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t
Bank & Quotation Section
Railway Earnings Section
VOL. 91.
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
irk
Electric Railway Sections
State and City Section
NO. 2359.
SATURDAY, SEPTEBMER 10 1910.
gixe Throuicle.
Week ending September 3.
clearings at1910.
1909.
Inc. or
Dec.
1908.
1907.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
238,894,570 253,981,870 -5.2 223,452,923 216,727,788
Chicago
24,174,550
22,670,350 -7.0
21,089,600
22,257,850
Cincinnati
18,418,742
18,226,919 +0.7
18,360,657
16,958,866
Cleveland
12,207,720
13,361,050 +8.2
14,459,636
11,296,239
Detroit
10,408,148
10,196,310
10,736,341 +5.2
11,299,416
Milwaukee
7,201,202
7,189,200
7,455,568 +21.9
_
9,089,835
Indianapolis
5,499,500
4,683,900
5,931,200 +8.7
6,447,600
Columbus
3,722,803.
4,051,283
4,324,821 +2.1
4,416,887
Toledo
3,039,998.
2,557,826
2,814,469 -4.6
2,685,125
Peoria
2,133,036
2,007,334
2,269,354 +9.4
2,482,236
Grand Rapids__
1,807,415
2,183,419
2,181,467 +7.3
2,341,735
Dayton
1,756,014
1,662,327
-3.4
1,824,799
1,763,198
Evansville
881,606
,911,272
1,144,572 -6.6
1,068,054
Kalamazoo
915,622
851,666
929,375 -5.3
880,149
Springfield, Ill_ _
711,252
+5.3
699,309
875,074
Space
921,098
Inch
_
___
Fort Wayne
Terms of Advertising-Per
551,800
534,253
585,337 +26.7
741,395
Lexington
20
$4
Transient matter per inch space(14 agate lines)
489,161
634,303
-5.0
882,836
839,066
_
_
_
_
Youngstown
22 00
(s times)
Two Months
565,000
620,000
695,000 +18.0
820,000
29 09 Akron
?stilt)
486,985.
412,880
527,586 +12.1
591,494
Rockford
Standing Business Cards
00
50
iniesi
lin
523,268
431,478
494,746 +39.0
687,563
87 00 Bloomington_ _ _ _
Twelve Months(52 times)
516,712
827,707
710,130 +29.1
916,937
Canton
466,397
550,343
507,930 +7.5
545,848
CHICAGO OFFICE-Pliny Bartlett,513 Monadnock Block: Tel. Harrison 4012 Quincy
551,974
449,561
+1.0
470,545
475,195
0.
E.
Gardens,
South Bend
LONDON OFFICE-Edwards & Smith, 1 Drovers'
393,398
400,707
483,537 +16.1
561,926
Springfield, Ohio.
477,696
376,196
437,228 +18.2
516,959
WILLIAM H. DANA COMPANY, Publishers,
Decatur
368,390
355,374
-13.8
526,981
454,130
York.
New
Mansfield
P.O. Box 958. Front,.Pine and Depeysteri304..
319,054
395,999 +14.3
452,657
Danville
260,311
240,000
264,000 +5.0
277,200
Jackson
Published every Saturday mommy by WILLIAM B. DANA COMPANY
341,202
234,415
274,358 +23.1
337,827
William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and See.; Arnold Jacksonville _ _ _
110,607
131,431
+8.0
134,2.3
144,936
Arbor
Ann
the
Company.
of
G. Dana,Treas. Addresses of all,Office
20,000
20,920
22,492 +19.7
26,918
Adrian
324,000
237,000
356,215 +2.6
365,353
Lima
-7.0
581,188
540,660
Saginaw
CLEARING-HOUSE RETURNS.
Not included in total
Lansing
--- •
The following table, made up by telegraph, he., indicates that the total
week ending
Tot.Mid.West_ 345,415,860 357,0/7,550 -3.2 317,747,348 316,049,325
bank clearings of all clearing houses of the United States for
last
week
and
$2,617,238,620
against
$2,219,113,391,
38,645,461
36,523,154
to-day have been
39,673,540 +12.0
44,436,281
San Francisco___
$2,577,398,641 the corresponding week last year.
9,618,942
8,505,164
11,344,340 +19.9
13,603,393
Los Angeles
8,209,347
9,286,786
9,224,939
10,425,790 -11.5
Seattle
6,403,682
+38.5
6,504,749
0,871,043
9,516,948
Per
Portland
Clearings-Returns by Telegraph.
2,643,877
-6.8
3,077,215
4,171,245
3,889,096
Cent.
Spokane
1909.
1910.
Week ending Sept. 10.
4,748,830
4,781,785
5,122,832
5,776,058 -0.9
Salt Lake City_ _
4,443,780
+5.0
3,961,509
5,204,004
5,462,109
Tacoma
-25.4
$1,195,014,061
$891,821,780
New York
2,630,314
1,620,455
2,154,694 +47.7
3,182,739
-3.7 Oakland
87,487,396
84,254,922
Boston
+18.6
852,906
1,170,174
986,829
Sacramento
+4.6
82,187,649
85,929,528
Philadelphia
+12.3
785,000
935,000
1,050,000
Diego
San
+18.6
17,800,535
21,118,393
Baltimore
811,655
691,110
703,728 +39.0
977,950
-7.6 Ilelena
191,358,174
176,748,593
Chicago
600,000
591,070
559,649
619,048 -9.6
+0.2 Stockton
48,785,458
48,863,919
St. Louts
+45.3
465,786
709,411
488,188
9,882,630 +18.8 Fresno
11,737,320
New Orleans
543,078
515,173
582,779
445,000 +31.0
San Jose
205,942
378,000
302,951 +24.8
$1,320,474,455 $1,632,515,903 -19.1 North Yakima_
Seven cities, five days
166,040
150,000
196,882 -23.8
+0.3 Billings
388,701,217
389,874,698
Other cities, five days
413,171 +21.0
500,000
Pasadena
Total all cities, five days
$1,710,349,153 $2,021,277,120 -15.4
80,376,405
77,456,405
90,711,511 +10.8
Total Pacific_ _ 100,516,300
-8.5
556,121,521
508,764,238
All cities, one day
33,758,197
36,367,409
45,151,302 +8.9
49,161.931
Kansas City__19,717,569
17,253,307 +33.9
17,287,958
82,219,113,391 $2,577,398,641 -13.9 Minneapolis
Total all cities for week
23,109,889
+10.1
10,312,058
11,035,556
14,264,155
15,705,077
Omaha
6,791,236
7,867,939
The full details for the week covered by the above will be given next Sat- St. Paul
9,649,296 -6.7
9,005,895
7,916,313
7,074,470
7,774,718 +11.5
urday. We cannot'furnish them to-day, clearings being made up by the Denver
8,667,164
6,204,516
4,947,245
5,572,962 +3.9
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph__ _ _
5,789,264
3,227,002
2,681,245
3,553,942 -11.,
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
3,13 ,,371
2,126,228
2,171,840
We present below detailed figures for the week ending with Saturday, Sioux City
2,539,898 +21.9
3,094,876
1,091,599
1,288,341
2,694,684 +13.7
noon, September 3, for four years.
3,063,402
Wichita
2,493,725 +35.9
3,389,207
Duluth
1,203,607
+2.8
923,538
1,351,226
1,388,855
Lincoln
IVeek ending September 3.
1,276,356
997,735
1,302,077 +28.8
1,076,495
Davenport
1,257,968
961,644
Clearings al
1,245,621 -8.1
1,144,111
Topeka
Inc. or
620,582
--15.8
847,479
910,000
1,068,254
Cedar Rapids _
1907
1908.
Dec.
1909.
652,210
1910.
503,340
406,069 +10.8
450,000
Colorado Springs
430,848
394,266
+6.2
567,91
534,867
Fargo
$
$
%
$
490,000
i
+44.7
475,000
955,276
660,000
Sioux Falls
1,462,574,219 1,903,057,500 -23.11,617,805,940 1,223,128,569 Pueblo
469,095
436,331
New York
548,377 -11.7
484,256
123,423,624
141,814,51i 136,147,602 +7.8 138,188,629
401,136
+10.3
Philadelphia
330,138
389,944
353,569
43,811,544 Fremont
38,817,801
43,051,126 +3.1
44,371,624
Pittsburgh
27,124,677
21,126,696
+4.2
26,358,511
27,464,114
97,946,529
96,591,474
Baltimore
132,079,931 118,417,169 +11.5
West
Tot.other
17.218,733
7,282,323
7,788,553 +9.1
8,496,005
Buffalo •
59,164,731
70,817,382
70,665,562 +1.7
71,872,232
4,841,303 St. Louis
5,483,846 -1.2
4,629,992
5,418,829
Washington
11,715,293
10,448,773
13,718,240 +1.9
13,975,130
4,799,703 New Orlean,s__ _
5,616,174 -14.6
4,594,601
4,795,416
Albany
11,839,859
10,398,123
11,688,841 -8.5
3,230,292 Louisville
10,693,387
3,340,540
4,424,268 -12.5
3,872,724
Rochester
9,187,232
+41.1
11,108,075
11,658,079
12,103,650
16,470,551
+2.1
2,079,215
2,384,940
Houston
2,433,380
Scranton
6,904,000
7,276,000
5,667,000 +55.2
2,137,851 Galveston
8,793,500
1,597,521
2,233,013 -10.8
2,091,845
Syracuse
5,455,561
4,997,066
5,974,661 +3.6
1,059,980 Richmond
6,188,610
1,119,901
Reading
1,270,555 +3.5
1,314,031
3,194,041
5,137,593
4,945,133 -63.5
4,631,201
1,276,013 Fort Worth
1,066,641
1,234,595 -2.5
Wilmington
1,203,521
+3.1
3,262,176
3,263,834
3,195,894
3,295,520
948,719 Memphis
1,075,762
1,148,335 -3.1
Wilkes-Barre
1,112,727
4,121,860
3,173,368
5,191,184 -36.1
3,315,396
1,032,711 Savannah
1,413,206
1,454,606 -2.4
Wheeling, W. Va.
1,420,286
3,805,302
3,443,977
5,750,000 +18.3
6,808,077
1,271,145 Atlanta
1, 98,313
1,150,000
1,429,143 +4.8
Harrisburg
3,795,623
3,053,797
3,460,000 -9.7
3,125,000
1,243,760
1,424,168 -9.6
1,287,765
Nashville
Trenton
1,687,366
2,263,864 -3.2
1,936,007
2,191,376
756,569 Norfolk
788,935
808,284 +10.5
893,500
York
+8.1
1,975,348
1,614,299
1,963,566
2,122,274
596,229
564,179
668,340 +12.6
Birmingham _
752,020
Erie
1,595,346
1,478,852
1,576,367 +20.2
1,895,684
517,019 Knoxville
500,000
494,816 +5.3
520,374
Greensburg
+31.3
1,222,473
1,339.792
1,871,381
1,425,000
514,622
+16.5
440,778
435,763
_
_
_
_
Jacksonville
507,445
Chester
1,137,681
-15.4
1,144,975
1,392,932
1,177,829
518,900 Augusta
397,200
636,800 -37.4
398,800
Binghamton ....
1,305,000
996,547
1,168,510 +14.1
1,333,278
345,044
351,386 +15.8
Chattanooga _ _
407,065
Altoona
1,028,487
980,804
+35.2
1,500,000
2,027,820
255,035
-11.3
250,000
262,500
Oklahoma
225,000
Franklin
1,312,144
927,461
1,106,643 +16.5
1,289,340
Mobile
901,415
1,106,330
1,286,585 -18.1
1,054,043
Total Middle 1,719,863,510 2,148,164,824 -19.9 1,840,029,729 1,450,564,978 Little Rock
686,444
810,000
848,755 +9.7
931,045
Charleston
607,493
785,115 +52.8
1,20y;00
130,989,526 144,941,459 -9.6 135,483,698 120,025,872 Austin
Boston
-5.4
471,215
474,991
475,694
450,0)0
5,310,400
5,383,700
5,798,800
0,140,100
+5.9
Beaumont
Providence
457,059
506,906
791,515 -23.6
605,000
2,769,992 Macon
3,029,796
3,358,147 +2.1
3,429,067
Hartford
207,281
154,128 +17.2
180,59-5
1,954,839 Vicksburg
2,009,070
2,552,557 -8.7
2,330,094
Now Haven
310,000
292,072 +38.7
400:000
405;100
1,967,093
1,886,203
2,086,429
-8.9
C
N.
1,901,269
Wilmington,
Portland
308,000 -12.3
348,000
270,000
1,693,018 Jackson
1,473,511
1,600,000 -3.2
1,548,480
Springfield
204,557 +10.0
225,,00
1,424,781 Meridian
1,323,583
1,545,898 +21.7
1,880,405
Worcester
787,880
599,815
783,548 +11.2
871,339
Fall River
601,482
587,403
1,057,448 -13.1
919,346
Total Southern 168,398,069 159,459,897 +5.6 147,672,790 136,861,592
New Bedford_ _ _ _
510,534
472,694
+7.7
470,009
506,454
Eloiyoke
2,617,238,629 3,047,427,107 -14.112,641,116,976 2,218,281,217
431,499
370,757
400,961 -8.0
Total all
368,820
Lowell
1.17 AR9 '290
I KO ROA owl
....A 2
IRA ROA 97ft
IRA RRI CM
mni• Mom Fncr
Outside N. Y. 1,154,64,410 1,144,363,607 +W91,023,311,036 996,152,648
-For Canadian clearings see "Commercial and Miscellaneous News."
-Nofe::-
$10 00
For One Year
0 00
For Six Months
13 00
(including
postage)
Subscription
European
7 50
European Subscription six months (including postage)
12 14s.
Annual Subscription in London (including pcstage)
21 11 s.
Six Months Subscription in London (including postage)
$11 59
Canadian Subscription (including postage)
Subscription includes following SupplementsS PATE AND CITY (semi-annually)
BANK AND QUOTATION (monthly)
RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY (3 times yearly)
BANKFAS' CONVEN1 ION (yea:ly)
RAILWAY EARNINGS(monthly)
608
THE CHRONICLE
1909 reaching $742,327,785, the revenue in 1910 on
THE FINANCIAL SITUATION..
the basis of the higher rates proposed would be $769,The foremost need of the clay is authdrity for the 355,230. The additional revenue, therefore, from the
railroads to raise their rates in the' moderate way pro- higher rates would be $27,031,445, or less than 4%.
posed by them so as to overcome in part the advances On the other hand, the addition to expenses by reason
in wages which they have been obliged to make the of the advances in wages will be $34,756,519. It folpresent year. In that sense the hearings now being lows that the higher rates proposed will fall $7,725,075
conducted by examiners on behalf of the Inter-State short of meeting the additions to expenses caused by
Commerce Commission to determine if the Commission the advances in wages. This being so, the increase in
shall give its sanction to the increases are of the utmost rates contemplated cannot be held to be either imimportance... Upon the outcome of .these hear:ngs, prciper or unreasonable.
and the Cm mission's action'upon the same,will deIf these computations have been made in accordance
pend the measure.of prosperity which the railroads are with erroneous methods, counsel for the shippers are
to enjoy in the future and the stability of investments justified in undertaking to establish the fact, but they
in railroad prop.erties. But it is not merely the rail- should not be allowed to drag in extraneous and irreleroads that have a vital interest in the Matter. The vant matters. Whether a road is over or under capicountry's industries at large also have much at stake talized is wholly immaterial to this particular question.
in a right determination of the.question, for anything The roads seem to have gone to great trouble and exthat threatens the well-being orthe railroad carrying pense, too, to arrive at correct estimates, and their
trade and disturbs confidence in the value and earning statements, therefore, cannot be reasonably impugned
capacity of railroad stocks and bonds will inevitably and should not be lightly thrown aside. One of the
react unfavorably upon general trade, the railroad witnesses stated in response to a query as to why the
industry being of such tremendous magnitude—it computations could not be extended back five years,
constituting the largest single consumer of iron and that it had taken 275 clerks six weeks to furnish the
steel in the country.
figures submitted, covering merely a single year. AlTo the casual reader the chief feature of interest together, then, the railroads would appear to have
in the proceedings at the hearings which began in this already established their point—unless it can be shown
city the present week on the proposed advances in that their calculations are inaccurate.
Eastern trunk line territory has no doubt been the
The figures given deal only with the Eastern trunk
tilts between opposing counsel and the adroit moves lines. On these the advances in wages aggregate,
of each side to weaken the position of the other. But we have seen, $34,756,519. But wages in other parts
while these sallies are entertaining, the subject is too of the country have also gone up, and the roads in
serious a one to be treated jauntily. It seems to us, trunk-line territory cover only about 50,000 out of
too, that the scope of the inquiry should be strictly 240,000 miles of road in the country. It will therefore
limited. If this is not done, the investigation may be be seen that it is no exaggeration to say that, on the
prolonged indefinitely and there will be no way of whole railroad system of the United States, expenses
bringing the hearings to an end. Furthermore, unless have been increased over $100,000,000 per year through
the subject matter of the inquiry is kept within rigid the advances in wages. How is this extra yearly outbounds, confusion will be sure to result, increasing the lay to be met except by an increase in rates?
difficulty of arriving at a proper understanding of the
situation and of reaching correct conclusions.
It should be understood, too, that future advances
In the present instance, it appears to us, the points in the pay of railroad employees will be positively
at issue are very simple. The railroads rest their barred out if the carriers are not to be allowed to raise
claim for a slight increase in rates in the main on the their rates when they incur large extra outlays on
fact that advances in wages are adding enormously that account. This fact is recognized in an arbitrato their yearly outlays. The matter,therefore,becomes tion award that was made last week in the case of the
one of computations. How much do the advances in employees of the United Traction Co. of Albany. The
wages aggregate per year? What added revenues traction employees had requested an increase of 20%
will the proposed increases in rates yield? The officials in their pay, basing their request upon the great inof the roads recognize what the occasion calls for, crease in the cost of living, and the matter was rebut the representatives of the shippers seem bent on ferred to three arbitrators, who handed down their dedragging in all sorts of side issues, evidently realizing cision at the beginning of this month. They say that if
that on a straight presentation of the facts they are there were no other consideration to be observed they
foredoomed to defeat. At the hearing this week the would unhesitatingly support the claim for a 20% inrailroads in official classification territory presented crease, since they are of opinion that this would not
a consolidated statement indicating the revenue overcome the advance in the cost of living since 1907.
realized by them on their 'freight business in 1909, Under existing circumstances, an increase of only 4%
together with an estimate of the revenue to. result at is recommended, this to be in effect from June 30 1910
the new rates. The statement also shows the addi- to June 30 1911. The arbitrators go a step further,
- tions to expenses from the advances in wages.
however, and recommend that the traction company
Official classification territory, it is pointed out, make application to the Legislature of New York for
covers the section of th,(3 country east of St. Louis the passage of an Act enabling the ocmpany to charge
and Chicago and north of the Ohio River, including all one cent for each transfer issued within the limits of
of New England. There are 50,554 miles of road in the cities in which the company operates. It is calthis territory, and the roads in it serve more than two- culated that this charge for transfers would enable the
thirds of the population of the entire country. It is company to pay its emrloyees a 10% increase over
figured that, with freight revenues for this mileage in the wages paid u to June 30 1910, and they agree that
•••
$EPT. 10
•
19101.•THE -CHRONICLE
609
ductive by.the Federal Government, or worked only
on leases whose proceeds went into the Federal treasury
and enabled Congress to squander a few more millions
•
in annual appropriations.
The attempted Federal control of water powers is
illegal, Mr. Hill asserts, because the use of the waters
within a State is the property of the State and cannot
be taken from it. The worst scandals of State land
misappropriation, lie :thinks,. are insignificant when
compared with the record of the natiOn. Any conConservation of the country's resources has occupied servation movement worthy of the name must place
a large share of public attention the present week. high upon its program the saving of capital and credit
The National Conservation Congress has been in from the rapacious hands of:socialist as well as mosession at St. Paul. President Roosevelt made an nopolist. In Mr. Hill's opinion ektravagance is unaddress before it, urging, as it was known he would, dermining the industry of this country as surely as the
Federal control of undeveloped resources, water barbarians broke down and looted that mighty empire
powers, &c. President Taft also delivered an address, with whose civilization and progress Ferrero repeatedly
in which he leaned towards State control of water- insists that ours has:so'much in common.
Mr. Hill finds the tarrff in some respects a great
power sites, &c., under Federal regulation, and in
has
of conservation. 'He *says, whatever we may
enemy
which he took occasion to declare that "the time
conservathink
of it as a general industrial policy,every one can
come for a halt in general rhapsodies over
in
good
see that by excluding the raw products of other countion, making the word mean every known
contries it throws the entire burden of their consumption
the world." Other speakers also addressed the
however,
upon our own resources, and thus exhausts them ungress briefly or at length. It seems to us,
J.
James
necessarily. The tariff on forest products cuts down
that the address par excellence was that of
but
wisdom,
our own forests. A tariff on coal depletes our mines.
Hill. In his words there is not only
address
The
A tariff on any raw material forbids the conservation
practical, every-day common sense.
Hill
Mr.
of similar natural resources here. Concluding, he
deserves the widest possible dissemination.
affairs,
says: "'Conservative' is the adjective corresponding
urges State rights, but he speaks as a man of
and he gives facts and figures in support of his position to the noun 'conservation.' Any other attitude
that cannot fail to have great weight with thinking toward this movement, either radical or reactionary,
people everywhere. The need of the hour, declares is treason to its name and to its spirit. It should mean
Mr. Hill, and the end to which the National Conser- no more and no less than dealing with our resources in a
vation Congress should devote itself, is to conserve spirit of intelligence, honesty,care for both the present
conservation. It has come into that peril which no and the future, and ordinary business common sense.
great truth escapes, he says—the danger that lurks Conservation does not mean forbidding access to rein the house of its friends. It has been used to forward sources that could be made available for present use.
that serious error of policy, the extension of the powers It means the freest and largest development of them
and activities of the National Government at the consistent with the public interest and without waste."
No truer words than these were ever spoken. They
expense of those of the State.
Mr: Hill points out—what is known to all students— are the words, too, of a man with a practical knowledge
that there are dangers inseparable from national con- of affairs, a man who has devoted his whole life to detrol and conduct of affairs. The machine is too big veloping the hidden wealth and the untold resources
and too distant; its operation is slow, cumbrous and of the great Northwest, by supplying it with transcostly—so slow is it that settlers are waiting in distress portation facilities, a man who will always rank as
for water promised long ago. It costs the Government one of the empire-builders of his time. The advice of
from 50% more to twice as much as it would private such'a man, with a record of accomplishment behind
enterprise to put water on land. Toward the conser- him, is worth more than the vaporings of a ten-acre
vation of our mineral resources little can be done, lot of Roosevelts, Garfields and Pinchots, who never
Mr. Hill declares, by Federal action. The output is have and never will contribute anything to the real
determined not by the mine-owner but by the con- industrial development of the country.
sumer. The withdrawal of vast areas of supposed
Both the iron and the copper statistics of production
.coal lands tends to increase price by restricting the
leasing
for the month of August have been made public this
area of possible supply. It is foolish to talk of
monweek, and the results are in sharp contrast. In the
coal lands in small quantities in order to prevent
opoly. Mining must be carried on upon a large case of iron there has been a gradual curtailment of
enough scale to be commercially possible. There is the output as the demand for and consumption of iron
little practical difference between a resource withheld has fallen off. This has been done, too, apparently
entirely from use and a resource dissipated or exhaus- without any concert of action on the part of the differted. The iron deposits of Minnesota are to-day not ent producing interests, though the wise example set
only furnishing industry in the nation with its raw by the United States Steel Corporation in regulating
material, but are piling up a school fund at home supply in accord with consumptive needs has no doubt
that is the envy of other States and adding more and had much influence in inducing outside producers to
more every year to the contents of the State's treasury. pursue a similar sensible course. For August the make
Minnesota is considering the reduction of her general of iron was only 2,106,847 tons, which compares with
tax levy by one-half. Would it be better, asks Mr. 2,148,442 tons in July, 2,265,478 tons in June, 2,390,Hill, if these lands were to-day held idle and unpro- 180 tons in May,2,483,763 tons in April and 2,617,949
such a 10% advance shall take the place of the 4%
increase actually awarded as soon as the proposed
legislation should become effective. This, it seems to
us, is the proper way of treating the question. If
wages are to go up, then rates must also go up, and
if the latter is to be denied, then the first must fail.
We commend these suggestions to the consideration of
shippers and also to the Inter-State Commerce Commission and its examiners. •
610
THE CHRONICLE
[VOL. Lxxxxi.
tons in March. Thus there has been a 'gradual but ence and apparent conflict of
interests troubled the
growing restriction .of production, so that the yearly latter; disturbances in the
finances also came in to
rate of output now is only about 25,000,000 tons, as check the whole. Meanwhile,
the Long Island road
against a rate of over 31,000,000 tons six months ago. was acquired by the Pennsylva
nia, thus increasing the
Under such a policy the iron trade will be quick to feel necessity of conquering the problem.
The late Austin
the influence of general trade revival the moment it Corbin had schemes (or dreams,
as they seemed
arrives.
then) for making the Island road a through line. The
In the case of the copper trade quite the opposite late William H. Baldwin began
a campaign, which
policy has been pursued. Much has been made of the his successor has continued
, for making the Island
slight reduction in copper stocks during August, but known, both as a region for
homes and of agricultural
these stocks are still very large,and the really important and horticultural value.
This great adjunct to the
feature in the month's return is the further expansion city, long supposed sandy
and barren, has now been
in production. In July there had been a decrease in "discovered"; it is really
varied and fertile. Electric
the output, and this had been accepted as a herald of propulsion came forward
in its time, to transform all
a new policy. The August figures now, however, local travel almost at
once, and possibly to finally
again show an increase, to the largest figures ever transform general transporta
tion as well; immediately
reached in any single month. In brief, the product tunnel operation became
feasible, while tunnel conin August reached 127,803,618 pounds, as against struction also had advanced
from a stage of uncer118,370,003 pounds in July and 120,597,234 pounds tainty to that of straightfo
rward engineering work.
in August of last year. Stocks were reduced 1,759,433 These changes, superficially
independent, have all been
pounds, owing to the fact that the deliveries for both acting to one end. So now,
just as we learn from
domestic consumption and for export were rather the Census what we have
for some years been
above the average. This last would be a favorable impressively learning in other
ways, about the profeature except that the deliveries vary greatly from digious growth of the metropolis, the
through line to
month to month, and not much of an argument can the "beyond" is opened.
be built on the results for a single month. Stocks
This colossal work has been constructed during the
now after the reduction stand at 168,881,245 pounds, past ten years and is the fulfilment of
intentions which
as against 135,196,930 pounds at the end of August became firm and definite only within
the last twenty.
last year and 141,766,111 tons at the beginning of In all true senses, the work
goes beyond the figures of
1910, as will be seen from the following tabular pre- detail which have been gathered
about the huge stasentation comparing the results for August in the two tion and the lines across city
and beneath rivers. It
years and also for the eight months ending with August. is an achievement truly entitled
to be called "great";
-----August---- -Jan. 1 to Aug. 31--- in the foresight of its conception,
in the imagination
1910.
1909.
1910.
1909.
Stocks beginning period_ _lbs.170,640,678 122,596,607 3 141,766,111 '8
122,357,266 which saw the end from the beginning, in the ability
Production
127,803,618 120,597,234 983,440,171 920,267,446
which planned and, by making others partake of the
Total supply
298,444,296 243,193,841 1,105,206,282 1,042,624,712
Deliveries for—
vision, was able to finance it; in its vast value to the
Domestic consumption
67,731,271 59,614,207 512,715,342 448,747,447
Export
61,831,780 48,382,704 423,609,695 458,680,335 city, and in the far-reaching consequences which will
129,563,051 107,996,911 936,325,037 907,427,782 flow from it. Those consequences cannot now be
Stocks end of period
168,881,245 135,196,930
168,881,245 135,196,930 fully measured; yet perhaps the day of the separate
It is urged that time will be needed to make
the private dwelling on Manhattan Island is to pass, and
curtailment policy—which we are given to understand perhaps it is not a dream that the "city" will ultiwas really inaugurated in August—effective, and that mately, in certain important senses, cover most if not
not before November can any, important decrease in all of Long Island.
output be looked for. But if that be so, what accounts
And while the general public think chiefly of rapid
for the sudden very large drop in production which transit and re-distribution of population, there are some
occurred in July (about 9,000,000 lbs.), only to be fertile suggestions which thoughtful persons might
succeeded by a renewed increase in August?
draw on. One is, the superiority irr economy and business effectiveness of private, capital in large work,
On Thursday, celebrated somewhat in Brooklyn as as contrasted with public work
and ownership. An"Long Island's Day," regular public traffic began other is, the
contrast between this colossal transportathrough the New York terminal of the Pennsylvania tion work, which
has gone steadily forward, and suband its river tubes. This opening is the culmination way work which
has for years been halted and tangled
of what has been called, in a figurative yet quite real rather than aided
by a commission scheme thrust upon
sense, the Thirty Years' Siege of Manhattan Island, the city. Another
is, that although the victories of
the "besieged" having had for defense only the river, war are clamorous and
win applause, those of peace are
which represented the ancient moat. For during greater. One man
who is constructive and is a builder
almost forty years, since the Pennsylvania extended of permanent work
is worth more than a host of men
its lines to the New Jersey shore, it has been stopped who are destructiv
e and go about sowing dragons'
by the Hudson; but (in the words of Mr. Cassatt, about teeth of unrest and passion.
ten years ago) it was never able to feel reconciled to
being prevented from entering the most populous and
It will interest the United States to learn that France
important city by a river less than a mile wide.
is beginning to discuss the propriety of floating huge
While ferries have been actually used until now, loans for governmen
ts not on the friendliest of terms
the plan for making entrance has gone from car-floats with that country
or which are allied to unfriendly
to bridge and tunnel. A tunnel was begun and came nations. Heretofore
the question that has weighed
to a disastrous halt. The bridge plan never went most with the
financial authorities in Paris has been
beyond surveys and negotiations, and both indiffer- the attractive
ness of these loans viewed strictly as in
SEPT. 10 1910.1
THE CnitONICLE
611
vestments. But it is not at all surprising that diplo- to be noted that there has of late been no .great commatic considerations should now receive attention, petition for the generous weekly, eonsignments of new
especially as the relations between the French money bars from SOuth Africa. Egypt is buying a normal,
market and the French Government are closer than in but not an abnormal, amount; its takings at this time
almost any other wealthy country. The subject has are necessarily large. India is making only moderate
been brought forward at this time by the proposal of calls. But .both countries are prospering, and their
Hungary to raise a very large loan; the impending imports of merchandise should be quite heavy this
Turkish loan has likewise lent point to the discussion. year—during August Great Britain's total exports
It is urged that these countries have understandings increased no less than $32,620,500 over a year ago.
with Powers whose policies and ambitions are apt te Turkey has also been an importer of gold on a conrun counter to those of France. The United States siderable scale; the Ottoman Empire, under the preshas a special interest in France's new attitude in view ent regime, is ambitious to forge ahead rapidly, and
of the movement to gain a foothold on the Paris Bourse is consequently anxious to build up its supplies of
for American securities. It is reasonable to deduce cash; yet the proposed Turkish loan may not meet with
that if the savings of the French people are not to be a ready response in France, since the Young Turks
invested in foreign government loans on the scale of are on friendly terms with certain of France's rivL
former years, other outlets must be found for the enor- nations. So far South and Central America have not
mous surplus capital accumulated each year by the levied heavily upon London's stock of the precious
thirfty French peasantry. Now, it calls for no strain- metal; here also trade is prosperous and imports of
ing of the imagination, nor does it involve any undue goods are likely to be a•factor in squaring the intermeasure of self-flattery, to reason that French bankers national account. As for the United States, while
are likely to find in American bonds and high-grade sterling exchange has again declined to 4 86 for destocks a suitable field for their available capital. As mand, no renewal of gold imports from London is exa matter of fact, the commission appointed in July of pected. Money rates have this week been easier in
last year by the French Minister of Finance to con- London, and there is no unusual pressure on the Consider the whole subject of admitting foreign securities tinent, while in New York the position is better than
to the Paris Bourse has made a thorough investigation it was a week ago. All this does not imply that the
of the subject. An influential sub-committee has pre- Bank of England will not in the very near future raise
pared a report for submission to the Minister of Finance. its minimum discount rate to 332% or oven 4%; but
The recommendations are of sufficient interest to it does encourage the hope and the belief that the
justify their reproduction here. The summary is that autumn will pass with a minimum of complications
at home and abroad. At no leading centre is specugiven by "The Economist" of London.
lation
rampant; in fact, dulness has been very pro(1) Optional maintenance of the existing regime for
to
locally, in Paris and in Berlin, while the efcontinue
nounced
desire
and
accepted
have
companies that
for a period of six years instead of three engagements forts that have been put forth to foster booms in difentered into by a responsible representative; (2) sub- ferent sections of the London market have not met
stitution, if necessary, of an agent for the company with any large measure of success.
which has entered into an engagement to appoint a
responsible representative on conditions determined
The grain-crop report of the Department of Agriby the Minister of Finance to ensure payment of the
taxes due to the Treasury; (3) substitution of an agent culture for Sept. 1, issued on Thursday, quite fully
for the company or the responsible representative confirms the favorable advices received from time to
by the creation of administrative bodies to form share time during August from private sources. In no
deposit offices issuing certificates representing the
than a very moderate
shares lodged with them; (4) subsidiarily, the fiscal important crop is there more
1, and in spring
Aug.
since
indicated
deterioration
towns,
or
foreign
departments
by
loans
of
assimilation
public establishments to those concerning securities wheat and oats actual improvement is reported. In
issued for foreign States or governments.
corn the falling off is much less than usual, the month's
international
decline in condition having been but 1.1 points, this
from
learned
be
From what can
opened
with a drop of 9.8 during the same period
be
contrasting
will
way
a
that
is
a
prospect
there
bankers,
for
last
Ameriyear,
which drought and hot winds in States
reputable
of
by-and-by
up for the introduction
were largely responsible. The
of
west
the
Mississippi
attempted.
heretofore
not
on
a
scale
securities
can
of
is
as 78.2, against 79.3 on
now
corn
stated
average
savof
reservoir
France's
tapping
of
The advantages
on Sept. 1 1908 and
'l
79.4
on
Sept.
1909,
1,74.6
Aug.
suffice
time;
at
this
upon
elaborated
be
ings need not
it to remark that, in view of the growing tendency of a ten-year average of 79.5. It is to be noted,moreover,
our principal bankers to branch out internationally, it that almost every.State of large production reports a
is all the more desirable that the widest markets possi- better condition than at this time last year, the improvement being most pronounced in Texas and Misble be opened up for our investments.
souri. The general condition, however, is, as stated
The international monetary position remains quite above, lower, with the exception of last year, than at
satisfactory. At. London, where the brunt of the the corresponding time in any year since 1901. As
world's demands for gold concentrate, the position is compared with 1906, until now the record year, there
still so comfortable that the Bank of England directors is a decline in condition of 12 points; but this is more
feel justified in retaining a discount rate of only 3%, than offset by the augmentation in area in the interim
which is under rather than above the average for the (nearly 18%), so that it seems safe to assume that,
second week of September. The Bank still holds not unless early frost cuts short the crop in more northerly
far short of $200,000,000 specie, and its ratio of reserve sections of the belt, this year's production will set a
to liabilities is slightly above 52%. Of course, several new high mark. In fact, the present promise appears
countries are calling upon London for gold, yet it is to be for a crop a little in excess of 3,000 millions of
612
THE CHRONICLE
[Vol- Lxxxxx.
bushels, against 2,772 millions last year and 2,927 can enforce local regulations governing fishing operamillions in 1906.
tions without submitting such regulations to foreign
The average condition of spring wheat at time of parties and (2) that the three-mile line referred to in
harvest is given by the Department as 63.1, contrasted the American-British treaty of 1818 is to be drawn
with 61 on Aug. 1, 88.6 at harvest time in 1909, 77.6 from an imaginary line connecting the
headlands of
in 1908 and a ten-year average of 78. In this case bays and not, as the United States argued,
from any
it will be observed that there was some improve- point within a bay having a radius of more than
three
pent in condition during August, but the outlook still miles. On the other hand, the Court overrules Great
is for a very small crop—approximately 215,000,000 Britain's claim of the right to prohibit American vessels
bushels—or 75,000,000 bushels less than in 1909 and, from employing foreigners and to impose harbor light
in fact, smaller than in any year since 1900, when the customs and other duties; it decrees that the regulation
yield was only 172 million bushels. Combining the of the manner, time and implements of fishing enforced
probable spring-wheat product with the preliminary by Great Britain or Newfoundland must be reasonable
winter-wheat total of 458,294,000 bushels, as made and appropriate, but Great Britain cannot be the sole
public by the Department a month ago, we get an ag- judge of their reasonableness, this point, in case of
gregate yield for this cereal of 6733 millions of bushels dispute, to be determined by an impartial tribunal, like
for 1910, which contrasts with 737 millions in 1909, The Hague, or a special commission; Great Britain,
only 664 millions in 1908 and the record crop (that of it is further laid down, cannot exclude fishermen from
1901) of 7483/ millions.
the bays and harbors on the treaty coasts of NewFor oats, also, the condition is reported a little foundland and the Magdalen Islands. The provision
higher on the average on Sept'. 1 than a month pre- of an impartial tribunal to pass upon the reasonableness
viously, and almost as good as a year ago. The con- of Great Britain's fishing regulations is construed in
dition when harvested is placed at 83.3, against 81.5 this country as of much moment, while the other
Aug. 1 this year, 83.8 in 1909 and a ten-year average matters decided in our favor contribute to invest the
of 79.5. It will be seen, therefore, that this crop, at award with compensatory features. The whole quesleast, is above the average. In the States of largest tion bristles with technicalities and the reading of the
production, however, some decided contrasts appear. decision occupied two hours; the salient points are
In Iowa, for instance, condition this year at 100 com- more fully discussed in a special article elsewhere in
pares with 80 a year ago; Illinois stands at 94 against this issue.
90; Indiana 94 against 83; New York 93 against 78,
and Pennsylvania 97 against 76. Minnesota, on the
The Treasury Department, it appears to us, has
other hand, is down to 67 this year, as against 91 in been well advised in adopting a conciliatory attitude
1909; Wisconsin 70 against 89; South Dakota 66 against towards exporters of textiles in France, Great Britain
87, and in North Dakota the contrast is between the and Germany who have complained against the
extremely low figure of 25 and 88. For the country as demand made by our Government that two
samples
a whole, as already said, the situation is quite satis- of all articles intended for shipment to this country
factory, for, with the harvest completed in earlier be forwarded to each town in which it was
proposed to
sections,and progressing favorably elsewhere,a crop of make sales. Much misunderstanding,
apparently, has
over 1,050 millions of bushels seems to be practically entered into the whole matter. And it may
here be
assured. This aggregate compares with the previous noted that there are complaints that
since Secretary
record yield of 1,007 million bushels in 1909 and 807 Knox took charge of the State
Department there has
million in 1908.
been a lack of proper co-operation with the Treasury
A number of minor crops were also reported upon on Department. On this occasion
the want of proper
Thursday, and in each case some deterioration during cohesion between these two
branches of the AdminisAugust was shown. The condition of barley when har- tration. is largely blamed for the
confusion that has
vested was placed at 69.8 against 80.5 a year ago and arisen. The order affecting textile samples
as intera ten-year average of 83.1; buckwheat condition at preted abroad unquestionably is drastic and perhaps
82.3 compares with 81..1 a year ago and 87 for the ten- not quite practicable, especially in its application
to
year interval, and the contrast in tobacco is between novelties, such as Europe exports to America in
large
77.7 and 80.2 and 82.3. Potatoes, an important food quantities. The complaint made by foreigners
that
crop, exhibit a drop of 5.3 points during August, and the forwarding of samples to all parts of this country
the Sept. 1 condition at 70.5 compares with 80.9 in at the beginning of the season would enable
American
1909 and a ten-year average of 79.8.
manufacturers to imitate the original designs may
contain a basis of justification, but it does not seem
The Newfoundland fisheries dispute, which has at all probable that the regulation was
promulgated
engaged attention for so many years, has at last been at the instigation of our manufacturers,
but was the
settled by the International Court of Arbitration at outcome of commendable efforts made
by Secretary
The Hague, the decision being wholly in favor of MacVeagh to enforce the various laws
on the statute
neither the United States nor Great Britain, although, book governing the conduct of his
Department. It is
on the whole, the latter country would appear to have entirely fitting that due steps be
taken by Washington
every reason for satisfaction with the award. It to prevent foreign manufacturers
from having their
signifies little to say that, of the seven points adjudi- products shipped into this country without paying the
cated,five were decided in accordance with the Ameri- proper duties, but other methods could surely
be
can claims; for, as a matter of fact, the remaining devised to meet requirements
in this particular case.
two contentions were of much greater importance from Fortunately the whole
question is likely to be promptly
the British point of view. Stripped of all legal verbi- settled along common-sense
lines without sacrificing
age, the Court's ruling means (1) that.Great Britain either the interests of the
United States or involving
SEPT. 10 1010.j
THE CHRONICLE
613'
unnecessary embarrassment to the manufacturers reached only 10,650,961 bales, the smallest yield since.
1903-04,and was below the yield of the previous season
concerned.
by 3,177,885 bales. The crop, however, was marketed
Aviation as an adjunct of armaments is being upon a more remunerative basis than in any year for
seriously considered by the more modern Powers. over a third of a century, the aggregate value of the
This week the French War Department ordered the year's production having been the greatest on record,
purchase of ten military monoplanes and twenty even exceeding materially the return from the 133 biplanes, which will give France an aerial flotilla of million-bale yield of 1906-07. While manufacturers
fully sixty by the end of the year. This development suffered, therafore, the producers fared better than
has naturally stirred up other countries, particularly ever before.
Manufacturers of goods,both in the South and in the
Germany, which so far has not been conspicuouih
acquiring the latest forms of flying machines. Great North, suffered severely from the adverse conditions
Britain is understood to be assiduously studying the ruling. Consumption fell off in both sections, but
problem of building machines for practical military not apparently to the extent that reports from time to
use. From Washington come reports that the time would have led one to expect. It is to be reSignal Service of our army is determined to impress membered of. course that new mills are starting up
upon Congress at the next session the importance each year, South as well as North, and the inclusion
of granting a liberal appropriation for aeroplane of their consumption tends to modify the loss that
experiments. Meanwhile wonderful feats are being otherwise would be shown. Furthermore, it is a
accomplished in this country as well as in Europe by known fact that many establishments ran on full time
civilians. The daring aviator, John B. Moissant, who the whole season. Still, the cotton-manufacturing
three weeks ago startled Europe by attempting to fly industry as a whole fared less well than in many a
from Paris to London, concluded his task on Tuesday year, a contention easily demonstrable by the relation
evening after undergoing a series of mishaps during the price for finished goods bore to the raw material.
the final stages of his journey. Every week new Our export trade in cotton goods, speaking quantita"records" of various kinds—for speed, altitude, &c.— tively, was less than in 1908-09, due to a marked
are being achieved, and the manufacture of aeroplanes decline in shipments to China, but, owing to higher
prices, made a moderately better money result.
is becoming one of our infant industries. •
The unfavorable cotton-manufacturing situation in
Our review of the cotton crop—its marketing, dis- the United States finds reflection abroad, and quite
tribution and manufacture for the season of 1909-10— naturally so in view of the circumstances responsible
is presented in detail on subsequent pages of this for it. In fact, our special correspondent believes.
issue, and comprises statistical and other information that a more unfavorable season has not been witnessed
that will, we believe, repay careful reading and study. within the past quarter of a century. He remarks
As we have before remarked, these annual reviews that, with the average price of cotton higher almost
which have been compiled and issued by us for a than within living memory, with a continued lack of
period of almost half a century are devoted par- demand, due to bad trade and the long-drawn-out
ticularly to the production and manufacture of the effects of over-production and over-building of mills,
staple in the United States, but at the same time no a remunerative margin for products was at no time
other country in which cotton is grown or turned into 'obtainable, and the whole industry was forced upon
goods, and from which reliable information can be short working and a restricted output throughout the
secured, is neglected. New features added from time season. The truth of what be says about overto time, moreover, make them as comprehensive a building will not be doubted when it is pointed out that
history of the world's cotton crops as can be given within four years the number of spindles in Europe
has been increased 10 millions, against a gain in the
in condensed form.
The leading fact our investigations for the year just same period of only 4 millions in the United States
closed brings out forcibly is the complete change and less than 1M millions in India, Japan, China, &c.
from 1908-09 in the cotton-manufacturing situation The total of spindles in the world at the close of
in the United States and abroad as well. During 1909-10 was approximately 134,536,430, against 132,1908-09 the industry had fully recovered from the 615,404 a year earlier and 119,114,207 in 1906.
depression that followed the financial disturbance
The commercial failures statement for the United
of the fall of 1907 and at the end of the season the
outlook for the future was considered to be quite States for August.1910, while more favorable than that promising. In fact 1909-10 opened with mills quite for July, in that both number of disasters and amount
fully Supplied with orders. But it was not long of liabilities were smaller, is nevertheless not as satisbefore the abnormally high and quite steadily advanc- factory as the exhibit for the corresponding month of
ing prices for the raw material forced curtailment of 1909. There is, of course, a decided improvement as
production which, of moderate proportions at first, compared with August of 1908. The fact that ingradually spread until it involved a considerable part solvencies still keep rather above what might be
of the county's spindles and looms. It thus follows termed a normal level does not, however, go to prove
that the season as a whole was a distinctly unfavorable that there is any especially weak spot in the current
one—more so in fact than 1907-08; and it closed with mercantile and industrial situation. It is true that
the prospects for the future not at all clearly defined, the cotton-manufacturing industry has been adversely
much depending upon the course of prices for cotton. affected for some months past by the abnormally high
The commercial crop of the United States, as dis- cost of the raw material, necessitating curtailment of "
tinguished from the actual growth—which would production; but failures have not been precipitated
require an actual census to accurately determine— thereby. Aside from that incident and the reaction
•
614
THE CHRONICLE
in the iron and steel industry, the business situation
appears to be generally good, the only noticeable
dulness seeming to be in stock speculation, and explanation for that can be found in the attitude of the
National Government towards corporations.
According to Messrs. R. G. Dun & Co's figures, the
number of failures in August was 919, with liabilities
of $12,442,063, against 917, with indebtedness of
$11,120,576 in the like period last year and 1,199,
with debts of $23,787,378 in 1908. Disasters in
manufacturing lines made up $7,751,674 of the 1910
total, against. $5,510,002 in 1909 and $15,152,800 in
1908, but the liabilities of brokers, transporters, &c.,
amounted to only $626,133, compared with $1,055,579
a year ago and $2,761,901 two years back. Traders,
moreover, were involved to the extent of only $2,064,256 this year, against $4,554,995 in 1909 and
$5,867,597 in 1908. The result for the eight months
since January 1 is likewise less favorable than for the
same period a year ago. The number of insolvencies in
all fines for that period in .1910 reached 8,454, with
liabilities of $138,472,162, against 8,853, with obligations of $109,219,842,in the same period last year,and
11,140, for $162,379,337, in 1908, Manufacturing
mortality reached $59,793,849, agaipst $47,367,534 in
1909 and $74,430,202 in 1908, trading disasters involved $49,576,206, against 845,637,060 and $61,038,332, and debts of brokers, &c., were $29,102,067,
contrasted with $16,185,328 and $26,910,803.
[VOL. T,XXX X 1.
suffering from the disease. How serious the position in
Russia is may be gathered from the fact that the
deaths this year have numbered 65,000 and the
total cases 140,000; even in 1893 the death-roll was
only 41,000, while last year—cholera is almost an
annual visitant of Russia—the mortality reached only
28,000. The scourge is not confined to any city or
district—St. Petersburg, Odessa, Kiev, alike are
suffering; indeed, European Russia is not worse off
than the Caucasus and other Asiatic sections. Unfortunately, the authorities, though bestirring themselves
commendably, have not the situation under control, a
task of no light moment, owing to the perverse ignorance and superstition of the peasantry,combined with a
lack of proper water supplies and sanitary arrangements.
-Outside of Russia the deaths have been comparatively few. In Ban (Italy), the first district to
catch infection, the cases range from twenty to thirty
daily, with the deaths about half as many. The
Italian Government is combating the disease with
considerable success. At Spandau only a few cases
have broken out, while Vienna has also been but lightly
affected. Berlin suffered from a "cholera scare," but
the suspected cases were officially declared not to be
the dread Asiatic malady. The whole European
Continent, however, is alarmed—a fact that is not
wholly regrettable, since vigilance means a lessening
of the danger that admittedly exists. All passengers
arriving from European ports are now being carefully
inspected by the New York authorities. •
Peace reigns in Nicaragua. Gen. Juan J. Estrada •
was last week inaugurated Provisional President,
Discounts have moved unevenly abroad. Events
the ceremony being held in the Hall of Congress. have proved that the contention of New York bankers
The troops have been paid off. The people have concerning the undue marking up of rates by London
accepted the new regime with every manifestation of bill brokers was justified; this week there has been
approval. Political prisoners have been released by a material decline in the open market charge, while
hundreds and a few prominent malcontents, friends the Bank of England has again refused to raise its
of the vanquished Zelaya, have been arrested. Gen. 3% minimum. Call money has loaned in London at
Estrada has agreed to hold an election within six .as low as 1% and the Bank of England's "other securimonths, and Managua has expressed its satisfaction ties" (loans) show a decrease of $3,285,000.
Spot
over his handling of affairs by presenting him with bills are now negotiable at 2 15-16%, while bills to
a gold laurel wreath. His selection of Cabinet Minis- arrive have been accepted in certain cases at an even
ters has apparently met with general support. The lower figure, although the common asking rate
is
list is as follows: Secretary of State, Thomas Martinez, 331%. This wide range reflects that a divergence of
son of ex-President Martinez; Minister of War, Gen. opinion exists as to
the course the Bank authorities
Luis Mena; Minister of Finance, Martin Bernard, son will follow. At Paris the money market has become a
of a former Minister of Finance; Minister of Public shade firmer, the discount rate having been raised to
Works, Fernando Solarzano, and Minister of the 2N%, against 2%. in recent weeks. The Bank of
Interior, Adolfo Diaz. All payments by the Govern- France on Thursday again reported a loss of gold
ment have been suspended until the troops are paid, ($1,755,000), but, following last week's expansion of
and a commission will investigate the debts Contracted liabilities incidental to the monthly settlements, there
by former regimes. A circular has been issued by were reductions of nearly $10,000,000 in note circulaGen. Estrada stating that the liberty of the press will tion, $44,000,000 in bills discounted and fully $20,be respected, and inviting foreign, especially Ameri- 000,000 in advances to the Treasury. The. Berlin
can, capital to develop the country. The way has money market is feeling the effect of the trade activity
thus been cleared for the establishment of what it is that usually develops at this season. Discounts there
hoped will prove a stable and equitable Government, have been marked up to 3:X% for spot bills and 4%
worthy the recognition of the United States and other for bills to arrive. The Reichsbank yesterday reported
nations.
a loss of $2,500,000 gold, but its loans, discounts and
notes were reduced by $22,000,000. Amsterdam has
The epidemic of cholera that has been raging in returned to a 4% basis, against 49'% last week,
Russia, claiming upwards of 20,000 victims weekly, although the Bank rate remains at 4%. Brussels
has spread not only to Italy, but to Vienna,Spandau again quotes 2% to 2%%. Official rates have re(Prussia) and to new territory in the countries alread: mained unchanged at all European centres.
affected, while every European Government, as well ru.
our own immigration authorities, are exercising the
The Bank of England was reported to have secured
strictest measures to prevent the entry of person- half of the £750,000 new gold offered on Monday, India
SEPT. 10 1910.1
THE CHRONICLE
615
not all been in one direction, and Stock Exchange demands for accommodation have been extremely light.
It is highly improbable, therefore, that to-day's returns
will be nearly as unfavorable as those of last Saturday.
The most interesting change in quotations has been
in loans running for six months. These are now
available at Yi of 1% below the charge for four Or
five months' facilities; in other words, a minimum of
41A% has been quoted for six months, against 43% ®
5% for the shorter dates. The demand for local purposes continues unusually light, so that the offerings',
though not extensive, are quite adequate to meet
requirements. The detailed range of quotations is
now 332@3%% for 60 days, OA% for 90 days,
43%@5% for 4 and 5 months and 43'@43%% for 6
months. Call money has not been pressed on the
market by the larger institutions under 2%. A good
many loans have been made at that figure; indeed, on.
Thursday 2% was the ruling charge, although for the
4%, with 2% the
week the average rate has been 17
maximum and FM% the minimum. Yesterday the
range was 1% to 2%, the final loan for the week
being made at 1N,%. The commercial paper market
is best described as more or less nominal. Quite a
few of the best drawers continue to hold aloof, inasmuch as they refuse to pay 6% to have their bills
discounted, and it is not always possible to secure
money at a lower rate. Some business is still done
but transactions on this basis are usually
at
the result of a specific inquiry rather than of an
offering. The accumulation of bills is not abnormal,
but this is due less to the absorption than to the
withholding of bills. Quotations are: 5M@6% for
prime four to six months' single name bills; 614@63/2%
4% for 60 to 90
for less desirable paper and 5%@53
The local money market has this week been producdays' endorsed bills receivable.
tive of unexpected but welcome developments. In
the first place, the loss to the Government through the
Foreign exchange has moved quietly towards a lower.
Sub-Treasury has been much lighter than it was last level during the present week. Several potent influweek, and.foreign exchange rates have fallen to a level ences have been in operation to bring about this
that permitted of the importation of $500,000 gold coin downward movement. For example, the London:
from Mexico. But more interesting has been the money market has regained its equilibrium; discounts.
receipt from certain interior points of a moderate sum there have sagged below 3%, and the withdrawals of,
of money for use in the local collateral loan market. gold, though considerable, have been partly offset byIt had been thought that the out-of-town banks receipts and by curtailment in liabilities. The heavy loss?.
would increase their demands as September advanced of cash recorded by our Clearing-House banks last:.
and that stiffer rates would be the logical result, Saturday stimulated lenders to mark up money rates..
whereas the inflow referred to was sufficiently large to for the shorter maturities. An inflow of cotton and
bring a slight recession in quotations in the second grain bills is now under way,'and bankers are taking half of the week. The incident is more encouraging this into consideration• in conducting their operations.
than important; it suggests that the over-expansion for near-by delivery., A few finance bills are on offer,.,.
so much criticised throughout the West was either but not many; while the difference between the 2%%.
greatly exaggerated or that the remedial measures discount rate. in Paris and the 43%% charged for timer
taken have been extraordinarily effective. Trust- money here is Very is wide, the possibility, not to say.
worthy data on this point will be obtained from the the probability, of a loss in'exchange has to be reckoned
combined reports forwarded to Washington in response upon—francs are quoted about 5 183
4 less 1-16 for
to the Comptroller of the Currency's call for a statement checks. The inquiry for all classes of foreign exchange..
of condition from all the national banks of the country is light. Trading is confined for the most part to
on Sept. 1. The prospects are that the banking brokers, whose raliks are now quite extended. Flue7
position of the United States, taken as a whole, tuations have 'been oedasionally sudden but ,not
will be found fairly satisfactory. The New York insti- tremely wide. " On 'Thursday *a few transactions were'
tutions, it is true, last week suffered an unusually made in demand at 4 8595, the lowest quotation named
heavy shrinkage (fully $17,000,000) in reserves, but since the market recovered following the recentimportthis was due mainly to circumstances that have not ation of gold.• It is thought likely that a* decline to
been in operation during the current week or are likely below 4 853
4'Would !induce the Bank of England to
to again arise. The extensive payments made on raise its minimurn rate. next week;but whether such:a
Sept. 1 should be finding their way back again to decline will occur.reniains. to'be proved; certain local )
banking channels, while gold exports to Canada have experts regard • so 1.1oV 'a, rate. as highly iniprobable;-;
ceased, the transfer of currency to New Orleans while . others..contend: that the influx of commercial
hasfallen off materially,movements with the West have bills and firm,.
send exchange back to
and the Continent being credited with the purchase
of the balance; but later it was stated that the bulk
of the Bank's purchase went to Turkey, which has been
a persistent importer of gold during recent weeks.
Egypt is also taking and its engagements will probably
continue for some time. Since Thursday's statement
was compiled £100,000 has been sent to Constantinople while yesterday £100,000 was forwarded to
Egypt. According to our special cable from London,
the gold withdrawals, although bringing down the
stock of bullion on hand, were not severe enough to
offset the restriction in liabilities. The proportion of
reserve to liabilities ad'vanced from 51.52% last week
to 52.06% this week, or about the average for this
season. The Bank lost £490,447 bullion during the
week and held £39,441,032 at the close of the week.
The total reserve, however, was reduced only £68,014,
while loans fell £657,040, public deposits £324,028 and
other deposits £399,063. Next week's action on the
part of the Governors will be influenced by the gold
movements between now and then and also by the
fluctuations in the international exchanges. Our
correspondent further advises us that the loss was
made up wholly of exports, which were mainly to
Egypt. There were considerable purchases in the
open market but a very small movement from the interior. The details of the movement into and out of
the Bank were as follows: Imports, £355,000, wholly
bought in the open market; exports, £868,000 (of
which £657,000 to Egypt, £200,000 to Constantinople
and £11,000 to various destinations), and receipts
of £23,000 net from the interior of Great Britain.
THE CHRONICLE
616
-former gold-import basis. That the demand for
motley has relaxed at least temporarily in London is
',shown by the repayment of loans by the open market
•to the Bank.
This week $500,000 gold was received from Mexico.
Shipments to Canada ceased at the end of August.
Transfers of currency to New Orleans have now passed
the $2,090,000 mark named by the Treasury under its
new regulation concerning the lowering of charges,
and this may have a somewhat restrictive influence
upon the movement.
Compared with Friday of last week, sterling on
*Saturday.was weaker, with demand down to 4 8630@
4 8635, cable transfers to 4 8660@4 8670 and sixty
'days to 4 8340@4 8345. On Tuesday demand detimed to 4 8620@4 8630 and cable transfers to 4 8650
et4 8660; sixty days was unchanged. Demand fell
to 4 8605@,4 8610 on Wednesday, cable transfers
declined to 4 8640@4 8650 and sixty days to 4 8335
et4 8345. On Thursday demand dipped to 4 8595
but at the close was quoted at 4 86@4 8610; cable
transfers were done at 4 8635@4.8645 and sixty days
,.at 4 8320@,4 8330. On Friday rates moved very little.
• The following shows the daily posted rates for
sterling exchange by some of the leading drawers.
Fri., Mon., Tues., Wed., Thurs.,' Fri.,
Sept. 2. Sept. 5. Sept. 6. Sept. 7. Sept. 8. Sept. 9.
--84
84 34
84%
84
560 days 4 84
Brown Bros.
87
87
87
87
iSight _ 4 87
& Co
84
84
84
84
Kidder, Peabody
560 days 4 84
87
87
87
87
Sight_ 4 87
& Co
84%
843
84%
84%
560 days 4 8434
Bank of British
87
87
87
87
North America.._ _ _'Sight.. _ 4 87
84%
84%
84%
843
Bank of
560 days 4 84%
87
87
87
87
1Sight 4 87%
Montreal
84%
84%
84 34
843
560 days 4 84%
Canadian Bank
87
87
87
87
1Sight 4 87
of Commerce
8454
84
843
84
560 days 4 84
Heidelbach, Ickel87
87
87
87
1Sight 4 87
heimer & Co
84
84
84
84
560 days 4 84
Lazard
86%
8634
8634
Sight_ 4 87
8634
Freres
84%
Merchants' Bank
160 days 4 85
84%
843
843
87
87
ISight.. 4 87
87
87
of Canada
The market closed on Friday at 4 8330@4 8340 for
60 days, 4 86@4 8605 for demand and 4 8635@
4 8645 for cables. Co mmercial on banks was quoted
at 4 823%@4 83 and docu,ments for payment 4 833-,10,
4 833/2% Cotton for payment ranged from 4 8294@
4.
2@4 833
4 83, grain for payment from 4 833/
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending Sept. 9 1910.
Currency
Gold
Total gold and legal tenders
Shipped by
Received by
N. Y. Banks. N. Y. Banks.
Net Interior
Movement.
$6,388,000
1,107,000
$5,815,000 Gain
897,000 Gain
$573,000
210,000
$7,495,000
$6,712,000 Gain
$783,000
With the Sub-Treasury operations and gold imports the result is as follows.
Week ending Sept. 9 1910.
Banks' interior movement as above..
Sub-Treas. oper. and gold imports__
Total gold and legal tenders
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$7,495,000
24,300,000
$0,712,000 Gain
25,400,000 Loss
$783,000
1,100,000
$31,795,000
S32,112,0001Loss
$317,000
The following table indicates the amount of bullion
in the principal European banks.
•
Sept. 2 1909.
Sept. 1 1910.
Banks of
Silver.
Total.
—
.£
£ 1
£.£
England__ 39,441,0321
39,441,032 40,332,062
40,332,062
France ___ 135,270,840' 33,837,560 169,108,400 147,323,160 36,083,880 183,407,040
Germany.. 37,624,55011 14,175,60 51,800,150 39,817,900 12,350,900 52,168,800
Russia ___ 141,239,000 8,361,000 149,600,000 127,578,000 8.970,000136,648,000
Aus.-Hun_ 55,403,000 12,671,00 68,074,000 56,987,000 12,547,000 69,534,000
Spain _ _ 16,324,000 31,225,0
47,549,000 16,019,000 31,788,000 47,807,000
Italy
38,700,000 3,455,000 42,155,000 38,386,000 4,400,000 42,786,000
Netherl'ds 9,648,800 1,844,400 11,493,200 10,535,000 3,179,100 13,714,100
4,262,667 2,131,333 0,394,000
Nat.Beig._ 5,484.00t 2,732,00
8,196,00
Sweden __ 4,449,O00
4,382,000
4,449,00
4,382,000
Switzerl'd. 6,204,00l
4,883,000
6,204,00
4,883,000
Norway __ 1,974,0
1,752,000
1,974,000 1,752,000
--Total week 493,742,222 108,301,560600.043.782492.257,780 111,450,213 603,708,002
Prey. week 493,154,002 108,520,827 601,680,8201492,694,313 112,058,800,604,753,113
Gold.
I
Silver.
Total.
Gold.
[VoL. LXXXXI.
THE FISHERIES AWARD.
decision
by the Hague Tribunal, last WednesThe
highly
the
important dispute between Great
day, of
Britain and the United States over the North Atlantic
fisheries, is likely to stand out in many respects as a
landmark in the history of the Court. It is so, not less
from the fact that two powerful nations were involved
than from the further fact that the contentions of the
two had been in existence for a century and were in
many respects seemingly irreconcilable. These disputes originated with the earliest days of fishing on
the Banks of Newfoundland, and they have long converged on the varying interpretations of the AngloAmerican Treaty of Ghent in 1818.
That treaty was in most respects unusually clear
and specific; but, as is always the case with such international agreements, especially after the lapse of
two or three generations, circumstances which have
since arisen have created new difficulties in the way of
disputed interpretation. In a general way, it may be
said that the important points on which international
difference of opinion has arisen in the present case affected the geographical scope of the treaty, the interpretation of the so-called "three-mile limit" for the
approach of the United States fishermen to the shore,
and the power of colonial legislatures to impose laws
which should be additional and supplementary to the
arrangements concluded in the Imperial treaty.
Seven disputed questions had been submitted to the
Court. Out of these seven, five were decided in favor
of the United States and two in favor of England. The
United States establishes its contention that its fishermen on the Banks may employ foreign hands on their
fishing vessels; that they need not pay harbor dues unauthorized by the treaty of 1818; that they shall not
be excluded from bays and harbors in the zone not
expressly stipulated in that treaty, and that any regulations regarding the time, methods or implements
to be observed by our fishermen within the treaty are a
must be reasonable. But by rather general agreement,
it is conceded that the two other questions, which
the Court has decided in England's favor, are of the
greater importance. One of these questions had to
do with the British contention that the three-mile limit,
in the case of the larger bays, should be measured,
not from the actual shores of the bay itself, but from
an imaginary line connecting the headlands at its
entrance. The other question in which. the British
contention was upheld had to do with the right of the
Colonial Government to impose on our fishermen
ordinances or regulations outside the treaty proviso,
and the result of municipal enactment, which should
provide for the regulation of such fishing.
These two disputes so far superseded the others in
importance that it has been the disposition to conclude
that the Hague Court has ruled against the United
States. The authority of the Court on both these
points is, however, very great. As regards the threemile limit rule, it must be remembered that that is not
merely a question of detailed treaty interpretation,
but of international law and precedent, and the unanimous decision of the Hague Tribunal in the matter
(including the American arbitrator) should be sufficient to settle the lawful aspects of the question. As
regards the more troublesome problem of Canadian
local laws, there is this to be observed, hat the situu-
SEPT. 10 1910;
THE CHRONICLE
617
tion between Great Britain and its colonies is peculiar. come my duty to take such steps as may be necessary
The scope'of authority of an Imperial treaty over the to protect the rights of the citizens of the United
, colonial administration is in some respects similar to States." And it was intimated that in case such exthe power of a Federal treaty, under our own Consti- treme measures were to become necessary, the President should be authorized to suspend by proclamation
tution, over the several States.
colonies
the
transit of merchandise across the United States in
But the case is not identical, because the
are
bond
to Canada and to exclude from the waters of
as
are not constituent States in any such sense
Engthe
United
States all Canadian vessels.
Republic.
the members of our own American
conWhen
one
complete
considers the manifold circumstances
land, for instance, does not assert that
committed
which,
along
with
an excited public feeling, might conis
trol over harbors of its colonies which
Government.
ceivably
have
raised
very much such an issue in the
by our Constitution to the United States
situation,
of the Newfoundland Minpresent
attitude
day—the
that
a
in such
It will be readily perceived
istry
treaties,
a
was perilously near to such
very
ago
few
years
the
concluding
with the Imperial Government
colonial
may understand how very
irritating
possibilities—one
for
possible
ample
ground
there must be
between
much
cause
of
peace has to be thankthe
international
recent
negotiations
customs
The
jealousy.
ful
for
in
illustrathe
the Hague Tribun0
of
establishment
one
and
provided
Canada
States
United
the
tion of the difficulties which arise in this regard be- and in the larger and larger confirmation of its authortween England and her colonies,and which can often be ity through acquiescence of the Powers in its rulings.
averted only through the exercise of unusual tact and
forbearance by both parties. In a question like the
A DEPUTY-CONGRESS WORKING BY
fisheries, which is centuries old and which amounts,
PROXY.
in the case of several colonial communities, to the first
A forceful illustration is now being furnished of the
consideration of their industrial prosperity, the difficulty is naturally greater. The Hague Tribunal ap- workings of the new Federal Railroad Act. Sumpears to have recognized this somewhat loose relation marily stated, the theory of the Hepburn law and of
between the British Imperial Government and the the amendment of June 18 1910, which is apparently
colonies; but it has also wisely and justly recognized to be known as the Elkins-Mann law, seems to be that
the treaty restrictions by requiring that the reasona- regulation of railway charges is really a legislative
bleness of such colonial regulations shall be passed upon work, but that it is a function for which Congress has
by arbitration in which neither Great Britain nor its not the time,or is incompetent on account of the comcolonies, nor both together, shall be the final judge, plexity of the business of rate-making, and that, therebut which shall be fairly constituted.
fore, it has becotne necessary to set up a deputyTaken altogether,:the incident seems to us one of Congress, i. e., the Inter-State Commerce Commission,
happy omen. Mr. Stead's remark this week, that in order that the regulation shall be efficient and suffi"the hero of the Tribunal is Judge Gray, the Ameri- cient. This theory having been acted upon and the
can arbitrator, who, like Lord Alverstone in a previous legislative function duly turned over to the deputyaward, has had the courage to decide against his coun- Congress, it now appears that the Commission itself
try's contention when he was convinced that it was un- finds that it is overloaded with labor, and that it must
just," expresses the feeling with which very many peo- do its own work by means of deputies of its own selecple will greet the news. But, more than this, it is in tion. And so it happens that while the respective
point to recall to readers who may not be aware of members of that exalted body are scattered over most
the facts in the matter how much material existed of the habitable globe in the enjoyment of well-earned
in this fisheries dispute for the kind of international vacations, their "examiners" are bustling to and fro
collision, which, under certain circumstances, results hearing complaints, receiving testimony and doubtless
formulating the views and decisions that a little later
in war.
This identical dispute over colonial harbor regula- will receive the sanction of the Commission. The first
tions did, in fact, on one not very distant occasion in protest comes from the Illinois Manufacturers' Assoour history reach a point where ill-advised action by ciation, which has telegraphed to President Taft as
either England or the United States might have pre- follows:
"The investigation being conducted by the Governcipitated trouble. The almost forgotten "Fortune
Bay incident" of 1870 called forth from President ment as to the justification for an increase in railroad
Grant, under the advice of Secretary Fish, this very freight rates is one of the most important questions
plain language in his annual message to Congress: ever taken up by the Inter-State Commerce Commis"The Imperial Government is understood to have dele- sion, and involves the welfare of the people of the
gated the whole or a share of its jurisdiction or control entire county. Instead of the hearing being conof these inshore fishing grounds to the colonial author- ducted by the entire Commission, this most important
ity known as the Dominion of Canada, and this same matter has been delegated to an examiner. We do
independent but irresponsible agent has exercised its not question the integrity or ability of the able jurist
delegated powers in an unfriendly way, vessels hav- to whom the work has been assigned, but we do feel
ing been seized without notice or warning, in violation that it would inspire more confidence and be more
of the custom previously prevailing, and even taken just to the great mass of shippers if the full Commisinto the colonial ports, their voyages broken up and sion would conduct the investigation." "Chicago
the vessels condemned." Commenting further on a Tribune," Sept. 4 1910, p. 10.
The President replied to this protest in a ielegram,
new Canadian statute authorizing seizure and examination of suspected American fishing vessels, this saying: "I have implicit confidence in the work being
same message proceeded to declare that "should the done by the Inter-State Commerce Commission under
authorities of Canada attempt to enforce it, it will be- the able leadership of Judge Knapp. The Commission
618
THE CHRONICLE
is heavily overloaded with work. Some of the members are necessarily in Europe. I am not disposed to
take any action changing the arrangement made by
the Inter-State Commerce Commission."
No one need be surprised by this protest, nor need
any one have been surprised when the Commission
concluded that its enormous burden of duty, to say
nothing of needed vacations for its members, necessitated the reference to a deputy, who is doubtless fully
competent. As long ago as 1908, in its Annual
report to Congress, the Commission declared that
it must often depend upon subordinates, saying, in
part:
"In fact, the information necessary to intelligent
action by the Commission can frequently be obtained
from a verbal interview with the head of the appropriate division, and in a great many instances no fur'ther research is necessary."—Twenty-second Annual
Report, p. 9.
And the Commission added, for whose encouragement or comfort is not apparent:
"In this connection it should be remembered that
for the heads of its tariff and statistical divisions the
Commission has chosen practical railroad men."—
Ibid, p. 9.
The methods of the Commission in this respect
are neither unnatural nor without precedent. The
reader who is familiar with Mr. Lecky's description
of the work of the Irish land courts will be struck at
once with the strong similarity between what he describes as having taken place under the British Act
of 1881 and what is now happening here. First, as
to the delegation of functions:
"The decisions were virtually and mainly in the
hands of the sub-commissioners, who were to a large
extent young barristers and county attorneys; many
of them with scarcely any previous knowledge of land
or of the conditions of agriculture in the province in
which they were adjudicating. They were sent to
their task—or, as one of the ablest of them expressed
himself, 'let loose upon property'—without any instructions; and they usually gave their decisions without assigning any reasons. It was clearly understood
that their business was to reduce, and not to regulate,
rents. Their popularity or unpopularity depended
on the amount of their reductions, and they knew that
the wildest expectations were excited. One of the
great perplexities of the lawyers. who practiced before
them arose from the extreme difficulty of discovering
the principle or reasoning on which they acted."-W. E. H. Lecky, "Democracy and Liberty," edition
of 1898, Vol. 1, pp. 189-190.
Under these conditions it is no more strange that
the results were distinctly unfavorable to the regulated
interest than it is that in ninety per cent of the cases
reaching the Supreme Court on decisions of the InterState Commerce Commission, the action of the latter
body is found to have been without warrant in law.
Of the Irish precedent the historian says:
"Many rents were reduced which had been paid
without a murmur for thirty or forty years, and in
spite of clear evidence that the chief articles of Irish
agricultural produce had during that period largely
risen and that the opening of new markets and the
improvement of communications had materially added
to the value of the farms. Many rents were reduced,
although it was shown that within the last few years
[VoL. Lxxxxi.
the right of occupying the farms at these rents had
been purchased by the tenant at a large sum under the
Act of 1870. . . . One fact, however, which was
clearly shown was that the artificial depreciation of
land arising from agrarian agitation and outrage
entered largely into their estimate. It would be impossible to conceive a greater encouragement to such
agitation. . . . A hasty visit to the farms was
made, and rents were settled according to their present
condition. In this way, in a country where farming
was already deplorably backward, slovenly and wasteful, farming received a special encouragement in the
form of the greatest reduction• of rents."—Ibid,
pp. 189-190.
Are not the things which Mr. Lecky declares to
have happened in Ireland precisely similar to those
that are likely to happen under the scheme of rate
regulation which the Inter-State Commerce Commission is endeavoring to apply? Have not the rates
been reduced by its order which had been paid without
protest for a generation and to which industry had
presumably become adjusted? Is not the worstmanaged railway in the best position to justify its
rates because the wasteful administration of the revenues in which they result leaves a lower sum to be
distributed to investors, and is not the least efficient
business man most able to show that he ought to have
lower rates in that he is unable to make a good profit
on those at present in force? No wonder such legislation speedily creates litigation in excess of the physical powers of any board or deputy-Congress, and
that its members, whether they insist on long or
short vacations, or do without any vacations at
all,are forced to delegate important duties to subordinates.
Be it remembered also that the Act of Parliament
of 1881 neither settled nor even mitigated the "Irish
question." If it did anything, it accentuated the
difficulty and helped to create the crisis of 1886 and
to embitter a controversy of which no man can yet
see the end. Neither the American Act of 1887, nor
yet that of 1906 or 1910, promises to settle the American railway question. In that direction peace is not
to be found. A body politic" led to seek prosperity
in legislation is like a man taught to depend upon
drugs for vigor—to-day's dose but calls for a heavier
one to-morrow. There is no promise of recovery
save in abstinence.
RAILROAD GROSS EARNINGS FOR
AUGUST.
The one incontrovertibly satisfactory feature in the
situation at the present time is the fact that railroad
gross earnings continue to show gain over the corresponding periods of last year. With railroad expenses
rising in such a marked way,the situation would have
to be looked upon as discouraging if improvement in
gross revenues, in partial offset to the growth in
expenses, were not maintained. A slackening of
activity in several different branches of trade has been
noted in recent weeks, but whatever significance this
may possess, it is evident that trade reaction has not
yet reached a point where the volume of tonnage or
the passenger movement over the railroads shows
contraction as compared with 1909.
-
Of course, in discussing results for August, we are
dealing only with the roads which make it a practice
' to furnish early estimates of their gross revenues (less
than ten days having elapsed since the close of the
month) and these comprise chiefly Western graincarrying lines and roads in the South and Southwest,
while the influence of business depression would be
felt most in the case of.the roads running through, or
tributary to, the great manufacturing and mercantile
districts. But though for this reason it is possible
that the final figures for August, when these shall have
been compiled some five weeks hence, may not show
results so fully satisfactory as do the preliminary
and partial totals we give to-day, yet past experience
has been that the early totals afford a pretty close
indication of what the final figures are going to disclose.
Our table embraces 46 companies or systems operating 81,879 miles of road, equivalent to over onethird the railroad mileage of the country, though
the figures include some Canadian roads. On the
mileage represented the increase reaches $5,600,101,
or 9.90%. This is not materially different from the
showing made by the face of our early summary for
July, where the ratio of gain was 9.02%, though when
certain special circumstances are taken into account
the present showing is not quite as good as that for
the previous month. As compared with other months
in the year there is contraction in the extent of the
improvement; in other words, the ratio of increase
has declined.'
We need hardly say that this year's increase for
August follows a • gain in the same month of 1909,
though this latter was simply a partial recovery of
what had been lost at the time of the intense depression
in industrial interests in 1908. In August last year
our early compilation, comprising 78,484 miles of line,
recorded $6,102,600 increase, or 11.77%,over the small
totals for the same roads the year before. On the
other hand, in August 1908, according to our early
statement, covering 82,513 miles of road, there was a
shrinkage in gross earnings in the large amount of
$10,691,980, or 15.20%. Prior to 1908 the record
had been one of uninterrupted improvement year by
year ever since 1896,as will be seen from the following
summary of monthly totals as drawn from our early
compilations each year.
Gross Earnings.
Mileage.
August.
InYear
Year
Given. Preced. crease.
Miles.
89,225
91,625
93,792
94,771
93,157
97,750
88,620
9 l,047
81,248
79,192
90,455
92,898
81,261
77,217
78,874
%
0.82
1.62
0.42
1.08
3.45
2.25
1.67
2.16
2.35
2.26
2.58
0.84
1.54
1.65
3.81
Jan. 1 to Au
1896 _- 116
1897- 114
121
1898
1899- 110
105
1900
1901 _._ 92
1902 _ 76
76
1903
1904
67
1905 ___ 55
1906 ___ 66
1907 ___ 07
1908 ___ 51
1909 ___ 49
45
1910
7. 3188,742
92,379
94,185
95,484
96,376
96,056
90,102
98,126
83,160
80,798
92,507
93,683
82,091
78,484
81,421
88,000
90,896
93,792
94,455
93,157
93,855
88,620
96,047
81,248
78,935
90,174
92,898
80,891
77,217
78,432
0.83
1.62
0.42
1.08
3.45
2.34
1.67
2.16
2.35
2.26
2.59
0.84
1.48
1.65
3.81
3
38,801,525
43,190,342
46,632,848
54,751,100
57,143,176
65,155,714
58,887,908
72,505,067
59,445,529
58,859,481
79,344,748
86,377,190
59,649,837
57,953,811
62,003,137
Year
Preceding.
Increase (+),
or
Decrease (-).
$
$
40,010,144 -1,208,619
38,526,399 +4,663,943
44,446,940 +2,185,908
48,325,106 +6,425,994
53,731,004 +3,412,172
57,439,471 +7,716,243
56,213,712 +2,674,196
66,411,069 +6,093.998
57,494,231 +1,951,298
55,955,430 +2,904,051
70,099,249 +9,245,499
79,029,051 +7,348,139
70,341,817 -10,691,980
51,851,211 +6,102,600
66,40...033 +5,600,104
*
287,248,002 272,696,095 +14,551,007
298,238,929 291,932,827 +6,306,102
337,683,518 304,008,624 +33,674,894
378,241,765 348,511,473 +29,730,292
417,335,014 371,773,610 +45,561,404
417,198,174 376,726,858 +40,471,316
429,366,197 397,306,062 +32.060,135
536,623,682 475,299,340 +61,324,342
419,174,339 423,955,840 -4,781,501
421,764,129 393,742,645 +28,021,484
575,472,692 498,726,455 +76,740,237
636,734,664 575,891,850 +60,842,814
422,122,512 507,168,353 -85,045,841
409.593,132 367,711,841 +41,881,291
452,534,443 391,216,649 +61,317,794
MCC,-;210V!..QNNODt..000W
1-0%O—
c.,_0
.4N.CIONOCriltiOtO.d,
.. .
.
—
Miles.
89,991
93,108
94,185
95,798
96,376
99,051
90,102
98,126
83,160
81,055
92,788
93,683
82,513
78,484
81,879
Year
Given.
1
0
NNNOVDMAMC5001,
V.,.cl..m0,..=
R=C3CIM ,
1p,
MNVMWMVQ.M.OM=10.p
.
.
.
..
.
I
Year. Roads
1896 _ 120
118
1897
1898 _ 121
112
1899
1900 ___ 105
1901
96
1902
76
1903
76
1904 ___ 67
1905.... 56
1906 ___ 68
1907 _ 67
1908 ___ 52
1909 _ 49
1910_.. 46
Note.-Nelther the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
619
THE CHRONICLE
SEPT. 10 1910.1
In order that undue significance shall not be given
to the extent of the present year's gain, it is proper to
point out that all the roads had an advantage in
August 1910 from the circumstance that the month
contained one more working day than the same month
in 1909. This year August had only four Sundays, leaving twenty-seven working days, while
August last year had five Sundays,leaving only twentysix working days. The extra day is equivalent to an
increase in earnings of between 3 and 4%. There
was also an advantage from a larger movement of the
leading staples. The Western grain movement was
very much in excess of that of last year, and even in
the cotton movement some benefit inured in the way
of a larger traffic in the case of some of the roads,
though chiefly those in Texas. The shipments overland were 27,558 bales, against 15,869 bales, while
the receipts at the Southern ports were 160,420 bales,
against 100,747 bales. From the following table,
giving the details of the port receipts, it will be observed that more than the whole of the increase
occurred at Galveston and that, excepting Charleston
and Norfolk, all the other ports showed decreased
deliveries.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN AUGUST AND FROM
JANUARY 1 TO AUGUST 31 1910, 1909 AND 1908.
Since January 1.
August.
Ports.
1910.
Galveston
Port Arthur, dm
New Orleans
Mobile
Pensacola, dm
Savannah
Brunswick
Charleston
Georgetown
.Wilmington
Norfolk
Newport News, dm
Total
1909.
1908.
bales 120,363 48,233 129,810
475
242
11,685 13,706 13,098
892 5,651 7,020
120
100 2,908
15,496 23,675 22,601
267 4,728
598 1,932
4,631
142
502
6,869' 4,732
69
4,074
1,052
1910.
1909.
1908.
814,169 1,275,195 1,284,074
82,453
107,857 234,632
609,645 903,7271 937,522
85,503 148,004 120,330
59,315
95.580, 81,366
264,040 433,5931 406,760
39,817 107,138, 70,796
40,882
62,456
38,703
1,356
662
792
41,948 114,7471 132,704
179,833 210,660 196,816
4,438
15,444
7,269
160,420,100,747 184,504 2,251,070 3,602,532 3,356,624
Wheat arrivals at the Western primary markets
were on a greatly enlarged scale, notwithstanding the
reduced yield in the spring-wheat area of the Northwest. It is stated that the banks compelled early
marketing of the crop by refusing to make advances
on the same or to help those inclined to hold it for
higher prices. It must also be remembered that as
far as the spring-wheat crop is concerned, the hot
and dry weather experienced in July, and which so
materially curtailed the product, hastened likewise
the'early maturity of the grain. All the spring-wheat
points record decidedly enlarged deliveries; the few
primary wheat markets showing a falling off are those
receiving only winter wheat, such as St. Louis. For
the four weeks ending August 27 the wheat receipts
at all the Western primary points combined aggregated
36,469,443 bushels, as against only 23,988,808 bushels
in the corresponding four weeks of 1909. The oats
movement was, also on a greatly increased basis and
for the four weeks this year the deliveries reached no
less than 34,998,277 bushels, against 20,911,928
bushels in the same weeks of last year. In the other
cereals the additions were comparatively light. Still,
as showing what important benefits were derived from
the larger grain movement, we may note that when
wheat, corn, oats, barley and rye are combined, the
receipts for the four weeks of 1910 are found to aggregate 86,216,033 bushels, as against only 58,638,435
bushels in the corresponding period of 1909. The
following gives the details of the Western grain movement in our usual form.
620
WESTERN FLOUR AND GRAIN RECEIPTS.
Four weeks
Wheat.
ending
Flour.
Corn.
Oats.
Barley.
Rye.
(bush.)
Aug. 27. (bbls.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago660,448 11,197,000 6,413,500 22,175,000
1910
95,000
744,000
728,128 6,447,268 6,025,600 12,206,450
1909
372,000 103,500
Milwaukee- •
250,485
1910
1,339,050
63,420
474,600 1,250,100
403,000
1909
215,600
770,000
331,900
387,400
490,500
37,000
St. Louis1910
232,390 3,797,762
5,600
31,672
1,608,260 3,272,980
1909
274,810 5,019,462
10,400
26,063
1,983,890 2,632,420
Toledo1910
1,722,000
243,950 1,510,500
16,000
1909
1,137,800
1,110,000
219,900
500
48,500
Detroit1910
285,712
15,815
176,671
196,662
1909
167,269
308,986
22,786
265,853
Cleveland1910
9,613
1,309,410
237,526
173,505
7,740
1909
3,000
1,444,741
4,310
123,658
229,775
Peoria58,000
1910
348,881
1,275,890 2,784,935
20,900
171,800
1,496,223
24,000
1909
430,475
165,200
880,994
13,000
Dululh552,026
78,964
11,232
1910
23,493
58,810 2,456,503
151,242
259,762
82,558
232,299
1909
65,057
288,500
Minneapolis1,732,370
749,320 118,440
379,030
1910
7,508,250
549,750
832,000 130,240
391,770
3,459,730
1909
Kansas City598,300
1,081,200
7,685,800
1910
562,500
1,070,400
6,102,600
1909
Total of all1910
1,397,488
1909
1,699,334
Jan. 1 to Aug.27Chicago5,104,041
1910
5,133,510
1909
Milwaukee1,936,505
1910
1,819,308
1909
St. Louis1,668,380
1910
1,583,400
1909
Toledo1910
1909
Detroit144,477
1910
94,947
1909
Cleveland60,721
1910
37,408
1909
Peoria1,995,164
1910
1,244,878
1909
Duluth482,420
1910
2,104,345
1909
Minneapolis1910
1909
Kansas City1910
1909
'Vox, Lxxxxx.
THE CHRONICLE
36,469,443 11,870,090 34,998,277 2,521,559
23,988,808 11,533,797 20,911,928 1,780,542
20,141,700 57,445,200 67,605,800 15,745,400
16,342,266 55,934,621 56,351,076 14,624,893
4,937,470
3,383,705
5,168,930
4,443,000
356,664
423.360
672,500
762,500
7,253,750 7,200,293
5,414,100 5,678,600
499,810
556,900
11,402,182 16,695,912 14,339,415
920,965
12,037,900 15,181,650 11,485,965 1,711,000
204,862
153,607
2,912,000
2,336,400
2,750,600
2,151,100
2,752,400
1,911,200
696,792
893,537
1,543,310
1,505,957
1,422,796
1,323,634
437,926
350,857
3,590,311
3,161,095
3,548,378
4,682,565
847,234
928,780
4,655
89,150
104,900
64,951
252,238
7,242
10,337,376
9,059,877
9,758,897 1,387,312
5,541,196 1,685,000
274,500
197,000
13,705,579
6,182,025
687,321
1,050,533
4,979,669 4,619,172
1,571,763 1,806,067
331,139
104,216
55,263,060
35,172,780
5,702,721
3,651,516
9,247,018 10,570,258 1,039,140
6,138,220 8,099,194 820,455
25,020,350 11,733,050
19,476,800 7,196,360
1,000
2,837,500
3,650,000
Total 0/all11,391,708 135,364,293 115,654,731 123,745,623 40,501,351 3,118,343
1910
1909
12.017,796 97.105.050 103,335,709 98.069,719 33,861,647 2,700,578
As in previous months the Canadian Pacific leads all
others for amount of increase and indeed furnishes
a considerable portion of the total gain. The improvement for that company for the month is $1,774,000.
But the Canadian Pacific, in this respect, belongs in
a class. all by itself. The next largest increase is that
of the Louisville & Nashville, which has gained
$500,243. Next after that comes the Great Northern
with $291,442 increase and from that the gains taper
•
down.
In the following we show all changes for the separate
roads for amounts in excess of $30,000, whether
increases or decreases. We say decreases as well as
increases, but as a matter of fact there are no decreases running as large as $30,000; in truth there are
only two decrease of any kind among the 46 roads
contributing returns.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC, GROUP.
L
1910.
1909. _ 1908. _1907.
1905.
1_
1906.
I
1
---$
I
$
$
Canadian Pacific. 8,926,000 7,152,000 6,385,957 7,010,1771 6,170,452 4,796,734
737,340 776,9721 828,389 714,364
Chic Gt Westerns c1,046,606 c992,417
285,221
Duluth So Shore.. 346,095 308,376 222,549 333,1391 303,711
Great Northern... 5,849,354 b5,557,912 b4,460,472 5,742,6
4,099,099 3,972,540
276,9611 270,860 205,670 259,8931 256,207 231,638
Iowa Central__ __
Minneap & St L. 405,300 375,730 340,783 346,0091 347,939 326,084
Minn StP&SSM.a 1.998,7421 1 785 030 1,639,324 1 750 598 1,732,981 1,557,311
-------18,849,05316,442,32514,052,10116,219,41614,638,77811,883,892
Total
-* Includes Mason City & Ft. Dodge and the Wisc. Minn. & Pacific in 1910 and 1909.
a Includes Chicago Division in 1910, 1909.and 1908; for previous years we have
combined Minn. St. P. & S. S. M. and Wisconsin Central.
b Actual figures of earn:ngs are now used for compar,son.
c Fourth week not yet reported; taken same as last year.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
August.
-------
1905.
August.
1006.
1910.
1909.
1908. . I 1907.
------------------'--- -------$
$
$
$
$
I 768,64
3
743,622
806,561
616,523!
939,388 841,256
Buff Roch &Pitts
557,419 560,011
487,1471 556,50
601,119
529,890
:311"c Ind &Louisv
,
3r Trunk of Can)
Gr Trunk West) 3,885,049 3,879,409 3,483,7781 4,097,88 3,885.271 3,497,001
Det G H & Mill
I
Canada At1___ J
Illinois Central__ CS,105,185a5,10S,185 a4.662,6191 5,280,57 4,486,251 4,015,831
115,911
105,176
107,372
102,091
105,251
rol Peo & West..
122,734
343,025 321,449 401,338
900,985 387,801
361,231
roiedo St L & W
Wabash
2,723,454 2,624,168 2,376,979, 2,602,303 2,505,541 2,251,7M'
.._......_...._
H
T.,•,•1
1'1 ,
7.10 inn lq Agfl .111K 10 (MCI Mitt 1R 410 KIR 10 110A Oan 11 ilgc 7RC
a Embraces some large items of income not previously included In monthly returns.
c Month not yet reported; taken same as last year.
EARNINGS OF SOUTHERN GROUP.
August.
1910.
385,573
Alabama Gt Sou.,
Ala N 0 & T PN 0 & N East__
Ala & Vicksb.._
Vicks Shr & Pac
Atl Birm & Atl__
Cent of Georgia.._
Ches & Ohio__
Cinc N 0 & T P..
Loulsv & Nash.'
__
Mob.le &
Seaboard Air L__
Southern Ry____
Yazoo & Miss Val
c263,041
c130,944
c110,350
225.695
960,20
2,920,352
833,278
4,561,685
9.8,155
1.485,638
4,869,872
c755,437
August.
1910.
305,425
1907.
1906.
361,640
$
343,250
304,303
I
1905.
$
294,001
235,671
191,346
269,676
212,044
116,907
128,414
84,529
113,380
120,007
71,150
138,309
106,268
125,735
91,759
172,431
139,101
949,512 827,820
965,871
812,293
2,292,905 2,667,359 2,201,092 1,967,281
700,072
665,407
766,221
666,688
3,649,746 4,426,453 4,009,935 3,402,605
743.332 921,980 852,142 699,302
1,060,034 1,326,305 1,171,596 1,103,085
4,031,053 4,923,571 4,643,765 4,258,535
456,437
a637,6471 796,802 674,775
--------------Total
18,40,41816, 36,04614,769,30417,865,03216,144,45914,113,257
a Includes some large items of income not previously included in monthly returns.
b Includes Loutsv lie & Atlantic and the Frankfort & Cincinnati In 1910 and 1909.
c Month not yet reported; taken same as last year.
EARNINGS OF SOUTHWESTERN GROUP.
s
Colorado & So*.... 1,445,902
Denver & Rio Gr 2,180,600
Int & Great Nor.. 680,00
/410 Kans & Tex_ a2,221,798
Missouri Pacific., 4,757,00
960,694
St Louis & So W
Texas & Pacific_ 1,276,197
263,041
130,944
110,350
195,586
867,700
2,642,595
601,114
4,061,442
821,850
1,379,820
4,640,736
a755,437
1909.
-
a
1,371,971
2,022,100
619,000
2,179,360
4,576,000
854,155
1,174,208
1908.
1907.
1906.
$
$
1,114,73
$
1,269,881
1,764,400
580,458
2,200,770
3,907,886
807,100
1,071,902
2,120,26
589,334
2,288,414
4,670,229
937,49
1,250,730
1905.
-
s
956,281
1,107,34
1,805,605 1,690,261
614,210
519,889
1,940,862 1,722,633
4,275,722 3,809,031
831.804
718,876
811,721
1,119,35
Total
13.522.I9112.796.79411.002,39712,977,11011,996,89810,228,6b2
• Includes all affiliated lines except Trinity & Brazos Valley RR.
a Includes the Texas Central in 1910.
GROSS EARNINGS AND MILEAGE IN AUGUST.
Mileage.
Gross Earnings.
Name of Road.
1910.
1909.
s
Alabama Great Southern_
Atlanta Birm ec Atlantic.
Buffalo Roch & Pittsb___
Canadian Northern
Canadian Pacific
Central of Georgia
Chattanooga Southern..
Chesapeake & Ohio
1
Ches & Ohio Ry of Indf
Chicago & Alton
Chicago Great Western....
Chicago Ind & Louisville_
Cin New Onl & Tex Pac_ _
Colorado & Southern
Denver & Rio Grande
Denver Northw & Pac
Detroit SC Mackinac
Detroit Toledo & Ironton
-Ann Arbor
Duluth So Sh & Atlantic..
Georgia Southern & Fla_
PRINCIPAL CIIANGES IN GROSS EARNINGS IN AUGUST.
Grand Trunk of Canada..
Increases,
Increases.
Grand Trunk Western
*101,989
Canadian Pacific
*1,774,000 Texas & Pacific
Dct Gr Haven & Mllw
99,286
Louisville & Nashville_ _ _
500,243 Wabash
Canada Atlantic
98,132 Great Northern
Great Northern
291,442 Buff Roch & Pittsburgh
285,900 Central of Georgia
Canadian Northern
92,500 Internat & Great North_
277,757 Wheeling & Lake Frie
_
Chesapeake & Ohio
82,000 Iowa Central
229,136 Alabama Great Southern..
Southern Railway
80,148 Louisville & Nashville......
213,712 Colorado & Southern
73,931 Mineral Range
Minn St Paul & S S M_
181,000 Chicago Ind & Louisville..
71,229 Minneapolis & St Louts_
Missouri Pacific
172,162 Chicago Great West
Y65,196 Minneap St P & S S M......
Cinc New On & Tex Pac_ _
158,500 Internatl Great Northern..
61,000 Missouri Kansas & Texas
Denver & Rio Grande_ _ _ _
123,442 Missouri Kansas & Texas..
42,438 Missouri Pacific
Chicago & Alton
106,539 Duluth South Sh & Atl_ _ _
37,719 Mobile & Ohio
St Louis Southwest
106,499 Atlanta Birm & Atlantic_
30,109 Nevada-Cal-Oregon
Mobile & Ohio
105,818
Seaboard Air Line
New Orleans Mobile & Chi
Representing 26 roads in
Rio Grande Southern_ _ _ _
our compilation
65,461.827 St Louis Southwestern
y These figures are for three weeks only.
Seaboard Air Line
Southern Hallway
Texas ec Pacific
Toledo Peoria & Western
Toledo St Louis & West..
Wabash
Wheeling & Lake Erie._
To complete our analysis we add the following six
year comparisons of the earnings of leading roads
arranged in groups. It will be observed that in a
number of instances the 1910 figures are the very largest
ever reached. On the other hand there are also
numerous instances where the 1910 earnings do not
come quite up to the best previous totals.
1908.
1909.
Inc. (+) or
Dec.(-). 1910. 1909.
$
$
309
309
385,573
305,425
+80,148
642
661
+30,109
225,695
195,586
568
568
939,388
841,256
+98,132
1,093,000
807,100 +285,900 3,297 3,094
8,926,000 7,152,000 +1,774,000 10.276 9,426
+92,500 1.916 1,916
867,700
960,200
99
99
y4,456
+1,208
y5,664
2,920,352 2,642,595 +277,757 2.224 1,903
1,388,502 1,265,060
y784,191 y718,995
601,119
529,890
833,276
661,114
1,445,902 1,371,971
2,180,600 2,022,100
y91,460
• y99,209
104,920
109,450
y92,606
y118,168
172,944
180,962
308,376
340,095
y122,118 y116,955
998
998
+123,442
+65,198 1,487 1,476
618
616
+71,229
336
336
+172,162
+73,931 2,032 1,952
+158,500 2,553 2,552
214
214
+7,749
348
370
+4,521
+25,582
441
441
301
301
+8.018
593
+37,719
605
+5,163
395
395
3,885,049 3,870,409
+5,640 4,528 4,528
+291,442 7,129 6,961
+61,000 1,159 1.159
+6,101
558
558
+500,243 4,600 4,401
-10,071
127
129
+29,570 1,027 1,027
+213,712 3,570 3,423
+42,438 3,353 3,085
+181,000 7,170 6,488
+106,499 1,114 1,114
184
184
-5,100
403
403
+26,133
180
180
+215
+105,539 1,478 1,469
+105,818 2,995 2,997
+229.136 7,053 7,1)50
+101,989 1,885 1,885
248
248
+15,362
450
450
+18,206
+99,288 2,514 2,514
442
458
+82,0 0
-62,005,137 56,405,033 +5,600,104 81,879 78,874
5,849,354
680,000
270,961
4,561,685
63,944
405,300
1,998,742
2,221,798
4,757,000
928,355
1/25,779
a134,627
54,259
960,694
1,485,638
4,869,872
1,276,197
122,734
361,231
2,723,454
697,000
5,557,912
619,000
270,860
4,061,442
74,015
375,730
1,785,030
2,179,360
4,576,000
821,856
y30,879
a108,494
54,044
854,155
1,379,820
4,640,736
1,174,208
107,372
343,025
2,624,188
615,000
Total (46 roads)
Net Increase (9.90%)- - - Mexican Roads (not Inc luded In to tal)731,689
647,645
Interoceanic of Mexico_
9400,600 y448,900
Mexlcan Railway
+84,044 1.025 1,018
321
361
+50,700
136 6.108 _ 6.178
nciudes
Mexia These figures are to Aug. 27 only in both years. x Now
can International in both years. y These figures are for three weeks Only.
