded at 104.165, wc are advised,
the $10,000 5% bonds olfercd on April 8.
UBLY, Huron County. Alich.— Bond Sale.— On Oct. 2 the $5,000 5%
water-works bonds (V. 93, p. 685) were awarded to A. II. Sleeper at par
and Int. Denom. $500. Int. annually In October. Due Oct. 1922.
UNION CITY, Darke County, Ohio.— Bond Offering.— Proposals will be
received until 12 m. Nov. 6 by It. A. Bolan, Vil. Clerk, for $9,319 5% Kim
St. paving assess, bonds. Authority Sec. 3881, Gen. Code. Date Nov. 1
1011. Int. annual. Due In 1 to 5 1-3 yrs. Bonds to be delivered and
paid for within 10 days from time of award. Cert, check for 5% of bonds
bid for, payable to the Vil. Treas.. required. Purch. to pay accrued Int.
UTAH.—Bonds Purchased During September.—'The following 5% water­
works bonds were purchased during the month of Sept, by the State of
Utah at par.
Place.
Amount.
Date.
Due.
Coalville, Summltt C o...*$35,000 Sept 1 ’ l l Sept. 1 '31 opt. aft. 5 yr.
Hyrum, Cache Co______ 10,500Aug. 1 '11 Aug. 1 '31 opt.aft. 10 yr.
Cell I, Utah Co............
25,000 Apr. 2 5 ’ l l Apr. 25 '31
Meadow Twp. Millard Co. 3,440 July 1 '11 July 1 '31 opt. aft. 10 yr.
Newton, Cache Co ____
6,300 June 1 '11 June 1 '31 opt. aft. 10 yr.
•These bonds were awarded on June 15 to S. A. Kean & Co. of Chic. (V.
92, p. 1714) and we have not been advised as to why the first sale was not
consummated.
VALPARAISO, Saunders County, Neb.— Bonds Defeated.— The election
held Sept. 19 resulted in the defeat of the proposition to Issue $5,000
water-works bonds.
VASHON SCHOOL DISTRICT (P . O. V ashon). King C ounty, W ash.—

Bonds Voted.— The proposition to issue 515,000 hlgh-sch.-bldg, bonds car­
ried, reports state, by a vote of 127 to 10 at an election held Sept. 30.

