The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The.
11
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank Sc Quotation Section
Railway Earnings Section
SATURDAY, SEPTEBMER 17 1910.
VOL. 91.
Clearings at1910.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
12 14s.
Annual Subscription in London (including pt stage)
21 11 B.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Bubeoription includes following SupplementsSTATE AND CITY (semi-annually)
B AXE AND QUOTATION (monthly)
RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 times yearly)
RAILWAY EA1cNLNG8(monthly)
BANKE.S' CONVENTION (yea:ly)
Terms of Advertising-Per Inch Space
$4 20
Transient matter per inch apace(14 agate lines)
22 00
Two Months
(.4 times)
29 00
(13 times)
Three
Montha
Standing RUSLDOSS Cards / x Months
50 00
(26 times)
87 00
Twelve Months(52 times)
CHICAGO OFFICE-Pliny Bartlett,613 Monadnock Block; Tel. Herrison4012
LONDON OFFICE-FAlwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM II. DANA COMPANY,Publishers,
New York.
P.O. If ox 958. Front, Fine and Depeyster Sts..
Published every Saturday mornin t• by WILLIAM B. DANA COMPANY
William 13. Dana,Pteaident; Jacob Seibert Jr., Vice-Pres. and See.; Arnold
G. Dana,Treas. Addrosses ot all.Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all clearing houses of the United States for week ending
to-day have been 62,780.742.667. against $2,125,604,725 last week and
$3,531,964,818 the corresponding week last year.
1910.
1909.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,258,967,287
118,202,909
105,869,315
26,338,915
204,353,626
58,283,497
12,899,523
11,766,269,091
134,133,115
119,865,238
22,358,148
210,210,513
58,614,302
14,582,985
-28.7
-11.9
-11.7
+17.8
-2.8
-0.6
-11.5
Seven cities, five days
Other cities, five days
- mu
Total all Cities. five days
All cities, one day
lim...,...
$1,784,915,072
494,216,308
$2,326,033,392
470,108,916
-23.3
+5.1
$2,279,131,380
501,611,287
$2,796,142,308
735,822,510
-18.5
-31.3
c9 71211 749 RR"
eq All (IRA Q1R
_91 .1
Clearings-Returns by Telegraph.
Week ending Sept. 17.
........
The full details for the week covered by the above will be given next Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday. and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday,
noon, September 10, for four years.
Week ending Sept. 10.
Clearirws at1910.
1909.
$
$
1,106,716.707 1,576,605,850
New York
106,392,125 103,936,988
Philadelphia
39,961,957
39,609,681
Pittsburgh
22,335,732
20,354.502
Baltimore
7,154,486
7,794,464
Buffalo
4,369,445
4,484,995
Albany
5,582,744
5,704,596
Washington
3,223,520
3,076,118
Rochester
2,015,338
2,170,671
Scranton
1,734,715
1,867,807
Syracuse
1;254,751
1,140,630
Reading
Wilmington
1,180,310
1,118,796
Wilkes-Barre
1,208.648
1,118,476
1,478,979
1,331,595
Wheeling
1,166.759
1,164,781
Harrisburg
1.196,651
1,232,636
Trenton
789,380
844,051
York
627,641
607,609
Erie
637,871
640,978
Greensburg
612,900
673,400
Binghamton _ _
484,490
462,076
Chester
928,218
385,139
Altoonal
250,000
275,000
Franklin
Inc. or
Dec.
1908.
1907.
$
• %
-29.8 1,300,280,283 1,640,945,996
+2.4 102,170,337 138,744,501
46,525,609
-0.9
35,567,884
26,097.232
+18.0
16,780.900
7,944,341
+8.9
6,252,356
5,373,572
+2.6
4,344,738
5,700,168
+2.2
4,442,632
3,138,615
-9.6
2,799,279
2,027,401
+7.7
2,020,893
2,307,837
+7.7
1,431,679
1,289,026
-9.1
1,077,337
1,154,749
973,471
+5.5
1,180,956
+8.1
1,034,396
1,326,488
+11.0
1,122,937
978,097
+0.2
794,052
1,103,533
-2.9
816,912
-6.5
683,710
669,044
+3.3
510,926
520,546
-16.1
. 530,000
518,500
401,300
-9.0
403,899
455,005
+4.9
414,981
+11.2
-9.1
290,923
261,786
Total Middle_ 1,315,274.143 1.778.030,063 -26.0 1,485,403.309 1,888,005,518
106,015,120
Boston
4,904,400
Providence • ___
2,766,659
Hartford
2,058,504
New Haven
1,715,768
Springfield
1,730,887
Portland
1,705,558
Worcester
896,108
Fail River
663,220
New Bedford
398,762
Lowell
459,995
.
Holyoke
Total New Mut
*Aft nlim non
112,787,463 -6.0
5,198.600 -5.7
2,790,680 -0.9
2,102,850 -2.1
1,580,000 +8.6
1,650,552 +4.9
1,234,582 +38.4
748,094 +19.8
833,840 -20.5
376,168 +6.0
431,638 +6.6
118,249,386
5,456,400
2,389,400
1,882,092
1,434,108
1,525,355
1,183,886
638,517
574,621
439,069
397,093
lino mon OAV
10A lOn A4,
1
.
•
A 0
.
NO. 2360.
Week ending Sept. 20.
The Throviclit.
ro...•-• .... ..i.i...o Ito.
Electric Railway Section
State and City Seetion .
142,500,754
6,447,200
3,317,175
2,717,381
2,097,124
2,082,757
1,477,625
927,798
876.802
544,146
489,922
•
1909.
inc. or
Dec.
1908.
1907.
Chicago
Cncinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids...._
Dayton
Evansville
Kalamazoo
Springfield, Ill _ _
Youngstown _ _
Fort Wayne _ _
Akron
Rockford
Lexington
Springfield, 0._ Canton
Bloomington__
South Bend
Quincy
Decatur
Mansfield
Jackson
Jacksonville _ _ _ _
Ann Arbor
Danville
Adrian
Lima
Saginaw
Lansing
$
$
$
$
%
212,449,041 231,755,967 -8.3 198,175,620 242,375,518
22,012,600
21,565,800 +2.1
20,433,200
25,398,450
l5,253067
13,344,087 +14.3
12,493,984
17,525,641
13,873,187
12,217,096 +13.5
10,988,594
14,617,375
11,000.000
10,159.290 +8.3
10,293,056
11,953.262
8,499,234
7,150,638 +18.9
6,899,224
7,189,200
4,659,400
5,295,700 -12.0
4.233,300
5,874,800
3,530,909
3,230,975 +9.3
3,051.019
4,204,912
3,297,034
2,607,291 +24.5
2,197,691
3,520,810
1,733,685
2.541,709
2,105,849 +20.7
2,412,471
1,221,856
2,007,040
1,650,422 +21.6
2,088,785
1,670,219
1,850,837
1,923,908 -3.8
1,999,206
918,634
1,217,684
1,286,960
1,256,326 +2.4
787,860
1,093,184
1,089,621
956.018 +14.0
1,012,605
1,709,276
576,326
906,913 +88.5
804,485
974,374
694,563
844,387 +15.4
640,000
655,000
820,000
605,000 +35.5
514,334
683,970
533.214 +28.3
635,189
543,487
592,360
654,914
571,630 +14.6
563,270
588,988
690,860
413,349 +67.1
555,902
827,272
606,396
641,739 +29.0
415,192
546,175
484,352
555,546 -1.7
379,972
564,845
503,656
423,013 +19.1
430,000
430,488
519,423 +25.1
650,000
493,425
442,982
490,920
385,580 +27.6
321,464
380,237
403,580
355,313 +13.6
363,513
325,000
365.000
341,250 +7.0
313,419
273,175
329,680
385,222 -14.9
108,886
92,563
131,691
117,520 +12.1
398,513
257,446
333,551 +19.5
29,789
19,777
20,800
23.065 +29.2
363,594
355,549 +2.3
307,000
229,000
421,260
431,864 -2.2
Not included in total
Tot. Mid. West.
San Francisco__ _
Los Angeles
Seattle
Portland
Spokane
Salt Lake City_
Tacoma
Oakland
IIelena
Sacramento
San Diego
Stockton
Fresno
San Jose
North Yakima _ _
Billings
Pasadena
314,295.163
35,734,625
10,874,201
9,998,676
8,735,624
4,295,967
5,127,923
5.334,499
2,345,323
871,468
1,249,205
1,147,940
611,968
766.978
505,872
450,000
125,471
515,000
323,961,945
30,862,006
9,441,096
11,340,927
7,323,710
3,858,315
5,584.611
5,072,353
1,649.691
913,639
852,180
988,522
491,732
508,824
481,768
431,095
158,478
455,000
-3.0
+15.8
+15.2
-11.8
+19.3
+10.0
-8.2
+5.2
+41.7
-4.6
+46.6
+16.1
+24.5
+50.7
+5.0
+4.4
-20.8
+13.2
282,464,928
26,668,618
8,271,734
9,179,252
6,978,527
2,983,153
4,477,692
3,827,273
1,220,824
720,606
702,107
547,000
449,506
480,264
448,271
267,065
162,339
349,743,231
38,331,290
11,149,774
10.804,073
8,230,972
3,666,102
6,223,574
4,958,172
2,438,778
1,124,511
Total Pacific__
Kansas City _ _ _ _
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Duluth
Topeka
Lincoln
Davenport
Cedar Rapids
Fargo
Sioux Falls
Colorado Springs
Pueblo
Fremont
88,640,690
47,628,681
20,262,331
15,515,906
8,088,792
8,317,001
5,518,809
3,567,431
2,840,200
3,160,104
3,834,341
1,137,976
1,374,045
1,255,126
900,000
692,274
975,000
625,530
553,382
298,281
80,403,952
43.729,055
18,536,941
13,166,036
10,014,602
7,170,794
5,540,427
3,157,751
2,510,586
2,512,679
3,457,962
1,421,742
1,282,899
955,503
971,890
738706
725,000
666,550
528,622
390,249
+10.2
+8.9
+9.3
+17.8
-19.2
+16.0
-0.4
+13.0
+13.1
+25.8
+10.9
-20.0
+7.2
+31.4
-7.4
-6.3
-34.5
-6.2
+4.7
-23.6
67,384,231
35,727,517
22,337,156
10.877,236
7,563,115
6,631,101
4.324,559
2,495,736
2,013,272
1,331,538
88,115,707
38,311,484
25,572,442
12,289,476
8,882,842
9,140,175
5.638,328
3,258,618
2,405,123
1,394,048
998.846
1,055,712
889,160
681,869
676,100
620,000
718,074
423,080
331,756
1,096,502
1,157,228
1,123,553
754,333
629.947
660,000
812,251
636,610
420,213
Tot. oth.West_
St. Louis
New Orleans...._
Louisville
Houston
Galveston
Richmond
Savannah
Fort Worth
Atlanta
Memphis
Nashville
Norfolk
Birmingham _ _ _
Augusta
Jacksonville
Chattanooga _
Knoxville
Mobile
Oklahoma
Charleston
Little Rock
Austin
Macon
Beaumont
Vicksburg
Wilmington,N.C.
Meridian
Jackson
123,545,210
57,968,863
15,809,379
10,225,454
15,041,656
7,297,000
5,744,713
5,099,785
5,542,360
7,349,102
3,535,852
2,840,160
2,300,431
1,885.821
1,165,943
2,013,960
1,663,418
1,356,470
1,119,054
2,354,518
1,325,947
1,345,002
1,454,763
833.255
600.000
202,796
418,386
237,493
300.000
117,472,944
57,972,959
12,836,170
9,554,444
11,975,452
5,436,000
• 5,658,774
6,961,615
5,417,687
7,097,555
3,212,450
3,180,953
2,164,233
1,785,074
2,275,458
1,539,133
1,364,937
1,238,905
1,384.031
1,850.000
1,235,718
1,517,505
880.034
925.000
636.360
204,633
429,065
193,002
344,000
+7.7
-0.0
+23.2
+7.0
+31.3
+34.2
+1.5
-26.7
+2.3
+3.5
+10.1
-10.7
+6.3
+5.6
-48.8
+30.9
+21.9
+9.5
-19.1
+27.3
+7.3
-11.4
+65.3
-9.9
-5.1
-0.9
-2.5
+23.1
-12.8
99,695,827
52,127,233
12,405,578
8,850,259
10,423,720
6,046,000
5,562.923
5,004,288
4,727.718
3,555,596
3,329,068
2,669,081
1,624,289
1,677,341
1.312,313
1,314,050
1,111,591
1,204,872
941,300
900.000
918,341
918,635
628,925
541,691
511,062
267,530
350,000
114,173,168.