TS.. 1,r0i-still.,nn 4.
a 190 005
A
MA7 0
,
..0
3-Al2
621
THE CHRONICLE
SEPT. 10 1010.1
Distribution of the above three crops has b en as follows:
COTTON MOVEMENT AND CROP OF 1909-10.
Takings for ConsumptionNorth
South
1909-10.
Bales.
2,155,774
2,391,933
1908 09,
13( les.
2,838,205
2,573,524
1907-08.
Bales.
2,007,422
2,234,395
Our statement of the cotton crop of the United States for
4,241,817
Total takings for consumption
4,547,707
5,411,729
the year ending Sept. 1 1910 will be found below It will
Exports7,479,740
Total, except Canada by rail
6,216,226
8,457,693
be seen that the total crop this year reaches 10,650,961 bales, To
103,338
Canada by rail
110,772
124,385
while the exports are 6,326,998 bales and the spinners'
7,583,078
Total exports
6,326,998
8,582,078
1
1,632
41
takings are 4,547,707 bales, leaving a stock on hand at the Burnt during year
close of the year of 203,507 bales. The whole movement
Total distributed
10,876,337 13,993,848 11,8 24,896
Deductfor the twelve months is given in the following pages, with Cotton
225,376
165,002
243,007
imported, minus stock increase
such suggestions and explanations as the peculiar features
Total crop
10,650,961 13,828,846 11.581,829
of the year appear to require. The first table indicates the
In the above are given the takings for consumption. The
stock at each port Sept. 1 1910 and 1909, the receipts at the actual consumption for the same two years has been
1908-09
1909-10.
ports for each of the past two years and the export movement
Bales.
Bales.
387,603
727,707
for the past year (1909-10) in detail, and the totals for Northern mills' stocks Sept. 1
Takings a
5,411,729
4,547,707
1908-09 and 1907-08.
5,799,332
Total
5,275,414
Consumption-North a
2,343,726)
2,498,1011
for Year I
Receipts
Ending
Ports of
Sept..
14SePt. 1
1909.
1910.
Texas _ 2,802,8733,974,563
Louts'na 1,315,3282,093,232
Georgia.1,594,731 1,843,520
Alabam 255,665 393,911
Florida_ 198,70 217,189
So. Car_ 230,104 213,298
461,269
No.Car. 310,64
rginia 532,549 604,111
I*. York a40,706 a19,181
a14,363 a19,460
13 st2
1, It) __ a84,077 a102,938
a6,848
P11*. a2,581
1"d,d,c
is Fr_
a.,&c.
Totals
Ti Is yr_ ,442,3221
L: St yr
P
cc. yr
Exportsfor Year ending Sept. 1 1910.
Great
Britain. France.
Continent.
Total.
Stocks.
Sept. 1 Sept. 1
1910. 1909.
751,218 422,099 1,092,257 2,265,574 27,731
578,104 196,132 419,686 1,193,922 23,436
327,357 89,487 546,836 963,680 8,940
39,348 74,601
41,212 155,161
666
56,768 54,674
41,529 152,971
39
16,901
98,95
115,860
293
100,690
15,70
182,20 298,595
158
5,015
1,724
6,739
273
397,131 117,719 223,41
738,260 138,948
98,014
11,737 109,751 1,356
18,615
522
7,896 31,206
57,717
45,611
445
17,247
62,858
427
v110,772 111,199
60,169 60,169 -70th
34,542 34,542
37,296
39,571
22,655
2,619
1,019
573
6,796
69,471
3,210
1,702
875
-- - -
_
_
185,787
_
____ 182,787
2,435,199 978,3082,913,491 6,326,998 203,507
9,949,4703,545,410 1,065,961 3,970,7078,582,078
8,435,244 2,960,746 891,9883,730,844 7,583,078
__
a These figures are only the portion of the receipts at these ports which arrived
by rail overland ftom Tennessee, Arc. v Shipments by rail to Canada.
The foregoing shows that the total receipts at the Atlantic
and Gull shipping ports this year have been 7,442,322 bales,
against 9,949,470 bales last year and 8,435,244 bales in
1907-08, and that the exports have been 6,326,998 bales,
against 8,582,078 bales last season and 7,583,078 bales the
previous season, Great Britain getting out of this crop
2,435,199 bales. If now we add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern
consumption, we have the following as the crop statement
for the three years:
Year ending September 1.
1909-10.
1908-09.
1907-08.
Receipts at ports
bales_ 7,442,322 9,949,470 8,435,244
Shipments from Tennessee, dco., dlreot
to mills
816,706 1,305,852
912,190
Total
8,259,028 11,255,322 9,347.4-34
Manufactured South, not included above 2,391,933 2,573,524 2,234,395
Total Cotton Crop for the Year_ - Bales_
10.650,961 13.828,846 11,581,829
The result of these figures is a total crop of 10,650,961
bales (weighing 5,400,008,818 pounds) for the year ending
August 311910, against a crop of 13,828,846 bales (weighing
7,115,746,869 pounds) for the year ending August 311909.
NORTHERN AND SOUTHERN SPINNERS' takings
in 1909-10 have been as given below
bales_ 10,650,961
Total crop of the United States, as before stated
Stock on hand commencement of year (Sept. 1 1909)At Northern ports
bales
75,258
110,529- 185,787
At Southern ports
At Northern interior markets
11,548- 107,335
Total supply during the year ending Sept. 11910
Of this supply there has been exported
to foreign ports during the year
a6,216,226
Less foreign cotton imported and American cotton returned_ b
238,219-5,978,007
Sent to Canada direct from West
110,772
Burnt North and South c
1,632
Stock on hand end of year (Sept. 11910)At Northern ports
142,071
At Southern ports
61,436- 203,507
At Northern interior markets
•
6,671
Total takings by spinners In the United States for year ending
Sept. 1 1910
Taken by Southern spinners (Included In above total
Total talon by Northern spinners
10,848,296
6,300,589
4,547,707
2,391,933
2,155,774
a Not Including Canada by rail. b Includes 80,244 bales of American
cotton returned and 125,948 bales foreign, mainly Egyptian, equaling
157,975 bales of American weights. c Burnt includes not only what has
been thus destroyed at the Northern and Southern outports, but also all
burnt on Northern railroads and in Northern factories.
These figures show that the total takings by spinners
North and South during 1909-10 have reached 4,547,707
bales, of which the Northern mills have taken 2,155,774
bales and the Southern mills 2,391,933 bales.
South
2,391,933.14,735,659
2,573,52415,071.625
Northern mills' stock end of year _bales_ 539,755
727,707
- a Takings andeonsumption include 80,244 bales American cotton returned
and 157,975 bales foreign cotton (Egyptian. Peruvian, dcc.) in 1909-10 and
171.489 pales foreign and returned American cotton In 1008-09.
Consumption in the United States and Europe.
UNITED STATES.-The history of the cotton-manufacturing industry of the United States, and for that matter
of the world at large, for the season of 1909-10 contrast&
sharply with the one immediately preceding. In the natural
course of events the current twelve months presents, compared with its predecessor, a marked reversal. Recovery
from the panic of October 1907 was almost completed before.
the season of 1907-08 ended, and consequently, prior to the
close of the calendar year 1908, which included the first four
months of the cotton season of 1908-09, the American mills
were quite generally working full time. And that basis of
operations continued through the remainder of the season,
giving for the South a consumption the heaviest on record,
and for the North only moderately below and second to the
total for 1906-07.
At the opening of the season of 1909-10 our mills, therefore, as a rule were still working full time; but it was not
long before various influences served to force curtailment
-a tendency which progressed gradually but steadily until
now it involves in one way or another a considerable portion
of the country's spindles and looms. This curtailment in
production began at various points in New England in October 1909, being based upon the high cost of cotton in its
relation to the selling prices of goods, making more or less
progress during the fall and early winter. At Fall River
as well as at New Bedford, however, efforts to bring about
shortened running time, were at that time more or less
unsuccessful, as mills were supplied with cotton secured
at fair prices. But in February, with slackened demand for
goods made at the advanced quotation for cotton, curtailment was begun and has continued, broadening in every
section. At the South too high cost of the raw material
was instrumental in starting a reduction of production, but
not until April did the movement attain such proportions
as to materially affect the volume of consumption. In
April, however, an agreement was entered into by quite
a large number of mills in North Carolina under which
normal output was to be reduced at least one-third between
May 1 and Sept. 1, other mills joining in later, and on
June 12 the South Carolina Cotton Manufacturers' Association'
agreed unanimously to close their mills on July 2 and 4 and
for a week in July and August. The result of all this curtailment is 'manifest in the figures of consumption for the
season. On the other hand, the effect of the high prices for
cotton has been to stimulate discussion of the extension of
the sources of supply. The high prices, said Mr. Macara at
the International Cotton Congress in Brussels, Belgium, in
June, accounted for the world-wide depression in the cotton
trade, and should re-double efforts to encourage cottongrowing in all parts of the world.
The high prices for cotton, referred to above, which were
instrumental in starting and stimulating curtailment of production, were only in part due to natural causes. Early in
the season conviction was strong in many quarters that the
yield of American cotton would show a material decrease as
compared with 1908-09, but with a much larger production
anticipated in India and very large stocks, visible and invisible, carried over at the close of August 1909, no immediate
622
fears were felt as to -the adequacy of the supply to meet
spinners' requirements without encroaching too sharply
upon the surplus. But the belief in an insufficient supply
of the raw material was cultivated by an early and large
demand for consumption, both home and foreign—a situation which manipulative and speculative circles had already
used to boost prices above the average of recent years. The
Department of Agriculture's estimate of a yield of only
10,088,000 bales of 500 lbs. gross each, issued in December,
moreover, was of no little assistance, and before the close
of the calendar year 1909 middling uplands had been forced
Above 16c. per lb. in the New York market. On the basis
-of values ruling for the raw material, manufacturers could
not attempt to meet the views of buyers as to the value of
goods, and with a reduced demand curtailment was inevitable.
The commercial crop of the United States, as shown above,
reached the abnormally small total of 10,650,961 bales,
weighing 5,400,008,818 lbs. gross. This compares with a
yield (the record) in the previous year of 13,828,846 bales, or
7,115,746,869 lbs. gross. Consequently the latest crop,
obtained from an area slightly greater, was nevertheless 316
millions of bales less than in 1908-09. The crop, furthermore, is the smallest in any year since 1903-04, and, as indicating the futility of increased planting unless the weather
favors, actually less than in 1897-98 and 1898-99, when
acreage was over 45% below that of 1909-10. With a commercial crop of 10,650,961 bales and visible stocks of 1,454,022 bales, American cotton carried over at the close of
August 1909 the available supply (not including mill stocks,
which were quite large the world over at the end of last
season) for the year just ended is seen to have been 12,104,983
bales. Absorption,however, has been in excess of that total;
that is to say, consumption at home and abroad, including
the amount burnt or lost at sea, has reached an aggregate
greater than the available visible supply. At the same
time, however, the visible supply of American cotton on
Aug. 31 1910 was approximately 793,514 bales. Of cotton
other than American the combined world's visible stocks
were at the close of August heavier than on the corresponding date in 1909, but smaller as compared with years
back to 1904. The East Indian yield largely exceeded the
production of 1908-09, and in connection with increased
receipts from miscellaneous sources served in part to cover
the shortage in American and Egyptian cotton. The visible
supply of all varieties of cotton at the close of 1909-10 was
the smallest of any year since 1904 and, as already intimated, mill stocks quite generally were noticeably less than
at the end of the previous year. Still, and partly, of course,
as a result of reduced consumption, there was yet a rather
formidable stock in the world at the end of the season.
While, as already pointed out, the commercial crop of
1909-10 has been appreciably smaller than that of 1908-09,
or in fact of several other seasons, it stands as a record in
the financial return therefrom because of the high price
the producer received therefor. It is of course palpably impossible to fiK with absolute certainty the exact value of any
crop, no matter how extensive or exhaustive investigations
be made, but a close approximation to the truth can be
reached and a census can do no more. In the case of cotton
we have the official average export price as a measure of
value per lb., and as the greater part of our product is
exported, that price would seem to furnish an equitable
basis upon which to figure the aggregate value of the crop.
For the season 1909-10 the average prices of the cotton
exported has been 14.2c. per lb., and on that basis the value
of the 10,650,961 bales commercial crop is over 760 millions
of dollars. This compares with an export price of 9.4c. in
- 1908-09 and a value for the 13,828,846 bales yield of 669
millions; 11.4c., 11,581,829 bales and 673 millions in 1907-08,
and 10.7c., 13,550,760 bales and 7473 millions (the previous
record value) in 1906-07, But we get a better idea of how
very well the Southern planters have fared of recent years
by going back a little more than a decade. In 1897-98 and
1898-99, for example, the yield was in each instance greater
than in 1909-10, and yet the value of those crops, on the
basis of the average export price, was only 334 millions and
317 millions of dollars respectively—in each case much less
than half the return from the production of the latest season.
In the face of such comparisons, however, and encouraged
iVoL. Lxxxxi
THE CHRONICLE
by the results that manipulation has made possible, it is
claimed by agitators (certainly not by planters themselves)
that at current prices the raising of cotton does not offer
sufficient remuneration. At the recent International Congress at Brussels, in fact, a speaker from Mississippi stated
that the world must revise its ideas as to the value of cotton,
giving it as his opinion that the staple must advance to 15c.
per lb. (supposedly for middling uplands at plantation),
owing to increased cost in growing. Naturally his remarks
were received with pronounced incredulity. To argue his
proposition would be absurd. There are conditions, such as a
short yield of cotton and coincident active demand for goods,
under which cotton would be worth more than 15c. Just as a
very full yield would cause a very material decline in prices.
By manipulatory tactics prices can and have been unduly
lifted or depressed temporarily, but in the long run the laws
of supply and demand control. Of late years the values of
almost all commodities, cotton with the rest, have quite
appreciably advanced, but the rise has in the main been the
result of natural causes and not arbitrary dictum.
To the manufacturers of cotton the season has been, it is
needless to say, a very unsatisfactory one. Not only, as
already intimated, has there been an important curtailment
of production, but with prices for goods failing commensurately to meet the advance in cost of the raw material, the
margins for profit have been very measureably reduced.
Friction with labor at times caused more or less uneasiness,
but there has been no concerted movement that culminated
in any widespread difficulty. At the opening of the season
trouble threatened at New Bedford; an amicable adjustment was reached, however, and small strikes at Fall
River that followed the putting into effect of the new
56-hour law in January were quickly settled. Under the
working of the automatic wage scale at Fall River the
manufacturers were entitled to reduce operatives' compensation by nearly 9% in November, but the right was abrogated.
Dissatisfaction with the wage agreement, however, began to
develop a little later on, and on Feb. 16 the five labor organizations of textile operatives voted to withdraw from it.
Subsequently tentative forms of a new agreement were
submitted by both sides: that of the operatives proposed
to raise the minimum price for weaving a cut of printing
a yards of 28-inch 64x64s being the standard
cloths (473/
length) from 18c., as in the old agreement, to 19.66c.,
reducing at the same time the margin upon which it should
be based from 723 points to 673/ points. Furthermore,
the maximum rate was to be advanced 2.07c. per cut (to
26.03c.), the margin being unchanged. This advance of
from 8% to 10% the manufacturers were unwilling to concede
and submitted a plan which covered a small advance.
Thus matters stood until at the close of the season, with the
prospect of no action being taken in the,immediate future.
As of interest in this connection, we append a compilation
showing the course of wages at Fall River the past thirtythree years, omitting years in which no changes were made:
Wage
Wage
Wage
per cut.
per cut. Year.
per cut. Year.
21.78c. 1907____121.78C.
119.63c. 1902
123.96c.
19.80c.
121.00c. 1903
17.32c. 1908 ____123.960.
18.000. 1904
1893
119.66c.
J17.320.
16.00c.
1894
19.66o.
18.00c. 1905 __118.000. 1909
1895
19.66o.
18.00c. 1910
16.000. 1906 _
1898
121.78c.
1899 ____J18.00c.
119.80c.
Note.—The recognized standard length of a 28-Inch, 64x64. cut of print
Is
473
cloth
yards. woven In an ord nary 32-Inchloom or less.
Year.
1877
1878
1880
1884
1885
1886
1888
Wage
per cut.
19.00c.
18.00c.
21.00c.
18.50c.
16.50c.
18.15c.
19.000.
Year.
1892
The current wage scale, it will be noted, while lower than
that which ruled in 1903 and from May 1906 to May 1908,
inclusive, is above the average compensation of earlier
years.
The printing cloth situation at Fall River calls for no extended comment. That class of cotton goods in common
with all others felt the stress of reduced production entailed
by high cost of raw material. At the opening of the season
full production was in progress, but manufacturers were unwilling to book orders far ahead on account of the uncertainties with regard to cotton. But with that qualification, demand was quite active during September and October, at
first on the basis of 3%c. for 28-inch 64x64 cloth, advancing
4c. on Sept. 21 and to 4c.
on Mr. M. C. D. Borden's bid to 33
on October 16. November and December were less active
on the high cost of cotton, and January found trade comparatively light, notwithstanding that Mr. Borden was
again in the market, bidding 4%c. on Jan. 6 and 43c. the
following day, without securing any important amount.
February was a quiet month and March also, in the main
623
THE CHRONICLE
SEPT. 10 1010. I
ber. Concerted action was not taken, however, until April,
when associated mills in North Carolina running upwards of
a million spindles entered into an agreement to stop nightwork and reduce output by one-third, inviting other mills
not in the organization to join in the movement. Later on
the South Carolina Cotton Manufacturers' Association resolved to close their establishments on July 2 and 4, and for
one week in July and one week in August. Thus a marked
curtailment of the normal production of goods by the spindles and looms of the South has been effected, although, due
to the new machinery started up during the season, the decrease in consumption has not been as great as would otherwise have been the case. Labor troubles have, of course,
cut no figure in the operation of Southern mills in 1909-10.
It is a fact worth noting that the last four seasons have presented quite contrasting conditions in the cotton-manufacturing establishments of the South. 1906-07 was a period of
great activity, from which there was a transition to comparative dulness and a decrease in consumption in 1907-08. The
following season (1908-09) witnessed a return to virthally
normal conditions of operating, and this, with the augmentation in number of spindles, meant a consumption greater
than ever before. In the year just closed, however, we
again have a decreased use of cotton, consumption having
been not only less than in 1908-09, but smaller than in
1906-07, notwithstanding the noticeable expansion in spinning power in the meantime. And this decline is traceable
entirely to the inordinately high prices for the raw material.
Expansion of spinning capacity in all cotton-manufacturing centres of the South continues to be a feature of the development of the industry there. The occurrences of the
of 1909-10 had a somewhat deterrent effect, but, being
season
-FISCAL
ES
MANUFACTUR
COTTON
DOMESTIC
EXPORTS OF
YEARS.
in character, are not calculated to act as a
exceptional
very
1906-07.
1907-08.
1908-09.
1909-10.
Exports to$1,601,938 *1,513,429 $1,784,190 $1,833,100 real check upon cotton-mill building. What more natural
Europe
1,731,338
1.469,550
1,845,636
2,698,919
Canada
3,551,944 than that the extension of cotton manufacturing in the
3,295,276
4,310,464
4,067,672
West Indies
2,219,216
2,078,011
2,166,052
2,219,550
be largely in localities adjacent to the
Central America
3,542,028 United States should
2,454,954
2,586,880
2,877,697
South America
5,933,678 sources of supply of the raw material. Every advantage in
3,390,498
8,140,900
5,909,364
Chinese Empire
14,021,957 11,315,205 10,705,279 13,494,108
All others*
that respect rests with the South, and consequently as long
133,397,097 $31,878,566 $25,177,758 $32,305,412
Total year
markets can be found to absorb the output of the mills,
as
$16,672,148 $14,135,854 $12,450,429 $18,431,779
First six months
$16,724,949 $17,742,712 $12,718,329 $13 873 633 there is likely to be no appreciable let-up in the erection of
Second six months
• Includes in each year value of exports of yarn, waste. &o., not stated
cotton factories. It is not alone in centres of manufacture
by countries.
The foregoing carries no lesson unless it be that, if manu- that the tendency is shown. As time passes, every progresfacturers harbor expectations of permanently extending their sive hamlet desires a cotton mill, and eventually gets it.
outside marketsfor cotton goods, it must be along lines similar These facts being before us, we are prepared to learn from
to those followed by other cotton-manufacturing nations. our investigations that even in 1909-10 a number of new facplants were further exGreat Britain, for instance, has built up an export trade in tories began operations; that old
new mills is imminent,
other
of
completion
other
the
that
all
tended:
of
total
the
cotton goods approximately equaling
way, and that plans
countries combined simply by studying to meet and catering or that construction work is well under
or are under conadopted
been
s
have
establishment
other
for
serve.
to
desires
it
whom
those
of
wants
and
to the tastes
furnished
the
information
years,
former
in
As
to
sideration.
conducive
Developments of the season have not been
important extensions of the cotton-manufacturing industry to us by the mills covers spindles and looms working or idle
here or elsewhere, but,. looking to the future, the spinning during the year, including new mills started and addicapacity of the mills of the United States has been mod- tions to old plants; also the actual consumption for the
erately increased, and further additions are under way or season, stated in bales and pounds, the average count of
being considered. At the North, greatest activity in mill yarn spun and complete details as to new mills in course
construction or extension of late has been at New Bedford, of erection or projected, beside contemplated extensions of
inforbut some activity is to be noted at Fall River, Lowell and a existing establishments. In fact, practically all the
cottonof
the
review
e
comprehensiv
of
new
number
mills
have
needed
a
South
mation,
inla
few other points. At the
The aggregate of our
started up during the year; there has also been a considera- manufacturing industry of the South.
is as, follows-all
States,
by
and
arranged
s,
returns,
establishment
older
detailed
of
capacity
ble addition to the
season and are not
other factories are approaching completion. With curtail- mills that have been idle throughout the
to our usual
ment of production in progress almost everywhere during expected to resume operations are, according
the
spinning
from
statement:
excluded
custom,
increased
the
some part of the season, however,
power of the mills is in no sense reflected in the figures of
Consumption.
Number of
Averconsumption. On the contrary, both North and South less
Av'age
age
Spindles.
Southern
Our
1908-09.
in
Pounds.
Net
Looms No. Bales.
cotton was consumed in 1909-10 than
Stales. Mills
117'01.
Yarn
Run.
Running.
Active
usual statement of spindles in the United States is as follows:
with the quotation ranging between 4c. and 43sc. most of
the time. An incident of early March was the purchase by
Mr. Borden of about 5,000 pieces 28-inch 64x64s, 7 yards to
the lb., at 4c. During April, May and June and early
July the market was inactive, as a rule, with the price ruling
at 4c. nominal. About the middle of July, however, demand improved and the reduction of the price of standard
64x64s to 3Vic. on July 25 served as a stimulus to trading.
At the last-named quotation, the market ruled to the close
of the reason, with a fair volume of business transacted in
August. The aggregate year's trade, both as regards quantity and margin of profit, has, however, been disappointing.
Very little of an encouraging nature is to be found in the
results of our cotton-goods export trade for the season of
1909-10. The total shipments, it is true, as expressed in
quantity, were not only less than in 1908-09, but much
smaller than in 1905-06 or 1904-05. Due to the higher
average prices received, however, this year's aggregate value
is approximately 13/b millions of dollars greater than last
year, while recording important declines from the other two
years mentioned above. Comparing the details of 1909-10
with those for 1908-09, the only noteworthy expansion we
find is in the exports to our Pacific Island possessions (the
Philippines), although gains are also shown in the movement
to Canada and Turkey. On the other hand, an important
loss of trade with China is to be recorded, and shipments to
the West Indies, Central America, Arabia and Australia
have been noticeable less. Without further comment, we
append a compilation showing the value of cotton goods
exports for each of the last four years, and at the foot of the
table give the total for each six months:
SpindlesNorth
South
Total spindles
1908-09.
1909-10.
17,400,000 17,000,000
11,236,430 10,780,308
1907-08.
16,300,000
10,451,919
1906-07.
16,200,000
9,924,245
27,780,308
26,751,919
26,124,245
28,636,430
Southern cotton mills have done somewhat better than
those at the North so far as volume of consumption of the
raw material is concerned, but there the advantage ends,
the high cost of the raw material serving to hold down profits and force resort to short-time or complete stoppage of
operations. The season opened, as it did at the North,
with the establishments practically upon a full-time basis,
and a number of new mills operating or getting ready to
start up. It was not long, however, before the incubus of
high-cost cotton began to make itself felt, with the consequent discussion of resort to curtailment. Some Of the largest mills in South Carolina, in fact, closed down or shortened
production early in October, and were followed by factories
in virtually every other Southern State in increasing num
35,336,044
72.905484.68
301,001 8,694 16
329,004
Virginia _ 14
706,427 471.88 333.347,944
No.Caro. 292 3,174,516 2,909,056 50,979 19
671,122 469.48 315.076,769
So. Caro 145 4,019,140 3,890,714 88,427 24
524,617 173.21 248,275,045
Georgia _ 139 1,939,492 1,785,621 35,069 20
Florida_
228,031 481.20 109,728,433
947,352 878,820 15,853 18
Alabama. 61
29,688484.70
14,389,843
120,71k 3,586 19
177,298
Missis'ppl 19
8,729106.32
4,070,777
544 133.4
32,600
88,600
3
Louisiana
38,007 498.57
18,949,345
90,564 2,331 15
112,780
Texas _ _ 16
812492.95
407,516
16
14,324
2
Arkansas
73,894 483.40 35,721,927
293,588 276,252 4,391 20
29
Tenn_ _
13,488 489.85
6,607,292
886 13
40,400
40,400
3
Missouri_
21,325485 44
10,352,110
89,540 1,512 15
94,136
7
Kent'ky_
2,889490.11
8
1,415,938
5,800
5,800
1
Okla _
_
1909-1 731 11,236.430 10,435,083 212,272 2031 2,391_933473.96 1,133,678,983
1908-0
727 10,780,308 10,370,333 214,716
20%2,573,524 178.75 1.232,077,174
1907-0
717 10,451,910 9,861,198205,478
20
2,234,39 477.55 1,067,010,962
1902-03 594
7,039,633 6,714,589 153,748
19M 2,049,902479.85 983,649,984
391
3,670,291 3,574,751 91,829
184 1,227,939470.04
1897-9
577,186,180
Note.-Much new machinery has been put in operation within the past few
months, increasing the number of spindles appreciably without affecting eonsumntion to a material extent. -
624
THE CHRONICLE
[VOL. Lxxxxi.
-These returns indicate that in practically every State settlement in the cotton trade of Europe, especially as they
there has been a decrease in the volume of consumption, seemed to threated the financial stability of some important
the decline from 1908-09 being greatest in North Carolina, houses in Great Britain and on the Continent. It is essential
which, however, continues to be the banner State in amount to those concerned on both sides of the Atlantic that a modus
of raw material used, as it is in number of mills. In spindle- vivendi be arrived at which will render the existence and sale
age South Carolina still leads by a pretty wide margin, but of spurious documents of that kind impossible in future.
constimes less cotton as a finer average count of yarn is
The seventh congress of the International Federation of
produced. The net result for the season in all the Southern Master Cotton Spinners' and Manufacturers' Associations
States is a falling off in consumption of 181,591 bales, or was held in Brussels in the second week of June. In re98,398,191 pounds, making the 1909-10 aggregate 2,391,933 viewing the year's work it was stated that since the last
bales, and contrasting with 2,343,726 bales at the North, congress India, Denmark and Sweden had become members,
or an excess of 48,207 bales for the newer field. Going over and that, while there were still a few countries not yet
in detail the returns at hand from the South, we learn that affiliated to the Federation, there was no important country
9 old mills, with 37,696 spindles, have ceased operations which did not co-operate with it. Reports of the continued
and 13 mills running 118,188 spindles have started up since efforts to further cotton cultivation in various parts of the
the close of the season of 1908-09, making a net gain of world were received and the congress placed upon record its
4 mills, or 80,492 spindles, in 1909-10. The extension of earnest conviction that it is of vital interest to the cotton
industry of the world that these efforts should be increased
capacity of the mills in the season just closed is not, however,
by practical support from the various governments and
fully expressed by that total, as the equipment of old mills
others whose interest in a free supply of the raw material
has been augmented by the addition of 375,630 spindles.
are vitally at stake, and it was urged that a delegation from
Therefore the aggregate net gain for 1909-10 has been the congress
should visit India and place themselves in
456,122 spindles.
communication with the officials of the Government AgriFurther expansion of the cotton-manufacturing industry cultural Departments, with
the object of improving cotton
at the South may have been held somewhat in abeyance by cultivation and of promoting
the more extensive establishthe developments of the past season. Information we have ment of co-operative credit
societies and seed farms.
received, however, within the last few weeks demonstrates
Other matters before the congress included damp in cotton,
clearly that important growth is still in progress. There fire insurance, baling
of American cotton and protection
is no tendency more distinctly defined at the South than to against spurious bills of
lading; but the dominant note
build cotton mills. The Atlanta Exposition gave new im- throughout the meetings
was unquestionably the necessity
petus to the tendency by drawing attention to the many of increasing the sources of
supply of the raw material,
advantages the South had over other sections as the place to European consumers becoming alarmed,
not without cause,
locate cotton mills,and capital has done and is doing the rest. at the rapid increase in the
off-take of American and Canadian
Now every progressive community gets at some time or mills, which to-day are
responsible for something like 40%
other the idea that its happiness will not be complete until of the American growth, as
against not more than 25%
it has a cotton factory and in most cases it only requires fifteen years ago.
time to witness the fruition of its desires. That being the
It may be mentioned here that the progress made by
case continued and considerable expansion is to be expected Germany in the promotion of
cotton-growing in Togo and
in the near and distant future. As to the present situation, East Africa is decidedly encouraging.
In Togo the yield
quite a number of mills are being built and equipped, of resembles the American product, and
averages good middling
which 5, containing 46,000 spindles, should be in operation in grade, and is of very good staple; while
from Kilwa, Lindi,
before the close of the calendar year 1910, and 14 other mills, Sadani and the hinterland experiments
made with Egyptian
with 149,000 spindles, promise to be turning out goods or seed have proved highly
successful.
yarns prior to the end of August next. Furthermore, addiGreat Britain.—Concluding our review of the cotton trade
tions to the old mills actually being made or in contempla- of Great Britain last season
we remarked: "The season closes
tion cover some 170,000 spindles, so that in the aggregate as it began; with the
trade working at a loss, and with
the prospective augmentation in capacity within the next forward orders on the books
the lowest for many years past,
twelve months should be about 365,000 spindles. The both spinners and manufacturers
remain apathetic, even
foregoing remarks do not embrace any projects yet in a with the prospect of seriously
reduced crops and threatened
formative stage, of which, needless to say, there are many scarcity of supplies during the coming
twelve months."
that will eventually prove to be going concerns. Of one fact Verification of this is to be found in
the fact that as early as
we can feel assured,and that is that so long as progress in the the third week in September a mass meeting
of cotton emcotton-manufacturing industry continues in the United ployers was held in Manchester, at which a unanimous
States,the greatest advance hereaftbr will be at the South. decision was come to "that short-time should be
continued
EUROPE.—A careful study of the detailed reports re- until the middle of November by closing the
mills on Saturceived throughout the season 1909-10 reveals a period of day and Monday in each week," and nothing
could better
depression in the European cotton industry a parallel to illustrate the deplorable state of the
industry throughout
which cannot be found during the past quarter of a century. this season than the fact that the vask.majority
of spindles
Its commencement found both spindles and looms running in Lancashire never resumed full working,
while a consideron short-time, with a marked scarcity of forward orders, able proportion were entirely shut down
many weeks before
due to high prices and the unsatisfactory general trade out- its close.
look, and when to existing difficulties was added the shortThreatened, as the prosperity of the trade has been during
ness of the American and Egyptian cotton crops, which the past two years, by insensate
over-building and overmaterially reduced prospective supplies, not only spinners production, the climax was reached in the shortness of the
and manufacturers, but everyone engaged in the cotton American and Egyptian crops, which, reducing available
trade, had to face a crisis which has entailed heavy losses supplies, forced values to an average level unknown .to the
everywhere and involved many concerns in insolvency. present generation and resulted in a wholesale curtailment
With the average price of cotton higher almost than within in the world's consuming power for which the trade at large
living memory, with a continued lack of demand due to was totally unprepared. Owing to widespread speculation,
bad trade, and the long-drawn-out effects of over-production values reached their highest level during the first four
and over-building of mills and manufactories, a remunerative months of the season,and,when the inevitable reaction set in,
margin for products was at no time obtainable, and the manufacturers who had been forced into making contracts
whole industry was forced upon short working and a re- in anticipation, in order to keep their looms working,
refused
stricted output throughout the entire season.
to take delivery, yarns accumulated on spinners' hands,
A record growth of East Indian cotton afforded some and, with bankers calling in loans, fearing the effects of
the
slight relief, more especially to Continental spinners, who abnormally high prices, numerous failures of spinning confell back to a large extent upon the coarser counts; but cerns were recorded.
paucity of demand, both internal and external, rendered
In May labor troubles were threatened, owing to the
profitable working well-nigh impossible. Exceptional causes Master Cotton Spinners' Associations demanding a
5% rewhich have added to the gravity of the situation in the duction of wages, which was met by a firm
refusal on the
various Continental countries are fully dealt with in our part of the men. A conference was held
and a deadlock only
season's reports which follow.
avoided by a three months' postponement of the whole
The frauds perpetrated during the season through the question. Happily,
when the conference was resumed in
instrumentality of spurious bills of lading also caused un- July,a solution was arrived
at whereby it was agreed that
SEPT. 10 1910.j
THE CHRONICLE
625
from this, and so have not suffered to the same extent as
spinners; but even so the demand for goods was dragging
and unremunerative. All the mills have run short-time, and
little hope is entertained of an early improvement unless the
raw material can be bought cheaper.
In France the demand has been slow, and the results of
business for both spinners and manufacturers unsatisfactory.
At the beginning a fairly healthy inquiry was experienced,
and, though the prices obtained left but a narrow margin,
it was hoped that conditions would improve as the season
advanced. With the rise in the price of the raw material,
however, the demand slackened, and after contracts made
ahead had been worked off, yarn orders could only be
booked at a loss, and these only in restricted quantities,
owing to the poor demand for manufactured goods, buyers
refusing to pay the increase in price demanded, notwithstanding that the rise asked for in no way corresponded to
that experienced in raw cotton. Spinners and manufacturers have worked short-time, and in some instances
weavers passed over to the wool and linen business, in which
branches of industry there was a better and a more remunerative demand.
In Russia the condition of the industry has been fair.
For the first part of the season mills were kept employed on
contracts made ahead on a fairly satisfactory basis, but later
the demand fell away as prices advanced, and short-time
had to be resorted to. Weavers were handicapped by the
mild weather and bad condition of the roads. The out-turn
of the Asiatic cotton crop was very good, and about half the
quantity needed by spinners was supplied by cotton grown
in Russian dominions (including Bokharan, Caucasian and
Persian cottons).
In Holland and Belgium the high prices have had an
1007-08.
1908-09.
1909-10.
219,733,000 adverse influence on the industry. The demand for cotton
188,635,000
178, 86,000
Yarns, pounds
5,387.707,000 4,920,948,000 5,380,059,000 goods for both home consumption and for export has been
Piece goods, yards
of 9,749,000 pounds, as com- slack throughout. Offers were placed with difficulty, and
yarns
in
decrease
a
Showing
pounds below 1907-08, at unremunerative rates, which caused many weavers to
40,847,000
and
year,
last
with
pared
of 446,759,000 yards turn to the manufacture of linen goods. Mills worked
increase
an
show
goods
piece
while
sees the industry in
compared with last year and of 7,649,000 yards compared short-time, and the end of the season
Holland practically at a standstill, owing to a labor dispute.
with the year before.
In Italy the conditions have been most unfavorable.
The European Continent.—As will be gathered from the
on hand, entered
following reports, the depression under which the cotton Wholesalers, having heavyandstocks
would only buy at prices
industry started the season continued, and became more the market but sparingly,
rs a considerable loss.
intensified as it advanced. The main cause has undoubtedly that left spinners and manufacture
the Italian Cotton
been the high cost of the raw material and the consequent In order to cope with the crisis,a syndicate for Indian
increased price of the manufactured article. The lessened Spinners' Union succeeded in forming relieved to no incondemand for goods, though this to some extent was accentu- cotton to regulate the output, and so
industry.
ated by a change in fashion to linen and woolen materials, siderable degree the position in this branch of the for the
proves that the ultimate cost has a very vital influence upon An attempt was also made to form a syndicate
being very
demand, especially when at the same time the spending American cotton section, the over-production organization
power of the people is reduced by unfavorable harvests, serious. It was intended to have a financial
an increased cost of living and strikes and lockouts in many which would take over the excess output, but this proved
impracticable, the conditions in the various localities differof the great industries.
however, a looser form of
In Germany, in consequence of the high price of the raw ing so widely. In February,
the members of which represented
material, intensified by wide and erratic fluctuations, the organization was formed,
Statistics of output were pubindustry has experienced a period of depression the worst on over three million spindles.
was regulated according
record. The mills, almost without exception, have been com- lished at intervals and production
to some extent from
pelled to run short-time, as instead of the hoped-for revival, to the demand. The mills benefited
prices obtainable left
the demand became less and less, sales were most difficult this arrangement, but even then the
to make, and at no time were the prices obtainable on a much to be desired.
In Spain the condition of the industry has been worse than
basis of those ruling for the raw material. Spinners especially suffered from the unremunerative business, as weavers, ever, the demand continuing small and at prices altogether
Not only
even though they offered goods, in order to keep their out of proportion with the high cost of cotton.
operatives together,on a parity below that ruling for cotton, has short-time been run, but a large number of mills shut
found it difficult to make sales, as wholesale dealers, owing down altogether from time to time as contracts ran off, the
to the restricted demand from consumers at high prices, only loss being less than working into stock.
In other cotton-consuming centres of the Continent the
operated from hand to mouth. The lessened demand for
prices has
cotton goods also has been partially due to a change in same lack of demand for cotton goods at high
put through
fashion which favored woolen and linen materials for been experienced, and business could only be of English
the import
ladies' wear. The hosiery branch of the industry was un- at a loss to producers. In some cases
spinners, while weavers
favorably affected by the new United States tariff, which yarns aggravated the position ofe of a change in fashion
advanced the duty on cotton hosiery 20 to 25%; but how labored under the disadvantag
of cotton goods.
far the present lessened demand from the United States which called for less production
From the above reports it will be seen that the past season
is due to the accumulated stocks purchased under the old
on record, and, while
tariff, how far due to general trade conditions there, or to has been one of the most unfavorable
sign of any improvement, it is
what extent the exports will ultimately suffer, it is at present at the moment there is little home
harvests and increased
impossible to say. Since the beginning of January working hoped that more plentiful
and, last but not least,
hours have been legally reduced from 65 to 58 hours per activity in other leading industries,
a decline in the cost of the raw material will insure the muchweek.
cotton trade.
The interest in cotton growing in German African colonies needed and ardently wished revival in the
and elsewhere is as large as ever, and in October, at a conThe foregoing review of the spinning industry of Great
ference held at the Imperial Office in Berlin, the delegates
of the various cotton-manufacturing combinations passed Britain and on the Continent of Europe in 1909-10, which in
a resolution to effect an agreement on the part of the firms an interesting mid succinct manner points out the varying
represented by them to contribute annually for the years phases of the situation, is furnished by Messrs. Ellison Sr
1910, 1911 and 1912 a sum equal to 10% of the amount of Farrie of Liverpool. Taken in conjunction with our remarks
premiums paid by each firm for accident insurance of its on the situation in the United States, presented further
employees towards the support of the Colonial Committee for above, it covers quite fully the countries of the world that
Cotton;Growing Promotion.
take chief important rank in cotton manufacturing.
In Austria business has continued most unprofitable. A
We should fail to comprehensively trace the world's progreduced export and a lessened home demand, owing to the
if we did not
unsatisfactory grain . crops, which gently enhanced the ress in cotton production and manufacture
to a number of other countries that
cost of living, made it impossible for spinners to sell yarns make some reference
the industry although of lesser imexcept at serious losses, and as, with the increase in the are growing factors inor manufacturers of goods. We use
number of spindles that has taken place during the last year portance as spinnerscases so far and for as late periods as it
or two, the mills are capable of producing more yarns than, official data in those
and present below the results reached giving
at high prices, there is a demand for, there was keen com- can be obtainedconsumption
of each manufacturing country
petition for the small business offering, with the result that (1) the cotton four years and also the total, annual and
prices, already below the parity of the raw material, were for a period of
; (2) the world's production of
still further depressed.11Weavers gained some advantage average weekly consumption
the existing scale of wages should obtain for five years,
both sides agreeing to formulate no further demands during
that period.
Regarding British cotton growing, at a recent meeting
of the Association it was reported that further grants
from the Government and the Lancashire County Council of
£10,000 each had been made, that a further sum of £150,000
was being raised, and that seven more pioneer gins and buying stations would be established. On the whole, the progress made by the Association was very encouraging.
The year's textile trade with Japan was on the whole
most disappointing. It had been confidently hoped that an
appreciable improvement over the unprecedented falling off
of the previous season would make itself felt; but these expectations were not fulfilled. There is some consolation
in the knowledge that stocks have at length been largely
reduced, but prices are still a long way below replacing cost.
The Consular report states that, had Manchester prices not
risen so high, it is possible that much better business might
have resulted, but Japanese buyers were deterred, owing to
the low prices to which domestic goods had fallen, due to
the crisis through which many of the weavers passed in the
autumn; and the dealers in imported cottons contented
themselves,therefore, with doing a hand-to-mouth business.
In view of the proposed change in the Japanese tariff,
involving a definite step towards high protectionism in
the home market, it is feared that a further curtailment in
exports will be inevitable.
The export pf yarn and piece goods for the eleven months
ended July 31 (August figures not yet being available), as
compared with the same period during the two preceding
seasons, was as follows:
626
THE CHRONICLE
cotton (commercial crops) for the same years and (3) the
spindles in all manufacturing countries from which we can
obtain reliable information as they stand to-day compared
with like results in former years.
In India the country next in importance to Europe and
the United
'States, according to the information at hand,
there has been a moderate check to cotton consumption.
Japan, also, so far as we can gather from recent advices,
has used less cotton in the season just closed. Its takings
from the United States have been very much smaller than
in the previous season-less than half-but the deficit has
been made up largely by increased imports from India. In
both these cases high prices account for the falling off in
consumption. In fact that is the explanation the world
over. For Mexico and Canada we are forced to adopt the
imports into each country as a measure of consumption;
in the case of the former no recent statistics covering home
yield or mill operations have been obtainable and Canada
has no source of supply other than through imports. No
statistics of value can be secured from China or Brazil.
"Other Countries" consequently include exports of cotton
from the :United States and Europe to localities other than
those specifically mentioned in the table; also the cotton
burned or lost at sea. The compilation appended therefore
embraces substantially the entire distribution or consumption (expressed in bales of 500 pounds net weight each) of
the commercial cotton crops of the world, and the degree in
which each country has participated.
VoL.
In the above we use estimates furnished by Messrs. Ellison
Farrie for Great Britain and the Continent, revising previous years' figures from later obtained informatiOn. The
results for the United States are, of course, our own figures,
and those for India are taken from the official reports of the
Bombay Mill-owners' Association, except that the latest
total is an approximation. Japan's aggregates are officially
communicated, China's figures are compiled from Consular
reports and for Canada and Mexico the totals are in part
estimated
As indicated by the volume of exports, Great Britain's
trade in cotton goods with foreign countries has increased
moderately during the year, but almost wholly in consequence of heavier shipments to India. Takings for North
and South America, however, have also been greater than
a year ago. On the other hand, dealings with China have
been appreciably less than in 1908-09 and the outflow to
Mohammedan points have been a little below those of the
previous year. The net result for the year is a gain of about
534% in British export trade in cotton goods, as compared
with 1908-09, against an increase in that of the United States
of 4%%. The statement of exports (reduced to pounds) by
quarters for the last two seasons is subjoined. These years
end with Sept. 30 and consequently the last two months of
the fourth quarter of the current season are estimated on the
basis of the July movement. Three ciphers are omitted.
'GREAT BRITAIN'S COTTON GOODS EXPORTS FOR TWO YEARS.
----1909-10----PfeceGoods. Total. al'arns. PieceGoods. Total.
(000s omitted.)
Pounds. Yards. Pounds. Pounds..Yards. Pounds.
1st quar.-Oct.-Dec____ 59,873 1,461,813 342,576 50,149 1,223,012 287,026
2d guar.-Jan.-Mob__ 54,613 1,443,091 334,806 60,545 1,347,674 321,879
3d quar.--Aprii-June„ 51,661 1,421,068 327,377 59,813 1,314,781 313,875
4th quar.-July-Sept_b_ 60,000 1,575,000 362,000 64,774 1,598,001 373,565
IP -4., '
i
LI
vo, •a ,.?-ft1.
cola,
aip ,E ,,
WS' NEm
Skirtings,
, Per Piece.
I
F. 711 <a .41 oo oo -..a co 0. oo ..1 oo
0. 1 mfd.rip.
d
io;-. 6 Ca Co 6 *co "coOa io . Cotton.
0 00 00 CA ;-.
OCX. C. 0000 oa
co co co
THE WORLD'S ANNUAL COTTON CONSUMPTION.
1909-10.
1908-09.
1907-08.
1906-07.
CountriesBales.
Bales.
Bales.
Bales.
3,320,000
Great Britain
3,720,000
3,690,000
3,802,000
Continent
5,460,000
5,720,000
5,720,000
5,460,000
Total
226,147 5,900,972 1,366,759 235,281 5.483,528 1,290,345
Total Europe
8,780,000
9,440,000
9,410,000
9,352,000
a Including thread. b Estimated for the quarter on the July movement.
United States-North
2,265,414
2,448,040
2,093,000
2,575,000
2,267,338
South
2,464,154
2,134,000
2,375,000
The totals in pounds in the above compilation are as comTotal United States_ _ _ 4,532,772
4,912,194
4,227,000
4,950,000 puted by us, but are believed to be approximately correct.
East Indies
1,600,000
1,653,456
1,561,336
1,552,453 They indicate that the export movement this season has been
Japan
850,000
880,830
890,736
906,805 1,366,759,000
Canada
pounds, or 70,414,000 pounds more than
114,153
128,450
100,000
125,000
Mexico
19,565
49,157
2,000
640 in the previous season, but 24,334,000 pounds smaller
than
in
1907-08, when the outward movement of cotton
Total India, &c
2,583.718
2,554,072
2,711,893
2,584,898
Other countries, &c
89,000
90,000
85,000
92,000 goods was 1,391,093,000 pounds. The record exports from
Great
Britain
were 1,480,075,000 pounds in 1906-07.
Total world
15,985,490 17,154,087 16,276,072 16,978,898
Average weekly
To complete the year's history of the cotton goods trade
313,001
307,413
329,886
326,517
The aggregate consumption of the world for 1909-10, it in Great Britain we append data as to prices, the statement
will be noticed,exhibits a loss of 1,168,597 balesfrom the total covering the last three years.
recorded last year and is 290,582 bales less than the result
1909-10.
1907-08.
1908-09.
of 1907-08. All the countries share in the loss from 1908-09.
The sources from which cotton has been drawn in each of
P. •
`4.6 -t
P. •
4
-7:,.
the last four years are stated in the following compilation Liverpool.
o....:
i
;
b•N
0
of the world's commeretal crops, represented in bales of unif4E-1
Zt .41(j
NE',
form weight of 500 lbs. each.
Zt
cil a,
----4
;. WORLD'S PRODUCTION OF COTTON.*
Vi
-7 ;
s.
d,
d.
rt.
d.
s.
d. d.
d.
s. d.
1909-10. 1908-09. 1907-08.1 1906-07. 1905-06.
'.1,11
Sept. 30.10 3-16 7 8 5.18 9 3-16 7 3 8.72 11 3-16 8 3
CountriesBales.
Bales.
Bales.
Bales.
Bales.
Oct.
3110
6.03
9
15-16
6
15-16
8
5.08
1134
7
834
8
0
United States
10,310,168 13,551,890 11,257,538 13,306,846 11,002,904 Nov. 30._
10 11-16 7 834 4.98 8 A
6 6 8.191134
7 10
East Indies_a
3,839,000 2,076,822 2,486,629 3,535,086 3,054.446
Average
Egypt
91 ,,0-0 1,246,150 1,432,469 1,326,108 1,117,516
Sept.}
6 10 6.31 11 3-16 8 0 1-3
779-113 5.08 834
1034
Brazil, &c4
280,030
266.197
299.006
446,126
Nov.
476,667
Dec. 31....
6
954
3-16
4.99
7
7
534 6.18 11
%
7 734
Total
15,339,168 18,041,059 15,475,642 18,614,166 15,651,533 Jan. 31-6 7 6.39 10 11-16 7 634
7 734 5.26 8
1094
Consumption, 52 weeks.. 15,985,490 17,154,087 16.276,072 16,978,898 16,435,228 Feb. 28__
6 6 5.99 9 9-16 7 034
13-187 9 5.05 7%
Average
Surplus from year's crop 1c646,322
'886,972 k800,430 1,635,208 1c783,695
Dec. 18.06 104
78 2-3 5.10 7 13-16 6 6 6.19 107-16 7 49(
Visible and Invisible stock:
Feb.
Sept. 1 beginning year.. 6,040,748 5,153,776 5,954,20e 4,318,938 5,102,633 Mch. 31_
7 1034 5.05 7 11-10 6 63/ 5.70 834
11
6 834
Sept. 1 ending year.. 5,394,426 6,040,748 5,153,776 5,954.206 4,318.938 April 30__
0 8% 5.30 834
7 1134 5.838
6 534
May 31__8,1011
6 10 6.46 934
8 0 yi 5.88 834
6 734
a Includes India's exports to Europe, America and Japan and mill consumption
Average
In India, increased or decreased by excess or loss of stock at Bombay.
Mch 18.05 11
7111-3 5.49 8
6 834 5.82 8 13-16 6 7
d Receipts Into Europe from Brazil, Smyrna, Peru, West Indies, &c., and Japan
May.
and China cotton used In Japanese mills.
6.24 894.
June 30-%
10
6
10
%
7
11
6.47 93-4
6 7
k Deficiency In the year's new supply.
July 31_
10 15-16 8 0% 6.73 9
7 1 6.02 894
... ,
6 6
Aug. 31_
3-168
11
134
7
6.
83
u
n
134
5.25
6 334
834
The above statement indicates in terse form the world's
Average)
.
supply of cotton (not including that from Russia) in each of
June )
8 0 6.61 931
11
7 0345.91 894
0 534
Aug.
1
the five years, the amount consumed and also the extent
to which visible and invisible stocks were augmented or
We now add a brief summary by months of the course of
diminished. It will naturally be remarked how largely the
surplus supply has been increased of recent years. At the the Manchester goods market during the season closing with
same time it will not escape attention that as a result of the Aug. 31 1910 and also of the Liverpool cotton market in
reduced yield of 1909-10 the aggregate surplus has been the same form for the same period. These summaries have
drawn down to a quite appreciable extent, although still of been prepared for this occasion with our usual care, and the
details will, we think, prove an interesting and serviceable
apparently large proportions.
The augmentation of the Spinning Capacity of the world record for reference.
has been only moderate the past season. The most importSEPTEMBER.-Manchester.-Developments in the cotant change has been in the southern part of the United ton goods trade in September were
not of a character seeming
States, where an addition of 456,122 spindles has occurred, to warrant a return to full working time, and consequently
the total standing now at a little over eleven million spindles. at a mass meeting of the Spinners' Federation held on
the
The increase in Europe has been about equally divided 17th it was unanimously resolved
to continue the weekly
between Great Britain and the Continent. Our compilation stoppage until Nov. 8. However,
as no ballot was taken,
for the world is as follows.
members were not irrevocably committed, but the recomNUMBER OF SPINDLES IN THE WORLD.
mendation was widely observed. The reduction in output
1910.
1908.
1909.
1907.
1906.
and higher prices ruling improved spinners' margin, but trade
Great Britain
56,000,000 55,600,000 54,600,000 52.000,000 50,000.000
Continent
39,500,000 39,000,000 37,000,000 35.800,000 35,500,000 for forward delivery was rather restricted. Further meetings
were held during the month by the Ring Mills Association
Total Europe__ 95,500,000 94,600,000 91,600,000 87,800,000
85,500,000 and by the Nelson manufacturers, with the view
United Statesof entering
North
17,400,000 17,000,000 16,300,000 16,000,000 15,600,000 into some combination by which the maintaining of
prices
South
11,23 i,430 10,780,308 10,451,919 9,924,245 9,181,207
would be brought about; but no definite action was taken.
Total U. 5._ _ 28.636, 30 27,780,308 26,751,919 25,924.245
24.781,207 The conciliation conference, which has under discussion the
East Indies
6.100,000 6,053.231
5,756,020 5,333,275 5,293,834 formulation
of a plan for the automatic regulation of wages,
Japan
1,695,879
1,800,000
1,731,587
1,483,497
1,450,949
China & Egypt__ -786,000
850.000
836,000
090,000
625,000 also came together during the month, but adjournment was
Total India, &c
8.75.000 8,620.818 8,237,899 7,506,772 7,369,783 taken to Oct. 11 without any result being announced.
At
Canada
9 0,000
849.437
890,000
800,000
775,000 the opening of the month there was an appreciable improveMexico
750,000
732,876
726,278
693,842
688,217 ment in the demand for cloth and some idle looms were
Total other
1,650,000
1.616.278
1.582,313
1,493,842 1,483,217 started up. Inquiry was quite effectively checked, however,
Total world
-- 134,536,430 132,617,404 128,172,131 122,724.859 119,114,207 before the month
had far advanced, by the high prices asked,
SEPT. 10 1910.'
THE CHRONICLE
I
and in the last fortnight it was difficult to trade, although
the general tone of the market was a little better than it had
been. India bought quite freely at times, and more extensive dealing was looked for later on as a result of the good
harvests. For other markets transactions were as a rule
only moderate, and little was done for China. Home trade
was checked by the advance in prices. Exports of yarns
.and goods from Great Britain (all reduced to pounds) aggregated 112,964,000 lbs., against 109,188,000 lbs. in September 1908. Mr. Ellison estimated consumption for the month
at 62,500 bales of 500 lbs. each per week and 110,000 bales
of like weight on the Continent. Liverpool.—Following the
course of values in the United States, the tendency of prices
for the raw material was upward during September, but not
steadily so. Opening at 6.80d. middling upland moved up
to 7.01d. by the 6th, but a decline then set in that carried
the quotation down to 6.77d. by the 14th. From that level
there was a quite well sustained advance to the close, which
was at 7.36d. against 6.85d. at the end of August.
OCTOBER.—Manchester.—The volume of trade in the
cotton goods market in October was of disappointing extent.
In fact, neither buyers nor sellers found any encouragement
in the course of events. The probability of a' shortage in
the supply of cotton stimulated a further advance in prices
for the raw material and caused a marking up of values
of the manufactured product that interfered seriously with
trade. In fact, buyers for all markets were indisposed to
commit themselves at what to them appeared to be excessively high prices. With good crops in India and a condition of prosperity in that country,demand was fairly good
for that market early in the month, but on the whole transactions were below the average. China, under the adverse
conditions existing, did but little, and only a very limited
demand was in evidence from Japan and the smaller Far
Eastern markets. For the Continent also dealings were
light, there was a perceptible let-up in the inquiry for South
America and the home trade bought only to supply pressing
requirements. Spinners of American cotton were upon
short-time quite generally during the month and the advance
in the raw material frustrated in great measure any movement to improve margins. With conditions as they were
short-time was a natural sequence, and at the Frankfort
(Germany) meeting of the International Federation the need
for regular organization of the policy was emphasized. In
fact, the Master Spinners' Federation at their meeting in
Manchester on Oct. 29 favored the continuing of curtailment.
Efforts to reach some agreement upon a sliding scale of wages
had been thus far ineffective. Yarns and goods exports
from Great Britain reached 120,619,000 lbs., against 106,839,000 lbs. in October 1908. Mr. Ellison- estimated the
weekly rate of consumption in Great Britain at 65,000 bales
and the Continental rate 105,000 bales. Liverpool.—As in
September, and based upon the idea of a shortage in the
American supply, the course of prices for the raw material
was upward, although not steadily so. From the opening
level of 7.29d. middling upland advanced 6 points the following day and then eased off to 7.10d. by the 6th. Thereafter, with rather unimportant setbacks, the advance continued, with the close at 7.89d.
NOVEMBER.—Manchester.—There was nothing of an
encouraging nature to report with regard to the cotton goods
market in November. The Board of Trade returns showed,
of course, a larger volume of exports than during the month
of the previous year, but they represented the filling of earlier
orders and could in no sense be taken as indicative of current
trade. On the contrary, trade was quiet, the high price of
American cotton having checked demand. But as spinners
and manufacturers were in need of orders, many were induced to take them at a loss rather than shut down machinery. The general committee of the Spinners' Federation recommended the extension of short-time working until
the close of February, and the suggestion was agreed to very
generally. Depression having extended to the weaving
branch of the trade, many looms were idle, greatly reducing
the output of cloth. Attempts by the conciliation committee of employers and operatives to reach a satisfactory
plan of adjusting the wage scale were apparently abandoned,
the master spinners feeling unable to grant the concessions
desired by the employees. Cloth sellers experienced an
extremely unsatisfactory month, and the backwardness of
buyers, it was said, would mean a short supply of some
descriptions of goods in the spring. Sales for forward delivery were very difficult to make, and, although prices for
stock were not generally satisfactory, they were generally
disappointing. Reports from India encouraging, but business below normal. China and other Eastern markets did
but little. In fact, trade for South America was the only
favorable development. Yarns and goods exports from
Great Britain in November were 110,109,000 lbs., against
86,949,000 lbs. for the same period of 1908. Average
weekly consumption of cotton estimated the same as in the
previous month. Liverpool.—Frequent fluctuations char.acterized the course of the market for the raw material for
November and they netted a decline of 24 points. Opening
at 7.89d. middling uplands advanced to 7.95d. by the 3d,
but declined 4 points the following day. On the 5th the
spread of the curtailment movement was the chief factor
in precipitating a falling off to 7.59d. the low point of the
month. Thereafter there was no definite tendency to the
market, which closed Nov. 30 six points up, at 7.65d.
627
DECEMBER.—Manchester.--The market for cotton goods
was adversely affected by the continued advancing tendency
of prices for the raw material during the month. In fact,
except to satisfy urgent needs, there was indisposition to
trade upon the higher basis of value the ruling cost of cotton
made necessary, and consequently the volume of transactions was of disappointing magnitude. Under the circumstances curtailment of production was in order, and even at
that manufacturers were but lightly under commitment
at the close of the month. December opened with business
almost stagnant, but toward the middle of the month a
little activity was noticeable, China, South America and the
Levant contributing a fair aggregate of small orders. But
the further advance in cotton quotations later on served to
widen the breach between buyer and seller, and so far as
actual dealings were concerned reduce the market to a condition of actual dulness. • The home trade was practically
out of the market, relying upon stock secured at lower figures
to meet the demand for the immediate future, and anticipating a more favorable purchasing basis after the turn of the
year. Exports of yarns and goods from Great Britain were
111,847,000 lbs. against 93,238,000 lbs. in December 1908,
and for the calendar year shipments reached 1,351,951,000
lbs., as compared with 1,310,298,000 lbs. in 1908. Mr.
Ellison maintained the average weekly rate of consumption
as in November. Liverpool.—A generally upward tendency.,
following the course of prices in the United States, characterized the trend of the market for the raw material. Middling uplands opened.the month at 7.68d., or 3 points above
the November close, and further moved up to 7.93d. by the
6th. A moderate recession followed, but on the 9th the
quotation was 8.01d. and after dropping 7 points on the 10th
advanced to 8.26d. on the 11th. Daily fluctuations thereafter to the 23d resulted in no net change in the price, but
between the 28th and 31st a gain of 24 points was witnessed, making the final price 8.50d., against 4.99d. on
Dec. 311008.
JANUARY.—Manchester.—While no very definite improvement in the cotton goods trade was observable in January, encouraging signs were reported in some quarters.
Iligh prices still served to materially check demand, and
consequently short-time was yet operative in Lancashire.
In fact, action taken by the Spinners' Federation in November insured curtailment up to the close of February, before
which date a further consideration of the situation was expected to determine upon the course of action thereafter.
There was, in any event, a quite settled conviction that no
very immediate return to full working time could be looked
for, such a development being in great measure dependent
upon a lower basis of value for goods. And that lower basis
could come only through more reasonable cost of the raw
material. Manufacturers on the whole experienced an unsatisfactory month, with, however, occasional signs of improvement towards the close. Favorable conditions were
reported in India, but there was at the same time resolute
resistance to the high prices current for goods, and consequently trade was rather quiet. Some improvement in the
demand from China developed in the last few days of the
month and was taken as an augury of better times to come.
Japan and other Eastern markets contributed but little to
the trading; but transactions for South America were of
fairly good volume. The home trade was considerably
hampered by the general election, but prospects for the
future were believed to be fair. The yarn market showed
some improvement, but was still depressed, the short time
not having brought respectable margins. Yarns and goods
exports from Great Britain reached 114,555,000 lbs., against
100,994,000 lbs. in January 1909. Weekly rate of consumption unchanged. Liverpool.—The tendency of the
market for the raw material was generally downward during
the month. Opening at 8.44d., or 6 points below the December close, there was a recession to 8.05d. by the 6th.
The quotation then advanced to 8.32d. on the 10th, but a
decline again set in, which, though temporarily arrested at
times, was still quite steady, and carried the price at the
close to 7.68d., or a loss of 82 points for the December final.
FEBRUARY.—Manchester.—Some improvement in the
cotton-goods market was reported in February, but the development of demand was not pronounced enough to dispel
the depression that had been for some time operative in both
spinning and weaving branches. At the same time, buyers
were more disposed to place orders and the number of transactions increased, although very few of them were of much
size. Needless to say, the principal adverse factor affecting the market was the scarcity and dearness of cotton. Demand for India was quiet, especially for Calcutta, where it
was understood there was a considerable stock of goods,
purchased at prices much lower than then current. While
China had placed an increased volume of orders since the
New Year holidays, towards the close of the month the fall
in the price of silver discouraged exporters. Japan bought
rather more freely, but little was done for other Far Eastern
markets and only a very moderate trade for Mediterranean
points was put through. No noticeable features developed
in the South American trade, although there was steady but
cautious buying for that quarter. Distribution to the home
trade proceeded on fair lines, but fresh business was, as a
rule, secured with difficulty, and on price concessions. On
the whole, manufacturers did poorly, with those who spin
their own yarn at the greatest disadvantage. A better de.
628
THE CHRONICLE
[VOL. Lxxxxi
mand for American yarns was reported, but at no material suntide holidays, but the death of
King Edward and the
improvement of margins. It was decided about the middle disturbance to business consequent
of the month to extend the period of short-time running by factors in the situation. Crop news thereupon were adverse
was not potential, but the
eight weeks, or to April 25. Exports of yarns and goods question of supplies to
over the period until new cotton
from Great Britain in February were 109,311,000 lbs., should come upon thebridge
market was an absorbing question.
against 103,593,000 lbs. in the month of 1909. The aver- Meanwhile, with short-tim
e at an end, it became clear that
age weekly rate of consumption remained as in the previous the market could not for long
absorb all the supply of yarn
month. Liverpool.—The market for the raw material fluc- that a full working of the spindles
would turn out. Retuated largely in sympathy with developments in the United ports indicated that, for the
being at least, looms and
States. At first the trend of prices was upward, middling spindles were quite generally time
under
upland from the initial quotation of 7.73d. advancing to ual improvement in the position of orders, and that a gradboth spinners and Manu8.14d. by the 7th, and after a slight setback reaching 8.19d. facturers had taken place. With
on the 14th. From that level there was an important of the members of the Spinners' the concurrence of 92%
though not steady, decline to 7.88d. on the 24th and a recov- May 27, the executive committeeFederation, announced on
was supported in its proery to 8(1. at the close—a gain of 32 points during the month. posal to reduce operatives' wages by
5%; but out of respect
M ARCH.—Manchester.—Further improvement, both as for the memory of the late King Edward and consideration.
regards volume of business and margins for profit, were noted for ,King George, it was decided to defer action for three
in the cotton-goods trade in March; yet dealings did not months. As regards the cloth market, no special features
offer fair remuneration to producers and the prospects for are to be recorded. China and Japan did comparatively
the future were rather indefinite. The factor working against little, and while reports from sonic of the Near Eastern marmanufacturers was the apparent scarcity of cotton and the kets were rather better, and South America bought
consequent high prices necessary to be paid in order to secure the home trade was affected by the King's death.steadily,
needed supplies. The gist of the situation was that, al- and goods exports for the month from Great BritainYarns
were
though the cloth trade was a little better than it had been 104,453,000 lbs., against 105,038,000 lbs. in May 1909.
for some months previously, there was still left plenty of Weekly rate of consumption remained as in April. Liverroom for improvement. Purchases for India were of disap- pool.—The market for the raw material developed no
tenpointing volume throughout the month, the better grades of dency in either direction during the early days of the month.
goods in particular being neglected. Demand for China, The opening was at 7.94d. for middling uplands,
a decline
on the other hand, showed distinct improvement, and buy- of 1 point from the April close. and a further recession
to
ing for Japan was rather brisker. For the Near Eastern 7.92d. occurred on the 3d. Prices then moved upward in an
markets not much was done, but the disposition in those intermittent way until 8.18d. was scored on the 13th. From
quarters appeared more optimistic. South America, the that level there was a decline to 8.04d. by the
19th and an
Continent and the home trade, however, did a fair miscel- advance to 8.19d. on the 23d. The quotation then
dropped
laneous business. Yet, with it all, some manufacturers to 8.07d. on the 25th and in the remaining days of the
month
had fared quite poorly, not any had done well, but a grad- gained 3 points net, closing at 8.10d.
ual strengthening of prices was to be noted. The course of
JUNE.—Marichester.—Developments in the cotton-goods
the cotton market. had helped little, if at all, to improve market in June
character on the
spinners' margins:, and there appeared to be a probability whole. After thewere of a disappointing
temporary settlement of the wage quesof an attempt to reduce the wages of operatives. Yarns and tion at the close of May, business became
goods exports from Great Britain reached 110,941,000 lbs., slack, and in the main so continued throughout.conspicuously
June. Conagainst 117,292,000 lbs. in March 1909. Estimates of con- tributory to this result was
the favorable news of the Amerisumption were unchanged. Liverpool —The market for the can crop, that had the effect
of shaking the confidence of
raw material made a further but moderate net gain in prices buyers in the maintenance
goods. One
during the month. Opening at 8.06d., middling uplands or two important factors, of high prices for
moreover, were instrumental in
advanced 2 points on the 3d and then took a downward throwing gloom over
the market and at. the close of the
course, dropping to 7.93d. by the 8th. From that level there month a further extension
was a quite steady rise to. 8.20d., which quotation was before new cotton would beof short-time during the interval
reached on the 19th, a decline to 8.14d. occurring on the was an inclination to take available seemed certain. There
a rather pessimistic view of the
21st and an advance to 8.22d. on the opening of business immediate future, but it
was at the same time admitted that
after the Easter holidays, on the 29th. On the 30th and an abundant supply of cotton
in the new season, with conse31st, however, there was a loss of 11 points, the close being quent more reasonable
would work greatly to the
at 8.11(1.—a gainof 11 pointsover February'sfina.lquotation. benefit of trade. Whileprices,
a fair miscellaneous business was
APRIL.—Manchester.--Notwithstanding the handicap of done for the various smaller Continental markets and for
high prices, a better business was reported in the cotton- South America, apathy characterized the demand from leadgoods trade in April, although it could not be said that manu- ing Eastern outlets. The monsoon in India however,
facturers were, except in isolated cases, doing well. Some started off well, rains up to the close of June having been
uneasiness was occassioned by storm and frost reports from full and general, and this was looked upon as encouraging
the United States late in the month, but it was removed by expectations of a large trade in cloth from that quarter
subsequent advices that indicated the damage done to have toward the close of the current calendar year. Home trade
been moderate and not irreparable. By far the most im- was dull. Altogether, manufacturers lost ground
portant development of the month was the disagreement be- the month and experienced dificulty in keeping looms during
tween employers and operators over the question of wages. even upon a curtailed basis of operations. Exports ofgoing,
yarns
At a conference with the operatives' representatives which and goods from Great Britain in execution of orders booked
was held at the request. of the committee of the Spinners' earlier in the season were moderately heavier
than for the
Federation, a reduction of 5% in wages was insisted upon by same period of 1909, this June's total having been
115,482,the owners, the men firmly resisting; so no agreement was 000 lbs., against 103,658,000 11), Consumption was
upon
arrived at. The conference adjourned without reaching any the same weekly, basis as in May. Liverpool.—Prices for
agreement, to meet again on May 2, when it was hoped some American cotton were quite well maintained during June.
arrangement would be arrived at that would prevent any notwithstanding the better crop reports, but sales were
rupture. In the meantime, organized short-time had come small. Middlings uplands opened the month at 7.95d., and
to an end and some spinners were resuming full operations, by the 10th had advanced to 8.23d. Subsequent to that
but it was feared that the available supply of raw material date the trend was generally downward, although not steadwould not permit of full production. At the same time, ily so, a decline to 8.01d. by the 18th being followed by a rethe statistics of spinners' stocks compiled by the Interna- covery to 8.11d. on the 22d. By the 29th, . however, the
tional Federation indicated that those invisible supplies on price had fallen to 7.76d., from which level there was a rise
March 1 were larger than anticipated. As regards the manu- of 9 points on the 30th, making the close 7.85d.
facturing situation, more looms were working and hopes were
JULY.—Marithester.—On the whole, business in the cotentertained that the improvement already witnessed would ton-goods market was unsatisfactory duthig July, although
continue. Some revival in business for the East was re- the fact that considerable inquiry was in evidence was
ported early in the month, and China bought quite freely. taken as an eenouraging feature. Many looms and spindles
Indian markets were rather irregular, but on the whole im- were idle and it was claimed that spinners, at least,
had
proving, and South American markets were normally active reached the point where there was no financial
advantage in
for the time of year. Home trade was fairly good. Spin- operating their machinery. Rumors current that
the Fedners of American yarns did better, and in medium counts eration would at their annual meeting propose
margins improved, though coarse numbers were still unpro- tailment were proven unfounded, as nothing in drastic curthat direction
fitable. Exports of yarns and goods from Great Britain in was done beyond the passing of a resolution of
general enApril were 107,463,000 lbs., against 105,179,000 in the couragement to reduction of output. Practically
the most
month of 1909. No change was made in the average weekly important happening of the month was
rate of consumption. Liverpool.—The market for the raw reached July 15 between the representatives the agreement
of the Federamaterial was without any pronounced tendency during the tion and of the operatives to continue the existing
wage scale
month. Opening at 7.96d. or 15 points below the March for a period of five years. It was further arranged
to amend
close, middling uplands advanced to 8.04d. by the 4th, the Brooklands agreement so as to make
two years instead
fluctuated between 7.81d. and 7.98d. from the 5th to the of one the minimum period to elapse without.
a change in the
25th, inclusive, and moved up to 8.01d. on the 26th. A rate of wages. The subject of increased cotton
decline to 7.92d. occurred the next two days, and the close was also a question prominently in mind during thesupplies
month,
was at 7.95d.
and possibilities of developing cultivation were discussed.
MAY.—Manchester.—The demand for cotton goods was, Moreover, a deputation from Lancashire waited upon
Lord
on the whole, fairly good at the opening of the month, but Morley with suggestions of the desirability of
fell off as time advanced and at the close business was rather in quality and quantity of East Indian cotton.improvement
As regards
dull. Trading was not only interfered with by the. Whit- cloth transactions for the month, it is
to be, stated that a
great many small orders were booked where large ones were
customary, prices ruling in markets abroad acting as a deterrent to free purchases. News from India was good, but
buying was light. Financial difficulties in China again interfered with transactions for that direction, even though
stocks had appreciably diminished. Buying from other
quarters was generally of a cautious, nature, with the most
regular support to the market furnished by the home and
Colonial trades. Yarns and goods exports from Great
Britain reached 127,080,000 lbs., against 133,899,000 lbs.
in July 1909. Weekly rate of consumption in Great Britain
reduced to 55,000 bales, but Continent unchanged. Liverpool.-There was no especial feature to the market for
the raw material, except that it followed the course of developments in the United States. Middling uplands opened
the month at 7.86d., advanced to 7.95d. on the 6th and to
7.99d. on the 9th, receding from that level to 7.87d. on the
13th. Thereafter the trend was toward a higher level, but
not without setbacks. In fact, a rise to 8.15d. on the 18th
was followed by a drop to 7.97d. on the 22d, an advance to
8.02d. on the 25th, a recession to 7.95d. on the 27th and a
final uplift to 8.16d. at the close.
AUGUST.-Manchester.-The demand for cotton goods
was rather better at the opening of the month,resulting in
a somewhat larger volume of transactions, particularly in
light-weight goods for India. It is to be noted, moreover,
that dealings were upon a little higher basis of value than
had previously prevailed. At the same time inquiry for
China was quiet throughout and the aggregate of transactions much below the normal. On the other hand,
however, orders for South America and Mediterranean
points were fairly large, and the home trade absorption
about up to the average for the season. Yarns were also in
better request, but the firmness with which prices were
maintained tended to check operations. Still a large threadmanufacturing corporation was reported to have placed
orders for 15,000,000 pounds of Egyptian yarns. As
regards the operation of the mills, the developments of the
month, while encouraging on the whole, were nevertheless
not sufficiently so to cause any appreciable departure from
the policy of curtailment that had been in force in previous
months. Towards the close of the month demand showed
some slackening, but prices were quite firmly maintained.
Liverpool.-The market for the raw material presented no
special features during August. The first few days the
dealings were fairly large, but thereafter and continuing to
the close demand was light. Middling uplands ruled at
8.17d. on the 2nd and after dropping to 8.07d. on the 5th,
advanced rather sharply to 8.40d. by the 9th. From that
level there was a drop to 8.28d. on the 15th, a recovery to
8.39d. on the 18th and a recession to 8.26d. the following
day. A reaction then occurred carrying the quotation up
to 8.39d. on the 23rd, but by the 26th the price had fallen
to 8.14d., recovering to 8.20d. on the 29th, but declined
again on the 30th and 31st. The close was at 7.98d., which
compares with 6.85d. at the end of the previous season, or
an advance for the year of 1.13d.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual consumption already presented, and the total of all. These figures
are not the takings of the mills, but the actual consumption,
and are in all cases expressed in bales of 500 pounds. The
figures in the table cover the years from 1884-85 to 1909-10,
inclusive, and are given in thousands of bales.
United Slates.
Europe
ti`
.'1
CD
i
t..)
1884-45 _
1885-86...
1886-87 ___
1887-88...
1888-89.....
1880-90._
2,746
2.902
2,055
3,073
3,016
3,227
2,604
2,772
2,912
3,037
3,256
3,432
1 rAv.6 y'rs
2.986 3,002 5,988 1,564
1890-01...
1891-92...
1892-93...
1893-94
1894-95....
1895-96....
3,384
3,181
2,866
3,233
3,250
3,276
..-
3,224
3,432
3,519
3,334
3,269
3,253
1.4..
4
5,350
5,674
5,807
0,110
8,272
6,659
7,015
6,800
6,527
7,060
7,280
7,436
1,286
1,512
1,578
1,624
1,704
1,682
1,810
1,944
1,872
1,593
1,940
1,711
Av.6 y'rs 3,198 3,821 7,019 1.812
1896-97 ___
1897-08-..
1898-99..1899-00...
1900-01 ....
1901-02...
4,368
4,628
4,784
4,576
9,576
4,836
7,592
8,060
8,303
7,910
7,845
8,089
1,776
1,808
2,244
2,355
2,150
2,207
241
310
361
400
444
503
1,527
1,822
1,939
2.024
2,148
2,185
467
504
569
017
697
791
377 1,941
607
557
632
679
671
803
881
962
1,154
1,309
1,501
1,577
1,830
3,185
3,017
3,620
3,774
3,892
3,690
5,148
5,148
5,148
5,252
5,460
5,720
8,333
8,165
8,768
9,026
9,352
9,410
2,048
2,001
2,194
2,440
2.575
2,093
1,967
1,907
2,116
2,286
2.375
2,134
Av.6 y'rs 3,529 5,313 8,842 2,225 2,131
1908-09 4,... 3,720 5,720 9,440 2,448 2,464
1909.10*., 3,320 5,460 8,780 2,265 2,267
Total.
...•
•a•
100
120
130
140
150
160
134
7,444
8,120
8,505
8,891
9,267
9,795
8,670
924
2,367
914
2,576
918
2,551
959
2,264
2,743 1,074
2,572 1,105
99
150
200
192
286
363
106 10.511
125 10.565
195 10,291
105 10,580
160 11,543
129 11,605
983
215
120 10,849
700 2,512
Av.6 y'rs 3,339 4,628 7,967 2,089 1,389
1902.-03...
1903-04...
1904-05 ......
1905-06 ...
1906-07 ....
1907-08 _ _
4
g
1
500-lb.bales
000sontitted
3,631
3,611)
3,661
3,827
4,030
4,160
Another general table which we have coin piled of late years
is needed in connection with the foregoing to furnish a comprehensive idea of the extent and the expansion of this
industry. It discloses the world's cotton supply and the
sources of it. The special points we have sought to illustrate by the statements are, first, the relative contribution
to the world's raw material by the United States and by
other sources, and, second, to follow its distribution. Beginning with 1896-97, the figures of visible supply include
Alexandria and Bombay stocks.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
500-lb.
bales.
1,004
414
1,141
534
1,314 '703
1,139
711
1,060
632
1,381
726
132 11,880
191 12,888
142 14,015
157 13.773
152 13,416
179 14,415
Visible
and
Invisible
Supply
Beginning of
Year.
Crops.
United
Stales.
AU
Others.
Balance of Supply.
End of Year.
Total
Actual.
Consumplion.
Total,
7,444,000
8,120,000
8,505,000
8,891,000
9,267,000
9,795,000
Visible.
Invisible.
984,0001
968,000
999,00g
772,00
682,000
846,000
359,000
473,000
474,000
519,000
437,000
231,000
1884-85... 1,550,000
1885-86... 1,343,000
18S6-87_. _ 1,441,000
1887-88... 1,473,000
1888-89_ _.1,291,000
1889-90 _ .... 1,119,000
Average
6 years_
5,136,000(,101,000
5,984,000',234,.i.
5,960,000'.577,000
6,400,000 .309,000
6,463,000,,632,00#
6,820,000',933,# #1
1890-91_.1,077,000
1891-92_ _ _ 1,742,000
1892-93_ _ _ 2,818,000
1893-94_ _ _ 2,258,000
1894-95._ 2,128,000
1895-96_ _ _ 3,203,000
Average
6 years.
8,137,000 1,039,000, 1,176,000 0,511,000# .315,000 427,000
8,640,00# :,001,000, 1,641,000.0.565,000',310,000 508,000
6,435,000.,296,000 9,731,000. 0,291.0001,903,000 355,000
0,450,001 0,580,000 1,792,000 336,000
7,136,000 .314,0'
9,640,000 ,978,000'2,618,000' 1,543,0001,185,000 1,018,000
6,912,000 .421,000 0,333,000, 1,605,000 ,231,000 700,000
7,237,000
8,218,000
8.537,000
8,709,000
9,095,000
9,753,000
6,127,000/.464,000 8,591,000 8,670,000
7,817,000:375,000 0,992,000 0,849,000
1896-97._ 1,931,000 8,435,868:,438,000 .1,873,868 1,880,332 ,295,636 628,000
1897-98_ 1,923,63( 10,890,000:,316,290 4,200,290 2,888,768 ,905,1581,336,000
1898-99... 3,241,15811.078,000 .694,934 4,772,934 4,014,728 '.371.3641,628,000
1899-00.... 3,999,364 9,137,000:,092,897 - 2,229,897 3,772,772, .071,489 1,385,000
1900-01_ _ 2,458,48910,218,000.,414,454 3,632,454 + 3,415,910 .549,0271,124,000
1901-02._ 2,673,027,10,380,380 • ,033.569, 4,413,949 4,414,908 ,306,068 1,366,000
Average
6 years.
,10,023,207:.498,358 3,521,565 3,397,911
1902-03_ _ 2,672,068 10,511,020 • ,215,667 14,726,687 i 4,477,694 .177,677 1,743,384
1903-04... 2,921,061 9,841,671 • ,317,670 4,159,341 4,310,158 .085.237 1,735.007
1904-05.... 2,770,244 13,420,056 ,524,000 7,944,056 5,611,667(.501,469 2,601,164
1905-06._ 5.102,63311.002,904 ,648.629 15,651,633'6,435,228I .702,4852,616.453
1906-07...4,318,938 13,306,846 -. ,307,320 18,614,166. 6,978,8980,215,4973,738,709
1907-08.._ 5,954,206 11,257,538 • ,218,104 5,475,642 6,276,072i .600.1043,553,672
Average
11.556,67 • ,538,565,6,095,237, 5,681,619
6 years_
1908-09._ 5.153,776 13.551.890 ,449,169 8,041,059 7,154,087 .875.1404,165.608
1909-10_ 6,040.748 10,310.168.!029,000 5.339,168 5,985,4961 ,07,624'.026,802
To illustrate the preceding, take the last season, 1909-10, and the results would
be as follows:
bales_ 6.040.748
Supply-Visible and Invisible stock beginning of year
15,339,168
Total crop during year
21,379,916
15,985,400
1 367.621
4,026,802
Total supply-bales of 500 lbs
Distribution-Total consumption, ..4,c
Leaving visible stock
Leaving Invisible stock
Total visible and Invisible stock at end of year
5.394,426
Overland and Crop Movement.
OVERLAND.-There has been a very decided decrease
in the volume of cotton carried overland the past year. It is
natural that, with the crop showing an appreciable loss,
there should be a decline in the amount carried by the overland routes; but the falling off this year has been proportionately much heavier than the diminution in yield. That
is to say, the decrease from the preceding season's overland
is 471,745 bales, or 29.03%, as compared with a loss in the
crop of 3,177,885 bales, or only 22.98%. Stated in another
way, the movement of cotton to Northern mills, or to ports
outside the cotton belt this season, by the all-rail routes
aggregated only 10.8% of the total crop, against a percentage of 11.8 in 1908-09. Furthermore, it is to be noted
that the volume of cotton moved overland has been
smaller in the season which has just closed than in any year
since 1884-85, when the crop reached but 5,669,021 bales,
against a yield of over ten millions in 1909-10. So far as the
1909-10 overland movement is concerned, the 41 crease recorded is quite generally shared in and in some caw s the losses
are conspicuously heavy. The movement to the Pacific has
also fallen off, this being due to the fact thatJapan has taken
a much smaller amountof cotton from the United States than
in the previous year. To indicate the relation the gross
overland movement bears to the total yield in each of the
last twenty years, we append the following:
Crop of-
Total Yield.
•
Gross
Overland.
Increase or Decrease.
Of Crop.
1909-10
1908-09
1007-08
1908-07
1905-08
1004-05
1903-04
3,478 1,174
159 13,398 1902-03
620.1901-02
199 14,478 1900-01
567
4,015 1,364
3,908 1,368
176 14.310 1899-00
693
4,310 1,974
755
305 15,612 1898-99
4,726 1,586
874
223 10.435 1897-98
4,950 1,552
218 18,979 1896-97
907
4,227 1.561
891
187 16,276 1895-06
-.-- 1894-95
4,356 1,484
218 15,682 1893-04
781
1892-03
4,912 1,653
268 17.154 1891-92
881
4.533 1,600
850
222 15,985 1890-01
2,738
2,962
3,553
3,856
3,727
4,037
• Figures of European consumption for 1908-09 and 1909-10 will probably be
changed slightly by Mr. Ellison In his October annual.
629
TIIE CHRONICLE
SEPT. 10 1910.1
Bales.
Bales.
10,650,961
13.828.846
11,581,329
13,550,780
11.319,860
13.556,841
10.125,178
10,758,326
10,701,453
10.425,141
9,430,559
11,235,383
11 ,180,960
8,714,011
7,162,473
9,802,766
7,527,211
6,717,142
9,038,707
8,655,518
1,154,642
1,626,387
1,177,931
1,705,152
1,234,641
1,569,870
1,120,903
1,438,261
1,675,042
1,767,646
1,790,238
2,057,024
1,896,011
1,282,211
1,100,299
1,867,104
1,253,856
1 ,290,512
1,800,482
1,666,145
Change from season of '90-'91 to '09-'10_
Per Cent.
Decrease
Increase
D,crease
Increase
Decrease
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Increase
Decrease
Increase
Increase
Decrease
Increase
Increase
22.98
19.40
14.53
20.41
16.51
33.80
6.07
0.53
2.64
10.44
15.90
0.48
28.31
21.66
27.60
31.43
12.06
25.68
4.43
18.35
Increase 23.05
Of Overland.
Per Cent.
Decrease
Increase
D.crease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
Increase
Decrease
Increase
Decrease
Decrease
Increase
Increase
29.03
38.07
30.96
38.11
21.35
40.07
22.06
14.19
5.49
1.28
12.98
7.53
47.90
7.72
36.25
48.64
2.84
28.32
8.06
16.58
Decrease 30.67
630
THE CHRONICLE
In determining this year the portion of the crop forwarded
by each of,the different overland routes, we have followed
our usual methodsFirst-Of counting each bale of cotton at the Southern
outport where it first appears.
Second-Of deducting from gross overland all cotton
shipped by rail from Southern outports to the North.
Third-Of deducting also from overland any amounts
taken from Southern outports for Southern consumption.
Fourth-Of deducting likewise arrivals by railroads at
New York, Boston, Baltimore and Philadelphia, all of
which have been counted in the receipts from week to week
during the year.
With these explanations, nothing further is needed to
make plain the following statement of the movement overland for the year ending Aug. 311910.
1009-10. 1008-09. 1907-08.
Amount shippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
via other routes
bales..
464,064
186,123
19,915
135,674
48,792
150,288
149,786
686,465
307,305
30,693
85,817
50,227
194,525
271,355
480,160
232,657
37,356
58,519
53,976
109,322
205,941
Total gross overland
1,154,642 1.626,387 1,177,931
Dedut shipmentsOverland to New York, Boston, &c
141,727 148,427 111,940
Between interior towns, &c
*82,671 105,634
68,880
Galveston,inland and local mills
268
3
mills
local
and
Inland
Orleans,
New
31,136
31,185
29,907
Mobile,iniand and local mills
20,697
7,586
8,221
Savannah,inland and local mills
22,298
10,500
25,419
Charleston, inland and local mills
9,811
5,225
10,636
North Carolina ports,Inland and local mills
11,316
1,613
2,491
Virginia ports, Inland and local mills
18,012
10,275
8,249
Total to be deducted
337,936
320,535
285,741
Leaving total net overland_a
816,706 1,305,852
912,190
a This total Includes shipments to Canada by rail, which during 1909-10
amounted to 110,772 bales, and are deducted in the statement of consumption. • Includes foreign cotton consumed at the South.
CROP DETAILS.-We now proceed to give the details
of the entire crop for two years.
LOUISIANA.
1909-10
Exported from New Orleans:
1,193,922
To foreign ports
To coastwise ports
133,189
To Southern ports, &c., by
river and rail •
20,385
Manufactured •
10,751
Burnt
Stock at close of year
23,936-1,381,683
DeductReceived from Mobile
25,215
Received from N. Y., &c
373
Received from Liverpool,&c
1,196
Stock beginning of year__ _ _
39,571- 66,355
Total movement for year
1908-09
1,957,472
106,527
13,914
17,271
41
39,571-2,134,790
14,384
286
54
26,840-
1,315,328
41,564
2,093,232
• In overland we hay deducted these two items.
Total movement for year __ _
1908-09-----3,303,069
42,078
633,883
37,296-4,016,326
2,802,873
3,974,563
666- 260,219
4,554
2,619-- 308,884
4
4,969-
255,665
4,973
393,911
GEORGIA.
1909-10
Exported from Savannah:
To foreign ports-Upland_ 760,630
To foreign ports-Sea Isrd..
11,468
To coastwise portsUpland •
575,401
Sea Island •
40,494
Exported from Brunswick, &c.:
To foreign ports
191,582
To coastwise ports
42,404
Burnt
15
Stock at close of yearUpland
7,106
1,834-1,630,934
Sea Island
DeductReceived from N. Y., &c
13,548
Stock beginning of yearUpland
20.765
Sea Island
1,890- 36,203
675
344- 219,687
4,122
2,317-
230,104
6,439
213,248
• Included In this Item are 9,811 bales, theamount taken by local mills
and shipped to interior, all of which is deducted in overland.
NORTH CAROLINA.
1909-10
1908 09
Exported from Wilmington:
To foreign ports
298,595
403,209
To coastwise ports •
12.505
9,148
Coastwise from Washington,ece 58,034
51,554
Manufactured
1,926
1 330
Stock at close of year
158- 371,218
573- 465,814
DeductStock beginning of year
573573
4,545-4,545
Tutal movement for year__ _ _
370,645
461,269
• • Of these shipments, 9,390 bales went Inland by rail from Wilmington
and, with local consumption, are deducted In overland.
FLORIDA, FcC.
1909 10
1908 09
Exported from Pensacola, &c.: •
To foreign ports
152,971
180,487
To coastwise ports a
51,384
30,443
Stock at close of year
30- 204,304
- 219,930
DeductRecelved from Mobile
2,251
5,694
Stock beginning of year__
5,694
4902,741
Total movement for year _ _ _
198,700
217,189
Note.-Gulfport, Miss., included above.
• These figures represent this year, as heretofore, only the shipments
from the Florida outports. Florida cotton has also gone Inland to Savannah,
&c., but we have followed our usual custom of counting that cotton at the
outports where it first appears.
a Includes 11,739 bales shipped to the Interior and deducted in overland.
VIRGINIA.
1008-09--1909-10
Exported from Norfolk:
To foreign ports
36,641
6,730
To coastwise ports •
596,771
591,021
Exp. from Newport News, &c.:
To foreign ports
To coastwise ports
10,883
13,403
Taken for manufacture
8,473
5,556
Stock end of year, Norfolk_
0,796- 659,504
273- 016,902
DeductRec'd from Wilmington, &c
725
19,613
Rec'd from North Carolina
ports
51,554
58,034
Received at Newport News,
&c.,from Norfolk, &e_ - _
Stock beginning of year__ -6,796-- 84,443
3,174- 55,453
532,549
604,111
• Includes 12,456 bales shipped to the Interior, which, with 5,556 bales
taken for manfuacture, are deducted In overland.
TENNESSEE, &C.
1909-10
1908-09
ShipmentsTo manufacturers direct-net
overland
816,706
1,305,852
To New York. Boston, &c.,
by rail
141,727
148,427
958,433
1,454,279
• Except 81,754 bales deducted in overland, previously counted.
Total product detailed in the foregoinc.by States for the year
ending September 1 1010
Bales 8,259,028
Consumed In the South, not Included
2,391,933
1,594,731
1908 09
Bales. Years.
Years.
10,650,96111898-99
1009-10
13,828,84611897-98
1908-09
1907-08
11,581,829 1896-97
1906-07
13,550,761) 1895-96
1905-06
11,319,860 1894-95
1004-05
13,556,841 1893-94
1003-04___10,123,686 1892-03
1902-03
10,758,326 1801-92
1001-02
10,701,453 1800-91
1900-01
10,425,141 1889-00
1809-00
0,439,559 1888-80
552,502
45,099
Movement
Through-
283,026
41,701
Texas
Louisiana
Alabama
Georgia a
South Carolina
Virginia
North Carolina__
Tennessee, 8cm-
20,765
1,890-1,866,180
902
20,852
906-
22,660
1,843,520
Bales. Years.
11,235,38311887-88
11,180,960 1886-87
8,714,011 1885-86
7,162,473 1884-85
9,892,766 1883-84
7,527,211 1882-83
6,717,142 1881-82..--9,038,707 1880-81'
8,655,518 1870-80
7,313,726 1878-79.-.-6,035,082 1877-78
Bates
7,017,707
6,513,623
6,550,215
5,669,021
5,714,052
6,992,234
5,435 845
6,589,329
5,757,397
5,073,531
4;811,265
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison.
913,474
7,723
• The amounts shipped Inland and taken for consumption are deducted
In overland.
There were only 11 bales received at Savannah by water from the Florida
outports this season; but 29,000 bales from the Interior of Florida were
received at Savannah by rail.
2,674
Below we give the total crop each year since 1878:
300,963
80,302
• Under the head of coastwise shipments from Mobile are included 3,183
bales shipped Inland by rail for consumption. &c., which, with consumption,
are deducted in the overland movement.
Total movement for year_ - _ _
115,880
17,145
41,763
1908-09
155,161
104,392
Total movement for year.._ _
1908 09
82,969
Total crop of the U. S. for yeanendIng Sept. 1 1910_ __ _Bales_10,650,961
ALABAMA.
1909-10
1,935
2,619-
Total movement for year_ _ _ _
Total marketed from Tennessee. &c.'•
41,763--
• Includes 268 bales shipped inland for consumption deducted in overland
movement.
exported from Mobile: *
To foreign ports
To coastwise ports
Burnt
Stock at close of year
DeductReceipts from New On.,&c _
Stock beginning of year _ _ _
SOUTH CAROLINA.
1000-10--Exported from Charleston:
To foreign ports-Upland__ 114,802
To foreign ports-Sea Isi'd_
1,058
To coastwise portsUpland •
97,978
Sea Island
18,894
Exported coastwiseFrom Georgetown, &c
1,376
Stock at close of yearUpland
240
Sea Island
53- 234,401
DeductReceived from Savannah, &c.:
Upland
3,278
Sea Island
Stock beginning of yearUpland
675
Sea Island
3444,297
Total movement for year _ _ -
TEXAS
1909-10
Exported from Galveston, &c:
To foreign ports (except
_2 246 098
____
Mexico)
To Mexico from Galves19,976
ton, Corp. Christi, &c_
547,119
To coastwise ports •
27,731-2,840,424
Stock at close of year
DeductReceived at Port Arthur,&c.
255
from Galveston
37,296-- 37.551
Stock beginning of year _ _ _
txxxxr
Year ending September 1 1910. Year ending September 11009.
Number
ofBales.
Weight in
Pounds.
Aver. Number
W ght. ol Bales.
Weight in
Pounds.
Aver.
Wght.
2,802,873 1,457,970,448 520.17 3,974,563 2,112,440,489 531.49
1,315,328 673,447,930 512.00 2,093,232 1,088,124,761 519.83
393,911 205,491,551 521.67
255,665 131,028,312 512.50
1,793,431 901,432,224 502.63 2,060,709 1,038,514,008 503.96
230,104 114,002,725 495.14
213,248 105,557,760 495.00
604,111 296.618,501 491.00
532,549 264,357,324 496.40
461,269 228,554,177 495.49
370,645 182,653,856 492.80
3,350,366 1,675,115,993 499.98 4,027,803 2,040,444,722 506.59
--Total crop-- 10,650,961 5,400,008,818 507.0013,828,846 7,115,746,869 514.56
a Including Florida.-
According to the foregoing, the average gross weight per
bale this season was 507.00 lbs., against 514.56 lbs. in
1908-09, or 7.56 lbs. less than last year. Had, therefore, as
many pounds been put into each bale as during the previous
SEPT. 10 1910.1
THE CHRONICLE
631
season, the crop would have aggregated only 10,494,420 regions, and in consequence crops were badly in the grass.
bales. The relation of the gross weights this year to previous Inferentially, according to advices then current, the crop
years may be seen from the following comparison.
prospect had suffered considerably. But with the intervention of more favorable weather in late July and early Auest,
Average
Crop.
the reports noted a marked improvement in the crop situaSeason ofWeight,
tion in those localities. On the other hand, drought and
No. of Bales. Weight, Pounds. per bale.
hot weather were stated to be causing rapid deterioration of
507.00
1909-10
10,650,961
5,400,008,818
514.56 the plant in Texas and Oklahoma, but rains since the first
1908-09
13,828,846
7,115,746,869
1907-08
510.03 of August have given a much more favorable turn to the ad11,581,829
5,907,070,895
515.46
1006-07
13,1150,760
6,984,842,670
511.37 vices from those States.
1905-06
11,319,860
5,788,728,073
516.10
1904-05
13,556,841
6,996,731,233
As a matter of fact, the crop situation at the moment would
507.86
1903-04
10,123,686
5,141,417,938
508.55 appear to be promising for a fairly good yield on the area
10,758,326
1902-03
5,471,143417
504.90 planted. Cotton, as is well known, continues to make until
10,701,453
5,403,210,514
1901-02
510.25
10,425,141
5,319,314,434
1900-01
503.69 killing frost comes, unless the vitality of the plant has been
4,754,629,038
1899-00
9,439,359
513.14 largely exhausted by adverse conditions in the summer.
11,235,383
5,765,320,339
1898-09
506.88 That
11,180,960
5,667,372,051
1897-98
being the case, the time of frost is an important factor,
503.08
8,714,011
4,383,819,971
1896-97
502.03 as well as that there should be normally favorable weather
7,162,473
3,595,775,534
1895-96
507.38 in the inteirm.
0,892,766
5,019,439,687
1894-95
With frost late, many thousands of bales
7,527.211
497.98
3,748,422,352
1893-94
6,717,142
499.85 may be added to the yield. It has often been remarked how
3,357,588,631
1892-93
9,038,707
498.78 much is made of any adverse conditions of weather at the
1891-92
4,508,324,405
499.84
8,655,518
4,326,400,045
1890-91
496.13 South in many of the reports that are circulated, and how
7,313,726
3,628,520,834
1889-90
495.66 little the favorable developments are referred 4o. Hardly6,935,082
3,437,408,499
1888-89
7,017.707
485.35
3 406,068,167
1887-88
486.02 a season passes that at some time or other the crop is not put;
1886-87
6,513,623
3,165,745,081
485.40 down as more or less of a failure. Latterly, there has beent
1885-86
6,550,215
3,179,456,091
481.21
1884-85
5,669,021
2.727.967,317
482.86 less disposition to take a pessimistic view of the outlook.
