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financial
The
ollinurcatim
liretude
INCLUDING
Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
VOL. 93.
SATURDAY, OCTOBER 21 1911.
wile (chronicle.
1911.
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including pcstage)
22 148.
Six Months Subscription in London (including postage)
21 118
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9311 50
Subscription includes following SupplementsB1NIC AND QUOTATION (monthly)
STATE AND CITY (semi•annually)
RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 tunes yearly)
RAILWAY EARNINGS(monthly)
BANKEii8' CONVENTION (Yea:1Y)
Terms of Advertisind-Per Inch Space
Transient matter per inch Tw
8 times
agate
ee
ona
() l
ttas lines)
ii
Published every Saturday morning by WEI.LIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treli.; George S. Dana and Arnold G. Dana
Vice-Presidents; Arnold G. Dana, Sec. Addremes of all, Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, Sce., Indicates that the total
bank clearings of all clearing houses of the United States for week ending
Oct. 21 have been $3,370,088,351, against $2,820,045,738 last week and
$3,552,578,416 the corresponding week last year
Clearings-Returns by Telegraph.
iVeek ending Oct. 21.
Per
Cent.
1911.
1910.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,613,009,546
151,738,176
129,746,171
31,666,277
253,835,618
72,390,065
16,796,277
$1,764,788,573
163,548,728
136,172,646
29,659,022
244,117,091
73,056,211
18,067,012
-8.6
-7.2
-4.7
+6.8
+4.0
-0.9
,-7.0
Seven cities, 5 days
Other cities, 5 days
$2,269,182,130
542,763,419
$2,429,409,283
550,104,716
-6.6
-1.3
Total all cities, 5 days
All cities, 1 day
$2,811,945,549
558,142,802
$2,979,513,999
573,064,417
-5.8
-2.6
Tntai n11 rifles" for week
23_3711MR.351
S3.552.1178.4111
-5.1
The full details for the week covered by the above will be given ntxt Saturday. 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, Oct. 14, for four years.
Week ending October 14.
1911.
1910.
1,518,056,219 1,544,307,805
New York
Philadelphia _ _ _ _ 128,724,087 139,370,637
Pittsburgh
45,353,760
49,241,818
Baltimore
34,870,068
44,305,009
Buffalo
8,845,463
8.895.616
Albany
6,563,258
6,603,879
Wilmington
7,456,588
7,022,485
Rochester
4,057,087
4,062,333
Scranton
2,473.778
2.600.739
Syracuse
1,298,039
2,249,596
Reading
2,112,371
1,664,403
Wilmington
1,453,191
1,526,999
Wilkes-Barre _ _ _
1,125,265
1,261,302
Wheeling
1,737,546
1,768,078
York
941,461
929,736
Trenton
1,610,448
1,521,888
Erie
881,366
909,238
Chester
457,441
596,230
Binghamton _ _ _
646,500
494,600
Greensburg
519,516
608,143
Altoona
559,588
569,067
1,044,922
Lancaster
1.068.022
Total Middle._ 1,770,787,962 1,821,637,623
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford_
Lowell
Holyoke
_
Total New Eng.
Inc. or
Dec.
1909.
1908.
5;
-1.7 2,119,084,243 1,631,634,903
-7.6 143,127,771 117,190,556
47,239,202
-7.9
41,208,601
-21.3
30,298,788
23,454,355
-0.6
9.843.769
8,265.451
-0.7
5,438,934
6,118,500
+6.2
6,979,594
5,768,200
-0.1
4,169,387
3,520,321
2.321.885
2.147,869
-42.3
2,111,111
2,005,660
+26.9
1,748,801
1,571,953
-4.8
1,566,872
1,357,796
-10.8
1,396,157
1,119,563
-1.8
1,866,631
1,528,205
+1.3
1,006,558
803,710
+5.8
1,870,958
1,593,699
-3.1
745,998
663,506
-23.2
476,594
473,763
+30.8
439,700
504,500
-14.6
576,653
502,858
-1.7
486,960
550,649
-2.2
-2.8 2,382,796,566 1,851,989,618
140,883,136
7,891,300
4,259,865
2,884,356
2,105,910
1,848,813
2,377,406
1,159,750
884,137
504,729
625,182
165,194,083
8,939,900
3,722,450
2,783,404
2,328,667
2,200,099
2,959,785
1,392,676
1,262,134
541,032
474,653
-14.7
-11.7
+14.4
+3.6
-9.6
-16.0
-19.7
-16.7
-30.0
-6.7
+31.8
178,720,028
9,760,200
3,452,975
2,995,341
2,600,000
1,862,092
1,885,764
1,413,086
1,330,378
540,393
609,449
151,618,137
8,873,400
3,538,331
2,622,357
2,112,873
1,591,106
1,766,444
1,266,658
951,321
547,079
411,809
165,424,584
191,798,883 -13.8
205,169,706
195,299 509
Note.-For Canadian clearings see NommercIal and Miscellaneous News.,',
Inc. or
Dec.
1909.
1908.
$
$
$
$
Chicago
259,623,572 257,497,083
274,159,831 246,526,148
Cincinnati
22,256,850
22,359,400
27.442.700
24,901,600
Cleveland
18,541,063
19.077.816
18.372.229
15.255,295
Detroit
20.316.096
18,225.506
17,444,823
13,786,173
Milwaukee
14,797,649
13.622,830
13,211,258
12,395,316
Indianapolis _ _ _ _
8,297,152
9,533,896
8.775,775
8,125,329
Columbus
5,073,600
6,179,800
6,269,100
5,204,000
Toledo
3,606,181
4,292,206
4,392,429
3,478,097
Peoria
3,393,305
3,163,868
3,000,853
3,078.525
Grand Rapids_ _
2,994.371
2,711,884
2.703.316
2,281,318
Dayton
1,683,351
2,002,413
2,065,269
1,725,094
Evansville
2,797,279
2,252.243
2,190.899
2.181.066
Kalamazoo
734.186
687,425
624.621
476,405
Springfield, Ill
1,009,908
968,749
880,271
914,312
Fort,Wayne _
1,035,504
1,029,013
987,283
811,438
Akron
1,079,000
882,400
740,000
715,000
703.246
707,871
Lexington
804,668
605,292
Rockford
852,070
919,788
772,305
612,813
Youngstown __ _
1,177,451
1,406,848
868,373
955,733
Canton
1,004,088
969,710
775,000
659,025
Bloomington _ _ _ _
583,587
602,852
554,981
536,513
South Bend
601,842
545,794
613,072
520,403
Decatur
416,360
492,000
426,063
419,573
Springfield, 0_ _
498,139
552,020
501,275
452,298
Quincy
648,615
611,125
655,000
587,610
Mansfield
383,872
356,557
395,678
334.152
Jacksonville. Ill_
237,543
283,143
336,305
258,588
Jackson
411.382
341,250
325,000
305,718
Danville
405,793
368,367
329,749
340,062
Saginaw
750,000
774,523
523,318
Lima
398,510
389,578
357,597
305,000
Ann Arbor
223,173
197,484
202,558
165,884
Adrian
39,450
30,070
21,534
30,260
Owensboro
335,280
335,583
Tot. Mid. West 376,908,468 374,371,035 +0.7 391,723,133 348,944,040
San Francisco_ _ _
48,327,163
47,181,612 +2.4
43,711,833
41,373,467
Los Angeles
16,605,664
16,252,314 +2.2
12,704,160
10,886,989
Seattle
11,818,730
12,998,174 -9.1
14.141,832
10,678,462
Portland
12,805,512
11.900.000 +7.6
10,839,588
8,609,387
Salt Lake_CitY7,112,574
6,532.513 +8.9
7.569.846
5.998.319
Tacoma
4.419,252
5,948,720 -25.7
6,448,349
4,915,919
Spokane
4,427,660
5,342,329 -17.1
5,681,071
3,984,974
Oakland
3,259,761
3,089,187 +5..
1,885,333
1,717,374
Sacramento
1,700,000
1,581,531 +7.5
1,166,104
967,226
San Jose.
1,002,455
669,220 +49.9
684,574
535.677
Fresno
913,639
773 724 +18.1
646,303
634,889
Stockton
634,969
613,902 +3.4
581,033
557,837
Pasadena
773,143
754,485 +2.5
500,000
North Yakima _ _
491,845
564,204 -12 8
461,892
272,907
Reno
325,224
325,645 -0.1
Total Pacific
114,617,591 114,527,560 +0.08 107,021,918
91.133,427
Kansas-City _
56.134,758
60,099,058 -6.4
56,559,439
43,822,146
Minneapolis
27,912,600
27,896,551 +0.06
32.807,777
31,746,518
Omaha '
15,982,118
17,482,144 -8.6
16,554,282
13.434.859
St. Paul
11,202,463
10,828,747 +3.5
12,117,954
10,085,237
Denver
10,510,040
10,537,294 -0.3
11,021,438
9,178,569
St. Joseph
6,777,399
6,476,231 +4.6
6,672,035
5,200,480
Duluth
5,760,002
4,497,336 +28.1
7,293,127
Des Moines
4,415,543
3,795,394 +16.3
3,690,318
3,117,067
Sioux City
2,508,690
3,324,984 -24.5
2,932,508
2,953,807
Wichita
3,735,202
3,621,241 +3.1
2,931,499
1,384,114
Linceln I
1,727,702
1,834,081 -5.8
1,587,393
1,340,264
Topeka I
1,316,832
1,317,674 -0.1
1,467,203
1,205,443
Davenport
1,479,663
1,456,857 +1.6
1,462,854
1,162,345
Cedar Rapids_ _ _
1,425,000
1,010,000 +31.2
1,122,473
908,710
Fargo
1,008.461
1,048,640 -3.8
1,153,385
938,741
Colorado Springs
742,935 -0.2
741,467
695,714
802,715
Pueblo
657,546
465,701 +41.2
651,430
558,698
Fremont
272,665
344.114 -20.8
412,342
321,839
Waterloo
1,234,517
1,130,010 +9.2
Helena
1,027,412
844.455 +21.7
1.015,938
1,085,022
Aberdeen
511,836 -13.9
440,667
Hastings I
187,125
190,000 -1.5
Billings
230,000
149,661 +53.7
290,184
218,291
Tot. oth.West. 156,687,872 159,604,944 -1.8 162,439,293 129,464,865
7+ 1 :,-_. 7 1 ++74.111 ++7_ 1
*4 20
22 00
Three Months (13 timesi
29 00
(26 times)
Six Months
50 00
Twelve Months(52 times)
87 00
CHICAGO OFFICE---Pliny hartlett,613 Monadnock Block; Tel.Harrison 4012
GONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, E. C.
WILLIAD1E B. DANA COMPANY,Publishers,
P.O. Box 958. Front. Flue and Depeyster Sts..
New York.
Standing Business Cards
1910.
c,0904,
-.00ellt•Mt,
0.5ercov0e4C9r-come9okocb co r-aDOorpc421-2010
-' I I ::"
Fl-I-M -F:liri!-F-E-1-7 I I
Terms of Subscription-Payable in Advance
NO. 2417
Week ending October 14.
Clearings at
PUBLISHED WEEKLY.
Clearings at
Electric Railway Section
State and City Section
81,042,974
St. Louts
76,031,277 +6.6
74,873,354
68,533,462
New Orleans_ _ _ _
19,319,556
21,539,465 -10.3
21,244,125
16,057.051
Houston
19,269,812
18,842,573 +2.3
14,192,939
15,501,727
Louisville
11,981,973
11,003,530 +8.9
12,654,551
10,974,939
Galveston
10,789,000
10,060,500 +7.2
7,945,000
8,504,500
Richmond
7,173,208
7,141,344 +0.5
7,433,826
6,441,387
Atlanta
18,167,504
14,764.258 +23.1
14,212.892
6.462,514
Memphis
9.725,024
6.965,314 +39.9
8.419,056
6,134,891
'
Savannah
9,932,952 -8.6
9,081,697
10,124,596
6,013,081
Fort Worth
7,349,822
8,099,287 -9.3
7.719,743
7,605,768
Nashville 1
4,297,469 +20.9
5,195,540
3,537,952
3,117,349
Norfolk
4,507,584
3,283,775 +37.3
3,355,556
2,331,197
Augusta
5,180,671
3,475,011 +49.1
3,667,755
2,438,479
Birmingham _ _
2,575,585
2,784,400 -7.5
2,836,508
2,103,217
Little Rock
2,247,754
2,000,979 +12.3
2,400,669
1,976,334
JacksonvIllej_ _
3,000,000
2,621,008 +14.5
1,937,357
1,599,999
Charleston
2,463,784
2,567,895 -4.1
2,308,478
1,566,093
Knoxville I
1,947,737
1,729,273 +12.6
2,012,367
1,341,807
2,190,084
Chattanoogal.-1,816,323 +20.6
1,719,376
1,585,308
Mobile
1,362,457
1,652,723 -17.5
1,583,635
1,325,376
Oklahoma'
2,901,107
2,660,861 +9.1
2,508,639
1,324,129
Macon
5,283,276
1,300,000 +306.4
1,514,924
918,516
Austin
1,148,097
1,979,782 -42.0
906,375
803,607
Vicksburg
339,553
492,345 -31.1
343,368
418,000
524,175
Jackson
545,000 -3.8
512,000
436,000
WilmIngton,N.C.
851,287
792,331 +7.4
685,485
410,000
959,207 Not included in total
Muskogee
660,382 Not included in total
Tulsa
Total Southern 235,619.261 218.379.675 +7.9 210,365,041 175,924,731
2,820,045.734,2,880.31.9.720 -2.0 3,459,515,657 2,772,746,100
Total all
Outside N.Y I Am €0441 shpt.:M.951.915 ----72-3
. 1.340.431.414 1.141.111.287
THE CHRONICLE
[VoL.
ing and filling, backing and filling, under an Administration which never defines what it is going to do.
I say, therefore, that the only thing that this country
should insist upon is that affairs should be taken charge
of by some persons with definite opinions, and then
say what they are going to do and then do it."
Mr. Wilson is an avowed Presidential candidate and
presumably had himself in mind as one of the persons
with definite opinions who should "take charge," &c.
To any one cognizant Of the true cause of the existing
trade set-back there is something intensely comical in
Governor Wilson's taking President Taft and his Administration to task. What has brought the country
THE FINANCIAL SITUATION.
its present pass is the radical policies and the radical
to
into
At length the business man seems likely to come
of the Government. The Administration has
actions
are
alike
his own. The politician and the demagogue
shown
the least hesitation or the slightest vacillanever
We
welfare.
his
for
concern
beginning to manifest
in
the
tion
out of these policies. And the
carrying
gifts,
bearing
come
they
when
even
Greeks
the
fear
and in American politics there is obviously good ground real trouble has been that the President and his
for viewing with suspicion the actions of those who Attorney-General have iterated and reiterated their
now ask to be entrusted with the task of restoring determination in that regard, thus accentuating the
business prosperity and in the past have done so feeling of alarm. But does any sane person imagine
much to destroy business. Still, it is encouraging to that Mr. Wilson would be an improvement in that
find that even the radical elements are becoming im- respect? Since occupying the Governor's chair in
pressed with the necessity of showing consideration New Jersey Mr. Wilson has been outdoing Mr. Taft in
for business interests. During the last two weeks radicalism. On many things he has gone a great deal
there has been nothing so significant as the unanimity further than Mr. Taft, and the latter would really have
of views in platform declarations and the public utter- to be regarded as a conservative. alongside Mr. Wilson
ances of certain persons of prominence, all expressing and the wild and erratic things he has been advocating.
the greatest solicitude for those engaged in business Yet Mr. Wilson seems to imagine that confidence in
pursuits and proffering aid in the endeavor to provide trade circles would be restored if he were put in comrelief from the incubus which is weighing down the mand of the Ship of State. The very suggestion shows
how utterly incapable he is of grasping the situation
country's industries.
and
of divining its needs. The mercantile world has
such
Whatever one may think of the professions of
progof
manifold
reason for feeling dissatisfied with the course
evidence
people, their action in this matter is
Mr. Taft, but we imagine it will be a long
by
a
pursued
constitutes
and
era
better
ress in the direction of a
it will prefer Mr. Wilson over the existing
before
time
last
the
at
that
demonstrates
It
sign.
most hopeful
the Presidential chair.
of
occupant
to
treat
heretofore
inclined
been
has
who
politician,
the business man with contempt and to attach importOn Thursday of last week Senator Jonathan Bourne
ance only to the labor vote, is beginning to recognize
of Oregon, President of the National Progressive
Jr.
industrial
that those who are carrying on the country's
Republican
League, also essayed the task of providing
Peraccount.
into
enterprises must also be taken
He issued a statement to
haps, too, there is a growing realization that in striking relief for the trade world.
the following mornprinted
was
which
the
newspapers,
at these leaders in the industrial world and crippling
opinion that what
his
as
it
gave
ing,
and
in
he
which
their energy and potency in trade, a blow is being dealt
"What is needed
-stick.
yard
trade
was
a
needed
was
at the same time at the laboring classes, who are derigid, never changeis
that
one
-stick,
yard
a
is
business
pendent for their employment and their wages upon
able, not fluctuating," he said. "What is 'reasonathe progress and continuity of industrial activity.
ble'? What is 'unreasonable'? Here are two yardGovernor Woodrow Wilson of New Jersey was the sticks provided by the Supreme Court. * * * No
solufirst of those in the political limelight who seemed to single brain or single experience can evolve the
the
is
what
Then
-stick.
yard
the
construct
feel called upon to express anxiety regarding the un- tion or
will
that
yard-stick
a
evolve
to
is
It
desideratum?
satisfactory state of trade. His remarks have aroused
and business combimirth in quarters where trade reaction is most keenly be applicable to all corporations
or legislaadministrative
felt, but at all events the fact that such an exponent nations. Is this a judicial,
not
the SuCongress,
legislative
of radicalism should deem it expedient to step forward tive function? A
the
or the
President
not
assuredly
and argue in favor of more assured conditions in the preme Court, and
problem
and
the
must
solve
must
matter of trade, is in itself a most encouraging indi- Attorney-General,
•
-stick."
yard
the
describe
clearly
and
evolve
cation of progress. At Red Bank, Monmouth County,
It will be observed that this Senator thinks what is
New Jersey, on Wednesday of last week, Mr. Wilson
is more legislation, and he also suggests intrade
required
saying:
existing
situation,
discussed at length the
"What is the matter with the business of this country vestigation of the matter by the Senate Committee on
at the present time? Men continually say in my ear Inter-State Commerce. This shows little appreciation
that business is not in a satisfactory condition in this of the true needs of the situation. The country does
country. They point out this undertaking and that not want more legislation, and it has already had a surundertaking and the other that is running at half feit of committee investigations, which latter, indeed,
force, as if waiting for something. Is there a business by reason of their action in magnifying inconsequenman in my hearing who does not know that the trouble tial things, have tended to intensify the feeling of
with business now is `uncertainty'." He then went doubt and anxiety. What the country is really pinon to charge President Taft with responsibility for the ing for, is peace and rest and quiet. It wants to be let
existing situation, adding: "And this country is back- alone, and a legislative "yard-stick", which would
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the October
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses
for the latest month of every operating steam railroad
in the United States, big and little, which is required
to file monthly returns with the Inter-State Commerce
Commission at Washington—altogether nearly 900
roads or systems, comprising an aggregate of about
240,000 miles of line.
OCT. 21 1911.
THE CHRONICLE
mean one thing under a conservative administration
and a totally different thing under a radical administration, would not in the least tend to allay the existing
disquiet.
Senator Bourne does not like the idea of having the
Courts decide when the terms of a statute have or have
not been violated. We can assure him,however, that
the community would rather trust the courts than a
legislative body or Government official or bureau.
What those engaged in trade are demanding is, not
relief from the action of the courts, but relief from
the harrowing action of our national legislators and
the inane garrulity of Government officials.
1063
by us in our issue of July 8, an income tax provision
under which every person whose income is over $500
a year must make return to the assessor. The law
thus applies to persons earning only $10 a week.
Moreover, single persons have to pay on amounts above
$800 per annum, which means a wage of less than $16
a week, and a married person is taxed on any in'come
in excess of $1,200 a year, which is not quite $24 a
week. We wonder if these "Progressive" Republicans
had this new law in mind in their praise of Wisconsin
legislation when they spoke of "equalizing the burdens
of taxation" and "promoting the welfare of labor."
Governor Dix, of this State, has also been discussing
One is inclined to rub his eyes before crediting the business problems. He addressed the Bankers' Club
.statement, but this week the so-called Progressive Re- at Chicago on Saturday night of last week, his topic
publicans had a national conference at Chicago (on being "The Conservation of Energy." Mr. Dix, of
Monday) and in a series of resolutions also declared course, is a different kind of politician from Mr. Wilson
solicitude for business interests. They likewise en- or Senators Bourne and La Follette, though his course
dorsed Senator Robert M. La Follette of Wisconsin as a as Governor has not always met the support of the
candidate for next year's Presidential campaign. best element in the community. We cull the following
These resolutions, after asserting that "the Progressive from his address:
movement is a struggle to wrest the control of the
The modern forces of combination and co-operation
government of the nation and States from the repre- have their origin in the spirit of American enterprise
sentatives of special privilege and restore it to the con- and national need and opportunity. They are forces
trol of the people," proceed to speak as follows of the that should not be annihilated but conserved and
existing interruption of trade activity: "The present regulated in the people's interest. Government in
these days must build up a higher type of social life
condition of uncertainty in business is intolerable and
based upon economic justice and the denial of privilege.
destructive of prosperity. It is worse than idle to
Do not all of us believe that the essence of well doing
leave the question of whether great business enter- is doing well for the multitude of human beings who
prises are legal or not merely to judicial determination." are the militant force in commercial and national deThere is here the same dread of the courts that is velopment? Capital has a just claim to remuneration
expressed in the interview given out by Senator commensurate with the hazard and risk of business and
Bourne. But we repeat that the community would financial enterprises and the compensation of labor
should be far above the line of bare subsistence.
feel safer in the control of the courts than in the control
When great enterprises make for economy and
of legislative iconoclasts, whose only purpose is to efficiency they should be let alone by the law; when
undermine the existing order of things. If the char- they aim at oppression and extortion through monopacter and aims of these so-called Progressives were not oly they should be curbed and regulated.
The annihilation of so-called big business in this
so well-known, there would be something quite alluring in their declaration that "industrial corporations country is impossible. Changes in industrial and ecoshould, by affirmative legislative enactment, be given • nomic conditions are inevitable. But if disaster is to
be avoided they must be well considered and based on
definite rules of conduct by which business shall be reason and justice rather than on
prejudice and permade safe and stable, while at the same time the in- sonal ambition and greed.
terests of the public should be fully safeguarded."
The great need of the time is to cease ill-considered
As it is, the statement will be taken at its true value, as interference and, consistent with human rights, give
expressive of a determination not to let the courts the fullest play possible to the energy and resourcefuldecide disputed questions of fact, lest some trade ness of the American people.
amalgamation might be held legal, whereas the "ProOne might be inclined to criticize the language in
gressives" would have them one and all condemned. the foregoing as being Delphic in character—made up
The bid of the La Follette politicians for the support of largely of generalities and containing statements to
the business community will deceive no one, but it is which neither radical nor conservative would take exa great point gained to have them feel that the support ception, thus insuring the support of both. But our
of business men is necessary before they.can hope to worthy Governor is certainly right when he says that
succeed in their endeavor to foist their candidate "the great need of the time is to cease ill-considered
upon a confiding electorate.
nterference," and that "if disaster is to be avoided,"
These Progressives refer with pride to what has been ichanges "must be well considered and based on reason
accomplished in Wisconsin as indicative of the type and justice, rather than on prejudice and personal
of legislation they think the nation at large should ambition and greed."
have. They say: "Laws have been passed in that
It is thus evident that we have reached the point
State adequately regulating all public service corpora- where the business man is to exert once more his
tions, equalizing the burdens of taxation, providing proper influence in affairs. His support is being
for direct nominations by the people, protecting legiti- sought, and he should not fail to avail of his oppormate business and capital honestly invested, promoting tunity. Heretofore the politicians have been treating
the welfare of labor—in short, real progressive gov- him as if he were a negligible quantity. The labor
ernment has been restored." If Wisconsin legislation vote is what the legislator has always been seeking to
is to be the platform on which these political hucksters propitiate—if need be, at the expense of the business
are to seek popular favor, we doubt if even the labor man and employer. Whatever has been the cause of
element is likely to flock to their standard in any con- the awakening, the events and circumstances above
siderable numbers. For one of Wisconsin's brand new enumerated are evidence that those seeking popular
laws, enacted the present year, is, as was pointed out favor have become convinced that the business
1064
THE CHRONICLE
community must now also be reckoned with. Advantage of this should be taken to press home the truth
that to promote confidence and stability in trade the
politicians must desist from further radical actions
and radical endeavors. There can be no doubt that
the business man will hold the deciding vote in the
coming Presidential campaign. That fact should be
impressed upon the campaign managers of both parties.
The mercantile community should not rest contented
with a more or less perfunctory response from one or
the other of the great political parties, but make its influence felt in both. Our business men should stand
squarely upon their rights. Suggestions for the creation of legislative committees for dealing with their
grievances, thus prolonging the agony,or for the establishment of Government bureaus to whom they must
apply,and who would hand out concessions for doing
business as a gracious favor, should be indignantly
spurned. Where neither moral nor economic law is
violated, the right to carry on business, untrammeled
by legislative edicts, is an inherent right, and it should
not be yielded up on the specious plea that the labor
element must be placated and politicians wheedled.
When the mercantile community shall be as firm and
resolute in asserting itself as the great labor organizations have been in advancing the interests of the wage
earners, we shall see an end to legislative and governmental action threatening the welfare of the entire
population.
We refer in a subsequent article to the distinctive
part that Justice John Marshall Harlan, who died last
Saturday morning, had in the important rate decisions
of the Supreme Court during his long service. In
his term of nearly one-third of a century, Judge Harlan
was notable for his sturdiness and independence. He
was the strictest of strict constructionists and even
grew more firmly so as he grew older. Having taken
a personal share in the nomination and seating of
Mr. Hayes in 1876, his selection for the Supreme
Court near the end of 1877, after declining a diplomatic
position, was considered a political one; but he very
soon began the series of dissents by which he will be
most vividly remembered. As he said at a dinner
given to him in his home State of Kentucky after
he had completed thirty years in the Supreme Court,
he stood for "the broad and liberal yet safe rules
of Constitutional construction approved by the
Fathers and established by judicial decisions". One
of his dissents which is notable in view of the present
situation on that subject was when the Court, by a
bare majority, ruled that the income tax which was
before it was not apportioned among the States
according to population; he then led the minority,
declaring that the decision "strikes at the very foundations of national authority in that it denies to the
General Government a power which is or may be
vital to its existence."
His most famous dissent and the one which may
be longest remembered was in the very recent cases,
in which, as it seemed to him, the Court squarely
reversed itself. In that he looked back to the Northern Securities Case of over seven years ago, in which
he wrote the majority opinion and laid down a literal
construction, thus:
'That to vitiate a combination such as the Act of
Congress condemns,it need not be shown that such
combination in fact results or will result in a total
suppression of trade or in a complete monopoly,
but it is only essential to show that by its necessary
[VoL. Lxxxxm.
operation it tends to restrain inter-State or international trade or commerce or tends to create a
monopoly in such trade or commerce and to deprive
the public of the advantages that flow from free
competition."
Judge Harlan insisted, with a seriousness which
moved him to add a deliberate written opinion to
his verbal one, that what we have all accepted as the
saving "rule of reason" in the recent Oil and Tobacco
cases was an unwarranted attempt to insert the
qualifying word "reasonable" into the Sherman Act.
Congress, he held, forbade combinations in restraint
of trade, and said nothing of their being reasonable
or otherwise. There was the Constitutional authority
to enact, and there was the enactment in conformity
with the granted powers. To Judge Harlan this
seemed to conclude the whole matter. He would
adhere to the line and he disclaimed responsibility for
results.
This has been so recently discussed and so recently
the most important topic of the time that it need
not be enlarged upon now. We may, however,
change one word in an oft-quoted sentence of St. Paul
and say that "the letter killeth, but the spirit permitteth life;" for while the very recent decisions
which so stirred Judge Harlan to protest did not,
"give" life to industry and business they did "permit"
life to continue by finding a way, through a rule of
reason, to avoid inhibiting absolutely the only condition upon which business can be done.
European bankers are still applying to this country
for monetary assistance, and so extensive have been
the loans granted that gold shipments may be necessary. The banking position abroad,clearly,is not regarded as satisfactory. It will be recalled that there
were abnormally heavy applications for new capital
during the first half of the current year, and this had
told upon banking resources before the Moroccan
trouble obtruded. Ever since then the three leading
centres, London, Paris and Berlin, have manifested
underlying uneasiness, even when the most hopeful
utterances were being expressed officially and unofficially. When war seemed imminent, the German
and French peasants became alarmed and began to
withdraw. their deposits from the banks. It is easier
to stir up a movement of this kind than to check it.
Notwithstanding the virtual settlement of the dispute
two or three weeks ago, there is every indication that
hoarding is still being indulged in throughout France.
The withdrawals of funds by French banks from Germany, from England and from other countries have
not enabled. the Bank of France to rehabilitate its
stock of gold—this week's return disclosed a gain of
less than $600,000 notwithstanding imports of larger
amounts from London. The Imperial Bank of Germany has taken strong precautious to preserve its resources, and has.succeeded fairly well since the quarterly strain passed, last week's substantial gain in cash
and curtailment in liabilities having been followed by a
similarly improved return this weelL But Berlin has
protected itself at high cost. Discounts have ranged
from 4@5%, and even better terms were offered
foreign lenders at the opening of this month.
England, in addition to sharing the apprehensions
over the Continental controversies, had to handle the •
Birkbeck Bank failure and the Yorkshire Penny Bank
embarrassment, each of which entailed extensive
liquidation of high-grade securities. The suspension of
the Bank of Egypt aggravated London's troubles.
OCT. 21 19111
THE CHRONICLE
1065
Then arose the war between Italy and Turkey. There Frederick III., at Aix-la-Cha
pelle,in Rhenish Prussia,
was withdrawn by Turkey from the Bank of England on Wednesday, carefully refrained
from touching upon
more than $12,000,000 during the six weeks preceding international developme
nts, but extolled his father,
the opening of October, and our special correspondent who, he said, often
impressed upon him the necessity
in London has since then recorded the shipment of for re-establishing
the ancient imperial throne of Gerseveral millions more.South America, Egypt,India and many. "For myself,"
His Majesty concluded,"I grew
various Continental countries have likewise applied to up with a full admiratio
n and respect for the Imperial
London for gold. The Bank is still able to report a crown and its noble
treasure. It is a source of many
stock larger than is usually held at this season of the blessings to the
Fatherland, and all Germans can look
year, but in view of the prospective demands, the to it with the fullest
confidence."
probability is that efforts will be made to obtain assistance from New York. On Thursday afternoon
Further expansion in the volume of our foreign
sterling cables advanced rapidly to 4 87k, and yester- exports is the noteworth
y feature disclosed by the
day forenoon a maximum of 4 8740 was reached, a official trade statement
for the month of September
movement which suggests early engagements of the prec- 1911, issued yesterday.
The aggregate value of the
ious metal by London. Interest rates are so low here merchandise exports
reached an aggregate 51M million
that no obstacles will be placed in the way of exports of dollars greater than in
the preceding month, more
reasonable volume; indeed, bankers are anxious to re- or less in excess of all
previous months of the current
sort to any feasible expedient that would give money a calendar year, only
excepting January, and made a
greater value in this market. If gold be actually new record for September,
running 27 millions ahead
shipped, it will not be because of any diminution of our of the corresponding period of
1910. Imports of combalance of merchandise sales to Europe, but solely on modities, on the other hand, were a
little less than in
account of the banking necessities of London, Paris, August, and only moderately
greater than September
Berlin and other centres. When conditions at home of 1909. The net export
balance, therefore, was
provide employment for funds at remunerative rates, appreciably in excess
of any recently recorded and
New York will have no difficulty in recalling money heavier than for September
in any previous year.
from abroad. It is estimated that since the Moroccan Consequently the
balance in our favor on the merchancrisis first upset European markets, New York has dise movement for
the nine months ended Sept. 30
lent upwards of $100,000,000, while during the last 1911 contrasts sharply
with the meagre balances of
week or two Chicago has also come forward as a lender. exports shown in the like
periods of either 1910 or
For America to be able to finance European require- 1909.
ments in the month of October is nothing short of exProducts of the farm make a much more satisfactory
traordinary. Unfortunately, the reflection is forced showing in this latest
statement than for some months
that the main reason for the phenomenal state of af- past, increases all along
the line being exhibited as
fairs is to be found in the unwonted dulness of trade compared with
September a year ago. Corn, wheat
and in investment markets throughout this country. and flour went
out much more freely and the combined
It is not a healthy sign when a new country like the value of
the breadstuffs shipments was 133'2 millions
United States cannot use every available dollar ob- of
dollars, against only a little over 9 millions in 1910.
tainable on fair terms. However, it is some small Meat
and dairy products exports also showed concomfort to be able to assist Europe during a time of siderable
expansion and at 13 1-3 millions were the
unsettlement.
heaviest for September since 1906. Cotton, too, went
out much more freely than in September of any preThe German Emperor and the German Government vious year, due to the early
movement of the new crop,
have maintained a discreet silence during all the recent the quantitative excess
over 1910 being approximately
and current troubles abroad, and efforts made on the 25%. In value,
however, the increase was only about
re-assembling of the Reichstag on Tuesday to draw 4 million dollars,
or less than 7%, the wide divergence
information from the Imperial Chancellor proved in perceneage
s being consequent upon the much lower
unsuccessful. Germany's real part in events, at least price
this year. Mineral oils recorded a rather imporin Tripoli, must not be measured by the extent of her tant gain this
year and a moderate increase in cattle
public expressions, although just how far Italy took and hogs is to be noted.
These various items, constiher Triple Alliance allies into her confidence before tuting the commoditi
es for which advance figures tire
swooping down upon the Turkish territory in North furnished, give a total
value of $95,694,000, which
Africa can only be guessed. Another matter on which marks a new record for
September and compares with
official illumination would be interesting relates to the $81,037,423 in the month
of last year. Of other
alleged modification of attitude by Emperor William articles of export
(manufactures, &c.), the aggregate
over Morocco on intimations from Great Britain and value in September
this year was $100,077,000, or 13
Russia that, in case of hostilities, they would come to millions more
than a year ago, making the total outflow
the support of their friend, France. Only conjecture of merchandi
se $195,771,502, against $168,873,643 in
can be indulged in at this stage. In reply to requests 1910
and $153,963,895 in 1909. For, the nine months
for enlightenment on the position of the Government of the calendar year 1911
the total commodity exports
on the Moroccan affair, on the occupation of Tripoli by were $1,455,474,289, an
aggregate never closely
Italy and the revolution in China, Chancellor von approached except in 1907, and
exhibiting an increase
Bethmann-Hollweg explained that the Government of 232M millions over
the period of 1910.
could not participate in a discussion of these matters
Imports of merchandise during September were
without endangering German interests. He assured $125,158,108, against $117,264,513
in 1910 and
legislators that they would be fully informed of the $121,014,630 in 1909. But while the month's
figures
progress of current events before the House was pro- this year constitute a record for the period,
the total
rogued. Various domestic problems are expected to inflow of merchandise for the nine months
of 1911 at
be held over until after the coming Reichstag elections. $1,133,002,284 falls 39 1-3 millions below
the aggreThe Emperor, in unveiling a statue of his father, gate for the like interval of 1910 and
shows a gain of
1066
THE CHRONICLE
only 643/ millions over 1909. The net result of our
foreign trade in September was a balance of exports of
$70,613,394, increasing to $322,472,005 the balance
for the nine months of 1911. In September 1910 the
balance was $51,609,130, and for the period from
Jan. 1 in that year only $50,564,349. The record
nine months' export balance (that of $432,269,181 of
1908) was due, as intimated above, to the sharp drop
in imports due to the then prevailing business depression.
The September gold movement was mainly into the
country, our gain on balance being $2,351,235, increasing to $26,913,796 the net inflow for the nine
months of 1911. For the similar periods of 1910 and
1909 there were net exports of $9,635,954 and $66,167,441, respectively. In the nine months of 1908
we imported net $77,945,750.
Building construction operations in the United
States during September 1911, while displaying the
same lack of uniformity which had been a feature
of preceding months of the year, reflect, on the whole,
considerable activity. At many of the larger cities
conspicuous gains are to be noted. This is especially
true of the Borough of Manhattan, of Boston, Kansas
City, Los Angeles, Milwaukee, New Haven, Omaha,
Buffalo and Washington, while at a number of smaller
municipalities there are some heavy percentages of
increase. Among these latter may be mentioned
Chelsea, Haverhill, Lawrence, Lowell and Newton, in
Massachusetts, Springfield and Zanesville, Ohio,
Quincy, Ill., Pueblo, Col., San Diego and Stockton,
Cal., and Knoxville, Macon and Roanoke at the
:South. There are, on the other hand, losses of
greater or lesser importance at leading points—at
.Chicago, Philadelphia, San Francisco, Cleveland,
Denver, Minneapolis, Seattle, Spokane and Toledo
for instance—but in most cases they follow earlier
:gains and are, therefore, of no special significance.
Our returns for 114 cities disclose a total of contemplated expenditures of $75,725,768, or $12,061,574 (18.9%) more than for the month of 1910,
$10,233,905 (15.6%) in excess of 1909 and fully 25%
greater than in 1908. Greater New York's leading
borough (Manhattan) records a total nearly double
that for the month of 1910, but this is offset in part
by losses in all other boroughs, so that for the whole
city, the comparison is between $15,991,624 and
$13,1,76,680. Exclusive of Greater New York the
prospective disbursements under September permits
foot up $59,734,144, as contrasted with $50,487,514
last year, $51,195,887 in 1909 and $46,602,822 in
1908.
For the nine months of 1911 the aggregate intended
outlay at the 114 cities is a little more than for the like
period of 1910 and very little smaller than in 1909, the
comparison being between 678 million dollars, 668
millions and 6843/ millions, respectively. Greater
New York's total for the nine months this year at
$153,423,201 falls behind that of last year by 5.3%
and behind 1909 by 26.9%, but exceeds 1908 by
31.5%. Outside of this city the respective aggregates
are 52414 millions, 5059. millions, 4744 millions and
346% millions.
Canadian building operations continue of exceptionally large magnitude in those sections toward
which the trend of population has been most pronounced of late years. In the leading cities of the
Provinces of Alberta, Saskatchewan and Manitoba,
and at Vancouver and Victoria on the Pacific, work is
[VoL. Lxx.x.pn.
conspicuously active. The reason, is, of course, no
far to seek; we have only to study the lately completed • Census returns for full explanation. Cities
that were hardly on the map in 1901 are now large
and thriving commonwealths. Vancouver, with a
population of only 27,010 ten years ag9 now returns
100,333; Winnipeg has risen from 42,340 to 135,430
and even a greater ratio of growth is to be found in
the figures for Calgary, Edmonton, Regina, Saskatoon, &c., &c. Of 27 cities from which we have
building returns for September only seven report
smaller intended expenditures than in the month of
the previous year, with the declines in most cases
small. The aggregate of all (27 cities) reaches $12,208,621, or $5,426,243 (80%) greater than a year ago.
The compilation for the nine months for the identical
27 cities covers a contemplated outlay of $100,117,096
for building operations, against $74,161,187 in 1910.
Expenditure more than double that of 1910 is shown
at such points as Calgary, Regina, Prince Albert,
Windsor, Moose Jaw and Medicine Hat, and very
large percentages of increase are to be noted at Edmonton, Hamilton, Saskatoon and Vancouver.
The Chinese rebellion, as was from the first feared,
is proving very serious, and it is not yet clear that the
Government will be able to stamp it out soon. From
the deluge of dispatches daily received from different
parts of the empire, it is difficult to extract a coherent
narrative. The task is not lightened by the contradictions which frequently appear—Pekin invariably
represents the situation as constantly becoming more
favorable, whereas all advices from the revolutionary
districts proclaim the progress of the movement and
declare that ultimate success is beyond doubt. The
Chinese authorities were quick to grasp the gravity
of the crisis. They decided, however humiliating, to
recall to supreme military power Yuan Shi Kai, the
creator of China's modern army, who fell into disfavor
on account of his extraordinary influence over the
troops. This leader refused to take office save on his
own terms. He has been made Viceroy of Hu-Peh
and Hu-Nan provinces, and it is said that his orders
will not be subject to the approval of even the Minister
of War, Gen. Yin-Tchang.
Hankow has been the centre of dominating interest
throughout the .week. Imperial troops were hastily
organized to proceed southwards, overthrow the
rebels and re-capture Hankow, Wu-Chang and other
places seized by the revolutionists. General Le
Yuen-Hung, a well-known member of the army
of revolt, was reported to be in command of the main
body,. which was gathered to meet the advance of the
Government army. The report printed last week that
Dr. Sun Yat Sen was in actual command of the rebels
was incorrect; his whereabouts are still kept secret.
Last night's dispatches recorded a victory for the
rebels. The latter are stated to have forced the Imperial army to retreat ten miles north of Hankow,after
a two-days' battle. The loyalists fled in such haste
that they left much paraphernalia behind them. The
rebels entrenched themselves three miles from Hankow, at the scene of the battle; The Government's
warships are said to have been taken dowii the river,
as there were signs of disloyalty among the crews.
Banks in Pekin, Shanghai and other cities have
been subjected to severe strain by the withdrawal of
deposits by a large number of frightened customers.
On Thursday and Friday the price of silver advanced
%c. per ounce,
in New York 13c. per ounce to 543
Oct. 21 1911.]
THE CHRONICLE
1067
largely, it was stated, on account of hasty demands
The Portuguese rebels are face to face with an
from China.
awkward predicament. Heretofore they have conNo decisive developments have occurred in the ducted their sorties very often from the Spanish
Italian attack upon Turkey's possessions in North border, and, when pressed, have withdrawn across the
Africa. As most of the news emanates from Italian boundary, whither the Portuguese troops could not, of
sources, it is couched in terms flattering to that coun- course, follow. The announcement is now made that
try's activities. That the Italian troops have taken the Spanish Government has ordered all the revolupossession of the Tripolitan coast—Derna was success- tionists either to move permanently into Portugal or
fully bombarded on Wednesday and the Italian flag submit to being disarmed, an alternative which quite
raised—cannot be gainsaid; but the losses sustained a number are reported to have accepted. The whole
by the invaders, represented as having been nominal, uprising has apparently been effectively checked, but
are believed to have been considerable, cholera having Republican troops are still stationed in the disturbed
broken out in Tripoli, where there were no adequate area in the northern section of the country to prevent
sanitary arrangements for the accommodation of the any concerted resuscitation of the movement.
large force landed. The military advance through the
country has not yet begun, but the final contingent of
The movements in foreign discount rates have again
troops from Italy is now believed to have reached the been irregular. London at the close on Thursday quoted
objective point. Defenses are being prepared prelim- 3M to 3% for sixty-day and 3% to 4% for ninetyinary to the forward march for the subjugation of the day bills to arrive, while spot quotations were a shade
Turks, whose organization is understood to be indiffer- easier, but yesterday the 90-day charge was lowered to
ent, with latterly .desertions on account of the poor 33
4%. Paris still charges more for negotiating finance
food supplied. The Turkish squadron of nine units bills than for commercial bills; the latter can be done
has anchored in the Dardanelles. A naval encounter is at 332%, whereas from 3% to 4% is demanded for
being carefully avoided by Turkey, as she realizes that finance offerings. In Berlin the spot rate was marked
her fleet is not a match for the excellently equipped up to 45
4% and for bills to arive a new high range of
warships of the enemy. Two new Italian "Dread- 4% to 5% was named; but here, also, a decline ocnoughts" have just been launched. An outbreak in curred yesterday to 4 2% for spot bills and 4M(0)
the Balkans has thus far been avoided. The German 49.'% for bills to arrive, the latter figure being deEmperor last Sunday invited Signor Alberto Pansa, manded for the longer dates. Amsterdam sends
the Italian Ambassador, to a conference on the politi- a quotation of 39/g%, but at Brussels money remains
cal situation, but no indication was vouchsafed of the relatively dear at 491%. No changes were announced
attitude taken by him.
in European bank rates, but the Bank of Bombay
The Ottoman Government is contriving to preserve raised its minimum from 3% to 4% on Thursday.
its dignity against embarrassing odds. The Chamber
The Bank of England was not allowed to retain all
of Deputies on Thursday passed a vote of confidence in the £850,000 South African gold offered on Monday,
the Government by 125 to 60 votes, and also expressed the Bank of France having managed to attract about
its confidence in the Cabinet. The Grand Vizier, £500,000 of it. Our special correspondent informs us
whose position is far from enviable, in outlining the by cable that the London institution shipped large
Cabinet's policy, said it was the intention to continue amounts to South America and Egypt. Its weekly
to offer passive resistance to Italy, while persisting in statement showed a loss of £597,182 bullion for the
diplomatic efforts to obtain an equitable settlement. week, but there was a sufficient curtailment of circuThe Powers had replied in terms more favorable than lation to bring down the loss in total reserve to only
was generally understood, as would be discovered later. £86,000. As there were decreases of £54,000 in loans
The Government's object was two-fold—to resist, and and £95,000 in ordinary deposits, against an increase
at the same time have recourse to diplomatic means. of £284,000 in public deposits, the ratio of reserve to
Should these endeavors fail and Islam be endangered, liabilities, instead of falling, rose from 51.91% last
then he would defend the Fatherland to the last drop week to 52.40% this week, a percentage fully 5%
of blood.
above the average at this season during the last decade.
The continued resistance has induced Italy, it is The total amount of bullion now held is £37,360,921,
stated, to withdraw the terms on which she originally which is also the highest at this time in a series of years.
would have agreed to a settlement and to insist upon Our special correspondent also furnishes the following
compensation for the heavy outlay incurred.
details of the movement into and out of the Bank for
the Bank week: Imports, £244,000 (of which £15,000
Morocco has reappeared as an adverse influence upon from Central Africa and £229,000 bought in the open
Continental bourses, although what has taken place, if market); exports, £877,000 (of which £150,000
to
anything, in the way of a hitch in the negotiations, has Egypt, £710,000 to South America and
£17,000 to
not been disclosed. When the announcement was various destinations) and receipts of £36,000
net from
recently made that the main part of the agreement the interior of Great Britain.
had been, definitely settled and that minor matters
could easily be adjusted, the disposition here and elseLast week, in describing the local money market,
where was to drop Morocco from further consideration we remarked:"We have repeatedly referred to the abas a financial factor. But hints have come from sence of demand for funds, but the stagnation
to-day
Paris, and also from London, this week that fresh is more intense than it has been at any previous
time
disquietude has arisen and that bankers are again this year, or, indeed, in a long series of years." •
This
determined to protect themselves against emergencies. statement can be repeated with even greater emphasis
Diplomacy moves slowly as a rule; yet it is surely this week. According to well-informed money
broktime that France and Germany set their seal upon the ers, the better class of Stock Exchange commissio
n
Moroccan agreement, since, apparently, all the salient houses have allowed more loans to run
out this week
points were decided weeks ago.
than at any previous time since the year opened.
Blocks ranging from $100,000 to $500,000 have been
1068
THE CHRONICLE
[VoL. Lxxxxin.
paid off daily. Nor have other firms taken up fresh managed to add a little to its stock of gold and silver,
obligations in any compensating quantity. The result so that at neither city did discounts advance. Berlin
has been a decline from the low levels quoted a week was really more responsible than any other point for
ago. Accommodation for four, five and six months the outburst here. German bankers renewed with
has been obtained at the new minimum of 33/2% when increased urgency their demands for assistance from
unobjectionable collateral has been tendered. Such a New York, and as the terms offered were distinctly
quotation for the latter part of October is abnormal, more remunerative than could be secured locally,
but the causes responsible therefor have been so fre- several important transactions were undertaken. It
quently explained that it is not necessary to reiterate was found, however, that the supply of bills available
them .on this occasion. The reduction in the time- was inadequate. The scarcity cannot be laid to the
money obligations outstanding has had a mild effect door of lighter exports of merchandise from this counupon call loans. Whereas a renewal rate of 23j% and try, for the September statement of our foreign trade,
even 2% was recorded a short time ago, the charge issued by the Department of Commerce, shows total
this week has never been below 234%, while a greater shipments of the value of $195,771,502, easily the
proportion of the transactions than usual has been highest figure for September of any year. Imports
recorded at 23%, the figure at which the largest in- established a similar record, the total being $125,158,stitutions stand ready to do business. These rates, 108. For the nine months of the calendar year exin comparison with those of other years, are still unus- ports have aggregated $1,455,474,289, against $1,ually low. They could advance appreciably between 222,926,758 a year ago. During the same period imnow and Nov. 1 without appearing high, but the pros- ports have totaled $1,133,002,284, or somewhat below
pects are that demands will be met for some time to last year's figure of $1,172,362,409. The balance of
come at DA% unless something more disturbing than exports over imports since Jan. 1 has been $322,472,gold exports to Europe takes place. In their efforts 005. When these statistics are considered, the unique
to find employment for funds on hand, both local and .state of the international exchange is emphasized.
There has been considerable liquidation of our
out-of-town banks and trust companies have entered
the commercial paper market, but not always with securities from abroad during the diplomatic strain in
the desired result. In other words, inquiries for high- Europe, but the rise in sterling to the gold-export
grade bills have not invariably been satisfied, owing to level has been brought about mainly by the difference
the very limited extent of mercantile borrowing. The in the value of money here and in Europe. A concompetition for supplies has depressed discounts. tinuance of this difference cannot fail to lead to the
Textile bills of exceptional quality have been taken by resumption of gold exports. Dealers in exchange are
New York and by New England institutions at as low reluctant to make predictions on this subject since,
as 43%. Other attractive names have been nego- they point out, the whole face of the situation might
tiated at 43/2%. It cannot be said that drawers have undergo change overnight. The prospects at the
been induced to operate with greater freedom by these moment are that both London and Paris will take at
easy terms; so much business is now done on a hand- least a moderate quantity of the metal in the very
to-mouth basis that there is little occasion for using near future. The Paris check on London went below
25 fr. 16c. this week and some $2,500,000 new gold
borrowed capital.
Call money has not fluctuated more than 4 of 1% crossed the Channel. Before long preliminary arrangethroughout the week. The maximum was 23/2% and ments will be made with a view to providing for the
4% on each of the first four days of very burdensome New-Year settlements, the handling
the ruling rate 23
the week, while only on Tuesday were loans made be- of which cannot be contemplated with equanimity by
4%. Yesterday the range was 23(% to 23/2%, any of the larger European capitals. On Monday
low 23
with the final loan made at 234%. Most •of the time $120,000 in gold coin was withdrawn from the local
money transactions are made on the asking terms. Sub-Treasury for shipment to Venezuela, part of the
4% shipment, it was stated, being for London account.
The range is 3 to 33.% for sixty days and 33/2 to 33
for ninety days and four, five and six months, but Such an operation is by no means unusual; last year
towards the close more business than formerly has been New York was called upon to send several million
put through at 33/2% for 1912 maturities. Commercial dollars to Brazil and to Argentine, while in 1909 nearly
paper is quoted at 434 to 43/2% for short-date en- $50,000,000 went from New York to the latter country.
Compared with Friday of last week sterling exchange
dorsed bills receivable and 43 to 434% for the best
on
Saturday was firmer, with demand quoted at 4 8645
and
5%
with
six
single-name
bills,
months'
four to
@,4 8650, cable transfers at 4 8680@4 8685 and sixty
even higher named for less desirable offerings.
days at 4 8330@4 8340. Demand advanced on MonForeign exchange rates, after showing quiet firmness day to 4 8655@4 8660, cable transfers to 4 8695()4 87
during the earlier part of the week, suddenly advanced and sixty days to 4 8340()4 8350. A new high level
very violently on Thursday afternoon, cable transfers was reached on Tuesday, demand rising to 4 8075 and
going from 4 87 to 4 873. Yesterday morning new cable transfers to 4 8705 in the forenoon; there was a
high levels for the year were touched; demand sold at slight reaction later, however, the close being at
4 8690 and cable transfers at 4 8740, though later a 4 8660@4 8665 for demand, 4 8695@487 for cable
reaction developed. The movement was attributed transfers and 4 8350@4 8360 for sixty-day bills. On
by exchange bankers to short covering by a prominent Wednesday, after a firm opening, with demand again
4, the tone weakened during the forenational bank and to a genuine inquiry for remit- quoted at 4 863
stiffened
considerably in the afternoon,
tance occasioned by extensive lending to Berlin noon, but
for demand and 4 8695@
8670
8665(4)4
4
at
closing
York
and Chicago.
and Paris on the part of New
days declined to 4 8345
4
sixty
87
transfers;
cable
for
weekly
bank
statements
the
in
There was nothing
sharp
advance after the
very
a
@4
was
There
8355.
foreign
to
these
centres
at
morning
the
in
published
presage so sensational a development. Though the close on Thursday, demand moving up to 4 8680®
Bank of England lost nearly $3,000,000 gold, its 4 8685, cable transfers to 4 8725@4 8730 and sixty
4%, and the Bank of France days to 4 8350@4 8360. On Friday demand opened
reserve advanced to 523
Off 21 1911.1
THE CHRONICLE
1069
tices Woods, Matthews, Gray, Blatchford, Lamar,
Brewer, Jackson and Peckham. Associate Justices
Brown, Shiras and Moody, who entered the Court
during this period and survive him, retired before
Justice Harlan's death.
The period of the Court's activity, during which
Justice Harlan has played so conspicuous a part, will
undoubtedly be known chiefly for the development
of the law arising from the clause of the Federal ConThe following gives the week's movement of money stitution which empowers Congress to regulate interState commerce and the intimately related questions
to and from the interior by the New York banks.
connected with legislative power over prices and rates.
Received by
Net Interior
Shipped by
The first "Granger Cases" (Munn vs. Illinois, 94
N. Y. Banks. N. Y. Banlcs.
Movement.
IVeek ending Oct. 20 1911.
$8,149,000
Currency
$6,818,000 Gain $1,331,000 U. S. 113; Chicago Burlington & Quincy RR. vs.
57,000
1,649,000
1,592,000 Gain
Gold
Iowa,94 U. S. 155; Peik vs. Chicago & North Western
$9,798,000
Total gold and legal tenders
$8,410,000 Gain $1,388,000
Ry., 94 U. S. 164, &c.) were decided on March 11877,
nine
months before Justice Harlan entered the Court,
With the Sub-Treasury operations the result is as
everything which has followed he has borne
but
in
follows:
his full share. It is still too early to write definitely
Net Change in
Into
Out of
upon these great controversial matters, but it is worth
Week ending Oct. 20 Hill.
Banks.
Bank Holdings.
Banks.
Banks interior movement as above_
$9,798,000
$8,410,000 Gain $1,388,000 while to trace the record of some of the more important
Sub-Treasury operations
25,600,000
29,200,000 Loss 3,600,000
cases and to note the extent and character of his
Total gold and legal tenders
$35,398,000 $37,610,000 Loss $2,212,000
participation in the results. The case of Munn vs.
Illinois
must be taken as the starting point in such a
The following table indicates the amount of bullion
survey,
for it was the first to assert the legislative
in the principal European banks.
power, and seems to assert it in terms equally appliOct. 19 1911.
Oct. 20 1910.
cable to Federal and State statutes. Said the Court,
Hulas of
Gold.
Gold.
Silver.
Total.
Total.
Associate Justices Field and Strong dissenting:
"The controlling fact is the power to regulate at all.
31,965,352
37,360,921 31,965,352
England_ _ 37,360,021
France _ _ 124,951,24 31,980,320 156,931,56 133,523,960 33,625,88 167,149,840 If that exists, the right to establish
the maximum of
Germany 37,915,35 14,061,600 51,976,95 34,757,90 12,784,50 47,542,400
6,326,000 149,670,00 145,712,000 6,649,00 152,301,000 charge, as one of the means of regulation, is implied.
Russia _ _ _ 143,344,00
Aus.-Hun.. 54,485,00 11,095,000 66,180,000 55,460,000 12,058,00 67,518,000
Spain _ _ _ 16,662,000 30,415,000 47,077,000 16,302,000 30,631,00 46,993,000 In fact, the common law rule, which requires the
Italy __ _ _ 40,220,000 3,550,000 43,770,00 38,543,000 3,335,00 41,878,000
1,091,100 12,942,10 10,226,00
1,626.30 11,862,300 charge to be reasonable, is itself a regulation as to
Netifiands 11,851,00
5,362,667 2,681,333 8,044,000
Nat.Beig._ 6,596,667 3,298,333 9,895.00
Without it the owner could make his rates at
4,446,000
4,446,000 price.
4,790,00
Sweden _ _ 4,740,000
6,271,000
6,271,000
Switzerl 'd 6,497,00
6,447,0
2,222,00
2,048,000 will and compel the public to yield to his terms, or
2,048,000
Norway _
2,222,0
Total week 486,795.17 102.417.353589,212,531 484,677,879 103,391,013588,068,892 forego the use.
higher at 4 8685@4 8690 and cable transfers were done
at 4 8740, but the excitement abated when speculative
operations ceased, and the close was at 4 8360@4 8370
for 60 days, 4 8675@4 8685 for demand and 4 8725@
4 8730 for cables. Commercial on banks was quoted
at 4 8214@4 833/ and documents for payment 4 83@
4 833%. Cotton for payment ranged from 4 823%@
4 833.4, grain for payment from 4 833@4 833
4-
Prey. week 487,614,303 102,627,29 590,241,593 484,185,267 103,938,013 88,123,280
JUSTICE HARLAN AND RATE REGULATIONS.
The service of John Marshall Harlan as an Associate
Justice of the. Supreme Court of the United States
began when he took his seat on Dec. 10 i877 by the
appointment of President Hayes, and it is significant
of the activity of his epoch that, while it covers slightly
less than thirty-four of the 122 years during which
that tribunal has existed, his first opinions appear in
Volume 94 of its reports, his last will appear in Volume
220 or 221. He was appointed as the successor to
David Davis, of Illinois, who, after fifteen years' service, had resigned to accept a seat in the Senate, his
election to which was a somewhat controversial incident of the Hayes-Tilden election contest. Had Justice Harlan served but a few months longer, the period
of his activity as a member of the Court would have
exceeded that of Chief Justice Marshall and Associate
Justice Field, both of whom served more than thirtyfour years, and it actually did exceed by more than a
month that of Associate Justice Story. At Justice
Harlan's accession the Bench consisted, besides himself, of Chief Justice Waite, who died in 1888, Justice
Clifford, who died in 1881, Justice Hunt, who retired in
1882, Justice Strong, who retired in 1880, Justice
Bradley, who died in 1892, Justice Swayne, who
retired in 1881, Justice Miller, who died in 1890, and
Justice Field, who died in 1897; so that it is fourteen
years since the last of his original associates passed
from the Court. Others who sat in that august tribunal
with the late Associate Justice and have passed away
were the late Chief Justice Fuller and Associate Jus
"To limit the rate of charge for services rendered in
a public employment, or for the use of property in
which the public has an interest,is only changing a
regulation which existed before. It establishes no new
principle of law, but only gives a new effect to an old
one.
"We know that this is a power which may be
abused; but that is no argument against its existence.
For protection against abuses by legislatures the
people must resort to the polls, not to the courts."
Popular opinion holds that the decision in Munn vs.
Illinois has been materially modified by subsequent
decisions in which the limitations upon legislative
power have received greater emphasis, and it is certain
that if such is not the case, the language of the earlier
opinion contained implications which were not intended
by the majority of the Court. However,that maybe,
the attitude of Justice Harlan in the next great case
involving the power of a State legislature to regulate
railway charges to come before the Court,suggests interesting speculations as to whether, had his accession
been early enough to allow him to participate in deciding Munn vs. Illinois, he would have been found with
the majority or with Justices Field and Strong, who
dissented. The case referred to is that of Stone vs.
Farmers' Loan & Trust Co. (116 U. S. 307), decided
on Jan. 4 1886, and in that case Justice Harlan wrote
a dissenting opinion in which he argued against the
right of the State of Mississippi to control, through a
railroad commission, the intra-State rates of the
Mobile & Ohio RR. Although he based his conclusion
upon the particular charter under which the company
acted, he used terms almost as broad as those used by
Justice Field in the Munn case. Some of the language
would to-day be regarded in some quarters as indi-
1070
THE CHRONICLE
eating almost undue sympathy with capital. We
quote:
"Does any one believe that private capitalists would
have supplied the money necessary to establish and
maintain these lines of inter-State communication had
they supposed that the States through which the roads
were extended reserved the right, by commissioners,
to take charge of the whole matter of rates and abrogate, at their pleasure, such tariffs of charges as might
be established by the companies under the power,
expressly conferred, of fixing and regulating rates?
Would they have risked the immense sums invested in
these enterprises had the charters of the companies
contained a provision making rates to depend, not on
the capabilities, wants and interests of the territory
to be supplied with railroad service, or on the amount
expended in constructing and maintaining these roads,
but on their value as estimated by commissioners, and
on such basis as the latter, froin time to time, might
deem to be justified by experience and business operations"?
Again, on Dec. 25 1886, Justice Harlan was one of
the six Justices who made up the majority by which
the case of Wabash St. Louis & Pacific Ry. v. Illinois
(118 U. S. 557) was decided against the existence of
the power claimed by the State. The opinion, by
Justice Miller, contains the following:
•
never
"We must, therefore, hold that it is not, and
has been, the deliberate opinion of a majority of this
Court that a statute of a State which .attempts to
regulate the fares and charges by railroad companies
within its limits, for a transportation which constitutes a part of commerce amongitheYStates, is a
•
valid law."
L r
So, also, when in Chicago Milwaukee & •St. Paul Ry.
vs. Minnesota (134 U.S. 418), decided on March 24
1890, the Supreme Court condemned the Railroad
Commission Law of Minnesota as depriving the carriers of their property without due process of law,
Justice Harlan was with the majority and not with
Justices Bradley, Gray and Lamar, who dissented.
The majority opinion in this case says in part:
"The question of the Itieasonableness of a rate of
charge for transportation by a railroad company, involving as it does the element of reasonableness both
as regards the company and as regards.the public, is
eminently a question for judicial Investigation, requiring due process of law for its determination. If
the company is deprived of the power of charging
reasonable rats'for the use of its property, and such
deprivation takes place in the absence of an investigation by judicial machinery, it is deprived of the
lawful use of its property, and thus, in substance and
effect, of the property itself, without due process of
law,and in violation of the Constitution of the United
States; and in so far as it is thus deprived, while other
persons are permitted to receive reasonable profits
upon their invested capital, the company is deprived
of the equal protection of the laws."
Reagan vs. Farmers' Loan & Trust Co. (154 U. S.
362), decided on May 26 1894, was the first case in
which a schedule of railway rates prescribed by State
authorities was held to deprive the carriers of property
without due process, because it allowed an insufficient
return, and in this unanimous decision Justice Harlan
concurred. The opinion includes the following:
"It has always been the part of the function
to determine whether the act of one party (whether
that party be a single individual, an organized body,
or the public as a whole) operates to divest the other
party of any rights of person or property. In every
constitution is the guaranty against the taking of
private property for public purposes without just
compensation.
[VoL. Lxxxxm.
"This, as has been often observed, is a Government
of law, and not a Government of men, and it must
never be forgotten that under such a government,
with its Constitutional limitations and guaranties,
the forms of law and the machinery of government,
with all their reach and power, must in their actual
workings stop on the hither side of the unnecessary
and uncompensated taking or destruction of any
private property, legally acquired and legally held."
In view of the foregoing, it is not surprising that the
unanimods opinion of the Supreme Court affirming the
decision of the Federal Circuit Court, which had perpetually enjoined the enforcement of a schedule of
maximum rates prescribed by the Legislature of Nebraska (Smyth vs. Ames, 169 U. S. 466, decided on
March 7 1898), was written by Justice Harlan or to find
him stating that among the "settled" principles of
law is the following:
"A State enactment, or regulations Made under the
authority of a State enactment, establishing rates for
the transportation of persons or property by railroad
that will not admit of the carrier earning such compensation as under all the circumstances is just to it
and to the public, would deprive such carrier of its
property without due process of law, and deny to it
the equal protection of the laws, and would therefore
be repugnant to the Fourteenth Amendment of the
Constitution of the United States."
From the latest adjudication in a case of this character, that in the Virginia Corporation Commission
case (Prentice vs. Atlantic Coast Line,211 U. S. 210,
decided on Nov. 30 1908), Justice Harlan dissented,
but he did so only as to the holding that the function
of railway rate-making is so essentially legislative in
its nature as to transform into a legislative body an
agency known to the State statute as a court, and
acting as a court. In his dissenting opinion he reasserted the authority of the Federal courts, under
the Fourteenth Amendment, to enjoin the enforcement of rates made by a legislature or under color of
its authority, which amount "to confiscation of the
property of the corporation whose ates are regulated." •
These strong assertions of the judicial power were
not, as Justice Harlan conceived, at variance with the
equally aggressive opinions which he held, some of
which he considered it his duty to express even to the
point of dissenting from the views of the majority of the
Court in important cases under the Inter-State Commerce and Anti-Trust laws. He believed in the 'figid
authority of the Constitutional guaranties which protect individual rights of liberty of contract and of
property and in the enforcement of these guaranties
as the paramount law of the nation. Especially in
view of recent efforts to represent his dissenting
opinions in late cases as sanctioning popular protests
against the judicial enforcement of these provisions,
and as supporting an alleged right of legislatures to
interket constitutions for themselves, it is particularly
worth while to note at this time that he held no such
views, but, on the contrary, did not hesitate to join
with his associates in condemning statutes which appeared to him to violate them. And when the temporary conditions of the day have disappeared, when
new problems have taken the place of those now most
engaging popular attention, and the present conflicts
of opinion have reached a settlement, it will probably
be found that in adhering so strongly to the maintenance of judicial authority under the Constitution
the late Justice Hailan performed his greatest service.
OCT. 21 1911.]
THE CHRONICLE
1071
the Government. Alternately the Government has
appeared to resist or accede to these petitions; it is posThe revolt in China, which apparently began in for- sible
that some new turn in the conflicting program of
midable shape only a very few weeks ago, has this
the Assembly and the throne may have brought on
week reached in some parts of the Empire the propor- the
present disturbance. There are other issues at
tions of a revolution. One of the most important stake
in the popular dispute, as there were in last
provinces of the Empire appears to have fallen, at
year's discussions of the Assembly at Pekin; one of
least temporarily, into the hands of the insurgent them
being irritation over the Government's policy of
troops, the great city of Hankow has been cut off from nationali
zing Chinese railways and completing them on
communication with the outside world, and battles the basis
of foreign loans.
of considerable magnitude are reported to have
But there are likewise, in all probability, other and
been fought between the Imperial and revolutionary larger considera
tions involved. One view of the presarmies. China is a country of rumors, and it is nat- ent uprising is
that the prestige of the present Manchu
ural, under such circumstances, that flying reports of dynasty is dying
out; that the long rule of the Dowager
mutiny among the Government troops, of danger to Empress
, who was admittedly an usurper, the murder
foreign legations and of possible intervention by
of the lawful sovereign,and the establishment on the
Japan or other outside nations should have multiplied. throne of an Emperor
who is not the lawful heir, has
Most of them are in all probability unfounded; but the
wholly loosened such bonds of loyalty as may heretoknown facts are sufficient to mark the episode as one
fore have existed. The "Journal of Commerce" points
of national and international importance.
out the interesting fact that of the twenty-two dynasAlmost invariably an atmosphere of mystery surties which have ruled in China during the last two thourounds a political disturbance in China—partly besand years, the average duration has been less than a
cause of the lack of close communication between the
century apiece, whereas the present Manchu dynasty
outside world and important sections of that country,
is in its 267th year.
partly because of a natural absence of intellectual symWhat is certain is that a stirring-up of popular interpathy between Europe and the Orient. The Chinese
est in constitutional and governmental questions has
revolts of recent years have, as a rule, been aimed dipervaded China. It has taken a form rather curiously
rectly against the European influence in China, and
interesting for China—the establishment of societies
only indirectly against the Government itself. That
or leagues which act in the open, and bring pressure
was distinctly true of the Boxer uprising of 1900, directly
and publicly upon the Government. This,
which was a popular demonstration against the plans in its
way, is a notable concession to Western ideas; for,
of European Governments to partition China into although
associations of citizens have for centuries
"spheres of influence" among themselves, and which been force
a
in Chinese politics, they have invariably
was believed by many competent observers to have been secret
societies, on much the same basis as the
been incited by the Empress of China herself.
Carbonari of the Italian revolution or the Vehme-,
But revolts with the avowed purpose of a change in gericht
of mediaeval Germany.
government have by no means been unknown in ChiThe present situation is not clear on two essential
nese history; indeed, to conceive of the whole Chinese
points—first, how the rebels were able to equip thempeople as a stolid and politically dead constituency
selves so extensively with provisions and artillery;
would be to misread that history altogether. Not to
second, what they expect to accomplish by the present
mention the numerous popular revolts of some cendemonstration. It is probable that the revolt was
turies ago against the Mongols, the conspicuous infinanced in the beginning by some of those immensely
stance in modern Chinese history was the celebrated
wealthy provincial Chinamen of whom the Western
Taiping revolt against the Manchu dynasty, which beworld hears little, but with whose pecuniary power
gan in 1851 and which lasted more than a dozen years,
China is thoroughly familiar. As for the precise purin the course of which period the revolutionists cappose of the proposed demonstration, that is by no
tured and governed some of the most flourishing promeans clear. Supposing the rebels to defeat the reguvinces of China, eventually besieging Shanghai itself. lar Chinese
army, it would be possible, in absence of
That was the episode which was ended somewhat dra- foreign
intervention, for them to unseat the present
matically by General Gordon's acceptance of leader- Emperor,
if not the present dynasty. But they
ship of the regular Chinese army, and by his complete might, on the
other hand, merely insist on the immesuccess in reducing the revolutionists to terms.
diate summoning of a free and independent Parliament
The present uprising is almost certainly a revolt due and on greater power
for the provincial parliame
to internal politics. To what extent it directly inThat much,at any rate, might certainly be exre ted
volves the question of the promised new constitution,
in the existing state of things. It is true, the notion of
it is somewhat difficult to make out. It was as long parliamentary
government on the Western plan, as a
ago as 1908 that parliamentary government was prom- basis lawmaki
of
ng for the Chinese Empire, impresses
ised by the Chinese Emperor. The Imperial decree
the Western mind with a sense of anomaly. Yet it
then issued guaranteed the establishment of such a must be remembe
red that some sort of deliberative
system within nine years, and in fact elections for the bodies were well
known in China at a time when they
new provincial assemblies, simultaneously decreed, had practically
ceased to exist in the Europe of the
were held in 1909. The initial meeting of the so-called Middle Ages. China,
during the century past, has
National Assembly, a tentative and purely advisory undoubtedly been heavily
handicapped by an effete
body, was held in October of last year. That assem- bureaucracy and by the
corruption of its Viceroys.
bly was admittedly only the nucleus of the proposed But there is no sound
reason to believe that the politiparliament, whose own assembling had at the time cal capabilities of the
people as a whole are any less
been placed by the Emperor seven years off.
than their financial capacity, which has at all times
But the National Assembly was no sooner convened been recognized as very
high. Presumably the end
than urgent petitions for the immediate election of a of the episode will be
at least a compromise in behalf
genuine legislative body were received and pressed upon of more complete
constitutional government. The
THE CHINESE UPRISING.
1072
THE CHRONICLE
Lxxxxm.
nificance outside of the fact that it reflects the changes
in the year's tonnage. President Hill notes that the
decrease in rate resulted from the falling off in the shipments of higher-grade tonnage and a consequent increase in the percentage proportion of low-rate commodities, iron ore, &c.
The passenger traffic also makes a favorable comparison, in face of the conditions prevailing. Passenger revenues fell off .89,743, or a little over 6%; but
A
IN
S
RESULT
this comes after no less than $3,333,852 gain in the
GREAT NORTHERN
POOR YEAR.
previous year, when the road got the benefits of the
travel to the Alaska-Yukon Exposition. In
extra
The Great Northern Railway Co. had many adverse
of passengers carried there was actually a
number
the
year
fiscal
circumstances to contend against in the
report tells
covered by the annual report issued the present week. small increase, notwithstanding that the
the traffic
Nevertheless, in its income account for the twelve us there was a noticeable falling off in
well as a
as
Dakota,
months the company shows a surplus above the re- handled by local trains in North
Yukon
the
of
on
account
traffic
quirements for the 7% dividends on the stock in decrease in the through
one
carried
rs
of
passenge
number
the
In
on.
amount only slightly less than for the twelve,months Expositi
The
9%.
t
over
somewha
of
decrease
a
was
there
mile
prepreceding. Among the adverse conditions which
comparisons will appear
vailed may be mentioned (1) the fact that the spring- encouraging nature of these
year the expansion
previous
the
in
that
say
we
when
and
a
Minnesot
of
wheat crop of 1910 in those portions
30.37% measured by the
the Dakotas served by the company's lines suffered in the passenger traffic was
32% measured by
a serious shortage, thus reducing the volume of the number of passengers handled and
the loss in
against
As
mile.
one
grain tonnage; (2) the additions to expenses by reason the number moved
half a
nearly
of
gain
a
was
,
there
r
revenues
of advances in wages and other causes; (3) the preva- passenge
of a
result
the
,
earnings
in
the
express
dollars
million
felt
lence of business depression, which, though not
greater
a
receives
the
company
which
by
contract
new
United
to the same extent in the Western half of the
's earnings, as also
States as in the manufacturing and mineral regions of percentage of the express company
half million dollars following
the East, was yet an unfavorable factor; and (4) the a gain of nearly another
's compensation for
absence of certain special circumstances and events the readjustment of the company
of the State of Minwest
territory
the
which the previous year had acted to enlarge traffic mail service in
in a very important degree. In this last we refer more nesota.
This added revenue from the mail service ought to
particularly to the increase in travel in connection
come to the company sooner, as the mail business
have
Seattle
at
on
with the Alaska-Yukon-Pacific Expositi
steadily and largely increasing, but it is the
been
has
in the autumn of 1909.
weighed only
Bearing all this in mind, and remembering that in practice to have the mails regularly
is allowed for
tion
compensa
the previous year there was an addition of no less than once in four years and no
the regular
after
until
carried
l
$10,777,925, or over 20%, to the gross earnings (less the additiona weight
carried,
are
mails
the
and
matter
Express
.
than $750,000 of this representing a recovery of loss weighing
to the
owing
and,
trains,
r
on
passenge
known,
g
is
as
sustained in the previous year), it is not surprisin
the
sources,
two
these
from
derived
revenue
l
additiona
should
review
under
that gross earnings for the year
actually
were
trains
r
passenge
from
the
earnings
it
,
must
total
contrary
the
On
have decreased $3,207,737.
preceding year, notwithbe considered an encouraging indication of the sta- somewhat larger than in the
from the passenger busibility of the traffic that the loss, all things considered, standing the loss of $889,743
was no greater. Total freight earnings fell off $3,296,- ness itself.
The expense accounts will no doubt be scrutinized
559, but even after this reduction the amount was
With $3,207,737 decrease in gross earnings.
closely.
$43,379,174, as against $39,364,811 two years ago
reduced $1,677,704, and there was also
were
expenses
and $40,311,420 three years ago. While the decrease
taxes of $270 163, leaving a
in total freight earnings was $3,296,559, President a saving in the item of
$1,294,519, after an increase the
L. W. Hill tells us in the report that the revenue from loss in net of only
00 and an increase the
transportation of wheat, rye, oats, barley and flaxseed previous year of over $3,000,0
dollars. In other
million
23
was $3,411,484 less than in the previous year, besides year before of nearly
for the latest
taxes
above
earnings
net
the
which there was also a large decrease, it is stated, in words, while
981 in
$21,856,
with
compare
461
at
$20,562,
was
year
the lumber traffic. Thus it is apparent that there
1908-09
$18,812,783 in
further important growth in the general traffic of the 1909-10, they compare with
More than the
1907-08.
in
962
$16,328,
only
with
and
the
tanding
notwiths
system. As a matter of fact,
is found in
expenses
in
large loss in the grain and the lumber tonnage, aggre- whole of the late year's reduction
s,
structure
and
way
of
nce
gate freight traffic decreased only 154,317 tons, the outlays for maintena
18%:
almost
or
38,
$2,118,5
of
is
a
decrease
or merely a fraction of 1%—this, too, after an where there
smaller expenditures on
increasein 1909-10 of over 5,000,000 tons, or more President Hill says that the
neglect of the property or
do
indicate
not
account
that
than 28%.
benefit of permanent
In the tonnage movement one mile—because of the unwise economy, but reflect the
be noted that in
should
It
in
years.
done
former
work
on
grain
the
haul
fact that the road gets quite a long
in these mainincrease
tonnage, which we have seen was heavily diminished— the previous year there was an
The result is
00.
$2,000,0
the falling off was proportionately much heavier, but tenance outlays of nearly
year
nd very
correspo
late
the
even here reached less than 6%, against an increase that the amount for
ago
years
way
two
that
in
spent
sum
with
the
the previous year of over 17%. It appears, too, that closely
the
figures,
In
exact
ago.
years
so
three
that
spent
and
the rate realized was slightly less, the average per ton
against
76,
are
$9,654,7
1911
for
outlays
nce
maintena
per mile having been only 8.096 mills, against 8.219
47 for 1908.
mills in 1909-10. This, however, has no special sig- $9,797,370 for 1909 and $9,588;7
whole affair recalls to mind the remark of an eminent
Orientalist, at the time when European society was in
its ferment of 1848 over constitutional innovation and
reform. He pointed out that precisely similar stirrings of political discontent and precisely similar
popular aspirations had been witnessed at that very
time in the heart of India.
OCT. 21 lull.
THE CHRONICLE
1073
In the transportation expenses there was a trifling only two such smaller divisions exist; in
the other three
decrease as compared with the twelve months pre- States there are many incorpora
ted villages situated
ceding, notwithstanding the higher wage schedules and within town limits, but these
do not include all the
the advances in some other items of cost. This, of actual villages. It is, therefore,
impossible in New
course, reflects good management and shows the same England statistically to separate
the actual villages
care and attention to the details of administration that from the towns in which they are
situated, so that urhas always been observed in the conduct of the prop- ban population includes
there some population that
erty. In the case of the train-load, for its record in would elsewhere he classed
as rural.
regard to which the Great Northern has always been
In 1890 the percentages of urban and rural to total
famed, there has been further advance in efficiecny. population were 36.1 and
63.9% respectively; the
In the twelve months under review the trains hauled percentages of increase in the former
and decrease in
an average of nearly 524 tons, against 518 tons the the latter were 4.4% by the enumeration
of 1900 and
previous year and but 502 tons two years ago. These 5.8% by that of 1910. The change
is, therefore, infigures cover only revenue freight, and the amount creasingly progressive, but of
course varying in differwould, presumably, be increased by another 100 tons if ent parts of the country. In
New England, more than
freight carried for the company's own use were added four-fifths of the population is
reported as urban in
on. We need hardly say that these are very high 1910; there, Vermont alone
had less than one-half
averages; and the further increase in the late year is urban, Rhode Island and
Massachusetts had more than
the more noteworthy in view of the large decrease nine-tenths and Connecticut little
less than nine-tenths
which occurred in the grain and lumber tonnage. in that classification. In the three
great States of the
Such tonnage is moved chiefly in car-load quantities, Middle Atlantic division, Pennsylv
ania was three-fifths
and high average train-loads on such freight are easier urban; New Jersey was three-fourths
and New York
than in the case of merchandise and miscellaneous a little under four-fifths. Of the
other twelve "Northfreight, which has to be handled in small quantities.
ern" States east of the Rockies,and including Missouri,
Owing to the relatively small loss in net earnings only Iowa, Nebraska, Kansas
and the two Dakotas
and a considerable increase in the income from outside had an urban proportion of less
than 40% in 1910;
sources, the income account shows a surplus above the Illinois and
Ohio had 61.7 and 55.9%,respectively,
dividend requirement on the operations of the twelve and only the two Dakotas fell below
one-fifth. Of the
months in amount of $2,818,338, all of which has been remaining States, Maryland had
50.8% urban in 1910,
transferred to the fund set aside for permanent im- Montana had 35.5%, Colorado
had 50.7%, Utah had
provements and betterments. In the previous year 46.3%, California had 61.8%,
Oregon had 45.6%
the surplus for the twelve months was $3,093,161. and Washington had
53%. There were then eight
Considered in relation to the total amount of stock cities of half a million or
more, 19 of a quarter-million
outstanding, which is, roughly, $210,000,000, the or more and 50 of
100,000 or more.
surplus is not very large for either year, being the
Of the total increase in the last decade, three-tenths
equivalent of less than 13/2% on the stock, but under was rural and seventenths urban. As to numerical
the adverse conditions ruling in the year under review, increase, the three Pacific
States slightly more than
the result is not unsatisfactory. Still, it illustrates the doubled their urban populatio
n in the last decade, the
trying circumstances under which railroad executives ratio being 102.1%,
while New England showed the
are obliged to conduct operations when a company, smallest numerical increase21.5%. In every State
administered as is the Great Northern and managed there has been a
numerical increase in urban populawith such skill and excellence, can show barely 83/2% tion, and in seven States
there has been a numerical
earned on its outstanding share capital.
decrease in rural. In no State or territory was the
In reviewing previous reports we have referred to urban increase below 10%;
in six States it went above
the large new capital expenditures that the company 100%, and in 11 others
it went over 50%. On the
has been obliged to make in developing and extending other hand, only eight
States showed a rural numerical
its system of roads. In 1907 and 1908 alone $60,000,- increase of over
50%, while twenty-two showed either
000 of new stock was issued. In the year under review an increase below 10%
or an actual decrease.
the company, being still in need of further capital, a
To follow out the comparative changes between
new mortgage for no less than $600,000,000 was divisions and States
during the two decades since
authorized, and $45,000,000 bonds under this mortgage 1890, absolutely and
relatively, would be more tedious
were actually issued, the rate of interest being 431%. than instructive. Probably
it would be impossible
Of the $45,000,000, $10,000,000 still remains in the to find out the populatio
n movement, starting from
company's treasury; the other $35,000,000 was sold, a given Census year,
by the natural relation between
and besides furnishing means for developing and ex- births and deaths,
either urban or rural, irrespective
tending the properties, the effect has been materially of migration; we have,
therefore,to recognize the familto increase the company's cash holdings. The balance iar trend towards
cities. People like to be where
sheet for June 30 1911 reports $21,460,917 of cash on people are, and
the tendency is from hamlet to ,village,
hand, as against only $6,651,357 June 30 1910.
and from village to city. It is a familiar lament that
production has grown to seem less attractive than
trading, and the abandoned farms of New England
DISTRIBUTION OF POPULATION.
have been mourned.
A Census Bulletin recently issued deals with the
We can admit the general proposition that concendistribution of population, as shown by the last three tration in cities seems to
tend to heighten the difficensuses, between urban aml rural territory. Urban culties of governing, and
subjects our political, induspopulation in generally treated as that residing in in- trial and social systems to
sharp strains, so that a haltcorporated places of not less than 2,500 inhabitants, ing, or even a lessening,
of the urban proportion of the
but an exception has to be stated as to New England. total population may
appear eminently desirable. But
Massachusetts and Rhode Island have no political the forces which are
working otherwise are too powerful
divisions smaller than the town; in New Hampshire for any direct
interference with them, and the wiser
1074
THE CHRONICLE
Lxxxxiti.
course would be to relax instead of constantly increas- 'taken. As a matter of fact all that it was actually
ing the efforts to re-arrange and re-distribute things found necessary to do was to fund a few coupons.
through statutes. Commissions of inquiry cannot The improvement in the company's condition, which
even discover beyond question what are the causes of enables it to borrow on so much more advantageous
movements which are not liked, much less devise stat- terms than a short time ago, has followed directlyfrom
utes that will change their direction; if we attempted the improvement in its income account, and that in
one-half as sedulously to regulate and reduce to rigid turn has followed from a great advance in operating
schedule the movements within our fleshly bodies, in- efficiency.
It is well lmo.wn that the Erie management has long
stead of trusting to nature, as we do the movements of
the body public, good health might soon become a been engaged in the making of extensive improvements and in raising the physical standard of the
lost possession and an ardently sought boon.
Very few persons, however, we imagine,
that
property.
Still, we need not worry over the possibility
intolconception of what is being accomadequate
have
any
becomes
until
subsistence
the cities may crowd
erably difficult. The countervailing natural forces plished in the way of advancing operating efficiency
are at work. While it is true that the ratio of urban through revisions of grades and curves, changes in
increase was greater in the last than.in the previous alignment, the removal of stretches of road costly to
decade, it is also true that both the pecuniary and operate and the building of other pieces in their place,
the social attractions of rural and farm life are increas- &c., &c., and through careful attention to the details
ing, and the increase in means of communication is of transportation costs. At the recent annual convenaccelerating of late years. This change, and the com- tion of the Traveling Engineers' Association, V. C.
mercial attractiveness of better agricultural methods, Randolph, the company's supervisor of locomotive
have not had time yet to express themselves in terms operation,gave some interesting data showing the imof population. Our disorders will work out their own portant savings that had been effected through practicure. The greatest danger is from political nostrums. .cal instruction in fuel economy.
The traffic statistics tell an interesting story of how
work of this kind and management of that sort pays,
and how it bears fruit. Examination of the train-load
ERIE'S PROGRESS AND ADVANCE.
is a customary way of measuring the advance
record
years
three
The course of Erie affairs during the last
a
of
road
in operating efficiency. According to that
improved
toward
has been one of steady progress
progress of the Erie Railroad has been
the
standard,
comthe
to
extends
improvement
This
conditions.
pany's credit and borrowing ability, to its income notable. In the fiscal year 1907-08 the average
account, and likewise to its operating efficiency. The number of tons of revenue freight hauled in each train
improvement, indeed, in all these various respects is was 465 tons; in 1908-09 there was an increase in this
so decided as to amount to an almost complete trans- average to 469 tons; in 1909-10 the average was raised
formation in the company's general condition and its to 495 tons, and now for 1910-11 there has been a
outlook. We adverted to these distinguishing features further increase to 521 tons. Including freight carried
in reviewing the annual report for the previous year, for the company's own use, the increase in the average
and they find further emphasis in the report that has number of tons hauled by the trains during the last
now come to hand for the fiscal year ending June 30 three years has been from 501 to 571 tons. As a
result the trains in the latest year earned $3 05 per
1911.
mile run, as against only $2 79 per mile run in 1907-08,
furis
credit
• Evidence of the company's improved
that the average rate received denotwithstanding
refer
We
recorded.
recently
nished in a transaction
from 6 mills per ton per mile to
interval
the
in
clined
sold
month
present
the
company
the
to the fact that
5.85
mills.
only
&
Morgan
P.
J.
to
notes
gold
5%
3-year
$4,500,000
The saving effected in the way of the diminution in
Co., the First National Bank and the National City
Bank. The proceeds of these notes are to be used the number of crews required to handle the traffic as
entirely to take up maturing obligations, and it is to compared with what would have been necessary if the
was
be observed that $3,000,000 of these maturing obliga- train-loads had remained at the old level (which
imagined.
can
figure)
be
easily
low
a
no
means
by
in
out
tions are Erie & Jersey RR. notes which were put
1907 and that the rate of interest in these old notes What is not so readily recognized is that savings in
of
was 6%, as against only 5% now. Furthermore, as other directions have also followed as a result
of
practice
general
and
the
recorded in the present annual report, April last the the increase in train-load
quantity
the
for
that
find,
instance,
company issued $12,500,000 of 3-year collateral gold economy. We
of freight
notes (also to retire maturing obligations) and these of coal consumed per mile for 1,000 tons
latest
year.
the
in
214
quite
tons
not
was
moved
likewise bore 6% interest. When one contrasts the
in
1909
and
tons
2403
1910,
in
tons
231
against
its
is
finance
able to
ease with which the company
the
that
cost
per
find
we
Again,
1908.
249
tons
in
state
with
the
embarrassed
needs at the present time
other
and
expenses,
fuel,
repairs
for
mile
locomotive
idea
ago,
one
an
years
gets
three
only
of its finances
of the great change for the better in that respect which and for engineers and firemen, was only 36.19 cents in
1911 and 35.97 cents in 1910, against 38.26 cents in
has been achieved in the interval.
Moreover, the cost
As has been pointed out by us on previous occasions, 1909 and 44.34 cents in 1908.
of freight in
-miles
ton
per
1,000
items
of
the
same
the company early in 1908 (following the panic of
against
cents,
43.44
40.77
only
was
the
year
latest
of
and
verge
bankruptcy
1907) appeared to be on the
1909.
in
cents
46.91
and
cents
in
1910
have
rein
landed
undoubtedly
the property would
The effect of all this in keeping down aggregate
ceiver's hands at that time except for the financial
help extended at a critical juncture by the late E. H. expenses and enhancing the net results has been
Harriman, reinforced by similar aid from J.P. Morgan very striking. The volume of the traffic in the late
this
& Co. It was then thought, it will be recalled, that year was well maintained, and as a consequence of
is
the
company
operation,
in
economies
and
of
the
the company's finances would have to be completely
earnnet
both
and
gross
in
increase
to
an
show
able
underreadjusted and perhaps a general reorganization
OCT. 21 1911.]
THE CHRONICLE
1075
ings in face of the higher wage schedules which the first preferre
d stock and the $16,000,000 of second
Erie, in common with the other trunk-line properties, preferred stock;
even then a surplus of 1M million
was obliged to pay. As compared with the year dollars would remain.
It is thus apparent what a
preceding, the ordinary freight traffic of the system wonderful
change for the better there has been in
fell off 1,542,550 tons, or 7.86%, and the coke tonnage Erie affairs
in the last three years.
decreased 924,290 tons, or over 41%, demonstrating
There was no important change during the twelve
that the road did not escape the influence of business months in the
aggregate of the company's debt. We
depression and the prostration of the iron trade. have already
referred to the issuance of $12,500,000
On the other hand, however, there was an addition 3-year collateral gold
notes, but these went to pay
to the company's anthracite tonnage of 884,395 a corresponding amount
of maturing notes. An
tons, or over 10%, and an addition also of 389,507 additional $2,382,000
of general lien bonds was also
tons, or 4%%, to the bituminous tonnage. This issued during the
year, but as against this $3,053,622
still left the aggregate freight itonnage over 1,- of equipment trusts
were retired. The grand total,
000,000 tons smaller than in the preceding year, but therefore, of the debt
on June 30 1911 was, roughly,
a larger proportion of the tonnage consisted of long- half a million dollars
less than on June 30 1910.
haul freight and therefore the number of tons moved
one mile—which is the true measure of the volume
of transportation service rendered—was considerably RAILROAD GROSS AND NET EARNINGS FOR
AUGUST.
larger, reaching 6,825,581,956 ton-miles in 1911,
No
change
is
to
be
noted in the character of the
against 6,414,731,680 ton-miles in 1909-10. From
returns
of
railroad
earning
s. The gross revenues run
this increase there came an addition of over 13/b
million dollars in the freight revenue, notwithstanding substantially below the totals of last year. A feature
some decline in the average rate realized. Passenger of some encouragement is the fact that the roads are
traffic and passenger revenues also recorded improve- getting better control of their expense accounts, and
ment. Altogether the gross revenues from rail that as a consequence the falling off in the gross is
operation increased $1,989,330, while the augmentation being, in large measure, offset by reductions in
in expenses was only $1,395,122, leaving an improve- expenses, leaving relatively slight losses in net. Of
course this remark is a general one and applies to the
ment in net of $594,208.
roads
as a whole. Some of the separate companies
This is a very good showing just as it stands, particularly bearing in mind that in the case of so many continue to sustain heavy losses in net, while there are
other large systems the augmentation in expenses other roads able to record improvement in gross alone
has exceeded the gains in gross receipts, leaving an or in both gross and net.
Our exhibit to-day covers the month of August and
actual loss in net. But in order to see the full measure
compris
es 230,536 miles of road, being not far from
of the change in income that has been brought about,
the
entire
railroad mileage of the country. Theit is necessary to extend the comparison further
back, and to note that in the previous fiscal year the figures show a loss of $1,967,695 in the gross, a reresults were of equally satisfactory character, the duction of $1,372,626in expenses and a loss of $595,069
gain in gross earnings in that fiscal year having in the net.
-Ine.(+) or Dec.
August (766 roads)—
1911.
1910.
reached $4,315,861, while the addition to expenses Miles
Amount.
%
of road
230,536
227,076
+3,450 1.52
Gross earnings
$243,816,594$245,784,289—$1,967,695 0.80
was only $1,760,744, leaving a gain in net of $2,- Operating expenses
157,591,623 158,964,249 —1,372,626 0.23
555,117. The year before there had also been im- Net earnings
$86224,971 $86,820,040 —$595,069• 0.69
provement—small in the case of the gross earnings,
That there should now be reductions in expenses
but very large in the case of the net earnings with does not seem
surprising, considering the necessity
the inauguration of economies and savings and the the roads are
under to curtail their outlays in view
accrual of benefits from the improvements previously of the higher
wage schedules, and considering also that
made. The addition to gross in that year (1908-09)
the country is going through a period of trade reaction
was only $768,422, but the addition to net was and
that railroad traffic and revenues are falling Off.
$4543,940. In other words, in three years there
The railroads. are practicing severe economy and they
has been an increase in the net of $7,693,265, bringing are cutting
their maintenance outlays wherever .poSthe amount of the net up from $10,276,893 to $17,- sible. Possibl
y this can be done without serious dekii970,158. What made the position of the managers in ment to either
the roads or the public. As bearing on
1908 such a trying one was that gross revenues had that point,
it is to be remembered that expenses have
fallen from $51,194,113 in 1906-07 to $46,746,436 in been
rising heavily for successive years, bringing the
1907-08, while expenses had arisen from $33,579,958 totals
up to such high figures that there should now
to $36,469,542, thus cutting the net revenue down
be leeway for a change in the other direction. In
at one clip from $15,171,356 to $10,276,893. The August
last year, for instance, our compilations
fact that the net in the year under review was, as just showed
that,notwithstanding a gain of $17,839,341 in
shown, $17,970,158 and the gross was $53,820,050
the gross, the net earnings actually fell off $844,916,
indicates how the requirements of the situation have owing
to an augmentation of $18,684,257 in the
been met in the interval.
expenses. These were our own figures and coveted
In 1907-08 the company had failed to earn its fixed 234,805 miles
of road. Some time later the Intercharges in the amount of $1,623,422. In 1908-09 State Commer
ce Commission furnished totals of its
(the very next year) there was a surplus in excess of own, covering
238,493 miles of road, and these displaythe charges in the sum of $2,947,643. For the year
ed substantially similar results, there being a gain of
under review the surplus above charges is $5,390,412. $18,279,972
in gross, and this being attended by art
Out of this latter $1,339,737 has been appropriated increase of
$18,939,835 in expenses, leaving $659,863
for additions and betterments, leaving a credit balance loss in net. ,In
August of the year before results Were
of $4,050,675. This last would suffice to pay—if more satisfac
tory, but this followed from the circumsuch a course could be deemed expedient or proper— stance that
in the previous year (1908) succeeding the
full 4% dividends on both the $47,892,400 of Erie panic of 1907
there had been tremendous losses. Ac
THE CHRONICLE
1076
cording to the tabulations of the Inter-State Commerce
Commission, the gain for August 1909 reached $29,682,863 in gross and $15,065,001 in net. In August
1908 the decrease in gross, by the figures of the InterState Commerce Commission, reached no less than
$34,366,578, and there was also a decrease of $9,222,389 in net. In the table we now present we furnish
the August comparisons back to 1896. For 1910, 1909
and 1908 we use the Inter-State Commerce totals, but
for preceding years we give the results just as registered
by our own tables each year-a portion of the railroad
mileage of the country being always unrepresented in
the totals, owing to the refusal of some of the roads in
those days to furnish monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Inc. (-I-) or
Year
Preceding. Dec. (-).
August.
1896 _ 52,240,10 55,319,991 -3,079,794
1897W 66,842,72 58,687,81 +8,154,908
1868.__ 77.846.91 76.324,949 +1,521,964
1899 ___ 81,952,79. 70,965,451 +10,987,344
1900 _ 92,067,42. 85,191,12 +6,870,29
1901 ___ 108,575,332 96.440,67 +12,134,654
1902___ 105,390,62( 102,111,42 +3,279,201
1903 ___ 121,050,73 105,267,446 +15,783,293
+155,892
1901 ___ 119,821,63 119,665,743
125,099,694 114,112,603 +10,987,091
1905
1906 ___ 137,589,560 122,898,468 +14,691,092
1907 ___144,913,337128,178,064 +16,735,273
1908 ___ 206,755,864 241,122,442-34,366,578
1909 ___ 236,559,87 206,877,014 +29,682,863
1910__ 254,005,97'235,726,000 +18,279,97
243.816,594 245.784,289 -1,967,695
1911
Year
Given.
17,418,959
24,228,620
27,942,601
29,730,968
33,216.118
40,548,771
35,928,409
41,282,319
43,168,25
43,201,744
48,074,911
45,629,104
75,028,707
90,384,539
89,517,074
86,224,971
Inc.(+) or
Year
Preceding. Dec.(-).
$
19,023,398 -1,604,439
19,592,16 +4.636.451
28,189,822 -247,221
25,200.00. +4,530,959
31,032,36 +2,183,758
34,210,061 +6,338,710
37,776,146 -1,847,737
35,747,474 +5,534,845
40,913,469 +2,254,781
40,480,712 +2,721,032
42,719,768 +5,355,143
+779,119
44,849,985
84,251,096 -9,222,389
75,319,538 +15,065,001
--659,863
90,176,937
86,820,040 -595,069
Note.-In 1896 the number of roads included for the month of August was 127; In
in
1897, 135; in 1898, 138; in 1899, 113; in 1900, 129; in 1901, 116: in 1902, 105;
returns
1903, 114: in 1904, 100; In 1905, 95; in 1906, 91; in 1907, 86; in 1908 the
and
were based on 231,220 miles, In 1909 on 235,987 miles, in 1910 on 238,493 miles.
In 1911 on 230,536 miles.
AS already stated, some of the roads are able to
[Voi,. Lxxxxin.
PRINCIPAL CHANGES IN GROSS EARNINGS IN AUGUST.
Decreases.
Increases.
N. Y. Cent. & Hud. River. a$392,035 Duluth Missabe & North.. $915,822
008,293
336.027 Union Pacific
Norfolk & Western
y855,726
317,980 Pennsylvania
Illinois Central
734,012
Pacific
Northern
285,486
Lehigh Valley
502,846
224,163 Chicago Milw. & St. Paul_
Southern Railway
348,768
&
_
Burl.
Quincy_
Chicago
220,220
M.
S.
S.
&
P.
St.
Minneap.
288,543
Chicago Milw. & Puget Sd.180,758 Southern Pacific
273,218
158,381 Rock Island
Delaware Lack. & West_
259,545
Ohio
&
Baltimore
157,671
Jersey
New
Central RR.of
217,714
155,488 Atch. Topeka & Santa Fe _
Grand Trunk Western..___
200,560
132,600 Duluth Sc Iron Range.._ _ _
Seaboard Air Line
183,237
125,926 Colorado 46 Southern..__ _
Chicago & North Western
119,22:1
125,382 Vandalla
Great Northern
115,208
114,674 Chit), St. P. Minn. & Om_
Virginian
112,964
114,350 Phila. Bait. & Washing'n_
San Pedro Los An. & S. L_
105,220
Long Island
102,002
Dayton
&
Cincin. Ham.
Representing 15 roads in
Representing 17 roads in
$6,035,778
our compilation
$3,248,363
our compilation
on the basis of the returns filed
are
above
the
in
figures
the
-All
Note.
these
however,
Where,
with the Inter-State Commerce Commission.
returns do not show the total for any system, we have combined the
to
possible
as
nearly
as
results
conform
the
make
to
as
so
separate roads
those given in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Plate,'
Michigan Central. the Lake Shore, the "Big Four," the "Nickelresult
is
&c., the whole going to form the New York Central System, the
a gain of 5365,485.
operated cast and west of
p These figures represent the lines directly
Pittsburgh, Eastern lines showing $385,346 decrease and the Western lines
$470,380. For all lines owned, leased, operated and controlled, the result
for the month is a loss of 51,130.405.
PRINCIPAL CHANGES IN NET EARNINGS IN AUGUST.
Decreases.
Increases.
N. Y.Cent. & Bud. River. 0756,344 Duluth Missabe & North_ $518,107
671,312
687,836 Atch. Topeka & Santa, Fe_
Lake Shore & Mich. Sou__
497,746
445,515 Union Pacific
Michigan Central
907,927
342,790 Southern Pacific
Great Northern
403,776
273,049 Chicago Milw. & St. Paul_
Clev. Ctn. Chic. & St. L.._
267,081
Pacific
Northern
205,106
Chicago & North Western
y214,827
384.305 Pennsylvania
Norfolk & Western
190,374
178,799 Wabash
Elgin Joliet & Eastern _
177,299
Minneap. St. P. & 5.8. M. 171,275 Rock Island
157,137
154,504 Missouri Kansas & Texas_
Central RR.of New Jersey
Yazoo & Mississippi Valley 124,732 Duluth & Iron Range_ _, _ _196,960
141,654
Om__
dc.
M.
Paul
115,097 Chic. St.
Delaware & Hudson
129,603
111,870 Erie
Bessemer 46 Lake Erie_ _ _ _
128,766
104,172 Phila. & Read,ng
Louisville & Nashville.. _ _ _
118,527
103,659 Pittsburgh & Lake Erie_ _
Texas & Pacific
108,911
101.011 Boston & Maine_
Cineln. Ham. & Dayton_
100,402
Long Island
Representing 17 roads in
$4,160,506
our compilation
Representing 16 roads in
$4,580,007
our compilation
a These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Plate,"
Michigan Central, the Lake Shore, the "Big Four," the "Nickel
&c., the whole going to form the New York Central System, the result Is a
gain of $2,233,018.
II These figures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $91,797 decrease and the Western
lines $123,030 decrease. For all lines owned, leased, operated and controlled, the result is a loss of $325,351.
record improved results, though the gains are not very
striking, at least not in the gross. In the net the roads
distinguished in that way are chiefly the New York
Central lines and some Southern roads. The New
When the roads are arranged in groups or geographiYork Central itself reports $392,035 increase in gross
cal divisions, it is found that four of the seven divisions
and $756,344 increase in net. This is for the Central
in gross and four also (though not the
proper, exclusive of the auxiliary and controlled roads. have losses
in net. The poorest exhibits come
losses
four)
same
Including these latter, the whole going to form the
the Western half of the country.
in
roads
from
the
New York Central System., the result for the month is
is as follows:
groups
by
summary
Our
a gain of $365,485 in gross and an improvement
SUMMARY BY GROUPS.
Gross Earnings
of no less than $2,233,018 in net. That, obviously, in- Seaton or Group.
1910.
Inc.(-1-)orDec.(-)
1911.
dicates radical reductions in the expense accounts. August,
+224,434 1C.188
11,937,427
12,161,861
England
Group 1 (24 roads) New
Middle_ 61,677,782 61,367,386 +310,396 0.51
Last year in the same month the result for the New Group 2(136 roads) East and
36,558,126 36,721,953 -103,827 0.45
Group 3(92 roads) Middle West
Southern__ _ 29,681,410 28,247,220 +1,434,190 5.08
York Central System was a gain of $2,166,167 in Groups 4 & 5(157 roads)
Groups 6 & 7 (114 roads) Northwestern 55,475,956 58,078,578 -2,602,622 4.58
Southwestern 33,592,381 34,187,376 -594,995 1.74
in
roads)
net.
Groups 8 & 9 (186
gross but a loss of $771,615
14,660,078 15,244,349 -575,271 3.77
Group 10 (57 roads) Pacific Coast
hand,
other
the
on
a
Railroad,
Pennsylvani
The
43,816,594
245,784,289 -1,967,695 0.80
2
Total (766 roads)
Net Earnings
-Mileage
continues to reflect the continued depression in the iron
1911.
1910,
Inc.(+)orDec.(-)
1911. 1910.
$
$
$
•
and steel industry. On the lines directly operated
-70.078 1.78
4,193,037
7,579
4,269,115
7,627
Group No. 1
20,178 26,042 21,039,010 21,298,012 +640,908 3.01
.east and west of Pittsburgh and Erie there is a decrease Group No. 2
26,428 20,317 13,851,886 12,360,050 +1,491,836 12.07
Group No. 3
Groups Nos. 4 & 5._ 40,162 39,774 9,402,009 8,876,760 +525,849 5.91
of $855,726 in gross and of $214,827 in net. This Groups
Nos. 6 & 7____ 64,757 63,351 20,686,034 22,225,467 -1,539,433 0,93
9.47
Groups Nos. 8 & 9..___ 49,410 48,485 10,030,618 11,079,263 -1,048,645
follows $2,010,137 increase in gross and $219,772 Group
15,974 15,528 6,121,777 6,711,343 -589,566 8.79
No. 10
year.
last
in
lines
August
decrease in net on the same
230,536 227,076 86,224,971 86,820,040 -595,069 0.69
Total
Many other important systems also record large NOTE.-Oroup I. includes all of the New England States. that portion west
II. Includes all of New York and Pennsylvania except
losses. Thus the Union Pacific has sustained 'a falling ofGroup
Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and the
portion of West Virginia.
northern
extreme
Indiana; all of Michigan except the northern
off of $908,293 in gross and of $497,746 in net; the Group III. Includes all of Ohio and York
and Pennsylvania west of 13utfalo and
peninsula, and that portion of New
Southern Pacific a falling off of $288,543 in gross and Pittsburgh.
Groups 111. and V. combined include the Southern States south of the Ohio
east of the Mississippi River.
of $407,927 in net; the Milwaukee & St. Paul a de- andGroups
VI. and VII. combined include the northern peninsula of Michigan; all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota,
crease of $502,846 in gross and of $403,776 in net. and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
Nebraska. together with Colorado north of a line parallel to the State line
The Northern Pacific loses $734,012 in gross and and
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
$267,081 in net; the Atchison has $217,714 loss in Indian
Territory; Missouri south of St.. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana: and thitt portion of New
gross and $671,312 in net. The heaviest shrinkage Mexico
north of a line running from the northwest corner of the State through
Fe and east of a line running from Santa Fele'El Pits).
shown by any road is that of the Duluth Missabe & Santa
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
. Northern, one of the ore-carrying roads controlled and Arizona,tand the western part of New Mexico.
Our compilations, as heretofore, are .based entirely
by the United States Steel Corporation, and which,
the returns filed with the Inter-State Commerce
upon
iron-ore
the
in
off
shipments,
because of the falling
at Washington.: As has been previously
Commission
of
and
gross
in
$915,822
of
$818,107
a
decrease
reports
in net. In the following we show all changes for the pointed out by us,.all the railroads in the united States
separate roads for amounts in excess of $100,000, -barring only the few that .operate entirely within
whether increases or decreases, and in both gross and State boundaries-are obliged to 'file monthly stateinents with the Commission. The returns are Open to
OCT. 21 19114
THE CHRONICLE
1077
public inspection, and we have transcripts of them
made for our own use. In order to furnish full details
for all the separate roads, we issue each month a
special supplement, termed our "Railway Earnings"
Section. The October number of that supplement
accompanies to-day's issue of the "Chronicle," and in it
will be found in full the reports of earnings and expenses of all the separate roads for the month of August.
The summaries in the present article are the totals
derived from these statements of the separate roads.
directors of the second and third groups shall be chosen from any one district, and with the same end in view, preventing the control of the directorate by banks of a given locality, explicit provision is made that the ex officio members shall not participate in the election of those directors who
are to represent the industrial, commercial, agricultural and other interests.
Again, in the election of the executive committee, provision is made that
not more than one of the elected members shall be chosen from one district.
The executive committee is to consist of nine members, of whom the Governor and the two Deputies and the Comptroller of the Currency are ex
officio; but of the five elected members only one may be chosen from a particular district.
Provision is now made to extend to State banks and trust companies the
privileges of the association. This is accomplished by establishing certain
standards of banking, compliance with which will establish eligibility for
membership in the association and for participation in its privileges. If a
State bank or trust company complies with the prescriptions of the national
Banking Law as regards its capital—that is to say, if it has a capital of not
less than that required for a national bank in the same locality, and if it
maintains
the same reserves against its deposits, and if it submits to exBANKERS
BANKS,
AND
TRUST
CO'S.
ITEMS ABOUT
aminations and makes whatever reports are required—it may subscribe
—The public sales of bank stocks this week aggregate 30 to the association upon the same terms as the national banks.
All subscribing banks, whether organized under national or State charters,
shares, of which 12 shares were sold at the Stock Exchange
must conform to the same reserve requirements, but the subscribing banks
and 18 shares at auction. The transactions in trust corn- may count as reserves their deposit
balances with the reserve association,
or its notes. An important change is introduced in regard to the reserves
pany stocks reach a total of 20 shares.
Low. High. Close. Last previous sale. to be held by national banks against time deposits. The provisions of the
Shares. BANKS—New York.
New York trust company law, that a reserve need only be held against time
195
195
195
Oct. 1911— 197
*7 Commerce, Nat. Bank of
deposits for thirty days preceding their maturity, Is adopted ior all sub205
205
205
Oct. 1911— 205
*5 Fourth National Bank
banks of the reserve association.
scribing
Bank__
_
172
%
Exch.
172
%
172
% May 1911— 173
3 N. V. Produee
Provision is also made for the establishment of separate savings depart91
91
91
May 1911— 92
10 Re3erve Bank, Nat
ments in national banks, and a reserve of only 40% of that required for deBANK—Brooklyn.
mand deposits is prescribed for the savings deposits. Another feature,
158
158
158
3 People's National Bank
which will be welcomed by the banks in agricultural regions, is the provision
COMPANIES—New
York.
TRUST
that 40% of the savings deposits may be loaned upon productive real estate
119
1475 147k 147% June 1911
10 liroadway Trust Co
(Section 50).
410
410
410
Dec. 1909
.36
10 Metropolitan Trust Co
The plan provides that the National Reserve Association shall hold 50%
'Sid at the Stock Exchange.
of all its liabilities in cash, but it is also provided that this reserve may be
—The essential changes which ex-Senator Aldrich has trespassed upon under penalty of a progressive tax, which shall increase in
proportion to the deficiency of the reserve. This provision of an elastic
adopted in the revision of the plan for monetary reform out- reserve
against all demand liabilities is an original feature of the presen
lined by him last January were made known yesterday. In plan and has no counterpart in the legislation of other countries.
Among the liabilities against which a reserve is required, exemption is
his re-draft of the plan, Mr.Aldrich preserves its general outmade of one-half of the note issues, which is to be taken over from the nalines, but has amended it in certain particulars wherein it has tional
banks on the'understanding that It is inconceivable that more than
been criticized. Several of the changes which have been half of the notes now outstanding will ever be permanently retired. This
effected are intended to minimize. any possibility of control by allowance of a certain amount of note issue without cover is a feature common to the systems of most other countries.
local organizations or groups of bankers. Provision is also
With regard to the note issue in general, an effort has been made to promade in the new draft for the admissian of State banks and vide special checks for the increase of the note issue without, however, preventing an extension of notes in response to any urgent demand. Provitrust companies in the Reserve Association upon their com- sion
is made that a cash reserve amounting to one-third of the notes outplying with certain requirements as to capital, reserve, ex- standing must always be maintained, and that any notes issued in excess
animation and reports. Under the changed plan it is pro- of $9,000,000 must be covered by cash, dollar for dollar, or subjected to a
special tax of 1 M %, while any issue in excess of $1,200,000,000 must be
posed that national banks be given the right, under proper subject
to a tax of 5% unless covered dollar for dollar, by cash. This will
restrictions and regulations, to establish savings departments, allow of an issue amounting to $200,000,000 more than that now outstandand to lend 40% of their savings deposits upon productive ing, with only a covering of one-third in cash, and will allow of a further exof this issue without more than proportionately covering payment of
real estate—such loans not to exceed 50% of the actual value tension
an increasing tax.
of the property.
What is probably the most ingenious feature of the plan is that which
With regard to the reserves of the National Reserve Asso- concerns the disposal of the 2% bonds now held by the national banks to
their circulation. It has been generally agreed that the present
ciation, it is stipulated in the new draft that all demand lia- cover
bond-secured currency should be done away with, but it has also been conbilities, including deposits and circulating notes, shall be tended that the transfer of $700.000,000 of 2% bonds to the National Recovered to the extent of 50% by a reserve of gold (including serve Association would involve a risk, inasmuch as they could not be disposed of upon the market for much more than 70% on the dollar. At the
foreign gold coin and gold bullion) or of other money which same
time it seemed unlikely that the Government would be willing to re.
the national banks are now authorized to hold as part of fund these 2% bonds into 3 per cents, on account of the loss of $7,000.000
involved. The proposed arrangement disposes of all
their legal reserve; whenever the reserve falls below 50%, annually in interest It
furnishes a means for bringing an end to the bondof these obstacles.
the Association is to pay a special tax upon the deficiency securer; currency withoutiloss totthe Governmentand without imposing upon
at a rate increasing in proportion to such deficiency. In the Reserve Association the ownership of $700,000,000 2% bonds.
As the bonds are taken over by the Reserve Association, they are to be
cotnputing the demand liabilities of the Association, there is
refunaed into 3 per cents without the circulation privilege; but the Associato be deducted a sum equal to one-half the amount of the tion is to reimburse the Government for the additional cost by the payment
United States bonds held by the Association, which have annually of a 13i% franchise tax. Inasmuch as the banks return to-day
upon their 2% bonds on account of the circulation privilege, the
been purchased from national banks, and which had pre- net%charge
to the Government to-day is 1 Y2%,and it will continue the same
viously been deposited by those banks tmecure their cir- under the proposed plan. At tile same time the Reserve Association will
hold
3%
bonds
instead of 2 per cents, and will be able to dispose of them
culating notes.
the market from time to time if it chooses so to do.
Another change incorporated in the plan deals with the upon
One of the objects which the Reserve Association plan is intended to
disposition of the 2% Government bonds held by national make possible is the rendering available of commercial paper for the auxilreserves of banks. At present a large proportion of these reserves is
iary
banks to secure circulation. It is proposed that as the bonds
ent on call to the Ftock market in our financial centres during considerable
are taken over by the Reserve Association, they are to be re- portions of the year. This has been necessary because such loans furnish
funded with 3 per cents without the circulation privilege; the only means available to the banks through which they could recoup their
but the Association is to reimburse the Government for the cash in case of need for reinforcing their reserves. Under the Reserve Association plan, banks holding commercial paper
transmute that paper
additional cost by the payment of an annual franchise tax immediately into available funds by re-discount can
with the Reserve Associaof 13.-%. A further provision gives local associations tion.
the present plan a special effort has been made to define the kinds of
authority to assume and exercise the powers and functions
and bills available for rediscount by the Reserve Association, so as
of a clearing house, and the National Association may call to limit them to such short-time obligations arising out of commercial
upon any local association to perform such services in facili- transactions. In the language of the plan,the rediscountable notes and bills
drawn for agricultural, industrial or comtating the domestic exchanges of the Reserve Association as are limited to those "issued orcarrying
stocks, bonds or other investment
mercial purposes, and not for
the public interests may require. The appended statement, securities." This will unquestionably enlarge the market for strictly comeffect
of
paper
and
the
mercial
will
have
restricting the loans of banks upon
Piatt
Andrew,
A.
Assistant
Secretary of the Treasissued by
Stock Exchange collateral. It will tend to stabilize the rates for call money
ury and Special Assistant to the National Monetary Com- ar7TTO prevent the enormous rises in rates which this country witnesses
mission, on Thursday,indicates what Mr. Aldrich has sought periodically, but may result in a somewhat higher average rate for call
money than has prevailed hitherto.
to accomplish in his re-draft:
This is the plan which Senator Aldrich
presents to the Monetary Commission to supplement what he submitted to them last January. It contains an elaboration of many points which were then only suggested and
many qualifications and modifications of detail which are the result of discussion which has occurred since that time. This plan is submitted to the
members of the Monetary Commission as a basis for their discussion. The
organization is as originally submitted, but special provisions have been
introduced to minimize any possibility of control by local organizations or
groups of bankers.
For instance, in the selection of the directorate of the National Reserve
Association, it is provided that not more than three of the twenty-four
Senator Aldrich, it is understood, will address the Convention OT the Indiana Bankers' Association on Oct. 25 and
26; the Western Economic Association at Chicago on
Nov. 10; and the Trans-Mississippi Commercial Congress at
Kansas City on Nov. 14. He is also to be one of the speakers
at the New Orleans convention of the American Bankers'
Association.
—In speaking at the Catholic Club on Thursday night on
"The Panic of 1907," James G. Cannon, President of the
1078
THE CHRONICLE
Fourth National Bank of this city, referred to the modified
plan prepared by ex-Senator Aldrich, and stated that in his
opinion it would be found satisfactory to a majority of those
interested in the problem, and would serve to make panics in
the future improbable, if not actually impossible. The following extract from his remarks is given in the New York
"Times":
I have talked with bankers all over this country in the last few months,
and I find practically all of them pleased with it. I believe it more nearly
meets the needs of the country than anything that has ever been devised.
There are many new things in it. It can yet be improved, no doubt, but
many of the objectionable features in the old plan have been removed in
recent revisions.
—Public hearings on the proposed Aldrich plan for monetary reform were given by the National Monetary Commission at sessions held in this city at the Hotel Plaza on Monday
and Tuesday of this week. Later in the week, on Thursday
and Friday, similar meetings were held in Chicago, and
to-day (the 21st) hearings on the plan will take place at
St. Paul. Subsequent hearings are scheduled as follows:
Minneapolis, Oct. 23; Seattle, Oct. 27 and 28; Portland,
Ore., Oct. 30; San Francisco, Nov. 1 and 2; Salt Lake City,
Nov. 6; Denver, Nov. 8; Omaha, Nov. 9; Kansas City,
Nov. 10, and St. Louis, Nov. 11. In the absence of Senator
Aldrich, Chairman of the Commission, Edward B. Vreeland,
Vice-Chairman, presided at the New York sessions. The
purpose of these hearings is to afford opportunity for the
final presentation by financial and commercial interests of
views and suggestions in the matter before the Commission
submits its report to Congress. The Commission has until
Jan. 8 1912 in which to prepare its report. A revision of his
original plan has E een completed by Mr. Aldrich, and the
new draft, which we refer to in another item, was made public
yesterday. Those who ventured their views at the New York
sessions included Ed ward D. Page, representing the Currency
Committee of the Merchants' Association; Isidor Straus,
Treasurer of the New York State Branch of the National
Citizens' League for the Promotion of a Sound Banking
System; Frederick Farnsworth, Secretary of the American
Bankers' Association; Edmund D. Fisher, Deputy Comptroller of New York City; Prof. E. R. A. Seligman, of the Department of Economics at Columbia University; Stewart
Browne, of the banking firm of Stewart Browne & Co., New
York, and Robert D. Kent, of Passaic, N. J. While the
principles of the plan were in the main commended by the
speakers, suggestions as to changes which are considered
advisable were made. According to Mr. Page, the only
objection which the merchants have to the plan rests in the
tax on circulation which it provides. On this point Mr. Page
said: "It puts a tax on the merchant at a time when other
influences tend to create a high rate of interest, and any thing
which causes a rise or a fluctuation in the interest a merchant
must pay for accommodation is a clog in the wheels of the
manufacturers. Especially is this true of those who compete with foreign manufacturers, who have the advantage
of an almost.stable rate of interest." Mr. Page also contended that the merchants were more interested in a new
currency system than the bankers. "A banker," he pointed
out, "may dishonor his obligations in times of stress by
simply suspending; a merchant cannot suspend without
ruining his business, and his way of making a living is
gone." Reference was made by Mr. Page to the criticism
of James J. Hill to the effect that the National Reserve
Association might be liable to control by large moneyed
interests, Mr. Page dismissing this suggestion in the following
manner:
I made a little calculation on the supposition that there would be 20,000
instead of the actual 28,000 banks in the association, and I found that,
even so, it would require $495,000,000 to control the three-fifths of the
directorate of the association, who are elected by a numerical vote of the
banks—an expense that would hardly be worth Wall Street's while for the
rather illusory advantages Mr. Hill seems to see in such control. In order
to control the remaining two-fifths of the directorate, who are elected on the
basis of the capitalization of the constituent banks, an additional $1,500,000,000 would be needed. And for these two billions of dollars, even if that
sum could be raised, Wall Street could achieve absolutely nothing;inasmuch
as the National Reserve association is prohibited from loaning its funds
on stocks and bonds or for such purposes as Wall Street would favor.
Prof. Seligman, in his discussion concerning the plan,
declared that "the overwhelming mass of business men favors
the proposed scheme, and it carries out the economic principles long advanced by thinkers in this country and abroad."
We quote from the New York "Times" further comments
by Prof. Seligman:
We hear much objection to the proposed scheme on grounds of centralization. I think this is a false cry in that the people who use it misunderstand what they mean by decentralization. We want decentralization of
facilities, but centralization of reserve. Facilities must be at the beck and
call of local communities. But where you have decentralized reserves you
cannot have facilities. We must have a banking system that will create
[VoL.
safety not merely to a few favored business sections but to business throughout the country. The big man can usually step from under in times of a
panic; the real sufferer is the small business man in outlying sections of
the country.
At present the great distinction between this country and those of Europe
is the greater importance attached here to speculation in Wall Street rather
than to actual business. All the reserve funds of the country are loaned
for temporary profits to Wall Street at present rather than to the business
interests. The proposed scheme would not only favor the business men
Instead of Wall Street, but would minimize the fluctuations in Wall Street
itself, due to the present speculation.
In other words, I think the proposed scheme, by putting the reserves
largely in the hands of banks throughout the country, would democratize
banking reserves and banking facilities, instead of putting more power into
the hands of a few.
Under the present system, too, our banking is prevented from participating in the profits of world banking, and has become a purely local system. Your plan, permitting banks to accept foreign drafts drawn upon
them, and then allowing the National Reserve Association to re-discount
those papers, will enable a smaller bank in a Far Western town to have
immensely larger chances of profit by participating in the world's banking
instead of in purely local business.
At the one end the proposed scheme would decentralize facilities and allow
the small banker to stand up with the biggest banker in the land, and at
the other it would internationalize banking. enabling American bankers to
participate in the business of the world. At present the commissions of
London bankers, through drafts drawn on them alone, amount to hundreds of millions of dollars. The new scheme would increase the profits of
international trade, and would require less exports to make up for our
imports.
From the point of view of the business man, and through him the farmer
and laborer, the new system would mobilize commercial credit, Hitherto
we have used and still use primitive forms in our methods of doing business.
We must introduce some system of re-discounting commercial paper, which
we have not now. Japan, which adopted our system, dropped it after a
two years' trial. Of all the nations of the world, we alone lag behind in
this respect.
Exception was taken to the plan by Mr. Browne on the
ground that it offered no remedy for hoarding by the people
and the banks in time of panic—a condition, in his opinion,
of more concern than elasticity. In answer to the suggestion
by Mr. Browne that the best preventative of hoarding would
be to limit the multiplication of small banks—according to
him the worst offenders,—Mr. Straus took occasion to state
that "to discourage the small banks is the one thing we don't
want to do. We must encourage them, and that, I think, is
the strongest feature of the whole plan." Mr. Straus also
had the following to say with regard to the Commission's
work:
I cannot tell you how greatly T appreciate the splendid work the Commission has done. You have enlightened our wisest financiers with the
documents you brought here after your study of the banking systems abroad.
Despite possible defects here and there, you have, on the whole, outlined
a basis of remedying the terrible conditions underlying our entire system.
You cannot go too far In making the small banker understand that the plan
contemplates,above all,helping him in his business rather than driving him
out.
It gives him all the banking facilities he has at present, and in addition
the facilities which his central reserve agent in the panic of 1907 refused
him. From the moment this plan goes into operation the United States
will loom up as the world's chief trade centre. Heretofore the foreign
banker has held—and rightly, too—that a time bill on the United States
or on New York locked up his money until maturity; whereas a time bill
on London was practically cash. From the moment this plan is adopted,
that condition is eliminated. New York can never be an exchange centre
until we have facilities such LIS your plan provides. Thereafter New York
will not only equal but supplant London as the exchange centre of the
world.
Mr. Fisher thought trust companies should be eligible for
membership in the National Reserve Association; he also suggested that half the members of the board of directors of the
Association should come from the mercantile community,
and thought that four Government representatives would be
sufficient on the board, the rest to be made up of bankers
and merchants.
—President Taft this week decided to extend his trip
several weeks beyond the original schedule, and instead of
concluding his tour on Oct. 31, as contemplated at the start,
he wilf not return to Washington until about the middle of
November. From Pittsburgh, where he is scheduled for
Oct. 31, and which was to have been the final point covered,
President Taft will go to Morgantown, W. Va., spending
Nov. 1 there; after a rest of five days at Hot Springs, Va., he
will reach Cincinnati on Election Day, Nov. 7; he has arranged to be at Louisville Nov. 8; Frankfort, Ky., on Nov. 9;
Hodgenville, Ky., Nov. 10, where he will attend the Lincoln
Farm Celebration, and on Nov. 11 will cover Nashville and
Sewanee, Tenn. The trip as a whole will embrace some
16,000 or 17,000 miles, and will be the longest ever taken by
a President while in office.