1059

W AK E COUNTY (P O. Raleigh), No. Car.— No Action. Yet Taken.—
No action has yet been taken looking towards the Issuance of the $300,00*
road bonds (V. 93, p. 613), we are advised under date of Oct. 6.
WALTON COUNTY (P. O. De Funiak Springs), Fla.— Bond Offering.-—
Proposals will be received until 12 m. Nov. 7 by tke Co. Comm’rs for $70,00*
6% coup. Road and Bridge Diet. No. 1 tax-free bonds. Denom. $1,000.
Date Nov. 1 1911. Int. J. & D. at the office of the County Treas. Cash or
cert, check for $500, payable to C. II. Gordon, Clerk of Circuit Court, re­
quired. No bonded debt. Assess, val. 1911 (est.), $1,000,000. Real
val. (est.), $3,500,000. Bonds we;e voted Aug. 8 1*11 and are due
Nov. l 1931.
WAMPUAt, Lawrence County, Pa.— Bend Offering.— Proposals will be
received by C. L. Itepinan, Boro. Clerk, for $10,000, 4 'A% water-works
construction bonds.
WAPATO. Yakima County. Wash.— Bond Offering.— Proposals will be
received until 8 p. m. Oct. 25 by the Town Council for the $17,000 20-year
water-works bond* voted Aug. 29 (V. 93, p. 685). Int. (rate not to exceed
6%) seml-ann. at the Treas. office. Bond* to be delivered and paid for
within 10 days from time of award. Cert, check for 5% of bid. payable to
the Treas., required. Bidders to satisfy themselves a* to the legality of
bonds before the date of sale, as all offers must be unconditional. Abstract
of laws of the State and proceedings relative to the Issuance of the bonds
will be furnished upon request. II. E. Trimble is Town Clerk.
W AUKESHA. Waukesha County, Wis.—Bonds Not Sold.— We arc
advised that no award has been made of $10,000 4% cemetery bonds.
Denom. 5500. Date Nov. 1 1911. Int. M. & N. Due $1,000 yrly. from
1915 to 1924 Inclusive.
W AVERLY, Humphreys County, Tenn.— Bonds Voted.— An electiom
held Oct. 3 resulted in favor of Issuing bonds to purchase the electric-light
plant and water works system owned by the Lucas Land & Lumber Co.
The vote, It Is stated, was 95 to 3.
WEBB CITY, Jasper County, AIo.— Bond Sale.— On Oct. 2 the $13,00*
5% 10-20-year (opt.) coupon funding bonds <V. 93, p. 827) were awarded.
It is stated, to II. V. Holtz & Co. of Chicago for $13,333 (102.561), Int. and
blank bonds.
WEST HOBOKEN. Hudson County, N. J.— Bond Sale.— On Sept. 27
$15,000 4 'A% coupon or registered school bonds were awarded to the
Highland Trust Co. of West Hoboken at 101 and int. A bid of par and Int.
was also received from the Hudson Trust Co. Denom. $1,000. Date
July 1 1911. Int. semi-annual. Due $3,000 yearly. These bonds wera
offered on Sept. 13 (V. 93, p. 685).
WEST TAMPA (P. O. Tampa), Fla.— Bond Sale.— Rudolph Kleybolt*
Co., Inc. of Cin. have been awarded the $100,000 public-Impt. bonds voted
Aug. 18 (V. 93, p. 613).
WILSON, Wilson County, No. Caro.— Bond Offering.— Proposals will b*
received until 12 m. Jan. 1 1912 by I. A. Illnnant, Clerk Board of Comm'ra,
for $74,000 5% 20-yr. coup, refund, electric-light and water-works bonds.
Int. seml-ann. at the Town Treas. office or in N. Y. Cert, check for $1,000,
payable to the Treas., is required.
WINCHESTER, Middlesex County, Mass.— Bond Offering.— Proposals
will be received until 7:30 p. m. Oct. 23 by G. II. Eustls. Town Treasurer,
for $90,000 4% public park loan coupon bonds. Denom. 51,000. Date
Nov. 1. Int. U. & N. at Old Colony Trust Co., Boston. Due $3,000
yearly on Nov. 1 from 1912 to 1941 lncl. Bonds will be certified as to
genuineness by the Old Colony Trust Co., which will also certify that In th*
opinion of Ropes, Gray & Gorham this is*ue I* a valid obligation of the town
of Winchester.

MISCELLANEOUS.

MISCELLANEOUS.

NEW LOANS

$ 1 6 0 ,0 0 0

N A T IO N A L

City of Winston, Nor. Car.,

L IG H T ,

A d r ia n H . M u lle r & Son,

H E A T &. P O W E R C O M P A N Y

A U C T IO N E E R S .

Improvement Bonds
Sealed bids will be received by the City of Win­
ston, N. C.. until 12 O'CLOCK M. OF THE 26TH
DAY OF OCTOBER. 1911. for an Issue of One
Hundred and Sixty Thousand Dollars, par value,
4H% Improvement Bonds, bearing date Octo­
ber 1, 1911, payable forty years after date, each
of the denomination of 51,000.00: principal and
Interest payable at the Wachovia Bank <Sc Trust
Company, Winston. N. C., or at such other place
as the purchaser may require; interest payable
semi-annually.
Each bid for the above bonds or portions thereof
must be for a sum not less than par, and accom­
panied by a ccrtilied check, payable to William
D. Jackson, Treasurer of the City of Winston,
for 2% of the par value of the bonds bid for; money
to be paid and bonds to be delivered at Winston,
N. C.
Full particulars given on request.
W ILLIA M D. JACKSON, Treasurer,
City of Winston, N. C.

GUARANTEED
BO ND S

All issues

R e g u la r W e e k ly

A . H . B ic k m o re & C o .,

S T O C K S and B O N D S

BANKERS
30 Pine S t r e e t ,

N ew Y o r k

B o lg e r

M U N IC IP A L

Co.

BONDS

Legal for Savings Banks,
Poital Saving* and Trust Fund*
s e n d r o u LIST

19 South La Salle St.,

7 W a l l S t . , New Y o r k

WEDNESDAY

LA W Y E R

B LO D G E T & CO.