1883-84
5,714,052
2,759,047,941
490.60 And rightly so, as from almost every quarter except a por1882-83
6,992,234
3,430,546.794
1881-82
475.62
5,435,845
2,585,686,378
1880-81
485.88 tion of Texas the week-to-week advices during August have
6,589,329
3,201,546,730
1879-80
481.55 noted improvement in condition and consequently brighter
5,757,397
2,772,448,480
1878-79
473.08
5,073,531
2,400,205,525
1877-78
480.15 prospects as to ultimate yield. We, of course, merely state
4.811,265
2.309.908.907
the situation as it appears to us, leaving to others to draw
Export Movement of Cotton Goods from United States.
their own conclusions. On the acreage planted, the posWe give below a table compiled from the returns of ex- sibilities of yield range all the way from 10 to 17 million bales.
ports of cotton goods from the United States as reported
The data given below, considered in conjunction with the
by the Bureau of Statistics. These figures are for the last remarks above, should enable each reader to formulate for
three fiscal years and are presented in a form which enables himself some idea as to the crop promise, making due allowthe reader to see at a glance the variations from year to year ance as the season progresses for developments as they may
in the volume of goods sent to the various quarters of the occur. The subjoined compilation shows at a glance for a
globe. It will be observed that the 1910 total, reaching series of years the area, aggregate yield and product per acre,
$33,397,097, is greater than that for 1909 by $1,518,531, as made up by us, and the condition percentages August 25
as reported by the Department of Agriculture:
but is $8,219,339 larger than in 1908.
EXPORTS OF COTTON MANUFACTURES.
1909
Years end1910-------1908
Total value.a
Total value.a
trig June 30.
Total value.a
Yards.
$ •
Yards.
ToYards.
5,342.233
1,513,429
Europe__ 5,513.773 1,601,938
4,235,894 1,784,190
Canada __ 10,183,474 2,698,919 7,788,617 1,845,636 5.618,127 1,469,550
Cent.Amer. 21,03,184 2,219,550 31,515,082 2,166,052 23,334,109 2,078.011
W.Indies_ 53,127,846 4,067,672 64.259,701 4,310,464 42,537,281 3.295,276
So. Amer_ 43,781.394 2,877,697 44,347,771 2,586.880 33,165,601 2,454.954
- 95,041,155 5,909,364 139,987,013 8,140,900 49,876,671 3,390.498
China
Oth.Asla&
_Oceania_ 18,461.934 1,743,580 34,856,816 2,607,946 42,468,987 3,228,438
665,539 9,902,186
Africa_
9,,,85,194
655,548 3,000,715
389.026
All others_ 50,623,350d11,612,838 29,632,123 d8,051,711
1.757,427 d7,087,815
1910-11
1909-10
1908-09
1907-08
1906-07
1905-06
1904-05
1903-04
1002-03
Product
Area,
Yield,
per acre. Condition3
Acres.
Bales.
Pounds. Aug. 25.
35,379.35872.1
33,862,406
iM
63.7
10,650.961
33.512,112
13,828,846
203
76.1
33,079,425
11,581,829
170
72.7
31,557,242
211
13,550.760
772
192
28,808,415
11,319,860
72.1
13,556,841
207
32,363.690
84.1
10,123,686
170
81.2 N
28,995,784
10,758.326
192
64.0 ,
27,300.371
As bearing upon the comparative maturity of the plant,
we now give our usual statement of the dates of arrival of
first bales. This year the earliest receipt was at Houston,
Texas, on June 23. Last year the first bale arrived at
Houston on June 27 and in 1908 Galveston received the
New Crop and Its Marketing.
earliest bale on June 19. In fact, for many years past, and
One fact with reference to the cotton crop now maturing quite naturally so, the first bales have invariably been of
is quite evident-as a whole it is less advanced than that of Texas growth.
1909-10 or of an average year. It consequently follows
that it is what may be termed an especially late one. But
Date of Receipt of First Bale.
whether the crop is early or late, there is very little that can
1904. 1900.
1900.
1907.
1903.
1909.
1910.
be said at this stage of the season bearing upon the probable
Virginiatotal yield. A large area-no doubt a greater, in fact, than Norfolk
Aug. 27
Aug. 30 Aug. 30 Aug. 7 Aug. 17 Aug. 25
ever before devoted to cotton-was planted this spring, but
Nor. Car.
_ Aug.- Aug. 18 Aug. 28 Aug. 30 Aug. 15 Aug. 28
area by itself is a very inconclusive basis upon which to for- Charlotte
So. Car.
mulate ideas as to volume of production. This cannot be Charleston
Aug. 15 Aug. 5 Aug. 16 Aug. 23 Aug. 8 Aug. 9 Aug. 11
better illustrated than by comparing the season just closed Greenwood__ _ Aug. 27 Aug. 17 Aug. 27 Aug. 28 Aug. 19 Aug. 31
Georgiawith, say, 1897-98 and 1898-99. In those two years the Augusta
Aug. 3 July 31 Aug. 7 Aug. 2 Aug.-Aug. 11 Aug. 11
acreage from which the crops were secured was very much • SavannahFrom Ga__ _ July 23 July 21 Aug. 2 July 23 July 18 July 27 Aug. 4
1909-10
(over
45%
in
than
below,
less
according to our inFrom Fla _ _ July 27 Aug. 8 Aug. 18 Aug. 19 Aug. 1 Aug. 7 Aug. 12
vestigations), and yet the yield in each case exceeded that Columbus_ __ _ Aug. 23 Aug. 3
Aug. 4
Alabama
completed
season
by
over
latest
of the
three-quarters of a Montgomery
_ July 24 Aug. 3 Aug. 6 Aug. 21 Aug. 3 Aug. 7 Aug. 10
Aug. 14 Aug. 3 Aug. 16 Aug. 21 Aug. 3 Aug. 16 Aug. 14
million bales. In fact, had the yield per acre been as great Mobile
Aug. 12 Aug. 7 Aug. 9 Aug. 20 Aug. 11 Aug. 12 Aug. 15
Selma
in 1909-10 as in either of the other two years, the crop would Louisianahave totaled over 16 millions of bales, instead of a scant 103 NewOrleansFrom M.Val Aug. 13 Aug. 20 Aug 9
Aug. 8 Aug. 8
millions. A more apt illustration of the futility of figuring Shreveport
.- Aug. 9 Aug. 17
Aug. 12 Aug. 7 Aug. 12
out production from acreage results alone could hardly be
ississippiVicksburg
- Aug. 25 Aug. 22 Aug. 25 Aug. 28 Aug. 22 Aug. 19 Aug. 25
used. No more is it possible to reach any reliable conclu- Columbus_
Aug.- Aug. 25 Aug. 15 Aug. 28
24 Aug. 24 Aug. 23
sions thus early for the South as a whole from the reports on Greenville ____ -_ Aug. 26 Aug. 24 Aug. 16 Aug. 28 Aug.
Aug. 21 Aug. 18 Aug. 25'
Arkansascondition of the plant. On Sept. 1 1903 condition of the
Rock_ _ Aug. 31 Aug. 30 Aug. 27 Aug. 28 Aug. 19 Aug. 18 Aug. 18
plant was not only better than on the same date in 1897 or Little
Aug. 27 Aug. 29 Aug. 28 Aug. 27 Aug. 19 Aug. 24
Helena
Tennessee1898, but area was full 25% greater; yet the yield was smaller
- Aug. 25 Aug. 24 Aug. 18 Aug. 22 Aug. 14 Aug. 19 Aug. 25
by over a million of bales due to the unpropitious fall and Memphis
Texasearly frost. These illustrations have no bearing upon Galveston _ _ _ _ Tune 16 June 27 July 5 July 3 June 19 June 28 July 10
_ _ _ _ July 20 July 1 July 6 June 21 June 21 June 27 June 23
the crop now maturing, of course, except in so far as they Houston
Oklahomaenforce the idea that crop estimates made as early as Sept. 1 Ardmore
June 21 Aug. 14
Aug. 17 Aug. 28 Aug. 31
Any. 26
Sent. 2
Aue 26
are mere guesses, subject to most radical change either way Guthrie
later on.
But first bales are in no sense a conclusive indicator of
The growing crop is, as we have already inferred, a back- maturity, as has frequently been demonstrated in the past.
ward one as to maturity. That was the situation at the be- The aggregate arrivals of new cotton to September 1st, howginning of June, when we issued our annual acreage report, ever, do as a rule furnish a pretty reliable basis from which
and is true in the main now; but condition now as then is to judge of the forwardness or backwardness of the crop as
better than a year ago. There has been complaint of compared with other years. We have said above that this
drought in the Southwest and of too much rain at times in year the crop is less well advanced in maturity now than at
portions of the remainder of the cotton belt, but those con- this date last year; but there has been an' especial incentive
ditions were relieved in great measure before there had been in the ruling price of cotton to rush forward supplies, and
any important permanent injury to the plant. It seems to the remark, therefore, does not find substantiation in the
take little to give a pessimistic turn to reports coming up figures of the movement thus far at leading ports and infrom the South when weather conditions are at all unpro- terior towns. The heaviest movement of new cotton this
pitious. This has been a fact in the current season. It is year has been, as is usual, to Galveston (125,923 bales),
unquestionably true that during July there was rather too and Savannah has received 2,234 bales. The total receipts
much rain over a considerable area in the Atlantic and Gulf at the points included in the subjoined compilation were
Total __309,911,304 33,397,097 367,631,542 31,878,566 205,994,812 25,177,758
a Includes values of manufactures not stated In yards.
d Includes values of exports of yarn, waste, &e.
632
THE CHRONICLE
134,020 bales, against 74,975 bales in 1909, 110,928 bales in
1908, 31,421 bales in 1907, 112,143 bales in 1906, 97,256
bales in 1905, 89,347 bales in 1904, only 1,773 bales in
1903, 116,578 bales in 1902, 53,628 bales in 1901, 27,870 bales
in 1900, 98,695 bales in 1899 and 33,056 bales in 1898. The
high record movement to Sept. 1 wasin 1896-194,777 bales.
ARRIVALS OF NEW COTTON TO SEPTEMBER 1.
1004. 1905. 1006. 1907. 1908. 1909. 1910.
Charlotte, N. C
20
..,
1
3
1
1
____
Wilmington, N. C......
20
468_
__
428
1
1
Charleston, S. C
38
ii
700
fY
22
415
36
Columbia, S. C
____ x325
al0
40
a50
5
al
Augusta, Ga '
1.165 12,766
1,282 a200 a1,00
3,036
329
Savannah. Ga
17,691 24,483 3,912 1.7411 14,174 23,792 2,234
Columbus, Ga
800 2,206
a300
a50
355
a20
a50
Montgomery, Ala .._ 1,456 3,975
1,434
270
001 2,250
175
Mobile, Ala
496
934
604
773
361
98
97
Selma, Ala
840
a400
975
400
90
401 1,139
Eufaula, Ala
841 2,000
333J
458
300
a20
al00
New Orleans, La..
2,083
596 2,886 a5001 1,443
320 4,954
Shreveport, La
243
360
62
1
15
al00
21
Vicksburg, Miss
4
3
5
1
Columbus, Miss
5
5
___,
1J
2
2
1
Little Rock, Ark.._2
2
1
10
10
Memphis, Tenn
3
13
5
7
13
4
51
Galveston, Texas_ _ _ _ 64.090 47,862 99,887 28.5O1[, .441 45,425125,923
[VOL. Lxxxxi.
Prices of Cotton and Cotton Goods.
To complete the record, we subjoin compilations covering
the prices of printing cloth and raw cotton for a series of
years. The first statement shows the highest and lowest
quotations for 64 squares 28-inch printing cloth, the standard
in that description of goods, at Fall River in each of the last
twenty-two seasons-1888-89 to 1909-10, inclusive. Data
for earlier years will be found in previous issues of this report:
1909-10
1908-09
1907-08
1906-07
1905-06
1004-05
1003-04
1902-03
1901-02
1000-01
1899-00
High.
Cts.
4.23
3.62
5.25
5.25
3.81
3.50
4.12
3.37
3.25
3.25
3.50
Low.
Cts.
3.62 1898-09
3.00 1897-98
3.
1896-97
3.38 1895-96
3.37 1894-95
2.62 1893-94
3.00 1892-03
3.00 1801-02
2.37 1890-91
2.37 1889-90
2.75 1888-89
High.
Cts.
2.75
2.62
2.62
3.08
2.88
3.00
4.06
3.50
3.31
3.75
4.06
Low.
Cis.
1.94
1.94
2.44
2.44
2.50
2.61
2.87
2.75
2.88
3.25
3.75
It will be observed that while printing cloths reached a
higher level of value in 1909-10 than in 1908-09 they were
lower than in either 1907-08 or 1906-07-years when the raw
material ruled at a much lower level. Consequently the
margin of profit has not been as satisfactory as in those years,
Total all ports to
nor in fact as in a number of preceding years. NotwithSPntnnahor 1
AO ftd7 (17 95R 112 14:1 al.421 110.0211 74.0751:td A9n
a Estimated: no returns received. b Newberry. S. C. c Meridian. standing the reduced profit in operating the mills, however,
d Natchez. x Greenwood. S. C.
the manufacturers have failed to take advantage of their
right under the automatic scale to cut down wages.
Sea Island Crop and Consumption.
AS regards the raw material,the season opened on a much
We have continued throughout the season 1909-10 the
compilation of a weekly record of the Sea Island crop; but higher plane than at the beginning of the preceding year,
on account of the pressure of other matters upon our columns and ruled so throughout. Explanation of this fact, however,
have been able to publish the statement only rarely. The is not to be found entirely in any legitimate conditions of
results as now given below agree substantially, however, supply and demand. The shortness of the new supply as
with our running count. It will be noticed that the crop of compared with the prospective requirements for consumption would naturally cause some advance in values, but not
1909-10 shows a decrease from that of 1908-09.
to an extent that has been seen in the season of 1909-10.
FLORIDA.
More than any legitimate influence, manipulation has been
1009-10
1908-09
Receipts at Savannah _ bales_13,025
the lever that has lifted cotton to a higher average level than
14,791
Receipts at New York, &c_ _....16,387
27,335
has been witnessed since 1874-75 and has coincidently
Total Sea Island crop of Florida
30,312
42,126 operated to depress in cotton goods the world over. The
opening quotation for middling uplands in -the New York
GEORGIA.
market was 12.70c., from which level there was a decline to
---- 1909-10
1908-09-53,806
Receipts at Savannah
bales_ 51,906
12.40c. Sept. 13th., this proving to be the lowest of the year.
Receipts at Brunswick, &c
--53,806
-51,900
An advance then set in which carried the price to 13.30c. at
Deduct14,791
Receipts from Florida
13,925
the close of the month, and the upi,vaid movement continued
Receipts from Charleston, &c_
62-14,853
682-14,607
with but slight interruption throughout October, the final
37,299
Total Sea Island crop of Georgia
38,953 quotation of that month having been 15.05e. Fluctuations
during November were frequent, the general tendency being
SOUTH CAROLINA.
14,497
15,172
Receipts at Charleston
downward after the 2d, when 15.20c. was reached, the
-14,497
Receipts at Beaufort, &c
-15,172
closing price having been 14.55c. During December the
DeductReceipts from Savannah
Agricultural Department's estimate of a crop of only about
10,000,000 bales was a potent influence in assisting the forcing
Total Sea Island crop of So. Car.
14,497
15,172
up of values. In fact a very material advance was witnessed,
Total Sea Island crop of U. S__
82,108
96,251 middling uplands opening the month at 14.65c. and closing
The distribution of the crop has been as follows:
at 16.10c., after having been quoted at 16.15c. on the 30th.
The year 1910 started off with middling uplands ruling at
Of which
Supply year ending
Irmo
16.10c., from which level, with demand restricted on account
Distributed. Exported to- Total
Sept. 1 1910.
Ports ofFor'gn of curtailed production, there was a decided decline, the
Stock
Stock Leatep
Exquotation on Jan. 18 being 13.85c., followed by a recovery
Sept. 1 Net Total Sept.1 rordis- Great Havre, ports.
to 14.75c. near the close. Fluctuations during the remainder
1909. Crop. supply 1910. trib'n.Brit'n. ecc.
of the winter and early spring, although frequent, gave no
450 14,497 14,947
53 14,894 1,038
South Carolina__ _
20 1,058
1,890 37,29 39,189 1,834 37,355 10,008 1,410 11,418 important net change in price. February opened at 14.70c.,
Georgia
30,312
30,312 30,312
Florida
ranged between 14.10 and 15.25 and closed at 14.95c. The
I 0,288 2,734 12,022
New York
initial price in March was 14.85c., the range 14.65 to 15.35
I 2,013
Boston
2.013
I 2,397
520 2,917 and the final 15.10c,and April opened at 14.95c.and closed
Baltimore, dec
2,340 82,108 84,448 1,887 82,561 24,744 4,684 29,428 at 15.25c., after fluctuating between 14.55 and 15.30c. An
Total
upward turn in early May carried the quotation up to 16.05c.
From the foregoing we see that the total growth of Sea on the 13th, after which there was a recession to 14.50c.
crop advices were an influence in the market,
Island this year is 82,108 bales, and with the stock at the During June
quotations advanced to 15.35c.
beginning of the year (2,340 bales) we have the following and on unfavorable reports
at the close. The Agricultural Department's report of
as the total supply and distribution:
July 1 came about as anticipated and was, therefore, practiThis year's crop
bales_82,108
Stock September 1 1909
2,340 cally a negative factor in the market; but toward the middle
of the month the quotation advanced materially on manipuTotal year's supply
bales_81,448
lation in connection with the covering of July contracts,
Distributed as followsExpprted to foreign ports
bales_29,428
middling uplands reaching the high point of the season up to
Stock end of year
1,887-31.315 that time
(16.45c.) on the 18th. From that level there was a
Leaving for consumption in United States
bales.53,133 decline to 15.25e. at the close of the month. Fluctuations
We thus reach the conclusion that our spinners have taken were frequent during August, resulting in a net gain of 450
of Sea Island cotton this year 53,133 bales, or 18,093 bales points. The market closed on Aug. 31 at 17.50c., the extremes for the season having been 12.40c.(Sept.13)and 19.75c.
less than in the previous year.
The following useful table shows the crops and movement (Aug. 29), with the average 14.97c., or 4.55c. above that
of Sea Island for the seasons 1895-96 to 1909-10 in detail: for 1908-09, 3.69c. higher than in 1907-08, and in fact
higher than in any year from 1875-76 to 1908-09, inclusive.
To indicate how the prices for 1909-10 compare with those
Crop.
Foreign Exports.
it me-ifor earlier years, we have compiled from our records the folcan
Season. ,
South
ConTotal
lowing, which shows the highest, lowest and average prices
Flor- Georgia Caro. Texas,' Total.
Great ContiExsumpBrital
ida.
ports. Lion, a
Line. &c.
72Z111.
of middling uplands in the New York market for each season
1909-10.. 30,312 37,299 14,497
82,108 24,744 4,684
29,428 53,133 since 1877-78.
1908-09.
1908-09_
1907-08..
1906-07_
1905-00_
1904-05_
1903-01.
1902-03.
1001-02..
1900-01_
1899.00_
1898-99.
1897_98.
1895-97_
1895-96..1
42,12
42,126
41,863
23,411
30,378
37,873
28,005
27,68
21,323
24,793
29.376
21,275
24,468
25,027
21,664
38,953 15,172
38,953 15,172
27,008 12,738
24.653 8,044
72,872 13,712
49.696 12,094
39,345 9,35
62,451 12,497
48,588 8,76
52,953 8,36
60,369 7,810
40,306 5,623
41,440 10,211
64,906 11,030 1,644
60,52210,010 991
96,251 18,241 7,567
96,251 18,241 7,567
9,635
81,60) 22,74
5,28
56,108 15,20
9,22
116,96 30,03
99,663 30,83' 7,57
7,13
76,70 24,18
102,63 44,354 0,72
78,62 25,42, 6,45
86,11 26,453 5,53
8,00
97,55 38,27
67,20 26,451 9,01
76,11 33,303 8.82
103,51 47,758 10,673
93,18 42,301 7,672
25,808
25,808
32.383
20,489
39,262
38,402
31,32
54,081
31,873
31,988
46,286
35,466i
42,130'
58,431
50,063
71,326
71,326
46.718
36,101
78,023
62,556
43,578
50,524
43,650
55,422
49,543
38.654
34,140
40,670
40,530
a The column 0. "American Consumption" M this table includes burnt In the
United States.
High.
C.
1909-10_ _19.75
1908-09_13.15
1907-08__13.55
1906-07_ _13.55
1905-06__12.60
1904-05__11.50
1903-04...17.25
1902-03__13.50
1901-02__ 91
1900-01 _ _12
1899-00_103C
1898-99.._
1897-98_ 7 13-16
1896-97.... R%
1895-96_ 0%
1894-95-- 8 3-16
Low.
C.
12.40
0.00
0.50
9.60
9.85
6.85
9.50
8.30
7 13-18
8
5 5-16
53(
7 1-16
7 1-16
5 9-16
C.
14.97
10.42
11.28
11.48
11.20
0.13
12.58
10.26
0 3-16
9.1-1
0%
6 1-16
6 3-15
11-16
8
7x
0 7-16
8H9f..g1h6
. °Lir. Average.
C.
C.
1803-94
7 11-16
1892-93__10
8 7-16
7 1-16
1891-92_ 8 13-18 6 11-16 7(
1800-91_11
1889-90_12
103(
9"
7 15-10 115-16
1888-89_11%
9
"
7-16 10
97
5-16
1887-88_11%
10
9Y
1886-8711 7-16
8
05‘
13-18 19
011-16
1885-86_10%
i884-85.._1l34
ii
1883-84__11 15-16 iou
1882-83_124
10
101-f
1 1.16
188i-82.._13 1-16 10 -10 %
1____1
13
3
0:80
187
889
7-18 10%
12 1-16
1878-79_131-C
8 13-16 10 13-16
K
11
SEPT. 10 1910.1
THE CHRONICLE
633
rrEm3 ABOUT BANKS, BANKERS AND TRUST CO'S.
Movement of Cotton at Interior Ports.
-The public sales of bank stocks this week aggregate
Below we give the total receipts and shipments of cotton 52
shares, of which 49 shares were sold at the Stock Exchange
at the interior ports and the stock on the first of September
and 3 shares at auction. Of trust company stocks, one lot
of each year:
of 2 shares was sold at auction. A sale of 10 shares of stock
Year ending Sept. 1 1909.
Year ending Sept. 11010.
of the National Park Bank was made at 360, an advance of
Towns.
25 points over the price paid at the last previous public sale,
Receipts. Shipm'ts. Stock. Receipts. Shipm'ts. Stock.
320 which was in May 1910. The first sale of Plaza Bank stock
23,392
22,356
507
18,313
13,500
Eufaula, Ala __ __
370
270 168,235 170,669
Montgomery, Ala. 120.573 120,673
476 since September 1908 was made this week at 651-the price
395 112,990 113,113
101,764 101,845
Selma, Ala
05,616 2,528 having advanced 29
05,652
408
59,893
57,773
1-Ielena, Ark....
points in the interval.
2,291 271,756 271,658 2.171
180,371 180,251
Little Rock, Ark_
468 Shares. BANKS-NeW York.
28,717
71
28,330
Low. High. Close. Last previous sale.
24,123
23,726
Albany, Ga
325
20 124,736 125,013
106,734 107,039
Aug. 1910- 204
Athens, Ca
198
•4 Commerce, Nat. Bank of. _ __ 198
198
100
32 144,909 145,330
137,851 137,919
Atlanta, Ga
Sept. 1910- 1854
186
1855 186
818 359,842 363,882 4,312 .35 Fourth National Bank
360,918 369.412
Augusta. Ga __
May 1910- 335z
462 '10 Park Bank, National
360
360
64,413
360
61,955
177
57,035
56,750
Columbus, Ga
112
67,104
399
56,060
53,134
Sept. 1908- 621 3.
651
3 Plaza Bank
53,421
651
651
Macon, Ga
1,267
57,467
57,519
110
44,518
43,361
Rome. Ga
TRUST COMPANY-New York.
110
10,185
10,280
10
12,633
12,5331
Loulsv., Ky., net_
Mch. 1910- 288
2 Lawyers' Title Ins. & Tr. Co_ 285
265
265
91,880 2.663
94,441
138
04,233
91,708
Shreveport, La_
97
59,981
7
59,787
33,734
33,644
Columbus, Miss_
• Sold at the Stock Exchange. z Ex-rights.
821
75,130
1,910
63,889
74,516
64.978
Greenville, Miss.._
913
600 118,677 118,877
80,164
79,851
Greenwood, Miss_
-A New York Stock Exchange membership was posted
566
502 107,775 107.718
73,831
73,767
Meridian, Miss.__
53,859
54,013 2,137 for transfer this week, the consideration being $68,000. The
16,6327811
15.276
Natchez, Miss _ .
3,573
1,665
11,218
•
46,676
14,768
67,252
Vicksburg, Miss...
1,1991
62,812 1,581 last preceding sale was for $72,500, made two weeks ago.
42,170
11,788
60,163
Yazoo City, Miss_
6501 687,327 686,465 10,632
454,082 464,064
St. Louis, 510.__
3
16,696
15,420
3
15,420
16,649
-The foreign banking interests who are concerned in the
Raleigh, N.0_......
149,186 154,063 6,671 165,505 162,078 11,548
Cincinnati, Ohio_
442 cotton-bill-of-lading question met in conference on the 7th
29,848
24,642
100
24,300
26,063
Greenwood, S. C.
785,485 787,682 4,916 984,370 991,739 7,113
Memphis, Tenn.
465 and 8th inst., the meeting having been postponed from the
23,067
350
14,563
14,678
23,05
Nashville, Tenn
865 2d. According to the reports from London on the 8th, the
10,884
13,728
0,754
13,677 1,016
Brenham, Texas_
37
25,293
23,693
40
23,696
25,195
Dlarksville, Texa
_ _ _ - committee has reached a decision in the matter, but has de56,850
56,856
99,851 100,300
__ _ _
Dallas, Texas__ _ _
755
17,898
84
21,793
18,641
21,122
HoneyGrove,Tex.
1,837,607 1,838,752 24,171 2,617,456 2,625,176 25.316 cided not to divulge the same until it has been submitted
1-bouston, Tex
615
87,041
81,798
211
81,394
87,650
Paris, Texas
and approved at a full conference of bankers to be held on
Total, 33 town- 5,197,494 5,230,135 50,522 6,922,664 6,954,66
83,163
In the following we present a statement of the year's exports from each port, showing direction shipments have
taken. Similar statements have been given in all previous
reviews, and a comparison as to the extent of the total movement at each port can be made with back years. It will be
noted by contrast with the season of 1908-09 that,with but
few unimportant exceptions,this year's shipments show large
declines, particularly so in the cases of Liverpool, Bremen,
Manchester, Barcelona and Genoa.
- Galves- Savan- 11'il- Nor- New
Other
nah. d neg'on. folk. York. Ports.
7'otal.
ton. a
-491,793 626,509 283,711 88,752 5,015 355,257 238.621 2,089,858
31,897 36,811 287,431
41,032 122,107 43,646 11,938
23.006
250
22,756
30,617
8,600
2
2,074
19,941
3,245
677
68
2,500
1,242
700
460
1182
112,919 137-JH 948,106
177,221 415,608 89,487 15.700
29,691
4,400
6,491
18,800
511
400
111
148,836 175,522 1,734.747
152,246 657,135 439,421 161,587
__._ 1,212 5,650 6,927 129,985
51,966 30,941
33,289
1,850
1,850
-"iLo 4-;23.0 19,263
512
2,675 1,025
9,971
77,585
5,377
6,037
7,583
37,463
21,105
20,150
200 6,451
13,499
-566 2,650
1,200
450
700
4,200
-450
2,950
800
500
-566
200
900
900
1,100
1,100
300
300
500
500
8,581
3,281
5,300
200
200
100
100
5,000
5,000
400 9,380
40,408
21,278
300
500
4,160
3,360
4,299
3,199 1,100
100
19,736
19,636
23,65 14,615 196,803
83,719 23,625
51,276
100
100_ _ _
21,248 16-Ai 298,494
6 7
92,951 149,517 10,690 7,1
16,407
900
10,778
1,230
3,499
650
100
400
150
"ioo 40,983
850
13,739 1,t-106
24,694
1,104
1,004
100
41,398
399
19,771 9.120 5-,666
7,108
7,300
1,666
100 2,500 2,000
1,700
468
458
100
100
900
666
450
450
19,681
19,476
105
94,158
1,641:1 93,092
6
118,405
118,45
-^
-1,193,922 2,265,574 963,680 298,595 6,739 738,200 860,228 6,326.998
New
Orleans.
----Liverpool__ _
Manchester
Belfast
London
Glasgow _ _
Hull
Havre
_
Dunkirk
Marseilles _ _
Bremen _
Hamburg __
Warberg_
Rotterdam__
Antwerp_ _ __
Ghent
Copenhagen_
Christiania
Stockholm _
Malmo
Norrkoping.
Nykoping.
Gefle
Gothenburg
Oxelsund
Bergen
Nerve
Reval
Riga
St. Petersb'g
Oporto
Barcelona__
Valencia
Genoa
Naples
Leghorn ____
Venice
Mestre
Trieste
Flume
Piraeus
Syra
Philippines.
Guatemala _
Mexico
Japan
Cuba
Canada
Total
a Includes front Port Arthur to Liverpool, 25,883 bales; to Havre 19,790 bales; to
Dunkirk, 4,090 bales: to Bremen, 92,108 bales, and to Hamburg, 600 bales. From
Texas City to Mexico, 13,283 bales. From Corpus Christi, &c., to Mexico. 3.853
bales.
d Includes from Brunswick to Liverpool, 83,879 bales; to Manchester, 3,166
bales; to Havre, 5,496 bales; to Bremen, 99,041 bales.
k "Other ports" include from Gulfport, Miss., to Liverpool, 7,818 bales, and to
Bremen, 1,0/4 bales. From Pensacola to Liverpool, 44,952 bales; to Manchester,
3,998 bales; to Havre, 54,674 bales; to Bremen, 34,941 bales; to Hamburg, 1,280
to Antbales; to Barcelona, 100 bales; to Genoa, 2,785 bales; to Naples, 500 bales;Charleswerp, 400 bales; to Rotterdam, 50 bales, and to Trieste, 399 bales. From bales.
ton to Liverpool, 16,901 bales; to Bremen, 84,409 bales: to Barcelona, 14,55036,781
From Mobile to Liverpool, 39,348 bales; to Havre, 74,601 bales; to Bremen, Lonbales; to Hamburg,4,431 bales. From Boston to Liverpool, 86,155 bales; to 4,823
don, 2 bales; to Manchester, 11,857 bales; to IlambOrg, 46 bales; to Genoa,
Liverpool,
bales, and to Yarmouth, St. John, &c., 6,914 bales. From Baltimore to
18,317 bales;
18,365 bales; to Belfast, 250 bales; to Havre, 7,896 bales; to Bremen,300
bales. to
Copenhagen,
to
Antwerp,
bales;
to
2,459
bales;
450
Hamburg,
to
Liverpool, 24,655
Reval, 9,380 bales; to Sweden, 300 bales. From Philadelphia. toRotterdam,
4,180
bales; to Manchester, 20,956 bales; to Hamburg, 766 bales; to
bales; to
bales; to Antwerp, 2,518 bales; to Genoa 9,283 bales: to Naples, 400San
FranVenice, 100 bales. From Portland, Me., to Liverpool, 427 bales. From 200 bales.
cisco to Japan, 59,769 bales to Canada. 200 bales, and to Manila,
519
From Seattle to Japan, 28,519 bales; to Manila, 300 bales, and to Canada,
bales. From Tacoma to Japan, 4,004 bales, and to Manila, 400 bales. From
Portland, Ore., to Japan, 200 bales. From Pembina to Japan, 600 bales. From
Detroit, Port Huron, &c., to Canada 110,772 bales.
the 14th inst. It is also stated that there has been a wide
divergence of opinion as to the advisability of sending the
original ultimatum, in which the British and Continental
banking houses demanded that American bankers after
Oct. 31 next guarantee all bills of lading on American cotton.
It is pointed out that in the event of the American bankers
refusing the guaranty, the English banks would find themselves in an untenable position, as England must have the
cotton which the United States holds.
-During an investigation into the affairs of the cotton firm
of Steele, Miller & Co. of Corinth, Miss., this week, evidence
Is said to have been given to the effect that the liabilities of
the company exceed the assets by more than $3,000,000.
and that the entire working capital of the concern was not
more than $10,000. Under bankruptcy proceedings entered against the company last spring, J. A. E. Pyle was
named as receiver. The company is charged with having
put out fraudulent bills of lading; in connection with this
week's inquiry, it is stated that no effort has been made to
ascertain how far back the frauds alleged to have been perpetrated on European spinners extend; but that it has been
shown that the company entered the new cotton year Sept.
1909 with a shortage of 16,300 bales. The statement is also
made that for this shortage they had out bogus bills of lading,
thus covering cotton which did not exist. The evidence up to
this time, it is added, fails to show that any of the alleged
fraudulently-obtained money was diverted to channels outside the cotton business. All the cotton described in the
bogus bills of lading is reported to have been fully insured,
and during the season the company, it is announced, paid
out more than $100,000 for premiums on cotton that did
not exist. An attempt will be made by the creditors to
force the insurance companies to rebate this amount, maintaining that the companies took no risk, inasmuch as the
cotton was not in existence. These attempts, however, will
be resisted by the insurance companies, the latter contending
that they wrote the policies in good faith.
-In a circular letter addressed to the national bank
examiners 'under date of the 2d inst., United States Comptroller of the Currency Lawrence 0. Murray makes known
his intention hereafter personally to pass upon all applications
for appointment as reserve agent. The practice has heretofore been to approve such applications without any question as to the standing of the reserve city bank, but under
the new procedure unless the affairs of the latter are shown
to be in satisfactory condition, approval of such requests
will in future be withheld. • We quote the circular as follows:
Washington, D. C., September 2 1910.
To the National Bank Examiners:
approve
Heretofore It has been the practice of the Comp,traller's office to
deslgnatIon of a
without question all requests of country banks for the
of the quesreserve city bank as a reserve agent without any consideration
designated was in a
tion as to whether or not the reserve city bank to be
satisfactory condition.
designation of some naThis perfunctory practice has resulted in the
office was cognizant
tional banks as reserve agents when the Comptroller's
of their extremely unsatisfactory condition.
all applications for
scrutinize
Hereafter the Comptroller will personally
and the approval
designation as reserve agents before they are approved,
reserve city banks as reservg agents
of all requests for designation of
634
THE CHRONICLE
which are not in a satisfactory condition will be denied or at least delayed
until the instructions of this office have been complied with, and the affairs
of the reserve city bank in question placed in an entirely satisfactory
condition.
The authority for this action is conferred by Section 5192, U. S. R. S.,
which provides In part that a certain portion of the reserve required to be
held by national banks may consist of balances due an association from
associations in certain designated cities, approved by the Comptroller of
the Currency.
The procedure will be that requests of country banks for the designation
of a reserve city bank as a reserve agent will go directly to the desk of the
Chief of Division of Reports, who will make an investigation as to the condition of the reserve city bank in question and attach a memorandum of
that condition, together with his recommendation, and send It to the Comptroller for either approval or disapproval.
This change in administrative methods will be of more interest to reserve
city examiners than the examiners working in "so-called" country districts.
In this connection all reserve city examiners are requested to make such
recommendations in the premises as they may consider proper at the time
of each examination of a reserve city bank.
This change in administrative methods should be called to the attention
of each of the reserve city banks by the examiners to which they are accredited.
Respectfully,
LAWRENCE 0. MURRAY,Comptroller.
[VOL. Lxxxxi.
James A. Foley, and Senators Victor M. Allen, Alexander
Brough and Robert F. Wagner. The resolution under which
they were appointed, besides providing in general for
an investigation into legislative practices and procedure, into
the use of corrupt and improper means for the promotion or
defeat of legislation, is also made to include an inquiry into
the "business methods, operation, management, supervision
and control of all insurance companies other than those
doing life insurance business, including fire insurance
exchanges, and State and local boards of fire underwriters,
and the relation of such companies, exchanges and boards
with legislation, including industrial life insurance." Chairman Merritt this week issued to some 500 commercial organizations throughout the State the following letter in which information as to any unjust practices on the part of fire insurance companies or their agents is sought:
Sept. 7 1910.
Dear Sir:—On behalf of the Legislative Investigating Committee, which
was
appointed
investigate,
to
among
other
things,
subject
the
of fire in—The program prepared by the Trust Company Section
surance, I desire to offer your organization and the members thereof the
of the American Bankers' Association for its Annual Meeting, opportunity to make
complaint before this committee in regard to unjust
which takes place at Los Angeles on Wednesday, October 5, practices—if there be any—on the part of fire insurance companies or their
agents,
for
example,
as to excessive or discriminatory rates, unfair adhas been furnished us as foil ows:
justments of losses, &c.
Meeting to be called to order by the President of the Section at 10 a. m.
In case the prevalence of such alleged abuses should seem to warrant
Prayer by the Rev. J. Whitcomb Brougher, Pastor Temple Auditorium.
it, the committee will conduct hearings at a convenient place in your viAddress of welcome on behalf of the City of Los Angeles by Joseph Scott, cinity.'
President Los Angeles Chamber of Commerce.
May I ask you to bring this matter to the early notice of your members,
Address of welcome on behalf of the Trust Companies of California by
and I shall be very glad if you will undertake to see that this invitation is
J. C. Drake, President Los Angeles Trust & Savings Bank.
extended in general to the people of your city through publication by the
Reply to addresses of welcome and annual address by the President, local press.
H. P. McIntosh.
Complaints, either formal or informal, information and suggestions,
Report of the Secretary, by Philip S. Babcock.
should be sent to the Legislative Investigating Committee,55 Liberty Street,
Report of the Executive Committee,by Lawrence L.Gillespie, Chairman. New York.
Yours very truly,
Report of Committee on Protective Laws, by Lynn H. Dinkins, Chairman.
EDWIN A. MERRITT Jr., Chairman.
Address "The Advantage to the Trust Company In Making Loans Upon
—In an announcement calling attention to the prospective
Marketable Collateral Rather Than Upon Personal Credit," by Wm. C.
Louisiana exhibit at the Chicago Land Exposition, to be
Pollion, Vice-President, The Mercantile Trust Company, New York City.
Address,' The Advisability of a Trust Company Maintaining an Auditing held in November, the
Hibernia Bank & Trust Co. of New
Department Rather than Having Periodical Audits from Without," by
Wilbur M. Baldwin, Assistant Treasurer The Citizens' Savings (So Trust Orleans takes occasion to give publicity to the fact that inCompany, Cleveland, Ohio.
vestment money in that State secured by real estate is exTopics for General Discussion.
from taxation. We quote its remarks as follows:
'empt
1. "The Personal Element In Trust Company Work." Discussion to be
By constitutional amendment, the State of Louisiana two years ago
opened by Edgar Stark, Trust Officer of the Union Savings Bank & Trust
perpetually
freed from all taxation all moneys invested or which may be
Company, Cincinnati, Ohio.
2. "Investment of Trust Funds and The Respective Interest Therein Invested In paper secured by real estate.
As a result many large tracts of virgin and immensely fertile low lands
of Life Tenant and Remainder-man." Discussion to be opened by Isaac H.
around New Orleans arc now being reclaimed, settled and cultivated.
Orr, Trust Officer of the Mercantile Trust Company St. Louis, Mo.
The
net return per acre to the farmer is large. So large, in fact, that the
3. "The Duties and Responsi bilitles of a Trust Company in Connection
with Investments to be Offered to the Public." Discussion to be opened South Louisiana exhibit of climate, soil, health and productiveness at the
by F. J. Parsons, Secretary United States Mortgage & Trust Company of Chicago Land Exposition Nov. 4 to 28, will be well worth visiting
Very truly,
New York, followed by Dimner Becher, President Commonwealth Title
HIBERNIA BANK & TRUST CO.,
Insurance & Trust Company, Philadelphia, Pa.
New Orleans, La.
4. "Should Trust Companies Charge for Carrying Small Accounts ?"
Discussion to be opened by Edw.0.Stanley, Vice-President Title Guarantee
—The Guaranty Trust Co. of this city has decided to
FG,Trust Company, New York City.
retire the 2,437 shares of Fifth Avenue Trust Co. stock
General discussion of such other topics as may be proposed and may have
which it acquired last January,when the merger of the Fifth
the approvalof the presiding officers.
Avenue and the Morton Trust companies with the Guaranty
Roil-Call of States.
Election and Installation of Officers.
was effected. Of the Fifth Avenue's capital of $1,000,000,
Unfinished Business.
The program of the General Convention and that of the
Savings Bank Section were published in our issue of last
Saturday.
—The Treasury Department, it is reported, is considering
the suspension for an indefinite period of gold coinage.
The New York "Tribune" states that under plans which
are now being developed it is proposed to issue gold certificates for all gold bullion and foreign coin turned into the
mints instead of coining the same into eagles and doubleeagles. The plan is said to have originated with A. Piatt
Andrew, while he was Director of the Mint, and it is understood will be given the endorsemen t • of U. S. Treasurer
McClung in his annual report. The reasons for the change
are two-fold; first, it is expected to save the Government
from $300,000 to $500,000 a year in mint expenses, and,
second, it will serve to prevent the coining of gold at the
expense of the United States for the convenience of foreign
money markets, which use it in the settlement of commercial
balances.
—Joseph Austin Holmes has been appointed as Director
of the new Bureau of Mines, which has been established in
the Department of the Interior under the bill passed by
Congress last May. Pending the appointment, George Otis
Smith, Director of the Geological Survey, had been assigned
in July to temporarily assume the direction of the Bureau.
Mr. Holmes, who has been selected to head the new Bureau,
had been Chief of the Technological Branch of_the Geological
Survey.
—The committee appointed to investigate legislative
corruption in New York State in accordance with the resolution passed by the Legislature last May, began its public
sessions in this city on Wednesday. The committee consists
of Assemblyman Edwin A. Merritt Jr., Chairman; William
W. Colne, Frederick R. Toombs, FrankAL.AYoung and
the 2,437 shares referred to were owned by the Morton Trust.
The arrangements under which the merger was carried out•
provided for the issuance of $1,500,000 of Guaranty stock in
exchange for the $2,000,000 capital of the Morton and
$500,000 of Guaranty stock for the $1,000,000 capital of
the Fifth Avenue. The capital of the Guaranty was increased
to $5,000,000; in canceling the Fifth Avenue stock the
Guaranty will issue 1,2181A shares OT its own stock. The
latter is now offered to Guaranty shareholders at $800 per
share. The following is the cirdular which has been sent to
its shareholders with regard to its plans:
September 7 1910.
To the Shareholders of the Guaranty Trust Company of New York:
At the date of the merger of the Morton Trust Company and the Fifth
Avenue Trust Co. with your Company, the Morton Trust Co. owned 2,437
shares of Fifth Avenue Trust Co. stock, which passed to this Company as
an incident of the merger. Thus far no action has been taken with reference
to these shares.
At a meeting held this day the Board of Directors adopted the following
resolutions:
Resolved, That the 2,437 shares of Fifth Avenue Trust Co. stock, which
passed to this Company from the Morton Trust Co. under the merger
agreement dated Jan. 5 1910 be canceled, and that 1,218i shares of
Guaranty Trust Co. stock representing such Fifth Avenue Trust Co. stock
forthwith be offered to the shareholders of record at the close of business
on Sept. 14 1910 for subscription ratably at $800 per share in proportion
to their respective holdings; that the right to make such subscription
shall expire on Oct. 26 1910, on or before which last-mentioned date
payment in full of all subscriptions shall be made; that warrants for such
subscriptions, which shall be assignable, be mailed to all such shareholders,
and that subscriptions or assignments of rights to subscribe shall be made
only upon such warrants; that shares of stock of this Company delivered
hereunder shall be entitled to all dividends declared after Oct. 1, butIno
stock certificate shall be delivered for less than a full share; that nondividend-bearing scrip certificates be delivered for fractional amounts
of shares subscribed and paid for which shall be exchangeable for stock
certificates when presented in amounts aggregating one share or an even
multiple thereof, provided such exchange be made on or before Oct. 26
1910, after which date no exchange shall be made; but such scrip certificates
shall be redeemable at their proportionate value at the rate of $800 per
share; that such portion of the said 1,218 M shares of stock of this Company
as shall not be subscribed and be paid for, together with such fractional
amounts of shares as shall not be exchanged for full shares, as above
provided; forthwith be sold by the directors at a price to be fixed by them;
SEPT. 10
19 0.
635
THE CHRONICLE
not less than $800 per share; and that the several officers of the Company
be and hereby they arc authorized and directed from time to time to take
all action necessary to carry these resolutions into effect.
Shortly after the 14th day of Sept. 1910 a form of warrant for subscription
for your ratable proportion of these shares, or of assignment of your right
to subscribe, will be sent you (if then a stockholder of record) for signature
and return on or before Oct. 26 1910. No subscription will be received
after that date; and all payments of subscriptions, whether original or
under assignments, also must be made on or before that date, I. e., Oct. 26
1910.
Mr. Alexander J. Hemphill and his associates offer to purchase from the
Company at $800 per share all of the shares above mentioned which shal
not be subscribed and paid for by shareholders, and also offer, In order to
facilitate shareholders In the disposition of fractional amounts, to purchase
from or to sell to them such fractional amounts at the rate of $800 a share.
ALEXANDER J. HEMPHILL, President.
E. C. HEBBARD. Secretary.
Tourniterciat and Blisceliantons`- ttus
•••••••••••••
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Metropolis Trust & Savings Bank, San Francisco, Cal., Into "The
Western Metropolis National Bank of San Francisco," Cal. Capital,
$1,500,000.
NATIONAL BANKS ORGANIZED.
Aug. 24 to Aug. 26.
9,831-The First National Bank of Leigh, Leigh, Neb. Capital, $50,000.
Thomas Mortimer, Pres.; E. R. Gurney, Vice-Pres.; F. Rabeler Jr..
Cashier; R. J. MeNary, Asst. Cashier.
9,832-The Southern National Bank of Richmond, Ky. Capital, $100,000. A. R. Burnam, Pres.; Dudley Tribble, Vice-Pres.; J. E.
Greenleaf, Cashier.
9,833-The People's National Bank of Blairstown, Blairstown, N. J.
Capital, $50,000. John A. Messier, Pres.; John C. Kitchen, VicePres.; E. J. Divers, Cashier.
At the close of business Aug. 31 the Guaranty reported
total deposits of $127,684,066, surplus and undivided profits
of $21,143,925, in addition to its $5,000,000 capital, and its
aggregate resources were $161,312,884.
EXPIRATION OF CORPORATE EXISTENCE.
-For the accommodation of the patrons of its branch at 4,430-The Richmond National Bank, Richmond, Ky.; expired by limitation
at close of business Aug. 26 1910.
Broadway and 45th Street, the Greenwich Bank of this city
LIQUIDATION.
will
has extended the banking hours of that branch, and it
9,226-The American National Bank of Houston, Houston, Tex., was
placed in voluntary liquidation July 1 1910.
hereafter remain open until midnight of each business day.
This is done to meet the requirements of those whose business
extends into a late hour of the night, the numerous hotels
Canadian Bank Clearings.-The clearings for the week endand theatres which are located in the neighborhood being ing Sept. 3 at Canadian cities, in comparison with the same
especially benefited through the movement. The new policy week of 1909, shows an increase in the aggregate of 12.0%.
will also give an opportunity for the purchase of foreign
drafts on all parts of the world, and drafts for use in all parts
Week ending September 3.
of the country, after the post office and express companies Clearings at
Inc. or
1910.
1909.
Dec.
1907.
1908.
are closed for the day. The Night & Day Bank, at 44th
inbanking
only
°tiler
local
CanadaStreet and Fifth Avenue, is the
$
36,895,783
32,872,253 +12.2
Montreal
26,196,773
31,752,345
stitution which remains open until midnight. That bank Toronto
24,832,702
26,193,167 -5.2
19,624,653
24,636,283
14,294,883
9,112,127
Winnipeg
10,442,263 +36.9
10,543,895
formerly conducted business throughout the twenty-four Vancouver
8,402,101
5,353,653 +57.0
3,739,799
3,880,370
3,164,005
3,483,827 -9.2
2,967,262
2,516,979
hours each business day, but in June shortened the working Ottawa
2,143,232
2,090,016 +2.5
2,356,179
1,848,798
Quebec
1,458,016
1,539,774 -5.3
1,578,496
period to midnight. The Greenwich Bank is one of the Halifax
1,770,878
1,975,185 -6.2
1,503,765
1,164,571
1,383,809
John
oldest banking institutions in the city. It was established St.
1,585,429 +15.4
1,383,745
1,664,070
1,829,183
Hamilton
1,776,437 +33.4
1,093,323
1,171,378
2,369,154
in 1830, and has its headquarters in old Greenwich Calgary
1,114,570 -18.4
1,061,582
1,232,587
London
909,759
1,283,337 +44.2
862,645
827,078
1,850,000
Village, at 402 Hudson Street. Under the new call of Victoria
914,888 +59.4
661,066
1,032,985
1,384,597
August 31 it reported combined capital and surplus Edmonton
.611 Not Included In total
Regina
414,201 Not included in total
of $1,332,919 ($500,000 representing capital), deposits of Brandon
73,510,572
82,673,050
90,123,799 +1.02
Total Canada_ 100,917,224
$9,719,944 and total resources of $11,209,542. William
C. Duncan is • President, the other officials being: Charles
Auction Sales.-Among other securities the following, not
E. Orvis, Vice-President; William A. Hawes, Auditor; Frank
Hammond, Cashier; Harry A. Golding and Walter B. Austin, regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller & Son:
Assistant Cashiers.
$2,500 Elmira Water, Lt. & RR.
Stocks.
-John D. Brown has been elected to succeed his father,
Co. 1st 5s, 1949. J. & J....98% & int.
116
3 Niagara Falls Power Co
the late Major A. M. Brown, as President of the Anchor
$2,500 United Gas & El. Co. 1st 5s.
85
3 United Gas & El. Co., pfd
1922. J. & J
94 & int.
651
Plaza Bank
3
Savings Bank of Pittsburgh. The new President has
50
$100 Meadow Club of Southampton
4 U. S. Life Insurance Co
income bond, 1946
$20 lot
2 Lawyers'Title Ins. & Tr. Co_265
heretofore officiated as Vice-President, in which post he is
22 Lake Superior Corp
2034 $4,000 Niagara Falls Power Co. ref.
and gen.6s, 1932. A.& 0__102 &int
replaced by R. J. Stoney Jr.
50 Manhattan Transit Co., $20
-------------
ponttargi(Comm ercial3Englisitgewz
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London
Sat.
Mon.
Tues.
Week ending Sept. 9.
Wed.
d 24 5-16 24 5-16 2434
2434
Silver, per oz
80 7-16 8034
Consols, New,234 percents.. 80 7-16 8034
80 9-16 8034
8034
For account
8034
97.70
French Rentes (in Parls)..fr_ 97.72% 97.72% 97.70
65
6534
6434
Amalgamated Copper Co._ _ _ _ _
8%
8%
8
834
bAnaconda Mining Co
9934
0934
9934
Atchison Topeka & Santa Fe. 9934
10234
103
10234
10234
Preferred
10334
10534
10534
Baltimore & Ohio
10534
90
oosi
9034
Preferred
194
19434
19334
19434
Canadian Paoli°
7434
75
7534
Chesapeake & Oh'o
7534
121
122%
122%
Chicago Milw. & St. Paul
122%
23
2334
Chicago Great Western
24
2234
Denver & Rio Grande
3034
3034
3034
3034
7234
7234
Preferred
7234
73
Erie
255
26%
2534
%
2634
First Preferred
4334
4334
9334
4334
Second Preferred
33
33
33
33
Illinois Central
133
130%
133
132
Louisville & Nashville
146
146
146
145
Missouri Kansas & Texas__ _ 3234
32
3234
3234
Preferred
63
6334
6334
Nat. RR.of Mex., 1st Pref._
71
69
7034
Second Preferred
3134
3134
3134
N.Y.Central & Hudson Riv.113%
113%
113%
113%
N. Y. Ontario & Western
91
4034
4034
4134
Western
Norfolk &
101
9834
99
9934
Preferred
9134
9134
91
Northern Pacific
11734
1173,6
117
aPennsylvania
6534
6534
6534
6534
7134
aReading
7134
71
7034
aFirst Preferred
45
45
45
aSecond Preferred
4734
4734
4734
3034
6
Rock Island
30,
30
11534
11534
Southern Pacific
114%
114
233,1
2334
Southern Railway
2334
23
53
53
Preferred ..
52
52
16934
169%
Union Pacific
168% .1675
%
94
9434
Preferred
94
9434
Corporation
7034
U.S. Steel
6994
6934
6834
11934
119%
11934
Preferred
11934
17
1734
17
Wabash
17
3634
Preferred
3634
3634
3534
Extended 4s
6534
6434
6534
--a Price per share. b X sterling:
Thurs.
Fri.
2434
2434
80 9-16 8034
80 11-16 8034
97.75 97.77%
6534
65
8
8
100%
9934
10234
10234
106
low
90
90
19434
19434
7534
7534
122%
12134
2334
2334
3034
3034
7234
7234
26
2634
5
43%
4334
33
33
132
132
145%
145%
32
3234
6334
6334
69
6934
32
3234
114
11334
41
41
9834
9834
91
91
117
11734
6534
6534
71
7134
45
45
4734
4734
3034
3034
11434
11534
2234
2234
53
5234
169%
16934
94
9434
6934
7034
11934
11934
1734
1734
3614
3634
6434
6434
$134 per share $14,000 Louisiana 8% bonds, Jan.
each
$20 lot
1,000 Playa de Oro Co., Ltd., £1
1874 coupons attached
$13 lot $1,000 Detroit Tol. & front. RR.
each
80 National Ptg. & Engrav. Co.
cons. 4%s, 1980. Feb. 1908
coupon attached
of Chicago, $50 each
$590
1334
Bonds.
$3,000 Lake Superior Corp. income
5s, 1924. Oct., 1907, coupons
53
attached
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.
TV/men
Payable.
Railroads (Steam).
Sept.
Alabama & Vicksburg
7
2% Sept.
Atlantic Coast Line (guar.)
2
Sept.
Boston & Albany (quar.)
1% Oct.
Boston & Maine, common (quar.)
Canadian Pacific, common.
3% Oct.
Common (extra)
% Oct.
Oct.
2
Preferred
134 Sept.
Chesapeake & Ohio (guar.)
2
Oct.
Chicago Burlington & Quincy (guar.)__ _
1% Oct.
Chicago & Eastern Illinois, pref. (guar.)_ _
Oct.
Chicago & North Western, pref.(guar.)._ 2
Delaware & Hudson Co. (guar.)
234 Sept.
I% Sept.
Erie & Pittsburgh (guar.)
1% Dec.
do
do
5
Nov.
Evansville & Terre Haute, common
2%e Oct.
Preferred
Great Northern Iron Ore Properties
Sue 'cent.
23.1. Oct.
Interborcnigh Rapid Transit (guar.)
1% Oct.
Manhattan Ry.(guar.)(No. 106)
Minn. S. P.&S.S.M.,com &pref. (No. 15) 334 vet.
Leased lines
2
Oct.
Newark & Bloomfield, guaranteed
3
Oct.
New Orleans (Cc North Eastern
6% Sept.
N. Y. Central & Hudson River (guar.)_
1% Oct.
N. F.Lackawanna & IV est., guar .(guar.) 1% Oct.
Norf sit & western, common (auar.)__ _
1K Sept.
Preferred (guar.)
1
Nov.
Old Colony (guar.)
1% Oct.
Pittsb. Bessemer & Lake Erie, common_
1% Oct.
Pittsb. Ft.Wayne & Chic. reg. guar.(qu.) 1% Oct.
Special guaranteed (guar.)
1% Oct.
I •Orn,,any. tirst preferred
%tent.
2
1
Sept.
St. Joseph South Bend & Sou., corn
234 Sept.
Preferred _
Books Closed
Days Inclusive.
2
10 Sept. 1 to Sept. 9
30 Holders of rec. Aug.31a
1 Holders of rec. Sept. la •
1 Sept. 3 to Oct. 5
1 Sept. 3 to Oct. 5
1 cent. 3 to Oct. 5
30 Holders of rec. Sept.9a
1 Sept.27 to Oct. 3
1 Holders of rec. Sept.16a
1 Holders of rec. Sept. 9a
20 Holders of rec. Aug.30a
10 Holders of rec. Aug.31a
10 Holders of rec. Nov.30a
1 Sept. 18 to Oct. 17
15 Holders of rec.Sept.15a
15 sent 1 to Sept. 15
1 Holders of rec. Sept.24a
1 Holders of rec. Sept.15a
15 Holuers of rec.Sept.30a
1 Holders of rec Slent.20a
1 Holders of rec. Sept.224
3 Holders of rec. Sept. 3
15 Holders of rec.Sept.22a
1 Holders of rec. Sept. I5a
16 Holders pf rec Aug.31a
13 Holders of rec. Oct.31a
1 Holders of rec. Sept. 10a
1 Holders of rec. Sept. 15
4 Sept. 11 to Oct. 4
1 Sept. 16 to Oct. 2
10 Holders of rec. Aug.24a
15 Sept. 11 to Sept. 16
15 Sept. 11 LW Sept.16
636
THE CHRONICLE
Mama of Company.
Railroads (Steam) Concluded.
St. Louis 4. San FranciscoChic. 4. East. Ills. pf tr. ctts. (quar.)_
K.C. Ft. S. & Mem. pf. tr. ctfs.(guar.)
Southern Pacinc Co. (guar.) (ho.
- -Union Pacific, common (guar.)
Preferred
Utica & Black Inver
Vicksburg Shreveport & Pacific, pref.._ _
Warren, guaranteed
west Jersey & Seashore
Per
Cent.
When ,
Payable.;
Books Closed.
Days Inclusive.
13% Oct.
1 Sept. 17 to Oct. 2
1
Oct.
1 Sept. 17 to Oct. 2
act.
1 Holders of waret, No.16
1 Sept. 13 to Oct. 12
23% )ct.
2
act.
1 Sept. 13 to Oct. 12
tent. 30 Flolders of rec. Sep. 15a
5
Sept. 3
Oct. 15 Holders of rec. Oct. 5a
Oct.
1 Holders of rec. Sept. 15
Street and Electric Railways.
American Railways (guar.)
;3ent. 15 Ann. 27 to Sent. 5
Brockton & Plym. St. Ry., pref.(No. 3). $3
Sept. 15 Holders of rec. Sept. la
BrooklynRapid _Transit (guar.)
1% wt.
1 ,loloecs of rise. Si-,t.
Central Pennsylvania Traction
2
1 Sept. 17 to Sept.30
Oct.
Duluth-Superior Traction, corn. (guar.)...
1 Holders of rec. Sept.15a
Oct.
Preferred (guar.)
1
1 Holders of rec. Sept.15a
Oct.
El Paso 1.1.sei etc co., common (No. 2) _ _
2
sent. 15 Holders of rec. Sent In
Frankford & Souiletvark Pass. Ry.,
1 Holders of rec. Sept.15a
$4 50 Oct.
Galveston-Houston Elec. Co..com.(No. 3)
Sept. 15 Holders of rec. bent. in
Preferred (No. 7'
;pot. 15 Holders of rec. Sept. in
3
Houghton County Tract., corn.(No. 3)__
Oct.
1 Holders of rec. Sept.15a
Preferred (No. 5)
3
1 Holders of rec. Sept.15a
Oct.
Louisville Traction, common (guar.)
1
1 Sept. 11 to Sept. 16
Oct.
Preferred
1 Sept. 11 to Sent. 16
Oct.
Northern Ohio Traction (guar.)
Sept. 15 Holders of rec. Aug.31a
Philadelphia Traction
1 Sept. 11 to Sept. 30
$2 Oct.
Portland (Ore.)Ry.,L.&P.,pf.(qu.)(No.17) 13 Oct.
1 Holders of rec. Sept.12a
Second & Third S s. Pass. Ry.,
1 Holders of rec. Sept. 5a
Oct.
83
South Side Elevated, Chicago (quar.)___ _
M Sept. 30 Sept.20 to Sept.30
Stark Electric RR. (guar.)
1 Sept.26 to Oct. 1
Oct.
Terre Haute Traction & Light. common_
to s' '01
2
'cot. 34 ,t.ot 21
Twin City Rap. Transit, corn. (guar.)._ _ _
1% Oct.
1 holders of rec. Sept.15a
Preferred (guar.)
1 Holders of rec. Sept.15a
Oct.
United Traction & Elec., Providence (gee.).
1 Sept. 14 to Oct. 2
Oct.
Trust Companies.
Guaranty (guar.)
•••
8
Sept. 30 Holders of rec. Sept.30a
Miscellaneous.
Amer. Beet Sugar, pref. (guar.)(No. 45)_
13% Oct.
1 Holders of rec. Sept.21a
American Can, preferred (quar.)
1% Oct.
1 Holders of rec. Sept.16a
Amer. Car & Fdy. corn.(qu.)(No. 32)_ _
M Oct.
1 Holders of rec. Sept.10a
Preferred (guar.)
'(No. 46)
1% Oct.
1 Holders of rec. Sept.10a
American Chicle (monthly)
1
Sept. 20 Holders of rec. Sept. 14
Extra
1
Sept. 20 Holders of rec. Sept. 14
American Express (oulr.)$4
.ct.
t loMers of ree. A ug.3IIn
Amer. Iron & Steel Mfg., corn. & p1. (qu.)
1 Holders of rec. Sept. 20
Oct.
American Locomotive, pref. (guar.)
1% Oct. 21 Sept. 22 to Oct. 20
Amer. Pipe & Construction (guar.)
2
1 Holders of rec. Sept.15a
Oct.
American itadiator, common ((ohm)_
2
sea. 30 ,
Pnt. 23 to spot. so
Amer. Smelt. & Refg., tom.(0.)(No. -28) 1
Oct. 15 Oct. 1 to Oct. 6
Preferred (guar.)(No. 45)
1% Oct.
1 Sept. 15 to Sept. 20
American Snuff,common
5
Oct.
1 Holders of rec. Sept.15a
Common (extra)
2
1 Holders of rec. Sept.15a
Oct.
Preferred (guar.)
1 Holders of rec. Sept.15a
13% Oct.
Amer. ;tug it iteon., coot & ord. (guar.) 1*, Pct.
3 -Udders of rec sent.
American Tobacco, preferred (guar.)
1 Holders of rec. Sept.15a
13% Oct.
American Writing Paper, preferred
,
pr.). ISa
1 'ittidet
wt.
1
,
of rec. :
Borden's Condensed Milk, pref. (guar.). _
13% Sept. 15 Sept. 6 to Sept. 15
Brooklyn Union Gas(guar.)(No. 38)---I sent. 14 to Sept. 31)
t3% Oct.
Calumet & Hecia Mining (guar.)
Sept. 28 Holders of rec. Aug.311
$7
Cambria Iron
2
1 Holders of rec.Sept.15 z
Oct.
Canadian General Electric, Ltd., cone. (qu.) 1% Oct.
1 Sept. 15 to Sept. 30
Preferred
1 Sept. 15 to Sept. 30
33% Oct.
Celluloid Company (guar.)
1 Holders of rec. Sept.15a
Oct.
Central Leather, preferred (guar.)
1% Oct.
1 Holders of rec. Sept. 10
Chicago Telephone (guar.)
2
Sept. 30 Sept.28 to Sept. 30
Childs Company, common (guar.)
2
Sept. 10 Sept. 4 to Sept. 10
Preferred (guar.).
1% Sept. 10 Sept. 4 to Sept. 10
Columbus (0.) Gas & Fuel, pref. (guar.)... 1% Oct.
1 Holders of rec. Sept.15a
Consolidated Gas of New York (quar.)._
1
Sept. 15 Hoiden of rum. Aug.17a
Cuban-American Sugar, preferred
1 'folders of rec. Sep.15 a
1% /et
Cumberland Tel. & Tel. (guar.)(No. 108). 2
1 Holders of rec. Sept. 19
Oct.
Diamond Match (tittar.I
M Sept. 15 *finders of rec. Aug 30a
duPont(El.) deNemoursPow.,com.(qu.) 2
Sept. 15 Holders of rec. Sept. 1
Common (extra)
4
Sept. 15 Holders of rec. Sept. 1
Preferred (guar.)
1% Oct. 25 Holders of rec. Oct. 15
du Pont Internet Powd., Pref.(guar.)
1% Oct.
1 Holders of rec. Sept.20a
Eastman Kodak of N. J., corn. (guar.). _ 23% Oct.
1 Holders of rec. Sept.15
Preferred (guar.)
13% Oct.
1 Holders of rec.Sept.15/
Federal Alimng & Smelting, pref. (guar.) 1
-tent. 15 Holders of rec. Aug.25a
General Chemical, preferred (guar.)
1 Holders of rec. Scpt.21a
)ct.
(ienerai Elect tc tow r.
2
act. It Holders of rec. Sept. 3a
Goldfield Consolidated Mines(guar.) _ _ _ _ 30c. Oct. 31 Holders of rec. Sept. 30a
Extra
20c. Oct. 31. Holders of rec. Sept. 30a
Guggenheim Exploration (guar.)(No. 31) 2% Oct.
1 Sept. 17 to Oct. 2
Intercontinental Rubber, corn. (No. 1).
1
Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
1 Holders of rec. Sept. 22
1% Oct.
International Harvester, corn. (qu.)(No. 3) 1
Oct. 15 Holders of rec. Sept.24a
International Silver, pref. (guar.)
1% Oct.
1 Sept. 20 to Oct. 2
Preferred (extra)
% Oct.
1 Sept. 20 to Oct. 2
Internat.Smokeless Pow.&Chem.,com.(qu)
1 Holders of rec. Sept.20a
% Oct.
Preferred
Nov. 15 Holders of rec. Nov. 5a
4
Laclede Gas-Light, common (guar.)
4 ient. IS i'itt. 2 to Sept. 15
1,
Lawton Manotype Machine (guar.)
14 Sept. 30 Holders of rec. Sept. 23
Mackay Companies, corn. (qu.)(No. 21). 1% Oct.
1 Holders of rec. Sept.10a
Preferred (guar.) (No. 27)
1
Oct.
1 Holders of rec. Sept.10a
Michigan State Telephone ,pref.(quar.).. 1(4 Vey. 1 let. 10 to
Nov. 1
Muskogee Gas 4. Elec., pref. (quar.).
1% Sept. 15 Holders of rec. Aug. 31
National Biscuit, CJM.(quar.)
48)...
)ct. 15 Holders of rec. Sep. 2fla
Nat. Enam.& Stamp., pref.(qu.)(No.47) 13%b iept. 30 Sept. 11 to Sept. 30
National Lead, common (guar.)
)ct.
1 Sept. 10 to Sept. 13
Preferred (guar.)
1.4 -tent. 15 Aim 20 to
Aug. 23
National Sugar Refining, pref. (quar.)__ _
1% Oct.
3 Holders of rec. Sept. 17
Nevada Consolidated Copper (guar.). _ 3734c. Sept. 30 Sept. 17 to Sept.25
Niles-Bement-vond, couunon (guar.)._
iept. 2u Sept. 11 to Sept. 20
NIpe Bay Co.. common (No. 1)
4
Sept. 15 Holders of rec. Sept. 1
North A merlean Company (guar.)
g Xt.
1 p[eiders of rec.Sept.l.'w
Oklahoma Gas & Elec., corn. (quar.). _ _ _
2
Sept. 15 Holders of rec. Aug. 31
Phelps, Dodge & Co., Inc. (guar.)
23% Sept. 29 Holders of rec. Sept.17a
Philadelphia Electric Co.(quar.)
13% Sept. 15 jotters of rec. Aug.19a
Quaker Oats, common (guar.)
2
Oct. 15 Jailers of rec. Oct. la
Common (extra)
M Oct. 15 Holders of rec. Oct. Id
Preferre 1 (qua.)
13% Nov. 30 'folders of tee. Nov. la
Quincy Mining (guar.)
$1.25 Sept. 0 Aug. 28 to Sept. 5
Railway Steel-Spring, pref. (guar.)
1% Sept. 20 Sept. 8 to Sept. 20
Republic Iron & Steel, pf (qu.)(No. 35) 1% /et.
1 tillers of rec. Sep. 1 in
Royal Baking Powder, common (guar.)_ _ _
Sept. 30 Holders of rec. Sept. 15a
3
Preferred (guar.)
13% Sept. 30 Holders of rec.Sept. 15a
Rubber Goods Mfg., pref. (guar.)(No.46) 13% Sept. 15 Holders of rec. Sept. 10
Safety Car Heating ez Ltg. (guar.)
1 Holders of rec. Sept.14a
2
Oct.
San Diego Cons. Gas & Elec., corn.(guar.) 1% Sept. 15 Holders of rec. Aug. 31
Sears, Roebuck & Co., pref. (guar.)
1 Holders of rec. Sept.15a
1% Oct.
South Porto Rico Sugar Co., coin. (quar.)1 Sept. 21 to Oct. 2
1
Oct.
Common (extra)
2
1 Sept. 21 to Oct. 2
Oct.
Preferred (guar.)
1 Sept. 21 to Oct. 2
2
Oct.
Standard Oil (guar.)
of rec. Aug.I qa
86 Scot. I f•
Subway Ready (guar.)
1% Oct.
1 Holders of rec. Sept.24a
Swift & Co. (guar.)(No. 96)
3 Holders of rec. Sept. 10
1% Oct.
Underwood Typewriter, pref. (quar.) - - 1% Oct.
1 Holders of rec. Sept. 20
United Bank Note Corp., pref. (guar.)_ _
1 Sept. 16 to Oct 2
13% Oct.
U N. .'steel Corn., com.fquar.)(No. 27)
1
4ept. 29 Sept. 2 to Sept 15
Utah Copper Co.(guar.)(No.9)
75e. Sept. 30 SePt 17 to
Sept.20
Yukon Gold Co. (guar.)(No. 5)
Sept. 30 Sept. 14 to Sept. 30
2
a Transfer books not closed. b Declared 7% payable in quarterly installments
d Correction. e Declared 5%, payable 23%% Oct. 15 1910 and 23%% April 15
1911.
[Vol- LXXXI.
Statement of New York City Clearing-House Banks.-The
detailed statement below shows the condition of the New
York Clearing-House banks for the week ending Sept. 3.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, the actual figures
at the end of the week are also given.
For definitions and rules under which the various items are
made up. see "Chronicle," V. 85, p. 836.
We omit two ciphers (00) in all cases.
Banks.
008 omitted.
Capital. Surplus.
Loans.
A verage
Specie. Legate. Deposits. ReAverage. Average. Average. s've.
Bank of N. Y_ _
2,000,0 3,473,6 20,304,0 3,914,0
921,0 18,357,0 26.3
Manhattan Co_
2,050,0 4,105,7 31,000,0 12,988,0 1,678,0 40,700,0 36.0
Merchants' _ _ _
2,000,0 1,762,0 20,366,0 4,246,0 1,313,0 21,113,026.3
Mech. & Metals.
- 6,000,0 7,883,8 54,097,3 11,879,1 1,092,0 52,283,6 24.8
America
1,500,0 5,787,1 24,666,2 4,454,2 1,969,9 24,752,0 25.9
Phenix
1,000,0
7,625,0 1,962,0
703,8
373,0
7,307,0 32.6
National City_ _ 25,000,0 30,741,6 162,771,9 60,507,8 6,560,0 175,421,7138.2
Chemical
3,000,0 6,366,1 28,104,5 4,622,8 2,241,2 25,884,7;26.6
Merchants' Ex.
600.0
564,5
160,8
6,901,5 25.0
6,819,0 1,564,5
Gallatin
1,000,0 2,497,7
6,838,4125.5
448,5
8,655,6 1,300,1
Butch. & Drov.
300,0
153,3
2,258,0,22.2
56,9
446,2
2,679,9
Greenwich _ _ _ _
822,4
500,0.
7,524,1
8,357,225.4
196,2
1,931,9
American Exch. 5.000,01 4,194,6 34,453,1 5,732,3 2,549,3 32,309,0 25.7
Commerce
25,000,01 15,893,1 153,211,6 28,052,7 7,095,1 133,884,7126.3
Mercantile
_
3,000,0 2,656,3 14,760,8 1,854,0 1,066,7 11,141,9 26.2
Pacific
500,0! 916,0 3,797,4
395,8
3,202,0 26.9
466,4
Chatham
450.0, 1,037,9
7.040,5 1,007,7 1,172,2
8,251,3 26.4
People's
400,2
200,0;
1,977,5
462,9
135.5
2,236,4 26.7
3,000,0 11,707,4 71,110,5 14,423,0 6,890,4 81,407,9 26.2
Hanover
2,550,0 1,844,2 21,265,4 5,261,9
Citizens' Cent_ _
318,2 20,643,2 27.2
500,0
Nassau
521,8
7,002,8
714,1 1,221,3
7,881,6 24.5
Market & Fultn
1,000,0 1,681,8
8,688,8 1,535,2 1,250,0
0,099,0 30.6
Metropolitan _ _
2,000,0 1,428,8 12,015,1 2,927,9
189,9 12,386,3 25.1
Corn Exchange. 3,000,0 5,352,0 42,203,0 7,427,0 5,109,0 49,300,0 25.4
Imp.& Traders' 1,500,0 7,432,1 25,981,0 3,571,0 2,263,0 23,389,7 25.0
Park
5,000,0 12,300,0 81,535,0 20,144.0 1.182,0 81,735,0 25.1
East River_ _
250,0
102,6
1,485,4
313,2
89,0
1,447,8 27.7
5,000,0 5,650,7 27,794,0 4,429,0 2,291,0 26,456,0 25.4
Fourth
Second
1,000,0 2,038,3 12,458,0 2,707,0
351,0 11,969,0,25.5
10,000,0 19,855,6 100,733,5 27,730,1 1,991,9 97,088,0'30.6
First
2,000,0 1,646,8 21,913,4 5,750,4 1,092,9 24,284,1128.1
Irving Exch..- _
Bowery
250,0
3,574,0
819,0
69,0
903,0
3,819,0 25.1
N. Y. County_ _
500,0 • 1,004,7
7,813,3 1,191,7
595,8
7,693,4123.6
German-Amer _
750,0
700,7
212,4
707,7
4,134,4
3,952,4 25.5
Chase
5,000,0 7,472,5 76,364,9 15,583,3 5,257,5 82,974,425.1
Fifth
100,0 2,070,5 12,164,4 2,469,4 1,242,9 13,764,126.9
German Exch.200,0
881,6
400,3
500,2
3,924,7
3,861.6 23.3
Germania
200,0 1,010,0
512,1
846,8
5,572,6 24.3
4,908,8
Lincoln
1,000,0 1,526,6 13,659,7 3,192,2 1,127,3 14,944,6 28.9
Garfield
1,000,0 1,177,0
241.0
8,062,3 25.0
8,107,5 1,781,0
Fifth
250.0
245,5
654,0
489,7
3,382,3
3,609,125.0
Metropolis _ _
1,000,0 2,089,8 10,833,7
837,1 1,783,1
10,449,9 25.0
West Side
200,0 1,023,4
219,0
4,807,0 24.7
969,0
4,379,0
Seaboard
1,000,0 1,913,4 18,458,0 3,854,0 1,723,0 21,137,0 26.3
Liberty
1,000,0 2,717,7 21,208,2 4,706,3
929,7 22,540,6 25.0
N. Y.Prod. Ex. 1,000,0
738,8
9,547,8 25.8
7,954,1 2,149,3
319,2
1,000,0
State
808,5 14,329,0 4,293,0
308,0 17,704,0 25.9
14th Street_ _
1,000,0
332,6
6,257,3 26.5
452,1
5,640,4 1,208,5
Coal & Iron_ __ _
1,000,0
373,2
5,908,0 26.8
5,790,0
833,0
754,0
-----Totals, Average 132,350,0 189,131,4 1251,326,7 290,946,3 70,196,2 1277,893,0 28.2
--Actual figures Sept. 3
1258,191,6 283,022,5 67,723,0 1275,h51,5127.5
On the basis of averages, circulation amounted to $45,636,500 and United States
deposits (included In deposits) to $1,667,400; actual figures Sept. 3, circulation,
$44,378,200; United States deposits, $1,066,700.
The State Banking Department also now furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items are
made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Sept. 3.
Stale Banks
Trust Cos.
Stale Banks
Trust Cos.
in
in
outside of
outside cl
Greater N. F. Greater N. Y. Greater N. Y. Greater N. F.
Capital as of June 30_
25,125,000
65,406,000
*9,033,000
*8,375,000
Surplus as of June 30,.
37,935,400
171,281,300
*10,806,851
*13,077,768
290,009,700 1,009,612,200
+1,630,400
+404,900
93,634,200
+209,600
138,546,500
+545,900
98,930,200
+381,000
1
20,816,000
+48,400
143,821,500
-261,300
Loans and investments_ _
Change from last week_
Spro:e
Change from last week.
52,313,700
-189,600
115,569,600
+29,500
Legal-tenders & bk. notes
Change rofm last week_
24,803,200
-633,400
11,309,600
-74,800
Deposits
Change from last week.
339,134,600 1,100,058,400
-053,800 -3,776,600
Reserve on deposts
Change from last week_
97,980,600
-723,400
134,428,600
+62,700
P. C. reserve to deposits..
Percentage last week..
29.4%
29.7%
16.4%
16.0%
21.7%
21.8%
19,381,200
-485,000
14.1%
14.4%
+ Increase over last week. - Decrease from last week. • As of March 25.
Nete..___-Surplus" includes all undivided profits. "Reserve on deposits" in
eludes, 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 varyingaccording 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, awl also exclusive of time deposits not payable within 30 days, represented by certificates, and also exclusive of deposits secured by bonds of the State
of New York. The State banks are likewise required to keep a reserve varying
according to location, the reserve being computed on the whole amount of deposits
exclusive of time deposits not payable within 30 days, represented by certificates
(according to the amendment of 1910), and exclusive of deposits secured by bonds
(3( the State of New York.
-Trust Cos.-Stale Bankslie
Total
Of
Total
Reserye Required for 7'rust Companies
Of
Reserve
which Reserve
and Stale Banks.
which
ManhattancBaloitou-rog
Required in Cash.Reguired. in Cash
on
Lo
25%
%
15%
15%
h
u(
g hwithout branches in Manbat.)15%
10%
20%
10%
Brooklyn
10%
15%
73%%
Other boroughs (without branches in Manhattan)15%
Brooklyn Borough, with branches in Manhattan_ _15%
15%20%
20%
Other Boroughs with branches in Manhattan--15%
Elsewhere In State
10%
IR 0
. 13z,
SEPT. 10 1.910.]
THE CHRONICLE
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
Hduse. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. In addition, we have combined each corresponding item in the two statements, thus affording an aggregate for the whole of the banks and trust companies in the
Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Sept. 3.
Clcar.-House Clear.-House State Banks & Total of all
Trust Cos. not Banks& Trust
Banks.
Banks.
in C.-H. Aver. Cos. Average.
Average
Actualleigures
s
Capital as of June 30_
5
132,350,000
$
132,350,000
$
74,581,000
206,931,000
Surplus as of June 30_ _
189,131,900
189,131,400
179,347,900
368,479,300
Loans and investments 1,258,191,600 1,251,326,700 1,097,573,700 2,348,900,900
+3,072,700
-953,500 1 +2,119,200
Change from last week +13,640,600
637
We omit two ciphers (001 in all these figures.
Banks.
Boston.
Aug. 13_ _
Aug.20-Aug.27_ ..
Sept. 3__
Phila.
Aug. 13_ _
Aug.20.. _
Aug.27_ _
Sept. 3_ _
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits. a Ormelatton.
40,300.0
40,200,0
40,200,0
40,200,0
204.562,0
204,375,0
204,712,0
206,500,0
23.337,0
22,629,0
21,975,0
21,787,0
8
4,594,0
4,678,0
4,902,0
4,573,0
56,315,0
55,465,0
55,465,0
55,465,0
250,343,0
250,960,0
251,838,0
253,392,0
1910.
121,734,800
-163,400
412,681,100
-8,340,200
Dry Goods
General Merchandise
67,723,600
Legal-tenders
Change from last week -4,027,900
FAil*44
Aggr'te money holdings 350,746,100
I Change from last week -17,536,000
itilankii
Money on deposit with
oth. bks. & trust cos
Change from last week
70,196,200
-1,615,600
b19,458,800
-192,600
89,655,000
-1,808,200
361,192,500
-9,792,400
141,193,600 502,336,100
-356,000 -10,148,400
Total
Since January 1.
Dry Goods
General Merchandise
Total reserve
350,746,100
Cfrom last week -17,536,000
Pill
Percentage to deposits
requiring reserve_ _ ....
27.53%
Percentage last week
2$.87%
0Mil
31,858,225
Surplus reserve
361,142,500
-9,792,400
167,193,700
+132,500
Total 35 weeks
1909.
'
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $1,210,203,600, a decrease of $3,856,000 from last week. In
the case of the Clearing-House banks, the deposits are "net" both for the average
and the actual figures. b Includes bank notes. c Of this amount State banks held
814,314,400 and trust companies $126,879,200.
1908.
1
1907.
$2,842,545 $3,296,354 $2,465,765! $3,584,736
15,415,743 11,041,944 10,0.0.530. 10,365,939
----818,258,2:38 $14,338,298 $12,511,295, $13,950,675
$106,574,752 $115,275,785 $80,588,944 $129,061,337
524,715,814 461,026,797 332,983,508 473,468,908
----18631,230,563 8576,302,582 $413,572,452 $602,530,245
EXPORTS FROM NEW YORK FOR THE WEEK.
1910.
41,639,230
125,190,3
125.482.4
118,646,4
146,804,5
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Sept. 3 and from Jan. 1 to date:
18.0%
18.2%
28.29%
28.93%
290,924,0 16.265,0
296,783,0 16,374,0
297,474,0 16,427,0
300,431,0116.448,0
FOREIGN IMPORTS AT NEW YORK.
For Week.
290,946,300
-8,176,800
528,336,200
-9,659,900
,
130,124,7
137,453,3
117.404,6
130,989,5
Imports and Exports for the Week.-The following are
the imports at New York for the week. ending Sept. 3; also
totals since the beginning of the first week in January:
283,022,500
Specie
Change from last week -13,508,100
26,000,100
+488,500
7,525,0
7,607,0
7,662,0
7.837,0
247.027,0
246,504,0
242,447,0
243.439,0
a Including Government deposits and the item "due to other banks." At Boston
Government deposits,amounted to 83,052,000 on Sept. 3, against $3,036,000 on
Aug. 27.
1,275,551,500 1,277,893,000 a1,048,581,500 2,326,474,500
Deposits
+206,400 -5,403,800
Change from last week -1,389,100 -5,610,200
26,000,100
+488,500
71,178,0
74,907,0
74,733,0
75,558,0
Clearings
For the week
Previously reported
1909.
I
1908.
1907.
$9,578,362 $8,858,0721 $7,025,028 37,520,631
432,879,555 404,747,221 425,541.239 417,754,459
- -$442,457,917 $413,605,273 3432,566,267 $425,275,090
Total 35 weeks
The following tab e shows the exports and imports of
specie at the port of New York for the week ending Sept. 3
and since Jan. 1 1910, and for the corresponding periods in
The averages of the New York Clearing-House banks 1909 and 1908:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
combined with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
Exports.
Imports.
as follows for a series of weeks past:
Gold,
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all thesefigures.
Week
Ended.
July 2_
July O._
July 16_
July 23__
July 30._
Aug. 6..
Aug. 13._
Aug. 20_
Aug. 27_
Sept. 3_ _
Loans and
Investments. Deposits.
2,390,776,1
2,355,907,6
2,331,502,9
2,318,054,8
2,305,891,4
2,319,167,3
2,331,975,4
2,339,911,8
2,346,781.2
2,348,900,4
8
2,368,248,4
2,316,544,5
2,300,377,2
2,298,440,2
2,299,609,1
2,299,315,6
2,316,350,0
2,326,315,7
2,331,878,3
2,326,474,5
Specie.
Legato.
382,979.6
367,817,4
376,881,3
389,600,7
399,777,7
405,702,3
416,194,1
421,847,4
421,021,3
412,081,1
90.091,9
88,851,9
90,908,9
92,504,2
94,652,2
93,995.0
92,656,7
90,699,2
91,463,2
89,655,0
Tot. Money Entire Res.
Holdings on Deposit.
473,071,5
456,669,3
467,790,2
482,104,9
494,429,9
499,697,3
508,850,8
512,546,6
512,484,5
502,336,1
496,189,8
479,891,1
490,754,8
504,939,4
518,815,9
525,172,3
535,467,8
539,637,8
537,990,1
528,336,2
Reports of Olearing Non-Member Banks.-The fol owing is
the statement of condition of the clearing non-member
banks for the week ending Sept. 3, based on average
daily results:
We omit two ciphers(00)in all thesefigures.
Loans,
Deposit with
Legal
Disc'ts
Tender
Surand
CapiSpecie. and
Banks.
ClearOther
Net
tai.
plus.
InvestBank
tag
Banks. Deposits.
menu.
Notes. Agent.
&c.
---- N. Y. City
•
Boroughs of
$
a
$
$
a
a
$
Man.& Itrr.
45,0
265,8 1,236,0 138,0
149,0
16,0 1,220,0
Wash. Ins 100,0
20,4 192,3
141,5 1,402,9
48,4
59,1 1,547,5
Century _ _ _ 200,0
333,2 4,889,7 687,8 402,9
049,0 859,1 6,805,7
Colonial _ _ 400,0
531,0
746,5 6,293,0 516,0 480,0
6,736,0
Columbia _ _ 300,0
94,7
63,7
125,6
913,0
167,0
924.8
_ 200,0
Fidelity
246,1 337,0 3,359,2
530,4 3,005,2 248,8 205,0
Jefferson_ _ _ 500,0
73,1 3,348,8
26,9
470,9
313,2 2,523,7 479,2
Mt. Morris_ 250,0
37,6 509,9
460,9
5,3 4,004,6
364,1 3,446,8
_ 200,0
Mutual
651,0
100,0
440,0 3,975,0 322,0 373,0
4,773,0
Plaza
52,8
212,3
114,0 1,822,5 161,3
2,054,3
23d Ward_ _ 200,0
166,1
924,0 8,288,6 1,063,4 1,000,0
Un.Ex.Nat. 1,000,0
8,219,4
228,7 258,6 5,215,1
56,0 742,3
100,0
449,4 4,090,1
Yorkville _ _
91,0
310,0
5,0 2,496,0
New Neth'd 200,0
252,7 2,246,0 277,0
150,8 1.438,7 186,8
99,0
72,7
Bat.Pk.Nat. 200,0
1,244,4
Aetna Nat_ 300,0
310,5 2,134,2 463,4
18,2 2,008,7
24,8
70,7
Borough of
Brooklyn.
Broadway _ 200,0
504,6 2,898,6
23,8 417,7
438,5 582,6 3,777,2
Mfrs.' Nat_ 252,0
802,4 5,526,3 307,0 363,0
782,0 108,0 5,807,0
Mechanics'_ 1,000,0
775,4 11,261,7 302,5 1,212,9 1,498,7 240,1 14,431,2
Nassau Nat. 750,0
984,8 6,847,0 622,0 322,0 1,758,0
7,686,0
Nat. City_ _ 300,0
580,4 3,958,0
92,0 538,0
461,0 192,0 4,927,0
North Side_ 200.0
135,4 1,998,3 126,6
96,4
386,3 109,4 2,458,0
300,0
First Nat_
594,6 3,260,0 324,0
38,0 3,026,0
451,0
82,0
Jersey City.
First tNat._ 400,0 1,240,3 5,263,8 304,1 435,5 1,733,6 144,0, 6,340,3
250,0
753,4 3,064,1 138,7
249,0
96,2, 2,647,2
33,6
200,0
398,0 1,959,4
02,7 112,4
50,3, 2,466,1
Third Nat_
097,0
noboken.
!
620,5 3,041,3 140,4
148,5 206,0 2,838,6
26,8
First Nat_ _ 220,0
238,7 2,706,2
92,8
93,0
93,1 124,6. 2,883,3
Second Nat. 125,0
-----------------1
Tot. Sept. 3 8,947,0 13,131.6 99,539,1 7,289,0 8,046,9 13,039,8 3,522,6 113245,4
Tot. Aug.27 8,497,0 13,131,6 99,371,7 7,362,1 8,053,7 13,708,5 3,018,7 113967,9
Tot. Aug.20 8,447,0 13,131,6 99,678,0 7,335,7 8,229,0„ 3,584,8,112914,1
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
1,32,150,000
Week.
Since Jan.1
$200
4,455
3,279,932
150,000
9,218,166
41,900
$13,469,736
3,423,750
314
4,295
339,886
230,298
24,436 1,651,219
36,409
874,718
$150,200 $44,694,453
76,10,072
400 47,141,800
$74,790 $19,989,921
140,632 6,615,274
305,049 13,134,825
$1,011,677 827,664,578
$110,000 1,570,400
11,678
476,346
1,213
64,870
$13,344
1,294
7,824
56,548
1.234,889
783,998
974,330
89.650
Total 1910
Total 1909
Total 1908
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1910
Total 1909
Total 1908
Since Jan.1
10,000
40,255
5,405
$1,144,568 $29,821,854
1,089,806 31,556,098
801,785 29,301,863
$679
19,450
65,916
59,886
$145,881 $3,072,227
121,506 3,500,535
62,046 2,497,762
Of the above imports for the week in 1910, $4,255 were
American gold coin and $615 American silver coin. Of
the exports during the same time, $150,200 were American gold coin and $10,200 were American silver coin.
Amain!)and Filltalltia
INVESTMENT SECURITIES
Our eight-page circular No.687 describes several Issues of sound
Investment bonds yielding about 4 ;'5 to 5
Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK
Branch offices: Chicago, III., Boston, Mass.. Albany, N. V.
WHITE, WELD & CO.
Members New York Stock Exchange
THE ROOKERY,
5 NASSAU STREET.
NEW YORK
CHICAGO
BANKING and EXCHANGE of every description In connection with
EXPORTS & IMPORTS
International Banking Corporation
Wall St., New York.
60
CAPITAC & SURPLUS, *6.500.0(10
BRANCHES and AGENCIES throughout the WORLD.
THE INTERNATIONAL BANK
Boston and Philadelphia Banks.-Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and 'Philadelphia.
Organized under the Laws of N. Y. State.
60 Wall St.. New 1ork
Accounts Invited. Interest paid on Term Deposits.
THOMAS H. HUBBARD. Pre :cf.!
638
TIIE CHRONICLE
Vaulters' Gazette.
Wall Street, Friday Night, Sept. 9 1910.
The Money Market and Financial Situation.-Aside from
the unfavorable annual report of the American Hide &
Leather Co. and the sensational movement of its shares, the
latter mentioned somewhat in detail in our review of the
stock market below, little has occurred during the week
affecting security values, and the market as a whole has been
dull and narrow.
The Government crop report for Sept. 1 was in some particulars more favorable than had been expected. As to corn,
while it indicates a condition slightly below that of Aug. 1,
it still gives promise of the largest crop'ever harvested. The
condition of spring wheat improved during the month, the
estimate now being for 15,000,000 bushels more than a
month ago.
This report had very little, if any, effect upon the market,
as did also the copper producers' statement. Sales of copper metal for both domestic and foreign use were larger.
The supply also increased and the stock on hand was slightly
reduced.
The Bank of England reported an increase in its percentage
of reserve, and in the open London market there is a tendency
to lower interest rates. The local bank statement showed
the surplus reserve reduced from $49,000,000 to $32,000,000,
but there has been a falling off in the demand for funds from
the South, and, while call-loan rates remain practically unchanged, the rate for time loans, especially for six months'
money, is fractionally lower.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13
4 to 2%. To-day's rates on call were 13%®2%.
Commercial paper quoted at 5%®53
4% for 60 to 90-day
endorsements, 5%(46% for prime 4 to 6 months' single
names and 634®6%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £490,447 and the percentage
of reserve to liabilities was 52.06, against 51.52 last week.
The rate of discount remains unchanged at 3%, as fixed
June 9. The Bank of France shows a decrease of 8,775,000
francs gold and a decrease of 850,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1910.
Averages for
week ending
Sept. 3.
Dillerences
from
previous week.
1909.
Averages for
week ending
Sept. 4.
1908.
Averages for
week ending
Sept. 5.
$
$
$
Capital
132,350,000
127,350,000 126,350,000
Surplus
189,131,400
174,754,000 161,127,100
Loans and discounts... _ 1,251,326,700 Inc. , 3,072,700 1,348,875, 00 1,300,731,400
Circulation
45,636,500 Dec. 1,275,600
51 583,400
54,723,400
1,277,893,000 Dec. 5,610,200 1,394,441,700 1,402,641,400
Net deposits
U. S. dep. (incl. above)
1,667,400 Dec.
3,900
1,634,500
9,246,900
Specie
290,946,300 Dec. 8,176,800 288,223,400 329,086,500
Legal tenders
70,196,200 Dec. 1,615,600
75,725,300
81,218,800
Reserve held
361,142,500 Dec. 9,702,400 363,948,700 910,305,300
25% of deposits
319,473,250 Dec. 1,402,550 348,610,425 350,660,350
Surplus reserve
41,669,250iDec. 8,389,850
15,338,275
59,644,950
Surplus, excl. U. S. dep
42,086,100 Dec. 8,390,825
1
15,746,900
61,956,675
Note.-The Clearing House now issues a statement weekly showing the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of separate banks, also the summary Issued by the
State Banking Department, giving the condition of State banks and trust companies
not reporting to the Clearing House, appear on the second page preceding.
...
Foreign Exchange.-Discounts have weakened in London
this week and sterling exchange here has declined.
To-day's (Friday's) nominal rates for sterling exchange
were 4 84 for 60-day and 4 87 for sight. To-day's actual
rates for sterling exchange were 4 8330(4)4 8340 for 60 days,
4 86©4 8605 for cheques and 4 8635(4)4 8645 for cables.
Commercial on banks 4 823%@4 83 and documents for payment 4 8334@4 833. Cotton for payment 4 823%®4 83
and grain for payment 4 833®4 833%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 20% less 1-16®5 20% for long and 5 183% less 1-16@
5 183% less 1-32 for short. Germany bankers' marks were
94%®943% for long and 95 1-16@9534 less 1-32 for short.
Amsterdam bankers' guilders were 40.28©40.30 for short.
Exchange at Paris on London,25f.24c.; week's range,25f.
243/
20. high and 25f.• 2334c. low.
Exchange at Berlin on London, 20m. 4534pf.; week's
range, 20m. 463pf. high and 20m. 443%pf. low.
The range of foreign exchange for the week follows:
or Sterling ActualSixty Days.
Cheques.
Cables.
High for the week
4 83%
Low for the week
4 83%
Paris Bankers' FrancsHigh for the week
520 1-32
Low for the week
5 20%
Germany Bankers' MarksHigh for the week
94j
Low for the week
94%
Amsterdam Bankers' GuildersHigh for the week
40 12
w for the week
40
4 8635
4 8590
4 8665
4 863i
5 18%
5 Mg less 1-16
5 18% less 3-32 5 18% less 3-64
..
95)i
95 3-16
95 1-16 less 1-32 953-i less 1.32
40 32
40 26
40 36
40 30
[VoL. Lxxxxi.
The following are the quotations for domestic exchange
at the under-mentioned cities at the close of the week: Chicago, 15c. per $1,000 discount. Boston, 10c. per $1,000 discount. San Francisco, 20c. per $1,000 premium. Charleston, buying,- par; selling, 1-10 premium. St. Louis, 15c. per
$1,000 discount. Savannah, buying, 3-16 discount; selling,
par. St. Paul, par.' New Orleans commercial, 25 ®50c.
per $1,000 discount; bank, $1 per 4,000 premium. Montreal, 3134®15%c. per $1,000 discount.
State and Railroad Bonds.-Sales of State bonds at. the
Board are limited to $14,000 New York Canal at 1023/b to
102%.
The market for railway and industrial bonds has been generally. firm 'on a very limited volume of business. Transactions at the Exchange have *averaged barely $1,000,000
per day, par value, but included a- relatively large number
of issues. Somewhat more than -half the active list has advanced from % to % of a point.
Among the exceptional features are American Hide &
Leather 6s, which declined sharply on the company's annual
report and in sympathy with the shares. Some of the convertible issues are lower, including Union Pacifies, which
have declined nearly 2 points, Southern Pacific and Brooklyn
Rapid Transits. On the other hand, Reading, Atchison,
St. Louis & San Francisco and U.S. Steel issues are % higher.
United States Bonds.-No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
I,terest Sept.
Periods
3
28, 1930
registered Q-Jan
28, 1930
coupon Q-Jan
38, 1908-18
registered Q-Feb
38, 1908-18
coupon Q-Feb Holt45, 1925
registered Q-Feb day.
48, 1025
coupon Q-Feb
2s, 1936.Panama Canal regis Q-Feb
2s, 1938.Panama Canal regis Q-Nov
1
I
Sept.
5
Sept.
*um
Sept.
7
Sept.
8 'Sept.
9
*Dm I*101 *101
*101 • *101 1 4,101 *101
% *101%
*1015
% *101% *1018
Holt- *1018
4 *101% *101% *101%
day. *115 *115 *115 *115
*115 *115 *115 *115
*101 14'101 *101 *101
*101 *101 *101 *101
* This is the price bid at the morning board: no sale was made.
Railroad and Miscellaneous Stocks.-The market was
weak on Tuesday,following the protracted holiday,and up
to the close to-day has shown little tendency to harden.
Railway issues have been dull and generally steady, only a.
few showing net changes of over % point, and these are
about evenly 'divided as to higher and lower.
Several industrial stocks were more or less affected by a
sensational movement of American Hide & Leather preferred.
This stock, which has been selling for some time past at
from 25 to 28, advanced to 323
% on Tuesday, dropped to 19
on Thursday and closes at 22%. These changes were made
with a rapidity and under conditions which recall the recent
movement of other speculative issues that called for an investigation by Stock Exchange officials. The decline referred to was accompanied by a drop of 5 points in International Paper preferred, 23.4 in the common, 23
% in New
York Air Brake, 13 in American Can and a tendency to
weakness in practically all the industrial issues.
For daily volume of business see page 648.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sates
Week ending Sept. 9. for
Week.
Cent ttc So Amer Teleg__
Col dr Hocking Coal dc Ir
Tr Co certfs of deposit
E I duPont Powd, met_
Evansville de Terre
_
General Chemical, pref.Homestake Mining
St Jos dr Gd Isld, 2d pref
Sears, Roebuck AC CO _ So Porto Rico Sugar
Range for Week.
Lowest:
60116
100 4
178 843-i
158 60
300104
40 873-i
100 40
200155
65i 90
1. Highest.
Range since Jan. 1.