—The corporation tax law, in so far as it affects insurance
reserves and sums set aside for the amortization of bonds,
is the subject of a decision by the Commissioner of Internal
Revenue. While Mr. Cabell's opinion in the matter appears
to have been rendered on Aug. 25, it is only made public in
the Oct. 5 number of the Government's pamphlet devoted
to "Treasury Decisions." The Commissioner decides that
in making returns of annual net income insurance reserves
OCT. 21 19111
THE CHRONICLE
and sums set aside for the amortization of bonds are properly
deductible from gross income. His opinion is contained in
the following communication:
TREASURY DEPARTMENT,
OFFICE OF COMMISSIONER OF INTERNAL REVENUE,
Washington, D. C., Aug. 25 1911.
Sir: Referring to our conference relative to insurance
matters on the
11th inst., • • • I will state the position of
this office with regard
to several items discussed:
First—The net addition to reserves required by law
to be made within
the year to reserve funds may be the highest amount required
by any State
in which the insurance corporation actually does business.
In the case of
assessment insurance companies, the law provides that the actual
deposit
of sums with State or Territorial officers, pursuant to law,
as additions to
guaranty or reserve fund, shall be treated as being payments required
by
law to reserve funds.
Second—The reserves carried by various insurance corporation to
s
provide for taxes due and payable within the year for which the return is made
cannot be accepted as taxes paid, unless such taxes were actually
so paid.
The second paragraph of Section 38 of the Act of Aug. 5 1909, referring
to
deductions from gross income, provides "(Fourth) all sums paid by
it
within the year for taxes imposed under the authority of the United States
or of any State or Territory thereof, or imposed by the Government of any
foreign country as a condition to carrying on business therein." You
will note that the language of the statute is "all sums paid by it within
the
year for taxes," &c.
Third.—Relative to amortization of bonds, where a
corporation holds
bonds which were purchased at a rate above par and said corporation
shall
proportionately reduce the value of those bonds on its
books each year,
so that the book value be the redemption value of the bonds
when such
bonds become due and payable, the return of annual net
income of the
corporation holding such bonds may show the depreciatio
n on account of
amortization of such bonds. The requirement is,
however, that the
amount carried to the amortization account each year shall be practically
proportioned with respect to the difference between
the purchase price
and the maturing value and the number of years to elapse
until the bonds
become due and payable. With respect to bond issues,
where such bonds
are disposed of for a price less than par and are redeemable
at par, it is also
held that because of the fact that such bonds must be redeemed
at their
face value, the loss sustained by reason of their sale for
less than their face
value may be prorated by the issuing corporation in accordance
with the
life of the bond.
With respect to the depreciation on real estate, it appears to be difficult
to say more than is set forth in the regulations. The depreciatio
n must
have actually occurred before it can be allowed. Where it is necessary to
eliminate the depreciation, such estimate must be in accordance with the
best data obtainable with respect to properties similar to that on which
the depreciation may be claimed. It is understood, of course, that such
depreciation should be charged off on the books of the corporation claiming
the same.
Respectfully,
ROYAL E. CABELL, Commissioner.
Mr.
—Still another communication with respect to the Corporation Tax Law, governing the interpretation under which it
is held that corporations having a net income of $5,000 or
less are not exempt from the requirement calling for a return
of their annual net income, appears in "Treasury Decisions"
of the 12th inst., and we quote it herewith:
TREASURY DEPARTMENT,
Office of Commissioner of Internal Revenue,
Washington, D. C., October 9 1911.
Sir: I have your letter of Oct. 6 advising me that you have been called
upon by a Member of the United States Senate and by a Member of Congress,
who protest vigorously against the enforcement of Section 38 of the Tarn?
Act of Aug. 5 1909, commonly known as the Corporation Tax Law, against
corporations whose net earnings are less than $5,000 and against whom
there is, therefore, no tax assessment, and I note your inquiry to be advised
as to whether or not the interpretation of the law set forth in the regulations on the subject have been considered and approved by the
Solicitor
of Internal Revenue or otherwise.
I beg to advise you that this question was one of the first to present
itself
in connection with this law. It seems that a careful reading of the
statute
itself would show that it was the intention of Congress that
every corpora..
tion not specifically exempt should make the report called for
by the statute;
that the matter of tax liability is not material so far as such report
is concerned, because each company does not itself fix its tax
liability, but
furnishes to the Bureau of Internal Revenue certain data, and
the Commissioner of Internal Revenue then calculates whether
or not there is
tax liability and makes the assessment or withholds it accordingly.
Realizing, however, the importance of the question, the matter
was
gone over in the law division of this office and with the Solicitor carefully
of Internal
Revenue,and, as a result of this consideration, on Dec.3 1909
the
containing the provision that every corporation, joint-stock regulations
company or
association not specifically exempt shall make the returns
called for by the
statute, whether its net income was over $5,000 or not, were
promulgate
d.
Shortly after this the question arose as to whether a company
whose net
income wasover $5,000, but whose income was in part
received by way of
dividends from a company whose net income was less
than $5,000, was
entitled to claim the dividends so received as a deduction.
In order that
the matter might be considered from a different viewpoint,
and the status
of companies whose net incomes were less than $5,000 more
definitely fixed
with reference to this law, this question, under date of Jan.
15 1910, was
submitted to the honorable Attorney-General, and in an
official opinion
rendered by him under date of Jan. 24 1910, he uses this
language:
.. •
•
•
The question is whether or not a corporation
whose
net income does not exceed $5,000 and which,therefore,
pays no tax under
this statute, is a corporation subject to the tax thereby
imposed within the
meaning of the Act.
"When the language of the Act is considered,
together with the clear
intent of those who drafted Its provisions, I think
there can be no doubt
about the answer that should be given to this inquiry.
The Act expressly
declares that every corporation of the kinds
mentioned'shall be subject to
pay annually a special excise tax,' and then provides
a method for the computation of the amount to be paid, Therefore, every
one of such corporations falls within the provisions of the Act and must
make out a report
of its business as therein required, and in every
respect comply with its
terms. It may turn out when the calculation is made
on the basis specified
that no tax will be assessed against it, not because the
corporation is not
subject to the tax, but because Its earning capacity
is not sufficient to
1079
necessitate its imposition for that year, just as every male person
within
certain ages may be subject to draft during the time of war, yet
the conditions necessitating the draft may never arise.
"The manifest meaning of the language is clearly in accord with
the
legislative intent."
•
•
•"
There was no doubt in the minds of any of the officers of this
Bureau
charged with enforcing this law as to what the ruling of the AttorneyGeneral would be. In fact, a contrary construction would not only
have
appeared to violate the language and intent of the law, but would
have
had the effect of rendering its enforcement almost, If not quite impossible.
As you are doubtless aware, the formal opinion of an Attorney-Genera
In matters of this kind is, so far as administrative officers are concerned,
final and conclusive until reversed by a court of competent jurisdictio
n.
Of course all rulings of administrative officers are subject to review in
the
Federal courts. It may be that some one interested will try this question
out, but until the courts shall have ruled to the contrary,no Internal revenu
officer has any option but to enforce the law in accordance with existing
regulations.
Respectfully.
ROYAL E. °ABELL, Commissioner.
Collector of Internal Revenue, Omaha, Neb.
—In a communication addressed to the cashiers of the
national banks throughout the country, Comptroller of the
Currency Lawrence 0. Murray seeks their viewsas to certain
amendments in the laws governing the operation of their institutions. The inquiries are made both in the interest
of the Treasury Department and of the National Monetary
Commission. The questions affecting the National Banking
Acts which Mr. Murray puts before the officials are:
Would you favor an amendment to the law allowing national banks
to
invest a certain percentage of their deposits in real estate mortgages?
Would you favor an amendment to the law specifically authorizing
the
establishment of savings departments in national banks?
Would you favor restricting real estate loans to a certain percentage
Of
the deposits in such savings department?
Would you favor the segregation of savings deposits and the restriction
of
their investment as provided by the mutual savings bank laws of
certain
States?
These inquiries are preceded by questions as to
whether or not savings deposits are received by the institutions addressed, and,where they are, whether these depart-.
meats are operated as a separate division, with separate
books, etc.; whether the deposits are subject to withdrawal by
check or only upon the presentation of pass books, or the
surrender of certificates of withdrawals, and whether regulations providing for notice of withdrawals are enforced.
—It is announced that the Stanley Committee which
was named at the last session of Congress to inquire into the
operations of the United States Steel Corporation will not
resume its hearings until about the middle of November,
owing to the fact that political interests will engage the
attention of the members in the meantime. The committee
adjourned on Aug. 12 and was to have reassembled on Oct.
16. Representative Stanley, who is Chairman of the
committee, was quoted recently as stating that it was the
intention of his committee to extend its probe so as to include
violations of the Inter-State Commerce Law. In drawing
attention to the fact that his committee is not limited merely
to the scope of the Anti-Trust Act, but may extend its inquiry to the Inter-State Commerce and banking laws, Mr.
Stanley, according to the New York "Tribune," said:
I am convinced that as a result of Its investigation the people
will very
shortly see new activity on the part of the Inter-State
Commerce Commission. I do not mean to criticize the Commission; it deserves
no criticism. This Commission must act on complaints filed before it,
and while
It has been asserted repeatedly that no complaints have been
filed, It does
not follow that no complaints should or that none will be filed.
—An order establishing a postal savings system in the
Panama Canal Zone was signed by President Taft on the
4th inst. It is announced that the proposed system, which
will become operative on Nov. 8, will differ materially from
that in the States; instead of being under the direction of the
Post Office Department it will be under the supervision of
the Isthmian Canal Commission, and no interest is to be paid
on the deposits, the purpose being merely to provide a depository for the funds of the Canal Zone inhabitants.
—The Post Office at Baltimore was opened as a depositary
for postal savings funds on Saturday, Sept. 30, and on the
same day the postal savings system was inaugurated at
Washington, D. C., Charleston, S. C., Savannah, Ga., and
Little Rock, Ark. Postal savings banks have also been
opened at the following points: Sherman, Texas, on Sept. 26;
Gloucester, Mass., Greenfield, Mass., Bristol, Tenn., Oak
Park, Chicago, and Winona, Minn., on Sept. 28; Green Bay,
Wis., Sept. 29; Phenix,River Point and Arctic, R. I., Akron,
Ohio, Toledo, Ohio, McAlester, Okla., Lincoln, Neb.,
Salina, Kan., and Covington, Ky., on Oct. 7; Portsmouth,
Va., and Fort Worth, Texas, on the 14th inst. Post offices
as follows have been designated to receive deposits beginning Nov. 4: Asbury Park, N. J., Montclair, N. J.,
Newburgh, N. Y., Northampton, Mass., Canton, Ohio,
Lima, Ohio, Newark, Ohio, Portsmouth, Ohio,. East
Pittsburgh, Pa., Johnstown, Pa., New Castle, Pa., Sharon,
1080
THE CHRONICLE
[VoL. Lxxxxm.
to $400,000. This is equivalent to 32% per annum on the
capital stock of $5,000,000.
—A finding adverse to the National City Bank of this city
is made in the report filed this week by Charles F. Brown,
Special Master in the action brought against the bank by the
trustee in bankruptcy for the failed firm of Lathrop, Haskins
& Co. The case is similar to that of J. M. Fiske & Co. and
the Mechanics' & Metals' National Bank, and the decision
of the Special Master is the same in both instances. In the
case of the National City Bank a loan had been accorded the
firm by the bank in the early part of the day on which the
firm suspended—Jan. 19 1910—and,following the announcement of the firm's embarrassment on that day, the bank secured from it certain collateral securing the loan. This
transfer, Mr. Brown decides, constituted a preferential payment under the Bankruptcy Act, and he holds that the trustee for the firm is entitled to the return of the securities, or,
in default of the same, to a judgment for $161,740—this inThe private bankers of the State voluntarily gave up their rights to a
amount involved and interest and
half interest in the control of the association and allowed the new constitu- cluding interest on the
the securities. The defense offered by the
tion and by-laws to be adopted without protest.
from
dividends
Having outnumbered the organized bankers in the early days of the bank was that the securities were considered as being held
State organization, the private bankers had the constitution arranged in a
bank to cover the accommodation.
manner that provided for the alternate control of the association, they by the firm in trust for the
naming the President one year and the organized bankers naming him the
Howard Willets againstithe memof
suit
the
of
re-trial
—A
next. Now that the private bankers represent only about one-third of
house of H. W. Poor & Co. has
the membership, equal division of the office was considered unfair, and the bers of the failed banking
new constitution, which does away with the former arrangement, was again resulted in a verdict in favor of Mr. Willets. Mr. Wildrafted.
lets' action was instituted to recover on an investment in
—Among the many prominent Eastern bankers who are 1004 in bonds of the Newton & Northwestern RR., which,
mentioned for Chairman of the Executive Council of the it was alleged, he was induced to purchase through misAmerican Bankers' Association to be elected at the New leading statements in the prospectus. On Nov. 30 1909
Orleans meeting, is Ledyard Cogswell, the well-known Presi- a verdict was returned in the Supreme Court at White Plains,
dent of the New ;York State National Bank of Albany. Mr. N. Y., under which Mr. Willets was awarded the sum of
Cogswell is a former President of the New York State Bank- $277,899—representing the amount invested and accrued
ers' Association.
interest. Last December the Appellate Division set aside
this verdict and ordered a new trial, and on the 9th inst.
the
—On account of the large demand for reservations for
at White Plains again detour of the Panama Canal which has been arranged by the last a jury in the Supreme Court
him $277,899, with
awarding
Mr.
of
Willets,
favor
in
cided
special
their
with
connection
in
New York Central Lines
for
fees.
counsel
additional
bankers' trains to the meeting in New Orleans of the Ameri- $2,000
—Sentence in the case of Joseph G. Robin, who was incan Bankers' Association, the committee in charge has found
it necessary to charter an additional steamer, the Heredia, dicted some months ago on charges of grand larceny followfrom the United Fruit Co. Judging from the interest taken ing the closing of the Washington Savings Bank, was postin this "side trip," even with extra provision which has poned indefinitely by Justice Seabury of the Criminal Branch
been made for the delegates, there will hardly be sufficient of the Supreme Court on the 9th inst.
accommodation. A number of inquiries with regard to the
—The Audubon National Bank was placed in voluntary
trip have been received from Europe, particularly from liquidation, to take effect on the 7th inst., under action of
London, Paris, Berlin and Copenhagen. The steamers, its stockholders on the 6th. The institution has been windwhich are known as the "Bankers' Fleet," will be designated ing up its affairs since July 19.
similar to the specials, namely Red, White, Blue and
—The Gotham National Bank, at Columbus Circle and
Green. Two special cars carrying the Pittsburgh bankers Eighth Avenue, has been made an associate member of the
will join the through bankers' trains from New York at New York Clearing-House Association, and,beginning to-clay
Cleveland. Full particulars regarding this tour were pub- (the 21st),will clear its checks through the Liberty National
lished in these columns a few weeks ago.
Bank. Zoheth S: Freeman, Vice-President of the latter,
—At a regular meeting of the directors of the Fourth has been elected a director of the Gotham National. The
National Bank of this city on Tuesday, Cornelius N. Bliss Jr. Gotham was recently appointed a Government depositary
was elected a director in the place of his father, the late for postal savings funds. The institution began business
Cornelius N. Bliss. Mr. Bliss is a member of the firm of on April 11 1910.
Bliss, Fabyan & Co. On the same day the directors passed
—Work is now under way on the new bank building for
resolutions giving voice to their sense of the loss sustained the Essex County National Bank of Newark, N. J., and when
in the death of their late associate. Mr. Bliss Senior had completed the structure will be one of the finest of its kind in
been on the directorate of the institution since 1874. He the city. It will be built entirely of Vermont white marble,
had been its Vice-President from 1879 until 1895, and had with a massive bronze window facing Broad St. The inserved as President pro tern for a period in 1888. Similar terior of the main banking room will be constructed of Italian
resolutions of esteem were adopted by the directors of the Botticino marble and solid mahogany. The Safe Deposit
Home Insurance Co. on the 13th inst. Mr. Bliss was Chair- Department in the basement of the building will be a feature.
man of the latter's Finance Committee at the time of his Under date of Sept. 1 the institution had deposits of $7,death on the 9th inst.
959,673 and aggregate resources of $11,035,545. It has a
—James S. Alexander, President of the National Bank of capital of $1,000,000 and surplus and profits of $1,487,072.
Commerce in New York, was elected a director of the Charles L. Farrell is President and A. F. R. Martin Cashier.
Bankers Trust Co. on the 16th inst.
—The Sept. 1 statement issued by the People's National
with
—Charles H. Sabin, Vice-President of the Guaranty Trust Bank of Westfield, N. J., shows deposits of $598,069,
and aggregate resources of
Co. of New York, returned from Europe on the 13th inst. surplus and i3rofits of $29,406
composed prinon the White_ Star liner Baltic. He had been abroad on a $728,873. The directorate of this bank is
residents of
brief vacation devoted entirely to recreation. Mr. Sabin .cipally of New York business men who are
includes
had nothing to say regarding financial matters, except that Westfield and Plainfield, N. J., and its membership
of
Vice-President
-J.
Case,
Herbert
bankersYork
New
two
much
found
the
situation
in London on the way home he
both the Franklin Trust Co. of N. Y. and the Plainfield
improved.
Rollin P. Grant, Vice-President of the Irving
—The statement issued by the Guaranty Trust Co. as of Trust Co., and
Bank of this city. The bank has $50,000
Exchange
National
Sept. 29, in response to the call of the State Comptroller,
is President, J. E. Gallagher
Townsend
Samuel
capital.
of
gain
.
is
This
a
$161,000,000
shows total deposits of over
is Cashier. Westfield
Griswold
H.
H.
and
is
Vice-President
$16,800,000 since the last previous call of June 7. The
thriving suburbs.
capital, surplus and undivided profits of this, the largest is one of New Jersey's
—The Webster & Atlas National Bank of Boston is distrust company in America, amount to $26,600,000, and
ac$160,000 has been added to the undivided profits since tributing an advertising novelty to solicit new deposit
pocket
is
an
inside
getter"
"business
little
This
counts.
amounting
paid
been
also
has
dividend
quarterly
A
June 7.
Pa., Peoria, Ill., Rock Island, Ill., Anderson, Ind., Fond du
Lac, Wis., Omaha, Neb., and San Diego, Cal.
—An amendment to the banking laws of Ohio enacted at
the last session forbids the use of the word "State" in the
name of a financial institution not subject to the provisions
of the State banking law or the law regulating building and
loan associations, according to the "Ohio State Journal".
No action, it is stated, has yet been taken by the Department
under the new provisions, but private banks using the word
"State" in their titles will be asked to see to it that a change
is made to conform to the requirements of the new statute.
—Before concluding its annual session last week,the Illinois Bankers' Association adopted a resolution endorsing the
proposition of Mr. Aldrich for revising the monetary system.
A change in the manner of control of the State Bankers'
Association was effected at the late meeting. On this point
the Chicago "Tribune" says:
OCT. 21 1911.]
THE CHRONICLE
folder made of strong red cardboard for carrying personal
papers and other memoranda in convenient form. It has a
small replaceable calendar in one panel and in another space
a slate to jot down "what to remember to-day," and the
entries may be erased with rubber or damp cloth. The bank
is also distributing penholders. On Sept. 1 the institution
had $1,073,738 surplus and undivided profits, less expenses
and taxes paid, in addition to a capital of $1,000,000. John
P. Lyman is President; Joseph S. Bigelow, Vice-President;
Joseph L. Foster, Cashier, and Robert E. Hill, Assistant
Cashier.
1081
National Bank, and the new company will be operated in
connection with that bank.
—The American Trust Co. of St. Louis, which since its
organization two years ago has cleared through the National
Bank of Commerce, was admitted as a member of the St,
Louis Clearing-House Association on Monday.
—An application to organize the Citizens' National Bank
of Phoenix, Ariz. (capital $100,000), was approved by the
Comptroller of the Currency on Sept. 27.
—William S. Parker Jr., formerly Assistant Cashier of the
—A 25% dividend was lately paid to the depositors of the Southern National Bank of Louisville, Ky., was sentenced
Waterville Trust Co. of Waterville, Me. This is the second on Monday to five years in the U. S. prison at Atlanta. It is
payment made to the depositors since the company closed stated that he was recently indicted on charges of embezzling
its doors in May 1909, the first dividend, amounting to 50%, $38,000 of the funds of the bank.
having been distributed in January 1910.
—Caldwell Norton has been elected to succeed Sam. P.
—George W. Norris will retire on Dec. 1 from membership Jones, resigned, as President of the Commercial Bank &
in the firm of Edward B. Smith & Co. of Philadelphia. An Trust Co. of Louisville'. Mr. Norton had previously held the
office of First Vice-President and Trust Officer of the comannouncement issued in the matter says:
Mr. Norris will not wholly withdraw from business interests, but expects pany.
to devote himself primarily to a further study of public questions, including
—A charter has been issued for the Real Estate Savings
the problems of governmental regulation of railroad rates and of industrial
Bank of Wheeling, W. Va., capital $25,000. It will opercombinations. Mr. Norris believes that the present basis
of regulation is
illogical and that a proper solution of the problems involved is essential
to ate a general banking business.
national prosperity.
—A charter has been issued for the Union Dime Savings
—William L. Carlile has been elected to succeed the late Bank of Wilming
ton, N. C. The authorized capital is reWilliam D. Crommie as Secretary of the Columbia Avenue ported
as $125,000, and the incorporators, according to the
Trust Company of Philadelphia. Other changes in the in- Wilmington "Star,"
are given as F. W. Dick and J. Holmes
stitution are the appointment of N. L. Bright as Title Officer, Davis
Jr., respectively Cashier and Assistant Cashier of the
Robert E. Fabian as Assistant Title Officer, William T. People's
Savings Bank; C. E. Taylor, President, and J. L.
Burkhardt as Assistant Trust Officer and Joseph B. Mont- Williams
, Cashier of the Wilmington Savings & Trust Co.
gomery as Assistant Secretary.
—The Traveler's Bank & Trust Co. is the name of a new
—Percy M. Chandler was appointed receiver of the Trades- financial institution which opened for business
on the 5th inst.
men's Trust Company of Philadelphia on the 11th inst. by at 56 Peachtree Street, Atlanta. A general
banking and
Judge McCarrell of the Dauphin County Court. The insti- trust business will be conducted by the new
organization.
tution suspended on Sept. 18 and James A. MacBurney, as Its officers are E. L. Adams, President; W.
S. Lounsbury
State bank examiner, had since served as temporary re- and Jno. F. Cone, Vice-Presidents; Grover
Megahee,Cashier,
ceiver. Mr. Chandler is a member of the firm of Chandler and M. C. Johnson, Assistant Cashier.
Bros. & Co. He had formerly been a director of the trust
—The current depositors of the failed Leinkauf
Banking
company.
Co. of Mobile, Ala. (whose accounts aggregated
over $100,—W.W. Atterbury was elected a director of the Philadel- 000) received a 35% dividend on the 9th inst.
With this
phia Trust,Safe Deposit & Insurance Co. of Philadelphia at a disbursement, it is stated, the current depositors are
paid in
meeting of the board on the 13th inst. Mr. Atterbury is full, leaving only the time depositors and other
creditors to
Fourth Vice-President of the Pennsylvania RR.
be taken care of. The institution suspended on March 20.
—The sale of the assets of the failed Bank of Shasta County
—R. E. Cornelius has been elected President of the Mahoning National Bank of Youngstown, Ohio, succeeding at Redding, Cal., to former State Superintendent of Banks
Edmond L. Brown, resigned. Mr. Cornelius had heretofore Alden Anderson was authorized by the State Superior Court
on the 7th inst. The arrangement is in accordance with an
been Cashier of the First National Bank of Youngstown.
—John R. Walsh,former President of the Chicago National agreement entered into between Mr. Anderson and State
Bank, of Chicago, was released from the Federal Prison at Superintendent Williams. The price which Mr. Anderson
Leavenworth, Kan., on the 14th inst., under a parole of the pays for the assets is $460,461. In addition to this sum,
Prison Board, approved by the Government. Mr. Walsh, which now becomes available for the depositors, it is underwho entered the prison on Jan. 19 1910 under a five-year stood that the stockholders will be assessed $100,000, the
sentence on charges of misapplying funds of the Chicago amount of the capital, in order that the obligations to the
National, became eligible for parole in September, when depositors may be discharged. The deposits, at the time
one-third of his term had been completed. The Chicago the institution closed its doors on March 25 1911, are said
National and its affiliated institutions, the Equitable Trust to have amounted to $710,000. Mr. Anderson is President
Co. and the Home Savings Bank, suspended operations in of the Redding National Bank.
—0. J. Wigdal has been elected President of the
December 1905. Sentence was imposed on Mr. Walsh in
Home
1908, but it was not until January 1910, when he failed in Savings Bank of Los Angeles, to succeed the late R. J.
Waters.
Mr.
Wigdal
his efforts to obtain a new trial, that he began the imprisonhad been a Vice-President of the instiment term. With regard to his plans for the future, Mr. tution for the past seven years.
—Russell J. Waters, President of the Citizens' National
Walsh is credited with saying:
All I want to do now is to get a little rest at home, get a new line
on the Bank of Los Angeles, the Home Savings Bank and the Cititangled threads of the business enterprises I am interested
in since the zens Trust & Savings
adjustment of the Clearing-House note and get those
Bank, and Vice-President of
enterprises in the
best shape I can. After things have been straightened
died on the 25th ult. Alout I do not know the Globe Savings Bank
just what I shall do.
though he had suffered impaired health for some months,
Mr. Walsh is now seventy-four years of age.
his death was unexpected. Mr. Waters located in Californi
a
—The Old Detroit National Bank of Detroit, Mich.,
pro- in 1886, having gone there from Chicago. He was one of the
poses to raise its capital from $2,000,000 to $3,000,000. Its founders of Redlands, and he was identifie
d with many activiplans with regard thereto will be submitted to the stock- ties on the Coast. He was also a member
of the Fifty-sixth
holders for ratification on Nov. 7. The present shareholders Congress from 1899 to 1901. His son,
Arthur Jay Waters,
are asked to waive their. rights to $500,000 of the additional is Vice-President of the Citizens' National
Bank.
stock, the intention being to dispose of this portion to new
—Action on the question of increasing the stock
of the
interests. The other $500,000 will be offered pro rata to Security Savings
Bank of Los Angeles from $1,000,000 to
the existing stockholders. The price at which the entire $2,000,0
00 will be taken on Nov. 2. It is stated that
but
issue of stock will be sold is $150:per share, thus enabling the
$250,000 to $400,000 of the increase authorized will
be issued
bank to add $500,000 to its surplus. Early in the year
the at present.
Old National took over the business of the American Ex—The banking business of the Citizens' Savings Bank of
change National Bank.
Long Beach, Cal., was taken over on the 10th inst. by the
—The Central Loan & Trust Co. of Topeka, Kan., which Farmers'
& Merchants' Bank of that city. The latter, it is
will conduct a general trust company business, has been
said, assumes all the deposit liability of the Citizens', amountchartered with a capital of $100,000. The interests
con- ing to $244,625, receiving as assets $185,000 in cash and the
cerned in its organization are4identified with the Central balance
in securities. The Citizens suspended in January
[VoL.
THE CHRONICLE
1082
1908, but was reorganized and reopened under a deferred- (Commercial.and tniscelantanscklents
payment arrangement the latter part of 1909. The corBANK NOTES-CHANGES IN TOTALS OF, AND IN
porate existence of the institution will be continued, and it
ITED BONDS, &c.-We give below tables which
DEPOS
g
buildin
Bank
l
Nationa
First
the
will retain its interest ih
the monthly changes in bank notes and in bonds
all
show
d
propose
the
of
an,d certain securities until the organization
tenders on deposit. The statement for Sept. 1910
legal
and
holding company is perfected, when it will turn over these will be found in our issue for Oct. S 1910, page 922.
properties to the new concern.
Bonds and Legal Tenders
Circulation Afloct Underon Deposit for
•
-The manner of payment for the new stock of the Bank
1910-11.
a
ng
followi
inst.,
Legal
14th
Legal
of 'Montreal was announced on the
Total.
Tenders.
Bonds.
Tenders.
Bonds.
demeeting of the directors on the previous day, when the
-----$
tails of the issuance of the additional stock were arranged. Sept.30 1911 713,062,810 28,811,90
3 708,976,455 28,811,903 737,788,358
these
in
30,025,825 737,207,748
noted
been
Aug.31 1911 710,141,420 30,025,825 707,181,923 31,396,930 732,824,016
The capital of the institution, as has
0 701,427,086
31.396,93
10
705,648,2
1911
31
July
,000,
to
$16,000
,000
5 728,194,508
$14,400
from
33,169.13
ed
73
increas
be
695.025,0
to
5
is
s,
33,169,43
column
June 30 1911 698,605,810
34,812,726 728.478,011
30 1911 697,441,300 34,812,726 693,665.285 36,675,998 728,144.718
and the new stock was authorized by the stockholders on May
20
691,468,7
8
30,675,99
40
695,657.5
30
1911
April
35,891,130 729,152,916
31 1911 697.082.510 35,891,130 693,261,786 35.815,326 728,935,041
Sept. 5. The stock is offered at $175 per share to the present Mch.
Feb. 28 1911 697,088,760 35,815,326 693,119,715 33,5(16,185 726,445,388
every
for
new
one
share
of
ion
03
proport
5
692,939,2
the
33,506,18
00
in
696,706,3
Jan. 31 1911
shareholders,
5 727,705,981
31 1910 695,663,920 34,335,925 693,370,056 34,335,92
33.160,390 726,855,833
nine held.. The purchase price is made payable in monthly Dec.
Nov,30 1911) 696.693,160 33,160,390 693.695.443 33,538,463 724,874,308
45
3
691,335.8
the
33,538,46
and
70
Oct. 31 1910 694,926,0
installments of 10% each, the first due Nov. 20 1911
subsequent installments being arranged as follows: Dec. 20,
The following shows the amount of each class of bonds
Jan. 22, Feb. 22, March 25, April 25, May 27, June 27, held against national bank circulation and to secure public
moneys in national bank de•ositories on Se•t. 30.
July 29 and Aug. 29 1912.
U. S. Bonds Held Sept. 30 to Secure-The'Banque Internationale du Canada, a new organizaBonds on Deposit
Total
PublieDeposits
tion, began business simultaneously in Montreal and Paris
Bank
Sept. 30 1911.
Held.
in Banks.
bill
Circulation.
on Tuesday. The institution was incorporated under a
passed by Parliament some months ago and a license was
26,521,300
3,776,000
22,745,300
Loan of 1925
21,745,180
3,989,300
17,755,880
granted to it by the Government on Monday. It has a 4%
3% Loan of 1908-1918
15,969,900 608,503,750
50
592,533,8
the
of
1930
01
portion
Consols
2%
0
53,964,80
capital of $10,000,000 and a considerable
2,255,500
0
51,709,30
2% Panama of 1936
29,030,480
712,000
28,318,480
of 1938
stock, it is understood, is held by French interests. Rodolphe 2% Panama 01
12,098,500
0
12,098,50
1961
2% Panama
4,717,000
4,717,000
Forget, M.P., is President of the bank, and Robert Bicker- 4% Philippine Loan
754,000
754,000
Porto Rico Loans
872,000
872,000
dike is Vice-President. In addition to Messrs. Forget and 4%
3.65% District of Columbia
698,000
698,000
of Various, Territory of Hawaii
146,000
Bickerdike, the directorate includes: Stanislaus Badel
146,000
4% Philippine Railway
2,765,000
eauChomer
2,765,000
V.
S.
Paris;
Various, State, City and Railroad
Bade!, Freres et Cie, bankers,
de
48,753,200 761,810,010
713,062,810
Lamotte, Paris, Honorary Governor of the Banque
Total
ields,
Greensh
N.
J.
;
Quebec
u,
Garnea
France; Sir George
Committee
The following shows the amount of national bank 1notes
and
Montreal; Georges Martin, Paris, President of the
and the amount of legal-tender deposits Sept.month
afloat
Paris;
de
e during the
of Control of the Comptoir National d'Escompte
decreas
or
e
increas
their
and
1,
Oct.
Co., bankers;
Raoul Sautter, Paris, of Odier, Sautter &
September.
Minister of the ofNational
Bank Notes-Total AfloatHon. L. 0. Taillon, Montreal, ex-prime
3737,206,748
of
r
Manage
Amount afloat Sept. 1 1911
581,610
Province of Quebec. Godfrey Bird is General
Net amount issued during September
$737,788,358
the bank.
1911
1
Oct.
afloat
Amount of bank notes
been appointed
Legal-Tender Notes$30,025,825
1 1911
-It is announced that B. S. Walker has
Amount on deposit to redeem national bank notes Sept.
1,213,922
head
g
Bank,
Sterlin
the
of
branch
Net amount of bank notes retired in September
Manager of the Montreal
_ _ _ $28,811,903
1
1911_
Oct.
notes
bank
national
o.
Toront
redeem
to
office
Amount on deposit
the
ng
-According to the Toronto "Globe," $250,000 of
STOCK OF MONEY IN THE COUNTRY.-The followi
as well •
been
has
country
ia,
the
in
Columb
of
money
stock
British
ver,
general
Vancou
of
the
Bank
shows
table
the
stock of
d to have as the holdings by the Treasury, and the amount in circulapurchased by French interests, who are reporte
The tion on the dates given. The statementfor Oct. 1 1910 will be
stock.
bank's
an option on a further block of the
8 1910, page 922.
found in our issue of Oct.of
n-Stock Money Oct. 11911- -Money in Circulatio
authorized capital of the institution is $2,000,000.
I
In United
States.
tWouttarg3Crewanercialignglisitgems
English Financial Markets-Per Cable.
&c., at London,
The daily closing quotations for securities,the
past week:
as reported by cable, have been as follows
London.
Mon.
Sol.
Week ending Oct. 20.
d 2434
2434
Silver, per oz
77 11-16 7834
Consols, 234 per cents
77 13-16 7814
For account
94.20
French Rentes (in Paris)_fr.. 94.15
5434
Amalgamated Copper Co_ _ _ 5254
68
Amer. Smelt. & Refining CO.. 6634
7
754
b Anaconda Copper Co
110
Atch. Topeka & Santa Fe_ _ _109
106
10634
Preferred
10054.
9934
Baltimore & Ohio
9034
893.4
Preferred
23694
23534
Canadian Pacific
7634
7534
Ohio
&
e
Chesapeak
19
19
Chicago Great Western
11254
Chicago Milw. & St. Paul_ _ _11234
2434
24
Grande
Rio
Denver &
4954
48
Preferred
3134
3134
Erie
52
51
First preferred
43
4254
Second preferred
143
19254
Illinois Central
151
15134
Louisville & Nashville
33
3134
Missouri Kansas & Texas
70
70
,
Preferred
4094
3934
Missouri Pacific
71
Nat. RR.of Mex., 1st pref 69
3434
3394
preferred
Second
109
N. Y. Central & Ilud. River_108
4034
N. Y. Ontario & Western_ _ _ 3994
19834
10834
Norfolk & Western
91
Preferred
12i.-120
Northern Pacific
6234
0234
a Pennsylvania
71
7134
a Reading Co
46%
a First prefer
a Second preferred
F5Pi 4?;
Rock Island redi(3
11234
11334
Southern Pacific
3034
2934
Southern Railway
72
7134
Preferred
16734
16634
Union Pacific
9634
95
Preferred
6234
6234
U.-8. Steel Corporation
13Prefd
1?li
13
1234
Wabash
27
25
Preferred
5834
58
Extended 4s
a Price per share.
b .£ sterling.
Wed. Thurs.
Tues.
2954
2434
2434
77 15-16 78
78
78 1-16
78
7854
94.1734 94.1234 94.00
52%
53%
53
6634
6734
6734
734
7%
7%
10934
11034
10934
10634
106
10634
9954
100
993.4
9034
9034
9054
23634
2353.(
23634
75%
76
75%
19
19
19
111
11131
111
25
24%
25
48%
48%
49
3134
3134
3134
51
52
51%
42
42
43
143
14234
14234
151
15134
15134
32
32%
32%
71
71
71
40
40 '
403-4
68%
68
71
3334
3334
3334
10834
10834
10834
40
40
40
10934
109
10934
9191
O -li
119%
119%
6234
6234
6234
71
71%
71%
4634
4634
4634
____
4734
4734
25%
26
25%
11234
112
11234
2931
3034
3054
72
72
72%
16654
16034
16794
95
95%
90
6034
8054
6134
11231
11294
11234
1354
1334
1334
26
26%
26%
5834
573-4
5854
Fri.
25 1-16
78 1-16
78%
94.15
54%
67%
73-4
109%
10(3%
99%
90
236%
76
18%
111%
24%
48
31%
51
42%
142%
151%
32
71
40
69
34%
10834
40
109%
120
62%
71%
46%
2531
112%
30%
72
166%
95%
61%
112%
1334
26%
58
Gold coin and bullion__ __*1,782,763,075
- Gold certificates a
Standard silver dollars____ 565,111,508
Silver certificates a
6162,804,189
Subsidiary silver
3,166,000
Treasury Notes of 1800_ _
346,681,010
United States Notes
737,788,358
National Bank Notes
Held in
Treasury.d
185,558,847
71,944,640
27,475,216
5,610,683
19,537,456
10,251
4,926,284
41,068,954
Oct. 1
1910.
Oct. 1
1911.
595,134,459
930,126,029
73,585,292
458,440,317
143,260,733
3,155,749
341,754,732
696,719,904
593,070,080
845,965,959
73,997,901
479,418,513
136,497,442
3,537,225
341,355,137
600,985,364
,081
3,598,315,046 356,132,331 3,242,182,715 3,169,827
Total
1911 estimated at 94,400,000; circulation
Population of the United States Oct. 2
note).
(see
35
$34
per capita,
of the Mint of the stock of gold coin was
4. A revised estimate by the Director
11907. There was a reduction of $135,000,000.
adopted in the statement for Aug.
s an exalt equivalent in amount of the
certificate
ng
outstandi
of
n
a For redemptio
In the Treasury, and is not included in the
appropriate kinds of money is held
of the Government.
account of money held as assets
of the Mine of the stock of subsidiary silver
b A revised estimate by the Director
of Sept. 1 1910. There was a reduction of
coin was adopted in the statement
0.
59,700,00
the Treasury as assets of the Government does
d This statement of money held in in National Bank Depositaries to the credit
not include deposits of public money
amounting to $35,379,120 58.
States,
United
the
of
of the Treasurer
population of the United States during the
Note.-The figures representing theupon the basis of the Census of 1900. The
Past ten years have been estimated
upon the basis of the Census of 1910,reprefigures for this statement are estimated
l United States.
senting the population of continenta
GOVERNMENT REVENUE AND EXPENDITURES.
1910.
(000s omitted.)
9 Mos.
July. Aug. Sept. 9 Mos. July. Aug. Sept. ---$
8
Receipts246,818
23,405 25,953 24,746 225,814 25,051 29,279 27,558
Customs
23,845 26,148 211,661 129582 22,963 25,937 226,640
22,754
_
_
JOrdlnary
Internal
207 28,498 f
187
RevenuelCorp. tax- _ 1,391 4,819
5,234 56,165 4,185 2,727 2,489 38.499
4,535
Miscellaneous
---- 52,085 54,804 50,335 522,136 58,818 54,969 55,984 511,957
Total receipts
Disbursements16,104 13,789 137,797 21,528 16,532 14,206 138,061
Civil dr miscellaneous.. 21,632 14,823 13,566 124,958 20,118 14,723 15,027 116,665
19,343
war
12,989 11,341 93,644 10,302 9,924 9,786 89,889
10,760
Navy
882 16,017 1,533 1,948 1,222 14,752
1,454 1,000
Indians
13,169 14,719 12,340 118,241 13,877 14,97713,154 119,050
Pensions
2,001 3,599
1,119
Postal deficiency
108 15,892
348 16,158 3,247 1,00i
Int. on public debt_ _ _ _ 3-,259 1-,919
3,01Q 3,255 2,318 25,730 4,441 2,537 3,888 28,466
Panama Canal
75,046 62,542 59,392 526,973
Total disbursements.. 72,627 64,809 54,582 533,664
Less repayment of un2,193 1,466 2,977 3,168
1,383
1,458
1,267
1,439
expended balances----532,281 72,853 61,076 56,415 523,805
53,124
63,542
71,188
Total
THE CHRONICLE
OCT. 21 1911.]
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
The Bank of Winters, Cal., into "The First National Bank of Winters.'
Capital, $75,000.
The People's Savings Bank of Greenfield, 0., into "The People's National
Bank of Greenfield." Capital, $50,000.
The Burbank State Bank, Burbank, Cal., into "The First National Bank
of Burbank." Capital, $25,000.
CHARTERS ISSUED TO NATIONAL BANKS OCT. 6 TO OCT. 10.
10,090-"The First National Bank of Mission," Tex. Capital, $25,000.
J. C. Hardison, Pres.; Chas. Volz, Vice-Pres.; C. F. Goodenough
Jr., Cashier.
10,091-The First National Bank of Los Gatos, Cal. Capital, $25,000.
Chas. N. Cooper, Pres.; Zedd S. Riggs, Vice-Pres.; Milton Alison,
Cashier.
10,092--The Placentia National Bank, Placentia, Cal. Capital, $30,000.
A. S. Bradford, Pres.; Thos. E. Barry, Vice-Pres.; E. C. Hazzard,
Cashier.
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive
Railroads (Steam).
1 Holders of rec. Nov. 3a
Atchison Top. & Santa Fe, corn. (quar.) 134 Dec.
254 Nov. 10 Nov. 1 to Nov. 10
Atlantic Coast Line RR., preferred
2
Central RR. of New Jersey (quar.)
Nov. 1 Holders of rec. Oct.20a
2.26 Nov. 1 Oct. 20 to Oct. 31
Elmira de Williamsport, common
Georgia Southern & Florida, first preferred 234 Nov. 2
2% Nov. 2
Second preferred
2
Nov. 11 Sept. 23 to Oct. 26
Grand Trunk, guaranteed
234 Nov. 11 Sept. 23 to Oct 26
First and second preferred
1% Nov. 1 Holders of rec Oct.18a
Great Northern (quar.)
2
Nov. 1 Holders of rec. Oct. 25
Mexican Northern
13-161 Oct.
Mexican Railway, ordinary
Oct. 2 to Oct. 19
9b
Oct. __ Oct. 2 to Oct. 19
First preference
31 Oct. __ Oct. 2 to Oct. 19
Second preference
2
Missouri Kansas & Texas, preferred
Nov. 10 Holders of rec. Oct. 20a
2
Morris & Essex Extension
Nov. 1 Holders of rec. Oct.24a
Nashua de Lowell
434 Nov. 1 Holders of rec. Oct. 14a
Extra
% Nov. 1 Holders of rec. Oct. 14a
Norfolk & Western, pref. (quar.)
1
Nov. 18 Holders of rec. Oet.31a
Northern Pacific (quar.)
1% Nov. 1 Holders of rec. Oct. Oa
Passaic & Delaware Extension
2
Nov. 1 Holders of rec. Oct.24a
Pitts. Ctn. Ch. & St. L., corn. & pf. (qu.) 13 Oct 25 Holders of rec. Oct.I lia
Reading Coin prmy,
, second preferred _ _
2
Nov. 10 Holders of rec. Oct.21a
Rome Watertown & Ogden., guar.(quar.) 1% Nov. 15 Nov. 1 to Dec, 1
St. L. & San Fran., 1st pref. (quar.) -- 1
Nov. 1 Oct. 14 to Nov. 13
1
Oct. 30 Holders of rec. Oct. 14
Southern Hallway, preferred
3
Nov. 1 Holders of rec. Oct. 16a
Utica Chenango & Susquehanna Valley_ _
Street and Electric Railways.
1% Nov. 1 Holders of rec. Oct.14a
Columbus (O.) Ry., pref. (quar.)
134 Nov. 1 Holders of rec. Oct. 20a
Commonwealth Pow., By. de Lt., pl. (qu.)_
Nov. 15 Nov. 1 to Nov. 15
Connecticut Ry. de Light, coin. & pref. (qu.) 1
2k Nov. 1 Oct. 22 to Oct. 31
Easton (Pa.) Cons. Electric Co
E. St. Louis & Sub. Co., pi. (qu.) (No.22) 131, Nov. 1 Holders of rec. Oct. 17a
Grand Rapids Ry., pref. (qu.) (No. 44). 131 Nov. 1 Holders of rec. Oct. 14a
1 77 Oct 20 77
Oct 2 0 7634 Feb 78
Jan
Green Bay & West,debA
Havana Electric Ry., corn. & pref. (qu.) 134 Nov. 11 Oct. 22 to Nov. 11
Jacksonville (Fla.) 7'rac., com.(qu.)(No.3) 1% Nov. 1 Holders of rec. Oct.21a
154 Nov. 1 Holders of rec. Oct. 21a
Preferred (guar.)(No. 3)
1
Lehigh Valley Transit. preferred
Nov. 10 Holders of reo Oct.31a
Lewiston Augusta & Watery., pref. (guar.) 134 Nov. 1 Holders of rec. Oct. 17a
Lincoln (Neb.) Traction, pref. (guar.)_
134 Nov. 1 Oct. 22 to Oct. 31
Mexico Tramways (quar.)
13j Nov. 1 Oct. 16 to Oct. 31
Milwaukee El. Ry. & Lt., pref. (guar.)._
134 Oct. 31 Holders of rec. Out.20a
Montreal Street Ky. (quar.)
234 Oct. 25 Holders of rec. Oct.14a
100 483 Oct 20 48 % Oct12 04534 Oct 60
Norfolk Southern
Mch
Philadelphia Company, common (quar.)_
134 Nov. 1 Holders of rec. Oct. 2a
Common (extra)
34 Nov. 1 Holders of rec. Oct. 2a
Public Serv. Inv., pref. (qu.) (No. 10)
134 Nov. 1 Holders of rec. Oct.14a
Railways Company General (quar.)
1
Nov. 1 Oct. 22 to Oct. 31
Rio de Janeiro Tram., L.& P., Ltd. (qu.) 134 Nov. 1 Holders of rec. Oct. 10
Toledo Bowling Green & Sou. Tr., P1. (qu.) 134 Nov. 1 Oct. 22 to Oct. 31
Union Elec. Co., Dubuque, Ia., pf.(mthly.)
34 Nov. 1 Holders of rec. Oct. 31
Union Street Ry., New Bedford (guar.). _ _ 2
Nov. 1 Holders of rec. Oct.19a
Washington-Va. Ry., corn, and peel
October 18
134 Nov. 1
West Penn figs., pref. (guar.)(No. 24).. 134 Nov. 1 Oct. 26 to Nov. 1
Banks.
3
Bowery (quar.)
Nov. 1 Oct. 28 to Oct. 31
5
Extra
Nov. 1 Oct. 28 to Oct. 31
23.4 Nov. 1 Oct. 26 to Oct. 31
Chemical National (bi-monthly)
4
Nov. 1 Holders of rec. Oct. 21
Corn Exchange (guar.)
3
Nov. 1 Holders of rec. Oct. 28a
Fidelity
254 Nov. 1 Holders of rec. Oct.21a
Greenwich (guar.)
4
Nov. 1 Holders of rec. Oct. 31a
Nassau, National (No. 117)
2
Pacific (guar.)
Nov. 1 Oct. 18 to Oct. 31
Trust Companies.
2
Astor (guar.)
Nov. 1 Holders of rec. Oct.28a
134 Nov. 1 Oct. 21 to Oct. 31
Broadway (quar.)
3
Nov. 1 Holders of rec. Oct. 25a
Hamilton, Brooklyn (quar.)
2
Nov. 1 Oct. 29 to
Nassau, Brooklyn (quar.)
Nov. 1
1
People's, Brooklyn (monthly)
Nov. 1 Holders of rec. Oct 31a
Miscellaneous.
Amalgamated Copper (guar.)
34 Nov. 27 Holders of rec. Oct.28a
Amer. Bank Note, common (quar.)
1
Nov 15 Holders of rec. Nov. 1
American Beet Sugar, common (No. 1). _ _
134 Nov. 15 Holders of rec. Oct. 30
American Chicle, common (monthly)
1
Oct. 20 Holders of rec. Oct. 14a
Amer. Dist. Teleg. of N. J. (guar.)
1
Oct. 28 Oct. 19 to Oct. 27
American Gas & Electric, pref. (quar.).. 134 Nov. 1 Oct. 21 to Nov. 1
American Glue, common
2
Nov. 1 bat. 22 to
Nov. 2
Common (extra)
1
Nov. 1 tOct. 22 to Nov. 2
Am. Light & Traction, corn. (guar.).- 234 Nov. I Oct. 17 to Oct. 31
Common (payable in common stock)_ _ 234 stk Nov. 1 Oct. 17 to Oct. 31
134 Nov. 1 Oct. 17 to
Preferred (quar.)
Oct. 31
American Locomotive. pref. (guar.).- 1% Oct. 21 Sept. 22 to Oct. 20
American Malt Corporation, preferred _ _
Nov. 2 Oct. 20 to Nov. 14
ff2
American Malting Co.. preferred
5124/i Nov. 1 Oct. 20 to
Nov. 9
Bergner & Engle Brewing, pref
4
Nov. 1 Oct. 22 to
Nov. 2
3
Nov. 15 Holders of rec. Nov. 8
Bond de Mortgage Guarantee (quar.)
Brill (J. G.) Co., preferred (guar.)
134 Nov. 1 Oct. 27 to Oct. 31
Cambria Steel (guar.)
134 Nov. 15 Holders of roe. Oct.31a
Canada Cement, Ltd., pref. (quar.)(No. 7) 134 Nov. 16 Nov. 1 to Nov. 10
1
Oct 25 Oct. 15 to Oct. 26
Chicago Pneumatic Tool (quar.)
% Nov. 1 Holders of rec. Oct. 20
Cities Service, common (monthly)
34 Nov. 1 Holders of rec. Oct. 20
Preferred (monthly)
134 Nov. 1 Holders of rec. Oct.25a
Clain (11. B.) first preferred (quar.) .
134 Nov. 1 Holders of rec. Oct.25a
Second preferred (quar.)
Commonwealth Edison (quar.)
134 Nov. 1 Holders of rec. Oct.14a
134 Oct. 31 Holders of rec. Oct. 26a
Consolidation Coal (guar.)
Subscription recefp.s for rock carrying
134 Oct. 31 Holders of rec. Oct. 26a
dividend af er Jan. 31 1911
Oct 2 0 8834 Jan 96
Cuban-Amer Sugar, prof 100 96 Oct 20 96
Sept
134 Oct. 31 Oct. 16 to Oct. 30
Cuyahoga Telephone, pref. (quar.)
Diamond Match (guar.)
134 Dec. 15 Holders of rec. Nov.20a
% Oct. 31 Sept. 28 to Oct. 18
Distillers' Secur. Corp. (quar.)(No.:36)_
1
Oct. 30 Sent. 28 to Oct. lb
Distilling Co. of America, pref.(qUar.)._
Eastern Steamship (quar.)
134 Nov. 1 Holders of rec. Oct.lb d
734 Dec.
1 Holders of rec. Oct.31a
Eastman Kodak, common (extra)
Edison Elec. III., Boston (au.)(No. 90).. 3
Nov. 1 Holders of rec. Oct. 16
Nov. 1 Holders of rec. Oct. 180
Edison Elec. Ilium. of Brockton
$4
Elec. Bond & Share. fleet. (mi.) (No. 26) 13i Nov. 1 Oct. 20 to Oct. 31
Name of Company.
1083
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Electrical Securities Corp., pref. (guar.). 1% Nov. 1 Oct. 28 to Nov. 8
Fall River Gas Works (quar.) (No. 63)__ 83 , Nov. 1 Holders of rec. Oct. 14a
Federal Sugar Refg., pref. (quar.)
13.4 ,Oct. 30 Holders of rec. Oct.27a
Ft. Worth Power & Lt., pref. (qu.)(No. 1) IX''Nov. 1 Holders of rec. Oct. 20a
Goldfield Consol. Mines (quar.)(No. 13). 30e. Oct. 31 Holders of rec. Sept.300
Extra
20c. Oct. 31 Holders of rec. Sept.30a
Gorham Manufacturing, common (quar.) 234 Nov. 10 Holders of rec. Nov. 8a
Guanajuato Pow.&El., pref.(qu.)(No. 13) 134 Nov. 1 Oct. 21 to Nov. 1
Homestake Mining (monthly) (No. 943)_
50c. Oct. 25 Oct. 21 to Oct. 25
Houghton County Electric Light, com
6234c. Nov. 1 Holders of rec. Oct 18a
Preferred
75c. Nov. 1 Holders of rec. Oct. 18a
Ingersoll-Rand, common
251 Nov. 1 Holders of rec. Oct. 1134
International Nickel, common (quar.)
Dec.
1 Nov. 14 to Dec. 1
4
Preferred (quar.)
134 Nov. 1 Oct. 14 to Nov. 1
Internat. Smokeless Pow. dc Chem., pref. 4
Nov. 15 Holders of rec. Nov.'4a
Internat. Steam Pump, pref.(qu.)(No.50) 134 Nov. 1 Holders of rec. Oct. 20
Kansas City Breweries, pref. (quar.)
154 Nov. 15 Nov. 1 to Nov. 15
Kansas City Stock Yards (guar.)
134 Nov. 1 Holders of rec. Oct.14a
Kayser (Julius), 1st & 2d pref. (guar.)
134 Nov. 1 Oct. 26 to Oct. 31
Lowell El. Lt. Corp. (quar.) (No. 62)._
$2 Nov. 1 Holders of rec. Oct. 14a
Massachusetts Gas Cms., common (quar.) 1
Nov. 1 Holders of rec. Oct.14a
May Department Stores,com.(qu.)(No.1) 1
•
Dec.
1 Nov. 16 to
Michigan State Telephone, common (guar.) 134 Dec.
1 Nov. 17 to Dec. 1
Preferred (guar.)
134 Nov. 1 Oct. 15 to Nov. 1
Preferred (guar.)
134 Feb.
1 Jan. 14 to Feb. 1
Minneapolis Gen.Elec., corn.(qu.)(No.17) 2
Nov. 1 Holders of rec. Oct. 184
Montreal L., H. & P. (guar.) (No. 42)
2
Nov. 15 Holders of rec. Oct. 31
Municipal Gas, Albany, N. Y.(quar.)
234 Nov. 1 Holders of rec. Oct. 25
National Carbon, preferred (quar.)
134 Nov. 15 Nov. 5 to Nov. 15
National Lead, pref. (guar.)
134 Dec. 15 Nov. 18 • to Nov. 21
New Central Coal
2
Nov. 1 Oct. 28 to Nov. 1
(guar.)
North American Co.
15i Jan.
2 Holders of rec. Dec.15a
North Shore Electric (guar.)
1
Nov. 1 Holders of rec. Oct.25a
common (quar.)
Pacific Coast
134 Nov. 1 Oct. 21 to Nov. '1
(quar.)
Co.,
First preferred
134 Nov. 1 Oct. 21 to .Nov, 1
134 Nov. 1 Oct. 21 to NoV. 1
Second preferred (guar.)
Pacific Power de Light, pref. (qu.)(No. 5) 134 Nov. 1 Oct, 21 to Oct. 31
134 Nov. 25 Holders of rec. Nov. 3
People's Gas Light & Coke (guar.)
134 •at.'25 Holders of rec. Oct.12a
Pittsburgh Coal, pref. (quar.)
et. 31 Holders of rec. Oct.25a
Pope Manufacturing, preferred (qUar.)- - 134
Portland(Ore.)Gas de Coke, p1.(711.)(No.7) 134
ov. 1 Oct. 21 to Oct. 31
3
Procter & Gamble, common (guar.)
ov. 15 Holders of rec. Oct. 31a
2
Pullman Company (guar.)(No. 179)
ov. 15 Holders of rec. Oct.310
134
ov. 30 Holders of rec. Nov. la
Quaker Oats, preferred (quar.)
134
ov. 15 Holders of rec. Obt. 31
Sears, Roebuck de Co., common (quar.)
134
ov. 1 Holders of rec. Oct. 14a
Siegel Stores Corporation, pref. (quar.)_
ov. 1 Holders of rec. Oct. 21a
Sierra Pacific Electric, pref. (guar.)(No.9) 134
134
ov. 15 Nov. 11 to Nov.144
Silversmiths Company (quar.)
et. 31 Oct. 25 to Oct. 31
2
Standard Milling, preferred (No. 17)
Oct. 25 Holders of rec. Oct. 19a
Trenton Potteries,non-cum.pf.(gu.)(No.47) 1
5
Oct. 25 Holders of rec. Oct. 19a
Cumulative preferred
1
Nov. 1 Holders of rec. Oct 26a
United Cigar Mfrs., common (guar.)
Nov. I Holders or ree. Oct.26a
2
United Dry Goods, common (guar.)
$3.50 ov. 1 Holders of rec. Oct.17a
United Electric Securities, pref
U. S. Bobbin & Shuttle, preferred (guar.). IX Nov. 1 Oct. 21 to Oct. 31
United States Envelope, preferred
11
Nov. 10 Holders of rec. Oct. 21
United States Express (No. 156)
$3
ov. 15 Nov'. 1 to Nov. 15
U. S. Motor, preferred (guar.)(No. 7)
134 Nov. 10 Holders of rec. Oct. 31
U. S. Printing of N. J., pref. (quar.)
134 Nov 15 Nov. 5 to Nov. lb
U. S. Realty & Improvement (quar.)
134 Nov. 1 Holders of rec. Oct.21a
United States Rubber, common (quar.) 1
Oct. 31 Holders of rec. Oct.16a
First preferred (guar.)
2
Oct. 31 Holders of rec. Oct.16a
Second preferred (quar.)
134 Oct. 31 Holders of rec. Oct.16a
Utah Consolidated Mining
50c. Nov. 19 Oct. 22 to Oct. 29
Warner(Chas.)Co. of Del., 1st pref. (qu.) 134 Oct. 25 Holders of rec. Sept.30
Warwick Iron ct: Steel
4
,ov. 15 Holders of rec. Oct. 81
Washington (D. C.) Gas Light (guar.)
$1.20 Nov. 1 Oct. 16 to Oct. 31
White(J.G.)&Co.,Inc.,pfd.(qu.)(No. 34) 134 Nov. 1 Holders of rec. Oct.20a
Worthington (Henry R.), Inc., preferred 334 Nov. 1 Holders of rec. Oct. 20
a Transfer books not closed for this div dend. b Less income tax. d Correction.
g Declared 4%, payable 2% Nov. 2 1911
to holders of record Oct. 19 1911 and 2% May 2 1912 to holders of record April 19
1912. h Dividend of $2 48 declared, payable $1 24 Nov. 1 1911 to holders of
record Oct. 16 1911 and $1 24 payable May 1 1912 to holders of record Apr1119
1912. i Payable in common stock. It On amount paid in ($25). I Payable to
holders of record Oct. 23.
1 On account of accumulated dividends.
Auction Sales.-Among other securities, the following, not
usually dealt in at the Stock Exchanges, were recently sold at
auction in New York, Boston and Philadelphia.°
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares.
Shares.
25 The Tobacco Leaf Pub.
30 Prudential Ins.0o. of New403
$2 per sh.
Co., $5 each
ark, N. J
3 N. Y. Prod. Ex. Bank
2 Commonwealth Tob. 00_316 lot
h7234
4 NaSSAU Lt. & P. Co_ _578 per oh.
76 Coplay Cement Mfg. Co.,
11K
10 Albany & South. Ry. CO..
preferred
$5 per sh.
common
101 Coplay Cement Mfg. Co..
$1 per share
common
1,000 Bay State Gas Co__ _$160
64 lot
25 Bay State Gas Co
725 Standard Typewriter Co.,
54c. per share
400 Greenwater Copp. Mines &
Smelter Co.,$5 each_434e. r er sh
145,000 N. Y. & Va. Copper Co.,
$10 lot
1 Sao Paulo Tram., Lt. &
$1 each
$170
1,000 Leadville Cons. Mg. Co.,1
Power Co '
100 Mitchell Mg. Co.,$10 eachl
$10 each
/$6 lot
500 Phoenix Gold Mining Co.I
300 Cobalt SlIv.Queerr,51 each I
voting trust certificates_ _j
300 Tramp Cons. Mg. Co., $1 / $21
i lot.
$500
400 Hamilton Docks
each
200 Colusa-Leonard Extens'n I
5 People's Nat. Bk. of Bklyn.158
1 Free RI N.Y.Society Lib.5115
Copper Co.. $5 each
1
1,000 El-Trlunfo Cons. Mg. Co _$160 lot
20 Cripple Creek Cent. Ry.,pfd.37
34.713 Ann Arbor RR. Co., pfd _1
40 Cripple Cr'k Cent. Ry..com. 6
25.332 Ann Arbor RR.Co.,Com.1$2,000
Percent.
77.581 Ann Arbor RR. Co., pfd.)
Bonds.
56.624 Ann Arbor RR. Co.,com./$3,700 $3,000 Judge Co. purch. money M.
$60 lot
$12,862.96 Det. Tol. & Trout. Ry.
1908 coupons attached
Cons. 4545-----$212.30 Unpaid bal. on dep in La577
10 Broadway Trust Co
fayette Trust Co
1473.4
$60 lot $1,000 John Matthews, Inc., deben20 Naushon Co., pref
10 Metropolitan Trust Co.. _ _ _410
ture bonds and $225 coupons See.
$86
8 bonds
50 Michaelis & Lindeman,)
Inc., preferred
/$150 $2,000 No. East Penna. RR. Co.
101 & int.
5s, 1920. A. &O
50 Michaelis & Lindeman,I
Inc., common
$500 Cent. Consfim. Wine & Liquor
Co. of N. Y.6s, 1917 M. SC N.95 &int.
22 Consumers Brew. Co. of
$30 per sh. $2.100 United RRs. of San Fran.
Brooklyn
div. ctfs
20 Des Moines Brew. Co.,
80-83
80 Bet. Tol. & Trout. Ily. Co.1
$40 per sh.
common
2d pref
38,51
40 Yorkville Ind. Hygeia Ice
$110 per sh. 51,000 Det. To). & Iron. Ry. Cod lot.
Co
91
10 Nat. Reserve Bank
cons. 434s, 1980
By Messrs. R. L. Day & Co., Boston:
Shares.
$ Perth.
2063i
5 National Union Bank
15
15 Putnam Woolen Co
10531
5 Tremont & Suffolk Mills
28134
3 Pepperell Mfg, Co
14 Franklin Co., Lewiston, Me.. _15234
7 Pittsfield & No. Adam. RR. Co _140
10 St.Johns.& L.Champ.R11.Co..pf. 2
10434
5 Boston Wharf Co
10 U. S. Finishing Co., common... 90
112
3 Waltham Watch Co., pref
141 Tirol. cordaro Co. rizhts_ .1834-193(
12 Boston Real Est. Print rights
154
Bonds.
Percent.
$2,000 Fitchburg RR. 334s, 1921_ 9234
35,000 El Paso Elec. Co., coll. tr.
55, 1932
9734-9734
$2.000E1 Paso Elec. Co. cony. GS,
1913
100%
$3,000 Ga. Elec. Light Co.(Atlanta)
1st 5s, 1930
10154
32,000 Jacksonville Elec. Co. 1st 55,
1927
98%
$3,000 Minneap. Gen. Elec. Co. 1st
cons. 5s, 1934
100-10034
$2,000 Tampa Elec. Co. 1st 5s, 1933 9734
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. Francis Henshaw & Co., Boston:
Shares.
10 National Union Bank
4 Merchants' National Bank
1 Gosnold Mills, preferred
5 per sh.
206
280
100
$ per sh.
Shares.
35 Amoskeag Mfg. Co., common__ 70
205
15 Draper Co., common
6 Boston Real Est. Trust rights__ 134
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
5 Bank of Commerce
10 Equitable Trust Co
10 North Pennsylvania RR
Per cent.
$ per sh. Bonds.
$1,000 Spgfd. Wat.Co.cons.5s,1926 100
130
$500 North Springfield Water Co.
100
100
55, 1928
96
By Messrs. Barnes & Lofland, Philadelphia:
Shares. •
$ per sit.
100
8 N. Y. Rubber Co
.34.
35 Pleasantville Water Co
25
10 Deputy Bros Co
5 Fourth Street National Bank 300
130
40.,Bank of Commerce
130
2 Textile National Bank
5 Finance Co. of Pa., let pref_ _ _115
100
10 Equitable Trust Co
15 Pennsy. Co. for Ins., &c., &c_ _600
10 People's Trust Co., $50 each _ _ 60
52
10 Rittenhouse Tr. Co., $50 each
26 Frank. & So'wark Pass. Ry. Co_378
10 Hest. Man. & Fair. Pass. Ry.
65-6534
Co., pref
50 Phila. Life In.s. Co.,$10 each_ __ 11
$ per sh.
Shares.
1 John B. Stetson Co., common_ _523
40 Mt. Holly (N. J.) Water Co_ __ _ 2234
111
3 Eastern Light & Fuel Co
Per cent.
Bonds.
$5,000 Buff. & Lake E. Trac. Co.
1st ref. 5s, 1936
6934-6934
$1,000 Alt. & Logan Vail. Elec. Ry.
Co. cons. 434s, 1933
9134
$200 Berwyn Water Co.1st 6s,1920 10434
$1,500 Commonwealth Water Co.
1st 434s, 1955
$500 lot
$500 N. J. Steel Co. let 6s, 1925_ _$306 lot
$1,000 Spgfd. Water Co. 5s, 1926.100
$1,000 No. Spgfd.Wat. Co. 5s, 1928 100
Canadian Bank Clearings.—The clearings for the week ending Oct. 14 at Canadian cities, in comparison with the same
week of 1910, shows an increase in the aggregate of 15.5%.
Week ending Oct. 14.
1911.
Canada—
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
1910.
Inc. or
Dec.
1909.
1908.
51,906,863 41,869,268 +24.0 44,054,867 29,561,230
35,424,209 34,427,895 +2.9 33,600,400 25,682,518
26,973,197 24.175,867 +11.6 22.325.941 16,187,091
12,164,737 9,517,164 +27.9 7,937,835 3,953,456
4,499,879 4,145,816 +8.5 3,640,953 3,207,281
2,701,188 2,576,203 +4.9 2,288,035 2,168,175
1,797,129 1,847,226
1,863,780 1,742,288
2,580,711 2,075,390 +24.3 1,823,204 1,544,253
1,482,064 1,614,776 —8.2 1,394,554 1,433;343
4,475,8-15 2,936,290 +52.8 2,175,867 1,438,368
1,450,087 1,339,693 +8.3 1,172,000 1,056,932
2.803,830 2,335,683 +20.0 1,431,600 1,051,829
992,744
2,403,525 1,817,413 +32.2 1,152,651
869,130
1,603,705 1,248,104 +28.4
643,236
612,325 +5.0
615,918
441,872 +39.4
1,480,445 Not include d in tot al
916,818 Not include d in tot al
525,824 Not include d in tot al
153,526,123 132,980,935 +15.5 125,230,817 90,019,508
Total Canada
On Dep.
Net
Trust Cos. Surplus. Loans. Specie. Legato. with C.H Deposits. Reserve.
Average. Average. Average. Banks. Average.
00s omitted.
-------$
$
$
$
69,0 1,731,0 13,633,0 15.1+11.2
Manhattan _ _ _ 2,155,8 18,217,0 1,996,0
415,0 2,115,0 13,897,0 14 8+13.1
Brooklyn _ _ 2,400,7 17,778,0 1,634,0
589,0 11,471,0 92,857,0 15.0+11.0
13,192,7 127,220,0 13,352,0
Bankers
963,0 6,117,0 26,197,0 15.4+18.7
U. S. Mtg.& Tr 4,476,1 35,554,0 3,067,0
30,0 1,475,0 12,691,0 15.4+ 9.8
1,032,7 16,587,0 1,935,0
Astor
Title Gu.& Tr_ 11,439,4 36,055,0 1,860,0 1,331,0 2,975,0 21,192,0 15.0+12.1
22,697,7 140,845,0 14,860,0 1,248,0 20,127,0 100,502.0 16.0+16.6
Guaranty
912,0 5,415,0 15.3+13.0
241,0
1,274,8 7,106,0
591,0
Fidelity
881,0 1,726,0 14,740,0 15.0+10.4
LawyersT.I.&T 6,176,4 19,880,0 1,338,0
1,824,1 15,788,0 1,653,0
90,0 1.415,0 11,720,0 14.8+10.7
Columbia
26,0 1,640,0 14,121,0 14.0+10.4
Standard _ _ _ _ 1,432,5 14,754,0 1,962,0
1,681,1 16,568,0 1,914,0
448,0 3,026,0 15,230,0 15.5+16.4
People's
118,0 3,518,0 30,352,0 15.8+10.3
New York _ _ _ _ 11,532,6 96,096,0 4,679,0
Franklin
1,357,3 11,656,0 1,256,0
360,0 1,411,0 10,596,0 15.2+11.7
226,0 1,236,0 8,224,0 14.9+13.0
Lincoln
551,0 9,236,0
998,0
Metropolitan_ _ 6,096,8 24,791,0 2,604,0
13,0 2,639,0 17,700,0 19.7+12-9
Totals, Avge
89,271,7 558,131,0 55,699,0 7,048,0 63,534,0 409,067,0 15.3+13.4,
Actual figures Oct. 14_ 557,916,0 57,494,0 7,083,0 60,804,0 412,065,0 15.6+12.8
The capital of the trust companies is as follows: Manhattan,$1,000,000; Brooklyn;
$1,000,000; Bankers, $5,000,000; U. S. Mtge. & Trust, $2,000,000: Astor, $1,250,000: Title Guarantee & Trust, $4,375,000; Guaranty, S5,000.000; Fidelity, $1,000,000; Lawyers' Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard;
$1,000,000; People's, $1,000,000; New York, 3,000,000; Franklin, $1,000,000:
Lincoln $1,000,000; Metropolitan, $2,000,000; total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Clearings at—
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Oct. 14. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
Week
ending
Oct. 14
Capital. Surplus.
Bank of N. Y_
Manhattan Co.
Merchants' _ _ _
Mech.& Metals
America
City
Chemical
Merch. Each_
Gallatin
Butch. & Drov
Greenwich
_
Amer. Exch_ _
Commerce.._ - _
Mercantile
Pacific
Chath. & Phen
People's
Hanover
Citizens' Cent _
Nassau
Market & Fult
Metropolitan _
Corn Exchange
Imp.& Traders
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
Security
Coal & Iron_ _ _
Union Exch_ _
Nassau, Bklyn
S
2,000,0
2,050,
2,000,0
6,000,0
1,500,0
25,000,0
3,000.0
600,0
1,000,0
300,0
500,0
5,000,
25,000,0
3,000.0
500,0
2,250,0
200,0
3,000,0
2,550.0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Loans.
Average.
5
3,657,6 21,197,0
4,496,8 30,550,1
1,887,0 21,833,0
8,317,8 55,875,0
6,039,6 28,660,0
27,475,2 189,117,
6.799,9 30,187,
6.764,1
574,6
2.538,
8,946,1
156,7
2,503,0
905,5
8,245,0
4,624,3 40,559,0
15,532,1 144,778,1
2,771,7 13,933,
940,4
4,037,0
1,160,3 15.777,
2,058,1
473,3
12,744,2 71,433,
1,882,8 21,918,0
590,5
9,738,0
1,799,5
8,790,
1,605,5 12,297,
5,655,0 50,803,1
7,580,4 26,255,1
12,947,5 82.794,1
1,552,
98,2
5,783,4 31,603,0
2,290,2 13,645,0
21,189,3 117,600,0
1,904,1 23,841,
3,449,0
809,7
8,282,0
1,684,1
3,963,1
710,5
8,444,5 88,208,1
2,089,2 13,469.1
3,770,
872,7
5,580,0
1,047,1
1,667,6 14,901,1
8,745,0
1,234,9
3,652,
517,4
12,040,
2,154,4
4,432,0
1,017,1
2,082,1 22.895.0
2,709,5 17,561,0
8,256.1
820,6
878,9 16,233,0
503,2 10,564.1
6,631,0
446,5
952,9
9,039,
1,063.2
7,969,0
Specie. Legato. Net Depos- ReAverage. Average. its, Aver. serve.
--3,921,0
8,715,0
4,725,0
12,309,0
4,954,0
41.276,0
5,665,0
1,418,0
1,340,0
495,0
2,177,0
6.938,0
25,607,0
1,883,0
371,0
2,756,0
423,0
13,571,0
5,121,0
1,688,0
1,096,0
2,809,0
8,740,0
3,783,0
20,746,0
237,0
8,143,0
3,252,0
25,637,0
4,557,0
843,0
1,487,0
793,0
19.440,0
2,705,0
320,0
1,438,0
4.603,0
1,884,0
545,0
1,310,0
1,082,0
5,344,0
4,175,0
2,218,0
4,683,0
2,383,0
1,021,0
773,0
1,715,0
062,0 19,084.0 25.5
1,453,0 35,500,0 28.6
1,423,0 23,038,0 26.6
1,390,0 54,268,0 25.2
2,202,0 29,252,0 24.4
7,168,0 185,881,0 26.0
1,853,0 28,160,0 26.6
6,698,0 24.1
198,0
7,181,0 25.1
458,0
2,215,0 25.2
65,0
9,389,0 25.5
220,0
3,094,0 38,952,0 25.7
6,900,0 123,731,0 26.2
1,015,0 10,772,0 26.9
452,0
3,425,0 24.0
1,116,0 15,486,0 25.0
2,180,0 26.4
153,0
4,627,0 77,319,0 23.5
631,0 21,303,0 27.0
799.0 11.019.0 22.5
8,599,0 26.2
1,157,0
251,0 12,595,0 24.2
5,606.0 60,102,0 23.8
1,988,0 23,486,0 24.5
1,079 0 85,794,0 25.9
1,454,0 23.7
110,0
1,900,0 34,895,0 28.7
95,0 13.430,0 24.9
2,613,0 110,860,0 25.4
2,034,0 25,609,0 25.7
3,602,0 25.1
64,0
8,435,0 26.4
744,0
3,737,0 27.0
217,0
5,185,0 98,362,0 25.0
1,148,0 15,260,0 25.2
3,742.0 23.2
551,0
6,598,0 26.3
303,0
1,306,0 17,660,0 33.4
8,880,0 25.8
916,0
3,760,0 26.9
469,0
1,741,0 12,118,0 25.1
256,0
5,198,0 25.7
1,924.0 27,037,0 26.8
941,0 18,463,0 27.7
9.941,0 26.9
462,0
334,0 20,358,0 24.6
1,160,0 13,860,0 25.5
795,0
7,026,0 25.8
1,555,0
8,947,0 26.0
310,0
7,891,0 25.6
Totals, A v ge _ 135,150,0 196,029,3 1366,875,0 283,116,0 72,892,0 1382,547,0 25.7
Actual figures Oct. 14
1362,159,0 281,693,0 73,477,0 1378,301,0 25.7
—Circulation.—On the basis of averages, circulation of national banks in the
ClearteT fIeu.se amounted to $50,009,000, and according to actual figures was
$49,755,000.
Specie.
I On Dep.
Net
Legal with C.H.
Tenders.I Banks. Deposits.
TotaL _ 169,775,0285,301,01,925,006,0338,815,0 79,940,0, 63,534,0 1,791,614,0
Actual.
1,378,301,0
Banks
1,362,159,0281,693,0 73,477,0,1
Trust cos_
557,916,0 57,494,0 7,083,0, 60,804,0 412,065,0
11,920,075,0339,187,0 80,560,0 60,804,0 1,790,386,0
I
Total_
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
•
following:
For definitions and rules under
. which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Oct. 14.
Capital as of Sept. 29_ _ __
Capital. Surplus.
Loans,
$
Averages.
$
$
$
$
1
41
$
135,150,0 196,029,3 1,366,875,0283,118,0 72,892,0
Banks
1,382,547,0
Trust cos_ 34,625,0 89,271,7 558,131,0 55,699,0 7,048,0 63,534,0 409,087,0
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00.9 omitted.
[VoL.
THE CIIRONICLE
1084
Trust Cos.
State Banks
Trust Cos.
State Banks
outside of
in
outside of
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. F.
$
22,771,000
$
61,056,000
$
*9,453,000
$
*9,525,000
179,752,800
*11,631,137
*11,999,889
Loans and Investments-_
Change from last week_
296,552,800 1,081,293,400
+2,241,500 —1,203,900
102,477,100
+212,900
155,622,400
+304,500
Specie
Change from last week_
51,917,800
—1,286,400
113,275,900
—301,700
Legal-tenders & bk. notes
Change from last week_
23,753,100
+265,900
11,060,600
+133,700
Surplus as of Sept. 29.._
38,568,700
Deposits
Change from last week_
346,630,000 1,191,118,400
+870,400 +4,377,900
107,925,900
—100,800
164,502,100
+341,700
Reserve on deposits
Change from last week_
94,714,600
—2,205,100
136,932,400
+1,186,900
22,057,100
+91,500
23,991,300
—127,000
P. C. reserve to deposits_
Percentage last week
27.5%
28.3%
16.8%
16.8%
21.3%
21.3%
15.3%
15.4%
+ Increase over last week. — Decrease from last week. * As of June 7.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes:
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, 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 thirty days,
represented by 'certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to tom
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—State Banks—
—Trust Cos.—
Reserve Required for Trust Companies
Total
Total
Of
Of
which
which Reserve
and State Banks.
Reserve
Location—.
Required. in Cash. Required. in Cash
15%
15%
25%
15%
Manhattan Borough
20%
10%
Brooklyn Borough (without branches in Manhat.) 15%
10%
Other Boroughs(without branches in Manhattan) 15%
734%
10%
15%
Brooklyn Borough, with branches in Manhattan 15%
20%
20%
15%
Other Boroughs, with branches in Manhattan_ — _15%
15%
15%
15%
Elsewhere in State
10%
5%
15%
6%
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below as are
also the results (both actual and average) for the Clearing-
THE CHRONICLE•
OCT. 21 1911.]
1085
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers (00) in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members.
Members. Trust Cos. not Banks &Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.
Week ended Oct. 14.
Capital iNat. banks
} Sept. 1_ _ _ _
Surplus 1 State banks
J Sept. 29...
$
169,775,000
169,775,000
34,652,000
204,427,000
285,301,000
285,301,000
93,130,300
378,431,300
Loans and Investments 1,920,075,000 1,925,006,000
Change from last week -1,296,000
+7,994,000
601,293,800 2,526,299,800
-2,338,200
+5,655,800
1,700,366,000 1,791,614,000
Deposits
Change from last week +1,148,000
+6,355.000
a596,568,000 2,388,182,000
-693,900
+5,661,100
339,187,000
Specie
Change from last week -1,367,000
338,815,000
-1,417,000
63,525,700
-218,000
402,340,700
-1.635,000
Legal-tenders
Change from last week
80,550,000
+228,000
79,940,000
-696,000
b11,172,100
-F263,100
91,112,100
-432,900
Banks; cash in vault_ _
Ratio to deposits_
355,170,000
25.77%
356,008,000
25.75%
13,114,800
13.88%
369,122,800
Trust cos.; cash in vault
64,577,000
62,747,000
61,583,000
124,330,000
• Aggr'te money holdings
Change from last week
419,747,000
-1,139,000
418,755,000
-2,113,000
74,697,800
+45,100
493,452.800
-2,067,900
Banks.
--Boston.
Sept.23 _
Sept. 30..
Oct. 7..
Oct. 14..
Phila.
Sept.23..
Sept.30-Oct. 7..
Oct. 14..
Capital
and
Surplus.
Loans.
Specie.
Legal*. Deposits. a Circulation.
41.350,0
41,350,0
41,3500
41.350,0
218,145,0
218,068,0
221,484,0
221,504,0
26.840,0
25,546,0
24,754,0
25,055,0
3 906,0
3,728,0
3,660,0
3,762,0
60,105,0
60,105,0
60,105,0
00,105,0
279,162,0
280,087,0
279,644,0
280,701,0
60,804,000
-5,314,000
63,534,000
+1,846,000
Total reserve
480,551,000
Change from last week -6,453,000
482,289,000
-267,000
Surplus CASH reserve
Banks (above 25%)_ _
Trust cos.(above15%)
10,594,750
2,767,250
10,371,250
1,386,950
Total
Change from last week
13,362,000
-956,200
11,758,200
-3,484,350
23.692,400
+965000
98,390,200
+1,010,100
87,226,400
+2,811,000
580,079,200
+743,100
Total
28.53%
15.34%
13.44%
15.05%
1.97%
28.78%
17.02%
334,343,0 15,336,0
335,194,0 15,312,0
335.523,0 15,328.0
336,518,0 15,352,0
138,886,5
141,161,5
162,514,3
125,724,1
FOREIGN IMPORTS AT NEW YORK.
For week.
1911.
1910.
$3,059.200
15,918,800
1
82,845,856
13,892,041
1908.
1909.
82,835,169
14,014,177
$2,432,697
8,863,385
$19,008,000 016,737,897 $17,749,348 $11,296,082
Total
Since January 1.
Dry Goods
General Merchandise
$110,990,256 $124,672,251 $133,158.604 $96,481,764
572,932,726 602,142,883 548,040,845 395,305,412
$683,872,982 $726,815,134 8681,199,449 8491,787,176
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. 14 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
For week.
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $692,217,600, an increase of $1,264,100 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
147,341,1
138,341.3
164,897,5
140,883,1
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Oct. 14; also
totals since the beginning of the first week in January.
Total 41 weeks
% of cash reserves of tr ust cos.Cash in vault
15.67%
Cash on dep. with bks.
12.86%
7,054,0
7,011,0
7,101,0
7,038,0
a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $3,123,000 on October 14, against $3,120,000 on
October 7.
Dry GOOth
General Merchandise
Money on deposit with
other bks. dr trust cos.
Change from last week
76,840,0
76,567,0
78,099,0
76,571,0
266,613,0
265,152,0
270,561,0
279,094,0
Clearings.
1911.
1909
1910.
1908.
For the week
Previously reported
$14,092,116 $13,722,554 $11,902,786 $12,979,102
596,267,800 510.987.554 466,604,034 493,129,295
Total 41 weeks
$810,359,916 $524.710,108 $478,506,820 $506,108,397
The averages of the New York City Clearing-House banks
The following table shows the exports and imports of
and trust companies, combined with those for the State banks specie at the port of New York for the week ending Oct. 14
and trust companies in Greater New York outside of the and since Jan. 1 1911, and for the corresponding periods
in
Clearing House, compare as follows for a series of weeks past:
1910 and 1909:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all these figures.
Exports.
Imports.
Gold.
Week
Ended.
Aug. 12..
Aug. 19..
Aug. 26_
Sept. 2__
Sept. 9__
Sept. 16..
Sept. 23._
Sept. 30._
Oct. 7..
Oct. 14..
Loans and
Investments.
2,593.876.3
2,569,106,7
2,550,602,0
2,547,141,8
2.548,812,6
2,551,764,6
2,549,499,3
2,536,050,1
2,520,844,0
2,526,299,8
Deposits.
$
2,455,008,2
2,439,358,9
2,429,138,0
2,420,404,7
2,412,039,0
2,418,943,6
2,418,184,1
2.404,638,2
2,3825-0,9
2,388,182,0
Tot. Money Entire Res.
Specie.
Holdings. on Deposit.
Legals.
---$
417.341.1
96,540,2 513,881,3 601.100,0
422,691.8 97,369.5 520,061,3 608,381,3
426.748,7 96,784,3 523.533,0 610,906,5
422.588,3 96,012,1 518,600.4 607.356,4
412,202,6 94,780,4 506,983,0 591,982,2
411,293,4 96,563,5 507,856,9 591,178,7
413,729,9 95,222,2 508,952,1 589,576,5
411,994,6 04,394,6 506,389,2 587,161,9
403,975,7 91,545,0 495,520,7 579,936,1
402,340.791,112,1 493,452,8 580,679 2
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
or the week ending Oct. 14, based on average daily results:
We omit!co ciphers(00)in all thesefigures.
Banks.
Ca pita/.
Sur-
plus.
On
Legal
Loans,
Tender Deposit
Dtsc'ts
with
and
Specie. and
Net
InvestBank
Deposit3,
ments.
Notes. Banks.
New York City.
Manhattan & Bronx.
3
Washington Heights. 100,0
63,0
297,0 1,349,0 138,0
290,0 1,098,0
Century
24.0 232,0
250,0
120,3 1,667,0
100,0 1,509,0
Colonial
463.4 6,333,0 834,0 430,0
400,0
891,0 7,565,0
Columbia
786,9 6,733,0 645,0 574,0
300,0
746,0 7,626,0
Fidelity
37,0 118,0
167,3 1,055,0
200,0
353,0
981,0
Jefferson
531,0 4,620,0 396,0 350,0
500,0
207,0 4,506,0
Mount Morris
340,2 2,494,0 468.0
250,0
34,0
455,0 3,278,0
Mutual
393,9 3,324,0
23,0 663,0
200,0
246,0 3,552,0
Plaza
100,0
475,2 4,210,0 330,0 416,0
925,0 4,172,0
Twenty-third Ward.. 200,0
98,8 1,937,0 261,0 117,0
275,0 2,161,0
Yorkville
506,2 4,100,0
100,0
49,0 857,0
567,0 4,672,0
200,0
278,6 2,443,0 289,0, 96,0
New Netherland _
280,0 2,548,0
132,6 1,519,0 168,0' 39,0
Battery Park National 200,0
68,0 1,406,0
313,2 2,204,0 504,0' 44,0
300,0
Aetna National
169,0 2,209,0
Brooklyn.
1
535,5 3.322,0 435,0 193,0
Broadway -• --- 200,0
402,0 3,366,0
867,3 5,691,0 547,0 163,0
Manufacturers' Nat.- 252,0
810,0 5,145,0
839,5 11,312,0 339,0 1,743,0 1,641,0 13,283,0
1,000.0
Mechanics'
300,0
592,9 4,024,0 004,0 237,0
National City
804,0 4,271,0
159,0 2,012,0 186,0, 128,0
North Side
- - 200,0
316,0 2,049,0
059,0 3,675,0 376,0
300,0
First National
64,0
409,0 2,927.0
Jersey City.
400,0 1,292,2 5,416,0 286,0, 457,0 4,574,0 4,909,0
First National
776,8 3,216,0 296,0, 110,0
Hudson County Nat_ - 250,0
413,0 2,514,0
414,1 2,047,0 117,01 169,0
200,0
Third INational
501,0 1,763,0
Hoboken.
625,8 3,816,0 230,0,1 62,0
First National
220,0
389,0 1,940,0
264,5 3,119,0 191,0
Second National
125.0
62
0
300,0 1,312,0
'
Totals Oct. 14.,._ 6,747,0 11,931,2 91,638.0 7,773,0 7,421,0 16,131,0 00,757,0
Totals Oct. 7_ _ _ 6,747,0 12,033,9 90,628,0 7,394,0 7,158,0 17,083,0 89,132,0
Totals Sept. 30_ _ _ 6,747.0 12,033,9 90,884,0 7,521,017,315,0 14,190,0 89,257,0
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
Week.
$2,022
$3,503,745
3,500
$39,770 1,717,620
2,460
20,133
69,096
36,823
1,561,561
172,250
$39,770 $6,958,676
1,685 44,856,038
110,000 77,109,692
Total 1911
Total 1910
Total 1909
. Silver.
Great 13ritain
France
Germany
West Indies
Mexico
South America
All other countries
$73,067
501,162
2,578
1,365,520
5,822,484
2,523,050
1,660,576
$130,534 $11,948,437
124,418 20,679,604
193,515 7,284,914
$722,852 $35,996,019
104,700 2,356,034
167,149
91,338
600
$28
35,353
72,236
17,875
4,818
21,401
6,848
$828,152 $38,638,789
511,215 34,244,276
560,800 36,299,411
Total 1911
Total 1910
Total 1909
Since Jan.1
$170,928
11,741
25,761
72,672
2,767,396
1,386,066
1,277,163
$130,310 $5,711,727
107,794 3,741,130
122,747 3,957,167
Of the above imports for the week in 1911, $20,690 were
American gold coin and $36,159 American silver coin.
*tithing and fittanciaL
Diversify Your Investments
Write for our circular entitled "Judtclous Investment." which
treats the above subject in detail.
Spencer Trask & Co.
43 EXCHANGE PLACE.-- NEW YORK.
Chicago. Ill.
Boston. Mass.
Albany, N. V.
Members Nate York Stock Exchange.
WHITE, WELD & CO.
5 NASSAU STREET:
NEW YORK
THE ROOKERY
CHICAGO
[VoL. Lxxxxxik.
THE CHRONICLE
1086
Vaulters?
lug, par. San Francisco, 25c. per $1,000 premium. Charleston, buying,
par; selling, 1-10% premium. St. Louis, par. Montreal, 4634c. per $1,000
discount.
azette.
Wall Street, Friday Night, Oct. 201911.
The Money Market and Financial Situation.—Several matters of importance, and having more or less influence upon
security values,have been freely discussed in financial circles
this week. During the early days, the American Tobacco
Company's plan of reorganization was the subject of a good
deal of comment and criticism. Later the announcement
that the U. S. Steel Corporation will abrogate its contract
with the Great. Northern Iron Ore Properties caused some
surprise and led to a sharp decline in the price of Great Northern Ore certificates.
A matter of broader interest and perhaps larger significance
is the Government report of international trade for the
month of September. This shows an increase of nearly
$27,000,000 in the exports of merchandise when compared
with the same period in 1910, of about $232,500,000 for the
nine months since Jan. 1, and foreshadows a very satisfactory balance in our favor at the end of the calendar year.
The export movement of cotton for the month was about
25% greater than last year, and for October thus far the percentage is nearly the same.
Information relating to the iron and steel industry confirms the report of last week to the effect that lower prices
are stimulating orders, and also states that competition
among the independent companies is rather sharply curtailing profits.
The Bank of Germany, and also the Bank of England, reports a substantial increase in cash holdings and percentage
of reserve. The Bank of France makes a somewhat less
favorable showing, is bidding for gold in the London market
and is encouraging American capital thitherward. The local
money market is practically unchanged; considerable sums
are still being placed in foreign bills of lading and in other
foreign loans.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collatera,ls has ranged
from 23 to 23/2%. To-day's rates on call were 2%@23i%•
Commercial paper quoted at 43@43% for 60 to 90-day
endorsements, 43'@4%% for prime 4 to 6 months' single
names and 5% and upwards for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £597,182 and the precentage
of reserve to liabilities was 52.40, against 51.91 last week.
The rate of discount remains unchanged at 4%, as fixed
Sept. 21. The Bank of France shows an increase of 2,975,000 francs gold and 2,700,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.
1911.
Averages for
week ending
Oct. 14.
Capital
Surplus
Loans and discounts_
Circulation
Net deposits
Specie
Legal tenders
Reserve held
25% of deposits
Surplus reserve
Differences
from
1910.
Averages for
week ending
Oct. 15.
1909.
Averages for
week ending
Oct. 16.
132,350,000 127,350,000
135,150,000
196,020,300
193,297,900 177,371,800
1,366,875,000 Inc. 6,060,000 1,254,065,000 1,243,444,000
51,938,100
50,099,000 Inc.
62,000
48,117,800
1,382,547,000 Inc. 4,181,000 1,227,342,800 1,245,824,700
283,116,000 Dec. 1,583,000 247,865,100 251,318,500
70,428,800
66,387,900
72,892,000 Dec.
760,000
356,008,000 Dec. 2,343,000
345,636,750 Inc. 1,045,250
314,253,000
306,835,700
321,747,300
311,456,175
10,371,250 Dec. 3,388,250
7,417,300
10,291,125
Note.—The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday morning, as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
State and Railroad Bonds.—Sales of State bonds at the
Board include $1,000 New York 4s 1958, at 103%; $157,000
New York 4s,1961, at 1033 to 1034; $2,000 New York Canal
4s 1960, at 104; $10,000 New York Canal 4s, 1961, at 103 8,
2@613/
2.
and $297,000 Via. 6s deferred trust receipts at 583/
A prominent feature of the bond market has been unusual
the
Virginia
advance
of
3
points
in
activity and an
deferred
trust receipts. This movement is presumably based on a
arrived
at
as
to the
hope that some decision will soon be
amount of interest due on these bonds.
fairly
been
has
The market for railway and industrial issues
active, with the American Tobacco bonds the active features.
These have lost a part of their recent advance the 6s dropping nearly 3 points. Allis-Chalmers 5s, on the other hand,
have regained 3 points of the decline noted last week. Seaboard Air Line adj. 5s have advanced 33 points and Missouri
Pacific cony. 5s, Norfolk & Western cony. 4s and Third Ave.
con. 4s are a point or more higher.
United States Bonds.—Sales of Government bonds at the
Board are limited to $17,000 Panama 3s at 1029.' to 10232.
The week's range has been as follows; for yearly range see
third pagefollowing.
Interest
Periods
Oct.
14
Oct.
16
Oct.
17
Oct.
18
Oct.
19
Oct.
20
2s, 1930
registered Q—Jan *10034 *10034 *10034 *10034 *10034 *10034
2s, 1930
coupon Q—Jan *10034 *10034 *10034 *10034 *10034 *10034
%
3s, 1908-18
% *10134 *Ion% *101% *1015
registered Q—Feb •10134 *1018
5 *101% *10134 *101% *10134 *1013/
g
is, 1908-18
coupon Q—Feb *101/
8 *11334
3 *11334 *11334 *11334 *113%
45, 1925
registered Q—Feb *113%
4s, 1925
•
coupon Q—Feb •11334 *11334 *11334 *11334 *11334 *11334
2s, 1936.Panama Canal regis Q—Feb *10034 *10034 *10034 *loovi g00% *100%
38, 1961
Panama Canal Q—Mch 10234 10234 *log 10234 10234 *ling
* This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—The stock market
has been somewhat more active than last week, and a list of
thirty issues, freely traded in, is an average of nearly 2 points
higher. This advance has, however, little significance, as
much the larger portion of transactions at the Exchange represent the operations of Board Room traders.
There have been, however, a few exceptional features
Among these Lehigh Valley is conspicuous for an advance of
9, Reading 23A and
53/i points. Canadian Pacific is up 23/
Union Pacific over 2 points. Great Northern Ore certificates
declined 10 points on the announcement noted above, but
later recovered about 1-3 the loss. The copper stocks have
been notably strong, Amalgamated showing a net gain of
33 points, Utah Copper 3 and Smelting & Refining over 2.
American Beet Sugar has also been a strong feature.
For daily volume of business see page 1096.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Oct. 20.
American Snuff
Am Tobacco, pref tr ctf
Batopilas Mining
Cent & So Amer Teleg....
Chic & East Ill, pref.. _
Cuban-Amer Sugar, pref
Green Bay & West, debA
Norfolk Southern
Quicksilver Mining
Standard Milling, pref
Texas Pac Land Trust
Sales
for
Week.
Range for Week.
Lowest.
200228 Oct
250 943,4 Oct
100 $1% Oct
100 116 Oct
20 105 Oct
100 90 Oct
1 77 Oct
100 48% Oct
100 2% Oct
260 52 Oct
550 85 Oct
Highest.
1722834 Oct
19 94% Oct
19 81% Oct
17 116 Oct
16 105 Oct
20 96 Oct
20 77 Oct
20 48% Oct
17 2% Oct
16 52 Oct
16 85 Oct
Range since Jan. 1.
Lowest.
Highest.
Sept 325
17 225
19 92% Sept 97%
19 $1% Aug $2%
Sept 122
17 113
Oct 105
16 100
20 88% Jan 96
20 76% Feb 78
20 45% Oct 60
17 2 April 334
July 5234
16 50
Sept 92
16 84
May
Sept
Jan
Mob
Oct
Sept
Jan
Mch
July
Oct
Jan
Outside Market.—The market for outside securities continues dull and price changes, in keeping with this situation,
are of little significance. Among industrial securities chief
interest, as in the past few weeks, has centered in Anierican
Foreign Exchange.—An abrupt rise, chiefly due to specu- Tobacco, which in the early trading scored a gain of 8 points
lation, occurred late on Thursday, and this morning 4 8690 to 420, but afterwards reacted to 401. A rally to 408 folwas paid for demand and 4 8740 for cable transfers, but later lowed, but it moved downward again and rested finally at
there was a reaction of %c.
402. An interesting feature was the recorded transactions
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for in the proposed new securities to be issued under the Amerisixty days and 4 8734 for sight. To-day's actual rates for sterling exchange were 4 8360 ® 4 8370 for sixty days, 4 8670@4 8690 for cheques and can Tobacco plan of reorganization submitted this week as
4 8720@4 8740 for c bles. Commercial on banks 4 8234®4 8334 and follows, all "when issued": Preferred stocks of P. Lorillard
documents for payment 4 83@4 83%. Cotton for payment 4 82%@
and Liggett & Myers companies at 110; P. Lorillard Co. 5%.
4 8334 and grain for payment 4 83%@4 8334.
To-day's (Friday's) actual tates for Paris bankers' francs were 5 2094@ bonds down from 91 to 903 and 7% bonds at 118; Liggett &
5 20 for long and o 1634 less 1-32@5 1634 for short. Germany bankers'
marks were 94 3-16@94 5-16 for long and 9434 plus i-32®94 15-16 for Myers 5s at 90 and 7s at 118. Intercontinental Rubber com.,
short. Amsterdam bankers' guilders were 40 3-16 less 1-16@40 3-16 for after a gain of a point to 20,fell to 183
,,and recovered finally
short.
The posted rates for sterling as quoted by a representative house were to 193.. Studebaker Corp. corn. sold up from 58 to 60,
4 8334 for sixty days and 4 87 for sight on Saturday and Monday, but on United Cigar Mfrs. com, rose from 48 to 50 and sank to 46,
Tuesday there were advances to 4 84 and 4 8734. respectively, and these the close to-day being at 463'. Bonds were quiet. Chicago
quotations have ruled since.
Exchange at Paris on London 25f. 16 %c.; week's range, 25f. 17 %c, high Elevated Ry. 5s advanced from 973/ to 98. N. Y. Westand 251. 1534c. low.
chester & Bost. Ry. 43.s weakened from 973% to 97% and
Exchange at Berlin on London, 20m. 51 %pf.; week's range, 20m. 52 %pr.
finished to-day at 97%. Oregon-Wash. RR. & Nay. 4s imhigh and 20m. 50 %pt. low.
The range for foreign exchange for the week follows:
proved from 92 3-16 to 923'. N. Y. City 414s. eased off
Sterling, Actual—
Cables.
Sixty Days.
Cheques.
from 103 1-16 to 103. There was some improvement in the
4 8740
High for the week_ _ _4 8360
4 8690
Low for the week __ _4 8240
4 8695
4 8660
market for mining issues as the week closes. Braden Copper
Paris Bankers' Francs—
sold upfrom 4% to 5. British Columbia gained half a pointto
High for the week__ _5 20 less 1-16
5 1634 plus 1-32 5 1634
Low for the week _ _ _5 20'% less 1-16 5 16 34 less 1-16 5 1634 less 1-16
4 and Butte Coalition one point to 16. Giroux moved up from.
Germany Bankers' Marks—
33% to 4. Greene Cananea declined from 5% to 5% but reHigh for the week__ _ 94 5-16
94 15-16
95
covered to 63.. Inspiration lost half a point to 7 but re94 15-16
Low for the week ___ 94 %
9434
Amsterdam Bankers'Guilders—
covered all the loss. Kerr Lake was a weak feature, selling
40 3-16
High for the week
clown about half a point to 23%, the close to-day being at
40 34 plus 1-32
Low for the week _
DOMESTIC EXCHANGE.—The following are the rates for domestic 2 13-16. Tonopah jumped from 63i to 7% but reacted
. exchange at the undermentioned cities at the close of the week: Chicago. finally to 63%.
par. Boston, par. New Orleans. commercial, 50c. per $1,000 discount;
Outside quotations will be found on page 1096.
bank, $1 per $1,000 premium. Savannah, buying, 3-16% discount; sell-
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Salurday
Oct. 14
Monday
Oct. 16
Tuesday
Oct. 17
Wednesday
Oa. 18
Thursday
Oct. 19
Friday
Oct. 20
Saks 01
die
W.ek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Hanle tin= January 1.
On basis of 100-share (as
Lowest.
Highest.
Range for Previous
Year 1910.
Lowes3
Highes:.
Railroads
A tch Topeka & Santa Fe
LA- Do prof
Atlantic Coast Line RR
Oaltimore & Ohio
,P Do prof
Brooklyn Rapid Transit_
i lanadian Pacific.
k anada Southern
Central of New Jersey
Chesapeake & Ohio
Chicago & Alton RR
Do prof
Chic Gt West trust ctfs
Do pref trust ctfs
Chicago Mllw & St Paul ._
Do pref
Chicago & North Western
Do pref
Chic St P Minn & Omaha
106 10673 10614 10733 10638 10738 10678 10758 10313 10714 10634 10733 40,600
997c Sep 27 11653 J'ne 5
9034 J'iy 12413 Jan
10.112 10312 *103 10312 10312 10358 103 10312 10312 10312 10312 10312 1,700
10034 Jan 3 105,2 J'ne 12 x97 J'iy 10114 Jan
12712 12712 12773 12778 127 127
126 127
125 125,3 12512 12612 2,700
117 Jan 3 13213 J'iy 19 10219 J 'ly 13712 J an
OCIS 9734 9738 98
9634 9713 9634 9733 9653 97
1,312 Sep 29 10934 J'ly 14 10014 4303) 11918 Jan
9678 9734 9,650
88
88
*37
8812 *8714 83
*8714 88
8712 8712 83
88
700
8513 Aug30 91 Jan
3714 Sep
94 Jail
7514 7512 7434 7512 7434 75
7453 75
7412 7473 7513 7512 5,640
72 Sep 13 8453 J'iy
6812 Feb
8233 My
22834 22973 22938 23033 22812 22934 23834 23013 229 23118 23014 2307 25,450
19553 Jan 3 247 J'iv 21 17634 Feb 20238 Nov
8
*__ 7214
7214 *__ 7214 *__ 7214 *____ 7214
7214
62 Mch 3 4139 Mayls
6012 J'ly
70 Jan
*255 270
270 270 *265 280
280 280 *275 290 *275 290
250
260 Aug29 285 Feb 21 248 J'iy 312 Jan
7334 7334 7331 7313 74
7312 74
7353 7414 73
7312 7412 9,550
6838 Sep 25 8634 Feb 8
65 Aug
92 Jan
*1532 25
*1612 25
*1613 25
*17
25
1714 1714 *17
100
25
15 Aug 28 31i3 May23
2378 J'iy
6634 Jan
*35
45
*40
45
*40
*40
45
45
*40
45
*40
50
37 Oct 2 53 Jan 19
6473 J'ne
69 Apr
*13
1812 19
19
1812 19
1312 1812 *18
1812 1813 1812 1,000
316
7 s
Sep 13
3 2514 J'ne
19 .I'ly
3678 Jan
*3614 38
*37
39
3718 33
37
37
'3634 3634 *3612 38
300
Sep
40 J'ly
6418 Jan
4914 Feb 6
10834 110
10314 10912 10713 10834 10778 109
10758 109
108 10918 34,550
10534 Oct 4 13319 Feb 7 11334 J'ne 15838.1:10
*196 150 *146 150 *147 150 *147 150 *146 150 *146 150
141 Sep 14 15519 Feb 2 193 Sep 17214 Jail
3145 145
14412 14413 14.178 14473 *144 145
145 145
1,550
144 14514
13813 Sep 1 15013 J'ne 12 13714 J'IY 18212 Jan
*190 200 *190 200 *190 200 *190 200 *190 200 *190 200
197 Aug30 4209 Jan 7 203 J'ne 225 Jan
*132 140 *130 140 *134 140 *132 140 *132 140 *132 140
13018 Apr 20 194 J'ne 12 140 Apr 16212 Feb
*142 155 *142 155 *142 155 *142 150 *142 155 *142 155
152 Feb 18 1160 Men27 1160 Apr 117014 Feb
*153 212
2
2
*112 2
*112 2
*112 2
*112 2
frac ctfs stmpd
100 ChD
leioUpnreT
153 Sep 30
338 Feb 4
533 Jan
218 Dec
*412 6
434
434 Sep 11
400
Do pref ctfs stmpd_
478 Sep
1214 Jan
7,4 Feb 6
.7.65 -61-55 82 *60 63 *60 63434 *605 635 *60478 63478
100 Cleve Gin Chic & St L_
4818 Sep 15 66 Jan 18
Nov
9214
61
Mch
*3334 100
*8834 100
*3334 100
*8834 100
9414 J'iy 3 98 Feb 1
*8834 100
*S834 100
Do pref
99 Sep 104 Jan
50
*49
*49
50
*48
50
*48
50
4812 49
43 Sep 23 60 Jan 18
750 Colorado 5: Southern
*48
49
46 J'iy
6534 Feb
80
7212 73
*74
72
73
72
73
72
270 Sep 25 82 J'ne30
72
72
Do 1st preferred
7212 1,271
J'ly
83 Mcb
*63
70
*63
70
*63
70
*63
70
*63
x6.3 Sep 25 7512 Men 2
;1;o 2d preferred
70
*63
70
70 Aug
81 Jan
*162 16.112 164 164
163 163 *162 165 *162 161 *162 165
1N19 Sep E 17478 J ne b 14914 J'iy 135 Jan
ecaclilcugsm_s_t: 6
r l,
wa:
ela
aw
300 irlc
523 523 *505 530 *505 530 *505 533 *505 550
520 520
560 J'nu 5 4, J'iy 620 Mob
200
2314 2378 24
2435 24
24
82414 2414 *23
26
*23
2112 Sep 14 35 Feb 15
25
1,950 Denver & Rio Grande
2314 J'IY
52 Jars
4753 4812 34812 4812 *4(3
48
*4618 49
*46
44 Sep 14 74 Feb 21
49
*46
99
Do pref
250
6253 J'ly
81 Jan
*9
11
*9
11
*9
11
*9
11
*9
11
*9
11
Duluth So Shore & Atian
1553 Mch30
Se p 27
1
19
914
4s
10 J'iy
1334 Jan
*1812 20
20
20 *____ 21
*1812 24
20
*1812 21
20
Do pref
3018 Mch 30
200
17 Jig
4458 Jan
3013 3114
3012 3138 3014 3038 30
3073 2973 3053 3013 31
2714 Jan 11
835 J'iy 1
26,850 rilrle
1913 J'ly
3453 Jail
4934 5012 5014 51
5014 5014 9912 50
4913 4912 4934 5014 4,200 1-4 Do 1st preferred_
4658 Jan 12 6114 J'ly 1
35 J'ly
5234 Mch
*41
42
4112 4112 41
41
*41
42
*40
42
*40
42
35 Jan 9 4934.11y 1
Do 2d preferred
200
2614 Jig
42 Alch
126 127
126 127
12514 12638 x124 125
123 12414 123 124
2
100
5:4
119 Sep 25 140 J'ne 8 118 J'iy 14373 Jan
700 Great Northern pref
5153 52
5112 52
50
5112 47
50
4214 9312
40
45
40 Oct 19 6334 Feb 2
Iron Ore propertles
45 Jig
8012 Jan
*1113 1213 12
12
*1112 1212 *1112 1212 *1112 1212 *1112 1212
11 Aug 28 1514 Jan 17
5 Green Bay & W.deb otf B
11 Aug
1818 Mch
*9312 _-_ *9312 ____
*9312 ____ *9312
...... ijavana Electric
8812 Jail
9314 J'iy 22 98 Oct 11
9712 Apr
*ia
*lin
*102
____ *102 ..„. *10012
____ *102
9334 Jan 12 10258 Oct 9
...... 11 Do preferred
92 May
99 .,an
Hocking Valley
_
128 A/eh 24 134 Apr 29 112 J'ne 140 Oct
155" 139 13812 119- *1552.319- *13713 13913 13813 13-81-3 *13813 13913 700 I Ilinois Central
132 Jan 3 147 J'ly 31 124 J'iy 147 Jan
1518 1514
1.134 15
1412 1412 1438 1412 1433 1453 1438 1434 28
2;900 I nterboro-Metrop v t ctf8 1318 Sep 22 2038 Feb 10
1414 J'iy
2512 Jan
4512 4534 45
4512 4414 4412 44
4412 4312 4438 44
Do pref
3934 Sep 25 5638 J'ly li)
4112 J'iy
4412
6278 Jan
4412 4412
4212 43
Do prof vot tr ctfs
3912 Sep 14 5512 J'iy 19
400
*143
19
*18
4;
19
412 1412
.
Iowa Central
*18
19
15 Alay12 22 Sep 7
15 J'ne
30 Jan
*3612 3712 *36
3712 *36
37
3612 3612 *36
37
Do preferred
*36
100
25 J'iy
23 Apr 24 42 Sep 7
5414 Jan
3712
*72
80
*72
80
*72
80
*72
80
*72
80
*72
C Ft S & M tr ctfs,pref 74 Apr 8 76 May 4
80
58 Aug
80
Feb
2934 3013 3034 3034 *2834 30
30
30
*28
30
*29
30
900 Ivansas City Southern__
23 J'ly
4414 Jan
26511142 Sep 15
26 3738 J'ne 13
*65
67
*65
6413 6413 *64
66
65
6518
67
*64
67
Aug
13
J'ae
6934
400
58
Sep
preferred
71 Jan
*11
15
*12
15
*12
15
*12
1412 *12
14
*12
15
r ajilue Erie & Western__ 10 Sep 25 1634 J'ne 16 15 J'ne 2534 Jan
*25
30
*2512 30
*25
30
*25
30
2813 2812 30
32
3714 Dec
400 I-I Do preferred
25 Sep 1
40 Jan 13
6234 Jan
16014 16138 160438 16333 16234 16418 16278 16473 16213 16553 16412 16573 112,400 Lehigh Valley
151 Sep 14 18113 Fets 3 17314 Dec 186 Nov
*47
52
*45
52
*45
52
*45
52
*45
50
52
*95
Long Island
J'ly
4978 Aug 4 63 Jan 16
'4014 Apr
60
14718 14712 14718 14734 147 147
147 14712 14612 147
14634 148
4,700 Louisville & Nashville_ 13612 Sep 14 15612 J'ly 19 13112 J'IY 15934 Jan
*134 136 *134 13o *134 1343 *134 16 *134 136 *133 136
Ail anhattan Elevated__ 13114 Sep 22 14213 Jan 19 123 J'ne 146 Oct
3312 3334 *30
*32
34
34
*32
34
*32
34
*30
34
200 1*-1- I nneapolis & St Louis 2112 Apr 26 4212 Sep 6
23 J'ly
6334 Jan
*58
60
60
58
59
60
60
6012 *57
61
*57
6012
650
Do preferred
35 M eh 13 6812 Sep 6
40 Seo
SO Feb
*129 130
13018 13078 13013 13112 13212 13312 13212 13313 13318 13433 4,200 Minn St P & S S Marie
212434 Sep 22 15214 Mch 30 114 J'ly 145 Alc13
*147 152 *147 153
143 148
150 150
150 15053 *148 152
Do preferred
700
147 Oct 5 160 Mch 3O 144 J'ne 15512 Mch
*87
91
*87
91
*87
92
93
*87
*87
90
*87
92
Do leased line ctfs
8713 J'iy 5 9012 Mch 15 28614 Sep
8234 Jan
3118 3113 3078 3153 3034 31
3073 3134 3113 32
3118 3134 10,750 Mo Kansas & Texas
3818 J'ne 14
27 J'iy
514 Jan
68
68
6934 6034 69
70
6912 6934 69
1,100
Do preferred
69
6234
*67
27 Sep 2
69
26
5 70 Oct 17
57 J'iy
7458 Jan
39
3913 3878 3912 3813 3914 39
39
3833 39
39
3934 8,450 Missouri Pacific
3314 Sep 14 63 Feo 15
41
J'ly
7358 May
*148_ *148
___ *198 -___ *148
*150
_-__ *150 160
Mash Chatt & St Louis. 14014 Jan 19 160 J'ne 14 125 J'iy 140 Nov
*6
*66 -1213
*62 70 5 68
*65 -6.13- *65
70
*65
68
il at Rys of Mex 1st pref 60 Aug23 7238Jan 26
60 Feb
7238 Nov
3212 33
3234 33
33
33
*3214 3318 *3234 3314 3333 3334
1,650
Do 2d preferred__
2578 Aug 28 3833 Feb 15
J'ly
2313
3713 Nov
105 10578 105 106
10412 105
105 10518 10512 106
105 106
6,100 N Y Central & Hudson__ 29978 Sep 21 11512 Feb 3 10518 J'iy
128
Mch
*48
4912 *48
SI *4712 51 *4712 51 *4712 51 *48 51
N Y Chic & St Louls_- 48 Sep 14 65 Jan 19
5512 May
6878 Nov
*9812 100
*9813 110
*9312 110
*9812 110
*9812 110
*9813 110
Do 1st preferred
9834 Sep 25 10153 Mch 20 4101 J'iy 10934 Jan
*75
85
*75
85
*75
85
*75
85
*75
Do 2d preferred
85
*75
85
8212 Aug 25 90 Jan 27
8234 Apr
98 Jan
133 133 *133 135
13318 13318 13312 13312 13314 13314 *13314 134
500 N Y N H & Hartford
12678 Sep 14 15118 Feb 23 149 Apr 162 Mch
39
39
39
39
*38
39
3834 3834 3813 3833 1,910 N Y Ontario & Western.. 3734 Sep 25 4678 J'ly 22
*3834 39
3812 Aug
50 Jan
10512 10512 10534 10613 10512 107
10614 10714 106 10634 10612 107
19,000 Norfolk & Western
9934 Sep 25 11014.1ne26
8812 J'IY 10858 Alch
*37
90
*87
90
*3713 90
*87
8814 8814
90
*87
90
100
Do adjustment pref
8534 Apr 18 9114 J'ne 8
88 Feb
9114 Mch
11634 118
11578 118
116 11634 11614 11738 11553 11634 11658 11718 18,470 Northern Pacific
11034 Sep 25 13773 J'ne 8 11112 Aug 14538 Jan
*85 100
*85 100
*85 100
*85 100
*85
95
*85
90
pacific Coast Co
100 Jan 11 102 Jan 10 100 Oct 11834 Jan
*85 110
*85 110
*85 110
*85 110
*85 110
*85 110
1.
Do 1st preferred
*85
90
*85
90
*85
00
*85
90
*85
90
*85 100
Do 2d preferred
9934 J'iy 5 102 Jan 11 105 Feb 118 Jan
122 12238 12214 12212 122 12214 12173 12233 12134 122
122 12212 12,566 Pennsylvania
11834 Sep 25 13018 Feb 2 12213 J'iy 13813 Meta
9434 9614 29558 943
95
95
9412 9412 *9414 9614 *9414 9614 1,600 Pittsb Cln Chic & St L
9018 Sep 26 100 Jan 17
89 J'ly 10458 Mch
*10512 11512 *102 11512 *102 11512 *101 11513 *101 11512 *101
Do
preferred
10218 Sep 25 112 Feb 17 110 Oct t16 Alch
11512
133 13953 13734 13912 13734 13918 13773 13958 13712 13912 13834 14058 474,000 P eading
134 Sep 25 16178 J'ne 3 13053 J'ly 17214 Feb
91
91
91
*90
*90
92
*9012 92
*90
91
*89
91
100 LI, 1st preferred
83 Mch 1 92 J'iy 14 285 Aug
9312 Feb
96
94
94
*92
*94
96
*94
96
9313 94
*91
95
2d preferred
400
901 Sep 20 101 May 2
rred
87 J'iy 11013 Jan
2512 2458 2558 2412 2518
25
2458 2533 2412 25
25
2533 14,100 Rock Island Company
2234 Sep 22
$438 J'ne 14
2278 J'iy
5714 Jan
4712 48
4714 4914 4738 4733 47
4714 47
4712 4713 4778 4,900
Do preferred
44 Sep 25 6858 J'ne 14
54 J'iy
9213 Apr
2634
27
2512 26
25
26
27
25
*25
27
*26
27
925 ‘,It Louis & San Fran
25 Oct 14 2/ Oct 16
436
*432
65
6434 6434 *64
*82
65
*62
66
*82
67
, Do 1st preterred._
100 L
59 Sep 19 6914 J'17 LI
58 Aug
73 Jan
42
43
4234 4234 4113 4113 4234 4234 4018 4114 4112 4178
2,400
Do 2d preferred
37 Sep 25 4913 J'ly 19
3912 Aug
60 Jan
*2514 32
*2514 32
32
*30
32
*2514 32
*30
*30
32
St Louis Southwestern__
24 Jan 13 34 Feb 4
1812
J'iy
3412
Jan
*69
7014
•
69
69
*6813 7014 *6318 6912 19818 6813 68
68
300
Do preferred
5934 Jan 3 72 J'ne 26
6112 J'iy
771. Jan
101)14 110
109 11018 10834 10973 109 11018 10814 10912 109 110'13 37,400 Southern Pacific Co
10412 Sep 25 12638 J'ne 26 10314 J'1}' x13814 Jan
2853 2914
2834 2958 2834 2934 29
2934 2853 2912 2938 2912 26,420 Southern v tr ctfs stmpd_
2434 Sep 28 3338 J'ly 19
18 J'iy
3334 Jan
6934 70
7012 7114 70
70
70
7034 6912 70
70
5,660
Do pref
7014
do
7514 J'iy 20
6114 Jan 11
43 J'iy
75 Jan
2412 25
2412 2412 2412 2412 *24
25
2412 2478
800 Texas & Pacific
2214 Sep 22 3014 Feb 21
2213 J'iy
3634 Jan
1
912 958
9 8 938
858 879
858 934
878 873 2,700 1 bird Avenue (N Y)
938 938
512 J'ne
734 Aug25 1412 J'ne 9
1913 Jan
_1_,.255 Toledo Railways & Lt.__ 638 Aug 8 812 Jan 17
*812 6
77.7
7
512 J'IY
1534 Jan
19
-.1873 ..1.
/T7g -113-1
8 -1-878 -1:704
-18,
-1-84 *1712 19
7Toledo St L & Western
17 Sep 11
2434 Feb
5438 Jan
1? J'ly
4114 4178 42
1
4314
4212 4212 9214 4253 43
4313 43
2,300
Do preferred
43 4
38 Aug 26 5378 Jan 5
4234 J'iy
214 Jan
*106 10634 101334 10633 *10614 10812 10634 10634 *106 10734 *100 103
300 Twin City Rapid Transit_ 104 Sep 15 111 Feb 2 103 J'ly 11112 Jan
16153 163
16153 16338 16114 16314 16178 16334 16034 16234 16134 16334 415,400 I jnion Pacific
15313 Sep 25 19238 J'ly 22 15214 J'ly 20134 Jan
0273 9314 93
49112 9112 03
93
*9114 93
93
*91
93
825 %-,
Do preferred
89 Sep 13 96 J'ly 24
83,4 J'1Y 10334 Jan
3134 33
323.1 3234 33
33
3312 33
33
33
1,000 Unit Rys Inv't of Sant Pr 2812 Sep 25 49 Feb 20
3319 3314
56
4211 Jan
5678 56
2334 J'ne
5512 57
*5412 5712 *51
_51.373
1,000
Do preferred
52 Sep 25 7614 Melt 22
47 J'ne
7238 Jan
4212 *39
4212 *3912 41
4212 *39
4212 *39
Virginia icy & Power.
37
Sep
8
45
Apr
24
*7
58
79 *_ 79 *__
79
512
Do nreferred
77
Sep
20
483
Apr
23
1218 -12-73
1212 1313
*1212 1314
1218 13
13 13
- _ -3:55 w abash
10 Sep 29
1833 Feb 23
1253 J'ly
2134 Jan
26
25
2553 2613 25
2512 2618 2613 2514 2514 2512 2834 3,300 I' T
Do preferred
19 Sep 27
4038 Feb 23
f 818 J'iy
61 Jan
56
5712 56
67
5614 57
5534 5634 *54
56
56
56
3,100 Western Maryland By..... 7
n 13 66 J'ly 8
45
873
40 J'ly
5438 AlCh
*79
84
*7713 8973 *75
85, *75
90
*75
85
*76
85
Do preferred
Jan
67 Aug
8814 J'iy 24
77 Dec
3
*212 3 ' *212 3
313
*212 3
3314 314
*212 3
250 Wheeling & Lake Erie_
213 Sep 28
614 Feb 3
3 Apr
10 Jan
*7
9
*7
9
*7
9
*4312 9
*613 912 *7
10
Do 1st preferred
7 Sep 2S
1758 Feb 3
8 J'ne
23 Jan
*212 312 *213 912 *3
419 *3
412
312 312 *314 8
100
Do 23 preferred
3 Aug23
4
3
Feb
7
J'ne
1312
Jan
5313 5313 5212 5212 5:3
52
52
5314 53
53
53
53
1,100 Wisconsin Central
48 Sep 22 7218 May 1
44 .Ply
64 Nov
rr
*39
71'
BANKS AND TRUST CONIPANIES-BRO IC ERS' QUOTATIONS.
Banks
New York
Aetna
America IL._
Amer Each_
Battery Pk
Bid
180
590
250
145
380
Broaxilorol 300
ilrolx Nat 180
Bryant Pk 1, 155
Butch ds 1/1 135
Century I. _
Chase
553)
Banks
Cfr.t&Pheni,
135 Chelsea Eli
Chemical
(;00
73712• Citizens' Ct,
City
155
Coal & Iron
Colonial II..
Columbia 11.
160 Commerce _
142 Corn Ex 11.._
East River_
155
VIdelity
575
Ask
1161
169
209
440
155
421)
154)
409
375
195
310
115
165
Ask
171
Bank:
Fifth Avell_
elith
445
First
160
Fourth ___ _
430
Gallatin
160
Garfield __ _
Germ-Am 11
Germ'n Eali
Germania 11_
3-1-5-- Gotham
_
120 Greenwich !I
1/5
Hanover
zu-s-
Bid
Ask
4100 4350
.100
350
970
930
205
335
37.1295
300
141)
145
485
5.5)
150
155
240
750
630
610
5-ii;
Banks
Harriman -440p & 'Iran
irving N
le ifersonli _ _
i.lberty _
LI ncol n
_
a n ha ttan
dark't & Pu I
(tech &Met's
dercantile .
(torch Each
.lerchants'
Bid
285
570
210
145
550
330
230
260
159
160
180
Ask
580
15)
575
401
.315
2571
265
153
1(35
183
Banks
Metropolis
dietropol
Sit slorrisii_
Bid
370
198
25(J
285
•qutual
Nassau
__ 31.10
New Seth_l 210
New YorkCe 909
New York_ 300
270
Park
357
People's 11.._ 240
650
Ask
335
202
760
295
220"
175
310
280
363
250
Banks
Bid
Prod Exch 1 117238
4.ieserve
/ 91
,ea board _.. 415
8econd _
385
.3ecuri ty J.- 150
merman__ 135
itate
23d Wardil.
Un:on Exc. 170
Nash trts
275
‘Vest Side
Yorkville 11.. 511
•Bld and
3 :tees; no saws were inacio on tilts day. ;Ex-rights.
Les4 than IOU snares. /State uanks. a Ex-dividend and rights. 0 New stock.
/Sale 83 Stock Exchange or at auction this week. Is First installment paid. n Sold at private sale at this price.
s 2d paid. y 3c1 paid.
STOCKS-IIIGHEST AND LOWEST SALE FRICES
Saturday
Oct. 14
[VoL.=um.
New York Stock Record-Concluded-Page 2
1088
Tuesday • 1Ve lnesday
Oct. 17
Oct. 18
Monday
Oct. 16
Thursday
OCi 19
Enda?)
Oct 20
Sales ol
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHAN GE
Range since January 1
On basis of 100-share 00
Loweit.
Highest.
Range for Previous
Year 1910.