Specializing in Examination of

Municipal and Corporation Bonds

BONDS

1312 FIRST NATIONAL BAN K BLDCL.

GO S T A T E S T R E E T , B O S T O N
30 P I N E S T R E E T , N E W Y O R K

C h a rles M. Sm ith & Co.
CORPORATION AND
MUNICIPAL BONDS

STATE, CITY

&

RAILROAD BONDS

THE AMERICAN MFG. CO.

CHICAGO FIRST NATIONAL BANK BUILDING
CHICAGO

H0DENPYL, HARDY & CO.

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Office, No. 55 W IL L IA M STREET.
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F. WM. K R A F T

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OF

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SISAL AND JUTE

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-

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LTST ON APPLICATIO N

Railroad, Street Ry., Gas & Elec. Light

S E A S 0 N G 0 0 D & M AYER

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Ingalls Building
CINCINNATI

^ h e (S jc m e m r a je n t A c c o u n t a n t

ARCHITECT.

O F F I C IA L O R G A N O F T H E A S S O C I A T IO N O F

ESTABLISHED 1885

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First Nat. Bank Bldg., Chicago

SCHOOL,
COUNTY AND MUNICIPAL BONDS

W ASH IN GTON . D. C.
A M E R IC A N G O V E R N M E N T A C C O U N T A N T S .

J U L IA N B A R N E S
Suite 1118 Association Building
C H IC A G O . IL L IN O IS

R. T. Wilson & Co.
33 W A L L STREET
NEW YORK




P . O. BOX 27. MAIN OFFICE,

Specialist in Designing Bank Buildings, Bank
Fixtures and Equipment

A M O N T H L Y M A G A Z I N E O F I N T E R E S T TO
A C C O U N T IN G A N D F I N A N C I A L O F F I C E R S
OF M U N IC IP A L IT IE S . B A N K S . R A IL W A Y S
A N D O T H E R P U B L IC S E R V IC E C O R P O R A ­
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TO B E F O U N D IN A L L L E A D I N G C E R T I F I E D
P U B L IC A C C O U N T A N T S ’ O F F IC E S .

Sample Copy 16 cents. Per Annum $1 60

1060

THE

[VOL. LXXXXIli.

C H R O N IC L E

WISE COUNTY COMMON SCHOOL DISTRICT NO. 74. Texas.— Bonds
Registered,.— The State Comptroller registered on Oct. 3 an Issue of $900
5% 10-13-year (opt.) bonds.
• • WOOSTER, Wayne County, Ohio.— Bonds Authorized.— An ordinance
as been passed providing for the Issuance of $6,800 4 ’ ' % 10-yr. coup,
ends. Denom. $500, one bond of $300. Date Nov* 19X1 ‘ " a W * n