65,356,360
16,655,883
11,914,264
14,072,696
7,384,500
6,570,650
6,022,737
3,664,861
4,448.748
3,654,936
4,862,024
2,428.348
2,182,224
1,916,802
1,563,714
1,479,014
1,496,305
1,358,777
933,105
1,227,819
1,181,228
157.031,581
148.771,237
+5.6
129,189,404
Total Southern
Total all
620,000
568,461
707,779
120,000
429,784
266,000
161,932466
2,125.604,725 2,578.374,008 -13.7 2,198.307.626 2,765.448,864
_ _.-. ... .r. n 1 et •.nni •-yap •i co' _._ 1 • 7 Qr. A07 141 1 110.4 MO 12/0
Outside N.Y
and MisPallaneons Wows."
1
Note.-For Canad an clearings see .:Commercial
674
THE CHRONICLE
Increases in expenses are now outrunning the gains
in gross earnings in the case of United States railroads
—speaking of the roads as a whole—and as a consequence net earnings are undergoing contraction. This
tendency is very clearly revealed in the compilations
which We present to-day for the month of July (the
first month of the new fiscal year) and comment on in
a separate article on a.subsequent page. Some roads
are still able to report improvement in net, but not
many. The returns of the separate roads will all be
fotnid (together with full details'of both- earnings and
Pxpeiws).in the special supplement called our "Railway Earnings Section," which We send to _our sub-..
•
scribers with to-day's issue of the "Chronicle." This
supplement gives the figures of every operating steam
railroad in the United States, big and, little, which
makes monthly returns to the Commission—over 800
companies altogether, covering more than 237,000
miles of road.
[VoL. Lxxxxi.
There seems reason for believing, however, that the
outcome has been due in no small part to the fact that
the country is getting tired of the rampant radicalism
of the Republican leaders and those at the head of
the Federal Government. The effect is in any event
certain to be salutary. It is assumed that the result
in Maine foreshadows a Democratic House of Representatives at the coming election, and that this will
put an end to further new legislation of a type so
destructive to business interests and which has been
acting as a deterrent upon enterprise for many,months.
Time was when Democratic success,or the prospect of
it, was looked upon as occasion for anxiety and alarm,
for until the advent of the Roosevelt regime the course
of the Republican Party had been marked by much
the greater conservatism. Now the feeling is that,
even if the Democrats should champion radicalism,
they could not possibly go any further in that direction than the Republicans have already gone, while
there is at least a chance that they,might not go as far,
particularly as the doctrine of State's rights, which
is a cardinal feature of the Democratic creed, is inimical to the extension of Federal activity.
THE FINANCIAL SITUATION.
One view is that with a Democratic Congress and
The tone in financial circles has perceptibly ima Republican President there would be a political deadproved the past week. The stock market early in the
lock, thus frustrating legislative schemes of all kinds.
week reflected this better feeling, but latterly has again
We prefer to base our reasons for rejoicing on broader
evinced a sagging tendency. There is, it seems to us,
grounds. To us the Maine result looks like a direct
good reason for greater confidence, particularly as far rebuke
to radicalism and an indication that the tide
as the political developments are concerned. The has strongly
turned against it. Deinocr_ats in the
political upheaval in Maine has come as an eye-opener East have
always been much more conservative than
and must be accepted as one of the signs of the times. those of
the West, and in the present instance the
The dominant party in that State has been completely whole people
of the State of Maine were deeply interrouted. In the 'election on Monday the Democrats ested in
seeing a rein placed upon the legislative
for the first time in thirty years made a clean- sweep of follies
of the day. Take the case of the Railroad Law
the State. They elected their candidate for Governor,
passed at the late session of Congress, so inimical to
Frederick M. Plaisted, by a plurality of 8,945 over the
railroad interests because of the extension of the
Republican candidate, Governor Bert M. Fernald,
powers of the Inter-State Commerce Commission. To
who when he ran in 1908 had a plurality of 7,653,
the superficial it may seem as if this were a matter
which even then was the smallest Republican plurality
in which the Maine electors had very little concern,
in many years. This is the first time Maine has elected
but note that there are 228,205 persons having money
a Democratic Governor since 1880, when Harris M.
on deposit with .the savings 1Thnks in that State, and
Plaisted, the father of the present successful Demo- that
of the aggregate sayings deposits of $88,557,027
cratic candidate, was elected Governor. Not alone held
in 1909, no less than $45,078,610 was invested
do the Democrats gain the Governor's chair, but they in the
securities of steam railroads. In other words,
have elected two of the four Congressmen (wi h the over
50% of the investments of the Maine savings
other two districts very close and one of them in doubt), banks
are put in jeopardy by the new railroad legistogether with 111 members of the Legislature against
lation,which threatens to impair the earning power of
69 elected by the Republicans, thereby ensuring a the roads and
the standing and stability of investments
Democratic successor to United States Senator Eugene in the
same.
Hale. In the present Congress the Republicans hold
Is any one prepared to question that the 228,205
the whole four seats, and they of course have long depositors in
that little State—where the average of
had control of both branches of the State Legislature, intelligence is high
and where public questions excite
the 1909 Legislature having consisted of only 59 wide discussion—un
derstand how this new piece of
Democrats against 123 Republicans.
railroad legislation is acting contrary to their interThere can be no doubt that this political revolution ests and
may ultimately cause the loss of a part of
in Maine is to be favorably interpreted, and there is their
savings? And is it taxing crednlitY. to think
additional reason for gratification in the fact that the that,
realizing this,they proceeded to register their disDemocrats in New Jersey on Thursday of this week satisfaction
with the political party responsible for
nominated for Governor a man of the calibre of Presi- such legislation?
The Democrats in Maine had good
dent Woodrow Wilson of Princeton University. The
candidates, their platform did not urge anything exconsensus of opinion'is that the reversal of pluralities
treme or dangerous, and hence there was nothing to
in Maine indicates dissatisfaction with the dominant,
prevent the people from flocking to their standards
party. As to the causes of this dissatisfaction, there
to escape from the dangers involved.in a continuance
is not the same unanimity. There were unquestion- of
Republican control. In this sense the bemocratic
ably a number`of such causes, and the precise influence
victory is not so much a triumph of 'the Democrats
exerted by each it Would be difficult to determine. as it
is a triumph of conservatism. Upon whether the
SEPT. 17 1910.1
THE CHRONICLE
675
lesson is taken to heart will depend whether further nomer, they approach the problem from a new standchastisement is to be meted out to the Republican point and make a deduction of $3,573,598 from the
late year's net income to represent "expenditures to
Party at the polls.
maintain earning power and offset obsolescence." It
The Norfolk & Western management has pointed is explained in the report that these expenditures
the way to the solution of one of the trying problems consist of outlays Which in the judgment of the board
of the day in the railroad world. For a long time it of directors "were required to offset obsolescence and
has been the practice of the best administered railroads depreciation, due to changing conditions, and were
to set aside a portion of the yearly income and devote necessary to maintain the earning capacity and preit to so-called improvements and betterments. In serve the value of the company's property, and theredoing this the managers have been governed by much fore should not be capitalized." This is a wise prothe same considerations as prompt the prudent busi- vision, and we do not see how even the Inter-State
ness man to use a portion of his yearly profits in main- Commerce Commission can raise objection to it.
taining the standard and condition of his plant and The Norfolk & Western administration is the first, we
machinery, replacing obsolete parts with modern and believe, among steam railroads to adopt this course—
up-to-date implements and tools. But now comes the at least we have seen no other report containing any
Inter-State Commerce Commission and seeks to inter- item of the same character and description—and as
dict this practice, on the idea that the public carrier the action is so timely, so appropriate, and so in conis not entitled to earn more than a bare return on the sonance with sound principles of management, we
investment,' and that if the standard of physical may expect that the managements of other companies
condition is to be raised—if a heavier rail is to be laid will quickly follow in the same footsteps.
or the platform of a station is to be enlarged—the
The British Government, through Ambassador
funds for the purpose must be obtained by issuing new
to
rules,
Bryce,
having assented to our carrying on tariff negoand
regulations
capital. New accounting
been
directly with Canada, President Taft having
tiations
conform,
to
have
obliged
which the railroads are
of
the
Commission.
ideas
endorsed the principle of reciprocity, and the
cordially
these
prescribed to carry out
reand
from
both sides of the border having forcefully
strengthening
voters
off
on
cut
being
While thus
applithe
through
properties,
prudent
their
their desire for more friendly relations,
expressed
inforcing
find
managers
railroad
themselves
earnings,
the
way
should now be open for the establishment
cation of
from
another
danger
The
source.
a
with
of
a
tariff between the two neighboring
sensible
confronted
prospeet of a physical valuation of the properties countries, which in many respects are more like adfor the purpose of furnishing a basis for compulsory joining States than rival nations. Authoritative
reductions in rates is hanging over their heads. If assurances have been, received from Beverly, "the
such a valuation should be ordered, everything the summer capital," that steps are being taken with a
railroads owned would be valued at the loweet possible view to having the representatives of both governbasis and deductions made in the case of equipment ments meet during October, and confidence is expressed
in Ottawa as well as in Washington that the movement
and plant for age, service and wear.
What would happen is indicated by the action of our will be crowned with a success creditable alike to
Public Service Commission in making a physical valua- President Taft and Sir Wilfred Laurier. The plan
tion of the Third Avenue Railroad property in this harmonizes with the former's expressed intention of
city and then rejecting the scheme of reorganization having our own tariff revised,schedule by schedule, as.
prepared on behalf of the old bondholders because it proper data justifying a change are gathered and predid not provide for a shrinkage in capitalization in sented by the official investigators.
On the Continent of Europe the high cost of living
accordance with the shrinkage in property valuation
fixed by the Commission's experts. As we showed in is fostering an agitation for the removal of duties on
an article in our isSue of Aug. 20, the experts in that the importation of live stock from other European
case fixed the reproduction cost at $42,907,816, and countries as well as from America; but the agrarian
then at once began to whittle down the appraisal on interests are so strongly entrenched that no steps
the theory that the property to be acquired by the have yet been taken to suspend or abolish the present
new company was not new—that some of it was prohibitive rates. Statistics have been compiled
dilapidated, worn and obsolete. Elaborate sets of showing that the rising tendency of prices has not been
tables were presented to justify the process. The confined to the United States, but has embraced
experts proceeded on the idea that after the lapse European countries in a degree only slightly less proof a number of years much of the plant might be out of nounced than here. This refutes—if such refutation
date and accordingly have little more than scrap value, is needed—the oft-repeated allegation that so-called
so they made all sorts of allowances for "obsolescence, "trusts" have been responsible for what has taken
inadequacy and age," for "deferred maintenance," place in this country. The whole matter goes deeper
for "wear and tear," &c. Altogether no less than than that.