Lowest
Richest,
In dus trial &Miscellaneous
207 Oct 16 §245 Apr 7 3235 Dec z270 Jan
10 A dams Express
*205 215 5207 207 *205 215 *205 215' *205 215 *205 215
934 May31
712 J'ly
15 Jan
2 Oct 7
210 212
233 212
212 312
3
3
7,600 kilns-Chalmers
212 3
34
3
27 Aug
5434 Jan
973 10
934 Oct 18 34 F en 3
10
1118 3,900
Do pref
11
1134 12
934 10
1014 1014 10
J'iy
19
5518
J'ne
9034 Jan
25
715
8
443
Sep
4
5418 5212 5133 5238 5078 5178 5118 5238 5078 5234 5258 5458 90,350 Amalgamated Copper
May18
35
6012
J'ly
4912 Oct
5112
700 Amer Agricultural Chem_ 4434 Sep 25
5113 *48
5034 51
51
5012 5012 *49
*43
51
*48
9914 Apr 103 Jan
10134 Jan 27 103 Feb 7
Do prof
_ *94
_ *94
_ *94
_ _ *94
*90 ____
24 J'ly
4714 Jan
3914 Jan 12 5934 Oct 0
57 -5838 5738 5934 77,250 American Beet Sugar
5773 5812 *905712 583
- .; 5814 -59
5734 -56
8212 Jan 9 101 Oct 11
89 J'ly
9512 J'no
Do pret
*98 101
*98 101
*9812 101
*9812 101
*98 101
*93 101
678 inc
1378 Jan
May
9
878
Jan
6
1212
3,200
American
Can
10
102.,
10
104
10%
9
7
8
1018 1014 10
10
1034
62 illy
8214 Nov
77 Jan 5 8878 May23
Do prof
8614 8634 8534 87
8534 808 8614 8614 8512 8578 8614 8612 4,055
727 Jan
3912 J'ly
8,400 American Car & Foundry 42% Sep 28 5814 J'ty 19
4818 49
4978 5018 51
49
49
5012 4912 5012 454 49
114 Oct 10 120 May23 109 JAI': 120 Mch
200
Do pref
*113 115
115 115 *113 11512 *11378 11512 *111 11512 115 115
t218 J'iy
6934 Mch
454 3ep 21; 62.38 Feb 28
13,910 American Cotton 011
48
5012 51
51
4534 5038 45,'s 4714 47
5114 5112 60
100 May26 10512 Feb 16 100 Dec 107 Oct
Da prof
*99 103
*99 103
*99 103
*99 103
*99 103
*99 103
Jan
Dec
320
§230
27
Jan
Sep
26
5255
201
170
Express
212
American
*205 212 *205 212 *205 212
210 5212 3210 210 *200
818 Jan
312 Sep 22
312 Sep
5 J'ne 14
150 Amerlcan Hide & Leather
*312 4
378 378 *312 4
*334 4
5334 334 *334 4
4778 .Jein
19 Sep
18 Sep 25 2638 J'ne 14
100
Do pref
24
*21
23
24
*21
22
22 *21
*21
25 *21
24
1638 Dec
2914 Mch.
1012 Aug28 2534 J'ly 11
600 American Ice Securities_
*1714 13
1712 18
*1734 1814 1814 1814 *1712 1812 1734 1778
1018 J'ly
173.1 Jan
8 Aug 11 128 Feb 14
700 American Linseed •
*834 9
*334 9
*834 9
*834 9
812 834 *838 878
4678 Jan
2512 J'ne
2614 Oct 4 34 Feb 14
Do pref
*28
30
*2712 29
*27
30
29 *28
29
*28
30
*28
29
J'ly
8212
Jan
May22
25
4314
334
Sep
3412
2,300 American Locomotive
3312 3412 3418
3412 35
3538 3534 3578 351 3434 35
103 Oct 19 11034 Mch 1 10212 Aug 115 Jan
550
Do pref
103 103 *103 105
*101 106
104 104 *103 105 *103 105
314 Dec
8 Feb
538 Jan 21
3 Sep 25
*3
*3
4
American Malt Corp____
3
*3
4
*3
4
4
• *3
*314 4
2812 J'ne
48 Mch
3112 Mch 8 4358 J'ly 22
480
Do pref.
41
*3814 41
543
43
43
43
4212 435 *38
*40
43
82 J'ly
907 Jan
200 Amer Smelters Sec pref B 82 Sep 26 894 J'iy 19
*85
88
*85
86
86
86
86
*85
87
8534 8534 *35
3 J'ly 104 Jan
J'ne
15
25
8378
61
Sop
5658
58,100
6314
6512
6414
6678
Amer
Refining
Smelting&
664
6412 6618 6514 6634 6134 6534 6434
9814 J'ly 11234 Jan
9834 Sep 27 10812.1'ne 15
Do pret
*19212 10312 101 10212 102 102 310112 10112 10114 10113 10113 10133 3,325
38 J'ly
66 Jan
400 Amer Steel Found (new)- 25 Sep 25 5212 Feb 9
30
30
32
29
29
*30
32
3234 *3112 3212 *30
1114
Oct 12712 Feb
12212
Feb
27
25
Sep
11214
1,420
118
American
Sugar
Refining
118
*116
11712
*110
11712
] , 12 11812 118 11834 11712 118
111 Jan 5 11912 Feb 14 11112 Dec 124 Feb
Do pre
500
115 11514 *114 11514 11514 11514
116 *115 116 *115 116
6,926 American Teleph & Telcg 13112 Aug30 1534 J'ne 8 12634 J'ly 14338 Feb
1,,513 13512 13518 1351, 13533 13533 13533 13533 13434 1353 13458 135
J'ly
9934 Mch
9012 D
9512 9512 9512 9558 3,847 American Tobac (new). PI 87 Aug24 102 May18
0612 9512 96
9734 98
07
973.
-1 96
3012 Mob
2518 J'iy
27 Sep 14 3612 Mch 21
American Woolen
*30
31
*30
31
31
*30
31
*30
31
*30
*30
31
0018
93. Mch
10
94
8012 Mcb 29 9614 J'ne 15
Do pre(
8812 ' 400
89
88
88
*87
88
90
*88
90 *88
90
*88
200 Amer Writing Paper. pet. 2412 Sep 26 341.2 Feb 15
*2512 27
.2712 2712 *2512 2712 *2512 27
2614 2614 *26
28
J'ne 13 $3212 J'ly v54 Jan
3412 34
3412 3478 3512 4,800 aAnacondaCopperPar$25 $29 Sep 25 54118
34
34
3414 3314 3338 34
34
21 J'ne
3478 Oct
20 Sep 21 3,313 Aug 1
600 nethiehem Steel
29
28
28
29
2834 2834 *28
2.834 2814 2813 *28
*28
65 Jan
49 Aug
54 Sep 26 6634 J'ly 31
6578 5578 55
55
5512 5512 . 1,000 PP Do pret
56
56i 56
56
56
56
x129 Sep 15 14512 J'ne 8 125 J'ly 16412 Jan
400 Brooklyn Union Gas
134 134
13414 1341 *13334 135
13514 13514 *13512 137 *13512 137
8 J'ne
1818 Jan
818 AuP'15 1034 Feb 15
Brunswick Term& Ry Sec
*712 9
*812 9
*712 9
*712 9
*712 9
*712 9
33 Jan
28 J'ne
28 Feb 16 31 Mch3U
Butteriek Co
*2834. 2078 *2814 30
*2812 30 *2812 2914 *2812 30 *2814 30
4834 Jan
2514 J'IY
1834 Sep 25 3338 Feb 2
21
2134 2134 2,500 t lentral Leather
2134 2214 2112 2214 2112 2158 2158 2134 21
9914 J'ly 10914 Itch
9178 Sep 2" 105 Feb 10
700 k , Do prof
951, 9412 9412 9378 0378 *0312 95
9538 0578 *94
95
95
2038 1934 2018 20
2012 5,300 dChino Copper...._Par $5 51612 Sep 25 32534 May19
1934 1934 1934 1978 1934 1934 20
50 Jan
2212 J'iy
25 Sep 23 3638 Feb
300 Colorado Fuel & Iron
28
*27
2818 *2712 2813 *2712 2818 28
27
2712 *27
28
12212 J'ly 16038Jan
13878 13938 1385 13912 138 13812 13314 13834 13734 13358 13812 13912 9,350 Consolidated Gas (N Y).. 12834 Sell 25 14812 J'ne
1112 Jut
2314 Jan
May17
938
Oct
19 1534
1012 1078 3,330 Corn Products Refining
1118 1112
*1114 12
*1114 12
958 11
*114 12
73 Sep 27 85 May210
7033 J'iy
868 Jan
Do pref
510
7312 7312
7612 74
74
73
73
*7412 7612 *74
76
76
Jan
J'ly
2514
3634
29
1
Sep
26
3814
Mch
Distillers'
Securities
Corp
1,160
3112
*31
53112
3112
3112
3134
32
32
3218 3178 32
32
12 Oct
60 Moil
410 Federal Mining & Smelt'g 15 Sep 25 36 Feb 16
17
*1512 20
17
17
51712 1712 *1534 23
17
*1512 25
88 Jan
37 Oct
47 Oct 13 6612 May19
Do prof
5314 5314 1,000
50
5214 52
52
50
50
*47
60
*47
62
d 142 Sep 22 1683 May29 134 J'1Y 1607 Jan
15114 15114 15134 152
15034 15112 151 15112 149 14934 160 15034 4,850 General Electric
3718 Sep 27 5134 Aug 4
Gen Motors vot tr Ws_
*3718 41
*371s 41
*3718 41
*3714 41
*38
41
*3718 41
75 Sep 26 8658 Aug 6
pret
vot
tr
Do
otfs___
600
76
78
77
76
76
*7514
77
*75
*75
77
7612 7612
$914 Sep
5734 Oct
45g 434
312 414
458
4
418
414 438 39,000 Goldfield Con M_ Par $10 $312 Oct 18 $77 Jan 3
4
412 458
s8318Feb
125 Jan
6,400 I nt Harvester stk tr efts 9918 Sep 20 12938 May 6
104 10434 101 10418 104 10434 10378 10412 104 1043
103 104
1.
May
4
Aug
120
Jan
12814
7,117
Do
115
Sep
22
stk
tr
pref
Ws__
200
12012
12012
120
*117
120
*11614
120
*116_ _ *11612 _ _ *11614
712 Jan
414 J'ly
578 Jan 30
Int Mer Marine stk tr Ws
314 Sell 9
*334 4
*334 4
*334 4
412 -412 *33s -412 *334 4
2438Jan
1258'1'1y
14 Aug30 1914 J'ne 17
Do peel
1,550
15
15 *14
1514 15
*1412 15
1514 1512 1512 1512 15
16 Jan
9 J'ly
9 Sep 9 1333Jan 31
000 International Paper
1012
10
1058 1058 1058 1012 1012 1012 1012 *912 1012 *10
i.'112 J'ly
(3112 Jan
Do pref
4438 MaY15 668 Jan 17
4738 1,525
4712 4712 *4612 4712 47
47
4634 4738 9612 4733 *46
5458Jan
3658 J'ly
2714 2714 1,500 Internet Steam Pump... 2518 Oct 9 44 Feb 8
28
*27
28
2634 2714 27
2712 2712 2712 *27
9034 Jan
7812 J'1Y
80 Oct 9 9012 J'ne 12
Do pret
300
x8112 8112
8212 *82
84
821, *81
82
8212 8212 *80
*80
9334 J'117 11612 Jan
109 10412 10412 10434 1043 10434 10412 10484 10414 10438 10438 10412 4,170 Laclede Gas (St L) coin_ 10114 Sep 25 11412 Jan 20
98 Oct
79 J'ly
82 Sep 15 95 Feb 2
Mackay Companies
*8612 91
*8612 91
91
*86
90 *86
*86
91
*86
90
7834 Oct
71 J'1Y
Do pret
72 Aug 11 77 Meh 7
100
*7212 9312 *7212 7312 7212 7212 *7238 7312 *7238 7312 *7238 7312
200 May Department Stores_ 70 Apr 28 87 J'ne26
7712
7738 *74
771g 76
7712 *74
*7412 7712 *74
7712 *74
Do pref
10734 Sep 21 11314 J'ne 6
*108 111 4103 111 *108 111 *108 111 *10813 111 *10834 111
1912 4,880 dMiamt Copper__ _Par $5 51633 Sep 23 52278 J'ne 26
1914 19
19
1914 195
18/8 1834 1812 19
1834 19
11714 Jan 16 141 Apr 4 100 Aug 11912 Deo
126 12834 1,410 National Biscuit
126 12613 *12412 12612 312612 12612 *12412 12612 *12412 126
124 Jan 20 130 Feb 4 11834 XIV' 125 Jan
105 II 1)0 prof
128
*125
3125
125
*12434
129
129
*12014
127 127 *12014 129
14 Sep
2812 Jan
Nat
100
Enamel'g
& Stamp'g 14 Sep 25 22 J'iy 24
18
*14
18
19
*14
*14
19
*14
19
15
*14
15
J ,ly
84 Oct
9
8904
Do pret
85 Jan 6 10034 J'ly 22
200
95
95 *90
9334 9334
*91
05
95 *00
94
*00
94
4612
2
Jan
Feb
59
National
4212
Lead
25
1,300
Sep
4712
*47
4812
4712
48
*4712
48
48
4812
4712 48
47
1w
:
0
3
612 j
J
Ja
asn
an
Do pret
200
104 Sep 22 10934 Aug 15 10134 J'15r :
106 106 *105 100
*106 109 *10614 109 *106 110 *106 110
J'iy
52238 Oct
1618 1618 1612 1614 1634 11,700 dNev Cons Copper_Par $5 31513 Sep 25 $2114 J'ne 14 ;1712
16
1534 1614 1534 1578 1578 16
J'ne
50
9612
4
Jan
New
Feb
York
Air
Sep
51
23
70
*50
Brake__
60
60
*50
60
*50
60
65 *50
*50
*50
60
5018 Nov
84 Jan
300 North American Co (new) 64 Jan 20 7634 May18
69
*67
70
69
70
*67
70
6812 6812 6878 6878 *67
2278 J'iy
2312 Apr 10 3113 J'iy 31
2912 3034 2,700 LIactrle Mail
2912 30
2912 30
*3034 3114 2933 30
3012 31
J'ly
30
4614 Jan
31
Jan
aciflo
Telep
&
35
4312
800
L
Sep
24
4314
4312
4212
Teleg
4312
5458
*437 4412 4:178 4378 *435 4478 4312
04
3 J:Il y 116% Jan
2,540 l'eople's G L & C (Chic). 10112 Aug22 109 Jan 19 18
10734 10814 107 10734 10712 10712 107 10712 *106 108 *10614 108
Philadelphia Co(Pittsb'h) 99 Sep 25 11812 J'ne 3
13 J'ly
2734 Jan
Pittsburgh Coal Co
1714 Jan 3 2314 J'no b
6014 J'ly
85 Jan
Do pref
1,600
6734 Jan 4 9078 J'IY '26
7812 804 7912 80
81
81
82
80
80
80
8012 *77
5178 Jan
25 J'ly
1 J'ne21
Pressed
37
800
25
Sep
25
2812
Steel
Car
2812
29
2812
29
29
*2814
29
2814 2838 29
29
00 J'iy 10713 Jan
1,0 nrec
200
91 Sep 21 10234 J'ne 16
96
*95
96
*95
90
96 *95
96
*95
95 *95
95
300 Pub Service Corp of N 3. 111 Oct 10 120 Feb 7
111 11114 *110 112.
----------------112 112
235 Pullman Company
154 Sep 23 163 Jan 30 155 J'ne 200 Jan
*157 159 *157 15812 159 15934
*INIT2
5178 Jan
28 J'iy
1,400 1)allway Steel Spring... 2612 Sep 14 39 J'ne 14
28
*26
27
2912 2712 2712 2712 2712 27
28
2813 *27
It Do prat
92 Jan 3 103 J'ne 15 59014 Sep 107 Jan
*95 100
*95 100
*95 100 *90 103 *95 100 *95 100
May18'
$1812
25
dRay
Sep
13,283
312
143
ConsCopper
Par
$10
1334
1334 14
1312 1378 1312 1333
1373 14
1312 14
27 J'ne
4578 Jan
2114 Sep 25 3514 Feb 6
1,130 Republic Iron & Steel_
2234 23
*2212 2312 23
2314 *2212 2314 2273 2278 *2212 23
8234 J'ly 10414 Jan
8133 Sep 22 9938 Feb 1
Do pref
990
8412 8412
85
84
84
8578 *8412 8512 585
8512 8512 85
150
J'ne
Feb
6
$
1
4
90
058 J
Naonv.
102
21
Sep
Qears,
12512
400
Roebuck
Oc Co...
13712 13712 *13712 139 *13712 139
13878 13878 138 133 *135 138
4814 Dec
8612 Jan
:14 Sep 25 5614 Feb 6
500 uloss-Sbeffield Steel & TI
*39
41
40
40
*40
41
40
41
40
40
*39
40
J'ne 13 $19:•4 J'ly
544
26
Sep
53014
dTennessee
2,250
Copp_Par
621
35
3018
3412
35
3512
36
3512
3614
3614
53512
3534
3533
81 Aug31 13612 Feb 1 134 Oct 144 Oct
1,100 Texas Co (Etle)
92
92
*92
93
03
*90
94
93
93
92
*9212 94
600 I I nderwood Typewriter. 63 Mc1120 111 J'ne 26
97
9410 93
93
9312 9434 98
9412 *91
*90
0412 *90
378 J'lFeby 298
21
2 119
Meeph 3
518 s
103
Do
pret
200
‘..-J
.
110
110
*10834
*108
110
*1083.1
110
10812
1093,i
*10812
*10812 110
6 J'ly
1314 Jan
475 Union Bag &
6
618
618
*518 613 *5
573 58 *518 6
6
0
5218 Dec
73 Jan
Do pre( Paper__- 52 Oct 10 5912 Jan 30
245
54
535 535 *52
59 *50
57
*52
55
5312 5312 *50
96 Aug 122 Jan
J'ne20
07'2
26
108
Sep
United
000
Dry
Goods
Cos..
9812
9812
9812
9812
9812
9812
99
9778 9773
*99 10014 99
9914 Aug 11378 Jan
10034 Se's 25 10712 J'iy 7
Do pref
300
10214 10212 102 102 *102 106 *10212 106 *10212 106 *10212 106
1418 J'ly
32 Jan
630 U S Cast I Pipe & Found] 11 Sep 25 19 Feb 23
*12
1314 13
1334
15
13 *12
15 *12
1233 1258 13
84 Jan
49 J'ne
23
Feb
x6I
25
Sep
4012
Do
pret
800
4312
43
45
*42
45
*42
45
*42
4412 4412
45
45
59312
Dec
145
Jan
27
Jan
1105
25
Sep
*84
91
20 United States Express... 85
91
*85
*85
91
91
*85
*85
91
88
588
$414
8
6434 JAY
14 Jan
n
65i8 Jan 25 7934 May29
LT 8 Realty Is Improvem'i
*67
70 *66
69
71
*68
71
*68
71
70 *68
*67
ly
1
27
j
JY
i
l
y
Mch
8
477
25
Sep
United
3012
States
6,200
Rubber-_.
43
4212
4212
4212 4234
4234
43
4518 4538 54314 4418 43
99 J'iy 11612 Jan
104 Sep 25 11512.1'1Y 7
Do 1st prof
1,385
10634 10712 310712 10712 *107 108
110 110 x108 10812 10778 108
5912
Jan
Do 2d pret
66 Sep 26 79 Men 1
100
74
*70
75 *70
75
7512 *70
*72
*72
76
76
76
6118 J'ly
51% Sep 26 8218 Feb 6
5934 5753 60
6914 607 978,000 (Jutted States Steel__
6014 6138 5914 6133 5814 5978 68
8
12
55
2
13
18
2 Jja al
10312 Sep 25 12078 Feb 4 1410712
Do peel
10912 10978 10958 10978 10913 10934 10918 10958 10878 10912 10912 10978 10,160
$18 538 Sep 25 $5218 Joe 14 183938 J'ne
425: 4212 4314 4212 4318 4318 4518 26,350 dUtah Copper...Par.
4134 4258 42
4134 42
Feb
Feb
6618 Oct
4318 Sep 25
5,800 Virginia-Carolina Chem..,
4778 48
4812 4712 48
47
4818 4812 4858 4878 4858 49
h 28 117 J'iy 316291144
9
114 Sep 25 1720834
Do pret
600
117 117 *117 11758
*117 119
117 117
118 118 *117 118
MaY26
14412
105
177
Dec
25
Co
Sep
Vijells
Fargo
&
139
Jan•Jan
114
155
3150
*148
150
155
15412 15412 *148 154 *148
*149 155
56 J'iy
7812 Mch
7,200 VV estern Union Teleg,.. • 713 Apr 18 8412 May24
7812 7818 787
7812 7812 7933 78
7914 80
7918 7914 78
4912 J'iy
8212 Jan
6858 Sep 25 79 May20
63
61
66
6312 6512 6414 64% 6333 6418 6438 6438 4,300 Westingh'seEl &Mfg assei
63
1101,Aug 16 123 Jan 5 1 10 Slav 130 Feb
Do 1st prof
*111
11C
lie 11C .111 190 *111 19.0 *111 120 *111 120
100
10
-iii4 ii- -i52 18i; "iii" liF -iifs Yaii IF iiiii. ;Nis ii3-4 --2;56.6
111 *
i
ji 1512
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
Brooklyn
Broauway
385
Coney IsPrIT
First
Ask
400
155
300
125
100
.- 430
225
240
150
- 225
290
Hotnesteadi
Manurac'rs'
Mechanical
Montauk I.
Nassau
,i1E
82K
Bid
Banks
BrooklItts
Nat City__ 280
North Side
150
People's
t158
Pros p'etPkI! 135
Ask
295
170
155
Trust Co's
N Y Otty
350
Astor
Bankers' Tr 680
305
693
Trust Co's Bid
Ask
N Y City
B'way Tr_ /14734
Central 'Er_ 1000 164-0
Columbia.. 300 310
Co m mercial 105
Empire
_ 300
Equirble Tr 495 505
Farm Lo
1500
Fidelity
217
.
12 22212
Fut ton
300 310
316
Trust Co's
Ouar ty Tr _
Guardian Tr
Hudson
Knickerb'kr
Law T 1 &Tr
Lincoln Tr.
Manhattan
Metroport'n
Mutual
hut All'nee
Y Life dsTr
Bid
790
100
288
240
120
Ask
800
115
150
295
250
130
400
11212
130
140
1070
Trust Co's Bid
N Y Trust_ 500
Savoy
Standard 1r 390
'FitleGu es Tr 480
Tr Co of Am
Union Tr.__ 1223US NItg& Tr 465
Unit States. 1125
Washington 360
Westchester 150
Windsor _. 195
Ask
610
91)
405
490
370
1250
475
1150
375
160
200
Trust Co's
ilivoksyn
Brooklyn 'Er
Citizens' _
Flathush
tlamllton
t tome .....
Kings Co L 1st L & Tr
Nassau
People's
queens Co_
Bid
445
120
200
270
265
105
520
325
155
285
100
Ask
130
215
290
275
115
340
163
205
115
quoted dollars per shari
*Bid and asked prices; no sales on nil day. 3Less than 100 shares. :Ex-rights. b New stoe:c. c Cx-div. and rigats. d Now
s Ex-stock dividend. 1Banks marked with c. paragraph (1) are State banks.
/Sale at Stock Exchange or at auction this week
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1939 t.'35 evin73 /133:19c/ of guotin) bonds was chanied. and prices are now all—"and interest"—except
for income and defaulted bon..:.7.
BONDS
°
N. Y. STOCK EXCHANGE
Z.0
Week Ending Oct. 20.
Price
Friday
Oct. 20
Week's
Range or
Lass Sale
Range
BONDS
Since
N. Y. STOCK EXCHANGE
3353 January 1
Week Ending Oct. 20.
Price
Friday
Oct. 20
Week's
Range or
Last Sale
Range
Since
January 1
U. S. Government.
fl S 2s consol registered_d1930 Q-J
U 8 2s consol coupon ___d1930 Q-J
U S 3s registered
51918 Q-F
1)1 S 35 coupon
51918 Q-F
LI S 4s registered
1025 Q-F
17 S 43 coupon
1925 Q-F
U S Pan Canal 10-30-yr 23 51936 Q-N
U S Panama Canal as g......1961 Q-S
Bid
Ask LOU)
High No. Low High Chesapeake & Ohio—
Bid
Ash Low
High No. Low High
10012 10073 10118 Apr '11
10118 10118
Gen funding 8: impt 5s__1929 J -J 10312 1041, 10312 Sep '11
10278 10613
10012 _ _ 10034 Sep '11
10034 10134
1st consol gold 5s
1939 111-N 11118 Sale 11118 1114
11118 11313
10153 10212 10173 Sep '11
10133 10314
Registered
1930 11-N
112 11134 May'li
11134
11134
10138 •
10178 Aug'11
10178 10234
General gold 4 Ms
1992 11-S 10114 Sale 10114
10112 18 10038 102
11334 11412 11373 Aug'11
11373 116
Registered
• 1992 hi- S
100 May'll
100 100
11334 11412 11378 Aug'11
11334 11635
Convertible 4 Ms
1930 F- A 9634 Sale 9358
94 105 9214 9712
10014 10034 10012 J'ne'11
10012 10012
Big Sandy 1st 45
1944 J-1) 85 8838 87 May'll
87 89
10214 10233 10238 10212 17 10178 103
Coal Rill Ry 1st g-u 4s _ _1945 J-D 8234 8912 8812 J'ne'11
85 884
Craig Valley 1st g 5s_ .._ _1940 J-J 100 10412 10234 J'ly '11
10234 103
Foreign Government
Potts Creek Br 1st 4s_ __ _1946 J-J 78 83
Argentine—Internal Is of 1909_
S 96 97 97 Oct '11
9634 99
R & A Div 1st con g 4s_ _1989 J -J
0434 96 9
60
434 jan9
'
.500
94 96
Chinese (Hukuang) Ry 5s .f.:_ _ _ J -D I 9678 Sale 0678
9714 101 964 99
2d cons& gold 4s
1989 J -J 89 9214 0214 J'ne'11 ____ 0012 0214
Imperial Japanese Government
Warm Spr Val 1st g 5s_1941 11-S 106 10812- 11314 Feb '05
_
Sterling loan 4 Ms
1925 F-A 94 9414 9414
Greenbrier Ry 1st gu g 4$ 1040 M- N 8634 - - 95 Oct '10 ___
9412 11 935g 0534
1925 J-J 93 0338 9318
2d Series 44s
9314 20 9.3 0514 Chic is Alt RR ref g 3s
1940 A-0 7114 Saw 7058
7114
7 70 7334
1931
Sterling loan 4s
J 8734 89 88
88
2 8638 00
Railway 1st lien 3
_ _ _ _1950 J-J 66 6778 66
684
4 65 7112
Republic of Cuba 55 exten debt_ M-S /10212 103 10212 103
36 10213 101
Chic 13 is 0 Denver Div 4s_ _1922 F-A -9934 9053 Sep '11
99 0958
External loan 4 Ms
1949 F- A I 97 9734 9712 Sep '11
Illinois Div 334s
9712 100
1949 J-J
iffy 88 8712
8758 25 8713 8812
San Paulo (Brazil) trust 53_1919 J-J 974 Sale 9713
Registered
1 97 9734
9718
•
1949 J-J
88 Sep '10
U S of Mexico s f g 53 of_ _ _ _1899
24
9638 9634 9634
98
43
Illinois
9512
Div
1949 J-J -61;- -564 9914
9634
9953 27 9814 166-18
Gold Is of 1904
1954 -D 92 Sale 90
Registered
46 8912 9412
92
1949 J-J
100 10033
100 Jan '11
These are rices onthe sis o 85 toe.
Iowa Div sink fund 5s
1919 A-0 10412 164310515 10514
4 10514 J'ly '11
State and City Securities
Sinking fund 48
1919 A-0 9958 10012 9958 Oct '11
9914 9973
1060 M-S 10278 Sale 10258 10278 65 10034 103
N Y City-47s
Nebraska Extension 4s 1927 hl-N 98 Sale 98
98
1 963s 100
4% Corporate Stock _ _ _ _1950 M-N 100 Sale 0978 100 115 9833 10014
Registered
1927 M-N
9818 Mch'11
0818 9813
4% Corporate Stock
1958 M-N 9978 10014 994 100
Southwestern Div 45_.._1921
1 9812 10014
•99
9915 Oct '11
99 9918
• 4% Corporate stock
1957 M-N 100 10013 9973 Oct '11
Joint bonds See Great North.
9834 10014
New 43s
1957
N 108 10814 10812 Oct '11
Debenture 5s
1913 M-N 101 10158 101
10673 10914
101
12 10078 10112
10214 _
1917
New 474s
10212 Aug'11
General 45
10178 103
1958 M-S 96 9614 913104
52 9534 98
9
44% Corp9rate Stock 1957 M-N 108 '10814 108
10814
5 10612 10918 Chic is E III ref is Imp 4 gs_1955 J-J
6 80 83
4;i% assessment bonds_1917 M-N 10214 10212 10212 10212 13 102 103
1st consol gold Os
1934 A-0 12
83
012
312
85
113 12
8638
058 Aug'
8111
12633 127
334% Corporate Stock_ _1954 hl-N
General consol 1st 5s
8812
8812
1937 M-N 10834 110 109 Sep '11
1 88 89
109 11112
N Y State-4s
1961 Al-S 10313 Sale 10312 10334 157 10233 10334
Registered
1937 M-N
_
10834
Mch
'11
10834 10834
Canal Improvement 40_1960 J-J 10334-- 104
104
Chic is Ind C Ry 1st 58_1936 J-J
2 10318 10614
10934 Aug'11
10934 11014
So Carolina 4 ;is 20-40
1933 J-J
10312 J'ly '10
Chic Gt Western 1st 4s
1959
S 83 8378
__- 83
8318
7 8214 8612
Tenn new settlement 3s
1913 J-J
0714 _ _ _ 98 Oct '11 __— 98 "cia
Chic Ind is Louisv—Ref 6s_1947 J-J 12712 Sale 12614 1271
3 12614 12834
Virginia fund debt 2-3s
1991 J-J *37_ 88 Sep '11 ____ 88 88
Refunding gold 5s
J-J
1947
10714
_ 10914 Aug'11
10734 111
63 deferred Brown Bros ctfs__
61
-ale 5812
Refunding 45 Series C_1917 J-J
6112 287 40 6712
9558 Apr '11
95 9553
Ind is Loulsy 1st gu 4s...1956 J-J
97 J'ne'10
Railroad
Chic Ind is Sou 50-yr 4s_1956 J J -91 9158 9178 Oct '11
-tiffs
-631;
A an Arbor 1st g 4s
51995
___ 80 80 Oct '11
784 85 Chic L S is East 1st 4 74s__..1969 J -D *___104 104 Aug'11
104 10414
kitchison Topeka & Santa Fe—
Chic Mil is St P terml g 5s 1914 J-J
102 Sep '11
102 10278
Gen gold 4s
1905 A-0 0918 Sale 99
gold
Gen'i
9s
9973
Series
08
82
A__e1989 J-J 9918 Sale 99
9914
20 98 9955
Registered..1995 A-0
99 9712
Registered
6 97 9834
e1989 Q-J
9812
87187
9911:Jan6
'
9
71:4
8
1
8
9918 991g
Adjustment gold 4_51995 Nov 9114 92 9112
Gen'i gold 3745 Series B_e1989 J-J 871g
9112
7 9034 9212
8612 8818
Registered
•
Registered
51995 Nov
92 Jan '10
e1989 J-J
J'ne
86
'11
86
86
Stamped
•
51995 M-N 9158 Sale 9112
25-year deben 45
1934 J-J -6219134 86 9078 9212
4 Sart;
*
9218
9214 11 91 9313
Cony 48 issue of 1909.._1955 J -D
Chic is L Sup Div g 5s
11433 J'ne'11
105 11433
1921 J-J 104 10612 10638 Aug'11
10633
107
Cony gold 48
11578
Inv
Mo
is
1955 J -D 10534 _ _ _ _ 10634 10634
Chic
Div 5s1926 J -J *10818 _10834 Apr '11
1 10334
10834 109
Cony 4s (Issue of 1910)_1960 J -D 10034 Sale 10018 101
Chic & P W 1st g 5s
715 9812 10555
1921 J-J 106 16634
- 106 Oct '11
106 Icor
10-year cony gold 5s
1917 J -D 10812 Sale 108
10812 114 10514 11612
C H is Puget Sd 1st gu 4s 1949 J-J i941
ii14
2!e
. 94
6
9314 95
Debentures 45 Series J
Dale is Gt So gold 5s
1912 F-A
1916 J-J
9878 Jan '10
_ 1035,10318 Aug9
'
4111
10318 10334
;•
Series K
9914 -56:3-4
Dubuque Div 1st 8 f 6s.._1920 J-J
0914 J'ly '11
1913 F-A
11314 Sep '11
11314 11412
, East Okla Div 1st g 4s
Far & Sou assum g 63_ _ _1924 J-J 115 _
96 9712
1928 M-S 94 9612 96 Aug'11
11738 Aug'11 _- 11714 1173s
Short Line 1st 48 gold_ _1958 J-J ---- 9312 9234 Oct '11
9212 9414
LaCrosse is D 181 5s
1919 J-J 10334
105 Aug'11
105 105
S Fe Pres & Ph 1st g 5s 1942 M-S 108 109 10814 J'ne'11
10814 10912
Wis is Minn Div g 524_1921 J-J 104 ___ _ 10634 Sep '11 -- 10638 10713
Chic & St L 1st 6s
10638 J'ly '11
1915 M-S 104
10633 10638
Wis Vail Div 1st Os
1920 J-J 112
J'ly
'13
114
114
06
Atl Coast L 1st gold 4s__51952 M-S 96 Sale 9534
15 9334 9618
Mil is No 1st cons 6s
1913 J -D 101
11012
4
102 10334
Registered
98 Oct '06
51952 M-S
Extended 434s
1913 J -D 100 ___ _ 10038 Aug'11
10033 10033
10712 _ _ _ _ 10838 Aug'11
Ala Mid 1st gu gold 5s___1928
108 10858 Chicago is N West cons 78 _1915 Q-F *10712 __ 10912 10912
2 10814 112
Bruns & W 1st gu gold 4s 1938 J -J 93 97 9514 Mch'11
Extension 43
1886-1926 F-A 98 ____ 98 Sep 'II __ 9773 9034
9614 9614
• Charles & Say 1st gold 78 1936 J -J 134 _ _ _ _
Registered
1886-1926 F-A _ _ 1712 9918 Aug'11
97 9918
01952 M-N 0312 Sale 9314 -F33-4 98 9178 6.61-2
L & N coil gold 48
General gold 334s
1987 M- N 88 Sale 818
86
8.5 8812
Say F is W 1st gold 68_1934 A-0 122 12578 126 J'ne'11
12412 128
Registered
p1987 Q-F
93
53
148 Apr'
09 _
1st gold Is
1934 A-0 107
11058 May'll
11058 11114
General 48
1987 M- N 9814 Sale 9712
85 971 9912
SU Sp Oca & G gu g 4s_ 1918 J-J 97 100 97 Sep '11
Sinking fund 6s_ _1879-1929 A-0 11112._ 11134 Oct9814
97 9712
'11
11134 112
altimo & Ohio—
Registered
1879-1929 A-0 11012
11114 Nov'09
Prior 1 gold 3 Ms
1925 J-J 924 93 9178
93
25 0112 93
Sinking fund 5s
1879-1929 A-0 10712 _ _ 10754 J'ne'11
log- Raj
Registered
51925
9214 9112 May'll
9112 9112
Registered
1879-1929 A-0 10353 _
10714 May'll
10714 10714
Gold 45
51948 A-0 9878 Sale 9812
99
65 0712 9912
Debenture 5s
1921 A-0 10334 10412
- 10618 Sep '11
10434 10833
Registered
•
51948
9818 J'ly '11
Registered
97 9818
1921 A-0
10612Feb '10 _
_
Pitts Juno 1st gold 613.._ _1922 J-J 11218
11218 Dec '10
Sinking fund deb 5s
1933 M-N 108i110 110
110
3 itif 110"
P June & M Div 1st g 33451925 511-N 8712 _ _
8818 Aug'11
8734 -8834
Registered
1933 M-N 106 ___ 10734 Aug'11
10712 10812
PLE &W Va Sys ref 4s_1941 M- N 9113 Sale 01
9112
Frem Elk is Mo V 1st 65_1933 A-0 12612 ____ 127 Sep '11
4 90 9213
127 12813
Southw Div 1st gold 3 Ms 192' J-J 9018 9078 90
0038 12 8812 9112
Mani GB is NW 1st 334s 1941 J-J
9012
Sep
'09
- - - - - -Cen Ohio R 1st c g 4 Ms_ _1930 M-S 10014
103 Mch'10
Milw & S L 1st gu 3 Ms_ _1941 J-J
• CI Lor & W con 1st g 53_1933 A-0 10712-_ _ 110 Dec '10
Mil L S is West 1st g 8s_1921 M-S 11314 114l
1141-21137Oct
11375 11513
;
ii
• Monon
lst gu g 5s_ _ _1919 F-A 10143...._ 1024 Feb '11
10218 i021
Ext is imp s Z gold 5s_ _1929 F-A 10958 11012 11033 Aug'11
10912 111
' Ohio River RR 1st g 5s__1936 J -D 10712 11012 10912 Apr '11
Ashland Div 1st g Os_ _1925 M-S 11512 ____ 14212 Feb '02
10912 10912
General gold 158
1937 A-0 10412 11018 106 J'ly '11
106 10912
Mich Div 1st gold 6s 1924 J-J 11614 Sale 11618 11613
2
118
11618
' Pitts Cley & Tol 1st g 63_1922 A-0
Northw Union 1st 7s g 1917 31-S 112 11478 115
11318 Aug'11
1134 11334
'11
115 115
Pitts & West 1st g 4&.__1917 J-J 9712 _ _ _ _ 9712 Sep '11
Winona is St P 1st ext 7s 1916 J-D 11234 1/478 11334 J'ly
9738 9712
Aug'11
11334 11334
Stat Isl Ry 18t gu g 4 148_1943 J -D 81 ___ _ 100 Nov'04
Chicago Rock Is is Pa 6s 1917 J-J 108
10838 Sep '11
10858 110
Buffalo 11 & P gen g 5s
1937 M-S 112
Registered
11258113
1917 J-J 10712 ____ 109 Aug'10
11234 May'll
Consol 4 Ms
1957 M-N 10313 10734 10718 Aug'11
General gold 4s
10713 10833
1988 J-J 96 97 96
961
18 9513 9878
All & West 1st g 4s gu
1998 A-0 95 ____ 97 Feb '11
Registered
97 0712
1988 J -J __ 96 9834Feb '10
Cl & Mah 1st gu g 5s
1943 J -J 108 ___ _ 103 J'ly '08
Refunding gold 4s
1934 A-0 8114 Sale 8918
8958 31 -871-2 -66"
Roch &'Pitts 1st gold 6E3_1921 F-A 11412
11434 J'ne'11
11412 1.143-4
Coll trust Series J 4s
1912 M-N
9718.1'1y '1
Consol 1st g 65
1922 J-D 11512 1163-4 11678 Mch'll
Series L
11812 no%
1914 M-N
9
7
9612
3
1
4
2
S
O
e
c
9
p
t
411
972 973
Buff & Susq 1st ref g 45_ ..../11951 J-J ____ 50 72 Mch'10
M 48
1915 M-N
9634 9712
an So 1st ext Gs
102 10218 102
1913 J
102
6 10112 1037
N 48
1916 M-N
94 Dec '00
2d 5s
1913 M-S 10058 101 10034 10014
5 10012 10138
O 4s
1917 M-N
9414 May'10
Registered
1913 111- S
10034 Jan '11
10034 10034
P 48
1918 M-N
951
9434
J'ne
'11
-643-4 -0434
Central of Ga 1st gold 55....p1945 F-A 11134 — -- 11313 Auiell
11214 11412
Chic R I is Pac RR 4s
2002
731. 330 7012 77
N 7318 Sale 7278
Consol gold 55
1943
N 10814 10912 108 Oct '11
10714 110
Registered
2002 M-N
7514 J'iy '11
7414 7514
Registered
1945 51- N 105 10712 107 J'ly '11
107 107
R I Ark is Louis 1st 4 ;is 1934 M-S 92 94 9212 Oct '11
9212 94
93 95 97 Sep '11
1st pref income g 5s_ _ _131945 Oct
96 108
Bur C R is N—lst g 5s 1934 A-0 110 ____ 11118 Aug'11
11118 11212
Stamped
93 95 10612 May'l1
10014 10612
Registered
1934 A-0
12013 Mch'03
2d pref income g 5s__p9145 Oct
91 95 91
3 91 10614
91
CRIF&NWIstgu 55'21 A-0 10412 ____ 10514 Sep '11
is531:1 10613
2d pref income g 5s stamped_ _
91 95 100 May'll
100 100
M & St L 1st gu g 7s
1927 J -D
3d pref income g Is____p1945 Oct
95 97 100 J'ne'11
85 102
Choc Ok is G gen g 5s_01919 J-J
0732
- 10234 Aug'11
16
10212 1023,
3d pref income g 55 stamped.._
95 97 8518 Oct '10
Consol gold 5s
1952 M-N
10812 Sep '11
1081;lam,
Chatt Div pur'non g 4s.._1951
87
_ 8812 Oct '11
8758 8812
Keok is Des M 1st 5s
1923 A-0 99 102 101 Oct '11
Ob 103
Mac & Nor Div 1st g 5s_1946
10112 - — - 106 Aug'11
10512 10612 Chic St P M & 0 con 6s_ _ 1930 J -D 12314 12453 Ws Oct '13
123
12512
Mid Ga & Atl Div Os____1947 J-J 10412 10712 115 Nov'05
Cons Os reduced to 3 34s_1930 J-D 82
_ _ _ 93 1),r,z,'u3 _
Mobile Div 1st g 55
1946 J-J 10612 _ _ 10934 May 11
10834 10934
is
Ch St P Minn 1st g Os.,..1918 M-N
11+18
May'll
124
12513
Cen RR & B of Ga col g 55_1937 M-N 10134 -- 102 Sep '11
10112 103
Nor Wisconsin 1st 6s
1930 J-J
_ 12958May 09 __
Cent of N J gen'l gold 5s__ _1987 J-J 121 122-- 12034 Oct '11
12013 125
St P & S City 1st g 6s_ __ _1919 A-0 110 11214 11134 Aug'11
1113411214
Registered
120 121 12114 12114
51987
4 120 12312
Superior Short L 1st 55 g_1930 51-S
Am Dock & Imp gu 5s_ _ _1921 -J 10433 10512 10612 J'ne'11
10612 10814 Chic is West Ind gen g 6s_q1932 Q-M 10812 _ _ lQ8l2Oct-.11.
ioi" 16912
Le & Hud R gen gu g 5s_1920 J-J 10012
Consol 50-year 43
1952 J-J 9112 9314 9212 Aug'11
9218 9312
Leh & Wilkes-B Coal 5s_ _1912
100 _ _ _ _ i(3151-2
1001-2 1651-2 Cln H is D 2d gold 474s.,.,.,.1937 J -J
101 10114 J'iy '11
101 10114
N Y & Long Br gen g 43_1941 M-S 9912 10214 10012 Aug'11
10012 10012
1st is refunding 4s
1959 J -J
9114
Cent Vermont 1st gu g 4s_ e1920_
8912
Q-F 8912 Sale 8912
8712 9214
1st guaranteed 4s
1959 J-J ____ 89 lig-_-_-_-_ 8834 89
MISCELLANEOUS BONDS—Continued on Next Page,
•
B
C
Street Railway.
Brooklyn Rap Tran g 5s...._1945 A-0
1st refund cony gold 4s__2002 J
Bk City 1st con 58 1916_1941 J J
Bk Q Co is S con gu g 5s_1941 h1-N
Bklyn Q Co is S 181 5s.....1941 J-J
• Bklyn Un El 1st g 4-5s-1950 F-A
Stamped guar 4-5s____1950 F-A
1949 F-A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 45
Nassau Elec guar gold 48_1951 J-J
Conn Ry& List & ref 5 g 4 yis_'51 J-J
1051 J-J
Stamped guar 4348
Denver Con Tram cons g 5s _1933 A-0
Det United 1st cons g 434s.1932 J -J
Grand Rapids Ry 1st g 5s 1916 J -D
Havana Mee consol g 56_1952 F-A
Interboro-Metrop colt 4 748_1956 A-0
interboro Rap Tr 15s Scr A_1952 M-N
,
Street Railway.
102 10434 Internal Trac coil trust 4s__1949 J-J ____ 73 6713 Mehl()
8234 8858 Louisville Ry 1st cons g 58_1930 3-i
Manhat Ry (NY) cons g 4s..199 A-0 -661-2"iff2 9638
10112 103
9812
-cid- -64;
100 100
Stamped tax-exempt____199 A-0 97 _ _ _ 9718
9712
3 9614 9812
Manila Mee 1st is coil 5s ___1953 M-S 90 _ 98 May'06
810314 Met St Ry gen coil tr g Is. 1997 P-A 76 if 7614
D561.
7614
"iiik 79
Guaranty Trust Co certifs..
10034 103
7613 Sale 7612
7612
73 7914
Refunding gold 4s
8412 8512
41 ____ 4712 Oct '11
2002
4512 48
Farmers' Loan is Tr etf___
8212
77 8
85
112
_ 41 ___ 54 Nov'09
Stamped
4512 Sale 4513
-4314 5014
48
10134 10134
Ilway & 7th Av lstc g 5s _1943 J -D 98 101 100
100
2 9812 10234
Col is 9th Av 1st gu g 58_1993
101 10214
S
_ 100 100 Jan '11
100 101
Lex Av & P Flstgug5sAD93 5f-S 95 99 9938 Sep '11
_ 9938 10018
"id" 8178 -80"
Third Av RR cons gu 48_2000 J-J 6914 Sale 6914
"823-4
6914 —8 69 7012
90
90 J'iy '10 ..—
Central Trust Co certs
5 8834 6834
6834
6834
9912 ____ 9934 Oct '11
Cent Tr Co cts stamped
-9412-56.3.4
6914 Sale 6734
694 630 5834 7034
7913 Sale 704
7934 673 7714 83
Third Ave Ry 1st g 5s___1937
108 111 10813 10812 1 10634 111
103 Sale 10234 103
25 10134 10412
No price Friday; latest this week. 4 Due April. 6 Due May. g Duo June, Is Due July, le Due Aug. o Due Oct. pDue Nov. q Due Dee, s Option
sale.
10312 104 104
104
2
8412 Sale 841$
8412 69
10138 10134.1'1y '11 ___
100 Sep '11 ___
1156
4," _ 101 io(17-2 1613-2
100 101 10138 10138
2
85
8412 Oct '11
85 ____ 85 Oct '11
7712 78 77
77
101 _
10134 Apr '11 ____
10078 102 101
101
5
--io
1090
BONDS
,
EXCHANGE
STOCK
Y.
N.
45,2.
, Week Ending Oct. 20.
[VoL. Lxxxxin.
New York Bond Record—Continued—Page 2
Price
Friday
Oct. 20
BONDS
Range
Week's•:,
Since
N. Y. STOCK EXCHANGE t
,
4 ,4
Range or ,
.
Z,6
Week Ending Oct. 20.
clie4 January 1
Last Sale
Price
Friday
Oct. 20
Week's
Range or
Last Sale
Range
u12
Since
c'.4 c?; January 1
99,2ii482i1033841_
H
i9988f4866i31111_48482 i
High No. Low
Ask Low
Bid
High No. Low High St P M & M (Continued)
Ask Lose
Bid
CM Ham & Dayton (COntinued)
9258 Mch '11 ___z N58 N53
Pacific Ext guar 4s .C_ __ _1940 J-J
CM D de I 1st gu g 53_ _1941 M-N 103 105 103 J'ly '11 ___ 10214 10434
96
8 -H- 06
E Minn Nor Div 1st g4s1948 A-0 -6E5_- 1923 M-N *___ 90 88 Mch'll ....._ 88 88
C Find & Ft W 1st gu 4sg
518
y:0
ag
mu
4A
1 ___. 11412 1104
10
Minn Union 1st g 6s___1922 S-J 11212 ____ 1 136
Cin I & W 1St gu g 4s____1953 J-J 87_ .._ 8812Sep '11 ___. 88 8812
937 J-4 12714 _____ 12812 Sep '11 ____ 127 1287s
Mont C 1st gu g 88_19
_ _
• Day & Mich 1st cons 4 Ms 1931 J-J • _ _ _-___ _ __
Registered
__ i.13S- 105
Ind Dec & W 1st g 5s____1935 J-J loi ____ 154 Sep '11
J -_i iii- Hi 11234 Sep '11 _-___-__-_..- iiii-2 iii31937 j
4
1st guar gold 5s
_ _-__
107I2Dec '02
_
1935 J-J
1st guar gold 5s
Registered
Cleve Cin Chic & St Louis—
Will & S F 1st gold 58_1938 J-D iii- -_-,.-- iii1-2Seti-'11
3 92 95
9214
1993 J-D
3 9314
General gold 4s
92
0112 923-4 91
Gulf & S list ref & t g 5s.._81952 J-J
___ 92 Feb 'It ____ 92 92
1939 J-J -------Cairo Div 1St gold 4s_
51952 J-J ___ ____
• Registered
Cin W dc M Div 1st g 4s1991 J-J ____ 9114 934 Dec '10 ---- --- -- -4 Mir 1053.58
2 1
.61-2
T -- .i1 10135
4 -___ io1199 .
IToelt Val 1st cons g 4;0_ 190
St L Div 1st col tr g 4s__ _1990 M-N 9014 92 92 Sep '11 __-_ 913-4 94
____ ____ 10013 Sep '08
Registered
91 Oct '07 _
1990 M-N 90
Registered
•
-64
---1
-fir
-95
95
____
95
A-0
43_19'48
g
ext
1st
V
H
&
Col
96 Dec '09
Spr & Col Div 1st g 4s__ _1940 M-S __
1955 F-A 91 ____ 98 Feb '11 ____ 06 96
Col & Tol 1st ex 4s
90 __ _ 9112 Dec'10...„.__
• W W Val Div.1st g 4s....*_1940 J-J
J'ly '11 ____ 10018 10118
1920 M-N 10513....,.. 1051,Aug'11 ____ 1051-2 10834 Hous Belt & Term 1st 50_1937 J-J ___ 101 101
• C 1St L & C consol 6s
Central
Ilinois
k1936 Q-F 9718 98 963i Sep '11 ____ 96 97
1st gold 4s
Aug'11
1st
101
1951 J-J 10218._
•
gold 48
96 Aug'10 _
k1936 Q-F 974 _
•
Registered
100 100
1951 J-J 10018 ___ 100 Sep '11
Registered
Cln S & Cl con 1st g 5s___1928 J-J 107 ____ 10714 Oct '11 __ 106 10714
Aug'11
91
____
90
J-J
1951
Ms
3
gold
1st
10718 10778
10712 Aug'11 _
1914 J-D 106
C C C. & I consol 71
89 89
9C1 ____ 89 Apr '11
1951 J-J
Registered
,..._.=
_„.„
Consol sinking fund 7s_1914 J-D
•
____ __
1951 A-0 ____ ____ 9312 May'09
Extended 1st g 3 Ms
,General consol gold 6s_1934 J-J 12114 ---- 1213-4 1213-4 -1 ii13-4 iii1-4
---_-__
A-0
1951
Registered
1934 J-J
•
Registered
____
- ni-i)5
_ ___ ___ ... _______
_3_8
_6
1951 M-S ---------80
__5
1st gold 3s sterling
________
1940 A-0 *90
Ind Bl ec W 1st pret 4s
M-S
1951
Registered
'0_8_
I'ly_
__
9_4_
_
_
__
J
•0Ind&W1stpref5s__d1938Q78
-9
-5:::
i
i
1
:
Oct
2
81
093
A-0
1952
3
98
Coll trust gold
7 00 - 93
9018
1040 A-0 9012 91 00
'peo d .East 1st con 4s
Aug
1952 A-0 9412
Registered
4014
1 40 6112
40 44 4014
1990 Apr
Income 4s
9634 -i()6 9812 9812
Sale 9638
9612
M-N
1955
4s
ref
1st
69
5778
6
59
8
1047
577
58
Col'Midland 1st g 4s
5-.1
'
86 87
1952 J-J ___ 8612 87 Feb '11
Purchased lines 3 Ms
9614 29 9434 9712
1929 F-A 9614 Sale 9614
Colorado & Sou 1st g 4s
9
53
11953 M-N
L N 0 & Tex gold 4s
9833 Sep :11
9734 14 96 0834
1935 M-N 97 0734 9712
•Refund & eXt 4 Ms
'11
0434Jan
-------1953
M-N
Registered
113
11214
11134
11178
'11
Oct
11112
____
J-D
1921
Ft W & Den C 1st g 6s
2
1-ii6
_-_-_J-D
1950
gold
Cairo
4s
Bridge
_ _ ____ ____ ____
____ ___
Conn dc Pas Rivs 1st g 4s_1943 A-0
731-2 77 7518 Sep '11
Litchfield Div 1st g 3__ _1951 J-J
1952 J-J --------100 - Mair'10
Cuba RR 1st 50-yr 5 g
705
8
7075711i
6614 .8
1
Neopv:10
2S
514
Louisv Div & Term g 3;01953 J-J ____ 86_1! 83
1Thel.Lack & Western—
_
—__ ___
1953 J-J
Registered
A- • Morris & Essex 1st 7s 1914 M-N 106 ____ 10718 J'ly '11 ____ 10758 10834
'
1921 F-A 10578 _-_-_ 123 MaY'99
Middle Div reg 53
' 1st consol guar 7s......_1915 J -D 109 ____ 10912 Oct '11 ____ 113912 11134
8
-ig1-2 -7i(i11951 F-A 73 ___ 7618 J'ne '11
Omaha Div 1st g as
11138 Dec '10
1915 J-D
•
•
Registered
7512Jan '11
7512 7512
7312 77
St Louis Div do term g 3s_1951 J-J
91 Jan '11 ___ 91 91
2000 J-D 85
1st ref gu g 3 Ms
•
1951 J-J
--Registered
1 11312 11614
___- 11312 1131.
' N IC Lack de W 1st os...._ _1921 J-J 11314 11458
-id- -gill)
1951 S
J -84 —863-4 -871; MaY'li
:
J
Gold 3 Ms
10712 10711'
10712 May'll
1923 F-A 106
Construction 5s
•
____ _ _ __
____ ____ 10118 Oct '99
Registered
Term Fe Improve 4s__ _19.23 M-N 99 10014 98 Oct '11 _—_ 98 9912
1()() Nov'00
J-J
—_
1951
Ms
3
g
---1st
Div
Spring
_
_
__
_
'03
F-A
10218Feb
Ms..2000
____
3
g
gu
ref
1st
',Warren
'
__
_
J-J
1951
Registered
Aug
11512
'11
____
1151-2 116
-15 - 117
Del & Hud 1st Pa Div 7s._ _ 1917 M-S 1
8 -ii61-2
1051 F-A -961-2-___ -98- Oct '11 -_-_-_-_ -665Western lines 1st g 4s
_
149 Aug'01
1917 M-S ___
Registered
1951 F-A
Registered
- 56
1916 J-D 9734 985-8 98
0512 id 5630
•• 10-yr cony deb 4s
J-D
1923
2::::
63
1st
Car
&
iii1BelleV
iiii
16
F
2M8102
101
1922 J-J 10034 10134 10131 Oct '11
•• 1st lien equip g 4 Ms
1932 M-S 9434 ____ 9514 Oct '10
Carb & Shaw 1st g 4s
9878 37 9778 1001:
1943 M-N 9878 Sale 9878
• • 1st & ref 4s
-;i:
i3---4 i:
i:
i-:
1951 J-D 11312 116 11334 Sep '11
Chic St L do N 0 g 5s
9078 18 8912 9414
1948 A-0 9018 91
9012
' • Alb & Sus cony 3 M8
113 115
1951
J-D 113 ___ 114 Feb '11
Registered
1241:
( Rens ec Saratoga 1st 7s 1921 M-N 12214 ____ 124 May'll ...... 12334
_
_____
'09
Oct
1951 J-D _8_4_1!_8_7__ 90
Gold 3;is
Denver do Rio Grande____ ___ _
Registered
2 90 94
9014
1936 J-J 91'314 Sale 9014
1st consol gold 45
-__
4s._1951
05
J-D
,
in
Div
Memph
98 Sep '11 ____ 98 98
1936 J-J ____
.. Consol gold 4 Ms
___ __ __
1951 J-D __ _ _9
_7_ _ -552 Me-h-'15
Registered
, Improvement gold 5s,._ 1928 J-D 97 993-4 9812 Aug'11 ____ 9812 101
1931 M-S 9412_ __ -oi- J'ly '08
St L Sou 1st gu g 4s
8734 27 8414 93%
1955 F-A 8734 Sale 8512
' 1st & refunding 5s
.- -561-2
'11
-58
Sep
J-J
95
944
4
943
4s
g
1st
Ind
Ill
Ia
&
_ 10434 Mch'll __-. 10434 1043.1
*. Rio Gr Juno 1st gu g 58_1939 J-D -_-_ _
10712 109
1919 M-N 108 10912 10812 Oct '11
12-1 6112 Apr '11 ____ 6112 6112 Int & Great Nor 1st g 8s
1940 J-J
Rio Cr So 1st gold 4s
2 10012 103
10012
10012
1938
J-D
10112
10038
5s
gold
1st
Iowa
Central
_
-Mch'08
85
J-J
1940
---- ---Guaranteed
,•
1142
75
64312 0
2_ 9
6712
1951 M-S 6712 Sale 6712
Refunding gold 4s
i iiii ,
88
iii,
• Rio Cr West 1st g 4s_., 1939 J-J 88 881. 88
ieaetriFIrsain4kslin &
83 Oct '11 ____ 83 851: Jamestown
1
Mtge & col trust 4s A 1949 A-0
'11
J'ne
9478
J-D
94
93
1959
'02
Jan
--------97
Utah Cent 1st gu g 43_a1917 A-0
74 ---9 '7314 7444
itsirseoruedst gold $s Isgs A-0 7312Sale 7312
Kan&c
1917M-N 99 ___ 110 Sep '04
Des Mol Un Ry 1st g 5s
_144 1,1473143
63 Oct '00 ____ 19120
_
1995 J-D 92 95 94 Sep '10 — _ __
Det do Mack 1st nen g 4s
109 -4i81-2 ioi 9978
9912
.
1950
..tti,e
8
7
9
-0
Apr
Y-9
1
,
55
impt
do
Ref
.
68
ii12
i
90
90
90
1995 J-D
Gold 4s
9634
____
'11
Oct
0934
99
8
43._1980
997
J-J
1st
4
3
98
Kansas City Terml
70 Aug'11 --- 70 70
d
T
o 0—OS Div 1st g 431941 M-S __
Det
4 10812 11 114
10834
10614
J -.I 10812 11012 10834
Dul Mtssabe & Nor gen 5s 1941 J-J ____ 106 105 Sep '11 --„. 105 10914 T ake Erie & W 1st g 5s___1937 S
10412 10412
____
10412,1'1y
'11
105
104
J
.0
A
-I-J
gold
2d
5s
2
10512
10512
10512
10814
1937
105
5s
A-0
1st
Dul & Iron Range
___ 107120ct '11 ____ 10712 11034
11994451
North Ohio 1st gu g 5s
1937 A-O __ ____ 10812 Mch'08 ---Registered
LeR
h eV
e
aslIteN
6 1st gu g 4;0_1940 J-J 1061-2 __ 10514 Sep '11 ___. 10518 10614
reY
104 Feb '11 __-_ 104 104
1910 J-J
2d 68
10414 Jan '11 ____ 10414 10414
J-J
105
1940
10412
108
—_
108
'11
Jan
108
-.I
104
J
109
1937
Dul So Shore & Atl g 5s_
Lehigh Vail (Pa) cons g 48_2003 M-N 0634 ___ 9738 Oct '11
112 J'ly '11 ....-- 112 112
Vigil'Jol do East 1st g 5s 1941 5I-N 10812 __
11214
1920 M-S ____ 119 11734 Oct '11 __ 11734 1205:3 Leh V Ter By 1st gu g 5s 1941 A-0 11218 1127-8 11214
-Lurie 1st consol gold 7s
1941 A-0 1114 112 113 J'ne'11 ____ 113 113
Registered
N Y Os Erie 1st eat g 4s 1947 M-N 100 ____ 10112 J'ne'11 ____ 10012 1015j Leh
____ ___ _ ___
Nov'09
108
____
106
J-J
V Coal Co 1st gu g 5s 1933
1919 M-S 103 ____ 10578 May'll ...._. 10414 108
2d ext gold 5s
1933 J-J
104 J'ly '11 ____ 10114 104
Registered
1923 M-S 101
3d eat gold 4 Ms
---- -----------_-_--_-_-_
to
--_-..J-J
4s
1933
1st
reduced
int
1063.
105
__-_
10812J'ne'll
103
A-0
10734
1920
4th eat gold 5s
•
-- - -53.1-2 -5i3-4
s -9312 -9434 -943-4 Au-g-'1-1 -____
-S
.
M
1928 J -D 9578 ___ 9912 J'ne'11 ____ 9912 9911 Leh & N Y 1st guar g 4s.. 1945 31
5th ext gold 4s
•
____ _ _ __
__
___
'10
Oct
Registered
12034118
*___
111-S
73_1920
fd
g
1st
: N Y L E &W
___ _ _ __
1914 A-0 'lid- -_-_-_-_ iiiii2Fe13-'-15
El C & N 1st pret (Is
8818 29 8473 90
8 Sale 8734
1998 J-J 881' Erie 1st con g 4s prlor
1914 A-0 10014 ____ 10114 Sep '09
83120ct '11 -- 8212 86
Gold guar 55
8414
1996 J-J
Registered
•
Island
Long
50
78
7312
793
7714
4
3
78
7712
J-J
4s..199'6
1st consol gen lien g
'•
1 10912 11212
81931 1-J 11038Sale 11038 11038
1st consol gold 58
77 77
1998 J-5- 7712 77 J'ly '11 - Registered
81931 -J 93
1st consol gold 4s
1951 F-A 8814 89 8812 Oct '11 --„ 88 91
Penn coil tr g 4s
43-'11 -_-_-_-_ -E3-4 -6.61-2
_ _ -6:1- Set92 __
-D
1038
4s
gold
General
92
73
34
8314
825
Sale
83
1953
A.,.,_
A-0
43
• 50-year cony
1922 51,-S ____ 100 100 Aug'11 ___. 9812 100
Ferry gold 43s
78 208 69 801:2
,•
Series B____1953 A-0 7512 Sale 75
do
_ _ __
1932 J-D 914 95 9914 Oct '06 ....„
Gold 4s
10938 Oct '11 ____ 10914 1115
‘; Buff N Y & Erie 1st 7s__1916 J -D 107
1949 M-S ____ 95 93 May'll
48
gold
Unified
113
11058
1
112
112
4
1121
111
M-N
, Chic & Erie 1st gold 5s--1982
9612
10412
-53
Dec
-_-_-_-_
'08
_
.
,
s
J-D
1934
Os
Debenture
gold
1113
111
—..
r '11
l
1 Cloy & Mahon Val g 5s-1938 J-J 111____
96
ale 9534
1949 51-S 96
Guar ref gold 4s
Registered_.1938 Q-J 108 _ -------------------- •
59i
53-4 -5
55
_ -9
'11 ___6
Jan
95
____
__
M-S
Registered
1949
125
123
1
123
12.3
fish,
12312
45.4)
8s___1935
' Long Dock consol g
NY B & MB 1st con g 55 1935 A-0 10438 __ 11014 Nov'06 ....„ ____ ___
,,
_
' Coal & RR 1st cur gu 6s_1922 M-N 1044 ____ 114 Apr '10 ----------___
1927 M-S 103 ___ 105 Apr '07
N Y & R B 1st g 5s
6.
• Dock do Imp 1st cur 6s__1913 J-J 10114 ____ 100%Jan '11 -- 100%100
Nor Sh B 1st con g gu 53.01932 Q-J 103 ____ 106 J'ly '11 ____ 10312106 ..• N Y & Green L gu g 5s 1946 M-N 101 ____ 10213 Sep '11 __-- 10012 1021
1927 M-S 96 9712 9734 Sep '11 ____ 94 0834
102
i 10134 1043 Louisiana do Ark 1st g 5s
, • N I* Sus & W 1st ref 5s 1937 J-J 10114 10312 102
1937 F-A 79
10014 Dec '06 ____ _iii. _ _ i. Louisville & Nashville—
2d gold 4 Ms
.•
112 11612
1930 J-D 11414 11578 14% Oct '11
6s
General
gold
ii,
'11
J'ly
83
•
1940 F-A 82 85
ral
gold 5s
• Gene
2
237184
139
19,
11212J'ne'11
1937 M-N 11114
Gold 3s
1 110 1101
Terminal 1st gold 5s 1943 M-N 10812 ____ 11012 11012
9834 81
9834 Sale 9812
1940 J-J
Unified gold 4s
1940 A-0 110 __ 110120et '11 _—_ 11018 1101
Mid of NJ 1st ext 5s
Nov'10
4
1
,
J1
1940
973
Registered
1011;
9913
9912
Sep '11 __-Wilk & Ea 1st gu g 53_1942 J-D 9758 9918
idi3-4 iiii3-4
___
- - -. 10834 Sep '11
Collateral trust gold 5s 1931 M-N idi- Ev & Ind 1st con gug 6s_1926 J-J 105 ____ 110 Aug'11 ____ 110 1101
111 113
111 Sep '11
1
1919 J-D
E H & Nash 1st g 6s
1921 J-J 112 ____ 11178 J'ne'11 __ 11112 113
Evans ec T H 1st cons 8s
10438 10512
'11
-10512J'ly
-----Ni-N
1931
1021,
Ms
4
Cln
gold
L
Lex
de
1942 A-0 100 10218 10218 Aug'11 --_ 101
1st general gold 5s
11834 12212
—
'11
Sep
121
ii(114
ii
J-J
1930
N 0 & M 1st gold 8s
1923 A-0 10778 112 114 Apr '05 ____ ____ ___.
Mt Vernon 1st gold 8s
8
854
153
10
NO & M 2d gold 6s__..1930 J-J 115 11818 11858 Feb '11
_
Sull Co Branch 1st g 5s_ _1930 A-0 05 ____ 95 J'ne'08
'11
95 9614
Sep
95
9534
94
F-A
1946
Mom
4s
dlv
&
Paducah
3
9733
95 983:
Viorida E Coast 1st 4 Ms 11)50 J-D 9658 97 9714
4
3
8581183
2
5
1182
0
9
10
11
Mch'11
10534
109
10514
1920 51-S
Pensacola Div gold 6s
90 95 92 Aug'10 — _ _ ___.
-I- ort St U D Co 1st g 4;0..1941 J-J
St Louis Div 1st gold 63..1921 M-S ___ 11478 113 Sep '10
Ft W ec Rio Gr 1st g 4s__ _ _1928 J-J ____ 8314 8314 Aug'11 ____ i21-2 841
71-1-2 -711-2
-_68 73% 7112Feb '11
2d gold 35
1 9712 984
9712
Clal H dc H of 1882 1st 53_1913 A-0 96 ____ 9712
9212 -ii
921, 9314
__
N
5 M-S
50
98
Ati Knox & Cin Div 4s19
'-Treat Northern—
16
5 10
112 10
64
121
-2Sale. 11112 11112
1111
J-D
5s..1946
g
1st
Nor
Atl
&
Knox
311
9614
9618
98
0512
Sale
0614
J-J
_1921
43_
C B & Q coll trust
9 0538 981,8
Hender Bdge 1st s f g 6s_1931 M-S 10412 ___ 106 Apr '11
9618
1921 Q-J 96 Sale 96
Registered_ h
04
6 94
9()
94 943; 94
Kentucky Cent gold 4s_ _1987 J-J
3 10C1 10068
1st al refund 4 ks sec A_ _1981 J- J 10058 Sale 10012 10038
S 104 106 103 Dec '10
11,1:5
2 (4
55
L & N & M & M 1st g 4 M:194
Registered
,
0 F
95
1
15
ubg:0
Ae
90 903 9
L & N-South M joint 4s_ _1952 J-J
13i1-2 591,
7-li -1933 Ili tii _ _ _ _ icils Ma-3'
.f St Paul M & Man 4s
Registered
1253
13 125 12714
12558
' 1933 J-J 1253
1st consol gold 8s
;
d 1-i
:
May'll
•6
4;
10814
-_-_-_-_
i3;
ii
idi
F-A
_1937
_
1st
S
lis.._
&
g
gu
Fla
N
____
'09
Apr
----132
J-J
1933
---Registered
•
N & C Bdge gen gu g 440 1945 J-J 1003,1
105 Sep '11 ____ 105- 1061.
2
4
Reduced to gold 4;01933 J-J 1053- 1
Pens de Ati 1st gu g 6s___1921 F-A 11014 ____ iir Jaii-'11
1933 J-J ---- ----10634 J'ne'09
•
Registered
10112 11,115241:
S & N Ala con gu g 53_1936 F-A 109 11118 11112J'ne'il
Mont ext 1st gold 4s 1037 J-D 98 ____ 9838 Oct '11 __ 9514 -98i
L & Jeff Bdge Co zu g 4s.._ _1945 M-S 00 ____ 9114 Aug'11
98 J'ne'll _ 98 08
1937 J-D __
Registered
H
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway.
9312 J'ly '06
Met W S El (Chic) 1st g 4s_1938 F-A
10412 Nov'10
Milw Elec Ry & Lt cons g 5s1928 F-A *104
Refunding & exten 4;0_1931 J-J 92 ____ 9212 Nov'10
10712 Feb '06
MInneap St 1st cons g 53-1919 J-J 101
8634 8714 Aug'11
New On Ry & Lt gen 430_1935 J-J
:Portland Ry 1st do ref 5s___1930 M-N „„9834 9912 9834 Aug'11
,Portland Ry,Light & Pow—
Portland Gen Bloc 1st 58_1935 J-J _—_
-di- NoV•bi
N
St Jos By,L, H & P lstg 5s1937
10614 Apr '11
.St Paul City Cab cons g 53.._1937 J-J
1937 J -J
,
Guaranteed 55 gold
Tri-CIty By & Lt 1st s f 58_1923 A-0 95 9712 9712 Sep '11
Underground of London 5s_1920 M-N ---- -- 98 Apr '09
9512 9634 96 Oct '11
1938 J-J
•
430
57 6112 58 Aug'11
1948
• Income fis
Union Elec (Chic) 1st g 5s 1945
---- 84 Oct '08
United Rys Inv 1st lien coil
5
___ 83
8318
1928
8314
trust 5s Pitts issue •
• No price Friday; latest bid and asked this week. a Due Jan
Street Railways.
United Rys St L 1st g 4s___1934 J-J
St Louts Transit gu 5s___1924 A-0
United RRs San Fr s f 4s__1927 A-0
7514 7534 7514 Oct '11
_ _ 8438 85 J'ne'11
6614 Sale 66
674
75 7514
85 85
32 012 7258
Gas and Electric Light
9812 9834
4
jog- 10819714 99
_
9014 97
3814 6612
834 8618
Atlanta G L Co 1st g 5s____1947 J-D
Bklyn U Gas 1st con g 5s.._1945 M-N
A-0
Buffalo Gas 1st g 5s
Columbus Gas 1st g 5s
J-J
Detroit City Gas g Is
72 J -J
343
92
110
1
1918 F-A
Det Gas Co con lst g 5s
Det Edison 1st colt tr 53_1933 J -J
1932 M-S
Eq GLNY lst con g 5s
Gas do Elec Berg Co c g 5s 1949 J -D
1915 F-A
Gr Rap G L Co 1st g 5s
Hudson Co Gas 1st g 5s_
1949 M-N
Kan CitY(Mo)Gas 1st g 55_ _1922 A-0
b Due Feb.
d Due April. 8 Due July.
102_
100 i151i12 idi- Oct '11
6012__ 60 Oct '11
04 ig
_ 150-5-8505-'11
10014
0558 Sep '08
10012 10012
idd1-3
105 Sep '11
6112 Oct '01
- 100 Oct '09
loo
101 _ _ _ 103 Oct '11
98 993-4 9778 J'ne'll
Is Due Aug.
0 Due Oct
s Option sale.
OCT. 21 1911.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Oct. 20.
New York Bond Record—Continued—Page 3
'erg
a,
Price
Week's
Range
,
Q1
Friday
Range or
Since
20
0
C4
Oct.
January 1
Last Sale
BONDS
...''
tt
. Y. STOCK EXCHANGE ..
Week Ending Oct. 2 .
40.,
1091
Price
Friday
Oct. 20
Week's
Range or
Last Salc
••,st
Range
Since
Al- January 1
Bid
Ask Low
High No. Low High
Michigan Central—(Con)
Bid
Ask Low
High No. Low High
Vranila RR—Sou lines 48_103C M-N ____ 88
13at C ecStur lstgug3s_1989 J-D
Iv-Lexican Cent cons g 4s_ _1911 J-J ____ ____ i66 - maTii
-6638 iod N Y Chic & St L 1st g 4s_1937 A-0 5612 155 5612
6612
8 99 iooli
2d cons Inc 0; 38 trust
2512 Apr '09 _-___ ____ __
Registered
1937
A-() 9812 ____ 100 Dec '09 ---Equip Fe coil g 5s
rectsloi7 -A--6 ---- ---__
Debenture 4s
1931 51-N 90 9012 9018 Sep '11
-555-4 9234
2d series g 5s
1919 A-0
___- ____
West Shore 1st 48 guar 2361 J-J 10012 Sale 9934 10012 16 97129712 10112
Ilex Internat 1st con g 4s 1977 M-S ____ 80 -ff.
'mcia-•io
Registered
____ ---2361 J-J
9712Sale 9712
0712 ( 97 10012
Stamped guaranteed
1977 M-S
79 Nov'10
NY Cent Lines eq tr 4;is 1923 J -J ____ --__ 10012J'iy '11
10012 10012
Minn Fc St L 1st gold 7s
1927 J -D -------- 130 Aug'11
iia- 155 Y New Haven & Hartf—
Pacific Ext 1st gold 6s
1921 A-0 -------- 11018 Aug'11
1955 J_ Jr
11018 11018
Non-conv deben 4s
_ _ 9438 Aug'11
9314 9433
1934 Al-N
1st consol gold 5s
103 103
103 109
103
Non-conv 4s
1956 31-N
634 93- 92 Oct '11
92 0412
1949 31-S 70 Sale 70
1st and refund gold 4s
73
8 65 75
Cony debenture 3 Ms
1956 J-J
92 03 92
92
2-7 89 10012
Des M & Ft I) 1st gu 48_1932 J-J *____ 81
8112 Aug'11
80 8112
Cony debenture 6s
1948 J -J 130 Sale 12634
13018 12 12634 13434
M StP&SSAI con g 4s Int gu.1938 J-J
1)7 Sale 97
Harlem R-Pt Ches 1st 45_1954 31-N ___ 100
____
M SSM & A 1st g 45 int gu_1926 J-J ____ ____ 9819Jan9710
2 9834 98
Cent New Eng 1st gu 4s_1961 J-J
921g
__ 9258 Sep '11
-621;-6S38
Mississippi Central 1st 5s 1949 J-J
0312 Mch '11
-661-2 -661-2
Housatonic R cons g 58 1937 M-N 11278_.... 11318 J'ne'll
11318 1131
Missouri Kansas Fe TexasN H & Derby cons ey 53_1918 31-N 1015 ___ 107 Aug'09
1990 J D 97 9734 9712
1st gold 4s
New England cons 5s
9734
9612
0
98
1945
J-J
-------------------g1990 1"-A 8412 85
2d gold 45
4 8314 86
85
8434
Consol 4s
1945 J-J ____ ___ __--- -1949 M-N 10112Salc 101
1st ext gold 58
10112
3 9912 10312
Providence Secur deb 43_1957 31-N ___ 853-4 S7 May'11
-8413 872004 M-S 7818 80 7834Oct '11 ___ 78 83
1st & refund 99
Y 0 & W ref 1st g 4s_ _g1992 M-S 9473
- Sale 9412
95
5 9414 97
• Gen sinking fund 4 5s
1936 J-J
8712 Sale 87
88
118 8312 88
Registered 35.000 only_g1992
M-S ____ 9334 0314 Oct '11
9314
9412
St Louis Div 1st ref g 4s_2001 A-0 ---- 7834 78 Oct '11 ____ 78 79
General 4s
1951 J-D 9012 9214 9114 Aug'11
14
9114 9238
Dal & Wa 1st gu g 5s_ _ _ _1940 M-N 10514
10538 Aug.]] ____ 10538 1053s
on & South 1st gold 5s 1941 M-N 10112 ____ 10212 10212
2 10212 10312
• Kan C & Pee 1st g 4s_ _ _1990 F-A 88 881,
, 8912 Aug'11 ___ 8912 9012
on & West gen gold 68 1931 M-N 12234 ____ 12434J'ne'll
12458 12434
Mo K & E 1st gu g 58_1942 A-0 10734 10934 10812 Oct '11 s7 10734 11012
Improvement & ext g 6s_1934 F-A 124 12818 124 Sep '11
124 127
M K ti:. Ok 1st guar 5s
1942 31-N ____ 107 10734 Sep '11 ____ 10614 108
New River 1st gold 6s
1932 A-0 12312 125 125 J'ly '11
12418 125
M K & 'I' of T 1st gu g 5s_1942 NI-S 104 Sale 10312 101
5 10234 10538
1st
Ry
N&W
cons g 48..1996 A-0 •,3
9834 15 9712 9912
9834
Sher Sh & So 1st gu g 5s_1943 J-D 102 ____ 10312 May'11 _..._ 10312 10514
Registered
1996 A-0 ---- ----08 Jan '11
'98 98
Texas & Okla 1st gu g Os 1943 M-S _ __
_ 104 Sep '11 -_
Div'l 1st 1 & gen g 4s 1944 J-J
103 10518
92 93
9238 Sep '11
9112 94
Missouri Pac 1st cons g 6s_1920 M-N 10718 10814 10714
10714
10-25-year cony 4s
1 10612111
1932 J-D 10634 Sale 10534
19012 10978
107
656
Trust gold 5s stamped__a1917 Ai- S 9978 100 9978
9978
Pocah C & C joint 4s..1941 J-D 9012 91
7 9958 10214
90 Oct '11
Registered
8838 9012
a1917 M-S
_ 99 Mch'10
CC & T 1st guar gold 58_1922 J-J 10412 ____ 10412 Oct '11
10412 10412
• 1st collateral gold 5s____1920 F-A -993-4 Sale 9934
Sclo V & N E 1st gu g 48_1989 M-N 9758 9812 9713
i -553-4 iCti 9934
'11
.
Registered
9614 9712
1920 F-A -__- -_-- -orthern Pac prior I g 4s....1997 Q-J 10018 Sale 10018 Oct
10038 161 9858 10034
• 40-year gold loan 4s
1945 M-S 74 7412 -74Registered
-/11-2 --ii -ii- -ii1997
Q-J
9812 10012 99 Oct '11
9914
98
, ad 7s extended at 4%
1938 M-N
95 9612 May'll ____ 9912 0612
General lien gold 3s____a2047 Q-F 6912 Sale 6914
6912 79 68 7112
, 1st & ref cony 5s
1958 M-S 8714 Sale 8614
Registered
8714 93 84
a2047 Q-I" ____ 7012 68 Sep '11
Cent Br fly 1st gu g 48_1919 F-A 89 ____ 9018 Oct '11...- 9038 9658
St Paul-Duluth Div g 48_1996 J-D __ 98 96 Sep '11 ___ 68 6912
9334
Cent Br U P 1st g 4s
96 98
1948 J-D 78 8318 8712 May•10 -Registered
1996
• Leroy & C V A L 1st g 53_1926 J - J ____ 102 110 Mch'05 -- ____ ____
Dui Short L 1st gu 5s
1916 M-S ---------99 Feb
Pac 1:1 of Mo 1st ext g 4s_1938 1"-A ____ 9712 9612 Oct '11
St P & NP gen gold 6s 1923 F-A 11534117 11534 Sep '10
-66- -ogi4
'11
1153411034
2d extended gold 5s_1938 J-J ___ 10914 10812 May'll -_-_Registered certilicates_1923 Q-F 115
.1 10812 10812
_ 11538 Aug'11
11538 11538
StL Ir M&S gen con g 55_1931 A-0 1061-2 107 10612Oct '11 ___ 10618 10858
St Paul & Duluth 1st 5s_1931 F-A 107
110 J'ne'10
Gen con stamp gu g 5s_1931 A-0
111 Sep '09 _2d 5s
1917 A-0 10114 ____ 10234 J'ne'll
16634 102-34
Unified & ref gold 4s 19211 J J -815 • t
8158
1st consol gold 45
8158 11 -iisi -iff8
1968 J-D
9612 Apr '10
•
Registered
1929 J-J -------- 8534 Mch'll ____._. 8634 8634
Wash Cent 1st gold 4s
1948 Q-M 89 ____ 9118 Apr '11
8911
-511Riv & G Div 1st g 4s 1933 M-N 84 - Sale 8358
or Pac Term Co 1st g 6s 1933 J-J 11112 __ Ill Sep '11
84
8 8214 8838
111 11138
Verdi V I & W 1st g 5s 1926 M-S ___ 100 10212Jan '10 ____
)acifle Coast Co 1st g 5s_1946 J-D 105 Sale 105
105
6 105 108
Mob & Ohio new gold 6s
1927 J -D 1193-4 121 120 Sep '11 ___ i26- 1.22 enna RR 1st real estg4s_1923 M-N 9958 10012 10012 Sep '11
10012 102
1st extension gold 6s___81927 Q-J 114 117 114 Sep '11 ____ 114 1163
Consol
gold
5s
1919 M-S ____ 110 108 J'ne'll
4
108 108
General gold 4s
1938 M-S 85 8614 86 Sep '11
Consol gold 9s
86 87
1943 M-N._ 10212 10312J'ne'll
10312 10312
Alontgom Div 1st g 5s
1947 F-A 10912 ____ 110 Apr '11 ____ 110 11014
Convertible gold 3;0_ 1912 M-N 0913 Sale9912
9912
8 9834 9912
St L & Cairo coil g 4s___e1930 19-F
.11_2 ___1_4 81 Mch'll ____ 81 81
_9
Convertible gold 33.5s.....1915 J-D
5 Sale 9612
9634 125 9578 9714
Guaranteed gold 4s_ ._1931 J J
93 9312 Mch'll ___ 9312 9912
Registered
1915 J -D --------0614 Sep '11
9618 97
'Mashy Chatt & St LouisConsol gold 4s
1998 M-N 1025-8 10334 103
103
2
-1.1 1st 7s
1913 J- J 10458 10434 10453 10458
2 10458 10612
Alleg Val gen guar g 4s_ _1942 M-S 998 1_0_0_14 9_9_7_8 Apr '11 .-.— 102 10418
9978 10014
1st consol gold 5s
110
1928 A-0 108 ____ 110
1 10918
____ 111
DRRR&Bge1stgu4sg1936F-A 100
___ _
_
-Jasper Branch 1st g 6s_1923 J -J 113 ____ 11578 Nov'lO ____
Phila Bait & W 1st g 4s 1943 Iii-N 101 1013-4 102 Sep _'11 __-- 10113 10212
McM M W & Al 1st 6s
I917 J -J 10714 ____ 10812 Dec '10 ..--Sod Bay & Sou 1st g 5s..1924 J-J 10212 ____ 102 Jan '03 ---T & P Branch 1st
_1917 J-J 10714 ____ 113 J'ly '04
---Sunbury & Lewis 1st 1343 1936 J-J
97
___ ---- ---Nat Itys of Mex pr lien
13s__4 Ms.1957 J-J
02 93
9118 Oct '11 ___ -iii'
6814
U N J RR & Can gen 4s 1944 M-8 _ 1021-2 10618 Ma-y'10
Guaranteed general 45...._1977 A-0 8314 85 8312 Oct '11 ___ 83
enna Co guar 1st g4;0_1921 J-J 1031-2 ____ 10314 Oct '11
8934
10314
10412
Nat of Mex prior lien 4 Ms_1926 J-J ____ 100 10034 Feb80
'11 __2
..
0 17
8 10
0034
Registered
80
34
4
1921 J-J ____ ____ 10278 Mch'll
10278 10278
1st consol 48
1951 A-0 80 Sale 79
Guar 3 Ms colt trust reg 1937 M'S ____ ____ 90 Aug'10
NO & NE prior lieng 6s__p1915 A-0 10912 _ _
Guar 3 Ms coil trust ser B.1941 F-A
8858J'ly '11
Orleans
Term 1st 4s 1953 J-J ____ gli -ggiq J'ly '11
New
-66- 89:
Trust Co certfs gu g3 9s_1916 M- N 6/34 9838 9758 Sep '11
N Y Central & Hud River—
97 9734
Guar 3;is trust ctfs C
1942 J -D
90 87 Aug'10
Gold 3 lis
1997 J-J 8734 88 88
88
8 87 90
Guar 3 Ms trust ctfs D__ _1949 J-D 8734 88 88 Sep '11
Registered
-66- 88,
1997 J-J ___- 8734 86 Sep'11 -86 8912
Guar 15-25 5,
ear
g
4s__1931
A-0 98 • 9818 98
98
3 9734 99
Debenture gold 43
1934 M-N '93 9312 9313
__ 8 Chil
0312 lii 091
_.-2
Cln Leb & Nor gu 45 g
1942 M-N 9612 9712 9614 J'ly '11
96 9614
Registered
1934 M-N ____ ____ 9234 Sep7
'
,
112
1.1_0
_6
_ 9
78
212 8
CI & Mar 1st gu g 4 3s 1935 M-N 10312 _._ 110 Jan '05
90
37128
Lake Shore coil g 3 3.s__ _1908 F-A 79 Sale 79
CI & P gen gu g 4 Ms ser A 1942 .1-J 10618 —_ 11034 Jan '09
Registered
1098 F-A 7734 7912 7712
7712
6 75 7934
Series B
1942 A-0 10618 ____ 10934 J'ly '09
Mich Cent colt gold 3 Ms_1998 F-A 7734 Sale 7734
7734
5 7612 7912
Int reduced to 3 5s_1942 A-0
---- ---- ---Registered
- -- ---1998 F-A 75 77 75 Sep '11 ---- 75 78
Series C 35s
1948 111-N 90 ____ 96 Aug'09
Beech Creek 1st gu g 4s 1936 J-J
991 ____ 9858 Dec '10 __-Series D 3 Ms
1950 F-A 90 ____ 90 May'08
Registered
193 J-3 ---- ----99 May'll _-. -66- -66Erie & Pitts gu g 33s B_1940 J-J
90
____ 9012 Apr '11
-5612 91
2d guar gold 5s
193r J-J 10614 _
---Series C
1940 J-J
90 ____ 9834 Apr '04
Registered
1936 J-J --_ __-Gr R & 1 ex 1st gu g 4 M8_1941 J-J ..__105
105 Sep '11 ___ 10414 155
Beech Cr Ext 1st g 3 Ms_b1951 A-0 8412._ ------- 1..
--_-_ -_-_-_-_ -_-_-_-_
Pitts Ft W & C 151 7s
1912
J-J
1012
____ 103 J'ne'll
103 104
Cart & Ad 1st gu g 4s
1981 J-I) 90 ____ -571-2 Ap-r-'18)
- ---- ____ ____
2d 7s
1912 J-J 10112___ 10378 Feb '11
10378 10378
• Gouv & Oswe 1st go g 55_1942 J-1) 1
3d 7s
81912 A-0 10114 ____ 10134 Sep '11
• Moh & Mal 1st gu g 4s
10134 10134
1991 .14.1- S ----3 mc-h-.11 -_-_-_-_ -64- "aaii
6634 i66
_
-----901
Pitts Y & Ash 1st con 5s_1927 M-N 107
109 May'10
N J June It guar 1st 4s_1986 F A
105 Oct '02 -___ ____ ____
Tol WV & 0 gu 4 Ms A__1931 J-J 101
103 Ang'07
•
Registered
1986 11-A
Series B 4 Ms
1933 J-J 101
100 J'ly '10 —.
: N V & Harlem g 3 4s_.. 2000 31-N 90 ____ 9018 Feb '11
Series C 4s
1942 MS 99
•
Registered
2000 M-N
_ _ Oct-__ _ _
PC C & St L fru 4;is A 1940 A-0 10512 1071-2 1053 Oct'11
N Y & Northern 1st g 53_1927 A-0 ---------108 .
1681810734
'09
Series B guar
1942 A-0 10512 107 10512 Sep '11
N Y & Pu 1st cons gu g 4s1993 A-0 ____ 9712 9778 Aug'11
10512 10784
-6/1
4 -6/7-8
Series C guar
1942 EI-N 105
106 J'ne'll
Nor & Mont Ist gu g 5s 1916 A-0
109
106
_-..--_-_
• Series D 46 guar
1945 llf-N 97
9858 Dec '10 .._.
Pine Creek rcg guar 6s
1932 J-D 120 ____ 13-11-2Jait-'456
Series E 3 Ms guar g
1949 F-A 9234_.
9318 Aug'11
11 NV & 0 con 1st ext 5s_h1922 A-0 107 10818 107
-613-4 -661;
107
-1 1.67 - ii5 Series
F
gu
4s
g
1853 J-D 97
9778 Aug'11
. Oswe & II 2d go g 5s_ 01915 F-A ____ 10512 105 Jan '08 ___
9778 9775:
Series G 4s guar
1957 M-N 97 9878 98 Oct '11 _. 98 9958:
It W & 0 T It ist gu g 58_1918 M-N ____ ____ 104 J'ne'10 ____
C St L & P 1st con g 5s 1932 A-0 11312 ____ 11312.Ply '11 _... 113
Rutland 1st con g 4 Ms_ _1941 J-J
1131n
95 ____ 9838 J'ly '11
-663g -663-8 'co 6: Pek Un 1st g 6s
1921 Q-F
109 May'll
Og&LCham 1st gu 4s g.1948 J -J
109 109
86 92 86 Sep '11 ---- 8512 9012
2d gold 4 Ms
b1921 M-N
99 9312Jan '11
Rut-Canad 1st gu g 4s_1949 J-J____ _._:: 92 J'ne'09 __-- ____ ____
9312 9312:
ere Marquette—Ref 4s_1955 J-J
6111
2
74
J'iy
70
'11 ..._ 66 7634
St Lawr & Adlr 1st g 5s 1996 J-J
115 J'ne'00 ____
Refunding guar 48
1955 J-J
12
67 Aug'11
67 7638
2d gold Os
1996 A-0 iii- -..
125 Feb '08 __--- _
Ch & W )4 58
1921 J-D --- ----10014 Apr '11
10018 10078 ;
Utica &Illk My gu g 4s_1922 J-J
9978 ____ 100 J'ne'll
0934 100
Flint & PM g Os
1920
A-0
11018 Sale 11018
11018
10934 110341
Lake Shore gold 3 Ms
8814 --i 88 90
1907 J -1) 8814 Sale 8814
1st consol gold Os
1939 31-N 9't ____ 103 Mch'll
Registered
100 103 I
1997 J -D 8718 8812 8818
8818 10 8718 89
Pt Huron Div 1st g 5s_1939 A-0 97
4)8 Aug'11 ___. 98 10338 •
•
Debenture gold 4s......_1028 M-S 93 9312 9314
9312 2
56
0 9
921:
21 9
Sag Tus & H 1st gu g 48_1931 F-A ____ 102
04534
90 __
20-year gold 48
1931 31-N 9318 Sale 93
9312
hilippine fly 1st 30-yr s f 4s_'37 J-J
84 8734 8638 Oct '11
Registered
1931 M-N
-84 - -66- 1
93.34 Mal"11 ---- 9334 9334
Itts Sh & L E 1st g 5s
1940 A-0 11234 __ 11278 May'll _.... 11212 11278
Ka A ,Se G R 1st gu c 58.1938 J-J 155- :-_-_-_
1st consol gold 58
1943 J-3 ___
9378 J'ly '97 _
Mahon Cl 1111 1st 55_1034 J-J 11118
1111-2 Mc-11-'11 1:-_-_ i1658 iii12 )
eadlng Co gen g 48
1997 J -J
1g Sal 9734
9814 ii -663Pitts & L Erie 2d g 55_ _a1928 A-0 *1071s ____ 100 Dec '09
4 -661-2!
.,, Registered
1997 J-J ----- 9718
Pitts McK & Y 1st gu 68_1932 J-J 121 ____ 13012 Jan '09
9718
4 9718 9734
Jersey Cent coil g 4s
1951 A-0 973-4 „.-- 9734
2d guaranteed Os
1934 J-J 123 124
98
96
973
4
)
Atlan City gu 45 g
1951 J-J __-- ---- -McKees & B V 1st g 6s_1918 J-J 108
_
---- -,•t Jo & Gr Isl 1st g 4s
1947 J-J
8514 Sale -851Michigan Central 5s
4
8514
3 -6i11931 31-S Ito lig HI- Apni -_-_-_-- iii- Hi- 1t L & San Fran
490
gen
g
6s
1931
J-J 11814 11918 118 Oct '11
•
Registered
118 11918
1931 Q-M_ 109 __
119 J'ne'06 _
General gold Os
1931 J-J 107 10712 107
4s
107
11' 107 108 •
1940 J J _--98 9912 99 J'ne'll ___ 99 99
St L & S 1
, RR cons g 43_1996 J-J
88 92 90 Sep '11
Registered
1940 J-J
90 91 I
_
98 Dec '09 _
Gen
15-20
yr
55
1927
M-N 8733 Sale 8612
J L & S 1st gold 3 Ms 1951 M-S ___- -8818 90 J'ne'08
8738
Southw Div 1st g 58 1947 A-0 100 ____ 10034 Mch'll 84: 8512 (J0 :
1st gold 3 518
1952 31-N 863-4 8812 8812
10034 1011g
8812
i -664
3- -id Refunding g 45
1951
J-J
Sale
'79
79
20-year debenture 4s_ _1920 A-0 __-_ 91
7912 31 77
91
91
7 91 93
Registered
1951 J-J __ ____ 8034Mch'll ___ 8034 83 •
8034:
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0 10412._ 105 Sep '11 ____ 10112 106
Pen Gas & C 1st con g 65_1943 A-0 117 Sale 117
1997 A-0 11512_ 115 Sep '11 ____
Purchase money 6s
117
6 116115 1191
11334 11612
Refunding gold Os
1947 MS 102 10234 10178 Sep '11 ___
Convertible deb Os
1922 31-S 116 1110138 1025
Registered
1947 M-S
10/
____
%•,/d El Ii Mtn 1st con g 43_1039 J-J
103 Feb '09 ---- --- -8514 90 -1-36.- Mair'-li. :1Cke
&
Ch
ist
G-L
gm
-6
/
g
4 -5555_1937 J-J 103
_- 4 103
, 10258 10278 103 Oct Ill -_ 1021Lac Gas I. of St L 1st g 53.-01919 Q-I
103
1 10234 1037
Con G Co of Ch 1st gug 5s 1936 J-D 101
104
1934 A-0 101 10112 101
Ref and ext 1st g Os
10214
10178
2
Ind Nat Gas & Oil 30-yr 55 '36 M-N ____ ____ 102 Sep '11 ___ 101 102
103
Ifilwaukee Gas List 4s
1927 31-N 90 9118 90 Oct '11 ___ 100
90 Mch'll ___ 90 911
Mu
Fuel
00
91
Gas
lst gu g 5s 1947 M-N
Newark Con Gas g 5s
1948 .J-D 10312 _
10118 Aug'11 __ 10012 1011
104 J'ne'll ____ 10014 104
Registered
1947 M-N
N y* 0 H L H & p g 5s
____ __1948 J-I) 103 Sale 10238
___- ___
103
52 10114 10412 Philadelphia Co cony 5s
1919 F-A
109 118 J'ne'11 ____ 104 148
Purchase money g 4s
1949 F-A 8818 Sale 8734
8818 32 87 8912 Syracuse Lighting 1st g 53..1951 JD ____
98 101
Ed El III 1st cons g 5s-1995 J-J 11212._ 11212
98 Aug'10
'11 _.._ Ill 11234 Syracuse L & P 5s
1954 J-J ____ 8112 81 J'ne'll ____ 81NY & Q El L&P 1st cong 5s..1930 F-A 9014 --- 10112 Oct
82
May'll ___ 100 10112 Trenton G & E 1st g 58
1949 M-S 102 ____ 109 Feb '01
N Y & Rich Gas 1st g 58_ _1921 111-N ---- ---- 0712 J'iy '09
Union Elec L ec P 1st g 58_1932 M-S 9812
_
Pacific G & El Co Cal G &-E
---- 9812 Sep '11 ___ -6612100
Ref
5s
ext
&
1933
31-N
95 9718 96 J'ly '11 ___ 93 11131
Corp unifying & ref 53_1937 Ikl-N 94 95 95 Oct '11 ___ 9134 96
Utica El L & P 1st g 5s__1950 J-J 101
Pat & Passaic G & E 5s
___
1949 MS 100 __ __
_
___
___
___ ___ Utica Gas & E ref 5s
1957 J-J
98 :__ 9912Ply
--'11 __- 9912 991
Westchester Light'g g 5s
1950 J-D 10412 ---- 10413 Oct '11
104 1051
•No price Friday; latest bid and asked, aDue Jan. bDuo Feb. eDue
May. gDue June. hDue July. 'Duo Nov.
1-D
__
-ii5-i-4
•
____
1092
New York Bond Record—Concluded—Page 4
BONDS
gIg
.
N. Y. STOCK EXCHANGE
Week Ending Oct: 20.
..,a,
Price
Friday
Oct. 20
Week's
Range or
Last Sale
Lxxxxui.
t
Price
BONDS
Range
„In
N. Y. STOCK EXCHANGEFriday
Since
g,*
0
.
Oct. 20
..,a,
Week Ending Oct. 20.
a4'January 1
High No. Low High
As Low
. Bid
St L ec San Fran (Con)
. K 0 Ft S & M con g 8s__1928 M-N 1151.11834 11012 rly '11 ____ 116 11712
10 '7718 81
79
• • K C Ft S & M By ref g 48_1936 A-0 7 3, Sle 7834
Sep '10 --- ____ ____
Reg!stered
:•
_
__ ----79
1933 A-0 ---10014 Dec '09
- -IC C & M R & B 1st gu 5s1929i A-0
Ozark & Ch C lstgu 55 g_1913 A-0 9878 09 0812 Se') '11 ____ 9712 0912
0012 ____ 9012 Oct '11 ____ 8978 9234
St L S W 1st g 48 bd ctfs_ _19891H2d g 4s inc bond etts____p1989 J-J 80 83 80 Oct '11 ____ 73 83
7912 92 '7518 8112
1932' J-D 7914 Sale 79 •
Consol gold 48
____
Gray's Pt Ter 188 gu g 5s_1947 J-D 05 ____ 10113 Apr '07 __-_
8 -80 8814
88
S A & A Pass 1st gu g 4s
1943 J-J 8714 88 8712
__ 104 Oct '09
9914
S F & N P 1st sink f g 58_1919 J-J
4 8714
Seaboard Air Line g 4s_ __ _195 A-0 *8613__._ 871s Aug'11 ____ 8538714 49 8434 88
Gold 48 stamped
195 A-0 8714 Sale 8634
_
_ _
_
_ _ __
_
, Registered
195 A-0 _
8114 oi 7412 ii
.63-4 'Sale ig,--C3
o194 F-A 8
.• Adjustment 5s
8214 10 8214 8214
195 A-G 82 8214 8214
• Refunding 4s
86
24 8514 87
- Ati-Birm 30-yr 1st g 48_81933 NI-S 85 ____ 86
9214 98 9134 Apr '11 __,_ 9134 9134
1949 J-J
Car Cent 1st con g 4s
1918, J-J 100 ...._ _ 103 May'll __ 102 103
:'Fla Cen & Pen 1st g 5s
_
1930 J-J 101
1st land gr ext g 5s
:•
1053-4 Apr '11
4 10638
105319431 J-J 10434
Consol gold 5s
.•
• Ga & Ala By 1st con 58,8190 J-J 10412 ____ 104 Oct '11 __ 104 10414
Ga Car & No 1st gu g 53_1923 J-J 10414 ___ 10413 Oct '11 ____ 104 105.
109 109
192ei J-J 10558 110 109 May'll
Seab & Boa 1st 58
Southern Pacific Co—
3 9012 9378
Gold 48 (Cent Pac coil) Jc1949i ,j-D 9112 Sale 9112.112
k10491J- I ___ 901, 00 Aug'11 ____ 90 9012
Registered
•
9718 147 9418 100
- Sale 9812
'9878
0929'31- 20-year cony 48
9678 18 06 9712
, Cent Pac 1st ref gu g 4s__1949 F-A 97 971 9612
1049 F-A *___ 961 97 Feb '10
Registered
••
Mort guar gold 3 Ms_ _k1929IJ-D 90 0134 90 Oct '11 .—_ -00- -92
••
2 9112 9334
9112
Through St List gu 48_1954 A- s ____ 93 9112
••
10858 Sale 10858 10858
5 10612 10858
c 0 H & S A NI & P 1st 58_1931 114103 103
M-N
102
__-_
103
58_1024
g
___
gu
May'll
1st
N
&
G
V
Gila
:•
- Hous E & W T 1st g 5s 1933M-N 104 -___ 105 J'ne'll --__ 105 10534
1933 M-N 104 ____ 10412 Aug'11 ___ 10412 105
1st guar 5s red
.•
H & T C 1st g 58 int gu 1937 J-J 1C1958 110 10958 Aug'11 ____ 10912 11034
_ 10712Sep '11 —__ 10712 10914
Consol g 63 int guar 1912 A-0 --•
1 9334 98
96
Gen gold 48 Int guar 1921 A-0 94 ....„ 96
•
11914 Mch'10 ___ ____ ____
Waco & NW div 1st g 6s'30M____
7. A & N W 1st gu g 5s_,1941, J-J ---- ---- 10712Jan '09
.. morgan's La & T 1st 7s 1918 A11212 Sep '11 ___ 11212 11512
Ill __
111 111
111 Mch'll
1st gold Os
••
1920 J-J 10934
____
_
.• N Y Tex & NI gu 45 g
19121A-0
1933 A-0 ____ 1145,112 - Feb '07___.
• • No of Cal guar g Os
102 J'iy '11 __ 102 - 102
( J-J
• Ore & Cal 1st guar g 58_1927
: So Pac of Cal—Os E.__ _1912 A-0 ---- ---- 10112 May'll __ 10112 10218
1912' A-0 -------- 11412 Dec '01 ___ ____ ____
1st gold 68 F
•
4 1127; 116 May'07 ____ ____ ____
1937 NI-N 10911st con guar g 5s
.•
89 921, 90 J'iy '09
• So Pao Coast 1st gu 4s g_1937 J-J
8 9038 9318
'. San Fran Tenni 1st 4s_1950 A-0 0012 91 9012 , 9012
.• Tex ,5o N 0 Sal) DIY 1st g Os'12 31-S 10012 ____ 10118 Sep '11 ____ 10118 10178
10158 103
10158 May'll
1943 J-J
Con gold 58
79 9358 96
95
1955, J-J 9478 Sale. 9434
So Pao RR 1st ref 45
184 10412 10912
19944J-J 18 Sale 10712 108
Southern 1st consol g 5s
108 105
1994 J-J --------105 Sep '11 ._
Registered
7912 39 7434 8014
, Develop & gen 4s Ser A1956 A-0 70 88 7878
87
5
87
85 88
88
86
; Mob Fe Ohio coil tr g 4s 1938 NI-S
.• Hem Div 1st g 4)4-58_19061 J-J 108 1081,109 Aug'11 ___ 10834 10912
1051 J-J ____ 871, 88 Oct '11 __ 8612 89
,St Louis dlv 1st g 4s
1918 J-J 10712 1101, 10778 Nov'10
•.• Ala Cen R 1st g 6s
$6 901, 9012 May'll __ 9012 9012
1948 J-J
/ 1st g 4s
•• At! & Dan,
8214 8234 8214 J'ly '11 -- 8214 8214
1948' J-J
4s
2d
••
_
_
_
_
• Ati & Yad 1st g guar 48_1049 A-0 80
-li. ____ 15513 i5f
10161 J-J 10514 ____ 4151-2 Sep'
.• Col & Greenv 1st Os
10814
10814
'11
J'ne
___,
____
10758
10734
J-J
53_1030
g
Div
Ga
&
- E T Va
110
3 10912 112
1056 NI-N 110 112 110
Con 1st gold Os
•
1038 M-S 10418 10634 10618 Sep '11 ____ 105 10'7
.• E Ten reor lien g 5s
_ _ __
---65
72
Nov'09
0212
A-•
1048
3s
1st
Midland
• Ga
1922 J-J' 11212 113 113 Sep '11 __ 113 114
• Ga Pee fly 1st g Os
• Knox & Ohio 1st g 68-1023 J-J 11414 116 11512 May'll ____ 11512 11(3
• Mob & Bir prior lien g 58..1945 J-J 100 __- 10512 Nov'10 ---- ---- ---73 791-,. 82 Nov'08 ---194rx ,j-J
Mortgage gold 4s
•
7
.• Rich & Dan con g 681__1914J -J 10312 ____ 1047s Sep '51 ___ 1047 105
105 10478 Sep '11 ____ 10458 105
10412
A-0
1927/
stamped
Deb 5s
•
1948. M-N 7112 ___ 71 Mch'll --_ 71 71
Rich ec Meek 1st g 4s
1919 M-N 102 104 103 Sep '11 _—_ 103 10412
- So Car & Ga 1st g 5s
_
_
1910M-S 105 ____ 112 Oct '06 ---• Virginia Mid ser C 6s
1921 M-S 10212-- 10414 J'ne'll ___ 16.i14 io.i14
Series D 4-53
•
1920 M-S 104 ____ 106 Mchli____ 196 106
• - Series E 83
10412 ____ 105 J'ne'10 ____ __ __
1931;1,
4-s
Series P 5s
10738 Aug'11 .-- 107 108
1930 M-N 10512
•
General Os
10812J'iy '11 ___., 103 110
Va & So'w't 1st gu 58_200 J-J ____
6 9412 9'712
97
1st cons 50-year 5s 1958A-0 99 961 9673
91 Feb '10 ___ ___
92
192, F-A
W 0 & W 1st cy gu 4s
West N C 1st con g 6s— _191 J-J 10212105 10134 J'iy '11 ____ 10412 i.05
Spokane Internat 1st g 55_1955 J-J 101 104 10212 Apr '11 ____ 102 10258
105 Sec/ '11 ---- 105 10558
rper A of St L.1st g 4 Ms_ _1939 A-G 103
112 Aug'11 --- 11034 11231
-I. 1st con gold 58_ .1804-194' F-A 11112
195 J-J ____ 97 00 Sep '11 ___ 9558 98
Gen refund s f g 4s
1.0812 Feb '11 __ __ 10812 10812
St L NI Bge Ter gu g 5s 193 A4) 105
2 110 11158
11012 11012
200 J-D 11012
Tex & Pac 1st gold 5s
45 65 70 Mch'10 ---- --- --q2000 Ntch
2d gold Inc Os
0912 Apr '11 __ 994-2-9912
1931 J-J 100
La Div B List g 53
10012 Nov'04 ____ ___ ____
W Min IA7 ec NW 1st gu 58230 F-A ____
1937.4 J-J 105
109 Sap'
11 ---- 10813-4 11018
Tol 44 00 1st g Os
112 Sep '09
1935 A-(1 108
Western Div 1st g 5s_
Sep
____ 1011-2 10:312
10312
'11
104
10314
J-D
1930
5s
gold
General
92
5 00 02
92
Kan & 181st gu g 4s_ _ _1990 A-0 0114 _
5 9712
___ 99712
3 9612 98
1927 3-.1
2(1 20-year Os
Sep
04
'11
90 94
____
941i
9018
J-J
191
Tol P & W 1st gold 4s
8712 8912
8712_ _ 8712Sep '11 ___
Tol St L & W pr lien g 3 3.8s_1925 J-J
67li
ii 67 7478
195o A-0 6712 O'i14 0712
50-year gold 48
___
7512Sep
'1
7512 8112
7514
____
F-A
A
1917
Coll tr 4s g Ser
9012,10y '11 ___. 87 0012
Tor liam & Bull 1st g 45__h1948 J-D 8918
105 Sep '11 ____ 105 106
Tpster & Del 1st con g 58-1928 J-D 10412
U 1st refund g 48
1952 A-0 8418 851: 8512 J'1Y'
11 ---- 8512 8512
I
Union Pacific—
10114 21 100 10214
• RR & land grant gold 48_1947 J-J 10118 Sale 101
10073 Sep '11 _ __ _ 9914 19978
1947 J-J
Registered
10212 252 100 11018
1927 J-J 10218 Sale 102
20-year cony 43
9714 40 9534 9814
02008 NI-S 9714 Sale 97
1st & ref 4s
11 0318 9714
951
9412
Ore fly & Nay con g 48_ _1946 J-D 9412 95
2 1.13 11514
Ore Short Line 1st g 6s_ _1822 F-A 11314 11418 11312 11312
11418
1 10914 11418
19403-i 110 11118 11418
1st consol g Os
9312 121 9212 95
1929 J-D 9312 Sale 9338
Guar refund 4s
108 May'll ___ 108 1Ci8
Utah & Nor gold 58-1026 J-J 100
_
____ ____ __
____
91
1933 J-J
1st extended 4s
___ ____
41
Range
Since
tia
'January 1
41High No. Low High
s ow
.
Vandalia cons g 4s Ser A_1955 F-A ---------97 Oct '11 --- 97 97
Consol 45 Series B_ __ _1957 11-N ____ 9712 9718 May'll ____ 9634 9712
v
9014 ___ 90 J'ne'll ____ 90 90
Vera Cruz & P 1st gu 4 30_1934 J-J
1081. 10 106 110
- 108
1039 11-N ____ 10778
Wabash 1st gold 5s
953:i 21 9412 101
1939 F-A 9412 Sale 9412
2d gold 5s
Tv
Debenture Series 13_ _ _1939 J-J ____ 105 98 Apr '11 ___ 98 98
1921 ill- S 100 ____ 100 Sep '11 ___ 100 104
1st lien equip s fd g 5s
_ __ _ _
1st lien 50-yr g term 4s.._1954 J-J ____ 85 83 Dec '10
5712 454 47 7158
5618 Sale 56
1956 J-J
1st ref and ext g 4s
Det & Ch Ext 1st g 5s__ _1941 J-J 107I3_.... 10712 Sep '11 ____ 10712 10814
75 _ _ 8112 May'll ..— 81 8112
Des Moin Div 1st g 4s1939 J-J
1941 A-0 6812 ii 75 J'ly '11 __-_ 7012 7534
Om Div 1st g 3 1-is
85 May'll ___ 85 85
1941 11-S
Tol & Ch Div 1st g 4s
1954 J-D ------- -4134 Oct '11 ____ 4114 4934
Wab Pitts Term 1st g 4s
34 3912 50
42
_ 4012 4112 4078
cent ec. Old Col Tr Co certfs__
*_.. .. 42 41 Oct '11 ____ 3912 50
Columbia Tr Co ctfs
____ _ _ _ _
4012 4112 _____
Col Tr ctfs for Cent Tr ctfs_
712
1
112 1 Sep '11 ___
1954 -1-15 *____
2d gold 4s
34 8
118 le.
Trust Co certfs
* 113 -„- 118
8812 90
Wash Terml 1st gu 3 1.6s___1945 F-A ____ 8818 8812 Mch'11 ____ ____
__
1945 F-A 96 ____ ____
1st 40-yr guar 48
- 68 86 8812
8778
1952 A-0 8778 Sale 8758
West Maryland 1st g 4s
1937 J-J *1081_.... 10934 J'ne'll ....-- 10914 11018
West N Y & Pa 1st g 5s
1 Sale 8812
8812
1 8818 88,
4
1943 A-0
Gen gold 4s
111943 Nov ---- -----34 Feb '07 ........ ___ ,„..
Income 5s
Wheeling & L E 1st g 53_1926 A-0 103 10414 10412 Aug'11 _--- 10334105
Sep
10218
'11
104
____ 10218 10434
Wheel Div 1st gold 5s-__1928 J-J _-__
_
Exten & Imp gold 5s____1930 F-A ___ 103 102 J'ne'10.__ _
83
.
2
1949 fd-S 83 8334 83
RR 1st consoi 45
Feb
'11
____ 9812 0912
9612___ 9812
20-year equips f 5s__ _1922 J-J
Winston-Salem S B 1st 4s 1960 J-J ___ 95 95 May'll ____ 94 95
9234 28 9218 9358
Wis Cent 50-yr 1st gen 4s 1949 J-3 9212 Sale 9212
1959 A-O
1st & refunding 48
-----, ---- --Milw & L Winnebago 63_1012 J-J —
-, --,
8 -93
4 -921-2 92 - Oct '11 -- 917Sup&Dul dly & term 1st 4s'36 M-N 013Week's
Range or
Last Sate
gi -ii
Manufacturing and Industrial
5934 184 5512 79
59 Sale 5512
1930 J-J
Allis-Chalmers 1st 5s
1928 A-0 10112 162 10112 10158 20 101 10258
Am Ag Chem 1st e 5s
1928
A-0
Registered
---- --- 4 Ogia
i 6/1Off'
1915 Q-F -_-- iii 6f3;
Am Cot 011 ext 4 %s
1931 M-N ____ 951. 96 Oct '11 --, 96 9738
Debenture 5s
9018 19 9614 100
Am Hide & L 1st s f g 63_1919 M-S 9918 Sabi- 9812
6 85 78
72
Amer Ice Secur deb g Os.. 1925 A-0 70 Sale 70
10258 115 100 104
Am Smelt Securities 51 6s 1026 F-A 10258 Sale 10213
1 9914 102
101
Am Spirits Mfg 1st g Gs_ _1915 NI- 5 100 101 101
Am Thread 1st col tr 4s___ _1919 J-J ___ 9414 9358 Aug'11 ____ 9212 9358
11412 1370 10278 115
Am Tobacco 40-yr g 6s__1944 A-0 1111- Sale 111
1944 A-0 ---- ----11118 11238 63 1021.113
Registered
11378 236 1(143;11478
11114 Sale 11034
Certificates of deposit
9134 2062 7978 9314
1951 F-A 9012 Sale 8934
Gold 4s
8214 8812
1951 F-A -,.„. ,_-,... 8812 Set) '11 -„.
Registered
9178 725 8518 9158
4 Sale 8934
001Certificates of deposit
5 8914 9178
8934
8912 8958 8912
Am Writg Paper 1st s 1 58_1919 J-J
Baldw Loco Works 1st 58_1940 M-N 103 ___ 10:312 J'iy '11 ____ 10238 10312
22 8612 9818
04
Beth Steel 1st ext s 1 5s____1926 J-J 0338 Sale 0278
9634 122 95 100
Cent Leather 20-year g 5s__1925 A-0 9634 Sale 0638
9114 10 8118 9114
1951 F-A 9012 Sale 9012
Consol Tobacco g 4s
1051 F-A _____ 57 Nov107 __ _ _ __ _
Registered
1931 M-N 0612 9734 97 Oct '11 ____ 06 9758
Corn Prod Ref s f g 5s
9658 34 1)512 9712
1934 111-N 0612 Sale 9612
1st 25-year 31 53
Cuban-Amer Sugar coil tr 6s 1918 A-0 9612 ____ 9612 Oct '11 ---, 9512 97
7434 85 7034 80
Distil Sec Cur cony 1st g 58_1927 A-0 74 Sale 7334
E I du Pont Powder 4 0_1936 J-D 85 8514 85 Oct '11 ____ 8278 8612
Gen Electric deb g 33is
1942 F-A __ 83 82 XII°'11 ____ 81 82
1-1912 Oct '11 ___ 145 167
10-yr g deb 58
1917 J-D _
9734 14 07 0914
Gen'i Motors 1st lien 6s___ _1915 A-0 157-3g -013-4 9712
Ill Steel non-cony deb 5s_1913 A-0 *9918 __ 101 J'ne'00 __-_ ____ -Ingersoll-Rand 1st g 5s___q1935 J-J ____ ____ 05 J'ne'07 __ ___ -__
,.____ _
q1935 J-J
Registered
2
13 101 1041103
4
Int Paper Co 1st con g 6s__1018 F-A 103 Sale 10238312 8412 8312 Sep '11 ____ 83 87
1935 J-J
Consol cony 51 g 5s
9112
92
02
12 9138 95
Int St Pump 1st 51 5s
1929 NI-S 911
_ _ ____
1929 M-S ---------_ ___
Registered
9712 10 oii 61118
Lackaw Steel 1st g 5s
1923 A-0 ___ 9714 00
7834
5 7834 8814
1st con 5s Series A
1950 M-S 79 80 7834
91
25 00 96
9012
5-year convertible 5s___1915 M-S 9012 91
Nat Enam & Stpg 1st 5s
1929 J-D 9412 9478 9478 Oct '11 ___ 9414 9512
0078 10 9714 10
NY Air Brake lsf cony 6s 1928 M-N 9078 Sale 9714
By Steel Spgs 1st s f 5s_ __ _192i J-J 97 08 9838 Oct '11 ---- 9714 99
10312
Repub I &S lst&col tr 5s_ _1934 A-0 102% ___ 10278 Aug'11 _
0112 14 9112 96
10-30-year 5s s 1
1940 A-0 ____ 911- 9112
8712 15 86 80
Standard Milling 1st 5s_
1930 M-N ___ $71 8712
9712 23 06 08
961-2 08 9612
The Texas Co cony deb 64_ _1931 J-J
Union Bag & Paper 1st 5s_1930 J-J ____ 9412 94 Oct '11 ___ 9012 95f2
0012 9434J'ne'll ____ 92 96
Stamped
1930
102
2 102 105
U S Leath Co s 1 deb g Os_ _1913 M--N 10214 10234 102
8934 15 8712 91
8918 8934 8934
US Realty ec I cony deb g 5s_'24 J-J
U S Red & Refg 1st g (38_1931 J-J_ 8634 70 Apr '11 ____ 70 88
36 10134 105
104
U S Rubber 10-yr coil tr 68_1918 J-1) 1933-4 Sale 10334
_ __ __
_ •
1918 .7-1) ___ ___ 10318Jan'10
Registered
10234 245 10012 10(314
3- ale 102
US Steel Corp—jcoup_ ___d1963 NI-N
1 100 10814
S 1 10-60-yr 5slreg ____d1963 .11-N --------10213 10218
29 9878 10214
101
Va-Car Chem 1st 15-yr 5s_ _1023 J-D 1001-2 Sale 100
4 10014 10278
West Electric 1st 5s Dec 1922 J-J 102 10218 10134 10212
9234 53 9012 9514
9212 Sale 915s
Westinghouse E & NI 51 58_1931 J-J
10-year coil tr notes 5s_1017 A-0 ____ ---- 96 J'ne'll ____ 06 96
_.10278
Telegraph & Telephone
AM Telep & Tel coll tr 4s 1920 J-J
1936 M-S
Convertible 48
Chicago Telephone 1st 58_1923 J-D
Commercial Cable 1st g 48_2397 Q-J
2397 Q-J
Registered
Keystone Telephone 1st 58_1935 J-J
NIctropol Tel & Tel 1st 51 Os 1918 M-N
Mich State Telep 1st 5s_ _1924 1-1-A
N Y & N 3 Telephone 5s-i_1920 M-N
N Y Telep 1st & gen a i 45-is 1939 NI-N
1937 3-i
Pac Tel & Tel 1st Os
1937
Registered
West Union col tr cur 58_1938 J---J
Fd and real est g 4 Ms__ _1950 M-N
1936 31-N
Cony 4s, series A
1938 NI-N
Registered
1941 M-N
Hut Un Tel gu est 5s
Northwest Tel en 4 348 e_1934 J-J
9038 82
0018 Sale 9018
107
108
10618 Sale 106
--__
--„- ---- -„„8318 ---- 8312M/1,0'11 --8313 ___ 84 Mch'll ____
83 ____ 85 Aug'11 ____
103 10334 103 Sep '11 ____
11 100 Oct '11 ___
-------- 1031.1 Marii ____
10018 Sale 100
10018 29
9853 Sale 9812
0834 65
...,..—
,„ ,______
10134 11)
00
1013-4 Sale 112
8
9614
0614 9634 9618
10438._ 10438 Oct '11 ____
____ ____ 103 Feb '11 ____
104 J'ne'll ____
8 ___ 103 J'ly '04
021-
8038 9218
10418 11318
3
8614
8512
9214 43
9178
92 Oct '11 --1
98
08
83
104
102
10 J'ne'11 __
8 -95' 92 J'ne'11 --,
-93152
65
6412
6418 65
7934
1
7934 8134 7034
____ 89 89 Apr '11 ---0158 0034 J'iy '11 ___
__
8212 Sep '11 __
-821-2 __
10012____ 102 Apr '11 __
—_ - ____
_
__ --_ _ ...ii
___ 05 _
OS
2
921-2 Sale 41187 ___ 10012 Sep '05 .....
100 ____ 10212 Mch'll ____
8312 91
0138 9312
90 0314
97 10012
100 111
1812
16
92 93
6312 6N4
78 8212
89 89
0034 92
8212 90
102 102
___ —
831-2 821-2
84 84
85 85
103 104
98 101
10314 10314
9838 10038
97 9934
_.„_
9918 103
9414 9812
103 10438
103 103
104 10458
---- ----
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Butt & Susq Iron s f 5s__1932 J-D
a1926 M-S
Debenture Os
_1043 F-A
Col F & I Co gen 51 g 5s_
1910 M-N
Col Fuel gen Os
Col Indus 1st & colt 5s gu_1934 F-A
Cons Ind Coal Me 1st 5s__ _1035 J-D
1950 J-D
Os
ref
Cons Coal of Md 1st &
Cr Riv Coal & C 1st g 6s_ _h1919 A-0
Kan & H C & C 1st s 1 g 5s-1051 J-.1
Pocah Con Collier 1st s f 58_1057 J-J
1955 J-J
St L Rock Mt & P 1st 5s
1951 J-J
Tenn Coal gen 53
13irm Div 1st consol 6s 1917 J-J
a1917 A-()
Tenn Div 1st g 8s
Cah C NI Co 1st gu g 6s_ _1922 J-D
1931 M-S
Utah Fuel 1st g 55
1953 J-J
Victor Fuel 1st s f 58
Vs iron coal & Coke 1st e 581949 111-S
I
07 ____ 97 Feb '11 ____ 9614 97
90 J'iy '11 ____ 89 90
__
2 97 10214
97
97 Sale 07
_ _
_ 10734 J'ne'10 .__JI_
10734
1111-73 - ifilo
75
7412
1 '
11 ---- 85 85
--------I85 J'ne'
___ 9534 97 J'ne'11 ---- 06 97
00 ____ 10238 Apr '06 ___ ____ _
9912 100 99 Oct '11 ---- 99 Sill___ 851 85 Apr '11 ____ 84 85
83 86•
8412 J'ne'll __
____ 81
0 10134 10412
10134 10238 10134 102
10312 10478 10334 Sep '11 __ 10312 106
10312 106 104 Oct '11 ......_ 10334 10512
____ 110 110 Jan '09.— ____ ____
_.:
-- ---_ ___8(i 8714 Ma-y'll
87 - 8812
941, 96
9614 Oct '11 ____ 9112 98
Miscellaneous
Adams Ex coil tr g 4s
1948 M-S
Armour ec Co 1st real est 4 3is '30 J-D
Bush Terminal 1st 48
1952 A-0
Consol 58
1955 J-J
Chino Copper 1st cony 65_1921 J-J
Comstock Tunnel Inc 4s_,,,,1919 _ _
Irrigation Wks & D of A 410'43 (MIN
(at Mercan Marine 4 s_,, 1922 A-0
1929 F-A
Ent Navigation 1st s f 5s
Ntge Bond (N Y) scr 2-48_1966 A-0
Morris & Co 1st s f 4 s___ _1939 J-J
N Y Dock 50-yr 1st g 4(3_1951 F-A
1932 J-J
May Falls Pow 1st 5s
Refunding & gen 6s_ ___a1932 A-0
Ontario Transmission 58_1045 111-N
Pub Sen., Corp NJ gen 5s 1959 A-0
1930 J-J
St Jos Stk Yds g 4 Ms
1939 J-.11
Wash Water Pow 1st 5s
8512 8614
0218 Sale
90 02
97 98
104 Sale
"oiii _iii
4
___ ___
1021-2 1021
Nov oDue Deo sOptIonsale.
!iNfo price Friday;latest bld and asked aDue Jan dDueAprli eDuellay oDueJune hDueJuly kDuo Aug oDue Oct pDue
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-1110115S7' AND LOWEST SALE PRICES.
Saturday
Oct 14
Monday
Oct 16
*160 185 *160
*1
3
*1
*3
5
*3
*25
*25
27
*88
90
90
*92
95
*92
*28
*28
30
*918 10
*918
*512 6
_14 *512
*112 144 *112
*16
*16
19
45 *41
*40
*814
*812 9
42 *38
*38
Tuesday
Oct 17
*160 185
3
*1
3
5
*3
5
*25
27
27
90
92
*90
*90
95
95
*28
30
30
1012 *914 1014
6'2 *512 612
112
112
134
*16
19
19
*41
45
45
*812 g
9
40
40
40
-
Wednesday
Oct 18
460
*1
*3
25
92
92
2812
*914
*512
112
*16
*41
*812
*39
Thursday
Oa 19
Friday
Oa 20
185
Last Sale 190 Apr'll
3
Last Sale 112 July'll
5
Last Sale 3 June'll
30
Oct'll
Last Sale 24
92
9212 9212
92
9512 96
-9412 9413
3078 3034 3134 3014 3014
1014 1058 1058 1012 1012
Oct'll
Last Sale 6
612
112
114
114 114
114
19
Last Sale 15 Sept'll
45
Last Sale 40 Sept'll
9
Last Sale 812 Oct'll
45
*39
45
1058 1058 10158 1058 1018 1018 *1018 1012 *934 10
078 10
86
8612 8612 86
8534 8534 8618 8618 86
8614 8614
86
*300 305 *300 105 *_ __ 300
300
Last Sale 304 Oct'll
_ *130 131
*130
- - *130 -___ *150
Last Sale 130 Sept'll
50
50
*50
*48 -51"
5014 *50
50
*50
50
55
*103 105 *103 105 *103 105 *103 105
Last Sale 10612 Sep'11
*135 136 *135 136
13538 13538 *135 136 *134 135
5018 50
50
50
50
5014 50
50
4934 50
Last Sale 4513 July'11
/5-14
"ii 75 *-..