Lowest.
Sept 8'117
Sept 8 110
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
8 4
7 843-f
8 60
6104
6 87%
7 40
7155
7 90
8 4
7 843
8 55
6 1013-i
6 81
7 38
7 150
7 81
Highest.
Aug 120
Jan
Sept 4
Aug 88
Sept 60
June 107
Jan 89
Feb 40
June 1663-i
July 90
Sept
Jan
Sept
Mch
Feb
Feb
April
Sept
Outside Market.-Business in outside securities was extremely dull this week and price movements without any
definite trend. Changes either way were slight. Intercontinental Rubber continued prominent, however, the
declaration of an initial dividend of 1% on the common stock
and the announcement of the retirement of some of the preferred stock serving Co stimulate the movement of the stock.
The price advanced from 3234 to 3334, dropped to 293% and
recovered at the close to-day to 31%. American Tobacco
sold at 400 and at 399 finally. Standard Oil sold up from
600 to 602 and back to 600. Chicago Subway was traded in
from 43/ up to 43% and down again to 43.. In bonds Western Pacific 5s eased off from 933/2 to 9334, but recovered all
the loss. Bingham & Garfield 6s sold at 108. Mining shares
were unusually dull. British Columbia Copper advanced
from 45% to 43%. Chino Copper rose from 143% to 1534.
Giroux improved from 634 to 6%. Greene-Cananea weakened from 7 to 63' and ends the week at 6 15-16. Miami
Copper fell from 1934 to 183%. Ohio Copper declined from
2 to 111-16 and closed to-day at 13%. Kerr Lake went
down from 6 3-16 to 6 and up to 63%, finishing to-day at
6 11-16. La Rose Consolidated eased off from 3 15-16 to
33
4 and closed to-day at 3%. Nipissing fluctuated between
10 11-16 and 10%, the final figure to-day being 103%•
Outside quotations will be found on page 648.
New York Stock Exchange—Stook Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
STOCKS—IIIGHEST AND LOWEST SALE PRICES.
Saf yrlay
Sept. 3
Monday
Sept. 5
Tuesday
Sept.6
Wednesday
Sept. 7
Thursday
Sept. 8.
Friday
Sept. 9.
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since January 1.
On basis of 100-share tots
Lowest
Highest
Range for Previous
Year (1909)
Lowest
Hivhest
DA0Vbbarojeir:roads
no
25 Mch
25 Feb 25 36 Meh
481f Feb 23
22
41.8
2 J%
liall 8
t.
11,900 .,tch Topeka & Santa Fe 5034 J'ly 26 17
125 Oct
0
817
4
02,111482, j
1L -1-1a1-1111 10634 J'nO
J
jle
a
at:bay is --21
r97 J'ly 1 1113
296
Do pref
1071. Jan 14312 Aug
1021. J'iv
600 Atlantic Coast Line RR
1014 Sep 6
1031; Feb 12314 JIg
15,400 ljaltImore & Ohio
9
6. 50514
1
,JmN,
96 Apr
88 Aue26 94 Jan 1 e216
•
Do pref
o
n
kj aaen
2,800 Brooklyn Rapid Transit. 6812 Feb
8278 J'ne
575
6
)754 J
18938 Oct
176 Feb 8
950lanadian Pacific
Jan
19
78
1;4 JMaanY24
Anada Southern
5
6012 J'ly
70,4 _Nov
Central of New Jersey__ 248 J'ly 26 3,122
32312
3
7
9114 Dec
9,050 Chesapeake & Ohio
65 Aug 2
Jan
7434 Apr
200 Chicago & Alton 1313
2378 J'ly .6 1034 Jail 3
7832 Mch
64/8 J'ne27
Do pref
373g Dec
117
19 .Ply
3
66978 Janr 11
1
300 ihic Gt tVes.., trust ctfs
6434 Deo
Do pre trust ctfs
40 J'iy • 6 6418 Jan 10
14,560 Chicago Al'iw & St Paul.. 11334 J'nes° 1583s Jan 3 13
70
41 Feb
DN eoey 16518 Sep
15
58
81
2 lbile
cch Isl Aug
57214 Jan
Do pref
143 Sep
500 Chicago & North Western 13714 J'ly _6 18212 Jan 3 17,08 Feb 10512 Aug
Do peel
303 J•ue27 225 Jan
208 mch §239 Aug
50;
:3
5;2 Apr 167 Aug
Chic St P Minn 64 Omaha 140 Apr 28 16212 Feb 2:, :4
jDeene $180 J'ly
§180 Apr 25 ;17014 Feb 18 166
Do peel
4 Jan
7132
212 Alay34
7 Jan
1534
2 Jan
100 Chic tin 'frac ctfs snap('
514 may29
1814 Jan
Do pref
Jan
strand
------ Cleve Cin Chic & St L-... 70 J'ly 25 10
8314 Dec
92
414 J1ALoeb 115
8
100 J'ne 4
Do peel
mch
46 J'ly
6814 Jan
350 -olorado & Southern
J'ly
86 May
Do 1:t preferred
761, Jan
100
1
Aug
Jan
Jan
Do 2d preferred
73
841.
70
ee!,aa,,,vaarre
14914 J'iy 25 1:5
8534 J
j141'aacen
nbn :
:
645 16734 Feb 200 May
Lack & West_ 491) J'ly 26
100
S80 Apr
52 Jaenh 23
Jan
Denver
54 Apr
& Rio Grande—
12')M
1
1,850
2314 J'IY
79i2
Do pref
6258 J'ly 26 84 Jan 3
90 Feb
640
Jan
7F jaa
nn
7 :
7134 Aug
Detroit United
Jail
Je 23
45 J'ty 11
1414 Nov
18
634
6
21 Jan
400 Du!uth So Shore 64 Attar] 10 J'ly 1
28 Feb
• Do pref
17 XIV I8 3453Jan
3612 Jan
345 Jan 5
39
J'ne
ly
16
1212
J
1,640
2'258 Mch
rie
i634 Aug
3612 Mch
Do 1st pref
35 J'ly .7
1,850
46 Aug
2812 Alch
Do 2d pre
4234 rig
2614 J'iy 27 5
'8
S
118 J'ly ;.6 1841103171882 a
etrb
nb 214
3 l3(4 Feb 15718 Aug
2,700 Great Northern peel
654 Men
8812 Aug
200 Iron Ore properties
45 J'iy s
Jan
Neobv
Green Bay & W, deb cttli
IL Aug 10
1312 F
21 Dec
8812 Jau 2t) 071_ Apr 1.1
103 Dec
;55;55- :::: ;1551-2 -9-4-1-2 94 W- ---100 avva Electric
834 Feb 100 Dec
05 I._ 96
*94
4 2 Jan 25 99 Jan 4
96
06
Hock ira1;
? VPariley
102 May b 1'2478 fly 14
*105 12512 *105 125 *105 12512 ,s___ 12512
88 Apr
Do prof
86 Feb 1 110
9
J1eau()15
1:>8.
47
9412 J711;
137 Feb 16218 Aug
[Mots Central
124 J'ly 26
*jjj fi *ii5- ar *H15ch
b
2578 Dec
11
26
me
nterboro-Metropolltan
3512
Jan
J'IY
1414
1% M
103
7,450
3
1814
1814 1818 1814
1814 1858 1814 1812
03i, Dec
4112 J'ly 26 6278 Jan 12
Do pref
4812 4878 9,400
4838 4034 4858 4914 4853 49
rapbubcv
36 Apr
81374
: aeeeeu
Iowa Central.
15 J'ne SU 30 Jan 3 173
6647:
63
2
*1612 17 *16 17
*1612 17
*1612 17
Do pref
25 J'ly' 25 5414 Jan 3
700
62 Apr
3034 3078 3012 3012 3034 3078 *2912 3012
68 Aug 2 80 Feb 18
ObtS& SI tr cfs, prel
82 Sep
*7112 7812 *7114 7814 *7112 7814 *7112 7814
t014 Aug
9414 Jan 3
23 J'ly
200 -manses City Southern_
20
30
29
*27
29
20
*27
29
7512 Aug
2
Jan
4
Aug
71
Do
pref
bS
100
6214 6214 *62
63
*62
63
*6214 63
2912 Aug
15 J'nt)36 2534 Jan 6
ake Erie & Weztern_
1678 20
*15
Ill
*15
18
*15
18
5978 J'ne
Do pref
40 Aug17 6234 Jan 3
45
*35
45
*37
*35
40
*35
40
7112 Dec
60 J'ty 1
7014 Apr 14
6412 6412 *64
*63
06
*63
66
100 Long Island
68
.
a
aeepciabnra 16212 Aug
Sk
.Ajm
p
ie
:
1
77
) j
:
113
4
1589
13112 J'ly 26 15934 Jan 5 x1
14014 14114 141 141 *14112 143 *141 143
1,000 Louisville & Nashville
eitnnuheantpta
n
vgttteen-n_f; 123 J'ne3u 139 Mch
15312 Jan
*129 133 *130 133 *129 133 *130 133
65 Jan
2414 2414 2438 2414 2414
23 J'ly 26 5334 Jan 4
2414 2414 24
700
90 Jan
Do pref
47 J'ly 27 80 Feb 14
*33
49
*35
49
*39
49
*38
49
Jan
14912
Mch
3
Minn
J'ly
26
St
P
&
S
S
Marie...
145
114
*128 129
12758 127585127 129 *127 129
12
100
Dopref
16412 Awe
*143 148 *145 148 *145 148 *145 148
144 J'ne 6 1551. Mch
8612 May 5 9234 Jan 3
1)0 leased line ctfs
*87
8812 *87
*87
89
*3612 89
94 Dec
89
89 J It
5012 Oct
3118 3114 3138 3078 3078 2,700 Mo Kansas Fe Texas
27 J'IY 26 Z118 Jan I
3034 3118 31
3512 Ye
Do pref
7814 Oct
71 Feb
6212
57 J'ly .6 7453 Jan 5
6212 *61
100
6212 *61
6138 6138 *61
5214 1,500 Missouri Pacific
65 Feb
41 J'Iv 26
7712 Aug
5214 5214 52
52
52
5112 52
Mash Chatt & St Louis_ 125 J'1y16 13
79
338 JM
aai11%;3
8 12212 Jan 142 Dec
5125 130 *125 130 *125 130 *125 130
100 1.1 at itys of Alex 1st peel ,a) Fri) 3 69 J'ly 20 11!2
A
,eepber
41112 1,1)
40
69
6733 6738 *67
69
64 Dec
*67
6812 *67
2312 J'ly 26 3138 Sep 7
Do 2d pre!
3078 3114 6,000
2658 May
3014 3078 3014 3133 3034 31
14734 Aug
J'Iy 25 128 Mett L
10914 11012 10934 11038 11012 11114 11012 11034 5,000 N Y Central & Hudson_ 10518
5512 May 4 57 May27
Apr
69 Nov
2 Mch
46314
7
200 N Y Chic & St Louis..
61
6112 *6118 63
63
*60
63
*61
Do 1st pref
$101 J'ly 8 10934 Jan 21 100 Feb 100 Feb
*100 110 *100 110 *100 110 *100 110
95 Nov
Jan
8234 Apr 28
Do 3d pref
03
*80
93
*80
*80
93
*80
03
evn 17434 J'ne
mo
149 Apr 28 15
1 1 115
51, N
982 Alch 19
84
30,1 NINH & Hartford
15112 15112 15158 15158 515112 15312515134 1531.
Dec
Dec
41471.
414934
16
1
J
nelu
Subscription
J
M
e
e
b
h
receipts
z..4143
0
1
15
5
/4
300
146 146
14618 14618 *14434 148 *14434 14612'
5158 J'ne
me,,bb
81i F
4
72
3812 Aug 2
700 N Y Ontario do Westein_
3914 3958 *3918 40
3038 3038 *3914 4014
b2
116
8414 Jan 102 Dec
08:
3 M
mc
eh
8812 J'ly 26 19
1,900 Norfolk & Western
9512 06
96
06
96
96
06
96
11
Do adjustment pref.... 88 Feb 2
9212 XIS,
*8612 90
*8612 89
*8612 89
*8612 89
b 15912 Aug
4 Feb
11112 Aug 2 14558Jan 3 13
8118
23
5,700 Northern Pacific
11234 114
11234 11378 11334 114
11334 11378
11512 Dee
pacific Coast Co
10112 Aug 17 11834 Jan 12
*93 110
*98 110
*98 108
*99 106
L
Do 1st pref
IOU Mch $105 Secs
*80 110
*80 110
*80 110
*80 110
10
25
Do 2d peel
212 j
Fely
b 14
..,0 13
1812 Jta
vab
888613 cli 115 Dec
*100 115 *100 114 *100 115 *100 115
15114 Sep
12658 12738 12378 12734 12733 12778 12753 12812 12,188 Pennsylvania
9978 Dec
Jan
89 J'ly 2t, 70458Nich22
94
94
*91
95
400 iiitt,b CM Chic & St L
*91
94
9378 94
Do pref
114 Mehl() 116 Meh 1 104 Feb 11614 Sep
*103 116
*95 110 *101 116 *101
3058 J'iy 2. 17214 Feb 18 118 Feb 17338 Selz.
13713 13918 13653 13353 13773 13912 13778 13918 .12-9-,g55
Alh
eeb
eals
lgpref
57% F
89
95 Aug
r85 Aug24 9312 Feb 17
*86
87
*86
88
*86
01
90
*86
h 11712 Dec
87 J'ly
Fiecb
11012Jan 3
514 t
2d pref
6
00
92
*91
93
*9112 93
*90
*9112 93
5714
Feb
Jan
(178
Company
81 Deo
2278
J'ly
16
2
Island
clock
29
2338 2878 2912 2033 2978 29
2033 9,100
54 J'ly 23
0212 Apr 0
9434 Dec
Do pref
6218 63
63
63
*63
900
65
63
6314
58 Augll 73 Jan 0
74 Dec
65
*55
65
Lit L & San Fr, 1st pref_
65
*55
65
*55
*60
36 Feb
3412 Aug 2
6034 Sep
GO Jan 5
39
39
39
39
*3812 40
600 10 Do 3d pref
39
3912
b
Je
eb
3538 Dec
7112 F
2
40
Jan
St Louis Southwestern
*21
24
*21
*21
25
24
*21
24
82 Dec
74714
3
5
18
1112
2J
jr:11$7
Y2
1.6
6 3
58
*55
58
*56
58
*56
57
Do pref
57
100
11013 11134 11034 112
11118 11214 11138 11214 36,260 :ioutherm Pacific Co
10314 J'ly 26 x13814 Jan 4 11458 Feb 13918 Aug
34 Aug
22 Feb
22
2218 2214 22
*22
18 J'ly 26 3334 Jan 3
2212 *22
700 Southern v tr cts stmpd_
2212
my
n
*49
J aa
60
7 i
52
do
5212 *50
5112 5112 *5012 52
100 (10 prof
43 J'ly 26 75 Jan 3
7&12 Dec
Feb
4012 Aug
*2412 2612 *2412 2534 2534 2534 *2434 2534
100 'eras & Pacific
2212 J'ly 26 3634 Jan 3
third Avenue (N I)...
1214 Dec
b
4312 Jan
1912 Jan 7
319
*8
9
*8
0
*8
• J'no 1
9
*8
0
toledo
1534
Itailways
1538 Jan
64
Light
812
512
Jan
812
*7
J'ly
6
12
*7
812
812
*7
*712
5478 Oct
0
47
3 Feb
2234 2314 2314 1,000 feted() St L & Western
2314 2312 2314 2338 22
19 Sly 26 5438Jan 4
Do pref
b
:
31 Feb
16
742
7414 Jan
4234 Sly 28 7214 Jan
4934 4934 4914 4958 4934 4978 4934 4934 1,200
11614 Dec
1,4
82
00
5 twin City Rapid Transit 103 J'iy 26 11712 Jan 3
110 110
103 108 *10834 10912 109 109
219 Aug
15214 J'ly 26 20934 Jan 3
16212 16438 16258 16434 16418 16512 16414 16558 159,200 I piton Pacific
Do pref
0112 9134 9138 9112
8814 J'ly 26 1033.1 Jan 7 x94 MO 11812 Aug
9112 92
92
92
Unit Itys Inv't of San Fr 2334 J•ne30 4214 Jan 3
30 Feb
*25
32
*25
47 Set)
32
30
*25
30
*25
6014 Feb
Do pre
77 Sep
*52
55
*34
100
47 J'ne33, 7233Jan b
55
55
*53
54
54
277g Dec
15 Feb
17
10
00 1
,
X1 abash
2,0
1258 J'ly 2, 2734 Jan 3
1612 161
1612 1634 *1612 1712 17
6134 J'ne
Do peel
41 teb
2818Sly 26 01 Jan
35
3518 3534 3514 3514
35
3413 35
100 Ne3t Maryland Ely
40 J'ly 26 5438Meh 12
44
44
*4178 45
*4178 4414 *42
44
peel
200
67 Aug 15 7012 May19
63
68
68
*6714 6814 68
*6714 6813
127g Jan
Wheelingeelde Lake Erie..
5 Jig
10 Jan 3
3 Apr 28
*412 512 *412 512 *412 512 *412 512
2578 Jaa
1514 J'ly
Do1st pre(
• J'ne 30 23 Jan 8
*9
11
*9
11
*9
11
*9
11
1312 Jan 3
012 ..133
, 1518 Jan
4 J'ne 3u
Do 2d pref
100
*6
7
*6
7
*6
7
8
6
6:37s Apr
354 Jan
44 J'ly -6 561.A/eh 7
Wisconsin Central
*48
53
*43
5212 *48
53
*48
53
35
*23
35
*26
35
*23
35 *28
72
*68
72
*68
72
*68
72
*68
9738
97
93
9613 97
9614 9734 97
0978
9978
9978
49978
997
8
9934 9934 *90,2
108 109 *10712 10912 *108 111 *10778 111
10214 10314
10112 10314 • 10214 103
10014 102
90
*87
90
*37
00
*87
00
*86
7358 7438 7414 7412 7412 7478 r7312 7358
188 18938 *18312 18914 418834 18834
183 189
65
*61
*61
65
65
*61
65
*61
*250 300 *250 300 *250 300 *250 300
7312 x7112 7214
7278 7214 7314 73
72
*2878 31
*2873 31
30
3014 *2878 31
*____ 6512
65,2 *____ 65 5---- 651z
2234 2234 *2112 23
23
2212 22,3 *22
*45
47
*45
47
*45
47
47
*43
11712 11834 117 11834 11818 11038 11814 11858
*142 144 *14212 14312 *14212 144 *14212 144
143 143
14314 14312 143 144 *14314 14334
*203 210 *203 210 *203 210 *201 210
*130 150 *130 150 *130 150 *133 150
*140 165 *140 165 *140 165 *140 165
3
3
*278 312 *2
*212 312
212
;55- 75 ;a" 75
;5i
*03
75
*9514 100
*9514 100
*9514 100
*9514 -5278 527
-8 5253 5258 *5214 5234 *5214 53
72
*7112 72
*71
72
72
*71
72
*69
7112 *69
7112
*89
72
*69
72
*153 105 *158 165 *153 162 *159 16112
$492 995 *492 520 *400 520 *491 520
2914
2812 2918 2912 2934 2912 2912 29
7112
7014 7014 7018 7014 7014 7014 *70
52 *____ 52
_ 52
*43
*48
53
i5 10 10 10 10 10 *10 12
__ 22
22 *---- 22,2 5.... 22
*19
2513 2514 2512 2512
25
25
25
25
4112 42
4112 4112 *4112 4212 4278 43
33
*30
33
*29
*30
33
*2912 32
12178 12418
123 12334 12311 12358 12334 124
*53
55
5412 *53
*5312 5512
54
55
D
E
R
210 L
R
BAN ItS AN)TRUST COMPANIES-3RO i(EitS' QUO fA TIONS.
Ind
Ask
111.4
Banks
Ask
Banks
Ask
Ask
Bid
But
Batiks
Banks
1144
Ask
Ask
1114
Banks
Banks
285
103
168
295 Prod Each
New York
Chatham _. 315
300 350 Irving N Ex 200 210
Fifth
3311
175
Reserve
__
110
Nassau
240
100
180 Chelsea Exli 200
185
175
Aetna
•leifersonli__
First
835 855
. eaboard
New Neth'd 210
390
( ,
America 11._ 580 600 Chemical
Liberty__ 625
4:30
150
165
44-5 14th St
Second __ 400
425
Citizens' CU 150
Amer Each. 430
Fourth -___ 1185!,-_ Lincoln__ 400 4-15-- NewYorkCo 900
160
New York. 320
fig' City
1E- Sher man___ 135
Audubon __ 100
Manhattan 315 330
Gallatin
360
320
343
N'ht &Day¶ 200
125 Coal & Iron 150
255
225 State ¶ ____ 275 lid'
Battery Pk_ 115
Mark't&Ful 250
Garfield -- 200
300
19th Ward
250
. 140
Colonlai ¶1.. 403
260 12th Ward...
Germ-Am 11 • 140
13owery¶—, 376
150
Mech&Met's 240 '25U
Northern __
Columbia
23d Ward__ 140
160
105
4(5)
Mercantile . 150
Bronx tiorol 300
Germin Eu 485
505
170
230 240 Untou Exc. 165
205 Commerce _ 202 2-1W Germania IT_ 550
Merch Each 160
Bronx Nat. 195
565
180 Park
16.) Corn Ex
11345 350 Wash H'te ¶ 275
Merchants". 175
Bryant Pk iu 155
303 :115 Gotham
150
155
East River_ 115
West Side ¶ 61)0
410 People's 1._ 270
280
Metropolis 1', 390
145
Butch & Dr 140
125 Greenwich 11 255 '265
Yorkville 11. 600
Fidelity 11_ 165
Phenl x
200
Metropol'in 200
190
175
Century I_ 170
Hanover__ 615 630
175
Fifth
Plazal
Avet.
440
4100
Morris¶.
250
260
1851
—
Chase
5191
Alt
1500
Imp
&
Tea') 540
425
•Bid and a kea pr ce,s; to sales were made on tlas day. $, X•rigate. *Less ti an 100 shares. liState 13,11110. 4 ela,ltvaleau 3.25 rtgnts. o Now stock.
n Sold at prlvats sale at this price. t 2d paid. u33 paid.
f Sale at Stook Exchange or at auction this week, h First installment paid
640
New York Stock Record—Concluded—Page 2
STOCKS—HIGHEST AND LOWEST SALE PRICES.
----Saturday
Monday
Tuesday
Wadnesday Thursday
Friday
Sept 3
Sept 5
Sept. 6
Sept: 7
Sept. 8
Sept. 9
•
•
•
•
.1•
A
:
41
0
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41
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-4
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•
Sates or
the
Week
Shares
STOCKS
.
NEW YORK S'lCOCK
EXCH ANG I
[voL. Lxxxxl.
Range Since January 1
On basis of 100-share lo.s
Range for Previous
Year (1909
Lowest
Highest
Lowest
Highest
• --a,oustri..1“ iti13c211 ancon_
*250_ *250 _ *250 __ _ *250
A dams Express
5,
49 J'nek3 5270 Jan
190 Jan 250 Nov
*812 -9
*812 9*812 9812 812
100 II Ills-Chalmers
712 Ply 27
15 Jan 3
123., Feb
4678 A tut
31
31
31
31
*3012 36
*3012 36
200
Do pret
27 Aug b
5434 Jan b
38 Feb
5713 Nov
6218 631g 6212 6358 63
6438 6234 6338 38,500 Amalgamated CO1 per
5517 J'iy 13 1/034Jan 3
65
Feb
4234 4234 43
9618
Nov
4312 4312 *4234 45
43
600 Amer Agricultural Chem. 36 J'ly 26 49 Jan It.
3313 Jan
*85 110 *10012__ *100 _ _ *10012
60 Aug
Do prof
9014 Apr e 103 Jan 1.
9512 Jan 103 Aug
35
3514 35 -3-614 36
35
36
3718 4,000 American Beet Sue ar__. 24 J'iy 20 4114 Jan 1,
2014 Jan
491, Aug
9434 *90
99
*90
94 *____ 04
Do pret
89 J'ly 27 5519 J'ne 11.
32 Jan
*--818 838
VS Oct
818 818
734 818 *734 8
2,800 American Can
078 J'no..;,.
13.57 J aii 3
712 Feb
15i8
Nov
*6718 69
68
6812 0612 68
6612 6612
pre!
Do
700
02 J'1Y 26 8112 Jan u
7112 Feb
86 Joe
4613 4634 4612 47
4614 4614 x4612 4612 1,510 American Car tt V u miry 3912 J'ly 26 7278 Jail , 3
761. Nov
4414 Feb
*11012 116 *11218 116 *11218 11412 *11012 11412
Do pret
100
.1'neSu 120 Mch
10712 Feb 1244 Aug
62
6238 *62
6238 6212 6212 62
62
800 •Xmerican Cotton ( IL
11.213 J'ly 26 6934 Mch
4218 Jan
7914 Nov
*101 103 *102 103 *102 103 *102 100
Do prer
tot Fee 3 Ithl Apr Il
98 Jan 10714 NOV
*230 250 *230 250 *230 250 *230 250
1.1nerIcan Express
5235 A114 3 31.1) Jan • i205 Feb 300
Dec
0
6
412 58.
414
4
4
4
1,650 American Hide & I ea thet
Sep
614 Feb
10 Sep
3012 3234 24
3212 19
23
2112 2234 28,780
Do pref
Sep 8 48
1L
aitil 1.
34 Feb
5178 Aug
19
19
1912 1934 1812 19
*1814 1912
700 American Ice Secu cities.. _
1612 J'IY 26 2914 Mch 1.
1378 Jan
4214 Apr
*1012 12
*1012 1212 *11
1212 *1012 1212
A inerica ii Linseed
10'8 J'IY 27
1734Jan 1,
12 Feb
20 Joe
*28
35
*29
34
*29
34
35 • 35
100
Do pret
551- J'ne3,
4673 Jan ...
29 Jan
3413 3434 35
4734 J'ne
3514 3512 3512 3512 3612 1,301 American Loconio iye.._
29 J'ly 26 6213 Jan
40 Feb
6914 Aug
*103 106 *103 106 *103 105 *103 100
Do pret
10212 Aug 6 115 Jan 7 10914 Feb J23 Aug
*5
534 *434 534 *434 534 *434 614
American Malt Cc rp_
414 J 1Y 1.6
512 J'ly
8 Feb
5112 Jim.)
*31
33
*31
3113 3112 3112 3114 3114
Do pret
200
1. 12 J'oe,iu
38 Nov
48 Me112.1
*84
so Sep
85
*84
85
8413 8413 *8412 8434
100 Amer Smelters Sec prof II 32 J'ly 23 0078
9238 Aug
80 Jan
Jan
6578 67
6512 6718 6614 6718 6578 6078 33,800 Amer Stuelt.ng6c li etln
6134 J.J..A.:121
7734 Feb 10513 Nov
ir
y 1:2134
J 1(7
114
,
b :
2z.
10334 10378 010314 104
10312 10312 *103 104
300
Do pret
ing9814
Jan
n
iui Jan 11634 Aug
*200 300 *200 300 *260 300 *200 300
American Snuff_
5 Apr 27 22; Mch 4285 Nov
*100 101 *100 101 *100 101 *100 101
Do prof
52
.1
01 May31
95 Mch 105 May
*43
45
43
43
*43
*43
45
45
100 Amer Steel Found (new)_
33 J'ly 26 66 Jan in
3478 Feb
11512 11712 116 11634 11712 11713 117 117
6634 Nov
2,600 American Sugar It eilnin:„
J:1110
0 6
0 15
24
878 IF
115as Nov 13033 Sep
,e
eb
*117 120 *115 120 *115 120 *115 120
Do pref
Nov
131
ss
Apr
118
13438 135
13438 1341, 13458 13518 13478 135
2,500 American Teteph 0 Teleg 12634 J'ly 20 14338 Feb 24 125 Feb
925g. 9238 9234 923
14518 Set)
, 9314 9314 *9212 9312
300 American Tobac (r ow),pi 9912 J'iy 20 91)34
9012 Feb 104 May
Mch 1.
*27
2838 *27
29
2853 2838 *26
2812
100 American Woolen_
2518 J'IY 5 3912 Men18
26 Feb
4013 Aug
9434 9434 *9434 96
*9412 06
*9412 96
100
Do pret
9118 J'1Y 5 104 Mch 7
9334 Jan 10734
*39
40
39
40
3914 *39
3873 3878
500 rAnacondaCopper ar$25 :33
2112 J:1
Y0;26 $54
03
34 Ja
J an 3 ;0734 Feb $5438 .111°
Dec
*2612 28
2614 2612 27
2734 *26
2712
600 Ilethieliem Steel_
3614 Sep
1834 511,11
5714 5714 58
58
5712 5814 5712 5712
522 RP Do pret
99 Aug 10 65 Jan
*132 134 *132 135 *131 135 *131 135
47 Feb
0912 Sep
Brooklyn Union G
120
J'ly
26
10412Jan 3 ils Jan 16412 Dec
*8
834 *8
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BAN KS AN 1) TR UST CO'!PAN I ES—BA N K ER& QUOTATIONS.
Banks
Bid
Brooklyn
Broadway I: 375
Brooklyn 'It- ---.
joney IWO'
__
First
2-90
Hillside% _ - __
Homesteadl_
Manufaers' 4-1-5 Mechanics'1.
Montauk .._ ____
.._
Nassau --_ iis
Ask
Hank s
Brooklyn
__ Nat City__
1-1-0 North Side 1
155
People's ___
_ Prosp'ctlikl1
1-25
terminal 1
115
. __
trust Co's
24-5
N Y Guy
150
A tor
:Ill
Bankers' Tr
B'way 'Fr..
‘'
Bid
Ask
290
150
158
150
__
305
180
I rust Co's Bid
Ask
N Y()By
Carnegie _ 110
LO
Central Tr- 990 1010
_ Columbia - 280
____
1-13-0- Commercial- 120
____
00 Corn wealth 150
_
Empire...
Ti_ 300 if()
EquIt'ble
455 465
Farm Lcieel 1670 1700
355
Fidelity --- 200
340
210
Fulton —_- 290
— 630
_
150
145
--
1 rus t Co's But
Guar'ty Tr. 800
Guardian Tr
Hudson __ 1-7-6
Knickerbikr 290
Law T Iderr 1265
Lincoln Tr 140
Manhattan
375
Mercantile _ 700
Metroport'll___
Mutual ___ I-30
Slut Mince
_.
NY Life/Sat 11-0-0
Ask
I rust ee's Bra
N Y Trust_ 640
110
180 Standard Tr 401)
300
ritialue4 Tr 485
__ Tr Co of Am 320
Union Trust 130.,
145
US Mg& Tr 46.1
40u
Unit States. 1190
740
Van Norden
536
..
_ _ Washington 375
--132-1: Westchester 160
Windsor _. 12)
1120
fig- savoy
Ask
655
105
410
496
_
1-350
47(3
1210
230
__
li_
0
I rust Co's 1114 Ask
lt,•ooklyn
Brooklyn Tr 405
42)
Citizens' ------.. 140
Flatbush -- OU
225
Franklin_ 210
225
Hamilton _ 270
290
Homo
103
Ill)
Kalgs Co
500
L 1st L &Tr 295 ifiiNassau - — 105
175
People's _ - 300
315
.jueen, CO_ 113
125
WIllitimsb'e ____ 100
*litd and asked prices: no sales on Ms day. 4 Less than 100
shares. $I4x.r ghts. h New stock c Ilx-dtv and righ',,s.
1321() at Stock Exchange or at auction this week,
a Now quoted dollars per share.
s
stock eivIdead. 11Blanks marked
with a paragraph Ill are State banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909, the Exchange method of quoting bonds was changed, and prices are
BONDS
N. Y. STOCK EXCH A NGE
Wait &MING Sam
ta
'':".
--, 4,
-go.,
4
Week's
Range or
Last Sale
Price
iirid ay
Sept 9
Range
oine,
January 1
ItO!O
intcrest"--except for
BON Ds
N. Y. STOCK EXCHANGE
WEic F.NiuNu ScpT 9
.0
"
Price
/friday
Sept 9
aal defaulted bonds.
Week's
Range or
Last Nate
Range
SinCs
-7;1 January I
7•ell
Pig& .No;ilano _High
Bid
Ask Low
LIigh No Low nigh Cent of Ga tt-(Gon)
Bid
Ask Low
11i
li.,i'..,)., 4.uver
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9038 Sep -01.1
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10478JUe 08
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Mid Gs Is Au Div 58 .1947 J -J 100
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k1915
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106
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1 J'ne' o . 10114103
,101.
101% 102 4
U S 38 coupon
a1:118
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E
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10114 J'ly'10 .... 109,310214 Cen It & is ot Oa col g 58 1987 M-N 100 107 102 Sep '10'....1102 103
1'110 19514
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122
US 48 registered
1925 g•F 115 116% 114% Aug'10 .... 114% 115,4 Cent et A I gen't gold 58.1987 J -J 191.34122 190
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1 • J 1015 101) 1011 Aug'10:„ '107 109
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11
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1.10's 10114
101114 JIY'1,1
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Con ext. guar 442,f
JAM Aloy'10
100 100%
g10111 4.51
96%
9534 7 9534 97
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N
& Long Br gen g 4s 1941 m-s
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Cent
,
'
So
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95'3
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sterling man 4.2s
8714 874
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1)314
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t 8914aie 811 14
ivit
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1931
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102%
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1001410114
6
102
101%
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1102
s
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106 103% Aug'10
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1195
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4
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ir
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913
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5,9
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81) Apr'10
87
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9834 51 06 100%
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1959 11,
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lily
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stock
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J • J 102 105 104 Aug'10
101 104
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106.t,10978
11957
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90
81
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......
1
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a
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it & A Div lst eon g 413 1.9610 J.J
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97
9414 :19
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87
91
20 CO11801 g 48
110% 93
1017 ro•N 102% 10314 10214 Aug 10 .... 10214 10314
4%03 assessint bonos
11314 reuq/5
Warm spr Val Ist g 58-1941
J-1
13 M
O8% 8 116%100%
08% 98%
19o7 Ni•N
4% Corporate Stocic
86%
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gug
1st
M-N
'40
48
87%
1
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8
4103
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77
70
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104 113 42J'ly.1u
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60
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j:
1 6814 75
11134 116
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75 Oct '09
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9
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8
A
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,
a.
90% 90%
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99 J'ly'10
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118,%
98% 100
66
41 Aug'10 .... 40
Os 1,1 erred Brown Bros ctts.
4214 45
88
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87%
85
1949 J -J
57L 11134 Lee 9/8
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Ills Div 4s
99% 11934 0914
.-1/g1;100%
119%
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10812 Oct '01/
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11.1aba SIMI lee AL Coast Line
9d-,,Aug'10.,
Sulking
95%
9544 100
tunii4s
101%
A-0
1919
Albany & Sus(' Nee Del& Hutt
1)834 9913 8819Ang'10
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101's 515101)
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11)
1
17 07 100
98
95
6 88
00
41995 Nov 89% 92% 89%
Adjustment g as
100%
10034 Ply'10
10034 102
Ilan es StJosconsoi6e 1911 M•
92
.,an'10 •••• 92
01995 Nov
Registered
81
Aug'1,,
82
81
is:
85%
g
Clue&
imp
4
943
J-J
biretta,
89
12.
4,11955
8014
9014
90%
01995 Al-N
Stamped
121134 127%121 J'iy'
"14 Apl038
121 127
1st 0011501 g
'1.0 •
113%117
Cony 4s issue of 1009...1055 J-D
lueds
1033
3J'Iyqu .... 108%113
-O
A.N
7M
,34
13
General Conaullst,58
119
40 100 1221w
107
1955 -D 106 107 106% Aug'10
Cony '4s
111,
1037 M-N
Registered
102% 100
Li
,
08 4
. 98 EA%
Cony 4s (full pd reels) 196(1 J-D
112 Nat'1()
114 112
Clue Is Intl t.) ity Ist 58 1936 J•J 101.114
DM% DM%
1 10434 122%
11)-year cony g Os
7, t
10
Erie
33
Erie
Chicago
see
6
987
1.151%
1)
:A
F
j
7
2
1
e
9
1
J
Series
4s
Debentures
12414125141215
rue'10
126 129%
4
0
-J
J
1947
1
r
7
98'3
98%
()hie
b
'
&
lu
6s
ret
:,
Louisv
",
1
1
8
,
l
t
t
i
:
I
1913 F-A
Series I(
114 Dee'uv
106
11714
.97
Itetunding gold 68
East Okla Div 1st g 48 1028 M-S 94
100
92% 8idis 1.12%
4
J
j
943
1110,4
J
j
u
7
1
4
92
9
Louisv
A
A
1
4
&
tis
92%
1:111st
-J
J
11155
g
4s
1st
Short Line
91% 114 Apr'iu ....1 83% 94
89
Fe Pros Is Ph 1st g 58 11142 51-S 4.106%107 1.1)7.31'13"1° .... 10714 101914 Chia Intl 8s Sou 50-yr 48 1956 J-J 102 105% 103 Jue'101. .'103
tinic5111& St P term g ba 1014 J • J
10314
&tlKnox&N See L
'J0- .
004 Sale 9914
131 98 100%
.
96%
General g 413 series A..elUsU J -J
941* 8 02
Atlantic Coast 1st a 48.01052 M.8 03% 941 93%
103% Oct 06
Itegustered
109 8e9'00
Ala Mid 1st gu gold 58 11.12851-N 105
87%
Aug'10 ....1 850 89
99t4 J'ile'09
4-j •864 8734
General g 342sseries B :1168
t/ .1•J
933
......
Bruus& W Ist gu g 48 1.11381J •J
9:34
91% Salt 1,134
I 111% 934
1934 J -J
25-yr deuen 48.
Charles & Sav let g 7s-103)31J -J 128
101 % Marl
91% 92
107'4 108
Chic & L Su Dm g Os....11121 J-J 10519
9514
9134 42 89
91
01052 51•N
L N coll g 4s.
127 J'ne'im
Clue & Mo Ray Div 58...1926 J -J 106 105 107 J'melt) .L01 11014
Say b'& W lst gold 60-111341 A•0 119
Sale
107
'3
11)6
12105%1084
106%
112
e
1053
..
Clue
Mar'10
W
112
rii
&
lstgos
1921
11/34A-0
-J
J
Os
gold
lot
95
95
97,3
95 J'ly'10
Dak
t So g 58
le'zbe PlY'19..110212103%
1916 J•J 102%
Bit Sp Uca & gug 40 1.9181 J - J
bar J3 Sou 0.8811 g Us
Alay'10 ....11i6% 11634
1924 J -J 116
Atlantic & Dauv Nee South lty
104%
1104%106
Aug'iu
D
-J
J
104%
LaCrosse
1st
Pacific
Sou
W lee
Austin &
9214 10 90
92%
Mineral Yoint
1e10 J-J
92% 92
be
92
,100 l'asY'10
100's
11.1alt & Ohio prior 1g 3%8 11/261J-1
9114 Oct '011
,100
So Alum Div Ist tis
(Woo
Registered
0102544
106%
%Via & Allan Divg 58
1011,4
1
1uo34 Anglo
10
113)2
16
105% 108
91
019481 A•0 US% Sale 118%
Gold 48
nay.10
4
963
'10
J'ly
&
No
1st Al L tis
1910
116
100'4100%
'19's
99%
01948 C2-.1
Registered
10368103%1033,3Aug'
1st consul 68
103%105%
120 00,:01
Pitts Juno 1st gold 68-1922 J -J 111%
bp,Aug-10
F 10114 113 1111 Aug'10
j:D
3 (4
1115
13
1107s 113
87
87'4 59% Chic &.Northw eons 7s
e Jun db Al DivAst g 3%811)25 1,1-N 1.10 aale
vile
19,
4
90,
100
1
10
00
Extension 4s
U3
101
59
1886-1926
P L E ,15 W Va Sys ref 451041 Al•N
91
89
Registered
tn/as
95% 95%
MP% sals 904
Southw DiV 1st g 344s. .1025 - J
es% sale
, General go
tits%
gob 3,
88%
28 13361
' 89.2 Apr le •
57
89% 1104
8934
998
281957
7
26
%MO'4,1
Registereti
08's Apt'vo
......
Registered
p1957 4/"If
103 103
115%
'103 Mar'10
Oen Ohio It 1st o g4,38..11/30 51-R
10
110
May
1104e
Sinking
Aug'10
113%
A-0
Laud
us.
110's
.1s7u-19211
1114
110
110
C1 .Lor & W con 1st g Os 1938 A-0
1114-xuv'ou
19614 b'eu'u7
Registered
187;14929 A-0 109
5Ionou ittv let gu g 68..1919 F-A 101%
101 J'ly'10
Sinking Huai fm 181:1•1999 A-0 105%
100 10914
'112 .1101109
Ohio River nit 1st g 58 1930 I•D 10214
1115%
Nov'/9
lutt 106
0
:
A
A0
106 Mar'lo
y
2
1,
9
1
Registered
1579110'4112
A-0
1937
Os
..
(Jeneral gold
107 13 107 lia)"10
'lit)'. Marq14
405 107
Debenture Os
•
•
..
Pitts Clev &Toilet g Us 1922 A-0 10914
190%eeu'iu
1021 A•0
Registered
1002 106's
US'u Sep '01)
...
Plus /I West 1st g 4s 1017 -1
Nov'04
109 110 llaay'10
109%111%
11133 M-N
Sinking luuu deb Os
Stat 1st By let gug4.38 1943 1-1)
110 109 J • ty
1933 fd-E
Registered
Beech Creek Ace A V U Is 11
1'4% Ply'DJ
114%117'4
MU L S& West list g tis 1921 M-S 114%
Bellev & Car Nee Illinois Cent
'1124 Mar'10
Ext & Imp stund g os 11/20 F -A 107,e
112-'4 1124
Bklyu & Aloutauk Nee Long I
142% actr'02
Ashland Div 1st g 68 1026 M-1,1 111%
Bruns 63 West Nee AU Coast L
-128 is Apr'im
„
110%
Mich Div 1st g ifs
Butlalo N V & Erie lee Erie
storm)
11610'4'10
'108%
1M
f1
2
1
9
19
107
j
-N
"
j
11314
Incomes
Butialo B <V, P geu g 6s 1037 M-S
10014112
Clue Rock 1st tr. Pax Os-10171 J -J 11111 110 100%Aug'10
1057 M-N 103 107 100 1'4'10
Conrail 4%a
111 10)./ Aug'Io .... 109 101)
96 Aug'10
Registered
191711'1
.&1L& West 1st g 48 gu 10118 A-0 96%
96% sale 11614
108
103 1'IY '08
993% 2 9419 99
General gold 4s
1955 1-1
01 Is Mali 1st gu g 58.-1043 I -.I
115% FelPIO . I 95% 9534
4 lib 110 J'ne'10
Registered
It/881 14
Hoell & Pitts 1st g 6e 1921 F-A 114,
6g
11122J-0 114 11634 ltO14Apr'10
SU% 45 813
02
Relundiug g 4s
19341 A-0 SU suit 85
Consol 1st g tis
72 mar'10
u7 xivoi
Coll trust Series ti 4s 1010M-N
Bull & Swag 1st ret g 4s.d11.151'J -J
J'ly'10
9716 117%
J 15
!
himut
v0:17652M
P
. It & .N bee It
Bur C
U4•••• aub'10,....1 114% 94 41
11991133,h4J:J8 10314 Sale 11034 103%
1
Al
ian So 1st eat 133
1
UM% 101% lull % Aug'IC
Dee'09
4s
Lk--)2t1 Os
100%
0 4s
U4% MaY'lll ....I U4,4 94%
1913 M-S
ROgIstered
98 L3 Aug'ull
P 45
.
1
90
1018,M-13
Carb & Shawn Nee Ill Cent.
(5)3%837s
724i5ale 7914
Chle 11 I. ,S3 Pao lift 4.3 200211-N
4%3'91
Carolina Cent bee Seab Air L
Registered
7634 S0'
200-2111 N
7644 May'iu
Carthage& Ad Nee ;si Y C& Ii
Bur ti 11/I
189. g 68 1934,A-0 100 1.1434 113.A.Ual.'101:..., 11342114 12
1 Nee BC & A
,
Ceti It la b As 1
Registered
121)14Alar'03,... 1
Can Branca lty lee Alo Pao
112%113%
A
rne'10
W
1124,
Witte&
106 Apr'101'.....111)6 106
19
It:Agues-1
3f A-0
92
A-° 108
1t11
g
1st
F-A
Ga.
ot
63.4211145
Cent
1034 100
• & St 1, /At gu g 70 11)27 I-D
51-14 105 106'2 105 Angle
Comm& gold 53
11.14 104 Atay'10 .... 104 104
gun g 58.011/19 1 -1
108 113 Apt
Oboe Uk
Registered
41
1045 5141
1952 M-N 11./2 110,
88
4 105 Mar'10
82
87% 57 Sep
CO11801 gold Os
108 110
e5
1st prel income g 5s....p1t/45 Oct
lot
bO
b7 A11'1.0
81
88
Keels. oc iJs 31 1st Os
d! 0 U.5% 102 1104
1923 ,
57
103% 104
Stamped
8014 45 75
5434 Jii10 at a Is A 0 lee Ill Cent
In prim income g Oa.. .p.11145 Oct
77%
82
80
75
20 met income g 55 ;tamped ...
5334 Jule St L & rats bee PeunGo
76 Aug 10
84
80
82
3(1 pret ILICLP1110 g
75
ec U eon 6s 1930 I-I) L2114127% 124's Ply
Aue at I.'
76 Aug'10
80
79
123 127%
Oct
81
80
'10
May
3d pre income g bs stampeo.'
93
Cons 68 reduced to 3438 1930 J-D 86
81
...
80
79
1913%
112 1
!100
111*(M1414ANEOUS BONDS-Continned on Next Page.
Street Railway
Street Hallway
Brooklyn Rap 'Tr g Os
11/41
8214
75
101%1024, 1021
4 Sep '10 ...• 101% 104% Met St By gen col tr g Gs 1997 F-A
/
74% 76 Ply
82 Sale .81%
54
J -J
46
65 7034 87
1st refund cony g
Ref g 4s
40 J'ly'it
2002 A.0
89
v8 12 102
IskCIty 1st eon 5s-19111.1041 J • J
101% 101% J'ly 10 •••• 10114 104
ou
liwayifb 7th Av 1st eg 0811143 J -D 984 102% tuu
110
WI 102
Col& Uth Av 1st gu g 58.111113
1111 •Ply 'I
Bk 1.4 Co& ti con gu g bs.11/41 M-N
96 100
'1914 Alai'011
I 00 103
Sklyii n Ill lat g 4.58.1950 F•A 1110 1000„ 100% 100%
95
91 Apr 10
99
Lex Av & P Fist gu g 58 19113 al-S
90% 00
1059 F -A
63 J'ly 1.
Stamped guar 4.55
63
01/ 14 103
Third Ave itlt con gu 4s 2000
(30
69%
100,3 Aug'10
547, 5434 Am '10 _ •- 54
55
MI
Cent Tr Co certfs stmpit...
55
Kings Co El let g 48.-1949 -A
594.
68%
5914 Salo
1949
WI% 51
50 Aug'lt
106% 107% 111634 Aug'1
85,4
80
Third Ave Ity 1st g 63 11137
Stamped guar 45
105%108%
1951 J -J
76% 704
,
N Orl Ity ifb IA pen 442s 1035
87
76' 82
Nassau Elise gu g 43
87
83% 81 aia,'11
28'51
-J
J
4
102
31-N *9714
1U2'8 Mar'1,
102's 10')lb St Jos IlyLtIL S. P lets ins
1/8 Nov'Ms
Conn By & List,* tel g 4
..
1951 J • J 101
101 4 Aug'1(
1091%109
Paul(My Cab con g 58.1037 J -J 104% 108 107% Dee'uil
Stamped guar 4 10
78% 814, eo
•"• 80
82% Tri-City By& lit late f 1,8.1943 A-0 95% 97 97 J'ne'10
91)
6
Det United 1st con g 41u8 1932 J -J
114 13
94 atir'11.,
Havana Elec consol g 68 1952 F.A
nderground of Lou 5s. .1020 M-N
111
1./3
U8 Apr'09
100
711'3 8alt
1933 J-J
1956 A.0
711
Inter•Alet coil 4 428
834
4 418
70% 114 77
89
89 I 13 83
58%
90
89
10014 104
1948
Income Os
Inter Rap T 3.yr cony 68.1011 MN 1003,sale 1004 100%
37
51% 40
3811 38
11152 M.N 100% Salt 100% 101
(Clue) 151 g 613-11145 A:6
45-year 58 Series A
84 Oct38
20 100 103'. Union
'08
'uterus( Trac toll tr 48 1041, J -J
6714 Mar'10 .... 6714 6, is United Rys St L let g 48.193.1 J -J
7919 83
80 Aug'l
SO
tit;
.31-S
Manila Eiec lit /I coil 58 11153
May'Oti •-• ......
United RRs San Fr s I 48.1927 A-0 .66- 67
155
74
70 Aug'l
o-prlee Friday; latest this week,--!1Flat. anus Jan d Due Aar e Due May g Due Pus /tDue J'ly krine Aug-oHtte Oct p Due Nov 8 Option Sale
*N-
•
642
BONDS
N. Y. STOCK EXC.]]A NOE
WEEK &MIMI SEPT 9
New York Bond Record-Continued-Page 2
-tt
Q
r.
Price
Prid
S^pt ii
Wee
Range or
Last Said
at! Range
o 'SiliCe.
4:4 Januar,/ 7
BONDS
N. Y. STOCK EXOH A NGE
WEEK ENDfNi4 SEPT
'.4
al.2
t.... t
tax.
[VOL. Lx.xxxr.
Price
fi'rid au
Sept 9
Week's
i,
sil Range
Range or
--4
Since
Last saf.e •A A January 1
Chic St P M &()-(Con)
Bid
dtak Low
Rig/I Isio Low tliqii
Bid
Ask Low
4ton No Low itton
Ch St P & Minn 1st g 6s 1913 M-N 122
123 J'ly'10 -- 123 127
Er& Ind 1st con gu g 6.1 1920 4-4 105
II
114 Oct '01)
Nor Wisconsin 1st 6s 1930 J -J 122
129% May319
Erie & Pitts See Penn Co
St P & S City 1st g 63_1919 A•O 111%
11134 Aug'1 0 --- 11134 11436 Evans & T H let cons (36.1921 J -J 109
115 Dec'00
Ohm& West Ind gen g 6s q1932 Q-M 107%112 108 16J'Iy'10 -...• 1084112
let general gold 6$
1942 A-0 1004 1014 131 4J'ne'10
Jul 102
Congo'50-year 4s
90% 92
1952 T. J
ill Aug'10 •-• 88
98%
Mt Vernon 1st gold 66 1923 A-0
114 A pr '05. '
Chic & W Mich 6'ee Pere Marq
Suit Co Branch let g 66 1930 A-0
95 J'ne'lle
Choo0& Gulf See OR I el. P
Utirgo ..V, So See eh M ee St P
Oin H& 1) 26 gold 448_1937 J -J
113 Oct '00
U lint & Pere M See Pere Mar
ein D
1 lat gu g 56-1941 Yl-N 100 103% 101 J'ly 10
101 108
Fla G.& Penm See Sea Air Line
01111(1 do Ft W lost gu 4s ar.123 11-N
••
Fort St U D Co 1st g 448.1941 J-J
88
92 Aug'10
884 03
CM I & W let eu g 48.1953 J -J
85
874 Jan'10
87
874 Ft W S. Rio Gr 1st g 4e...1928 J-J
84
813 Marl.)
88
87
Ind Dec & W let g 58-1935 J -J
104 107 Mar'10 .... 105 107
4 i al Har db S A See So Fac Co
1st guar gold 58
1074 Deo'02
1935 J-J
'
1a1 it & H of 1882 let 58.1913 A-0 9614
97 J'Iy'09
01StL&C SegOOtidiStL
Georgia & Ala See sea A Line
(Mu di (1 See C:0 St L.
(la Car di Nor See Sea A Line
Oleartield& 51ah See B R& P
Georgia Pacific .S'ee So By
Cloy Cm C& St L gen g 4s 1993 J •0 9274 Sale 92%
03/
1
2 18 90% 96% Gila V G & Nor See So Pao Co
Cairo Div let gold 4s
94% 94% Aug'09
1939 -4
Gotiv & Uswegat See N I Cent
Ciu W& Ai Div let g 48 11191 J -J
89
1111 J'ly'10 •••• 90
92
944 Grand Rap & Ind See Penn
St L Div let col tr g 46_1990 M-N
1104
90 Aug'10 •••• 8934 954 Gray's Pt Term See St L SRR
W
Registered
91 UM '07
1900 11-13
Lit 'Nor-0 Bdi Q coil tr4e 1921 J -J
9574 Sale 9536
957 199 94% 97%
Spr & Col Div let g 48-1940 M-S
100% 96 Dec'Oil
Registered.h.
11121 Q-J
96's
93% 48 944 9674
W W Val Div let g 4e 1940 J -J
90 May'10
: 90
90
St Panl Al 31, Man 4e....1933 j-J
98
100
Aug'10
118
...• 93 100
0 1 St L & C consol 613_1920 M-N 1044
1054
...:105's 1051
/
4
1st cense' gold 66
1933 J -J 1237612734 1::34J'ly 10 .•.• 125½ 12834
904 Aug"0
let gold 4s
9114
.1c1936 -F
1164 984
Registered
Apr.09
132
Registered
Agg'10
924
06
k1936 -F
90
1/8
Reduced to gold 4461
104 Aug'10
J 103',,
J - .)
1034 107%
1933 j
Cin S & CI con let g 53..1928 -J 103
10114 stip '111.
......
Registered
J
11/8.4 J'ne'ut)
0 L'0 db 1 °easel76
1094 Dee'09
1914 J-D 1..6%
Dakota ext gold 06.-1
11-N 100%
1034 1004 2 IOW;101%
91
33
0
1
jConrad eink fund 78...A1)14 J -D 103
I
Mont ext let gold 46 1937 J-0 94
1/7
US Aug'10 •.•. 9t) 1001
/
4
General consol gold 64.1934 J -J 119 124 119 Aug'10
1119 119
Registered
100,4 yet WO..
Registered
11134 J -J
IC MinuNorDivIst g 46119
1.934 Jun'1u ••
)
17
8 1:1
904 9934
/3 113',,
1.11ti BL & W let prof 4.3 1940 A-0
94 J'ly'03
Minn Union 1st g 68 1922 J -J 112%
1144 rei,'Iu ...• 113 114%
0 Ind & W let pf 58- 11938 Q-J
Bout C let gu g 63
1937 J • J 1234 130 123 Aug'10
126 129
Peo & East let con 46_11140 A-0 90 Sale 90
90
89
944
Registered
1304
'Ut)
Oa
I ncome 46
Aug'10
•••• 53 07
534 53
1090 Apr
let guar gold Oa
11034 113's 110 J'Iy'10 ..„ LIU 11374
Olev Je Marietta See Penn Rh
Will &B F lat gold 58 11/38 -7-I) 110
110 J'ne'vb
Olev & Pitts See Penn Co
Greenbrier ay See Ches & U
69
70
Ool Midland 1st g 48
69
69
1947 J •
?IR Gulf& s 1 1st ret& t g 58 01952 J-J
89
89 Apr'l0 .... 871
/
4 94'4
94
0olorad3& Sou lat g 48 1929 F -A
95% 95 Sol)'10
LI
au
&
Mt
J
a Et de Q
90 Sale 95%
00
Relund & ext 44s
16 94% 99 II ousatonicoSeeSee
1935 M-N
:1
IN
II&
B.
ii
110
11234
J'ne'10 •••• 1114114
Ft W di Den (1 1st g 06_11121 J -D
Hock Val 1stconeol g443-19119 J-J 1004 101 10034 Sep'10
99%104
Oolum di Weeny See So Ry
Registered
100% au0
DM J - J
Cot & Hock Val See Hock Val
Col & H V let ext g 4.3 11145 A-0 93
1134 May'10
115
95%
Cot & To! See Hock Val
Col & Tot let ex 4s
1)04 b °WW1
1355 F.A
Oa Conn & Term tiee N
W
Roust E do Mr Tex See So Pao'
Conn di Pae Rive let g 4.3.1043 A•O
Houst& Tex Cen See So Pac Co
Cuba RR let 80-yr 5 g
100 May'10
1952 J J
100 100
I 'limns Central let g4311151 J-,1
104 J'ne'10
104. 10534
L./ak & Gt So see CM
812
I. Registered
11174 111:'07
1 - J-J
alias & Waco SeeM K & '1
let gold 34e
87
11.
4 Aug,10
Ian
90
J-4
92
Del Lack & WesternRegistered
Sup
03
.
1 94
1951 J-J
Morris& Essex 1st73.-1914
107
10936 J'ne'10
10934 1111
Extended let g 34s
/
4
9312 blay'l/9
1951 A-0
consol
111
let
guar Is
112%112 J'ne'10
1915 J-D
112 1144
let gold 36 eterling
1951 M-S
so J'Ir'00
Registered
1915 J-D
127 J'ile'00
Coll Trust gold 48
991.,
1/9 Aug'10
VI) 1004
let ref gu g348
94 Sep '01)
2000 J•D 86
..
..
Registered
1411 J•tiu'uu
96
......
Y Lack dli 'W let 66-1921 J-J 116 1204 115 J'I3r'10
11-3 117
let ref 4s
96
97
Inf Aug'll)
96
9114
Construction 5.3
1923 F-A 1074 105 1074 J'ly'10
1074 1104
L N 0& Tex gold 4.3
1/14 99½ 118',,
1
1111
9:6
5553
622 11
51
AA----N
11.6
°
NU
18 WI 4 10034
Terra & Improve 4s
974 1/9
1923 PA-N
93 J'1.1''10
1174 101
Registered
11734 117 May'07
111113 11-N
102% ifeu'i)3
Warren let ref go g 346 2000 F-A
...
..
Cairo Bridge gold 48....11160J -D
100
Apr'011
Del & kluti let Pa Div 78 1917 11-S t18'120 1211 Marla
12-0 12076
LoauivDivebTerm g346.19631 J -J
36
uu I 8714 May'10
874 881
149 Aug'Ul
Registered
1017 11-13
Middle Div reg bs
,123
11/21 1-A 102
10-yr cony deb 4s
23 U134104
98
1916, J-D 97% Sale 974
Omaha Div 1st g Se
11161
F-A
7734 Mar'lu
77.4 7734
1st hen equip g 44a
11)22 J -J 100 101 100 J'1.Y.19 ••... 100 103
St Louis Divobterm g38 111511J 4
7114 De4.1'08
93.4 sat, 98%
1st &ref 48
a 9041004
9634
1943 MN
Registered
11.611 J -J
Alb & Sus cony 34e
92
1946 A-0 92 8ale 02
7 91
97%
Gold 343
86
81) I 89 lfeb'10
11161 J-J
Rens & Saratoga let 70 11)21 M-N 1234 Sate 123% 123% 1 1234 1304
Registered
101 out 'In/
11161 J -J.,
Del Ely RR Bridge See Pa RR
Spring Div 1st g 345_1981'_J".
1100 Nov'00
.. 85
9234 9434 94
Deny & R Gr lat cou g 46.1930 J-J
94
8 92% 9734
Western Lines let g 4e..1951 Jr-A
93½
115 J'ly'10
95
98
104 1044 /feel°... 10334 1044
Oonsol gold 44e
1936 J-J
Bailey & Car let ils
117 4 may'ill
11123 J•D 116
11741174
95 101 101 Sep'iv •••• 100 106
Improvement gold 56_1928 J
Oarb & Shaw 1st g 4e 1932,1411- P,
mi
911
189
11l'4 Sale 91.
let & retuuding 5s
914 20 UU% IA%
1955 F-A
Chic.8t L do N 0 g
110
116 A.ug'1u
1144 119
Rio Or Juno 1st gag 53 1939 J -D
98 FebN1b. . ....
Registered
4
J:
51 1.
B
D 112 116 118 biarlu
19
u5
118 118
Rio Gr 130 1st gold 46
78 Dec'09 ••••
79
11)4 J •J
Gold
348
'011
tiU
out
Guaranteed
85 Mar'Ut.1940 J -J
blemph Div let g4e 11151 •I'D
91½ Marlu
0/4 1)7's
Rio Gr Weld.lat g 4s
8134 8114 88
1939 J -J
1 8/4 94%
68
Eit .L Sou let gu g 43. _11131 11.8
J'iy'us
83.6 Aug'10 •••• 83
Mge anti col trust 4eA 1949 A-0
84
844 Ind 131 & West Idea(JO0-& St L
07 Jan'02 .•
Utah Cent lstgu g 4s al.917 A-0
Indill& la let g 46
05
95 May'10
95
1960 d •4 92
98
Dee Mtn & At 1.1 See M & St
tut di Great Nor let g tle-1919 M-N
1034 1084 J'13''10
108% 11034
Des Moi Un By 1st g 56-11/17 11-N
110 Sop '04
2.1 gol 58
110 May'10
d
1004 112
94
v4 .Aug'10
Det & Meek let lieu g 48.11195 J-D
94
9774
Trust Co
107 Sale 107
i10
10u34 1l2
89 J'ly '11)
1h) 02
Gold 4.3
83
1995 J-D
01
3 gold 46 certfd
190
2U
1 t:
19.6 35
; 184 18% 1.114Aug'10
74 FeLeii)
05
Dot So-U S 1)1v let g 46 11141 M•
76
72
74
Iowa Central let gold 153-1938 im
4-1) 104
103 J'iy lu
102
107,4 Aug'll,
10634
Dal & Iron Range 1st56-1937 A-0 103%
100 111
Gold 4s
70
694Aug'10
1961M-8
81)4
106%mi/rue
77%
Registered
1937 A-0
............ 14 al A.& (i It See L ki di bt. a
26 68,
1910 J-J
llan ctb Stich b'ee Tol do 1) U
Dal Short Line See Nor Pao
KtiFtSdobi
Dal So Shore do AU g531937 J•J 1084 Sale 10612 108% 1 108%10734 K (:di 51 It &13b'eeStL&Slf
b'ee StL& S F
Vast ot Minn klesStP &
Kan (.1& Pacific. /See 11 K & T
/Inuit Ten Va & (.4a Sea So By
Kan City Sou let gold 36-1060 A-0 724 73
724
724 2 711
/
2 74
Elgin Jol & East let g 88.11141 M-N 1074
113 Dee'09
Registered
, 03 oat '00
Elm Cort & No bee Leh& N Y
Eel S. impt 5.3 Apr 1930 1969 A:
Sale
101
'101
101
A
0
°
4 91/4103
Erie let oonsol gold 76
4118%
119 J'15'11-0
11/20 M-S
1184 122% Kentucky Cent see L
&
N
NY & Erie let ext g 43 1947 M-N 100
100 J'ue'lu •••• WU 100
Kook do Dee bla See U it IdiP
2(1 ext gold be
10634 10674 Knoxville di Ohio see So
1910 51-13 101%106 10044 Mar'10
By
US
lid ext. gold 446
1113 blar'10
103 103',, 1 uko Brie & W 1st g
11123 M-8
1% 1:11
56..1037 J-J 108',, tu15
06
8i2A11
4 80
r011.
0
4
108%112%
4th ext goba 56
11104 Jan '111
1004 1004 IA 2,1 gold be
1920 A-0 102
1941
J -J
106½ 1074
90
4
6th ext gold 46
Ifeb'10
994 11934
1928 J-1)
North Ohio let gu g us_ 1945'A-O
.Mar'10
1084 li2
NYLE&W Let g
121)34 124 Aug'01/
78 11120 5I-S
L Silo do &Hai 6 bee N Y ,:eut
Erie let con g 48 prior_11)00 J -J
814 821, s'44
824 12 1304
Leh Val N Y let gu g 448.11140 J -J
10534 J'ne'10 •••• 10534 108%
Reguitered
81 Nor'011
1916 J-J
......
Registered
Aug'
let consol gen lien g 48111913 4-J
71½
714
76% Lehigh Val(Pa)cons g46.20
714 .3 67
33 j
1940
Ni- N
1)6's 97%
J'
Ap
1.0
9
urg;u
1/64
116', 1119
85 B'eb'l/7
Registered
70
1990 J -J
Lou V Ter fly let gu g 56.19411 A-0 112 1/4 114 J'ne'10
114 1154
Penn coil tr g 46
11151 F-A 85
87
864 Aug'10 •- 834 80½
63•
11334 10U'u out '161
19411 A-0
50-year cony 4s A
70
1063
6.1 Aug 10
64
Li eg
V
I8
C
to
e
al
r°40
1 0 let gu g 56 1033; 4-4 14)6
do
Series 13 1953 A-0 04
05
734 Leh S. N Y let guar g 46-1
644
65
9 66
934 95
634 .51
1/6 19
°3
N '
19
0
.345'M-13 90
Bull B Y & Erie let 73-111111 4-1) 109 11536 1134 Marl()
113761134
Registered
1043,,M-S
Ohio & Erie 1st m01(158-1082 M-Al 1114
Ill% 111% 2 110 115
El C & N let pf thi
1914 Feb110
1011
/
2 lin%
11114.! A-0 102
01ev di 51alion Val g 513.11133 J -.I
121 Dec'us
Gold guar de
100
1014 11013'
99
Long Dock C4:11.1801 g 03_1935 A-0
120 127
1224 Aug'iu
Leh di Had ft See Cent otN1
i9 .1
41A-0
Coal& RR let cur gu(53.1922 M-11
1134 114 Apt-10 __ 114 114
Leh do Wilkesu see Uent ot N J
Dock S. Imp let our 66-1913 J -J 1u0
1034(Jut,
Leroy db Caney Val see .510 P
,8
N I dc Green 1.. gag 53.1946 M-N
98 105 10344 awl.)
103 1u34, Long Dock see Lrie
N 1 Sue & W 1st ref 60.1937 .1-4
98
094 90 Sep'1o. 99 HA 4 Long 1511.1-16t con g
56.h11131 Q-J 100
112 Feb'10
112 112
2(1 gold 41ss
1937 F-A
1004 Deu'ud
..
let °ousel gold 48
(4-4
General gold be
82
11140 lf-A
8134 59 Vue'10
93
83
General gold 4s
111
'38
U0
110
1174
Terminallst gold 68-11143 M-N 105
1084 May'10
1084 108's
Ferry gold 448
11)22 M-S
14)0'. b'elf10 •••• Lou's 1004
Regis 416,M0 each I1/43 M-N
Gold 4.3
0114 yet'MI
11132 .1 -1)
Wilk di Ea Istgu g 68 11142 4-1) 90
1014 marqu .... 1011
nifieit
gold 46
_
/
21011
034 mai'10!.... 116½ 95
/
2
111411 M-13
u
I
I:
Deueuture gold 56
11/44 unc'081. •
19341 1-1)
MISCELLANEOUS BONDS-Continued on
Next rage.
Gas and Electric Light
Gam and Electric Light
Atlanta I+ 1. Co let g 58 11147
N Y G E L II & P g 53_11148 J-D 1004 Sale 1004 10034 15 91)'I03½
Bkiyu U Gas let con g 88 1941, al-N
105 105 Aug'10
103 10734
Purchase money g 46_11149 F -A
Btulalo Gas let g 58
834
53
84
83,4
87
4 30
1947 A-0 604 62% 00%
Utiers
60% 67
Ed El Ill lat cons g 58..19115 J -J
Volumbus Gas let g 5s
11134 111 Aug.lu
110 111%
1982 j-J
NI&QEIL&P 1st con g be11130 b'-A
Detroit City Gas g 66
1004 11 al'i 0
1004 1011
/
4
102.0 -4
99
101
Apr'lu
101
101
N Y & Bach Gas let g 66.1921 otl-N
101
Det Gas Co con let g 56•••191e F -A
92½ J'ly'00
97
1/534 Sep '06
Pacific G & Eleo Co Cal G & E
Eq 1..N I let con g 56.„1932 ra-s
J'ne'10
101%
1054105%
unifying
tarp
&
ref Is 133. M-N
Gas& Bloc Berg Co c g 66.11/49
9134 Sep 11 814 91
914 92
92
61% Oct '01
Peo Gas & t.: lat. con g 68.1943 A-0 110 119 116 4 Aug.]u
tir Rap G bOo let g 56.-1916 ,1-1)
111141111
F-A
98 100 1110 Oct '01,
Refunding gold
Hudson Co Gas let g 6.4_1941 M-N 102
101%104
-S
J 101%102 101's -,,,,'it,
.11.
58 11
47 j
13
1014
Aug'10
10141034
Kan City(Mo)Gas let g 5s 1922 A-0
104% 103 Ply'l.,
102% 10414
97 Mar'10
97
97
117
Con G Coot Ch 1st gu g5e.'31) 1 -D UM 4 102 10144 blay'll
Kings Co
L & g 53_11137 A-0 1014
1004 102
101 Aug'10
00 101
Ind Nat Gee & Oil 30-yr 58'30 3,1-N
Parcimee money de
944 Aug'01.
90
6997 A-0 112 115 112 Aug'10
1104115
Mu Fuel Gas let gu g 56.194. ,1•N
Ed El 11 k3kn lett.= g 4e1939 J -J
101 AWL'', i,
101 101
90
674 90
Philadelphia Co cony Os -1919 F-A
Lac Gee Lot St List g 53.61919 Q-b 1014 90 101¼ /largo
08
Au
0 A
ug
g:110
98 101 19
.,
100 105
Aug'lC
1014
1004105
Syracuse Lighting let g 56251 J -D
Ref anti eat let g be
98
98 100
11134 A-0 99 100
99
99
It 99 101
'Itenton (.1 & El let g 58_1114:, 4-s
Milwaukee Gas L. let 48_11321 11A-N
110 .,..,,'05
110½ 91 Apr'10
91
1/24 Union Elea Ldi Plat g 56.1932 31-8 984
Newark Con Gas g be....„1948 J-D
90 Jan '011
108%
•••• ......
Westchester Light'g g 53.195u J •D
102% 100 J'ne'lu ..,.. WO 100
* No price Friday; latest bid and asked this week.
is Due Jan b Due Fah ef-Due Apr eOns May 4,
--DueJ'ly
k-bue--Alg -q Due Dee S Option Wat.
•
•
-•
•
•
• ••
•
1937
.__9_ ,633
•
•
•
•
•
•
•
•
•
•
•
•
••
•
•
•
•
•
••
.
•
SEPT. 10 1010.]
643
New York Bond Record-Continued-Page 3
o
HON DS
Price
'4.:il
Friday
N. Y. STOCK EXCfs'A NOE I.&
i
.
g
9
S
Sept,c4
\VggiEx01N4, Sgrr
Range
Since
January 1
Week's
Range or
Last Sate
-4s
BONDS
Prfee
14.2
Priday
N. Y. STOCK EXCHANGE !-.4t;
.li
I
sa.Sept 9
W egg END1No SEpT 9
..•
ige
J:Lr
,it
Week's
,
Range or ;0
:J" January 7
,
.
Last hale
Ash Lmo .11ega No Low Biqa
8214
1 78
'79
79
79
79: 79 12 Aug'10
1%334'
,'
:
lir
4
9712 Aug'10 .••• ;
102 Mai'04 • ••
,Ipa
JIzgR No Low High N Y Cent & H K--(Con)
Btu
Ask 1,010
Long Island-(Con)
Stich Cent coil g 3.2s. .1998'F-A
908 1 844 100
1949 M.8, 96%Sale 06 1,8
Guar rot gold 4s.
1
19
9
,
1
Registered
..
F
J
6
8
A.,
M-S
Bklyn & Mont 1st gi38-1911
96
Beech Creek let gu g 48.1930 J -J
10138 Dec'08
1911 M-13
1st 5s
Registered
N V B&M Blstcon g5s193b A-0 103 107 11014 Nov'06
241 gu gold 68
105 Apr'07
N y cis R 13 1st g bs
1027 2,1-9 100
Beech Cr Ext late 3.2851
1 18
-0
4
5
1 •A1.
0:
38
191 15
109 Nov'0h3
Nor Sli Bltst con ggu5no1932 Q.J 101
9712 Apr'09
Cart & Ad 18t gu g 48....1051 J -0
97 Nov'09
96
Louisiana & Ark 1st g 58.1927 M.8
1 1124
Golly dis Oswc 1st gu g 58 1942 J-1)
11334
L01118V dl Nitsliv gen g 66.1.030 J.1) 1134 Sale 11334 Apr'10
984 994
4,2
10
64 10
10
9818J'ne'10
60.1
14
Moll & Mal lest gn g 4s..1991 /6-3
114
1937 M-N 112:
Gold 8
9734
106 te•t '02
N J Juno 14 gu 1st 4s. .1986 F-A
11140 j.j 9738 sale 9736
Unified gold 4s
113:
Ang'1093
93
M-N
Harlem
dl
M89'01/
.2000
Y
N
312s.
100
g
984
1040 J -J
Registered
...
110 108 Oct '09
N IC & North 1st g 5s...1927 A-0
100: Deo'09
1910 A-0
Sink fund gold138
954
Aug'1U
984
110
N
1164
'10
97
Y
107
&
J'ly
95
A-0
107
Pit
1993
g
lateen
gu
48
10618
M.1•41
1931
Coll trust gold 58
1114 112
Nor do Mont 1st gu g 58.1916 A •0
112 Ply'10
E 11 & Nash 1st g 68.-1919 J -D 1094
131:Jan 'ii9 .:::
Apr'10
Pine Creek reg guar 68.11432 J -0
103 106
LCti & Lox gold 4 Las MI 41-N )0238 11.134 103 Mar'10
......
107 110
1254
II
1'24
124
8
11841243
Wcts0con lstext5s.A11122 A-0 10612104 10/ J'ly'10
J.J
1930
N 0 & M 1st gold 68
'00
Jan
106 Jan 'Os
105:
,,,
107
Oswe
120
&
F-A
R 2(1 gu ga
.e1915 .4.N
g 58.
g 58.1018
1930 J 4
N 0 & M 2d gold 6s
104 104
it W &0T It 1st
1117;4- 1104
104 J'ne'10
4 11U 107% Mar'10
Pensacola Div gold 68-1920 WS 105
113 114
10141024
113 Sep '10
1024 102 4 Feb'10
Rutland 1st con g 4128..1941 J •J
1921 M.S 1134
St L Div 1st gold 68
71 AI ey'09
914
85
85 Sep '10
85
80
75
Og&I.Cliani 1st g-u 48 g1948 J -J
WS 68
'2d gold 3s
142 J'ne'uu
91
95:
92:Aug'10
Rut-Canad 1st gu g 48.19414 J -J
5 M-N 92: 94
98H
1115
Atl Knox & Cin div 4s-1
J'ne'09
06
J'ly
St
116
115
18t
Law
-J
5s.
Adir
J
g
&
1996
100
-0
J
Atl Knox & Nor 1st 4.4581946
125 Feb'08 ..
2d gold Us
110 Jan '01)
Render 1141go lets f g 68.1931 M-9 103
9712
96
Utica & Blk Riv gu g4a.1.9
A-7 0114 100 102 Aprqu ....1(t0 102
2J
96
92
9a: 97 J'ly'10
Kentucky Cent gold 46 1987 J -J
2
904
Aug'10
92:
Sale
90: 90: 41 90
102
105:
J•D
Lake
102
gold
Shore
34s...1997
ta-S
101:
105%
L&N & At & M latg 4:81945
92
2 89: 92
90%
88: 88:Aug'10 .... 88
11197 J-D 88
Registered
9034 Sale 9034
L& N.south M joint 48.1952 J -J 108
112
11
93
03
8
Sale
923
9534
51-13
Aug'10
111
48
g
4
10134
106
11128
Debentu7e
F-A
11137
5s
N Fla 81, S 1st gu g
9634
11
92
92%
93
Sale
M-N
25-year
112%
1031
g
.
48
PS
N& C Edge gen gu g 412s 1945 J -J
110 Marl()
Ka A & OR listguo56.11138 J -J 110
110:110:
Pens & AU 1st gu g 68 1921 F-A 110:
'07
107
Uct
-J
109
J
109:114
5s..1934
C'l
109:J'Iy'le
11111st
Mahon
114
F-A
S & N Ala con gu g 56-11136
100 Deo 449
Pit.18 & L Erie 2(1 g 58.a1925 A-0 100
S54 1)0
90 Aug'10
L.& Jet) Rage Co go g 411-1945 M.8 90
130:Jan '09
Pitts MoK & Y DA gu 68.1932 J.J 122
LN A &Cli See 0 1 L
120
241
guar
66
allon Coal bee LS&MS
J -1 107
9534 Sep '10 ...• 93% 984
McKee/Sob B V last gIits 113
1: j
1.31 anhattan Ityconsol46 1131/0 A-0 95% Pe
115 Oct 'Ulf
Much Cent 68
11131 M-S 10918
104 A or'06
11190 A-0
Registered
119 J'ne'116
-Pit 11/84
4
1931
994
944
Registered
Sep
138
A-0
1)64
'
01(14
10 --Stinpt1 tax exempt 19110
09
99 Jan '10
1/9
48
11141) J -J
MoK'pt & B V bee N Y Cent
98 Dec'in)
Js
s
J:
za
4
983
983,
1
0
4
5
96%
9
lu
Registered
Aug'10
4
983
99
3428
J-J
1911
48
Rex Cent Colts g
08
J'ne
1/0
.L
314
J
31%
1.0
&
May'
S
'27:
1st
g
a1939 J'ly
1st 0(1118 tile g 35
90
811: 87 AIWA° .... 57
52
list g 3.26
26:Apr'09
28 •
26 cons too g its trust roots..
9212
6, 89
130
904 91:1 110
20-year deb 4s
77 Mar'10
77
75
&lex Internet lst con g 4E4.1977 ;1---4 76
MJA:.Ng
,
it
Ba
g
U
e
80
Fel.P08
istgug38-199)8259U2
Stamped guaranteed .1977
I 97:11/012
9844
N Y Chic& st L 1st g 48 11137 A-0 9838 99 I 9814
0
100 100
100
61ex North 1st gold 68....1911/ J 43
100 Dec V/ .. 1
1037 A•0 9612
SIre:
o
:
Mich Coot bee N V Cent
92
80: 91 I 00 J'ne'10 •...' 00
M-N
1U31
48
Debentures
Mid ot N J Nee Erie
13 9914 10212
West Shore 1st 46 ga 2361 J -J 101% Sale 1101 12 102
N W
MILLS& W See Chic
1/74
8
9
977
974
97
U64
100:
Registered
J-J
2361
& North Bee Uli Ill 84 St P
N Y ct, Groenw Lake See Erie
131 131
131 MaY'10
Minn & St L 1st gold 7s..1927 J-D 131
118 Jan '01
N Y & H ar See N Y U 35 Mud
Pacific Ex let gold 68-11121 A-0 101
100:Ply'10
N Y Lack & W b'ee D L & NV
101
100:
South Wo8t Ex 1st,g 78 11110 J -0
Aug'10
N Y L E & W See Erie
102% 109
1984 51.14,1 104 11/4% 104
1st consol gold Ss
75 May
Y & Long Br See Cent of NJ
N
75
70
81:
65
Ni.s
1st and rotund gold 43 19414
87 Mar'10
Y N 11 & 11-Conv 68-1948 J-7 1334 Sale 132% 1334 5 13034 1354
N
4
1.113
57
81
J -J
Des Al & Ft 1) 1st gu
0938 61 1/6 10314
9938 Sale 99
Cony deben 3126.
a13 J -J
1,
Miun&Stbgu See 14 C It& N
116 Jan'10 ...•'116 116
1
100
9618
98
•
98
It con g 68 11137 M-N 111%
Itou8atonic
98
j
.
J
964
MStl'es SSM cong 4 intgu'35
Aug'oll
107
9812Jan
4
lta)
'1
1)
M-N
&
11
ki
b8.11115
118:
oy
Derby
con
1185
16.88 M & A lstg 4 intgo 1926 j-j
N Y (SO North See N Y U do ti 1
Minn Un bee St P 51 &M
96:1 974 Aug'10 ....1, 96
98
0734 9712
N Y 0 & W ret 1st g 40.4101)2 M-S 95
07: 14 06:100
Ho Kan & Tog 1st g 46-19110 J -D 97
101,2J•iou'Uti
•-,
'10
Sep
83
8312
84
87%
Itegi8
83
0,000 only
OM ii-S
gi990 F•A
2d gold 4s
10001008 1110% 1004
DA 105
N
:
&
Y
Y
Put
N
11
do
bee
AI-N
0
1944
5s
gold
ext
1st
7978 75: 78: 1 78: 85% N Y & it B See Long Island
2004 M.S
1st & rotund 4s
85
85
1 83: 11034 N Y 6 & W Sea Erie
55
84
11136 J -J
Gen a 1 4:8
88 Apr'09
85
.N Y Tex JO M See tio Pao Co
A-0
21101
4s
g
rot
1st
Div
L
St
J'ne'10
8
,8
101 Marl° .... 100 1014
43
20
N 10
105
m:N
105 105
Nor (Xs South 18t g 58
1M
31
100
M.N
11014,
Dal do Wa 1st gu g 58 11140
94 Apr'10
126 12334 J'ly'10 82 123 12612
110
90
93: Nort & West gen g tis
Kan (1 & Pao let g 46 111911 F.A
Aug'tli
106 113
linprovoin't era eat g Lis 1034 F-A 122:128 126 Marl° ••••• 124% 1213%
SIoK&hi.iStgUglS 1942 A.() 107 109:106
103 J'ly '10
123 May'10 ....'123 1244
103 10738
New River 1st g t5s
1032 A•0 120
1942 8.11-N
61 K & Uk 1st gu 5fs
148 Aug'10 .....' 9012100
100 410642
N a5 W Ity lat con g 48 1996 A.0 118: 9J
102 Aug'10
N. K &'Vol T let gu g 58 11142 54-8 102 104.4,
97
1104 Apr'uli
97 Apr'lu ..-', 97
A-0
111116
Registered
11/1)
J
-D
1943
So
gu
Sit
let
56
g
&
Sher
934
105
Aug'i U'....1 91
Mar'10
92
105
9212
105:
01:
gen
Div'l
-J
J
g
Dal&
4s...1944
105
Tex & Okla 18tgu g 58 1943 51.8
99 42 99
10-25 year cony 48-.1932 J-D 99
107 111
994 65 9451084
1920 51-N 11/8 108 108 Aug'10
&to Paohic 1st con g Os
87
61 86: 110:
luU 1044
Pocelt 13 & 0 Joint 46..1041 J -D
Sale 86 42
8t5:
Nile
4
1004
Wu
"
.6-6
9
4
'
Trust gold 68 8tamped.a1113.7
111138 99%
CC& T 1st ifti g Oti
106 Apr'10.... 104% 106
1924 J -J *11/4:
10034 99% Mar'10
(dial M-6
Registered
96:
Solo V & N h 1st gu g 48 1989 16.-N
i 94 VIVI° .... 94
100 104.0
U114
1M.P4 100 Aug'10
1920 F-A
1st coll gold 6s
North
814
18
Illinois
13
78
75
bee
&
Chi
N
WI
I
78
77
1945 M.S
40.year gold loan 48
I
Ohio
Norm
95%
Nee L Erie & W I
Nov'09
I
1938 .6•51
3d 74 ex td at 44
57 99 102%
Nor Pao-Prior hen g 4s..11197 Q J 101 Sale 1001, 101
14 51) 96
93
19514 M 8 58 Sale 92%
1st & ref cony Sc
984 9 1184 101
984 984
111 78 115
11197 Q-J
138'u 91 12 92 Ply '111 stered
Cent Br lty 1st gu g 48 1919 1.-ARegi
1: 74
7,34 17 6,
General lien gold 313....d21/47 Q-F 714 81641 714
87:
86
t;en Branch U P 1st g 4,8 1948 .1-1) 8488 8478 87 imay'10
72: 72:
7U I 72:Fob'11.1
Registered
a'21/47 4.1-11'
110 8111e05
Leroy &C VA Llstg5s 1926 J -J
97
Mar
10
••••
90:
974
Paul-Del
-1:1
.1
g
Div
St
48.
.11199
8
MaY'10
1003
118
59
98
Pao It, of Mo latex g 48.1938 5%A
1/9
' 99 .1fet)'10 ....1 911
Dui short, L 1st gu Os..11)1t1 51-8 994
113 113
26 extended gold 56 1938 J - J 105 10/: 113 IfelP.0
1
106%
1
Nor
Ut
See
Qcolltr
48
B.&
c
4
Sub
4
11/63
11/133
105:110
I
I
A
5
•U
con
g5311131
St L HAI& Sgen
1184
11618
••••
Aug'10
1163
115:
115
4
F-A
68-.11123
g
gen
1St P & N P
..
09
111 8149'
4
Gen con stamp gtd g 661931 A-u 1013,
Registered cortitlo's..1023 Q-F 112 117: 111 Feu'10'.... 117 117
81
86
83: 83 Sel,'10
Unified as rot gold 48 1929 J -J
110 J'ne'10'.... 111) 110
1931 P-A
854 5414 Sep '10
84
82% 8734
St Peat & Dui list 5s
liav & U Div 1st g 48 11433 tfi-N
10442
103 Augl 1.•••• 103 103%
Jan'iu
11117 A-0 6103
2(115s
1W:102:
Verill V 1 dl W let g 58 11126 441-6
95 1 136: Apr'10'.... 9612 97:
v8 Dec't/6
J-1)
48
gold
lat
conaol
1968
-J
J
11/53
1;58
cone
Clot
K
Mots J &
Aug•tv
02:Jen 't.i9 ..
'
92
14-M
115
116
1144
g4s
1948
1st
Cent
-D
J
Wash
1113:
1215
Mob & Ohm new gold 68-11)27 Q.J
110:Aug1:0 .... 11012110%
111 114: 1174 Mar'10
l/ latg66-11133 J -J , 11U
117'1117's Nor Pao Tero
1st extension gold Us../i1927
440
7'10
87
)
-3,141
87
87
Pao
Nor
b6
Cal
So
ity
see
.6.8
.1938
4s
Generm gold
blar'l
:
108:105: Nor Wis See U St PM & 0
Alontgom Div 1st g 68..194's F -A 103 105 11/5
75 OlaY'1/8
84
Nor .10 Mont tfee li Y Cent
St L & Cam)coil g 48..611/3u
90
J
ne'10
95
96
in3i i 1 nu & W dee Li C C & St L
l.
k
1:.
1931
Guaranteed g 48
Wluo .1.44v RR See Balt & U
N. & U coll 441 See Southern
Oro & Cat bee So Pao Co
Mohawk & Alai See IN I U al 11
Ore
short Line bee On Pao
Monongahela Itiv bee 1130 U
Oswego & Rome 1See N Y 0
& Al.
Mont Cent bee St P
1 108%
/no
I
Coast(hoist g 68.-1946 JD 102%104'4 1044 Sep'10 .... 102,
Co
P
S
See
'1'
&
La
Alorgau's
1
-I. uo ot 011asotiri See Mu Pao
Morris tro Essex See Del La% 5%
101% 102 Aug'10 .. 102 103:
107:1104 Penn 104 1st real eat g 46.1923 M-N
IV ash Chat & St List 78.11113 j _J 1064107 107:J'ly'10 ....
Coutfoi gale Os
1902 Jan'08
191951-S
l. 1st COU801 gold 58
1928 A-u 105 110 108:J'ly'101 ., 108:110:
'10 .... 106 108
Fe10
Consul gold 443
1043 M-N 102 .......105Feb
116: MaY'1/1 ... ' .
Jasper Branch let gt56 1923 J.J 115:
Convertible g 312s
1174 Mar'1115. .,., ...
1912 16-N
9834 19: 09 Aug'.0. ., i 14814 102
'
Moil M. W & Al 1st 68 11117 J-.1 4.11/13 42
148
Convertible
sale
14115
1
g
l-1-7 I 944 97:
953
934
95'4.
I
2'4'04
4
2.1)
113
j.j
611/6
42
1111'i
& P Branch list 644
Connol gold 48
104: 47 1014.4 1044
1948 M N 102 sale 102
1
Nash blur & Shot bee L cts
10234 Apr'10 „... 10234 102%
Alleg Vat gen gu g 4a 1942 M-S
0532 106 1 03.2 9534
654 964
Nat Itys 01 Alex pr 144s 1957 j.j 65
'1
1/ 14111.466,13ge18:4u 458.'36F-A
94
1977 A•0 87% 0014 5712 Sep '1t) .1 8712 914
Guar gun 4s
103:Deo'09 .,1
Phuti hat & W 1st g 48..1943:M.N 1004
1024 Mar'10... 101% 1.024
Nat ot M ex prior nen 4128 1926 J -J
,'
lt, Jun'o3
eoUBoy&do1stg56. .1124IJ-J lu)
SO
8341 1i 84
lat consot
1961 e-0 834 85: 884
1034May'l0...103 104
U NJ KR&Cangen48.1944M-S
N o w 11 & 1) See N Y N 11 & 1
104: 6103 106
PeuuCo-Guar1stg426.1/211J-J 104 sale 104
NJ June RR see N V Cent
103% Feb'10 „.. 10334 10334
1121J -J
Registered
N Y 11141n & Man Bch See L
161
IJ ...., 90
Aug'
90
80
M-S
rog.1937
trust
coil
3:6
Guar
894 8 , 8441 t1i1
N Y Cent & It lIly g 3:8 1997 J -J
88 Sale 88
8938., ly '10 .... 89: 1114
Guar 312scoll tr set B. .11141! F-A 5,8:
Registered
1997 J -J
147
894 We rly'10 . ' 86% 904
4 97%
053
....
Aug'10
4
i1o3
96:
M.N
g
gu
3:8.1916
certIt's
116a4
Co
Tr
92
8
Deben g 48
95:
1934 ,v1.14
96
9642 95
87 90
81 A.ug 10 ....,
1'342 J -D 85: U0
(iu 310 tr etts c
Lake Shore coil g 3:5 11/98 F.A 814 bale i 81
81: 177114 8412
I
11/44J -D 87% 89 1 91 Dee'uls
80: Gu81-lis tr etre')
Registered
116184 F-A
78 ' 28; 78
80 I 78
- ----MISOELL(NEOUS BONDS-Continued on Next ['ago
•••• ......
••••
••••
..
4
••••
••••
Coal and Iron
Manufacturing &Industrial
....
Bull& Elmo Iron 5156.-1932 j•D
Nov'09
:
99
84%
: 2 72
1930 J •J
a 1946 141.13
Allis-Chalmers 1st 5s
90
94 Deo'09
Debenture Is
9:1
114 10
,F:i Aug'10 ...i 113
()
titiei, l'
al
147
6 81'
:?
1928 A-0 1741
984 Am Ag Chem 1st c 58
96
884 101
98 Aug'10
Cut s & 4 Co gen at $ 56..194.) F -A
9
4.5
1915
4:8
ext
Uli
Cot
Am
96:
03
Convertible deb g es..../911 V A
:96:J'ne'10
97
,
102
92
51
96
92
Sale
,
1123
.6-6
gt38..11119
1st
t
8
L
6 70
76
16: 744
Col Intiu 18166 coil 68 gu..11134 F-A
75
824 Am Hide &
73:
07
43,41
Amor Ice Scour deb g 68-113.15 A-0 8,
..
107% Dec'04
Contin'talC lists! go 58 g.11/51 F.A
116
.... 94
g
5
Ain Spirits MN; 1st g4.58..101., .6-S
90 100 00238 Apr'06
Or ltiv Coal di C 1st g 68-11/19 A•U
93
ka)
.,..
90
Aug'14
89
•J
J
4s..11119
AID l'Ilroad let Col tr
107 Mey'117
Jell & Clear C.f., 1 1st g 56.11126 jai
14 1044 1011
Am Tobacco 40-yr g 68-.1944 A-0 10542 Sale 105: 105%
Kan & li (J & C list s tg 58.1001 J -J
99 105: Deo'00 .
794 Sale 78%
794 64 76: 8584
1951 F-A
48.
82
83 J'ne'10
83
83
Pools!' Con Collier 18t 8 1 58.'57 J -J
8432 Sale 843s
84: II 83: '39
ieth Steel lot ext 81 68..1940 o -.1
Sunday Croce. Co g 58-.11144 J j
1)8% 47 97 102
A .-1) 9
0838
3 ',lett
8
9:
74i I
(
i:
i
AT
14
1 102 104: lent Leather 20.year g 58.1925 8
1951 J -J 100%102". 1:,
Tenn Coal t;on 58
78%Aug'10 .... 7612 834
784 79
1951 F-A
103 107
al017 A-0 104 salt 1
tins 1 1obacco g 4s
Tenn Div 18t g 68
93: 97
44
94:•
193.
••
3:
,;orii Prod Rot 8 f g 58
8107
1033
BIrm Div Ditconsol 68..1917 J -J10
108 1114 4 Aug'10
i tit 25-year at Is
Call C M Co let gu g 138.1922 J 40 1013
110 Jan '09
...
'
••••
u
-li
.
1
:
13
Cuban-Amer Sugar colltr t158%.
100 100
Do Bar C & 1 Co gu g 68.1910 F.A
100 Jan •10
744
69: 4 67
1394
6;14 Sale
Distil ,ec cot'cony 1st g 58.'24 A-0
victor Fuel 1st 81 58
11153 J -J
87 Aug'09
88
85 J'ly'10 ... _85_ 88:
56
E I du Pont Powder 4 103-193t. J-D
97 100
a Iron Coal &Colst g 58.19411 M.S
08'2 Aug'10 .... 94:100
V
.
'No price Friday; latest bul and asked. aDne Jan b DM:1
Feb-41-13110 M-afiblle Pile lo Due .Ply kthie Aug o Due Uct 0Due Nov q Duo 1)00 1 nit.
zr. N4,itung:100 ....
AugAug'1
n 14,t,jJk413r1G
L'r° ryT2
644
New York Bond Record-Concluded-Page 4
Lxxxxi.
^
-,
BON Ds
1132
N.Y. STOCK EX011 A NGE
\Victor It,l)iNl SEPT 9
itAt
Price
Friday
Sept 9
I
I
Week's
g...11 Range
:
1 1 2,
Range or'„.
Since
Sale
January
Ldld
tita
As* Low
titan No Low limit
Pennsylvania Co-(Con)
1931 A •0 96
981
/
4 96 Aug'10 .... , 941
Guar 15-25 year g 4e
/
4 119
'
el db Mar 1st gu g 412s 1935 M-N 101
110 tall 05
/
45ser A.'42 J•J 103
CI & P gen gu g 41
1104 Jan '119 .
1942 A-0 103
Series B
109% Ply'01)
110
Series C 312s
1948 M-N
90 Aug309 .
Series D 3/
1950 F-A
9l)
90 31 ay'08.
1
4a
110
Erie So Pitts gug 3Las 13 1940 J J
92 A pr'07,
Series C
.
90
1940 J.J
9834 Apr'04'
Gr lt & ex 1st gu g 41281041 J.J 1410
1041
/
4 Oct '09.
Pitts Ft W & 0 ist 7s 1912 J•J 1041
/
4
105 14 1116
/
4 l'ir10.
1051
2d 7e
1912 J-J 104 12
104% Aug'10. '10438 1057e
3d 7s
/
4
4.1912 A-0 1041
107 Oct '08. '1
, Pitts Ycf. Ash 1st con 55.1927 141-N 107
109 May'10.
109 109
P CC & St 1.gn 41
1061
/
4s A...11140 A.0
/
4 10718Jan'10. .0071
/
4 107%
Series B guar
1942 A-0 104%
103 12 10734
10312 J'ly'10.
Series C guar
112 434'ne'05 ....'......
1942 3I-N
1 98 Mar'10
Series 1) is guar
954
98
1045 241-N
98
94 J'ly'10 .... 94
Gerais E 3/
1
4 guar g
1949 F-A 91
94
Series b' 4s guar
96
1953 J -D
11/21
/
4 1121
C St & P 1st con g 58 1932 A-0 1121
/
4 1 ,111 121121
/
4
/
4
Pensacola & All See L & Nash,
I
Peo & East See C(: C & St L 1
1
pep & Pek tin 1st g 08
112 Feb'10 .... 112 112
1921
F
.
9111
/
4100 110034 Doe'05
2u gold 41
/
4s
91921 M-N
751
/
4' 75/
1
4 Apr'10
Pere Marquette-Ref 45..1955 34
79
cm
IOU 1021
Oh &
/
4
1021 J -D 100 101 1101 Aug'10
/
4110 111112.1pr'10
1111
/
41121
blint & PM g 68...
/
4
1020 A-0 1071
let consol gold 58
105% 101 Aug'10 . 101 101
1939 M-N
Pt Huron Div 1st g 58 1939 A-0
101. 105
10;1% 101 Ply'10.
Sag Tus& H lstgu g 48 1031 F-A
Phil B & W See Penn Hit
1
8912Ply'10
86
89
Philippine My let 30-yr 8148'37 J • J
88
90
Pitta Cm & 81 L See Penn Co'
Pitts Cleve& Tot See B & 0
Pitts Ft W & Ch See Penn Co
Pitts McKees & Y See N Y Cen
112 May'10
Pitts Sli & L E 1st g 5s 1940 A-0 112
112 112
931
/
4 J'IY '97
1st °ousel gold 5s
......