$11,807,691 was marked off in this way and the claim
made that capitalization should be reduced in like
Gold movements are this year following the normal
manner.
course, and nothing has obtruded to portend compliThe Norfolk & Western managers are evidently cations at any centre. London is succeeding in maindetermined not to be caught in a trap of that kind, taining its stock of bullion on a satisfactory level
and if a physical valuation is to be made for the basis .without resorting to the imposition of an onerous disof ,fixing rates, they will be •prepared for it. Not count rate. The Egyptian call for gold has thus far
allewed to make appropriations for so-called "better- been below rather than above the average; as our
ments and improyements," which at best was a mis special London correspondent records in his weekly
676
THE CHRONICLE
[VOL. Lxxxxi.
cable, the shipments to Egypt during the week cov- patient politeness, but the public might well earn a
ered by the bank statement reached only $1,850,000, lesson too.
while since then $750,000 has been forwarded. India
Other Central advertisements along the same line
is filling her needs largely in the open market; this week touch the timely topic of "railroad returns to the public
she secured $800,000 of the $3,000,000 offered. Turkey compared with railroad returns to the stockholder."
is making a special effort to build up her financial The first train ever run on what is now the Central
position preparatory to floating a large loan, mainly Lines, and one of the first in America, was operated in
for increasing her armaments; in addition to previous 1831, from Albany to Schenectady, 17 miles; it conheavy purchases, partly in the open market, Constan- sisted of a primitive "De Witt Clinton" engine and
tinople withdrew $2,100,000 on Thursday. The three crude carriages, over the crudest of roads and
monetary tension that has prevailed at Amsterdam "manned by two men and a boy." Now,67 passenger
during the greater part of the summer has not yet and hundreds of freight trains go daily over this same
been materially relieved, despite another engagement bit of road, a part of 13,000 miles. The employees are
of new South African gold at Monday's sale, although now 135,211, to whom 95 millions are annually paid as
yesterday a reduction in the Bank rate from 5% to wages, besides 75 millions expended for supplies for
4% was reported; private discounts in Holland now' maintenance of a service using 5,500 huge engines
rule at 4%%. Russia continues to add to her already and 210,118 passenger and freight cars. The wages
inordinate supply of specie, part of the latest consign- paid are higher than ever before;the supplies used are
ment from the Transvaal mines having gone to St. also greatly advanced in cost, and there is probably
Petersburg. From South and Central America the not a single family in the United States that does not
inquiry for gold has been light.
profit by the enormous distributions of money annually
Sterling exchange in New York has this week ruled made by the New York Central Lines for these purwell above the gold-iinport mark, and at the moment poses."
there seems little likelihood of an American demand
So far, this is a compact statement in contrasts.
for the metal from London. It is true that the refusal But another contrast which is stated in two sentences
of foreign bankers to accept cotton bills of lading not more is this: "yet our 200,000 stockholders and bondguaranteed by our financial institutions has caused holders—men, women and children, whose cost of
rates to decline, and this movement may go further; living has increased as well as yours—are receiving
but, on the other hand, the partial returns of our for- but little more than savings-bank rate on their ineign trade during August indicate that imports have vestment. Nor will the present margin of return
again been very heavy and that exports have not ex- provide for extension of facilities, without which the
panded correspondingly. The Bank of England, New York Central Lines and the public will suffer
under all these circumstances, cannot be accused of together."
Human nature is selfish and thoughtless, and posneglecting prudence in refraining from raising its discount rate so long as it can hold its own in the way sibly people who know they are not among the partireported this week. It has, in fact, added fully cular 200,000 above-mentioned may think they are
$4,000,000 to its total reserve, including $1,335,000 themselves more concerned in low commutation and
in bullion, and now holds a reserve equal to almost freight rates than in the rate of return to railroad pro533/
2% of its liabilities. Complete data are not yet prietors. Yet, because human nature is selfish, the
available of the condition of the national banks second of those two sentences, which is a plain warning
.throughout the United States, but the combined figures of the tendency of things, ought to appeal cogently to
for all New York institutions show that during July selfishness. As has been already noted, selfishand August there was a substantial gain in cash on ness among railroad employes in some parts of the
hand, while the Clearing-House statement of last country is taking alarm, and'Ionly a few weeks ago the
Saturday showed an actual surplus of fully $28,000,000, Illinois Central took the case home to its own men
by a little pamphlet which put it both fairly and
a total only twice exceeded at this season since 1895.
directly.
A flippant remark, incorrectly alleged to have been
made by William H. Vanderbilt, used to be current
The re-establishment of order and government in
as expressing what was imagined to be the attitude Nicaragua is proceeding smoothly. The United States
of railroads towards the public. It may be well has recognized the de facto rule of Gen. Estrada and
doubted whether railroad managers ever had such a has appointed Thomas C. Dawson, lately named
feeling of indifference; but if they ever did it is some- Minister to Panama, as a diplomatic commissioner to
thing long past. The well-timed and well-directed proceed to Managua and assist the new Administration
advertisements by the New York Central and Penn- in rehabilitating the affairs of the long-troubled resylvania (and, locally, by the Interborough) show a public. Gen. Estrada, the Provisional President, is
new appreciation of the fact that the best way to reach showing the utmost readiness to pacify this country
the great public is to aim straight and to speak as one by making due amends for the murder of two Ameriman of sense to another. For instance, the Central, cans and by preparing to deal equitably with claims
a few weeks ago, in advertisements so well phrased standing against Nicaragua. He proposes the flotaand displayed that .no reader could fail to see them tion of a large loan in the United States, a certain perand give them some attention,told of the "school of centage of the customs dues to be set aside as security
courtesy" it had established for employees,"to teach and for refunding purposes, as has been done under
courteous responses to the inquiries of the traveling somewhat similar circumstances in the case of other
public." The 'person who inquires at what time the impecunious nations of the Southern Continent. Mr.
10 o'clock train leaves is no longer to get the smart Dawson will be ready to assist the Estrada Adminisanswer, 60 minutes past 9. There• has been roomn for tration in bringing order out of the financial chaos
SEPT. 17 1910.1
THE CHRONICLE
created by the conduct of ex-President Zelaya and by
the wasting revolution lasting nearly a year, while he
may also prove valuable when the involved task of
devising machinery for a new election has to be faced.
There is reason to doubt whether an election can be
carried through within the six months originally agreed
to by the Provisional President; but so far Gen. Estrada
has evinced a willingness to follow a course calculated
to win for his regime full recognition from the United
States and other Powers.
We think the port authorities are well advised in
exercising the utmost vigilance in scrutinizing incoming
passengers from the European areas infected with
cholera, for, although the steamship companies as
well as returning tourists are thereby subjected to
inconvenience, prevention in this case is desirable at
any price. There are unfortunately crowded districts
on the East Side of New York where an outbreak of
the scourge might easily entail serious results, while its
presence would mean widespread annoyance, to say
nothing of expense, to the whole business community.
It is comforting to know that in normal cases the
symptoms develop in less than a week, so that by the
time steamers from the Continent arrive in New York
infection should be easily detected. There is no occasion, therefore, for uneasiness here so long as the
health officials continue to carry out their duties as
systematically and thoroughly as they are now doing.
The latest reports from Russia state that, though
the afflicted area is larger, the number of new
cases is falling off, while less alarming accounts
are coming from the locality in Italy where the plague
was first detected. As was inevitable, other parts
of Europe have been visited by the dread malady.
Quite a few cases are reported from Berlin, from Danzig
and from other Prussian cities, while Spain has had to
cope with immigrants from Alexandria who developed
the disease on the way. At every point, however, the
Government authorities are displaying commendable
energy in instituting preventive measures, and there
is every reason to hope that within a few weeks the
disease will be virtually stamped out except in Russia,
where it must be regarded as a perennial plague.
677
gamation, that of the District Bank with Lloyds, was
rejected by Manchester. The likelihood, therefore, is
that the tendency towards centralization of banking
control, at least in so far as it embraces the provinces,
will be effectually checked for the present. The
incident is illuminating in showing how directors in
Great Britain are under the sway of those who elect
them, and how active is the interest there taken in
the conduct of incorporated concerns. All this is
conducive to efficiency and cleanness in administration.
Finland, perhaps with more courage than discretion,
has thrown down the gauntlet to the Czar by reelecting, on the re-assembling of the Diet on Thursday,
Judge Svinhufvid as its President. The cables state
that he is viewed with uncompromising disfavor by
the Russian Government, and that his re-election
will undoubtedly incense the Russian autocrats who
are bent upon robbing the Duchy of her legislative
independence. The Douma will probably be ordered
to take summary measures against the defiant little
nation which has consistently sought to preserve her
freedom. It will be recalled that the Finnish Diet
returned to the Czar without haying acted thereon
the Imperial measure providing ostensibly for joint
legislation by the Douma and the Diet, but which
really meant domination by St. Petersburg. Popular
sympathy naturally will go out to the plucky patriots
who have thus dared to incur the displeasure of the
powerful Russian bureaucracy; but the chances are
that in this case might will prevail, just as it did in
the case of Japan and Korea.
Fall Riv.er cotton-manufacturing corporations continue to make a satisfactory distribution of dividends
to stockholders, notwithstanding curtailment of output
of goods and narrowing of the margin of profit, due
to the high cost of the raw material. In this respect
conditions are in no essential degree different from
what they were in the early part of the year. As a
matter of fact it has become so much of a settled
policy With most of the corporations to maintain a
stable rate of distribution, no matter what earnings
may be, that the recurring statements of dividends
no longer reflect the situation in the industry. For
the third quarter of 1910 the dividends declared by
thirty-four out of the thirty-five mills from which
reports can be obtained total $435,875 on a capitalization of $26,525,000, or an average of 1.64%. In the
third quarter of 1909 stockholders received in the
aggregate $411,125, or 1.61%, on their investment.
In the nine years prior to that time (1900 to 1908 inclusive) the highest rate of distribution was 2.70% in
1907, and the lowest 0.70% in 1900. For the nine
months of tile current calendar year the result to
shareholders has been distinctly satisfactory in view
of the conditions prevailing. The thirty-five corporations have paid out collectively $1,388,375, on a
capital of $26,525,000, or an average of 5.23%, which
compares with 5.85% for the same period last year,
5.42% in 1908 and 7.27% in 1907. The lowest ninemonths rate in our record is 1.33% for 1898.
That the voice of the British stockholder and customer is potent in influencing the actions of directorates
has 'again been illustrated through the decision,
made at the last moment, to abandon a banking
amalgamation that the respective boards had approved. The progressive Parr's Bank, in furtherance
of its policy of expansion, had arranged to absorb the
virile Lancashire & Yorkshire Bank on what the
directors of both institutions regarded as satisfactory
terms. But the manufacturing, mercantile and other
influential Manchester customers of the provincial
bank objected most strongly to having their banking
accounts supervised by London, and it availed
nothing to explain to them that a local board would
be maiptained to pass upon matters of local concern.
The Lairashire business men let it be known emphatieally that they opposed any movement calculated to place them under the domination of the
metropolis. And although a complete agreement had
The movement of merchandise from the United
been drawn up for formal ratification by shareholders,
to foreign ports, reflecting better conditions
States
the
banks
to
abandon
consented
the directors of both
and consequently an improving demand for
abroad,
amalago
a
similar
proposed
whole plan. Not long
678
THE CHRONICLE
[VOL. Lxxxxi.
our products, was of comparatively large volume that remained at the close of July and leave the reduring August, and in excess of the corresponding sult for the eight months an import balance of $913,569
month of any preceding year. Concurrently, how- —the poorest showing since 1895. In
August 1909
ever, imports of commodities were heavy for the season there was also an excess of imports, but
for the eight
of the year—larger, in fact, than ever before in August months there was an export balance
of $59,481,289.
—so that on the whole movement inward and outward In 1908 the month's exports exceeded
imports by $19,there was a small balance against us. The official 259,519 and the balance for the period since
Jan. 1
foreign trade statement issued yesterday indicates that was on the export side by $391,369,960—that being
exports were- much above the small total of last year, the record export balance for eight months, and was
the month's aggregate in 1910 having been $134,- the result of the decided drop in the inflow of mer794,355, against only $109,751,893 in 1909, $110,- chandise.