77-5- *7212 75 7434 75 7434 7434
51
*50
*50
51
86f8 5012 *50 51 *50 51
*1
114 *1
114 *1
114 *1
114
Last Sale 11
Oct'11
*6
9
*6
8
8
*6
*6
9
Last Sale 534 July'll
*46
4712 4612 47
4612 4612 *46
*46
47
98
96
47
*119 121 *11912 121 *11912
_ *120 121
Last Sale 11912 Oct'll
*162 165
165 165 *163 fel; 165 • 165
167 167
169 171
12712 12838 128 12812 128 12838 *12833 12812 12734 128
12712 12712
Last Sale 1158 Oct'll
Jan'll
Last Sale 78
*iiir 102 101 IOC jai" fa: 10113 10114 1011210112
10112 10112 10112 10112 10112 1014 10134 10134
1013-4
1515
4
5412 5334 5414 *5312 5412 5412 5412 *54 Yi- 5412 5412
54
10434 10434 101 101
-7;tst Sale 55---A
;55" if.7,55" 41
Last Sale 4112 Oct'll
*8912 91 *-_ 91
9134 92
91
9038
90
92
*12512 12012 *12612 12712 *12512 1-2-67
2 *12412 12612 *12412 12612 127 127
*125 128
127 127 *124 128 *126 128 *126 128
*100 102 *100 105 *100 105
102 102
*117 119 *117 119
Last Sale 119 Sept'll
1081-8 1-68-1; Un- gl; 107 108 10712 10734 *10712 10734 10712 10712
13878 13934 13714 139
13612 13712 13714 13734 13714 138
*118 11934 118 118 *118 11912 *118 11934 *118 11934
9912 9912 9858 9938 9853 99
9834 99
*0834 99
99 1161-2
*183 189
189 189 *187 191
189 189
189 189
189 189
106 106
10512 106 *10512 106
10512 10512 10512 10512 -- -2
*134 214 *158 2,4 *158 238 *134 2
2
2
2
6012 61
5033 60% 5514 5914 5818 5058 5734 60
5912 6034
*1(1
*16
18
Last Sale 18 Sept'll
*16
*16
18
18
18
Note.-0i tidal slice'.
longer rep lrta tra.nsac
les: than 10 sha
Sales
of the
Week
Shares
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest,' ishest.
Railroads
Chicago City Ry
100 185 Jan 11 190 Apr 28
113 J'ne 16
Chicago & Oak Park_100
112 J'ne 16
Do pref
3 J'ne 16
100
6 Mch 23
Chic Eley Itys coin
21 J'ly 12 2934 J'ly 21
Do pref
97
85 J'ly 19 93 J'iy 21
143 Chic Rys part ctt "1"___
SO Apr 29 101 Aug 2
1,685 Chic Rys part ctf "2"._
2034 May13 3431 Aug 2
65 Chic Rys part ctf "3".._
8 May13 1212 Aug 3
712 Aug 3
Chic Rys part ctf "4"Ho
412 Nfeh 1
730 Chicago Subway
114 Oct 19
6 Mch 1
Kans City Ry & Lt_100 15 Sep 25 25 Feb 23
Do pref
100 39 Sep 26 7212 Feb 25
Streets W Stable C L_100
814 Oct 10 1314 Feb 23
Do pre
17
100 40 J'ne 1 50 Jan
Miscellaneous
430 American Can
100
Do pref
100
445
American Radiator_.,100
1)0 pref
100
47 Amer Shipbuilding__ .100
Do pret
100
25 Amer Teiep & Teieg
525 Booth Fisheries corn
Voting trust ctf
Do pref
660
10 Cal & Chic Canal & D_100
Chic Brew'g & Mait'g____
Do pref
175 Chic Pneumatic Tool_100
Chicago Telephone__ _100
533 Chic Title & Trust__100
793 Commonw'th-Edison _100
Corn Prod Ref Co com_
pref.
do
Do
100
168 Diamond Match
360 Hirt Shaffner & Marx pt_
115 Illinois Brick
100
100 Internat Harvester Co -Masonic Temple.
MeCrum-Howell Co_ _i00
190
Do pref
100 National Biscuit
100
Do pre(
30
100
11 National Carbon
100
Do pref
100
598 People's Gas L&Coke_100
2,823 Sears-Roebuck com 100
25
Do pret
100
842 Swift & Co
100
133 The Quaker Oats Co 100
Do pret
130
100
250 Unit Box Bd & P Co..100
1,775 United States Steel corn_
Western Stone
100
Interest
Perioa
Friel
Friday
Oct. 20
AO;
Bid
Amer Strawb'd 1st 69-1911 o - A
Armour & Co 4 Wi___1939
D
Booth Fish Co DebG 5s'17 J
J
g 53
1024 J
J
Sink Fd Deb tis tr roe -- A Calumet & South Chicago
Rye lit 54
1927 F -A
Cass Ay &
(St L) 53 '12 J - J
011ie Board of Trade 491927 J
I)
Chicago City lty 59
-A
1927
Chic Lome! Br & Slit 6s___ J
J
Chic Como! Trac 4 V4s 1939 J - I)
Chic Auditorium Ist5s1929
- A ----Chicago Eley By 59_1914 J -J ---Ohio J c Kit let at g 59_1945 d Chic No Shore Elec Gs.1912 A 89
Chic Poe rool 1st 5s_a1921 J - J
90
1927 It - A 5 9914 Sale
Chic Fly
Chi() itys 4-5s series "A" A - 0 9458 Sale
873
4 sale
Chic itys 4-54 series "B" J
D
Chic itys 4-5s series "C"• -A
- A 115574 faiii
Chic Rya coil 6s
1913
Chic sty's Fund 69_1913
510018 .
Chic ltys Tern Ctts 1st 5s
5 9938 Sale
Chic it 1 & P itR 4s2002
Collet trust g Ii,,.,,1913
Chic Telephone is
1923
103
Commonw- Edison Os_1943
5___510214 10278
Chic Edison deb 69_1913
1st g 5sJuly 1926
Debenture 5s
11)2(1
510214 1-62-3-4
Commonw Elect 5s91943
Dla Match Con db 6s 1920
5105 Sale
Illinois runnel 5s
1924
Kan City By & Light
Co Is
1913 11 - N
K Mcleir ker Ice 1st 59.1028 A _Lake St El-lit 59_1928
J 87 Sale
Income Si
1925 Feb
iletr W Side El-lit 45
- A 5 8478 86
1938
Extension g 4s
1938 J - J 8012 82
MorrI4 & Co.
- J 5 8912 9014
S
Norta West El 1st 43.. 1011 ▪
Northwestern Gas Light &
1928 Q - M
Coke Co 5s
5 9413 Sale
11 Ogdea Gas as
LI4
165 J - 1) 9812
Pearsons-Taft Is
Al - S
4.40s
-N
06
4.005 Series E
-N
9712
4,805 Series 1"
l'eo Gal L & C 1st 69_1943 A - (.)
10218
Refunding g 5s____11)47 • - S
Chic Gas L&C 1st 591937 J - J 5103 .Cons= Gas 1st 59_1938 I - I) 510112
\Intl Fuel Gas lst5s1947 Ni - N ---- 10112
95
- J
9512
South Side Elev 4 %9-1924
110014 ---•
Swift & Co 1st g 59-14)14 J Union El (Loop) 58_11145 A - U
United'Box Board col els'26
:
intge es
Western Eiec Co 5s___1922 I -
LOW
10012
9f38
109
100
9812
Sold
Range
for
Year 1911
0
NAME
•
• •
No, Low
High
10012 10012
0112 933,3
9918 100
90 100
Nis 99
Calumet National
Chicago City
Contl'tal & Comm Nat_
Corn Exchange National
Douglas State
Drexel State
Drovers' Dep National_
9914 July'l I
9914 9914 Englewood State
10114 Oct'011
First National
100 May'07
First Nat Englewood
10234
10234 13 10213 10278 Foreman Bros 13'leg Co_
103
Apr'04
Fort Dearborn National
50
Apr'09
Hibernian B'k'g Ass'n_
9834 Jan'Ot;
liaspar State Bank____
9738 Sep'11
652 Vti;; Lake View State
9412 lice'09
La Salle St National
Feb'oti
87
Live Stock Exclego Nat
8014
8914
8714 91
Monroe National
9938
9078 39 0732 101)
Nat Banks at Republic_
9438 10 9318 95,4 National City
9412
8734 26 82)8 8912 National Produce
8712
Sep 11
91
90
91
North Avenue State,.,.,.
10038 Oct'll
9938 10078 North Side State Say'gs
Jan'11
100
100 100
North West State
9953
5 9734 100
9938
People's Stk Yds State_
6613 Aug'08
Prairie State
6012 Juiy'08
Security
Oct'll
102
102 10312 South Chicago Sayings_
5 10012 10318 South Side State
10214
10234
10078 Nov'10
State Bank of Chicago_
Febq I
100 100
100
Stock Yards Savings
10033 Aug'OJ
Union Bank of Chicago_
10238
10238
5 10014 10278 Washington Park Nat'l
8 10314 10734 Wendell State
105
10412
Dec'08
80
-- Central Trust Co of Ili
Chicago Say Bk & Tr
9734 May'll
9635 9734 Chicago Title & Trust
100 May'll
Citizens Trust & Savings
9734 100
8612
87
8912 Colonial Trust & Saving
77
16 May'05
Coat & Comm Tr & Say
Drovers'Trust&Sayings
8514
8534
7 8218 8634 First Trust & Savings_
8178 Sep'11
7818 8278 Ft.Dearborn Tr&Sav Bk
8973 Oct'll
8934 91% Greenbaum Sons Bk &Tr
100 July'll
9618 100
Guarantee Trust & Say_
Harris Trust & Savings..
9938 Oct'll
Home Bank & Trust
0912 100
9412
9412
5 92
9412 Illinois Trust & Savings
10038 Mch'09
Kenwood Trust & Savgs
9612 Mch'10
Lake View Trust&Savgs
97
Feb'10
Merchants' Loan &Tr Co
9812 Mehl()
MetropolitanTrust &Say
12118 Blay'09
Michigan Ave Tr Co
10134
10218 12 16154 1-0131 Mid-City Tr & Say Bk_
10314
10214
5 10278 10312 Northern Trust Co
10112 Sep'11 ---- 10112 102
North-Western Tr&Say
10112 Suly'll --- 10112 10138 Old Colony Tr & Say Bank
95
9518 10 93 9534 People's Tr 6s Say Bk
10014 Oct'll -- 100 10178 Pullman Trust & Savirs88
Apr'10
Sheridan Tr & Say Bank
70
Apr'10
Standard Tr & Sayings_
60 Mcliii
'a- Stockmen's Trust & Say
10258 Aug'11 __ 10034 103
Union Trust Co
West'n Trust 63 Sayings
Nole..-Acerued interest must be added to all Chicago b ond prices
West Side Tr &SayBank
Jan'll
Oct'11
Alcu'll
McifIl
Apr'll
1212 May 9
8878 J ne 2
304 Oct 11
131 J'ly 29
79 Feb (1
113 May18
15214 J'ne 12
5914 Mch 4
5734 Mch 9
82 Mch 21
52 Feb 2
114 J'ne 7
634 J'no 9
5512 Feb '23
12412 J'ne24
171 Oct 20
13738 J'ly 15
1538 J'ne 15
78 Jan 18
10512 J'iy 10
10338 J ne 2
70 Jan 20
129 May 5
5018 Aug 2
67 Jan 3
98 Feb 2
140 Apr 7
130 Mch31
120 Mch14
120 Mch 23
10858 Jan 19
19234 Jan 31
122 Mch 11
104 J no 5
193 J'ne 29
10712 J'ly 21
7 Jan 3
8178 Feb 6
25 Jan 27
Lowest.
Highest,
160 Oct
112 J'ly
4 J'ly
185 Mch
312 Jan
712 Jan
60.32 Sep
1114 Seri
8 May
3 May
213 J'ne
20 Aug
69 Feb
7 J'ly
40' J'ly
IOU Jan
3(i Jan
16 Jan
918 Jan
614 Aug
29 Jan
',734 Mch
543 Jan
104 Jan
658•J'ne
6212 J'Iy,
240 Apr
126 J
72 Feb
107 Aug'
13114 J'iy
31 J'ne
29 Aug
66 J'ne
46 Dec
1 Feb
3 Sep
2512 J'Ilr
110 May
142 Aug
10512 J'iy
1312 J'ly
7914 Apr
8212 Sep
1358 Jan
82 Jan
261 Dec
135 Apr
8418 May
112 Jan
14218 Itch
43 Dec
41 Deo
74 Jan
55 Feb
1 Feb
3 Sep
?.7 Dec
137 Jan
163 Mch
12112 Jan
k234 Jan
82 Feb
12- Jan
hit J'ly
9473 Aug
9312 Men
40 Mcb
93 J'ne
101 Aug
lls
104 Feu
112 Feb
103 J'ly
148 Feb
1161: Aug
100 Dec
155 J
101 J'ly
514 Apr
91 lich
11.5 Nov
40 Jan
6712 Dec
10234 Apr
119 Dec
124 Jan
195 Oct
123 Nov
11534 Jan
18334 Nov
122 meh
lt)958 Jan
180 Feb
10)3 Jan
i58 Jan
15
J'ne
63 Dec
Chicago Banks and Trust Companies
•
Week's
Range or
Last Sale
9 Jan 16
7678 Jan 7
265 Jan 0
12612 Mch 9
49 Oct 10
10613 Sep 6
13158 Aug30
35 Apr 28
38 J'ne 14
60 Sep 22
4912 Anr 24
1 Xis,20
312.Nleb27
3912 Sep 22
115 Jan 25
15112 Jan 6
113 Jan 19
1133 Sep 30
78 Jan 18
9212 Feb 10
100 Sep 22
497k Sep 26
9914 Sep 20
47 Jan 18
40 Sep 30
90 Oct 3
11714 Jan 17
123 Jan 3
100 Aug18
117 Sep 13
101 Sep 27
12334 Sep 21
116 Sep 25
9734 Sep 25
165 Mch 7
10212 Feb 1
112 Sep 12
52 Sep 25
18 Sep 14
Range (or Previous
Year 1910.
7es,
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Oct. 20
Range since January 1
1,Vnni1Invon ,l`rkqsavRank
Outstandtrig
Stock
(I)
Sivplut
and
Prof/ti
(I)
Dividend Record
In
1909
In Per- Last Paid.
1910 Lad
%
$100,00()
$52.216
6
6
An Jan '11, 6
500,000
266,453 10
10
J-J July '11, 5
21,500,000 8,699,826 __
__ Q-J Oct •11, 212
3,000,000 5,753,652 12
16
Q-J Oct '11. 4
200,0011
Beg, b us.May 31'1 1.V.92.p1538
200,000
44,712
9
8
Q-J Oct '11, 113
600.000
445,639 10
10
Q-J Oct '11, 213
200,000
49,904
6
6
Q-J Oct '11, 134
10,000,000 11,482,356 12s
12s Q-M Sep 30'11,3u
150,000
193.093 10
10 Q-M Sep30'11 212
1,000,000
533,795 Priv ate Ba ak
2,000,000
604,039
8
3
Q-J Oct '11, 2
1,500.000 1,119,812
8
8+2 Q-J July '11, 2
500,000
19,465 10 10+15 J-J July '11. 5
'200,000
6,062 Beg. b us Apr 8'11 V.92.p, 1004
1,000,000
266,750 Beg. b us, Ma y•10 V.90, p.1277
1,250,000
551,741 10
10 Q-M Sep 30'11,212
300,000
64,814
4
4
Q-1. Nov '11, 1
2,000.000 1,301,599
8
8
Q-J Oct '11, 2
2,000,000
497,151
0
6
Q-J Oc• '11, 113
250,001
90,104
3
4
Q-J Oct '11, 113
200,000
70.365
6% Q-J Oct '11, 134
5%
50,000
34,486
6
0
Q-J Oct '11, 113
200,000
33,712 ____
4
Q-J Oct '11, 114
300,0011
127,782 ___
7
Q-J Oct '11. 213
500,000
6 Q-M Oct '11, 112
72,028
6
400,000
327,429
1%
4% Q-J Oct '11 113
200,000
96,000
7% Q-J Oct '11, 2
6
200,000
13,066
1%
Q-J Oct '11. 113
6
1,500,000 2,021,601 12
Q-J Oc. '11. 3
12
250,000
191,171
8 Q-31 Sep 3011. 2
8
500,000
136,300
6
6 Si-N Nov '11. 3
100,000
7,814 ice V. 90, p 159
50,000
11,686 None None (.3-M Dec3r08.112
2.000,000
994,956
7
7% Q-J Oct '11, 2
1,000,000
221,679
6
6
Q-J Oct '11, 113
5.000.000 /1,810,642
6
73i Q-J Oct '11, .•
50,000
12,928
4
6
Q-J Oct '11. 212
600,000
471,635 8+2 8+2 Q-J Oct '11. 213
3,000,000
881,739
200,000
8 (4-.1 Oct '11. 213
146,540
8
2,500,000 3,772,432 16
12 Q-M Sep30' 11,4
250,000
1,682 Beg. b us.Apr 3' 11 V.92. p. 929
1,500,000
79,704) ---- Q-J Oct '11, 212
200,000
s28.100 Incorp ()rated 1908 V.87,p, 1138
1,500,000 1,825,537
934 11+5 (1-3 Oct '11. 3
300,000
56,558 Beg, b us Apr lu'1 1V.92.p.1004
5,000,000 9,303,969 16+4 16+4
q Oct '11, 3
200,000
634 7+1% Q-J Oct '11. 134
64,192
54,439
200,000
5 I
5Y2 Q-J Oct '11, 113
3,000,000 6,328,809 12 , 12
Q-J Oct '11, 4
750.000
260,413
6 1
6
Q-J Oct '11,112
200,000
59,951 Beg, b us. Oct 29'1 0V91.p.122I
500.000
51,562 Com, b us, Ap r10' 11V92 p1004
1,500,000 2,616,071
8 1
8
Q-J Sep30'11. 2
250,000
111,221
6 i
6
J-J July '11. 4
200,000
50,153 Beg. b us J'ne I'll V.92.p. 1537
500,000
145,191 Beg. b us.Dec 1'10 V. 02, p. Of
300,000
261,300
8 i
8
Q-J Sep 30'11, 2
200,000
27.960 Beg. b us. J'Ily 12'0 9 V.89,p.141
1,000,000
305,509 Comm enced bus. Sept 6 1910
200,000
y43,462
5 i
534 J-J July '11. 3
1,200,000 1,318,707 18+2 k8+2 Q-M Sep30'11,2
1.250,000
210,532
61 6
Q-.1 Oct '11. III
200,000
124,220 ____
6 Q-1r1 July '11, 2
200 Poo
79
4c5,
1
ft
7 1.Z 11_1 (Int '11 91,
.13111 and asked prices; no isles were made on this day.
Sept. 1(t-lose of business) tor national bangs and Sept. 2 (opening oi business) ior State institutions.
price Friday: latest price this week. a Due Dec. 31. 0 Due June. c Ex-stock dividend of 33 1-3%, I: Also 20% in stock. q Dividends are paid Q-J, with extra 5. No
paymeths Q-F. sin addition, the equivalent of 4% more came from First Tr..st di saving( Bask,
Jane
1J11. u In addition, the equivalen: ot 1% ,iatne ro..1 First
Trust & Savings Bank. sr March 31 1911. y June 8 1911, z Sept. 8 1911.
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Oct. 14.
Monday
Oct. 16.
Tuesday
Oct. 17.
Wednesday
Oct. 18.
Thursday
Oct. 19.
Sales
of the
Friday
Oa. 20.
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots
Lowest.
Railroads
106 10678 10634 10714 10653 10653 *10673 10714 3107 10714 10714 10738
295 Atch Top & Santa Fe_100 10053 Sep 25
*10314 10358 *10314 10358 *10313 10334 10314 10314 *10314 10358 *10314 10334
100 101 Sep 7
Do pre.
20
22034 22118 221 221
221 221
221 221 *22114 ____ 22112 22112
179 Boston & Albany...,_,.100 219 Apr 21
*126 12613 126 120
126 12610 126 126
127 127
100 12412 Sep 23
12513 127
183 Boston Elevated
.*216
*216
100 207 Feb 1
Last Sate 216 Oct'll
Boston & Lowell
99
*21899
-9873 99
9878 99
9714 98
9712 98
98
99
100 9714 Oct 19
390 Boston ec Maine
*295 298 *295 298
296 296 *295 298 *295 298 *295 298
1 Boston & Providence..100 292 Mc h 21
312
15
*12
15 *12
Oct'll
15
Last Sale 14
15 *12
Boston Suburban El CO3. 12 Sep 1
370
75 *70
75
370
70 Oct 0
75
72
*70
72
75
*70
75
Do pref
10
39
12
*9
12
*9
12
Oct'll
6 Feb 15
39
1012
Last Sale 9
Boston & Wore Elec Cos..
*50
51
*50
51
*50
51
51
50
3812 Jan 3
*50
51
*50
50
Do prof
70
*160
_...... *1E30
161 161
____ *160
162 162
15 Chic June fly & USY_100 156 Apr 29
- *160
*109 iff *109 111
10912 10912 10914 .
107 Mch 17
Do pref
1091
10
4 *109 111 *109 111
*271
_ *271
*271
*271
Last Sale 272 July'll
Connecticut
_100 265 Jan 31
*126 127
126 126
12612 127
12613 1201.
57 Fitchburg, pref
100 125 Apr 10
2 *125 127 - 12612 12612
*160 162 *160 161
160 160
160 100 3159 161
160 160
90 Ga fly 6: Electrlc
100 11712 Jan 23
9112
*91
93
*9()
Last Sale 92 Sep'11
*90
93
Do pref
100 86 Feb 20
Last Sale 135 Sep'11
.Maine Central
100 135 Sep 20
-- *140 145 *190 145 *LW*
20
*1352-014 20
2018 1934 20
1912 1912 1913 1934 1,490 Mass Electric Cos_
100 16 Apr 20
9412 9412 94
9312 92
9434 03
92
92
Do pref
92
450
100 8334 Jan U
9314
133 13314 133 13312 13312 13334 13314 13334 13312 13334 13313 13312
890 NYNH & Hartford_100 12714 Sep 14
Last Sale 14013 Sep'11
Northern N H
100 139 Jan 13
3212
iii" 211 *211)
211 iff" *210 ____ *210
35 Norwich & Wor pref _100 210 Jan 26
3187 _- *187
18714 18714 *187 18713 18712 18712
100 183 Mch 15
34 Old Colony
- _ 33313 ____ *3313 ___ *3312
_
Last Sale 3312 Sep'11
Rutland pref
100 32 Jan 26
*___
*103
3331211-6 3_ _ _ 10312 3_ _
10812
Last Sale 110 Sep'11
Seattle Electric
10812
100 10513 Apr 18
____ 101 101
*101 -- -- *101
101 102 *101
____ 101 101
Do prcf
100 20712 Mch 13
64
16178 1, ' 162 16314 161 16258 16212 16312 162 162
162 162
100 15312 Sep 25
718 Union Pacific
*9212 0312
*93
*92
1,-:2 *9214 93
Last Sale 9038 Oct'll
93
Do pref
100 90 Mob 9
163 163 *162
*162
*162
10 Vermont & Mass..__ _100 156 Mch 21
- *162 ____ *162
8714 8714 8653 87
87 -8-7-- 87
8673 1
88
50 85 Sep 20
344 West End St
88 -8-8
*10033 10013 10013 10012 *10013 ___ *100/2
*101 10134 101 101
50 100 Aug 17
20 Do prof
Miscellaneous
51
50
*49
50
50
5013 51
*50
*50
51
555 Amer AgTicul Chcm_100 40 Sep 25
5012 51
10014 10014 10014 10012 10014 10012 10012 10013 10033 10012 100113 101
D
100 99 Jan 6
pref
394
378 4
312 Aug 25
373 418
413 41., 2,220 Amer Pneu Service_ 50
*334 378
334 334
334 334
1434 15
*14
1414 15
14
15
Do pret
1573 1573 1)334 2,254
50 1213 Aug 25
1412 14
11712 11814 11734 11814 *11712 11812 11712 11773 11712 113
11713 118
100 112 Sep 25
643 Amer Sugar Refin
116 116
11513 11614 11534 116
11534 11534 11534 11534 11534 11534
Do pref
100 11134 Jan 5
331
13538 13512 13513 13512 13514 13558 13538 13534 13413 13512 13434 135
5,191 Amer Telep 63 Teleg_100 13158 Aug30
Last Sale 2812 Sep'11
Amencan Woolen___ _100 27,2 Sep 19
88
.
EVii4 89
89
89
891, 8834 16- .
Do pref
88
88
100 x80 bleb 29
493
88
88
Atl Gulf & W 153 L..100
713 Oct 2
Last Sale 778 Sep'11
*734 8
*734 8
*734- ,0734 8
15
*1412 10
315
16
1514 *15
16
Do pref
100 15 Oct 13
1513 1512 *15
1514
605
512 Jan 13
Boston Land
Last Sole 7
10
July'll
150l
Cumb
le0-1-2 *i&if2
15012 1e61"2
Telep & Teleg_100 14514 Jan 10
315012
912 912 *93.1 10
10
714 Jan 18
10
100 East Boston Land
10
*934 978 10
*934 10
307 Eastern Steainship._ 100 7878 Feb 3
8914 8914 8934 8934 8934 8934 8934 8934
---- 18834 89
*286 294 *283
284 284
28412 23412 *234 ---9 Edison Eleo Illum__100 275 Sep 9
15034 151
15112 152
*151 152
15013 151
100 142 Sep 22
308 General Electric
Haig
9012 9013 0013
9014 9014 9014 9014 90
893 Massachusetts Gas Cos100 8734 Jan 5
01
-9-63-4 91
Do pre(
397
93
9813 98
9712 9812
98
397
100 9412 J'ne27
731
98
9713 9712
232 232
23014
*232 23512 232 232
25 Mergenthaler Lino__ _100 211 Jan 4
08230 23081142 *228 234
3 Oct 2
4
4
*3
*3
4
4
4
414
237 Mexican Telephone
10
312 4
--91
4
3103 104
104 104
104 104
103 103 *103 104
34 N E Cotton Yarn...._100 103 Oct 18
104 104
Do pref
3104 107 3104 107 *104 107 x102 102 *100 106 *100 105
11
100 x102 Oct 18
14513 146
196 146
196 146
174 N E Telephone
146 146 *145 146
100 137 Jan 19
14512 140
*10012 101 *10012 101 *10012 101 *10012 101 *10012 101
20 Pacific Coast Power_ _100 96 Jan 9
10012 10012
Portland (Me) Elcc_100 6234 J'ly 29
*67
_ *67
____ *67 ____ *67
_
Last Sale 6612 Oct'll
157 157
15613 fa
158 15812 15814 159
106 Pullman Co
159 15912
100 133 Sep 25
158 159
15 Reece Button-Hole
13
13 *___ 14
14
10 x12 Jan 5
9614 -991-3 "55" 1918 9873 99" 99
9914 99
217 Swift & Co
100 9734 Sep 26
9914 99
9912
*29
30
85 Torrington
2912 2912 2013 2912 2913 2912 *29
2912 2912 2912
25 29 Sep 21)
Do pref
2712 2712
29
28
29
29
53
28
*27
28
2814 2814 28
25 1:7 Mch 23
531 United Fruit
185 185
188 188
183 188
18712 138. 18713 188
185 188
100 180 ?Bch 13
43
43
1,283 Un Shoe Mach Corp_ 25 4014 Aug 26
43
43
4273 43
43
43
43
93
4312 43
Do pref
2714
2714 27
2714 27
752
2714 2712 2712 2712 27
27
27
25 2612 Sep 20
6114 5938 6118 5838 5938 58
5938 5734 5973 5933 6078 27,586 U S Steel Corp
60
100 5134 Sep 25
Do pref
284
290113
*10934 110
3 10
29
7174
10978 10973 10913 10958 10
100 10313 Sep 22
8 *10914 10912 10914 10914
2653 2634 11,269 West Telep & Teieg_ _100 15 Sep 26
2534 27
20
1934 1934 *19
1912 1978
Do pref
104 10514 105 10514 1,564
9518 9513 101
100 89 Jan 23
9618 9618 9513 0515 *95
Mining
_
412
4 Sep 22
414 414 *4
414 414 *4
85 Adventure Con
412 *414 412
25
212 Oct 19
212 213
212 212
500 Aigomah Mining
3234 3 21516 215tt 234 2151*
*278 3
25
*2714 28
2613 2673 2713 2712
27
571 Allouez
27
2634 27
28
25 21 Aug23
28
5138 5214 51
51
52
51.34 5113 5212 5113 5253 5253 5412 8,085 Amalgamated Copper 100 4434 Sep 25
2112 211? 2114 2134 2112 2112 2113 2112 2114 2114 2114 2153 1,992 .krn Zinc Lead & Sm.. 25 1934 Oct 5
.45
5 .35
.25 .35
. .
.33 .45 5,685 Arizona Commercial.. 25
.40
.55 .4
14 Sep 11
.60 .60
.65 3.40 .44
.70 .60
900 Bonanza Dev Co
3.60
.40 .40
.70 3.60
10 .90 Oct 2
5
5
*41, 5 *___
473 *912 5
100 Bos&CorbCop&SIIMg
*458 5
5
334 Aug24
*434 5
314 Aug 29
3916
430 Butte-Balaklava Cop.. 10
313 334 35/*
334 334
334 334
334 373
*334 378
1514 1514 15
15
15
2,472 Butte Coalition
1473 15
15
1512 16
15 14 Aug25
1638 15
49
48
49
4812 49
49
4834 4834 4813 50
1,995 Calumet & Arizona
4834 49
10 45 Sep 25
380 385
375 390
385 395
385 385
59 Calumet & Hecla
385 385
38913 390
25 360 Sep 2
10
*9
Centennial
10
*914 10
10
*9
8 Aug24
*9
Last Sale .04 Oct'll
25
,05*.,__
.05 .05
*___
.05
.05 *____
300 Cons Mercur Gold_ _
.05
1 .04 Oct 13
5.
52
17;3 52
5134
5
52
52
*
52
52
1,106 Copper 'Lange Con Co 100 4634 Sep 25
5178 521.3 5178 52
52
512 *5
3 Feb 8
512
*5
60 Daly-West
512
513 512
20
514 514 *5
873 Aug 25
1014 1018 1018 1014 1038 1,572 East Butte Cop Min
10
978 1038 1014 1012 1018 1014
10
513 Aug24
613 612
614 614 1,425 Franklin
25
634 7
612 612
*634 7
612 01
338 Sep 22
373 315i* 1,760 Giroux Consondatcd_ 5
334 378
334 31516 3":e 3l5is 3131,3
378
334 378
30
29
30
595 Granby Consolidated_109 26 Aug 25
3014 30
3018 29
2912 29
30 *29
29
20 5916 Oct 0
573 6
573 6310 4,657 Greene Cananca
VI* 51546
5151* 51513 6
578 573 578
1812 1812 19
552 Hancock Consolidated 25 17 Sup 26
20
1912 1912 319
19
1912 .851834 1914 18
31 Sep 21
25
118
118 3,87
.90 .90
200 Helvetia Copper
.85 *.90 113
*34 11s *.85
25
514 Oct 18
7
7
538 634
514 538
534 578 5,120 Indiana Mining
514 512
719 714
533 Sep 22
733 738
718 713 3,705 Inspiration Copper_ -10
7
712
714 712
714 714
738 712
3313 3312 *33
1 2914 May 9
33
3312 33
33
33
617 Island Creek Coal
33
3314 3338 3334
1 8218 Sop 25
Do pref
84
84
84
84
84
8.114 84
8334 8334 8414 8414 *83
77
1378 1413 1378 14
1334 1378 1312 1378 1318 1313 1414 1414
535 Isle Royale Copper_ 25 1112 Aug23
234 Oct 19
5
3
3
3
318
234 3
314 314 311* 318
234 234 1,400 Kerr Lake
134 May10
*173 213 *178 218
*178 2
25
2
2
*134 213 *134 213
5 Keweenaw Copper
25 22 Aug24
25
2514 2412 2512 2412 2412 2412 2934 2414 2414 2413 2534 1,203 Lake Copper Co
3 Aug 17
25
434 434
434 434
414 414
434 434
412 412
120 La Salle Copper
612 Apr 24
*773 8
*734 8
*734 8
90 Mason Valley Mines---5
*734 8
734 731
734 734
413 Aug24
512 51,, *614 634 *515 634
25
513 538
512 512
325 Mass Consol
5
514
112 3133 112
ell. 112 *114
.40
133 138
.40
25 .20 Feb 18
350 Mayflower
1833 19
5 1673 Sep 28
19
1734 1814 *181:1 1834 19
*1834 1914 ;5"
105 Miami Copper
112 Sep 22
Michigan
112
112 *1
*1
11, *1
Last Sale 112 Sep'11
112 *1
25
*39
40
40
4013 4012
3912 391, *3912 40
40
*39
40
25 36 Apr 18
95 Mohawk
16
1618 1614 1614 1012 1678 1,058 Nevada Consolidated_ 5 15 Sep 25
1618 1614
16
16
16
16
*2
212
2 Aug 16
New Arcadian Copper 25
21r *2
212 *2
Last Sale 214 Oct'll
212 *2
713 J'ly 24
758 763
5
7511 778
841 NipIssing Mines
712 712
758 753
758 734
2514 2434 2514 2414 2413 2414 2412 24
25
15 20 Sep 25
2412 2434
2 251.2t 3,539 North Butte
*4
4
334 Aug23
4
412
25
4
412 434 *412 43.1
4
4
412
1,490 North Lake
373 Aug 25
4
414 414
25
412 412
4
*4
413 434 *414 434
5
150 Ojibway Mining •
113 112
158 153 *112 134
25 .50 Jan 5
112 112 *112 134
*112 134
125 Old Colony
3814 381! *37
*3612 38
38
38
*3612 38
38
345 Old Dominion Co
3814 39
25 3414 Sep
25
*86
88
88
*86
88
88
90
88
83
25 81 Sep 22
385
65 Osceola
778 Sep 22
9
laSilver 63 Cop_ 10
912 912 3834 912
9
*9
10
-7;91-4.
11-3-4
40
59
25 55 Sep 22
59
*58
60
60
353
;BF Id" 60
60
45
aiyncgonsol Copper.... 10 12 Sep 25
14
1334 1413 *1312 1378 *58
1312 610334 1312 1312 14
14
14
612 Riv
34 Apr 26
112 3.06 114 3.90 114
114 *.90
.09
.09 3.90
114 *.90
100 Santa Fe Gold & Cop_ 10
714 714 *7
7 Oct 4
an
thnon
s0
hu
7
s__.. 10
7
5
718 713
610 S
714
714 714
714 711
Sep 5
.60
Utah
3.60
3.60
.75
.60
.75
)3.60 .80
.60 3.60
.75
.80 3.60
20
*25
2334 2334
25 21 Aug 17
128
2512 2514 2514 2434 2434 *2433 2412 2334 25
212 212
214 Sep 8
238 212
Superi
212 51r
Boston Min 10
238 238 1,255 Superior&
212 212 *21.2 234
*22
25
25 *22
*22
24
25
2514 2412 25
25 20 Sep 8
*22
25
275 Tamarack
3 Sop 13
*3
318 *3
inIty
3
3•
318
3
frs
25
3
3
3
299'1.T
3
3
3134 32
3218 3113 3134 32
Smelt Ref & Min_ 50 3038 Sop 25
32
32
32
3173 32
1,111
32
46
46
212 46
96
46
4618
4614 4513 46
pref
D
50 4514 Aug 26
*
49
2
46
96
475
213 213
212
*2
2 alch111
32116
212
213 213
212 *21,*
35 Utah-Apes Mining
5
16
16
11514 1512 1,490 Utah Consolidated
1614 1643 1638 1612 1634 15
16
16
5
934 Jan 20
44
4178 4213 42
4134 42
421,, 4234 4313 4212 43
1,203 Utah Copper Co
10 38 Sep 25
9414
158 158
158 158 *158 178 *153 178 *158 173
158 158
1 Aug 17
25
127 Vic-orta
4
4
518 518
4
25
4
4 Oct 17
4
4
1,275 Winona
4
412
412 518
*5 88 Oct 16
88
88
8813 89
89
88
89
89
122 Wolverine
89
89
89
89
*34 1
1
1 lc... .93
114 3,90 .05
0.90
.95 0.90
15 Wyaneott
25 .95 Oct 2
d Non- stoc4, s Ass't paid. a 14x-s1oolt cliv.
k.-rignais. a Ex-d1v. and riglita.
*131c1 and asaed prloc
10.3 '04
921,
-66;
1-6.63-4
-foi;
Range for Previous
Yecr (191(1).
11,yhest.
Lowest.
11614 J'ne 5
105 J'ne 20
226 Feb 15
13012 Aug 1
218 Sep 14
12238 Feu 15
400 Mch Ii
10 Mch 15
7614 J'ne 22
13 J'iy 13
53 J'ly 1
165 Aug 3
11512 J'ly 25
272 J'ne 6
130 Jan 4
164 Oct 4
9313 J'ne 19
215 Jan 18
24 J'ne 3
0518 J'ly 16
15133 Feb 23
142 Mch 6
213 J'ly 14
189 Jan 3
43 Feb 21
112 Feb 27
104 Aug 28
19213 J'ly 22
9513 May12
164 J'ne 16
03 Mcii22
105 Jan 10
9112 J'ly
f712 Aug
213 J'nc
x122 Aug
200 J'ly
118 Dec
285 Oct
14 J'ne
70 J'ly
Mob
35 Aug
139 Sep
109 Oct
260 Oct
12414 Sep
10854 Apr(alt
Highest.
12318 Jan
10414 Jan
234 Jan
13034 Jan
221 Feb
152 Feb
300 Nov
1618 Nov
76 Apr
1013 Sep
48 Jan
160 Dec
118 Jan
270 Mch
13312 Jan
1,230 t ct
Oct
202 Fen 1.18 Dec
5118 Nov
1414 J'1Y
8834 Nov
75 J'1Y
149 Apr 16438 Men
139 Dec 141 Dee
210 May 112 Men
18114 Sep 200 Jan
4412 Nov
25 May
Jlienn
:0
110
6 i
1
,
03
834A
Au
15314 J'IY
8914 J'ly
154 Oct
83 Set)
09 J'iY
6012 May18
36 J'ly
9813 Dec
10514 Meti 1
4 D eC
012 Jan 20
1334 Dec
1914 Jan 31
122 Feb 27 111 Oct
12013 May19 11134 Oct
15314 J'ne 8 12714 J'IY
3614 atch29
26 J'IY
0712 p
me
cCh
9612 J'n,15
11 May29
20 Jan 31
16 May
814 Apr 59
41;jJ:111;
15012 J'ne 15 138
7i3 Anr
12 Mav 1
9512 Aug 22
70 J'ly
29212 Feb 3 1239 Ja,,
1673.1 MaY29 135 J'1}'
0634 Aug 3
0312 Oct 17
nDIe
' al
ey
235 Aug 3 27816229311442 JaM
473 Jan 31
119 Mch 14 107 Sep
9912 Aug
11612 3,141113
15012 J'no 10 192391142 Aug
Nov
105 J'ne-8
6612 Oct 6
163 Jan 30 153
71i
nj
1114 J 3i
15 May 1
100 Jan
104 J'ne
36 Jan 3
28 MCh
27 Jan
31 J • ly 17
19712 Ply 15 16512 Jan
5873 Feb 18
4:334 J:1,11
2514 ...I'
2914 Jan 31
8218 Feb 6
6138 J'ly
12012 Feb 2 111 J;IY
2714 Oct 18
14 Feb
10514 Oct 10
bl Aug
20413 Jan
10333 Jan
138 Jon
9513 Mch
109 Feb
4912 Oct
105 Sep
878 Feb
24 Feb
12733 Mch
124 Mch
14373 Nov
3913 Sich
10
14
112
4
J1‘itatenh
28 Jun
1582 12 MO
1158 Jan
86 Oct
20212 Nov
16012 .1 a n
oc11•
229006713543 MayN N1o
124 Jr.!,
115 Jan
304:411i
1
10
834 Dec
1;eel:
20
10
4 (
10931 Jan
37 Dec
31 May
200 Sep
7134 Apr
31 Jan
0031 Jan
12533.11111
1934 Sep
04 Jan
J'ly
718 J'ne 16
.134 Dec
10
1434
la
11 J'ne 13
Sep
39 Jan 4
58 Feb
31 JIY
7158 J'ne 19
0034 Jan
5514 J'IY
4013 Jan
3058 J'ne 14
111,, J'IY
1214- alaN
50)4 Jan
1833 J'ne 14
.75 May22 .50 Mch .70 Itch
Jan
1512 May27
10
412 Nov
M ay
21841144
y
612 Jan 14
Jan
2012 al av24
3 jJ:111Ye 1023812
4
14
55
34
03 J'no 6
03
0
11: S
J 'ly 6
.8
.
1u658 si
J
maon
nb
545 Jan 4 5.0
131, J'1Y
33 Jan
1512 Jan 4
.15 J'ne 15
Jan
6934 Feb
J'ne21
68
61i JF
'
c
l; 8
15
4 N v
1434 J'ne 24
i) Dec
2212 Ilich
14 J'ne 8
6 4'1Y
818 Feb 6
11.12 Jan
20 J'11' 11114 Jan
4312 J'ne 21
633 Set)
773 J'ne 10
1173 Jan
1.134 JAY
36 Jan
3014 J'ne 19
134 Oct
2 Feb 4
578 Jan
4434 Men
10 J'1Y
16 J'ne 2
031 May27
Dec
4038 J'ne 3
3334 Oct
3034
91 J'ne 3
Nov
00 Nov
1918 J lie 13
131,May
2813 Jan
11 Jan
778 Jan 21
x6 Sep
334 J'ne 15
2 .j:IY
40 J'ne 13 .81,
Y
96
44
3 Jan
n
Dee
6 Jan 3
19 Jan
1014 May29
:
5
1
elU J'ne 19
2
e11)
1
.
1038 Oct
42
3 May18 .35 Oct
173 Jan
2278 J'ne 21
17
314 D
J'elY
c
28
913 .7
.1 laon1
4
312 Jan
53 Xt).(315
43 J'iY
75 Jan
2114 J'ne 15
1758 J'ly
2712 Jan
414 Aor '18
312 J'ly
1058 Jan
1138 Feb 17
12 May
934 Jan
3614 J'ne 2
18 J'ne
50 Jan
934 J'no 3
614 Dec
2573 Itch
812 J'ne 6
1234 Jan
5 Sep
318 J'ly 10 .25 Aug
134 Feb
49 J'ne 13
5., Jan
2912 J'ne
124 Jan 3 114 J'ly 166 Jan
13 May22
2134 Jan
11 Dec
92 Mch
74 J'ne21
66 J'ly
185s Jan 4
185613
1444 :
JiNj..011 yvy
:
2
6'
12
83
14
44 jj
j
ltlaaacnnnb
134 J'no 10
1214 Fel, 2
1
Dec
334
Jan
May18
1'1.*
4212 Jan 3
953 Dec
18 Jan
814 J'ne 15
4512 J'ne
78 Jan
52 Jan 3
41, Dec
1133 Jan
5 Jan .3
30
9013 J'no 14
Jan
2 D
4534
J'e
lc
y
4912 J'iieSO
634
51 Jan
n
312*pm:315
Jan
3
10
1213
213D
Dec
c
e
4565 Jan
20 J'ne 14
52 J'ne 14 53934 .rea: 6012 Jan
2 D
212 Feb 7
634 Jan
912 Feb 6
5 J'ly
15 Jan
122 Feb 10 120 J'ly 150 Jan
3 Feb 6
114 J'1Y
384 J11111
Boston Bond Record
OCT. 211011.1
,
Price
Frlday
Oct 20
BONDS
BOSTON STOCK EXCHANGE
Week Ending Oct. 20
Weelc't
Range or
Last Sale
Range
g
S nee
:11 January 1
1095
Pr:ce
Friday
Oct. 20
BONDS
BOSTON STOCK EXCHANGE
Week Ending Oct. 20
Week's
Range or
Last Sale
Range
Since
January 1
Oil
High No Low High
Ask Lou'
High
Ask Low
Bid
Am AgrIcul Chem 1st 5s___1928 A-0 10178 Sale 10133 10178 19 10058 10212 Illinois Steel deben 58
10012
1913 A-0 10012 Sale 10014
0033 Sale 9013
In Falls 63 Sioux C 1st 7s
Am Telep & Tel coil tr 43_1929 J-J
117 Apr '08
9038 154 8912 02
1917 A-0
104 11112 Kan C Clin & Spr 1st 5s_ _ 1925 A-0
1936 M-S 109 1061, 106 Oct '11
Convertible 4.;
9414 Feb '11
Arn Writ Paper 1st s 1 Is g__1919 J-J
116120ct '11
_ 9834Oct '11 -_-_ 90 9834 Kan 0 Ft Scott & Mem 6s 1928 M-N
1015
98 12212 Kan C M & B gen 45
Am 'Zinc L & S deb Os
98 Oct '11
1934
S 92 _ _ 92 Aug'11
Ariz Corn Cop 1st cony 68_1920 J -D 43 Sale 42
47 36 9212
Assented income Is
44
1934 M-S
_ 5i 83 Aug,'11
Atch Top & S Fe gen g 4s_ _1005 A-() 9878 991, 9834
1 98 0312 Kan C & M Ry & Br 1st 53_1929 A-0 1E12
102 Mch'll
9834
Adjustment g 4s___ _July 1995 Nov 911, 9217 9114 Sep '11
91 9178 Maine Cent cons 1st 7s
10234 Feb '11
1912 A-0
Stamped
July 1905
9112 9212 02 May'll
01 02
Cons 1st 48
10114 Sep '05
1912 A-0
1055 J-1)
50-year cony 45
10958 113
Marq Hough & Ont 1st 6s 1925 A-0
113 J'ly '11
115 J'ne'08
1917 J -D
10-year cony 5s
10814 11058 Mass Gas 4 ;is
110-,8Mch '11
1929 J -J 100 Sale 0934 100
Atl Gulf & W I SS' Lines 5s_1955 J -J
6614 Sale 66
Mich Telephone 1st 5s
9912 May'll
1917 J-J
6614 44 6:334 73
1916 S-J
Boston ec Lowell 4s
New Eng Cotton Yarn 5s 1929 F-A 99 99i 9912
10014 Mch'09
9912
1944 J -J
Boston & Nialne 4 ;is
New Eng Teicph Is
10138 Mch'll
10412 Oct '08
1915 A-0
1918
Bur & Mo Itiv cons 6s
103 10312
103 Jan '11
5s
10012 Sep '08
1916 A-0
11153 11134 New England cons g 5s
Cedar Rap & Mo R 1st 7s_1916 M-N
11158 Sep '11
1945 J-J
---- 9834 Sep '11
Cent Vermt 1st g 4s__ _May 1920 Q-F 89 Sale 89
Boston Term 1st 4s
1 8712 9053
89
1930 A-0 ---New River (The) cony 5s_1934 J-J
C B & Q Iowa Div 1st Is... 1919 A-0
1103 Oct '07
"fE - Oct '10
---1919 A-()
Iowa Div 1st 4s
NYNH&Hcondeb 3%s_1956 J -J ---- ---- 9654 may'll
99 Feb '11
1913 R-N
Debenture 53
1663-416114
Cony deb 6s (ctfs)
12912 Oct '11
1948 J -J ---10034 Sep '11
1922 F- A
0914 100
Denver Eaten 48
Old Colony gold 45
1924 F-A
9978 Sep '11
101 Apr '09
1927 11-N
Nebraska Exton 45
9833 0912 Oregon Ry & Nay con g 43_1946 J -D ____ ---9912 May'll
_ 0878 Sep '00
B &S
s 4s
1921 R-S
9918 9918 Oreg Sh Line 1st g 6s
1922 F-A
9913 Feb '11
113 Oct '11
Illinois Div 3;is
1949 .1 - J
1 8738 8514 Pere Marquette deb g 6s
1912 J-J
8738
8738
98 .I'ne'11
Chic Jet Ry & Stk Yds Is._1915 J J 101 Sale 101
2 100 10218 ktepub Valley 1st s I 6s
101
1919 J-J
103 Jan '11
Coll trust refunding g 4s_1940 A-0 8834 _ _ 00
1 8812 9034 Savannah Elec 1st cons 5s 1952 J -J
90
7014 Dec '10
Ch Milw & St P Dub D 6s 1920 J-J
Seattle Elec 1st g 5s
114 114
1930 F-A
114 Jan '11
10412Sep '11
Ch M & St P Wis V (liv 6s 1920 J J
11353 11333 Shannon-Ariz 1st g 6s
1919
11358 Feb '11
N
9112 Aug'11
_
0812 101
Ch & No Mich 1st gu Is
1931 R-N 97 09 10012 J'ne 11
Terre Haute Elec g 5s
1929 J-J
97 Apr '07
Chic & W Mich gen Is
1921 -1) 100 Sale 100
1918 M-S
3 991310134 Torrington 1st g Is
100
10034 Mch'10
Concord & Mont cons 45_ _ _1920 J-1)
9712 0712 Union Pac RR & I gr g 4s.._1947 J-J
10078 Oct '11
9712 Sep '11
Cudahy Pack (The) 1st g Is 1924
cony
43
20-year
1927
J-J
10438 Apr '11
10014 Aug'09
Current River 1st 5s
- United Fruit gen s f 4 %s
1923 J-J
1926 A-0
97 Mch'll
9614
9638
Dct Gr Rap & W 1st 4s_ _1946 A-0 8512
Debenture 43-is
1925 J-J --__ 96 9578
85120ct '11
8512 8752
9578
Dominion Coal 1st 51 5s
Co
Steel
10-60-yr 55 Apr 1963
1940 M-N 07 9812 0814 Sep '11 --- 9534 9814 U S
10218 Sale 10218
10238
Fitchburg 45
West End Street Ry 4s
1915 F-A
1015•S
9918 Sep '11
10318 Apr '05
43
Gold 4 ;is
1914 M-S
1927•S
96 Apr '08
- 10012 May'll
Fremt Elk & Mo V 1st 6s_ _ _1933 A-()
12714 128
Gold debenture 48
1916 m-N
9812 Apr '10
128 Sly '11
Unstamped 1st (3s
Gold 45
1933 A-()
1017 F-A
09 Aug'11
140 Aor '05
General Motors 1st 5-yr 6s_1915 A-0 97 9812 971,Sep '11
9712 9918 Western Teleph & Tel 5s_ 1932 J -J
9978
S7sie 98
98.
Gt Nor C B & Q coll tr 4s 1921 J-J
9314 Jan '11
0618 Sale 96
9614 11 9512 9834 Wisconsin Cent 1st gen 4s 1949 J-J
Registered 4s
1921 Q-J
96 Sale 9578
11 0538 08
96
NOTE.—Buyer pays accrued Interest in addition to tile purchase price for all Boston Bonds. • No price Friday; latest bid and asked. if Flat
06.38 Sale
Low High
100 102.33
-6414 9414
115 11634
92 931.
88 90
102 103
10234 10:34
iii638
9912 9912
99 103
10134 102
9384 b334
9634 991
1291213434
113 1147s
98 9834
103 103
'Li- 16E91 93
16543 161'10438 10458
9578 9712
9578 9678
100 106
9813 9918
10018 10013
-581; -169634 100
9312 9314
price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Centum Price;
Saturday
Oct. 14
Monday
Oct. 16
Tuesday
Oct. 17
Wednesday
Oct. 18
*93
94
9312 9312 9334 9334 *9313
9813 0812 *98
... *as .___ *9812
858
*- ___
812 _-812 *814 -858
812
72
72
72
72 *_-- 7234 *____
41
*124
*____ -2-8- *26 ---------------26
*--- 16
*81
*____ 87
*8212
---- --------5912
*58 --_
59
59
*18
1814 *18 — *18
183s 18
li
44
1133
5214
3538
7434
-41
4512 13-12 *9334
44
4313 4312 4353
1134 *1134 12
1134
5212 5238 5238 *5112
3534 3478 35
3478
75
7414 7478 75
27
28
27
2778
8634 8714 87
8712
80
8012 8038 8114
812 812 *8
812
2238 2238 *2238 23
6078 6118 6118 6138
50
50
*4934 5014
1614 108 1614 1638
2273 23
2273 2318
69'16 69"10 6918 6958
614
614 6510
6)16
5034 5078 50i8 5078
8534 857. 86
86
PHILADELPHIA
2714
87
8138
838
2258
6118
5012
1614
23
6918
Vie
5078
8578
77zursday
Oct. 19
Friday
Oct 20
9312 9312 93
93
0812 9812 0812 9812
812 812
-8.2 *814 812
7112 72
7212 *___ 72
_ *124 12412 *124 12412
-2-6____ ____ *2534 2634
*81
_
85
-61
59 1934 *5834 5014
18
*18
1838
1814 1814
__
_ . . ..
Baltimore
220 Con Gas El L & Pow_100
100
pref
Do
87
100
3,660 Houston 011
100
pref
Do
686
50
Northern Central
57 Seaboard Company 100
Do
100
1st pref
100
2d pref
Do
785
201 United Ry & Electric_ 50
Rang.; Since
Jan. 1 1911
Lowest
H.ghest
Bid
Ask
PHILADELPHIA
Bid
'Bid and asked: no sales on thls day
11Ex-cliv.& rights.
Ask
PHILADELPHIA
Bid
Ask
_
Ph & flead 2d 5s 1933 A-0
10058
Ex Imp NI 4s 1947_A-0
Termin.1 Is g 1941 _Q-F 116 117
P W & B col tr 4s '21
0414 0412 Read Trac 1st 6s '33_..J-J
125
Rods By & L con 5s'54 J-J
Spanish-Am Ir 6s '27__J-J
101 Stan% Gas & E 6s'25 M-N 10314 ____
117 Stand St1 Wks lst55'28 J-J
U Trac Ind gen 5s '19...T-J 9412 05
Un Rys Tr ctfs 4s'49__J-J
7638
10334 ____ United Rys Inv 1st colt tr
s f 55 1926
8312
_
-0- -01-2 Welsbach s f 5s 1930_ _J-D 90 ____
Wil-B G&E con 5s'55_J-J
9512 96
York Rya 1st Is 1937_J-D
-9412
8914
BALTIMORE
5634
Inactive Stocks
8412
Ala Cons Coal & Iron_100 35
64
50
Preferred
100 60 ___
Atlan Coast L (Coma)-100 240 245
idi
_
100
10834 109 Canton Co
Georgia Sou & Fin... 100
100 9212
1st preferred
2d preferred
85
• 100
G-B-.3 Brewing
Li*
/
100 ---1-2 2
100 24
26
9778 9818 Seaboard Air Line.
Preferred
100 42
--Bonds
Prices are all "and
interest"
156Bait City 3;is 1930___J-J 9312
48 1954-1955___Various
3S-N
tila6& Potom 53A-0
AnOascols9
1142
04
Atl Coast L(Ctletfs 5s J-D 10
Ctfs of indebt 4s_ -.
___ -923-4
J-J -E5-20-yr 4s 1925
102 10212
0712 9734 B S P & C 1st 4 ;is'53 F-A
10312 10334 Balt Trac 1st 55 29__M-N id/.logNo 13alt Div Is 1942 J-D 10912 111
7812
78
_
10612 ____ Car Pow & Lt 5s 1938 F-A
Cent By cons 5s '32__M-N
—
1 *15 pal I.
*13 5. paid.
Range for Previous
Year (1910)
Lowest
Highest
46 Itch
80 Meh
5 Sep
35 J'iy
115 Jan
1858 J'ly
7213 Feb
40 Oct
1258 May
6412 Dec
90 J'ly
9 Nov
51 Dec
132 Feb
2714 Jan
b012 Jan
47 Jan
1612 Dec
171 Jan 4
17 Dec
4512 Jan 20
4134 J'ly
4834 Feb 18
4014 J'iy
1212 Jan 14
1114 J'ly
5618 J'ne 15
42 J'ne
1014 J'ly
3714 Oct 20
8378 Jan 30
64 J'ly
018 Jan 10
7 J'iy
1512 inc
32 Feb 6
86 J'ue
98 Jan 14
6212 J'iy
9012 Feb 3
312 J'ne
012 J'iy 15
121 Jan
2412 J'ne 9
65 Feb 2 611110 J'ly
42 J'ne
5914 J'ne 5
1378 Feb
18 J'ly 10
2418 Aug 1
15 Apr
6513 J'ly
8034 Feb 10
858 Jan 17
612 Jan
5234 Aug 1
38 Oct
8938 Jan 0
79 J'ly
28 Jan
50 Jan
5312 Jan
1213 Jan
6414 Mch
3438 Dec
8414 Jan
13 Jan
2978 Dec
123 Jan
12114 Mch
634 Dec
20 Dec
6831,3 Itch
5314 Jan
1614 Mch
2812 Jan
86 Feb
9116 May
5234 Jan
9518 Jan
64 Jan 9 94 May29
89 Jan 9 101 Sep 18
7 Mch31 10 Aug 15
45 Feb 8 79 J'ly 31
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan 6 8814 J'ne 3
4314 Jan 4 62 J'ne 3
1613 Jan 9 1978 J'iy 20
Philadelphia
*10
American Cement_ ___ 50
11
10 Sep 18
44
44
105 American Railways__ 50
42 Jan 5
-4114 9512 1312 44 7444
50
1,365 Cambria Steel
4078 Sep 22
4358 4312 4358 4338 4334 44
1112 Jan 4
*1134 1178
*1134 12
185 Electric Cool America 10
1134 *1134 12
53
2,157 Elec Storage Battery_100
53
53
5212 5212 5312 53
4812 Jan 3
3634 3714 7,902 Gen Asphalt tr ctfs
2812 Aug 25
100
36
3614 3634 3614 37
Do
7538 1,677
pref tr ctfs_100
75
68 Aug 26
7538 7412 75
75
75
Keystone Telephone_ 50
*7
714
7 Sep 6
2112 Sep 14
2714 26)8 2678 2658 2634 4,612 Lake Superior Corp_ 100
2738 27
8812 1,775 Leh C & Nay tr ctfs
50
8312 J'ne 29
8712 *87
8712 8712 8712 87
50
7534 Sep 14
82
8134 8214 8112 8258 52510 82"10 3,630 Lehigh Valley
614 Jan 11
2,749 Leh V Trans tr ctfs
9
50
838
814 858
812 834
9
Do pref vot tr ctfs 50
1812 Jan 16
2234 2278 2312 2312 2358 2312 2334 2,041
6114 611'0 6114 61 61310 61110 0114 2,130 Pennsylvania R1t
50
5938 Sep 25
50
412 Philadel Co(Pittsb)
5012 4934 50
4814 Sep 21
4934 4934 5014 5014
25
8,057 Philadelphia Elea
16 Jan 19
1614
1638 1638 1612 1612 1653 17
2358 2338 2312 2313 2312 2312 2312 7,144 Phil R T vot tr ctfs
50
17 Apr 18
Reading
50 661310 Sep 25
6012 6915 6912 601s 6916 6912 7030 8,134
1
"14 61515
714
512 J'ly 28
658 7
634 634 17,217 Tonopah Mining
51
50
5114 51
43 Jan 3
5034 5118 5078 5118 3,537 Union Traction
8878 8534 86
50
8538 851. 851. 85). 1.222 Union Gas lmpt
8414 Sep 25
Bonds
Inactive Stocks
118 114
10
Prices are all "and
American Milling
50
interest"
Cambria Iron
-761-2 Alt & L V Elec 4 s'331
,
-A
Central Coal & Coke__ 100
100 79 - 80 Am Gas & Bice 55 '07_F-A
Preferred
Am Itys Is 1917
A-0
Consol Trac 01 N
12012 Ati Mee ref Is 1938_M-S
Germantown Pass__ 50
Berg&E13rew 1st 68'21 J-J
Huntington & B T__50
- -1E- BethIch Steel 68 1908_Q-F
50
Preferred
Choc & Mc 1st Is 1049 _J-J
Indiana Union Tr ____100
10 -201-2 -203-4 Cli Ok 63 G gen Is 1919 J-J
Insurance Co of N A
Con Trac of N J 1st Is '33
Inter Sm Pow & Chem_50
Del Co Rys tr ctfs 4s'49J-J
Interstate Itys, pref_10
712
1514 Elec & Peoples Tr tr ctfs_ _
Kentucky Securities_ _100 15
Preferred
100 48 52 Fr Tac&II 1st 5s 1940.J-J
Gen Asphalt Is 1916_14-S
Keystone Telep v t c_50
Indianap By 45 1033__J-J
Preferred
50
Keystone Watch Case_100 95 100 Interstate 45 1943___F-A
Keystone Tel Is 1035_J-J
Lit Brothers
10
Little Schuylkill
50 57 ____ Lake Sup Corp Inc 53'24_0
Minelilil & Schuyl 11_50 50'2 ____ Lehigh Nay 48s '14__Q-J
Nat Gas Eiec Lt & P0_100 20
Gen M 4 ;is g 1924_Q-F
Preferred
Leh V C 1st 5s g 1933.44
100 70
North Pennsylvania_ __50
97 Leh V eat 4s 1st 1948 _J-D
Conseil 6s 1923
Pennsylvania Salt
50
J-D
112
Pennsylvania Steel_100
Cousol 4;is 1923___J-D
Preferred
Annuity Os
100
J-D
Phila. Co (Pitts) pref___50 42 -42:12
Gen cons 45 2003 __M-N
Leh V 'Fran con 48 '35 j-D
Phil German & Norris_ _50 15012 152
Phlia Traction
50 82 83
1st series A 48 1935_M-5
Railways General
10 10
1st series II 55 1935 M-S
11
814 838 MarketStEl 1st 4855 11I-N
Tonopah Belmont Dev_l
NatLII&P ser B 5s '19 J-J
United Cos of N J100
United Trac Pitts pref_50
New Con Gas 53 1948J-1)
_
Virginia By & Pow_ __100 461-2 -411-2 N V Ph & No 1st 4539 J-J
100 7712 7852
Income 4s 1939_
Preferred
_M-N
10
Warwick Iron & Steel_l
1012 Pa & N Y Can Is '39 _A-0
Washington-Va fly_ __101
Penn Steel 1st 55 '17_H-N
100
Preferred
People's Tr tr ctfs 4s 1043
100
Weisbach Co
P Co lsteccoll tr 5s'49
West Jersey 60 Sea Sh_ _50
Con & colt tr Is '51 M-N
Westmoreland Coal___ _50
Phil Elec gold tr ctfs_A-0
Wilkes Gas & E1ec__100
Trust ctfs 4s 1949 __J-J
50
York Railway
P & gen M 5s g '20_A-0
Preferred
50 2314
Gen NI 4s g 1920__A-0
Sales
ACTIVE STOCKS
0/ the
Week (For Bonds and Inactive
Stocks see below)
Shares
BALTIMORE
C Ry Ext&Imp 5s '32 M'S
Chas City By 1.•:t 5s'23 J-J
Chas fly G & El 53'99 11-S
City & Sub 1st Is 1922 J-D
City & Sub(Was)lst Is '48
Coal & C Ry 1st 5s'19 A-0
,
-A
Coal & I By 1st 55'20_1
Col&Grny 1st 65 1916 J-J
Consol Gas 53 1939___J-D
Gen 45s 1954____A-0
Cons G E & P 4;is '35 J-J
Fair & CI Tr 1st 5s'38 A-0
Ga & Ala 1st con Is'45 J-J
Ga Car&N 1st 53 g '29_J-J
Georgia P 1st 6s 1922__J-J
Ga So & Fla 1st 5s '45_J-J
G-B-S Brew 3-45 '51_M-S
Knoxv Trac 1st 5s '28 A-0
MaconRy&Lt 1st 5s'53 54
Md Elec Ely 1st 55'$1_A-0
Memphis St 1st 5s '45_J-J
Mt Ver Cot Duck 1st 58__
Npt N & U P 1st 5s'38M-N
Nor&Port Tr 1st 5s'36 J-D
North Cent 4 As 1925 _A-0
Series A 55 1926____J-J
Series B Is 1926_ _
P tt Un Trac Is 1997__J-J
Polo Val 1st 5s 1941__J-J
Say Fla & West Is '34 A-0
Scab Air L 4s 1950___A-0
Adjust 5s 1949____F-A
Scab & Roan 55 1926__J-J
South Bound 1st Is. A-0
U El L&P lit 4 ;is'29 M-N
Un Ry & El 1st 4s '49 M-S
Income 45 1949___J-D
Funding 5s 1936__-J-D
Va Mid 3d ser 6s '16_ .11-S
4th sec 3-4-55 1921241-S
Bid
Ask
iE1-2
9512 97
105
104 log 94
161_
96
87
8714
9938 9958
1E1-2
11258 1131
40
41
9812
7412 75
88
-9"6"
lid - _
872 -012
8012 81
10634
ai7-8 9414
8534 86
6358 6334
8612 87
108
Va5t
4
26
(h
'3
Stse
-2
.
atreiles3s
11-.1
Osn1
Fund debt 2-3s 1991 J-J 8714
West N C con 63 1914 _J-J
W11 & Weld Is 1935___J-J 11014
[VoL. Lxxxxm.
THE CHRONICLE
1096
Ask
BId
Bid Ask
industrial and Miscei
Electric Companies
6 Crucible steel
100 51018 s1014
Chicago Edison Co-See Ch cago list
e Preferred
100 7534
85
Gr't West Pow 53 1946__J-J 83
.34 1
Davis-Daly Copper Co _10
e Kings Co El L he P Co_100 122 124
TRANSAGIIONS AT'THE NEW YORK STOCK EXCHANGE
8412 e Diamond Mates o
101, 10112 102
Narragan (Prov) El Co-50 *82
DAILY WEEKLY AN t) YEARLY.
duPont(E I) de Nem Po 100 137 '45
57
N he Q El L & Pow Co_100 52
e Preferred
100 82 88
100 73
71
Preferred
8514
e Gold 4
85
93
United Electric of N 3_100 90
Railroad.
Stock.s.
15
Electric Boat.
100 10
78
77
J-D
1st g 45 1049
U. S.
State
Week ending
40
Preferred
25
100
3312
3212
_....100
Power
cons_
Western
Bonds
Bonds.
Bonds.
Par value.
Shares
Oct. 20 1911.
Empire Steel
15
100 10
100 6212 64
Preferred
--------- ---------- -----------Preferred
100 43
50
$5,000
$62,500
322,599 $28,462,400 $2,572,000
Saturday
120 131
Chemical
100
General
e
arid
Telephone
Telegraph
214,000
3,430,000
1,000
486,119 49,279,400
Monday
111414 107
e Preferred
88
e Amer releg de Cable_ _100 75
157,000
2,655,000
370,718 34,812,300
Tuesday
Came
38
Gold Hill Copper
73,500
1,000 e Central he So Amer__ _100 115 117
2,290,000
995,130 44,793,000
Wednesday
*6'8 614
Greene-Cananea
112
106
Un
Tel
(N
Y)._25
Coinm'i
10,000
205,000
2,755,000
565,898 52,441,000
Thursday
165
180
Explor'n_100
Guggenheim
78
Empire he Bay state Tet_100 65
198,500
1,730,500
665,205 61,463,400
Friday
45
e Hackensack Water CoFranklin
100 40
87
Ref g 45 '52 op 1912 __J-J 80
8910,500 317,000 e Gold dc Stock Teleg_1011 110 116
2,911,673 8266,251,500 $15,488,500
Total
6
10
100
Hall Signal Co coin
e Northwestern Teleg_..50 103 115
2
4
Havana tobacco Co_ _ 100
75
25 65
Pacific & Atlantic
Jan. 1 to Oct. 20.
Week ending Oct. 20.
)0
Sates at
6
100
__
Preferred
e Pac Telep he Teleg pref 100 06
New York Stock
50
95
1st g 5s June 1 1922 ...1-1) 40
Southern he Atiantic25 85
1910.
1911,
1911.
1910.
Exchange.
Ilecker-Jones-Jewell Milling
Al-S 100 102
1st es 1922
Companies
4,628,645
99,161,047
140,405,617 B & Ferry
2,011,673
25
Stocks-No, shares__
Herring-Hall-Mar uew_100 15
98
N
1st 6.3 1911____J-J 88
3266,251,500 $422 030,000 $8,930,030,225 $12,514,203,250 N Y he E K Ferry stk._ _100
Par value
tIoboken Land he Imp,...100
$12,000
$008,600
$1,472,700
$1,200
1-03- 105
Bank shares, par
1st 53 Nov 1930
- 60
1st 5s 1922
M-N
Bonds.
8
17
Hocking Val Products Co...
N Y he Hob 5s May '46_J-D 11712 99
$5,000
$338,200
817,000
$3,215,500
Government bonds-70
60
Hob Fy lit 5s 1946 M-N 104 5051st g 55 1961
486,500
37,090,450 NY&NJ 5s 1946
83,654,400
910,500
bonds
Houston Olt
lou
J-J 97
014 034
16,711,000
15,488,500
600,826,500
487.978.700
72
i .:•.ad misc. bonds....
35
Preferred
100 71
10th he 23d Sts Ferry......100 25
65
In4ersoli-ltand cons.__100 12.
1st mtge 5s 1919____J-D 57
$16,416,000 $17,202,500
3525,407,350 e Union Ferry stock _100 20
8687,696,400
e Preferred
23
Total bonds
100 100
95*"
08
Intercontinental [tubber 100 18 id
lii-N 94
a 1st Is 1920
DAILY TRANSACTIONS AT rim BOSTON AND PHILADELPHIA
1nterriat'l Banking Co...100
EXCHANGES.
international Nickei...._.100 242 247
Short-Term Notes
99
10018 10038
Preferred
100 x98
Amal Cop 5s Apr 1 1913
1st g Is 1932
Boston.
A-0 38 100
Phitadelphia.
American Cigar1
2
International Salt
100
Set B 45 Mch 15 12__M-S 9934 100
Week ending
1st g 55 1951
50
Bond , Bait he Ohio 45s 1913_J-D 10018 10038
A-0 / 46
Bond
Lived 1/ ntisted
Listed
Unlisted
Oct. 20 1911.
65
75
sales. I Bethieh Steel 6s 1914_51-N 100 10014 International Sliver,.
sales.
shares.
shares.
shares. shares.
Preferred
100 114 116
Ches he Ohio 4123 1914_J-D 9918 9938
1st Os 1948
J-D 110 112
5,231
$14,000
$43,640 Chic he Alton 53 1913_AI-S 9914 9934
11,491
14,073
5,545
Saturday
110 123
983
4
9014
fnternat
Smelt
he
Refg.._100
5,482
33,000
32,500
11,894
6,362
10,617
Cln Ham he D 43 1913......J-1
Monday
10,665
6,507
65,000
20,590 Erie Os Apr 3 1914__A-03 10012 10034 Jones & Laughlin Steel Cc
20,771
14,051
Tuesday
Al-N 1001! 10112
1st s Ig Is 1939
50,008 eGeneral Motors 08'15 A&O 9712 9734
20,155
7,603
66,500
16,470
11,131
Wednesday
40
e Lackawanna, Steel_ ___101) 30
27,000 .Judson Companies4,512
91,000
21,554
18,524
14,498
Thursday
80
c 1st con 5s 1950.. _...MS 79
18,900
23,004
6,547
150,000
18,547
14,745
Os Feb 1 1913
F-A 9812 99
Friday
M-S 901 91
e Deb 68 11)15
Os Oct 15 1513- A&01.5 9812 99
9714 9734 Lanston Monotype....
100 9012 9212
98,763
35,882 8419,500
99,002
66,332 $192,638 nt he (It No 53 Tr Co ctfs
Total
100 250 255
Lawyers' Mtge Co
C Ry & Lt 63 '12
M-$ 0512 97
Minn he St L g 55 I913...F-A 9434 9534 Leh he Wilkes-B Coal
_50 270
%Its Kan he Tex 53 May 1'13 9858 9878 e Lorillard (P) pref
100 150 5212
45
Madison Sq Garden06
97
MoPacific 53 1914
95 105
2d 63 1919
SI-N
Nat Rys of Hex 4)(45'133-D 9838 99
All bond prices are now "and interest'' exceot where marked "I."
214,6
Manhattan Transit
20
eNYC Lines Eq Is '11-'22 8412%
8412% 4̀11
430 Jan 1912-1925
1 :1
1 4 e May Dept Stores-See Stk lbxcil list
Ask
Btd
xcii
oat
eSilarni
Copper-Seo
Stock
Bid
Ask
N
Y
Cent
4;is
Railways
Street
10018
10012
11114___M-S
Street Railways
1014
50 610
NYNH& II 53 Jan 1912 100 10(08 Monongahela it Coal
50 1'32
Preferred
Pub Serv Corp N 3 (Con)935s Mch 1 1912____M-S
New York. City
108
107
_J-J
'30_
55
Ry
21
New'k
Pas
100 110 114
15
St
L
st1c_100
he S F 5s 1913____M-S 9813 -587
Bleeek St & Ful Fy
4 Mortgage Bond Co
235
240
103
Rapid 'Fran St Ay__ _100
100
J-J
55
70
55 June 1 1913 opt-J-D 9838 9834 Nat Bank of Cuba
1st mtge 43 1950
A-0 102 -1st Is 1921
100 220 225
100 120 140
South Ry g 53 1913-A 10018 10038 e National Surety
B'y & 7th Ave stk
J C Bob & Paterson10
J-J 99 101
*12 its
ridewater 6s, 1913, guar__ 10114 11)112 Nev-Utah Min he Stu
2d mtge 58 1914
76
IM-N 75
4s g 1999
55
e New Central Coal
Wabash 430 1913____M-N 95 07
Con 53 191 -See Stock Exe list
So J Gas El & Trac_100 127 132
25
IOU
West Teiep & T 5s '12_F-A 100 10014 3 New York Dock
B'way Surface 1st 53 go 1924 10112 103
99
M-S 08
Go g 53 1953
6412
e Preferred
_ . 90
100
Westingh'se El he H 6s 1913 10112 10134
Cent'l Crosstown
No Bud Co Ry (Is 1914 J-J 102
216
9712 N Y Mtge he Security... 100
/ 80- 85
stock_100e5% notes Oct 1917-A-0 95
1st mtge 63 1922........51-N
J-J 102
Is 1928
20
N Y Transportation
20 *234 312
Cen Pk N & E Rly stock_100 10
Ext 5s 1924
M-N 99
04
Niles-13em-Pond coin_ _ _100 88
ChrLstoph'i & 10th St stk 100 90 110
Railroad
Pat IV con 135 1931....J-D 115
Nipissing Mines
5 *71:: 738
Chic Pear he St LCol & 9th Ave 53-5e3 Stock Exc list
2d 63 opt 1914_ _A-0 101 103Ohio Copper Co
10 *114 138
94
Prior lien g 4335 '30..M-S / 00
Dry Dock E B & B- Ch Ica,go list
So Side El (Chic)-See
2
1
e Ontario Silver
J-D 97 101
100
50
Con mtge g Is 1930.. ..J-J 5' 40
1st gold 5s 1932
Syracuse It T 5s 1946 ....M-S 102 103
40
70
Otis Elevator corn
F-A / 30
100 69
20
Income as, July 1930-is515 1 7
Scrip 5s 1914
08
P
&
H
96
Trent
5s
1943___J-D
310
98
114
275
Preferred
_ __ _100 96
stock__
Chicago Subway
Avenue
Eighth
United Rys of St LPittsburgh Brewing
5i, (31034 1078
95 105
Northern Securities Stubs..
Scrip es 11)14_ __ _ _ F-A / 93 100
Corn 'cot tr etts
100
9
934 Pitts 13ess L E
Preferred
4112
50
42d & Gr St b"y stock...100 100 220
55 *32 33 sPittsburgh
100 ____ 3918
e Preferred
Steel pref. 100 99 104
70
Preferred
42d St M & St N Ave....100 ___ ---.
50 *64
Gen 4s 1934-See Stock Exe list
Pope Mfg Co corn
60
100 40
e Railroad Securities Co2d Income 63 1915_ _J-J 1 40
Unit Rys San Fran-See Stk Exc list
__Preferred
75
100 70
92
Ill C stk tr etfs ser A_ _52 87
Inter-Met-See Stock Exch ange list
Wash Ity & El Co
100 3978 4014 Seaboard Company-See Ba It Exc list Pratt he Whitney pref_100 98 10212
Lex Av & Pay F 5s-See Stk Exc list
90
Preferred
100 89
ceorisis0
0111
roadyuc
100 85
P
at
West Pao 1st 53 1933_51-8 SA)
91
Metropol St Ry-See Stk Exc list
43 1951
J-D 8514 0512
Copper-See 8 Ile Ex lIst
Ninth Avenue stock____100 150 175
10
5
Realty Assoc (Birlyn)_ _100 112 115
Second Avenue stock-100
Industrial and Miscel
45
F-A / 38
Gas Securities
8412 Royal Bak Pow('corn,. 100 100 198
Adams Exp g 4s 1947_J-D 83
Coastal 55 1948
Preferred
IOU 100 10712
Ahtneek
*168 170
e Sixth Avenue stock....,.100 118 124
______
75
New Fork
Safety Car Heat & Lt
100 112 12312
Alliance Realty
Sou Bouley 58 1945_..-J-J 05
100 125 135
46
Seneca Mining_ _
25
95 Cent Un Gas 53 1927........J-J 102 103
50
A-0 85
Amer Bank Note corn_ 50 *36
So Per 1st 53 1919
u
g
t
e
h
r
I
Ik
r
i
o
f
Con Gas (N Y)-See Stock Exc list
51
S
0
1
n
,
,
g
(5,
0
o
100
255 265
*49
Third Avenue 11K-See Stk Exc list
Preferred
50
80 c Mutual Gas
100 --- 174
8
--com____100
4
2
Tarry W P & M. 53 1923_ / 60
American Book
100 105 -_
Preferred
86
New Amsterdam Gas100
8
88
4
eA rn Brake Sh&Fdy com100 82
Y'kers St RR 53 1946 A-0 82
14
1st consol Is
15
-J-J 10012 10112
100
28th & 29th Sts 53 '96....A-0 / 15
ePreferred
IOU 12212 12812 Standard Cordage
1st 111 g Is '31 red...._ _A
N Y & E It Gas 1st
1918._53'44 J-J 104 105
1-0
0 /10
14
Twenty-third St stock...100190 215
American Brass
10 118 122
Adjust M 5s Apr 1 1931_. / 1
J-J 101 10212 American Chicle corn
Consul 53 1945
3
Union Ry 1st Si 1942___F-A 102 10312
100 240 250
daerrdree
Stirref
doupler coin..100 38
45
N Y & Richmond Gas..100 35 _80
Westchester 1st 53 '43 J-J 70
100 101 103
Preferred
51-N 100 103-- Am Graphophone corn...100
Nor Un 1st 55 1927
100 105 115
4
c Standard Gas corn........100 61/ -co_ _ _ 100 14 17
Brooklyn.
100 25 "5 " 0 standardsniung
Preferred
e Prefe••red
100 95
Preferred142100 50 5178
Amer Hardware
10 137
Allan Avenue RRe 1st 5s 1930_.....51-N
8712
1st 5s 1930
58-N 104 10512 Am Malting
A-0 1111 103
J-D 9912 10113
I914
Con 5s g 1931
Standard Oil of NJ
100 (120 045
100 9(1 100
Amer Press Assoc'n
B B he W E 5s 1933____A-0 98 102
Standard 011 ex-subsidies. 325 100
10 160 167
Other Cities.
Brooklyn City Stock
100 200
eAmer Snuff corn
Am Gas .it Eiec corn
50 *5610 59
100 0612 10412 Standard Oil Subsidiaries- 300 375
Con 53-See Stock Exch hum list
e Preferred
Studebaker Corp coin 100 5814 5914
50 •I‘x41
43
Preferred
Bklyn fists 1st 5s 1941 A-0 98 102
Am St Found new-See S tk Ex list
100 1021:2 10312
Preferred
Amer Light he Tract........100 x290 293
A-0 100 1.02
Bkiyu Queens Co & Subes 1935
100 x105 107
Sulz berger dc.Sons uo p t _100 98 102
e 1st g Is '41 op 1916 _J-J 97 100
Preferred
66
F-A 63
Deb 4s 1923
6 1st con 5s '41 op '16 M-N
Amer Power he L. com_100 75 - American Surety
Swift he Co-See Boston Stk Exc list
95
09
50 280 285
1st Is. See Chicago SOS Exc list
512
Preferred
100 80
Bklyn Rap 'I'ran-See Stock Exc i1st
232
American Thread pref._ _ _5 *5
Texas Company-See Stock Exe list
60
Bay State Gas
100 50
50 *34, 38 Am Tobacco Co COM.--_1(10 402 406
Coney 1st he Bklyn
50
e Texas & PachIc Coal_100 98 100
82
13ingh'ton (N Y) Gas Wks
1st cons g 4s 1948-___J-J 75
Amer Typerders coin._ _100 45
erexas Pacific Land Tr.100
1st g 5s 1938
80
J-J
75
A-0 98 101
100 97 100
Con 2; Is 1055
Preferred
'title Ins Cool N Y.........100 125 135
Brooklyn Un Cias-See Stk Exe list
111-N 99 102
Brk C de N 5s 1939......J-J 08 101
Deb g 65 1930
Buffalo City Gas stock_ _100
2
3
5
Amer Writing Paper._ _ _100
234 Tonopah Mln (Nevada),... _ I
Kings Co El 4s-See Stock Exc list
*012 634
100
. _ _
1st 58 1947-See Stock Exc list
Trenton Potteries corn...100
8
4
ePreferred -See Stock Ex ch'ge Ilst
Nassau Nice pref
Preferred new
- - Cities Service Co
--- 103
1(11) 50
100 72
55
A-0 101
75
81st a 1 g Is '19red 1.05J-J 8012 8938
Is 1944
812
Directory
Preferred
Trow
100 25
7
90
100 77
79
1st 45 1951-See Stock Exc list
Atl Glf he W I SS Lines__100
04 Con Uas of N J 53 1938 _.1-2 90
3 Underw'd Typewriter-See Stk E
16
ilst
N W'b'g & Flat 1st ex 4%3 90
95
Preferred
100 15
Union Typewriter com_100 36
67
Steinway 1st Os 1922_ _J-J 100 104 Consumers' L II de Pow....
65
Col tr g 55 1959
39 •
J-J
Ss 11138
1st preferred
25
• 100 x104 108
J-D 100
Barney he Smith Car......100 15
21 preferred
Denver Gas & Nice
90
Other Cities
100 200
100 x97 , 100
Preferred •
100 75
Gen g Is 1949 op......58-N 92 -iii- Bliss Cornpany coin__ 50 60
pd
refeeirgraerd Mfrs
Uteilte
80
Buffalo Street Sty100 96
4715
100 100 103
1st consol 5s 1931_......F-A 104 10512 Elizabeth Gas Lt Co_ _100 300 __
Preferred
50 115 125
100
134 2
Deb (is 1917
A-0 10312 10512 Essex dc Hudson Gas _100 132 135_- Bond he Mtge Guar
100 24712 25212 United Copper
Gas
de
El
8
__
_
Bergen
12112
100
12
Columbus (0) St Ry
Co_..__100 83
120
Preferred
_100 8114
85
Borden's Cond
100 218
100 9234- e Gr Rap 151 5s 1915 - _F-A 10() 101
Preferred
Preferred
100 10012 1081* U 8 Casualty
Hudson Co Gas
U 8 Envelope corn
100 73
77
British Col Copper
100 128 131
Colum lty con Is 1932 _J-J 10234 105
*334 4
Indiana
Lighting
Co
614
100 110 114
100 32
Butte Coalition Mining_ 15 *1512 11P4
Crosst'n 1st 5s 1933_ _J-D 102 105
35
Preferred
Preferred'
214
4s 1958 op
100 89
95
76
2
S Finishing
F-A 65
Casein Co of Am corn. _100
68
s Conn Ry de Ltg corn.....100 74
82
Indianapolis Gas
IOU 103 108
55
25
80
50
-10_
100 50
Preferred
e Preferred
Preferred
1st
g
Is
1952
J-J 100 105
1st & ref 4343-See Stock Exc list
A-0 78
1st g 55 1919
83
Casualty Co of Amer......100 125 140
Jackson Gas 5s g 1037 A-0 / 91 --. Celluloid Co
J-J 95 100
85
100 134 137
Grand Rapids Ry pref_100 80
Con g Is 1929
..... e Ulire
29
s Louise St Is 1930
J-J 10534 10014 e Laclede Gas-See Stock E xch II at
Cent Fireworks corn.......100
ep ln
tedrrusetd Alcohol -.100 22
a Preferred
WO 90
25
9212
Lynn & Bos 1st Is 1024.J-D 105 106
100 93
100 10
Preferred
Madison Gas (is 1926...._ A-0 104 109
e New Ort Rys Se Lgt- _100 30 38
U S Steel CorporationChesebrough Mfg Co__ _100 700 800
e Preferred
7712 Newark Gm Os 1944.-__Q-J 126 128
IOU 76
eChino Copper Co-See Bloc Exc list
Col tr s f 53 1951 opt '11 _ 11418 115
Gen NI g 43.5s 1035-See S tk Ex list Newark Causal Gas
100 45
100 97
98
55
City Investing Co
Col tr a I 55 '51 not opt.... 11418 115
6 Pub Set's,Corp of N 2-See Stk E '<list
e Con g 53 1948
J-D I031*
100 85
U S Tit Liu he Indein...._100 100
1/5
Preferred
Tr etfs 2% to 6% perpet 102 104
No Hudson L H & PowWestchester he Bronx Title
e Ciallin (II 13) corn
100 90
93
Guar
53 1938
100 160 166
North Jersey St Sty.. 100 75_
A••0 100
e 1st preferred
100 83 05
1st 4s 1918
WeeektMIngtglie Air Brake
M-N
77
7s - Pacific Gas & E. corn.. _100 68
5 *14312 145
e 2d preferred
100 87
69
92
Cons Tract of N 3........100 75
Preferred
Worthiugt'n Pump pref_100 108 110
7(1
100 56
100 88
891: Consol Car Heating
59
3-1) 10334 10112 Pat & Pas Gas & Elec.-100 00
1st 53 1933
93
Consol Rubber Tire......10
3
4
e Con g 5s 1949_.-31-8 101 102
100 2() 30
Preferred
St Joseph Ga.s 5.3 1937-J-J 91
04
46
Debenture 4s 1951_A-0 / 40
Volume of Business at Stock Exchanges
Inactive and Unlisted Securities
*per sham.
S Basis.
g sells on Stocs Exchange, but not very active. 7 Flat price.
n Nominal
s Sale price.
Wow stock.
x Ex-div.
yEx-righta.
OCT. 21 1911.]
THE CHRONICLE
1097
Anuesiment and Atailroad Antenigence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsquent page.
Latest Gross Earnings.
ROADS
Week lr
Month.
Curren:
Year
Previous
Year.
July 1 to Lates: Dato
Curren!
Year.
Previcus
Year.
Latest Gross Earnings.
ROADS.
Week or
Month,
Current
Year.
Previous
Year.
July 1 to Late,: Date.
Curr-nt
Year.
Prerfouz
Year.
5
Ala N 0 &'rex Pim5
5
288,664 285,935
839,780
863,621 NYNH& Hart -- August
N 0 do Nor East_ September
5,598,020 5.539,943 10,795,728 10,809,575
139703 151,873
394,275
Ala Se Vicksburg_ September
436,233 N Y Ont & Western August
951,498 971,416 1,884,010 1,912,872
116,973 126,558
342.209
Vicks Shreir de P_ September
384,413 N Y Susq de West..., August
660,196
604,520
342,850 309,716
11,660
8,590
Ala Tenn ec North_ August __
20,903
15,479 Norfolk Southern__ August -_- 260,531 233,198
446,125
515,584
2d wk Oct
48,447
46,456
Ann Arbor
694,250
602,950 Norfolk & Western_ August
3,401,861 3,155,833 6,545,574 6,1)70,198
Atch Topeka & S Fe August -__ 8,867.640 9,069,359 16,889,285 17,000,898
Northern Pacific..._ August __ _ 5,523,736 6,257,748 10,756,589 12,505,085
Atlanta Birm & Atl 1st wk Oct
73,327
55,303
846,168
719,977 Pacific Coast Co__ August -__ 720,168 768.781 1,444,629 1,584,385
Ati:i1•43 Coast Lint August ___ 2,120,223 2,069,750 4,375,238 4,217,814 Pennsylvania
August
137036(38 14149013 26,484,726 27,067,408
g Be.. nore & Ohio August ___ 8,290,515 3,550,060 15,611,672 16,097,793
Balt Ches & Atlan August
48,511
88,401
86,424
50,296
B 0 Ch Ter RR August ___ 143,817 135,540
266,865
Cumberland Vail. August
271,587
235,162 274,437
530,962
470,698
Bangor & Aroostook August ___ 274,530 229,224
501,522
443,384
Long Island
August ___ 1,160,112 1,054,802 2,403.477 2,219,757
August ___ 4,230,739 1,202,366 8,047,979 7,953,595
Boston & Maine
Maryi'd Del de Va August
22,584
33,378
40.868
20,696
Bridgeton do Saco R August __
6,617
6,048
11,531
11,272
N Y Phila de Norf August
311.381 310,629
663,872
617,774
Bull Roch & Plttsb_ 2d wk Oct 194,215 216,251 2,962.890 2,977,697
Northern Central. August
1,065,087 1,118,087 2,014,005 2,083,180
Buffalo de Susq_ _ August ___ 219,731 201.707
415.116
392,342
Phila. Bait de W... August ___ 1,683,961 1,796,924 3,297,510 3,508,103
Canadian Northern_ 2d wk Oct( 480,900 341.800 5,414,350 4,265,700
W Jersey & Seash August ___ 871,814 902,334 1,725,936 1,714,268
Canadian Pacific
2d wk Oct 2,510,000 2,334,000 34,823,722 31,816,545 Pennsylvania Co
August
4,970,462 5,337,536 9,399,346 10,115,090
Central of Georgia_ _ 1st wk Oct 339,000 305,700 3,647,807 3,357,344
Grand Rap & Ind August
503,539 505,374
930.073
953,480
Central of New Jers August __,2,523,675 2,493,099 4,912,430 4,810,607
Pitts Cm Ch& StL August
3,591,392 3,694,698 6,801,390 6,841,013
August __ 381,323 349,487
Central Vermont
733,311
Vandalla
August
623,816
833,092 1,002,315 1,719,520 1,822,654
Chcs & Ohio LII1C3. 2d wk Oct 660,613 648,523 9,880,472 9,887,798
Total lines2d wk Oct 336,034 330,552 4,655,980 4,583,292
Chicago & Alton
East Pitts & E. August
20821931 21169065 39,988,341 10,852.902
Chic Burl & Quincy August ___ 8,018,070 8,366,838 15,060,120 15,454,408
West Pitts & E August
10402138 10956956 19,680,362 20,488,918
p Chic Great West_ 1st wk Oct 263,522 270,792 3,583,343 3,472,054
All East& West August
31024069 32126021 59,668,703 61,341,819
Chic Ind & Louisv_ 2d wk Oct 132,332 124,434 2,023,416 1,962,302 Pere Marquette
September 1,558,618 1,438,695 4,435,897 4,262.848
Chic. Memph & Gulf August ___
22,975
7,823
40,527
14,399 Raleigh& Southport August
14,052
12,542
24,278
28,110
Chi() Milw & St Paul August ___ 5,495,461 5,998,307 10,530,098 11,339,842 Reading Company
Ch M11 & Pug Sd.. August __ 1,351,410 1,170,652 2.695,069 2,312,729
Philo. & Reading_ August ___ 3,682,190 3,689,908 7,158,987 7,058,673
eChic & North West August __ 7,353,355 7,232,579 13,551,521 13,749,235
August
Coal & Iron Co
1,980,389 1,900,105 3,659,602 3,399,769
eChic St Paul M & 0 August ___ 1,328,152 1,442,235 2,491,740 2,723,263
Total both cos.-. August
5,662,579 5,590,013 10,818,589 10,458,442
Chic T H & S
August ___
428,953 Rich Fred & Potom August -__ 178,798 180,484
159,800 224,834
302,569
379,701
373,937
Cln Ham & Dayton August ___ 1,004,309 902,307 1,880,673 1,706.746 Rio Grande June.. June
82.416
89.886
984.694 1.047.042
Colorado Midand
August __
181,135 200,862
336,534
358.208 Rio Grande South__ 1st wk Oct
5,142
11,974
145,694
172,048
Colorado & South_ 2d wk Oct 291,469 356,466 4,298,003 5,051,294 Rock Island Lines_ _ August
_ 5,762,512 (3,099,280 10,833,270 11,410,219
Copper Rang•e
July
70,733 Rutland
60,551
70,733
60,551
August
319.533 333,419
632,538
626,752
Cornwall
32,788
15,927
August ___
15,879
34,254 St Jos & Grand Isi'd August
152,381 164,805
300,617
305,310
Cornwall do Lebanon August __
66,188
35,965
31,287
3,555,786 3,641,549 6,830,649 6,985.212
72,847 St Louts & San Fran August
520,452
Cuba Railroad
August ___ 257,787 206,870
440,310
J Chic do East Ill_ August
_ 1,373,791 1,395,941 2 600.488 2,530,979
Delaware & Hudson August ___ 1,982,748 1,893,664 3,750,188 3,500,676
4,029,577 5,037,491 9,431,137 9,516,192
Total all lines.... August
Del Lack & West
August __. 3,240,377 3,081,996 6,303,271 6,089,932 St L Rocky Mt deP_ August __ _
136,130 168,378
251.352
335,073
Deny & Rio Grande 2d wk Oct 514,100 529,300 7,361,200 7,454,200 St Louis Southwest_ 1st wk Oct 268,000 265,000 3,036,947 3,168,665
922,165
500,080
___
August
Western Pacific
San Ped LA & S L. August __ _ 750,845 636,495 1,479,614 1,263,315
21,613
24,534
401,297
Denver N W & Pac_ 1st wk Oct
372,679 Seaboard Air Line.. 1st wk Oct 466 039 450,845 5,521,695 5,109,798
493,544
49,015
38,440
Detroit Tol & Iront 1st wit Oct
584,157 Southern Pacific Co August
11406015 11748658 22,277,902 22,963,930
22,965
25,130
Detroit de Mackinac 2d wk Oct
363,860
362,861 Southern Hallway__ 2d wk Oct 1,311,264 1,218,392 18,123,568 17,340,373
Dui to Iron Range_ _ August ___ 1,059,813 1,260,381 1,967,269 2,455.435
Mobile & Ohio__ 1st wk Oct 251,559 177,196 2,939,546 2,811,271
72,133
72,278
Dul Sou Sh & Atl_ _ 1st wk Oct
952,142 1,042,061
Cin N 0 & Tex P. 1st wk Oct 191,735 184,653 2,598,926 2,569,063
El Paso & Sou West August .._ 540,467 602,064 1,067,536 1,187,023
Ala Great South_ 1st wk Oct
80,097
77,828 1,197,303 1,195,639
August ___ 5,388,159 3,328,526 10,287,757 10,003,780
Erie
Georgia Sou & Fla 1st wk Oct
46,588
623,457
47,514
628,880
August ___
Fairchild de N E
2,014
1,727
3,397
4,099 Tenn Ala do Georgia 4th wk Sep
3,096
31,194
2,184
23,331
Fonda Johns & Glov August ___
96,382
97,403
190,262
193,149 Texas de Pacific.... 2d wk Oct 359,108 325,270 4,527,424 4,459.384
Georgia Railroad_ August ___ 257,275 240,673
484,473
459,215 Tidewater & West_ August
_
10,276
17,859
7,197
14,381
Grand Trunk Syst
2d wk Oct 995,600 935,310 15,130,946 13,016,622 Toledo Peor & West 2d wk Oct
26,402
25,493
388.428
365,393
Grand Trk West_ 3d wk Sept 130,398 125,624 1,520,028 1,275,385 Toledo St L & West 2d wk Oct
72,746
86,590 1,106,647 1,132,586
Det Gr Hay & Mil 3(1 wk Sept
45,127
50,600
411,186 Tombigbee Valley_ _ August _ _ _
509,337
8,263
14,299
15,567
6,894
Canada Atlantic_ 3(1 wk Sept
43,526
41,837
500,259
416,147 Union Pacific Syst_ August ___ 7,750,895 8,479,474 15,079,244 16,396,129
Great Northern Syst September 0,396,998 6,294,922 18,143,861 17,962,952 Virginia & So West August _ _ _
149,1)62 111,433
278,165
203.887
Gulf h Ship Island_ August ___
165,790 163,634
315,361 Wabash
322,292
2d wk Oct 595,200 657,283 8,916,912 9,171,687
Hocking Valley_ __ _ August _
713,466 755,458 1,317,924 1,415,650 Western Maryland_ August
637.861 702,582 1,225,781 1,337,698
Illinois Central_ _ _ _ August ___ 5,551,555 5,328,014 10,679,767 10,132,804 Wheel de Lake Erie_ August ___ 765,610 697.170 1,380.79s 1,327,967
Internat & Gt Nor_ 2d wk Oct 219,000 213,000 2,738,580 2,767,379 Wrightsv & Termille August __
25,528
20,061
38,210
46,347
a Interoceanio Mex. 2d wk Oct 147,330 196,306 2,445,002 2,430,687 Yazoo & Miss Valley August ..... 810,490 719,924 1,541,661 1,391,542
Iowa Central
1st wk Oct
78,029
81 427
934,779
935,752
Kanawha & Mich
August ___ 342,731 311,725
601,372
577,921
Kansas City South_ August ___ 799.040 854,280 1,558,028 1,699,747
Current
Previous
K C Mcx & Orient_ 3d wk Sept
33,625
36,161
357,430
410,016
Various Fiscal Years.
Year.
Year.
Period.
Lehigh Valley
August ___ 3,423,185 3,137,999 6,515,141 6,014,216
Lexington & East
August ___
46,353
53.736
101,150
87,338
-Louisiana & Arkan _ August ___ 105,409 130,141
206,147
243,518 Delaware de Hudson
Jan 1 to Aug 31( 13,974,198 13.068,291
L01.113V fiend & St L August ___
105,211
110,231
201,496 N Y Central & Hudson River_e_ Jan 1 to Aug 31 67,144,029 64.425,384
212,426
s Louisv & Nashv
2d wk Oct 1,167,310 1,131,535 15,892,576 15,561,313
Lake Shore & Michigan South Jan 1 to Aug 31 31,521,599 32,413,254
Macon & Birming'm September
15,683
13,078
39,103
Lake Erie & Western_n
35,506
Jan 1 to Aug 31 3,522,799 3,545,692
Maine Central
August ___ 990,3511 935,612 1,884,807 1,762,159
Chicago Indiana & Southern_ Jan 1 to Aug 31 2,452,217 2,435,599
Maryland & Penna. August ___
43,270
42,822
77,357
Michigan Central
76,837
Jan 1 to Aug 31 19,223,264 19,263,644
a Mexican Railway_ 4th wkSept 210,200 213,400 1,936,800 2,103,400
Cleve CM Chicago & St Louis Jan 1 to Aug 31 19,836,489 19,379,102
MineraiRange
1st wk Oct
15,602
13,310
200,398
205,703
Peoria de Eastern
Jan 1 to Aug 31 2,114,604 2,203,038
Minneap de St Louis 1st wk Oct
95,432 136,007 1,297,440 1.537.359
Cincinnati Northern
Jan 1 to Aug 31
774,369
827,918
Minn St P & S S MI 2d wit Oct 655,770 527,630 8,012,180 7,122,436
Pittsburgh & Lake Erie
Jan 1 to Aug 31 9,855,425 11,416,456
Chicago DivIsionj
,New York Chicago & St Louis Jan 1 to Aug 31 7,307,131 7,296,854
Mississippi Central. August _
76,038
148,884
75,451
151,164
Toledo & Ohio Central
Jan 1 to Aug 31 3,053,597 3,134,501
ti Mo Kan do Texas_ 2(1 wk Oct 660,405 679,052 8,513,486 8,400,582
Jan 1 to Aug 31 166810523 166346470
Total all lines
2(1 wk Oct 1,188,000 1,127,000 16,145,650 15,812,788 Pennsylvania Railroad
Missouri Pacific_
Jan 1 to Aug 31 101810407 105616282
Washy Chatt & St L August ___ 1,0111,634 953,549 1,990,139 1,883,213
Baltimore Chesap & Atlantic_ Jan 1 to Aug 31
191,683
192,977
a Nat Rys of Mex_t_ 2d wit Oct 1,287,760 1,334,493 18,675,453 18,203,911
Cumberland Valley
Tan 1 to Aug 31 1,861,981 2,022,704
107,363
Nevada-Cal-Oregon 1st wk Oct
8,463
8,110
122,266
Long Island
Jan 1 to Aug 31 7,086,872 6,533,760
5,825
Nevada Central__ _ _ July
5,825
5,816
5,816
Maryland Dclaw Se Virginia.. Jan 1 to Aug 31
85.963
89,842
281,146
149,441 145,765
N 0 Great Northern August
293,286
N Y Philadelphia & Norfolk_ Jan 1 to Aug 31 2,216,220 2,356,450
N 0 Mobile Se Chic_ Wk Oct 7
494,048
34,232
37,072
445,259
Northern Central
Jan 1 to Aug 31 8,221,808 8,221,451
eNYC & Hud Rh/ August ___ 9,521,081 9,126,107 18,335,366 17,454,586
Philadelphia Bait & Wash
Jan 1 to Aug 31 12,416,857 12,570,571
Lake Shore & M S August ___ 4,655,514 4,670,234 8,776,556 8,700,126
West Jersey & Seashore
Jan 1 to Aug 31 4,313,322 4,138,761
a Lake Erie Se W _ August ___ 544,700 548,433
008,632
974,811 Pennsylvania Company
Jan 1 to Aug 31 32,038,755 35,882,933
Chic Ind & South August ___
304,511 263,335
579,371
509,841
Grand ltapids & Indiana_ _ Jan 1 to Aug 31 3,275,230 3,376,503
Michigan Central. August ___ 2,773,637 2,769,358 5,163,850 5.2.31,241
Pitts Cincin Chic de St Louis_ Jan 1 to Aug 31 24,853,002 26,569,689
Cleve C C & St L_ August __.. 2,816,418 2,821,754 5,410,604 5,197,835
Vandalla
Jan 1 to Aug 31 6,489,515 6.698,582
Peoria & Eastern August __ 294,534 342,662
550,326
611.280
Total Ilnes-East Pitts & Erie Jan 1 to Aug 31 146891881 150726135
Cincinnati North _ August __ 132,152 136,229
233,686
237,981
West Pitts& Erie Jan 1 to Aug 31 69,643,807 75.320,373
Pitts de Lake Eric August ___ 1.528,183 1,604,261 2,918,128 3,132,836
All lines E & W.Jan 1 to Aug 31 216535688 226046507
N Y Chile & St L. August ___ 1,013,564 958,360 1,915,325 1,847,359 Rio Grande Junction
Dec 1 to June 30
555,817
506,564
507,736 505.840
Tol de Ohio Cent. August
950,324
068,816 Rutland
Jan 1 to Aug 31 2,2(16.367 ",103,096
Tot all lines above August ___ 24092030 23746573 45,832,168 44,916,682 Texas & Pacific
Jan 1 to Oct 14 11,460,779 17,890.000
AGGREGATES OF GROSS EARNILIG3-Week1y and Monthly.
Weekly Summartes.
Cur'rit Year Prey's Year Inc. or Dec.I %
Monthly Summaries,
Mien; Year Prete.: Year Inc. or Dee.
5
AlLeagoCurr. Yr. Prev.Yr.
3
3
5
13,908,504 13,473,619
1st week Aug (43 roads)
December _241,364 233,030 235,835,304 223,370,151 +15,965,153 7.23
+524,885 3.90
14,372,845 13,923,276
Ztt week Aug (41 roads)
+449,569 3.23 January _242,473 233,866 215,057,017 210,303,247 +4,248,770 2.01
14,502,817
3d week Aug (44 roads)-14,087,327
FeOruary _242.640 233,603 199,035,257 203,492,120 -3,456,863 1.78
+475,496 3.38
4th week Aug (45 roads) ___ _ 21,627.272 21.007,385
+619,287 2.95
Marco
"1".536 238,941 226,997,181 233,336,603 -11,339.128 4.76
14,514,399 13,963,235
151 week Sept (43 roads)
+551,164 3.95
"12,933 239.132 218,177,123 225,700.311 -7.523,688 3.33
April
15,216,428
2(1 week Sept (39 roads) ____
14,517,572
"43,170 233,357 223,642.771 234,333,874 -4,637,103 2.00
+698,856 4.81
May
3(1 week Sept (42 roa(ls)___ 15,415,556 15,004,439
+411,126 2.78
213,732 240,012 231,697,053 238,156,755 -6,459,702 2.71
June
4th week Sept (43 roads)---- 20,440,514 19,832,136
+617,378 3.11 July
"30,076 224,433 224,751,083 226,303,735 -1,555,652 0.68
15.520,299 15,172,633
1st weak Oct (44 roads)
+356,666 2.35
"30,536 227,076 243,816,594 245,784,289 -1,967,695 0.80
August
2d week Oct (26 roads) _--- 13,888,135 13,408,101
+480,034 3.58 September .. 83,889
82.099 67,190,814 64,888,656 +2,302,158 3.63
a Mexican currency. a Includes the Boston & Albany. the New York de Ottawa, the St. Lawrence & Adirondack and the Ottawa & N. Y By..
the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville So Terre Haute
awl Evansville & Indiana RR. g Includes the Cleveland Lorain & Wile:31111g By. in bath years, n Includes the Northern Ohio RR. p Includes
earnings of Mason City & Ft Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic from July 1 1909 and the Frankfort &
Cincinnati from Nov. 1 1909. 1 Includes the Mexican International from July 1910. u Includes the Texas Central. v Includes not only operating
revenues, but also all other receipts.
1098
THE CHRONICLE
Lxxxxiii.
--Net Earnings
-Cross Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
3
5
23,189
141,902
161,554
44,212
Buff & Susq Railrood_b_Aug
61,497
282,441
70,110
302,374
July 1 to Aug 31
8,752
59,805
58,185
def4,093
Railway
b__Aug
_
Susq
Buff &
9,917
109,901
def8,184
112,742
July 1 to Aug 31
Increase. Decrease.
1910.
1911.
Second week of October.
263,000
314,700
Aug 1,420,600 1,093,000
Canadian Northern
676,300
611,200
2,696,500 2,318,100
July 1 to Aug 31
1,991
46,456
48,447
Ann Arbor
Aug10,421,904 9,255.331 4,075,571 3,691,672
Canadian Pacifica
216,251
22,036
194,215
Buffalo Rochester & Pittsburgh
20,083,722 18,124,545 7,778.599 7,176,292
July 1 to Aug 31
341,800 139,100
480,900
Canadian Northern
Aug 2,523,675 2,493,099 1,091,554 1,051,648
Central of N J_b
2,510,000 2,334,000 176,000
Canadian Pacific
4,912,430 4,810,607 2,096,598 1,989,409
July 1 to Aug 31
12,090
648,523
660,613
Chesapeake & Ohio
5,482
330,552
350,835
312,488
336,034
Chicago & Alton
Chic Great Western_ b_ _Aug 1,144.321 1,102,227
124.434
7,898
586,047
564,624
132,332
2,154,448 2,055,069
Chicago Indianapolis do Louisv_
July 1 to Aug 31
•
356,466
64,997
291,469
Colorado & Southern
250,908
232,452
613,737
616,293
& Loutsv_Aug
529,300
15,200 Chic Indianap
514,100
Denver & Rio Grande
425,650
415,331
1,141,924
1,160,202
to
1
31
July
Aug
22,965
2,165
25,130
Detroit & Mackinac
2,327
9,777
7,823
22,975
Chic Memphis & Gulf_b_Aug
Grand Trunk of Canada
4,583
15,311
3
29
14.39
40,527
July 1 to Aug 31
935,310
60,290
995,600
Grand Trunk Western
Detroit Cr Hay & Milwau
Chic & North West_a___Augf7,353,355 17,232,579 2,496,240 2,309,282
Canada Atlantic
113,551,521/13,749,235 4,144,525 4,124,407
July 1 to Aug 31
213,000
6,000
219,000
International & Gt Northern__
455,658
307,350
147,330
196,306
48,976 Chic St Paul M & 0_a__Augf1,328,152 /1,442,235
Interoccanic of Mexico
778,060
503,457
/2,491,740 /2,723,263
July 1 to Aug 31
35,775
1,187,310 1,131,535
Louisville & Nashville
503,430
490,522
655,770
527,630 128,140
Colorado & Southern_ b_Aug 1,296,137 1,483,650
Minn St P&SSM
882,453
893,799
2,454,041 2,826,895
July 1 to Aug 31
Chicago Division
669,405
679,052
9,697
Texas
Missouri Kansas &
84,491
110,436
206,870
257,787
Aug
Cuba RR
1,188,000 1,127,000
61,000
Missouri Pacific
202,923
229,788
520,452
440,310
July 1 to Aug 31
46,733
1,287,760 1,334,493
National Railways of Mexico
818,315
933,412
1,982.748
b__Aug
1,893,664
Hudson_
&
Delaware
1,311,264
92,872
1,218,392
Southern Railway
13,974,198 13,068,291 5,446,688 5,120,175
Jan 1 to Aug 31
359,108
325,270
33,838
Texas & Pacific
26,402
705,699
25,493
630,640
909
Denver & Rio Grande_a_Aug 2,188,086 2,200,422
Toledo Peoria & Western
13,844
72,746
4,165,702 4,250,147 1,147,462 1,406,337
86,590
July 1 to Aug 31
Toledo St Louts & Western
62,083 Duluth So Sh & Atl_b__Aug
595,200
657,283
Wabash
126,587
336,479
304,602
99,679
243,111
648.462
182,876
584,938
July 1 to Aug 31
13,888,135 13,408,101 763,550 283.516
Total (26 roads)
Aug 5,388,159 5,328,526 1,681,207 1,798,315
Erie_a
980,034
Net increase (3.58%)
10,287,757 10,003,780 3,188,092 3,185,724
July 1 to Aug 31
Genesee & Wyoming_b71,250
57,982
113,885
For the first week of October our final statement covers
105,404
July 1 to June 30
59,393
33,108
240,673
Aug 257,276
44 roads and shows 2.35% increase in the aggregate over Georgia Railroad _ b
59,813
99,285
459,215
484,478
July 1 to Aug 31
the same week last year.
Grand Trunk of Canada854,081
950,681
Aug 3,548,408 3,067,841
Grand Trunk By
1911.
1910.
Increase. Decrease.
First week of October.
6,884,880 5,606,207 1,764,360 1,565,564
July 1 to Aug 31
98,790
99,033
499,303
572,544
Grand
Trunk
West___Aug
$
. 3
$
$
157,188
221,669
July 1 to Aug 31
893,489
1,123,918
Previously reported (24 roads). 12,783.109 12,463,127 641,416 321,434
11,479
38,688
Hay
156.701
Gr
80,097
&
192,713
77,828
2,269
Det
Milw__Aug
Southern
Alabama Great
12,452
4.677
66,427
257,877
344,014
42,723
97,400
July 1 to Aug 31
Ann Arbor
55,303
73,327
18,024
Atlanta Birmingham & Atlantic
4,380
13,383
162,541
Aug
189,063
Canada Atlantic
33,300
339,000
305,700
Central of Georgia
34,066 def.5,353
289,070
July 1 to Aug 31
366,690
37,321
639,920
602,599
Chesapeake & Ohio
Aug 5,551,555 5,328,014 1,182,240 1,192,512
7,270 Illinois Central-a
270,792
263,522
Chicago Great Western
10,679,767 10,132,804 2,067,640 2,147,024
July 1 to Aug 31
7,082
184,653
191,735
Cincin New Orleans & Texas Pac
299,859
278,331
2,921
752,549
21,613
772,248
24,534
g Interoceanio of Mex___Aug
Denver Northwestern & Pacific_
10,575
558.670
515,568
49,015
38,440
1,496,898 1,462,692
July 1 to Aug 31
Detroit Toledo & Ironton
145
72,133
Duluth South Shore & Atlantic . 72,278
100,502
103,993
183,875
190,878
g
North
West_a_Sept
Mexico
926
47,514
46,588
Georgia Southern & Florida
908,483
602,835
1,318,699 1,624,647
Jan 1 to Sept 30
5,398
81,427
76,029
Iowa Central
5,291
16,339
64,366
65,449
Aug
2,292 Mineral Range_b
13,310
15,602
Mineral Range
def9,127
23,092
122,500
124,163
July 1 to Aug 31
40,575
95,432
136,007
Minneapolis & St Louts
441,262
74,383
177,196
554,631
251,559
Mobile & Ohio
Minneap St P & S SM_a _Aug 1,386,604 1,183,409
353
8,463
8,110
893,100
2,705,195 2.412,064 1.054.276
Nevada-California-Oregon
July 1 to Aug 31
2,840
34,232
37,072
New Orleans Mobile do Chicago_
261,933
811,065
225,980
830,195
Chicago
Dlvlsion_a__Aug
6,832
11,974
5,142
Rio Grande Southern
1,617,726
487,045
453,014
1,605,290
to
1
31
July
Aug
15,194
450,845
466,039
Seaboard Air Line
413,372
557,282
3,235 Mo Kan do Texas_a
21,889
Aug 2.381,034 2,297,490
18,654
Toledo Peoria & Western
896,841
642,867
4,535,697 4,437,970
July 1 to Aug 31
440,888 Missouri Pacific_ b
15,529,299 15,172,633 797,554
688,672
839,551
Total (44 roads)
July 4,436,549 4,139,745
356,668
Net increase (2.35%)
Aug 5,391,969 5,188,788 2,377,544 2,132,376
g Nat Rys of Mexico_
10,974,777 10,465,136 4,802,067 4,260,759
July 1 to Aug 31
Cent &Hud RIv b_Aug 9,521,081 9,126,107 3,582,487 2,811,893
Net Earnings Monthly to Latest Dates.-In our "Railway c NYJan
67,144,029 64,425,384 18,224,615 16,235,104
1 to Aug 31
Earnings" Section, which accompanies to-day's issue of the
Lake Sh & Mich So_b_Aug 4,655,514 4,670,234 2,210,199 1,522,363
31,521,599 32,413,254 10,216,094 9,773,753
"Chronicle" as a special supplement, we print the August
Jan 1 to Aug 31
548,433
182,058
544,700
166,555
e Lake E & Western b Aug
returns of earnings and expenses (or in the absence of the
653,278
46:28
7832
3,522,799 3,545.692
8
51
Jan 1 to Aug 31
August figures those for the latest previous month) of
69,797
263,335
304.511
South_b__Aug
&
Ind
Chic
every steam-operating railroad in the United States which is
2,435,599
538,581
2,452,217
610,454
Jan 1 to Aug 31
obliged to make monthly statements to the Inter-State
794,074
Michigan Central_ b_ __Aug 2,773,637 2,769,358 1,239,589
19,223,264 19,268,644 5,439,233 5,448,435
Jan 1 to Aug 31
Commerce Commission at Washington.
737,113
Cleve Cin Chic & StL b Aug 2,816,418 2,821,754 1,010,161
The Inter-State Commission returns are all on a uniform
19,836,489 19,379,102 5,019,796 4,266,992
Jan 1 to Aug 31
basis, both as to revenues and expenditures, and possess
294,534
342,662
93,266
112,486
& Eastern_b__Aug
Peoria
2,114,604 2,203,038
590,852
379,321
special utility by reason of that fact. In a number of
Jan 1 to Aug 31
132,152
38,689
136,229
33,883
Cincinnati North_ b.._Aug
instances these figures differ from those contained in the
774,369
82,239
167,812
827,948
31
Jan 1 to Aug
monthly statements given out by the companies themselves
1,528,183
903,728
1,604,261
785,201
Erle_b__Aug
Lake
Pitts &
for publication, and in which the accounts are prepared in
9,855,425 11,416,456 4,852,069 6,223,684
Jan 1 to Aug 31
accordance with old methods of grouping and classification
265,871
958,360
351,528
N Y Chic & St L_b___Aug 1,013,564
7,307,131 7,296,854 1,909,526 2,239,405
Jan 1 to Aug 31
pursued in many instances for years. We bring together
507,736
200,068
222,330
505,840
Toledo dG Ohio Cent b Aug
here (1) all the roads where there is a substantial difference
3,058,597 3,134,501
863,276 1,073,529
Jan 1 to Aug 31
between the two sets of figures, so that those persons who
Aug24,092,030 23,746,573 9,781,099 7,596,121
lines_b
all
Total
for any reason may desire to turn to the company statements
166,810,523 166,346.470 48,178,028 47,416,273
Jan 1 to Aug 31
will find them readily available. We also give (2) the re- N Y Ont & Western_a__Aug 951,498 971,416 329,196
376,887
641.250
1,884,010 1,912,872
764,292
July 1 to Aug 31
turns of such roads(even where the figures correspond exactly
309,716
342,850
IfVestern_a_Aug
107,621
73,808
Susq de
with those in the Inter-State Commerce reports) which go N Y July
604,520
660,196
208,960
153,535
1 to Aug 31
beyond the requirements of the Commission and publish Norfolk
& Western_b___Aug 3,491,861 3,155,833 1,387,326 1,202,931
6,545,574 6,070.198 2,482,498 2,189.230
their fixed charges in addition to earnings and expenses, or
July 1 to Aug 31
768,781
720,168
Aug
202,774
172,275
(3) which have a fiscal year different from that of the Inter- Pacific Coast
1,584,385
1,444,629
399,474
296,110
31
Aug
July 1 to
State Commerce Commission, in which latter case we insert
Lines
Pennsylvania
the road so as to show the results for the company's own year.
Pennsylvania RR_a___Aug13,763,668 14,149,013 3,701,087 3,924,361
101,810,407 105,616,282 23,253,407 26,093,633
We likewise include (4) the few roads which operate entirely
Jan 1 to Aug 31
50,296
48,511
24,767
24.077
Bait Ches & Atl_a_ __Aug
within State boundaries, and therefore do not report to the
191,683
192,977
4,
46
7
88
1 6
40,133
31
Jan'
Aug
to
1
Federal Commission and (5) Mexican and Canadian com235,162
113,147
274,437
69,834
Valley_a_Aug
Cumberland
panies. We add (6; the roads which have issued their own
1,861,981
684,997
2,022,704
491,693
Jan 1 to Aug 31
statements for August, but have not yet filed any returns
330,641
431,043
Aug 1,160,112 1,054,892
Long Island_a
7,086,872 6,533,760 1,486,348 1,391,983
Jan 1 to Aug 31
for that month with the Commission. Finally (7) we give
22,584
7,145
7,590
Va_a_Aug
20,696
Maryland Del &
the figures for any roads that have already submitted their
89,842
def6,223
85,963
def2,529
Jan 1 to Aug 31
September statement.
311,381
90.749
100,928
310,629
N Y Phila. & Norf_a__Aug
-Gross Earnings- -Net Earnings
475,304
2,216,220 2,356,450
706,077
Jan 1 to Aug 31
Previous
Current
Current
Previous
Year.
146,135
208,950
Year.
Year.
Year.
Northern Central_a_ _ _Aug 1,065,087 1,118,087
Roads.
8,221,808 8,221,451
839,261 1,160,031
$
$
$
Jan 1 to Aug 31
$
4,175
11,660
5,811
8,590
Aug
Ala Tenn & North
450,497
447,382
Phila Bait & Wash_a_Aug 1,683,961 *1,796,924
7,574
15,479
20,903
10,126
July 1 to Aug 31
2,501,862
2,478,488
12,416,857 12,570,671
Jan 1 to Aug 31
Atch Top & Santa Fe_b_Aug 8,867,640 9,069,359 52,843,094 53,514,911
417,874
319,373
902,334
West Jersey & Seash a Aug 871,814
16,889,285 17,090,898 55,047,221 16,281,411
July 1 to Aug 31
905,980
4,313,322 4,138,761 1,065,546
Jan 1 to Aug 31
67,681 Pennsylvania Co_a
274,530
229,224
92,424
Aug 4,970,462 5,337,536 1,752,382 1,015,136
Bangor & Aroostook_ __Aug
124.152
4. 3,384
501,522
146,180
July 1 to Aug 31
32,038,755 35,882,933 8,602,970 9,848,593
Jan 1 to Aug 31
3,053
119,734
8,364
6,307
505,374
1,524
157,623
503,539
Bellefonte Central _ b_ _ _ _Sept
Grand Rap & Ind_a_Aug
13,033
61,553
419,838
7,849
51,122
510.397
3,275,230 3,376,503
Jan 1 to Sept 30
Jan 1 to Aug 31
1,046,442
3,001
6,048
6.617
3,308
Pitts CinChic & St L a Aug 3,591,392 3,694,698 1,085,981
Bridgeton & Saco River_Aug
5,150
11,272
5,106
11,531
24,853,002 20,569,689 5,938,307 5,679.597
Jan 1 to Aug 31
July 1 to Aug 31
252,567
Aug 883,092 1,002,315
193,370
349,815
272.747
888.775
Vandalia_a
Buff Roch de Pittsb_b__Aug 866,779
6,489,515 6,698,582 1,108,772 1,180,629
31
Aug
624,679
to
1
Jan
557.292
1,689,011
31
Aug
to
1,647,679
1
July
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of October. The table covers 26 roads and shows 3.58% increase in the aggregate over the same week last year.
Roads.
OCT. 21 1911.]
THE CHRONICLE
Net Earnings
-Gross Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
Pennsylvania (Con.)
Total-East P & E_a_Aug20,621,931 21,169,065 5,523,141 5,878,583
146,891,881150,726,135 30,843,551 34,383,627
Jan 1 to Aug 31
Total-West P & E_a_Aug10,402,138 10,950,956 3,321,996 3,453,385
69,643,807 75,320,373 16,829,904 17,725,000
Jan 1 to Aug 31
Grand total all lines_a Aug31,024,069 32,126,021 8,845,137 9,331,968
216,535,688226.046,50' 47,673,455 52,108,626
Jan 1 to Aug 31
395,137
471,578
Pere Marquette_ b
Sept 1,558,618 1,438,695
4,435,897 4,262,848 1,252,574 1,197,096
July 1 to Sep 30
Pitts Shaw & Nor_b53,660
280,73425,447
291,741
Apr 1 to June 30
Reading Company1,218,605
3,689,908
1,098,525
3,682,190
Phlla & Reading_b___Aug
7,158,987 7,058,673 2,215,088 2,392,678
July 1 to Aug 31
Coal & Iron Co_b_Aug 1,980,389 1,900,105 df.212,147 df.147,450
3,659,602 3,399,769 df.435,339 df.355,660
July 1 to Aug 31
886,378 1,071,155
Aug 5,662,579 5,590,013
Total both cos_ b
10,818,589 10,458,442 1,779,749 2,037,018
July 1 to Aug 31
143,847
168,237
Company__Aug
Reading
381,845
289,123
July 1 to Aug 31
1,215,002
1,054,615
companiesAug
Total all
2,111,594 2,326,141
July 1 to Aug 31
19,182
48,03554,808
12,022
Rio Grande Southern_b_Aug
92,966
109,580
24,251
38,470
July 1 to Aug 31
Rock Island Lines.. b_Aug 5,762,512 6,099,280 1,559,259 1,755,547
10,833,270 11,410,219 2,657,344 3,123,819
July 1 to Aug 31
Aug
319,533
333,419
114,079
115,465
Rutland b
2,206,367 2,103,096
544,655
605,344
31
Jan 1 to Aug
Fran_b_Aug
3,555,786
3,841,549
1,217,989
1,230,721
San
St Louis &
6,830,649 6,985,212 2,223,512 2,195,073
July 1 to Aug 31
454,851
510,120
hChicago & East Ill_b Aug 1,373,791 1,395,941
2,600,487 2,530,980
858,511
880,851
July 1 to Aug 31
Aug 4,029,577 5,037,491 1,672,840 1,740,842
Total all lines_ b
9,431,137 9,516,192 3,082,023 3,075,925
July 1 to Aug 31
136,130
168,378
53,633
43,032
St Louis Rocky mt&P a Aug
31
251,352
335,073
107,101
.Aug
81,397
July 1 to
Southwest_a___Aug
934,720
196,096
960,178
253,835
St Louis
1,755,947 1,870,665
373,263
456,364
July 1 to Aug 31
Southern Pacific Co_aAug11,406,015 11,748,658 3,842,702 4,312,258
22,277,902 22,963,930 7,297,039 8,209,719
July 1 to Aug 31
Aug 1,304,160 1,294,383
258,476
362,136
Texas & Pacific_b
9,353,230 9,858,073 1,316,734 1,780,669
Jan 1 to Aug 31
36,541
Toledo Peor & West_ bAug
117,692
124,623
30,300
38,311
September
107,261
122,521
22,287
88,750
July 1 to Sept 30
327,218
341,046
68,800
2,529
Tombigbee Valley
Aug
3,281
8,2636,894
5,603
6,238
15,567
14,299
July 1 to Aug 31
Aug 7,750,895 8,479,474 3,269,821 3,726,147
Union Pacific-a
7,111,343
6,292,037
16,396,129
15,079,244
July 1 to Aug 31
r279,978
r239,858
702,582
Western Maryland_a_ _ _Aug 637,861
r433,474
r528,391
1,225,781 1.337,698
July 1 to Aug 31
35,228
156,113
719,924
Yazoo & Miss Valley_a_Aug 810,490
89,233
268,949
1,541,661 1,391,542
July 1 to Aug 31
INDUSTRIAL COMPANIES.