Canada, its Provinces and Municipalities.
ABERNETHY. SasW.— Debenture Sale.— On Sept. 24 the $3,000 6%
15-year rink debentures (V. 93, p. 827) were awarded to Nay & James of
Regina for $2,735 (91.166) and expenses.
A Y LE SFO RD SCHOOL DISTRICT, S A S K .— Debenture Safe.— Nay &
James of Regina were awarded in Sept. $1,000 6% 10-yr. debentures.
CAM ROSE SCHOOL DISTRICT. A LTA.— -DebentureSale.— The Dominion
Securities Corporation, Ltd., of Toronto has been awarded, reports state,
$23,000 30-lnstallment and $5,400 20-Installment 6% debentures.
C U P A R , Sask.— Debenture Offering.— Proposals will be received until
12 m. Oct. 21 by H. W. Ford, Sec.-Treas., for $10,000 6% 15-year deben­
tures, re-payable in 15 annual Installments.
DROPM ORE SCHOOL DISTRICT. S A S K . — Debenture Sale.— Nay &
James of Regina were awarded In Sept. $1,000 6 }f % 10-yr. debentures.
D UNNVILLE. Ont .— Debenture Sale.— It Is stated that the $10,000 5%
20-Installment debentures offered on Sept. 11 (V. 93, p. 686) have been
disposed of.
FE RN B AN K SCHOOL DISTRICT. Sask.— Debenture Sale.— Nay &
James of Regina were awarded during Sept. $1,500 6% 10-yr. debentures.
H ASTIN GS. O nt.— Debenture Sale.— On Sept. 30 the $6,000 5% 20-ycar
municipal debentures (V. 93, p. 552) were awarded to R. Walker at 99.166.
The bids follow:
R. Walker.......- ........ ......... $5,9501 W. A. Mackenzie & Co., T o r.$5.724
A. B. Ames <Sj Co., Toronto.. 5,911 Nat. Finance Co., Ltd..Regina 5,658
Ont. Seo. Co., Ltd., Toronto. 5,9091R. C. Matthews & Co., Toronto 5,625
HIGH P R A IR IE SCHOOL DISTRICT. Sask.— Debenture Sale.— Nay &
James of Regina were awarded in Sept. $1,500 6 tf% 10-yr. debentures.
IN GERSOLL. Ont.— Debenture Offering.— Proposals will be received
until Oct. 18 by W. R. Smith, Town Clerk, for $25,000 4
electric-light
and power debentures. Interest annual. Due 20 years.
LEINAN SCHOOL DISTRIC T, Sask.— Debenture Sale.— During Sept.
SI,500 6 yi% 10-yr. debentures were awarded to Nay & James of Regina.
LEO SCHOOL DISTRICT. Sask.— Debenture Sale.— Nay & James of
Regina wore awarded $1,500 6% 10-yr. debentures during September.
LOCH LOMOND SCHOOL D ISTRICT, Sask.— Debenture Sale.— During
Sept. Nay & James of Regina were awarded $1,500 6% 10-yr. debentures.
LONG BOTTOM SCHOOL DISTRICT NO. 2355, Mtu.— Debenture Sale.—
On May 1 $2,000 6% 20-lnstallmont debentures were awarded to II.
O’Hara & Co. of Winnipeg at 101.925. Date May 1 1911. Int. ann.in Nov.
MARQUETTE SCHOOL DISTRICT. Sask.— Debenture Sale.— In. Sept.
' ay & Jamea of Regina were awarded $1,800 6% 10-yr. debentures.
M E LV IL LE , S s k .— Debenture Offering.— Proposals will bo received
until 13 m. N o t . 15 for $19,000 5% debentures. Denom. $1,000. Int.

