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GENERAL

LIBRARY}

UNIV. OP

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank &

Quotation Section
Railway Earnings Section

Entered at N. Y. Post Office as second class mall matter.

Copyrighted In 1910, by WILLIAM B. DANA COMPANY, New York.

NO. 2364.

NEW YORK, OCTOBER 15 1910.

VOL. 91.

gtttKttJCtSl.

gittftttJCtxl.

gittXttCtftl.

rHE FARMERS’ LOAN & TRUST

Harvey Fisk & Sons

COMPANY

NEW

Foreign Exchange, Cable Trantfert,
Letters ef Credit, Payable through¬

YORK

BANKERS

Government,

Railroad

THE

The Company la a lecal depositary tor
moneys paid Into Court* and la author¬
ised to act as Executor, Administrator,

Trustee. Guardian. Receiver, and in all
other fiduciary capacities.
▲eta aa Trustee under Mortgagee made

by Railroad and other Corporations, and
Transfer Agent and Registrar of Stocks

LIBERTY

and

Municipal Bonds

out the world

M1CH4

INVESTMENT SECURITIES

NATIONAL

BANK

OF NEW YORK

PHILADELPHIA, represented by
JAMES H. CHAPMAN. 421 Chestnut St.
CHICAGO, represented by D. K. DRAKE,

218 La Salle St.
BOSTON, MASS., represented by
JOHN B. MOULTON. 85 Congrees St.

ISO BROADWAY

as

and Bonds.
Reoelves deposits upon Certificates of

Deposit, or subject to check,
Interest on dally balanoes.

and allows

Manages Real Estate and lends money
bond and mortgage.
Will act as Agent In the transaction ot

on

approved financial business.
Depositary tor Legal Reserves of State

any

Banks and also for moneys of the City of
New York.
Fiscal Agent for States. Counties and
Ottles.

16-22 WILLIAM STREET
475 FIFTH AVENUE
NEW YORK
LONDON

PARIS

The National Park Bank
of New York
Organized 1858.

Capital
$5,000,000 00
Surplus and Profits . .... 12,584,07817
Deposits Sept. 1,1910 . . . 102,028,889 17
RICHARD DELAFIELD,

President.
JOHN O. MoKEON.

GILBERT G. THORNE.
Vice-President.

Vice-President.
JOHN O. VAN CLEAF.
Vice-President.
MAURICE H. EWER.
Cashier.

WILLIAM O. JONES.
WILLIAM A. MAIN.
Asst. Cashier.
Asst. Cashier.
FRED’K O. FOXCROFT, Asst. Cashier.

N.W. HARRIS A CO
BANKERS
Pint Street, Comer William

NEW YORK
85 Federal St.* Boston

Receive deposits subject to check
and allow Interest on balanoes.
Act as fiscal agents for munici¬

palities
letters

and
of

Issue

corporations.
credit

and

deal

In

BONDS FOR INVESTMENT
LIST ON APPLICATION

Members of Richmond and Baltimore Stock

Exchangee.

John L. Williams & Sons
BANKERS
Comer 9th and Main Streets

RICHMOND, VA.
Baltimore Correspondents:
MIDDENDORF, WILLIAMS A CO.

GARFIELD NATIONAL BANK
Fifth Avenue Bonding
Comer 8th Ave. and SSrd St.. New York.

Capital, $ 1,000,006

Edward B. Smith & Co.

THE

MECHANICS AND METALS

BANKERS

NATIONAL BANK

INVESTMENT SECURITIES
Members New York and Phlla. Stock Exchange

SS Wall Street

Capital, - - - - $6,000,000
Surplus,. 6,000.000

Chase National Bank
Clearing House Bunding
A. B.

87 Pine Street, New York

Surplus, $ 1,000,000

RUEL W. POOR. President
JAMES McCUTCHEON, Vloe-Pres.
WILLIAM L. DOUGLASS, Cashier
ARTHUR W. SNOW. Asst. Cashier

Cap. & Surp.. Sia.706.7T9

PhOadelphle

N. E. Cor. Broad & Chestnut Sts..

ORIGINAL CHARTER 1829

THE

Francis Ralston Welsh,

GALLATIN

BONDS

NATIONAL BANK

Dep., S96.750.27S

HEPBURN, President

A. H. Wiggin, V.-Pres. C. C. Slade. Asst. Cash.
S. H. Miller, V-Pree.
B. A. Lee. Asst. Cashier.

H.M.Conkey. Cashier. W. E. Purdy. Asst. Cash.
A. C. Andrews, Asst. Cashier.

OF RAILROAD, GAS AND ELECTRIC
LIGHT AND POWER COMPANIES
109-111 SOUTH FOURTH STREET
PHILADELPHIA

OF THE CITY OF NEW

Capital
•
•
Surplus and Profits (earned)

YORK

$1,000,000
-

'*2,450,000

OFFICERS

THE

EQUIPMENT OF THE

FOURTH

NATIONAL

BANK1

OF THE CITY OF NEW YORK

-CORNER NASSAU AND PINE

STREETS—IS

ESPECIALLY

ARRANGED FOR HANDLING
MERCANTILE ACCOUNTS.




First National Bank
of

Philadelphia

315 CHESTNUT STREET

ACCOUNTS

INVITED

SAMUEL WOOLVERTON. President
ADRIAN ISELIN JR.. Vice-President
GEORGE H. LEWIS. Cashier ' i
HOWELL T. MANSON. Asst. Cashier

DIBICTOBS

Alexander H. Stevens
W. Stolen Room taft

1

.

Obas. A, Peabody

Adrian Iselln Jr.
Frederic W. Stevens V

Samuel Woolvertoa
Charles H. Tweed
'

Thomas Denny

THE CHRONICLE

II

[VOL.

LXXXXi.

jgxttfcee* »n4 g*atwer* of Sowetfln gsctumg*.

J. P. MORGAN & CO. Maitland,

Coppell & Co., Kidder, Peabody & Co

DOMESTIC AND F0RE10N BANKERS
Wall Street Conner of Broad

52 WILLIAM STREET

NEW YORK

NEW YORK

OREXEL ft CO*

PHILADELPHIA

Corner of fth and Chestnut Streets

MORGAN, GRENFELL ft CO* LONDON

Exchange, Ts^rsjWo Tranefere,

No. SI Old Broad Street

HARJES"

MORGAN,

ft CO* PARIS

Deposits received subject to Draft

Securities bought and sold on Commission
Interest allowed on Deposits

Foreign Exchange. Commercial Credits

Cable Transfers
Circular Letters for Travelers available In all parts
of the world

Brown Brothers & Co.,
NEW YORK.

BOSTON.

No. SS NASSAU STREET.
Members New York Stock Exchange.

Bait. Stock Exch’s.

vestment Securities on com- Ini/PCfTn pnt
Receive accountslUVCSlIUCUl

Securities

Buy and seU Bills of Exchange
and make cable transfers on all
points. Issue Commercial and
r\f VJICU11
if- Travelers’ Credits, available In
au parts of the world.

LCttCrS
.

•

8KOWN, SHIPLEY . CO.. LONDON

00.

ft

LTD.

LONDON

J. & W.

Seligman & Co.f
BANKERS

NEW YORK

Letters of Credit for Travelers.
Available in all Parts ef the World

DRAW BILLS OF EXCHANGE AND MAKE
TELEGRAPHIC TRANSFERS OF MONEY TO
EUROPE AND CALIFORNIA

for Travelers

.

T
m

BROTHERS

Buy and Sell Investment Securities

ISSUE LETTERS OF CREDIT

favorable terms. Collect
drafts drawn abroad on all points In the United
States and
and drafts drawn in the United
States on foreign countries. Including South Africa.
INTERNATIONAL CHEQUES.
'
CERTIFICATES OF DEPOSIT.
^

Correspondents of

BASING

Issue

Agents and Correspondents of the
Messrs. ROTHSCHILD.
London, Paris and Vienna.

—

,

LETTERS OF CREDIT

BANKERS.

mission.
on

London

August Belmont & Co.,

Connected by Private Wire.

Buy and sell first-class In-

of

TRAVELERS’ LETTERS OF CREDIT
Available throughout the Doited State,

59 Wall Street
ALEX. BROWN & SONS, BALTIMORE.
Moms N. Y., Phlla.. Boston A

INVESTMENT SECURITIES.

FOREIGN EXCHANGE.

& Smiths Bank, Limited.
London,
Messrs. Mallet Freres & Cie.. Paris,
Banco Nackmal de Mexico
Andjts Branches.
Agents for the Bank of Australasia, the British
Gu* aa Bank, Demerara, etc., etc.
Union

STREET, NEW YORK
BANKERS

on

SI Boulevard Haussmann

PHILA.

66 WALL

Orders executed for all Investment Securities.
Act as agents of Corporations and negotiate and
Issue Loans.

BiU§ of

,

116 DEVONSHIRE STREET BOSTON

Available in all parts of the world.
Draw Bills of Exchange and make Telegraphic
Transfers to EUROPE. Cuba, and the
other West Indies, Mexico and California.

Seligman Brothers, London
Seligman Ereree A Cie., Emtio
Execute orders for tfie purchase and sale of
Aleberg, Goldberg A Go* Amsterdam
Bonds and Stocks.
The Anglo and London •Earie Notional
Bank of Son Erancieeo, Col.

Graham, Vaughan & Co.,
44 Pine Street. New York.

BANKERS

TAILERi©

INVESTMENT SECURITIES

27 Pine Street, New York

BANKERS
81-38 Pine

MEMBERS NEW TORE STOCK EXCHANGE

107 Chestnut Street. Philadelphia.

BANKERS

Lawrence Turnure A Co.
INVESTMENT

Members of the New York Stock Exchange

64-66 Wall

Street, New York

Deposits received subject to draft.

lowed

Issue drafts and cable transfers

Winslow, Lanier & Co.,

Interest al¬

deposits.

Securities bought and sold on
commission. Travelers' credits, available through¬
out the United States. Cuba, Puerto Rloo, Mexico,
Central America and Spain. Make collections In and
on

above countries.

on

London Bankers:—London Joint-Stock Bank.
Limited.
Paris Bankers:—Heine & Co.

59 CEDAR STREET

Produce

Deposits Received Subject to Draft.

Interest

Allowed

on
Deposits. Securities
Bought and Sold on
Commission.

Foreign Exchange, Letters of Credit

Deposits

received

subject

Interest allowed

on

to cheque
deposits.

and

Members New York Stock Exchange.
Securities bought and sold on commission
Act

as

Fiscal Agents.

Dealers In High-Grade Investment Securities.

Exchange Bank

BROADWAY. Corner BEAYER ST.

Capital
Surplus earned
Foreign

$1,000,900

-

600,000

•

Exchange

bought

sold.

and

Graham & Co,

Cable

BANKERS

Transfers.
Commercial and Travelers’ Letters of
Credit available In all parts of the world.

485 Chestnut Street

ACCOUNTS INVITED

PHILADELPHIA

Kean, Taylor & Co.

HEIDELBACH, ICKELHEIMER ft CO.

&AXKEB8

S7 William Street.

BANKERS.

Government

and
of

Municipal Bonds,
Railroads, Street
Railways and Gas companies

Securities

of established value.

MEMBERS N. Y. STOCK EXCHANGE.

STREET, NEW YORK

Oeneral Foreign and Domestic

Execute orders for purchase and sale of
Stocks and Bondi.

Banking Business

Foreign Exchange Bought and Sold.

Dealers in Investment Securities

Issue Commercial and Travelers* Credits
available in all parts of the world.

John Munroe & Co.,
NEW YORK

BOSTON

Schulz & Ruckgaber,
BANKERS.
15 William Street,
Members New

-

York

t.

.

Stock

.

Letters o! Credit tor Travelers
Bsmmerclal Credits.

Foreign Exchange

Gable Transfers.

MUNROE ft 00., Paris

Act

Exchange.

Correspondents of Messrs.
Fruhllng & Goschen,

London.
John Berenberg-Gossler A Co.,
Hamburg.

BankT&Uk^der <]fesdnS,‘Bank.

Bremer
Bremen.

Commercial
) IssueBuy
A Travelers'
and Sell Bills of

Credits.
Exchange.

Cable Transfers A Investment Securities

as

Financial Agents

Issue Foreign and Domestic Letters of
Credit and Travelers' Ckeeees

Knauth, Nachod&Kiihne
BANKERS

New York

„




Bills of Exchange and Cable Transfer*.

Lists upon application.

BANKERS

a

of Credit and Travelers' Cheque*,
available the world over.

NEW YORK

NEW TORE

Transact

Cablet “Afimoao."

Letters

Bankers

SECURITIES

90 FINE

Street, New York

084 Fifth Avs.. N. Y.

NEW YORK

LEIPSXG, GERMANY

Members New York Stock

Exchange.

INVESTMENT
SECURITIES

Oct. 15

THE CHBONICLE

1910.]

gattfuvs.

Sattfeevs.

^sntuv*.

Millett.Roe & Hagen

Lee, Hlgginson&Co.

BANKERS

Wm. A. Read & Co.

BOSTON

S3 Wall Street

BANKERS.

Chicago

New York

'if

Buildings, Prines’s Strest,

Dealers In

Investment Securities

LONDON. E.C.

New York

"

■

Members New York, Chicago and Boston
Stock Exchanges.

HIGGINSON & CO.
I Bank

iu

HIGH-GRADE BONDS
Members New York Stock

Excdange

Boston, 15 Congress Street
25 NASSAU STREET,

NEW YORK
BOSTON

Plympton, Gardiner& Co*

BALTIMORE

CHICAGO

N. W. HALSEY A CO.,
Baitkars

LONDON

Members New York sod Chicago
Stock Exchanges

BONDS FOR INVESTMENT
Interest Allowed on

Conservative Investments

Fiscal Agents

Deposit Aoooants

tor Cities and Corporations

LISTS ON REQUEST

27 William St., New York
»2 U Sail* Street.

54 Old Broad Street,
LONDON. E. C.

CHICAGO

Rhoades&Company

40 Wall
Philadelphia

Street, NEW YORK
8an Francisco

Chicago

BANKERS
45 WALL STREET, NEW YORK

George P. Butler & Bro.
Si Wall Street

Members N. Y. Stook Exchange

High-Grade Bonds

Trowbridge & Co.

State,

Municipal

Railroad

and

NEW YORK

RAILROAD AND OTHER

INVESTMENT 8E0UBIYIES.

BANKERS
Members New York Stock

Exchange

Members New York Stook Exchange; Execute
Commission Orders;
draft.

Deposits received subject to

Cor. of WaU and Bread Sts.. New York.

Letters of Credit and
Travelers’ Checks

Bonds and Stocks

for Investment

Available

Throughout the World

111

NEW HAVEN

Broadway

134 Orange St.

Draw Bills of Exchange and make Cable
Transfers to Europe, Asia, Australia, the
West Indies, Central and South Amorlc and

Mexico.

HARTFORD—*6 Read Street

NEW YORK

H. B. HOLLINS & CO.

Issue Utters of Credit for Travelers, avail¬
able in all parts of the world.

Goldman, Sachs & Co.
BANKERS

60 WALL STREET. NEW

SIMON BORG & CO.,

YORK

CHICAQO

BOSTON

BANKERS

Members of New York A Chicago Stock Exchanges

Blake Brothers & Co.
5S Exchange Place.

14 State Street,

NEW YORK

BOSTON

Issue

Dealers in

NEW YORK CITY

No. 80 Nassau Btzeet,

Commercial and Travelers9
Letters of Credit

Ireoeotment

DEALERS IN
Securities
emd Commercial

How York

-

HIGH-GRADE
INVESTMENT SECURITIES

Paper

Wollenbergpr & Co.

INVESTMENT SECURITIES
Members New York a Boston Stook Exchanges

York Stock Exchange

Available In all parts of the world.

and other KUHIOTPAL BONDS

COMMERCIAL PAPER

Membert of New

Execute orders for purchase and
Stocks and Bonds
sale of
Buy and Sell Foreign Exchange.
CABLE ADDRESS, “COLDNESS**

BANKERS

Zimmermann & Forshay
BANKERS

Member« New York Stock Exchange.

24 BROAD STREET.

'*'

Foreign Government Bonds
Correspondence Invited.

• and 11 Wall Street. New York.

BOISSEVAIN & CO.

Specialists In

206 U Salle Street

-

-

CHICAGO

Orders executed for stocks and bonds for Invest*

NEW YORK.

ment or on

margin.

Adolph Boissevaln & Co..
Amsterdam. Holland.
TRANSACT A GENERAL BANKING AND
STOCK EXCHANGE BUSINESS.

LEONARD H. HOLE

BIRD S. COLEU

Members New York Stook Exchange.

Fireip Exchange Bngkt aid Salt

W. N. COLER &, CO.

Letters at Credit tssaed

BANKERS

Cable

Transfers

to

all

Parts

of

tin

World.

43 CEDAR ST.,

REW YORK

INVESTMENTS

BOND & GOODWIN

CRAMP, MITCHELL & SHOBER

BANKERS

BANKERS

Corporation and Collateral Loans
Commercial Paper

1411 Chestnut St.

also

qtyestmeht securities
Members New York Stock Exchange
and Boston Stock Exchange. '
as Congress St.

Ill Broadway

BOSTON

NEW YORK




SS4 LaSalle St.

CHICAGO

Philadelphia

Members
New York and Phila. Stook Exchanges
!
'

New York Cotton Exchange

Investment Securities

Shoemaker, Bates & Co
BANKERS
fNew York

Members! New York

IChloagc “

INVESTMENT SECURITY
37-43 Wal I Street, H«w York
WaMorf-Astoria u»4 604 FHthAva.,Nw»Yor*
Rm) EitftM Tr. BU|u

Phli.

THE CHRONICLE

I*

[VoL. umi.
gsnsittKV.

gottetgtt.

DEUTSCHE BANK
BERLIN W
Behrenstrasse 9 to 13.

CAPITAL

-

89 CORNHILL.
Telegraphic Address. Udlsoo. London.

M. 200.000.000.

RESERVE

325.172.898

Reserve Fond

Dividends paid during last ten years:

12H per cent

BREMEN. DRESDEN. FRANKFORT-O-M..
HAMBURG.
LEIPSIO,
MUNICH.
NUREMBURG. AUGSBURG.
WIESBADEN.
BRUSSELS, CONSTANTINOPLE
and (he

(Berlin) London Agency

4 George Yard.

NOTICE IS HEREBY
GIVEN that the
RATES OF INTEREST allowed for money bn
deposit are as follows:
At CaU. 2K Per Cent.

At 8 to 7 Days’ Notice, 1H Per

Brandies:

Deutsche Bank

2.900.000
35—31 STERLING.

M. 105.726.164.

II. 11, 11. 11. 12. 12. 12. 12. 12.

Lombard St..

LONDON, E. 0.

Cent.

The Company discounts approved bank and
mercantile acceptances, receives money on de¬

posit at rates advertised from time to time, and
grants loans on approved negotiable securities.

CHRISTOPHER R. NUGENT. Manager.

NEW YORK OFFICE,

64 WALL STREET
R. Y. HEBDEN. 1
W. A. BOG.
VAgents.
J. T. MOLINEUXJ

The London City &
Midland Bank, Limited,

and Cable Transfers; grant Commercial and Trav¬
elers’ Credits, available In any part of the world:
Issue drafts on and make collections in Chicago and

throughout the Dominion of Canada.
London Office. 47 Threadneedle St., E. C.
F. WILLIAMS TAYLOR. Manager.

HEAD OFFICE

BANCO ALEMAN TRANSATLANTIC!)

With Branches In all the Principal Cities
Towns of England and Wales.

Merchants’ Bank of Canada
and

Telegraphlo Address: Cinnabar. London.

(Deutsche Ueberseelsche Bank.)

SUBSCRIBED CAPITAL

(37,142,000)

PAID-UP CAPITAL
M. 22,500.000.

(35.257,000)

RESERVE FUND

(31.625.000)

M.

6.827.000.
HEAD OFFICE

ESTABLISHED 1R36

SUBSCRIBED

CAPITAL, $95,741,700
CAPITAL, 19,946,187
RESERVE FUND, - 17,951,668

PAID-UP

Sir EDWARD H. HOLDEN. Bart.,
Chirman and Managing Director.

BERLIN

Kanonlerstrasae 20 to 80.

Berliner

Santiago. Temuoo. Valdivia, Valparaiso.

WOOD, GUNDY & CO*

Handels-Gesellschaft,

Drafts, cable-transfers and letters

TORONTO

CANADA

BERLIN, W«, 64
Behrenstrasse 82-82 and Fransoslseho-Strasse 42
*

of credit issued.
«
London Agents
DEUTSCHE BANK (BERLIN) LONDON AG’Y
GEORGE Y'D, LOMBARD ST., LONDON. E.C.

-

MUNICIPAL AND CORPORATION

PERU: Arequlpa. Callao, Lima, Trujillo.
URUGUAY: Montevideo.
SPAIN: Baroelona. Madrid,
BiUs tent for collection, negotiated or
advanced upon.

HEAD OFFICE MONTREAL
CAPITAL
36.000.000
Rest and Undivided Profits.....:
4.602.167
NEW YORK OFFICE. 63 and 65 Wall St.
W. M. RAMSAY. \Agents.
C. J. CROOK A Ll. )
147 branches in the Provlnoes of Quebec, Ontario,
Manitoba, Saskatchewan, Alberta ana British
Columbia. Good facilities for effecting prompt col¬
lections in Canada. Buy and sell Sterling Exchange
and Cable Transfers. Issue Commercial and Trav¬
elers’ Credits available In any part of the world.
London Agents—The London Joint Stk. Bk.» Ltd.

Canadian Bonds

Brandies:
ARGENTINA: Bahla-Blanca. Buenos Aires,
Cordoba, Tucuman.
BOLIVIA: La Pas, Oruro.
CHILI: Antofagasta, Concepcion, Iqulque, Osorno.

ft*

Head Office—Montreal
Rt. Hon. Lord Strathcpna and Mount Royal.,
G. C. M. G.. Q. C. V. O.—Honorary Presides
R. B. ANGUS. President.
Sir Edw. Houston. Bart.—V.-Prcs. A Gen. Mgr

Buy and Sell Sterling and Continental Exchange

5 Threadneedle Street. London. England.

M. 80.000.000.

681,661 44

8.750,000

Paid-Up

—

-

12,000,000 00

BEST,

UNDIVIDED PROFITS,
17.500.000

$47,319,000 Capital Subscribed

-

-

The Union Discount Co. BANK OF MONTREAL
(BsUbUsbed 1*17)
of London, Limited
CAPITAL paid in - - $14,400,000 00

Telegraphic Address—Handelschaft, Berlin.

W. GRAHAM BROWNE & GO.
MONTREAL

ESTABLISHED 1856

CANADA

-

Csnsdisn Bonds Bought,

Sold «nd Appraised

Banking Transactions of Every Description

Direction der

Disconto-Gesellschaft,
ESTABLISHED 1851

Capital,
Reserve,

-

-

-

-

-

-

M.

34,500,000

LONDON. E. C..

VAN OSS A CO.
THE

BERLIN W„ 48-44 Behrenstrasse
BREMEN. FRANKFORT-o-M.. MAINZ.
HOOHST-o-M., HOMBURG v. d. H..
POTSDAM. WIESBADEN.

‘govtlgn.

U. 110,000,000

HAGUE, HOLLAND

Place American Investments in Europe

Swiss Bankverein
Schweizerischer Bankverein

Bankverein

Tel. Address, Vooo.
Codes: Hartfleld’s Wall St.. W. U. A Lleber.

Suisse

53 CorahUl.

Basle, Zurich, 8L Rail, Geneva

CAPITAL, fully paid,

$40,476,200

-

Agencies at Rorschach, Chlasso and Hertsau

M. 170,000.000.

RESERVE

M.

60,092.611.

LONDON OFFICE, 43 Lothbury,

& C.

With the unlimited personal liability

of the following partners:
A. SCHOELLER.
M. SCHINCKEL,

I

Dr. A. SALOMONSOHN,

E. RUSSELL.
F. URBIG,

Brasilianische Bank
fUr Deutschland
CAPITAL
Branches:

M. 10 000,000 00
Head office: HAMBURG.
RIO DE JANEIRO. SAO PAULO.

SANTOS, PORTO ALEGRE. BAHIA.

Bank fUr Chile und

Deutschland
CAPITAL
HAMBURG.

BRANCHES

IN

CHILE
CHILI

iBDOtoM™™ BOUVIANA).

CHILE

Y ALELA PAZ

LONDON AGENTS:
DER DISCONTO-GESELLSCHAFT. 58 CORNHILl)e.O

DIRECTION




Capital paid
Surplus, .

The

up,
•

Frs.62,800,000
Frs.16,330,000

•
.

.

National Discount

Company, Limited
85 CORNHILL

LONDON, E. C.

Cable Address—Natdls: London.

Subscribed Capital
Paid-up Capital

.

Reserve Fond

321.166.625
4.288.325
2,200.000

(850-61 STERLING.)

M. 10.000.000 00
WITH

BANKING OOBPOBATION

Paid-up Capital (Hong Kong Currency)

$14,307,764

.....

Hong Kong & Shanghai

NOTICE IS HEREBY GIVEN that the
RATES OF INTEREST allowed tor money on
deposit are as follows:

Reserve Fund)In Gold...315.000,0001

\In Silver.. 16.000.000/
Reserve Liabilities of Proprietors...

316.000,000
81,000,000
15.000,000

GRANT DRAFTS, XS8UE LETTERS OF CREDIT.
NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN. PHILIPPINES, STRAITS SETTLE¬

MENTS, INDIA.

WADE GARD’NBR. Agent. 86 Wall St.

W iener Bank - Vercin
ESTABLISHED 1869

CAPITAL (fully paid)

-

$26,342,000

-

(130.000,000 crowns)

RESERVE FUNDS

-

-

-

(89.000,000 crowns)

$7,000,000

HEAD OFFICE VIENNA

(AUSTRIA)
Austria-Hungary
Agram, Aussig a-E., Bielitz-Biela,
Branches In

Brunn, Budapest, Carlsbad, Czernowitz,
Friedek-Mistek, Graz, Innsbruck
At Cali. 2 H Per Cent Per Annum.
Klagenfurt, Krakau, Lemberg, MarienAt 8 to 7 or 14 Days* Notice. 1H Per Cent.
bad, Meran, Pilsen, Prag, Przemysi,
fr Approved hank and mercantile bills discounted. Prossnitz, St. Polten, Tarnow, Teplitz,
Money received on deposit at rates advertised
from time to time and tor fixed periods upon Teschen, Villach, Wr. Neustadt.
specially agreed terms.
Loans granted oh approved newt able securities

PHILIP HAROLD WADS, Manager*

Branch In

Turkey

Constantinople

Oot. 15

THE CHRONICLE

1910.]
©aua&latt.

T

Sxtttuevs.

THE CANADIAN BANK
OF COMMERCE

Mackay & Co.,

HEAD OFFICE. TORONTO

$10,000,000

PAID-UP CAPITAL
NEW YORK OFFICE:

Edward Sweet & Co.

Nos. 16 AND 18 EXCHANGE PLACE
Wm. Gray and C. D. Mackintosh, Agents

Members N. Y. Stock Exchange

*.000.000

SURPLUS

<?

Buy and Sell Sterling and Continental Ex¬
change and Cable Transfers, Commercial and
Traveler’s Credits. Collections made at all points.

Banking and Exchange business of every de¬
scription transacted with Canada.

Bankers & Brokers
34 PINE STREET

LONDON OFFICE—2 Lombard Street. E.C

BANKERS IN GREAT BRITAIN.
The Bank of England.
The Bank of Scotland.
Lloyd’s Bank. Limited.
Union of London and Smith’s Bank. Limited.

.

BANKERS

Members of the New York
Stock Exchange. Dealers in

High-Grade Bonds and other
Investment Securities. In¬
terest allowed on deposits.

NEW YORK

National

City Bank Building
55 Wall Street

ESTABLISHED 1854

NEW YORK

The Bank of
British North America
Established In 1836

Incorporated by Royal Charter In 1840

PaJd-ap Capital

ESTABROOK & CO.

£1.000.000 Sterling
£620.000 Sterling

Reserve Pnnd

Head Office:
6 Gracechurch Street. London, E.O.
New York Office: 52 Wall Street.
H. M. J. McMICHAEL.l Agents.
W. T. OLIVER.
J

Buy and sell Sterling and Continental Exchange

and Cable Transfers.
Grant Commercial and
Travelers’ Credits, available In any part of the
world.
Issue Drafts on and make Collections
In all parts of the United States and Canada.

BANKERS

Eleotrio

Members New York and Boston
Stock Exchanges

we offer.
15 State Street*
24 Broad Street*

BOSTON
NEW YORK
-

BALTIMORE

J. J. REED.
Vloe-Presldent.

G. W. FARRELL. Secretary-Treasurer.
A. H. B. MACKENZIE. Manager.

DIRECTORS:
ALFRED BAUMGARTEN O. R. HOSMBR

Oapt. D. C. NEWION (Montreal)
H. ROBERTSON

C. B

GORDON

MONTREAL

Bankers
Proven

CHICAGO

C. Meredith & Co., Limited
CHAS. MEREDITH.
President.

Light, Power and Street
Railway Enterprises with records
of established
earnings

INVESTMENT SECURITIES

HARTFORD

Bud Brokers and Financial Agents

FINANCE

and

Publio

R. L. DAY A CO.

(Paid-Up Capital and Surplus* $4,900,000)
71 BROADWAY

37 Wall St.

35

BOSTON

HIGH BRIBE INVESTMENT BONBS
Mflunlolpol and Railroad

WILLIAM P. B0NBRI6HT & COMPANY

Members New York an*

BANKEBS

Tucker, Anthony & Co.
BANKERS

Toronto

Montreal

Members of the New York Stock Exchange

24 BROAD STNEW YORK

S3 STATE 8T.,
BOSTON

NORWICH

NEW BEDFORD

Members Boston and New York Stock

Exchanges.

Agents

BOND DEPARTMENT

Canadian

St.. BOSTON

BERTR8N, GRISCOM & 1ENKS

CANADA

40 Wall Street.

Land Title Building.
PHILADELPHIA.

NEW YORK.

INVESTMENT SECURITIES

HANSON BROS.
Dealers In

Canadian Investment Securities
<S#nd for our circular ailing Mails




All Issues

A. H. Bickmore & Co.,
BANKERS
30 Pina Street*

Now York

Alfred Mestre&Co
BANKERS

BANKERS

Corporation Bonds

MONTREAL

James St. Street

HEAT A POWER COMPANY

Investment Saourltlaa

LIMITED

Trustees-Transfer

NATIONAL LIGHT,

BONDS

35 Congress

GNQLAND

Electric Power Securities

GUARANTEED

HUNT & CUSHMAN

INVESTMENT TRUST CO.

London

24 Broad Street
NEW YORK

A BROKERS

London, Eng.

THE

NEW YORK

Congress St.

NEW YORK

COLORADO

DOMINION SECURITIES
CORPORATION, LIMITED

Securities

Correspondence Solicited

Colorado Springs

CORRESPONDENCE SOLICITED

Utility

Dealers

ELECTRIC ROND & SHARE CO.

Boston Stock Exchanges

Canadian
Investment Securities

Investment

MONTREAL

H. AMY & CO.
BANKERS

44 and 46 Wall Street*

New York

INVESTMENT SECURITIES

Bills of Exchange.

Letters of Credit.

Members of the New York
Stock

Exchange. Dealers
Municipal, Railroad and
Equipment Bonds.
Interest allowed on deposits
Subject to Draft.

in

37 Wall St.
NSW YORK

130 8.15tb St.
PHILADELPHIA

H..

THE CHRONICLE

IVol.

lxxxxi.

2»ttfc*«s and liKotievs ontttxide gtet» 5trek.
PITTSBURGH.

LOUISVILLE.

We Buy end Sell

INVESTMENT BONDS

J. J. B. HILLIARD & SON

(NO STOCKS)

LOUISVILLE, KY.
BANKERS AND BROKER8

J. S. &W. S. KUHN
Pittsburgh, Pa.

Junc 8. Kahn,

L. L. M’Clelland,

President.

See. & Treaa.

Members

*

SAN FRANCISCO.

LOUISVILLE, KY

J. C. WILSON
MEMBER!Chicago Board of Trade.

HENRY S. FRAZER
Local Stocks and Bonds

Company

investment securities

NEW TORK

and

fNew York Stock Exchange.

NASHVILLE.

PITTSBURGH, PA.

PITTSBURGH

NASHVILLE.

JOHN W. DICKEY

Wm. G. Hopper & Co.

Correspondents.

Harris, Winthrop & Co., New York & Chicago

BARROLL & CO.
BONDS
Merchants’ Exch. Bldg.
H W Heilman Bldg
San Francisco.
Los Angeles.
Lumbermen’s Bldg.. Portland.

BROKER

STOCK AND BOND BROKERS
a South Third Street,
PHILADELPHIA

AUGUSTA. GA

Investments receive our spousal attention.
In¬
formation cheerfully furnished ^garding present
holdings or proposed Investments.

Southern

Wakefield, Garthwaite & Co.

Securities

PACIFIC COAST SECURITIES
We Invite

J. W. SPARKS &. CO.
Philadelphia.

Offerings of Southern Bonds

f PHILADELPIA STOCK EXCHANGE
M EMBERS! NEW YORK STOCK EXCHANGE
l CHICAGO BOARD OF TRADE

and Stocks

AUGUSTA, GA.

Specialists In
INACTIVE SECURITIES
421 Chestnut St.. Philadelphia. Pa.

SAN FRANCISCO

Member The Stock and Bond Exchange
t

"

■
,

LOS ANGELES.

WILLIAM E. BUSH

HUNTOON

Requests lor Information

lit Nat. Bank Bldg..

WANTED

Chestnut and Third Sts..

James H. Adams & Co.
CALIFORNIA BONDS

MUNICIPAL AND PUBLIC SERVICE

ATLANTA.

CORPORATION

southern

E. B. JONES &, CO.

They yield
the

MUNICIPAL BONDS

BONDS

Building,

LOS ANGELES

Branch, Coronado Hotel. Coronado Beach.

TENN.

AUGUSTA.

W. G. HOPPER.
H. s. HOPPER,
Members of Philadelphia Stock Exchange.

Morris

SAN FRANCISCO

Bankers and Brokers

8TOOKS AND BOND8

PHILADELPHIA.

A

IStock and Bond Exchange. S. F.
Private Wire to Chicago and New York.

THOS. PLATER & CO.

Singer Bldg.

INVESTMENT SECURITIES

REED

BONDS

STOCKS AND BONDS
INVESTMENT SECURITIES

Union Bank Budding.

268 Fourth Ave.

Municipal and Corporation
PACIFIC COAST SECURITIES A SPECIALTY

SECURITIES.

H. P. Taylor &

NEW YORK.

John W. & D. S. Green

New Tork and Pittsburgh Stoek Exchanges
and Chicago Board of Trade

INVESTMENT

PHILADELPHIA

*

STREET RAILWAY SECURITIES
A Specialty
Correspondents: WALKER BROS.. 71 B’way. N. Y.

PAID-UP CAPITAL. $600,000

CHILDS & CHILDS

MORRIS BROTHERS
PORTLAND.

INVESTMENT BONDS

Incorporated

0!

PORTLAND, ORE.

YIELDING 4}i% TO 5M%

PHILADELPHIA

a

higher rate of interest than bonds of
merit issued in the East.
Correspondence Invited.
LOS ANQELES. CAL.

same

•

THE ROBINSON-HUMPHREY GO.

NORFOLK, VA.

ATLANTA, GEORGIA

MOTTU & CO.
BANKERS

BONDS AND STOCKS

Legal Bonds

Established 1892.

Members Los Angeles Stock Exchange

HILLYER TRUST CO.

AND

BROKERS Capital and
Surplus,

-

-

-

Joseph Ball Company
Orders executed for the purchase and sale of

422-424-486-436-437 SECURITY BUILDING

LOS ANQELES

$300,000

NORFOLK, VA.

ATLANTA, GA.

BIRMINGHAM, ALA.

DENVER, COL

WILLIAM R. STAATS CO.
Established 1887

Otto Marx A Co.

CALVIN BULLOCK

BANKERS

AND

DENVEB

BBOKEB8

OITT

TRAMWAY
BONDS

BIRMINGHAM. ALABAMA.

MONTGOMERY.

STOCKS AND BONDS

MEYER & GOLDMAN
'

STOCKS AND BONDS

B. W.

Strassburger

SOUTHERN INVESTMENT SECURITIES

Municipal and Corporation Bonds
TO YIELD

,

BUFFALO, N. Y.

Government, Municipal
and Corporation Bonds

SOUTHERN SECURITIES

SPECIALISTS IN

TENN.

.

-

P0RTLAKD, MAINE
EstaUlshed 1854

H. M.

PAYS0N & CO.

Investment Securities
PORTLAND • MCRePayMu
Oeo.a.Ptyson




..

-

MAINE
Herbert Payson

ANGELES STOCK EXCHANGE

JOHN T. STEELE

86 Madison Avsnus,

MEMPHIS.

.

BUFFALO.

INVESTMENT BONDS

Local Stocks and Bonds.

LOS

LOS ANGELES.

Members Baltimore Stock Exchange

JNO. L. NORTON

PASADENA

INVESTMENT SECURITIES
MEMBERS

BALTIMORE

COLSTON, BOYCE & CO

MEMPHIS.

Request

FIELDING J. STILSON CO.

MONTGOMERY, ALA.

ALABAMA

on

LOS ANGELES

OFFICES:

BIRMINGHAM, 1
MONTGOMERY./

4% TO 6%

Descriptive Circulars

25

PROVIDENCE.

Buffalo and Western New York Securities

Richardson & Clark

ALBANY, N.Y.

Exchange Street, Providence, R. I.

PETER J.
,

Bonds, Stocks and Local Securities.
Private wires to Boston, Philadelphia
and New York.

CALLAN

INVESTMENT BANKER

Local, Listed and Unlisted
8TOOKS AND BONDS
REAL ESTATE

Oot. 15 1910.]

THE CHRONICLE

vu

Ifctt&etts xu& §tolurs outside §itv* Jganeh.
CHICAGO.

ST. LOUIS.

CLEVELAND.
“"*****‘‘‘‘^‘‘avirLrijwifvwifi

FRED. S. BORTON
T. E. BORTON
R. C. ENWRIGHT

GREENEBAUM SONS

BORTON

BANKERS
Corner Qark and Randolph Streets. Chicago.
High-Grade Investment Securities.

Chicago First Mortgages and Bonds for sale.
Issue Letters of Credit for travelers, available tn
all parts of the World.
A General Domestic and Foreign BanklngBuslness.

&

BORTON

INVESTMENT SECURITIES
LISTED AND UNLISTED

A. G. EDWARDS&SONS

STOCKS AND BONDS
OF CLEVELAND AND NORTHERN OHIO

One Wall Street
In St. Louis at 410 Olive Street

MEMBERS CLEVELAND STOCK EXCHANGE

GUABDIAN BUILDING

Correspondence Solicited.
Send Jot out latest lists of Securities.

Hayden, Miller 6c Co.
Sanford F. Harris A Co.

Shreveport Bridge & Terminal Co.

DIVESTMENT SECURITIES

First 5s, due 1955

THE

ROOKERY

Yield

CHICAGO

Investment Bonds
Citizens’ Building.

5%

CLEVELAND. OHIO

INDIANAPOLIS.

Joseph T. Elliott & Sons
A. O.

BANKERS & BROKERS
139 MONROE STREET.

CHICAGO,
Members:

Investment Securities

Slaughter & Co.,
ILL.

New York Stock Exchange.
New York Cotton Exchange.
New York Coffee Exchange.
{New York Produce Exchange.
Chicago Stock Exchange.
Chicago Board of Trade.
St. Louis Merchants’ Exchange.

Allerton. Greene A King
THE ROOKERY. CHICAQO

Member*

WHITAKER

on

(INCORPORATED.)

COMMERCIAL PAPER
I. W. Cor. Monroe & La Salle Sts., Chicago.

KANSAS CITY, MO.

■AAAAAAAAAASAAASAM^WAARAAASARAAAANMWeeeWWWWW

H.

McCRUM

INDIANA TRACTION SECURITIES
Fletcher Bank Bldg

Municipal Bonds
on

I. G. WHITE 6c CO.

application

300 N. FOURTH ST.

•

ST. LOUIS

Compton Co

Mehta .-Laclede Bldg.
ST. LOUIS

SOS LaSalle Si

OHIO A GO

DEALT IN

CIRCULARS AND UST ON APPUCATlQt

Kansas City Ry. <fe Light Issues.
Western Municipals.
Local Securities.

Edwin White & Co.
Sioto Saving. Bonk Bldg.. St. Paul

MINNEAPOLIS.

Stevens, Chapman 6c Co.
BONDS

San Francisco, Cal.

In vest! cation* and Report* on Electric
Railway Qaa, Electric Light and Power

Properties, Irrigation Systems. Ac., for
Financial Institutions and Investors.

Electric

Railways, Electric Light and Power

Plants, Gas Plants, Financed,
Designed and Built.

London Correspondents:
Jo Go WHITE A CO., LimM,
9 Cloak Lane. Cannon St.. B. C.

C. G. YOUNG
Engineering and Construction
Plant,

CINCINNATI.

Methods,

SIXTY
WALL ST.,
NEW YORK

Operation

Public Utilities and Industrial*

WEIL, ROTH 6c CO.
Dealers In

Reports for Financing

High-Grade Bonds

Mem. Am. Soc. C. E.

for Investment
CHICAGO

H. U. WALLACE

CINCINNATI

ENGINEER
Examinations. Reports, Surveys, Supervision of

EDGAR

FRIEDLANDER

Cincinnati Securities
CINCINNATI.

construction and operation of Electric and Steam
Railroads, Power Plants, Transmission lines,
Central Stations and Irrigation projects, &o.

Ex-Supt. Illinois Central RR.; Chief Engineer

DEALER IN

-----

OHIO

Illinois Central RR.; and Gen’l Manager Chicago
Lake Shore & South Bend Electric Railway.

Marquette Bldg.

CHICAGO ILL.

■dmond C. Van Diest
Robert McF. Doble
Thomas L. Wilkinson

PROVIDENCE.

MINNEAPOLIS—ST. PAUL
M. St. P. & S. Ste. Marie 4s
Moth Missabe & Northern 5s
South Dakota Central 6s
Minnesota & Ontario Power 6s

Exchange Place, NEW YORK

Chicago, Ills.

MUNICIPAL
and other
HIGH-CLASS BONDS

KANSAS CITY. MO

SAINT PAUL

Engineers, Contractors
43-49

William R«

INDIANAPOLIS

\n%lmzx&o

To net 43^% to 5%

INVESTMENT 00.

Twin City Rapid Transit 6s. 1928
Minnesota Transfer Ry. 6s. 1916
St. Paul das Light Co. 6s. 1944
City of St. Paul 4 Hs
Twin City Telephone Co. 1st 6s
Correspondence Invited on
all Northwestern Securities

NEWTON TODD
1 WILL BUY AND SELL

Application

A. G. Becker & Co.,

W.

CO

Missouri & Illinois

Circular

lift

6c

High Grade

RAILROAD, MUNICIPAL AND
CORPORATION BONDS

Indianapolis Stock Exchange
INDIANAPOLIS

American Nat. Bank Bldg..

ALBERT P. MILLER Jr.
INDUSTRIAL TRUST CO. BUILDING

PROVIDENCE, R. I.
Local Securities

Associated

Engineers Cow

Examinations, Reports Construction, Operation

Irrigation Enterprises a Specialty
417 Contury

Building

DKWVKH

COLO.

Establ sued 1889.

WELLS & DICKEY & CO Gas, Electric Lighting & Railway A. L. REGISTER A
CO.
MINNEAPOLIS. MINN.
MUNICIPAL

A CORPORATION BONDS

Bonds and Stocks

ROCHESTER, N. Y.

High Class 6% Bonds
60%

Write

JOHN

Stock Bonus
for particulars

A.

BURGESS

Member Rochester Stock

104-106 Wilder Bldg.




Exchange
ROCHESTER N. Y.

Successors to Pepper ft Register

t

*

ENGINEERS & GENERAL CONTRACTORS

Twin City Rapid Transit System Bonds
Minneapolis National Bank Stocks

112 North Broad Street Philadelphia.

BODELL &

CO.

206 TO 209 BANIQAN BUILDING

PROVIDENCE

Bonds and

Preferred Stocks
of Proven Value.

fg&ittitts 3gttgta*e«s.
H. Mi CHANCE
Consulting Mining Engineer end Geologist
GOAL AND MINERAL PROPERTIES

Examined, Developed, Managed
tn Drexcl Bldg I

PHILADELPHIA. PA

THE CHRONICLE

mi

(Vol.

LXXXJSI

ftaniievs and Hvo&evs.
ERVIN & COMPANY

A. B. Leach & Co.,

BANKERS

BANKERS

Members

149 Broadway, NEW

Exchange,
elpWa 8tock Exchange>

BONDS FOR
Drexel

INVESTMENT.

Building, Philadelphia.

PHILADELPHIA

Assets
Cash in Vaults

HEAD OFFICE—HAVANA
Branches

Long Distance Telephone No. L. D. 107.

PARKINSON & BURR

PRODUCE EXCHANGE. HAVANA
CARDENAS.
MATANZAS.
CIENFUEGOS.
SANTIAGO.
MANZANILLO.
CAIBARIEN,
SAGUA LA GRAND*;
GUANTANAMO.
SANTA CLARA.
CAMAGUEY.
PINAR DEL RIO.
SANCT! SPIRITUS,
CAMAJUANI,
CRUCES.
CIEGO DE AVILA,
HOLGUIN.
NEW YORK AGENCY—1 WALL ST.

BANKERS

C I. HUDSON & CO.
■oa. 84-86 WALL ST., NEW YOBK.

900,684 60

8 681,379 19

....

84 GALIANO ST.. HAVANA.
228 MONTE ST.. HAVANA.

28 State Street, BOSTON
Cheetnot ft 4th St,

)******
32

(New York Stock

^pula

YORK

140 Dearborn Street, CHICAGO

NATIONAL BANK
OF CUBA

Collections

7 Wall Street

63 State Street

NEW YORK

BOSTON

I embers New York and Chicago Stock Exchanges

Specialty.

a

Sole Depositary for the Funds of the Republic of
Cuba
Member American Bankers’ Association
Cable Address—Banconao

760 Main Street

HARTFORD

TELEPHONE 8070 JOHN.

BANK

Miscellaneous Securities

E. W. CLARK & CO.

in all Markets

HAVANA

OF

76 CUBA STREET

BANKERS,
PRIVATE

WIRES

TO

PRINCIPAL

CITIES

CARLOS DE ZALDO. President
JOSE I. DE LA CAMARA. Vice-President

PHILADELPHIA
321 Chestnut St.

Thomas L. Manson & Co.

Members Phila. and New York Stock Exchanges.
Interest allowed on deposits.
New York Correspondents

{National RaS'

STOOK BBOKEB&
George P. Schmidt
Members N.

and Boston Stock

Y.

100 Broadway,

-

Frederic Gallatin Jr.
Albert R. Gallatin

Exchanges.

NEW YORK

Members N. Y. Stock Exchange

111

PflyaCe Wires to Boston. Hartford. New Haven
and Philadelphia

MMMBER9 OF N. Y. STOCK EXCHANGE
Allow Interest on deposits subject to sight check.
Bay and sell on commission stocks and bonds, and

Edwin P. Campbel

James G. MacLean

H. G.

WALKER BROS.

Campbell & Co.

71 BROADWAY, N. Y.

INVESTMEMT

William Herbert & Co.
Hanover Bank

11 PINE STREET,

J. S. Farlee.

INVESTMENT

Y. and

Phila.

Stock

Exchanges

Mem ben

Deposits Subject to Check)

1869

New

York

Stook

Exchange.

Investment Securities

Especial attention given to supplying hlgh-olaat
INVESTMENT SECURITIES.
on

11 WALL ST., N. V.

D. H. Schmidt & Co.

.

Orders for Stocks and Bonds executed upon al
Exchanges In this country and Europe.

Interest Allowed

SECURITIES

HARTFORD. CONN.

No. 10 WALL STREET.

N.

tf

WILLIAM

STREET

NEW

YORK.

1910

Jas. B.

Colgate & Co.
If Wall
Street. New York.

Members
N. T. Stock Ex.

facility consistent with good banking.

every

MELLOR & PETRY
Stocks, Bonds, Investment Securities
104 SOUTH FIFTH ST.( Philadelphia
NEW YORK STOOK EXCHANGE
PHILADELPHIA STOOK EXCHANGE

W. S. Tarbeli.

Brokers and Dealers in

JOHN H. DAVIS &, CO.
Members

SECURITIES

H. L. Finch.

Investment
Bonds.

VICKERS 6, PHELPS

Effingham Lawrence & Co.
Members N. Y. Stock Exchange

Simpson, Pearce & Co.

BANKERS
III BROADWAY. NEW YORK
DEALERS IN

Bonds and Guarantssd Stooks
Order* Executed In all Markets.

WEBB & CO.
INVESTMENT SECURITIES
74 BROADWAY

W. H.

Goadby & Co.

Bankers and Brokers

HO. 74 BROADWAY,




NEW YORK

-

Established 1,94

Member* New York Stock

-

-

NEW YORK

Telephone 2817 Btotot

Exchange

INSURANCE STOCKS

Telephone*

111 BROADWAY

4490-1-2-5-4 Rector

NBW YORK

Fidelity, Phoenix, Home,
Niagara, Continental, fto.

29 Wall Street. New York City.
Member* of New York Stock Exchange

BONDS
Oash orders only in stocks accepted

Deposits and Savings Accounts

Accounts of Banks, Firms. Corporations and Individuals
solicited.
We are prepared to furnish depositors

MEMBERS NEW YORK STOCK EXCHANGE.

NEW YORB

BANKERS AND BROKERS.

Interest paid on Time

MEMBERS

J. S. FARLEE & CO.

EXCHANGE

Building
-

OFFICERS
W. M* Ladd, President.
R. S. Howard Jr., Asst.Caab
E. Cooklngham, V,-Pre». J. W. Ladd, Asst. Cashier.
W. H. Dunckley. Cash.
Waiter *1. Cook. Asst. Cash.

Members N. Y. Stock Exchange

■eeurltlee Bought ft Sold on Commission

MEMBERS N. Y. STOCK

General Banking and Stock
Exchange Business.

a

Norman S. Walker Jr.
John Y.,G. Walker
Ex. Norton

U WALL STREET. NEW YORK
Members New York Stock Exchange

1850

Capital Fully Paid - - - $1,000,000
Surplus and Undivided Profits $600,000

MEMBERS N. Y. STOCK EXCHANGE

GUARANTEED STOCKS

BANK

OREGON

-

Established

24 NASSAU STREET

Transact

& TILTON

PORTLAND

HENDERSON & COMPANY

RAILROAD BONDS
Maury G. Campbell

LADD

Broadway

McCURDY,

BANKERS
NASSAU STREET, NEW YORK.
Established 1865

Capital, $1,000,000

HEW YORK CITY

M. KIDDER & CO.
5

Acts as Cuban correspondent of American
banks and transacts a general banking bu since*.

SCHMIDT & GALLATIN

Tel. 2500 Rector

A

J. Prentice Kellogg
William A. Larned
Chas. H. Blair Jr.

John E. Gardm )
Alvin W. KrechlNew York Committee
James H. Post J

BOUGHT AND SOLD

E. & C. RANDOLPH
Members
Ill

New

York

Broadway,

Stock

New

E. S. BAILEY
89 BROADWA

Exchange.

EDWIN R. CASE

York.

Open Market Securities Department
HORACE HATCH. Manager.
Dealer* in Investment and Other Securities of the
United State* and Canada

NEW YORK

NEW

JERSEY

SECURITIES

No better State
No better Securities
15 EXCHANGE PLACE
Tel*. S66 and 751

JERSEY CITY

Oct. 15

1810.]

THE CHRONICLE

financial.

<&uvxeut

IX

gxrtxd inquiries.
WANTED

Site

Cumberland Telephone &
Telegraph Co. Stock
BOUGHT AND SOLD

©iti^jcns Central

Ualimial fgatih
of

gSeu>

GOULDING MARR
Broker

NASHVILLE,

-

TENN.

-

390 BROADWAY

La Grange Wat. Lt. & P. Co. 5s
Chic. & Milw. Breweries Stock
York-Haven Water Power Co. 5s
H-0 Co. Subordinate Lien 5s
Delaware (O.) Water Co. 6s
Omaha Water Co. 5s & Stock
Maine Water Co. 5s
Public Wat. Sup. Co., Ottumwa
Council Bluffs Wat.-Wks. Co. 6s
Glens Falls Gas & Elect. 5s

Herring=Hall»Marvin Safe Stock

H
1

Edwin S. Schenck. President

Francys M. Bacon Jr.. Vico-President
Albion K. Chapman. Cashier
Jesse M. Smith. Asst. Cashier

MUNICIPAL
RAILROAD

) 4%

CORPORATION

) 6%

> TO

BONDS

Specialists In Inactive Bonds.
17 Stole street
Boston

FOR SALE

James McAllister. Asst. Cashier

W. M. Haines. Asst. Cashier

C. Sptlfter & Co.

Selected tor Conservative Investors.
Lists Mailed Upon Application

Springfield Fire & Marine Ins. Co
Waltham Watch Pfd.
American Caramel Pfd.

Dartmouth Mfg. Com.
Pope Mfg. Com.
American Glue Com. & Pf

Capital
$2,550,000
Surplus and Profits $1,600,000

Lawrence Barnum & Co.
BANKERS
f»-2S

PINE

STREET.

Philadelphia

NEW

YORK

Washington

Pittsburgh

Sheboygan Lt.. Power ft Ry. 5s
Guanaj. Red. & Mines 6s ft Stock
Great Northern Ry. of Canada 4s

Stone & Webster
14T MUk Street.

I Nassau Street
NSW YORK

BOSTON
First Nad. Bask Bids
CHICAGO

We offer for Investment
Securities of
Public Service Corporations
under the management
of our organization
to

Ft. Smith Lt. ft Traction 5s

F.W. MASON & CO.

FOR SALE
Harrison Bros. & Co., Inc., Stocks
Buffalo & Lake Erie Traction 5s
WANTED
Rhinelander Water Co. 5s
Glens Falls Gas & Electric 5s
New River Coal Co 5s

describing these companies will be sent
upon request.

HOTCHKIN & CO
INVESTMENT SECURITIES
53 STATE ST.. BOSTON
Telephone 3448 Main

UnionE1 Lt.ft P. Go. of 8t.L. 1st 5s
Union El. Lt.ft P. Go. of St. L. Ref. 5s
Csclede Gas Go. of St. Louis 1st 6s
Laclede Gas Go. of 8t. Louis Ref. 5s
Kan. 0. Ry.ft Lt. 5s A Underly. See’s
DEALT IN BY

O. H. FARNHAM
*7 STATE STREET. BOSTON

FRANCIS, BRO. & CO.

Michigan

214 North 4th Strut, ST. LOUIS

(ESTABLISHED 1377)

Railroad,

Municipal and Corporation

Stocks and Bonds

Our Manual

Coastwise Transportation
Boston Sec’s Com.
Massachusetts Lighting Co.
U. S. Worsted Pfd.
Columbian Nat’l Life ms. Co.
American Investment Sec’s Pfd.
Great Western Power 5s, 1946
Hudson River Elec. P. 5s, 1944
Atlanta Birm. & Atlantic 5s, 1936

Michigan State Telep. 5s ft Stocks
Guanaj. Pow. ft Electric 6s ft Stocks
Bigelow Carpet
United Bys. of St. Louis 4s

yield

5% to 654%

Douglas Shoe Pfd.
Nashawena Mills

Bought and Sold
WM. HUGHES CLARKE
Detroit, Michigan.

Union Railway, Gas A Electric
Portland Railway, Light ft Power

Memphis Btreet Railway
ALL LOUISVILLE LOCAL SECURITIES

S. C. HENNING & CO.

GEORGE L. WARE
63 State

Street, BOSTON, HASS.
Telephone Main 984

C. B. Van Nostrand
84 WALL STBMET

INDUSTRIALS

Now York State Railways, common
Mohawk Valley Go.

11« So. 5th St..

LOUISVILLE. KY.

71 Broadway
NEW YORK CITY

Stocks and Scrip.

WE OFFER

MALCOLM

LINDSEY WATER COMPANY
First 5s, 1919, Underlying 2d Mtge. Bonds

STUART

50 Broadway.
NSW YORK

Telephone
155 Reetei

WANTED
Grand Rapids Ry. Co. 1st M. 6% Bonds, duo 1*15
OFFER
St. Joseph Railway. Light, Heat & Power Co.
1st Mortgage 5% Bonds. 1937.

& Co.,
Sutton,
StrotherStreets
Calvert
and German

BALTIMORE
Members ef Baltimore Stock

Exchange

George B. Atlee & Co.
Bankers
119 S. Fourth St.

Philadelphia

Nevada-California Power Co. bonds and stock
Denver & N. W. Ry, •« and stock
Northern States Power Co.
Denver Gas & Electric 5s
Northern Idaho A Montana Power Co.

JAMES N. WRIGHT & CO.
DENVER, COLO.

Specialize in Securities of
Bank and Trust

Company Stock*

NEW YORK AND BROOKLYN

BOUGHT AND SOLD

CLINTON

GILBERT

2 WALL ST.. NEW YORK

GEO. B. EDWARDS
Tribune Building. 154 Nassau Straot.
Telephone 4218 Beckman.
NEW YORK. N. Y

Temple iron
Klots Throwing
U S. Lumber
Spring Brook Water
Pa Coal A Coke
Northern Electric
New Mexico Ry.a Coal
a W. V. R. T.

New River

Chicago Subway
Scranton Railway
Scranton Electric
Pa. Cent. Brewing
Scranton Gas 5 Water
Paint Creek Collieries
W. B. * Wrs. V. Tree.

BROOKS

a

CO..

HAWKERS
EMBERS NEW YORK STOCK EXCHANGE

423 Spruct St.,
Sec. Nat Bank BWf.
Negotiations, I n vestigetiona, Settlements SCRANTON. PA.
WILKES-BARRE, PA.
In or out of New York City
Correspondents' EDWARD B. SMITH a CO..
Satisfactory References
ST Pine St.. New York City.




Union Utilities Company 1st Mtge. 5s, 1944
Detroit & Pontiac Railway Cons. 4Hs, 1926

Spokane Terminal Railway Co. 1st 5s, 1917
Atlantic City Gas Company Stock

SAM U EL K. PH ILLI PS A CO.
421 Chestnut St
Philadelphia
Members of Philadelphia Stock

Exchange.

We desire offerings of free of
tax bonds
in the State of

Pennsylvania

WU RTS, DULLES & OO.
Ul S. FOURTH ST..
PHILADELPHIA
Telephone Lombard 1099-1951

J

i

X

THE CHRONICLE
Current

jVoL

gotxd inquiries.

Colorado Springs & Cripple Creek District 5s
Mobile & Ohio, St. Louis & Cairo Coll. 4s, 1930
Toledo Terminal Railroad 4J^s, 1957

United Electric Co. of N. J.
First Mtge. 4s, due 1949

Fort Street Union

Depot 4J^s, 1941
Wheeling & Lake Erie Equip. 5s, 1922
Pere Marquette Cons. 4s & Ref. 4s
Louisiana & Arkansas 5s, 1927
Gulf & Ship Island 5s, 1952
'
Wabash Equipment 5s, 1921
Green Bay Western Deb. As

[

|
t

Southern Indiana 4s, 1951
Bush Terminal 4s & 5s
AND ALL OTHER

F.

RAILROAD SECURITIES DEALT IN

BOUGHT AND SOLD
This company serves a population
of about 1,000,000, including the
cities
of
Newark, Jersey City,

Hoboken, Elizabeth, Bayonne, the
Oranges and Montclair.

6. IV. Walker A Co
TeL 100 Broad.

STREET,

Short

Chesapeake & Ohio Cons. 5s, 1939
Chicago St. Louis & New Orleans

J. USMAN & COMPANY,
BROAD

95 Broad 5t.. Now York

Atchison Trans-Continental
Line 4s, 1958

5s, 1951

SPECIALISTS IN STEAM RAILROAD SECURITIES
Members N. Y. Stock Exchange

30

L>XX*I

SUTRO

NEW YORK

Land Title & Trust Go. Building, PHILADELPHIA
39 Pearl Street, HABTFORD

BROS. & CO.

BANKERS
44 FINE STREET. NEW YORK
Mam her* New York Stook Bxekangt

Kansas City Ry. & Lt. 6s

Wilmington & Northern 1st 5s

S. A. L. 3-yr. & 10-yr. 5s, May, 1911
St. P., Chic. & Pac. West. 5s, 1921

LIBBEY&STRUTHERS
55 Cedar Street

Automatic^Weighing Machine 6s

A. A. LISMAN & CO

West. N. Y. & Pa. 1st

Choctaw Okla. & Gulf Cons. 5s

,

25 Broad St.. New York

WE OWN AND OFFER

400 Chestnut Street. Philadelphia.

Richmond-Washington Co. 4s
Mtge. 5s

MEW YORK

Tel. 5950 Broad

Robt.Glendinning&Co

Norfolk & Western

Equipment 4s
Pennsylvania Gen. Frt. Equipt. 4s
Syracuse Rapid Transit 1st 5s
Public Service Corp. 3-year Notes

New Haven 6s

Texas Cent.

Houston &

Canton (O.) Electric Co. 5s, 1937

Rio Grande West 1st 4s

Lansing Fuel & Gas Co. 5s, 1921
Mich. City Gas & El. Co. 5s, 1937
Seattle Lighting Co. 6s, 1920
Idaho Oregon Light & Power 6s

Interboro

4s

Manufacturers’ Water Co. 1st 5s

Ry. 5s
WANTED
50 Adams Express
100 American Brass
50 Hood Rubber
100 Lord & Taylor Pfd.
100 Plattsburg Gas & Electric Com.
50 Plattsburg Gas & Electric Pref.

Canton (O.) Elect. Co. Pref. Stock

H. L NASON & CO
Shawmut

Bank

Building,

T. W. STEPHENS & GO

BOSTON, MASS.

BANKERS

2 WALL STREET

NEW YORK.

WE BUY AND SELL

GEORGIA STATE AND MUNICIPAL

INVESTMENT

BONDS

FREDERIC H. HATCH & CO
New York

J.

H,

HILSMAN

& CO.

Individuals and

Harrisburg Gas 5s. 192S
Peoria Gas & Electric 5s, 1923
Rochester Gas & Electric 5s, 1912
Syracuse Gas 5s, 1946
Rochester Railway 5s, 1930

Corporations

^EMPIRE BUILDING, ATLANTA. GA.

We offer
,

Vandalia 4s, Series “B”
Atchison Adjustment 4s
Chicago & Western Indiana 4s

FERRIS a WHITE,
Tol. 6SI7-8 Hanover

37 Wall St.. N. Y.

WE WAN! TO BUY
Somerset Coal 5s
Fairmont Coal 5s
Kansas City Gas 5s
Carter Coal & Iron 5s
T U. S. Sugar Refining 6s
Houston & Texas Central 4s
4. UnitedJBox Board & Paper 6s
F

Baker, Ayling & Company




West End Trust Bldg., Phlla., Pa.

Niagara Lockport & Ontario
First Mtge. 5% Sink. Fund Gold Bonds
due November 1st 1954.
Price 90 & int.
Yielding 5.60%.
Exempt from taxation in New York State

Pr.vid.nM

Telephones, J Bell-Spruce 21-31.
1 Keystone-Race 205

Chicago & North West. 7s, 1915
Chicago & West. Indiana 6s, 1932
Chicago & Pacific West. 5s, 1921
Oregon Short Line 5s
Virginia Midland 5s, 1936

BURGESS, LANC a CO.
Private

NEW YORK
34 Pin* Street

Wire

BOSTON
50 State Street

BLAKE & REEVES
Tel. 1504 John

Telephone 2417-8-9 John

Whitney Power &
Electric Company

Investment Bonds

First 6s,

Yielding 6%

Pingree, McKinney & Co.

G. K. B WADE
Tel. 6744 Hanover

84 Pine Street. New York

Mt.

Railroad and Other

49 Wall Street.

B. & O.

4y2% Notes, 1913
Tidewater Co. 6% Notes, 1913

8

Congress Street,

Boston

Realty Associates
Metropolitan Bank
Coal & Iron National Bank

BOSTON

PhlltMphli

Members of the Philadelphia Stook Exchange

Power Co.

80 Broadway. New York

BONDS

REED A. MORGAN & CO..

$25,000

J. H. BECKER a CO.
TW. 985 Rooter

Congress Street

Baldwin Locomotive Works 1st 5s, 1940
Allentown Gas 5s, .1924
Chester County Gas 5s, 1925

accounts of

on

50

WE ARE IN THE MARKET FOR—

BONDS

Interest allowed

Boston

SO Broad Street

CURTIS a SANGER

Membete

Boston
J

tf.Y..

Bonon a Chicago Stock Exchange*
49 Wall Street

NEW YORK

Chicaco
i

LUTZ

&

COMPANY

(Sank and Trust Co. Stocks.
N. Y.
Tel. 273 Broad.

25 Broad 8t.,

O0T. 15 1910.]

THE CHRONICLE

xi

Wnvvent JSoud inquiries.
Van Norden Trust Co. Stock
General Rubber Co. 4^s, 1915
Cons. Wat. Co. of Utica Gen. 6s, 1930
Mex. Internet. 1st 4s, 1977 (stamped)

Practical Investments,

•

-J.

Suitable for the

Saratoga Association Stock

BANKERS
20 BROAD STREET, V. T.

28 Nassau
5th Ave. A 43d St., New York

OFFERINGS WANTED

R. M. Stinson & Co.

••NEWROSE*'
LOTTlS

Guaranteed Lake Shore Bonds

Guaranteed N. Y. Central Bonds

33

Evansville Gas & Elect. 1st Mtge. 5s, due 1932
Decatur Ry. & Lt. Co. 1st Cons. 5s, due 1933
Danv. Urb. & Champ. Ry. 1st M. 5s, due 1923

PRIVATE WIRE TO ST

Underlying Bonds

Street, New York

Branch Offices

MEMBERS N. Y. STOCK EXCHANGE
60 BROADWAY. N. Y.
telephone 4380 Rector.
Cable Address.

North American Bldg..
PHILADELPHIA
Members Philadelphia Stock Exchange
’Phones Bell Walnut 22-90
Keystone Race 4-99
*

West. El. & Mfg. Go. Conv. 5s, 1931
Tenn. G. A I., Tenn. Div. 6s, 1917
Westchester Ltg. 1st 5s, 1950

Kings Go. El. Lt.A P. P. M. 6s, 1997
Brooklyn
Edison 4s, 1939
6s,
■N. Y. A East River Gas 1st 5s, 1944
PATERSON & CO.,

MEGARGEL & CO.
NEW YORK

Tel. 1985-5-7 Rector

30 Broad St.. N. Y

Missouri Kans. A Okla. 5s, 1942
California A Pacific 43^s, 1912
Pacific Tel. A Tel. 5% Receipts, 1937
So.

Panhandle 4s, Series “G”, 1942
Flint A Pere Marq. Cons. 5s, 1939
Flint A Pere M., Pt. Hur. 1st 5s, 1939
Midland RR. of N. J. 1st 5s, 1940
Keokuk A Des Moines 1st 5s, 1923

EYER & COMPANY
Tel. T750 1-2-3 Hanover
ST Wall Street
NEW YORK
v
t

Chicago & Alton 3s. 1949
New Orleans Mobile & Chic. Bonds & Scrip
New Orleans Mobile & Chicago Pref. Stock
New Mexico Railway & Coal 5s, 1949-1951
Alabama State 4s. 1920-1955
Phenix National Bank Stock

DOUGLAS FENWICK & CO.
TM. John 109
4

Ry. Co., Memphis Div. 5s, 1996 *
Railway Equipment Issues

FREEMAN & COMPANY
31 PINE STREET. NEW YORK
Telephone 5059 John
The reasonable
be made in the

Kansas City Southern 5e. 1950
N. Y. Cent.-*—Mich. Cent. coll. 3Ms, 1998
Lehigh Valley Terminal 5s, 1941
New Haven Deb. 4s. 1956
Erie RR.. Long Dock Co. 6s, 1935
Edison Elec. Ilium, of Brooklyn 4s, 1939
N. Y. Lake Erie & Western 7s, 1920
Superior & Duluth 4s, 1936
Northern Ohio 1st 5s, 1945
Worcester Consol. St. Ry. deb. 4Ms, 1920
N. Y. Susq. & Western Ref. 5s. 1937
Erie RR. Consol. 7s. 1920

assurance

of large

profits to

PORCUPINE
gold fields make it good business to invest a
portion of your surplus in sound enterprises
in the camp.

WARREN, GZOWSKI & CO.
Toronto.

25 Broad

Street, New York.

Equipment Bonds and Car Trusts
Swartwout &

Appenzeilar

44 Pin* Street

Company

NSW YORK.
WANT

Brooklyn Heights RR. 1st 5s

N. Y. N. H. A Hartf. Deb. 4i, 1947
New York A Northern 5s
f
?




We have GOOD MARKETS In unlisted and in¬
respectfully Invite Inquiries.

active securities and

.1- K. Rice, Jr. &
Phones 7460 to 7466 Hanover.

33 Wall

St.,N.Y

GILMAN &, CLUCAS

Dealers in High-Grade
Investment Bonds
1st Nat. Bank Bldg..

NEW HAVEN. CT.

34 Pine Stree
NEW YORK

Florida East Coast 4J^s, 1959
N. Y. Central Equipments

phic. R, I. A Pac. Equipments
Missouri Pacific Equipments
27 William St.. N. Y

Jersey City Hob. A Pat. St. Ry. 1st 4s
Jersey St. Ry. Go. 1st 4s

United Electric Go. of N. J. 1st 4s
N. J. A Hud. Riv. Ry.A Fy. Go. 1st 4s

Bought and Sold

LAMARCHE &

COADY,

W. E. R. SMITH & CO.,
to Broad Street

New Yorfc

25 Broad St.. IV. T.

N. Y. New Haven & Hartford Reg. 3J^s, 1954
Pere Marquette Refunding 4s and Deb. 6s
Norfolk & Western—Pocahontas Coal & Coke Joint 4s
Mason City & Fort Dodge 4s
Buffalo New York & Erie 1st 7s
Galveston Harrisburg & San Antonio—M. & P. 5s

Chicago City & Connecting 5s

Hous. & Tex. Cent.—Waco & North 6s

Lehigh Valley of N. Y. Reg. 4J^s

OFFER

City 4J^s
Ogdensburg A Lake Champlain 4s

American Brass
American Caramel Com.
Amer. Coal Products
Borden's Milk Com.
City Investing Com.
Eastman Kodak. ComH
Illinois Traction Pfd.
Lackawanna Steel
Nat. Lt.; H. & P. Com.
New Yonc Curtain
Royal Bak. Pow. Com.
Schieffelin & Co. Pfd.
May Dept. Stores Com. Sen Sen Chiclet
Mohawk Valley
Singer Manufacturing
Nat. L.. H. & P. Pfd.
U. S. Motor Com.
Phelps, Dodge & Co.
U. S. Motor Pfd.
Por. Ry.. L.. H.&P.Pfd. Union Typewriter, Com.
Safety Car H. & Ltg.
Wells Fargo Express
Underwood Type. Pfd.
Western Power Pfd.
Western Power Com.
Western Pacific

North

CITIES SERVICE CO.
Stocks
PACIFIC GAS & ELECTRIC CO.
Stocks

Morris A Essex 7s, 1914
St. Paul A Duluth 4s, 1968
Boston A Albany 4s
New York

Will Sail

NEW YORK CITY

Chesapeake & Ohio—Coal River 4s

Coffin &

Will Buy
Adams Express
American Chicle Com.
Am. Lithographic Com.
American Meter
Cal. Elec. Generating
Childs (Rest.) Co. Com.
Cities Service Pfd.
Cripple Crk. Cent. Pfd.
D. L. & West. Coal
H. W. Johns M. Com.
H. W. Johns M. Pfd.
May Dept. Stores Pfd.

Members N. Y. Stock Exchange

20

St.
New York.
Private win to Philadelphia.

RICE, JR. & CO.

Tel. 6557 Broad

3«$epb Ulalkera $on$
Broad

J. K.

WOLFF & STANLEY

BANKERS

Tel. 5775-6 Broad.

MembersNewYork Stock Exchange.

Lombard St., London, E. 0

Seaboard Air Line Equipments

34 WALL ST
/■ I- *
■ --V)

"

’

.

of New

NEWBORG & CO.,

6 Nassau Street

;

Guaranty Trust
Company
York

Kentucky Central 1st 4s, 1987
Northern Pacific 3s, Registered
Republic Iron & Steel 1st 5s, 1934
Lehigh Valley General 4s, 2003
Westinghouse Convertible 5s, 1931
Ches. A Ohio Cons. 6s, 1939

Sulzberger

.

Circular No. B-7 will be sent upon request.

Telephone 445-0-7 Rector

1916

*

$t"r

*"■ "V

-f

1st—As to the safety of the money Invested, which
depends upon the credit of
the Company Issuing the obligation and upon the
2nd—As to the continuance of Interest payments, whichunderlying security.
depends upon the earn¬
ing capacity of the Company.
3rd—As to his ability to liquidate the Investment before
maturity. If necessary,
which depends upon the market and the
stability of price.
We have prepared a list of carefully chosen bonds which we can
recommend for personal
investment, and which yield at present prices a liberal rate of income.

Glide, Wlnintll Sc Co.

Schwarzschild &

-

,

Railroad Securities 4s, 1952
Ashland Wat. Co. 1st Ref. 6s, 1929
Eeokee Cons. Coke Co. 1st 5s, 1959
Houston A Texas Cent. 1st 5s, 1937

M. K. & T.

-ir1

business man or those who desire to invest surplus funds
safely and
advantageously, should fulfil certain fundamental requirements. The Investor should
have
assurance:
average

*+

Minn. & St. Louis 5s, 1911
St. Louis & San Fran. 4J4s, 1912

WERNER BROS. & GOLDSCHMIDT
Teh 4800-1-2-3-4-5 Broad.

25 Broad Street, N. Y.

THE CHRONICLE

XU

[Vob. Ljixxxi

face tings.

THERDA^RWc8;°PAaN^NDE

NOTICE OF ANNUAL MEETING.

Nederlandsch Administratie- & Trustkantoor

New York, September 10, 1910.
To the Stockholders of
The Denver & Rio Grande Railroad Company:
The annual meeting of the Stockholders of The
Denver & Rio Grande Railroad Company will be
_

(NETHERLANDS ADMINISTRATION & TRUST COMPANY )
215 Slngel - AMSTERDAM. (Holland.)
,

Board of Director**
H. WALTER. L. D..

Chairman,
Rock & Uyt den Bogaard.
Ph. MEES.

A. A. H. BOISSEVAIN,
Director of Swiss Bankvereln and
of Labouchere. Oyens & Co’s Bank.
J. A. DUYNSTEE.
Telders & Co.
F. Th. EVERARD.
Banker.
P. M. J. GIL1SSEN
Arnold GUIssen.
AUG. KALFF.
Jan Ealff A Co.

Acts
Acts

as
as

closed for the purposes of the meeting at three
o’clock p. m. on Tuesday, October 4th, 1910, and
will be reopened at ten o’clock a. m. on the day
following the annual meeting or the final ad¬

H. MEINESZ.
President.

0. H. DE MAREZ OYENS.
Labouchere, Oyena & Go’s Bank.
A. L. Q. H PICHOT

journment thereof.

STEPHEN LITTLE, Secretary

Westerwoudt 6t Co.

ALLIS-CHALMERS COMPANY.
71 Broadway, New York City.

W. M. SCHEURLEER.

Soheurleer & Zoonen

October 6tn, 1910.
To the Stockholders of the
ALLIS-CHALMERS COMPANY.
The Annual Meeting of the Stockholders will be
held at the principal office of the Company In the
State of New Jersey, No. 15 Exchange Place,

Quardian, Agent, en

Jersey City, on Thursday, the 3rd day of Novem¬
ber, 1910, at twelve o'clock noon, for the purpose
of electing directors to succeed those whose terms
of office then expire, and for the transaction of such
other business as may properly come before the
meeting.
The Preferred and Common Stock transfer
books will be closed at the close of business on
Thursday, the 13th day of October, 1910, and will
remain closed until Monday, the 17th day of
October, 1910, at 10 o’clock A. M.
W. W. NICHOLS. Secretary.

SUtnouS H>uretp Company
Homo

_

Company, both Common and Preferred, will be

R. Meea & Zoonen.

Executor, Administrator, Trustee,
Trustee of Corporation Mortgages.

.

held at the principal bfflce of he Company In
Denver, Colorado, at 12 o'clock noon on Tuesday,
October 18th, 1910.
The meeting will be held
for the election of Directors and for the transaction
of any other business pertaining to the Company
that may be properly brought before It.
The books for thfc transfer of the stock of the

H. MEINbSZ, Pro»ld*ut

dc

..

Office, 206 La Salle Street
CHICAGO

RIO

GRANDE SOUTHERN

RAILROAD CO.

Denver, Colorado, September 15 1910.

The annual meeting of the stockholders of the
Rio Grande Southern Railroad Company for the
election of directors and for the transaction of
such other business as may be brought before the

WRITES ALL CLASSES SURETY BONDS

Court—Fidelity—Contract—Miscellaneous

meeting will be held at the principal office of the
Company In the city of Denver, State of Colo¬
rado, on the third Monday of October next, being
the 17th day of said month, at 12 o’clock noon.
The transfer books will be closed at 3 o’clock p. m.
on October 7th and reopened on the morning of

The motto of the Illinois

hath in the

Surety Company is **JPrompt Service**
handling of Us business and the adjustment of its losses

Oct. 24th 1910.
JOHN B. ANDREWS, Secretary.

ISiUmteA.
The most conservative bankers, broken and
lavMtora have constantly before them

BABSON’S REPORTS

6% BONDS
Of

Electric

Railway and Lighting Co.

Large City—State C >pltal
Earnings about 3 times Interest charges.
Dividends on stock. Present price very low.

ON

Fundamental Conditions
For details concerning these Reports or our
"Business Barometers’’ (which we Install In banks

W. E. HUTTON &. CO.

both for their own and customers’ use) address
Baboon's Compiling Offices. Wellesley Hills, Mass

Member* New York Stock Exchange
Established 1818

NEW YORK OFFICE. 24 STONE STREET

Largest Statistical Organization

n

the U. S.

25 Broad Street.

-

New York

Private wires to Cincinnati, Chicago. San
Francisco and Los Anaeles.

A CHICAGO FIRM. NOW DEALING IN
MORTGAGES. WOULD LIKE TO REPRESENT
A NEW YORK BANKING HOUSE IN THE
SELLING OF HIGH-GRADE BONDS. WOULD
ALSO CONSIDER SHARE IN UNDERWRIT¬
INGS FROM TIME TO TIME.
BEST REFER¬
ENCES GIVEN.
ADDRESS “F. A. L..” CARE
COMMERCIAL & FINANCIAL CHRONICLE.
P. O. BOX 958, NEW YORK CITY.

WANT LOAN OF 3200.000.
I have a client that desires a loan of 3200.000.
first lien on real estate. City of Scranton, Pa.
Title good and clear of liens
Security 3350,000
t. *400.000.

AP#y «.

WATSON.
Traders’ National Bank Building.
Scranton. Pa.

Range of Prices for Stocks and Bonds

Man thoroughly experienced in the stock and
bond line is desirous of securing an office o»
selling position: am capable executive, as well
as salesman.
Would consider an out-of-town

E., care of Chronicle,
groposition.
0. Box 958.Address
New York.
.

FROM

1904

to

THE AMERICAN MFG. CO.

July 1, 1910

MANILA. SISAL AND JUTE

Earnings, Fixed Charges and Dividends for Series of Years

CORDAGE

Hand Book of Securities
-

New York

<3>0trje*txmjetxt

Juxcuttlaixt

$5 Wall Street
Price of Single Copies

$1 00

To Subscribers of the Chronicle

75

The Hand-Book is issued to Bankers and Brokers with their cards
lettered in gilt on the outside coyer (not less than 25

copies to

one

P. O. BOX 27

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ad¬

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AMERICAN GOVERNMENT ACCOUNTANTS.

dress) at special rates.




MAIN OFFICE.

4 MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS

OF

Commercial & Financial Chronicle
front

Pint and Dopeyster Streets,
WTW YORK.

MUNICIPALITIES,

bANFS, RAILWAYS

AND OTHER PUBLIC SERVICE CORPORA¬
TIONS.

TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS’ OFFICES.
1

tnmyft Copy 15 oonts. Per Annum $1 50

Oct. 15

i»ia>]

THE CHRONICLE

financial.

XIII

^financial.
GEORGIA SOUTHERN & FLORIDA RY. CO.

California Securities
DEALT IN

H. M. BYLLESBY & Co.

Pacific Gas & Electric

ENGINEERS

DIVIDEND NOTICE.
New York, September 27, 1910.
At a meeting of the Board of Directors of the
Georgia Southern & Florida Railway Company
held In Macon, Georgia, to-day, semi-annual
dividends of Two and One-Half (32 50) Dollars
per share were declared on the First Preferred
and Second Preferred Stocks of the
Company,
payable at the office of the Mercantile Trust &
Deposit Company, of Baltimore, Md., on Novem¬
ber 2, 1910, to Stockholders of record at the close
of business October 6, 1910.
R. D. LANKFORD, Secretary.

COMMON AND PREFERRED

Pacific

Telephone & Telegraph

EXAMINATIONS and REPORTS

COMMON AND PREFERRED

Western Pacific
218 La Salle

STOCK

Western Power Co.

Street, CHICAGO

Portland, Ora.
Oklahoma City, Oklahoma.

COMMON AND PREFERRED

lfohda* Ala.

all stockholders of record at the close of business
on
October 20 1910.
Cheques will be mailed
to stockholders who have filed
permanent divi¬
dend orders at this office.
J. D. MORTIMER,

Northern Electric of California
5%

BONDS

Dividends.

HERZOG & GLAZIER
Members N. Y. Stock Exchange.
24

.

Secretary.
THE KANSAS CITY SOUTHERN
RAILWAY COMPANY

Office of
H. M. BYLLESBY & COMPANY

.

BROAD ST.. NEW YORK
Tel. 4170-1-2 Rector

Engineers

Managers

Chicago

w

The Board of Directors of the OKLAHOMA
GAS & ELECTRIC COMPANY of Oklahoma
City, Oklahoma, declared a quarterly dividend of
one and three
quarters per cent (1 H%) upon the
preferred stock of the Company, payable by
check October 15th, 1910, to stockholders of
record as of the close of business
September 30th,

OFFICE OF THE

Mexican Northern Railway Co.
82

1910.

ROBERT J. GRAF, Assistant Secretary.

Mortgage, to extend any or all of such remaining
outstanding bonds until December 1st, 1930, and
to pay interest thereon at the rate of six
per cent
during the period of extension. The holders of
upwards of three-fourthaof such outstanding bonds

have elected to have their bonds so>.extended.
The Company will, upon presentation of
any of
the remaining bonds at its office, No. 82 Beaver
Street, New York City, on or before December 1st,
1910, at the holder’s option, either (1) extend
same
by endorsing thereon the certificate of
extension and affixing new coupons
covering the
period of extension; or, (2) purchase such bonds,
paying principal and interest to date therefor.
Interest on all bonds not so extended or pur¬
chased by the Company will cease on December 1st
1910, on and after which date such bonds will be
redeemed upon presentation at the office of the
Guaranty Trust Co. of New York, No. 28 Nassau
Street.
ROBERT E. SAFFORD,

Secretary.

LOUISVILLE & NASHVILLE RAILROAD CO.
71 Broadway, New York, October 11th, 1910.
In accordance with the terms of the
Mortgage
of the Evansville Henderson & Nashville Division
of this Company, the following One hundred and
ten (110) bonds have this day been drawn for the
Sinking Fund, viz:
5
191
685
957
1295
1543
1904
2120
132
225
724
974
1303
1547
1925
2123
■48
265
729
995
1315
1570
1960
2133
■76
300
735
1027
1316
1573
1984
2133
189 323
798
1039
1339
1584
1997
2178
l92
380 .799
1057
1381
1611
2012
2208
►
93
408
827
1083
1390
1667
2226
2013
112
430
844
1121
1401
1671
2026
2259
115
487
854
1125
1407
1677
2053
2269
142
517
869
1147
1444
1705
2064
2320
148
528
926
1150
1475
1754
2065
2360
171
587
927
1175
1479
1796
2071
2393
179
645
935
1245
1486
1885
2083
184
656
954
1263
1495
1886
2104
The Interest on the same will cease December
1st, 1910, and the principal of the bonds will be
redeemed at this office on and after that date
plus ten per cent premium.
E. L. SMITHERS, Assistant Treasurer.

.

H.

M.

PREFERRED DIVIDEND NO. 44.
Office of

Office of
BYLLESBY & COMPANY

Engineers

Managers
Chicago

The

Board of Directors of the SAN DIEGO

CONSOLIDATED GAS & ELECTRIC COM¬
PANY of San Diego, California, has declared a
quarterly dividend of one and three-quarters
per cent (1 H%) upon the preferred stock of the
Company, payable by check October 15th, 1910,
to stockholders of record as of the dose of busi¬
ness September 30, 1910.

ROBERT J. GRAF. Assistant Secretary.

PORTLAND GAS & COKE COMPANY.
Portland, Oregon.

PREFERRED STOCK DIVIDEND NO. 3.
The regular quarterly dividend of One and
Three-Quarters (1 %%) Per Cent on the Preferred
Stock of the Portland Gas & Coke Company has
been declared for the period ending October 31st
1910, payable on the first day of Covember, 1910,
to the stockholders of record at the close of busi¬
ness on October 22nd, 1910, on which date the
transfer books will close and reopen on November
1st, 1910.
G. F. NEVINS, Treasurer.

THE GUANAJUATO POWER & ELECTRIC CO.
Hagerman Bldg.. Colorado Springs, Colo.
PREFERRED DIVIDEND NO; 9.

A dividend of One and One-Half Per Cent
(1 H%) upon the Preferred Stock of this Company
has been declared, payable November 1, 1910,
to stockholders of record on the books of the
Company on that date.
The transfer books will be closed on October 20,
1910, and reopen on November 1, 1910.
LEONARD E. CURTIS,
Treasurer.

American

Telephone & Telegraph Oo.

A dividend of Two Dollars per share will be
paid on Saturday, October 15th 1910, to stock¬
holders of record at the dose of business on

Friday, September 30 1910.
WM. R. DRIVER, Treasurer.
.

_

-

and offer

Municipal Bonds
Issued

by Counties, Cities,
Towns and Boroughs

...

BANKERS
si Nassau smsr

NEW YORK

Secretary.:
PREFERRED DIVIDEND NO. 40.
Office of the

GRAND

RAPIDS RAILWAY COMPANY.

Grand Rapids, Mich., October 11. 1910.^
The Board of Directors of the Grand Rapfals
Railway Co. has declared the regular quarterly
dlvdend of One and One-Quarter Per Cent upOn
the Preferred Stock, payable November 1, 1910.
to stockholders of record at the close of business
October 15, 1910.
Checks will be mailed.
L. J. DE LAMATER, Secretary.

OFFICE OF READING COMPANY.
Philadelphia, October 8 1910.

The Board of Directors has declared from the
net earnings a dividend of 2 per cent on the
Second Preferred Stock of the Company, to be
paid on November 10 1910, to the stockholders of
record at the close of business, October 22 1910.
Checks will be mailed to stockholders who have
filed dividend orders with the Treasurer.
W. R. TAYLOR, Secretary.

Office of
THE CONSOLIDATION COAL COMPANY
Baltimore, Md., October 8th 1910.

The Board of Directors have declared the
regular quarterly dividend of 14 per cent on Its
Capita! Stock, payable October 31, 1910, to the
Stockholders of record at the dose of business

October 24. 1910.
The transfer books will be closed at 3 o’clock
P. M. October 24, and will be reopened at 10
■o'clock A. M. November 1. 1910.
Dividend checks will be mailed.
T. K. STUART,
Assistant Treasurer.

American Malt

Corporation

ELECTRIC BOND & SHARE CO.
The Board of Directors have declared a SemiPREFERRED STOCK DIVIDEND NO. 22.
Annual dividend of ONE PER CENT upon the
New York, Octob r 13th, 1910.
Preferred Stock of the Company, payable on and
The regular quarterly dividend of One and, One- after the 2d
day of November, 1910, to stock¬
Quarter (1 H%) Per Cent on the Preferred Stock holders of record at the close of the transfer
of the Electric Bond & Share Company has peen books on the Twentieth
day of October, 1910.
declared, payable November 1, 1910, to stock¬
HENRY EGGERKING, Treasurer.
holders of record at the close of business October
September 21, 1910.
20, 1910, on which date the transfer books will
close and reopen Tuesday, November 1, 1910'.
H. M. FRANCIS. Secretary

American

Zinc, Lead & Smelting Co.

COMMON STOCK DIVIDEND NO. 6.
New York, October 13th, 1910.
The regular quarterly dividend of 2% on the
Common Stock of the Electric Bond & Share

The Directors of the American ZIno, Lead d#
Smelting Company have declared a dividend of
fifty oents (50c.) per share, payable October 15th
1910 to stockholders of record at the close of

1910, to stockholders of record at the close of
business October 14. 1910.
The transfer books
for the Common Stock will not close.
H. M. FRANCIS, Secretary.

business October 1 1910.

YORK DOCK COMPANY,
New York, September 21st, 1910.
The Board of directorshas declared a dividend

of (2) TWO PER CENT
of the

on

the Preferred Stock

Company, payable October 16th

holder* of record, st tfcedose of

1st. 1910.

S

E. FARWELL, Treasurer.

INTERNATIONAL STEAM PUMP CO.

OFFICE OF THE

NEW

to

business

Stock¬

on

Oct.

QE0RQBBi SPENCim Tteasuxcr.
Office HOMESTAKE MINING CO.
Budding.
15 Broad St..

PREFERRED STOCK DIVIDEND NOT4«.
116 Broadway, N. Y. City, October 5,1910.
A regular quarterly dividend of One and QneBalf Per Cent on the Preferred Stock of the
International Steam Pump Co. will be paid
November 1st.
The Preferred Stock Transfer
Books will dose October 20th and reopen Novem-her 2nd!
ARNOLD TANZER, Treasurer.

J. G. WH1TF & COMPANY. Incorporated.
Engineers—Contractors
New York, October 13th, 1910.
43-49 Exchange Place. New York, N, Y. »
DIVIDEND NO. 43*.
The regular quarterly dividend (30th quarters)
Dividend Ifo. 431 of Fifty
(50) Cetttlf peesbar* ■of One and One-Half Per Cent has been declared
has been declared, payable at the Transfer on the Preferred
Stock of this Company, payable
Agency In New York on the 25th Inst, Transfer November 1st. 1910, to stockholders
of record
books
October 20, 1910.
I
Mills

R. M. GRANT & CO.

The Board of Directors of The Columbus Rail¬
Co. has declared the regular quarterly
dividend of One and One-Quarter Per Cent upon
the Preferred Stock, pavable November 1, 1910,
to stockholders of record at the close of business
October 15, 1910.
Checks will be mailed.
HERBERT M. BURINGTON,

IB Exchange Place, Jersey City, N. J.

■

Company has been declared, payable October 15th,

own

THE COLUMBUS RAILWAY COMPANY.
Columbus, Ohio, October 10. 1910.

way

ELECTRIC BOND & SHARE CO.




No. 25 Broad St., N. Y., Sept. 20, 1910.
A quarterly dividend of ONE PER CENT (1%)
has this day been declared upon the Preferred
Stock of this Company from surplus earnings of
the current fiscal year, payable October 15, 1910,
to stockholders of record at 3 o’clock P.
M., Sep¬
tember 30, 1910.
Checks for the dividend will be mailed to stock¬
holders at the addresses last furnished to the
Transfer Office.
G. C. HAND, Secretary.

BEAVER STREET.

New York, October 14th, 1910.
To the Bondholders of the
Mexican Northern Railway Company:
Of the original issue of 81,660.000 in par value
of bonds, all except 8708,000 in par value have
been retired by operation of the Sinking Fund
provision of the Mortgage. The principal of the
remaining 8708,000 will become due on December
1st, 1910.
The Company Is willing, pursuant to agreement
made between the Company and the Trustee of the

We

THE MILWAUKEE ELECTRIC RAILWAY &
LIGHT COMPANY.
30 Broad Street,
New York, October 6 1910.
FORTY-FOURTH REGULAR DIVIDEND.
The regular quarterly dividend of One and onehalf per cent upon this Company’s Preferred
Capital Stock will be paid on October 31 1910 to

r

t.




[VOL.

THE CHRONICLE

X1Y

LXXX11

fftaxttctxt.

INVESTMENT SECURITIES
$250,000

Union Pacific Railroad Company
First Lien and Refunding Mortgage 4% Bonds, Due June 1, 2008
Payable March and September.
legal investment for Savings Banks in New York, New Jersey, Rhode Island and New Hampshire.
Price upon application, to yield about 4.10 per cent.
Interest

A

$250,000
Southern Pacific Railroad Company
First and Refunding Mortgage 4% Bonds, Due January 1, 1955
Interest

Price upon

Payable January and July.
application, to yield about 4.25

per cent.

$250,000

Chicago Great Western Railroad Company
First Mortgage

Fifty-Year 4% Gold Bonds, Due Sept. 1, 1959
Interest

Price

upon

Payable March and September.
application, to yield about 4.70

per

cent.

$250,000
New York Central Lines
Four and One-Half Per Cent Equipment Trust of 1910
Interest

Payable January and July.

Maturities Due January, 1916-1919, inclusive.
Price upon application, to yield about 4.50 per cent.

$250,000

Atlantic Coast Line Railroad Company
Six-Thirty-Year 4% Convertible Gold Bonds, Due November 1, 1939
Interest

Payable May and November.

Price upon application, to yield

over

4.10

per cent.

$250,000

Republic Iron & Steel Company
Ten-Thirty-Year 5% Sinking Fund Mortgage Gold Bonds, Due April 1, 1940
Interest Payable
Price upon

April and October.

application, to yield about 5 per cent.

$250,000

United States Rubber Company
Ten-Year 6% Collateral Trust S. F. Gold Bonds, Due December 1, 1918
Interest
Price upon

Payable June and December.
application, to yield about 5.50 per cent.

$250,000

Chicago Rock Island & Pacific Railway Co.
Equipment Trust 4H% Notes, Series “D”
i

Interest

Payable May and November.

Various Maturities due 1912-1925.
Price upon

application, to yield about 4.80 per cent.

giving full descriptions of the above issues, as well as additional offerings
equipment obligations and short-time notes, sent on application.

Our October circular
of railroad bonds,

Kissel, Kinnicutt & Co.
BANKERS

37 Wall

Street,

-

New York

IV

h($-i
flmtmtriH 'fUhnimde
O

JDING
INCLUDING

Bank &

Quotation Section
Railway Earnings Section
VOL. 91.

Railway & Industrial Section

Electric

Bankers* Convention Section

State and

SATURDAY, OCTOBER

15 1910.

Clearings at—

F«r One Year
For Six Months

Subscription—Payable

In Advance
6
13
7
£2
£1

00
00
50
14s.
11 a.
$U 50

^postage)

stage)
iption in London (including postage)
Canadian Subscription ^including postage)

Subscription includes following Suvplements—
(monthly)
I State and City (semi-annually)
Railway and Industrial (quarterly) I Electric Railway
(3 times yearly)
Railway Earnings (monthly)
| Bankers’ Convention (yearly)
B' nk AND QUOTATION

Terms of

Advertising—Per Inch Space
( Two Months

(« times)

) Three
Months (13 times)
six Months

Per
Cent.

1909.

$1,693,820,691
142,383,043
115,622,909
24,992,159
227,509,152
64,652,603
17,299,414

—30.0
—12.7
—7.3

Seven cities, 5 days
Other cities, 5 days

$1,748,894,778
535,196,481

$2,286,279,971
529,764,318

—23.5
+ 1.0

Total all cities, 5 days
All cities, 1 day

$2,284,091,259

—18.9

528,317.402

$2,816,044,289
648,235,198

$2,812,408,661

$3,464,279,487

Baltimore
8t. Louis
New Orleans

Total all cities for week

+49.6
—7.1

+ 1.0
+7.1

_

1910.

$
New York

Baltimore
Buffalo

Albany.
Washington
Rochester
Scranton

Syracuse
Reading
Wilmington

.

Wilkes-Barre

Wheeling
Harrisburg
York
Trenton
Altoona
Erie

7,342,720
4.620,497
3,075,443
2,910,917
1,674,575
1,624,526
1,422,290
1,707.728
1,400,000

1,033,519

...

.

....

Chester
Franklin

Total Middle..

1,793,561
411,566
893,421
676,653
729,200
622,757
301,000

—6.4
—5.6

7,777.755
4,018,234 + 15.0
2,908,514
+ 5.7
2,257,239 +29.0
1,613,477
+3.8
1,575,654
+3.2
1,617,846 —12.1
1,776,685
—3.9
1,499,433
—6.6
937,684 + 12.5
1,601,634 + 12.0
415,275
—0.9
813,915
+9.8
462,648 + 46.3
487,200 +49.7
468,538 +32 9
300,000
+0.3
■

2,164,697,162 2,708,145,217

Jacksonville, Ill.
Ann Arbor
Danville

Saginaw
Lansing
Tot. Mid. West
San Francisco...
Los Angeles
Seattle
Portland

Tacoma
Salt Lake City
Oakland
Helena
Sacramento
San Diego.
Fresno
Stockton
San Jose
North Yakima..
..

Billings

Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City
Wichita

11,876,091
10,456,004
5,880,379
5,600,394
4,500,000

3,465,312.

Davenport
Lincoln

1908.

Topeka
Fargo

1907.

102,614,177
39,484,096
24,432,543

135,444,309
50,761,704
31,768,131
8,472,386
6,100,138

9,283,400
5,975,378
5,701,019
3.374,681
2,295,842
1,888,645
1,262,132
1,210,179
1,382,604
1,497,092
1,104,922
782,121
1,165,956
324,537
612,722
505,871
486,400
385,558
312,799

6,130.458
3,605,738
2,795,791
2,583,921
1,450,452
1,272,600
1,274,656
1,243,021
935,205
839,298

_

Cedar Rapids...
Sioux Falls
Colorado Springs
Pueblo
Fremont

Tot. oth. West
St. Louis
New Orleans
Louisville
Houston
Galveston
Savannah
Richmond

Memphis

Augusta
Norfolk

..

.

Birmingham

642,301
574,583
552,900
453,355
366,038

Little Rock

Chattanooga

—20.1 1,809,367,802 1,868,531,381

Charleston
Knoxville :
Jacksonville
Mobile
Oklahoma
Macon
Beaumont

...

....

..

Portland
Worcester
Fall River
New Bedford....
Lowell

Holyoke
Total New Eng




—4 3

139.937.830
6,283.400

3,297,539
2.268,998
2,637,297
2,477,430
1,241,771
954,611
524.793
636,521

7,918.500
3.898,327
3,1)54,722
2,000,000
1,993,285
1,820,151
1,288,088
995,757
550,503
542.925

—3.6
—.41
—4.7
+ 17.3

1,971,048
2,172,193
1,451,345
1,125,629
880.942
478,061
497,610

196,232,959

201,095,407

—2.4

160.105,003

+2.8
+ 19.9
+8.0
+ 13.4
+32.3
+36.1

2.684,313

*2.622,632

*

149,236,317
7,422.300
3,464,813 |
2,531,432
1,942,144 1
2,264,860
1,878,827 |
.1,019,980
887.701 •
539,691
529,463

171,717,528

.

5,671,872
7,725,534
14,818,707
4,417,227
3,804,470
3,089,999
2,865,079
1,813,297
1,642,616
2.475.000
1,648,246
2,499,475
1,339,411
2,477,435
1,600,000
680,000

Wilmington,N.C.

2,022.452
397,546
375.000
635,000
799,677

Total Southern

211,778,761

Austin
Vicksburg
Meridian
Jackson

Total all

664^305
658,083
500,947
389.701
500,000

—6.6
—2.2

—8.0

—48.7
—35.6

—18.4

1,370,354
1,010,000

+ 2.6
+33.7
+ 11.8
+ 10.4
—29.6

609.207
611,992

620,559

165,283,934
72,873,428
18,675,748
13,270.064
13,122,390
7,027,500
8,574,417

—6.7

+9.0
—2.6
—5.1

+23.3
+ 41.9
+7.3

7,643,009
—9.7
7,847,093 —27.7
—3.0
7,962,014
13,238,675 + 11.9
3,820,762
+2.9
3,736,759
+ 1.8
3,510,282 —12.0
2,200,989 +30.2
2,108,858 —14.0
—3.4
1,700,013
2,458,995
+0.7
—3.5
1,708,780
2.088,078 + 19.7
1,603,703 —16.5
2,454,466
+0.9
—7.1
1,722,638
—1.3
689,242
755,235 + 16.8
348,204 + 14.1
337,217
+ 5.0
552,000 + 15.0
647,933 +23.5

202,698,492

+ 5.5

3,247.162,275 3,779,321,812

—14.1

Outside N. Y..1 ,382,001,0451 ,354,3 14,306
Note.—For Canadian

Clearings

see

254,185,862
26,217,750
17,513,935
13,575,928

12;345;507
8.403,012
5.949,100
4,348,350
3,297,282
2,492,594
2,056.206

2,213:591

1,036,098
1,023,084
902,484
847,543
673,397
728,246
660,000
532,046
531,061
511,196
513,912
404,992
485,425
463,034
217.800

269,060
177,039
26,603

376,000

333,020,321
36,744,357

362,908,737
43,306,041

9,823,534
9,796,762
7,493,181

10,636,303

11,761.455

8,926:793

3,841+28
5,038,747
6,997,323
2,592,862
1,214,460

4,931,619
4,784,697
1,679,679
1,051,696
991,577
999,600
652,100
495,040
547,048
347,915
215,306

+86.1
+8.0
+31.4
+ 12.4
+7.7
+9.0
+21.9
+ 15.2

l'226'359

.

S

234,465,77i
22.997,55C
14,644,611
12,545,12-5
12,352,362
8.311.41C
5,118,30C
3,665,298
2,918,647
2,094,820
1,928,269
1,919,836
1,161,676
837,173
767,421
876,514
572,699
594,119
600,000
474,781
649,392
536,685
402,073
364,882
427,973
374,968
350,835
263,678
172,080
321.049
23,312
287,000

4,0551260

+9.1
+0.3

102,151.662 + 14.5
67.298.750
—4.6
32,265,252 —20.2
16,940,517
+0.7
11,481,716
+3.4
—4.6
10,961,521
7,202,278 —18.3
•7,912,441 —29.2
4,079,984 + 10.3
3,362,910
+3.1
3,347,795
+6.8
1,617,058 +28.9
1,607,551
+7.2
—2.8
1,319,211

675.635
366,326

154,212,929
77,950,725
18,194,564
12,588,879
16,178,313
9,968,000
9,200,237

939,240
979,742
1,127,308
725,187
646,930
—1.5
820,000
527,489 +30.0
800,000 +31.6
723,865
—8.2
561,713 +21.5
413,949
+9.2
465,206 + 19.4
—5.5
472,054
370,000 + 10.0
276,586 + 14.0
315,425 —14.9
426,512 —0.05
32,105 +26.4
357,597
+5.7
597,595
+8.9
included in total
+0.4

680.844

6,90 ,000

Fort Worth
Atlanta
Nashville

1

8.142,000
4.674.488

177,033,149

3,575,509
2,084,582
1,723,193
1,282,152
1,000,000
1,405,000
1,350,000

+3.6
——3.0
+2.3
+8.8
+6.7
+20.6
+9.9

+24.9
+28.1

10,861.219
5,528,414
6,176,954
5,934,763
3,456,741
1,004,891
1,593,427
1,100,000
815,788
721,714
802,520
576,853
200,000
678.060

54.672.573
26,552,863
17,066,072

9,827,148
6.211.60C
3,987,298
2,991,713
2,572,779
2.391.96C
2,255,434
1,614,572

+ 1.C
+ 12.]
+ 19.C
+ 16 7
—11.8
—12.C
+5.fc
+7.2
+ 16.0
+2.5

40,258,263
12.601,212
12,067,854
11,100,833
5,065,695
6,155,910
6,452,096
1,856,408
930,326
1,213,254
979,000
757,755

11,272,805

117,087,193

i

Springfield..

169,377,511

*

12^362,622

1907.

$

—2.1

399,485,579

16,138,208

Kansas City....

—,. .

Boston
Providence
Hartford
New Haven

401,153,271
50,274,834

—18.8

$
%
$
—23.1 1,603,285,128 1,611.351,889

+4.2
+3.8
+ 18.2
+ 12.5

..

Decatur
Jackson

Total Pacific..

1

$

1,865,161,230 2,425,007,506
160,501.849
154,064,612
53,075,577
51,147,452
35,376,204
29,922,465
11,867,669
10,552,925
6.474,260
6,918,526

Philadelphia
Pittsburgh

Greensburg
Binghamton

Inc. or
Dec.

1909.

Mansfield

Springfield, O

—18.5

Week ending Oct. 8.

at—

Quincy
Bloomington

Pasadena

The full details for the week covered by the above will be
given next Sat¬
urday.
We cannot furnish them to-day, clearings being made
up by the
clearing houses at noon on Saturday, and hence In the above the last day
of the week has to be In all cases estimated, as we
go to press Friday night.
We present below detailed figures for the week
ending with Saturday,
noon, October 8, for four years.

Clearings

Rockford
Akron
South Bend
Canton

Spokane.

124,297,001
107,237,581
37,384,276
211,250.564
65,316,349
18,520,464

•hicago

•

Adrian
Lima

The following table, made up by telegraph,
&c., Indicates that the total
bank clearings of all clearing houses of the United States
for week ending
to-day have been $2,812,408,061, against $3,247,lo2,275 last week
and
$3,464,279,487 the corresponding week last year.

$1,184,888,543

Wayne

Youngstown

CLEARING-HOUSE RETURNS.

Philadelphia

Kalamazoo

Lexington

Company.

1910.

8,658,366
5,463,600
4,219,767
3,205,664
2,994,194
2,450,228
2,337,513
1,566,736
961,177
1,065,224
1,203,602
874,537
710,361
808,050
685,198
1,052,723
664,718
682,310
451,925
555,0 >•*
445,948
407,000
315,260
268,389
426,320
40,587
378,017
651,098
419,866 Not

Evansville

22 00
29 00
50 00
87 00

Published every Saturday mornin • by WILLIAM B. DANA
COMPANY
William B. Dana, Piesident; Jacob Seibert Jr., Vice-Prea. ana
Sec.; Arnold
•. Dana, Treas. Addresses ot all, Office of the

New York
Boston

14;300i584
....

Grand Rapids
Dayton

$4 20

(26 times)
(52 times)
CHICAGO OFFICE—Pliny Bartlett, 613 Monadnock Block; Tel. Hamaon4012
•ONDON OFFICE—Edwards & Smith, i Drapers’
Gardens, E. C.
WILLIAITI B. DANA
COMPANY, Publishers,
P. 0.10x958.
Front. Pme and Depeyster Sts.,
New York.
Twelve Months

Clearings—Returns by Telegraph.
Week ending October 15.

Indianapolis
Columbus
Toledo
Peoria

1908.

%

283.960,031
24,715,1(K
19,668,662
15,348,157

24.963.25C
22,053,911
18,258,624

or

Dec.

$

278.033.39C

Cincinnati
Cleveland
Detroit
Milwaukee

Fort

Standing
Business Cards
caros <
eianoing .Business

t

Chicago

Springfield, Ill..

’Jbansient matter per inch space (14 agate
lines)

1909.

$

$10 00

European Subscription (including postage)

ending Oct. 8.
Inc.

1910.

PUBLISHED WEEKLY.

Terms of

NO. 2364.
Week

Jfae CItrcmixIje.

Railway Section
City Section

700,000
706,157
•

84.608,771

95.715.269
39,328,963
32,789.153
12,864,351
11,059,532
8,470,414
5,746,552

43.230,245
31,391,915
13,359,605
11,063,711
8,346,383
5,651,580

’

■

3,015,028
2,645,201
1,523,530
1,506,494
1,383,764
1,035,862
951,530
876,838

3,349,272
2,445,902
1,503,307

1,341,375
1,462,944

1,038,996
765,924
781,285

1,000.000
986.194
489,710
471,661

399,855

128,929,251
59,664,052
14,656,682
11,161,835
13,439,150

125,295,015
70,470,945
17,691,531
12,868.507
15,314,296

8,275,000
7,164.707

7,049,500
6,399,871
6.638,662
6,153,041

800.000
741,663
605,527

5,740.927

5,475,804
5,418,039

3,649,142
6,271,951
5,101,530

5,267,009
3,144,020
2,785,160
2,456,436
1,856,610
1,693,751
1,550,073
1.532,144
1,520,089
1,505.953
1,290,272
1,121,028
1,036,889
554.268
600,000
365,675

3,380,733
2,893,286

2,239,065
1,768,356
1,627,311
1,850,000
1,584,542
1,585,707
1,453,142
1,124,354
1,027,016
473.562
^

^

467,000
408,000

603,000

160,150,573

179,219.050

2,676,191,721 2,803,586.980

+2.0 1,072,896,593 1,192,235,091
“Commercial and Miscellaneous News.”-

[VOL. LXXXXI.

THE CHRONICLE

986

financial affairs
view.

the founder, editor and owner

William B. Dana,

cognizant of the type of financial jour¬

Those

nalism that

WILLIAM B. DANA.

'

moral, scruples had been kept out of

prevails

even

“Chronicle,” died at the Hotel Belmont in this comprehend how important it
city on Monday afternoon of this week (October 10) States the pioneer should set

eighty-second

Mr. Dana was of

of his age.'

year

some

of Europe will readily

of the Continental countries

of the

in the

in

at the present day

that in the United
standard of rectitude
absolutely impossible

was
a

which would thereafter make it

personally for a type of newspaper of the opposite kind to flour¬
known to only a very small portion of the public. ish. The “Chronicle” in its newspaper work has never
Through the “Chronicle,” however, which he estab¬ engaged in promoting schemes of any kind. It was
lished, and the first number of which appeared in established for a different purpose. Its mission was
July 1865 (over 45 years ago), he wielded power and a higher one.
In journalism William B. Dana followed the same
influence to an extent greater—this, we think, will be
retiring disposition and therefore

T*

was

by all “Chronicle” readers—than that pos¬ straight path as that pursued in geology by his elder
sessed by most of the men who have been prominent brother, the late James D. Dana.
Professor Dana
in the public eye. And this influence has been con¬ was admittedly the most eminent geologist of his time,
admitted

%

tinuously exerted through the whole period of the
istence of the paper,

for the editorial policy has been

that the paper never
of the

with

accordance

in

conducted

ex¬

community.

at

high

such

ideals

time lost the respect
might differ with its

any

Men

views, but the honesty of its

purpose

has

never

been

by

many

Obviously

a newspaper

tenders of large

founded hold a high position in public

Mr. Dana’s

case

professional opinion

one

kind

As

on

“Chronicle” is the

with

mining schemes of

was

completely

and

ner

far

his character and what

was

And

development of the

during his

affairs

mind and

paper

marks

are

of the

the

prog¬

has two

genius he

paper

and

The province of the “Chronicle”, as
investor is concerned, has always been to

as

the

to advise him

as

to the merit of any

particular

discussions of the day

on

economic and

During the nearly half-century of its

existence the part

rendered by the “Chronicle” in in¬

fluencing public opinion and promoting sound views
been, it will be admitted,

think,

important.

pos¬

Since the close of the Civil War there have been three

ways

of influencing the public which this

able to call both of these attributes to its aid.

starting the “Chronicle”

we

very

enduring fame.

on a

on

a

was

has opposed with all its

first rendered in

little later

the free-silver

come

the attacks

rights of property,

upon

energy .

Its

combating greenbackism;

came

basis of moral worth porations generally.

that plane, he set

fallacy, and

upon

wealth,

the railroads, and

This is

a young

more re¬
upon

the

upon cor¬

country, and its

a

When the “Chronicle”
was new
*

was con¬

to

if in

starting

a newspaper

ized countries of the Old World.

in this country, and it is generally looked

how baneful might have been the result

easy

see

aid

paper

standard experience is in accord with its youth. For that rea¬
journalism which alone would entitle him son error flourishes here more readily than in the civil¬

always keeping it




kept his

man¬

absolutely free from entangling financial

During Mr. Dana’s life the “Chronicle” cently have

ceived, everything

>

In like

has

by the excellence of its character or the soundness

of financial
to

the best way to

con¬

rendering sendee to the community, that is

of its views.

and

those of the

great movements threatening the national welfare

A newspaper

In

connected

name

even

was

the founder of the “Chronicle”

In the great

The

sessed.

was

kind,

reverse;

throughout its financial questions, Mr. Dana, through his newspaper,
skill and ability. rendered services to his country which cannot be over¬

lofty aims he pursued.

of its

either

any

the

which has attended the paper

the

duct

some

stated in these give facts and to allow the investor to form his own
It has
paper paid him its judgment with the facts thus before him.

history of Mr. Dana’s life.

indications of what

ress

honest and

He felt that that

dignity and high tone maintained in its conduct estimated.

were

some

Aug. 26 1909, the history of the proposition.

entire existence is evidence of his
The

mining propositions of

upon

but to the end he refused to have his

tribute, in commemoration of the eightieth anniver¬ refused

are

another,

if he would give

money

was

columns at the time the staff of the

success

or

of

estimation. More¬ propositions.

the individual

merged in this publication.

of his birth,

sums

his

By this test both Mr. Dana and the paper he himself

over, in

of that fact he had during his lifetime

must be judged in the same keep his name absolutely untarnished.

the individual, namely by its character and its

works.

sary

reason

best kind.

questioned.
way as

and

devoted to commercial and

upon as a

The paper

has been

leader in matters

apper¬

taining to commercial and financial affairs, and at the
times named its

responsibilities

were

correspondingly

Oct.. 15

THE CHRONICLE

1910.]

In judging of the influence exerted by it in its the

great.

public opinion aright, it must be re¬
membered that fifty years ago the opportunities for
gaining education and enlightenment on economic and
financial problems by the mass of the public were not
what they are to-day. Now, our colleges and univer¬
sities have special courses in railroads and in innumera¬
ble other subjects, but that is a comparatively recent
development, and for many years the “Chronicle”
stood almost alone in supplying the information, and
in formulating views based thereon, with reference to
many matters which to-day appear to lie at the very
foundation of the country’s industrial life.
The present generation can have no idea of the
dangers that lurked in the movement for paper-money
endeavor to lead

inflation.

The country

in its struggle for life during
the Civil War had put out such enormous amounts of
paper issues, and such large sums had been made
through the over-night rise in values as a result of such
issues, that a part of the population very naturally

parties to take issue on this great political
question, the soundness of popular judgment in this
country, in which Mr. Dana had such unbounded faith,
was again triumphantly vindicated.
The position of
the “Chronicle” as a leader of public opinion on such
questions was never more clearly demonstrated than
at that time.
Every mail brought it letters from
public speakers, politicians, newspaper writers, and
people in all walks of life, asking for facts, figures and
arguments with which to oppose the fallacious reason¬
ing of the Bryan silverites. The information was
always forthcoming,
two

Mr. Dana

occasions

of

unerring judgment, and ©n
his foresight was almost prophetic. An ex¬
was a man

cellent illustration of this

was

furnished at the time

of the enactment of the Silver Purchase Law of
when he

expressed himself regarding the probable operr
ation of this law, which provided for the purchase of
4,500,000 ounces of silver a month, or 54,000,000
ounces a year.
Mr. Dana gave it as his opinion that

got the notion that all that was needed to produce the first effects of the law would be

activity and promote prosperity was to set the printing
presses to work and turn out more Government fiats.
The notion had an unusually firm hold on the leaders
of the opposition party, but a large section of the
Republican Party was permeated by the same error,
and the task of inculcating sound views on the money
question was by no means an easy one. The metro¬
politan newspapers in those days were generally sound
and they looked to this newspaper to supply them
with facts and arguments which would enable them to

the

disabuse the minds of those who could not understand

from that article.

the difference between

1890,

to create

a

rise in

price of the metal through speculative operations,
but that then there would come a violent collapse.
This was precisely what happened.
We think it appropriate to give an extract here from
his remarks on that occasion.
Mr. Dana, though
conducting the editorial columns, generally did com¬
paratively little writing himself, contenting himself
usually with two or three special paragraphs. But in
this instance he prepared a lengthy and very compre¬
hensive article on the subject . Here are some excerpts

There is one important particular in which the
promise to pay and
metal of intrinsic worth. To-day no one is arguing in anticipations of the public as to the working of this
favor of Government paper issues—which shows how measure will not, we believe, be realized. We refer
to the ultimate effect of our new legislation on the
completely the error has been eradicated.
price of silver in the markets of the world; that effect
The dangers embodied in the free-silver fallacy were we venture to think is over-estimated. No doubt the
in one respect even more serious. This journal, under market price will rise for a timey and the higher it
Mr. Dana’s guidance, was not unfriendly to silver. rides in the early months the quicker the spasm will be
It then believed that the old ratio between gold and over; in any event its force promises to be mainly spent
in a year or eighteen months at the most.
silver could be maintained through the concurrent
a

paper

•

action of all the nations of the world.

But it also

recognized that free and unlimited coinage of silver
on the part of the United States alone would be inex¬
cusable folly and could only lead to disaster. Not
only that, but it felt that the constant injection of new
silver issues, either in the shape of silver dollars or

•

•

•

w«

We have no doubt that the price
sustained at the old equivalent if

of silver could be
the countries ©f
Europe would unite with us in sustaining it. But
without such a union the world of silver users, silver
holders, and even silver producers, will lack faith in
the permanency of any advance in the quotation
which our enforced consumption may produce. T^he
depreciation has been too long continued, it has gone
too far, the holders of the old stock have become too
muth alarmed and production has got too large for
confidence in the metal to be so easily restored.

representatives of the same known as silver
certificates, would likewise lead to disaster. It conse¬
quently opposed the various measures which were
enacted, one after another, tending to debase and
But we refrain from pursuing this point further.
depreciate the unit of values. Here again both the
great political parties became permeated with the We have often of late given abundant reason for be¬
lieving that the action of the United States by itself
error; and politicians vied with one another in the
could not communicate to the world that faith in
desire to “do something for silver.” Finally, when
silver restoration which is the sine qua non of perma¬
William J. Bryan appeared on the scene as a Presi- nency in any advance in price. In the absence of
'
dential candidate in 1806, aud it became necessary for that confidence, and under the influence of a higher

paper

•

v.

.




'

••

M

1

s

(

-

•

•

•

988

THE CHRONICLE

[VOL.

LXXXXI.

price for bullion which our action will temporarily and which will influence those to whom the paper's
produce, consumption must decrease, and a consider¬ editorial policy has now been
committed, and to which
able portion of the old stock will be dislodged, which,
with the increase in new supply sure to follow, will they have steadfastly adhered during the years of
Mr. Dana's
disability. It is proper to say here, too,
inevitably break the market we make.
that no outside interests have ever been
represented in
As showing the accuracy of the judgment here ex¬
the “Chronicle.”
Our representatives, in traveling
pressed, it is only necessary to point out that after the
enactment of the Silver Purchase Law the price of through the country, on occasions bring back reports
from the remoter parts of an
expression of a belief
silver, which in February 1890 had sold at 43 11-16
that the paper is controlled
by Mr. J. P. Morgan or
pence per ounce in London, advanced to
pence in
August 1890, and then, after the lapse of just about
eighteen months, it began rapidly to decline, and in
June 1893 got down to 30K pence, bringing on the
panic of 1893.
The “Chronicle” has

never

been

a

class paper.

The

Springfield “Republican,” in discussing recently our
comments adverse to the proposal of the Statistician
of the Inter-State Commerce Commission that all

ex¬

by Hill

or

Harriman interests.

barring the writer,

no one

interest in this paper

family connections.
the writer in the

has

save

The truth is

ever

had any

that,

pecuniary

Mr. Dana himself and his

The mistake is in supposing, as

Springfield “Republican” does, that

the “Chronicle” is

representative of certain class in¬
our view, Mr.
Morgan is a man of trans¬
cendent genius, the greatest constructive force of this
a

In

terests.

and

perhaps of any time, and we shall always take
ble return be made a contribution to the public treas¬ special pleasure in holding up his hands and supporting
his endeavors when engaged in work so
clearly for the
ury, spoke of the “interests represented by the “Chron¬
benefit
of
the
whole
icle ” as if this paper, in its editorial
country. Similarly we regard
utterances,
men like James J. Hill as
empire builders and have no
sought to cater to some special class interests distinct
from the interests of the country as a whole. The patience with captious critics who undertake to decry
cess

of

revenue

earned

“Republican” has

by the railroads

never

been

an

over a reasona¬

unkindly critic, but

its statement in this instance embodies

an erroneous

conception of our position. From a moral and ethical
standpoint, the only interests we have ever represented
have been the interests of truth and

justice; and from

their endeavors.

It

build up, never to

destroy; and

tions to the writer

was ever

was

be deviated from in the

Mr. Dana's purpose to

of the last injunc¬
that this policy should never
one

slightest degree after he

gone.

,

was

.

When

writing, Mr. Dana generally pursued the
vocated any policy or doctrines save such as were in practice of using temperate language, but there were
6ur estimation calculated to promote the advancement times when he would be aroused to deep anger at
some flagrant act of
injustice, and then he made the
and welfare of the whole country.
It is true that the “Chronicle” in its news columns language fit the act.* One such occasion was ia
gives much space to railroads and financial and com¬ January 1875, when General Sheridan dispersed the
Legislature of the State of Louisiana at the point of
mercial and investment intelligence, and that
thereby
the bayonet, and suggested that General
it has built up a constituency
Grant, our
peculiarly its own; but
President, should issue a proclamation declaring the
its editorial discussions have been in no
way con¬
trolled by that fact.
If it has championed the inter¬ people of Louisiana Banditti. Mr. Dana characterized
a

material

standpoint

we

have

never

consciously ad¬

this in the “Chronicle”

ests of investors and railroad

properties with great
document
earnestness, giving the appearance of an excess of zeal,
it has been because the Editor has felt that the

To

ever

as

the most brutal official

written, and added.

then, the banditti of our day are a
try s continued progress depends upon the growth and community of people who have suffered great indig¬
development of our railroad systems, and that such nities, been deprived of their rights as citizens of a
republican government, been ruled and robbed by
development cannot be secured under a policy threat¬
imported rogues, and yet have borne it all with
ening the stability of present investments in these patience and moderation. We think our readers will
properties. With railroad securities outstanding to conclude that under such circumstances the shame is
not in bearing the title, but in
an
uttering it.
aggregate of 15,000 million dollars, a blow at the
coun¬

integrity of these investments, such as is embodied
in some of the policies of the
day, would mean disas¬
ter as surely as would have the descent of the
country
to

a

just

silver basis in 1896.
as

What is more,

wicked and cruel, just

as

Mr.
could
made

it would be and

much downright

sum

up,

Dana

exacting in his requirements and
not tolerate slovenly work of
any kind.
He
provision against the contingency of his death;
was

it will have been

gathered from what has been

above that there will be

no

said

change in the conduct

or

robbery, as would have been the forced substitution policy of the paper as a result of his passing away.
of fifty-cent silver dollars for one-hundred-cent
gold Mr. Dana had no children of the flesh. The “Chron¬
dollars.
We say

icle”

these things because they indicate the
tives that influenced Mr. Dana in his editorial




mo¬

policy,

was

his child.

It will live forever.

l.&JJr.

Oct. 15

THE CHRONICLE

1910.]