-Net
Earnings
Earnings-Gross
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
$
3
Am T & T (Assoc) Cosa117,507,844108,095,087 33,943,505 32,587,912
Jan 1 to Aug 31
Am T & T (Holding) Co27,297,994 26,310,512 24,624,790 23,731,610
Jan 1 to Sep 30
170,947
377,816
352,889
182,081
Kings Co El Lt & Pow_ _Sept
Jan 1 to Sept 30
3,443,533 3,146,503 1,710,205 1,626,687
25,209
25,081
°Mexican Tel & Tel Co_ _Aug
53,086
47,772
Mch 1 to Aug 31
146,824
312,215
277,307
153,890
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c Includedthe Boston & Albany, the N. Y. & Ottawa,the St. Lawrence &
Adirondack and the Ottawa & N. Y. By. the latter of which, being a Canadian road, does not make returns to the '
Inter-State Commerce Commission.
e Includes the Northern Ohio RR.
f Includes not only operating revenue , but also all other receipts.
g These results are in Mexican currency.
la Includes Evansville & Terre Haute and Evansville & Indiana.
I The company now include the earnings of the Atch. Top. & Santa Fe
By., Gulf Colo. & Santa Fe By., Eastern Ry. of New Mexico System,
Santa Fe Prescott & Phoenix By., Southern Kansas By. of Texas, Texas
& Gulf By., G. &I. Ry. of T., C. S. S. & L. V. RR. and R. G. & E. P.
RR. in both years. For August taxes amounted to $330,698, against
$320,489 in 1910; after deducting which, net for August 1911 was $2,512,396, against $3,194,422 last year. From July 1 to Aug. 31 taxes were
$653,278 in 1911, against $640,788 last year.
r Attu allowing for miscellaneous receipts and net from coal and other
departments, total net earnings for August 1911 were $264,608, against
5300,746 in 1910 an,i for July 1 to Aug. 31.
Interest Charges and Surplus.
--Int., Rentals, 6:.c.- -Bal. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.Year.
Year.
3
S
3
3
x3,345 xdef9,056
93,845
103,442
Bangor & Aroostook__..Aug
187,309 xdef29,512 zdef20,521
July 1 to Aug 31
207,960
236
1,274
2,817
Bellefonte Central
250
Sept
2,124
5,599
10,909
Jan 1 to Sept 30
2,250
2,657
2,403
598
651
Bridgeton & Saco River_Aug
1,197
3,804
3,953
July 1 to Aug 31
1,302
176,145
x155,099
Buffalo Roch & Pittsb_Aug
171,901
x243,544
354,331
x310,349
July 1 to Aug 31
x424,125
346,150
15,171
x30,587
15,328
Buff & Susq Railroad_ _ _Aug
x9,507
31,990
33,960
x39,507
July 1 to Aug 31
x32,018
6,630
6,519
x18,169
Buff & Susq Railway_ _ _Aug
x34,459
12,116
12,489
July 1 to Aug 31
x37,097
x59,134
521,801
522,605
Central of New Jersey__Aug
569,753
529,043
1,038,308 1,051,910 1,058,290
July 1 to Aug 31
937,499
231,770
201,406
x93,668
x155,050
Chicago Great Western_Aug
31
456,834
Aug
395,601
to
1
July
x130,284
x203,018
3,077
1,615
6,700
712
Chic Memphis & GutfAug
5,697
3,231
9,697
1,352
July 1 to Aug 31
3,077
_Aug
Gulf_
1,615
6,700
712
Chic Memphis &
5,697
3,231
9,614
1,352
July 1 to Aug 31
.737,320 1,794,614 1,571,962
Chicago & North West_ _Aug 701,626
1,414,796 1,410,536 2,729,729 2,713,871
July 1 to Aug 31
169,781
287,843
167,815
137,569
Chic St Paul Ai & 0_ __Aug
343,956
159,501
448,297
329,763
July 1 to Aug 31
277,275
273,903 x266,533
x241,470
Colorado & Southern_ _ _Aug
554,672
526,320
x376,235
July 1 to Aug 31
x433,609
60,125
Aug
47,824
36,667
50,311
Cuba RR
120,250
109,538
July 1 to Aug 31
129,590
73,333
503,612
d199,208
Denver & Rio Grande_ _ _Aug
481,884
d278,179
990.359
a327,155 (2608,113
July 1 to Aug 31
947,488
Duluth So Sh & Atl
95,370
x9,970
Aug
96,410
x35,261
190,271
x3,242
July 1 to Aug 31
x62,349
193,353
Wyoming
Genessee &
57,019
953
July 1 to June 30
51,591
19,659
Roads.
1099
-Int., Rentals, ea.- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
s
$
$
118,149
x4,591 zdef76,488
Georgia Railroad
Aug
63,557
185,233 zdef7,068zdef107,796
July 1 to Aug 31
123,654
13,792
x4,977 gdef7,262
Mineral Range
Aug
12,648
x288 zdef33,075
26,426
July 1 to Aug 31
25,346
513,476zdef118,097 zdef73.621
Mo Kan do Texas
Aug
532,794
979,667xdef391,943
zdef45,552
July 1 to Aug 31
1,058,131
214,488
126,492
N Y Ont & Western____Aug114,708
250,395
.
425,261
233,113
July 1 to Aug 31
215,989
531,179
x944,746
503,036
x752,627
Norfolk & Western
Aug 499,207
July 1 to Aug 31
999,863 1,006,487 x1,590,613 x1,275,032
y21,339 ydf.22,927
369,160
Pere Marquette
Sep
397,769
July 1 to Sep 30
1,178,986 1,103,679 ydf.92,746 yd1.22,859
Pitts Shaw & Nor77,623 gdef37,548
z16,569
Apr 1 to June 30
100,785
186,365
326,342
Reading Company
•Aug 868,250
888,660
548,820
375,094
July 1 to Aug 31
1,736,500 1,777,321
xdef228
Southern....
Aug
Rio Grande
19,625 zdef6,900
18,975
z3,109
July 1 to Aug 31
37,820
39,055 zdef10,015
20,793
12,503
St Louis Rocky Mt & P_Aug
30,529
32,840
July 1 to Aug 31
20,363
40,730
61,034
66,371
Aug
z35,288
193,243
x113,679
St Louis Southwest
180.867
x47,451
385,234
x182,959
July 1 to Aug 31
368,513
x15,033
Toledo Peoria & West__Aug
24,077
x7,824
24,042
September
z13,930
24,879
26,750
zdef.91
x22.960
73.040
75.025
July 1 to Sep 30
x2.823
Roads.
INDUSTRIAL COMPANIES.
-Int., Rentals, ctc.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
b
$
$
Am T & T (Associated) Cos9,129,950 7,560,171 24,813,555 25,027,741
Jan 1 to Aug 31
Am T & T (Holding) Co4,207,424 3,836,297 20,417,366 19,895,313
Jan 1 to Aug 31
63,225
109,015
61,932
118,856
Kings Co El Lt dc Pow Sept
693,173
683,925
933,514
1,026,280
Jan 1 to Sept 30
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the renewal fund.
z After allowing for other income received.
y After allowing for outside operations, hire of equipment and other
income.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings,
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest dale.
Current
Year.
Previous
Year.
American Rys Co____ August ___ 427,598 408,011 2,813,984 2,678.479
cAur Elgin & Chic By August ___ 189,282 178,730 1,176,770 1,099,887
60,048 58,065
Bangor By & Elec Co August ___
380,374
867,378
9,996
Baton Rouge Elec Co August ___
9,155
75.644
70,944
Binghamton Railway July
38.107 37,330
218,064
204.881
14,872 16,057
Brock & Plym St Hy- August
81.588
82,154
Bklyn Rap Tran Syst June
2045,3841922,192 11,113,047 10,380,396
Cape Breton Elec Co_ August
29,834 30,777
213,184
207,201
Carolina Pow & Lt Co September
29,714 25,619
250,376
224,844
June
57,747 56,179
Cent Pk N dc E
306.477
300,688
77,164 68,199
654,401
623,109
Central Penns Trac_ _ September
614,120
Chattanooga By & Lt August
83.990 77,085
573,925
205,015
41,297 41,880
Cleve Painesv & East July
195,459
739,059
110,247 107,062
682,730
Clev Southw & Colum August
314,780
39,573 39,328
290,792
Columbus (Ga) El Co August
709,978
668.361
154,490 147,508
Coney Island & Bklyn June
917,809
129,851 118,257 1.023,837
Dallas Electric Corp.. August
Detroit United Ry__ _ 2d wk Sept 193,458 177.684 7,066,163 6,501,948
298,824
296.824
50,923 51,623
DDEB & Batt(Rec) June ._
746,810
717,157
103,279 101.983
Duluth-Superior Trac August
East St Louis & Sub_ August
193,413 215,316 1,480,821 1,545,513
436,457
405.486
August ___
50,588 46,897
El Paso Electric
468,899
383,960
Fairm & Clarks Tr Co August ___
64,241 56,696
664,403
42dStM&SNAv (flee) June
752,788
142,890 123,578
Galv-Houston El Co_ August
990,731
855,991
142,326 124,764
765,706
755,642
Grand Rapids fly Co.. August
105.274 111,814
Havana Elec fly Co_ Wk Oct 15 48,359 33,710 ,1,879,393 1.702,387
Honolulu Rapid Tran
August ___
42,616 37,277
325,519
297,343
& Land Co
28.534 29,708
204,222
210,7,39
Houghton Co Trac Co August ___
Hudson & Manhattan September 377,007 323,493
August ___ 579,577 523.559 4,391,173 3,874,962
Illlilois Traction Co
2363,0792321,079 15,480,662 15,062,837
Interboro Rap Trans_ June
377,687
44.564 47,042
377,414
Jacksonville Elcc Co.. August
658,759
693,885
135,300 132,032
Lake Shore Elec Ry_ July
92,147
85,627
19,876 19.069
Long Island Electric_ June
1169.2821115,478 6,686,907 6,416,831
Metropolitan St(Rec) June
418,823 388,174 2,401,314 2,249,473
Milw El By & Lt Co_ June
489,332
457,094
103,839 96,072
Milw Lt. Ht & Tr Co_ June
443,108 398,828 3,189,757 2,863,032
Montreal Street Ry_ _ August
Nashville fly & Light August
154,254 146,038 1,161,043 1,178,539
3,337,433 3,142.294
New Orleans By & Lt June
137,810
103,793
N Y City Interboro_ _ June
26.013 20,543
N Y & Long Island Tr June
177.179
159,966
35.541 33,896
506,816
N Y & Queens County June
587.597
118,956 102,891
Norf & Portsm Tr Co Tune
932,430
185,342 166,823 1,011.792
Northam Easton &W September
131,248
124.357
17.571 15.630
162,122
135,237
No Caro Pub Serv Co August
21,664 18,286
North Ohio Trac & Lt August
272,624 263,149 1,773,731 1,612,504
923,376
North Texss Eiec Co_ August...... 135,529 119,813 1,041,916
Northwest Elev Co_ June
176,820 181,761 1,101,680 1,096,218
35,769
34,288
Ocean Electric (L I)- June
13,424 12,079
301,207
Oklahoma City Ry__ June
289.313
57,105 61,397
170,428
Paducah Tr & Lt Co_ August
21,469 20,779
161,726
23.555 24,177
187,722
Pensacola Electric Co August
176,198
Phila Rap Trans Co__ September 1899,351
Port(Ore)Ry,L&PCo. August .._ 521,262 479,944 4,179,778 3,616,280
Puget Sound El Co_ August ___ 155.663 173,988 1,180,279 1,284,727
35,651 32,257
159,748
Richmond Lt & RR_ June
146,682
Rio de Janeiro Tram
Light & Power Co_ August
1149.8511027,931 8,403,562 7,051,007
St Joseph (Mo) Ry,Lt
Heat & Power Co.._ August
92,959 89,773
715,656
674,715
303.796 258,704 2,271,490 1,889,744
Sao Paulo Tr, L & P_ August
Savannah Electric Co August __.
58,680 56.870
452,982
416,584
Seattle Electric Co_ _ _ August
448,863 479,573 3,616,344 3,674,822
424,668
86,283 63,897
Second Avenue (flee) June
379,668
57,265
Southern Boulevard_ June
11,969 10,371
49,971
128,320
Sou Wlsconsln fly Co August
119,305
16,720 17,106
117,428
Staten Isl'd Midland_ June
28,383 25,299
108.232
August
448,443
Tampa Electric Co
56.407 50,346
414.236
Third Avenue (flee).. June
321,828 294,999 1,778,969 1,647,818
Toledo Rys & Lt Co_ 3d wk Sept
35,112 33,476
'Toronto Railway CO.. August _ _
421.953 380.934 3,052,968 2,767,358
Twin City Rap Tran.. 1st wk Oct 148,532 144,095 5,927,999 5,705,290
Tri-City Ry & Lt Co _ August
215,477 204,862 1,737,797 1,600,716
Underground El By
of LondonThree tube lines _ _ _ Wk Oct 14 £1,730 £13,180 £552,760 £519,099
Metropolitan Dist_IWk Oct 14 £11,630 £11,122 £473,819 £440,790
united Tramways_ Wk Oct 14 £5,940 £6,039 £273,621 £264,093
[VoL. Lxxxxii .
THE CHRONICLE
1100
Latest Gross Earnings.
Name of
Road.
Week or
• Month.
5
__
Union (Rec)______ _ Tune
282,126 243,236
UnionRy,0ecECo(Ill) August _ _ _ 254,812 232,494
United Rye of St L _ _ September 1001,729 965,943
United Rils of San Fr August __ _ 673,743 839,803
Westchester El (Bee) June
50.157
57,176
Whatcoin Co RI
,& Lt August __ _
32,337
32,470
Yonkers RR (Ree)_ -June
65,951
Youngst & Ohio Riv. August
21,281
22,329
Current
Year.
1,171,365
2,018,100
8,859,508
5,139.390
274,870
246,842
327,044
152,602
Previous
Year.
5
1,037,745
1,895,832
8,555,767
5,013,299
230,105
265,510
133,260
These figures are for consolidated company.
Electric Railway Net Earnings.--7-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.
--Net Earnings
-Gross Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
Roads.
1910-11
Jan. 1 to latest date.
Current Previous
Year.
Year.
335,099
325,538
Amer Light & Traction_Sept
346,371
337,280
2,925,702 2,653,156 2,841,834 2,563,733
Jan 1 to Sept 30
25,619
9,685
Carolina Power & Lt Co_Sept
29,714
10,740
224,844
250.376
86,935 • 84,106
Jan 1 to Sept 30
21,351
68,199
77,164
Central Penn Traction_ _Sept
26,086
180,167
654,401
623,109
Jan 1 to Sept 30
197,703
18,365
37,277
42,616
Honolulu R T & L Co_ b_Aug•
20,079
297,343
141,442
325,519
Jan 1 to Aug 31
154,338
171,706
377,007
323,493
Hudson & Manhattan.a.Sept
215,556
223,386
Illinois Traction Co_a_ _ _Aug
579,577
523,559
224,741
Jan 1 to Aug 31
4,391,173 3,874,962 1,660,071 1,548,266
21,664
18,286
6,733
NorCaro Pub Serv Co_a_Aug
9,158
Phila Rap Transit
Sept 1,899,351
771,788
July 1 to Sept 30
5,551,157
2,152,610
310,466
United Rye of St'L_a_ _ _Sept 1,001,729
965,943
340,808
Jan 1 to Sept 30
8,859,508 8,555,767 2,785,581 2,627,100
United Traction (Albany) b223,275
Apr 1 to June 30
583,971
537,561
251,538
5
General interest
Divs. & int. on securities
Profit on sale of assets
Hire of equip't-balance
Rents reed and raised_ _
1,360,082
596,750
94,188
723,990
1909-10.
$
377,952
185,231
1908-09.
$
1907-08.
$
693,636
1,098,590
1,016,900
817,502
167,383
653,475
2,173,122
172,459
592,169
379,207
518,558
23,113,800
22,566,583
20,164,477
255,228
125,387
4,823,184
230,890
a1,347,436
4,726,536
3,670,865
118,177
121,723
155,862
Gross corporate income 23,337,471
Deduct662,289
Rentals paid
Hire of equip't-balance
5,115,514
Bond interest accrued
Deficit under guar. of
int. on Kootenay Ry.
& Nay. deb. stock__ _
42,740
Int. accr. on subscrip's
for $60,000,000 add.stk
Divs, on stock (7%)_ _ _ _ 14,698,590
14,6-91,6
.65
14,697,473
2,038,427
10,483,055
Total deductions
z Balance, surplus
20,020,639
3,093,161
19,776,622
2,789,951
17,695,645
2,488,832
20,519,133
2,818,338
• Company's freight excluded.
a Rentals in 1907-08 include $1,179,988 paid to the former St.Paul Minneapolis & Man. Ry.(now merged) under lease from July 1 to Oct. 31 1907.
z The entire surplus, as above, in 1910-11, 1908-09 and 1907-08 was
transferred to "fund for permanent improvements and betterments" to
cover cost of betterments made to property during the year. In 1909-10
52,319,158 was so transferred, the remainder of the $3,093,161 surplus
being transferred to profit and loss.
CONDENSED BALANCE SHEET JUNE 30.
1911.
1910.
1911.
1910.
LiabilitiesAssetsCapital stock_ _ _209,981,875 209,981,500
Ry. prop., incl.
advances and
Funded debt(see
investments in
"Ry. & Ind."
Sec. and subsystem roads
(see details on
sequent pages) 276,056,409 233,735,409
subseq't page)_358,972,490 344,193,284 Bills&accts. pay. 5,589,656
Vouchers unpaid 1,569,170
Bonds assumed3,840,330
held by M. true 14,106,000 14,106,000 Unpaid pay-rolls 2,552,789
3,473,192
Cost of M int. In
Unpaid coupons 2,039,717
1,991,490
C. B. fic Q. stk.
Accrued taxes._ 1,543,110
1,435,951
held by trustee
Bond int. ac174,942
of Joint bond8_100,114,810 109,114,810 crued, not due_
394,008
Other securities
Balance due af& investments
3,587,650
filiated cos_ __
3,738,377
a Net earnings here given arc after deducting taxes.
Other work. lla(see details on
b Net earnings here given are before deducting taxes.
subseq't page). 73,418,224 50,443,779 bils.Salef. credit
Cash on hand. _ 21,460,917
6,651,358 items (net) _ _ __ 2,168,222
Due from agents 2,878,473
3,168,630 Improv'ts & betInterest Charges and Surplus.
Due from U. S.
5,959,015
term'ts fund__ 4,098,622
Depreciation of
-Int., Rentals, &c.- -Bal. of Net Earns.
- and Can. P. 0.
departments __
186,830
Previous
127,624 equipm't fund_ 19,585,756 17,698,195
Current
Previous
Current
553,151
Due from U. S.
678,942
Roads.
Year.
Insurance funds
Year.
Year.
Year.
Transportation
90,467
94,077 Add'ns & bet'ts
3
$
$
$
60,880
74,256 paid from imx12,101 Advanced chges
Honolulu R T & L Co__ _Aug
6,638
6,940
z13,873
2,127,354 prov'ts & rez94,211 Bills receivable.. 3,737,071
Jan 1 to Aug 31
53,037
51,978
x104,972
Other accounts
newals fund..__ 26,332,208 22,253,771
Hudson & Manhattan.. _Sept
209,702
191,596
5,854 def.19,890
receivable, &c_ 3,664,16'3
2,634,:363 St. P. M. & M.
7,638,305 cons. M. bonds
2,298 Material & fuel_ 5,839,514
5,950
North Caro Pub Serv Co_Aug
4,436
3,208
0th. work. assets
retired by s. f.
Phila. Rapid Transit_ __ _Sept
737,198
34,590
384,000
459,000
& def, debit
since Nov. 1907
July 1 to Sept 30
2,211,170
def.58,560
857,360
Items (net).
549,676 Miscellaneous __ 1,104,464
z83,692
227,412
232,795
x117,004
United Rys of St Louts_Sept
Profit and loss__ 35,037,514 34,997,560
z563,252
Jan 1 to Sept 30
z758,842
2,060,638 2,097,931
593,529,839 540,923,517
593,529,839 540,923,517
Total
Total
United Traction (Albany)
x145,105
129,625
z163,789
Apr 1 to June 30
138,470
This is the excess of other working assets and deferred debit items over
other working liabilities and deferred credit Items.-V. 93, p. 871, 865.
x After allowing for other income received.
ANNUAL REPORTS°
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
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. 30. The next will appear in that of Oct. 28.
Great Northern Railway.
(Report for Fiscal Year ending June 30 1911.)
The full text of the remarks of Chairman J. J. Hill and
President L. W. Hill is given on subsequent pages; also the
revenue and Income accounts, the general balance sheet in
detail, &c., &c.
Below we give a comparative statement of traffic statistics and income account for the several years and balance
sheet for two years.
RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS
WESTERN RY. AND DULUTH TERMINAL RI'.
1908-09.
1910-11.
1909-10.
1907-08.
7,020
6,808
Average miles operated..
7,245
6,956
Operations8,343,557
7,195,386
Passengers carried (No.) 8,362,189
6,956,966
Pass. carried 1 mile_ __ _590,566,237 649,317,544 490,393,026 493,009,745
Av. rate per pass. per m. 2.273 cts.
2.204 cts.
2.239 cts.
2.270 cts.
'Freight (tons)
23,070,655 23,224,972 18,097,264 19,268,175
'Freight one mile
5357747,886 5678787,816 4841973,201 5164024,158
'Av. rate per ton per m_ 0.8096 cts. 0.8219 cts. 0.8151 cts. 0.7806 cts.
'Av. train-load (tons)- 502
523
518
509
Earns, per pass.-train m.
51.493
51.383
51.486
51.498
Earns, per frt.-train m_
34.09
54.24
$4.26
53.98
Gross earnings per mile..
57,886
58,456
59,183
58,254
Earnings$
$
$
$
Passenger
13,422,057 14,311,800 10,977,948 11,189,553
Freight
39,464,811
43,379,174 46,675,734
40,311,420
Mail, express, &c
3,017,703
4,173,735
3,214,934
2,711,100
Other than transportat'n
226,982
282,667
262,902
217,560
Gross operating revs_ 61,257,633
ExpensesMaint. of way & structs_ 9,654,776
Maint. of equipment__ _ 7,681,270
Traffic expenses
1,006,929
Transportation expenses 18,052,818
General expenses
1,205,099
64,465,370
53,687,444
54,429,633
11,773,314
7,520,634
922,104
18,068,666
993,378
9,797,370
6,173,847
745,847
14,822,546
1,013,877
9,588,747
8,170,109
731,337
16,652,134
1,003,909
Total expenses
37,600,392
P. c. of exps. to rev__ _ _
(61.38)
23,657,241
Net opierating revenue
205,359
Outside operations, net..
39,278,096
(60.93)
25,187,274
240,009
32,553,487
(60.64)
21,133,957
249,198
36,146,236
(66.41)
18,283,397
333,744
Total net revenue....__ 23,862,600
3,300,139
Taxes accrued
25,427,283
3,570,302
21,383,155
2,570,372
18,617,141
2,288,179
Operating income__ 20,562,461
21,856,981
18,812,783
16,328,962
Chicago Burlington & Quincy RR.
(Report for Fiscal Year ending June 30 1911.)
The annual report of this company for the fiscal year
1910-11 is given on subsequent pages, embracing the remarks of President Darius Miller, comparative income account, traffic and mileage statistics for two years, and also
the detailed balance sheet.
• Below we give comparative statistics and income account
for three years and balance sheet for two years.
TRATFIC STATISTICS.
1900-10.
1910-11.
9,023
9,072
1908-09.
9,023
Average miles operated
Operations22,014,305 21,512,255 20,227,505
Revenue passengers carried
Revenue passengers carried one mile_l173435,093 1189871,613 1056225,688
1.854 etc.
1.881 cts.
Rate per passenger per mile
1.922 etc.
Revenue freight (tons)
28,328,338 27,867,618 25,055,767
7116005,120 7435144,216 6020646,367
Revenue freight (tons) one mile
0.789 cts.
0.783 ots.
Rate per ton per mile
0.818 cts.
387.44
381.20
Aver. No. of tons per train mile
406.33
51.44743
51.51109
$1.54401
Earnings per passenger train mile_ _ _
53.05713
52.98506
Earnings per freight train mile
53.31378
58,712
59,738
$9,730
Operating revenues per mile
INCOME ACCOUNT.
1900-10.
1910-11
Operating Revenues58,033,243 58,224,537
Freight
22,552,567 22,380,306
Passenger
6,350,214
6,743,795
Mail, express & miscellaneous
812,441
832,357
Other than transportation revenue.. _
102,019
105,248
Joint facilities
1908-09.
52,240,921
19,585,305
6,016,768
682,504
87,131
88,272,208
87,869,517
78,612,829 .
12,406,279
14,761,137
1,581,805
28,543,204
2,249,300
15,725,461
15,057,165
1,654,452
28,340,052
2,233,835
12,986,773
13,366,415
1,576,361
24,554,729
2,078,719
59,541,926
Total operating expenses
(67.45)
Per cent of oper. exp. to revenue.. _ _ _
28,730,282
Net operating revenue
Outside operations-net deficit
107,089
83,010,965
(71.71)
24,858,552
164,282
54,560,997
(69.40)
24,051,632
158,407
Total net revenue
Taxes accrued
28,623,193
3,049,124
24,694,270
2,970,737
23,893,225
2,517,018
Operating income
Joint facilities, &c., rents
Income from investments, &c
25,574,069
676,479
1,498,220
21,723,533
745,786
1,777,908
21,376,207
653,749
290,097
Gross corporate income
DeductHire of equipment-balance
Joint facilities, &c
Interest on funded debt
Miscellaneous
Sinking funds
Appropriations for betterments
Dividends (8%)
27,748,768
24,247,227
22,320,054
Total deductions
Balance, surplus
24,598,888
3,149,880
Total operating revenue
Operating ExpensesMaintenance of way and structures...
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
663,942
946,604
8,626,370
5,689
662,310
4,826,755
8,867,128
910,7671
853,746f
8,506,016
1,078
666,874
3,329,006
8,867,128
1,307,790
7,875,507
89,847
675,829
2,237,081
8,867,128
23,134,615 -21,053.182
1,112,6121:i 1,266,872
00T. 211911.]
THE CHRONICLE
GENERAL BALANCE SIIEET JUNE 30.
[For further details of 1911 balance sheet, see page 11181.
1910.
1911.
1911.
1010.
AssetsLiabilities$
Road & equIp't_376,507,939 364,690,517 Capital stock. _110,839,100 110,839,100
Stocks & bonds_ 27,613,926 27,600,689 Funded debt__ _209,809,000 209,856,000
746,292
Traffic, &c., bals 1,285,231
Adv. to prop.,
8,426,378
&c., cos. for
Votichers&wages 6,599,261
402,110
401,845 Matured interest,
construe., &c..
2,803,647 divs., &c
Miscel. Invests__ 2,767,624
2,150,140 2,168,763
11,100
Cash
10,652,950 9,103,247 Matu'd bds., &c.
59,000
646,400
Bonds in treas'y 9,318,200 13,058,700 Miscel. accounts
531,115
795,116 Accrued interest,
Marketable sec's
828,472
1,518,398
Loans&bills rec.. 2,623,037 2,037,301 diva., &c
1,483,594
72,000
Accrued taxes
Traffic,&c., bals
748,879
68,400
791,675
Agts.& condue'rs 1,954,993 2,114,517 Oper. reserves_ _ 1,510,448
Materls&suppl's 7,812,558 8,969,702 Liabil. on acct.
4,480,601 of prey, funds_
Miscel. accounts 4,170,484
496,539
496,539
910,511 Oth.def.cred.ltems 202,079
715,942
Temp. advs.,&c.
188,339
Sinking funds__ 17,246,639 16,263,637 Add'ns to prop.
496,539 since June30'07
496,539
Provident funds
through income 13,579,257 8,752,502
Unexsting. disc.
Sinking funds__ 29,752,509 32,800,155
318,013
on funded debt
Income account 44,935,253 41,785,373
Other deferred
7,665,448 Profit and loss__ 42,203,265 42,302,003
debit Items_ __ 1,325,780
465.504,191 461,401,017
Total
-V. 93, p. 730, 526.
Total
465,504,191 461,401,017
Colorado & Southern Ry.
(Report for Fiscal Year ending June 30 1911.)
On subsequent pages will be found at length the text of the
report and the comparative income account for two years,
showing the operations of the system and balance sheet.
Below we give the operating statistics, income account and
comparative balance sheet.
OPERATING STATISTICS.
1910-11.
1909-10.
1907-08.
1908-09.
Average miles operated_
2,015
2,042
1,932
1,980
OperationsRevenue pass. carried__ 3,842,985
4,091,897
Rev. pass. corr. 1 mile_ _152,992,251 159,880,113 151,765,939 140,350,114
Rate per pass. per mile_
2.53 cts.
2.45 cts.
2.48 cts.
2.53 cts.
Revenue freight (tons) _ 7.765,015
8,356,913
6,683,576
7,202,657
Rev. freight (tons) 1 m_1171343401 1249390475 993,706,423 882,875,346
Rate per ton per mile__ 0.949 cts.
0.964 cts.
1.067 cts.
1.134 eta.
Av.rev. train-load(tons)
302.06
306.29
257.13
270.44
Earns, per pass. train m.
$1.27
81.07
Earns, per fgt. train m__
52.87
52.91
$7,394
Operating revs, per mile
$7,851
58.216
$7,618
REVENUES, EXPENSES, &C.-COLORADO & SOUTHERN LINES.
1008-09.
1907-08.
Operating Revenues1909-10.
1910-11.
Freight
$11,120,361 $12,040,828 $10,600,743 $10,011,749
3,756.694
3,918,093
3,549,888
Passenger
3,870,672
722,975
721,496
819,060
Mall, express and misc..
833,031
$15,824,064 $16,777,981 $15,080,412 $14,283,133
Total
Operating Expenses$1,688,223 $2,188,645 82,162,5601 56,641,302
MaInt. of way & struc
5,378,794
4,811,8511
Transportation expenses 5,112,952
2,521,273
2,447,906
2,078,717
Tfaint. of equipment__ _ 2,779,143
239,692
274,271
277,664
276,069
Traffic expenses
514,101
500,472
525,706
General expenses
546,721
$10,334,111 $10,863,455 $10,225,687
Total
$5,489,953 $5,914,526 $4,854,725
Net operating revenue
Dr.22,324
Net-outside operations Dr.33,285
Dr.7,135
477,870
393,907
Taxes
478,323
59,542,809
$4,740,324
Cr.5,465
407,101
$4,453,633
;4,338,688
Operating income
$4,978,345
$5,414,332
INCOME ACCOUNT.
1910-11. 1909-10.
1910-11.
1909-10.
1101
1910-11.
Revenues$
Freight
25,590,027
Passenger
5,512,932
Mail
371,338
Express
536,908
Other transport'n rev
339,110
Non-transportation rev_
233,096
1909-10.
$
24,901,200
5,002,205
360,223
450,772
335,345
187,424
1908-09.
$
20,885,511
4,482,004
388,453
407,575
342,672
124,503
1907-08.
$
19.571,609
5,120,529
395,714
407,976
219,357
128,087
Total revenues
32,583,411
ExpensesAfaInt. of way & struc
4,141,572
Maint. of equipment__ _ 6,198,825
Traffic
615,338
Transportation
10,044,172
General
793,707
31,237,169
26,630,718
25,843,272
3,391,032
5,858,843
535,207
8.509,434
642,183
3,101,151
4,938,938
466,042
7,328,683
532,024
3,135,354
5,369,464
470,957
7770,757
440,215
Total expenses
21,793,615
P.c. expenses to earnings
(66.2)
Net revenues
10,789,796
Other income
1,560,815
18,936.699
(60.6)
12,300,470
1,161,365
16,366,838
(61.5)
10,263,880
708,863
17,186,747
(66.5)
8,656,525
762,832
Total
9,419,357
12,350,611 13,461,835 10,972,743
Deduct4,456,085
Interest on bonds
4,168,603
6,506,896
5,122,901
801,600
791,060
Taxes
1,065,853
873,744
524,947
Car trust interest
607,347
$82,651
447.250
1,005,000
Car trust principal
1,005,000
Rental leased equipment
246,560
55,449
59,722
62,255
Loss on elevator
66,700
Int.coll.notes&gen.acet_
411,923
450,000
Extraordinary
634.327
212,449
Rentals of leased roads,
593,782
816,817
659,957
Joint tracks, &c
626,649
48,100
Miscellaneous
19,600
797
61,013
Dividends
(5)3,139,625(434)2,668,617(2)1,255,814 (1)627,907
Total
Surplus
-V. 92, p. 1700.
12,261,951
85,660
9.839,967
3,621,869
9,453,279
1,519,464
8,921,804
497,553
Atlantic Coast Line Co. of Connecticut.
(Balance Sheet of June 30 1911.)
This company owns (see details below) a majority of the
capital stock of the Atlantic Coast Line Railroad Co., namely,
836,050,895 of its $57,964,400 common stock and sundry
other securities as shown below. It will be noted that the
company now has a profit and loss surplus of $22,454,839.
We have been favored with the balance sheet of June 30
1911, which we compare with those of June 30 1910 and 1909:
BALANCE SHEET JUNE 30.
1909.
Assets1911.
1910.
Securities deposited with Safe Deposit
a$5,562,360 $5,565,120 ;11,500,000
& Trust Co. of Baltimore
528,709
5532,381
Railroad bonds
5532,381
1,418,000
c4,303,000
4,340,000
Other bonds
d36,126,501 36,084,101 25,241,906
Railroad stocks
1,415,023
e175,000
e175,000
Other stocks
2,810,182
(531,514
(504,730
Other assets
20,000
Bills receivable
25,0001
325,359
I
Advances
75,000
Real estate & building, Wash., D. C
10,000
Notes secured by Washington prop__
40,000
67,906
161,513
Deposits for interest and dividends__
63,347
159,065
200,887
Cash
279,529
Dividends accrued
999,018
724,710
997,818
Total
$48,486,745 $48,607,026 $44,491,289
LiabilitiesCapital stock
$17,640,000 $17,640,000 $12,600,000
Certificates of indebtedness, 5% _ _ _ _ 5,000,000
5,000,000
5,000,000
Certificates of indebtedness, 4%_
62,000
65,000
5,000,000
Debenture certs. of indebtedness, 4% 3,000,000
3,000,000
3,000,000
Bills and accounts payable
500.000
Div. on stock & int, on certs. unpaid_
67,906
63,347
161,513
Reserve acct. Prairie Pebble Phos.Co. 0262,000
g262,000
Profit and loss surplus
22,454,839 22,076,679 18,729,776
Operating Income__ _4,978,345 5,414,312 Miscellaneous
6,085
Total
$48,486,745 $48,607,026 $44,491,289
Int. on seem., &c__ 602,:300 589,044 1st pref. diva. (4%)_ 340,000 340,000
Securities Owned June 30 1911.
Rents
42,921
41,582 2d pref. diva (4%)__ 340,000 340,000
Common divs.(2%). 620,000 620,000
a Securities deposited with Safe Deposit & Trust Co. of Baltimore as
Gross. corp. i000me.5,623,566 6,041,958 One-half of deficit,
security for $5,062,000 certificates of indebtedness of 1897-1900:
DeductT. & B. V. By.._ 482,598 466,718
Par. Book Value.
Int. on bonds, &e.....2,812,642 2,665,009
Atl. Coast Line RR. 1st cons. 4% bonds_$1,250,000 $1,245,000
Sinking funds
34,400
35,058
Total deductions_ _5,107,572 4,857,043 Atl. Coast Line RR. of S. C.4% bonds__ 1,550,000 1,550,000
Hire of equip. bal
309,1621 390,258
At-i. Coast Line RR.4% unified bonds__ 3,008,000 2,767,360 $5,562,360
Other rents
Balance, surplus_ _
162,6841
515,994 1,184,915
b Railroad bondsSouth
Carolina Pacific By. Co. 1st 6% _ _
$81,600
$65,751
SHEET
JUNE
30.
BALANCE
Col. New. & Laur. RR. Co. 1st 3%
318,000
201,958
[Owing to change in form of balance sheet, comparison with the figures for 1910 North Western RR. Co. of S. C. 4% _ _ _ _
285,000
261,000
are more or less Inaccurate. For further details see subsequent pages.]
4,000
3,672 $532,38/
Atlantic Coast Line RR.cons. 4%
• c Other bonds1911.
1911.
1910.
1910.
8488,000 $322,000
Dutton Phosphate Co 5%
LiabilitiesAssets8
$
8
$
Road & equip_ _105,660,454' 102,234,348 1st pref. stock__ 8,500.000 8,500,000 Prairie Pebble Phosphate Co. 5% at par_ 1,268,000 1,268,000
Secur. of prop.,
2d pref. stock__ 8,500,000 8,500,000 Atlas Phos. Co. coll. trust 5% at par__ _ _ 2,713,000 2,713,000 $4,303,000
d Railroad Stocks12,880,320 12,370,418 Common stock_ 31,032,984 31,032,984
&c., cos
$50,000
prop.,
Mortgage bonds. 60,629,439 59,594,549 Northwestern RR. Co. of South Carolina $50,000
Advan. to
150,200
150,200
469,839
&c., cos
922,516 Equip. tr. oblig_ 1,656,905 2,032,131 Atlantic Coast Line RR. Co. class "A".. _
do
do common _33,150,400 35,900,695
do
do
335,393
352,125
Traffic, &t.,bals
143,775
Misc. Investm'ts
25,606$36,126,501
Nashville
Ry
30,000
Chattanooga
&
St.
Louis
2,224,116
1,757,844
Col. & Sou. ref.
Vouch. & wages.
e Other Stocks95,151
94,420
& ext. M. bds.
2,356,649 Matured int., &c
Old Dominion Steamship Co
$120,000 $150,000
19,532
Cash
1,669,798 Misc. accounts__
1,476,882
25,000 $175,000
25,000
-17-4;08 Westinghouse Air Brake Co
Securs. In treas.
428,000 Stamf &N.W.Ity
445,539
(Other Assets620,844
598,575
594,281 Accrued int.,&c.
Traffic,&c.,bals.
240,8101
$467,250
327,840
Miscellaneous __
Accrued taxes__
309,105 Charleston & Western Carolina fly. secur.
540,9031
127,200
1,272
Agts. & conduc_
304,824 Col. Newb. & Laur. 5% certificates
251,692 Reserve
199,094
$531,514
62,992
Material &supp. 1,648,762
387,301 Sundry securities
1,560,549 Accr. for renew_
g
Reserve
against
stockholders'
liability
for
claim
to
certain lands of
Accrued int..&c.
Detcred.items__
259,546
278,971
283,368
90,782
Oth.def.deb.ltems 346,048
120,278 Profit and loss__ 10,337,998 9,271,399 Prairie Pebble Phosphate Co.-V. 91, p. 1091.
Total
124,539,748 122,791,897
-V 93. p. 1021, 283.
Total
124,539,748 122,791,897
Chesapeake tto Ohio Railway.
(Report for Fiscal Year ending June 30 1911.)
Below we give comparative statistics and income account
for several years, the figures in the late year including the
Chicago line, C. & 0. Rv. of Indiana, 284.6 miles. Further data from the report will be given another week.
OPERATIONS AND FISCAL RESULTS.
1910-11.
1909-10.
1908-09.
1907-08.
2,229
1,937
Average miles operated_
1,897
1,841
Operations5,618,791
4,969,612
Passengers carried
5,097,37
5,150,108
_253,262,253
226,715,956 217,694,041 286,729,837
Pass. carried 1 mile_ _
2.206 cts.
Rate per pass, per mile_ 2.177 cts.
2.059 cts.
1.786 cts.
24,604,650 22,892,229 18,511,362 16,540,833
Freight (tons) carried
Freight (tons) car'd 1 m.6082682,596 6123134,875 5095552,874 4525313,214
0.407 cts.
Rate per ton per mile... 0.421 cts.
0.410 cts.
0.432 cts.
701
656
Av. rev, train load (tons)
675
621
Earn, per pass, train m.,
exclud. mail SO express
$1.17
$1.32
$1.17
$1.26
$2.84
Earns, per fght. train m.
$2.76
$2.76
$2.68
$15,439
Earns, per mile of road..
$13,949
$13,375
$13,417
Mobile & Ohio Railroad.
(Report for Fiscal Year ending June 30 1911.)
President W. W. Finley Oct. 5 wrote in substance:
Results.-The gross revenue for the year was greater than for any other
The net operating income was somewhat adversely
year in its history.
affected by Increased wage scales. There was a material increase (71,469
tons) In the products of agriculture'handled, due mainly to cotton and its
products. There was also an increase in traffic from products of animals
and mines and from manufactures and miscellaneous goods. There was
a slight decrease in traffic from the products of the forests.
Port of Mobile.-Probably the most important addition to the business
of the company for the year came from its export and import business via
the port of Mobile.
Val. of all Exports cr. Imports through Port of Mobile for Years end. June 30.
1910-11.
1909-10,
1908-09.
1900-01.
$30,154,037 $27,526,245 $27,369,714 $11,837,105.
Exports
4,031.737
Imports
3,768,808
2,843,350
3,008,449
Thus it will be seen that the value of exports from Mobile has increased
in the last 10 years 518,316,932. or 155%, contrasting with an increase of
37% for all United States ports. This does not include the large and increasing coastwise business from the port of Mobile to other ports of the
United States. During this 10-year period the imports to Mobile increased
from $3,008,449 to $4,031,737 or 34%.
Additional Factlities.-As this increase in the business at Mobile has corn
largely from the export and import business of your company, it has been
necessary to increase our facilities in that city. During the past year a
new pier has been constructed with a wharf frontage of 940 lineal feet,
and there is about to be constructed another pier on joint property of tue
Mobile & Ohio RR. Co. and Southern By. Co., which will have a wharf
frontage of 1,200 lineal feet. When the construction has been completed,
the dock property owned by your company in Mobile will consist of 3,505
lineal feet of wharf, with 276,300 sq. ft. of warehouse floor space, and that
owned jointly with Southern Ry.Co.,1,980 lineal ft. of wharf, with 155,375
sq. ft. of warehouse floor space. In addition the Southern By. Co. owns
1,540 lineal feet of wharf frontage, with 49,160 sq. ft. of warehouse floor
space, which, under arrangements of a reciprocal nature, are subject to
use by the Mobile & Ohio RR. Co. The facilities now under construction
will be completed about Jan. 1 1912, when the Mobile & Ohio will be in
position to of/er ships berthing at its docks as great despatch as that offered
by any other port upon the Gulf of Mexico.
Congress has appropriated the money necessary to increase the depth of
water in the channel leading from lower Mobile Bay to the docks from
23 to 27 feet and the bottom width from 300 to 600 feet. It is thought
that this work will be completed about June 1913.
OPERATIONS, EARNINGS AND CHARGES.
1909-10.
1907-08.
1910-11.
1908-09.
1,114
1,114
Average miles operated_
926
1,114
Operations1,747,251
1,937,965
1,546,913
Passengers carried
1,517,574
Passengers carried 1 mile 62,574,206 58,493,588 51,890,286 50,746,356
2.293 cts.
Av.rate per pass. perm. 2.289 cts.
2.341 cts.
2.389 cts.
5,911,133
4,902,850
5,217,311
Revenue tons moved
6,023,764
Tons moved one mile:1,331,545,001 1296573,850 1147808,670 1126000,185
0.800 cts.
0.621 cts.
0.631 cts.
Av. rate per ton per m
0.612 cts.
312
280
305
282
Av.rev. train-load(tons)
$9,545
$10,182
$10,048
$8,730
Gross earnings per mile.
INCOME ACCOUNT.
1910-11.
$
8,151,293
1,432,323
1,493,785
119,945
1909-10.
$
7,776,053
1,341,263
1,445,647
73,770
7,128,687
1,214,599
1,319,692
64,749
1907-08.
5
7,108,975
1,212,518
1,259,250
83,048
11,197,346
Total operating rev
Operating ElpensesMaint. of way & struct_ 1,285,758
1,910,299
Maint. of equipment
385,132
Traffic expenses
Transportation expenses 3,895,803
416,994
General expenses
10,636,733
9,727,726
9,663,791
1,218,707
1,907,057
371,830
3,526,860
386,513
6,589,648
6,874,990
Operating RevenuesFreight _.,
Passenger
Mail, express and misc_
Other rev, from oper
1908-09.
Total oper. expenses..
Net operating revenue.. _
Outside oper.-net def_
7,893,986
3.303,360
14,093
7,410,967
3,225,786
30,643
6,589,648
3,138,078
30,833
6,874,990
2,788,801
21,010
Net revenue
Taxes accrued
3,289,267
301,025
3,195,123
292,221
3,107,445
241,469
2,767,791
226,469
Operating income_ _
Rents, &c., received
Income from investm'ts
2,988,242
72,085
158,103
2,902,902
86,273
143,607
2,865,976
79,832
122,975
2,541,322
26,986
197,464
Total gross income
3,218.430
DeductionsRental St.L.&Calro RR.
528,756
Other rents
469,984
Hire of equip.-balance.
75,516
Miscellaneous
192,521
Interest on bonds
1,210,130
Int. on equip. oblig'ns
127,674
Div. on capital stock__(4%)242,824
Add'ns & betterments
8,335
3,132,782
3,068,584
2,715,772
491,805
461,198
109,966
159,362
1,198,880
158,985
(4)242,824
28,431
457,566
423,177
221,205
130,643
1,198,880
199,676
(5)301,030
19,446
459,063
241.025
11,004
126,733
1,180,130
231,897
(4)240,824
150,696
2,851,451
281,331
2,951,623
116,961
2,641,372
74,400
Total deductions
Balance,surplus
2,855,740
362,690
GENERAL BALANCE SHEET JUNE 30.
1911.
1911.
1910.
1910.
Assets$
7,730,000 7,730,000
Road & equipm't *35,919.105 36,168,549 Capital stock
Funded debt
25,372,000 24,772,000
Securities of prop..
Equip. tr. oblig'ns 2,390,500 2,980,082
&c., cos.2,913,493 2,913,493 Leasehold equipPledged
ment equity ___ 1,091,210
743,369
173,480
173,480
Unpledged
904,515
41,667
Physical property_ 512,706
478,137 Loans & hills pay_
109,370
714,009
739,007 Traffic, &c., bals- 114,600
Misc. securities
481,178
Cash
450,338 Vouchers & wages 1,159,213 1,228,940
359,829
Securs. in treasury 1,709,900 1,709,900 Matured int., &c_ 398,484
325,934
Traffic, &c., bals_ 225,693
238,878 Misc. accounts_ __ 274,844
320,915
310,713
Agts. &conductors 161,389
202,045 Accrued int.,
134,948
150,267
635,961 Taxes accrued_ ___
Material & supplies 537,971
229,269
Misc. accounts..._ 585,448
660,678 Operating reserves 238,665
90,410
64,982
42,994 Oth.def.cred.items 123,997
Advances
198,574
Sinking funds_ __ _
115,883
151,252 Add'ns to prop___ 206,909
0th. def. deb.items 193,883
168,285 Profit and loss_ .._ _ 4,705,551 4,604,842
Total
Lxxxxim
THE CHRONICLE
1102
44,308,620 44,732,997
Total
44,308,620 44,732,997
• After deducting reserve for accr, depr'n, $2,403.529.-V. 93, p. 1022.
New York Susquehanna it Western RR.
(Report for Fiscal Year ending June 30 1911.)
President F. D. Underwood, New York, Oct. 10, wrote:
Results.-The gross revenue from operation increased $402,319, or
11.58%. The increase in operating expenses was $101,402, or 4.50%.
Operating income amounted to $1,372,062, an increase of $297,127, or
27.64%. A liberal appropriation has been made from income for improvements. The net income for the year was $534,536, from which there was
appropriated $163,904 for additions and betterments, leaving a credit balance to profit and loss account of 5370,632.
Bonds.-Of the Midland RR. 1st M. bonds maturing April 1 1910, an ad• ditional $108,000 has been extended 30 years, with interest at 5%, leaving
$6,000 not yet presented. (V. 90, p. 373; V. 91, p. 95.) The $70,000 Passaic & New York RR. 1st M. 8% bonds, which matured on Dec. 1 1910,
have been extended until Dec. 11940, with interest at 5%. (V. 91, p. 1512).
[As to Middletown Unionville & Water Gap 2d M. bonds, due June 1 1910,
the interest only on which was guaranteed, see V. 90, p. 1364; V. 91, p. 154,
1447, 1512; V. 92, p. 725-Ed.]
INCOME ACCOUNT.
1910-11. 1909-10.
1910-11. 1909-10.
Operating Revenue- $
Freight
2,949,546 2,606,637 Expenses-Other op. 190,689 153,953
Passenger
602,942 645,390
Mall, express, &c
Total expenses__ _2,504,616 2,399,425
116,226 104,016
Ratio of exp. to earn.(64.61%) (69.06%)
Earnings-RR __ _3,658,714 3,356,043 Net earnings-RR._1,354,787 1,110,571
Earnings-Other op_ 207,961 118,317 Net earns.-All op...1,372,062 1,074,935
Interest & dividends 36,217
47,891
Total earnings_ _ _ _3,876,678 3,474,360 Rents-joint facil.,&c. 120,657
83,047
Operating ExpensesMaint. of way, &c__ 402,071 424,394
Total net income.1,528,936 1,205,873
Maint. of equipment 355,410 359,595
DeductTransp'n expenses_ _1,314,351 1,230,263 Interest on bonds_ _ _ 775,407 805,936
Traffic expenses_ _ _ _ 33,362
25,523 Sinking fund, rentals
General expenses.._
59,975
60,730
and miscellaneous_ *218,993 210,183
Taxes
198,755 144,9613 Add'ns & improv'ts_ 163,904
1,808
Expenses-RR.__2,313,927 2,245,472
Balance, surplus
Total charges_ ...1,158,304 1,017,927
370,632 187,946
* Includes in 191041, besides rentals accrued for lease of other roads,$10,96S,
other rents aggregating 5207,584 for hire of equipment (balance), joint facilities, &c.
CONDENSED BALANCE SHEET JUNE 30.
1911.
1910.
1911.
1910.
Assets$
Road & equipm't a36,904,964 36,762,149 Stock (see "Ry. &
Ind." Section)_ _26,000,000 26,000,000
Stocks of prop.,
affil., &c., cos__ 3,827,396 3,827,396 Bonded debt (see
"Ry.&Ind."Sec.)15,547,000 15,439,000
Funded debt of
403,005 Traffic, &c., bats. 227,094
189,924
prop., &c., cos_ 400,000
217,145
Misc. investments_ b809,530 b809,530 Vouchers & wages 287,456
939,452
623,026 Int., rents,&c.,due 114,173
116,541
Cash
2,160
1,660 Matured mtge.,&c.,
Securities in tress_
6,000
116,800
debt unpaid....
164,000
Marketable secur:s 116,800
8,681
151.067 Miscel. accounts__
4,572
Traffic, &c., baLl_ 257,878
56,543
46,138 Interest and rentals
Agts. & conductors
accrued, not due 135,560
180,232
135,519
Materials & supplies 262,839
559,886
76,804
96,376 Def. credit items__ 560,711
MIscel. accounts
94,409
373,778
373,778 Appropriated surp c250,049
Advances
580,230
637,837 Profit and loss_ ___ 1,471,649 1,108,497
Sinking fund
500
0th. def. deb.Items
Total
44,608,374 44,029,494
Total
44,608,374 44,029,494
a After deducting $77,526 reserve for accrued depreciation. b Miscellaneous investments include securities pledged, $291,500, and unpledged, $518,030. c Appropriated surplus includes in 1911 additions to property since June 30 1907, through
Income, $241,732, and reserves from income invested in sinking and redemption
funds, 58,317.-V. 93, p. 1022, 470.
Gulf & Ship Island Railroad.
(Report for Fiscal Year ending June 30 1911.)
President J. T. Jones, Sept. 30 1911, wrote in substance:
Results.-While revenues decreased $87,286, or 4.17%, the operating
expenses decreased $72,642, or 5.25%, and the percentage of operating
expenses to gross operating revenues (68,38%) is still less than the low
figure (69.05%) of the preceding year.
While the largest amount of decrease has been in the two maintenance
accounts combined, yet it is not believed that there has been any deterioration in the standard of maintenance, and the property is in equally as good
physical condition as at any time in its history.
Gulfport Harbor.-The exportation of lumber through Gulfport Harbor
showed the greatest increase of any year since 1904, the total for the year
being 342,214,956 feet, as compared with 276,127,000 feet for the previous
fiscal year, the total amount of lumber exported reaching the highest
figure in the history of the road.
The export of other commodities also increased to a great degree, the
net registered tonnage in 1910-11 being 77,454, against 5-4.961 in 1909-10.
These other commodities include chiefly 35,285 bales of cotton, 50,881
barrels of rosin, 307,378 gallons of turpentine 224,270 pounds of hominy,
feed, &c., 2,257,021 staves and slabs, 10,571 piles and 197,984 cross tics.
Imports include 5,581 tons of phosphate rock, 4,250 tons of iron pyrites
and 449,530 gallons of creosote oil.
Bonds.-During the year the balance of the mortgage 6% gold bonds,
aggregating $500,000, matured and were paid off by exchanging for them a
like amount of a new issue of "general and refunding' 6 % gold mortgage
bonds, the total bonds authorized to be issued under this mortgage being
$1,000,000. The balance of the bonds of this issue were delivered in full
settlement of the account heretofore carried on the books as "securities
due for construction of new lines." (V. 92, p. 460.)
Under the sinking fund provision, $73,000 "first refunding and terminal
mortgage" bonds were bought in and deposited with the trustee, increasing
the bonds so held for the sinking fund to $416,000 par value.
Cost of Road and Equipment.-This account shows a net decrease during
the year of $778,088, chiefly due to a reduction of $740,000 in cost of
Columbia Division on account of settlement with construction company
and to an Increase in reserve for accrued depreciation of equipment, $73,775.
Balance Sheet.-The form of comparative balance sheet for this year has
been changed to conform to the requirements of the Inter-State Commerce
Commission. While the reserves for the maintenance of property have
again been deducted from the cost of the property, the figures for 1910 will
not exactly agree with those published last year, on account of the exclusion
from the cost, in the figures now published, of some uncompleted work.
The figures for June 30 1910 have been re-cast for proper comparison with
the figures for the fiscal year ended June 30 1911.
OPERATIONS AND FISCAL RESULTS.
1908-09.
1909-10.
1907-03.
1910-11.
307
307
307
307
Average miles operated_
Operations538,605
979,084
571,246
585,085
Passengers carried
Passengers carried 1 mile 15,641,107 14,519,085 11,551,519 14,439,262
3.046 eta.
2.964 eta.
2.831 cts.
Rate per pass, per mile_ 2.592 cts.
1,115,663
1,276,250
1,197,331
1,265,281
Tons freight moved_ __ _
Tons freight moved 1 m• 85,400,813 89,389.269 81,972,402 91,406,165
1.715 eta.
1.739 cts.
1.662 cts.
Rate per ton per mile'.. 1.703 cts.
254
273
257
274
Av.train load,rev.(tons)
$0.95
$0.79
$0.94
$0.99
Earns, per pass, train m.
$4.75
$4.36
$4.28
$4.66
freight
tr.
m_
Earns. per
$6,821
$6,102
56,733
$6,537
Gross earnings per mile_
$
$
$
$
Gross Earnings1,554,182
1,405,593
1,518,881
1,454,787
Freight
911,016
351,882
405,384
428,008
Passenger
88,085
82,623
94,588
85,928
Mall, express and misc..
40,793
33,096
52,031
34,060
Other than transport'n_
Total oper. revenue.. 2,006,790
Operating Expenses263,817
Maintenance of way, &c.
355,670
Maintenance of equipm't
19,245
Traffic expenses
576,885
Transportation expenses
96,135
General expenses
2,094,076
.1,873,196
2,066,878
365,841
316,238
17,633
595,521
80,162
395,286
278,440
15,899
630,819
86,794
508,385
345,416
15,710
712,954
101,460
1,311,753
(65.37)
695,037
60,423
1,384,396
(86.12)
709,680
61,490
1,407,218
(75.12)
465,978
61,217
1,683,925
(81.47)
382,953
46,334
Operating income_
Other Income
634,614
12,698
648,190
14,170
404,761
7,702
336,619
27,064
Total income
DeductInterest
Sinking fund
Hire of equip., rents, &c.
647,312
862,360
412,463
.363,683
300,593
49,840
7,912
308,838
49,840
14,343
331,487
49,840
26,478
310,547
49,840
11,064
358,345
371,021
sur.227808:709060 sur.291,339
262,500
407,805
sur.4,858
242,500
371,451
def.7,768
240,000
Total
P. c. of exp. to revenue_
Net earnings
Taxes
Total deductions
Balance for year
Dividends, 4%
• Not including company's freight.
CONDENSED GENERAL BALANCE SHEET JUNE 30.
1911.
1910.
1910.
1911.
$
Assets$
s
Liabilities$
• 6,750,000 6,750,000
Road & equipm't *12,931,066 13,709,155 Capital stock
6,000,000 6,880,000
Misc. investments
58,905 Funded debt
51,092
57,000
Cash
157,502 Loans & 1)1115 pay_
178,528
75,000
Loans & bills recle
152,000 Vouchers ‘tr wages 156,988
100,233
127,165
Mat'is & supplies_
153,457 Mat'd Int. & divs_
158,949
127,480
39.111
Miscellaneous ___
88,596
96,751 Miscellaneous ___
30,567
38,539
Sinking fund
427,215
352,178 Int. & taxes accr'd
33,940
120,001
Other def. debit
Def. credit items_
123,726
items
452,135
31,372 Sinking fund
34,804
377,098
125,372
Profit and loss_ __ _
123,497
Total
13,866,311 14,711,321
Total
13,860,311 14,711,321
• Includes investment to June 30 1907, *14,750,387 (road $13,005,043
and equipment 31,745,344), less credits as follows: Investment since
June 30 1907, 3816,315 (in road, Cr. 8896,635, less equipment, $80,321);
less reserve for accrued depreciation, 31.003,006.-V. 92, p. 460.
OCT. 21 19111
THE CHRONICLE
1103
Canadian Pacific Railway Co. '
Statistics.-The earnings and expenses, income account
(Proceedings at 30th Annual Meeting Held on Oct. 4 1911.) and balance sheet have been as follows:
President Sir Thomas G. Shaughnessy said in substance:
EARNINGS AND EXPENSES FOR YEAR 1910-11.
Results.-The volume of passenger and freight traffic even exceeded our
Gross
expectations, with the very gratifying result that the gross operating reveExpenses
Net
DepartmentEarnings. add Taxes. Earnings.
nue for the year was over $104,000,000. (See annual report in "Chronicle"
Pacific Coast Steamship Co
$4,087,719 $3,841,327
of Sept. 2, pages 593. 586.)
$246,391
Crops.-The additional acreage under crop this year at the estimated Rail LinesPacific Coast Railway Co
240,824
average yield per acre will furnish largely increased tonnage, and, although
203,955
36,869
Columbia & Puget Sound RR. Co
604,295
the quality of the wheat has been injuriously affected in some portions of
398,477
205,819
2,502,172
Western Canada, the financial return to the producers should be very large Coal department
1,851,264
650,907
Lumber,
grain,
rentals
miscellaneous
ec
363,729
indeed.
98,305
265,425
New Lines.-It is expected that the 75 miles of the Georgian Bay & Sea- Taxes and general
78,431 def.76,431
board Ry. between Coldwater and Bethany, in Ontario, a portion of the
Total
*7,798,739 *6,469,759 $1,328,980
shorter and more economical route between Georgian Bay and the head of
ocean navigation, will be completed this autumn, and such progress has
INCOME ACCOUNT-ALL COMPANIES.
been made with the construction of the various branch lines in Western
1910-11.
Canada that about 374 miles will be finished within the next couple of
1909-10.
1908-09.
1907-08.
Gross earnings
$7,798,739 $7,903,148 $6,580,507 $7,272,958
months and added to the mileage that is being operated.
It will be necessary to continue to build year by year a good many miles Operating exp. and taxes 6,469,759
6,390,669
5,621,018
6,220,625
of these branch lines to provide present and incoming settlers with transNet earnings
$1,328,980 $1,512,479
$959,489 *1,052,332
portation facilities-more miles, indeed, than would have been needed had
34,698
the Dominion and Provincial governments who have pledged their credit Other income
13,154
21,808
18,812
almost beyond the limit of prudence to assist other railway companies, inTotal net income
$1,363,678 $1,534,287
$972,643 $1,071,144
sisted that these companies should open up new territory instead of building
Deduct
their lines through settled sections where ample transportation facilities
Interest on bonds
$250,000
$250,000
already existed.
$250,000
$250,000
Second Track.-It is evident that on some portions of the system the time Pacific Coast Coal Co.loss a55.610
is almost at hand when a single track will not accommodate your growing General interest
14,448
8,479
traffic without congestion and increased expense, and therefore your direc- Improvem'ts written off..
5,634
10,813
1,176
39,181
tors are of opinion that the double track should be continued westward Loss on steamships
67,000
64,356
125,000
from Brandon to Medicine Hat, a distance of about 524 miles, as rapidly Reserves
125,000
"Exhaustion fund"
24,464
as may be.
23,650
25,402
23,217
Terminals.-With all that has been done in recent years, we find that at Miscellaneous
391
21,62616,978
16,419
76,250
points like Montreal, Toronto, Ottawa, Ft. William, Winnipeg, Calgary Div. on first pref.(5%)
76,250
78,250
76,250
(7)280,000(7 %)310.000 (4)160,000(5 g)210,000
and Vancouver we must still further enlarge our accommodation for pas- Div. on second pref
common
(7)490,000(7 %)542,500 (4)280,000(534)367,500
sengers and freight. Nearly all of the requisite'property has been acquired, Div. on
and the various works will be carried to completion as soon as possible.
Total
31,340,896 $1,418,954
Shops.-It is important that commodious shops should be provided for
$826,960 $1,027,035
$22,782
the repair of the large amount of rolling stock now in service on your lines Balance, surplus
$115,333
$44,109
$145,683
in Alberta, and Calgary has been selected as the best location therefor, proConsists
of
Pacific
Coast
a
Coal
Co.'s loss by explosion, Lawson Mine.
vided suitable arrangements can be made with the city authorities.
Irrigation.-The outcome of the first season's work on the irrigation sys- $165,410, less Its reserve for replacements, $110,000.
tem is very gratifying. The great dam at the Horse Shoe Bend of the Bow
CONDENSED BALANCE SHEET JUNE 30-ALL COMPANIES.
River, south of Bassano, is almost finished, and before the close of the seaAssetsson upwards of 6,000,000 yards of material will have been moved in making
1910-11.
1908-09.
1909-10.
ditches. This should ensure the completion of the work within the next Property (including stocks and bonds
of proprietary companies)
two years; but of course some of the land can be served with water before
$19,712,391 $19,624,168 $19,409,967
Cash
that time.
962,270
848,673
1,269,324
Steamships.-After more than 20 years of immunity from serious acci- Agents and conductors, ike
82,240
77,660
80,279
dent to our fleet on the Pacific Ocean, we were so unfortunate as to lose the Companies and Individuals
944,608
678,564
687,185
steamship Empress of China, wrecked on the coast of Japan July 27 last. Land notes and contracts
193,647
163,851
298,141
and
lumber
Inventories
Another steamship to fill the vacancy, but twice as large and costly, will be Coal
469,434
716,526
421,915
Prepaid accounts
provided at the expense of the steamship replacement fund.
a379,481
233,155
215,895
Outlook.-Very favorable business conditions exist throughout all the Claims against underwriters
148,890
143,164
118,530
territory served by your system in Canada, and there would appear to be Miscellaneous accounts
113,673
62.683
38,817
ample justification for expecting their continuance. West of Lake Superior Materials and supplies
279,320
201,008
253,692
there is a universal spirit of confidence and buoyancy, and, while there is
Total assets
some apprehension that real estate values are, in certain localities, on rather
$23,285,954 $23,018,383 $22,524,794
Liabilitiesa speculative basis, there is room for serious error in this regard because of
the business strides that are being made by almost every city and town Stock (see "Ry. & Indus." Section) _.$12,525,000 $12,525,000 $12,525,000
First mortgage bonds
of any importance.
5,000,000
5,000,000
5,000,000
It will be disappointing if the immigration next year is not larger than Vouchers and accounts
813,947
413,031
479,707
ever before, and with our country's advantages so well known and recog- Wages and salaries
174,152
161,795
154,443
nized all over the world, there would appear to be no good reason why we Dividend Aug. 1
184,063
129,062
294,063
Accrued
interest
on
bonds
should not have an increasing number of newcomers year by year for a long
20,833
20,833
20,833
time to come. If this be the case there will be no halt in the activity Taxes accrued
43,940
38,158
37.518
"Exhaustion fund" for coal lands__ _
of the West.
147,090
171,127
159,110
Special
reserve
fund
The commerce and manufactures of Eastern Canada are in a thriving
125,000
125,000
state, as indicated by the quantity of goods that is being shipped. The in- Other reserves
b412,187
251,113
416,463
crease in the demand encouraged the establishment of new industrial works, Collections for traffic not yet earned_
91,999
138,496
98,922
as well as the enlargement of existing ones, thus furnishing employment Globe Navigation Co
312,500
312,500
437,500
for thousands of additional workmen. so that in point of increased popu- Employees hospital fund
32,187
29,727
31.357
lation Eastern Canada has quite kept pace with the West.
Traffic balances and miscellaneous
51,327
26,843
20,710
Profit and loss
3,345,831
3,323.048
3,207.715
Abstract of Certain Resolutions Adopted (V. 93. P. 593).
(1) That this company lease for 999 years the South Ontario Pacific Rir,
Total liabilities
$23,285,954 $23,018,383 $22,524,794
whether constructed or to be constructed, including a railway now under
construction from Guelph Junction to Hamilton, Ont. 183,i miles, at an ana "Prepaid accounts" include in 1911 insurance paid in advance,$352,436;
nual rental equal to the interest payable on all bonds
' carrying interest at taxes, $15,560, and rentals, $11,485.
not exceeding 4% per annum issued at the request of this company, such
b "Other
include in 1911 reserve for pilotage, $63,780, and
interest being guaranteed by this company, and such bonds not to exceed reserve for reserves"
improvements, replacements and inventories. $348,407.$30,000 per mile of railway constructed or under contract.
V. 93, p. 1025.
(2) That this company execute a 999-year lease from the Alberta Railway
cfc, Irrigation Co. of all the latter's railways and branches in the Province of
American Malt Corporation.
Alberta, constructed or to be constructed, and their appurtenances and
franchises, &e., at an annual equal to 6% per annum on the whole
(Official Statement of October 16 1911.)
of the outstanding ordinary rental stock, viz., $3,250,000, the indenture
Pres. Chas. A. Stadler, N. Y., Oct. 16 1911, wrote in brieft
also including the sale and conveyance to this company of the whole of the
lessor company's lands, irrigation works and mines, and generally all the
Since our last report additional deposits of stock of the American Malting
assets of the lessor company, excepting those to be leased as aforesaid, in Co. have been made under the plan, so that the total amounts owned, also
part consideration of the above payment on the capital stock and in part the amounts unassented (only 3.08%, arc as follows:
consideration of the assumption by this company of all the obligations of
Unassented.
Owned.
the lessor company, including its outstanding debenture stock, the interest Common stock
*456,700
$12,943,300
of which will be paid by this company half-yearly until redemption of same Preferred stock
398,700
14,041,300
as provided for in the trust deed. (See also V. 93, p. 593, 870; V. 92,
(The balance of the outstanding common stock of the American Malting
p. 955, 525; V. 92. p. 1169.)
Co.-$1,100,000-is held in the treasury of that company.)
(3) That the directors be empowered to enter into a lease from the EsquiDisposition of Stock of Amer. Mah Corp.Preferred.
Common.
malt ct Nanaimo Ry. Co. of the railways of that company constructed or to Exchanged for stock of Am. Malting Co. under plan_$5,695,052 $8,705,606
be constructed, including the railway now in operation from Victoria to Reserved for outstanding stock of Malting Co.. _ _ _
200,948
247,194
Wellington on Vancouver Island, about 78 miles, and the railway from Left free in treasury
47,200
104,000
Wellington to Alberni. about 60 miles fa portion of which railway, viz.,
On Sept. 27 1911 the directors of the American Malting Co. declared a
from Wellington to Cameron Lake, 30 miles, is now in operation, and the semi-annual dividend of $2 48 per share upon the pref. stock of that comremainder is approaching completion] for 99 years at a rental equal to inter- pany, payable In two semi-annual installments, $1 24 each, Nov. 1 1911
est at 4% per annum, payable half-yearly on mortgage bonds guaranteed and May 1 1911. As your company is the owner of 140,413 shares of said
both as to principal and interest by this company, and to be from time to pref. stock, this dividend will bring into your treasury $348,224. Your
time issued, with the consent of this company, at not to exceed $14,000 per directors subsequently declared a semi-annual dividend upon the pref. stock
milo in respect of the railway from Vancouver to Wellington and $30,000 of the corporation of 4%, payable in two installments of 2% each, Nov.2
per mile in respect of the branch from Wellington to Alberni and such other 1911 and May 2 1912. [In Nov. 1910 and May 1911 dividends of 1% each
branches and extensions as may be hereafter constructed.
were paid, and previous to these the rate had been 234% each half-year
Consolidated Debenture Stock.-(1) Whereas the branches or extensions from Nov. 1908 to May 1910, Incl.) Compare report of American Malting
aggregating 379 miles set forth below in the annual report (see V. 93, p. Co. below.-V. 93, p. 873.
593-Ed.1 have been constructed or are in course of construction, resolved
that, for the purpose of aiding the construction and equipment of the said
American Malting Co., New York.
lines, the directors may issue consolidated debenture stock to an amount
not exceeding £6,000 sterling per mile in respect of said branches or exten(Report for Fiscal Year ending Aug. 31 1911.)
sions.
Chairman Wilberforce Sully, N. Y., Oct. 16, wrote:
(2) Whereas, there have recently been constructed for the company
two single-screw steamships named Princess Adelaide and Princess
Additions, &c.-"Property, plants and good-will" account has been inAlice, each about 290 feet 1 ng, with a tonnage
of
about creased $292,496, owing to expenditures for construction, real estate and
2,000 tons, and also a steel twin-screw passenger steamship named the purchase of an additional malting plant on which the company held a
Princess Mary, 210 feet long, with a tonnage of about 1,500 tons; mortgage of $35,000, subject to two prior liens amounting to $114,000, the
result of such transaction being to decrease "mortgages on real estate"
and a contract has been entered into for the construction of a steel singlescrew passenger steamship named Princess Sophia, about 245 ft. long, with $35,000 and create an underlying mortgage liability of $114,000.
Dividends-Sinking Fund.-Owing to the payment of two dividends
a tonnage of about 2,000 tons, and this company has recently purchased
the steel screw steam tug Colima. 91 ft. long, the total cost of the said live during the year aggregating 51 24 per share on the pref. stock, the company
vessels, including appurtenances, amounting to about £300,000; and became indebted to the 1st M. sinking fund in the sum of $89,528 and
whereas, this company has entered into a contract for the construction of settled the same by the delivery of $86,000 bonds for cancellation at par
two steel quadruple turbine steamships for the Trans-Pacific Ocean service, and Int. ($88,150), together with cash for the balance of $1,378.
Of the balance, $10,768. in the sinking fund Aug. 31 1910, there was
to be named Empress of Asia and Empress of Russia, to have a gross tonnage of 15,000 tons each, a length of 570 ft., the whole cost thereof, com- returned to the company $10,084 In partial reimbursement for funds explete, being £500,000 sterling each; and the directors have decided to pay pended in the erection of an office building and warehouse In Milwaukee,
the cost of one of these steamships out of the steamship replacement fund; said building to become subject to the lien of the mortgage.
I3onds.-During the year the company purchased in the open market
now, therefore, In order to provide for the cost of the other vessels and
appurtenances, that this company issue its consolidated debenture stock bear- 810,000 of its bonds for the treasury. Adding these and deducting $86,000
ing interest not exceeding 4% per annum to the amount of £800,000 ster- treasury bonds canceled by the sinking fund leaves $206,000 as quick
ling.-V. 93, D. 870, 588.
assets in the treasury. In the past four years $679,000 bonds have been
canceled by the sinking fund, reducing the amount outstanding from
Pacific Coast Company.
$3,714,000 to $3,035,000. During the same period $1,080,112 has been
paid to stockholders in dividends.
(Report for Fiscal Year ending June 30 1911.)
Working Capital.-The company begins its present fiscal year with
Extracts from the report of H. W. Cannon, President and $5,400,453
net working capital, including cash, treasury bonds, mortgages
Chairman of the Board, and J. C. Ford, Vice-President and on real estate, securities of other companies, accounts and bills receivable
and inventories. This contrasts with $4,727,924 Aug. 31 1907 [and with
General Manager, will be found on another page.
$5,072,240 Aug. 31 1910.-Ed.]
Improvement in Earnings.-The average annual net earnings for the 7
years ending Aug. 31 1907 was $220,623, while for the period of 4 years
ending Aug. 31 1911 they were 3828,895.
Stock Exchanged -Additional stock has been exchanged for stock of the
Amer. Malt Corporation in accordance with the plan, so that less than
3.08% of the capital stock remains in the hands of the public unassented.
INCOME ACCOUNT FOR YEARS ENDING AUG. 31.
1907-08.
1908-09.
1910-11.
1909-10.
Profit on malt, barley and
other products dealt In,
incl. Int. on securities
$880,993 *1,319,999
$549,158
owned, loans & bals_ _ _$1,081,778
190,429
198,315
184,398
169,973
Deduct-Int. on bonds__
79,616
74,989
70,384
73,445
Taxes
53,565
93,991
51,922
• Betterments & maint
75,320
$367,295
$323,610
• Total deductions
$306,704
$318,738
• Balance for divs_
sur.$763,040 sur.$242,452 sur.$557,383 sur.$952,704
$225,264
$225,264
$89,528
$179,056
Pref. divs. paid In Nov
225,269
225,264
89528
179,056
Prof. (flys. following May
$404,928
Balance
$63,398 sur.$106,855 sur.$502,176
BALANCE SHEET AUGUST 31.
1911.
1910.
1911.
Liabilities- `""
AssetsPlants & goodwill_27,600,001 27,307,505 Capital stock, pref.14,440,000
Common stock_ _ _ 1,100,000 1,100,000 Capital stock,com_14,500,000
25,825
25,825 First M. bds., 6%.. 3,035,000
Securities other cos
114,000
1,355,881 1,779,487 Underlying mtges_
Cash
21,268
2,204,497 1,711,497 Accounts payable_
Accts. & bills rec
29,174
31,262
32,296 Accrued taxes....
Taxes & insurance
1,513,938 1,195,963 Accrued interest on
Inventories
45,525
282,000
bonds
Bonds purchased_ 206,000
100,000
10,768 Reserve funds_ _ _ _
2,081
Sinking fund
194,000 Profit and loss... 1,913,498
Mtges. on real est.. 159,000
Total
[VoL. Lxxxxin.
THE CHRONICLE
1104
34,198,465 33,639,3411
1910.
14,440,000
14,500,000
3,121,000
71,729
30,284
46,815
100,000
1,329,513
34,198,465 33,839,341
Total
See report of American Malt Corporat on above.-V. 91, p. 1329.
Wells Fargo & Co., New York.
(Report for Fiscal Year ending June 30 1911.)
Pres. D. B. Caldwell, N. Y., Oct. 13 1911, wrote in brief:
Mileage.-The railroad mileage covered by your company contracts
June 30 1911 amounted to 47.356 miles-the stage, inland steamer, coastwise and ocean steamship mileage aggregated 20,512 miles, making the
total mileage operated by your company 67,868 miles. The agencies on
same date totaled 5,204 and employees (exclusive and joint) 16,648.
Results.-While the total mileage at the end of the fiscal year slightly
exceeded that shown June 30 1910, the average mileage operated was materially less, resulting in a loss in gross earnings in excess of the total decrease shown herein for the fiscal year. The increased cost of labor, higher
taxation and the Mal,Ely to reduce operating expense to correspond with
sulting from the non-renewal of important railroad
loss of gross earnings
contracts, accounts lit the main for the increase in ratio of operating
expenses and actual decrease in net earnings. Owing to the continued
operation of other contract lines, your company was compelled to maintain
office representation and wagon equipment, serving wide areas in practically all the more important cities, substantially equal to that previously
existing. For these reasons it was found impracticable to secure anything
(Ike proportionate reduction In expenses to the loss of gross earnings in the
territory affected by these non-renewals.
, Contracts.-Twenty-year contracts were made by your company effective
Aug.1 1911 with the following railroad lines: Missouri Pacific-Iron Mountain
System; Wabash RR., Texas & Pacific RR. From same date a contract
was entered into with the St. Louis Southwestern system. A number of
other lines contiguous thereto have also been added under contracts ranging
from 1 to 20 years. Among these are the Wheeling & Lake Erie RR., the
Ann Arbor RR., the Missouri Oklahoma & Gulf By.. a group of electric
lines in Ohio and a number of minor roads. These acquisitions increased
the railroad mileage operated by the company to 83,461 miles on Oct. 1.
• Your company's service has also been extended throughout Alaska and
the Yukon territory under contracts with White Pass-Yukon Route, Copper
River & Northwestern RR. and various steamship lines operating out of
San Francisco and Seattle. While this is practically a summer service only,
the development in this section gives promise of future express business.
The additional railroad and steamship mileage embraces a very extensive
territory, and its operation necessitated a reorganization of the operating
divisions. This was satisfactorily effected Aug. 1 1911.
Accounting.-A new system of accounting was placed in effect Oct. 1
1911, designed to relieve the operating stall of as much office work as
possible, and to furnish a more prompt report of the results of each month's
business. To facilitate its work, the auditing department has been moved
to Chicago.
Rates. &c.-Thecompany.,together with the other express companies,Is
confronted with numerous inquiries and investigations by State Commissions and the Inter-State Commerce Commission as to the reasonableness of
Its rates, regulations and practices. It is impossible to forecast the outcome of these cases, but they are being given the closest attention. • • •
•
INCOME ACCOUNT.
Years ending June 30
1910.
1909.
1911.
Gross rects,from exp....$25,310,784 $27,303,702 $24,476,432
Total disbursements.... 23,157,013 24.120,227 21,213,953
Net express earnings_ $2,153,771
Net earns., other sources 1,336,122
Total net income_
_ $3,489,893
$3,183,475
1,641,066
$3,282,479
1,401,900
$4,824,541
$4,684,379
BALANCE SREET JUNE 30.
1911.
1910.
AssetsReal est. ec bldgs_
Equipment
Stocks
Bonds
Misc. Investments_
Due by agents_ _ _ _
Agents' drafts.._ _
C.0. D.checks...
Cash & cash items
Secured loans ____
Materials & supp_
Unexpired insur__
Individuals & cos_
Traffic balances._
Int. & divs. neer__
Adv. payments on
contracts
4,979,736
2,288,406
4,098,065
9,979,044
550
2,024,197
65,366
40,818
2,465,931
6,115,550
78,185
3,102
107,107
116,519
194,039
4,411,230
2,309,566
3,756,507
4,183,762
543,125
2,390,803
4,543,364
10,967.819
107,555
40,332
192,710
39,113
636,482
Gross earnings
Expenses (excluding depreciation) __ _
5,257,914
2,243,276
4,111.393
4,79,456
2,107.228 . 1,770,956
Net from operations
Miscellaneous profits
3,014,63s
78,271
2,602,228
80,202
2,340,387
45,360
Total
Taxes
Interest
Dividends
Dividends, per cent
3,092,909
608,596
179,316
1,867,035
(12%)
2,682,430
548,508
168,778
1,555,596
(11%)
2,385,747
462,541
86,846
1,424,389
(11%)
Total deductions
Undivided profits
2,654,947
437,962
2,268,882
413,548
1,973,776
911,971
BALANCE SHEET JUNE 30.
1911.
1910.
1910.
1911
LiabilitiesAssets15,603,700 15,543,600
Capital stock
Installation and
28,196,572 24,001,357 Premium on stock $,Q51,131 9,8,10,015
property
222,000
219,000
First M. bond".
Unfinished instal1,250,000 1,250,000
1,028,425 1,577,954 Consol.
lation
115,035
149,124
1,947,653 Accounts pny
Properties purch
849,000
326,174 Notes payable_ _ _ 2,567,000
Cash in banks_ _ _ _ 369,396
38,500
35,000
_
_
_
notes_
Coupon
649.274
597,250
Stock on hand_ _ _ _
83,500
108,000
6,606 Accrued taxes..._
3.227
Notes receivable
466,308
468,111
390,673 Dividends
Acc'ts receivable_ 394,736
379,359
163,415
maint_
for
Reserve
11,399
37,947
Sundry open acc'ts
32,376
6,914 Replacein't seal_
Replacement
98,913
102,996
21,150 Profit and loss_ _ _
20,877
Cash In sk. fund
30,650,454 23,887,130
Total
-V. 93, p. 941.
Total
30,650,454 28,887,130
American Type Founders Co., New York.
(Report for Fiscal Year ending Aug. 31 1911.)
Pres. and Gen. Mgr. Robert W. Nelson, Oct. 16, wrote:
Results.-During the first few months of the year our sales increased each
month, but later they showed a slight falling off from the previous year, due
to the depression in general trade and business and to the drought in certain
sections of the West and Southwest which materially affected the sales of
our houses in those territories.
This dulness in general business Is now less manifest and our sales for
August and September have nearly equaled those of the same months in1910. While it is not thought that sales will show any considerable increase for some months, it Is believed that there will be a material imptovement during the coming year.
The net profits for the year show a slight increase, being $331,803, as
compared with $323,082 during the previous year. This Increase in net
profits, notwithstanding the decrease in the volume of business, is principally due to a reduction in manufacturing costs as a result of the consolidation of our foundries and their concentration at Jersey City.
Addition.-The addition to the central plant has been finished and the
Company now has ample space for many years to come.
Foreign Business.-Among the most promising of recent developments is
the substantial increase in our foreign business. For several years the
company has endeavored to participate in thejcrowing trade with Mexico,
Cuba, the West Indies and the Republics of Central and South America.
met with generous response, giving evidence of the
Year ending These efforts havethe
part of these countries to look to the United States
growing desire on
'08.
31
July
of their Imports.
proportion
larger
a
for
$22,945,468
20,364,832
RESULTS FOR YEARS ENDING AUGUS7' 31.
1907-08.
1909-10.
1908-09.
1910-11.
$2,580,638
$237,962
$306,759
$323,082
$331,803
1,498,182 Net earnings
$160,000
$160,000
$160,000
Common stock div., 4% __ _$180,000
140,000
140,000
140,000
$4,078,818 Preferred stock dIv., 7%.. 140,000
Balance for year
1911.
1910.
Capital stock
23,067,400 23,967,400
252,127
Real est. reserve__ 282,587
Refrigerator car re33,048
placement
59,223
62,205
Accr.taxes not due
97,989
Div. pay. July 15_ 1,214,892 1,218,855
Money orders
952,084 1,383,693
212,173
C. 0. D.checks
Teleg. transfers_ _ _
13,072
5,929
Agents' drefts
66,580
Express privileges. 1,736,351 2,134,032
Traffic balances __ 222,282
182,718
Sundry creditors__ 969,178
939,319
Profit and loss._ _ _ 4,673,791 3,657,055
sur.$31,803 sur.$23,082
sur.$6,759 def.$82,038
BALANCE SHEET AUGUST 31.
1910.
1911.
Liabilities$
$
Assets4,424,539 4,298,785 Capital stock, corn.
Plant
Mdse.& raw meter. 2,865,181 2,717,935 Capital stock. pref.
806,901 Debenture bonds_
769,273
Accts. receivable
816,460 Accounts payable_
Notes receivable._ 590,677
323,383 Notes payable_ _ ....
353,033
Cash
Stocks and bonds_ 1,304,096 1,093,558 Scrip
131,080 Surplus
121,234
____
Miscellaneous
10,428,033 10,188,1021
Total
-V. 92. p. 1501.
Total
1911.
3
4,000,000
2,000,000
1,900,000
180,807
1,525,300
11,658
810,268
1910.
4,000,000
2,000,000
1,950,000
203,191
1,244,788
11,658
778,485
10,928,033 10,188,102
GENERAL INVESTMENT NEWS,
1,600,000
Taal
34.156,706 34,122,367
__N% 93, p. 878. 801.
As no new properties were absorbed during the past year, the above table
shows for that period the increase which your company obtained through
its regular growth. This is by far the largest in its history,and,except for
last year, Is more than double any previous year.
As there have been no changes In prices during the year past, the following table of operations also represents the normal and regular growth.
Additions.-The growth of the business in the newer Back Bay district
has necessitated enlarging the Scotia Street sub-station, and there has
been erected a three-story addition, covering approximately 2,700 sq. ft.
The new steam turbo-generator referred to last year has been installed
and is just about being put into operation. It is the largest steam turbine
in the world.
While the office building on Boylston St. is of ample size for the Immediate
future, the stock-rooms and workshops therein are much overcrowded.
We have purchased, therefore (since June 30), a tract of about 10 acres on
Massachusetts Ave., adjoining the N. Y. N. H. & Hartford RR. and is is
proposed to erect thereon a complete service depot, including stable, garage,
machine shop, store-rqoms, &c. There will also be room for such welfare
work as may from time to time be thought desirable. [The shareholders
Oct.10 1911 authorized a $500,000 mtge. upon this property, to cover the
cost not only of the land but of such buildings as may be erected thereon.]
Stock.-During the year the stock authorized for the purchase of the
electric property of the Lexington Company has been issued, 424 shares
having been sold at auction for $119,952 75. The 177 shares left over from
the previous Issue have also been sold, so that there is not at present any
stock in the treasury.
Although the growth during the past year has been so satisfactory, there
does not seem to be any immediate need for new capital, and it is probable
that no steps toward an additional issue of stock will be taken for some
months.
STATEMENT OF OPERATIONS ENDING JUNE 30.
1908-09.
1909-10.
1910-11.
Total
34,156,706 34,122,367
Edison Electric Illuminating Co. of Boston.
(Report for Fiscal Year ending June 30 1911.)
President Charles L. Edgar says in substance:
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.-Report.--
Bal.,
Other Interest, Natty. Common
Operating Net (after
Surp.
June 30. Revenue. Taxes.) Income. Rents,&c.(8%) Dividend.
3
Year84
$
19l0-11_ 4,479,120 1,062,018 489,019 595,998 202,821 (5)391,500 360,718
202,821 (2)156,600 569,151
Connected Load.-The following table shows the number of incandescent 1909-10_ 4,221,008 1,175,073 324,682 571,183
compared
-V.
91, p. 1628.
with
years:
as
previous
motors,
lamps, arc lamps, horse-power in
Officers.
-W. H. Bruce
-New
Number of Lamps and Motors Connected.
RR.
Atlanta & West Point
Incand.
Motors has been appointed Secretary-Treasurer to succeed Frank H.
Arc
Motors
Arc
Incand.
30Lamps.
Lamps, (II.P.)
June 30- Lamps. Lamps. (ir.P.) June
9,282 44,068 Hill, who recently resigned. W. A. Winburn, Vice-Presi1911 ____1,605,569 11,544 69,419 1909 ___ _1,040,613
9,867 39,422 dent of the Central of Georgia, has been elected a director
1910 ___ _1,432,407 10,919 57,094 1908 ____ 938,670
Total Load Connected (in 50-watt equivalents) June 30.
to fill the vacancy caused by the death of Major J. F.
1908.
1908.
1907.
1909.
1910.
1911.
Hanson.-V. 90, p. 913.
1,380,909
1,503,478
2,773,838 2,408,926 1,803,803 1,638,544
OCT. 21 1911.]
THE CHRONICLE
Aurora Elgin & Chicago RR.-Report.J'ne 30 Gross
Net
Other
Int. ec.
Preferred
Com.divs. Bal.,
Year- Earns.
Earns.
Inc.
Taxes. Dividends. (3%)
Surp.
1910-11$1,774,992 $721,644 *15,492 $423,373 (6)$186,000 $93,000 $34,763
1909-10 1,536,898 634,121 71,539 373,823 (6) 186,000 93,000 52,837
-V. 92, p. 1563.
1105
Part of the 1st M. issue, it is stated, will be used to provide funds for
construction of the road westward from its present terminus at Steamboat
Springs, for acut-off to the Denver & Rio Grande, and for building the 5mile tunnel through the Continental Divide (V. 92, p. 1310). The rerhainder will be used to retire the present 4% bonds (outstanding only as
collateral), $500 each of the new 5s and the new income 6s being offered in
exchange for each $1,000 bond of the 4% issue. Compare plan V.93,p.1021
Baltimore 86 Ohio RR.-New Director.-Paul M. Warburg
Denver & Rio Grande RR.-New Directors.-Owing to the
of Kuhn, Loeb & Co. has been elected a director to succeed
increase in the board from 9 to 11, Edward D. Adams, repJ. R. Foard, deceased.-V. 93, p. 795, 730.
resenting the Deutsche Bank, has been elected as one of the
Bangor & Aroostook RR.-Report.-For fiscal year:
additional members.
June 30.
Gross
Net
Charges, Impts. Jo
Divs. Balance,
Gould, Howard Gould and Winslow S. Pierce have been succeeded
YearEarnings. Earnings. Taxes, da. Eguipt. (4%). Surplus. byEdwin
three temporary directors, all Denver men. The two Goulds will, it Is
1910-11____$3,351,740 $1,347,969 $1,185,333
$124,584 $38,052 expected, possibly shortly return to the board, and possibly
also Mr. Pierce.
1909-10____ 3,163,272 1,377,982 1,026,803 $161,949 104,212 85,018
-V. 93, p. 730, 596.
-V. 93, p. 939, 795.
Birmingham & Northwestern Ry.-Mortgage.-The stockholders will vote Nov. 23 at Jackson, Tenn., on authorizing
a mortgage to secure 1st M. bonds at $17,500 per mile (including switch tracks and sidings) for the construction of road.
The company was incorporated in Aug. 1910 with $300,000 authorized
stock,to build from Jackson to Dyersburg, Tenn., about 45 miles. John
L. Wisdom is President and rt. F. Spragins, Secretary.
Boston Elevated Railway Co.-New Bonds Sold.-R. L.
Day & Co., Estabrook & Co. and N. W. Harris & Co., all of
Boston, offered on Oct. 19 at par and int., and have entirely
sold, the new issue of $5,000,000 4% gold bonds, dated
Nov. 1 1911 and due Nov. 1 1941. Par $1,000 (c*&r*),
$1,000, $5,000, $10,000 or $50,000. Compare V. 93, p.
795, 870.
Chicago Indianapolis & Louisville Ry.-New Equipmen
Trusts.-Potter, Choate & Prentice, New York, have placed
an issue of $750,000 equipment trust 4% certificates,
series "B," dated Oct. 16 1911 and maturing in 20 semiannual installments, alternately $37,000 and $38,000, from
April 15 1912 to Oct. 15 1921, both inclusive.
rills equipment trust will be a direct first lien on the following new equip-
ment to be purchased at an estimated cost of $1,065,300, of which about
33% will be paid at the outset in cash. From Am. Loco. Co. 9 Mikado
freight locomotives; from Am. Car & F. Co. 1 000 all.steel, 100,000-lbs.
capacity "general utility" coal cars.-V. 93, p. 1021, 1017.
Chicago Rock Island 86 Pacific Ry.-Ratified.-The shareholders voted Oct. 12 to authorize the execution of(a) A guaranty of the prin. and int. of the $10,000,000 1st M. bonds of
St. Paul & Kansas City Short Line RR. Co. (V. 92, p. 526, 593, 1311);
(b) a guaranty of the prin. and int. of $453,600 notes of Rock Island Ark.
& La. RR. Co. for purchase of 22.68 miles of railroad,&c.,from Little Rock
& Hot Springs Western Co. See V. 93, p 345, 469.-V. 93, p. 939.
Cleveland Valley & Terminal RR.-Report.June 30
Operating
YearRevenue.
1910-11_31,350,497
1909-10___ 1,274,084
-v-. 91, p. 1324.
Net (after
7'axes).
$421,676
342,857
Other
Income.
$31,721
27,013
Fixed
Charges.
$246,127
248,204
Balance,
Surplus.
$207,270
122,566
Coal & Coke Ry.-Report.-For year ending June 30:
Fiscal
Gross
Net
Net
Year- Earns.
Ry.Dept. Coal Dept.
1910-11.....$942,753 *337,657
$27,735
1909-10_
882,792
292,121
41,501
-V. 91,-P
.
. 1246.
Other Interesf
Income. & Taxes.
$840 $328,148
313,239
840
Balance
Surplus.
$38,084
21,223
Detroit & Mackinac Ry.-Report.-
June 30. Gross
Net
Charges, Pf.Div Com.Div. Bcti. for
Other
Year- Earnings. Earnings. Income.
ea.
(5%). (5%).
Year.
1910-11 $1,177,099 $354,700 $32,861 $240,061 $47,500 $100,000 None.
1909-10 1,231,244 381,791 18,380 352,671 47,500
None.
"Charges, &c." as above in 1910-11 include $14,420 for additions and
betterments and $27794 for Rogers City extension, against a total of
$130,510 for extraordinary purposes in 1909-10.-V. 92, p. 1374.
Dry Dock East Broadway & Battery RR., New York.Storage Battery Cars.-The company on Oct. 1 changed from
the use of horse cars to Gould storage-battery cars on its
Ave. B and Canal St. lines.
Some 50 storage-battery cars, it is understood, have been purchased
(weighing 5 tons each), of which about 35 are in service.-V.92. p. 1108.
Ferdinand Ry.-Foreclosure Sale.-The 7-mile road,
extending from Ferdinand to Huntingburg, Ind., was sold
for $20,000 .by receiver Hugo Rothert on Oct. 7 at
Huntingburg to the representative of the bondholders.
The road will be reorganized as the Ferdinand RR.
The company had outstanding $57,000 1st M. 5% 40-year bonds dated
Aug. 1908, on which the interest was in default; Security Trust Co., Ind..
trustee.
Georgia Southern & Florida Ry.-Report.-For year:
June 30
Operating Operarg
Other Interest,
Divs.
Balance,
YearRevenues. Income. Income.
ea.
Paid.
Surp.
1910-11
$2,399,398 $457,845 $125,628 $329,448 $88,400 $165,625
1909-10
2,322,158 425,166
57,988 332,029
88,400
82,725
Dividends include yearly 5% (534,200) on first pref. stock and 5% ($54,200) on second pref. stock.-V.91, p. 1247.
Grand Trunk Pacific Ry.-Construction, &c.-At the adjourned annual meeting in Montreal on Oct. 10, President
Charles M. Hays said in substance:
Construction work on the main line is under full headway, with night
and day forces, to Tete Jaune Cache, on the Fraser River beyond Yellowhead Pass, on the western slope of the Rocky Mountains, and it is expected
that the track-laying will reach this point, which is 1,094 miles west of
Winnipeg, before Dec. 31.
In the Western Provinces the company has under construction approximately 1,400 miles of branches, considerable portions of which have already
been completed, the latter including the line to Yorktown, Canora, Regina
and Moose Jaw. Lines are also under construction to Prince Albert.
13attleford, Calgary and Lethbridge, which will place all these growing
cities in direct communication with the main line and secure a large volume
of traffic. Branch lines are also being built into the rich coal fields situated
west of Edmonton.
On all portions of the lines which have been sufficiently completed trains
are at present in operation.
For the purpose of establishing suitable hotel accommodations throughout the country traversed by the company's lines it is proposed to construct
a chain of first-class modern hotels, and with this object in view a contract
has been let for construction of a hotel in Winnipeg at a cost of $1,300,000.
Good progress has been made in the construction work on the Eastern
division, and the present condition of that work shows a total of 1.223.45
miles of main line track and 136 ji miles of side-track laid, and the remaining portions of this section are all under contract.
In the construction, therefore, of approximately 5,133 miles of railway
undertaken in the first instance,there has been laid at the present time practically 3,300 miles of main-line track, and on large sections on which the
construction of the roadbed is already far advanced a large addition will be
made to the track mileage within the next few months.
The company has been granted a subsidy by the Canadian Government
for the construction of a floating dry-dock at Prince Rupert. at an approximate cost of $2,200,000, on which work has already been commenced, and
tenders have also been called for the construction of terminals and a station
in that city. The steamer Prince John has been placed in service between
Prince Rupert and the Queen Charlotte Islands.
Colorado-Utah Construction Co.-Exchange of NotesDeposits.-Holders of the $4,000,000 2-year collateral trust
6% gold notes, guaranteed by David H. Moffat (see V. 88,
p. 1127; V.92, p. 1245), are notified, by advertisement on another page, that they must deposit these notes with the
Equitable Trust Co., N. Y., on or before Oct. 25, if they
wish to avail themselves of the offer to exchange them for
$125 in cash (with interest at 6% per ann. from Aug. 1 1911
to Oct. 30 1911) and $875 in purchase money collateral trust
6% gold notes of the Denver Railway Securities Co., maturing May 1 1912. See full particulars in advertisement and
V. 93, p. 1021.
Grand Trunk Pacific Development Co.-See "Industrial
Commutation Rates.-Rates Ordered to be Made Between. Cos." below.-V.93, p. 527. •
New Jersey Points.-The New Jersey Public Utilities ComIllinois Central
-New Director.-Pres. Charles H.
mission on Oct. 4 issued an order requiring all roads running Markham has been RR.
elected a director in place of the former
or
City
Hoboken
to issue commutation tickets from President, James T. Harahan.-V.93,
to Jersey
p. 877, 871.
these points to other places on their lines within the State.
International & Great Northern Ry.-Permanent CertifiSchedules are to be filed and the rates to be effective Dec. 1.
The railroads have recently declined to issue commutation tickets be- cates Ready.-The temporary certificates for the $11,000,000
tween Jersey City, Hoboken and Camden and other points in the State, so of notes, which were put out by the banking syndicate at
that commuters to those cities were compelled to buy tickets to New York
or Philadelphia. This made the traffic inter-State and took away from the 993, are now exchangeable for permanent certificates dated
Public Utility Commission its jurisdiction to determine the reasonableness Aug. 1, interest being allowed for the time elapsed between
of the rates. The order issued by the board is preliminary to an inquiry
to ascertain whether the new commutation rates when fixed are reasonable the date of issuing the temporary receipts and Aug. 1.
or otherwise.-V. 93, p. 346.
Valuation.-The order dated Sept. 27, made by the Texas
Coney Island & Brooklyn RR.-New Directors.-William RR. Comm., approving an issue of $13,750,000 1st ref. 5%
A. Day and J. A. Thake have been elected directors to suc- bonds, places a valuation of $30,365,047 upon the property,
ceed J. H. Hyde and William H. McIntyre, who resigned.- rights and franchises of the road. The valuation is "subject
to such additions, if any, as shall result from the examination
V. 92, p. 117.
Delaware & Eastern RR.-Successor.-See Delaware & now being made by the commission of certain real estate."V. 93, p. 940, 796.
Northern RR. below.-V.93, p. 940, 588.
Iowa Central Ry.-Proposed Purchase.-See Minneapolis
Delaware & Northern RR.-Reorganized Company.-This
company was incorporated at Albany, N. Y., on Oct. 14 & St. Louis RR. below.-V. 93, p. 1022, 940.
Kanawha & Michigan Ry.-Report.with $1,250,000 stock, of which $250,000 is 6% cum. pref.,
30.
Operating Net Oper.
Other
Interest,
Div.
Balance:
as successor of the Delaware & Eastern RR., recently fore- June
YearRevenue.
Revenue. Income. Taxes,&c. (4%). Surplus.
closed. See plan V. 93, p. 940, 588 .
1910-11 ____$3,111,052 *1,213,152 $209,240 $369,031 $360,000 $693,361
Incorporators as shown by records of Corporation Trust Co. of
Y.
Andrew M.Moreland, Farmers' Bank Bldg., Pittsburgh,Pa.; Jabiz T.N.
Odell,
55 Liberty St., N. Y.; Abram I. Elkus, 170 Broadway, New York.
Denver Northwestern & Pacific Ry.-New Securities.The shareholders on Oct. 14 authorized (1) the proposed increase of the auth. stock from $20,000,000 to $40,000,000,
divided into $20,000,000 of 5% non-cum. pref. stock and of
20,000,000 common stock. (2) The making of a new mortgage to secure not to exceed $40,000,000 5% 40-year bonds,
and (3) an issue of $8,000,000 6% 20-year income bonds.
Compare plan, V. 03, p. 1021.
1909-10 ____ 2,769,657
836,374 186,393 392,393
630,374
From the surplus ,as above in 1910-11, $693,361, there was deducted
$239,000 for equipment trust obligations retired and $452,623 appropriated
additions
and
betterments (against $141,692 in 1909-10), leaving $1,738.
for
-V. 92, p. 1564.
Kansas City Mexico & Orient Ry.-Political Rumors Denied.-President Stilwell on Oct. 17 emphatically denied that
political agitation is being waged with a view to canceling
the concession under which the company is building in the
State of Chihuahua. Mr. Stilwell says:
The fact is that our concession comes from the General Government of
Mexico and not from the State of Chihuahua. Last July we applied for an
extension of time under which to build the road and one year was granted
1106
THE CHRONICLE
[VoL.
from Jan. 1 1912. Work was suspended during the insurrection, but we
expect to resume operations there in a few days. We have no knowledge
that certain contractors have refused to pay their men. We know that we
have paid our contractors, and have nothing to do with the irrelations with
their ldbor Our only connection with the Government of Chihuahua consists in a subsidy which was raised for us through an isstle of bonds.—
V. 93, p. 871, 666.
Rutland RR.—New Director.—Edmund R. Morse, of Rutland, has been elected a director to succeed Gov. Fletcher D.
Proctor, deceased.—V. 92, p. 1437.
St. Louis & San Francisco RR.—Interest Increased.—
Chairman B. F. Yoakum is quoted as saying that the comLehigh Valley RR.—Offer to Purchase.—See Morris Canal pany has increased its holdings of stock in the New Orleans
& Banking Co. under "Industrials" below.—V. 93, p. 809, 790. Mobile & Chicago RR.(see V. 93, p.870, 871), but that the
Maine Central RR.--Guaranty, &c.—The shareholders entire stock (consisting of $8,075,300 common and $2,000,000
pref.)is not owned,and that the road will continue to be opervoted Oct. 18 to authorize:
(1) The guaranty by Maine Central and Boston & Maine jointly of prin- ated as an independent line, in no way under the control of the
cipal and interest on Portland Terminal Co. bonds, issue not to exceed $10,- St. L. & S. Fr. RR. Co. Mr. Yoakum says in substance:
000,000;(2) to purchase the stock of the Sandy River & Rangeley Lakes RR.
T. DeWitt Cuyler of Philadelphia and Frederick H. Appleton of Bangor
were added to the board.—V. 93, p. 940.
Memphis (Tenn.) Union Station Co.—Notes Sold.—In order to provide for the retirement of $1,500,000 2-year 5%
notes, due Nov. 1 1911, and for the completion of the property, the company has sold to Potter, Choate & Prentice of
N. Y. City $2,100,000 2-year 5% guaranteed gold notes secured by $2,500,000 of the issue of $3,000,000 1st M. 50-year
4% gold bonds dated 1909.
Several years ago the 'Frisco purchased a small interest in the Mobile
road, since which time the property has gone through a reorganization and
more than $1,250,000 has been expended upon the property, its terminal
facilities and equipment. This road serves Mobile, one of the most aggressive ports on the Gulf of Mexico, the traffic of which, both to and from the
ships, is increasing rapidly. The opening of the Panama Canal and the
large increase in traffic of South and Central America make this new outlet
important. The line's business is increasing monthly, although the general
business Is not up to the high standard of the property. With the 'Frisco
as an outlet to Memphis and the Territory of Oklahoma, Kansas, &c., both
companies will be largely benefited. The lumber business, upon return of
normal conditions, should add considerably to present traffic. See p. 91
of "Railway and Industrial" Section.—V. 93, p. 1022, 797.
Both bonds and notes are guaranteed as to principal and interest by the
Louisville & Nashville RR. Co., Nashville Chattanooga & St. Louis By. Co.,
St. Louis Iron Mountain & Southern By. Co., Southern By. Co. and St.
Louis Southwestern By. Co. Compare V. 01, p. 94.
Southern New England RR.—Stock.—The Mass. RR.
Commission has sanctioned the sale of an original issue of
$1,000,000 cap. stock on account of construction and equipMinneapolis & St. Louis RR.—Meeting—Proposed Pur- ment.—V. 92, p. 1311.
chase of Iowa Central.—The shareholders will vote Dec. 18
Spokane Portland & Seattle Ry.—Stock Placed in Trust
on authorizing:
Satisfaction of Mortgage—Bonds Given to Two ProUntil
1. The lease by this company of the property of Iowa Central By. Co.
2. In the event that the aforesaid lease shall.be authorized the purchase prietary Companies and Guaranteed by Them.—See Great
Northern Ry. report on a previous page.—V. 93, p. 1022.
or acquisition by this company of the property of Iowa Central By. Co.
3. The purchase or acquisition of the property of Minnesota Dakota
Union Pacific RR.—New Offices.—On Jan. 1 1912 the
& Pacific Ry. Co.
4. The increase of the authorized capital stock by providing for the issue entire New York staff of the Union and Southern Pacific comof (a) $8,000,000 pref. stock, in addition to the present $4,000,000 authorized preferred (formerly 2nd pref.) stock.(b) $4,500,000 common stock panies and the Chicago staff under Vice-Prest. Kruttschnitt
in addition to the present $13,500,000 authorized common stock,(c) the and Traffic Director Spence will move to the City Inexecution of a mortgage to secure an authorized issue of $75,000,000
vesting Building, at 165 Broadway, N. Y. City.
face value of 5% 50-year gold bonds.—V. 93, p. 940, 1022.
An exchange journal says that the management has taken under a long
Missouri Kansas & Texas Ry.—Acquisition.—The com- lease
about 40,000 sq. ft. In said building, being the equivalent of about
pany has acquired the entire stock ($2,000,000) of the two floors, including the 25th, which will be taken entire,and will pay
$40,000 and $50,000 a year for each floor.—V. 93, p. 1022, 941.
between
Wichita Falls & Northwestern Ry. See description and
Virginia & Southwestern Ry.—Equipment Trusts Offered.
map in "Railway and Industrial Section," page 141.—
—Potter,Choate & Prentice are offering, on a 4.70% basis, the
V. 93, p. 951, 937.
Missouri & North Arkansas RR.—Notes.—The "St. Louis unsold portion of $500,000 432% equipment trust certificates,
to be dated Nov. 11911, maturing in 20 semi-annual installRepublic" Oct. 17 said:
Preparatory to the permanent readjustment of the affairs of the Missouri ments of $25,000 each from May 1 1912 to Nov. 11921.
& North Arkansas, John Scullin, the President of the company, has sold
$900,000 of John Scullin 6% collateral trust bonds to the Mercantile Trust
Co. of St. Louis. The securities are dated Sept. 1 1911 and expire Oct. 1
1914. The bonds are secured by $1,223,000 of Allegheny Improvement Co.
5% collateral trust bonds, which are secured by deposit with the St. Louis
Union Trust Co. of all the issued capital stock of the Missouri & North
Arkansas. See V. 86, p. 857.
Montreal Street Ry.—Circulars—Alternate Option Expires
Oct. 29.—Secretary Samuel T. Mains, of the Montreal Tramways Co., in a circular dated Oct. 14 says in substance:
We have entered into anagreement with Montreal St. By. Co. for the
acquisition of its undertaking and properties, and among the considerations
on our part we have agreed to pay, on the completion of the transfer to us,
for $438 75 in cash, $800 in 5% deb. stock of the Tramways Co. and $100
in its ordinary shares for each five shares of Street By. stock. At the
meeting of the Street By. shareholders approving the agreement, a number
of shareholders requested that the Tramways Co. should undertake to deliver to those shareholders who prefer not to take any cash $1,250 in 5%
debenture stock and $100 in ordinary shares against each 5 shares of Street
By. We are ready to accede to this request as to all shareholders who return the accompanying statement within 15 days from this date. All
others will receive cash, debentures and shares,as provided in the agreement.
Compare V. 93, p. 1022, 871.
New Orleans Mobile & Chicago RR.—Increased Stock
Holding.—See St. Louis & San Francisco RR. below.—V.93,
p. 870, 871.
New York & Long Island RR.—Proposed Ouster Proceedings by State.—The Public Service Comm. on Oct. 17 requested Attorney-General Carmody to begin proceedings in behalf
of the State against the trustees of the company.
President Willcox of the Commission states that the negotiations looking
to the operation of the road have been unsuccessful, the Interborough Company refusing to submit any definite proposition to come within the terms
of the remedial statute of 1010 and the route occupied by the Steinway
tunnel being necessary for rapid transit purposes—V. 91, p. 871.
Ocean Shore RR., California.—Reorganized Company.—
This company was incorporated in California on Oct. 16 1911,
with $5,000,000 in $100 shares, as successor, or proposed
successor, of the Ocean Shore Ry., foreclosed.
Incorporators: P. I. Mullen, S. M. Marmon Jr., S. W. Reynolds, 0. B.
Wyman, F. E. Boland, S. I. Langmaid and A. C. Greene. Compare
V. 92, P. 396.
Philadelphia Baltimore & Washington RR.—Guaranteed
Bonds.—See Phila. & Bait.Cent. RR. above.—V.92,p.1701.
Philadelphia & Baltimore Central RR.—Option to Exchange
Maturing Bonds for Guaranteed 4s of New $10,000,000 Issue.
—Holders of the $2,200,000 1st M. bonds due Nov. 1 1911
($1,000,000 5% and $1,200,000 43%) are offered for 60
days from Nov. 1 1911 the privilege of exchanging their
bonds for bonds of a proposed issue of this company's 40-year
4% mortgage gold bonds (c*),guaranteed,both principal and
interest, by the Phila. Bait. & Wash. RR. Co., by endorsement on each, the new bonds to be taken at 98% of par, the
difference of $20 to be paid in cash at time of exchange; or
the principal of the maturing bonds will be paid on and after
Nov. 1 1911 upon presentation at the office of Treasurer
James F. Fahnestock, Broad St. Station, Phila.
The Public Service Commission of Maryland will be asked to permit the
issue of bonds to the same amount as these maturing, of an authorized issue
of $10,000,000, the balance to be issued only with the consent of the Commission. Checks in payment of the six months' Interest due Nov. 1 on the
bonds will be mailed as usual.
Quebec Central Ry.—Lease Approved.—The stockholders
have approved the lease of the road to the Canadian Pacific
for a period of 999 years. Compare V. 93, p. 667, 590.
The certificates will be issued under an indenture to the Bankers Trust Co.
of New York, as trustee, and be secured by a first lien on 6 Mikado type
freight locomotives, together with the appurtenant tenders; 525 steel coal
cars and 50 steel under-frame box cars. The estimated cost of the equipment is S640,500,of which $140,500 is to be paid in cash by the company,
representing an equity of about 22%.—V. 91, p. 1247, 1096.
Report.—For year:
Balance,
Interest,
Other
June 30
Operating
Net (after
surplus.
taxes).
rentals,ctc.
income.
Year.
revenues,
$109,288
$370,793
$402,193
$77,8118
1010-11____$1,393,448
114613
263,361
85,564
292,410
1909-10____ 1,196,194
From the balance as above in 1910-11 was deducted $224 for additions
and betterments, against $1,012 in 1909-10, leaving a balance of $109,064
in 1910-11, against $113,601.—V. 91, p. 1247.
Western Maryland Ry.—Report.—
Fixed Preferred
June 30 Operat'g Net (after Other
Charges. Dividends.
Inc.
Year— Revenue. Taxes.
$
$
1910-11 7,200,133 2,521,282 568,434 2,320,380 (4)400,000
1909-10 7,081,057 2,764,261 628,815 2,404,347 (2)200,000
—V. 93, p. 287, 47.
Add's & Bat.,
Bens. Sum.
140,922 219,419
128,564 660,165
Western New York & Pennsylvania Ry.—Purchase.—The
shareholders voted Oct. 16 to purchase the property and
4 miles.—V. 93,
franchise of the subsidiary Kinzua RR., 223
p. 1022.
Wichita Falls & Northwestern Ry.—Sale.—See Missouri
Kansas & Texas Ry. above.—V. 93, p. 873.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Beet Sugar Co.—First Dividend on Common.—
An initial quarterly dividend of 13% has been declared on
the $15,000,000 common stock (placing it on a 5% annual
basis), payable Nov. 15 to stock of record Oct. 30.—V. 92,
p. 1308.
American Locomotive Co.—New Director.—Albert H.
\Viggin, President of the Chase National Bank, has been
elected a director to succeed the late Julius E. French.—
V. 93, p. 941, 587.
American Soda Fountain Co.—Reorganization.—The reorganization committee has issued a circular to shareholders
announcing that it has been decided to put the plan (V. 93,
p. 347) into operation. The American Soda Fountain Co.
of Maine has accordingly been organized, with $1,250,000
capital stock, all of one class (par of shares $100). Deposits of the stock of the old corporation are asked under the
plan.—V. 93, p. 347, 287.
American Surety Co.—New Trustees.—Francis L. Hine,
Pres. of the First National Bank, Robert Mather, Chairman
of the Westinghouse Electric & Mfg. Co., and Daniel G. Reid
have been elected trustees. Messrs. Mather and Reid have
also been elected to the executive committee.—V.89, p. 1599.
American Telephone & Telegraph Co.—Offer for Minority
Shares of Sub-Companies.—This company by circulars dated
Oct. 16 offers until Nov. 16 to give its own stock in exchange
for the outstanding minority shares of the three sub-companies first named below, arid Kidder, Peabody & Co., Boston, by circular dated Oct. 18, offer to purchase "before
Nov. 9' the minority stock of the Western Telephone & Telegraph Co., on the bases shown:
THE CHRONICLE
OCT. 21 1911.1
Basis of Exchange.
Fractions (cash).
Minority Stk. of- Amount.
Mo. & Kan. Tel.
per share
Co.(V92,p.1029) $1.633,500 *300 A.T.&T. for $700 $60
Central Union Tel.
52 50 do do
785,500 300 A.T.&T. for 800
Co.(V.92.p.883)
Be11Tel. Co. of Mo.
do do
(V. 92, p. 1029) 2,956,200 600 A.T.&T. for 700 120
do do
28
West. T. & T.corn. 6,856,500 100 A.T.&T. for 500
pref. 3,812,400 300 A.T.&T. and
do do
$20 cash for__ 400 105
do do
Provisions Relating to the Three Companies First Named Above.
per sh.
fractions
will
be
adjusted
(bought
$140
T.
Co.
or sold) at
A. T. &
Stock to be exchanged must be endorsed for transfer and deposited
t 15 Dcy St. N. Y
Y. The
with G. D. Milne, Asst. Treas. A. T. & T.
Co.,1911 and will carry
A. T. &T.stock will be delivered by Dec. 16
' the quarterly dividend, payable Jan. 15 1912. When a fraction is involved, unless
otherwise requested, it will be understood that the shareholder elects to sell.
After Oct. 16 more than one fractional adjustment may be refused.
[For the W. T. & T. shares the new A. T. & T. certificates will be delivered by Dec. 10, carrying the Jan. 15 dividend. The right is reserved to
decline to exchange certificates issued after Oct. 18.-Ed.)
The acquisition at the foregoing rates of all these minority
shares will require the use of $7,771,780 A. T. & T. stock
(forming part of that re-purchased early in 1910 from the
Mackay Companies-see V. 90, p. 561) and about $190,000
cash. The company is arranging to merge with itself its
subsidiary holding company, the Western Telephone & Telegraph Co.(V. 92, p. 954).-V. 93, p. 798, 347.
American Tobacco Co.-Plan.-An abstract of the plan
which the company filed with the U. S. Circuit Court in
N. Y. City on Monday will be found under the heading
"Reports and Documents." The Court has set Oct. 30 as
the day for the first public hearing on the question whether
the plan complies with the recent decision of the Supreme
Court of the U. S.(V. 92, p. 1501) and will actually have the
effect "of dissolving the combination and of re-creating out
of the elements now composing it a new condition which shall
be honestly in harmony with and not repugnant to the law."
Representatives of the leading independent tobacco interests claim that
the plan will not improve the situation and should be disapproved. The
Attorneys-General of North Carolina, South Carolina and Virginia were
to meet on Thursday to discuss the plan.
The compromise terms granted in the plan to the 4% bonds have, it is
stated, removed the danger of opposition from the holders of these bonds,
and led to the deposit of about $8,000,000 additional 4% bonds with the
Guaranty Trust Co., depositary under the plan.-V.93, p. 873, 732.
'•
American Type Founders Co.-Report.-
Aug. 31
Year1910-11
1909-10
-v. 92. I). 1301.
Net
Earnings.
$331,803
323,082
--Dividends
Corn. (4%). Pref. (7%).
*140,000
$160,000
140,000
160,000
Balance,
Surplus.
$31,803
23,082
American Window Glass Co.-Report.Net
Sept. 1
Profits.
Year$957,868
1910-11
886,522
1909-10
-V. 91, p. 1097.
Other
Income.
$110,712
76,023
Fixed
Charges.
$266,915
329,546
Royalty
Charges.
$928,785
640,953
Balance,
Deficit.
$127,120
7,953
Arizona Commercial Copper Co.-No Consolidation.-See
Superior & Boston Copper Co. below. Compare V.93,p.1023.
Associated Simmons Hardware Companies, St. Louis.Sale of Notes.-Kuhn, Loeb & Co., New York, announced on
Tuesday that they had sold the entire present issue of $5,000,000 5-year 5% gold notes, which they offered at 983.
and interest. (V. 93. p. 537.)
Bell Telephone Co. of Missouri.-Option.-See Am. Tel.
& Tel. Co. above.-V. 92, p. 1029.
Borden's Condensed Milk Co.-New Director.-A. W. Wilburn has been elected a director, William J. Rogers retiring
on account of age.-V. 91, p. 1097.
Central Union (Bell) Telephone Co.-Option.-See Am.
Tel. & Tel. Co. above.-V.92, p. 883.
Citizens' Gas Co. of Indianapolis.-Semi-Annual Report.Net
Six Months ending Operating Other Expenses
Income. Income. A. Taxes. Earns.
June 30$323,168 $551 $267,342 $56,377
1911
184,814
35,313
220,005
122
1910
__v. 93, p. 410, 107.
Interest Balance,
Chges. Surplus.
$17,472 $38,905
15,146
20,167
Sale of Debentures.-The company has sold to the GermanAmerican Trust Co. of Indianapolis $33,000 of 6% debentures
at a premium of one-half of one per cent; par $500.each.
The proceeds are to be used to extend the lines. The bonds are a genera
lien on the property and are also secured by the earnings on the new line.
to be laid with the money. As the earnings are collected on the new line,
they will, it is stated, be deposited with the Trust Company and as the
amount deposited reaches $500, It will be used to pay off one of the bonds
It is estimated that it will take over a year to cancel all of the bonds
$11,500 debentures were out June 30 1911. Compare V. 93, p. 410, 107.
Cities Service Co., New York.-Stock-Status.-Henry L.
Doherty & Co., New York,are recommending for investment,
yielding at the market price over 73'% income, the preferred
stock of this holding company for the stocks of gas and
electric properties operated by the Doherty Operating Co.
in Denver, Spokane, Joplin, &c. A circular reports:
Earnings on Stocks Owned, ek.c., for 11 Months ending Aug. 31 1911.
$818,6351Divs. on pref. stock
$459,705
Gross earnings
793,2211Divs. on common stock__ 131,463
Net earnings
Surplus-------------------------------------------------$202,050
Monthly dividends of 6% per annum on pref. and 3% on common stock
have been paid continuously from organization, leaving, in Sept. 1910,
accumulated surplus of $202,053. Total p pulation of district served
over 440,000, an increase of more than 80% in ten years.
Authorized. Outstanding
Capitalization$30,000,000
$8,661,240
Preferred (6% cumulative)
20,000,000
4,887,620
Common
It is the plan of the company to increase the dividend rate on the common
stock (now 3%) 1% each year, beginning Jan. 1912, until 6% is reached._
V. 93, P. 471. 231.
Crucible Coal Co., Pittsburgh.-Bonds.-The $1,000,000
5% bonds of this subsidiary of the Crucible Steel Co. of
Am, were offered last summer at par and int. by the Union
Trust Co. of Pittsb.,and have all been sold. Par $1,000 c*.
Secretary, Chas. W. Rowland. See also V. 93, p. 1019.
1107
Crucible Steel Co. of America.-New Director.-H.S. Wilkinson, Pres. of the Holcomb Steel Co., has been elected a
director.-V. 93, p. 1019.
Federal Mining & Smelting Co.-New Directors.-Frank
C. Druding, George F. Hilton Frank R. Raiff, William E.
Bennett and Herbert W. York'
have been elected directors to
succeed J. K. McGowan, F. W. Hills, Jos. Clendenin, W. E.
Merriss and Judd Stuart.-V. 93, p. 733, 289.
Four States Coal & Coke Co., Pittsburgh, Pa., and Fairmount, W. Va.-Stock.-This company, of which David S.
Jones is the President, has sold at par, $100 a share, to shareholders of record Oct. 1 $500,000 6% cum. pref. stock.
This makes the outstanding stock $1,500,000 pref. and $5,000,000 common, being the entire authorized issues. The pref. shares have received
this year dividends aggregating 454%, the last 13% Oct. 1. No dividends as yet on common. Funded debt, $3,500,000. Preparations for
opening a new mine are In progress. See V. 92, p. 1639.
H. C.Frick Coke Co., Pittsburgh.-Offering of $18,000,000
Bonds Guaranteed by U. S. Steel Corporation.-The Union
Trust Co. of Pittsburgh, the mortgage trustee, sold this
week, at prices to yield about 4.7% income the entire auth.
issue of $18,000,000 "Pittsburgh-Monongahela first lien purchase money" 5% gold coupon bonds, guaranteed principal
and interest by the U. S. Steel Corporation. Dated July 1
1911 and due in 30 annual installments of $600,000, beginning July 1 1915 and ending July 1 1944, inclusive. Par
$1,000 c*. Coupons J. & J. Free of all taxes in Pa.
Digest of Letter from Pres. Thomas Lynch, Pittsburgh, Sept. 18 1911.
The company was organized in Penna. in 1882. All its capital stock of
$20,000,000 is owned by subsidiary companies of the U.S. Steel Corp. Its
current assets largely exceed current liabilities.
This company recently purchased from the Pittsburgh Coal Co. and the
Monongahela River Consol. Coal & Coke Co. about 16,075 acres of coking
coal and 1,400 acres of surface land: about 1.000 beehive coke ovens, mine
buildings and mine equipment, tenement houses and all improvements
thereon. All of these bonds were issued in payment for these properties.
Total Amount of Bonds Authorized and Outstanding, $18,700,000.
1st M. 5% gold bonds, due annually, 1912 to 1918 (callable at
105 for sinking fund)
$700,000
Pittsb.-Monon. purch. money 1st M. 5% bonds (present issue) _ 18,000,000
The payment of the principal and interest of the present issue Is uncon
ditionally guaranteed by endorsement on each bond by the U. S. Stee
Corporation. The net earnings of the H. C. Frick Coke Co.. after making
liberal allowance for depreciation, have been largely in excess of the
amount required to pay the interest and principal of its mtge. Indebtednessas they fall due.
As of July 1 1911 this company owned and controlled in the Connellsville
and lower Connellsville coke regions, exclusive of this recent purchase.
58,750 acres of coking coal, 21,900 acres of surface land, tenement houses
for 8,155 families, 68 mines, 20,490 beehive coke ovens (with a total capacity of over 1,000.000 tons of coke per month), together with railroad
sidings and modern equipment of every kind for the operation of the mines
and ovens to full capacity.
[The Trust Company says: "The property of the H. C. Frick Coke Co.
Is conservatively valued at more than *100,000,000, or over five times the
total bonded debt. The mortgage provides for a sinking fund for the payment of these bonds In the event of the mining of the coal thereunder at
a faster rate than the bonds are paid."-Ed.1-V. 76, p. 813.
Grand Trunk Pacific Development Co.-Lands.-The
Canadian Government has agreed to transfer to the company at $3 an acre some 13,593 acres of land in parcels of
about 160 acres each,at approximately 85 station points on
the line of the Grand Trunk Pacific Ry.
Under this grant, as also under the agreement of 1909. the company must
turn over to the Receiver-General of Canada 25% of the net proceeds of
sale of such land and the Grand Trunk Pacific Ry., which guarantees the
company's bonds, p. & I. Is to hold all the ordinary stock of the Development Co. so long as any oif the Railway's bonds guaranteed by the Government are outstanding. (See also V. 91, p. 1449.)-V. 92, p. 1246.
Great Northern Iron Ore Properties.-Probable Termination of Lease Jan. 1 1915.-See U. S. Steel Corp. below.
-V. 93, p. 733.
Great Western Cereal Co.-Suit.-The Continental &
Commercial Trust & Savings Bank, the mortgage trustee, on
Oct. 18 filed a bill in the Circuit Court asking the Court to
determine the proper distribution of $775,000, the balance
on hand out of the $1,000,000 received from 'sale of the
.properties after the expenditure of $225,000 used by it in
the purchase of bonds.-V. 93, p. 874, 799.