1943 J -J
Pitta & West see B &U
98
98 Sale 971
/
4
97 100
g 45
JJ
99 J'iy 110
95
3-3
9734
9614 904 Aug'10
Jersey Cent coil g 48 1951 A 0
95
9734
Rensselaer & Sar See 1)& H
Rich & Dan flee South ity
Rich & Meek See southern
Rio Or West See Den & Rao Or
Koch dab Pitts see B it & P
Rome Witt & Og See N Y Cent
Rutland See N Y Cent
Qat; TLIS ea 11 See Pere Marq
89 J'ne'l0
96
LA Jo & Ur lel 1st g 4s 1947 J -J
89
94
St L & Cairo See Mob (r Ohio
8t L & Iron Mount flee HP
Bt LM Br fleeT klRAolStL
120 Apr'10
St Louis & S F-.1eux 68.1931 J -J 116
120 124
bleneral gold Os
105 108%
11131 J •J 10515
1051/4 305"4
89 Aug'10
lilt coils g 4s..'1.11; J -J *88
911
/
4
kit &
90
b6
Gen 15-20 yt 5s
8t134 861
/
4
90
u13% 15 84
1927 M-N
/
4 Apr'10
Southw Div 1st g 58-1947.A-0 911
1001
1001
/
41001
/
4
Refunding g 4s
89°5 10 '18-, 85
19514-3 80% Sale 80
115 J'1,y'10
140 Ft S db M. con g thi 1928 M.N 11334
114 1171
/
4
K C EtS & M My ref g 4s 1936'A-0 71.2
771
/
4
77
'
14 12 76 12 82%
1001
/
4 Deco.,
K C& M It& B Istgu 59.11120'A-0 95
Oz'rk& °he 181 gu 58 g.1.013'A-0 0614 98115 99% Aug'10
1)01:4 97
St Louis So See Illinois cent
80
90
St 1.5 W 1st g 45 lid 0118.19311 11-N
8914 Aug'10
93%
88
1•5115,rue 10
'19
2d g 4e Inc bond cus...2,11/80 J -J
13015 82
/
4 Sale 7314
Congo). gold 48
1932 3-fl 731
73'4
721
/
4 791
/
4
Gray's PtTer lat gu g 5s 1947 J -D
93
1011
/
4 APr'in
St Paul & Dul See Nor Pacific
St P Minn & Man See (it Nor
st P & A or Pao See Nor Pac
8tPdb bi'x City .8eet:StP.31,4b0
8 A& A Pass lat gu g48 11143 J -J
841
/
4 85
85
85
/
4
/
4 881
3 831
& NP lat sink i g53111111 J
1181
/
4
104 00t'09
Say b.& West See Atl Coast L
Scioto Val & N SSee Nor& W
83% Sep'10
Seaboard A La g 4s stamped '54) A.0
84
811
/
4 85%
9934 1391
Coll tr refund g bs
/
4 9934 Aug'10 61 9
1
/
4
14/11 54-N
041,2 17
09
5/
Adjustment be
01949 F-A 7014 Snit. 69%
49
'
/
1
4,
130 J'ne'10
82
Atl•Birm430-yrist g 48 51.043 1443 79
811
87
Aug'10
93
91
Car Cent lst con g 4a...19411 3-3
/
4
91
911
103 Apr'10
Fla Cen & Pen 1st g 511.11118 J •.1 100
103 103
1st laud gr ext. g 5s...1030 J -J IOU
May'10
/
4
Consul gold 58
109%
1943 J -J 1001
1041-/
1
4
.
14111
/
4 Mur'10 • 104 14/4 12
Ga & Aia ity lac con 58°1045 3-3 1111 14
/
4100 104 J'17'11.1
GA Car & No 1st gu g 58 1929 J • J 1021
104 104%
109
Apr'10
tieab & Hoe let 58
1926 3-3 102
100 100
Slier Stir & So See 31 IC & T
8118p von & U See AU Coast L
Southern Pacific co/
4 39 89
901
Gold 48(Cent Pao coll).411/40 J -D 8934 9012 90
95
90
90 P1y'10
Registered
86
90
A111411 3-I)
/
4
97% 90 9234 11161
/
4
/
4 Sale 961
20-year cony 48
961
g11/29 31.8
904 97
09
1M
21 1141
/
4 9734
Cent Pao lat rot gu g 4511)49 F-A
97
FeU'10 •
97
97
Registered
11140
hien guar gold 31
88
87% 86%
/
48..k1021) J
89.2 87 it Aug 10
02 J'ne lu
Through Sib 1st gu 48'54 A-0 87% 94
11115 04
1037.10615
/
4 Ang'10
/
4106 1051
tu1L&SA51&21st5s1931 M-N 1051
10454 8.9'00
Gila VG &N lstgli g5s.11/24 M-N
ions N & W T 1st g 58.1933 IA-N 1061
/
4 MaY'ut)•••• .• .
/
4105% 1051
let guar 58 red
11)33 IA-N 104 101$ 1031
/
4 Aug'10
10315100's
H & T C lst g 58 int gu 11137 J -J 110 1101
/
4 1011% Aug'111
109,
4 11018
Consol g tie un guar. 1012 A-0 1119 14 110 110111
/
4-N0Y109
Gen gold 45 int guar 11121 A-0 93
1161
/
4' 92 Aug io
92
981
/
4
Waco& N W div lst g 08'31) M-N 115 122 11191
/
4 Mar'lu
11914 1191
/
4
A & N W lst gu g 58.-1941 J -J 100
'1071
/
4 Jan 09
Morgan's La & T 1st 78.1918 A.
'122 is
116 ,,Nov'Uti
lat gold tis
1920 J -J 1011
No of Cal guar g Os
1338.5-0
112 Feb'07
Ore & Cal lst guar g 68 11)27 J -J 100
100 l'ne'10 .... 100 100
10442J'ne'06
kio Pao of Oat-tis E & F 11/12 A•0 1011
/
4
1st gold 6s
1912 A.0 1011
/
4 Dec'04
/
4
1141
1st con guar g Ss
/
4
1937 51-N 1071
llti MaY'07
Pao of Mex lst g 043-11/11 J-J 11.10 15 14)0 101 Mar'10
101 101
fio Pao Coast 1st gti 4s g.1937 J -J
84
1/3 I 90 J'13,119 ....• ......
Tex&NUSabDivIst g08.1012 31-S 101% 1021
/
4
/
4 10176 May'10 .... 101%1021
Con gold 58
11143 J -J 100
......
102 Nov'OU
1;
yi
liektrille'L'?egen
ltia1
......
......
.
•
•
• ......
•esi
BOND.;
11,?,
N. Y. STOCK EXCHANGE
$.3+
EmItNn SEPT 9
o Pac RRlstref4s
1955 3-3
Southern-let eon g 5s
1994 3•J
Registered
1994 J -J
Develop & gen 48 Ser A 1956 A-0
Mob & Ohio colt tr g 43 1938 31-S
Mom Div 1st g 41
/
4-58.- 1996 J-J
St Louis thy 1st g 4s..._1951 J.J
Ala Con It 1st g 6s
1918 3-3
Ati& Danv 1st g 4s
1948 J-J
2d 48
1948 J -J
Atl & Yad 1st g guar 413 1940 A-0
1910 J -J
Col & Weeny lat 68
E T Va & Oa Div g 58-11/30 J.J
Con 1st gold 5s
1956 141-N
E Ten root lien g Os
1938 M-S
Ga Midland 1st 38
1946 A-0
Us Pac Hy 1st g tis
1922 J -J
Knox & Ohio 1st g tis 1925 • J
Bir prior nen g 581945 3•3
Mortgage gold 48
1945 J -J
Rich & Dan con g 68...A915 J -J
Deb 68 atamped
Rich So Meek lat g 4s 194
7
1)28
So Car & Ga let g 58.-1910 M-N
Virginia Mid set C Os. .1916 M-8
series D 4-55
1921 M-8
Series 558
1926 M-8
General 55
1936 M-N
Uttar stamped
W db W lat cy gu 4e-10
29
4M
F--A
N
93
West N C lat con 63 1914 J • J
& N Ala See L &
Spokane Internet 1st g 5s 1955
• er A of St 1st g 4/
1
48-11/31) A-0
1st con gold 56...J894-1944 F-A
lien refund s I g 4s
1953 J -J
St L H Bge Ter gu g 58 1030 A.0
Tex & N 0 Nee So Pao Co
&Pao
1st
gold 55
Tex
2000 3-0
2t1 gold inc Os
La Div 13 L lat g 50 "9
i iia
•Jr
19
9:
9
31 j
W Min Web N W Istgu 58'31) F-A
Tol & Li 1st g 58
1935 J -J
Western Div 1st g 5s 1935 A-0
General gold Os
1st gu 4s....111
30
6
Kan &
911
Tol & W 1st gold 4s
1917 J •J
Tol8114& W pr lien g 3128 11125 J -J
1950 A.0
Ed)-year gold 45
Coll It 4s g Set A
JD
Tor Ham & Bun lat g 45.41117
76 P
45.4111
I later & Del 1st.con g 58 11128 3.1)
1st refund g 48
7A
J
Un Pao Kit & gr g 48 19
94
62
Registered
20-yr cony 48
19
94
2713
J-1
1st & ref Is
ore lty & Nav con g 4891
294
1)96
8 2.1
3:8
1)
ore Short Line lat g tie-11122 F-A
lscconeol g 55
11)40 J -J
Guar rotund 48
19211 J-D
Registered
Nor gold 58210
U
J:1)
.1
92
26
9j
lt & C Co See Pa RR
(Jul N J
Utah Centraa See Rio or Wes
Ulan a: North See tin Pemba
Utica & Black R See 24 Y Cent
V alumna coma,' g 4s .1955 F-A
V era Cruz dai'letgu41-261934 3-3
W 0eo blo
Ver Vai lud
Virginia Mitt See South Hy
Vane Southw't 1st gu 58.2003 J-J
let cons 50-year Os
abash 1st gold 56
1
196
38
9 M-N
A-C
2u gold be
Debenture series B
F-1
931 J
1st lien equip s fd g 58 1921 M.
1st lien 60 Yr g term 45 11154 J -J
1st ref and ext g 4s
11150 J.J
Let & tin Sit 1st g 58-1041 J -J
Des Mom Div 1st g 48-11139' J -J
/
48
yin Div 1st g 31
Tot & Ch Div 1st g 4s. 119
94
41
111t0
S
Wab Pate Term 1st g 48 1954 J-1.)
Trust Co certts
20 gold 45
Trust Co earths
Warren see Del Lao & West 3."
Wawa Cent See N or Pao
Wash U & W See southern
Wash Tenni 1st gu 3¼s,.11145 F-A
West Maryland let g4e...11)52 A.0
uen dc cony k 4s
1952 A-0
Trust Co cortfs
Va Cent &
lat Ktis 1911 J -J
West N YSo Pa lat g ue..11137 J-J
uen golu 48
1943 A-0
Income 58
1.743'Nov
(1,
West No Car See South
Wheerg & 1.5 let g Os. .1926 A-0
Wheel Div 1st gold 58..11128 3.3
Eaten & Imp gold Os. .193U F-A
RIt 1st coning 413.•••
„1941),11-S
20-year equips t os _1922'J -J
Wilkes do hest flee Erie
Wit & Sioux it Sea StP H &
W is cent 60-yr 1st gen 4e 1949 34
Sup& Duidiv& term 1st 4s'313 1M-N
W
Price
Fria aig
Sept 9
Si,.
04
103
74
80
105
105
Week's
Range or
Las) sale
hi
Range
Since
January 1
A
Low
1-'Ian No Low titan
Sale 931
941
/
4 241 9314 957s
/
4
Salt 105
/
4111%
105% 17 1031
110 May'00
'
Salt 731
/
4
74
8 73
811
/
4
801./ 80:4
/
4
8(31
85
901
/
4
107'.116 J'ly
....' 106 110
85
84.
81
31 801
/
4 137
108 Sep '08 ....11......
921
/
4 icier '011
92 J'ne'06
• ••
109 J'ne'0.,
1111
/
4 110 Feti'1.0
100 110
11.0/
1
4 111 15 1101
/
4 Aug'10
109 1141
/
4
100
106 Feu'10 .. .1106 106
67
65 Nov'te)
111
1111
/
4Aug'10 ,.11t'8 1134
109 114 114¼ b'eu'10
11415114'.
102
......
115% Apr 06
82 IN ov'U8
103 .5 108 14131
iiiC%; 106 kt
/
4 Apr'10
10315 104% 105% Alay.10
105 107%
70
75 Oct '0
101 103 102 J'ly
104
10534
112 001 'uti
1091
/
4 Dee
103
105
107% Dee'09
104
10508.1'ly 10
105/
1
4107%
107 Dee'09
86
91' Feb'10
91
91
104
106% May'10
106151061
.
105
..
106 106% Sep '09
107% Apr'10
110 109 Aug'10
/
4 Aug'10
971
/
4 971
10315
IOU May'10
103
108
107%1071
/
4
/
4
109 1151
1.17
981
/
4
109 1091
/
4
109 Salt 108% 109
12 1081
/
4
/
4 1121
6014 05
70 Miu'll)
70
70
98
103 Sep '09
1061
/
4 Nuv'04
100 1091
/
4 100 Aug'10
106 112%
105
112 bap
99 Aug'10
91) 10475
87%
941
/
4 Math.'
UUL2 941
/
4
91% 113% 1)3 Apr'iu
92
113%
87
8s
Si Aug'10
)37
90
'14
'12
73
72
70
81
801
/
4 81
131
801
/
4
611 J'ne'16
861
/
4
871
/
4 91
1
4 10334 103 J'ne'10
102/
100 Dill
813 out '91)
14)1 Sale 100% 101
69 99% 102
93 Aug'10
981
/
41011
/
4
103 baJt 14/234 194%
101 1111%
116', 2 1)5
9534 sale 11534
981e
00.2
Ua /
1
4 15 9434 981
/
4
9519 96
1161
/
4
1131
113% 113%
/
4 117
111/1
/
4
1(09 Aug'10
10814113%
021
/
4 dale 1)2
91.
941
/
4
4
V4,
94 Jan 'in) •••• ......
103
107', Dell'Ut.) •••• ......
•••
••••
1
••••
98
96
Nov'Obi
Apr'10
105 110', 105 J'1301.0
105 108
114
931
/
4 05
04
1 04
1181
/
4
1081
/
4 owe 10834 109
13 101 113%
ud is 6 98 1031
981
/
4 101)
/
4
90 J'ly'10
.01.)
80
80
1)9 100
100 102
85
90 31.arqu
82
U0
90
631
/
4:sate 9234
0374 146 501
/
4 775
luu J'ly
10515
.... 105 107%
83 .Otiu'ua
74 12 3 724 764
721
/
4
74's '77
811
/
4 90 Jan'lu
90
Uu
341
/
4 30 Sep'10
5212
33
/
4
341
/
4 2 32
321
/
4 34'4 341
04
414
5
0
34' 44
111
/
4
6
5
5,g
4
121
/
4
3u
8815May'10 •••• 881
/
4 9012
641
/
4 11 521
/
4 8614
54% 83%
71121re1P10 ....I 41
73
731
/
4 A pr'10 ....1 11812 7414
luu'uNuv'ut)
100 110
....' 109 L4 11934
851
/
4
94 mai'10
901
/
4 92
I
34 Feb'071
84
105
100
79
93
1U434 Feb'101....1 101.4 104%
10a Jau•101..,. 104 104
102
99 102
9714
7814 Aug'10 ....1 77
90 Deu'08
......
l
UV-a 181 9(1
/
4 Sale 921
/
4
921
/
4 904 Aug'10
110
911
/
4 921
95
94
Telegraph and Telephone
Am Telep & Tel coil tr 48 19329
1110
/
4 We
00 I 51 891
/
4 891
891
/
4 93
convertible 48
/
4 1001
/
4 31 98 1001
M'S 10038 saie 1001
/
4
Mich State Telep let 58 1924 F-A 97 101)
95 Aug'10 .... , 95
09
A YTelep 1st& gen I 410
1.'3
631 31
tri% Salt 9715
3.
-3
N
1)7% '24 95.4 91/
Pac 'Tel& Tel let Os
90
90.2 1/0/
1
4 Sop 10,.., ! 95
99%
West Union col It cur 53 11/38 J-J
99 100
971280p'10 .....1 97 10019
Fd auu real eat g 4L28 1960 M-N
94 Sate 04
971
/
4
04 I 14 93
Cony dis. Series A
1930 M.-N 10114 101% 11/138 11.11% 8 100% 102%
511S(a1E1.'LANEOUS BONDS-Concluded.
Manufacturing 4; Industrial
Manufacturing iSz Industrial
Gen Electric deb g 3128_1942 F.A
ga-Car Chem let 15-yr Os 1923 I.D
82 Jan '14., .... 82
80
82
10-yr g deb 56
11117 J-D 135 138 1374 Aug'10 .... 130 1471
/
4 Westinghouse E. &alai Os '31 J.J
Int Paper Co 1st con g 65 11)19 F-A 100 Sale 100
100
Miscellaneous
16 100 105
1949
Consol cony s f g 58
1935 J-J
82%
1 8234 84/14 Adams Si cot tr g 48
8234
82% Salt
92
9078 Armour cfcCo 1st real est4/
Int St Pump let 81 5s
11129 11-8 .
1
4s'30 .1-1)
92 Sep'10
..... 92
Lackaw Steel 1st g bs
1923 A-0
isushi Terminal 1st 48.
97 Aug'10
95
1932 A-0
95%100
Nat Enam & Stpg let 5s 11)2. J-D
1)6
96
973
, Consol us
94)
4 04
1955 34
N Y Air i4rake tat cony 68'28 VI-N 1011
102
/
4 102 ,
1 102
25 IOU 114% OlucJoed 1 Yard colgba 11)15 J -J
Ity Steel Spgs lst 8 f Os 1921 J-J
9734 98% 97 J'ly,R. .... 4181
1
4 Het & SI Id gr 1 UW11108 1911 A-0
/
4 9s/
Repub I & Slat& cunt'58 1934 A-0
instat for Irrig Wxa 415s 1043 31-N
104 104 J'ne'lu
10315104
Union Bag & P let 51 5s 193u J.J
93 May'1 o
92
96 45 Int 31ercan Marine 41
/
48 1922 A-0
93
Stamped.
93 May'10 .... 93
95
9612 int Navigation 15t 5 55 1929 F -A
us .ceatil Co tdeb gt38 1913 M•N 104 Li 106 1041
/
4 Ansi, .... 1041
Newp N e Ship Jo D D osalla10 3.3
/
4103
U S Realty & I cony deb gOs'24 J-J
8614 Aug'10 .... 8512 941
86% 87
/
4 N Y Dock OU•yr Ist g 48 1951 F-A
US Red & Ref 1st at g 6+3.11131
87
871
/
4 87 Aug'10 .... 80
901
J
/
4 Providence see deb 4e
1957 0/1-N
U 8 Rubber 10-yr coll It 433.'18 J -D 1021
/
4 7 11/1 34 10415 Provident Loan Soc 41
/
4 Sale 10214 1021
/
48 1921 11-S
U 8 Steel Corp-jcoup _c41963 M.N 1031
/
4 Sale 103% 104
/
4 s Yuba Wet Co con g 6s, 1923 J-3
93 1011
/
41051
81 10-60 yr 58.1 tog d1968 11-N 103
10334 Aug'10 .... 10178 10534 Wash Water Pow let 53 1939 3*No price Friday: latest bid and asked this week. b Due Feb ci Ellie Apr.Due May g Due J'ne It Due .Ply kDue
/
4
991
/
4 99% 991
88% 89
8841
993b
89
961
/
4 100
86
93
92
/
4
921
9312
92% 92
/
4
93
213 9014 114 12
92% 9314 921
871
/
4 84)
88 Aug'il.
139
96
98
93 .1 '110'il
100 100
9518 105 100 May'',
35 Aug'l
35
40
35
40
07,2 Marl)) • 90
98
06
021
/
4
62
7 56
711
.
621
/
4 SuIC
78 Sep '1k .... 70
83
81
78
115 lice'ul
95
/
4 J'ly'I,
9114 911
901
/
4 134
90 Msy'l(l,, 90
90
US J'ly'0:
112 J'iy '11
104 103 Aug'10,,.. 101 103
Aug °Due Oct p Duo Nov -irOution Sid*
045
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
Sept. 3
Monday
Sept. 5
Tuesday
Sept. 6
Wednesda
-y
Sept. 7
EXCHANGE CLOSED-EXTRA HOLIDAY
*---_ 180 *____ 180
*212 ____ *212 __
_ *6
*6
70 •-•/0
*70 If
*1534 16
16
16
8
*7
8
*7
*412 512 *412 512
412 434
45tt 434
25 *-- 25
25
67 4'_.._ 67
20
*13
20
*19
60
60
63
*60
20
*16
20
*16
*___ 60 ',-..- - 60
*57 ---.
_
*57
938 -012 *9
912
50
*45
50
*45
Thursday
Sept. 8
Friday
Sept. 9
Last Sale 185 Mclf 10
Last Sale 112 July'10
July'10
Last Sale 4
71
*70
71
*70
15
1612 11
*16
July'10
Last Sale 9
6
4
4
4
434
434
*434
23
.
23
23 /3
July'10
Last Sale 70
19
*17
19
19
6112 6112
60
*53
Last Sale 16
July'10
June'10
Last Sale 65
5712 572
60
*53
*9
10
*912 10
*45
50
47
47
Sates
of the
Week
Shares
Range for Year 1910
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest
A iscellatienn5
l
620 I merican Can
100
778 814
814 812
778
77s
814 814
6814 6634 6634
495
Do
met
6812 6812 6812 67
100
*68
15 American itadiator_100
250
248 248 *240 250 *240 250 *240
Do
Last Sale 126 July'10
pref
100
*128 130 *128 130
*__ 77 *___ 77
Last Sale 77
bep'10 -_-_-_-_ Amer ShipbulidIng
100
Do
pre
Last Sale 109 Aug'10
_ 1,108 109
IOU
--ii) Amer 'Wen dc feleg
13518 13518 *134
*135 13512
135
*103-- *134 135
Booth tAt /c3 Co
Last Sale 18
June'09
__ 100
Do
pre(
Last Sale 14
June'09 .....
100
Boota Fisheries Corn....,,
Aug'10
*32 -3-5.
Last Sale 35
*32 -3-5
-1
Do pret
*63
64
164
*63
6414 *63
60
60
Cal & Chic canal & 0_100
Aug'10
*48
Last Sale 47
50
*48
50
Apr'10 -_-_-_-_ C• hic Brew's' & Alait'g
*1
118 *1
118
Last Sale 1
pre(
Nov'09
*2
3
*2
3
Last Sale 212
*36
37
35
3514 3514 -iii, Chic Pneumatic Tool _100
3512 3534 *34
11.81.
71 Chicago Telephone _100
*11712 118
118 118
118 118 *118
Do rights
leig
142 LcIlt
LasLast rle ?4
---- C• hic Title & Trust___100
4,1ii- 1-4-4-- *iii- 1-4-8-te
-155
- C• ommonw'th- Edison _ 106
111
111 111
111 111 *11012 11112 111
Do rights
Feb'10 -Last Sale 13g
16
30 Corn Prod Re, Co corn
1438 1438 *14
---__---- --__
Do
co
pref_
2 -585 Dianiond Match
100
41 Sale70814812 A"8-'811°
-gi- -8-8-,; -iii4 -8-8-1-2 81
5
Illinois
Brick
61
*60
61
100
*60
*5912 6012 6012 6012
Masonic Temple
Last Sale 45
Aug'10
*43
46
46
*43
'Hi IleCrum-H o well Co_ _100
5734 59
*58
59
5658 50
56
56
.00
Do pret
*97
0812 *97
0812
9812 9812 9834 09
Milw lk Chic Brewing
Last
iov(1
ne:1
--7-Do pret
Last 4e 24
--- If1
*
_ National Biscuit
100
112 112 *111
113
*112
---- 114 *112 114
pret
100
Do
66
123
12012 12012 120 120 *120 123 *120
100
110 National Carbon
120 120 *118 121 *119
121
120 120
pret
100
Do
20
120
120 120 *11814_ _ *118 120 *119
10614 104-14 10614 10614 10638 10638
200 People's Gas 1.6:Coke.100
106 106
Do nghts
11;16 Mch'09
1_5_6_
-582 Sears-Roebuck com_100
pret
100
Do
201
11812 11934 11914 11914 11914 1194 *112)
10378 10414 10214 10214
481 Swift & Co
100
10312 10334 10334 104
*155 160 *155 160 *155 156
195 The Quaker Oats Co_ _100
155
155
Last Sate
Do rights
iiii- 1-0-1- *ior 0- *10/13
61101 ju702113 --ii
Do
pref
100
175 Unit Box 13d & P Co 100
678 678 *634 7
*634 7
634
634
4
__..
Do pref
100
*...-- -_ -1-6--'
0:7_ To-Iasi.
21
Sate
1 7
13
54 .TA
tnin
Western ,- tone
100
'.--,
-1
:.
g
0
.-1
iw,fir
.
15634 15634
ir,
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 9.
Inter
es
'cries
Price
Friday
Sept. 9.
Week's
Range Of
Last Sate
Highest
Wa.loads
Chicago City ity
10u 185 Mch
185 Itch 7
Chicago & Oak Park_100
112 J'ly
'12 Jan 26
-_
Do pret
100
4 J'ly 28
712Jan 7
5 jlaic Itys part ctt "1"--- 07 May25 .101) Jan 3
260 Chic Rys part at'2"
14 May2J
313 Jan
Chic Rys part ctf "3"--_
Mav26 10 Jan It.
--8!) Chic ltys part ctf •'4"___
3 May24
918 Ja • 1.
245 .;h1cago Subway
100
614 Aug 16
11 J. n.:29
70 Kans City By be Lt 100 20 Aug
519 .a.
Do pret
- 100 69 Feb 17
7741 Meli•;1/
'detropol IV 8 Clay.._100
16 Jan 14 25 J'ne I
13
lio pret
100 61 Feb 7 72
...._ Northwestern Eley
100 15 Apr i
23 J 1t53,4
Do pret
-- -100 53 May3i 66 J'ne:..1
3 1,outh Side Elevated. 100 5514 J'ly
721° 7 nev,
65 Streets IV Stable C L.100
,28 1.438Jan 3
7 XI)
5
Da
pret
40 J'ly Lti 104 Jan u
638 J'ne30
6212 J'ly 26
240 Apr 15
1-6 J'ly 19
72 Feb 7
107 Aug 6
13114 J'ly 30
J33 JanIt'
1;2 Jan ,
150 May 6
135 Apr 4
841: Maylu
112 Jan 11
:4218 Mch
31 J'ne 6
51; Joe
47 Aug 11
Feb 4
41"4 JanLi
74 Jan
55 Feb
1 Pet)
2512 J'ly 26 41
110 Alav17 137
Feb :1
Jan 3
142 Aug 26
108% J'ly 27
114 Jan 11;
1312.1'1y 9
914 Apr 7
83 J'ly 26
53 J'ly 20
4312 Men
40 Mch 17
93 J'ne:.8
1113 Men IL
12112Jan 1/
2 Jan 13
2234 Jan 8
12 Feb 18
127 .nn 1,
91 Meta 2.
46 Jan 7
60,
,1 May.2,
10234 Apr 20
101 Aug 3
118 .Ply 19
104 Fen 34
112 Feb 10
103 fly 26
115 Jan 7
125 Jan 13:
120 J'ly 1
121 Meh3c
11534 Jan :3
148 Feb 7
11612 Aug 8
10112 Jan 25
155 J'ly 27
J'ne 22
101 J'ly 16
514 Apr 21;
16612 Apr 19
122 Mch l4
10938 Jan
186 Feb 49
9 May261
106 Jan t
15,38Jan 3
15
J•ne:0,
Ayr 1
Range for Previous Year
(1909)
Lowest
Highest
ISO Mch 190 Feb
4 Jan
112 Oct
5 Oct
15 Jan
97i8 Dec 11912 .Ply
4534 Jan
3) Dec
1012 Dec
3t) .,an
8 Dec, 1313 Jan
1914 Jan.
314 Dec
52 J'Iv
30 Dec
87)12 May
T8 Dec
1912 Dec
1518
47 Jan
69 Dec
25 May
17 Nov
63 Jan
73 May
bit Jan
61 May
::914 Apr
541:Dec
157 Feb 103 Dec
778 Jan
7134 Jan
100 Jan
126 Jan
541s Apr
101 Feb
139 Aug
J ne
14 May
lu Ma
48 J'n
1114 Jai
1 Ap
218 Apr
10 Mc
127 Jani
1514 Nov
86 J'ae
22514 Oct
132 J'ly
8118 Dec
112 Sep
145 Nov
1 Jan
5 Jan
40 Dec
7512 Dec
18 Apr
1 Apr
212 Nov
42 Dec
140 Sep
117
1W
152 Oct
12112 J'ly
Jan
Jan
Aug
-ifis
_
7014 Au. 8812 May
117 Jan- 13034 Aug
38 Jan
8812 Dee
43 Jan
47 Sep
20 goy
9772 Jan
11814 Feb
82 Jan
110 Jan
102 Jan:
12 Feb
55 Jan
101 Jan
10012 Jan
119 Jan
9812 Jan
5$ Feb
334 Mch
15 Feb
21 J'ne
11914 Sep
130 Sep
10812 Dec
124 Nov
11911 Aug
1 Mob
16912 Dec
12134 Ocs
11414 Aug
162 Dec
105
Dee
158 Mch
912 Jan
'25 Mch
Chicago Banks and Trust Companies
8'4
Sold
Range
Jo?
Year 1910
N AlIt Li
Outstandsag
Stock
Surplus
and
Profit;
tisc.ra
In
1908
In
Per- Lau Paid
1909 nod
High Calumet National
$100,000 y$40,392
An Dec '00,6
High No Low
llic.
Ask Low
9034 2034 Chicago City
10
J-J tuly '10,6
9034 ktch'1,1
500,00J 2204.053 10
Amer Strawb'd 1st 69_1911 F - A
Oct '10. 212
9114 Aug'10
9034 9412 ContPtal & Comm Nat_ 20,000,000 9,6.2,319
Armour & Co 4 Jis___1939 J '1)
Corn Exchange Nations- 3,000,009 5,437,0,4 12
12
Q-J Oct '10, 4
Aurora Eigin&ChIc 6_1941 A - 0
Drexel State
200,000
222,010
6
(4-) .Lly '10. 112
Cal & So Chic By Co
Drovers' Dep National_
600,00t5
10
Q-J July '10 212
102 J'ne'0)
399,999
1st M 5s
1927 . A
Englewood State
Q-J July '10, 112
200,000
6
6
231,816
10114 Oet'09
Cass Av 63 (i (St L) 5s '12 J - J
First National
10,000,000 10,836,509 12
122 Q-54. June30'10,3v
100 May'117
Chic Board of Trade 4s1927
-D
First Nat Englewood
150,000 y177,944 10
10
Q-M Inc 30'10,212
10214 Aug'10 ....
Chicago City Ry 5s_1027 F - A 102
Foreman Bros 11 k'g Co. 1,000,00)
pr'04
103
J
525,372 Priv ate B nk
Chic Loam Br & Mit Os___ J
383,692
8
8
Q-.1 July '10,2
- Fort Dearborn iNatIonai 1,5)0,000
---- 50 Apru9
Chic Consoi Trac 4(is 1939 J ---950,436
1,500,000
9634 Jan'OJ
8
Chic Auditorium Ist5s1029 F - A
8 (.1-) nub,'10, 2
- - tilbernian B'k'g Ass'n
Kaspar State Battle
200,000 2125,141 10
J-J July '10, 5
Ohio Dock Co 1st 4).._1927 A 10
-- W1; De-ati
Ohio Jc 1111 1st M g 5E1_1945 511.
1,000.000
251.586 deg. b
V.9), p.1277
111
-- La Salle St National
87 Feb'06 -490,626 10+2
Live Stock Excli'ge Nat 1,250,000
Chic No Shore Elec 63.1912 A - 0
10 Q-M rile 30'10 212
300,000
Chic Pile l'ool 1st 53_01921 J - J -58- W. 8512 A,g'iu _--t15,103
4
Q-N Aug '10.1
4
-34-14 113; Monroe National
1927 F - A 9714 07'2 9712 Sept'10 ..--Chic fly 5s
8
8
Q-.1 JuneJ0'10, 2
96 101.38 Nat Bank of Republic_ 2,000,000 1,214 618
03 J.iie1U .--Chic itys 4-5s series "A" A 0
1,500,000
904,524
National City
6
Q-J July 10, 112
0518
88
D 75 7612 7558 Aug'10
Chic Rya 4-5s series "B" J
'250,000
National Produce
Q-.1 July 10, 112
83,034
3
75
86
9012 ...en 10 ....-2/.1,141
200,000
North Avenue State
Q.) July '10, 134
Chic ltys 4-5s series "C' • 2hi
9012 91
-A
9/12 10118 North Side State SaWgs
222,60.3
9818 98 Aug'10
6
50,000
6
Q-.1 July '10, 112
Chic Rye coll 6s-1913
1)8 J uly'1U --zl6,207
North West State
98
200,000
Chic Rya Fund 6s_1913 F - A IOU
---- Q-1 July '10, 1
98
10018 Ap.'1.) ....-- 10018 10034 People's Stk Yds State_
hly '10. 212
300,000
291,55u
Chic Rys Tom Ctfs 1st 58
6612 Aug'us
y43,225
vPralrio National
250,000
Ohio R. I & P RR 4s 2002 31 - N
6612 July118
Q-M me 30'10 15
80,077
Prattle State
500,000
Collet trust g is...1915
2
1023 .1 - 1) 10114 102
10112 10112
23,268
None _- Jan '08,2
10678 163(250,000
4 Ralway Exchange
Chic Telephone is
21 10014 t024 Security
300,001) 2169,42,
Q-J ,tay '10, 112
1
Commonw-Edison 5s_1943 fl -S 10038 10058 10038 WO •
10614 Aug'10
10014 10.)14 South Chicago Savings_
ly '10, 2
6
Q-J
200,004
215,006
Chic Edison deb 6s_1913 1 101)
-- 100 111012 South Side State
200.000
:1.000 Beg. b us Se t'0) V. 89, p. 817
1st a 5s____July 1926 A - 0 10J58 Atig109
State Bank ot Chicago
1,500,000 1,742,907 11
12
Q-J 1 ly '10,8
1920
Debenture 5s
100- 1027
ioo- 10014 I0u18 Aug'10
4 Stock yards Savings
8 Q-M June30•10.2
250,000
181,241
7
Comrnonw Elect 5301943 It 80 Dee'us
Union Bank ot Chicago_
6 2,1-1,
1 day '10, 3
200,000
:13,024
Illinois Tunnel 5s
1928 1 -D
Wendell State__ ...
50,000
:7.419
6
None Q-M Dee:31'08,112
Kan City By & Light
0434 July'10 ....2,000,000
9434 9434 Central Trug Co of 111
7
7
Q-J July '10,2
N
872,807
1913
Co Os
06 Men'09
Chicago Say Blt dc Tr
74500,000
1;4
116,352
___ IOU
6
Q-J July '10, Vs
Knicklriter Ice 1st Os 192$ A k.311cago Title & Trust
8) May'10
5,000,000
6
Q-J July '10, 2
Lake St E1-1st 59-1928 1.)
Trust
&
Sayings
May'05
Citizens
4
50,000
:1,99:
4
A-0 Apr9,'10,3
16
Income 6s
192. Feb
---- -Colonia, Trust de Saving,
Metr
000,000
Side M454,135 8+2 8+2 Q-J July '10, 212
8212
ist 4s
89
Cunt & Comm Tr 63 Say 3,000,000
427.8)9
8212
80
1938
7
- A
8212
Drovers'1 rust&Savings
200,000
Extension g 4s
115,219
6
193s J
76 80
J
Q-J July '10,2
8
7734
Sa-ir 77
7734 -Mord 3 .30 Co. 434..._1939
1,500,000 2191,039
3
88 11314 Farwell Trust Co
- J 18934 Sale
3 (.1-J July '10, 112
8934
8934
North West El lot 4s_1911
2
944
9334 0614 First Trust & Savings._ 4500,00J 3,113,260
04
13 Q-M June 30'10, 4
9434 11438
& Coke Co is 28 Q M ---- 99
No IN
Apetti ___
200,111.10
99
Guarantee Trust de Say.
210,554 Ineorp orated 1908 V.87.p.1138
99
Ogden Gas is
1945 11- N 0212 11614 Harris Trust & Savings_ 1,250,000 1,456,828
tUi Q-J July' 10,3
9312 9278 Sept'10
Pearsons-Taft is
1916 J -Ii 9813
Aug '10. 1
Illinois Trust & Savings 5,000,000 8,444,429 16+4 16+4
101138 Melets9
4.403
Si 11612 06.1:52,44),
200,00j
6
95 ---- 9612 Itleli'10
2 Kenwood Trust & Savgs
614 QJ J. ly '10. 184
1
-N
4.605 Series ,
Lake View Trust&Savgs
97
97
5
Q4 tuly '10, 112
200,006
s56,287
414
97 FeJ'IJ
96
-51 - N
4.803 Series F
12
Q-J July '10,3
0812 Mciflt)
9812 9812 Merchants' Loan &Tr Co 3,000,000 5,840,079 12
9712
Li
Q-J July '10, 11!
Metropollta nTrust&Say
750,000
6
Peo Gas L & C 1st 69_1943 A 221,455
12134 May'09 _8
Refunding g 5s____1947 .51 8
QJ July '10, 2
1 100-3101
1,500,000 2,327,738
4 1-63-1-4 Northern Trust Co
1Q114 10114
J
6
:31,701
J-J July '10, 3
103 10412 North-Western Tr&Say
200,000
6
Chic Gas 1.63C 1st 5s1937 J
103 July'10
8
Q-J July '10, 2
600,000 rz00,066
Consum Gas 1st 5s_1936
8
- 1) 1100 01; 102 Motel., -- 102 10212 Pullman Trust & Savgs
223,013 Beg h us. .1.1v 12.11 9 V 89,p.141
200,000
Sheridan Tr dc Say Bank
Mtit'l Fuel Gas 1st5s1947 Il-N
10112 Dec'09
250,000 Comm enced bus. Sept6 1910
1,000,000
02
04
is Standard Tr & Say
9312 02 Aug'10
South Side Slav 41-53..1924 J
200,000
228,921
5
100 10078 Stockmen's trust & Say
5
4-.1 Any '10, 3
Swift & Co 1st g 5s-1914 J - J
100 Aug'10
1,200,000 :1,162,581
8 t8+2 Q-1.8 July1V10.22;
Union Trust Co
88 Apr'i
88
88
Union Si (Loop) 5s-1945 A 0
132,692
6
Q-J July '10, 112
tsWest'n Trust .1c Saving, 1,000,000
6
Union Pacific cony 45_1911 11 - N
114 Nov'04
67'26
200,000
55 -71107,552
70
June 30'10:2
IVest Side Tr&Savliank
75
United Box Board col
70 Apr'10
70
200,000
:14,844
Woodlawn Tr&SayBan,i
53
Jluy '10, 2
60
6
65
General mtge Os
65
65 June'10 ____
8512
Western Stone Co 55_1909 A 0
t
e
uttere
,
si
,nugt ( adeW is; all Chicago h onci prices.
Not" -Accrue(
* Bid and asked prices; no sales were made on this day. t Sept. 1 (close of business) for national banks and Sept. 2 (opening ot business) for State Institutions.
No price Friday; latest price this week. a Due Dec. 31. b Due June. k Also 20% in stock. n Capital and surplus to be increased. g Dividends are paid Q-S,
with extra payments Q-F. s In addition the equivalent of 4% more came from First Trust &Savings Bank. t July 31 1910. 12 In addition the equivalent of 1% came
v prairie Nat. Bank and Western Trust & Say. Bank to be merged and capital of latter to be increased to 81,250,000; V. 91. p.814.
from First Trust & Savings Bank,
to We V. 91. p. 72, 17. x Extra dividend. y June 30 1910. z July 1 1910.
10138
14:r
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT l'ER CENT VA! PRICES
Saturday
Sept. 3
Moiday
Sept. 5
Tu sday
Sept. 6
Wednesday
Sept. 7
Thursday
Sept. 8.
Friday
Sept. 0.
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1
Lowest
Highest
flange for I rerious Yea)
(1309)
Lowest
Highest
Railroads
9612 *9758 0778 0734 9814 *9718 9738
17 Atch Top & Santa 1'e.100 9112 Ply 26 12318 Jan 3
08 Jan 12518 Oct
*9958 10038 *9912 10012
Last Sale 10014 Aug'10
Do pref
100 97i, Aug 2 10414 Jan 7 10034 Jan 106 J'ne
219 220 *218 219 *219 221
21814 219
61 Boston & Alhany
100 218 - Jan 10 234 Jan 10 225 Jan 23914 Apr
126 12612 12612 12612 126 126
126
126
100 xI22 Aug 2 13634 Jan b 12414 Jan 135 Dec
94 Boston Elevated
20712 20713 *20712
_ *207 209 *207
100 2110 J'iy a 227 Feb '24 22313 Dec 233 Mch
11 Boston & Lowell
135 1-3-5 - *13412 135 *„._ 135
134 J'ne
162 Feb 1' 13212 Jan 153 Nov
2 doston & Maine
*
2-,56290
Last Sale 292 Aug'10
Boston & ProvIdence_110
00 r292 J'ne 20 208 Jan '20 2115 Sep 301 Jan
*1312 1518
Last Sale 15
1518
Sept'10
Boston Suburban El Cos_
14 J'ne 16
16 Jan 3
1134 Jan
22 Feb
*70
*70
74
74
last Sale 70
July'10
70 J'ly 21 79 Apr
pre(
Do
60(2 Jan
7712 Nov
*__- 10
Last Sale 3
10
Apr'10
8 hich:.: 10 Jan 7
Boston 64 Wore Flee Ces1412 Mch
10 May
*35
Last Sale 36
37 *35
37
Aug'10
pref
Do
5514 Oct
35 Aug20 48 Jan 3
4612 Dec
*140
4,140
Last Sale 140 Aug'10
Chic Juno By & USY _ I in, 140 Aug 5 1511 Jan 11) 143 Jan 162 J'ne
lost Sale 111 Aug'10
*____ Ill
1-1-1-Do
pref
118 Jan 5 115 Nov 123 J'iy
100 110 Apr
Last Sale 270 Meh'10
'`onnecticut Iliver_100 263 Moll 8 270 hIch16 267 Jan 275 Mob
12534 1-2-5-3-4 *I2534 128
12334 12534 *--- 12512
43 Fitchburg, pref
100 124!2 J'ly 10 13312 Jan 3 12812 Nov 136 Feb
_
*109
109109 *109
5 (la By & Electric
i5 Jan 103 Deo
100 104 Jan 3 112 Apr '45
Last Sale 85-Ati-glio
Do
85 Apr S 88 Jan 17
pref
79 Jab
10C
8812 Set)
Last Sale 204 May'10
202 Pea 10 '201 Alay3
\table Central
19514 Jan
j93 Oct
100
71-2 17-1-2 ;iii2 13 *1713 18
1734 1734 -HO Maas Electric Cos
1414 J'iy 26 20 Apr 14
1114 Jan
19 Oct
8131 *81
8134 82 *81
8134 8131 8134
23 .0c, pref
5812 Jan
88 Apr i•
84 Nov
100 75 j'iy 1
15112 15212 15212 15212 15233 15212
15112 153
221 N Y N H & Hartford_100 14,J Apr 28 1624 Men 14 4153 Nov I74/8 J'ne
x140 140 *__ 140
6 Northern N 1-1
100 13912 Mch 11 14014 Aug25 146 Feb 149 Aug
Last Sale 210 June'10
Norwich de Wor pret_100 210 Alaylu 212 Men
200 Apr 215 Sep
*183 171;4.- 183- aT- *183 184 *18114
Old Colony
183 Aug 22 200 Jan 7 190 Dec 20018 Jan
*27
*__-_ 29
Last Sale 27
Aug'10
25 May .. 35 Jan 3
peel
1)'Rutland
40 One
26 Apr
100
*10212 ---- *10212
Last Sale 103 Aug'10
Seattle Electric
100 103 Aug 18 116 Jan 5
0014 Mch 11712 Aug
*103 -__ *103
Last Sale 103 Aug'10
Do
pref
100 0834 Auv 2 1146 Moll 2
9712 Apr 107 Aug
163 16334 164 1-6-4-1:2 16414 16518 *162
16214 -41.6 Union Paci0c
101) 15314 J'iy 26 20412 Jan 3 r17278 Feb 21834 Aug
*9178 9278 92
92 *9114 9214 *8918 9018 .
e, mass
ncii
t ontpref
6((0: 8514 J'iy 26 10331 Jan 3
1_0
..0 veD
9312 Mob 11714 Aug
Last Sale 163 June'10
102 Apr 22 168 Jan 17 165 Jan 176 Apr
*87
88 ;i54 83
87 May 2 9512 Mehl
8778 88
88
88
69 West End Et
Jan
9818 Apr
88
100 10012 *100 10012 10012 10012 *10013
peel,
Do
25
60 99 J'iy 6 109 Feb 10 102 Oct 112 Apr
Miscellaneous
4212 441- 43 44 4313 44 *4312 4412 532 Avner Agricul Chem_100 10 J'ly 27 4873 Jan 10 33)4 Jan 5014 Aug
10212 10234 10234 103 10234 10234
pref
103
Do
92
100 983, Mch3, 104 Mch , 94 Jan 105 J'iy
*434 51^. 434 434 *434 5 *102
5
438 Aug 2
5
130 Amer Pncu Service_ 90
558 Jan
878 Feb 11
9(8 Feb
*16
1631 *16
17
Last Sate 1613 Sept'10
pref
60 14 J'iy 18 24 Feb ii
13 Jan
221r Nov
11512 11738 11614 117
11612 11712 117
117
'iii Amer Sugar Relln.. 100 115 One 0 12738 Mch 2 r114 Nov 136
Apr
11614 11712 117 11712 11712 11719 117
117
pref
Do
381
100 115 J'ne 6 124 Mch 11 x117 Nov 131 Apr
13412 13514 13412 135
13413 13518 13434 13478 1,623 Amer Telop 63 Teleg 100 12714 J'ly 26 14338 Feb 24 12514 Feb 14518 Set)
*28
*28
29
20
Last Sale 28
Sept'10
American Woolen
7
J'iy
26
100
3912 Moll 19
4018 Aug
2712 Feb
95
9514 95
9514 05
1110 1,1 J'iy 1 111414 hich 23
pref
Do
9312 Jan 108 J'ne
9512 9514 0512 "Hi
9
10
10
10
914 914
10
10
7 Mch18
87 At! Gulf & W I S S L_100
1212 Sep
1112Jatt
412 Aim
1958 1958 18
193a
67
*1913 20
20
Do pref
Maylu
3112 Aug
28 Jan Ii
100 113
1514 Apr
*412 6
*412 6
Last Sale 5
July'16
412 J'ly 28
Boston Land...
84, Oct
Apr
813 Jan 11
10
334
*145 150 *145 150
Last Sate 14412 Aug'10
Curnb Telep & Teleg_100 138,2 J'ly '28 15212 Alch .- 125 Jan 14712 Nov
9
9
9 914 918 914 0
9
718 Apr 14
1,030 East Boston Land
7 Jan
1158 Jan 3
13/8 J'ne
250 260 *253
25712 25712
258 258
27 Edison Ow IllunL__100 4239 Ja ..J :60 J'iy 14 245 Jan 260 Apr
141 142
141 141
- 12 143 143 *14012 144
92 General Electric
109 135 J'IY ;-6 16012 Jan 6 15038 Feb 173 Aug
81
81
8118 8118 8114 8114 8118 8118
59 Jan
456 MassachusettaGasCos 100 7614 Feb 8 8414 Mayi8
83 1, Dec
*9131 ____ 9112 92
9112 9134 9112 9113
89 Jan
pre(
Do
93
97 Apr
1(30 89 May to 117 Men 18
21712 21712 *21712 219
219
21712 21712 219
58 Mergenthaler Lino
100
0 21414 Jan 4
20212 64c11 22014 Dee
514 514 *514
314 Oct
234 Jan 3 22(6)
*514 534 *514 534
100 Mexican Telephone_ 10
534
.3142 F
Aleab'
2 Jan
y2
10
*10812 110 *10812 10912 *10912 11012 110
11012
200 N E Cotton Yarn__100 108 Aug 5 124 Jan 3
68 Apr 125 Oct
Last Sale 10012 Aug'10
*100
*100
9912 Aug 3 115 Jan 11
Do
93 Jan 118 Oct
pret
*129 130
130 1-W 41 N E Telephone
100
1)° 12313 Allg 1 7 13812 Mch 11 12614 Jan 139 Sep
Last
9130121g1
till
3918
Aug'10
96 *130_5
Pacific Coast Power_ 100 134 Alcti.,2 100 Jan 5
75 Feb 108 Oct
16012 16058 *16014 101
15934 160
160 101
-iii Pullman Co
153 J'ne 3u 200 Feb 11 108 Jan 199 Aug
Last Sale 1212 Sept'10
*12
1214 *12
1212
Reece Button-Hole10
934 Jan
_ 10° 1114 Jan 15 1212 Aug 1.5
12 Sep
10334 10414 10218 10212 -Hi swift & Co
10312 10418 104 104
100 100 Jan 24 10934 Jail lu 100 Jan 11412 Aug
*2913 31
*2012 31
*2913 31
31
31
16 Torrington
25 28 Moh 30 34)4 Jan 3
2012 May 34 Deo
Last Sale 28
*29
*29
30
30
Aug'10
Do
pre,
25 27 Jan 18, 31 May 6
35 Nov
294 Jan
19812 197
194 106
197 197
197
199
"iiL /Jolted Fruit
100 165)2 Jan 13 199 Sep 9 12612 Jan 170 Deo
4978 4978 4938 4978 4912 4912 4912 4912
963 Un Shoe Mach Corp
25 4634 J'iy
71 Oct
Apr ls x64 Mch
713
4
*2712 28
2712 2712 *27/2 28
*2712 28
10
Do pref
2812 Jan
25 2514 J'iy 9 31 Jan 4
3114 Sep •
6678 6778 6678 63
6712 6333 6758 6818 8,066 U S Steel Corp
100 6138 J'ly 26 0034 Jan 3
9473 Oct
4134 Feb
11534 11614 11538 11538 11512 11512 ____
77 Do
pref
100 111 J'iy 36 12553 Jail 6 107 Feb 131 Oct
*1412 16
15
*1413 16
14 Feb 1
*1412 -16
15
618 Jan
'cleg-100
6 West Telep
18 Jan 6
Atin
&ingg
10 Dee
*33
*83
83
85
83
*83
85
85
2 Do
76 Alch
pret.
100 81 Aug15 94 Jan 3
96 Dec
*6
7
Last Sale 614 Sept'10
478 Oct
4 J'iy 13 10 Feb 1
Adventure Con
1012 May
25
*40
42 *42
42
42
42
43
43
40 Aitouez
34 Jan
62 Oct
25 31 J'ly 13 58 Feb 21:
62
6258 6338 7,392 Amalgamated Copper 100 5514 J'ly 12 9034 Jan 3
63
6212 6312 6318 64
65 Feb
9612 Nov
25
25
2512 2514 2514
2512 *2434 25
879 Am Zinc Lead do Sm._ 25 1912 J'iy 26 4012 Jan 3
23 Mch
4013 Dec
Last Sale 40
Aug'10
\naconda
3818 Feb
25 36 J'iy 13 5334 Jan 3
54 Dec
-iti"
111
575 \rizona Commerclal. 25
10
1614 1678 1634 1634
16
1214 May 4 5034 Jan 3
SU
Feb
5134
Deo
*513 6 *6 612 Last Sale 6 Sept'10
\ Mantle
5 J'ne30 1214 Jan 14
8 J'iy
25
18 Jan
*.50
.60 *.50
.60 .60 .60 *.50
.60
'205 ionanza Dev Co
10 .50 Atch 9 .7U Mch 2s
.45 Feb .80 May
*13
1334 13
13
1314 1314 *1314 1334
100 303&CorbCon&Sil Mg
5 10 May 4 2414 Jan 13
1718 J'ly
24 Dec
612 612 *6
614 634
614 Feb 8 1814 May25
614 634
8 Sep
634 1,030 Butte-Balaklava Cop_ 10
1114 Dec
1818 1819 *18
1814 1814 19
19
19
260 Butte Coalition
15 1558 J'ne 30 2812 Jan 3
2138 Feb
3358
Nov
5812 69
5712 5812 68
59
58
58
9614 May 119 Jan
663 Calumet & Arizona_ 10 4434 J'iy 12 103 Jan 3
555 555 1,543 650
550 650 *545
650
7 Calumet & Ilecla
25 500 J'iy
685 Jan 3 585 Feb 695 Aug
*16
17
18
17
1312
17
17
*16
J'ly
1618
15 38 Jan 3
10 Centennial
25
20 Feb
4412 Sep
*.10
.12
La?! Sale .10 Aug'10
.12
(Ions
C
Alercur Gold_- I .01 J'ly 6 .16 Jan 10 .10 J'ne .35 Jan
x60
66
6512 6512 6512 66
6512 6513 "i(53 Copper Range Con Co 100 58 Fen 17 85 Jan 3
6812 Feb
8634 Nov
6
113
6
6
6
*6
018
618
• J'ly 21
150 Daly-West
20
58Mch 28
712 May 12 /deb
Last Sale 58
July'10
58 J'Ay 12 58 J'ly 12
Omuta Steel Corp-614 J'iy 13 1334 Jan 3
712 712
-52 -14
714
714 -,iH East Butte Cop Min- 10
712 Feb
1658 Apr
.30
.30 .30
.30 .30 .30 *,25
380 Elm River
212 Feb is
12 .25 J'1Y 26
212 Jan
1 Oct
11
*1014 11
11
103.1 1034 *10
1034
150 Franklin
25 . 012 J'ne30 2212 Alch
19 Aug
13 Feb
614 638
613
658
•
J'13726
612
3,267
614 833
Giroux Consolldated_ 5
1212 Jan 10
658
J'ne
Nov
1214
t3
73
*32
34
34
*32
33
32
3178 32
31 Granby Consolidated_100 20 J'ly o 11114 Jan 3
90 Feb 11012 Dec
7
678 673
678 7
7
7
612 ely 214 1178 Jan 3
7
1,860 ireene Cananea
20
9 Feb
1458 Nov
2014 2014 2012 2114 2112 2134 21
21
610 Hancock Consolidated 25 1434 J'1Y 19 36 Jan 12
814 Sep
38 Dec
238 238
*214 233 *2
212
315 tielvetia Copper
2 J'nel2
214
25
712 Aug
512 Dee
578 Jan 4
238 1734 1812 1712 1734 2,555 Indiana Mining
1734 1838 18
1812
25 10 J'iy 18 4434 Mch 1,
*19
1912 1812 1812 1912 1919 1913 1913
680 Isle Royale Copper__ 25
1313 May
2218 Apr
334Feb
3
Jan
2812
618 618
614 614
612 655
680 Kerr Lake
5 z6 Sep 1
612
938 Aug
712 Apr
11 Jan 5
*312
4
334 4
*312 334
325 Keweenaw Copper
219 May
3 J'iy 7
*312 4
25
e734 Dec
634 Jan 14
34
3414 3412 3412 3412 3412 3414 3412
841 Lake Copper Co
25 Ltit2 J'iy 15 0412 Jan 22
16 - Jan
7414 Dec
10
1014 1014 1014 *10
10
1012 10
55 La Salle Copper
O J'iy '23 19 Jan 14
25
1918 Dec
1034 J'ly
*7
712
414 Mch
7
7
327 Mass Cousol
413 ARA 8
812 612
25
1814 May
878 Jan 22
*.35
.60 .40
-_
.40 *.40 .60 *,40
‘layllower
1 Dec
Jan 13 .30 Apr
25 .40 Aug 3u
173
4..45
.50 *.45
Aug'10
Last Sale .50
.50
312 Apr
Mexico Cons I'd de S.- 10 .30 J'iy 10
6 Nov
o Jan 7
*1812 1914 *1812 1912
Sept'10
Last Sate 19
Illami Copper
1234 Feb
2818 Dec
5 17 J'iy 18 20 Jan 4
*414 434
414 414 *414 412 *4
412
534 Oct
100 Michigan
812 Jail 21
378 J'ly 1..
25
1314 Mch
48
48
48
48
*48
48
60
'
.
48
40 vlohawk
26 43 J'ly 26 75 Jan 22 75712 J'1Y
7018 Jan
2033 2038 2031 2034 2012 2012 2012 2058
1612 Feb
449 Nevada Consolidated_ 6 1758 J'ly 5 2712 Jail 11
30 Nov
5
5
518 518
315 J'iy 13
270 New Arcadian Copper 25
108 Jail 12
514 514 *514
53
_4
312 Nov
833 Dec
11
11
1012 1078 1078 1078 1034 10,8
934 Ja,1 17
978 Oct
12 May25
236 Nipissing Mines
5
13 Sep
2738 2734 2714 2758 2812 2914 2814 2834 2,116 North Butte
50 Jan 3
47 Dec
15 18 J'ne3u
8514
Jan
912 912
9
912
658 J'ly 1.1
2578 hich 7
914 912
213 North Lake
914
26
412 Mch
912
1178 Aug
512 512
5
512
512 512
265 ojibway Mining
5 Set) 7 1234,100 14
26
512
512
1412 Dec
134 Nov
.30 *.25
.30
*.30
4..25
.30
25 .25 Aug 1.
100 Old Colony
134 Feb 1
.40 J'ne .90 Dec
*342 36
*35
Last Sale 36
Aug'10
Old Dominion Co
25 2012 One 15 55 Jan 3
4714 Feb
69 Aug
125 125 *125 OW
128 128
128
128
25 114 J'IY 27 166 Jan 3 122 Feb 170 Dec
65 )sceola
*13
14
15
13
*13
*1312 15
15
12 J'ly 6 2134 Jan 3
115/
15 'arrot Sliver 63 Cop_ 2
19
Dec
J'ne
3614
7234 7234 *7234 74
*73
75
*7234 74
60 J'iy b 92 Mch
83 Dec
99 Jan
1814 1814 *1734 1814 1814 1814 18
18
10 16(4 J'ly
215
5 '')
Ra
2434 Mch s
utyneCo
Y nsol Copper
112 112 *112 158 1 9-16 19-16
*112
178
112 J ne3c
360 Santa Fe Gold 6: Cop_ 10
234 Jan 3
112 Nov
278 Jail10
*958 1014 10
10
1014 *034 10
834 J'iy
10
129 snannon
18 Jan 3
•
1312 Feb
177a Jan
134 134
158 158
178 178
350 3outh Utah Al & S.- 5
114 J'De 3‘)
334 Jan 19
4434 4531 46
44
4713
47
4812 "
25 36 J'ly 10
76' 1,728 .8uperlor
Jan 14
67 Dee
34 Jan
114 814
*8
814 812
812
812 812 140 Superior & Boston Min 10 738 J'iy 14 0814
18 Jan 12
1318 Nov
1812 May
1 112 1112 1134 1134
*1112 12
, t, 1658 Jan 10
9 XII
77 Supenor&Pitts Copp_ 10
1273
58
*55
56
53
*55
55 ;g3" W25 4512 J'ne'i•
45 Tamarack
78 Jan
62
6
6
*512 612
e.
6
512 6
25
434 J'ly 18 1138 Jan 3
496 CrInity
Dec
1752 Jan
0,4
*___ 3612 *3512 3612 *3512 3612 36
UnitedStatesCoal&011 2-, 33 Alch31
3612
4034 Feb 15
3912 NOV
28 Jan
3812 3812 *3814 3812 3834 3834 3813 3834'
U S Smelt Ref & Mtn. 60 3312 J'iy 20 66 Jan :3
iiii
Sep
Feb
69
39
4813 49
4812 4812 4812 49
4812 4812
253
Do pref
50 4534 J'iy
54 Oct
5318Jan 3
44 Jan
312 312
312 312
312
358
312
358
317 J 17 22
510 Utah•Apes Alining- 6
Oct
3
Jan
514
23 23 23 23 2314 2314 2313 2318 305 Utah Consolidated_ 6 1812 J'neli: 46 Jan 3 3114 ?e
4 3344 liaOly
4618 4618 46
46
46
4634 46
4618
326 Utah Copper Cu
11 7.3934 J 'itO 30 0012 Jan 13,
66 Nov
3934 Feb
*212 3
*212 312
*212 3
3
3
21.
Victoria
22
J'ly
212
3
Oct
6 Deo
14
Jan
53
4
*712 734
*712 812 *712
8
734 8
43 ,1. mona
2
5 0'W 13 13 Jan 14
434 Apr (1314 Dec
*120
125 125 *123
120
121
84 ,Volverl ne
2. 102 J'iy
L50 Jan
139 Men 158 Aug
4,112 134 *112 134
Last Sale 134
Aug'10
Nvandot
2
114 J'IY Ill
2 Oct
4 Jan
334 Jan 14
I Bslore'mart Ut assevala Gansu us lsule. • .111,4 ant/ asirea price-v. 4 .40w Stock.
e Ass'; pal)), o is.k-stock my. le 1..3x rurnts. a 1.1-dtv. awl rights.
9612
177
.tr; 90181
647
Boston Bond Record
SEPT. 10 19101
•
Price
Yriday
Sept 9
MIA Lin
BOSTON STOCK EXOWGE
WEEK Minim, SupT 9
Ifilns
BOSTON STOOK EXCH'GE
!•4
WEEK ENDIN0 SEPT 9
,S11 Range
19.2,
Week's
Since
0
Range or I 0.,
Last Said 04-'1 January I
High No Low fiEgIE
Ask Low
Bt.
2 10014 103
101 it
Am Agrioul Chem 1st 58 1928 A.0 101 14 at 101
934
89% 56 89
18
Er
coil
1929
4
1i
895
.1...81
Sale
811%
Am Temp
100 I 81 pip, 1011
1930 AA.81 1UU 10019 100
Convertible 48.
8714 J'ly'10 ....1 e74 87 it
Am Writ Paper 1st6 t 5s g 1919 .1. J ,
i 06 1 9 97 107
Am Zinc L& S deb 6s....191.) M-N 105 Salt 105
93 Li
g'11!.... 91
91 A,
93
90
Ariz (Join Cop 1st cony Os 1920 J.D
A.ton Top & S Ito gen g 4s..1995 A-01 984 98% 98 Sep '10 .... 98 101%
it
94
894
10,-.
8814 J'ly
91
80
Adjustment g 48......Ply 1995 Nov
94%
91' 9s% Mar'I 0'.... 94
J'ly 19115 M-N
139
Stamped
1024
10414
'101
J'ly
4
102
.D
J
461955
cony
50-year
1174 Feo'10 .... 117121174
1917, J.D
10-yeur cony 6n
73
8 63
90
u534 sal. 95
Atl Gull dc W 155 L11:188 56.'69, J.J
11U FeU'04
...
Boston Eietit L ounaot 68.1924 M-13
.
100'4 Mar'09,
1916,J -J
Boston & Lowell 48
104 4 Oct '08'
19441J4
Boston 8:3 Maine 44.5
11212Jan '03
Boston Terminal 1st 348.1947i F-A
103 103
103 FoU'10
Bur & Mo Riv cons 66 ....19181J -J
100 J'ne'01
A-0
05.-19171
1st
Boston
&
Butte
..1)
68.19511J
100
Butte Elec,36 Pow 1st g
1134114
1134 Alay'10
Cedar Rap & Mu lt 1st 78.1916 M.N
88
87'. "5 85
8714
Cent Venni,let g 48...May1920;(4- F 86's 8714 1103
'0'7
Oct
..
A-0
0 B & ‘.4 Iowa Div 1st 58.1911,1
984 118¼
984 J'ne'10
1919A0
Iowa Div 1St 48
1U1¼101'4
10134 Mar'10
1913 M-N
Debenture be
4 1 99'4 9934
119,
9934
3
1922 F-A (194
Denver Exton 48
99%
99
99 Mar'10
1927 PA-N
Nebraska Eaten 48
99 Oct '01)
1921 WS
B 35 8 W 8 1 48
1 80% 84%
87%
87%
li141) J -J
Illinois Div 348
10014 0 IOU 10134
Ohio Jo Ity & 8tk 1(18 58 1915 J•J 10041004 100
92%
89
9014 Aug'10
Coll trust refunding g 4611140 A-0
1154 1154
11512Jan'10
Oh Mil & Itst P Dul) D 68..1920 J -J
FeU'05
126
alv
-J
J
V
061920
is
W
2
St
26
Oh M
99 May'10
Ohio 32 No Mica 1st gu 56.193i M-N
4j1
100
I"
)
10034 lo 1K
Ohio & W hitch gen bs....1021 J •D 100% Sale 100
91 Deo'07
•D
J
Cons
48-1920
Mont
Concord &
'03
4Jan
1121
Conn & Pass 141st g 48...L943 A•0
Cudahy Pacit(The)Ist g 5819 4 M-N 99 100 10014 A ug'011
99
1.19 Aur'10 •-.• pp
19..7 A-0
Current River 18i eut
90
89
89 Mar'10
Dot or Rap do W 1st 46 I.9 ib A•0
99
934 h 64 J'ile'10 •.•• 904 9834
Dominion Coal 1st Si 6s..1940 M-N
•
'05
•
10.1.8Apx
M-8
1015
Filen burg 48
90 Apr'08
1927 51-8
48
.....
•
133 Blar'09
/count Elk & Mo V 1st 66-11133 A-0
140 A ur'05
1933 A-0
U Decamped 1st (Is
96% 3 944 97 4
95% Saik. 953$
GIL Nor (.) 13 32(4 cull tr 46 1921 J -J
9456 Aug'10 .... 944 91.54
9532
1921 (.44
Registered 46
the purchase price for all
NOTA-Buyer pays accrued interest in addition to
Illinois Steel deben 5s....1913 A-0
la Falls &Sioux ()1st 76_1917,A-0
Kan C Olin & Spr 1st 58...1925 A-0
Kan C let 826 Gull ext 5s..1911i J -D
Man 0 It Scott & Al 6s....1M,
sT
I-6
IVA.
Kan OM & 5 gen 4s
Assented income 5s
1934 M.8
Kan C & Al Hy & Br 1st 581929 A-0
Maine Cent cons 1st is 1912 A-0
Cons 1st 48
1912 A-0
•
Maro Bough & Out 1st 68.1925 A-0
Mass Liam 44s
11,29 J -.I
AI Loh Telep lst 58
1917 .1- J
Minne Lien Elea con g 5s 1929 J -J
New Mug Cot Yarn 58....1929; F-A
New Eng Teleph 68
1915 A-0
58,
1916A-0
New England cons g 58.. 1946'J -J
lsoston Term 1st 4s
1939'A-0
New River(The) cony 68.11,34 J.J
N Y 18 kl & li con deb 312819601J -J
Cony deb t3s (Ms)
1945IJ-J
Ohl Colony gold 4s
1924 F-A
Greg Hy & Nav con g 4s .1946 J-1)
Oreg Sh Line 1st g 68
1922 F-A
Pere Marquette deb g as 1912 J -J
Remit) Valley 1st s f Os. .1919.J -J
Rutland 1st con gen 4 128 1941'J - J
Rutland-Canadian 1st 481949 J -J
Savannah Eleo let oons 68.1952 J -J
1930 F-A
Seattle Eleo 1st g 56
l ,, 19 5I-N
Shannon-Ariz 1st g 68
Terre Amite Elect g 6s... 1929 J -J
1918 51-8
Torrington let g 58
Union Pao RR do 1 gr g 43.19-a, J -J
20-year cony 48
1927'J•J
United Fruit gen 6 14148.1943 J-J
U S Coal & Oil 1st 8! 68-1938 M-N
US Steel Corp 10-00 yr 56.1963 M-N
West End Street My 4s....1915 F-A
Gold 4428
1914 M-8
Gold neoenture 413
1910 M-N
Gold 48
1917 F -A
Western Teleph & Tel 53.193'2' J -J
Wisconsin Cent 1st gen 48194111J -J
Friday
Sept 9
Week's
Range or
Last buie
Range
Since
January 1
Low High
9942101
jig)
4) 'IT; Au
(
16"
117 A pr'08
'331 97
a314 Mat'I 0
93
92
9934 9934
99% Fob') ,
113 118
1 115 114¼ Aug'10
111;t 4
924 Ang'10 .... 924 1•134
92
91 Aug 10 ....111
91
101 104 103 Mar 10 .... 102 103
113% Noy'00
1014 Sep '05
115 J'ne'08
11934
98i, 23 97
9814 Sale 0714
99'.
97 Aug'l0 .... 97
1024 A ug'04
2 Wu 105
102
102 Sale 102
103 Feb'09
1004 bop'08 -•
Pm..
m ll
7912
77
'77 Apr.10
90%102
99 Sep '10
131 135
131 J'13"10
..
101 Apr'09
......
08% Sep'09
113% 110%
1137 Aug'10
9812 99
99 Jia,'1,,
102%
105 Dee'08
1074 NO005
102 Mat'02
784 784
7812 ApelJ
103 194 103 Aug'10
103 1044
D4
117
95 Aug'10
88 110
97 Apt '07
,Mar'10 .... 10014 10034
1003
997sApt'10 .... 99's 10(1%
108% Apr'10 .... 10839 109%
96
964 90
90'. 21) 95'4 9611
1 145 160
145
142 162 145
103% Aug 10 -.10141054
984
9814 J'ty'i0 ....97
1014 J'ue'09
98-.a 994
984 Apr'10
99
97 Aug'10 ....1 97
9614 11. 944 99
9514 954 95
94% 94%
9439 Jan'10
Boston Bonds. 5 No price Friday; latest bid and asked.
1 Flat price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Prices-Not Per Contain Prices
Saturday
Sept 3
I
Monday
Sept 5
Tuesday !Wednesday I Thursday
Sept 6
Sept 7
Sept 8
Sales
ACTIVE STOCKS
of the
Week (For Bonds and Inactive
Stocks see below)
Shares
Friday
Sept 9
Baltimore
110 Con,Gas El. L. & Pow
Do prof
Northern Central
Seaboard(new)
Do 2d prof
434 United By & Electric
67
57
.85
.
,120 127
127 4 *125
1274 '
1
.
*194 20
51114 20
20
.194 20
,41)4 414
42
5
144 14% 5144 144
14% 1434
4144 15
44
tz
El
5
04
P11111,ADEI.PIIIA
4312
414
.114
47
2634
57u
434 434
41% *4134
11% 511%
4
47,
47
26% 5204
04
71
21
111116
7714
03516
444
15'6
'.1 14
69
8%
4254
81
2114 21
110% 90
77
78
03% 634
4414 544
154
1518
174
1714
0914 0.84
8%
42% 43
814
81
Bid
Ask
Inactive swots
Amal Asbestos Corp.130
100
Preferred
10
14
Ametican 51111ing
100
Amer Pipe Mfg
UM
(Pa).
Bell Telephone
80
Cambria Iron
Central Coal de, Coke.100
Oonsol Trao of N J...100 71%
Easton Con Electric 0.50
100
ift Wayne &W V
60
Germantown Pass
100
Indianapolis St
Indiana Union Tr....100
1914 19%
Insurance Cool N A..10
Inter Sin Pow & Chein.50
84
8
Keystone Telephone _50
00
Preferred
KeystoneWatcliCaae.100
4
44
Leh Vail 'Iran•t o...50
60 134 14
Preferred v t o
10
Lit Brothers
Schuylkill
50 67
Little
Minehill & Schuyl 11..50 130
N Raven Iron 32 Stee1.5
50
Northern Central
North Penn8ylvania..60
ennsyl RR receipts
60 1084
ennsylvania Salt
eunsylvania bteel..100
100
Preferred
42
Phila Co(Pitts) pret...50 41
Phil German& Norr1s.69
50 83'6 84
Phila Traction
912 11)
10
Railways General
Einsqueli Iron & tateel..5
Tidewater Steel
....
10
Preferred
100
Union Tr ot Ind
243
United N J RR & 0..100
Unit Trao Pitts pref..50
1054
10
Stee1.10
Warwick Iron&
100
Welabaoh Co
Weat J entey db dea8h.50 63
Westmoreland
Wilkes Gas 26 Elec..100
f
'Bid and asked; no sales on this day.
18
18
4314
4314 43'. 434 4314
42.'4
424 424 42
42
11% 11% *114 1154
1134
.474 48
47'. (4714 48
264 .204 2634 *204 26%
70
7014 7018 704 71)4
812
22
22
21
214 21%
904 91)14
id)
0014 90
78
79
784 7714 78
64
(14
63% 034 04
4334 44
44
444 43
154 15 4
164 15
15%
1814
174 174
174
892$ 081616 13914
09
69
..81116 818,
824 8121
81316 .
43
434 4341 4314 43.6
8138 81
Slab! 8111 81 12
DIELPH 1 A
Bonds
.1'rices are all "and
interest."
Alt&LV Eleo .1428'33.F-A
Am Gas & Elec 56'07.F-A
AniliysconvOs 1911.J -I)
AU City 1st 6a g '19.A1-.)7
Berg& Ellrw let66'21 J-J
Betide Steel Os 11.198.4-11'
Chins& Me 1st 581949 J-J
Ch Ok lir gen 5a'19 J-J
001 51 lay 1st con Os 1932
Con Trao of NJ 1st 68.'33
14 & A 1st Al 6s 1020 M-N
lilac & Peo 'Fr istk tr ctfs
Eq 11 lias-L 1st g Os 1928
Iudtanapolla lty 46.1933
luteuitato 48 1943 .
Lehigh Nay 448 '14.Q4
1914.4.1f
lilts 4s g
Gen 61 4148 g.1924.14-1f
Leh V L3 1st 68 g '33. J4
Leh V ext 4a Ist11148.J-D
.51-8
2d 76 1910
J-D
Conaol (38 1923
J-1.)
Annuity Os
Gun cons 46 2003.M.-N
Leh V Trail con 4,035J-D
1st aeries B Os 1935.51-5
New Con has Os 11148 J.1)
Newark Pass con 66 1930
NY Ph &Nu 1st46'39 Jki
Income 48 1939.
NoOlnoTrao con56'1U.J4
Penn Cons 56 1919. Var
Penn & Mil Steel coo 68.
Pa 32 N Y Can Os '39.A-0
Con 46 1939
A-0
Penn Steel let 56'17 M-N
People's Tr tr cents 46'43
P00 Da& col tr 56'49M-8
Condit coi tr 66 11151111.-N
Phil Elea gold trust °Us,
Trust oertifs 4.6
P& gen. M.6 g'20.A-0
(ten 5148 g 1920..A320
Bid
Range Since
Ja,4
Lowest
it tunes&
Range /or Previous
Year(1909)
Lowest I litulteSt
100 4(3 Mar21 60 May23 30 Mar 48 Deo
100 80 Marl 1 130 J'ly 14 70 Mar 89 May
132 Fet,28 100 Jan 1214 Deo
50 115 Jan
100 1656 J'ly 29 2714Jan 3 11% Feb 284 Deo
100 41 J'ly 47 47 Jan 8 22% Feb 48 Deo
1334 Feb 144 Deo
50 12% May 3 15 16 J'ly 15
Philadelphia
50 19 •T'uel7 28 Jan 3 25 Dec 43 Jan
13 American Cement
14 A...ism:in Railways.- 60 413 Ply 21 50 Jan 0 44% Ply 48 Dec
60 4014.11y 20 534 Jan 1(1 32% s'eu 40% Deo
816 cam bria Steel
10 Electric Co of America 10 114.1'1y 29 12 4 Jan 14 x10% Jan 12's J'ly
196 Elea Storage Battery-100 42 J'neJU 64'. Marl 1 43 Jan 0312.1'ly
25 Lieu Asphalt it oun -.10(1 1914 J'ly 41, 344Jan 29 16 4Jan 334 Dec
Do pret tr ctfs
100 04 J'iy 26 514 Jan 10 63 Jan 844 Dec
42
94 Jan 15 Apr
Keystone Telephone._ 60 7 J'ly 6 13 ..,an 1.0
337 May
575 hake superior Corp....100 1514 J'ne.10 28'. Jan 3 14% Jan
Nay tr ctla 50 86 J'neau 123 Jan 7 90 Jan 1254 Deo
126 LaIllgil U
Sep
113
Feb
6/
Mario
1214
47
J'ly
4
02
Valley
50
Lehigh
3,OUi
50 611114 J 'iy 2t3 693,6 Mar 9 634 Feb 75% Sep
802 Pennsylvania 1414
241 Philadelp'aCo(Pat812) 50 42 J'ne3t, 5314Jan 8 40121360 51% Dec
672 Philadelphia Eleetrioll 25 $13% stu 3 104 .ilar18 114 Fob 144 Deo
50 16 Apr 2b 224Jan 3 24%Jan 3614 Apr
1,20u Phila Rapid Transit
60 1354 J'iy 2u 226 Feb In 6914 Feb 86-, Sep
1,655 Reading
6% Jan 71314 Mar
1 0¼ Jan 2- 016 MaY13
20 Tonopah Mining
50 4134J'Iy 26 52% Jan 2 60%Jan 684 May
801 Union Fraction
Deo
8 At* 954
845
10
6Jan
20
1151
Ply
79
60
ltupt
Gass
1,441 Wilted
.
Ask
82
103
102%
8814 110
50
100%
1084
103
140
1/6
101
106
934 9334
10214 1024
9434 135
101% 102
7612 7534
9114 9956
Hz-rights. 14116 paid. t 6124 Paid.
I Bid Ask
11011E
BA
Bid Ask 1
PHILADELPHIA
Chart C &A 2,176.1t) A-01
Ph& Beau 2t1 58'33.A-0
J-1) 101% 101% City & Sub 1st 56. '22 J-1). 105
Con B 'is 1911
City & sub(Was)161.56'48, 101 102
Ex Imp M. 46g'47 A.0
Coal & I Lay tat 56'20E-Al 1/9 E00'
Terminal Os g1941 (4-1,' 114
16038.1916J -J 105 16 107
Col&Lirnv
u9
13 col tr 46'21..14
PW
consul Gas 58..1930 J-1) 107% 108
Portland lty 1st 56 1030.
J-J'
Ctf8 indebt 4145
Ruch kty26.1.con 56'54J4 07
80
Spanish-AmIr Os'27 J4 101 1014 Cons Ci E 212P 4 48'35 J 4, 78
Fair& CiTr .13t5,3 138.A-0 954,
U Trac Ind gen 56'19.J4 91)
ua 22 Ala Aka COLI '9.)J -J 103 104
72
Un Rya Tr Otis 44'49J&J
Ga.Car& N 18t56g'211.14 10.34 11144
United lays Inv 18tcolltr
110
sr Os 1920
8014 Georgia P lat 08. '22 J
.111-N
90
U Trao Pit gen 5s'97 J4
UaSo as Fla 16[68 1940J -J 1004 107
34
Welabach 8 158 1930.J.D 88
(4-B-5 Brew 3-4s 195151-S 40
41815
211 income 5,2 1961 M-N
Wlks-B ti& E con5,2'55J4
Kuoxy'Frac 1st 56'28A-0 100 103
BALTIMORE
Lake It El 1st gues'4251-S
Inactive Stocks
911
30
Macon Hy& Ltlist68'63J4
Ala Cons Coal& IL uu.100
97
984
Memphis at 1st Os'45 J -J
1110
65
Prot
Met5t4 Wash)18t68'25 if A 105
Atlanta & Charlotte..100
71
Mt Ver Cot DUCK 1st as. 70
Atlan Coazat L (Conn)100 225 230
Npt N..60 P 16[512'38 ALN
100 115
Canton Co
8244
Nor &Por Tr iet58'.30J-D
6
Cone Cot Duck Corp...50
Norioilt at 1st 512'44....11 101
50 •••••• 19
Preferred
North cent4 Las 1926 A.0 102
Georgia Sou & Ina. .100
Series A 5s 1926. .J -J 1v5
100 924 95
1st prof
Series B 58 192($....J4 105
100
75
7u
pref
2d
241 Pitt Un Trao 56 1997.J4
100
1
G-B-S Brewing
Poto Vai lat 6,3 1.1141..J4 105
Bonds
Say Fla &West68'34 A-0
Prices are all"and
Saab & Roan 68 1926.44 105
Interest."
100 10016 South Bound 1st 66. A-0 106
Anacostia dl, Pot Os
7 88
,
89
let4128'29 M.1
U El
At'Coast L(Ct)ctfs5sJ-D
844
Un By & ICI let 4s'49 51-8 84
Cttis of indebt 48 .J4
J D 59% 69%
Income 46 1940
J4 88
5-20 yr 46 1925
Funding Os 1936...J-D 32% 83
9934 100
Balt CPuss 1st56'11
Va Mid 2d ser Os '11.,11-8 100
Bait lfundg 64.1916 M-N 103 106
J-J
3d
series 138 1916-51-19 106
1930
924
934
3126
Exchange
4th ser 3-4.54 1921.51-S 105
tfs mi'll A-0
Balt& P
5th series 56 1926.61-8 105
914 92
B SP 3201144 46'63F-A
1116
Va (State) 36 new '32.J4
Bait'Frac 1st68-129.01-14 106 107
Funddebt2-36 1991.J4 95
No Balt Div 56 1942 J-D 108 110
West N C con 66 11)14 J4 )06
Cent'l lty oon5s1932 51-151 105
WerVae&P let tig'11 J.J 1001e 109's
Ext& Imp 68.1932 51.8 105
66'23J4 102 104
Wit & Weld be-1936.J4 106 109
Chas Citylty
90
irdela'99111-8
Li&
92
Chas By
436 Pall aliegoipts. b $26 paid. •$30 paid. 4$421$ pat&
*.13's Paid.
648
THE CHRONICLE
Volume of Business at Stock Exchanges
Electric Companies
Chic Edison Co-See Chi
Gr't %Vest Pow Is 46.J.I
s Kings Co E. LAP Co lOv
N arralr
Prov) El Co_ 5u
NV &
L &Pow Co 100
P:e erred
100
United Bice of N 9_100
lit g 45 1049
3-1)
Western Power com.100
Preferred
101;
[VoL. Lxxxxi.
Bta Ask
zago list
851, 87
122 123
*84
57
49
50
75
80
75
85
75
7534
21
27
9/
49
Industria. and /it scei
Bid Ask
Canso' Rubber Tire__10(1
31: 4
Preferred
10..
2.11: 56
Debenture 95 1951 A-, f 38
42
I Crucible Steel
1 11
.„...
12 .
e Preferred
III:
711
7312
Davi:Daly
Copper
Co_'.
Stocks.
*114 112
Railroad.
a Dtamond Match Co_ I0, 8
Week ending
, 8813
State
U. S.
duPontl ElltieNetnPo 10. 4148 152
Sept. 9 1910.
Shares.
Par value.
Bonds.
Bonds.
Bonds
a Preterred
10
8334 87
e Gold 4 W1 1031)-- 3Saturday
. 80
HOLI DAY
I'
Electric Boat
Monday
10 • -2-9 - 25
HOLI DAY
leiegraph
and
relephone
Preferred
Tuesday
10
800
275,759 524,192,000
70
8918,000
e
Amer
$247,000
releg
&
Cable_100
impire
69
72
Steel
Wedne3day
10i,
ii)
298,299 25,988,900
15
799,000
e Central & So Amer_ 100 114 113
73,000
Preferred
Thursday
10,
50
247,576 21,900,600
69
087,500
Commit Un Tel (N VI 25 101 11.1
45,500
1
tienerai
Friday
Chemical
_10,,
90 100
157,2)4 13,.00,400
1,533,500
Eon) & Bay State lel _11/0 65
38,500
e Preterred
l0,, 103 103
_Frankiin
100 40
5/
Goldfield Consul sli nes_ 1 u *8
Total
818
978,838 885,741,900 $4,288,000
:• Gold & Stock
5902,00
100 112 doh( 1-1111 Copper
I
016 11„
e Northwestern Teleg_ 50 105 /12 iireene-Cananea
*() *3.6 7
Sales at
Paciiic & Atlant:c
Week endow Sept. 9.
25 60
_
Guggenheim Explor'n 10,, 180 190
Jan. 1 to Sep'. 9.
New York Sleek
el'ac Fete%) &
IA _100 93: 95 e tiackensacic Water Cu
Southern & Atlantic- V, Su 100
Excluiwie.
1910.
1903
Ref g 45 '52 up '12_9-9 85
1910.
1009.
Jail Sinai Co com_1(10 '45 "ir
Stocks-No. snares___
Ferry Comoantes
978,833
3,930,701
.lavana robacco Co_100
124,053,2191
142,140,216
3
5
Par value
'
885,741,11,0 $356,477,350 S11,144,211,700 $13,035,360,325 .1 & N Y 1st Os 1911_J-J
93
07
Preierred
10,1
8
12
Bank shares, par
Y A E R.Ferry stk_100 20
$3,900
$7,000
1st g 5s June 1 '22 .1-1) / 60
28
$820,500
$91,950 N 1st
62
Bonds.
'
Is 192,
5.5
leciter-Ju
63
nes-Jewell Ma
Government bonds
Yi:5411ob Is Slay '46...f-D 95
$310,700
1st Gs 1922
97
8352,200
11 • 103 105
State bonds
Hob Fy 1st 5s 1946 51-N 100
$402,000
6559,000
34,021,950
,ler'g-fialk-slar. new_100 35
27,290,200
40
RR. and miso. bonds_
&NJ
IY
5s
1946
4,3,8,000 15,703,000
J-J
410,323,000
94
d000ken Land & Imp 10)
931,400,800
---& 23(1 Sts Ferry_100 .10
40
e Is 1010
II.-119-78 ..-Total bonds
1st nage 53 19(9 J-1) ti5
34,690,0001 816,205,000
8444.631,5501 $959,043,000
75 douston 01
100
31
: 5
Union Ferry stock 10u 27
30
Preferred _
1011 32
36
DAILY TRANSAC1'ION:3 AT THE BOSTON AND PHILADE
e tat Is l'92)
LPHIA
sl . 93
96 (10(130)1 Realty
100 11)1 _.EXCHANGES
e Ingersoll- Rand co in _ 100 95 .......
Sitar t- 1 erm Notes
e Preferred
100 07
Am Chit ser A 43 11_41
9918 9912 intercontinVI itunber.100 301: 'SC
Boston.
Philadelphia.
Ser 13 4s Itch 15 '12 M.S. '9734 98.4 Internat.! datiteg
Week ending
Co.11)0 11,1 -_
Halt
&Onto
s
191: _J-I) 931, J83.1 Intesnat' Men Mar-See :, sic Es 1st
Sept. 0 1910
,Listed U ntisted
Bond
Listed
Unlisted
Bond
tend us '1%„.51-N
9514" 961r t,Iternatlonat Nicke, _fin) 132 136
ehares. shares.
sales.
shares.
shares.
sales.
Chic & Alton 53'13M-S 9834 9914
Preferred
IOU
89
92
Cin
Hain
a
0
93
1913.9 J
Saturday
1st g 5s 1932
0/
HOLI DAY.
A-c
911: 93
Ed C 0 & St L 55. June '11 100 111012 international
Monday
HOLI DAY.
Salt__ _109
0
8
oilson
Companie
s
Tuesday
tat
g 55 1051
7,762
6,684
$62,000
3,C80
A-u / 45
511
2,758
832,200
Os Oct 15 1911
Wednesday
A-0 97
9312 International Si ver_. 100 60
5,881
5.428
53,000
3,614
4,559
80
47,500
Os E'et) 1 1913
p-A
Thursday
Preterred
9,959
6.648
44,000
7,650
lUv 100 It9
4,030
41,700 intern 11 g (is lull _at .N 100s4 101(4
Friday
1st 133 1043
3,068
5, 30
34,000
J-0 1 0 112
2,727
3,632
24,500 it
Ry&Light Gs 12..s1-:.
98
9134 intermit Smelt & Ref); 100 130 145
---Minn & St L g 51 '11 _F-A 07
meniat
99
Total
rim,
28,252
22,728 $198,000
tte-o-d_1
0, 175 20)
17,0311
14,9791 8145,900 N Y U Lines Eu 53•10-22
Preferred
414%
43i.: Jan 1911•1925____ 1431% 414% Jones & Laughlin Steel196 1.15 112
Co
NYNH&HIs'10-•12 100 101
1st s f g Is 11131)__M-9. 109 101
St L AS ki•43is'12op..F.A
95 97 JLackawanna Steci_100 ____ 30
51 Sich 1 1913..-M-S 95
c 1st con Is 11130
9/
ALL bond prices are now "and interest'. esce9t where marked
al-:
.. ---.
South lty g Is 1013_1,-A
."
9712 s/314
c Den 1) 191'
iii-- -9011 95
Tidewater Os 1913 goal 1013,3 10114 Lanston Monoty pe _100
82
s3
)Vabash 4 jis 14/13
M-N
Bid Ask
Street Rai,ways
Lawyers' Mtge Co__109 230 235
90
Street Railways
Bid
West Tel,p a T -as •12 _ tz- A
91,12 ,..eh & Wilkes-13 Coal_ by :50 ::70
New York Ci4/
Pub Serv Corp N J (Corn
‘VestIngh'
e
Eh
&5I
at
Bleeek St ec Fut stk_ 100 15 .
1913 93 100 e Lorillard (P) pre1_10() 030
Cons Tract of N J__100 711. 721:
..0
45
5% notes Oct 1917-A-0
151 intge 4s 1950 __J-J
50
60
ilaMson So Garden_100 :10
1st Is 1933
J-D 103 10312
41
B'y & 7th Ave stk _100 115 140
al Gs 19111
New'k PasRy Is 30 J-J 103 107
So-c, 15 ..._
Ra:lroad
mtge
2d
5s 1914 ___J-J
11:3 010
Manhattan fransit__ 21, *114
Rapid 'Iran St Ity 100 225
ii2
eChic (it WCOM EC CEI3 Oat St oe; Exc Monongahela It Coal_ SO
Con 5s 1943-See Stock Exc ist
1st Is 1921
..1.)
914
A-0 103
e Preferred Le eft
B'way Suni 1st Is go 1924 102 105
fist
Prelerred
J C Hob & Paterson__
_ 50 *21
21'2
Cent'l Crosst'n stk __IOU
110
4s g 1999
Mortgage liontl 01o___100 110 Ill
M-N
73 74 Chl
'
icrio
PrwlicA
ng
S‘f
tat intge es 1922 __M-N
M-S 85
s5
So J Gas El & Trac_100 125
Nat Bank of Cuba____101) 105 113
Con mtg g Is 1930__J -J / 50
Cen Pk N & It It stk 100 15
25
Nat'l Surety
Cu g 58 1953_51 S 93 12S
1110 25,) 260
93
Income
53.
July 1930_,
Chet'r & 10th St stk_10() 80 90
e Nevada C0113'd Copper .1 *2..14 2013
No Hod Co Ry Os 14 J-J 102
Chicago Subway
Col .53 9th Ave Is See Stock Exc list
100
53 1928
473 Nev-Utali Mln & Sin. 10 .0„ 1116
J-J 102
Kansas
City
Sou
Dry D E B & BIs
Apr 1
e New Central Com
Ext 5$ 11424__M-N
20 i() 60
98
1950-See Stock Exc,, atrre list
1st gold Is 1932 ___J-E) 95 100
NYAR Brake Os-See Stk Exo ast
Pat City con Gs '31_J-D 112 __ __ Nat
Rya of Mexico-See S t L4c itst N Y Illsetut Os
Scrip Is 1914
F-A / 30
40
2d. 6s opt 1914__A-U 100
lull _M-s 100 Northin Securities Stubs_
Eighth Avenue stock.100 250 3.1) So Side El (Chic)
105 e New York Dock_
11/0 25
-See Ch icago
3-&- Pitts Bess & L E
Scrip Os 1914
50 *32
e Preierre,1
Wu Syracuse It T 5s '46_111-S 191 431
34
IOU
75
80
10_12
Preferred
42d & Cr St l'"y stk 10() 200 220 rrent P & El 53
50 *70
N Y Mtge & Security.100 105 205
/4
1943_,I-D 95 100 e Railroad Securities
42d St M. & St N Ave_100
CoN Y Transportation
.-. United Rys of St L20 *4
5
n C stk tr ctts scr A 52 90
1st mtge Os 1910_MNiles-Beni-Pond coin_100
,.
, 91.1.1
corn vol tr ctfs
5
0 10
100 1134 12 Seaboard Company
10
,78
2d Income Os 1915-1-J
NititssIng Alines
e Preferred
100 60, 6,02
1st
preferred
Inter-Met-See Stk Each Inge 4st
100 74
Jhlo Copper Co.
Gen 4$ 1934-See Stock Ex° ilst
Cons A 231 pref-See Hal t Exe 76 e Ontario Slyer
Lax Av & l'avF 5s Sea Stk Exc list OnItItys San Fran See Stk Exc list
1001
10 °111t°
flit
2
2
13
Seaboard Air LineMetropol St 10y-See Stk Esc list Wash Ry & El Co.
ORS Elevator com
11.0
0
, 8
4.1
100 32 L 33
91
48
Coil
53
eat
May
'11.51-S
Ninth Avenue stock_100 155 180
pitPts
reufuerarehil
49953
Preferred
100 88
90
West
Pac 1st Is '33_ M'S
Second Avenue stock_109 10
Brewing- t .,s....
45 1051
10
23
9334
il:p
4
J-1) 8338 84
1st si 53'09 ext'19- Sl-N
Preferred
093., to)
Industrial and Miscel
Consol 53 1948-A / 50
Pittsburgh Coal-See Stk Exc list
ta)
lias Securities
Adams Exp it 43 1947 J-D / 81
*Sixth Avenue qtock 100 110 i.ii)
Pope Mfg Co coin
91
100 60
65
Atimeek Mining
95 1,185 1.90
Sou Boulev 59 1945___J-3 64.1
Preferred
11.0
85
0
;
0 1'.3s
s 1
New York
Alliance
100 120 125
So Fer 1st Is 1919
A 0 258
Pratt & Wintney prer_10() 100 .05
92 Cent Uu Gas Is 1027 _J-J 9912 1091. AmericanRealty
Book
Third Avenue-See Stock Ex: itst Con Gas (N Y -See Stk Exe
100 159 155
Producers
Oil
80
42
ilst - American Brass
Tarry W P & M 53 1928 50
100 119 123
Realty Assoc (131t)yn1_10u 112 120
80 e Mutual Gas
100 151 150 American Chicle
YkersStRit5s 11146 A
corn.100 220 225
Royal Balt Powd corn_
75 85 New Amsterdam GasPreferred
28th 55 29th Sts 55 '96 A-0 / 13
100 100 103
.01
rteyfecra
1st cousol Is 1948....1-.1 97
1
80
9' 1 01 10
96
5
Am Graphophone corn 100
Twenty-third St stIc _100 190 215 NY&ERUas 151 Is '44 J-J 100
rerdHeat & Lt_1
Safety Car
5
10
00
1) 2
1,
25
0 2
18
20
8
1101
Preferred
Union Ry 1st 5., 1942_ F-A 14.0 1021:
Seneca Mining
100 15
Consol Is 1045
25
J-J 95
05
99
Amer Hardware
Westchest 1st Is '43 J-J
100 117 118
Singer Mfg Co
65
75 N Y & Richmond Gas.100 90
55
Am Malting es 1914 J-D 99 102 South Iron & S coin
N V & WestchesterL'hVg8
11
Amer Press Assoc'n 100 101) 108
Preferred
It rook elm
Deb g Is 1954 guar_J-J
100 18
97 101
22
Am
St Found uew-See S tic Ex list
Standard Cords “i
Atian Avenue RR10i
Nor Un 1st 53 1927_111-IN
12
118 100
Os
1935
A-0 99
Con 5s g 1931
lot At g 53 '31 red..A-0, /1.i
A-C 98 102 e Standard Gas coin-100 50
-- - 20
Deb 43 1923
B B & W it Is 1933-A-0 9/ 102
F-A 65
Adjust AI Is Apr 111)31 /3
67
e Preferred
100 75 jo
5 :
.i
. American Surety
50
,
205
Brooklyn City Stock_10 152 160
Standard
215
Coupler coin
1st Is 1930
90
M-N 102
American Thread pre: 3 *412 514
Con 53-8,e Stk Ezell Inge ilst
l'referrd
e
,. _ _100
10010-11- -Am Tobacco Co coin IOU 395 401.)
Bkin ligts 1st 53 1941 A-0 97 100
Standard Silting Co__100
Other Cities
11
14
Amer
Typetders
com_10()
31
Bkin Queens Co & SubPre.orred
92
109 42
45
Am Gas & Elec corn__ 50 *44
45
Preferred
10. 98 104
e 1st g 5s '41 op
1st Is 1930
97
M IN 80
179
84
Preferred
50 *3•9
41
Den If es 1939__M-N
elst con 53'41 op'16 MN
Standard
US
9512 up: Amer Light & Tract_100 285 _90
OR
or N J-100 5./8 801
1'834
Amer Writing Paper 100
Bklyn Rap Trail-See Stk Esc list
2
Swift & Co-See Bost Stk Esc list
Preferred
1110
50 101 103
Preferred
100 '25
Coney Is( &
1st 5s-//'c ChIc Stock Eze Ilst
27
60
75 Bay State Gas
38 a, ist s r g
5s
'19
op
'09
J-J
Company
1st cons g 4s 1948__J-J
87
l'exas
100 133 137
871
IS
83 Bliigh ton IN VI Gas Wks
A'IGf&WindSSL'ues..100
Con g 43 1055
a Texas & Pacific Goal 1011 100 105
91s
J-J
75
80
1st g Is 1038
A-0 94
Preferred ___......100
Brk C 84 N Is 1939_J-1 95 100 Brooklyn Un Gas-SeeS
Ills
of
Co
ritie
Y_100
N
20
140 150
tk Exc itiE"
Col tr g Is 1959___J J
Kings C El 41-See Stock Ex..) 1st
6514 6614 ro nupa II Situ (Nevada) 1
*838 878
Buffalo City Gas stk_100
4
5
Barney dc Smith Car 100 20
Nassau Mee pret
rrenton l'ottelles coin 100
30
100
4
8
1st Is 1047-See Stock Exc list
Preferred
Preferred. new
100
Is 1044
10
A-0 103 1-05 - Con Gas of N J
100 45
55
'36...1-.1
90 95
Betir'm Steel Corp-see tic Ex fist
['row Directory
1st 43 1951-See Stock Exc iist Consumers' L HIs
100 20
30
&
l'owBliss
Company
corn
Underwood Typew pi' 100 99 10012
50
N Wbg & Flat 1st ex 4 49 87 92
121
Is 1938
J-D 110 .
Preferred
Union rypewriter com1110 40
Steinway 1st es 1922-J-J 102 105 Denver Gas &
511 118 .22
45
Elec
100 165 170
Bond & Mtge Cluar_100 13712 2-13
lot preferred,
100 105 110
Gen g Is 1040 op .111-N
90
92
Borden's Cond 51111c_100 112 113
2(1 preferred
Other Cities
101) 105 110
Elizabeth Gas Lt Co_100
Preferred
Uu'ted
Buffalo Street By100
Ilk
102
105
Note
Corp_
Essex & Hudson Gas.100 132 t-34
5(1 *42
46
British Col Copper
Preferred
1 *434 5
1st consol 5s 1931_ F-A 102 103. Gas & El Bergen Co_100 300_Ill *50
St
76
80
Butte Coalition Mining 11 *We 1912 (Jutted Cigar Mfrs
Deb Gs 1917
A-0 1021: 101 e Cr Rap 1st Is '15_1z-A
10U • 5914 el
98 101
Casein
Co
of
Am
com_100
Columbus (0) St ity_100
e
Preferred
2
03 Hudson Co Gas
.212
100 69 103
101)
130
133
Preferred
100 65
United Copper
Preferred
100 102
GO
Indiana Lighting Co _1100
100
434 473
1) 32
35 Casualty Co of Amer_ 100 125 140
Colum Ely con Is-See Phi si list
Preferred
93 1958 op
109 15
35 .