989

striking remark that, whereas railroads have raised
money on their credit in the past, now “the credit of
Being on the stand on Wednesday at the Inter-State American railroads has been placed in the hands of
Commerce Commission’s hearing upon the proposed this Commission; it has been taken from the hands of
advance in freight rates by the railroads east of Chi¬ the owners, and it may be impossible to obtain money
President
cago, President McCrea of the Pennsylvania cited, as in the future under these conditions.”
the

THE FINANCIAL SITUATION.

conclusive

for

advance, the increase in
wages which has been granted, and is responsive to in¬
creased cost of living, also the increased cost of main¬
tenance of a transportation service adequate to the in¬
creasing needs of the American people. The increase
in wages, he said, amounts to one-third in the last ten
years, as respects the Pennsylvania.
It is noticeable
that immediately following the newspaper report of his
testimony appears a press dispatch from Harrisburg
that announcement has just been made of another in¬
crease of about 10%, expected to date back to June 1,
in wages of engineers and firemen on the Pennsylvania’s
tines in the Eastern part of Pennsylvania.
The system east of Pittsburgh, said Mr. McCrea, has
cost much more than its capitalization; yet upon that
capitalization has been made a lower rate of return
than upon most other kinds of investment. Nearly all
surplus earnings for many years past have been put into
betterments for improved service; he did not cite
particularly the vast work just finished and opened in
this city, but that alone ought to be an object-lesson
to keep before the public mind the fact that a great
railroad system works upon a great scale, constantly
investing more for the future, and should, therefore,
be treated in no spirit of oppression or niggardliness.
The country needs increasing production, but also in¬
creasing carrying facilities. A railroad cannot stand
still; the alternative to progression is retrogression.
It is only a truism to say that the people expect more
frequent service, more comfortable and swifter service,
more certainty and
punctuality of trains, and larger
safety. There are.no limits to the public expectation
in these particulars. A record is kept of trains late at
terminals; wrecks on the lines are condemned; the
public are quick to criticise the passenger service in
every respect; and as for freights, every shipper de¬
mands surer, faster and more certain carrying.
There has probably never been a time when so many
particulars of excellence and so high a grade of ex¬
cellence in performance of each service was expected
of railroads; this is counted upon as a matter of course,
for it is what railroads are for—they exist to serve the
people. Admitted; yet the amazing thing is that the
railroads are expected to do more and more and to
reasons

an

Brown of the New York Central cited the

new

construc¬

tion work in this

city and elsewhere and said that the
ability of the Central system to obtain the necessary
capital “depends upon the ability of the company to
secure increases in revenues through increased freight
rates commensurate with the recent increase in expen¬

ses.”

He also mentioned the

of

inability of the Michigan
acceptable bids in Europe on an issue
4% bonds, leaving as the alternative the payment

of

6%

Central to obtain

on

short-time notes.

Following close upon the recent calls of the associated
employees for an increase in rates which
will permit the roads to live come now some remon¬
strances from certain associations of shippers, who also
perceive the imminent danger of allowing the transpor¬
tation business of the country to become “the play¬
thing of demagogues,” as they themselves put it.
They perceive that hampered and struggling roads
railroad

cannot render the service which the

and needs.

It is about

country expects

unusual, they say, for
shippers to favor increased rates as for union labor to
stand by the railroads; yet in the pending inquiry upon
this subject they have decided to support the roads in
reasonable increases.

In

as

a

statement

issued

after

conference with other

important shippers, the head
he
thoroughly believes “that we can never be prosperous
until the railroads are prosperous; that our prosperity
came with the railroads; that when
they ceased to be
prosperous our prosperity left us, and until it returns
we will not again be prosperous in full measure.”
The
head of Marshall Field & Co. uses substantially the
same language, and some half-dozen
large concerns
say they favor a horizontal advance of 8 to 10%.
It cannot be pretended that shippers are all agreed
that this or any advance is necessary.
Some deny
that any is necessary, and some have cited increase in
gross earnings without any consideration of net earn¬
ings. Some shippers merely follow the human impulse
to oppose what is not agreeable and dispute or receive
with impatience whatever does not please them.
Yet shippers are not agreed in petulance and un¬
reasonableness, and the fact that a number of them are
receive no more. Public thoughtlessness apparently coming forward to side with the railroads is another
seeks a miracle.
of the signs of returning reason.
In Mr. McCrea’s opinion, for some years to come
the increase in transportation work will be markedly
Cotton exports considerably in excess of any former
lower east of the Mississippi; growth of business, he year in the opening month of a new season made no
thinks, will fall far short of meeting increase in wages uncertain impress upon the volume of our foreign ex¬
and other expenditures.
Any properly capitalized port trade in September, being instrumental in giving
road should earn at least 7% net, and “any scheme for that month a total value to the shipments of
leading
of rates which does not provide for that will fall short articles, for which advance statements are issued,
of what the country
greater than ever before recorded in the corresponding
absolutely requires.”
Following Mr. McCrea, President Willard of the period. In fact, out of a total value of $81,461,764
Baltimore & Ohio said that a road ought to have represented by breadstuffs, provisions, cattle and hogs,
an income sufficient to
permit it to put into better¬ oil and cotton, the last-named commodity accounts
ments at least one-half as much as
goes to dividends. for nearly 55 millions of dollars—an aggregate 8%
This is a country of high prices, he said; wages and millions larger than that for September 1909. On the
materials are high, but the one exception is transpor¬ other hand, the breadstuffs outflow was 4^ millions
tation rates, now the lowest in the world. He made less than a year ago, and smaller than in September




of the Simmons Hardware Co. of St. Louis says

990

THE CHRONICLE

of any year since 1894 with the exception of 1904,
when the total shipments of wheat for the whole year

are

about to

[Vol.
precipitate

a

wild boom, while

mm.
a

majority

of

responsible bankers still declare that they are
were only 13 million bushels.
For the decline this antagonistic to any such movement. It may fittingly
year wheat is also responsible.
Cattle and hogs ex¬ be added that there are now prospects that the
ports were in September less than half what they were difficulty in arriving at a settlement of the dispute
in the month of 1909; mineral oils exhibited a decrease between our own and
European bankers over the
of over 2 millions of dollars and in provisions a small financing of the cotton
crop will presently be overcome
falling off is to be noted. But, as already stated, the through the formation of a company to guarantee
gain in cotton is sufficient to overcome all these losses, bills of lading at very small cost.- Furthermore, those
leaving the result for September an increase of $826,- who are perturbed over the monetary prospects should
258 over the corresponding period of 1909.
not overlook the fact that
foreign exchange rates are
With this showing it seems safe to assume that the not so very far from the level on which
gold could
aggregate of all our foreign exports for the month will be imported.
approximate close to, if not exceed, the 154 million
dollars’ record September total of last year. In the
Important events continue to take place on the
meantime imports, as judged by the figures for New Continent of
Europe, but the bourses have displayed
York, have been less free than a year ago. Conse¬ courage in a degree that augurs well for the soundness
quently it is probable that the completed foreign trade of the financial position abroad. Neither the revolu¬
statement for September, which should be available tion in
Portugal nor the threatened insurrection in
next Monday, will show a net export balance of mer¬
Spain have demoralized securities, while an uprising
chandise of not far from 35 millions of dollars—the among the railroad and certain other workers in France
argest since October last, when cotton shipments were, under the guise of a strike had astonishingly little in¬
as now, the important
fluence upon the Paris market,
stimulating factor.
notwithstanding that
the demonstration was described by Premier Briand
An unnecessary amount of uneasiness would
appear as “an insurrection purely, built upon criminal foun¬
to have been indulged in concerning the
monetary dations,” and that in London as well as here there
position in the United States. It is true that through¬ were grave fears that the stability of the republic was
out the country and also in New York bank loans are threatened.
It will be recalled, too, that a succession
to-day materially in excess of individual deposits, but of extensive strikes in Britain, including quite recently
the disparity is by no means unprecedented—for the trouble
among coal miners and the lockout of cotton
national banks, as a whole, the excess was
greater in workers, did not to any appreciable extent depress the
1907, in 1903, in 1895, in 1894 and in 1893. Had the London Stock Exchange. Incidentally, a similar in¬
present expansion not been duly recognized by bank¬ difference to unfavorable developments has been
ers, and had no precautionary measures been instituted consistently
displayed by our own Stock Exchange,
to avert complications, the outlook
the
most
notable
illustration of this having been afford¬
might have been
beset with unpleasant possibilities; but the situation ed
by a vigorous advance in the price of Steel common
was recognized
by New York bankers as well as by shares this week in spite of Monday’s official statement
those in the West several months ago
and curtailment showing that,unfilled orders on hand decreased 379,009
was undertaken in earnest.
Judging by the absence tons during September. The conclusion may be justi¬
of acute stringency in interest rates, the
position has fiably drawn that at all the principal centres securities
been well handled. It is true that the
Clearing-House have been pretty thoroughly liquidated.
banks reserves two weeks ago got down to
$5,000,000 in
excess of legal
requirements, and that the moderate
The restoration of orderly government has bee*
gain recorded last Saturday may not, according to gen¬ rapidly achieved in Portugal and there is
every prospect
eral expectations, be followed by another
gain to-day. that the Powers will shortly recognize the new Republi¬
In certain quarters the rise in call
money during the last can Administration set up by Theophile
Braga and
two days to 3%% for the first time since
May 19th his influential associates. The Swiss Government has
wag interpreted as
disturbing, but the movement ap¬ already announced its recognition of the Portuguese
pears entirely logical inasmuch as preparations have had Republic and Great Britain has intimated
that it will

to be made for extensive dividend

disbursements to¬ take a similar course as soon as affairs in
Portugal have
day. A charge of 3% % for call loans in October is surely resumed a normal state. All fears of an attack
upon
not abnormal; as a matter of
fact, higher rates have Lisbon by Provincial Royalists have passed, and King
been oftener than once witnessed at this season
without Manuel appears to have given up
hope of regaining
producing any veiy unfavorable impression. Accom¬ his lost throne, an announcement
having been made
modation for short periods is still obtainable at that
he intends to take up his residence in

minimum of 4%, while long-term loans are available
at as low as
4y2%—charges that are not at all out of the

a

way

during the crop-moving

season.

We might add

that the best class of mercantile borrowers have been
able to negotiate six months’ bills at

5which
quotation is also reasonable during the final quarter
of the year.
All this does not imply that the money
market should be subjected to
any avoidable strain in
the form of excessive demands for

purposes. While admittedly
become more active

purely speculative

the stock market has
during the upward movement in
prices, there have been no evidences that the public




England.

Already the Provisional Government has ordered the
expulsion of all so-called religious orders. Special care
has been taken to drive out the Jesuits, whose
policies
had incurred the ire of the Republicans and whose
open
opposition during the initial stages of the revolution
aggravated the encounters between the Loyalists and
those who championed the new order of
things. The
program outlined by the Braga Cabinet has received
the endorsement not only of the
Portuguese but of
other nations interested in the
country’s welfare
and in its finances. The promise has been made that *
a

regular election will be held within three months,

OOT. la 1910.1

THE CHRONICLE

991

when it is

confidently expected that the main principles
of the present governing body will be overwhelmingly
supported by the voters. Foreign holders of Portu¬
guese bonds are hopeful that they will fare better under
the Republican system than they did on several occa¬
sions during the monarchical regime. Some of the
problems brought into consideration by the revolution
and its portents are discussed at greater length in a
special article eslewhere in this issue.

taken of calling to the colors some
30,000 employees of the Northern road, the law being
that reservists may be mustered for twenty days'
service. Regular troops immediately took possession
of the Northern Terminus, while the Municipal Guards
and police superintended the arrival and departure
of the few trains that it was found possible to run.
Ostensibly the railroad workers went on strike to se¬
cure compliance with the
following demands:

weaker statesman than Premier Canalejas
been at the head of the Spanish Government, the suc¬

francs per diem] to meet the higher cost of living.
Second—A retroactive application of the employees*

drastic step was

First—A

Had

a

cessful

uprising in Portugal would in all probability
have precipitated a revolution in Spain on
Thursday,
the first anniversary of the execution of Professor
Francisco Ferrer, who, it will be recollected, was ac¬
cused of having instigated an uprising in the summer
of last year.
As we stated last week, there was be¬
lieved to have been an understanding between the
Portuguese and the Spanish Republican leaders that
a revolution would be started
simultaneously in both
countries on Oct. 13 (last Thursday); but the assassi¬
nation of Professor Bombarda brought matters to a
climax in Portugal sooner than intended. There can
be little doubt that a considerable section of the
Span¬
ish people were eager to follow the example set across
the border, and that only the firm policy
pursued by
Premier Canalejas served to avert a grave conflict
between the Government troops and the Republicans.
The Premier had already won a reputation for fearless¬
ness in his handling
of the dispute with the Vatican,
and when he issued orders to the army to put

down
mercilessly the first sign of revolt, the populace felt
that the most vigorous measures would
instantly be
taken to preserve order. The day was awaited with
anxiety by all parties and with no little interest by
European nations,as well as by Americans, for it was
accepted that a triumph for the Republicans in Spain,
following the events in Portugal, would have a farreaching influence—an influence not confined to several
•f the weaker monarchies on the
Continent, but des¬
tined to affect history in the Latin countries of the
Southern half of the Western Hemisphere. However,
the elaborate precautions taken
by the Government
and the military—every soldier fit for service stood
ready to act on an instant's notice—proved effective
m
repressing active hostility, although, of course,
there were many manifestations of discontent. Once
more, therefore, Spain has been saved from a revolu¬
tion.
Mow far the

spirit of insurrection in Portugal and
Spain influenced the disturbing developments of the
current week in France cannot, of
course, be gauged
with precision; but that the French strikers or, at all
events, their leaders were spurred on by recent hap¬
penings can scarcely be doubted. At first the trouble
in France appeared to be
merely a strike of railroad
employees for higher wages, to meet the increased cost
of living, and no political
consequences were antici¬
pated. It was on Tuesday morning that the men
operating the Northern Railroad went on strike, and
fey evening the movement spread to the State-owned

general increase in

wages

[to

a

minimum of five

pension law.
Third—A

equitable division of work.
granting of one day off in seven for all

more

Fourth—The

employees.
Fifth—Employment by the month instead of by the day.
Premier Briand declared that the strike was insti¬

gated by professionals and that it did not have the
sympathy of a majority of the men. This view be¬
came more
apparent later. On Wednesday traffic
was more or less
interrupted, though not completely
stopped, on the Eastern and the Southern lines, as
well as on the Paris, Lyons and Mediterranean and the
Paris-Orleans routes.
the

On these the efforts to induce

employees to stop

work

only partially
sufficiently grave, how¬
ever, to send up the prices of provisions in Paris, as
invariably happens when the railroads are prevented
from carrying normal amounts of foodstuffs into
the capital, while railroad shares weakened on the
successful.

The situation

were

was

Bourse.
As in

Spain, the Government adopted an uncom¬
promising attitude towards the malcontents. Premier
Briand announced that every known leader guilty of
fostering an insurrectionary movement would be
arrested, and on Thursday morning he proceeded to
execute his threat..
were

Five of the most influential leaders

unceremoniously arrested in the office of a social¬
where they had spent the night in the

istic newspaper,

of the Socialistic members of the Chamber
Deputies, and where an attempt was made to deliver
inflammatory speeches when the police officers arrived.
“The Prefect of Police," says one dispatch, “cut the
proceedings short and hustled the leaders off in cabs,
company

of

and there

was

no

further demonstration."

Mean¬

while the mobilisation of the railroad

reservists, who
become amenable to martial law, was
proceeding encouragingly, despite earlier protests that
orders would be disobeyed. The stand taken by the
Government dampened the ardor of the professional
agitators, who, it was said, had fondly hoped the au¬

had, of

course,

thorities would hesitate to act harshly.
On the Paris and other stock exchanges

apprehen¬
general upheaval abated; the regular report
of Thursday's session on the Paris Bourse stated
sions of

a

that “there was an increased demand for railroad
stocks on the belief that the strike had been checked."
The trouble caused much inconvenience

throughout
city of Paris, its suburbs and the surrounding
territory, while passengers bound for America as
well as those arriving by incoming steamers
were
greatly delayed, although remarkable energy was
shown in overcoming the difficulties, automobiles
Western Railroad. The Government had
evidently being used quite freely on land and tugs and other
been well informed as to the intentions of the
ring¬ craft for emergency transportation by water. Yester¬
leaders to bring about a general disorganization of
day's news from Paris tended on the whole to confirm
transportation and industry. At all events, the the view that the Premier's unflinching stand had




the

993

THE CHRONICLE

.

.

.

...

.

LXXXXI.

inspired fear among abroad calls for careful handling, and that any marked
the rank and file who, it was remarked, did not appear revival in the flotation of new corporate loans or in
to resent the imprisonment of the more notable agita¬ speculation on the bourses would probably create com¬
tors.
plications that both bankers and business men are
anxious to avoid. Briefly, the Bank of England con¬
The President of the Imperial Bank of Germany tinues to lose bullion on a rather large scale, the tension
has seen fit to raise a sol men warning against the at Berlin has become more pronounced and Paris is
expansion of bank credits throughout the Fatherland, confronted with a very large local municipal loan. The
just as in this country Eastern bankers six months discount range in London is about }/$ of 1% lower
ago gave notice that curtailment must be rigorously in¬ than it was a week ago, on the basis of 3J4% for sixty
stituted—a course justified by the fact that national days' and 3 9-16% for ninety days' spot bills and 3%%
bank loans in March, exceeded deposits by $204,000,000, for sixty days' and 3^g% for ninety days’ bills to
and were destined, despite the caution exercised, to arrive, with, however, a
very firm undertone at the
reach an excess of $321,000,000 by September.
close.
Bills
are
The
accepted less willingly in Paris at
utterances of the Berlin authority, made on the occa¬ 2J£%; little favor is shown towards American finance
sion of raising the discount rate from 4% to 5%, were bills. The Berlin rate has moved
up to 4% for spot
not prompted merely by the temporary pressure in¬ bills and 4J/£% for bills to
arrive, notwithstanding that
variably incidental to the quarterly settlements, for, this week's Reichsbank statement showed a substan¬
as a matter of subsequent record, the
customary re¬ tial gain in cash and a notable decrease ($117,000,000)
habilitation set in immediately after the opening of the in note circulation, loans and discounts. Amsterdam
new quarter—this week's Reichsbank statement shows
secured $1,000,000 of the new gold offered in London
a gain of
nearly $4,500,000 in cash, a decrease of on Monday, yet the quotation there remains the same
$23,000,000 in loans, a contraction of $46,000,000 note as a week ago, 3]/g to 4%. Brussels has again eased
circulation and a reduction of $47,500,000 in discounts. off slightly, to 3J^%. No changes in official hank
President Havenstein’s unusual action was inspired rates have been made this week, nor are rumors that
by conditions of more permanent character, as these the Bank of England may raise its minimum to 5%
extracts from his address show:
accepted seriously by international bankers in this city.
The Bank of England, for the second week in suc¬
“The entire development of money market conditions
during the past weeks and months indicates that the cession, secured the greater part of the new gold sold
present tension is no merely temporary one caused by in the open market on Monday without paying more
the monthly settlement, but that we are confronted
than the minimum price, 77s. 9d. But, as our special caWe
by a prolonged expansion of credit and a lasting
from London shows, there were heavy exports, chiefly to
stiffening of rates.
Especially striking during
the past few months has been the pressure at the head Egypt. Thursday's weekly statement disclosed another
office in Berlin and the high percentage of long-term shrinkage in bullion on hand of no less than
£634,302,
bills handed in by the banks. All this shows heavy and since then there have been
several shipments of
pressure, and is evidence of the fact that the resources
of the banks are tied up for a protracted period—a gold from London, including £125,000 to India,
thing not to be viewed without concern when we £60,000 to Brazil and smaller amounts to the Conti¬
remember that the demands resulting from the gradu¬ nent although, as a partial offset, £102,000 bar
ally improving position of our business life are not very gold was bought by the Bank yesterday. The
great and are hot abnormal; and besides this, consid¬ Bank's loans expanded to the extent of
£434,081,
erable sums of foreign money are on hand here. The
reflecting an increase in borrowing for Stock Ex¬
pressure at the Reichsbank on the part of the other
banks continues to increase to a serious extent. It change purposes. Total reserve decreased £334,088,
would, therefore, be a thankworthy task for the circulation was reduced £300,030, public deposits
German banking community
to draw the fell off £1,276,130, while other deposits increased cor¬
reins more tightly and to counteract the
exaggerated respondingly—£1,357,012. According to our special
demands for credit. The Reichsbank cannot do this
cable dispatch, the ratio of reserve to liabilities was
alone, and it begs the assistance of the banking com¬
munity; it is glad to note that several of the banks thus reduced from 47.68% last week to 46.86% this
have already given decisive warnings to their custom¬ week. This figure is still above the average for this
ers.
The pressure for credit already referred to is
by season, but the total amount of bullion on hand, £33,no means sound at
every point and of economic advan¬ 778,750, is regarded as
inadequate,in view of the gold
tage. At present very many long-term credits are in
demands that are believed to be impending. Our
existence, and the numerous and continuing specula¬
tive credits have caused a further strong increase in correspondent further advises us that the loss was due
them."
to large exports, principally to Egypt; the takings from
Months ago we commented upon the fact that the Bank for shipment to the interior of Great Britain
certain German banks had gone
deeply into industrial having been more than Qffset by purchases in the open
enterprises from which they could not withdraw their market. The details of the movement into and out
money promptly, but it had not been thought here of the Bank were as follows: Imports, £400,000,
that the general banking position was so extended as wholly bought in the open market; exports, £817,000,
the head of the Reichsbank thus indicates.
No doubt mainly to Egypt, and shipments of £217,000 net to
the interior of Great Britain.
his warning will be heeded, and
co-operation should
result in gradual improvement.
The Berlin weekly
Even during the dullest season of the year the
bank statements will be watched with
peculiar interest
New York money market could not be more lifeless
during the remaining months of the year.
than it is to-day. The repeated predictions of certain
Mixed changes have occurred in discount rates at bankers that rates must
advance have, so far as
European centres during the current week. Withal, concern time accommodation, proved incorrect, for
the impression created is that the
banking position to-day quotations are quite easy and there is an utter
overawed the leaders and had

.

[VOL.




Got. 15

lack of
on

1910.]

THE CHRONICLE

993

inquiry from brokers. However, the animation there was no marked response to this development,
Exchange during the last two days, quotations opening on the overnight level and closed

the Stock

combined with the rise in call loans to

3%%, does somewhat lower both for demand and cable transfeis.
suggest that at last more notice may have to be taken The decline had been rapid; whereas 4 86% was paid for
of the money market by speculators who heretofore demand on
Friday of last week, the rate on Saturday
have not been obliged to worry over this phase of the was 4
8634, on Monday it fell to below 4 86, while on
situation. On the other hand, the financial institu¬
Tuesday 4 85% was recorded, with cable transfers
tions which were apprehensive lest New York would done at 4 86. These
quotations caused some discus¬
be called upon to finance the cotton crop, and
sion
of
the
which,
possibility of gold imports should the output
therefore, sought to build up their reserves, may come of cotton bills not abate; but experts expressed the
forward as lenders now that an amicable arrangement
opinion very emphatically that the Bank of England
has been outlined whereby the burden of
would
not acquiesce in such a movement at this time.
supplying the
money will not fall upon this centre; at all events, The anxiety to have cotton bills accepted was due, of
sentiment will feel relieved even in those quarters
course, to the fact that Saturday’s (to-day’s) steamer
where hopes of a settlement had always been enter¬ would be the last to reach
Europe before the expira¬
tained. Throughout the current week quotations for tion of the
arrangement whereby foreign bankers
time facilities have scarcely changed a
fraction; the guaranteed them. Now a new face has been put upon
range for 60 days is 4 @434% and for all periods from the whole controversy,
and it remains to be
90 days to six months 4J^@,4%% business
seen how
latterly
exchange will be affected. On Thursday
being done at the asking rates. At the close the there was a recovery, but, as already stated, there was
principal lenders were inclined to hold aloof, as they no appreciable change in quotations yesterday morn¬
contend that money should shortly become more
ing, and as the day progressed a weaker tendency de¬
valuable, particularly if the revival in speculation veloped.
should continue.
The agricultural exports during
September reached
Call money on Monday touched 2%%, hut loaned a new
high total, $81,461,764, due to abnormally
at as low as 13^%; on Tuesday 33^% was
reached and heavy shipments of cotton, that commodity alone ac¬
no
transactions were recorded under 2%%; when
counting for $54,882,811 of the month’s aggregate,
business was resumed on Thursday, the firmer
tendency against $19,167,248 in August and $46,164,510 in
became more pronounced, a maximum of
3%% being September of last year. The full foreign trade returns
reported for the first time since the third week in for last month should show an excess of exports over
May, while no loans were made below 3%, and the imports, while the final quarter of the year naturally
charge for renewals was 3%%. Yesterday the range swells the export balance very substantially. The
was 2J^2% t0
3%%, with the final loan made at 2%%. quantity of grain bills on offer is not excessive, while
The average ruling rate for the week was
334*%. As we finance bills continue scarce. The drawing of the
have explained elsewhere,the mid-October disburse¬
latter, however, may be stimulated by the broadening
ments are heavy; hence the mild
flurry in day-to-day of speculation and the rise in call loans. Operations
rates is not astonishing.
But an active bull campaign in exchange have been interfered with this week,
in stocks could easily absorb the
surplus supply and first by the general holiday on Wednesday and next
bring about a higher range than has heretofore pre¬ by the important Jewish holiday on Thursday; but
vailed.
livelier trading is now expected.
Commercial paper is in rather large supply. The
Compared with Friday of last week, foreign exchange
position may best be explained by stating that the on Saturday was distinctly easier, with demand quoted
very choicest offerings are not above normal and can at 4 8620@4 8630, cable transfers at 4 8650@4
8660
usually be placed at 534%, whereas the output of and sixty days at 4 8320@4 8325. On Monday,
second-grade names is in excess of the market’s absorp¬ through offerings of cotton bills, demand broke to
tive powers. Before call
money rates tightened, some 4 8590@4 86, cable transfers to 4 8620@4 8630 and
business had been done in prime bills for local account sixty days to 4 83
@4 8310. Demand again declined
at 534%; but
yesterday more attention was paid to sharply on Tuesday to 4 8570@4 8580, cable transfers
the possibility of dearer
money; so that the inquiry for to 4 86 @4 8610 and sixty days to 4 8285 @4 83.
paper was not quite so keen.
The demand for 6% Wednesday was a holiday. On Thursday, on very
bills has come mainly from out of town. The
range dull trading, demand advanced to 4 8595 @4 86 and
of quotations is
5%@5%% for the best four to six cable transfers to 4 8620@4 8625, but sixty days de¬
months’ single-name bills and
5% @634% for less clined to 4 8275@4 8285. On Friday the opening was
attractive names, with 5% @5%%
quoted for 60 to 90 firmer, but by the close rates declined 5 points for de¬
mand and cable transfers.
days’ endorsed bills receivable.
The

Extraordinary pressure to sell cotton bills caused
sterling exchange to break severely during the early
part of the week, but when business
the Columbus

was

..

resumed after

Day holiday a stronger tone developed,
partly through more positive assertions that the con¬
troversy over handling bills of lading would be settled
forthwith, assertions that proved substantially correct,
inasmuch as at Thursday afternoon’s conference it was
agreed that a solution could be found by forming a
special company consisting of home and foreign bank¬
ers to
guarantee the bills. On Friday, however,




following shows the daily posted rates for
sterling exchange by some of the leading drawers.

Brown
Bros. «k Co

Kidder, Peabody
& Co
Bank of British
North America
Bank of
Montreal
Canadian Bank
of Commerce

Heldelbach, Ickelhelmer & Co
Lazard
Freres
Merchants’ Bank
of Canada.
_.

..

Fri.,

Mon.,

Oct. 7.

Oct. 10

J60 days 4 84
Sight-- 4 87
J60 days 4 84

-ISight.-

4 87

J60 days 4 84^
4 87H
J60 days 4 84
-1 Sight.. 4 87
J60 days 4 84

-ISight--

.ISight..

4 87

J60 days 4 84

.ISight..

4 87
J60 days 4 84
-\Slght-. 4 87
J60 days 4 84
-ISight.. 4 87

84
87
84
87
84
87
84
87
84
87
84
87
84
87
84
87

Tues.,

Wed.,

Oct. 11. Oct.
84
87
84
87
84
87
84
87
84
87
84
87
84
87
84
87

Thurs.,

Fri.,

12. Oct. 13. Oct. 14.

HOLIDAY

84
87
83 H
86 M
84
87
84
87
84
87
84
87

84
87
83 H
86 H
84
87
84
87
84
87

83H

S3H
86 H

86 H
84

87

84
87

84
87

THE CHRONICLE

994

It

.

LXXXXI.

then remembered at the various

European
capitals that intimations of trouble, not very seriously
regarded outside of Portugal, had been received from
Lisbon as long ago as last August. It was recalled
that the politics of Portugal had been in a state of
ferment ever since 1901. The arbitrary rule of Franco,
the Prime Minister, culminated in a virtual dictator¬
The following gives the week’s movement of money ship during 1907. It was in February of the ensuing
to and from the interior by the New York banks.
year that King Carlos and one of his sons were assasinated. The present King, Manuel, then a youth of
Net Interior
Received by
Shippedjby
Movement.
N. Y. Banks. At. y. Banks.
Week ending Oct. 14 1910.
eighteen, succeeded to the throne. A coalition Minis¬
$119,000
$5,849,000
$5,730,000 Gain
Ourrenoy
try was formed, but speedily resigned. The next
138,000
Gold
1,509,000 Gain
1,647,000
Cabinet lived three months; the next one only four
Total gold and legal tenders
$257,000
$7,496,000
$7,239,000 Gain
MB*
weeks; and Ministerial government has been possible,
With the Sub-Treasury operations the result is as
during the ensuing year or two, solely through a suc¬
follows.
cession of makeshifts and political compromises. In
the meantime, secret societies were multiplying among
Into
Net Change in
OvFof
Banks.
Week ending Oct. 14 1910.
Banks.
Bank Holdings.
the people, and on the side of the monarchy, which has
Banks* interior movement
above.
$7,496,000
$7,239,000 Gain
$257,000
Sub-Treasury operations
24,100,000
29,096,000 Loss
4,996,000
certain arbitrary powers under the Constitution,
Total gold and legal tenders
$31,596,000 $36,335,000 Loss $4,739,000
tyrannical methods, going as far as domiciliary visits
to political opponents, became an urgent issue of the
The following table indicates the amount of bullion
day.
in the principal European banks.
Portugal in itself is not a very important member
Oct. 13 1910.
Oct. 14 1909.
of
the community of nations. Perhaps its place in the
Banks of
Gold.
Silver.
Gold.
Total.
Silver.
Total.
affairs of the world at large has more to do with its
£
£
£
£
colonial possessions in Delagoa Bay, in India, in parts
33 ,778,75a
England33 ,814,932
33,778,750 33,814,932
133 •587.92C 33.486,440167,074,360 144,809,880 35,822,160 180 ,692.040
France
32 .882.45C 13,406,700 46,289,150 34,125,700 11,462,100 45 ,587,800
of China, in Guinea and in the Azores.
Germany
With even
Russia,
145 ,389,OOC
7,247,000152,636.000 132,667,000 7,460.000 140 ,127,000
Aua-Hunb 55 .448,000 12,166,000, 67,614,000 57,385,000 12,176,000 69 ,561,000
well-informed people of our own community, it is
Spain.... 16 ,357,000 30,617,000 46,974,000 16,059,000 31,118.000 47 ,177,000
38 ,506,000
Italy, d
3,325,000' 41,831,000 37,250,000 4,000,000 41 ,250,000
probably safe to say that the name of Portugal
Neth’lands 10 ,097,000
1,633,900 11,730,900 10,525,000
2,902,700 13 ,427,700
The

market

closed

Friday at 4 8290@4 83 for
60 days, 4 8585@4 8595 for demand and 4 8620@
4 8630 for cables. Commercial on banks was quoted
at 4 82)4@4 82% and documents for payment 4 82%
@4 83. Cotton for payment ranged from 4 82@
4 82%, grain for payment from 4 82% @4 83.
on

was

•

as

r

a

NaABelg.d

5 ,436,667

Sweden
-Swits'land

4 ,446.000
6 230,000
2 026,000

..

JNorway

..

2,718,333

8,155,000
4,446,000
6.230,000
2,026,000

4,238,667
4,381,000
4,939,000
1,727,000

2,119,333

6 ,358,000
4
4
1

,381,000
,939,000
,727,000

Total week 484,184,787104,600,373'588.785,160 481.982,179 107,060,293589.042,472
Frev. week.485,529,989105,972,923591,502,912 482.952,453 107,856,247.590,808,700
« The total of gold In the Bank of Russia Includes the balance held abroad—that
Is, the amount held for Russian account in other Continental banks. The propor
won so held and consequently duplicated in the above statement to about
one-eighth
of the total this year, against about one-tenth a year ago.
bThe Austro-Hungarian Bank statement to now issued in Kronen and Heller
■Instead of Gulden and Kreutser
The reduction of the former currency to sterling
Founds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent in Lon¬
don, in order to reduce Kronen to Pounds, has altered the basis of conversion by
■dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and silver) given in our table of coin and bullion in
Uhe Banks of Italy and Belgium to made from the best estimates we are able to obtain;
tt is not claimed to be aocurate, as the banks make no distinction in their weekly
returns, merely reporting the total geld and silver; but we believe the division we
pake to a dose approximation.

THE PORTUGUESE REVOLUTION.

The revolution in

Portugal on Wednesday of last
week, Oct. 4, was one of those sensational events in
national politics which come with such suddenness to
the attention of the outside world as to provoke
suspicion that the event itself must have been a matter
of sudden impulse. Something of the same impression

gathered by many people of the Turkish revolu¬
In both cases, there was at first a feeling
of something like incredulity in other countries, with
a" vague idea that so unexpected a political demonstrawas

tion in 1908.

txbn could not contain the element of permanency.

The

impression proved

erroneous.

and

on

both occasions to be quite

In swift succession to the first uncertain

perplexing rumors regarding the Portuguese situa¬
came positive details as to the disaffection of the
navy, the revolt of a part of the army in the interests of
the proposed Republic, street fighting at Lisbon be¬
tween the loyal regiments and the Republican regi¬
ments, the victory of the Republicans and the flight of
the King. Within a day or two followed the formal news
of an orderly provisional administration with Presi¬
dent and Cabinet, whose proclamation as the de facto
Government claimed the right to establish relations
with the other European States.

tion




awakens

no

definite

reminiscences

save

those

of

Wellington’s celebrated campaign against Napoleon,
began from Lisbon in 1808, and the famous
Lisbon earthquake of 1755.
What is of very broad interest in the pending epi¬
sode, however, is the extent to which it may be said
that the Portuguese political overturn reflects world¬
wide tendencies of the day. It is less than five years
since the revolutionary movement of the Russian
people challenged the attention of the world as a
novelty in politics. That was largely perhaps an
accident, or a sequel of an unsuccessful war; yet it
ended in concession of representative government
by the Czar. Much more lately the world has seen
the astonishing Turkish revolution—an event as sudden
and unexpected in the view of outside nations as that
of Portugal, and not dissimilar in method, both
having pivoted on disaffection in the army. Within
this very recent period, the movement for constitu¬
tional rights has displayed itself even in countries so
remote from the more progressive influences of the
day as Persia. As for the States whose part in modem
affairs is more important, it is not going too far to say
which

that such notable recent incidents

as

the constitutional

dispute in England, the setting of new precedents in
legislative privilege by the German Reichstag, and
even perhaps our own so-called spirit of political in¬
surgency visible at the present time, are illustrations
of a world-wide movement whose manifestations, in
each separate instance, necessarily vary according to
the nature and character of the country in which
they manifest themselves.
As was proved in 1848—a period nowadays re¬
membered almost solely as a demonstration of the
European peoples against absolutism—it does not
always follow that the immediate results in every case
are satisfactory, or even in a broader sense beneficial.
They are not always even permanent, as may be

O0T. 15

THE CHRONICLE

1910.)

995

judged from the veiy notable reaction in French and where drought and other adverse weather developed
German political affairs after 1848. The new Portu¬ this year, it is quite generally above the ten-year
guese Republic and the new Government so promptly average.
Contrasted with 1906, when our previous
named at Lisbon are themselves necessarily on trial record com crop was secured; there is a decrease in
as a solution of that country's problems.
The experi¬ condition of 9.8 points; in the meantime, however,
ment will certainly be interesting, not less so when one there has been an augmentation in area of nearly
observes that the first move of the new Government 18%, which should much more than compensate for
was the drastic measure of expelling the
religious the loss in yield per acre. In fact, a crop of about
orders.
Portugal's neighbor, Spain, made its own ex¬ 3,075,000,000 bushels seems to be reasonably well
periment a generation ago with the Republican form assured, that total comparing with 2,772,376,000
of government, and was unable to maintain it; its bushels in the previous year, 2,668,651,000 bushels
people yielded as readily to the return of monarchy in two years ago, 2,592,320,000 bushels in 1907 and
the early seventies as the English people welcomed 2,927,416,091 bushels in 1906.
Charles the Second after the death of Cromwell.
The October agricultural report also embraces
Even the Young Turks, in the course of their own preliminary estimates of
yield of several cereals.
remarkable experiment, must be regarded as financially Foremost of these, as an article of
food, is spring
and politically on trial. There have been many mut- wheat, the average yield of which is
placed at 11.8
bushels
terings of late from Turkey's best friends in the
This is somewhat better than the
per acre.
European capitals as to certain policies now being September 1 condition report seemed to warrant
pursued at Constantinople.
expectation of, and indicates an out-turn of approxim¬
Be this as it may—and no general movement ever ately
233,475,000 bushels, or about 57 millions of
bushels
less than in 1909. Combining this springproceeds without incidental blunders and missteps—
it cannot be doubted that the longer outcome of such wheat aggregate with the estimated
yield of the winter
a
wide-spread change in public affairs must make for grain—announced in August as 458,294,000 bushels—
the betterment of human conditions. Experience is in¬ gives a total wheat crop~of
691,769,000 bushels fbr
variable in its teaching that salutary reforms on a 1910, which contrasts with 737,189,000 in the
previous
permanent basis are sure to follow. If there were season, 664,602,000 bushels in 1908, 735,260,970
nothing else to come of these episodes, it would still be bushels in 1906 and 748,460,218 in 1901, the last two
true that publie unrest and dissatisfaction, whose and 1909
being the only ones in our histoiy exceeding
existence cannot in retrospect be denied, have been that of the current
The average quality of the
year.
allowed to express themselves, are known and recog¬ 1910 crop is very high,
increasing its food value and
nized, and may be sanely and efficiently dealt with. making up in some measure for shortage in quantity.
At least there will be left after such a process no
The outlook, as regards oats, of the harvest now in
smoldering fires to burst out into conflagrations like progress, as the Department's returns present it, is for
the French Revolution of 1789.
a production of 31.9 bushels
per acre, an average
exceeded only in 1905 and 1902, and comparing with

24.3bushel

30.3 bushels in 1909. and 25 bushels in 1908.

THE CROPS OF 1910.
The

grain

crop

report of the Department of Agri¬

culture for October 1, issued on Monday last, was, on
the whole, of a very satisfactory character.
Private

reports during September had indicated that the

would

give

This

yield of approximately 1,096,396,000
bushels for 1910, a new record in production, and
contrasting with 1,007 million bushels in 1909 and
807 millions in 1908.
Here too, this year, a higher
average quality than usual is reported.
Barley is
expected to return 22.4 bushelsper acre on the average,
or a crop of 158,138,000
bushels, against an average of
24.3 bushels, or an aggregate yield of
170,284,000
bushels in 1909, which in turn was only 8% millions
a

maturing of corn, our leading cereal product, had been
attended by quite generally favorable conditions, late
plantings and that portion of the crop which had
suffered from drought in the early stage of growth
doing better than would have been reasonably ex¬ of bushels below the record out-turn of 1906. The rye
pected. Thus it is that latterly a record production crop, according to the preliminary estimate, averages
has seemed to be assured.
This expectation the latest
per acre, or 32,088,000 bushels for the
Department report not only appears to confirm, but it whole area harvested, a total well up to that of last
also indicates a record-breaking crop of oats and a year and
only moderately below the high-water mark.
yield of spring wheat quite a little in excess of what Quality, moreover, is much better than last year and
had been looked for.
With this prospect, therefore, above the ten-year average.
and prospects of a cotton crop materially larger than
Altogether, the production of cereals in the United
last year, the 1910 agricultural result is certainly States makes a
very favorable comparison with earlier
assuring.
years, as the following compilation, covering leading
In the condition of corn, according to the Depart¬ crops,
clearly indicates:
1910.
1909.
1907.
ment, there was actually an improvement of 2.1
1906.
Production of—
Bushels.
Bushels.
Bushels.
Bushels.
points during September, this contrasting with a slight Com
3,075,000,000 2,772,376,000 2,592,320,000 2,927,416,091
458,294,000
432,920,000
409,442,000
492,888,004
deterioration in 1909 and a drop of 1.1 points in the Winter wheat
Spring wheat
233,475,000
290,823,000
224,645,000
242,372,966
Oats
1,696,396,000 1,007,353,000
754,443,000
ten-year average. The average of corn for October 1
964,904,522
Rye
32,088,000
32,239,000
31.566,000
33,374,833
this year is given as 80.3, against 78.2 on Sept. 1, Barley
158,138,000
170,284,000
153,597,000
178,918,484
73.8 on October 1 last year, 77.8 in 1908 and a tenTotal
5,053,391,000 4,705,995,000 4,166,013,000 4,839,872,900
From the foregoing it will be observed that the 1910
year average of 78.4.
Furthermore, it is to be noted
that in almost every State of large yield a better total not only exceeds that of 1909
by 34734 millions
condition is reported than at this time last year, and of bushels; but is 21334 millions
greater than the
former
record
that,except in those localities west of the Mississippi,
aggregate of 1906.




996

THE CHRONICLE

[Vol.
mile of

LXXXXI.

In this interval
train-load has risen from
FA VORABLE SHOWING.
201 tons to 237 tons, not including freight material
The Southern Railway is one of the few large rail¬ carried for the company’s own use. With this latter
road systems which are able to record a substantial added on, the train-load now is 296 tons, against 236
improvement in net earnings as well as in gross earn¬ tons in the earlier year.
President Finley tells us in his report that the
ings for the fiscal year ending June 30 1910. In other
words, the whole of the gain in gross earnings has not property has been well maintained during the year
been absorbed by increased operating expenses, as has and is in as good physical condition as is necessary, not
happened with so many other important companies. only for the preservation of the integrity of the capital
Yet the addition to expenses was very considerable, account but also to make possible efficient
operation.
and it is only because of the large extent of the addi¬ One may well believe this,
seeing what has been
tion to gross receipts, through the growth in the volume accomplished in the
way of lessening transportation
of traffic, that the outcome as to net has been so favor¬ cost per unit of traffic.
He says insistent effort
able. There was, however, another cause potent to to increase
efficiency in operation has been made
the same end, namely a further growth in operating looking especially to
maintaining a reasonable ratio
between
efficiency, striking evidence of which is furnished by
transportation expenses and gross revenue.
the various statistics and tabular statements to be He goes on to add that the continued
high cost
found in the report.
of all the materials and supplies which a railroad
Stated in brief, gross revenues increased $5,632,929, consumes, and the increased cost of labor without
any
operating expenses were added to in the sum of $3,- proportionate increase in the selling price of the one
483,014, leaving, therefore, an increase of $2,149,915 thing the railroad produces and has for sale, namely
in net.
The report tells us that the gross revenues transportation, has so intensified the
problem of suc¬
were the largest in the
cessful
railroad
history of the company, and
operation that the opportunity for
the increase over 1908-09 reflects the improvement good results is narrowed under
existing conditions to
in business which occurred during the year. We efforts to increase the volume of business and to
might also say that it reflects the continued develop¬ secure improvement in operating efficiency. He
ment of the Southern country and likewise the thor¬ points
out, furthermore, that late in the year general
ough-going way in which the managers of this im¬ increases were made in the rates of pay of employees,
portant system have been catering to the needs and and that these will have the effect of adding approxi¬
requirements of the communities tributary to the lines mately $2,000,000 to the annual pay-roll of the
movement

THE SOUTHERN RAILWAY’S

of the
We

evidence of the way

4,480,000,000.

of three years the average

system.
see

one

operating efficiency has

been

promoted in the fact that out of a total increase
of $3,483,014 in operating expenses, only $792,519 was
in transportation expenses, while
$738,421 was in
maintenance, of way and structures and $1,742,335
in maintenance of equipment.
The large addition to
the maintenance outlays is no doubt
explained by the
fact that in the previous year these maintenance
charges had been severely pruned, the effort then being
to reduce expenditures of any and all kinds wherever
possible; furthermore, the larger volume of traffic

company.
If it were not for the

which will result

great addition to expenses

fron^ the higher schedules of

wages,

the future of the Southern

Railway would have to be
The statement that $2,000,000 will be added to the annual pay-roll of the company
by reason of the. fact mentioned shows, however, its
importance. We have already stated that the late
year’s gross earnings were the largest in the company’s
history. The fact is the more noteworthy as there
was a smaller cotton yield
in the South in the season
of 1909-10, with the effect that the tonnage in cotton
moved would in itself cause some increase in the main¬ and its
products shipped over the lines of the Southern
tenance expenditures.
As evidence of the saving Railway was reduced no less than 189,500 tons.
effected in the cost of conducting
transportation, we This loss, fortunately, was made good many times over
may note that the increase in the ratio of this class through increases in other items of traffic,
reflecting
of expenditures was only 4.37%, while the increase in constant
growth in population and constant expansion
the number of tons of freight carried one mile was in the
consumptive requirements of the sections of
11.90% and the increase in the number of passengers country served.
carried

one

mile

was

9.18%.

There

addition to the train-load—so much

so

was

a

further

that the

aver¬

number of tons of freight hauled per train in the
(including company freight) was 296, against
only 268 tons in the preceding year, and the trains
earned $2.27 per mile run, against $2.06 in 1908-09.
We may go further and say that of the
many reports
that have come to hand
showing careful attention to
age

late year

operating efficiency, none contains statistics so over¬
whelmingly conclusive on the point as are found in the
report before us. A tabular statement is given which
furnishes

regarded

as very

roseate.

At the time of the

period of industrial depression
following the panic of 1907—nay, even before that—
conditions were so unsatisfactory that the company
found itself obliged to suspend dividend payments
on its preferred shares.
These dividends have not
yet been resumed, but the income statement for the
year makes it clearly evident that dividends on the
preferred shares could have been paid out of the
net income of 1909-10 if it had been deemed prudent
to do so.
As a matter of fact 5% dividends on the
$60,000,000 of preferred stock outstanding would
call for only $3,000,000, while the balance of income for
the twelve months over and above charges and expen¬
ses was $5,757,018.
What an improvement in this
respect has been secured in the short space of two

graphic indication of the transformation
accomplished in this respect. For in¬
stance, the miles run by freight trains in the late year
aggregated only 16,783,979 on a freight movement one
mile of
4,969,000,000, while back in 1907 the trains years is evident from the fact that in 1908-09 the surwere
obliged to run 18,956,436 miles on a freight plus above charges was
only $3,589,385 and in 190Y-08
a

that has been




p

:

OOT. 15 1910.

THE CHRONICLE

than $401,850.

However, this surplus
has been in large part charged off instead of being set
aside as a dividend fund. In previous years the com¬
pany had'made large sales of development and general
mortgage bonds at a heavy discount. This discount it
has been thought best to provide for out of income,
at least as far as possible; and in transferring the
balance of income over charges for the year ending
June 30 1910 to the credit of profit and loss, the board
of directors deemed it proper to charge $2,831,460
of the discount referred to to profit and loss, thus reduc¬
ing the amount still to be absorbed to $4,853,144.
The fact that the company is obliged to sell its bonds
at a discount is evidence that its credit,
through no
fault of the management, has not yet been brought to
a point where new capital outlays can be
made with
full freedom. Here, then, we have a case where
somewhat better rates are required, not merely to
compensate for the large additions to expenses through
higher wages, but also to improve the financial standing
of the company so as to enable it to proceed in the
development of the system without being hampered
by inability to float its new bond issues at par.
The management are evidently alive to the situation
and understand full well the requirements in that
regard; for in concluding his remarks in the report,
President Finley takes occasion to state that the
company has during the year met the expectation of its
employees in respect of higher wages because of the in.
creased cost of their individual living, but in so doing it
has heavily increased its own cost of living and relies
upon its officers and employees to “justify such in¬
crease by securing for the
company through proper
relations with the public, effective solicitation and
efficient service, such net revenue as will promote its
was no more

•

welfare.”
THE BALTIMORE & OHIO AND

BUSINESS REVIVAL.
The traffic and revenues of the Baltimore & Ohio
Railroad respond quickly to business prosperity. The
lines of the system traverse the
manufacturing and
mineral districts of the Middle, and Middle Western

States, where the effects of trade revival are quickly
felt, and the coal traffic of the road in volume is prob¬
ably second only to that of the Pennsylvania Railroad.
Hence it is that under the quickening impulse of busi¬
ness activity which was such a
conspicuous feature
during the twelve months ending last June, a note¬
worthy gain in the earnings of the system was estab¬
lished, just as in the two years preceding under the
falling off in the volume of traffic there had been a
large contraction in revenues.
The report before us shows that the addition to
gross revenues for the twelve months, as compared
with the twelve months preceding, reached no less
than $12,488,396, or 16.34%. This is the result for
the entire system, including in both
years the opera¬
tions of the so-called

controlled

or

affiliated lines

combined

997

were

at

one

bound

recovered, raising the
point ever reached in

total of the gross to the largest
the history of the company.
In the

of the

freight traffic and the freight
revenues, the ratio of growth during the late year was
of yet larger proportions.
In brief, the earnings from
freight increased $11,053,000, or 18.94%. Over
11 Yl million tons more freight were carried than in the
case

year 1908-09, and the
creased nearly 2,000

mile in¬
million tons—in exact figures
1,975,302,682 tons. This latter was an addition of
almost one-fifth (19.76%) in this single period of
twelve months.
In the soft-coal tonnage there was
an increase of 4,260,866
tons, and in the coal tonnage
moved one mile 770,917,871 tons. As is well known,
the road is obliged to move traffic at exceedingly low
rates, and in these rates there was a further small de¬
crease during the year under review.
For the entire
freight traffic the average per ton per mile in 1909-10
was 5.77 mills,
against 5.81 mills in 1908-09. In the
case of the coal traffic the
average per ton per mile
in the late year was only 4.10 mills, as against 4.15
mills; in brief, it was necessary to move about 2J^ tons
of freight a mile in order to earn a single cent.
Though the expansion in gross revenues reached large
proportions, the experience of the Baltimore & Ohio in
one respect was like that of other
large systems. By
this we mean that only a small portion of the improve¬
ment was carried forward as a gain in the net.
Of the
addition of $12,488,396 to gross, $10,169,820 was con¬
sumed by augmented expenses, leaving the addition
to the net only $2,318,576.
The augmentation in
expenses was heavy under all the different heads,
though being particularly marked in the case of the
maintenance outlays. The addition to the cost of
conducting transportation was $3,392,023, or about
12%, but there is nothing remarkable in that circum¬
stance in view of the tremendous expansion in the
volume of freight moved. There is evidence of grow¬
ing efficiency in operations in another substantial
addition in the average train-load. The fact is, the
train-load was raised over 14%, bringing it up to 442
tons. Freight earnings per mile, however, increased only
6.78%, as the rate received per ton per mile was less.
The biggest portion, though, of the addition to
expenses was in the maintenance outlays, $1,966,849
more having been
spent than in the preceding year for
maintenance of way and structures and $4,563,269
more for maintenance of
equipment. The ratio of
addition in the one case is about 20% and in the other
case nearly 40%.
These amounts seem large, but it
must be remembered that there was noteworthy con¬
traction in the same items in the previous year, and
moreover the great expansion in the volume of traffic
moved would naturally swell the maintenance outlays.
The higher prices of materials, &c., would tend in the
same direction.
The report, speaking of the gen¬
eral increase in expenses through all the various
heads, says that they “were largely incident to in¬
creased volume of traffic handled during the year, the
more liberal maintenance
expenditures rend Bred prac¬
ticable by the increased earnings and the increased
rates of pay (labor) which were effective for a
portion
of the year.”
On the whole, the conclusion would
tonnage movement

one

(about 450 miles),which previously had been reported
separately. It is impossible to make direct compari¬
sons with the earnings for the
years prior to 1908-09,
since the accounts, as far as both revenues and ex¬
penses are concerned, are in accord with the new classi¬
fications now enforced by the Inter-State Commerce seem to be that the maintenance
outlays, though
Commission. Enough is known, however, to warrant liberal, as befitted a
year of growing revenues, were
the statement that the losses of 1907-08 and 1908-09




not

inordinate

or

excessive.

THE CHRONICLE

998
As

result of the

gain in net, which, as we have
already seen, was of much more moderate proportions
than the gain in gross, the income account for the
twelve months shows a good surplus over and above
the year’s requirements for charges and dividends.
The balance above charges for the twelve months was
$15,831,826, while the call for dividends at the rate
of 4% on the preferred shares and 6% on the common
was only $11,474,213, leaving a surplus in the sum
of $4,357,613. This last is equal to nearly 3% on
the eommon stock. In other words, while 6% was
paid, nearly 9% was earned.
A margin of, roughly, 4 1-3 million dollars above the
yearly dividend requirements leaves room for en¬
croachment by reason of unfavorable happenings or
developments. It is none too large, however, in view
of the rise in the price of labor (a considerable propor¬
tion of the recent increases in wages having counted
during only a part of the late year) and the constant
large demand for new capital to maintain the property
as a going concern.
Taking these two circumstances
into consideration, it is manifest that the Baltimore &
Ohio, like other large railroad systems, has reached a
point where some slight increase in transportation
a

rates would

seem

to be called for in order to preserve

equilibrium between revenues on the one
hand, and expenditures, interest and dividends on the
a

proper

other hand.
The fact that

large railroad systems are all the
time being called upon to raise additional money to
provide the extra facilities needed in the conduct of
their business is generally overlooked. In the case
of the Baltimore & Ohio the new capital expenditures
in recent years have been on a really enormous scale.
Certain remarks in the present report furnish some idea
of what is required in these respects in years of ex¬
panding volume of trade. President Daniel Willard
observes that much of the country dependent upon the
Baltimore & Ohio lines for transportation is rich in
natural resources, and there is every indication that
the already large industrial development will be greatly
extended. Aside from the possibilities referred to,
however, he says, it became evident during the year
that in order to handle satisfactorily the business
already offering it was essential to make immediate
provision for additional equipment and other facilities.
our

To meet this situation the board authorized the pur¬
chase of 284 locomotives and 15,000 freight cars—
notice the

large figures—at

cost of about $23,000,000,
and also authorized various improvements estimated
to cost $20,000,000, the expenditures for which will
extend over eighteen to twenty-four months. More¬
over, to better care for the increasing passenger traffic,
authority was given for the purchase of 26 locomotives
and 70

a

pieces of passenger-train equipment of modern

design.
Here, therefore,

[VOL.

LXXXXI.

sold and the

proceeds made available for the contem¬
plated expenditures for equipment and construction.
In brief, no less than $50,000,000 new capital was
required during the late year.
Surely if new capital expenditures like this are to
be provided in the future, the margin between earnings
and interest and dividend requirements must be suffi¬
ciently large to enable the new capital to be raised with
ease and facility—a desideratum that can
only be
reached through somewhat better rates. The fact
that the company was obliged to issue short-term
notes instead of selling long-term bond issues is itself
significant. At the hearings before the Inter-State
Commerce Commission this week President Willard

argued earnestly in favor of some advances in rates,
raising money upon three-year
notes, negotiations to float bonds had been entered
upon; but it was found that the rate of interest
demanded was higher than the company could afford
and stated that before

to pay.

RAILROAD GROSS EARNINGS FOR
SEPTEMBER.

While railroad expenses

keep rising in a rather dis¬
turbing manner, gross earnings also continue to in¬
crease, though at a greatly diminished rate.
We pre¬
sent to-day some early compilations for the month of
September which bear out this conclusion. As less
than fifteen days have elapsed since the close of the
period, the tables embrace simply the roads which
make it a practice to furnish preliminary estimates
of their gross revenues—mainly Western grain-carrying
and Southern cotton-carrying roads. These, however,
may be taken as fairly indicative of the course of earn¬
ings at this time. At least they have furnished a re¬
liable index in this respect in the past.
The roads contributing returns cover an aggregate
of 84,994 miles and show an increase in gross as com¬
pared with the same month last year of $2,487,898,
being 3.81%. While this is only a moderate ratio of
gain, the exhibit is a not unsatisfactory one, consider¬
ing that there was a contraction in the volume of the
grain traffic in the West and a falling off in the cotton
movement in the South.
As is well known, there was
a great shrinkage in the spring-wheat yield the present
season, and that fact is now being reflected in some
large losses in earnings on the railroad systems most
immediately concerned. For instance, the Minneapo¬
lis St. Paul & Sault Ste. Marie reports a falling off of
no less than $451,191.
The Great Northern Ry.,
having lines in the same part of the country, though
enjoying a more diversified traffic, falls behind $608,260, and presumably the Northern Pacific has also
sustained a heavy decrease. Outside of the springwheat districts, the returns of earnings remain favor¬
able, though a number of cotton roads are also obliged
to report decreases—but not of large amount;
Alto¬
gether, out of 50 roads furnishing returns, 13 show
diminished earnings and only in the case of the “Soo”
road and the Great Northern is the decrease of large

projected capital expenditures
to an amount between $45,000,000 and $50,000,000.
Obviously, to make payment for equipment as acquired
and to meet construction expenditures as work pro¬
gresses, it was necessary to issue additional securities. amount.
The receipts of wheat for the five weeks ending
Accordingly, the company put out $10,000,000 one-year
4% gold notes due March 10 1911. It also made an Oct. 1 this year reached only 37,855,209 bushels,
issue of $50,000,000 of 4J^% 3-year gold coupon against 45,148,469 bushels in the corresponding five
secured notes due June 1 1913.
Of these notes weeks of last year. At Minneapolis, which is a spring$10,000,000 are reserved to retire the one-year notes wheat market, the deliveries were of just about the
first referred to and the remaining $40,000,000 were same magnitude as last year; but at Duluth they were




were

OO'IV 15

1910.]

THE CHRONICLE

only 6,451,805 bushels, against 17,081,167 bushels
in the same five weeks of 1909. There was also a large
falling off in the deliveries of barley, but the corn

999

Last year our early compilation
shown an increase of $6,613,195, or

for September had
11.91%. In 1908,
of course, there was a loss, the falling off reaching
movement and the oats movement were heavier than
$3,986,202, or 5.78%. Prior to 1908 the September
a year ago.
Altogether the receipts of wheat, corn, record of earnings had been one of continuous improve¬
oats, barley and rye combined in the five weeks of this ment, as may be seen from the following, giving the
year aggregated only 91,947,457 bushels, against September comparisons for all the years back to 1896:
100,020,849 bushels last year. The contraction is the
Gross Earnings.
Increase (+)
Mileage.
more significant as it follows contraction last
year, too.
September.
Year
Year
Yr. Pre¬ InYear
Decrease (—■).
The details of the Western grain movement in our usual
Given.
Given.
Preceding.
ceding. cr’se.
form appear in the following table:
Roads Miles. Miles.
$
Year.
$
S
%
%
117
1896
90,456 89,696 0.85 41,561,327 42,056,682
—495,355 1.18

909100911

or

Five weeks

Ending

Flour.

Wheat.

Com.

Oats.

Oct.

(bbls.)

{bush.)

(bush.)

(bush.)

3,646,000
3,055,026

15,165,150
12,294,150

9,619,600
10,016,950

1,973,500
2,378,400

91,000
145,000

1,632,580
1,421,400

937.900
799,200

1,637,200
837,000

1,824,400
2,644,900

583,410
148,000

2.819,857
2,946,512

1,522,160
1,458,850

1,993,835
2,207,500

117,600
192,200

24,326
25,162

613,500
790,000

299,900
325,500

491,250
798,000

381,226
352,770

487,827
240,088

463,480
354,240

129.511
56,944

218,907
371,788

719,907
1,370,046

10,331
9,356

124,000
130,000

1,529,329
1,964,754

725,100
734,585

222,500

142,058

32,792
29,000

6,451,805
17,081,167

227,255
149,610

258,966
1,065,320

2,022,050
4,163,359

32,193
160,003

15,274,430
15,142,550

916,200
445,509

4,554,190

3.211,160
4,366,210

275,030

2,631,409

6,782,300
4,172,100

1,333,400
723,800

557,900
755,500

37,855,209
45,148,469

22,638,028
18,773,249

21,021,428 9,381,541 1,051,251
20,770,530 13,896,483 1,432,118

23.787,700
19,397,292

72,610,350
68,228.771

77,225,400 17,718,900
66,368,026 17,003,293

2,252,405
2,248,683

6,570,050
4,805,105

6,106,830
5,242,200

8,890,950
6,251,100

1.953.355
1,925,210

14,222,039
14,984,412

18,218,072
16,640,500

16,333,250
13,693,465

1—

Barley.
(bush.)

Chicago—
1910
919,886
1909
1,054,698
Milwaukee—
1910
315,900
1909
429,375
St. Louis—
1910
284,975
1909
341,810
Toledo—
1910
1909
Detroit—
1910
25,434
1909
24,156
Cleveland—
1910
7,708
1909
10,477
Peoria—
1910
237,204
1909
287,250
Duluth—
1910
84,175
1909
830,500

Minneapolis—
1910
1909...
Kansas City—

1910
1909

Total of all—
1910
1,875,282

2,978,266

Rye.
(bush.)

8,633

Toledo—

3,525,000
3,126,400

3,050,500
2,476,600

Detroit—

1,078,018
1,246,307

2,031,137
1,746,045

1,886,276
1,677,874

68,429
47,885

567,437
407,801

3,809,218
3,532,883

4,268,285
6,052,611

95,250
91,475
95,181
96,165
100,492
89,680
90,183
83,592
80,859
92,839
73,482
82,500
77,147
84,254

1.52
0.77
1.26
3.51
1.98
1.82
1.67
2.41
2.32
2.55
1.12
1.52
1.48
3.43

49,720,753
47,105,094
58,682,534
58,270,588
66,491,460
61,654,626
68 192,919
61,589,566
61,549,676
79,890,683
56,317,229
64,925,965
62,138,040
67,702,377

43,333,198
44,379,196
53,004,336
57,173,545
59,962,628
56,278,213
63,748,368
59,124,478
58,045,752
73,290,417
52,172,480
68,912.167
55,524,845
65,214,479

+ 6,387,555
+2,725,898
+5,678,198
+ 1,097,043
+ 6,528,832
+ 5,376,413
+ 4,444,551
+2.466,088
+3,503,924
+ 6,600,266
+ 4,144,749
—3,986,202
+6.613,195
+2.487.898

14.74
6.14
10.71
1.92
10.88
9.55
6.97
4.16
6.03
9.01
7.95
5.78
11.91

87,464
93,807
90,776
94,026
92,902
98,531
88,083
88,703
81,623
79,023
90,527
72,668
81,251
76,069
81,503

0.86
1.54
0.77
1.23
3.51
1.99
1.82
1.67
2.41
2.32
2.55
1.12
1.53
1.42
3.37

326,903,450
356,545,809
356,283,597
435,131,215
470,582,605
525,841,522
489,256,535
561,854,388
481,650,242
484,597,911
657,972,747
474,839 846
486,667,961
466,976,509
555,870,669

312,929,980
343,560,268
319,888,352
399,525,997
423,590,726
475,815,865
451,747,198
500,075,914
483,274,172
452,258,707
574,286,788
429,640,386
575,319,572
417,976,108
187,758,708

+ 13,973,470
+ 12,985,541
+36,395,245
+35,605,218
+46,991,879
+ 50,025,657
+37,509,337
+ 61,778,474
—1,623,930
+32,339,204
+ 83,685,959
+ 45,199,460
—88,651,611
+ 49,000,401
+68,111,931

4.46
3.78
11.37
8.91
11.09
10.51
8.33
12.33
0.33
7.15
14.57
10.52
15.41
11.72

763,500
907,500

1,038,565
1,903,200

229,188
178,769

over

7,242
8,633

Grand

Trunk

10,483,997
6,275 761

1,609,812
1,827,058

307,292
226,000

Chesapeake & Ohio

566,595
1909
2,934,845
Minneapolis—

20,157,384
23,263,192

914,576
1,200,143

5,238,635
2,637,083

6,641,222
5,969,426

363,332
264,219

70,537.490
50,315,330

6,618,921
4,097,025

Denver & Rio Grande
Southern Railway
Interaat & Great Northern
Texas & Pacific

31,802,650
23,648,900

13,066,450
7,920,160

1909

<

4

Total of all—
1910
13,266,990 173,219,502 138,292,759 144,767,051 49,889,892 4,169,594
1909
14,996,062 142,253,519 122,108,958 118,840,249 47,758,130 4,132,696

In the

of the cotton movement the

shipments
September were somewhat larger than
last year, the comparison being 20,524 bales, against
13,549 bales; but the receipts at the Southern ports
fell over 100,000 bales behind, the total being 923,564
bales, against 1,025,879 bales. From the following
case

overland for

table it will be

in

seen

that the Texas movement

of that of

excess

points there

was a

ran

much

but that at all other
large shrinkage.
a

Chicago Great Western

13,801,208 13,781,418 1,314,170
8,769,629 12,465,404 1,679,775
3.395,400
4,405,500

year ago,

RECEIPTS OP COTTON AT SOUTHERN PORTS IN SEPTEMBER AND FROM

$967,000
349,159
263,663
203,100
195,000
164,711
158,951
152,371
147,593
131,000

decreases.
Increases.

Buffalo Roch & Pitts
Alabama Great Southern__
Cine New Orl & Tex Pac__
Detroit Toledo & Ironton__

69,037

St Louis Southwestern
Colorado & Southern

67,108
58,882

$55,833
48,731
42,647
38,422
37,418

Chicago Ind & Louisville.
Kansas City Mex & Orient.
_

36,000

Representing 21 roads In
our compilation
$3,468,854
"Vlerren

109,904
101,000
71,324

Chicago & Alton

Great Northern
iwinneap St Paul

c/^ ®

$608,260
& S S Ml. 451,191

Representing 2 roads in
our compilation
$1,059,451

complete our analysis we annex the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
To

EARNINGS OF

September.
Canadian Pac.
Chic Gt West.*
Dul So Sh&Atl
Gt Northern..
Iowa Central..
Minn & St L_.
M StP &SSM a

NORTHWESTERN AND

1909

1910.

NORTH PACIFIC GROUP.

1908.

1907.

1906.

S

$

$

$
$
9,115,000 8,148,000 6,391,672
980,127 1,042,330
1,127,720
237,717
310,331
321,405
6,208,078 56,816,339 55,861,776
316,939
282,802
311,951
446,697
518,096
544,138
2,183,603
2.053,514 2,504,705

6,423,452
741,466
302,122
5,723,664
300,586
373,923
1,658,952

1905.
$
4,872,575
845,884
275,443
4,955,650
249,237
362,911
1.758,279

6,152,767
843,987
285,834
5,322,604
279,208
331,672
1,912,853

19,670,732 19,605,611 16,446,597 15,524,165 15,158,925 13,319,979

Total

1

Dodge and the Wise. Minn. & Pae. in 1910, *09 & '08.
Chicago Division in 1910, 1909 and 1908; for previous years we have
combined Minn. St. P. & S. S. M. and Wisconsin Central.
*

Includes Mason City & Ft.

a

Includes

6 Actual

JANUARY 1 TO SEPTEMBER 30 1910, 1909 AND 1908.

or

Increases.

11,866,705
11,024.631

City—

roads increases still

$30,000, whether increases

Canadian Pacific
Illinois Central
Louisville & Nashville
Canadian Northern
Missouri Pacific
Wabash
J

1,000

75,282
261,594

of the separate

971,234
1,058,780

Kansas

13.96

PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER.

101,650
161,900

4,655

case

2,232.368
1,532,128

1910.

3.81

predominate, but they are of diminished magnitude,
though the Canadian Pacific is again distinguished for
the extent of its improvement, with a gain of nearly
a
million dollars—$967,000. In the following we
show all changes for the separate roads for amounts

9,024,693 1,083,220
8,323,500
704,900

3,243,650
2,709,200

169,911
119,103

Duluth—

.

124
122
108
101
93
72
73
66
55
68
55
51
47
49

94,422
90,818
94,503
92,902
99,204
88,083
88,703
81,623
79,023
90,527
72,668
81,908
76,330
82,163

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

Cleveland—

1909
Peoria—

to Sep t. 30.
111
88,223

In the

St. Louis—

95,865
91,517
95,700
96,165
101,165
89,680
90,183
83,592
80,859
92,839
73,482
83,157
77,460
84,994

859,320

Chicago—
6,023,927

111

101
96
72
73
66
55
68
55
53
49
50

Jan. 1
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910

12,500
57,000

Jan. I to
Oct. I—

1909
6,188,208
Milwaukee—

128
123

1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910

WESTERN FLOUR AND GRAIN RECEIPTS.

figures of earnings are now used for comparison.

EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Since January 1.

September.
Ports.
1910.
Galveston
bales
Port Arthur, &c.
New Orleans
Mobile

Pensacola, &o
Savannah
Brunswick
Charleston..

Georgetown
Wilmington
Norfolk

Newport News, Ac...
Total




501,054
16,563
45,749
18,211

1909.

j

1910.

1909.

|

1908.

35

25:

48,221
26,938

74,528;

294

463;

393,837 1,315,223 1,639,343 1,677,911
969
124,420
246,457
83,422
86,051
655,394
971,523 ,023,573
35,468
103,714
176,316
155,798
60,119
11,642
96,277
93,008
247,665
475,200
759,764
654,425
60.428
24,004
161,093
94,800
36,300
74,806
120,131
75,003
9
827
671
1,381
60,103
90,169
189,275
192,807
35,913
206,771
260,914
232,729
912
7,563
15,907
5,350

923,564

1,035,879|

932,873 3,174,634 4,638,411 4.289,497

804

211,160
20,611
33,924

364,148
11,825
67,796
28,312

1908.

697;

326,171
53,955
57,675

50,284:

September.
Buff Roch & P
Chic Ind & Lou
GrTr’kof Canl
Gr Tr Westy

1910.

1909.’S|

$
899,947
563,377

844,114
525,959

626,939
485,235

771,063
539,760

746,724
546,461

4,107,955

3.949.004

3,534,830

4,049,923

3,813,151

DGH&M|

$

1908.

$

Canada Atlj
Illinois Central a5,140,738 a4,791,579 a4,830,208
Tol Peor & W.
116,781
105,187
104,526
Tol St L & W.
317,131
292,271
318,538
Wabash
2,710,181 2,545,470 2,319,906
Total
a

,13,857,517

Embraoes some

1907.
$

1906.

1905,

$

$

805,815
561,280

$.602,185
i
i

5,405,906 4,647,543 3,960,057
116,136
109,332
119,233
388,457 1
340.122 ,
362.398
2,498.899 2,421,820 2.162,814
.

13,078,444 12,193,915 13,770,144 12.625.153 11,573,782

large items of income not previously included in monthly returns

1000

THE CHRONICLE
EARNINGS

September.

1910.

Southern Ry..
Ya,aoo A M V.
-Total

GROUP.

1908.

377,805

8
329,074

286,666

345,552

285,935
151,873
126,558
210,153
1,057,000
2,884,646
807,076
4,531,455
863,865
1,518,638
4,948,998
a769,352

286,110
137,961
125,364
216,484
1,065,000
2,732,275
764,429
4,267,792
838,814
1,543,921
4,839,094
0763,143

245,676
120,067
112,636
154,359
1,014,608
2,302,999
651,988
3,954,648
783,664
1,256,842
4,406,693
a764,601

244.606

1905.

8
341,250

293,256

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

203,050
86,433
62,878
85,513
1,018,740
2,000,285
694,090
3,547,193
703,716
1,201,450
4,456,360
461,739

8

131,095
138,340
171,154
1,046,750
2,541,328
776,525
4,189,277
890,990
1,329,026
4,898,264
796,628

Name of Road.

1906.

1907.

S

S

,

18,533,354 17,909,461 16,055,447 17,499,535.15,861,023 14,814,733

Includes some large Items of income not previously included in monthly returns.
6 Includes Louisville A Atlantic and the Frankfort & Cincinnati in 1910 and 1909.

a

EARNINGS OF SOUTHWESTERN GROUP.

September.

'

1910.
$

*
I
1,403,600
2,104,900
834,000
2,475,819
4,663,000
972,927
1,318,744

Colorado A So* 1,462,482
Denv A Rio Gr 2,235,900
IntAGtNor..
935,000
Mo Kan A T.a 62,475,819
Mo Pacific
4,858,000
St Louis S W__ 1,040,035
Texas A Pacific 1,390,068
Total

1

1909.

|

1908.

1907

1906.

S

$

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

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

lxx«u

i

SOUTHERN

1909.

$
Ala Gt South..
AlaNO ATP
N O A N E.
Ala A Vicks.
Vicks Sh A P
Atl Birin A Atl
Central of Ga.
Ches A Ohio..
cm N O A T P
Lou A Nash.6.
Mobile A Ohio
Seaboard Air L

OF

(Vol.

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

1905.

1910.

Detroit Toledo A Ironton.
Ann Arbor
Duluth So Sh A Atlantic.
Georgia Southern A Fla
Grand Trunk of Can
Grand Trunk Western. ■
Det Grand Hav A Mllw.
Canada Atlantic
Great Northern
Illinois Central
Internat A Great Northern
Iowa Central
Louisville A Nashville
Macon A Birmingham
Mineral Range
Mlnneap A St Louis
Mlnneap StP ASSM
Missouri Pacific
Mobile A Ohio
_

_

S

1,044,537
1,742,260
631,670
1,845,950
3,679,527
712,519
892,402

14,397,304 13,772,990 12,561,362 12,909,116 11,852,888 10,548,865

$
1,057,178
1,297,238
2,250,558
1,564,732

8
248,175
147,600
290,639
155,722

32,349,081

29,545,492

2,803,589

40,542,107

6,882,412
4.552,120
573,624
153,730
5,590,153

47,424,519
46,447,270
6,343,840
2,474,819
39,784,445
98,582
579,219
3,670,445
16,452,932
39,672,740
8,035,743
296,608
456,975
8,103,984
15,127,328
42,773,322
11,248,143
909,577
2,768,388
21,766,892
7,161,697

Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas A Pacific
Toledo Peoria A Western.
Toledo St Louis A Western
Wabash.
Yazoo A Miss Valley

Increase.

$
1,305,353
1,444,838
2,541,197
1,720,454

_

Nevada-Callfornia-Oregon

1909.

41,895,150
5,770,216
2,321,089

34,194,292
101,160
624,360
3,153,911
14,899,582
35,570,559

Decrease.

8

2,578.
45,141
516,534
1,553,350
4,102,181
798,771

7,236,972
349,565
372,343

52,957

"

84,632
687,035
1,572,420
3,850,541
1,118,296
99,420

7,416,949
13,554,908
38,922,781
10,129,847
810,157
2,586,762
19,916,851
6,856,136

181,626
1,850,041
305,561

Total (49 roads)
555,870,669 487,758,708 68,21 ',637
Net Increase (13.96%)
!
|
68,111,961
Mexican Roads (not incl llHorl
uded 1in tot all
al) —
Interoceanlc of Mexico
6,638,819
6,203,474
435,335
Mexican Railway
1/6,163,300 i/5,499,400
663,900
National Rys of Mexico .x. 48,789,865 42,953,388

100,676

n

5,836,477,

Now includes Mexican International n both years.
V These figures are down to the end of the third week of
September,
only in both years.
*

*

Includes all affiliated lines except Trinity A Brazos
Valley RR.
Includes the Texas Central In 1910.
6 Month in 1910 not yet reported; taken same as last year.
a

ITEMS ABOUT BANES, BANKERS AND TRUST GO’S.
—The public sales of bank stocks this week
aggregate 89
shares, of which 64 shares were sold at the Stock Exchange

GROSS EARNINGS AND MILEAGE IN SEPTEMBER.
Gross Earnings.

Name oj Road.

Mileage.

Inc.

1910.

1909.

$
Alabama Gt Southern
Ala N O & Tex Pac—
New Orl & Nor East
Ala & Vicksburg
Vicks Shrev & Pae_
Atlanta Blrm & Atl__
Bellefonte Central
Buffalo Roch & Pitts_
Canadian Northern
Canadian Pacific
Central of Georgia

Chattanooga Southern
Ches & Ohio Lines—

Chicago & Alton
Chicago Great West-Chicago Ind & Loulsv
Cine New Orl & T P__
Colorado & Southern.
Denver & Rio Grande
Denver N W & Pac__'
Detroit & Mackinac. _l
Detroit Tol & Iront-.j
Ann Arbor \
!
Duluth So
Atl__|
Georgia Sou & Fla
Grand Trunk of Can.) I
Gr Trunk Western)
Det Gr Hav & Mil. ;
Canada Atlantic.
Great Northern
1
Illinois Central

;

Sh%

Jj

Internal & Gt Nor

Iowa Central...
Kan City Mex & Or_.
Loulsvllle & Nashv..
Macon & Blrm’ham..
Mineral Range

Mlnneap & St Louis.

Nevada-Cal-Oregon

Rio Grande Southern.
St Louis Southwest-.
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & West
Toledo St L & West..
Wabash
Yazoo & Miss ValleyTotal (50 roads)
Net Increase (3.81%).

$
329,074

377,805
285,935
151,873
126,558
210,153
8,364
899,947
1.279.900
9,115,000
1,057,000
1/4,906
2,884,646
1,305,617

—175

8,148,000
1,065,000

x

195
142
171
642
27
568

3,094
9,426
1,916

—298

99

99

2,224

1,903

998

998

1,487

1,476

807,076
1,462,482
2.235.900
112,368
105,501
190,548
176,233
310,331
200,062

980,127
525,959
764,429
1,403,600
2,104,900
90,561
106,916
152,126
167,168
321,405
188,005

616
336

616
336

4,107,955

3,949,004

+ 158,951

4,528

4,528

6,816,338

—608,260
+ 349,159
+ 101,000
—4,988
+ 36,000
+ 263,663

7,129
4,551
1,159

4,551
1,159

558
740

558
660

4,590

4,398

105
127

105
129

1,027
3,570
7,170
1,114

1,027
3,423
6,488
1,114

184
180

184
180

1,476

2,995
7,053
1,885

1,469
2,997
7,050
1,885

248
451

248
451

2,514
1,372

2,514
1,371

1,127,720
563,377

6,208,078
5,140,738
935,000
311,951
160,000
4,531,455
12,477
69,506

544,138
2,053,514
4,858,000
863,865
40,075
53,732

1,040,035
1,518,638
4,948,998
1,390,068

116,781
318,538

2,710,181
769,352
67,702,377

4,791,579
834,000
316,939
124,000
4,267,792
12,833
75,866
518,096

2,504,705

317,131
2,545,470
763,143

65,214,479

1910.

Alabama Great Southern.
Alabama N O & Tex Pac—
New Orl & Northeastern
Alabama & Vicksburg.
Vicks Shrev & Pacific.
Atlanta Blrm’m & Atlantic
Bellefonte Central
Buffalo Rochester A Pitts.
Canadian Northern
Canadian Pacific
Central of Georgia
Chattanooga Southern
Chesapeake A Ohio Lines.
Chicago & Alton
Chicago Great Western
Chicago Ind A Louisville..
Cine New Orl A Tex Pac__
Colorado & Southern
Denver A Rio Grande
Denver Northwest & Pac__
Detroit & Mackinac
_

_

_

_

$
3,314,876

1

2,032
2,598

+

+ 960
+ 96,800
+ 724,348

TO

1909.

$

321

6,147

6,178

V These

Increase.

Decrease.

$

3

1,136,118

298,146
131,516

61,553

1,015,300
1,653,984
43,627

277,986

68,376
17,926

5,895,504
883,528
6,761,200 2,868,700
58,316,677 13,986,844
21,012,673
9.392.794
7,846,420
4,096,828

6,026,432
11,047,222
10,059.904
557,715
905,792

figure

SEPTEMBER 30.

2,353,762

7,982.060
i/53,786

1,018

361

2,651,908
1,267,634
1,083,676
1,931,970

24,105,124
10,095,772
9,303,574
4,659,647
7,021.711
12,406,494
17,678.708
780,373
949,348

214
347
441
301
593
395

6,961

1,025

654,861

8,810,648
i/76,809

•

2,487,898 84,994 82,163

2,660,015

6,779,032
9,629,900
72,303,521

1,952
2,552

214
360
441
301
605
395

—356

—6,360
+ 26,042
—451,191
+ 195,000
+ 25,051
—17,915
+ 29,789
+ 67,108
—25,283
+ 109,904
+ 71,324
+ 11,594
+ 1,407
+ 164,711
+ 6,209

4,663,000
838,814
57,990
23,943
972,927
1,543,921
4,839,094
1,318,744
105,187

EARNINGS FROM JANUARY

Name oj Road.




195

+ 152,371
+ 69,037
+ 147,593
+ 37,418
+42,647
+ 58,882
+ 131,000
+ 21,807
—1,415
+ 38,422
+ 9,065
—11,074
+ 12,057

Now Includes Mexican International in both
years,
for three weeks only.

GROSS

309

3/5,204

Mexican Roads (not In eluded In to tal)—
Interoceanlc of Mex__
617,076
616,116
Mexican Railway
f/518,100
1/421,300
Nat Rys of Mexlco.rr.
5,113,254
4,388,906

are

309

142
4-13,912
171
4-1,194
661
—6,331
+ 2,563
27
+ 55,833
568
+ 203,100 3,297
+ 967,000 10,276
—8,000 1,916

5,801
844,114
1,076,800

and 25 shares at auction.
sold.

Shares.

$
4-48,731

286,110
137,961
125,364
216,484

1909.

2,732,275
1,236,580

_

Minn St P & S S M._.
Missouri Pacific
Mobile & Ohio

(+) or
Dec. (+).
1910.

828,588
23,023

3,092,451
702,978
1,457,154
562,819
995,279
1.359.272
1,618,804
222,658
43,556

*33

BANKS—New York.

Commerce, Nat. Bank of

*31 Fourth National Bank
25 Park Bank, National
*

No trust company stocks were

.

.

Sold at the Stock Exchange.

—Two

New

York

Low.
.

204

186

186

352

352

x

Stock

High. Close

202

202

.

Last

previous

sale

Oct.

1910— 203

186

Oct.

1910— 186

352

Sept. 1910— 358x

Ex-dividend.

Exchange memberships

were

posted for transfer this week for $72,000 and $75,000.
last previous transaction was for
$70,000.

The

—With the “Chronicle” of to-day we issue our annual
Bankers’ Convention Section,
containing in full a report of
the proceedings of the thirty-sixth annual convention of the
American Bankers’ Association held at Los
Angeles from
October 3 to 7.
In addition to the report of the
Convention,

special articles on the two Pacific Coast cities, San Francisco
Angeles, will be found in the Supplement. In the
one case we
give an “Historical Summary of Los Angeles
and Los Angeles Banks”, prepared by Stoddard
Jess, VicePresident of the First National Bank of Los
Angeles. The
other article deals with “The Growth of
Banking in San
Francisco Since the Fire,” and is by James K.
Lynch, Viceand Los

President of the First National Bank of San Francisco.
The
Convention just closed will long be remembered by
those
fortunate enough to have been present as one of the most

enjoyable meetings ever held by the Association. It is no
exaggeration to say that the entertainment provided by the
Pacific Coast bankers has never been surpassed.
Even the
smaller cities near Los Angeles, like San
Bernardino, Red¬
lands, Riverside, Pasadena, &c., had a share in the enter¬
tainment, and did all in their power to make the short stay
of the visiting bankers in their various cities an
enjoyable
one.

Baskets of fruit and flowers

were

distributed

on

the

trains at each of these

points to the bankers and their wives,
and were very much appreciated.
Upon the arrival of the Bankers' Specials at Los Angeles
they were met by the reception committee with automobiles
and taken to their various hotels.
The trip to Catalina
Island on Wednesday and Thursday, where a barbecue was
provided, were thoroughly enjoyed as were also the
automobile trips on the same days to
Pasadena, where an
elaborate lunch was provided at the Hotel
Maryland. The
visit to the old missions at San Gabriel
was, likewise, a
delightful affair.
Tuesday night’s reception and ball was another of the
social events which will leave a lasting
impression on the
minds of those in attendance.
The immense hall was trans¬
formed by ferns and flowers into a veritable
fairy land.

Wednesday and Thursday nights were theatre nights, and
the houses were occupied entirely by the bankers and their
friends.
On Friday afternoon a lawn
party was given
to the ladies by one of Los Angeles’s fair hostesses. Add to
this the numerous private entertainments given—the auto¬
mobile parties, the Country Club affairs,
&c., &c., and
some idea may be had of the
hospitality extended to the
bankers by their Los Angeles confreres.

Oct. 15

1010.)

THE CHRONICLE

1001
•W

—An

adjustment seems to have been arranged of the merce; William Winchester, President of the National Union
cotton-bill-of-lading controversy which arose between the Bank of Maryland; Charles T. Crane, President of the
American and foreign bankers following the disclosure, with Farmers’ & Merchants’ National
Bank, and H. B. Wilcox,
the failure last spring of the Alabama cotton house of President of the First National Bank.
Knight, Yancey & Co., of the improper use of bills of lading.
—The law enacted the present year, intended to govern
The matter has been the subject of frequent conferences the business of small
private banking concerns in New York
here since the arrival in this city last Sunday of Sir Edward
State, was declared unconstitutional on the 11th inst. by
H. Holden, Chairman and Managing Director of the Justice
Bijur of the State Supreme Court. The finding was
London City & Midland Bank of London and Chairman had in
an action brought
through Earnest R. Eckley by
of the Foreign Bankers' Committee on cotton bills of
James Lee, a curb broker, the latter having been granted an
lading. While Sir Edward’s visit has not, it is stated, application for an injunction
restraining the enforcement
been made specifically in the interest of the committee
of the law by the State and county officials.
The provisions
of which he is a member, he has nevertheless
given freely of the law have heretofore been referred to. In the first
of his time in conferring with the local committee as to
place, it exempts individuals or partnerships engaged in the
means for the settlement of the points at issue.
Since business of
receiving money on deposit for safekeeping orthe English and Continental bankers had declined to
accept transmission where the average amount of each sum?
the validation plan adopted here on Sept. 1, and had deter¬
received on deposit or for transmission during the year'
mined to adhere to their resolution of last July to decline to
is over $500.
Those coming within its scope are required1
accept drafts against bills of lading after Oct. 31 unless to obtain a license from the State
Comptroller, to filer
guaranteed through exchange buyers in this country, the with him a statement of their assets and
liabilities, to*
outcome has been anxiously awaited, more
especially in view deposit with him $10,000 in money or in securities, to obtain
of the fact that the bankers here maintained that the bills
a surety bond for the faithful
holdings of money deposited
were properly
safeguarded in the validation certificate. The with them, to make
to
the Comptroller four times a
reports
national banks, moreover, could not in any event
guarantee year, &c. Those to whom the law would otherwise
apply
the bills, and the State institutions have stood
by them in may be relieved of compliance with the Act by the
filing
of a
withholding guaranties. The plan which has been accepted bond of
$100,000 in cases where business is conducted in a
as the only one
through which the question could be settled city having a population of
1,000,000 or over, and in the
provides for the organization of a guaranty company, to sum of
$50,000 elsewhere in the State. A lengthy opinion
guarantee the validity of the bills at a moderate charge. A was delivered
by Justice Bijur, and in part he said:
brief statement as to the conclusion reached was
Section 29d of the Act exempts from its provisions five classes, with the
given out
by William A. Nash, President of the Corn Exchange Bank, first three of which, however, we are not at the moment concerned. The
fourth class
at the close of the session held at that institution

day.

on

Thurs¬

This statement said:

The members of the Committee of the American Bankers’
Association
and important cotton men, together with Sir E. H.
Holden, met In consul¬
tation to-day and they came to the conclusion that the
only possible
solution of this difficulty will be the creation of a guaranty
company, with

adequate capital, to guarantee the validity of bills of lading and to
safeguard against forgery at the moderate cost of 6 to 7 cents per bale.
We
believe that when this company Is formed Its guaranty will be
acceptable
to the exchange buyers here, and will be made in the form
required by the
European acceptors.

an

In addition to the members of the Committee of the
American Bankers’ Association and Sir
Edward, the meeting

attended by Max-May, Vice-President of the
Trust Co., and an authority on
was

Guaranty
foreign exchange; Samuel T.

Hubbard, of the cotton house of Hubbard Brothers & Co.;
George W. Neville, of Weld & Neville, cotton brokers; and
Roberts Walker, Chairman of the Executive Committee
and General Counsel of the Rock Island
Ry. Two new
members have

recently been added to the bankers’ com¬
mittee, and it now consists of Mr. Nash, who is serving
as
its Chairman
during the absence abroad of William
E. Frew; Joseph T.
Talbert, Vice-President of the Na¬
tional City Bank; F. I. Kent, Vice-President of the Bank¬
ers’ Trust Co.; Gilbert G.
Thorne, Vice-President of the
National Park Bank; William H.
Porter, President of the
Chemical National Bank; Alexander
Laird, General Manager
of the Canadian Bank of
Commerce, and John E. Gardin,
Vice-President and manager of
the foreign exchange
department of the National City Bank. Messrs. Laird and

Gardin

are the new members.
The plans for the
company are of course not yet per¬
fected but present proposals are to
incorporate the pro¬

jected organization abroad, its capital to be $5,000,000.
With this impending solution of the vexed
problem, it is
expected that the English bankers will extend the time
for requiring guaranties from the American bankers
from
Oct. 31 to Dec. 31.
The Evening “Post” of yesterday re¬
ported that the cotton exchanges of Dallas, Houston, New
Orleans and other cities have
joined with the Memphis
Exchange in denouncing the proposed plan, declaring that
its organization was a step towards
placing a heavy burden
on

the South.

—A national
currency association under the provisions of
the Aldrich-Vreeland Act was formed in Baltimore this
week.
Its membership is

composed-solely of banks of the
city, and the officers of the new organization are: President,
C. C. Homer, President of the Second National
Bank; VicePresident, J. B. Ramsay, President of the National Me¬
chanics’ Bank; Secretary, Charles E.
Rieman, President of
the Western National Bank; and
Treasurer, Waldo New¬
comer, President of the National Exchange Bank.
The
Executive Committee is made up of Messrs.
Homer, Ramsay;
D, H. Thomas, President of the Merchants’ National Bank}
Eugene Levering, President of the National Bank of Com¬




exempted comprises private bankers: ‘‘Where the average
deposit or for transmission In the ordinary
course of business during the fiscal year preceding shall not be less
than
$500 ”
The fifth class consists of private bankers who file with
the Comptroller a bond In the sum of $100,000 In cities of the first class
or of $50,000 elsewhere.
The Injunction Is sought on the ground that the Act Is up
constitutional;
eight separate reasons for that] claim being put forward.
Probably all the
serious objections may be summed up In the contention that the Act vio¬
lates Section 1 of the 14th Amendment of the Constitution of the United
States, In that It deprives persons of their property without due process of
law, and denies them the equal protection of the aws.
More specifically;
It Is urged that the Act exceeds the police power of the State, and that It
imposes unequal conditions and c eates arbitrary classifications.
It Is
pointed out also that the discretion granted to the State Comptroller to
issue or withhold the license Is arbitrary and therefore unconstitutional
In the first place, it is to be noted that the Statute distinguishes between
persons of different degrees of wealth, and that the conduct of this business
is restricted substantially to persons who have a minimum of $20,000
rather than to persons of approved probity or sound judgment, and that a
person who can procure a bond of $100,000 can remove himself entirely
from the restraints of the Act.
This Is a novel standard In our legisla¬
amount of each sum received on

.

.

.

.

.

tion.

,

...

I have not been referred to any case

In which a classification based solely
degrees of wealth has been held valid, but I can see that from certain
points of view In the banking business, as, for example, In considering the
ability to Issue credits, the possession of wealth may be regarded as some
guaranty of responsibility and stability; still In the last analysis It Is the
Integrity and sound business judgment of the banker which affords to a
mere depositor the assurance of the safety of his fund.
But I find far greater difficulty in reconciling with the test established
by the Federal Supreme Court that provision of the present statute whlqh
limits Its application to those bankers whose clients’ deposits are of an
annual average of less than $500.
There Is nothing to whloh my attention
has been called In the report of the Immigration Commission (which In¬
spired this legislation) which directly warrants this distinction.
Merely because the Commission has found that a number of small bankers
have absconded with funds Intrusted to them by modest depositors, It does
not follow that bankers may be lawfully classified under a State statute
according to the annual average of Individual deposits, or those enjoying
lax-ge deposits be relieved from making public the details of their business,
and from the other presumably wisely Imposed burdens of the Act.
More¬
over, though this may be of minor Importance, t Is quite evident that the
person may have a small deposit with a number of bankers.
Finally, I
neither find In the report of the Commission, nor In my own experience,
evidence that depositors of small sums are of less Intelligence or less able
or zealous In protecting their Interests than are other depositors.
My Im¬
pressions are rather to the contrary.
Moreover, relief Is here sought by the plaintiff, who Is a curb broker. It
Is true that the defendants do not concede, In so many words, that the
statute covers his case; but the plaintiff so alleges, and It Is not denied;
and the argument has proceeded before me on the theory that the provisions
of the Act do, Indeed, cover his business.
None of the faots adduced by
the Commission of Immigration In Its report, none of the considerations
relating to Inexperienced foreigners recently arrived, and none of the many
other distinctions which correctly or Incorrectly are attributed to Immigrant
depositors with private bankers have any relation to customers of brokers
I believe, too, that the plaintiff’s objection that the Act Invests
the Comptroller with a purely arbitrary discretion Is good.
It has occurred to me that It might be urged that the Infirmity of the Act;
In so far as Its terms cover the business of brokerage and like occupations;
might be removed by the words "Or for any other purpose” after the phrase;
"Receiving deposits of money for safekeeping, or for the purpose of trans¬
mission to another.”
But, on the one hand, the courts cannot amend
legislation by limiting Its scope through the elimination of one or more
classes which It plainly describes, nor even If we could hold the Act consti¬
tutional as to bankers, to treat Its provisions as to other occupations as
separable. Is there anything In the record before me to warrant the conclu¬
sion that the phrase, without Its obnoxious extension, would be sufficiently
descriptive of any one class which the Legislature may have had In mind.
on

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

,

.

A similar action to restrain the enforcement of the law
was

instituted by Morris

Engel, of Engel & Eckert, this city;

1002
•but in this

THE CHRONICLE
the

application for the injunction was denied
{Aug. 31) by Judge Lacombe of the United States Circuit
Court.
Mr. Engel, however, subsequently filed an appeal
in the United States Supreme Court.
case

—Nathaniel D. Putnam Jr. has been elected

an

Assistant

special meeting of the stockholders of the Farmers’

XiOan & Trust Company of this city will be held on the 26th
inst. to vote upon an amendment to the company's charter
to include therein the purpose

and power to transact the
business by branch offices in London, Paris, Berlin and Rome.
The company already has branches in London and Paris,
and the proposed action grows out of the ruling of State
Attorney-General O'Malley, that trust companies are not
empowered to operate in any city not named in the charter
or
certificate of incorporation.
so as

—J. T. Howell assumed his

new

post as President of the

Carnegie Trust Company of this city

on

LXXXXI.

Second Vice-President, has become Chairman of the board
and First Vice-President; Thomas J. Jeffries has been chosen
Second Vice-President and M. N. Willits Jr. has been made

Secretary of the board.
the bank.

Mr. Willits is also the Cashier of

Mr. Cal well,

the new President, has held every
position in the bank. From the Assistant Cashiership he rose to the office of Cashier in 1900. In June 1909
he was given the post of Second-Vice-President in addition
to that of Cashier, and in June of the present year he was
executive

Secretary of the Guaranty Trust Co. of this city.
—A

[Voi..

the 10th inst.

Mr.

Howell’s election to the office occurred last month, as pre¬

viously noted in this department. He comes from Nash¬
ville, where he held the presidency of the Fourth National
Bank.

made First Vice-President.

—The

resignation of John Gill of R. as President of the Mer¬
& Deposit Co. of Baltimore was tendered
on the 11th inst. and
accepted with deep regret by the direc¬
tors.
Mr. Gill, who is close to seventy years of age, had been
at the head of the institution for nearly thirty years.
The
office of Chairman of the board has been especially created
for him, and his election thereto occurred with his retire¬
ment from the presidency.
A. S. H. Post, formerly Second
Vice-President, has been elected to succeed Mr. Gill as
cantile

Trust

President.
—John T.
National
who died

Shaw, has been elected President of the First
Bank; of j, Detroit, succeeding Morris L. Williams,
on

the 1st inst.

Prior to the consolidation of the

—The

jury before whom William W. Tracy of the failed First National and Commercial National banks in 1908
Stock Exchange house of Tracy & Co. was placed on trial
Mr. Shaw was President of the First; in the enlarged bank he
on the 4th inst.,on charges of grand larceny
growing out of became First Vice-President, Mr. Williams, who had been
the suspension of the firm, reported its failure to agree on the head
of the Commercial, becoming President of the con¬
7th inst., and was discharged by Justice O'Gorman in the solidated
bank.
Criminal Branch of the Supreme Court.
The failure of the
firm occurred in May 1909, and indictments against its
members (Mr. Tracy, Frederick W. Parker and Robert D.
Covington) were returned last February. The complaint
was brought by Herman Kahle and charged that the firm
[From our own correspondent.]
had failed to deliver to the plaintiff 500 shares of Goldfield
Consolidated stock valued at $5,200, which he had instructed
London, Saturday, Oct. 8 1910.
them to purchase.
The revolution in Portugal came as a complete surprise to
—Adolph Rothbarth, the American representative of the the great majority of people, though those in a position to be
European house of Rothbarth & Co., dealers in hops, who well inforined respecting what has been going on recently in
was indicted last month on a charge of grand larceny
in the that country were prepared for a rising. Communication
first degree, was sentenced on the 7th inst. to not less than
with Portugal has been practically cut off since Monday
three nor more than seven years’ imprisonment. The accused
evening, even the British Government being dependent upon
was charged with
defrauding the Mercantile National and
from British ships for information respecting
Liberty National banks, in having obtained large sums of telegrams
the fate of King Manuel.
Nobody doubts, however, that
money through false statements of the assets and liabilities
the
Republic has been proclaimed, and that the navy has
of his firm.
He pleaded guilty to the charge.
So, apparently, has a portion
gone over completely to it.
—Owing to the death of George Ide Malcom, the New York of the
garrison of Lisbon. Respecting anything else there is
Stock Exchange house of Malcom & Coombe has been dis¬
a great deal of scepticism here.
For a long time British
solved.
The business of the firm will be continued by the
holders of Portuguese securities have been selling, and conse¬
surviving partners under the name of T. G. Coombe & Co.
The body of Mr. Malcom was found in Long Island Sound on quently very few are now held in this country, with the
the 9th inst.
He had been suffering from a nervous break¬ result that so far as the Stock Exchange is concerned the
Indirectly, however, it
down and is believed to have fallen overboard from one of revolution is almost immaterial.

ptmuetartj! ©ommcrctaX^tiglislt^jeivs

the Fall River boats.

He

was

fifty-two

years

of

age.

—Adolph o H. Fischer has been elected President of the North
Savings Bank of this eiy, succeeding the late Samuel
D. Styles.
Mr. Fischer had previously been First VicePresident of the institution, and had been acting President
since the death of Mr. Styles last July.
John H. Selmes,
heretofore Second Vice-President, has become senior VicePresident, and Christian H. Tietjen has been elected Second
Vice-President.
George T. Connett has been made Secre¬
tary and Treasurer of the bank.
—At a meeting on the 4th inst. of the directors of the
Yonkers National Bank of Yonkers, N. Y., Dr. Elmer A.
River

Sheets

elected

director and

Vice-President of the
Dr. Sheets is also yice-President of the Denver
institution.
Chemical Manufacturing Company.
The Yonkers National
Bank began business in September.
was

a

a

—J. Howard Lowery, formerly Assistant Cashier of the
Utica City National
on the 6th inst. to

Bank of Utica, N. Y., pleaded guilty
indictment charging embezzlement

an

of the funds of the bank.

He

was

sentenced to ten years

in the Federal

prison at Atlanta. The shortage was brought
light last April and the indictment specifically charged, it
is stated, the abstraction of $4,199 on April 26 1910 and
$10,000 on March 29 1910; the Utica “Press" reported last
July, however, that the thefts covered a period of several
years and aggregated $115,000.
to

—Charles S. Cal well

the Corn

was

this week elected President of

Exchange National Bank of Philadelphia, succeed¬
ing the late Benjamin Githens. Mr. Cal well advances from
the office of First Vice-President, and with his
promotion
William W. Supplee, heretofore Chairman of the board and




affect the Stock Exchange, for French investors have
sums both in Spain and in Portugal; and
French investors were to become apprehensive respecting
rising in Spain, that might react unfavorably upon our

may

invested immense
if
a

markets.

regards Portugal, the feeling in Paris is that
misgovernment has been carried so far and improvement has
seemed so hopeless than any change is to be welcomed rather
than the reverse, for there is at least a chance that a better
state of things may follow. But if the Republicans in Spain
were to rise, Paris might be seriously alarmed.
The opinion
of the best observers in Paris, however, is that the Spanish
Government has had ample time to prepare for all contin¬
gencies; that the Spanish army can be relied upon: and that
the country has been prospering so greatly since the war
between Spain and the United States that it is very unlikely
that any class or party will plunge into civil war.
The result of all is that the London Stock Exchange
has taken events in Portugal with great equanimity; that it is
universally felt that there will be no intervention of outside
Powers; and that, consequently, the worst will be only a
more or less prolonged civil war. > And so long as Paris does
not take alarm, even the danger that may exist regarding
Spain is made light of.
Concerning purely home interests, the matter of greatest
importance has been the settlement of the prolonged dispute
in the cotton trade.
It has been hoped from the very begin¬
So far

as

ning that an amicable settlement would
there was such stubborn insistence upon

public exceedingly^ small^matters

be arrived at. Yet
what seemed to the

that][it ^waaXfearedj^he

Oct. 15

THE CHRONICLE

1910.]

temper of both sides had got up and that rather than give
way they would fight over anything or nothing.
Fortu¬
nately, Mr. Ask with, of the Board of Trade, has acted as

parties with such diplomatic skill
and tact that he has at last brought about a settlement
whigh ought to be satisfactory to both sides. George Howe,
whose dismissal originated the dispute, is not, indeed, to be
restored to his old employment, but he is offered employment
on the same terms and at the same wage in a neighboring
mill.
The question whether the owners of the Fern Mill
acted within their rights or not is to be referred to the arbi¬
tration of Mr. Askwith, all parties pledging themselves to
abide by his award.
And, lastly, Mr. Askwith is to expound
officially the true meaning of certain clauses of the Brooklands agreement, all parties agreeing likewise to abide by
his decision.
The arrangement has been acclaimed through¬
out the country, for a great lockout at this season of the
year would have thrown the whole trade of Lancashire out
of gear.
The mills are to start working again on Monday,
and, no doubt, cotton from the United States will be bought
eagerly. Moreover, the reports from Egypt continue ex¬
ceedingly favorable. It is now anticipated that the crop will
mediator between the two

yield at least seven million cantars, the largest
picked having been 734 million cantars.
The India Council offered for tender

crop ever

.

1909.
Oct. 6.
£

Circulation
28,175,910
Public deposits
7,619,052
Other deposits
44,142,295
Governm’t securities 14.980,568
Other securities
29,792,188

Reserve,notes&coin

24,687,142
Coin&bull.,bothrtep 34,413,052
Prop, reserve to lia¬
bilities
p.c.
47 11-16

1907.
Oct. 9.
£

29,428,645
4,335,780
46,598,788
16,630,533
26,029,026
25,959,358
36,938,003

1906.
Oct. 10.
£

29,562,140
6,642,836
45,199,908
15,83i,700
29,657,818
24,139,225
35,251,365

29,279,330
6,168,841
45,363.161
15,956,166
35,116,652
18,289,833
29,119,163

51
1
46*
35*
2*
*5
4*
Consols, 2*
83*
80*
85 3-16
83*
86 5-16
Silver
24*d.
23 13-16d.
23 15-16d.
29 15-16d.
31^d.
Clear.-house returns 351,307,000 280,610,000 246,696,000 241,807,000 211,232,000
Bank rate

,

* Oct. 11.

45*

4

p.c.
p. c___

xZ

t

if

Oct. 7.
4

England rate
Open Market rate—
Bank bills—60 days
—3 months
—4 months
—6 months
Trade bills—3 months
—4 months
Interest allowed for deposits—

,

By Joint-stock banks
By discount houses—
At call
7 to 14 days

Sept. 23.

Sept. 16.

4

3

3

3*
354
354
354
354

3
3
3
3
4

2 5-16
9-16
2*
11-16 2 13-16(3'2* 2 13-16©2*
11-16
3*©3 5-16 3 5-16©3*
11-16 3 5-16©3% 3 5-16©3 8/6

4

4 @4*

Sept. 30.

3*@3*
3*@3*

3)4
3)4

2)4

2)4

1)4

2)4
2*

2)4
254

1)4
154

S

.

Oct. 8.
Rates of
Interest at—

Bank

Rate. Market.
3
2%

Paris i
Berlin.

54
5
4

Hamburg
Frankfort
Amsterdam
Brussels
Vienna ...^
St. Petersburg
Madrid.

5
4

4
4

4*

3*

4

3 15-16

5
4*

Copenhagen

Messrs.

Open

...5

nom.

4
4

Oct. 1.
Bank Open
Rate. Market.

3

2%
4*
4%
4*
3%
3

5
5
5
4

4*
4

4*

Oats.
Peas
Beans
Indian
Flour

Sept. 17.
Open
Bank

Rate. Market.

Rate. Market.

3
4
4
4
4
3*

2%
4
4
3%

4
4

3%
254

5
3*

3*
4*
2%

4

4

4

3 15-16

nom.

5

nom.

Pixley & Abell write

4
4

as

3
2*
435*

5

3*

nom.

4*

4

4*

4

5

4

5

4

follows under date of

Oct. 6:
GOLD.—The demand from the Continent for bar gold was very small this week,
while India has taken about £130,000.
The balance of the week’s arrivals, which
amount to £760,000, has been bought by the Bank at 77s. 9d.
Since our last the
Bank has received £458,000 In bars.
Egypt continues to withdraw sovereigns from
the Bank, and has taken £1,760,000
during the week, while £30,000 has gone to
Malta.

During the last

six weeks Egypt has taken a total of £4,772,000, while

Turkey has withdrawn £1,423,000 during the past eight weeks, all in sovereigns.
Next week we expect £593,000 In bars from South Africa.
Arrivals—South Africa,
£627,000; India. £110,000; West Indies. £8,500; Brazil. £9,500; West Africa,
£4,000; total, £659,000.
Shipments—Bombay, £70,750; Calcutta £48,500; total,
£119,250.
SILVER.—Fluctuations have been small during the past week, but the tendency
haR again been better under the Influence of buying for both
China and India, and
the closing quotations, which are the highest of the week, show an advance of *d.
since the date of
and

our

stocks

our

last circular.

are now

Last week’s mail to Bombay took out £436,000,
reduced to about £1,700,000, while the stock in Bombay

stands at 16,200 bars, in value about £1,950,000. One of the principal features
of the market Is the moderate amount of sliver on offer even at the advance In prices.
At the close the market is firm.
The Bombay quotation Is Rs. 63* per 100 tolahs
now

for the October settlement.

Arrivals—New York. £185,000rMexlco, £5,000; West
Indies, £6,000; total, £ 196,000.““Shipments—Bombay, £436,000.




24)4
2654
nom.

1908-09.

1907-08.

10,481,500
2,449,500

1909-10.

7,430,700
3,315,900

113,150

1,643,800
130,240
269,060

4,603,100
735,600

3,184,100
835,400

948,600
71,010
168,760
3,288,800
868,100

8,527,400
2,534,200
313,000

cwt. 8,511,500

2,006,800
1,144,100
250,675

corn

107,040

46,670
4,485,800
1,130,200

Supplies available for consumption (exclusive of stock on
1908-09.

1907-08.

10,481,500
835,400

2,328,543

1,603,827

7,430,700
868,100
2,542,107

8,527,400
1,130,200
4,057,549

11,575,643
30s. Id.
30s. 9d.

12,920,727
32s. 9d.
34s. 7d.

10,840,907
31s. 5d.
31s. 4d.

13,715,149
31s. 8d.
31s. 7d.

1910- 1.

Imports of flour
Sales of home-grown
Total

Average price wheat, week.
Average price, season

maize afloat to the United
Wheat

equal to

1910.

1909.

£

£
53,500,364

55.921,154
51,158,357
58,120,393

50,468,143

follows:

Difference.
£

Per
Cent.

+2,420,790
+690,214

+4.5
+1.3
+11.7

52,013,465
49.173.762

+6,106,928
+10,381.697

+23.2

52,030,617
51,600,395

50,316,493
48,411,204
49,476,275

+10,414,631
+2,924,884
—932,031
+3,619,413
+2,124,120

487,311,888

449,787,337

+ 37,530,551

+8.3

59.555.459
55,269,179
54,636,758
49,384,462

May
June

July
August
September

51,711,874

+22.0

+5.6
—1.8
+7.5
+4.3

exports since Jan. 1 have been as follows:

Exports—
January
February

1909.

£

£

Difference.
£

Per
Cent

28,803,046
28.024,452

+6,000,069
+3,667,418

+20 8
+13.0

34,391.558
35.292.215
33,607,311
34,799,654
38,388,177
38,638,883
36,964,261

31,904,673

28.958,458
29,525,746
29,717,975
35,487,240
32,114,700
32,801,024

+2,486,885
+6.333.757
+ 4,081,665
+5.081.679

+8.9
+21.9
+13.8
+17.1
+8.1
+ 20.3

318,577,044

277,337,314

April
May
June

July
August

September
Nine months

1910.

34,803,115
31,691.870

„

March

The re-exports of foreign and
show the following contrasts:

_

June

1909.

£
8,147,164
10.184.560
8,443.988
11,858.654
8,294.262
8,383,643

£
6,687,551
8,473,634
7,540,319
8.631.006
7.251,262
7,965,605

8,221,595
8,099,313
6,808,109

7,374,231
6,990,059

July
August
September...

+2,900,937
+ 6,524,183
+4,163,237
+41,239,730

+12.7
+15.0

colonial produce since Jan. 1

1910.

Re-exports—

May

as

1,510,000
170,000
720,000

44,854,648

______

Nine months....

1908.

1,155,000
175,000
935,000

imports since Jan. 1 have been

Imports—
January
February

The

1909.

Last week.

2,195,000
125,000
1,305,000

2,110,000
170,000
1,285,000

qrs.
qrs.
qrs.

Maize

March
April

Kingdom:

This week.

.

flour,

1909-10.

cwt. 8,511,500
735,600

Wheat Imported

6,464,143

Difference.
£
+1,459,613
+1,710,926
+903,669
+3.227.648
+1,043,014
+418,038

Per
Cent
+21.8
+ 20.0
+12.1
+37.4
+14.3
+5.2

+847,364
+1,109.254
+343,966

+11.4
+15.8
+5.3

Nine months.

78.441,288
67,377,601 +11,063,687 +16.4
Note.—The aggregate figures are official.
They Indicate that slight adjustment*
have been made In the monthly returns as Issued.

1)4
154

Sept. 24.
Bank
Open

d.
24 13-18

j

1910-11.

Imports of wheat
Barley

.U*

rates at the

3 15-16

6
5

4

Sept. 29.

IMPORTS.

Four weeks—

English Financial Markets—Per Gable.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:

The
as

The bank rates of discount and
open market
chief Continental cities have been as follows:

follows:

as

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:

March
April

The rates for money have been as follows:
Bank of

76

January
February

Oct. 7.

x

.

reported

are

SILVER.
Oct 6.
Sept. 29. j 1
s.
d. j |
d.
London Standard.
77 9
1[Bar silver, fine, oz... .24 16-16
76 5
.25
| [ “ 2 mo. delivery
76
5
.26 15-16
j! Cake silver, oz.
76 5
‘Mexican
dollars
.nom.
|

on

1908.
Oct. 7.
£

29,727,545
6,997,596
45,256,393
17,707,300
28,582,646
23,635,795
34,913,340

quotations for bullion

GOLD.
Oct. 6.
s.
d.
London Standard.
77 9
Bar gold, fine, oz
76 5
U. S. gold coin, oz
76 5
German gold coin, oz.
76
5
French gold coin, oz..
76 4
Japanese yen

The British

Wednesday 40 lacs
of its bills, and the applications amounted to nearly 45234
lacs at prices ranging from Is. 4 l-32d. to Is. 4 3-32d. per
Applicants for bills at Is. 4 l-16d. per rupee and for
rupee.
telegraphic transfers at Is. 4 3-32d. per rupee were allotted
about 9% of the amounts applied for.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price ol consols,
&3., compared with the last four years:
1910.
Oct. 5.
£

The

1003

London.
Week ending October 14.
Sat.
Silver, per oz.
.d_ 25
Consols, New 2 * per cents.
80 5-16

Tuts.
Wed.
25 5-16 25*
80 5-16 80 3-16
80 7-16 80 5-16
96.75
96.67*

Mon.
25 3-16

8054
80)4
80)4
97.05
97.12)4
68 *
Amalgamated Copper Co
6854
5 Anaconda Mining Co.
8)4
854
Atchison Topeka & Santa Fe. 103)4
103)4
Preferred
103
103)4
Baltimore & Ohio
109)4
10954
Preferred
93
92)4
Canadian Pacific
200 *
20054
84
Chesapeake & Ohio.
84
Chicago Great Western
24)4
24)4
Chicago Mllw. & St. Paul.-.126
126*
_

For account
French Rentes (in Paris).fr.

Denver & Rio Grande
33
Preferred
75)4
Erie
28)4
First Preferred
47)4
Second Preferred.
37)4
136
Illinois Central
Louisville & Nashville
149)4
Missouri Kansas & Texas
35*
Preferred
65)4
Nat. RR. of Mex., lstPref.. 72)4
Second Preferred.
33)4
N. Y. Central & Hudson Riv.117
N. Y. Ont. & Western
42*.
Noifolb & Western.
.101
Preferred
91
Northern Pacific
122

66*

aPennsylvania
aReadlng Company

75)4

aFirst Preferred...
aSecond Preferred
Southern Pacific.
Southern Railway
Preferred
Union Pacific.
Preferred
U. S. Steel Corporation
Preferred
Wabash
Preferred
Extended 4s..._
o

Price per

share,

45
50 *
.118*
25)4

172 *
93)4
' 71)4
-121*
.-.-17*
3854
67

b £ sterling.

96.85

105

103)4

103*

68*
8*
105*
103*

111*
92*
20054
84*
24*

111

111

92*
200*
84*
24*
127*

92*
200*

127

69*
8*

33

34*

34

75)4
28*

76
29
48

76*
2954
48*
37*

48
37

37*

136)4

137

150
36

150*
36
66
73
34

65)4
73

137
151

36*
66
73
34

66*
75*

67*

123*
67*

76*

76*

*

94
72

v

173*

■>’ ”
.

121*

58

94*
»

72*

122

17K r rfl7*

38
67

39
67*

25*
58*

174*
95
74

67
72
34

72
34
118

122*

119*
25*

40*
138*
152*
36*

36*
66*

122*

45
50
120

78
31
52

151

121*
66*
75*

45
50

34*

29*
48*
38*
137*

101
91

91

129

76

101
91

117*
43*
101*

93

84

117*
43*

118*
44
102
91
123

43*
101*
91

67*
77*

45

45
51
122

50*

120*
25*

26*

58
175

94*
7454

4 122*
17*
•

122*
17*

39

39

67*

67*

80*
80*
96.87*
70*
854
107*
103*
112*

200*
85*
24*

24*
127*
34*

33%
117)4
42*

118)4
25*
57)4
172*
?

80*
80*

68)4
854
104*

45
50

58

Thurs.
Fri.
25 11-16 2554

59
-7

176*
95*
76

123

18*
40
67

1004

©oraraercial and f^isceUatxjeotts lie ms
Breadstuffs Figures brought from page 1046.—The state¬

t

ments below

prepared by

are

from figures collected by

us

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 have been:
Receipts at—

Chicago

Flour.

Wheat.

Com.

Oats.

R ye.

Barley.

bMs.lMbs. busk. 60 lbs. bush. 56 lbs. bush. 32 lbs. btish.48lbs. fa*.56 lbs.
203,794
428,400
2,116,500
348,000
12,000
1,557,000
80,325
280,110
47,460
517,400
12,240
329,800
25,370
1,915,030
3,407
84,763
740,332
14,513
2,721,420
72,180
652,000
112,540
723,140
29,000
79,100
34,500
1,000
'7'.258
20,224
34,912
84,618
2,074
14,867
32,577
123,111
56,610
467,687
132,250
403,020
5,500
95,200
50,600
23,000
241,350
123,000
60,417
2,200
1,147,400
162,400
76,400

....

Milwaukee..
Duluth

Minneapolis.

■’

Toledo

Detroit

Cleveland
St. Louis...
..

Peoria

Kansas City.

999...888666231———“““PTTehhoeeple’s

9.8654—“"The

THE CHRONICLE

Total wk ’10
Same wk. '09
Same wk. *08

426,031
530,797
604,578

Since Aug. 1
1910
1909
1908

3,698,801
5,208,397

7,047,138
11,491,325

4,725,222

11,112,905

2,912,136
3,822,275
1,471,435

81,371,790
80,628,602
85,936,510

37,419.254
34,129,301
25,080,225

3,468,212
4,517,489
4,783,552

159,993
316,732
297,285

2,484,489
3,658,179
2,802,786

59,287,917 14,387,589 1,56' fO
46,199,947 9,335,204 2,151 n
48,096,753 2,606,309 2,220, on

[VOL-

CHARTERS ISSUED TO NATIONAL BANKS

Vice-President.

National

Capital, $100,000.

Bank of Edwardsvllle,” Edwardsvllle,Pa.
Wm. J. Trembath, President; Fred. Williams,
Wm. E. Morris, Assistant

Vice-President; R. R. Zarr, Cashier;

Cashier.
County National Bank of Punxsutawney,” Punxsutawney,
Capital, $100,000. W. J. Brown, President; John R. Pantall,
Vice-President; J. E. Pantall, Cashier.
First National Bank of Ronan”, Ronan, Montana.
Capital,
$25,000.
Stanley Scearce, President; F. S. Lusk, Vice-President;
H. A. Weld, Cashier.
(Conversion of The Flathead Valley State
Bank of Ronan, Montana.)
First National Bank of Oxford,” Oxford, Mississippi.
Capital,
$30,000. J. W. T. Falkner, President; A. B. Morris, Vice-President;
O. B. Boone. Cashier.
Pa.

LIQUIDATION.
2,460—The Grand Rapids National Bank, Grand
Rapids, Michigan, was
placed In voluntary liquidation at close of business October 1 1910.
2,633—The First National Bank of Baton Rouge, Baton
Rouge, La., was
placed In voluntary liquidation at close of business October 1 1910.

Canadian Bank Cleraings.—The
clearings for the week end¬
ing Oct. 8 at Canadian cities, in comparison with the same
week of 1909, shows an increase in the
aggregate of 7.4%.

3

Wheat,

bbls.

Corn,

Oats,

bush.

Barley,

bush.

bush.

Rye,

bush.

204,743
40,938
61,624
65,720
3,880
16,795
11,502

bush.

681,500

334,100
29,900
20,068
195,772
37,160
103,600

755,875

111,850
2,556
1,000

Receipts at—
New York
Boston

..

.

.

Philadelphia

.

.

Baltimore

_

Richmond
New Orleans *

.

Newport News
Galveston
Mobile.
Montreal

.

I

"

87 711

131,380
154,040
20,866
12,000
13,000

388,216

1,123
1,600
35,219
1,430

26,334
60,000

Clearings

1910.

Canada—
Montreal
Toronto

Winnipeg
Vancouver

Calgary
London

on

190,062

39,372
639,352
48,440
808,829

Receipts do not Include grain passing through New Orleans for
foreign ports
through bills of lading.

.

Exports from—
New York
Boston

Wheaty

Corn,

Flour,

bush.
63.824

bush.

Oats,

Rye,

bbls.

Barley,

bush.

Peas,

bush.

bush.

bush.

147,837

44,930
5,902
60,000
35,281
8,000
11,502
3,080
31,000

7,680

454,085 199,695
196,231 249,330

10,940
11,235

80,816
105,000
297,668

Philadelphia
Baltimore

New'Orleans
Newport News
Mobile.
Montreal

9,498
210,000

606,666

.

Total week
Week 1909

1,000
61.600
24.150

1,153,208

“

100
160

3.000

k“he destination of these exports for the week and
July 1 1910 is as below:

since

-Flour-

Wheat
Since

Exports for week and

Since July 1 to—
United Kingdom... 120,016
Continent
44,542
Sou. & Cent. Amer.
6,306
West Indies
18,900
Brit. Nor. Am. Cols.
9,931
^

Other Countries
Total
Total 1909..

1910.
bbls.

919,850
413,462
247,011
285,776
41,239
31,356

Week
Oct. 8.
bush.

July 1

680,000
473.208

7,567,196

Since

1910.
bush.

4,250,851
85,449

Week
Oct. 8.
bush.

July 1

211,000
205,128

1,134,428
890,087
1,222,884

150

396,345
5,000
6,589

5,000

...199,695 1,938,694 1,153,208 11,908,496
...249,330 2,309,554 2,034,695 21,517,249

454,085
196,231

3,655,333
1,775,980

The world’s

shipments of wheat and corn for the week
ending Oct. 8 1910 and since July 1 1910 and 1909 are
] own in the
following:
Wheat.

1910.
Week
Oct. 8.

Bushels.

North'Amer. 2,752,000
Russian.... 7,264,000
Danublan
4,200.000
Argentine
1,008,000
Indian
656,000
Australian.
656,000
Oth. countr’s
416,000

Com.
1909.

Since

Since

July 1.
Bushels.

1910.

1909.

Since

Since

July 1.

Week
Oct. 8.

July 1.

July 1.

Bushels.

Bushels.

Bushels.

Bushels.

23,227,000 34,366,000
487,000
66,352,000 57,512,000
85,000
38.040,000
8,368,000
153,000
15,776,000 11.864,000 5,177,000
16,528,000
2,692,000
10,040,000 121,720,000 J
2,814,000
1

4,223,000
2,565,000
44,646,000

Total.... 16952000 172,777,000 136,522,000 5,902,000

65,403,000

..

..

_

The quantity of wheat and corn afloat for
mentioned was as follows:

13,969,000

Europe

1,681,000
5,391,000
6,537,000
41,517,000

55,126,000

on

dates

Com.

United

United

Kingdom.
Bushels.
Oct.' 8 1910.. 15,528.000
Oct.' 1 1910.. 14.904.000
Oct. 9 1909.. 11,840.000
Oct.10 1908.. 15,680,000
Oct. 12 1907.. 17.800,000

Continent.
Bushels.

25,296,000
23,512.000
15,760,000
17,680,000
15,720.000

Total.

Kingdom.

Bushels.

Bushels.

Continent.
Bushels.

40,824,000 8,169,000 15,462,000
38,416,000 7,599,000 11,390,000
27.600,000 5,780,000 5,355,000
33,360,000 5,950,000 6,035,000
33,520,000 7,488,000 3,560,000

Total.
Bushels.
23,631.000

18,989,000
11,135,000
11,985,000
11,048,000

National Banks.—The
following information

national banks is from the office of the

Currency, Treasury Department:
APPLICATIONS

TO

regarding
Comptroller of the

’CONVERT INTO NATIONAL BANKS
APPROVED.

“The State Bank” into “The First
National Bank of Slloam Springs”,
SUoam Springs, Arkansas.




Capital, $25,000.

1907.

$

?

33,780,594
25,715,433
15,290,819
4,209,025
3,567.997
2,477,507
1.691.30S
1,551,392
1,622,928
1,395,150
936,481
1,122,185
660,412

31,149,724
24,987,357
11,043,542

94,021,231

86,032,849

4,172,552
3,045,875
2,373,052
1,743,153
1,741,598
1,162,646
1,385,298
1,144,007
1,194,472
889,573

1,935,710
1,469,953
1,481,131
1,159,976
681,060 Not include d in tot al.
401,617 Not include d In tot al.