443,055 in 1908 and $127,270,447 in 1907. Shipments
The movement of gold from London to this country
of breadstuffs, although greater than in July, were that was a feature of July continued in August, and,
less than in August of any year back to 1904. They with exports comparatively moderate, our gain in the
reached a value of but $6,902,550, against $10,837,093 metal during the month reached $9,668,183, reducing
in 1909 and $17,510,971 in 1908, the decline from last the net outgo for the eight months to
$11,005,819.
year, being fully accounted for by the falling off in In August 1909 the movement netted
an export of
wheat. Cattle and hogs also showed a decrease. $3,882,000, bringing the eight months' total on the
Provisions exports, on the other hand, were, for the same side of the account up to $60,973,000.
first time in some months, moderately greater than for
the corresponding period of the previous year, and
Seasonable firmness has developed in discount rates
mineral oils, too, exhibited a small gain.
at the principal Continental centres, but in London,
It remained for cotton, due to the exceptionally where private charges for accepting bills had been
large August movement as well as to the higher prices, raised unduly, the calm policy pursued by the Bank of
to show a very important augmentation as compared England has brought an appreciable recession in
with last year, the month's exports covering a value quotations. It is still possible to say that the moneof 193' millions of dollars, or an excess of 12 millions. tary position not only abroad but here is thoroughly
The foregoing items give an aggregate value of $45,- sound, and that, judging from present indications,the
671,277, or about 9M millions greater than the total autumn season should not bring excessive stringency,
for August a year ago and only PA millions smaller if indeed rates go to normal levels. We are within a
than in 1908. The increase in the combined value of fortnight of the opening of October, yet the London
all commodities exported in August, however, was Bank Governors have not felt compelled to change the
25 millions of dollars as contrasted with last year, 3% rate, which has ruled since June 9 last. Call
indicating a gain of 15M millions in the outflow of money in London has loaned at %
3 of 1% and Stock
articles other than those specifically referred to Exchange loans for the ensuing two weeks were obabove.
tainable at this week's settlement for 3%, only the
For the eight months of the calendar year 1910 the same rate being demanded from holders of American
total merchandise exports were $1,054,183,800, or securities. Discounts now rule at 23%% for 60 days'
an increase of 47 millions over the corresponding period spot bills and 2% for 90 days' spot bills, with
fracof 1909, a decrease of 37 millions from 1908, a falling tionally higher figures asked for bills to arrive.
At
off of 142 millions from 1907 and a loss of 45 millions Paris the rate, as was the case last week,
has moved
from 1906. The increase this year over last has been up another % of 1%, to 2%% for both spot bills and
quite generally shared in,the items of exports showing bills to arrive; an impending local municipal loan,
losses being few, the most conspicuous including combined with a moderate return of activity on the
breadstuffs, cotton and provisions. Moreover, im- Bourse, has influenced the krench money market,
portant gains are seen in automobiles, naval stores, while the Bank of France continues to lose small
iron and steel and manufactures, leather and manu- amounts of gold weekly. The approach of the
factures, fish, paper, and wood and manufactures.
quarterly settlements naturally brings a firmer tone
Imports of merchandise during August reached in Berlin; spot bills are not now negotiable under
$138,357,780, against $117,094,080 in 1909, only $91,- 3%%, while bills to arrive are charged a somewhat
183,536 in the month of 1908 and $125,806,043 in higher figure than the official Bank rate of 4%.
1907—until now the highest August aggregate. The Amsterdam quotes 431%,but yesterday's reduction in
total inflow of merchandise for the eight months of the Holland Bank rate may presage a return to lower
1910, at $1,055,097,369, exhibits an excess of 109 levels. The Brussels rate is 23%%.
millions over the like period year ago, a gain of 355
The Bank of England still adheres to its 3% minimillions over 1908 and an increase of 533/i millions mum discount rate, and in view of the strong
stateover 1907—the previous record. Almost all items ment issued on Thursday no alteration may be made
of import are coming in more freely this year than until October. Inasmuch as the Bank failed to secure
last, most notable gains being recorded in India rub- any of the £600,000 new gold offered on
Monday—
ber, sugar, iron and steel and manufactures, seeds, India, Russia and Holland were the principal
puroils, automobiles, hides and skins and art works. chasers at the minimum price—it was
thought probAmong the few articles showing important losses are able that the shipments of gold to
Egypt and to Turkey
coffee and raw silk, imports of both of which were would entail a decrease in the amount of bullion
on
heavy last year.
hand, but instead an increase was disclosed. AcThe net result of our foreign trade in August was a cording to our special cable from London, the
ratio of
balance Of iniports of $3,563,425, which was suffi- reserve to liabilities rose from
52.06% last week to
ciently large to overcome the small favorable balance 53.43% this week. The
gain in bullion during the.
SEPT. 17 1910.
THE CHRONICLE
week was £267,940 and the Bank held £39,708,972
at the close of the week. The increase in the total
reserve was much more notable, namely £817,000.
A decrease of £549,000 in circulation seems a trifle
curious in view of the remarkable trade' activity in
Great Britain. On the other hand, a contraction of
£496,000 in loans simply means that, open market
rates having declined below the official charge, borrowers paid Off their loans at the Bank. A fall of
£3,535,000 in public deposits and a corresponding gain
(£3,601,000) in ordinary deposits is accounted for by
the taking up by the Chancellor of the Exchequer of
large issues of matured Treasury bills. Since the
weekly statement was compiled, £420,000 gold has
been shipped to Turkey and £150,000 to Alexandria,
while South America has taken a nominal amount.
Our correspondent further advises us that the gain
was due to the free movement into the Bank from the
interior of Great Britain. There were no imports,
but exports reached- a fairly large aggregate and were
mainly to Egypt. The details of the movement into
and out of the Bank were as follows: Imports, nil;
exports, £510,000 (of which £370,000 to Egypt,
£100,000 to Constantinople, £15,000 to South Africa
and £25,000 "ear-marked" Straits Settlements), and
receipts of £778,000 net from the interior of Great
Britain.
679
Time money rates have tended downwards for 1911
maturities. All fears of severe stringency have been
dissipated, and consequently the banks are more
willing to release funds, especially as there are growing
signs of dulness in the mercantile world. Borrowers
who can produce the right kind of collateral are to-day
able to secure facilities for four to six months at 43/2%.
The uncertain trade outlook, however, has militated
against the free absorption of commercial paper,
notwithstanding that it has been abundantly proved
that this form of asset is extremely desirable in times
of financial stress. Very few drawers can have their
bills discounted under 6%.. The inquiry both for
Stock Exchange loans and mercantile discounts is
somewhat restricted, owing to a paucity of business.
The detailed range of quotations for loans is as follows:
@3% for 60 days, 4@438% for 90 days and 4Y2@
4%% for four, five and six months. Prime commercial paper is quoted 53/2@6% for regular four to six
months' maturities, while less desirable names are
charged 63j@63/2%. Occasionally transactions in
60 to 90 days' endorsed bills receivable are recorded
at 5/
1 1@5Y
1%
Only once since the panic of 1873 have the merchandise imports into the United States exceeded the
merchandise exports for a full year, the exception to
the general rule of excess exports having occurred in
The local money market's first response to the an- 1888. Prior to 1873 the import balance had reached
nouncement on Thursday that London bankers had large proportions, owing in part to - the -destruction
r3jected the railroad "validation" of cotton bills of wrought by the protracted• Civil War, which so
lading was a rise in call loans to 23.1%, a figure that seriously crippled production, both of foodstuffs and
had not been quoted since the last week of July. The manufactures. Thus in 1867 the imports outran the
deduction drawn was that, if European purchasers of exports by fully $61,000,000, in 1869 the balance
cotton throw the onus of financing the cotton crop reached $101,000,000 and in 1872 $187,000,000. The
upon New York, complications will be entailed before terrible financial upheaval that followed checked pura new system can be put in working order. It does chases abroad and so keenly stimulated sales to
not appear to us that the European bankers are foreigners that in 1874 there was a balance of exports.
reasonable in insisting upon the bank guaranty when Since then exports have predominated each year
they know perfectly well that a national bank is spe- (save in 1888), the balance running all the way from
cifically prohibited by law from undertaking such a $6,482,566 (in 1887) to $648,796,390 (in 1900). Now
responsibility. The temporary arrangement which comes the announcement from Washington that for
will remain in force until Oct. 31 seems to meet all the first eight months of 1910 the inward movement
reasonable requirements, and if additional safeguards of Merchandise has outvalued the shipments. The
are regarded by foreigners as essential, then the spinner detailed statistics have not yet been published, but
is the logical party to appeal to It is hinted in certain the excess of imports is put at $913,569. It must
quarters, but not by those directly engaged in the not be forgotten, however, that our heaviest exports
negotiations, that London has been influenced by a are made in the final quarter of .the year,- when our
desire to induce our cotton growers to hasten the new cotton and grain crops are available for the marmarketing of the staple and thus bring about lower ket. Before the calendar year ends, it is safe to
prices. Such a ruse, however; would not be com- assume that the balance will again swing in our favor.
All this directly interests our foreign exchange
patible with British traditions for strictly scrupulous
commercial honor. Yesterday it was announced from market. Curiously enough, gold imports and gold
London that the whole question will be reconsidered exports are both being discussed as -within the range
at a meeting to be held next Thursday. The ad- of possibility within the next few months. Sterling
vance in money rates in so far as due to the dispute has crept away from the import level this week,
is likely to prove very temporary. Up to Thursday demand having sold up to 4 86 8, yet receipts of grain
call money had ruled under 2%, but on that day bills are daily becoming a more important factor and
renewals were made at the figure quoted, while, the bill-of-lading impasse is expected to bring an
as already stated, some transactions were on a rush of cotton bills, while the monetary situation in
higher basis. Yesterday the range was 13/2% to London has improved beyond expectation. So much
2%, with the last loan made at 13/2%. The average for the tendency towards lower exchange. But what
7 %. The offerings are of the extraordinary state of our foreign trade? .,The
ruling rate has been 14
still more than adequate to meet the limited re- position has been and still is abnormal. It is not the
quirements, for. speculation in stocks is still abnormally less so in-view of our gold imports'during July. Predull, the improvement in bonds has not yet gone far dictions are being made that gold will have to be
shipped in .large volume to square the account.
and now issues of securities are tinimportant.
680
THE CHRONICLE
Assuredly the whole matter is complicated beyond the
ordinary, and interesting developments may be witnessed between now and November.
Dealing in exchange has been conducted cautiously
.during the current week. Certain operators have
joined the bull side of the market, with more success
than attended their excursion on the bear side.
Quotations advanced until Thursday, when the new
turn in the dispute over financing the cotton crop
caused a reaction. The volume of business done
from day to day is light. Very few financial bills
are on offer.
Compared with Friday • of last week, sterling exchange on Saturday was firmer, with demand at
4 8605@4 8610, cable transfers at 4 8635@4 8645 and
60 days at 4 8320@4 8330. On Monday 60 days
advanced to 4 8350()4 8360, demand was unchanged
and cables closed at 4 8635@4 8640. On Tuesday
demand advanced to 4 8615@4 8625, cable transfers
to 4 8645 Q4 8655 and sixty clays to 4 8350@4 8360.
On Wednesday sixty days moved up to 4 8370@4 8380,
demand to 4 8620@4 8625 and cable transfers to
4 8655@4 8665. Demand advanced on Thursday to
4 8625(0 8635, cable transfers to 4 8650@4 8660 and
60 days to 4 8370@4 8380. On Friday trading was
dull at virtually unchanged rates.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.
MEXICO'S CENTENARY.
The celebration of the Republic of Mexico's centen
ary, which is now beginning with great pomp at the
capital of that Government, is to our country, for
numerous reasons, an interesting event. It is not the
first of the centenaries observed by the SpanishAmerican republics which broke loose from Spain in
the early years of the nineteenth century. Argentina
has been celebrating her own similar centennial, and
there will be others from time to time. All of them
have peculiar significance to the people of the United
States, from the fact that the uprisings which led to
the establishment of these republics were inspired
directly and immediately by the American Revolution
of two or three decades before. In the case of Mexico,
the location of that State next door to our own territory, the singular and varied relations which have exsted between that country and the United States,
and the certainty that these relations—industrial, at
all events—will be more intimate in the coming years,
lend additional interest to a celebration of the sort.
The history of Mexico, a salient event in which this
centenary celebrates, is much more full of material,
even for popular interest, than most people imagine.