—-------------------------------------------------------- ----—
■----------------semi-annually at Merchants’ Bank, Melville, Sask., Toronto, Ont., or Mon­
treal, Que. Due 30 years. Bid to Include Interest, cost of printing deben­
tures and bank charges. John Crow Is Secretary-Treasurer.
MOOSE JAW PUBLIC SCHOOL DISTRICT NO. 1. Sask.— Debenture .
Sale.— On Sept. 30 the $125,000 4H% 30-Installment bldg, debentures
(V. 93, p. 828) were awarded to the Dominion Secur. Corp.. Ltd., of Toronto
for $120,537 50 (96.43) and Int. Other bids follow:
Wood, Gundy & Co., T o r ..$120,2761Brent, Noxon & Co., Tor
$118,211
C. II. Burgess & Co., T o r.. 119,165 Dom. Bond Co., Ltd., Tor
118,000
Ont. Sec. Co., Ltd., Tor— 110,1071Alloway & Champion, Win. 116,305
Aemlltus Jarvis & Co., Tor. 118,9751 W. A. Mackenzie & Co.. Tor *23 395
Nat. Finance Co..Ltd., Reg. 118,4271
* Bid for $25,000 and 60 days’ option on balance.
MORSE SCHOOL DISTRICT, Sask.— Debenture Salo.— During Sept.
Nay & James of Regina were awarded $2,000 6H % 10-yr. debentures.
NEWCASTLE. N. B.— Debenture Offering.— Proposals will be received
until 12 m. Oct. 25 by J. E. T. Llndon, Town Treasurer, for $30,000 5%
debentures. (V. 93, p. 749.) Denom. $1,000. Date June 1 1011. Int.
semi-annual. Due 1951. Purchaser to pay accrued interest.
NORTH EASTHOPE TOWNSHIP (P, O. Amulrcc). Ont — Debenture
Sale.— On Oct. 2 the $20,300 telephone and $3,350 drainage 5% 10-install­
ment debentures (V. 93, p. 828) were awarded to Brent. Noxon & Co. of
Toronto for $20,310 and $3,350, respectively, and int. Other bids follow:
Ontario Sec. Co., Ltd., T or.823,6571National Finance Co., Tor..$23,418
W. A. Mackenzie & Co., Tor. 23,657 C. II. Burgess & Co., T o r ... 23,393
Aemilius Jarvis & Co., T or.. 23,444 |R. C. Matthews & Co., T o r.. 22,407
RED DEER SCHOOL DISTRICT, Sask.— Debenture Sale.— Nay & James
of Regina were awarded $1, 00 6)4% 10-yr. debentures during Sept.
R URAL M UNICIPALITY OF ASSINIBOIA, Man.— Debenture Election.
— In addition to the voting on the proposition to Issue $300,000 road de­
bentures at the election to be held Oct. 18 (V. 93, p. 975), the question of
Issuing $12,000 5% 10-lnstallment munlcipal-bldg. debentures will also
be considered.
RURAL M UNICIPALITY OF ELFROS NO. 307 (P. O. Elfros). Sask.—
Debenture Sale.— On Sept. 9 the $10,000 6% 20-lnstallment road debentures
(V. 93, p. 552) were awarded to Alloway & Champion of Winnipeg at 103.06.
SANDWICH, Ont .— Debenture Sale.— Local papers state that $1,300| 10tnstallment bridge and $15,000 20-lnstallment water-works and town-hall
5% debentures have been awarded to the Dominion Securities Corporation.
Ltd., of Toronto.
STONEWALL, Man.— Debentures Voted.— Reports state that a pro­
position to issue $5,000 town-hail debentures was favorably voted upon at a
recent election.
ULMER SCHOOL DISTRICT, Canada.— Debenture Sale.— During Sept.
Nay & James of Regina were awarded $1,200 6% 10-yr. debentures.
UNITY, Sask.— Debenture Offering.— Proposals will be received until
Oct. 15 for $2,000 debentures, re-payable In 15 annual Installments. W . B.
Atkinson Is Secretary-Treasurer.
WATERLOO, Out,— Debenture Election.— On Oct. 25 a proposition to
Issue $4,000 hospital debentures will be submitted to a vote. It Is stated.
W INNIPEG. Man.— Negotiations for Purchase of Street Railway Deferred.
— See “ News Items” on a preceding page In this department.
YORKTON, Sask.— Debentures P-aposcd.— This town, It Is reported,
proposes to Issue $108,300 debentures.

ENGINEERS

MISCELLANEOUS.
OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY. J. G. W H IT E & CO.
New York, January 20th, 1911.
The Trustees, in conformity with the Charter of the Company, submit the following statement of Us affairs
on the 31sf of December, 1910.
Premiums oa Marine Risks from 1st January. 1010, to 31st December. 1910................ $3,981,997 35
Premiums on Policies not marked off 1st January, 1910-------------------------------------635,546 90

Total Marine Premiums------------------------------------- -— ---------------------------------- $4,667,544 25
Premiums marked off from 1st January. 1910. to 31st December, 1010--------------------- $3.793,863 88
Interest received during the year--------------------------------- $373,371 50
Rent less Taxes and Expenses------------------------------------ 146,586 91

oj20,1o8

41

Losses paid during the year which were estimated In 1909
and nrovlous years_________________________________ - - - $504,311 33
Losses occurred, estimated and paid In 1910------ -------- ..1,021,356 12 $1,525,667 45
Less Salvages________ . . . ___ . . . . . . . $195,931 27
Re-Insurances_______ ___.__ ___. . . . . 402,106 63

Returns of Premiums_______________________ ,------------------- •--------Expenses, Including officers' salaries and clerks’ compensation, stationery,
newspapers, advertisements, etc-----------------------------------------------

$13,274,497 90

43-49 Exchange Place. NEW YORK
Chicago, Ills.

San Francisco, Cal.

Investigations and Reports on Electric
Railway, Gas, Electric Light and Rower
Properties, Irrigation System s, & c., for
Financial Institutions and Investors.