Regina
Brandon

Lethbridge

l

Total Canada

Auction

136,207,647 126,824,779

+7.4

Sales.—Among other securities

regularly dealt in at the Board,

were

the following, not
recently sold at auction.

By Messrs. Adrian H. Muller & Son:

.

Slocks.
182 Det. Tol. & Iron.Ry.lst pf_$23 lot
14 Elliott-Flsher Co. common..$18 lot
Bonds.
$2,000 Det. Tol. & Iron. Rv. Cons.
4Hs. 1980, F. & A
11
•

DIVIDENDS.
The

following shows all the dividends announced
by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

Railroads (Steam).
Atch. Topeka & S. Fe, com.(qu.) (No.22)
Central RR. of New Jersey (quar.)
Clev. Cine. Chic. & St. L., pref. (quar.)
Del. Lackawanna & Western (quar.)..
Erie & Pittsburgh (quar.)
Evansville & Terre Haute common
Preferred .1

Georgia RR. & Banking (quar.).
Georgia Sou. & Florida, 1st & 2d pref..
Grand Trunk, guaranteed
First and Second Preferred
Great Northern (quar.)
Kansas City Southern, pref. (quar.)
Mexican Railway, common
First Preferred
Second Preferred
\flnn* S P
S.M .com Ac pref CNo 15)
Missouri Kansas A Texas, preferred
Nat. Rys. of Mexico, 1st pref. (extra)
N. Y. Central & Hudson River (quar.)..
Norfolk <fc Western, preferred (quar.)
Northern Pacific (quar.)..
Pitts. Cin. Chic. & St. L., com.&pf.(qu.)

Reading Co., second preferred

St. Louis & San Fran. 1st pref.
(quar.).
Toledo St. Louis <fc Western, pref. (quar.)
Utica Chenango & Susq. Valley, guar
Warren, guaranteed
Western Maryland, preferred (quar.)
Street and Electric Railways..
Auburn A Syracuse Elec. Ry., pref. (quar.)
Binghamton (N. Y.) Ry
Boston Suburban Elec. Cos., pref. (quar.)

Brooklyn City RR. (quar.)
Newport & Cov. Lt. &Tr., com .(qu.)
Preferred (auar.)
Columbus (O.) Ry., pref. (quar.) (No. 44).
Connecticut Ry. A Ltg., com. A pf. (qu.).
East St. Louis & Sub., pf. (quar.)(No. 18)
Fort Smith Lt. A Trac., pref. (quar.)
Georgia Ry. A Electric, pref. (quar.)
Grand Rapids Ry., pref. (quar.) (No. 40).
Havana Electric Ry., com. & pref. (quar.).
Manchester (N.H.) Tr.,L.*Pow. (quar.)
Mexico Tramways (quar.)..
MUuxiukee El. Ry. & Lt., pf. (qu.) (No.44)
Montreal Street Ry. (quar.)
Northwestern El. RR.. Chic., pref. (qu.).
Ottumwa (la.) Ry. & Light, pref. (quar.)
Philadelphia Company, common (quar.)
Common (extra)
Public Serv. Invest. Co., pf. (qu.) (No.
6).
Railways Co. General (quat.)
Rio de Janerlo Tram., Lt. & Pow. (qu.).
Seattle Electric Co., com. (qu.) (No. 8)
Toledo Bowl’g Green A Sou. Tr., pf. (qu.)
West Penn Traction, pref. (quar.)
Cin.

Wheat.

S
%
47,721,890
—1.5
29,999,336 + 18.2
22,090.190
+ 6.8
7,746,986 +27.7
3,827,930
+ 5.4
2,910,364
—1.5
1,999,469
—1.2
1,985,259 +22.8
1,673,120 —12.2
2,098,492 +30.4
1,753,558 + 10.4
1,302,700 + 12.8
917,045 + 61.5
798,440 4-46.2

1910.
bush.

37,807

1908.

for the

uture

Com

Since

July 1

2,735,683

Inc. or
Dec.

1909.

stoe'-s.
4 FIdelity-Phenix Fire Ins. Co.
a ad $20 69 scrip
281
34 Duauque & Sioux City RR
65
26 Ave-ne Building Co
$100 lot
25 Nat. Park Bank..352

1,318
8,068

Week
Oct. 8.
bbls.

2,438,332
1,469,022

Edmonton

1,318

50,000

2,034,695

2,906,102
1,976,075

Victoria...

The exports from the several seaboard
ports for the week
Ending Oct. 8 1910 are shown in the annexed statement:
1

9,892,929
4,142,320

Quebec

3,500

*

$

43,999,087
34,000,000
21,601,327

Ottawa

Total week 1910.
453,300 1,488,713
991,498 1,205,380 118,906
Since Jan. 11910. 13,702,185 52,501.321
31,445,377 39.092,1362,549,541
Week 1909
510,081 3,662,018
527,311
761,787
147,264
Slnce’Jan. 1 1909. 12,247,634 61,835.679 32,378.996
36,556,1584,511,847

.

Week ending October 8.

at—

Halifax
Hamilton
St. John

2,000
9.498
259,400

3 ,080

49,018

65,669
89,693
17,747

SEPTEMBER 29 TO

OCTOBER 1.

Farmers and Merchants National Bank of Hamilton", Hamil¬
ton, Virginia.
Capital, 825,000. Thomas F. Keen, President;
Samuel J. Johnston, Vice-President; Samuel E. Rogers, Second

Total receipts of flour and grain at the seaboard
ports for
the week ended Oct. 8 1910 follow:
Flour,

LXXXXI

When

Books Closed.

Payable.

Days Inclusive.

Dec.
Nov.
IK Oct.
2K Oct.
IH Dec.
5
Nov.
2 Mb Oct.
2K Oct.
2K Nov.
2
Nov.
2 K Nov
1K Nov.
1
Oct.

IK

2

.

H

1 Holders of rec. Nov. 4a
1 Holders of rec. Oct.21a
20 Oct.
1
to
Oct. 26

20
10
1
15
15
2
8
8

Holders
Holders
Sept. 18
Holders
Oct.
2
Holdere

of
of

rec.

rec.

Oct. 3a
Nov.30a
Oct. 17

to
of rec.Sept.15a
to
Oct. 14
of rec. Oct.
6
Sept. 23
to
Oct. 24
to
Oct. 24
Sept. 23
1 Holders of rec. Oct. 18a
15 Holders of rec. Sep.30a

4
3

*K
2
1
1
1

K

\k
IK
2
1
1
3

SK
1

IK
2K
SI
2

IK
IK
IK
1

IK
IK
IK
IK
IK
2

IK
IK
2K
1

IK
IK
K
IK
1

IK
IK
IK
IK

>nt

Nov.

„»5 Holders of rec. Sent. 30a
10 Holders of rec. Oct 26a

Oct.
Nov.
Nov.
Oct.

15
18
1
25

Nov.
Nov.
Oct.
Nov.
Oct.
Oct.

10

Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.

Nov.
Nov.
Oct.
Oct.
Nov.
Nov.
Oct.
Nov.
Oct.
Nov.
Oct.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Oct.
Nov.
Oct.

1
15
1

15
20

Holders
Holders
Holders
Holders

of rec.Sept.22a
of rec. Oet.31a
of rec. Oct.13a
of rec. Oct.15a
Holders of rec. Oct.22a
Oct. 15
to
Nov. 14
Holders of rec. Sept. 30a
Holders of rec. Oct. 15a
Holders of rec. Oct. 6a
Oct. 12
to
Oct. 19

15
1

15
15
15
15

Holders of rec. Oct. 5a
Oct.
5
to
Oct. 16
Oct.
1
to
Oct. 15
Oct.
1
to
Oct. 15
1 Holders of rec. Oct.15a
15
1 Holders of rec. Oct. 15a
15 Holdere of rec. Sept.30a
20 Oct. 16
to
Oct.. 20
1 Holdere of rec. Oct. 16a
12 Oct. 23
to
Nov. 12
15 Holders of rec. Oct. la
1 Oct. 18
to
Oct. 31
31 Holders of rec. Oct. 20
2
9
18 Oct.
to
Oct. 18
15 Holdere of rec. Sept. 30
1 Holdere of rec. Oct. la
1 Holdere of rec. Oct. la
1 Holdere of rec. Oct.15a
1 Oct. 22
to
Oct. 31
1 Holders of rec. Oct. 15
15 Holders of rec. Sep.22a
1 Oct. 21
to
Oct. 31
15 Oct.
8
to
Oct. 16

Oct. 15 1910. j

THE CHRONICLE
Books Closed.

Days Inclusive.

Name of Company.
Banks.
New York Produce Exchange
Trust Companies.

Oct.

(No. 51)-,

22
29

rec.

2

Oct.
Oct.

2

Oct.

Holders of rec.
Holders of rec.
Oct. 15
to
Oct. 20
to
Oct. 14
to
Oct. 14
to
Oct. 14
to

1H

Broadway (quar.)
Nassau, Brooklyn (guar.).

15 Holders of

Nov.
Nov.

to
to

Oct.

8

Oct. 31
Nov. 1

Miscellaneous.

Alliance Realty (quar.)

Oct.
Agricul. Chem., pref. (No. 23)..
3
Oct.
American Chicle, common (monthly)..—
1
Oct.
American blst. Teleg. of N. J. (quar.)..
1
Amer. Light A Traction, com. (quar.).i.
2X Nov.
Common (payable in common stock).. 2Xstk Nov.
Preferred (quar.)
—
1 X Nov.
American Locomotive, pref. (quar.)
IX Oct.
Nov.
Amer. Malt Corporation, preferred
1
American Malting, preferred
62c. Nov.
Oct.
Amer. Seeding Machine, pref. (quar.)...
IX
Amer.

Oct.
Oct.
Oct.
Amer. TeleDh. A Telegr. (quar.)
Oct.
American Type Founders, com. (quar.).'.
Preferred
IX Oct.
American Woolen, pref. (quar.) (No. 46)
IX Oct.
Anaconda Mining (quar.) (No. 40)
50c. Oct.
Associated Gas A Elec., pref. (quar.)
1X Oct.
Associated Merchants, 1st pref. (quar.)..
IX Oct.
First preferred (extra)
X Oct.
Second preferred (quar.),.
—
1X Oct.
Second preferred (extra)
X Oct.
Oct.
Bell Telephone of Canada (quar.)
2
Bell Telephone of Pennsylvania (quar.). .
IX Oct.
Binghamton L.,H.AP,,com. (qu.) (No. 16)
X Oct.
Preferred (quar.) (No. 23)
IX Oct.
Butte Elec. A Pow., pref. (quar.) (No. 37)
IX Nov.
Central Coal & Coke, common (quar.)...
IX Oct.
Preferred (quar.).
IX Oct
Oct.
Chicago Pneumatic Tool (quar.)
1
Oct.
Claflln (H. B.), common (quar.)
2
Claflin (H. B.), 1st pref. (quar.)
IX Nov.
Second pref. (quar.)
lX Nov.
Nov.
Consol. Gas, El. L. & P., Balt., common
2
Consolidated Ice, pref. (quar.)
IX Oct.
Consolidation Coal (quar.)
IX Oct.
Cuyahoga Telephone, preferred (quar.)
IX Oct.
Del. Lackawanna & Western Coal (quar.)
2X Oct.
Detroit Edison (quar.)
IX Oct.
Distillers’ Sec. Corp. (quar.) (No. 32)..
X Oct.
Oct.
Distilling Co. of America, pref. (quar.)..
1
du Pont(E.I.)de Nemours Powd., Df.(qu.)
IX Oct.
Eastman Kodak, common (extra)
Dec.
10
Edison Elec. 111., Boston (quar.) (No. 86).
Nov.
3
Electric Bond A Share, com. (qu.) (No. 6).
Oct.
2
Preferred (quar.) (No. 22)
IX Nov.
Electrical Securities Corp., preferred
2X Nov.
General Electric (quar.)
Oct.
2
Goldfield Consolidated Mines (quar.)
30c. Oct.
Extra
20c.
Oct.
/Juana;uato Poio. A Elec., pf. (qu.) (No. 9)
IX Nov.
Harbison-Walker Refrac., pref. (quar.).
IX Oct.
Homestakc Mining (monthly) (No. 431).. 50cts. Oct.
Illinois Brick (quar.)
Oct.
2
Intercontinental Rubber, com. (No. 1)..
Nov.
1
Inter. But’hole Sew. Mach. (qu.)(No.52)
Oct.
1
International Harvester,com.(qu.)(No.3)
Oct.
I
International Nickel, common (quar.)..
Dec.
1
Common (extra)
X Dec.
Preferred (quar.)
IX Nov.
International Paper, pref. (quar.)
•
X Oct.
Internat. Smokeless Pow. & Chem., pref.
Nov.
4
Int. Steam Pump, pref. (quar.) (No.46).
IX Nov.
La Rose Consolidated Mines (quar.)
Oct.
2
Massachusetts Gas Cos., common (quar.)
1
Nov.
Massachusetts Ltg. Cos. (quar.) (No. 28).
IX Oct.
Mexican Lt. & Pow., Ltd. com. (quar.)..
Oct.
1
Mexican Light A Power, Ltd., pref
3 X Nov.
Mexican Telegraph (quar.)
2X Oct.
Michigan State Telehp., com. (guar.)
IX Dec.
Preferred (quar.)
IX Nov.
Preferred (quar.)
1
IX Feb.
National Biscuit, com. (quar.) (No. 48)_.
1 x |( >ct.
National Carbon, common (quar.)
IX jOct.
National Fire Proofing, pref. (quar.)
Oct.
l
New York Air Brake (quar.)
IX ‘Oct.
New York Dock, preferred
2
Oct.
Niagara Falls Power (quar.)
2
Oct.
Niplssing Mines (quar.)
5
Oct
Extra
2 X Oct.
Northern States Power, pref. (quar.)
IX Oct.
Nova Scotia Steel A Coal, com. (quar.)..
IX Oct.
Preferred (quar.)
2
Oct.
Oklahoma Gas A Elec., pref. (quar.)..
IX Oct.
Otis Elevator, common
l x Oct.
Preferred (quar.)
l X Oct.
Pacific Coast Co., common (quar.)
IX Nov.
Common (extra)
1
Nov.
First preferred (quar.)
IX Nov.
Second preferred (quar.)
1X Nov.
Second preferred (extra)
1
Nov.
Pacific Telep. A Teleg., pref. (quar.)
ix Oct.
Pay-as-You-Enter Car Corp., pref. (qu.)
Oct.
ix
Pennsylvania Salt (No. 95)
6
Oct.
Pittsburgh Coal, pref. (quar.)
ix Oct.
Pope Manufacturing, pref. (quar.)
l X Oct.
Portland Gas A Coke, pref. (quar.) (No. 3)
IX Nov.
Procter A Gamble, pref. (quar.)
2
Oct.
Quaker Oats, common (quar.)
2
Oct.
Common (extra)
X Oct.
Preferred (ousr.)
ix Nov.
Reece Buttonhole Mach, (qu.) (No. 98)
Oct.
2
Rhode Isld. Perk. Horseshoe, pf. (quar.)
1
Oct.
San Diego Cons. Gas A Elec., pref.(qu.)
IX Oct.
Shawlnlgan Water A Power (quar.)
l
Oct.
Silversmiths Company (quar.)
ix Nov.
Southern California Edison, pref. (quar.).
IX Oct
Southern New England Telephone (qu.)
IX Oct.
Standard Milling, pref. (No. 15)
2
Oct.
Trow Directory Ptg. A Bookbinding
2
Oct.
Union Bag A Paper, pref. (qu.) (No. 46).
l
Oct.
United Cigar Mfrs., common (quar.)
ix Nov.
United Cigar Stores, Corp. of(qu.)(No.5)
IX Oct.
Extra
60c Oct.
United Dry Goods Cos., com. (quar.)
2
Nov.
United Electrio Securities, preferred.... S3 50 Nov.
United Fruit (quar.) (No. 45)
2
Oct.
Extra dividend
io
Nov.
United Gas Improvement (quar.)
2
Oct.
United States Express (No. 154)
3
Nov.
U. S. Realty A Improvement (quar.)
ix Nov.
U. S. Rubber, 1st pref. (quar.)
2
Oct.
Second preferred (quar.)
ju Oct.
U. S. Smelt,Refg., A Mining, com. (qu.)
1
Oct.
Preferred (quar.)
j u Oct.
Vlrglnla-Carollna Chem.,p!.(qu.)(No. 60)
Oct.
2
Vulcan Dettnnlng, pref. (quar.)
ix Oct.
Western Electric (quar.)..
2
Nov.
Western Union Teleg. (quar.) (No. 166).
X Oct.
Westinghouse Eleo. A Mfg., preferred.,
ix Oct.
e Extra
e3X Oct.
White (J. G.)A Co., Inc., pref. (quar.)..
IX Nov.
American Shipbuilding, preferred (quar.)
Amer. Smelt. A Rfg., com. (qu.) (No. 28)

.

‘

IX
1
2
1

.

Sept. 22
Oct. 21
Oct. 21

to
to
to

Oct.

5

Sept 30
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.

20
28
31
31
31
20
10

10
Holders of rec. 8ept.30a
Sept. 18
to
Oct. 16
Oct.
1
to
Oct.
6
Holders of rec. Sept. 30a
Holders of rec. Oct 10a
Holders of rec. Oct. 10a
Sept. 24
to
Oct.
6
Holders of rec. Oct. 6a
Sept. 30
to ‘ Oct.
2
Holders of rec. Oct. 7a
Holders of rec. Oct. 7a
Holders of rec. Oct. 7a
Holders of rec. Oct. 7a
Holders of rec. 8ep.24«
Oct.
6
to
Oct. 16
Holders of rec. Sep.30a
Holders of rec. Sep.30a
Holders of rec. Oct. 15a
Oct
1
to
Oct. 16
Oct.
1
to
Oct. 16
Oct. 16
to
Oct. 25
Holders of rec. Oct. 7a
Holders of rec. Oct.24a
Holders of rec. Oct.24a
Sept. 25
to
3
Oct.
Oct.
9
to
Oct. 20
Oct. 25
to
Oct. 31
Holders of rec. Oct. 15a
Holders of rec. Oct. la
Holders of rec. Oct. la
31'Sept. 29
Oct. 19
to
29 Sept. 29
to
Oct. 19
25 Oct. 18
to
Oct. 25
1 Holders of rec. Oct. 31a
1 Holders of rec. Oct. 15
15 Holders of rec. Oct.l4a
1 Oct. 21
to
Oct. 31
1 Holders of rec. Oct.29a
15 Holders of rec. Sept. 3a
31 Holders of rec. Sept. 30a
31 Holders of rec. Sept. 30a
l Oct. 21
to
Oct. 31
20 Holders of rec. Oct. 10
25 Oct. 21
to
15 Oct.
6
to
Oct. 16
1 Holders of rec. Oct. 15
5
15 Holders of rec. Oct.
15 Holders of rec. Sept.24a
1 Nov. 12
to
Dec.
1
1 Nov. 12
Dec.
1
to
1 Oct. 14
to
Nov. 1
15 Oct.
6
to
Oct. 26
15 Holders of rec. Nov. 5a
1 Oct. 21
to
Nov.
1
20 Oct.
1
to
Oct. 17
1 Holders of rec. Oct. 15a
15 Holders of rec. Oct. la
15 Oct. 10
Oct. 15
to
1 Holders of rec. Oct. 15
15 Holders of rec. Sept. 30a
1 Nov^ 16
to
Dec.
1
1 Oct. 16
Nov. 1
to
1 Jan. 15
to
Feb.
1
15 Holders of rec. Sep. 28«
15 Oct.
6
to
Oct. 16
15 Holders of rec. Oct.
3
28 Holders of rec. Oct. 6a
1
15 Holders of rec. Oct.
15 Holders of rec. Oct. la
20 Oct. 1
to
Oct. 17
20 Oct. 1
to
Oct. 17
15 Holders of rec. Sept. 30
15 Holders of rec Sept. 30
15 Holders of rec. Sept. 30
15 Holders of rec. Sept. 30
15 Holders of rec. Sept. 30
15 Holders of rec. Sept. 30
1 Oct. |23
to
Nov. 1
1 Oct. 23
to
Nov. 1
to
Nov. 1
1 Oct. 23
1 Oct. 23
to
Nov. 1
to
1 Oct. 23
Nov. 1
to
Oct. 15
15 Oct.
1
15 Holders of rec. Oct.
1
15 Holders of rec. Sept. 20
25 Holders of rec. Oct. 15a
31 Holders of rec. Oct.21a
1 Oct. 23
to
Oct. 31
15 Sept. 25
Oct. 16
to
15 Holders of rec. Oct. la
15 Holders of rec. Oct. la
30 Holders of rec. Nov. la
15 Holders of rec. Oct.
5
15 Holders of rec. Oct.
4
15 Holders of rec. Sept. 30
7
20 Holders of rec. Oct.
15 Holders of rec. Nov. 10
15 Oct.
1
to
Oct. 15
1
to
Oct. 15
Oct.
Oct. 26
to
Oct. 31
17 Oot.
6
Oct. 16
to
15 Holders of rec. Sept. 30a
1 Holders of rec. Oct. 25a
15 Oct.
2
to
Oct. 16
15 Oct.
2
to
Oct. 16
1 Holders of rec. Oct. 25
1 Holders of rec. Oct.22a
15 Holders of rec. Sept. 27a
4 Holders ot rec. Oct. 24
15 Holders of rec. Sept. 30
15 Nov. 2
to
Nov. 15
1 Holders of rec. Oct.20a
31 Holders of rec. Oct. 15a
31 Holders of rec. Oct. 15a
15 Holders of rec. Oct.
3
15 Holders of rec. Oct.
3
to
Oct. 16
15 Oct.
1
20 Holders of rec. Oct. 10a
1 Oct. 26
to
Nov. 1
15 Sept. 21
to
Oct. 12
15 Oct.
6
to
Oct. 16
6
to
Oct. 16
15 Oct.
1 Holders of rec. Oct.30a

books not closed,
b Declared 5% payable 2X% Oct 15 1910 and
2X% April 15 1911. e On account of accumulated dividends, declared 8X%•
payable 3X% Oct. 15, 3X% Jan. 15 1911 and IX% April 15 1911.
a

Transfer




1005

Statement of New York City Clearing-House Banks.—The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Oct. 8.
The figures for the separate banks are the averages of the

daily results. In the case of the totals, the actual figures
.of the week are also given.

at the end

For definitions and rules under which the various items are
made up, see “Chronicle,” V. 85, p. 836.
We omit two ciphers
Banks.
00* omitted.

Capital.

(00) f» all cases.

Surplus. -Loans.
A verage.

$
Bank of N. Y__
Manhattan Co.

Merchants'....
Mech. A Metals
America

Phenix

City
Chemical
Merchants’ Ex.
Gallatin
Butch. A Drov.
Greenwich
American Exch.
Commerce
Mercantile
Pacific
Chatham
....

People’s
Hanover
Citizens’ Cent..
Nassau
Market AFulton

Metropolitan
Exchange
Imp. & Traders’
..

Corn

Park
East River

Fourth
Second
First

Irving Exch
Bowery
N. Y. County..
German-Amer
Chase
Fifth Avenue..
German Exch..
Germania
Lincoln
Garfield
Fifth
.

Metropolis
West Side
Seaboard.

Liberty
N. Y. Prod. Ex.
State
14th Street
Coal & Iron
Union Exch

%

$

2,000,0
3,520,3
2,050,0
4,184,5
2,000,0
1,789,6
7.988.0
6,000,0
1.500,0
5,874.2
1,000,0
724,9
25,000.0 31,519,7
3,000,0
6,494,7
600,0
582,0
1,000,0
2,533,2
300,0
158,0
500,0
832,9
5,000,0
4,439,8
25,000,0 16,497,4
3,000,0
2,728,2
500,0
913,1
450,0
1,059,7
200,0
470,3
3,000,0 11,910,1
2,550,0
1,746,7
500,0
538,2
1,000,0
1,720,7
2,000,0
1,478,9
3,000,0
5,254,1
1,500,0
7,545,9
5,000,0 12,524,1
250,0
108,5
5,000,0
5,624,9
2,080,9
1,000,0
10,000,0 20,589,9
2,000,0
1,655,0
250,0
815,9
500,0
1,657,4
750,0
689,5
5,000,0
7,706,8
100,0
2,109,4
200,0
895,2
200,0
1,016,6
1,000,0
1,542,5
1,000,0
1,197,7
499,9
250,0
1,000,0
2,078,2
200,0
1,019,2
1,000,0
1,960,2
1,000,0
2,771,2
1,000,0
757,1
1,000,0
782,2
1,000,0
320,4
1 1,000,0
392,1
1,000,0
952,4

Specie.

Leqats.

Average.

Average

$

20,303,0
33.450,0
19,606,0

Res've.

t

%

%

3,824,0

920,0
1,645,0
999,0
1,192,0
1,848,9
291,0
4,760,0
2,089,3
142,7
510,3
67,1
197,0
1,960,6
6,960,2
1,086,3
490,9
1,080,9
135,1
6,867,5
225,3
904,9
895,7
234,8
4,625,0
2,118,0
1,090,0
110,4
2,300,0
184,0
2,546,7
1,261,6
52,0

8,704,0
4,250,0

52.962.0
25,876.8
7,296,0

Deposits.
Average.

10.922.3

4,832,6

1,348,0
174,152,4 32,853,0
28,556,0
5,060,2
6,660,6
1,517,7
8,732,1
1,245,1
2,845,2
413,8
7,582,1
1,829.1
35,048,8
6,478,9
147,361,8 24,917,8
15,063,3
1,809,9
3,580,6
259,9
7,931,8
1,196,0
2,103,7
396,2
65,791,1 12,494,6
21,478,6
5,219,4
980,6
7,184,1
8,612,3
1,152,4
12,396,6
3,140,7
44,642,0
8,332,0
25,449,0
3,551,0
81,900,0 21,082,0
1,471,5
188,6
28,074,0
4,566,0
12,633,0
2.914,0
104,239,3 21,615,9
22,075,4
5,560,5
822,0
3,424,0
7,702,1
1,201,8
4,060,7
760,3
75,696,0 16,833,5
12,905,6
2,659,0
3,987,0
450,2
4,599,3
842,4
17,411,5
3,576,7
8,203,5
1:590:0
3,355,4
579,4
11,023,4
1,177,9
4,265,0
911,0
20,045,0
4,380,0
16,785,8
3,532,0
8,193,1
2,266,3
14,893,0
4,526,0
6,002,7
1,122,1
6,267,0
966,0
8,314,8
1,036,9

18,211,0 26.0
38,800.0 26.6
20,046,0 26.1
50.265.7 24.0
26,214,4 25.4

6,282,0
156,599,2
26,572,7
6,684,5
6,893,3
2,215,5
8,390,5
33,471,1
1)4,980,3
11,426,4
2,916,0
8,442,3
2,151,5
73,972,2
20,744,0
7,973,9
8,278,5
13,012,7
52,081,0
22,611,0
86,094,0
1,329,2
26,857,0
12,249,0
93,223,1
23,907,0
3,535,0
7,551,6
3,856,0
82,598,6
14,537,5
3,840,8
5,251,4
19,235,0

600,8
216,6

4,673,4
1,162,4
467,9
510,9

1,290,1
246,6
295,3
1,407,4
220,0
1,880,0
837,6
213,2
323,0
458,2
761,0
1,000,0

7,948;7

26.7
24.0
27.0
24.8
25.4

21.7
24.1
25.3
25.5
25.3
25.7
26.9

24.6
26.2

26.4
23.6
24.7

25.9

24.5
25.0
25.7
22.5

25.5
25.2
25.9
28.5
24.6
24.3
25.3
26.0
26.2
23.9
25.7
26.2
23.1
25.2
24.3
24.2
26.8
25.9
25.5

3,460,5
10,622,3
4,658,0
23,337,0
16,874,6
9,695,5
18,493,0 26.2
6,309,4 25.0
6,520,0 26.4

8.008,1,25.4

Totals, average 133,350,0 194,250,3 1272,197,0 251,895,7 66,356,6 1249,228,0 25.5
Actual figures
1263,052,0 249,639,7 66,870,3

(Oct. 8...

1238,088,7j25.5

—

On the basis of averages, circulation amounted to $48,110,100 and United States
deposits (included in deposits) to $1,615,900; actual figures Oct. 8, circulation.
$48,187,400; United States deposits, $1,621,900.

The State

Banking Department also

furnishes weekly
companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
now

returns of the State banks and trust

For definitions and rules under which the various items are
made up, see “Chronicle,” V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended Oct. 8.

State Banks
Slate Banks
Trust Cos.
in
in
outside of
Greater N. Y. Greater N. Y. Greater N. Y

$

Trust Cos.
outside of
Greater N. T,

%

$

Capital as of Aug. 31

25,175,000

65,406,000

*9.023,000

Surplus as of Aug. 31

38,315,700

172,375,500

*10,796,145

10,098,115

301,738,200 1,024,116,000
+2,225,400 + 11,809,100

94,920.500
+ 175,100

138,064,000
+ 188,700

100,562,800
+ 582,000

144,435,900
+ 810,400

Loans and Investments..

Change from last week.

Specie

‘Change from last week.

50,465,500
+ 493,900

115,834,900
+ 1,615,100

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

23,827,800
—689,500

12,947,700
+ 104,600

Deposits
Change from last week.

349,363,200 1,083,385,800
+2,399,900
—3,088,000

Reserve on deposits

Change from last week.

96,985,700
+ 542.400

135,356,500
+ 1,628,200

21,017,100
+387,400

20,439,200
+ 711,900

28.3%
28.4%

16.1%
16.1%

21.6%
21.3%

14.8%
14.3%

P. C. reserve to

deposits..
Percentage last week..
+ Increase over last week.

9,775,000

-

—

Decrease from last week.

*Aa of June 30.

Note.—“Surplus” Includes all undivided profits.
“Reserve on deposits” In
eludes, for both trust companies and State banks, not only cash items, but amount!
due from reserve agents.
Trust companies In New York State are required by
law to keep a reserve proportionate to their deposits, the ratio varying according to
location as shown below.
The percentage of reserve required is computed on
the aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within 30 days, repre¬
sented by certificates, and also exclusive of deposits secured by bonds of the State
cf New York.
The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to tbe amendment of 1910), and exclusive of deposits secured by bonds
of the State of New York.
—Trust Cos.—
—State Bank:—
Reserve Required for Trust
and State Batiks.
Location—
Manhattan Borough

Companies

Total
Reserve

Of
which

Total

Cf

Reserve

wh eh

Required in Coe)
Cash.Required
-.15%
25%
15%
Brooklyn Borough (without branches in Manhat.) 15%
10%
20%
Other boroughs (without branches In Manhattan>15%
10%
15%
Brooklyn Borough, with branches in Manhattan.. 15%
20%
15%
Other Boroughs with branches in Manhattan
15%
15%
15%
Elsewhere In State
...10%
5%
15%

in Cash

........

15%

10%
7X%
20%

15

1006

THE CHRONICLE

The

Banking Department also
separate figures indicating the totals
trust companies in the Greater New
tiouee. These figures are shown in

also the results

undertakes to present
for the State banks and
York not in the Clearing
the table below, as are

(both actual and average) for the ClearingHouse banks. In addition, we have combined each corre¬
sponding item in the two statements, thus affording an aggre¬
gate for the whole of the banks and trust companies in the

Greater New York.

NEW YORK CITY BANKS

Clear.-House
Week ended Oct. 8.

AND

Clear.-Housc Stale Banks A

Banks.

Banks.

ActualFigures

Average

$

$

Total of all
BanksA Trust
Cos. Average.

Trust Cos. not
in C.-H. Aver.
%

$

Capital

as of

Aug. 31..

132,350,000

132,350,000

74,631,000

206,981,000

Surplus

as of

Aug. 31..

193,297,900

193,297,900

180,661,300

373,959,200

Loans and Investments 1,263,052,000
Change from last week —15,098,200

1,272,197,000
—13,219,400

Deposits

Change from last week

1,115,684,500 2,387,881,500
+ 12,647,600

and

—571,800

,

249,639,700
—4,515,900

251,895,700
—9,711,900

122,303,100

374,198,800

+ 1,639,500

—8,072,400

Legal-tenders
Change from last week

66,870,300
+323,500

66,356,600
—1,458,700

621,592,200
+ 181,300

87,948,800
—1,277,400

318,252,300
—11,170,600

cl43,895,300
+ 1,820,800

462,147,600
—9,349,800

26,956,300
+ 643,400

26,956,300
+643,400

170,851,600
+2,464,200

489,103,900
—8,706,400

Aggr’te money holdings
Change from last week

316,510,000
—4,192,400

deposit with
other bks. & trust cos.
Change from last week

Loans.

Specie.

$

$

Surplus.
Boston.

$

Sept.17..
Sept.24..
Oct.
1..
Oct.
8..
Phila.

Oct.
Oct.

1..
8..

40,200.0
40,200,0
40,200,0
40,200,0

Change from last

.

316,510,000
—4,192,400

_

week

206,477.0

318,252,300
—11,170,600

25.57%
25.42%

25.50%
25.82%

6,987,825

17.9%
17.9%

5,945,300

COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

Deposits.

$
$
Aug. 6.. 2.319.167.3 2.299.315.5
Aug. 13.. 2.331.975.4 2,316,350,0
Aug. 20.. 2.339.911.8 2,326,315,7
Aug. 27.. 2.346.781.2 2.331.878.3
Sept. 3.. 2.348.900.4 2.326.474.5
Sept. 10.. 2.355.593.2 2.320.771.3
Sept. 17.. 2.367.842.8 2.328.750.6
Sept. 24.. 2.375.411.8 2,329,379,2
1__

143,101.0
142,593.5
139.329,0
169,377,5

75,595,0
74,903,0
72.795,0

306,861,0 16,493,0
305,459,0 16,447,0
305,050,0 16,439,0

70,334,0

131,156,7
136,223,7
135,503.9

304,626,0j 16,384,0

160,501,8

are

FOREIGN IMPORTS AT NEW YORK.

For Week.

1910.

Dry Goods
General Merchandise
Total
Since Jan. 1.

1909.

1908.

$3,024,p05
15,857,931

$2,897,928
15,854,798

$18,882,536

$18,752,726

1907.

$2,663,152
10,282,036

$3,001,076
10,318,996

$12,945,188

$13,320,072

1

Dry Goods
General Merchandise

$121,826,395 $130,323,435
588,250,842 533,126,668

Total 40 weeks..

-

$94,049,067 $146,229,416
386,442,027 526,646,530

$710,077,237 $663,450,103 $480,491,094 $672,875,946

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. 8 and from Jan. 1 to date:

Total 40 weeks..

2.388.453.3 2,330,077,9
2.387.881.5 2.316.630.7

Specie.

Legals.

%

Holdings

$

on

$

Deposit.
$

93,995,0

499.697.3
508.350.8

421.847.4
421,021,3
412.681.1
401,048,5
397,232,0
392.538.2
382.271.2
374,198,8

92.656.7
90.699.2

535.467.8

512.546,6
512.484.5
502,336,1
489.173,2
485.829.9
481.449.6
471.497.4
462.147.6

539.637.8
537.996.1
528.336.2

-

525,172,3

516.455.2

513.289.9
508.147.8
497.810.3
489.103.9

Reports of Clearing Non-Member Banks.—The following is

the statement of condition of the
clearing non-member
banks for the week ending Oct. 8, based
on. average

daily results:

1908.

1907.

$12,553,827
480,576,468

$14,624,233
480,273,639

$510,987,554 $466,604,034 $493,129,295 $494,897,872

The following table shows the
exports and imports of
specie at the port of New York for the week ending Oct. 8
and since Jan. 1 1910, and for the
corresponding periods in
1909 and 1908:

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

Exports.

Gold.

Week.

Imports.

Since Jan. 1

Week.

$32,150,000

Germany

405.702.3
416.194.1

91.463.2
89,655,0
88.124.7
88,597,9
88,911,4
89.226.2
87.948.8

$11,629,554
454,974,480

Great Britain
France

Tot. Motley Entire Res.

I

1909.

$16,096,294
494,891,260

Previously reported

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

8

$

7,968,0
7,947.0
7,991,0
8,024.0

1910.

The

Oct.
Oct.

$

246,921,0
247,117,0
250,395,0
250,143,0

Imports and Exports for the Week.—The following

For the week

—

Investments.

$

4,728.0
4,967,0
5,696,0
4,554,0

Clearings.

the imports at New York for the week
ending Oct. 8; also
totals since the
beginning of the first week in January:

|

+ Increase over last week.
Decrease from last week.
These are the deposits after eliminating the item ‘"Due from
reserve depositories
and other banks and trust companies in New York
City”; with this item Included,
deposits amounted to $1,199,555,900, a decrease of $1,679,600 from last week. In
the case of the Clearing-House banks, the
deposits are “net” both for the average
and the actual figures.
6 Includes bank notes, c Of this amount State banks held
$15,112,700 and trust companies $128,782,600.

Ended.

Circu¬
lation.

a

a Including Government
deposits and the item “due to other banks.” At Boston
Government deposits amounted to $3,049,000 on October
8, against $3,051,000
on October 1.

a

Loans and

$

22,184.0

55,465,0 254,866,0
55,465.0 254,583.0
55,465,0 255,799,0
55,465,0 257.355,0

Deposits,

EXPORTS FROM NEW YORK FOR THE WEEK.

reserve

Week

figures.

1

Percentage to deposits
requiring reserve
Percentage last week..
Surplus

Legals.

204,708,0 22,518,0
204,394,0 23,541,0
206,192,0 22,870,0

on

Total reserve

LXXXX1

Capital

Banks.

1,238,088,700 1,249,228,000 al,067,402,700 2,316,630,700
—24,795,500 —27,346,000
+ 13,898,800 —13,447,200

Specie
Change from last week

Money

We omit two ciphers (00) in all these

Sept. 17..
Sept.24..

TRUST COMPANIES.

S

[VOL.

Since Jan. 1

$13,469,736
3,457,050

4,455

West Indies
Mexico
South America
All other countries.

$400

*314

3,289,232

$54,549

9',368,766

107,907
59,106

431

41,900

Total 1910
Total 1909.
Total 1908

$400 $44,854,353

100,000

Silver.
Great Britain

France

.

Germany
West Indies

Mexico
South America
All other countries

$221,993 $20,555,186
119,589
7,091,399
128,421 14,390,340
m-ir*-4.ScS5£M

76,994,692
47,647,925

•4

$941,618 $31,253,786
53,800
1,798,600
80,053
558,008
739
68,537
47,825
6,305

1,558
3,997
26,994
26,037

$13,344
1,555
12,374
69,900
1,322,176
1,110,266
1,103,721

$1,082,530 $33,733,061
790,418 35,738.611
876,222 33,033,046

$58,586
44,774
96,409

$3,633,336
3,834,420
2,899,882

6,320

.

Total 1910
Total 1909
Total 1908.

458,753
234,380
1,900,083
1.034,870

We omit two ciphers (00) in all these figures.

Loans,

Legal
Tender

Disc’ts
Banks.

Deposit with

Capi¬

Sur¬

and

tal.

Invest¬

and
Bank

Clear¬

plus.

ments.

Notes.

Agent.

Specie

ing

Other
Banks
Ac.

N. Y. City
Boroughs cl

Man. A Bn
Wash. H’ts

-

■

Colonial
Columbia..
...

_._i

Jefferson...
Mt. Morris.

Mutual
Plaza

23d Ward..
YorkviUe
New Neth’d
Bat.Pk.Nat.
Aetna Nat.
..

Borough of
Brooklyn.
Broadway

200,0
252,0

.

Mfrs.’ Nat.

Mechanics’.
Nassau Nat
Nat. City..
North Side.
First Nat..

First Nat..

Hud.Co.Nat
Third Nat..

Hoboken.
First Nat..
Second Nat

$

%

270,6 1,298,8
160,2
1,341,7
362,5 5,448,8
751,7 6,186.0
175,5 1,073,5
521,3 3,103,2
313,8 2,560,5
371,3 3,562,8
453,8 3,919,0
106,5 1,893,9
451,8 4,194,9
265,5 2,241 0
156,8
1,412,0
317,7 2,156,4

%

135,3
24,1
758,6
544,0
73,7
197,9
492,0
38,0
318,0
145,2
46,4
256,0
210,5
399,2

$

55,7
170,0
531,6
505,0
94,9
293,6
32,3
545,2
364,0
47,7
739,4
88,0
38,6
33,9

$

158,5
83,8
746,4
709,0
147,4
135,1
437,0
269,7
879,0
192,8
296,5
348,0
93,9
32,1

$

16,9
167,0
573,0
73,0

307,9
84,8
5,3
259,3
5,0
22,3

$

1,296,3
1,289,0
7,363,9
6,906,0
1,114,8
3,348,5
3,393,8
3,906,7
4,906,0
2,083,5
5,352,2
2,483,0
1,260,5
2,042,6

200,0
300,0

513,3 3,254,2
831,9 5,572,0
815,4 12,961,8
1,010,4 6,981,0
601,8 3,880,0
139,0 2,071,0
611,0 3,397,0

33,1
495,7
356,8
319,8
364,6 1,491,4
621,0
309,0
99,0
527,0
129,8
92,6
344,0
76,0

371,8
817,6
2,719,8
1,562,0
628,0
312,6
401,0

299,9 3,871,5
164,0 6 106,8
519,8 17,938,4
7,569,0
150,0 4,923,0
112,3 2,482,0
38,0 3,117,0

400,0
250,0
200,0

1,251,8
751,9
394,5

5,280,1
3,096,4
2,122,0

279,4
137,5
65,0

345,4
51,2
112,8

3,288,3
282,9
423,9

144,0
108,9
20,0

7,740.5
2,758,1

220,0
125,0

623,3
245,9

3,132,9
2,753,8

138,5
110,3

27,9
82,9

146,1
45,4

159,6
134,1

2,845,1
2,930,1

1,000,0
750,0
300,0

Jersey City.

Tot .Oct.

$

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

Century
Fidelity

Net

Deposits.

2,298,8

8 7,497,0
1 8,497,0

12,469,2 94,894,7 6,317,9 7,471,6 15,528,6 3,365,1
13,421,6 102358,2 7,313,8 8,481,0 14,173,6 4,047,4 111327,1
Tot .Sept .24 8,497,0
117131,3
13,421,6 100425,8 7,386,5 8,427,8 14,616,4
3,637,0 115554,0
Tot.Oct.

Of the above imports for the week in
1910, $54,520 were
American gold coin and $558 American silver coin.
Of
the exports during the same time, $400 were
Ameri¬
can gold coin and $
were American silver coin.

Boston and Philadelphia
Banks.—Below i9 a summary of
the weekly totals of the
Clearing-House banks of Boston
and Philadelphia.




fPatxhtng and ffimmciaL
INVESTMENT SECURITIES

Our eight-page circular No.687 describes several
Issues of sound
Investment bonds yielding about 4H to 5H%.

Spencer Trask & Co.
43 EXCHANGE PLACE. NEW YORK
Branch offices: Chicago. 111., Boston. Mass.,
Albany. N. Y.

WHITE, WELD & CO.
6 NASSAU

Members New York Stock Exchange
STREET,
THE

ROOKERY;

NEW YORK

CHICAGO

BANKING and EXCHANGE of every

EXPORTS &

International

description In

connection with

IMPORTS

Banking Corporation

SO Wall St.. New York.
CAPITAL & SURPLUS. $6,800,000
BRANCHES and AGENCIES throughout the
WORLD.

THE

INTERNATIONAL BANK

Organized under the Laws of N. Y. State.

60 Wall St.. New York
Interest paid on Term Deposit?.
THOMAS H. HUBBARD. Pre iden

Accounts Invited.

a

Oot. 15

THE CHRONICLE

1910.]

ftaxette.
Wall Street, Friday Night, Oct. 14 1910.
The Money Market and Financial Situation.—The volume
of business at the Stock Exchange has increased day by day

throughout the week and concurrently there has been a
decided tendency towards advancing prices.
This move¬
ment was stimulated by the Government crop report, given
out on Monday, which confirmed the most optimistic views
of the crop situation, especially as to corn.
The importance
of this matter is evidently becoming better understood and
appreciated.
.
In both railway and financial circles there is a more hopeful
feeling in regard to the probable outcome of the present
inquiry by the Inter-State Commerce Commission in the
matter of the proposed increased freight rates.
The recent
decision in Minnesota, referred to in our issue of Sept. 24,
and the important and convincing evidence brought out in
this week’s proceedings it is felt will have a favorable influ¬
ence in shaping the final decision of the Commission.
Evidently the effect of the foregoing more than offset
what would naturally have been the result of the United
States Steel Corporation’s report of limited orders on hand,
of the somewhat mixed and uncertain political situation in
anticipation of the State elections early in November and of
The latter are reflected in an
money market conditions.
advance in call loan rates to 3% to 3%%.
This rate is, of
course, not high for the season, but is the highest quoted
since last spring, and the demand for funds for crop moving
is still in force and likely to remain so for some time to come.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1% to 3%%.
To-day’s rates on call were 2@3%%.
Commercial paper quoted at 5%@5%% for 60 to 90-day
endorsements, 5%@5%% for prime 4 to 6 months’ single
names and 5%@6%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £634,302 and the percentage
of reserve to liabilities was 46.94, against 47.67 last week.
The rate of discount remains unchanged at 4%, as fixed
Sept. 29. The Bank of France shows a decrease of 9,975,000
francs gold and 3,875,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1909.

1908.

Averages for
week ending

1910.

Differences
from

Averages for
week ending

Averages for
week ending

Oct. 8.

previous week.

Oct. 9.

Oct. 10.

8

$

$

8
132.350,000
193,297,900

Capital
Surplus...
Loans and discounts

1,272,197,000 Dec. 13,219,400

Circulation
48,110,100 Inc.
920,500
Net deposits
1,249,228,000 Dec. 27,346,000
U. 8. dep. (inel. above)
1,615,900 Inc.
65,500
Specie
251,895,700 Dec. 9,711,900
Legal tenders
66,356,600 Dec. 1,458,700
Reserve held

127,350,000
126,350,000
163,720,100
177,371,800
1,273,033,200 1.324,358,000
51,599,200
53,514,300
1,278,402,200 1,402,753,100
1,675,100
9,248,000
255,734,700 306.469.500
68,413,600
78,926,000

318,252,300 Dec. 11,170,600
312.307,000 Dec. 6,836,500

25% of deposits

■

324,148.300
319,600,550

385.395.500

350,688.275

1007

Paul, 25c. per $1,000 premium. New Orleans, commercial,
75c. @$1 per $1,000 discount; bank, $1 per $1,000 premium.
Savannah, buying, 3 16c. per $1,000 discount; selling, par.
Montreal, 15%c. discount to par.
State and Railroad Bonds.—Sales of State bonds at the
Board include $6,000 New York Canal 4s at 104% to 104%
and $1,000 Virginia 6s deferred trust receipts at 43.
V
The market for railway and industrial bonds has become
more active as the week advanced.
This increased volume
of business is due largely, however, to the movement of a
few issues, but is also the result of a broader general market.
Third Avenue cons. 4s have been the conspicuous feature.

They declined from 63% on Monday to 57% on Thursday,
during which they changed ownership in large blocks.
Wabash-Pittsburgh Terminal first trust receipts have also
been unusually active and advanced over 5 points.
General
Electric conv. deb. 5s are 3 points higher and Erie conv.
Series A nearly as much.
Several other issues are a point or
more higher and a few are
unchanged or fractionally lower.
United States Bonds.—Sales of Government bonds at the
Board are limited to $1,000 3s reg. at 102 and $5,000 2s reg.

at

100%.
for yearly

The following are the daily closing quotations;
third page following.

range see

Interest
Periods

2s,
2s,
3s,
3s,
4s,
4s,
2s,
2s,

1930
registered Q—Jan
1930
coupon Q—Jan
1908-18
registered Q—Feb
1908-18
coupon Q—Feb
1925
registered Q—Feb
1925
coupon Q—Feb
1936 .Panama Canal regis Q—Feb
1938_Panama Canal regis Q—Nov
_.

Surplus

reserve

5,945,300 Dec.
6,349,275 Dec.

4,547,750
4,966,525

4,334,100
4,317,725

34,707,225
37,019,225

Note.—The Clearing House now issues a statement weekly showing the actual
condition of the banks

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

Foreign Exchange.—A violent decline

the first two days
of cotton bills, has
demand sold early

on

of the week, due to very liberal offerings
been followed by a moderate recovery;

to-day at 4 86 but closed at 4 85%.
To-day’s (Friday’s) nominal rates for sterling exchange
were
4 84 for sixty-day and 4 87 for sight.
To-day’s
actual rates for sterling exchange were 4 82%@4 83 for
sixty days, 4 8585@4 8595 for cheques and 4 8620@4 8630
for cables.
Commercial on banks 4 82%@4 82% and
documents for payment 4 82% @4 83.
Cotton for payment
4 82 @4 82% and grain for payment 4 82% @4 83.
To-day’s (Friday’s) actual rates for Paris bankers’ francs
were 5 21% less 1-16@5
21% for long and 5 18% less 3-32
@5 18% less 1-16 for short. Germany bankers’ marks
were 94%@94 7-16 for
long and 95 1-16 less l-32@95 1-16
for short.
Amsterdam bankers’ guilders were 40 25@40 27
for short.

Exchange at Paris on London, 25f. 23c.; week’s range
high and 25f. 22%c. low.
Exchange at Berlin on London 20m. 45%pf.; week’s
range 20m. 46%pf. high and 20m. 45%pf. low.
The range of foreign exchange for the week follows:
25f. 24%c.

Sterling, Actual—
High for the week
Low for the week
Paris Bankers’ Francs—

sixty Days.

Cheques.

Cables.

4 83 *4
4 82*4

4 8610
4 85*4

4 86 *4

5 21*4
5 21*4

6 18 % less 1-32
5 19*6

6 18*4 less 3-32
5 18** less 1-16

High for the week
Low for the week...

Germany Bankers’ Marks—
High for the week

94*6

Low for the week
94*6
Amsterdam Bankers’ Guilders—
High for the week
40 1-16
Low for the week
40

4 8610

96 1-16
94 16-16

95*6
95 1-16 less 1-32

40 29
40 25

40 33
40 29

The following are the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago,
par @5c. per
discount.
San

$1,000 premium. Boston, 15c. per $1,000
Francisco, 40cper $1,000 premium.
Charleston, buying, par; selling, l-10c. premium. St. Louis,
35c. per $1,000 discount bid; 25c. per $1,000 asked.
St.




Oct.
10

Oct.
11

*100*4
*10054
*101*4
*101*4
*114*4

*100*4
*100*4
*101*4
*101*4
*114*4

100*4
*10054
*101*4
*101*4
*H4*4

*115

*115

*115

Oct
12

Oct.
13

Oct.
14

*100*4 *100*4
*100*4 *100*4
102
*101*4
Holi¬ *101*4 *101*4
day *114*4 *114*4
*115

*100*4 *100*4 *10054
*100*4 *100*4 *100*4

*115

*100*4 *100*4

*100*4j*100*4

i
*

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

Railroad and Miscellaneous Stocks.—As noted above the
stock market has been more active, the transactions to-day

aggregating larger than at any time since July. The ten¬
dency of prices has been steadily upward, and the result is
a substantial advance in
practically all the active issues.
The upward movement was led by Reading, Union Pacific
and United States Steel, all of which are from 4 to 5% points
higher than last week. These were closely followed by
Atchison, Great Northern, Northern Pacific, St. Paul and
a few less prominent issues.
Internationll Harvester has
made a sensational advance from 99 to 110% on limited
transactions, moving up over 4 points to-day. Contrariwise
Manhattan Elevated has lost a part of the advance noted last
week and Canadian Pacific is fractionally lower.
The copper stocks have been notably strong on the im¬
proved condition in the metal trade. American Telegraph
& Cable is conspicuous for an advance of 7 points since Oct. 1.
For daily volume of business see page 1015.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
,

STOCKS.
Week ending Oct. 14.

Sales

Am Brake Shoe&Fdy, pf
Amer Telegraph & Cable

Batopilas Mining
Buff Rochester <fc Pittsb.
Col & Hock C «fc I tr rects
Evansville & Terre Hau_
Federal Sugar Refining.
General Chemical, pref..
Homestake Mtning
Lackawanna Steel
Ontario Silver Mining...
Peoria & Eastern
....

Sears, Roebuck <fc Co...
Preferred

Range for Week.

Range since Jan

I.1

for
Week.

Surplus, exol. U. S. dep

Oct.
8

Lowest.

j

Lowest.

Highest.

100126*4 Oct 13 126*4 Oct 13 119
650 82 *4 Oct 10 88
Oct 11 71
800 $2*4 Oet 14 §2*4 Oct
8 82
100104
200
5
267 61
500 38
100 102
200 85
200 34
250
2*4
100 20
1,000 168
13 120

Oct
Oct
Oct
Oct
Oct
Oct
Oct

Oct
Oct
Oct
Oct

Oct

11104

8,

11

5*4 Oct 13

111 61
111 38

95
4
55
38

July
Sept
Sept
May

Septl

Highest.

126*4
88

83*4
106

5*4

Oct
Oct
Jan
Jan
Oct
Oct
Oct
Mch
Feb

Oct 11
Sept 61*s
Oct 11!
Oct 38
14 102
Oct 14 101*4 June 107
Jan 89
Oct 14 81
14j 85
Oct 45
111 38*4 Oct 13| 34
May
14
2
10
Oct.
July
2*4
3*4 Feb
14 20
Oct 14
18
Jan
Sept 28
10170
Oct
8 150
Junel70
oct
8120
Oct
Oct121 *4 Mch
8: 120

Outside Market.—The market for outside securities
tinued strong this week, the upward movement on

con¬

the
Exchange being an added stimulus to trading on the “curb.”
As last week, the leading Copper issues were the feature, sub¬
stantial gains being recorded in a number of instances.
British Columbia Copper weakened from 7% to 6% but re-¬
covered to 7%.
Butte Coalition moved down from 19% to
19% and up to 19%. Chino Copper was one of the most
active, and after a loss of over a point to 19%, advanced to
20%, and closed to-day at 20%. Giroux ran up from 7% to
8.
Greene-Cananea gained a point to 8.
Inspiration
Copper continued prominent and from 8% sold up to 10 9-16,
the final figure to-day being 10%.
Mason Valley improved
from 9% to 10 1-16, reacting finally to 9%.
Miami fell from
19% to 19%, moved back to 19% and ends the week;at
19%. Ray Consolidated from 19% went down to 19, sold
up to 20% and closed to-day at 20.
Kerr Lake eased off
from 6% to 6% and recovered to 6%.
La Rose Consolidated
fluctuated between 3% and 4.
Nipissing declined from 10%
to 10%, recovered to 10 11-16, the final quotation to-day
being 10%. In the miscellaneous group American Tobacco
after a loss of 2 points to 407 rose to 415, with the final figure
to-day 414. Intercontinental Rubber weakened from 30 to
27% and sold up to 30%, the close to-day being at 29, exdividend.
Standard Oil went down from 600 to 599%, but
sold up to 605 and finished to-day at 602.
United Cigar
Mfrs. common furnished somewhat of a sensation by advanc¬
ing from 60 to 67 %. Chicago Subway sold up from 4jto 5%.
In bonds Western Pacific 5s weakened from 94% to 94%,
recovered to 94% and sold finally at 94%.
Outside quotations will be found on page 1015.
/

New York Stock

Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO

STOCKS—HIGHEST AND LOWEST SALE PRICES.

Saturday

Monday

Oct. 8.

Oct. 10.

*25
*68

85
72

*25
*68

90

Oct. 11.

-85
72

100% 100% lOOf*
*100% 100% *100%
115
115
114%
106% 106% 107%
90

Tuesday

*88

*25
*68

72%

*265

300

91

*65

*34%
*.___

*23%
47%

122%

*147

147%
*203
*135
*145

Oct. 12.

Oct, 13.

Oct. 14.

Shares.

*25
*68

300

81%
*34%

81%

195
♦65
*270

*203
*135
*145

165

*2%
*5%

3
7

*2%
*5%

77
110

56%

*72
*99

66%

*74
*73

56%

75
75

*74
*73

210
150
165
3
7
77
110
58
75
75

300

*203
*135
*145

81*4

*99
58

•166

*203
*135
*145

3
7
75%

75%
*99

5978
76%

75
75
167

*74

*12

14

12

25

25

46
•35

46 3
36

27%

12
25

*12
25
28

*94

95% *

95%

*120

140

♦120

*131% 132% 132% 132%
20% 20%
2012 20%
65% 55%
56% 56%
17% 17% *1714 17%
*33
*72

34

*30%

31%
64%

75

*62

*17

20
49

*39

*6712

68%
146%
1447s 145%
*24% 25%
146

*42

51

132% 132%

*145
*88

150
89

84%

34%
64%
55%

*63

55%
•135

140

*33
*72

34
75

31% 33
64% 67
20% 20%

*38

*42
132
*145
*88

66%

67%
20%

20%
.

45

48

61
132
150
89
64

57%
135

34*4
64%
57%
*135
*70

90

*83

118% 118%

*100
*80
*100

112

*100
*80
*100

110
115

129% 130%

*94
*105

96
116

97

48
160
89

*145
*88

35
65
57*4

*62
*59

64
65

40%

24%
56
i

f

63
*58

40*4

*29

*66
115

30
70

56

28%
11%

11%
*7%
26%

81*

26%
*56
57%
113%
167% 168%
*91% 91%
'

29

30

58%

60
17
37

16%
26%

*46
*68
*5
*10
*6
55

40%

*27
*65

115%
24*4

*27%

31%

113

69%
6

12
7
55

*59

*46
*68
*5
*10

6%

54

41%
*27
67

113

167% 168%

92
*28
60

16*4
37%

48

32%

115% 115%
24% 2434
55% 56%
28% 28%
11% 11%
*7%
8%
26
26%
57% 67%
92
32
60

115*8
24*4
56%
28%
10%
*7%
26%
57*4
113*4
168%
*92
30

60%
17

17
37%

3734

48

48

69%
5%
11%
6%

*6714
5
*10
*6

54

100
*80
♦98

54*4

150
89

68
110
91
154
148

77%

33%

67
*17
*41
68
147

*145
♦88

*105

Bta

Ask

175
575
230

180
600

100
115
375
300

116
125

195

205
16 »
145
175
44*

New York

Aetna

American..1
Amer Excb.
Audubon

Battery Pk.

BoweryH...

Bronx Boro!
Bronx Nat

Bryant Pk

*

Butch & l)t

gentury

Y„




155
140
170
425

_

64%

120
100
110
115

115

98

99

32%

32%
65%

64%
*59
42
*29

41*4
30
67

65

10
*7

94

03
31

30*4
607fi
17%
38
48

68*4
5

12
7

55%

148

421g
09

60*4

38
48

38%

68*4
5%
11%
6%

70

5%
11%

56

59

Banks
Chatham
Chelsea ExY
Chemical
Citizens’ Ctt
City
Coal & Iron
Colonial Y--

Columbia YCommerce
Corn Ex Y-.

Bta

Ask

310
200
425

320
_

_

_

rtrr^'

42*4
99%

425

t201

•

125
175

4750

2.000
300

Do

pref...........

f ake Erie A Wectern...
Aj
Do

”i!e6d

pref...........

Long Island..
6,100 Louisville A Nashville!!!
1.920
2.400
tnneapolis A St Louis
665
Do pref.............
2,050 Minn St P A S S Marie...
Do pref...
Do leased line ctfs....
Mo
Kansas A Texas.....
12.200
900
Do pref.............
16.500 Missouri Pacific

Manhattan Elevated...

350
650

Ghatt
A St1st
Louis,
Nash
at Rya
of Mex
pref

Do 1st pref
Do 2d pref
300 N Y N H A Hartford

.......

300

Subscription receipts

4.400 N Y Ontario A Western.
2,250 Norfolk A Western.....
Do adjustment pref...
41,875 Northern Pacific........
410

107
110
115

Pacific Coast Co

t

....

......

*59

42*4

43%

30*4

68%
117*4
26

58%
29

10%
8%
27%
*59
*112
171
93

27%
61

29%
10*4
8%
28%
172*4
93

*59

31%
61

1734
38%
49

70%
6%

•a
58%

6*4

69
119

60
113

31%

49

65

30

18%
39%
49*4
71%
6*4
13

7%
59

Highest

St L A San Fr, 1st pref..

Do 2d pref.........
3,750
1,300 St Louis Southwestern
600
Do pref
65,200 Southern Pacific Co
Southern
v tr eta stmpd.
17.900
Do pref
13.250
do
5.100 'I'eras A Pacific
6,016 Third Avenue (N Y)
500 Toledo Railways A Light
3.450 Toledo St L A Western..
Do pref
3.100
450 Twin City Rapid Transit
273.560
900
Do pref
1,200 Unit Rys Inv’t of San Fr
Do
1,600
pref.
5,100 117abash
10,350 Yt
Do pref.........
3,900 West Maryland Ry
Do pref
2,950
1.500 Wheeling A Lake Erie
Do 1st pref
600
Do 2d pref
1.200
4,925 Wisconsin Central
....

Union Pacific

_

...

198% May25
70
312
92

J’lv £6

neao
113*4 J’ne
143
Sep
137% J’ly £6
.

May 24

4% Sep

28
25

Jly
Sep 14

70
99
46
70

Aug

149%

J;iy

143%
80%

-

18%

102
86

May 6
Feb 7

124

Jly 26

89
60

Jly

131% J’ly
123
J’ne3u
23
Jly 26
Jly
J’ne e

20
26

-6
26
*6
3

23% J’ly 26
105% J’ly 26
65% May 4
$101 Jly 8
82% Apr 28

149
A143

Feb

2

111% Aug 3
Oct 13

Feb 14
122% Jly 26

105

89
114

Jly 26
McnlO

18%
89 *

S3**

11%
30%

19%

Mch 2
Jan 8
Jan 6
Jan 6
May23

9
Oct 11

109*4 Jan 21
98

’94% J’n*

Mch
Mch

Feb

Jan
Jan

3an

65

Feb

122% Jan
44% Apr
Dec

120*2 Feb
48*2 Mch
Feb

Jan 19
Mch 14
Mch 11
Jan 6

76*4 Apr
1154
Nov
7j147% Dec
42% Feb
Mch 21
84% Jan
91% Mch 16
85*8 Mch
145% Jan 3
133% Feb
1I834 Jan 12
76 Mch

118

Jan

3

138% M^h 9
104% Mch 22
116

Mch

1

100
88

23

J’ne 30

13% Jan

Jly

59

Feb
Feb
Mch
Feb

207g Feb
67% Feb
65% Mcb
36

Feb

20*2 Feb
47*2 Jan
1145* Feb
22
60
30

Feb
Jan
Feb

12*4 Dec
7
May

.

J’neao

Mch
Mch

126** Feb
86*2 Jan

104
118
89
90

43

Feb

64% Feb
97

Jan

172*2 Feb
*94
30

Mch
Feb

50'4 Feb

jan

15
41

Feb
Feb

5

J ly

15% J’ly
6% J'ly

a

Oct 13

711,
65
90

Feb

«57< Jan

Aug
Deo
Deo

Apr*
Apr
Sep,

50*4 Aug
75*2 Aug
29*t Aug
647, J ’n*

Oec

Apr
i *f

100

36
62
82

Mch

Sep

147
89
351,
71

21

162*8
25?s
63%

162*2
153%

2 Feb

8
8

Mch

Apr

132% Jan

33% Oct 14

Deo
Deo

103
100

677* Feb
48
69
*121

J’n*
56% Aug
46
Aug
157% Aug
88*2 Aug
21
Deo
39

Feb

Feb

87

155%
92*4
61%
74%
73%

128
68

Nov
Feb

28*4 NOV
Sep
48
74*4 Feb

145

Jan
Oct

if ch

Feb

137

61
81

139
71

Feb

86
May
84*2 Jan
200
May
680
Apr
64
Apr
90
Feb
71% Aug
21
Jan

• —

65*8

137

130% j’ly 26 172% Feb 18
*85
Aug 24
93% Feb 17
87
Jly 16 llo% Jan 3
22% J’ly 26
67% Jan
54
Jly 27
92% Apr
58 Aug 11
73
Jan
60 Jau
34% Aug 2
18% J’ly 26
34% Jan
51% j’ly k6
77% Jan
103% J’ly 26 *138% Jan
18
J’ly 26
°3*4 Jan
43
75 Jan
J'ly 26
22% J’ly 26
36*4 Jan
5% J’no l
19% Jan
5% J’ly b
15*4 Jan 12
19
J’ly 26
64% Jan 4
42*4 Jly 28
72% Jan
104 J’ly 26 117% Jan
152% J’ly 26 204*4 Jan
88% J’ly 26 IO334 Jan
23% J neao
42% Jan
47
J’ne3t
72% jan
12% Jly 25
2734 Jan
61
28% J’ly 26
Jan
40
Jly 26
64%Mch 12
67
Aug 16
71*4 Oct 14
3
lo
Apr 23
jan
8
4
44

Jan

4
Feb 24
Mch 3

Apr 28 162
J ne lo /1151
50
38% Aug 2
88% J’ly 26 108%
88

66

136% Feb

53*4 Jan
80

Jan

Feb

6

Sen 21

36*2

535

28

8

Oct

146

fan

22% Mch
36*2 Mch
28% Mch

Mch 8
Jau 3
Jan 4
Mch 22

70% Apr 14
159*4 Jan 5

88*4

14% Nov

80

1
20

Oct

37% Jan
79*2 Jan

3

8
Feb 18
44% Jan 3
71 Jan 4
25*4 Jan 6
62*4 Jan 3

Aug

Aug
A«g

76*2 Jan
73% Jan
167*4 Feb

64% Jan

20
2

J’neao
Oct 1

51

Jan 3
Jan 27
Jan 8

Jan

Aug

198%

Mch §230
Apr
167

■v

26% Jan il
627gjan 12

30

165% Sep
1*1

166*2 Jan §180 J iy
u Dec
3*2
7
Jan
7*4 Dec
18% Jan>
Jan
68
83% Deo
Jan
100
105
Mch

Jan 4
140 Oct 4
101% J nel4
147 Jan 6

J'neau
J’ly ?6
Aug 2

...

208
148

99

14% J ly 26
41% Jly 26

Feb

158*2 Mch
173% Feb

971. Apr 14

94% Jan 25

Sep
Dec
74% Apr
78*2 Mch
37% Dec
6434 peo

58% Dec

141

Men 4
Jan 6
Jan 3
Mch 21

42

96
Apr
827* J’ne

189% Oct
70*4 Nov

31% Dec

t

Jan

i22% J’ly

Nov

70

J ne

143*2 AUg

323*9
91U

—’

84% Jan 4
34% Jan 6
62*4 Mch 8

J’ly
Aug 10
88% Jau 2U

286% Sep
27 Jly
67
Jly
41
J IV
125
Jly
Feb
60

2:6

Jan 16

I8S4

19% Jly 26
J'ly .7
26% J’ly 27

40
114
144

Jan

66

35

w

1

Apr

185
620
62
84

JiF-

15

69

8i
81

23% J ly
62% J’ly
45 J’ly
J ly
10

Jly
AUg

3

104

490. Jly

68

06*4 Jan

60% Jan
Feb
55% Jan
577* Feo

7
3

65% Feb n.b

70

15
25
68
23

4

106*4

lU3i*» Feb
91 ‘ Nov
67
Jan
*165
Mch

162% Feb 21
jl7u% Feb 18
5*8 Jan 4
12% Jan 4
92% Mch 18

J’ly

118
45
11

Jan
Jan
Jan

225

J’ly

17

V/”g Jan

Mch

25

! 25% Oct

100*4 Jan
107*9 Jan

3678 JaO 3
64% Jan 10
158% J an 3
172% Jan
182%Jan 3

J’ly 16

Jne
n«27
Apr 23
Apr 25

Jan

82% Mayil

23% J’ly -6
64% J’ne 17

19
40

6
fc
7

Mch

Deo
Aug

Jan.

Jan
Jan

149*2 Jan
164*2 AUg
94

50*2

peo
Oct

78% Oot

.8-jg
26% May
147*4 Aug
Nov
69
100
Feb
Nov
95
174% J’n*
h 149*4 Dec
55% J’ne
Dec
92% J ly
159*2 Aug
116*9 Dec
106 ‘ Sep
115
Deo
151% Sep
99% Dec
116% Sep
173% Sep
102

96
Aug
117*2 Deo
81

Deo

94*4 Deo
74

Deo

60*4 Sep
35% Deo
82

Dec

139*8 Aug

Aug
75*2
40%
42%
15%
547*
74*4
118%

Deo

Aur
Jan
<
Jan
Oct
Jan
Deo

Aug
118*2 Aug

219

47
Sep
77
Sep
27 7g Deo

61% J’n*

12% Jan
25% Jan
15% Jan
63/g Apr

COMPANIES—JROKiORS' ^UOfATIONS.

....

StY—-

Bta

Ask

Banks

But

Ask

Banks

But

300
835
150

350

Ask

Irving N Ex

200

210
185

Mutual Y
Nassau Y...
New Neth'ri
NewYorkCo
New York.
N’ht &Day|
19th Ward.
Northern

285
240
210
900
315
200

295

260

260

Pacific!)..

230

Fourth
f 186
Gallatin
320
Garfield
290
Germ-Am Y 140
Germ’n ExY 435
Germania Y- 55)
Gotham
150
Greenwlcn Y 255

855
155

610
540

JeffersouY--

Liberty....
Lincoln....

....

Hanover...
Imp A Trad

Aug 2

100

Do 1st pref......
Do 2d pro!..

1

...

tari"

......

Heading.

Banks

430
160

150
385
150
400

3071
East River. 115
Fidelity *[)_. L65
Fifth Avefl 4000

^

.

..........

18

Pi th
First
14 th

....

130% 131% 44.770 Pennsylvania
*95
500 Pitt'b «n Chic A St L..
100%
*104
Do pref
115
324.700
149% 151%
......
100
1st pref...........
*86% 89
99
2d pref
1,100
99%
35,575 Rock Island Company...
32% 33
Do pref
3,300
65% 65%

31%

60*4
17%

Do pref.
1,850 Illinois Central
i
15,600
nterboro-Metro poll tan
Do pref..
19,200
3,345 Iowa Central
Do pref
3.400
400 tZ O
3 Ft S A M tr cfs, pref
6.935 IVainsas City Southern..

148

119% 120%

105
*90
♦100

11%J

93

59
138
71

~

*106% 110
*88% 91
154*4 154*4

30

8*2
26% 27%
57% 60%
112% 112%
168% 171%

36%
66%

fc*

...

42%

68% 68%
116% 1177g
24% 25*4
56*4 68
28% 29

116%
2478
5612
28%
11%
8
26%
5778
11378
169%

..

—

80
34
67
20
49

......

Do 2d pref
5,520
32% 33%
115% 116% 26,380 N Y Central A Hudson..
*66
220 N Y Chic A St Louis
67*4

99

148% 1501s
86% 86%

65

58
138
*70

bANliS ANL) TRUST
Banks

19%
36%

150
89

35%
66%

427g

130% 131%
97% 08

147% 148%
*86% 89
98

41%

{Zll9

116

98

30
70

98%

108
110
115

3178
64%

63
65

*64
*100
*84
154
148
42

90

98

36

35%
65%
67
58%
13712 137%
70
69%
32*4 83
114% 115%

140

31%

57%
18%

58

J’ly 26

_

pref

7
Feb 8
J’ly 20

65

_

Do pref ctfs stmpd
■360 Mcye Cin Chic A StL___
Do

94

C8% Feb
248

20

137%Jan
119% Jan

100% Sen
87% Sep 10
173-

Mch

124% Jan 3
104% jau lu

6

3,900 Chicago A North Western
Do pref
203
Chic St P Minn A Omaha 140
Do pref..
§160
200 Chic Un Tree ctfs stmpd
2**»

Hocking Valley

135%
21%

21

Lowest

72% Mch 8

90-% J’ly 26
x97
J’ly 1
102% J’ly 26

pref

^blo Gt Wes: trust
ctfs.!
Do pref trust ctfs
2,800
29,850 Chicago M’lw & St Paul.
Do pref.
600

957g
135

67
20
49

Do

"2.820

3n

48% Feb 23

60%

Electric
Havana
Do pref..........

*94

347g
65%

130% 130%
96% 97
*105

146% 147%
*86% 89
*95

31% 31%

96
116

327g

(Canadian Pacific

yanada
»—
.
Southern...
400 Central of New Jersey
48.250 Chesapeake & Ohio
100 Chicago & Alton RR

*12% 14%
*25*4 26%
29*4 31
60% 51%
38% 40%
130% 131%
68% 69
*13% 14

34%
78%
58

3234

...

...

575

33%
76%

68%
68%
148%
14812
144% 144% 143% 144%
26
29
29%
31%
49
60
50
52%
132% 13278 132 133

119% 120*4
•98
*80
*100

112
110
115

129% 130%

96
*105

146% 147%
<86% 88
97

118% 119%

7%

78
76

*515

75

...

4,600 Colorado A Southern...”
350
Do lrt preferred
Do 2d preferred
"l‘850 I Delaware A Hudson
200 L'e-awarc Lack A West.
7,810 Denver A Rio Grande...
Do pref
2,155
Detroit United...
100 Duluth So Shore A Atlan
500
Do pref
50.930
17,185
Do 1st pref!!!!!!!!
7,400
Do 2d pref........
15,450 Great Northern pref
Iron Ore properties...
7,550
1 Green Bay AW.debctfB

33%
76%
58
14

...

...

2%

168% 170%

550

Highest

Feb 26

25

_

697g

*75
*74

76

Lowest

Do pref
43,825 ~tch Topeka A Santa'Fe
610
Do pref
4,350 Atlantic Coast Line RR!!
6,725 LM’ttmore & Ohio
250
Do pref
16,100 Brooklyn Rapid Transit!
13,040

76
110

59%

147

70*4 71
70*4
70%
32% 33%
32% 33
32% 33
113% 114% 114 114% 114% 1147*
*64% 65
68
68
$63% 63%
*104% 110 *104% 110 *104% 110
*88% 91
*88% 89
*88% 91
*153% 154% 154% 154% *154 155
*147
148
*147
148
♦147% 148
*41% 42
42
42
41% 42
*98
99
$98
98
98% 98%
•88

60%
76%

*6712

132% 132%
*145
*88

6612

24*4

210
150
165

76
*99

110

75
67
*18
*41

68% *67% 68%
146% 146% 147
145% 145 145%
25*4 26
25%

34% 34%

64
56
135
*70

33

36

2*4
*5%

13312 135
20% 21%
56% 57%
19
19%
85% 35%

75

32%
*35

45

*67%
146%
145%
25%

133% 134 “
20% 20%
56% 56*4
17% 18*4
33*4 35%
*72

2*4
7
75%

....

140

36

*203
*140
*150

*90
*....
957g
*120
140

95%

*-...

83%

48% 49%
124*4 125*4
150
150%
149
150%

25% 26%
28% 29%
47*2 497g
37% 39
129
130%
57% 58
*13% 147g

*94* ""

*94

*.... 125

*56
•12

14
25

27% 27%
28%
46% 46%
46% 471Z
36% 36%
36% 37%
127% 128% 128% 129%
57
$57
57% 67*2
14% 14%

127% 127%
56% 56%
*

74%

82%

'2414

166% 168
550
83

282

1

210
*60
165

2*4
*5 2

167% 166% 166%
*49712 625 *505 550 *497l2 §25
82
32
32
33%
32% 33
74
*73
73% 73% $74% 74%
*-..01
*57
61
*53% 60
*2414
27%

36

65%
24*4
48%
123*4 125%
149
149*4
147% 149

60%

*73
167

82*4

*30
*....
24
48

110

74%

282

Range for Previous
Year (1909)

On Oasts of 100-share lots

EXCHANGE

Ann Arbor

103% 104%

285

81%

210
160
165

*2%
*5%
75%

35
70

100% 101
117% 118*4
108% 109%
91
90% 90%
77
77%
78%
195% 194% 195
72% *65
72%

*88
77
195
♦65
280

76%
195*4
72%

81%
*34l2

*25
*65

Range Since. January 1.

NEW YORK STOCK

Rail/oads

100% 101
115% 118
108
108*4

91

76%

35
71

10l7g 10378

36
36
36
65% *
65% *.... 65%
24
*23% 23%
23*4 24
47% *46% 47%
47% 47%
122% 122% 123% 123 124
149
*147
149
*147% 149
147% 147% 147% 147% 147%

210
150

*72
*99

Friday

35
72

*88

72%

*265

81% 81%

Thursday

101% 101% 101%
100% *100% 100*4
115% 115 115*4
108% 107% 108%

76% 76%
76% 76%
194% 195% 195% 196%
*65

Wednesday

Sales of
the
Week

PAGES

340
300
150
605
566
155
265
625
560

Manhattauf
Mark’t&Pul

626'
400
315
245

Mech&Met’s 235
Mercantile

.

Merch Exch

Merchants'.
Metropolis
Metro pol ’n

Mt

MorrlsY

150
160

42V
330
250
245
160
170

180

182

390
200
250

410
210
260

..

__

Park

People’s
Phenlx

Plaza!).

f..

....

...

220

..

....

tiia

Ask

160
100
390

165
105

400

425*

State Y
12th Ward.

Sherman...

135

....

275

105
240

23d Ward..

Mi)'

275
200

West Side {
VorkvtUe Y-

325

215

T352
260
190

Banks
Prod Exch \
Reserve
seaboard
Second

Un.>on Exc. 165
Wash H'ts f 275
650
6j0

625
b New stock,
3d Daid.

ngats.
t/

sr

Oot. 15

1910.]

New York Stock

Record—Concluded—Page 2

STOCKS—HIGHEST AND LOWEST SALE PRICES.

Saturday
Oct. 8.

*250

....

*81a
*32*4
661s

10%

34*4
46
105

Tuesday

Oct. 10.

Oct. 11.

♦250
10
34

66%

46
*100

Monday

10
34

68I4
46*4
*100

3812. 397S
*92i2 94i2
*77«
8%

3914
*9212
8I4
68%
48%

Thursday
Oct. 13.

4251

251

*250

10
*32

10
35

10
35

66*8
46%

665s
4612
....

Wednesday
Oct. 12.

67%
46*4

3934
39%
94%
94%
812
8%
87s
*68
69
69%
69% 70%
49
48*4 49
48%
50%
*114
11412 ♦114 114l2 114% 116%
64
64
65
64% 64%
67%
*10312
♦103%
*103%
...

*235

270

*4%
*2H2

4*4
2212
18l2
12*4
33*4

*18
•11
*31

36*4
103
*4

*235

*4U
21%
418

39

*30%
♦87

6914 70
*10H2 102%
....

10112
44

115% 116

*112

13712
9412
*2912
*9412
40*8
*26
*57

105
5

*4

87

*240
*100
*43

18

12%
♦3012 33%
387* 37%

6

87

4*4
21%

♦11

371*
10314 *102

•30*2

*235

32
88

69%
102
*240
*100

70%
102

33
*5

64

29I3

29%

*20
*50

40
67

150*4 150*4
77S
8
99U 9914
122

*6%

*60
*29
*20
*54
151

133

11%
30%
34%
105%
33%

61

30%
40
62

772
99
*120

51

*41*4

51

4212
85

*9912 100
93*8 90%
*76

64

5l2
*5%
17l8 *16*4
12
*11%

*16*4
*11%
*83

77

*41%
*83
100

87

65*8
*103
20
*74
*66
31

3314
*96
♦161
*2

8
99
122

*31
87
70

70%
102% 102%

78
68
31

17%

42%
107
93

10%
78%

21

*2

*278
34

93%
177g

"
69
34
97
163
3
5
34
99

12%

52%
42%

*93

99

499

*31*2
*92*14

3212
94

*31%

33

*92

95

134
90
9
59

*7
*54

10212

102%

135

90%

105

*104
*15
*53
♦100
*67
*6

1612
57
110

6912
7%

*1514 25
*3512 3612
109*4 109*4

♦70

*15%
36%
110
*70

74

69%
7%
25
36%
110
74

69*4 7018
69% 70*4
118*8 11812 118% 118%
4912 49*4
49% 4978
60
605s
60% 60*8
*12214 124 *122% 124%
*48

55

*160
75

165

7U2
*124

75*4
7112
125

*48

160

56

4160%
75%

74%
70
*124

71
125

*90

165

21%

79

79

68*4
317s 32%
42
42%
109% 109%
*90% 93
20
*70

*164

166

*2

3

*27s
93*4
33%
95%
54%
*105%
36%
137%

5
38%
93*4
34*4
96%
55*4
114%
37%
137%

*85

95

36

95

8% * 8%

*54
*103
105
16
56
*99

69%
*5%
*15%

8%

59
104
105
16
56

*54
*102

110

*101
70
*6

70
8
25

20%
70%

35% 36%
96*4 96*4

35%

54

21
68

5

33%
95%

17%
87

60%
104% 104%

166
3

99

97

17%

19%

8%
59
104

*104*4 106%
16% 17
57*4 37*4
110
70
8

*15% 25
37*4 38%
1117s 112% Xl0978 HI
37

38

74

74

*74

75

71% 73%
73% 7578
1187s 120
119% 120%
50
49% 50*4
50%
61% 617b
61% 62
123 ,124% $124% 124%
69

59

165

74*4

*54

165

59

165% 165%
72*4 74%
71% 73
124
124%

75
72%
124% 124%
72

*124% 125

American Beet Sugar....
Do

300

j’ly

5
3
b

NOV
10% Aug
67% NOV
5,6% Nov
60
Aug
103
Aug

j 250

12% Feb
Feb
Feb

38
65

49
103

26
27

Jau

190

3
Jan 16
Jan 16
47% Jan 16

J’ly 26

99% Apr >

J’fy

Jan
Jan

64*4 Jan
9034 Jan

65% J’ly 13
35
24
89

pref............

33i2 Jan
95% Jan
20% Jau

95% J’ne 16

82

49% Aug
Oct
15% Nov.
86
J no
76% Nov

Jan

98

124% Aug

...

210j American Tobac (Hew)

79% NOV
107% NOV

Carpet

.......

2,600 Distillers* Securities Corp
1.000 Federal Mining & Smelt*?
Do pref
200
4,100} General Electric
dGold
field Con M.Por 310
10,930
22,060
tr ctfs
Do pref stk stk
5501
tr ctfs...
ILI
A/4
adriA
Int Mer
Marine
stk tr ctfs
Do
pref
1,000
3.500 International Paper.....
Do pref
3,700
1,860 Internet Steam Pump...
Do pref
410
6,760 Laclede Gas (St L) com..
4.500 Alackay Companies
Do pref.............
520
3.300
......
Do pref
320
........
200 Nat Enamel g A Stamp’?
Do pref.............
7,560 National Lead.....

£nt Jdarvester
Ol*

...

«

A

A.

...

mm

......

...

National Biscuit

...

—

Do

190

pref...

.....

17,200 dNev Cons Copper.Par 35
1.025 New York Air Brake
1.200 North American Co, new
1.700
aciflc Telep 3s Tcleg..
1,630
3.700 People’s G L 0s C (Chic)
600 Philadelphia Co (Pitteb'b)
4,000 Pittsburgh Coal Co.....
Do pref
1,300
...........
1,400 Pressed Steel Car
Do pref
730
...........
1,900 Pullman Company......
quicksilver Mining
Do pref
3.200

Pacific Mall.....

...

.....

Railway Steel Spring

150

4,800
1,000
2.200

Republic Iron’&’steei!!!
Do pref

O

loss-Sheffield Steel & It
Do

pref

29! 666 'fTennesseeCopper Par125

700 Texas Co (The)
500 lexas Pacific Land Trust
300
Do pref.
100 United Dry Goods Cos
Do pref
100
1,615 U S Cast I Pipe 0i Foundr
Do pref
263

Union Bag 09 Paper....

United States

Express

500 U S Realty 0i Improvem't
U S Reduction 09
Refining

Do pref
3,300 United States Rubber-*.
Do 1st pref..........
1,200
700} Do 2d pref
549.475 United States Steel
Do pref
75.800
.........
36,249 dUtah Copper...
i0
Vircri n« a-Caro
jimllan
14,785 Virgin
lisa Chern..
310
Do pref..
.........
220 Virginia Iron Coal A Coke
Vuloan lie tinning
320
6,200
estern Union Tel eg..
6,100 vVestlngh'seEt AMtg assen
500
Do 1st oref

Par~$

Wells Fargo A Co

:

104

}33% J’ly 26
21
Jn63(
49
Aug 10
125
J’ly 26
8
J’n029
28
J’ne b
25% J’ly 26
99% J ty 27
22% J Iy 26

Sep 12
j ly 26

3
322

$54
34
65

517* Aug
42% Apr
J’ne
47% J’ne
69% Aug
122
Aug
11% J’ne
59
Sep
92% AUg
1051* Nov
20

116% Aug

fS
gr*fsg
Jan

Mch 7
Jan 3
Jan

Jan ly
164% Jan 3
3
4
3
109% Mch 8
50 Jan 3
92% Jan 4

Jan
48*4 Jan

M

9

*

It I-

..

J’ly 1

16

41% J’ly 26

71

Jan

3

61% Jan

3
64% Jan 7
90*4 Jan 17
116% Jan 10

86% J’ly 26
78% J'ly 26
9334 J’ly 29
79

_

J’ly 26

98

J’ly 27
Aug b
11834 J’ly 6

Oct 10

78*4 Oct 10

10Q

lio
125

Sep 17
85% Mayi3
14

Jan 6
Jan 17

28% Jan

PJ«
114%

Feb

70

Feb

Deo
Octi
27% J*n i
19% Jan t

W

Mch

Feb 24

69% J&n

yen* Jan
118% «*an

110

gep

til

113% Deo
95% Nov
77% Deo
UKT Sep
130
Sep
30% Deo
99% Sep

Jan

Aug

94

113% Aug

"97% Nov
87% J’ne

48% Nov

Oct
Aug
AU|

64
, 120
120

1103
9

De<
29% Nov

87% Deo
Aug
111% Aug
200
Aug
9% J’ly
10 Maj
64% Aug
56

Aug

109

49% Sep
110% J’iy
94% Oct
120 Sep
$49

Jan

‘*93%

J?y

131

Oot

15% J lW
81% J’n<
125% Deo
114 Deo
35% J'lM
87% Aufl
$111 Dec
87 Sep
171* J n<
39% Aut
57% Aus
123% Aui
89% Aug
04% Oot

$67% NOV
50% Deo

v

130

Nov

128
9

.

May 3

Deo
Deo

93% J ne
Deo
41% Jan
95% May
94
Aug
172% Aug

Feb
Jan
J’ne

2

geP

Sep

63

47% Mch
33%
82%
|04

Deo

165% Jan
261* J ne

62 van
109% Jan
0%

J ne

eo

Jau

5%
18%

May

eo

32% Feb
55
Mch
so
Feb
150%

Sep

Aug

tip

73% Feb
45

Sep

Apr

Oct

Apr
Feb
21% Feb

3
12% Feb
96% Jan 18
82
Jan
48% J’ly 26
89% Jan 4
71% Feb
101*4 j ly 26 110% Jan 17
102*4 Apr
$17% J’ly 6 $21% Mayie
59
J’ne 6
95% Jan 3 t'"8o"“FeV
63
J’ly 6
84 Jan 3
72 Jan
22% J’ly 26
43% Jan 4
29% Feb
30 J'ly 25
46% Jan 4
45% NOV
103 J’ly 26 116% Jan 3
101%
Jan
OH* «u
84
J’ly 6 106% Jan 8 1
99%
Dec
in
Anr
13
J’ly 26
27*4 Jan 6n 10 'Apr
85
60% J'ly 26
Jan 3
40
Feb
25
Jly 26
51% Jan 3
30% Feb
90
J’ly 27 107% Jan 6
Feb
96
155 J’ne29 200 Jan 11
169 Jan
2
Sep 26
i5« Jan
37g Apr 6
27g Aug 2
3
Mch
57s May'Ll
28
J’ly 26
51% Jan 3
321* Mch
290%. Sep 7 107 Jan 17
977* Feb
J’ne 4
27
4578 Jan 3
16% Feb
82*4 Jly 26 104% Jan 3
67% Feb
48% J’ly 30
86% Jan 3
68 Feb
114 j’ly 6 118*4 Feb 1
107% Feb
519*4 Jly 26 $40% Jan 3 $33% Oct
134
Oct 7 138*4 Oct 4
83
Feb 8
95
Mayl3
80% FeT>
o
J’ly 5
13% Jan 10
9% Feb
65
73 Jan 37
Jly 16
66 Jan
96 Aug 2 122 Jan a
115
Oct
99% Aug
11378 jan 4 ItrlOO Sep
14% J'ly 31I 32 jan
24% Feb
49
J’n©28( 84 Jan 10
70
Mch
96% J ly 26 145 Jan 10
82 Feb
64*4 J’ly 26
84% Jan 4
64 Feb
4
J’ne 27
11
Jan 14
10 Mch
13
J’ly 8 ! 29% Jan 3
24
Feb
27
J’ly 26
62% Jan 3
27 Feb
99
J’ly 26 116% Jan 10
98 Jan
84 Jan 3
59% j'ly 27
67i* Feb
91
61% J’ly 26
Jan 3
41% Feb
110% J’ly 26 ; 125% Jan 3 107 Feb
J$39%
J’ne30
$00%
Jan 6
$39i* Feb
ai
Peh
47
Feb
62% May27
407* Feb
117 J’ly 28 129% Jan 4
114 Jan
60
73
Sep 24
Jan k
67
Feb
16
Feb
6
$25 Jan 16
Feb
152
Feb b al95 Jan 4
300 Jan
56
J’ly 26
64
Feb
78% Mch
49% J’ly 26
82% Jan
Feb
74
110

Nov

“

33

160% Jan
11% J*ttS 30
23% Jan 6
70% J IY 26
86*8 Jan 3
55 Apr 20
62% Feb 26
25% J’ly 26
36*4
10
197* Oct 11
60 Mch ««48 Oct 3
88
Jan
134
Jly 26 160% Jan 6
37% Oct 14 $9% Sep 26
*83% Feb 8 125/3 Jan 10
xll7 Augll
129 Jan 4
fflfO
4% Jly 26
7% Jan 6
12% J’ly 26
24% Jan 6
-

Dee

18% Jan

Nov
May

66%
136%
131
1451*
4(8*
107%
$64%
30%
69«*
164%
J9%*

Feb
Jan

47
1I8

285
105

104

93*4
$37% Feb
18% Mch

3

Deo
Sep

30O
10

la!

143% Feb 24
99% Mch 14
39% Mch 18

WiVS

,p!

...

74%

71

io'eoo

105 Crex

20

*.... 122
*82
60

74.100 Amalgamated Copper...
4,172 Amer Agricultural Chern.
Do pref.............

1.300 American Woolen......
96
Do pref,..
200
42%
7.100 a Anaconda Copper Par$ 2b
29%
5,800 liethlehem Steel
Do pref.
5934
1.100 D
720 Brooklyn Union Gas.
138*4
12
700 Brunswick Term & Ry Set
100 Butterick Co........
30%
37
14,120 / central Leather
.1
1,040 y
10534
:::
do pref...
35% 6.700 Colorado Fuel & lxon...
200 Col * Hock Goal & Iron.
5%
13634 30,030 Consolidated Gas (N Y)
9.930 Corn Products Refining..
17%
Do pref.......
79
800}

*75% 78%
112*4 113%

36

114%
36% 37%
136% 136%

74

74%

96*4

54
*105

70% 71%
1181* 118%
49% 60
60% 61%

*158

96*4

95

*15% 25
36% 36%
*109% 112

123
56

69%

*93
33

69%
71*

123
56

19
69
35

*2%
34%

161*

*72

97

43

165
*2

57
110

69%

70

122
18
87

15

America^ Sugar Refining

60%
153*4 155%
8
7*4
106
110*4
122% 122%
*5%
5%
17% 17%
12% 13%
53% 54%
43*4 44%
85% 85%
102
102%

108% 109
*92% 93%

137
95
9
59
104
105

*6

44

122
*16
*82

94

136
90% *85
*8
8*4
59% *54
102% *103
105% *104
16% *15
57
*62
110
*100

43

97

5

32%

136

5%
17%
12%
52%

^J270

Highest

n^HJde * Leather

32%

*16%

122

*5%
17%
12%
52*4

/Miscellaneous

Lowest

5.450 American Can....
6% J'noji
13% Jan 3
7% Feb
Do pref
3.070
62
j'ly 26
81% Jan 6
71% Feb
8,650 American Car ds Foundry
39% J’ly 26
72% Jan 3
44% Feb
Do pref....*..
1,100
J'neao 120 Mch C
109
107% Feb
4,280 American Cotton Oil
62%
26
Mch 6
j’ly
09*4
42t8 Jan
Do pref
100
101
Fed l* 107 Oct 13
..........
Jan
98
27*0 ”
American Express...... $235 Aug 3
olj
Jan 4 $205
Feb
America
4*4
3% Sep 13
8% Jan 5
6% Feb
23%
1.600
19 Sep 8
34
Feb
4/% Jan 8
19
450 American Ice Securities!I
16% J'ly 26
29% Mch t
18% Jan
13
American Linseed ......
10% J'ly 27
12
Feb
17*4 Jan 3
Do pref
3434 “V.OSO
!
25% J’nO30
29
Jan
4678
Jan
8
40
3.000 American Locomotive!’~
29 J’ly 26
49
Feb
62% Jan 3
105
Do pref
300
102% Aug 6 115 Jan 7
109% F eb
300 American Malt Corp....
4%
4 Oct 1
8 Feb -8
5% J’ly
Do pref
850|
33%
28% Jne30
48 Mch 21
38
Nov
700 Amer Smelters Sec pref B
87%
82 J’ly 23
so
Jan
00%
Jan
Ck
74% 51.800 Amer Smelting & Refining
61% J’ly 20 104 Jan 3 If 77*4 Feb
104
Do pref
900
98% J’ly 26 112*4 Jan 3
101 Jan
300
277 Apr 4 28$
Apr 27 225 Ml
Do pref
101%
95%
Jan
13
95 MCL
20
101% Sep
450 Amer Steel Found (new).
45%
38 J’ly 26
66 jan lu
$47* Feb
U8is
1.900
111% Oct 3 1287, Feb 18 115% Nov
116
800
ila oot 3 ► 124 Feb 28
139%
7.300 American feieplT d» Teieg

*55

60%
105%
20% 21%
78
79%
68% 69%
31*4 32%

53
52% 521*
54
•IO5I4 114U *105% 114% *105% 114%
3514 3512
35% 36
35*4 36%

134
*85
*8
*54
*100
*103
*15
*53
♦WO
*67
*6

21

57%

99

94

20

♦103

97
166
3

*31%

6934
47%

64

32

78%
110*4 H3%

107% 108%
93% 93%
17% 18%
68*4 69
*34
34%

53

f62

32%

43

34%

17
79

64

96
*76

78
68

34
*93

*29%

85% 85%
102% 102*4

105%
20% 20*4

*278

12

30%

122

122
17
87
57

96
163
*2

138*4

59% 59%
152% 153*4
7%
8
103
105%

5%
17%

42

59%

17%
79

*60

42

29

134% 136% 135%

30%

43
1071

*68
34
*95
*161

98
163
3

6

134%
16%
771*

31%

41%

30%

Highest

....

3134

36% 36%
36%
105% 105% *105
34% 35%
35%
*5
6
5%

34%

31%

31
96

137
12

12

31%

115%
138%

59*4

Lowest

.....

118

29

♦29%

105

*76
68

35

Range for Previous
Year <1009

On basis of lOO-sftare lots

_

*44%

95%
41%

136

85

*121
17
*82
56
*103

“

Range Since January X

york"stock

EXCHANGE

AmericSnsn'ufl:::::::::

*100

31

58*4

85

122

*

58%
135%

12

104
*240

101%
441*
117%
115%
139%
9334

41
28

121

61%
42%

73%
103

95%

60% 60%
151% 152%
7%
8
99% 103%

5178
42%

434
3234
87%
73%

32%
88
300

97
41
28

36%

39%

105

5

31

64

*5%
17%

78
68U

17%

33U

*00
30

5%
17%
12

87

*74
*66
31

92
18
69

138%
94%
30%

19
*11
34

34
39
106

117%
115%
138%
93*4

12
30

347,
104%
33%
*5%
1337s
1578
761*

19

103
*240
*100
44

118
116

*4%
22%

12%

32%
*87i4
71%

87%

135
12
30

10%

105

*235’

22%

‘

10 A dams Express
1249 J'n023
91..inmost
400 <1 Uls-Cbaimers ........
7% J’ly 27
Do prei
600
17 Aug 5

..

47
*80

5

33%

33

121

55*8
55% 56
IO5I4 *103% 10334
2014
20% 20%

•278
5*8
*33*4 34

*51

39
*103
*4

197s

151%

85

*82

43*4 43*4
10712 107l2

92
*17
*68

33*4
37% 37%
*102% 104
*4%
5

100*4 100*4 102%
96% 98
96*4 9678
77
7834
78% 78%
*109% 111 *109% 110*4

*109U 111
|122 122 *121
*16U 1712 *16%
*82

*11

116

7
6*2
512
133*8 133*4 133% 133%
*16l2 1578 *15% 15%
*7512 77
*75% 76*4

■

18%
12%

101% *100 101%
443% 43%
43% 43%

33

*60

*4%
22%
18%

*240

...

*13312 135 4133
1H2 1112
11%
*29l2 3OI4 *30
3412 34*8
34%
•104l2 105 4105%

*120

*18
*11
*31

116*4 *116
118
115% 115% 116
1377* 137% 137% 137%
9412 *93
94% 494%
30
80*4 *29% 30%
96
*94% 96% *94%
4012
40% 40%
40%
28
2812 *26
*27%
5912
58% 58%
58%

33

4*4
22%

107
270

new

nuustn.JkC

34%
68%

105

107
*235

270

*4%
21*4

Shares.

39% 39%
3834 39%
94
94% 94%
94
8%
9
9
9%
70% 71
70% 71
50% 52
52
53%
115% 116 *115 116%
66% 67%
67
67%

....

270

35%
68%
47%

*85

Oct. 14.
*251
*10

10

67%
46%

*100
39
*92

Friday

Sales of
the
Week

1009

128

Deo

75% Sep
37% Not

070

Deo

85% Nov
90
145

Mch

Aug

Sep

BANKS AND TRUST CO'-tPANUfiS—^ANKERS'
QUOTATIONS.
Banks
Brooklyn

BUI

Broadway \
Brooklyn %.
Joney Isl’df

375

First

....

290

Hlllsldef
Homestead!

...

Manufac’rs

415'

Mechanics'!:

225

Montauk
Nassau

....

---t-

245

Ask

Banks

BUt

Ask

290
150
158
150

305
180

Brooklyn

110“
155
310
125
115

246
150

270

Nat City,..
North Side !i

People’s
Prosp’ctPlrii
Terminal fl
...

N

169
90

....

City
.....

Bankers' Tr

B'way Tr..

389

860

020■>
145

S3
!

Bid

Ask

YCUy

Carnegie

100
Tr. 1000

110

275

285

Central
Columbia

..

Commercial

Com wealth

Empire

I rust Co's

N Y
A tor

trust Co's

...

130

300

310

Fidelity

Fulton

...

205

.—

290

1675
210
...4

Bid

Ask

800

8i0

Guardian Tr
Hudson

120
150

Equip ble Tr 455
Farm Lo0sl 1650

trust Co's
Guarty Tr.

180
180
295

170
285
250

...

Knickerb'ki
Law T 10»Tr
Lincoln Tr
Madison
Mannattan
Mercantile
Metro pol’Pn
Mutual....
Mut Al'noe

260
140

frfi

.

^

375

40U

700

740
620

51«)
130
-

/; *.

tr

130
■

Ask
1120
660
! 106

Windsor

..

18

I rust

Co's Bid
Brooklyn
Brooklyn Tr 410

Citizens'

500
335

200
wo

..

Nassau
.

! WO
1130

People's

queens

m

..

Co. 116

wttdamsb’c

-V

v

ne*

425
140 f
320 \
226
280

no i
auTi

106

..

L 1st L A Tr

♦Bid and asked prices: no sales on ttns
T—-*■
day. 4 Less than 100 shares. tBx-rights. b New stock c Ex-dlv and
tSale at Stock E .xohange or at auotlon this week,
rights, d Now quoted
s Ex- stock dividend,
f Banks marked with a paragraph fl]) are State baaim!




[

200”

ranklln
Hamilton
Home ....

| 1350
^470 Kings Co
1200

Ask

...

410

Tr Go of Am 315
Union Trust 130J
US Mtg0s Tr 460
Unit States. 1175
Washington 375

Westchester

120

*

1 rust Co's
Bid
N Y Life&Tr 1100
N Y Trust. 625
90
Standardly 400
TitieGu 0» Ti 490

’

,

New York Stock

Exchange—Bond Record, Friday, Weekly and Yearly

ftin. 11909, the Exchange method of quoting bonds was changed. and prices

UlL

BONDS
N. Y. STOCK EXCHANGE
Week Endwo 0(7* 14

l. .*% <«overii(iieiu
|
Rid
U S 2s cousoiregistered.dl930 Q-J
100*4
U S 2s oouaoI coupon....<11930 u-J
100*4
O 8 3s registered
£1918 Q-F lol%
U S 3s Coupon
£1918 Q-F1 101%
U 8 3s oou small bonds..*1918
U S 4s registered
.....1925 Q*f1 114%
US 48 coupon
1926 Q-F 115
U S Pan Can 10-30 yr 2s.£1936 Q-N 100*4

„

Foreign Government
■>
Argentine—Internal5sof 1909M-s]t 96*4
Imperial J a panese Governm'tl
944
Sterling loan 4 4s
1925 F-A
2d series 44s
.1925 J-J
93*4
89
J-J
i
Sterling loan 4s
.1931
Repub oi Cuba 5s ex ten debt.. M-S i 103
San Pauio(Brazil) trust 5s 1919 j.j *97
U S oi Mexico s t g 6s of 1899
* 97
Gold 48 01 1904
1954
94%

n

State and City Securities
N Y City—4%s
‘.I960

4% Corporate Stock
4% Corporate stock

4

....

New 4 ^s
New 4 His

*21 hese

i960 M-N
1958 M-N
1967 M-N
1017M-N

44% Corporate Stook ..1957 M-N

4

4% assessmt bonds.... 1917 M-N
4% Corporate Stock....1957 M-N
N YState—Canal Impt4s.l960 J-J
So Carolina 4 4a 20-4o.....1933 w-j
Tenn new settlement 3s..1913 J-J

Virginia fund debt 2-3s...l99l J*J
9s deferred Brown Bros otts.

Week's

Price
Friday
Oct 14

Aste\.Lvie
I0l%jloo%

High. Ro Low

102

Sep

1014 J’iy ’

116 >4 114 4 Aug'
115 4 116 4 Sep ’
101 % 1004 Aug’

Sale
Sale
89*4

94
934

94 4

894

974
074
97 4 Oct ’lo

97 4

pr ices

o n

974
99%
944 974

the b asu 0/ $5 to

1014
994
99 4
99 4
1084
1084
102 4 Sep ’10

lu3
1084 salt
102 4 103

108 4
103

1024 103%

1064 HO
1024 103%
21* 96 4 100 4
6 1014 106
1034 1034
94% 96
3

1004

Sep’10
994 dale
99%
994
104% 104% '104%

...

......

104

U/3
96

95% 964
......

40

88

4J’ly'ld
Out

'10

90% Jan *10
43

47

J5.

155 100
101%
78 96
100%
19
964 100 4
L2 105 4109%

03%

4

95%

964

1014

ib*8 4 i.0841

964

1)95

94% Sep ’10

94®b

97

884 92 4
1014 104

103

103

...

are

95%

94*4

944
934
89 4

....

.

9?

97% 964

High

1014
....Hi004 iot %
1 101% 102%
....11014 103
....‘102 41024
114% 1164
114 4 115%
100% 100%

102

IO2V10

102 4

1

5 1004

loo4
101 **100% J’ne’10

1014 Sale
994 sale
102

Since
January

Last bale

90% 90%
40

43

56

Railroad
A labama Cent

bee So

By

OLlabaMidl bee At Coast Line

Albany & Sosa bee Dei«fc Hud
Aiiegneny Valley bee Penn BB
Alleg & West bee Bnn BAP
Ann Arbor 1st g 4s
*1995 Q-J
Atob T & S H e—Gen g 48.1995 A-G

Series K
1913 F-a
Bast Ukia Div 1st g 4s..1928 M- 8
Short JLlne 1st 4s g
1958 J-J
» Fe Pres A Pii 1st g 6s. 1942 M-S
AtiKnoxAN bee L> A N
|
Atlanuo Coast 1st g 4s.*1952 M- a
Ala Mid 1st gu gold 6s ..1928 M-N
Brans A W 1st gu g 4s.. 1938 J - J
Charles A Say 1st g 7s..1936 J - J

LAN coll g 4S
01962 M-N
Say PAW 1st gold 6S..1934 A-u
1st gold 6s
1934 A-O
SilSp oca AG gag 4s ..1918 J-J
Atlantic A Danv bee south ttyl
Austin A N W bee Sou Pacinol
L>ait A Ohio prior Ig 3 48.1925* J-J

D

*1948 A-O

*1948
Pitts J two 1st gold 68... 1922
P J on A M Hiv 1st g 3 481925
PLEA W VaSysrel 4sl941
Southw my 1st g 34s... 1925
Begistered
...*1925
Oen Ohio B 1st cg44s..lU30
Cl Lor A W con 1st g 6s 1933
Mouou Riv 1st gu g 6s..1919
Ohio Birer BB 1st g 58.1936
General gold 6s
..1937
Pitts Olev A '1*011st g 6s 1922
Pitts A West 1st g 4s... 1917
Stat isl By 1st gu g 4 4s 1943

Registered

'

.

.

78

784

994

Q-J
J
M-N

tt-IN
J
Q
M
A-O
F-A
J -u
A-O

Beech creek bee N 1’ C A H
Believ A Car bee Illinois Cent
Bkiyu A Montank bee Long i
Brans A West bee At! Coast L
Boflalo N k A Erie bee Erie
Buttalo RAP gen g 6s...1937 M-S
Consol 4 4s
195 7 M-N
Ail A West istg 48 gu..l993 A-O
01A Mail 1st gu g 5s....1943 J - J
Booh A Pitts 1st g 6s...1921 F-A
Consol 1st g 6s
.1922 J
Bufi A Suaq 1st ret g 4s.rtl951 J
Bur OBAN bee OB1AP I

1913* J-J

Cmn
/SO so
6s 1st ext 6a

1913 M-S

Registered.............1913 M-S

Garb A Shawn bee ill cent
Carolina cent bee Scab Air L
Carthage A Ad bee N Y C A H
Oed R fa 6 A N AmBUKAN
Oen Branon Ry bee Mo Pao
Cent oi Ga RB 1st g 6s..pl945 F-A
Consol gold 6s...........1946 M-N

Begistered.

.....1945 M-N

1st prei income g 5s....pl945 Oct

Stamped

92
92

4

1
119

100

J’ne’10

••••

92%

10

Jan’10
92
92 4 14
9
105
106%
105
107 314
102% 102%
«|

1094
98% Jan’iO
984 Feb'10

96
94

SO

924 93

90 4
98

1014
102 4

96
80

107
107

1044

»«*v

92

96%

92%

92%

30

914 OCt ’09
99
994
96% J’ly ’lo
120
Oct '01
884 87% OCt '10
92 4 92
924
91
91
91
894 Apr’10
103
Mar’10
110
110
no
105% Feb’07
112
Heo’09
110% 112 Noy’UB
:li94 MaiJ04
984 Sep '09
100
Noy’04
994

...

**6
7

....

|

95%
108

96
103
116

1144118

06

00 <*

*8*7% *8*94

93
80
89
92%
89 4 904
103
103
110
113%

113% 116 4

J’ly’io
Aug’10
J’ly’08
J’ne’10

105
96

109 4
99 4

72

103% 1044 103% Oct’10
I0o% 1014 1014 net'10
100% May’07

102

4105%
100% 101%

1st refund

conv

1945 A-O
g 4s. ...2«0‘4 J-J

BkCity 1st con 6s. 1916.194?

Bk ci Co A S con gu g

J.J

68.1941 M-N
Bkiyu UnKl 1stg 4-5S.1950 F-A
Stamped guar 4-5S....195U F-A
Kings Co El 1st g 4s....1949 F-A
Stamped guar 4s ......1949 F-A

Nassau Elec gu g 4s....1061
Conn Ry A L 1st A ref g 44s ’61 J-J
Stamped guar 44s
1961 J-J
Let United 1st oon g 44s. 1032 j.j
Havana Elec consol g 6s. 1952 FA
Inter-Met 0011 4 4s
1966 A-O
Inter Rap T 3 yr conv 6s.l911 M-N
43-year 5s Series A
1962 M-N
Internat Trao coU tr 4S..1940 J-J
Manila Kleo 1st A coll 6s. 1953 M-S

•

No prioe




Friday; latest

this week.

Registered
196o
Ohio Burl« 14— Leuv D 4s 1922
Illinois LlV 3 48
1949
Registered.
...1949
ills LlV 48
.....1949
Iowa Liv suut fund 5s..1919

87

88
83

84
84

Sale
85

87
87
84

85%

87

Oct’10

2

I
.

4
4

84 4

86%

76
76
76
80

87 4
87 4

86%
86

2002

Istg oa.1934

102
84

104
Sale

105

83%

Sep *10
84

1014 1014
1014
99 4 Mar’09
10*2%
102% Sale L02 %
102 4 Oct’10
100% 103
81
83
84% Apr’10
82
82 4
82
82
78
Sale
774
78
102

*0*6
3

21
•

•••

....

6
6

101% 106
79% 87
101% 104
09
103
99 % 103
85
84
80
85%
82
76

102% Mar’D
IU2%102%
1004...... 101% Aug’l!
1004 102
80
814 80 J’ly’tO
80
82%
94
04
93
96%
Apr’IG
81
814 Salt
27;77
83%
814
102% Sale 102
1024 i35 10u% 104
101% 101 % 1014
101% 83 100 103%
65 % 169 ' 67% Mar’lo
67 4 67%
98
May’00
....

....

....

.

••••*•

.

••••*-

DFlat. aDue Jan

M#ee*

d Due Apr

e

Due May

on

Sep’10
123% Oct ’10
122 4 *>ep’*0
109
Sep ’10

...

„

....

....

100 4 Sep ’10
100
May’10

...

....

87 4 Sep’10

Sep’10

00

<04

9o

96%

08%

07

89

93

01

113%

90%
72%

77
714 Sale

•

95
72

120% 126
107

109

1064 i‘o’i%
100

100%

85

88

1004101%
1104114%

37

112 4112%
90
1034

t,T

6*7*2

105 4

101% 101%

-T V %

fP

89

95%

87

89

83

85%
104%

104

eu’od

Oct’10

Oct ’09

94 4
00 4

00

<ti

874

9

70

95
77

6
•

it**

v

*•*

t

7

094Sep iu
88%
88%
88 Sep'lo
1004100% luo%
tUU%
108 4 Oct ’u»
104%
90% 09% 99 •*» Oct ’lb
09% Sale
09%
09%
101% MaPoo
07
97% May* 10

A-O

iio

l

07

75

■

103
125 4

102

Sep '10
Sep’lu
724

T.

102
120

Jan ’09

714

T

••«

n2

t

T-T

i10

....

09%
88%

90%
884
87 %

J-J
J-J

93

63%

75

i

93%
864
874

iob

7

08 4 100%

...

804
88

084 100
100%

08

34

07 4

....

99

101% 1014 101%
1 100 4 1024
101%
97% sale
974
97% 119 97 100
100%
100% 102
100% J’ly'10
82% 83% 83
©3
7 81
86%
124 4 1274 12 L
121
127
J’ly'10
Sale
112
112
112
i 108% 113
114
Mh>’O0
ib0*a
110% Oct *10
110% 112
....

86% Sale
80%
86%
124% I264 124% Sep'ly
x>uc’u0
114
100
J’neio
91
02 4 94
Apr’io
101% luo % 103 J’ne’10
90 4 10O
99%
99%
103 ** Oct 08
88
88% 83 Oct ’lo
02 4 04
93
93%
106%
107% Mar' lu

84
124

874
4129 4

100

100%

43
....

107
•

•••••

• ••»

-

......

••••••

034 94
103
103 4
L8 08
1004

......

......

0
-

108 4
108 % Oct’10
106*i 107% 1074 uct '10
102 4
103% J’ly’io
110
116% May’10
1044
104 4 Aug’io
100
May’10
100
Nov'09
• •••••

t**

'

T

T*»

t

ttt

......

......

106%
......

103%

1104113
94

884

in
110%
105% iOb
105

-u

1U6
107

114%
103%

in%
117%

.

......

sale
—*

95
76 % Sale
......

'

1054 103
100% 100%
103% 1064

110% 113
064101
05% 95%
87
00

3
...

iio%lll%

vt V

tfft

....

J ly’oe
li4% J’ly’io
112% Mar’io
142 4 Ft b’02
123% Ayr’09
1034 wuy’uo
110
uct’lo
109
Aug’10
07%
974 21
93% Feb’io
80%
004 124

105
106
105

100 4
106
107

1064 1064
1114

100

100

«7% J’ly’io
04 4 0dn'lO
04

« «

114% 117%
112% 112%

»

74%
754
76% May’lu
Ill's

lo3

106

i04
1084
101

122% 126
86

98%

86

02

07%

07%
944

May’10
1034
Feb’lu

04%

044

......

^.....

....

66% 83%
76% 80%
1 1114114%

254

....

lb
....

106

106

1*04

104
110

108

103% 104
123

125% Oct *10
93

08%
044

....

1114

Uo4Mar’03
Apr’10

110

109 4 112
109
100
944 99

Dec *09

94% May’10
93 4 Aug’U0

1114116

100
102
loo

80
93%
107% 103
107
110%
106% 108%
1024103%
Li6% 110%
104 4 106
100
10U%

....

9 i % said

80%

6

-

100%
108% ill

J-J
J.J
A-O
M-N
M-N
M-N
M-N
M-N
M-N
M N
A-O
A-O
A-O
J-I>
J -J
M-N

vv-

nr % n

100

J.J

+ + 9
V V*

93% Apr ’09
110% Sep'to
111% AOV’09
iot
J’iy '10
106

........

86%
014

••••••

t

,

103% Aug* lo

Max' lo
107
May'10
1064 teo’io
111% 109 Sep’10

iiU

*

loo% Aag‘10
100% May’10

111
1*2
lOo
J’ne 10
95 %0 iy’10
00% 89 4
»9S

99

M-S
F-A
M-S
J-J
M-N

127%

Dec’03

Next Page.

>1 Paul

City Cab con g 6s. 1937 J-J
Tri-City By A Lt lsts t 68.1923 A-O
u nderground of Lon 5s...l92i> M-N
4 4s
1933
Income 6s
1048
U mon El (Chic) 1st g 5s.. 1045
United Rys St L 1st g 4s. 1034
United BBs San Frsf 4s. 1927

Due J’ne

Nov'05

Jan ’1

106

101

F-A
J-J

Street Railway
Met St By gen ooi tr g ot.1997 F-A
Bef g 4s
2002 A-O
BwayA7tkAvlstcg5s 1043 J-D
Col A 9th AV 1st gu g 58.1093 M-S
Lex Av A P P 1st gu g os 1903 M-S
Third Ave BB oon gu 4s 2000 J-J
CentTr Cocertfs stmpd...
Third Ave By 1st g 5s.. 1937 J-J
N Orl By A Lt gen 44s ..1936 J.J
St Jos ByLtH A P Istg os *3? M-N

a

115
110
102

Oct ’10

J.J

CRIP A N W 1st gu 5s.1921
M A St L 1st gu g 7s..1927
Ohoo Ok A G geu g 6s .olbit
Consoi gold 5s
1951
Keok A iJcS M 1st 6s....192;: A-O
Jhio st x- A N O bee ill cent
Jlno St L A Pitts bee Penn C(
J-D
J-B

------

....

1134 1124 Jan 'It
102% sale 102 4
192%
102
loi% J’ne’ lb
93% Malt
03%
»-3%
894 89
Apr’10
83
85% J’ne'lO
105
104 4 Sep 10

.....1917 J-J

g 4s
1934
Coll trust Senes J 4s. ...1912
M *8
1915
N 48
1916
O 4s
1917

High Ro, Low High.

100% 100

8i

Since

January l

9n% Sep ’09

111% 112 4 112

1921 A-O

Refunding

BONDS—Continued

89

*

Registered
.j»19s7 Q-F
Sinking iunu 6S...1879-1929 A-O
1879-1929 A-O
Registered
Sinking fund 6s...1879-1929 A-O
Registered
1879-1929 A-O

Registered

87

80

Q-F
A-O

«jl9»9 Q-J

Begistered

.

*95** “““

General g 3 4s senes R.slbdO J-J
1334 J-J
25-yr deuen 40
cine A l sn Biy g 6s....1921 J-J
C/UO (to Mo RlV LlV 6a... 1926 J.J
Clue A P W iStg 6S
1921 J-J
Bak A Gt SO g 6s
1916 J-J
Far A son assn g 6s
1924 J-J
Lacrosse A 1> 1st os....1919 J-J
Mineral Point Biv os.... 1910 J-J
So Minn Biv 1st 6s
1910 J-J
Wia A Minn Biv g 5S....1921 J-J
MU A NO 1st M L 6s....1910 J-B
1st consol 6s
.....1913 J-B
Ohio A Northw cons 7s
1916 Q-F
Extension 4s
1886-1926 F-A
Registered
1886-1926 F-A
General gold 3 4s
1987 M-N

BurU R A N—
....

Q-M

Range

Last sale

98%
100 4

M-S

1921 A-O
1933 M-N
1933 M-N

fa

,

or

104% Jne08

100%
102% 1034
123 4124
122% 125%
106
108%

-

MU L S A West 1st g 6s 1921
Ext A imp sfund g 6s 1929
Ashland Biv 1st g 6s.. 1926
Mich Biv 1st g 6s
1924
incomes
1911
Ohio Rock isl A Pac 6S...1917

91

80
103 4
103%

Nebraska Extension 4*.i92 j M-N
Registered
.....1927 M-N
Southwestern i>iv 48....1921 M-S
Joint bonus bee Great North
Beoenture 5s
1913 M-N
General 4s
19o8 M-S
Han (to st J os cousoi 6S..1911 M-S
Clue A e ill ret m imp g 4s 1955 J.J
1st cousoi g 6s
1934 A-O
General consol 1st 6s.... 193? M-N
Registered.
1937 M-N
Chic A inu c Ry 1st os.i93b J-J
Chicago A Erie bee Erie
Ohio Gt Western 1st 4s...1959 M-S
blue iU<K A»UiOV lot 00...194 ( J
4
Refunding gold6s.......1947 J.J
LouibV N A A Ch 1st 6s.l9lo J.J
Chio Ind A Sou 50-yr 4s..1966 J-J
Chic Mil A St x* term g os X914 J.J
General g 4s series A..«1989 J-J

os

Week's

Range

' ask Low

Bia

j-i>
j-j
j-j
j-j
M-N
J-J

1919 A-O

ChlO B 1 A Pao BB 4s..2002

U24 Pne’10
U24U34
109%
106% 110 107% 107%I 2 103% 109
113
108
Apr’06
91
01 1 10 82
924 01
0]%
i
91
84
03
90% Oct’10.
90%

|

Rateway 1st lien 3 4s...i960 J-J

117
72

I&

J-J
M-N
Registered
1939 M-N
General gold 4 4s
1992 M-S
Registered
1992 M-S
Convertible 4 4s (whis), i960 F-A
Rig dainty 1st 4s
i.944 J-D
coal Riv Ry 1st *,u 48 ..1940 J-B
Craig Valley istg 5s....1940 J-J
Potts Creek Br 1st 4s.. 1946 J.J
R A A LlV 1st con g 48..1989 J.J
2U consol g 4S
....1989 J-J
Warm Apr Vai 1st g 6s.. 1941 M-S
Greenbrier Ry lstgu g 48 ’40 M-N
Chic (to Ait RR rei g 3s...1949 A-O

1164116%

MISCELLANEOUS

-

Con ext guar 44s....gl9l0
N Y A Long Rr gen g 4s 1941
Cent Pacino
bee So Paciiic Co
CentVermont 1st gu g 4s.el920
Chas A aav bee Ati Coast xune
Cues <to duo golu 6s
al9il
Gen funding A impt 6s. 1929
1st cousoi g os
.1939

Registered
115

72 Mar’10

j

93

Price
Frinav
Oct 14

/U987 Q-J

Registered
Sinking xund deb os
Registered

1154116% li64 Sep’lo
73

90

074

Street

iinihvay
Brooklyn Rap Tr g 5s

Registered

hsf

Am Hock <te imp gu 58..1921
J-J
Le A nud r gen gug 5s 1920 J-J
Leii & Wilks B Coal 6s.. 1912 M-N

Debenture

H6%1ll64J,ly’lO
,105

06

*5*6 *974 1*00*4

sale

ioy

*89*’ **95*4
1*1*2** il*2**

■

2u prei income g 6a....pl045 Oct
2d pi et income g 6s stamped ....
3a prei uioome g 6s....pl945 Oct
3d prei income g 6s stamped.1....

Cent oi Ga rr—( cont
Cliatt iuv pur mou g 48.1951
Mac A N or L>iv 1st g os. 1946
Mid Ga A aci Hit 5s.... 1947
Mobile Liv 1st g os
1946
Geu R it A is oi Ga ooi g 5s 1937
Cent oi N J geu’i gold os.1987

Registered

...

87%
91%

122%

974
94%
10741094

.....

1U%

94%

117

984
97

934 safe*’ *92% **" 93*4 83
J’ne’09
1224
127
1104...... 112 Mar’10
95 4....
96
J’iy’lOj

99

100
96
92

109

128

......

98
88
92
89
106
100
98

92

964 Oct’10
Sep ’09
964 J’ue’09

964

1064

834
974101

98% 98%

97
Apr’10
93 4 Oct ’10

94%

74

79 lo4% 122%

108 4

11841094 1074 J’ly'lo

A-Oj 109%
J -J
J *B

98

92

93%

784

78

994 Sale
974
914 924

nl925 Q-J

Begistered

Gold 48

N. Y. STOCK EXCHANGE
Week ending Oct 14

8inking loud4s

Registered.
1995 A-O
Adjustment g 4S.......*1995 Not
Registered...........&1005 Nov
Stamped..............*1995 M-N
9*14**92%
Cony 4s issue of 1909... 1965 J-JL) *
1054
Conv g 4s
1955 J-D 1064 sals
Cony 4s (lull pd recta).. 1960 J-XI 1024103
10-year couv g 5s
ly 17 J-D loo 4 sale
Debentures 4s Series J. 1912 F-Ar

l

1

BONDS

Range

Range or

all—“and interest"— except for income and defaulted bonds.

are now

ADue J’ly

J.J

80

484

......

i btf

96
88

37%
AO
J-J
A-O

teDue Aug

74% Sep’10
48% Sep ’10

100% 1024 luU
06
97% 100
06
00
97
403
57%
Sale
57 %
68
107
107%
86 4 84%
H8
i

97
101
Sal**

38
80

96

Nov’Ob
...

28
7

Oct ’08

80

Aug’10
o7% [***8

oDae Got

p

102

964 99
*1*2 67% 694
55
1549
68%
2 1054108%
84% 87
Oct’10

84

67

82%
54

934102

Sep ’lo
J’iy *10
Apr 10
63
63%
107 4

107% Dec’00
96% Oct’10
98
Apr’00
88
87%
37%
37%

67 % Sale

74%
46

Due Nov

00

83

80

314 40,.
*•

s

96

*•••*

794 83
65

74

Option Sale

OOT. 15

New York Bond

1910.1

■

4’
U2

ts

BONDS

N. Y. STOCK EXCHANGE
Wkkk Kndino OCT 14

Hui

>—(
Cli St P A Minn 1st g Os 1918 M.-N
Nor Wisconsin 1st 6s...1930 J-J
St P A 8 City 1st g Os...1919 A-0
Clue* WestIn<1 treng6a</lQ*M
Consol 50-year 4s
1952 J. J
Chic A W Alien see Pore Marq
Choc O A Gulf See CRIAP '
Cin HAD 2d gold 44S...1937 J -J
Cin 0*1 1st gu g 5s...1941
C Find A FtW)stgn4s«.'23 M-N
Cin 1 A W 1st jra v 4s.1953 J-J
Ind Dec A Wist «r5s,..l»35 J-J
1st guar gold 5a
1935 J-J
O 1 St L A C see COCA St Li
OinSAC See C C C St L
Olearlield A Mali See BBAP1
Olev Cin C A st L gen u 4s 1993 J-D
Cairo Div 1st gold 4a....1939 J ~
Cin W A Al Div Istg4s.l99l J

Low
123

112

108
92

AO

High

Low

Sale

1114 1144
88

804

102
Sep’10
107 4 Deo’02

1st

i’o*8

85

874

1014107

....