One does not have to go back to Hernando Cortes and
Montezuma, and to the very legendary tales of Aztec
Mexico's splendor in 1588, to find food both for
Fri., Mon., Tues., Wed., Thurs., Fri.,
Sept. 9. Sept.12. Sept.13. Sept.14. Sept.15. Sept.16. genuine human interest and for real historical philosBrown
160 days 4 84
ophy. The present centenary celebration commem84
84
84
8434
8434
Bros. & Co
ISIght__ 4 87
87
87
87
87
87
Kidder, Peabody
160 days 4 84
84
84
orates,
like our own Fourth of July,. a declaration
8434
8434
8414
& Co
Sight__ 4 87
87
87
87
87
87
Bank of British
560 days 4 8434
8434
8454
8434
8434
8434
rather
than
an achievement. It does not observe the
North America
1Sight__ 4 87
87
87
87
87
87
Bank of
560 days 4 8434
84
84
84
84
84
exact date of the foundation either of Mwtican indeMontreal
ISight__ 4 87
87
87
87
87
87
Canadian Bank
160 days 4 8434
84
84
84
84
84
pendence or of the present Mexican republic. The
of Commerce
ISight. 4 87
87
87
87
87
87
Heidelbach, Ickel60 days 4 84
84
84
84
8434
8434
heimer & Co
revolt
Sight__ 4 87
against Spain—inspired, like that of the other
87
87
87
87
87
Lazard
60 days 4 84
84
8434
8434
8434
8434
Freres
Sight__ 4 8834
Spanish-American provinces, by the downfall of the
8634
87
87
87
87
Merchants' Bank
8434
8434
60 days 4 8434
8434
8434
8434
of Canada
bight.... 4 87
87
87
87
87
87
legitimate Spanish King before Napoleon's armies—
The market closed on Friday at 4 8370@4 8380 for began, in fact, in 1808. The uprising under the priest
60 days, 4 8620®4 8625 for demand and 4 8650@ Hildago in 1810 was no doubt the first really formidable
4 8660 for cables. Commercial on banks was quoted demonstration; but it was not successful, and it did
at 4 833.®4 833/i and documents for payment 4 83M not result even in formal proclamation of Mexican
®4 833
%. Cotton for payment ranged from 4 83 ® independence. Not indeed until
1813, two years after
4 83%, grain for payment from 4 833%@4 84.
the suppression of that revolt and .the execution of
The following gives the week's movement of money its leader, was independence declared by any very
large part of the Mexican population.
to and from the interior by the New York banks.
Nor can it properly be said that the republic then
Received by
Shipped by
Net Interior
Week ending Sept. 16 1910.
N. Y. Banks. N. Y. Banks.
Movement.
proclaimed was established and maintained. On the
Currency
$6,564,000
$6,579,000 Loss
$15,000 contrary, much
of the country's history, between that
Gold
600,000
750,000 Loss
150,000
Total gold and legal tenders
$7,164,000
$7,329,000 Loss
8165.000 date and the revolution in Spain itself during 1820,
was made up of the kind of guerrilla warfare which
Result with Sub-Treasury operations:
has so often characterized a futile revolt in a SpanishInto
Out of
Net Change in
1Vek ending Sept. 16 1910.
American dependency. When, however, the Spanish
Banks.
Banks.
Bank Holdings.
Banks'interior movement,as above_
$7,164,000
$7.329,000 Loss
$165,000 people themselves rose up in 1820 against the Bourbon
Sub-Treasury operations
26,300,000
32,500,000 Loss 6,200,000
tyrant and reactionary, Ferdinand VII., who had enTotal gold and legal tenders
833,464,000 839,829,000 Loss $6,365,000
deavored to restore the worst days of Spanish absoluThe following table indicates the amount of bullion tism, and whose
only title to respectful remembrance
in the principal European banks.
in this country is his sale of Florida to us, the new
Sept. 15 1910.
Sept. 16 1909.
Madrid Government was brought to recognize Mexican
Banks of
Gold,
Silver. I Total.
Gold.
Silver.
J Total. independence, which was thus at length proclaimed in
£
£
.£
I
£
England_. 39,708,9721
39,708,972 40,312,326
40,34
12,326 a formal way in 1821.
4
France _ 135,085,5201 33,862,400168,947,920 146,494,080 36,060,680182,554,760
Germany. 37.624.5501 13,846,750 51,471,300 39,854,850 12,381,550 52,236,900
It was hardly to be supposed that a colony made
Russia _ _ 141,239,0001 8,361,000 149,600,000 127,578,000 8,970,000 136,548,000
Aus.-Hun_ 55,407.0001 12,534,000, 67,941,000, 57,597,000 12,460,000 70,057,000
Spain _ _ _ _ 16,337,0001 30,974,00q 47,311,000, 16,037,000 31,547,000 47,584.000 up almost exclusively at that time of Indians and
Italy
38,673,
3,425,000 42,098,000' 38,386.000 4,900,000 42,786,000
Nethlands 9,769, 00 1,819,600 11,589,2001 10,528,000 3,127,400 13,655,400 half-breeds would enter upon a constitutional career
Nat.Beig _ 5,932,000 2,716,0001 8.148,0001 4,220,667 2,110,333 6,331,000
Sweden .... 4,449.0001
4,449,0003 4,382,000
4,382,000 in any respect resembling that of the United States
Switzland 6.198.0001
6,198,000 4,883,000
4,883,000
Norway _ _ 1.931,0001
1,931,000 1,787,000
1,787.000 after 1789. On the contrary, the first of its constiTotal week 491.854,642 107,538:750599,393,392492,059,923 111,056,963 603,116,886 tutional rulers, styled the "Liberator," after
ruling
Prey.week 491,792.222 108.301,660600.043,782492,267.789111,450,213603,708,002
for a very few months as regent, was made hereditary
SEPT. 17 1910.1
THE CHRONICLE
emperor. The republican idea was invoked again
in the revolt of the famous Santa Anna; but the result
was that for nearly twenty years the so-called Mexican
republic differed little from those numerous other selfstyled republics of Central and South America, where
dictator merely has succeeded dictator, and where
politics has amounted in so many instances merely to
desultory and perpetual conflict between rival despots.
The occasional constitutional conventions held in
Mexico during this troubled period did not amount to
much more than the establishment of ill-respected
precedent. The United States cannot claim the merit
of having helped out its neighbor State and sister
republic in this hour of trial; that was the very period
which the Polk Administration at Washington selected
for declaring war on Mexico and sending the armies
of the United States across our Southern border in a
fight for territory. The result of these conditions,
with the chaos which could not fail to follow them,
was something little short of anarchy, resulting, in
the years of great disturbance immediately prior to
1861, in such jeopardizing of the interests of European
residents in Mexico that the European States themselves, encouraged possibly by the absorption of our
own country in the Civil War, undertook to interfere.
Wisely recognizing, however, that no such conditions
could be permanent, all of these European Powers
but one withdrew when they had obtained some reasonable satisfaction. Napoleon III. of France alone
remained aggressive in the field of Mexican diplomacy,
convinced that his scheme of founding Latin American
republics under French dictation would be safe as soon
as the Southern Confederacy had won its independence.
—an event for which he looked with confidence.
It was at the climax of our Civil War that the Emperor of the French seized Mexico with his army,
and offered the imperial crown of Mexico to the Austrian Archduke Maximilian. With this event one
begins to touch upon recent and familiar history.
The demonstration of great dissatisfaction by the
Washington Government as soon as its hands were
freed from its own internal contest resulted, as every
one remembers, in the French withdrawal from Mexico
during 1867 and in the death, at the hands of the Mexican insurgents, of the unfortunate Maximilian. The
period of uncertainty which, with something of increased political stability, existed during the ten ensuing years, led the way to the succession in 1877 of
Porfirio Diaz as President of the republic, an office
which, except for a few brief years in the early eighties,
he has held without interruption since that time.
We imagine that the approaching celebration at
Mexico will concern itself very largely with the Diaz
Administration'. The event, indeed, is bound to be
quite as much a tribute to this remarkable administrator as to the country which, after so'many long
and trying vicissitudes of fortune, he has brought into
peace and prosperity. It would probably be correct,
in line with political definitions, to describe the Diaz
Administration as a paternal despotism. A government by military control, or at least through military
influence, it certainly has been at many stages of its
long career. Yet if a despotism, it must be described
as a despotism rarely seen in any country of the world,
and all but unknown in 'a South American republic.
The forms of constitutional government have been
scrupulously observed; indeed, it is not without special
681
interest to remark how exactly the framework of our
own Federal and State constitutional government—
legislative, executive and judicial—has been copied in
all its details by the Mexicans. Whether the exercise
of such powers as are formally entrusted to the American voting constituency could have been granted at
any time during this period with equal freedom to the
Mexican electorate was all along a most doubtful
question. A population of which, by the 1900 Census,
38% were Indian and 43% mixed Indian and white,
and which, moreover, had been educated in its earlier
years to a mock constitutional government with two
rival and belligerent dictators, did not give much
promise of a serious solution of the problem of popular
government.
The purpose of Porfirio Diaz from the outset has
manifestly been, first, to keep peace with other nations;
next, to put an end to the constant disturbance of
the progress of his people through the so-called revolutions; finally, to so far accustom the people of
Mexico to at least the forms of orderly representative
government that they may be fitted for the eventual
full and unrestrained exercise of those powers. How
far that task has been achieved,or how far the national
character may unconsciously have been weakened by
this dependence on one benevolent administrator, is
something which we shall not surely know until the
aged Mexican President lays down the responsibilities
of office. There is this much to be said, at any rate:
that in the thirty-year interval of national and international peace, the material prosperity of Mexico has
been able to take such roots in a favoring soil that
even its heterogeneous population is bound to the
interests of an orderly, republic, as could not possibly
have been the case when the experiment began. For
the rest, it may be imagined that Mexico, more perhaps than any other constitutional State, may be
destined to test the question—a very important and
serious question of the day—as to how far races traditionally unfitted for self-government can be educated
to such capacity by the practice of the task itself.
A DOCTRINAIRE ATTACK ON RAILWAY
VALUES.
At a meeting of the American Economic Association, held in this city during December 1909, Professor
Henry C. Adams, who, in addition to his position as
the head of the department of political economy of
the University of Michigan, has had for more than
twenty years the control and direction of the bureau of
statistics maintained by the Inter-State Commerce
Commission, read a paper.on the topic of "Railway
Valuation" which has scarcely received the attention
which it merits. The recent publication of the proceedings of the meeting referred to enables us to present Professor Adams's somewhat startling proposals
in the form of extracts, a method which can certainly
do him no injustice. They will be found, we think, to
be so radical and socialistic that if it could be supposed
that they represent the views of the Commission
charged with the supervision of inter-State rai1wayi3
they must give pause to future railway development
until the regulative system, or at least its personnel,
should be radically changed.
On the other hand, it seems almost unbelievable
that, in the guise of an argument in favor of a measure
of regulation which the Commission has repeatedly
682
THE CHRONICLE
endorsed and urged upon Congress, one of its principal
employees should be permitted publicly to put forth
views of his own not approved by the Commission,
which if adopted would alter the whole policy of the
Government toward railway investments and probably
lead rapidly and inevitably to Government ownership.
The basis of the argument advanced by Professor
Adams is that no railway ought to be allowed to earn
more than that bare percentage upon the value it
represents which is protected by the Constitutional
guaranty against the taking of property without due
process of law. In other words, governmental regulation is to be carried in every case to the limit beyond
• which the slightest further step would be actual confiscation.
The means by which Professor Adams proposes to
accomplish this result consist in a combination of a
system of, rate-regulation which shall force the rates
of the weakest competitor to the level at which it can
barely meet operating expenses and interest charges,
with a differential scheme of taxation which shall take
from each stronger, better-located or more efficiently
operated railway the entire surplus which, at equal
-rates, it may be able to earn over the sum necessary
to meet its actual expenses of the same sorts. We now
proceed to quote significant passages from the paper
in which Professor Adams announces and attempts to
defend this monstrous doctrine:
. . . the owners of property devoted to the
public service are granted their Constitutional rights,
so far as rates are concerned, when it is shown that
the aggregate of charges for the aggregate of services
rendered is adequate to afford a reasonable return
upon necessary investment. . . .
"It is one purpose of supervision by commissions
to perpetuate the conditions of competition in the business of transportation. This cannot be accomplished
*unless the agencies of governmental control recognize
the fact that the railways with which they deal are
of different classes and that a rate which would be
reasonable for the roads most favorably situated would
result in the bankruptcy of lines operating under inferior conditions. This is the situation, and it is
largely because of the fact that inferior and superior
railways are in competition for the same traffic that
commissions and courts encounter serious difficulties
in determining the reasonableness of a rate submitted
in a specific case. .