Hamilton Gas & Electric Co.-Deposits.-A bondholders'
protective committee consisting of Wm. E. Hutton, of Wm.
E. Hutton & Co., Cincinnati, J. C. Thorns and Frank L.
Perin, urges the immediate deposit of the bonds with the
First Nat. Bank of Cincinnati, the depository.-V. 93, p.
533, 411, 167.
Indian Refining Co., New York and Cincinnati.-Called.The company has called $192,000 of its $4,000,000 1st M.
6% gold bonds dated April 1 1911 for redemption at 102 and
int. on Nov. 3 at the Bankers Trust Co., New York. Compare V. 92, p. 884.
International Agricultural Corporation, New York.-To
Rejoin German Potash Syndicate.-The report is confirmed
that agreements have been reached by which the company's
Sollstedt mine and the Ascherleben mine, which has
long been owned by Pres. Schmidtmann, will rejoin the
German potash syndicate, thus ending the potash controversy. The Ascherleben mine, it is said, will receive $750,000 as compensation for canceling American contracts.
Compare V. 93, p. 289.
Janesville (Wis.) Water CO.-Proposed Purchase by City.See "Janesville" in State & City department.
Jersey City Water Supply Co.-City Completes Purchase-Bonds Called.-The company has called for redemption at par
and interest on April 12 1912 at the First National Bank,
New York, all of the outstanding 4% 25-year bonds dated
May 11899. The company received from the city on Oct. 10
two checks aggregating $6,992,000, representing the purchase price of the property. A certificate of decrease of
capital stock from $1,000,000 to $10,000 was filed on Oct. 13
1108
THE CHRONICLE
in the office of the Secretary of State of New Jersey.—
V. 93, p. 874.
Kings County Lighting 00.—Rates Reduced.—The Public
Service Commission has issued an order on complaint reducing
the rate charged by the company for gas in the Thirtieth
Ward of Brooklyn from the present amount of $1 per 1,000
Cu. ft. to 85 cents from Nov. 1 1911 to Dec. 31 1912, and to
80 cents from Jan. 1 1913 to Dec. 31 1913.—V. 89, p. 39.
Lake Superior Iron & Chemical Co.-2d M. Bonds.—The
shareholders on Oct. 14 authorized an issue of $1,500,000
10-year.6% 2d M. bonds to be pledged as collateral to secure
an issue of $1,000,000 6% 5-year gold notes.
It is said that the Continental ec Commercial Savings Bank of Chicago was
appointed trustee of the bonds and the Union Trust Co. of Detroit of the
notes. See V. 93, p. 874.
(P.) Lorillard Co.—Proposed Retirement of Pref. Stock.—
See American Tobacco Co. plan.—V. 85, p. 603.
Mergenthaler Linotype Co.—Report.—Year end. Sept. 30:
1910-11.
1909-10.
1907-08.
1908-09.
$2,703,869
$2,733,270
Total net profits_ _
$2,426,716
$2,642,468
.(163i)2,111,637
_(15)1,917,630 (15)1,743,007 (15)1,649,400
Dividends
$621,633
$846,239
Balance, surplus __
$777,316
$899,461
• Dividends as shown above in 1910-11, 16;4%, consist of 73% paid in
Dec. 1910 (includink 2% regular and 5% extra) and 23% regular and
34% extra, each, in March, June and Sept. 1911. The amount of capital
stock outstanding on Sept. 30 1911 was $12,797,800, an increase of only
$10,100 during the year, making the dividends, approximately, $2,111,637.
—V. 92, p. 600.
Minneapolis General Electric Co.—On 8% Basis.—A quarterly dividend of 2% has been declared on the $3,375,000
common stock, payable Nov. 1 to holders of record Oct. 18,
comparing with 1% quarterly from Aug. 1910 to Aug.
1911, 1% quarterly from Nov. 1909 to May 1910 and 2%
semi-annually from 1906 to Aug. 1909.
Dividend Record (Per Cent).
1907.
1906.
1908.
1909.
4
4
4
5M
—V.93, 15. 1025, 942.
1910.
634
1911.
3.4,
Missouri & Kansas (Bell) Telephone 0o.—Option.—See
Am. Tel. & Tel. Co. above.—V. 92, p. 1029.
Morris Canal & Banking Co.—Offer to Purchase Stock.—
The Lehigh Valley RR. has issued a circular offering to purchase at $70 a share the consolidated stock of the company
not already owned and the pref. at $170 per share. The
circular says:
As an alternative to acceptance of the offer the stockholders face either
the condemnation and abandonment of the canal, In which case the shares
will be appraised and the company's debts must be paid out of the appraisement, or in any case the State has a reversionary interest in the canal, which
will certainly be exercised by 1914, or possibly by 1924. If at the former
date, stockholders will get nothing, and if at the latter date, only an appraised value, to be fixed by the Public Commissioners.
In view of the obsolete character of navigation on small canals, it is stated
that no large appraisement, either under condemnation or revision, could
be expected.
The prices which the Lehigh Valley is willing to pay are, it is said, higher
than any the company has paid for it since abandonment of the canal has
been suggested. When the bill for the abandonment was presented to the
New Jersey Legislature last spring, the number of trust companies, estates
and individuals holding considerable amounts of the stock offered their
holdings to the Lehigh Valley rather than await the outcome of the condemnation and abandonment. The total holdings of the Lehigh Valley are
more than two-thirds of the entire stock of the canal company.—V. 92,
p. 1113
[VOL. Lxxxxim
Simmons Hardware Co., St. Louis.—Notes.—See Associated Simmons Hardware Co. above.—V. 93, p. 537.
• Superior & Boston Copper Co.—Consolidation Plan Abandoned.—Pres. William G. Rice on Oct. 17 said:
The proposed consolidation has not matured because the 75% of the
Arizona Commercial bonds required has not been deposited. Our offer
expired yesterday and all securities deposited under it will be immediately
returned. (See Arizona Commercial, V. 93, p. 1023.)—V. 93, p. 942, 734.
(Corporation of) United Cigar Stores, New York.—Status.
—S. M. Stroock, counsel for the company, in a statement
issued on Monday, said in substance:
I have not decided whether I shall file any petition with the Court in the
matter of the disintegration of the American Tobacco Co. A large amount
of proof was taken in the suit concerning United Cigar Stores Co. [the
operating company, whose entire capital stock and bonded debt are owned
by Corp. of United Cigar Stores—Ed.), and after the case was decided by
the Circuit Court, the Government, in its brief filed in the U. S. Supreme
Court, stated: "The Government did not ask that this defendant (United
Cigar Stores Co.) be prohibited from doing Inter-State business, but sought
to prevent the American Tobacco Co. from controlling and using it to
destroy competition and acquire more complete monopolies. This would
leave it standing alone to work out its own destiny." This position the
Government has consistently maintained.
The result has been that in the plan filed to-day by the American Tobacco Co. It proposes to distribute the shares of Corporation of United Cigar
Stores which the Am. Tob. Co. now holds to the common stockholders of
the Am. Tob, Co. The plan shows that the result will be that the Am.
Tob. Co. will have no further control over United Cigar Stores Co., nor
will these two companies have any interest, one in the other. The defendants will be left with 33,886 shares of Corporation of United Cigar
Stores out of a total issue of 90,010 shares, so that there will be 56,124
shares—that is, 62.35% of the voting stock—held and owned by others
than the defendants. This plan, it seems to me, fully meets the requirements of the Government and is essentially in accord with the decision of
the U. S. Supreme Court.
I look forward now confidently to the immediate commencement of an
era when competition both in the wholesale and retail tobacco trade will
have unrestricted sway. United Cigar Stores Co. has constantly added to
its stock of goods, the goods of all manufacturers including those in opposition to the Am. Tob. Co. wherever there has been a demand for these
goods; and along legitimate lines in the upbuliding of its business, it has
encouraged this demand by advertising the goods of independent manufacturers and otherwise. This it will continue to do.—V. 92, p. 1438.
United States Envelope Co.—Dividend on Account of
Accumulations.—The directors have declared a dividend of
1% on the $3,750,000 7% stock on account of accumulated
dividends, payable Nov. 10 to holders of record Oct. 21, reducing the amount of overdue dividends to 7%. A payment
of 1% on account of back dividends was made in May
1911, a total of 2M% in 1911. In 1910 1% was paid and
in 1909 3%%.
Regular Dividend (%) Paid on Preferred Stock.
1898. 1899. 1900. 1901. 1902-1905. 1906. 1907. 1908. 1909. 1910. 1911.
2
6
7
7
7
7
6
6
5h 5 yearly. 534
—V. 92, p. 799.
United States Radiator Corporation, Detroit.—Dividend.
—Vice-Pres. and Treas. Henry T. Cole on Oct. 14 wrote:
Replying to your inquiry of Sept. 25, regarding October dividend declaration, desire to say that pref. stock of this corporation is not a quarterly
stock, holders being entitled to cumulative dividends at the rate of 7% per
annum, payable when declared by the board of directors. [Dividends were
begun on the pref. shares last January, 1 %% being paid Jan. 15, Apr. 15
and July 15.—Ed.] Compare V. 92, p. 1114.
United States Steel Corporation.—Probable Terminatidn
of Great Northern Ore Lease.—It is generally understood that
the company contemplates giving the necessary two years'
notice in order to terminate on Jan. 1 1915 the lease of the
Great Northern Iron Ore properties in Minnesota, largely
Ogilvie Flour Mills Co.—Report.—For year ending Aug. 31: because it has been unprofitable from the start.
Commissioner of Corporations Herbert Knox Smith
The recent report
Fiscal
Band
Trading
Pref. Divs. Corn. Divs.
Balance, (V. 93, p. 110) says:of"Its position in ore reserves is much stronger than In
Interest.
Profits.
Year—
Surplus. any other factor
(7%)
(8%)
the
business. Of the Lake ores, on which the present
in
1910-11 ___ _$481,310
$140,000
$105,000
•$36,310 steel industry is based, it
$200,000
has about 75%, and this advantage is materially
1909-10 ____ 541,924
105,000
140,000
200,000
enhanced by its extensive control of the rail transportation of the ore from
• From the surplus as above in 1910-11, $36,310, there was deducted
9
the
mines
so-called Hill lease, made by the corporation
to
the
The
Lakes.
$25,000 for property reserve account and $10,000 for officers' pension fund, in 1907, with an unprecedentedly high rate of royalty and other onerous
leaving $1,310.—V. 91, p. 1326.
conditions, is a striking instance of the policy of the corporation tomaintain
degree of control of ore. This lease covered enormous ore holdings."
Plaza Operating Co.—Payment of Notes.—The company a high
The report that the lease would be terminated has caused a fall of several
paid on Oct. 2 at the office of the United States Realty & points in the price of the Great Northern Iron Ore certificates. The "Iron
Age" of N. Y. for Oct. 19 1911 contained a 3-page article regarding thelease.
Improvement Co. the first series of $150,000 6% notes part (See
also "Chronicle," V, 83, p. 126; V. 84, p. 635, 755; V. 86, p. 885;
of the $450,000 dated Oct. 1 1910 and maturing $150,000 V. 92, p. 722; V. 93, p. 733).—V. 93, p. 1026, 676.
yearly.—V. 92, p. 1377.
'Railway Steel Spring Co., ew York and Chicago.—Bonds
Offered.—Harvey Fisk & gons, New York, the Continental
Trust & Savings Bank, Chicago, and Jackson & Curtis,
N. Y. and Boston, are offering at 97 andlint. (to yield 5h%
income) by advertisement on another page the unsold portion
of the issue of $3,500,000 1st M.5% gold bonds (Inter-Ocean
plant), dated Oct. 1 1911 and due Oct. 1 1931, but redeemable at option of company on any int. date at 105 and int.
These bonds are a direct obligation of the Railway SteelSpring Co. and specifically secured by a first mortgage lien on
the real estate and plant acquired from the Inter-Ocean Steel
Co. See full particulars in letter of President Fitzpatrick
in "Chronicle" of Oct. 7, p. 942. Mr. Fitzpatrick says in part:
The purpose of the present bond issue is to finance our purchase of the
plant owned by the Inter-Ocean Steel Co. at Chicago Heights, Ill., a thoroughly modern plant completed this past year and especially adapted to
the manufacture of steel tires and equipped with modern machinery suitable for such purpose. The annual capacity, now about 35,000 tons, may,
with a proportionately small expense be increased to over 50,000 tons.
These bonds are further secured by an annual sinking fund of $125,000, beginning 1914, to be used in the gradual retirement of the bonds.
Including the present issue and the $3,808,000 outstanding bonds upon
the Latrobe plant, the total bonded debt of the Railway Steel-Spring Co.
is $7,308,000; the assets, as shown by its balance sheet of Dec. 31 1910,
were over $35,000,000. The bonds are followed by $13,500,000 pref. stock
and $13,500,000 common stock, the present market value of which Is
about $17,500,000.
The net earnings of the Railway Steel-Spring Co. for the cal. year 19P)
applicable to fixed charges amounted to $1,950,900, or more than five
times the interest charges, including this issue. It is estimated that the
acquisition of the Inter-Ocean plant will add from $500,000 to $600,000 to
the net earning capacity, providing total net earnings of about seven times
the amount of Its total interest charges. See also V. 93, p. 942.
k.TE Republic
Iron & Steel Co.—New Director.—Charles G.
Gates has been elected a director to succeed his father,
John W. Gates, deceased,---V.93, p. 536, 414.
Offering of Guaranteed Bonds.—See H.C.Frick Co. above.
—V. 93, p. 1026
United Wireless Telegraph Co.—Protective Committee.—A
protective committee has been formed for the stock, with
offices at 1 Wall St., consisting of—
G. W. Gray, Chairman; John W.Jones, Sec.• Orlando P. Dorman, Leroy
'Isaac P. Williams. StockH. Byam, Dudley McAdow, James Baker and
holders are requested to deposit their holdings with a view to effecting a
reorganization plan by which the company may be taken out of the Federal
receiver's hands.—V. 93, p. 1026, 475.
Vulcan Detinniug ()O.—New Director.—John H. Prall, of
Webb & Pratt, has been elected a director to succeed Isaac
Stiebel, deceased.—V. 93, p. 876, 475.
Western (Bell) Telephone & Telegraph Co.—Merger.—
See Am. Tel. & Tel. Co. above.—V. 92, p. 954.
Western Steel Corporation, Seattle.—Receivers.—At Seattle on Oct. 12 Judge C. H. Hanford in the Ti. S. Circuit Court
appointed Lester Turner, former President of the 1st Nat.
Bank, and Sutcliffe Baxter, both of Seattle; as temporary
receivers. The Seattle "Post-Intelligencer" of Oct. 13says:
The principal petitioner against the corporation is the Metropolitan Trust
Co. of N. Y., holding $578,000 of the company's notes. The trust company, it is asserted, was willing to make further advances if Pres. Moore
would retire from control.—V. 93, p. 1026.
(J. G.) White & Co., Inc., New York.—New Officer.—
Gano Dunn has been elected a director and a Vice-President.
Mr. Dunn was for many years 1st V.-Pres. and Chief Engineer of the
Crocker-Wheeler Co. and he is a past President of the N. Y. Electrical Soclety. He has just returned from abroad, where, as a representative of
the U.S. Govt. and as President of the Am.Institute of Electrical Eagineers,
he attended the International Electrical Congress at•Turin and the meeting
of the International Electro-Technical Commission, the body that has
been organized to bring about international uniformity of eta ards and
practice in the eictrical industry.—V. 92, p. 1560.
00T. 211911.]
THE CHRONICLE
1109
gteparts and Documents.
GREAT NORTHERN RAILWAY COMPANY
TWENTY-SECOND ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1911.
The Minneapolis Western Ry. Co.'s First Mortgage Five
To the Stockholders—
The Directors submit the following report for the year Per Cent Bonds, guaranteed as to principal and interest by
the
Great Northern, in the sum of $500,000, mature July 1
ended June 30 1911:
1911 and will be paid at maturity.
CAPITAL STOCK.
OTHER CHANGES IN BONDED DEBT.
There has been no change during the year in the amount
The balance sheet heretofore published in the annual
of authorized share capital of the Company; same remains at reports has omitted, on both sides $11,502,000 St. P. M. & M.
$210,000,000.
Ry. Co., Montana Extension Mortgage Four Per Cent Bonds,
$209,981,500 00
Stock issued to and including June 30 1910
which are pledged under that company's Pacific Extension
There have been issued during the year, in completion of
375 00 Mortgage, with the Trustee. In this report these bonds have
previous transactions, 3 g shares, or
$209,981,875 00 been taken up on the balance sheet on a subsequent page
Total outstanding June 30 1911
and appear, on the debit side, in the special item "Bonds",
the payment of which is assumed by Great Northern Ry. Co.,
Which was represented by:
$209,953,100 00 held by Mortgage Trustees" and, on the credit side, in the
Stock Certificates
item "Held by Mortgage Trustees" under "Funded Debt."
Full-paid subscription receipts to $60,000,000 issue, not at
28,120 00
that date surrendered for exchange into stock certificates
In 1899 the Company purchased a majority of the secur655 00
Scrip, full-paid
ities of the four companies forming the Spokane Falls &
$209,981,875 00
Total
Northern Railway System, among them being the entire
stock and mortgage bonds of the Nelson & Fort
capital
181
Y
4
,
1911
shares
of
remained
30
unissued June
There
Sheppard Ry. Co. and the Red Mountain Ry. Co.—Canadian
shares
of
stock
of
the
145
Stock
Northern
for
acquiring
Great
corporations. No bonds have ever been issued against any
St. Paul Minneapolis & Manitoba Ry. Co. still outstanding.
of the lines which the Company has caused to be built in
Canada and, during the year, the Company canceled and
BONDED DEBT.
surrendered $1,293,000, face value, of Nelson & Fort ShepFIRST AND REFUNDING MORTGAGE GOLD BONDS.
As of May 1 1911 the Company executed and delivered pard Ry. Co. First Mortgage Bonds and $217,000,face value,
to the Bankers Trust Company of New York, as Trustee, its Red Mountain Ry. Co. First Mortgage Bonds, in each case
mortgage to secure an issue of not to exceed $600,000,000 First the entire issue outstanding, receiving, in lieu thereof, the
and Refunding Mortgage Gold Bonds, dated May 1 1911, full-paid capital stock of each company, at par, to the
maturing July 11961,and bearing interest payable January 1 same amount.
The total amount of bonds on railway property, outstandand July 1 in each year, at such rate, not exceeding five per
cent per annum, as may be determined by the Company from ing in the hands of the public June 30 1911 is, as per table on
a later page
$144,331,909 09
time to time as bonds are authorized and issued.
There were outstanding in the hands of the public June 30
1910, as per that table
This mortgage is a first lien on equipment owned by the
109,385,909 09
Company and costing $46,200,068; on 2,070.46 miles of main An increase during the year of
$34,946,000 00
and branch line railway within the United States belonging to
Made up as follows:
the Company;and, through the deposit with the Trustee of the
entire share capital (except directors' qualifying shares) of Great Northern Ry. Co.'s first and refunding gold bonds, Series
4 . per cent, issued and sold as above explained_ _ _$35,100.000 00
proprietary companies, on 13.05 miles of additional railway in St."A,"
P. M.& M Ry.Co.'s consolidated mortgage, 4 per cent bonds:
the United States and 553.74 miles of railway in Canada, with
Issued and sold account redemption that
Company's Second Mortgage and Dakota
its equipment. Subject to the lien of underlying mortgages,
Extension Mortgage Bonds
$2,896,000 00
at an average rate of $22,822.65 per mile, the mortgage is also
Held in Treasury of Great Northern Ry. Co.,
June 30 1910, and thereafter sold
24,000 00
a lien on 4,791.42 miles of railway, with its equipment.
By the terms of the First and Refunding Gold Bond MortTotal
$2,920,000 00
From which deduct bonds redeemed through
gage prior mortgages become closed and no additional bonds
operation of Sinking Fund, see a subsebe issued thereunder.
may'
'quent page
75,000 00
As additional security, $21,000 Willmar & Sioux Falls
Net Increase in Consolidated Mortgage,
Railway Company First Mortgage Five Per Cent Bonds and
4 per cent Bonds
$2,845,000 00
$2,583,000 Spokane Falls & Northern Railway Company
Bonds matured and paid:
First Mortgage Six Per Cent Bonds, shown in previous
Second mortgage 6 per cent bonds $11,000 00
reports as held in the treasury of the Company, have been
Dakota extension mortgage 6 per
cent bonds
2,885,000 00
deposited with the Trustee under the new mortgage.
Of the $600,000,000, face value, of First and Refunding
Total
2,896,000 00
Mortgage Gold Bonds provided for by the new Mortgage:
Net Decrease, St. P. M. & M. By. Co.'s
$332,162,000 are reserved to be used for refunding prior
Bonds
$51,000 00
mortgage bonds and Northern Pacific-Great Northern Eastern Ry. Co. of Minnesota first division, first
mortgage„5 per cent bonds,
C. B. & Q. Collateral Four Per Cent Joint Bonds;
3,000 00
Matured April 1 1908, paid
$100,000,000 are reserved, but may be issued only at a rate
(The $3,000 Eastern By. Co.. of Minnesota,
Northern Division, First Mortgage 4 per
not exceeding $3,000,000 per annum, to cover cost of concent Bonds that were issued on the paystructing or acquiring additional railways and equipment,
ment of the First Division Bonds are held
in the Great Northern By. Co.'s treasury.)
and of additions, betterments and improvements to existing
lines of railway and equipment;
Deduction
54,000 00
$92,838,000 are reserved to cover cost of acquisition, after
Net Increase
$34,946,000 00
January 1 1912, of bonds and shares of capital stock of other
companies;
As shown by balance sheet on a later page, the Company
$30,000,000 are reserved to cover cost of property acquired held in its treasury June 30 1911 bonds issued or assumed
after May 1 1911 for the acquisition of which bonds are not by it of the par value of
*10,005,000 00
otherwise authorized in the mortgage;
Same consisting of:
$45,000,000 were issued as four and one-quarter per cent Great Northern Ry. Co. First and Refunding
Gold Bonds, Series "A," 4 V, per cent_ _ ....$10,000,000 00
bonds, upon the execution and delivery of the mortgage.
Ry. Co. of Minnesota. Northern DiOf this last named amount, $35,000,000, face value, were Eastern
vision, First Mortgage 4 per cent Bonds__
5,000 00
sold and $10,000,000 remain in the Company's treasury.
MATURED AND MATURING BONDS.
During the year matured bonds were paid as follows:
$11,000 St. P. M. & M. Ry. Co. Second Mortgage Six per
Cent Bonds, matured October 1 1909:
$3,000 Eastern Ry. Co. of Minnesota First Division First
Mortgage Five Per Cent Bonds, matured April 11908;
$2,885,000 St. P. M. & M. Ry. Co., Dakota Extension
Mortgage Six Per Cent Bonds, matured November 1 1910.
The mortgages securing the same have all been released of
record. $14,000 of Dakota Extension Bonds were not presented, at maturity,for payment and were paid by depositing
the full face value thereof, with their Trustee. These bonds,
therefore, do not appear in the table on pages 45 of pamphlet
report, but are included, with matured but unpresented
debentures of the Spokane Falls & Northern Ry. Co., as a
special item under "Current Liabilities" on the balance sheet,
on a later page, the money in the hands of the Trustee
to pay the bonds on presentation being also shown on the
balance sheet a., a special item under , "Current Assets."
The amount of bonds issued or assumed, held in the Company's treasury June 30 1910 was (page 7, last year's
report)
2,630,000 00
An increase during the year of
$7,375,000 00
Made up as follows:
Great Northern Ry. Co. First and Refunding Gold Bonds,
Series "A." ot per cent, issued but not sold, as above
explained
*10,000,000 00
Eastern By. Co. of Minnesota, Northern Division, First
Mortgage 4 per cent Bonds, issued on payment that company's First Division, First Mortgage Bonds, as above
3,000 00
*10,003.000 00
Less—Pledged under First and Refunding Mortgage:
Willmar & Sioux Falls Ry.Co. First Mortgage
$21,000 00
5 per cent Bonds
Spokane Falls & Northern Ry. Co., First
Mortgage 6 per cent Bonds
2,583,000 00
Sold:
St. P. M. & M. By. Co. Consolidated Mort24,000 00
gage 4 per cent Bonds
Total Deduction
Net Increase
2,628,000 00
37,575,000 00
1110
THE CHRONICLE
[VOL. LXXXXIII.
PURCHASE OF TERMINAL PROPERTIES, SIOUX
CITY, IOWA.
The purchase price paid by the Company for the conveyance to it of the properties of the Iowa & Great Northern
Railway Company and The Union Terminal Railway Company, in Sioux City, Iowa, June 30 1910, was the cancellation
and surrender, at par, of all outstanding shares of their capital
stock and the satisfaction, in full, of their indebtedness,
these two items aggregating $1,652,722 42, which amount,
therefore, has been added to 'Cost of Road."
With the exception of trackage rights and joint terminals
used under contracts, the Great Northern Railway System
with the United States is owned in fee by the Great Northern
By. Co. and its two proprietary companies: the Minneapolis
Western Ry. Co., a switching railway in Minneapolis, Minn.,
and the Duluth Terminal Ry. Co., owning the elevated railway used for an entrance into Duluth, Minn.
Debenture Stock of the Kootenay Ry. & Nay. Co., Ltd.,
nearly one-half of which Debenture Stock and a large
amount of its Common Shares were owned by the Great
Northern. Shortly .thereafter the Great Northern purchased
the balance of the Kootenay Company's Common Shares.
During the year the Kootenay Company has redeemed its
outstanding Debentures, has canceled the entire amount
thereof, including those owned by the Great Northern
Company, and has gone into liquidation. In due season the
securities that were pledged to secure this Debenture Stock
will be returned to the Great Northern and at least a portion
of the same will be disposed of. The. cancellation of the
Kootenay Company's Debenture Stock at once terminated
the Great Northern Company's guaranty.
The Board respectfully calls the attention of the shareholders to the reports of the President, the Comptroller, with
customary balance sheet and statistical tables, and of the
Land Commissioner, which follow.
GENERAL.
JAMES J. HILL,
Expenditures were made during the year in completing or
Chairman.
carrying on the construction of new lines and for preliminary
expenses, including cost of right of way purchased for
REPORT OF PRESIDENT.
projected lines, as follows:
Fargo to Surrey, N D
*1,258,878 07 Mr. James J. Hill, Chairman Board of
Directors.
Oroville to Pateros, Wash
350,270 39
Stanley to Wildrose, N. D
209,375 13
Dear Sir—Herewith please find report for fiscal year
Bainville to Plentywood, Mont
199,154 69
Vaughn to Simms, Mont
71,028 51 ended June 30 1911:
Completion of,Sundry Lines
Preliminary expenses, including cost of right of way acquired
for Sundry Lines, the construction of which has not yet
been commenced
193,860 88
REVENUES, OPERATING EXPENSES, VOLUME OF
TRAFFIC, &C.
Gross operating revenues for the year were $61,257,632 93,
Total
$2,407,367 00
a decrease of $3,207,736 94, as compared with last year, and
Which amount has been charged to "Cost of Road." On. the Operating Income $20,562,461 37, which is $1,294,519 16
account of adjustments made necessary by previous trans- less than that of last year. The various amounts snaking
these decrease and the percentage of increase or decrease as
actions that account has been charged also with $4,569 44.
Details of expenditures for equipment, &c., appear in the compared with last year are as follows:
President's report and also in tables on a later page.
Increase or Decrease over
Last Year
As stated below, the expenditures during the year for
Revenue from Transportation—
Amount.
Per Cent.
Additions and Betterments to the properties owned by the Freight
Decrease $3,296,559 46
7.0627
Great Northern amounted to $6,251,672 33, which has been Passenger
Decrease $889,742 95
6.2168
charged to "Cost of Road". Of this amount $4,078,436 78, Mail
Increase
496,577 48 33.3171
Increase
488,683 84 49.4593
the cost of Betterments, has been paid from and charged Express
Excess Baggage, Parlor and Chair Car, and
against the "Fund for Permanent Improvements and BetterOther Passenger Train Revenue
Increase
2,089 65
.8878
ments" and has been credited to "Cost of Additions" and
Total Passenger Service Train Revenue _ Increase
*97,608
02
.5733
Improvements made to property of the Great Northern Ry. Switching, Special Service Train and Miscellaneous Transportation Revenue_ _ _Decrease
28,549 57
5.6979
Co. and paid for from "Fund for Permanent Improvements
and Betterments." The "Fund" last mentioned has been
Total Revenue from Transportation_ _ _ _Decrease $3,227,501 01
5.0271
credited with $2,825,126 89, being 82,818,337 79 Surplus Revenue from Operations Other Than
Transportation
Increase
19,764 07
7.5176
Income for the year, as shown on page 35 of pamphlet report
Gross Operating Revenues
Decrease $3,207,736 94
and $6,789 10 net proceeds from sale of town lots and
4.9759
lands not forming a portion of the railway property or land
Operating Expenses—
grant.
Maintenance of Way and Structures
Decrease $2,118,537 99 17.9944
Maintenance
of Equipment
Increase
160,635 84
2.1359
The Company's investment in controlled Canadian Com- Traffic Expenses
Increase
84,325 19
9.1449
panies, on account of advances made to /my for property, Transportation Expenses
Decrease
15,847 88
.0877
Increase
211,720 63 21.3132
construction, additions and betterments, has been increased General Expenses
follows:
during the year, as
Decrease $1,677,704 21
Total Operating Expenses
4.2713
Brandon Saskatchewan & Hudson's Bay Ry. Co
Crow's Nest Southern Ry. Co
Nelson & Fort Sheppard Ry. Co
Red Mountain Ry. Co
Vancouver Victoria & Eastern By. & Nay. Co
New Westminster Southern Ry. Co
Total
124,799 33
*13,192 99
1,686 34
7,236 70
684 17
1,794,093 32
Credit 558 91
$1,816,334 61
To apply on the above advances and those previously made,
the Company has received during the year and credited at its
par value 88 shares ($8,800) of the full-paid capital stock of
the Nelson & Fort Sheppard Ry. Co. and 68,000 shares
($6,800,000) of the Vancouver Victoria & Eastern Ry. &
Nay. Co. Shares of their capital stock will be duly issued by
the above companies to cover the balances remaining due
from them.
Advances amounting to $1,018 72 were made to the Duluth
Terminal Ry. Co. during the year, for which the Company
will receive additional shares of capital stock.
During previous years and the current year, the Company
made large advances to the Spokane Portland & Seattle
Railway Company for construction and equipment of its line
from Portland, Ore., to Spokane, Wash., and for the acquisition of securities of certain existing companies, the properties
of which are intended to become part of the Spokane Portland
& Seattle Railway System. In settlement of these advances
and like advances made by the Northern Pacific Railway
Company, the Spokane Portland & Seattle Railway Company
delivered to and in the names of the Great Northern Railway
Company and the Northern Pacific Railway Company,
jointly, but for equal division between them, a certificate
calling for $40,000,000 of its capital stock, also $61,000,000
of its First Mortgage Four Per Cent Fifty-Year Gold Bonds,
dated March 11911. The payment of these bonds, principal
and interest, has been guaranteed by the two companies
receiving them and $30,500,000 thereof are now held as
treasury assets by this Company. The Northern Pacific
Railway Company and this Company have deposited all
their shares of the Spokane Portland & Seattle Railway
Company, less directors' shares, with the Central Trust
Company of New York, to be held in trust until the satisfaction of the above-mentioned mortgage of the Spokane
Portland & Seattle Railway Company.
In 1900 the Great Northern Ry. Co. guaranteed the payment, principal and interest, of £480,000 Five Per Cent
Net Operating Revenues
outside Operations
Decrease $1,530,032 73
Decrease
34,649 66
6.0746
14.4368
Total Net Revenue
Taxes Accrued
Decrease $1,564,682 39
Decrease
270,163 23
6.1536
7.5670
Decrease $1,294,519 16
5.9227
Operating Income
The decrease in freight revenue is accounted for by the
light grain crop of 1910 along the Company's lines, the resulting falling off in merchandise traffic and the general business
depression. The revenue from transportation of wheat, rye,
oats, barley and flax seed is $3,411,484 65 less than last year.
There was also a large decrease in lumber traffic. The tonnage
of revenue freight carried decreased 154,317 tons, about
7-10 of 1%; the average haul 12.28 miles, over 5%; the ton
mileage 321,039,930 tons, or 5.6533%. The average revenue
per ton per mile was 8.096 mills, a decrease of practically
1.5% and resulted from the falling off in shipments of
higher grade tonnage and the resulting increase in the percentage proportion of low rate commodities, iron ore, &c.
The decrease in passenger revenue resulted from the same
causes as the decrease in freight traffic. There was a noticeable falling off in the traffic handled by local trains in North
Dakota, as well as a decrease in the volume of through traffic,
which was very heavy in the fall of 1909 on account of the
Alaska-Yukon-Pacific Exposition at Seattle. The number
of passengers carried increased 18,632; the average distance
traveled by each passenger decreased 7.20 miles, 9.25%;
the number of passengers carried one mile decreased 58,751,307, or 9.05%, while the average revenue per passenger
per mile was 2.273 cents, as compared with 2.204 cents last
year, an increase of 3.13%.
The increase in the revenue from transportation of mails
came from a readjustment of compensation for that service in
the territory west of the State of Minnesota to the basis
arrived at by the mail weighing early in 1910. The mails
are regularly weighed but once in four years, and while the
increase in volume of mail matter transported is usually
gradual and spread over the entire period, the Company
receives no compensation for the additional weight carried
until after the regular weighing.
The increase in express revenue was wholly due to a new
contract by which the Company received a greater percentage of the Express Company's earnings.
OCT. 21 1911.]
THE CHRONICLE
On April 8 1911, Hon. Walter H. Sariborn, Judge of the
U. S. Circuit Court for the District of Minnesota, handed
down an opinion in the Minnesota Rate Case, fully confirming
the findings of the Master in Chancery. The Court held that
the fares and rates prescribed by the Legislature and by the
orders of the Railroad and Warehouse Commission of Minnesota, by their natural and necessary effect, substantially
burdened and directly regulated inter-State commerce and
were unreasonably low, unjust, confiscatory and void. A
decree was entered enjoining the defendant railway companies from further compliance with these legislative Acts
and Commission orders. An appeal has been taken by the
State of Minnesota to the Supreme Court of the United States,
where the cause is now pending. In accordance with the
decision of the Court, rates held illegal were withdrawn
July 1 1911 and former rates restored.
Operating Expenses decreased $1,677,704 21, all being due
to a reduction in the amounts charged to Maintenance of Way
and Structures. The smaller expenditures on this account
do not indicate neglect of the property or unwise economy,
but the benefit of permanent work done in former years.
As stated, decrease in volume of freight handled was largely
grain and lumber, or carload freight, notwithstanding which
the number of tons of revenue freight per train mile was
523.542, an increase 'of 5.158 tons, nearly 1%; the average
number of freight cars per train mile was 36.49, an increase
of .77 cars, 2.1557%, and the average number of tons of
revenue freight per loaded freight car mile 19.996, a decrease
of but .274 tons, or 1.3518%.
Taxes decreased $270,163 23, or 7.567%, but were 13.83%
of the Total Net Revenue-823,862,600 28.
Grain crops in those portions of Minnesota and the Dakotas
served by the Company's lines probably will be little less than
a fair average. The crop in Montana is large and that in
Washington above the average for several years. Local
business conditions along the Company's lines are considerably better than last year.
NEW LINES.
The line from Bainville to Plentywood, Mont., 53.19 miles,
was opened for regular operation on March 13 1911.
The construction of the new lines from Fargo to Surrey,
N. D., 225 miles, Stanley to Wildrose, N. D., 51 miles and
from Vaughn to Augusta, Mont., 42 miles commenced last
year, was suspended in the fall of 1910 but
'resumed in June
of this year. Tracklaying has been started on the line from
Stanley to Wildrose, N. D., and will be completed in time to
move this year's crop.
The grade of the line between Orovilfe and Pateros, Wash.,
78 miles, has been completed.
Work was continued during the year on the lines of the
Vancouver Victoria & Eastern Ry. & Nay. Co. On the line
between Princeton and Tulameen, B. C., the grade has been
completed for 14 miles and track will be laid this fall from
Princeton to Coalmont, 12 miles. About 14 miles of grading
is in progress between Abbotsford and Chilliwack, B. C.
On May 14 1911 the Great Northern began to operate the
line from Monroe, Wash., to Tolt, a distance of 17.84 miles.
EQUIPMENT.
There remained undelivered June 30 1910 of the equipment contracted for last year: 58 locomotives, 108 passenger
train cars and 1,400 freight cars. During the year covered
by this report, contracts were placed for 20 locomotives,
35 passenger train cars, 1,901 freight cars and 75 steel
oil-tank cars for company use.
Of the total equipment above mentioned, the following
had been received and taken to account June 30 1911:
58 Steam Locomotives, as follows:
18 Mallet compound articulated freight locomotives, 23-inch and
35x32-inch cylinders, weighing 350,000 lbs. on drivers;
20 Ten-wheel passenger locomotives, 22x28-inch cylinders, weighing
134,000 lbs. on drivers;
20 Ten-wheel passenger locomotives, 26x30-inch cylinders, weighing
150,000 lbs. on drivers.
120 Passenger Train Cars, as follows:
5 Observation parlor cars, 72 feet 4 3i inches long;
5 Vestibuled parlor cars, 72 feet 5 Y, inches long;
21 Observation compartment cars, 71 feet 7 inches long;
18 Twelve-section, first-class sleeping cars, 72 feet 6 inches long;
20 Fourteen-section tourist sleeping cars, 60 feet long;
9 Dining cars, 70 feet long;
30 First-class coaches, 82 feet long;
12 Baggage cars, 65 feet long.
2,301 Freight Service Cars, as follows:
1,000 Box cars (automobile) 40 feet long, 80,000 lbs. capacity;
. 401 Wooden coal and ore cars, drop-bottom, 36 feet long, 100,000
lbs. capacity;
500 steel ore cars, drop-bottom, 20 feet 8 inches long, 100,000 lbs.
capacity;
400 Drop-bottom gondola cars, 41 feet long, 100,000 lbs. capacity;
75 Steel oil-tank cars, 38 feet long, 12,000 gals. capacity.
There remained to be delivered on contracts June 30 1911
20 locomotives 23 passenger train cars and 1,000 freight cars.
There were built at the Company's shops during the year:
1 Business car.
3 Supply cars,
1 Snow dozer.
7 Boarding cars,
3 Tool cars.
All of the equipment above described is fitted with air
brakes and automatic couplers.
The work of fitting up passenger train cars with electric
lights has been continued during the year. In order to comply
with laws adopted last winter by certain States, many locomotives have been equipped with electric-head lights and
work is now in progress converting 200 four-wheel caboose
1111
cars into eight-wheel cars. In order that oil may be used
instead of coal as locomotive fuel on the Pacific Coast, 115
locomotives are being converted into oil-burners.
The total amount expended during the year for equipment
received under contracts, built and under construction at the
Company's shops and for improvements and betterments to
equipment in service, was $4,804,308 05, of which $4,792,513 07 is for the Great Northern Ry.Co. and is charged
to "Equipment Account" and $11,794 98 is for the Vancouver Victoria & Eastern Ry. & Nay. Co. and is included in
the amount of advances made to that company.
There were taken out of service during the year:
11 Locomotives (sold).
163 Flat, coal and gondola cars.
1 Sleeping car (sold),
15 Sand cars,
1 Tourist car.
13 Ore cars, wood,
3 Passenger coaches,
1 Ore car, steel,
1 Passenger and baggage car (sold), 14 Ballast cars.
3 Baggage, mail and express cars,
21 Caboose cars,
225 Box cars,
1 Cinder car,
11 Furniture cars,
1 Boarding car,
17 Refrigerator cars,
6 Supply cars,
19 Stock cars,
1 lc langer car.
The original cost of the above listed equipment was
$562,271 88; of which $561,624 38 has been credited to
"Equipment Account" of the Great Northern Ry. Co.,
$247 50 has been credited against advances made to the
Vancouver Victoria & Eastern Ry. & Nay. Co. and $400
has been credited to the investment in the Red Mountain Ry.
Co. The entire amount of $562,271 88, less amounts received
for equipment sold and value of salvage from equipment
torn down or destroyed, has been charged against the various
equipment "Renewals" accounts under Operating Expenses,
or to the "Equipment Depreciation Fund". The amount
remaining to the credit of the Equipment Depreciation Fund
June 30 1911, or $19,585,756 10, as shown by the balance
sheet, represents the full depreciation accrued to that date
on all equipment then actually in service and of which a list
appears below.
In addition to the equipment above listed as added to or
taken out of service, the following conversions were made:
1 Small Locomotive transferred to Work Equipment for hydraulic
service,
7 Coaches into Pass- nler and baggage cars,
3 Box cars into Supply cars, and
16 Box cars into Boarding cars.
These conversions required adjustments in the accounts
which resulted in a net credit of $14,679 02 to the Great
Northern's "Equipment Account."
959 cars which heretofore have been classed as Furniture
Cars are this year included in Box Cars.
A statement showing the number, tractive power, weight,
&c., of steam locomotives and number, capacity, &c., of
freight cars appears on page 52 of the pamphlet report.
ADDITIONS AND BETTERMENTS.
The following improvements have been made in station
facilities during the year: Brick passenger station 44 by 250
feet with necessary tracks, and pipe lines for supplying water
to passenger coaches at Great Falls, Mont., brick station
buildings 32 by 217 feet at Wahpeton, N. D., and 32 by 150
feet at Anacortes, Wash., frame stations at Melrose, Minn.,
GrOver, S. D., Lakota, Lidgerwood and Hankinson, N. D.,
and Newport, Blanchard, Chiwaukurn and Monroe, Wash.,
also in replacement of buildings burned at Galata and Cascade
Mont. A frame station was built at Cashmere, Wash., the old
station building at that point being converted into a warehouse for handling fruit shipments and a freight warehouse at
Concrete, Wash. Extensions were made to the depots or
freight houses at 7 stations, 12 portable depots placed, a
shelter shed with platform built at Buncloudy, Man., and
improvements made at 42 stations in the way of bmildng
additional or improved station platforms, machinery unloading platforills, cement walks, installing toilet facilities, &c.
Stock yards were built at 4 stations, those at 6 other stations
improved by supplying water and sheds and loading chutes
furnished at 10 stations. The 80 tons track scale at Minneapolis Junction, Minn., has been replaced by a 50 feet 100tons capacity scale.
Additional or improved facilities for caring for locomotives
have been supplied as follows: Five-stall frame engine house
with sand house and cinder pit at Grand Rapids, Minn.;
addition of six stalls to the engine house, extension of cinder
pit and oil house and construction of sand tower and over one
mile of sewer at Hillyard, Wash.; 150 tons capacity coaling
station, high tower water tank, stand pipe, sand house, brick
store house, 30 by 100 feet and brick oil house at Marcus,
Wash. The engine house at Redland, Minn., has been
enlarged by the addition of 10 stalls, that at Interbay, Wash.,
by the addition of 14 stalls and those at Watertown, S. D.,
and Essex, Mont., by • the addition of 2 stalls to each. At
Melrose, Minn., 15 stalls have been extended 20 feet, to
properly handle the larger locomotives now in service and
the power house enlarged; 2 stalls of the Aneta, N. D., engine
house were extended 18 feet and new engine houses were
built at Dunseith, N. D.-2 stalls—and Oroville, Wash.,
—3 stalls—to replace houses burned. An additional 70 ft.
cinder pit has been built at Minneapolis Junction, Minn.
The 66-ft. turntable at Interbay, Wash., has been replaced
by an 80-ft. table with tractor and a tractor has been applied
to the turntable at Casselton, N. D. Improvements have
been made in the facilities for coaling locomotives at five
stations. The necessary additional trackage has been provided in connection with all of the above improvements.
1112
THE CHRONICLE
Improvements in the facilities for locomotive water supply with steel, or filling them with solid embankments, the
include tanks of large capacity on 30-ft. steel towers with the following work was done during the year:
built in replacement
_1,189 lln. ft.
necessary pipe lines and stand pipes at 4 stations; tanks with Length of steel bridges trestles
filled
6,016
pipe lines, &c., at 2 other stations; temporary pumping .Length of bridges and
7,205 lin. ft.
Total
plants at 3 stations on account of dry season, and miscellaneous improvements such as new wells and deepening old
wells, new pipe lines and extensions of existing lines, new
To provide waterways for bridges filled as above, 14 contanks replacing old ones, &c., at 20 stations.
crete and 5 pipe culverts were built; 8 concrete were built in
during
built
were
following
•The
miscellaneous structures
replacement of pipe and timber culverts and 272 pipe culverts
•the year: Ice houses 32 by 192 feet at both Hillyard and in replacement of wooden box culverts.
an
Ia.;
City,
Sioux
at
feet
64
32
by
Wenatchee, Wash., and
Iii addition to the 1,189 feet of steel bridges built to reextension 24 by 46 feet to the ice house at Fargo, N. D., place iron and timber structures, as above, steel bridges were
with
customs
in
connection
feet,
detention houses 24 by 24
erected:
and immigration service, at Bannerman, Man., and Waneta In doubletrack241lin. ft.
30
On changes of line
90
by
30
two-story
brick
addition
and Grand Forks, 13. C.;
1,342
existing bridges
feet, to the storehouse at Delta, Wash.; oil house at Essex, Extending
1,613 lin. ft.
Total
Mont.; section house at Bossburg, Wash., and exhibit buildings at Glasgow, Mont.
And a 240-ft. steel bridge in replacement of a lighter steel
Additional yard and industrial tracks have been provided
as business demanded anrid include tracks at 17 mines on the structure.
Three steel bridges aggregating 811 feet in length were
Mesabi iron range and at 87 regular stations. The net increase during the year in side track mileage, not including built to carry highways over the Company's tracks in addition to the Company's proportion, 217 feet of the Wall
new lines or lines under construction, being:
Street viaduct, Sioux City, Ia., referred to in last year's
miles
57.34
Co
Ry.
Great
the
by
Northern
Lines owned
report, which was completed.
1.02 "
Lines owned by controded Canadian Companies
The approximate yardage of material moved during the
miles
lines
58.36
old
Total additional side traek mileage on
year ended June 30 1911, in the work that has been mentioned, is:
The second main track between Hillyard and Spokane, In Changes of line and reduction of grades (of which
50,000 cu. yds. were used in filling tide lands at
Wash., 3.52 miles, and between Summit and Java, Mont.,
2,259,096 Cu. yds.
Vancouver, B. C.)
70,690
14.38 miles, described in last year's report, have been comWidening, raising and restoring banks
367,906
Ballasting (gravel)
pleted and put in operation. In building the second track
322,388
Filling bridges
313,701
between Summit and Java the alignment of the original
Filling tide lands at Seattle, Wash
track was improved, two concrete-lined tunnels built and the
3,333,781 cu. yds
Total
following structures erected that have not above been
mentioned: At both Summit and Fielding, depot, two water
And there were placed on old lines:
tanks with pipe lines and two stand pipes and a depot at Masonry
• 24,640 cu. yds.
72,023
Concrete
.Java.
49,506
Itiprap
Previous reports have referred to the progress in double146,169 Cu. yds.
Total
tracking the line between Interbay and Everett, Wash. This
work has been completed during the year by the opening ofin each case
year,
Main tracks have been relaid during the
the sections between Mosher and Mukilteo, 4.12 miles, and
-pound
between Mukilteo and Everett Junction, 3.82 miles. As a with heavier metal, as follows: 152.60 miles with 90
miles with 75part of this work, the sea wall Mon* Puget Sound has been rail, .85 miles with 85-pound rail and 20.61
completed, there being the following protection between pound rail. A table giving the mileage of each weight of rail
Metum and Everett, Wash.: 11.423 miles of sea wall, 5.005 in the first main track owned by the Great Northern Ry. Co.
miles of flat slope wall, .265 miles of hand placed riprap and and its controlled companies on June 30th, of each year for
1.328 miles of rough riprap, a total of 18.021 miles of pro- twelve years, will be found on page 50 of the pamphlet report.
Not including fencing on new lines, 163.30 miles of righttected grade.
61.40
On account of the increasing iron ore traffic from the of-way fence have been built during the year, of which
the
Mesabi Range, the double-tracking of the line between miles are on Canadian lines. The planting of trees along
Brookston (the end of the old double track) and Swan River, right of way in North Dakota for protection from snow,
been continued.
Minn., has been commenced, and the sections between mentioned in last year's report, has
During the year interlocking plants have been built as
Brookston and Congo and Wawina to Swan River, a total
levers; Great Northern Junction
length of 10.16 miles, have been completed and are in follows: Wahpeton, N. D., 24
(near Billings), Mont., 12 levers; Hillyard, Wash., 2 levers;
operation.
6 additional levers,
The change of line between Armington and Gerber, Mont., 0. R. & N. Junction, Spokane, Wash.,
has been enlarged so as to
18.77 miles, mentioned in last year's report as then being and the plant at Allouez, Wis.,
Dock No. 4. Automatic
under way, has been completed. The change of line at provide for the operation of Ore
Seattle and the
Berne, Wash., also mentioned, is still in progress but nearing. block signals have been installed between
and Everett Junction,
completion. Small changes of lines were made during the Docks at Interbay and between MetumCloud,
Minn., and proyear as follows: Monroe, Wash., 2,160 feet; Scenic, Wash., Wash.; between Minneapolis and St. River at Great Falls,
880 feet; Alvin, Wash., 1,100 feet and at Tye, Wash.;6,144 tecting the bridge over the Missouri
been placed on the double
feet. The line changes at Berne, Scenic, Alvin and Tye were Mont. Additional signals have Brookston
on the Mesabi
and
all for protection against snow trouble in the Cascade Mount- track between Saundershave
been erected at Fargo, N. D.,
tains, and, as a part of that work there have been completed division. Crossing gates
during the year 3,870 feet of single track and 2,202 feet of and crossing signals at three other stations.
Among the important work under construction at the close
double track additional timber snow sheds and 1,480 feet
Enlargement of the
of double track concrete snow sheds. A concrete snow of the fiscal year may be mentioned:
terminals by addition of 8 tracks to
shed 980 feet in length in completion of the work planned is Cedar Lake (Minneapolis)
to the classification yards wye,
now under construction. In addition there have been built the receiving and 20 tracks
which will be completed in
at Cascade Tunnel: Two-story lodging and eating house 24 locomotive water supply, &c.,
of this year's grain crop. Adby 80 feet, bunk house 24 by 72 feet, house 22 by 120 feet time to handle the shipment
reservoirs at Casselton, N. D.,
for electric locomotives, turntable house 100 by 102 feet, ditions to the water supply
buildings as follows:
containing a 92-ft. turntable, power house 38 by 40 feet, and Virden, Mont. Additional shop brass
foundry at Dale
235 feet and
concrete powder house 12 by 40 feet, besides additional Tank and tin shop 175 by repair
shop 200 by 200 feet, at
trackage, pipe lines and stand pipes for supplying water to Street, St. Paul, coach machine shop 200 by 360 feet, with
locomotives; at Tye: Two story lodging and eating house 24 Jackson Street, St. Paul; Wash., and two-story coach repair
by 80 feet, four 4-room cottages for train dispatchers, house transfer table at Hillyard, extension of transfer pit at Delta,
.20 by 264 feet for locomotives and rotary snow plows, power shop 100 by 200 feet, with between Leavenworth and Skyhouse 38 by 48 feet, and the necessary additional trackage, Wash. Equipment of line
komish, Wash., with staff block system. Construction of the
pipe lines for fire protection and locomotive supply, &c.
the use of oil as locomotive fuel
The work of reducing the line grade at Vancouver, B. C., necessary facilities to permitwhich
include—a main receiving
which has been mentioned in several reports as being in pro- on the Cascade•division and 55,000
barrels capacity storage
•gress, has been completed, the grade having been reduced and storage station of three
house and pipe lines near Everett,
from a maximum of 2.54 % to 1.00% for a distance of 8,200 tanks, with dock, powersupply
at Interbay,
feet. A portion of the material removed in this work has Wash., and seven local each stations, those
consisting of a 65,000-gals.
been used in filling in a part of the bed of False Creek and Delta and Burlingtonwith pump
house; at Skykomish and
so enlarging the Company's terminal property at Vancouver. capacity storage tank
tank and pump
The tunnel at Everett, Wash., 2,359 feet in length, has Cascade Tunnel a 100,000 gals. capacity
house at each place; at Leavenworth one 65,000 gals. and one
been lined with concrete, replacing timber lining.
and at Vancouver,
.• Embankments have been widened or restored to original 10,000 barrels tank with pump house, •
width and grade line on 38.25 miles of road and 479.15 miles B. C., a gravity trestle.
The Allouez Bay Dock Co. has completed and placed in
of track have been ballasted with gravel, of Which 14.40 miles
year its Ore Dock No. 4, at
was on change of line between Summit and Java, Mont., 8 operation since the close of theconcrete
and steel structure,
miles on new second track between Mosher and Everett Allouez, Wis., same •being a 302 ore pockets and having a,
Junction, Wash., 20 miles was track not previously ballasted, 1,812 feet in length, containing tons of iron ore. The con67 miles on which ballast was restored and an additional lift capacity, when filled, of 106,304
struction of this dock has been made necessary by the present
-given, and 369.75 miles on which ballast was restored.
Company's iron ore traffic.
In the replacement of wooden and iron bridges and trestle$ and prospective increase in the
• THE CHRONICLE
Our. 21 1911.]
Following is a classified statement of the amounts actually
expended during the year for Additions and Betterments.
The total, $6,404,037 83, is $1,529,553 76 in excess of the
amount expended last year and is the largest amount
expended by the Company in any one year for this purpose.
•
Accounts-Additions.
Right of Way & Station Grounds $270,292 89
Cr.22,998 02
Real. Estate
Widening Cuts and Fills
Protection of Banks & Drainage
Grade Reductions and Changes
of Line
Tunnel Improvements
Bridges, Trestles and Culverts_
Increased Weight of Rail
Improved Frogs and Switches_
Track Fastenings and Appurtenances
Ballast
549,763 35
Additional Main Tracks
414,737 01
Sidings and Spur Tracks
92,411 42
Terminal Yards
40,529 31
Fencing Right of Way
Improvement of Over and Under
Grade Crossings
Elimination of Grade Crossings _
Interlocking Apparatus
13,414 23
Block and Other Signal Apparatus
30,645 44
Telegraph and Telephone Lines
189 92
Station Buildings and Fixtures_
58,335 89
Shops, Engine Houses and Turntabtes
49,015 80
Shop Machinery and Tools
290,649 8i)
$70,796 70
117,373 78
Total.
$270,292 89
Cr.22,998 02
70,796 70
117,373 78
1,784,733 54
41,526 37
555,517 80
116,797 27
3,561 15
1,784,733 54
41,526 37
555,517 80
116,797 27
3,561 15
214,529 07
90,581 21
120 54
214,529 07
90,581 21
549,763 35
414,737 01
92,411 42
40,649 85
164,626 09
18,03339
721 01
164,626 09
18,033 39
14,135 24
27,888 37
193,722 75
138,028 46
58,533 81
193,912 67
194,364 35
102,934 71
3,193 61
151,950 51
293,843 50
Betterments.
1113
Betterments.
AccountsAdditions.
Water and Fuel Stations
69,415 75
77,310 61
Grain Elevators and Storage
99 83
Warehouses
Cr.4,740 00
Dock and Wharf Property
Cr.7,283 34
8,408 07
Electric Light and Power Plants
12,506 12
4 63
Electric Power Transmission
- - -5-,-9-8-2- i
Snow and Sand Fences and
Snow Sheds
316,569 92
445,387 25
Other Additions and Betterments 42,734 07
7,969 36
Total.
146,726 36
Cr.4,640 17
1,124 73
12,506 12
5,987 24
761,937 17
50,703 43
$2,239,780 55 $4,164,257 28 $6,404,037 83
Totals
Of the total amounts shown, Additions costing $66,545 00
and Betterments costing $85,820 50, a total of $152,365 50,
were made to the properties of controlled Canadian Companies and are included in the amounts shown on page 12 of
the pamphlet report, as advanced to such companies during
the year; leaving as expended on properties owned by the
Great Northern Railway Company:
Additions
Betterments
52,173,235 55
4,078,436 78
Total
$6,251,672 33
The Company's roadbed, tracks and equipment not only
have been fully maintained during the year, but greatly
improved.
Respectfully submitted,
L. W. BILL,
President.
NUMBER OF MILES OF FIRST MAIN TRACK LAID WITH EACH WEIGHT OF STEEL RAILS ON JUNE 30TH OF EACH OF THU
YEARS SHOWN.
(Does not include rails laid in Second, Third, Fourth. Fifth and Sixth Main Tracks.)
Weight per Yard in Pounds.
Year.
A (06Ui.
1900
1901
1902
1903 _
1904 _
1905
1906
1907
1908
1909
1910
1911
80
77t4
75
72
70
68
Miles.
122.28
245.63
259.35
257.53
254.53
469.72
646.69
622.52
602.60
584.52
562.48
542.08
Miles.
269.21
274.61
755.19
927.72
1,085.00
1,168.73
1,145.05
1,089.73
1,062.75
1,049.90
961.91
933.82
Miles.
1,154.75
1,160.97
1,155.26
1,152.62
1,030.132
986.01
950.54
836.53
727.51
691.50
739.74
720.14
Miles..
Miles.
Miles.
979.11
987.46
972.32
961.45
958.83
940.03
909.91
813.50
712.62
709.79
721.28
709.78
85
-97)
M die ;.
411(les.
122. ,7
405. ,4
697. ,7
850. 7
38.96
410.25
748.33
838.81
831.58
797.74
72-lb. nails arc used-80-lb. rails re-rolled.
Per Cent
Per Cent
Revenue from TransAmount. of Total.
•
Amount.
portaltonof Total.
70.8143 $43,379,174 12 $46,675,733 58 72.4043
Freight
21.9108 13,422,057 12 14,311,800 07 22.2008
Passenger
172,110 62
.2670
164,181 04
.2680
Excess Baggage
60,504 01
70,799 09
.0939
.1156
Parlor andChair Car
1,400,459 29 2.3120
1,987,036 77
3.2437
Mall
988,053 01 1.5326
1.476.736 85
2.4107
Express __ _
Other Passenger Train
2,755 08
.0043
2,479 23
.0041
Revenue
433,526 69
.6725
404,156 75
Switching
.6598
30,547 53
.0474
.0365
22,381 72
Special Service Train
Miscellaneous Transporta.0574
36,977 49
.0750
45,963 67
tion Revenue
Total Revenue from Trans99.5385 $60,974,966 36 $64,202,467 37 99.5922
portation ..
.4615
Total _
Gross Operating
nues
Reve100.0000
45.61
100.04
150.38
191.17
191.17
Miles.
94.96
102.00
111.12
111.12
111.12
110.94
109.85
109.85
56
Miles.
1,153.65
1,070.51
944.76
929.35
923.81
897.08
946.02
1,113.38
1,120.96
1,080.46
965.69
968.99
Miles.
1,725.20
1,708.78
1,758.90
1,650.53
1,594.85
1,512.96
1,474.05
1390.25
1,354.63
1,229.65
1,193.38
1,202.60
1911.
Operating Expenses, per cent of:
Total Revenue from Transportation
Gross Operating Revenues
Operating Expenses and Taxes, per cent Of:
Gross Operating Revenue plus Net Revenue from
Outside Operations
$24,237 19
16,101 40
.0376
.0250
39,203 92
97,906 54
16,886 10
37,165 34
85,680 50
16,755 41
.0576
.1329
.0260
24,227 16
62,108 61
26,119 85
56,842 81
.0405
.0882
8282,666 57
5262,902 50
.4078
561,257,632 93 564,465,369 87 100.0000
61.18
60.93
66.54
66.22
INCOME ACCOUNT-FISCAL YEAR ENDED JUNE 30 1911.
Lines Operated as Great Northern Railway Company and Those Independently Operated: Minneapolis Western Railway Company
and Duluth Terminal Railway Company.
Operating IncomeRail Operations:
Operating Revenues
$61,257,632 93
Operating Expenses
37,600,391 79
Net Operating Revenues
Outside Operations:
Net Revenues from:
Sleeping and Parlor Cars
Dining and Bullet Cars
Eating Houses, Restaurants, &o
Minneapolis Grain Elevator
523,657,241 14
3304,224 75
Loss104,561 04
5,764 43
Loss69 00
205,359 14
$23,862,600 28
3,300,138 91
Total Net Revenue
Taxes Accrued
520,562,461 37
Operating Income
Other IncomeRtnts received
Hire of Equipment-Balance
Dividends on Stocks Owned
Interest on Bonds Owned
General Interest
Miscellaneous Income
$720,541 14
94,188 11
135,756 25
460,993 26
1,360,082 15
3,449 20
Total Other Income
Per Cent
Per Cent
Amount.
Amount.
of Total.
of Total.
Class-Maintenance of Way and
25.6773 $9,654,776 03 $11,773,314 02 29.9742
Structures
7,681,269 71
7,520,633 87 19.1472
Maintenance of Equipment 20.4287
1,006,429 06
2,6767
922,103 87 2,3476
Traffic Expenses
Transportation Expenses_48.0123 18,052,818 20 18,068,666 08 46.0019
1,205,098 70
3.2050
'General'ExpenSes
993,378 16 2.5291
Ex100.0000 $37,600,391 79 $39,278,096 00 100.0000
1911.
Per Mile of Road Operated$8,416 90
Revenue from Transportation
39 02
Revenue from Operations Other than Transportation..
1910.
$9,145 80
37 45
Gross Operating MI/MUM
Operating Expenses
$8,455 92
5,190 31
59,183 25
5,595 26
Not Operating'Revenue
Net Revenue from Outside Operations
$3,265 61
28 35
$3,587 99
34 19
$3,293 96
455 55
83,622 18
508 60
Operating Income
2.8384i
53,113 58
Average Miles of Road under Operation
7.24435
7,019.89
Total Net Revenue
Taxes Accrued_
-_
1910.
61.67
61.38
Net Revenue from Outside Operations
$26,119 74
16,214 50
Operating Expenses.
Year end. June 30 1911. Year end. June 30 1910.
Total Operating
penses _
Miles.
5,404.20
5,447.96
5,845.78
5,879.20
5,942.60
6.101.82
6,248.69
6,457.64
6,687.98
6,876.34
6,909.94
7,051.63
663-4-lb. Rails are used-75-lb. rails re-roiled.
REVENUE ACCOUNT-REVENUES, OPERATING EXPENSES, &c.,
FOR THE FISCAL YEAR ENDED JUNE 30 1911, OF THE LINES
OPERATED AS GREAT NORTHERN RAILWAY COMPANY AND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS WESTERN'RAILWAY COMPANY AND DULUTH TERMINAL RAILWAY
COMPANY.
Revenues.
Year end. June 30 1911. Year end. June 30 1910.
Revenue [rim Operattons
Other than TransportationStation and Train Privileges .0426
.0265
Parcel Room Re,celpts
Storage --Freight and Bag.0640
gage
.1598
Car Service
.0276
Telegraph Service
Rents of Building's and
.0396
Other Property
.1014
Miscellaneous
25.29
26.35
24.75
24.75
24.75
25.29
25.29
60
66j
2,775,010 11
Gross Corporate Income
Deductions from Gross Corporate IncomeRentals Paid
Bond Interest Accrued
Deficit under Guaranty of Interest on Kootenay Ity. & Nay. Co.'s Debenture Stock__ _
_$23,337,471 48
$862,289 20
5,115,514 46
42,740 44
5,820,544 19
Total Deductions from Gross Corporate Income
Net Corporate Income
Against which have been ChargedDividends on Great Northern ity. Stock:
Aug. 1 1910, 1 ,i°O on $209,979,000
Nov. 1 1910, 15% on 209,979,100
Feb. 1 1911, 11.4% on 209,980,400
May 1 1911. 1 4% on 209,980,900
Total Dividends on Stock
$17,516,927 29
$3,074,632 50
3,674,634 25
3,674,657 00
3,674,665 75
14,698,589 50
Balance, transferred to "Fund for Permanent Improvements and Betterments
$2,818,337 79
Note.-As in former years, the Company's proportion of Interest Accrued
on Northern Pacific-Great Northern Joint C. B. & Q. Collatera IBonds,and
of the Dividends Received on the C. B. & Q. Stock deposited to secure said
Bends. have been omitted in the above Income Account to make It more
clear, these items counterbalancing.
1114
THE CHRONICLE
[VoL. Lxxxxm.
STATISTICS OF FREIGHT AND PASSENGER TRAFFIC ON SYSTEM FOR THE YEAR ENDED JUNE 30 1911, COMPARED WITH
PREVIOUS YEAR.
Decrease.
Description-
1911.
FREIGHT TRAFFIC
Freight Train Miles
Mixed Train Miles
Total
1910.
Total
Tons of Freight CarriedRevenue
Company
Total
.
Tons of Revenue Freight Carried One Mile
Total Tons Carried One Mile (Revenue and Company Freight)
Freight Revenue
AveragesAll Freight Cars per Train Mile
Tons Revenue Freight per Train Mile
Tons Revenue Freight per Loaded Car Mile
Tons Revenue Freight Carried One Mile per Mile of Road
Distance Haul of One Ton-Allies
Freight Revenue per Train Mlle
Freight Revenue per Mile of Road
Revenue per Ton Mile-Cents
PASSENGER TRAFFICPassenger Train Miles
Mixed Train Miles,
Total
774,788
783,000
53,859
10,233,652
10,054,781
267,937,807
95,819,361
9,624,558
280,159,895
100,168,020
10,944,692
De crease
6.5828
I
In crease
13,370
3.7699
1.8540
- -,.-_-...1-_•=___-.
De crease
4.3625
12,222,088
4.3414
4,348,659
12.0619
1,320,134
373,381,726
391,272,607
17,890,881
4.5725
I
23.070,655
23,224,972
154,317
4,035,377
3,724,295
311,082
.6644
In crease
8.3528
27,106,032
-
26,949,267
5,357.747,886
8,458,492,964
$43,379,174 12
36.49
523,542
19.996
739,576
232.23
$4 24
$5,988 00
.8096
Mileage Of Locomotives employed in "helping" Passenger Trains
Percentage of "helping" to Revenue Train Miles
Passengers Carried
Passengers Carried One Mile
Passenger Revenue
721,129
Passenger Service Train Revenue
AveragesPassengers Carried One Mlle per Mile of Road
Distance Carried-Mlles
Revenue per Passenger per Mile-Cents
Passenger Service Train Revenue per Mile of Road
Passenger Service Train Revenue per Train Mile
TOTAL TRAFFICRevenue Train MilesFreight
Passenger
Mixed
Special Service
Total
Revenue from Transportation
Operating Expenses
„
,
Net Revenue from Transportation"
,:.
Revenue Other than Transportatidii
SINKING FUND ST. PAUL MINNEAPOLIS & MANITOBA RAILWAY
COMPANY'S CONSOLIDATED MORTGAGE BONDS
Fiscal Year Ended June 30 1911.
aroditsBy Balance to credit of Sinking Fund, as per page 46 of last
year's report.,$2,92522
From Land Department, as per Land Commissioner's report__- 72.950 50
Revenue Todd County Lands
133 65
Total Credits
$76,009 37
DebitsBonds purchased by the Trustee and canceled, $75,000 00, costing
74,758 56
Balance, applicable for redemption of bonds
11,454,315
$1,250 81
152,884
1.4327
8,343,557
590,566,237
$13,422,057 12
649,317,544
$14,311,800 07
17,123,290 10
17,025,682 08
81,521
70.623
92,497
77.823
2.273
$2,363 68
2.204
$2,425 37
1.383
1.486
.5817
,
-IDe crease
5.6533
321,089,930
2.0641
136,122,752
7.0627
13,296,559
In crease
215557
.77
.0950
5,158
1.3538
.274
8.5766
69,381
5.0223
12.28
.4695
10 02
9.9423
$861 07
1.4965
.0123
In crease
8.1872
873,685
6.8530
53,859
156,765
8.0960
'19.2433
29,420
3.3673
.2233
18,632
De crease
9.0482
58,751,307
6.2168
$889,742 95
In crease
.5733
97,608 02
,19,1 crease
11.8663
10,970,
-;
9.2538
7.21
- I crease
080
3.1307
2.5435
$6i 69
De crease
8.9314
.103
927,344
9,396,993
10,171,781
774,788
11,545,000
836,659
10,671,315
783,000
873,685
53,659
12,631
30,628
21,791,283
21,656,724
$64,202,467 37 .
39,278,096 00
24,924,371 37
282,666 57
262,902 50
23,657,241 14
25,187,273 87
•
N'et Operating Revenue per Train Mile
35.72
518,384
20.270
808,957
244.51
$4 26
$8,649 07
.8219
12,381,659
2.798
1.725
1.073
Revenue Other than Transportation per Train Mile
5,678,787,816
6,594,615 716
146,675,733 58
10,671,315
783,000
$69,974,966 36
37,600,391 79
23,374,574 57
Net Operating Revenue
Averages
-'
Revenue from Transportation per Train Mile
Dperating Expenses per Train Mile
Net Revenue from Transportation per Train Mile
354,651
3.2374
11,545,000
836,659
182,304
1.5791
8,362,189
•
7.6170
In crease
6.8530
10,171,781
836,659
368,021.
'
3.5962
Loaded Freight Car Miles
Empty Freight Car Miles
Caboose Car Miles
Per Cent.
9,396,993
Mileage of Locomotives employed in "helping" Freight and Mixed Trains
Percentage of "helping" to Revenue Train Miles
Amount.
2.965
1.814
1.151
.013
.012
1.086
1.163
7.6170
In crease
8.1872
6.8550
De crease
38.7600
17,997
In crease
.6213
I
De rsease
$3,227,501 01
5.0271
1,677,704 21
4.2713
1,549,796 80
6.2180
In crease
19,764 07
7.5176
De crease
1,530,032 73
6.0746
134,559
5.6324
.167
4.9063
.089
.078
6.7767
In crease
.001
8.3333
De crease
6.6208
.077
In Hands of Annual Charges
In Hands of
Public
Public
Paid
July 1 1911.
July 1 1910.
1910-1911.
650,000 00
650,000 00 First Mtge., 5% __ _1922
32,500 00
Spokane Falls & Northern Ry. Co.
'229,000 00
229,000 00 First Mtge., 8%___1939
13,740 00
$108,885,909 09 Total Amount of lids. Assumed by Gr.N.Ry.Co_.$108,831,909 09
Prin. & Int, Guar. by
Gr. N or. RP. Co.
Minneap. West. By. Co.
500,000 00
500,000 00 First Mtge., 5%___1911
Issued by Great North.
fly. Co.- Gold
First and Ref.
Bonds, Series "A,"
1961 35,000,000 00
4 h%
$5,013,188 07
25,000 00
STATEMENT OF BONDS AND STOCK OUTSTANDING IN THE
77,326 39
HANDS OF THE PUBLIC FOR WHICH THE GREAT NORTHERN RAILWAY COMPANY IS RESPONSIBLE,
$109,385,009 09 Total Bonds on Railway
DIRECTLY OR UNDER GUARANTY.
in
outstanding
Property
BONDS.
In Hands of
AnnualCharges
In Hands of
Hands of Public
$144,331,909 09 $5.115,514 48
Public
Paid
Public
Assumed by Great NorthSTOCK.
1910-1911.
Due. July 1 1911.
July 1 1910.
ern Railway Co.
209,981,500 00 Issued by Great NorSt.P.M.& M.Ry.Co.thern By. Co
209,981,875 00 14,698,589 50
$11,000 00 2d M.6% (matured)1909
$57,568 49 $319,367,409 09 Total Bonds & Stock
2,885,000 00 Dakota Exten, 8%_1910
$354,313,784 09 $19,814,103 96
Consolidated Mtge.
In addition to the bonds listed above, the Great Northern and Northern
1933 $13,344,000 00
800,640 00
6%
13,344,000 00
1933 21,220,000 00
954,900 00 Pacific Railway Companies have issued their joint C. B. & Q. Collateral
21,220,000 00
4%
1933
324,753 22 4 per cent bonds to the amount of $215,227,000 00 secured by deposit with
8,643.000 00
5,798,000 00
4%
407,400 00 the Standard Trust Co. of New York, as Trustee, of 1,076,135 shares of the
10,185,000 00 Montana Ext., 4%..1937 10,185,000 00
1940 29,090,909 09
1,163,636 36 Capital Stock of the Chicago Burlington & Quincy Railroad Company.
29,090,909 09 Pacific Ext., 4%
Eastern Ry. Co. of Minn.
Total Bonds and Stock shown above
$354,313,784 09
3,000 00 First Div., First M.,
Miles of Road owned by Great Northern By. Co. and Con5% (matured) _ _ _1008
trolled Companies
7,051 83
9,695,000 00 Northern Div., First
9,695,000 00
387,800 00 Mileage of Main Tracks in System, including second, third,
1948
Mtge. 4%
fourth, fifth and sixth main tracks, covered by the above
Montana dent. Ry.Co.
capitalization
7,252.80
6,000,000 00
1937
360,000 00
6,000,000 00 First Mtge., 6%
4,000,000 00
200,000 00 Bonds and Stock per
4,000,000 00 First Mtge., 5%
1937
mile of Road. Mile of Total Main Tracks.
Willmar & Sioux Falls
$20,467 88
Bonds
$19,900 16
By. Co.
Stock
29,777 78
28,951 84
3,825,000 00
181,250 00
3,625,000 00 First Mtge., 5%_._1938
Minneap.Unlon
$50,245 66
Totals
$48,852 00
2,150,000 00
0 _1922
129,000 00
2,150,000 00 First Mtge., 87
OCT. 21 1911.]
THE CHRONICLE
CONDENSED GENERAL BALANCE.SHEET JUNE 30 1911.
Cost of Property.
Property owned by Great Northern Railway Co.:
*267,474,858 91
Cost of Road
59,277,415 50
Cost of Equipment
2,154,041 14-5328,906,315 55
Cost of Elevators
Property of the Minneapolis Western By. Co., the entire
Capital Stock of which is owned by the Great Northern
By. Co.:
$739,850 10
Cost of Road
12,317 38- 752,167 48
Cost of Equipment
Investments in Other Railways whose lines form a part of
the Great Northern System, represented by their
Capital Stock, Bonds, if any, and amounts advanced
for construction purposes:
Duluth Terminal By. Co
$401,018 72
__
2,040,000 00
Manitoba Great Northern By.
Co__-Bay
Brandon Saskatchewan & Hudson's
2,133,192 99
By. Co
4,181,686 34
Crow's Nest Southern By. Co
2,081,264 30
Nelson & Fort Sheppard Ry. Co
306,303 24
Red Mountain By. Co
Vancouver Victoria & Eastern By. &
17,439,901 01
Navigation Co
281,502 26
New Westminster Southern By. Co_ _
28,861,958 86
Investments in Union Depot and Terminal Companies,
represented by Cost of their Stocks, Bonds and Advances for Construction purposes:
$103,600 00
St. Paul Union Depot Co
Minnesota Transfer By. Co
189,315 05
Lake Superior Terminal & Transfer
156,133 32= 449,048 37
Ry. Co
Total Railway Property
$358,972,490 26
Securities Owned.
Bonds, the payment of which is assumed by Great Northern
By. Co., held by Mortgage Trustees:
See contra
14,106,000 00
Cost of Securities in hands of Trustee of N. P.-G. N..
C. B. Ec Q. Joint Bonds (1,076,135 shares of C. B. & Q.
RR. Capital Stock-Great Northern By. Co. one-half
owner)
109,114,809 76
Other Securities Owned:
Stocks, not including Stocks of the Railway and Union
Depot Companies above listed
$34,390,894 70
Bonds, not including Bonds of the Railway and Union Depot Companies
above listed:
Issued or Assumed by the Great Northern Railway Co
10,005,000 00
22,740,600 00
Issued by Other Companies
1115
RESOURCES AND DISBURSEMENTS YEAR ENDED JUNE 30 1911.
RESO URGES.
56,651,357 68
Cash on hand and in banks June 30 1910
ReceiptsNet Corporate Income
17,516,927 29
Securities Issued or SoldCapital Stock
375 00
BondsG. N. Ry. Co.'s First and Refunding Gold
Bonds, Series "A," 4
per cent
$35,000,000 00
St. P. M. & M. By. Co.'s Consolidated
Mortgage 4 per cent Bonds held in
Treasury last year, sold during year
24,000 00
Total
535,024,000 00
Less, Eastern By. Co. of Minnesota First
Division, First Mortgage 5 per cent
Bonds Redeemed
3,000 00
35.021,000 00
Net Increase in Amount of Bonds Outstanding in hands of Public
$34,946,000 00
St P. M. & M. By. Co.'s Consolidated
Mortgage Bonds Redeemed through
Sinking Fund
75,000 00
Reduction in Amount of Miscellaneous Investments and AdvancesAccount Spokane Portland & Seattle By.
Co
$23,738,330 29
Other Investments and Advances
1,353,574 90
25,091,905 19
Current Liabilities IncreasedBills and Accounts Payable
55,589,656 11
Unpaid Coupons
48,226 44
Unpaid Dividends
1,547 00
Other Accounts Payable
231,556 97
Less, Decrease in AmountsUnpaid Vouchers
$2,271,160 04
Unpaid Pay-Rolls
920,403 45
55,870,986 52
3,191.563 49
Value of Material, Fuel, he., on hand, Decreased
Accrued Liabilities Not Due, IncreasedAccrued Taxes not due
•$107,158 56
Bond Interest Accrued not due
219,066 67
2,679,423 03
1,798,791 41
326,22523
Deferred Liabilities IncreasedBalances Due Affiliated Companies
Excess of Other Working Liabilities and
Deferred Credit Items, Increased
Excess of Other Working Assets and Defcrred Debit Items, Decreased
$150,726 41
2,168,222 26
549,676 12
2,868,624 79
67,136,494 70
Total
Other Investments.
Miscellaneous Investments and Advances to Other than
Railway and Union Depot Companies above named_ __ -
Sundry Reserve Funds IncreasedEquipment Depreciation Funds
Insurance Funds
51,887,561 53
125,790 77
6,281,729 45
52,013,352 30
Total_
$555,611,524 17
Current Assets.
321,460,917 50
Cash
Central Trust Company of New York,
Special Dcposit to pay matured but unpresented St. P. M. & M. By. Co.
14,000 00
Dakota Extension Mort. Bonds
3,737,071 05
Bills Receivable
2,878,473 29
Due from Agents
183,269 78
Due from U. S. Post Office Department
90,466 72
Due from U. S. Transportation
3,560 37
Due from Canadian Post Office Department
60,879 51
Advanced Charges
3,650,163 08
Other Accounts Receivable
Total
$593,529,839 39
Capital Stock.
Authorized Capital Stock of Great Northern
$210,000,000 00
By. Co. issuable June 30 1911
Less-Held in Treasury unissued as ex18,125 00
plained on a previous page
107,613,500 00
$486,038,284 09
Total Capitalization
Current Liabilities.
25,589,656 11
Bills and Accounts Payable
1,569,170 21
Audited Vouchers Unpaid
2,552,788 91
Unpaid Pay Rolls
Unpaid Coupons,including those due July 1
2,039,716 79
.-1911
Unpaid Dividends on Great Northern By.
5,859 00
_____
Stock
15,224 00
Matured Bonds and Debentures Unpaid__ 1,083,380 69
Other Accounts Payable
12,855,795 71
Accrued Liabilittes Not Yet Due.
*1,543,109 48
Accrued Taxes not due
394,008 33
Bond Interest Accrued not due
1,937,117 81
Deferred Liabilities.
$3,738,376 74
Balances due Affiliated Companies
Excess of Other Working Liabilities and
Deferred Credit Items over Other Work2,168,222 26
ing Assets and Deferred Debit Items
5,906,599 00
Unexpended Balances in Sundry Funds.
Fund for Permanent Improvements and
$4,698,622
00
Betterments
Amounts set aside to cover Depreciation of
19,585,756 10
Equipment now in service
678,942 21
Insurance Funds
24,962,320 31
Balance.
Cost of Additions and Improvements made
to property of the Great Northern By.
Co. and paid for from "Fund for Permanent Improvements and Betterments"_ 526,332,208 22
St. P. M. & M. By. Consolidated Mortgage
Bonds retired since November 1 1907.
459,000 00
"through operation of the Sinking Fund_
35,037,514 25
Profit and Loss
Total
61,828,722 47
Total
$593,529,839 39
Profit and Loss539,954 16
Net Credit during year
35,432 12
Of which
Is the difference between Cost and Par
Value of $2,583,000 Spokane Falls &
Northern By. Co. Bonds deposited with
the Trustee of the Company's First and
Refunding Gold Bond Mortgage, and included at their par value (in accordance
with the requirements of the Inter-State
Commerce Commission) in "Bonds held
by Mortgage Trustees-$14,106,000."
Net Amount of Sundry Adjustments during year.. _ _ _
Total
$209,981,875 00
Issued and Outstanding
Funded Debt.
Bonds Issued or Assumed by Great North$167,942,909 09
ern Railway Co
500,000 00
Minneapolis Western By. Co
168,442,909 09
Of this amount there are:
Outstanding in the hands of the Public
as per statement on later page__ _ _5144,331,909 09
Held in Treasury of the Great Northern
By. Co. as listed on a previous page_ 10,005,000 00
14,106,000 00
Held. by Mortgage Trustees
N. P.-G. N., C. B. & Q. Collateral 4 per
$215,227,000 00
cent Joint Bonds
Less-Northern Pacific By. Co.'s pro107,613,500 00
portion, one-half
293 62
2,013;058 68
32,078,801 30
5,830,513 92
Value of Material and Fuel on hand
Less, Decrease in Fund for Permanent Improvements and Betterments (not including amount transferre i to Fund from Income or Cost of Better nents during year
charged against Fund)
4,522 04
$93,072,210 34
DISBURSEMENTS.
Expended for Railway PropertyCost of Property acquired from the Iowa &
Great Northern and Union Terminal By.
Cos.(sec deduction under "Investment in
Controlled Companies")
51,652,722 42
Cost of Construction
2,407,367 00
Cost of Additions and Betterments
6,251,672 33
Sundry Adjustments
4,569 44
510,316,331 19
Increase in "Cost of Road"
Cost of Equipment
$4,792,513 07
Less, Cost of Equipment out
of Service
5561,624 38
And adjustments in accounts
caused by transfers be14,679 02
576,303 40
tween classes
4,216,209 67
Increase in "Cost of Equipment"
"Cost of Elevators" decreased, due to corCredit 474 23
rection of charges of previous years
Total Expenditures for Railway Property Owned_ _ _ _214,532,066 63
Investment in Controlled Companies Whose Lines Form a
Part of the Railway System, Increased51,816,334 61
Controlled Canadian Companies
1,018 72
Duluth Terminal By. Co
51.817,353 33
Less, Amount of Investment June 30 1910
in the Iowa & Great Northern By. Co.,
which property has been acquired during
the year by the Great Northern By. Co.
1,586,371 62
(see above)
230,981 71
Net Increase
Investment in Union Depot and Terminal Companies, IncreasedMinnesota Transfer By. Co
$2,241. 66
Lake Superior Terminal dc Transfer By.Co_
13,916 50- • 16,158 16
Securities AcquiredStocksSpokane Portland & Seattle By, Co.. as
shown above
$20,000,000 00
Net Increase in Amount of Stocks of
Other Companies
143,856 66-20,143,856 66
BondsCost of Bonds of the Spokane Portland de
Seattle RT. Co, as shown above, less
proceeds of other Bonds paid off or
20,512.061 67
disposed of during year
Current Assets Increased51.609,716 70
Bills Receivable
58,942 33
Due from U. S. Post Office Dept
263 48
Due from Canadian Post Office Dept
1,015.800 22
Other Accounts Receivable
$2,684,722 73
Less, Decrease in AmountsDue from Agents
$290,156 71
Due from U. S. Transportation
3,610 59
Advanced Charges
13,376 92 -307,144 22
2,377,578 51
Net Amount
14,698,589 50
Dividends Paid
21,460,917 50
Cash on hand and in banks June 30 1911
593,972,210 34
Total
.1.116
THE CHRONICLE
EQUIPMENT OF THE GREAT NORTHERN RAILWAY COMPANY
AND OPERATED LINES ACTUALLY IN SERVICE FOR THE
YEAR ENDED JUNE 30 1911, AS COMPARED WITH YEAR
ENDED JUNE 301910.
Class-1911- -1910Locomotives:
Steam Locomotives
1,169
1,123
Electric Locomotives
4
4
Total Locomotives
1,173
Passenger Equipment:
Sleeping Cars
Parlor Cars
Observation Compartment Cars
Dining Cars
Coaches
Tourist Cars
• Passenger and Baggage Cars __ _
Baggage, Mall and Express Cars.
Business Cars
Total Passenger Equipment_
Freight Equipment:
Box Cars
Transfer Freight Cars
Refrigerator Cars
Stock Cars
Furniture Cars
28,626
50
1,112
1923,
79
22
14
38
349
44
38
276
25
997
885
26,911
50
1,129
1,942
970
31,002
Total Box, Refrigerator and Stock Cars__ _
31,711
'
Flat and Coal Cars
5,986
5,749
Sand Cars
691
706
1,338
Ore Cars (Wood)
950
_ 6,375
5,876
Ore Cars (Steel)
Total Fiat, Gondola and Ore Cars_ _
Oil Tank Cars (Steel)
Ballast Cars
Caboose Cars
Cinder Cars
Boarding Cars
Derrick and Tool Cars_ _ _
Steam Shovels
Lidgerwood Unloaders
Pile Drivers
Rotary Snow Plows
Snow Dozers
Other Work EquipmentTotal Freight and Work Equipment__
--
EQUIPMENT OF THE GREAT NORTHERN RAILWAY COMPANY
AND OPERATED LINES ACTUALLY IN SERVICE ON JUNE 30 OF
EACH OF THE YEARS NAMED BELOW AND ALSO SHOWING
THE TRACTIVE POWER AND WEIGHT OF STEAM LOCOMOTIVES AND CAPACITY OF FREIGHT CARS.
Steam Locomotives.
Tractive Power in
Pounds.
1,127
96
32
35
47
. 309
63
-14
285
26
14,390
75
548
529
103
141
68
20
21
12
10
55
124
13,281
47,807
45,924
562
550
104
119
65
20
21
12
10
54
124
Lxxxxin.
June 30.
Num
ber.
550
563
608
637
708
707
786
943
1,081
1,073
1,123
1,169
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
Weight in Tons Exelusive of Tender.
Total.
Average
perEngine
Total.
12,147,810
12,847,630
15,050,560
16,278,760
19,058,360
19,060,270
21,959,730
28,335,770
34,398,875
34,040,845
36,641,215
38,868,760
22,087
22,820
24,754
25,555
26,918
26,959
27,938
30,048
31,821
31,733
32,628
33,249
31,536
33,236
38,805
41,792
48,431
48,416
56,579
73,817
89,190
88,696
95,885
100,907
A verage
Wt. per
Engine on
Average
Drivers
perEngine in Tons.
57.34
46.25
59.03
47.56
63.82
50.90
65.61
54.42
68.41
57.59
88.48
57,68
59.41
71.98
63.53
78.28
66.87
82.51
82.66
66,72
68,55
85.38
71,05
86.32
Freight Cars.
(Includes Box, Transfer Freight, Refrigerator, Stock, Flat, Coal, Gondola,
Sand and Ore Cars-both Wood and Steel.)
Capacity (in Tons).
June 30.
1900
1901
1902
1903
1904
1905
1906_
1907
1908
1909
1910
1911
'
•
Number.
21,484
22,989
24,944
28,426
30,791
31,277
33,296
33,385
42,131
42,280
44,283
46,101
Total.
Average per Car.
548,185
606,701
688,594
839,606
932,332
951,812
1,041,707
1,282,683
1,457,236
1,474,387
1,569,226
1,660,854
25.52
26.39
27.60
29.54
30.28
30.43
31,29
33.42
34,59
34,87
35.44
36.03
CHICAGO BURLINGTON & QUINCY RAILROAD COMPANY
FIFTY-SEVENTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1911.
Chicago, July 1 1911.
To the Stockholders of the Chicago Burlington & Quincy
Railroad Company:
The following is the report of your Board of Directors for
the year ended June 30th 1911:
expended on it this-year being $732,338 04. Arrangements
have been made by which freight via this line is transferred
across the Ohio River to Paducah, Ky.,forming a connection
with Southern roads. This, in time, should lead to increased
revenue.
The line from Scribner to Fromberg, Mont., where it connects with the Northern Pacific Road, was opened for traffic
CHICAGO BURLINGTON & QUINCY RAILROAD COM- on
April 24th 1911. Amount expended on it during the year
PANY, YEARS ENDED JUNE 30.
was $953,050 73.
Per Cl.
1910.
OPERATING REVENUES.
1911.
Per Ct.
On the extension from Kirby to Powder River, Wyo., $2,$58,224,537 48 66.26 255,527 96 has been expended this year, and twelve miles
65.74 $58,033,242 91
Freight Revenue
25.55 22,552,567 22_ _Passenger Revenue_ _ _ _ 22,380,305 83 25.47 from
Kirby to Thermopolis, Wyo., are in operation. Track
2..65
2,330,215 66
2.69
2,375,713 68
Mail Revenue
2.52 is laid for fourteen miles south of Thermopolis, and grading
2.83
2,216,049 24
2,493,252 45
Express Revenue
Miscellaneous Transportation
more.
2.05 almost finished on eighty-two miles
2.13
1,879,828 61
Revenue
1,803,940 06
Work on the Hudson-Greeley line, Colorado, has not been
Revenue from Operations other
.93 pushed, and the $53,104 76 expended OR it during the past
832,357 32_ _than Transportation_..__
.94
812.440 69
.12
.12
105,246 08
Joint Facilities
102,019 28
year was principally for right of way.
100.00 $88,272,208 27.. Total Operating Revenue_ _$87,869,517 24 100.00
Additional land was purchased for needed facilities at St.
OPERATING EXPENSES.
14.05 $12,406,278 81_Maint. of Way ec Structures_$15,725,461 20 17.90 Louis and Denver, and the improvements at Havelock Shops
16,72 14,761,137 51_Maintenance of Equipment_ 15,057,165 39 17.14 were completed.
Traffic Expenses
1.79
1,581,805 25
1.88
1,654,451 73
New second track costing $1,312,650 16 has been laid at
32.34 28,543,204 54Transportation Expenses
28,340,051 74 32.25
2,249,499 55
General Expenses
2.55
2.54 various points, and new freight and passenger stations re2,233,834 82
67.45 $59,541,925 66_ _Total Operating Expenses_ _$63,010,964 88 71.71 built or enlarged where business required it.
Owing to changed conditions, the accommodations of the
32.55 $28,730,282 61_ __Net Operating Revenue_ _ _$24,858.552 36 28.29
General Offices at Chicago have for some time been inadeNet Deficit from Outside0per107,089 13
quate for the use required, and a site has been purchased
tions
164,282 15
on which a new building, designed to meet future expansion,
$28,623,193 48
Total Net Revenue
$24,694,270 21
is being erected.
3,049,124 17
Taxes Accrued
2,970,736 78
The following statistical tables, together with the report
$25,574,069 31
Operating Income
$21,723,533 43
of the General Auditor, reflect the business of the Company
OTHER INCOME.
$676,470 42
Rents
$745,786 35
during the year:
1,498,210 45___Miscellaneous Interest
1,777,907 46
$2,174.698 87_._ ..Total Other Income__ $2,523,693 81
$27,748,768 18__Gross Corporate Income__$24,247,227 24
DEDUCTIONS FROM GROSS CORPORATE INCOME.
$1,610,636 54
Rents
$1,764,512 90
3,702 07_ _ _Miscellaneous Interest
1,077 95
Interest Accrued on Funded
8,626,369 54
8,506,015 82
Debt
662,310 50
Sinking Funds
666,874 39
1,986 80_ _Discount on Funded Debt
$10,905.005 45
Total
Deductions
CAPITALIZATION.
CAPITAL STOCK.
Number
of
Shares.
1,108,391
$8,867,128 00
Dividends
$8,867,128 00
4,826,755 Ol_Approp'ns for Betterments_ 3,329,006 47
$12,196,134 47
$3,149,879 72_ __ _Surplus for the Year... $1,112,611 71
Charges to capital account aggregating $11,031,462 31
were made during the fiscal year for additions to the property.
The Herrin dr, Southern Line from Herrin to Metropolis, Ill.,
was opened for business on October 15th 1910, the amount
Dividends Declared during Year.
Amount.
$8,867,128 00
Rate.
8%
FUNDED DEBT.
$10,938,481 06
Tota4 Par Value.
$16,843,762 73__ _Net Corporate 1ncome___$13,308,748 18
$13,693,883 01
Total Par Value
Authorized and
Outstanding.
$110,839,100 00
Description
of Bond-
InTreasury.
In Sinking
Authorized. Outstanding. Funds or
fledged as
Collateral.
In Hands
of Public.
Interest
Accrued
During
Year.
111
Mortgage
$214,878,000 8190,321,800 $19,452,800 $170,869,000 $7,761,781 56
Collateral Trust
2,646,100
7,968,000
7,310,200 9,064,100
292,908 00
Plain or Debenture
13,300,000 12,177,000 2,622,000
9,555,000
572,17998
,
•
-Total
$236,146,000 $209.809,000 $26,738,900 $183,070,100 $8,620,360 5-1
-A dditionsdeBetterntentsCharged
Charged to
New Lines
Total
to
Roan and
and ExExpenditure.
Income.
tensions. Equipment.
$
$
3
112,407 77
83,527 90
5,906 99
22,972 88
Water Stations__ __
17,450 71
16,381 94
Fuel Stations
Cr.289 83
1,358 60
113 98
11308
Grain Elevators_ _
568 41
Storage Warehouses
568 41
Dock and Wharf
2,552 88
2,552 88
Property
15,546 53
12,318 95
Miscellaneous Struc.
7,135 53 Cr.3,907 95
Transportation of
22,793 13
Men & Material
22,793 13
20,934 60
Rent of Equipment
20,934 60
10,833 77
Repairs of Equip't_
10,833 77
7,724 27
6,227 73
Injuries to Persons_
1,496 54
EXPENDITURES FOR NEW LINES AND EXTENSIONS
AND EQUIPMENT,AND FOR ADDITIONS AND
BETTERMENTS, DURING THE YEAR.
ACCOUNT.
New Lines
and Extensions.
1117
THE CHRONICLE
OCT. 21 1911.]
ACCOUNT.
-Additions&BettermentsCharged to
Charged
Total
to
Road and
Expenditure.
Income.
Equipment.
I.-Road40,686 36
154,390 29
Engineering
Right of Way and
66,729 17 1,863,826 74
Station Grounds_
Cr.9,962 86
Real Estate
2,042,893 53 334,058 52
Grading
111,311 69
Tunnels
Bridges, Trestles and
377,204 05 227,107 48
Culverts
285,254 98
279,587 55
Ties
419,520 53 542.774 40
Rails
15.762 90
71,426 28
Frogs and Switches_
TrackFastenings and
144,804 78
107,412 04
Other Material
173,110 78
78,719 94
Ballast
Track Laying and
115,351 87 300,632 25
Surfacing
309 26
Roadway Tools_ _ _ _
1,148 90
16,677 80
Fencing R't of Way
10,045 15
5,062 40
Crossing and Signs_
10,978 10
Interlocking&other
Signal Apparatus
13,004 74
53,372 50
Telegraph and Telephone Lines
40,034 70
Cr.10 17
Station Buildings
and Fixtures_ _ _ _
32,600 52
124,746 54
Shops, Enginellouses
and Turntables__
921 07 316,971 01
Shop Machinery and
Tools
182,450 64
35,742 07
341,200 07
230,818 72
1,930,555 91
Cr.9,962 86
2,718,242 12
111,311 69
617,899 71
3,164 31
381,812 89
11,368 36
1,222,211 24
568,006 84
1,344,107 82
08,557 54
222,228 80
85,381 35
474,445 62
337,212 07
78,22722
30 15
89 56
197,21564
494,211 34
1,488 31
26,812 51
213,254 14
47,897 74
114,274 98
33,90697
73,931 56
89,23524
246,582 30
Total
4,102,584 15 4,540,799 87 2,501,398 15 11,144,782 17
II.-EquipmentSteam Locomotives
Passenger Tr'n Cars
Freight Train Cars_
Work Equipment__
Total
--------- 1,680,140 79
86,378 54
790,868 89
502,007 27
1,247,982 61
1.020 62
26,308 82
317,443 08
1,680.140 27
877.247 49
1.749,989 83
344,77 528
1,020 62 2,456,294 58 2,294.835 42
4,652,150 62
III.--General Expenditures1 2:i
Law Expenses
36 62
Taxes
Other Expenditures 30,619 33
105 89
.0,-521 44
3
1 25
3662
61,246 66
30,657 20
105 89
30,521 44
61,284 53
191,902 16
509,794 24
Total
45,549 39
228,000 03
Grand Total
4,134,261 97 0,897,20034 4,826,755 01-15,858,217 32
TRAFFIC AND OPERATING STATISTICS.
1910.
Increase or Decrease.
1911.
Dollars and,Cents ana
Dollars and Cents and Dollars and Ceps and
W holeNum'rs Decimals. WholeN um'rs Decimals. Whole Numbers.{Decimals.
•
ITEM.
-PASSENGER TRAFFIC22,014,305
umber of Passengers Carried Earning Revenue
1,173,485,093
umber of Passengers Carried One Mile
129,350
umber of Passengers Carried One Mile per Mile of Road
53 30
A verage Distance Carried, Miles
22
$22,552,567
otal Passenger Revenue
31 02445
A verage Amount Received from each Passenger
01922
A verage Receipts per Passenger per Mile
$28,112,771 17
otal Passenger Service Train Revenue
$3,098 92
assenger Service Train Revenue per Mile of Road
31 54401
assenger Service Train Revenue per Train Mile
FREIGHT TRAFFIC28,328,338
umber of Tons Carried of Freight Earning Revenue
7,116,005,120
umber of Tons Carried One Mlle
784,409
umber of Tons Carried One Mile per Mile of Road
251 20
A vcrage Distance Haul of One Ton, Miles
$58,033,242 91
otal Freight Revenue
52 04859
A verage Amount Received for each Ton of Freight..
00816
verage Receipts per Ton per Mile
10
36,397
Road
of
Mile
relight Revenue per
53 31378
reight Revenue per Train Mile
OPERATING$88,272,208 27
0perating Revenue
$9,730 40
0perating Revenues per Mile of Road
32 53455
0perating Revenues per Train Mile
$59,541,925 66
()perating Expenses
$6,563 41
0perating Expenses per Mile of Road
$1 70962
0perating Expenses per Train Mile
$28,730,282 61
et Operating Revenue
33,166 99
et Operating Revenue per Mile of Road
16
A verage Number of Passengers per Car Mile
64
A verage Number of Passengers per Train Mile
6 15
Mlle
Train
per
Cars
Passenger
of
A verage Number
17 21
A verage Number of Tons of Freight per Loaded Car Mlle
406 33
verage Number of Tons of Freight per Traln Mile
34 71
Average Number of Freight Cars (Including Cabooses) per Train Mlle.__ _
23 61
A verage Number of Loaded Cara per Train Mile
10 15
A verage Number of Empty Cars per Train Mile
9,071 80
A%wage Mileage Operated During Year
21,512,255
1,189,871,613
131,870
55 31
$22,380,305 83
31 04035
01881
$27,586,795 71
$3,055 15
$1 51109
502,050
Inc.
Dec. 16,436,520
Dec.
2,520
2 01
Dec.
172,261 39
Inc.
01590
Dec.
00091
Inc.
$545,975 46
Inc.
43 77
Inc.
03292
Inc.
27,867,618
7,435,144,216
824,016
26680
358,224,537 48
$2 08933
00783
$6,452 86
$2 98566
460,720
Inc.
Dec.319,130,096
39,7611
Dec.
15 60
Dec.
Dec.
191,294 57
04074
Dec.
00033
Inc.
sec.
5576
32812
Inc.
$87,869,517 24
$9,738 33
$2 38445
$83,010,964 88
$6,983 33
$1 70988
$24,858,552 36
$2,755 00
16
65
6 02
16 99
381 26
32 66
22 44
9 28
9,023 06
3402,691 03
Inc.
Dec.
$7 93
15010
_
Inc.
69,654 22
Dec. ii,:1419 92
Dec.
_
Dec. ---------00026
nc. $3,87,730 25
$411 99
Inc.
MILEAGE STATISTICS.
1911.
ITEMS.
Locomotive Mileage-Rev. Service. Miles.
18,339,226
Freight Locomotive Miles
17,703,619
Passenger Locomotive Miles
900,707
Mixed Locomotive Miles
11,436
Special Locomotive Miles
9,260,623
Switching Locomotive Miles
1910.
Miles.
20.664,263
17,882.270
912,212
14,372
9,858,473
Inc. (
or
Dec.(-).
Miles.
-2,325,037
-178,651
-2,505
--2,936
-597,850
46,224,611
49,331,590
-3,106,979
Locomotive Mileage-Non-revenue
-529,099
2,379,048
1,854,949
Service
Car Mileage-Revenue ServiceFreight Car Mileage_413,501,696 437,559,610 -24,057,914
Loaded
177,727,113 180,914,529 -3,187,416
Empty
16,649,388 18,518,939 -1,569,551
Caboose
607,878,197 636,993,078 -29,114,881
Total_
Passenger Car Mileage46,429,360 46,949,693
-520,324
Passenger
+219,359
Sleeping, Parlor and Observation_ 25,902,599 25,683,230
39,689,610 37,103,965 +2,585,645
Other Passenger Train Cars
,
112,021,578 109,736,888
Total_
Car Mileage in Special Service-132,703
157,000
Freight Loaded__ _ .
10,902
13,443
Caboose
38,797
49,119
Passenger
653
..._.._ _ ..
Sleeping, Parlor and Observation_
2,571
Other Passenger Train Cars_ _ _ . _
Total
182,402
222,786
+2,284.690
24,207
-2,541
-10,322
-653
2,571
-40,384
Mileage-Revenue
720,082,177 746,952,752 -26,870,575
------ -Car Mileage-Non-revenue service_ 10,885,312 17,200,298 -6,323,986
Train Mileage-Revenue Service16,808,908 18,595,294 -1,986,296
Freight Train
-32,917
17,303,893 17,336,810
Passenger 'Frain
-2,361
903,712
906,073
Mixed Train
-2,005
10,902
12,907
Special Train
Total Car
Service
Total Train Mileage-Revenue
34,827,505
Service
36,851,084
-2,023,579
1,289,781
1,788.271
--498.510
Train Mileage-Non-revenue service
1
Dec.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
Inc.
13
22
2507
205
117
87
48-74
EQUIPMENT.
ITEMS.
Locomotives-ownedPassenger
Freight
Switching
Number Number Number Number
on
on
Added Retired
June 30 During During June 30
1911.
Year.
1910.
Year.
466
857
350
40
9
20-- _
16
5
1,673
45
625
228
32
39
5
7
664
233
39
227
11
32
3
259
14
36
9
Total
Freight ServiceBox Cars
Flat Cars
Stock Cars
Coal Cars
Tank Cars
Refrigerator Cars_ _
Other Cars in
Freight Service__
1,159
95
26,068
1,250
6,984
13,761
6
1,712
1,485
86
__
_
_
372
619
188
27,553
1,336
8,365
13,573
6
2,084
100
___
7
93
636
2,674
__
26,608
1,673
lbS.
_
.
45
- 1,254
-
49,881 1,943
51.010
814
Total
Dompany's ServiceOfficers' & Pay Cars
__
3131
483
979
t-1
Gravel Cars
34
1
___
55
Derrick Cars
670
666
4
Caboose Cars
3,990
136
3,854
Other Road Cars__ _
5.069
Total
Total Cars Owned 56,109
_
435
877
361
Total Locomotives
Cars-OwnedPassenger ServiceFirst-class Cars_ __
Combination Cars__
Dining Cars
Baggage. Express &
Postal Cars
Parlor Cars '
Other Cars in Passenger Service__ _.
45
Average Tractive
Power Ali
Locomotives
and Average
Capacity All
Freighl Cars.
1
815
5.704
57,968
• 36.33 tons
___ _
_
1118
THE CHRONICLE
[VOL. LXXXXIII.
MILEAGE.
MILEAGE OF ROAD OPERATED.
StateIllinois
Iowa
Missouri
Wisconsin
Minnesota
Nebraska
Kansas
Colorado
South Dakota
Wyoming
Montana
Line
Operated
Total Line
Owned.
Under Lease. Operated.
1,672.60
59.10
1,731.70
1,364.98
73.47
1,438.45
1,121.64
11.63
1,133.27
222.49
.53
223.02
23.61
14.84 •
•` 38.45
2,850.34
22.37
2,872.71
259.32
.82
260.14
394.36
34.97
429.33
281.27
281.27
482.75 *
482.75
134.38
49.37
183.75
8,807.74
267.10
9,074.84
Single
StateTrack.
Illinois
1,672.60
Iowa
1,364.98
Missouri
1,121.64
Wisconsin
222.49
Minnesota
• 23.61
Nebraska
2,850.34
250.32
Kansas
Colorado
394.36
South Dakota_ _ _ _ 281.27
Wyoming
482.75
Montana
134.38
Second
Track.
273.78
244.49
100.75
21.34
2.25
17.99
8,807.74
660.60
Line OwnedThird
Yard Track
Track. and Sidings,
23.55
842.36
315.75
413.06
70.97
29.07
654.71
23.32
133.02
66.12
154.81
32.70
23.55
2,735.89
Total.
2,812.29
1,925.22
1,635.45
314.80
54.93
3,523.04
282.64
527.38
347.39
637.56
167.08
12,227.78
Following is the report of the General Auditor, with statements prepared by him.
By order of the Board of Directors,
DARIUS MILLER, President.
GENERAL BALANCE SHEET JUNE 30 1911.
ASSETS.
LIABILITIES.
Property Investment-Road and Equipment:
Capital Stock:
Road
$330,972,434 23
Common
Stock
$110,839,100 00
Equipment
58,025,703 79
Mortgage, Bonded and Secured Debt:
General Expenditures
1.515,827 90
Funded Debt$390,513,965 92
Mortgage BondsReserve for Accrued Depreciation-Credit
14,006,026 45
Held by Company
$9,241,000 00
Not held by Company
181,080,800 00
Total
$376,507,939 47
190,321,800 00
Securities:
Collateral Trust BondsSecurities of Proprietary, Affiliated and Controlled ComHeld by Company
56,200 00
panies, Pledged7,254,000 00
Not held by Company
Stocks
19,344,014 38
7,310,200 00
Securities Issued or Assumed, PledgedPlain BondsFunded Debt
31,000
00
52,000 00
Held by Company
Securities of Proprietary, Affiliated and Controlled Com12,125,000 00
Not held by Company
panies, Unpledged12,177,000 00
Stocks
$7,534,861 63
Funded Debt
704,050 00- 8,238,911 63
Total
$209,809,000 00
Working LiabilitiesTotal
$27,613,926 01
Traffic and Car-service Balances due to other Companies_
Other Investments:
1,285,230 78
Audited Vouchers and Wages Unpaid
6,599,261 05
Advances to Proprietary. Affiliated and Controlled ComMiscellaneous Accounts Payable
468,798 22
panies for Construction, Equipment and Betterments_ _
402,109'77
Matured Interest and Dividends Unpaid
2,150,140 00
Miscellaneous InvestmentsMatured Mortgage, Bonded and Secured Debt Unpaid.. _
59,000 00
Physical Property
$1,472,338 25
Other Working Liabilities
62,317 06
Securities Unpledged
1,295,285 83
2,767,624 08
$10,624,74709
Total
Total
83,169,733 85 Accrued Liabilities not DueWorking Assets:
1,483,594 13
Unmatured Interest and Sinking Fund Payments
Cash
10,652,950 22
Taxes Accrued
68,400 00
Securities Issued or Assumed, Held in TreasuryFunded Debt
9,318,200 00
$1,551,994 13
Total
Marketable SecuritiesDeferred Credit ItemsStocks
._ $757,572 12
1,510,448 16
Operating Reserves
Funded Debt
70,900 00
496,538 89
Liability on Account of Provident Funds
828,472
12
202,079 07
Other Deferred Credit Items_ _ _
Loans and Bills Receivable
2,623,087 11
Traffic and Car Service Balances due from other Cos.._ _ _
748,879 37
$2,209,066 12
Total
Net Balance Due from Agents and Conductors
1,954,992
84
Appropriated SurplusMiscellaneous Accounts Receivable
4,133,140 38
Additions to Property since June 30 1907Jhrough Income 13,579,256 95
Materials and Supplies
7,812,557 87
Reserves from Income or SurplusOther Working Assets
37,343 55
Invested in Sinking Funds
29,752,509 37
Total
838,109,623 46
Total
$43,331,766 32
Deferred Debit ItemsProfit and LossAdvancesIncome Account
44,935,252 97
Temporary Advances to Proprietary, AfProfit and Loss
42,203,264 97
filiated and Controlled Companies_ _ _ _ $491,965 77
Working Funds
196,850 16
Total
887,138,517 94
Other Advances
27,125 81
715,941 74
Insurance Paid in Advance
145,599 63
Cash and Securities in Sinking Funds
17,246,688 61
Securities in Provident Funds
496,538 89
Unextingulshed Discount on Funded Debt
318,013 20
Other Deferred Debit Items
1,180,186 74
Total
$20,102,968 81
Grand Total
$465,504,191 60
$465,504,191 60
Grand Total
INCOME ACCOUNT.
OPERATING INCOME.
RAIL OPERATIONS
Operating Revenues:
Revenue from Transportation:
Freight
$58,033,242 91
Passenger
22,552,567 22
Excess Baggage
321,851 89
Mall
2,375,713 68
Express
2,493,252 45
Milk
359,115 48
Other Passenger Train_ _ _
10,270 45
Switching
1,090,068 46
Special Service Train_ _ _ _
26,429 71
Miscellaneous Transportation
72,092 62
$87,334,604 87
Revenue from Operations
Other than Transport'n:
Station & Train Privileges
$7,976 56
Parcel Room Recelpts..__
7,768 78
Storage Freight
45,410 15
Storage Baggage
18,657 99
Car Service
277,609 88
Telegraph and Telephone
Service
203,950 75
Rent of Buildings and
other Property
110,166 59
Miscellaneous
160,816 62
832,357 32
Joint Facilities Dr
19,412 59
Joint Facilities Cr
124,658 67
OTHER INCOME.
Rents Accrued from Lease of Roads
Other Rents-Credits:
$567,420 65
Joint Facilities
106,148 53
Misceflaneous Rents
673,569 18
Dividends Received on Stocks Owned or Controlled
Interest Received on Funded Debt Owned or
Controlled
Interest on other Securities, Loans and Accounts
Gross Corporate Income
Net Deficit from Outside Operations
Total Net Revenue
Taxes Accrued
Operating Income
766,164 50
564,625 86
167,429 09
2,174,698 87
$27,748,768 18
DEDUCTIONS FROM GROSS CORPORATE INCOME.
Other Rents-Debits:
Hire of Equipm't-Balance_
Joint Facilities
Miscellaneous Rents
$663,942 50
902,894 52
43,799 52
Interest Accrued on Funded Debt
Other Interest ___________________________
Sinking Funds Chargeable to Income
Extinguishment of Discount on Securities...._
Total Operating Revenues
$88,272,208 27
Operating Expenses:
Maintenance of Way and
Structures
812,406,278 81
Maintenance of Equipm't 14,701,137 51
Traffic Expenses
1,581,805 25
Transportation Expenses 28,543,204 54
General Expenses
2,249,499 55
59,541,925 66
Net Operating Revenue
OUTSIDE OPERATIONS:
• Revenue
• Expenses
$2,910 24
$1,610,836 54
8,620,369 54
3,702 07
662,310 50
1,986 80
10,905,005 45
Net Corporate Income
$,
8.730,282 61
$721,539 60
828,628 73
107,089 13
$28,623,193 48
3,049,124 17
$25,574,069 31
$16,843,762 73
DISPOSITION OF NET CORPORATE INCOME.
Dividends declared on Stock:
2%, payable Oct. 1 1910.... $2,216,782 00
2%, payable Jan. 1 1911._ 2,216,782 00
2%, payable April 1 1911__ 2,216,782 00
2%, payable June 26 1911_ 2,216,782 00
$8.867,128 00
Appropriations for Betterments:
Expended during the year
4,826,755 01
13,693,883 01
Surplus for the year
$3,149,879 72
OCT. 21 1911.]
THE CHRONICLE
1119
THE COLORADO & SOUTHERN RAILWAY COMPANY
TWELFTHANNUAL REPORT-FOR THE FISCAL YE
AR ENDED JUNE 30 1911.
COLORADO tc SOUTHERN LINES.
(COMPOSED OF THE COLORADO &
RN RAILWAY CO.
THE COLORADO RAILROAD CO., THESOUTHE
DENVER & INTERURBAN
RAILROAD CO. THE COLORADO SPRING
DISTRICT RAILWAY CO., FORT WORTH &S & CRIPPLE CREEK
WAY CO.,THE WICHITA VALLEY RAILWAY DENVER CITY RAILCO., WICHITA FALLS
& OKLAHOMA RAILWAY CO., WICHITA
VALLEY RAILROAD CO.,
STAMFORD & NORTHWESTERN RAILWA
E &
NORTHERN RAILWAY CO.,FORT WORTH &Y CO., ABILEN
DENVER TERMINAL
RAILWAY CO.]
Denver, Colo., July 1 1911.
Mr. D. Miller, President, Chicago, Ill.
Dear Sir-I herewith submit the report for the fiscal year
ended June 30 1911, which report combines the operations
and affairs of the lines operated by the companies named,
and which are herein designated as the "Colorado & Southern
Lines":
COLORADO & SOUTHERN LINES,
YEARS ENDED JUNE 30.
Per
Cent
Per cent
of Total
of total
OperatOPERATING
Operat1910.
ing.
REVENUES.
ing.'
Revenues
Revenues
$11,120,361 01 70.27 Freight Revenue
71.77 $12,040,828 39
3,870,671 92 24 46 Passenger Revenue
23.35
3,918 092 98
216,068 73
1.37 Mail Revenue
1.02
170,391 82
280,613 32
1.77 Express Revenue
324,657 66
1.94
265,927 08
1.68 Miscellaneous Transportation
Revenue
1.48
249,187 27
Revenue from Operations
67,508 78
.43
other than Transportation
.43
72,652 85
2,913 67' .02 Joint Facilities
.01
2,169 76
1911.
$15,824,064 51 100.00 Total Operating Revenues_ _100.00
$16,777,980 73
OPERATING EXPENS
$1,688,223 20 10.67 Maintenance of Way ES.
and 13.04 $2,188,644 76
Structures
2,779,142 78 17.56 Maintenance of Equipment_ 15.03
2,521,272 66
239,692 26
1.51 Traffic Expenses.
274,271 16
1.64
5,112,951 78 32.31 Transportation Expenses
5,378,794 21
32.06
514,101 32
3.25 General Expenses
500,472 19
2.98
$10,334,111 34 65.30 Total Operating Expenses_ _ _ 64.75 $10,863,4
54 98
$5,489,05&17
33,2615, 20
I.
34.70 Net Operating Revenue
35.25
Net Deficit from Outside
Operations
$5,456,66)t:97
478,32;05
Total Net Revenue
Taxes Accrued
$4,978,344 92
Operating Income
OTHER INCOME.
Rents _
Miscellaneous Interest
$49,920 85
602,300 10
$645,220 95
$5,623,565 87
$471,846 44
959 68
2,811,682 34
6,085 10
34,399 94
Total Deductions
Net Corporate Income
Dividends
$998,592 37
482,598 38
$515,993 99
Balance
One-half of Deficit Trinity &
Brazos Valley Railway Co_
480,329 $48,032,984 00
FUNDED DEBT.
Total Par Value.
51,300,000 00
In Treasury
Interest
Designation.
Outstandor Pledged In hands Acc'd During.
as Collateral. of Public. ing Year.
Mortgage Bonds$41,582 18 C. & S. First
4% $19,402,000
$19,402,000 $776,080
586,043 92 C. & S. Refunding and
Extension
43-i% 29,306,439 $17,539 29,288,900 1,281,746
$627,626 10 C. S. & C. C. D. First_ _5%
1,638,000
1,638,000
82,518
C. S. & C. C. D. First
$6,041,958 62
Consolidated
5%
1,379,000
1,379,000
68,950
F. W. & D. C. First_ _ _ _6%
8,176,000
8.176,000
490,560
F. W. ec D. T. First_ __ _6%
728,000 428,000
300,000
18,000
$390,258 35
Equipment Lease3,975 05
Deferred Rentals
2,661,033 74 C. & S., Series "A"
618,000
618,000
33,450
C. & S., Series "Pullman"__
120,898
120,898
6,969
F. W. & D.C., Series "A"_ _
234,000
234,000
14,300
35,058 19 F. W. & D. C., Series "B"_ _
228,000
-228,000
12,350
F. W. & D. C., Series "Pullman"
$3,090,325 33
404,006
404,006
23,290
F.W. & D. C., Series "1908"
52,000
52,000
3,466
$2,951,633 29
Total
1,300,000 00
$62,286,344 $445,539 $61,840,805 $2,811,682
$1,651,633 29 • EXPENDITURES
FOR NEW
____
Surplus
466,718 00
$1,184,915 29
Additions and Betterments for the calendar year 1910
$1,067,890 00
And First Mortgage Bonds of C. S. & C. C. 0. By.
Co. were
retired through Sinking Fund
33,000 00
Deferred Rentals under Equipment Leases were discharged
375,226 18
Making the net increase In Mortgage, Bonded and Secured
Debt $659,663 82
There were sold from the treasury of the Company $3,407,000 face amount of Refunding and Extension Mortgag
e
Bonds; the proceeds of which reimbursed the treasury for
expenditures made for new lines, equipment and additio
ns
and betterments.
There were charges to Capital Account aggrega
ting
$4,770,749 55 for additions to the property. Of this
amount
there was expended for:
-
$168,131 74
104,226 05
1,344,037 27
844,802 09
08,11908
56,393 14
103,872 67
20,587 54
11,785 70
44,844 72
50,665 15
188,757 16
1,764,527 24
During the fiscal year the deficit from operati
of The
Trinity & Brazos Valley Railway Company wasons
up
equally by The Chicago Rock Island & Pacific made
Company and The Colorado & Southern Railway Railway
Construction of the new passenger terminals at Company.
n has
been completed and paid for, and the terminalsHousto
and passenger station have been in use since February last.
Total
22,323 59
The percentage of Operating Revenues required for
Operating Expenses was 65.30%, as compared with 64.75%
in the previous year, and the proportion of the Gross Corporate Income required for Interest on Funded Debt was
49.99%, as compared with 44.04% in the previous year.
During the fiscal year, Refunding and Extension Mortgage
Bonds of this Company were issued to cover expenditures for:
Structures and Machinery
Substituting Permanent Bridges for Wooden Ones
New Line-Southern Jct. to Walsenburg Jet
New Line-Wellington to Cheyenne
Extension of Cheyenne Terminals
Additions to Denver Terminals
Elimination of Grade Crossings-Denver
Additions to Trinidad Terminals
Extension of Main Line ___
Additional Spur and Industry
_-- Tracks
Additional Yard Tracks and Sidings
Various Other Additions and Betterments
Additional Equipment
Dies. Declared During
No. of Tot. Par Value
the Year.
Shares. Outstanding.
Rate.
Amount.
C. & S. By. Common
310,000 $31,000,000 00
2%
$620,000 00
C. & S. By. First Preferred_ 85,000
8,500,000 00
4%
340,000 00
C. & S.Ry. Second Preferred. 85,000
8,500,000
00
4%
340,000 00
Colorado RR
5
500 00
Denver & Interurban RR__
7
700 00
C. S. & C. C. D. By. Common
9
900 00
F. W. & D. C. By., includ-•
ing $23,884 "Stamped"
254
25,484 00
W. V. By
9
000 00
W. F. & 0. By
9
900 00
W.V. RR
9
900 00
A. & N. By
9
900 00
S. & N W.By
9
900
00
F. W. 4c D.T. fly
9
900 00
$5,414,332 52
Gross Corporate Income_
___
DEDUCTIONS FROM GROSS
CORPORATE INCOME.
Rents
Miscellaneous Interest
Int. Accrued on Funded Debt
Extinguishment of Discount
on Securities Sold
Sinking Funds
$3,324,973 50
CAPITAL 6TOCK.
Designation.
$5,892,202 16
477,869 64
Total Other Income
$2,298,592 37
1,300,000 00
*5,914,525 75
The new line of double-track railroad which being built
in. conjunction with the Denver & Rio Grande is
Railroa
between Southern Junction and Walsenberg JunctiodnCo.
is
nearing completion and will be opened for operation
about
October 15 1911.
This Company has since its organization in
operated
Its trains over the tracks of the Union Pacific1899
Railroad Co.
between Denver and Cheyenne. Owing to increase
of both companies, it was deemed advisable to d business
construct a
new line of single track railroad between Welling
ton, Colorado, the northernmost point on the Fort Collins District
Cheyenne, Wyo.; there to connect with this Compan , to
Wyoming Division, and also with the Chicago Burling y's
ton &
Quincy Railroad. This new line, which will be
thirty-two
miles long, will be opened for operation about October
15
1911.
The following statistical tables have been compile in
d
the
form required for the Annual Report of carriers
to the InterState Commerce Commission.
CAPITALIZATION.
LINES AND EXTENSIONS
AND EQUIPMENT, AND FOR ADDITIONS AND
BETTERMENTS, DURING THE YEAR.
Account.
New Lines Additions and
& Extensions. Betterments.
From
From
Current Funds Current Funds
Total.
Expenditure.
1.-ROAD.
Engineering _
$75,960 04
$6,200 77
$82,160 81
Right of Way and Station
Grounds
126,452 57
41,212 05
167,14 62
Real Estate
8,117 75
84 7 75
Grading
'1,352,795 54
35,317 92 1,388,1 3 46
Bridges, Trestles and Culverts_
387,369
21
122,021
01
509,390 22
Ties
82,119 90
34,281 35
116,401 25
Rails
104.973 30
62,517 41
167,490 71
Frogs and Switches
2,858 67
9,139 23
11,997 90
Track Fastenings and other
Materials
31,665 78
45,987 05
77,652 83
Ballast
7,011
60
41,651 56
48,663 16
Track Laying and Surfacing_ _ _
16,945 70
20,550 25
37,495 95
Roadway Tools
660 66
660 66
Fencing Right of Way
• 2,075 98
3,517 09
5,593 07
Crossings and Signs
16 15.88,789 54
88,805 69
Interlocking and other Signal
Apparatus
1,846 52
1,848 52
Telegraph and Telephone Lines.
1,933 94
1,933 94
Station Buildings and Fixtures_
85,932 63
85,932 83
Shops, Engine Houses and Turn
Tables
16,697 67
16,697 67
Shop Machinery and Tools_
0,464 74
9,464 74
Water Stations
3,395 94
25,450
40
28,846 34
Electric Power Transmission
61,323
71
61,323 71
Miscellaneous Structures
14,231 51
14,231 51
Rent of Equipment
3,720 08
3,720 08
Repairs of Equipment
264 90
264 90
Injuries to Persons
175 12
175 12
Cost of Road Purchased
21,306 59
1,85000
23,156 59
Total
$2,219,107 07 $738,694 76 $2,957,801 83
II.-EQUIPMENTSteam Locomotives
$325,150 92
$325,150 92
Passenger Train Cars
36,945 64
36,945 64
Freight Train Cars
1,570,472
61 1,570,472 61
Work Equipment
VVV Cr.168,041 93 Cr.168,041 9$
Total
$1,764,527 24 $1,764,527 24
III.-GENERAL EXPENDITURESStationery and Printing
$981 33
$97 58
$578 91
Insurance
578 04
578 04
Interest and Commissions
45,110 18
Cr.1,393 67
43,766 51
Other Expenditures
3,467 52 29 50
3,49702
Total
149,637 07 C-r.$1-,216 59
$48,42048
Grand Total
$2,268,744 14 $2,502,005 41 $4,770,749 55
Lxxxxim
THE CHRONICLE
1120
EQUIPMENT.
Aver. Traclive Pow.all
locomotives
& Aver.
Capacity all
Frt. Cars.
No.
No.
No.
No. on Added Retired
on
June 30 During During June 30
Year. 1911.
Year.
ITEMSLocomotives-OwnedPassenger
Freight
Switching
Total
Cars OwnedPassenger ServiceFirst-class Cars
Second class Cars
Combination
Dining Cars
Baggage, Express and
Postal Cars
Motor Cars, Electric
Other Cars in Passenger
Service
65
200
42
10
5
7
4
2
75
201
47
307
22
6
323 29,230 lbs.
102
31
47
102
31
148
9
1
1
9
44
21
4
48
21
283
Total
Freight Service4,781
Box Cars
222
Flat Cars
1,101
Stock Cars
1,668
Coal Cars
10
Tank Cars
89
Refrigerator Cars
Other Cars in Freight
1,645
Service
6
1
413
10
500
559
1
104
47
8
63
169
26
9,516
1,652
253
150
5
132
313
4
18
48
150
3
6
31
609
10,408
70
1.728
190
444
Total
Company's ServiceOfficers' and Pay Cars
Gravel Cars
Derrick Cars
Caboose Cars
Other Road Cars
Total
Total Cars Owned
288
9
1,788
10,915 32.92 tons.
6
144
330
489
11,692
MILEAGE.