944 944

944

9U4
92

95
1^5
loo

90

904
97

.—

'at Har ASA see So Pac Co
Tal HA Hoi 18821st 5s. 1913 A-0
Georgia A Ala See oea A Line

1064

1094 Dec’09

.

69

73

...

....

105 4

1054

964

984

86
2 103

98
108

....

....

rrn

J’ly *08

......

......

•••••••*

914

92

65

67

*8*9** *94*4

6
0

704
94
934 95 4
9&3<
Sale
98
974
9«4
U24II4 113 Oct 'lo

'

63

07

28
7
69

70

65
93
94 4

814

974
99

1114U4

1084
112 4Sep’lG

1084

127

J ne’oo

94

Sep *03
Sep 10

86

Uc4
107 4

117
bale

85
no

F-A

7

120
19

100
103
90 4100 4
122 91
974

’79
91

9l

97

Jan’02

110
«4

sep'04

89

Jiy’lo

74

Oct’10

......

90

92
74

72

1084
•

2d Os
1910
Dal Short Line See Nor Peo
Dai So Shore A All g 5s..1937 J-J
L/asioi Minn see St P Al * Ai
lYaat Ten Va A Ga See so Ry

Sep’lu

lo7*« Aug’Hi

9

874
83

....

....

4

100 ^
103
loo
103 4
9/

5Ul ext gold 48

1928 J
NYLEAW LSI g (d 78.1920 M
Erie 1st cou g 4s prior..1990 J-J
Registered
1990 J
1st oonsoi gen hen g 4sl990 J - J
Registered
1996 J-J
Penn coil tr g 4s
1961 F
60-year conv 4 > A ....i960 A
do
series 8.1953 A

...

118

fcS'u

bti4

85
704 Sale

87
77

Oct ’10

119
J’ne’lO

119
100

1004 Mario
103
Aiar’lo
1U04 Jan ’lu
994 Feb’lo

764
85
87

88
Sale
Saie

1

70

1004107*4

1

.

J
M-

J«

86

M-

.

11841224

nr-

100

1U3\

103

1004 1004
094 994
i 118 118
80*4 87 4
5
27

Feb’ov
87

0
77 4 160
714 104
....

07

70 4

83 4
04
50

67
83

73 4
1134 ll3 4
110
115

.

1004 1004Dec’0o
89

1074

89
108

J’neTO
108

....

2

ib?

120
114

114

103 4 1034
99
104 4

*

.*1

i‘o*i*‘ *1*0*24

Aug’10
Sep ’10

99

j£D7 J’ly'09

884 92
....

87

84

904 181 944 974
7 944 9b4
904
99
9.3
100
Sep’io
125 4128*4
1254
1244 1274
J’iy 19
132
Apr’09
1064 BalV* 1064 1904 *20 103*4 *10*7*4
964 Sale

::::

ioi'4Mar’iO

89
1 lu8
1

93

1084

|ioi4l014

496%
964

J-J

J-J
J-J
J-J
J-J
M-N

1084 J’ne’oo
1004 Sep *10

100

96

J-D

98

J-D

A-0

J-J

J -J

J-J

J-J
J-D

1U041014
9e
1004

98
Aug’10
100 4 Get '00

95 4
9y4 Jan To
1144 Feb’10
1124
1264 1274 125 Aug’10
1304 v.hv'OO
110*« 1134 110 J’ly’lO
112
.110 J’ne’ob

994

99*4
1144
126 ’ 129

-

li3

....

89

89

J-J

874

Apr’10

944
1

Han
A St JoSeeSeeU OY Bag
ousatomo
N HA H

Honst A Tex Cen See So PacCo
1 llinois Central 1st g 4s..1951 J-J
A Registered
1961 J-J
1st goiu 34s....
1961 J-J
Registered
1951 J-J
Extended 1st g 3 4s
1951 A-0
1st gold 3s sterling
1951 [M-S
Coll Trust gold 4s
1952 A-O

1st rel 48
L N O A Tex gold 4s

1952'A-O
M-N

1965

Omaha Div 1st g 3s
1961
St Louis DivA term
g 38.1951
Registered
11*61
Gold 3 4s
1951

Registered
_

-

87 4

974 99

84 4

Dock

115
90
,

95

M-N
M-S

101

uoug

117 4 May’10
99
ijeu’10
110
Aug’10
118
MarlO
90
Out *09
9/4 Mar’lo

J-D
M-S

73

Ry

92

99

1004

90
97 4

994
1004

874

884

774

774

884

89

95

98

98

99

95
May* 10
107 4 Sep'10
110
103
18 4

May’lo

104
17

1044

1044

...t

734

118

118

974

9/4

95
98
107 4 1104
1004112

103 4

10 103

Oct'10

74

10

03

OoC 'OU

10L4 101

1014

1124

18 4

35

102

734 Oct *10

74

99

...1144 119

J’ly'08

107

*714

11741174

694

lu04
774

714

74

*994 i03*

11041104 1104 Oct *10
107
100 4 MarlO

A W 1st g 5s..1937
Laxe
Erie 5s
2d gold
1941

106*#

90

••••••••

89
Feb’10
101 4 Oct ’99
NOV’00
100
95
Oct *10

89

* .".*"

110
112
*80

A-O
i960 A-O
A-O
Apr 1950
Kentucky Cent see L A N
Reok a Des Mo
see C R 1AP

Norm ulno 1st gug os.. 1945
L Shu A Mien s see N Y Cent
LeliV&lN 1* 1st gug 4 4s. 1940
Registered
1940
ijehigh Vai (Pa; cons g 4S.2003
Leh V Ter Ry 1st gu g os.1941
Registered
1941
Leh V Coal Co 1st gu g 5s. 1933
Leh A N k 1st guar g 4s.. 1945
Registered
1945
Ei C A N 1st pt Os .....1914
Gold guar os
1914
Leh A Hud R see cent oi N J
Leh a Wlikesb see centoi N J
Leroy a caney Vai see Mo P

9*6’

774 Mar’10
79*4 Dec’08

104

see so

93

98* Sep 10

93

City sou 1st gold 3s..1950

104

J'ne’ou

97
May'07
100
Apr *09
87 4 May'lo
123
iUay'99

102

M-S
J-D
M-S

Knoxville A oiuo

99

97 4

954

Regis tereu
Rel A impt 5s

•••a

994 Oct *10
1*9

85

J-J

J’ne’lO

Sep'09
934 May *09
80
j ’iy *09

994'

J-J

J-D
J-D

954

94

F-A

J-D
M-S
J-D

J

994104
95

1074 Ap:*o7
92
Aug410

91

87

874

J

4

4

104

••«•••

J-J

1024

1004 Sep ’ua
95 4 May’10
994 teu’UU

93
92

F-A
J-J
J-J

1951.

estern Lines 1st g 4s’~1951
Bellev A Car 1st Os
1923
Carb A Shaw 1st g 4a...1932
Clue St L A N O g 5s...1951
Registered
....1951
Gold 3 4s
...1951
Meuipii Div 1st g 4s...1951
St L Sou 1st
gu g 4a....1931
ind Ri A West See C C C A St L
ind 111 A la 1st g 4s
1950
lut A Great Nor 1st
g os..1919
2d gold 5s
1909
Trust Co certfs
3a guia 4s
iyjii
Iowa Central 1st gold 5s.. 1938
Gold 4s
1961
it ai A A G R see L S <fc M 8
IVhu a Alien see Tol A O C
KCFtSAM
see St L A S F
K C A M R A
see s\> L A S F
an C A Pacino
see MEAT

1024 1024 1024

994

...1953;M-N

Registered......
1963 M-N
Cairo Bridge goal 4S....1950 J -*>
LomsvDivATerm g3 4s. 1953! J - J
Middle Divreg 5s.......1921’"
F-A

10841124

A-O

105

ill

109

Mar’10

1004 107 4
108 4 112

J-J
J-J

105

107

1054 J’ne’lO

1054 108 4

M-N
A-O
A-O
J •J

974
1124 114

107

103 4

114

M-S;

lot» 4
93 4

M-S
A-0
A-0

102
100

Q-J

1094

Aug'09
e7
114
J’ne’lO
109 4 Oct ’99
108
Nov’09
y7

50 4

934 Mar’10

9c

974
1164

114

934

96

1014 F’eb’io
1014 oep ’09

1014 1014

112

112

see Kne

uoiig Isl’u—istcon g 5s./il931
1st consol

DllOClUiliANBOUh

gold 4s

General gold 4s
Ferry gold 4 4s
Gold 4s
U uiiieu gold 4a
Debenture gold 5s

BON Dai—Continued

on

Next

/(1931

u

1938
1922 M-S
1932 J-D
1949 M-S

....

Feb’10

112

101
93 4

97

94

98

984

98

93

97
90

94

Oct ’10

93
97

.

974
1004

994 Oct ’06
934 Mar’10
1044 Dec*081...

93 4

1014

9941034

...

...

1934 J-D

96

Page.

Gas and Electrio Light

J-D

1014
105 41004

71-N
A-O

01

J-J

106 4 Oct ’10

97
105

rt-8

3-D
F-A
,31-N
A-O

*9*8** i*o*i*’

964 Sep 'ob
105 4 Sep’It
014 Get ’ol
LOO

Oot ’09

L02

Sep ’Id

97

Mar’ll.

103

101

1134117

114

Aug’10

102
97

Oct *!('

804 884 9U Mar’i j
102 4 Sale 102 4 1024
99 4 Oct’1C
99
100
904 91 Apr’li
*

L05

004 Sep ’10

ioo** i’o’i** .01*" Apr'15

J

F-A

Kings Co Ei LAP g 6a...193) A-O
Purchase money Os
a 99 < A-O
Ed El 11 Bku Istcon g 4s 193; J-J
Lac Gas L 01 St L 1st g 6s.el91;

1084

No price Friday; latest bid and asked this week,




74
111

100*4 loo 4
r

“j.

1114 Sep io
121
Dec’08
1244 Sep TO
111
Apr TO
1U3 4 0CI *09
93
103 4 T034-an lo
1004 lu3 ilOOS,
1004

>| *98 ioa

*

91

iOU

118
118
86 4
SO
81
Nov’09

lil4 112
113
122 41244
1094
1004

•

Rel and ext 1st g os
1934 AO
Milwaukee Gas List 4s.. 13'A-h
Newark Con Gas g os
194b J-D

974

94
88
72
100

....

744
70
714
109 1164 1134 Max’ 10

►!

-

94 ia
844

Dec’09

113

11941204

J

■

St Paul M A Man 4a....1933
1st consol gold Os......1933
Registered
1933
Reduced to gold 4 4s 1933
Registered
1933
Dakota ext gold Os....1910
Mont ext 1st gold 4S..1937
Registered
1937
B Minn Nor Divlst
g 4sl948
Minn Union 1stg6s..1922
Mont C 1st gu g Os. ...1937
Registered.
1937
1st guar gold 5s
1937
Will A S F 1st gold 6s 1938
Greenbrier Ry See Ches A O
Gull a s 11st rel a t g 5s 01952

an

1074

g 6a. 1941
See l>eb A N Yi

Gas and Electric Light
Atlanta G L Co 1st g 5s...1947
Bklyn U Gas 1st cou g 68.1945butiaio Gas let g 5a.......194 i
Columbus Gas 1st g 6s.... 1932
Detroit Oily uae g os
192o
Det Gas Co cou 1st g 6s...l9ir
Bq G LN Y 1st con g 6s.. 1931
as A Elec Berg Co c g 6S.1945
dr Rap G L Co 1st g 6a...l91o
Hudson Co Gas 1st g 5s.. 1949
Kan City (Mo) Gas 1st g 6s 1922

944

004

100 4 Aiai'b©

•••••

10641094 107

Bigin Joi A East 1st

FF*

105

100

..t.

y24 Oct’io
84
Oot ’10

65

Des Moi A Ft D See M A St L
Des Mol Un Ry 1st g 6s.. 1917 MDet A Mack 1st hen g 4s. 1995 J*
Gold 4s.
1996 •* ■

924 974
1034 104 4

4
....

Dec '09
Mar’o*

78
85

......

1234 1304

....

94 4
95
101 ** 104 4 Mar’10
IOO
101
101
Sep’lo
924 sale
924
924
98
Feb'oa

gu

12i>4
4102

9

944 Sale

Rio Gr so 1st gold 4s. ..1940 J
Guaranteed
1940 J
Rio Gr West 1st g 4s....1939 J

90

....

39 4

99

934 944 934
94S
1224-~... 123‘sSep’lu

Dock A Imp 1st cur Os..1913
N i A Green l gu g ds.1946
N Y Sus A W 1st ret 6S.1937
2d gold 448.....
1937
Generai goiu 5a
1940
Terminal 1st gold os...1943

>• •••

J’ne’08

67

96 •« sale
184 99 4

1921 Q-J

Registered

117

1074 U04
974 101

....

984
yy4
loo4 Sep io

99 4 Sale

Del Riv RR Bridge BesPaRR
DenvA R Grist cou g 48.1930 J-

113

....

102 4 Feb’03
liO ’Oct ’10
149
Aug’Ol

120

984 Sale
1004 101

JJ•

10341114
112
1144

....

1074 J’ly’lO
984
»»

-

99

M S
M

1

1084

Ill

1915 J■

1st re( gu g 3 4s
2000 J •
N Y Lack AW lst0s..U92l J-

See St L S W

lstoonsolg 4 48.1999 J-J
Registered
1999 J-J
Col AH V 1st ext g 4s..1948 A-O
Col A Tol 1st ex 4s
1955 F-A
Houst E A W Tex see So Pac

-

Olev A Mahon Vai g 5s. 1933 J-J

ti tan

1

Hock Vai

i!r
DakAGtSo
Pallas A WacoamC
See M
MA
A P|
K St
TI
Del Lack A Western—
I
Moms A Essex 1st 7s...1914 l

Gray's Pt Term
Registered./i

see Penn RR

01ev A Pitts See Penn Co
Col Midland 1st g 4s
1947 J - J

Kim Cort A No

Low

Oct ’09

See sea A Line
Georgia Pacitio See So Ry
Gila VGA Nor See so Pac Co
Gouv A Gswegat See N Y Cent
Grand Rap A Ind see Penn RR

GtNor—CBA<jcolitr4s 1921 J-J

....

•.«»»«

93
Sale

944
96*«

894

....

125

67

904 964
90

....

ioa

94

Poo A East 1st cou 4s...1940 A

Warren 1st ret gn g 3 4s.2000
Del A Had 1st Pa Div 7s.l91?
Registered
1917
1916
10-yr conv deb 4s
1st lien equip g 44s ....1922

$

964

Since

January 1

1094116 116 Deo '09
101
1014 1014 J’ne’10
Apr *05

J

1

....

1054 Feb’lo
984 A-“«M0
90
Aug 10
I08

121

6

944

1044

1934 J-J
4S.1940 A-0
O ind A W 1st pi 5s...dl938 Q-J

Registered...

U4

86

J

Range
©

High A 0

A

I

May’10

90

1044

.

944 Aug’uB
91
Sep ’10
94 4 Sep’10
91
oc; 07
96
Gee *09

944

Registered

i

Week’e

Range or
Last Sale

Ga Car A Nor

inaBlAW 1st prel

Colorado A Son 1st g4s...1929 FReinnd A ext 4 4s
1936 M
Ft W A Den C 1st g Os..3921 J
Colam A Greenv see so Ry
i
Col A Hock Val See Hock Val
Col A Tol See Hock Val
Col Conn A Term see N A W I

general gold 5s
1942 A-O
Mi Vernon 1st gold 0S..1923 A-0
Soil Co Branch 1st g 5s. 1930 A-0
L argo A So see Ch M a St P
r ant A Pere M
See Pere Mar
Fla C A Penln See sea Air Line
Fort St U D Co 1st g 448-1941
Ft W A Rio Gr 1st g 4s... 1928

•

.

1u5«b

0s.. 192 6 J
Erie A Pitts See Penn co
Evans A r H 1st cons Os. 1921 J-J

93 4

i i*oi
2

»

Price
tridau
Oct 14

Bid
Ev A Ind Istcon gug

1084112

Oot ’00
105

864

N. Y. STOCK EXCHANGE
W«kk Esuino Oct 14

<

High
127

123

92 n Sep’10
113
106

87 4 89
lu2
104

Oin S A Cl con
0 C C A 1 consol 7s
1914 J
Consol sink (and 7s....1914 J
General consol gold Os. 1934 J-J

Olev A Marietta

i

Since
January

108 4 J’ly’lO

934

105

B

#1936
1st g 5s. .1928

ss

or

BDNDS

Range

J’ly’lO
1274 1294 May’U9
1U»4 Aug’10

112

8pr A col Div 1st g 48..1940 M-S
W W Val Div 1stg4s...1940 J-J
Registered

Range

Lout* Saie

jlSh

122
122

«••••<»

0 1 St L A C consol Os.. 192
1st gold 4s
...S1930

Weeedt

Price
Friday
Oct 14

US

1011

Record—Continued—Page 2

a

Due Jan

004
l

NYGELHAPg 5S...1948
1074
07

Ol’* i’0‘1***

”0*14 i*054
iul 4

1034
97
00
101
1104 116
87 4 90
1004 100
97

99

91

101

924

b Due Feb

Purchase money g4s...l949
Ed El ill 1st cons g os..1995
N VAC El LAP 1st con g 5sl93o
N Y A Rich Gas 1st a os. 1921
Pacific G A Elec Co Cal G A E
Lorp unifying A ref 5s rt*3.

J-D
FA
J-J
F-A

Apr

«Due May

84 4

Sale
85 4

S Due j ’ly

85*

102
854

25
9

11041114 1104 Oct
......

101

d-N

M-N
Peo das ac d iat cou g ub.194u A-O
Refunding gold 5s
194i M-S
Ch G-L A Cke 1st gu g 6s 1937 J-J
Cou G Co o( Ch 1st gu g os.’3u J-0
Ind Nat Gas A Oil 30-yr 5s ’30 M-N
M u Fuel Gas 1st gu
N
g 6s. 194.
Philadelphia Co conv os ..1919 F-A
Syracuse Righting 1st g 6s.’5i J-D
Trenton G A Ei 1st g os..194; d-8
Union Elec LA P 1stg6s. 1932 4 S
Westchester Light*g g 6s.l95i i-C
d Due

102

92

sale

H04

1U4
1004 1014

92
92
116 4 Aug’10

91
92
1184119
lot 4104

Sep lu
4 Sep ’10
1014 1014
944 Aug’OO
101

Mai’ln

00

98

08

Sep ’10

UO
994

k Due Aug

q

BO
100

Aug’ln
Mu>’Oo

Jan *08
J’ne’li

Due Deo

*

-

lo24 1044
1004 102

99

io\4.roTC

'

UO

102
102
102 41034 104

1004 103
88
90#

67

80

*10
1004 .viar’lo
97 4 J’ly ’09

tot ;10i;
99

1103

98; too
100

too

Option Oulfe

J

1012

New York Bond

BONUS
N. Y. STOCK EXCHANGE
Wkkk Ending qct 14

Long Island—(-Con;

A N&shv gen g

Gold 6s

Unified gold 4s
_

Registered..

Week's

Friday
Oct 14.

Last Sale

\Bta

Gnar ret cold 4s....
1949
Bklyn A Mont 1st g 68..1011
1st 5s.
1911
N X B A M B lstoon g 6s 193b
2* Y A R B 1st g 6s.....1927
Nor ShB lstoon ggu6sol032
Louisiana A Ark 1st g 6s. 1927

liornsv

Price

M-8
M-8 j
M-S
A-O

M-8

2:5!

6s. 1930 J-D
1937 M-N
1940 J-J

1940 J-J
1910 A-O
1931 M-N

Rink hind gold 6s
Coll trust gold 6s
EH A Nash 1st g 6s. ...1019
LOln A Lex gold4>08...1031
NOAM 1st gold 6s....1930
N O A M 2d gold 6s
1930
Pensacola Div gold 6s. ..1020
St L Dlv 1st gold 6s
1921
2d gold 3s
1980

J-D
M-N

J-J

J-Jl
M-8
M-S

M-S!

Range

....

M-8

Stamped guaranteed

,

...

.

•••

.

Jan '09

120

105 V HI

113%....
68

...

107V Mar'10 ...
113
Sep ’10...

107 V 110 V
113
114

71
May’09
06V 93 V Sep ’10...
116 J’ly 06!...
101%
103
110
Jan'00...
95
05V 95 V Oct ’10....
102
105 V 102
Sep’1C ...
....

...

nov

94V

105 V
89 V 92

*‘iibv

ubv iiov

109 V 114
68 V 90 V

OUVSep’iO...

99 V Sale

90V

*26
76

130
111

77
80

Mar’10
Feb’08

100

May’10

iuo%JTy’io

31V

75

77

131

Jan ’07

107 V ii>«V 107 Oct ’10
70 %Sale
70V
7uV
02
87
Mario

99

27 V

ibo* loo"

May’10

131
118

99 V

06V

131

,100 V 101

.—

-...fjl02v 109

67V 81V
01V

87

06 V100
08 V 08 V

98V
07V
97% Sale
J-D
0x990 P-A1 84 V Sale
84Va 85
1944 M-N 102 104 103V SeP 10
80 V 89
62
oot ’10
2004 M-S

96 V100
82
87V
100 105
78 V 86 V
83 V 00V

.

let A refund 4s
Gen s f 4Vs
1986,
St L Div 1st ref g 4S....2001
Dal A Wa 1st gu g 6S...1940
Kan C A P&o let g 4s...1990
Mo K A E 1st gu g 6s...1942
M K A Ok 1st gu 6S
1042
M K A T of T 1st gu g68.1942
SherSh A bo 1st gug 68.1943
Tex A Okla 1st gug 5s—1943
Mo Pacific lstoon g6s ...1920
Trust gold 6s stamped
stamped.«1917

86 V Oot ’10
88
Apr’09

J-J

A-O
M-N,
F-A

A-O

M-N

K-S
J-D

......

f-A

ex g 48.193d
gold 6s... 193b
St LlrMASgen con g 681931
Gen oon stamp gtdg 6s 1931
Unified A ref gold 4s..1920
Riv A G Div 1st g 4s..1933
Verdi V1A W 1st g 68.1026
Mob J A K C 1st cons g6s.l053
Mob A Ohio new gold 0S..1027
1st extension gold 6s..A1827
General gold 4s....
1930

J-J
A-O

2d extended

Montgom Dlv 1st

A-O
J-J

M-N

g 6s..1947
St LA Cairo ooil g 4s..«103(J
Guaranteed g 4s
1934
MAO ooii 4s See Southern
Mohawk A Mai tieeH k'CAH

Q-J

114 V U«
86

00

F-A

100
60

110

04

06

Q-P
J *J

105

Rep ’10

lip
101

Oot *10

Illli ibs”

101V

J107

ioa
111

4 100

102V

] 90V 09V
100

102V
81V

4! 76
25

*96

89

01V 06
86
87V
08

....

1ST

...JllO

15 106 V 110
6

81

186

S3! 82*« j87V

....!jl02V102V
il

117 %Oot ’lu
114 V Sep ’10

116

121V

114V117V

86%Sep’rO

86 V 90
107
108V

108 V H»>V
76
May’08
04 V Oot *10

’•••••

rnmmmm

04 V

06

Monongaiieia Rhr bee a A O
Mont Cent bee St P M A M
Morgan's La AT bee S P Oo
Morns A Essex bee Del LAW'
oon

TAP Branch 1st 6s....1917 J
Nash D ior A She! bee LAN.

109V.

-

J

1
A-O

......

106 V

106V Oot *10.... 108V110V
8 108 V 110 v
no
no
116VMay’07
....

117 V
113

Mar’05
J'ly’04....1

»*>•

04V 48

94 V Rale

91V Rale

J-J
A-O

91V
01V
lUOVSep’10
84 V Sep ’10

6
....
—

,

Registered.

199di

106V

'

84 V

‘

Oct’10

07

Mai’04

96

08%

105
Ocl *02
I 03
Aug’10
108
OCt *00
I 06V Oct'lu

07

03

103
05
84 V

J’ly’10

io*7** iio”

83

Sep ’10

02

J'ue’00
J ’llfc’09
Feb’08

101% 102 V
80% 01V

'IU‘7

105 V 106
Jan '03
104
J’ue’10
102 V Feb'10

84V
!

115
125
10t»

100

104

Sep’10

J-J
J-J
M-N
F<A
F-A

89 V
87

89V
89V 18
80% J’ly'10 ...J
04% Sale | 03V
04V
6
82 V Oot ’10
61V 62
80 V
1 70 Sep ’lu ....I

90V

88 V

....

J.D
M-S

96
88

....
....

F-A
08%
F-A
OoUndulstA coil 5s gu..l934 F A
77
iContin’talClstsf gu5sg.l052 F-A
Gr Riv Coal A U 1st g 68..1919 A-O
UTeff A Clear C A 11st g 6s. 1926 J -D
jKan&HC A C 1st sf g5al9ol J.J
07
Pocah Con Collier 1st s f 6s.’57 J-J
'Sunday Creea Co g 5s ....1944 J J
fcann Coal gen 6s
1961 J.J 101
Penn Div 1st g 6s
«19l7 A-O 104%
Birm Div 1st consol 6S..1917
J-J
104%
Cah C 61 Co 1st gu
g 68.1922 J-D
106
De B«r C A 1 Co gu
g 08.1010 F-A
victor Fuel 1st s 16s
1053 J - J
y a iron Coal A Col at g 6s.l940 M-8
08
*No price Friday; latest bid and asked,




100
00

30
6

104

102
02 V
02

14

88
02

53,

02

0o\

90

09

87
89

00

05V

_

......

Wi

02V

*j 07 V100 V
7
16

90
09 V

24

02

102 V

06V1OOV

130V 135V
06V 103 V
112 V116

......

97V1

06

98

NYARR See Long island
NYSAW Am Ene
See So Pao Co

M-N

M-N
F-A
A-O
A-O

A-O
Dir'i 1st l A gen g 4a... 1944 J-J
10-26 year eonr 4s.... 1032 J-D
Pooah C A C Joint4e..1941 J-D
O O A T 1st gu g 6s
1022 J - J
8010 V A N R 1st gug 4a 1989 M-N
North Illinois bee Chi A N W
North Ohio bee L Erie A W
Nor Pao—Prior lieu g 4a..1097 Q J
Registered.
1997 V-J
General lien gold 3s....a2047 Q-F
Registered
a2047 Q-F
8t PauLDal Dir g 4S....1996J-D
Dal Short L 1st gu 6s.. 1916 M-8
C BA uoolitr4s AMGtNor!
StPAN P gen g6s....1923 F-A
Registered certifio’s..1923' Q- F
Rt Paul A Dal 1st 6s....1931 F-A
2d 6s
......1917 A-O
1st oonaol gold 4s
.1068; J -D
Wash Cent 1st g 4s
1948 U-M
Nor Pao Ter Co 1st g 6s..1933 J-J
Nor Ry Cai bee So Pao
NorWis beeCStPMAO
Nor A Mont bee N Y Cent
4 | And A W bee G O O A St L|
vh10 Rir RR bee salt A O
Ore A Cai bee So Pao Co
ore short Line bee U n Pao

Co 1st gSee
...1046
Fac ol
Coast
6s.Mo
Missouri
Pao

100%

May’10 ...100 101%
123
VSep’10
126 V
122V 128 126
Mar’10 ...124% 120%
120 •» 125
123
May’10
128
124V
90
90% 00 V
80 V 14 96 V100

126

......

101

126

126

j

07

—

Apr’IO

93 v Bale | 93%
03 V *8
100% dale lOOV DU 498
88% 80V 88V <X*’10

06

......

100V101
90%
71% sale
70

106
04

116

119

Apr’IO

93V

99

102%

08V 101
60 V 74
6J
72 V
96V 97V

Mar’10
Feb’10

116 VSep’10
11/
Feb’10
HO J’ne’10
lo3
103

97

01

104V 108
94
06V

J’ly’10

69
101
Oct ’10
84
71%
71V
70
Sep’10
09

97

04% 108 V
86% 00 V

101
100
97

90 V

90

09

1116V 118V
...'ll 17 117
107V
...!110 110
108
1 103 103%
03
j 96 V Apr’IO ...I 00V 97V
02
.....J 02VJaa’O0
nov
novAug’ro
no v nov
112

.

......

J-D

104 V Sep’10

103V

Penn RR 1st real est
Consol gold 6s
Consol gold 4s
Convertible g 3 Vs.

g4s.l023 M-N
101%
1019 M-8 105
no
1943 M-N
.1012 M-N
99 V 8a!c
1015 J-D
Convertibleg3Vs
96V sale
Consol gold 4s
1048 M N 102 % sale
98V 96V
Aiieg Vai gen gu g 4s... 1942 M-8 *0j%
87 V 92V
DaaaA Bge 1st gu 4s g.’36 F-A
04
Plula Bai A W 1st g 4s.. 1043 M-N
100V102V
101V
86 '
8od Bay A So 1st g 6S...1024 J - J 10 0
82
U N J RR A Can gen 4a.1944 M- 8
Penn Co—Goar 1st g4Vs. 192D J-J
101 V bale"
Registered
1921 J-J 102
87% 92
Goal 3 Vs coll trust reg. 1937 M-8
88 V
86% 90V
Guar 3 Vsooli tr ser B... 1941 F-A1
92
96%
Tr Co oerLTs gu g 3 Vs.1916 M-N"
% 98V
79 V 82 V
Gu 3 Vs tr ctfs C.........1942 J -D
90
78
80 VI Gu 3 Vs tr ctfs D..1944 J-D 1
88 V 89%
......

......

»V 90

MISCELL 4NKOUS BONDS—Continued

,

03 V

*0*5 V *9*8 V

131V Jan *09
106V1U8

09%

'••••a

on

102
Aog’10
1U0V Jau’00
102 V uct ’1J
00
06 V

102%
100

....

08
08%
70

i.07% Deo’04

100

101

90V
82%

102% Apr’06
107 May’97

ibo

106 V Dec’06
83
J’ne’10
73
Feb’07

82

-

103
Male

106

102

104%
104
L10
100

86 V

09%

a Due

96
93
70

87
00%

Jan

83

Sep’lo

102
103

1<>4V
Sep ’10
J&n’Ou

104 V
107

103% 107

ioo” ibo”

Jan '10,

Auj’091

b Dae Feb

83

8
s

94 V100

Dae

Am Spirits Mfglstg0s.. 1915
Am Thread 1st col tr 4s..1019
Am Tobacco 40-yr g 0s.... 1944
4a
1961
deth Steel 1st ext sf 6s.. 1026
Jent Leather 20-year g 6a 1926

Cons'll Tobacco g 4s
Corn Prod Ref s 1 g
1st 25-year st 6s.

J.J

79

A-O

103 V
98

u-F

J2- 8
A-O
M-S

...

Oot '10

...

103VM*F’10'....
104

104V!
1U3V Fsb’10
00

07

87
81

07

101

90% 98
106
Sals
80 V bale

F-A
w-J

86% Sals

80V bait
78%
94%
9i% 96

97
Sale

74

82% 88

Due Oot

p

79

108

1 108
....

Aug’10'....

80VGS4 *10

V] 08%

80V
72

j-j

1934 M-N
Cuban-Amer Sugar coll trie’16 *-0
Distil beo Cer oonv 1st g 6s.’27 A-O
EI duPontPowder 4 Vs..I93i| J-D
•

84V
68%

08

102V102%

103 V Deo’00 ....*!
lttts
Jan'03!....

102

A-O

A-O
1951 F-A
M-N
6s....l93i

May g Due J’ne h Due J’ly MDue Aug

Sals

193 V

102% 108
00V- 181 00 V 102 ,
0»V 170 04% 97V
102% 20 101V 104%

....

Ssp’10....
Aug’10....
Deo’001....

Next Pago

Allis-Chalmers 1st 6S.....1936
Am Ag Ohem 1st c 5s..... 1028
Am Cot Oil ext 4 Vs
1915
Am Hide A L 1st s f g 0s.. 1910
Amer Ice secur deb g 0s.. 1026

’102

„

Manufacturing A Industrial

09 V Nov’09
94
Deo’09
101
Sep ’10
90 V J’ne’10
79
79

102 V108%

....

Coal and Iron

Buff A Suaq Iron s 15s....1932
Debenture 5s
a 1826
Coi 3 Co 1 Co gen s t
g 6s.. 1943
Convertible deb g 6s....1911

79 V
08V

j 07 V Apr’09

92
9LV 92
91V
1997 J-D
80V Sals
89 V
89 V
Debenture g 4s
04
1928 M-8
93V Sale
93%
25-year g 4s
1931 M-M
03 V
03 V
93V Sals
A A G R 1stIfgu
gu o 5s. 1938 J-J
110V
Mahon C*1 RR 1st 5s.Il034! J- J 107
...... 109
Oot ’07
Pitta A L Erie 2a g 5s.al028'A-O 100
100
Dec’00
PittsMoKA Ylstgu68.1932 J-J
122 V
130 V Jan’00
2d guar 6s
12U
1034 J-J
McKees A B V lstg 6s 1918 J-J 107
Mich Cent 5s
1931 M-S 109V 112
115
Oct ’00
108 V
Registered
1031
110
Jue’06
4s....
95
00 < 00
1040
Jan’lo
08 V1 98 Deo *09
Registered.
1940 J-J
J L A R 1st g 3 Vs.....1951 M-8
j 90 J’neos
M-N
83
lstg 3 Vs
1962
87
Apr’IO
20-year deb 4s
1029 A-O
01V 92V 01V
01V
Bat C A Stur 1st gu g 3s.l080! J -O
NY Ohio A St L 1st g4s 1937! A-O
99V100V 00 V
00v
08 V
Registered
1037'A-O
100
Dec’00
Debentures 4 s
00
1931 M-N
01
01V 01
West Shore 1st 4s gu...2361 J-J 101
101V 101*4
Registered
99
2361 J-J
99V 09 V
09 V
N Y A Greenw Lake bee Ene
N Y A Har bee Fi Y C A Hud
N Y Lack AW bee D L A W
N X L E A W bee Erie
N Y A Long Br &MCentofNJ
N Y N H A H-—Oonv 6a.. 1048 J-J 134% Sale 134% 136
Cony deben 3Va
101
1956 J-J
oale lOt
101V
Hoosatomo R oon g 6s..1937 M-N 112
112 V Oct ’10
N H A Derby oon cy 68.1018 M-N 100 v
107
Aug’00
N Y A North bee N Y O A H
N Y O A W ref 1st g 4a..pl992 M-S
06V
06%
97
Regis 45,000 only
pl992 M-8
101V J’ue’Uti
N Y A Pat bee N Y O A H
_

Jixab
82 V

79V

Registered

_

Low
78

llllll III” j * *0*8 V J’ne’l o

A-O

J-J
J-D

Hujn Ao

80V Oct’10
79 V Aug’l U
08
102

J-J
J-J

ao

106 V

Jasper Branch 1st g 6s.. 1923 J-J, 116 V
McM M W A A11st 6s..1917 J-J! 106 V

Nat Rys of Mexpr 14 Vs 1967
Guar gen 4s
1977,
NatotMexpnor Uen4Vs.l026
let oonaol 4s
1951
New HAD bee N Y N H A n
N J June HR bee N Y Cent
N Y Bkln A Man Bell bee L1
NY Cent AH Rivg3Va.l997
Registered
1997
Deben g 4s
1934
iAke Shore coll g 8 VS...1998

96

Since

January 2

Oswego A Roms bee NY O

Nash
J- J
St L6s1st 78.1013
1st Chat
solAgold
1928 A-O
i

Rfit-Canad lstgu g 4s. 1940

NY Tex AM

99%Mar’lo
101VSep ’lu
78 V
78%
96V Nov’00
03V- 98%
91 VSep '10
87 VNaj’lO

110
Mar’06
06
07
99
May’10
110 V112V 110 Rep ’10
108 V107 V
199
111
Sep’09
6V
86 V
V sale
90 V
V sale
86V
SOV
102 V J*a’lO
98
Dec’06

M-8
J-J
J-D 117 V121
M-8

„

St Law A Adlr 1st
g 5s. 1906
2d gold 6s
1996
Utica & Bik
Rlvgug4s.l922
Lake Shore gold 3 Vs.
1907

......

.

Pao R of Mo 1st

81V
79V

s *

£ North
Hkrtem g 3 Vs...2000 M-N
N Y A
1st g 6s...1027 A-O
N Y A Pu lstoon gu
g4s 1093 A-O
Nor A Mont lstgu
g 68.1916 A-O
Pipe Creek reg guar 68.1932 J-O
R W A Ooon 1stext5s. A1022 A-O
Oswe A R 2d gu g 6e...el915 F-A
R W A O T R 1st
gu g 68.1918 M-N
Belaud let eon g 4%a..l941 J-J
OgALCham 1st gu 4s gl948 J-J

106
106 J’ne’10
105
Nor A South 1st g 6s
1041
00
02 V 90 Rep'10
03 V Norf A West gen g 6a
1031
*10
18 106 113
109V HU 110
Improrem'tA ext g 6s..1034
io7v 108 V Sep 10 ....103 108 V
New Hirer 1st g 6s
..1032
102
106 V 104 V Sep ’10
100 V105 V
N A W Ry 1st oon g 48.1006
lluv Apr’00 ....jUOOV
...... 100
Registered.
1096
100
69 V

M-8, ----.-109
M-N 107 Up
M-S 101V
....ol9l7 M-S
Registered
letooll gold 6s
1920 F-A
78V
40-year gold loan 4s
1945 M-S]
8d 7s extd at 4%.........l038 M-N’
98V
08 V Sat*!
1st A ref conv 6s
i960 M S
Cent at By 1st gu g 48.1910 F *A
91V 03V
OenBranchUP 1stg4s.l94h J-D
64V 86V
LeroyAC V ALlstg5s 192C J-J

•

04 V

Oct *10

99

Minn Un bee St P M AM
Mo Kan A Tex 1st g 4s... 1990

gold 4s
1st ext gold 6s

03V 98V

3i% May’LO
25 V Apr’00

06V

ask Low

......

Range
5®

JQwQ

......

07 V Oct *10 ....
104
Apr'06....
99 V
99 V, '

97V 97 V Sep’10
98V Jan ’lu

8 S M A A 1st g 4 Int gu 1926 J-J
J-J
eStPASSMcong4intgu’38
2d

9?V

102

loavJ’iy’io*...

06V 97V

99

9*1” *95 V

00V Dot '10 ...
106 V
Aug’lOj..., 106V 111

1977 M-8
Mex Northlet gold 6s.... 1910 J -D

Mich Cent bee N Y Cent
Mid of N J bee Ene
MU LB AW bee Chic A N W
MU A North Am Oh M A St P*
Minn A St D 1st gold 7s..1927 J-D
Paoifio Ex 1st gold 6a...l921 A-O
South West Ex 1st g 78.1010 J -D
1st oonaol gold 5s
1934 M-N
1st and refund gold 4s..1949 M-8
Des M A Ft D 1st gu 4a..’35 J-J
Minn A St L gu AmBORAN

.

...

SSu»

2d cons ino g 3s trust roots..
Mex Internalist oon g 4s. 1977

Nov’06
Nov’UP

03
06
115 % 116
Sep'10.
ill 12 V 116V
113
Sep '10.
1112V114
32
08% Sale
98%
»8%
96V 100 V
98V 98 Hi 100 May’00 ...
100 V Dec'09 ...
lbs*’ III 107%6ep’l<.... 107 110
112
109V
J’ly’iO.... 111V 112
104 >4 104% 103
Apr'10 ... 103 106
121
124
Mar’10... 124
126 V

,

y ahou Coal bee L S A M S
lYLanhattan Ry consol 4s.1990 A - O,
Registered
1990 A-O
Stmpd tax exempt..l09O A-O
McK'pt A B V bee N Y Cent
Mex Cent cons g 4s.......1911 J*J
1st cons luo g 3s
al939 J’ly

109
97
116
112 V

Jl

Oct
bxa

F-A
F-A
J-J
J-J
J-J
Beech Cr Eit 1st g 3 Vs 51951 A-O
Cart A Ad 1st gu *
4s... 1981 J-O
Gout A Oswe 1st
gu g 6s 1942 J-D
Moh A Mai 1st gu g 4s..1001 M-8
NJ JunoR gu 1st 4s... 1086 F-A

Week’s
Range or
Last Sale

Friday

it

Jixgn Ao, Low tixgfi N Y Cent A H
a—(Con)
96V
8 94 V 100
Mich Cent coll g
3Vs....1998
Registered
1008
101V Deo'08.
Beech Creek Istgug4s.l036
llOVEov’06Registered.
*....1936
105 Apr'07 .
2d gu gold 5s
1936

.....

»

Price

Wkre Ending oct 14

96V

Atl Knox A Cm dlv 4s.. 1966 M-N?
AU Knox A Nor 1st g6sl940 J-D
Render Edge 1st s f g 6s. 1931 M-8
Kentucky Cent gold 4s.. 1987 J-J
N A M A M 1st g 4 Vs 1045 M-S
IA N-South M joint 48.1952 J-J
! NPlaAS 1st gug 6s...1937 P-A
N A C Bdge gen gu g 4 Vs 1945 J-J
Pens A AU 1st gu g 6s..1921 P-A nov
S A N Ala con gu g 6s.. 1936 F-A 100 V 114
00V 02
L A Jell Bdge Co gu g 4a..1945 M-S
LNAACh See 0 I A L

L

llll

or

[Von. lxxxxi.

3

•«

bonds
N. Y. STOCK EXCHANGE

Lou

A 8k

96% Sale

103
101
101

Record—Continued—Page

79%
102%
88V

08 V Oot ’10
68
Sep ’10
100%
-00%

80V S*» ’10
106% idi
80%
80%
85%
88 V
09%
90%
80%
80%
94%
94%
04%
04%

oeVF’ly'lO
78 V
Y4
86 J’ly’10

Due Nev f Dot Deo

104
108

103V 108%
00

00

88

91%

05

97%

3

96

4

Oot. 15

New York Bond

1910.]

BON DM
N. Y. STOCK EXCHANGE
Week Endwo OCT 14

si

!i

Week?*

Price

Friday
Oct 14

Range

or

Senes 0

1940

Gr B A I ex 1st gu g 4 ^s 1941
Pitts Ft W A O 1st 7S...1912
2d7s
1912
8d 7s....
A1912
Pitts YA Ash 1st oon 68.1027
P O O A St L gu 4>as A... 1940 AO
Senes B guar
1942 A-O
Senes O guar
1942 M-N
Series D 4s guar
1946 M-N
Series £ 8Hi guar g....l949 f-a
Series F 4s guar ......1963 J-D
O St Li A P 1st oon g 68.1932 A-O
Pensacola A Atl bee L A Nash
Peo A East be* O C O A St D
Pso A Pek Uu 1st g 6s....1921
2d gold 4 >38
61921
Pere Marquette—Bef 4s.. 1956
Oh A W M5s
1921
Flint A P At g 6s
1920; A-O
1st consol gold 6s
1939 M-N
Pt Huron Div 1st g 6*. 1030 A-O
SagTus A H lstgug 48.1931 FA
Phil B A W Sec Penn BB
Philippine By 1st 30-yr s 14s’37 J-J
Pitts Cm A St L See Peuu Co
Pitts Cieve A Toi bee BAG
Pitts Ft W A CU See Penn Co
Pitts McKees A V See N Y Cen
Pitts Sh A Li B 1st g 6a... 1940 A-O
1st consol gold 6s
1943 J-J
Pitts A West Sec BAG
|> eading Co gen g 4s
1997
lABegisterea.
1997
Jersey Cent coil g 4s...1961
tteussemer a Sar See DAB
fctioii A Dan bee South By
Bich A Meek bee Southern
Bio Ur West bee Den A Bio Gr
Book A Pitta See £ B A P
Borne Wat A Og See N Y Cent
Butland bee ti Y Cent

103

Last Sale

....

90
90
92

....

....
....

y*2

104*4
104*4
104*a

104*4
107

J-J

St D A Cairo See Mob A Ohio
St D A Iron Mount bee M P
StDMBr See T BB A of St JL
St Dorns A S F— jeug Os. 1931 J-J
General gold 6s
1931 J-J
8t D A S F BB cons g 4a..’06 J-J
Gen 16-20 yr ds
1927 M-N
Southw Div 1st g
6s..1947;A-O
Refunding g 4s
1951J-J
K C Ft S A M con g 6S..1028 M-N
K C Ft S A M By ret g 4s 19301 A-O
K C A M B A B lstgu 6S.1929 A-O
Os’rk A ChC lstgu 6s g.1913 A-O
St JLouis So See Illinois Cent
St Li S W 1st g 4s bd otfs.1989 M-N
2d g 4s ino bond ctfs...j>l08U J-J
Consol gold 4s
1932 J-D
Gray's PtTer 1st gu g 6s 1947 J-D
St Paul A Dui See Nor Pacino
St P Minn A Man See Gt Nor
St P A Nor Pao bee Nor Pao
StPAS’xCity SeeCStPM AG
8 A A A Pass 1st gu g 4s... 1943
S F A N P 1st sink 1 g 6s.l9l9
Sar FA West
bee AU Coast L
Scioto Vai A N K bee Nor A W
Seaboard A D g 4s stamped *60 A-O
Coil tar refund g 6s ......1911 M-N

Adjustment 6s
AU-Birm 30-yrlst

ol949 F-A

g 4s.«1933 M-S
Oar cent 1st oon g 4s...1949 J-J!
10a Cen A Pen 1st g
6S.1918 J - J
1st land gr ext g 5s
1930' J J

Consol gold 6s
1943
Ga A Ala By 1st oon 6s ol945
GaOar A No lstgug 6s 1929
Scab A Boa 1st 6s
1920
Sher Slir A So bee M K a T
SiiSpOcaAG See Ati Coast L
Southern Pacific Co—

J J
J J
J J
J-J

20-year

106*»
106*3 108
....

97*4 min
92*3

ref gu g

....

yl020 M-8,

gu 4s '54

AOV vO«•

jLvvA

158.1033

6s g 6s
Ut goldN guar
8 Pao
oon

Oot'10

106 *3 Sep *10
98»* Oct '10
94 J’ly'10
112 *3

Sep '10

112

Feb *10

106*3106
89

1912
A-O
1937 M-N

of
Mexistg us.,1911 J-J
So Pao Coast 1st gu 4s g.1937 J • J

Tejufc-NOSabDivlat gOe.1912 M-S
Con gold 6s
1943 J-J

M«t»»

•••••

•••

104% 105%

i*0*9** i*o*9**
107

....

107%
K>3 % 107%
100% 106%
97% 08%
94

iii‘% i‘12%
112

¥!' T
100
102%
108% 112%

....

«...

101
101

....

,2

88

....

May’10
'ly '97

§T*

104% 100

• •••
•

*6

106

112

•

112

89%J’iyio

112

««•••»

*91

sees

—

86

•*••••

....

101
106
00

112

112

07
05
05

100

93 % J

99*3 Sale
98*4
99%
98% 97 *3 Sep '10
97*4 Sale
97*.
97*4

83
....

3

08%
08%

Price

«j8

Friday

66

89

89

1

89

94

Sid
be Pac RR 1st ref 4s
1955 J-J
Southern—1st Con g 5s....l99i J-J

1994 J - J
gen 4s Ser A. I960 A-O
Mob A Ohio coll tr g 4s..1938 M-S
Mem Dir 1st g 4*s-5s...1996
St Douis div 1st g 4s....1961
Ala Cen B 1st g 6s
1918
Atl A Danv 1st g 4s
1948
2d 4s
i1948
Atl A Yad 1st g guar 48.1940
Col A Greeny fsf Os..... 1910
E T Va A Ga Div g 6s..1930
Con 1st gold 68........1950
K Ten reor lien
g 5s
1938
Ga Midland 1st 3s.......1940
Ga Pao By 1st g OS
1922
Knox A Ohio 1st g 6S...1025
Mob A Bir prior lien g6s 1945

Develop A

Mortgage gold 4s

1945
g 6s....1915

Bioh A Dan oon
Deb 5sstamped.*......1927
Bich A Meek 1st g 4S...1948
So Oar A Ga 1st g 6a....l919
Virginia Mid ser C 0S...1916
Series D 4-6s
1921
Series E 6s
1926
General 5a
1936
Guar stamped
1936
W G A W 1st oy
gu 4s.. 1924
West N C 1st oon
g 6s..1914
SAN Ala bee LAN
Spokane
Internal
1st
g 5s 1965
'
I er A of St L 1st g 4*38.. 1939
1 lat oon gold
5s....1894-1944
Gen refund srg «s
1953
St D M Bge Ter gu g 5s. 1930
Tex A N O See So Pao Co
Tex A Pao 1st gold 6s
2000
2d gold ino 6s
o2000
Da Div B D 1st g 5s
1931
W Min W A N W 1st gu 5s ’
JO,
Toi & G O 1st g 6s
1935 J • J
Western Div 1st g 6s...1935 A-O
General gold 5s
1935 J -D
Kan A M 1st gu g 4s....1990 A-O
To!PA Wist gold 4S....1917 J-J
Toi St D A W pr lien g 3 *98.1925 J * J
CoU tr 4s K Ser A
1917 F-A
Tor Ham A Bud 1st g 4s. A1946, J *D

Ulster A Dei 1st

117*s

120

106
89

120

107

105
90
60 84

91*3
b7*4 Salt

99

82

Sale

95

96*4 98%

91*3 91*4
Bale

76*s 77
95

87
87*3
100*4 Apr’10

.....

86*3 Sale

114

117%
76% 82%

....

_

....

91%

80

80

76%

76*

io1
1

06%

07

88
70

03%
82

72% 70%

101 *« Apr’07

Oot’09

...»

83% 88%

32

81% 86%

’

85 *» Sale

84*4
99 7.

99’3100

70*4 Sale
81*4

6

70*3
84*4

87

91
101

91

-

-

00

94
2

84*«

103

80
01

103

....

87
01%
103

iob% iob%
104
....

100

92»t

1

98
97

90*4,

19

89
86

*

08%

Sale

!lU4

Apr’10

90

99*3 Sale
98

100%

60% 76%

100*3
.104
100

90

<

104%
104%
106

95
90

4o7
65

02% 100%
04% 08%

....

07

07

87% 90

j....

01%

04

'.... 103% 100
-

101
110
109 *4
93
lid
102

1

106

103*4 Aug’lC
110*3 110 Sep’ic
110 *3 109 *3 Not’UI !•**•
96*3 92 Ang le j——
122
119 *4 Maflt L...
107*3 Janoj
;

103% i05%
100% 110%
'••••«•

#•••••

! 02
08%
119% 119%

•MS

••••

12

100

......

\1 00

• Mi

....

107*4
84

.

110

93

90

......

100

100

!#•••••

■■••••

.

sees

....

102

Registered.....
1929, J -D
Utah A Nor gold 5s.. 1926 J*J

Uni N J BB A
Utah Central
Utah A North
Utica A Black

MM

ibi% ibT*.
MMSS

Sale
108*3 109
Sale

86*3

107*9

; 85
106
80

70
106
106

Since

January 1

Low
Hign No Low Hiqb
95 % 136 93% 96%
95
109
109
110
May’09
70,
76%
"73“
86% Oct *10
85
90%

2j(l03%Ul%

iiT

108

86

85
108
93
92

i*oT

110% 112
100

Range

$3

*

*76%

’

W

itf

a*,100

"8*i%

93

93%

Feb'10
Oct *10

100
109

Feb’10

114%

100

106

Sep '10
85

no
80% 87

1

Sep *08

Sep'In
J’ne'00

109
110
111
100
65

J’ne’OH

Nov'09

„

110

iu% i 13%

118*4 Sep’10
114. Sep " 0

105
70

114

114%

115% Apr'00
82

103% 108
103%
71

103%
105%

ioT

Nov’OS

!|106%106%

100% Apr’10
106s* May’10
75
103
112

103*4
105*,

Oot '08

;.io» 107%

Sep'10

! ibT’ i04**

Get '06

108% Dec'06

107** Deo'09
105% J'ly TO

105

107
91

*86**
104

106%

Dec'09
FCb’10

•••
_

91

106% May’lo
100
106

104
109

111

*97*s
108*4 109
111

66
••••••

106

•

••••a'

101%
88

••••••

01% 93%
87%
•

76

77
81

80

86%
103

107

84

101*3 Salto

87
70

80%

87%

J’ne’10

100

101*4 69 ”e*9%
Oot
Ok TO.
iu ...J
98%
•- 3U3 101
104%
97%

96%

93%

93%

95

30,

90

81

..

86%

91
106

io:T
101%
116%
98%

94% 98%
Si 113%
117
Jl
198% 113%
20
91

94%

96

90

Jan ’09

94

70

90% 94%
92
93%

J’ne’10

97%

98%-

%

81

90*3 98% 96%

116%

109%

ibT 112%
**9*9*

Sep TO
AugTO
77% Oct TO

116
L16
115% 115*«
112% 112% 112 % Got ’10

93% 94

70

03
87

101%

•...'#•*

108% 112%

112
toep ’00
90
Aug’10
04% Mar’10

103

97% Sale

......

109
96
109

Sep TO

81
89
103
80

»«S

91

107% 107%

111%

100
104 *3

•

70
Mar’lo
103
Sep ’00
106 % Nov’04

107% 109% 108

•m

106% 106*

100*4 Sep '09
107% Apr’10
109
AugTO
98% Get TO
109 May’10

111% 111

60%
98%

107% Dec'09

CCo SeePaRB
See Bio Gr Wes
See Uu Pacifio
B See ti Y Cent

Vandalia
consol g 4s ....1956 J-J
F-A
eraCruzAPlstgu4*9Sl934

Wabash
1st5s....
gold 5s
2d gold

1939;M-N

.1939 F-A
1939 J - J

Debenture series B
1st ilen equip s fdg &s..1921'M-8
1st hen 60 yr g term 4S.19&41 J - J
1st ref and ext g 4s ....I960 J-J
Det A Oh Ext 1st g 5s..1041 J* J
Des Mom Div 1stg 4s..1939] J-J
Om Div 1st g 3*as
1941'A-O
Toi A Ch Div 1st g 4s...1941 M-8
Wab Pitts Term 1st g 4s. 1954 J -D
Trust Co certfs
___

2d

Last Sale

state

85

.

gold4s

1964 J-D

Trust Co certfs
Warren bee Dei Dao A West
Wash Cent See Nor Pao
Wash G A W See Southern
Wash Term! 1st gu 3*38.. 1945
West Maryland 1st g 4s...1962
Gen A oonv g 4s ........1962
Trust Co certfs......
WVaCentA P litgOs 1911
WestN ¥ A Pa 1st g 6s.. 1937
Gen gold 4s
1943
Inoome 6s
41943
West No Car bee South By

F-A
A-O

110% 105 J’ly’io
166
94% 95
2 94
94%
91%
109 % sale 108*4
6 107
199%
99% sale
16 98
99% 100
100
80
86
J’ly TO
98*4 100 J’ne’lo
100
86% 90 MarTo
00
65% Sale
63
60
208 56%
105%...... 106 J’ly TO
105

76*" **77**
83

44% bale
44

Sale

6%
0% Sale

89

89%
86% Sale

Wheel Div 1st gold 6s..1928' J-J

Exteu A Imp
BB 1st oonaol

gold 6s...1930 F-A

4s.... ....1949 M-S
20-year equip s f 6s ...1922 J-J

Wilkes A East See Erie
Wil A Sioux F See St P M A M
Wls cent 60-yr 1st gen 4s 1949 J-J
SupA DuidivA term 1st 4s'30 M-N

Telegraph and Telephone
Am Teisp A Teiooiltr 4s 1929 J-J
Convertible 4s
Mich State Telep

1st

1936 M- 8
6s ..1924 F-A

Telep 1st A gens 14%s.’30 M-N

Pao Tel A Tel let 6s ......1937 J-J
West Union col tr cur 6s.l938 J-J
Fd and real est g 4*9*...I960 M-N
Conv 4s, Ssriss A
1936M-N

83

Deo’09

•

110% 111
87

82

85

93%
93% Sale

5%SepT0j..J
6%

6%

98

89% Oct’IOT...

80%l&14

80

34

Feb’u7

105
104
102
82
09

JauTO
J’ue’10
Oct TO
Deo’08

105%

96

96

97%
97%
09%

00
101% 101% 102

4
4

a%

88% 00%

!!'*

104
99

91% 41
104% 970
AugTO

06

99% Sale

77%
107%

101% 105%

00% Sale
90%
103% sals 103
98% sale
97% eaie

80
102
90

109% 110%
80% 92

25

93%

103%

68% 74%

100% Nov’09
no J’ue’lO

93%
99

93

98%

113%

••«•••

_

86% Sep To

103%
90%

108

74% Sep TO
72*3 77
83 Sep TO
83
90
41%
44%
33
39
44% 382] 32

71%Feb’10
73 *3 Apr TO

....

A-O
Nov

Apr’10

105

A-O

J-J
J-J

Nov’OS

98
96

Wheel’g A D B 1st g 5S...1926 A-O 191%

N Y

***i 100% 101

102

100

......

1—

.

100*% 100**

6s 1928 J -D

oon g 1952 A-O
1st refund g 4s
UnPaoBBA 1 gr g 4s.. .1947! J-J
Registered
1947 J-J
20-yr couv 4s
1927: J-J
1st A ref 4s....
p2008 M-S
Ore By A Nar con g 4s. 1946 J-D
Gre Short Dine 1stg6s..1922 F-A
1st consol g os
1946 J-J
Guar refund 4s
1929 J-D

Ver Vai Ind A W Sec Mo P
Virginia Mid bee South By
Va & Southw’t 1st gu os.2003 J - J
1st cons 60-year 5s
1958 A-O

86’.

104

00

100% 100%
8 78*3 85

78%
7
100*4 Dec'Ou
91*3

124

108%
01%

i

Sep 10

117

86*3

98*4

•

82*4

82’

116*3
78*3 Sale

80

Apr’10
Sep ’lo
91% Get To

Week's
Range or

Oct 14

60-year gold 4s..........I9601 A-O

88*4

1013

E-S

Hied

94% 99

94

101
Sep'10
108*3 Sep '10
103*3,.-.
101
Aug’10

103

....

....

90% Sep 10

BONDS
N. Y. STOCK EXCHANGE
WEEK Ending Oct 14

Beglstered

Oot '10

A-O

Gila V G A N let gu g 6s. 1024 M-N
Hoos a&W T 1st
M-N
1st guar 5s red
1033 M-N
B ATGlstg6slntgu..l037 J-J
Consol g 6s lnt guar...1312 A-O
Gen gold 4s uut guar.. 1921 A-O
Waco* N W div 1st g Us ’30.M-N
A AN W 1st gu g 5S....10411 J • J
Morgan's Da A T 1st 7s. 1918 A- o
1st gold Us
1920 J-J
No of Cal guar g 6s
1938 A-O
Ore A Cal 1st guar g 6s. 1927 J-J
So Pao of Cal—Us A & S .1912 A-O
t

107

-

90

4s 1949 F-A:

May’10

January l

1

Oct '08

107
109
107

108*«

Since

No Low

109*4 J’ly’OO
96
Aug’09
90
May’08
91
Sep '10
98*4 Apr'04
104*3 Got *08
104*3 Oct'10
101% Aug’10

.

W A

100

1040

Through St D 1st
AAA

100
Sale

92* Sals

F-A1
Mort guar gold 3 *as.. tel929 J -D]
Beglstered.....

....

97*s....
11234

104%

tel949 J -D

conv 4s

Cent Pao 1st

.....

103
103 *s

Gold 4s (Cent Pao ooU).gl949, J-D

Beglstered

....

....

2:5

Sag
Tus
A HUl 1st
bee gPere
Marq
t Jo
A Ur
1947
4s...

ib*0%

Range

aqCQ

ASM Low
Blah
Pennsylvania Co—(Con)
!
88
98
Guar 16-26 year g 4s....1931 A-O *
98
110
CIA Mar 1st gu g4*ss..l935 M-N 100*4...
Jan *05
103
Cl A P gen gu g 4 %s ser A.'42* J * J
HO®* Jan'<>9

Series B
1942 A-O
Series O 8%s
1948 M-N
Senes D 8*38
1960 F-A
Erie A Pittsgug3%s B.1940

Record—Page 4—Concluded

104
102

77

87%

90
00

96

04

80% 93
08
96

106%
MK

08%

S' 8*
07
100%

06

93

97%
100

97%

Sep’10’.... 100% 102%

M18CBLUNBOOS BUNDS—Concluded.

Uanuiacturlug «Ss Industrial
Gen Electric deb g 3%s..l042 F-A
10-yrg deb6a....,.......l917 J-D
lnt Paper Co 1st con g 6S.101& F-A
Consol conv s f g 6s
1935 J-J
lnt St Pump 1st s 1 &S....1920 M-S
Lacksvr steel 1st g 6a
1023 A-O
Nat Enarn A stpg 1st 6s.. 1020 J-D
N Y Air urake ist oonv 6s ’28 M-N
By Steel Spgs 1st s 1 5S...1921 J -J
Bepnb IAS 1st A ooltr &s. 1934 A-O
Union Bag A P 1st si 6s..l03u J. J

.Stamped
J

» i^eath Co sf deb

g6s..1913
J 8 Realty AI oonv deb g 6s’24
J S Bed A Bef 1st sf g 6«. 1931
7 S Rubber 10-yrcoli tr68.T8
7 S Steel Corp—j coup .41963

M-N

J-J
J-J
j.d
M-N
SI 10-60 yr As. treg.. 41963 M-N
* No

price




}

80

82 Jan *10
82
82
149
148% Sale 145
1L2 130
149
101% I06 101% 101%
1 100
106
84
85% 85 Oct *10
82% 89%
Sale
92
92
92
*2 92
06%
97
96%
1
96%
96% 100
96
99
......
94
Sep TO
97%
104 Sale 104
104
*121 100 114%
98 H 97
97
J’ly’lC
96% 93%
102 H 102
102
OOt TO
102
104
91% 93 May TO
93
96%
93
:::::: 00
May’10
93
96%

101*3 105
Sale
87
84
103

88
Sale

104% Sal®
103

104% AugTO
104% 105
86*4
#7% 13 86% 94%
87% Oct TO
86
90%
102%
103
66 101% 104%
104% 104% 210 101% 105%
104

104%

1

101% 105%

manufacturing 6s Industrial
Va-Car Chem 1st 15-yr 6s 1923 J.D
Westinghouse E A Ms f 5s *31 J-J

Miscellaneous
Adams Ex ooitr g 4a......1948
Armour A Co 1 st real est 4 %s’30
Bush Terminal 1st 4s.....1952
Consol 6s..,..,....,
1956
Ohio Jo A - t Yard ool g 08.1916
Det M A M Id gr incomes.. 1911
institfor Irrig Wks 4%s 1943
lnt Moreau Marine 4%s..l922
lnt Navigation 1st s f 6S.1929

M-8
J-D
A-O
J-J

U
M-N
A-O

F-A
A DD6sdl990 J-J

Newp No Ship
N Y Deck 5o-yr 1st

g

a

Sale

93

Sale

91% Sale

92% Sale
87% 80

Dae F’ne ti Due J’ly

M-N
M-S
J-J
J

100

35
95

60
78

.....

......

Sale

91%

AugTu

.

J’ue’lO

May’lo
35
90

65%
98

ew.jp «Hs4^e'

104

96% tOOit

91%
02%

02%
88

*1% 79

‘88% •8%

100%
08%

92%

*05*1; 105

4S..1961 F-A

Provident)# Seo deb 4S....1967
Provident Loan Seo 4%s.l921
S Yuba Wat Co cen
g 8S..1923
Wash Water Fow 1st 6s..1939

latest bid and asked this week. 6 Due Feb d Due Apr • Due May

100

Sep TO
06
79

Dee *09

90%Oct TO
90 Sep TO

96
118
193

teDasAug oDue Oct

J’ly*09
J'ly *04
AugTO

y Dae

Nov sOption Sala

*

”

CHICAGO STOCK

EXCHANGE—Record-Daily, Weekly and Yearly

STOCKS—HIGHEST AND LOWEST SALE PRICES

Saturday

Monday

Oct. 8
i

Oct. 10

155

*

Oct. 11

6714
15*4

*ll2

*57

y-8

Thursday

Oct. 12

4U

*20
*70
*17
*60
*18
67

97b
50

814
68*4

8I4
68*«
131

67

157«

1612

Friday

y oct. 13

STOCKS

Oct. 14

414
41ft
23
73
20
70
22
60
57

*

79
1081*

*77
108

414
5
23
73
18
70
22
60
58
10
52

*20
*70
18
*62
*18
*—.
58

9*4

*9*4
*50

812

8l4
69
*250

71
18
10

418

51

812

69

Sale 185
Mch’10
Sale 112
July’10
Sale 4
July* 10
75
72
73 r
17
18
1734 18l2
*9
10
812
9
Last Sale 4l2
Sep'10
5
5l2
5U
65*
Last Sale 23
Oct'10
Last Sale 7H4
Sep* 10
*18
20
*1912
21
*60
62
64
70
Last Sale 20
Sep’10
*60 • 65
60
60
58
58
58
65
10
10
10
10I2
*50
55
*50
60

v

8S4

6978

*

9

70

*250
131
79
108

*

131
79

79
*108

*32

*62t2
*48

35
64
50

*1

Hr

*2

3

39*4
120

g

108i2
m

35

63l2
*48
*1
*2

35
64
50

34*4

lift

3
41»8 43
120
120

401?120

34*4

*62
*48
*1
*2

145

145

120

PQ

jjj)a

12018

*144

116*4 11634

0Q

lift
3
43

'

14514 14514
11612 116*4

<
Q

64
60

4278

9

9I4

71
Last Sale 250

71
Oct* 10

Last Sale
*77
79
*108
110
Last Sale
Last Sale
Last Sale
*32
35
*60
62
Last Sale
Last Sale
Last Sale
43
43l2
120
I2OI4
Last Sale
145
145l2

*13712 13812 *13712 13812 *137l2 138l2
YTfir

9

7034

7012

0

145

116*4 116*4

126
79
108

EXCHANGE
Lowest

8612

87

59

5912

6912
*98

110
*121
*124
*119

87
59

6912
9912
21
110
122
125
120

8812
59

59*8
*98
*

5914

59*4

99

99

12512 127
11912 119l2
10714 10714
.

—

„

21

*121
127
*119

122
127
120

10712 IO8I4

10812 10914

16714 168

10414
.91*
91*
16

10414 10412
9
*

104

9

16~

Sl2

878

Aug’10
Apr* 10
Sep’10
4212

9

..

914

87s

Last Sale 15

100

ctf ‘ l"
ctf * 2"
ctr ''3''
ctf
4"

-

•

Inter¬

Price

est

Friday

Period

Oct. 14
Bid

123

_

.

.

„

93

102

pref
791 Diamond Match ~
382 Illinois Brick
Masonic

Do

100

....

9
Apr’09

IO2I4

....

....

....

....

....

....

....

....

....

....

rnmmeum*

..

....

,

....

.. ..

....

....

....

....

....

....

102U

16

.

.

....

'

.

....

-*■

....

_

Nat* ,w Vcrue<1

’nterest

ir. ^

..

^

100*8 1003,

_

1
5

100*8 10314
IOOI4 102/s
IOO14 iooi4
100
10012

....

....

....

....

100
„

.. .

82

82

77

97

9434

75

4
1
...

J-6

2
.

.

.

70
65

J-ne’10

.

•..

9812

_

«...

1
....

..

..

.

....

98*2

.

10034 103I4
103

10412

IOOI4 1021,
10ll2 10H2

2
m'mrnm

.

9ttl2
97

97

....

-

96*4
....

.

....

...

93(4
9614
99

96*2

....

91*4
AprU
Nov*04

84
80

9334
99
92*2

.

5
..

103

88
114

80

76
88

.

IOOIr Oct'lO

must ?>e added to all

94 *

94*4
9434

1

9812 Mch'10

9 Hi

1023j

.___

....

Feu'lu

IOOI4 Sep’10
101* Sep’10

National City
National Produce......
North Avenue State
North Side State Sav*gs
North West State

People's Stk yds State.
liaTway

......

Exchange..._

Security
South Chicago Savings.

South Side State..
state Bank of Chicago..
StooK Yards Savings
Colon Bank of Chicago

Washington Park Nat’l

121*4 Mav'09
IOU4 Oct'lO
103

,

1*1— —

May 05

77

First National
First Nat Englewood...
Foreman Bros B k’g Co.
Fort Dearborn National
Hibernian B k’g Ass’n
K as par state Bank....
La Salle St National
Live Stock Exch’ge Nat
vlonroe National..
Nat Bank of Republic

uPralrle National
Prairie State

_

10214

Apr' 10
93
93
1003s Mch'09
9612 Mch'10

.

..

9714 101‘8
9714 98

..

Dec'08

86
91

901?

-

1

yy

t

....

88
75

15

9034 Oct'lO
93)4
U6U

....

^

8734
101*5
951*

96

-T -

_

.

8414

12

.J..

•

..

•

9434 July’ 10
9434
9434
75
Sep’ *0

....

.

101*8 103l4

10018 Aug’io

....

....

Contl’tal A Comm Nat
Corn Exchange Natlona
Drexel State
Drovers* Dep National
Knglewnnil State

•

IOH4
100(4 Aug’lO
lOfaU Sep’10
10oj>* Aug’oy

....

....

Chicago City

.. ..

IOU*

80

86i2 May
J9I2 Dec

J Tv

Dec

59
25
73
61
54!
103

van

Jan

Feh

7*8 Jan

May
May
May
Dec
Dec

Jan 11

i* J no
i4 M*»v

3934 Jan

1.

Mav

l

Apr

1

25>2 JTy 2b

Sep 23

41
i37

FeD
Jan

3

127

163

Men K

117
107

Mavi?

2

J’ly

22*4

9

82

.

148

_;

r

Feb

101

91
46

J an

Mch 2-

Mch
Jan

42

Dec

140

Sep

Jan

152

Oct

Jan

12D2 JTy

Mrh

117
38

Jan

43

Jan

20

Nov

7

Jan
7
Jan i;
Oct 10
Men 30
Jan

13034 Aug
88>2 Dec

Jau

~

47

97 7r

Jan
118»4 Feb
82
110
102

.

SU>«

119*4 Sep
130
Sep
108i? Dec
124
Nov
1197* Aug
1
Mch
169>2 Dec

jau

Jan
Jan

i? FeD

7

170U Oct
Mch
lt2

55
101

1005* Jan

looi2 Jan

186

nei.

9

May 26

JTy 1.,

106

Jau

fa

6U Apr 28

lOSg Jan

3

j’uejo

£27* Apr

1

15

701,

fa

8
8
fc
Feb ,9

J

l
Apr
212 Nov

17*5 Feb

‘ 8

m

11612 Aug 8
101
Sep 16
155
JTy 27
0

.an

llo
125
127
121
1
lfa-'ij

Feu 24
Feo 10
J’ly 26
m

Feh

Dec
5*-» Dec
68 ~ Apr
.

60rj May2o
1023., Apr 20

it

Aug 3
J’ly 11

103
^

Mch I t

J’ne

20

i

Sep
Nov
Jan

*0

2'* Apr

Jan 12
Jan 8

J2/

112
145
i

J’nc
51>4 Jan

12U2Jan li

:o

yij Apr

101
118
104
112
^

10
48

3

74
56

82i2 Sep 20
53
J’ly -0

„

6

4

“

22514 Oct
132
JTy
8l>* Deo

Feb
Aug

101
139

14218 Mch

Feu

40
93

86

Jan
Jaa

54i* Apr

Sep 23

1319

]j*4 Nov
J’ne

7134 Jan

1

91*4
100
88

94

1007s
88

.

70"

Apr' 10
.

.

..

Chicago h ond

70
65

65

85i2 Julv Oi

.

prices.

.v

endei,

otate

....

Central Tru*t Co of III..
Chicago Sav Bk A Tr
Chicago Title A Trust
Citizens Trust A Savings
Jolonla Trust A Savings
Cont A Comm Tr A Sav.
Drovers’ i rust ASa vlngs

Karweli Trust Co
First Trust A Savings..
Guarantee Trust A Sav.
Harris irust A Savings.
Illinois Trust A Savings
Xenwood Trust A Savgs
Lake View Trust ASa vgs
Merchants' LoanATr Co
Metro pollta n Trust ASav
Northern Trust Co
...

North-Western TrASav
Pullman Trust A Savgs.
Sheridan Tr A Sav Bank
Standard Tr A Sav__
Stockmen s trust A Sav

w

Outstand¬

Surplus

ing
Stock

and

Profits

t

T

UOU.OOu

^934

?

100)8
6612
06i? July’OS

National

94l2

--i-rr

•

Calumet

j934

.

J’ne’ld
79
Mch to
97i2
Sep’io
Ap.’lj
Aug’08

97*2
MTU

52

Dec
Jan

200
126

3

100
100

90*4

••••

9ui2

_

•

High

_

2i

Apr’09

7812

....

•

102l2

88

Dec

Nov

97

oan

13*2 Jan
2Ul4 Jau

29*4 Apr

b

4
Jan
Feb 1?
Feb ^

,

NAME

i

—

85i2 Sep’10
M734
9818

mm mm

'

..

6

9412 Dec’09
87
Feb’OO

....

....

Low

9634 Jan*Uj

....

112

Aug’J

U4Jah

Co.. 100

Do
pref
Western' j-tone

„

Range
for

Apr’04

....

j ne22
2

Jan

30

15i« Sep
47
17
63
50

l$>8Jan It
82
Jan
1601s Sep 22
135
Apr 4
84
May 12

Aug 26
1081* J’ly 27

pref..

.

_

....

May’07

103
50

....

30‘
78

0

£.4^ Jau

142

100
100

Mllw 6s Chic Brewing....
Do pref
447 National Biscuit
100
Do
117
pref
100
5;> National Carbon
100
Do
10
100
pref
870 People's Gas L6sCoke. 100
Do
rights
6,616 Sears-Roebuck com.. 100
Do
236
prel
100
308 Swift 6s Co
100
133 i he Quaker Oats Co..100
Do rights
Do
201
pref
iOO
925 Unit Box Bd A P Co.100

J’ne’O >

100

tXil

«

104

7
fa

J’ne
J’ne

no

Tempie

230 Medium-Dowell

IOH4 Oct’09

....

Feb

31
56
47

uo

Year 1910

....

-

«

773, Mch 30
J’ne:.!
J’ne 22
J ne 24
Jne.l

26
72
23
66
72U

Do

Do

10914

....

93

....

3'J

c

107
Aug
13114 J'ly 30

rights
165 Chic Title 6s Trust
100
Common
455
w'th-Edison. 100
Do
rights
Corn Prod Rel Co com

17012

B'ds
Sold

High No.
mj34 Menu

....

3*4 Dec

65* J’nejL
62t2 J’ly 26
Apr .6
J’ly 19

Chicago Telephone...100

_

June’10

Ask Low

Amor Strawb’a 1st 6s. 1911 1* - A
Armour & Co 4^s
.1939 J - D
Sale
Aurora Elgln&Chlc 5.1941 A • O
Cat db So Chic Ry Co
1st M 5s
.1927 P
A
Cass Av As F G (St L) 5s T2 J - J
Chic Board of Trade 4sl927 J -D
Chicago City Ry 5s
1927 F - A IO2I4 102l2
J • J
Chic cousoi Br 4s Mlt 6s
Chic Consol Trac 4 Hs 1939 J - D
Chic Auditorium Ist5sl929 F - A
Chic Dock Co 1st 4S..192J A - 0
Chic Jo HR 1st M g 5s. 1945 M- S
Chic No Shore Elec 6s.1912 A • O
Chic Pne Tool 1st 5s.al921 J - J
8512 88
Chic Ry 5s
1927 F - A
97i2 Sale
Chic Rys 4-5s series “A" A - 0
87
90
Chic ttys 4-5s series “B" J - D
78l2 Sale
Chic Rys 4-5s series “O' F - A
»3
Chic Rys coll 6s
1913 F - A
97i2 97*8
Chic Rys Fund 6s
1913 f - A
Chic Rys Tem Ctfs 1st 5s
Chic R 1 & P RR 4S..2002 M- N
Oollat trust g 5s—1913 vl - S
Chic Telephone 5s....1923 J - D 10214 Sale
Commonw-Edison 5s. 1943 d - s 101i8 ion4
Chic Edison deb 6S-1913 j - J 1....
1st g 6s
July 1926 A - O
Debenture 5s
1920 .VI - s
Commonw Elect 5sbl943 d - b
Illinois Tunnel 5«_.__1928 J - D
Kan City Hy As Light
Co 5s
1913 d - N
95 U
961 ?>
Knick’b ker Ice 1st 5s 1928 A - 0 19434 Sale
Lake St El—1st 5s—.1928 J
J
75
Income 5s
l92i» Feb
Metr W Side El—
1st 4S_.
1938 F - A
82
Sale
Extension g 4s....1938 J * J
76
77 Morris & Co.
1939 J - J
North West El 1st 43.1911 M- S
96l4
No W G-L As Coke Co 5s 28
Ogden Gas 5s
1945 d - N 193
Sale
Pearsons-Taft 5s
1916 J - D
9812
M- S
4.403
95
4.60s Series E
M- N
96
M- N
4.80s Series F
9712
Peo Gas L As C 1st 6s. 1943 A - O
Refunding g 5s....1947 M- S 101
10U2
Chic Gas LAC 1st 5sl93? J - J 103 - Sale
Consum Gas 1st 5s. 1930 J - D
MutT Fuel Gas Ist5sl947 AI - N
IOU?
South Side Elev 4 ^s.1924 J - J
9134 93
Swift & Co 1st g 5s
1914 J - J tlOJift Sale
Union El (Loop) 5s.. 1945 A - U
Union Pacific conv 43.1911 d* N
United Box Board col 6? 26
57
75
General mtge 6s
J - J
57
65
Western Stone Co 5s. 1909 4
O

fa

614 Aug 10

iiwi? J’ly
45*4 Jaa

j

an

Jan

119

12134 (Jet
114 >4 Aug

Jan

M8i2 Jan

162

Dec

105

Dec

ap Feb
3*4 Mch
15

15* Mch

Feb

‘ Mch

25

Chicago Banks and Trust Companies

Weekfi
Range or
Last Sale

o

‘J»* Ja

Feb 17
Jan 14
Feb 7
Apr 1

240
1.6
72

-

BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 14

1

Jan
2
Jan 1<

Feb
Jan
Jan

190
4
15

Oct

97's Dec

3

Jan

Mch

U? Oct

kiay^,4

imy3i
55*4 J’ly 6
7
J’ly 28
40
J’ly ib

212 .'outb Side Elevated..100
375 Streets W Stable C L.lOo
Do
100
pref
...-100

5

J ne*y

Aug

20
69
16
51
15
63

....

Chicago Bond Record
..

Highest

3 •
Dec
IOU Dec
8
Dec

3

mmrnm

180

iOU
30
16

MaV2u

8

2,160 Chicago SubWay..„._100
Kans City Ry & Lt..l00
Do
prel
..*.100
217 .ietropol W s Kiev
100
W5
Do
pref .........100
Northwestern Elev._.10o
25
Do
pref..
100

Mch V

i>l2 Jau 26
7i2Jan 7

185

li2 J'ly 28
4
J’ly ;.8
6038 Sep .8
1II4 Sep 13

....

120

I68I4
11914

Last Sale 7*4

16

Do
pret
425 ;hic Rys part
3,397 Chic Rys part
150 Chic Rys part
Jhic Rys part
-

Mch 7

185

_

35
64

120
120
121
103
1033s 103
10314
*150
169
172
174
Last Sale S34
June’10
104
104
103
103

10412

*-„--

June'09
June’09

10914

16712 168*4

1201* 119 119
102*8 10212 10212 103
1027g 103U
174l2 *
174l2 *170 172l2

*104

10812

Last Sale 11-16 Mch’09

_

169

x

•

•

59
59
59
59
Last Sale 45
Aug* 10
59
59
*59
60
*98
99
*98
99
Last Sale 218
June’07
Last Sale 20
Nov’09
111
11278 11234 113
122
12134 122
122(9
*127
128
*127
128
*119
120
*119
120

11012 noi2

_

167
1201* *119

16H2 17012
*119

59*8
*

9H2

90i2

9912
21
111
121

*110
121

107*8 10712

88l2
58l2

91
59

m

2U
Feb’OS
14512 14512
117
117l2
Feb’10
13g
1M2 Oct* 10
79U Apr* 10
*91
"92

Last Sale
Last Sale
Last Sale

Lowest

Miscellaneous

13734 Oct’10

11634 117

Chicago City Hy
100
Chicago A Oak Park..100

'

885 American Can.
_„ioo
Do
pret
100
American Radiator.. 100
Do
pref
100
27 Arner Shipbuilding...100
52
Do
pref.
100
Amer Teiep A Teleg...
Booth (A) 6s Co
100
Do
pref
„ion
180 Booth Fisheries com..
520
Do pref
Cal 6s Chic Canal A D.100
Chic Brew'g 6s Malt'?
Do pret
1,083 Chic Pneumatlo Tool-lOo

79

*32
*60
47
1
3
42
120

Highest

Ka, roads

505

July* 10

*8
14

Range for Previous Year
(1909)

Range for Year 1910

CHICAGO STOCK

Week
Shares

Last
Last
Last
71

✓

212

*8
♦4

8

9*4
61

*ll2
*6
69

4l«

23
73
20
70
22
60
58

155

2l2

*7
*4

41r

*4812

*250
*___.
*77
•108

157s

8

41«

*20
*70

*6
♦66

67l4
15*4

*7
♦4

*17
*61
*18

155

212

*0

■

Wednesday

'

*112

•

Sates

of the

_

500.00u
20,000,000
3.UOO.OOO
200,00O
600,000
200,000

399,499
36,85

200,000

14j,88j
251.086
490.626
65,108
1,214 618
404,524
83.064

950.430

68.756
26,2«>9

18.498
105,12^
62,310
80,077
23,268
186,033

250,000
600,000
250,000
300,000
200,000

10

10

12

12

87,000

6
944
6
12

An
J-J

200,000
600,000
200.000

1,000,000

200.000
Union Trust Co....... 1,200,000
vWest’n Trust A Savings »1,000,000
vVest Side TrASav Bank
200,000
W’oodlawn TrASav Ban
200,000

%
Dec

*09, 6
loly '10. 5
Oct *10 i 212
Q-J Oct
10,4
Q-J July TO ll2

9
in

O-J

not

*111 11*
6
Q-J Oct
12j
Q-M Sep 30*10,31)
10
10
Q-M Sep 30T0,212
Pnv ate Ba nk
8
8
Q-J Oct TO, 1
8
8
Q-J Oct TO,' 2
10
10
J-J July TO, 5
deg b A. M
yU V.9J, p.f277
10 + 2
10
Q-M
Sep 30*10 2l2
4
4
4
Q-F Aug. T0.1 "
8
8
Q-J Oct TO, 2
3
6
Q-J Sep30 10. Hi
3
Q-J Oct TO. 112

2h
6

6

8
2

Q-J

Oct

Q-J
Q-J

Oc
Oct

Q-M

Oct
Jan

TO, 1*4

" Q-J Oct

6
None

IH Q-J
6
Q-J

6

11.065 Beg. b
11
1.742.9U7
-

186.241

Last Paid

iod.

J

7

us

Sep
12
8
6

TO, llg

,

TO, I
TO. 2

Oct
Oct

TO, 2
89, p. 817
Q-J
TO, 3
Q-M Sep30T0.2
M-N day TO, 3
C ’09 V.

6
47.899
7,814 See V. 90, p. 159
6,57u
6
Q-M i >#»(*:«

872)807

7

7
6
6
4

4U,365
5.840.079

221,455
2.327.738
64.494
224.584
*23.013
250,000
32,754
1,190,520
132,692
107,552
53,442

4H

TO. He
*08,2

TO) U2

Oct

«500,000
116.352
1H
5,000,000 11,643,80*
6
7,188
4
60,000
600,000
454,135 8+2
8+2
3,000,000
427,869
7h
200,000
115.219
8
1,500,000
18J.92y
3
2,600,000 3,113.260
13
14.619 Incorp orated
200,000
1,250,000 1.456,828
6
9H
5,000,000 8,444,429 16+4 16+4
6
200,000
53,526
6H
200,000
3,000,000
750,000
1,500,000

per¬

9.6^.2.319

192,377
625.37*
383,692

2,000^000

In

1909

0

5,437,074
22,1*6

150,000
1,000.000
1.5JO.OOO
1,500,000

200,000
1,500,000
250,000
200,000
100,000
oO.OOO

In
1908

v.43,541
224.197

io.ooo;ooo 10.836)569

1,000.000
1.250.000
300.00J
2,000,000
1,500,000
250,000
200,000
60,000
200,000
300,000

Did dend Record

.

‘

Q-J

Q-J
Q-J
A-O

Q-J

Oct
Oct
Oct.

tis 11.

TO,
TO,
TO,
Apr9, TO,
Oct
TO,

2

11»
2
3
2lf

Q-J Oct TO. 2
Q-J Oct. 'JO, u2
Q-M Sep30'10, 4
1908 V.87 p.1138
Q-J Oct *' 10. 8
Oct TO, 4
/
Q J Oct TO. 1*4
Q-J Oct TO. U2
Q-j Oct TO, 8
Q-J Sep 30 10,112
Q-J Oct TO, 2
» iy TO. 3
J-J
Q-J Oct TO. 2

6
12
6
8
6
8
Beg b ua J'lv 12 0 9 V 89 n 141
Comm eneed bus. Sept 6 1910
6
6
J-J
i.Iy TO, 3
8
*8 + 2 Q-M Sep30'10.2
6
6
Q-J Oct TO, 112
12
6
8
6
8

6

6

Q-j

Sep 30T0.2
July TO. 2

Bid and Asked prices; no sales were made on this
day. t Sept. 1 (close of business) for national banks and Sept. 2 (opening of business) for State institutions.
1 No price Friday; latest price this week,
a Due Dec. 31.
b Due June,
k Also 20% in stock.
« Capital and surplus to be increased,
a Dividends are paid Q-J.
with extra payments Q-F.
s In addition the equivalent of 4% more came
from First Trust A Savings Bank, t July 311910. v In addition the equivalent Of 1% came
from Fiwt Trust 4; Savings Bank.
» Prairie Nat. Bank and Western Trust 4c Sav.
Bank to be merged and capital of latter to be Increased to $1,250,000; V. Ml, p. 314.
fa Bee V. 91, p. 72, 17,
z July 1 1910.




.

tfa

Oot. 15

1910.]

THE CHRONICLE

Volume of Business at Stock Exchanges
'i'UArta.WilON

Electric Companies
l\SK.
BU
Edison Co—See Ch. -'ago
list
Gr't West Pow 5s '46.J-j
87
83
* Kings Co E: L5bP Co 100
1:2
124
Narragan (ProV) El Co. 50 * 80I2 -8
NY&Q E1 L dsPow Co 100
50
Preferred
78
...100
73
United Elec of N J...100
75
1st g 4s 1949
76
J-i)
ft'
Western Power com. 100
34
35
Preferred ......... 100
60
oJ
Chic

THE NEW lOrtA rfi'OOk EXCHANGE

j A1

DAILY. WEEKLY A TP YEARLY
Stocks
Week ending
Oct. 14 1910

Railroad,
Ac.,

Par value.

Shares.

Saturday
Monday
Tuesday....
...

Bonds.

$8,112,900
18,038,900
37,257,600

89,929
195,439
400.101

State
Bonds.

$996*0001

U. S.
Bonds

$103,000
66,000
77,000

1.678.500!
2.456.500;

1015

Telegraph and Telephone

Amer Teieg 5s Cable. 100
Central 5b So Amer..lOo
63.609,0501
3.146.500
61,000
1,000 Comm'l UnTel (N Yl. 25
985,850
90.346.500
3.732.500
86,500
Emp 5b Bay State Tei.lOi)
Franklin
100
2,369,697 $21/,364,950l $11,910,000
$393,500'
$6,000 e Gold 5b Stock Teieg. 100
e Northwestern
Teieg. 50
Paciilc 5e Atlantic.... 25
Week ending Oct. 14.
Jan. 1 to Oct. 14.
•Pac Teiep 5b Teieg pf .100
Southern
5s Atlantic.. 25
1910.
1909.
1910.
1909.
HOLT

Wednesday
Thursday...
Friday „,...

LY

$5,000

e
e

698.378

85
117

88
118

Inuusfria and A1 scei
Bit
Couso1 Rubber Tire
10J
3V
Preterrel
10.
LO
Debenture 4s 1051 A C 1 33
? Crucible Steel
10
121.
• Preferred
105
77*1

OavL-Da'y Copper Co.?.
Diamond

TotfL

Sales at

New York Stock

Exchange.

3.369.6971

Stocks—No. shares
Par value
Bank shares, par
Bonds.
Government bonds...
State bonds
RR. and mlsc. bonds..

4,421,785
135,776.9721
167,933,894
$217,364,950 $410,397,750 $12,092,164,250 $15,364,970,500
$4,b00
$2,500
$895,600
$143,650

«

Week ending
Oct. 14 1910.

1Usted

Unlisted
shares.

Whores.

Saturday
Monday
Tuesday

Bond
sales.

LUted
shares.

8,695
15.270
15.883

3.400
7,145
12,282

$16,000
54.000
63.000

29,196
36.785

16,344
20.611

191,000
50.000

16,354
16.045

104.829

59.7821

$374,000l

65,785)

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

Wednesday.

Unlisted
shares.

7,749
15.161
10.476

1,327
4,015
5.202

HOLI DAY

Thursday
Friday

Total..

Bond
sales

$13,000
19,900
23,100

’ll',856 ‘*50.165
.

17,869

19,000

40,269

$125,100

Outside Securities

Ail

bond

prices

are

now

Street Kai’ways

Bid

New York Civ
Bleeck St & Put F stk.100
1st mtge 4s 1950.. J-J
B'y 5s 7th Ave stk ...100
2d mtge 5s 1914
J-J
Con 5s 1943—See Stock
B’way Sun 1st 5s gu 1924
Cent'l CroiSt’n stk
100
1st

Mand interest*'

mtge 6s 1922

Cen Pk N 5b E R stk ..100
Cbr*t*r 5b 10th St stk..100
Col 5b 9th Ave 5s See Stock

15
52

Ask

t

115

98

Exc
102

t 80

15
80

EXC

20
00

140
100

1st

105
90
85

30

90
USt

Dry D E B 5b B—

1st gold 5s 1932

J-D

95

Scrip 5s 1914
F-A Wf 30
30
Eighth Avenue stock.lOo 250
Scrip 6s 1914
F- \ I 9c
42d 5b Ur St F*y stk ..10u 200

42d St M 5s St N Ave. 109
1st mtge 6s 1910.M-i2d income 6s 1915.J-J
( 25
Inter-Met—See Stk Excn 4 age
Lex Av 5b PavF 5s See Stk Exc
Metropol St Ry—See Stk Exc
Ninth Avenue stock.. 100 155
Second Avenue stock. 10u
10
1st M 5S*09 ext'lv-.M-fs
yu-L
Consol 5s 1948
F-A / 50
eSixth Avenue stock.. 1U(
il5
Sou Boulev 5s 1945—J-j
60
So Fer 1st 5s 1919
A O
88
Third Avenue—See Stock Exc
Tfcrry W P 5b M 5s 1928 / 60
YkersStRR5s 1946 A i
75
28th 5b 29th Sts 5s '96 A-0 • 15
Twenty-third St stk
100 190
Union Ry 1st 5& 1942. F-A 100
YV«stcnest 1st 5s '43 J-j
05
....

100
40
34)
10!)
220

---•

list
list
list
180

16

60
130
80

92
•1st
80
80
30

215
102
75

Brooklyn

Atlan Avenue RR—
Con 5s g 1931
A-O
B B 5b W E 5s 1933..A-0

Brooklyn City Stock..10

101

9/
10O

Con 5s—Sse Stk Excb ange
Bkln Hgt* 1st 5s 1941 A-O
97
Bkln Queens Co 5s Sub—
e 1st g 5s '41 op ’16.J-j
97
cist con 5s '41 op*16 M N
96
Bktyn Rap Trau—see Stk Exc
Coney 1st 5b Bklyn lOu
60
1st cons g 4s 1943..J-j
78
Con g 4s 1955
J-J
75
Brk C 5b N 5s 1939.J-J
95
Kings C Ei 4s—See Stock Exc
Nassau Elec pref
10U
5S
1944...
A-O
103
1st 4s 1951—See Stock Exc
N YV bg 5b Flat 1st ex 4
87
Steinway 1st 6s 1922..J-J 103

103
102

170

list

except where marked

Street Railways
Pub Serv Corp N J (Com

Cons Tract of N J..100
1st 5s 1933
J-D
New'k PasRy 5s '30 J-J

Rapid Tran St Ry-.100
1st 5s 1921

A-O

“f,*

Bid

Ask

72

78

1031? 10412

106
235
103

J C Hob & Paterson—
48
g
1949
M-N
75
So J Gas El & Trao.100 130
Gu g 5s 1953
M S
97
No Hua Co Ry 6s 14 J-J
102
5s 1928
J-J 102
Ext 5S 1924
M-N
98
Pat Ry oon 6s *31..J-D 115
2d 6s opt 1914.. A-o 100
So Side El (Chic) —See Ch icago
Syracuse R T 5s *46..M-S lbi
Trent P & H 5s 1943.J-D
97
United Rys of St L—
Com vot tr ctfs

100
• Preferred
100
Gen 4s 1934—See Stock
UnitRys San Fran See Stk
Wash Ry 6s El Co....100
Preferred
100
4s 1951
..J-D

8I4

40
EXC
Exc
32

88*8
8314

107
245

76

981j

'ffir-

•1st

8*4

4>jl4

list
list
33
89
83 ;2

New

100
EXC
158

100
102
98
40

102
list
166

102
104
luO

50

99

1UU2

98

100

60
75

102

65

9J
40
75
29
99

30

65
z7
95

_■ Railroad
Chic Gt Woom tr cttsXSee StOC

8

:

Preferred ir ctfs../
list
Chic Peo 5b St L—
Pnor hen g4 Hs‘30. M-S / 85
Con mtg g 5s 1930..J-J /
Income 5s. July 1930.. J ....
Chicago Subway
100
5
Kan 5sCol Pac 6s 1938.F-A 110

Nat Rys of Mexico—see S t Exc
Nortb’n Securities Stubs.
95
Pitts Bess 5b L E
50 *30
Preferred
50
*6212
e Railroad Securities Co—
III C stk tr ctfs ser A 52
90

__

106

Seaboard Company—
1st preferred
100
721?
Com 5c 2d pref—See Bai t Exc
Seaboard Air Line—
Coll 5s ext May 'll.M-S
S97«
West Pac 1st 5s '33..M-S
9i%

Industrial and Miscel
Adams Exp g 4s 1947 J-D / to
Ahmeek Mining
25 *185
Alliance Realty
loo 120

American Book
-.100 150
American Brass
100 1<0
American Chicle com. 10b 220
Preferred
lOu
ys
Am Graphophone coin 100
5
Preferred
100
1&I4
Amer Hardware
100 117
Am Malting 6s 1914._J-D
ioo
Amer Press Assoc’n__100
95
Am St Found new—See s tk Ex
6s 1935
A-O 100
Deb 4s 1923
.F-A
6J
American Surety
50 20J
American Thread pref
0
*4!2
Am Tobacco Co com..10c 413
Amer Typefdera com.lOu
38
Preferred
10u
ys
Deo g 6s 1939
.Al-N
97
Amer Writing Paper..100
2
Preferred—
100
231*
1st s t g 5s '19 op *09 J-J
87ȣ
A'lGf&WIndSSL nes.100
y
Preferred...
100
19
Col tr g 5s 1959
J J
65I2

85

65

88
40
6
12
59

103
35

«05
45

8

"9978

• 5s 1910
..Aid.!
Houston Ol
10b
Preferred .........10o
Hudson Realty
lOv
s Ingersoil-Rand com.lOu

65J,
40
lib
93

• Preferred
.10
100
mtercontin't'l Rubber.lOo
28l2
mteruat'i Bank'g C0.IO0
95
lntemat” Mer Mar—See s |tk Es
international Nickel..ioo 135
Preferred
lOo
89
1st g 5s 1932
A-o
90
international Salt....100
3
1st g 5s 1951
...A-G
47
international SI ver._Ujo
50
Preierred
100
1(<7
1st 6s 1948
_.J-G 110
Lnternat Smelt 5b Refg 100
131)
nternat lime Record.10b
176
Preferred
loo
107
Jones 5s Laughiln Steel Co
1st s f g 5s 1939..M-N
10118
^Lackawanna Steel
100
32
e 1st con 5s 1950...M‘E
85
s Deb os 1915..;
M-s
9U2
i^inston Monotype... 1Q0
8jt2
Lawyers Mtge Co
.100 237l2
wen 5e Wlikes-B Coal. 50
225
e LortUard (P)
pref.__lO0 135
Madison Sq Garden
10<>
35
2d 6s 1919
M-in
85
Manhattan Transit
20
*1*8
Exc Mononganela RCoai.. 50
*9

Am Cig ser A 4s ii__M s>
997s 10018
Ser B 4s Mch 15 *12 M-S
98
9Si2
Balt5BOnlo ^s 191. .J-D
9o78 a9%
Jethieh steel 6s 'U..M-N
95
yo*2
Ohio 5b Alton 5s *13..M-S
9£*4 yyij
Jin Ham 5b D 4s 1913. J J
97*4 97-J.i
0 C C 5b St L 5s, June 'll
100
100*2
Hudson Companies—
6s Oct 15 1911
A-0
97
99
6s Feb 1 1913
F-A
97 h 99
interb RTg 6s 1911.M-N lJltjs ibUa
K C Ry 5: Light 6s 12. M-8
9812 99
Minn 5b St L g 5s '11.F-A
99
99-38
NYC Lines Eq 5s 10 22 64.60 4.3;
4^3 Jan 1911-1925
64.60 4.3b
N Y N H 5b H 5s '10-12 100
.01
St L & S F 4Hs'12 op.F-A
97‘2 98
5s Mch 1 1913
M-S
96
w7i2
South Ry g 5s 1913..F-A
98U 99
Tidewater 6s 1913 guac 1003s 100*4
Wabash 4
191....M-N
97
West'Teiep 5s T 5s '12.F-A
99!2 00
WestiQgb'e El 5bM 63 1913
9978 10J«2
5% notes Oct 1917.A-0
,

ISO

190

“V"

,

95

a4
8U

*8

2u#

iecker-Jones-Jewell Mtt
1st 6s 1922
d
ier'g-Hall-Mar new.lOu
do00ken Land 5b Imp 100

97
101

.....

Preferred

50
.100
lOu
10U

...

(Mortgage Bond Co

Nat Bank of Cuba
Nat'l Surety...
e Nevada Cono'd
Copper o
6>2 Nev-Utah Ml a 5b Sin. lo
• New Central Corn
2o
Hat NY Air Brake 6s—See Stk
N Y Biscuit 6s 1911.A\-o
105
• New, York Dock
35
.100
• Preierred
100
1212
Y Mtge 5b Security-loo
N Y Transportation
20
Niles-Bem-Pood com.lOu
75
Nipissing Mines
o
list
Jhlo Copper Co.
,1b
e Ontario S lver
...100
Gtis Elevator com
100
..100
Preferred
94>2
10b

50
5

Pittsburgh Brewing.. 5o
Preferred
5b
Plttsourgu Coai—See Stk
Po pe All g Co co m
1 Ob

91

190
:2o
153
123
225

Preferred
10b
Pratt 5b Whitney prei-100
Producers Oil
loo

Realty Assoc (Bkiym.lOb
Royal Bak Powd com.lOu
Preferred
lOu
Safety Car Heat 5b Lt.lOu

101

....

120
lc2

.^eneca

Miu ng

102

71

.oi

514
415

•

$1*

29
105
ISt

140
92

93
8

52
80
113
112
140
200
112

9214
85*4
->42i2
275
145

45,

'"Vi

21U

no
100
265

115

105
272

*2078
♦1
^0
Exc

II4
1*8
60

list

ioo

25
7J
195

35
83
>05
5
102

*4

97

♦10l2
*2he
'Bs
49

92l2
■*-318
-40-s
Exc
55
.5
loO
145

116
193
104
126

”

105s
23i«
2*2
52
94

23U

Ust’
60
80
05
t59
20
19>
107
128

2o
lOu
lOu
lOu

Singer Mfg Co

105
'1st

212
fe2
150

i

....

Preferred
100
1st g 5s June 1 '22 J-I)

28

....

10-12

Copper

iuggenheim Expior'u lOo'

Hackensack
Water Co
Ref g 4s *52 op '12..J-J
dali Signal Co com
100
iavaua Tobacco Co
10>>

•

97

•

Gas Securities

York
Cent Un Gas 5s 1927 .J-J
Con Gas (N Yt—See Stk
s Mutual Gas
100
New Amsterdam Gas—
1st consol 5s 1948..J-J
NY&ERGas 1st 5s '44 J-J
CoUSOI 5s 1946
.J-J
N Y ds Richmond Gas. 100
N Y & WestchesterL ht'g—
Deb g 5s 1954 guar.J-J
Nor Un 1st 5s 1927..M-N
• standard Gas com..100
• Preferred
100
1st 5s 1930
M-N

93
20
53

121s
78

Preferred
.10
1-314
Gold 4 Hs 1936...J-i |
84
88
Electric Boat....
.10
24
Preferred
10
70
Empire Steel
__10u ; iJ
16
Preferred
10
65
General Chenvcal_._10j
*90 IOO
• Preferred
10
»00
l 4
Goldfield Con Ylmes See S tk Ex list

ireene-Caoanea

95
100

Vf

•

60

90

4

•

Gold Hill

il2

Short-lcrm Notes

A

Philadelphia.

5J

112

100
103

Ferry Companies

5b N Y 1st 6s 1911.J-J
N Y 5c E It Ferry stk. 100
1st 5s 1922
M.-N
\'Y5cHob 5s May '46.J-D
$6,000
$9,500
$333,200
$496,700
Hob Fy 1st 5s 1946 M-N
$393,500
$572,000
36.6J3.950
30,706,900 V Y 5b N J 5s 1946
J-J
11,910.000
16,624,500
471,267,700
1,044.848.100 10th 5c 23d Sts
Ferry. 100
1st
mtge
53
Total bonds....... $12,309.5001 $17,206,000
1919..J-U
$508,224,8501 $1,076,051.700 9 Union
Ferry stock.. 100
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e 1st 5s 192 J
M IS
EXCHANGES

Boston.

105
65
40

91
145

JuPontlEDdeNemPj Iff.

*
.....

*214

-

Match Co.lOj

e

Ank

200
3*dd‘
south Iron 5b S com
9
11
Preferred
18
21
Standard Cordage....10
1st Mg 53 '31 red_A-C
15
Adjust M 5s Apr 1 1931
;3
5
Standard Coupler com lOu
40
Preferred
lOo
loo'
standard Milling Co-.lOb
16
*18
Preerred
lOo
52
1st 5s iy30
M N
84
88’
Standard Oil of N J..100 600
603
Swift 5s Co—See Bost Stu Exc list
1st 5s—o'-e Cute St »ck,
Ex- list
Texas Company—See Stk JExch list
• Texas 5c Pacific Coal luO
lUJ
105
Title Ins Co of N Y...100
130
137

Other Cities
"
iu2
Am Gas & Elec com.. 50 ♦41
45
100
Preferred
100
50 ♦102 41l2
j
93
Amer Light & Tract..100 z_75
.80
251?
list
Preferred
100 xlOO
102
89“
75
Bay State Gas.
50
*4
*8
10
83
Bitigh ton (N Y> Gas YVks
i >3.,
80
1st g 5s 1938
95
A-O
98
69U
100
Brooklyn Un Gas—See Stk EXC list
Barney 5b Smith Car.. 100
40
fonopah Min (Nevada)
*8U
■1st
Buffalo City Gas stk.. 100
3u
5
Preferred
_10u
90
Trenton Potteries com 100
ioo
4
1st 5s 1947—See Stock
Exc list
Beth 'm Steel Corp—See s tk Ex isc
Preferred,
new
100
45
55
105
Cities Service Co
62
lo.
65
Bliss Company com.. 50 1^4
13J
Trow
20
Directory..
100
30
Il8t
Preferred........
loo
83
85
Preferred.
5o 113
22
Underwood
Typew
pi
100
99
92
Con Gas of N J 5s ‘36.J-J
10012
93
96
Bond 5b Mtge Guar...100 ^35
Union Typewriter comlOU
245
50
52
106
Consumers' L H & Pow—
Borden's Cond Mlik_.10o 113
1st preferred
U4
100
104
108
5s 1938
J-D 110
Preferred
lUu
iu3
2d
1.
Other CUtes
4
105
preferred
.10b 102
Denver Gas & Elec
100 190
British Col Copper...
5
*/*k
Buffalo Street Ry—
7*8 Un ted Bk Note Corp- 60 *4212 46
Gen g 5s 1949 op M-N
90
92
Butte Coalition Mining 15 *19 2 20
1st consol 5s 1931..F-A
Preferred
50
♦50
103
52
105
Elizabeth Gas Lt Co..100 300
Casein Co of Am oom.100
Deb 0s 1917
*i2
3>2 United Cigar Mfrs....lOo
67
A-O 103
105
Essex & Hudson Gas. 100 136
67*4
139*
Preierred
100
56
• Preferred
65
Columbus lOi St Ry..10u
lOo 100
L<8
91*4
Gas 5b El Bergen Co..100
77
80
Casualty Co of Amer*. 100 125 140
United Copper.......100
Preferred
lOu 100*4 10U2 « Gr Rap 1st 5s ‘15.F-A
412
4*4
95
102
Ceilulo d Co...
100 127
Preferred
Colum Ry con 5s—See Ph a list
DO
lou
17
20
Hudson Co Gas
100 135
138
Cent Fireworks com..l00
U S Casualty........lOo 215
Crosst'wn 1st 5s '33 J-D 100
102^ Indiana Lighting C0..IO0
33
35
Preferred
.....10c
U S Envelope com...100
c Conn Ry 5b Ltg oom.100
50
73
75
4s 1958 op
64
F-A
65
Central Foundry
Preferred .........100 105
• Preferred .......loo
lOu
112
77
79l2 Indianapolis Gas
50
13
Preferred
U S Finishing
.........100
1st 5c ref 4 Hs—See Stk Exc list
lOu
96
100
1st g 5s 1952
A O
79
85
6s
Deb
1919
Grand Rapids Ry pref .100
Preferred
35
40
op ’01.M-N /
.........100 106
88
111
91
Jackson Gas 5s g '37.A-O / 88
921* Chesebrough Mfg O0..100 700
e Louisv St 5s 1930...J-J
1st g bS 1919
J-j 1J0
105
• Laclede Gas
104*4 105
100 10214 l0_*4 City Investing Co
62
100
67'
Con
5s
1929
x
.J-J
95
Lynn 5s Bos 1st 5s *24 J-D 104 10512
LOO
e Preferred
lOu
80
102
Preferred
U
S
• New Orl
.100
10)
Steel
108
Corporation—
23G
Bys 5b Lgt-100
23*4 Madison Gas 6s 1926. A-O 103
108
s Clatiin (H B> com..100
Col tr s f 5s ‘51 opt ‘li 114
e Preferred
10 >
106
100
115
Newark Gas 6s 1944..(J-J 128
68*8 59
130
• 1st preferred.....ioo
90
Gen M g 4 4s *35—See S tk Ex
Col tr a f 5s *51 not op: 114
5
116
1st
Newark Consol Gas..100
96
98
• 2d preferred .....100
94
98
U
S
5b
Pub Serv Corp of N J.I00 107
Tit
Gu
Indem..l00
85
109
105
• Con g 5s 1948
J-D lo3i2 104 h Coi 5b Hock Coai5bI pt 100
Tr ctfs 2% to
•Utah
Copper
Co—See
Stk
Exc
9*
list
100
6%perpet
No Hudson L H 5s Pow—
1st g 5s 191/
North Jersey St Ry.loo
J-J
Westchester
5b
1
•
1
•
/
Bronx
Tit
60
5s 1938
a-u 110
Col tr 6s Oct 1956..J/ 45
1st 4s 1948—...M-N
5b Mtge Guar.
...100 180
170
75
77
Pacific Gas 5; E, oom.100
62
63
Consol Car Heating...100
39
42
.Vestlngh'se Air Brake.50 *141
Preferred
100
86
88
5b
West
El
r 1
Mtg 6s—SesStk EXC
Pat 5b Pas Gas 5s Eieo.100
88
92
Worthing Pump pref. 100 „lil5
• Con g 6s 1949.._M->
100
102
St fo<M»ph <»*« 5- 1937 v. 1
90
•)»w
t j
* Per share,
b Basis,
e Sills oa stk.
Ex., out not very active
f nat pnoe.
nnce.
X t
n Nominal.
n,x-div.
»y Rx-rtcrntfi.
m Mow ■tank




100

42

mmmm.

f

...

....

.....

.....

.......

.......

.......

...

.....

45*

1 •

•

itf*

--

1

*5iT

•

•

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES

Saturday

Monday

Oct. 8.

Tuesday

10.

Oct

STOCKS

Sales
the
Week
Shares

Oct. 11.

Wednesday

Thursday

Oct 12

Friday

Oct 13

Oc* 14.

Lowest

♦220
♦128
♦215

220
128
*210
133
*288

129
135

♦280

290

♦131*
♦70
♦....

15%
74

10*2

♦150
110

*13*2

*13*2

....

19*8 :195s

190

♦845$

154

101

*150

85

85
101

101

*45

46

IOU2
*5*4
♦151*
116
115

w%

28

*103

16

102

*5

♦143

8*4

6
150
9

"*5*“*

*107
♦108
♦132
♦92
162

220
6
110

101*2
*15*2
117
116

116
138

*30
95
*9
*19
*5

10

1984
6

150

151

85
92*2 93
*.... 220

925*

57b
109

*108

110

..-.*132*4 13484

31
29
197

196*2
67*4 5784
28

96

162*2 163

121* 1212
1021* 102*2

^•301*

133
*92

14

*——
196

28

28

848*
93
219
6
109
110
96
14

♦3012
196*2
58
28

31
29
198
59
28

90

77b
13

♦4412

8
131s
45

8*4
127b

9
13

45

45

66*2
27*4

66*4

17

17*2

178«
684

27

8

♦.50

14*4
5*4
♦19*4
59
550
20
• .06
68

4>6
7*2
-

♦1H2
7*4
27
7

.60

14*4
5*4
20
5984
550
21
.10

59
*550
21
*.06

♦4%

7*2

7*2
.15

12
78g
29

23

♦195s
*484
50
20
5

10*2
305s
85s
8*4

♦ .25

40
♦129

1312
♦73*2
198g
*1%
1034
♦17b

.40
.45

10*2
31*4
85s
8*2

74

8I4
13*6

8*4
138s

49

38*
23*2

59

8

52

49*2
2*2

129

*1%
.

74

*184
6U4
8*8

8*2

129

1384

11

23
!

39*2

11

6

38s
23*2

.25

130

*1%

39*2
39*4
4834
3*8

49f

20%
58*
10*2
31*4
884
8*4

198*
184

13
*58

57b
3984
39*2

"♦2*2 "3"
129

5
50

19

11
2*8

.40
.45

*4*2

1384
7384

23

2*8
8*4
13*4
58
6
40

39*8
4834
38*
23

495g
2*2
8*2
130

B

*

.40
.40

195s
*4%
50

10%
31

8*2
8*4
.26

39*2
128

*13*4
♦73%
19*8
1*2
1084

*17*
51

8*8
13
*58

*5*2
3984
39*4
48*2
*3*4
23

4984
*2*2

8
♦125

♦1%




31

95%

50

36

166

103"

103%

73%

.....

..

223
1.326
347
25

Oct’lO
90

3

J’ly 28

J’ly 38
Apr 14
Ja<; 2e
J’ly .6
Feb

6

May 16
Jan 4
Jau

3
Sep 22
Aug 3

Mch 22
J ’ne3u

11% Jan 15
100

Jan 24

28
27

MchJv
Jan lb

Torrlngton....

75% 14.198
120

94

153

25
Do ; pref....
23
United Fruit..
100
Un Shoe Mach Gorp.. 25
25
U S Steel Carp
100
Do
pref
100
West Telep A Teleg._l00
Do
pref.
100

165% Jan 16
46% J’ly
25% J’ly 9
.

....

Oct 11
Oct 14
Mayo-

2i> %
88

01% J’ly 2b
J’ly 26

111
14

Feb i.

81

Aug 15

4

J’ly 13
Sep 21
J’ly 13

Oct 3

Apr <
162% Mch 14

14t% Aug25

212

Men,;
Jan /
Jan 8
Jan l
Mch

:oo

35
116
106

~

46

8*4
12
46

20
6O84

10
.40

....

74

19*4

5
60
21

19%
*1H

1%

io7s
2*8

36
11

5
50

*.25
40
130
14
73

40

23*4
678
3%

19%

10*2
31%
8%
8*2

.25

2%

19%

5

130

778

.50
.36

20%

10*2
3134
884
8*4

7*2

10%

.35

5
50

5

16

10*4

195g

68*4

,16

35
*

5*4
10*2

32%
8*2
8*2
.50
40
131
14
76

19%
1*4
11*8

11
21-16 21-16
51% 52

51

8*4

8%

13
59

13
69

6

*5*2

40*2
39*4
48*2
3%
23*4

40

39

48*2
3%
23*4
49*4
2%
8*2

4978
3

8*4
128

128

I7a

,~.1%
•

a,a

25

10

...25

280

__

68*2
27*4

31
8
27

67b
3%

.50
.40

Con!

3.084 Adventure
2.080 Aifom&h Mining

8%
13%
60
6

40%
40
49

3*2
23%
60

Butte-Balaklava Cop. 10

20

6I84

Feb 17
3% Sep 28
6% J’ly 13
.05 Oct 11
9*2 J'ne^»
6
J’ly 26
58

$

J’ly
6% Sep 29
14% J ly 19

20

2?i
>Sfi

5

5

50*4

51%

21

21%
5*4
10% 1.500 Nlpissing Mines.....
5
33*2 20,865 North Butte
.....
15
900 North Lake..
25
395 OJlbway Mining
8%
25

5*4
10*2
32*2
8*2
*.25
40
131
14
76

.30
40
131
14

8

13%
59
6
40

39*4
48%
3%
23%
984
129

3

10%

134

*1%

220
650
96
116
269

Old Colony..
25
Old Dominion Co--.-

Osceola
........
Parrot Silver A Cop.

pnoes.

13*2 May 3
Sep 1
J’ly 7
28% J’ly 15
0
J’ly 33

xQ
3

4% Men «
.40
AugJo
.30
J’ly 19
17
J ly 18

378 J’ly 12
43

12
66

J’ly 6
J’ly 6
15*4 J’ly 1
1% Sod 29
8% J’ly 6
1% J’neso
36
j’ly 19
7% J’ly 14
9
J’ly 5
45*2 J’ne22
4% J’ly 18

.....

....

835 Victoria
1,796 Winona

10
25
25
25

59
50

5
5
10
25
,25

33

...

Mch31

33*2 J’ly 20
45% J ly 20
2*2 J ly 22
18*2 J’neso
A39*4 J’ne30
*
2*2 J’ly 22
-

,

...

J Ty 2t>

17% J’ly 5
3% J’ly 13
y%jau 17
18
J’nejO
0% J’lv 13
5
Sep 7
.25
Aug 9
29% Jne *5
114
j’ly 27

UJUlncy
Kay COnsol Copper.,

107 Wolverine
60 Wyandot
( New .toon.
.

1%»

J’ne 12
10' J’ly 18
2

........

Santa Fe Golid A Cop.
Shannon
100 South Utah M AS...
62
865 Superior............
8
624 Superior A Boston Min
1312 2.982 Superior A Pitts Copp.
61
182 Tamarack ...........
6
105 Trinity
40% 4.682 UnitedStatesCoal AOH
40
1.895 U S Smelt Ref A Min.
49
Do
1.153
pref.*
3% 1.800 Utah-Apex Mining...
23*2 1.023 Utah Consolidated...
195 Utah Copper Co.....

61%

3

140 Michigan
25
321 Mohawk
25
3,824 Nevada Consolidated.
5
345 New Arcadian Copper 25

77*f
20*8 4.242
30
1*4
11% 2,227

19%
♦1%
11%

9%

1%

155

J ne3o
Mch

May 4
5*8 Oct 4
15% J*ne3u
44*4 J’ly 12
500
J’ly 6
13*2 J’ly 15
.04 J’ly 6

15
940 Butte Coalition
704 Calumet A Arizona
10
555
660
6 Cal a met A Hecia.... 25
630 Centennial
25
22*s
23*2
Cons Mercur Gold....
10
1
Aug* 10
*842 Copper Range Con Co 100
681*
68%
295 Daly-Wost
20
4%
7*2
7% 1.498 Bast Butte Cop Min., lo
.15
.15
2,895 Elm River
12
120 Franklin
11%
25
11*4
8
5.555 Giroux Consolidated.
5
32
1,841 Granby Consolidated. 100
Greene
Oananea
20
8*8 6.973
27
3.430 Hanoock Consolidated 25
565 Helvetia Copper..... 25
2*4
1534 2,035 Indiana Mining
25
23
23*4 2,011 isle Royale Copper.. 25
Kerr
Lake
5
67b
67g 1,115
200 Keweenaw Copper.__ 25
”33% 36 6,911 Lake Copper Co
25
11
11
295 La Salle Copper
25
9*4
25
10*4 6.320 Mass Consol..
*.40
.50
100 Mayflower
.*
25
.40
.40
350 Mexico Cons MAS.. 10
19%
19*4 1,040 Miami Copper.......
5

19%
60*4

3

130

Bonanza Dot Co

6*920 BosACorbCop&SUMg

55% J’ly 12
19% J’ly 26
36 J’ly 13
12% May 4
5

6 J’ly 13

25 102
J’ly 12
2S*
1% j’ly 26

AmTp^I. Yet-WooH dlv.

„

Highest

Jau
98
10034 Jan

125‘s Oct
J'ne
239*4 Apr
135
Deo
235
Mch

103% Jan

95%

3

Jan 1/
Mch o
Feb 10

48?a Jan H.
105

Sep 26

87g Feb
24

127%
124

-

Jan

u

8% Jan li
152% Mch
11% Jan 3
,

Oct 10
160*2 Jan u
65% Oct 7
97
Men lb

270

220% Feb 2c
6% May 10
124
115

Jan 3
Jan 11

138% Mch 11
100
200

Jan 5
Febli
14 Oct 3
10984 Jan 10
34% Jan 3
31
May 0
200 Sep 10
71% Apr lb
31

Jan

4

90*4 Jan 3
125% Jan 0
lo% Sep 30
94

jau

a

10

Feb

1

124% Jan
223% Dec

132%
296

Feb

oo% Jan 3
40% Jan 3
53*4 Jan 3
60% Jan 3
12*4 Jan 14
.70

Mch 2b

24% Jan 13
18*4 May zb
28% Jan 3
103
G85
38
.16
85

Jan

143
115
267

Jan 3
Jan 3
Jan 3
Jan 10
Jan 3

9%Mch28
13*4 Jan 3
2% Feb u
22% Mch
12*2 Jan lo
111% Jan 3
117s Jan 3
3G

162
123

jan

275
136

lb
79
195

Jan

103

Jan

88*2 Sen
195% Jan

Oct

11% Jan
58*2 Jan
♦ 153

Nov

146
200
190
26

Feb
Apr
Dec
Apr

Jan

102

Oct

94

Nov
125% Feb
27% Feb
93% Jan
4*2 Apr
15% Apr
334 Apr
125
Jan
7
Jan

108

J’ne

12%
31%
8*4
147%
13%

Oct

245

Jan

260

150% F'eb

178

59
89

Jan

2
68
93

Jan

257g Mch 7

1284 Jan 14
1% Feb 1

55
166

Jan

3

Jan

3

2184 Jan

3

92

Mch

*

2484 Mch s
284 Jan

3

Jan

3

18

384 Jan 19
68% Jan 14
18

Jan 12

16*8 Jan 1U

78

jan

11*8 Jan
41% Oct
56

6
3

1

Jan

3

63*8 Jan
5% Jan

3
3

46

3

Jan

00% Jan 3
584 Jan 11
15
-50

Jan 14
Jan 3

3% J an 14
Hx ngm.

a

83 *4
97

Sep
Aug

Nov
J’ne
Apr
Aug
Deo
Apr

220% Deo
3% Oct

Apr
Jan

126% Jan
75
Feb
168
Jan
984 Jan
100
Jan
20% May
24% Jan
126% Jan
Mch
x54
28*2 Jau
4134 Feb
107
Feb

125

Oct

118

Oct
Sep
Oct

139
108
199
12

Aug
Sep

114% Aug
34
35
170

Dec

NOV
Deo

Oot
31% Sep
94% Oct
71

131
12
96

6% Jan

Mch

4*t Oct

Oct
Dec
Deo

10% May

34

Jan

62

65
23

Feb

96% NOV
40% Deo

Mcb

38*8 Feb

54

Feb

30
8
46

J *y

8

Sep

.80
24

119
695

J'ne

.35
12

Oct
Feb

2*2 Jan
Aug
12% Nov
110% Deo

Feb

14% Nov
38

33% Feb
9% Aug
«7*4 D60
74% Deo
19*8 Dec
18*4 May
1
6

J ly

F"eb

30

Dec

4% Mch
6«4 Nov
Feb
Deo
Dec

Nov

8*8 Deo
13
Sep
85% Jan
11% Aug
14% Dec

y% Oct

122
19
83

Doo
Nov

28*8 DOO
13% Mch
70% Jan

Oct

J ne

Deo

7% Aug

Jan

47% Feb

Mch

19

.312 Nov

.40

Jan

16% Apr

2*2 May

47

Jan
Aug

86*4 Nov

7% J’ne
90 Feb
9

May
Deo

44% Sep

68*2 Feb
7% May
7% Feb
1
13

Deo

11% Deo
33% Nov

21% Feb
96% May
585 Feb
29
Feb
10

Oct

51*4 Deo
ig Jan

Feb
17*8 J’ly

Apr
Feb

Ma y/b
Jan 3

145% Sep
40*8 Aug

Jan
202% Men

76

Apr

131

,117

Apr

12
50

J’ly
9% Feb
22% Nov
136
Apr

6% Jau
Jan
Nov

3%
12*4
684
x57%
16*2

27*2 Jan 11
10% Jan 12

50*4 Aug
105

13
rll4

30

Jan 22

Apr

98*g Apr
Apr

Jan

Jan
Jan

8% Jan 21

Aug

112

33% Jan

i'sJau 13

75

J'ne

176

Jan

1084 J’*y
4% Mch

i
4

40

117*2 Aug

93% Mch

165
88

16

5

Aug

Sep
200*8 Jan

2I8S4 Aug
117% Aug

’9

29

174% J’**e

149
215

107

94% Jan 22
*4

Oct
Nov

19
84

90*4 Mch
97*2 Apr

22*8 Apr
7*2 Apr

10% Oct 13

J'ne
Jiy
Mch
Feb
Dec

128*2 Nov

3

Jan 5
6*4 Jan 14
Jan

77% Nov
14*2 Mch
fc5% Oct

Nov

8% Sep
5% Deo

11

22

Jau

Jan 12
578 Jan 4
44*4 Mch 9

28% Jan

Nov
Jan
Feb

153
301

Sep

11% Jau
60% Jau
10
May
46*2 Dec

14% Sep 16

58

Jan

225

ii

Feb li
Mch 2
Mch

143% Feb 24
,39% Mchl'j
104% Mch 23
11% Jan 7
28

106

3 *172% Feb

204% Jan

109

99%
129*2 AUg 17

N E Telephone
100
Pacific Coast Power
100
258 Pullman Co..
100
80 Reece Button-Hole.. 10
143 Swift & Co
100

133% Jan

Sep 26
J’ly 6

Mch *8
Mayiu

7
16

jau 3
Jan io
Jan
Mch lb

270

108

111% Oct 3
127*4 J’ly 26
26
J’ly 7
91
J'ly 1

loo

lu% Sep 30

48
150
118

Apr 2i

Oct

111

t

Feb -4
Feb l
Jan 2t
Jan 3
Apr 7

118

Apr

Boston Land
4**
10
Cumb Telep ds Teleg.100 138*2
270 Bast Boston Land..
7*8
109 Edison JB»ec Ilium
100 A289
98 General Electric
100 135
2,520 MaasacbusettsGasCos 100
76%
Do
89
294
pref
100
12 Mergenthaler Lino... 100 214%
2%
381 Mexican Telephone.. 10
107
19 N E Cotton Yarn.... 100

pref

Aug-9
Sep 16

J’ly 27
98*4 Mch<*>
4% Aug 2
14
J’ly 15

Atl Gulf ds W I S S L.100
Do
pref
...100

Do

Moh—v

98*4 Auv 2
163*4 J’ly 26
89% J’ly 26

47% 2.565 Amer Agricul Chem..l00
462
Do
pref
102*4
100
340 Amwr Pneu Service... 50
5*4
Do
730
pref....
50
15%
118
337 Amer Sugar Refln
100
Do
116
294
pref.........100
139% 3.462 Amer Telep & Tel eg.. 100
American
31
89
Woolen....100
Do
96
326
jprel
100

vr

76

,

99

42
57

J’ly 21

201

50

"l03

208
16

Feb 10

162
83

165%

46

.15
12

S3

36*8
II
10%

piy t ,1 a aaii-M cue! in

138*4

8%
IO84

7%
29*4
7%
26*4
2*g

4

5

118
116

4
J ’ne lo

202

10

658

20%

1512

Oct

Jan lu

130*% Jan

90

bo

.10
12

23

5

100
100

.