F-A 03
06 Cellulo'd Co
Cmsst'wn 1st 5s '33 J-I) 100 102'; Indianapolis Gas
100 123 123
U S Casualty
100 215
50
13
____
Cent
Fireworks
com-100
c Conn Ely & LIE corn.100 74
U S Envelope com_)00 47 IC '
2
70
1st g 55 1952
A-0
79
85
Preferred
10u 10
e Preferred
31)
Preferred
100 78
100 110 113
80 Jackson Gas Is g '37.A-0
Central Foundry.
100
1st & ref 4)s-See Stk Esc .ist e Laclede Gas
U S Finishing
100 96 1(11
100 9834 9012
Preferred
Grand Rapids Ity pref.100 81
100
['referred
87
100
107 112 i
e Preferred
100 / 8
85
8 10
90
Deb 6s 1919 op '01_51-N / 35 -40
332
e Louisv St Is 1930_ _J-9 10431 tub
151 g 5s 1919
J-3 1:1() 105
Madison Gas Os 1926_A-0 102 .
119
...
Chesebrough Mfg Co100
7
Lynn & Bos 13 Is '24 J-D 1091: 10534 Newark Gas Os 1944
7011
Con .-: 5s 1929_ -- -J-J
95 100
Q-J
127
City' Investing Co
e New Or, lists & Lgt_100 24
100 60 "71) U S Steel Corporation241, Newark Cons°, Gas..100 117
99
Preferred
e Preferred
100 105 115
100 60
Col tr s t 53 '51 opt '11 114 115
61
e Con g Is 1948
J-0 103 101
Ciallin
(El
13)
5
com
Gen Mg 4 kis '35-See:
100 95 105
Col tr a 1 5s '51 not op: 114 115
4 tic Ex hit No Hudson L 11 & Powe 1st preferred
Pub Serv Corp of N J.100 110 112
100 87
92
U S Tit Gu & Indem_100 110 120
Is 1938
A-U 110
_
e 2t1 preferred
Tr etfs 2% to 6%perpet 100 iol Pacific Gas & E.
100 83
95 eUtah Copper Co-See Stk Exo
com.100
56
5034
Col
Hock
&
Coal
At p1100
North Jersey St Ity_100 55_
Westchester & Bronx Tit
Preferred
100 16
88
1st g Is 1917
1st 4s 1043
J-J
110
100 160 170
& Mtge Guar
51-5
70
75 -77 - Pat ea Pas Gas & Elec-100 85
90
Col tr Gs Oct 1956 J-J
.Vestingh'se Air 13ralce_50 $139 140
60
Con it 53 1949,....M -S
u7 100 Consol Car Ileating_106 45
West F.I & Mfg 5s-SeeStk Exe ilst
38
41
St Joseph Gas Is 1937-J-1 90
93
,Northing Pump pre1-109 105 108
TRANsAuTtoNs Al 1:11E NEW Ythti( askx:E. EA.EflAN
UE
WEEK1.1 A 41) YEARLY
Outside Securities
/it;
Par snare
3 Bast:.
u Sells on Suc Its. out (lot very active
I Liu price.
n Nominal.
s Sate price.
z
v e.a-nght2.
s New stock.
694
THE CHRONICLE
SEPT. 10 1910.]
Amiestment
and fgaiiroad intelligence.
rtA1Lti.OAD
CirtOSS
t:ARNIANGrS.
The following table shows the gross earnings of every STEAll railroad fro:n 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 tor 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 thc electric railways are brought to7ether separately on a subserzen pale.
Latest Gross Earnings.
ROADS
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Prcrious
Year.
Ala N 0 & Tex Pa(
398,239
348,815
55,000
61,000
N 0 & Nor East.. 2d wit Aug
175,332
20,000
193,422
30,000
Ala & Vicksburg_ 2,1 wit Aug
148,298
177,417
22,000
24,000
Vicks hhrcv & P._ al wit Aug
4,795
4,705
6,880
6,880
Ala Tenn do North._ July
8,021,539 7,742,272 8,021,530 7,742,272
_ July
Atch Top do S
378,248
63,093
438,600
79,245
Atlanta Birm & AR 4th wk Auc:
2,148,065 1,863,040 2,148,065 1,863,040
Atlantic Coast Line July
7,547,733 7,002,141 7,547,733 7,092,141
Baltimore & Ohio. July
91.084 1,21)5,24: 1,001.517
135,215
n ec, 0 0Ii Ter HI: lie
210,043
214,159 219,043
214,150
Bangor & Aroostook July
4,189
6,683
4,180
6,683
Bellefonte Central__ July
3,751,230 3,722,367 3,751,230 3,722.367
Boston & Maine___ July
5,895
5,895
5,229
' 5,224
Bridgeton & Saco It uly
Buff Rods ec Pittsb 4th wit Aug 345,417 271,373 1,698,292 1,637,811
104,213 116,571 1,819,711 1,908,461
Buffalo & Susq____ Ap.II
Canadian Northern 4th wk Aug 354,700 253,600 2,318,100 1,650,600
Canadian Pacific_ __ 4th wit Aug 2,965,000 2,384,000 17,795,214 14,292,030
Central of Georgia_ th wk Aug 313,900 268,300 1,968,218 1,740,638
'.ea .J:_c
,724,40a 2.5,415,038
',40 • Au 2,000,89, ,
3
CeiWa,
330,532 205,240 3,800,957 3,497,274
--Central Vermont..__ June
10,883
14,523
Chattanooga South. , d wit Aug
1,809
1,380
Chesapeake & Ohio. 4th wk Aug 973,563 881,679 5,330,466 5,052,602
278,581
C & 0 Ry of Ind_ 4th wk Aug
49,018
Total both divs__ th wk Aug 1,022,581 881,670 5,609,047 5,052,602
Chicago & Alton_ _ _ 4th wit Aug 405,616 343,558 2,559,494 2,354,748
7,087,571 6,825,808 7,087,571 6,825,808
Chic Burl & Quincy July
p Chic Great West_ 3d wk Aug 278,531 272,485 1,735,166 1,584,019
Chic Ind & Louisv_ 4th wit Aug 193,366 170,464 1,129,306 1,017,122
Chic Ind & Southern -See New York Cen tral.
5,341,530 5,210,458 5,341,536 5,210,458
Chic Milw & St Paul July
1,142,072
1,142,072
Ch Mil & Pug Sd_ uly
6,404,222 5,896,270 0,404,222 5,896,270
Chic & North West_ uly
1,268,955 1,123,976 1,268,955 1,123,976
Chic St PM & Om__ uly
831,022 642,428 9,446,521 7,897,049
Cln Ham & Dayton Julie
See New York Con tral.
Clev Cln Chic & St L
194,091 2,153,8(E 2,123,740
185,16:
I ly
Colorado
2,780,148 2,651,780
Aug 487,735 461,369
62,34wk
Colorado & South._ th
61,148
087,494
676,648
May
Copper Range
12,873
18,328
12,873
18,328
July
Cornwall
36,883
39,111
39,111
36,883
Cornwall & Leban_ July
233,940 162,429
162,429
July
233,440
Cuba Railroad
1,613,698 1,545,739 19,936,436 18,007,945
Delaware & Hudson unc
3,007,936 3,168,225 3,007,936 3,168,225
Del Lack & West__ uly
Deny & Rio Grande th wit Aug 759,900 651,600 4,230,326 4,012,616
34.541
35,870
210,577
194,580
Deny N W & Pac__ d wit Aug
30,127
39,300
267,082
206,396
Bet Tot & Iront Sys 5(1 wit Aug
58,446
62,918
th wk Aug
321,807
314,309
Ann Arbor
32,463
35,461
214,747
207,454
Detroit & Mackinac th wk Aug
1,292,880 1,0413.686 10,289,064 6,847,572
June
Dui & Iron Range
90,002
658,078
593,610
Dul Sou Sh & Atl__ th wit Aug 112,683
584,959
606,234
584,959 606,234
El Paso do Sou West uly
4,675,254 4,279,549 4,675,254 4,279,549
uly
Erie
2,081
1,785
1,785
2,081
Fairchild & Nor E_ July
85,207
95,747
85,207
95,747
Fonda Johns & Glov uly
196,786 179,019 3,010,057 2,750.872
Georgia Railroad-- June
Georgia South & Fla -See Bout hern Rail way.
Grand Trunk Syst__ th wit Aug 1,408,594 1,321,529 7,064,945 7,370,593
862,416
700,298
Grand Trk West_ d wk Aug 129,697 130,763
266,567
221,815
Bet Or Hay & Mil 3d wit Aug
41.973
37,287
279,368
232,705
45,307
38,037
Canada Atlantic_ d wk Aug
Great Northern Syst August _ _ 5,849,354 5,557,912 11,641,816 10,872,850
152,956 140,390 2,094,075 1,873,195
Gulf & Ship Island.. une
Hocking Valley........ June
095,994 469,018 7,569,329 5,878.414
Illinois Central__ July
4,711,570 4,330,861 4,711,570 4,330,861
Internat & Gt Nor_ 4th wk Aug 258,000 230,000 1,333,000 1,191,000
a Interoceanic Mex.. 4th wk Aug 255,009 203,182 1,441.832 1,327,524
523,599
519,851
72,228
73,548
th wk Aug
Iowa Central
Kanawha do Mich
June
247,300 155,917 2,769,656 2,127,637
Kansas City South_ June
800,684 760,811: 9,723,870 8,001,396
197,684
174,029
34,140
35,125
K C Mex & Orient__ 1st wk Aug
July
Lehigh Valley
2,876,218 2,754,399 2,876,218 2,754,399
412,626
Lexington & East_ Juno
484,620
54,392
36,366
July
/nc.11 0,678
Inc.11 0,678
Long Island •
124,159
Louisiana & Arican_ Juno
99,688 1,427,615 1,277.957
96,285
83,906
96,285
83,906
Loulsy Ilend & St L July
4th wk Aug 1,512,955 1,302,707 8,763,285 7,927,422
s Louisv &
12,077
12,077
11,780
11,780
Macon & Birm'ham July
759,712 703,835
July
759,712
793,835
Maine Central
3,283
3,193
July
3,283
3,193
Manistlque
32,522
20,805
409,229
378,022
Maryland & Penna. June
a Mexican Railway_ 3d wit Aug 162,600 137,700 1,165,500 1,141,400
-See New York Cen tral.
Michigan Central
23,803
22,349
147.680
122,078
4th wit Aug
Mineral Range
818,869
742,490
Minneap & St Louis 4th wit Aug 118,760 117,272
553,060
622,870
3,901,952 3,496,979
Aug
wk
4th
Minn St P & S S M
Chicago DIvis Gni
57,565
75,713
75,713
57.565
Mississippi Central_ July
2,221,708 2,170,300 4,362,278 4,093,223
uNlo Nan & Texas.. August
Mo Pnc & iron ALI
Central Branch_ J 4th wit Aug 1,649,000 1,515,000 8,960,000 8,583,000
929,664
910,984
920,664 910,984
Nulty Chatt & St L July
a Nat Rys of Mex_(_ ith wit Aug 1,630,066 1,321,181 10,396,443 8,900,251
57,450
74,580
0,819
Nevada-Cal-Oregon. 3d wit Aug
6,572
60,096
75,388
7,385
Nevada Central_ _ _ June
6,016
105,342
147,521
N 0 Great Northrn
e July
147,521 105,342
205,103
248,693
N 0 Mobile eG Chic_ Wit Aug 27
26,707
31,501
861,086
041,455
N Y Ont & Western July
941,455 861,086
Latest Gross Earnings.
ROADS,
Week or
Month.
Curren:
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Y N H & !Tara_ July
3,209,034 3,070,155 5,269,63 5,070,155
e NYC 6: Ilud 113v_ July
8,328,479 7,955,195 8,323,17, 7,955,195
Lake Shore & It S July
4,029,892 3,933,340 4,029,39 3,938,349
390,677
n Lake E & West July
425,37,
420,378 30,677
208,229
Chic Ind & South July
240,50
240,505 2118,229
2,266,661
Michigan Central. July
2,511,882 2,266,661 2,511,88
Cleve C C & St L.. July
2,376,081 2,297,705 2,375,081 2,297,703
239,794
Peoria & Eastern July
268,51,
268.017 239,794
88,331
Cincinnati North.. July
101,75
101,752
88,331
Pitts & LakeErie July
1,528,576 1,449,479 1,528,571 1,449,473
Rutland
July
280,507
293,33
203,333 280,507
N Y Chic & St L July
833,807
888,07
888,970 833,807
Tot & Ohio Cent.. July
462,975
340,315
462,975 340,815
Tot all lines above July
21463441 20349549 21,563,441 20,349,549
N Y Susa & West
July
244,509
294,80
.294,804 244,509
Norfolk Southern
July
230,92,
230,927 216,468
216,463
Norfolk & Western_ July
2.531,309
2,914,363 2,581,300 2,914,36
Northern Central
975.315
971,81'
971,815 975,315
July
6,697,979
Northern Pad fle_ _ _ July
6,247,337 6,607,979 6.247,33
734,582
Pacific Coast Co.. July
815,60
815,601 734,582
Pennsylvania Co_
July
4,777,553 4,406,416 4,777.55 4,403,416
d Penn-E of P & E July
13278165 12915765 13,278,16 12,015,765
West of P 63 E_ July
Inc.° 3,400
inc.62 3,400
Pere Marquette_
July
1,372,510 1,215,396 1,372,51( 1,215,396
Phia Bait & Wash.. July
1.517,878
1,713,878 1,517,878 1,713,87
Pitts Cln Chic &St L July
2,439,383
2,675,553 2,439,388 2,675,55
Raleigh & Southp't July
11,480
11.73
11,489
11,736
Reading Company
Phila 6: Reading_ July
3,368,765 3,092,398 3,368,76. 3,002,398
Coal & Iron Co.... July
1,597,095
1,499,664 1,597,095 1,499,06
4,689,494
4,868,429 4,689,494 4,868,42
Total both cos...... July
Rich Fred & Potom June
230,073 193,952 2,331,54
2,026,325
June
89,886
881,528
Rio Grande June..
84,049 1,047,041
106.56
98,737
20,306
18,854
Rio Grande South.... 4th wk Aug
5,310,938 5,416,601 5,310.93
5.416,601
Rock Island Lines_ July
133,923 105,410 1.637,354 1,570,380
St Jos & Grand Isi_ June
3,343,663 3,254,905 3,343,66. 3.254,905
St Louis & San Fran July
909,99
909,994 853,130
853,13(3
Chic do East III_ July
225,04
225,044 191,254
191,251
Evansv & Ter II July
4,478,701 4,299,288 4.478,701 4,299,288
Total of all lines July
180,967 144,952 1,974,244 1,439,046
St L Rity Nit do Par. June
St Louis Southwest_ 4th wk Aug 336.403 281,500 1,871,181 1,652,948
488,929 755,282 8,092,82
7.450,481
San Ped L A & S L.. June
Seaboard Air Line_
Atlanta & Blrm} 4th wk Aug 409,128 381,404 2.996,07 2,741.369
Florida W Shore
1.189.455
98,888 1,436,73
163,900
Southern Indiana
June
11215272 10814569 11,215.272 10,814,569
Southern Pacific Co July
Southern Railway.... 4th wit Aug 1,592,173 1,503,811 9,649,52 9,001,233
Mobile &
4th wk Aug 324,678 207,173 1,765,53" 1.605,422
Cln N 0 & Tex P. 4th wk Aug 287,335 212,560 1,576,42
1,323,127
Ala Great South_ 4th wk Aug 131,544 107,321
585,299
738,93.
Georgia So & Fla 3d wk Aug
39,576
286,457
314,10
38.985
June
Texas Central
61,510
85,737 1,014,27i 1,164,481
2,192,935
Texas & Pacific_ _ _ _ 4th wk Aug 510,536 422,442 2,409,21
7,184
6,517
6.517
7,18
Tidewater & West_ July
46.581
40,974
216,43
190,980
Toledo Peor & West 4th wk Aug
89,594
649,57
92,007
647,227
Toledo St L & West 4th wk Aug
7,41.
6,404
6,404
7,405
Tombigbee Valley.... July
7,916,655 7,534,854 7,916,65 7.534,854
Union Pacific Syst_ July
721,915
820.33
820,338 721,915
July
Vandalla
91,45.
102,116
91,453 102,116
Virginia & Sou West July
4th wit Aug 900,317 821,648 5,023,59 4.862,534
Wabash
5.952,697
589,676 496,446 7,081,85
Western Maryland June
782.581
846,98
846,981 762,581
July
W Jersey & Seash
Wheeling do L Erie_ August
697,000 615,000
White River (Vt)_ _ June
2 496
3,131
15,864
18.14
15,864
Wrightsville & Tenn July
18,149
843,930
Yazoo & Miss Vail_ July
671,618 643,930
671,618
Various Fiscal Years.
Period.
Jan 1
Bellefonte Central
Jan
Delaware & Hudson
Tan 1
ManIstique
Jan
a Mexican Railway
e N Y Central & Hudson River_ Jan 1
Lake Shore & Michigan South Jan
Jan 1
n Lake Erie & Western
Chicago Indiana & Southern _ Jan 1
Jan
Michigan Central
Cleve Cln Chicago & St Louis Jan 1
Jan
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan 1
Rutland
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1.
Total all lines
Jan
Northern Central
d Penn-East of PIttsb & Erie_ Jan 1
Jan 1
d West of PIttsb 83 Erie
Phila Baltimore & Washington_ Jan 1
Pittsb Cln Chicago & St Louis.... .fan 1
Dec 1
Rio Grande Junction
Jan 1
Texas & Pacific
Jan 1
.Jersey & Seashore
West
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year. •
$45.95,
833,442
July 31
June 30 9,635,25 9,297,367
24.458
23,00
July 31
Aug 21 5,368,30 4,862,300
July 31 55,299,277 50,528,066
July 31 27,743,020 24,183,458
2,558,019
July 31 2,997,25
1,649,912
Jluy 31 2,172,26
July 31 16.499,28i 14.857,031
July 31 16,557,34 14,805,728
1,576,146
July 31 1,860,37
691,718
612,962
July 31
July 31 9,812,195 7,232,121
July 31 1.769,076 1,650,502
July 31 6,338,493 5,505.281
July 31 2,028,661 1,070,351
July 31 14436957 127175537
8.686,309
July 31 7,162,20
July 31 93,702,114 83,058,714
/nr.10. 003.200
July 31
9,983,089
July 31 10,796,28
July 31 19,467,24 16,029,488
497,889
555.817
June 30
Aug 31 9,839,88 8.811.103
July 31 3,446.93 3.161.033
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Prey's Yearl Inc. or Dec.
%
Monthly Summ:tries.
gurrent Yr. PreyiousY-. Inc. or Dec. %
3
Mileage Curr. Yr. Prey.Yr.
•
13,073,508 11,348,208 +1,725,300 15.15 ! November ...236,374 230,650 217.370,954 211,281,501 +36 089,45017.08
Sd week June (42 roads)
Deco nber __237,189 231,629 122,005,181 203,455,121 +16,551,06303.05
ith week June (44 roads)._ 17,171,904 14.859,700 +2,312 204 15.29
12,359,231 11.133,094 +1.123.137 11.011 January ___235,753 231,332 110,302,219 182,640,825 +27.652.39413.14'
1st week July (45 roado
2d week July (44 roads)--__ 12.546.427 10,966,342 +1,580,085 14.41 , February __236,832 231,652 202,253,493 174,159,723 +28,093.76716.15
235,925 230,511 /37,333,005 201,916,907 +32.618,00815.92
March
3d week July (43 roads)____ 12,802,686 11,4:52,364 +1,370.321 11.99
237,589 232,463 125,225,595 196,503,911 +28,620.68514.56
April
+716,550 4.29
lth week July (42 roads)____ 17,393,199 16,676,649
237,560 232,404 234,310,642 201,069.381 +33,241.26118.53
May
+903,930 7.91
1st week Aug (43 roads) __ 12,874.219 11,968,280
900,590 200,901 203,361,918 181.793,806 +23.505.11212.21
2d week Aug (43 roads)._ 13,330,857 12,132,599 +1.108.258 9.87 June
88,593
July
85,507 63.504.9.51 58,2.07,725 +5,247,228 9.02
3d week Aug (42 roads)___ 13,462,769 12,283,880 +1.178,889 9.60
81,879
78,874 62,003,137 56.405,033 +5.600,104 9.90
lth week Aug (39 roads)____ 19,312,788 16,765,742 +2,577,046 15.37 . August
a MeXicaa currency. d Cover: lines directly operated. e Includes the New Tom & Ottawa, the St. Lawrenee,& Adirondack and the Ottawa &
the
to
returns
Inter-State
Commerce Commission. t Includes Evansville di
N. Y. fly., the latter of which, being a Canadian road, does not make
Indiana itit. a Includes the Cleveland Lorain & Wheeling ity. In both years. n Includes the Northern Ohio RI-t. p Includes earnings of Stasonalty
trio-n
t InI
Atlantic
fulv
Je
1902
the
%Vise
and
Limiqville
Frankfort & Clnelnnat! from Nov. 1 1909.
and
Minn.
&
Includes
Dodge
s
Pacitia.
& Ft
kludes the Mexican International from July 1910. u Includes the Texas Central in 1910.
650
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of August. The table covers 39 roads and shows 15.37%
increase in the aggregate over the same week last year.
Fourth week of August.
1910.
1909.
Increase.
$
$
$
Alabama Great Southern
131,544
107,321
24,223
Atlanta Birmingham & Atlantic
79,245
63,093
16,152
Buffalo Rochester & Pittsburgh
345,417
271,373
74,044
Canadian Northern
354,700
253,600 101,100
Canadian Pacific
2,965,000 2,384,000 581,000
Central of Georrla
313,900
268,300
45,600
Chesapeake Fe Ohio
1 1,022,581
881,679 140,902
Ches Fe Ohio of Indiana_ _ -J
Chicago & Alton
405,616
343,558
62,058
Chicago Ind & Louisville
193,866
170,464
23,402
Cinc New On & Texas Pacific
287,335
212,560
74,775
Colorado & Southern
487,735
461,389
26,366
Denver & Rio Grande
759,900
651,600 108,300
Detroit & Mackinac
35,461
32,463
2,998
Detroit Toledo & IrontonAnn Arbor
62,981
58,446
4,535
Duluth South Shore & Atl
112,683
90,002
22,681
Grand Trunk of Canada
Grand Trunk Western
1,408,594 1,321,529
87,065
Detroit Grand Hay & Milw
.
Canada Atlantic
International ec Great Northern
28,000
258,000
230,000
interoceanic of Mexico
955,009
203,182' 51,827
Cowa Central
72,228
1,320
73,548
Louisville & Nashville
1,512,955 1,302,707 210,248
ifineral Range
22,349
1,544
23,893
Minneapolis & St Louis
118,760
117,272
1,488
klinn St Paul & S S M
) 622,870
69,804
553,066
Chicago Division
ilissouri Pacific
1,649,000 1,515,000 134,000
ilobile Ohio
324.678
207,173
27,505
lational ftvs of Mexico
1,630,066 1,321,181 308,885
Rio Grande Southern
20,306
18,854
1,452
It Louis Southkvestern
336,403
281,500
54,903
3eaboard Air Line
409,128
381,404
27,724
3outhern Railway
1,592,173 1,503,811
88,362
Vexes & Pacific
510,536
422,442
88,094
roledo Peoria & Western
46,581
40,974
5,607
roledo St Louis & Western_ _ _ _
92,007
89,594
2,413
Wabash
900,317
821,648
78,669
-Int., Rentals, &c.- -Bat, of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
Greenw & JohnsonvApr 1 to June 30
13,964
14,972
x1,187
x3,056
Jan 1 to June 30
25,865
26,017
x6,042
x6,638
July 1 to June 30
51,499
46,637
x10,932
x14,101
Decrease
- Ulster & DelawareApr 1 to June 30
63,298
58,037
3
x60,631
x30,241
Jan 1 to June 30
116,072
110,785
x7,223
x10,241
INDUSTRIAL COMPANIES.
-Int., Rentals,
-Bat. of Net Earns.Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
Atlantic City El Co___ _July
Canton Elect Co
July
Scranton Elect Co
July
Wheeling Companies_ July
4,563
3,556
10,756
1,079
5,370
2,870
8,893
683
17,023
6,214
15,624
5,315
13,512
4,799
15,092
3,939
x After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
American Rys Co _
July
382,493 348,491 2,226,588 2,043,571
cAur Elgin & Chic Ry July
182,387 167,614
921,158
845,567
Bangor Ry & Elec Co July
54,007 50,964
309,312
285,573
Baton Rouge Elec Co July
9,708
8,351
61,791
53,819
Binghamton St Ity_ July
37,330 34,910
Birm'ham By Lt & P July
216,505 183,187 1,498,110 1,276,482
Brockton & PlyStRy July
16,658
18,022
66,098
73,158
Cape Breton.Elec Co.. July
28,876 26,616
157,451
135,345
Carolina Pow & LtCo July
16,811
17,421
120,259
106,613
Central Penn Trac_ _ _ tuly
82,373 73,630
476,120
431,737
Cleve Painesv & East July
41,880 38,026
195,459
174,456
Dallas Electric Corp.. July
117,270 103,340
799,552
710,929
Detroit United' Ely.. _ 3d wk Aug 192,163 170,492 5,866,075 4,924,077
Duluth-Superior TrCo July
103,532 91,658
615,174
544,149
East St Louis & Sub_ July
210,844 170,250 1,330,197 1,127,467
El Paso Electric
July
49,351 46,362
358,589
329,927
Fairm & Clarks Tr Co July
57,488 43,589
327,264
255,881
Ft Wayne & Wabash
Total (39 roads)
19,342,788 16,765,742 2,577,046
Traction
Valley
Co
125,266
June
115,981
723,618
648,655
increase
let
(15.37%).
0,000,000
Galv-Hous Elect Co.. July
122,097 109,747
731,227
682,473
Grand Rapids Ry Co.. July
113.005 98,749
643.828
578,558
Havana Electric Ry_ Wk Sept 4 44,807 42,430 1,456,125 1,358,518
Net Earnings Monthly to Latest Dates.-The table fol- Honolulu Rapid Tran
June
& Land Co
37,866
34,689
221,557
197,684
lowing shows the gross and net earnings of STEAM railroads Houghton
Co Trac Co July
30,036 30,653
181,031
180,768
and of industrial companies reported this week:
Illinois Traction Co.... May
472,255 423.618 2,365,774 2,101,518
-GrossEarnings--NetEarnings
46,905 39,300
330,376
- Jacksonville Elect Co July
273.430
Kans City Ry& Lt Co fuly
Previous
Current
Current
623,492 564,048 4,245,500 3,879,413
year
Previous
Lake Shore Elec Ry_ Tuly
Roads.
Year.
Year.
Year.
132,032 121,185
658,760
595,862
Maw El By & Lt Co_ July
397,372 356,906 2,646,845 2,372,759
$
Milw Lt
& Tr Co_ _ July
126,206 113,336
583,300
499,314
Ala Tenn & Nor _b
6,889
4,795
July
3,399
2,409 MontrealHt
Street By.... •July
398,847
345,573 2,464,205 2,202,474
Bridgeton & Saco Riv_ _July
5,224
5,8952,149
2,839 Nashville By ec Light July
144,548 140,887 1,032,501
972,590
Ncw Orleans Ry& Lt July
Central New England_ b487,541 465,416 3,648,092 3,508,400
803,304
678,934
Apr 1 to June 30
324,623
262,020 227,011 1,349,355 1,200,954
232,563 North Oh o Trac & Lt July
1,487,208 1,270,532
Jan 1 to June 30
628,840
125,943 109,212
695,868
803,563
462,706 North Texas Elec Co_ July
3,022,719 2,530,212 1,289,487
July 1 to June 30
185,388 162,425 1,460,334 1,354,267
931,029 Northwest Elev Co_ _ August
Portsm Tr Co May
&
Norf
160,492
151,598
765,607
759,018
Chesapeake & Ohio_ b_ _July d2,688,695 2,410,007
d975,538
975,188 Oklahoma City Ry_ _ May
53,861
37,533
227,916
149,144
July 1,170 092 1,080,688
Chicago & Alton_a
s327,582
s359,594 Paducah Tr & Lt Co.. July
21,577
19,152
Chic Burl & Quincy_b July 7,087,571 6,825,808 1,649,157 2,037,416 Pensacola Electric Co July
24,235 23,461
152,023
140,196
Port(Ore)Ry,L&P Co July
490,724 424,816 3,136,336 2,697,593
Chicago Great West_ b_ _July
951,457
865,024
233,807
177,921 Puget Sound Elec Co.. July
182,986 184,531 1,110,740 1,036,548
Chic Milw & St P_ b_ _ ....July 5,341,536 5,210,458 1,567,987 1,645,317 Rio de Janeiro Tram
Ch Milw Fe Pug Sd_b_July 1,142,072
Light & Power.._ _ _ July
569,317
980,339 655,665 5,353,909 4,291,544
Aug 1 to July 31
11,907,776
St Joseph (Mo) By Lt
6,060,161
Heat & Power Co_ _ Tuly
584,942
543,997
91'1,928 85,393
Chic & Nor West_b_ _ _ _July 6,404,222 5,896,270 1,964,691 1,924,842
Sao Paulo Tr Lt &P.. July
243,615 194,402 1,631,040 1,382,572
Chic St P Minn & Om_ b July 1,268,955 1,123,976
367,624
337,759 Savannah Electric Co July
59.140 55.812
359,715
348,364
Del Lack & West_ b_ ___July 3,007,936 3,168,225 1,251,428 1,577,233 Seattle Electric Co
July
459,059 592,587
Sou Wisconsin Ry Co July
16.909
15,41).1
92,508
102,187
Grand Trunk of CanadaTampa Electric Co_ _ July
51,507 47,172
340,678
363,890
Grand Trunk Ry_ __ _July 2,538,366 2,720,373
711,482
710,509 Toledo Rys & Light_ July
Grand Trunk West_ _July
394,186
470,590
58,393
120,202 Twin City Rap Tran_ 3d wk Aug 239,621 226,565 1,700,500 1,528,054
151,261 145,089 4,712,922 4,320,440
121,176
Det Cr Hay & Milw_ _July
150,375
973
27,009
El By
126,529
July
Canada Atlantic
149,401
def9,733 def10,220 Underground
of LondonJuly 5,792,462 5,314,938 2,093,977 2,247,758
Great Northern_ b
Three tube lines_
Wk Sept 3 110,730 110,890 1446,740 1441,090
Greenw & Johnsonv_ bMetropolitad Dist.. Wk Sept 3 19,457 19,069 1375,222 1342,066
31,050
30,093
United Tramways.. Wk Sept 3 16,754
Apr 1 to June 30
14,571
16,802 1224,355 1215,062
12,270
62,320
56,518
Jan 1 to June 30
31,327
232,318 225,527 1,66:1,338 1,573,328
26,897 Union Ry,G& ECo(111) fuly
124,045
111,821
July 1 to June 30
61,363
618,635 621,753 4,373,496 4,190,658
55,893 United RRs of San Fr July
Whatcom CO Ry & Lt July
233,039
32,660 34,485
223,514
July 4,711,570 4,330,861
Illinois Central_a
939,083
387,570
Mississippi Central_ b_ _ _July
57,565 75,713
35,504
18,923
c These figures are for consolidated company.
910,984
929,664
Nashv Chatt & St L_b_ _July
220,301
221,414
Electric Railway Net Earnings.-The following table gives
Northern Pacific_ b
July 6,247.337 6,697,979 2,482,671 2,975,088
the returns of ELECTRIC railway gross and net earnings
Pacific Coast Co
734,582
July 815,604
198,700
196,617
Rock Island Lines_b
July 5,310,938 5,416,601 1,368,271 1,756,885 reported this week. A full detailed statement, includine5 all
Texas & Pacific_ b
July 1,133,016 1,018,727
79,620
138,082 roads from which monthly returns can be oltained, is given
Jan 1 to July 31
8,563,692 7,636,895 1,522,194 1,278,902 once a month in these columns, and the latest statement of
Tol St L ec West_a
July
288,342
304,202
p99,322 this kind will be found in the issue of Aug. 27 1910. The
p93,150
Tombigbee Valley_ b_ _ _July
7,405
6,404
3,074
2,299 next will appear in the issue of Sept. 24 1910.
Ulster & Delaware_ b-Gross Earnings--NetEarnings
Apr 1 to June 30
340,759
276,207
121,529
86,473
Previous
Current
Previous
Current
Jan 1 to June 30
494,690
460,449
119,629
120,569
Roads.
Year.
Year.
Year.
Year.
671,618
Yazoo & Miss Vall_a_ July
643,930
54,005 def59,997
$
$
$
$
Bangor By & Elec Co_ b_July
28,369
30,963
54,007
50,054
INDUSTRIAL COMPANIES.
Binghamton StreetRy_ _July
17,568
18,471
37,330
34,910
-GrossEarnings--NetEarnings
Penn
Central
23,037
Trac
30,112
Co_
_
_July
82,313
Current
73,630
Previous
Current
Previous
Jan 1 to July 31
108,788
135,727
Companies
476,120
Year.
431,737
Year.
Year.
Year.
$
$
$
Kans Cy By ec Lt Co_b_July 623,492
$
234,556
242,523
564,048
486,131
June 1 to July 31
474,226
Atlantic City El Co.. _ _ _July
1,240,756 1,120,843
37,716
32,063
21,586
18,883
207,302
179,526
466,416
Canton Elect Co
487,541
July
19,643
16,063
9,770
7,669 New Orleans Ry & Lt __July
Jan 1 to July 31
3,648,092 3,508,400 1,693,833 1,501,317
Scranton Elect Co
July
45,309
48,046
26,381
23,986
Lake Shore & Nob Syrac
Wheeling Companies.... _July
12,626
10,371
6,395
4,623
25,216
Apr 1 to June 30
18,016
60,954
88,179
30,062
Jan 1 to June 30
23,355
99,466
148,640
a Net earnings here given are after deducting taxes.
108,560
to
June
1
30
July
203,411
66,791
344,449
b Net earnings here given are before deducting taxes.
106,543
Union Ry,G & E(I11).1).July
113,460
225,527
232,318
d Includes Chesapeake & Ohio By. Co. of Indiana in 1910.
710,819
776,438
Jan 1 to July 31.
1.683,338 1,573,328
p Miscellaneous charges to Income amounted to $9,022 in July 1910.
against $14,481 last year.
s After allowing for miscellaneous charges to Income for the month of
a Net earnings here given are after deducting taxes.
July 1910, total net earnings were $294,866, against 5323,925 last year.
b Net earnings here given are before deducting taxes.
-
Interest Charges and Surplus.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net EarnsCurrent
Current
Previous
Previous
Roads.
Year.
Year.
Year.
Year.
$
$
$
b
Bridgeton & Saco Riv__July
598
635
1,551
2,204
Central New EnglandApr 1 to June 30
561,006
495,678xdef227,212zdef248,629
Jan 1 to June 30
083,825
627,413 xdef28,843xdef132,649
July 1 to June 30
937,791
867,811
x414,881
x120,066
Chicago Great Western_July
194,195
288,122
x47,968xdef106,729
Roads.
-Int., Rentals, &C- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year
Year
Year
Year.
Bangor By & Elec Co_ _ _July
13,651
Binghamton Street By.. _July
9,130
Kans City By & Lt Co._July
186,715
June 1 to July 31
372,147
New On By & Lt Co_ _ _July
176,272
Jan 1 to July 31
1,236,300
13,223
8,956
172,039
343,792
172,187
1,208,023
17,312
9,341
55,808
113,984
31,120
457,533
15,146
8,612
62,517
130,434
7,334
383,294
SEPT. 10 1910.1
651
THE CHRONICLE
EARNINGS AND EXPENSES.
-Int., Rentals, Bec.- Bal. of Net Earns.
Previous
1907-08.
Current
1908-09.
Previous
1909-10.
Current
Year.
Year.
Year.
Year.
Operating Revenues14,786,744 12,774.852 11,883,395
$
$
Passenger
$
44,909,137 42,341,651 40,426,880
Freight
Syrac Lake Shore & Nox10,751 Mall, express, &c
4,622,346
4,780,960
3,029 xdef.2,716
5,151,013
28,052
Apr 1 to June 30
xdef.98
23,942 zdef.25,370
55,573
Jan 1 to June 30
x16,997
x3,120
54,883
64,846,894 59,897,463 56,932,621
Total operating revenue
105,587
July 1 to June 30
Expenses-44,113
38,754
69,347
67,789
Union By, G Fo El (III) __July
6,451,588
7,288,603
8,472,825
323,667 Maintenance of way and structures
259,555
452,771
460,264
Jan 1 to July 31
7,079,429
7,270,774
7,724,569
Maintenance of equipment
z After allowing for other income received.
1,281,683
1,334,006
1,122,710
Traffic expenses
26,347,283 21,764,471 21,346,549
Transportation expenses
1,004,120
1,073,385
1,123,610
General expenses
Roads.
ANNUAL REPORTS.
Annual Reports.-An index to animal 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 Aug. 27. The next will appear in that of Sept. 24.
Chicago Milwaukee & St. Paul Ry.
(Report for Fiscal Year ending June 30 1910.)
President A. J. Earling, Aug. 1910, wrote in substance:
44,790,997
Total expenses
(69.07)
P. c. operating expenses to earnings_
20,055,897
Net operating revenue
38,731,238
(64.66)
21,166,225
37,163,369
(65.28)
19,769,252
INCOME ACCOUNT.
Note,-Owing to changes in classification, the comparsons with 1907-08
are inaccurate, especially as to "other income."
In figuring the amounts of "other income" in 1908-09 and 1007-08,
we have deducted the items of "hire of equipment" and "rentals",
in order to make proper comparison with the results shown in the report
for the recent year. While, therefore, some items and the footings differ
from those given in the pamphlet reports of previous years, the final results
remain unchanged.
1907-08.
1908-09,
1909-10.
Receipts20,055,897 21,166,225 19,769,252
Net operating revenue
373,955
a207,620
179,683
Outside operations, net
20,263,517 21,345,908 20,143,207
Total net revenue
General Results.-The total operating revenues were $64,846,894-an
2,304,962
2,529,373
2,428,676
Increase of $4,049,430 as compared with the previous year. The revenue
in- Taxes
from freight traffic was $44,909,136-69.26% of total revenue-an
carried
17,734,144 18.917,232 17,838,245
crease of $2,567,486, or 6.06%. The number of tons of freight
Operating income
804,880
increased 3,199,211 tons, or 11.63%.
Divs. on Milw. Ld., &c., stk. owned_
The following classes of commodities show an increase: Products of Int. on Ch. M. & Pug.Sd, bonds owned 6,059,496
655,797
5895,067
50,686
Other
mines, 1,834,424 tons; products of forests, 140,417 tons; manufactures,
income
(net)
1,157,112 tons, and commodities not specified, 298,452 tons. There was
35,493,587 18,967,918 18,494,042
a decrease in products of agriculture of 113,852 tons and in products of
Total
animals of 117,342 tons. Agricultural products (5,754,165 'tons) comDeduct5,916,760
5,855,717
prised 18.74% of the total tonnage, as compared with 21.34% last year.
6,651,215
Interest on funded debt
The revenue from passenger traffic was $14,786,744, an increase of Interest on European loan
160,589
3,495,373
5,806,780
$2,011,892, or 15.75%. The number of passengers carried one mile in- x Divs. on preferred (7%)
8,115,233
5,817,381
6,966,743
creased 16.74%, the revenue per passenger per mile was 1.879 cents-a x Divs. on common (7%)
8,116,220
decrease of .016 cent, or .84%; the average miles each passenget was
carried was 44.68 miles-an increase of .51 mile,. or 1.15%.
23,043,257 18,629,240 15,229,514
Total deductions
of
increase
an
3,264,528
The operating expenses for the year were $44,790,997,
Balance, surplus
338,678
x2,450,330
$6,059,758. There was an increase in maintenance of way and structures a Outside operations, net--sleeping, parlor and dining cars, elevators,
of $1,184,223; maintenance of equipment of $453,794; transportation exin
decrease
hotels and restaurants In 1909-10-Include: gross, $1.658,887; expenses,
penses of $4,582,812 and general expenses of $50,224, and a
$1,451,267; net, as above, $207,620. b Other income, net ($895,067)
traffic expenses of $211,295.
Interest on other securities,
During the year 37 steel bridges, aggregating 4,411 feet in length, were in 1909-10 is made up as follows:
and
loans and accounts and other miscellaneous income, $2,589,175; less hire
built-replacing 3,081 feet of wooden bridges, 964 feet of iron bridges
366 feet of embankment; and 433 wooden culverts were replaced with iron. of equipment, $1,416,490; U. S. Government excise tax, $126,489; proAbout 2.0 miles of pile bridges were filled with earth, 106 bridges having portion of discount on general mtge. 4% bonds, $3,165,and rents (amount
been completely filled and 53 reduced in length by filling.
paid in excess of amount received) $147,964. See note above at the head
Reports of the Chicago Milwaukee & Puget Sound By. Co., the securities of income account. x Out of the surplus ($18,681,783) for the late fiscal
of which-excepting one share of stock held by each trustee- arc owned year, the company paid Its March and Sept. 1910 dividends of 3% on
by the Chicago Milwaukee & St. Paul By. Co., for the 11 months ending common and preferred stocks, these making the 7% above shown paid on
June 30 1910, and of the Tacoma Eastern RR. Co., the capital stock of both stocks from the earnings of the year.
which-excepting one share held by each trustee-is owned by the comGENERAL BALANCE SHEET .JUNE 30.
pany, for the year are submitted separately.-[See other pages, Ed.).
1908.
1909.
Second Track, &c.-Work is in p.ogress on additional second main track
1910.
$
on the La Crosse Division. about 44 miles: on the River Division, about 46
$
$
Assets280,828,179 274,468,163 264,860,733
miles, and on the Prairie du Chien Division, about 7 miles.
Road and equipment
and
for
grades
year
the
of
reduction
There has been expended during
105,470,166 20,020,423
146,952,866
Bonds
owned
stocks
and
1,688,246
improvement of alignment at sundry points the sum of $117,751, which has Due from agents and conductors_ __ _ 2,601,950
1,901,997
been charged to capital account.
Due from transportation companies ..
2,847,838
2,543,377
Rolling Stock.-On June 30 1909 there was at the credit of equipment
2,598,055
and
balances
miscellaneous
424,786
replacement account the sum of $1,123,137. During the year 411 cars of
142,885
143,089
Due from U. S. Government
various classes were destroyed, sold or taken down. The original cost of Materials and fuel
6,127,702
7,359,457
6,325,634
these cars and a certain percentage of the total cost of equipment, aggre- Bills receivable_
61,080,369
gating $1,002,475, has been credited to the replacement accounts. There Advances to other companies
2.554,355
19,404,315 20,232,355
has also been credited to the replacement accounts $888,709 p:evtously Bonds of company on hand
28,636,000 26,739,000
7,512,000
charged for new equipment, and there has been charged to these accounts Preferred stock in treasury unsold__ _
343,000
343,000
402,200
*--2-10;800
the sum of $802,518 previously credited for equipment destroyed, sold Common stock in treasury unsold_ _ _
402,200
or taken down. The equipment replacement accounts have been discon- MIL & Northern bonds in treasury__ _ 1,089,000
1,089,000
1,089,000
1,532,055
tinued and the account of reserve for accrued depreciation has been opened. Renewal and improvement fund
'
430,164
557,964
407,577
The balance of this account June 30 1910 ts $2,211,803, which represents Sinking funds
1907.
of
30
rolling
stock subsequent to June
63,000
the estimated depreciation
U. S. Trust Co., trustee
8,393,551
1,869,470
5,539,540
Capital Expenditures.-These aggregated $6,379,879 (credits, $19,863): Cash
$258,031 Insurance department
Additional equipment_ _ _$1,128,401 Sundry lines
10,000
1,740,325
1,830,801
65,234 Reducing grade & imp. line 117,751
Real estate, Minneapolis_
1,421,019 Other add'ns & betterm'ts 3,389,443
Second main track
498,286,416 443,499,804 379,060,367
Total assets
and
Account.
Improvement
renewal
-The
to
amount credited
Renewal and
Liabilities-improvement account to June 30 1910 was $11,426,758; interest received Stock, common
116,348,200 116,348,200 83,377,900
on balances, $1,101,467; total, $12,528,225. The unexpended balance Stock, preferred
116,274,900 116,274,900 49,976,400
the
$4,544,681,
having
expenditures during the year
on June 30 1910 was
177,534,500 143,593,500 125,679,500
debt
Funded
aggregated $7,983,544, as follows:
65,179,006
Subscriptions to capital stock
bridges
$2,829,739
of
Replacement
$1,725,765
tracks
of
Elevation
loan of 19101'14,655,631
European
of
Installments
244,526
Improvements at shops__
393,853 Sinking funds
Imp.at Western Ave.,Ch1c.
407,577
430,164
557,964
612,713 Equipment replacement fund '
Escanaba docks and term. 1,277,612 I Additional weight of rails..
247,158
1.123,137
89,461 Insurance department
448,837 Additional ties
Change of gauge
1,740,325
1,830,801
235,944 Bills payable
125,093 Miscellaneous
Flood damage (Kan. City)
4.000,000
Capital Stock.-No capital stock has been issued during the year. The Renewals and improvement fund_ __ _ 4,544;681
5,807,199
1,532,055
total amount of capital stock at the close of the year is $232,623,100. Of Reserve for accrued depreciation_
2,211,803
this amount $99,492,800 was Issued to provide funds for the construction Pay-rolls, vouchers, due transportaand equipment of the lines of the Chicago Milwaukee & Puget Sound By.
7,323,256
7,573,476
tion companies and miscellaneous_ 6,587,557
Co. and $277,200 is held in the treasury. •
2,695,542
2,648,009
3,193,838
Interest accrued, not due
Bonds.-The funded debt has been increased during this fiscal year by income account
47,960,895 42,641,973
50,546,541
$26,897,000 of general mortgage bonds and $28,000,000 25-year.4% gold
848,
1675),
bonds (V. 88, p. 1559, 1279, 1596, 1667; V. 90, p. 108, 771,
498,286,416 443,499,804 379,060,367
Total liabilities
and it has been decreased $20,956,000 by underlying bonds retired and
the sale hi
canceled. [Since June 30 1910 the company has completed debentures.
* The amount of the European loan is 250,000.000 francs, payable in
France of $50,000,000 (250,000,000 francs) of 4% 15-year
installments. Balance will be paid during the current year.---V. 91, p. 38.
None of the debentures Is convertible into stock, statements to the contrary notwithstanding. See V. 90, p. 1424, 1489, 1551; V. 91, p. 38.-Ed.]
Chicago Milwaukee & Puget Sound Ry.
The amount of bonds at the close of the year is $177,534,500. Deducting
the $28,000,000 of bonds feferred to above, which were issued to provide
for Eleven Months ending June 30 1910.)
(Report
Co.
Ry.
funds to be advanced to the Chicago Milwaukee & Puget Sound
for the construction and equipment of its lines, and bonds in the treasury
This subsidiary of the Chicago Milwaukee & St. Paul Ry.
or due from trustees amounting to $29,725,000, the remainder is $119,809,500.
Co.(see above) reports through its President, H.R.Williams,
The treasury bonds, which on June 30 1909 stood at $27,828,000, were
increased during this fiscal year by $20,956,000 general mortgage bonds for substantially as follows:
•
underlying bonds paid and canceled and $5,941,000 for additions and imMiles of Track.--The company was operating June 30 1910 1,830.55
provements to property to Dec. 31 1009; $25,000,000 general mortgage 4% miles, as follows:
trustees
during
from
the
sold
year; bonds in the treasury or due
bonds were
Owned Owned TrackThese treasury bonds represent
Total.
June 30 1910 amount to $29,725,000.
Folely. Jointly. age.
1,401.20 26.22 35.24 1,462.66
actual expenditures for extensions, improvements, additional property and Main track
3.28
underlying bonds paid and canceled.
Connection tracks
364.61
8.23
5.11
351.27
OPERATIONS.
Yard tracks, sidings and spur tracks
1907-08.
1909-10.
1908-09.
1,755.75 31.33 43.47 1,830.55
Total miles of track
7,409
7,512
7,512
Miles operated, average
The lines of the road are located as follows: South Dakota, 91.86 miles;
Equipment-a794.41 miles; Idaho, 97.72 miles;
Montana,
miles;
1.151
102.50
1,199
North
1,149
Dakota,
Locomotives
1,109 Washington, 340.93 miles.
1,111 .
1,103
Passenger equipment
46,648
46,474
46,173
During the 11 months nine branch lines (aggregating 595.3 miles Ed,)
Freight and miscellaneous cars
have been under construction: (1) Moreau Line, Moreau June., S.D., 3.8
Operations17,613,549 15,261,551 14,234,127 miles west of Mobridge, S. D., southwesterly and westerly to Isabel,
Passengers carried
674,072,186
619,468,248
S.
D. 58.4 miles. Regular service established May 31. (2) Cheyenne
786,916,546
mile
one
carried
Passengers
1.918 cts. Line,'
1.895 cts.
Cheyenne Junction, S. D., a point on the Moreau line 25.7 miles
1.879 cts.
Rate per passenger per mile
30,698,915 27,499,704 26,189,853 from Mobridge, southerly and westerly to Faith, S. D. 106.1 miles. This
C Freight (tons) carried
54,980,486
55,051,527
be completed about Nov. 1. (3) Cannon Ball line, McLaughlin,
line
will
55,326,908
one
mile
carried
C Freight (tons)
0.812 cts. S. D., northwestelly to New England, N. D., 133.7 miles. This line will
0.838 cts.
0.843 cts.
Rate per ton per mile
274 be completed about Oct. 1. (4) St. Mantes line, St. Merles, Idaho, south274
276
Average revenue train-load (tons) _
$0.8823 easterly through Bovill, Idaho. to Elk River, Idaho, 71.7 miles. This line
$0.9235
$1.0217
Earnings per passenger train mile_ _ _
$2.2208 was finished about June 30. (5) Coeurd'Alene line, being built by esub$2.2929
$2.3233
Earnings per freight train mile
$7,592 sidiary corporation, the Idaho & Western By. Co., extending from Dish$7,974
$8,633
Earnings per mile of road
mans, in the suburbs of Spokane, Wash., easterly to Coeur d'Alene, Idaho,
•
-This line will be completed about Dec. 15. (6) Warden line,
a Includes narrow-gauge equipment. b Three ciphers (000) omitted. 25.8 miles
Warden, Wash., northeasterly to Hamlin, Wash., 47.5 miles. Will be
c Revenue freight only.
•
652
THE CHRONICLE
.completed about Sept. 30. (7) Everett line, Moncton, Wash., northwesterly to Everett. Wash., 57.8 miles. Will be completed about April 1
1911. (8) Enumclaw line, Iolanthe, Wash., southerly to Enumclaw,
Wash., 13.1 miles. Will be completed about Sept. 30. (9) Grays
.line. McKenna, Wash., on the Tacoma Eastern RR., westerly toHarbor
Grays
Harbor, Wash., 81.4 miles.
The last-named line was built from McKenna to
Wash., 33.3
miles, by this company, and from Portoia to Gray'sPortola.
Harbor, 48.1 miles,
t will be built jointly with the Oregon & Washington RR. Co., construction
work being in charge of that company. The line will be completed
to
Cosmopolls, Wash., 72.3 miles from McKenna, Wash., about
Aug. 15,
but the construction of the bridges across the Chehalis and Hoquiam
rivers
wIl delay the completion of the line between Cosmopolis and
Grays Harbor
for several months.
I January 1910 the property of the Montana RR. Co., Lombard
to
Le.vistown, in Montana, was deeded to this company, and the
operations
of said line since Jan. 1 1910 are included in this report.
(Vol- La xxxi.
Vice-Pres. and Gen. Mgr. J. E. Childs says:
General Results.-The gross earnings for the year show an increase of
$288,613, or 3.48%; the working expenses an increase of 8239,045, or
4.24%; and the net earnings, after deducting taxes, an increase of $19,512,
or 0.81%. The surplus, after deducting fixed charges, rentals. &c., was
$1,312,797, a decrease of $30,330, or 2.26%.
The differential freight rates which this company has Used almost
tinuously since 1888 were withdrawn on March 15 1910. Since that condate
the rates have been on what is called the "standard" basis. The change
has resulted in a large loss of traffic.
The earnings from the transportation of coal were $3,903,739, compared
with $3,875,583 in the previous year, an increase of 528,156, or 0.73%.
The number of gross tons of coal transported from the Scranton Division
(exclusive of supply coal for company's use) was 2,867,869, compared with
2,847,040 in previous year, an increase of 20,829, or 0.73%.
The total output of anthracite coal from the entire field for the calendar
year 1909 was 61,969,885 tons, a decrease of 2,695,129 tons, as compared
TRANSPORTATION STATISTICS Foil 11 MOS.END. JUNE 30 1910. with
previous year.
Milk Tonnage and Revenue.
Miles run: Freight trains, 2,850,159; passenger trains, 1.156,952:
total revenue trains
190.
1909
Inc.
4,007,111 Tons of milk carried one mile
Revenue freight: total tons, 1,537,883; total one mile
24,127,730 23,150,111 4.22%
915,972,804 Revenue from transportatio
n of milk
Tons Of company freight carried one mile
$766,153
$734,115 4.36%
186,777,810
Double-Tracking.-Second track on the Scranton Division between
'Tons of freight per freight trAin mile: Revenue , 321.38; cornStarlight and Winwood, 4 miles, Is nearly completed, and will be in use in
pany freight, 65.53; total
386.91 October. Work
Is now progressing on second track between Poyntelle
1verage revenue per ton of revenue freight per mile
1.046 cts. Summit and Pleasant
Mount, 8 miles, and It Is expected will be completed
Average distance haul of each ton of revenue freight (miles) _ _
595.61 before Dec. 31.
Average revenue from freight per freight train mile
53.3621
.Average number of freight cars per train: Loaded, 19.526;
OPERATIONS AND FISCAL RESULTS,
empty, 5.116; total
24.942
1909-10.
1908-09.
1907-08.
Passengers carried, 568,812; passengers carried one mile
39,816,840 Miles operated
546
546
546
Passengers carried per passenger train mile
Operations34.42
Average distance travelei by each passenger (miles) ______
Passengers
carried, number
70.00
2,148,972
2,065,411
2,005,932
Average revenue from passengers per passenger train mile_
86.04 cts. Passengers carried 1 mile
85,364,944 80,502,224 85,876,600
keommodlties transported -Manufactures, tons
329,737 Rate per passenger per mile
1.865 cts.
1.869 cts.
1.799 cts.
Products of agriculture (wheat, 06.192 tons), tons
5,680,781
184,544 Freight carried (tons)
5,731,588
5,580,715
Products of animals (live stock, 100,968 tons), tons
837,672,900 820,057,230 740,482,852
112,710 Freight (tons) carried 1 mile
Products of mines (bituminous coal, 187,802 tons), tons_ _ _
Rate
per
ton
per
mile
0.794 cts.
252,321
0.787 eta.
0.845 cts.
Products of forests (lumber, lath and shingles, 391,247 tons),
Average train-load (tons)
281
278
276
tons
457,714 Earnings per freight train mile
$2 14
$2 10
$2 24
Commodities not specified, tons
Earnings
passenger-tra
per
in mile
200,857
$1 0498
50.9940
$1.0384
Total tons transported
1,537,883 Gross earnings per mile
$15,716
$15,187
$14,878
Equipment, June 30 1910.-Locomotives, 368; cars in passenger service;
INCOME ACCOUNT.
108; cars in freight service, 10,895; caboose cars, 76; work train, wrecking
1909-10.
1908-09,
1907-08.
.and tool cars, 1,146; business cars, 5.
Earnings$
.INCOME ACCOUNT FOR ELEVEN MONTHS END. JUNE 30 1910. Passenger
1,592,250
1,506,586
1,544,996
Freight
6,649,635
6,465,999
6,255,209
Average miles
1,934.24 *Outside operations (net)- $37,829 Mall and express
209,831
191,706
184,247
Freight earnings
$9,582,570 Total net revenue
127,067
125,879
$5,528,873 Miscellaneous
137,042
Passenger earnings
995,422 Taxes accrued
235,361
Malls, express, &c
Total
187,712
8,578,783
8,290,170
8,121,494
Operating ExpensesOperating income
55,293,312
'Operating revenues
Traffic expenses
$10,765,704 Hire of equipment
139,244
114,263
128,992
$648,118
Operating ExpensesInt. on bonds owned
3,191,409
3,053,897
2,824,197
560 Transportation expenses
Maintenance of way and
of equipment
Other interest
1,316,046
1,380,387
1,319,968
1,960 Maintenance
structures
Maintenance of way, &c
$459,048
1,034,459
920,196
975,194
Maintenance of equipGross corporate income_ _55,943,930 General expenses
200,994
174,408
171,977
ment
889,727
DeductTraffic expenses
Total
314,777 Rentals
5,882,147
5,643,101
5,420,328
$76,097
Transportation expenses_ 3,488,837 Interest accrued
(68.56)
(68.07)
(66.723)
3,666,667 Per cent expenses to earnings
General expenses
122,471 U. S. Govt. excise tax__ _
2,696,636
2,647,069
2,701,165
4.980 Net earnings
Outside operations deficit
36,321
43,842
37,443
Operating expenses_ __ _55,274,860
Total deductions
$3,747,749
Total net revenue
2,652,794
2,610,748
2,663,723
Net operating revenue_55,990,844
Net corporate income_ _52,196,206 Taxes accrued
189,160
211,693
167,972
Balance of Income acct., Montana RR., 5 mos. end. Dec. 31 '09_
59.234
Operating income
2,441,100
2,495,751
2,421,588
Balance for year carried to credit of profit and loss
52,255,440 Hire of equipment
53,953
*Outside operations, viz.: Sleeping and dining cars, hotels and restau- Rentals received
12,567
16,094
16,098
rants, gross, $400,683; expenses, 5362,854; net, $37,829.
Interest, &c
390,750
432,217
412,317
BALANCE SHEET JUNE 30 1910.
Gross corporate Income
2,844,417
2,849,998
2,998,018
DisbursementsAssets.
Liabilities.
Rentals paid
RR., pron. & french__ $236,333,987 Capital stock
54,357
58,259
49,779
5100,000,000
Interest
on
bonds
Bds. & stk. of 0th. cos_
957,920
960,420
958,531
572,800 Funded debt
123,000,000 Interest and discount
152,056
Stock of material & fuel
152,877
165,912
2,015,486 Chicago Milwaukee &
Rentals
255,302
Advances to other cos_ _
251,943
278,174
1,546,006
St. Paul Ity. Co
15,936,730 Hire of equipment
111,985
83,372
Due from agents
25,032
1,087,491 Pay rolls and vouchers
2,947,615
Miscellaneous balances_
1,526,963 Miscellaneous balances_
115,346
Totals
1,531,620
1,506,871
Due from U. S. Govt._
1,477,429
5,071 Profit and loss_
•2,619,086
Balance
Cash on hand
1,525,972
1,312,797
1,343,127
1,520,589
Deduct dividend on preferred stock
210
210
210
Total
$249,613,776
Total
$214,613,776 Deduct dividend on common stock (2%)1,162,118
1,162,112
1,162,098
• After adding $358,648 balance of profit and loss account of Montana
1,162,328
1,162,322
1,162,308
RR. July 31 1909.-V. 89, p. 1482.
Surplus for the year
150,469
180,805
358,281
BALANCE SHEET JUNE 30.
Note -Comparison of items with 1909 figures are inaccurate in many cases, owing
Wabash Railroad.
to changes prescribed by Inter-State Commerce Commission in form of balance sheet.
(Preliminary Report for Fiscal Year ending June 30 1910.)
1910.
1909.
1910,
1909.
AssetsLiabilities$
Revenue1910.
1909.
1908.
1907,
Road and equipCommon stock... 58,113,983 58,113,983
Freight
519,473,372 517,176,709 517,103,693 $18,465,286
ment
079,162,387 78,655,435 Preferred stock_
4,000
4,000
Passenger
7,075,314
6,395,775
6,470,678
6,891,289 Securities of proMtge. bonds
23,948,000 23,048,000
Mall, express, &c
2,337,370
2,295,549
2,165,702
prietary, affill2,075,898
Coll, trust bonds 2,375,000 2,825,000
ated and conLooms & bills pay_ 944,895
449,400
Total
$28,886,056 525,868,033 525,740,074 $27,432,473
trolled cos ____b11,001,778111,464,837 Traffic balances
99,638
245,864
Operating expenses
20,536,223 18,757,185 18,843,748 18,554,131 Bilscell. investm's_
1058851
Vouchers & wages 2,217,2171 2,224,104
Adv. to other cos.
40,061
40,081 Operating reserve_
164,6181
Net operating revenue $8,349,833 $7,110,848 $6,896,326 $8,878,342 Cash
781,496 1,178,156 Matured Int., div.,
Taxes
851,324
809,636
727,470
883,551 Traffic balances
1,162,139
967,122
& rents unpaid_
47,3141. 292,977
Loans & bills rec_
117,324 Int., (Hy's. & rents
10,374
Operating Income_
57,498,509 $6,301,212 $6,168,856 $7,994,791 Material & suppl's 906,270
801,207
accrued
325,1561
Other Income
874,172
1,137,445
878,504
571,911 Profit and loss_ _ 5,893,139 5,706,795
942,527 Other work. assets 930,655
Deferred debit items 31,915
16,070
Total income
$8,372,681 $7,438,657 $7,047,360 $8,937,318
------Interest, rentals, &c
7,826,963
7,597,916
6,830,494
8,475,654
Total
Total
94,132,960 93,810,123
94,132,960 93,810,123
includes
$79,162
a
Road
investment
and
387,
equipment in 1910,
to June 30 1907,
Balance, sur. or def_sur.$545,718 def.5159,259 sur.$216,8136 sur.$961,669
$76,822,930 (road $69,856,569 and equip neat $6,966,361); Investment since June
-V. 91, p. 277. 39.
301907,82,766,263 (road 51,772,904, equipment $974,459,and general expenditures
$18,900); less reserve for accrued depreciation (equipment), $426,806.
b Securities of proprietary, affiliated and controlled companies include pledged
New York Ontario & Western Railway.
stocks, $1,895,000, and funded debt, $4,975,000; also unpledged stocks, $417,138
(Report/or Fiscal Year ending June :30 1910.)
funded debt $3,570,000 and miscellaneous investments $144,640.-V. 91, p, 393,39
Pres. Thomas P. Fowler, Aug. 31, says in substance:
• Dividend.-The board recently declared a dividend of 2% upon the
common stock, which was paid to stockholders Aug. 15.
Bonds.-There has been no increase of funded debt during the year,
and, In fact, no issue of bonds has been made singe Feb. 1907, although in
the interval extensive additions have been made to the property which
have been financed temporarily out of current funds and bank loans. It is
proposed to reimburse the treasury and liquidate the floating debt Incurred
by an Issue of general mortgage bonds in such amount as the board may
deem necessary when authorized by the Public Service Commission. [An
issue of $12,000,000 general mortgage bonds was authorized in 1909, of
which $3,948,000 are outstanding.-Ed.)
Extension,(U.-The extension of the Capouse branch (a distance of 4'6
miles) to a connection with the Lehigh Valley RR. near Scranton, Pa.,
was completed during the year, and recently (on June 15) opened
for
traffic. A considerable amount of second track on the Scranton Division
has been laid, and a large coal storage plant at Cadosia is also under
construction. The second track on the Scranton Division will have to
pleted to Cadosia in order to secure efficient and economical trainbe comment, and it is hoped that before the close of the fiscal year themovework
may be finished and a double-track line thus provided from the anthracite
coal field to tide water.
Equipment Trust.-14 additional locomotives, 500 coal cars of 40 tons
capacity and 7 passenger coaches were purchased for delivery during the
present summer, their cost being in part provided by an issue of car
trust
Certificates to the amount of $720,000, bearing interest at 4% per annum,
and maturing within 10 years from date, in 20 semi-annual Installments
(V. 90. P. 977).
Texas Central Railroad.
(Report for Fiscal Year ending June 30 1910.)
Charles Hamilton Vice-President and General Manager,
Waco, Tex., Aug. 15 wrote in substance:
General Results.-The eighteenth annual report shows a decrease in gross
earnings of $150,205 (12.90%), a decrease in operating
expenses, including
taxes, of $191,731 (20.65%), and an increase in net earnings of $41,525
(17.57%). After deducting interest and other charges and dividends
(566,225) on pref. stock, there remains a net surplus for the year of $145,968.
In addition to above, there was expended in additions to property, and
charged direct to joroperty account, 5141,704.
Property.-The line extends from Waco to Rotan, 268 miles, with 38
miles of sidings and spur tracks. The entire main line is laid with steel
as follows: 15 miles, 77 A lbs. per yard; 51 miles, 75 lbs.; 17 miles, 80 lbs.;
75 miles, 56 lbs.; 52 miles, 60 lbs.; 58 miles, 56 lbs. Five thousand tons
of
80-lb. open-hearth steel rails were purchased in January; over 2,000 tons
have been received and are being laid, replacing 56-lb. rails. 163 miles
track are thoroughly ballasted, 138 A miles with superior gravel and 24 of
A
miles with crushed rock, leaving 105 miles to ballast; this work can be
nearly accomplished during the current fiscal year. The track is well
tied,
3,000 ties to the mile, with oak, long leaf yellow pine 90% heart,
some
treated pine ties and some cypress ties, all In good condition.
There are 96 steel spans, erected on masonry, aggregate length 5,554
ft.
the longest being 200
three combination steel and Iron spans; 36 opening.
from 10 to 18 ft., with
ft.'. wooden stringers on stone abutments; 93 woodes
653
THE CHRONICLE
SEPT. 0 1910.
pile and trestle bent bridges, aggregating 4,228 ft.; 247 substantial stone,
Iron and vitrified pipe culverts.
DeLeon-Cross Plains Branch.-We have long contemplated the construction of a branch from DeLeon, through Comanche, Eastland, Callahan,
Taylor and Nolan counties, having in view the possibility of some day
extending further west. Early in the year we promised to build to Cross
Plains, about 41 miles, and at this time the grading is about half finished
and the work is progressing rapidly. Consideration should be given to the
extension of the line from Cross Plains, about 40 miles, to Abilene, one of
the most important shipping points west of Fort Worth.
Western Extension.-Last year we began surveying for an extension of
100 miles beyond Rotan. Our engineer reports having found only one
satisfactory line, the maximum curvature of which would not exceed 9 degrees and the maximum grade not exceed 1%, which, by the way, Is the
maximum over the entire line as now constructed except 4 miles of 1 Wit,
grade between Coghills and Acampo. This extension should be taken in
hand at once in order to enable us to participate in the prosperity that is
going to follow the completion of the Santa I,e cut-off between Teak° and
Coleman and the branch therefrom running south through Lubbock, Lynn,
Dawson and Martin counties.
Coal.-It is well known that Palo Pinto, Stephens, Jack, Young and
possibly surrounding counties In that district are underlaid with a good
quality of bituminous coal, and the importance of constructinga branch into
this district is increasing every day, not only as affording a saving in the
cost of our own fuel, but for the tonnage that would be secured by the
transportation of commercial coal.
--Rolling Stock June 30- -Average Annual MaintenanceLocoPassenger Freight
Loco- Passenger Freight
Cars.
Cars.
Cars.
motives.
June 30- ?notices. Cars.
$90
$1,994
$610
322
32
30
1910
84
690
2,668
352
32
30
1909
71
452
2,186
374
29
28
1908
71
1,700
607
274
23
24
1907
OPERATIONS AND INCOME ACCOUNT.
1907-08.
1908-09.
1909-10.
Operations268
268
288
Average miles operated
246,808
314,758
284,210
Tons carried
27,977,545 33,037,911 24,937,479
Tons carried one mile
Revenue per ton per mile
2.0898 cts. 2.0980 cts. 2.2156 cts.
273,195
276,330
Passengers carried
301,211
Passengers carried one mile
13,916,282 15,464,685 14,792,857
Revenue per passenger per mile_ ..,_ _ _ _2.4810 cts. 2.5300 cts. 2.5673 cts.
$
Earnings$
$
552,534
Freight
693,158
584,673
381,593
Passenger
393,288
346,202
5,264
Sleeping car_
6,642
6,570
24,335
Mail
28,573
27,824
30,696
Express
30,241
31,997
14,495
12,579
Miscellaneous .
17,009
The following comparative table covering the past three years shows
that the loss is mainly accounted for by the disparity between the increase
in cost of raw stock and the price obtainable for finished leather.
Percentage of Cost to
Output as Selling Vol.
Years ending June 30.
1907-08. 1908-09. 1909-10. '07-08.'08-09. '09-10,
%
%
$
%
Hides and skins used, &c_ 9,180,330 10,525,224 13,299,708 63.54 60.32 72.79
Mfg. supplies and expense_ 3,342,059 3,381,313 3,432,092 23.13 19.38 18.78
1.17
1.21
1.44
209,693
214,281
*Replacements and repairs 207,430
704,869 4.02 4.25 3.87
741,903
582,985
Discounts
3.39
14.84
7.87
620,168
2,590,169
1,137,071
profit
Manufacturing
--14.449,875 17,448,302 18,271,118 100.00 100.00 100.00
Gross output
1.32
1.39
1.62
241,282
242,500
233,773
Selling expense
.10
.18
18,454
.09
32,246
13,488
*Bad debts and reserve...
1.52
1.41
1.50
278,930
245,918
216,911
General expense
.45
81,502 4.66 11.86
*Profit before Interest.... 672,898 2,069,505
----7.87 14.84 3.39
620,168
1,137,070 2,590,169
.62
.19
.33
33,231
112,760
47,257
Int.on loans less int.earned
2.80
2.94
511,500 3.54
511,500
511,500
Int. on 1st M. bonds
.84
.79
163,832
.88
137,053
Cost ot 150 bds.for sink.fd. 127,579
_
1088.11
loss 16,491
Less miscellaneous Income
Balance to surplus acct.__ 108313,438 1,404,212 1oss696,590 loss .09 8.05loss3.81
INCOME ACCOUNT OF COMPANY AND ITS SUBSIDIARIES.
1907-08.
1908-09.
1909-10.
$893,815
$314,237 $2,311,444
Trading profits
22,421
16,491
Profit on bonds purch.for sink.fd.,dcc.
Total earnings
1,014,275
Expenses and Taxes160,413
Maintenance of way and structures__ _
150,560
Maintenance of equipment
18,752
Traffic expenses
330,412
Transportation expenses
44,138
General expenses
Taxes
32,261
1,164,481
1,009,167
229,245
181,050
13,856
419,902
53,035
31,179
242,269
144,776
10,834
375,181
41,718
24,243
Total expenses and taxes
Per cent of exp. and taxes to earnings
Net earnings
Other income
736,536
(72.62)
277,739
928,267
(79.71)
236,214
839,021
(83.13)
170,146
5,327
Total receipts
Less Payments- .
Interest on bonds
Interest on current liabilities
Dividends on preferred stock (5%)_ _ New equipment and improvements_
Hire of equipment
277,739
236,219
175,474
30,615
10,396
66,225
31,000
14,491
66,225
124,272
23,731
31,000
15,534
68,225
205,849
37,282
340,357
259,719
131,770
sur.145,969 def.23,505 def.164,883
BALANCE SHEET JUNE 30.
1909.
1910.
1910.
1909.
LiabilitiesAssets5,265,504 5,123,800 First mtge. bonds__ _1,202,000 1,300,000
Property account
2,675,000 2,675,000
Stock, common
De Leon branch..__ 91,393
Bonds in treasury._ 63,000 650,000 Stock, preferred... _1,325,000 1,325,000
62,866
20,200
Stock in treasury_ _ _
26,200 Vouchers & pay-rolls 67,889
*350,860
Unadjusted claims &
Bills payable, &c
62,304
31,713
miscellaneous
24,998 Due RM.and others 67,565
10,594
Cash
13,863
7,556
1,801 Interest
33,113
Due from agents,con33,113
Dividends due
6,183
ductors, railroads
6,183
Taxes
111,955
and others
28,573
40,244 New rails & equiPm't
14,518
Materials & supplies_ 34,186
21,930 Equip% replac't, &c. 36,979
Income account._
120,533
63,922 Profit and loss
Total payments
Balance for year
5,548,125 6,952,395
Total
5,548,125 5,952,395 Total
* Bills payable, &c., in 1909 Include: Bills payable, $242,000; due Moran Bros.,
$55,470; reconstruction, $10,943; Western extension, $42,447.-V. 91, p. 590, 155.
Susquehanna Railway, Light & Power Co.
(Report for Fiscal Year ending June 30 1910.)
President George Bullock says:
After paying all fixed charges and deducting $91,669, which was the
amount sot aside for depreciation and for amortization, the surplus for
the year 1910 showed an increase over 1909 of 20%. During the year
*686,847 was authorized and expended for extensions, additions and betterments to the various properties.
The controlling interest In the stock of the Wilkes-Barre Co., which
operates the electric light, gas and steam-heating properties in WilkesBarre, Pa., has been acquired, but its earnings will not show In the Susquehanna statement until after July 1 1910. (See Wilkes-13arre Company
under "Industrials" on a subsequent page.-Ed.)
EARNINGS FOR YEAR ENDING JUNE 30.
1007-08.
1908-09.
1909-10.
Net earnings subsidiary cotnpanies
$463,315
*528,070
$677,714
accruing to Susquehanna Co
45,960
50,183
Int. and dividends on securities held_
51,717
33,432
28,989
/
Int, on loans to subsidiary cos
1,082
2,752
Interest on cash balance
18,632
7,690
2,368
Miscellaneous income
1
Total net earnings
$612,362
$748,063
DeductionsInt. on United Gas & Elec. Co. bonds
$91,076
$89,051
Int. on Lane. Co. Ity. 45.2 Lt. Co. bonds
50,000
50,000
Divs. on Un. Gas & El. Co. pref. stk.
58,605
58,605
Divs. on Lane. Co.Ry.&Lt.Co.pr.stk_
50,000
50,000
Divs. on Susq. Ry.,Lt.dcP.Co.pf.stk_ (5)204,610 (5)204,610
.
Reserve for depreciation of plant and
subsidiary
companies
equipment of
91,669
$551,479
$86,375
50,000
58,605
50,000
•131,632
$376,612
$545,959
$452,266
Total deductions
$174,867
$202,109
$160,096
Undivided surplus
of
date
since
organization.-V. 91, p. 590, 465.
• At rate of 5%
American Hide & Leather Co.
(Report for Fiscal Year ending June 30 1910.)
President Thomas W. Hall says in substance:
The unfavorable market conditions obtaining throughout the year have
so far affected the company that the year's operations have resulted in a
reduced trading profit of $314,237, which, after charging replacements.
renewals and repairs, reserve for bad and doubtful debts, interest, and the
usual sinking fund appropriation, Is turned Into a loss of $696,590.
.45
4.66 11.86
81,602
672,898 2,069,505
*Trading profits per statement is the sum of these items.
The bonds in the hands of the public at June 30 1910 amounted to $6.:
412,000, having been reduced by the acquisition for the sinking fund oi
$150,000 (b?Ing the usual appropriation) and $116,030 purchased out of
accretions to the fund; the cost of these $266,000 bonds was $270,050.
There are now *2,113,000 bonds held for the sinking fund, together with
cash and accrued interest, $43,233, making a total of $2,156,233 in the fund.
The charge to profit and loss account in respect of the appropriation for
sinking fund for the past year, together with interest on the bonds in this •
fund, has been $276,123, and, as usual, this, In conjunction with the outlay
on replacements and repairs, is considered as taking the place of any
specific provision for depreciation.
Additions, improvements and betterments added to cost of property
during the year amounted to $112,414; on the other hand, there has been
realized by sales of land, machinery, &c., $7,174, leaving the net increase
for the year $105,240.
The total current assets on June 30 1910 amounted to $10,988,857, being
a decrease of $294,163, compared with the previous year's figures. The
current liabilities were $2,306,544, an increase of $507,668. The excess of
current assets over current liabilities is, therefore, $8,682,313, being
$2,270,313 more than the total bonds outstanding, leaving In addition the
entire plant and good-will standing against the capital stocks of the co.
Total
DeductReplacements, renewals and repairs_
Bad debts and res. for doubtful debts
'Interest on bonds
All other interest
Sinking fund appropriations
$314,237
$2,327,935
$916,236
$214,281
18,454
511,500
112,759
153,833
$209,633
32,246
511,500
33,231
137,053
$207,429
13,488
511,600
47,257
150,000
$923,723
$1,010,827
$929,674
Total
Balance, surplus or deficit for year_def.$696,5£08r.$1,404,212 def.$13,438
• Includes int. on bonds in sink, fund amounting in 1909-10 to $122,290.
BALANCE SHEET OF COMPANY AND SUBSIDIARY CO'S JUNE 30.
1909.
1910.
1909.
1910.
$
$
Liabilities$
ft
Assets13,000,000 13,000,000
Cast of properties a26,519,209a26,413,969 Pref. shares
11,500,000 11,500,000
b43,233
337,161 Com.shares
Sinking fund
8,628,370 8,776,616 Ist M.6% bonds_ _d6,412,000 d6,678,000
Supplies
170,500
Interest accrued__
170,500
Bills and accounts
c1,742,524 c2,105,089 Loans payable ___ 1,800,000 1,002,505
receivable
Foreign exchange_
108,440
Sundries, claims,
296,357
12,334 Trade accounts___
160.804
259.080
30,553
&c
Wages, &c
68,801
70,435
Insurance unex71,848 Sink. fund 1st M__ 2,156,233 1,884,181
61,390
pired
2,176,521 2,873,112
317,133 Surplus
528,020
Cash
---- ------- ---37,551,299 37,734,150
Total
37,551,299 37,734,150
Total
--a Cost of properties Includes 4,517 shares preferred and 2,259 shares common
stock of American tilde & Leather Co. held in trust.
b Includes only cash and accrued int., the par value of bonds in sink.fund ($2,113,000 In 1910,agst. $1,847,000 in 1909) not being treated as an asset-see foot-note d.
C After deducting reserves of $139,214 for doubtful debts in 1910, $154,150 In 1909.
d After deducting $475,000 bonds in treasury and $2,113,000 bonds in sinking
fund in 1910, against $1,847,000 in 1909-see foot-note b.-V. 89, p. 595.
International Paper Co., New York.
(Advance Statement for Fiscal Year ending June 30 1910.)
In advance of the President's report, a statement has been
issued, signed by Asst. Treasurer Owen Shepherd, showing:
' EARNINGS, EXPENSES AND CHARGES.
1906-07.
1907-08.
1908-09.
1909-10.
$19,459,030 $18,238,477 $20,716,304 $21,841,486
Gross income
Cost of raw materials,
manufacturing, &c_ _ 17,278,255 16,456,379 17,878,134 19,000,016
$2,838,170
1,202,252
$2,841,470
1,217,853
$2,180,775
Net
Taxes, insurance dc int_ 1,163,710
$1,782,098
1,183,996
$1,017,065
Balance
Divs. on pref. stock.... (2)448.134
$598,102 $1,635,918 $1,623,617
(2)448,134 (5)1,120,335 (6)1,344,402
Surplus for year
Previous surplus
Deduct disc. on bonds__
Surplus June 30
Current assets
Curfant liabilities
$568,931
7,531,051
$149,968
7,381,083
$515,583
6,865,500
$279,215
6,661,285
$8,099,982
$7,531,051
$7,381,083
$8,940,500
75,000
$8:099,982 $7,531,051 $7,381.083 $6,865,500
WORKING CAPITAL JUNE 30.
Inc. or Dec.
1909
1910.
$11,011,637 $11,482,711 Dec. $471,074
6,083,835 Dec. 799,407
5,284,428
Current assets In excess of cur$5,398,377 Inc. $328,333
$5,727,209
rent liabilities
BALANCE SHEET JUNE 30.
1909.
1910.
1908.
Assets;45,741,424 $45,634,907 $45,569,853
Mill plants and water powers
3,532,814
3.617,787
3,697,560
Woodlands
9,957,712 10,114,532
Securities of sundry corporations_ _ _ _ 9,834,511
1,301
5,197
53,136
Sinking fund
5,700
5,700
Patents
18,432
23,238
14,626
Furniture and fixtures
751,707
774,487
815,374
Cash
3,575,287 • 3,914,513
3,110,111
Accounts and notes receivable
Inventories of merchandise on hand
5,860,257
5,061,650
and advances for wood operations_ 6,320,523
54,491
45,085
Int. and discount adjustment
1,218,190
1,720,544
Due from subsidiary companies
$70,145,910 $70,770,386 $89,134,354
Total
-
654
THE CHRONICLE
Liabilities1910.
1909.
1008.
Common stock
$17,442,800 $17,442,800 $17,442,800
Preferred stock
22,406,700 22,406,700 22,406,700
Bonds
16,912,000 17,306,000 17,560,000
Notes and accounts payable
3,608,224
4,114,811
3,842,245
Accrued Int. and water rents, not due
315,743
327,635
277,458
Due to subsidiary companies
1,248,427
1,529,356
Dividend July 15
112,033
112,033
224,087
Surplus
8,099,982
7,531,051
7,381,083
Total
$70,145,910 $70,770,386 $89,134,354
The company has certain contingent liabilities for notes endorsed and
for bonds of subsidiary companies guaranteed.-V. 91, p. 467.
•
United Dry Goods Companies, New York.
(Reportfor the Half-Year ending July 15 1910.)
President John Claflin says:
The result of the season's business under conditions not altogether favorable shows that the company's earning power is established. Our investment in the business of Lord & Taylor, which will appear in the next balance sheet, was made after careful study, and we are confident it will
prove advantageous.
INCOME ACCOUNT.
6 Mos. to 734 Mos. to
July 15 '10. Jan. 15 '10,
Net Income
$953,084 $1,176,568
Deduct-Dividends on pref. stock (334%)
366,768
350,000
Dividends on common stock
(4%)446,524(2%)211,104
Dividend and interest adjustments
7,717
Total deductions
$813,292
$568,821
Surplus
$139,792
$607,747
BALANCE SHEET.
AssetsJuly 15 '10. Jan. 15 '10
98,131 shares of the cap. stk. of Assoc. Merch. Co_ $9,813,100 $9,813,100
Net tangible assets of Hahne & Co., Powers Mercantile Co., Wm. Hengerer Co. and Stewart Dry
Goods Co., exclusive of cash
10,590,929 10,627,927
Cash of United Dry Goods Cos., Hahne & Co.,
Powers Mercantile Co., Wm. Hengerer Co. and
Stewart Dry Goods Co
2,106,610
1,568,921
Total
$22,510,639 $22,007,948
LiabilitiesPreferred stock
$10,600,000 $10,237,100
Common stock
11,183,100 11,163,100
Surplus
747,539
607,748
Total
$22,510,639 $22,007,948
During the season 3,829 shares of the preferred stock were issued to
employees at par and paid for by them.-V.91, p. 158, 42.
Associated Merchants' Company.
(Report for Half-Year ending Aug. 1 1910.)
6 Mos. to
6 Mos. to
6 Mos. to
6 Mos. to
Aug. 11910. Aug. 1 1909. Aug. 1 1908. Aug. 1 1907.
Net earnings
$656,726
$601,021
$538,663
$710,867
Dividends on1st pref. (see below). (3)139,457 (3)178,155(2 %)150,858 (3)181,725
2d pref. (see below).(334)179,175(334)178,318 (3)152,214(33)i77,583
For common stock.... $338,094
$235,591
$244,518
$351,550
DIv.on com.(see below)(434)335,214(4 %)278,082(334)214,893(434)274,092
[VoL. Lxxxxi.
sparsely settled districts, but it is believed that this Investment will yield
satisfactory returns within a short time. (2) Electric Department-Work
Is under way for the installation of an additional 5,000 kilowatt turbine
at the West Side plant, also 2,500 h. p. in boilers, &c., to take care of the
increasing demand on the company's service.
Extent of company's Service May 1 1910 and 1909.
May 1'
•May1 '10. May i'00.
Miles of main.
254.3
229.7 16 c.-p.lamps_
481,227
429,940
Gas consumers,
K. w. hours
number...
31,219
28,140
sold (year). 33,130,192 29,612,154
Gas sold (year)
Motors, No _
2,292
2,155
cubic feet_ _1,007,972,600 908,031,200 H. p. connect.
15,172
13,172
Ranges No____
24,357
21.740 Arc lamps,No_
3,299
3,182
Water heaters,
9,70
84 9 SElectric signs_
703
491
Oth.appl. con.
20,366
20,327 50 c.-p. street
Elec. cons.,No.
28,571
24,859
lamps, No__
912
787
Finances.-The 7% notes issued in 1907 have been redeemed, and also
the prior lien bonds outstanding May 1 1909. The only bonds against the
property now, other than the general mortgage bonds, are the underlying
bonds of the Denver Consolidated Gas Co., amounting to $936,800, and as
they may be taken up in 1911, the general mortgage bonds will then become
a first mortgage on all the property. At present they are a first mortgage
on the electric property.
The change made in the general mortgage, authorizing the establishment
of a sinking fund, has been effective this year, and on May 1 1910 1% of the
then outstanding bonds were redeemed at 102 and interest.
Rates.-Reductions have been made in the electric rate as follows: Consumers purchasing at the meter rate, 9e. per kilowatt hour gross, less a discount of lc. for payment within 10 days, making the net rate 8e. per kilowatt hour. This rate was made effective Jan. 1 1910.
Announcement has also been made of a reduction In the rate to meter users
of gas as follows: (effective July 1 1910): Gross rate, $1 per 1,000 Cu- ft.,
less 10c. discount for payment within 10 days, making the net rate 90c.
per 1,000 Cu. ft.
Balance Sheet.-The surplus and reconstruction reserve account now
amounts to about 54% of the outstanding stock.
Outlook.-Denver has grown rapidly during the past year and all indications point to a continuance. We therefore believe that it is safe to
predict further satisfactory increases during the coming year.
GROSS AND NET EA RNI NGS-YEARS ENDING MAY 1.
Gross. -4
INe •
Gross.
Net.
1909-10
$2,471,148 $1,096,285 1904-05 •
_81,326,848 $546,177
1908-09
2,257,467
97 ,250 1903-04
1 140,898
482,226
1907-08
2,039,429
831,214 1902-03
g879,736
349,254
1906-07
1,793,766
695,201 1901-02
675,124
151,113
1905-06
1,577,580
851,549
INCOME ACCOUNT YEARS ENDING MA Y 1
1909-10.
1908-09.
Deduct1909-10.
Gross earns_ _$2,471,148 $2,257,487 Int. on bds.,&c.$424,854 1908-09.
$387,976
Op.exp.&tax_ 1,374,863 1,283,217 Divs. (6%)._
210,000
210,000
Net earns_ _$1,098,285 $974,250
Bal., surp_ _ $461,431
$370,274
BALANCE SHEET MAY. 1.
1910.
1909.
1910.
1909.
Assets$
Plant & Investm't.12,479,603 11,945,561 Capital stock
3,500,000 3,500,000
Store-room & supBonds & bills pay_ 7,418,450 7,478,600
ply accounts__ _
198,671
241,440 Accts. and wages,
Exp: paid in adv_
23,963
23,964
consumers' deGas & electric bills
pos. & sink.fund 368,752
305,673
receivable
191,960
167,443 Coupons & interest
Sundry accts. rec_
89,659
63,382
accrued
22,270
23,939
Cash in bankl and
Surplus and re-conoffice
206,120
249,743
struction reserve 1,878,504 1,383,321
Total
13,187,976 12,691,533
Total
13,187,976 12,691,533
-V. 91, p. 156, 41.
Remainder
*$2,481 sdef.334,576
*$20,647
'$76,766
• After deducting $419 "adjustment of Interest extinguished" in half-year
ending Aug. 1 1910; 31,043 In half-year ending Aug. 1 1909; $51 In halfyear ending Aug. 1 1908 and $701 In half-year ending Aug. 1 1907.
Note.-The dividends shown above, in accordance with our usual method,
include the "extra" dividends paid for the several half-years. The company
in Its statement for the recent half-year charges against the earnings of that
period only the regular dividends paid (2%% on first preferred, 3% on
RAILROADS, INCLUDING ELECTRIC ROADS.
second preferred and 334% on common stock), leaving a surplus above
Bingham & Garfield Ry.-Bond Offering.-See advertisethe same of $125,792-, which is carried to "extra dividend account," making
with $353,968, the amount of the extra dividend account on Feb. 1 1910. ment of Eugene Meyer Jr. & Co., 7 Wall St., in
last week's
a total of $479,760. The extra dividends paid for the half-year amounted
to $123,331, the difference between $125,792 and that amount being $4,281, "Chronicle," offering $500,000 1st M. 6% convertible bonds,
as shown above, Increasing "present extra dividend account" to $358,429. guaranteed, p. & i., by Utah Copper Co.
Total issue, $2,500,000; dated July 1 1910 and due July 1 1920. The
BALANCE SHEET AUG. 1.
first installment of 20% on this issue has been paid. The remaining inAssets1910.1909.
1908.
of 20% each are payable Oct. 1 and Dec. 1 1910 and Feb. 1
Cash
$1,172,857
$998,634
$816,428 stallments
and April 1 1911. See also V. 90, p. 1674.
Cash (19,000 in 1910 and £10,000 in
1909 and 1908) for importations In
Central
Illinois Public Service Co., Mattoon City, Ill.-New
transit
43,830
48,700
48,700
45,001 shares (out of 90,000) of the
Name.-See Mattoon City Ry.- below.
stock of H. B. Clallin
5,000,000
5,000,000
5.000,000
Central New England Ry.-Maximum Payment on 5%
All the primary securities of J. McCreery & Co., N. Y ;Stewart & Co.,
Income Bonds.-Notice is given to the holders of the $7,250,Balto.; J. N. Adam & Co., Buffalo.
000 general mortgage 5% income bonds dated 1899 (of which
and $2,400,000 debenture bonds of
O'Neill-Adams Co., N. Y. (aggre$6,900,000 or more are owned by N. Y. New Haven &
gate par value)
8,100,000
8,100,000
8,100,000 Hartford RR.;
see V.'90, p. 1238) that the directors have deJunior securities, yielding more than
10% annual income_a
5,000,000
5,000,000
5.000,000 clared 5% interest on said bonds for the year ending July 1
GENERAL INVESTMENT NEWS,
Total
LiabilitiesFirst preferred capital stock
Second preferred capital stock
Common capital stock
Importations in transit
Extra dividend account
Surplus .
$19,316,887 $19,147,334 $18,065,128
$4,629,900 $5,498,500
5,119,800
5,115,800
7,500,300
6,635,700
43,830
48,700
356,429 • 182,208
1,666,428
1,666,428
$6,033,900
5,073,800
6,142,300
48,700
1,886,428
Total
$19,316,687 $19,147,334 $18,965,128
The securities owned as above give the Associated Merchants' Co. entire
ownership of James McCreery & Co., Stewa.t & Co. and J. N. Adam & Co.
and ownership of four-fifths of the debenture bonds, two-thirds of the income bonds and four-fifths of the capital stock of O'Neill-Adams Co. and
four-fifths -of the common stock of C. G. Gunther's Sons. During the halfyear 10 shares of the first preferred stock were converted into second preferred stock and 915 shares into common stock.
• The shares of the H. B. Claflin Co. had a book value as of July 1 1910
of $5,395,518; July 1 1909, $5,398,289; July 1 1908, $5,392,270. a The
income on $5,500,000.-V. 91, p. 591.
1910, payable to owners of record as orSept. 30. The first
distribution, made a year ago, was only 4%. Compare
V. 89, p. 592, 102.-V. 91, p. 390, 153.
Chesapeake & Ohio Ry. of Indiana.-Mortgage.-This
company is filing for record its new $40,000,000 mortgage
in favor of the Mercantile Trust Co. of N. Y. City, trustee.
The $8,200,000 bonds to be issued at present will be owned
by the Chesapeake & Ohio Ry. Co. (V. 91, p. 214). The
bonds are 50-year 5s, due July 11960, but subject to call at
par and interest on any interest day.-V. 01, p. 93,153.
Cleveland Short Line Ry.-Construction.-The "Railway
Age-Gazette" of New York for Sept. 2 said:
(The) Denver (Colo.) Gas & Electric Company.
(Report for Fiscal Year ending May 1 1910.)
At the adjourned annual meeting held Sept. 2, the report
of President Henry L. Doherty, dated May 10, was presented,
saying in substance:
An officer writes that contracts are about all let for building this belt
line around Cleveland, Ohio, from a point near West Park, 7 miles west of
Cleveland, east, thence northeast to CollInwood, 19.05 miles. The line is
In operation from the western terminus east to the southeastern section
of Cleveland on 9.68 miles. A section of the line from this point passes
through Southeast Cleveland under the main streets, also under the tracks
of the Pennsylvania Lines, the Erie and the Wheeling & Lake Erie, through
double-track tunnels 40 ft. below the surface. The work is heavy and in-.
eludes grade separation of 32 highways and streets. The line will furnish
Interchange facilities between all railways entering Cleveland. Work was
started in May 1906. Compare V. 86, p. 167: V. 88, p• 563.
General Results.-The company has continued to increase the amount of
its sales of gas and electricity at a most satisfactory rate, the following being the results secured during the year: Increase in gas sales, 99,941.400
Cu. ft., a gain of 11% In quantity and a gain of 10% in dollars of gross
ceipts. Increase In electric sales. 3,548,038 kilowatt hours, a gain of rein quantity and a gain of 8.7% in dollars of gross receipts, As pointed12%
In previous reports, the fact that the gain In gross receipts is not as out
great
as the growth In quantity of gas or electricity sold is due to gradual reductions made in rates in conformity with the requirements of the franchise
ordinance of 1906.
Additions.-The growth of Denver has occasioned considerable additions
to property, the amount expended during the year being $534,042, the principal Items consisting of: (1) Gas Department-Ten additional benches
for the manufacture of coal gas: increase of 50% in the capacity of the present water gas machines; erection In the eastern part of the city of a 500,000
cu. ft. holder: extension of mains 24.6 miles; installation of 2,933 services
and purchase of 5,974 additional meters. At this time we are making extensions into the Montclair, Washington Park, Harmon and Elyria and
Globeville districts, as well as extensions on the North Side, all Into rather
Duluth-Superior Traction Co.-On 5% Basis.-A quarterly dividend (No. 5) of 13.% has been declared on the
$3,500,000 common stock, payable Oct. 1 to holders of record
Sept. 15, comparing with 1% quarterly from Oct. 1909 t6
July 1910, inclusive.-V. 91, p. 276.
Evansville & Terre Haute RR.-Common Stock DividendsContinued.-A dividend of 5% on the common stock has
been declared, payable Nov. 1 to stockholders of record
Sept. 17, comparing with 4% yearly from, 1906 to 1909.
The regular annual dividend of 5% on the preferred stock
was also declared, payable in two installments, viz.: 2
on Oct. 15 1910 and 23/2% on April 15 1911' to holders' of
record on Sept. 15 1910. Dividend record since 1895:
SEPT. 10 1910.]
THE CHRONICLE
'96. '97. 98. '99. '00. '01. '02 to '05. '06 to '09. '10.
DIVIDENDS
4 yearly. 5
None.
3
2
13
Common
5
5 yearly. 5 yearly. 5
2
434 5
1
Preferred
J 1
-V. 87, p. 1155.
Gulf & Inter-State Ry. of Texas.-Sale.-See Atchison
Topeka & Santa Fe Ry., V. 91, p. 588.-V. 84, p. 1366.
Gulf & Ship Island RR.-Year ending June 30:
Fiscal
Year1909-10
1908-09
-V. 90, p. 447.
Operating
Revenues.
$2,094,076
1,873,196
Interest, Balance,
Other
Net (after
Income. Sk.Fd.,&c. Surplus.
Taxes).
$648,190 $14,170 $371,021 $291,339
4,658
407,805
7,702
404,761
International & Great Northern RR.-Sale Postponed.Judge McCormick, in the United States Circuit Court at
Dallas, Tex., on Sept. 8, on application of the second mortgage bondholders' committee, adjourned the foreclosure sale
"from Sept. 15 to Oct. 6, or some later day to which lie
sale may be again adjourned."-V.91, P. 589, 463.
Mattoon City (Ill.) Ry.-New Name.-Reorganized Company.-This company filed at Springfield, Ill. on Aug. 25
a certificate changing its name to Central Illinois Public
Service Co.
The $160,000 refunding and extension mtge. bonds of 1906, due 1936,
have been canceled, leaving outstanding $300,000 1st M. 5s, but what new
securities, if any, will be issued is not stated. Earnings for calendar year
1909: Gross, $116,963; net, $43,837; bond int., $16,000; bal., sur., $27,837.
M. B. Sampsell is President. See "Electric Ry." Section.-V.88, p. 52.
Montreal Street Ry.-Proposed Ainalgamation Terms.See Canadian Light & Power Co. under "Industrials" below.-V.91, p. 589.
New York Central & Hudson River RR.-Purchase Adjoining Pennsylvania Terminal in N. Y. City.-The company
has recently completed the purchase, for about $1,000,000,
of the entire block bounded by 32d and 33d streets and 10th
and 11th avenues, just back of the Pennsylvania RR. terminal, aside from a few scattered parcels not required), as a
site for a building to cost about $500,000 to house the Adams
and American Express companies, now located in the Grand
Central terminal on Madison Ave.-V. 91, p. 337.
Norfolk Southern RR.-Earnings.-Marsden J. Perry,
chairman of the reorganization committee of the old N. & S.
Railway and of the directors of the new company, has
compiled the following statement, showing fixed charges
as they will be when reorganization is completed:
655
The new road is to connect the present lines and is to run from Westchester
Ave. and 167th St. to East 169th St., to Franklin Ave., to 168th St., to
Webster Ave., to 167th St., to transverse road under the Grand Boulevard
and Concourse, to Jerome Ave. The receiver is directed to keep a separate
account of all moneys expended in procuring the franchise and building the
extension, so that provision may he made in the decree of sale for payment
in cash by the purchaser of a sum equal to the amount expended by the
receiver therefor.-V. 90, p. 1297.