"For myself, I cannot evade the conclusion that
'equity, as between various classes of roads, can never
be attained until all the excess of revenue over the
Constitutional limit be made a contribution to the
puplic treasury, and that this contribution be made as
a substitute for all taxes of all kinds and all sorts."—
Proceedings of the 22d Annual Meeting of the American
Economic Association, pp. 186, 187, 190, 191, 193.
No more effective method of industrial suicide than
this could • well be devised. Practically applied by
the people of the United States; it would mean that
- the whole pecuniary incentive for efforts to maintain,
develop and improve efficient methods of administration and operation had been remoired from the
conditions governing the railway business.
A dead and stagnant level of inefficiency could be
the only result as to properties now in existence, and
these would not be improved or extended or supplemented by new lines, for capital would avoid a field
iaxxxr.
so regulated as certainly as an intelligent man would
avoid unnecessary exposure to a pestilence. Professor
Adams, whose exalted position leads to his words
whatever importance they may be deemed to have,
thus notifies the investing world that sagacity and
business acumen would not, if he could have his way,
receive any compensation if devoted to the field of
railway investments; and he addresses to those possessed of administrative ability the threat that if they
devote their activity and skill to railway management,
he will, if he is permitted to do so, confiscate the aggregate result of every economy they can devise. His
policy would certainly write the world "incompetent" upon the forehead of every railway manager
who should continue in the service after it was applied, for only such could be fairly compensated under
it, and no competent person could afford to remain,
subject to such conditions.
Of course, such a socialistic scheme of regulation
needs only' to be understood to be condemned. It is
revolting to the ideals of justice which actuate the
American public, as well as to common sense. The
significant thing is that it should be proclaimed at an
ostensibly scientific gathering of persons claiming to
be student's of the methods and principles of industrial
association, and by one of the highest officers (we
think the officer drawing the highest salary) of the
Inter-State Commerce Commission, the body charged
with the duty of enforcing the present regulative system and of recommending new laws if any are deemed
necessary, and that, having been so proclaimed, it
has not been publicly and frankly disavowed by the
Commission.
Surely that body can have no sympath.y with Professor Adams's views in this respect,and he must have
spoken without authority to bind any one but himself.
Yet he was advocating and defending the preposterous plan of a Federal, official "physical" railway valuation, to which the Commission is at present committed.
This fact should suggest to the Commission the necessity of declaring whether it would, under any circumstances, attempt to use the results of such a valuation
for the purposes advocated by its employee, and, if
it does not desire to use them for those purposes, to
state for what other purposes it deems that such a
valuation, if made, could properly bb utilized.
THE CHICAGO MILWAUKEE & ST. PAUL
ANNUAL REPORT.
The Chicago Milwaukee & St. Paul Railway Co.
will probably always hold the unique distinction of
having built an extension over'1,400 miles in length
and made a paying proposition of it the first year of
its operation—not only that, but an extension which
developed a very large earning capacity at the very
start. We refer, of course, to the Pacific Coast line
built under the name of the Chicago Milwaukee &
Puget Sound Ry. A separate report for this is submitted, covering the eleven months of its operation
from Aug. 1 1909 to June 30 1910. In these eleven
months the new extension earned no less than $10,765,704 gross and *$5,490,843 net. After providing
for taxes and accrued interest on the funded debt
for the eleven months, and allowing for income from
outside sburces, a surplus is shown for 'the eleven
Months of $2,196,206.
SEPT.17 1910d
THE CHRONICLE
683
We do not beliswe that any other new line ever made as against 1,763,683 tons. In other directions, howsuch a record for itself. Explanation, of course, is ever, there was notable growth, some of which no
• found in the circumstance that the new line was care- doubt must be attributable to contributions from the
fully planned and that on its way to the coastit reaches Pacific Coast line. The mineral tonnage for in-,
quite a number of important traffic centres. As a stance, rose from 7,948,184 tons to 9,782,608 tons,
consequence it has not had to depend exclusively upon and the tonnage in manufactures from 4,898,948 tons
the traffic which it itself might create and develop, to 6,056,060 tons. The agricultural and animal tonbut was able to draw upon the established traffic of nage formed only 24.107% of the whole in 1909-10,
other lines,and more particularly the Northern Pacific as against 27.751% in 1908-09. On the other hand,
and the Great Northern. Both these two roads last the tonnage of minerals and manufactures constituted
mentioned show for the twelve months ending June 30 51.593% of the whole, as against only 46.718%.
We cite these figures to correct the impression which
1910 a considerable increase in revenue as compared
with the twelve months preceding, notwithstanding seems to prevail in some quarters that the St. Paul
the opening of the new road; but this increase would has shown a lack of growth in tonnage. This imundoubted:y have been very much larger except for pression has no doubt been created by the fact that
the fact that the Puget Sound line of the St. Paul came the showing as to net earnings has been unfavorable.
in as a new competitor. As a matter of fact, the in•
- Notwithstanding the increase of $5,000,000 in gross
crease in the revenues of the Northern Pacific (which earnings, the St..Paul's net for 1909-10 fell off, being
suffered most from the new competitor) for the twelve only $20,055,896, as against $21,166,224 in the premonths is not as noteworthy as would appear from the vious year. It is well established that the operating
face of the figures.
cost of the railroads everywhere in the United States
When the Northern Pacific totals are analyzed, it is has been rising. But in the St. Paul case there was
found that the improvement is ascribable largely to still another circumstance that served to increase exthe passenger department, where the Puget Sound line penses. We refer to the bad weather experienced.
of the St. Paul has not yet begun to compete to any The road passed through one of the worst winters in
extent, and that the addition to freight revenues has its history, and very large extra outlays were incurred
been relatively slight. The Northern Pacific earned in the removal of snow and in repairing the havoc refrom freight in the late year $48,758,736, against sulting from blockades, &c. It should also be added
$47,073,305 in 1908-09, $46,423,836 in 1907-08 and that the latter part of the fiscal year the strike of the
$47,650,369 in 1906-07. From this it will be seen that coal miners in Illinois added greatly to the fuel bill
as compared with three years ago the freight revenues of the road. Speaking in a general way, it may be
of the Northern Pacific have risen scarcely more than said that from November to May the company suffered
a million dollars. Considering the tremendous ex- from very had blockades on its own lines and conpansion of the Pacific Coast section of the country nections.
in the same period of time, it will be readily recognized
It is not likely that there will be a repetition of these
that this is a very small addition to revenues. An drawbacks in the new fiscal year, and accordingly the
idea can be gained of the inroads made by the new prospect for good exhibits of net should be rather
competitor when we compare the earnings of the better on the St. Paul than on most other roads. As
passenger department and find that the Northern an indication that operating efficiency was further
Pacific earned from that source in 1909-10 $21,333,312, promoted, notwithstanding the adverse weather conas against only $16,320,861 in 1906-07. In other ditions and notwithstanding the changes in traffic
words, Northern Pacific's passenger earnings, as to movements occasioned by the falling off in agricultural
which the new competition has not begun to count, tonnage and by the opening of the Puget Sound line,
in three years' have risen over 30%, while freight we may note that the train-load in 1909-10 was further
earnings have moved up only about 2%. It only re- slightly increased and averaged (revenue and company
mains to add that of the $10,765,704 gross earnings freight) 322 tons, against 321 tons in 1908-09 and only
of the Puget Sound line for the eleven months to 316 tons in 1907-08.
June 30,1910,$9,582,569 were derived from the freight
Chief interest in the St. Paul report converges, of
department and only $1,183,134 from passengers, course, on the question of the relation between inmail, express, &c.
come and dividends. During the course of the year
How far the Milwaukee & St. Paul's own revenues fears had been expressed lest the company might not
for the late year may have been advanced through the earn the dividends in full. These dividends are 7%
traffic furnished by the Pacific Coast extension it is per annum on both classes of stock. Actually the
not possible to say. From the report, however, it is report shows a surplus above the dividend requireevident that taking the gross revenues as a whole the ments in the sum Of $2,450,330 on the income of the
showing for the twelve months is not unsatisfactory. twelve months. In the year's income, however, are
The total of the gross for 1909-10 is $64,846,894, as included two entirely new items of income, one termed
against $59,897,463 in the twelve,months of 1908-09. "interest on bonds owned" for $6,059,495 and the
This, it will be seen, is an increase of, roughly, $5,- other "dividends on stocks owned" for $804,000,000, about evenly divided between the freight de- 880. The six-million item represents interest on the
partment and the passenger and other departments. Puget Sound line 4% bonds held in the St. Paul
The traffic statistics in the report make it clear that treasury. It has been pointed out that this covers
the year was not a good one from an agricultural more than a year's interest at 4%; it actually covers
standpoint. The tonnage in agricultural products one and a half year's interest. To that extent, therewas only 5,754,165 tons, as against 5,868,017 tons fore, the showing is more favorable than it.otherwise
in the previous year, and the tonnage in animal prod- would have been. It deserves to be ,noted, howucts in like manner fell off, being only 1,646,341 tons, ever, that the result would have been practically the
684
THE CHRONICLE
same if the St. Paul had merely credited itself with the
interest accrued on these bonds for the eleven months,
plus the surplus of Puget Sound earnings remaining
after making provision for such accrued interest.
The sum of these two amounts would have been $5,862,872. That is to say, if the Milwaukee & St. Paul
as the owner of all the securities of the Puget Sound
line had credited itself with all the earnings of that
line, the addition to income would have been only
slightly less than according to the method pursued.
The $804,880 credited as dividends on stocks
owned is made up chiefly of dividends received from
the Milwaukee Land Co., and this, it appears, covered
both the last two fiscal years. Furthermore, it seems
that under the designation "interest on other securities, loans and accounts and other miscellaneous
i ncorne" for a total of $2,589,175, about $2,000,000
was included as a charge against the Puget Sound line
for the use of the plants of the Milwaukee & St. Paul
in the construction of rolling stock for the Puget Sound
road, and that this covered accruals for three years
instead of for merely one. But even if all back-year
results were eliminated from these various items,
income would be diminished not much more than a
million dollars and there would still be a surplus,
roughly, of 134 million dollars above the dividend requirements.
As far as the immediate future is concerned, much
will depend upon the outcome of operations on the
Puget Sound extension. Large though the revenues
of this extension were in the late year, they should be
still larger in the new or current fiscal year. This is
so, first, because hitherto the Puget Sound road has
been unable to make any active bid for the passenger
business, owing very largely to the failure to get the
requisite complement of steel cars. There has been
much delay in the delivery of these cars, but with the
first of November it is expected to run at least one
train each way. Then,also,active work has been prosecuted in the building of branches, and some of these
branches it is expected will shortly be opened. As far
as the St. Paul itself is concerned, the reduction in the
spring-wheat yield the present season because of the
drought will no doubt cause some further loss in agricultural tonnage; but the loss here should be made
good by the extra traffic in passenger and freight derived from the Puget Sound line. The St. Paul's investments in the Puget Sound line are enormous.
$99,492,800 of St. Paul stock was issued to provide
funds for the construction and equipment of the Puget
Sound line and $28,000,000 of 25-year 4% gold bonds
were issued for the same purpose.
In regard to the St. Paul's finances, the balance sheet
shows $4,000,000 of bills payable outstanding on
June 30 1910, but at that date the company had received only $14,655,630 on account of its $50,000,000
European loan (250,000,000 francs), while since then
about $17,500,000 more has been received, and in
October and November the remainder of the amount
will be paid in.
FOSTERING TRADE WITH SOUTH AMERICA.
South America as a field for the future development
of the export trade of the United States received special
attention at the meetings called this week at the Hotel
Imperial, this city, for the purpose of organizing the
American Manufacturers' Export Association. It is
[VoL. Lxxxxi.
the belief of those who originated the idea of the association, which was actually organized on Monday, that
the movement thus started will result in a material expansion of the export trade of the country. While the
number actually present at the initial meeting was
only about 50, in one way or another some 160 manufacturers, with combined capital of over $250,000,000,
and covering a wide range of goods, were represented.