6

22/
152

Marl
181*4 Sep 14
25
May
103
Aug 18

ve^onfS'uVs:;:;;,^
-

234

Aug
J*lF *7
Sep 18

210

.

289 West End St
°°
24

J’neio

h

5

68*4
4%
7*8

47*
7*2

20*4

Electric......

7

14% J’ly -6
75
J’ly 1
149
Apr 28
139% Mchll

Do
pref.........100
890 Union Pacific
100
44

Miscellaneous

47%
101%

8%
11%

660
21
21
Last Sale

21*2

6*2

19%

.25

52

57b
3984
39*2

61*
*3*2
365*1 34*4
IO84 *10*4
10
10*8

130

52

♦58

23

6*2
*312
3584
10*4
98s

Rutland pref

Seattle

3

104% Jan

Jau

10

197*

11** 11*2
7*4
75ji
2984 31
78*
784
2412 26*2
2**
2*4
16
16*4

7%

154*4

123% Jan

Au* 2

104
85

AUoue*............. 25
68*4
69% 6.458 Amalgamated Copper 100
27**
27*4 1*841 Am Zinc Lead A Sm.. 25
Last Sale 397,
Anaconda
25
%
Oct’lO
17% 18
17*4
17% 4*285 Ariaona Commercial. 25
8
Atlantic
25
8*8
565
7%
8

59
*550

.10

23

*38*2

198s
I84

.05

154%

14%

.08
68

2*8
16*2

10*2
3084
884
8*4

1312

.06
68

85

Last Sale .50
Oct'lO
15
15
15%
*5
5*4
5%
5*4

14*2
5*4
197b
555

21*2

84

85%

73%

11 Connecticut River... 100
182 Fitchburg, pref
100
345 Ga Ry & Electric.... 100
Do
60
pref...
...100
Maine Central..
100
2~040 Mass Electric cos
100
DO
636
pref..
100
473 N Y N H dt Hartford. 100
Northern N H
.100
Norwich & Wor pret.lOO
51 Old Colony.........100
v

May*10
19*4
20%

J’lY 26

Oct 3
Oct 13
260
124% Sep 21

31

67*4
27*4

712

484
7i*

24

19*2

45

59*2

2*8
16*2

5

.50
40
131

1912

"7*2!

8*2
11%

.60

59
*550

.15

30

20*4

5

18

*5

*

29

*48

20*4

1784
*6*2
*141*

113*
7*2

.40
*.35

5

67*4
2784

128
118
90

Atch Top & Santa Fe.100
91*2
l>o
pref_-_.
100
97%
Boston & Albany....100 218
Boston F.levated
100 *122
Boston & Lowell
100 20J
Boston 6s Maine
...100 132
Boston & Providence. 100 265
Boston Suburban £2 Cos.
14
Do
‘"20
70
prel_.
Boston at Wore Elec Cos.
8
Do
35
pref
Chic June Fty ds USY.100 139
Do
23
100 109
pref...
343
150
134
106
24
44
5

Mining

87*

66I2
268*

260

....

116

71*2

13
45

*.50

5*4
19*2
59*4

7*4

197b
50

684

11*2
7%
e24

6%
6*8
384
384
86*2 3684
♦IO84 11
914
978

♦ .35
♦ .35

18

555
21
.08
67*2 68

.20

23 *

*2

66*2

.60
14

5*4
19*4

4%l

16*2

22*2

12
*44

Oct'lO

*112
*255
128
118
90
204

120
120
120
Last Sale 19
90
♦88
*85

00

86*

27

*.50
14

68*4

7*4
227b
2*8
I684

’*88

90

66*4
27*4
♦7

♦

*88

Sept'10

Last Sale 31
Oct'lO
Last Sale 30
8ept'10
198
198
197*2 197%
58
58
58
58%
28
28
28
28%

6884 70
697| 705^ 705* 71*4
*118*4 118% 1177b 118
H864 119
*17
19
♦18*4 19
*18*4 19
90

74
Oct’lO

85%

166% 166
13% 13%
1027b 103*2

1031S

♦...«

29
198
58
28

58

6
150
9

133*2

14
103

Sept* 10

10*2

IS?

134*2
292

Last Sale 10
Oct'lO
*19
19*4
Last Sale 5
July’10
Last Sale 143
Sept’10
9
8*2
8*2
884
270
x266
266*2
153
153
154
155%
84
84
84*4 x83%
93
93
93*2
93*2
*220
222
*220
6
“V
6
*584
109
109
*107% 112
*108
110
110
111
1331* 133*2 *133% 134
Last Sale 95
Aug’10

16212 165

102*2 103
*3012 31

134*2
290
15
*70

128*4

*101%

139*2
♦30*2 31*2
95
95*2

270

219

*5*2

*94

115
138

I984

“8484

847g

94
163

16
117
116

10

270

223
215

85*2

101*2 10134
5**
5*8
15*2 15*44
117
117*2

5*«i

95*2

*8*2

884
270

*107
*108

102

31

♦144

220*2
128%

——

4684 47*2

137*2 138*4

3012
95*4

104*2
100*4

210

84

85*4
♦101*2

467*

5*8

116*4

269
151

152

84% 847*
♦9212 931*

160
85

♦101*2

5
16

884

270

♦269
152

*150
85

100%

Last Sale 140
Sept'10
Last Sale 210 June* 10
182
182
184
185
Last Sale 27
Oct'lO
Last Sale 103
Aug* 10
102
*100
102
102
1691* 1707b 171% 172%
Last Sale 91% Sept'10
Last Sale 163 June'10

169*4 169*4
*91*4 9284

101*4 ioiTb

95
*9
*19
*6
*144

84

*104

197b

154*2 15484

102

46*2

13714
*29*2

8384
15412

....

46%

116
115

116

*19“ ’l9”

101

*15*2

116

137*2 1377b
29*2 29*2
95
95*4

85*2

5

♦19%

186
*-.-.
27

160

46

20

*182

*102
168

160

118

*19*2
8334

103*4
♦167*2 I68*g
168*8
♦90*4 915* *91*4 92*2
♦150

74

1012

118
*87
*206

186

*26*2
*103*2

•SP
103
103

225
135
*134
*288
292
Last Sale
71
71
Last Sale
Last Sale
Last Sale
112
112
260
260
128
128
*118
118*2
*88
Last Sale

12712 127*2

117

220*2

128% 128*2

*147
156
*110
112
*---. 265

112

186

220

*210

*36*2

*19*2 20
♦8384
154*4 154*2

154" 154*2

102
102%
*100*4 101*4

15*8

*70

160

117
*87
*206

102
101
221
128
210
135
292

*

1012

127*2 127*2

117

♦182

*15*8
74

*150
*110

127*2

210
*134
*288

134

♦36*4
110

♦115
♦87
♦206

220
129

*70
**

*36*4

IOH4
*100
220
128

Lowest

Highest

Railroad*

■

♦100*4 100*4 100% 101
*9984 101*4 *100 IOO84

Range for Previous Yeas
(1909)

Range Since Jan. 1

BOSTON STOCK
EXCHANGE

of

.90
59
170

Dm

Aug
Dec

36% J’ne
99

Jan

"

i%

Nov
13*2 Feb

2% Jan"
17% Jan

Jan
13*8 Nov

67

34

18% J'ly
Feb
17% Jan
39*2 Nov

ef’Nr
9% Deo

90

Jan
Feb
Jan
Oot

69
54

28
39
44
4

66

Oct

4*4 Apr
Mob

139

Sep
Oct

684 Jan
49*4 Nov

37% Feb
3984 Feb
3

Dm

18*2 May

6

NOV
Dm

<13% Dm
153
■■

4

Ant
jam

;

Oox. 15
i

1910.1

Boston Bond Record

BO* *M*

Price
Friday
Oct 14

BOSTON STOCK KXOH’GE
WftBK KNDUtfa OCX 14

u

Am Agrioul Ohem 1st 5s.. 1928
Am '1 eieu 4 Tei coll tr 4a. 1929
Convertible 4e.. ........1936
Am Writ Paner let s 16s g 1919
Am Zinc LA 8 deb 6s.... 1915
Aria Com Cop 1st conv 6s 1920
A ton Top A B Fe gen g 4s.. 1996

A-O
j -J

1024 8ale
014 Sale

m-8
J. j
m-N

104

Bta

J-D
a-O

Adjustment g 4s—J’ly 1996 Not
Stamped
J’ly 1996 M-N
[
f
1956 J -D
60-year oonr 4s
10-year oonv 6t
1917 j-D
iAUGxUl AWI8SLmes58.’59 j.j

At/e Lois

Sale

•

Boston Elect L

oonsoi

684

6s. 1924 M-S

^Boston A Lowell 4s
1916 J.J
Boston eb Maine 44»......1944 J-J
iBoston Terminal lat 3 4s. 1947 F-A
Bor A Mo Bit cons 6s
1918 J • J
fButte A Boston 1st 6s....1917 A-O
Butte Elec A Pow 1 st g 6s. 1961 J -D
Cedar Bap A Mo B 1st 7s.l9l6 M-N
(Cent Vermt 1st g 4s..May1920 Q-F
; O B A a Iowa Dit 1st 6S.1919 A-O
Iowa Dit 1st 4s
1919 A-O
Debenture 6s
1913 M-N
Denver Eaten 4s
1922 F-A
Nebraska Eaten 4s
1927 M-N
BAS Waf 4S
1921 M-S
Illinois Dit 84»
1949 J-J
’’Ohio 40 By A Sta Yds 6s. 19161 J - J
r Coil trust refunding g 481940 A-O
'Oh Mil A St P Dub 1> 6s..1920 J-J
Ob M A St P Wis V div 6*1920 J.J
Obie a No Mien 1st gu 6s.l98i M-N
I Ohio A W Mlob gen os....1921 J-D
; Concord A Mont cons 4s..1920 J -D
'Conn A Pass B 1st g 4S...1943 A-O

Last

90 4 Sale
09 V lOOt*
91
93
91
9S

t

69"

....

|’22i|

Weekft

Range
l§<g(| Since
Sale to
January 1

Range

102
91
104
87 V
112
89

or

So Jjow
20

HxgK
1024
914
104

|

Sep’io
112

I

-20!2!

90*4 82
99V 13,

99V

92 4 Oct ’10

994 1««

874

87V

97
89
98

112

934

101V

884

94*

924 Sep 10
92 4 94V
102 4 J’ly’10
1024 102 4
11174 Feb’10
11741174
11
684
69
63
73
110
Feb’04
1004 Mar’09
,104 4 Oot ’08
,1124 Jan *03
103 Feb’lO:
103
103
IlOO J’ne’OI

il 3 4 M'aV’10

■

1134 Hi

87 4 Sep ’lot

85

H103 Oct’07!
984 J’ne’lO
101*4 MarlO,
99 4 Sale
994
994
99

Mar’10

99

Oct ’09

88

984 984
1014 101V
994 100
99

99V
*

87 V Sep’10
..‘I 86V 88 V
1014 1014
lol4| 8 100 101V
111 89
„.! 904
90 4
92V
...'1154 Jan TO. -.1164 1154

...126
99
1024102 4 102

'Current Biver 1st 6a
1926 A-O
l DetGr Bap A W 1st 4s... 1946 A-O
Dominion Coal 1st a 16a..1940 M-N
1916 M-S
Fitenbnrg 4s
4s
.'.
1927 M-8
Promt Elk A Mo V 1st 6s.. 1933 A-O
Unstamped 1st 6s
1933 A-O
GiNorC B AgooUtr481921 J-J
Begistered is
.1921, Q-J i

Feb*05.
May* 10. .J! 99 1004
8 100
104
1024
91
Dee’071.
1124 Jan *03
1004 Aug’00
99
99
99
Anr’10!.
89
Mar’10.
89 * 90
934 964 J’ne’lO.
984 98V
.

Cudahy Pack(The)lstg5sl924 M-N

.

88
98

'1034 Api ’06
96
Apr'08

.
.

133
Mar’09.
140
Apr’06
964
96V 63 j
.

96 V Sale

984

Nora—Buyer pays accrued interest in addition

964!

tfOAOb
BOSTON STOCK EXCH’GE
Week Ending Oct 14
.

,

„.

•85

Price

11

Friday

Utah

1004103
89
934

Bl|

1017

94 4 9? 4

I! 944 964

Illinois Steel deben 5a....1913 A-O
la Falls ASioax ClSt 7*.. 1917 A-O
Kan C Clin A Spr 1st 6s...1925 A O
Kan C Ft S A Gull eat 6s.. 1911 J-D
Kan C Ft Scott A M 6s....1928 M-N
KanO M A B gen4a.......1934 M-S
Assented income 6s
1934 M-S
Kan C A M By A Br 1st 5sl929 A-O
Marne Cent eons 1st 7s...1912 A-O
Cons 1st 4s
...1912 A-O
Maro Hough A Ont 1st 6s. 1925 A-O
Mass Gas 44s
,.. 1929 J-J

! But

98 V

117

92
93
104

High
994101

....

•v[!‘

*

98 V Salt

98 4

97
1024
102 4
102
1004

1024 Salt

New England cons g 6s...1945; J-J
Boston Term 1st 48.....1030 A-O
N ew River (The) conv 6s. 1934 J - J
N Y N H A H con deb 3 4S1956! J • J
Conv deb 6a (ctfs)
19481 J.J
Old Colony gold 4s
1924 F-A
Oreg By A Nar con g4s.. 1946 J -D

98V
Ang’lu
Ang'04
163

97
97

3

99V
994

7.,100 4 105

Feb’09

Sep *08

.1
75
134

Oreg 8h Line 1st g 6s
1922; F-A
PereMarquette deb g 6s.. 1912| J-J
Repub Valley 1st s 16s...1919 J-J
Rutland 1st con gen 4 4s. 1941 J-J

* No pnoe

so. Low
1

l‘34Mai’10 ...J 93 4 »7
99V Feb’lO
99V 90V
117
Sep Mo ....*113 118
93
93 j
31 924 934
91
Sep’10
! 91
92
102 4 Sep ’loi .,..<102 103
113 V Nov’061
1014 Sep *o6i
116
J’ne’0,3 ••**ir****

1918 A-O

to the purchase prloe for all Boston Bonds.

H ty/l!
Oct M.O
Apt *08

Low

,100

Since

January 1

....

90
91)
102

...1917J- J
6s 1929 J.J
New Eng Cot Yarn 6s....1929 F-A
New Eng Teiepk 6s
1915 A-O

Rutland-Oanadian 1st 4s 1949 j.j
Savannah Elec 1st cons 6a. 1952 J-J
Seattle Eleo 1st g 6s
1930 F-A
Shannon-Aru 1st g 6s.... 1919 M-N
Terre Haute Eleo g 6s....1929 J-J
Torrington 1st g 6s
1918 M-S
Union Pao BB A1 gr g 4S.19J7 J-J
20-year oonv 4s
1927 J-J
United Fruit gen s 14 48.1923 J-J
U S Coal A Oil 1st • f 6a.. 1938 M-N
U S Steel Corp 10-60 yr 6a.1963 M-N
West End Street By
yia
4a.... 1915 F-A
Gold 44a
....1914 M-8
Gold dd oenture 4a
1916 M-N
Gold 4a
1917 F-A
Weatern Teleph A Tel 58.1932 J.J
W isconsin Cent lat gen 4sl949 J-J

Lange

II

or

Last Sale

ASK

98 V

M ich Teleplst 6s.
Mlnne Gen Eleo eon g

6s.

Wee/c’s

Range

Oct 14

99
Sep ’10
134 4 Sep’10
101
Apr’09
98 V Sep ’09
113 V Aug’10
99
Mar’lo
103 4 Sep *10

136

ioTv::::::

107 4 No* *05
102

75
794
96 V 102

....1131

Mat’02

103 4

964
97

Sep *10

78 4 784
103
1044

96

....

101 88 110
::::hioov ioov

v

Apr’07

100®, Mar’10
1014Oct TO
108 V Apr’10
971
974

99 V1014
IU8V 109V
23 964 974

...

159
160
1044
1044
984 J’ly’io
101V J’ne’09
984 Apr TO
97

954 8&1»

135

..J 113V H6V
984 99
...•10341034

784 Apr’10

1084 i'05*
95 V Sale

974
158 160

1

Oct ’to

954

8 146
166
6 10141054
I 97
984

...

Aug’ 10(

96
94V Jan TO

Friday; latest bid and asked.

18

98 4
97

994

944
94V

99

99

94V

1| Flat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
share Price#—Not Per Oeanm Prices

Monday

Tuesday

Oct 10

Oot 11

Wedneeday

Thursday

Friday

Oct 13

Oct Id

Oct 12

*60
*90

126

126

126
*

14V
•19
43

14V

•114
•48
29

49
29 V

75

*234
94

80

754
24
94

81V

axis.,

ai..

16
64

46 4

8V

14V

194 194
43

424
11V

•42

40

•

424
*114
484
29 V
76 4

43
424

24
>24

43

43

424

42V

11V

nv

liv

60

60V
314 814
764 77

’*24** *24V

24

934
81

*934
81

934

81V
664 65*18

S\

73V

744

b4

84
44
82V

4

484

434

624

82 4

PHILADELPHIA

Rid

inactive shock*
Amai Asbee loe Cory. 100
Preferred
100
American Milling
10
Amer Pipe Mig
100
Beil Telephone (Pa). 100
Cambria Iron
50
Central Coal A Coke. 100
Oonsoi Tree of NJ...100
Easton Con Electric o.60
Ft Wayne AW V
100
60
Germantown Pass
Indianapolis St.
100
Indiana !)mon Tr....lUU
Insurance Co of N A..10
Inter Sm Pow A Chem.60

Keystone Telephone ..50
Preferred
...50
Key a tone Watch Case, loo
Leh VaU Tran v 10...60

Preferred v t c
60
Lit Brothers..
iO
Little Schuylkill
60
Mlnehill A Schuyl H..50
N Haven iron A steei.5
Northern Central......60
North Pennsylvania..60

*19

*144 14 V

8

20
43
43

§

Bcj
CD

o

5

20

*20

43

*434
43 4

43V

*114 12
604 61
31
31V
77
77

1LV UV
604 61
81
314

*244 ‘24V

bV
24 4 24V

93V

8ov
664

93V
82 V
65V

46 V 46 V
15V 15V

„

18V

74lis

194
76

8

8«w

434

43 4
83

82V

46

94

94

81V 82V
65 4
46

15V
19

76

84

Bethle Steel 6s 1998.U-F
Choc A Me 1st 6s 1949 J-J
Ch Ok A G gen 5sT9 J-J
Col St By 1st eon 6s 1932
Con Trao of N J 1st 5a.’33
E A A 1st M 5s 1920 M-N
Elec A Peo Tr stk tr otfs

464

15V
19V
75tiie

8V
434 43*%
83
83V

834

mmmmmm

99
......

114
-r

6

16

1264 180

1064

98

42 4
160
83

10

2434

Interstate 48 1943 ..F-A

60

IOOV

104

114

36

37

624
96

••••••

•Bid and asked; no sales on this

J-D
4s 2003.M-N

Gen cons
Leh V Tran con 4s ’35J -D
lat series B 5a 1935.M-S
N ew Con Gas 5s 1948 J -D
Newark Pass con 5s 1930
N Y PhA No 1st4s *39 J-J
Income 4s 1939...M-N
N ochioTrac con5aT9A-J
Penn Cons 5s 1919.. Var
Penn A Md Steel con 6s.
Pa A N Y Can 6s ’39.A-O
Ooh 4s 1939
A-O
Penu Steel 1st 6s T7 M-N

day.

P Co IstA ooi tr 6a’49 M-S
ConA ooi tr 5s 1961M-N
Phil Eleo gold trust otfs.
Trust oertifa 4s.........
P A E gen M 5 g *20.A-O
Gen M 48 g 102O..AAO

U Ex-rights.

11913 paid,

below J

......

PHILADELPHIA
Con M 7s 1911
J-D
Ex imp M 4s g ’47. A-O
Terminal 6s g 1041.Q-F
P W A B col tr 4s’21.J-J

Portland By 1st 6s 1930.
Koch RyA Lcon6s’64J-J
Spanish-Am Ir 6s '27 J-J
ITTrac Ind gen6a’19.J.J
Un Bys Tr otfs 4s’49J AJ
United Bys Invlstoolitr
Sf 5s 1926
M-N
U Trao Pit gen 5s *97 J-J
Weisbacli s f 6s 1930.J-D
Wlks-B GAE oon5a’55J-J
BALTIMORE
Inactive btsoka

Rid

I Ask

Pret.

......

116V 118
1464
97
974
*•••••

101

90

r

••••••

•••*•'

•••••»

984

1014
724
814

73
82
89

4

Preferred

60

16

-

*•••••

102 4 102V
94V 96

101V
764
1004

102

764
107V

100,1

t *12 4 paid.

120
6
18

feorgia Son A Fla...l
1st pref
1
2d pref..............li
h-JB-S Brewing
1'
Beads
Prices are all “ and

••••••

89
100

Balt Fundg 68.1916 M-N

•••AAs

Balt A P 1st 6a ml’ll A-O
B S P A C 1st 4 4* ’63F-A
Balt Trao lst6s..’29 M-N
No Balt Div 6s 1942 J-D
Cent’i liv con5*1932 M-N
ExtA

1004
104

924
• A'AAA A

1913 4 paid.

—

904
•AAAAA

*934
......

924 98
106
109

103
110
••••••

Imp 6s. 1932 M-S

Chas City By 1st 6a’23 J-J
Chaa By G A El is’99 M-S

......

•••Add

interest
Anaooeua A Pot 5s..
AU Coast is Ct)Ot4s 6s J-D
Otis of indetot 4s....J-J
6-20 yr 4*1926
J-J
Balt CPaes 1st 6s *11 M-N

Exchange 34s 1939 J-J

r rT - T

Feb
Feb
Feb

28

Jan

60

Jan

3
6

26

Dec

J’iy
534 Jan 10
Feo
124 Jan 14 *10VJ»n
64 4 M&rll

344 Jan 29,
844 wan lo!
13

*anio

44 V
32 V

43
Jan
id 4 Jan
Jan
53
94 Jan

284 Jan

3

Jan

I4v Jan

7

96 Jan
67
Feb
63 4 Feb
404 Fee

123

1214 Marla
69*m Mar 9
634Jan 8
164 MaiTS
2*4Jau 3
36

Feb la

91^6 May 13

52V

<au

c

95 4 Jan

10

114 Fob
24 V Jan
59 4 Feb
5*4 Jat

50V Jan
84 V Ma>

BALTIJIDMM

284 Deo
48

Dee

14 4

Deo

43
48

Jan
Deo

49 V
12 4

Dee

«*•»•»

!!

J’ly
63 4J’iy
834 Deo
844 Deo
15 Apr
33 V May
126 4 Deo
113
Sep
76 V Sep
51V Dee
14 4 Dec
.

36 4 Apr

86V Sep
71V0 Mar
954 Dee
Rid

Consol Gas 5a..1939 J-D
Ctfs indebt 4 4s
J-J
Cons G E A P 4 -tts ’35.j-J
Fair A CxTr xSt5a*38.A-0

••*•••

116
«•••••

•

Mar 48
Dee
Mar 89
May
Jan 1214 Deo

1014 101V City A Sub 1st 5s..*22 J-D
99 V
City A bub( Wasllst 5s’48
Coal A 1 By 1st os’20F-A
1164
ColAGruv 1st 68.1916 J-J
•••Add 1004

......

109V

••••••

I Highest

Lowest

Chari C A A 2d 7s*10 A-O

230

•••wed

Highest

17 4 Sep 19
41®, J’iy 21
404 J’ly 26
114 J’iy 29

—

—

Year(1909/

Lowest

••••••

People’s Tr tr certs 4s ’43

•••••a

••••••

88
......

Lehigh Nav 44s ’14.Q-J
KBs 4s g
1914.U-F
Gen M 44s g-1924.U-F
Leh V C 1st 6s g *33..J-J

Annuity 6s

T---^

103

87

tee

2,079 Eleo Storage Battery.. 100 42 J’neio
6,837 Gen Asphalt tr eus ....100 194 J’ly 2b
Do
2,017
prel tr ctfs ....100 64 JTy26
80 Keystone Telephone... 50
7
J’ly 6
2.3 >6 Lake superior Corp.... 100 154 J’ne JO
316 Lehigh O ANavtrctfs. 60 86 J’ne3u
16,(67 Lehigh Valley......
50 62 4 J’ly 21
1,861 Pennsylvania BB...... 50 61uwJTy3to
836 Piuiadalp’aCo (PittaU). 60 42
J’ne3v>
3.165 Philadelphia Electric
26 113 V t*eu 3
9,518 Phils Rapid Transit... 50 16 Apr 28
6,160 Beading ................ 60 66 4 J’ly 2e
63o Tonopah Mining
1
6 4 Jan 2
6,5 J8 union Traction........ 60 41V J’iy 26
2,889 United Gae lmpt
60 79 J’ly 2o

Ask

Eq 11 Gas-L 1st g 5s 1923
By 4s. 1933

Leh V ext 4s 1st 1948. J -D
2d 7s 1910.....
M-S
Consol 6s 1923
J-D

60

65V

Bid

Stocks

16 American Cement...... 50
67 American Railways.... 60
2,611 Cambria Steel.......... 50
60 Electric Co of America 10

44

77

Range tor Previous

Jan 1

Philadelphia

21
44

BergAEBrw 1st 6s’2i J-J

4V
16V

110
42

UV

764
84

Range Since

(For Bonds and Inactive

Baltimore
|
...... Con. Gas El. L. A Pow.100
Mar21 60
46
May23 30
1
Do
pref
100 80 Marti 90 J’ly 14 76
1,027 Northern Central
60115
Jan « 132
Feu23 100
Seaboard (new)
100 JSVJ’ly 29 27 4 Jan 3 11*4
Do
2d pref
100 41 J’ly 27 47 Jan 8 22V
1,420 United By A Electric.. 50 12 V May 3 16 4 J’ly 16
UV

20
40

14V

the

| Shares
Week

62
92
127

*39

Bonds
Prices art all “ and
interest."
Alt ALV Eleo 4 4s’33.F-A
Am Gas A Elec6s*07.F-A
Am Bys oonv 6s 1911. J -D
Ail Cltar 1st 6s g T9.M-N

19 Vl 20

Preferred
100
Phila Co (Pitts) pref...60
Phil German A Noms.60

Tidewater Steel
10
Prei erred
10
Union Tr of ind
100
United N J BB A O.. 100
Unit Trao Pitts pref..60
Warwick Iron A Steel. 10
loo
WelsbaohCo....
West jersey A SeaSh.50
Westmoreland CoaL...60
Wilkes Gae a Eiee..l00

126

*84 *b*V Indianapolis

1064




*194 20

PHILADELPHIA

72 4

Pennsylvania salt
60
Pennsylvania &ieei..loo

Railways General
10
Suaquen Iron A Steel..5

127

Ask

Pennsyi BB receipts....

Phila Traction

126

464 46V
16*4 15V
194 19V

1&V
19V

r3V 73V'
'8

126
1264
*194 204'
*884 43
*
16

ACTIVE STOCKS

I Sales
o/

Saturday
Oct S

0 mm

| Ask

*»«(•«

106 4(107
1004T014
99VT004
1064 1074
107V 1084

*88V ‘*844
96V

974
1044

Ga co Aia 1st con os ‘4uJ -J

104

GaCarAN lst6sg’29JJ

1044 106
112
116
107
109
41V 424
6
7
102
104

Georgia P 1st 6s...’22 J -J

Gabo A Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 1951M-S
2d income 5s 1951 M-N
Knoxv Trao 1st 6s ’28A-C
LakeB El 1st gu6s’42M-S
Macon ByA Ltlst6s’5oJ-J

Memphis st 1st 5s’45 J-J
MetSH Wash)lsi6s’25F A

Mt Ver Cot Dues 1st 6s.
N pt N AO P 1st 5s’33 M-N
Nor APorTr ist6»*J6J-D
Noriout ai 1st 5s ’44..J-J
North Cent 4 4s 1925 A-O
Series A 5s 1926....J-J
Senes B 6s 1926....J-J
Pitt Un Trao 5s 1997.J-J
Poto Vai 1st 5s 1941..J-J
Sav Fla A West 5s’34 A-O
Seab A Roan 6s 1926.J-J
South Bound 1st 6s.. A-O
U El LAP 1st44**29 M-N
Un By A El 1st 4s ’49 M-S
income 4s 1949
J-D

Funding 6s 1986..-J-D

VaMid2d ssr 6s ’ll.M-S
3d series 6a 1916..M-S
4th ser 3-4-6* 1921.M-S
6th series 6a 1926.M-S
Va (state) 3a new ’32.J-J
Fuad debt 2-3* 1991-J-J
West N O con 6a 1914 J 4
Wee Va CAP 1st da’ll J-J
WU A Weld 6a..l»36

98

99

72V

73

106
105
100
101

105
108

i06"‘

106
106

106

8941 904
85
62

854
624
844 84V
1004101
102
103
104
86

86
106

10041
106

^

AAAAAS

1935 paid. •Beoeipta. 6 625 paid. « $30 paid.

4$4t4pili»

1018

THE CHRONICLE

[VOL.

LXXXXI.

Imrestmciit and Hlailtraad Intelligence.
Grt OSS

KAlLKOAD

EAHNUnGS.-

■; * The following
Can be obtained.

table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
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 X to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not beg«n with July, but covers some other
period
The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.

ROADS

July 1 to Latest Date.

Week or

Current

Month.

Year*

Previous
Year.

$

$

•

Ala NO* Tex Pa<
NO 4 Nor East. September

Current
Year. -

Previous

_

Chic Burl ft Quincy

pChlc Great West..

jJuly

August

...

September
August

....

...

Cornwall
August
Cornwall ft Leban.. August
Cuba Railroad
August
Delaware ft Hudson August
Del Lack ft West.. [August ...
Deny ft Rio Grande 1st wk Oct
Denver N W ft Pac. 4th wkSept
Det Tol ft Iront Sys 4th wkSept
Ann Arbor.
1st wk Oct
Detroit ft Mackinac 1st wk Oct
Dul ft Iron Range.. August
Dul Sou Sh ft Atl__ 1st wk Oct
El Paso ft Sou Wes; August
Erie
August
Fairchild ft Nor E.pAugust ...
Fonda Johns ft GlovfAugust
Georgia Railroad
August
Georgia South ft Fla —See Sout
Grand Trunk Syst.. 4th wkSept
Grand Trk West. 4th wk Sep
Det Gr Hav ft MV 4th wk Sep
Canada Atlantic. 4th wk Sep
Great Northern Sysl September
Gulf ft Ship Island. July
...

...

...

..

...

August
Illinois Central.... September
Internat ft Gt Nor. 1st wk Oct

Hocking \ alley.

Interoceanlc Mex. 1st wk Oct
1st wk Oct
Iowa Central
Kanawha ft Mich.. July
Kansas City South. August
K C Mex ft Orient.. 4 th wkSept
a

Manlstique

Maryland ft Penna.
a Mexican Railway.
Michigan Central
Mineral Range
Mlnneap ft St Louis
Minn St P ft S S Ml
Chicago D.vls on
Mississippi Central,
Mo Kan ft Texas.
Mo P~c ft iron MU
Central Branch./
Nashv Chatt ft St L
a Nat Rys of Mex t.
u

Nevada-Cal-Oregon
Nevada Central
N O Great Northern
N O Mobile ft Chic.
N Y Ont ft Western

August
July
August

136,047

93.650
445,135

443.384

22,278
14,375
7,953.596 7,674,901
11,272
10,963
2,752,717 2,642,454
2,212.437 2,298,977
3.923,900 3,025,600
29,482,546 24,890,015
3,354.444 3,086,438
4,810,607 4,493,941
623,816
668,774
21,544
18,227
9,134,875 8,367,968
4,248,862 3,865,773
15,454,409 14,726,611
3,449,342 3,108,906
1,705,300 1,544,491

5,998,307 5.559,001 11,339,843 10,764,459
1,170,652
698,683 2,312,724
6,662,990 6,604,756 13,067,212 12,501*026
1,435,815 1,220,019 2,704,770 2,343,995
902,307
820,450 1,706,745 1.575.499
York Cen tral.

luly

Lexington ft East..
Long Island
Louisiana ft Arkan.
Loulsv Hend ft St L
§ Loulsv ft Nashv.
Macon ft Blrm’ham
Maine Central

"

6,048
5,068
1st wk Oct
205,091
186,547
June
200,947
204,579
1st wk Oct
325.900
298,200
1st wk Oct 2,243,000 2,175,000
1st wk Oct
305,600
280,800
August
2,493,099 2,297,931
August
349,487, 341,790
3d wit Ser
1,474
1,710
1st wk Oct
612,206
583,091
1st wk Oct
311,609
274,444
8,366,838 7,900,803
August
1st wk Oct
269,428
249,612
4th wk Sep
167,521
154,557
-See New York Cen tral.

Colorado Midland.. Tuly
Colorado ft South.. 1st wk Oct

Lehigh Valley

93,650
226,092

August

Chlo Ind ft Loulsv.
Chic Ind ft Southern
Chlo Mil ft St Paul. August
Ch MU ft Pug Sd. August
CSilc ft North West. August
Chic St P M ft Om. August
Cin Ham ft Dayton August
Clev Cln Chle ft St L —See New

Copper Range

'

5,801
4,202,366 3,952,534
...

...

136,047
229,224
8,364

200,071
344,921

157,346
328.377

70,733
77,920
15,927
15,11?
35,965
36,470
206,870
163,209
1,893,663 1,662,778

3,081,996 2,887,197

496,300
485,800
26,642
23,018
53,877
47,853
47,169
38,362
20,780
24,594
1,260,381 1.395,856
72,133
76,529
602,064
582.85U
5,328,526 4,559,734
2,118
1,839
97,403
85,754
240,673
226,927

157,346
4,617,754
70,733
34,255
72,848
440,310
2,500,674
6,089,933
6,982,347
351.276
530,200
537,004
339,896
2,455,435
1,030,926
1,187,023
10,003,780
4,199
193,149
459,215

200,071

4,400,388
77,920
27,990
75,581

825,638
3,248,915
6,055,424
6,627,890
316,491
406,634
501,745
340,111
2,750,162
991,608
1,189,084
8,839,283
3,624

170,961
429,274

hern Rail way.

1,237,013 1,179,150 11,172,900 11,319,597
156,701
149,01? 1,423,018 1,568,723
51,060
52,904
460,581
501,192
57,877
48,324
463,036
527,952
6,208,078 6,816,336 17,876,108 17,689,189
151,726
155,930
151,726
155,930
755,458
673,148 1,415,650 1,231,419
5,140,738 4,791,579 15,076,856 13,992,468
182,000
185,000 2,489,379 2,210,030
135,343
143,479 2.215,111 2,086,061
72,294
75,725
932,740
912,832
266,196
213,994
266,196
213,994
756,581 1,699,74? 1,422,608
854,280
53.000
44,000
3,137,999 2,926,370 6,014*216 5,680*769
40,985
35,852
40,985
35,852
Inc. 59, 725

...

July
August

105,211

1st wk Oct 1,030,580

September

12,477
859,421
3,408
42,822
144.900

August
August
August

N Y N H ft Harft. August
eNYCft Hud Rlv August
Lake Shore ft M S August
n Lake E ft West
August
Chic Ind & South August
Michigan Central. August
Cleve C C ft St L_ August
Peoria ft Eastern August
Cincinnati North. August
Pitts ft Lake Erie August
Rutland
August
N Y Chic ft St L. August
Toledo ft Ohio C. August
Tot all lines above August
N Y Susq ft West.. August
Norfolk Southern. August
Norfolk ft Western. August
Northern Central-. August
Northern Pacific
August
Pacific Coast Co
August
Pennsylvania Co
August
d Penn—E of P ft E August
d West of P ft E. August
Pere Marquette.... August
Phi la Balt ft Wash. August
Pitts Cln Ch ft St L. August

6,594,806

242,064
1,385,515
6,740,407

AugU8t
August

151,164
4,437,970

123,816
4,093,223

75,451
66,251
2,297,490 2,179,360

207.608
1.530,248

1st wk Oct 1,104,000 1.075,000 14.827,694 14,321,123
August
953,549
936,019 1,883,213 1,847,003
1st wk Oot 1,243,601 1,069,950 16,821,991 14,449,108
10,907
wkbept
4th
15,666
113,804
146,540
June
6,016
7,385
60,096
75,388
145,860
August
101,363
293,474
206,813
Wk Oct 1
36,838
31,052
419,509
348,552
971,416
August
857,337 1,912,872 1,718,423
...

..

or

...

...

...

...

_.

_

Raleigh ft Southport August
Reading Company
Phila ft Reading. August
Coal ft Iron Co.. August
Total both cos
August
Rich Fred ft Potom July
Rio Grande June.. July

...

..

Current
Year.

July 1 to Latest Date.

10,809,576 10,197,988
17,454,586 16,314,867
8,700,126 8,216,976

5,539,943 5,127,834
9,126,107 8,359,672
4,670,284 4.278.627
497,435
548,433
263,335
268,811
2,769,358 2,428,089
2,821,754 2,620,032
342,662
291,254
136,229
118,838
1,604,261 1,469,846
333,419
300,624
958,360
876,323
410,483
505,640
24079992 21920034
309,716
241,233
233,198
207,430
3,155,833 2.893.006
1,126,836 1,048,836
6.257.749 6,910,977
768,781
822,785
5,337,536 4,698,063

974,811
509,841
5,281,240
5,197,835
611,279
237,981
3,132,837
626,752
1,847,330
968.813
45,543,433
604,520
464,125
6,070,198
2,098,651
12.505,085
1,584,385
10,115,090
27,756,564
Znc.1,68
2,824,152
3,514,205
#,807,57u
24,278

14478 399 13544 999

...

Previous
Year.

Current
Year.

Previous
Year.

lnc.1,06 3,400
1,451.642 1,352,633
1,800,327 1,510.927
3,132,017 2.772,598
11,915
12,542

888,112

537,040
4,694,750
4,917,737
531,048
207,169
2,919,325
581,131
1,710,130
751,298
42,269,583
485,742
423,898

5,474,307
2,024.151
13,608,955
1,557,367
9,104,480
26,460,764
6,800
2.568.029
3,028,805
5,211,986
23,403

3,689,908 3,510,464 7,058,673 6,602,862
1,900,105 1,780,164 3,399,769 3,377,259
5,590,013 5.290.628 10.458,442 9,980,122
193,453
184,727
184,727
193,453
89,736
85,820
89,736
85,520
Rio Grande South. 4th wk Sep
17,553
118,200
7,759
163,313
Rock Island Lines.. August
6,099,280 5,977,132 11,410,219 11,393,734
St Jos ft Grand Isl. August
165,591
296,495
154,407
306.813
St Louis ft SanFran August
3.641.549 3.607,765 6,985,212 6,862,670
Chic ft East Ill.. August
1.123.749
970,080 2,033,743 1,823,210
/ Evansv ft Ter H August
272,192
233,582
497,236
424,836
Total of all lines. August
5,037,491 4,811,428 9,516,192 9,110,717
L
St
Rky Mt ft Pac. June
180,967
144,952 1,974.244 1,439,046
St Louis Southwest. 1st wk Oct
264,535
251,437 3,175,235 2,877,312
San Ped L A ft S L. August
636,495
714,207 1,263,315 1.463.291
beaboard Air LJne.i
Atlanta ft Blrrn.. 4th wkSept
450,831
438,701 4,565,862 4.285.291
...
...

...

...

...

..

Florida W Shore j
Southern Indiana..
Southern Pacific Co
Southern Railway..
Mobile ft Ohio
Cln N O ft Tex P.
Ala Great South.

July
August

149,759

104,328

149,759

11748658 11310745 22.963,930
1st wk Oct 1,253,899 1,259,275 16,017,006
1st wk Oct
175,118
218,330 2,795,395
1st wk Oct
184,653
176.646 2,569,487
1st wk Oct
77,828
71,359 1.195.654
Georgia So ft Fla. 4th wkSept
70,148
583,845
57,270
Texas ft Pacific.... 1st wk Oct
326,196
314,897 4,143,663
Tidewater & West. August
7,19?
6,524
14,381
Toledo Peor ft West 1st wk Oct
21,889
20,862
355,307
Toledo St L ft West 1st wk Oct
73,948
74,759 1,045,572

Tomblgbee Valley.. August
Union Pacific Syst. August
Vandalla
August
Virginia ft Sou West August
Wabash
Western Maryland.
W

Jersey ft Seash..
Wheeling ft Lake E
WrlghtsvMe ft Tenn
Yazoo ft Miss Vail.

Various Fiscal

3d wk Sept
—See New York Cen tral.
1st wk Oct
15,602
16,232
1st wk Oct
139,240
124.929
1st wk Oct
511,502
587,738
*

Week

Month.

Inc. 170, 403

106,091
113,377
106,091
102,499
201,496
186,405
1.053,025 14,330,902 13,271,052
12,833
35,558
35,774
847,768 1,619,133 1.641.604
3,547
6,691
6,740
37,376
76,837
69,069
123,100 1.960,500 1.778.500

113.377

ROADS.

Year.

863,621
789,966
285,935
286,110
Ala & Vicksburg. September
436,233
151,973
137,961
390,237
Vicks Shrev ft P. September
125,364
384,413
342,012
126,558
Ala Tenn ft North. August
15,479
8,590
6,466
11.261
August
9,069,359 8,959,839 17,090,898 16,702,111
4 th wk Sept
65,544
64,945
653,143
594,731
Atlantic Coast Line August
2,069,750 1,794,503 4,217,814 3.657.603
0 Baltimore ft Ohio August
7,652,169
16,097,793 14,744,310
8,550,060

B & O Ch Ter RR
Bangor ft /’■oostoofc
Bellefonte Central..
Boston & Maine...
Bridgeton ft Saco R
Buff Roch ft Plttsb.
Buffalo ft Susq.
Canadian Northern.
Canadian Pacific...
Central of Georgia..
Central of New Jer.
Central Vermont...
Chattanooga bouth.
Ches ft Ohio Lines.
Chicago ft Alton...

Latest Cross Earnings.

104,328
.2,125,315
15,099,602
2,662,567
2,264,202
985,733
528,233
3.826,576
13,041

317,029
1,039,117

*

6,893
6,217
14,298
12fft21
8,479,474 7,948,614 16,396,129 15,483,468
1,002,315
805,665 1.822.654 1,527,581
111,433
100,518
202,88?
202,633
1st wk Oct
664,159
651,614 8,475,746 8,059,616
i uly
635,116
545,05?
545.057
635,116
920,950
August
820,450 1,767,931 1,583,031
615,263
August
697,170
1,327,966 1.205,828
20,061
August
19,573
38,210
35,356
September
769,352
763,143 2,160.894 2,150,042
...

...

Years.

Current
Year.

Period.

Bellefonte Central............ Jan
Jan
Delaware ft Hudson
Jan
Manlstique
Jan
a Mexican Railway..
eNY Central ft Hudson River. Jan
Lake Shore ft Michigan South Jan
n Lake Erie ft Western...
Jan
Chicago Indiana ft Southern. Jan
Jan
Michigan Central
Cleve Cln Chicago ft St Louis Jan
Jan
Peoria ft Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh ft Lake Erie
Jan
Rutland
New York Chicago ft St Louis Jan
Jan
Toledo ft Ohio Central
Jan
Total all lines
Jan
Northern Central
d Penn—East of Plttsb ft Erie. Jan
Jan
d West of Plttsb ft Erie
Phila Baltimore ft Washington. Jan
Plttsb Cin Chicago ft St Louis.. lan
Rio Grande Junction.......... Dec
Jan
Texas ft Pacific—
Jan
West Jersey & Seashore
.....

.........

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

to
to
to
to
to
to
to
to
to
to

Sept 30
Aug
Aug

Sept
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
July
Oct

Aug

31
31
14
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
7
31

Previous
Year.

$61,558

$43,627

13,135,927 12,546,282
28.417
28,005
6.163.300 5.499.400
64,425,384 58,888,638
32,413,254 28,462,084
3,545,692 3,055,453
2,435,599 1,963,723

19,268,644 17,285,119
19,379,102 17,425,759
2,203,037 1.867.400
827,947
731,709
11,416,456 8,701,967
2,103,096 1,951,187
7,296,853 6,381,603
3,134,502 2,380,834
168449566

149095566

8,289,045

7,735,145

108180 513 96,603,813

Znc.ll, 066,600
12,596,616 11,494,016
22,599,261 18,802,086
‘

645,553
583,409
11,574,339 10,444,744
4,367.883

3,981,483

~

,5
;
AGGREGATES OP GROSS EARNINGS—Weekly and Monthly.
Cur nt Year Prev’s

Weekly Summaries.

$
4th week July
1st week Aug
2d week Aug
3d week Aug
4th week Aug
1st week Sept
2d week Sept
Bd week Sept
4th week Sept
1st week Oct
■

1V

(42 roads)....
(43 roads)....
(43 roads)....
(42 roads)....
(39 roads)....
(41 roads)....
(39 roads)....
(40 roads)....
(46 roads)....
(30 roads)....

"

Year

Inc. or Dec.

$

17,393,199

16,676.649

12,874.219
13,330,857

11 968,289

13,462,769
19,342,788
13,436.925
13,898,196

12.132,599
12,283,880
16,765,742
12.381.354
13,014,025

14,164,775

13.566.355

19,035.149 18,221,030
12,717,41 F 12,384,726
.

%

$

+ 716,550 4.29
4-905,930 7.94
+ 1,198.258 9.87
+ 1,178.889 9.60
+ 2,577,046 15.37
+ 1,055,571

+884,171
+ 598,420
+ 814,119
+

332,685

8.52
6.80
4.41
4.47
2.69

Monthly Summaries.

Current Yr. Previous Y

.

$
Mileage Curr.Yr. Prev.Yr.
$
Dece nber ..237,189
231.699 222,006,184 205,155,121

January ...236,758
February ..236,852
March .....235,925
April
237,569
May
237 560
June

...

July
August
Septe nbcr

238,108

221,164
81,879
84,994

231.362
231,652
230,841
232,463
232,494
232,054
217,466
78,874

210,302,219
202,258,490
237,533,005
225,225,596
234,310,642

182,649,825
174,159,723
-04,916,997
196,595,911

Inc.

+

or

Dec.

%

16.5*51,063 08.03

+27,652,394 15.14
+ 28,098,767 16.15
+ 32,616.008 15.92
+ 28,629,685 14.56

201,069,381 +33,241,261 16.53
237,036,159 209,270,887 *■ 27,765,272 13.27
217,202,265 205,879,959 + 11,322,306 5.50
62,005,137 56,405,033
+ 5,600,104 9.90
82,163 67.702,377 65,214,479 + 2,487,898 3.81

latter of which, being
Canadian road, does
make returns
the Inter-State Commerce Commission
Includes Evaflsvll’e ft
d Cover'
operated,Ry. elaIncludes
Adirondack
fri.YtKy.lrhc
J* **e*l®*a currency
s finesLora^la
directly
the New
York
ft theOttawa,
the St.OhioLawrence
ftIncludes
and the MasonOlty
Ottawa ft
'evciand
ft Wheeling
both
n Includes
Northern
RR.
earnings
a

ft

Ft

Dodge and Wise

Minn, ft Pacific,

not

s

fades the Mexican International from July




to

years,

r

p

o.

Includes LouUvIlle ft Atlantic from July 1 1909 and the Frankfort ft Cincinnati from Nov- 1 1909.
1910. u Includes the Texas Central In 1910.

Hn»

THE CHRONICLE

Oot. 15 1910.1
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 30 roads and shows 2.69%
increase in the aggregate over the same week last year.
1910.

First week oj October.
Alabama Great Southern—
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
—

.

Chesapeake & Ohio.
Chicago & Alton
Chicago Great Western

Cln New Orleans & Texas Pac.
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Detroit Toledo & Ironton— '
Ann Arbor
*_
Duluth South Shore & Atlantic.
International & Great Northern
Interoceanlc of Mexico—
Iowa Central
Louisville & Nashville
Mineral Range
_

Minneapolis & St Louis
Minneapolis St Paul ASSM..1
Chicago Division
/

1909.

3
77,828
205,091
325,900

Increase. Decrease.

£
6,469
18,544
27,700
68,000
24,800
29,115
37,165
19,816
8,007

20,780

$
71,359
186,547
298,200
2,175,000
280,800
583,091
274,444
249,612
176,646
344,921
485,800
24,594

47,169
72,133
182,000
135,343
75,725
1,030,580
15,602
139,240
511,502

38,362
76,529
185,000
143,479
72,294
1,053,025
16,232
124,929
587,738

8,807

1,104,000
175,118
1,243,601
264,535
1,253,899
326,196
21,889
73,948
664,159

1,075,000
218,330
1,069,950
251,437
1,259,275
314,897
20,862
74,759
651,614

2,243,000
305,600
612,206
311,609

269,428
184,653
328,377
496,300

Total (30 roads)
Net Increase (2.69%).

*

12,717,411 12,384,726

p For August misceUaneous charges to income were 517,153, against
$1,784 In 1909, and for period from July 1 toAug. 31 were $26,175 in 1910,

against $16,265 In 1909.
s After allowing for miscellaneous charges and credits to Income for the
month of Aug. 1910, total net earnings were $438,753, against $524,104 last
year, and for period from July 1 to Aug. 31 were $733,619 this year, against
$848,029.
INDUSTRIAL COMPANIES.
Gross Earnings
Previous

5

Companies.

June 1,284,302

Co.b
MiJuly 1 to June 30

1,175,769
15,316,010 13,921,872

Amer Tel & Tel (Associated;
Cos.a-Jan 1 to Aug31 -.108,095,687

16,544

Previously reported (25 roads)

_

Ala New Orleans & Tex Pac—
New Orleans & Northeastern.
Alabama & Vicksburg
Vicks Shrev & Pacific

Atlanta Birmingham & Atlantic

Chesapeake & Ohio Lines
Chicago & Alton
Chicago Great Western
Denver Northwestern & Pacific.
Detroit Toledo & Ironton
Ann Arbor
Duluth South Shore & Atlantic.

Georgia Southern & Florida
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & MUw
Canada Atlantic
Kansas City Mexico & Orient..
Mineral Range

$
15,139,233 14,470,082

3,814

Interest Charges

4,396
3,000
8,136
3,431

22,445
630

14,311

76,236
29,000

43,212
173,651
13,098

Companies.

Year.
5
Bellefonte Central
Sept
236
Jan 1 to Sept 30
2,124
Bridgeton & Saco River. Aug
598
July 1 to Aug 31
1,196
Centralof New Jersey.
Aug
522,605
July 1 to Aug 31
1,051,910
__

April 1 to June 30
Jan

1,237,013

1,179,150

57,863

184,600

£
220,518

19,175
3,088
9,806
599

6,480,199 *3,069,668 *3.602,631
12,958,223 *6,790,874 *4,565,251

Nevada-Callfornla-Oregon

Seaboard Air Line
Toledo St Louis & Western

AprU 1 to June 30

Total (46 roads)
Net increase (4.47%)

Sep

0

1,350
4,759

261,979

Net Earnings

Previous
Year.

£
$
£
$
8,364
5,801
3,053
1,406
61,553
43,627
13,033
2,658
Bridgeton & Saco River. Aug
6,048
5,068
3,001
2,357
July 1 to Aug 31
5,150
11,272
10,963
5,196
Centralof New Jersey.b. Aug 2,493,099
2,297,931
1,051,643
1,072,530
July 1 to Aug 31..4,810,607 4.493.941
1,989,409
2,021.462
Chicago & Alton.a----.Aug 1,460,644 1,265,060
S521.551
S567.084
July 1 to Aug 31
2,631,636 2,354,749
S849.133
s926,679
Chic Ind & Louisv.b---Aug
613,737
531,300
250,908
215,954
July 1 to Aug 31
1,141,924
1,018,532
425,650
389,843
Chicago Milw & St P-b.-Aug 5,998,307 5,559,001 1,722,452 1,684,466
July 1 to Aug 31
.11,339.843 10,769,459
3,290,439
3,329,783
Chic MUw & Pug Sd b Aug 1,170,652
698,683
583,017
421,269
July 1 to Aug 31.
2,312,724
1,152,334
Delaware & Hudson.b_.Aug 1,893,664
818,315
1,662,779
697,276
Jan 1 to Aug 31
.13,135,928 12,546,283
5,145,803
4,781,194
Minn St P & S S M.a.-.Aug 1,183,409
1,204,104
441,262
489,610
July 1 to Aug 31.
2,412,064
2,348,626
893,100
896,967
Chicago Division_a---Aug
729,867
811,065
225,980
267,385
July 1 to Aug 31
1,617,726
1,448,279
487,045
521,567
Missouri Pacific.b
Aug 4,721,588 4,574,924
1,345,402
1,512,938
July 1 to Aug 31
8,865,694
2,168,849
8,583,123
2,534,958
Nashv Chatt & St L-b.-Aug
953,549
936,019
245,836
224,894
July 1 to Aug 31
1,883,213
1,847,003
445,195
467,250
N Y Central & Hudson Riv.b—
AprU 1 to June 30
24,223,405 22,273,933
6,550,330
7,287,919
Jan
1 to June 30
.46,506,535 42,171,116 11,047,815 11,956,815
July 1 to June 30
96,619,526 87,367,769 27,478,088 25,752,159
BeUefonte Central-b---Sept
Jan 1 to Sept 30

New York & Ottawa.b—
April 1 to June 30
48,806
Pacific Coast
Aug
768,781
July 1 to Aug 31
1,584,385
St Joseph & Gr Island.b. Aug
165,591
July 1 to Aug 31-----306,813
St Lawrence & Adirondack.b—

43,893

2,574

5,274

822,785
1,557,367

202,774
399,474

235,096
431,713

154,407
296,495

25,278
39,023

38,883
81,762

155,389
131,690
Seaboard Air Line.a
Aug 1,544,978
1,379,820
July 1 to Aug 31
3.047,224 2,741,370
Tol Peo 6s Western.b
Sept
116,781
105,187
July 1 to Sept 30
335,307
296,166
TolStL & Western.a-.-Aug
364,744'
343,025
t
July 1 to Aug 31
653,086
647,227
Wabash Jv-.Aug 2,756.975/ 2,624.167
,i
July *1 to Aug 31
5,101,406-, 4,862,532

78,111
371,482
702,457

40,026

AprU 1 to June 30

.

32,297
82,736
pl20,lll
p213,261
993,013
1,571,606

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

a




354,562

690,942
32,434
84,778
*>130,092
p229,414
981,938
k

*43,498 *def 14,094
*9,356
*11,030
*17,729
*18,391

allowing for other Income received.
INDUSTRIAL COMPANIES.
—Int., Rentals. &c.—

—Bal. o1 Net Earns.—

Current

Previous

Current

Previous

Year.
8

Year.
8

Year.
8

Year.
8

Companies.
Amer Tel & Tel
Cos._Jan 1 to

(Associated)
Aug 31
7,560,171
Amer Tel & Tel (Holding)
'
Co..Jan 1 to Sep 30
3,836,296

RAILWAY

AND

-

7,147,184 25,027,741 23,887,359
5,428,761 19,895,314 16,066,680

TRACTION

Week or
Month.

Current
Year.

8

Earnings Monthly to Latest Dates.—The table fol¬
lowing shows the gross and net earnings of STEAM railroads
and of industrial companies reported this week:
Roads.

54,530
23,861
72,445

American Rys Co
September
cAug Elgin & Chic Ry August

759

Current
Year.

35,717
25,941
74,217

COMPANIES.

Jan. 1 to latest date.

Latest Gross Earnings.

Net

Previous
Year.

After

Name of
Road.

73,174

Earnings

16,235 *defl4,475 *defl0,75l

•

9,000

19,035,149 18,221,030 1,076,098
814,119

Gross
Current
Year.

*

2,523

12,130

17,197

St Lawrence & Adirondack—

ELECTRIC

39,923
10,507
29,851
3,624
6,024
4,029

44,000
25,462
15,666
438,701

Year.
8
1,163
471
1,722
3,926
544,649
953.709

6,674,611

Toledo Peoria & Western

_

53,000
24,112
10,907
450,831
72,415

Previous

Year.
8
2,817
10,909
2,403
3,954
529,043
937.499

1 to June 30.--__.13,172,459

April 1 to June 30......

£
889.670

12,878

Current

Year.
$
243
2,187
635
1,270
527,881
1,067,753

New York & Ottawa—

12,545

57,270

—Bat. of Net Earns.—

July fil to June 30--....26,410,236 26,048,297*16,012,772*11,948,976
811

70,148

and Surplus.

N Y Central & Hudson River—

11,299
1,027

119,110
54,961
50,364
64,945
868,575
297,825
238,647
23,018
47,853
51,418
100,809

96,699,882 32,587,912 31,031,543

—Int., Rentals, &c.—
Current
Previous

5,376

99,935
51,873
40,558
65,544
908,498
308,332
268,498
26,642
53,877
55,447
98,286

164,490

1,842,685

26,310,511 23,325,410 23,731,610 21,495,441
Boston.Sep
371,949
201,006
165,635
331,324
1,030,984
878,736
535,151
July 1 to Sept 30
420,886

Increase. Decrease.

$

Year.
$

76,269
2,232,373

Edison El Ill Co of

10,500

517,285
332,685

1909.

Previous

Year.
$

Amer Tel & Tel (Holding)
Co..Jan 1 to Sept 30.

July 1 to Sept 30

1910.

Current

Year.
s

Year.
9

Adams Express

For the fourth week of Septemoer our final statement
covers 46 roads and shows 4.47% increase in the
aggregate
over the same week last year.
Fourth week oj September.

Net Earnings

Current

.

Missouri Pacific
Mobile & Ohio
National Railways of Mexico
St Louis Southwestern
Southern Railway
Texas & Pacific
:
Toledo Peoria & Western
Toledo St Louis & Western
Wabash

1019

1,644,790

Bangor Ry & Elec Co August
Baton Rouge Elec Cc August
Binghamton St Ry.. July
Blrm’ham Ry Lt & P July
Brockt’n & Ply St Ry August

Previous
Year.

...

Honolulu Rapid Tran
4b Land Co....
Houghton Co Trac Co
Illinois Traction Co_.
JdCKSonvUle Elect Cc

Kans City Ry & Lt Co
Lake Shore Elec Ry
Milw El Ry & Lt Co.
Milw Lt Ht & Tr Co.
Montreal Street Ry..
Nashville Ry & Light
New Orleans Ry & Lt
North Ohio Trac & Lt
North Texas Elec Co.
Northwest Elec Co.
Norf & Portsm Tr Co
Oklahoma City Ry..
Paducah Tr & tL Co
Pensacola Electric Co
Port (Ore) Ry.L&P Co

2,939,780,

163,698
57,593
8,681
34,910
183,187
17,912
26,669

1,099,888

-

1,276,482

82,15

188,228
154,349

91,070
162,014
141,318

554,910
573,925
7,635,344
235,734

501.768
506,979
6.961,458
210,844

917,809
6,983,215
71

823,731

5,916,586

.167

636,384

1,756,761

1.481,078
376,374
298,746

-

405,486

46,44

42,864

383,960

140,625
124,764
111 ,81 *

133,412
111,295

998,040

99.838

755.64?

678,396

44,583

35,478

1,668,677

1,548,117

37,866
523,558

29.701;

<

905,614
793.768

855,991

221.557
210,740

213,693

462,266

3,874.962

3,415,017

37V,«1<.
4.867.429
798,655

312,212
4,470,524

3,054,818

2,747,439
606,308

34,689
32.92i

197,684

August

47,043

38, ?8i

August
August
August
August
August
August
August
August
August

621,929
139,896
407,973
114,778
398,828
146,038
487,436
263,149
119,813
179,710
188,834
53,861
20,780
24,177
490,209
173,989

591,111
130.993
374,680
106.994
355,230
138,195
470.530
231,062
109,422
169,156
174,211
37,533
19.930
22,205
420,777
194,383

1,284,72b

3,547,647
1.230.931

1027,931

673,220

6,381,840

4,964,764

674.715
1,889,744
416,58a

634,522
1,575,775
402,295

—

September
August
May
August
._

August

September
August

...

—

698,078
2,863,033
1.178.5 ~
4.135.5
1,612,504
923,376

726,855
2,557,704

1,110,785
3.978,930

1,432,015
805,290

1,640,044

1,523.423

227,916

149,144

"

176,200
4,106,489

”i62'40i

August

89,773

90.524

August
August
August
August
August

258,704
56,870
479,573
17,103
50,346

1,939,233

1,763,698

3*0,934

193,203
53.931
610,816
14,430!
48,468
235,644
333,223

2,767,3:8

2,477.310

185,141

172,577

5,612,9141 5,170,113

August

—

238,733

..

August
City Rap Tran. 4th wk Sep
Underground El Ry

Metropolitan Dlst.
United Tramways.
UnionRy,G6cECo(ill>
United RRs of San Fr
Whatcom Co Ry 4b Lt

1,496,11

56,696

August

..

Twin

of London—
Three tube lines

343,166
62,500

367,377
70,9461

46,89»

June
August

Puget Sound Elec Co August
Rio de Janeiro Tram
Light & Power Co.
St Joseph (Mo) Ry Lt
Heat & Power Co.
Sao Paulo Tr Lt & P.
Savannah Electric Co
Seattle Electric Co._
Sou Wisconsin Ry Co
Tampa Electric Co..
Toledo Rys 4b LightToronto Hallway Co.

9

2.715.092
1,009,265

Year.

$

323,566

178,730

37,330
216,505
16,057
Cape Breton Elec Co. August
30,777
Carolina Pow & Lt Co September
17,402
17,545
Central Penn Trac— August
78,790
70,031
77,085
67,798
Chattanooga Ry & Lt August
1192,827 1077,694
Chicago Rys Co
July
Cleve Palnesv & East August
36,389
40,275
Dallas Electric Corp. AUTUSt
118,25*: 112,802
Detrolt United Ry
4th wk Sep 241,425 188,472
i Miliith-Suoerior TrCo August
93,23
101.9*;
East St Louis & Sub. September
211,249 176,402

Valley Traction Cc August
Galv-Hous Elect Co. August
Grand Rapids Ry Co. August
Havana Electric Ry. WklOct

Previous

350,519
58,065
9,155

El Paso Eleciric
August
Falrm & Clarks Tr Co August
Ft Wayne & Wabash

Current
Year.

Wk Oct
Wk Oct
Wk Oct
August

8
8
8

-

July
August

£12,640
£10,739
£6,774
232,494
618,635
32,470

£12,725
£10,010
£6,097
219,083
621,753
36,841

"

i'19’216
414,236

£507,120
£427,296
£258,020
1,895,832

4,373,49
265,50

'106.938
389,146

£501,285
£390,558
£246,834
1,792.412
4,190.658
260,355

cThese figures are for consolidated company.

Electric

Railway Net Earnings.—The following table gives
railway gross and net; earnings
reported this week. A full detailed statement, Jncliiding all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of

the returns of ELECTRIC

1020

THE CHRONICLE

this kind will be found in the issue of
Oct. 29 1910.

Carolina Power & Lt
Sept
Jan 1 to Sept S0-.
East St Louis 4s Sub.b.Sept
Jan 1 to Sept 30
Illinois Traction Co.a— Aug
Jan 1 to Aug 31
Portl (Ore)Ry Lt & P.b.Sept
Jan 1 to Sept 80
Toledo Rys & Lt Co.b_.Aug
Jan 1 to Aug 31
Wash Balt & Annap.b.Sept
July 1 to Sept 30

*
17,402
154,249
211,249
1,756,761
523,558
3,874,962
490,209
4,106,489
238,733
1,939,233
68,659
190,406

The

Net Earnings
Current
Previous

*
17,545
141,318
176,402
1,481,078
462,266
3,415,017
420,777
3,547,647
235,644
1,763,698
58,789

6,296
62,803
109,260
830,010

228,809

1*582,672
267,627
2,339,220
80,533
739,074

39,442
103,463

7.450
53,373
89,078
663,072
207,310
1,444,185
227,340
1,896,419
107,781
751,428
25,629

Charges and Surplus.

—Int., Rentals, &c.~ —Bal. oj Net Earns.—
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
$
East St Louis & Sub
Sept
48,394
49,345
60,866
39,733
Jan 1 to Sept 30.
450,695
445.112
379,315
217,960
Portl (Ore) Ry Lt & P__Sept
150,627
128,924
117,000
08,416
Jan l to Sept 30
1,246,965 1,111,335 1,092,253
785,084
Toledo Rys 4s Lt
Aug
78,189
75,643
*2,550
*32,614
Jan 1 to Aug 31.
612,518
576,719
*128,512
*176,549
*

After allowing for other Income received.

Other road rentals
Rent of track, yards, &c
Hire of equipment, balance
Separately operated properties
Discount on securities sold
Federal corporation tax
Interest on funded debt

CReport for Fiscal Year ending June 30 1910.)
subsequent pages will be found the report of President

Willard for the year 1909-10; also the detailed
comparative
income account for two years
showing the operations of the
entire system (including all affiliated lines
excepting the
Staten Island Ry., the Staten Island
Rapid Transit Ry.
and the Baltimore & Ohio Chicago Terminal
RR.), and the
general balance sheet of the system. As the statements
contained in previous pamphlet reports did not include af¬

filiated lines, therefore covering
considerably less mileage,
no further
comparison of the income account can be given.
The balance sheet having been made to conform to the
requirements of the Inter-State Commerce Commission,
comparison with many items in previous years is impractical
and is therefore omitted in this
year’s pamphlet report.
The comparative traffic statistics for two
years are as
follows:
TRAFFIC STATISTICS.

Gross earnings per mile—
•

Inc. (+) or
Dec. (—).
—20

1908-09.
4,460

$20,048

+11,587,584
+1,975,302,682

$17,133

—0.004 cts.

+1,210,568
+42,690,027
+0.017 cts.
+14

+$0.0534
+$0.0678
+$2,915

Revenue freight only.—V. 90, p. 1361.

Southern

Railway.
(.Report for Fiscal Year ending June 30 1910.)
remarks of President
Finley, together with the

The
de¬
tailed comparative balance sheets and traffic statistics for
two years, and the profit and loss account, are
published on

subsequent

Freight

-

Mall, express and miscellaneous
Total operating revenues

Expenses—

Total operating expenses

Net

operating revenue.

Outside operations (net)

1908-09

7,170

1907-08.
7,489

$38,161,392 $34,376,619 $34,171,329
14,918,253
13,778,513
14,564,993
4,214,863
4,032,975
4,205,294
$57,294,508 $52,188,107 $52,941,716

Maintenance of way and structures.. $6,635,725
Maintenance of equipment
i 9,876,729
Traffic expenses
1,436,776
Transportation expenses
18,934,426
General expenses
1,752.090

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

$7,109,173
9,138,378
1,300,233
20,773,250
1,533,685

$38,635,746 $35,568,981 $39,854,722
$18,658,762 $16,619,126 $13,086,994

18,980
136,963
21,263
Net revenue
$18,677,742 $16,756,089 $13,108,257
Taxes accrued (not Incl. Fed.
tax)... 1,979.722
1,916,701
2,027,967
-

-

r —

Rentof tracks,yards, &c
Hire of equipment, balance..
Income from investments...
Interest, commissions, Ac...
Total gross income




$16,698,020 $14,839,388 $11,080,290
$346,026 ' $334,237 Tu $308,773

149|346

1,999.139
684,625

9^482,835

711,715
226.808
78,285
31,290

827,940
226,808
122,707
213,292

OPERATIONS AND EQ UIPMENT.
1909-10.

Miles operated

Equipment—

equipment

cars, snow

plows, &c

1008-09.

Passengers carried
Passengers carried

.
__

1907-08.

2,227

2,231

2,171

1.436
1,170
48,488
2,129

1,419
1,193
51,137
2,071

355

1,415
1,178
55,105
2,259

400

418

25,277,263
25,277,268

23,684,283

23,654,436

one mile
627.788,837
627,788,837 597,317,739 639,524.474
Rate per passenger per mile
1.507 cts.
1.487 cts.
1.484 cts.
Freight (tons) carried
36,763,600 32,797,205 33,629,706
38,763,600
Freight (tons) carried one mile*
6,414,732
6,008,714
5.661.538
Rate per ton per mile
*
0.599 cts.
0.586 Cts.
0.600 cts.
Average train-load (revenue) tons...
495
469
465
Earnings per passenger train mile
$1,257
$1,174
$1,229
Earnings per freight train mile
$2,963
$2,747
$2,787
Gross earnings per mile.
$23,273
$21,299
$21,531
.

.

.

.

000s omitted.

EARNINGS AND EXPENSES.
1909-10.
1908-09.
$
$

Earnings—

1907-08.

14,295,370
9,459,963

20,777,945
853,086
14,411,844
8,880,634

431,803
1,437,272
1,225,625

$
20,009,171
834,189
13,937,170
0,489,449

469,485
1,204,579
917,285

1,140,377

Earnings—railroad—
Earnings—other operations—

51,830,720
3,035,470

47.514.859
2,926,303

46,746,436
3,037,800

Total earnings
Expenses—
Maintenance of way, &c
Maintenance of equipment

54,866,190

50.441,162

49,784,236

5,217,451
9,455,981
17,422,952
1,295,876
1,062,509
1,374,757

4,232,407
1,124.621
1,071,836
1,369,523

5,911,414
10,654,742
17,793,522
1,068.846
1,041,018
1,111,535

Freight

24,114,760

-

Milk
Coal

865,927

Passenger
Mail

-

Express
Miscellaneous

^

Transportation

expenses
Traffic expenses..
General expenses

Taxes

-

-

——

-

9,648,980
16,616,181

466,582
860.498

v
Expenses—railroad
Expenses—other operations

35,829,526
3,270,806

34,063,548
2,840,737

37,581,077
3,450,619

Total expenses
Ratio of expenses to earnings
Net earnings—railroad
Net earnings—all operations

39,100,332

36,004,285

(71.26)

(73.16)
13,451,311
13,536,876

41,031,696
(82.42)

*

16,001,194
15,765,858

9,165,359
8,752,540

INCOME ACCOUNT.
Increase

Receipts—
Net earnings-Interest and dividends
Rents, &c., received

1909-10.
$

1908-09.

(+) or
Decrease(—).

15,765,858
securities.- 3,527,091
806,929

13,536,876
2,537,451
738,552

+2,228,982
+989,640
+68,377

Total net income
-.20,099,878
Deductions—
Interest on bonds
9,714,161
Interest on collateral notes
793,988
Rentals of leased lines
980,646
Hire of equipment and Joint faculties 1,562,300
Interest on car trusts
598,852
Penn. Coal Co. sinking fund and misc.
643,388
Additions and improvements
737,087

16,812,879

+3,286,999

9,669,733
520,327
733,164
779,373
381,927

+44,428
+273,661
—2,941
+383,249
—134,312
—135,985
+355,160

14,247,162
2,565,717

+783,260
+2,503,739

--_

on

Total

15,030,422

Balance, surplus..,
—V. 91, p. 945, 393.

5,069,456

983,587

1,179,051

Wabash Railroad.

(Report for Fiscal Year ending June 30 1910.)
Delano, Sept. 1, says in substance:

President F. A.

INCOME ACCOUNT.

Passenger

ldmV.oio

(Report for Fiscal Year ending June 30 1910.)
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,
earnings, charges, &c.

pages.

1909-10.
7,050

121,101
103,515
358.662

$14,172,510 $14,226,599 $13,567,624
$5,704,646 $3,511,100
$279,143
The balanoe of Income over charges for the year
1909-10, $5,704,646, was
transferred to the credit of profit ana loss—see profit and loss
account, (table
No. 4) on a subsequent page.—V. 91, p. 946, 718.

The comparative income account for three
years is given
below.
Miles operated, average
Revenues—

10,481,501
605,377
226,808
52,373
92,688

$1,351.860
759,103

19,493
81,464
535,214

Total deductions....
Balanc , surplus

Baltimore & Ohio Railroad.

Tons freight carried*
62,797,745
51,210,161
Tons freight carried 1 mlle*12,024,583,527
10,049,280,845
Av. rate per ton per mile._
0.577 cts.
0.581 cts.
Passengers carried
21,107,120
19,896,552
Passengers carried 1 mile__- 763,448,759
720,758,732
Av. rate per pass, per mile_
1.897 cts.
1.880 cts.
Av. train-load (tons)*
442
428
Earns, per pass. tr. mile._
$0.9473
$0.8939
Earns, per freight tr. mile*
$2.5534
$2.4856

$1,351,504
814,810

Operations—

not include reports in the issue of the “Chronicle” in
which
it is published.
The latest index will be found in the issue
of Sept. 24.
The next will appear in that of Oc£. 29.

Operations—

47,382

Floating equipment..

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

4,434

1908-09,3gl907-08»B

116,462
266,806

Passenger equipment

Annual

1909-10.

$31,959
1,381,504
869,650
”

Miscellaneous

Service

.

...

Locomotives

ANNUAL REPORTS,

Miles operated June 30

....

Interest on equipment obligations..
Dlvs. on M. 8s O stk. tr. ctfs
Additions and betterments...

Freight

On

#

|

Erie Railroad.

Net earnings here given are after deducting taxes,
are before deducting taxes.

b Net earnings here given

Interest

1909-10.

Deduct—

Southern Ry. In Miss, def

Gross Earnings—
Current
Previous
Year.
Year.

Roads.

a

Sept. 24 1910.

F [VOL. LXXXXI.

’

f :*dW>,'7a

1.94l',i26 !‘ 27m,270
622,948

330,634

$10,877,156 $17,737,699 $13,846,967

General Results.—The gross revenue from operation for the late
fiscal
year was $28,886,056, an Increase of $3,018,022 over the
previous year,
and an increase of $1,453,582 over 1906-07, which was the
year of greatest
business In the history of the company.
The gross operating expenses were
$20,536,223, an Increase of $1,779,038 over the previous year, and of
$1,031,075 over the year 1906-07, already referred to; leaving a net

revenue

of $8,349,833,

an

Increase of $1,238,984

over

operating

the previous

and of $422,507 over the year ending June 80 1907.
After deducting taxes, $851,323 59, hire of
equipment,

year

$744,379, and
miscellaneous deductions from Income (which Includes
$61,044 for additions
betterments charged against Income account and not
capitalized),
there was carried to the credit of profit and loss $545,719.
It Is, of course, encouraging to be able to report that the
earnings have
so materially Increased; but
discouraging that the net results are not better.
Terrific washouts In July 1909 greatly added to our
expense and crippled
our ability to do business for upwards of 30
days; and the fiscal year has
ended up with a coal strike of all coal mines In
Illinois, which has deprived
us of tonnage and added to our expenses.
Depreciation.—The amount of depreciation having been somewhat over¬
estimated In the last four years, the depreciation charge was omitted
durtng
the first nine months of the fiscal year and not resumed until
April. The
total amount charged to depreciation and credited to
replacement fund
during the fiscal year was $163,634, as against $551,146 lo the year previous
The amounts charged against operation and Income In the
last ft years In
excess of the amounts actually expended for
equipment, renewal and re-1
placement, and therefore carried as a liability In the balance sheet under
the Items "unexpended appropriations" and
"equipment replacement ’
account" now aggregate $2,016,251.
While economies have been closely watched, the
property has been
well cared for, and the physical condition of the road and Its
equipment Is
and

Oct. 15

THE CHRONICLE

1910.)

to-day excellent, comparing favorably with any previous year; and while
the amounts charged against operation for depredation of equipment have
been smaller than In recent years, the amount actually spent on equipment
maintenance has been considers biy greater.
Exchange oj Debenture Bonds.—All of the debenture “A” bonds, amounting
to $3,500,000,and $25,233,000 of the debenture “B’ bonds have now been
refunded and deposited with the trustee of the first refunding and extension
mortgage, leaving of the debenture “B” bonds on July 1 1910 only $1,277,000 bonds in the hands of the public.
■ - *
OPERATIONS, EARNINGS, AC.

Pass, carried 1 mile
Rate per pass, per mile.

2,516

662

657

426
22,126

436
23,465

668
439

622
441

23,860

24,401

5,889,189
5,812,545
5,772,570
5,250,493
374,619,200 355,979,515 364,637,151 369,294,716
1.889 cts.

1.797 cts.
12,556,220
a2,950,014

Rev. train-load (tons)
Earn, per fr’t train mile.
Earn, per pass, train m_
Gross earns, per mile

Earnings—
Passenger
Freight
Hall, express, Ac
Total

1.866 cts.

13,540.584

03,322,315

0.573 Cts.
361

0.556 cts.
360

353

352

$2.0651

$2.0494

19,473,373
2,337.369

$1.1369
$10,287
$
6,395,775
17,176,709
2,295,549

$2.0714
$1.0988
$10,235
$
6,470,678
17,103,693
2,165,702

$2.0002
$1.1332
$10,904
$
6,891,289
18,465,286
2,075,898

28,886,056

25,868,033

25,740,074

27.432,473

3,600,739

3,112,598
3,966,180

$1.1796
$11,487
$
7,075,314

Expenses—
Maintenance of way, Ac.
Maint. of equipment
Traffic expenses

1.775 cts.

12,304,460
02,983,467

0.582 cts.

~

General

1906-07.

2,515

Freight (tons) carrled.a 14,002,722
Freight (tons) car. 1 m.b a3,325,804
Rate per ton per mile...
0.o85cts.

Transportation

1907-08.

2,515

Locomotives

Passenger equipment—
Freight equipment
Operations—
Passengers carried (No.)

1908-09.

1909-10.
2,515

Road operated June 30.
Equipment—

4,117,109
928,784
11,056,061
833,530

836.493
10,024,796
817,117

2,679,179

2,747,667

4,348,774
859,9131

3,915,262

10,219,567/ 12,153,324
736,314

688,894

Total
20,536,223
18,757,184
18,843,747
P. c. oper. exp. to earn.
(71.09)
(72.51)
(73.21)
Net earnings
8,349,833
7,110,849
6,896,326
a Revenue freight only,
b Three ciphers (000) omitted.
*('•
INCOME ACCOUNT,
1909-10.
1907-08.
1908-09.

19,505,147
(71.10)
7,927,326

$
6,896,326
878,504

$
7,927,326

Net earnings

8,349,833
874,172

7,110,849
1,137,445

9,224,005

8,248,294

7,774,830

8,869,854

851,323
1,669,565
1,215,209

809,637
1,582,486
983,818

727,470
1,469,609
932,534

883,551
918,472
419.530
1,700,000

3,736,097

3,375,941
4.872.353
4,291,612

3,129,613
4,645.217

4,058.351

3,921,553
4,948,301
4,011.636

580,741
(6)210,000
(2)530,000

586,866
(3)105,000
(1)265,000

936,665
(6)210,000
(1)265,000

Invest., rentals, Ac.-*.
Total
Deduct—
Taxes
Track A bridge rentals.
Additions and mlscell-.

Approp.

new

.

equipment

Applicable to Interest.
-

1906-07.

5.487 908
3,672,189

1,815.719
A (6)210.000

1.(4)1,060,000

942,528

Balance
sur.545.719 def.159,259 sur.216,866sur.461,665
Note.—For the two years 1907-08 and 1906-07 the company charged the
Interest on the outstanding first refunding and extension bonds ($799,360
In 1907-08 and In 1906-07 $383,160) against profit and loss, to which was
also credited dividends received on Series “Af* and “B” debentures owned
($328,550 In 1907-08 and $411,091 In 1906-07) out of the totals of $370,000
and $475,000 paid on said debentures In each year as shown above.
Had
the Income account embraced these several Items, the result would have
shown an actual deficit. $253,944 In 1907-08 and an actual surplus of
For the years 1909-10 and 1908-09 the method em¬
$489,596 In 1906-07.

was different. “Interest on bonds” Is now a net Item and includes the
ployed
full
Interest

on

the

outstanding ** first refunding and extension bonds

(amount outstanding on June 30 1910, $38,615,587 and on June 30 1909
$31,476,243), after deducting an amount equal to that portion of the
Interest paid on the A and B debenture bonds which reverted to the company
as owner

of the major portion of such debentures.
BALANCE SHEET JUNE 30.

Assets—

Road and equipment..

Additions, &c., through Income
Supplies and materials
Cash on hand
Stocks and bonds..

Accounts collectible-...
Loans and bills receivable
'Advances and miscellaneous
Cost of equipment in suspense
Debit to profit and loss.
Total assets
LiabilitiesCommon stock
Preferred stock
Bonds
Interest
Vouchers and pay-rolls
Individuals and railroads.
Taxes accrued
Hospital account.
Loans payable
Bills payable

Unexpended appropriations

1909.
1910..
1908.
$
$
$
174,927,896 172,765,046 171,216,676
425,490
1,275,178
1,080,483
952,868
2,315,838
2,424,827
2,353,593
22,889,719
16,857,716
26,750,736
2,537,927
2,111,312
2,771,803
5,774,862
5,677,165
5,675,389
2,367,577
3,210,720
3,403,696
5,344,000
6,265,000
7,078,680
*2,930,213
3,045,119
355,594
220,788,700 213,437,389 220,559,036

Additions and betterments through
Income since June 30 1907
Det. A Chic. ext. 1st M. bds. redeem’d
Miscellaneous

53,189,293
53,141,453
52.427.153
39,189,293
38.427.153
39,141,453
115,156,496 110,286,152 118,047,233
1,615,119
1,775,665
1,760.429
3,999,103
4,428,139
3,562,967
587,923
390,384
597,584
487,261
527,013
510,413
5,516
6,422
6,028
1 280,000
450,000
1,050,377
104,500
174,000 \
371,180
807,614
387,662
252,748
425,490
51,000
4,241,880

3,419,247

2,503,781

Total liabilities....
220,788,700 213,437,389 220,559,036
*
After charging to profit and loss $495,692 discount on sale of treasury
securities, Ac., and other Items aggregating $32,598, and crediting Chicago
A Indiana sinking fund payments of $977477.—V. 91, p. 652, 277.

Seaboard Air Line Railway.
for
Fiscal Year ending June 30 1910.)
(Report
Pres. N. S. Meldrum, New York, Sept. 22, wrote in brief:
General Results.—The gross revenue increased 13.78%, operating ex¬
penses and taxes 7.79% and operating Income 30.24%.
The operating expenses of rail lines, exclusive of taxes, were 65.55%
of the gross revenue, as compared with 69.28% the previous year, and In¬
cluding taxes 69.28% of gross revenue as compared with 73.22% for the
preceding year.
The foregoing statement and all tables in this report for the year ended
June 30 1910 include the result of operations under the receivership from
July 1 to Oct. 31, as of which latter date their accounts were taken over
by the railway, your property having been delivered by the receivers on
Nov. 4 1909.
The figures for the previous year, shown for comparison,
represent receivership operations.
For comparative and statistical pur¬
poses all tables herein include for the full period referred to the operations
of the various subsidiary lines conveyed to your company during the year,
the accounts of which were merged on Nov. 1 1909.
Merger.—The subsidiary lines whose property was taken over during
the year were
Atlanta A Birmingham Air Line Ry. (incl. trackage, 19.11 m.) ,233.79 miles
Florida West Shore Ry.
««02
—

Tallahassee

Perry A Southeastern Ry_-i..-

Plant City Arcadia A Gulf Ry
Catawba Valley Ry




38.83
—
-

18.88

21.43

‘

“
“

‘

.

1031

The

property of the Atlantic Suwannee River A Gulf RR.Co., the mile¬
of which (56.76 miles) had theretofore been Included in the Seaboard
Air Line Ry., was also transferred to your company during the year.
The
total mileage in operation on June 30 1910 was 3,015, against 2,986.88 on
age

June 30 1909.
Funded Debt.—Of the new adjustment mortgage bonds, $24,979,500

were issued, as provided in the plan of reorganisation, for the purpose of
retiring the outstanding receivers* certificates and the company’s general
mortgage 5% bonds, 2-year 5% gold notes and various obligations of the
company, including demand notes secured by the deposit of collateral.
Of the refunding mortgage bonds none was Issued during the fiscal year.
Report of Vice-President and General Manager C. H. Hix, Portsmouth, Va.,
September 18 1910.
Equipment.—A total of 887 locomotives received repairs at an average
net cost of $1,144 per locomotive.
Our passenger equipment has been
maintained at an average net cost of $351 40 per car. The cost of current
repairs to freight cars, both owned and foreign, averaged net $3 45 per oar.
Included in the cost of maintenance is $53,880, representing equipment
destroyed or retired during the year and credited to cost of equipment.
There was also included in the cost of maintenance $258,746 for depreda¬
tion, which was credited to reserve for accrued depreciation.

The balance of the equipment undelivered under contracts made by the
receivers was received during this fiscal year as follows: 168 ventilated box
cars, 92 phosphate cars, 3 mail and baggage cars. 3 passenger - rvloe cars.
A new equipment agreement, designated as Series "L,” was entered into
Dec. 15 1909 for the purchase of 15 passenger locomotives, 5 switching
locomotives, 1,000 ventilated box cars, 25 stock cars, 15 cars for passenger
service, 1 steam self-propelling pile driver, -2 steam wrecking cranes and
1 Lidgerwood unloader.
For this equipment, $1$4,209 was paid in cash
and 5% equipment trust obligations aggregating $1,380,000 were issued,
dated Dec. 15 1909, payable in 20 semi-annual installments of $69,000 each.
There were delivered during the year all the locomotives, 740 box cars and
19 miscellaneous. There were also purchased 2 steam shovels.
Maintenance of Bay, Ac.—Roadway, track and structures were main¬
tained at a cost of $2,733,961, or $912 per mile of road.
Net increase in
side tracks, 14.61 miles.
Tie renewals, 1,174,982 cross-ties and 53,370
switch-ties, at a cost of $432,123, charged to operating expenses; 100.98
miles of new 75-lb. steel rail were laid in main line track, and there was
charged net to operating expenses $48,102 god to capital account $37,433;

201,351 cublo yards of gravel, stone and slag ballast

were

put under main¬

line track at a cost of $132,173, ail of which was charged to capital accounts;
8,522 feet of wooden trestles were filled in, the cost, $52,457, including
culverts, being charged to operating expenses.
During the year work has been done on 42 bridges, replacing with steel

or strengthening for heavy traffic; of these 26 have Deen completed and the
remaining 16 will be completed by June 30 1911. The cost, $588,224, was
charged $408,787 to capital account and $179,437 to oper. expenses.
Miles of Steel Rail in Main-Line Tract—Total, 3.015 Miles (* “Resawed.”).

Miles

39
85

124
80

1.045

207

187

75

70

68

19
60
27
600 43 339 325
65 63.5 6Q.5 60 760
58 56Ao
New Extensions in Florida.—There have been completed In the sections
served by the Starke-Wannee branch 10.51 miles; also Early Bird to Dunnelion (incl. 3 H m. purchased) 18.29 miles.
There has also been practically completed an extension from Edison Junc¬
tion to McDowells and Agricola, 12.34 miles, at which points are located
plants of the Armour and Swift companies; and there are under construction
extensions from Dunnelion to the vicinity of Hernando, 15)4 miles, and
from Nichols to Mulberry, 5)i miles.
The above extensions reach phosphate districts.
Construction has also
been commenced on an extension from Fruitvllle to Venice, 18 miles.
OPERATIONS AND FISCAL RESULTS.
Pounds

1909-10.
1908-09.
1909-10
1908-09
Av. miles oper.
2,997
2.993 Tons car. 1 mile 1224884629 1090736611
Pass, car’d (No.)
4,103,749
3,668,292 Av. rate per ton
Pas. car. 1 mile. 196,914,704 174,536,521
1.133 cts.
1.118 cts.
per mile
Av .rate per pass.
Av. tons per tr.
2.162
cts.
mile
222.81
per mile
2.159 cts.
(No.)._.
205.86
Earns, per pass.
Earns, per fr’t
train mile
train mile
$1.09649
$1.03498
$2 52
$2 30
Tons car’d (No.)
8,131,402
7,195,182 Earns, perm.rd.
$6,697
$5,892
.

INCOME ACCOUNT.
1909-10.
$

Oper. revenue—

1908-09.

1909-10.

$

Passenger
Freight

4,251,395 3,773,730
13,879,059 12,192,137
Mail, express, Ac. 1,938,318 1,668,629
Total

20,068,772 17,634,496

Operating exp—
Maint. of way, Ac. 2,733,961
Matin, of equipm’t 2,757,616
Traffic expenses._
689,028
Transp. expenses. 6,381,397
General

594,071

expenses.

2,566,738
2,452,074
605,921
6,009,770
582,300

Total
13,156,073 12,216,803
Net earnings
6,912,699 5,417,693
Income from rents
85,454
71,587
Other income
41,562
38,701
Total Income... 7,039,715
*

1908-09.

Deductions—
$
Interest—
Funded debt... 3,055,338
Receivers ctfs..
141,701

Adjustm’t mtg.
bds., 8 mos__
Eq. tr. obliga’ns
Other interest
Taxes
Rents lease of road
Rents oth. prop’ty
Hire of equipment
Outside operations
Disc, on adjustm’t

mtge. bonds...

$

3,373,617
300,149

832,650
287,331
37,501
748,406
51,000
108,220
9,177
33,356

313,808
201,638
694,729
48,925
105,456
39,842

13,682

*105,000

Total deductions 5,409,680
5,527,981 Balance, surplus.. 1,630,035

5,091,846
436,135

Eight months’ proportion of annual allotment.
BALANCE SHEET JUNE 30.

[Owing to the

merger

during the last fiscal year of

several subsidiary

lines referred to above, and some changes in the form of the balance sheet
as

required by the Inter-State Commerce Commission, comparisons with

many items in earlier years are inaccurate.]
1910.
A$SGt$~~~
$

Road, equipment, Ac

1909.
$

1908.
$

al50,179,934 130,156,762 128,959,019
5,959,018
5,828,174
140,166
198,007
1,105,900
1,105,900
496,600
496,600

Securities owned
52,160,821
Leased rail and material
316,897
Preferred stock in treasury
1,105,900
Common stock in treasury.
496,600
Leasehold interest in Wilmington Ry.

Bridge (contra)-

.....

Atl. A B. A. L. Ry. 1st M. (contra)..
Cash (incl. in transit A with fiscal ag’ts) 1,620.260
Traffic balances and miscellaneous..
855,274

Agents and conductors.

Materials and supplies on hand
Claims in suspense.!
Due from subsidiary companies

Unextinguished disct.

on

securities..

Other deferred assets
Receiver’s special account
Profit and loss.

Total

318,396
1,100,746
245,000
195,331
6,195,000
604.984

108.500
5,760,000

108,500
5,760,000
3,213.294
1,165,074
256,532
1,170,812

3.551.826
1,166,206
298,343
1.064,736
470,853

286,545
6.694.276

6,155,199

"

’

78^870

409,662
287,274

69,958

2.293.256

2,669,758

165,385,143 159,561,512 157,924.108

Liabilities-

Common stock
37,516,000
Preferred stock..
25,000,000
Bonds (see “Ry. A Ind.” Section).. 89,282,500
Receivers’ certificates
Seaboard Air Line Ry. A. A B. first
mortgage bonds (contra)
—

Ry. Bridge bonds (contra)
Equipment trust notes

Wllm.

6,178,000

Audited vouchers

Pay-rolls and salaries
Accrued interest not due
Matured Interest
Reserve funds...
Int. on acc’ts A mtges. subsld. cos..
Due proprietary companies..
Reserved for stock proprietary cos..

Open acc’ts. accrued taxes A mlscell.
(
,1,...

Notes payable
Profit and loss..

Total
a

After

deducting $797,963

685,446
652,788

1,269,388
789,496
495,804
_

_

39,960
936,692
c2,539,575

37,516.000
25.000.000
64.871,000
7,510,000

37,516,000
25,000,000

64,884.000
3,260,000

5,760.000
108,500
5,853,000

6.785.000

1,338,503

2.280.409

*’!»

576.286
714,377

?a:i8i

2,205,616
751,885
1,668.385

1.267.416

2,266,455

1,966.630

1.564.952

1.241,351

39,96<~ •-*Vf
884.87

*'$!**$»

2,4*1,67^

..165,385,143 159.561,512 157,924,108
for accrued depredation of equipment.

reserve

1022

THE CHRONICLE

& Securities owned include in 1910 those of
proprietary, affiliated and
controlled companies pledged, $641,862, and
unpledged, $211,679, add
other securities pledged, $1,048,979 and
unpledged $248,300.
c After writing off
sundry reserves heretofore carried as a liability
amounting to $1,822,029 and sundry accounts with proprietary companies
heretofore carried as a deferred liability, aggregating $2,348,655, and de¬
ducting special expenses of receivership and reorganization, together
amounting to $968,322, and making sundry minor adjustments.—V. 91,
p. 871, 461.

Re-valuation, Ac.—Early In the

year

Surplus

as stated In annual
report June 30 1909, $18,867,462;
deduct adjustments, $13,731,143, and add balance from
Income account above, for year 19^9-ia, $2,597,374, net.j

z:

the executive committee appointed

,

open

both day and night,

Sundays and holidays, but under arrangements which are now in operation
in some sections of the country, and which
will soon extend to all. it is ex¬
pected that we will be able to maintain continuous
telegraph and cable
service 24 hours a day and every day in the year.
Night Letters —Perhaps the most important event of the
year was the
introduction of the "night letter.” The response of the public
to this new
service has been most gratifying, and it is
manifesting itself not only in a
large increase in our gross receipts, but also in a generous recognition of the
fact that we are striving to improve, extend and
popularize our service.
Dividend.—The dividend has been continued at 3%
ion of the directors, no change should be made in this because, in the opin¬
rate until It is deter
mined what, If any, further charges should be made on
account of depre¬
ciation or reconstruction, and until such re-arrangements and
Improvements
in the property shall be made as will
enable new improved and extended fa¬
cilities to be given to the public.
RECEIPTS AND DISBURSEMENTS.

1909-10.
1908-09.
1907-08.
1906-07.
Revenues for the year._$32,754,111 $30,541,073
$28,582,212 $32,856,406
Oper. exp., incl. rent of
leased lines, re-construction, repairs, Ac.$25,764,4051 $23,193,966 $25,179,215
$26,532,196
Taxes
„

849,898/

Total
-.$26,614,303 $23,193,966 $25,179,215 $26,532,196
Balance
6,139,808
7,347,107
3,402,997
6,324,210
Income from Invest., Ac
1,135,092
Incl. in “Revenues for 1 the Year.”
Net profits
$7,274,900
Disbursements—
For interest on bonds.. $1,687,830
Cash dividends
2,989,696
Rate per an.
3%.

$7,347,107

$3,402,997

$6,324,210

$1,732,250
2.739,436
2H%.

$1,732,250
1,714,571
1 H%.

$1,420,061

Total disbursements.. $4,677,526
Balance
sur.$2,597,374
Surp. July 1 (beg. year). 18,867,462

$4,471,686
$2,875,421
15,992,041

Total
Stock dividend, 2 34 %

_

Adjustments

.

3.

4,868,096
5%
•

$3,446,821
$6,288,157
def.$43,824 sur.$36,053
18,482,965
18,446,912

$21,464,836 $18,867,462 $18,439,141 $18,482,865
2,447,100
IIIIIIII
13,731,143

Surp. June 30 (end year) $7,733,693 $18,867,462
$15,992,041 $18,482,965
Fiscal
Miles of
Miles of No. of
Messages
Total
Net
Year. poles & cables, wire.
offices.
sent.
income.
Profits.
1866-67.
46,270
85,291
2,565
5,879,282 $6,568,925 $2,624,92
1879-80.
85,645
233,534
9,077
29,215,509 12,782,894
5,833,93
1892-93. -..189,936
769,201 21,078
66,591,858 24,978,443
7,496,03
1903-04. ...199,350 1,155,405 23,458 *67,903,973
29,249,390 7,887,47
1904-05. --.200,224 1,184,557 23,814
*67,477,320 29,033,635 7,188,06
1905-06. ---202,959 1,256,147 24,323
*71,487,082 30,675,654
7,070,58
1906-07
-.-205,646 1,321,199 24,760 *74,804,551 32,856,406
6,324,21
1907-08
_._208,477 1,359,430 23,853 *62,371,287 28,582,212
3,402,99
1908-09
--.211,513 1,382,500 24,321 *68,053,439 30,541,072
7,347,10
1909-10
214,360 1,429,049 24,825 *75,135,405 33,889,203
7,274,90
..

...

*

Not Including messages sent

over leased wires or

under railroad contract.

BALANCE SHEET JUNE 30 1910.
[As revised by chartered accountants—see their
report
_

below.]

Assets (Aggregating $172,568,090).

,

Telegraph lines and equip., based

approximate appraisal
of Its replacement cost, new, and incl.
properties controlled by
stock ownership or held under perpetual leases and
merged
In the Western Union system
$127,978,618
on an

_

_

Real estate
Patents
"I
Amount recoverable on expiration of long-term "lease " In
"re^
spect of obligations assumed thereunder
Stock of telegraph, cable and other allied
companies—
Operated under term leases (not Incl. securities held as
lessee amounting to a par value of $2,280,292)
Not leased
Miscellaneous Investments
I.IIIIIII
_

Purchase-money

notes and obligations

_

_

Material and supplies
Bills and accounts receivable, Incl.
managers’, Ac.,
Ac. (less

reserve

for doubtful accounts)

I_II

II~

balances^

5,908.446
102,108
1,180,000
4,699,623
4,478,678
355,339

20,500,000
2,752,090

3,198,119
banks, Ac
1,415,069
Liabilities (Aggregating $172,568,090).
Capital stock (authorized Issue, $125,000,000) —
Issued, $99,817,100; less held In treasury, $30,130
Capital stock of subsidiary companies not owned by Western $99,786,968
Union, viz.; Companies controlled by perpetual
leases,
,H?428’®,25’
by 8tock ownership, $458,100; total
3,906,125
4
funding and real estate mtge. 50-year bonds, 1950
20,000,000
Convertible 4% redeemable bonds,
1936, $10,000,000; less
held In treasury, $2,000,000
8.000.000
Collateral 5% trust bonds, 1936, $8,645,000; less held
In
treasury, $30,000
8 615 000
subsidiary companies assumed or
000,000; less held In treasury, $3,043,000guaranteed, $7,z3,957 000
1 emporary loan secured
by deposit of treasury bonds
1,500 000
Acoounts
Treasurer’s balances, Incl. cash

at

.

payable.
Accrued taxes (estimated)

*noomoanIc«ranteeC*

IIIIIIIIIIIIIIIIIIIIII
<^vs* accrue<2 on bonds and stocks of sub.

Unpalcl dividends Unci.




_

dlv. of $747,531 75 payable July 15

r10)

Includes, It

12,382,901
2,500,000
7,733,692

Is

understood, Gold A Stock Telegraph Co. 4K% deben¬
tures due May 1 1915,
$500,000; Mutual Union Telegraph Co. 1st M. 6s,
$1,957,000, and Northwestern Telegraph Co. 1st M. 4 Hs due Jan. 1 1934,
$1,500,000.—Ed.

Edward J. Hall, Jacob H. Schtff and Henry A. Bishop
a special auditing
committee to examine the accounts and accounting methods.
This com¬
mittee engaged Messrs. Price, Waterhouse & Co., with the assistance of
engineering experts selected by them, to value the assets, to check up the
liabilities, and to recommend such changes as might be found necessary to
bring our accounting system up to the best modern standards.
As a result of their work, I submit to
you the following balance sheet,
showing the condition of your property at the close of the fiscal year end¬
ing June 30 1910. and its earnings and expenses during that year. While
the surplus has been reduced by charges made against it, as
explained in the
report of Price, Waterhouse & Co
the assets are substantially In excess of
its outstanding capital and debt, and provision has been made for cable re
serve and contingent liabilities not heretofore taken into account.
Bonds.—The funded debt shows an apparent increase of $1,927,000, al¬
though in fact It has been reduced $2,000,000 by the purchase of that
amount of the company’s 4% convertible bonds.
The increase as shown is
due to the fact that bonds of subsidiary companies assumed or guaranteed
by this company to the amount of $7,000,000, less held In the treasury
$3,043,000, making a net outstanding obligation of $3,957,000, have not
heretofore appeared as a liability in the reports of the company.
Messages.—The number of messages transmitted was the largest In the
history of the company, and shows an Increase of 7,081,966 over 1908-09.
Additions.—There were added 504 offices, 2,847 miles of pole and cable
mileage and 46,549 miles of wire, of which 30,515 miles were copper
The
total wire mileage is now 1,429,049, of which 530,517 miles
are copper.
Contract with American Telephone & Telegraph Co.—On Dec. 15 1909 a
contract was made with the American Telephone A
Telegraph Co., provid¬
ing for the joint use of p'ant and operating facilities which will, when fully
worked out, add greatly to the efficiency of the service and economical
operation of both companies.
It has not in the past been possible for this

company to keep a large proportion of Its offices

LXXXXI.

Deferred non-interest bearing liabilities. In respect of
proceeds
of sales of secur’s 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 de¬
termination of the leases
Reserves for maintenance of cables, $2,000,000; for contin¬
gencies, $500,000...

Western Union

Telegraph Co., New York.
(Report for Fiscal Year ending June 30 1910.)
President Robert C. Clowry writes in substance:

(VOL.

2 179 688

850 000

787)761

BALANCE SHEET OF JUNE 30 1909 AND 1908 {OLD BASIS).
1909.
1908.
1909.
1908.
A. sscts
$
$
Liabilities—
$
$
Telegraph lines. 124,086,920 123,139,624 Capital stock... 99,817,100 99,817,100
Stocks & bonds—
Funded debt... 38,645,000 38,645,000
Leased cos
8,645,000
8,645,000 Gold & StockTeleCos. not leas’d 17,798,672
16,497,865
graph Co
1,946,592
1.946,592
Real estate
5,088,359
5,088,359 Acc’ts payable. 3,040,710
3,755,072
Supp. A mater. 1,243,472
1,137,475 Surplus prior to
Acc’ts receivable
2,295,537
1881
2,368,746
1,598,184
1,598,184
Cash
3,158,903
3,278,733 Surplus
17,269,278
14,393,856
Total

162,316,864 160.155.804

Total

Report of Chartered Accountants

on

162,316,864 160.155,804

Property and Business.

Price, Waterhouse & Co., New York, Oct. 4 1910, present
foregoing balance sheet as of June 30 1910 and the income
account for the year 1909-10, and say in substance:
the

Balance Sheet.—In accordance with

instructions,

we

have made

an

in¬

vestigation of the books and accounts.
This Investigation has been ex¬
haustive as to all essential matters.
With reference to the balance sheet,

offer the following comments:
Property Account.—The cost of telegraph lines, equipment, Ac., as shown
the books, amounts to $133,573,707.
In order, however, to be assured
of the substantial integrity of the capital assets, we retained
Westlnghouse,
Church, Kerr A Co.to make as careful an estimate of the replacement cost,
new, of the physical property as could be arrived at without a detailed
appraisal, which would have been impossible In the time at our command.
Accepting the pole and wire mileage as reported by the company, and after
satisfying themselves of the substantial accuracy of all data furnished in
this way, as well as of that relating to the equipment and other
property,
they have arrived at a total valuation of the physical property of $126,472,869—to which must be added expenditures for uncompleted construc¬
tion work in progress at June 30 1910, amounting to $1,505,749,
making a
total of $127,978,618, exclusive of real estate.
While this valuation must
be accepted as approximate only, it is nevertheless in our
opinion substan¬
tially correct, and In preparing the balance sheet submitted herewith we
have adopted it, and have adjusted the difference between the
appraised
and book values by a charge of $5,595,089 against surplus.
In arriving at this valuation it will be noted that the estimate has been
prepared on the basis of replacement cost, new, and while undoubtedly the
property as it actually exists has suffered considerable depreciation for
which no provision has been made, yet, on the other hand, no valuation
has been placed upon the organization as a going concern—undoubtedly
an
important factor, and, we believe, a reasonable offset to the depreciation.
included in the properties thus appraised are tn. se of a number of com¬
panies which are merged for operating purposes vith the Western Union
system and are controlled either by stock ownership or held under perpetual
leases or terms equivalent thereto.
We have Included the entire property
of such companies in the property account, and we have set up a liability
amounting to $3,906,125, being the par value of certain shares of their
capital stock not owned by the Western Union.
The real estate owned, except a few outlying and quite unimportant
holdings, has been appraised by competent real estate experts. The book
value amounted to $5,099,192, and this has been adjusted to agree with the
appraisal amounting in all, including the small properties not appraised,
to $5,908,445.
The item “patents” has been written down to the rela¬
tively small amount of $102,108, being the proportion of the cost of the
existing patents represented by the unexpirea life thereof. The remaining
item represents the bonded debt of the North Western Telegraph Co. falling
due on Jan. 1 1934.
This company has been leased for 99 years from July
1881, and under the provisions of the lease this indebtedness is guaranteed
by the Western Union Telegraph Co., but within six months from the ter¬
mination of the lease the North Western Telegraph Co. is obligated to re¬
fund the amount of the bonds.
The Interest on the bonds, however, is a
charge against the Western Union Telegraph Co.
Other Securities Owned.—The book values have been adjusted to market
we
on

no reliable
quotations
have been available. In the
{irlces
where
valuations
atter except
the
adopted
are conservative.
cases

Inventories of Materials and Supplies.—The company’s officials have cer¬
tified to the accuracy of the quantities and prices, and we have verified the
computations and are satisfied that sufficient provision has been made
for material damaged or obsolete.
Current Assets.—Careful investigation has been made of the outstanding
accounts and a large number of irrecoverable accounts have been written
off and provision made for doubtful items.
Deferred Non-Interest-Bearing Liabilities.t— Under leases of the Gold A

Stock Telegraph Co., the N. Y. Mutual Telegraph Co. and the International
Ocean Telegraph Co., your company came into possession of certain se¬
curities belonging to these companies.
Subsequently your company ac¬
quired additional shares under stock subscription rights secured through
its holdings as lessee, and has from time to time effected sales of these se¬
curities until at the present time the major portion thereof has been con
verted.
As proceeds of such sales the company received the total sum of
$24,236,822, out of which it Is entitled to reimburse itself for advances
amounting to $11,853,921 made for purchases under subscription rights,
leaving the sum of $12,382,901 as the net proceeds of the sales of securities
which upon the expiration of the above-mentioned leases in 1981 will be
payable to the respective lessors as follows: Gold A Stock Telegraph Co.,

$12,357,401; International Ocean Telegraph Co., $25,500.
In both of these companies the Western Union has a controlling stock
Interest, and will, in proportion to its holdings at the termination of the
leases, participate in the foregoing amount.
The company still holds as
lessee various securities aggregating a par value of $2,280,292, which it will
be required to return to the lessor companies upon the termination of the
respective leases or to account for the proceeds thereof if sold.
Reserves.—A careful estimate has been made of the accrued depreciation
of the submarine cables owned or operated under leases and to provide
a reserve of $2,000,000 has been created.
A further reserve of
$500,000 has been set aside to meet contingent claims or losses.
The re¬
for doubtful accounts has been applied as a reduction in arriving at
the amount of bills and accounts receivable.
Surplus Account.—Important adjustments aggregating $13,731,143 have

therefor

serve

been

required in the surplus account, the more important being:

Reduction of book value of telegraph lines and equipment to
estimated appraisal value
$5,595,089
Liability to Gold A Stock Telegraph Co. in respect of proceeds of
sales of securities prior to June 30 1909, under-stated In bal¬
ance sheet of that date
2,219,874
Loss on re-valuation of investments
1,709,546
Reserves required at June 30 1909 for bad and doubtful accounts,
Ac., and for accrued liabilities
1,706,634
Reserves for depreciation on cables to date
2,000,000
Reserves for contingencies
500,000
Revenue Account.—The revenue account for the year as submitted here¬
with (see above) shows a surplus of $2,597,374, after paying dividends and
interest on bonded debt.
These figures, however, are approximate for the
reason that the classification of accounts has been imperfect and it has
been impracticable clearly to differentiate between items belonging to the
revenue account for the vear and others applicable to periods
prior thereto.
We believe, however, that the variation Is not material.
System of Accounting.—In order that the serious defects In the accounting
organization of the company may be remedied, we have already reported
generally on the outlines of the system which we would recommend. Many
of our suggestions have already been adopted and others are In process of
adoption. The work is necessarily slow, but good progress has been made
and will continue to be made under our general supervision.
Upon this
matter we shall have to report at full length at a later date.—V. 91, p. 966.

Oot. 15 1910,

THE CHRONICLE

Crucible Steel

Company of America, Pittsburgh.
{Report for Fiscal Year ending Aug. 31 1910.)
The report, signed by Herbert Du Puy, Chairman of
executive committee, and C. C. Ramsey,
President, as of
Oct. 1, says in substance:
Pro it and Loss.—The net

profits applicable to dividends were $3,535,882,
compared with $2,014,926 for the previous year, being a difference In favor
of the present year of $1,520,956.
These figures are determined after
charging against gross receipts all operating expenses, including $812,751
for repairs, a provision of $500,000 for depreciation of plant and
equipment
and $109,429 for contingencies.
These are the largest earnings In the his¬
tory of the company.
Earnings by Quarters.
First quarter
Second quarter.

^.$l,410,906|Third quarter
1,406,3611 Fourth

$1,133,685
1,007,111

quarter

Total

$4,958,063

The ratio of operating charges to gross receipts was
77.99%, in comparison
with 81.82% in the previous year, being a reduction of
3.83%.
The ratio
of net profits, applicable to dividends, to gross
receipts was 18.82%, com¬
pared with 16.61% In the previous year.
The net profits earned were
equivalent to 14.47% on the preferred stock.
Dividends.—During the year cash dividends of 7 X%, amounting to $1,802,192, and in addition on June 30 1910 $2,443,650, In the form of a 10%
scrip dividend bearing Interest at the rate of 3% per annum, were paid to
the preferred shareholders.
There still remains 16% of deferred dividends
upon the preferred shares.
Surplus.—The total undivided surplus at Aug. 31 1910, after deducting
the cash and scrip dividends of $4,245,842, was
$2,448,039, which Is repre¬
sented by quick assets derived entirely from
operating profits.
Capital Assets.—The expenditure for additional property during the year
was $302,267, being made
up largely through the purchase of 11 acres of
ground adjoining and west of the Atha Works at Harrison, N.
J., which
new purchase It Is proposed to
Improve through additions to this plant.
During the year the company has built Its own warehouse In Providence,
R. I., to meet the special needs of that city.
Inventories.—On Aug. 31 1910 the aggregate book valuation of the In¬
ventories of raw materials, manufactured
products and stores was $6,412,947, being an increase of $1,110,995, due entirely to Increased operations.
All Inventories have been valued either upon the basis of actual
purchase
or producing cost or on the low market values
of Aug. 31 1910, whichever
figure was the lower.
Reserve Funds.—(a) During the year we have set aside out
of profits
$500,000 for the depreciation and renewal of plants; $227,613 was used,
leaving an unexpended balance Aug. 31 1910 of $272,387.
(b) The balance
In the reserve for contingent liabilities account on
Aug. 31 1910 was $122,286, which is fully sufficient to cover all contingent and unsettled claims,
(c) The fire insurance fund covering certain risks was Increased to
$83,389.
Unfilled Orders and Contracts.—The total of unfilled orders and contracts
on Aug. 31 1906 to 1910 (tons)
was:
1910.115,936 1909. 91,498 1908. 72,984 1907.101,910 1906.106,243
Financial Condition.—On Aug. 31 1909 there remained $758,000 of bank¬
ing obligations.
During the year this Indebtedness and the $200,000 of
purchase money mortgages have been paid off.
The current assets on
Aug. 31 1910 were valued at $9,718,062, Including $791,298 in cash, while
the current liabilities were reduced to
$1,159,074, showing an excess of
current assets of $8,558,988.
On July 13 1910 your company secured con¬
trol of the Norwalk Steel Plant, located at
Norwalk, O. It was placed In
operation In August and is now an active producer, and will prove to be a

profitable adjunct.
Stockholders.—The number of stockholders
3,378; common, 1,635; total, 5,013.

on

Aug. 31 1910 was, preferred,

EARNINGS FOR YEAR ENDING JULY 31.v
1910.
1909.
1908.
$
$
$
Gross earnings
18,782,729
12,121,651
8,928,030
Expenses
14,649,898
9,917,908
8,807,283
Depreciation
609,429
208,335
649,231
Net earnings—
Other Income

3,523,402
*12,480

1,995,408
*19,518

Bal. for dividends
sr.3,535,882 sr.2,014,926
Preferred dividends.a(7 X) 1,802,192(2 X)549,821

Balance

def.528,485

1907.
$
not given.

vestigated.

The problem is no greater than those which have faced other
mines and been successfully overcome.
The amount of ore Is very great,
and the problem well justifies large expenditures to effect a solution.
Dividends.—The usual dividends on the preferred stock,
the sum of $839,027, were
paid on the common stock.

not given.

*8,460

Extracts from Report of General Manager.
Production.—There were mined at ail of the properties 741,650 tons
(wet weight) of ore, of which,, 17,599 tons were first class.
There were
milled 702,600 tons (dry weight) of ore, an average of 58,550 tons
per month..
There were produced during the year 107,826 tons of concentrates and
shipping ore, averaging 44.66% lead and 25.98 ounces silver per ton.
Of this total 17,599 tons were first-class or
shipping ore, which carried from
32.85% to 58.55% lead and averaged 40%.
There was shipped from the;
Omaha lease 6,116 tons, averaging 31.24% lead and 70.33 ounces silver,
not included in the above 17,599 tons from Federal
properties proper.
Prices.—During the year the average price for silver received by us was
52.47 cents per ounce; for lead $3,885 per 100 pounds.
There was a falling off in the sliver contents of the ore from the Wardner
mines equal to X ounce per ton milled.
The decrease averaged .625 ounce
per ton on all ore and concentrates shipped, and In value amounted to
about $35,000.
Development.—The development work for the year at the producing mines,
amounted to 16,061 feet, as against 11,837 feet last year, of
drifting, raising,
sinking and cross-cutting.
-

After deducting In 1910 $1,245 for interest on purchase
money mtges.
(against $10,000 In 1909 and 1908) and $12,218 for dividend scrip.
a Also 10% scrip dividend—see
below.
BALANCE SHEET AUGUST 31.
1910.
1909.
|
1909.
1910.
Assets—
$
$
|
Liabilities—
$
$
Real estate, plants,
| Preferred stock.. .24,436,500 24,436,500
Ac
45,825,663 45,523,3961 Common stock...24,578,100 24,578,400
Investment secur.
191,690
272,0441Dividend scrip... 2,443,650
Accounts and bills
|Accounts payable 1.119,733
864,449
receivable.
2,265,457 2,355,5581 Bills payable
758,000
Cash
791,299
644,3081 Int., Ac.j accrued
39,341
20,380
Taxes, insurance,
| Depreciation, Ac.
272,387
Ac., advanced.
56,670
55,0531Insurance fund
83,389
51,583
Inventory
6,412,947 5,301,952! Reserve for contin.
122,286
85,000
|Purch.,&c., mtges.
200,000
| Profit Aloss, surp .x2,448,040 3,157,999

55,543,726 54,152,311 \

After deducting the 10% scrip dividend
sued June 30 1910.—V. 91, p. 947. 874.

Total

Total value of product
Deduct—
Cost of production

on

the preferred stock

is¬

Federal

Mining & Smelting Go.
{Report for Fiscal Year ending Aug. 31 1910.)
President F. H. Brownell says in substance:
General Results.—The
net

earnings show

a

decrease

as

compared with

the preceding fiscal year.
Owing to a series of unavoidable circumstances,
the comnany was really able to
operate all its mines under normal condi¬
tions only about nine months.
Without the occurrence of the conditions
hereinafter described it Is probable that the net
earnings would have shown
an increase.
The conditions alluded to are:

(1)

In January fire destroyed the ore bins and equipment at the mouth
of No. 6 tunnel at the Mace mine,
cutting off production for some time and
causing a net loss at this mine of $4,000 for January,as against a profit of
$55,000 for the preceding month.
(2) In February a disastrous snowslide occurred at Mace,
killing some
40 people, including the Superintendent of the mine.
The entire force was
employed in rescue work for several days; railroad shipments were blocked
for some time.
Profits for February amounted to only $2,180.
March
shows the effect of the fire and snowslide to have been
practically over¬
come, the net earnings for that month at Mace being a little over $50,000.

(3) In August the district surrounding our mines was swept by the most
disastrous forest fires In the history of Idaho.
Millions of dollars’ worth of
timber was destroyed, and for some time the entire force at Mace and Wardner were engaged in fighting fires.
Our actual fire loss, exclusive of pay¬
roll of the men engaged in fighting fire, was
only about $15,000.
Morning Mine.—The operation of the Morning Mine has proven a dis¬
appointment, resulting in a loss. The character of the ore has been changing
and the change has destroyed the profit of concentration.
The amount of
lead and silver in the raw ore has not materially changed (although the

quantity of sliver is somewhat less), but the company for the last year has
been afre to save but from 53-60%, as against over 80% at its other mines.
If the Morning Mine could make the same percentage of saving in concen¬
tration as is made at Mace and Wardner the net profits per ton would be
increased practically $2 and the mine instead of making a loss each month
would be making a profit of approximately $50,000 to $60,000.
The new “Macquiston tube process” of concentration is now being tried*
the laboratory tests promise excellent results, but practical demonstration
,s yet to be had.
Two other methods of concentration are also being In¬




$4,757,469

$2,173,341
Development expenditures
200,898
Smelter freight & treatm’t 1,638,176

Net profits
Rentals
Interest

$745,053
18,334
23,362
8,210
35,050*

Miscellaneous
Divs. from Investments.

_

Total deductions
Total
$4,012,416
General expenses (including $49,296 litigation expenses).

$830,009
86,201

Net earnings carried to surplus account
COMPARATIVE

STATISTICS

FOR

$743,808;
YEAR

ENDING
DIVIDENDS, SURPLUS, cfee.
1909-10.

Tons mined, total
Concentrates and shipping ore
Metal contents—Lead, in tons

.

.

Surplus from previous

year

_

_

«.

_

..

-.

Exploration

expenses,
uncollectible
accounts and depletion of ore res’ves

Total surplus at end of year

AUG.

31-

1908-09.

1907-08.

832,568
122,764
56,904
3,111,931

89,894

599,850
93,811
43,983
2,803,628
$882,371!
$839,023
89,894

$95,220
1,761,416

$28,631
1,790,047

$46,546
1,836,593

$1,666,196

$1,761,416

$1,790,047

741,650
107,826

about48,155
Silver, in ounces
about2,801,319
Net earnings
$743,807
Dividends on preferred stock (7%)
$839,027
Dividends on common stock (1^%)-

651,086
$1,015,110

$900,290
$839,027

A

-

-

-

$1,761,416

$1,790,047

BALANCE SHEET AUGUST 31.

1910.
Assets—
$
Mine and equip’t.. 18,000,000)
Investments
a396,280J
Material and sup¬

plies
Acc’ts receivable..
Cash
Total

1909.
$

Liabilities—

1910.
$

1909.

$

18,895,125 Common stock
6,000,000 6,000,000
Pf.stk.(7% cum.) 12.000,000 12,000,000
Acc’ts payable
259,468
239,130
126,246
128,133 Divid’ds payable.
209,757
209,757
171,441
265,938 Surplus
1,015,110 1,761,413
790,367
921,106

19,484,334 20,210,302

Total

....

19,484,334 20,210,302

Investments include Bunker Hill & Sullivan stock at par, $280,000, and Ft.
Steele M. & S. Co. stock, $116,280 (par value $581,400).—V. 90. p. 1365.
a

Massachusetts Gas Companies, Boston.
{Report for Fiscal Year ending June 30 1910.)
Pres. C. Minot Weld, Boston, Oct. 11, wrote in substance:

.55,543,726 54,152,311

($2,443,650)

.

DETAILS OF INCOME ACCO UNT FOR YEAR ENDING A UG. 31 1910.

Total

def.520,025 sr.2,672,160
(1)244,365 (6)1,466,190

amounting toNo dividend has been

year.

The last sales of Bunker Hill stock were at over $50 per share,
per share.
and the stock Is generally held at $60 per share.
It is at present paying
dividends at the rate of 30 cents per share per month, or $3 60 per
year.
During the year a trial of the so-called taillngs-debris suits was had, the
case of the Bunker Hill Co.
being selected as a test case. The result was a
technical victory for this company.
All the mines have now combined for
the purpose of attempting a settlement with the farmers on the river.
The claims of the Government for timber used by the
company in mining
have, with one exception, been recommended for settlement by the U. S.
officers in charge of the matter, on a basis of $17,091, which sum was
included in profit and loss last year.
General.—The management has paid careful attenlton to the enforceing
of economies during the last fiscal year.
It is believed now that all ex¬
traordinary expenses, with the exception of the settlement of the debris
litigation, can be cut off.
The operating staff has been reduced to at
minimum.