Electric Railways, Electric Light and
Power Plants, Gas Plants, Financed,^
Designed and BuiltLondon Correspondents :
J . G. W H I T E & CO., Limited,

$927.629'55

9 Cloak Lane, Cannon S t.. E. C.

$132,651 56
$3Q3,2<,3 30

Aggregating.............................. $13,019,787 64

A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the seventh of February next.
The outstanding certificates of the Issue of 1905 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the seventh of February next, from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per tent Is declared on the earned premiums of the Company for the year
ending 3l3t December, 1910, which are entitled to participate In dividend, for which, upon appli­
cation. certificates will be Issued on and after Tuesday the second of May next.
By order of the Board.
G« STANTON FLOYD-JONES, Secretary.
tru stees.
H ERBERT L. GRTOGS
CHARLES M. P R A T T ,
FRANCIS M. BACON,
DALLAS B. PRA TT.
CLEMENT A. GRISCOM.
JOHN N. BEACH.
GEORGE W. QUINTARD.
ERNEST C. BLISS.
ANSON W. HARD.
»
A. A. RAVEN.
THOMAS II. HUBBARD.
VERNON H, BROWN.
JOHN J. R IK E R ,
LEW IS CASS LED YARD ,
W ALDRON P. BROWN.
DOUGLAS ROBINSON,
CHARLES D. LEVERICH.
JOHN C LA FLIN ,
GUSTAV H. SCHWAB.
GEORGE C. CLARK,
LEANDER N. LOVELL,
W ILLIA M SLOANE.
CLEVELAND H. DODGE.
GEORGE H. MACY. t at t
I.OUIS STERN,
CORNELIUS ELDERT,
CHARLES H. M ARSHALL
W ILLIA M A. STREET.
RICHARD H. EWART.
NICHOLAS F. PALMER,
GEORGE E. TURNURH.
P H IL IP A. 3. F R A N K L IN
H E N R Y PARISH .
ADOLF PAVENSTEDT.
A. A. RAVEN. President.
CORNELIUS KLDERT, Vice-President.
W A L T E R WOOD PARSONS. 2d Vice-President.
CHARLES E. FA Y, 3d Vice-President
JOHN H. JONES STE W AR T, itti Vice-Preside




C o n tra cto rs

598,037 90

LIABILITIES.
ASSETS.
Estimated Losses and Losses Un­
United States & State of New York
settled _______________________ $2 .714,035 88
Stock, City, Bank and other Se­
873,680 37
curities ..................................... $5,418,792 00 Premiums on Untermluatcd Risks.
Special deposits In Banks <5cTrustCos. 1,200,916 66 Certificates of Profits and Interest
262,427 75
Unpaid _________ _____________
Real Estate cor. Wall & WllllamSts.,
Return Premiums Unpaid________
146,084 03
& Exchange Place.$4,299,426 04
Reserve for Rc-lnsurance Premiums
Other Real Estate &
& Claims ot settled. Including
claims due the com­
Compensation, etc_____________
160,000 00
pany ....................
75,000 00 4,374.426 04
Certificates of Profits Ordered Re­
deemed, Withheld for Unpaid
Premium notes and Bills Receivable 1,134,448 70
Premiums____________________
22,459 61
Cash In the hands of European
Certificates of Profits Outstand­
Bankers to pay losses under poli­
ing----------- -----------------------441,100 00
cies oayablo In foreign countries.
210,435 74
Real Estate Reserve Fund----- . .
400.000 00
Cash In Bank and N. Y. City rev­
enue bonds__________ _________
035.478 76
Aggregating.

E n g in e e r s ,

C. G. YOUNG
Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials

SIXTY
W ALL ST„
NEW YORK

Reports for Financing

Frederick H. Lewis
Civil and Mechanical Engineer

Consulting E ngin eer
Brown-Marx Bldg.

Birmingham, Aia.

Established 1889

A.

L. R E G IS T E R

&, C O .

ENGINEERS— CONTRACTORS
Philadelphia

MINING ENGINEERS
H.

M .

C H A N C E

Consulting Mining Engineer and Geologist

COAL AN D M IN ER A L PROPERTIES
Examined, Developed, Managed
337 Drexcl B ldg.,

P H IL A D E L P H IA . PA