Wabash-Pittsburgh Terminal Co.-Suit Filed to Enforce
Traffic Agreement.-The receivers on Sept. 3 filed a suit in
the United States Circuit Court at Toledo, 0., against the
Wabash and Wheeling & Lake Erie for an accounting under
the traffic and trackage agreement, by which the latter
undertook to pledge 25% of their gross earnings from traffic
interchanged to meet any deficiency of interest on the first.
and second mortgage bonds. Compare V. 91, p. 398, 277;
V. 90, p. 1103; V. 80, p. 1231, 2221.-V. 91, p. 398, 277.
West End Street Ry., Boston.-New Stock.-The shareholders will vote Sept. 14 upon the proposed increase of the
common stock by the issue of not exceeding 27-,800 shares, of
the par value of $50 each.-V.91, p. 155, 277.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Snuff Co.-Second Extra Dividend.-A first extra,
dividend of 2%,in addition to the regular quarterly dipbursement of 5%, was paid July 1 1910 on the $11,001,700 common
stock, and now a second extra distribution of the same
amount is announced, payable with the quarterly 5%, on
'Sept. 15. The regular 20%
Oct. 1,to shareholders of record
annual rate (5% quarterly) has been maintained since
April 1909. Compare V. 90, p. 1492, 693.
Anaconda Copper Mining Co.-Bonds Called.-The Butte
& Boston Consolidated Mining Co. (controlled).has called all
of its outstanding $505,000 bonds dated 1897 for payment
on Oct. 1 1910 at 105 at the Old Colony Trust Co., Boston.
Parrot Resumes Dividends.-The directors of the Parrot
Copper & Silver Mining Co. have declared a dividend of 15
2%), payable Sept. 26 to holders of
cents per $10 share (13/
record Sept. 12.
This is the first dividend paid by the Parrot Co.since Sept. 1907. Some
months ago the Anaconda Copper Mining Co. gave 90,000 of Its own shares
(par $25) in exchange for the property of the Parrot; the 2% quarterly
dividend received on these shares now enables the Parrot to resume the
payment of dividends. The Parrot has outstanding 229,850 shares of $10
each,of which the Amalgamated Copper Co. on Feb.14 1910 owned 115,299.
Total
Net RR. Lumb.Co.
Int. ee Balance.
Gross
Year end.
Dividend Record of Parrot Copper 8e, Silver Mining Co. (Per Cent).
Net.
Net.
Earnings. Earns.
Rentals. Surplus,
June 30.
'98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08-'09. '10.
1909-10 ____$2,690,479 $941,025 $235,707 $1,176,732 $525,000 $651,732 Year
1)4
None
10 20 12 3i 734
0
18 39 60 45 5
873,715 525,000 348,315 Per cent_
1908-09 ____ 2,417,321 752,789 120,526
report, V. 90, p. 1043).-V. 91, p. 216.
Parrot
(Compare
as
above
in
($1,176,732
$873,715),
income
1909-10,
against
net
total
The
amounts to 4.07% on the $16,000,000 stock of the new company, against
Bay Cities Home Telephone Co., San Francisco.-Consoli2.18% in 1908-09. The receivers between July 1 1908 and May 4 1910 reduced operating ratio from 81% In 1908 to 65% in the recent fiscal year. dation-New Bonds.-This company, incorporated in CaliLength of the road was increased from 580 to 602 miles. No interest has fornia on June 29 1910 with $20,000,000 of authorized capital
been paid since May 1908 on the old 1st & refunding bonds ($14,000,000
total issue) deposited with the reorganization committee. Stock in the stock,in $100 shares, took over on or about Aug. 31 the propnew company is being given in exchange for these bonds at the rate of erties of the Home Telephone Co. of San Francisco (V. 82,
$1,142 80 of stock for each bond. By retiring this issue, fixed charges are
P. 1443; V. 84, p. 1370) and the Home Telephone Co. of Alareduced about $600,000.-V. 90, p. 1554.
has filed a mortgage to the Anglo-CaliPennsylvania RR.-Tunnel Service to Long Island Begun. meda County, and
fornia Trust Co.,as trustee,to secure an issue of $20,000,000
-See remarks in "Financial Situation" on a previous page. 5% gold bonds.
-V. 91, p. 397, 337.
Mr. Frick, the company's attorney, is quoted as saying: "The mortgages
Home Co. and
Rates.-Order Suspending Cancellation of Through and held by the Union Trust Co. on the properties of the local been
taken up.
the Mercantile Trust Co. on those of theAlameda Co. have
Joint Routes with "Tap" Lines.-The Inter-State Commerce byManager
Hall says: "Up to date service on the main lines of the system
Commission on Sept.6 issued an order suspending until Jan. 5 has been given on a one-half-rate rental, with a reservation empowering
to charge the full rates of $2 50 for home phones and $5 per
the proposed cancellation by various trunk lines of through the company
month for business firms. The company has decided to exercise its privilege
routes and joint rates with "tap" lines or "feeders."
of charging full rates from Sept. 1. For selective [or two-party service] the
The roads affected are principally in the Southern yellow pine territory
and include practically all of those along the Mississippi River in the Southwest and running east arid west. Notice was given by them that the ex•
!sting agreements referred to would be terminated on various dates.
The result would have been to increase rates from all points on the "tap"
lines. About 120 "tap" lines, It is stated, are affected by the present order,
which is directed against the Kansas City Southern and other roads and will
be made more general later. Altogether, it Is said, some 800 or more
small roads are interested in the matter.
The order suspending the proposed cancellations will affect a large volume
of traffic and is regarded as the most important one issued by the Commission since the general order suspending freiglit advances on trunk-line roads.
A petition in what is regarded as a test case was filed on Sept. 1 with the
Inter-State Commerce Commission by the Paragould dc Memphis Ry., a
line running from Manila, Ark., to Cardwell, Mo., about 30 miles, against
the St. Louis 8: San Francisco fly., to prevent the cancellation on Sept. 8
of Joint rates heretofore in force from points on the short line. Some
time ago the Commission in a decision held that allowances on through rates
made to tap lines were illegal and in the nature of rebates, and prohibited
them in the future.
The proposed new "combination" rates are alleged to be higher than the
through rates, and. It is claimed, will injure the industries along the line
of the petitioner, which, It is stated, Is a bona fide corpo.ation, acts as a
common carrier, rzports to the Commission, and Is not owned byany industry or industries along its line. The petition alleges that the divisions
which the complainant has received cover merely the cost of the service performed and that none of the divisions has gone other than directly into the
treasury of the company.-V. 91, p. 590, 520.
Southern Indiana Ry.-Most of Securities Deposited.-The
holders of most of the Southern Indiana gen. M. bonds, Chicago Southern bonds and syndicate certificates have deposited
their holdings with the Girard Trust Co. of Philadelphia
or the First Trust & Savings Bank of Chicago, as requested
by the general reorganization committee under the plan.V. 91, p. 333, 337.
Tacoma Eastern RR.-Report.--For year end. June 30 '10:
$545,860
DeductOperating revenues
343,098 Hire of equipment
$24,645
Operating expenses__
44,200
25,426 Interest on bonds
Taxes
50,065
177,335 Int. on bills payable
Net oper. revenue
421
9,316 U. S. Govt. excise tax
Outside operations (net) _ _ _
186,651 Balance, surplus
67,320
rotli income
year
1908-09,
net,
in
$241,408;
revenues;
expenses,
$360,520;
Operating
$119,112, against $202,761 in 1909-10.-V. 89, p. 412.
Union Ry., New York.-Extension Authorized.-Judge
Lacombe in the United States Circuit Court on Sept. 6 made
an order authorizing receiver Whitridge to expend the
amount necessary, estimated at about $65,000, to build an
extension in the Bronx.
rates are $1 50 for private homes and $3 per month for lousiness firms.
"The company has now 8,500 services In operation in Alameda County.
In San Francisco It has 18.000 subscribers."
Bituminous Coal Companies.-Strike Settlement.-Press
dispatches announce the settlement of the coal miners'
strikes, both in Illinois and the Southwest.
In Illinois the men, it is stated, will go to work Sept. 10, having been idle
for 23 weeks. The Peoria wage scale has been adopted with slight changes.
a
The new contract, it is reported, runs until April 1 1912 and involves
general increase of 3c. a ton throughout the State, an increase of 5c. in the
output
The
counties.
Williamson
northern fields and 6c. in Franklin and
of the mines Involved in the strike Is understood to have aggregated nearly
50,000,000 net tons per annum.
The Southwestern strike having lasted 534 months, ended at midnight
Sept. 8, when arbitration was agreed upon as regards future contracts.
The miners In Missouri, Kansas, Oklahoma and Arkansas get as a result
an increase of l”i% in wages, and agree to continue work for 60 days
pending the making of a new agreement.-V. 90, p. 1679, 916.
Canada Iron Oorporation.-Report.-The annual report
for the year ended May 31 1910, it is reported, shows net
earnings of $18,994, contrasting with $146,743 for the short
period ended May 31 1909. A Canadian paper says:
The company was unfortunate this year in having two disastrous fires
at Montreal and Three Rivers, which undoubtedy made serious Inroads
Into profits. The plant at Three Rivers has been reconstructed with a
view to doing the business formerly carried on at Montreal. The company
has been proceeding with the additions and betterments to plants and the
construction of new works outlined at time of merger. When these are
completed, the returns will unquestionably be better than for the period
be
just closed. The steel works have all the rail business In sight that can
and the same will undoubtedly be true of merchant mill when cornlente
a
dd
ie.d
The balance sheet shows outstanding bonds, $2,920,000; pref. stock,
$2,909,000; common stock, $4,832,300; accounts and bills payable, $2,533,490, against $1,505,640 last year.-V. 90, p. 1427.
Canadian Light & Power Co.-Terms of Amalgamation.The "Financial Post" of Toronto on Sept. 3 said (compare
V. 91, p. 591):
The "Post" has been Informed by a director of Canadian Power that the
terms of the merger will be as follows: A holding company will be formed
with a capital of at least $50,000,000, and the shareholders of Montreal
Street will receive 454% debenture bonds (another account says mortgage
bonds-Ed. "Chronicle"), in proportion of $250 In bodds for each share of
Street, which will assure the present shareholders a larger return on their
money than at present. In addition to this $250 worth of bonds. Street
shareholders will receive a bonus of common stock in the new company on
the basis of one-half share of new stock for every share in Street. The
Canadian Power shareholders will receive in this bonus stock 150 shares for
every 100 shares of their present stock; they will, however, receive no deenture stock.
ad
656
THE CHRONICLE
In order to carry out the plan there will have to be $25,000,000 debenture
stock (or bonds) to take care of Street Railway stock, as well as $5,000,000
common stock for Street bonus. Canadian Power stock (56,000,000) will
call for 59,000,000 common stock.
Street Railway is tied up with Montreal Power for many years to come
in an electric energy agreement, the capital of Power being $17,000,000 of
stock, selling around 130, and over $10,000,000 in bonds, which sell around
par.
The securities of the Montreal Street Ry. and Canadian
Light & Power Co. (compare V. 91, p. 591) are as follows:
Montreal St. Auth'zed.
Issued.
Can. Light 4*. PowerSold.
Debens.,4 3,4%54,420,000 $4,420,000 Bonds
$4,000,000
Stock (paying
Stock
6,000,000
18,000,000 10,000,000
10%)
[On Aug. 30 1910 the Montreal
ydro-Electric Co. was incorporated
under the Canadian Companies' Act with $10,000,000 stock in $100 shares,
its incorporators being Edouard Fabre, Francis E. McKenna, William R.
Ford, Samuel T. Mains and Robert H. Tearei-V. 91, p. 591.
[VOL. Lxxxxi
the most progressive companies In this country. Arrangements have been
made to provide ample means to pay the floating debt and to finance all
necessary improvements for some time to come. (Compare annual report
on a preceding page; also p. 145 of "Ry. &Indus. Sec."-Ed.)
Some of the advantages of the association of such companies are: (1) Increased safety of combined investment; (2) savings in operation
due to
economy on purchases, by experts and in large quantities, comparisons
of
expenses and methods, proficiency of employees, &c. We believe that the
securities of the Cities Service Co. will be distributed over a broad territory
and into the hands of a large number of investors.
SECURITIES TO REMAIN OUTSTANDING ON CONSTITUENT AND ALLIED
PROPERTIES (Compiled for "Chronicle"-Not in Official Circular).
Date. Authorized. Outstaturg.
Maturity.
a Denver Gas & El. Co. gold 5s
1903 $8,000,000 $6,056,850 May 1 1949
One-year coupon notes, 6s
1910
1,000,000
Sept. 6 1911
(1)
x Denver Cons. Gas Co. gold 6s
1891
936,600 Nov. 16 1911
x Denver Gas & El. Lt. 1st & ref. 58_1909 25,000,000
712,000 Nov. 1 1949
Lacombe Electric Co 1st M.58
900,000
1921
Empire District El. Co. 6% cumulative pref. stock
3,000,000
8500,000
Sinking fund 5s
1909 6,000,000
1,925,000 Nov. 1 1949
Underlying bonds (see "y" below). _ _
y345,000
x Spring Riv. Pow. Co. 1st M.ser. 5s.1905
1,500,000
830,000 1911 t
Voarli0
o3
u0
s
z Spokane Gas & Fuel pref. stk., 6%..
300,000
300,000
x First & refunding M.5s
1909 5,000,000
760,000 Aug. 1 1944
Union Gas Co. 1st M.5s
1905
1,000,000
550,000 July 1 1935
a Callable May 1 1911 at 103. May 1912 at 104, May 1 1913 or any interest day
thereafter at 105. b Redeemable at 120 and accrued dividends. z Callable at 105.
y These include $50,000 Mo. Ice & Cold Storage 5s of 1903, due Aprll 1 1923; $47,000
S. W. Mo. Lt. Co. 6s, due $8,000 Feb. 1911 and $39,000 Feb. 11921, and $248,000
S. W.Mo. Lt. Co. 5s 01 1901 due Jan. 11926. z Cumulative after July 1912.
Cities Service Co., New York.-Plan.---Henry L. Doherty
& Co., 60 Wall .St., N. Y. City, the syndicate managers,
have sent a circular to the stockholders of the Denver Gas
& Electric Co., the Empire District Electric Co. and Spokane
Gas & Fuel Co. announcing (1) the incorporation under the
laws of Delaware on Sept. 2 1910 of the Cities Service Co.
as a holding company, with an authorized capital of $50,000,000, in shares of $100 each, to acquire stocks of gas,
electric, power and other similar companies, and (2) an
offer to give its stock in exchange for stock of said three
Columbus & Hocking Coal & Iron Co.-Further Deposits
companies until Sept. 20 1910 on the basis below outlined. Received for the Present.-The
time for deposit of securities
The plan provides or shows in substance:
under the reorganization plan expired on Sept. 7, but the
Capitalization of Cities Service Co. (Par of Shares $100).
Bankers Trust Co. will continue to receive deposits for the
[Showing amounts now issuable If exchange is unanimous.]
present, subject. to approval of the committee. A large
Now Issuable.
majority of securities has been deposited, including practiPreferred Stock, 6% cumulative (preferred both as to assets and
dividends)-total, $30,000,000
cally all the 2d mtge. bonds and preferred stock, nearly all
Issuable in exchange on basis shown below
$7,779,650 the first mtge.
bonds and 75% of the common stock.
Underwritten for cash (along with $500,000 common)
1,000,000
Remainder reserved for future requirements_ _ _ _521,220,350
A modification of the plan may be made by the committee
Common Stock authorized and issued, $20,000,000before it is put into effect, due to objections raised by 1st M.
Issuable in exchange on basis shown below
3,889,825
Underwritten for cash (along with $1,000,000 pref.)
500,000 bondholders. Holders of 1st and 2d mtge. bonds may be
Compensation for bankers and syndicate managers
500,000
offered, in addition to 75% of their holdings in new first
Set aside for such corporate uses as directors may
decide
mtge. bonds, as called for by the original plan, 25% in either
$500,000
Remainder retained under proper restrictions for
pref. or common stock.-V.91, p. 339, 216.
future uses of company
14,610,175
Denver Gas & Electric 00.-Plan-Guaranty of Lacombe
Basis of Exchange on which the New Co. will Acquire Control of 3 Cos. Named.
Amount Cities Serv.Co. Bonds.-See Cities Service Co. above.
For each $100 Share ofOutstanding. Pref. Corn.
Gen. Mgr. Frank W. Frueauff on Sept. 2 said:
Capital stock of Denver Gas 40 Electric Co
$3,500,000 $180
$90
At a meeting of the directors of the Denver Gas & Electric Co., held
Common stock of Empire District Electric Co__ _ 1,759,300
50
25
a resolution was passed guaranteeing the bonds of the Lacombe
Common stock of Spokane Gas & Fuel Co
2,000,000
30
15 to-day,
These terms were fixed after careful consideration and consultation with Electric Co. [$900,000 of 5% bonds due 1921 but subject to call at a premium; interest M. & N. at International Trust Co., Denver, or Morton Trust
a majority in amount of the stockholders of the above-named companies.
The $1,000,000 of preferred stock and 5500,000 of common stock has Co.. N. Y.-Ed.], both as to principal and interest. These will eventually
been underwritten for $1,000,000 in cash, for the purpose of providing the be retired by the sale of bonds of the new company set aside for that purcompany with ample working capital. [According to the plan outlined last pose.
The basis of the offer made to the Denver stockholders by the Cities
month, by which It was proposed that the Gas & Electric Securities Co., incorporated in Delaware on or about July 18 1910, with $2,000,000 capital Service Co. (see above) is as follows: For each share of Denver stock will
stock, should acquire the entire $2,000,000 common stock of the Spokane be given 1.8 shares of the 6% pref. stock, also 9-10 of one share of corn. stock
Gas & Fuel Co., $1,000,000 of Securities Company preferred was offered of the Service Co., representing an interest in future earnings of the holding
for subscription at par with a bonus of $400,000 In Securities- Co. common;
company, due to the large Increase In business and net earnings expected
$100,000 common was to go to the underwriters and a further $500,- at Spokane and Joplin and In other properties yet to be acquired by the
holding company. This offer does not mean a change In the Denver man000 common to Doherty & Co.-Ed.1
Henry L. Doherty & Co. are to act as bankers and syndicate managers agement or Its policies, but will enable It to be financed through a group
and are to be paid for their services only in common stock. They
of properties rather than individually.
are
to
receive at this time $500,000 common stock and a sum equal to
New Notes.-A New York banking house is reported to be
of
such additional common stock as shall be issued from time to time10%
the placing at par $600,000
acquisition of additional properties other than those named aboveforuntil
of an issue of $1,000,000 6% 1-year
the aggregate received by them amounts to $1,000,000 par value.
coupon notes, dated Sept. 6 1910 and due Sept. 6 1911.
When the stock of the Cities Service Co. shall have been issued, as exReport.
-See
"Annual
plained above, the stock outstanding will be 58,779,650 preferred and
Reports" on a preceding page.$4,889,825 common.
V. 91, p. 156, 41.
Estimate of Earnings from the Three Properties Now Being Acquired,
Denver (Colo.) Union Water Co.-City Votes Bonds for
1911.
1913.
1912.
1914.
Net earns, from properties... $983,000 $1,260,000 $1,480,000 $1,690,000 Municipal Water Plant.-See "Denver" in "State and City"
Miscellaneous earnings
60,000
60,000
60,000
60,000 department.-V. 90, p. 1616.
Total net
General expenses
$1,043,000 $1,320,000 '$1,540,000 $1,750,000
30,000
30,000
30,000
30,000
Net earns. of Cities Serv. Co_$1,013,000 $1,290,000 $1,510,000 51,720,000
6% dividend on pref. stock..
526,779
526,779
526,779
526,779
Earnings on common stock_ _ $486,221
$763,221
$983,221 $1,193,221
Per cent on common stock
9.9
15.6
20.1
24.4
Note.-Net earnings for 1910 will show 5.8% on the common stock.
It is the intention to pay quarterly dividends and to pay 3% (5146,694)
on the outstanding common stock from the date of issue, and to increase
the dividend thereon at least 1% each year thereafter until 6% per annum
Is paid. Further increases in dividends above 6% In cash may be paid in
stock if then deemed advisable by the board. After upon the payment
of the above rate of cash dividends on common stock, the accumulated
surplus earnings should equal $2,545,717, or 52% of the outstanding
54,889,825 common stock at the close of the fourth year.
Description of Constituent Properties-Spokane Gas & Fuel Co.
This company controls the entire gas supply of Spokane, Wash., one
of the most progressive and rapidly growing cities In tile Pacific Northwest.
Advance information of the 1910Census places the population at
contrasting with only 36,842 in 1900. The opportunity for the 112,000,
development of gas sales is exceptional, and the sales of gas after only a few months
of effort have been increased to more than 50% in excess of the corresponding period of last year. Franchise liberal and does not expire until 1945.
[Doherty 44 Co., it seems, had a contract whereby their firm was to receive
all of the common stock of the Spokane Gas & Fuel Co. for the development'
and management of the property; the stock to be turned over to them as
absolute owners when the net earnings of the property for the preceding
12 months equaled 1
times the Interest on outstanding bonds.-Ed.]
Doherty & Co's Estimate of Earningsfor Spokane Gas & Fuel Co. Corn. Stock.
[From earlier plan not in present circular.-Ed.]
1910.
1911.
1912.
1913.
1914.
1915.
525,000
$74,200
$95,000
$122,188
$166,485
$221,856
Empire District Electric Co.
This company supplies electric light and power in Joplin, Webb City and
Carterville, Mo., and Galena, Kan., and the mining and manufacturing
territory adjacent to these cities, which is known as the Joplin or Empire
District. The territory served has a population of 100,000 people. The
company has just completed a new 20,000 h.p. modern steam turbine plant,
which will enable it to take on a like amount of additional power and lighting
business at prices which will net very profitable returns. There is no question about the market for this power, for there are more than 750 power
users,- having approximately 150,000 h.p. in use in the mines and
factories adjacent to the transmission lines. New power business ismanubeing
added to the company's connected load at the rate of 1,500 h.p. per month.
The franchises, except In three smaller towns, are unlimited as to time and
contain no burdensome restrictions. (See a subsequent page; also
V. 89,
p. 473, 595; V. 90, p. 112.)
Denver Gas & Electric Co.
This company supplies the city of Denver with gas and electricity
all
purposes. Denver Is the sole trading centre for a large territory forhas
increased In population from 133,000 In 1900 to 213,000 In 1910. and
It will,
judgment,
our
in
continue to grow rapidly. The relations of the company
to the general public are harmonious. The company is considered one of
Empire District Electric Co., Joplin, Mo.-Control, &c.See Cities Service Co. above.
Status.-The "Ohio State Journal" of Columbus of Aug. 26
quotes a letter from President Doherty as follows:
When we formed the Empire District Electric Co., we had merely a contract for 57% of the [51,500,000] stock of the Spring River Power Co.,
but we have since acquired not only this 57% of stock, but all but 118 shares
of the remaining 43%. The first turbine unit in the new power house was
completed and ready to operate April 1, but the strike to the Kansas coal
fields prevented operation until just now. With the new plant in operation
there is a saving of $40,000 a year In operating expenses. Now that the
plant is in operation the new contracts are coming in at the rate of 1,000 h.p.
a month. The district has a combined population of about 100,000 People.
and the minimum power used In the district even during the panic of 1907
exceeded 100,000 h.p., and our new plant, while large, Is only 20,000 h.p.,
so that there is no danger of over-production of power. Compare V. 89,
p. 595, 473.-V. 90, p. 112.
Equitable Light & Power Co., San Francisco.-Bond Issue.
-This company, which in August 1908 had $250,000 of auth.
cap. stock and was preparing to install in the Phelan Bldg.,
San Fran., 1,600 k. w. steam turbines, on May 28 1910 filed
notice of the authorization of a bonded debt of $750,000.
Office, Humboldt Bank Bldg., San Francisco.
Has same management as Consumers' Light & Power Co., which at last
accounts had two 350 k. w. Westinghouse dynamos in Whitney Bldg.,
117 Geary St., San Fr., its capitalization being $100,000 each of stock and
bonds. Pres., Fred. G. Cartwright; Vice-Pres. and Treas., James Fisher;
Sec., Fay C. Beal, all of San Francisco.
General Chemical Co., New York.-Option to Subscribe a
Par for First Pref. Stock of Gen. Chem. Co. of California, Exchangeable $for $for Pref. 6% Stock of General Chemical Co.
Until Oct. 1 1920.-All stockholders, both preferred and
common of record Sept. 15, are offered the privilege of purchasing at par ($100 a share) the entire issue of $1,250,000
first pref. stock of General Chemical Co. of Cal. to the extent,
of 6% of their respective holdings, said stock to be convertible at option of holders on any date fixed for the payment
of a dividend, prior to and including Oct. 1 1920, for pref.
stock of the General Chemical Co. (the parent company),
share for share. Subscriptions must be paid in full at the
Title Guarantee & Trust Co. in New York on or before Oct. 1
1910. The new stock certificates will be issued on and after
Oct. 15 1910. Fractional holdings can be adjusted through
the truet company. Payments may be made on or before
Oct. 15 by adding 7% interest from Oct. 1. Treasurer
James L. Morgan, in a circular dated Sept. 1 1910, says: ,
SEPT. 10 1910.
THE CHRONICLE
657
The General Chemical Co. of California, a corporation recently organized E. R. Downs, 0. R. Allen, M. L. Allen, John Davis and F. K. Struve..
under the laws of New York (V. 91, p. 279), has acquired and now owns -V.89, p. 415.
the principal chemical works on the Pacific Coast, being the new plant at
Mobile (Ala.) Electric Co.-Plan Approved.-The final
Bay Point, Contra Costa County, Cal., and the neighboring plant and business known as the Peyton Chemical Co. The new company has the ex- plan, as suggested, went through without a dissenting
clusive territorial right to the General Chemical Co's inventions free from vote. See particulars in V. 91, p. 521.
royalty.
Oklahoma Gas & Electric Co.-Dividend Increased.-A
Capital Stock of General Chemical Co. of California (in $100 Shares).
First pref. cumulative 7% stock, pref. as to dividends and assets,
quarterly dividend of 2% has been declared on the common
but without voting power as long as full dividends are paid;
31,250,000 stock, payable Sept. 15 to holders of record Aug. 31, comtotal amount authorized and issued
1,500,000
Common stock; total amount authorized and Issued
paring with 1M% in June last and 1 4
1 %quarterly from June
Second pref. 7% cumulative stock, which will share dividends
1909 to March 1910, inclusive.-V.89, p. 1486.
This
7%.
receives
common
with the common stock after the
1,000,000
stock Is to be issued only as additional capital may be needed largely exPassaic Structural Steel Co., Paterson, N. J.-Assessment.
The new company has no mortgage debt. Its quick assets
ceed its total liabilities. For the past five years the net earnings of the -T. H. Conderman, 407 Walnut St., Philadelphia, Chairman
Peyton Co. alone have been more than sufficient to pay the full 7% dividend
the entire of the committee which in November last bid in the propertyon the first pref. stock. Your company now owns outright controlling
of the old Passaic Steel Co. for $400,000 on behalf of:theauthorized issue of first pref. stock above-described and thestock
at par
interest In the common stock and the sole right to take 2d pref.
holders of deposited bonds (aggregating, it is said, some
if and when additional capital shall be required.
corCalifornia
success
the
of
$1,600,000 of the total amount of bonds issued, about 42,In view of your company's interest in the
as previously intimated,
poration, your board of directors has determined,
000,000), announces an assessment of 15%, or $150, on each
that the privilege of participating directly and with preference In tile capitalization and earnings of the new company should be extended to stock- $1,000 bond, payable Sept. 7. The 'Philadelphia News
holders of your company on favorable terms.-V.91. p. 279, 399.
of Sept. 6 said:
Bureau"
General Motors Co., New York.-One-Year Loan.-Anticipating the possibility of an over-production of automobiles
during the coming year, the management, it is understood,
has adopted a policy of retrenchment as to extensions and
output. The "'Wall Street Journal" yesterday said:
Seventy to eighty thousand dollars in taxes, together with the receivers'
and courts' fees, were charged against the property and it is to complete
the liquidation of these debts that the present assessment has been called.
The successor company is known as the Passaic Structural Steel Co. and
has been operated since Jan. 1, but not at full capacity. [F. C. iReinhart
is Pres. and J. Barclay Cook Sec.-Treas.]-V. 89, p. 1487.
Rockingham Power Co.-Sale Oct. 5.-The reorganization
committee consisting of Franklin Q. Brown, T. C. duPont,
Edwin F. Greene, C. N. Mason and Waldo Newcomer (with
D. H. Thomas, 31 Pine St. N. Y. City, as Secretary) gives
notice that the committee will sell, by Adrian H. Muller &
Son, auctioneers, at public auction on Oct.5 1910,at 14 and
16 Vesey St., N. Y. City, all the real and personal property
formerly belonging to the company acquired by said comreports:
Status of Subsidiary.-The "Chicago Economist"
mittee at foreclosure sale July 14 1909. The upset price
Financial Status 0 Buick Motor Co. of Flint, Mich., July 1 1910.
is $1,000,000. The sale was authorized by the depositing
balance
net
Liabilities (showing
Assets (total $17,445,964)bondholders on July 20, in view of the.inability of the com310,429,952)Plants, machinery, &c_ _ 45,484,846
mittee to arrange a satisfactory reorganization plan.
Indebtedness to banks,
Material, finished and in
Rumors that the General Motors Co. has sold a $5,000,000 issue of 5%
bankers
(or 6%) notes of the Buick Co. at 85 to a syndicate of New YorkArrangearc denied in quarters well informed on automobile financing.
ments have been made by the General Motors Co. with its bankers in
several cities to consolidate and extend its present credit for one year, also
to issue new capital to the extent of some $1,000,000 if needed. Some
$2,500.000 notes have been given by the company to secure the banks In
this arrangement, stocks of General Motors' subsidiaries being deposited
as collateral'. It is denied that New York banks have participated in
the arrangement.
$2,379,814
less cash
9,884,128
process
Bills and accts. payable,
13111s and accts. receivable,
not incl. General Motors
not incl. amounts due
4,636,108
Co. or constituents
from Gen. Motors Co.
$7,016,012
2,076,990 Total
or constituents
Cars under construction by Buick Motor Co. July 1: 3,545 machines at
$1,000 each, $3,545,000; 2,500 machines at $450 each, $1,125,000; 1,000
light delivery trucks at $700 each, $700,000; total, $5,370,000; less cost of
material and labor to complete, $700,000; total, 34,670,000. Finished
cars (additional), 3,461, valued at $3,336,000.-V. 91, p. 592.
The property will be sold as an entirety, subject to the lien, if any, of S..
Morgan Smith Co. for $83.302 and accrued interest, and the lien, if any, of
W. rt. Bonsai & Co. for $43,969 and interest, determination as to the standing of said liens having been reserved by the Court.
$215,000; improvements and extensions under way, $110,000; 3,000 acres
of fertile land on the Columbia River, to be sold, $600,000; 7% contracts
for unpaid portions of purchase price of lands already sold, deposited with
the trustee (at least 25% paid on each purchase), $400,000; 4.900 acres
of excess water at $100, $490,000; Interest in sale of 345.66 acres of land
(valued at $105,398) and 345 lots In Richland (valued at $70,000), $77,800;
other' assets, $10,000; total, $1,902,800.
From the proceeds of these bonds it is proposed to make sundry improvements, build 1
miles of main canal and 12 miles of laterals, Install pumping
plant to irrigate about 2,000 acres of the company's land which lies above
the present ditch, &c., to pay purchase price ($65,000) of land bought
under contract (already paid); retire old bond issue, $80,000 (cash for this
purpose was deposited with trustee under old mortgage at time of executing
new bonds, and a large portion already canceled), and pay floating debt,
about $30,000. The capital stock is *150,000. All held by M. E. Downs,
1909.
.0 $166,050
00
0
91,
$777,031 Int. on deben's_ 41150
Gross earnings_ 4814971104
Dividends (1 4%)2O2,035 (1)161,628
DeductInt. on mtges.,
Total deduc'ns $641,080 3587,145
bills and sects_ $169,700 $164,785
$206,114 $189,885
94,681 Surplus
Managem't exp_ 119,345
-Ar, 01, p. 158.
Mortgage.-The mortgage made about a year ago by the
reorganization committee to the Old Colony Trust Co. of
Boston, as trustee, to secure an issue of $160,000 bonds, has
been filed. Of the bonds $150,000 were deposited with the
Goldfield Consolidated Mines.-Dividends Paid.-Com- committee and used by it towards the purchase of the
plete record (cents):
property at foreclosure sale.-V.89, p. 533.
1909--- -1910 (pay. on 31st)-1907- 1908
Sapulpa (Okla.) Electric Co.-Purchase.-This company,
Oct. Nov. Yr. Apr. July. Oct. Jan. Apr.July. Oct.
30 which operates the central station business at Sapulpa, Okla.,
30
30
30
30
3(1
30
0
10
10
Regular (cents)__
20
20
20
20
(cents)
Extra
has passed under the control of H. M. Byllesby & Co. of Chi-V. 91, p. 339, 212.
will hereafter operate and manage the
Intercontinental Rubber Co., New York.-First Dividend cago, which firm
An authoritative statement says:
on Common Stock.-The directors on Tuesday declared an property.
and power system at Sapulpa Is new, but In theThe
initial dividend of I% on the $29,031,000 common stock past haselectric-lighting
been able to serve only about one-half of the Immediate demands.
Byllesby & Co. will proceed at once to install a 500 k.w. generating unit.
outstanding, payable Nov. 1 on stock of record Oct. 15; also which
more than double the capacity at the station. Located in the 4%, on the pref. heart ofwill
the regular quarterly dividend No. 3, 13
the oil and gas-producing fields of Oklahoma, a rapid and healthy
of Sapulpa Is believed to be assured. Accordingstock, payable Oct. 1 to holders of record Sept. 22. (Com- growth In the populationSapulpa
has a population of 8,383, representing a
to the Federal Census,
pare V. 90, p. 502, 1428.)
gain of nearly 100% since the State Census was taken In 1907. [The capiRetirement of $1,150,000 Additional Preferred Stock-Only talization of the company at last accounts was $150,000 stock and 3120,000$2,000,000 Left.-The directors voted on May 20 to retire bonds.-Ed .1
Southern Iron & Steel 00.-Collateral Notes and Debenpro rata 25% ($1,050,000) of the outstanding ($4,200,000)
7% cum. pref. stock at par and accrued interest on or before tures.-The company, it is announced, has arranged to obAug. 10. On Sept. 6 they ratified the purchase in the open tain $800,000 additional working capital through the sale of
market of a further $150,000, and authorized the retirement (a) $600,000 one-year 6% notes of $3,000 each, dated Sept. 1
of an additional $1,000,000, leaving only $2,000,000 pref. 1910, secured by pledge of $1,000,000 "first and refunding
mortgage" 20-year bonds and (b) of $200,000 6% convertible
outstanding.-V. 91, p. 156.
Feb. 1
International Water Co., El Paso, Tex.-City Bonds Ac- debenture bonds of $1,000 each, dated issue of 1910.
$1,200,000 6%
Early in the year the shareholders authorized an
cepted for Plant.-See "El Paso" in State and City Depart- 5-year
convertible gold debentures dated Feb.1 1910 and due Feb.1 1915._
but subject to call at option at 105 and int. on four weeks' notice, and coninent.-V. 89, p. 1545, 723.
vertible at option of holder into pref. stock at the price of $60 [not $70
Lacombe Electric Co., Denver.-Guaranty of Bonds.-See as first proposed.-Ed.) per $100 share. The debentures are issuable
only upon deposit with the trustee of sufficient pref. stock to provide for
Denver Gas & Electric Co. above.-V. 88, p. 1259.
the conversion of each, and the dividends paid on pref. stock so deposited
Laurentide Paper Co., Grand Mere, Que.-Dividend ln- are to be used as a sinking fund for the redemption of the debentures.
Including the present issue, the entire $1,200,000 of these debentures Is
2%
of
dividend
on
declared
has
been
quarterly
crease.-A
now outstanding. They were not offered to the shareholders as at first
V. 90. p. 695, 703, 774.
the common stock, payable on or about Oct. 1, thus increas- intended. Compare
Under the plan of reorganization (V. 86, p. 1283) there was created an
to
8%.
May
7%
with
Beginning
from
ing the annual rate
issue of $10,000,000 "1st & refunding mtge. gold bonds" of $1,000 each,
due Oct. 11929, but subject to call at 105 and int.:
1909 the distributions, theretofore 3% s. a., were changed dated Oct. 1 1909 and years,
thereafter 5%. Trustee, U. S. Mtge. & Trust
interest rate 4% for 4
4% guar. Compare V. 89, p. 667.-V. 91, p. 467.
to 13
Co. Of these bonds, $6,810,000 have heretofore been issued, $1,000,000pledged to secure the aforesaid notes, $314,000 are reserved for fuLower Yakima Irrigation Co., Richland, Benton Co., are
ture extensions and additions to 75% of cost, and the remaining $1,876,000Wash.-Bonds Offered.-The Davis & Struve Bond Co., are
Issuable only on retirement of the following underlying bonds: $908,000
Oct. 1 1926 but callable at 105; 3375,000
Seattle, are offering at par and int., $100,000 7% gold bonds, Georgia Steel Co. 1st 55, due
1st M. gold Its, due $25,000 yearly, Jan 1 1911 to 1925, and
Lacey-Buek
the unsold portion of the present issue of $300,000 purchased $593,000 Chatt.
Iron & Coal Co. 1st M.6s, due Jan. 1 1926.-V. 91, p. 407..
by them early in the year. Total auth.. $350,000. Dated
Spokane (Wash.) Gas & Fuel Co.-Plan.-See Cities
Jan. 15 1910 and due serially on Jan. 15 1912 to 1920, 2 Service Co. above.-V. 79, p. 2700.
series of $15,000, 2 of $20,000, then successively, $30,000,
Standard Cordage Co.- Refereei Report Favors Disso$40,000, $50,000, $60,000 and $100,000, but any portion
redeemable on or after Jan. 15 1913 at 105 and int. Central lution.-Jerome Hess, who was appointed as referee by the
on Thursday filed his report favoring
Trust Co. of Seattle, trustee. Int. J. & J. 15 at Seattle Nat. State Supreme Court,
the granting of the application to dissolve the company.
Bank. A circular says that the bonds cover:
Compare V. 90, p. 1048.-V. 90, p. 1428.
A complete gravity irrigation plant located at Richland in Benton Co..
Wash.; in the Yakima and Columbia River Valleys, consisting pf the dam
United States Realty & Improvement Co.-Earnings.and intake at Horn Rapids on the Yakima River; 24 )4 miles of main canal
ending July 31:
and 25 miles of laterals and distributing ditches. Total present value, For the quarter
Westchester Lighting Co., New York.-Gross Earnings
Tax Decision.-The New York State Court of Appeals recently held (92 N. E. Reporter 230) that, under the amendment of 1907 to the statute (186 of the Tax Law) imposing
an annual tax of 5-10 of 1% "upon the gross earnings from
658
THE CHRONICLE
all sources within this State" of "every. corporation" . . .
"formed for supplying water or gas or for electric or steam
heating, lighting or power purposes," the State is entitled
to include in "gross earnings" amounts representing "cost
of raw materials converted into gas and electric current."
It was contended that, in spite of the amendment, the statute still limits
receipts for the purposes of taxation to such as result from the employment
of "capital," as distinguished from receipts representing replacement of
capital, but it was held that the company was not entitled, under the statute
• as it now reads, to deduct from gross earnings the amount thereof expended
during vear for raw material to be converted into gas and electric current.
The Court says that the statute provides for taxing "gross earnings from
all sources," and adds that this means "all receipts from the employment
of capital without deduction," including all which the use of the company's
•
capital originated.-V.89, p. 10i.
Western Gas Improvement Co.-Guaranteed Collateral
Notes Offered.-Chas. S. Kidder & Co., 184 La Salle St.,
Chicago, are placing at par and int. $100,000 6% guaranteed
collateral trust gold notes dated March 1 1910 and due
Sept. 1 1915, but redeemable on any int. date at 101 and int.
Prin. and semi-annual int. payable at Central Trust Co. of
Illinois, Chicago. Par, $500 (c*). A circular says:
Organized under laws of Maine. [Incorp. Nov. 11 1908; auth. stock then
$750,000 corn. and $250,000 pref. Par $100.] Owns all of cap. stock of El
Paso Gas & Electric Co. of El Paso, Tex. These notes are a direct oblige
tion of the company and are further secured by the deposit of $100,000 first
pref. 10% cum. capital stock of the El Paso Gas & Electric Co.. and are
guaranteed, prin. and Int., by endorsement on each note by the El Paso
Gas & Electric Co. The El Paso Gas & El. Co. has outstanding $250,000'
common stock, $250,000 6% pref. stock, $100,000 10% first pref. stock
and $500,000 1st M.6% bonds, due in 1934 and optional in 1914 (see V. 82,
p. 1381; V. 83, p. 754; V. 90, p. 852).
Earnings,El Paso0. & El.Co.(1909 in face of 10% Reduction in Price of Gas)
1906.
1907.
1908.
1909.
1910 (est.).
Gross earnings_
$177,124
$82,535 $160,891
$178,996 Not stated.
$57,119
$64,668
Net (after tax.) $40,850
$68,101
$85,000
Gas sold, cu. ft. 44,936,800 73,153,900 88,003,900 95,420,800 115,000.000
The El Paso Gas & Elec. Co. has a charter from the State of Texas authorizing It to operate In the cities of El Paso and Juarez for a term of 50 years
from 1904. Has a monopoly of the artificial gas business In these cities
under 40-year franchises from 1904, permitting a charge of $1 50 net per
1,000 cubic feet of gas, but the charge is now only $1 40 net. The company
owns: Two city blocks; electric station, capacity of 50,000k. w. per month;
a new modern coal and duplicate water-gas plant, capacity 500,000 Cu. ft.
per day; two gas-holders, together containing 260,000 cu. ft.; over 48 miles
of mains; 4,178 meters, over 3,180 stoves and 1,302 gas arcs. The business
is Increasing rapidly and the management estimates the output for 1910 at
115,000,000 cu. ft. The surplus earnings for the last five years have been
Invested in the property, increasing the already large Investment made by
the owners in addition to the bonded debt. The management is in the
hands of George F. Goodnow, consulting engineer for the Dawes syndicate.
' White River Light & Power Co., Noblesville, Ind.-Receiver's Certificates.-Receiver Ralph H. Beaton (appointed
July 2 1910 by Circuit Court of Hamilton County) has been
authorized by the Court to issue $100,000 receiver's certificates to provide for the completion of the dam for use in
connection with the company's proposed hydro-electric plant.
The company was formerly known as the Noblesville Hydraulic Co.
Its capitalization is $300,000 stock and $150,000 bonds. Of the bonds
$100,800 have been sold and the remainder pledged as collateral. Coupons
in default about $1,200. Officers prior to receivership: Pres., Elwood W.
McGuire of Richmond, Ind.; Vice-Pres., Ralph H. Beaton, Columbus, O.;
Sec., J. C. Jones, and Treasurer, W. E. Dunn, Noblesville, Ind. The
Noblesville Heat, Light & Power Co. (stock and bonds each $50,000) is a
distinct corporation, with T. C. McReynolds of Kokomo as President.
Plc T.o-mratrziat
[VoL. Lxxxxi.
WintrI5.
COMMERCIAL EPITOME,
Friday Night, Sept. 9 1910.
There has been moderate expansion in the general volume
of business. Declines in cotton and other leading staples
have had a stimulating influence. Record crops of corn and
oats result in general betterment.
LARD has been decidedly slow at a further advance.
The light supply and the strong hog situation continue as
the chief features. Prime Western 12.90c., Middle Western
12.50©12.60c. Refined has been extremely dull and also
stronger. Refined Continent 13.10c. South American
13.75c., Brazil in kegs 14.75c. There'
has been almost no
life in the local speculative market. Trading in the West
has been fairly active and prices are higher under buying
by packers and shorts, prompted mainly by the strength
in hogs and reports of a better cash trade.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Wed. Thurs.
Tues.
Mon.
Fri.
September delivery_ _ _12.35
12.45
12.25
12.60
Holl- 12.40
January delivery
11.05
day. 11.10
11.10
11.10
11.15
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Se.
Mon.
Tues.
Fri.
Wed. Thurs.
September delivery__ _ _
12.27 A 12.35
October delivery
12.25
Holl12.25
12.17A 12.27% 12.32.%
November delivery__ _ _11.75
day.
11.70
11.623 11.67 A 11.70
January delivery
10.77 A
10.75
PORK has been steady at old prices, the meagre stocks
being a serious hindrance to business. Mess $24 50@$25,
family $25©$25 50, clear $22 25@$23 75. Beef was a
fraction stronger at one time,with a fair business but later
receded, with trading moderate. Mess $15@$16,
' packet
$17@$17 50, family $19@$19 50, extra India mess $30 50®
$31. Cut meats have been firm with buyers holding off.
Pickled hams, regular, 14%@15
pickled bellies, clear,
163'©17c., pickled ribs 173'2©18c. Tallow has been quiet
at an advance to 73
4c. for City. Stearines quiet but rather
firmer; oleo 11c., lard 133©14c. Butter quiet but firm
on choice grades, which are in small receipt; creamery extras
31c. Cheese has eased off a trifle on indifferent buying;
State, whole milk, colored or white, fancy, 15c. Eggs quiet
but firmly held; Western firsts 23@24c.
OIL.-Linseed has advanced strongly with fair demand;
City, raw, American seed, 94@95c., boiled 95@96c., Calcutta, raw, 97c. Cottonseed has been strong on light supplies and advance in crude; winter 11®12c.., summer white
10 ®12c. Lard has been strong on small offerings and
advance in crude material; prime 95c. ®$1 00; No. 1 extra
61 ®63c. Cocoanut strong on scarcity; Cochin 103
4®11c.,
Ceylon 932c. Olive firmly held at 85®90c. Cod firmly
held and in good demand; domestic 40©42c.; Newfoundland
43®45c.
COFFEE has been fairly active, advancing strongly early
in the week, with a partial recession in the late trading. Bullish ideas as to the situation in Brazil, accompanied by a
strong statistical position, led to active buying. The spot
market has been strong, with demand active and holders in
some cases inclined to withdraw offerings. Rio No. 7, 10YL
®10%c.;Santos No.4, 11 %®1134c. Mild grades have been
in good demand, especially for local account; fair to good
Cucuta, 115A ®12c. Closing prices were as follows:
Wilkes-Barre Company.-Consolidation-New Bonds.This company, mentioned in the report of the Susquehanna,
Railway, Light & Power Co. as controlled by that corporation (see "Annual Reports" on a preceding page), was incorporated last June unOer the laws of Pennsylvania,with
$1,500,000 capital stock, all outstanding, and an authorized
issue of $7,500,000 "first & refunding mortgage" 5% bonds,
of which $1,547,300 are outstanding (guaranteed principal
and interest by the Susquehanna Railway, Light & Power
Co.), covering its entire property, including the plants, January ____8.45@8.50 May
8.59@8.60 September _ 8.20c3_
8.25@8.35
8.60@8.62 October
franchises, &c., which were acquired outright from the February ___8.49@8.52 June
March
8.54@8.55 July _ _
_ _8.62 ®8.64 November _ _8.35@ 8.40
Wilkes-Barre Gas & Electric Co. (compare V. 89, p. 1356), April
8.57@8.59 August
8.63@8.64 December __8.40@8.45
Wilkes-Barre Heat, Light & Motor Co., Anthracite Electric
SUGAR.-Raw has been rather easier and fairly active
Light, Heat & Power Co., Standard Electric Co. and Union. at the decline. Centrifugal, 96-degrees test, 4.36c.; muscoLight & Power Co., all operating in and around Wilkes- vado, 89-degrees test, 3.86c.; molasses, 89-degrees test,
Barre, Pa.
3.610. Refined was active early, owing to cut prices, but
The new bonds are dated July 1 1910 and will mature July 1 1980. but
are subject to call till 1912 at par and int.; thereafter at 105 and Int. Par later became quieter. Granulated 5.15c. Teas have been
$1,000, $500 and $100. Int. payable J. 8c J. at Girard Trust Co., hila., more active in spite of continued firmness. Spices have
trustee. Of the authorized issue, $3,000,000 is reserved to retire ihe same been firm, with moderate stocks and good demand. Wool
amount of existing bonds of the Wilkes-Barre Gas & Electric Co. Bonds
of the new company, it is stated, were given for the stocks of the old com- firm and in better demand. Hops slow and sparingly offered.
panies. Pres., W. H. Conyngham; Sec., A. S. Minor; Treas., J. N. ThompPETROLEUM.-Lower prices failed to stimulate better
son. Office, 40 Wall St., New York.
buying of refined for domestic account, but export business
Wilkes-Barre (Pa.) Gas & Electric 0o.-Merger.-See is fair. Refined, barrels, 7.50c.; bulk 4c., cases 10.90c.
Wilkes-Barre Company above.-V. 90, p. 1107.
Gasoline steady; 86 degrees in 100-gallon drums 183
/0.;
drums $8 50 extra. Naphtha firm and active; 73 to 76 de-William Salomon & Co. have issued a market letter under grees in 100-gallon drums 169c.; drums $8 50 extra. Spirits
date of Sept.8, in which they say: "There seems to be rea- of turpentine quiet and rather easier; 74%c. Rosin quiet
sonable ground for the belief that the forces which have thus and firmer, with $6 15 asked for common to good strained.
TOBACCO.-The market continues quiet, but greater
far resulted in moderate improvement will continue to favorably affect the investment market. Underlying conditions activity is predicted for the pear future and hence holders
which are now developing are of a nature which should create are firm in their views. It is claimed that manufacturers
a large surplus of money and low interest rates. The attitude will be forced to show more interest in the new leaf in a short
of bankers and business men indicates a general realization time. Harvesting of the new crop is making progress and
of the need for greater conservatism, and the tendency to- crop reports are generally satisfactory, especially from
wards expansion of business activity has been in a great Connecticut. Cuban tobacco is attracting more attention
measure arrested. The floating supply of standard invest- and Sumatra is being taken by cigar manufacturers for
ment bonds at the present time we believe to be compara- current needs.
COPPER.-Prices show no change in spite of inactive
tively small, and any substantial increase in the supply of
/
8 ®12%c., electrolytic 124©12.55c., castfloating capital seeking investment will undoubtedly be re- demand; lake 125
flected in a considerable improvement in prices. It should ing 12Yt ®12Y8c. Lead has been dull but well sustained at
also be noted that the railroads are apparently not inclined 4.40@4.50c. Spelter has been quiet at a further advance;
to make large appropriations for new construction, &c. This spot 5.40@5.500. Tin irregular and easier; spot, 35.55®
policy should result in a smaller amount of new issues which 35.60c. Iron has been fairly active at times, but prices
have not been encouraging. The output continues to
the market would be required to absorb."
Northern $16@$16 25, No. 2 Southern
-"Poor's Manual of Railroads" for 1910 (43rd annual diminish. No. 1 Finished
goods have been affected by the
number) is issued. It contains 2,685 pages of text and is $15 25@$15 75.
lower iron prices. A better export business in rails is said
about 25% larger than the 1909 edition.
to be pending.
On Shipboard, Not Cleared for-
COTTON.
Sept. 9 at
Friday Night, Sept. 9 1910.
THE 1VIOVEMENT 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
95,064 bales, against 86,130 bales last week and 56,579
bales the previous week, making the total receipts since
Sept. 1 1910 123,040 bales, against 197,960 bales
for the same period of 1909, showing a decrease since
Sept. 1 1910 of 74,920 bales.
Receipts at-
Total this week 18,714
Thurs.
Wed.
Tues.
Mon.
Sat.
17,081
Galveston
Port Arthur.. _ _ _
Corp. Christl, &c
-565
New Orleans_ _ _ _
44
Mobile
Pensacola
Jacksonville, &c.
1,54I5
Savannah
Brunswick
--ii
Charleston
Georgetown _
Wilmington _ _ _ _
--ii
Norfolk
N'port News, &c.
---New York
Boston
---Baltimore
____
Philadelphia_
Fri.
Total.
6,017 18;208 11,010 10,453 15,069 77,838
-iii
-555
142
198
196
68
1,255
-iia.
4,844
---5
---i
---5
-154
---6
--a
----
75
----
1
----
269
84
1,162
732
3-,655
14,165
--ii
287
-355
21
23
----
36
29
154
2,55
____
---200
-_-_
-349
-349
-565
1
79
__-79
7,512 19,209 16,441 13.291
19,807 05.064
The following shows the week's total receipts, the total
since Sept. 11910, and the stocks to-night, compared with
last year:
Stock.
1909.
1910.
Receipts to
Sept. 9.
This Since Sep This Since Sep
week. 1 1910. week. 1 1909.
.
1910.
1909.
77,838
Galveston
Port Arthur
349
Corp. Christi, Soo_
1,162
New Orleans__ _ _
732
Mobile
Pensacola
Jacksonville, Sac_
14.165
Savannah
Brunswick
355
Charleston
Georgetown
29
Wilmington
154
Norfolk
Newport News,&c
200
New York
1
Boston
79
Baltimore
Philadelphia
102,748 55,051
72,187
54,217
69,325
2,368
7,440
4,554
2,666
7,753
5,088
15,198
1,472
35,166
7,702
55
16,859 55,972
3,905
407 11,153
55
77,107
5,355
12,508
13,251
2,021
700
63,516
5,410
9,084
9,690
3,619
38
10,031
4.443
185
117
344
10,464
6,003
218
128
159
297
128
159
107,404
1,441
815
545
70,889
3,020
2,037
1,259
95,064
123.040 154,356
197,960
197.595
2R3.875
Total
349
1,251
806
30
210
200
101
79
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1910.
1909.
1907.
1908.
67,539
280
95,064
154,356
128,934
123,040
197,960
181,165
77,834
349
1,162
732
14,165
Total this wk_
Since Sept. 1_
355
29
154
1006.
7,068
3,294
41,060
4,283
1,914
1,851
155
1,770
1905.
73,860
427
17,727
3,808
33,010
279
3,848
1,842
1,870
99
2,751
76,689
546
10,902
5,778
70,697
4,867
11,954
14,239
11,713
107
2,186
100,227
139,521
215,738
140.195
212,582
387.180
33,470
148
4,432
1,759
41,178
3,186
6,429
6,732
2,393
264
236
55,051
2,368
7,446
4,554
55,972
3,905
11,153
9,690
3,619
38
560
_
Galveston
Pt.Arthur,&e.
New Orleans..
Mobile
Savannah
Brunswick_
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_ _ _ _
The exports for the week ending this evening reach a total
of 97,794 bales, of which 30,613 were to Great Britain,
14,197 to France and 52,984 to the rest of the Continent.
Below are the exports for the week and since Sept. 11910:
Week ending Sept. 9 1910.' From Sept. 1 1910 to Sept. 9 1910.
Exported toExported toExports
from-
ContiGreat
ContiI Great
Total.
Britain.Fence sent. I Total.' Britain Franec. nem.
----------51,182
03 37,921
1 517089.1 13,16
37792Galveston ____ 13,168
Port Arthur_
Corp.Chris.,&o
7,360
6,064
1,296
New Orleans-' 1,296
6,014 7,310
Mobile
Pensacola
Fernandina
50
so
Savannah ____
Brunswick_
Charleston
Wilmington
Norfolk
Newport News
5,787 38,117
16,133 14,197
New York_ _ _ _ 10,13314,197 5,787 36,117
228
212
228
1
212
16
Boston
2,150 2,150
2,150
'2,150
Baltimore
Philadelphia __
Portland, Me__
800
800
800
800
San Francisco.
100
100
100
100
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit
Total
Total 1909-__
30,61314,1971 52,9841 97,794
9,524 4,892 32,185 46,601
30,613 14,290
14,115 15,307
53,084
44.837
Other CoastGerGreat
Britain. France many. Foreign wise.
Total.
Leaving
Stock.
2,908
664
347 1,274
New Orleans_
623
___
2,200 33,928
Galveston ____ 13,195 3,063 7,'789 7,681
____
____ ---------____
____
____
____
Savannah-------------------------Charleston_ __ _
_-- -- -- -- --- Mobile
---___
---------------Norfolk
6,100
____
300
3,500 1,000 1,560
New York.. _ _ _
300
____
150
____
100
50
Other ports.__
12,290
20,289
13,251
700
322
344
101,304
4,639
3,014 43,386
6,388 69,497
6,609 65,260
154,139
214,378
183,203
-----
Total 1910._
Total 1909
Total 1908_
16,745 4,686 9,536 9,450
6,048 13,250 26,499 17,312
15,561 11,184 16,278 15,628
Speculation in cotton for future delivery has been on a
larger scale and the market has become a much broader
affair, the outside public manifesting more interest. The
net result of the week's trading is a loss ranging from about
10 points on September to about 30 on May. Early in the
week the market was decidedly weaker, and at one time
prices were down fully 50 points. Prompted by reports of
rains in Texas, in some places amounting to from 1 to 5
inches, the bear crowd made a strong drive at the market.
They were also encouraged in part by reports that showers
had fallen in the Eastern belt and checked the shedding.
On the other hand, poor reports were received from Georgia
and Alabama, and the lateness of the crop in many sections
caused many to fear serious loss in the event of early frost.
Still, the bears were assisted in their attack by houses with
Southern connections, who were again selling hedges against
the actual cotton bought in the South. The break caused by
these combined offerings carried the market down to a level
where stop-loss orders were encountered, and these, of course,
only quickened the drop. During mid-week there was a
temporary rally. While cables were disappointing and crop
reports as a rule favorable, including reports of more showers in Texas, there was some bad news from the Mississippi
Valley, where weevil damage was said to be growing serious.
Moreover, Liverpool reported better spot sales, and.it was
noted here that a good class of buying developed when prices
were near the low levels. Spinners, it was said, were good
buyers on the breaks. By some it was claimed that the spinners wanted to avoid a repetition of their experience last season, when a shortage in stocks late in the crop year
forced them to pay much higher prices. Hence it
was stated that many of them were now anticipating future
needs. Following this brief rally, the declining trend was
resumed under a renewal of the bear attack, further hedge
selling and more liquidation by longs. There was talk of an
extension of the time set for curtailment of consumption and
this was partly responsible for the increased selling; but the
chief influence was the first ginning report from the Census
Bureau. Believers in lower prices claimed that this was
bearish on the ground that the ginning in Texas was much
heavier than last year. Still, others pointed out that the
report was really bullish, inasmuch as very little ginning
was done in other States, the total ginned being 32,500
bales less than a year ago, showing clearly the lateness of
the crop in most of the States. To-day a good part of the
loss was recovered. Those who had succeeded in depressing
the market early in the week attempted to cover and found
the offerings decidedly inadequate to supply their demand,
as well as a more active demand from spinners from Liverpool and the South. Shorts were frightened in part by predictions that the hurricane hovering over the West Indies
would soon reach this country and seriously damage the
cotton crop. In addition, Southern markets were firmer
and receipts outside of Texas are small. Mills were repoilreted as buying and talk of further curtailment was ridiculed.
The rates on and off middling, as established Nov. 17 1909
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c Basis(Good mid. tinged_c Even
o 1.60 on[Middling
Strict mid. fair_ _ _1.30 on(Strict low. mid_ __ _0.25 off(Strict mid. tinged_0.15 off
1.10 on(Low middling
Middling fair
0.60 off(Middling tinged_ _0.25 off
Strict good mid_ _ _ _0.86 on(Strict good ord__ _1.05 off(Strict low.Mid.ting_0.60 off
Good middling_ _ _ _0.44 on[Good ordinary
1.75 oft Low mid. tinged _ _ _1.50 off
22 on(Strict g'd mid. tgd.0.35 on(Middling stained _ _0.75 oft
Strict middling..._0.22
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 3 to Sept. 9Middling uplands
Sat.
H.
Mon. Tues. Wed. Thurs. Fri.
H. 14..5
14.15
14.00
14.00
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
o a9 for each of the past 32 years have been as follows:
Sept.
191
14.60
12.65
9.30
13.05
9,80
10.85
11.00
12.25
1909
1908
1907
1906
1905
1904
1903
1902_c
1901
1900
1899
1898
1897
1896
1895
8.88
8.62
10.12
6.44
5.81
7.50
8.75
8.38
1894_c
1893
1892
1891
1890
1889
1888
1887
6.94
8.12
7.19
8.75
10.62
11.38
10.44
10.12
1886_c
1885
1884
1883
1882
1881
1880
1879
9.25
10.00
1120..8881
10.12
12.75
11.69
12.38
MARKET AND SALES AT NEW YORK.
- - Spot Market
Closed.
Sales of Spot and Contract.
Futures
Market
Closed.
•
Con- ConSpot. sum'n. tract.
Total.
97.987
74.219
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
659
THE CHRONICLE
SEPT. 10 1910.1
Saturday_ _
Monday_ -Tuesday _
Wednesday
Thursday _
Friday__ _ _
Total_
HOLIDAY
..
HOLIDAY
16,41)
Quiet, 75 pts. dec.... Steady
16,084
ulet, 10 pts. dec.... Firm
600
Dull, 15 pts. dec___ Steady
Very steady. 3.468
Quiet
16,749
16,084
600
3,488
36,892
36,892
660
THE CHRONICLE
Lxxxxi.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York the past week have been as follows:
the receipts for the week and since Sept. 1, the shipments
the week and the stocks to-night, and the same items for
41 21 21 II 21 II gl II '41 II for
the corresponding period for the previous year-is set out
.
c. .
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e.
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in detail below.
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@I.
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co .
Movement to September 10 1909.
2,1 ni
g
Via
w,27
boll doE! bo.5 Ist..5. I ed-'.;
havi be, Zio.r7, tt... I 645,1,
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65
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2
e
0
>
.i
THE VISIBLE SUPPLY OF COTTON to-night, as
2
.- e g
-g
.g
made up by cable and telegraph, is as follows. Foreign
5goii-°:giV34.ve.7.7-:.gtPu4grO .V .g 4 -:
(6E'qvggg8gmei"t4°Pg
'4"›4r124°A- V
stocks, as well as the afloat, are this week's returns, and
'507373:2-157;0-00°"-1881 3.'22851'4=°q g
• consequently all foreign figures are brought down to Thurs4117)01.44./<48r4418665>43zMe4Wil
day evening. But to make the total the complete figures for to-night (Friday), we add the item of exports
The above totals show that the interior stocks have infrom the United States, including in it the exports of Friday creased during the week 8,965 bales and are to-night 45,863
only.
bales less than at the same time last year. The receipts
September 91910.
1909.
at all the towns have been 5,973 bales less than the same
1908.
1907.
bales. 299,000 781,000 334,000 664,000
'Stock at Liverpool
week last year.
• Stock at London
6,000
13,000
12,000
29,000
Stock at Manchester
21,000
49,000
35,000
46,000
OVERLAND MOVEMENT FOR THE WEEK AND
Total Great Britain stocks_ ___ 326,000 843,000 372,000 739,000 SINCE SEPT. 1.-We give below a statement
showing
Stock at Hamburg
11,000
12,000
25,000
20,000 the overland movement for the week and
Stock at Bremen
since Sept. 1, as
46,000
92,000
128,000
100,000
Stock at Havre
62,000
from
133,000
telegraphic
made
up
62,000
reports
Friday
103,000
night. The results
Stock at Marseilles
2,000
3,000
4,000
4,000 for the week and since Sept. 1 in the last two years are as
Stock at Barcelona
12,000
19,000
16,000
15,000
Stock at Genoa
4,000
follows:
11,000
13,000
18,000
ifi - bii, ,,4
Stock at Trieste
Total Continental stocks
Total European stocks
andia cotton afloat for Europe_
Amer. cotton afloat for Europe
Egypt,Brazil,&c..aflt. 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
4,000
4,000
18,000
38,000
141,000
274,000
266,000
298,000
467,000 1,117,000
70,000
49,000
176,638
119,190
23,000
24,000
41,000
35,000
158,000
394,000
283,875
197,525
106,869
61 006
5,019
59
647,000 1,037,000
57,000 124,000
164,757
77,218
18,000
21,000
53,000
20,000
364,000 485,000
24,463 308,857
133,120
101,611
4,626
12,364
Total visible supply
1,424,228 1,904,553 1,689,966 2,187.050
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 216,000 686,000
232,000
555,000
Manchester stock
25,000
16,000
36,000
43,000
• Continental stock
105,000 236,000
199,000 200,000
American afloat for Europe
176,638
164,757
119,190
77,218
U. S. port stocks
197,525
283,875 248,463 308,857
U.S. Interior stocks
61,006
133,120
100,809
101.611
U. S. exports to-day
59
4,626
5,619
12,364
Total American
East Indian, Brazil, &c.
Liverpool stock
Loudon stock
Manchester stock
• Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
:.Stock in Alexandria, Egypt
,Stock in Bombay, India
Total East India, ecc
Total American
772,228 1,473,553 1,006,966 1,298,050
83,000
6 000
5,000
36,000
70,000
23,000
35,000
394,000
95,000
13,000
13,000
38,000
49,000
24,000
41,000
158,000
102,000
12,000
10,000
07,000
57,000
18,000
53,000
364,000
109,000
29,000
3,000
98,000
124,000
21,000
20,000
485,000
652,000 431,000 683,000 889,000
772,228 1,473,553 1,006,966 1,298,050
Total visible supply
1,424,221 1,904,553 1.689,966 2,187,050
"Middling Upland, Liverpool
6.83d.
8.03d.
5.47d,
7.10d
Middling Upland, New York_ __ _ 14.00c.
12.75c.
0.40e.
12.80e.
Egypt, Good Brown, Liverpool
133id. 10 3-16d. 8 7-16d. 11 1-16d.
Peruvian, Rolm Good, Liverpool 10.75d.
8.35d.
8.70d.
12.00d.
rtroach. Pine, Liver000f
7Kid. 6 5-16d.
3d.
6%d.
fIncievelly. Good, 1.4•,,r so - 1_.. . 7 1-16d
6 11,3d,
51c1 5 15-1e: .
-----1910
--1009
Sept. 9Week. Sept. 1
"Week. Sept. 1.
Via St. Louis.
1,280
527
1,111
1,250
Via Cairo
552
552
242
1.002
Via Rock Island
100
100
111
111
Via Louisville
324
324
173
228
Via Cincinnati,...122
17240
Via Virginia points
530
461
rii5
520
254
238
Via other routes, dec
670
685
3,212
2,324
Total gross overland
2.604
3,836
Deduct Shipments380
280
Overland to N. Y., Boston, &c_ _ _
505
584
146
146
Between interior towns
173
173
1,475
2,198
Inland, &c., from South
541
1,024
Total to be deducted
Leaving total net overland*
1,901
2,724
1,219
1,781
423
488
1,445
2,055
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 423 bales, against 1,445 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 1,567 bales.
1910
In Sight and Spinne
Week.Sept.in
rs'S cle
Takipgs.
Receipts at ports to Sept. 9
95,004
132,040
Net overland to Sept. 9
423
488
Southern consumption to Sept. 9_ 28,000
37.000
Week.
154,356
1,445
52,000
Sept. 1
197,960
2 ,055
78,000
Total marketed
Interior stocks in excess
207,801
23,420
278,015
23,706
123,487
8.965
Since
160,528
10,228
Came into sight during week__ _132,452
Total in sight Sept. 9
North. spinners' takings to Sept. 9 31,619
1909-
231,221
31,619
18,320
-3-01;72
28,265
Movement into sight in previous years:
Week1908-Sept.
1907-Sept.
1906-Sept.
1905-Sept.
12
13
14
15
Bales,
185,931
163,588
210,420
289,403
Since Sept. 11908-Sept. 12
1907-Sept. 13
1906-Sept. 14
1905-Sept. 15
Bales.
262,542
254,324
337,920
535,260
Continental imports for the past week have been 15,000
bales.
r'The above figures for 1910 show a decrease fron'i last week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 46,280 bales, a loss of 480,325 bales from 1909, a de- MARKETS.-Below are the closing quotations of middling
•crease of 265,738 bales from 1908, and a decline of 762,822 cotton at Southern and other principal cotton
markets for
'
,bales over 1907.
each day of the week.
SEPT. 10 1910.j
THE CHRONICLE
661
Weatherford, Texas.—Rain has fallen on one day of the
week, to the extent of sixty-six hundredths of an inch. The
thermometer has averaged 84, the highest being 100 and the
13%
13%
13%
68.
lowest
13%
Galveston ----1331
1331
1336
1434
New Orleans__ _
Ardmore, Oklahoma.—There has been rain on one day
13
1334
1334
1334
1334
Mobile
13%
1334
of the week, the rainfall being ninety-five hundredths of an
13%
13 %
14 %
Savannah
1334
1336
13%
14
14
Charleston
inch. The thermometer has averaged 85, ranging....froin
Wilmington_ _ _
67 to 103.
14341394
i53>;
HOLI- 1334
Norfolk
14%
1434
DAY. 15
Baltimore _
Oklahoma, Oklahoma.—We have had rain on three days
14.25
14.25
14.40
14.50
Philadelphia
1334
the past week, the rainfall being ninety-one hundredths of
1334
13%
1334
Atigusta
1351
1394
14
1431
an inch. The thermometer has averaged 82, ranging from
14%
Memphis
13%
14
14%
1431
1434
St. Louis
64 to 100.
13 7-16
1336
13%
13%
14
Houston
1334
13%
13%
1334
Alexandria, Louisiana.—It has rained on one day of the
Little Rock_ _ _ _ 13'%
week, the precipitation reaching thirty-one hundredths of
from 70 to 98,
NEW ORLEANS OPTION MARKET.—The highest, an inch. The thermometer has ranged
lowest and closing.quotations for leading options in the New averaging 84.
New Orleans, Louisiana.—There has been rain on two days
Orleans cotton market for the past week have been as follows:
the past week. The rainfall reached fifty-nine hundredths
of an inch. The thermometer has averaged 85, the highest
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday.
Sept. 3, Sept. 5. Sept. 6. Sept. 7. Sept. 8. Sept. 9.
being 95 and the lowest 75.
Columbus, Mississippi.—We have had no rain during the
September—
13.11-.26
13.05-.10
13.10-.37 13.00-.11
. Range
week. The thermometer has averaged 83, the highest being
13.13 -- 13.14-.16 13.05-.07 13.23 —
Closing
99 and the lowest. 66.
October—
12.83-.13 12.71-.91 12.76-.90 12.82-.98
Range
Vicksburg, Mississippi.—We have had rain on two days
12.85-.86 12.90-.91 12.80-.81 12.97-.98
Closing
the past week, the rainfall being sixty-four hundredths of an
Nowmber—
— @ — —31 -- inch. The thermometer has ranged from 69 to 92, aver—@ —
Range
12.80 — 12.85-.87 12.76-.78 12.93-95
Closing
aging 82.
December—
12.84-.12 12.72-.92 12.76-.90 12.83-.98
Range _ _ _
Shveveport, Louisiana.—Rain has fallen on two days of
12.83-.86 12.90-.91 12.81-.82 12.97-.98
Closing_ _ . _
the week, the rainfall reaching seventeen hundredths of an
January—
HOLI- 12.88-.14 12.75-.96 12.81-.93 12.87-.03 inch. The therinometer has averaged 84, ranging from
HOLIRange _ _
DAY. 12.89-.90 12.94-.95 12.85-.86 13.02-.03
DAY.
Closing
72 to 96.
February—
Eldorado, Arkansas.—We have had rain on three days
Range
— @ — —31 — @ —
13.07-.09
12.90-.93
12.94-.9C 12.99-.00
C °sing_ _ _
during the week, the rainfall being twelve hundredths of an
-IIarch,—
13.00-.30 12.91-.07 12.94-.07 13.30-.16 inch. The thermometer has ranged from 69 to 95, averRange _
13.03-.0, 13.07-.09 12.99-.00 13.15-.16 aging 82.
Closing_ _
A pril—
Fort Smith, Arkansas.—Rain has fallen on two days of
Range _ _
—@--- — @ -- — p — —31 13.08-10 13.12-.14 13.03-.05 13.22.24 the week. The rainfall reached ninety-eight hundredths of
Closing
May—
an inch. Average thermometer 81, highest 94, lowest 68.
®
13.19-.26 13.06-.23 13.09-.20
Range .
13.17-.19 13.22-.23 13.10-.13 13.26-.28
Closing
Helena, Arkansas.—Crops look well; there is but very little
Tone-complaint. First bale received yesterday. It has rained
Quiet. Steady.
Easy.
Spot
. Quiet. Steady. Firm. on two days of the week, to the extent of twenty-four hunsta,
Options
dredths of an inch; more rain in the neighborhood. The
EGYPTIAN COTTON CROP.—Mr. Fr. Jac. Andres, Inc., thermometer has averaged 81.2, the highest being 93 and
various
of Boston has the following from Alexandria under
the lowest 71.
dates:
Little Rock, Arkansas.—There has been rain on two days
Aug. 20.—The favorable accounts of the growing crop continue, although of the past week, the rainfall reaching one inch and fifty
on the 18th general fogs were reported throughout the Delta and on the
averaged 80, ranging
16th in the Behera Province. Furthermore, the reappearance of the cot- hundredths. The thermometer has
ton worms in 13ehera and Dakalieh are causing some apprehensions.
from 68 to 92.
We have the following cables from four of our correspondents in reply to
Memphis, Tennessee.—Crop late, but is progressing favorInquiry concerning the crop: Aug. 31—"Crop prospects decidedly worse.
Damp weather causing shedding and serious damage. General opinion is ably. Cotton is beginning to open. There has been rain
that crop is doing well, but, should damage be confirmed, we expect general
covering of oversold accounts and rapid advance. Upper Egyptian re, on two days during the week, the rainfall reaching forty-two
Sept. 1—"Slight damage reported, hundredths of an inch. Average theremometer 81, highest
colpts show undesirable staple."
owing to fogs. Very Insignificant shedding of bolls." Sept. 1—"Crop
prospects are very good." Sept. 2—"Crop is reported damaged by shed- 94, lowest 70.
ding. The general estimate of the crop Is 6,500,000. We attach some ImNashville, Tennessee.—Cotton is late in this section. There
portance to this report."
has been rain on three days during the week, the precipitat ion
WEATHER REPORTS BY TELEGRAPH.—Advices to reaching fifteen hundredths of an inch. The thermometer
70.
us by telegraph this evening from the South denote that in has averaged 80, the highest being 91 and the lowest
Mobile, Alabama.—Weather in most sections of the inthe main favorable weather has prevailed during the week.
In some sections where moisture was needed beneficial rains terior hot and dry. Considerable crop deterioration is rehave fallen, and elsewhere the crop as a whole is doing well. ported in some sections. Reports spotted and generally less
Picking, favored by the weather, is making good progress, favorable. Cotton picking and movement making slow
but the movement of cotton to market is as yet quite mod- progress on account of hot weather and late season. Rain
has fallen on three days of the past week, the rainfall reaching
erate.
Galveston, Texas.—There has been rain on four days during twenty hundredths of an inch. The thermometer has averthe week, the rainfall reaching sixty-nine hundredths of an aged 85, ranging from 75 to 95.
Montgomery, Alabama.—Fine weather for gathering the
inch. The thermometer has averaged 82, the highest being
crop. It has rained on four days of the week, the precipi88 and the lowest 76.
Abilene, Texas.—Rain has fallen on two days the past tation reaching twenty hundredths of an inch. The therweek, the rainfall reaching one inch and.forty hundredths. mometer has ranged from 71 to 95, averaging 81.
Selma, Alabama.—We have had rain on three days of the
Thermometer has averaged 82, ranging from 66 to 98.
Brenham, Texas.—There has been light rain on two days past week, the rainfall being one inch and forty hundredths.
during the week, to the extent of six hundredths of an inch. Average thermometer 80.5, highest 93, lowest 71.
Madison,Florida.—Rain has fallen very lightly on one day
The thermometer has ranged from 74 to 100, averaging 87.
Cuero, Texas.—It has rained on three days of the week, of the week. The thermometer has averaged 83, ranging
the rainfall being forty-six hundre91ths of an inch. Average from 71 to 95.
Atlanta, Georgia.—There has been rain on two days during
thermometer 85, highest 100, lowest 70.
Dallas, Texas.—There has been heavy rain on one day of the week, the precipitation being twenty-three hundredths
the week, the precipitation reaching two inches and forty- of an inch. Average thermometer 81, highest 92 and loweight hundredths. The thermometer has averaged 86, the est 69.
Augusta Georgia.—There has been rain on two days of
highest being 102 and the lowest 69.
the precipitation being thirty-four hundredths of
Henrietta Texas.—There has been rain on three days dur- the week,'
ing the week, the rainfall reaching forty-five hundredths of an inch. Thermometer has averaged 83, highest being 96
an inch. The thermometer has averaged 85, ranging from and lowest 71.
Savannah, Georgia.—Rain has fallen on two days of the
67 to 10:3.
Longview, Texas.—There has been rain on one day of the week, the rainfall reaching thirty hundredths of an inch.
week, the rainfall being thirty hundredths of an inch. The The thermometer has averaged 86, ranging from 73 to 99.
Charleston, South Carolina.—Ram has fallen on three days
thermometer has averaged 87, ranging from 73 to 100.
Luling, Texas.—Dry all the week. The thermometer has during the week, the rainfall reaching forty-one hundredths
of an inch. Average thermometer 84, highest 95, lowest 73.
ranged from 72 to 99, averaging 86.
Greenville, South Carolina.—Rain has fallen on three days
Nacogdoches, Texas.—There has been light rain on one day
during the week, the precipitation being twenty-three hun- of the week, the rainfall being one inch and ten hundredths.
dredths of an inch. Average thermometer 83, highest 97, The thermometer has averaged 80, the highest being 91 and
the lowest 68.
lowest 69.
Charlotte, North Carolina.—Cotton opening rapidly. We
Palestine, l'exas.—There has been light rain on one day
of the week, the precipitation reaching four hundredths of an have had rain on two days during the week, the rainfall reachinch. The thermometer has averaged 85, the highest being ing one inch and six hundredths. The thermometer has
averaged 79, the highest being 90 and the lowest 68.
96 and the lowest 74.
Greensboro, North Carolina.—The week's rainfall has been
Taylor Texas.—It has rained lightly on two days of the
week, the precipitation being ten hundredths of an inch. two inches and seventy hundredths, on three days. The
thermometer has averaged 78, ranging from 65 to 91.
Average thermometer 84, highest 96, lowest 72.
Week ending
Sept. 9.
Closing Quotations for Middling Cotton on—
Sat'daY. Monday. Tuesday. Wed'day. Thursd'y. Friday.
662
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings
Week and Season
1910.
Week.
1909.
Season.
Week.
Season.
Visible supply Sept. 2
1,470,508
1,901,327
Visible supply Sept. 1
1,931,022
American in sight to Sept. 9 __ _ 132,452 1,495,514
170,756 231,221
301,721
Bombay receipts to Sept. 8_ _ _ _
6,000
6,000
2,000
2,000
Other India ship'ts to Sept. S._
8,000
8,000
6,000
8,000
Alexandria receipts to Sept. 7_ _
1,000
1,000
1,000
1,000
Other supply to Sept. 7'
3,000
3,000
2,000
3,000
Total supply
1,620,960 1,684,270 2,143,548 2,246,743
DeductVisible supply Sept. 9
1,424,228 1,424,228 1,904,553 1,904,553
Total takings to Sept. 9
196,732
260,042 238,995
342,190
Of which American
154,732
192,042 197,995
282,190
Of which other
42,000
68,000
41,000
60,000
* Embraces receipts in Europe from Brazil. Smyrna, West Indies, &c.
[VoL. Lxxxxi.
AMOUNT IN SIGHT.-Supplementary to our Annual
Cotton Crop Report, and at the request of a number of
readers, we give below a table showing the amount of cotton
which came into sight during each month of the cotton season
1909-10. For purposes of comparison similar results for
the three preceding years are appended.
Months.
September
October
November
December
January
February
March
April
May
June
July
August
Additions_a
1909-10.
1008-09.
1907-08.
1906-07.
1,427,506
2,485,095
1,923,771
1,333,084
866,870
534,429
509,011
457,115
340,976
249,431
235,320
278,643
9,710
1,276,257
2,466,322
2,542,850
2,284,139
1,434,091
981,135
718,419
606,086
549,648
345,035
285,020
329,919
9,025
868,888
1,807,538
1,921,462
2,003,975
1,554,094
969,101
700,586
467,218
349,952
366,261
290,709
319,143
k37,098
1,019,761
2,301,208
2,368,003
2,219,638
1,751,608
1,200,056
957,256
589,157
400,638
244,842
212,635
255,854
30,104
COTTON PRODUCTION, DISTRIBUTION AND
IA attn0A1 1.1 1195l RAP. 1.1 ,.
.:R1 290 1.1 MKA 'IAA
MANUFACTURE.-Our Annual Cotton Crop and Spinners'
include all corrections in port receipts and overland made
Report, which we have prepared so many years, we give atatheAdditions"
close of the season, as well as the excess In Southern consumption
to-day in the editorial columns of the "Chronicle." The as shown by the actual results. This total is increased or decreased by
report covers, as usual:(1) Our elaborate compilation of the interior town stocks. k Deductions.
SHIPPING NEWS.-As shown on a previous page, the
yield of cotton in the United States for the year ending
August 31 1910; (2) an exhaustive history of the cotton- exports of cotton from the United States the past week have
reached
97,794 bales. The shipments in detail, as made
spinning industry of the United States for the same year;
(3) a similar review of the production of cotton goods in up from mail and telegraphic returns, are as follows:
3,01bales.
Total
4
Europe; (4) complete and detailed statements for a long NEW YORK-To Liverpool-Sept. 2-43altic, 9,900;
Caronia,
upland, 19 foreign
series of years of the consumption of cotton and the pro12,933
To
Manchester-Sep
t.
2-Calderon,
2,450
2,450
duction of cotton goods by the mills of the United States
To Hull--Sept. 7-Idaho, 750
750
Great Britain, the Continent, and a briefer notice of the conTo Havre-Sept. 3-Chicago, 25 Sea Island_ _ _Sept. 6-St.
Andrew,
14,172
14,197
sumption and production of every other minor manufacturing
To Bremen-Sept. 7-Prinz Friedrich Wilhelm, 5,537
State; (5) elaborate compilations of cotton supply and disTo Antwerp-Sept. 2-Vaderland, 200
3
'
2
50
30
7
To Barcelona-Sept. 6-Montevideo, 50
tribution, besides divers other matters connected with and GALVESTON50
To Liverpool-Sept. 1-Median, 13,16813,168
throwing light upon the yield and uses of the staple-past,
To Bremen-Sept. 1-Inkum, 13,093
Sept. 3-Durendart,
8,904
22,987
present and prospective.
To Hamburg-Sept. 2-Corrientes, 1,599
1,599
To Barcelona-Sept. 2-Richmond, 1,500__ _Sept. 7--Sicilia,
THIS WEEK'S ISSUE OF THE "CHRONICLE" con5,200
6,700
tains our annual "Cotton Crop Review" and in this conTo Genoa-Sept. 2-Richmond, 4,435._ _Sept. 7- Sicilia, 2,200 6:2
635
6
-To Liverpool-Sept. 6-Civilian, 1,296
19
nection we publish the cards of a number of the leading dry NEWToORLEANS
Bremen-Sept.3-0xonlan, 0,744
0,744
goods commission merchants and mill selling-agents in the
To Antwerp-Sept. 3-Tremont, 111
111
To Barcelona-Sept. 8-Pio IX., 59
country. Those represented are59
To Trieste-Sept. 6-Marianne, 100
100
BOSTON-To Liverpool-Sept. 5-Cymric, 16
16
To St. John-Sept. 1-Calvin Austin, 102_ _ _Sept. 3-Calvin
Austin, 110
2,15
212
0
BALTIMORE-To Bremen-Sept. 7-Chemnitz, 2,150
SAN FRANCISCO-To Japan-Sept. 6-Nippon Maru, 800
800
SEATTLE-To Japan-Sept. 3-Ning Chow, 100
100
--Total
97,794
WOODWARD, BALDWIN & CO., FARBER-DREWRY CO.
FLEITMANN & CO.,
LAWRENCE & CO.,
CATLIN & CO.
WILLIAM ISELIN & CO.,
L. F. DOMMEIACH & CO.,
G. A. STAFFORD & CO.
CO.,
WILLIAM WHITMAN & CO.,
HARDING, TILTON &
BLISS. FABYAN & CO.,
J. SPENCER TURNER &
TEXTILE COMMISSION CO.
JAMES TALCOTT,
FAULIeNER, PAGE & CO.
The business cards also of a large number of representative
LIVERPOOL.-By cable from Liverpool we have the folcotton commission and brokerage houses of New York • and lowing statement of the week's sales, stocks, &c., at that port:
other cities will be found in the paper.
Sept. 2.
Aug. 19.
Aug. 26.
Sept.
52fo
.0
9.
Sales of the week
26,000
8,000
bales_ 22,000
INDIA COTTON MOVEMENT FROM ALL PORTS.
Of which speculators took__ Loot)
4411,.,000000000
Of which exporters took_
1;oiiii
56,000000
The receipts of cotton at Bombay and the shipments from
American
17,000
17,000
41,000
all India ports for the week and for the season from Sept. 1 Sales,
19,000
Actual export
9,000
1,000
1,000
for three years have been as follows:
Forwarded
40,000
34,000
39,000
62,000
Sept. 8.
1910.
Receipts at-
Since
Week. Sept. 1.
Bombay
6,000
6,000
1909.
-Since
Week. Sept. 1.
1908.
--Since
1Veek. Sept. 1.
2,000
2,000
3,000
_
For the Week.
Exports
from-
Since September 1.
Great !Conti- Japan!
Great
Britain. nent. &China Total. Britain.
Bombay1910 _
1909 --1908 ____
Calcutta1910 ____
1909 ____
1908 _ _ Madras1910
1909 ____
1908 __
All others__
1910
1909 ____
1908 ___
Total all1910 ___ _
1909 ___
1908
1,665
____
1.000
5,000
Conti-j Japan
nent. & China. Total.
17,000
1,000
6,000
1
7,000 24,000
2,00
6,000
1,030
1,000
1,000
1,000
1,000
1,000
1,0001
1,000
1;665
2,000
1,00
2,000
1,000
2,000
7,000
5,000
7,000
7,000
5,000
7,000
1,000
2,000,
7,000,I
7,000
--10,000
-iI
25,000
7,000
16,000
_
7,000 32,000
__
8,00
__ 16.000
1,000
i,000l
17,000
4,00p
12,000
25,00d
12,000,
25,000,
7,000
1,000
24,000
5,000
13,000
7,000
7,000
10,000
--7,000
1,000
32,000
13,000
26.000
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for both yarns shirtings. Merchants are not willing
to pay present prices. We give the prices for to-day below and leave those for previous weeks of this and last year
for comparison:
1910.
328 Cop
Twist.
(1.
July
22 10%
29 10%
Aug
5 1034
12 to
19
26 10%
Sept
2 10%
9 1034 86
1909.
834 lbs. Shirt- Coi'n
ings, common Mid.
Upl's
to finest.
d. s. d.
328 Cop
Twist.
s. d. d. d.
834 lbs. Shirt- Cot'n
ings, common Mid.
to finest.
Upt's
--d. s. d.
s. d. d.
11% 5 535010 6
11% 5 6 @107
7.97 876
8.16 934
11% 5
11% 5
11% 5
11% 5
®
8.07 9
934 4
8.31 9
0 934 4
8.26 934 0 994 4
8.14 93-1686934 4
6 @107
6 @10734
6 (1610734
634010 8
0
0
934 4 10 09 2
931 4 103409 3
10 09
10 09
103409
11 09
6.48
6.73
2
2
3
4
6.69
6.72
6 67
6.73
11% 5 6 @108
7.97 9 5-16 0 10 5 0 09 5
11% 5 53.“0,10 734 8.03 9 7-16 0 1034 5 1 49 6
6.88
6.83
Total stock-Estimated
Of which American
Total Imports of the week
Of which American
Amount afloat
Of which American
357,000
263,000
16,000
375:000000
326,000
235,000
22,000
12,000
3
52
1:0
000
13,000
331,000
24
20
9
4:0000
299,000
216,000
30,
,
54,000
33,000
23,000
67,000
41,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. %ednesday. Thursday.
Friday.
Market I
12:15 }
P.M.
Quiet.
Good
demand.
Good
demand.
Quieter.
Good
demand.
Irregular.
Mid.Upl'ds
7.93
7.93
7.93
7.86
7.86
8.03
Sales
Spec.&exp.
7,000
400
10,000
600
10,000
500
12,000
500
12,000
500
6,000
500
Futures.
Quiet at Quiet,unch. Steady at Steady at
Market 1 102 pts. to 2 Ws.
23404
7093i
J decline.
opened
decline.
pts. deo. pts. dec.
Irreg. at St'y, unch.
608 pts. to 3 pts.
advance. advance.
Market 1 Quiet,%pt. Quiet at Irreg. at 2 Easy at Quiet at 1 Steady at
adv. to 334 106 pts. pts. adv.to 11012% pt. dec. to 234025
4
decline. 4% pt.dec. pts. dec. 734 pt.adv. pts. adv.
pts. dec.
P.M.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Sept. 3
Mon.
Sat.
Tues.
to
Sept. 9. 1234 1234 1254 4 1234
p.m. p.m.
7
Sept
Sep.-Oct _ _ _ _ _ 7
Oct.-Nov_
7
Nov.-Dec. ___ 7
Dec.
7
-Jan------ 7
Jan.-Feb_
Feb.-Mch. ____ 7
Mch.-Apr. _ _ _ _ 7
Apr.-May. ____ 7
May-June ____ 7
59
22
10
0334
01
0034
0034
01
01
01
Thus, 7 59 means 7 59-100d.
Wed. 1 Thurs.
Fri.
-
4 1234 4 112 34 4 1234 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m,
,
_58
59 60 5234 48 34 56 56 73 81
_ _ __ 1754 1634 1334 06 0234 0634 0134 0434 1234
____ 04 0334 00 9234 87 34 9234 8734 88 % 92
____ 98 9734 93% 86 82 87 82 82 86
____ 9534 95 91 8334 7934 84 79 7834 83
____95 95 91 8331 79 3.1 84 79 78 % 8234
____ 95 95 01 8334 7934 84 79 7834 8234
_ __ .. 95;4 95% 91 833480 !84 34 7934 79 82%
____ 953-4 9534 91 84 34 80 18434 80 79 82 31
_
05 A 91 84 80 '84 A 80 79 8231
BREADSTUFFS.
Friday, Sept. 9 1910.
There was much irregularity and unsettlement in the
flour market during the week under review. Practically
every one concerned has seemed inclined to grumble over
existing conditions, but distributers and wholesale bakers
were especially dissatisfied. Most of these were inclined to
SEPT.10 1910.]
keep out of the market or make lower bids, claiming that
mill agents have not accorded them equitable treatment.
In other words, they contend that millers or their agents
have failed to reduce flour prices in keeping with the decline
iniwheat values. Owing to the large receipts of wheat and
the big increases in available supplies, striking weakness
prevailed in speculative wheat contracts; but many mill
representatives insist that prime cash wheat, and especially
hard varieties, have not fallen so much as the future deliveries. Nevertheless, buyers are disappointed, and hence
it is exceedingly difficult to make noteworthy sales without
making material concessions, which nearly all receivers have
refused to do. They argue that the time is drawing near
when large distributers and bakers will need to provide for
their fall and winter requirements.
In the wheat market conspicuous weakness and unsettle:ment were prominent features. Much of the time, and especially early in the week, offerings were decidedly heavy,
sellers being numerous and bold. On the other hand, buyers
were scarce and timid, and consequently prices fell sharply.
Liberal selling orders came from nearly all quarters, including
liquidation by tired and discouraged longs and also bear
hammering, as well as free hedging against the
fairly heavy primary receipts and notably in the
Northwest and the big accumulation in available stocks.
As a result, it was only natural that the distant contracts
should fall much more rapidly than the cash grain or September deliveries. In other words, December and May had
been selling at what was considered a big premium, thus making it profitable to carry cash wheat in elevators against sales
of December or May. The high premium also looked decidedly attractive to those speculators who are expecting a
further break. In addition it likewise served to restrict
buying by most conservative dealers. In view of the facts
described, it was small wonder that pronounced depression
obtained, and particularly as there was only a moderate,if
not slow, milling and export business. In fact, the export
inquiry has been surprisingly quiet, although it was alleged
that French importers had contracted for a decidedly large
quantity on the Pacific Coast, possibly as much as 500,000
bushels, for various forward deliveries. It was also stated
that exporters had bought moderately of soft red winter
here and for shipment via Baltimore and Philadelphia.
Unquestionably, the most potent influence for depression
was the remarkably favorable weather that prevailed
practically all over the country during the holiday interval, but more particularly in the corn belt. Then,
too, cable advices were discouraging, European markets,
and particularly on the Continent, being influenced by
the heavy world's shipments largely brought about by huge
contributions by. Russia and the Danube. As a result, there
was a big increase in the quantity on passage headed
for Continental ports, but on the other hand there was a
reduction in the quantity destined for the United Kingdom.
Selling was accelerated in part by continued favorable
threshing returns from the Northwest, the yield in many
places proving greater than expected,and hence estimates as
to the production were raised, and notably in Minnesota and
South Dakota. The downward trend was arrested temporarily by the surprisingly small increase in the world 's available supply, 767,000 bushels, whereas a year ago it increased
4,563,000 bushels. To-day there was further weakness.
The official crop report was considered fairly favorable, suggesting a spring-wheat crop of about 215,000,000 bushels
and a grand total of 673,294,000 bushels. Cable advices
were discouraging, foreign markets being depressed by the
huge estimated world's weekly exports, possibly 17,000,000
bushels.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
106%_
106
10434 1045% 104H
No. 2 red winter
% Holl- 1055% 10434 104 34 1045%
_106
_
_
elevator_
In
delivery
September
1075%
December delivery in elevator_ __ _110 % day. 108 % 108 g 108
1155%
1135% 1125% 112% 1125%
May delivery in elevator
WHEAT
FUTURES
IN
CHICAGO.
OF
DAILY CLOSING PRICES
Sat. Mon. Tues. Wed. Thurs. Fri.
97 % 96 % 065% 95
September delivery in elevator.. _ -- 98 H
Holl- 101 % 100% 100 % 100
103
December delivery In elevator_
1065% 1065% 1065%
1075%
day.
elevator
In
1085%
May delivery
Prices for Indian corn fell to a lower plane during the past
week. This created no surprise, as practically all conservative and well-informed dealers had fully counted on a decline,
provided the weather remained favorable over the holiday
interval, and it certainly turned out to have been remarkably
fine. Consequently it was believed that farmers would
feel more willing to part with their reserves. Hence receipts at primary points continued on a fairly law
scale. Some dealers declare they look for a still
bigger movement provided the weather continues fine. Today the market was unsettled and feverish. There was a
temporary decline,owing to the favorable official crop report,
which suggested a yield a little in excess of 3,000,000,0 00
bushels, against 2,772,376,000 bushels last year. Barring
frost, this is expected to be the biggest crop on re cord. Afterwards there was a stronger trend on fear of frost damage,
as there was light or killing frost in the Dakotas and the cold
waVe was said to be moving south toward the corn belt.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NE W YORK,
Sat. Mon. Tues. Wed. Th firs. Frt.
67
Cash corn
655% 655% 655% 655%
66
Roll- 665% 65 A 6 6 A 66 H
September delivery In elevator
655% day. 655% 1345% 645% 645%
December delivery in elevator
---- 66 31 66H
May delivery in elevator
663
THE CHRONICLE
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
57 34 57 34 5734 57 A
58%
57 34 Holl- 55 H 55 34 5534 565%
595%
605% day. 58 % 58 % 59
September delivery In elevator
December delivery In elevator
May delivery In elevator
Oats again fell to a lower level early this week. Buyers
were still scarce and timid while offerings continued on a large
scale, which was by no means surprising as there seemed to
be a striking preponderance of depressing influences. Doubtless the most potent influence was the remarkably favorable
weather in the corn belt over the holiday interval. Instead
of frost, as some had apprehended, the temperature was
decidedly high, and hence the corn crop made good progress.
Then the receipts of oats at primary points were still fairly
large, and consequently there was another big addition to
the visible supply, 3,609,000 bushels, making the total
about 8,000,000 bushels larger than a year ago. Advices
from Chicago suggested that stocks of oats in private as well
as public stores and elevators had become so heavy as to
compel free shipments via the lakes to Buffalo. At the
decline Western shippers have reported a more satisfactory
business. To-day there was rather more steadiness and a
small rally, partly in sympathy with corn.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues.
Frt.
Wed. Thurs.
38
Holl- 38 34
38 34
38 34
Standards
38
39
No. 2 white
38 34 3834-395%
day. 39
'3834-305%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
33 A 3234 3234 32 34
33 H
September delivery in elevator
36% Holt- 355% 355% 345% 35
December delivery in elevator
May delivery in elevator
395% day. 3834 38 34 3734 3734
The following are closing quotations:
FLOUR.
Winter, low grades___ _$3 0044 00 Kansas straights, sack_$4 90@$5 00
Winter patents
5 15
5 25 Kansas clears, sacks__ _ 4 00® 4 20
Winter straights
4 50® 4 75 City patents
@
4 00® 4 25 Rye flour
4 10 ® 4 40
Winter clears
5 50@ 5 75 Graham flour
3 85@ 4 00
Spring patents
5 00@ 5 25 Corn meal, kiln dried__
3 50
Spring straights
4 50® 4 85
Spring clears
GRAIN.
Cents.
Corn, per bushelWheat, per bushel$1 215%
No. 2 mixed
elev.
655%
N. Spring, No. 1
1 19 %
No. 2 mixed_ __f.o.b. Nominal
N. Spring, No. 2
1 04 H
No. 2 white
f.o.b. Nominal
Red winter, No. 2
1 065% Rye, per bushelHard winter, No. 2
No. 2 Western_ f.o.b. Nominal
Cents.
Oats, per bushel, newState and Jersey
Nominal
38
Standards
73 ® 75
385% Barley-Malting
No. 2 white
Nominal
Feeding, c.i.f.. N. Y
3754
No. 3 white
AGRICULSURAL DEPARTMENT'S REPORT ON
CEREAL CROPS, ETC., TO SEPT. 1.-The Agricultural
Department issued on the 8th inst. its report on the cereal
crops for the month of August as follows:
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the correspondents and agents of the Bureau, as follows:
The average condition of corn on Sept. 1 was 78.2, as compared with
79.3 last month, 74.6 on Sept. 1 1909, 79.4 on Sept. 1 1908 and 79.5 the
10-year average on Sept. 1.
The average condition of spring wheat when harvested was 63.1, as compared with 61 last month, 88.6 when harvested in 1909, 77.6 in 1908 and a
10-year average when harvested of 78.
The average condition of barley when harvested was 69.8, against 70
last month, 80.5 when harvested in 1909, 81.2 in 1908 and a 10-year average when harvested of 83.1.
The average condition of the oats cropwhen harvested was 83.3, against
81.5 last month, 83.8 when harvested in 1909, 69.7 in 1908 and a 10-year
average when harvested of 79.5.