Deficit for year

sur.l,733,690 sr.1,465,105 def.764,390 sr.1,205,970

x

paid during the

Litigation.—The litigation with the Bunker Hill & Sullivan Mining &
Concentrating Co. was finally settled as authorized at the special stock¬
holders’ meeting in April of last year.
The 27,000 shares of capital stock
of the Bunker Hill Co. acquired in exchange for our Wardner
property,
after exhaustion of the ore by us, and the thousand shares of stock in that
company previously held, are carried by this company at par value of $10

•

Total

1023

Dividends.—During the year the trustees voted to set aside $1,000,000
from the accumulated earnings for the payment of dividends
upon the com¬
mon shares In the year ending June 30
1911, same being at the rate of 4%.
per annum (contrasting with 3 % yearly from Aug. 1906 to April 1910, Incl.).
Property Accounts.—On Sept. 1 1909 the Boston Consol. Gas Co. and the
Chelsea Gas Lt. Co. sold their electric departments to the Ed. El. Ill. Co.
of Boston, and on the same date your trustees
purchased all the capital
stock of the Newton & Watertown Gas Lt. Co., which
company sold Its:
electric department to the Ed. El. Ill. Co. of Boston, and purchased the
gas deoartment of the Waltham Gas Lt. Co.
[The Chelsea Gas Light Co.
has also been consolidated with the East Boston Gas Co.—Ed.]
Property Account June 30 1910.
Owned.
$

Owned.
*Outst’g.
Stocks—
Stocks—
$
$
New England Gas
New Eng.CoalACoke Co.499,000
& Coke Co
17,500,000 17,500,000 Federal Coal A Coke Co.497,000
Bos. Con. Gas Co. 15,110,600 15,124,600
Bonds—
EastBost. Gas Co. ar567,700
575,000 Federal Coal & Coke Co.
Newton & Water1st M. (see below)
471,000
town Gas Lt. Co.
560,000
560,000 Federal Coal A Coke Co.
Citizens' Gas Light
2d mortgage
251.000
Co. of Quincy..
38,300
38,300
*

Supplied, not In report,

*Oulst’g.
$

500,000
500,000
471,000251,000

Par of shares $25; other shares $100.—Ed.
July 1910 the Federal Coal & Coke Co. sold
approximately 3,000 acres of its coal lands in West Virginia.
The proceeds
enabled said company to redeem all of its outstanding bonds and to
pay its
entire floating debt, both held by the Massachusetts Gas Cos. (V.
91, p. 521).
With this sale, the Federal Company authorized a new issue of bonds on
its remaining property, and of this $450,000 has been issued,
and the same
purchased by the Massachusetts Gas Cos.
'
x

Federal Coal & Coke Co.—In

-

The profit from the sale of securities shown in the financial statement of

$4,350 is the difference between the cost of $29,000 1st M. bonds and the re¬
demption price received for same.
The sale of coal lands above mentioned,
having been completed In July 1910, the report of the Massachusetts Gas
Cos. for the year ending June 30 1911 will show a
profit of about $92,000 on
the remaining outstanding bonds, being the difference between the
cost and
redemption price of the bonds owned by the Massachusetts Gas Cos., viz.,
471 1st M. bonds and 251 2nd M. bonds.
The change in the Indebtedness
of the Federal Company will make a substantial reduction In its fixed
charges.

1024

THE CHRONICLE

■'% > yui.

Shipments during the year were seriously Interfered with, due to a car
shortage lasting for practically six months on the B. & O. RR. system.
After making all proper adjustments, however. In connection with the sale
above mentioned, the Federal Co. has a credit balance in its surplus ac¬
counts Of over $575,000, and your trustees believe that the fiscal year end¬
ing June $0 1911 will show & surplus available for dividends, provided that
sufficient coal cars are received to ship the coal to the market.
July and
August 1910 show an increased tonnage and a decreased cost over the pre¬
ceding year, and a small surplus over all charges.
Floatlno Debt.—While the balance sheet of June 30 1910 shows notes pay¬
able of $300,000, the funds received from the Federal Co. in payment of
its floating debt has enabled us to pay our entire floating debt, and at
this date the Massachusetts Gas Cos. have no outstanding loans.
Boston Consolidated Qas Co.—The net addition in street mains for the year
was 118,963 feet.
Tue total output of gas to consumers was 4,540,531,000
cu. ft., an increase of 2.39%; net gain in meters set, 6,436.
Notwithstand¬
ing the fact that the electric department was sold to the Ed. El. Ill. Co. of
Boston on Sept. 1 1909, the net earnings for the year amounted to $1,360,231, showing a net increase of $94,465.
The company paid the 9% divi¬
dend for the year which it was legally entitled to do under the provisions of
the “sliding-scale bill," said company still selling gas at 80c. per 1,000 cu. ft.
The real estate and electric department were sold for $334,720 in excess
of the value at which it stood on the books.
The surplus account on June 30
1910 was $267,712, after providing for dividends and all other charges.
East Boston Gas Co.—In this report the financial statement of the Chelsea
Gas Light Co. and the Ea3t Boston Gas Co. are consolidated.
The Chelsea
Gas Light Co. sold its electric department to the Edison El. Ill. Co. of Bos¬
ton on Sept. 1 1909, and on Jan. 1 1910 it3 gas department was consolidated
with the East Boston Gas Co.
The price of gas was reduced on Jan. 1 1910
to 90c. net per 1,000 cu. ft., this being a reduction of 10c. net in the terri¬

tory

supplied by the East Boston Gas Co. prior to Jan. 1 1910 and of 5c.

[VOL.

EAST

BOSTON GAS CO., NEWTON & WATERTOWN GAS LIGHT CO.,
CITIZENS' GAS LIGHT CO. OF QUINCY, NEW ENGLAND COAL &
COKE CO., FEDERAL COAL & COKE CO.—YEAR ENDING
JUNE 30 1910.
*E. Boston Newton & Citizens’ N. E. Coal Fed. Coal
Gas Co.
Wat.G. Lt. Gas Lt.Co. «k Coke Co. dkCOkeCo.

Gross income

$315,931
250,201

$344,931
279,602

$72,314
48,156

$65,730
2,413

$65,329

$24,158

2,905

314

...$68,143

$68,234

$24,472

$3,349
63,250

$10,449
45,600

$15,895
7,660

$73,319
50,000

$31,380

$66,599
$56,049
S.$l,543 £.$12,185

$23,555

$123,319

$31,380

Expenses
Net income from oper

Miscellaneous income..
Net earnings
Deduct—
Interest
Dividends

ft.,

an

Total
Balance

Accounts receiva¬
ble
Bond disc, suspense

the net addition in street mains was 13,070 ft.
Newton & Watertown Gas Light Co.—The net gain in meters set was 733
and the net addition in stret mains was 39,714 ft.
The total output of gas

gared with 3% in the preceding year. As the business of the New England

oal & Coke Co. increases, the earnings of the New England Gas & Coke Co.
will likewise increase, inasmuch as the maximum capacity of the Everett
coal piers has not yet been reached.
New England Coal & Coke Co.—during the year ending June 30 1910 the
company purchased the entire fleet of the Baltimore & Boston Barge Co.,
consisting of thre%fugs and seven barges, which fleet it is now operating in
conjunction with its three steam colliers, Everett, Malden and Melrose,
in connection with its coal business.
The Coal & Coke Co. started In the
coal business vlrtaully April 1 1909, and in the year ending June 30 1910

shipped approximately 1,800,000 tons of coal. Through the facilities of
the New England Gas & Coke Co. at Everett for the handling and storing of
coal, this company is in a position to ship to manufacturers throughout
New England, daily, weekly or monthly, as desired;, and we believe that
the company will continue to show an increase in its coal business.
Dur¬
ing the year the company paid a dividend of 10% on its capital stock.
MASSACHUSETTS GAS COMPANIES—YEAR ENDING JUNE 30.
1909-10.

Int. on bonds, notes, &c.
Dividends received
Profit on sale of securities
Total earnings
Deduct—

Expenses
Interest
Divs. on pref. shares, 4%
Total deductions

1908-09.

1907-08.

1906-07.

$
155,620
1,946,960

$
29,934
1,791,745

$
24,466
1,633,894

2,389,318

2,102,580

1,821,679

1,658,360

57,693
300,313
1,000,000

55,324
172,385
1,000,000

35,658
29,867
1,000,000

43,648
13,327
1,000,000

1,358,006

1,227,709
874,871
926,002

1,065,525
756,154
912,418

Deb.39,999

Cred.7,430

1,056,975
601,385
1,074,013
Deb.12,980

1,760,874
(3)750,000

1,676,002
(3)750,000

1,662,418
(3)750,000

$
250,927

2,134,041
4,350

Balance, surplus
1,031,312
Surplus from prev. years 1,010,874
Adjustments
Cred.9,612
Total
Divs. on

2,051,798
com.

shares. (4%) 1,000,000

Balance
1,051,798
1,010,874
926,002
*
912,418
The net undivided earnings of the constituent companies from the
opera¬
tions of 1909-10 (see the several statements below) show a deficit of $33,190,
against $52,850 in 1908-09, $11,593 In 1907-08 and an aggregate surplus of
$127,309 in 1906-07.

OPERATIONS OF SUB-COMPANIES DURING
Additions to
Street Alains.

Boston Consolidated Gas Co
118,963
Chelsea Gas Light Co
113,070
East Boston Gas Co
j
Newton & Watert’n Gas Lt. Co_ 39,714
Citizens’ Gas Light Co
32,242

YEAR

1909-10.

Gas to Consumers
Total Cubic Feet.
Increase.

4,540,531,000

2.39%

300,072,000

13.81%

335,793,000
52,679,000

8.79%
36.82%

OPERATIONS OF BOSTON CONSOLIDATED GAS CO. FOR

YEARS

ENDING JUNE 30.

Reported by Public Accountants
-

_

J

^

Gas purchased (cubic feet)
Gas manufactured (cubic feet)
„

as

Required by Sliding Scale Act.
1908-09.
1909-10.

2,274,349,100 2,270,273,000
2,917,359,000 2,634,062,000

Total
5,191,708,100 4,904,335,000
Gas sold during year (cubic feet)
5,037,901,296 4,773,194,290
Cost of gas in holder (per 1,000 cubic feet)—
Gas purchased
30.10 Cts.
30.50 cts.
Gas manufactured
23.53 cts.
29.87 cts.
Gas sold
27.22 cts.
30.99 cts.
Cost of distribution, management, &c
21.35 cts.
21.73 cts.
...

Total cost of gas sold (excluding interest,
depreciation and reserve)
BOSTON

CONSOLIDATED
1910.

Gross income

Expenses

GAS

CO.— YEAR

48.57 cts.

ENDING

1909.

$
$
3,880,116 3,946,625
2,527,769 2,688,199

Net Income __1,352,347 1,258,426
MIsc. income
7,884
7,339

52.72 cts.
JUNE

1910.

$
Net earnings ...1,360,231
Deduct—

Interest
Dividends

30.

1909.

$

1,265,765

62,250
68,734
1,361,214 1,361,214

Total
1,423,464 1,429,948
Net earnings.1,360,231 1,265,765 Balance, deficit.
63,233
164,183
In addition to the net earnings above stated there
was credited to profit
and loss account during the year 1910
$334,720 profit on sales of electric

department and

certain real estate.

NEW ENGLAND GAS «fe COKE CO.—YEAR
ENDING JUNE 30.
1910.
1909.
1910.
1909.

$

$

Production
2,766,426 2,509,157 Gen. exp. & man.
Oper. expenses.1,998,853 1,863,911 Taxes and ins..
Net Inc. from op.
Miscel. Income..

767,573
26,209

645,246
29,566

Total Income.

793,782

674,812




Interest
Dividends

$
82,124
55,378
35,661
612,500

Total deduc’ns 785,663
Balance
sur.8,119

.

$
84,990
55,132

16,222
525,000
681,344
def .6,532

$220,707
240,372

$130,598 D.$19,665
$130,598 £>.$19,665

£.$7,279 £>.$51,045

S.%917

•Incl. the operations of Chelsea Gas Light Co. for six months ending Dec. 31 1909.
BALANCE SHEET OF MASS ACH USETTS GAS COMPANIES JUNE 30.
1910.
1909.
1909.
1910.
Assets—
$
$
Liabilities—
$
$
Property account.54,310,614 52,900,307 Preferred stock
25,000,000 25,000,000
Cash in banks
50,077
333,865 Common stock...25,000,000 25,000,000
Notes receivable.. 3,559,528
4,234,140 20-year bonds
5,881,000 6,000,000
Sink. fd. 20-yr. bds.
3,138 Notes payable
417,504 Accounts payable.

2,887

Total

58.318.340 57,888,954
Total
(From Report to State)
Boston Consol. Gas Co.

Assets—

Property accountMaterial

Cash and debts recelv'le

1910.

1909.

58,318,340 57,888,954

125,581

$794,524

$1,927,821

40,160

128,652
923,971

153,530

42,276
23,959

$15,124,600 $15,124,600
1,508,013
2,373,379

$575,000
19,415

Moneys receivable

4,747
83,333
750,000
1,010,874

East Boston. N.E.C.& C.
1910.
1910.

$25,185,996 $25,824,063
458,113
534,356
178,405
158,839

40,000

......

300,000
2,209
Pref. div. accrued.
83,333
Res. for com. div. 1,000,000
Surplus
1,051,798

395,234

supplied by the Chelsea Gas Light Co. prior to Jan. 1 ’10.
of gas to consumers of the two territories was 300,072,000
The net gain in meters set was 1,528 and
increase of 13.81%.

to consumers was 335,793,000 cu. ft., an Increase of 8.79%.
A reduction
of 5c. net per 1,000 cu. ft. was made on Jan. 1 1910.
Citizens' Gas Light Co. of Quincy.—The total output of gas was 52,679,000
cu. ft., an increase of 36.82%. The net gain in meters set was 853 and the net
addition in street mains was 32,242 ft. During the year 1910 the company
paid two dividends of 1% each, and we confidently believe that in the near
future the company will be able to pay a reasonable return upon its capital.
New England Gas & Coke Co.—The net earnings show an increase of
$121,590, largely due to the operation of the new coal-handling plant.
The company^urlng the year paid a dividend at the rate of 3 H %, as com-

$900,724
770,126

„

net in tne territory
The total output
cu.

LXXXXI

Liabilities—

Capital stock.
Debts & accts. payable.

Depreciation reserve
Guaranty fund
Profit and loss-.
Total each side
—V. 91, p. 792, 521.

158,839

$500,000
2,216,876
97,759

151,530
8,986,021

282,546

165,809

$25,981,354 $26,637,530

$900,919

$2,980,444

9,189,896

23,957

GENERAL INVESTMENT

NEWS

RAILROADS, INCLUDING ELECTRIC ROADS.
(Kan.) Railway, Light & Power Co.—New Stock.

Atchison

—The shareholders
of the capital stock

on

Oct. 4 voted to authorize the increase

from $900,000 ($400,000 being 7% cum.
pref.), to $1,500,000 to provide for improvements and exten¬
sions.
Control of the company was recently purchased by
the McKinley syndicate;—V. 90, p. 1553.
Atchison Topeka & Santa Fe Ry.—Listed.—The New York
Stock Exchange has listed $13,625,000 4% convertible
bonds, issue of 1910, due 1960, with authority to add $30,061,000 additional of said bonds on notice of issuance and
payment in full, making the total amount authorized to be
listed $43,686,000.—V. 91, p. 939, 949, 716.
Boston & Maine
RR.—President.—Acting President
Charles S. Mellen was on Oct. 12 elected full President.
Ex-President Tuttle was elected Chairman of the Board, a
new office.
Dividend.—President Mellen is quoted as saying:
*

“There is nothing in the Boston & Maine situation calling for a reduction
in the common dividend.
It is true we will have to do some pretty hard
scratching this year to make any kind of a showing, especially in view of the
We may be
big wage increases recently granted our working forces.
obliged to show a deficit this year after the payment of 6% on common
stock, but we can later on make It good
In the meantime, the work of

Improvement and rehabilitation
V. 91, p. 945, 864.

will

be pushed forward vigorously.—

British Columbia Electric Ry.—New Pref. Stock.—Pre¬

ferred and deferred shareholders of record

Sept. 27 have the
right to subscribe at the company’s office (Canadian share¬
holders at Vancouver, B. C., at $4.8666 per £) until 11 a. m.
Oct. 29 for £600,000 of additional share capital, divided as
follows: 200,000 5% cumulative perpetual pref. sharesof £1
each, at Is. premium; 200,000 pref. ordinary sharesof £1 each,
at 2s. premium, and 200,000 deferred ordinary shares of £1
each, at 3s. premium, in the ratio of one share of each of
the three classes for every complete £6 of pref. ordinary and
(or) deferred ordinary stock held by them respectively.
Subscriptions are payable In Installments Dec. 15 1910 and Jan. 16 and
Feb. 15 1911, or optionally in advance under discount at 4% on any Thurs¬
day up to and lncl. Feb. 2 1911.
There were listed on the London Stock
Exchange as of Sept. 30 1910: £600,0Q0 def. ord. stock, £600,000 pref.
ord. stock and £600,000 cum. perpetual pref. stock.
Also £230,800 4 H%
1st M. debentures; £210,600 Vancouver Power debenture 4 Hs and £1,330,000 4 H% perpetual consol, debenture stock.
Compare V. 91, p. 945.

Buffalo Rochester &
York Stock Exchange
solidated mtge. 43^%
amount listed to date

Pittsburgh Ry.—Listed.—The New
has listed $177,000 additional con¬
bonds due 1957, making the total
$6,198,000.

Of the bonds, $60,000 were Issued to pay the last outstanding mtge. on
real estate owned and $67,000 to acquire the 1,200 shares (entire stock) of
the Silver Lake Ry., Perry to Sliver Springs, Wyoming Co., N. Y., 6.84

miles, as authorized by the Public Service Commission.—V. 91, p. 392, 400.

Chicago & Alton RR.—Acquisition.—The company has
acquired the Toluca Marquette & Northern RR., extending
from Rutland to McNabb, Ill., 20.8 miles; McNabb toward
Granville, Ill., 4.28 miles; Broadus to Henry, Ill., 5 miles,
&c., a total of 31 miles. The road was sold at receiver’s sale
on Dec. 10 last (V. 89, p. 1598).
The price paid was $250,000.—V. 91, p. 396.
Chicago Burlington & Quincy RR.—Exchange of Bonds.—
The $5,551,000 Hannibal & St. Joseph 6% bonds which ma¬
ture March 1 1911 may now be exchanged for the gen. mtge.
4% bonds of the C. B. & Q. RR. Co. at the N. Y. office,
32 Nassau St., or at its Boston office.

O0T. 15

1910.]

THE CHRONICLE

The holder of the Hannibal & St, Joseph bond may detach his coupo due
March 11011 and hold It to maturity, or leave It attached to hfs bond and
have It at date of exchange discounted at 4%.
For the face of the Han. &
St. Jos. bond the holder will receive a C. B. & Q. gen. mtge. 4% bond car¬
rying the coupon due March 1 1011, and 010 In cash. The company re¬
serves the right of changing these terms at any time without notice.—
V. 01, p. 517, 276.

Chicago Consolidated Traction Co.—New Ordinance Passed
—Merger.—The Chicago City Council on Oct. 10 passed an
ordinance permitting the rehabilitation of the lines, or at
least the principal lines, of this system, and
allowing the
purchase of the same as contemplated in the reorganization
plan (V. 90, p. 1613; V. 91, p. 37) by the Chicago Railways
Co., at a valuation of $3,968,539 placed on the property by

Bion J. Arnold, city traction expert.
The city is to get
55% of the net income. The Mayor and the Chicago Rail¬
ways Co. are expected to approve the measure.
The “Chi¬
cago Record-Herald" of Oct. 11 gives the following:
The ordinance

runs for 17 years, expiring simultaneously with
the Chi¬
Railways franchise of 1907. Nothing therein is to be construed as
being a grant to the Chicago Railways Co. extending beyond Feb. 1 1927,
but the new ordinance 1 s amendatory of and supplemental to the ordinance

cago

of Feb. 11 1907.
The purchases by the Chicago Railways Co. linclude for use until rehabili¬
tation is complete 128 miles of track, 172 cars, 3 power houses; the rest of
the Consolidated's 187 miles of track and 344 cars are either outside the
city
limits or must be thrown on the scrap heap.
The city is to get 55% of all net receipts.
All rights of the city with re¬
spect to the purchase of the Chicago Railways system as provided in the
ordinance of 1908 apply to the new ordinance.
The 128 miles of the old Consolidated system, which ramifies over the
West and Northwest sides, shall be “reconstructed and maintained’’ at
the highest practical efficiency and in full accordance with the
provisions
•of the Chicago Railways ordinance of Feb. 11 1907.
Reconstruction and
rehabilitation shall be prosecuted under the direction of the board of super¬
vising engineers, and with all due diligence, and the cost thereof shall be
determined, paid for and certified In accordance with the provisions of the
Chicago Railways ordinance of 1907. “At the earliest practicable moment”
215 new double-truck cars are to be placed in
operation.
The Chicago Railways Co. shall pave, repair, sweep, sprinkle and clear
from snow its right of way and one foot on either side the outer rails.
On
single-track lines this space shall be at least 8 feet in width, on double¬
tracks 16 feet In width.

Receiver’s Income Account.—For years
1909-10.

Gross earnings

Operating

expenses

ending May 31 1910:
1908-09.

1907-08.

___$2,525,892
2,207,128

$2,347,120
1,947,127

$2,073,053
1,826,439

$318,764
1,732

$399,993
2,830

$246,614

$320,496
$104,479

$402,823

$328,661

Net earnings
Other income.

82,047

'*■

Gross Income
Less taxes, interest on rec. certs., &c_
Expended for betterments, right of
way,

Interest

&c
on

116,773
662,511

bonds

Deficit
—V. 91. p. 945. 517.

$563,267

Oper.

Net

Power

Rev.

Inc.

Purch.

issue, $5,500,000 (closed mtge. at $21,000 per mile); deben¬
1920, $1,523,000; stock, 7% rental, $7,857,600.—
V. 90, p. 54.
Detroit Toledo & Ironton Ry.—Sale of Collateral under
Notes of 1905.—Herbert L. Baker,as special master, will on
Nov. 25, by Adrian H. Muller & Sons, auctioneers, sell at
auction at the Exchange salesroom, 14-16 Vesey St., city,
the collateral deposited under the $5,500,000 5% notes of
1905, viz.: $5,000,000 consol. M. 4^s and $3,001,000 pref.
and $2,190,000 Ann Arbor common stock.
tures due

The sale Is to take place by virtue of a decree In the action brought by
the U. S. Mtge & Trust Co., as trustee, made by Judge Swan of the U. S.
District Court, sitting as Circuit Court Judge in the U. S. Circuit Court
for the Eastern District of Michigan, Southern Division, on Sept
27.
The bonds will be first offered In 50 separate lots of 100 bonds each and
an entirety, and the stock in separate parcels of 1,000 shares
each,
and then as a whole.—V. 91, p. 870.
as

Forty-Second Street Manhattanville & St. Nicholas Avenue
RR., N. Y.—Foreclosure Sale Adjourned.—The foreclosure
sale has been again adjourned to Dec. 15.—Y. 91, p. 790, 518.
Grand Trunk Railway Co. of

Canada.—Proposed Changes
Meetings, Dividends, Guaranties, &c.—The company
will apply to the Parliament of Canada, at the next session
thereof, for an Act conferring Upon the company all necessary
powers, to be exercised subject to the approval of the pro¬
prietors, in respect of the following matters:
as

to

(a) The holding of one ordinary general meeting in each year instead of
two, and the making up of accounts annually, instead of semi-annually.
(b) Semi-annual payment of dividends.
(c) Providing a reserve fund for extensions, renewals, maintenance,

repairs, &c.

(d) The form of transfer of the various classes of stock.
(e) To acquire, hold, guarantee, pledge and sell, or otherwise dlsposeof,
stocks, bonds or other securities of the Montreal & Southern Counties Ry .Co.
(/) To guarantee interest at 4% upon an Issue of 1st M. bonds of the
Grand Trunk Western Ry. Co., payable 50 years from date thereof.
(g) To Issue such additional Grand Trunk consolidated debenture stock
as may be necessary in the exercise of the powers conferred
by the Act now
applied for and by the Grand Trunk Act 1910.
(W Repealing certain inconsistent provisions of former Acts.—V. 91,
p. 518. 397.

Great Northern

Ry.—New Director.—R. A. Jackson of St.

Paul has been elected to the board to succeed H. W. Cannon
of New York.—V. 91, p. 790, 518.

Hudson & Manhattan RR.—Extension of Time to Begin
Work on Extension to 42d St.—The Public Service Commis¬
sion on Tuesday granted an extension of 6 months to
April 28
1911 to

__

...

Chicago & Milwaukee Electric RR.—Earnings.—The fol¬
lowing figures have been compiled, the half-year’s figures
by chartered accountants and the 3 months’ statement by
the General Manager:
HalJ-Year to

1035

begin work on the extension from 33d St. to the Grand
Station, owing to difficult engineering problems.
Proposition to the City.—The company on Sept. 12 last,
in a letter to the Commission, suggested the laying out of a
double-track tunnel between 33d St. and Broadway and the
Hudson Terminal Bldgs, on Cortlandt St., via Broadway,
University Place, Wooster and Church Sts., at the same time
intimating that it contemplated bidding for the operation of
the city’s proposed Broadway-Lexington line.—V. 91, p.790.
Indianapolis & Cincinnati Traction Co.—Sale Nov. 10.—
Central

Int.on
Balance,
Rec.Ctjs. Sur.orDep
Illinois Division..$261,015 $57,930 $20,2031$24,500 $31,325/sur.$20,599
Wisconsin Dlvis’n 129,792
28,896
9.297J
\def. 19,097
3 Mos. to Aug. 31. 331,970 150,695
(?)
$44,297
sur.106,398
For the six months ending June 30, if North Chicago Junction Instead of
the State line is used as a dividing point, there remains after
charges a
balance of $22,332 for the Illinois section and a deficit of $20,832 for the
more northerly division.
The balance sheet of June 30 shows outstanding car trust
certificates,
Illinois, $143,161, and Wisconsin, $37,632; total, $143,161.—V. 91, p. 518.

The foreclosure sale is advertised for Nov. 10 at the Court¬
house of Marion County, Ind.; upset price, $l,045.oo0.
Included in the sale are the company’s 55.2 miles of street andpntmrban

Chicago Railways.—New Ordinance—Purchase Authorized
by City —See Chicago Consolidated Traction Co. above.
Rehabilitation.—The supervising engineers report:

Stock

June 30 1910.

Taxes.

Value of properties as stated by Traction Valuation Commis¬
sions, including Chicago Railways Co. land Chicago City
Railway Co., as of June 30 1906; Calumet & South Chicago
Ry. Co., Feb. 1 1908, and Southern St. Ry. Co., Aug. 1 1908_$55,775,000
Additions and Improvements Chicago Railways Co., Chicago
City Ry. Co. and Calumet & South Chicago Ry. Co. to
Jan. 31 1909.
25,491,744
Additions and Improvements all companies year end. Jan. 31 ’10 17,263,234
Total value of property Jan. 31 1910 (not including current
assets, $3,523,177)
$98,529,978
Additions (and Improvements) Since Reorganization, Aggregating $42,754,978
and Total Valuation, $98,529,978, Jan. 31 1910.
Additions
to Jan. 31 ’10.

Toted
Vaiue.

Organization

Additions
to Jan. 31*10.

T otal
Value.

$3,831,456 Shop tools Amach. $184,753
5782,611
and
Cars—revenue... 5,833,589 11,519,527
superintendence $4,170,750 4,170,750 Elec, equip, of cars 3,264,496 6,095,055
Track (exclusive of
Mlscell. equipment
315,302
582,985
paving)
10,357.503 23,486,045 Interest & discount 1 697,700
1,697,700
Paving
3,651,798 4,947,472 Miscellaneous
Cr.l 1,384 11,300,595
Elec, line constr’n 4,617,334
7,741,541 Tunnels
397,596 1,338,886
Real estate (used
Horses
24,992
58,292
in oper. of road)
485,491 4,210,944 Material & supplies 1,196,533 2,158,285
Bldgs. <fe fixtures. 4,503,458 8,577,630 Fill
59,916
101,177
Investm’t real est.
226
1,083,460 Subways
2,618
4,427
Power plant equip. 2,055,325
4,894 179 Renewals
Cr.53,037 Cr.53,037
Combined Income Account.—For year
ending Jan. 31 1910, including
Chicago City Ry., Cal. & So. Chic. Ry. and So. St. Ry.
(See Chic. Rys.
separate report in V. 90, p. 1099, and Chicago City Ry., V. 90,
p. 767.)
Receipts from passengers, &c. (lncl. advertising, $174,540;
sale of power, $225,663; Int. on deposits
(net), $67,018,&c.)$22,832,883
Operating expenses and taxes ($1,144.777)
15,983,018
Proportion due Southern Street Ry
124 433

Engineering

Net receipts from operation
Deduct Interest on capital Invested at 5%

$6,725,432
4,432,808

Net receipts divisible: (City of Chicago, 55%, $1,276,253; to
companies, 45%, $1,016,371)..
$2,292,624
—V. 91, p. 716,

Chicago & Southern Traction Co.—Receivership.—At
Chicago on Oct. 11 Joseph E. Otis and Matthew Slash were
appointed receivers for the company, interest on the $2,500,000 1st M. bonds being in default.—V. 91, p.
518, 462.
Concord & Montreal RR. (Boston & Maine RR.).—Bonds
Offered.■—Lee, Higginson & Co., N. Y., Boston and Chicago,
are offering, at 99
and int.,yielding over 4.05%, $500,000
consol, (now 1st) mtge. 4% bonds dated 1890 and due June 1
1920.
Legal invest, fof savings banks in Mass., Conn.,
N. H. and Me.
Capital as of Jan. 2 1911: Consols, incl. this




street railroad, 6,000 shares of common stock and $30,000 1st M.
of the
Indianapolis & Southeastern Traction Co., also all Interest under the

company’s lease of the property of the Indianapolis & Southeastern Traction
Co., embracing 46.3 miles of electric railway.—V. 91, p. 945, 518.

Kansas City Mexico & Orient Ry.—Bonds.—The London

Exchange has been asked to list scrip, fully and partly
paid, for $5,000,000 4% 50-year 1st M. gold bonds, being
the block sold last July; and additional to the $3,014,000
previously listed.—V. 91, p. 94, 38.
Kansas City Terminal Ry.—Listed.—The New York Stock
Exchange has listed $12,500,000 1st mtge. 4% bonds, due
1960, offered in March last (V. 90, p. 627, 698), with author¬
ity to add, prior to July 1 1911, $2,500,000 additional on no¬
tice of sale, making the total authorized to be listed $15,000,000.—V. 91, p.*589, 518.
Lake Erie & Western RR.—Directors.—Frederick W. Van¬
derbilt, H. W. Cannon and Wm. C. Brown have been
elected to the board.—V. 90, p. 692.

Lehigh Valley Transit Co.—Sales of Stock.—During the

last month a large amount of the stock, estimated at more
than $200,000 preferred and $400,000 common, face value,
has changed hands privately.
The shares are reported to
have included, with others, a portion of the holdings of the
late A. L. Johnson, and they were made, it is said, by or

through Allentown and other banks in whole or part to a
Philadelphia banking house, at between $4 and $5 for the
common and between $14 and $15 for the preferred.—V. 91,
p. 154.
Lexington & Eastern Ry.—Bids for Extension.—The com¬
pany was to receive bids Oct. 12 for the construction of 80
miles of its proposed extension from Jackson to Whitsburg,
Ky. Compare V. 91, p. 589.
Louisville & Nashville RR.—Called Bonds.—In

our

adver¬

tising columns this week will be found the numbers of
$110,000 Evansville Henderson & Nashville Division bonds
which have been called for payment at the company’s office,
No. 71 Broadwav at 110 and interest on Dec. 1.—V; 91,
p. 953.
Manila RR.—Listed.—The New York Stock Exchange
listed $2,000,000 Southern lines 1st mtge. 4% bonds,

1939.—V, 91, p.717, 276.

has
due

Manistique Ry.—Te Be Dismantled,.—Operation “of the
road, which was sold at trustees’ sale last week, ceased on
Oct. 12 and the property is to be dismantled and the ma¬
terial sold for what it will bring.—V. 91, p. 946, 519.

THE CHRONICLE

1026

1908-

Mexican Northern

*

Ry.—Option to Extend Bonds.—Secre¬
tary Robert E. Safford, on another page, says in substance;
Of the original issue of $1,660,000 6% bonds, all except $703,000 have
been retired by the sinking fund.
The remaining $708,000 will become due
on Dec. 1 1910.
The company is willing (per agreement in V. 88, p. 1437,
1500) to extend the outstanding bonds until Dec. 1 1930 at 6% Interest.
The holders of upwards of three-fourths of such bonds have elected to have
their bonds so extended.
The company will at its office, 82 Beaver St.,
N. Y., on or before Dec. 1 1910, at the holder’s option, either (1) extend
same or (2) purchase such bonds,
paying principal and Interest to date
therefor.
All bonds not so extended or purchased will be redeemed at the

190-_$,637

Guaranty Trust Co. of N. Y., 30 Nassau St.—V. 89,

d. 1280.

Mexican Ry.—Dividend on Ordinary Shares.—The direc¬
tors have declared a dividend of % of 1% per annum on the

£2,254,720 ordinary shares for the half-year ending June 30
1910, along with dividends at the full rates of 8% and 6%,
respectively, on the first and second preference. No dis¬
tribution has been made on the ordinary shares since 1892
and 1897, when small amounts (less than 1%% together)
were paid on account of Government freight arrears.
Last year at this time a distribution at the rate of 8% per annum was
declared on the first preference stock and 2 % % on the second preference
stock, and in April 1910 the same on the first preference stock and 2%%
on the second preference shares, making the full rate of 8% for the calendar
year 1909 on the first preference shares and 2 */\% on the second preference
shares.—V. 88, p. 944.

Michigan Central RR.—Financing.—See New York Cen¬
91, p. 276.
Michigan United Rys.—Report.—For year end. April 30:

tral & Hudson River RR. below.—V.

Fiscal

Gross
Revenue.

Year—
1909-10

—V.

Net
Rev.

Other

PJ. Divs. Balance,
Inc.
(6%)
Sur.
$15,451 $360,736
$60,000 $143,863
5,667
365,891
60.000
92,747

$1,233,439 $549,223
1,021,128
452,971
90, p. 914.

Int. &
Taxes.

Minneapolis St. Paul & Sault Ste. Marie Ry.—Listed.—
The NewYork Stock Exchange has listed $3,607,000 addi¬
tional 1st consol, mtge. 4% bonds, due 1938, making the
total listed to date $50,705,000.
Purposes Jor Which the $3,607,000 Bonds Have Been Issued.
To construct 180 miles at $20,000 per mile under the terms of the
mtge., extending from a point near McGregor, Aitken Co.,
Minn., northwesterly through Aitkin, Cass, Hubbard, Bel¬
trami, Clearwater and Polk counties, Minn., to Plummer, in
Red Lake Co., Minn., 167.91 miles; from iron Hub on the
Cuyuna branch, in Crow Wing Co., Minn., southwesterly to
Deerwood, in the same county, 4.32 miles; from a point 2^
miles west of Iron Hub, Crow Wing Co., Minn., to Crosby,
in "the same county, 4.24 miles; also an extension of the socalled Brooten-Duluth line, all in the city of Duluth, St. Louis
Co., Minn., 1.53 miles, and an additional piece of main track
In the city of Minneapolis 2 miles
$3,600,000
In exchange for $7,000 Minn. & Pacific Ry. 1st M. bonds deposited
with the trustee
7,000
—V. 91, p. 787, 790.

Mobile & Ohio

Fiscal
Year—

Operating

Net (a)ter

Other

Revenue.

Taxes).

Income.

year

ending June 30:

Interest,

Dividends

Balance»

Rents, &c.
Paid.
Surplus•
$2,902,902 $229,88 0 $2,580,196 *$242,824 $309,762
9,727,727
2,865,976
2,631,146
202,608
*301,030
136,408

1908-09.

* In 1909-10, 4%; in 1908-09, 5%
From the balance as above In 1909-10 was deducted $28,431 for additions
and betterments, against $19,446 in 1908-09, leaving $281,331 in 1909-10,
against $116,962.—W. 90, p. 1614.
.

.

Montgomery (Ala.) Traction Co.—Franchises.—The city
on Sept. 19 granted a franchise to Charles E. Wood¬
ward of Boston, who is understood to be associated with

Council

other interests, to construct a road within the city limits,
work to be begun within six months.
See also Citizens’

Light, Heat & Power Co. under “Industrials” below.—
Y.

88,

p.

375.

Newport & Richford RR.—Guaranteed Bonds Offered.—
Lee, Higginson & Co., New York, Boston and Chicago, are
placing, at 111% and int., yielding 4.30%, the total auth.
issue of $350,000 1st M. 5% gold bonds, guaranteed, prin.
and int., by the Connecticut & Passumpsic Rivers RR. Co.
(Boston & Maine RR. system). Bonds, par value $1,000 c*,
dated Jan. 1 1911 and due Jan. 1 1941.
Int. J. & J. at
Boston.
Legal invest, for savings banks in Maine and N. H.
Boston Safe Dep. & Trust Co., trustee.
Issued to retire

$350,000 1st M. 5s due Jan. 1 1911.

A circular says:

A closed 1st M. on the entire property and guaranteed, prin. and
int.,
by Connecticut & Passumpsic Rivers RR. Co., which is leased until 1986
to the Boston & Maine RR., the last-named company assuming all expenses,
taxes and Interest charges of the Connecticut & Passumpsic Rivers RR. Co.
(lncl. Interest on these bonds) and 6% dividends on the Conn. & Pass. Riv¬
ers RR. Co. $2,500,000 stock.
The Newport & Richford owns 22 miles of
road extending from Newport and Richford, Vt., to the Canadian boun¬
dary, and connecting with the Montreal & Atlantic Ry., to which it is
leased until 1980.
The entire N. & R. capital stock ($350,000) is owned
by the Conn. & Pass. Rivers RR. Co —V. 91, p. 946.

New York Central & Hudson River RR.—Improvements—
Financing.—President W. C. Brown at Washington on Oct.
13, in his statement before Examiner Lyon of the Inter-State
Commerce Commission, contending that freight rates must
be advanced if the railroads are to be able to finance the im¬
provements which are necessary in order to provide adequate

facilities, said in substance:

The result of this wage-arbitration and other Increases made
necessary

by it added approximately $3,595,000 to the payroll of the New York Cen¬
tral alone, all of which, under one of the provisions of the
agreement, be¬
came effective on April 1.
In addition to this there will be a further in¬
crease of approximately $125,000 per annum, which will
become effective
Jan. 1 1911.
Similar arbitration was held on the New York Central
lines west of Buffalo, and on these roads the Increase will amount to
approxi¬
mately $4,200,000, with an additional amount of $50,000 to take effect
during the first half of 1911.
The New York Central lines have in progress
improvements aggregating
many millions of dollars, much of which remains to be provided and ex¬
pended in subsequent years (after 1910), in order to complete tne
work,
as shown in the
following table (tabulated by the “Chronicle”):
Approximate Cost oj Improvements Now in Progress on N. Y. Central Lines.
on

•

..

w

,

__

_

Total

Cost.

|.

N. Y.C. & H. R
$155,000,000
Lake Sh. & M. Sou,
61,000,000
Mich. Central RR.. * 14,200,000
Pitts. & Lake Erie,
9,150,000
C. C. C. & St. L
7,300,000




,■

Exp. Prior
to 1910.

$75,000,000
30,000,000
9,700,000
4,500,000
660,000

Est. Outlay
Year 1910.

Balance
Subs. Years.

$42,000,000

$38,000,000
19,000,000

12,000,000
3,500,000
3,400,000
6,300,000

1,000,000
1,250,000
340,000

LXXXXI

As soon as details can be agreed to with the authorities of the
City of
New York, our entire freight line from Spuyten Duyvil to St. John’s Park,
lying along the west side of Manhattan Island, must be rebuilt, including
Its elevation or depression; electricity must be Installed and new terminals
constructed.
Other proposed improvements are: (1) The elimination of

grade crossings, new passenger stations and remodeling of freight facilities
at Utica.
(2) The elimination of grade crossings and construction of new
passenger stations at Syracuse.
(3) The construction of a new passenger
station and necessary remodeling of freight facilities in connection with the

changed location of the passenger station at Buffalo.
(4) The completion
four-tracking of the main line between Albany and New York, includ¬
ing re-alignment and necessary station changes.
(5) The Stuyvesant cut¬
off, connecting the West Shore with the Boston & Albany south of Albany,
ln
t0 send traffic around the congested terminals at Albany.
These and similar expenditures will amount, to about $100,000,000.
I cannot better illustrate the situation than
by the recent attempts of
the Michigan Central to market ln this
country and ln Europe $17,500,000
of Its 4% debentures.
The low bonded debt of the Michigan Central and
the previous stability of its earnings should have made such an issue at¬
tractive ln any security market.
It has been impossible, however, to se¬
cure any bid which could be considered.
The best was one recently made
of the

of 87 for the entire issue.
The acceptance of this would have Involved a
discount of over $2,250,000 on an issue of $17,500,000.
The only alterna¬
tive is to borrow money on short-time notes, and a result of an effort to do
this shows that it will be necessary to
pay approximately —and in my
opinion, fully—6% Interest on such notes.
I believe that this condition
will continue until the revenues of the
companies can be Increased through
an Increase in rates.—V. 91,
p. 655, 337.

New York New Haven & Hartford RR.—New Secretary.—
Assistant Secretary Arthur E. Clark has been elected Secre¬
tary to succeed the late J. G. Parker.—V. 91, p. 946, 941.
New York Susquehanna & Western
RR.—Report.—For
year

ending June 30:

Fiscal
Year—
1909-10
1908-09
-

Operating
Revenue.

$3,474,360
—

—

—

3,252,745
-

»

—V. 91, p. 95.

Net (after
Taxes.)

Other
Income.

$1,074,935
1,046,272

$130,938

Fixed
Charges.
$1,016,119

78,627

1,004,712

—

*

»

-I''*

-

I-

— —

Balance,
Surplus.
$189,754
120,187
.

Norfolk & Southern Ry.—Receivers’ Certificates Called.—
The $1,000,000 of receivers’ certificates dated Dec. 29 1908
have been called for payment at par and int. on Nov. 10 1910
at the Manhattan Trust Co.. N. Y.—V. 90, p. 1239.
Norfolk & Western Ry.—Authorized,—The stockholders
Oct. 13 authorized the directors (1) to create at their dis¬

,

RR.—Report.—For

[VOL.

on

cretion not

exceeding $50,000,000 convertible bonds and
(2) to increase the common stock from $100,000,000 to $150,000,000, and (3) ratified the acquisition of the Big Stony Ry.
and the lease of the Norfolk Terminal Ry.
Compare V. 91,
p. 463, 712, 722.
Northern Central Ry.—Opposition to Lease.—Townsend
Scott & Son, Baltimore, in an advertisement in the “Balti¬
more Sun” of Oct. 8 explain at considerable length their
reasons for opposing the lease proposition.
The firm asserts that the Income of 11.2% which the proposed lease
would afford on the par value of the present stock should be compared not
with the present 8% rate but with the 8% rate plus the average amounts
received by way of stock dividends, stock riehts, &c., which, the firm
figures, have raised the annual return to the shareholders during the last
ten years to 20%.
The directors, they say. have acknowledged that the
road is able to pay 11.2%, and the firm contends that it can be compelled
tOjpay that amount notwithstanding opposition by a controlling Interest.

Meeting Adjourned.—The meeting called for yesterday to
on the lease was adjourned until Nov. 2 in order that
stockholders might have ample time to study the contract.
More than 90% of the minority stock, it is stated, would
vote

have been cast in favor of the lease had the vote been taken.

—V. 91, p. 871, 790.
Ocean Shore Ry.,

California.—Franchise through Rich¬
mond, &c., Districts Lapses.—The board of supervisors at
San Francisco on Oct. 3 by a vote of 8 to 7 declined to renew
the company’s 5-year franchise (which expired Oct. 5 1910)
to build a line in the Richmond Oceanside and Ingleside
districts connecting with the main line to Santa Cruz.—
V. 91, p. 871, 519.
Old Colony RR.—New Stock.—The stockholders, accord¬
ing to newspaper reports, have authorized an additional
amount of stock, or will shortly vote thereon.
There is now
outstanding $20,364,000 stock.—V. 90, p. 1597.
Oregon Short Line RR.—New Stock.—The shareholders
on Oct. 12 voted unanimously to increase the capital stock
to $100,000,000.
New Directors.—Marvin Hughitt of Chicago has become a
director, succeeding P. A. Valentine.—V. 91, p. 871.
Overton County RR.—-Receivership.—In the latter part of

September the Continental & Commercial Trust & Savings
Bank of Chicago, acting as trustee under the first mortgage
securing an issue of $250,000 1st M. bonds, filed a bill in the
Circuit Court of the United States for the Middle District
of

Tennessee, Northeastern Division, to foreclose said first
mtge., the April 1910 coupons being in default. On Oct. 1
1910

George A. Clark, of Nashville, Tenn.,

was

appointed

temporary receiver.—Y. 84, p. 104.
Pennsylvania RR.—Bonds Offered.—White, WeM & Co.,
New York and Chicago, have purchased, and are placing at
100% and int., a block of about $1,000,000 of the Allegheny
Valley Ry. gen. mtge. gold 4s, tax-exempt in Pennsylvania.
Authorized and outstanding, $20,000,000.
A circular says;
A closed 1st M. on 263.70 miles of road from Pittsburgh northerly to
City and Driftwood. 132 miles of which forms the southern half of
Pennsylvania main line from Pittsburgh to Buffalo.
Endorsed with
unconditional guaranty as to prin. and int. of the Pennsylvania RR.
In April 1910 was merged with that company.—V. 91, p. 946, 655.

Oi
the
the
Co.

Pere
Marquette RR.—New Director.—Frederick H.
Prince, of Boston, has been elected a director to succeed
A. Patriarche, who, however, remains a Vice-President.—
V. 91, p. 946.
Rio Grande Ry.—Re-Sale Ordered.—Judge Burns in the
Federal Court on Oct. 3 on application of minority stock¬
holders ordered a re-sale of the property.
The road was sold for $48,000 ln July last, but the minority stockholders
objected to the confirmation of the sale, claiming that the property is

Oot. 15

THE CHRONICLE

1910.)

worth not less than $125,000
A re-sale Is ordered provided a bond Is
given on or before Oct. 18 In the sum of $125,000 that at the re-sale a sum
not less than $125,000 will be bid.
In default of the bond the original sale
of $48,000 will stand confirmed—V. 91, p. 337, 276.

Rome & Clinton RR.—Corporation Tax Diminishes Occa¬
sional Dividend (Rental Guaranty).—A circular dated July 1

explains as follows the fact that the July 1910 dividend was
3% and not the 3>6% usually paid from guaranteed rental.
Owing to the Income tax recently assessed on corporations by the U. S.
Government, It becomes necessary to slightly reduce an occasional dividend
to provide for the deficit caused by the payment of the tax.
It Is expected
the usual 3 H% will be paid Jan. 1 1911.

South Buffalo

(N. Y.) Ry .—Decision.—Justice Pound
Supreme Court at Buffalo, in a suit brought by one
Ives, a switchman, recently sustained the constitutionality of
Chapter 674 of the N. Y.. laws of 1910 amending the labor law
in the

in relation to workmen’s

compensation for injuries in certain
dangerous employments, including work on steam and

electric roads.
Prior to the enactment of the statute referred to, the plaintiff would have
had no remedy* but under it he may recover according to a fixed seal
of compensation without establishing that the defendant was at fault.
The plaintiff brought himself under the provisions of the Act by showing
that he was injured while on duty without negligence on the part of the
defendant and “without serious or wilful misconduct” on his part, but

solely by reason of the necessary risk or danger of his employment.
The
Court says the Act is based on the workmen’s compensation Act of England,
the old common law having afforded no remedy for injuries in industrial
accidents not attributable to the negligence of the employer.

Southern Pacific RR.—Listed.—The New York Stock Ex¬

change has listed $7,620,000 additional first refunding mtge.
guaranteed 4% bonds due 1955, making the total amount
listed to date $117,002,000.
Purposes Jot which $7,620,000 Bonds Have Been Issued.
To retire $3,926,000 of the $4,000,000 outstanding Southern

Pacific RR. of Arizona 1st M. 6% bonds. Series B, which ma¬
tured March 1 1910, and $60,000 to pay bonds of the Issue of a
like amount when presented
$3,986,000
For refunding purposes, as provided under Art. 2, Sec. 4
1,992,000
Against the expenditure of $1,642,400 to construct additional new

lines, and for betterments and additions

Earnings.—For

Fiscal

year

Gross

1,642,000

ending June 30:

Net
Other
Charges,
Balance,
Bamings.
Income.
Taxes,Ac.
Surplus.
$51,118,906 $22,247,130 $2,254,643 $9,568,941 $14,932,832
43,829,941
18,342,437
1,789,458
9,347,288
10,784,607
—V. 90, p. 850.
Year—
1909-10
1908-09

Earnings.

Toluca Marquette & Northern RR.—Sold.—See
Alton RR. above.—V. 89, p. 1598.

Tonopah & Goldfield RR.—Report.—For

Chicago &

year

ending

Interest and

Balance,
surplus.
$27,734
26,529

June 30:
Fiscal
Year—
1909-10
1908-09.

.

Operating

•

Net (ajter

revenue.

taxes).

$789,205
910,019

$167,830
182,585

Other
income.
$3,772
3,165

charges.
$143,868
159,221

Twenty-eighth & Twenty-ninth Streets Grosstown RR.—

Foreclosure Sale.—The foreclosure sale, which was to have

taken place on Oct. 3, has been indefinitely postponed.
The sale will be re-advertised, in all probability to take place
in Nov. or Dec.—V. 90, p. 1556; V. 91,p. 96.

Union Pacific RR.—New Director.—Mortimer L. Schiff
has been elected a director to succeed P. A. Valentine.—
V. 91, p. 872, 791.

Wabash-Pittsburgh Terminal Ry.—Negotiations with Wab¬

ash RR.—The first
lace is Chairman

mortgage committee of which J. N. Wal¬
announces
that:
“The contemplated
report of this committee to the holders of certificates of
deposit will be deferred for the present in view of the nature
of the committee’s negotiations now in progress with a com¬
mittee recently appointed by the board of directors of
Wabash RR. Co.
Compare V. 91, p. 791, 718.
The committee of Wabash directors consists of Gen. Thos.
H. Hubbard, Robt. M. Gallaway and Edward B. Pryor.—
V. 91, p. 652, 39.

Washington

Alexandria

&

Mt.

Vernon

Authorized.—The plan of consolidation was
Oct. 12 by the stockholders.—V. 91, p. 947.

Ry.—Merger
approved on

West Penn Traction Co.—Bonds Offered.—J. S. & W. S.
Kuhn (Inc.), Pittsburgh, Pa., Philadelphia, New York, &c.,
are

offering at 97 and int. $350,000 1st M. 5% gold bonds, tax-

free in Pennsylvania, dated June 1 1910, due June 1 1960.—
V. 91, p. 39, 398, 590.
Wisconsin Minnesota & Pacific RR.—Agreements Assumed

by Reorganized Chicago Great Western Company.—Judge San¬

born in the United States Circuit Court at St. Paul on Oct. 12
signed a decree incorporating the provisions of an agreement
between the company, Chicago Great Western RR. (the new

reorganized company) and the Mercantile Trust Co., as trus¬
tee, to protect the rights of the holders of the company’s
1st M. 50-year gold bonds.

The agreement Is made In compliance with the provisions
of the decree of
the United States Circuit Court, District of Minnesota, of
July 10 1909,
under which the property of the C. G. W. Ry. (old
company) was sold to
and purchased by the C. G. W. RR. (the new company).
The new C. G. W.
company assumes all leases and traffic agreements entered Into between the
old company and the W. M. & P., and subjects Itself to the same duties and
liabilities as the old company for the satisfaction of all rights and claims,
past or future, of the W. M. & P. and Its bondholders thereunder. Includ¬
ing all rights to or In respect of the surplus net earnings derived from the
operation of the W. M. & P.
The surplus net earnings at the time of the
conveyance of the C. G. W. properties to the new company amounted to
$357,507. The agreement provides that In respect to this surplus of $357,507, as well as any surplus net earnings derived from the operation of the
W. M. & P. by the new company, that the new company shall be bound by
all the provisions of the leases and traffic agreements In the same manner,
as the old company would have been had It received such net
earnings.
Compare O. G. W. report, V. 73, p. 566.—V. 84, p. 694.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Albemarle & Chesapeake Canal Co.—Sale.—The fore¬
closure sale ie set for Nov. 10 at Portsmouth; No upset price.




1027

The bondholders’ committee now consists of James M. Edwards of R. T.
Wilson & Co., Chairman; R. L. Harrison (59 Wall St., N. Y.), and H. T.
Cutter.
All except 21 of the $500,000 bonds have been deposited.
A re¬
organization plan will be adopted later.
The plan put out In 1908 (V. 87,
p. 168) has been abandoned.
See also V. 91, p. 947.

1908-

Amalgamated Asbestos Co., Montreal.—Dividend Not
pref.

Declared.—The October dividend on the $1,875,000
stock has not been declared.
Dividends Nos. 1 and 2

were

paid April 1 and July 1 1910.
Call on Underwriting Syndicate.—The subscribers to the
syndicate that underwrote the $7,500,000 bonds last week
received the following notice:

190-

Kindly make

an

Immediate payment to the Royal Trust Co. of Montreal

of 10% of the amount of your subscription to the bonds.
In a few days
final statement will be sent you showing the balance due on your subscrip¬
tion.
[The bond syndicate, which will expire Nov. 1 next, paid 20% cash
down, received as bonus 25% common stock, which was delivered to them;
also 25% pref., which, It Is said, was released to them only on payment of a
second 20% on the bonds. Comparatively few of the bonds it Is under¬
stood were placed.
Ed],—V. 91, p. 277.
a

American Dock & Trust Co., New York.—Earnings.—
Earnings for the 12 months ending Aug. 31 1910:
Gross earnings
Net earnings

$216,323 1 Deduct—Taxes
155,8411 Int. on $750,000 5% bds.

$6,311
37,500

Balance, surplus, after allowing for full interest on the $750,000
bonds now being issued
$112,030
The company owns five covered piers and 24 warehouses; also a terminal
railroad connecting with the B. & O. RR., on Staten Island, adjoining the
Municipal Ferry. Pouch & Co., New York, recently offered the 1st M. 5s.
See full statement In V. 91, p. 872.

American Shipbuilding Co.—Report.—The
fiscal year ending June 30 were:
Fiscal
Year—
1909-10

Net

Deprec’n, PreJ. Divs.
Common
add'ns,Ac.
(7%)
dividends.
*$1,980,654
$543,332
$553,000
(4%)$304,000
1,257,722
379,643
553,000
1,713,908
387,961
553,000
(6%) 456,000
278.
earnings,

1907-08

—V.

results for the

91, p.

.

Balance,
surplus.
$580,322
325,078
316,947

American Tobacco

Co.—Assigned for Re-Argument Jan. 3.
Supreme Court of the United States at the request of
Attorney-General Wickersham on Oct. 11 re-assigned for
hearing on Jan. 3 next the re-arguments in the Government
suits against the company and the Standard Oil Co., which
had been previously set down for Nov. 14.
—The

It is expected that
be filled in order to

by the time named the two vacancies In the court will
The case
permit of hearings before the full Court.
against the American Tobacco Co. is to be given preference.—V. 91, p. 1364.

American Window Glass Co.—Plan Fails.—The amount

of

pref. stock deposited under the plan of April 20 failed
required amount, and the creditors’ committee
has therefore notified the assenting holders to surrender
their deposit receipts to the Commonwealth Trust Co. of
Pittsburgh in exchange for stock certificates not later than
Oct. 25.
Compare V. 90, p. 1427, 1172.
American Zinc, Lead & Smelting Co.—Report.—For year:
to reach the

Fiscal Year
end June SO.
1908 09

Net

Earnings.
$359,325
360,380

General

Int. on

*Expenses. Bonds. Ac.
$89,007
$61,433
58,583
57,351

Dividends

(4%).
$80,520

Balance

Surplus.
a$128,365
a244,445

*

General expenses include commission for underwriting debenture bonds
Amount in 1908-09 not stated.
amounting to $30,000 in 1909-10.
a From tbe surplus as above, $128,365 In 1909-10, was deducted $25,000
transferred to special reserve fund for additions and betterments to proper¬
ties, against $162,016 in 1908-09.—V. 90. p. 1241

Associated Oil Co., Los Angeles.—Oil Contract.—A con¬

tract between the company

and the Independent AgencyOct. 5, placing, it is said, practically
California outside of that handled
by the Standard Oil Co. in the hands of one marketing
agency for the next three years.
The “San Francisco News

Union Oil Co. was signed
all the oil produced in

Bureau” of Oct. 6 says:

The contract provides for the marketing of the agency’s vast amount of '
unsold oil through the Associated, but no price Is mentioned, and aligns
all the powerful factors In the California oil Industry, except the Standard,
In harmonious co-operation.
Of the total oil production of California,

approximately 215,000 barrels per day, the Union-Independent Agency
produces 100,000 barrels.
The Associated Is the next largest factor In the
oil production.
The Union-Independents are to retain all their
present business. The
Associated Is to retain all Its present business.
All new business taken
under the contracts to be made by the Associated Is to be assigned to the
Union-Independents until such a time as the volume of sales of the latter
equal the volume of sales of the Associated. Thereafter the business, which
Is to say the contracts for the sale of oil. Is to be divided equally between
the Union-Independents and the Associated.
The Associated Is to receive
a commission of 10% on all sales of oil for the Union-Independents.—
V. 90. p. 1484.

Bethlehem Steel
months

Corporation.—Earnings.—For the eight
ending Aug. 31 1910:

“Total Income” of the corporation and its subsidiaries, being the
net manufacturing profits, together with interest on invest¬
ments, rents, &c
$2,732,566
Deduct interest on bonds and notes.
1,111,949

Balance, surplus, for the eight months

$1,620,617

It is expected that the net earnings for the full year 1910, after charging
off $400,000 or $500,000 for depreciation, will be close to $2,000,000, or
about 13% on the $14,908,000 preferred stock.—V. 91, p. 278.

Chicago Junction Rys. & Union Stock Yards Co.—Offer
for Stock.—Unknown interests have made an offer to the
leading shareholders, through F. S. Mosely & Co., N. Y.
and Boston, to purchase $1,650,000 of the stock at $160 a
share (par $100).
About 75% of the amount named had
been deposited up to Oct. 13.
It Is probable that a communication will be sent to the smaller stock¬
holders offering them similar terms for an amount sufficient to bring the
total up to the 16,500 shares desired.
The bankers state that they have
no knowledge as to the Identity of the real buyers of this stock, do not
know
why It Is wanted and are unable to find out. A Chicago dispatch states
that the packers In that city deny being Interested In the bid.
Another
assumption Is that directors are considering a plao to Increase the capital¬
ization so that outstanding capital obligations will more nearly equal
prop¬
A leading director states that for the year the 8% common
erty assets.
dividend will not be fully earned.
The current 12 months has been one
of Continued depression for the packers, and In this Chicago Junction will
naturally share.
The common dividend will, of course, be paid* a the

1028

THE CHRONICLE

<•

|Yol.uoxxi.

oompany has abundant surplus and In norma! years earns from 10% to
14%oh Its$6,500,000 oommon.—(“Boston News Bureau/’)—V. 80, p. 101ft.

confiwned the sale on Sept. 29 for $76,000 of the steamboats
“Saratoga” and “Frank Jones.”—V. 91, p. 876, 792.
Northwestern Telegraph Co.—Bonds.—See “Annual Re¬
granted by the City Council to Richard Tillis ports” Western Union Telegraph Co.—V. 90, p. 1365.

Citizens’ Light, Heat A Power Go. of Montgomery, Ala.—
Franchise to Other Interests.—Mayor Gunter on Oct. 3 signed
*

the franchise
and associates, who are interested in the Montgomery Trac¬
tion Co., to erect and operate a new electric-light plant
in the city.

Work Is to be begun within 6 months and within 18 months light fur¬
nished within the fire limits of the city and to at least half of the residence
section.—V. 91, p. 792, 466.

Columbus & Hocking Coal A Iron Co.—Plan.—'The re¬
organization committee announces that at a meeting of the
2nd mortgage bondholders held Oct. 5 it was unanimously
decided to assent to the reorganization plan.

A large majority of the first mortgage bonds
has already assented.
Upwards of 45,000 out of a total of 70,000 shares of the common stock
have been deposited and arrangements have been perfected by the Com¬
mittee to underwrite the assessment on any stock not deposited within the
time limited by the plan.—V. 91, p. 874.

Consolidated Gas, Electric Light A Power Co. of Balti¬

more.—Earnings.—For
Fisca
Year—
1909-10

Gross

year

ending June 30:

Fixed
PreJ. Com. Divs. Bal.,
Taxes).
Charges.
Divs.
(2%).
Earnings.
Sur.
$4,699,098 $2,433,564 $1,374,362 $423,603 $126,001 $509,598
1908-09..- 4,449,276
2,169,698
1,383,164
423,603
362,931
From the surplus as above in 1909-10 was set aside $257,596 for reserve
for renewals, amortization, contingencies and other corporate purposes.
—V. 91, p. 947, 719.

Deschutes (Ore.) Irrigation & Power Co.—Foreclosure Sale.
—Receiver C. M. Redfield, acting as special commissioner,
on Oct. 10 sold the property at foreclosure sale to Jesse
Stearns of Portland, former Secretary of the company; Louis
G. Addison, attorney for the bondholders, and Louis N.
Farnum of J. G. White & Co. of New York, who will be fiscal
and constructing agents of the new company, all acting as
trustees for the bondholders.—V. 90, p. 917.
Dominion Iron A Steel Co., Ltd.—Listed in London.—The
London Stock Exchange has listed a further £200,000 5%

consols, making the total amount of sterling bonds listed
£1,400,000.—V. 90, p. 1673.
Federal Coal A Coke Co.—Bonds, &c.—See “Annual Re¬
ports,” Massachusetts Gas Companies.—Y. 87, p. 1090.
General Motors Co., New York.—Notes—Further Particulars—Merger.—The $15,000,000 6% first lien five-year
sinking fund gold notes (V. 91, p. 947) are to be secured by
immediate deposit with the Central Trust Co., trustee, of
$15,000,000 1st M. 6% five-year notes of the General Motors
Co. of Michigan, all of whose capital stock is owned by the
General Motors Co. and deposited with the aforesaid
The notes of the General Motors Co. of Michigan
trustee.
will be a first mortgage on the real estate, plants and equip¬
ment now owned by the companies included in the list shown
in last week’s “Chronicle” (p.947) except the Weston-Mott
Co. and the McLaughlin Motor Car Co., Ltd., the latter two
not being controlled by majority stock
ownership.
The various controlled companies will convey all their real estate, plants
and equipment to the General Motors Co. of Michigan; also their
patents
and trade-marks, all of which will be mortgaged to secure the $15,000,000
first mortgage notes deposited with the Central Trust Co.
These first
mortgage notes will be part of an authorized issue of $20,000,000,and If
any of the remaining $5,000,000 are to be Issued they are to be acquired
by the General Motors Co. and pledged with the Central Trust Co., trustee.
There will also be deposited with said trustee all the shares of stock of all
the companies now owned or hereafter acquired by the General Motors
Co.,
Including the stock of the Weston-Mott Co. and the McLaughlin Motor Car
Co., Ltd., which latter two companies, as above explained, are not con¬
trolled by a majority stock ownership.
If any of the subsidiary companies
Issue further stock in the future, the General Motors Co. must
acquire the
same proportion thereof as its stock holdings then bear to the
whole, and
must pledge such new stock as further security for the notes.
SeealsoV.
91, p. 947.

Great Western Power Co.—Earnings.—This company,
whose present capacity is said to be 53,000 h.p. reports:

Compare V. 89,

p.

Gross.

$509,940
492,151

Over. Exp.
$155,899
171,177

The

following towns have requested the Commission for estimates:
on 2,500 h.p.; Belleville, 3,200
h.p.; Deseronto, 300 h.p.; Brockvllle, 500 h.p. to 1,000 h.p.; Oshawa, 500 h.p.;
Cobourg, 900 h.p.; Bowmanyllle, 600 h.p.; Plcton, 500 h.p., and Durham, 2,000 h.p.
Ralston Welsh, Philadelphia, recently Issued an interesting
Kingston

.

description of the plant, business and bonds of the Ontario Power Co.
Compare V. 91, p. 720. 792.

Pacific Coast
Fiscal
Year—

Co.—Report.—For

Gross

Net (ajter
Taxes).

years

Other

ending June 30:

Total

Total
Balance,
Earnings.
Income. Chgs., &c.
Divs.
Surplus.
$7,903,148 $1,512,479 $21,808 $490,204 $928,750 $115,333
6,580,507
959,489 13,154 310,710 516,250 145,683
The dividends, as above, Include $76,250 (5%) on first pref. yearly, and
In 1909-10 7H% each on 2d pref. and com. stock
($310,000 and $542,500,
respectively), against 4% on each of the two stocks last named, calling'
for $160,000 and $280,000 respectively.—V. 90,
p. 171.

1909-10
1908-09
_

J

^

.

Net (aj*er

Earnings for—
Seven months ending July 31 1910..
Seven months ending Dec. 31 1909._

Ontario Power Go., Niagara Falls.—Ontario Government
System in Partial Operation.—The Hydro-Electric Com¬
mission of the Ontario Government at
Berlin, Ont., on
Oct. 11 formally
inaugurated their service over this com¬
pany’s lines.

Net.

$354,041
320,974

1283, 1485.

Harrison Bros. A Co. Incorporated, Philadelphia.—New
Directors.—James Dobson and W. Frederick Snyder, both of

Pierce, Butler A Pierce Manufacturing Co. (Steam and
Heating Apparatus and Plumbers’ Supplies),
Syracuse, N. Y.—Preferred Stock Offered.—Spencer Trask &
Co., N. Y., Chicago, Boston and Albany, are offering at
par ($100 a share and accrued div.) $1,000,000 7% cumula¬
tive pref. stock, yielding full 7%. The firm
says:
Hot Water

Dividends Q.-J.
Redeemable as a whole but not In part prior to July 1
1913 at 110 and accrued div., and thereafter at 115 and accrued
div. on
60 days’ notice.
Pref. both as to assets and divs.
Capitalization (There is no bonded debt)—
Authorized.
Outstanding.
7% cumulative preferred stock-$2,000,000
$1,385,000
Common stock3,000,000
1,500,000
Of the $1,385,000 pref. stock, $385,000 is to be used in
retiring existing
Issues of 6% 1st pref. stock and 7% 2d pref. stock
The books show that
the company has paid full dividends on previous Issues of pref. and common
stocks for 10 years without interruption, the record covering two
periods
-

of

severe

business depression.

Condensed Statement by President William K. Pierce Oct. 1 1910.
A New York corporation (organized 1886), having developed from the

firm of S. P. Pierce & Sons, established In 1839.
Manufactures steam and
hot water heating apparatus, Including boilers and radiators, and sanitary

plumbing supplies, such

as

sanitary and bath-room appliances and all the

lead pipe used therefor.
One of the most widely known concerns engaged
in this line of business in the United States.
The plant is located about
2 miles from the business centre of Syracuse, N. Y., while the executive
offices are in the city proper.
The plant covers about 20 acres, and its
equipment is of the most modern type.
Practically all of the machinery Is

operated electrically, the

power being brought from Niagara Falls.
Narrow
extend to all parts of the plant.
Has organized and controls
Brass Mfg. Co., Cattaraugus, N. Y., and the Century Sanitary
Mfg. Co., Syracuse, N. Y.', which supply accessories, such as plumbing,
brassware and fittings.
Net Sales oj Principal Products Jot Fiscal Years Ended Jan. 31.

gauge tracks
the Century

1910.

Heating apparatus
Plumbers’

1909.

1908.

1907.

1906.

$1,103,938 $856,521 $1,090,445 $973,458 $943,475

supplies..- 1,029,810
706,696
792,778
882,506
677,517
as oj Jan. 31 1910, ajter Sale oj the New Pre/erred Stock, but
without Allowance J or Patents, Goodwill, Ac.
Assets ($3,425,700)
Liabilities, incl. surp., ($3,425,700)
Real estate, equip., &c—$1,000,593 Preferred stock
$1,385,000
Cash
415,298 Common stock
1,500,000
Accts. & bills receivable.. 1,031,215 Accts. & bills payable
145,106
Bonded
debt
Inventory
609,106
None.
Sundry assets
3,028 Surplus
395,594
Securities
366,460
[Net quick assets, $1,910,513.]
Balance Sheet

The issue of pref. stock will provide substantial working capital, and
effect a saving of approximately $60,000 per annum In interest on borrowed
money.
This latter amount has been deducted from the item of expenses

jn

the following statement of net sales and profits.

Net Projits

1910.

$244,115

Jot Years Ended Jan. 31 (For Year 1909-10
$2,226,130 and Gross Projits oj $536,828).
1909.

$162,279

1908.

$247,546

1907.

$242,040

on Net Sales

1906.

$324,407

of

Avg. 5 Yrs.
$244,077

Annual div. on the $1,385,000 pref. stock now issued.
$96,950.
The net quick assets must always equal the total pref. stock outstanding;
no dividends can be paid on common stock until any impairment is reme¬

died, and if such impairment shall continue for 12 months, or two consecu¬
tive dividends shall be in default, the exclusive voting power will become
vested in the pref. stock until the impairment or default has been fully
remedied.
No mortgage can be placed on the properties, nor further pref.
stock be Issued without the consent of 75% of the pref. stock outstanding,
or a majority thereof with the written assent of Spencer Trask & Co.
After the common has received 7% per annum, 50% of the remaining
surplus earnings, after depreciation, Is to be used for betterments or addi¬
tions, or for the purchase In the open market of pref. stock, such stock to
be held In the treasury and to receive no further dividends.
The management has been under my supervision since 1893.
Thomas
Wheatley, Vice-Pres., has been with the company 22 years, and P. M.
Beecher, Sec. and Gen. Sales Mgr., has had 20 years’ experience.
The
present management owns practically the entire issue of common stock.

Philadelphia, have been elected directors.—V. 90, p. 1046.
Plaza Operating Co., New York.—Mortgage.—This com¬
Ingersoll-Rand Co., New York.—Plan Approved.—The
pany,
which on Oct. 1 paid off its 3-year 6% collateral trust
stockholders on Oct. 4 voted (1) to permit the holders of
notes secured by an issue of $4,500,000 2d M. bonds (now
the $4,800,000 pref. stock to
exchange their stock, in so far canceled), has made to the Metropolitan Trust Co. a $1,000,as they desire to do so, for common
stock, share for share; 000 5% 5-year 1st M., dated
Sept. 30 1910, thus increasing
(2) to authorize the sale for not less than par to employees the amount
of the 1st M. held by the Metropolitan on the
other than directors of $354,200 common stock, which will be
Plaza Hotel to $6,000,000.
Compare V. 91, p. 876.
received in exchange for pref. stock now in the
treasury.
Portland
(Ore.) Gas A Coke Co.—Bonds, Earnings, &c.—
Compare V. 91, p. 719.
The Milwaukee (Wis.) Trust Co. is offering at a price to yield
Madison (Wis.) Gas A Electric Co.—Payment of Deben¬
over 5% a block of “first and refunding mtge.” 5s, dated
tures .---The $100,000 10-year 6% debentures due Oct. 1 are
Jan. 11 1910.
A circular reports:
being paid through Emerson McMillin & Co., N. Y. Most
Earnings for Year ended July 31 1910.
of the $400,000 stock is owned by the American
Light & Gross earnings
$850,5501 Ann’l int. on bonds outst’g-$152,950
Traction Co. There are also $400,000 1st M. 30-year gold
$210,889
$363,8491 Surplus
6s, Net (after taxes)
Outstanding capitalization: Common stock, $3,000,000; pref. stock, 7%
due 1926, int. A.&O.10 at office of said firm.—V.
72, p.725. cum. (total auth. $1,500,000), $1,100,000; first and refunding mtge. 5s,
Massachusetts Gas Companies.—See “Annual Reports.” $2,811,000; Portland Gas Co. 1st M. 5s, $404,000. See also V. 90, p. 1176.
Boston Tow Boat Co.—On or about Sept. 20 a new Boston
Rockingham Power Co.—Not Sold.—No bids were received
Tow Boat Co. was organized under the laws of Massachu¬ at the auction sale on Oct. 5.
The upset price was $1,000,setts, with its $400,000 stock substantially all owned by the 000. Compare V. 91, p 657.
Mass. Gas Co., to take over most of the property of the former
Salisbury Steel A Iron Co., Utica, N. Y.—New Stock—
Boston Tow Boat Co.
Compare V. 91, p. 521, 792.
Convertible Bonds.—The shareholders will meet at the office,
Montreal Water & Power Co .—Listed Abroad.—The Lon¬ 115 Genesee
St., Utica, N. Y., on Oct. 22, to authorize:
don Stock Exchange has listed a further
1. An increase in stock from $1,000,000 to $2,000,000 In $100 shares.
£25*000 4^%
2.
The
issuing
of mtge. bonds to the extent and amount of $500,000, for
1st M.„ prior lien gold bonds.
Compare Y. 90, p. 1175; the purpose of refunding
the bonds now outstanding and for other purposes.
V. 91, p. 462.
It is proposed tomake the said bonds convertible Into the stock of the com¬
pany If the directors shall so decide, according to the statute.
Edward L.
New York & Albany Transportation Co.—Sale
Confirmed. Wells Is Pres, and Wm. H, Switzer Sec.—V. 84, p. 1432.
—Judge Hough in the United States Circuit Court on Oct. 13
For other Investment News see page 1040.




Oct. 15 1910.

THE CHRONICLE

1029

HUpm'ts and Qvtnmmls.
ERIE RAILROAD COMPANY.
FIFTEENTH ANNUAL REPORT—FOR

THE FISCAL YEAR ENDING JUNE 30 1910.

New

York, October 11, 1910.
of the Erie Railroad Company:
The following report of the operations of your Company
for the year ending June 30 1910 is respectfully submitted by
To the Bond and Share Holders

the Board of Directors:

MILEAGE.
Table No. 1 shows in detail the mileage controlled or oper¬
ated during the fiscal year ending June 30 1910, from which
you

will note that the Company:

Owns In fee or controls by ownership of entire stock
Controls by ownership of over a majority of stock..
Leases
Has trackage rights over..

1,680.31 miles

Total mileage operated—
Has restricted trackage rights over
Owns and leases to other companies
Leases and re-leases to other companies
Controls lines operated Independently

‘

176

109.20
15.12
2.35
37.87

‘
*
'
4

164.54

“

2,391.57

“

Railway.
The decrease of 1.58 miles in track leased is due to the dis¬
continuance of the operation of the Brock Railroad.
The decrease of .74 miles in trackage rights is due to curve
revision of tracks of the Buffalo
Rochester & Pittsburgh

Railway between Clarion Junction, Pa., and Eleanora Junc¬
tion, Pa.

The increase of .10 miles of second track is due to the ex¬
tension of the line of the PenhornCreek Railroad 3.31 miles,
and changes in Newark & Hudson Railroad, .01 mile, less

changes in Arlington Railroad, 1.16 miles, New York &
Greenwood Lake Railway, 1.34 miles, and revision of curves
Buffalo Rochester & Pittsburgh Railway between Clarion
Junction, Pa., and Eleanora Junction, Pa., .72 mile,
.

following statement shows the gross operating revenue,
expenses and operating income of the entire system

operating

for the fiscal year:

39 $20,777,944 77
86
14,411,844 05
21
8,880,634 32
15
469,485 22
44
1,204,578 84
83
853,086 42
05
917,285 12

Increase (+) or
Doctchsb (
)
+$3,336,815 62
—116,474 19
+579,328 89
—37,683 07
+232,693 60
+12,840 41
+308,339 93

Revenue—Rail Oper. .$51,830,719 93 $47,514.858 74
Revenue—Outside Oper.
3,035,470 02
2,926,303 01

+$4,315,861 19
+109,167 01

Gross Operating Revenue_$54,866,189 95 $50,441,161 75

+$4,425,028 20

Express
Miscellaneous

1909

.

.

EXPENSES.
Increase

1910.
Maintenance of Way and
Structures
$5,217,451 67
Maintenance of Equipment
9,455,981 32
Traffic Expenses....
1,295,875 77
Transportation Expenses.. 17,422,951 73
General Expenses
1,062,508 85

1909.

$4,232,407 48
9,648,979
1,124,621
16,616,180
1,071,835

(+)

or

Decrease (—).

96
47
82
53

Operating
Expenses—
Rail Operations
$34,454,769 34 $32,694,025 26
Operating
Expenses—
Outside Operations.__
3,270,805 92
2,840,737 01
Total Operating
Taxes-.

+$985,044
—192,998
+171,254
+806,770
—9,326

19
64
30
91
68

+$1,760,744 08
+430,068 91

Expenses_$87,725,575 26 $35,534,762 27 +$2,190,812 99
1,374,757 17

1,369.522 99

+5,234 18

Total Operating Expen¬
ses and Taxes
$39,100,332 43 $36,904,285 26

+$2,196,047 17

Operating Income

+$2,228,981 03

$15,765,857 52 $13,536,876 49

Ratio of Operating Expen¬
ses and Taxes to Operat¬
ing Revenue
Ratio of OperatingExpenses to Operating Revenue
-

Company
tonnage transported.

was

49.35 per cent of

freight traffic of the Company during
both merchandise and coal, was 38,763,600 tons, an increase of 5,966,395 tons, or 18.19 per cent.
The number of tons carried one mile was
6,414,731,680,
an increase of
406,017,506 ton miles, or 6.76 per cent.
The total revenue derived from the
transportation of
freight was $38,410,130 25, as compared with $35,189,788 82
for the year 1909, an increase of
$3,220,341 43, or 9.15 per
cent.

The general average freight rate per ton
per mile was
.599 cents, as compared with .586 cents the
previous year,
an increase of .013
cents, or 2.22 per cent.
In addition to the above
tonnage, 3,914,190 tons of

Company’s freight

71.26%

73.16%

—1.90%

68.76%

70.45%

—1.69%

were

handled 42,677,790 tons.

hauled, making the total tonnage

In

hauling this tonnage, 12,962,537 train miles were run,
compared with the previous year of 152,141
train miles, or 1.19 per cent.
The revenue per freight train mile was $2 96 as
compared
with $2 75 the previous year, an increase of 21
cents, or
7.87 per cent.
The average train load of revenue freight

an

increase

494.87 tons, an increase of 25.82 tons, or 5.50 per cent.
average train load was

was

Including Company’s freight, the

540.70 tons as against 516.86 tons last
year, an increase of
23.84 tons, or 4.61 per cent.
The average carload of revenue

freight was 20.37 tons, a decrease of .14 tons, or .68 per cent.
Including Company’s freight, the average carload on the

was 22.25
cent less than the
'

tons, a decrease of .35 tons,
previous year.

or

1.55 per

PASSENGER TRAFFIC.

The total number of passengers ccarried

during the year
increase of 1,593,000, or 6.73 per cent.
The number of passengers transported one mile was
627,788,837, an increase of 30,471,098 passenger miles, or
5.10 per cent.
The increase in gross revenue therefrom was
$579,328 89,
or 6.52
per cent.
The average fare received from each
passenger per mile
was 1.507
cents, an increase of .02 cents, or 1.34 per cent.
The average distance traveled was 24.84
miles, a de¬
crease of .38
miles, or 1.52 per cent.
The average revenue received from each
passenger was
37.42 cents, a decrease of .08 cents.
The passenger train mileage was
9,835,971 train miles,
a decrease of .15
per cent.
The revenue per passenger train mile was
$1,257, an in¬
crease of 7.11 per cent.
The average number of
passengers in each train was 63.83,
an increase of 3.19
passengers, or 5.26 per cent.
The average number of passengers in each car was 17,13,
an increase of .63
passengers, or 3.82 per cent.
The volume of the business increased 6.73 per cent, the
revenue increased
6.52 per cent and the train mileage
decreased .15 per cent.
Of the total number of passengers carried, 24,613,433 were
local and 663,850 were through passengers, the local traffic
showing a considerable increase in volume and a slight
increase in the average revenue received per
passenger per

25,277,283,

mile.

*

43.38 per cent.

The total revenue
the year, including

was

REVENUE.

Milk

or

system

OPERATING REVENUE AND EXPENSES.

1910

tons,

the total

re-arrangement of main line New York & Greenwood Lake

Passenger

The coke tonnage was 2,231,558 tons, an increase of
675,-

The coal tonnage of the

The decrease of 1.34 miles of track controlled is due to the

Mall,

COAL.

2,227.03

lington Railroad, .83 miles, and abandonment of track
Erie Breaker. Pa., to Edgerton Breaker, Pa., 2.50 miles.

..$24,114,760
14,295,369
9,459,963
431,802
1,437,272
865,926
1,225.625

shown in detail in Table

tonnage for the year was 19,128,796 tons,
an increase of 2,285,379 tons, or 13.57
per cent more than
the previous year.
The revenue from the transportation of this commodity
decreased $116,474 19,or .81 per cent.
The anthracite tonnage was 8,707,251 tons, a decrease of
623,941 tons, or 6.69 per cent less than the previous year.
The bituminous tonnage was 8,189,987 tons, an increase
of 2,234,144 tons, or 37.51 per cent more than the
previous
year.

—of which 895.07 miles, or 37.4 per cent, have second track,
18.06 miles have third track and 16.48 miles have fourth
track.
The decrease of .13 miles in track owned is due to the ex¬
tension of the line of the Penhorn Creek Railroad 3.33 miles,
less changes in Newark & Hudson Railroad, .13 miles, Ar¬

Merchandise
Coal._

are

GENERAL FREIGHT TRAFFIC.

Total mileage controlled but not operated.
Grand total

The

transported

Tht total coal

“
“
“

158.27
277.62
110.83

-

The commodities
No. 17 herewith.

an

A

substantial increase is shown in the volume of
as well as in the average rate
received per passenger per mile.

through traffic transported

MAIL.
MERCHANDISE FREIGHT.

The merchandise tonnage for the year was 19,634,804 tons,
increase of 3,681,016 tons, or 23.07 per cent.
The increase in revenue from the transportation of mer¬

an

chandise freight was $3,336,815 62,or 16.06 per cent
than the

previous




year.

more

There was a decrease in revenue from the
transportation
of United States Mails of $37,683
07, or 8.03 pet cent.

Although the Company is required to maintain expensive
facilities for the transportation of United States
Mails, and"
the cost of the service is
increasing from year to year in
keeping with the general increase in all other transporta

1030

THE CHRONICLE

expenses, it will be noted that the earnings therefrom show
a decrease.
Such decreases are liable to be constant under
the present method of fixing the compensation to be paid for
the facilities and service.
Inasmuch as the statutes now

place in the hands of the Inter-State Commerce Commission
the regulation of rates for transportation of every other
character, it is, argued that rates for the transportation of
mail should be made in the same manner and it is hoped that
the necessary legislation to accomplish this can be effected.

[VOL.

The number of tons of
6.76 per

The

83,

of Express during
increase of $232,-

MISCELLANEOUS.

The

derived

revenue

$1,225,625 05,

an

from

miscellaneous

increase of $308,339 93,

or

sources

was

33.61 per cent.

OPERATING EXPENSES.
MAINTENANCE OF WAY AND STRUCTURES.

The expense

of Maintenance of Way and Structures was
increase of $985,044 19, or 23.27 per cent
more than the previous year.
The principal items composing
this increase are ties, station and shop buildings, snow re¬
moval, revision of grades, docks, dredging and signals and
interlocking plants.
During the year 99 bridges were reconstructed or are in
$5,217,451 67,

the

course

an

of reconstruction.

3,139 tons of

100-pound, 19,597 tons of

new

new

90-pound
during

and 993 tons of new 80-pound steel rail were laid
the year, with the necessary frogs, switches, &c.

1,097,528 cross-ties and 2,911,714 feet of switch timber
were used in the track, with 283,567 tie-plates.
221.626 miles of track were fully ballasted and 35.531
miles of track were partially ballasted.
89 miles of new right-of-way fences were built.
7 miles of passing and other Company's sidings and 4.5
miles of industrial side tracks were constructed.
New passenger stations were constructed at Pompton,
N. J., Oatka and Collins, N. Y.; new combined passenger
and freight stations at Monsey, N. Y., Mountain View, N. J.,

Pine Island, N. Y.,

Columbus, Pa., Millers, Pa., Freedom, O.,
Martel, O., and Disko, Ind.; a new freight station and
waiting shed at Arden House, N. Y., and a new freight house
at Dayton, O.
New water stations were erected at North Newark, N. J.,
East Lake Junction, Avoca, Rock Junction and Forest City,
Pa., and Akron, O.
MAINTENANCE OF EQUIPMENT.

Maintenance of Equipment expenses were $9,455,981 32,
a

decrease of

year.

$192,998 64, or 2 per cent less than the previous
More extensive repairs were made to all classes of

equipment than during the previous

year. The cost of
to locomotives, however, shows a material decrease,
owing to improved efficiency at the several shop plants.
42 locomotives were retired from service, and the difference
between their depreciated and scrap value charged to

repairs

Operating Expenses.
The tractive power of locomotives is 46,872,904 pounds,
an increase of 1,624,097 pounds.
The total number of locomotives at the close of the fiscal

1,436, an increase of 17 as compared with
year, 59 new locomotives having been received,
42 locomotives disposed of as stated above.
year was

previous
11

the
and

The average age of the locomotive equipment is 13 years

months,

increase of 4 months over the previous year.
The average mileage made by steam locomotives was
23,093 miles, an increase of 1,001 miles, or 4.5 per cent.
The average mileage made by electric motors was 35,541
miles, a decrease of 5,255 miles, or 12.9 per cent.
10 covered barges were purchased.
1 side-wheel ferry¬
boat and 54 canal boats were sold during the year.
The
other floating equipment, both in New York Harbor and
on the Great Lakes, was fully
maintained.
The changes in equipment during the year are indicated
in the Inventory of Equipment, Table No. 13.
an

TRAFFIC EXPENSES.

The increase in Traffic

Expenses was $171,254 30, or 15.23
per cent over the previous year.
The soliciting forces at
various agencies were enlarged and a number of new agencies
established, the cost of which, together with the increased
expense for printing tariffs, explains the principal increase
in this account.

The

Company's Capital Account Additions

Transportation Expenses show an increase of $806,770 91,
or 4.86 per cent over the
previous year. The details of this
actount are shown in Table No. 9, and indicate that the in¬
creases are general in
character, due to increased business
and to increased rate of wages paid
employees.
The number of tons of freight moved increased 18.19 per
cent and the number of passengers carried increased 6.73
per cent.

and Better¬

ments for the year

is charged with $998,823 65, representing
a portion of the
expenditures for additions and betterments
made to the property.
These improvements consist chiefly

of:

Interlocking & Signal Apparatus,

Elimination of Grade Crossings,
Yards, Stations and Buildings,
^

,

Dock and Wharf Property,
Grade Reductions & Changes of Line

From December 1st 1895, the date of the
organization of
the Company, to June 30th 1910
$16,620,812 62 has been
expended in additions and betterments to the property and

charged to Capital Account,
Land
Grade Reductions and Changes of
Bridges, Trestles and Culverts
Additional Tracks and Sidings
Elimination of Grade Crossings

as

_

follows:
387 298 83

_

Llnel 11111111111111111

Interlocking and Signal Apparatus.
Telegraph and Telephone Lines
Yards, Stations and Buildings
Shop Machinery and Tools

l|460|l48

81
252,703 92
2,579,619 58
2,081,957 01
206,613 15
10,493 06
2,894,479 67
1,011,304 35
96,429 69
407,721 09
359,381 96
236,922 34
1,635,739 16

.

_

.

Water and Fuel Stations
Grain Elevators and Storage Warehouses
Dock and Wharf Property
s.
Electric Power Transmission

.

_

_

Development of Coal Property
Total

$16,620,812 62

ADDITIONS AND

BETTERMENTS—EQUIPMENT.

Capital Account has been charged during the
$217,370 78 for additional equipment as follows:
30 Slxty-foot
1 Box Car

Express Cars

year

with

.$164,750 47
l ,070 00
21,346 96
30,203 35

Partial Payment on 5 Locomotives.
Partial Payment on 3 Car Floats
Total

..$217,370 78

From December 1 1895 to June 30 1910
has been expended for new equipment

Account, and represents the purchase

account

or

of

$41,668,808 50
charged to Capital
partial payment on

512 Locomotives
15,501 Box Cars
15,500 Coal Cara
500
184
100
20
6
500
165
1
2
8
82
16
1
3
6

$8,261,523 93

Refrigerator Cara
Flat Cara
Furniture Cara
Caboose Cara..
Milk Cara
Low-side Gondola Care

}• 29,887,226 51

Passenger Cars
Parlor Car

Dining Cara
Baggage Cars
Slxty-foot Express Cara
Horse Express Cara

\

2,115.169 73

Combined Express Baggage and Mail Cara
Motor Cara and Equipping 6 Trailer Cars with Lights 1
and Heaters.
J
7 Derrick Cara
\

96,869 18

i
f

1,021,547 80

Open Lighters..

1
v

Car Floats..

283,443 11

j

1
2
3
3
257
20
10
3

Business Car

Rotary Snow Plow

/

Lake Steamers

Ferry Boats.
Tug Boats

i
}

Canal Boats

Barges
Miscellaneous

Equipment

3,028 24

Total

$41,668,808 50

ADDITIONS AND BETTERMENTS—INCOME.

During the year $737,086 83 has been expended for addi¬
appropriated from

tions and betterments to the property,
Income and charged as follows:
Right of Way and Station Grounds.

$6,404
12,554
45.085
67,578
20,129
143,620
50,396
22,471
135,660
39,983
35,603
804,948
592,591
21,163
136,027
21,750

of Line
Bridges, Trestles and Culverts
Increased Weight of Rail
Improved Frogs, Switches and Track Fastenings...

Grade Revision and Changes

Additional Ballast
Main Tracks, Sidings and Yards
Station Buildings and Fixtures

Shop Machinery and Tools
Grain Elevators and Storage Warehouses
Miscellaneous Structures.
50 Locomotives

Equipping Freight Cars with Steel Underframes

1 Gasoline Car and Engine Combined
Partial Payment on 20 covered Lighters

Miscellaneous




.87

The taxes for the year on both rail and outside
operations
were $1,374,757
17, an increase of $5,234 18, or .38 per cent.

TRANSPORTATION EXPENSES.

.

or

ADDITIONS AND BETTERMENTS—ROAD.

transportation of Milk was $865,increase of $12,840 41, or 1.51 per cent.

an

$9,326 68,

TAXES.

from the

revenue

mile increased

GENERAL EXPENSES.

The decrease in General
Expenses was
per cent less than the previous year.

MILK.

*926

one

The average distance each ton was moved
during the current year was 165.483 miles, a decrease of 9.67
per cent as compared with the previous year.

EXPRESS.

The revenue from the transportation
the year amounted to $1,437,272 44, an
693 60r or 19.32 per cent.

freight carried

cent.

LXXXM

Equipment

25
19
57
63
40
19
59
78
09
34
26
42
49
04
90
58

$2,155,968 72

Less credits account

sold

as

equipment destroyed

$83,548 08

Locomotives

Freight Cars
Passenger Cars
Other Equipment
Total

or

follows:

—

1,172,085 01
125,051 82
38,196 98 >
1*418,881 89
.

-

---Tf737,086

83

Oot. 15

THE CHRONICLE

1910.]
EQUIPMENT TRUSTS.

additional

Of the Trusts assumed from the New York Pennsylvania
ic Ohio Railroad Company, there was a balance on June 30
1909 of $93,941 87, wnich amount was paid during the year,

payments having been completed in May 1910.
Of the Equipment Trusts created prior to this fiscal
There was

a

balance

on

June 30 1909 of

year,

$14,764,996 97

Upon which payments have been made to
June 30 1910 of

Leaving

a

2,680,054 08

balance of!

.$12,084,942 89

—

During the year Equipment Trusts have been
made covering:
30 Express Cars
SO Locomotives

$147,960 90
729,052 10
$877,013 00

Leaving

Making the

a

147,960 90

balance of

total

729,052 10

Equipment Trusts

outstanding

June 30 1910

The total

during the

as

of
$12,813,494 99

payments account of Equipment Trusts made
amounted to $2,921,956 85.

year

CAPITAL

STOCK AND

No change has been
which is as follows:

FUNDED

DEBT.

made in the outstanding Capital Stock,
Authorized Issue.

Non-cumulative 4% First Preferred
Non-cumulatlve 4% Second Preferred
Common

Total..

Issued.

$48,000,000 00

$47,892,400 00

16,000,000 00
153,000,000 00

16,000,000 00
112,378,900 00

$217,000,000 00

$176,271,300 00

Of the Prior and General Lien Bonds secured by the First
Consolidated Mortgage Deed, an additional $1,000,000 00
General Lien Bonds have been issued during the year.
The total amounts of bonds issued under that mortgage,
now

outstanding,

are:

Prior Lien Bonds
General Lien Bonds

___._$35,000,000 00
46,342,000 00

The statements published herewith show in detail the Com^
pany's entire funded debt, rentals of leased lines and other
fixed obligations as of June 30 1910.
INCOME ACCOUNT.
$54,866,189 9539,100,332 43

Operatlng Expenses and Taxes
Operating Income—
Gross Corporate Income
Interest, Rentals, etc., paid

r

$15,765,857 52
4,334,020 49

$20,099,878 01
14,293,334 76

Net Income

Appropriated for Additions and Betterments
Balance to Credit of Profit and Loss

$5,806,543 25
737,086 83
$5,069,456 42

FINANCIAL.
The General Balance Sheet, Table 4, showing the financial
condition of the Company at the close of the fiscal year, is in
the form prescribed by the Inter-State Commerce Commission.
The figures for the fiscal year 1909 have been re-stated in the
same form for purposes of comparison.
The Prior Lien Bond issue is unchanged.
Your Company
has received from the Trustee $1,000,000 of General Lien

Bonds, being the tenth million of the $17,000,000 of General

Lien Bonds reserved for construction purposes.
The increase in the amount of Collateral Gold Notes out¬

standing is $2,015,000, due to the issuance of additional notes,
explained under the heading “General Remarks” in the
last Report, less notes redeemed and canceled from the pro¬
ceeds of sale of securities pledged under the Collateral Inden¬
ture of April 8 1908.
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, increase of $1,123,945 87 in “Reserve for Accrued
Depreciation-Cr.” represents the depreciation on existing
equipment accruing during the fiscal year.
During the year $80,000 Chicago & Western Indiana Rail¬
road Company bonds were acquired and pledged under the
Collateral Indenture of April 8 1908, which explains the in¬
crease in the account “Securities of
Proprietary, Affiliated
and Controlled Companies—Pledged, Funded Debt.”
as

The increase of $1,000,000 in “Securities Issued

or

As¬

sumed—Pledged, Funded Debt” is due to General Lien Bonds
received during the year in reimbursement for construction
expenditures, which bonds were pledged under the Collateral
Indenture of April 8 1908. The increase in “Miscellaneous,”
$1,552,000, represents,various interest coupons to the amount
of $1,215,000 and $337,000 Equipment Trust Certificates
pledged under the Collateral Indenture of April 8 1908.
In the account “Securities of Proprietary, Affiliated and
Controlled Companies—Unpledged,” the increase in “Stocks,”
$200, represents additional shares of capital stock of the
Jefferson Railroad Company purchased by your Company;
andthe increase in “Funded Debt,” $29,000, is on account of




The increase of $2,158,351 13 in “Advances to Proprietary,
Affiliated and Controlled Companies for Construction, Equip¬
ment and Betterments” represents additional advances made
your Company to the Penhorn Creek Rairoad.
Under the heading “Miscellaneous Investments” the follow¬

by

ing changes will be noted: Increase in “Physical Property,”
$3,930 51, on account of expenditures for development of
coal property; decrease in “Securities Pledged, ”$1,879,143,
occasioned by the sale of stocks and bonds held by the Trustee
of the Collateral Indenture of April 8 1908.
Increase of
$41,297 90 in “Securities Unpledged,” due to your Company
having received during the year additional notes of the
Mutual Terminal Company of Buffalo and other miscellaneous
securities acquired.
on

miscellaneous

notes

promissory notes, less

a

small amount of

acquired.

The amount invested in materials at the close of the year
shows an increase of $233,879 38.
The account “Temporary Advances to Proprietary, Affili¬
ated and Controlled Companies” shows an increase of $519,860 39, caused principally by additional advances to the
Erie & Jersey Railroad, Genesee River Railroad and Erie
Terminals Railroad.
The decrease of $73,205 03 in “Working Funds” is due to
reductions having been made in amounts advanced to the
Erie Despatch, Commercial Express Line and other mis¬
cellaneous funds.
The account “Special Deposits” shows an increase of $1,640
on account of cash deposited
during the year with the State of
New Jersey, account construction work on Paterson & Hud¬
son River Railroad.
,
The increase of $617,263 52 in the account “Cash and Se¬
curities in Sinking and Redemption Funds” is due to increased
balances in the Akron & Barberton Belt Railroad and the
Pennsylvania Collateral Sinking Funds, and a small reduction
in the Chicago & Western Indiana Railroad Company Sinking
Fund.
The increases in Mortgage Bonds, Collateral Trust Bonds
and Equipment Trust Obligations have been heretofore

explained.
The account “Miscellaneous Funded Obligations” shows
decrease of $24,408 50, account of payments made on real
estate mortgages and for grade crossing construction to the
a

City of Buffalo.

Gross Operating Revenue

Income from Securities Owned, Rentals, etc

Chicago & Western Indiana Railroad Company

bonds received and held in the Treasury.

The decrease in the account “Miscellaneous Marketable
Securities” is due to settlements received during the year

Upon which payments have been made to
Jane 30 1910 of

1031

The decrease in the account “Loans and Bills Payable,”
$274,730 45, is due to the payment of obligations of that

amount.

The increase in the account “Deferred Credit Items” is due

principally to the purchase of various interest and equipment
trust obligations maturing on or before July 11909 which have
been pledged under the Collateral Indenture of April 8 1908.
The increase of $581,279 21 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 converted
into cash, as follows:
Value as placed
the Books

'

on

■

•

>

January 1897.
$115,200 00 Buffalo & Southwestern Railroad Second Lien

’

Cash Realized

from sale.

Bonds

$126,720 00
405,000 00 Erie Railroad Company Prior Lien Bonds
414,000 00
364,055 22 New York & Greenwood Lake Railway Prior
Lien Bonds
385,570 22
1,034,400 00 Erie Railroad Company General Lien Bonds
1,214,908 93
630,000 00 Delaware & Hudson Exclusive Car Trust Cer¬
tificates
630,000 00
202,000 00 Car Trust of New York Certificates
202,000 00
-

$2,750,655 22

$2,973,199 15

In addition to these securities there have been certified by
the Trustee of the Erie Railroad Company First Consolidated

Mortgage Deed, and turned

over

to your Company to reim¬

burse it for expenditures already made, $5,000,000 00 Erie
Railroad Company Prior Lien Bonds and $10,000,000 00
Erie Railroad Company General Lien Bonds; and by the
Trustee of the Erie Railroad Company General Mortgage

$22,000,000 00 Erie Railroad Company Convertible Bonds..
Of these securities the following have been converted into

cash:
Cash Realized
Par Value.

from sale.
$5,000,000 00 Erie Railroad Company Prior Lien Bonds
$4,539,884 27
3,000,000 00 Erie Railroad Company General Lien Bonds.
2,484,111 11
21,015,000 00 Erie Railroad Company Convertible Bonds._ 19,215,000 00

*

$29,015,000 00

$26,238,995 38

leaving still owned by the Company:
Erie Railroad Company General Lien Bonds
Erie Railroad Company Convertible Bonds.

$7,000,000 00
985,000 00

From December 1 1895 to June 30 1910 your
Company
has received cash from all sources for Construction and

Equipment purposes,

as

follows:

$500,000 00 From sale of Erie & Wyoming Valley Railroad Stock.
500,000 00 Cash received in settlement with the National Transit Com¬
pany on account of an old claim.

4,343,850 13 Cash turned over by the Erie Reorganization Committee
2,973,199 15 Cash realized from the sale of securities turned over by the
Erie

Reorganization Committee.

7,033,995 38 Cash realized from the sale of securities obtained from the
Farmers’ Loan & Trust Company, Trustee.

1032

THE CHRONICLE

10,215,000 00 Cash realized from sale of securities obtained from the
Standard Trust Company of New York, Trustee.
2,500 00 Received from sale of P. C. & Y. Railroad Bonds turned

the Erie Railroad Company by the Receivers of
the New York Lake Erie & Western Railroad Co.
457,867 50 Cash realized from the sale of Capital Stock of the Northern
over to

under the terms of the First Consolidated

LXXXXI.

Mortgage Deed, the
Trust

General Mortgage and the Pennsylvania Collateral
Indenture is $12,400,211 04.
GENERAL REMARKS.

Railroad Company of New Jersey, originally paid for by
Erie Reorganization Committee from Construction
Funds, and sold Jflne 1 1899 by the Erie Railroad Co.
200,000 00 Amount received account of sale of the Union Dry Dock

[VOL.

the

franchises etic
107,989 22 Amount returned June 14 1901 by the English Government
account of Special Tax Deposit by the Erie Reorganiza¬
tion Committee.
230,227 05 Amount received to enable the Company to purchase Erie
& Wyoming Valley Railroad Equipment.

$35,554,628 43

This amount has been used to partially reimburse
Company for the following expenditures;

your

$457,867 50 For purchase of Northern Railroad Company of New Jersey
Capital Stock, as explained above.
14,169,285 40 New Construction.
31,012,517 01"New Equipment.
1,729,611 68 Old New York Lake Erie & Western Car Trusts.
65,000 00 Payment of Mortgages on Real Estate.
348,377 50 Disbursed on account of Union Steamboat Company in
liquidation of its affairs and in building or acquiring ad¬
ditional property.
111,241 84 Liquidating Receivership New York Lake Erie & Western
Railroad

Company.

Additions and Betterments to the property and

equipment
Company aggregating $1,953,281 26 have been made
during the year, of which $1,216,194 43 have been charged
to Capital
Account, as shown on pages 9 and 10, and $737,086 83 have been
appropriated from the Company’s income,
of the

shown on page 11 of this report.
The Genesee River Railroad,
the low-grade line between
Hunts and Cuba, N. Y.,
together with the improvement of
the existing line between Hornell and
Hunts, was completed
and put in operation on October 1 1910.
The improvements
of the line west of Cuba are
nearing completion, when the
entire line, Hornell to
Salamanca, via Hunts, the Genesee
River Railroad and Cuba, will be
as

brought to the established

grade, viz: .2

per cent eastbound and .3 per cent westbound,
over which can be moved a trainload eastbound 40
per cent
and westbound 52 per cent
greater than over the old line
between Hornell and Salamanca.
The construction of the new
open cut through Bergen Hill

by the Penhorn Creek Railroad, described in the last report,

$47,893,900 93

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 1910,
$12,339,272 50, for which it is or will be entitled to be reim¬
bursed 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 $9,904,949 68
for cars and locomotives, which are covered by new Equip¬
ment Trusts.
Construction expenditures on properties covered by Penn¬
sylvania Collateral Trust Indenture have been kept separately
and to June 30 1910 there has been expended on these ac¬
counts $1,500,399 68; $1,439,461 14 has been realized from
the sale of securities obtained from the Trustee of the Inden¬

ture, leaving $336,000 Pennsylvania Collateral Trust Bonds
owned by the Company.
Your Company has therefore
expended from its current cash for construction purposes to
June 30 1910 $00,938 54, for which it is or will be 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

has been practically completed.
Three of its tracks are now
in operation and the fourth track will be
ready for use before
the close of the current calendar
year.
The result of the

operation of this improvement has been very satisfactory
and great benefits are being derived from its use.
For the Use of its proposed new
low-grade line, described in

previous reports, the Erie Terminals Railroad Company has
commenced the construction of a new
draw-bridge over the
Hackensack River near the present bridge of the Paterson &
Hudson

River

Railroad.

$22,648,771 55,or 57.92%,of the total Operating Expenses,
was paid by the
Company direct to labor, being distributed
among 38,332 employees.
The Board announces, with deep regret, the death, on
January 11 1910, of one of your Directors, Mr. Hamilton
McK. Twombly, and has expressed herein
by resolution the
loss it feels has been sustained.
Mr. Charles A. Peabody was, on November 23 1909, elected
a Director to fill the
vacancy in the Board caused by the
death of Mr. Edward H. Harriman.
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.

TABLE 2.—INCOMB ACCOUNT (ENTIRE SYSTEM) FOR THE YEAR ENDING JUNE

ToIOperating Expenses—

1910.

By Operating Revenue—
Rail Operations—

Rail Operations
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses

Transportation Expenses
General Expenses

30

*

$5,217,451 67

Merchandise

9,455,981
1,295.875
17.422.95»
1,062.508

32
77

Coal

73

Mail

Passenger

85

$34,454,769 34

Outside Operations—
Water Routes.

$24,114,760
14.295.369
9.459.963
431.802
1.487.272
865.926
1.225,625

Express
Milk
Miscellaneous

$2,663,599 77

Shipping and Coal Storage Plants

39
86
21
15
44
83
05

$51,830,719 93

225.988 33
381,217 82

Miscellaneous

3,270,805 92
Total Operating Expenses.

$37,725,575 26
1,374.757 17

Outside Operations—
Water Routes

$39,100,332 43

Miscellaneous

...

TO Taxes

Total Operating Expenses and Taxes

To Deductions—
Interest Accrued on Bonds (see Table 5)._ $9,714,161 00
Interest Accrued on Collateral Gold Notes.
793,987 60
Interest Accrued on Equipment Trusts
598,851 77
Interest Accrued on Mortgages
40.420 01
Interest Accrued ob Construction
21.739 92
Other Interest
51,071 16
Rents Accrued for Lease of Other Roads
(see Table 6)
980.646 29
Other Rents—
Hire of Equipment (Balance)..
448.587 40
Joint Facilities
1,079.361 94
Miscellaneous Rents
>34.350 96
Sinking Funds Accrued
453,119 21
Other Deductions.
:
77.037 50

349.963 61
344,304 70

3.035,479 93
Gross Operating Revenue

$54,866,139 9ft

By Other Income—

„

Total Deductions
To Net Incoms.

$2,341,201 71

Shipping and Coal Storage Plants

Dividends Declared on Stocks Owned or
Controlled
$2,095,691 81
Interest Accrued on Bonds Owned or Con¬
trolled
495,849 00
Interest on Other Securities, Loans and Ac¬
—

counts
Rents Accrued from Lease of Road

Other Rents—-Joint Facilities

Separately Operated Properties Profit--.14,293,334 76
5.806,543 25

Miscellaneous

Income

935.550 23

15,000
582.167
52,800
206.961
..

00
29
26
90

.

Total Other Income

*

4,334,020 49

$59,200,210 44

$59,200,210 44

Net Income for Year

$5,806,548 25
Appropriated for Additions and Betterments
737.086 83
Balance for Year Transferred to Credit of Profit and Loss.. $5,069,456 42

TABLE 3.—PROFIT AND LOSS ACCOUNT YEAR ENDING JUNE 30 1910.

Miscellaneous Debits—
Difference between cost or record value and
depreciated value on July 1 1907 or equip¬
ment destroyed or sold during the current
.

year

Adlustinent of charges made In previous years
against Subsidiary Companies
Cancellation of bills account of bad debts, &c_
Various small debits.
To Balanoe.




By Balance June 30 1909
Balance for year transferred from
Miscellaneous Credits—
Profit from sale of Miscellaneous
Various small credits

$574,698 31

Income Account

$16,061,169 64
5,069,456 42

Securities..$113,139 04
5,976 23

119,115 27

64.195 28
17.252 39
4,002 31

$660,148 29
20,589,593 04
$21,249,741 33

$21,249,741 39

THE CHRONICLE

OOT. 1§ 1910. j

1033

TABLE 4.—CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE—JUNE 30 1910 AND JUNE 30 1909.
ASSETS.

Jane 30 1909.

PROPERTY INVESTMENT—
Road and Equipment—
Investment to June 30 1907
$294,634,517 24
lavestment since June 30 1907—

Equipment

_

__

-

_

June 30 1910.

.

.

_

$294,634,517 24<

_

__

_

_

4.607,234 37
5,523,533 03

_

$304,765,284 64
3,478,945 61

Reserve for Accrued Depreciation—Cr
Securities—
Securities of Proprietary, Affiliated and Controlled Companies—Pledged—
Stocks
Funded Debt

2,354,999 74

$301,286,339 03
$30,683,650 00
35,562,200 00

_

_

Securities Issued
Funded Debt
Miscellaneous

or

66,245,850 00

Assumed—Pledged—_
$11,778,000 00
6,552,000 00

18,330,000 00

Securities of Proprietary, Affiliated and Controlled Companies—Unpledged—
Stocks
Funded Debt
--

__

_

$295,488 44

__

169,430 10

1,938,663 03

__

4,097,014 l6

__

Physical Property.
Securities—Pledged
Securities—Unpledged

1,635,739 16
21,132,540 00
12,903,313 24

-

__

35,671,592

WORKING ASSETS—
Cash
,355,415 98
Marketable Securities—
Stocks
Miscellaneous
Traffic and Car-Service Balances Due from Other Companies
Net Balance Due from Agents and Conductors
3.570.920 91
Miscellaneous Accounts Receivable
Materials and Supplies
______

__

_

$8,103,904 98

_

22,116
17,982
1,138,094
1,383,462
3,550,228
3,788,345

_

_

27,451 00

464,918 54

Other Investments—
Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and
Betterments
Miscellaneous Investments—

ACCRUED INCOME NOT DUE—
Unmatured Interest, Dividends and Rents Receivable
DEFERRED DEBIT ITEMS—
Advances—
Temporary Advances to Proprietary, Affiliated and

_

18,604,132 82
_

_

Controlled

Working Funds

__

4,371 00

_

Companies
__

__

_

$11,557,691 82
95,391 52

_

Rents and Insurance Paid In Advance

_

Special Deposits
Cash and Securities in Sinking and Redemption Funds
_

—

11,653,083
36,754
9,940
3,499,910

34
85
00
34
300 00
93,751 50

__

_

Cash and Securities in Insurance and Other Reserve Funds.
Other Deferred Debit Items
_

00
18
33
01
15
17

_

_

_

_

_

—

'
’

3450.041.162 87

.

.

.

$459,397,957 98
LIABILITIES.
STOCK—

Capital Stock—

Common
First Preferred Non-cumulatlve__

'

__

$112,378,900 00
47,892,400 00
16,000,000 00

*

Second Preferred Non-cumulatlve

_

.

$176,271,300 00

MORTGAGE. BONDED AND SECURED DEBT—
Debt—
Mortgage Bonds
Collateral Trust Bonds

Funded

1

$174,264,400 00
50,176,500 00
12,476,994 99
1,379,852 54

—
__

if Equipment Trust Obligations.
1,404.261 04
274,730
1,723,953
3,900.196
117,277
2,668,060

45
43
34
50
79

4

Miscellaneous Funded Obligations

_

_

238,297,747 58

WORKING LIABILITIES—
Loans and Bills Payable
Traffic »nd Car-Service Balances Due to Other Companies.
Audited Vouchers and Wages Unpaid
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents Unpaid
-

$1,857,529 73
4,258,672 37
769.758 67
3,081,481 66

8.967,442 42

ACCRUED LIABILITIES NOT DUE—
Unmatured Interest, Dividends and Rents Payable
DEFERRED CREDIT ITEMS—
Other Deferred Credit Items
5,057,594 01
APPROPRIATED SURPLUS—
Additions to Property since June 30 1907 through Income—
957,730 37
Reserves from Income or Surplus Invested In Sinking and Redemption Funds.
3,098,564 31

2,221,486 24

2,242,895 84
8,654,318 42

31,694,817 20
3,679,843 52

5,374,660 72

PROFIT AND LOSS—
Balance
16,061,169 64

20,589,593 04

3450,041,162 87

TABLE

3459,397.957 98

15.- -ANALTSIS OF TRAFFIC REVENUE AND EXPENSES (ENTIRE

SYSTEM) FOR THE FIVE YEARS ENDING JUNE 80

1906, 1907, 1908, 1909 AND 1910.
1906.

Mileage of road operated

1907.

2,150.937

Freight Traffio—
Number of tons of general freight carried

-

-

2,150.937

19,877,350

Number of tons of ooal carried
16,978,032
Total number of tons of all freight carried
36,355,382
Total number of tons of all freight carried 1 mile. 5,944,379,550
163.508
Average distance hauled per ton
Total freight revenue
335,555.937.87
Cents
.598
Average revenue per ton per mile

Freight revenue per mile of road.
Freight revenue per train mile.
Average number of tons of freight In each traln.
Average number of tons of freight In each train,
Including company’s material.
Average number of tons of freight In each loaded

1908/

1909/

2,171.160

20,911,586
18,258,031
39,169,617

16,258,427

15,953.788

17.371,279
33,629,706

6,275,629,877

5,661,538,181

16,843.417
32,797,205
6,008.714,174

160.217

838,550.092.47
Cents

816.530.44

.614

168.349

833.946.340.67
Cents

817,922.46
32.89707

32.71945
454.65

.600

1910.*

2,230.814

2,227.032

19,634,804
19,128,796
38,763.600

6,414,731,680

183.208

165 .488

335.189,788.82
Cents

315.635.12

.588

$38,410,130 .25
Cents

815,774.42

82.78751

1
.599

$17,247 .23

32.746911

471.62

464.90

469.05

$2 .96316
494 87

484.30

504.84

501.13

516.86

540.70

18.75

19.57

20.30

20.51

20.37

car

Passenger Tra Jic—
Number of passengers carried
Number of passengers carried one mile

22,816,022
598,655,755

Average distance

Revenue and Expenses—
Freight and passenger revenue.
Freight and passenger revenue per mile of
Gross revenue, all sources rail operations
Gross revenue per mile of road
Gross revenue per train mile
Operating expenses
Operating expenses per mile of road..
Operating expenses per train mile

Net
Net
Net
•

revenue
revenue per
revenue per

810,807,374.53
35.024.50
31.21195

39.458,281.67
Cents

344.538.748.39
320,706.67
347,461,401.99
822.065.45

—

332,059,129.05
814,904.72

1.484

312,054,020.13
35.551.88
31.22976
65.24
17.45

848,008,374 14
322,319 75

843.435,789, 40
320,005. 80
846,746,435. 90
321,530, 63

851,194,113
323,800

45
84

82 27075

833,579,958
815,611.

are

not true

the classifications prescribed by the Inter-State Commerce Commission




27.036

39.489.448.73
Cents

25,277,283
627.788.837

25.229

24.836

38.880.634.32
Cents

1.467

$9,459,963.21
Cents

311,565.227.52
35,184.31

1.507

$12,368,328.25
$5,553.73

31.174021

$1.25746
63.83

60.64
16.50

844.070.423.

17.13

14

$47,870,093
$21,495
$51,830,719
$23,273

319,755, 31

347,514.858.

82. 13252

52
836,469.542
78
316,797,
31.45776
31. 48946
81
314,384,767.49
816,171,356. 59
310,276.893
36,687.67
37,518, 28
34.733
Cents
65.409
71. 729
Cents
Cents
46,

1909 and 1910

23,684,283
597,317,739

69.25
18.72

82.15812
—

1.478

311,218.098.25
35,215.45
31.21429

67.13
18.62

-

Manv of the statistics for the vears 1908

1.500

23,654,436
639,524,474

26.438

38,982,810.52
Cents

road.

mile of road
train mile/

24,199,723
639,792,610

26.238

per passenger.
Total revenue from passengers
Average revenue per passenger per mile....
Total passenger train revenue
Passenger train revenue per mile of road..,.
Passenger train revenue per train mile
Average number of passengers In each train.
Average number of passengers In each car...

82 102731

21
332,694,025.
26
314,655
66370
31
69
314,820.833
37
36.643
882
65
Cents

comparisons with the figures for previous

74

321.299, 34

$2 28042

26
65

$84,454,769

34

$15,471 .18

44684
48
69
588

46
02
93
45

$1 .51592
„

„

$17,375,950 .59

Cents

.29
$7,802
76

years, on aocount of the

.450

changes In

1034

THE CHRONICLE

[Vol. lxxxxi

SOUTHERN RAILWAY COMPANY.

,

SIXTEENTH ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30 1910.

Washington, D. C., October 6 1910.
of the Southern Railway Company'.
The Board of Directors submit the following report of the
affairs of the Company for the year ended June 30 1910:
To the Stockholders

INCOME STATEMENT.
1910.
Milea

of

Road

1909.

Increase (+) or
Decrease (—).

Operated.

Average

7,050.17

7,170.80

—120.19

Qron Operating Revenues.857,294,508 34 852,188,100 84
Total Operating Expenses. 38,035,745 94
35,508,980 00

+85,100,401 70

Net Operating Revenne.818,058,702 40 810,019.120 04
Outside
Operations—Net
—Revenue...
18,980 30
130,903 39

+82.039.030 30

Net Revenue
Taxes Accrued...

+81.921,653 33
+63,020 68

+3,000,705 34

.

818.077.742 70 810,750,089 43
1,979,722 33
1,910,701 65

Operating Income
Other Income

-

...510,698,020 43 814.839.387 78 +51.858,632 65
3,179,135 72
2,898,311 70
+280,824 02

Total Gross Income.—818,877,156 15 817.737.699 48

Interest on Funded
and Equipment

Obliga¬

Total Deductions
of

Income

314.120,137 54 514,148,314 06

—5852 74
—27,323 78
—528,176 52

over

55,757.018 61

Charges
Additions and Betterments
■

+52,139,456 67

Debt

tions—511,313.686 11 511.314,538 85
Other Deductions from To¬
tal Gross Income
2,806,451 43
2,833,775 21

Balance

*—117,983 03

53.589,385 42 +82.167,633 19

52,372 91

78,285 18

—25,912 27

Balance carried to Credit
of Profit and Loss
55.704.645 70

83,511,100 24

+52,193,545 46

There was at the close of this fiscal year a balance to be
absorbed of $7,684,604 46 in discount on securities, resulting

principally from the large sales of Development and General

Mortgage bonds in the year ended June 30 1910. In trans¬
ferring the balance of income over charges for the year ended
June 30 1910 to the credit of Profit and Loss, the Board of
Directors deemed it proper to charge $2,831,459 89 of this
discount to Profit and Loss, thus reducing the amount still
to be absorbed to $4,853,144 57.
The net balance remaining
to the credit of Profit and Loss as of June 30 1910, after such
credit and debit, was $8,685,959 91.
(See Table 4 of this

Report.)

THE CAPITAL ACCOUNT.

Important changes have taken place in the capital account
during the year. The property investment has been in¬
creased $14,061,558 29, of which$3,923,593 70 was in road
and $10,137,964 59 was in equipment.
The increase in the
road account was due to additions made during the year
(p. 20 report), but the increase in the equipment account is
largely a readjustment made necessary to better meet the
requirements of the new uniform system of accounting pre¬
scribed by the Inter-State Commerce Commission.
There
were, however, actual net additions to equipment during the
year costing $844,772 15.
(See page 21 pamphlet report.)
Equipment obligations amounting to $2,528,402 48 ma¬
tured and were paid during the year.
On April 1 1910, a
new equipment trust (Series N) was
created, under which
equipment costing $6,532,535 was contracted for and new
equipment obligations amounting to $5,2Q0,000 were issued
and sold, the balance of cost being paid in cash.
This in¬
crease in equipment obligations
brought the total of such
obligations outstanding on June 30 1910 to $18,208,791 84,
which is $2,368,695 13 less than the total of such obligations
outstanding on June 30 1907. In the three years since
June 30 1907 there have matured and been paid equipment
obligations amounting in all to $9,324,911 30, or more than
the total of the new obligations now assumed.
This reduc¬
tion in the amount of contracted and fixed obligations for the
purchase of equipment, which must be financed currently,
and the necessity of additional engines and cars of larger
power and capacity to handle an increased volume of business
with reasonable economy, were the justifications for the
creation of the Equipment Trust, Series N.
THE FUNDED DEBT.
On

January 1 1910 there were drawn and taken into the
Treasury $5,000,000 of Development and General Mortgage
bonds, which, under the terms of that mortgage, could be so
drawn to reimburse the Treasury for its advances made for
construction during the calendar year 1910.
In likemanner
there were drawn and taken into the Treasury during the fiscal
year $1,766,000 of Development and General Mortgage bonds
to reimburse the Treasury for the proportion of equipment
obligations paid during the year, which, by the terms of the
Development and General Mortgage, was to be charged to
capital account.
By reason of these drawings the total amount of Develop¬
ment and General Mortgage bonds free in the Treasury on
June 30 1910 was $7,536,000.

This discount is being charged off partly by proportionate
charges to Income during the life of the securities;and partly
by extraordinary charges to Profit and Loss. The charge to
Profit and Loss this year will result in substantial reductions
in such charges to Income during subsequent years in dis¬
On November 1 1909 the Three-Year Convertible Six per
posing of the balance now in the account.
Statements of the accounts and statistics of the Company, cent notes of 1911 amounting to $11,105,000 were redeemed.
in the usual detail, will be found in the tables hereto annexed. These notes were the outstanding balance of the entire issue
The accounts have been examined, as usual, by Certified of $15,000,000 which were called during the Spring of 1909,
Public Accountants, Messrs. Patterson, Teele & Dennis, and when the debt was permanently financed in the manner
explained in the annual report for the year ended June 30
their certificate is made a part of this report.
THE OPERATING CONDITIONS.
The income statement reflects the improvement in business
during the year. Freight revenues increased 11.97 per cent
passenger revenues 9.92 per cent and total operating revenues
10.90 per cent. The gross operating revenues were the largest
in the history of the Company.
But, while this is gratifying
it must be observed on the other hand that the increase in
total operating expenses during the year almost kept pace
with tne increase in revenues, being 9.91 per cent.
The

operating ratio, excluding taxes, was, however, 67.43 per
cent, as compared with 68.04 per cent last year and 76.01
per cent in 1907, the improvement in the three years being
largely the Tesult of the improved transportation conditions
under the wage scale heretofore in effect. The property has
been well maintained during the year and is in as good
physical condition as is necessary, not only for the preserva¬
tion of the integrity of the capital account, but also to make
possible efficient operation. Insistent effort to increase
efficiency in operation has been made, looking especially to
maintaining a reasonable ratio between transportation ex¬
penses and gross revenue.
The continued high cost of all the
materials and supplies which a railroad consumes, and the
increased cost of labor, without any proportionate increase
in the selling price of the one thing the railroad produces and
has for sale, viz., transportation, has so intensified the prob¬
lem of successful railroad operation that the opportunity
for good results is narrowed under existing conditions to
efforts to increase the volume of business and improvement
in operating efficiency.
£fi ?■■**'&
Particular attention is invited to the General Manager's

report,hereto annexed, for a statement of some of the most
important results which have been accomplished during the
year in those respects.
■
Late in the year general increases were made in the^rates
of pay of employees, which will have the effect of
adding
approximately $2,000,000 to the annual pay rolljfcof the

Company.




1909.