Line Owned.
_
Wyoming
Colorado
Now Mexico_
Texas
1,710.15
95.83
Total.
154.06
857.59
83.29
711.04
1.805.98
LINE OWNED.
Yard track
and
Single Second
Sidings.
track. track.
9.67
Wyoming ------154.06
Ed& 293.86
857.59
Colorado
18.18
83.29
New Mexico _ _ _ .
123.99
711.04
Texas
1,805.98
2.68
445.70
Operated
Under
Lease.
12.70
189.71
Total Line
Operated.
166.76
1,047.30
83.29
711.04
2,008.39
202.41
Constructed
During Year.
Main
Total.
Line.
.48
163.73
.20
1,154.13
101.47
835.03
.68
2,254.35
Yd. track
and
Sidings.
.48
19.42
JUNE 30 1911.
ASSETS.
Property Investment-Road and Equipment$91,656,595 43
Road
15,348,502 13
Equipment
$107,005,097 56
1,344,643 11
Reserve for Accrued Depreciation-Credit
$105,660,454 45
Total
SecuritiesSeourities of Proprietary, Affiliated and Controlled Companies-Pledged-1,431,865 51
Stocks
8,832.234 16
Funded Debt
10,264.099 67
Securities of Proprietary, Affiliated and Controlled Cornpanies-Unpiedged108,073 65
Stocks
2,016,220 76
2,508,147 11
Funded Debt
$12,880,320 43
Total
Other InvestmentsAdvances to Proprietary,Affiliated and Controlled Cora106,792 33
panics, for Construction, Equipment & Betterments_
i.•'
Miscellaneous Investments352,071 83
Physical Property
352,124 83
53 00
Securities Unpiedged
Total
Working AssetsCash
Securities Issued or Assumed, Held in TreasuriesFunded Debt
Traffic and Car-Service Balances Duo from Other Companies
Net Balance Due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
Total
Accrued Income Not DueUnmatured Interest, Dividends and Rents Receivable_ _ _
Deferred Debit ItemsTempoary Advances to Proprietary, Affili3362,155 91
ated and Controlled Companies
890 98
Working Funds
Rents and Insurance Paid in Advance_
Unextinguished Discount on Funded Debt
Special Deposits
Cash and Securities in Sinking Funds_
Other Deferred Debit Items
$62,286,344 08
Total
Working Liabilities• 335,393 19
Traffic and Car-Service Balances Due to Other Companies
2,224,115 98
Audited Vouchers and Wages Unpaid
2,118 46
Miscellaneous Accounts Payable
95,151 00
Matured Interest, Dividends and Rents Unpaid
17,413 51
Other Working Liabilities
$2,674,192 12
620,849 05
327,839 79
$948,683 84
8259,546 19
$10,337,997 88
8124,539,748
11
OPERATING INCOME.
Rail OperationsOperating RevenuesR3venue from Transportation$11,120,361 01
Freight __
3,870,671 92
Passenger __
35,273 37
Excess Baggage
216,068 73
Mail
280,613 32
Express
1,701 75
Other Passenger Train__ _
Switching
202,618 82
23,805 83
ecial Service Train_ __ _
Miscellaneous Transporta
2.52731
ton _
815,733,642 06
Revenue from Operations
Other than Transportation17,455 38
Station & Train Privileges
468 50
Parcel Room Receipts.. _
5,157 82
Storage Freight
2,554 60
Storage Baggage
34,662 94
Car Service
Telegraph and Telephone
7 83
Service
Rents of Buildings and
4,481 72
Other Property
2,719 99
Miscellaneous
67,508 78
2,913 67
Joint Facilities Cr
$15,824,064 Si
Total Operating Revenues
Operating ExpensesMaintenance of Way and Struc1,688,223 20
tures
Maintenance of Equipment__ _ 2,779,142 78
239,692 26
Traffic Expenses
5.112,951 78
Transportation Expenses
514,101 32
General Expenses
10,334,111 34
$5,489,953 17
Net Operating Revenue
Outside OperationsRevenues __
Expenses
112,820 42
146,105 62
33,285 20
Net Deficit from Outside Operations
$5,456,66797
478,323 05
Total Net Revenue
Taxes Accrued
84.978,344 92
Operating Income
GENERAL BALANCE SHEET.
Total
60,629,439 36
1,656,904 72
19.90
Following is the report of the General Auditor, with statements prepared by him.
Respectfully submitted,
A. D. PARKER,
Vice-President.
Grand Total
$445,539 30
60,183,900 00
INCOME ACCOUNT.
MILEAGE OF ROAD OPERATED.
Main Branches
Line. and Spurs.
154.06
95.83
761.76
83.29
711.04
$48,032,984 00
Grand Total
9
Stale.
Total
Mortgage, Bonded and Secured DebtFunded DebtMortgage BondsHeld by Companies
Not Held by Companies
Equipment Trust Obligatlons__
Total
Deferred Credit ItemsOther Deferred Credit Items
Profit and LossBalance __ _
5,090
185
1;593
2,164
11
84
5
$31,032,984 00
17,000,000 00
Total
Accrued Liabilities Not DueUnmatured Interest, Dividends and Rents Payable
Taxes Accrued
29
29
Capital StockCommon Stock
Preferred Stock
$458,917 16
1,476,382 37
445,539 36
240,809 60
199,093 95
529,336 77
1,648,761 45
11,566 51
9,551,990 01
07IIER INCOME,
Other Rents-CreditsJoint Facilities
Miscellaneous Rents
826,565 75
16,355 10
Interest Accrued on Funded Debt Owned or
Controlled
Interest on Other Securities, Loans and
Accounts
Miscellaneous Income
$42,920 85
493,409 80
106,786 12
2,104 18
$2,298,592 37
Net Corporate Income
DISPOSITION OF NET CORPORATE INCOME.•
Dividends Dee.lared-•
On Common Stock$620,000 00
2%, payable Dec. 31 1910
On First Preferred Stock$170,000 00
2%, payable Oct. 1 1910_
170,00000
2%,payable April 1 1911_
340,000 00
On Second Preferred Stock00
$170,000
1910_
2%, payable Oct. 1
170,000 00
2%,payable April! 1911_
340,000 00
1,300,000 00
Balance for Year Carried Forward to Credit of Preilt 6c Loss_
$278,971 32
383,046 89
25,487 71
140,019 76
65,277 56
667 39
114,595 43
5709,094 74
$124,539,748 11
645,220 95
55,623,563 87
Gross Corporate Income
DEDUCTIONS FROM GROSS • CORPORATE INCOME, `
6,093 76
Rents Accrued for Lease of Other Roads
Other Rents-DebitsHire of Equipment$309,162 29
Balance
140,708 96
Joint Facilities
14,983 93
Miscellaneous Rents
464,852 68
2,811,682 34
Interest Accrued on Funded Debt
959 68
Other Interest__ _ 6,085 10
Extinguishment of Discount on Securities__ _
94
34,399
Sinking Funds Chargeable to Income
3,324,973 50
$998,392 37
PROFIT AND LOSS ACCOUNT,
Credit$9,271,398 57
Balance June 30 1910
Balance for Year brought forward from Income
998,392 37
Account _ _
Additions for Year75.079 58
Miscellaneous Credits
-------310,345,070 52
DebitDeductions for Year7,072 64
Miscellaneous Debits
Balance, Credit, June 30 1911
$10.337,997 88
•
OCT, 21 1911.]
THE CHRONICLE
1121
THE PACIFIC COAST COMPANY
EXTRACTS FROM THE REPORT FOR THE YEAR ENDING JUNE 30 1911.
New York, September 15 1911.
To the Stockholders of The Pacific Coast Company:
The following report of the business of your Company and
operations of its subsidiary companies for the fiscal year ending June 30 1911 is respectfully submitted:
There has been no change in the Funded Debt or Share
Capital.
I present herewith report of your Vice-President and General Manager at Seattle, giving details of the operations of
the subsidiary companies and of this Company. In connection with this report will be found a condensed general balance sheet of this Company and subsidiaries and statistical
information furnished by our General Auditor at Seattle.
From the statistics furnished it appears that in comparison with last year the earnings of all subsidiary companies,
together with the rentals and receipts of the Pacific Coast
Company for the year, are as follows:
Gross Earnings (Decrease)
Operating Expenses (Increase)
$104,408 48
79,090 29
Net Earnings (Decrease) '
$183,498 75
The Net Earnings of the Pacific Coast Steamship Company
decreased $176,603 98.
The Net Earnings of the Pacific Coast Railway Company
decreased $27,931 25.
The Net Earnings of the Columbia & Puget Sound Railroad
Company decreased $19,138 26.
The Net Earnings of the Pacific Coast Coal Company,
including lumber sales, increased $22,666 27.
Rentals, Dividends and Grain Warehouses increased $19,.189 95.
General Expenses and Taxes increased $2,081 /18.
The marine accidents referred to in the Ge.le al Manager's
report do not reflect upon the management of the Steamship
Company; they are being carefully investigated, and it is
hoped and expected that improvement can be made in the
operation of vessels.
The accident at the Lawson Mine appears to have been
unavoidable, having been caused by a cave-in in the old
workings of the mine and not through the fault of administration.
From present indications reasonable returns may be expected during the coming year, although the business outlook
at present is not as promising as last season.
H. W. CANNON,
President and Chairman of the Board
The decrease in gross revenue is due to two causes-demoralization of lumber market, which caused the closing
down of logging camps on line, and reduced coal shipments
Account closing down of Lawson Mine. Passenger earnings
show slight increase.
Operating Expenses were kept up on account of increased
taxes, $3,414 00; increased personal injuries, $11,298 00;
increased depreciation, $1,309 00; riprapping Cedar River,
$8,850 00; renewing May Creek trestle, $8,310 00.
There was charged to "Operating Expenses" and written
off to cover depreciation of equipment, 845,507 98. Shop
Machinery and Tools, $2,145 20; Buildings, $772 80; total,
848,425 98, as against $47,116 08 last year.
The principal improvements made during the year aggregated in cost $129,072.
In addition to the foregoing, there was expended and deducted from "Income" $535 64,and also added to "Income,"
account of removal of industrial spurs and sidings, $2,340 94.
Net addition, $1,805 30.
There was also added to equipment and charged to "Replacement Fund" during the year $79,308 30.
PACIFIC COAST RAILWAY COMPANY.
Gross Earnings (Increase)
Operating Expenses (Increase)
Net Earnings (Decrease)
$1,320 90
29,252 15
$27,931 25
Disastrous floods occurred in the Santa Maria Valley during March, causing great damage to the Pacific Coast Railway and interrupting through traffic for nearly a month.
The sum of $50,000 has been charged out and set aside for
the extraordinary repairs made necessary by these floods.
Operating expenses increased on account of rebuilding
Santa Maria River Bridge, a trestle nearly a mile long, equipping cars with air brakes and automatic couplers and repairing damages caused by floods.
Development of oil lands in the Cat Canon district continues active. A further extension (three miles) of the Cat
Canon branch has, with your approval, been decided upon
and is now under way.
The principal purchases and improvements during the year
aggregated a cost of $22,974.
PACIFIC COAST COAL COMPANY.
COAL DEPARTMENT.
Gross Earnings (Decrease)
Operating Expenses (Decrease)
Net Earnings (Increase)
$43,932 32
47,717 86
$3,785 :14
FROM REPORT OF VICE-PRES. AND GEN. MANAGER.
The total output of mines during the year was 737,755 tons,
a decrease of 22,223 tons as compared with the previous year.
Seattle, September 1 1911.
The total amount of coal sold at all depots was as follows:
Earnings for the year, as a whole, were fair, but not quite
up to those of the previous year.
From Company's mines, tons
706,982
PACIFIC COAST STEAMSHIP COMPANY.
Gross Earnings (Decrease)
Operating Expenses (Increase)
Net Earnings (Decrease)_
Other domestic coal, tons
Foreign coal, tons
$86,672 42
89,931 56
$176,603 98
Total, tons
22,963
103,859
_ _833,804
a decrease of 48,723 tons over previous year.
Decrease in output and sales occurred on account of accident at Lawson Mine and failure to renew railroad contracts
at satisfactory prices. Reductions were made in expenses
to more than offset the reduced earnings.
An explosion occurred in Lawson Mine at 6:40 a. m. November 6 1910, which destroyed the mine and killed seventeen
men. There was no indication of fire or smoke after the explosion, and it is believed to have been an air blast caused by
a cave-in in the old workings. The mine was so nearly
worked out that it was not considered advisable to reopen
it, which could have been done only at a great expense.
The principal improvements made during the year aggregated in cost $185,511.
There was expended for repairs to the fleet and charged to
Operating Expenses $335,235 19, as against $315,530 51
last year.
Ordinary repairs and renewals cost $186,253 71, and extraordinary repairs 8148,981 48.
The decrease in Gross Earnings was in passenger business,
principally on the Southeastern Alaska and Southern California routes. On the latter on accountof increased competition,
and on the former, owing to somewhat lighter travel and two
unfortunate accidents which crippled the Company's service
for a time. Freight earnings show a moderate increase.
Operating Expenses increased partly on account of increased amount of freight handled, but principally on account of the number of unfortunate accidents that occurred
LUMBER DEPARTMENT.
during the last six months of the year, rendering it necessary
to fit extra ships for service and transfer them from one point
Lumber business shows an improvement over previous
tolanother to get them into commission.
year as follows:
$22,884 34
Gross Earnings (Increase)
RAIL LINES.
Expenses
COLUMBIA ec PUGET SOUND RAILROAD COMPANY.
Gross Earnings (Decrease) _
---- -- _- --- "9'3
Operating Expenses (Decrease)
42
50
89
60
4
Operating
(Increase)
Net Earnings (Increase)
4,003 61
*18,880 73
$19,138 26
[Comparative income account and balance sheet are given on a preceding
page under Annual Reports.)
-----------
-The "Manual of Hawaiian Securities" for 1911 is an
attractive pamphlet of nearly 100 pages, compiled and issued
by the Honolulu Stock & Bond Exchange, with statistics,
balance sheets and, in many cases, statements of profits and
other particulars for the companies whose securities are
listed on the Exchange.
-"Hawaiian Sugar Stocks as Investments" is the title
of alpamphlet issued and copyrighted by Wakefield, Garthwaite & Co., San Francisco. There are some 27 of these
stocks mentioned, of which 7 are listed both in San Francisco
and.Pionolulti and 20 that are listed only in Honolulu.
-Seasongood & Haas, investment bankers, at 100 Broadway, this city, will buy and sell New York State 4s, due
March 1961. The firm are specialists in Missouri Pacific
5% notes, 1914.
-Chas. C. Harrison Jr. & Co., bankers, Philadelphia, have
just prepared an intetesting circular regarding Atchison Topeka & Santa Fe convertible 4% bonds, due 1960:
-H. K. Taylor dr Co., Hartford, Conn., are offering to
furnish a safe-deposit box free for a year to their customers
in a bank in the town nearest to them.
Net Earnings (Decrease)
1122
THE CHRONICLE
[VOL. LXXXXITI.
AMERICAN TOBACCO COMPANY
PLAN OF DISINTEGRATION-FOURTEEN INDEPENDENT COMPANIES.
A petition was filed on Monday in the Circuit Court of the
United States for the Southern District of New York in the
Anti-Trust suit of the United States of America vs. the
American Tobacco Co. and others, by•the American Tobacco
Co. and all the other defendants to the cause; except the
Imperial Tobacco Co. (of Great Britain and Ireland), Ltd.,
United Cigar Stores Co. and R. P. Richardson Jr. & Co.,
Incorp., asking approval of a plan for a distribution of the
business among 14 entirely independent corporations, notably the present Am. Tobacco Co., the (new) Liggett & Myers
Tobacco Co. and the (new) P. Lorillard Co.-, only one of the
existing corporations (the Am. Stogie Co.) to be dissolved.
The counsel for the petitioners are W. W. Fuller, Lewis Cass
Ledyard, De Lancey Nicoll and Junius Parker. (Compare
V. 85, p. 277.)
-Am. Snuff Co.- -Geo.W.Helme Co.- -Weyman & BrettPref_-_ 4,000,000
720,700 4,000,000
720,700 4,000,000 720,700
Corn ___11,001,700 5,077,900 4,000,000 1,558,600 4,000,000 1,558,600
Total_15,001,700 38.65% 8,000,000 28.49% 8,000,000 28.49%
-Conley Foil Co.- -Johnston Tin F.- -MacAnd. ee F'sCorn_ ___
101,200 13,000,000 1,193,000
825,000 279,500 x300,000
Per cent
33.88%
33.73%
39.77%
-J.S. Young Co.- -R.J. Reynolds- -Corp. of Un.Cig.St.Com____k1,000,000 438,700 7,525,000 2,823,800 y9,001,000 3,388,600
Per cent
43.87%
37.65%
37.53%
-Brit.-Amer. Tob- -Par Rico-Am.T.Co.£
Ord'y___z3,720,021 1,282,021 1,999,900 905,900
Per cent
34.46%
45.31%
k There is also to be $1,000,000 7% non-voting pref. stock. / There is
also non-voting pref. z There are also $100,000 bonds. y There are also
some $3,600,000 debentures due in 1959. z There is also £2,100,000 5%
cumulative non-voting preferred.-Ed.
SYNOPSIS OF PLAN.
Factories and Principal Brands to Be Held by American Tobacco Company.
Basis of Redemption-Exchange of Securities-Dividend Distributions.
Factories: Durham, N. C. (Blackwell's Durham Tobacco Co.); New York
(a) To Be Re--New Securities- (Butler-Butler, Inc.); Milwaukee, Wis. (F. F. Adams Tobacco Co.); Dan-Distribution- (L.&M. and P.Lor. Co.) ville, Va., Danville Branch-little cigars; Baltimore, Ellis-A-little cigars;
Outdeemedstanding. Cash. Investments. 7%bds. 5%bds. Pld.Stk. New York, Duke Branch; Baltimore, Feigner Branch; Louisville, Finzer
(Per $1,000)
Amer. Tob. 6s_ _$52,882,650 $600
Branch; New York, Kinney Branch; Baltimore, Marburg Branch; Rich$500x
480
Amer. Tob. 4s_ _ 47,844,200
mond, Mayo Branch; Nashville (Nashville Tobacco Works); Richmond
$500x
480
Cons. Tob. Co.4s 3,509,900
(R. A. Patterson Tobacco Co.); Brooklyn, Penn St. Branch-cigarettes;
500x
Am.Tob. pf. stk.,
Reld,sville, N. C. (F. R. Penn Tob. Co.); Middletown, Ohio, Sorg Branch;
33 1-3% of the 78,689,100
33 1-3% Louisville, National Branch.
Am. Snuff pref.,
Brands: (1) Smoking tobacco-Lucky Strike, Tuxedo, Peerless, Bull
66 2-3% of the 12,000,000 ____
See (d-3)
Durham, Five Brothers, Old English. (2) Plug tobacco-American Navy,
MacA. & F. pref. 3,758,300 ____
See (d-2)
Square Deal, Spear Head, Piper Heidsick, Standard Navy, Ivy, Corker,
Am. Stogie pref_
976,0001DissolutionTown Talk, Newsboy. (3) Cigarettes-Sweet Caporal, Pall Mall, Hassan,
do do corn.. 10,879,0005 See "d" (4) below.
Mecca. (4) Little cigars-Sweet Caporal. (5) Fine cut-Virgin Leaf.
P.Lorillard, pref.
held by public
403,900-Par (or optionally 114 3i% in pref.
Factories, &c., of New Liggett & Myers Co. and P. Lorillard Co.
stock see (h-1) below)
y114 Yi%
(a) To Liggett & Myers Tobacco Co.:
(b)DividendsTobacco Output.
Liggett do Myers Branch, St. Louis
Plug tobacco
See
Spaulding & Merrick, Chicago (entire stock owned)_ _Fine cut & smoking
Am. Tob.com.stk.40,242,400
(e-1&2)
Allen dc Ginter Branch, Richmond, Va. (with brands, but not
below
"Sweet Caporal")
Cigarettes
Conley Foil stk__
See (d-1)
825,000
Chicago Branch, Chicago
SniCking tobacco
MacA. & F. corn. 3,000,000 ____
Sec (d-2)
Catlin Branch,St. Louis
Smoking tobacco
Am.Snuff corn__ 11,001,700 ____
See (d-3)
Nall ec Williams Tobacco Co., Louisville (entire stock owned)
Am. Cigar corn__ 10,000,000
Sec (d-5)
_
Plug and smoking tobacco
x In the proportion in each case of 58.65% of Liggett & Myers Tobacco John Bollman Co. of San Francisco (90% of stock owned)_ __IL __Cigarettes
Co. bonds and 41.35% of P. Lorillard Co. bonds; in other words, for each Pinkerton Tobacco Co., Toledo (77%% of stock owned)__ _Scrap (smoking)
Cigarettes ec smoking
*1,000 bond surrendered, $29325 L. &-M. bonds and 5206 75 Lorillard Co. W. R. Irby Branch, New Orleans
Cigarettes & smoking
bonds, in addition to the amounts of cash shown. y New P. Lorillard Duke-Durham Branch, Durham, N. C
Branches at Philadelphia and Baltimore
preferred stock.
Little cigars
Liggett & Myers Tob. Co. will have brands as follows: (a) Smoking toNote.-The Am. Cigar Co. having disposed of certain of its principal
assets, as below provided, the proceeds will be applied as its shareholders bacco-U. S. Marine. Sweet Tip Top, Duke's Mixture, Home Run, King
Bee, Red Man, Velvet. (b) Plug tobacco-Star, Drummond's Natural
may decide, this not being a matter that affects the present plan.-Ed.
Leaf, Horse Shoe. (c) Cigarettes-American Beauty, Fatima, Piedmont,
Status after Reorganization.
Imperlales, Home Run, King Bee. (d) Little eigars-Recruit. (e) Fine
Assets.Capitalization. Ann.Net SellingValue and Net Profits of Leading Cos. cut brands-Sweet Cuba and Sterling.
(b) To P. Lorillard Co.:
(1) The American Tobacco Company.
All the rights of the Am.Tob. Co. in the present P.Lorillard Co.,
Net tangible assets, $53,408,499; trade-marks, brands, &c.,
to-wit: all the common stock and $1,596,100 out of a total
598,432,474
$45,023,975
Issue of $2,000,000 of 8% pref. stock and, it is contemplated,
40,098,870
Investment securities
all the assets of the P. Lorillard Co., incl. plant at Jersey City_
Cash to be received for common stocks of Ligget & Myers and
Anargyros, New York (entire stock)
Cigarettes
36,651,925 S.
P. Lorillard
Luhrman
& Wilbern Tobacco Co., Middletown, 0. (entire
20,229,700
__
Prof. stock of Liggett & Myers and P. Lorillard
st ck)-----------------Scrap (smoking)
$26,.141,325;
Bonds of L. 85 M. and P. L. Co., 7% bonds, Co_" at Philadelphia, Wilmington,----------- Baltimore
52,118,375 BranchesBranch
5% bonds, $25,677,050
B) and Penn St. Branch, Brooklyn
(Ellis
Little cigars
Cigar Co. Jersey City and Richmond (entire stock
$253,531,394 Federal
Total
owned by Am. agar Co., but, as hereinbefore provided, to be
Deduct-Amounts required to retire Am. Tob. Co. bonds and
purchased for cash by Am.'rob. Co.)
Cigars
33 1-37 of pref. stockP. Lorillard Co. will have brands as follows: (a) Smoking tobacco6% bonds $52,882,650: 50% to be exchanged for 7% bonds,
Union Leader, Sensation, Just Suits, Honest, Polar Bear. (b) Plug to$26,441,325; 50% to be redeemed at $120, 531,729,590_
58.170,915 bacco-Climax and Planet. (c) Cigarettes-Heimar, Murad, Mogul.
47
0 bonds $51,354,100: 30% to be exchanged for 5% bonds,
Turkish Trophies, Egyptian Deities. (d) Little cigars-Between the Acts.
50,327,018 (e) Fine cut-Tiger and Century.
$25,677,050; 50% to be redeemed at $96, $24,649,968_ _
Pref. stock, $78,689,100: 33 1-3% to be redeemed with
Estimate of total average crop: Burley, 200,000,000; Virginia and North
L. & M. and Lorillard pref. stock
26,229,700 Carolina,
240,000,000; dark Western, 200,000,000; seed, 180,000,000;
Turkish,
90,000.000.
$134,727,633
Total above deductions
Balance, after retirement of all bonds and 33 1-3% pref. stk_$118,803,711
Division of Tobacco Business of United States in all Branches. According
Capitalization.
to Volume and Value (Percentage).
Against the above there will be outstanding $52,459,400 6%
-Cigarettes- -Smoking- -Plug Tobac- -Fine Catpreferred and 5.10,242,400 common stock
$92,701,800
Vol. Value. Vol. Value: Vol. Value.
Vol. Value.
Am. Tob. Co__ _37.11 33.15 33.08 40.53 25.32 22.98
9.94 13.52
Earnings.
Value of sales
$65,622,948 Liggett & Myers 27.82 21.03 20.05 16.47 33.83 37.84 41.61 36.26
3.73
4.64 27.80 29.57
Lorillard Co_ -__ 15.27 26.02 22.82 18.88
Earnings from manufacture and sale of tobacco, based on
2.73 18.07 15.49
2.66
Reynolds Co _
year 1910, 11.55% of entire amount invested, including trade-marks, brands and assets
$11,369,810 Others, never in
combination _19.80 10.80 21.39 21.39 19.05 19.05 20.65 20.65
Earnings from investment securities based on year 1910
3,160,754
SnuffValue.
Volume.
CigarsVolume.
Value
Total
$14,530,564 Amer. Cigar Co___ 6.06%
8.90% Amer. Snuff Co__ _32.05% 35.55%
30.88% 28.95%
2.88% Helme Co
5.72%
Note.-The proposed immediate distribution to the common sharehold- Lorillard Co
1.88% Weyman & Bruton 29.25% 27.68%
ers of the Am. Tob. Co. by way of dividend of Investment securities of a Amer.Stogie Co__ _ 1.58%
Others never in
book value of $35,011,865 will be balanced, as stated below, by inereasing Others, never in
7,82% • 7.82%
combination
combination
_
86.64%
_86.69%
the said book value to actual value.-Ed.
(2) Liggett & Myers Co.,P.Lorillard Co. and R. J. Reynolds Tobacco Co.
Little Cigars (Con.)Little CigarsAssetsL. & M. P.Lor. Co.
R.J.Rey.Co. Amer. Tobacco Co_15.43% 13.41% Others never in
Total.
Tangible assets
$30,607,262 $28,091,749 $58,699,011 $10,516,248 Liggett & Myers.._ _43.78% 38.69%
combination
6.95%
6.95%
Trade-marks & brands_ 38,840,237 19,460,752 56,300,989
1,146,923 Lorillard Co
33.84% 40.95%
1
Total
Capitalization7% bonds
5% bonds
7% preferred stock_
Common stock
$67,447,499 $47,552,500 $115,000,000 $11,663,171
$15,507,837 $10,933,488 $26,441,325
15,059,589 10,617,461 25,677,050
15,383,719 10,845,981 26,229,700
21,496,354 15,155,571 36,651,925
$7,525-,000
•
Total
$67,947,499 $47,552,501 $115,000,000 57,525.000
Earnings, &c.
Value of sales
$54,402,812 $38,718,052 $93,120,865 $13,905,529
Earnings based on 1910.. $7,468,172 $5,264,729 $12,732,901 $1,675,616
Interest on 7% bonds
765,344
1,850,893
1,085,549
Interest on 5% bonds
530,873
752,979
1,283,852
Divs. on preferred stock 1,076,860
759,219
1,836,079
Bal., stir., for com.stk. $4,552,784 $3,209,293 $7,762,077 $1,675,616
Total Voting Stock and amounts to be Held by 29 Individual Defendants.
(Par value of all shares, $100 each, except Brit.-Am. Tob. Co., .£1.1
-Am. Tob. CO.- -Liggett & M'rs- -P.Lorillard CO.
Total.
Defend's.
Defend's.
Total.
Total.
Defend's.
Pref _ _52,459,400 9,864,000 15,383,700 2,892,600 10,846,000 2,039.300
Corn ___40,242,400 22727,800 21,496,300 12190,500 15,155,600 8,559.400
Total_92,701,800
35.16% 36,880,000
40.76% 26,001,600
40.76%
Distribution or Purchases of Different Types of Tobacco (Pounds).
Am.Tob.Co. Lig.&My. P.Lor.Co. R. J. Rey. B.-A.T.Co.
Va. & Nor. Car51,295,870 27,755,411 2,556,007 25,000,000 40,000,000
Burley
41,969,957 69,163,946 24,074,643 5,000,000
Seed leaf
6,112,099 5,676,180 19,093,726
10,000,000
Turkish
558,611 3,974,386
2,988,898
Dark Western.. _19,433,365 3,106,866 1,446,213
•
Abstract of Plan (Compare V. 85, p. 277).
"The business in tobacco and related products heretofore dominated
and controlled by the Am. Tobacco Co., or by companies in which it has
held a controlling or large interest, will be divided up between and carried
on by 14 separate and independent companies, no one of them having control of or dominance in the trade as to any of the products manufactured
by it-no one of them having any dominance or controlling position as
to purchase of raw material of any kind, whether of the several types of
leaf tobacco or otherwise-no one of them having any interest by way of
ownership of stock, or otherwise, in any of the others; and each of them
being a company, whether now existing or to be created under the plan,
in or with which the American Tobacco Co. will have no interest or connection."
• •
Finally, no small group of men, nor even the 20 individual defendantein
the aggregate, will own the control of any of the principal, accessory or subsidiary companies defendant, and the control of the Am. Tob. Co. itself
and of the new companies to be formed will be vested in a body of more than
6,000 stockholders.
OCT. 31 1911.1
THE CHRONICLE
(a) Dissolution of Amsterdam Supply Company.
Engaged in purchasing supplies, other than leaf tobacco. Its stock,
all held by defendants herein, is $235,000, and surplus $127,059. It is proposed that the company be dissolved, converting its assets into cash.
1123
Rican-Am. Tob. Co., engaged in the manufacture of cigars and cigarettes
in Porto Rico; and half of the stock of Porto Rican Leaf Tob. Co., engaged
in growing tobacco in Porto Rico. Am. Cigar Co. itself uses large quantititles of Porto Rican-grown leaf. Neither Am. Cigar Co. nor any of the
companies in which it is interested, except Havana Tob. Co. and Porto
(b) Abrogation of Foreign Restrictive Covenants.
Rican-Am. Tob. Co., is engaged in the manufacture of cigars outside of
Under the contracts of Sept. 27 1902, the Imperial Tob. Co. and certain the United States.
Am. Cigar Co., including with its production the production of companies
of its directors agreed not to engage in the business of manufacturing or
selling tobacco in the United States; the Am. Tob. Co. and Am. Cigar Co. of which it owns in whole or in part the stock, has, in volume, based on the
and certain of their directors agreed not to engage in the business of manu- business for the year 1910. 13.36% of the cigar business of the United
facturing or selling tobacco in Great Britain and Ireland; and the Am. Tob. States. Havana Tob. Co. has, directly or indirectly, control of 24.06%
Co., Am. Cigar Co. and the Imperial Tob. Co. agreed not to engage in the of the total production of cigars in Cuba; 46% of the total exportation of
business of manufacturing or selling tobacco in countries other than Great cigars from Cuba to all countries of the world, including the United States,
Britain and Ireland and the United States. Under the provisions of this and 38.15% of the total exportation of cigars from Cuba to the United States.
Am. Cigar Co. shall (a) sell to Am. Tob. Co. for cash its stock, being all
contract, British-Am. Tob. Co., Ltd., was organized and took over the
export businesses of the Am. Tob. Co. and the Imperial Tob. Co., with thereof, of Federal Cigar Co., at *3,965,616; (b) sell to Am. Tob. Co. for
cash the stock it owns of Porto Rican-Am. Tob. Co., to-wit $657,000, at
factories, materials and supplies.
The covenants herein just described shall be terminated, so that each of $350 per share, or $2,301.600; (c) dispose of any interest in Am. Stogie Co.
the companies and their directors be free to engage in any kind of tobacco by receiving cash proceeds of its stock in dissolution thereof, if Am. Stogie
business, anywhere in the world, just as if said covenants had not been Co., upon dissolution, converts its assets into cash; or by distributing as a
made; and that the contracts be altogether terminated so far as they im- dividend to its common stockholders out of its surplus the securities which
pose any obligation upon any of the parties thereto to furnish or to refrain it receives upon the dissolution of Am. Stogie Co. lilt receives such.
• from furnishing manufactured tobacco to any party, each company to
treat as its own the brands and trade-marks which, by said contracts, it has (e) DISTRIBUTION BY AMER. TOBACCO CO. OF STOCKS OWNED.
license to use, the said license having been perpetual, and constituting, in
(e-1) Immediate Distribution of Stocks By Amer. Tobacco Co.
effect, a conveyance of the brands and trade-marks used, for the countries
The Am. Tob. Co. will buy from P. Lorillard Co., for cash at par, the
in which they were so used, by each of the companies licensees as aforesaid. 11,247
shares of the pref. stock of Am. Snuff Co. held by P. Lorillard Co.,
and will receive, as the sole common stockholder of P. Lorillard Co., and
(c) Abrogation of Domestic Restrictive Covenants.
by
dividends, 34,594 shares of the common stock of Am. Snuff Co.
way
Covenants given by vendor corporations, partnerships or individuals, or held by of
P. Lorillard Co.
by stockholders of vendor corporations, to vendee corporations defendants
The Am. Tobacco Co. will distribute among its common stockholders by
engage
in
the
to
herein, not
tobacco business, to be terminated so that all way of dividends, and to be charged to its
surplus, all of its securities of the
such covenantors shall be at liberty to engage in any tobacco business.
following-described classes, whether now owned by it or bought by it from
Am. Cigar Co.. as hereinbefore set forth, or bought by it from P. Lorillard
(d) DISINTEGRATION OF ACCESSORY COMPANIES.
Co. or received'by It by way of dividends from any of the accessory companies defendant, to-wit:
(1) The Conley Foil Co., Manufacturer of Tin Foil.
Snuff Co. corn. & pref. stock;
B. J. Reynolds Tobacco Co. stock;
Am.
(Capital stock, $825,000, of which the Am. Tob. Co. owns $495,000.)
Corporation of United Cigar Stores
The company has a plant in N. Y. City and it owns all the stock and bonds George W. Heime Co. corn. stock;
Co.
Bruton
corn.
&
Weyman
stock:
Co. stock;
of the Johnston Tin Foil & Metal Co., which has a plant in St. Louis.
Value of output for year 1910: Conley, $1,780,527; Johnston. $676.520. MacAndrews & Forbes Co. corn. stk.; Brit.-Am.'fob. Co., Ltd., ord. sh's.
Porto Rican-Am. Tob. Co. stock;
Net profit 1910: Conley, $273,300; Johnston, $66,255. On Dec. 31 1910 J. S. Young Co. common stock:
Am. Stogie Co. stock (or proceeds
the Conley Foil Co. had tangible assets (excluding its Johnston securities) Conley Foil Co. stock;
from dissolution). •
of $1,215,321, and the Johnston Co. had assets of $379,802. The Conley Johnston Tin Foil & Metal Co. stock
and bonds;
Foil Co. has a surplus exceeding the value of the Johnston securities.
The Conley Foil Co. shall distribute its holdings of the securities of the
Including the amount to be paid to Am. Cigar Co. and P. Lorillard Co.
Johnston Co., to-wit: 3,000 shares of stock, all of one class, and $100,000 for such of these securities as are to be acquired by the Am. Tob. Co. from
of bonds, to its stockholders.
them,respectively, and excluding those to beacquired by way of dividends,
and which, therefore, do not affect the surplus of the Am. Tob. Co., never
(2) MacAndrews & Forbes Co., Manufacturer of Licorice Paste.
having been set up on its books, these securities had a book value as of
Common stock of $3,000,000, of which the Am.Tob. Co. owns $2,112,900. Dec. 31 1910 of $35,011,865.
The earning capacity of all the above securities thus to be distributed,
and R. J. Reynolds Tob. Co. less than 3 1-3%; and $3,758,300 6% nonvoting pref. stock, of which the Am. Tob. Co. holds $750,000, the balance, based upon the results of the year 1910, is $9,860,411, though not all thereof
was distributed as dividends.
both common and pref., being held independently of the defendants.
Two licorice paste plants, one at Camden, N. J. and the other at Balti(e-2) Deferred Disposition of Stocks by Amer. Tobacco Co.
more. Tangible assets, Dec. 31 1910, $5,683,825,
' including $2,118,448
licorice root, with plants for its collection in foreign countries. Sales for
The Am. Tobacco Co. will sell or otherwise dispose of, or distribute by
year 1910, $4,427,023. The company succeeded a partnership which did, way of dividends to its common stockholders out of its surplus at the time
for many years before connection with the other defendants herein, more existing, before Jan. 1 1915, all of its holdings of the following securities:
British-Amer. Tobacco Co., Ltd., non-voting preference shares;
than 50% of all the licorice paste business of the United States.
Imperial Tobacco Co. (of Great Britain and Ireland), Ltd., ord. shares;
A new corporation shall be organized, called the J. S. Young Co., and
Corporation of United Cigars Stores bonds;
shall acquire the Baltimore plant with assets in connection therewith, of o.
MacAndrews & Forbes Co. non-voting preferred stock.
total value 01,61,000,000, and the brands of licorice paste there manufacDuring the time these securities are left in the treasury ,the Am.Tob. Co.
tured; and will issue in payment therefor, with the good-will connected
therewith, $1,000,000 7% pref. non-voting stock and $1,000,000 common to be enjoined from voting any thereof or using the same to control said cos.
stock.
MacAnd. & Forbes Co. will distribute this common stock as a dividend (f) SALE BY AM. TOBACCO •CO. OF MANUFACTURING ASSETS
AND BUSINESS TO COMPANIES TO BE FORMED.
to its common stockholders, charging the amount thereof to its surplus
account, and will offer to exchange proportionately the 7% pref. stock at
(f-1) New Liggett & Myers Tobacco and New P. Lorillard Co.
par for its own pref. stock, which, as exchanged, is to be retired. Said
There will be organized a new Liggett & Myers Tobacco Co. and a new
new pref. stock, while held by McAnd. & Forbes Co., to be enjoined from
influencing or controlling the J. S. Young Co., and, if not exchanged on P. Lorillard Co., and the Am. Tob. Co. will sell, assign and convey to these
two companies factories, plants, brands and businesses, and capital stocks
or before Jan. 1 1915, may be disposed of.
This would give to MacAndrews & Forbes Co. a licorice business, includ- of tobacco-manufacturing corporations, as shown in the forgoing tables;
ing Spanish licorice and powdered goods, of the net selling value, based each of these conveyances to include proper and adequate storage houses,
upon the year 1910, of *2,514,185, of which $2,214,127 arise from sales of leaf tobacco and other materials and supplies, provision for book accounts,
one brand, to-wit, the old "Ship" brand. The J. S. Young Co., upon the including in each case a ratable proportion of the cash held by the Am.
Tob. Co. on Dec. 31 1910, so that each of the new corporations will be fully
basis of 1910, would have an output of the net selling value of $1,201,110.
equipped for the conduct of the business of manufacturing and dealing in
(d-3) American Snuff Co., Manufacturer of Snuff.
tobacco.
There will be organized two new snuff companies, the George W. Heime
(f-2) The Three Principal Companies' Resources, Earnings, dec.
•
Co. and the Weyman & Bruton Co., and the Am. Snuff Co. will convey to
The Am.Tob. Co. in Oct. 1904, immediately after the merger, had an outthese two companies, respectively, factories, with the brands manufactured standing
issue
own
of
its
4% bonds and the Consol. Tob. Co. 4% bonds,
in them, as follows: To the George W. Helme Co., tile factories at Heimetta, which it assumed,
amounting to $78,689,100, but it has purchased on the
N. J., and Yorklyn, Del.. except Factory No. 5; to Weyman & Bruton Co. market and
$27,335,000 at par of these 4% bonds, charging the
the factories at Chicago and Nashville, also all the $50,000 stock of De Voe amount thus retired
expended to surplus. The 6% bonds and 4% bonds aforesaid
Snuff Co. and the one-half ($26,000) of the stock of the Nat. Snuff Co.
are what are ordinarily known as debenture bonds, and are issued under a
Based upon the business, &c., for the year 1910, and the assets at the trust indenture
which imposes a general charge on the property, income,
end of the year, with proper provision for leaf, materials, cash and book and earnings in favor,
first, of the 6% bonds, and,second, of the 4% bonds.
accounts for the two vendee companies, this would leave the three com- The Am. Tob. Co., after
the reduction of the surplus through the acquisipanies equipped as follows:
tion by It of 4% bonds as aforesaid, had on Dec. 31 1910 a surplus of $61,Mfg.Tangible Assets. Sales (1910). Net Income. 119,992, which will be increased by the
surplus earnings of the current year.
American Snuff Company
$5,520,422
$5,075.970
$1,591,280 The distribution of securities herein provided for to be forthwith made
George W. Helme Company
4,494,557
4,909,000
1,259,281 would diminish the said surplus by $35,011,865, the book value of securities
Weyman & Bruton Company_...... 3,691,588
4,297.487
1,293,759 to be so distributed. This book value is less than actual value, but in view
Each of these vendee corporations will pay for the property and business of the fact that none of the assets of the Am. Tob. Co. are overvalued, the
conveyed to it by the issue of $4,000,000 7% voting pref. stock and $4,000,- advance of the book value of the securities to be distributed as hereinbcfore
000 common stock. Am. Snuff Co. will thus receive the $16,000,000 of set forth to their actual value would operate at the same time to increase
these stocks into its treasury and will distribute to its common stockholders, the surplus of the company, and so its surplus, after such distribution,
as a dividend, the common stock, aggregating $8,000,000, to be charged to would remain just the same as though the advance to actual value had not
its surplus account. Am. Snuff Co. will offer to the holders of its own been made on the books.
The properties to be conveyed to the Liggett & Myers Tobacco Co. and
$12,000,000 pref. stock proportionately the right to exchange these pref.
stocks for their pref. stock at par, which, when thus exchanged, will be P. Lorillard Co., based upon conditions as of Dec. 31 1910, including in such
retired. The Am. Snuff Co. will be enjoined from using any of such new conveyances the proper and proportionate storage houses, leaf tobacco,
pref. stocks not exchanged to influence or control the new companies, and supplies and materials,and cash, but without anything for value of brands,
trade-marks,formulae, recipes and good-will, are of the value of $30,607,262
after Jan. 1 1915 may dispose of any still on hand.
Note.—Am. Snuff Co. holds securities not connected with the snuff busi- to Liggett & Myers Tob. Co. and $28,091,749 to P. Lorillard Co. So far
ness, to-wit: Stock and bonds of the Am.Tob. Co.. pref. stock of Am. Cigar as these conditions shall be changed before the day of conveyance, any
Co., aggregating in book value $2,530,217, upon which Am. Snuff Co. re- deficiency is to be made good in cash, so that these two companies will have
ceived in interest and dividends during the year 1910 $176,680. It is pro- said amounts in tangible assets useful, and such as have been used, in the
posed that Am. Snuff Co. sell or otherwise dispose of these securities manufacture of the brands to be conveyed to them, respectively, and cash.
The Am.'fob. Co. will be left with tangible assets, employed in manuwithin three years, and that in the meantime they be held under an injunction as is provided in this paragraph with respect to securities of tile facturing tobacco and its products, cash and bills and accounts receivable,
George W. Heime Co. and Weyman do Bruton Co., to be temporarily held of the value of $53,408,499 as of Dec. 31 1910. The profits earned during
by it. It also owns all, to-wit: $100,000,stock of Garrett Real Estate Co., the year 1910 on the brands and businesses to be conveyed by the Am.Tob.
Co. to Liggett & Myers Tob. Co. amounted to $7,468,172 and the profits on
which will be liquidated.
the brands and businesses to be conveyed by the Am. Tob. Co. to P. Loril(d-4) American Stogie Company.
lard Co. amounted to *5,264,729.
It is proposed that the value of the brands, trade-marks, recipes, formuCapital stock, $976,000 7% cutn. pref. stock, of which Am. Cigar Co.
owns $40,000, and none of the other defendants owns any; $10,879,000 lae and good-will to be sold to each of these companies be determined by
their
earning capacity, based upon the results for the year 1910, so that
common stock, of which Am. Cigar Co. owns $7,303,775 and none of the
other defendants owns any. There are accumulated and unpaid dividends each shall have an earning capacity of 11.02% per annum upon its total
property, including both tangible property and brand value and good-will.
on the pref. stock to the amount of $399,000 as of Dec. 311910.
Only asset is all of the issued stock of Union-American Cigar Co., which Upon this basis the consideration to be paid by the Liggett & Myers Tob.
has cigar factories located at Pittsburgh, Allegheny, Lancaster and Newark. Co. will be $30,607,262 value of tangible assets as above stated and $36,Total production, based upon business for the year 1910, is only 1.58% of 840,237 value of brands, trade-marks, recipes and good-will, making a
total of $67.447,499: and the consideration to be paid by the P. Lorillard
the entire production of cigars in the United States in volume.
American Stogie Co. will dissolve, with leave either to convert the assets Co. will be $28,091,749, value of tangible assets as above stated, and $19,460,752,
value of brands, trade-marks, recipes, formulae and good-will,
into cash and distribute them among the stockholders, or to reorganize; but
in either event there shall be a separation into at least two different owner- making a total of $47,552,501.
The brands, trade-marks, recipes, formulae and good-will of the Am.
ships of the factories and businesses now owned and operated by Union-Am.
Cigar Co. The Am. Cigar Co. will take such cash as it may receive into Tob. Co. on Dec. 31 1910 were of the book value of $101,324,964. The
payments for brand value, &c., to the Am. Tob. Co. to be made by Liggett
its treasury, and if it receives securities of cigar-manufacturing concerns,
it
will distribute such as a dividend to its common stockholders, to be charged & Myers Tob. Co. and P. Lorillard Co., as aforesaid, makes an aggregate of
*56,300,989, and would thus leave the book value of brands, trade-marks,
to its surplus as hereinafter set forth.
recipes, formulae and good-will retained by the Am. Tob. Co. at $45,023,975, which, added to the $53,408,499 of tangible manufacturing assets to
(d-5) American Cigar Company, Manufacturer of Cigars.
Has various factories of its own and owns stock in several companies en- be retained by the Am. Tob. Co., will snake the total book value of manugaged in the manufacture of cigars, all of which companies have been or- facturing property to be retained by that company $98,432,474, upon which
ganized by it and have received from it conveyances of part of its business, its earnings, based upon the results for the year 1910, would be $11,369,operating in this way as separate corporations for trade purposes. Among 810, or 11.55%.
(f-3) Securities of Two New Companies.
these companies is Federal Cigar Co.
Also owns a part of the stock of Havana Tob. Co., which controls facLiggett & Myers Tob. Co. and P. Lorillard Co. will issue securities to
tories manufacturing eigarsAin Havana; and a part of the stock of Porto cover their capitalization in the aggregate as follows:
1124
THE CHRONICLE
L.& M.Co. P. Loril.Co.
7% bonds, equal to 50% of outstanulug 6% bonds of the Am.Tob. Co_ ..$15,507,837 $10,933,488
5% bonds, equal to 50% of outstanding 4% bonds of Am.Tob. Co
15,059,589 10,617,461
7% cum. voting pref. (p. &d.) stock,
equal to 33 1-3% of pref. stock of
the American Tobacco Co
15,383,719 10,845,981
Common stock
21,496,354 15,155,571
[Var,. Lxxxxim
Total.
he Tommtrtial
$26.441,325
25,677,050
26,229,700
36,651,925
• Total
$67,447,499 $47,552,501 $115000,000
The new 7% bonds and the new 5% bonds will mature at the time fixed.
respectively, for the maturity of the 6% bonds (Oct. 1 1944) and the 4%
bonds (Aug. 11951) of the Am. Tob. Co. now outstanding, and to be issued
under an Indenture of substantially like tenor and terms with the present
indenture of the Am. Tob. Co., under which its 6% bonds and 4% bonds
were issued, the 7% bonds to have priority in charge over the 5% bonds
In the same way that the 6% bonds of the Am. Tob. Co. have priority
of charge over the 4% bonds.
All of the securities of the Liggett & Myers Tob. Co. and the P. Lorillard
Co. to be turned over to the Am. Tob. Co. In payment of the purchase price
for the factories, plants, brands and busnesses and capital stocks of tobacco manufacturing corporations so to be conveyed to Liggett & Myers
Tobacco Co. and P. Lorillard Co., respectively, as hereinbefore set out.
COMMERCIAL EPITOME.
Friday Night, October 20 1911.
There is a gradual increase in trade, due as much as anything to the necessity of replenishing depleted supplies.
Transactions still keep within a conservative scope and
predictions are not general that a turn in the long lane of
dullness has as yet actually been reached. But there is a
slightly more confident tone, as though the worst has been
seen and that any change in the future would not iMprobably be for the better, even though improvement be slow.
LARD has been quiet and steady, with demand light.
Prime Western here 9.15 to 9.20c., refined for the Continent
9.75c., South America 10.60c. and Brazil in kegs 11.60c.
(F-4) DISPOSITION OF NEW SECURITIES, BASIS OF EXCHANGE,
&C.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
The common stook will be offered for cash at par to the holders of the
Fri.
8.90
9.00
9.00
common stock of the Am.Tob. Co. In proportion to their holdings, and any October delivery
9.05
9.10
5.15
8.90
8.90
8.90
9.00
not purchased by the person thus entitled thereto shall be sold to persons January delivery
9.15
9.16
other than the individual defendants, to the end that such offer of common
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
stock of the two new companies to the common stockholders of the Am.
Fri.
Sat.
Mon.
Tees.
Wed. Titers.
'fob. Co. shall not be used by the Individual defendants to increase their October delivery
8.77 M 8.75
8.97 M
8.77 M 8.87 M 8.90
ownership therein beyond the proportion of their holdings of the common January delivery
9.15
8.97.l.
9.05
8.82J
8.823/, 8.823
stock of the Am. Tob. Co.
To each holder of the 6% bonds of tho Am.'Fob. Co. an offer shall be
PORK has been steady. Receipts of hogs have been fairly
made to acquire his bonds for cancellation, and to give in exchange therefor, as to one-half thereof, new 7% bonds of Liggett & Myers Tob. Co. and heavy. Mess here $17 to $17 25, clear $4 169 to $18 and
P. Lorillard Co. at par, and in payment for the other half thereof cash at family $19 50 to $20 50. Cut meats in fair dein nd with '
the rate of $120 and int. for each $100 face value of the bonds.
To each holder of the 4% bonds of the Am. Tob. Co. an offer shall be prices steady; pickled hams 129 to 13c., pickled bellies,
made to acquire his bonds for cancellation, and to give In exchange there- clear, 12 to 1.33/
2c. Beef was firmer and in fair demand; Mess
for, as to one-half thereof, new 5% bonds of Liggett & Myers Tob. Co. and
P. Lorillard Co. at par, and, In payment for the other half thereof cash at $12 50 to $13, packet $13, family $14 and extra India mess
the rate of $96 and int. for each $100 face value of the bonds.
$18 50 to $19. Tallow quiet and unchanged, with City
To each holder of the pref. stock of the Am. Tob. Co. an offer shall be
4c. for oleo
made to acquire one-third of his stock for cancellation In exchange for an quoted at 6%c. Stearines steady at 10 to 10Y
equal amount at par of Liggett & Myers Tob. Co. and P. Lorillard Co.
and 103 to 11c. for New York lard. Butter has been firm;
On account of the larger capitalization of the Liggett & Myers Tob. Co.
extras 31c., firsts 27 to 29c. Cheese steady with
as compared with the P. Lorillard Co., each class of the new securities will creamery
2e. Eggs have been
issue In the proportion of 58.65% thereof of Liggett .SG Myers 'Fob. Co.se- State, whole milk, colored, fancy, 143/
curitles and 41.35% thereof of P. Lorillard Co. securities.
steady. Western firsts 23 to 25c.
The stocks will be Issued in shares of $100, coupon bonds $1,000, regisOIL.-Domestic linseed ruled steady. Consumers are
tered bonds In larger denominations, and in denominations of $100 and $50.
(f-4) Three Years Allowed for Retirement of Bonds and 33 1-3% of Pfd. Stk.
The common stocks of the two companies aforesaid are to be sold as
above prior to March 1 1912, with three years to be allowed for the retirement of the bonds and one-third of tho pref. stock of the Am. Tob. Co.
Pending this, the bonds and pref. stocks of the Liggett & Myers Tob. Co.
and the P. Lorillard Co., together with an amount In cash, or in securities
owned by the Am. Tob. Co., at their book value, equal to the amounts required If all such exchanges are made, will be deposited with the Guaranty
Trust Co. of N. Y., as the agency to effect the purchase and exchange.
During such deposit the securities shall be in the name of, as well as in
the custody of, said Trust Company, with any voting rights attaching
thereto, but the Am.Tob. Co. shall receive all dividends and interest thereon
and shall have the right at any time to sell, as it may determine,any of such
securities (except the securities of Liggett & Myers Tob. Co. and P. Lorillard
Co.),the consideration therefor to go into the hands of said Trust Company;
or to withdraw any of such securities (except the securities of L. & M.'Fob.
Co. and P. Lorillard Co.) for distribution among its common stockholders,
if Its surplus permits, or to substitute cash or other securities of like book
value; it being the intent that there shall be sequestrated from the control
of the American Tob. Co. all the securities of the Liggett & Myers Tob. Co.
and P. Lorillard Co., with cash or other securities equal, upon the purchase
basis aforesaid, to the value of all the said bonds of the Am.'Fob. Co. at
tile time outstanding.
At the end of the three years, if there are any of such securities of the
Liggett & Myers Tob. Co. or P. Lorillard Co. unexchanged, then the Am.
Tob. Co. shall apply to tills Court for an order as to the disposition thereof.
Nothing in this provision shall be construed as creating any lien or security
In favor of the 6% bonds or the 4% bonds.
(G) VOTING RIGHTS TO PREFERRED STOCK.
By proper amendment of the certificate of Incorporation of the Am. Tob.
Co., the pref. stock will be given full voting rights.
(il-1) P. LORILLARD CO.-EXCHANGE OF MINORITY PREFERRED
STO OK.
P. Lorillard Co. Is a N. J. company with $3,000,000 common stock, all
owned by Mn.Tob. Co., and $2,000,000 8% pref. stock, of which Am.'Fob.
Co. holds $1,596,100 and others $403,900. Under the laws of New Jersey,
the present P. Lorillard Co. may be dissolved by the holders of two-thirds
of the outstanding stock, and upon such dissolution the pref. stock is entitled to be paid at par, the balance of the assets going to the common stock.
In view of the fact, however, that the present pref. stock is an 8% stock
secured by abundant assets and earnings, it is deemed fair that the holders
of this $403,900 of pref. stock be given, at their option, either cash at par,
which they are legally entitled to, or $114 25 per share in the 7% pref, stock
of the proposed new P. Lorillard Co. It Is therefore proposed that the
new P. Lorillard Co. provide for additional pref. stock sufficient to take
care of said $403',900 pref. stock on that basis.
In view of the fact that in the above statement as to earnings of the
P. Lorillard Co. there is Included only such part of the earnings of the present P. Lorillard Co. as accrued to the proportion of its stock held by the
Am.Tob. Co., this Increase of preferred stock would Increase proportionately
the profits of the P. Lorillard Co., and does not derange any of the figures
herein given.
(h-2) Temporary Arrangement Affecting Snuff Companies.
Under this plan the brand "Garrett" snuff Is allotted to Am. Snuff Co.,
and the factories, other than one factory at Yorklyn, Del., are allotted to
George W. Helme Co.; your petitioners pray that Am.Snuff Co. and George
W. Heinle Co. be permitted to manufacture brands the one for the other
for not over one year from March 1 1912, at cost plus 5%,the 5% being sufficient Inducement to each to manufacture Its own goods as soon as Am.
Snuff Co. Is able to manufacture "Garrett" snuff of the requisite character
in Its Clarksville factory.
Exhibits Showing Results.
The official plan is followed by a number of exhibits. [These, or their
substance, are incorporated above.-Ed.1
Extension of Time.
The petitioners pray that this Court approve the plan and extend until
March 1 1912 the time within which to carry it out.
fPresident James B. Duke and Accountant George W. Gates have signed
ffidavits to the effect that the statements made in the plan are true according* to their best information and belief.1-V. 93. 1)• 873, 732.
• -At 97 and accrued interest Harvey Fisk & Sons, N. Y.,
Jackson & Curtis, N. Y. and Boston, and the Continental &
Commercial Trust & Savings Bank of Chicago are to-day
offering for investment "Railway Steel-Spring Co. first mortgage 5% bonds (Inter-Ocean plant)". The amount authorized and issued is $3,500,000. See advertisement elsewhere
in this issue of the "Chronicle" and our "General Investment
News Department" for full particulars.
pursuing the policy of holding out, preferring to enter the
market frequently and then in a very conservative way.
City, raw, American seed, 90 to 91c.; boiled 91 to 92c. Calcutta; raw, 98c. Cottonseed has continued easier. Trading
has been mostly professional. The foreign demand has
fallen off considerably. Winter 5.75c., summer white
5.75c., crude, immediate, 4.20c. Cocoanut nominally 11c.
for Cochin and 10c. for Ceylon. Corn steady, at 6.20 to
6.25c. Lard steady, with prime quoted at 823' to 86e. and
No. 1 extra 60 to 64c. Cod has held steady and only the
light demand, according to dealers, prevents higher prices.
Conditions continue poor off the fishing banks. Supplies small.
Newfoundland 54 to 55c. and 52 to 53c. for domestic.
COFFEE on the spot has been firm with roasters big
buyers. The stocks in this country are now largely concentrated in the hands of a few roasters. Rio No. 7, 16c., and
Santos No. 4 nominally 163c. Futures have again reached
new high levels. Leading roasters have been buying heavily
of the near months. There has been considerable speculative
buying, even at the present high prices. Crop news continuesbullish. Santos shippers claim that the crop has been
damaged by rain. Closing prices were as follows:
October
15.00()15.011February ___14.20©14.301June
13.978413.081July
November _ _ _15.00 ® 15.011March •
December __ _14.95 ®14.961AprIl
13.92 ® 13.941August
13.87 ® 13.891September
January ____14.55®14.601May
13.83('813.85
13.79®13.80
13.778413.79
_13.75®13.76
SUGAR.-Raw has been dull and steady, refiners being indifferent. The stock at Cuban principal ports has dwindled
to 2,000 tons, against 7,000 tons last year. Centrifugal, 96degrees test, 5'.95c.; muscovado, 89-degrees test, 5.45c.; molasses,89-degrees test, 5.20c. Refined quiet; granulated 6.75c.
PETROLEUM has ruled steady, while orders of very satisfactory proportions have been put through. The demand for
foreign account has been good and export prices were firm.
Refined, barrels, 7.35c., bulk 3.85c., and cases 8.85e. Gasoline, in 100-gallon drums, 183Ac.; drums $8 50 extra.
Naphtha, 72 to 76 degrees, in 100-gallon drums, 16Mc.;
drums $8 50 extra. Spirits of turpentine 52c. • Rosin
$6 60 for strained.
TOBACCO.-Business in tobacco continues to be of a
routine sort, with no special feature. Manufacturers are
covering only their actual needs, following the policy they
have adhered to for some time past. The scarcity of good
binder is commented upon. Sumatra is being consumed
in fair quantity. It is stated that if there was speculation
in tobacco, prices would be much higher. But, as already.
intimated, trade keeps. within very conservative channels,
manufacturers preferring to proceed on the "slow but sure"
principle until the outlook seems to justify more aggressive
operations, and of this there are no very clear signs.
COPPER has been dull and unsettled, business having
been checked by the manipulative advance both here and
abroad. Lake 123Ac., electrolytic 12g to 12%c. and
standard 11.80c. Tin has been lower; spot here 41.40e.
Offerings have been freer at lower prices, but there was little
disposition to trade. Spelter 6.15c. Lead 4.25c. Pig
iron has been steady. Consumers are in need 'of near-by
metal. No. 1 Northern $15 25 to $15 50; No. 2 Southern
$14 50 to $14 75. Steel products have continned fairly
active. The general outlook for iron and steel is believed to be slowly improving. Recent low prices have had
the.)effect of stimulating business in finished materials,
though it is also true that. profits are smaller.l? • • •
•
;rHE CHRONICLE
001`. 211911.]
1125
On Shipboard, Not Cleared for-
COTTON.
Friday Night, Oct. 20 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
473,532 bales, against 431,129 bales last week and 444,027
bales the previous week, making the total receipts since
Sept. 1 1911 2,499,323 bales, against 2,128,451 bales for
the same period of 1910, showing an increase since Sept. 1
1911 of 370,872 bales.
Mon.
Sat.
Receipts at-
Tues.
Wed.
Thurs,
Total.
Fri.
10,401 22,031 34,341 28,035 17,441 19,906 141,155
Galveston
Port Arthur _ _ _ _
1,895 77.
6.289
75i
7,257 10,691
Texas City, &c_ _
9.098 43.028
4,353 7,235 10,126 7,648 8,313 6,390 44,065
New Orleans_ _ _ _
3,499 3,070
4,993
Mobile
1,631
3,106
2,467 18,766
Pensacola
151
471
323
Jacksonville, &c.
1-,6F7
210
762
19,947 22,617 24,557 16,080 20,000 ,16,059 119,260
Savannah
Brunswick
14,800
8,400 23,200
4,858
3,731
Charleston
1,686
3,330
3,135
2,323 19,063
Georgetown _ _ _ _
4,450
7,351 3,462 4.453 3,642- 6,472 29-,2-1313
Wilmington _
_
3.911
6,201
6,026
Norfolk
4,622
4,866 4,766 30,392
Newp't News, ecc
146
146
New York
Boston
115
-166
448
138
Baltimore
2,842
2,842
Philadelphia
Totals this week_
66,052 75,409 93,427, 87,856 71,019 79,769 473,532
The following shows the week's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911.
Receipts to
October 20.
Galveston
Port Arthur
Texas City, &c. _
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville, dee_
Savannah
___
Charleston
Georgetown,.
Wilmington:4-_- Norfolk
N'port News, doc_
New York
Boston
Baltimore
Philadelphia
Total
1910.
This Since Sep
Week. 11911.
141,155
This Since Sep
Week. 1 1910.
937,414 166,263
7,876 15,420
113,272 19,795
149,718 51,333
75,752 15,046
22,860 3,707
7,435
1,406
707,541 80,953
83,355 8,153
125,063 21,816
135
75
127,236 26,007
131,801 37,576
512
328
362
75
402
767
8,224
3,597
955,926
22,277
48,084
154,548
55,869
3,707
3,031
478,356
46,901
95,010
160
141,180
111,278
810
1,295
1,476
8,543
473,532 2,499,323 451,052 2,128,451
43,028
44,065
18,766
1,917
119,260
23,200
19,063
29,256
30,392
146
448
2,842
Stock.
1911.
1910.
170,075
201,195
34,636
87,703
39,864
73,074
31,995
204,777
6,399
48,519
135,363
2,532
41,484
21,442
33,204
52,354
24,484
78,532
2,642
3,184
3,272
75,751
1,157
6,474
5.339
734,339
651.202
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1911.
1010.
1909.
1908.
Galveston ___
PLArthur,&c.
gew Orleans_
Mobile
3avannah
Brunswick_ _ _
ChariestonAc
Wilmington
Norfolk
N'port N., &c
tIll others_ _ _ _
141,155
43,028
44,065
18,766
119,260
23,200
19,063
29,250
30,392
146
5,207
166,263
35,215
51,333
15,046
80,953
8,153
21,891
26,007
37,576
328
9,187
105,307
10,453
74,897
14,047
115,108
22,700
16,113
26,611
37,115
289
19,259
156,893
11,598
68,708
15,734
80,691
9,482
14,182
25,055
25,151
114
12,013
66,766
149
58,842
14,761
91,378
4,618
15,637
34,723
27,147
169
1,796
172,991
8,386
91,703
9,389
88,363
9,641
8,623
25,701
31,392
rotal this wk_
473,532
451,952
450,899
419,621
315,986
454,749
1907.
1906.
8,560
The exports for the week ending this evening reach a total
of 342,743 bales, of which 151,488 were to Great Britain,
51,874 to France and 139,381 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week endtruj Oct. 20 1911. I From Sept. I 1911 to Oct. 20 1911.
Exported toExported toExports
from-
ContiContiGreat
Great I
Britain.:Fence. neat. Total.i Britain. France. nent.
Galveston _ _ _
Port Arthur _
Texas City, &c.
New Orleans..
Mobile
Pensacola
Gulfport
Savannah _
Brunswick__ _
Charleston_ _ _
Wilmington
Norfolk
Newport News
New York _
Boston
Baltimore _ _ - Philadelphia - Portland, Me_ San Francisco_
Seattle
Tacoma
Portland, Ore-'
Pembina
Detroit
Total
Total.
65,21713,552 24,235 103,004, 388,778 93,970
2,724
11,233 _ _ _ 5,038 16,2711 57,873 9,300
16,676
56 3,266 19,998' 39,799 19,709
8,592 4,836
3,973 4,836 12,349 21,158
16,055 6,805
229,467 712,215
6,152
7,876
6,688
72,661
25,680
85,188
15,049
20,377
22,860
150,718 60,388
38,634
6,800
18,934 18,712
1,991
167,981 378,187
48,025
86,659
57,10:3
63,003
58,701
96,347
1,991
24,427 17,629 41,782 83,838
8,936 _
7,156 16,092
15,600 15,600
12,277 13,225 25,502
1,991
1,991
11,495 3,524
5,542
992
999
6,940 21,959
5,542
6,753 7,752
203 1,202
2,177
657
2,177
657
61,399 18,990
23,787
2,109
710
4,799
54,233
2,884
27,350
4,300
134,622
26,671
30,169
9,099
10,253
2,207
250
10,253
2,207
250
Oct. 20 at-New Orleans_ _
Galveston _ _ _ Savannah ___ Charleston.. _ _ _
Mobile
Norfolk
New York._ _ _ _
Other ports
Great
Britain. France
GerOther Coastmany. Foreign wise.
56,551
90,957
166,077
36,519
31,193
17,854
68,532
16,575
Total 1911.... 92,616 27,008 64,959 48,462 17,036 250,081
Total 1910.... 91,850 44,827 69,523 16,560 27,781 250,541
1
Total 1909 _ _ IAA Alit Al 9,7 ill AAA S'S 771 945 AlK 9fIc A9,
484.258
400,661
13,098
28,647
11,500
4,000
6,371
6,000
23,000
addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Km/ KAft
Speculation in cotton for future delivery has been at times
very active with prices irregular, declining early in the
week and rising later. The factors which have made for a
decline were large receipts,favorable crop reports,a tendency,
if anything, to increase the estimates ot the crop and heavy
and persistent hedge selling by the South. This selling, indeed, has reached proportions which are said to be the
largest ever known at this stage of the season, a circumstance which is explained by the dulness of the spot markets
of the South. It is added that the farmers and factors desiring to sell have found their only outlet in the market for
futures at New York. Another unfavorable feature is the
outbreak of a rebellion in China and still another is the continuance of the war between Italy and Turkey. As a result
Manchester has been sending gloomy dispatches to the
effect that it feared a cancellation of orders for cloth from
both China and Turkey, two of its largest customers. At
the same time trade in this country is not considered wholly
satisfactory, despite the fact that there has been some
admitted improvement. Boston reports in regard to the
condition of trade, it is true, have latterly been rather
more cheerful, and some of the Southern yarn mills have
reopened. But taking the trade situation as a whole,
it has not been considered altogether encouraging. Liverpool at times has shown noticeable depression, owing to
heavy Southern offerings and the less favorable talk from
Manchester, as well as considerable selling by those who
had bought for a rise. Latterly, too, the spot sales at
Liverpool have fallen off to 8,000 bales a day, as against
12,000 bales for some time previous. Another fact that
has excited comment is the report that ginners, in Southern Texas at least, are not complying with the
requiring
them
to
law
report
their
ginning
monthly to the Agricultural Department at Washington.
In connection with the matter of China's trade with Manchester it is of interest to note that a financial crisis growing
out of the rebellion in the Chinese Empire has been reported
at Shanghai, where there have been runs on the banks, and
several have suspended. Large spot interests here have been
good sellers. December, which was recently at a moderate
premium over March, fell in the middle of the week to a
discount under that month, the explanation being that
the weight of cotton was telling. But latterly prices have
risen, owing to several things, namely colder weather, a fear
of frost and the fact that the short interest had become considerably swollen and that prominent interests, taking advantage of this fact, had embarked on aggressive operations
for at least a temporary advance. Also exports have been
large, trade has shown at least some improvement, Liverpool
has become stronger, spinners, it is said, show a disposition
to buy a little more freely at the lowest prices seen for several
years,and, finally,some holding back of cotton at the South.
It is contended, too, that present receipts, taken on their
face, do not iridicate the enormous crop that many are estimating, although many believe that any decrease in the crop
movement is explainable on two grounds: first, a very
moderate demand from spinners at the South, and, second,
the fact that the South, having already sold a good deal of
cotton, is at least, so far as some of the farmers are concerned, in a better position than at the outset of the season
to hold back cotton. To-day prices advanced on the covering of shorts. Interior receipts were reported smaller, and
the weekly statistics were not so bearish as heretofore.
Frost was predicted. Spot cotton has been dull, closing with
middling uplands 9.45c., showing a decline for the week of
5 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Oct. 14 to Oct. 20Middling uplands
Sat.
9.40
Mon. Tries.
9.5
9.50
Fri.
Wed. Thurs.
9.35
9.35
9.45
NEW YORK QUOTATIONS FOR 32 YEARS.
191 l_c
1910
1909
1908
1907._
1906_
1903 _
1901
9.4511903.c_
14.4511902_
13.90 1901
_ 9.25 1900
11.7511899
11.0011898
.10.40 1 1897
9.80 1895c
4
892
9
8.70 118
8.50 1893
7.58
5.50
6.19
7.94
1891
1890
1889
1888
9.12
5.88
8.56
8.2.,
8.31
10.25
10.56
9.75
1887c
1888
1885_
188.1
1883
1882
1881
1880
_io.150.8o6
MARKETAND SALES AT NEW YORK.
. _.
Ill
Leaving
Stock.
4,951
6,039
7,154
____ 31,242
7,369 12,608 28,808
1,686 79,118
4,700 14,000 8,500
____ 38,700
____
8,000
2,000
---------8,671
1,900
400
15,350 15,350
1,500
2,000
500
____ 10,000
____ 55,000
8,000 22,000 2,000
Spot Alarka
Closed.
151,48851,874 139.38l'342,743 822,792 233,420 714,32311,770,635
Total 1910_ _ _ 142,788 17,650 144,642305,080 706.072158,317 _556,6281.421,947
Total.
Saturday__
Monday_
Tneqday
‘Vednescirty_
Thursday._
Friday ._
Quiet, 10 pts. dec__
Quiet, 10 pts. adv__
Quiet, 15 pts. dec._
_
Quiet
-Dull, 10 pts. adv
'l'otal - - -
Futures
Market
Closed.
Steady
Steady
Barely steady_ _
Steady
Steady
Very steady
9.62
_
9..8
31
1
9.94
10.56
11.06
1111..5190
SALES.
Spot. Conlect Total.
59
-166
-166
• ____
-466
59
500
559
[VoL.Lxxxxin.
THE CHRONICLE
1126
Saturday,
Oct. 14.
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Season.
66 1
Week.
6 1
12 22 42 12 22
6 66 66 6 66
CDI
0I ..
@I .
@I 0.
@I
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II
6 1
Receipts.
Monday,
Oct. 16.
Tuesday,
Oct. 17.
Wednesday,
Oct. 18.
Thursday,
Oct. 19.
I
Friday,
Oct. 20.
96 1
82
66
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Movement to October 20 1911.
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01
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h
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0
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.
0
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,
Movement to October 21 1910.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items for
Ni 21 41 21 21 41 II 21 21 21 11 21
the corresponding period for the previous year-is set out in
6 6 6 6 6 6
6 6 6
6
detail below.
MZOWE-.
o
°
6
i
2
THE VISIBLE SUPPLY OF COTTON to-night, as made
5.052;.0e 0 ,4;1?gP
1,
th
8341
up by cable and telegraph, is as follows. Foreign stocks, as
I WAgagEl-M0egt1
E
well as the afloat, are this week's returns, and consequently
wP,72.
,4-,4<41x44QcDoalU8,7.1-44idg
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
The above totals show that the interior stocks have in(Friday), we add the item of exports from the United States, creased during the week 74,018 bales and are to-night 112,530
including in it the exports of Friday only.
bales more than at the same time last year. The receipts
1908.
1911.
1909.
at all the towns have been 38,973 bales less than the same
October 201910.
374,000
627,000
Liverpool
bales.
294,000
379,000
at
Stock
16,000 week last year.
9,000
7,000
6,000
Stock at London
22,000
33,000
17,000
14,000
Stock at Manchester
OVERLAND MOVEMENT FOR THE WEEK AND
669,000 412,000 SINCE SEPT. 1.-We give below a statement showing the
318,000
399,000
Total Great Britain stock
20,000
11,000
12,000
10,000
Stock at Hamburg
114,000 overland movement for the week and since Sept. 1, as made
125,000
67,000
51,000
Stock at Bremen
70,000 up from telegraphic reports Friday night. The results for the
80,000 175,000
62,000
Stock at Havre
4,000
2,000
2,000
2,000
Stock at Marseilles
8,000
13,000 week and since Sept. 1 in the last two years are as follows:
8,000
13,000
Stock at Barcelona
13,000
4,000
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe_ _ _
Amer. cotton afloat for Europe
Egynt,Brazil, &c.,afit.for Europe_
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. Interior towns
U. S. exports to-day
20,000
2,000
15,000
3,000
14,000
10,000
173,000
173,000
339,000
245,000
491,000
18,000
989,542
30,000
70,000
254,000
743,339
503,157
41,809
572,000 1,008,000
62,000
31,000
743,521
865,417
58,000
36,000
104,000
98,000
206,000 100,000
651,202 842,972
390,627 474,240
52,398
16,498
657,000
41,000
746,005
27,000
102,000
178,000
685,567
550,556
45,117
3,131,847 2,803,848 3,508,027 3,032,245
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American544,000 266,000
bales. 191,000 302,000
Liverpool stock
27,000
11,000
11,000
17,000
Manchester stock
315,000
139,000
135,000
184,000
'Continental stock
865,417 746,095
743,521
989,542
American afloat for Europe
685,567
734'339 651,202 842,972
U. S. port stocks
503,157 390,627 474,240
550,556
U. S. interior stocks
52,398
16,498
45,117
41,809
U. S. exports to-day
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock In Bombay, India
Total East India. &c
Total American
2,605,847 2,253,848 3,121,027 2,494,245
103,000
7,000
6,000
38,000
18,000
30,000
70,000
254,000
77,000
6,000
3,000
34,000
62,000
58,000
104,000
206,000
83,000
9,000
6,000
24,000
31,000
36,000
98,000
100,000
108,000
16,000
5,000
61,000
41,000
27,000
102,000
178,000
526,000
538,000
378,000
550,000
2,605,847 2,253,848 3,121,027 2,494,245
3,131,847 2,803,848 3,508,027 3,032,245
Total visible supply
5.29d.
5.04d.
7.98d.
7.37d.
Middling Upland, Liverpool
9.40c.
9.45c.
14.45c.
14.50c.
Middling Upland, New York
8eAd.
10 Ad. 13 1-16d. 10 11-16d.
Egypt, Good Brown, Liverpool
8.15d.
10.50d.
8.75d.
Peruvian, Rough Good, Liverpool 10.00d.
7 Ad. 6 13-16d. 4 13-16d.
5 5-18d.
Broach, Fine, Liverpool
7.Ad.
5 /d.
6%cl. 4 11-16d.
Tinnevelly, Good, Liverpool
----1911---Since
Sept. 1.
27,521
1,968
178
9,380
2,478
15,194
20,671
Oct. 20ShippedVia St. LoulS
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, (ko
Week,
13,748
700
78
4,523
878
4,982
4,621
Total gross overland
•
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
29,530
77,390
32,593
92,708
3,290
975
785
9,353
3,387
8,572
4,074
398
583
11,314
3,857
12,668
5,050
21,312
5,055
27,839
24,480
56,078
27,538
64,869
Total to be deducted
Leaving total net overland •
----1910 --Since
Sept. 1.
28,657
18,026
1,825
8,027
4,762
15,143
16,268
Week.
10,704
7,810
1,200
2,273
1,932
5,876
2,798
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 27,538 bales, against 24,480 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 8,791 bales.
------1911
-----1910-----Since
Since
In Sight and Spinners'
Sept. 1.
Week.
Week.
Sept. 1.
Takings.
473,532 2,499,323 451,952 2,128,451
Receipts at ports to Oct. 20
56,078
24,480
27,538
64,869
Net overland to Oct. 20
277,000
411,000
Southern consumption to Oct. 20_ 47,000
264,000
545,012
74,018
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Oct. 20
2,832,401
402,720
619,030
3,235,121
North.spinners' takings to Oct. 20 76,891
289,601
525,490
99,913
2,457,320
339,849
625,403
2,797,169
83,574
326,613
Movement into sight in previous years:
Week1909-Oct. 22
1908-Oct. 24
1907-Oct. 25
1906-Oct. 26
Bales.
602,444
603,241
456,799
576,453
Since Sept. 11909-Oct. 22
1908-Oct. 24
1907-Oct. 25
1906-Oct. 26
Bales.
3,247,645
3,014,192
2,282,681
2,857,835
Continental imports for the past week have been 80,000
bales.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
The above figures for 1911 show an increase over last week
of 332,461 bales, a gain of 327,999 bales over 1910, a de- MARKETS.-Below are the closing quotations of middling
crease of 376,180 bales from 1909, and an excess of 99,602 cotton at Southern and other principal cotton markets for
each day of the week.
bales over 1908.
THE CHRONICLE
OCT. 21 1911.]
Closing Quotations for Middling Cotton on—
Week ending
Octaber 20.
Sai'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
New Orleans.__
Mobile
Savannah
Charleston
Wilmtngton
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Loui
Houston
Little Rock_
934
934
9
834
834
9
9
93
/a
9.65
934
93(
934:
934
95-16
934
934
0
8 15-16
9
0
9 1-16
934
0.75
934
934
934
95%
934
934
034
9
8 15-16
834
834
9
934
9.60
934
9'%
98%
934:
934
934
934
9
8 15-16
834
834
8 15-16
95%
9.60
0
93i
93%
934:
934
934
9
8 15-16
8%@9
834
9 1-16
934
9.60
934
9',I
93
/4:
9%
915
9 9-16
9 7-16
9
8 15-16
834
9 1-16
934
9.70
934
93'
93'
9%
9%
NEW ORLEANS OPTION MARKET.—The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
•
Sat'day, Monday, Tuesday, Wed'day, Thursd'll,! Friday,
Oct. 14. Oct. 16. Oct. 17. Oct. 18. Oct. 19. Oct. 20.
October—
Range
Closing
November—
Range
Closing
December—
Range
Closing
January—
Range
Closing
February—
Range
Closing
March—
Range
Closing
April—
Range
Closing
May—
.
Range
Closing
Jlay__
Range
Closing
Tone—
Spot
Options
9.12-.18 9.15-.40 9.21-.30 9.28-.36 9.28-.45 9.25,45
9.10 — 9.31 — 9.25 — 9.32-.34 9.29-.30 9.46-.48
— ® — 9.18 — — @ — 8.97 -- — ® — 9.27 —
9.03 — 9.18-.19 9.04 — 9.10 — 9.15 — 9.29 —
9.03-.18 9.07-.47 9.02-.26 8.95-.13 9.07-.25 9.06-.28
9.03-.04 9.21-.22 9.07-.08 9.12-.13 9.12-.13 9.26,27
9.07-.20 9.12-.50 9.05-.28 8.98-.16 9.08-.30 9.09-.30
9.07-.08 9.25-.26 9.10-.11 9.15-.16 9.15-.16 9.27,28
— ® -- @ -- ® -- ® — 9.16 — — @
9.11-.13 9.29-.31 9.14-.16 9.19-.21 9.19-.21 9.32 34
9.21-.31 9.27-.62 9.16-.40 9.11-.29 9.20-.41 9.21-.41
9.21-.22 9.38-.39 9.22-.23 9.27-.28 9.27-.28 9.39-.40
_ ® ____ ___. ® _ _ ® _ ___. ® ____ ___. ® _ —
—
9.26-.28 9.43-.45 9.27-.29 9.33-.35 9.33-.35 9.44-.46
9.34-.45 9.41-.77 9.31-.52 9.25-.43 9.35-.53 9.41-.57
9.34-.35 9.52-.53 9.35-.36 9.42-.43 9.41-.42 9.55-.56
9.46-.52 — ® — 9.45-.60 9.36-.51 9.45-.46 9.55-.68
9.40-.42 9.58-.60 9.45-.47 9.52-.54 9.51-.53 9.67-.69
Steady. Steady. Easy. Steady. Firm.
Steady.
Steady. Steady. Balv s'v Steady. Steady. Daly s'y
EGYPTIAN COTTON CROP.—The Alexandria General
Produce Association resume of informations received during
September 1911 is as follows:
In Lower Egypt the temperature during September has been somewhat
variable, but there was improvement towards the end of the month. Some
fogs were reported, and boll worms also made their appearance in some
districts. These caused slight damage, but as yet it is impossible to estimate to what extent. First picking has begun in some districts, but with
the crop 15 to 20 days late, will only become general during the first fortnight in October. Although it is impossible yet to estimate the outturn
of the first picking exactly, owing to lateness, the results will be inferior to
those of 1910. As regards second pickings, it is hoped that the result will
be satisfactory if the temperature continues as at present for some weeks
more. Owing to the late crop it is impossible to estimate third pickings.
On account of the small quantity picked to date it is also impossible to give
any reliable report on the ginning yield. In Upper Egypt and Fayoum
the temperature was not favorable, cool nights and heavy dews being reported. Boll worm appeared in some districts. First picking, which is
now general,gives good results, but the outturn is somewhat less than 1910.
The result of second pickings promise to be satisfactory should the present
temperature continue during the first half of October.
WEATHER REPORT BY TELEGRAPH.—Our telegraphic advices from the South this evening indicate that,
as a rule, the weather has favored picking, which has progressed rapidly. Marketing also has made very good
progress.
Galveston, Tex.—Good rains fell during the early part of the
week in most sections of Texas and were succeeded by light
north winds which have made conditions perfect. There
has been rain on three days of the past week, the rainfall
being two inches and ten hundredths. The thermometer
has ranged from 66 to 84, averaging 75.
Brenham, Tex.—There has been rain on two days during
the week, the precipitation being fifty-one hundredths of an
inch. Average thermometer 72, highest 91 and lowest 53.
Cuero, Tex.—It has rained on four days of the week, the
rainfall being twenty-three hundredths of an inch. The
thermometer has averaged 74, the highest being 97 and
the lowest 50.
Dallas, Tex.—There has been rain on one day of the week,
the rainfall being sixty-one hundredths of an inch. The
thermometer has averaged 68, ranging from 45 to 90.
Henrietta, Tex.—Dry all the week. The thermometer
has ranged from 45 to 92, averaging 69.
Huntsville Tex.—There has been rain on two days during
the week, the precipitation being sixty-one hundredths of an
inch. Average.thermometer 65, highest 80 and lowest 50.
Kerrville, Tex.—Rain has fallen on one day of the week, the
rainfall being twenty hundredths of an inch. The thermometer has averaged 63, the highest being 88 and the
lowest 37.
Lampasas, Tex.—There has been rain on two days of the
week, the rainfall being twelve hundredths of an inch. The
thermometer has averaged 65, ranging from 40 to 94.
Longview, Tex.—There has been rain on two days of the
week the precipitation reaching one inch and nine hundredths. The thermometer has ranged from 47 to 88, averaging 68.
Luling, Tex.—Rain has fallen on three days of the week, to
the extent of forty-three hundredths of an inch. Average
thermometer 70, highest 90, lowest 50.
1127
Nacogdoches, Tex.—Rain has fallen on two days during the
week, to the extent of one inch and forty-two hundredths.
The thermometer has averaged 65, the highest being 85•and
the lowest 45.
+:
Palestine Tex.—Rain has fallen on three days of the week
the rainfall
'being two inches and thirty-eight hundredths.
The thermometer has averaged 68, ranging from 50 to 86.
Paris, Tex.—We have had rain on one day of the week, the
rainfall being one inch and seven hundredths. The thermometer has ranged from 42 to 88, averaging 65.
San Antonio, Tex.—Rain has fallen on two days during
the week, the rainfall reaching thirty-one hundredths of an
inch. Average thermometer 72, highest 92 and lowest 52.
Weatherford, Tex.—Dry all the week. The thermometer
has averaged 69, the highest being 90 and the lowest 48.
Shreveport, La.—It has rained on one day during the week,
the rainfall being four hundredths of an inch. The thermometer has averaged 68, ranging from 50 to 86.
New Orleans, La.—It has rained on two days of the week,
the precipitation reaching eighty-seven hundredths of an
inch. The thermometer has ranged from 62 to 87, averaging 75.
Ardmore, Okla.—There has been no rain during the week,
Average thermometer 68, highest 90, lowest 47.
Tulsa, Okla.—Dry all the week. The thermometer has
averaged 66, the highest being 87 and the lowest 44.
Meridian, Miss.—We have had rain on two days during
the week, the precipitation reaching one inch and forty-six
hundredths. The thermometer has averaged 66, ranging
from 48 to 85.
Vicksburg, Miss.—Rain has fallen on two days during the
week, the rainfall reaching thirteen hundredths of an inch.
The thermometer has ranged from 54 to 84, averaging 69.
Helena, Ark.—Picking is going on rapidly and there is
very little complaint about labor. There has been rain on
one day during the week, the precipitation being four hundredths of an inch. Average thermometer 64.3, highest 82
and lowest 47.
Little Rock, Ark.—We have had rain on one day of the past
week, the rainfall being seven hundredths of an inch. The
thermometer has averaged 68, the highest being 85 and the
lowest 51.
Memphis, Tenn.—Fine weather for gathering the crop,
which is making good progress. Rain has fallen on one day
of the week, the rainfall being one hundredth of an inch.
The thermometer has averaged 63, ranging from 51 to 85.
Nashville, Tenn.—We have had rain on two days during
the week, the precipitation reaching thirty-four hundredths
of an inch. The thermometer has ranged from 46 to 84,
averaging 65.
Mobile, Ala.—Heavy rain in the interior the early part of
week interrupted cotton picking. Rain has fallen on three
days during the week, the rainfall reaching two inches and
twenty-five hundredths. Average thermometer 75, highest
81 and lowest 55.
Montgomery, Ala.—We have had rain on two days of the
past week, the rainfall being seventy-four hundredths of an
inch. The thermometer has averaged 70, the highest being
85 and the lowest 53.
Selma, Ala.—There has been rain on two days of the week,
the rainfall being seventy hundredths of an inch. The
thermometer has averaged 67, ranging from 51 to 85.
Madison, Fla.—There has been rain on one day of the week,
the precipitation reaching one inch and ninety hundredths.
The thermometer has ranged from 59 to 87, averaging 09.
Atlanta, Ga.—Rain has fallen on three days during the
week, the rainfall reaching one inch and eighty-three hundredths. Average thermometer 67, highest 83 and lowest 51.
Savannah, Ga.—We have had rain on two days of the past
week, the rainfall being twenty-three hundredths of an inch.
The thermometer has averaged 471, the highest being 84
and the lowest 58.
• Charleston, S. C.—There has been rain on two days of the
week, the rainfall being one inch and five hundredths. The
thermometer has averaged 72, ranging from 61 to 83.
Spartanburg, S. C.—We have had rain on two days of the
week, the rainfall being one inch and forty hundredths.
The thermometer has ranged from 47 to 85, averaging 66.
Charlotte, N.C.—It has rained on one day of the week, the
rainfall being one inch and sixty-three hundredths. The
thermometer has averaged 65, the highest being 82 and
the lowest 49.
Greensboro, N. C.—Rain has fallen on one day of the past
week, the rainfall being one inch and twenty-five hundredths.
The thermometer has averaged 63, the highest being 78 and
'the lowest 48.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
October 18.
Receipts (cantars)—
This week
Since Sept. 1
Exports (bales)—
To Liverpool
To Manchester
To Continent and India
To America
Total eznorts
1911.
210,000
544,584
This Since
Week. Sept. 1.
1910.
380,000
1,154,498
This Since
Week. Sept. 1.
6,500 16.978 11,500 30,360
7.879 9,000 24,000
6,000 23,547 7,000 31,390
1,600 1,250 4,099
1900.
230,000
881,837
This Since
Week. Sept. 1.
5,250 19,787
6,250
30,757
400 2,735
6,64545
12 MTh 50 004 128.750 811.8411 12,150 59,529
1128
THE CHRONICLE
WORLD'S SUPPLY AND
TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1911.
Week.
1910.
Season.
Week.
Season.
Visible supply Oct. 13
2,799,383
2,423,676
Visible supply Sept. 1
1,603,418
1,495,514
American in sight to Oct. 20_ _ _ 619,030 3,235,121 625,403 2,797,169
Bombay receipts to Oct. 19_ _ _ _
9,000
5,000
34,000
33,000
Other India ship'ts to Oct. 19_ _
45,000
6,000
7,000
35,000
Alexandria receipts to Oct. 18_ _
28,100
51,000
72,700
154,000
Other supply to Oct. 18 *
8.000
51,000
7,000
47,000
r.• Total supply
DeductVisible supply Oct. 20
3,465,513 5,041,239 3,123,079 4,561,683
3,131,847 3,131,847 2,803,848 2,803,848
Total takings to Oct. 20
333,666 1,909,392 319,231 1,757,835
274,566 1,481,692 257,231 1,336,835
L• Of which American
Of which other
59,100
62,000
427,700
421,000
• Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
INDIAN COTTON MOVEMENT FROM ALL PORTS.
October 19
1911.
Since
Sept. I.
Receipts at-Week.
5,000
Bombay
34,000
1910.
1909.
Since
Week. 1Sept. 1.
Since
Week. Sept. 1.
9,000
For the Week.
Exports
lrom-
Great
Great. Conti- Japan
Britain. neat. &Chinal Total. Britain.
Bombay1911
4,000
1910
12,000
1909
3,000
Calcutta1911
1,000
1910
1,000
1909
Madras1911
1910
1,000 1,000
1909
All others1911
5,000
1,000 3,000
1910
2,000
1909
Total ail1911
1910
1909
1,000 9,000
2,000 17,000
5,000
33,000 19,000
55,000
Since September 1.
I
2,000
1,000
6,000
12,000
4,000
1,000
1,000
2,000
Japan
Continent. & China. Total.
1,000
1,000
15,000
86,000
23,000
1,000
1,00
1,000
3,000
4,000
3,000
1,000
1,000
3,000
4,000
4,000
5,000
4,000
2,000
2,000
2,000
2,000
35,000
23,000
30,000
2,000 12,000
19,000
1.000 6,000
4.000
5,000
4,000
56,000
117,000
60,000
7,000
10,000
10,000
22,000
97,000
34,000
4,000
5,000
4,000
1,000
4,000
5,000
5,000
37,000
25,000
32,000
7,000
10,000
11,000
67,000
132,000
75,000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market continues steady for both yarns and shirtings. Spinners are
considered to be well under contract. We give the prices for
to-day below and leave those for previous weeks of this
and last year for comparison:
[VOL.
Total bales.
BRUNSWICK-To Liverpool-Oct. 19-Metador, 8,936
8,936
To Bremen-Oct. 15-Horsley, 7,156
7,156
CHARLESTON-To Bremen,--Oct. 16-Fridland, 8,300_ Oct. 18
-Queenswood, 7,300
15,600
WILMINGTON-To Havre-Oct. 17-Border Knight, 12,277
12,277
To Bremen-Oct. 19-Bengrove, 13,225
13,225
NORFOLK-To Liverpool-Oct. 19-Montauk Point, 1,991
1,991
BOSTON-To Liverpool-Oct. 11-Columbian, 800___Oct.
13-Bohemian, 3,406___Oct. 16-Franconia, 334
4,540
To Manchester-Oct. 13-Bostonian, 1,002
1,002
BALTIMORE-To Liverpool-Oct. 13-Ulstermore, 999
999
To Bremen-Oct. 18-Rhein, 5,303
5,303
To Hamburg-Oct. 16-Batavia, 1,450
1,450
PHILADELPHIA-To.Manchester-Oct. 16-Manchester Miller,
999
999
To Antwerp-Oct. 11-Marquette, 203
203
SAN FRANCISCO-To Japan-Oct. 11-China. 2,177
2,177
SEATTLE-To Japan-Oct. 14-Seattle Maru, 657
657
Total
342,743
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. &c. Japan. Total
New York__ ._ _11,495 3,524 3,494 1,599 1,847
21,859
Galveston
65,217 13,552 16,885
7,35()
103,004
Texas City
11,233
__
5,038
New Orleans__ _16,676
iti
3,166
19
8:9
29
78
1
Mobile
3,973 4,836 12,349
21,158
Savannah
24,427 17,629 32,734 1-,ii515 5-,69
. l 2,161
Brunswick
8,936
___- 7,158
8
13
6,0
89
38
2
Charleston
15,600
____
15,600
Wilmington
11,2'7'7 13,225
25,502
Norfolk
1,991
Boston
:9
59
41 --------------------5,542
Baltimore
999
6,753
7,752
Philadelphia
-255
999
__ _
1,202
San Francisco
::: 2,i'7
___2,177
6577
Seattle
057
Total
151,488 51,874 113234
3,652 17,560 2,101 2,834 342,743
, The exports to Japan since Sept. 1 have been 12,610
bales from Pacific ports.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.
Mon.
Sal.
Thurs.
Wed.
Tues.
Fri.
Liverpool
20
25
20
25
25
25 •
Manchester
25
25
25
25
25
25
Havre
30
2234
30
2234
2234
2234
Bremen
20
20
20
20
20
20
Hamburg
25
25
2734
2734
2736
2734
Antwerp
25
25
25
25
25
25
Ghent, via Antwerp
31
81
31
31
31
31
Revel
35
35 323 0353234035 3234035 3234035
Gothenburg
33
33
33
38
33
33
Barcelona
30
30
30
30
30
30
Genoa
35
35
35
35
35
35
Trieste
37
37
40
40
40
40
Japan
45
55
55
45
55
55
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sept. 29.
Oct. 13.
Oct. 6.
Oct. 20.
Sales of the week
bales_ 34,000
72,000
58,000
56,000
Of which speculators took__ 1,000
2,000
1911.
4,000
1910.
3,000
Of which exporters took_ __ _ 3,000
3,000
2,000
4,000
24,000
52,000
44,000
47,000
831 lbs. Shirt- Cot'n
83-1 lbs. Shirt- Cot'n Sales, American
Actual
export
5,000
32s Cop
ings, common Mid.
32s Cop
ings, common Mid.
5,000
8,000
3,000
to finest.
67,000
Twist.
Twist.
Upl's
84,000
to finest.
83,000
99,000
Upl's Forwarded
Total stock-Estimated
283,000
244,000
260,000
294,000
Of
which
American
148,000
d. s. d.
121,000
s. d. d. d.
d. s. d.
d.
153,000
191,000
s. d. d.
Total imports of the week_
80,000
48,000
Sept
102,000
140,000
Of which American
73,000
6.95 10% (a) 1131 5 6
38,000
1 9% 0 10% 5 834010 9
101,000
108
126,000
7.97
298,000
449,000
10% 5 9 ®10 10 7.32 10% 0 11% 5 534010 754 8.03 Amount afloat
459,000
8 931
492,000
Of which American
273,000
428,000
432,000
15 9% 0 10% 5 9 010 1034 7.18 10% 0 11% 5 6 010 7% 7.98
464,000
22 911-180 1034 5 9 010 1034 8.80 10 9-18011 5-16 5 6 @10734 7.82
Liverpool
market
for
The
of
the
tone
spots
and
futures
29 9 7-160 10% 5 8%010 9% 6.11 10% 0115-18 5 6 @10734 7.61
each day of the past week and the daily closing prices of
Oct.
5.59 1034 0 1134 5 7 @lb 9
6 9% •0 10 5 710 8
7.88 spot cotton have been as follows:
13 9
9% 5 7 @10734 5.31 11 1-16® 1134 5 734011 0
®
8.25
5.29 11
0 11% 5 7 010 0
20 8% 0 9% 5 6 @106
7.98
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
SHIPPING NEWS.
-As shown on a previous page, the
Fair
Market, 1
Fair
exports of cotton from the United States the past week have
business
Good
Good
business
12:15 ) Quiet.
Good
'demand.
doing.
doing.
Inquiry.
P.M. J
reached 342,743 bales. The shipments in detail, as made
demand,
up 'from mail and telegraphic returns, are as follows:
5.17
5.27
Mid. Upi'ds
5.18
5.26
5.24
5.29
Total bales.
NEW YORK-To Liverpool-Oct. 13-Saxonia, 4,662_ _Oct. 18
10,000
8,000
10,000
Sales
8,000
6,000
10,000
Baltic, 6,380 upland, 153 Sea Island
11,195 Spec.&exp.
1,500
500
500
400
500
1,500
To Hull-Oct. 18-Idaho, 300
300
To Havre-Oct. 14-Chicago, 1,524; Virginie, 1,100 upland,
Futures. 1 Quiet at Very irreg. Steady at Easy at Steady at Quiet at
900 Sea Island
3,524 Market } 20334 at 4011
103 pts. 808 pts. 4(415 pts. 102 pta.
To Bremen-Oct. 18-George Washington, 3.401
3,401 opened
decline.
advance.
pts. dec. pts. dec. advance.
decline.
To Hamburg-Oct. 13-Amerika, 93
93
To Antwerp-Oct. 13-Kroonland, 1,449
1,449 Market
1 Easy at Firm at Steady at V'y st'y at Quiet at St'y at 34
To Copenhagen-Oct. 18-C. F. Tietgen, 150
150
50734 pt. dec. to
2%0334 2340334 535(3)734
307%
4
To Leghorn-Oct. 13-Calabria, 300
300
P. M.
pts, dee. pts. adv. pts. adv. pts. dec. pts. adv. % pt. adv.
To Venice-Oct. 12-Argentina, 200
200
To Trieste-Oct. 12-Argentina, 1,347
1,347
The prices for futures at Liverpool for each day are given
GALVESTON-To Liverpool-Oct. 13-Ikbal, 14,987._ _Oct. 14below. Prices are on the basis of upland, good ordinary
Faliodon, 9,613; Kylcness, 10,204 __Oct. 18-Gibraltar,
5.647; Francis, 9,750
50,201 clause, unless otherwise stated.
To Manchester-Oct. 17-Victoria de Larrinaga, 15,016
15,018
The prices are given in pence and 100ths. Thus, 408 means 4-98-100d.
To Havre-Oct. 14-Mohawk, 13,552
13,552
To Bremen-Oct. 14-Kylemhor, 3,661 ___Oct. 18-Frankfurt, 7,821
11,482
Tues.
Wed.
Mon.
Oct. 4
Thurs.
Sat.
Fri.
To Hamburg-Oct. 12-Crown of Arragon, 2,150._ _Oct. 18to
Cayo Soto, 3,253
5,403
Oct. 20. l231I 1234 12 34 4 1231 4 1231 4 12 34 4 1234 4
To Barcelona-Oct. 14-Marguerite, 7,350
7,350
p.m.1 p.m. p.m. P.m. p.m. p.m. P.m. P.m. P.m. p.m. P.m. p.m.
TEXAS CITY-To Liverpool-Oct. 14-Imani, 11,233
11,233
To Bremen-Oct. 14-Kylemhor, 5,038
5,038 Oct
4 98 94 00 05 03 95 92 34 0434 05 0634 06
NEW ORLEANS-To Liverpool-Oct. 16-Mechanician, 16,676.. 16.676 Oct.-Nov. ----494
9036 97 0134 0034 92 95 01 01 34 02 34 02 34
• To Marseilles-Oct. 14-Alberta, 56
56 Nov.-Dec.
86 92 97 95 86 89 95 9534 97 98%
•
To Barcelona-Oct. 14-Alberta, 200
200 Dec.-Jan.
4 90 8634 92 9734 95 8634 89 95 96 9736 97
•
To Trieste-Oct. 14-Alberta, 300
300 Jan,-Feb. ____ 4 92 8834 9436 9934 97 8834 91 97 98 99 9834
To Venice-Oct. 14-Alberta, 2,766
2,766 Feb.-NIch. ----494 90 34 97 02 9934 90%
93 99 00 01 01
MOBILE-To Liverpool-Oct. 14-Loulsianian, 3,973
3,973 Mch.-Apr.
9434 99 0434 02 93 9534 01% 02 34 03 34 03
To Hamburg-Oct. 13-Istria, 4,850
4,650 Apr.-May
01 06 34 04 05 9734 0334 043-4 05% 05
94
34
• To Bremen-Oct. 19-Cycle 7,699
7,699 Kay-June
07 03 08 34 06 97 9934 0534 06% 07% 07
To Havre-Oct. 18-Guatemala, 4,838
4,836 June-July ____ 5 01 99 0434 10 0736 98 34 01 07 08 09 08%
SAVANNAH-To Liverpool-Oct. 14-Ellerlc, 8,9,59; North Point,
06 1134 09 00 02 34 0836 09 34 103-4 10
July-Aug_
00
0234
8,863.... _Oct. 17-Glenfruin„6605
24,427 Aug.-Sep_
99 04 34 10 07 34 98 34 01 06% 07 34 08 34 08
To Havre-Oct. 14-Claremont, 6,183; Ingleside, 10,346
16,529 Sep.-Oct _ ____ 5 01 98 02 07 0434 96 9736 02 03 34 0534 06
To Dunkirk-Oct. 14-Claremont, 1,100
1,100 Oct.-Nov.
9736 0034 08 03% 95 9634 00 01% 04 04
To Bremen-Oct. 14-Corfe Castle, 10,000; Watermouth,
• 12,682._ _Oct. 17-Southwaite, 10,072
32,734
To Waiberg-Oct. 14-Cone Castle, 150
150
To Riga-Oct. 14-Corfe Castle, 200
200
To Reval-Oct. 14-Corfe Castle, 500; North Point, 800_ __._ 1,300
BREADSTUFFS.
To Nykoping-Oct. 14-Corte Castle, 200
200
To Bombay-Oct. 14-North Point, 801_Oct. 17-GlenFriday Night, Oct. 20 1911.
'fruin,1,500
2,101
Flour;has met with"a fair demand here at firm prices under
To Barcelona-Oct. 13-Teresa, 2,197
2,197
•
To Trieste-Oct. 13-Teresa, 2,000
2,000 the influence of the rise in wheat. At Minneapolis trade has
•
To Venice-Oct. 13-Teresa, 500
500 also felt the stimulus to some extent of a stronger market for
To Mestre-Oct. 13-Teresa, 200
200
•
To Flume-Oct. 13-Teresa, 200
200 wheat andithe expanding cash demand for both the home
Oar. 211911.]
1129
THE CHRONICLE
trade and the foreign markets. Unless all the signs fail, the
indications point to a better trade during the winter of
1911-12 than was witnessed in that of 1910-11. On the
whole, the past week the trade has been less active than on
preceding weeks. The flour output at Minneapolis, Duluth
and Milwaukee for the week was 399,570 barrels, against
445,465 barrels in the previous week and 424,990 for the
same week last year.
Wheat has advanced under the stimulus of a better cash
demand in Chicago, Kansas City and St. Louis. Important
factors have also been the relatively small world's shipments,
a noteworthy decrease in the quantity on passage to Europe,
rains in the southern part of the spring-wheat section of the
Northwest and reports that some 400,000 bushels of hard
winter wheat was sold at Omaha to Minneapolis millers; also,
the export demand here has increased materially. It is
noteworthy, too, that No. 2 red wheat on the track at Chicago has been up to the price of December. That is the
highest price of the season. The total stock at Chicago
fell off for the week 269,000 bushels. The total
world's shipments reached only 8,488,000 bushels,
against 11,024,000 in the previous week. December has
been gaining on May, a fact which has helped to foment
bullish sentiment.. On Wednesday December crossed the
dollar mark at Chicago. Europe has been buying both in
Chicago and Winnipeg. Foreign markets have latterly been
rising, partly owing to cold weather in Russia and Germany.
Advances have taken place in Liverpool, Paris, Budapest
and Berlin. Stress is also laid upon the idea that the world's
shipments will be light for some weeks to come, or possibly
till after the new Argentine crop begins to move. Rain is
said to be needed in Western Argentina. The receipts at
winter-wheat points have been light, and this factor of itself
has caused not a little covering. They have offset rather
liberal arrivals at spring-wheat markets. It is also to be
observed that poor grading at Winnipeg has contributed to
the rise of prices which, by the way, have reached new high
levels for the season. Chicago has of late been selling cash
wheat, it seems, on quite a liberal scale to millers in Buffalo
and even as far south as Louisville. But on the rise very
prominent bull interests in Chicago are said to have sold
freely. Some of the news from Argentine has contradicted
unfavorable crop reports from that country. The visible
supply in the United States is the largest in ten years. The
available stock in the world increased for the week 9,338,000
bushels, against an increase for the same week last year of
less than half of this amount. The world's stock of American
and European wheat is figured at 166,333,000 bushels,
against 177,638,000 a year ago and 126,635,000 at this tune
in 1909. Within a few days over 600,000 bushels of Manitoba and Winnipeg wheat have been taken for export. Today wheat advanced to new high levels for the movement,
with a considerable increase in general trading.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. nom. nom.
October delivery in elevator
December delivery in elevator_ _ _ _ 47 A 4734 47 A 47X 4734 48 A
5034 50
May delivery in elevator
4934 50 A 50 A 5034
The following are closing quotations:
FLOUR
Winter, low grades____13 40Q$3 60 Kansas straights, sack_$4 90®$5 20
4 90 Kansas clears, sacks__ 4 001 4 50
4 75
Winter patents
6 35
6 80
4 35@ 4 60 City patents
Winter straights
4 75c., 5 25
4 o0® 4 25 Rye flour
Winter clears
Nominal.
Spring patents
5 50Q 5 85 Graham flour
Spring straights
5 10Q 530 Corn meal. kiln dried___ 3 65® 370
Spring clears
4 40 Q 4 60
GRAIN.
Cents.
Corn, per bushelWheat, per bushel-f.o.b.
f.o.b.
81
No. 2
;1 203
N. Spring, No. 1
elevator
Steamer
Nominal
1 1634
N. Spring. No. 2
elevator
Nominal
No. 3
Red winter, No. 2
1 04
Rye, per bushelHard winter, No. 2
1 13
No. 2 Western
Nominal
Cents.
Oats, per bushel, newNominal
State and Pennsylvania
53
Standards
Nominal
nom Barley-Malting
No. 2 white
nom
No. 3 white
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August- 1 for each of the last three years has been:
Receipts al-
Flour.
Wheat.
Oats.
Corn.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56lbs.
128,223
499,300 1,514,500 2,305,200
71.500
949,800
Chicago ____
74,660
218.090
143,510
40,800
493,690 103,020
Milwaukee__
12,542
13,410 3,068,837
45,142
242,464
569.735
Duluth
58,340
200,220 1,016,260 119,279
Minneapolis_
, 2,939,400
69,000
29,300
60,000
Toledo
23,935
18,458
7,145
77,975
Detroit
59,420
590
9,460
51.620
500
Cleveland
298,800
277,616
392,700
65,855
5,500
170,800
St. Louis.__
218,450
14,000
81,900
27,600
Peoria
221,600
654,000
107,100
Kansas City.
Total wk.'11
Same wk.'11
Same wk.'10
317,483 7,768,221
425,597. 7,022,658
417,009 9,694,191
2,580,397
2,754,324
1,968,514
3,559,979 3,200,785
4,234,290 2,595,394
4,171,204 2,787,353
344,441
102,888
253,073
I
Since Aug. 1
I
3,530,843 72,631,384 35,141,298 43,050,207 23,973,442 2,831,563
1911
4,124,398 88,394,448 40,173,578 63,522,207 16,982,983 1,670,790
1910
5 625 406 90,322,793 36,097,815 50,371,151 22,122,557 2,405,283
_„
_1909
Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 14 1911 follow:
Flour,
Wheat,
bush.
Ms.
Receipts at175,234 1,171,700
New York
164,054
35,557
Boston
63,976
209,708
Philadelphia
198,928
64,589
Baltimore
Richmond
2,400
New Orleans*...... 32,919
24,000
3,215
Newport News....
4,643
Norfolk
22,000
Galveston
3,000
Mobile
670,190
58,987
Montreal
Corn,
bush,
111,300
27,131
10,072
49,099
Oats,
bush,
519,775
87,440
81,372
8,480
136,190
51,375
3,000
10,000
221,638
176,551
Rye,
bush.
46,984
Barley,
bush.
1,000
2,400
52,233
2,000
28,819
568,430
926,993 76,803 54,633
Total week 1911_ 442,120 2,462,980
SinceJan. 11911_14,918,777 66,077,259 56,068,403 43,728,033 3408,953 752.100
917,921
45,643
28,124
480,685 1,164,697 1,017,035
Week 1910
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Since Jan. 11910_14,182,870 53,666,018 32,462,412 40,010,057 2595,184 667,476
Sat. Mon. Tues. Wed. Thurs. Fri.
*Receipts do not include grain passing through New Orleans for foreign ports
101 % 102
' No. 2 red
10234 10334 10334 104
10634 on through bills of lading.
December delivery in elevator
104 A 104 3j 10534 10634 106
The exports from the several seaboard ports for the week
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
ending Oct. 14 are shown in the annexed statement:
December delivery in elevator_ _ _ _ 98% 99 A 100 g 101 A 101 A 102 H
Oats,
Rye, Barley, Peas.
Corn, Flour,
Wheat,
May delivery in levator
10434 10434 1044 105% 10534 lOci%
bush,
bush.
bush.
bbls.
bush.
bush.
bush.
Exports from100 A 101 H 100 %
99 % 9934 100
July delivery in elevator
23,269
4,261
381,165 205,036 99,023
New York
152,931 217,078 2,506
Indian corn has also advanced, partly owing to rains in Boston
1,475 25,750
185,000
the corn belt and a broadening of the speculation. At Philadelphia
80
94,686 6,603
99,867
Baltimore
500
1,500
89,500 26,977
24,000
Chicago, moreover, charters have been made within a few New Orleans
3,215
_
_
News_
24,000
Newport
days for 1,100,000 bushels to Buffalo. This takes the Galveston
3,500
10,000 3,000
bulk of the stock in store at Chicago. The cash demand Mobile
276,000 120,000 59,000 107,000
has been brisk. The country offerings of both old and new Montreal
4.643
Norfolk
corn have been small. Wet weather and small offerings,
5,761
Total week__ _1,142,963 737,775 234,217 150,849
together with an increased cash demand, have in fact been Week
1,217
25,000
18,800
1,348,106 671,166 245.745
1910
the most important features. Rumors, too, which may be
The destination of these exports for the week and since
given for what they are worth, are that Mr. Patten has been
a good buyer of December. The Chicago stock decreased July 1 1911 is as below:
-Corn
Wheat
--Flour
last week 768,000 bushels. The total American stock fell
Since
Since
Since
July 1
Week
Week
July 1
July 1
Week
off 1,403,000 bushels, 'against 935,000 for the same week
1911.
14.
Oct.
1911.
14.
1911.
Oct.
14.
Oct.
and
week
for
Exports
last year. The total American stock of corn is 5,168,000,
bush.
bbis.
bush.
bush.
bush.
bbls.
Since July 1 toagainst 1,400,000 to 1,800,000 bushels more than this at the United Kingdom.._ 80,034 1,577,533 692,515 13,738,315 345,936 3,850,447
447,248
11,212,944 281,902 3,640,633
696,786
61,111
Continent
same time in the last two years.
3,200
76,132
212,135
505,441
Sou. & Cent. Amer_ 39,961 295,007
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed Thurs. Fri.
79 A nom. nom. nom.
79
79
Cash corn
noni. nom. nom. nom. nom. nom.
December delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
64 A 64 A 64 A 65 A 65 A 66
December delivery in elevator
6534 65 A 65 % 6534 6o'% 67 A
May delivery in elevator
Total
Total 1910
330,194
19,750
98,874
9,000
569,191
5,043
10,540
234,217 3,018,144 1,142,963 25.174,113
245,745 2,184,439 1.348,106 13,256,602
737,775 8,581,295
671,166 4.326,499
22,423
West Indies
749
Brit. Nor. Am.Cols_
Other Countries_ _ _ 29,939
6,719
34,305
The world's shipments of wheat and corn for the week
Oct. 14 1911 and since July 1 1911 and 1910 are shown
Oats have followed other grain upward. The contract ending
the following:
stock at Chicago is only 1,642,000 bushels, against 5,992,000 in
a year ago. Cash prices have been advancing on a fair
Corn.
Wheat.
demand. Armour interests, it is said, have been buying
1911.
1910.
1911.
I
1910.
Exports.
December heavily against sales of May. Earlier in the
week there were large sales of May at 50 cents. The general
Week
Since
Since
Since
Since
Week
Oct. 14.
July 1.
July 1.
July 1.
July 1.
Oct. 14.
notion as regards oats is that they are bound to advance in
price materially sooner or later, owing to decreased crops
Bushels. Bushels. Bushels.
Bushels.
' Bushels. Bushels.
49,306,000 25,025,000 593,000 7,241,000 4,530,000
of both oats and hay in this country. The available stock North Amer. 3,448,000 30,138,000
68,496,000 366,000 17,386,000 2,318,000
1,328,000
Russia
of oats during the week, however, increased 1,963,000, Danube
1,160,000 26,599,0001 40,744,000 213,000 22,093,000 7,857,000
60.000 49,771,000
against 361,000 a year ago. It is a fact, moreover, that the Argentina
472,000 16,792,000 15.544.000
Australia... 1,176,000 14,272,000 10,000,000
stock in this country is 31,473,000 bushels,or only 1,400,000 India
I 584,000 16,034,000 15,800,000
bushels less than a year ago and no less than 10,200,000 0th. countr's 320,000 3,139,0001 2,990,000
more than the stock at this time in 1909.
8,488,000 156.280.000 178,599,000 1,172,000 46,780,000 64,476,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
52 34 52 34 52 H 52 A 52 A 53
53
53
53
53
53 34
53
No.2 White
Total_ __ _
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
THE CHRONICLE
Oct. 14 1911_
Oct. 7 1911__
Oct. 15 1910_
Oct. 16 1909_ _
Oct. 9 1909_ _
Oct. 17 1908__
Oct. 19 1907_ _
Corn.
United
Kingdom. Continent.'
Total.
Bushels.
Bushels. Bushels.
18,536,000 9,848,000 28,384,000
18,928,000 13.138,00032,064,000
16,024,000 24,648;000 40,672,000
12,720,000 16,320,000 29,040,000
11,840,000 15,760,000 27,600,000
15,680,00016,400,000 32,080,000
15,840,000 16,040,000 31.880,000
911
Total.
Bushels.
Bushels.
Bushels.
1,955,000 2,873,000 4,828,000
1,734,000 4,106,000 5,840,000
8,041,000 14,416,000 22,457,000
6,885,000 5,440,000112,325,000
5,780,000 5,355,000i 11,135,000
5,950,000 6,120,000112,070,000
7,520.000 4,160,000 11,680,000
The visible supply of' grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 14 1011, was as follows:
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
bush,
bush.
bush,
2,709,000
253,000
745,000
481,000
182,000
36,000
349,000
1,000
71,000
1,925,000
169,000
512,000
34,000
52,000
141,000
170,000
7,000
3,175,000
62,000
1,150,000
2,016,000
44,000
425,000
441,000
144,000
242,000
17,517,000
1,583,000 6,237,000
1,038,000
4,535,000
996,000
55,000
664,000
7,499,000
27,000
657,000
8,382,000
43,000
1,438,000
4,566,000
31,000
679,000
5,486,000
16,000
214,000
35,000
6,000
1,418,000
696,000
66,000
211.000
1,320,000
95,000
1,520,000
1,205,000
807,000
250,000
180,000
17,000
564,000
Total Oct. 14 191160,280,000 3,660,000
Total Oct. 7 19I1_56,698,000
5,141,000
Total Oct. 15 1910.._37,573,000
3,796,000
Total Oct. 16 1909..25,070,000 .3,493,000
CANADIAN GRAIN
Wheat,
Corn,
bush.
bush.
Montreal
238,000
413,000
Fort William
3,256,000
Port Arthur
2,535,000
Other Canadian
918,000
Total Oct. 14 1911_ _ 6,947,000
Total Oct. 7 1911_ 5,455,000
Total Oct. 15 1910._ 9,545,000
21,709,000
21,272,000
17,886,000
13,380,000
STOCKS.
Oats,
bush.
456,000
448,000
412.000
3,086,000
Rye,
bush.
Barley,
bush.
215,000
45,000
1,000
43,000
18,000
756,000
118,000
186,000
157,000
3,000
207,000
1,143,000
916,000
155,000
101,000
108,000
458,000
46,000
786,000
629,000
406,000
567,000
3,890,000
3,424,000
2,956,000
3,977,000
Rye,
bush.
Barley,
bush.
39,000
Wheat,
bush.
60,280,000
6,947,000
413,000
4,402,000
394,000
2,846,000
49,000
664,000
SUMMARY.
Corn,
Oats,
bush.
bush.
3,600,000 21,709,000
413,000
4,402,000
Barley,
Rye,
bush.
bush.
786.000 3,890,000
39,000
Total Oct. 14 1911...67,227,000
Total Oct. 7 1911__62,153,000
Total Oct. 15 1910_47,118,000
4,073,000 26,111,000
5,535,000 24,118,000
3,845,000 18,550,000
786,000 3,929,000
629,000 3,455,000
410,000 2,990,000
American
Canadian
4,000
THE DRY GOODS TRADE.
39,000
31,000
34,000
New York to Oct. 14Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
91
Since
Since
Week. Jan. 1.
Week. Jan. 1.
11
688
___
1,592
1
941
___
722
82,164
___
57,051
8
20,321
___
11,735
159
16,23111,418
25
11,257
-'7'7
5,760
1,024
31,995
669
23,177
84
1,910
46
1,593
582
16,084
358
10,096
1,295
46,337
360
36,743
1,516
33,460
192
37,058
4,705 261,388
1,702 196,972
The value of these New York exports since January 1 have
been $18,835,879 in 1911, against $13,619,304 in 1910.
Domestic cottons were in fairly good request for prompt
and near-by delivery. Few large orders were reported, but
frequent calls for small quantities of prints,staple ginghams,
colored cottons and other staples made a substantial volume of business in the aggregate. Tickings denims and
other lines recently reduced in price moved rather slowly for
forward delivery, for reasons already given. Some prominent
lines of bleached cottons and other descriptions were sold on
memorandum, and confirmations of orders were reported
made on a basis considerably below the levels which were
expected a week or so ago. Ticketed brown cottons ruled
quiet; buyers apparently held off in expectation of lower
prices, such expectation being encouraged by their ability
to secure unticketed goods at material concessions from recent levels. Export trade with China was practically at a
standstill, owing to unsettled conditions in that country;
Red Sea ports took a few thousand bales of sheetings at
5c. to 55
/
8c. for 3.50-yard and 5c. for 3.90-yard goods, these
prices showing a reduction of about Mc. from previous quotations; a fair business in denims and plaids was done with
Hayti. Print cloths in moderate demand; gray goods,
383 -inch standard, are quoted lower at 44c. to 4 5-16c.
WOOLEN GOODS.-Demand for dress goods showed
further improvement. The call for stock goods, such as
heavy suitings, cloakings and coatings notably rough effects
and reversibles, was Unabated; the volume of business, however, was limited, owing to small supplies available. Retailers and cutters purchased staples and fancies for spring quite
freely. Serges, broadcloths, cheviots and fine worsteds were
well patronized. Additional duplicates on overcoatings and
heavyweight suitings were reported in the men's wear division. Light weight lines for spring in better request, and
some lines of worsteds have been advanced 2M to 5c. a yard.
FOREIGN DRY GOODS.-Linens of all descriptions were
more active and prices firm; housekeeping lines were taken
in
larger volume by retailers in preparation for the Thanksgiving sales, and there was a noticeable expansion in demand
for dress linens for spring. Seasonable lines of imported
woolens and worsteds moved steadily, and orders for lightweight fabrics for spring reached fair proportions.
Importations and Warehouse Withdrawals of Dry Goods.
654,042 122,328,091
PERIOD.
111,439,875
IMPORTS
98,635,564
1 1911 AND 1910.
New York, Friday Night, Oct. 20 1911.
Trading in cotton goods was fairly active in the early part
of the week, due in a measure to the presence of large Western buyers who need merchandise to carry them through the
balance of this year and placed some sizable 9rders for shipment during that period. There was little evidence, however, of a desire in any quarter to operate ill,a substantial way
...TOO ...?
0.000
,
0
0.00,
414 ,14 .0
O. 000.1
beyond the first of the year, except on certain lines of domes.0000
.. 00000
.00
. 00
.....
Ma,,,,,,00N
WN
04,
411 4N0 csivi
which
were recently priced for future delivery; the latter
tics
.43
0000.
N 000=0 00
00
,-.
continued to move steadily and in fairly satisfactory volume
0.0
.0.
woon4n 0000
001.10100..
until the latter part or the week, when cotton goods markets
NCO
0
generally became quiet, demand as a rule again becoming of a
).1
h00.0.
..0000 ON
OR ,4
000.h •
.0000 0
hand-to-mouth character. Further weakness in raw material,
00.C.0 •
000.0, 01
oc7 evi
freer offerings of certain lines by smaller mills that are resum400 co,:co
w....ct.
..n. V
.-44.4
NM
...
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DOMESTIC COTTON GOODS.-The exports of cotton
8
goods from this port for the week ending Oct. 14 were 4,705
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packages, valued at $426,740, their destination being to the
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THE CHRONICLE
OCT. 21 1911.]
STATit MID
CITY DtPAVTIVIENT,
News Items.
Ardmore School District (P. 0. Ardmore), Carter County,
Okla.—Board Ordered to Issue Bonds.—Newspaper dispatches
state that the writ of mandamus sued for by I. R. Best, to
compel the board of education to issue the $100,000 highschool building bonds (V. 92, p. 1512) has been granted by
Judge Russell. The board is instructed to deduct from the
total sum a sufficient amount to purchase a site and necessary
equipment and the remainder is to be spent in construction
work.
California.—Irrigation Bonds as Savings Bank Investments.
—In the "Chronicle" of Oct. 7, page 968, reference was
made to an opinion by the State Superintendent of Banks
concerning a law passed by the Legislature allowing investment by savings banks in bonds of irrigation districts. The
law referred to is given in full below:
CHAPTER 157.
An Act relating to the bonds of irrigation districts, providing under what circumstances such bonds may become legal investments for the funds of banks,
banking associations, trust companies, insurance companies and for the
State school funds, and providing that such bonds may be deposited as security, and providing for a commission for approving such bonds, for a
•
report thereon, for the filing of such report and for the registration of such
bonds in the office of the State Comptroller.
•
[Approved March 9 1911.1
The people of the State of California, represented in Senate and Assembly, do
enact as follows:
SECTION 1. Whenever hereafter the board of directors of any irrigation
district organized or existing under and by virtue of an Act entitled "An
Act to provide for the organization and government of irrigation districts
and to provide for the acquisition or construction thereby of works for the
irrigation of the lands embraced within such districts and also to provide
for the distribution of water for irrigation purposes." approved March 31
1897, shall by resolution declare that it deems it desirable that bonds of
such district shall be authorized, the said board of directors shall thereupon
Me a certified copy of such resolution with the commission hereinafter provided for, and no bonds shall hereafter be authorized by such districts except in accordance with the provisions of this Act.
SEC. 2. Such Commission, upon receipt of a certified copy of such resolution, shall without delay make or cause to be made an investigation of the
affairs of such district and report upon the following facts:
(a) Water, water rights, canals, reservoirs, reservoir sites and irrigation
works acquired or to be acquired by such district and the reasonable value
thereof.
(b) The reasonable market value of the lands included within the boundaries of the district.
(c) The physical feasibility of the project and the approximate cost
thereof.
SEC. 3. A written report of the investigation herein provided for shall
be filed in the office of the State Comptroller; and if said commission shall
report that the project Is feasible,such district shall be authorized to issue
bonds as provided in the Act under which it is organized or existing to the
amount of 60% of the then aggregate value of the lands, water, water rights
canals, reservoirs, reservoir sites and irrigation works as set forth in said
report, and such amount of bonds may thereafter from time to time be increased upon like proceedings as the value of said lands, water, water rights,
canals, reservoirs, reservoir sites and irrigation works increases.
SEC. 4. All bonds issued by said districts shall be registered with the
State Comptroller, and It is hereby made the duty of the State Comptroller
to provide for the filing and preserving of such reports and the registration
of such bonds.