The keynote of the meeting was the necessity for
studying the wants and desires of those whose trade
we wish to secure. The care exercised by Great
Britain, Germany and other European countries in
that direction was referred to. It was asserted that
merchants from China, South America, &c., visiting
New York, give a very comprehensive explanation
for the lack of expansion of our trade with their
countries. They state in effect that little effort seems
to be made to get their trade, American salesmen as a
rule being unacquainted with the language of the
country, and furthermore they make no study of the
needs of the people, confining their activities to the
disposing of goods they wish to sell, instead of offering
to supply articles desired. Moreover, through careless
packing, goods from the United States are subject to
considerable breakage or other loss; freights are often
higher than from European ports and banking facilities
are poor. It is these various causes for complaint,and
others, that the new organization intends to remove.
The relative importance of South America in this
export expansion movement was pointed out at the
session of the association on Tuesday by Mr. John
Barrett, Director of the International Bureau of the
American Republics. He said that his experience as
U. S. Minister to three foreign countries and his later
connection with the Bureau had taught him that the
greatest opportunities for the expansion of our exports
of manufactures are in South America. He asserted
that the combination of cheap labor and consequently
low-priced products that we face in Europe and the
East are difficulties that do not present themselves
in Latin America. Argentina, with a population of
only about seven millions, according to Mr. Barrett,
imports more American goods than China with its
hundreds of millions of inhabitants. Inferring that
Brazil, with its vast areas and the other Latin-American countries cannot at ohce become producing nations, he inclines to the belief that our exports thence,
that gained enormously last year, should (supposedly
with proper attention paid to the gaining of the trade)
double in the next ten years. And with the completion of the Panama Canal communication 'with the
west coast of South America will be greatly improved.
There is much in what Mr. Barrett had to say that
deserves careful consideration, and especially as regards Argentina. The exhibition now in progress
there offers opportunities that should be fully availed
of. The progress that Argentina is making is perhaps not thoroughly realized. We have before us now
the message of President Alcorta to the Argentine
Congress, which opened May 5 1910, and it is a very
interesting and instructive document, replete with
details of the country's recent great financial, commercial and educational progress. As regards the
foreign trade of the country the President shows its
phenomenal development by comparing the results
reached in 1900 with those for 1909. Imports, which
SEPT. 17 1910.1
TIIE CHRONICLE
685
in 1900 covered a value of 113M millions of dollars, exceedingly low rates. Rates on the Norfolk & Westhad risen to 3023
4 millions in 1909, while exports have ern have always been small. The character of the traffic
risen from 154% millions to 397 1-3 millions in the is such—it consisting largely of coal and other minerals
same period. Furthermore, the favorable or export —that the shippers could not find a market for it in
balance in the latest year stood at 943' millions of competition with the similar products of other regions,
dollars, against only 41 millions in 1900. And this except on the basis of very low transportation charges.
improvement has come while Argentina's natural But what is especially notable is that,with the average
resources, as we stated recently, have been developed already very low, the rate is being still further reduced
to only a comparatively limited extent. With more year by year. At least that has been the record in all
rapid development along agricultural lines, not only the more recent years, and the late period of twelve
will the country's outward trade largely increase but months has proved no exception to the rule. In
the demand for goods from abroad will be greatly 1909-10 the road realized an average of only 4.47 mills
augmented. By proper attention to local require- per mile for every ton of freight carried. This comments American manufacturers should secure a good pares with 4.60 mills in 1908-09, 4.81 mills in 1907-08
measure of the prospective increased trade.
and 4.95 mills in 1906-07. Perhaps the exigencies of
Brazil, too, offers opportunities that our manu- competition account for the decline in rates here refacturers should not neglect. It is true that of recent corded, but it seems more likely that the managers
years the exports from the United States to that deemed it incumbent that the road should accept
country have materially increased, but not to the lower rates.in order to move the traffic and get the inextent that have those of Great Britain or Germany, dustries along the lines started on a new era of prosand, furthermore, our total shipments are annually perity.
ess than half those of the first-named country.
The large expansion in gross revenues during 1909-10
Chili's imports of goods have also shown considerable is the more noteworthy in view of this further drop in
augmentation of late years, and proportionately the rates, since obviously under that decline a larger
increase in goods from the United States has been as amount of traffic had to be hauled in order to yield
great as that of any other country, but our total ship- a given amount of revenue. The road moved 5,363,ments compare in value with those of Great Britain 326 tons more freight in 1909-10 than in 1908-09, and
in the ratio of only about one to four. Peru,Uruguay, of this increase 3,020,956 tons were supplied by the
Colombia, &c., although of lesser importance than the coal shipments. In addition, the coke shipments
other countries named, are markets in which,by cater- increased 708,649 tons, the shipments of ores 325,764
ing to the tastes and wishes of the inhabitants,Ameri- tons, the shipments of iron 383,189 tons and the traffic
can manufacturers should obtain a much stronger in stone, sand, &c., 212,970 tons. This will give an
foothold than they now possess. Altogether, there- idea of the general character of the road's traffic, but
fore, the organization of the American Manufacturers, there was also development in other directions. For
Export Association is a step in the right direction.
instance, the agricultural tonnage increased 93,041
tons and the lumber tonnage 151,463 tons.
It must not be supposed, speaking generally, that
NORFOLK & WESTERN'S PROSPERITY.
we are comparing with diminished earnings in the
The Norfolk & Western Ry. is not one of the railroad previous year. In 1907-08 at the time of the intense
systems which show diminished net earnings for the industrial depression throughout the United States,
year ending June 30 1910. On the contrary, it records a falling off in the traffic and revenues of the Norfolk
very substantial improvement, notwithstanding the & Western did occur, but in 1908-09 there was an uptendency of operating cost to rise in every direction ward rebound, and in reviewing the report for
that
among the roads. The reason for this good exhibit year we spoke of the road's recovery from the deas to net is found in the great expansion in gross reve- pression. A true measure of the growth in traffic is
nues. There are few railroads in the United States, furnished by comparing the freight movement for the
we imagine, which can point to such a proportionately last four years. In the late year the actual number
large increase in gross revenues for that period of Of tons carried was 25,412,529 tons, against 20,049,203
twelve months. The total addition to gross receipts tons in 1908-09, 18,608,190 tons in 1907-08 and 20,was $5,736,769, or close to 20%. In the freight 183,218 tons in 1906-07. The number of tons moved
revenues, which supplied the bulk of the increase, the one mile in 1909-10 was 6,722,495,887 miles, against
ratio of gain was yet larger, reaching 21.6%. We may 5,377,020,950 ton miles in 1908-09, 4,985,915,528
add, furthermore, as indicating the wonderful expan- ton miles for 1907-08 and 5,252,561,457 ton miles
sion in the business of this road in the year in question, in 1906-07. This, it will be observed, shows an addithat in the number of tons of freight carried the gain tion of no less than 1,470 million ton miles as compared
was 26.8% and in the number of tons moved one mile with three years ago.
an even 25%. An addition of a full quarter to the
In the net earnings also, as noted at the outset, this
freight business of an established road in a single year road makes for the twelve months of 1909-10 a very
is obviously no ordinary record, even in a country like satisfactory showing. The magnitude of the gain in
the United States,where we'are accustomed to excep- the gross, as already explained, made the improvetional figures of growth and expansion.
ment here possible, but a further development of
Manifestly, development in the territory tributary operating efficiency was a means to the same end.
to the lines of the Norfolk & Western is proceeding at Expenses as compared with the year.preceding actually
a rapid pace, aided by the action of the road's managers increased $3,317,003 (the increase being nearly equally
in putting out new spurs and feeders and providing the divided between the maintenance outlays and transfacilities and the service needful to that end—and also, portation costs), but with a gain of $5,736,768 in gross
we might add, in rendering transportation services at revenues, this still left an increase of $2,419,765 in the
686
THE CHRONICLE
net. The result is the more significant as in the previous year there had also been a substantial addition
to net earnings, brought about in the main as a result
of a reduction in operating expenses, chiefly in the
cost of conducting transportation. Indeed, President
L. E. Johnson then pointed out that, allowing for one
exceptional item which would have reduced the
amOunt by $129,455, the net had been the largest in
the history of the company barring only one year,
namely the twelve months ending June 30 1907, when
the aggregate had been only slightly larger. Thus the
further increase of $2,419,765 in 1909-10 comes on top
of this notable record of the previous year.
As indicating one of the circumstances. that have
contributed to the satisfactory result here outlined,
it-should he observed that the company was able still
further to enlarge its average train-load, and accordingly to improve the earnings of its freight trains per
mile run, notwithstanding the decline in the rate
realized per ton per mile. The Norfolk & Western
has always been distinguished for its high train-load.
In truth, except for this, the road would not be able
to move traffic profitably at the extremely low rates
received. With the further increase in the lading of
the trains, the average train-load in 1909-10 reached
635 tons. . This compares with 616 tons in the previous
year, 571 tons in 1907-08 and 569 tons in 1906-07.
In order not to encourage unwarranted expectations,
it seems proper to point out that under the increases
which have recently been made in wages it will not be
possible to make the same satisfactory showing as to
net in the future unless a way can be found to raise
rates. In the late year the ratio of expenses to earnings was 60.02% and. in 1908-09 it was 60.46%.
President Johnson directs attention to the fact that
for May, June and July 1910, the published statements
of earnings and expenses show a large increase in the
ratio of expenses to earnings notwithstanding the continued expansion in the latter. This increase, he
states, is due to-the higher cost of wages and materials,
which averages 4.52% over the corresponding period
of the previous year and 5.51% over the average for
the nine months from July 1909 to April 1910, inclusive. Until a readjustment, therefore, of transportation rates, he declares, can be obtained by the
company fairly commensurate with its increased
expenses, a return to 'the former operating ratio cannot reasonably be anticipated.
Another feature in the present report of this road
deserves mention. The Norfolk & 'Western under its
present management has always been distinguished
for its large appropriations out of earnings to pay for
improvements and betterments. Under the regulations of the Inter-State Commerce Commission, however, such appropriations out of income are no longer
permissible. At least if they are made they must be
shown as a separate item and expressly carried as such in
the balance sheet, the idea being that the roads should
not be allowed to earn enough to admit of the continuance of the practice. The Norfolk & Western
management feel, however, that some allowance out of
ncome each year is essential in order to prevent the
property from running down and so as to keep plant
up to date in all respects. Hence, yielding compliance
to the requirements of the Inter-State Commerce Commission, they eliminate the charge for improvements
and deduct instead $3,573,598 for what are called
"expenditures to maintain earning power and offset
obsolescence." President Johnson says that these
are expenditures which in the judgment of the board of
directors were required to offset obsolescence and
depreciation, due to changing conditions, and were
necessary to maintain the earning capacity and preserve the value of the company's property,and therefore should not be capitalized. The payment includes
one-half (or $1,000,000) of the principal of equipment
trust obligations paid during the year. After naaking
this deduction of 33 million dollars, the year's income shows a surplus above the dividend requirements at 4% on the preferred stock and 5% on the
common stock of $1,117,056, which is a satisfactory,
but not an excessive, amount.
RAILROAD GROSS AND NET EARNINGS FOR
JULY.
Our compilation of the earnings, gross and net, of
United States railroads for the month of July furnish
a convincing argument in favor of the propositions
which the roads in certain important sections of the
country have made for a slight increase in rates. The
rising cost of operating, which has been such a conspicuous feature of the returns of previous months, is
again in evidence, only this time in a much more
marked degree. Heretofore the expansion in gross
revenues has been sufficient to offset the growth in
expenses, large though this was, leaving some gain in
net,even though it might not be of very large amount.
But the figures we present to-day show that a point
has now been reached where (speaking of the roads
collectively) gains in net are no longer in evidence,,
but where, instead, we have an actual loss. Considering that the roads are obliged to earn a return on a
larger capitalization, stock and bonds—the additions
representing new capital outlays made to provide the
additional facilities needed to handle the growing
volume of business—the diminution in net now disclosed is proof that some advance in rates is indispensable in order to restore the equilibrium between
revenues and expenses and allow the roads to show that
gain in net income to which they are justly entitled,
and which they must have if their credit is not to become impaired and railroad securities are to retain the
quality of a stable investnient.