On

February 1 1910 the $15,000,000 of Three-Year Five

Per Cent Notes which
redeemed.

were

Of this debt

issued in 1907 matured and

were

$5,000,000 was paid off in cash with
treasury funds, and the balance was renewed by the creation
and isstre of $10,000,000 of new Three-Year Five Per CentNotes due February 1 1913.
On January 11910 there matured the three issues of bonds
of the Atlanta & Charlotte Air Line Railway Company,
amounting in the aggregate to $5,500,000. These bonas had
been extended from vne to time in the past, and during the
last three years hadDjrne interest at the rateof 43^ percent.
The contract by which this Company operates the property
of the Atlanta
& Charlotte Air Line Railway Company
provides for a perpetual right of possession and operation of
that property, conditioned, among other things, upon the
payment of the interest upon this bonded debt. Provision
was accordingly made in the First Consolidated
Mortgage
for the acquisition of these bonds, and the maturity on Janu¬
ary 1 1910 was financed by the {purchase of all the Atlanta
& Charlotte Air Line Railway Company bonds, which were
thereupon further extended at 4^ per cent for ten years, or
until January 1 1920, and as so extended Were pledged under
the First Consolidated Mortgage against the issue and deliver
ery of a like amount, at par, of First Consolidated Mortgage
Five Per Cent Bonds reserved in the custody of the Trustee
for that purpose.
$5,000,000 of the First Consolidated
Mortgage Five Per Cent Bonds so issued were sold at a price
approximately sufficient to reimburse the Treasury for the
cost of the acquisition of the $5,500,000 Atlanta & Charlotte
Air Line Railway Company bonds, thus leaving free in the
Treasury of the Company $500,000 of First Consolidated
Mortgage Five Per Cent Bonds.
On January 1 1910 there matured the $400,000 of First
Mortgage Five Per Cent* Bonds of the Richmond York River
& Chesapeake Railroad Company.
These underlying bonds
upon property of this Company were redeemed with treasury
funds, and a like amount of First Consolidated Mortgage Five

THE CHRONICLE

Oox. 15 1910.
Per Cent Bonds,

which had been reserved in the custody of the

disastrous fire in the new tunnel while

still incomplete and in

and taken charge of the contractor. This delayed the completion of the
work beyond the time predicted, but it is now expected that
$282,500 of the new double-track line through Lynchburg from Monroe,
the Charlotte Columbia & Augusta Railroad Company First Va., to Sycamore, Va., 38.14 miles,will all be in operation
Mortgage Five Per Cent Bonds, Ext-ended, which had not by this Fall.
The double track operated on the main line has been in¬
previously been acquired by this Company in exchange for
creased
during the year by the completion of the second track
First Consolidated Mortgage Five Per Cent Bonds under the
between Spencer, N. C., and Concord, N. C., 24.07 miles;
provision in that respect of the First Consolidated Mortgage.
These matured bonds were redeemed by this Company with between Harrisburg, N. C., and North Charlotte, N. C.,
treasury funds, and there were issued and placed in the 8.27 miles, and north from Greensboro, N. C., 1.80 miles.
The heavy work on the 13.67 miles of revised line and
treasury, to represent the disbursement, a like amount of First
double track between Citico, Tenn., and Ooltewah, Tenn.
Consolidated Mortgage Five Per Cent Bonds.
By reason of these refunding operations and the sinking (the approach to Chattanooga, Tenn,, from the east), has
fund in respect of the underlying bonds upon the Charlottes¬ been prosecuted throughout the year and is nearing com¬
Trustee against such redemption, were issued
into fch.6 Treasury
On July 1 1909 there matured the balance of

Rapidan Railroad and the Franklin & Pittsylvania
Railroad, there were taken into the Treasury in all during

ville &

First Consolidated Mortgage Five Per Cent Bonds
aggregating $1,212,500, which, with the $65,300ofsuch bonds
reviously held in the Treasury, amount to $1,277,800 of
outhern Railway First Consolidated Mortgage Five Per Cent
Bonds, which were free in the Treasury on June .30 1910.
Advantage was taken of market conditions during the year
to acquire a number of the underlying 6 per cent bonds .the
maturity of which is approaching. These acquisitions were
made by the issue in exchange on an agreed basis of First
Consolidated Mortgage Five Per Cent Bonds reserved for
that purpose.
The underlying bonds so acquired and retired,
with a consequent immediate saving in the interest charge,
the year

pletion.

INDUSTRIAL PROGRESS.

There were 855 new industrial plants completed on the
lines of this company during the year ended June 30 1910,
classified as follows:
Brick Works
Cotton Seed Oil Mills
Fertilizer Works
Flour and Feed Mills—
Furniture Factories
Iron Industries
Lumber Mills
Stone Quarries* Coal .and
Textile Mills

Total

werei

Columbia & Greenville First 6s of 1916
Richmond 8s Danville Consolidated 6s of 1915
Virginia Midland Serial 6s of 1911 -Western North Carolina Consolidated 6s of 1914--

$27,000
---

194,000

271,000

56,000

The result of all of these financial operations in respect of
the funded debt has been that, despite the accrual this year
of a full year's interest on the $41,333,000 of Development
and General Mortgage bonds issued during the year ended
June 30 1909, the amount paid for interest on Funded Debt

and Equipment Obligations was less in the year ended
June 3d 1910 than in the previous year, as will be noted from
the Income Statement.
The net increase of $29,147 26 in the charges accrued during
the year for Interest on Funded Debt, Equipment Obligations
and Rents Accrued for Lease of other Roads, which items

include all the Company's fixed charges as stated on page 26
(report), was due to an arbitrary increase during the year of
$30,000 in the rental paid the Atlantic & Danville Railway
Company under the provision of the lease made in 1899.

CONSTRUCTION.
No new construction of importance was undertaken during
the year, but the work in progress as described in the last

annual report has been prosecuted.
The benefit expected to be derived from the operation of
the revised line through Lynchburg, Va., was postponed by a

—

>■

30

other Mines

36

...

existing plants during the year aggregated 163.
THE SERVICE OF EMPLOYEES.

to

It is proper to record, with appreciation, the industry,
loyalty and efficiency of the officers and employees of all
ranks during the year.
The future success of the Company
under existing economic conditions depends largely upon its

relations with the public, who are its customers, and these
relations depend largely upon two things which the officers
and employees can and will and do give for the Company

increasing degree. These two things are Solicitation
The Company has during .the year met the
expectation of its employees in respect of increased wages,
because of the increased cost of their individual living, but
in so doing it has heavily increased its own cost of living, and

in

ever

and Service.

its officers and employees to justify such in¬
by securing for the Company, through proper relations
with the public, effective solicitation and efficient service,
such net revenue as will promote its welfare. *.
Respectfully submitted, by order of the Board,
W. W. FINLEY,

it relies upon
crease

President,

JUNE 30 1910 AND JUNE 30 1909.
June 30 1910.

$46,330,776 20
10,137.964 59

$299,778,593 If

$56,468,740 7(1
12,050,132 83

Accrued Depreciation on all equipment In service

44,546,192 79
Leasehold Estates:

$31,558,607 31
1,540 392 69

Road

330.808.607
1.340.392 69

Equipment

TOTAL LEASEHOLD ESTATES (Per Contra)
THE PURCHASE OF EQUIPMENT.
EQUIPMENT TRUST. SERIES N
——
—

32,349,000 00}

4372,752.192

19

$13,306,634 97
30,296,872 21

DEPOSIT WITH TRUSTEE FOR

23,313,703 20
10,774,697 05

67,691.907 43

33.099,000 f#

UNDER

TOTAL NET ROAD. EQUIPMENT AND LEASEHOLD ESTATES—
COST OF SECURITIES PLEDGED OR HELD FOR SPECIAL PURPOSES—
Pledged under First Consolidated Mortgage (See Table 7>
:
*

Pledged under Development and General Mortgage
Pledged or deposited under Various Indentures
Unpledged, held for Special Purposes-----------

(See Table 8)-.

5,797,848 03

$383,094,049 09
$18,806,636 97
20,260,472 21
23,319,317 11
6,872,608 78

-----

SPECIAL DEPOSIT WITH FINANCIAL AGENT TO REDEEM ON NOV. 1 1909
CONVERTIBLE SIX PER CENT NOTES. DUE MAY 1 1911
11,105,000 00
SOUTHERN RAILWAY DEVELOPMENT AND GENERAL MORTGAGE BONDS

$451,549 099 62
$3,995,255 50
380,212 4l

TOTAL NET ROAD, EQUIPMENT AND SECURITIES
MATERIAL AND SUPPLIES ON HAND (See Table 22)...
RAIL AND FIXTURES LEASED

HELD AS STATED
-----

-

$4,215,870

H

712

620,659
500

7,797,010
1,534,968

$11,124,664 97

1,117,014 74
125.307 26
515,961 41
3,093.271 11
966,652 53
583.064 561
824,300 00




—

-

-

_

16,359,236 58
$490,239,800 02

-

-

$454,152,984 16
,

391,513 51

m

4,607,383 62

$458,760,367
4.061.052
574,929
1,078,584
446.821

TOTAL CAPITAL ASSETS-

MISCELLANEOUS SECURITIES OWNED—In Treasury Unpledged
BILLS RECEIVABLE—deferred but secured
ADVANCES TO SUBSIDIARY COMPANIES
INCOME ACCRUED—not due
INSURANCE PAID—not accrued
INSURANCE Fund (Per Contra)
SINKING FUNDS—Uninvested Balance In hands of Trustee
NET DISCOUNT ON SECURITIES SOLD—to be charged of* prior to
the Securities
SUNDRY ACCOUNTS
CURRENT ASSETS—
Cash in hands of Treasurer, Banks and Financial Agents
Cash In Transit from Agencies..
Due from United States Post Office DepartmentDue from Agents and Conductors
Due from Other Transportation Companies
Due from Individuals and Companies.Bills Receivable—current
Miscellaneous Current Securities.

69,258,935 97
1,800,000 00

4,375,467 91
$455,924,567
4,015,569
595,479
925.622
473,572

44,413,607 96

$344,197,201 06

EQUIPMENT.

TOTAL NET ROAD AND

355

—

—

—

Equipment: Investment to July 1 1909.
Additions during the year..

$340,403,192 19

-----103

- -

$295,854,999 40
3,923,593 70

Less: Reserve lor

16

>—■—

—

j

—-

—

PROPERTY INVESTMENT—
R>Md:
Investment to July 1 1909.
Additions during the year-.

20

1,783,583 4|

*

—

ASSETS

$295,854,999 40

$48,3$0,77f

.

The number of industrial plants under construction at the
close of the year was 72, ana the number of additions made

TABLE 1.—COMPARATIVE BALANCE SHEET,
June 30 1909.

■-

>---

.

Woodworking Plants
Miscellaneous Plants—

28
21
3
21
7
21
69

— -—-----

jj

807

700,610

-

maturity of

4,853,144
1,153,696

$8,728,256 71
1,269.872 401
116,359
450,220
2,973,420
1,047,014

96
4f<

75
34
602 085 14
7,013,800 00

-

22,201,029
$493,881.064 43

1036

THE CHRONICLE

June 30

1900.

LIABILITIES.

CAPITAL STOCK—
Common
Preferred

1120.000,000 00
60,000,000 00
3180,000,000
5,670,200
234.002.400
32,349,000

|VOL.

June 30 1910.

3120,000,000 00
60,000,000 00

00
TOTAL CAPITAL STOCK
00 SOUTHERN RY, MOBILE & OHIO STOCK TRUST
CERTIFICATES...
00 FUNDED DEBT (See Table 5>
00 OUTSTANDING SECURITIES ON LEASEHOLD
ESTATES (Per

3J80,000,000 00
5,670,200 00
230,197,300 00
33,099.000 00

....

Contra).

EQUIPMENT OBLIGATIONS—
Equipment Trust, Series C

3220,000
354,000
1,63 7,000
35,550
125,400
2,700,000
1,820,000
7,200,000

Equipment Trust, Series D
Equipment Trust, Series E
Equipment Contract, SeriesF
Equipment Contract, Series G
Equipment Trust, Series H
Equipment Trust, Series K
Equipment Trust, Series L
Equipment Trust, Series M
Equipment Trust, Series N
Miscellaneous Equipment Contracts

$1,323,000 00
2,250,000
1,540,000
6,600,000
1,260,000
5,200,000

00
00
00
00
00
35,791 84

j

394,213 07
14,475,163 07

LXXXXI

....

18,208,791 84

UNMATURED BALANCE OF PURCHASE PRICE
NORTHEASTERN RAIL¬
107,000 00
ROAD OF GEORGIA
6,113 71 UNMATURED BALANCE ON HARTWELL,
IND., BRANCH

107,000 00
6,113 71

...

$466,609 876 78 TOTAL CAPITAL, FUNDED AND LIEN LIABILITIES
RESERVES—
For Maintenance of Way and Structures
For Maintenance of Equipment

3161,783
108,049
78,788

3467,288,405 55
3122,320 64
127,223 24
77,145 78

Miscellaneous

348,621
1,988,435
752,113
990,940
620,659
265,472

65
89
83
21
10
15

326,689 66

INTEREST AND RENTS ACCRUED—not due
TAX LS ACCR UED—not due
UNMATURED OBLIGATIONS FOR NEW STEEL RAIL
INSURANCE FUND (Per Contra)
SUNDRY ACCOUNTS
CURRENT LIABILITIES—
Interest and Rents Due and Unpaid, Including amount due
July 1.
Rills Payable, including current obligations for new
steel rail
Freight Claim Authorities Outstanding

32.751,421 05
982,336 97
100,955 25
1,825,752 61

1,812,980 34
807,305 47
700,610 56
316,988 50

$2,876,246 25
1,724.536 25.
91,028 97'
1,873,480 31

Unpaid Wages, Including June Pay-rolls

2,636,019 34
852,008 93
288,914 95
319,284 15
1,743.986 71

Audited Vouchers.
Due Other Transportation Companies
Due Individuals and Companies
Material and Supplies in Transit—not vouchered
Undetermined Liabilities awaiting adjustment*

11,500,679 96

2.866,538
1,161,828
487,986
676,125
1.880,989

40
04
00
63
13

APPROPRIATED SURPLUS—Additions to Property since June 80
1907 through
200,992 55
Income
i
6,962.007 81 PROFIT AND LOSS (See Table 4).__

13,638,758 98
253.365 46

8,685,959 91

3490,239,800 02
$493,831,064 43
Note.—For statement of guaranty of Bonds of other
Corporations, see Table 9.

TABLE 2.—INCOME ACCOUNT YEAR ENDED JUNE 30
1910, COMPARED WITH YEAR ENDED JUNE

30

1909

1909.
1918.

334,376,619
13,510,791
267,721
1,495,202
1,491,643
758,344
287,784

13
49
31
44
68
00
59

$6,016,660
8,193,753
1,252,328
18,348,507
1,757,730

64
44
45
08
99

OPERATING REVENUES—

Freight
s.
Passenger
Miscellaneous Passenger-Train Revenue-

338 161,391 93
14,639,160 76
279.092 78
1,375,681 64
1,620,028 34
845.782 71
373,370 18

Mail

Express

.

Other Transportation Revenue
Other Revenue from Operation

$52,188,106 64

TOTAL OPERATING REVENUES.
OPERATING EXPENSES—
Maintenance of Way and Structures
Ma’ntenance of Equipment
Traffic Expenses

357.294,508 34
36,635,724
9.876,728
1,436,776
18,934,426
1,752,089

Transportation Expenses
General Expenses
35,568,980 60

58
58
24
56
98

TOTAL OPERATING EXPENSES.

38,635,745 94

$16,619,126 04 NET OPERATING REVENUE
136,963 39 OUTSIDE OPERATIONS—NET REVENUE.

318,658,762 40
18,980 36

$16,756,089 43 NET REVENUE
1,916,701 65 TAXES ACCRUED (Federal Corporation Tax
Excluded)...

318,677,742 76
1.979,722 33

$14,839,387 78 OPERATING INCOME.

$16,698,020 4$

OTHER INCOME—
Rents Accrued from Lease of Road
Hire of Equipment—Balance
Rents Accrued from Joint Tracks, Yards and
Terminals.
Miscellaneous Rents
Miscellaneous Income
Income from Investments
Miscellaneous Interest and Commissions

$21,000 00
199,185 80
114,051 73
1,941,125 92
622,948 25

2,898,311 70

315,499:98
149,345 71
195,510 13
135,016 29
89,395 14
1,999,138 71
595,229 76

TOTAL OTHER INCOME.

$17,737,699 48 TOTAL GROSS INCOME

3,179,135 72

DEDUCTIONS FROM TOTAL GROSS INCOME—
Southern Railway Company In
Mississippi, Income from operations, Alabama State Line
to Columbus, Miss
Rents Accrued for Lease of Other Roads (See
Table 3)
Rents Accrued for Joint Tracks, Yards and
Terminals

$1,351,504 00
769,094 52
19,493 39
45,714 79

Hire of

Equipment—Balance

Miscellaneous Rents
Separately Operated Properties
Discount on Securities Sold—Proportion
charged to Income
Federal Corporation Tax
Miscellaneous Deductions.

81 463 71

535,214 44

31,290 36
2,833,775 21

$19,877,156 15

_

331,958 56
1,381,504 00
808,656 56
60,993 80
116,462 04
266,806 19
47,382 02
92,688 26

;

TOTAL

2,806,451 43

$10,376,016 21

$14,903,924 27 TOTAL AVAILABLE INCOME

711,714 64
226,808 00

11,314,538 85

INTEREST ON FUNDED DEBT (See Table 3)
INTEREST ON EQUIPMENT OBLIGATIONS (See Table 3)
DIVIDENDS ACCRUED ON SOUTHERN
RY., MOBILE &
TRUST CERTIFICATES

-

OHIO

STOCK

._

TRUST

$10,481,500 80
605,377 31
226,808 00

11,313,686 11

$3,589,385 42 BALANCE OF INCOME OVER CHARGES.
78,285 18 ADDITIONS AND BETTERMENTS

$3,511,100 24 BALANCE

$17,070,704 72

35,757,018 61
52,372 91

CARRIED TO CREDIT OF PROFIT AND LOSS FOR THE YEAR.

35.704,645 70

TABLE 4.—PROFIT AND LOSS ACCOUNT FOR YEAR ENDED
JUNE 30 1910.
Balance

at

Credit of this Accoont June 30 1909

Add—Credit Balance of Income for the Year

*.

_.—

Deduct—

Discount on Securities charged to Profit and
Loss during the year
Tennessee Central RR. Accounts
written off
Net Miscellaneous Debits
_

$12,666,653 51
$2,831,459 89

-

;

404,648 92

744,584 79

_

....

Credit Balance June 30 1910




.....

...

$6,962,007 81
5,704,645 70

3,980,693 «0

$8,685,9594)1

THE CHRONICLE

Oot. 15 1910.1

1037

TABLE 12.—TRAFFIC STATISTICS FOR YEARS ENDED JUNE 30 1910 AND 1909.
1910.

AVERAGE MILES OF ROAD OPERATED
PASSENGER TRAFFIC—
Number nf Pjiasenpers Carried
Number of Passengers Carried One Mile
Average Distance Hauled per Passenge’* (Miles)
Total Revenue from Passengers.
Average Receipts per Passenger per Mile (Cents)
Total Passenger-Train Revenue.
Passenger-Train Revenue per Mile of Road
Passenger-Train Revenue per Train Mile
Average Number of Passengers In Each Train

7.050.17
__

_

_

_

7,030.38

_

_

42.80

42.07

$14,639,160 76

$13,317,925 23

_

_

_

_

$16,542,236 79
$2,352 97
$1.15689

$17,913,963 52
$2,540 93
$1.14843

.

_

FREIGHT TRAFFIC—
Revenue Freioht—
Number of Tons Carried
Number of Tons Carried One Mile
Average Distance Hauled per Ton (Miles)
Total Freight-Train Revenue. _*
Average Receipts per Ton per Mile (Cents);
Freight-Train Revenue per Mile of Road

25,204,297
3.985,563.001

.

_

163.45

$38,161,391 93

$34,081,052 51

Freight-Train Revenue per Train Mile
Average Number of Tons of Freight In Each Train
Average Number of Tons of Freight In Each Loaded Car
All Freioht (Incluilnn Company's Material Hauhd Free):

$4,847 68

$2.27368

$2.06047

237.46
14.53

Number of Tons Carried
Number of Tons Carried One Mile

217.10
14 19

30,183 606

268.49
17.55

296.10
18.12

r

,

+ 15.49
+ 11.90
+ 10.28
+3.25

26,135,269
4.440,969,266

4,969,652,728

Average Number of Tons of Freight In Each Train
Average Number of Tons of Freight In Each Loaded Car

+ 14.72
+ 10.99
—3.25
+ 11.97
+0.84
+ 11.66
+ 10.35
+8.00
+ 2.39

0.949

$5,412 83

_

+ 0.07
—2.26

21,970,066
3,590,900,091

158.13
0.957
_

—0 73

43.03
13.73

43.06
13.42

•Average Number of Passengers in Each Car

+7.33
+ 9.18
+ 1.74
+ 9.92
+0.65
+8 29
+ 7.99

2.165

2.179
_

+0.28

14,623,136
615,252,906

15,694,486
671,732,143

_

Per Cent o
Inc <+) or
Dec (—).

1909.

REVENUES AND OPERATING EXPENSES—

Passenger and Freight-Train Revenue
Passenger and Freight-Train Revenue per Mile of Road
Gross Operating Revenue
Gross Operating Revenue per Mile of Road
Gross Operating Revenue per Revenue Train Mile
Operating Expenses (Taxes Excluded)
Operating Expenses per Mile of Road
Operating Expenses per Revenue Train Mile..
Net Operating Revenue
Net Operating Revenue per Mile of Road
Net Operating Revenue per Revenue Train Mile
•

Includes Sleeping,

$56,075,355 45

$50,623,289 30
$7,200 65
$51,661,570 44
$7,348 33
$1.73341
$35,152,731 60
$5,000 12

57,953 76

$57,294,508 34
$8,126 68
$1.82991
$38,635,745 94
$5,480 11
_

_

_

_
_

$1.23397

$1.17949

$18,658,762 40
$2,646 57
$0.59594

$16,508,847 84
$2,348 21
$0.55392

+ 10.77
+ 10.46
+ 10 90

+ 10.59
+ 5.57
+ 9.91
+9.60
+4.62
+ 13.02
+ 12.71
+ 7.59

Parlor and Observation Cars.

THE BALTIMORE & OHIO RAILROAD COMPANY.
EIGHTY-FOURTH ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30 1910

Office of the Baltimore & Ohio Railroad Company,
Baltimore, Md.; September 22 1910.

To the Stockholders of The Baltimore & Ohio Railroad Company:
The President and Directors herewith submit report of the

affairs of the Company for the year ended June 30 1910.
following show the operations of the properties of the entire System, excepting the Staten Island Railway
Company, the Staten Island Rapid Transit Railway Company, and the Baltimore & Ohio Chicago Terminal Railroad Com¬
pany, and cover 4,434.39 miles of road.
The statements

OPERATING RESULTS FOR THE YEAR ENDED JUNE 30 1910, COMPARED WITH THE YEAR ENDED JUNE SO 1900..
1910.

Rail Operations.

1909.

4,434:39

Miles of Road Operated

Earnings—
From Freight Traffic
From' Passenger Traffic
From Express Traffic
1
From Transportation of Mails
From Miscellaneous Transportation
From Operations other than Transportation

Decrease.

4,459.90 1

$69,408,112 68
14,485,585 09
1,715,156 97
1,176,843 75

Gross Earnings

Increase.

1,327,726 42
787,827 46

$58,355,111 83
13.551,238 28
1,523,617 39
1,255,966 57
1,038,036 69
688,885 52

$88,901,252 37

$76,412,856 28

$11,661,409 75

$9,694,559 96
11,810,507 06
1,717,388 14

25,51
$11,053,009 85
934,346 81
191,539 58

$79,122 82

289.689 73
98.941 94
1

$12,488,396 09

•

Expenses—
For Maintenance of Way and Structures
For Maintenance of Equipment
For Traffic Expenses

For Transportation Expenses
For General Expenses
*
Total

16.873.775 93
1,877,203 56
29.738.992 09
1,682,419 46

-

Expenses

-

$51,168,980 87

68.99

66.96

$27,567,451 58

$25,248,875 41

Outside Operations—
Total Revenue
Total Expenses

,

4.563.268
159,815
3.392,022
87.862

26,346,969 16
1,594,556 55

$61,333,800 79

Percentage of Expenses to Earnings
Net Earnings from Operation

-

$1,966,849 79

$1,262,148 72
1,861,782 42

$1,150,593 67
1,689,843 03

87
42
93
91

$10,169,819 92 ~

*

.-

•

.

,

2.03

$111,555 05
171,939 39

$599,633 70

Def. $539,249 36

$26,967,817 88
2,469,964 17

$24,709,626 05
2.271,575 72

198,388 45

Operating Income

$24,497,853 71

$22,438,050 33

$2,059,803 38

Def.

$60,384 34

$2,258,191 83
•'

*

-/

*

;

1

1

Def.

'•*

•••■

$2,318,576 17

Total Net Revenue
Taxes Accrued

Net Revenue

■

—

The roads and mileage embodied in the foregoing statement
of operations are shown in detail in Table 24 of this report.
The operated mileage for the year was 4,434.39 miles, as

against 4,459.90 miles in 1909; the difference being due to a
revision of statement of first-track mileage to conform more
closely to the classification required by the Inter-State
Commerce Commission, there being no practical change in
the mileage as operated, compared with previous year.
The gross earnings from rail operations were $88,901,252 37,
an increase of $12,488,396 09, or 16.34 per cent.
The earnings from freight traffic increased $11,053,00 85
or 18.94 per cent.
The tons of freight carried were 62,797,745, an increase of 11,587,584 and the total ton mileage
was 12,024,583,527, an increase of 1,975,302,682, or 19.76
per cent.
The average freight earnings per ton per mile
were .577 cents,
compared with .581 cents the previous
year, a decrease of .69 per cent.
Table 13 gives comparative
statement of commodities carried during this year.
The earnings from passenger traffic were $14,485,585 09,
an increase over preceding year of $934,346 81.




The total number of passengers
increase of 1,210,568, and the

carried was 21,107,120,
total passenger mileage
was 763,448,759, an increase of 42,690,027.
The average
earnings per passenger per mile were 1.897 cents, as against
an

1.880 cents in 1909.

Earnings from express traffic increased $191,539 58.
There was a decrease of $79,122 82 in receipts for facilities
furnished and transportation of mails.
This was principally
due to reductions ordered in rates of pay. Recent re-weighing
on

parts of the System shows marked increase in the amount

of mail matter carried.

Operating expenses for the year were $61,333,800 79, an
increase of $10,169,819 92, or 19.88 per cent.
The maintenance expenditures, road
and equipment
show an increase of $6,530,118 66.
Transportation expenses increased $3,392,022 93, other
being $159,815 42 in traffic expenses and $87,general expenses.
Table 8, of this report, shows the expense items in detail
and more particularly the sub-accounts making up these inincreases
862 91 in

1038

THE CHRONICLE

creased expenditures, which were largely incident to increased
volume of traffic handled during the year, the more liberal

effective for a portion of the year.
The General Income Account of the
Company for the year
is made upon the same consolidated basis indicated above

were

of the Pittsburgh Lake Erie & West Virginia Mortgage.
Increases are also shown in Working Liabilities, chiefly
due to issue of ten million dollars One-Year Four Per Cent

Notes; in “Appropriated Surplus," wherein $10,965,168 91
represents net amount restored to this account and charged
to Cost of Road and Equipment, as elsewhere explained in
more detail, and in Profit and Loss
Account, due to items
incident to incorporating Subsidiary Lines, and to sundry
adjustments under the revised classification.
The principal changes in Assets are as follows:
Increase in Cost of Road $38,864,766 34: due to charges in
taking up Subsidiary Line Assets, $19,689,100 per contra,
funded debt assumed; new construction during the year
$5,549,819 56; charged to Construction Account against the
“Appropriated Surplus for Improvements" years 1900-1907
$19,481,329 26; less credits, account Equipment B. & O.,
S. W. RR. formerly carried in Cost of Road, $4,692,146 98,
and sundry adjustments $1,163,335 50.
Increase in Cost of Equipment $18,582,581 41 due to
transfer to this account equipment of the Baltimore & Ohio
Equipment Company, the Baltimore & Ohio Southwestern
Railroad and other subsidiary companies $23,643,843 63;
new equipment
acquired during the year $9,013,021 59,
less credits incident to re-valuation, and equipment
put out
of service, $8,025,302 30 and less Reserve for Accrued
Depreciation $6,048,981 51.
The further increase of $21,146,314 10 occurs in Securities
and Working Assets due principally to increase of $36,400,614 93 in Cash and Loans and Bills Receivable, the
latter representing the unexpended balance of
your $40,000,000 Three-Year Gold Notes, less transfer to “Property

taken up in the Company's balance sheet. Upon this
basis the Income Account for the year ended June 30 1910
after payment of taxes, interest on funded debt and other
new

charges, shows net corporate income to have been $16,247,587 03. From this, however; should be deducted
expenditures for betterments necessary to meet changed
eonditions and to maintain the earning capacity, but of a
character not heretofore capitalized, $415,760 61, leaving a
final balance of $15,831,826 42.
The dividends of four per
on

the

preferred and six per cent on the common stock
$11,474,212 79, showing surplus earned over
for the year of $4,357,613 63.

GENERAL

INCOME

ACCOUNT

OF

THE

BALTIMORE

&

OHIO

RAILROAD. YEAR ENDED JUNE 30 1910. IN COMPARISON
WITH THE YEAR ENDED JUNE 30 1909.
1910.

Total Operating
Total

Increase (+) or
Decrease (—).

1909.

Revenue.._88.801?252 37 76.412?856 28 +12t4is.396 09

Operating Expenses...61,333,800 79 51.183.980 87 +10.169.819 92

Net

Operating Revenue..*27,567,451 58 25,248.875 41

Outside Operations—
Total Revenue
Total Expense??
Net Revenue

+2.318,576 17

1,150,593 67
1,689,843 03

+111,555 05
+171,939 39

def.599.633 70 def.539,249 36

def. +60,384 34

26,967,817 88 24,709,626 05
2,469,964 17 2,271,57572

+2,258,191 83
+ 198,388 45

24,497,853 71 22,438,050 33

+2,059,803 38

1,262,148 72
1,861,782 42

...

Total Net Revenue
Taxes Accrued

Operating Income

Investment"

Baltimore & Ohio Equipment Company
Equipment $16,988,317 50, and sundry other adjustments

to conform to

Other Income—
Rents:
Joint Facilities—Total Re¬

ceipts
Miscellaneous Rents—Total
Receipts

495,521 00

466,973 88
Dividends on Stocks Owned. 1,541,777 41
Interest on Bonds Owned
202,968 26
Other Interest
1,381,863 42
Western Union Telegraph
Company—Annuity
60,000 00
Miscellaneous Income..
68,794 04
4.217,888 01

548,172 58
500,527
1,453,851
205,899
526,076

—33,553
+87,925
—2,931
+855,787

80

60,000 00
52,728 77

+ 16,065

27

79

64
02

3,347,256 85

+870,641 06

.28,715,751 72 25,735,307 23

+2,830,444 44

.

Hire

of

Road> and accounts credited, viz.: Equipment Accounts,
particularly referred to under caption Equipment,
$8,516,160 35 and Appropriated Surplus, Additions to
Property, $10,965,168 91.
ADDITIONS TO ROAD AND EQUIPMENT.
Much of the country dependent as yet upon your lines for

transportation is rich in natural

Equipment—Net

ments

Miscellaneous Rents—Total
Payments

437,653 06

210,137 95

+227,515 11

853,377 04

923,990 05

—70,613 01

170,298 43

146,098 50

on
Funded Debt
ible i)
.10,644,867 67 10,180,463 05
other Interest (Table !)
353,003 16
587,420 01
Deductions amount
Other
8,966 33
Subsidiary Lines..
1,192 08

rest

+24,199 93

satisfactorily the business already offering, it was essential
provision for additional equipment and

other facilities.
To meet this situation your Board authCrized the purchase of 284 locomotives and 15,000 freight cars,

+7,774 33

_

12,468,164 69 12,049,301 56

Net Corporate Income....16.247.587 03 13,736,005

Deduction for Additions and
Betterments expended dur¬
ing the year..

approximate cost of which is $28,000,000 and various im¬
provements, more particularly referred to elsewhere in this
report, the expenditures for which, estimated at about
$20,000,000, will extend over eighteen to twenty-four
months.
To better care for the increasing passenger traffic,
authority was given for the purchase of 26 locomotives and
70 pieces of passenger train equipment of modern
design and
equipped for electric lighting, which system of lighting has
now been introduced on through trains.
Table 14 snows
such of this equipment as was delivered during the year.
To make payment for equipment as acquired and to meet
construction expenditures as work progresses it was necessary
to issue additional securities.
The Company issued its
Ten Million Dollar, One-Year Four Per Cent Gold Notes, due
March 10 1911.
Subsequently, an issue of Fifty Million

415,780 61

+418,863 13

72

+2,511*581 31

549,572 24

—133,811 63

BalanceNetCorporate Income 15,831,828 42 13,186,433 48

+3,643,392 94

Balance Net Corporate Income..

.315,831,826 42

Preferred—Marchl l910,2%.31,177.848 80
Sept. 11910,2%.. 1,177.826 09
—«

Common—March 11910.3%.34,559,125 06
Sept* 11910, 8%.. 4,559,412 84

32,355,674 89
9.113.537 99
11,474,212 79

Amount to Credit of Profit and Loss June 30
1909
318*126,681 3T
Add Sundry Adjustments due to incorporat¬
ing Subsidiary Lines, deferred Interest and
other Items, Net Credit Balance..
898,895 33

S4JS7.613 63

Dollars of Four and One-Half Per Cent Three-Year Gold

Coupon Secured Notes, due June 1st 1913,

was

authorized.

Ten Million dollars of these notes are reserved to retire the
One-Year Notes referred to, and the remaining forty million
were sold and proceeds are available for the
contemplated

19.019.486 70
Amount to Credit of Profit and Loss June 30 1910

and there is every

to make immediate

+464,404 62
—234.417 85

„

resources

indication that the already large industrial development will
be greatly extended.
Aside from the possiblities referred to,
it became evident during the year that in order to handle

Total Deductions from In¬
come

classification.

more

Deductions from Gross Corporate Income—
Rents:
Balance
Joint Facilities—Total Pay¬

new

IMPROVEMENTS CHARGED TO INCOME.
In the last annual report reference was made to charges
to Income during the period from July 1 1899 to June 30
1909 for Capital Improvements, aggregating $21,540,230 68.
Of this amount $19,481,329 26 has been charged to Cost of

—52,651 58

68
62
90
40

LXXXXI.

fore been assumed, but principal had not been taken up in
Capital Liabilities, less $7,644,070, account Pittsburgh
Junction & Middle Division Bonds, heretofore carried as
liability, contra the deposit of these bonds with the Trustee

maintenance expenditures rendered practicable by the
increased earnings, and the increased rates of pay which

cent

[VOL.

323.377,100 33

expenditures for equipment and construction.

Note.—For purpose of comparison, the Income Account of 1808 has been
re-stated by eliminating debits and credits account of Interest on bonds
and dividends on stocks of own Issue, In treasury, to a coord with
ruling
of Inter-State Commerce Commission.

CONSTRUCTION AND BETTERMENTS.
Much of the work
during the year, and

previously undertaken was completed
the remainder, together with extensive
General' Balance Sheet, Table 2, is presented for this additional work
undertaken, has been vigorously prosecuted.
year in the form prescribed by the order of the Inter-State The
improvements
started during the year are in pursuance
Commerce Commission, effective June 15 1910. This of a
general scheme for the betterment of the line to facilitate
change prevents the showing of parallel comparisons with the the handling of traffic and render the operations more
general balance sheet of the preceding year.
effective and economical.
In addition, to meet presentThere has been, however, an increase in the total
footings conditions, it has been necessary to undertake extensive
compared with June 30th 1909, of $78,593,661 85.
work for the elimination of grade crossings, more particularly
Tne principal changes in liabilities are as follows:
in the cities of Baltimore, Md., Columbus, Ohio, and Chicago,
Increase in Common Stock of $41,000, issued in
exchange
for like amount of Ten-Year Gold Convertible Debenture Ill.; also to continue the rebuilding and strengtehning of
bridges on the system for heavier power.
4% Bonds of the Company. Increase in Mortgages and
Some of the more important improvements completed
secured debt of $53,041,014
36, due to issue of $40,000,000 during the year were:
Three-Year Gold Secured Notes; the issue under
The new double-track bridge over the Susquehanna River
provisions
of the First Mortgage of
$1,000,000 Four Per Cent Bonds and completed and put in use January 6 1910.
$12,041,014 36, the net increase incident to taking into the
The viaduct, known as Bridge 68, at Cumberland, referred
General Balance Sheet the funded debt of
to in previous report as being widened and reinforced to
Lines,
Subsidiary
viz.: $19,689,100, interest payments on which have
hereto¬ carry heavier power, finished in November 1909.
The




.

,

*

Oot. 15

1910.]

THE CHRONICLE

1039

.To relieve the Wheeling Division and facilitate the
of traffic westbound, a connection,
including

handling sufficient capacity to carryjthe heaviest locomotives. The
bridge over the bridges on the line from Philadelphia to Grafton and on the
Monongahela River, was constructed between Haywood, Pittsburgh and Chicago Divisions will be
completed in 1910;
W. Va., on the Monongah Division,and
Lumberport, W. Va., remainder of program will be carried out as promptly
as
on the Ohio River
Division.
This work was undertaken in
March 1910 and line opened June 14 1910.
The new double-track draw-bridge over the
ship canal at
Indiana Harbor was completed.
New station buildings were completed at

conditions permit.
This plan makes
heaviest power where needed and the

loads.

Work has begun on elimination of grade
corssings in the
cities of Baltimore, Md., Columbus,
Ohio, and Chicago, Ill.
That at Baltimore and Chicago will extend over a
period of
years; that at Columbus will be finished during the
following
fiscal year.
The aggregate expenditures for Construction and Better¬
ments for the twelve months have been
$5,549,819 56, which,
in accordance with the classification
prescribed by the InterState Commerce Commission, has been

Listie, Pa., Fair-

point and Warren, Ohio, and Gary, Ind., the last mentioned
being owned and operated jointly with the Lake Shore &
Michigan Southern Railroad Company. *
Following is shown some of the more important work now
under construction, most of which it is
anticipated will be
completed during the next fiscal year:
ADDITIONS TO TRACK AND BETTERMENT OF
ROAD.

Change of line and grade reduction, Concord to Wilming¬
ton, Del., 1.1 miles, including stone viaduct replacing steel
bridge over Brandywine Creek.
Additional third track, Sir John’s Run to Great
about 5 miles, giving continuous third track from Cacapon,
Heagesville to Orleans Road, about 34
miles, and the installation of
automatic block signals, rendered
necessary by the increased
density of traffic on the Cumberland Division.
Construction of 1 ^ mile siding near Bond to relieve west¬
bound movement of freight on Seventeen Mile Grade.
Extension of third track, 2 ^ miles eastward from Swan
ton,
for use of westbound freight trains.
Revision of line and change of
grade to obviate use of
helpers between Hutton and Corinth.
Extension of third track, from West of Terra Alta to
Rodemer, about 4 miles, including elimination of tunnels at
McGuires and Rodemer. This will
complete the third track
from Rowlesburg to Terra
Alta, and will be used by eastbound
freight trains.
Change of line and reduction of grade between Blaser and
West End, about 4 miles, including construction of new
double-track tunnel about 4,250 feet in
length, between
Tunnel ton and West End.
The existing Kingwood Tunnel
operated in conjunction with this new line, will give three
tracks, and afford necessaiw relief where the traffic heretofore
has been restricted by the
single track gauntlet through

Kingwood Tunnel.

possible the use of the
handling of maximum

charged to “Property

Investment, Road."

EQUIPMENT.
ROLLING EQUIPMENT.

The equipment
of this report.

of the Entire System is shown in Table 14

The Book Value of an equipment at June SO 1900

During the
following.
16S

there

year

Locomotives,

was

—$70,849.029 40

was

added to the equipment the
44 Passenger cars,
2 Work cars,

-

7.020 Freight cars,
at a cost of

"...

8,963.SI9 78

The title to 163 locomotives and
7,000 freight care
the Baltimore & Ohio Equipment Company.

is in

879.S12.849 18

During the

year

the following

equipment

was

put out of service through condemnation, wreck,
fire and sale, viz.:
17

Locomotives,

3,892 Freight cam,
having a book value of
which amount was charged

*

17 Passenger cam,
804 Work cars,

$876,596*08

—

Expenses

i

(less salvage
Account) and
Capital Account Equipment.
There was charged to Operating Ex¬
Material

penses and credited
Depredation

Construction of third track West End to Hardman, 6 miles,
including an open cut for three tracks, in place of “Murray’s
Tunnel," which will permit use of Mallet engines now
prevented by tunnel clearances.
Extension of third track between Foley and
Mance, and
Sand Patch and Keystone,
approximately 5 miles, to aid

Accrued

]

*

to Operating
charged to
credited to
,

to Reserve for
81.931,401 41

;

representing depreciation for fiscal year
of equipment owned.
During the year a Committee of Officers
*
of the Operating, Mechanical and Account¬
ing Departments, appointed to appraise
movement on Sand Patch Grade.
the rolling equipment Of the Company,
Extension of second track and additional passing
reported the Book Value at June 30 1909 J3|
sidings
between Rockwood and Somerset, required by increased as
higher than the appraised value by
traffic on Somerset & Cambria Branch.
$8,516,160 35.
;
Extension of Quemahoning Branch RR., 9
On recommendation of the Executive
miles, from
Jenner to connection with the Somerset & Cambria Branch Officers and
approval of the Board, this
at'Somerset,
to
care for coal traffic oflFered by operations in amount was charged -to Appropriated
this held. The line also develops additional coal
territory.
Surplus and accounts credited, viz.:
Construction of second track in open cut,
To Capital Account Equipment....
including
elimina¬
$7,141,713 28 *
tion of single track gauntlet 1,500 feet
Reserve for Accrued Depre^
through tunnel at Toelation...
$1,374,447 07
Bakerstown, Pa., thereby making second track continuous
8,018,310
from Sand Patch Tunnel to Hamler, on the
Chicago Division. g Making Book Value of Rolling
at
Equipment
June'801010.$71,794,538
Extensions of second tracks with grade revisioris, additional
IMARINE EQUIPMENT,
passing sidings and yard tracks between Wheeling and Lorain,
to meet requirements in
$1,110,076
handling the heavy business on this The BookSValuelof'all equipment at June 30 1909 was
portion of the line during the Lake season.
During the year there was added to
-

.;

j
•

'

.

^

It

98

...

single track

Division.

ADDITIONS

AND

EXTENSIONS OF YARDS
FACILITIES.

on

AND

the Chicago

TERMINAL

Brunswick, Md.—New roundhouse, extension of engine
and engine pits to handle additional
power now

tracks

required on this Division.
Grafton, W. Va.—Extension of terminal, including new
receiving and forwarding yards, necessary for the present
business and to provide for increase.
Tunnel, W. Va.—New receiving and forwarding yard,
with small engine house,
wye, engine tracks and ash pits
necessary in conjunction with new
to relieve the Wheeling Division ofLumberport connection,
part oi the westbound
business from Fairmont Region.
Benwood, W. Va.—New roundhouse, with requisite tracks,
water supply and power plant to
replace facilities which had

the

equipment the following:

•llTug Bor*'
'a'eost of..

i

2 Car

Floats;

1 Launch;
49,201 81

_

Sale was made^of the
Value of

\

-

v

$1,159,278 20

.....

tugboat "Cyclops" having a* Bookie, te

—8,992 10

which amount

was charged to
Operating Expenses
(less salvage from sale) and credited to Capital

Account
SL

Equipment,

:

Making Book Value of Marine Equipment at June 30 1910. $1.152,286 20
*

■

Construction of 21 miles of second track between Wellsboro
and McCooIs, on the
Chicago Division, necessary on account
of existing traffic.
With the completion of this work there
will remain only eighty-six miles of

49

SUMMARY.
ValueTof (RolUng?Equlpment June 30 1910...
Valued of. Floating Equipment June 30 1910
Total BoofeTValue
Less Reservetfor Accrued

|

$71,794,538 98
1,152,286 20
*72,946,825 18

Depreciation—Cr. (Equipment)..

NetJValuelotlEqulpment

6,048,981 51

-$66,897,843*7

CHICAGO TERMINAL.

Negotiations were concluded during the year whereby
inadequate on account of increase in size of power.
your Company secures its own entrance into Chicago and
Somerset, Pa.—Receiving and forwarding yards, with the freight and passenger facilities it has occupied there under
scales, small engine house, turntable, ash pits, engine track, lease for a number of years. The ownership is through The
&c., to facilitate the classifying and weighing of coal from Baltimore & Ohio Chicago Terminal Railroad Company, all
the Somerset Region.
the stock of which is owned by your Cothpany, the former
Lorain, Ohio.—Additional storage yard for 500 cars and having purchased at foreclosure sale January 6 1910 all of
reconstruction and additions to the
ore-handling facilities the property and franchises formerly owned by the Chicago
at this Port.
Terminal Transfer Railroad
Company, which consist of
Chicago Junction, Ohio.—New Eastbound and Westbound passenger and freight terminal facilities and other properties
yards, where existing facilities were inadequate for the in the city of Chicago, and approximately 101 miles of;
increased business.
railway lines, 84 of which are owned and the remainder held
become

TIE

RENEWAL OF BRIDGES AND ELIMINATION
CROSSING8.

OF

GRADE

Progress was made during the year onthe general plan for
the renewal and strengthening of such bridges as are not. of




under permanent lease.
The Baltimore & Ohio Chicago Terminal Railroad
Company
has made a mortgage, dated April 1 1910, to secure an
authorized issue of $50,000,000.First
Mortgage Four Per Cent

THE CHRONICLE
Bonds, due April 1 1960, and guaranteed by your Company.
Of the $33,000,000 of these bonds immediately issuable,

yOur Company has acquired $28,000,000, the remainder
being held in the treasuiy of the Terminal Company.
INSURANCE FUND.
A summary of the operations for the year ended
1910 and a statement of the assets and liabilities
pared with previous year, are shown in Table 6.
RELIEF DEPARTMENT,

LXXXXIt

The operations of the department,
covering the Relief, Savings and Pension features, will be
tribution to members.

found in Table 7 of this report.
*

*

*

*

*

The President and Directors take

pleasure in acknowledg¬
June 30 ing the faithful and efficient services Of the officers and
as com¬
emlpoyees during the past year.
By order of the Board,
DANIEL WILLARD,
The report of the Relief Department for the twelve months
President.
ended June 30 1910 will be printed, as customary, for dis¬
‘

*

TABLE 2.—GENERAL BALANCE SHEET YEAR ENDED JUNE 30 1910
ASSETS.

LIABILITIES.

Property Investments—
Hoad and Equipment

Stock—

Investment to June SO 1907—
Road.

9203,192.080 29

62,942,410 01 3200.134,502 90

i

'

-

-

'

Equipment

—

'Investment since June 30 1907—
Road

911.033,358 30

10,004,408 57
29,740 94

Equipment..

General Expenditures

.

21,007,513 87
9287,202,010 77
0,048,981 51

Reserve lor Accrued Depreciation—Or. (Equipment).

9281.153.035 20

Total.

Securities
*

1

Stocks

‘

943,122.870 20

120,740,878 87
5.905.583 01 9175,709.332 08

Funded Debt
Miscellaneous

Securities of Proprietary, Affiliated and
Controlled Companies—Unpledged—
Stocks..
97,984,352 47
Funded Debt
1,330,024 21

9,314,370 08

-

-9185,083.708 70

Total

Other Investments:

9102.148,843 30

Company,
by Com¬

59,983,954 00

9212.132,797138

Stock Liability for Conversion of Outstanding Securities of
Constituent Companies...

86,990 81

...

Total.

9212,219,787*97

Mortgage, Bonded and Secured Debt—

93,790,045 34

Physical Property

Securities Pledged
Securities Unhedged

3,477,472 44

.......T.

-

Assumed Held
Treasury—(Book Value)—
or

Stocks
Funded Debt

-

Marketable Securities—
Stocks
Funded Debt

—

953,941,401 78

.3520,173,145 >0

Property and Other Investments

Working Assets—
Issued

Collateral Trust Bonds—Held

by Com¬

pany, 35,048,300 00; Not Held by
Company, 944,951,040 00.-.-.-....
Plain Bonds, Debentures and Notes—

Not Held by Company, 940,098,000 00
Miscellaneous Funded Obligations—Not
Held by Company, 91.145.057 00

50,000.000 00

40,098,000 00
■

~

1.145.057 00

Total

321,309,137 —

911.755,951 34

in

7,419,285 80

9890,121 49
807,408 04

Total

Loans and Bills Payable
910,000.000 09
Traffic and Car-Service Balances Due to Other Companies. .
305,709 08
Audited Vouchers and Wages Unpaid.
6,212,343 88
Miscellaneous Accounts Payable.
912,988 48
Matured Interests, Dividends and Rents Unpaid
180,437 89

Working advanoes due to Other Companies

1,703,590 13
39,029,892 89
402.951 31
2,575,890 52
8,871,782 00

7,520,259 81
979.945.009 92

Deferred Dibit Items—
Advances:

320,109,170 49

9109.405 30
00,000 00

9229.405 30

dash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance and Other Reserve Funds.
Cash and Securities in Provident Funds
Other Deferred Debit Items
Total

280.000 32
1,075,472 59
99.107 20
379.274 71

32.069.380 12

Grand Total.......

9002.193.135 84

99,773,858 88

Deferred Credit Items—
Liability on Account of Provident Funds

91.287,019 89
790,387 84

Other Deferred Credit Items

1

Total

.

32,077.40719

Appropriated Surplus—

^

Additions to Property through Income—
Prior to June 30 1907
910,905.108 91
Since June 80 1907
1,280,038 84
Reserves from Income or Surplus—Invested in Other Re¬
serve

Funds..

1,075,472 99

Total

Other Advances

2,437,037 90

Total
Accrued Liabilities, Not Due—
Unmatured Interest, Dividends andfRents Payable

91,220,340 09
0,192,939 77

Loans and Bills Receivable
Traffic and Car Service Balances Due from Other Companies
Vet Balance Due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
....

Working Funds

3533,528,923 08

Working Liabilities—

40,073,284 00
...

Total
Total

Mortgage Bonds—Held by Company,
91.144.050 00: Not Held by Com¬
pany. 9228,921,430 00—**.
..9230,000,080 00

Total Capital Liabilities

Miscellaneous Investments—

Cash
Securities

Company,
Company,

Funded Debt:

Securities of Proprietary, Affiliated and
Controlled Companies—Pledged—

„

Capital Stock:
Common Stock—Held by
9230.401 10; Not Held by
9101.912,442 20
Preferred Stock-Held by
91.108,095 30; Not Held
pany, 958,875.258 70

313,320,08014

Profit and Loss—
Balance..

923,377,100 98

Grand Total

3002,199,135 84

The above General Balance Sheet presents an accurate state-

men^ of the Accounts of the Company, as of June 30 1910.
G, W. BOOTH, Comptroller.

Standard Oil Go. of New Jersey.—Re-Argument on Jan. 3.
Weils Fargo ft Go., New York.—New Directors.—The fol¬
—See America* Tobacco Co. below.—V. 91, p. 965.
lowing new directors are announced: L. F. Loree to succeed
Union Switch A Signal Go., Pittsburgh, Pa.—New Stock— F. Y. S. Crosby, who resigned, and Vice-Pres. E. A. StedPart for 60% Stock Dividend—The shareholders will vote man to succeed (on the board only) the late Dudley Evans.—
Dec. 14 on increasing the capital stock from $2,500,000, of V. 90, p. 564.
>■

which $500,000 is preferred, to $5,000,000, the new stock
to be all common.
—“The Bond Dealers’ Association” has been organized
Pittsburgh advices state that $1,500,000
of the new shares will be distributed as a stock dividend of in the city of Denver, Colo., for the purpose of securing high
60% on account of accumulated earnings, and that the re¬ standards of business and protecting both themselves as
maining $1,000,000will be reserved for future requirements. bond dealers and the investment public from fraudulent or
—Y. 90„p. 1618, 624.
questionable enterprises. The membership consists of 22
Gas ft Electric Go. of N. J.—For year end.Aug.31 bond houses, including 6 banks, which buy or sell bonds.
Such an association must have a very considerable influence
Fiscal
Surplus
Other
Fixed
Balance,
Preferred
Year—
Sub. Cos.
Income.
Dividends.
Charges.
Surplus. in creating confidence in the investment market by the pro¬
1909-10
9464.317
956,538
991.075
958,605
3371,175 tection it will give.

Untied

,

1908-09
357,199
—V. 87, p. 292.

00,620

....

89,613

58,605

269,001

—The October number of the Manual of Northeastern
United States Lumber Go., Scranton, Pa.—Extra Divi¬ Pennsylvania Securities has been issued by Brooks & Co.,
dend.—An extra dividend of 1% was paid Oct. 3 on the $6,Scranton, Pa. It- is a pamphlet of 150 pa^es, describing a

000,000 outstanding stock (auth. issue $7,000,000).
regular rate is 1%% Q.-J., or 6% per annum.
Gross sales.
Net earnings.

Results for Calendar Year 1909.

91,469,618 Selling, admin., Ac., exp.
9343,066 Int. on bonds, Ac
Add—Rental, Ac. (net)..
144,709 0% on stock
Accr’d on investments.
Total net..
—

.

The large number of companies more or less identified with North¬
eastern Pennsylvania, in the securities of which section Brooks
& Co. specialize.
3145,170
110,715
360,000

133,751

9621.526(Balance, surplus

95,641

.Ul®, balance sheet of Dec. 31 1909 shows: Timber lands and real estate,

34,618,856; plants and RR. equip., 31,508,981; stock of Great Southern
Lumber Co., 8389,600, and Mississippi Central RR.. 8895.351; bonds Miss.
*29,170: current assets (incl. cash, 8259,852, and Inventory,
3340,519), 81.255,101: misc., 832,513; total assets, 88,729,573. Offsets:
cap. stock, 96,000,000; bonds of subsidiary cos. (835,000 J. J. Newman
Lumber Co. 1st 5s due July 1 1914 and 8812.000 Scranton Lumber Co. 1st
M.0s due semi-annually Oct. 11911 to April 1 1913), 8847.000; current liabllltes (lncl. Jan. 1910 dividend), 8205,478; deferred liabilities. 823.001;
accumulated surplus, 81,593,494.—V. 88, p. 1503.




—Herzog & Glazier, 24 Broad St., invite dealings in
Telephone & Telegraph
common and preferred stocks; also Western Pacific stock,
Western Power Co. common and preferred stock and North¬
ern Electric of California 5% bonds.
Pacific Gas & Electric and Pacific

.—Kissel, Kinnicutt & Co. advertise in this issue of tht
“Chronicle” an attractive.^ list of securities to which tht
attention of investors is invited. Descriptive circular will
be mailed

on

application.

OOT. 15 191#.

THE CHRONICLE

1041
COTTON.

Tlx* dPommjemal jinxes.
1910.

Though transactions may not have increased greatly, there
evidently a more confident tone in business. The financial

is
situation is considered better.

General trade shows

dency to slowly increase.

a

ten¬

The political tone of the times
seems to be less mimical to
corporate interests and business
men are more
hopeful, despite the fact that cost of living con¬
tinues high. Grain crops are bountiful,
especially of corn.
LARD on the spot has been easier.
Trade has been dull
but supplies continue light.
Prime Western 13.12 >£c.
Middle Western 12.75c. and City steam
12^gc. Refined lard
has also weakened, with trade dull.
Continent 13.10c.,
South America 14c. and Brazil in
kegs 15c. The speculation
in
lard futures here has been dull and featureless.
At Chi¬
cago the futures market has been active, with more or less
irregularity in prices. The decline in the grain markets
and the dulness on the spot have been bearish

factors, but
prominent packers have made purchases, and there has been
considerable commission-house buying on the
setbacks, en¬
couraged by the firm tone of the live-hog market and the
relatively light supplies of product.
DAILY CLOSING PRICES OP LARD FUTURES IN
NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
October delivery
12.80
12.60
12.50
12.50
12. 0
November delivery
12.00
11.00
11.75
Holl- 11.08
12.10
January delivery
10.05
10.80
10.85
day. 10.00
11. 0
DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
October delivery
.12.62 H 12.55
12.70
Holl- 12.70
12.87 H
November delivery
.11.65
11.57 H 11.57 X
day. 11.62 X 11.75
January delivery
.10.55
10.50
10.45
10.52 h 10.65

bales the

previous week, making the total receipts since
Sept. 1 1910 1,676,499 bales, against 1,955,911 bales
for the same period of 1909,
showing a decrease since Sept. 1
1910 of 279,412 bales.
.

Receipts at—

OIL.—Linseed has been firm with a fair demand for mod¬
erate-sized lot*.
City, raw, American seed, 97@98c.;
boiled 98@99c.; Calcutta, raw, $1 03.
Cottonseed has been

moderately active and firmer; winter 8.50@ 11c.; summer
white 8.75@llc.
Lard has been quiet and firm; prime
$1 02@$1 05; No. 1 extra 63@65c. Cocoanut has been
quiet
and firm, with supplies light; Cochin 11
J^c.,Ceylon 9J^@10c.
Olive quiet and steady at 90@95c. Cod in
good demand,
with prices firm; domestic 41 @43c.; Newfoundland
44@46c.
COFFEE

the

spot has been quiet and easier. Rio No.
7, 10J^@llc.; Santos No. 4, ll^@12c. West India
growths have been easy, with trade quiet. Fair to good
Cucuta 12%@12$^c.
The speculation in future contracts
has been moderately active.
Early in the week some de¬
cline occurred, owing to depression in the
European markets,
due to the French railroad strike and local and
foreign sell¬
ing. Of late, however, there has been considerable buying
for local and outside account on unfavorable
crop reports
from Brazil.
Spot interests have made purchases.
Closing prices were as follows:
on

October
8.75c. January ..8.88c. April—
November _8.75«. February .8.85c. May
December .8.80*. March

_

8.87c. June

8.8 8c. July
8.92c.
8.90c. August
8.93c.
.....8.91c. September 8.94c.

SUGAR.—Raw has been quiet and easy.
Centrifugal,
96-degrees test, 3.90c.; muscovado, 89-degrees test, 3.40c.,
and molasses, 8§-degrees test, 3.15c,
Refined has been
quiet and easy. Granulated 4.90@4.95c. Teas have been
in fair demand and generally firm.
Spices have been mod¬
erately active and firm. Wool has been, quiet and steady.
PETROLEUM.—-Refined has been firm, with a further
improvement in trade. Refined, barrels 7.40c., bulk 3.90c.
and cases
9.40c.

Gasoline has been in good demand and
firm; 86 degrees in 100-gallon drums 18%c.; drums $8 50
extra. Naphtha
moderately active and firm; 73 @76 degrees
in 100-gallon drums 16Me.; drums $8 50 extra.
Spirits of
turpentine steady at 78@78^c.,-with -trade fairly active.
Rosin firm and more active; common to
good strained $6 40.
TOBACCO.—The situation in domestic leaf has shown no
essential change of late.
Trade has continued quiet, but as

sales of cigars have noticeably increased
recently it is expec¬
ted by many that the demand for leaf will
expand materially
sooner or later.
Sumatra has been in .moderate demand.
Havana has been quiet. “ Prices have
generally been firm.
COPPER has been easier, though without marked
change.
Lake 12^£@12%c.; electrolytic
.

12J^@12^c.

The sales Of

12.65@12.70c., and casting

copper have latterly increased,
though this is traceable partly to speculative buying. Lead
has been* steady and in moderate demand;
spot 4.50c.

Spelter has been quiet and steady at 5.50@5.60c.

Tin has

been less active but firmer; spot 38c.
Iron has been steady;
No. 1 Northern $15 75@$16; No. 2 Southern $15
25@
$15 75.
There has been an increased demand for iron from
ove works of late.
Pipe works have been in the market for
air-sized lots.
Finished material has been more active.




15,427

Mon.

Tues.

27,469

50,137
*•

Wed.

Thurs.

20,885

22,695

Fri.

Total.

23,093 159,706

“

_____

10,255
5,880
2,770

—

3,159
1,725

7,180
2,022

—

897

.

._

9,613
2,006

6,228
1,244

11,152
35,858
11,201

3,798
1,434

"

—

Jacksonville, Ac.

’*39

195

Savannah

18,661

Brunswick

—

Charleston

—

—

15,318

11,833

—

—

_

3,205

Georgetown
Wilmington

14,281

14,784

5,685

1,337

_

‘4,021

3,068

‘"40

274

14,302

89,179
14,569
18,910

14,569
1,594

.

‘
.

.

_

^

2,444
2,957

Norfolk

8,129
4,577

N’port News, &c

2,154
5,460
„

New York
Boston
Baltimore

3,615
5,581

,

.

6,499
3,536

_

_

'

*

_

^

4,524
6,015
188

27,365
28,126
188

'

„

i

8

...

Philadelphia

—

Total this week.

47,578

70,583

The following shows
since Sept. 1 1910, and
last year:

—

-

92,275

This
week.

—

—

56,684

59,007

3,508

3,508

—

—

73,962 400,089

1909.

Since Sep
1 1910.

Galveston
159.706
Port Arthur
Texas City, Ac.. 11*452
New Orleans
35,858
Mobile
11,201
Pensacola
274
Jacksonville, &c_

—

53

the week's total receipts, the total
the stocks to-night, compared with

1910.
Oct. 14:

—

.

44

Receipts to
This

Stock.

Since Sep
1 1909.

week.

789,663 141.308
6,857
28,289
1,629
103,215 58;059t
40,823 16,497i

—J

1910.

1909.

688,375
7,047
8,179

138.087

242,143

173,257
60,812
13,510

46,391
30,624

93,762
31,569

124,105
18,075
41,445

167,545
17,285
37,818
39,921
31,774

89,179
14,569
18,910

9,500
3.013'
1,625
397,403 110,724
38,748 21,800
73,194 18,010
85

100

225

27,365
28,126

115,173
73,702

188

24,530
35,585

482

54,308
20,714

New York
Boston j

176

137,288
121,690
1,176

53

Baltimore

98
51
1.628

904
491

3.508

1,220
1,074
4,946

3,261

75

77,084
1,128
5,462

257

7,102

73,011
1,991
3,939
3.098

400,089 1,676,499 442,783 1,955,911

564.525

743,832

Savannah..’.
Brunswick

—...

Charleston

Georgetown
Wilmington

....

Norfolk

Newport News.&c

Philadelphia

—

Total

...,-

4.702

551,148
87,324

96,265

— -«»«»«■«»

In order that
we

comparison may be made with other years,
give below the totals at leading ports for six seasons:

Receipts at—
Galveston
Pt. Arthur, &c.
New Orleans.
Mobile
Savannah
Brunswick

Charleston, &c
Wilmington..

1910.

1909.

1908.

159,706
11,152
35,858
11,201
89,179
14,569
18,910

141,308

139,431

51,087

1906.

1905.

150,900

124,800
6,927

249

394

447

110,724
21,800

37,744
13,939

28.126

18,110
24,530
35,585

188

10,936
28,211
22,579

14,107
30.159
22,899

62,942
8,833
73,728
5,873
9,121

176

178

247

3,835

123

197

14,365

3,400

10,111

851

1,928

400,089

442,783

370.763

267,873

371,658

321.919

27,365

N’port N., &c
All others.

Since

1907.

64,178
15,631
81,752
4,218

Norfolk

Total this wk.

1,629
58.059
16,497

82.800
4,386

31,968

26,872

44,384

11,487
71,935
8,183
8,042
14,706
29,240

Sept. 1. 1,676,499 1,955,911 1,734,833 1,248,451 1,703,733 1,935,303

The exports

for the week ending this evening reach a total
200,118 bales, of which 122,835 were to Great Britain,
22,731 to France and 54,552 to the rest of the Continent.
Below are the exports for the week and since
Sept. 1 1910.
of

Week ending Oct. 14 1910.
Exported to—

from—

Great
ContiBritain. Fr’nce: nent.

From Sept. 1 1910 f Oct. 14 1910.
Exported to—

Great

-

.

Galveston
Port Arthur
Texas City, Ac.
New Orleans..
Mobile
Pensacola
Femandina
Savannah
Brunswick

Total.

54,82816,181 35,745 106,754

.

1,200

1,563
226

226

16,725

8,840 25,565
14,233

59,177
7,348
6,000
28,728

3,863

18,156

107,666

215
350
400

215

17.620

3,201

4,738
6,132

1,300
2,050

1,300
2,050

‘5,666

5,000
14,233

.....
~

14,293

Boston
....

Philadelphia

,

—

—

2,501

350

.

Portland, Me..

-IT -

San Francisco.
Seattle

1,597
24,224
226

.

_

....

-

-

-

.....

—--

19,369

62.758

5,000

4,700
6,000
29,232
21

600

4* — -

—

-

"

U -

^ ^

-

„

.-----

„

„

—

34,574

— —

_

------

61,048
2,025
12,856
1,455

850

------

—

—

—--

-----

Portland, Ore.
Pembina
Detroit

6 857

-

2,023

-

Newport News
Baltimore

201,720

.4* —^ — —

23.708
44,554
2,029

Total,
535,504
6,857
25,305
70,801
2,265
-------

131,304
12,048
17,000
57.960
21

2*03,222
19.645
18,444

7,587

3,990
2,950
------

-

-

-

-

3,990
2,950
------

■

----

Total...... 122,835 22,731

,

— — — *• —

4»

— — — —

54.552200.118

-

563.001 140,233

411,659 1.114,893

86.407148,806 102,311237,524 426,814236,044 561,1131.222,971
In addition to above exports, our
telegrams

Total 1909....

to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New
York.

;

'

Charleston....

New York

nent.

255,367 78,417
-

10,255
12,763

..

Wilmington.--

Conti-

I

Britain. France.

•••

10,255
10,000

■•

light.
@$20 and extra India mess $30 50. Cut meats have ruled
quiet and generally steady. Pickled hams, regular, 14@
15c.; pickled bellies, clear, 16@18c.; pickled ribs 15J^@17c.
Tallow has been quiet and firm at 7j|c. for
City. Stearines
have been quiet and firm; oleo 12^@ 13c. and lard
13^@
14c.
Butter has been quiet but firmer, with
supplies
mod¬
erate or light; creamery extras
29^c. Cheese quiet and
firm; State, whole milk, colored or white, small, average
fancy, 15>^c. Egg* quiet and firmer; Western firsts 26@27c.

Sat.

Galveston
Port Arthur
Texas City, &c__
New Orleans
Mobile
Pensacola

PORK on the spot has been quiet and
generally steady.
Mess $21 @$21 50, clear $22 @$23 50 and
family $25. Beef
has been firm.
Sales have been small, but

supplies continue
Mess $15 50@$16, packet $17@$17 50, family $19 50

1910.

indicated by our
telegrams from the South to-night is given below. For the
week ending this evening, the total
receipts have reached
400,089 bales, against 349,502 bales last week and 391,418
as

■

COMMERCIAL EPITOME.
Friday Night, Oct. 14

Friday Night, October 14
THE MOVEMENT OF THE CROP

‘

[VOL

THE CHRONICLE

1042
On Shipboard, Not Cleared

Britain. France

Ger¬
many.

Other

Leaving

Coast¬
wise.

Foreion

New York the

Stock.

Total.

rH

New Orleans..

107

7,413
18,867

3,864
15,671
14,000

8,060

4,779
9,019
1,280

2,000
5,875

3",201

8",o6o

3'.666

l",200

23,000

3,000

21,000

2,000

Total 1910.
79.889
Total 1909.
90,172
Total 1908.._ 46,405

24,279
66,007
37,856

63,463
81,392

33,880

64,395

34,614

Galveston
Savannah
Charleston.
Mobile
Norfolk
New York
Other ports

3,013

29,941

.

_

2,550
1,000
1,000
1,500
13,373

4,700

2,000
5,728

"§66

21 704

OB

27,215
62,039
95,065

19,176
76,048
29,040
5,000
16,304
13,100
49,000

14,320
7,341
63,984
37,075

19,530 221,041
33,665 £82,940
30,425 213,695

343,484
460,892
353,443

13 373

But there has been little pressure to sell beyond

what has been done by speculators in realizing profits. Early
in the week there was a setback due to such liquidation,
but of late the persistent demand from spinners, the
more cheerful dry goods reports, the continued smallness
of the crop movement, and talk to the effect that indications

I

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00

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II

x

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36,445

Speculation in cotton for future delivery has been active
at some advance in prices.
The rise is attributed by many to
an excellent demand from spinners, both at home and abroad,
quite as much as to an admitted increase in the recent specu¬
lation.
Large spot houses have been buying freely. Spot
markets at the South have risen steadily.
Yarns and cot¬
ton cloths have been reported in better demand at advancing
quotations. Cheerful reports in this regard have come from
New England and Philadelphia as well as other points. A some¬
what better demand from China is reported at New York.
Lancashire is said to be doing a better trade with India and
China.
The believers in higher prices contend that after a
prolonged period of buying from hand to mouth, spinners on
both sides of the water find it necessary to increase their
purchases of raw material, especially as the sale of their
goods has increased at what look to be rather more profitable
prices. Moreover, the receipts at the ports and interior
towns have continued to be comparatively small.
This has
had more or less influence, despite the fact that the weather
reports have recently been in the main favorable. No
killing frost has yet occurred, and the belief among many
conservative people is that every day of the kind of weather
that the cotton belt has recently had must necessarily add
to the crop.

highest, lowest and closing prices at
past week have been as follows:

FUTURES.—The

Jor—

Oct. 14 at—
Great

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bis SS SS l S)S 6S 6S t«S 6S I boS b«S
pointed to a fall in the temperature towards the last of the
week, have brought about another advance to new high
quotations for the season. For a time the Liverpool spot
sales were very large.
Both America and the Continent
have been buying in Liverpool.
Some reports are to the
THE VISIBLE SUPPLY OF COTTON to-ni Jit, as
effect that damage has been done this season in Mississippi,
made
oreign
up by cable and telegraph, is as follows.
Alabama and Arkansas by boll weevil.
On the other hand,
stocks,
as
well
as
the
afloat,
are
this
week's
returns,
and
the bill of lading controversy has not yet been settled, and
there has been some talk about the possible effects of the consequently all^ foreign figures are brought down to Thurstk
big railroad strike in France, talk which might have had day evening. But to make the total the complete figures
for
to-night
(Friday),
we
add the item of exports from the
more effect but for the fact that in spite of it the stock
United
States,
including
in
it the exports of Friday only.
markets have been advancing.
Liverpool people have been
1909.
October 14—
1910.
1908.
1907.1
selling to some extent, the South has sold against the actual Stock at Liverpool
320,000
602,000
bales. 269.000
563,000
cotton, and not a few think the advance, especially at so early Stock at London
4,000
12,000
12,000
24,000
15,000
42,000
Stock at Manchester
35,000
24,000
a stage of the season, has been unduly rapid and marked.
They think that the crop is being under-estimated and that
288,000
629,000
Total Great Britain stock
649,000
356,000
20,000
10,000
11,000
18,000
with such weather as the South has latterly had, the yield Stock at Hamburg
71,000
81,000
Stock at Bremen
92,000
78,000
may ultimately turn out to be far larger than is now gen¬
Stock at Havre
55,000
149.000
86,000
51,000
at Marseilles
2,000
2,000
4,000
4,000
erally expected. In any case they maintain that present Stock
Stock at Barcelona
7,000
9,000
14,000
11,000
prices discount anything at all bullish in the situation. As Stock at Genoa
12,000
19,000
17,000
8,000
3,000
34,000
2.000
10,000
already intimated, however, the bullish sentiment has been Stock at Trieste
predominant and the believers in a still further rise insist
Total Continental stocks
164,000
273,000
189,000
253,000
that it has been the spinner rather than the speculator who
has been the backbone of the advance thus far.

To-day

and spinning interests, buying also
by large bull operators, covering of shorts and talk of a
further buying by spot

West Indian storm which may possibly reach the Gulf Coast
caused a further advance.
Spot cotton has been quiet and

for the

firmer.
Middling closed at 14.90c., an advance
week of 40 points.
The rates on and off middling, as established Sept.

14 1910
by the Revision Committee, at which grades other than
middling may be de ivered on contract, are as follows:

Fair
Strict mid. fair

Middling fair
Strict good mid
Good middling
Strict middling

c.

1.50 on Middling
•_
Basle Good mid. tlnged.e Even
0.25 off Strict mid. tinged..0.15 off
1.30 on Strict low mid
Low
middling
0.60 off Middling tinged.. .0,25 off
1.10 on
1.05 off Strict low.Mid.ting.0.60 off
0.66 on Strict good ord
1.75 off Low mid. tinged...1.50 off
0.44 on Good ordinary
0 22 on Strict g*d mid. tgd.0.35 on Middling stained.. .0.75 off

The official quotation for middling
New York market each day for the past
Sat.

Oct. 8 to Oct. 14—

Mon.

upland cotton in the
week has been:

Tues.

Thurs.

Wed.

Fri.

Hoi. 14.90 14.90
NEW YORK QUOTAT:[ONS FOR 32 YEARS.

Middling uplands
_C

1908.

1903.

14.65

14.90 1902
13.95 1901

C

9.20
12.00
11.30
10.10
10.35

1900
1899
1898
1897.
1896
9,70 1895

14.65

6.06
1894.-C-..
1893
1892
8.00
1891
8.50
...10.38
1890
1889
...10.62
7.94 1888
9.68
9.50
9.19 1887

8.80
8.56
...10.44
7.25
6.38
6.38
..

...

...

..

...

...

...

14.75
...

...

...

...

...

1886.c
1885
1884
1883
1882
1881
1880
1879

9.81

MARKET AND SAL SS AT NEW YORK.
Futures
Market
Closed.

Spot Market
Closed.

Sales oj Spot and Contract.
Con-

Spot. sum’n.

Saturday
Mdnday

Steady, 15 pts. adv. Steady
Quiet
Steady
Quiet at 10 pts. adv. Firm
HOLIDAY
Quiet at 15 pts. adv. Steady

Friday..
*

Total.




Quiet

Total.

Egypt,Brazil,&c.,aflt.for Europe.
Stock
Stock
Stock
Stock
U. S.

In Alexandria, Egypt
In Bombay, India
in U. S. ports
in U. S. Interior towns
exports to day

452,000
55,000

922,000
820,000

657,273

779,584

769,828

52,000

88.000

27,000

84,000
101,000

290,714

401,231

453.726

38,164

36,409

28,600

743,832

Total American

65,000
4,000
5,000

Liverpool stock

Continental stock
India afloat for Europe

Egypt, Brasil, &c., afloat
Stock in Alexandria, Egypt..
Stock in Bombay, India

576,675

292.930

24,379

2,806,68^
follows
471,000
34,000
157,000
469,600
566,675
292,930
24,379

2,755,056 2,177,292 2,025,584
1,885,676
1

Brazil, Ac.—

London stock
Manchester stock

58,000

81,000
340,000

567,138

Total visible supply
2.423,676 3,138,056 2,722,292
Of the above, totals of American and other descriptions are as
American—
Liverpool stock
bales. 204,000 622,000 216,000
10,000
16,000
27,000
Manchester stock
245,000
126,000
Continental stock
121,000
657,273
779,584
769,828
American afloat for Europe
657,273
564,525
667,138
743,832
U. S. port stocks
453,726
290,714
401,231
U. S. interior stocks
36,409
28,600
38,164
U. S. exports to day
>East Indian,

469,600

79.000
206,000

82,000
232,000

564,525

882,000
52,000

645,000
46,000

43,000
55,000
52,000
82,000
232,000

80,000
12,000
8,000
28,000
32,000
38,000

94,000
101,000

92.000
24,000

104,000
12,000
8,000
63,000

8,000

96,000
82,000
58,000
81,000
340,000

46,000
27,000
79,000
206,000

Total East India, &c.

781,000
383,000
545,000
538,000
588,000
1,885,676 2,755,056 2,177,292 2,025,584

Total visible su

2,423.676 3.138.056 2,722,292 2,806,584

6.54d.

7.41d.
18.90c.
8.75d.

8.15d.

12.00d

7**d.

6 13-16d.

5 15-16d

7%d.

6 J^d.

4 13-16d.
4 ii-ied.

Peruvian, Rough Good, Liverpool1
Broach, Fine, Liverpool
66
s
Tinnevelly, Good, Liverpool

8<25d.
14.90c.
13d.
10.50d.

10Hd.

4.99d.
9.30c,

11.75C,
10«d

8Hd.

,

5«d,

""Continental imports for the past week have been 131,000
1,500
1,009
—

_

_

^

^

[Steady

1

Con¬
tract.

Total European stocks
India cotton afloat for Europe
Amer. cotton afloat for Europe..

.

—

1,009

r

—

m

rr

nr

1,500
1,009

800

800

,1,700

1,700

4,000. 5,009

bales.
; The above figures for 1910 show an increase over last week
of 277,145 bales, a loss of 714,380 bales from 1909, a
decrease of 298,616 bales from 1908, and a loss of 382,90S
bales from 1907.

THE CHRONICLE

151910*]

AT THE INTERIOR TOWNS the movement—that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks" to-night, and the same items for
the corresponding period for the previous year—is set out
in detail below.

1043
Closing Quotations /or Middling Cotton

Week ending
ve*.

Sat-day

4

14 M

14
14
14
14
14

Wilmington
Norfolk

14

uh

UH

Baltimore

14 H
14.90
14 7-16
14 H

14 7-16
14 H
14.00
14 H

Mobile

Philadelphia
Augusta.
Memphis
St. Louis

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i
i
i
I

i

•

i

i

i

i

•

i

i

i

i

i

i

i

i

i
i

■

i

»

i

■

i

i

i

i

i

i

•

t

i

i

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i

i

i

i

i

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i
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t

•

t

*

I

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i

Sat'day,
Oct. 8.

I
«

I
I

I

I

I

I

I

k

I

I
I

I

I

I

I

I

I

I

CdibenNcn

Closing

__

_

Range
Closing

-aoe-joiH^oioo^i-joi-aoi

® iU « O ® a* o» I* cock co

©M* Cl CO O <0 60 M» M

00 Vl 60CO

ao en « cx ex 4h o I* to itn id.

00

H*VlVj©

to 00 CO o to
to
-o I-4 i-i ««oft « e oo

®®o»Qo»i-i*titH.iUoto-oi-io»i-i^tooiooq>oicioq»®co®ik..uq>6oo>to
to

O

SMM

CO to iU ® to to to

tototon-to

itHOlHi

iis

>Me*o*oeototoik.iiH«oo»to«ociiMi«ooo>oiM«o«]eotoo>cneo®cociito»M
ck to o» o ao ® co co o ® iu ® iU mi a* ® a* co hm hi to iU
i(h eo oe to o o Ob mi to en
M d cn o ® a* mi qo o oo en co to to mi «• oo mi mi a* o ® oo oi oo a* o o *o oi to to a*
00
Ml
•a to to i(h iU to

HlikMMOlHlMO

HOM6N

Ml
to © to Ml ©© to to ©© 00 Ml

<*OI*Mh)

Ml

H*MM

M*

0*

© 4k. 4* 60 SI © © -0 «I 9*

60 tO ■»! © © to 00 to 60 to 60 © ® « O 00 © 00
»©©©©©©©o©©©«4©t«©©©©»M©©o©©©M*Mi©Mt©©©
©©**©►*

§

to
©

Ml COM4 IM MICH

tO<HtOlUO«OWltitOO«MI

*MMM«otD**<
i5§>MtlkCtQ>1®CO^po0,^O>lCn,8nBM
©

Ml

Ml

OMMOMmmO

O

M©«lt*©©©»©

Ml

OMM

MM

mo|

MMOOmdmmomom

close is

pal

©60 V* © V) © © © © o ©V* © © © © © © © oh mi © Vi ©^ Vie* © © o © o cd

Mito©©©o«!e©©©coeo©o©©i)oo©oo©«e©©©©oto©to
©N «©©*!©© 9© »©Ml>4©©O«0&©O©OMI©©©©«OC>ONO

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.—We give below a statement showing the
overland movement for the week and since
Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:

Via Rock Island

1.

Oct. 10.

Oct. 11.

Oct. 12.

—

—

@

14.41

—

*

—

14.48

Oct. 13.

® —
®
14.60 * 14.84

—

*

—

—

—

Steady.
Steady.

Steady.
Steady.

—
—

—

Steady.

Steady.

Firm.

Firm.

more

Friday,
Oct. 14.

@

—

14.67

—

—

•

—

Quiet.
Steady.

Steady.
Steady.

favorable.

Galveston, Texas.—We have had rain

The above totals show that the interior stocks have in¬
creased during the week 67,182 bales and are to-night 110,517
bales less than at the same time last year.
The receipts
at all the towns have been |9,253 bales less than the same
week last year.

-1010Week.
Sept.

Monday, Tuesday Wed? day, Thursd'y

points picking has been interfered with somewhat, but
over much of the belt it has made good progress.
Temper¬
ature was rather low in a few districts at times, but at the

b»Vi to ©a* w © o © © © © m © <d o © m e © © © © o oo © « 00 ©

October 14—
Via St. Louis
Via Cairo

MARKET.—The highest,

has fallen in most localities during the week, the precipi¬
tation as a whole has been moderate or light. At some

ii©eo©oi.co»©©p©»Mic0ii»©to^jeo©®®®©©®©c0eo©1b.cH
•4

14K

ram

MM

©*-•

UH

TELEGRAPH.—Telegraphic
reports to us from the South this evening indicate that, while

eo«S009Mtl»MHl«0

o*®MiOh.c*toooeooVi6*o*OBto«V)aio»«0Vi®ViVitoobBo«Vioio»OMi1k>
©

15
14 13-16

WEATHER REPORTS BY

to M* © © 60 *M© Hi 60 60

Mh|0h|W*MO*OHi0MOiM*4MOIM
Ml to H* 6*

UH

UH

Nominal.

HM

60

15

UH

14 9-16
14 H

15.00-.03 14.94-.07 15.03r-.06 —a@a— 1S.13-.26 15.14- .28
15.04-.06 14.05- .07 15.05-.07 15.20- .21 15.18-.10 15.22-.24

Spot
Options

M*>jsio®Oik.co©co®©cnw©o©a*©o©cooo>ooo»MiMio<H^co

*0MMM

UH

15.15
14 H
UH

Tone-*-

3?

boo6o®6*o*otooei*®o0«0®ooi-toto©VitoVjp»to^.VioooVto»Ok
o <h toocn oo o* w onj oh co to o*©eooa» co a«®o>iU® ooo* mich o*o^iao to
©

UH

_

15

14.89-.08 14.75- .95 14.71-.06 15.02-.21 15.05-.18 15.03-.22
14.02 — 14.83-.84 14.95- .06 15.09-.10 15.07-.08 15.11-.15

Closing

CO mi mi

M*

OMM

14 11-16

15.15
14 13-16

14.77-.87 14.62-.83 14.59-.85 14.90-.09 14.02-.05 14.89-.il
14.81-.82 14.72-. 73 14.83-.84 14.97-. 08 14.95-.06 15.01-.02

May—
Range
Closing
July—
Range

M*©*S

ifHCTItO-OVtOOOtOOIOtO

Q^<60O«000^IOOM*OiU.CX®Mi^|^)q>t0C0O0B»>C00OMiC"O®0>0»O-Jkl
©
Mi^l — e*

© ~

UH
UH

J

Range

©tv»Qe>B©©oiU©-<i*i©
•ua*OBoeo«H®MOC)tMiitHCKiUiUMiM4a<iU®to®«MicnMiooocxtoc)to*a i

®

•

UH
14 H

14.44-. 53 14.31.54 14.29-. 53 14.62-.77 14.62-.77 14.57-.80
14.48-.49 14.41-.42 14.53-.54 14.68-.60 14.65-.66 14.72-.73

Closing

to

iu

UH
14 H
15.00
14 H
14 H

OPTION

14 11-16
14 0-16

14 0-16
UH
14 13-16 14 H
UH

March—

o»®o» oootoooo»oeo»i»H^jMieoo>.ij*iitH-OM*

to mi to

—

—

Mm

® O CO CO CO

14H

14 9-16
14 H

January—
14.55-.66 14.42-.64 14.40-.65 14.70-.89 14.72-.86 14.68-.91
Range
Closing—... 14.60-.61 14.51-.52 14.63-. 64 14.77-.78 14.75-,76 14.81-.82
February—
@ —
Range
@ —
@ —
@ —
® —
@ —
14.64--66 14.54-.56 14.66-.68 14.78-.80 14.79-.80 14.85-.86
Closing

Nk

*4 60->J to 00 O oi CO o >-i 00 itH o

VlOOt OH too* 60^1 CO «0 to o6* CO O oo ®

-

14 5-16
14 H

14 H
14 &
14 H

December—

Closing
to

1-**-*

@

14.40

—

Range
H»H*

14 K
14 H

UH
UH

November—

5

^

CI.MOOO»»MO®N«®®WOW'Ji>-OOlUNHOMOOO®M»®M
0*00OO&*«4^OOiUtv»0BMe0O>O0pt^i-iOO0ao«^^10e)to.O0BCaO(^O

0*

H
H
5-16

UH

UH
UH

14.38-.47 14.30-.54 14.35-.53 14.67-.80 14.70-.85 14.77-.83
14.40-.42 14.42-. 45 14.51-.53 14.67-.68 14.73-.75 14.75-.77

Kanee

M*©WGs®O0Mi©Mi©aDMi

-

»i*toiOMOMCoaiHioioioo)M*ioooi

©OOMtvJHi
to 00 iU «4 iU it*.

14 5-16

October—

M

SI6* M

•

ORLEANS

i

IIIIIIII

M*

• HI*

®h*©©©

*

ii

14M

lowest and closing quotations for leading options in th eNew
Orleans cotton market for the past week have been as follows:

a

i
•

1087—Oct.
i

NEW

9-16

H

14 H
14 H
14 1-16

UH

14 H
Houston
Little Rook.... 14
:

Monday. Tuesday, Wed'day. Thursday.* Friday.

14K
14 X
14 H
14 H

Galveston
New Orleans
Savannah
Charleston

FQ

on-

it.

'

Oor.

-1909Sept. 1.
8,066
17,060
4,661
7,727

Week.

7,293
7,032

17,053
10,213

375

625

217

620

8.011
1.540
5.087
4.146

5,754
2,830
0,267

2,516
1,053
1,582
2,162

5,981
1,880
4,671
7,404

on

four days of the

week, the rainfall being one inch and seventy hundredths.
The thermometer has

ranged from 60 to 76, averaging 68.
Abilene, Texas.—Rain has fallen on three days of the week,
to the extent of one inch and forty-eight hundredths.
Aver¬
age thermometer 56, highest 68, lowest 44.
Brenham, Texas.—Rain has fallen on two days of the week,
the rainfall being sixty-three hundredths of an inch.
The
thermometer has averaged 72, the highest being 92 and the
lowest 52.

Cuero, Texas.—There has been rain on three days of the
week, the rainfall being forty-four hundredths of an inch.
The thermometer has averaged 72, ranging from 45 to 98.
Dallas, Texas.—It has rained on one day of the week,
the precipitation reaching fifty-three hundredths of an inch.
The thermometer has ranged from 45 to 96, averaging 71.

Henrietta, Texas.—Rain has fallen on one day during the
the rainfall reaching nineteen hundredths of an mch.
week,
13,470
Average thermometer 66, highest 96 and lowest 35.
28.513
60,115
45,361
21,157
Huntsville, Texas.—Rain has fallen on one day during the
Deduct Shipments—
week to the extent of twenty-one hundredths of an mch.
Overland to N. Y., Boston. A
7,240
3,561
1,852
4,013
Between Interior towns.
604
136
The thermometer has averaged 66, the highest being 89 and
1,173
3,450
602
Inland, &o.. from South.
12,085
1,030
6,053
the lowest 43.
fjty
Total to be deduoted
4.857
4,857
22,784
12,139
3,018
KerrviUe, Texas.—-There has been rain on one day of the
The
Leaving total net overland*
.23,656
23,656
33,222 week, .the rainfall being nine hundredths of an inch.
37,331
18,139
thermometer has averaged 59, ranging from 42 to 76.
Inoluding movement by rail to Canada.
Lampasas, Texas.—There has been rain on three days of
The foregoing show's the week’s net overland movement the week, the precipitation reaching one inch and forty-nine
has been 23,656 bales, against 18,139 bales for the week last hundredths. The thermometer has ranged from 40 to 97,
.

.

I

Via Virginia points

I
.

.

*

year,

and that for the

land exhibits
in

an

season to

increase

date the aggregate net over¬

over a

year ago

of 4,109 bales.

1010..
Since

Sight and Spinners'

Takings.

Week.

Sept. 1.
Receipts at ports to Oct. 14
400,089
1,676,400
Net overland to Oct 14
23,656 *
37,331
Southern consumption to Oct. 14. 45,000
218,000
_

.468,745
-

Total in sight Oct. 14.

Movement into

Week—
1908—Oct. 17

18—
10
1005—Oct. 20

1009

Since
Week.

442,783
18,139
52,000

1,931,830 512.022
230,936
70,522

67,182

.535*027

Sept, l

1,055,911
33,222
338.000

2,327.133
316,066

592,444

2,171,766
4 70,224

sight in previous

243,039

2,645,201
60,736

200,610

years:

Bales.
SinoeSept. 1—
.532,142 1008—Oct. 17
882,128 1007—Oct. 18
..500*888 1908—Octo 10.
.^441,001 1005—Oct. 20

Bales.
2,410,951
1 825,882
2,281.382
2,588,717

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.—Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.'




averaging 69.

Longview, Texas.—There has been no rain during the
Average thermometer 70, highest 91 and lowest 48.
Luting, Texas.—We have had rain on two days of the past
week, the rainfall being one inch. The thermometer has
averaged 68, the highest being 88 and the lowest 47. 4
Nacogdoches, Texas—We have had no rain during the
week.
The thermometer has averaged 71, ranging from
week.

49 to 92.

Palestine, Texas.—-We have had no rain during the week.
ranged from 48 to 70, averaging 59.
Paris, Texas.—There has been rain on one day during the
week, the precipitation being one hundredth of an inch.
The thermometer has

Average thermometer 69, highest 94 and lowest 44.
Weatherford, Texas.—It haa rained on one day of the week,
the rainfall being twelve hundredths of an inch* The ther¬
mometer has averaged 70, the highest being 95 and the lowest

44.

Ardmore, Oklahoma.—It has been dry ail week. The ther¬
ranged froih 43 to 96, averaging 70..
HoldenviUe, Oklahoma.—Dry all the week. Average thermometer 66, highest 43, k>west 40.
mometer has

4

1044

THE CHRONICLE

AlexandriaLouisiana.—Rain has fallen

day during
the week to the extent of one inch and seventy-four hun¬
dredths.
The thermometer has averaged 70, the highest
being 90 and the lowest 50.
New Orleans, Louisiana.—There has been rain on four days
of the week, the rainfall being fourteen hundredths of an inch.
The thermometer has averaged 73, ranging from 62 to 85.
Shreveport, Louisiana.—It has rained on two days during
the week, rainfall being one inch and sixty-eight hundredths.
The thermometer has ranged from 48 to 86, averaging 67.
Helena, Arkansas.—Rain has fallen lightly on two days
during the week, the rainfall reaching seventy-five hundredths
of an inch.
Average thermometer 64.7, highest 82 and

(VOL.
I

on one

lowest 49.
Little Rock, Arkansas.—Receipts are picking up rapidly.
Rain has fallen on two days of the past week, the rainfall

LXXXXI.

Exports (bales) -

This

Since

Week.

Sept. 1.

6.250

18,860
15,000
24.426

To
Liverpool. To Manchester
To Continent
To America

8,500
7.250
1.000

_

Total exports

23,000

This
Since
Week. Sept. 1.

5”.750
5,500

2,849
61,135 11,250

This
Since
Week. Sept. l.

14,492
6.250
23.968
2,307

2,000
3,000
3.500

7,249
6,081
22,433

700

1,998

47,017

9,200

87,761

WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1910

Week.
Visible supply Oct. 7
Visible supply Sept. 1
American In sight to Oct. 14
Bombay receipts to Oct. 13
Other India shlp’ts to Oct. 13
Alexandria receipts to Oct. 12.
Other supply to Oct. 12_a

1909.

Season.

2,140.531
535.927
3,000
4,000
32,000
9,000

__

_

Week.

Season.

2,789,959
1,495,514
2,171,760
24,000
28,000
103,000
40,000

1,931,022
2,645,201
; 36,000
13,000]
2,000
39.000
82,000
86,000
5,000
23,000

692,444

being ninety-six hundredths of an inch. The thermometer
has averaged 63, the highest being 78 and the lowest 48.
Total supply.
2,730,458 3,862,280 8,484,403 4,760,223
Memphis, Tennessee.—Rain has fallen on one day of the
Deduct—
week, the rainfall being ninety hundredths of an inch. Visible supply Oct. 14.
2,423,670 2,423,076 8,188,050 3,138,056
The thermometer has averaged 65, ranging from 49 to 82.
Total takings to Oct. 14
306.782 1.438.604
296,347 1,622.167
Nashville, Tennessee.—We have had rain on one day during
Of which American
t
227.782 1.079,604
254,347 1,344,167
the week, the precipitation reaching thirty-two hundredths.
Of which other
79,000
42 000
359.000
278,000
The thermometer has ranged from 52 to 82, averaging 67.
Embraces receipts In Europe from Brazil, Smyrna, West Indies, die.
Columbus, Mississippi.—There has been rain on one dav
MANCHESTER MARKET,—Our report received by cable
during the week, the precipitation being one inch and seventy- to-night from Manchester states that the market is firm for
five hundredths.
Average thermometer 70, highest 89 and both yarns and shirtings. The demand for china is good.
lowest 50.
We give the prices for to-day below and leave those for
Vicksburg, Mississippi.—We have had rain on one day previous weeks of this and last year for comparison:
during the week, the precipitation reaching fourteen hun¬
1910.
The thermometer has averaged 71,
dredths of an inch.
1909.
ranging from 49 to 85.
8H lbs. Shirt- CoCn
8N lbs. Shirt- Corn
32s Cop
Mid.
ings, common
32s Cop
ings, common
Mid.
Mobile, Alabama.—Favorable weather in the interior and
Twist.
to finest.
Twist.
to finest.
Upl’s
UpTs
picking and marketing are progressing well. We have had
d.
d.
d.
rain on three days of the past week, the rainfall being fortyd.
6.
d.
d. s. d.
s. d.
d.
\ue
eight hundredths of an inch. The thermometer has averaged
26 10N
@ 11N 5 6N@10 8
8.14 9 3-16 @
4
11
4
9N
@9
6.73
73, the highest being 87 and the lowest 59.
2 10N
11N 5 6 @10 8
7.97 9 5-16 @
10
5 0
5
@9
6.88
Montgomery, Alabama.—We have had rain on two days
9 10 4
CO
HH 5 5N(al0 7 4 8.01 9 7-16 @
10N 5 1 @9 6
6.83
of the past week, the rainfall being thirty-two hundredths
16 10W
<0
11N 5 6
@10 7H 7.98 9N
m
10N 5 IN© 9 6
6.93
__

*

:

s.

of

an

inch.

The thermometer has averaged 72, the highest

being 86 and the lowest 59.
Selma, Alabama.—It has rained on two days during the
week, the rainfall being fifty-five hundredths of an inch. The
thermometer has averaged 70, ranging from 58 to 85.
Madison, Florida.—There has been rain on two days of the

past week, the rainfall being sixty-three hundredths of
inch.
76.

The thermometer has ranged

an

from 66 to 85, averaging

Atlanta, Georgia.—We have had rain

on

two days of the

East
week, theTherainfall
being two
inches and69,twenty-nine
undredths.
thermometer
has averaged
the highest

being 81 and the lowest 56.
Savannah, Georgia.—Rain has fallen on two days during
the week, the rainfall reaching one inch and seventy hun¬
dredths.
The .thermometer has ranged from 59 to 83,
averaging 71.
Charleston, South Carolina.—There has been rain on three
days during the week, to the extent of one inch and ninetynine hundredths.
Average thermometer 72, highest 84

lowest 60.
Greenville. South Carolina.—Rain on one day of the week
to the extent of one inch and forty-five hundredths.
The
thermometer has averaged 65, the highest being 81 and the
lowest 49.

Charlotte, North Carolina.—Cotton is being marketed
rapidly. Rain has fallen on two days of the wreek, the rain¬
fall being one inch and sixty-two hundredths.
The ther¬
mometer has averaged 63, ranging from 52 to 82.
INDIA COTTON MOVEMENT FROM ALL PORTS.
October

13.

1910.

Receipts at—

.

1909.

Since
Week.

Bombay...

3,000

Week.

24,000

13,000

Since

Sept. 1.

Week.

36,000

Sept. 1.

7,000

6
6

109-160115-16 5

10N

@115-16 5

10N

114 5

@
111-160

11N

DOMESTIC
TURES.—We

36,000

@10 TN
@10 7H

7
@10 9
7 H"> 11 0

5

Exports
from—

Since September 1.

Conti¬ Japan
Great
Britain. nent. &China Total.

Great
Britain.

Japan

nent.

A China.

23,000
3,000
5,000

....

....

74,000
20,000
43,000

1,000

1,000
1,000
1,000

3,000
3,000
5,000

-

-

-

-

1,666

1,666

1,000

1,000

1,000

3,000
4,000
5,000

3,000

3,000
2,000
3,000

1,000
2,000
2,000

2,000 29,000
1,000
6,000
1,000 10,000

3,000
4,000
4,000

-

....

2,666

....

....

1,000
1,000

1,000

....

Total all—
1910
1909
1908

2,000 25,000
1,000
4,000
5,000

....

3,000

1,000 26,000
5,000
9,000
—

•

-

w

_

-

—

....

10,000
9,000
24,000

Total.

85,000
30,000
67,000

4,000
4,000
6,000

1,000

3,000
5,000
7,000

20,000
28,000
33,000

3,000

21,000
30,000
38,000

100,000
55,000
86,000

10,000
10,000
28,000

1,666

113.000
69.000

118,000

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
October 12.

1910.

Receipts (cantars)—
This week _i
Since Sept. 1




r

240,000
-776,176

1909.

250,000
,

651,782

1908.
'

@

10N 5
10N 5

2
3

10N 5
10N *

3N@9
4

@9
@9

<«

9

7N

7.31

9

7.29

9
9

7.27
7.41

Quantities of Manufactures of Cotton Month ending Aug. 31. 8 Months ending Aug.31.
(iColored and Uncolored)
1910.
1909.
1910.
Exported to—
1909.
United Kingdom.
yards
Canada
Central Am. States & Brit. Hond’as
Mexico
Cuba
Other West Indies and Bermuda..
Chile.
Colombia
Other South America
Aden
Chinese Empire
British East Indies
British Oceania.

Philippine Islands
Other Asia and Oceania
Other countries...

1,160,184
1,429,489
7,985,049
6,018,330
15,809.989 20,015,502
1,223,747
1,262,052
6,012,612 15,382.139
23.141.459 31.679,966
6,045,625
5.816,008
10,941,890 10,501,069
10,001,082 13,782,943
5,766,250 15,115.820
56,014,438 135,211,300
5,527,226
6,903,899
4,949,247
5,256,956
34,142 £13
7,334,259
1,802,327
1,811,117
6,372,435 10,455,383

31,916,842 47,222,316 196,896,373 287,976,232
82,147,817 82,848,663 $13,316,783 $17,153,636
10.673
$0.6034
$.0676
$.0596

Total yards of above..
Total values of above.
Value per yard.
Value of Other

200,702
265,986
1,264,144
575,127
3,301,874 2,680,385
119,902
116,371
886,100 1,757,786
3,929,650 7,653,132
545,831
437,717
1,230,628 1,065,629
1,005,554 1,807,243
942,000 2,143,770
9,582,788 25,069,380
592,065
286,236
762,753
479,359
5,181,960
969,123
686,464
206,732
1,684,427 1,708,340

Manufactures

of Cotton Exported—
Wearing Apparel:
Knit goods
...

Total

Waste, cotton.
Yam
All other

8186,403
414,815

$112,632
355,636

$936,882
3,293,648

8601.218
168,635
98,554
418,542

$468,268
133,653
53,999
283,917

$4,229,530
2,296,914
395,771

$584,667
2.644,052

$3,228,719
1,276,741
334,234
3,023,800
2,366.390

83,434,766 $3,788,500 $23,262,798 $24,359,720

-

Bombay—
1910
1909
1908
Calcutta—
1910
1909
1908
Madras—
1910
1909
1908
All others—
1910
1909
1908

7.88 9N
8.25 10

@

OF
COTTON
MANUFAC¬
statement showing the exports of
domestic cotton manufactures for August and for the eight
months ended August 31 1910, and, for purposes of compari¬
son, like figures for the corresponding periods of the previous
year are also presented:
;

EGYPTIAN

Conti¬

@

a

Total manufactures of.
For the Week.

7.8: 9N
7.61 9N

EXPORTS

give below

All other

1908.

Since

Sept. 1.

23
30
Oct
7
14

s.

165,000
382,505

COTTON

CROP.—Ad vices

to

Fr.

Jao

Andres, Inc., of Boston, under date of Alexandria, Sept. 24,

are as follows:
Continued complaint of damage by fogs In the Delta and the shedding
of bolls come to us by reliable parties, but our people consider the damage
insignificant as the first picking this season is assured, while last season, the
first (with sometimes no second) and the third were picked together.
Some
planters have already picked two to four cantars per feddan.
Calculating
that the yield, under the circumstances, will be one cantar per feddan
more than last season, or 1,690,000 cantars, and the ginning yield 3% to
4% better than last season, we come to the conclusion that, providing we
have seasonable weather for the next two or three weeks, cur crop cannot
be under 6M to7 million cantars.

SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 200,118 bales.
The shipments in detail, as made
up from mail and telegraphic returns, are as follows:

Total bales.
NEW YORK—To Liverpool—Oct. 7—Celtic, 11,040 upland and
53 foreign
11,993
To London—Oct. 7—Minneapolis, 1,000
1,000
Hull—Oct.
To
13—Galileo, 1,300
1,300
To Bremen—Oct. 11—Prlnz Friedrich Wilhelm, 710
710
To Antwerp—Oct. 7—Lapland, 250
250
To Copenhagen—Oct. 11—Oscar II., 200—
200
To Genoa—Oct. 7—Berlin, 1,600
l ,600
To Naples—Oct. 7—Ber In, 353
353
To Trieste—Oct. 7—Carpathla, 300.
300
To Leghorn—Oct. 7—Perugia, 100
.i.
*
100
To Venice—Oct. 11—Alice, 800
•_
300
To Piraeus—Oct. 13—Patrls, 50
50

OOT. 15 1910.1

THE CHRONICLE
Total bales.

.

•ALVESTON—To Liverpool—Oct. 10—Inventor, 19,304. __Oct.
11—Christopher, 10,120..-Oct. 13—Chancellor, 10,922
40,406
To Manchester—Oct. 10—Gloria de Larrinaga, 14,422
14,422
To Havre—Oct. 11—Tronto, 5,504
Oct. 12—Montank,
10,017
10,181
To Bremen—Oct. 7—Koln, 14,502
Oct. 13—Monadnock,
11,691
20,193
To Hamburg—Oct. 7—Rameses, 1,768_.
1,768
To Barcelona—Oct. 8—Clara, 4,934
4,934
To Venice—Oct. 8—Clara, 1,200
1,200
To Trieste—Oct 8—Clara, 1,150
1,150
To Vera Cruz—Oct. 11—Nor, 500
500
TEXAS CITY—To Liverpool—Oct. 8—Musician, 10,255
10,255
NEW ORLEANS—To Liverpool—Oct. 14—Comedian, 9,000
9,000
To Belfast—Oct. 14—Ramore Head, 800
800
To London—Oct. 11—Kings ton lan, 200
200
To Havre—Oct. 11—Kingston lan, 1,200.
1,200
To Hamburg—Oct. 8—Barcelona, 113
113
To Antwerp—Oct. 14—Phidias, 800
800
To Barcelona—Oct. 12—Marla, 300
300
To Venice—Oct. 12—Marla, 250
250
To Trieste—Oct. 12—Marla, 100
100
MOBILE—To Hamburg—Oct. 12—Christiania, 226
226
SAVANNAH—To Liverpool—Oct. 8—Anglo-Canadian, 12,800;
George Pyman, 3,925
16,725
To Bremen—Oct. 8—Den of Ruthven, 8,546
8,546
To Hamburg—Oct. 8—Alzkaral Mendl, 94
94
To Gothenburg—Oct. 8—Alzkaral Mendl, 200
200
CHARLESTON—To Havre—Oct. 10—Duart, 5,000
5,000
WILMINGTON—To Liverpool—Oct. 8—Hlllbrook, 14,233
14,233
BOSTON—To Yarmouth—Oct. 4—Prince George, 215
215
BALTIMORE—To Liverpool—Oct. 7—Vedamore, 2,501
2,501
-

a

To Havre—Oct.

7—Mackinaw,

350

350
350
400

To Hamburg—Oct. 7—Bosnia, 350
PHILADELPHIA—To Antwerp—Oct. 13—Manltou, 400
SAN FRANCISCO—To Japan—Oct. 6—Chlyo
Maru, 700
11—Asia

Oct.

600

1,300
2,050

SEATTLE—To Japan—Oct. 8—Sado Maru. 2,050
Total

..200,118

LIVERPOOL.—The week's sales, stocks, &c.:

Sept. 23.
Sales of the week
bales. 30,000
Of which speculators took..
1,000
Of which exporters took
1,000
Sales, American
25,000
Actual export
1,000
Forwarded
51,000
Total stock—Estimated
271,000
Of which American
...190,000
Total Imports of the week
48,000
Of which American
35,000
Amount afloat
148,000
Of which American
109,000

Sept. 30.

Oct. 7.

33,000
1,000
1,000
26,000
3.000
46,000
275,000
197,000
53,000
46,000
246,000
210,000

62,000
1,000

Oct. 14.
70,000
3,000
2,000
56,000
3,000
74,000
269,000
204,000
65,000

2.000

53,000
3,000
56.000
280,000
207,000
62,000
53.000
350,000
315,000

63,000
430,000
369.000

The tone of the

Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:

each

Spot.

Saturday.

Monday.

Good

Large
business

doing.

demand.

Tuesday.

Wednesday. Thursday.

Friday.

Market,

1

12:15
P.M.

J

Mid. Upl’ds

8.06

8.01

8.00

8.15

8;18

8.25

12,000

15,000

15,000

500

10,000

500

8,000

500

500

500

7,000
1,000

Sales

Spec.&exp.

Futures.
Steady at
Steady
Market
1 6@9 pts.
unchanged
opened
j advance. to 1 pt. dec.

Good
demand.

Steady at
1@2 pts.
advance.

Good
demand.

Good

Inquiry.

Moderate
demand.

Strong at
Quiet
Steady
14@18 pts. unchanged unchanged
advance. to 1 pt.dec. to 1 pt.dec.

and the
at

1045

offerings of wheat from that country have increased
Liverpool prices have succumbed un¬
rapidly increasing volume of supplies on both sides

declining prices.

der the
of the water.
Quotations at Paris and Berlin have also de¬
The world’s shipments of wheat for the week reached
clined
the large total of 16,952,000 bushels, an increase over the
.

previous week of 2,400,000 bushels and over the total for the
same week last year of 2,800,000 bushels.
It seems that
the area planted in Argentina has been increased,
although
at the beginning of the season it looked as
though there would
be some decrease in the acreage.
The above factors are the
only things which have really counted during the week in
the making of prices, although from time to time there have
been moderate rallies on the covering of shorts.
Also, there
has been at times a brisk cash demand at
Chicago, Kansas
City and some other points. A better demand for flour is
said to have prevailed at times at Kansas City.
There are
those who believe that the maximum of
receipts this week
this season has been seen.
To-day prices advanced early on
better Liverpool cables than had been expected, smaller
Argentine shipments, covering of shorts and some new buy¬
ing for a turn. Later there was a setback on dulness on the
spot and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
YORK.
Sat. Mon. Tues.
Wed. Thurs.
Fri.
No. 2 red winter
102*102
100*
99*
99*
December delivery In elevator..-.105 * 105 * 103* Holi- 102* 102
*
May delivery In elevator
110* 109 * 108
day. 107
107
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues.
Wed. Thurs. Fri.
December delivery In elevator
98 *
97%
95 *
94 *
94 Vi
May delivery In elevator
...104* 103 * 101 * Holl- 100 * 100 H
July delivery in elevator
99 *
97 *
98)4
day.
96 *
90 *

Indian corn futures in the local market have been nominal.
At the West the speculation has been active at a decline in

prices.
report

Depressing factors have been

a bearish Government
the 10th inst., dulness and weakness on the spot,
increased country offerings, hammering by cash and
provi¬
sion interests and general liquidation.
The weather in most
sections has been very favorable.
Cutting is actively under
way and considerable of the crop is in shock.
The Govern¬

on

ment stated the condition

as of Oct. 1 at
80.3%, against
78.2% in the previous month and 73.8% in October last
year.
The indicated crop is about 3,075,000,000 bushels,
against a final yield last year of 2,772,376,000 bushels.
To-day prices again declined on favorable weather and crop
reports, free country offerings, dulness on the spot and
general selling.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW
YORK.
Sat.
Mon. Tues. Wed. Thurs. Fri
Cash corn.
59)4
59*
59*
57»
58^
December delivery In elevator
57 *
57%
56% Holl55%
55%
May delivery In elevator
61 %
61 %
59%
day.
57%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mon. Tues. W ed. Thurs. Fri.
December delivery In elevator
49 %
49
48 % Holl47*
47%
May delivery In elevator
,52 %
52
51
50*
day.
50
July delivery In elevator
52 %
53
51 %
51
50*
..

.

Market,

Strong and
► lrreg. at 16
J @17pts.ad.

4
P. M.

Quiet at
9*@14
pts. dec.

Quiet
Quiet at
Steady at Barely st'y
unchanged 16*@19* % pt. dec. 1 pt. dec.to
to 1 pt.dec. pts. adv. to 6 pts.ad. % pt. adv.

The

prices of futures at Liverpool for each day are given
Prices are on the basis of upland, good
ordinary
clause, unless otherwise stated.
below.

Oct. 8
to

Sat.

Oct. 14.

12*

12*

p.m.

p.m.

October.
Oct.-Nov_
Nov.-Dee.
Dec.-Jan_
Jan.-Feb.
Feb.-Mch.
_

Mch.-Apr.
Apr.-May.
May-June
June-July

....

July-Aug.

7
7
7
7
7
7
7
7
7
7
7

Mon.

Tues.

Wed.

Thurs.

Fri.

4
12*
4
12*
4
12*
4
12*
12*
4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.

83 * 77* 74
76
74
77
69
70* 66
66
74
67
62* 65* 62
74
67
62* 65* 62
74 * 67
62* 65* 62
76
68
63 * 66 * 63
78
70
65
67* 64
78
70
65
67* 64
79
70* 65* 68* 65
77 • 68 * 03 * 66 * 63
76
67* 62
65* 62

90* 93 * 94
83
78
79
79
80

*

84
85
79
80
79
79
79
79
80
79 *
81
81*
80*
80*
81* 81
82
81*81
80 * 80
79*
79
78 * 77

99 *
88*
82*
81 *
81 *
82
82
82
82
80
78

03

00

91*
85*
84*
84 *

87*
81 *
80*
80 *

85

81

85*
85*
85*
83 *
81*

81
81
81
79 *
77*

Oats for future

delivery in the Western market have de¬
clined, owing to the decline in other cereals, a bearish Gov¬
ernment report on the 10th inst. and general
selling. Coun¬
try offerings have increased, the cash market has been dull
and weaker, and support of futures has been
lacking. Cash
interests have been prominent in the selling.
The only
demand has been to cover shorts.
The Government report
indicated a crop of 1,096,396,000 bushels, as compared with
an indicated crop in
September of 1,055,466,000 bushels, and
a final yield last season of
1,007,353,000 bushels. To-day
prices declined on liberal country offerings, sluggishness in
the cash trade and general selling.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs.
Fri.
Standards
39 %
39%
39
Holl38 %
37 %
No. 2 white
40
40
39 %
day. 39
38
DAILY CLOSING PRICES OF OATS FUTURES £N
CHICAGO.
Sat.
Mon. Tues. H ed. Thurs. Fri.
December delivery In elevator
.32 %
32%
31* Holi- 31
30*
May delivery in elevator
36 %
35%
35%
day. 34 %
34 %

The

BREADSTUFFS.
Friday, Oct. 14 1910.

Prices for wheat flour have been easier in the
main, owing

to the decline in wheat

quotations. Of late some large sales
though it is said that some of the
through at prices below the published
quotations. It is contended in some quarters that the actual
business done has not been as
large as currently reported,
but there is little doubt that trade has been
materially larger
than recently.
At the Northwest the markets have been
rather quiet, but at some
points in the Southwest the demand
has latterly increased,
Rye flour and corn meal have been
quiet and easier.
Wheat, following the line of least resistence,. has resumed
have been reported here,
business has been put

a

downward

course.

This decline is based

on

the natural

working out of the law of supply and demand. This covers
the whole case in a nutshell.
Supplies are larger the world
over than the present demand for
consumption calls for.
World’s stocks within aweek have increased
13,173,000 bush¬
els, or nearly double the increase for the corresponding week
last year.
In Europe alone the increase was close to 10,000,000 bushels. The Government report issued at Wash¬
ington was favorable in the sense that it stated the crop at a
larger total than had been looked for. That is to say, it
made the total yield of spring and winter wheat
691,769,000
bushels, against 737,189,000 last year, 664,602,000 in 1908
and 634,087,000 in 1907.
Furthermore, the weather and
crop reports from Argentina have been distinctly cheerful,




following

are

Winter patents
Winter straights
Winter clears
Spring patents

Spring straights
Spring clears
Wheat,

closing quotations:

FLOUR.
33 00 @53 60 Kansas straights, sack.54
5
0 Kansas clears, sacks
4 80
4
4 65 City patents
4 40
6
4 0 >
4 40 Rye flour
3
5 40
5 70 Graham flour
4
5 15 Corn meal, kiln dried.. 3
5 00

Winter, low grades

...

4 00

4 50

75
00
00
90
15
10 @

GRAIN.

bushel
N. Spring, No. 1
N. Spring, No. 2
per

Corn, per bushel—
51 18

Red winter, No. 2.
Hard winter. No. 2

Oats, per bushel,

11,K %
99%
1 03 *
Cents.

No. 2 mixed
No. 2 mixed
No. 2 white

Rye,

per

Cents.
elev.

_f.o.b.
f.o.b.

bushel—

new—
No. 2 Western
f.o.b.
Standards
State and Jersey
37%
No. 2 white
38
Barley—Malting
^
No. 3 white
3 7
Feeding, c.l.f., N. Y__
For other tables usually given here, see page 000.

57%

Nominal
E80
Nominal
76 @83
Nominal

AGRICULTURAL DEPARTMENT’S OCTOBER RE¬
PORT.—The report of the Department of Agriculture for
Oct. 1 respecting cereal crops was issued on Oct. 10 as follows:

The Crop Reporting Board of the Bureau of Statistics of the
United
States Department of Agriculture estimates, from the reports of
the cor¬
respondents and agents of the Bureau, as follows:

Condition Compared with Normal.

Crops.

Corn

Buckwheat
Potatoes
Tobacco
Flaxseed
Rice

Oct. 1
1910.

Sept. 1

Oct. 1

1910.

1909.

Oct. 1
1908.

Oct. 1
10- Yr. Av.

Percent.
80.3
81.7
71.8
80.2
47.2
88.1
46.4

Percent.

Percent.

78.2
82.3
70.5
77.7
48.3
88.8
46.8

Percent.

73.8
79.5
78.8
81.3
84.9
81.2
43:9

77.8
81.6
68.7
84.1
81.2
87.7
48.4

Percent.
78.4
83.3
75.6
83.0
*83.4
86.1

Apples
*
Seven-year average.

f

53.8

THE CHRONICLE

[VOL.

LXXXXI.

\

The demand for brown

sheetings and drills shows some
improvement, and difficulties are encountered in the way
of buyers filling all their requirements.
1910.
1909.
1910.
1910.
There are some few
goods
to
at
be
had
previous
prices,
but
the
general tendency
Bush. Bush. Bush.
Bush.
%
%
Bush.
of the market is shown by advances made both in
86.2
94.1
11.8
15.8
13.7
Spring wheat
233,475
290,823
sheetings
All wheat—— 14.2
15.8
93.1
14.1
737,189
691,769
and drills up to a quarter cent per yard.
Shortening of dis¬
86. i
Oats
31.9
30.3
93.8
29.5
1,007,353
1,096,396
counts on denims, tickings and other coarse, colored cottons
88.1
86.9
22.4
24.3
25.7
Barley
158,138
170,284
have also been followed by advances in quotations, these on
some leading makes
showing one-quarter cent per yard.
The visible supply of grain K comprising the stocks in
Any doubt as to the course of the market for bleached cottons
granary at principal points of accumulation at lake and has been
dispelled by all-round advances on ticketed goods
seaboard ports Oct. 8 1910, was as follows:
this week ranging from Mc- to Me. per yard.
The effect
AMERICAN GRAIN STOCKS.
Rye,
Barley,
Wheat,
upon buyers is shown by a material increase in the number
Corn,
Oats,
bush.
bush.
bush.
bush.
bush:
and volume of orders coming forward this week, a good busi¬
New York
11,000
76,000
1.992.000
283.000
453.000
ness having been done.
Some unticketed goods are on sale
Boston
17,000
43,000
3.000
at old prices, but this has no effect
Philadelphia
272,000
13,000
56,000
upon the general bleached
Baltimore
85,000
1,000
1,210,000
162,000
748,000
~oods situation.
In dress cottons, such as prints and gingNew Orleans
43,000
108,000
167,000
Yield per Acre.

Crops.

Production (000 omitted.)

Quality.

10- Yr.
Aver.

10- Yr.
1909. Aver.

_

Galveston
Buffalo
Toledo

213,000
1.687,000
1,698,000
249,000

Detroit

Chicago

6,341,000

-

Milwaukee

293.000
4,492.000
Minneapolis
7,808,000
St. Louis
2,181,000
Kansas City
4,292,000
Peoria
12,000
Indianapolis
596,000
On Lakes
619,000
On Canal and River...
392.000
*

Duluth

4,000
712,000
80,000
200,000
318,000
105.000
33,000
74,000
242,000
238,000
28,000
330,000
1,126,000
323,000

233,000

1,542,000
398,000
157,000
7.241,000
474,000
935,000
3,250,000
477,000
219,000
1,776,000
157,000
366,000
323.000

20,000
11,000
19,000
15,000
4,000
49,000
176,000
6,000

18,737,000

406,000
353,000
513,000

2,630,000
2,444,000
3,601,000
Barley,

75,000
1,096.000
399,000
12,000

619.000
119,000

ihK-Mgi
Total Oct. 8 1910...34,309.000
Total Oct. 1 1910...34,968.000

1.Total Oct. 9 1909-.22,506,000

4,422,000
6,041,000
2,915,000

18,801,000
13,310.000

CANADIAN GRAIN STOCKS.

Wheat,
Montreal

_

—

Fort William
Port Arthur
Other Canadian

£
k

L

_

_

.

Com.

Oats,

Rye.

bush.

bush.

bush.

bush.

691,000
4,649,000
2,522,000
1,212,000

121,000

728,000

9,077,000
6.897,000
7,982,000

121,000
167,000
63,000

bush.

38,000

'

Total Oct. 8 1910Total Oct. 1 1910-

L Total Oct. 9 1909-

.

.

_

38,000
39,000
74,000

728,000
656,000
225,000

SUMMARY.
?

Wheat.

Oats,

Rye,

Barley,

bush.

bush.

bush.

bush.

34,309,000
9,077,000

4,422,000
121,000

18,737,000

406,000

2,630,000
38,000

Oet. 8 1910-43,386,000
Oct. 1 1910— 41,865,000
Oct. 9 1909-30.488,000
Oct. 10 1908- 37,652,000
Oct. 12 1907— 42,012,000
Oct. 13 1906— 36,301,000

4,543.000
6,208,000
2,978,000
3.005,000
4.332,000
3,680.000

19,465,000
19,457,000
13.635,000
8,169.000
6,165,000

406,000
353,000
513,000
904,000
905,000

2,688,000
2,483,000

8,607,000

1,550,000

American

Oanadlan
Total
Total
Total
Total
Total
Total

Com,

bush.

728,000

3,675,000
6,168,000
4,842,000
2,265,000

ams, the week’s business has been without notable feature,
but cotton linings are showing somewhat less
irregularity
than a week ago. Print cloth yarn fabrics have again been in

good demand,

on an ascending price scale, and at the close
holding 38 M inch 64 squares for 5%c., against
5Me- a week ago. Cotton yarns are firmer after the closing
out of some low-priced lots, and spinners are
asking advances
on practically all counts.
WOOLEN GOODS.—When the new season’s prices were
named, showing material reductions on men’s wear worsted
fabrics for both plain and fancy, it was then intimated that
they were so close to cost of production that a higher level
as the season
progressed was much more probable than the
granting of any further concessions. This has been borne
out by the action of the leading makers of serges
and other
worsteds raising prices this week, advancing goods under a

the mills

are

dollar per yard 2Me. and over a dollar 5c. per yard.
Some
lines of woolens are also dearer, with leading makes of cassi-

quoted 5c. higher. The demand has naturally been
by the holidays, but under the prevailing conditions
is regarded as satisfactory.
The call for woolen and worsted
dress goods has been somewhat more liberal, but sellers com¬
plain of the low level of prices on which they have to take
the business coming forward.
FOREIGN DRY GOODS.—A generally quiet market is
reported for men’s wear woolen and worsted fabrics, and
dress goods, with a generally firm tone prevailing.
Piece
silks and ribbons are in steady request and firm.
Linens
are strong under advices of higher prices asked
abroad, but
the volume of business coming forward is moderate.
With
holidays in Calcutta, the burlap market here has been quiet,
but prices are firmly maintained.
meres

affected

THE DRY GOODS TRADE.
New York, Friday Night, Oct. 14 1910.
A typographical error made the second sentence in last
Importations and Warehouse Withdrawals of Dry Goods.
week’s report read “the last Government report on cotton
The importations and warehouse withdrawals of dry goods
«rop conditions appears to have ‘wakened,’ if not altogether
at this port for the week ending Oct. 8 1910 and since
dispelled, hopes,” &c. This ought to have read that the Jan. 1
1910, and for the corresponding periods of last year
Government report appeared to have “weakened,” &c.
With the continued strength in the cotton market, this re¬ are as follows:
O t*
06
OWNWh
mark can be repeated with increased emphasis as the result
OOOhoO
O
NOOOrt
HONOH
of the developments in the cotton-goods division this week.
t*
NOOhO
A material increase in the volume of business registered has
m*
o" n*
been prevented by the legal holiday on Wednesday and the
Hebrew holiday on Thursday, but nevertheless the aggregate
has probably been somewhat in excess of what was accom¬
o
©
plished during the preceding week, and as was the case then
00
o
considerably more could have been done but for the increas¬
ingly reserved attitude of sellers. The tone throughout the
market is strong, even in lines in which the demand at pres¬
to
O
ent is running but indifferently.
The orders coming in from
00
©* r-*
OOeOtf
the jobbing trade in nearly all instances, where seeking for
spot or near-at-hand goods, are urgent in requesting earliest
06

06

a o o o n

to
CM
00 to

00 CO 06

06 CO
to to

o » o

r- o

"f a o

tr to
CM O

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# IH

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tO
to to

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eo

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00

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{>ossible ofdeliveries,
a fair centres.
indicationFurther
stocks held
andinarejobbing
of the continued
than this,
owness

DOMESTIC COTTON GOODS.—The exports of cotton

goods from this port for the week ending Oct. 8 were 8,064
packages, valued at $632,149, their destination being to the
points specified in the table below:
1910

Since

WNew York to Oct. 8—
Groat Britain.—
Other Europe
China
India
Arabia
Africa
west Indies
Mexico
Central America..
South America
other countries

Week.
60
„

—

-

Jan. 1.

6

1,599
722

---

57,051

1.922
1.482
100
971
14
506
71®

-

-

Total

2,314

11,735
11,418
5.703
22.508
1,547
9,738
36.383
36.866

—.*.064

195,270

1909—
Since
Week. Jan. 1.
34
1,475
17
825

5,620
659

160.941

218
754
27
138
628
405

13,256
23,974
12,762
32,136
1,307
10.972
41,525
14,849

85,00

314.022

...

The value of these New York exports since January 1 have
been $13,484,239 in 1910, against $16,960,230 in 1909.




CO to *-< to f-

to t* «o to o

of the largest

buyers are becoming increasingly im¬
portunate to have orders accepted for forward delivery at
or near to prevailing prices; their measure of success is limited.
While more reports come to hand of mills resuming work or
increasing production, these do not appear to have any effect
in the direction of increased desires to sell, except at the
mills’ prices.
Various advances, as noted below, have been
made during the week, and at the close the general trend is
decidedly upward. In the men’s wear division advanced
prices have also been made on a number of lines, and the
general tone in this division also shows improvement.
some

O O 00 05

00
CM tO
•O N rt
00 tO »-« Tf tO

t" CO
ft

TH

tO CO

to 00' 06 ft 06
ri CM
cm

tf *0
CM CO
CM

NniOWtO
£ © © tO CO

CM CO
N CO

CM_ to ©

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OOT 15 1910.'