SEC. 5. All bonds issued in compliance with the requirements of this
Act, and all bonds that heretofore have been voted or authorized by irrigation districts organized or existing under the Act entitled "An Act to provide for the organization and government of irrigation districts and to provide for the acquisition and construction thereby of works for the Irrigation
of the lands embraced within such districts, and also to provide for the distribution of water for irrigation purposes," approved March 31 1897, or
the Acts amendatory or supplementary thereto; provided, that such districts
are now actually engaged in the distribution of water and are not in default
in the payment of interest upon any bonds, shall be legal investments for
all trust funds, and for the funds of all insurance companies, banks, banking institutions and trust companies and for the State school funds, and
whenever any money or funds may by law be invested in bonds of cities,
cities and counties, counties, school districts or municipalities in the State
of California, such money or funds may be invested in the said bonds of
irrigation districts and whenever such bonds of cities, cities and counties,
counties, school districts or municipalities may by any law now or hereafter enacted be deposited as security for any money or deposits or for the
performance of any Act, bonds of irrigation districts under the limitations
In this Act provided, may be so used or deposited.
SEC. 8. The Attorney-General, the State Engineer and the Superintendent of Banks are hereby constituted the commission herein provided for.
SEC. 7. All necessary expenses incurred in making the investigation
and report in this Act provided for shall be paid at the time of the making
of the same by the irrigation district whose property has been investigated
and reported on by said commission.
Canada (Dominion of).—Population in 1911.—On Oct. 17
Hon. Martin Burrell, Minister of Agriculture, announced
the population of the Dominion of Canada for 1911 to be
7,081,869, an increase of 1,710,554 since 1901. These figures
are subject to a slight increase, as full returns have not been
received from four electoral districts which are estimated at
70,000. The figures by provinces follow:
Province—
Alberta
British Columbia (not complete)
Manitoba
New Brunswick
Nova Scotia (not complete)
Ontario
Prince Edward Island
Quebec (not complete)
Saskatchewan (not complete)
Northwest Territories
Yukon
1911.
372,919
362,768
454,681
351,815
461,847
2,519,902
*93,722
2,000,697
453,508
10,000
1901.
73,022
178,657
255,211
331,120
459,574
2,182,947
103,259
1,648,898
91,279
20,129
27,219
Grand totals (not complete)
• Decrease.
7,081,869
5,371,315
Oherryvale, Montgomery County, Kan.—Commission
Form of Government Approved.—We have just been advised
that this city on May 1 adopted the commission form of
government.
Colorado.—Savings Bank Investments.—The Legislature
on June 3 enacted a banking law, and we print below Sections
30 and 31 of this law, which prescribe the securities in which
savings deposits may be invested:
SECTION 30—No bank, except savings banks, shall make, or purchase
loans secured by mortgage on real estate in excess of twenty-five per cent
of its total interest-bearing securities; nor, except In the ease of savings
1131
banks, shall any such loan be for a longer period than one year. Banks
may make, purchase and hold loans for not ta exceed five years upon first
mortgages on real estate worth at least double the amount of the loan, to
the extent of fifty per cent of their savings deposits. No bank shall make
or purchase loans on real estate unless such loans are secured by first
mortgages, except as additional security to loans previously made.
SECTION 31.—Except as permitted by Section 30 hereof, savings
deposits shall not be loaned or invested except upon or in the following
evidences of indebtedness to-wit: Securities of the United States, of the
several States of the United States; counties, cities, towns, rrigation
districts, school districts, first-class commercial paper, negotiable paper
secured by collateral having an actual cash market value in excess of the
loan so secured and first mortgage bonds of steam or street railway, water,
light, gas and industrial corporations which have earned at least 4% net
per annum on their capital stock during the.-11ve years immediately preceding the date of such loan or loans,and have not defaulted in the payment
of the principal or interest of any debt during such period.
Covington, Ky.—Purchase of Water Plant to be Arbitrated.—At a meeting of the Board of Aldermen on Oct. 13,
S. D. Rouse, Attorney for the Kenton Water Company,
stated that he was authorized to sell the water-works to the
city for $32,000,or at a price to be fixed by arbitration, one
arbitrator to be selected by the city, one by the company
and a third by these two. A resolution was adopted to
enter into the arbitration plan and naming City Engineer
Meiners as the city's arbitrator.
• Eugene, Ore.—Election on Commission Form of Government.—The question of adopting the commission form of
government will be voted upon, it is stated, on Nov. 13.
Janesville, Wis.—Election on Purchase of Water Plant.—
Reports state that a special election will be held to vote on
the question of purchasing the plant of the Manitowoc Water
Co., valued at about $300,000.
Mattamuskeet Drainage District (P. 0. Middletown),
Hyde County, No, Caro.—Application For Injunction Denied.
—The State Supreme Court on Oct. 11 affirmed the judgment of the lower Court refusing to grant an injunction to
stay the issuance by this district of $100,000 bonds. These
$100,000 bonds ,together with $400,000 previously authorized,
were offered for sale on June 21 but not awarded on that day,
as stated in V. 93, p. 66, owing to the pending litigation.
Newport, Campbell County, Ky.—Litigation.—Suit was
filed Oct. 11 to compel the Newport National Bank to accept
the $100,000 4% street bonds awarded to it on Aug. 23 at
its bid of $100,801 50, V. 93, p. 549. The bank declined
to take the bonds on the ground that they were illegal.
New York State.—Governor Vetoes Bill to Exempt State
Bondsfrom Provisions of Inheritance Tax Law.—Governor Dix
has vetoed Senator Grady's bill to exempt bonds or other
obligations of the State of New York from the provisions of
the collateral inheritance tax law. The Governor expressed
the opinion that the receipts from the law mentioned would
be reduced under this bill without any corresponding advantage to the State.
Ohio.—Diegle Loses Appeal to Circuit Court.—On Oct. 17
the Franklin County Circuit Court decided the appeal of
sentenced by
Rodney J. Diegle, Senate Sergeant-at
9 to serve three
-Arms,
Judge Kinkead of the Trial Court on Sept.
years in the penitentiary for aiding and abetting bribery.
The Circuit Court upholds all the rulings of the trial judge
as well as the sufficiency of evidence, and the attitude of the
State's attorneys.
Salem, N. J.—Commission Form of Government Rejected.—
The proposition to establish a commission form of government was defeated on Oct. 17,.it is stated, by a majority
of 51 votes.
San Francisco, Cal.—President Taft Breaks Earth for
Panama-Pacific International Exposition.—Last Sunday
(Oct. 15) President Taft turned the -first spadeful of earth
at the site of the Panama-Pacific International Exposition
to be *held in this city in 1915.
The Exposition directors have decided,it is said, to spread
the Exposition from the city waterfront in the bay to the hill
that marks the ocean entrance to the Golden Gate. The
buildings will be grouped in three sites along this route, so
that from the first the view will be from the bay shore oceanward from the second over the hills and cliffs that lock the
bay at Golden Gate, and from the third out over the
ocean. A boulevard running along the edge of the cliff
will connect these three sites.
Vermont.—Law Relating to Savings Banks and Trust Companies.—By Act No. 158 of the Vermont Legislature, approved Jan. 27 1911, Sections 4615 to 4692, inclusive, of the
Public Statutes of 1906, relating to savings banks and trust
companies are completely revised. Many material changes
are made in that part of the law concerning investments by
savings banks, an entirely new section having been added
which allows investment in railroad bonds. We print in full
below Section 8 of the new law,which deals with investments,
and we also give for comparison that part of the old law
which dealt with municipal bonds:
INVESTMENTS.
The assets of banks shall be invested as follows:
FIRST MORTGAGES OF REAL ESTATE.
First. In first mortgages of unincumbered real estate, not to exceed in
each case 60% of the value of such real estate, if located in Vermont, and
not to exceed 50% of the value of such real estate if located elsewhere. Not
less than one-sixth of the amount of such mortgages shall be upon real estate
in this State treating mortgages made on lands in an adjoining State within
twenty miles of the bank making such loan as Vermont mortgage loans.
and not more than 80% of the amount of the assets shall be invested in
mortgages of real estate; provided that not exceeding 60% of the amount
of such assets may be invested in mortgages of real estate outside of this
State. No investment shall be made on mortgages of real estate outside
of Vermont which is unimproved and unproductive, and the amount of
such investments on mortgages In Vermont shall not be more than 40%
SEC. 8.
1132
THE CHRONICLE
[VoL. Lxxxxin.
of the value thereof. No bank shall loan to any person, partnership, assoIf such corporation owned in fee less than 500 miles of such railroad, the
ciation or corporation upon real estate (mortgage treating loans to the
in- gross earnings of such corporation,
dividual members of a partnership as loans to the partnership) more than
reckoned as hereinafter provided, shall
$30,000. and in addition thereto 1% of the deposits of such bank in excess have been not less than $15,000,000;
(2) Such railroad corporation shall have paid the matured principal and
of $1,000,000. No mortgage investment shall be made except upon the
interest of all its mortgage indebtedness;
written approval of at least three trustees of the board of investment,
who
(3) Such railroad corporation shall have paid in dividends in cash to its
shall certify in writing according to their best judgment
the value of the stockholders
premises mortgaged or to be mortgaged. At the expiration
of every mort- capital stock;an amount equal to at least 4% upon all its outstanding'
gage loan made for a period of five years or more, such loan shall
not be ex(4) The gross
tended or renewed unless three members of the board of investment
from the operation of the property of such railcertify road corporation,earnings
including therein the gross earnings of all railroads leased
in writing the value in their best judgment of the
mortgaged
unless such value meets the requirements above prescribed. premises and and operated or controlled and operated by said corporation, and the gross
When buildings are included in the valuation of real estate upon which earnings from the sale of coal from mines owned or controlled by it, shall
not have been less in amount than five times the amount necessary to pay
an investment is made, they shall be insured by the mortgagor
In such com- the
interest
pany as the trustees or board of investment direct, anti the policies
upon its entire outstanding indebtedness, the rentals
of insur- of all leased payable
ance shall be duly assigned, or the loss made payable to such bank,
lines and
interest on all the outstanding indebtedness of
and railroads controlled andthe
such bank may renew such policy of insurance in the same
operated which is not owned by said corporation
in another after deducting from said
company, as said trustees or board of investment elect, from or
interest and rentals interest and dividends reyear
to
year,
ceived from the stocks, bonds or notes of railroad corporatkins not optrated
or for a longer or shorter period, If the mortgagor neglects
to do; and, by said corporation, which
when necessary, the Treasurer may sign premium notes, so may
have been deposited with a trustee as the only
and
charge
security
to secure the payMent of bonds
the amount paid for such insurance to the mortgagor. •
notes issued by said corporation,
• • • • • • • ,„:„
.1 but not in excess of the interest on saidor
last-named bonds or notes;
MUNICIPAL BONDS.
And further provided, that—
Second. (a) In the public funds of the United States or any of the States
(5) No bonds shall be made a legal investment by sub-division (g) in
or the District of Columbia or In public funds for the payment of principal
case the mortgage securing the same shall authorize a total issue of bonds
and interest of which the faith of the United States is pledged.
which, together with all outstanding prior debts of the issuing or assuming
(b) In the bonds or notes of counties, cities, towns, villages, school
dis- corporation, including all bonds not issued that may legally
tricts and water districts of the New England States and
issued under
any incorporated any of its prior mortgages or of its assumed prior mortgages,be
after deducting
district in Vermont having the right to levy taxes inofpayment
of its therefrom, in case of a refunding mortgage, the bonds reserved under
the
indebtedness.
provisions
said mortgage to retire prior lien debts at maturity, shall ex(e) In the bonds or notes of towns, cities and school districts having a ceed three of
times the outstanding capital stock of said corporation at the
population,according to the last preceding United States or State Census,
date
of such Investment;
of at least 1,000 and an indebtedness not exceeding 5% of the last preceding
No bonds shall be made a legal investment by sub-division
or (j)
valuation for the assessment of taxes in New York, Pennsylvania, Ohio, in (6)
case the mortgage securing the same shall authorize a total issue (I)
bonds
Michigan, Illino:s, Indiana, Iowa, Wisconsin and Minnesota.
which, added to the total debt of the guaranteeing corporation asofdefined
(d) In the bonds or notes of towns, cities and school'districts having a in
paragraph 5; including therein the authorized amount of all previously
population,according to the last preceding United States or State Census, guaranteed bond
issues, shall exceed three times the capital stock of such
of at least 7,000 and an indebtedness not exceeding 5% of the
last preceding guaranteeing
valuation for the assessment of taxes in New Jersey, Kansas, Nebraska, in case at saidcorporation outstanding at the date of such investment: nor
date
North Dakota, South Dakota, Missouri, Oregon, Washington and California. shall exceed three the total debt of the corporation which issued said bonds
times its outstanding capital stock;
(e) In the bonds of counties having a population, according
the last
In the case of a mortgage executed prior to the passage of this Act, under
preceding United States or State Census, of at least 50,000 and to
indebted- which the total amount of bonds which may be issued
not specifically
ness of not exceeding 3% of the last preceding valuation for thean
assessment stated, the amount of bonds outstanding thereunder atis
the date of sueh.
of taxes, and in the bonds or notes of cities and school districts having a investment
population, according to the last preceding United States or State Census, paragraph, shall be considered, for the purposes of paragraph 5 and of this
as
the
total
authorized issue.
of at least 50,000 and an indebtedness not exceeding 5% of the last preceding
valuation for the assessment of taxes, in any of the States
DESCRIPTION OF BONDS. .
named,
Definition of first mortgage. (f) Whenever the term "first mortgage" Is
and In Colorado, Delaware, Georgia, Maryland, Oklahoma,above
Utah used In the following
Texas,
sub-divisions, it shall mean, unless otherwise qualified,
and West Virginia.
(f) In the bonds or notes of a city in any of the States above named a first mortgage on not less than 75% of the railroad owned in fee at the
date of the mortgage by the railroad
having a population, according to the last preceding
'
corporation on the railroad of which
United States or State said mortgage
Census, of at least 100,000 and an indebtedness not
the standard-gaugeis a lien, but in no case on less than 100 continuous miles of
last preceding valuation for the assessment of taxes. exceeding 7% of
railroad, exclusive of sidings; provided, that—
Seventy-live per cent of the railroad subject to the lien of said mortgage
(g) In the bonds or notes of a city In any of the States above named
having a population, according to the last preceding United States or State is connected:
For five years prior to the date of investme,nt therein all the railroad
Census, of at least 200,000.
In sub-divisions (c) and (d) the word "Indebtedness" shall mean the gross subject to the lien of said mortgage at the date of execution thereof has been
operated by, and its operations included In, the operations of the railroad
debt less debts created in anticipation of taxes to be paid within
one year
and the amount of any sinking funds available for the payment of such in- corporation which issues, assumes or guarantees said bonds;
The date of said mortgage is at least five years prior to the date of such
debtedness; and in sub-divisions (e) and (f) the word
"indebtednes shall investment:
except that a first mortgage given in substitution for and not
mean the gross debt less debts created in anticipation of taxes to s"
be paid
within one year, the amount of any sinking funds available for the payment greater in amount than such a first mortgage, and covering the same railof such indebtedness and debts created for supplying the inhabitants of road property, shall be considered to be in accordance with this requirement
Direct Obligations. (g) Bonds issued or assumed by a railroad cor
the municipality with water.
The foregoing does not authorize investments in railroad aid bonds (ex- poration described in sub-division (e) which are secured by a mortgage
which was at the date thereof or is at the (late of such investment:
cept such as are issued by municipalities in the State of Vermont)
or in
(1) A first mortgage on a railroad owned in fee by the corporation issuing
bonds which are not direct obligations of a municipality or in bonds
of
municipalities which have within twenty years repudiated or compromised or assuming said bonds except that, if it is not a first mortgage on 75%,
the payment of any debt or defaulted for more than ninety (lays in the pay- of all such railroad owned in fee by said corporation, it shall be a first mortment of any indebtedness, and the purchase of such securities Is hereby gage on at least 75% of the railroad subject to the lien of said mortgage at
the date thereof; but if any stocks or bonds are deposited with the trustee
prohibited.
of said mortgage as part security therefor, representing or covering railroad
[The old law permitted investment:
In the public funds of the United States, or public funds for the payment mileage not owned in fee, the bonds secured by said mortgage shall not beof principal and interest of which the faith of the United States is pledged; come legal investments unless said corporation owns in fee at least 75%
In the bonds or notes of the counties, towns, cities, villages and school of the total mileage which Is subject to the lien of said mortgage and which
districts of the New England States, New York, Pennsylvania, Ohio, Michi- Is represented or covered by said stocks or bonds:
(2) A first mortgage, or a mortgage or trust indenture which is in effect
gan. Indiana, Illinois and Iowa:
In the municipal bonds, not issued in aid of railroads, of counties, towns a first mortgage upon all the railroad subject to the lien of said mortgage or
and cities of 5,000 or more inhabitants in the States of New Jersey, Wiscon- trust indenture by virtue of the irrevocable pledge with the trustee thereof
sin, Minnesota and Missouri, and in counties, towns and cities of 10,000 or of an entire issue or issues of bonds which are a first lien, upon the railroad
more inhabitants in the States of Kansas, Nebraska, North Dakota, South of a railroad corporation which is owned and operated, controlled and opDakota, Oregon and Washington; but no investment shall be made in any erated or leased and operated by the corporation issuing or assuming said
of the counties, towns or cities in the States above named, except in cities bonds;
(3) A refunding mortgage which covers at least 75% of the railroad
of 50,000 or more inhabitants, where the municipal indebtedness of such
county, town or city exceeds five per cent of its assessed valuation, and when owned In fee by said corporation at the date of said mortgage and provides
for the retirement of all outstanding mortgage debts which are a prior lien
not issued in aid of railroads ;
In the school bonds and independent school district bonds of New Jersey, upon said railroad owned In fee and covered by said refunding mortgage at
Wisconsin, Minnesota and Missouri; and In the school bonds and independ- the date thereof; but if any of the bonds which said refunding mortgage Is
ent school district bonds of school districts of 2,000 or more inhabitants In given to refund are secured on a railroad not owned in fee by the corporathe States of Kansas, Nebraska, North Dakota, South Dakota, Oregon and tion executing said refunding mortgage, there shall be conveyed and assigned
Washington, where the amount of such bonds issued does not exceed 5% to the trustee of said refunding mortgage either.
At least 75% of the railroad on which each issue of bonds to be
of the assessed valuation of the respective towns, cities and school districts;
is secured, free from any mortgage lien except that of the mortgagerefunded
In the public funds of any of the States named in this section.)
or mortgages securing the bonds to be refunded, or
RAILROAD BONDS—VERMONT RAILROADS.
At least 75% of the outstanding bonds of each issue which is secured by
•
• Third. (a) In the notes or bonds of a railroad corporation incorporated
a
lien upon such railroad; and all of said railroad not owned in
under the laws of Vermont, irrespective of the length of such road, when feemortgage
whichi Is so subjected to the lien of said refunding mortgage shall be the
issued in accordance with the laws of this State and in compliance with the railroad
of one or more railroad corporations which are owned and operated,
provisions hereinafter set forth relating to bonds of New England railroads. controlled
and operated, or leased and operated, by the corporation issuing
or assuming said refunding mortgage bonds; but in no case shall the bonds
NEW ENGLAND RAILROADS.
(b) In the bonds or assumed bonds of a railroad corporation incorporated secured by said refunding mortgage become a legal investment unless they
In any of the New England States at least one-half of the railroad of which mature at a later date than any bonds which said refunding mortgage is
is located in said States whether such corporation is in possession of and Is given to refund, nor unless the total mileage subjected to the lien of said
operating its own road or is leased to another railroad corporation; provided, refunding mortgage in accordance with the requirements of this paragraph
either that such bonds shall be secured by a first mortgage of the whole or a. is at least 25% greater than the mileage covered by any one of the mortpart of the railroad and railroad property of
corporation, or by a re- gages securing bonds which said refunding mortgage is given to refund
funding mortgage as described in paragraphssuch
(4) A mortgage upon not less than 10% of the railroad exclusive of sid(3) or (4) of subdivision (g)
or that if the railroad and railroad property of such corporation are uninings, owned In fee at the date of said mortgage by the corporation issuing
cumbered by mortgage,such bonds shall be issued under the authority of or assuming said bonds, but in no case on less than 500'continuous
miles
one of said States, which provides by law that no such railroad corporation of standard-gauge railroad; provided, that—
which has issued bonds shall subsequently execute a mortgage upon
Said mortgage is a first or second lien upon not less than 75% of the total
its
road, equipment and franchise, or upon any of its real or personal property, railroad covered by said mortgage at the date thereof, and which provides
without including in and securing by such mortgage
bonds previously for the retirement of all mortgage debts which are a prior lien upon said
issued and all Its pre-existing debts and liabilities, all
which provision, so railroad owned in fee and covered by said mortgage, at the date of the
enacted in such State, shall have been accepted by the stockholders of such
execution thereof;
corporation; and provided, that such corporation has paid
The bonds secured by said mortgage mature at a later date than, and
dividends in
cash an amount equal to not less than 4% per annum on all In
outstanding cover a mileage at least 25% greater than is covered by, any of the bonds
its
issues of capital stock in each fiscal year for the five years next preceding secured by a prior lien mortgage so to be retired:
such investment;
The date of said mortgage shall be at least live years prior to the date
(0) In the first mortgage bonds or assumed first mortgage bonds or in the of such investment.
bonds secured by a refunding mortgage as described in paragraphs
Bonds
underlying refunding mortgages. (h) Mortgage bonds or bonds seor
(4) of sub-division (g) of a railroad corporation incorporated in any (3)
the cured by mortgage.bonds which are a direct obligation of, or which have
New England States the railroad of which is located wholly or inofpart
been assumed, or which have been guaranteed by endorsement as to
both
therein, which have been guaranteed as to principal and interest by a rail- principal and interest, by a railroad corporation whose refunding
mortgage
road corporation described in sub-divisions (a) or (b) which is In possession
bonds are made a legal investment under parars.raphs (3) or (4)
of subof and is operating its own road;
division (g): provided, that—
(d) No bond shall be made a legal investment by sub-division (b) unless
Said bonds are prior to and are to be refunded by such refunding
mortgage;
the corporation which issued or assumed such bond has, during its fiscal
Said refunding mortgage covers all the real property upon which
the
Year next preceding the date of such investment, paid in dividends on its mortgage securing said underlying bonds is a lien;
capital stock an amount equal to one-third of the total amount of Interest
In the case of bonds so guaranteed or assumed, the corporation
issuing
paid on all its direct and assumed funded indebtedness.
said bonds is owned and operated, controlled and operated, or
leased and
No bond shall be made a legal investment by sub-division (c) unless the operated, by said railroad corporation.
corporation which guaranteed such bond has, during its fiscal year next
Guaranteed obligations. (I) Bonds which have been guaranteed by
enpreceding such investment, paid in dividends on its capital stock an amount dorsement as to both principal and interest by a railroad corporation
which
equal to one-third of the total amount of interest paid on
all Its direct, has complied with all the provisions of sub-division (e): provided, that—
assumed and guaranteed funded indebtedness.
Said bonds are secured by a first mortgage on the railroad of a
railroad
No bond shall be made a legal investment by sub-division (b) or (c) un- corporation which is owned
and operated, controlled and operated, or
less the corporation owns in fee not less than 100 miles
leased and operated, by the corporation guaranteeing said
bonds:
railroad (exclusive of sidings) withinithe United States.of standard-gauge
In the case of a leased railroad, the entire capital stock of
which, except
shares qualifying directors, Is not owned by the lessee, the rental
OTHER RAILROADS—DESCRIPTION OF' CORPORATION.
includes
an amount to be paid to the stockholders of said leased railroad
(e) In the mortgage bonds, as described in any of the following
equal to at
subleast 4% per annum upon that portion of the entire capital
divisions of this clause, of any railroad corporation incorporated
stock thereof
under the outstanding which
laws of any of the United States:
lessee.
is not owned by the
.
(j) First
Provided, that during each of the ten fiscal years of such railroad
bonds of a railroad corporation which during eachgot
corpora- its ten fiscalmortgage
years next preceding the date of such investment has complied
tion next preceding the date of such investment—
with
all
the
(1) Such railroad corporation owned in fee not less than 500 miles
requirements of paragraphs (2), (3) and (4) of sub-division (e)
of provided that
said bonds are guaranteed by endorsement as to both prinstandard-gauge railroad, exclusive of sidings,jwithin tho,United_States,
or, cipal and interest by
a railroad corporation which has complied with all
OCT. 21 1911d
THE CHRONICLE
1133
Wisconsin.-Summons and Complaint Filed in Income
the requirements of sub-division (e) preceding paragraph (5), notwithstanding that the railroad of said issuing corporation is not operated by said Tax Case.-Summons and complaint were served Oct. 14,
guaranteeing corporation.
granted by the State Supreme Court, to
CORPORATION NOT TO LOSE CREDIT BY TEMPORARY DIS- under authority
restrain State officials from enforcing the new income-tax
TURBANCE OF RELATION OF GROSS EARNINGS TO
FIXED CHARGES.
law. As stated in Milwaukee papers, this step is part of the
(k) Bonds which have been or shall become legal investments under any
of the provisions of this Act shall not be rendered illegal, although the cor- procedure to test the constitutionality of the Act. V. 93,p.
a.
for
fail
shall
such
bonds
or
guaranteeing
assuming
issuing,
poration
970.
period not exceeding two successive fiscal years to comply with the requirements of paragraph (4) of sub-division (e); but no further investment in the
made
be
by
shall
said
guaranteed
corporation
or
issued,
assumed
bonds
during said period. If, after the expiration of said period, said corporation complies for the following fiscal year with all the requirements of subdivision (e), it shall be regarded as having complied therewith during
said period.
BONDS NOT TO BECOME ILLEGAL ON ACCOUNT OF CONALBANY, Dougherty County, Oa,-Bond Sale.-On Oct. 10 the City
SOLIDATION.
Council rescinded its action in advertising for bids Nov. 15 for the six issues
any
under
legal
shall
become
or
investments
of 5% 30-year gold coupon taIktree bonds, aggregating $100,000 (V. 93,
(1) Bonds which have been
of the provisions of this Act shall not be rendered illegal, although the prop- p. 970) and awarded the bond8 at private sale to the Exchange Bank and
erty upon which they are secured has been or shall be conveyed to or legally Citizens' First National Bank of Albany at 103.375.
acquired by another railroad corporation, and although the corporation
ALLIANCE, Stark County, Ohio.-Bond Sale.-On Sept. 29 the $68,100
which issued or assumed said bonds has been or shall be consolidated with 5% 1-5-year (serial) street-impt. assessment bonds (V. 93, p. 743) were
another railroad corporation, if the consolidated or purchasing corporation
to Tillotson & Wolcott Co. of Cleveland for $69,366 57 (101.859)awarded
to
continue
shall assume the payment of said bonds,and so long as it shall
•
a basis of about 4.333%.
pay regularly interest or dividends, or both, upon the securities issued
Bond Offering.-Proposals will be received until Oct. 23 by C. 0. Sliver,
consollto
corporation
or
acquire
the
for,
the
of,
stock
against, in exchange
the
4%% coup. street-improvement bonds.
for
following
Auditor,
City
issued
dated, or the property purchased, or upon securities subsequently
(V. 93, p. 743):
in exchange or substitution therefor, to an amount at least equal to 4% $4,500 Public Square (city's portion) bonds. iDenom. $500. Due Oct. 15
consolisuch
of
per annum upon the capital stock outstanding at the time
dation or purchase of said corporation which issued or assumed said bonds.
4.-t, improvement (city's portion) bonds. Denom. $500 and
2e
re
4,300 s1t9
$300. Due Oct. 15 1921.
CREDIT OF A CORPORATION NOT TO' BE LOST BY CONSOLIDate Oct. 23 1911. Int. A. & 0. at the City Treasurer's office. Cert.
DATION.
(m) If a railroad corporation which has complied with all the require- check for 3% of bonds bid for, payable to the City Treas., required. Purch.
ments of sub-division (e) preceding paragraph 5, except that tile period of to furnish blank bonds at his own expense and pay accrued int. Official
compliance is less than ten, but not less than five, successive years, shall be, circular states that the city has never defaulted in payment of principal or
or shall have been, thereupon consolidated or merged with, or its railroad interest of any issue of bonds.
purchased and all of the debts of such corporation assumed by, another
ANDALUSIA, Covington County, Ala.-Bond Election.-An election
railroad corporation incorporated under the laws of any of the United States,
be held Oct. 24 to vote on the question of issuing $63,000 light and
such corporation so succeeding shall be considered as having complied with will
plant bonds, it is stated.
all the provisions of sub-division (c) preceding paragraph 5 during those water
or
merger
Luzerne County, Pa.-Bond Offering.-Proposals will be reconsolidation,
ASHLEY.
such
of
successive years next preceding the date
corporations,
ceived until Oct. 26, it is stated, for $30,000 5% bldg. bonds.
purchase in which all said consolidated, merged or purchased
if considered as one continuous corporation in ownership and possession,
SCHOOL
DISTRICT (P.0. Auburn), Nemaha County. Neb.AUBURN
would have so complied; provided, that said succeeding corporation shall Bonds Voted.-Reports state that an election held recently resulted in favor
continue so to comply for a further period which shall make ,uch compliance of the proposition to issue 540.000 building bonds.
equivalent to at least ten successive years, but which shall be in no case
Ohio.-Bids.-The other
AUGLAIZE COUNTY (P. 0. Wapaka,
less than the two fiscal years next following said consolidation, merger or
M yr. (ay.) coup. bridge
'
bids received on Oct. 12 for the $30,000 57.8
purchase.
to Field, Longstreth & Co. of Cin. at 106.39 and int. (V.
awarded
bonds
STREET RAILWAY CORPORATIONS ARE NOT RAILROAD COR- 93, p: 1055), were as follows:
$31,802 00
PO RATIONS.
Sca,songood & Mayer, Cin431,880 00 Otis do Hough Col
_ 31,797 00
(n) In this Act, unless the context otherwise requires, "railroad corpora- Stacy do Braun,goledo ___ 31,866 00 Breed & Harrison,Cln_
tion" means a corporation which owns or is in possession of and operating A. E. Aub & Co., Cin_ ___ 31,846 50 Auglaize Nat. Bk., Wapa31,764 00
koneta
a railroad or railway of the class usually operated by steam power. Street Provident Say. Bk. & Tr.
31,839 00 Hayden, Miller & Co. Ciev 31,710 00
railway corporations are not railroad corporations within the meaning of
Co.,C D
31,614 00
Cl
Co.
Wolcott
&
Tillotson
80
Cley
&
this Act.
Co.,
31,822
ison
C.nn
31,809 00 Home Banking Co., St.
BANK STOCKS AND DEPOSITS IN BANKS.
Well, Roth & Co., Cin
31,256 50
Fourth. (a) In the stock of any national bank in the New England Davies-Bertram Co.. CIn_ 31,806 00 Marys
No
States and the State of New York; in the stock of any banking association
AURORA SCHOOL DISTRICT (P. 0. Aurora), Kane County, 111.or trust company Incorporated under the authority of and located in this
Bank
Savings
do
Trust
Harris
by
the
are
advised
-We
Purchased.
State; but no bank shall hold bank stock both by way of investment and Bonds
stating that they were awarded $15,000 bonds
the
reports
that
Chicago
of
bank,
one
any
in
nor,
deposits,
its
of
10%
as security for loans in excess of
district (V. 93, p. 1055) are erroneous.
more than 5% of its deposits or more than $35,000, or more than 10% of of this
the capital stock of any one bank.
AUSTIN, Travis County, Tex.-Bond Election Postponed.-The election
comtrust
or
associations
banking
in
call
to have been held Oct. 10 to vote on the question of issuing
on
was
which
(b) A bank may deposit
panies, approved by the Bank Commissioner of this State and under the $33,000 5% cemetery bonds (V. 93. p. 483) has been postponed indefinitely.
supervision of the State or Federal authority, in this State or in the cities
impt.
BAKER CITY, Ore.-Bond Sale.-We are advised that the 6%
of New York, Boston, Chicago, Albany, Philadelphia or Concord, New bonds
aggregating $51,000 (V. 93. p. 823) were sold on Sept. 30. Date
Hampshire, or in any other bank designated as a depository under the laws Sept. 1 1911.
of the United States or in national banks in the cities of St. Paul, MinneBARNESVILLE, Pike County, Ga.-Bond Sale.-According to reports,
apolis and Kansas City, with or without interest as may be agreed upon,
the Citizens' Bank of Barnesville has been awarded $50,000 bonds.
KIM not exceeding in the aggregate 20% of the assets of such depositing
Voted.-It is
banks.
BIGHEART TOWNSHIP, Osage County, Okla.-Bonds
voted.
LOANS ON PERSONAL SECURITY, INCLUDING COLLATERAL reported that $50,000 road-improvement bonds have been
Texas.
37,
No.
LOANS.
BASTROP COUNTY COMMON SCHOOL DISTRICT
Fifth. In loans or renewals of loans of the class hereinafter described, Bonds Registered and Sold.-The State Comptroller registered on Oct. 10
payable and to be paid or renewed at a time not exceeding one year from an issue of $1,100 5% bonds. These bonds were purchased at par and int.
the date thereof; but not more than one-third of the assets of a bank shall by the State School Fund.
be so invested; nor shall a bank loan to any person, partnership, association
BELLE PLAINE SCHOOL DISTRICT (P. 0. Belle Plaine), Benton
of
or corporation upon personal security (treating loans to the individual memCounty. Iowa.-Bonds Offered bu Bankers.-The First National Bank
bers of a partnership as loans to the partnership) more than $10,000 until
school-buliding bonds.
Chicago is offering to investors $45,000 4
a bank's deposits amount to $1,000,000, after which the sums so loaned may
J. &J. Duc July 1 1921. Total
1
Int.
Date
July
1911.
$i,000.
Denom.
exnot
but
to,
be increased 1% of the deposits in excess of $1,000,000 up
exceed bonded debt, $53,000; assessed valuation, $473,165.
ceeding, $50,000, or (in cases where 10% of the capital and surplussurplus;
Byron). Wyo.BIG HORN COUNTY SCHOOL DISTRICT NO. 2 P.O(
$50,000) up to, but not exceeding 10% of the capital, If any, and
railroad
Bond Sale.-On Oct. 9 $4,900 6% 25-year bonds were awarded to the
but this limitation shall not apply to the purchase of municipal or
Wyoming Trust & Savings Bank for 55,050, making the price 103.061.
bonds, or to notes with such bonds as collateral.
(a) A note bearing as makers, sureties or endorsers the signatures of at Date Nov. 1 1911. Int. annually in January
the
least two approved names of residents of this State, or of persons who reside
BIG RAPIDS, Mecosta County, Mich.-Bond7Sale.-On Oct./2
within fifty miles of the bank making the loan.
$25,000 4%W 20-year coup. tax-free park bonds (V. 93, p. 823) were
(b) A note or accepted draft given by individuals, firms or corporations awarded to A. J. Hood & Co. of Detroit. Denoin. 51,000. Date Oct..2
residing without the State, for goods manufactured within the State and 1911. Int. A. & 0.
payable to individuals, firms or corporations located within the State and
-At an election
BLOCKTON. Taylor County, lowa.-Bonds Defeated.
endorsed by at least one responsible citizen of the State.
to issue $16,000 water-works bonds was defeated
(c) A note of a corporation incorporated by this State with one or more held Oct. 9 a proposition
151"against."
to
'for"
115
of
vote
a
by
State.
in
sureties
resident
substantial
the
of 4% reg. tax(d) A note of a responsible borrower with a pledge as collateral, in such
BOSTON, Mass.-Bond Sale.-On Oct. 19 the 12 issues awarded jointly
form as the Bank Commissioner shall approve of.
exempt bonds aggregating $2,885.000 (V. 93, p. 970) were
Co. and Wm.A
&
Adams
lawfully
be
Burr,
might
as
&
such
(1) One or more first mortgages of real estate
to Blake Bros. & Co., Perry, Coffin
purchased by a bank, as in cases of mortgages bought by the bank, and Read & Co. of Boston at 102.571-a basis of about 3.74%. The other bids
bank
the
which
the
amount
of
follows:
in
as
excess
not
is
of
such
note
reported
amount
are
the
that
101.93
Hayden, Stone & Co., Boston_ 4'$120,000 mun.-bldg. bonds
might loan on a note secured by mortgage on said land.
more
1'5150,000 high-pressure bonds__ _101.40
(2) Municipal bonds in which the bank might legally invest at nomight
_107.27
_
_
it
bonds_
bank
rapid-trans
the
which
450,000
Boston
in
bonds
Curtis,
&
Jackson
railroad
value;
than 90% of their market
_105.02
legally invest at no more than 80% of their market value; and bank stocks Union Institution for Savings_ _ $50,000 rapid-transit bonds.._ _ 103.50
f $80,000 playground bonds
In which the bank might legally invest at no more than 80% of their mar103.50
bonds
mun.-bidg.
4$120,000
Savings
for
Inst.
Provident
ket value.
102.35
15130,000 playground bonds
(3) Deposit books or certificates of deposit of depositors in banks of this
State, including national banks, at their full value and in banks of any of Estabrook
Co.,& Co., R. L. Day do
superviFederal
or
State
under
Inc.,
N. W. Harris & Co.,
the New England States and of New York,
34
sion, at no more than 90% of the amount of deposits therein shown, proand Biodget & Co., Boston__"All or none" of entire $2,885,000_102.98
J$50,000 playground bonds__101.
vided written notice of such assignments has been given to the bank carry- John C. F. Stayton
55-105.41
01.
1
bonds
ing the deposit.
1550,000 rapid-transit
510,000 high-pressure (1916)_ _ _ _101.36
BANK BUILDING.
(1917)-101.333
do
Sixth. Five per cent of the deposits of a bank may be invested in the
oneC;., Boston_ _ _1510,000 do
y&
Moseley
n len
its
busiof
purchase of a suitable building for the convenient transaction
$10,000 playg'd & mun.-bidr. bds_101.36
ness, or a site therefor and the erection or repairs of a building thereon,
from portions of which not required for its use a revenue may be derived.
Offering.-Proposals will be
?` • BRAGGS, Muskogee County, Okla.-Bond Town Clerk, for the $20,000
REAL ESTATE TAKEN BY FORECLOSURE.
received until 8 p. m. Oct. 24 by J. J. Johnson,
Seventh. A bank may hold real estate acquired by the foreclosure of a water-works bonds offered without success on Aug. 21 (V. 93, p. 608).
mortgage thereon, owned by or pledged to such corporation, or by purchase
No.!4, Texas.-Bonds
BRISCO COUNTY COMMON SCHOOL DISTRICT
at sales made under the provisions of such mortgage, or upon judgment for Registered
and Sold.-An issue of $2,000 5% 15-20-yr. (opt.) bonds was
debts due, or in settlements effected to secure such debts; and such real registered by the State Comptroller on Oct. 11. The State School Fund
as a reasonable price can
estate shall be sold by such corporation as soonthe
same is vested in such purchased these bonds on Oct. 10 at par and int.
be obtained therefor and within Dye years after
BROOKSVILLL. Hernando County, Fla.-Bond Offertng.-Proposals
corporation, except when a majority of the trustees of such corporation
Bank
the
to
stating that, will be received b the Town Clerkaor $16,000 impt.lbonds. Denom. $100.
writing
in
Commissioner,
application
shall make
real
such
corporation
of
such
require that
in their opinion, the interests
BROOKVILLE, Montgomery County, Ohio.-Bond Offering.-Proposals
estate be held for a longer period than five years; in which event said Com- will be received until 12 m.Nov.13 by H. E. Wheaton, Village Clerk, for
missioner may extend the time of holding such real estate not to exceed $18,000 5r Market St. impt. assess. bonds. Denom. $1,000. Date
five years.
1. Int. A. & 0. at the Citizens' Banking Co. in Brookville.
'
Oct. 15 191
yearly on Oct. 15 from 1914 to 1929 incl.
SECURITIES ACQUIRED IN SETTLEMENT OF INDEBTEDNESS. Due $2,000 Oct. 15 1913, $1,000
for 5%
Eighth. A bank may hold stocks, bonds, notes or other securities not Purchaser to pay accrued int. Cert. check on a national bank
to
Clerk,
required.
payable
in
secure
for,
to
settlements
acquired
effected
bid
of bonds
the subject of legal investment
state
-Reports
or adjust loans; but unless the length of time such securities may be held is
-Bond
Election.
Brown
Tex.
County,
D
WOO
N
BROW
extended, as provided in tile preceding clause, they shall be sold within that an election will be held Nov. 5 to vote on the question of issuing
live years after being acquired.
$15,000 water-works bonds.
LIST OF RAILROAD BONDS TO BE PREPARED.
BUTLER COUNTY (P. 0. Hamilton). Ohio.-Bond Election.-Local
Ninth. Not later than the first of March in each year, the Bank Com- papers state that at the November election the proposition to issue $200,000
missioner shall prepare a list of the railroad securities which are then legal road bonds will be voted on. •
investment for banks, which list shall at all times be open to public inspecCALIFORNIA SCHOOL DISTRICTT(P. 0. California), Washington
tion, and shall send a copy thereof to every bank coining within his jurisdistrict
County, Pa.-Bond Election.-Reports state that the voters of this
diction.
Bond Proposals and Negotiations this week
have been as follows:
1134
THE CHRONICLE
IVOL. Lxxxx.m.
will decide at the November election whether or not 125,000 building
bonds
DE KALB COUNTY (P. 0.
shall be issued.
Ind.-Bonds Authorized.-The
issuance of *160,000 court-houseAuburn),
and 120,000 power-house 4% tax-free
CANEY, Montgomery County. Kan.-Bonds Voted.-At the
coup, bonds has been authorized. Denom.
election
*1,000. Dated Jan. 15 1912.
held Oct. 5 the proposition to issue the 130,000 gas-pipe line
bonds (V. 93, Int. J. & J. at Treas. office. The $160,000 bonds will become
p. 744) carried by a vote 'of 301 to 65, it is stated.
due 116,000.
yrly. from 1 to 10 yrs. and the 120,000 bonds in
5 series from 6 to 10 yrs.
CARLTON. Orleans County, N. Y.-Bond Sale.-We
W.
Madden,
Auditor. Bonded debt $7,500. Assess.
are advised that 118,000,000.
val. 1910
the 112,352 62 4 A% coup. bridge-bldg. bonds offered
R.
without
success
on
Aug. 22 (V. 93, p. 608) have been sold.
DES
MOINES
CO.
DRAINAGE
DIST No. 1 (P. 0. Burlington), Des
CHAFFEE UNION HIGH SCHOOL, DISTRICT. San Bernardino
County. Moines County Iowa.-Description of Bonds.-The $251,000
Cal.-Bond Offering.-Proposals will be
53% coup.
until 11 a. m. Oct. 23 by bonds awarded
the Harris Trust & Savings
the Board of County Supervisors (P. 0.received
of Chicago on Sept. 30
San Bernardino) for 1100000 5% (V. 93, p. 971) are In the denomination of Bank
11,000 each and mature as
gold building bonds. Anthority vote of 507 to 158
at the election held follows: 12,000 on June 1 and $3,000 on Dec. 1 in 1914,1915
Aug. 25. Denom. 11,000. Int. from Sept.
and 1916,
11 ann. at Treasurer's office. $4,000 on June 1 and 16,000 on Dec. 1 in 1917,
Due ;2,000 yearly from 6 to 10 years incl. and
on June 1 and
13,000 yearly from 11 to 40 Dec. 1 in 1918, /12,000 on June 1 1919, 113,000111,000
years incl. Bonds to be paid for within
each six months from
days after notice of acceptance Dec. 1 1919 to June 1 1926 incl. and 110,000 on Oct.
1
of bid. A cash deposit or certified check20
1928.
for at least 3% of bid, payable to
the Chairman Board of County Commissione
DUMONT, Butler County, Iowa.-Bonds Voted.-The proposition
rs,
No bonded debt
to
at present. Assessed valuation 4,084,005; required.
value (est.), 112,000,000. issue 17,000 water bonds carried by a vote of 105 to 20 at theelection held
Official circular states that there is no litigation
Oct. 12. V. 93, p. 744.
controversy
or
pending
which affects the corporate existence or boundaries or
the title of any official
DUSTIN, Hughes County, Okla.-Bond Offering.-Proposals will
to his office, nor the validity of these bonds. These
be
bonds were offered received until Nov. 6 for the 125,000 6% 25-yr.
on Oct. 3 but the bids received were unsatisfactor
water-works bonds voted
y.
Sept. 8 (V. 93, p. 744). W. V. Brown is Town Clerk.
CHANUTE, Neosho County, Kan.-Bond Sale.-We are advised that on
EAST HARTFORD FIRE DISTRICT (P. 0. Hartford), Conn.-Bonds
Oct. 20 131,095 38 5% street-improvement bonds were
awarded to local Not Sold.-No sale was made on Oct. 17 of
banks at par. Denom. 11,000. Date Oct. 16 1911.
the 160,000 4% 10-20-yr. (opt.)
Int. F. & A. Due gold coup. (with priv. of reg.) water fund
one-tenth yearly.
bonds (V. 93, p. 971).
EASTLAND
COUNTY
COMMON
SCHOOL DISTRICT No. 29, Texas.
ir CHENEY. Spokane County, Wash.-Bonds Offered by Bankers.-H. T.
Bonds Registered and Sold.-On Oct. 10 $1,000
Holtz & Co. of Chicago are offering to investors 14,000 5 A% coupon
20-yr. bonds were regwater istered byithe State Comptroller. These bonds 5%
bonds. Denom. 1500. Date May 15 1911. Int. M. & N. at the Central
were purchased on Oct. 10
by
the
State
School
Fund
at
and
par
int.
Trust Co. of Illinois in Chicago. Due May 15 1931. Total bonded
debt,
141,300. Assessed valuation, $502,778; Actual value (est.),
EDMONDS, Snohomish County, Wash.-Bonds Voted.-At an election
11,000,000.
CLEVELAND. Ohio.-Bond Sale.-On Oct. 16 the 1100,000 4% 13-year held Oct. 7 the proposition to issue 115,000 funding bonds carried, it is
coupon funding bonds (V. 93, p. 683) were awarded to Tillotson & Wolcott stated, by a vote of 124 to 40 (V. 93, p. 895).
Co. of Cleveland at 100.571. Other bids follow:
EDWARDS COUNTY (P. 0. Kingsley), Kans.-Bond
-On Aug. 1
Otis & Hough, Cleve_ _ _ _1100,527 50 Well, Roth & Co., Ctn.11100,190 00 145,000.5% ref. bonds were awarded to Sutherlin & Co. of Sale.
Kansas City, Mo,
Hayden,Miller&Co.,Clev_ 100,366 00 Doug.Fenwick&Co.,N.YJ
ELIZABETH
-Bond
Union
J.
County,
N.
,
Sale.
-On
Oct.
16
the 160,000
Society for Savings
100,333 33 Cleveland Trust Co
100,126 50 4% 30-yr. coup, fire dept. bonds (V. 93, p. 1056) were awarded
to the
C.E.Denison&Co.,Cleve_ 100,281 80
Union Co. Trust Co. at par and int.
Bond Offering.-Proposals will be received until Nov. 24, it stated, for
ELLINSBURG, Kittitas County, Wash.-Bond Offering.-Proposals
is
11,750,000 bonds.
will be received until 7:30 p. m. Nov. 6 by J. A. Crimp, City
Clerk, for
Bonds Authorized.-Ordinances were passed providing for the issuance 129,000 coup. refund.
bonds at not exceeding 6% int. Denom. $1,000.
of 1900,000 31-year Clark Ave. bridge and 118,000
boulevard Date Dec. 1 1911. Int. J. & D. at the fiscal agency of the State of Wash4% 25-year coupon bonds. Denom. $1,000. Datepark and1911.
ingtonin New York City. Due Dec. 1 1931. Cert. check for
Oct.
Int.
1
of bonds
A. & 0. at American Exchange National Bank, New York.
bid for, payable to Treas., required. Bonds to be delivered and2%
paid for on
COLONIAL BEACH. Westmoreland County, Va.-Bond Offering.-Pro- or before Dec.1. Official circular states that there Is no litigation threatened
pending
or
posals will be received till 12 m. Nov.9 for 137,000 6% water-wks.
against
this
issue;
also
that
issues
no
have
been
repudiated
and sewer compromised
or
bonds. Denom. 1500. Date Nov. 9 1911. Int. M. & N. Due
in any manner,either as to principal orinterest.
Nov. 9
1936. H. W. B. Williams is Mayor and J. 0. Heflin is Clerk.
ELLWOOD CITY. Lawrence County, Pa.-Bond Offering.-Proposals
will be yeceived until 2 p.m. Oct. 25 by D. D. Cunningham, Boro. Burgess,
COLUMBIA ROAD DISTRICT (P 0. Co:umbia),
Sale.
130,000 street-impt. and 110,000 sewer 4 A%
On Oct. 10 the 1100,000 5% bonds offered but not sold Mo.-Bond
tax-free bonds.
on Sept. 23 (V. 93, for
Authority vote of 427 to 296 on Feb. 15 1910. coup.
p. 971) were awarded to G. H. Walker & Co. of St. Louis
Denom. *500. Date
100.04
at
and
int. Denom. 11,000. Date Sept. 27 1911. Int. A. & 0.
July 1 1910. Int. J. & J. at First Nat. Bank of Ellwood City. Purchaser
COLUMBUS, Ohio.-Bond Sale.-On Oct. 16 the following 4% bonds to pay accrued interest. Certified check for 1500, payable to the Burgess,
required. Official circular states that there is no litigation pending or
(V. 93, p. 1055) were awarded, it is stated:
1200,000 grade-crossing bonds to the New First National Bank of Columbus threatened; also no default has ever been made in the payment of principal
or interest.
at 101.343.
200,000 20-year sewer refunding bonds to the New First National Bank
FARLEY. Dubuque County, Iowa.-Bonds Voted.-Reports state that
of Columbus at 100.723.
at the election held Oct. 7 the proposition to issue gas-works bonds carried
14,000 Rich St. Improvement bonds to the New First National Bank of by a vote of 91 to 4.
Columbus at 100.364.
I N GTO N. Oakland County, Mich.-Bond Offering.-Proposals will
12,000 Hildredth Ave. Improvement bonds to Barto, Scott & Co. of beFARM
received until 2 p. m. Nov. 2 by T. H. McGee. VII. Pres., for 115,000
Columbus at 100.40.
water-works bonds. Authority vote of 123 to 28 on Aug. 28.
10,000 Granville St. Improvement bonds to Barto, Scott & Co. of Colum- 4%
Denom. 1500. Int. In Oct. at the Farmington Exchange Bank in Farmingbus at 100.335.
ton. Due 1500 on Oct. 2 in 1914 and 1915 and ;1,000 yearly Oct. 2 from
9,000 Pearl St. improvement bonds to Barto, Scott & Co. of Columbus 1916 to 1929 incl.
Certified check for 3% of bid required.
at 100.327.
FINDLAY. Hancock County, Ohio.-Bond Sale.-We are advised that
8,000 Frankfort St. improvement bonds to Barto, Scott & Co. of Columthe 17,208 90 4% So. Cory St. 'amt. bonds offered but not sold on Oct. 9
bus at 100.337.
f8,000 Seventh St. Improvement bonds to the New First National Bark (V. 93, p. 1056) and the two issues of 4% impt. assess, bonds, aggregating
115,803 56 offered without success on Sept. 1 (V. 93, p. 744), have now
of Columbus at 100.337.
The above are not new issues but securities held by the Sinking Fund as been disposed of.
an investment.
FISHER COUNTY COMMON SCHOOL DISTRICT No. 44, Texas.
Bonds Registered
CONCHO COUNTY COMMON SCHOOL DISTRICT No. 11, Tex.
Sold.-An issue of 11,800 5% 10-20-yr. (opt.) bonds
- was registered onand
Description of Bonds.-The 111,500 5% 10-40-yr. (opt.) bonds registered
Oct. 11 by the State Comptroller. On Oct. 10 these bond
on Aug. 22 (V. 93, p. 609) are In the denom. of 1500 each and dated Apr. 10 were awarded to the State School Fund at par and int
1911. Int. ann.
FRANKFORT. Ross County, Ohio.-Bonds Voted.-The election held
CORDELE, Crisp County, Ga.-No Action Yet Taken.-No action has Oct. 10 (V. 93, p. 971) resulted in favor of issuing 125,000 school bonds,
yet been taken looking towards the issuance of the 1100,000 improvement the vote being 160 to 49.
bonds (V.93, p. 883).
FULTON, Oswego County, N. V.-Bond Sale.-On Oct. 17 the 180,000
CORINTH, Saratoga County, N. Y.-Bond Sale.-On Sept. 28 the 18-year (ay.) registered bridge bonds (V. 93, p. 1056) were awarded to
f
Poallrokw
in
:son & Burr of N. Y. at 100.1195 and int. for 4.30s. Other bids •
144,000 25-year paving bonds (V. 93, p. 744) were awarded jointly
to
O'Connor & Kehler and Douglas Fenwick & Co of New York for 144,118
For 4.35s.
(100.268) as 4 As.
Ferris 181
& White, N Y
,752
Adams
Co., or
N.4y50s.
L$80,163 Isaac W.Sherrill, Poughkeep. 80,700
CORNING UNION HIGH SCHOOL DISTRICT, Tehama County,
E. H. Rollins & Sons, Bos
80,102
Bond Offering.-Proposals will be received until 10 a. m. Nov. 15 byCal.
H. G. Kissel, Kinnicutt & Co.. N. Y 82,008
Kuhn, Co. Aud. (P. 0. Red Bluff), for the 1404000
high-schcol bonds
GADSDEN COUNTY (P. 0. Quincy), Fla.-Bonds Proposed.-The
voted Aug. 26 (V. 93, p. 683). Denom. $1,000. Date Sept. 18 1911.
Int. M. & S. Due 12,000 yearly Sept. 18 from 1914 to 1936, incl. Certi- Board of Commissioners have decided to issue 150,000 court-house bonds,
according to local papers.
fied check for 10% required.
GENESEE INDEPENDENT SCHOOL DISTRICT No. 2 (P. 0. Genesee),
COTTONWOOD INDEPENDENT SCHOOL DISTRICT NO. 8 (P. 0.
Cottonwood), Idaho County, Ida.-Bond Sale.-On Oct. 7 the *20,000 6% Latah County, Idaho.-Bond Offering.-Proposals wit be received until
7:30 p. m. Nov. 13 by H. Nebelsieck, Clerk Board of Trustees, for 120,000
20-year coupon building bonds (V. 93 p. 823) were awarded
to Keeler 5% coup. tax-free
Bros. of Denver at 100.65. A bid of 120,151 from the German State
bldg. bonds voted Sept. 16 (V. 93, p. 895). Authority
Bank Chap, 157 Sec. 131,
of Cottonwood was also received.
Laws of 1911. Denom. 11,000. Date Jan. 1 1912.
Int. J. & J. at the Dist. Treas. office. Due 20 yrs. opt. after 10
yrs. Cert.
COWLITZ COUNTY (P. 0. Kalama), Wash.-Bonds Offered by Bankers. checkfor
2% of bonds bid for, payable to Treas.. required. Assess. val.
-The Harris Trust & Savings Bank of Chicago is offering to investors
the 1911 $616,500.
following coupon bonds:
;50,000 Series "A" bonds. Denom. 11,000. Date May 15 1911.
GENESEO.
County, N. Y.-Bond Sale.-On Oct. 16 the
Int. 116,000 5 A yr.Livingston
M.•& N. Due May 15 1931; opt. after Nov. 15 1926.
(ay.) bonds (V. 93, p. 971) were awarded to Ferris & White
of N. Y. at 100.111 and int. for 4 As. Other bids follow:
14,000 Series "B" bonds. Denom. $500. Date July 1 1911.
Int.
J.
&
For 4 ;is.
J. Due July 1 1931, opt. after Jan. 1 1927.
I For 4.70s.
For 47
I.W.She
Int. payable at the fiscal agency of the State of Washington in New
610
11s,.Poughkeepsie 116,011 20 I Douglas Fenwick & Cq..
York.
N. Y.
/16,013
CROOK COUNTY (P. 0. Sundance), Wyo.-Bond Election.-Reports Adams
& Co., N.Y
116,017 00 00
state that an election will be held on Oct. 24 to vote on the question
of John J. Hart, Albany
16,006 88
Issuing high-school-building bonds.
GILMORE CITY, Pocahontas County. Iowa.-Description of
CUYAHOGA COUNTY (P.0.Cleveland), Ohio.-Bond Sale.
Oct. 18 The 115,000 5% water-works bonds sold on June 8 (V. 93, p.Bonds.
the two issues of 4% coup. So. Woodland Road No. 2 -On
182) are
impt. bonds in the denom. of 1500 each and mature 1500 July 1 1921 to 1930
(V. 93, p. 894) were awarded as follows:
incl. and
110,000
July
1931.
1
offered
They
being
are
to
investors by H. T. Holtz
*57,000 assessment bonds to the First Nat. Bank of Cleveland
for $58,- & Co. of Chicago. Bonded debt incl. this issue 115,000. Assess.
160 75 (102.036) and interest.
val.
/362,500. Act. val. (est.) 1825,000.
46,240 county's portion bonds to Otis & Hough of Cleveland for
147,258
GLIDDEN, Carroll County, Iowa.-Bond Election.-An election will
(102.201) and interest.
be held Nov. 10 to vote on the question of issuing not exceeding 110,000
The bids follow:
Premium for Premium for electric-light-plant bonds.
GRAND RAPIDS, Kent County, Mich.-Bond Offering.-Proposals
$57.0001ssue. $46,2401ssue.
First National Bank, Cleveland
11,160 75
*1,003 75 will be received until 3 p. m. Oct. 23 by J. Sohriver, City Clerk, for the
Otis & Hough, Cleveland
1,141 00
1,018 00 $200,000 4% 20-yr. coup, rapid-sand-filtration bonds offered, but notsold,
Provident Savings Bank & Trust Co., Cincinnati
1,083 00
938 67 on Aug. 28 (V. 93, p. 609). Authority vote of 9,225 to 5,921, on April 4
Tillotson & Wolcott Co., Cleveland
1,043 10
892 43 1911. Denom. 11,000. Date Oct. 15 1911. Int. A. & 0. at the Treas.
Well, Roth & Co., Cincinnati
969 00
814 00 office. Bonds are exempt from all taxation. Unconditional cert. cheek
Field, Longstreth & Co., Cincinnati
971 04 for 3% of bonds bid for, payable to the Treas. required. Official circular
A. E. Aub & Co., Cincinnati
915 00 states that there is no question as to the legality
' of the corporate existence
of the city or the terms of the officials; also that the city has never defaulted
CUYAHOGA FALLS VILLAGE SCHOOL DISTRICT (P. 0.
Cuyahoga
payment on any bonds on maturity and the legality.of_a bond issue has
Falls), Summit County, Ohio.-Bond Election.-An election will
be held never been questioned.
on Nov. 7 to vote on the question of issuing 16,000 sch. bldg.
impt. bonds.
DALLES CITY (P. 0. The Dalles),
GRAND TRAVERSE COUNTY (P. 0. Traverse City), Mich.-Bond
County, Ore.-Bond Sale.
- Election Proposed.
On Oct. 10 the 119,910 6% 10-15-yearWasco
-It is stated that the Board of County Supervisors has
(opt.) gold
sewer tax-free been petitioned
bonds(V.93, p. 883) were awarded to Emery, Peck &coupon
to hold an election to vote on a proposition to issue
Rockwood
of
bonds
Chicago to purchase the grounds
for 120,348 75 (102.203) and int. Other bids follow:
of the Traverse City Driving
od
r agricultural
kofn
m ih._c ParB
o
fair purposes.
Scour. S. B. & Tr. Co., Tot_ $20,296 Cutter, May & Co., Chicago_
_119,925
Union Tr. & S. Bk., Spokane 20,179 Continental Trust Co.,
GROSSE POINTE FARMS. Wayne
Deny_ 19,610
Chas. S. Kidder ec Co., Chio_ 19,929
Poposals will be received until 8 p. m. County.
Nov. 6 by J. Kerby, VII. Clerk,
Date Sept. 30 1911.
for $28,000 4% park-impt. bonds voted on Aug. 7. Denom.
11,000.
Date Sept. 11911. Int, ann. at Union Trust Co. in Detroit. Ccrt,
DECATUR. Morgan County, Ala.-Bonds Proposed.-According
check
to
local
for 1250 required.
papers the issuance of $50,000 electric-light bonds is contemplate
d.
HALE CENTER INDEPENDENT SCHOOL DISTRICT
DECATUR TOWNSHIP (P. 0. Decatur) Neb.-Bonds Voted.
(P.
0.
Hale
-The Center), Hale County, Texas.-Bond Sale,---The State
proposition to issue 125,000 10-20-yr. (opt.) railroad-aid
School Fund was
by a vote of 384 to 0 on Oct. 6. Int. not to exceed 5%. bonds carried awarded on Oct. 10 an issue of $3,000 5% 10-40-yr. (opt.)lbondslat par
and interest.
OCT. 21 1911.]
THE CHRONICLE
1135
-The electionTheld
McINTOSH, Polk County Minn.-Bonds Voted.
Ohio.-Bond Offering.-Pro' proposition to issue $4,237refund.,$40,000
HANCOCK COUNTY (P. 0. Findlay),
for Oct. 3 resulted in favor of the
rs
Commissione
County
the
by
23
Oct.
m.
12
until
•
• • • • • • • • •
•
posals will be received
funding;.and.53.000 water bonds. • • • • • • •
the following 5% coup. tax-free impt. bonds:
-""p77s
eal...
1 from 1912 to 1920 Incl.
Election.Loe.-Bond
County.7,0r
Yamhill
VILLE.
*4,500 Russell Road bonds. Due $500 yearly Nov.
VIMcMINN
1 from 1912 to 1918 incl. state
that an election will be held Nov. 6 to vote on the question of_issuing
3,500 Kraetz Road bonds. Due $500 yearly Nov.
.4
Nov. 1 1911. Int. $30,000 street-Improvement and $15,000 water-main bonds. - • • •
Auth. See. 8949, Gen. Code. Denom. $500. Date
or cert. check, payable
M. & N. at the Treas. office. A deposit of $50 cash
Madison
0.
co.
(P.
the
DISTRICT
by
be
furnished
SCHOOL
to
ENT
coupons
INDEPEND
and
ILLE
bonds
MADISONV
to the Co. Treas., required.
an issue of $8,000
ville). Madison County, Texas.-Bond Sale.-On Oct. 10
Voted.- 5%
1-40-yr. (opt.) bonds was purchased by the State School Fund at par
HANCOCK COUNTY (P.0. New Cumberland), W. Va.-Bonds
were
bonds
road-improvement
District
Grant
$125,000
that
and interest.
It is stated
Postponed.
voted on Oct. 7.
MAPLEWOOD, St. Louis County, Mo.-Bond Election
will be The election that was to have been held Oct. 3 to vote on the question of
HARDWICK, Caledonia County, Vt.-Bond Offering.-Proposals
Com- Issuing $20,000 sewer bonds has been indefinitely postponed.
Bond
the
of
Chairman
E.
Bullard,
B.
by
1
Nov.
m.
p.
8
until
received
Denom.
Minn.-Bond Sale.-On
mittee, for $25,000 4% coupon elec.-light loan of 1911 bonds.
MARBLE (P. 0. Oreenway), Itasca County,were
at the Proctor Trust Co. in Proc- Aug.
awarded to theCom$1,000. Date July 11911. Int. J. &
14 the $97,399 63 5% bonds(V. 93 p. 362)
be
will
bonds
The
int.
accrued
pay
to
Aug. 10 1911
Purch.
Date
1931.
1
par.
at
July
tor. Due
Boston, mercial Investment Co. of Duluth
certified as to their genuineness by the Old Colony Trust Co. ofapproved
Election.-An
-Bond
Iowa.
Knoxville),
MARION COUNTY (P. 0.
which will further certify that the legality of this issue has been
accom- election will be held Oct. 24 to vote on the question of issuing $30,000
by Ropes, Gray & Gorham of Boston, a copy of whose opinionwili
bonds.
infirmary
pany the bonds, when delivered, without charge to the purchaser.
advised
Oct. 3
MARION COUNTY (P. 0. Jasper), Tenn.-Bond Sale.-We are
HARRISON COUNTY (P. 0. Corydon), Ind.-Bond Sale.-On of the that this county has disposed of 520,000 5% gold coupon tax-tree refunding
$38,000 4 A% road bonds were awarded to V. J. Bulleit, Cashier
N. bonds. Int. at the Trustee's office. Due 55,000 in June in 1916, 1921,
&
M.
Int.
3
Date
par.
Oct.
1911.
at
Cordyon,
of
First Nat. Bank
1926 and 1931.
Due from 1 to 20 yrs.
Voted.Texas.
MARS HILL TOWNSHIP, Madison County, No. Car.-Bonds
HASKELL COUNTY COMMON SCHOOL DISTRICT No. 22,
11
An election held Sept. 16 resulted in favor, it is stated, of the proposition
Bonds Registered and Sold.-The State Comptroller registered on Oct.
par to issue $10,000 road bonds.
an issue of $1,000 5% 20-yr. bonds. These bonds were awarded at
the
MARTINEZ, Contra Costa County, Cal.-Bond Sale.-On Oct. 9
and int. on Oct. 10 to the State School Fund.
be $65,000 5% gold municipal bonds(V. 93. p. 896) were awarded to Bernardo
will
-Proposals
Offering.
HAVERHILL, Essex County, Mass.-Bond
4.627%.
about
of
basis
the
price
103.076-a
making
$67,000,
for
the
Fernandez
received until 10 a. m. Oct. 24 by A. T. Jacobs, City Treasurer, for
Other bids follow:
following 4% coupon bonds:
562,240 00
April 1 W.0. W.(Pacific Jur.) _ _566,553 20 Bank of Martienz
*119,000 municipal bonds. Due $13,000 April 1 1913, $12,000 on
from 1913 to 1918 incl., $11,000 April 1 1917 and 1918 and E. H. Rollins & Sons, San
001
66,040
$12,000 on April 1 1919, 1920 and 1921.
Francisco
Denom. 60 bonds of $1,000 each and 20 bonds of $250 each. 1 Date
40,000 bridge bonds. Due $2,000 yearly on April 1 from 1912 to 1931
1912
inclusive.
Oct. 11911. Int. A. Fe 0.at the Town Treasury. Due $3,250 Oct.
to
1915
from
1
April
on
7,000 playground bonds. Due $1,000 yearly
to 1931 inclusive.
1921 inclusive.
Mich.-Bond Offering.-Proposals
County,
Marquette
E.
MARQUETT
Date April 1 1911. Denom. $1,000. Int. A. & 0. at the First National will be received until 2 p.m Oct. 24 by the Bd. of Fire and Water Comm'rs.,
Bank in Boston. Bonds will be certified as to their genuineness by the J. P. Kern,
for the $65,000 4 A% coup, or reg. water-works impt.
First National Bank and their legality approved by Storey, Thorndike, bonds voted Secy.'
May 5 (V. 92 p. 1330). Denom. $1,000 ro at option of puroffice.
Palmer & Dodge of Boston, whose opinion will be delivered to purchaser.
chaser. Date Nov. 1 1911. Int. semi-ann. at the City Treas.
that Due Nov. 1 1936. Bonds arc exempt from taxes In Michigan. Purchaser
HAMAR DS, Alameda County, Cal.-Bonds Voted.-Reports state
required.
bid
for,
of
1%
$12,500
bonds
of
A
for
check
issue
Cert.
to
int.
an election held recently resulted in favor of a proposition
to pay accrued
contested any
fire-house bonds.
Official circular states that the city has never defaulted noror
controversy
er, Rorick financial obligation whatever, and there is no litigation
y,nor
municipalit
the
or
of
powers
HERINGTON, Dickinson County, Kan.-Bond Sale.-Spltz
boundaries
corporate existence,
de Co. of Toledo were awarded in June,at par, $38,000 55i% gold lateral over the
the validity of the proposed issue of bonds.
to
as
nor
officers,
its
of
any
incl.
1921
sewer bonds. Due $3,800 Oct. 1 1912 to
Gordo
City), Cerro
Voted.-The
MASON CITY SCHOOL DISTRICT (P. 0. Mason
HOUSTON HEIGHTS, Harris County. Texas.-Bonds
-The proposition to issue the $175,000
County, Iowa.-Bonds Defeated.
proposition to issue $180,000 5% 30-40-yr. (opt.) boulevard bonds carried
bldg. bonds (V. 93, p. 745) was defeated by a vote of 919 to 661
by a vote of 391 to 77 at the election held Oct. 10 (V. 93, p. 824). These site and
on Oct. 10.
bonds will be offered for sale, we are informed, about Jan. 1,
Part.-The7Carstate
MAYSVILLE. Mason County, Ky.-Bonds Awarded in
$9,500 of the $11,IBERIA PARISH (P. 0. New Iberia), La.-Bond Sale.-Reports
lyle Paving Brick Co. of Portsmouth has been awarded
that $35,000 5% road bonds have been disposed of locally.
(V. 93, p. 825)
25
Sept.
on
offered
bonds
ssess.
str.-impt.-a
purchaser of 000 6% coup.
IONIA, Ionia County, Mich.-Purchaser of Bonds.-The was the First at par and int.
will
-Proposals
Offering.
-Loan
the $14,000 4% water bonds (V. 93, p. 896) on Sept. 5 Sept.
1 1911.
MEDFORD. Middlesex County. Mass.
it is stated.
National Bank in Detroit at par. Denom. $1,000. Date
be received until Oct. 23 for a $50,000 loan due May 1 1912,
Int. M. & S. Due from 1915 to 1921.
$10,000.
and
515,000
-Bond Sale.- Denom. 525,000,
-The town, we are advised,
JACKSON SCHOOL DISTRICT, Santa Clara County, Cal.
to 0. F.
MEDIA, Delaware County. Pa.-Bond Sale.
On Oct. 2 the $5,000 5% bonds (V. 93, p. 824) were awarded
of the following bonds:
has
disposed
success as 48 on June 7
Hardies at 101.40.
without
offered
bonds
tax-free
coup.
state $40,000 434%
at the First Nat. Bank of Media.
JAMESTOWN, Greene County, Ohio.-Band Election.-Reports
(V. 92, p. 1585). Int. J. do J.and
1926 and $20,000 July 1 1931.
that an election will be held to vote on a proposition to issue street-improveDue $10,000 on July 1 In 1921
Bonds are tax-exempt. Due
ment bonds.
5,000 5% bonds. Int. J. & J. in Media.
3, Ark.-Bond
July 1 1914.
JEFFERSON COUNTY DRAINAGE DISTRICT NO, 93,
were
p.
972)
Voted.-The election
(V.
bonds
coupon
Mo.-Bonds
gold
6%
the
18
$35,000
Oct.
-On
Sale.
MERCER COUNTY (P. 0. Princeton).
issue $75,000 courtawarded to W. D. Hearn, agent, for $35,185, making the price 100.528.
held recently resulted in favor of the proposition to
Bids were also received from A. G. Edwards & Sons, Wm. R. Compton Co., house bonds. The vote, it Is reported, was 1,473 to 369.
Duke M. Farson, S. A. Kean & Co. and the New First National Bank,
Sale.-We are advised
MIDDLESBOROUGH. Bell County. Ky.-Bond school bonds. Date
question
20-year
JIM WELLS COUNTY (P.0. Alice), Tex.-Bond Election.-The
submitted that this place has disposed of $18,000 6%
of issuing $55,000 5% 10-40-yr. (opt.) court-house bonds will be
July 1 1911.
to a vote to-day (Oct. 21).
Offering.-Proposals will
MIDDLETOWN. Butler County, Ohio.-Bond
Proposed.
JOSEPHINE COUNTY (P. 0. Grant's Pass), Ore.-Bondsis being dis- be received until 12 m. Nov. 18 by John Kunz, Auditor, for $15,000 434%
bonds
Denom. $500. Date
provement
Code.
road-Im
of
Gen.
Issuing
$500,000
3939
Sec.
The question
sewer bonds. Authority
Due $1,000
cussed, It is reported.
Aug. 15 1911. Int. ann. at Nat. Park Bank in New York.
be delivered and paid
Mo.-Bond
to
Bonds
incl.
to
1927
1913
City).
from
15
Aug.
Kansas
yrly. on
KANSAS CITY SCHOOL DISTRICT (P. 0.
for $300.
of
bank
a
portion
on
check
unsold
for within 10 days after time of award. Cert.
Sale.-We arc advised that the remaining $450,000, the
been disposed required.
the $750,000 4% 20-year gold bonds (V. 92, p. 977) have
will
election
of by this district.
MILES CITY. Custer County, Mont.-Bond Election.-An
Summit County. be held to-day (Oct. 21) to vote on the question of issuing $5,000 10-20-yr.
KENMORE SCHOOL DISTRICT (P. 0. Kenmore).
the
to
awarded
(opt.) bridge bonds.
°Mo.-Bond Sale.-On Oct. 14 $1,700 5% bonds were
received from
Hamilton
Somerset Bank at 103.41. A bid of $1,736 and int, was also
MILFORD SCHOOL DISTRICT (P.O. Milford), Clermont and
$200.
be received until 12 m.
Hayden, Miller & Co. of Cleveland. Denom. $500; one bonds of
Counties. Ohio.-Bond Offering.-Proposals will
coup.
$50,000
for
the
434%
BA.
of
Education,
Clerk
Gatch,
S.
Date Oct. 14 1911. Int. M. &S. Duc from 1915 to 1918.
S.
by
20
Nov.
-Proposals will school bonds voted Sept. 26 (W. 93, p. 972). Authority Sections 7,625,
KENOSHA, Kenosha County, Wis.-Bond Offering.
1911. Int. M. & N. Due
the
20
for
Nov.
Date
Clerk,
Code.
City
Gen.
7628
Harrington,
and
W.
7627
G.
by
6
7826,
Nov.
in.
2
p.
until
received
be
required.
part yearly from 1912 to 1952 inclusive. Cert. check for $500
following 4 A% bonds:
to Purchaser to pay accrued interest.
$17,000 Frank school bonds. Due $1,500 yrly. on Oct. 1 from 1912
1921.
will be
and
1920
-Proposals
1
Oct.
on
-Bond
$2,500
Ohio.
and
Offering.
1919 incl.
MINEROA, Stark County,
50,000 maln-sewer bonds. Due $5,000 yrly. on Oct. 1 from 1912 to received until 12 in. Nov. 2 by A. H. Freed, VII. Clerk, for the following
1921 incl.
bonds:
5% street-inipt.
Denom. $500. Date Oct. 11911. Int. A. & 0. at Treas. office. Cert. $14,150 Assess. bonds. Denom. $1,415. Due $1,415 yrly. on April 1
or cashier's check for $500 on first issue and $1,000 on last issue, payable
from 1913 to 1922 Wet.
April 1
required.
of
Kenosha",
to the "City
9,500 (city's portion) bonds. Denom. $500. Due $500 yrly. on
Caro.-Bond Offering.-ProSo,
from 1913 to 1931 incl.
County,
g
Williamsbur
E,
KINGSTRE
s thereto. Date
and
amendment
Mayor,
and
1902
P.
Kinder,
L.
of
by
Code
11
Municipal
Nov.
95
Sec.
Auth.
in.
posals will be received until 12
and $14,000 sewer 5% Oct. 2 1911. Int. A. & 0. Purchaser to pay adcrued interest. Bonds
Board of Public Works for the $28,000 water-works
$1,000. Int. semi-ann. to be delivered and paid for within 5 days after time of award. Certified
bonds voted Sept. 28 (V. 93, p. 972). Denom.
present.
at
check on a bank for 10% of bonds bid for, payable to Treas., required.
Due 40 yrs., opt. after 20 yrs. No debt
Ore.-Bond Election.-An elecbe received until
KLAMATH COUNTY (Klamath Falls),
MINNEAPOLIS. Minn.-Bond Offering.-Proposals will
to
proposition
on
the
vote
tion will be held on Nov. 21, reports state, to
2 p. in. Nov. 9 by Dan. C. Brown. City Comptroller, for $25,000 4% fireIssue Irrigation bonds in Horsefly Irrigation District.
- dept. bonds. Denom. 550, $100. $500 and $1,000 as the purchaser may
Idaho.-Bond Sale.
KOOTENAI COUNTY (P. 0. Coeur d'Alene),
bonds (V. 93, p. 972) were desire. Date July 1 1911. Due July 1 1921. Int. J. & J. at the fiscal agency
On Oct. 9 the $135,000 coup. warrant funding
in
5s.
for
100.67
of the city of MinnPapolls in New York City. Bonds are tax-exempt
awarded to N. W. Halsey & Co. of Chic. at
Sale.-On Sept. 24 1911 the Minnesota. Cert. check for 2% of bonds bid for, payable to C. A. BloomLADONIA, Fannin County, Texas.-Bondbonds
362)
p.
were
93.
(V.
is required. No bid will be entertained for less than
$10,000 6% 15-40-yr. (opt.) water-works
100.50 and int. quist, City Treasurer,
awarded to the Ti. S. Bond & Mortgage Co. of Dallas at
• • 95% of the par value of the bonds and accrued interest.
Denom. $500. Date Sept. 1 1910. Int. M. & S. • • • • • • •
this bond offering will be found among the advertiseof
The official notice
an election held
L'ANSE. Barago County, Mich.-Bonds Voted.-At
this Department.
recently the proposition to issue $4,000 water-works Impt. bonds VMS ments elscwhere in
Cal.-Bond
successfully voted upon, it Is stated
MIRAMONTE SCHOOL DISTRICT, Los Angelesp.County.
304) were awarded
-On Oct. 16 the $54.000 Sale.
-On Sept. 18 the $13,000 5% bonds (V. 93,
LA PORTE, La Porte County, Ind.-Bond Sale.
Int.
11911.
Sept.
is
It
stated,
Date
were
awarded,
104.82.
1057)
at
Los
of
Angeles
p.
Co.
5% tax-free water-works bonds (V.93,
to Win. R. Staats
Fletcher-Amer. Nat. ann.
to J. T. Elliott & Sons, G. L. Payne .5c Co. and the
16
Oct.
-On
Sale.
Dak.-Bond
Bank of Indianapolis for $55,915 50, making the price 103.547.
MOBRIDOE, Walworth County, So.
.-Pro$17,500 (V. 93,
972)
LAWRENCEVILLE. Brunswick County, Ga.-Bond Offering
the three issues of 5% coup, bonds aggregating
for
Clerk,
blank
and
int.
p'
at
par,
W.
Upchruch,
Chic,
J.
of
by
Co.
31,
12
in.
until
Bolger
Oct.
J.
received
Thos.
the
to
posals will be
being part of a total issue were awarded
for attorneys' fees. A bid of par and int. less $875 for ex$25,000 5% coup. water, light and sewer bonds,
held Aug. 1 1911. bonds, less $500
the H.C.Speer & Sons
of $50,000. Auth. vote of 110 to 19 at an election
penses (city to furnish bonds) was also received from
In
20
and
yrs.
$5,000
Due
office.
J.
at
&
J.
Treas.
Int.
Denom. $1,000.
The validity of these Co. of Chicago.
Rock
Island County, Ill.$20,000 in 30 yrs. Cert. check for $1,000 required.
Moline).
(P.O.
DISTRICT
debt
MOLINE SCHOOL
bonds has been certified to by W. H. Hill, Town Attorney. Bond.
434% bonds awarded to N. W. Halsey
$1,000,- Description of Bonds.-The $75,000In
of 51,000 each and dated
at present $12,000. Assess. val. 1911 $834,000. Peal val. (est.)
the
denom.
are
1057)
p.
93
(V.
Chic.
of
Co.
&
controversy or litigation
1 as follows: $2,000 in 1912 and
000. Official circular states that there is noexistence
or the boundaries July 1 1911. Int. J. dc J. Due on Julyto
pending or threatened affecting the corporate
1919 incl., $12,000 in 1920 and
or 1913, $5,000 in 1914, 57,000 yearly 1915
of said town, or title of its present officials to their respective offices,
1922.
in
$7,000
and
1921
the validity of these bonds.
18
MONONGAHELA. Washington County, Pa.-Bond Sale.-On Oct.
(P. 0. League
and $10,000 municiLEAGUE CITY INDEPENDENT SCHOOL DISTRICT
of 57,000 5% 20-40-yr. the $65,000 street,$10,000 garbage-Incinerating-plant
City). Galveston, Tex-is.-Bond Sale.-An issue Fund
(ay.) coupon bonds (V. 93, p. 1057) were
A%
4
2534-year
ding
pal-buil
par
10
on
at
Oct.
by
the State School
104.212
(opt.) bonds was purchased
awarded, it is stated, to the Mellon National Bank of Pittsburgh at
and Interest.
-The Citizens'
MORGAN COUNTY (P.0. Martinsville). Ind.-Bond4Sale.
p.
LEESBURG, Loudoun County. Va.-Bond Election.-The proposition Nat.
Jacksolverw
Mf,
$9,400
been
has
awarded
Martinsville
Bank of
to issue $20,000 sewer and water-system bonds will be submitted to the bonds at par and int. Denom.$470. Due $470_each sixlmonthslforilTyrs
voters, it 16 stated, on Nov. 14
1136
THE CHRONICLE
[VoL. Lxxxxiii.
MOUNTAIN LAKE, Cottonwood County. Minn.-Bond Offering.
-ProRENSSELAER COUNTY (P. 0. Troy), N. Y.-Bond Sale.
posals will be received until 8 p. m.
Oct. 18
Nov. 4 by VII. Council for $8,000 the $80,000 4%
reg.
bonds (V. 93, p. 973) were awarded -On
funding bonds not to exceed 5 %%. Auth.
vote of 59 to 2 on Oct. 10 1911. facturers' Nat. Bank jail
to the Manuof Troy at par and int. No other bids were
Denom. $500. Date Nov. 10 1911. Int. M. 40 N. at First
received.
State
Bank,
Mountain Lake. Due Nov. 1 1921. Cert. check
RICHMOND, Va.-Bonds Awarded in Part.-On
for $500, payable to
Oct. 17 $400,000 of
Vil. Council, required. D. J. Schroeder is Recorder.
the $1.400,000 4%•34-year reg. permanent
public-impt. bonds (V. 93, p.
81)7) were awarded to the Sinking Fund Trustees
MOUNT VERNON. Westchester County, N. Y.-Bond Sale.--On
at par. No other bids
Oct.
17
were
received.
the two Issues of 4%% 20-year bonds (V. 93, p. 10571
were awarded as
follows:
ROCHESTER. N. Y.-Bond Sale Not Consummated.-We
have just been
$25,000 road bonds to the Yonkers Say. Bank at 104.10-a
advised that the sale of the $180,000 4%
20-year
basis of about exposition
park and Industrial
4.194%.
bonds on Feb. 24 (V.92, p. 617) to Thos.reg.
J. Bolger Co. of Chicago
30,000 water bonds to J. R. Magoffin of N. Y. at 104.13-a
was never consummated.
basis of
about 4.192%.
Note Offering.-Proposals will be received until 2 p.
m. Oct. 26 by Chas. F.
The bids follow:
Pond, City Comptroller, for the following notes:
$100,000 water-worlis-impt. notes. Due eight months
$25,000
from Oct. 30 1911.
$30,000
100,000 local-improvement notes. Duc eight months from
Issue.Issue.
Yonkers Savings Bank104.1
Denom. of notes and rate of Interest desired to be named Nov. 11011.
0
103.41
In bid. PrinJ. R. Magoffln, New York
cipal
and
interest will be payable at the Union Trust Co. in New
104.068
104.13
York.
Parkinson & Burr, New York103.9
4
ROCK HILL. York County. So. Car.-Bond Offering.-Proposa
103.9234
John D. Everitt & Co., New York
ls will be
0
received, we are advised, for $68,000 5% sewerage bonds.
103.88
Ferris 40 White, New York
1103.'868
3 5
103.65
ROWLAND SCHOOL DISTRICT. Los Angeles County, Cal.-Bonds Not
A. B. Leach & Co., New York
103.579
103.579
Sold.-No bids were received on Sept. 18 for $5,000 school
E. H. Rollins & Sons, New York
bonds, we are
103.537
103.537
advised.
L. Day & Co., New York
103.53
103.53
First National Bank, Mt. Vernon
SAN FRANCISCO, Cal.-Bond Offering.-Proposals will be received
103.51
103.51
until
Farson, Son & Co., New York
3
p.
m. Nov. 13 by W. R. Hagerty, Clerk Board of Supervisors, for
103.457
103.457
$400,000
Estabrook & Co., New York
434% Geary Street By. bonds.
103.422
103.421
R. M. Grant 40 Co., New York
Denom.
$1,000.
Date
July
103.29
1 1910. Int. J. & J. at the City Treas, office
103.29
Spitzer, Rorick & Co., New York
or at the fiscal agency of San Francisco in New York City,
103.07
103.803
at the option of
Sutro Bros. & Co., New York
the holder. Due $20,000 yearly from 1915 to 1934 incl. Bonds
103.041
103.041
are exempt
Chisholm & Chapman, New York
from
all
taxation
California.
in
102.75
Bids must be made on a blank form fur102.75
Adams & Co., New York
nished by the city and be accompanied by a cash deposit or certified
102.35
102.50
check
Harris, Forbes & Co., New York
for
5%
of
bid,
payable
the
to
Clerk
102.201
of
the
102.201
Board of Supervisors. Deposit
W. N. Coler & Co., New York
need not exceed $10,000. The legality of the bonds has been approved
102.18
102.17
by
MULDROW, Sequoyah County, Okla.-Bond Sale.-On Oct. 10 826,000 Dillon & Hubbard of New York City, a copy of whose opinion will be delivered to the purchaser. The bonds to be delivered and paid for within
water and $7,000 elec.-light 6% bonds were awarded to F. R.
10
Stone
of
days
after the adoption of the resolution of award. Purchaser to pay
Lima for $33,060, making the price 100.181. The purchaser is given
the accrued interest.
contract to erect the water and light plant. Other bids follow:
W.J. Kennedy, Okla. City $32,500 T. C. Brooks & Son, Jackson.$30,900
SAN YSIDRO IRRIGATION DISTRICT, Cal.-Bonds Proposed.-Loca
J. S. Terry Const. Co., Poteau 32,000 G. F. Ford & Son, MUldrow__
*26,760 papers state that the proposition toissue $25,000 bonds is being considered.
Hunter & Hunter, Okla. City 31,900
SAVANNA
H SCHOOL DISTRICT (P. 0. Savannah), Andrew
• Bid for $26,000 issue.
County.
Mo.-Bond Sale.-On Oct. 12 the $20,000 5%
A bid was also received from the N. S. Shurman Fdy. & Mach. Co.
library and school-bldg.
of bonds (V. 93, p. 973) were awarded to A. G. Edwards
• Oklahoma City. Date Oct. 15 1911.
Se Sons of St. Louis
at 101.0255 and int. Other bids follow:
NEWARK, Licking County, Ohio.-Bond Sale.
Well, Roth & Co., Cin
Franklin
. H. Coffin, Chicago
$20,020
Bank, Newark Trust Co., Licking Co. Bank & Trust-TheFirst Nat. Nat. Cutter, May & Co., Chicago..$20,1701C
20,1141
Bank
and the Home Building Assn. were awarded at par andCo.,
int.
the $60,000 4%
SCIO, Harrison County, Ohio.-Bonds Not Sold.-No award was
coup. water-works bonds offered on Sept. 20 (V. 93,
made
p. 610).
on Oct. 1401 the $2,700 4 %% coup. tax-free refund. bonds
(V. 93 p. 973).
NEV BOSTON (P.O. Portsmouth), Ohio.-No
to be Offered.-The
SEATTLE, Wash.-Bond Sale in September -During the month
Village Clerk advises us under date of Oct. 13 thatBonds
of
advertisement which September the following special improveme
the
recently appeared in some of the newspapers to the effect that $7,500
nt assessment bonds, aggre4 A cyc, gating $312,821 46, were issued by the city:
street bonds would be offered on Oct. 31 (V.93, p. 972)
inserted through
was
Amount.
PurposeInt.
Rate.
Date.
a misunderstanding with the newspaper officials.
Due.
$17,058 05 Sewer
7 Sept. 7 1911 Sept. 7 1916
Bond Sale.-The $7,500 4 %% 12 %-year (ay.) street-impt. bonds
8,982 92 Sidewalks
men7 Sept. 7 1911 Sept. 7 1916
stoned above were awarded on Sept. 18 to the Ohio Valley Bank
for
6,599
$7,501
97
Re-grade
7 Sept. 7 1911 Sept. 7 1916
and interest.
4,502 22 Sidewalks
7 Sept. 7 1911 Sept. 7 1916
NEW BREMEN. Auglaize County. Ohio.-Bond Offering.
6 Sept. 7 1911 Sept. 7 1921
s 182,730 50 Grade
will be received until 12 m. Nov. 7 by C. P. Gress, VII. Clerk,-Proposal
8,914
95
Grade
for
7 Sept. 8 1911 Sept. 8 1916
$18,000
5% refund. bonds (V. 93, p. 825). Auth. Sec. 3916 and 3917, Gen.
15,073 12 Sidewalks
7 Sept. 9 1911 Sept. 9 1921
Code.
Denom. $500. Date Oct. 1 1911. Int. A. & 0. at Treas.
3,477 16 Paving
6 Sept. 9 1911 Sept. 9 1916
Due
$500 each six months from Oct. 1 1916 to April 1 1934 incl. office.
3,151
44
Gutter
and
Sidewalk
Cert. check
7 Sept. 9 1911 Sept. 9 1916
for 2% of bonds bid for, payable to Treas.. required. Bonds to be
4,772 00 Curbs and sidewalks
7 Sept. 12 1011 Sept. 12 1916
delivered
and paid for within 10 days from time of award. Porch. to pay accrued
1,545 91 Curbs and sidewalks
7. Sept. 9 1011 Sept. 9 1916
int.
9,312
78
Water-mai
n
7 Sept. 9 1911 Sept. 9 1916
NEWPORT.Campbell County, Ky.-Bond Sale.-On Oct. 18 the $11,000
5,944 00 Grade
5% coup. sewer bonds (V.93, p. 972) were awarded to Seasongoo
7 Sept. 18 1911 Sept. 16 1916
d 40 Mayer
15,778 72 Cluster lights
of Ctn. for $11,801 (107.281) and int. Other bids follow:
6 Sept. 18 1911 Sept. 18 1916
2,362
33
Fees
Well, Roth 40 Co., Cin
7 Sept. 16 1911 Sept. 16 1916
$11,680 Newport National Bank _ _$11,550
1,352 70 Planking
7 Sept. 16 1911 Sept. 16 1916
NEW ROCHELLE, Westchester County. N. Y.-Bond Offering.
13,819 68 Grade
-Pro7 Sept. 25 1911 Sept. 25 1916
posals will be received until 8:15 p. m. Oct. 24 by E. S. Griffing,
9,443
01 Grade
Compt.,
7 Sept. 25 1911 Sept. 25 1916
for the following 434% registered bonds, series of 1911:
All the above bonds are subject to call after one year.
$88,000 school bonds. Date Sept. 1 1011. Due $4,000 yearly on
May 1
SHERAIAN COUNTY COMMON SCHOOL DISTRICT NO.
from 1920 to 1941, inclusive.
4, Texas.85.000 North Ave. widening
Date Oct.1 1911. Due $5,000yearly Bonds Registered and Sold.-An issue of $1,000 5% bonds was registered by
the State Comptroller on Oct. 10. These bonds were awarded
on May 1 from 1916 to
bond'
1932, inclusive.
to the State
School Fund at par and interest on Oct. 10.
29,000 funding bonds. Date Oct. 1 1911. Due $4,000 yearly
on May 1
from 1914 to 1919 and $5,000 on May 1 1920.
SI LVERTON, Marion County, Ore.-Bond Sale.-On March 9 the
$25
9.000 sewer bonds. Date Aug. 1 1911. Due $1,000 yearly on
May 1 000 sewer and $50,000 water 6% 10-20-year (opt.) bonds (V. 92, p. 677)
from 1916 to 1924 Inclusive.
were awarded to Morris Bros. of Portland at 101.40.
Dencm. $1,000.
Denom. $1,000. Int., which will, at the request of registered
Date March 1 1911. Interest annual.
holder,
be remitted by mail in N. Y. exchange, Is payable M. & N. at
the Treas.
SIOUX FALLS, Minnehaha County.
Dak.-Bond Offering.-Prooffice. Purchaser to pay accrued interest. Bonds to
be delivered Nov. 1, posals will be received until 11 a. m. Nov.So.
7 by the Board of Commissioners
Cash or certified check on a banking corporation in New York
State, or upon for $200,000 sewerage and $100,000 water 5% bonds
voted Sept. 26 (V. 93,
any national bank, payable to the "City of New Rochelle," for
2% of bonds p. 973). Denom. $500. Int. semi-ann. in New York.
bid for, required. Bonds will be certified as to their genuinenes
Due 20 years.
s by the Cert. check for $500, payable to Treas., required. W. C. Leyse
United States Mtge. & Trust Co., and their legality approved
is Auditor.
by
Caldwell,
SISSON, Siskiyou County. Cal.-Bond Offering.-Proposals will
Masslich 40 Reed of New York, whose opinion will be furnished to
be
purchaser. received until 8 p. m. Nov. 17 by E. J. Lawless, City
Bids to be made on blanks furnished by the city.
Clerk, for $20,000
water-works, $15,500 sewer and $4,500 city-hall coupon tax-free
NOBLE TOWNSHIP, Noble County, Qhio.-Bond Offering.-Proposal
Denom. $500. Date Nov. 15 1911. Int. M. 40 N. at Treas. 5% bonds.
s
office.
will be received until 12 m. Nov. 11 by SYS. Banahouse, Clerk (P.
0. Belle $4,000 yearly Nov. 15 from 1012 to 1951 incl. Cert. check for 10% Due
Valley) for $12,000 5% coup. road inapt. bonds. Denom.
$500. Date required. These bonds were previously offered for sale on Oct. 6. of bid
Nov. 11 1911. Int. M. & N. at Clerk's office. Due $500 yrly.
on
Sep.
SMITHTO
15
County.
WN,
Suffolk
N.
Y.
-Bond
Sale.-On Sept. 27 the
from 1913 to 1936 incl. Purchaser to pay ace. Int. Bonds to
bedelivered $9,000 4 2-5 yr. (ay.) town-hail bonds (V. 93, p. 826) were awarded
and paid for within 10 days after award. Cert. check for $100
to the
or cash in Bank of Smithtown in Smithtown at par for 4 Ms.
that amount to be deposited with Citizens Nat. Bank of Caldwell.
SOMERVILLE, N. J.-Bids.-The other bids received for the $44,000
NOGALES, Santa Cruz County, Ariz.-Bond Offering.-Proposal
s will 4%% coup. sch. bonds awarded on Oct. 13 (V. 93, p. 1058) were as follows:
be received at any time by the Town Clerk for the $120,000
•101.545 Jacob II yler
water and Isaac W.Philhouer
$50,000 sewer 4% coup, tax-free bonds voted
Aug. 10 (V. 93. p• 655). Rhoades & Co., N Y
100.876 R. M. Grant & Co., N. Y.._ 8100.50
100.358
*Denom. $1,000. Dated Sept. 1 1911. Int. semi-ann.
Kean, Taylor 40 Co., N. Y _ 100.73 Garretson Ilageman
Due
1941.
No
al00.10
debt at present. Assess. val. in 1911, $1,100,000
A. B. Leach & Co., N. Y__ 100.579
.
NORTH YAKIMA, Yakima County, Wash.-Bonds Offered by Bankers.
• For six bonds. a For eight bonds. b For ono bond.
The Hanchett Bond Co. of Chicago
SOUTH AUBURN SCHOOL DISTRICT (P. 0. South Auburn),
is offering to investors $11,000 6%
Nemaha
coup. lmpt. bonds. Denom. $100. Date
County, Neb.-Bonds Voted.-At an election held Oct. 12 the propositio
July
1911.
10
Int.
annual.
n
Due $1,800 in 1917 and $2.300 from 1918 to 1921 incl.
to issue $40,000 44% bldg. bonds was carried by a vote of 479 to
212.
Interest
semi-annua
1931,
Due
l.
optional
after 1921.
NUECES COUNTY COMMON SCHOOL DISTRICT No. 8,
Tex.
-Bond
Sale.-We are advised that the $1,200 5% 5-20-yr. (opt.)
SOUTH BETHLEHEM, Northampton County, Pa.-Bond Sale.-On
reg. bonds Oct.
(V. 93, p. 611) have been sold at par and int.
16 the $40,000 4
30-year coup. sewer, police and fire-alarmtax-free bonds (V. 93, p. 973) were awarded to Hey! & Co.
NUECES COUNTY COMMON SCHOOL DISTRICT NO. 20, Tex.-Bond system
of Phila.
at
103.25-a
4.306%.
about
basis
of
Forbesrbidsfolioz:Co., New
Offering.-This district is offering for sale at par and int. the
$10 000 5% Newburger, Henderson &
Harris,
10-40-year (opt.) bonds registered on Aug. 24
(V. 93, p. 611). Denom,
Loeb, Philadelphia
102.9345
York
$500. Date May 10 1911. Interest annually in
102.318
April.
E. H. Rollins & Sons, Bost_102.91
Wurts, Dulles & Co., Phila_102.
21
OKLAHOMA CITY SCHOOL DISTRICT (P.O. Oklahoma City),
So. Bethlehem Nat. Bank_ _102.75
Mellon Nat. Bank,. PittsOkla.
Bond Sale.-According to reports.the $200,000 5% 25-year funding
J.S.
burgh
_ 102.345
bonds
101.8117
(V. 93. p. 897) have been awarded to R. J. Edwards of Oklahoma City.
Chas. C. Harrison Jr. & Co..
A. B.
40 Co., N. Y.
_ _ 105.571
Philadelphia
102.327 C. B. Denison & Co.,
OLUSTEE, Jackson County, Okla.-Bonds Voted.-The question
Cleve_100.572
of
issuing $20,000 water-works-system bonds carried,
SPARTANBURG SCHOOL DISTRICT (P. 0. Spartanbu
it
reported,
is
a
by
vote
rg),
Bonds
of 94 to 34 at the election held Oct. 10.
Authorized.-Thls district has authorized the issuance So. bar,
of $50,000
building bonds.
OMAHA SCHOOL DISTRICT (P. 0. Omaha), Douglass County,
Neb.Bonds Authorized.-Reports state that the Board of Education
SPOKANE. Wash.-Bonds Sold During August and September.-The
has aufolthorized the issuance of $375,000 4%% high-school bonds.
6% 10-year special Improvement assessment bonds
Denom. $1,000. lowing
were disposed of
during the past two months:
ORANGE COUNTY (P. 0. Orange), Texas.-Bonds Proposed.-There
is
talk of issuing $75,000 road and bridge bonds, according
August Band Sales, Aggregating $124,020.
to reports.
$11,030 Pacific Ave. paving bonds. Date Aug.
ORLAND, Glenn County, Cal.-Bond Sale.-Reports state
1 1911.
31,260 Second Ave. paving bonds. Date Aug. 15
the $25,000
water and $25,000 sewer 5% gold bonds offered
1911.
but not sold on Aug. 10
6,790 32d Ave. grade bonds. Date Aug. 15 1911.
(V. 93, p. 487) were purchased by the State.
6,690 28th Ave. grade bonds. Date Aug. 15 1911.
PASADENA, Cal.-Bond Sale.-On Oct. 17 the bids
5,620 Jefferson St. grade bonds. Date Aug. 15 1911.
received for the
$100,000 4j% 1-20-year (ser.) gold coup. bridge
2,380 Heroy Ave. grade bonds. Date Aug. 15
bonds (V. 93, p. 825)
1911.
were as follows:
3,930 S. E. Boulevard grade bonds. Date Aug. 15 1911.
Union Savings Bank
$100,7101Wm.R.Staats Co.,Pasa
11,590 Post St. grade bonds. Date Aug. 15 1911.
$100,131
PERRY. Houston County, Oa.-Bond Offering.-Proposal
850
Seventh
Ave. walk bonds. Date Aug. 15 1911.
s will be received at any time for $6,000 5% electric-light bonds
20,830 Fifth Ward sewer No. 7 bonds. Date Aug.
voted on July 1. Due I
15 1911.
July 1 1921.
23,050 Fourth Ave. paving bonds. Date Aug. 15 1011,
POCAHONTAS. Pocahontas County. lowa.-Bonds
September Bond Sales, Aggregating $126,820.
Re-Voted.-The
$11,000 5%% 10-year elec.-light bonds sold to McCoy
68,540 Hamilton St. paving bonds. Date Sept. 1 1911.
May (V. 92. p. 1517) have been re-voted, it having & Co. of Chicago in
15,720 McClellan St. pavIng.bonds. Date Sept. 15
been discovered that
1911.
the first election was illegal.
15,490 Arthur St. paving bonds. Date Sept. 1 1911.
5,360 Myrtle St. grade bonds. Date Sept. 1 1911.
QUITMAN. Brooks County, Oa.-Bond Election
Proposed.-Reports
11,550 37th Ave. grade bonds. Date Sept. 15
state that the City Council has decided to call an election
1911.
to vote on the
proposition to issue $40,000 school-bldg., $23,000
7,510 17th Ave. grade bonds
Date Sept. 15 1911.
street-paving and $12,000
2,650 Washington St. walk bonds. Date Sept.
fire-department bonds.
1 1911.
All the above bonds are optional at any Interest-paying
period.
n.
00T. 21
Bond Election.-An election will be held Nov. 7 to vote on the propositions to issue $100,000 fire and $500,000 city-hall bonds, it is stated. At
an election held July 18 these bonds were defeated (V. 93, p. 305).
-The
STATESBORO. Bullock County, Ga.-Bond Election Rescinded.
question of
election which was to have been held Oct. 11 to vote on the
issuing the $60,000 sewer bonds (V. 93, p. 747) was called off, as it was
found to be necessary to amend the charter.
Cal.-Bond
STOCKTON SCHOOL DISTRICT. San Joaquin County,
Nov. 7, it is stated,
Offering.-Proposals will be received until 11 a. m. $1,000.
Denom.
for the $73,000 6% bonds (V, 93, p. 897).
eleven
TACOMA, Wash.-Bond Sales in September.-The following
disissues of 7% special-impt. assess. bonds aggregating $22,082 61 were
posed of during September.
Due.
Date.
Purpose.
Amount.
Sept. 1 1911 Sept. 1 1916
$3,888 05 Grading bonds
Sept. 1 1911 Sept. 1 1916
2,195 10 Cement-walk bonds
Sept. 1 1911 Sept. 1 1916
369 10 Cement-walk bonds
Sept. 1 1911 Sept. 1 1916
885 95 Cement-walk bonds
Sept. 5 1911 Sept. 5 1921
1,935 50 Paving bonds
5 1911 Sept. 5 1916
Sept.
bonds
-walk
Cement
1,334 95
Sept. 12 1911 Sept. 12 1916
245 60 Cement-walk bonds
Sept. 20 1911 Sept. 20 1916
1.268 20 Grading-planking bonds
Sept. 20 1911 Sept. 1 1916
5,240 56 Grading bonds
1916
4,222 70 Grading and cement-walk bonds Sept. 20 1911 Sept. 20
Sept. 20 1911 Sept. 20 1918
696 90 Water bonds
TARRANT COUNTY (P. 0. Fort Worth), Texas.-Bond Election.-The
election to vote on the question of issuing the $1,000,000 road and $600,000
bridge bonds (V. 93, p. 826) will be held Nov. 25, it is stated.
e rs
VALLEJO. Solano County, Cal.-Bond Election Proposed.-Local pap
state that an election will be held this fall to issue bonds for a joint city hall
the
by
aside
has
set
been
that
already
$30,000
stated
is
It
and county jail.
county, and the city will be asked to raise $50,000 at the election.
the
17
Oct.
-On
Sale.
4.
VENTUR COUNTY (P.0. Ventura), Cal.-Bond
$150.000 5% gold court-house bonds (V. 93, p. 974) were awarded to
N. W. Halsey & Co. of San Fran. at 104.23 and interest-a basis of about
4.616%. Due $5,000 yearly from Feb. 1 1913 to 1942 inclusive.
VERONA, Allegheny County, Pa.-Bond Offering.-Proposals will be received until 8 p. In. Oct. 23 by S. M. Gundy, Borough Clerk, for $15,000
4j% tax-free gen.-Impt. bonds. Int. semi-ann. Due $5,000 on Sept. 1
1926, 1936 and 1041. Cert. check for $300 on a national bank required.
VILAS COUNTY (P.0. Eagle River), Wis.-Bond Sale.-On Oct. 10 the
$60,000 5% tax-free road and bridge bonds (V. 93, p. 974) were awarded to
the Thos. J. Bolger Co. of Chicago at 101.025 and int. Other bids were
received from A. 13. Leach & Co., N. W. Halsey & Co., H. C. Speer & Sons
Co. and E. H. Rollins & Sons of Chicago. Denom. $1,000. Date April 1
1912. Int. ann. in Chicago. Due $3,000 yearly. No other debt.
Assessed valuation, $6,000,000.
VIRGINIA, St. Louis County, Minn.-2Vo Action Yet Taken.-No definite action has yet been taken, we are informed, in the matter of issuing
160,000 water and light bonds.
recent
WALKERVILLE. Oceana County, Mich.-Bonds Defeated.-At a
election the proposition to issue fire-protection bonds was defeated. It is
expected that the matter will come up again at the March election.
by BankWAPELLO COUNTY (P. 0. Ottumwa), lowa.-Bonds Offered
131,000 4;i%
r3.-The First Nat. Bank of Chicago is offering to investors
MISCELLANEOUS.
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
BONDS
All
issues
A. H. Bickmore & Co.,
BAN KERS
30 Pine Street,
New York
F. WM. KRAFT
LAWYER
Specializing in Examination of
Municipal and Corporation Bonds
funding bonds. Denom. $1,000.
Due from Oct. 1 1922 to 1926.
WENONAH, Gloucester County, N. 3.-Bond Election.-An election will
be held Nov. 7 to vote on the question of issuing $35,000 bonds to purchase
water system.
WESTCHESTER COUNTY (P.0. White Plains), N. Y.-Bond Sale.-On
Sept. 20 the two issues of 4 M % reg. road bonds, aggregating $84,100 (V. 93,
p. 613) were awarded to Farson, Son & Co. of New York.
WHTTTIER SCHOOL DISTRICT, Los Angeles County. Cal.-Description of Bonds.-The $30,000 5% 1-15-year (ser.) bldg. bonds awarded on
Sept. 18 to W. R. Staats Co. of Los Angeles at 101.753 (V. 93, p. 898) are
in the denom. of $1,000 each and dated Sept. 1 1911. Int. annual.
WICHITA COUNTY (P. 0. Wichita Falls), Tex.-Bonds Voted -The
election held Oct. 13 in Precinct No. 1 resulted in a vote of 386 to 160 in
favor of the proposition to issue the $150,000 5% 10-40-yr. (opt.) road
bonds (V. 93, p. 748).
WISE COUNTY COMMON SCHOOL DISTRICT NO, 30, Texas.-Bonds
Registered and Sold.-On Oct. 11 the State Comptroller registered $2,000
5% 20-year bonds. These bonds were purchased by the State School Fund
on Oct. 10 at par and interest.
WOOD COUNTY (P.0. Bowling Green), Ohio.-Bond Sale.-On Oct. 16
the two issues of 5% coup. assess, road bonds (V. 93, p. 898) were awarded
as follows:
$40,000 2 2-3-year (ay.) Stein Road bonds to the First Nat. Bank of Cleveland for $40,574 75 (101.436) and interest.
30,000 2 n-year (ay.) Huffman Road bonds to the First Nat. Bank of
Cleveland for $30,765 75 (102.5525) and interest.
Other bids follow:
$30,000 Issue. $40,000 Issue.
$40,755 80
Stacy & Braun, Toledo
4 ,4 0
1
3566
8 00
$30,54
Davies Bertram Co., Cincinnati
40,724 00
30,543 00
Hayden, Miller & Co., Cleveland
40,712 00
Cincinnati
00
Mayer,
30,534
&
Seasongood
30,532 50
A. E. Aub & Co., Cincinnati
4-6,680 00
30,510 00
Tillotson & Wolcott Co., Cleveland
40,656 00
3,
Well, Roth & Co., Cincinnati
$71,025
Otis & Hough, Cleveland
XENIA. Greene County, Ohio.-Bond Election.-An election will be held
Jan. 16 1912 to vote on the question of issuing $40,000 sewer bonds, it is
stated.
ZANESVILLE, Muskingum County, Ohlo.-Bonds Authorized.-An
ordinance has been passed providing for the issuance of $8,000 4% waterworks bonds. Denom. $1,000. Date Nov. 1 1911. Int. M. & N.
Due 5 years.
NEW LOANS.
NEW LOANS
$160,000
$25,000
City of Winston, Nor. Car.,
CITY OF MINNEAPOLIS,
Improvement Bonds
BONDS
Sealed bids NvIll be received by the City of Winston, N. C., until 12 O'CLOCK M. OF THE 26TH
DAY OF OCTOBER. 1911, for an issue of One
Hundred and Sixty Thousand Dollars, par value,
4% Improvement Bonds, bearing date October 1, 1911, payable forty years after date, each
of the denomination of 31,000.00; principal and
Interest payable at the Wachovia Bank & Trust
Company, Winston, N. C., or at such other place
as the purchaser may require; interest payable
semi-annually.
Each bid for the above bonds or portions thereof
must be for a sum not less than par, and accompanied by a certified check, payable to William
D. Jackson, Treasurer of the City of Winston,
for 2% of the par value of the bonds bid for; money
to be paid and bonds to be delivered at Winston,
N. C.
Full particulars given on request.
WILLIAM D. JACKSON, Treasurer,
City of Winston, N. C.
Thomas J. Bolger Co.
Charles M. Smith & Co.
MUNICIPAL BONDS
CORPORATION AND
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Fund.
SEND MR LIST
St.,
FIRST NATIONAL BANK BUILDING 1.9 South La Salle
CHICAGO
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
ARCH ITECT.
CHICAGO
7 Wall St
New York
SECURITIES
BLODGET & CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND 1YIUNICIPAL BONDS
THE AMERICAN MFG. CO.
MANILA SISAL AND JUTE
65 Wall Street
-
New York
BONDS
GO STATE STREET,BOSTON
STATE, CITY & RAILROAD BONDS
H. C. SPEER & SONS CO.
CORDAGE
Suite 1118 Association Building
Fixtures and Equipment
ESTABLISHED 1885
Railroad, Street Ry., Gas & Elec. Light
30 PINE STREET, NEW YORK
in Designing Bank Buildings, Bank
Sealed bids will be received by the Committee
on Ways and Means of the City Council of Minneapolis, Minnesota, at the office of the undersigned,
THURSDAY. NOVEMBER 9, 1911, at 2 o'clock
p. m., for the whole or any part of Twenty-five
Thousand ($25,000 00) Dollars of Fire Department Bonds, dated July 1, 1911, and payable
July 1, 1921.
Bonds to bear Interest at the rate of four (4)
per cent per annum, payable Jan. 1 and July 1,
and no bid or proposal will be entertained for a
sum less than ninety-five (95%) per cent of the
par value of said bonds and accrued interest to
date of delivery; and said bonds are tax-exempt
In the State of Minnesota.
The right to reject any or all bids Is reserved.
A certified check for two (2%) per cent of the
par value of the bonds bid for, made to C. A
Bloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held October 12, 1911.
DAN C. BROWN.
City Comptroller
HODENPYL, HARDY & CO.
JULIAN BARNES
CHICAGO, ILLINOIS
Int. A. do 0.
WE
Lorain County. Ohio.-Bond Offering.-Proposals wit
be received until 12 m. Nov. 13 by J. 13. Murray,VII. Clerk, for $7,995 5%
So. Main St. impt. assess. bonds. Auth. Sec. 3812 Gen. Code as amended
in 1910. Denom. $533. Date Nov. 13 1911. Int. M. & N. Due $533
each six months from Oct. 1 1913 to Oct.1 1920,incl. Bonds to be delivered
and paid for within 10 days from time of award. Purchaser to pay accrued
interest. Cert. check for 5% of bonds bid for, payable to Clerk, required.
CHICAGO, ILL.
--MUNICIPAL AND RAILROAD
Date March 1 1911.
WASHINGTON COUNTY (P. 0. Washington), Pa.-Rate of Interest.
We are advised that the rate of int. on the $500,000 1-20-year (ser.) road
bonds is 43,6% and not 4% as first reported. V.92, p. 1718.
1312 FIRST NATIONAL BANK BLDG..
Specialist
1137
THE CHRONICLE
1911.]
R. T. Wilson & Co.
33 WALL STREET
NEW YORK
GEO. B. EDWARDS
Tribune Building, NEW YORK. N. Y.
Good References.
Tel. 4218 Beekman.
Negotiations,Investigations,Settlements
Purchases of Property, Information
In New York City or anywhere.
1138
THE CHRONICLE
Canada, its Provinces and Municipalities.
Lxxxxin.
LEAMINGTON, Ont.-Debentures Proposed.-Thls town is considering
the issuance of street-improvement debentures, according to reports.
MEAFOR D. Ont.-Debenture Sale.-Reports state that
issue of $10,000 5% 15-installment debentures was awarded to A. E.an
Ames & Co.. of
Toronto.
BATHHURST, N. B.-Debenture Offering.-Proposals will be received
until 6 p. m. Oct. 30 by B. C. Mullins, Sec.-Treas., for 55,000
5% debentures. Int. Semi-ann. Due 40 yrs. A like issue of debentures
was previously offered on Sept. 30 (V. 93, p. 686).
MEDICINE HAT, Alberta.-Debenture Sale.-Wood, Gundy & Co. of
were awarded at 100.379 the five issues of 5% 20-yr. debentures.
BATHHURST SCHOOL DISTRICT No. 2. N. B.-Debenture Offering.- Toronto
Proposals will be received until 6 p. m. Oct. 30 by B. C. Mullins, Sec.- aggregating $87,917 97, voted on Aug. 24 (V. 93, p. 686).
Treas. for $5,500 5% debentures. Int. semi-ann. Due 40 yrs. A
MORINVILL
E. Alberta.-Debentures Not Sold.-We are advised that
Issue Of debentures was previously offered on Sept. 30 (V. 93, p.686). like the $15,000 6% 20-Installment debentures offered on Sept.
15 (V. 93, p
614) have not yet been sold.
BRACEBRIDGE. Ont.-Bids Rejected-Bond Offering.-Al
reNEUDORF. Sask.-Debenture Sale.-On June 24 an issue of $1,500 6%
ceived for $16,190 5% bonds were rejected, according to reports.bids
These street-impt. debentures was awarded to Nay & James of Regina at 94.166
bonds are being re-advertised for sale on Nov. 14.
Denqm. $100. Date July 7 1911. Int. In July. Due 1926.
CALGARY, Alta.-Loans Voted.-It is stated that the following by-laws
OUTREMONT, Que.-Debenture Sale.-On Oct. 11 the $250,000 4 )4
%
were recently passed by the rate-payers: $14,000 for trunk-sewer, $30,000 42-yr. debentures for parks, playgrounds and conduits
wires overhead
for conduit-extensions, $42,000 for sewer-connections, $395,000 for water- (V. 93. p. 975) were awarded to the Montreal City andforDistrict
Savings
works-extensions and $375,000 for street-railway-extensions.
Bank at 101.92.
CAMPBELLFORD. Ont.-Debentures Proposed.-Reports state this
PRINCE ALBERT, Sask.-No Action Yet Taken.-We are advised
place will issue debentures to the extent of $3,000, for school purposes
under date of Oct. 11 that no action has yet been taken looking toward
CANADA (DOMINION OF).-Population in 1911.-See "News Items" the issuance of the $274,962 and $500,000 power-plant debentures voted
Aug. 26 (V. 93, p. 614).
on a preceding page in this department.
RAPID CITY, Man.-Debenture Offering -Proposals will b received unCHAPLEAU TOWNSHIP (P. 0. Sudbury), Ont.-Bond Offering.-Protil
7 p. m. Nov. 13 (time extended from Oct. 9) for the $2,650 5% debenreceived
posals will be
until Oct. 31 by T. J. Godfrey, Clerk, for $12,000
tures (V. 93, p. 975). Prin. and int. repayable in 7 annualinstallments1
20-yr. and $7,000 30-yr. 5% debentures.
beginning Jan. 1 1913. C. G. Murray is Sec.-Treas. (P. 0. box 146).
CHIPPEWA. Ont.-Bids Rejected.-Bond Offering.-All bids received
ROULEAU. Sask.-Loan Election.-On Oct. 23 an election will be held to
on Sept. 30 for the $11,000 5% 30-installment school debentures (V. 93, p.
vote on a by-law to raise $15,000 for power purposes, it Is stated.
828) were rejected, reports state. 'These bonds arc being re-advertised
ST. MARY'S. Ont.-Bids Rejected.-It Is stated that all bids received on
for sale on Oct. 28.
Oct. 2 for the $135,000 30-yr. consolidated and $5,000 20-yr. bridge 43,6%
CLINTON, Ont.-Debenture Sale.-AccordIng to reports, $11,000 4;
5
, % sinking fund debentures (V. 93, p. 899) were
rejected.
debentures were awarded to the Nat. Finance Co. of Toronto.
STRASSBURG, Sask.-Bids Rejected.-All bids received on Sept. 15 for
DUNDAS, Ont.-Loans Authorized.-The Town Council passed three by- the $5,000 fire
-apparatus debentures (V. 93, p. 490) were rejected, it is
laws providing for the issuance of $2,500 for water-works. $4,000 for canal- stated.
dredging and $2,000 for hospital purposes.
THAMESVILLE. Ont.-Debenture Sale.-The National Finance Co.
Loan Electton.-The Council is also considering calling an election to vote
of Toronto have been awarded $3,500 5% 15-Installment debentures,
on a by-law providing for the issuance of $8,000 for sidewalks.
it is stated.
ETOBICOKE TOWNSHIP (P. 0. Islington). Ont.-Loan Authorized.
A by-law providing for the issuance of $8,000 debentures for subway-pur- it TOFIELD. Alta.-Loan Election.-An election will be held on Oct. 27,
Is stated, to vote on a by-law providing for a loan of $4,000 for drilling a
poses waS passed by the Council, it is stated.
gas or water well.
GRANUM. Alta.-Debenture Offering.-Proposals will be received until
D SCHOOL DISTRICT NO. 248. Sask.-Debenture Sale.6 p. m. Oct. 31 by C. E. Cameron, See.-Treas., for $2,500 street-Impt. and OnTOUCHWOO
Sept. 25 $10,000 5% road debentures were awarded to Alloway &Cham51,500 fire-dept. 5% debentures, repayable in 20 annual installments.
pion of Winnipeg at 98.48.
INDIAN HEAD. Sask.-Debenture Sale.-On Oct. 2 the tollowing 5%
TRENTON. Ont.-Debenture Offering.-Proposals will be received until
debentures were awarded to Aemillus Jarvis & Co. of Toronto:
Nov. 3 by J. W. Delany, Town Treasurer, for $5,000 10-year $2,500
$8,215 impt. debentures. Due Sept. 8 1926.
10-year, 5700 5-year and $700 5-year 5% debentures. Interest annual.
10,000 of the $25,000 coup. water, sewer and electric-light debentures
WATERLOO COUNTY (P. 0. Berlin). Ont.-Loans Authorized.-Re(V. 93, p. 614). Date Oct. 1 1911. Int. ann. Due Oct. 1 1946.
ports state that the County Council passed by-laws to raise $12,000
for
INGERSOLL. Ont.-Debenture Election.-The proposition to issue $7,500 various purposes and $3,000 for a road-roller and stone-crusher.
factory-sites and weigh-scale debentures will be submitted to a vote on
WEYBURN.
Sask.-Deben
Sale.
-On
ture
Oct.
10
the
$40,000
40-yr
5%
Oct. 27, according to reports.
water-works debentures (V. 93, p. 828) were awarded to Nay & James of
KAMSACK SCHOOL DISTRICT No. 1251 (P. 0. Kamsack), Sask.- Regina for 539,412 (98.53) and int.
Debenture Sale.-On Aug. 5 $8,000 534% 20-yr. building debentures
were
WOODBRIDGE, Ont.-Debenture Offering.-Proposals will be received
awarded to the Nat. Finance Co., Ltd., of Regina for $8,042, making the until
Oct. 27 by E. W. Brown, VII. Clerk, for $3,358 06 5% Humber Bridge
price 100.525. Date Aug. 5 1911. Int. ann In October.
debentures, repayable in 18 ann. Installments of prin. & int. Date Nov.1 '11
MISCELLANEOUS.
ENGINEERS •
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY. J.
New York, January 20th. 1911.
The Trustees, in conformitti With the Charter of the Company, submit the following statementof
Us affairs
on the 31st of December, 1910.
Premiums on Marine Risks from 1St January. 1910, to 31st December,
1910
53,981,997 35
Premiums on Policies not marked off 1st January, 1916
685,546 90
Total Marine Premiums
$4.667,544 25
Premiums marked off from 1st January, 1910, to 31st December, 1910
Interest received during the year
Rent less Taxes and Expenses
53,793,863 88
$373,571 50
146.586 91
$520,158-41
Losses paid during the year which were estimated in 1909
and previous years
$504,311 33
Losses occurred, estimated and paid In 1910_
1,021,356 12 $1,525,667 45
Less Salvages
$195,931 27
Re-Insurances
402,10663
598.037 90
5927,629755
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery,
newspapers, ad‘•
,
:rtisements, etc
ASSETS.
United States & State of New York
Stock, City. Bank and other Securities
$5,418,702 00
Special deposits in Banks &TrustCos. 1,200,916 66
Real Estate cot'. Wall & WilliamSts.,
& Exchange Place $4,299,426 04
Other Real Estate &
claims due the company
75,000 00 4,374,426 04
Chicago, Ills.
San Francisco, Cal.
Investigations and Reports on Electric
Railway, (las, Electric Light and Power
Properties Irrigation Systems, &c.. for
FinancialInstitutions and Investors.
Electric Railways, Electric Light and
Power Plants, Gas Plants, Financed,
Designed and Built.
London Correspondents:
J. 0. WHITE & 00., Limited,
9 Cloak Lane, Cannon St.. E. C.
$132,651 56
5383,223 39
LIABILITIES,
Estimated Losses and Losses Unsettled
$2,714,035 88
Premiums on Unterminated Risks..
873.080 37
Certificates of Profits and Interest
Unpaid
262,427 75
Return Premiums Unpaid
146.084 03
Reserve for Re-Insurance Premiums
& Claims rot settled, Including
Compensation, etc
160,000 00
Certificates of Profits Ordered RePremium notes and Bills Receivable 1,134,448 70
deemed, Withheld for Unpaid
Cash in the hands of European
Premiums
22.459 61
Bankers to pay losses under poliCertificates of Profits Outstandcies payable in foreign countries_
ing
210,435 74
7,441.100 00
Cash In Bank and N. Y. City revReal Estate Reserve Fund____
400.000 00
enue bonds
935,478 76
Aggregating
G. WHITE & CO.
Engineers, Contractors
43-49 Exchange Place, NEW YORK
C. G. YOUNG
Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials
Reports for Financing
SIXTY
WALL ST.,
NEW YORK
Frederick H. Lewis
$13.274.497 90
Aggregating
512,019.787 64
•
Civil and Mechanical Engineer
A dividend of Interest of Six per cent on the outstanding certificates of profits
will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the
seventh of February next.
The outstanding certificates of the issue of 1906 will be redeemed and
paid to the holders thereof.
or their legal representatives, on and after Tuesday the seventh of Februarynex
t,from which date all Brown-Marx Bldg.
Birmingham, Ala.
Interest thereon will cease. The certificates to be produced at the time
of
A dividend of Forty per Lent Is declared on the earned premiums ofpayment and canceled.
the
Company
for the year
ending 31st December, 1910, wh ch are entitled to participate in dividend,
for which, upon application, certificates will be issued on and after Tuesday the second
of May next.
Established 1889
By order of the Board.
G. STANTON FLOYD-JONES, Secretary,
TRUSTEES.
FRANCIS M. BACON,
FiERBERT L. GRIGGS,
ENGINEERS-CONTRACTORS
CHARLES M. PRATT.
JOHN N. BEACH,
CLEMENT A. GRISCOM,
DALLAS B. PRATT,
ERNEST C. BLISS.
ANSON W HARD. .
Philadelphia
GEORGE
W.
QUINTARD
VERNON H. BROWN,
.
THOMAS H. HUBBARD.
A. A. RAVEN,
WALDRON P. BROWN,
LEWIS CABS LEDYARD,
JOHN J. RIKER,
JOHN CLAFLIN,
CHARLES D. LEVERICH,
DOUGLAS ROBINSON.
GEORGE C. CLARK,
LEANDER N. LOVELL,
GUSTAV H. SCHWAB.
CLEVELAND H. DODGE.
GEORGE H. MACY,
WILLIAM SLOANE,
CORNELIUS ELDERT,
CHARLES H. MARSHALL, LOUIS
STERN,
RICHARD H. EWART,
NICHOLAS F. PALMER.
WILLIAM A. STREET,
PHILIP A. S. FRANKLIN,
HENRY PARISH,
GEORGE E. TURNURE.
ADOLF PAVENSTEDT,
Consulting Alining Engineer and (ieologist
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
COAL AND MINERAL PROPERTIES
WALTER WOOD PARSONS, 2d Vice-Presiden
t.
CHARLES E. FAY. 3d Vice-President,
Examined, Developed, Managed
JOHN H. JONES STEWART. 4th Vice-Presidc
PIIILADELPIIIA. PA
837 Drexel Bldg.,
Consulting Engineer
A. L. REGISTER & CO.
MINING ENGINEERS
H. M. CHANCE
@FedFRASER