Buckwheat.-The average condition of buckwheat on Sept. 1 was 82.3.
against 87.9 last month, 81.1 on Sept. 1 1909, 87.8 in 1908 and a 10-year
average on Sept. 1 of 87.
Potatoes.-The average condition of white potatoes on Sept. 1 was 70.5,
against 75.8 last month, 80.9 on Sept. 1 1909, 73.7 in 1908 and a 10-year
average on Sept. 1 of 79.8.
Tobacco.-The average condition of tobacco on Sept. 1 was 77.7, against
78.5 last month, 80.2 on Sept. 1 1909, 84.3 in 1908 and a 10-year average
on Sept. 1 of 82.3. The condition on Sept. 1 in Important States was:
Kentucky, 76; North Carolina, 73, Virginia. 86; Ohio, 70; Pennsylvania. 90;
Tennessee, 82; Wisconsin, 69; South Carolina, 74; Connecticut, 96; Florida, 86.
Flazseed.-The average condition of flaxseed on Sept. 1 was 48.3, against
51.7 last month, 88.9 on Sept. 1 1909, 82.5 in 1908 and a 7-year average
on Sept. 1 of 86.8.
Apples.-The average condition of apples on Sept. 1 was 46.8, against
47.8 last month, 44.5 on Sept. 1 1909, 52.1 in 1908 and a 10-year average
on Sept. 1 of 54.7.
Rtce.-The average condition of the rice crop on Sept. 1 was 88.8, as compared with 87.6 last month, 84.7 on Sept. 1 1909, 93.5 on Sept. 1 1908 and
88.4 the 10-year average condition on Sept. 1.
Hay.-The preliminary estimate of the yield per acre of hay is 1.34 tons,
as compared with 1.42 as finally estimated in 1909, 1.52 tons in 1 908 and a
10-year average of 1.44 tons. A total production of 60,116,000 tons is thus
indle,ated, as compared with 64,938,000 tons finally estimated In 1909.
The average quality is 92.5, against 93 last year and a 10-year average
of 90.8.
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 have been:
Receipts atChicago
Milwaukee__
Duluth
Minneapolis_
Toledo
Detroit
Cleveland
St. Louls
Peoria
Kansas City.
Total wk.'10
Samewk.'09
Same wk.'08
Flout.
Wheat.
Corn
Oats.
Barley.
Rye.
bush.60 lbs. bush. 56 lbs. bush.32 lbs. bush.48.1bs. bu.56 Os.
20,000
235,500
928,400 3,164,500 3,538,200
189,482
302,900 509,990
345,200
242,950
256,510
61,425
7,336
300,795
22,037
12,830
12,390 1,229,299
64,250
457,160
830,920
240,600
3,111,160
5,000
166,500
37,300
232,000
252,276
117,900
77,990
10,480
249,528
63,230
23,459
757
4,400
420,200
495,950
9,800
655,058
63,300
382,279
185,600
35,000
10,792
29,000
36,500
433,200
82,300
1,248,100
- 374,334 7,796,976 5,114,989 6,168,511 1,335,155 621,788
479,083 5.055,202 3,567,219 4,474,349 1,572,191 172,120
41,871,569 2,949,681 248,552
400,581 5,058,927 2,773,1
Since Aug. 1
1,771,822 44,2
.984,079 40,966,788 3,856,714
1910
2,178,417 29.044.OlOj 15,100,996 25,386,277 3,352,733
1909
1,956.620 27,949,113 12,895,391 21,210,044 7,038,866
1908
978,432
595,480
818,705
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 3 1910 follow:
664
THE CHRONICLE
Receipts atNew York
Boston
Philadelphia
Baltimore
Richmond
New Orleans *._ _ _
Newport News_
Galveston
Mobile
Montreal
Flour,
bbls.
161,280
38,074
69,196
61,431
4,018
26,842
Wheal,
bush.
407,800
3,000
215,771
319,049
41,652
2,400
Corn,
bush,
81,725
14,040
29,000
89,120
59,232
200,600
47,143
Oats,
bush.
751,825
123,429
219,778
359,969
115,180
61,000
Barley,
bush.
6,375
Rye,
bush.
25,300
1,115
13,000
1,164
4,313
9,964
18,000
3,150
6,040
20,790
619,109
30,790 33,193
70,109
---- ---- ---- ---- --Total week 1910_ 384,781 1,626,781
53,732 35,692
597,000 1,661,971
Since Jan. 1 1910_11,523,607 45,294,305 27,808,225 33,498,473 2207,767 521,782
Week 1909
381,041 2,131,155
268,055 1,505,386
12,077
10,696
Since Jan. 1 1909_ 9,919,129 49,673,335 30,118,115 31,335,769 4243,216 657,305
--* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports froin the several seaboard ports for the week
ending Sept. 3 1910 are shown in the annexed statement:
Wheat,
Exports frombush,
New York
40,165
Boston
7,839
Philadelphia ___.. 112,000
244,800
Baltimore
New Orleans _
Newport News_ __
Galveston
Mobile
Montreal
475,000
Corn, Flour,
bush.
bbls.
14,037 54,130
12,851
14,000
_.
2,060 18,451
56,000 16,000
47,143
5,000
6,040 3,150
83,000 27,000
Total week_ ___ 879,804
2,178,007
Week 1909
208,280 150,582
111,829 194,885
Rye, Barley,
bush.
bush.
19,603
Oats,
bush,
750
Peas,
built.
419
1,600
300
2,650
9,546
29,382
48,985
4,216
419
183
The destination of these exports for the week and since
July 1 1910 is as below:
Total
Total 1009
Since
July 1
1910.
bbls.
434,567
183,848
179,187
193,658
15,994
30,820
---Wheat--Since
Week
July 1
Sept. 3.
1910.
bush.
bush.
358,839 4,414,237
513,230 1,800,283
7,735
65,778
5,000
Since
July 1
1910.
bush.
564,428
211,984
912,165
258,751
4,000
5,000
150,582 1,038,074 879,804 6,285,298
194,885 1,142,369 2,178,007 12,110,755
208,280 1,956,347
111,829 1,125,594
Week
Exportsfor week and Sept. 3.
bbls.
since July 1 toUnited Kingdom__ _ 67,437
20,423
Continent
Sou. & Cent. Amer.. 25,390
16,632
West Indies
Brit. Nor. Am.Cols_ 3,000
Other Countries_ _ _ _ 8,700
Week
Sept. 3.
bush.
83,000
47,143
30,140
47,997
The world's shipments of wheat and corn for the week
ending Sept. 3 1910 and since July 1 1910 and 1909 are
shown in the following:
Corn.
Wheat.
1910.
Exports.
Week
Sept. 3.
Bushels.
North Amer. 1,952,000
Russian _ _ 5,232,000
Argentine _ _ 920,000
Danubian _ _ 4,176,000
Indian
392,000
Austraiian..I 448,000
0th. countrs, 256,000
Since
July 1.
Bushels.
12,674,000
35,968,000
10,536,000
17,968,000
12,880,000
4,808,000
1,008,000
1909.
Since
July 1.
1910.
Week
Sept. 3.
Since
July 1.
HE. DRY GOODS TRADE.
New York, Friday Night, Sept. 9 1910.
General conditions in the market this week have shown
little signs of disturbance. The holiday on Monday interrupted business somewhat, but in the aggregate the total
for the five days' trading is estimated to reach about the
same volume as that of the full week preceding. The demand for current supplies is the main support of the market
in most divisions; varying advices coming to hand from
distributing centres and reports from handlers of commercial paper indicate that, as a whole, the stocks held by
jobbers throughout the country are unusually low for the
time of year. This condition, while it still fails, however.
to stimulate jobbers into activity in providing for other
than near requirements, forces a constant demand of fair
proportions and insistent requests for speedy fulfillment of
existing and new orders. It also keeps the primary market
in generally clean condition and is a support to the prevailing
range of prices, with very few exceptions. With the elimination of the disturbing factor of the August "corner" from
the cotton market, there is a disposition to regard the raw
material situation as less disturbing and there have been
reports coining to hand of contemplated resumption of
work in certain directions by manufacturers. Such action
is generally deprecated by sellers here until buyers evince
abandonment to some extent, at least, of their present very
conservative policy. It is probable, therefore, that, for
this month at any rate, the curtailment in the production
of cotton and woolen goods will continue pronounced. At
Fall River there has been some increase in production, and
with converters in some instances re-selling, mills have on
some makes of print cloth yarn fabrics made concessions
from prices ruling a week ago. This is pointed to as an instance of what might follow increased production in other
lines. Some improvement is noted in the woolen and
worsted goods division, with dress goods favorably affected,
so far as the demand is concerned, by the settlement of the
cloakmakers' strike. Piece silks continue in good request
for fall, and new prices named for spring business show a
steady market.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for week ending Sept.3 were 6,103.pkgs.
1909.
Since
July 1.
Bushels. Bushels. Bushels.
Bushels.
19,524,000 114,000 2,524,000 1,091,000
24,096,000 162,000 2,175,000 4,795,000
10,648,000 2,890,000 29,659,000 32,489,000
6,248,000 187,000 8,196,000 5,898,000
17,936,000
1,340,000
1,704,000
Total ____13376000 95,842,000 81,496,000 3,353,000 42,554,000 44,273,000
[VOL. Lxxxxi.
New York to Sept. 3Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
190u-Since
Since
Week. Jan. 1.
Week. Jan. 1.
1,437
6
11
1,115
659
4
1
762
3 148,342
4,697 54,118
____ 11,173
9,483
8,36020,206
4,347
-5ii 11,098
601 19,569
820 28,801
1,366
7
11
1,117
8,057
270
110
9,5511
360 32,243
579 36,043
187 31,352
167 12,671
6,103 170,991
2,044 280,878
The quantity of wheat and corn afloat for Europe on dates
The value of these New York exports since Jan. 1 has been
mentioned was as follows:
$11,756,100 in 1910, against $15,027,629 in 1909.
All coarse cotton goods are without material change in
Wheat.
Corn.
price, sellers holding firmly to previous quotations. The
United
United
demand for brown sheetings and drills has again been modKingdom. Continent. Total.
Kingdom. Continent. Total,
------erate and up to about late average for ducks, denims and
Bushels, Bushels. Bushels. Bushels. Bushels. Bushels.
tickings. Buying is almost entirely for near requirements
Sept. 3 1910.... 17,784,000 20,920,000 38,704,000 9,401,000 11,475,000 20,876,000
Aug. 27 1910.._ 19,680,000 17,360,000 37,040,000 11:135:000 10000 21,165,000 and stocks held in first hands are scanty in the aggregate
Sept. 4 1909_ 15,672,000 13,432,000 „
11,570,000 18,907,000 and quite cleaned up in a number of directions. Bleached
Sept. 5 1908_ 15,040,000 14,160,000 29,200,000 6,460,000 4,250,000 10,710,000
cottons are quiet but firm, as it has been intimated that there
Sept. 7 1907_ 15,520,000 10,440,000 25,960,000_ 5,800,000 ,9 0,000 10,720,000
will be no decline in leading makes from present prices,
The visible supply of grain, comprising the stocks in which are
guaranteed up to October first. In gingliams
granary at principal points of accumulation at lake and the chief feature
haa been the opening up for spring of
seaboard ports Sept. 3 1910, was as follows:
various lines by the Amoskeag Company and the withdrawal
AMERICAN GRAIN STOCKS.
company of its price restrictions and reversion to its
Oats,
Corn,
Wheat,
Rye,
Barley, by this
bush.
bush,
bush.
bush.
bush. old policy of allowing buyers of these goods to market them
New York
725,000
941,000
215,000
6,000
80,000 without restraint such as is imposed
by the price restriction
"
afloat
13,000
Boston
3,000
26,000
24,000
policy. The prices on the new lines are irregularly higher
Philadelphia
124,000
433,000
and lower, with the leader "A. F. C." Ytc. up. Business in
Baltimore
1,606,000
771,000
145.000
21,000
1,000
New Orleans
11,000
232,000
printed fabrics of all descriptions has been without striking
163,000
Galveston
125,000
8,000
feature, and there has been no change in kid cambrics and
Buffalo
1,441,000
210,000
484,000
5,000
58,000
Toledo
other cotton linings. Print cloths have been in quiet re1,593,000
35,000
591,000
16,000
Detroit
258,000
145,000
17,000
152,000
quest, with second hands meeting. part of the demandjat
Chicago
5,932,000
74,000 6,925,000
10,000
Milwaukee
399,000
106,000
5,000
296,000
36,000 concessions, and at the close mills are accepting 53c. for
Duluth
2,327,000
23,000
768,000
63,000
501,000 38M-inch 64 squares, against 5 c. last week.
3,106,000
MinneapolLs
25,000 1,146,000
9,000
195,000
St. Louis
1,833,000
95,000
WOOLEN GOODS.-The demand for men's wear woolens
749,000
6,000
11,000
4,123,000
Kansas City
349,000
205,000
and worsteds is slowly improving, there being an increase in
Peoria
10,000
34,000 2,03(3,000
1,000
Indianapolis
735,000
96,000
the duplicate orders coming forward on spring lines as well
326,000
On Lakes
884,000
919,000
703,000
46,000 as for immediate delivery. The increase in buying is not well
On Canal and River..._ 637,000
50,000
03,000
distributed and is mostly directed to the better grades of
---- -------Total Sept. 3 1910_26,452,000 2,750,000 16,260,000
172,000
928,000 staple and fancy worsteds; all-wool goods and low-grade
Total Aug.27 1910...24,998,000
2,165,000 12,551,000
232,000
786,000
continuing on the whole in but indifferent
Total Sept. 4 1909.. 9,167,000
1,868,000 7,382,000
239,000
707,000 mixed fabrics
request. The demand for staple lines of dress goods shows
CANADIAN GRAIN STOCKS.
Wheat,
Oats,
Corn,
Rye,
Barley, an improvement, although business has not yet fully thrown
bush
bush.
bush.
bush.
bush.
late strike. Sellers are, however, looking
Montreal
520,000
300,000
21,000
60,000 off the effects of the
Fort William
818,000
forward to considerable development in the near future.
Port Arthur
525,000
FOREIGN DRY GOODS.-A moderate amount of busiOther Canadian
121,000
---ness has been reported in fine grades of men's wear fabrics
Total Sept. 3 1910... 1,984,000
300,000
21,000
60,000 for the customs, trade and an
increased interest has been
Total Aug.27 1910_ 2,641,000
386,000
82,000
68,000
Total Sept. 4 1909.... 849,000
468,000
44,000
62,000 shown in dress goods, both for immediate delivery and for
SUMMARY,
orders are recorded for piece silks and a fair
spring.
Good
Wheat,
Corn,
Oats,
Rye,
Barley, business is doing in ribbons,
with prices steady. Linens
bush.
bush.
bush.
bush.
bush.
American
.26,452,000 2,750,000 16,260,000
172,000
928,000 continue very firm, with a well-sustained demand for both
Canadian
21,000
1,084,000
300,000
60,000 fall and spring deliveries. Advices from Calcutta have had
---Total Sept. 3 1910..28,436,000 2,771,000 16,560,000
172,000
98'1,000 a stimulating effect on the market for burlaps, and a good
Total Aug.29 1910_27,639,000 2,247,000 12,937,000
232,000
854,000 business has been done this week at advancing prices.
THE CHRONICLE
SEPT. 10 1910.i
rrr1,1,tricilItititfir
elTIM Yfq
MUNICIPAL BOND SALES IN AUGUST.
The amount of municipal bonds sold during the month of
August, according to our records, was $12,821,993. In
addition $1,254,563 debentures of Canadian municipalities
were disposed of and $7,482,666 temporary loans were also
negotiated. Some of the more important bond issues disposed of last month were as follows: $800,000 4s of Cleveland, 0.; $514,000 4s of Niagara Falls, N. Y.; $500,000
5s of San Joaquin County, Cal.; $435,000 6s of Grand Valley
Irrigation District, Colo.; $334,000 43s of Grand Rapids,
Mich.; $323,000 5s of Wichita, Kan., and $300,000 4s of
Cincinnati, Ohio.
The number of municipalities emitting bonds and the number of separate issues made during August 1910 were 272 and
366 respectively. This contrasts with 282 and 411 for July
1910 and with 364 and 454 for August 1909.
For comparative purposes we add the following table,
showing the aggregates for August and the eight months for
a series of years:
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
Month of
For the
August.
Eight Mos.
$12,821,993 $207,799,198
22,141,716 249,387,680
18,518,046 208,709,303
20,075,541 151,775,887
16,391,587 144,171,927
8,595,171 131,196,527
16,124,577 187,226,986
7,737,240 102,983,914
8,009,256 108,499,201
15,430,390 84,915,945
1900
1899
1898
1897
1896
1895
1894
1893
1892
Month of
For the
Eight Mos.
August.
$7,112,834 $93,160,542
5,865,510 87,824,844
76,976,894
25,029,784
97,114,772
6,449,536
52,535,959
4,045,500
80,830,704
8,464,431
7,525,260 82,205,489
37,089,429
2,734,714
57,340,882
4,108,491
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
News Items.
California.-Legislature Passes Constitutional Amendments
to Raise Money for Panama-Pacific Exposition.-It is said
that the Assembly on Sept. 8 passed two proposed amendments to the State Constitution which had been approved
by the Senate on the previous day (Sept. 7) for the purpose
of raising $10,000,000 to secure the location of the PanamaPacific Exposition. See V. 91, p. 539. One-half of the
money, it is stated, will be raised by levying a State tax and
the other half by bonding the city of San Francisco,
Denver, Colo.-Bonds Voted for Construction of Municipal
Water Plant.-Returns from the election held last Tuesday
(Sept. 6) on the proposition to issue $8,000,000 bonds for the
construction of a municipal water plant are said to indicate
that the plan carried by a vote of three to one. A temporary
injunction preventing the issuance of these bonds until their
legality has been passed upon was issued Sept. 5 by Judge
Lewis in the Federal Court. See V. 91, p. 165.
Framingham, Mass.-Suit to Recover on Alleged Spurious
Notes.-The Boston "Advertiser" of Sept. 5 prints the following concerning a suit brought by the Franklin Savings
Bank of Boston to recover on a $25,000 note of the town
which is alleged to be a forgery.
Framingham, Sept. 4.-Papers have been served in the second suit to
be brought against the town on account of the forgery of town notes by
former Treasurer John B. Lombard, which came to light nearly a year
ago and as a result of which Lombard is now serving a sentence of from
ten to fifteen years in the State prison at Charlestown.
The suit is brought by the Franklin Savings Bank of Boston to recover
on a note of $25,000 which is held by the bank and which is alleged to be
spurious. The bank seeks to recover $40,000, covering the face value of
the note, interest and other charges. The writ is returnable in the Middlesex Superior Court at East Cambridge on the first Monday in October.
It was the demand of the Franklin Savings Bank for payment of this
same note, made on Oct. 15 1909, which brought to light the wholesale
forgeries which, by Lombard's own admissions, amounted at that time to
more than $320,000.
The first suit to be brought against the town, which is now pending in
the U. S. Circuit Court, was brought some time ago by John F. Newton
for $15,000.
Newport, Campbell County, Ky.-Litigation.-The Board
of Council on Sept. 1 authorized the City Solicitor to file suit
on behalf of the city to test the validity of the $100,000 coupon street-improvement bonds mentioned in V. 90, p. 1194.
Bond Proposals and Negotiations this week
have been as follows:
Allen County (P.0.Fort Wayne), Ind.-Bond Sale.-This
county on July 25 sold $40,000 4% voting-machine bonds
to Breed & Harrison of Cincinnati at par and accrued interest.
Denomination $1,000. Date Nov. 151909. Interest annually on Dec. 1.
Maturity on Dec. 1 as follows: $7,000 in each of the years 1910, 1912, 1914,
1916 and 1918 and $5,000 in 1920.
Allentown, Lehigh County, Pa.-Bond Sale.-The following bids were submitted, it is said, for the $34,500 4% 5-30year (optional) sewer bonds offered on Aug. 9(V. 91, p. 350):
Allentown National Bank__ _ _100.511Merchants' National Bank
par
Beaverhead County School District No. 19 (P. *0.
Armstead), Mont.-Bond Offering.-J. W. Scott, Trustee, will offer at public auction at 12 m. on Sept. 15
$3,500 6% gold coupon school-house and furnishing bonds.
Denomination $500. Date "about Oct. 1 1910."
Dillon. Maturity 5 years.
Interest payable In
665
Benton County School District No. 32, Wash.-Bond'
Offering.-R. B. Walker, County Treasurer (P. 0. Prosser),
will offer for sale at 10 a. m. Sept. 17 $6,000 5-20-year
(Optional) bonds. Interest annually at County Treasurer's.
office.
Billings, Yellowstone County, Mont.-Bond Sale.-On
Sept. 6 the $20,000 15-20-year (optional) coupon (with
privilege of registration as to principal) fire-station-erection
'ponds described in V. 91, p. 476, were sold to N. W. Halsey
& Co. of Chicago at 101.30 for 5s. Nine bids were received.
Bronson, Branch County, Mich.-Bond Offering.-Proposals will be received, it is stated, until 12 in. Sept. 15 by
A. L. Locke, Village Attorney, for the $40,000 432% waterworks and electric-light bonds voted on Aug. 23 (V. 91, p.
601). Interest semi-annual. Certified check for 2% is
required.
Browns, Edwards County, Ill.-Bond Sale.-The $3,000
sidewalk bonds voted on April 19 (V. 90, p. 1190) have
been sold.
Caldwell, Canyon County,Idaho.-Bond Sale.-On Aug.15
$76,060 6% 10-20-year (optional) water and paving bonds
were awarded, it is stated, to E. H. Rollins & Sons of
Denver at 100.39.
Calumet School District (P. 0. Calumet), Canadian
County, Okla.-Bond Sale.-This district has sold $10,000
bonds.
Cambridge, Guernsey County, Ohio.-Bond Offering.Proposals will be received until 12 m. Sept. 15 by W. J.
Hood, City Auditor, for the following 4
street-paving
assessment bonds:
$2,570 50 Carlisle Ave. bonds. Denomination $257 05.
8,649 70 Blaine Ave. bonds. Denomination $864 97.
1,509 40 Gomber Ave. bonds. Denomination $150 94.
5,728 90 Gaston Ave. bonds. Denomination $572 89.
1,280 60 Gaston Ave. bonds. Denomination $128 06.
2,860 90 South Ninth St. bonds. Denomination $286 09.
2,347 80 Steubenville Ave. bonds. Denomination $234 78.
1,301 50 North Tenth St. bonds. Denomination $130 15.
4,331 10 Wheeling Ave bonds. Denomination $433 11.
1,872 20 Woodiawn Ave. bonds. Denomination $187 22.
2,938 50 North Third St. bonds. Denomination $293 85.
14,009 80 Clark St. bonds. Denomination $1,400 98.
5,248 00 North Seventh St. bonds. Denomination $524 80.
Date June 1 1910. Interest annual. Maturity one bond of each issue
yearly on June 1 from 1911 to 1920 inclusive. Certified check for $500,
payable to the City Auditor, is required. Purchaser to pay accrued interest
and be prepared to take the bonds within 10 days from time of award.
The amount of bonds to be sold will be reduced by the amount of assessments paid in cash prior to the date of sale.
Chebanse School District No. 107 (P. 0. Chebanse), Iroquois County, Ill.-Bond Sale.-On Aug. 15 the $15,000 5%
1-15-year (serial) school-building bonds described in V. 91,
p. 415, were sold to E. H. Rollins & Sons of Chicago at 100.77.
Chicago (Ill.) Sanitary District.-Bond Offering.-Proposals will be received until 1 p. in. Sept. 28, according to dispatches, for $1,000,000 4% bonds.
Denomination $1,000. Interest semi-annual. Maturity $46,000 on
Oct. 1 1912 and $53,000 yearly on Oct. 1 from 1913 to 1930 inclusive.
Certified check for 5% is required.
Chico, Butte County, Cal.-Bond Sale.-On Aug. 24 the
four issues of 5% 1-40-year (serial) gold coupon bonds, aggregating $150,006, described in V. 91, p. 477, were awarded,
it is stated, to E. H. Rollins & Sons of San Francisco.
Bonds Not Sold.-No bids were received for $19,834 6%
10-year local-improvement bonds offered on Aug. 15.
Clay County (P. 0. Spencer), Iowa.-Bond Offering.Proposals will be received Sept. 14 by A. W. Chamberlain,
County Auditor, for approximately $4,761 6% Drainage
District No. 7 bonds.
Denomination $680 15. Maturity $680 15 yearly on Jan. 1 from 1913
to 1919 inclusive. Successful bidder will be required to deposit certified
check, payable to the Auditor, for 5% of bonds purchased.
Crawford County (P. 0. English), Ind.-Bond Sale.-The
First National Bank of Milltown purchased on Sept. 6 at
10-year Whiskey Run Township
par an issue of $2,200 4
rock-road bonds. Interest semi-annually on May 15 and
Nov. 15.
Crisfield, Somerset County, Md.-Bond Offering.-Proposals will be received until 2 p. m. Sept. 14 by W. E.
D
boonudgsh.erty, City Clerk, for $15,000 432% coupon refunding
Authority Chapter 98, 1910 Laws. Denomination $500. Date Oct. 1
1910. Interest semi-annually at the Bank of Crisfield.
Bonds are
exempt from all taxes. Bonded debt, Including this issue, $37,000.
Floating debt $5,000. Assessed valuation $1,239,584.
Cude Drainage District, Leflore County, Miss.-Bond
Offering.-Proposals will be received until 12 m. Sept. 16
at the Court-house in Greenwood for $42,500 6% 11-20-year
bonds. Denomination $500. A deposit of 2% must accompany each bid. G. W. Holmes is President.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Offerings.-Proposals will be received until 11 a.m. Sept. 14 by
the Board of County Commissioners, John F. Goldenbogen,
Clerk, for $59,000 4% coupon bonds to improve Parma
and Royalton Center Ridge Road No. 3,
Authority Chapter 18, Division 2, Title 3, Part First, of the General Code
of Ohio. Denomination $1,000. Date Sept. 1 1910. Interest April 1
and Oct. 1 at the County Treasurer's office in Cleveland. Maturity $1,000
on April 1 1911, $3,000 each six months from Oct. 1 1911 to Oct, 1 1919
inclusive, $3,000 on April 1 1920 and $4,000 on Oct. 11920. An unconditional certified check for 1% of bonds bid for, made payable to the County
Treasurer, is required. The bonds will be delivered within 10 days from
the time of award.
666
THE CHRONICLE
[VoL. Lxxxxi
Darke County (P. 0. Greenville), Ohio.-Bond Sale.-On
Haverstraw Union Free School District No,3, N. Y.-Bond
Sept.8 the three issues of 43/2% bonds, aggregating $126,500, Sale.-This district, it is stated, has awarded $4,500 building
described in V. 91, P. 601, were sold to the Greenville, the bonds to G. M. Carnochan of New City at par for 4.49s.
Second and the Farmers' National Banks of Greenville at
Haywards, Alameda County, Cal.-Bonds Defeated.-An
101.385. The following proposals were submitted:
election held here recently,it is stated, resulted in a vote of
Greenville N. Bk.1 Green:Hayden, Miller & Co.,
185 to 128 against a proposition to issue $12,000 school bonds.
Second N. Bk___ }vine_ _5128,252 651 Cleveland
$127,775 50
Farmers' N. Bk_j
'Stacy & Braun, Toledo
127.408 75
Hebron, Thayer County, Neb.-Bond Sale.-The three
First Nat. Bank, Cleve__ 127,810 251Seasongood & Mayer, CM 127294 00
issues of 5% bonds aggregating $26,500, offered on April 19
Deerpark (Town) Union Free School District No. 1 (P. 0. (V. 90, p. 1057), were awarded during August to the State of
Port Jervis), Orange County, N. Y.-Bond Offering.-Pro- Nebraska on a basis of 43/2%.
Helena School District No. 1 (P. 0. Helena), Lewis and
posals will be received until 8 P. In. Sept. 21 by the Board of
Education, F. R. Salmon, President, and L. C. Senger, Clark County, Mont.-Bonds Not Sold.-There were no
bidders on Aug. 20 for the $50,000 OA% 10-20-year (opClerk, for $36,000 43/2% bonds.
tional) coupon school bonds described in V. 91, p. 290.
Denomination $1,000. Date Oct. 1 1910. Interest semi-annually at
•Homer, Claiborne Parish, La.-Bond Offering.-Proposals
the First National Bank of Port Jervis, in New York exchange. Maturity
on Oct. 1 as follows: $2,000 In 1911, $1.000 yearly from 1912 to 1935 will be received until 10 a. In. Sept. 15 by A. R. Johnson,
inclusive and $2,000 yearly from 1936 to 1940 inclusive. Certified check,
cash or bank draft for 10% of bonds bid for is required. Accrued interest, Mayor, for $40,000 5% coupon water bonds.
if any, to be paid by the purchaser. These bonds were offered as 4s, but
not sold, on Sept. 6. The district has no bonds outstanding.
, The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Dolores, Montezuma County, Colo.-Bond Offering.Proposals will be received until 6 p. In. Sept. 12 by Harry V.
Pyle, Town Clerk, for $60,000 municipal bonds. Certified
check for $500 is required.
Donora, Washington County, Pa.-Bond Sale.-This
borough on Sept. 5 sold $22,000 43/2% 16-year (average)
improvement bonds, according to reports, to J. S. & W. S.
Kuhn Inc., of Pittsburgh.
Elmwood Place, Hamilton County, Ohio.-Bond Offering.
-Proposals will be received until 12 m. Sept. 15 by A. H.
Towell, Village Clerk, for $15,000 43/2% refunding bonds,
Series No. 5.
Authority Section 3196 of an Act of General Assembly, passed Feb. 14
1910. Denomination $500. Date Sept. 19 1910. Interest semi-annual.
Maturity Sept. 19 1920. Certified check for 5% of bonds bid for, payable
to the Village Trustee, is required. Purchaser to pay accrued Interest
and be prepared to take the bonds within 10 days from the date of award.
El Paso, El Paso County, Tex.-Bond Sale.-The International Water Works has accepted the $375,000 5% 20-40year (optional) water-works bonds voted on June 21 (V. 91,
p. 167) as part payment for their plant, which was recently
purchased lay the city.
Essex County (P. 0. Salem), Mass.-Note Sale.-On
Sept. 6 the $150,000 notes described in V. 91, p. 602, were
awarded to the Cape Ann National Bank of Gloucester at
4.25% discount and $6 premium. The other bidders were:
Estabrook & Co., Boston-4.49% discount.
Naumkeag Trust Co., Salem-4,50% discount and $3 premium.
F. S. Moseley & Co., Boston-4.86% discount and $1 premium.
Maturity $75,000 on Dec. 5 and $75,000 on Dec. 25 1910.
Fairmont, Martin County, Minn.-Bond Sale.-The State
of Minnesota has purchased $30,000 water and light bonds
which were voted Aug. 30.
Fairport School District (P. 0. Fairport Harpor), Lake
County, Ohio.-Bond Offering.-Proposals will be received
until 12 in. Sept. 12 by the Board of Education, Wade Hulbert, Clerk, for $45,000 43/2% coupon school-building bonds.
Authority Sections 7625, 7626 and 7627, General Code. Denomination
*500. Date Sept. 12 1910. Interest semi-annually at the office of the
Board. Maturity $500 each Sept. 12 and $1,000 each March 12 from Sept.
12 1917 to March 12 1947 inclusive. Certified check on a bank in Lake
County for 5% of bld, payable to the Treasurer, Is required.
Denomination $1,000. Date Jan. 1 1910. Interest semi-annually at
the Town Treasurer's office or the Hanover National Bank in New York
City, at option of holder. Interest to July 1 1910 canceled. Maturity
Jan. 1 1950, subject to call after 20 years. Certified check for 2% of bonds
bid for, payable to the Town Treasurer, is required. The bonds will be
certified as to their genuineness by the United States Mortgage & Trust Co.
of New York City and the legality will be approved bn Messrs. Caldwell
& Reed of New York City, whose opinion will be delivered to the purchaser.
Delivery of bonds to be made on or about Oct. 1. Purchaser to pay accrued interest from July 1 1910. Bids to be made on blank forms furnished
by the town. Assessed valuation 1909, $566,180. Actual value (estimated) $1,000,000.
Hood River Irrigation District (P. 0. Portland), Ore.Bond Offering.-Dispatches state that proposals will be received until 10 a. m. Sept. 16 by R. W. Kelly, Secretary, for
$50,000 6% irrigation bonds. Interest semi-annual. Certified check for 10% is required.
Hopkinsville, Christian County, Ky.-Bond Offering.Proposals will be received until 2 p. m. Sept. 10 by Chas. M.
Meacham, Mayor,for $15,000 5% coupon high-school bonds.
These bonds are part of an issue of $40,000, the balance of
which will be issued as the work progresses.
Denomination: 40 bonds of $500 each and 20 bonds of $1,000 each. Date
April 1 1910. Interest semi-annually at the City Bank in Hopkinsville.
The entire issue matures $2,000 yearly on April 1 from 1911 to 1930 inclusive. Certified check for 5%, payable to J. E. McPherson, is required.
Jordan School District (P.0. Midvale), Utah.-Bond Sale.
-This district sold $60,000 5% 20-year building bonds on
Aug. 4 to E. H. Rollins & Sons of Denver. Denomination
$1,000. Date April 1 1910. Interest semi-annual.
Kansas City, Mo.-Bond Sale.-On Sept. 7 the $400,000
4% Class "A' 20-year bonds (3 issues) and $400,000 43/2%
Class "B" 20-year bonds (8issues),described in V. 91, p. 478,
were awarded to the National City Bank, New York, Harris
Trust & Savings Bank of Chicago and the Fidelity Trust Co
of Kansas City at their joint bid of 100.025. Other bids
received were as follows:
Well, Roth & Co., Cin.: W. R. Compton Co., St. Louis, and
$800,220 flat
Woodin, MeNear ed Moore, Chicago (for both Issues)
Commerce Trust Co., Kansas City (for both issues)
800,100
E. H. Rollins & Sons, Chicago, and Parkinson ec Burr, Boston550.484
For $400,000 Class "B" and $150,000 Class "A"
409,080
For 8400,000 Class "B" bonds
Merchants' Loan & Trust Co., Chicago (for $400,000 Class "B"
and $230,000 Class "A")
630,050
The following bidders submitted offers for the $400,000
Class "B" bonds only:
Emery,Peck &Rockwood,Ch.$409,680 Morgan Livermore&Co.,N Y.$408,950
Well, Roth ec Co., Cincin.1
Lee, Higginson ec Co. Bos _ 407,160
Adams & Co., Boston, and } 409,64% Kountze Bros., New York__ 406,880
Edmunds Bros., Boston_ __J
Brown & Mann, Kan. City
5,050
(for $5,000)
Fallsburgh School District No.9, Sullivan County, N. y,..____
Lakewood, Cuyahoga County, Ohio.-Bond Sale.-On
Bond Sale.-Geo. M. Hahn of New York City purchased on
aggregating
Sept. 1 $4,500 6% school-house bonds for $4,780-the price Aug. 29 the five issues of 5% coupon bonds to the
First
$28,010, described in V. 91, p. 541, were awarded
thus being 106.222.
National Bank at 105.607 and accrued interest. FollowDenomination $250. Date Sept. 1 1910. Interest Jan. 1. Maturity
ing is a list of the bidders and the premiums offered by same:
$250 yearly on Jan. 1 from 1913 to 1930 inclusive.
First National Bank
$1,621 25)Hayden, Miller & Co.,Clev_$1,290 00
Fredonia, Chautauqua County, N. Y.-Bond Sale.-On Cleveland
1,21000
Trust Co., Clev__ 1,58760 Otls & Hough, Cleveland
Sept.6 Adams & Co. of New York City were awarded $16,500 Seasongood & Mayer,
*320 00
Cin_ _ 1,359 75 Well, Rothi&lCo.,1Cin
5% 1-10-year (serial) gold registered street-paving bonds Tillotson&WolcottCo.,Clev. 1,344 781
for $16,727 (101.375) and interest-a basis of about 4.713%.
• For one issue.
A list of the bidders follows:
Lansing, Mich.-Bond Sale.-An issue of $9,000 43%
_101.2791 Isaac W.Sherrill, Poughk'sle 10
00.4
68
7
Adams & Co., New York_ ___101.375
Chestnut
Street paving bonds was disposed of on Aug. 29
101.48
John
Albany
Y___
J.
N.
Hart,
Co.,
Harris
&
N. W.
par. for $9,001-the price thus being 100.011.
Douglas Fenwick & Co.,N.Y. 101.278 Lake Sh. Sec. Co. Dunkirk.All bidders offered accrued interest in addition to their bids. DenomiLawton, Comanche County, Okla.-Bond Sale.-The
nation $1,650. Date Aug. 1 1910. Interest semi-annual. These bonds
were offered without success as 4 ;is (V. 91, p. 416) on Aug. 10.
$200,000 reservoir, $40,000 water-works and $40,000 sewer
Greenburgh (Town) Union Free School District No. 2 5% 25-year bonds offered without success on June 20 (V. 90,
(P. 0. Irvington), Westchester County, N. Y.-Bond Offer- p. 1695) were sold on Aug. 29 to the Thos. J. Bolger Co. of
ing.-Proposals will be received until 8 p. m. Sept. 15 by Chicago at par. The securities are in denominations of
Edwin Wood, District Clerk, for $80,000 43/2% 2-17-year $1,000 each and are. dated July 1 1910. Interest semi(serial) coupon (with privilege of registration) school-building annual.
and site-purchase bonds. These securities are part of an isLexington School District (P. 0. Lexington), Richland
sue of $180,000 bonds.
County, Ohio.-Bond Sale.-On Sept. 2 $1,500 4% heatingAuthority Chapter 319, Laws of 1910, and Section 43a of the Education plant bonds were awarded to the Lexington Savings Bank
Laws. Denomination $1,000. Date July 1 1910. Interest semi-annually
In New York exchange at the Irvington National Bank in Irvington. The at par.
$180,000 bonds mature $5,000 yearly on Jan. 1 from 1912 to 1947 inclusive.
Certified check for 2% of bonds bid for, payable to the Treasurer, and
drawn on a national or State bank or trust company, is required. This
district has no debt at present. Assessed valuation for 1909, $10,896,860.
The bonds will be delivered on or before Sept. 20 1910.
Denomination $300. Date Sept. 2 1910. Interest annual.
part yearly on Sept. 2 from 1912 to 1916 inclusive.
Denomination $1,000. Date Sept. 1 1910. Interest semi-annually at
the City Treasurer's office. Maturity Sept. 1 1915. Bonds will be certified
as to their genuineness by the United States Mortgage & Trust Co. of
New York My,and the legality approved by John G. Johnson of Philadelphia, whose opinion will be delivered to the purchaser. Certified check
(or cash) for 2% of bonds bid for, payable to the City Treasurer,Is required.
Bonds to be delivered on or about Oct. 1 1910. Purchaser to pay accrued
interest from Sept. 1. Printed form of proposal furnished by city.
or Austin.
this Issue.
Maturity
Live Oak County (P. 0. Oakville), Tex.-Bonds Authorized.-This county has authorized the issuance of $25,000
Harrisburg, Pa.-Bond Offering.-Proposals will be re- 5% gold registered road-improvement bonds of Road Disceived until 2 p. m. Sept. 19 by Henry W. Gough, City trict No. 1.
Comptroller, for $91,000 4% coupon city bonds.
Denomination $1,000. Date Aug.8 1910. Interest annually in Oakville
Maturity 40 years, subject to call after 10 years.
Assessed valuation 1910, $1,300,000.
Total debt,
Lodi, Medina County, Ohio.-Bonds Voted.-Papers state
that an election held Aug. 23 resulted in a vote of 143 to 48
in favor of a proposition to issue $2,060 water-systemxtension bonds. ;.,„A
SEPT. 10 1910.1
THE CHRONICLE
Bonds Defeated.-It is further reported that at the same
election the question of issuing $7,000 sewage-disposal
bonds was defeated.
Los Angeles, Cal.-Bonds Authorized.-Ordinances were
passed on Aug. 30 providing for the issuance of the $3,500,000
power-plant and $3,000,000 harbor-improvement 4Y%
bonds voted on April 19. See V. 91, p. 230. It is understood that a friendly suit is to be started in the Superior
Court to test the legality of these issues.
Lucas County (P. 0. Toledo), Ohio.-Bond Offering.Proposals will also be received until 10 a. m. Sept. 12 by
Chas. J. Sanzenbacher, County Auditor, for $40,000 43'%
bonds for the erection of a tuberculosis hospital.
667
Murray, Salt Lake County, Utah.-Bond Sale.-E. H.
Rollins & Sons of Denver purchased $20,000 5% 10-20-year
(optional) water-works bonds on Aug. 30 at 97.50 and accrued interest. The other bidders were:
Jas. H. Causey & Co., Denv.•$20,0101C. H. Coffin, Chicago
S. A. Kean & Co., Chicago.. 19,5001
$19,401
• For 6% bonds.
The above bids, we are advised, were not accompanied by either a certified or cashier's check.
Neligh School District No. 9 (P. 0. Neligh), Antelope
County, Neb.-Bond Election.-An election will be held today (Sept. 10) to vote on a proposition to issue $8,000 5%
bonds. Maturity Nov. 1 1930, subject to call after 3 years.
New Bedford, Mass.-Bond Sale.-On Sept. 7 the $100,Denomination $500. Date Sept. 22 1910. Interest semi-annually at
the County Treasurer's office. Maturity 84,000 yearly on Sept. 22 from 000 water, the $100,000 municipal-building and the $75,000
certified
check
Toledo
for
$1,000
on
a
or
Cash
inclusive.
1911 to 1920
library 4% registered bonds described in V. 91, p. 603, were
bank is required. Bonds will be delivered Sept. 22.
sold to N. W.Harris
Bond Sale.-The $7,540 43-% road-improvement bonds interest. The water& Co. of Boston at 101.397 and accrued
bonds mature part yearly on Sept. 1
described in V. 91, p. 541, were purchased on Aug. 30 by from 1911 to 1940
Seasongood & Mayer of Cincinnati at 101.332 and accrued bonds mature part inclusive and the building and library
yearly on Sept. 1 from 1911 to 1930
interest. The following proposals were submitted:
Premiums. inclusive.
Premiums.
A list of the bidders follows:
Seasongood & Mayer, Cin___$100 50 Citizens' Safe Dep. 40 Tr. Co_ _$60 93
91 231Stacy & Braun. Toledo
Breed & Harrison, Cin
Maturity part yearly on Sept. 9 from 1912 to 1920 inclusive.
57 08
stone and gravel road-building
On Sept. 6 the $3,774 4
fund bonds described in V. 91, p. 603, were sold to Seasongood & Mayer of Cincinnati at 101.649. The following bids
were received:
Seasongood & Mayer, Cin__$3,836 251Cittzens' Safe Deposit &
$3,802 00
__ 3.821 351 Trust Co., Toledo
Stacy & Braun,
Maturity partToledo_yearly from 1912 to 1920 Inclusive.
Madera School District, Madera County, Cal.-Bond Offering.-According to report, the Supervisors of Madera County
(P. 0. Madera) will receive proposals until 10 a. m. Sept. 19
for $75,000 5% bonds of this district. Certified check for
5% required.
Marion County (P. 0. Jefferson), Tex.-Bond Sale.-The
Marion County Permanent School Fund recently purchased
$28,000 4% 10-40-year (optional) refunding bonds that were
registered by the State Comptroller on Aug. 27.
Marion County School District No. 24, Ore.-Bond Offering.-Proposals will be received until 5 p. m. Sept. 15 by
J. G. Moore, County Treasurer (P. 0. Salem), for the following 5% coupon bonds:
$35,000 bonds, dated Oct. 1 1910. Of this issue $10,000 is for school sites,
$12,000 for repairs, $13,000 to refund old bonds.
15,225 bonds, dated Nov. 1 1910, to refund popular loan notes.
4,400 bonds, dated Dec. 1 1910, to refund popular loan notes.
Authority Sub. 31, Sec. 3389, Bellinger and Cotton's Annotated Codes
and Statutes of the State of Oregon; also election held July 29 1910.
Denomination $1,000, except fractional portions of issue. Interest semiannually at Salem or bank in New York City, at the option of the purchaser.
Maturity 20 years, subject to call after 10 years. Certified check for $1,000
Is required. Purchaser to furnish lithographed bonds at his own expense.
Official circular states that no previous issue of bonds has been contested
and that the principal and interest of all bonds previously issued have been
paid promptly at maturity; also that there is no controversy or litigation
pending or threatened affecting the corporate existence or the boundaries
of said district, or the title of its present officials to their respective offices,
or the validity of the bonds.
Massena, St. Lawrence County, N. Y.-Bonds Not Sold.-The $40,000 4% coupon highway and bridge bonds offered
on Sept. 2 and described in V. 91, p. 353, failed to attract
any bidders.
Middlesex County(P.0.Lowell), Mass.-Temporary Loan.
-On Sept. 6 this county borrowed $100,000 from Bond &
Goodwin of Boston at 4.15% discount. The loan is due
Nov. 10 1910.
Milford Independent School District (P. 0. Milford), Ellis
County, Tex.-Bonds Awarded in Part.-This district has
sold $15,000 of the $20,000 5% 20-40-year (optional) schoolbuilding bonds offered on May 17 (V. 90, p. 1316) to the
State School Fund at par and interest. As stated in V. 91,
p. 417, $10,000 were purchased on Aug. 1. The other $5,000
were taken by the State on Sept. 1.
Monrovia, Les Angeles County, Cal.-Bond Election Proposed.-Reports state that an election will be held in the
near future to vote on propositions to issue $50,000 watersystem and $120,000 sewer-system-construction bonds.
Monrovia High School District, Los Angeles County, Cal.
-Bond Offering.-Proposals will be received until 2 p. m.
Sept. 12 by the County Board of Supervisors, C. G. Keyes,
ex-officio Clerk (P. 0. Los Angeles), for the $125,000 5%
gold building bonds mentioned in V. 91, p. 542.
•
Denomination $1,000. Date Sept. 12 1910. Interest annually at the
County Treasury
Maturity on Sept. 12 as follows: $3,000 yearly from
1913 to 1941 inclusive, $4.000 from 1942 to 1948, inclusive, and $5,000 In
1949 and in 1950. Certified check for 3% of bonds bid for, payable to the
Chairman of the Board of Supervisors, is required. Purchaser to Pay
accrued interest.
Morrison, Whiteside County, Ill.-Bond Election.-An
election will be held Sept. 12 to vote on the question of issuing $9,000 5% paving,bonds. Maturity $1,000 in 1914 and
$2,000 yearly from 1915 to 1918 inclusive;
Mt. Healthy, Hamilton County, Ohio.-Bond Offering.Proposals will be received until 12 In. Sept. 15 by Geo. J.
Paris, Village Clerk, for $2,393 84 5% St. Clair Avenue
improvement assessment bonds.
Denomination $240, except one bond for $233 84. Date Aug. 1 191.0.
Interest semi-annually at the First National Bank of Mt. Healthy. Maturity $233 84 on Aug. 1 1911 and $240 yearly on Aug. 1 from 1912 to 1920
inclusive. Purchaser to pay accrued interest.
Mt. Pleasant School District (P. 0. Mt. Pleasant), Isabella County, Mich.-Bond Sale.-The Buinpus-Stevens Co.
of Detroit was the successful bidder on Aug. 27 for the $7,000
4%% 1-10-year (serial) bonds described in V. 91, p. 479.
N W Harris & Co
101.397 Blodget & Co
Perry, Coffin & Burr
101.31 Lee, Higginson & Co
Blake Bros. & Co
101.18 Old Colony Trust Co
Estabrook & Co
101.15 R. L. Day & Co
Merrill, Oldham & Co
101.089
The above bidders are all of Boston.
101.068
101.035
100.956
100.949 .
New Castle County (P. 0. Wilmington), Del.-Bond Sale.
-On Sept. 6 the $80,000 4% gold coupon highway-improvement bonds described in V. 91, p. 603, were sold to the Wilmington Savings Fund Society of Wilmington for $77,509 69
-the price thus being 96.887. Maturity $15,000 yearly on
July 1 from 1956 to 1959, inclusive, and $20,000 on July 1
1960.
Newton County (P. 0. Kentland), Ind.-Bonds to Be
Re-Offered.----We are advised that the $63,500 bonds offered
without success on June 25 (V. 91, p. 110) carried 434%
interest, and not 5%, as at first reported. Our informant
further states, however, that the Commissioners intend to
re-offer them as 5s.
New York City.-Bond Sale.-The bonds below were
purchased by the Sinking Fund of this city at par during the
month of August:
PurposeVarious municipal purposes
Water bonds
Rapid transit bonds
Int.Rate.Maturity.
3
1959
3
1959
4
1959
Total
Amount.
$53,450
119,600
6.790
$179,840
The following revenue bonds (temporary securities) were
also issued during August:
Revenue
Revenue
Revenue
Revenue
Revenue
Revenue
bonds, current expenses
bonds, current expenses
bonds, current expenses
bonds, current expenses
bonds, special
bonds, special
Total
Interest.
4J4
4%
33h
4g
3
Amount.
$250,000
*961,320
2,600,000
1,100,000
300,000
150,000
$5,361,320
• Payable in £ sterling.
Niles School District (P. 0. Niles), Berrien County, Mich.
-Bonds Defeated.-The election held Aug. 29 resulted in
the defeat, by a vote of 164 "for" to 170 "against," of the
proposition to issue the $35,000 additional school-building
bonds mentioned in V. 91. p. 542.
North Attleborough, Mass.-Note Sale.-An issue of
$48,000 4% coupon sewer notes was sold on Sept. 7 to Estabrook & Co. of Boston 'at 102.78.
Denomination $1,000. Date Nov. 1 1909. Interest semi-annually in
Boston. Maturity $8,000 yearly on Nov. 1 from 1934 to 1939, Inclusive.
The notes are exempt from taxation.
North Dakota.-Bonds Purchased by State During August.
-The following issues of 4% bonds, aggregating $201,550,
were purchased at par during August with State funds:
Bonanza School District, Morton County-$1,500 building bonds, dated
July 1 1910 and due July 1 1930.
Butte School District, McLean County-43,500 building bonds, dated
July 1 1910 and due July 1 1930.
Crane Creek School District, Moritrall County-$1,500 building bonds,
dated July 1 1910 and due July 1 1925.
Eden School District, Bowman County-$1.600 building bonds, dated
July 1 1910 and due July 1 1925.
* Grand Forks (City)-The following bonds, dated March 1 1910:
$75,000 paving bonds,.due $3,000 yearly on May 1 from 1911 to 1915
inclusive, $4,000 yearly on May 1 from 1916 to 1929 Inclusive and
$4,000 Feb. 28 1930
35,000 water-works bonds, due $1.000 yearly on May 1 from 1911 to 1915
inclusive, $2,000 yearly on May 1 from 1916 to 1929 inclusive and
$2,000 Feb. 28 1930.
25,000 light-plant bonds, due $1,000 yearly on May 1 from 1911 to 1925
Inclusive, $2,000 yearly on May 1 from 1926 to 1929 inclusive and
$2,000 Feb. 28 1930.
Grant School District No. 38, Kidder County-$1,200 building bonds,
dated July 1 1910 and due July 1 1920.
Kane School District (Lakota), Nelson County-$18,000 building bonds.
dated July 1 1910 and due July 1 1930.
Layton School District No. 28, McHenry County-$3,750 building bonds,
dated July 1 1910 and due July 1 1930.
Medicide Hill Schoot District. McLean County-$1,500 building bonds,
dated July 1 1910 and due July 1 1920
Michigan City School District, Nelson County-$3,200 refunding bonds,
dated March 1 1910 and due March 1 1930.
Mountain View School District. Dunn County-$1,300 building bonds,
dated July 1 1910 and due July 1 1925.
Northwood (City), Grand Forks County-37,000 city-hall bonds, dated
May 2 1910 and due $3,000 May 1 1915 and $1,000 yearly on May 1 from
1916 to 1919 inclusive.
Osago (Pekin) School District. Nelson County-$9,500 building bonds,
dated July 1 1910 and due July 1 1930.
Pleasant (Sawyer) School District, Ward County-$10,000'
building
bonds, dated July 1 1910 and due July 1 1930,
Porter School District, Dickey County-$3,000 building bonds, dated
1920,
Aug.
10
Aug. 10 1910 and due
• Prey!Jusly reported in V. 90. p. 251.
668
THE CHRONICLE
[VoL. Lxxxxx.
& Frank Co.-93 for $25,000 bonds.
We are advised that the State has now discontinued the Meier
Women of Woodcraft-91.81 for $10,000 bonds.
purchase of bonds of municipalities on account of a lack of Joseph
Simon-93 for $7,500 bonds.
hinds available therefor. It is not likely, our informant United States National Bank-93 for $5,500 bonds.
Investment Co.-92 for $5,000 bonds
Irvington
adds, that the State will be able to buy any more bonds issued Olds, Wortman
& King--:-Par for $2,500 bonds.
bylmunicipalities for about two years. The State will con- Gay Lombard-93 for $2,500 bonds.
Bank-93 for $2,000 bonds.
National
Merchants'
tinue, however, to purchase bonds issued by school districts. R. E. Menefee-93 for
$1,000 bonds.
At present the State holds about $5,000,000 worth of bonds Woodward, Clarke & Co.-93 for $1,000 bonds.
of all kinds.
All bidders offered accrued interest in addition to their bids.
Norwood, Hamilton County, Ohio.-Bond Offering.Pottsville, Schuylkill County, Pa.-Bond Sale.-The
Proposals were asked for until 12 m. yesterday. (Sept. 9) $50,000 4% 10-30-year (optional) coupon paving bonds
by L. H. Gebhart, City Auditor, for the following 432% (sixth series) described in V. 91, p. 542, were disposed of on
assessment bonds:
Sept. 6 as follows: $3,000 to C. L. Erdman, $10,000 to Geo.
$8,943 22 Beech Street improvement bonds. Date August 5 1910.
W. Zeh and $27,000 to the Safe Deposit Bank, all of Potts1,520 57 Side-walk-construction bonds. Date July 21 1910.
ville; $3,000 to L. J. Whims of St. Clair and $7,000 to "seven
1,394 14 Melrose Avenue improvement bonds. Date August 5 1910.
2,583 38 Mentor Avenue improvement bonds. Date July 21 1910.
others." The price paid was par and interest for $45,000
5.484 30 Lawn Avenue Improvement bonds. Date July 21 1910.
bonds and 101.70 and interest for $5,000 bonds.
8,900 10 Ridgewood Avenue improvement bonds. Date Aug. 5 1910.
1910.
5
bonds.
Date
August
1,455 32 sidewalk-construction
Quincy, Norfolk County, Mass.-Bond Sale.-The follow2.735 39 Bell Street improvement bonds. Date June 30 1910.
Interest annual. Maturity one-tenth of each issue yearly from 1911 ing coupon bonds described in V. 91, p. 604, were sold on
bonds
said
may be Sept. 7, it is stated, to Blodget & Co. of Boston at 100.034:
to 1920 inclusive. It is provided that the amount of
reduced if part of the assessment in anticipation of which, they are issued is
paid in cash. The result of this offering was not known to us at the hour
of going to press.
Oceanside, Cal.-Bond Election.-According to reports,
an election will be held Sept. 14 to allow the voters to determine whether or not $20,000 5% water-system-improvement
bonds shall be issued.
Ocheyedan, Osceola County, Iowa.-Purchasers of Bonds.
-Geo. M. Bechtel & Co. of Davenport were the purchasers of the $12,000 water-works bonds disposed of (V. 91,
p. 354),on July 22. They paid par for 5s.
$12,140 4 %V° "surface-drainage loan of 1910" bonds due $6,140 on July 1
1912 and $6.000 on July 1 1913.
4,100 4% "street-Improvement and miscellaneous purposes" bonds due
July 1 1912.
1,400 4% "sidewalks loan of 1910"bonds due July 1 1911.
1,0004% "Ward Four surface loan" bonds due Aug. 1 1911.
Rochester, N. 'Y.-Note Sales.-On Sept. 2 $100,000
water-works-improvement-renewal notes were awarded to
H. Lee Anstey of New York City at 100.68 for 6s. Principal ,and interest will be payable 8 months from Sept. 6 1910
at the Union Trust Co. in New York City.
Note Offering.-Proposals will be received until 2 p. m.
Denomination $1,000. Date July 1 1910. Interest semi-annual. Ma- Sept.
1,3 by Chas. F. Pond, Cty Comptroller, for the followturity July 1 1930.
Ogden, Utah.-Bonds Proposed.-Local papers report that ing notes: $125,000 for water-works-improvements,$50,000
for altering the water-pipe line on Pinnacle Ave. and $30,000
this city proposes to issue $100,000 conduit bonds.
for a water-pipe line from Rush reservoir to Industry.
-Bond
Cal.
County,
Election.
Bernardino
Ontario, San
Rate of interest and denomination of notes desired to be designated by
municipal
water
$175,000
system
the bidder. Principal and interest will be payable eight months from Sept.
The election to vote on the
16
1910 at the Union Trust Co. In New York City.
on
held
be
will
542,
p.
Sept.
16.
91,
V.
in
mentioned
bonds
The $100,000 local-improvement-renewal notes due May 12
Ontario School District, San Bernardino County, Md.Bond Bids.-The following bids were received on Aug. 22 1911 and described in V. 91, p. 604, were disposed of on
for the $12,500 5% 16-40-year (serial) gold school bonds Sept. 8 to H. Lee Amstey of New York City at 100.0015
awarded on that day to Barroll Sc Co. of San Francisco at for 4.93s.
Roseville, Placer County, Cal.-Bond Offering.-Further
104.38 (V. 91, p. 603):
Barroll dc Co., San Fran_ _$13,047 50 1 E.H.Rollins & Sons, S.F,_$13,008 75 details are at hand relative to the offering on Sept. 12 of the
G.G.Blymyer & Co. S.Fr. 13,026 00 Jas.H.Adams&Co.,LosAn_ 12,935 50 $78,500 sewer-construction bonds mentioned in V. 91, p. 481.
F,_ 13,021 50 Wm.R.Staats&Co.,LosAn. 12,913 00
N.W.Halsey & Co..
Proposals will be received until 8 p. m. on that day by
All bidders offered accrued interest in addition to their bids.
H. Stineman, City Clerk.
Orange, Orange County, Va.-Bond Sale.-The National J.Denomination
$1,000, except one bond for $500. Date Oct. 1 1910
Bank of Orange purchased on Aug. 15 at 100.001 the $10,000 Maturity $2,000 yearly on Oct. 1 from 1911 to 1948 inclusive and $2,500 in
1949. Certified check for 5% of amount of bid, payable to the City Treas5% 15-30-year (optional) coupon water-works bonds urer,
is required. Purchaser must be prepared to take bonds within 30
described in V. 91, p. 418.
days after notice that they are ready for delivery.
Ill.
County,
-Bond
Sale.
Salle
-The $23,000
Ottawa, La
San Benito Independent School District(P.0.San Benito),
5% bridge bonds described in V. 91, p. 603, were sold on Cameron County, Tex.-Bonds Awarded in Part.-This disof
Co.
&
Chicago
Halsey
at
W.
N.
to
104.875-a trict has sold $17,500 of the $25,000 5% 5-40-year (optional)
Sept. 6
basis of about 4.454%. The following bids were received:
bonds registered by the State Comptroller on June 2 (V. 90,
Coffin
H.
C.
104.875
Co
&
Halsey
102.18 p. 1698) to the State School Fund at par and interest. $5,000
N. W.
104.58 Thos. J. Bolger & Co
101.09
A. B. Leach & Co
Aug. 1. See V. 91,
Emery, Peck & Rockwood__104.38 Farson, Son & Co
101.02 were bought on Sept. 1 and $12,500 on
Woodln, McNear 8c Moore.._ _103.58 Cutter, May & Co
100.69 p. 419.
103.13 Wm. R. Compton &
100.32
Well, Roth & Co
102.77
Sandusky, Ohio.-Bond Sale.-The $400 4% 9-year
E. H. Rollins & Sons
The above bidders are all of Chicago. Maturity $1,000 yearly on July 1 bonds offered without success on July 11 (V. 91, p. 232)
from 1911 to 1929 inclusive and 54,000 on July 1 1930.
have been sold at private sale to the Oakland Cemetery EnPacific County School District No. 36, Wash.-Bond Sale. dowment Trust Fund of Sandusky.
bonds
was
funding
$23,000
of
issue
disposed
on
of
-An
Sandusky County (P. 0. Fremont), Ohio.-Bond Sale.Aug. 13 to the State of Washington at par for 51A% 1-10-year
Dispatches state that $6,348 432% road bonds were sold on
(optional) bonds. The other bidders were:
Sept. 1 to the First National Bank of Fremont for $6,395S. A. Kean & Co., Chic_ _ •$23 248 401E.H.F.tolilns & Sons,Chic.•$23,025 0
_
the price thus being 100.74.
• For 6s.
San Francisco, Cal.-Second Installment of Geary Street
Denomination $1,000. Date Sept. 11910. Interest annual.
Bonds All Sold.-All of the second installment of $240,000
Iowa.
-Bond
Clarinda),
Sale.
-On
0.
(P.
County
Page
4% Geary St. Ry. bonds have been disposed of, according
Aug. 25 $16,500 of the $29,500 6% Drainage District No. 7 to local papers. As stated last week (V. 91, p. 604), $200,were
480,
awarded,
p.
it
91,
is
V.
in
described
bonds
coupon
000 had been sold up to Aug. 24.
stated, to local investors at 100.75. The amount of the
Shreveport, La.-Election on the Commission Form of
of
part
of
the
cash
in
aspayment
the
by
reduced
was
issue
beheld Sept. 15, it is stated,
sessments. Maturity one-fifth yearly in December from 1916 Government.-An election will
plan of government.
commission
on
vote
the
to
inclusive.
to 1920
Silver Bow County (P.0. Butte), Mont.-Bond Offering.Parker, Turner County, So. Dak.-Bonds Voted.-A rereceived until 2 p. m. Sept. 20 by M. Kerr
cent election resulted, it is stated, in favor of a proposition Proposals will beClerk,
for $250,000 coupon court-house-comCounty
to issue $10,000 bonds for the construction of a city audi- Beadle,
5% interest. These bonds
exceeding
bonds
not
pletion
at
torium. The vote is reported as 190 to 8.
$750,000 voted July 23 1907, of which
of
part
an
of
are
issue
Pittsburgh, Pa.-Bond Election Proposed.-At a meeting $500,000 have been sold to the State of Montana.
of the Common Council on Sept. 7 the Mayor recommended
Denomination $1,000. Date Nov. 1 1910. Interest Jan. 1 and July 1
In Butte. Maturity Nov. 11930. subject to call after Nov. 1 1920. Certifor submission to the voters at the general election, Nov. 8, fied
check on a national bank for 2% of bid is required with each bid subpropositions to issue bonds for various purposes, aggregat- mitted,
except that of the State Board of Land Commissioners.
ing $10,305,000. The ordin'ances were referred to the
Struthers, Mahoning County, Ohio.-Bond Offering.Finance Committee, which subsequently made a favorable Proposals will be received until 12 m. Sept. 14 by L. S.
report. It is expected that the Council will meet at 2 p. m. Creed, Village Clerk, for $3,000 5% Elm and Short streets
to-day (Sept. 10) to take up the bills on first reading.
sewer-construction-assessment bonds.
Authority Section 2835, Revised Statutes. Denomination $500. Data.
Porterville, Tulare County, Cal.-Bond Sale.-On Aug. 29
Oct. 1 1910. Interest semi-annual. Maturity $500 yearly on Oct. 1 from
the $60,000(3 issues)5% 1-40-year (serial) gold coupon bonds 1911
to 1916 inclusive. Certified check for $100, payable to the Village
described in V. 91, p. 542, were awarded, it is stated, to the Treasurer, is required. Purchaser to pay accrued interest.
102.77.
at
Porterville
of
First National Bank
Suffolk, Nansemond County, Va.-Bond Offering.-ProPortland, Ore.-Bids.-The following bids were received posals will be received until 12 m. Sept. 15 by R. S. Boykin,
coupon refunding bonds.
on Aug. 29 for the $250,000 4% gold bridge-construction Town Treasurer, for $30,000 5%
Authority. Chapter 293 of Act of Assembly of Virginia of 1908. Debonds awarded on that day to Ladd & Tilton of Portland nomination
Jan. 1 and July 1 at the
Interset
1910.
$500. Date Aug. 1
at 93.08 and interest:
Town Treasurer's office. Maturity Aug. 1 1920. Certified check for 10%
required,
40
..
Ladd & Tilton, Portland-93.08 for $250,000 bonds.
Merchants' Loan & Trust Co., Chicago-93.06 for $250,000 bonds.
O'Connor & Kahler. New York-92.31 for $250,000 bonds.
Woodmen of the World-91.88 for $50,000 bonds.
Hibernia Savings Bank (32 bids)-93 for 447.500 bonds.
Ukase Investment Co.-93 for $10,000 bonds, 94 for $10,000 bonds and
kr,95 for $5,000 bonds.
except that holders of
of bid, payable to the Town Treasurer, Is
the maturing bonds to be redeemed will not be required to forward such
certified check with a bid for the new bonds not exceeding the amount of
old bonds held by them.
The above bonds were disposed of on June 14 at par to the
parties holding the old bonds, which were to be redeemed.
THE CHRONICLE
SEPT. 10 1910.
See V. 91, p. 232. They are now being re-advertised, we
are advised. "to conform to a special law."
Bonds Not Yet Sold.-No sale has yet been made of the
$40,000 432% 50-year coupon schoOl bonds, offered without
success on July 1 (V. 91, p. 232), as they are being "held
temporarily to satisfy some requirement of the school law."
Summit, Union County, N. J.-Bond Offering.-Proposals will be received by the Common Council until 8:30
funding bonds.
p. m. Sept. 20 for $72,000 4
669
Both of the above issues are dated Sept. 20 1910. Interest semi-annual
Certified check drawn on a national bank In the following amounts required
with bids: for the $67,700 Issue, $1,300; for $9,000 issue, $200.
The official notice of this bond offering will be found amon
the advertisements elsewhere in this Department.
Turlock Irrigation District (P. 0. Turlock), Stanislaus
County, Cal.-Bond Sale.-The $100,000 5% canal-construction bonds mentioned in V. 91, p. 232, were sold on
Aug. 29 to A. Chattom at par. The other bidders were:
Graham & Jensen-Par for $23,000 bonds.
Grubb & Old-Par for $15,000 bonds.
Hoskins-Par for $15,000 bonds.
Denomination $1,000. Maturity 30 years. Certified check (or cash)
Denominations $400 and $100. Date July 1 1910. Interest semiEdw.
required.
J.
Summit."
is
for 1% of bid, payable to the "City of
annual. Maturity part yearly from 1931 to 1940 inclusive.
Rowe is City Clerk.
The official notice of this bond offering will be found among
the advertisements .elsewhere in this Department.
Tacoma, Wash.-Bond Offering.-Proposals will be received until 2 p. in. Sept. 26 at the office of A. V. Fawcett,
Mayor, for $200,000 Green River Gravity Water-system
construction bonds at not exceeding 5% interest.
Authority Ordinance No. 3982, approved Jan. 6 1910. Denomination
$1,000. Interest semi-annually at the fiscal agency of the State of Washington in New York City. Maturity 20 years. For all information apply
to John F. Meads, City Comptroller.
•
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Thermopolis, Fremont County, Wyo.-Bond Sale.-The
$15,000 6% coupon sanitary-sewer bonds described in V. 91,
p.I1294, were awarded on Aug. 1, it is stated, to W. B. Metheny of Thermopolis. Maturity Aug. 1 1930, subject to call
after Jan. 11921.
Thief River Falls, Red Lake County, Minn.-Bond Offering.
-Proposals will be received until 7:30 p. m. Sept. 10 by
N. J. Anderson, City Clerk, for $25,000 armory-completion
bonds at not exceeding 5% interest. Authority, vote of 250
to 114 at an election held Aug. 23. Maturity 20 years.
Trenton, N. J.-Bond Offering.-Proposals will be received until 12 m. Sept. 20 by H. E. Evans, City Treasurer,
for the following 432% bonds:
$67,700 registered or coupon refunding bonds. Maturity Sept. 20 1920.
9,000 registered street department bonds. Maturity Sept. 20 1930.
NEW LOANS.
$36,000
Union Free School District No. 1,
Town of Deerpark, Orange County, N. Y.,
Twin Township School District, Ohio.-Bond Sale.-The
$6,500 5% coupon school-building bonds offered on July 16
and described in V. 91, p. 171, were disposed of, reports
state, to T. H. Saunders of Cleveland .at 102.89. Maturity
$500 on July 16 1911 and $1,000 yearly on July 16 from 1912
to 1917 inclusive.
Ventura County (P. 0. Ventura), Cal.-Bond Election.Reports state that Sept. 12 has been decided upon as the
date on which to hold the election to vote on the propositions
to issue the $225,000 court-house and $275,000 bridge and
highway bonds mentioned in V. 91, p. 482.
Walker County Common School District No. 3, Tex.Bond Sale.-The Walker County Permanent School Fund
has purchased the $1,200 5% 10-20-year (optional) bonds
which were registered by the State Comptroller (V. 91, p.
233) on June 28.
Waterloo, Blackhawk County, Iowa.-Bond Sale.-On
Sept. 6 the $45,000 43'% 20-year coupon funding bonds
described in V. 91, p. 604, were sold to Woodin, McNear dc
Moore of Chicago at 100.166. Purchasers to furnish the
bonds and pay the exchange and accrued interest. A list of
the bidders follows:
Woodin ,McNear&Moore,Ch_$45,0751 Thos. J. Bolger Co., Chicago_$45,000
E. H. Rollins & Sons, Chic.. _'45,252 Farson. Son & Co., Chicago_ 45,000
H. T. Holtz & Co., Chicago__ 45,046 Harris Tr. & S. Bk., Chicago 45,000
Seasongood & Mayer. Cin___ 45,000, Wm. R. Compton Co.. Chic.. 44,100
• Bid said to be conditional.
All bidders offered accrued interest in addition to their bids.
West Brownsville, Washington County, Pa.-Bond Sale.
-The Washington Investment Co. of Pittsburgh recently
NEW LOANS.
NEW LOANS.
$100,000 Water Bonds
$67,700 Refunding Bonds
50,000 Harbor Bonds
$5,000 Street Department Bonds
5,000 Fire and Police Teregraph
and Telephone Bonds
/
2% Bonds
41
City of Trenton, N.J.
Sale of School District Bonds
Office of City Treasurer,
Trenton, N. J., Sept. 2nd, 1910,
SEALED PROPOSALS will be received at this
office until 12 o'clock noon. Thursday,
September 15th. 1910.
for the purchase of the whole of $100,000 of City of
Trenton, N. J., thirty-year, four and one-half per
cent semi-annual Water Bonds.
Said bonds may be registered or coupon bonds
or registered and coupon bonds combined, at
the option of the purchaser, and shall be dated
October 1st, 1908, payable October 1st, 1938.
Also for the purchase of the whole of $50,000
City of Trenton, N. J., twenty-year, four and onehalf per cent semi-annual, registered or coupon
Harbor Bonds.
Also tor the purchase of the whole of $5,000.
City of Trenton, N. J., twenty-year, four and onehalf per cent semi-annual registered Fire and Police
Telegraph and Telephone Bonds.
For the payment of all said bonds, the poublic
faith and credit of the inhabitants of the City of
Trenton is fully pledged.
Each bidder will be required, as an evidence of
ood faith, to enclose certified checks on a National
Bank as follows:
For the $100,000 issue of Water bonds, a check
for $2,000.
For the $50,000 Issue of Harbor bonds, a check
for $1,000.
For the $5,000 issue of Fire and Police Tel.and
Tel. Bonds a check for $100.
Checks will be immediately returned to unsuccessful bidders.
The bonds will be awarded to the bidder whose
proposal will be most favorable to the City, but
the right is reserved to reject any or all bids not
deemed for the interest of the City.
Proposals to be sealed and addressed to.
H. E. EVANS,
City Treasurer.
Notice is hereby given that the Board of Education of Union Free School District Number One
of the Town of Deerpark, Orange County, New
York, will receive sealed proposals at its office
in the Municipal Building. Sussex Street, in the
City of Port Jervis. New York. until 8 o'clock
n the evening on
WEDNESDAY. SEPTEMBER 21ST, 1910.
for the purchase of thirty-six (36) bonds of said
District of the denomination of One Thousand
Dollars ($1,000) each, numbered from 1 to 36,
inclusive, and bearing interest at the rate of four
and one-half per cent (4 Y2%) per annum, payable semi-annually at The First Natioanl Bank of
Port Jervis to the holder thereof In New York
Exchange.
Said bonds will not be sold below par, will be
dated October 1, 1910, and will mature, respectively, as follows:
Numbers 1 and 2 on October 1, 1911;
Numbers 3 to 26, Inclusive, one on October 1st
of each year thereafter In their order;
Numbers 27 and 28 on October 1, 1936;
Numbers 29 and 30 on October 1, 1937:
Numbers 31 and 32 on October 1. 1938:
Numbers 33 and 34 on October 1, 1939, and
Numbers 35 and 36 on October 1, 1940.
Purchasers will be required to deposit with
their bids in cash, by certified check or by bank
draft, ten per cent (10%) of the amount of such
bonds and pay the balance with accrued Interest,
If any, when such bonds are delivered.
No bids for a portion of such bonds will be considered unless the aggregate of such bids at least
equals the amount of such bond issue.
The right to reject any and all bids Is reserved.
Dated at Port Jervis. New York,September 7th,
1910.
Board of Education of Union Free School District
No. 1 of the Town of Deerpark, Orange
County, New York, by
F. R. SALMON, President.
L C. SENGER. District Clerk.
f
Reynolds, Watson & Co.
$42,500
Cude Drainage District, Miss.,
Municipal and Corporation Bonds
6% BONDS
DRAINAGE BOND
Cude Drainage District of Lenore County,
Mississippi, offers for sale six per cent eleventwenty-year bonds, In denominations of Five
Hundred Dollars each, In the sum of FORTYTWO THOUSAND & FIVE HUNDRED
DOLLARS. Sealed_proposals at noon Sept. 16,
1910, at the Court House in Greenwood, Mississippi; two per cent deposit.
G. W. HOLMES, President.
•
N ETTINO
We offer a very exceptional
Rookery
Office of the City Treasurer,
Trenton, N. J., Sept. 7th, 1910.
SEALED PROPOSALS will be received at
this office until 12 o'clock noon, Tuesday
SEPTEMBER 20TH, 1910,
for the purchase of the whole of $67,700 City'of
Trenton, N. J., ten-year four and one-halt per
cent semi-annual Refunding Bonds.
Said bonds may be registered or Coupon
at the option of the purchaser, and shall bebonds.
dated
September 20th, 1910, and payable Sept. 20th,
1920.
Also for the purchase of the whole of $9,000
City of Trenton, N. J., twenty-year four and onehalf per cent semi-annual registered Street Department Bonds, to be dated September 20th.
1910, and payable September 20th, 1930.
For the payment of all said bonds, the public
faith and credit of the inhabitants of the City of
Trenton Is fully pledged.
Each bidder will be required, as an evidence of
good faith, to enclose certilledcheck ona National
Bank as follows:
For the 567,700 issue of Refunding Bonds a
check for $1,300.
For the $9,000 issue of Street Department
Bonds a check for $200.
Checks will be immediately returned to unsuccessful bidders.
The bonds will be awarded to the bidder whose
proposal will be most favorable to the City, but
the right is reserved to reject any or all bids not
deemed for the Interest of the City.
Proposals to be sealed and addressed to
H. E. EVANS,
City Treasurer.
McCOY & COMPANY
Municipal and
Corporation Bords
181 La Salle Street, Chicago
OTTO JULIUS MERKEL
BROKER
RAND 46 WALL MEET, NEW YORK
INVESTMENT SECURITIES
Correiraosiloase Invited.
Bank and Trust Company Stocks
6%
400 The
City of Trenton, N.J.
CHICAGO
NEW YORK AND BROOKLYN
BOUCHAT AND SOLD
CLINTON GILBERT
2 WALL ST.. NEW YORK.
[VOL. Lxxxxi.
THE CHRONICLE
670
Purchaser must be prepared to take the bonds not later than Sept. 19.
purchased the $25,000 5% tax-free paving, curbing and the
money to be delivered at one of the city banks or the City Treasurer's
sewer bonds voted (V. 91, p. 234) on July 5.
office. This city is now prepared to Issue registered bonds in exchange for
bonds.
coupon
Westfield, Chautauqua County, N. Y.-Bond Election.An election will be held Sept. 13, it is stated, to vote on the
question of issuing not exceeding $100,000 5% sewerage Canada, its Provinces and Municipalities.
bonds.
Antigonish, N. S.-Debenture Offering.-Proposals will be
Whittier, Cal.-Bond Election.-Papers state that an received until 12 m. Sept. 17 by D. C. Chisholm, Town
14
held
to
Sept.
be
to
allow
will
the
voters
determine Treasurer, for $25,000 43'% coupon water-works debentures.
election
whether or not $8,000 bonds shall be issued for a public park
Authority Chapter 62 of the Statutes of Nova Scotia, 1910. Interest.
on Philadelphia Street.
semi-annually at the office of the Town Treasurer. Maturity 30 years.
Balcarres, Man.-Debenture Offering.-Proposals will be
Wichita, Kan.-Bond Sale.-The following 5% bonds
were sold on Aug. 22 to Spitzer Sc Co. of Toledo at par:
received until 12 m. Sept. 12 by C. McMahon, SecretaryTreasurer, for $3,500 6% debentures due in 15 years.
*123,060 27 sewer bonds, due part yearly from 1 to 10 years.
175,000 00 sewer bonds, due part yearly from 1 to 10 years.
Bowmanville, Ont.-Debentures Not Sold.-Up to Sept.
25,000 00 park bonds, due In 10 years.
Denomination $1,000. Date July 1 1910. Interest semi-annual.
no award had yet been made of the $12,000 432% electricWyandotte, Wayne County, Mich.-Bond Offering.-Pro- light debentures, proposals for which were asked (V. 91,
posals will be received until 7:30 p. m. Sept. 14 by John L. p. 356) until Aug. 15.
Sullivan, City Clerk, for $25,000 432% coupon water-worksBucke Township, Ont.-Debentures Authorized.-This
extension bonds voted on Aug. 15 (V. 91, p. 483).
township, it is stated, has passed a by-law to issue $7,000
at
riDenomination $1,000. Date Oct. 1 1910. Interest semi-annually
school debentures.
Wyandotte Savings Bank or at City Treasurer's office, at option of holder.
Maturity 30 years. Certified check for 2% of bonds is required.
Calgary, Alberta.-Debenture Election.-It is reported
Yakima County School District No. 92, Wash.-Bond Of- that the ratepayers will decide Sept 15 whether the following
fering.-Proposals will be received until 10 a. m. Sept. 17 by 4%% 30-year debentures shall be issued: $484,000 for a
Frank Bond, County Treasurer (P. 0. North Yakima), for municipal street railway, $100,000 for parks and cemeteries
$11,200 coupon building-construction and furnishing bonds and $40,000 for a subway under the C. P. RR.
at not exceeding 6% interest.
Chilliwack, B. C.-Debenture Offering.-Proposals will be
Authority Sections 117, 118. 119, &c., Code of Public Instruction. Laws received until 12 m. Oct. 1 by J. H. Ashwell, City Clerk, for
of 1897, pages 357 et seq.; also election held Aug. 12. Date, day of issue,
or may be dated on the first of some month,at the bidder's option. Interest $10,000 road machinery, $10,000 drainage and $15,000
annually at the County Treasurer's office. Maturity 20 years, subject to municipal-hall 5% debentures. The securities are payable
call after 10 years. Bonded debt at present, $3,000. Assessed valuation,
in 20 annual installments of principal and interest, beginning
$393,995.
Youngstown, Ohio.-Bond Offering.-Proposals will be Oct. 1 1911, at the Bank of Montreal in Chilliwack.
Cobalt, Ont.-Debentures Voted.-The election held
received until 2 p. m. Sept. 12 by Wm. I. Davies, City
Aug. 31 resulted in a vote of 34 "for" to 4"against" the quesAuditor, for the following 5% street improvement bonds:
$5,000 Mahoning Avenue widening bonds; $575 Fountain Street sewer tion of issuing the $50,000 6% 10-year debentures mentioned
bonds: $800 Hiram Street grading and sewer bonds; $1,110 Delaware Ave- in V. 91, p. 544.
nue grading and sewer bonds; $7,940 Lane Avenue paving bonds; $4,465
Kensington Avenue paving bonds; $1,545 Logan Avenue paving bonds,
Dartmouth, N. S.-Debenture Election Postponed.-The
and $6,530 side-walk construction bonds. Date Sept. 19 1910. Interest
question
semi-annually at the City Treasurer's office. Maturity one-fifth of each election which was to have been held Aug. 22 on the
block
of
Each
inclusive.
bonds
1916
to
1912
Issue yearly on Oct. 1 from
of issuing the $50,000 railway-bonus debentures mentioned
must be bid on separately. Certified check on a national bank for 2% of in V. 91, p. 483, was postponed.
amount of each block bid on, payable to the City Auditor, Is required.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$200.000
CITY OF TACOMA, WASH.,
$72,000
CITY OF SUMMIT, N. J.,
$ 1 25,000
Flathead County, Montana,
WATER BONDS
FUNDING BONDS
REFUNDING BONDS
NOTICE IS HEREBY GIVEN that on
Monday, SEPTEMBER 26TH, 1010, at two
o'clock p. m., at the office of the Mayor of the
City of Tacoma, Washington, In the City Hall,
sealed bids will be received for bonds numbered
from one (1) to two hundred (200) inclusive, in
the sum of Two Hundred Thousand Dollars, of
the issue authorized by Ordinance No. 3982 of
said City, approved January 6th, 1910, and
providing for the construction of the Green River
Gravity Water System. Said bonds will be general bonds of said City of the par value of $1,000
each, payable In twenty years from date of issue,
with Interest at not exceeding five per cent per
annum, payable semi-annually at the fiscal agency
City,
of the State of Washington, in New York
and known as GREEN RIVER GRAVITY
WATER SYSTEM BONDS.
Bids for said bonds will be received based on
the interest rate proposed by the bidder, which
cannot exceed live per cent.
The right is reserved by the City to award the
best
bonds or any part thereof to the highest and
is also
bidder, or to reject all bids; and the rightfrom
a
deposit
or
bond
a
reserved to require
successful bidder to secure the faithful performance of his contract to take and pay for bonds
awarded.
For all information apply to John F. Meads,
City Controller.
Dated Tacoma, Wash.. August 26th, 1910.
SINKING FUND BOARD,
A. V. Fawcorr,
Mayor.
JOHN F. MEADS,
City Controller.
RAY.FRE ELAN D
Commissioner of Finance.
Sealed proposals will he received by the Common
Council of the City of Summit, N. J., from 8 to
8:30 p. m. on
TUESDAY, SEPTEMBER 20TH 1910
and opened at the last-named hour at a public
meeting of the said Common Council to be held
at the said time at the Municipal Bldg. In the City
of Summit, N. J., for the purchase of the $72,000
Issue of 4 )4% bonds of the City of Summit. N. J.,
of the denomination of $1,000 00 each, payable
In 30 years, Issued to pay off improvement certificates and certificates of indebtedness under Act
of March 23d 1899, authorizing incorporated cities,
towns, townships and boroughs of this State to
fund their floating Indebtedness and the matured
and maturing bonds.
Each proposal must be enclosed in a sealed
envelope properly endorsed with the name of the
bidder and designating the subject matter of the
bid and directed to the Common Council of the
City of Summit, N. J.
Bidders will state their prices in writing as
well as in figures.
Each proposal must be accompanied by a certified check or cash to the amount of one per cent
(1%) of the amount bid; if certified check Is furnished, It shall be made payable to the City of
Summit, N. J., without reserve.
The Common Council of the City of Summit,
N. J., reserve to themselves the right to accept
or reject any proposals for the above-mentioned
bonds as they may deem best for the interests
of the city.
By direction of the Common Council of the City
of Summit. N. J.
J. EDW. ROWE, City Clerk.
Notice is hereby given that Sealed Bids will be
received by the County Commissioners of Flathead County, In the State of Montana,at the office
of the County Clerk, at Kalispell, Montana, on
the 4th day of October, 1910, for the sale of
$125,000 00 refunding bonds, the denomination
of said bonds to be $1,000 each, payable in 20
years and redeemable in 10 years, and to bear interest at not to exceed 5 per cent per annum, interest payable at the office of the County Treasurer
of said County on the first days of January and
July of each year. Bids will be opened at the
office of the County Clerk, ex-officio Clerk of the
Board of County ommissloners of said County.
at Kalispell, Montana, on Tuesday, October 4th.
1910, at 10 o'clock a. m. A certified check for
5 per cent of bid to accompany each bid, check
to be returned if bid is reejeted. The Board reserves the right to reejet any and all bids.
By order of the Board of County Commissioners.
C. T. YOUNG, County Clerk.
BLODGET & CO.
Write for
Safest Investments
6% Circular.
known. Yielding from 4% to
F. WM. KRAFT
LAWYER
BONDS
60 STATE STREET,BOSTON
HODENPYL, WALBRIDGE & CO.
7 Wall St., Now York
MUNICIPAL AND RAILROAD
BONDS
IRST NATIONAL BANK BUILDING
CHICAGO
CO.
ULEN, SUTHERLIN &
CHICAGO
BANKERS
80 PINE STREET,NEW YORK
of
STATE, CITY & RAILROAD BONDS
Municipal and Corporation Bonds
CHICAGO, ILL.
CORPORATION AND
MUNICIPAL BONDS
MUNICIPAL BONDS
Specializing in Examination
1312 FIRST NATIONAL BANK BLDG.,
Charles M. Smith & Co.
Railroad, Street Ry., Gas & Elec. Light
cgo.
BANKERS
421 Chestnut St., PHILADELPHIA, PA.
Municipal and
Corporation Bonds
ESTABLISHED 1885
SECURITIES
H. C. SPEER & SONS CO.
SEASONGOOD & MAYER
R. T. Wilson & Co.
First Nat. Bank Bldg., Chicago
Mercantile Library Building
CINCINNATI
83 WALL STREET
WESTERN
MUNICIPAL AND SCHOOL BONDS
LIST ON APPLICATION
NEW YORK t
SEPT. 10 1910.
THE CHRONICLE
Guelph, Ont.—Debenture Election.—An election will be
held Sept. 26 to vote on a by-law to issue $85,000 432% 30year street-railway debentures.
Havelock School District No. 1514, Man.—Debenture Offering.—Proposals will be received until 12 m. Sept. 13 by
Wm. H. Young, Secretary-Treasurer (P. 0. Minnedosa), for
$1,650 6% school debentures. Interest annual. Maturity
part yearly for 10 years.
Irvine, Sask.—Debentures Voted.—The election held Aug.
29 (V. 91, p. 484) resulted in favor of the question of issuing
the $5,000 6% fire-protection debentures. Proposals for
these debentures will be received at any time.
Kelowna, B. C.—Debenture Sale.—An issue of $8,000 5%
25-year school and water-works debentures dated Aug. 1
1910 was disposed of during August to the Dominion Securities Corporation, Ltd., of Toronto.
Kenistino School District No. 42, Sask.—Debenture
Offering.—Proposals will be received until Sept. 20 by the
Secretary-Treasurer for $4,000 debentures, repayable in 20
annual installments.
Maple Creek School District No. 80 (P. 0. Maple Creek),
Sask.—Debenture Sale.—The $12,000 5% school debentures
described in V. 91, P. 484, were sold on Aug. 31 to J. G.
Mackintosh & Co. of Winnipeg for $11,642 (97.016) and
accrued interest. Maturity part yearly on June 25 from
1911 to 1940 inclusive.
Muskoka Township, Ont.—Debenture Election.—The question of issuing $10,000 43% 30-year improvement debentures will be submitted to the voters, it is stated, on Sept. 14.
Ottawa, Ont.—Debenture Sale.—On Sept. 2 the thirteen
issues of 4% debentures, aggregating $620,507 11, described
in V. 91, p. 113, were sold to the Dominion Securities Corporation, Ltd., of Toronto, at 97.13. A list of the bidders
follows:
$471,707 11
$148,800 00
Debentures.
Debentures.
Dominion Om Corp., Ltd., Tor_$458,170 00 (97.13) $144,530 00 (97.13)
Aemillus Jarvis & Co., Toronto_ 456,518 00 (96.78)
144,449 00 (97.076)
Wood, Gundy & Co., Toronto__ 455,513 00 (96.565) 144,412 00 (97.051)
Hanson Bros. Montreal
453,074 68 (96.05)
142,922 40 (96.05)
Ontario Securities Co., Toronto.. 451,757 00 (95.77)
140,627 00 (94.51)
Brent, Noxon & Co., Toronto_ _ _ 448,641 00 (95.11) •141321 00 (95)
• Bid said to be irregular.
Penticton, B. C.—Debentures Authorized.—According to
reports, the issuance of $100,000 debentures has been authorized for the purchase of the irrigation system from the Penticton Water Supply Co.
Saltfleet Township, Ont.—Debenture Sale.—We are advised that the amount of 5% 20-year debentures recently
awarded to C. H. Burgess & Co. of Toronto (V. 91, p. 421)
was $9,260.
Stettler, Alberta.—Debenture Offering.--Further details
are at hand relative to the offering on Sept. 15 of the $29,000
51
/6% coupon water-works debentures mentioned in V. 91,
p. 545. Proposals for these debentures will be received until
6 p. m. on that day by D. Mitchell, Secretary-Treasurer.
Denomination $500. Date Sept. 15 1910. Interest annually in Stettler.
Maturity part yearly on Sept. 15 from 1911 to 1930 inclusive. These
debentures are tax-exempt. Debenture debt, not including this issue.
$43,580. No floating debt. Assessed valuation 1910. $787,010.
Stewart, B. 0.—Loan Authorized.—Reports state that an
order has been passed to borrow $30,000 for public improvements.
Strathmore, Alberta.—Debenture Offering.—Proposals will
be received by H. J. Spicer, Secretary-Treasurer, for $2,000
debentures. Maturity part yearly for 10 years.
Vernon, B. C.—Bids Rejected.—Debenture Offering.—All
bids received on Aug. 29 for the four issues of 5% coupon
debentures aggregating $26,000, described in V. 91, p. 357,
were rejected. Proposals are again asked for these debentures and will be received, this time, until Sept. 12.
Vonda, Sask.—Debentures Authorized.—A by-law has been
passed, it is stated, to issue $8,000 debentures to build and
equip a flour mill.
Whitby, Ont.—Debenture Sale.—During the mOnth of
August $8,550 5% local-improvement debentures were sold
to W. A. Mackenzie & Co. of Toronto. Maturity part
yearly for 20 years. These debentures were offered without
success as 4325 (V. 91, p. 484) on Aug. 15.
Woodnorth School District No. 1533, Man.—Debenture
Election.—An election will be held to-day (Sept. 10) to vote
on a by-law to raise $2,000 for school purposes.
TRUST COMPANIES.
The NEW ENGLAND
TRUST COMPANY
BOSTON, MASS.
CAPITAL. $1,000,000
SURPLUS, $2,000,000
Safe Deposit Vaults
Authorized to act as Executor, and to receive
and hold money or property in trust or on deposit
from Courts of Law or Equity Executors,
Administrators, Assignees, Guardians, Trustees.
0Orporations and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds.
Interest allowed on Deposits Subject to Check
OFFICERS
DAVID R. WHITNEY, President
QHARLES F. CHOATE, Vice-President
ALEXANDER COCHRANE, Vice-President
NATHANIEL THAYER, Vice-President
JAMES R. HOOPER, Actuary
HENRY N. MARE. Secretary
FRED. W. ALLEN, Asst. Sec. & Treas.
THOMAS E. EATON, Asst. Treas.
FRANCIS R. JEWETT, Trust Officer
CHAS. E. NOTT, Mgr. Safe Dep. Vita.
BOARD OF DIRECTORS
William Endicott, Chairman
Walter C. Baylies
James G. Freeman
Alfred Bowditch
Morris Gray
B. Parker Bremer
James R. Hooper
Timothy E. Byrnes
Ernest Lovering
Qharles F. Choate
Henry H. Proctor
Alexander Cochrane
James M. Prendergast
Philip Dexter
Ilerbert M. Sears
William Endicott Jr.
Lawrence M. Stockton
Francis W. Fabyan ,
Nathaniel Thayer
William Farnsworth
Eugene V. R. Thayer
Frederick P. Fish
David R. Whitney
George Wigglesworth
LYB RAND,
ROSS BROS &
MONTGOMERY
TRUST COMPANIES.
3itinoi5
tatty Companp
Home Office, 206 La Salle Street
CHICAGO
WRITES ALL CLASSES SURETY BONDS
Court—Fidelity—Contract—Miscellaneous
The motto of the Illinois Surety Company is "Prompt Service"
-both in the handling of its business and the adjustment of its losses
CENTRAL TRUST COMPANY
of NEW YORK
54 Wall Street
Capital and Surplus, $18,000,000
of which $17,000,000 has been earned)
Authorized to act as Executor, Trustee, Administrator or Guardian.
Receives Deposits, subject to check, and allows Interest on Daily Balances.
Acts as Transfer Agent, Registrar and Trustee under Mortgages.
Certified Public Accountants
CHARTERED
(Pennsylvania)
NEW YORK,
165 Broadway.
PHILADELPHIA,
Land Title Bldg
PITTSBURGH,
Union Bank Bldg
CHICAGO, First National Bank Bldg
JAMES PARK & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York,Chicago,Cincinnati, and
London, England.
AUDITORS FOR
FINANCIAL /NSTIT/I.
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations. Finanelfil Statements,
Pvindlcal A tidlts and Accounting
671
.1.S64
Union Trust Company of Newitork
MAIN OFFICE: 80 BROADWAY.
Uptown Office: 425 Fifth Avenue, corner 38th Street.'
With Modern Sate Deposit Vaults
Capital $1,000,000
Surplus (earned) $7,737,000
ALLOWS INTEREST ON DEPOSITS.
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary Capacities
on behalf of Individuals, Institutions or Corporations.
[VoL. Lxxxxi.
THE CHRONICLE
672
(Cotton Goods.
FLEITMANN & CO.
NEW YORK
-
-
484-490 Broome Street,
IMPORTERS AND COMMISSION MERCHANTS
MANUFACTURERS AND ACCOUNTS FINANCED
484-490 BROOME STREET
8 WASHINGTON PLACE
T
STREE
E
458 BROOM
70-72 WORTH STREET
T
STREE
RD
59 LEONA
EVERETT BLDG., 4TH AVE. & 17TH ST.
65 GREENE STREET
JAMES TALCOTT
FAULKNER, PAGE & CO.
Manufacturers' and other Accounts
Solicited and Financed
CHICAGO
NEW YORK
BOSTON
BANKER
Factor and Commission Merchant
SALES CASHED
Equitable Interest Allowed on Deposits
Main Store, 108-110 Franklin St., N. V. City
Annexes in New York and other cities
COTTON GOODS
Colored and Gray
Etnanztal.
EXPORT AND DOMESTIC TRADE
NATIONAL LIGHT,
HEAT & POWER COMPANY
GUARANTEED
HARDING, TILTON & CO.
BONDS
A. H. Bickmore Sic Co.,
COMMISSION MERCHANTS
BOSTON
NEW YORK
All Issues
BANKERS
Now York
30 Pine Street.
GRAY GOODS and YARNS
Selling Agents for
TILTON MILLS,
S MEG. CO.,
HOLME
WHITMAN MILLS,
A
N MILLS
NYANZ
COTTO
MILLS
SAMOSET WORSTED
Adrian H. Muller & Son,
AUCTIONEERS.
Regular Weekly Sales
OF
STOCKS and BONDS
wrnst (Companies.
EVERY WEDNESDAY
OLD COLONY TRUST COMPANY
STREET.
Office, No. 55 WILLIAM
:,orner Pine Street.
BOSTON, MASS.
Capital and Surplus
$12,500,000
DIRECTORS.
T. JEFFERSON COOLIDGE JR., Chairman Executive Committee.
GORDON ABBOTT, Chairman of Board.
FRANCIS R. HART, Vice-Chairman.
Philip L. Saltonstal)
Henry C. Jackson
Philip Y. DeNormandie
Charles F. Adams 2nd
Herbert M. Sears
E. Keith
George E
Philip Dexter
F. Lothrop Ames
Quincy A. Shaw
M.
Lane
Gardiner
Draper
A.
George
Oliver Ames
Howard Stockton
L.
Livermore
Thos.
Col.
Dumaine
Frederic C.
C. W. Amory
Philip Stockton
Arthur Lyman
William Endicott Jr.
William Amory
Charles A. Stone
S.
Mellen
Charles
Evans
R.
Wilmot
Charles F. Ayer
Galen L. Stone
Laurence Minot
Frederick P. Fish
John S. Bartlett
Nathaniel Thayer
Maxwell Norman
Reginald Foster
Samuel Carr
Tuttle
Lucius
Olney
Richard
Hon.
Gardner
P.
George
B. P. Cheney
0. Underwood
H.
T.
2nd
Paine
Robert
Edwin Farnham Greene
Hon.T.JeffersonCoolidge
Eliot Wadsworth
Parkman
Henry
Herrick
F.
Robert
Jr.
T. Jefferson Coolidge
Stephen M. Weld
Andrew W. Preston
Henry S. Howe
Charles E. Cotting
Sidney W. Winslow
Richard S. Russell
Walter Hunnewell
Alvah Crocker
Charles W. Whittier
PRESIDENT. PH/LIP STOCKTON.
Treasurer, FREDER/C G. POUSLAND
Vice-Presidents, WALLACE B. DONHAM
Cashier, GEO. W. GRANT
WAKEFIELD
R.
JULIUS
Secretary, CHESTER B. HUMPHREY
Manager Credit Dept., ELMER E. FOYE.
HOLMES
M.
F.
Officer,
Trust
THE AUDIT COMPANY
OF NEW YORK.
City Investing Building
165 Broadway
Telephone 6780 Cortland.
Audits and examinations.
Appraisals of values of lands, buildings,
machinery, etc.
Financial and cost systems of accounts,
WESTERN OFFICE
Now York Life Building, Chicago
Authorized Reserve Agent for Trust Companies in Maine, Massachusetts and Rhode Island,
7_71:
FOR
ANN'UAL COTTON
CROP REPORT
SEE EDITORIAL PAGES.
@FedFRASER