THE CHRONICLE

State aw® City Detawtmewt,
News Items.
Arkansas.—Official Vote

Constitutional Amendments.—
general election held in this State
on Sept. 12 show that of the two constitutional amendments
submitted, No. 10, providing for the initiative and referen¬
dum, carried, while No. 11, exempting from taxation capital
invested in the manufacture of cotton and fibre goods, was
defeated.
The following is the amendment approved by
on

The official returns from the

the voters:

That Section 1, Article 5, of the constitution of the State of Arkansas be
amended so as to read as follows:
Section 1. The legislative powers of this State shall be vested In a Gen¬
eral Assembly, which shall consist of the Senate and House of Representa¬
tives, but the people of each municipality, each county and of the State,
reserve to themselves power to propose laws and amendments to the
con¬
stitution and to enact or reject the same at the polls Independent of the
legislative assembly, and also reserve power at their own option to approve
or reject at the polls any Act of the legislative assembly.
The first power
reserved by the people Is the Initiative, and not more than 8% of the legal
voters shall be required to propose any measure by such petition, and every
such petition shall include the full text of the measure so proposed.
Initia¬
tive petitions shall be filed with the Secretary of State not less than four
months before the election at which they are to be voted upon.
The second power Is a Referendum, and It may be ordered (except as to
laws necessary for the Immediate preservation of the public peace, health
or safety) either by the petition signed by 5% of the legal voters or by the
legislative assembly as other bills are enacted.
Referendum petitions shall
be filed with the Secretary of State not more than ninety days after the final
adjournment of the session of the legislative assembly which passed the
bill on which the referendum Is demanded.
The veto power of the Governor
shall not extend to measures referred to the people.
All elections on meas¬
ures referred to the people of the State shall be had at the biennial regular
general elections, except wiun the legislative assembly shall order a special
election.
Any measure referred to the people shall take effect and be¬
come a law when It Is approved by a majority of the votes cast thereon
and not otherwise.
The style of all bills shall be, ‘‘Be It Enacted by the
People of the State of Arkansas.” This section shall not be construed to
deprive any member of the legislative assembly of the right to Introduce
any measure.
The whole number of votes cast for the office of Governor
at the regular election last preceding the filing of any petition for the Initia¬
tive or for the Referendum shall be the basis on which the number of legal
votes necessary to sign such petition shall be counted.
Petitions and orders
for the Initiative and for the Referendum shall be filed with the Secretary of
State, and In submitting the same to the people, he and all other officers
shall be guided by the general laws and the Acts submitting this amendment
until legislation shall be specially provided therefor.

The other amendment, if the same had been adopted,

would have added the

following to the constitution:

That all capital Invested within

the next ten years in this State In the
manufacturing of cotton and fibre goods In any manner shall be and Is
hereby exempt from taxation for a period of seven years next after and
from the time the person, persons, company or corporation have begun the
business of said manufacturing.

The

vote

papers, was as

on

the

amendments, according

to

local

1047

Items aggregating $2,377,905 13, so as apparently and falsely to reduce the
net debt to $13,322,397 78.
The plaintiff argues that if the $81,000 bonds referred to are sold, the
excess over the debt allowed by the Constitution will be Increased to

$757,164 61.
The bill cites that ordinances have been passed for the
widening of Diamond St., Cherry Way and Oliver Ave., the estimate
of costs and damages for this Improvement, made by the city authorities,
Adding this amount to the excess of Indebtedness,
being $2,216,000.
$676,164 61, the excess is increased to $2,892,164 61.
Mr. Schuldice says,
however, that the costs and damages in reality will amount to$3,700,000,

and will Increase the excess to $4,376,164 61.
To forestall a possible decision of the Court that all the items for which
the city claims credit are legal, and that the net debt is only $13,322,297£78,
the plaintiff asks the Court to find that, nevertheless, the proposed widening
of Oliver Ave., Diamond St. and Cherry Way will Increase the indebtedness

$15,538,397 78, this being $513,858 48 above the constitutional limit, or
$1,997,858 28, as maintained by the plaintiff in his claim that the
and damages of the widenings will amount to $3,700,000 instead
of $2,216,000.
The bill avers that the city, because of having exceeded
the debt limit, cannot give bond to secure the cost and damages of the
widening of the streets, and hence the widenings would be in contravention
to

even

costs

of the Constitution.

Portland, Ore.—Sale of Bridge Bonds Enjoined.—A tem¬
Injunction restraining the sale and delivery of the
$250,000 Broadway Bridge bonds, awarded on Aug. 29 to
Ladd & Tilton of Portland (V. 91, p. 668), was granted by
Justice Eakin in the State Supreme Court on Oct. 7.
A
hearing will be had Oct. 20. The case is an appeal from the
Circuit Court, where the bonds were declared valid last
February. See V. 90, p. 572.
Virginia—West Virginia.—Hearing In Debt Case Post¬
poned.—The debt settlement litigation between these two
States, final argument in which was to have taken place
Oct. 11 before the United States Supreme Court, has been
re-assigned for Jan. 16 1911 because of the lack of/a^full
bench.
See V. 90, p. 1188.
Wagoner, Wagoner County, Okla.—Commission5Form of
Government Adopted.—On Oct. 4 this city adopted, it is
stated, a commission form of government by a vote of 250
“for” to 35 “against.”
porary

Bond Proposals and Negotiations this week
have been

as

follows:

Abilene, Dickinson County, Kan.—Bond Sale.—This
place, according to reports, has sold to local investors an
issue of $40,000 5% paving bonds.
Andover, Essex County, Mass.—Bond Sale.—OnlOct. 4
an issue of $9,000 4% water bonds was awarded to
Geo.^A.
Fernald

&

Co. of Boston

at

104.31.

Denomination $1,000.
Date April 1 1910.
Interest semi-annual. | Ma¬
turity $1,000 yearly on April 1 from 1927 to 1935 Inclusive.
4

Ashboro, Randolph County, No. Car.—Bond Sale.—The
$50,000 5% 30-year water-works and sewer bonds mentioned
in V. 91, p. 287, have been awarded to J. B. McCrary & Co.
of Atlanta at par.
Denomination $1,000. Date Oct. 1

follows:

No. 10.—92,331 “for” to 39,267 “against”: majority, 53,064.
No. 11.—73,432 “for” to 45,700 “against”; majority, 27,732.

A

majority of all the votes cast at the election was
1910.
Interest semi-annual.
to carry.
Boulder, Boulder County, Colo.—Election on the Com¬
Ashland, Jackson County, Ore.—Bond Offering.—Pro¬
mission Form of Government.—At the general election Nov. 8 posals will be received until 5 p. m. Oct. 25 by M. F. Eggles¬
the voters, it is stated, will decide whether or not their city ton, City Recorder, for $25,000 5% gold coupon electricshall adopt a commission form of government.
light-construction and improvement bonds offered without
California.—Legislature Adjourns.—The Legislature of this success on Aug. 2. V. 91, p. 600.
Denomination $500.
Date July 1 1910.
Interest semi-annually at the
State, which convened in special session on Oct. 3 (V. 91, City
Treasurer’s office or at a designated banking house in New Vori City,
893),
Oct.
at
the
p.
adjourned
5, after making several changes in
option of the holder.
Maturity 20 years, subject to call after 10
the proposed constitutional amendment providing for the years. Certified check in favor of the city for $300 is required.
segregation of State and local taxation and for the taxation
Ashtabula, Ashtabula County, Ohio.—Bonds Authorized.—
of public service and other corporations.
This amendment Ordinances authorizing the following bonds were passed by
as passed at the regular session was given in full in V. 91,
the City Council, it is stated, on Oct. 3:
p. 975, and the changes made at the special session just ended $3,300 Martin St. grading bonds. Denomination $1,100.
2,200 Mill and Strong St. sewer bonds.
Denomination $450.
will be recorded in these columns upon the receipt of copies
4,400 South St. sewer bonds.
Denomination $880.
of the same from the State Department.
12,000 Main St. paving bonds.
Denomination $600.
24,000 Lake St. paving bonds.
Denomination $800.
Georgia.—Constitutional Amendment Adopted.—Returns
2,550 Kinsman St. paving bonds.
Denomination $255.
from the general election held in this State on Oct.5 are said
Atlantic City, N. J.—Bond Sale.—On Oct. 8 the six issues
to indicate that the three proposed constitutional amend¬
of 43^% gold coupon (with privilege of registration) bonds,
ments submitted on that day carried.
Two of the amend¬ aggregating $377,000, described in V. 91,
p. 894, were
ments adopted allow counties to levy taxes in support of
awarded to Blodget & Co. of New York City.
With the
high-schools and increase the salaries of Superior Court exception of the issue of $9,000 bonds, which is due in
1920,
judges in certain counties. Another allows the city of the bonds mature in 1945.
Augusta to become bonded outside the limit now prescibed
Bonds Not Sold.—A bid of 101.135 was submitted by
for protection against floods.
This last amendment was Gilman & Clucas of New York
City for the 152,000 5% taxprinted in full in V. 91, p. 599.
arrearage bonds also offered on Oct. 8.
See V. 91, p. 894.
Los Angeles, Cal.—Bonds Declared Valid by Superior No award was made of this
issue, however, it being alleged
Court.—A decision was rendered on Oct. 6 by Judge Monroe that the sale would be irregular.
of the Superior Court upholding the validity of the $3,Avis School District (P. O. Avis), Clinton County, Pa.—
500,000 power-plant and $3,000,000 harbor-improvement Bond
Offering.—This district is offering for sale at par
4J^% bonds voted last April. See V. 91, p. 667.
$14,000 4% coupon school-building bonds.
Lynn, Mass.—Commission Plan of Government Adopted.—
Denominations $100 and $500.
Interest semi¬
Date Oct. 1 1910.
At a special election held Oct. 11 a new city charter was annually in Avis at the Avis State Bank or at the Treasurer’s office. Ma**
turity Oct. 1 1930, subject to call after Oct. 1 1915.
The bonds are exempt
adopted providing for the commission form of government
from State tax.
Z. H. Peters Is Secretary of the School Board.
Pittsburgh, Pa.—Litigation.—A friendly suit has been
Ballston Spa, Saratoga County, N. Y.—Bond Sale.—This
filed, it is said, by Chas. A. Schuldice, a property owner, to village has sold $4,000 4^% 5-8-year (serial) registered
restrain the sale of $81,000 bonds to purchase the mains of
highwa5^-irnprovement bonds dated Aug. 1 1910. Interest
the Monongahela Water Co. in the former boroughs of Esplen
semi-annually at the Village Treasurer's office.
and Elliott and for the purchase of the mains of the South
Barberton, Summit County, Ohio.—Bonds Defeated.—A
Side Water Co. in any section of the city served by it (V. 90,
proposition to issue $50,000 park bonds was defeated at an
p. 1697); to restrain the city from taking any further steps election held Oct. 3.
to widen Diamond St., Oliver Ave. and Cherry Way, and
Bond Election.—Another election has been called for
from in any manner increasing the indebtedness of the city
Nov. 8 at which the question of issuing $40,000 park bonds
until the existing debt shall have been reduced within the will
be voted upon.
limit fixed by the constitution.
Bayonne, N. J.—Description of Bonds.—The $532,000
According to the Pittsburgh “Gazette-Times” the bill states that the
assessed value of taxable property is $751,226,965, and that 2% of such
bonds disposed of last July to the Mechanics’ Trust Co. of
valuation Is $15,024,539, the last sum being the maximum beyond which
Bayonne (V. 91, p. 287) answer the following description:
the Constitution does not allow any new debt without the assent of the
necessary

t

.

doctors.
It Is alleged that the statement of debt filed

In the office of the Clerk
•f Courts wrongfully deducts, In addition to the bonds In the sinking fund,




$234,000 5% paving bonds.
298,000 4
school bonds.
Interest January and July.

Maturity July 1 1830.

1048

THE CHRONICLE

Bay St. Louis, Hancock County, Miss.—Bonds Proposed.—
drainage
this city.
Beecher, Will County, HI.—Bond Sale.—The $5,000 5%
3-7-year (serial) water-plant bonds voted on Aug. 22 (V. 91,
p. 600) were sold on Sept. 30 at prices ranging from 100.50
to 102.95.
Denomination $500.
Date Sept. 15 1910.

An issue of $75,000 electric-light-plant, sewerage,
and street bonds is being considered, it is stated, by

Interest annual.

Bee County (P. O. Beeville), Tex.—Bonds Not Sold.—Up
to Oct. 10 no sale had yet been made of the $75,000 4)^%

10-40-year (optional) court-house bonds, a description of
which was given in V. 91, p. 600.
.Briarcliff Manor, Westchester County, N. Y.—Bond Offer¬
ing.—Proposals will be received until 4 p. m. Oct. 26 by
William H. Coleman, Village Clerk, for $20,000 registered
water-works bonds at not exceeding 5% interest.
Denomination $1,000.

Interest from Sept. 1 1910, payable semi-annually

in New York exchange.
Maturity $1,000 yearly on Sept. 1 from 1915 to
1934 inclusive.
Certified check or cash for 5% of bid is required.

The

official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Buffalo County (P. O. Gann Valley), So. Dak.—Bond Sale.
—The $5,000 5% warrant-funding bonds offered without
success on May 31 (V. 91, p. 50) have been sold.
Maturity
$2,500 on July 5 in each of the years 1915 and 1920.
Camden, Camden County, N. J.—Bond Sale.—This city
has sold $10,000 park and $15,000 water 4% bonds.
The
park bonds mature July 1 1935 and the water bonds are due
July 1 1940. Interest Jan. and July.
Carlisle, Cumberland County, Pa.—Bond Election.—An
election will be held Feb. 21 1911 to vote on propositions to
issue $50,000 sewerage, $29,000 South Side drainage and
$20,000 North Side drainage bonds.
Celina, Mercer County, Ohio.—Bond Sale.—On Oct. 10
the $6,000 4)^% water-works-extension bonds offered on
that day (V. 91, p. 817) were awarded, it is stated, to S. J.
Vining of Celina at 104.816.
The following bids were received:
S. J.

$6,289 60 New First N. Bk., Colum_.$6,201 00
Vining, Celina
Stacy & Braun, Toledo
6,256 25 S. A. Kean & Co., Chicago. 6,186 00
Weil, Roth & Co., Cincin.. 6,226 50 Commercial Bank Co.,Celina6,025 00
Denomination $1,000.
Interest annually in September.
Maturity part
yearly from 1925 to 1930 inclusive.

Champaign County (P. O. Urbana), Ohio.—Bond Offering.
Russell, County Auditor, will sell at public auction
to. Oct. 20 an issue of $13,080 4% coupon ditch

—C. E.
at 10 a.
bonds.

Denominations:

$200,

$300,

$340,

$1,140.

Date

Oct.

20

1910.

semi-annually at the County Treasurer’s office.
Maturity part
April 20 and on Oct. 20 in the years 1911, 1912 and 1913.
Bonds
exempt from all taxes.
terest

In¬
on
are

Chanute, Neosho County, Kan.—Bond Sale.—The Com¬
Trust Co. of Kansas City, Mo., has purchased $40,000
20-29-year (serial) water-improvement bonds at 102.025 for
5s—a basis of about 4.858%.
The following bids were also
merce

received:

Thos. J. Bolger Co.,

Chlc_$41,400
H.C.Speer & Sons Co.,Chic. 40,800
Spltzer & Co., Toledo
40,547
Cutter, May & Co., Chlc__; 40,128

00 Neosho Vail.Bk.,Chan._*$10,101 50
00 R. N. Allen, Chanute
*10,101 00
00 First Nat. Bk., Chanute._*10,101 00
50

*»For $10,000 bonds.
The above bids were all made for 5 K% bonds.
A bid was also received
from Woodln, McNear & Moore of Chicago.
The bonds are dated Nov. 1

1910.,

Chicago, Ill.—Rond Election.—City Council on Oct. 10
passed an ordinance providing for the submission to the
voters on Nov. 8 of a proposition to issue $3,500,000 4%
bonds to pay for the new city-hall.

Denomination $1,000.
Interest payable at the
Date Nov. 16 1910.
Illinois Trust & Savings Bank.
Maturity $230,000 yearly on Jan. 1 from
1916 to 1929 inclusive and $280,000 Jan. 1 1930.

Chicago Junction School District (P. O. Chicago), Huron
County, Ohio.—Bond Offering.—Proposals were asked for
until 10 a. m. yesterday (Oct. 14) by Adah H. Brown, Clerk,
for $20,000 5% coupon school building and improvement
bonds mentioned in V. 91, p. 741.

Authority, Sections 7625, 7626, 7627 General Code; also election held
Denomination $500. Date Oct. 14 1910. Interest semi¬
Sept. 12 1910.
annually at the Home Savings & Banking Co. of Chicago.
Maturity $500
each six months from Oct. 14 1922 to April 14 1942 inclusive.
The result
of this offering was not known to us at hour of going to press.

Circleville, Pickaway County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. Oct. 18 by Fred. R.
Nicholas, City Auditor, for $15,000 4)^% coupon sanitarysewer-extension bonds.

Authority, Section 2835, Bates’ Revised Statutes.
Denomination
Date Sept. 1 1910.
Interest semi-annually at the City Treasurer’s
$500.
office.
Maturity $1,000 yearly on Sept. 1 from 1912 to 1926 inclusive.
Bonds are tax-exempt.
Certified check (or cash) for 3% of bonds bid for,
payable to the City Treasurer, is required.
Purchaser to pay accrued In¬
terest.
Bonded debt at present $32,623 80.
No floating debt. Assessed
valuation 1910 $3,291,829.

Cleveland, Ohio.—Bond Sale.—On Oct. 10 the following
4.10% coupon bonds described in V. 91, p. 818, were sold to
the Tillotson & Wolcott Co. and Otis & Hough, both of
Cleveland: $200,000 bonds at 101.1335, $150,000 at 101.134,
$50,000 at 101.134 and $12,000 at 100.758. The first three
mentioned issues mature Oct. 1 1940 and the $12,000 bonds
The following bids were received:
are due Oct. 1 1930.
$200,000
City-Hall
bonds.

$150,000

$12,000
Hospital

Park
bonds.

bonds.

Tlllotson & Wolcott Co.,1 $202,267 00 $151,701
and Otis & Hough, Clev.J
Hayden, Miller & Co., Clev. 202,170 00 151,630
C. E. Denison & Co., Clev. 202,127 75
151,367
Cleveland Trust Co., Clev. 201,754 00
151,315
New First National Bank.l 201,655 00
151,257
Columbus
J




$50,000

Market

bonds.

00 $50,567 00 $12,091 00
00
75
50
00

50,544
50,556
50,438
50,457

00
75
50
50

12,064 00
12,083 25
12,060 50
12.053 50

[VOL.

LXXXXI

Bond
Nov. 7

Offering.—Proposals will be received until 12 m.
by H. B. Wright, City Auditor, for $250,000 4 1-10%
coupon
tuberculosis-hospital bonds and $400,000 4%
coupon grade-crossing bonds
Denomination $1,000.
Interest from Oct. 1 semi-annually at the
American Exchange National Bank in New York City.
Maturity Oct. 1
1940.
Certified check for 5% of bonds bid for, payable to the City Treas¬
urer, is required.
Bids to be made on blank forms furnished by the Auditor.

Cleveland, Bradley County, Tenn.—Bonds Defeated.—A
proposition to issue $35,000 sewer bonds was defeated on
October 4.

Cold water, Branch

County, Mich.—Bond Sale.—This city
$5,274 50 4% coupon West
Chicago Street Paving District assessment bonds described in <•
V. 91, p. 601.

has sold to local investors the

Denomination $527 45.
Interest March 1 and Sept. 1.
Maturity
$1,054 90 yearly on March 1 from 1911 to 1915 inclusive, being subject to
call, however, after March 1 1911.

Coldwater School District (P. O. Coldwater), Ohio.—Bond
Sale.—On Oct. 4 an issue of $1,000 5% refunding bonds was
awarded to
received.

Josephine Hageman at

Denomination $500.

No other bids

were

Date Oct. 4 1910.
Interest semi-annual.
years 1921 and 1922.

Ma¬

par.

turity $500 in each of the

Columbus, Ohio.—Bond Sale.—The seven issues of 4%
disposed of on Oct. 11

bonds described in V. 91, p. 896, were
follows:

as

$320,000 grade-crossing bonds due Oct. 1 1947, awarded to the Provident
Savings Bank & Trust Co. of Cincinnati at 100.17; $300,000 refunding
sewer bonds due April 1 1930, awarded to Breed & Harrison of Cincinnati
at 100.10; $110,000 garbage-disposal-works bonds due Sept, 1 1936, and the
$175,000 refunding water-works bonds due Nov. 1 1930, sold to, the DavlesBertram Co. and Well, Roth & Co. both of Cincinnati, for $110,135 50
(100.123) and 100.11, respectively;$50,000 No. 21 and $30,000 No. 22 city’s
portion public-improvement bonds due Sept. 1 1921, awarded to the Ameri¬
can Trust & Savings Go. of Zanesville at 100.10 and the
$15,000 police sub¬
station bonds due Oct. 1 1939, awarded to the Brighton-German Bank Co.
of Cincinnati at 100.25.

Purchasers to pay accrued Interest.

These are not new issues,
Fund as an investment.

but bonds held by the Sinking

Comanche County Common School District, Tex.—Bond
Sale.—The $1,500 5% 20-year bonds registered by the State

Comptroller

on Aug. 15 (V. 91, p. 540) have
the Comanche County .School Fund at par.

been sold to

Concord, Mass.—Temporary Loan.—A loan of $10,000
14 1910 has been negotiated, it is stated, with
Perry, Coffin & Burr, of Boston, at 3.49% discount.
Coming, Tehama County, Cal.—Bonds Voted.—The pro¬
positions to issue the $46,800 water and the $22,000 sewer
5% bonds mentioned in V. 91, p. 818, carried by a vote of
163 to 23 at the election held Oct. 4.
Date of offering not
yet determined.
Corydon, Wayne County, la.—Bond Sale.—Reports state
that the $15,000 sewer and $30,000 water 4)^% bonds
offered on Oct. 3 and described in V. 91, p. 818, were awarded
to J. K. Green, Cashier Wayne County State Bank of Cory¬
don.
Maturity 20 years, subject to call after 10 years.
Crawford, Oglethorpe County, Ga.—Bond Offering.—
Proposals will be received until 5 p. m. Nov. 1 for $5,000
6% school-building bonds.

due Nov.

Denomination $100.
Date Jan. 1 1911.
Interest at Bank of Crawford
in Crawford.
Maturity $200 yearly on Jan. 1 from 1912 to 1936 inclusive.
Certified check for $50 is required.
R. S. McMahan is City Clerk.

Crawford County (P. O. Denison), Iowa.—Bond Election.
—Reports state that the voters have been asked to authorize
the issuance of $25,000 bonds for a new institution for the
care

of the poor.

Crowley, Arcadia Parish, La.—Bids Rejected.—All bids
on Oct. 8 for the $75,000 5%
coupon Sixth Ward
Drainage District bonds described in V. 91, p. 896, were
rejected.
Dark Hollow Drainage District No. 1, Pulaski County,
Ark.—Bond Sale.—On Feb. 15 this district issued $40,000
6% bonds to the S. R. H. Robinson & Son Constructing Co.
received

of St. Louis.

Interest semi-annually at the Commercial-National Bank in Chicago.
Maturity part yearly until Feb. 15 1939 inclusive.

Davidson County (P. O. Nashville), Tenn.—Bonds Author¬
ized.—At

a meeting of the County Court on Oct. 4 the
$150,000 State Fair Ground purchase bonds voted on April 21
(V. 90, p. 1693) were, it is stated, authorized. The bonds
when issued will carry 4% interest and mature in 30 years.

Dayton,

Ohio.—Bond Sale.—The following bids were
4)4% coupon bonds

received on Oct. 11 for the five issues of
described in V. 91, p. 896:
$10,500
bonds.

a$10,922 a$8,854
10,920
8,852
10,875
8,755
10,701
8,670
10,650
8,620
_

New First Nat. Bk.
R. Kleybolte Co. Ii
Breed & Harrison,
a

$8,500
bonds.

Columbusl.

$3,200
bonds.

$2,600
bonds.

$2,000
bonds.

$3,300 a$2,678 a$2,060
a3,300
2,675
2,053
3,250
2,639
2,020

_

_

3,200

2,600

2,000

Successful bids.

Bonds Authorized.—This

city has authorized the issuance
$79,800 5% coupon street-improvement bonds.

of

Authority, Sections 3839 and 3946, Revised Code.
Denomination
$1,000.
Date Oct. 1 1910.
Interest semi-annually in New York. Bonds
are

exempt from all taxes.

Bonds

Proposed.—Local papers state that this city is con¬
sidering the issuance of $600,000 water-supply bonds.
Delaware, Delaware County, Ohio.—Bond Offering.—
Proposals will be received until 12 m. Oct. 29 by I. E. Martin,
City Auditor, for the following 5% coupon assessment bonds
$1,650 Campbell and Griswold Streets sewer bonds.
Denomination $165.
Date “not later than Aug. 1 1910.’’
Maturity $165 yearly on
Sept. 1 from 1912 to 1921 inclusive.

OCX. 15 1910.1

THE CHRONICLE

>0,000 North Sandusky Street Improvement bonds.
Denomination $500.
Date “not later than Aug. 1 1910 ”
Maturity $3,000 yearly on
Sept. 1 from 1912 to 1921 inclusive.
28,730 South Sandusky Street Improvement bonds.
Denomination $500,
except one bond of $230.
Date Aug. 1 1910.
Maturity $1,730
Sept. 1 1912 and $3,000 yearly on Sept. 1 from 1913 to 1921 In¬
clusive:
Interest semi-annually at the depository of the Sinking Fund.
Official
circular states that “there has never been any default In the payment of

obligations against the city.”

>

Denison, Grayson County, Tex.—Bonds Voted.—At

an

election held Oct. 8 a favorable vote was cast, it is stated,
on
the question of issuing $50,000 water-works-system-

improvement bonds.
Du Page County School District No. 46 (P. O. Elmhurst),
Ill.—Bond Offering.—Further details are at hand relative
to the offering on Oct. 17 of the $20,000 5% coupon school¬
building bonds mentioned in V. 91, p. 977, Proposals will
be received until 8 p. m. on that day by O. G. Fischer, Secre¬
tary of Board of Education.
Authority Section 195, School Law.
Denomination $1,000.
Date Oct. 1
Interest semi-annually at the Elmhurst State Bank.
Maturity
$2,000 In even and $3,000 In odd years on April 1 from 1912 to 1919 In¬
clusive.
Certified check for $500, payable to the Board, is required.
No
debt at present.
Assessed valuation 1909, $850,557.
4
1910.

Durham, Butte County, Cal.—Bond Election.—It is
reported that an election will be held Nov. 5 to vote on a
proposition to issue $10,000 school-building bonds.
East Spencer (P. O. Salisbury, Sub-Station No. 2), Rowan
County, No. Car.—Bond Election.—An election will be held
Nov. 5 to vote on the question of issuing $25,000 coupon
water and light bonds.
These securities were to have been
sold on Sept. 26.
V. 91, p. 977. Owing to the discovery of
an error in the notice of the
original election, however, it
was found necessary to
again submit the question to a vote
of the people.
A bid of 101 for 6s has been received from the
J. B. McCrary Co. of Atlanta.
Eaton, Preble County, Ohio.—Bond Sale.-— On Oct. 3 the
$2,500 4}^% village’s portion and the $11,918 62 5%
assessment East Main Street improvement coupon bonds
described in V. 91, p. 818, were awarded to Hayden, Miller
& Co. of Cleveland at 100.36 and 101.636 respectively.
Pur¬
chasers to pay accrued interest.
Following is a list of the
bidders and the premiums offered by the same:
k

$2,500

$11,918 62

Bonds.

Bonds.
$195 00

Hayden, Miller & Co., Cleveland

$9 00

H. C. Dlllman, Eaton
Tillotson & Wolcott Co., Cleveland
Davies-Bertram Co., Cincinnati.

10
9
7
3
3

50
62
50
75
50

179
191
76
151
157
137

96
00
78
38
00
06

Stacy & Braun. Toledo
Seasongood & Mayer, Cincinnati
Weil, Roth & Co., Cincinnati
Breed & Harrison, Cincinnati.
.*
The $2,500 bonds mature $500 yearly on Sept. 1 from 1911 to 1915
Inclusive and the $11,918 62 bonds mature $1,191 86 each six months from
March 1 1911 to Sept. 1 1915 inclusive. 4131
■ i
*£

Ellensburg School District No. 3 (P. O.1fEllensourg),

Kittitas County, Wash.—Description of Bonds.—We are
advised that the $40,000 20-year refunding school-building
bonds sold on Sept. 16 to the Washington National Bank of

Ellensburg at 101 for 5s (V. 91, p.896)

of $500 each and

are

dated Oct.

1

are
1910.

in denomination
Interest semi¬

annual.
Ellis County (P. O. Waxahachie), Tex.—Bond Offering.—
Proposals will be received until 2 p. m. Dec. 1 by J. T.
Spencer, County Judge, for the following 5% road district

bonds:

$27,500 bonds of District No. 1, $25,000 of District No. 2, $225,000 of
District No. 3, $70,000 of District No. 4, $85,000 of District No. 5, $105,000
of District No. 6 and $45,000 of District No. 7.
Denomination $1,000.
Date Oct. 10 1910.
Interest semi-annually in
Austin or at the National Park Bank in New Ydrk City, at option of holder.
Maturity 40 years, subject to call after 10 years.
Certified check on a
national bank or trust company for 2% of bonds bid for, payable to the
County Judge, is required.
Purchaser to pay accrued interest.

El Reno, Canadian County, Okla.—Bond Offering.—Pro¬
posals will be received until 8 p. m. to-day (Oct. 15) by J. A.
La Bryer, Mayor, for $50,000 5% coupon
city-hall-building

bonds.

Denominational,000.
at the fiscal agency

Date

April^lS lgiO.^flnterest^semi-annually

in New York City.
Maturity 20 years.
Bonds are
tax-exempt.
Certified check for $2,000, payable to F. T. Stacirnnle. City
Clerk, is required.

Evanston, Cook County, Ill.—Bond Offering.—Proposals
Nov. 1 by N. G. Iglehart, City
Comptroller, for the following 4% coupon bonds mentioned
in V. 91, p. 289:
will be received until 2 p. m.

$35,000 departmental building bonds.
Maturity $1,000 yearly on Nov. 1
from 1911 to 1915 inclusive and $2,000 yearly on Nov. 1 from
1916 to 1930 inclusive.
10,000 fire-department equipment bonds.
Maturity $2,000 yearly on
Nov. 1 from 1911 to 1915 inclusive.
Denomination .$1,000.
Date Nov. 1 1910.
Interest semi-annual.
Certified check on a Chicago or Evanston bank for 5% of bid,
payable
to the City Comptroller, Is required.

1049

described in V. 91, p. 540, were awarded to A. B. Leach &
Co. of Chicago at 102.81 and accured interest.
The following
bids were received:
A. B. Leach & Co., Chic
$128,513 Weil, Roth & Co., Cin
$126,750
N. W. Halsey & Co., Chic.. 127,575 E. H. Rollins & Sons, Chic. 126,677
Devitt, Tremble & Co., Chic. 126,917 Thos. J. Bolger Co., Chic.. 126,255

Fort Worth, Tex.—Bonds Proposed.—The Superintendent
of Water-Works urges the issuance of $1,000,000 bonds for
the purchase of a reservoir and the extension of the water

system.

Franklin

Franklin,

County, Neb.—Bonds

Voted.—The

election held Oct. 11 resulted in favor of the proposition
to issue the $8,000 5% 5-20-year (optional)
electric-light
bonds mentioned in V. 91, p. 977.
The vote was 126 to 19.

Freeport,

Stephenson County, Ill.—Bond Sale.—On
$9,000 4% 20-year fire-station bonds, dated
May 1 1910 and mentioned in V. 91, p. 977, were sold to the
Harris Trust & Savings Bank of Chicago at 96.877.
Fol¬
lowing are the bids:
Oct.

10 the

Harris Tr. & S. Bk., Chic

$8,7191 Well, Roth & Co., Clnclnnati_$8,625
Emery, Peck & Rockwood,Chic. 8,652)

Fulton Township
Bonds Voted.—The

School District (P. O. Swanton), Ohio.—
question of issuing $18,500 bonds was
favorably voted on Oct. 5, the vote being 137 “for” to
136 “against.”
Galesburg, Knox County, Ill.—Bond Sale.—A. B. Leach
& Co. of Chicago have been awarded the $25,000 4)/£%
water-works-improvement bonds offered on Oct. 3 and
described in V. 91, p. 897, on a 4.15% basis.
Maturity
June 1 1930.

Garland, Dallas County, Tex.—Bonds Voted.—This town
it is stated, to issue $15,000 school-building-im¬
provement bonds.
Garnett, Anderson County, Kans.—Bond Sale.—The
following coupon bonds offered on Sept. 26 (V. 91, p. 819),
have.been sold to Weil, Roth & Co. of Cincinnati:
has voted,

$20,000 5% 20-year sewer-improvement bonds dated Nov. 1 1910, awarded
at

97.

30,000 6% 1-10-year special sewer-improvement bonds dated Jan.l 1911,
disposed of at par.

Gloversville, Fulton County, N. Y.—Bond Offering Again
Postponed.—The offering of the $66,000 4% registered sewerconstruction bonds has again been postponed, this time
until 3 p. m. Oct. 18.
The bonds were to have been sold on
Oct. 11 (V. 91, p. 977), but the date was subsequently
changed to Oct. 13.
Greencastle School District (P. O. Greencastle), Franklin
County, Pa.—Bond Election.—At the coming November
election a proposition to issue $40,000 4%
school-building
bonds will be voted upon, according to local papers.
Greenfield, Mass.—Bond Sale.—An issue of $50,000 4%
1-10-year serial sewer bonds, dated Nov. 1 1910, has been
awarded, it is stated, to Jackson & Curtis of Boston at
100.92.

Greenfield Fire District No. 1 (P. O. Greenfield), Franklin
County, Mass.—Note Sale.—According to reports this dis¬
trict has awarded at private sale the $75,000 4% fire notes
recently voted (V. 91, p. 352) to Jackson & Curtis of Boston
at 3.95% and interest.
These notes are dated Nov. 1 1910
and mature $3,750 yearly beginning in 1911.
Harrison County (P. O. Gulfport), Miss.—Bond Offering.
—Proposals will be received until Nov. 7 by F. S. Heeves,
Clerk Board of County Supervisors, for the $50,000 5%
Road District No. 2 bonds mentioned in V. 91, p. 743.
Denomination $500.
Date Jan. 1 1911.
Interest annual.
Hart County (P. O. Hartwell), Ga.—Bond Election.—The

electors of this county will decide, it is
of issuing $40,000 road and bridge

stated, on the question
bonds.
Hastings, Jefferson County, Okla.—Bond Offering.—
Proposals will be received until 12 m. Oct. 24 by J. A. Marley,
Chairman of Board of Trustees, for $30,000 6% bonds.

Denomination $1,000.
Date Sept. 1 1910.
Interest semi-annually at
the fiscal agency of Oklahoma in New York
City. Maturity Sept. 1 1935.
Certified check, bank draft or cash for 5% of bonds bid for, is required.
Assessed valuation 1910 $335,000.

Hastings-on-Hudson, Westchester County, N. Y.—Bond
Offering.—Proposals will be received until 5 p. m. Oct. 18
by the Board of Trustees for $45,000 street-improvement
bonds at not exceeding 5% interest.

Authority, election held July 14 1910.
Denomination $1,000.
Date
Jan. 1 1911.
Interest semi-annual.
Maturity $3,000 yearly on July 1
from 1912 to 1926 Inclusive.
Certified check on an incorporated bank or
trust company for $1,000, payable to the Village Treasurer, Is required.
Bonds will be delivered Jan. 3 1911.
Frederick G. Zinsser Is President and
Joseph E. Murphy Is Clerk. Bonded debt. Including this Issue, $50,000.
Assessed valuation 1910, $3,306,770.
The village has never defaulted In
the payment of principal or Interest, according to the official statement.

Eveleth, St. Louis County, Minn.—No Bond Election
Proposed.—The City Clerk informs us that there is no truth
Hester School
Santa Clara County, Cal.—Bond
in the reports that steps are being taken
looking towards Sale.—On Oct. 4 District,
the $6,000 5% coupon bonds described in
the holding of a $20,000 sewer bond election.
V. 91, p. 819, were awarded, it is stated, to the Garden City
Falls County (P. O. Marlin), Tex.—Bonds Voted.—Accord¬
Bank & Trust Co. of San Jose at 100.421.
Maturity $3,000
ing to reports, this county has voted in favor of issuing the in 1
year and $3,000 in 2 years.
$18,000 bridge bonds mentioned in V. 91, p. 742.
Hickory, Catawba County, No. Car.—Bond Sale.—An
Fenton, Broome County, N. Y.—Bond Offering.—Pro¬ issue
of $25,000 6% 30-year coupon street-improvement
posals will be received until 10 a. m. Oct. 18 by E. P. Hol¬ bonds has been disposed of.
comb, Town Supervisor, P. O. Port Crane, for $9,000 4}^%
Date July 1 1910.
Interest semi-annually In Hickory. Bonds are
exempt from all taxation.
registered bridge-construction bonds.
Denomination $500.
Date Oct. 18 1910.
Interest annually on March 1
Hopkins County Common School Districts Nos. 3 and 86,
at the County Treasurer’s office in Binghamton.
Bonds are exempt from
Tex.—Bond Sale.—The $1,340 5% 20-year bonds registered
all taxes.
Certified check for 10% of bid, payable to the Supervisor, is
required.
No debt at present.
Assessed valuation 1909, $609,750.
by the State Comptroller on Aug. 18 (V. 91, p. 541), have
Flathead County (P. O. Kalispell), Mont.—Bond Sale.— been sold to the Hopkins County Permanent School Fund at
On Oct. 4 the $125,000 10-20-year (optional) refunding bonds par.
Denomination $100. Interest annually in April.




Kirkwood, Ga.—Bonds Voted.—It is reported that $60,000
bonds were authorized by the electors
of this place on Oct. 4.
Libby, Lincoln County, Mont.—Bonds Voted.—An issue
of $16,000 electric-light-plant bonds was, it is stated, recently
voted by this city.
Logan County (P. O. Bellefontaine), Ohio.—Bond Sale.—
On Oct. 10 the $19,000 434% ditch-construction bonds de¬
scribed in V. 91, p. 898, were awarded to Barto, Scott & Co.
water and sewerage

of Columbus at

101.057

and accrued interest.

Maturity

six months from July 1 1911 to Jan. 1 1916
inclusive.
$2,000 July 1 1916 and $2,000 Jan. 1 1917.
Following are the bids:

$1,500

every

Barto, Scott & Co., Colum__$19,201|New First Nat. Bk., Colum..$19,185
19.176
Seasongood & Mayer, Clncln. 19,1961 Davles-Bertram Co., Clncln
Breed & Harrison, Clncln
19,1901 Bellefontaine Nat. Bk., B f t e 19,104

Long Beach, Cal.—Bonds Not Sold.—In reply to our in¬
quiry as to whether or not reports were true that proposals
would be received until Oct. 1 for the $75,000 pier-improve¬
ment and the $50,000 Belmont Heights pleasure pier 434%
1-40-year (serial) gold coupon bonds, offered without success
on July 29 (V. 91, p. 820), the City Clerk writes us that the
“issue has not yet been re-advertised and will not be for
some

time.”

Longmont, Boulder County, Colo.—Purchasers of Bonds.—
purchasers of the two issues of gold coupon water-works
bonds, the sale of which was mentioned in V. 91, p. 978,
The

were

as

[VOL.

THE CHRONICLE

1050

follows:

$165,009 4 34 % (flrst series of 1910) bonds

disposed of to the Farmers’

National Bank of Longmont at

98.535.

35,000 SH% (second series of 1910) bonds awarded to James H. Causey
& On. of Denver.
Up to Oct- 8 only $30,000 of these
bonds had been Issued.

Lorain, Lorain County, Ohio.—Bond Sale.—The following
were received on Oct. 8 for the $30,000 434% coupon

bids

sewer bonds described in V. 91, p.
Barto, Scott & Co., Col..$30,311 00 Hayden,Miller* Co.,Clev.$30,262 00
Breed & Harrison, Cln
30,311 00 Otis & Hough, Cleveland. 30,251 00
West. Ger. Bk., Cin
30,303 33 C. E. Denison Co., Clev__ 30,237 75
Davles-Bertram Co., Cin. 30,303 00 Stacy & Braun, Toledo.. 30,231 75
Provident Savings Bank
Tillotson & Wolcott Co.,
& Trust Co., Cm
30,123 00
Cleveland
30,276 00
New First Nat. Bk., Col.. 30,264 00

898.

Maturity $2,500 March 15 and $3,000 Sept. 15 each year from 1912 to
1916 Inclusive and $500 yearly on Sept. 15 from 1917 to 1921 inclusive.

Louisville, Ky.—Bonds Authorized.—An ordinance au¬
thorizing the issuance of $1,000,000 hospital bonds was, ac¬
cording to local papers, unanimously passed by the Board of
Oct. 7.
Lower Merion Township

Aldermen

on

School District, Montgomery

Gounty, Pa.—Bond Sale.—On Oct. 12 the $80,000 434%
coupon bonds described in V. 91, p. 898, were purchased by
Drexel & Co. of Philadelphia at 105.51 and interest.
The
following bids were received:

00) Chas. C. Harrison Jr. &
Co., Philadelphia
80)
$82,911 20
40| Wurts, Dulles & Co
82,088 00
00 Newburger, Henderson &
82,082 55
Loeb, Philadelphia
00
00 Wm. A. Read & Co., Chic. 82,672 00
Ervin & Co., Philadelphia. 82,610 00
81,605 00
Philadelphia83.288 00 Graham & Co., Phila
Chas. S. Forsyth
83,200 00 Edw. V. Eane & Co..Phila 81,520 00
Brown Bros. & Co., Phila. 83,015 92 Merion T.&Tr.Co.,Ardmore80,560 00
A bid for 4.40% bonds was also received from Fairshaw, Cadwallader &
Co.
Maturity $20,000 on Oct. 1 in each of the years 1925, 1930 and 1935
and $20,000 on April 1 1940.

Drexel & Co., Phila.
$84,408
E.H.Rollins & Sons.Chic. 83,812
J.S.&W.S.Kuhn Inc.,Pitts 83,742
A. B. Leach & Co., Phlla. 83,576
N. W. Harris & Co., Phila. 83,552
N. W. Halsey & Co., Phila 83.488
Lawrence Barnum & Co.,

Lucas County (P. O. Toledo), Ohio.—Bond Sale.—On
Oct. 8 the $16,918 66 434% Stone Road No. 29 repair bonds
described in V. 91, p. 820, were awarded to Spitzer & Co. of
Toledo at 102.583.
The following bids were received:

new

LXXXXI.

issues but bonds held by the Sinking Fund as an

invest¬

ment.

Memphis, Tenn.—Bond Sale.—On Oct. 11 the $275,000
$300,000 434% and $435,000 6% coupon street-im¬
provement bonds, described in V. 91, p. 744, were awarded,
it is stated, to a syndicate composed of E. H. Rollins & Sons
and the Merchants' Loan & Trust Co., both of Chicago,
A. G. Edwards & Sons of St. Louis and Blodget, Merritt
and

& Co. of Boston.

Middletown, Orange County, N. Y.—Bond Sale— This
city has sold $75,000 4% 20-year coupon tax-exempt water
refunding bonds. Interest May and November.
Middletown School District (P. O. Middletown), Dauphin
County, Pa.—Bond Sale.—J. S. & W. S. Kuhn Inc., of
Pittsburgh, are reported as having purchased $50,000 434%
coupon school-building bonds.
These securities were offered
without success as 4s (V. 91, p. 978) on Sept. 19.
Milwaukee, Wis.—Temporary Loan.—Local papers state
that on Oct. 11 “Mayor Seidel and Comptroller Dietz gave
joint notes to eight city depositories for an aggregate of
$160,000, which money is to be placed to the city's credit in
the sum of $20,000 in each bank.
The borrowing of this
money was authorized by the Council and must be repaid
before Feb. 1.
Next month a similar amount is to be bor¬
rowed.
In December tax money will come in.”

Mongangon Township School District (P. O. Trenton),
Wayn County, Mich.—Bond Sale.—The $9,500 434%coupon
bonds offered on Sept. 30 and described in V. 91, p. 898,
have been awarded to Wm. E. Moss & Co. of Detroit for

$9,532, the price thus being 100.336.

Date Oct. 18 1910.

Interest semi-annual.
Moore School District, Fergus County, Mont.—Descrip¬
tion of Bonds.—We are advised that the $1,100 6% school-

improvement bonds disposed of last month to the Bank d
Fergus County in Lewistown at 100.20 (V. 91, p. 978)
mature Sept. 2 1930, but are subject to call after Sept. 2
Denomination $100.
1925.
Date Sept. 2 1910. Interest
annual.
Morton School District No. 65, (P. O. Morton), Renville
County, Minn.—Bond Sale.—On Oct. 4 the $6,000 4% 6-17year (serial) refunding bonds voted on July 19 (V. 91, p. 417),
awarded to the State of Minnesota at par.
Mt. Airy (P. O. Cincinnati), Ohio.—Bond Election.—An
election will be held Nov. 5 to vote on a proposition to issue
were

$12,500 water-system construction bonds. This issue was
defeated on Oct. 1, as stated in V. 91, p. 978.
Mt. Union School District (P. O. Mt. Union), Huntingdon
County, Pa.—Bond Sale.—This district has sold $10,000
4/4% building bonds to a local investor.
Mount Vernon, N. Y.-—Rate of Interest Decreased.—The
rate of interest on the $20,000 coupon fire and police depart¬
ment building bonds to be sold on Oct. 18 has been changed
from 434% to 4%.
For other details of bonds see V. 91, p.
979; also advertisement on a subsequent page.
Mulvane, Sumner County, Kans.—Bond Sale.—The
$30,000 5% water-works bonds voted on Sept. 12 (V. 91, p.
821) have been disposed of to local investors at par.
Interest May and November.
subject to call, however, before that time.

Denomination $500.
years,

Maturity twenty

Murray (Town) School District No. 6, Orleans County,
$8,000 5% 1-16-year (serial) re¬
gistered school-building bonds described in V. 91, p. 821,
were sold on Oct. 10 to John J. Hart of Albany at 102.34—
a basis of about 4.664%.
This district has no other debt.
Assessed valuation for 1910, $173,561 80.
Muskegee County, (P. O. Muskegee), Okla.—Bond Sale.—
Maturity $1,918 66 in 1912 and $1,500 yearly from 1913 to 1922 inclusive.
An issue of $80,000 5% funding bonds was recently awarded
McPherson, McPherson County, Kan—Rond Election.— to A. J. McMahon of Oklahoma City at par. Denomination
Propositions to issue $7,000 electric-light and $3,000 water¬ $1,000. Date Oct. 1 1910. Interest semi-annual. Ma¬
works bonds will be submitted to a vote of the people on turity Oct. 1 1930.
Nov. 8, according to local papers.
Newark, N. J.—Description of Bonds.—The $100,000 4%
Mahoning County (P. O. Youngstown), Ohio.—Bond water bonds awarded on Sept. 29 to the Sinking Fund
Election.—An election will be held Nov. 8 to vote on the Commission at par and accrued interest
(V. 91, p. 899)
bear date of Sept. 1 1910.
question of issuing $25,000 experimental farm bonds.
Interest semi-annual. Maturity
Mammoth Irrigation District (P. O. Hartman), Prowers 1940.
and Kiowa Counties, Colo.—Bond Offering.—Proposals will
New Bern, Craven County, No. Car.—Bond Sale.—The
be received until 2 p. m. Oct. 29 by Charles B. Flynn, $50,000 5% 30-year street-paving bonds offered on Oct. 4
and described in V. 91, p. 821, were awarded to the WesternDistrict-Secretary, for $3,296,900 bonds.
Manhattan, Riley County, Kan.— Bonds Voted.—The German Bank in Cincinnati at 101.622 and accrued interest.
Purchaser also to furnish blank bonds.
The other bids re¬
voters on Oct. 4 approved the issuance of $20,000 5% bonds
ceived were as follows:
to aid in the extension of an electric railway to Fort Riley.
Premium.

Premium.

Spitzer & Co., Toledo
$437 10 Provident Savings Bank &
Trust Co., Cincinnati
$377 29
Farson, Son & Co., Chicago. 428 04
Stacy & Braun, Toledo
412 75 Davies-Bertram Co., Cinc-.t. 363 00
Dayton Sav.B.&Tr.Co.,Day_ 395 00 Merchants’ & Clerks’ Savings
Bank, Toledo
301 00
Seasongood & Mayer, Cinc__ 394 09
Breed * Harrison, Cincinnati 382 36 Hayden, Miller & Co., Cleve. 262 00
Western German Bank, Cinc_ 251 11
Citizens’S ife Deoosit & Trust
Co., Toledo
381 05

N. Y.—Bond Sale.—The

,

The vote

was

Boston 550,8071Cutter, May & Co., Chicago..$50,00
50,00
Seasongood & Mayer, Clnc__ 50,010|0tls & Hough, Cleveland
E. H. Rollins & Sons,

605 to 319.

Marietta, Cobb County, Ga.—Bond Election.—It is stated
that an election will be held to vote on the question of

issuing

sewer bonds.
Marion, Ind.—Bids.—Two bids were received on Oct. 4
for $75,000 4% bonds offered on that day.
We are informed,
however, that it will be a week or ten days before the bonds

$15,000

are

awarded.

Marion, Marion County, Ohio.—Bond Sale.—The three
issues of 4% bonds aggregating $4,000 described in V. 91, p.
603, were disposed of as follows on Sept. 27: $1,500 awarded
to Mrs. John H. Darrow for $1,504 or 100.266, $1,500 sold
to O. P. Linn for $1,505 or 100.333 and $1,000 disposed of to
the City National Bank of Marion at par.
These are not




Braunfels, Comal County, Tex.—Bonds Proposed.—
Reports have it that this city proposes floating an issue of
$75,000 bonds for the purpose of building a dam across the
Guadalupe River.
Newberg, Yamhill County, Ore.—Bonds Voted.—By a
vote of 159 to 119, this city on Oct. 4, it is stated, authorized
the issuance of sewer bonds.
New Orleans, La.—Bonds Not Sold.—The $7,000,000 4%
New

bonds offered on Oct. 4, and described in V.91,
to attract any bidders.
Norfolk County (P. O. Dedham), Mass.—Note Sale.—
On Oct. 11 an issue of $16,000 4% notes for the purchase of

coupon sewer
p. 292, failed

land for

a

district court-house at Quincy was awarded to

Oox. 16

THE CHRONICLE

1910.]

Blake Bros. & Co. of Boston at 100.14.
A bid of 100.07
was also received from E. M. Farnsworth & Co. of Boston.
Date Oct. 11 1910.
Interest semi-annual.
the years 1911 and 1912.

Maturity $8,000 in each of

Oakley (P. O. Cincinnati), Ohio.—Bond Election.—Pro¬
positions to issue $4,500 bonds for the improvement of streets
and $2,500 for the purpose of laying water pipes will be voted
on at the general election.
Oconomowoc, Waukesha County, Wis.—Bond Offering.—
Proposals will be received until 4 p. m. Oct. 17 by Clarence
Schoenike, City Clerk, and B. G. Edgerton, Mayor, for
$15 ,000 4% coupon water-works construction bonds.

Authority, Chapter"40a, General Charter of 1898, and amendments
Denomination $500.
Date Aug. 1 1910.
Interest semi-annually
at the City Treasurer's office.
Maturity Aug. 1 1930.
Certified check
(or cash) for 5% of bid, payable to the City Clerk or Treasurer, Is required.

thereto.

Oneida, Madison County, N. Y.—Bonds Proposed.—We
informed that this city expects to be on the market about
Jan. 1 with an issue of $45,000 school bonds.
Onida, Sully County, So. Dak.—Bond Offering.—Pro¬
posals will be received until Oct. 24 for $10,000 5% water¬
works system bonds.
are

Denomination $500.
Interest annual.
Maturity 20 years, subject to
call after 10 years.
These bonds were offered but not sold on Sept. 24.
E. E. Brooking Is Town Clerk.

Orange, Orange County, Cal.—Bond Sale.—On Oct. 3 the
$16,000 1-16-year (serial) outfall-sewer and $5,000 1-10-year
(serial) Plaza paving 5% gold coupon bonds voted on Sept. 1
(V. 91, p. 745) were awarded, it is stated, to a local bank

at 101.79.

Orangeburg, Orangeburg County, So. Caro.—Bond Elec¬

tion.—An election will be held in this city Oct. 25, it is
to vote on the question of issuing $20,000 railroad-aid

stated,
bonds.
Orange County (P. O. Goshen), N. Y.—Bond Sale.—On
Oct. 7 the $65,000 4^% coupon court-house and jail bonds
described in V. 91, p. 979, were awarded to the Newburgh
Savings Bank at 101.60. Maturity $5,000 yearly on Feb. 1
from 1912 to 1924 inclusive.

Orleans County (P. O. Albion), N. Y.—Bond Sale.—An
issue of

$14,600 5% registered road bonds has been sold.
Interest annually in February at the Citizens’ Bank of
Albion.
Maturity Feb. 10 1915.
Oshkosh, Winnebago County, Wis.—Bond Sale.—An
issue of $27,839 47 street bonds has been disposed of to
contractors in payment for work done.
Oswegatchie (P. O. Heuvelton), St. Lawrence County,

N. Y.—Bond Sale.—We

$13,500

4%

are

advised that this town awarded

(serial)

1-15-year

fair-ground-improvement

bonds on June 30 to the National Bank of Ogdensburg and
the Ogdensburg Bank, both of Ogdensburg, at par and in¬
terest.
Denomination $100.
Date June 1 1910.
Interest
semi-annual.

Pecos, Reeves County, Tex.—Bond Election Proposed.—
city, it is stated, proposes submitting to the voters a
proposition to issue $25,000 bonds for a sewerage system.
Pecos School District (P. O. Pecos), Reeves County, Tex.
—Bond Election Proposed.—Papers state that this district
proposes holding an election shortly to vote on the question
of issuing school-building bonds.
Pineville, Rapides Parish, La.—Bond Election.—It is re¬
ported that a vote will be taken Nov. 15 on a proposition to
issue $9,000 street-improvement bonds.
Pleasanton, Alameda County, Cal.—Bonds Awarded in
Part.—Of the $40,000 4*^% water-works bonds offered on
April 4 (V. 90, p. 928), $20,000 due $1,000 yearly on May 1
from 1911 to 1930 inclusive, were sold during September to
This

the State of California at 100.10 and $310 accrued interest.
The bonds are in denominations of $1,000 each and are dated

May 1 i910.
Pleasant Ridge, Hamilton County, Ohio.—No Bond Elec¬
tion to be Held.—A proposition to issue sewer bonds which
was to have been submitted to the voters at the fall election
has been dropped, it is stated, for the time being.

Port Chester, Westchester County, N. Y.—Bond Offering.
—Proposals will be received, it is stated, until 8p.m. Oct. 17
by William C. Ling, Village Clerk, for the following 5% bonds:
$20,000

Denomination $1,000.
bonds.
Maturity
1 from 1914 to 1933 inclusive.
35,000 macadam road bonds.
Denomination $1,000.
yearly on Oct. 1 from 1911 to 1945 inclusive.
sewer

Oct.

1,500 fire-apparatus bonds.

Denomination $500.

$1,000 yearly on

Maturity $1,000

Maturity $500 yearly

on Oct. 1 from 1914 to 1916 Inclusive.
Date Oct. 1 1910.
Interest semi-annual.
Certified
bid is required.

check

for 5%

of

Portsmouth, Va.—Bid.—A bid of 92.75 and interest has
$250,000 4)^%
30-year street-improvement bonds.
Water Bond Election Proposed.—On Oct. 11 the ordinance
committee of the City Councils reported favorably regarding
the proposed election for the submission to the voters of the
question of issuing $600,000 5% water-plant bonds. This
proposed election was inadvertently reported last week under
the head of Norfolk,Va.
Presidio County (P. O. Presidio), Tex.—Bonds Registered.
—On Oct. 3 the State Comptroller registered $11,378 5%
5-20-year (optional) refunding bonds.
Quincy, Norfolk County, Mass.—Bond Offering.—Pro¬
posals will be received until 12 m. Oct. 17 by John Curtis,
City Treasurer, for the following 4% registered bonds.
been received from Mottu & Co. of Norfolk for

$6,000 sewer bonds
Aug. 1 from
4,000 sewer bonds
Aug. 1 from




Issued under
1911 to 1916
issued under
1911 to 1914

Act of 1905.
Inclusive.
Act of 1902.
Inclusive.

Maturity $1,000 yearly

on

Maturity $1,000 yearly

on

1051

Denomination $1,000.
Date Aug. 1 1910. Interest semi-annual.
Bonds are tax-exempt in Massachusetts.
These bonds will be certified as
to genuineness by the Old Colony Trust Co. of Boston, which will further
certify that the legality of these issues has been approved by Ropes, Gray
& Gorham of Boston, a copy of whose opinion will be furnished to the pur¬
chaser free of charge.

Quitman County (P. O. Belen), Miss.—Bond Offering.—
Proposals will be received until Nov. 7 for $50,000 4^%
20-30-year (optional) court-house and jail-construction
bonds. Bids are requested for bonds bearing 4J^%, 4%%
and 5% interest.
Authority, Chapter 257, Acts of the Legislature of 1908. Interest, com¬
mencing from the date of sale, payable annually In New York or Chicago.
Official circular states there Is no dispute or question as to the legality of
the bonds.
These bonds were offered but not sold on Oct. 3.
See V. 91,
p. 746.

Reading (P. O. Cincinnati), Ohio.—Bond Offering.—Pro¬
posals will be received until 12 m. Nov. 7 by W. F. Klopmeyer, Village Clerk, for $2,500 4J^% water-works and
electric-light-plant extension bonds.
Authority, Section 3939, General Code.
Interest
Date Nov. 1 1910.
semi-annually at the Reading Bank Co. in Reading. Maturity 20 years.
Purchaser to pay accrued Interest.

Reno School District (P. O. Reno), Washoe
—Bonds Voted.—This district Oct. 1 voted to

County, Nev.
issue, accord¬
school buildings.

ing to reports, $250,000 bonds for three new
The vote polled was 494 to 399.
Richardson County Drainage District No. 1, Neb.—Bond
Sale.—The
$205,000 6% drainage-improvement bonds
offered on Sept. 26 and described in V. 91, p. 822, have been
awarded to Woodin, McNear & Moore of Chicago at par and
accrued interest.
Maturity on July 1 as follows: $10,000
in 1915, $15,000 in 1916 and $20,000 yearly from 1917 to
1925 inclusive.

River Vale
3.—Bond

Township (P. O. Westwood), Bergen County,
Offering.—Proposals will be received until
8p.m. Oct. 22 by Edwin A. Havers, Town Clerk, for $4,500
5% coupon funding bonds.

N.

Denomination

$500.

Date

Oct.

Interest semi-annually at
Bonds are exempt from
Keoser, Chairman Town¬
Bonded debt at present, $29,000.
Assessed
22

1910.

the Westwood Bank.
Maturity Oct. 22 1915.
taxes.
Certified check for $250, payable to Julius

ship Committee, Is required.
valuation, $437,000.

Roscce, Washington County, Pa.—Bond Election.—An
on the question of
issuing
$24,000 20-year street-improvement bonds.
Roseville School District (P. O. Roseville), Muskingum
County, Ohio.—Bond Election.—A proposition to issue
$10,000 school-building bonds will be submitted to the voters
this fall, according to local papers.
Ross School District, Marin County, Cal.—Bond Sale.—
E. C. Lund of San Rafael has been awarded, it is stated,
an issue of $10,000 bonds of this district.
Russell County (P. O. Lebanon), Va.—Bond Offering.—
Proposals will be received by L. L. Bays, Committee for
Board of Supervisors, for $25,000 5% coupon road-improve¬
election will be held Nov. 8 to vote

ment bonds.
Authority, Chapter 240,

Acts

of

Assembly.

Denomination

$1,000.

Date Oct. 1 1910.
Interest annually on Dec. 1 at the First National Bank
in Lebanon or National Park Bank In New York City.
Maturity $5,000
yearly on Oct. 1 from 1938 to 1942 inclusive.
Bonds are exempt from all
taxes.
Certified check for $250, payable to the Board of Supervisors,
is required.
.

St. Albans, Franklin County, Vt.—Bond
has sold $15,000 4% coupon street bonds.

Sale.—This city

Interest June and December at the First National Bank of Boston.
turity $5,000 on June 1 In each of the years 1918, 1919 and 1920.

Ma¬

St. Charles, Saginaw County, Mich.—Bids Rejected—
Bond Sale.—All bids received on Oct. 10 for the $14,000

4%%

(serial)

electric-light-plant-construction
980, were rejected. The bonds
were immediately re-offered at public auction and were dis¬
posed of to the St. Charles State Bank of St. Charles for
$14,019 (101.135) and accrued interest. A bid of $14,017 50
2-15-year

bonds described in V. 91. p.

also received from E. B. Cadwell & Co. of Detroit.
St. Paul, Minn.—Bid Rejected.—Only one proposal was
submitted on Oct. 10 for the $150,000 4% 30-year school
bonds described in V. 91, p. 980.
This offer was rejected.
The City Comptroller informs us that he will now endeavor
was

to

dispose of the bonds “over the counter.”
Salem, Columbiana County, Ohio.—Bonds Authorized.—
An ordinance providing for the issuance of $10,000 refunding
bonds was passed by the City Council, according to local
papers, on Oct. 4.
Salem, Ore.—Amount of Bonds Voted.—We are advised
that the amount of bonds voted on Aug. 15 for the purchase
and extension of the Salem Water Co.’s plant (V. 91, p. 539)
was $480,000.
Salmon Independent School District No. 1 (P. O. Salmon),
Lemhi County, Idaho.—Bond Sale.—The $40,000 coupon
school-building bonds offered on Sept. 1 and described in
V. 91, p. 543, have been awarded to State Board of Land
Commissioners of Idaho at par for 5s.
Salina, Salina County, Kan.—Bond Offering.—Proposals
will be received until 8 p. m. Oct. 17 by A. W. Godfrey, City
Clerk, for $53,960 5% street paving improvement bonds.

Denominations: 50 bonds of $1,000, 9 bonds of $400 and one bond of
$360.
Interest April 1 and Oct. 1 at the Kansas fiscal agency in Topeka.
Maturity $5,360 Oct. 1 1911 and $5,400 yearly on Oct. 1 from 1912 to 1920
inclusive. According to the official circular, there has never been any de¬
fault in the payment of principal or Interest on the city’s debt.

Santa Barbara, Santa Barbara County, Cal.—Bond Sale.—
On Oct. 6 the $40,000 4*^% 1-40-year (serial) water-works
tunnel bonds mentioned in V. 91, p. 823, were awarded to
the State of California at 100.025 and accrued interest.

THE CHRONICLE
There were no other bidders. Denomination $1,000.
Oct. 1 1910. Interest semi-annual.

Date

Santa Paula, Ventura County, Cal.—Bond Sale.—The
$45,000 5% 1-30-year (serial) sewer-system-construction
bonds offered on Oct. 3 and described in V. 91, p. 823, were,
according to reports, awarded to_C. E. Woodside <fc Co. pf
Los Angeles at 102.50.
# ■#
P Sapulpa, Creek County, Okla.—Bonds Withdrawn from
Market.—According to Guthrie papers the $250,000 water,
$50,000 sewer and $15,000 fire department 5% coupon bonds
offered without success last March (V. 90, p. 1060) have been
withdrawn from the market.
It is expected that the ques¬
tion of issuing a smaller amount of bonds will be submitted
at a special election.
Seattle, Washington.—Bond Offering.—Proposals will
be received until 12 m. Nov. 14 by Wm. J. Bothwell, City
Comptroller’s office for $500,000 general park improvement
and $325,000 city-hall site coupon bonds at not exceding
4^% interest.
Denomination $1,000.

Date “day of Issue.”

Interest semi-annually

at the fiscal agency of the State of Washington In New York City.
Ma¬
turity 20 years.
Bids for the park bonds must be accompanied by a certi¬
fied check for $12,000 and for the city-hall bonds for $8,000.
Checks must
be drawn on a Seattle bank and made payable to the City Comptroller.

During September.—The following bonds,
aggregating $117,797 04, were sold during September:
Bonds

Sold

$11,527 48 7% grading and curbing bonds dated Sept. 1 1910 and due
Sept. 1 1915.
8,557 58 7% paving bonds dated Sept. 6 1910 and due Sept. 6 1920.
4,510 19 7% sidewalk bonds dated Sept. 10 1910 and due Sept. 10 1910.
4,144 78 7% sewer bonds dated Sept. 12 1910 and due Sept. 12 1915.
12,483 97 7% planking bonds dated Sept. 12 1910 and due Sept. 12 1915.
37,272 09 6% trunk-sewer bonds dated Sept. 10 1910 and due Sept. 10
1915.

10,187 07 7% sewer bonds dated Sept. 19 1910 and due Sept. 19 1915.
2,538 78 7% grading and paving bonds dated Sept. 23 1910 and due
Sept. 23 1915.
617 68 7% grading bonds dated Sept. 23 1910 and due Sept. 23 1915.
15,062 07 7% light bonds dated Sept. 26 1910 and due Sept. 27 1915.
10,895 35 7% water-main bonds dated Sept. 26 1910 and due Sept. 26
1915.

The above bonds

are

subject to call at

any

time.

Sedgwick County (P. O. Wichita), Kan.—Bond Election.
—At the general election in November there
mitted to the voters, it is said, a proposition to

will be sub¬
issue $20,000

bridge-building bonds.
Seward, Seward County, Neb.—Bonds Authorized.—The
City Council at its meeting Oct. 4 authorized the issuance,
according to reports, of 5% paving bonds amounting to
$10,000. The bonds will be in denomination pf $1,000 and
mature two each year.

Silverton, Hamilton County, Ohio.—Bond Election.—An
on the question of issuing
$8,500 water-system-construction bonds.
South Bend, St. Joseph County, Ind.—Bond Offering.—
Proposals will be received until 11 a. m. Oct. 20, it is stated,
for $20,000 4% 20-year street-improvement and refunding
Denomination $1,000.
bonds.
Date Nov. 1 1910.
Spalding County (P. O. Griffin), Ga —Bond Election.—An
election will be held Nov. 8 to vote on the question of issuing
$80,000 5% 6-25-year (serial) gold coupon court-houseelection will be held Nov. 8 to vote

erection bonds.
Denomination $1,000.

Date Dec. 1 1910.

Interest semi-annual.

Staples, Todd County, Minn.—Certificates Awarded in
Part.—Of the $5,000 6% heating-plant certificates offered
on Sept. 27 and described in V. 91, p. 823, $3,000 have been
disposed of at par as follows: $2,000 awarded to the Sinking
Fund Commissioners and $1,000 sold to John Affinger of
Staples.
Sweet Grass County (P. O. Big Timber), Mont.—Bond
Offering.—Proposals will be received until 12 m. Nov. 12
by J. A. Bailey, Clerk Board of Commissioners, for $85,000
4}/2°fo gold coupon refunding bonds.
Denomination $1,000.
Interest semi-annually at the County Treasurer’s
office or National City Bank In New York City.
Maturity 20 years, subject
to call after 15 years.
Certified check for $1,000, or a sura bearing a like
proportion to $85,000 as the proportion of bonds bid for bears to the total
amount of bonds to be Issued, Is required.

Taylor Separate School District, Lafayette County, Miss.
—Bond Offering.—The Board of Supervisors will sell on
Nov. 7 $3,000 bonds of this district.
For further particulars

[VOL.LXXXXI

$10,000 portable-school-bunding bonds described In V. 88, p. 1158.
Ma¬
turity Aug. 2 1919.
>
5,500 school-improvement bonds described In V. 89, p. 875.
Maturity
Oct.

14 1919.

76.700 refunding bonds described In V. 89, p. 875.
MaturityNov. 1 1919.
34.700 refunding sewer bonds described In V. 90, p. 323.
Maturity
Feb. 24 1920.
Denomination $100 or any multiple thereof.

Interest semi-annual.

Trinchera Irrigation District,
Bonds Not Sold.—No sale has yet

Costilla County, Colo.—
been made of the $500,000
6% coupon tax-exempt irrigation bonds offered on Sept. 26
and described in V. 91, p. 747.
The district has no debt.
Tunica County, (P. O. Tunica), Miss.—Bond Sale.—The
$50,000 5% 30-year road-improvement and bridge-building
bonds offered on Oct. 3 and described in V. 91, p. 901, were
awarded to Woodin, McNear & Moore of Chicago at 100.634
and

accrued interest.
Bids were also received from the
Bank of Commerce & Trust Co. in Memphis, Seasongood &

Mayer of Cincinnati and Farson, Son & Co., Cutter .May &
Co., McCoy & Co. and John Nuveen & Co., all of Chicago.
Turlock, Stanislaus County, Cal.—Bond Sale.—The
$25,000 5% sewer and water-system bonds mentioned in
V. 91, p, 747, were awarded on Oct. 4, it is stated, to the
Commercial Bank in Turlock at 100.10.
Twin Falls, Twin Falls County, Idaho.—Bond Offering.—

Proposals will be received until 8p.m. Oct. 24 by Stuart H.
Taylor, City Clerk, for $33,000 paving, $7,000 street and
$10,000 fire-department coupon bonds at not exceeding 6%
interest.

Denomination $1,000.

Date Jan.

1

1911.

Interest semi-annually at

the First National Bank In New York.
Maturity 20 years, subject to call
after 10 years.
Certified check for $1,000, payable to W. B. Nixon, City

Treasurer, Is required.

Union (P. O.

Weehawken), Hudson County, N. J.—Bond
Offering.—Proposals will be received until 8 p. m. Oct. 24
by Emil Bautz Jr., Town Clerk, for $80,000 4>£% gold
coupon or registered school bonds.
These securities are part
of

an

issue of

$250,000 bonds.

Interest semi-annually at the Treasurer’s office.
Maturity $10,000 yearly from six years to thirteen years Inclusive. The
bonds are tax-exempt.
Certified check for $1,600 drawn on any natlona
bank or trust company doing business In Hudson County, and made payable
Denomination $1,000.

to the Town

Treasurer, Is required.

The

official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Union County (P. O. Elizabeth), N.J.—Bond Sales.—On
Oct. 11 John D. Everitt & Co. of New York City purchased
$110,000 4J^% 30-year road-improvement bonds dated
Sept. 1 1910 at 102.17. A bid of 101.779 was also received
from A. B. Leach & Co. of New York City.
Interest semi¬
annually at the National State Bank in Elizabeth.
An issue of $150,000 43^% refunding road bonds due in
1920 has also been sold.

District No. 1, Iroquois County, Ill.—
Sold.—Up to Oct. 6 no sale had yet been made of
$17,000 5% coupon drainage assessment bonds, proposals
for which were asked until Sept. 20.
The only proposal
received was one of par and accrued interest less a commission
and the cost of printing the bonds.
Union Drainage

Bonds Not

Denomination $100 or multiples thereof.
Date Oct. 15 1910. Interest
annually on July 15 In Watseka.
Maturity on July 15 as follows: $4,000 In
1911, $4,200 In 1912 and $4,400 In each of the years 1913 and 1914.
Total
debt, this Issue.
.

Vallejo School District (P. O. Vallejo), Solano County,
Cal.—Bonds Voted.—At
it is stated, to issue
in V. 91, p. 747.

a

recent election this district voted,

the $60,000 high-school bonds mentioned

Vancouver, Wash.—Bond Election.—Papers state that the
City Council on Oct. 3 called a special election for Dec. 6 to
vote on a proposition to issue $314,000 bonds for a municipal
water system.
The city, it is said, proposes to bring water
from Lewis River, 23 miles, by gravity.
Ventura Union High School District, Ventura County,
Cal.—Bids Rejected.—Reports state that all bids received on
Oct. 6 for the $75,000 5% gold high-school-building bonds
offered on that day were rejected.
Denomination
voted (V. 91, p. 543) on Aug. 15.
Date Jan 2 1911
Interest semi-annually at the County Treas¬
urer’s off.ce.
Maturity $3,000 yearly from 1912 to 1936 inclusive.
These bonds were

$1,000.

Vernon Parish (P. O. Leesville), La.—Bond Offering.—
Proposals will be received until Oct. 26 for $40,000 5%
school bonds, subject to call after 20 years. W. L. Ford is
Parish Superintendent.
Victoria Independent School District (P. O. Victoria),
Victoria County, Tex.—Bond Sale.—The Levi Bank & Trust
Co. of Victoria, offering par, was the successful bidder on
Oct. 1 for the $12,000 5% 10-40-year (optional) coupon
The new bonds are In the following denominations: $174,000, $80,000,
school-house bonds described in V. 91, p. 824.
Interest is
$26,000, $12,000 and $6,000.
Date Sept. 1 1910.
Interest semi-annually
at the State Treasurer’s office.
payable in Austin or Victoria. Total debt, including this
Assessed valuation $4,026,700.
Thornton Township High School District, Cook County, issue, $57,000.
HI.—Bond Offering.—Proposals will be received until 8p.m.
Wall, Allegheny County, Pa.—Purchasers of Bonds.—We
Nov. 2 by the Board of Education at the Bank of Harvey, are informed that Lawrence Barnum & Co. of Philadelphia
were the purchasers of the $35,000 5% street-improvement
Harvey, Ill., for $140,000 4% building bonds.
bonds recently disposed of.
See V. 91, p. 981. Denomi¬
Maturity part yearly on Nov. 1 from 1912 to 1927 Inclusive.
Certified
check for 2
of bonds bid for, payable to W. H. Miller, President of the
nation $1,000.
Date
1
1910. Interest semi-annual.
Oct.
Board, Is required.
The district has no other debt.
Torrance County School District No. 6 (P. O. Willard), Maturity Oct. 1 1940.
Warrenton, Fauquier County, Va.—Bond Sale.—Reports
N. Mex.—Bond Offering.—Proposals will be received at once
for the $1,500 6% school-completion bonds mentioned in state that the $15,000 5% 10-30-year (optional) coupon
reservoir bonds offered on July 1 and described in V. 90,
V. 91, p. 823.
Authority vote of 30 to 1 at the election held Oct. 1.
Maturity 1940.
p. 1699, were disposed of at private sale on Sept. 1.
Trenton, N. J.-—Bond Sales.—The following 4% bonds
Washington County (P. O. *Washington), Pa.—Bonds
have been sold: Awarded in Part.—Of the $100,000 4% coupon (with privilege

apply to W. M. Woodward,Chancery Clerk (P. O. Oxford.)
Texas.—Bonds Refunded.—Chapter 20 of the General
Laws of 1909 provide for the issuance of $298,000 3% 5-40year (optional) refunding bonds.
Under the terms of the
Act these bonds were exchanged for a like amount of bonds
issued in 1870 for the maintenance of ranging companies on
the frontier.
The securities are held by State funds.




O0T. 15

1910.]

THE CHRONICLE

of

registration) road bonds mentioned in V. 91, p. 748,
reports state, $50,000 were sold in September to the First
National Bank of Canonsburg at par.
Wellington, Lorain Oounty, Ohio.—Bond Sale.—On
Oct. 10 two issues of 5% street-improvement assessment
bonds, aggregating $6,528 42, were awarded to Hayden,
Miller & Co. of Cleveland at 104.139.
Following is a list of
the bidders and the premiums offered by the same:
Hayden, Miller & Co., Clev_a$270 24 Well, Roth & Co., Clncin
£$243 75
Seasongood & Mayer, Cln._ a204 64 S. A. Kean &Co., Chicago.. £103 76
New First Nat. Bk., Colum. ol35 00
For $6,528 42 bonds,

x

Bridgewater, Plymouth County, Mass.—Note Sale.
—Reports state that $7,500 4% 5-29-year (serial) notes have

individual investor at about par.
(Town) Union Free School District No. 6,
(P. O. Lackawanna), Erie County, N. Y —Bond Sale.—
Adams & Co. of New York City were the successful and
only
bidders on Aug. 30 for $11,050 5% 1-10-year (serial)
an

West Seneca

coupon

(with privilege of registration as to principal) high-schoolsite-purchase bonds offered on that day. Denomination
$1,105. Date Sept. 1 1910. Interest semi-annually at the
Lackawanna National Bank in Lackawanna.

Wetmore, Nemaha County, Kan.—Bonds Voted.—At an
city Sept. 30, an issue of $6,000 municipal
electric-light-plant bonds was, it is stated, authorized by a
vote of 97 “for” to 17 “against.”
Weymouth, Mass.—Temporary Loan.—A loan of $20,000
due July 1 1911 has been negotiated, it is
stated, with Blake
Bros. & Co. of Boston at 4.46% discount.
White Plains, Westchester County, N. Y.—Bond Sale.—
On Oct. 3 the $23,000 4^% 10-year
tax-deficiency bonds
described in V. 91, p. 748, were awarded to Estabrook & Co.
of New York City at 101.78.
Windsor, Henry County, Mo.—Bond Sale.—On Oct. 3,
$16,000 sewer and $39^000 water 5% 14 % year (average)
bonds were awarded to the Harris Trust & Savings Bank in
Chicago for $55,107 50—the price thus being 100.195. Other
bidders were: Farson, Son & Co., Cutter, May & Co., and
S. A. Kean & Co. all of Chicago and the Commerce Trust Co.
election held in this

...

Woodbury County (P. O. Sioux City), Iowa.—Bond Offer¬
ing.—Proposals will be received until Oct. 15 for $75,000
Garretson Drainage District No. 1 assessment improvement
bonds at not exceeding 6% interest.
The amount of bonds
to be issued will be reduced by the amount of assessments
paid in cash prior to the date of sale.
Interest annually on Oct. 15.
from 1915 to 1919 Inclusive.

of Wooster

24th

Day of October, 1910,

eight o’clock

p. m., at the Town Hall, at the
southwest corner of Palisade avenue and Lewis
street, in the Town of Union, in the County of
Hudson, New Jersey.
Bidders to state prices on
bonds bearing Interest at the rate of four and onehalf per cent per annum, payable
semi-annually.
All proposals to be directed to the Town of
Union, In the County of Hudson, New Jersey,
and shall be accompanied by a certified check for
the ^amount of sixteen hundred ($1,600)
dollars
drawn on any National Bank or Trust
Company
doing business In the County of Hudson, New
Jersey, and made payable to the order of the Town
of Union, in the County of Hudson, New
Jersey.
The Board of Council of the Town of
Union, in the
County of Hudson, New Jersey, reserves the
right to reject any and all bids if deemed In the
Interest of the town so to do.
By order of the Council.
Dated Town of Union, N. J., October 3rd.
A. D. 1910.
EMIL BAUTZ, JR.,
Town Clerk.

FUKKK- I

A VJO.

as

follows:

$2,200 Qulnby Ave. sewer bonds at 100.90.
Maturity $440 yearly on
Aug. 1 from 1911 to 1915 inclusive.
25,925 Qulnby Ave paving bonds at 101.54
Maturity $2,592 50 yearly
on Sept. 1 from 1911 to 1920 Inclusive.
4,400 Madison Ave. paving bonds at 101 53
Maturity $440 yearly on
Aug. 1 from 1911 to 1920 Inclusive.

^Yonkers, N. Y—Bond Sale—On Oct. 11 the $80,000
4J^% 1-20-year (serial) registered school bonds described in
V. 91, p. 982, were awarded to Spitzer & Co. of New York at
102.403.
The following bids were received:
102.403
Spitzer & Co., New York
Farson, Son & Co., N. Y
102.267
N. W. Harris & Co., N. Y...102.199
Chisholm & Chapman, N. Y.101.94
E. H. Rollins & Sons, N. Y_.101.91
Estabrook & Co., New York.101,875
N. W. Halsey & Co., N. Y__ 101.821
W. N. Coler & Co., N. Y
101.78

Please take notice that sealed proposals will be
received at the office of the Clerk of the Village
of Briarcliff Manor, Westchester County, State of
New York, up to the hour of four o’clock In the
afternoon on the 26th day of October, 1910, for
the purchase of all or any part of twenty bonds
of the Village of Briarcliff Manor, each In the de¬
nomination of $1,000 00, numbered consecutively
from one to twenty, Inclusive, payable Interest and

principal in New York City exchange to registered
follows

No. 1 due and payable Sept 1st 1915, and one
thereof In each year until Sept. 1st 1934.
Interest on said bonds will be paid semi-annually
on the first days of March and September, said
bonds will be sold to the person or persons who
will take them at the lowest rate of Interest, and
Interest will be adjusted as of September 1st 1910.
The Village reserves the right to reject or reduce
the amount of any proposal, and no proposal for
the purchase of said bonds for less than par value
nor at a rate of Interest exceeding five per centum
per annum will be considered.
A deposit by certified check or
to 5% of amount of bid will be

cash equivalent
reqnl ed as se¬
curity for the completion of the purchase, to be
applied on the purchase price If Did lo accepted
In whole or part and returned if bid be iejected.
Interest will be adjusted as of Sept. 1st 1910.
WILLIAM H. COLEMAN,
Village Clerk,
Briarcliff Manor, N. Y.
Further particulars will be forwarded on appli¬
cation to the Clerk, or William Woodward Bald¬
win, Attorney, No. 2 Rector Street, New York
City.
Dated, O ober 11th 1910

F. WM. KRAFT
LAWYER

Specializing in Examination of

Municipal and
Corporation Bonds

1313 FIRST NATIONAL BANK BLOO..

OHIO AGO, ILL.

MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

SEASONGOOD & MAYER

93 WALL STREET

Mercantile Library Building
CINCINNATI




CITY OF MOUNT
Westchester

VERNON,

County, N. Y.f

FIRE AND POLICE DEPARTMENT
BUILDING BONDS
The Common Council of the City of Mount
Vernon will, at Its chambers In the Lucas Bulld¬
og, Depot Place, In the City of Mount Vernon,
N. Y., on the 18TH DAY OF OCTOBER, 1910,
at 8 o’clock
p.m., receive sealed proposals for the
purchase of bonds, to be denominated "Fire and
Police Department Building Bonds”, numbered
consecutively from 101 to 120, both inclusive,
each bond to be for the principal sum of one
thousand ($1,000) dollars.
The said Common Council will then and there
open such proposals and accept the most favorable
thereof, unless it deem It for the best interest of
the city to reject any and all of said proposals.
These bonds will be for the principal sum of
$1,000, with interest coupons attached, and will
bear interest at the rate of four (4 per centum) per
centum per annum, payable semi-annually at the
office of the City Treasurer of the City of Mt.
Vernon.
They will be dated the 1st day of Oct¬
ober, 1910, and payable as follows:
$5,000 thereof on the 1st day of October, 1933.
5,000 thereof on the 1st day of October, 1934.
5,000 thereof on the 1st day of October, 1935.
5,000 thereof on the 1st day of October, 1936.
The bonds will be delivered to the purchaser on
or before the 25th day of October, 1910.
Each bid for said bonds must be accompanied
by a certified check for the sum of One Thousand
($1,000) Dollars as a security for the performance
of such bid, as liquidated damages in the event of
the failure of the successful bidder to accept and
pay for said bonds.
Bonds will be engraved under the supervision of
and certified as to their genuineness by the United
States Mortgage & Trust Company and their

legality approved by J. H. Caldwell, Esq., of
New York City, whose opinion as to legality will
be furnished to the purchaser.
By statute the bonds cannot be sold for less than
par and accrued Interest.
By order of the Common Council, October 4th,
1910.
EDWIN W. FISKE,
Mayor of the City of Mount Vernon.
A. W. REYNOLDS, City Clerk.

MUNICIPAL BONDS
Safest Investments
known.

R. T. Wilson & Co.
NEW YORK

820,000

Municipal and Corporation Bonds

BANKERS
[ Ml Cbestnat St.. PHILADELPHIA. PA.

A. B. Leach & Co., N. Y
101.779
Kountze Bros., New York
101.741
John J. Hart, Albany..^:
101.732
Adams & Co., New York
101.71
C. E. Denison & Co., Boston_101.68
Rhoades & Co., New York..101.64
Morgan, Llvermore&Co., N .Y. 101.57
Perry, Coffin & Burr, Bos
101.278

NEW LOANS.

County, N. Y„

WATER WORKS BONDS

owner as

April 15

Wooster, Ohio.—Bond Sale.—On Oct. 1 the three issues
4^% coupon assessment bonds described in Y. 91, p. 825,
were awarded, it is stated, to the Citizens National Bank

Village of Briarcliff Manor,
Westchester

on

**

820,000.00

County, N. J.,

Maturity one-fifth yearly

of

880,000
TOWN OF UNION,
SCHOOL BONDS

at

page 96.
Denomina¬
Interest March 1 and Sept. 1 at the
Date Nov. 1 1910.
County Treasurer’s office
Maturity $5,000 each six months from March 1
1911 to Sept. 1 1915 Inclusive.
Certified check on a bank In Bowling Green
for $1,000 Is required.
Purchaser to pay accrued Interest.
Official ad¬
vertisement states that this county has never defaulted In the payment of
principal or Interest on Its Indebtedness.

tion $1,000.

NEW LOANS.

Public notice Is heseby given In accordance
with a resolution of the Board of Council of the
Town of Union, In the County of Hudson, New
Jersey, passed at a regular meeting of said Board
on the third day of October, nineteen hundred and
ten, that sealed proposals for the purchase of
school bonds by the Town of Union, In the
County
of Hudson, New Jersey, In the amount of
eighty
thousand ($80,000) dollars, the same being a part
of an Issue of two hundred and fifty thousand
($250,000) dollars school bonds, the part of said
Issue of said eighty thousand ($80,000) dollar
school bonds to be known as Series A; each of said
bonds to be of the denomination of one thousand
($1,000) dollars, to bear Interest at and after the
rate of four and one-half per cent per
annum, said
Interest to be payable semi-annually, said bond
to be payable In the following manner, to wit:
Ten of said bonds shall become payable in six
years from their date and ten of said bonds shall
thereafter become payable annaully until the
whole of said Series A shall have been
fully paid
off and satisfied.
Said bonds to be registered or
coupon, at the option of the bidder.
Bids will be
received at the regular rneeting of the Board of
Council, to be held on the

Date Oct. 3 1910,

Wolf Creek School District No. 27 (P. O. Wolf
Creek),
Josephine County, Ore.—Bonds Not Sold.—No bids were
received on Sept. 30 for the $5,000 5% 10-20-year
(optional)
gold coupon construction bonds described in V. 91, p. 825.
Wood County (P. O. Bowling Green), Ohio.—Bond Offer¬
ing.—Proposals will be received until 11 a. m. Oct. 24 by
F. W. Toan, County Auditor, for $50,000 5%
coupon public
highway improvement bonds.

NEW LOANS

Hudson

$1,000.

Authority, Act passed April 4 1900, 94 Ohio Laws,

For $6,063 bonds.

West

been awarded to

of Kansas City.
Denomination
Interest semi-annual.

Yielding fr®444

AQL fn

/X)

Write for
Circular.

ULEN, SUTHERUN & CO;

BANKERS

CH1CAQO
ESTABLISHED 1885

H. C SPEER & SONS CO.
First Nat Bank Bldg., Chicago

SCHOOL,
COUNTY AND

MUNICIPAL BONDS

Youngstown, Ohio.—Bond Sale.—A list of the bids sub¬
seven issues of 5% bonds described

mitted on Oct. 10 for the
in V. 91, p. 826, follows:
14.000

$31,900

Bondi.

Bonds. j

$420 $1,495
Bonds. Bonds.

$1,995
Bonds.

Firemen’s Pension Fund,

Gilbert Plains),
20-year school¬
building debentures offered on Oct. 7 (V. 91, p. 902) were
awarded to Nay & James of Regina at 104.20 and accrued
interest.
The following bids were received.

Brickbum School District No. 998 (P. O.
Man.—Debenture Sale.—The $10,000 6%

$3,080
Bonds.

$2,670
Bonds.

NayA James, Regina

„

*$32,862
32,829
Hayden .MillerACo. ,Clev. 4,092
32,809
SeasongoodAMayer.Cln. 4,092
32,750
4,090
Barto, Scott A Co., Col.
Tlllotson A Wolcott Co.,
32,726
4,089
Cleveland
Provident Savings Bank
32,735
4,088
ATru8tCo.,Clnc
32,680
New First Nat. Bk., Col.
4,081
32,730
Weet’n-German Bk. ,Cln. 4,081
32,765
Otis A Hough, Cleveland 4,070
&
Stacy
Braun, Toledo.
32,861
C.E .Denison & Co.,Cley
32,834
Breed A Harrison, Cine
32,799
W. Hoffman, PhelanxSta
Well, Roth A Co., Cine.

*

[Vol. lxxxxi.

THE CHRONICLE

1054

National Finance Co

.

-

-

2,041
2,015
2,035

2,636
2,622
2,620

3,158
3,142

420

1,529
1,510
1,525

430

1,533

2,046

2.636

3,159

-

-

-

-

-

Brent, Noxon A Co., Tor

*
And accrued Interest.
A bid was also received from Toronto

427

2.595

3,115

1,525

2,035

2,620

3*,i40

Bridgeburg, Ontario.—Debenture Offering.—Proposals will
Oct. 19 by R. A. Land, Clerk, for
$10,000 5% local-improvement debentures, payable in
10 annual installments.

Brockville, Ont.—Debenture Sale.—Wood, Gundy & Co.
were the purchasers of $50,000 4J/£% lighting
recently disposed of. Maturity May 2 1930.

of Toronto
debentures

2,620

Successful bids.

The Tlllotson A Wolcott Co. and Otis A Hough bid on the smaller issues
^condition that If their bids were accepted they would be awarded the
All bids Include accrued Interest
Poland Ave. bonds.

General Trusts Corporation.

be received until 2 p. m.

-

2,005

10*1771

Ontario Securities Co., Tor..

3,140

1,505

*$10,42010. H. Burgess A Co., Toronto$10,108
*10,3271 Campbell, Thomson A Co— 10,060
*10,241 James B. Noble
9,900
-

with the
$31,900

Carmangay School District No. 2087, Alberta.—Debenture

Sale.—An issue of $1,000 6% school debentures was disposed
of last month to Nay & James of Regina.
Maturity part

Zavalla County School District No. 7, Tex.—Bond Offering.
—Proposals will be received at any time by O. A. Mills,
County Judge (P. O. Batesville), for $20,000 5% coupon
school-building bonds.

yearly for twenty years.
Elfros, Sask.—Description of Debentures.—We are advised
that the $3,000 permanent-improvement debentures awarded
Authority, Section 76 et seq., Chapter 124, Laws of 1907, as amended In
last month to Nay & James of Regina (V. 91, p. 983) carry
1909.
Denomination $1,000.
Date Oct. 10 1910. Interest annually on
April 10 at Batesville or Austin. Maturity 40 years, subject to call after interest at the rate of 7%, and not 6% as at first reported.
10 years.
Certified check for $500, payable to the County Judge, Is re¬ Maturity part yearly for fifteen years.
quired. No debt at present. Assessed valuation 1910 $939,250.
Finch Township, Ont.—Debenture Sale.—It is stated that
the Dominion Securities Co. of Toronto has purchased
Canada, its Provinces and Municipalities. $3,868 5% debentures. Maturity part yearly for 10 years.
Leslie, Sask.—Debenture Offering.—Proposals will be
Balcarres, Sask.—Debenture Sale.—On Oct. 3 the GreatWest Life Assurance Co. of Winnipeg purchased $3,500 6% received until 12 m. Oct. 25 by Edward C. Bamford, Secre¬
tary-Treasurer, for $2,500 6% 12-year debentures.
15-year skating and curling rink debentures at par.
Lethbridge Protestant Public School District No. 51,
Barons, Alberta.—Debenture Offering.—Proposals will be
received until Oct. 22 by H. E. Hansen, Secretary-Treasurer, Alberta.—Debenture Offering.—Proposals will be received
until Nov. 1 by C. B. Bowman, Secretary-Treasurer, for
for $2,000 6% 10-year debentures.
Berlin, Ont.—Debentures Not to Be Issued at Present.—We $75,000 5% debentures. Date Nov. 1 1910. ^Maturity
part yearly for 30 years.
are advised that the $8,300 5% sewer-extension debentures
Nanton, Alberta.—Debenture. Offering.—Proposals will be
voted on Aug. 29 (V. 91, p. 605) will not be issued until the
until Nov. 15 by William Robertson, Secretary.
received
spring of 1911.

MISCELLANEOUS.

MISCELLANEOUS.

Reynolds, Watson & Co.

MELLON NATIONAL BANK

Municipal and Corporation Bonds

PITTSBURGH, PA.

We offer

*7,000,000

exceptional

BOND

NETTINd

6%
400 The

-

very

DRAINAGE

As your reserve depositary, this
bank offers you perfect service and
liberal interest on your balances.

CAPITAL AND SURPLUS,

a

Bookery

CHICAGO

Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANE BUILDING

The
Trust

CHICAGO

Company of America
37-43 WALL




BONDS

LONDON OFFICEi

COLONIAL BRANCHi

222

BLODGET & CO.

8TREET, NEW YORK.

95 Gresham St.

Broadway, New York.

CAPITAL AND SURPLUS $8,000,000
Invites accounts of individuals firms and

Pays interest on daily
Executes trusts of every

corporations.

#0 STATS STREET, BOSTON
SO PINE STREET, NEW YORK

STATE, CITY ft RAILROAD BONDS

McCOY & COMPANY

balances.

Municipal and
Corporation Bords

description.
181

FORTY ONE STATE LEGISLATURES
AND CONGRESS
ARE ABOUT TO CONVENE
as to our system of reporting on proposed
legislation relating to Transportation, Commerce,
Manufacturing, and similar subjects, address

For full information

La Salle Street,

Chloaga

MODENPYL, WALBRIDGE & CO.
7 Wall St.,

N.w York

Bailload, Street By., Gaa A Klee. Light

SECURITIES

or new

Ipte Corporation Trust Co.
37 Wall Street, New York

OTTO JULIUS MERKEL
BROKER
44 AND 44 WALL STREE1.

NEW YORK

INVESTMENT SECURITIES
Oananindew Invited.

THE CHROKtCLE

Oci?. 15 1910.

1053

Treasurer, for $6,000 electric-light and $1,500 fire-protection of issuing the $15,000 5% 10-year loan debentures (V. 91,
5% debentures, repayable in 20 annual payments. Bids for p. 903) was rescinded.
these debentures were rejected on Sept. 6,asstated in V. 91,
Punnichy, Sask.—Debenture Sale.—This village sold $800
p. 750.
6% permanent-improvement debentures last month to Nay
New Hamburg, Out .—Debenture Sale.—G. A. Stimson & & James of Regina.
Maturity part yearly for 10 years.
Co of Toronto, it is reported, recently purchased $8,000
Red Deer, Alberta.—Bids.—The following bids were re¬
debentures.
Maturity part yearly for 30 years.
ceived on Oct./I for the six issues of 5% debentures aggrega¬
Niagara Falls, Ont.—Debenture Sale.—An issue of $15,- ting $22,000, described in V. 91, p. 606:
790 44 5% local-improvement debentures was recently
National Finance Co
$21,057|H. O’Hara & Co., Toronto--320,711
Bank
21,032 C. H. Burgess & Co., Toronto 20,674
awarded to Wood, Gundy & Co. of Toronto.
Maturity Imperial
Brent, Noxon & Co., Toronto 21,0191 Nay & James, Regina
20,372
part yearly for twenty years.
A bid of $25,986 for $27,000 debentures was also received
Nilrem School District No. 2081, (P. O. Amisk), Alberta.— from Aemilius Jarvis & Co. of Toronto.
Debenture Sale.—An issue of $700 6% school-improvement
Reston School District, Man.—Debenture Election.—An
debentures was awarded on Sept. 9 to the Western Supply
election will be held, according to reports, on Oct. 29 to vote
Co. of Regina at par.
Date Sept. 9 1910. Interest annual. on the
question of issuing $2,500 5% school debentures,
Maturity Sept. 9 1920.
repayable
in 20 annual installments.
Ontario County (P. O. Whitley), Ont.—Debenture Election.
Revelstoke, B. 0.—Debenture Sale.—An issue of $50,000
—An election will be held, it is stated, on Nov. 29 to vote on
5% 50-year debentures has been awarded to Aemilius Jarvis
the question of issuing $20,000 4% 20-year bridge debentures.
& Co. of Toronto, it is stated.
Pincher City, Alberta.—Debenture Sale.—Nay & James
Stratford, Ont.—Debenture Offering.—Proposals will be
of Regina were the successful bidders last month for $2,000
received until Oct. 19 by W. H. Trethewey, Secretary8% permanent improvement debentures, due part yearly
Treasurer, for $7,000 4J^% 30-year debentures.
for ten years.
Tabor, Alberta.—Debenture Sale.—On Oct. 4 the $11,500
Pobeda School District No. 1604 (P. O. Vegreville),
Alberta.—Debenture Sale.—This district has sold $500 6% 5% water-system and fire apparatus debentures described
in V. 91, p. 903, were awarded to R. C. Matthews & Co., of
5-year debentures to Worth & Holden at par. Date Sept. 5 Toronto
at 96.852 and accrued
The following
interest.
1910.
Port Arthur, Ont.—Debenture Sale.—On Oct. 3 the thir¬
teen issues of 5% debentures, aggregating $431,340, pro¬

bids

posals for which

were received on Oct. 1 (V. 91, p. 903),
sold to the Dominion Securities Corporation, Ltd., of
Toronto at 102.07 and accrued interest.
The following bids
were received:
Wood, Gundy & Co., Tor.. 438,026[Ontario Secur. Co.. Toronto 420,607

An offer
Toronto.

was

also received from G. A. Stimson & Co. of

Preston, Ont.—Debenture Election Rescinded.—The election
was to have taken place Oct. 10 to vote on the question

which

received:

811,1381 W. A. MacKenzle & Co
11,1101 Wood. Gundy & Co

811.037
10,927

The above bidders

are all of Toronto.
Wadena School District, Man.— Debenture Sale.—An issue

were

Dom. Sec. Corp.,Ltd., Tor.8440,2691 Aemillus Jarvis & Co., Tor.8427,760
Osborne & Francis. Ltd., Tor 439,421) Brent, Noxon & Co., Tor
425,077

were

R. C. Matthews tc Co
Dominion Securities Co

of

$1,500 6% debentures was recently
to G. A. Stimson & Co. of Toronto.
for 10 years.

awarded, it is stated,
Maturity part yearly

Willard School District No. 2176, (P. O. Queenstown),
Alberta.—Debenture Sale.—An issue of $1,000 6% deben¬
tures has been awarded to H. O’Hara & Co. of Winnipeg at
100.50.
Interest annually in August.
Maturity part yearly
for 10 years.

ACCOUNTANTS.

MISCELLANEOUS.
OFFICE OF THE

LYBRAND,
ROSS BROS &
MONTGOMERY
Cirtlflid Publlo Accountant*
(Pennsylvania)

NEW YORK,

165 Broadway

PHILADELPHIA,
Land Title Bldg
PITTSBURGH,
Union Bank Bldg
CHICAGO, First National Bank Bldg

ATLANTIC MUTUAL INSURANCE COMPANY.
I

New York. January 21st. 1910.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affaire
on the 31st of December. 1909.
Premiums on Marine Risks from 1st January. 1909, to 31st December. 1909
..83.759,391 25
Premiums on Policies not marked oil 1st January, 1909
717,712 70

Total Marine Premiums

34,477,102 05

Premiums marked off from 1st January, 1909. to 31st December, 1909......
Interest received during the year
Rent less Taxes and Expenses

8322,046 46
145,679 82

....
...

83,791,557 05

3467,726 28

Losses paid during the year which were estimated In 1908

JAMES PARK a CO.

and previous years
Losses occurred, estimated and paid In 1909

3829,378 19
..1,149.459 56 31.978,837 75

Less Salvages
Re-lnsuranoes

OBRTIFXBD PUBLIC ACCOUNTANTS

3249,891 07
235.520 48

New York, Chicago, Cincinnati, and

31,493,426 20

London, England.
AUDITORS

FOR

FINANCIAL

INSTTIT

TIONS. INDUSTRIAL AND
MINING COMPANIES

Investigations, Financial Statements,
Periodical A edit* and Aoravotiti

185#

IN THE CITY OF NEW YORK
Issaes Guaranteed Contracts

JOHN P. MUNN, M. D., President.
Finance Committee
CLARENCE H. KELSEY, Pree. TitleGu.&Tr.Oe
WM. H. PORTER, Pree. Chemical National Bank
■D. TOWNSEND, Pree. Imp. A Traders Nat. Bk
Good men. whether experienced In life Insurant
not, may make direct oontraots with this Com
paay, for a limited territory If desired, and secur*
for themselves. In addition to first year's eommlt
Mon, a renewal Internet Insuring an income for th*
future.
Address the Company at Its Home Otfle*
Ne. 277 Broadway. New York City
er

WANTED

ISSUES

Jan. 16 and 30; Feb. 13; April
Jan. 29, 1910

3, 1909.

Will pay 20 cents a copy.
Commercial & Financial Chronicle
138 Front 8t., New York




ASSETS.
United States A State of New York
curities

The United States Life
Insurance Co.

360,285 14

-

settled

35,461,042 00

-

Real Estate cor. Wall A WlLllamSts.,
A Exchange Place.34.299,426 04
Other Real Estate A
claims due the com¬
pany
75,000 00 4,374,426 04

Premium notes and Bills Receivable
Gash In the hands of European
Bankers to pay losses under poli¬
cies payable In foreign countries.
Cash In Bank
..........

Aggregating

8356,913 94

LIABILITIES.
Estimated Losses and Losses Un¬

Special deposits In Banks ATrustGos. 1,000,000 00
1*09

CHRONICLE

Returns of Premiums
a
Expenses, Including officers* salaries and clerks* compensation, stationery,
newspapers, advertisements, etc

Stock, City, Bank and other Se¬

MISCELLANEOUS.

485.411 55

14113.069 68

Premiums

on

Unterminated Risks

82.393.297 00
_

685.546 90

Certificates of Profits and Interest

Unpaid
Return Premiums Unpaid
Certificates of Profits Ordered Re¬

deemed,

Withheld

Premiums
Certificates of

for

263,468 95
120,569 42

Unpaid
22.353 49

Profits

Outstand¬

ing
Real Estate Reserve Fund....

7,404,890 00
370,000 00

239,943 04
633,405 13

812.921,890 89

Aggregating

...............8114160,135 76

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 first of February next.
The outstanding certificates of the Issue of 1904 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the first 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 cent Is declared on the net earned premiums of the Company for the year
ending 31st December, 1909, which are entitled to participate In dividend, for which, upon appli¬
cation, certificates will be Issued on and after Tuesday the third of May next.

By order of the Board.
FRANCIS M. BACON.
WALDRON P. BROWN,
VERNON H. BROWN.
JOHN N. BEACH,
JOHN CLAFLIN,
GEORGE O. CLARK,
CLEVELAND H. DODGE,
OORNBLIUS ELDERT,
RIOHARD H. EWART.
PHILIP A. S. FRANKLIN.
HERBERT L. GRIGGS.

G. STANTON FLOYDkIONES. Secretary.

TRUSTEES.
CLEMENT A. GRISCOM.
ANSON W. HARD.
LEWIS CASS LEDYARD,
CHARLES D. LEVERICH.
LEANDER N. LOVELL.
GEORGE H. MACY,
OHARLES H. MARSHALL.
NICHOLAS F. PALMER.
HENRY PARISH,
ADOLF PAVENSTEDT.

DALLAS B. PRATT.
GEORGE W. QUINTARD,
A. A. RAVEN.
JOHN J. RIKER,
DOUGLAS ROBINSON.
GUSTAV H. SCHWAB.
WILLIAM SLOANE,
ISAAC STERN.
william a. Street.

GEORGE E. TURNURB.
OHARLES M. PRATT.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
HANFORD E. COBB. 2d Vice-President.
CHARLES E. FAY, 3d Vice-Prertdent.
JOHN H. JONES STEWART. 4th Vice-President.

fVoL. LXXfcSl

THE CHRONICLE

1056

3S*ttst ©jcmtjratxie*.

gmst ©ormprawtes.

unites states net company of lev M,
Chartered IMS

45 and 47 WALL STREET

CAPITAL,

$2,000,000.00
$13,856,670.83

-

SURPLUS AND UNDIVIDED PROFITS

-

-

Tills Company acts as Executor, Administrator, Guardian, Trustee. Court Depositary and In
•tljir recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manaees and Invests money, securities and other property, real or personal, for estates
Mrporatlons and Individuals.

EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS, 2d Asst.Sec.
TRUSTEES.
JOHN A. STEWART. Chairman ot the rtoara.
W

Lewis Cass Ledyard.
Lyman J. Gage.

Gustav H. Schwab.
Frank Lyman.

Bayard Cutting,

William Rockefeller,
Alexander B. Orr.
71111am H. Macy Jr.,
William D. Sloane,

Payne Whitney.
Edward W. Sheldon.
Chauncey Keep

James Stlllmar

John Clafltn,
John J. Phelps.

George L. Rives,
Arthur C. James,
William M. Kingsley
William Stewart Tod.
Ogden Mills.

Egerton L. Wlnthrop

Fidelity Trust Company
NEWARK, N. J.
Resources Over $29,000,000

Capital, Surplus and Undivided Profits, Over $9,500,000
Acts

as

Executor, Trustee, Administrator and in all fiduciary capacities.
and Personal Estates. Guarantees Titles of

Takes entire charge of Real
Real Estate throughout New

Jersey.

General Banking

and Savings Departments. Bond Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.

CENTRAL TRUST COMPANY
of NEW YORK

54

Wall Street

Capital and Surplus, $18,000,000
(of which $ 17,000,000 has been earned)
Authorized

to act

as

Executor, Trustee, Administrator

or

nnanfem.

Industrial Trust Company

Receives Deposits, subject to check, and allows Interest on Daily Balances.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.

Providence* R. I.
CAPITAL

.18,000.000
S.OOOjOOO

SURPLUS
OFFICERS.

1
CHARTERED 1864

Union Trust Company of NewYork
MAIN OFFICE: 80 BROADWAY.
Uptown Office: 425 Fifth Avenue, corner 3Sth Street,'
With Modern Safe Deposit Vaults

Capital $1,000,000

Surplus (earned) $7,737,000

ALLOWS INTEREST ON DEPOSITS.
Acts

as

Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or
Corporations.

Cyrus P. Brown, President
Arthur L. Kelley, Vice-President

H. Martin Brown, Vice-President
Otis Everett, Vice-President
Joshua M. Ad deman, Vice-President
Ward E. Smith, Treasurer
Chas. H. Manchester. Secretary
H. Howard Pepper, Asst.Treas.

Frederick B. wlleox.Auditor
BOARD OF DIRECTORS.

Samuel P. Colt

Herbert N. Fenner

Olney T. Inman

J. Milton Payne

William R. Dupee
Richard A. Robertson
Joshua M. Addem&n
James M. Scott
William H. Perry
Arthur L. Kelley
H. Martin Brown

George F. Baker
George M. Thornton

Cyrus P. Brown

Chas. C. Harrington
Louis H. Comstock

Eben N. Littlefield
Otis Everett

O. Prescott Knight
Jesse H. Ifetosu
John J. Watson Jr.
Charles H. Allen
John B. Branch
William P. Chapin

Angus McLeod

Ezra Dixon
Howard O. Sturgis
Edward D. Pearce

Englehart O. Ostby

gfrraiKJCial*
CHICAGO

Capital and Surplus
$13,600,000
Pays Interest




Deals in

Time Deposits, Current and Reserve Accounts#
Investment Securities and Foreign Exchange.

on

Transacts

a

General Trust Business*

CORRESPONDENCE INVITED.

Adrian H. Muller & Son,
AUCTIONEERS.

Regular Weekly Sales
OF

STOCKS and BONDS
EVERY WEDNESDAY
Office. No. 85 WILLIAM STREET.
Corner Pine Street.

Oct. 15

THE CHRONICLE

i9io.]

XT

Svttst

The NEW ENGLAND
TRUST COMPANY

OLD COLONY TRUST COMPANY
BOSTON, BUSS.

BOSTON, MASS.
APITAL. *1,000.000
SURPLUS. J2.000.000
Safe Deposit Vaults
Authorised to act as Executor, and to receive
and hold money or property in trust or on deposit
from Courts of Law or
Equity Executors.

Capital and Surplus

'

Administrators.

Assignee* Guardians, Trustees.

Corporations and Individuals.

Also acts as Trustee under Mortgagee and as
Transfer Agent and Registrar of Stocks and Bonds.
on Deposits Subject to Check
OFFICERS
DAVID R. WHITNEY, President
CHARLES P. CHOATE, Vice-President
ALEXANDER COCHRANE, Vice-President
NATHANIEL THAYER. Vioe-President
JAMES R. HOOPER. Actuary
HENRY N. MARR. Secretary

Interest allowed

FRED. W. ALLEN. Asst. Sec. A Treas.
THOMAS E. EATON. Asst. Treas.
FRANCIS R. JEWETT, Trust Officer
CHAS. E. NOTT, Mgr. Safe Dep. Vlts.

BOARD OF DIRECTORS
William Endloott, Chairman
James G. Freeman
Walter C. Baylies
Alfred Bowdltoh
Morris Gray
8. Parker Bremer
James R. Hooper
Ernest Lovering
Timothy E. Byrnes
Charles F. Choate
Henry H. Proctor
Alexander Cochrane
James M. Prendergast
Herbert M. Sears
Philip Dexter
William Endloott Jr.
Lawrence M. Stockton
Francis W. Fabyan
Nathaniel Thayer
William Farnsworth
Eugene V. R. Thayer
Frederick P. Fish
David R. Whitney

George Wlgglesworth

The Trust Company
of North America

John S. Bartlett
Samuel Carr
B. P. Cheney

-

Sl.000.00t

-

HENRY G. BRENGLE, President.
JOS. S. CLARE. Vice-President.
CHAS. P. LINE AWE AVER, Seo. A Treas.
ADAM A. STULL, Chairman of Board.

DIRECTORS.
Henry G. Brengie.
Crosby Brown.
John Cadwalader.
James

E. W. Clark

Jr..

Eckley B. Coxe Jr.,
Edwin S. Dixon;
Eugene L. Ellison.

Joseph C. Fraley.

J. Levering Jones.
Malcolm Lloyd.
John Mcllhenny.
Richard Wain Mein,
Clement B. Newbold.
John W. Pepper.
William F. Read.
Adam A. Stull.
Edward D. Toland,

Harry C Francis.
Henry L. Gaw Jr.,
Joseph R. Wain wrlght,
Howard S. Graham.
William D. Wlnsor.
Samuel F. Houston.

Reginald Foster
George P. Gardner

Hon.T^efTersonCoolldge

Edwin Famham Greene
Robert F. Herrick

Laurence Minot
Maxwell Norman
Hon. Richard Olney
Robert T. Paine 2nd

Henry Parkman

Andrew W. Preston
Henry S. Howe
Walter Hunnewell
Richard S. Russell
Charles W. Whittier

Galen L. Stone
Nathaniel Thayer
Lucius Tuttle
H. O. Underwood
Eliot Wadsworth

Stephen M. Weld
Sidney W. Winslow

PRESIDENT. PHILIP STOCKTON.
Vice-Presidents, WALLACE B. DONHAM
Treasurer. FREDERIC G. POUSLAND
JULIUS R. WAKEFIELD
Cashier. GEO. W. GRANT
Manager Credit Dept., ELMER E. FOYE.
Secretary. CHESTER B. HUMPHREY
Trust Officer. F. M. HOLMES

Authorized Reserve Agent for

Trust Companies in Maine, Massachusetts and Rhode

Islands

Valley Trust Co.
Girard Trust Company. Mississippi
Fourth & Pine Sts., St. Louis.
Capital and Surplus, $10,000,000

CAPITAL, SURPLUS

CHARTERED 1338.
Acts

and PROFITS

Executor, Administrator, Trustee.
Assignee and Receiver.
Financial Agent for Individuals or
as

Interest Allowed

on

Individual and

DIRECTORS.

Assumes entire charge of Real Estate,
Safes to Rent in Burglar-Proof Vaults.
E. B. MORRIS, President.
W. N. ELY. 1st Vice-President.
A. A. JACKSON, 2d Vice-President.
C. J. RHOADS, 3d Vice-Pres, and Treasurer.
E. S. PAGE, Secretary.

MANAGERS:
Edward J. Berwlnd,
Randal Morgan,
Edw. T. Stotesbury,

John A. Brown Jr.,
John B. Garrett,
William H. Gaw,
Francis I. Go wen.
Geo. H. McFadden,

Charles E. Ingersoll,
John S. Jenks Jr.,

Henry B. Coxe,

Henry TatnaU.

Edgar C. Felton,

William

Isaac H. Clothier,
Thos. DeWltt Cuyler,
C. Hartman Kuhn,
James Speyer,

aaa

j*°‘04u»uuu

BUSINESS TRANSACTED.

Corporation Accounts.
Acts as Trustee of Corporation Mortgages.
Depositary under Plans of Reorganization,
Registrar and Transfer Agent.

Effingham B. Morris,

1«q

A GENERAL FINANCIAL AND FIDUCIARY

Corporations.

T. EUlott,
W. Hlnckle Smith,
B. Dawson Coleman.

John I. Beggs, President Milwaukee Light Sea* a
Traction Co.
Wilbur F. Boyle, Boyle A Priest.
James E. Brock, Secretary.
Murray Carleton, President Carleton Dry Good? Or.
Charles Clark.
Horatio N. Davis, President Smith & Davis Mfg.Or.
John D Davis, Vice-President.
David R. Francis, Francis, Bro. & Co.
S. E. Hoffman, Vioe-President.
Breckinridge Jones. President.
Wm. G. Lackey, Vice-President and Bond Offloer
W. J. McBride, V.-Pres. Haskell & Barker Car Co
Nelson W. McLeod, Vice-President GraysooMcLeod Lumber Co.
Saunders Nor veil. President Norvell-Shaplelgs*
Hardware Oo.
Robert J. O’Reilly. M. D.
Wm. D. Orthwein, President Wm. D. Orthwetu
Grain Co.
Henry W. Peters, President Peters Shoe Co.
H.C.Pierce. Chairman Board Waters-PieroeOl) Ce.

August Schlafly, August Schlafly & Sons.

R. H. Stockton. President Majestic Mfg. Co.
Julias S. Walsh. Chairman of the Board.
RoUa Wells.

Broad and Chestnut Streets,
pmT.AnW.PHTA

ffifirltim.

Rhode Island Hospital
Trust Company

L. F. DOMMERICH & CO.

PROVIDENCE, R. I.

CAPITAL
SURPLUS

Frederick P. Fish

T. Jefferson Coolidge Jr.
Charles E. Cotting
AJvah Crocker

503-505>507 Chestnut St.. Philadelphia
CAPITAL

$12,500,000

DIRECTORS.
T. JEFFERSON COOLIDGE JR., Chairman Executive Committee
GORDON ABBOTT, Chairman of Board.
FRANCIS R. HART, Vice-Chairman.
Charles F. Adams 2nd
Philip Y. DeNormandie
Henry C. Jackson
Philip L. SaltonstaH
F. Lothrop Amea
Philip Dexter
George E. Keith
Herbert M. Sears
Oliver Ames
Gardiner M. Lane
George A. Draper
Quincy A. Shaw
O. W. Amory
Frederic C. Dumalne
Col. Thos. L. Livermore Howard Stockton
William Amory
William Ehdlcott Jr.
Arthur Lyman
Philip Stockton
Charles F. Ayer
Wllmot R. Evans
Charles S. Mellen
Charles A. Stone

33.000.000
33.000.000
DIRECTORS.

NEW YORK

Royal C. Taft,
Howard O. Sturges,
Robert H I. Goddard, Stephen O. Metcalf,
Robert I. Gammell,
Walter R. Callender,

William B. Weeden,
Edward D. Pearce,
Robert Knight.
John W. Danielson,
Herbert J. Wells,

Lyman B. Goff,
Rowland G. Hazard.
Nelson W. Aldrich.,
Samuel R. Dorranoe,

Edward Holbrook,

General Offices, 57 Creene Street

James E. Sullivan,

Benjamin M. Jackson
John R. Freeman,
Charles S. Mellon.

SOLICIT MERCANTILE ACCOUNTS TO FINANCE

Robert W. Taft.
Webster Knight,

Stephen O. Edwards.

DISCOUNT AND GUARANTEE SALES

Frank W. Matteson.
R. H. Ives Goddard Jr.
HERBERT J. WELLS. President.
EDWARD S. CLARK, Vice-President.
HORATIO A. HUNT. Vice-President.
WILLIAM A. GAMWELL, Secretary.
PRESTON H. GARDNER, Trust Offioei
CYRUS E. LAPHAM, Asst. Seo'y.
JOHN E. WILLIAMS, Asst. Seo’y.
HENRY L. SLADER, Asst. Sec’r.
G. A. HARRINGTON. Asst.Tr.Ottlo

CARRY NO GOODS FOR
WILLIAM RAY A CO.

PHILADELPHIA.

COTTON BROKERS.
43 Cotton Exchange,
New York.
CENTRAL
Orders for
delivery oontracta executed
TRUST COMPANY the New York and Liverpool Cotton Exchanges.
R. H. ROUNTREE & CO.,
OF ILLINOIS

-

$2,500,000

CHARLES G. DAWES, President.
A. UHRLAUB, Vloe-Preeldent.
EDWIN F. MACK, Vice-President.
WILLIAM T. ABBOTT. Vloe-Preeldent.
WILLIAM R. DAWES. Cashier.
L. D. SKINNER. Asst. Cashier.
WILLIAM W. GATES, Asst. Cashier.
JOHN W. THOMAS, Asst. Cashier.
ALBERT G. MANG, Secretary.
MALCOLM MoDOWELL, Asst. Secretary.
WILLIAM G. EDENS. Asst. Secretary.
JOHN L. LEHNHARD, Asst. Trust Offloer.

BANKING,

SAVINGS AND TRUST

DEPARTMENTS.




on

NEW YORK.

Liverpool Correspondents*

FREDERIC ZEREGA A CO.
Bremen Correspondents:
MCFADDEN BROTHERS A CO.
Havre Correspondents:
SOCIETE D’lMPORTATION ET DE COMMIS’N

Commission Merchants.

CHICAGO

Capital and Surplus

Bro.,

COTTON MERCHANTS

COPELAND & CO..

future

OWN ACCOUNT

Geo. H. MSFadden &

Successors to
GEO

meNTS"aSd'oTHEr’s

COTTON, GRAIN, PROVISIONS and COFFEE
COTTON EXCHANGE BUILDING.
NEW YORK.

GWATHMEY A CO.
COTTON MERCHANTS
22

Exchange Place,

-

-

NEW YORK

ROBERT MOORE A CO.
66 Beaver Street, New York.
ORDERS FOR FUTURE DELIVERY EXE¬
CUTED IN NEW YORK AND LIVERPOOL
8XCHANGES.
OOTTON PURCHASED FOR SPINNERS’ USE.

Siegfr. Gruner & Co.
COTTON MERCHANTS
17 South William

Street,

NEW TORE.

Mason Smith & Co.,

OTTON COMMISSION MERCHANTS
NEW ORLEANS, LA.
KUBMPHIS, TKfcN.
DALLAS TKX.
B uyers of Spot Cotton.
Orders for Contracts E xe
outed In New Orleans, New York,

Liverpool and Havre Markets.

[Vou. LXXXJl

THE CHRONICLE

XVI

©OttOTl.

financial.

WOODWARD
& STILLMAN
COTTON MERCHANTS
16 to 22 WILLIAM STREET,

E. H.ROLLINS & SONS

Fyersz 6 Company

AMERICAN COTTON OP ALL GRADES SUIT¬
ABLE TO WANTS OF SPINNERS.

Established 1876

bankers]

„

NEW YORK

financial.

RAILROAD
MUNICIPAL
PUBLIC UTILITY
BONDS

Negotiate and Issue Loans for Rail¬
Corporations.
Buy and sell Bonds suitable for

roads and Established
Investment.

Established In 1850.

Henry Hentz & Co.
16

206 LA SALLE ST. CHICAGO

Fiscal Agent

COMMISSION MERCHANTS
to 22 William Street, New York.

Execute Orders for Future Delivery
COITON
It the New York, Liverpool and New Orleans
Cotton Exchanges. Also orders for

COFFEE
At the New York Coffee Exchange

GRAIN AND PROVISIONS
at the Chicago Board

of Trade and

GRAIN AND COTTON-SEED OIL

At the New York Produce Exchange

Hubbard Bros. & Co.

for Cities and Corporation#

List

CHICAGO CITY MORTGAGES.
HIGH-GRADE INDUSTRIAL BONDS.
CHICAGO REAL ESTATE BONDS.
CORPORATION J RAILROAD BONDS.

COFFEE EXCHANGE BUILDING

on

Application

BOSTON
NEW YORK

CHICAGO

DENVER

SAN FRANCISCO

SEND FOR CIRCULARS.

HANOVER SQUARE.

PEABODY, N0II6HTELING & CO.

NEW YORK

COTTON MERCHANTS
Liberal Advances Made on Cotton
Consignments.

181 La Salle Street,

F. H. PRINCE & CO.

CHICAGO.

nawmEim

[Established 18654

Hopkins, Dwight & Co.
COTTON

BOSTON, MASS.

GEO. H. BURR & CO.

and

COTTON-SEED OIL.

Room 52 Cotton Exchange Building,
NEW YORK.
i.SETMAN, STERN & CO., Limited, New Orleans,

LEHMAN BROS.
Nos. 16-22 William Street, New York.
Members o) the Stock, Cotton,
and Produce Exchanges, New

Cqfjee
York,

HIGH-GRADE INVESTMENTS

BANKERS

COMMISSION MERCHANTS

Commercial Paper
43

Exchange Place

Chicago

-

Boston

Philadelphia

New York

COTTON MERCHANTS,
82-92 Beaver Street, • New York City

SMITH &. HAYNE
Frank B. Hayne (In Commendum)

Cotton Brokers,
COTTON EXCHANGE BUILDING,

NEW ORLEANS, LA.

Kansas City

Sullivan Brothers & Co
{Municipal and Corporation Bonds

BONDS

FIRST NATIONAL BANK BLDG.,
CHICAGO

42T

Members

MUNICIPAL & COR¬
PORATION BONDS
182 LA SALLE

STREET,

BONOS FOR INVESTMENT

The Audit Company
of New York
City Investing Building

FIRST NATIONAL BANK BLDG.,
CHICAGO
PHILA. NATIONAL BANK BLDGPHI LADELPHIA

Philadelphia

“

“

BANKERS AND BROKERS

Broadway,

-

New Yarl

MEMBERS OF
NEW YORK STOCK BXCHANGB.

HOLLISTER, FISH & CO
BANKERS
Members Now York Stock

Exchange

Investment Securities
Naaaau & Pina Streets, N. V

Broadway, New York

Telephone 6780 Cortland.

New York Life

DominicK & DominicK

Building, Chicago

H. T. HOLTZ & CO.

Audits and examinations.

Appraisals of values of lands, buildings,

machinery, etc.
Financial and cost systems of accounts.

FIRST NATIONAL BANK
RICHMOND. VIRGINIA

Capital and Earned Surplus,

Correspondence Invited

116 BROADWAY
Members New York Stock Exchange.

MUNICIPAL AND

CORPORATION RONDS

'

$2,000,000
JOHN B. PURCELL, President
JOHN M. MILLER JR., V.-Prest. & Cashier
FREDERICK E. N0LTING, 2d Vloe-Prest




[New
York 8t®ck
I

W. T. HATCH &, SONS
71

Devitt, Tremble & Co.

STREET

[Established 1868.]

OHIOAOO

financial.

,165

CHESTNUT

—-

PHILADELPHIA, PA.

Chas. S. Kidder & Co.

RDERS FOR FUTURE DELIVERY EXEOUTED IN NEW ORLEANS.NBW YORE
AND LIVERPOOL MARKETS.

(Other cotton cards on preceding page.)

Stock Exchangm

San Francisco

BOSTON, PHILADELPHIA, PROVIDENCE

Liverpool, WELD A CO.
Bremen. ALBRECHT, WELD A> CO.

on

St Louis

Orders executed on the above Exchanges, as well In
New Orleans, Chicago and foreign markets.

Stephen M. Weld & Co.,

Kern her* of New York and Bo

Correspondence Invited
171 LA SALLE

STREET, OHIOAOO

United Bank Note Corporation Stocks

DICK BROTHERS &, CO.
BANKERS AND BROKERS.
SO Broad St.,
•
•
*
•
New York.
Members of N. Y. and Phlta. Stock Exohanget
New York. New Orleans and Liverpool Cottea

Exchanges, New York Coffee Exchange
and Chicago Board of Trade.