The reason why we are now confronted by an actual
loss in net earnings is that gains in gross earnings have
been so greatly reduced, while expenses continue to
rise in the old way. The shrinkage in the amount of
gain in gross (with an actual falling off on some important systems) follows from the fact that the reaCtion in trade, which has been noticed for some months,
is bringing about a reduction in the volume of business
passing over the roads. In the first six months of
1910 the gain in the gross revenues averaged somewhat
over $28,000,000 per month, though in June the
amount of increase was,roughly,only about 23% million dollars. For July, now, the gain is found to be
only $11,322,306. This, though representing an improvement of only a little over 5%, would not be unsatisfactory, considering the condition of general
trade, were it not for the augmentation in expenses
already referred to. Unfortunately, while gross , revenues have increased $11,322,306, the addition to expenses has been no less than $15,964,347, leaving,
SEPT. 17 1910.
THE CHRONICLE
687'
therefore, a loss in net of $4,642,041. Stated in per- iliary
controlled roads, like the Michigan Central
centages, we have an increase of 5.50% in gross, at- and the Lake Shore, the gain for the month is raised
tended by a loss of 6.36% in net.
to $1,152,742; nevertheless, net has decreased $193,-Increase or Decrease- 643. Many other
instances of the same kind from
July (680 roads)Amount.
1910.
%
1909.
Miles of road
1.72 different parts of the country might be cited.
3,698
221,164
217,466 Inc.
Thus,
Gross earnings
$217,202,265 $205,879,959 Inc. $11,322,306 5.50
Operating expenses
132,880,199 Inc. 15,964,347 12.01 the Great Northern has $477,524
148,844,546
increase in gross with
Net earnings
$68,357,719 $72,999,760 Dec. $4,642,041 6.36 $153,781
decrease in net. The Chicago & North
Our compilations, as 'heretofore, are based entirely Western has $507,952 increase in gross but only
$39,upon the returns filed with the Inter-State Commerce 849 increase in net. The BaltimOre & Ohio has $455,Commission at Washington, which is a guaranty that 592 gain in gross, but loses $154,240 'in net. The
the figures have been prepared in accordance with uni_ Southern Railway, while having added $419,155
to
form methods, and alsb affords assurance that no ex- gross, bettered its net by Only $10,120. The Southern
traneous items have been included in the expenses, Pacific is $400,313 ahead in gross,but $111,667 behind
such as outlays for improvements and betterments. in net. The Union Pacific, though recofding $354,506
Our totals are also very comprehensive. As has been improvement in gross, shows a shrinkage in net of
previously pointed out by us, all the railroads in the $402,376. The Louisville & Nashville With
$335,620
United States-barring only the few roads that oper- addition to gross has been obliged to subtract
$396,249
ate entirely Within State boundaries-are obliged to from net. And these illustrations might -be multifile monthly statements with the Commission. The plied almost indefinite13.r.
returns are open to public inspection, and we have
There are a few instances of the opposite naturetranscripts of them made for our own use. In order that is, where expenses have been actually reduced
in
to furnish full details for all the separate roads, we is- face of larger or smaller improvement in gross.
The
sue each month a special supplement termed our explanation in such cases is found in expenses
of un"Railway Earnings" Section. The September num- usual magnitude the previous year. The
Illinois Cenber of that supplement accompanies to-day's issue of tral is a type.of this class, which, however, is not very
the "Chronicle," and in it will be found in full the re- numerous. It added $387,073 to gross and at the
ports of earnings and expenses of all the separate roads same time reduced expenses by $179,235, thus profor the month of July. The summaries in the present ducing a gain in net of $566,308. In the following we
article are the totals derived from these statements of show all changes for the separate roads for amounts in
the separate roads.
excess of $100,000, whether increases or decreases, and
As remarked above, instances of losses in gross earn- both in the gross and in the net.
ings (as well as in net) are not entirely lacking the
PRINCIPAL CHANGES IN GROSS EARNINGS IN JULY.
present time; yet these instances are not very numerIncreases.
Increases
Pennsylvania
Chic. St. P. M. & 0,
$ 144,979
ous-at least those for large amounts are not. There Chicago Fe North Western y$978,724
507,952 Missouri Pacific
c135,907
Great Northern
477,524 Central of Georgia
135,080
Baltimore & Ohio
are, in fact, only four companies which have suffered Southern
455,592 Chic. Mn. & St. Paul_ _ _
131,079
Railway__
419,155 Toledo & Ohio Central_ _
122,160
Southern
Pacific
400,313
Lehigh Valley
decreases in gross for sums exceeding $100,000. The Erie
'
121,820
395,239 Long Island
117,173
Illinois
Central
387,073
Texas
&
Pacific
Northern Pacific heads the list with a falling off of N. Y. Cent. & Hud. Illy. a362,323 St. Louis Southwestern _ 114,289
111,695
Union Pacific
354,506 Wabash
106,066
$450,642, and here we may suppose the shrinkage is Louisville
& Nashville
335,620 Virginian
103,919
Norfolk & Western
333,063 Hocking Valley
101,921
not unconnected with the competition of the Puget Atlantic
Coast Line
285,025
Chicago Burl. & Quincy_
261.763
Representing 36 roads
Sound line of the Milwaukee & St. Paul. The other Michigan Central_
245,221
in our compilation
$9,356,474
Atch. Top. & Santa Fe
233,145
Decreases.
Mo. Kansas & Texas_ ...._
026,617 Northern Pacific
three companies are the Lackawanna, which has a Philadelphia
$450,642
& Reading_
208,75.4 Delaware Lack. & West_
160,290
N.
Y.
N.
H.
it:
Hartford
San
199,480
Pod. Los An. 6: S. L.
decrease of $160,290; the San Pedro Los Angeles & Phila. Bait. & Wash
122,263
196.014 Rock Island
105,470
Kansas City Southern_ _ _ ,
178,662
Salt Lake, which has lost $122,263, and the Rock Isl- Oregon
& Washington_ _
161,209
Representing 4 roads
Pere Marquette
157,114
in our compilation__
$838,665
and, which has fallen behind $105,470.
Chesapeake & Ohio
150,298
Note.
the figures in the above are on the basis of the returns flied
On the other hand, there are many roads which are with the-All
Inter-State Commerce Commission. Where, however, these returns do not show the total foe any sstent, we have combined the separate
still distinguished for considerable amounts of increase roads
so as to make the results conform as nearly as possible to those given
statements furnished by the companies themselves.
in gross, and which nevertheless register a loss in net In athe
These figuus cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Cenby reason of the great augmentation in expenses. It tral, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the whole going to form the New
Central System, the result is a gain of $1,152,742.
is because of this rise in expenses that the showing c These figures arcYork
furnished by the company.
y These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $355,285 increase and the Western lines
as to net (as far as the separate roads are concerned) is $623,439.
For all lines owned, leased, operated and controlled, the result
for
the month is a gain of $1,643,375.
just the reverse of that in the gross, there being only
PRINCIPAL CHANGES IN NET EARNINGS IN JULY.
four roads with increases in net running above $100,Increases.
Decreases.
000, but a long list with decreases in net above that Illinois Central
$566,308 Rock Island
$388,445
Erie
267,411 Chicago Burl. & Quincy
388,259
figure. The Pennsylvania Railroad is conspicuous in Yazoo
& Miss. Valley.. _ _ _
115,730 Delaware Lack. & West
325,805
Kansas City Southern_ _ _ _
111,877 N. Y. Cent. & Mid. Riv_ a265,895
that respect. On the lines directly operated east and
Missouri Pacific
c198,573
Representing 4 roads in
San Ped. Los An. & S. L_
178,564
west of Pittsburgh it reports $978,724 increase in gross,
our compilation
$1,081,328 Elgin Joliet & Eastern__ _
170,057
Decreases. Boston & Maine
163,061
y$973,907 Baltimore & Ohio
with $973,907 decrease in net. Including all lines Pennsylvania
154,240
Northern Pacific
492,417 Great Northern
153,781
Lake Shore & Mich. Sou_ _
432,002 Southern Pacific '
111,667
owned, leased, operated and controlled, the result for Clev.
Cin. Chic. & St. L _
427,089
Union Pacific
402,376
Representing 17 roads
the Pennsylvania Railroad System is a gain of $1,643,- Louisville
396,249
& Nashville_ _ _
in our compilation_ _ _$5,622,384
375 in gross, with a loss of $945,261 in net. In other a These figures cover merely the operations of the New York Central
itself. For the New York Central System the result is a lossof $193,643.
words, in the ease of this single large railroad system, c These figures are furnished by the company.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $476.950 decrease and the Western
expenses during the month of July increased 234 lines
$496,957 decrease. For all lines owned, leased, operated and controlled, the result is a loss of $945,261.
million dollars, or at the rate of $3O,000,000'a year.
For the New York Central lines the showing is mph
The part played by rising expenses in iedueing net
the same, though not quite so unfavorable. The and the general character of the movement is perhaps
Central itself reports $362,323 increase in gross, with most strikingly disclosed when the road§ are arranged
$265,895 decrease in'net. Including the various aüx- ill groups or geographical divisions. It is then found
[VoL. Lxxxxi.
THE CHRONICLE
688
that each of the seven geographical sections records
larger or smaller improvement in gross earnings, while
at the same time every section with one minor exception records a loss in net. The result by groups is set
out in the table which we now present.
SUMMARY BY GROUPS.
Gross Earnings
Section or Group
(+)or
-Inc.
Dec.(-).
1909.
1910.
July1.35
+143,315
10,660,904
Group 1 (24 roads), New England_ 10,804,219
5.19
+2,538,335
Group 2(127 roads), East & Middle 51,504,695 48,966,360
7.39
+2,181,752
Grotto 3(89 roads). Middle %%est__ 31,714,132 29,532,380
+2,409,884 10.80
22,313,938
Groups 4 & 5(138 roads). Southern 24,723,822
4.50
48,087,074
+2,165,325
Groups 6 & 7(95 roads), Northwest 50,252,399
4.14
+1,339.647
Groups 8 & 9(156 rds.), Southwest 33,721,513 32,381,866
13,937,437
3.90
+544,048
Group 10 (51 roads), Pac.fic Coast_ 14,481,485
217,202,265 205,879,959 +11,322,306
Nd Earnings
or
-Mileage--(+)
Dec. (-).
1900.
1910.
1910.
1909.
$
-372,742
7,385 3,638,447 4,011,189
7.471
Group No. 1
-834,428
23,615 23,683 16.234,715 17,069,143
Group No. 2
25,599 25,388 8,942,581 10,402,472 -1.459,891
Group No. 3
+77,249
35,711 35.170 7,083,327 7,006,078
Groups Nos. 4 & 5
-666,291
Groups Nos. 6 & 7
60,076 59,356 16,927,312 17,593,603
-863,033
Groups Nos. 8 & 9........ 53,395 51,922 9,173,957 10,036,990
-522,905
15,297 14,562 6,357,380 6,880,285
Group No. 10
Total (680 roads)
5.50
9.29
4.89
14.03
1.10
3.79
8.60
7.60
221,164 217,466 68,357,719 72,999,760 -4,642,041 6.36
NOTE.-Group I. Includes all of toe New England States.
Group 7/. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo. also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northert,
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin,Iowa and Illinois; allot South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana. Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas anc
Indian Territory; Missouri south of St. Louis and Kansas City: Colorado south of
Denver; the whole of Texas and the bulk of Louisiana; and that portion of NOR
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utat
and Arizona, and the Western part of New Mexico.
Total
Last year in July results were very favorable. Our
own compilations then, covering 218,506 miles of
road, showed $23,529,848 increase in gross and $10,109,278 increase in net. Complete returns published
some time later by the Inter-State Commerce Commission itself, and covering 234,500 miles, recorded
$24,719,084 gain in gross and $11,083,420 gain in net.
In July 1908, of course, there were large losses in both
gross and net. Our compilation at the time showed
a shrinkage of $27,262,110 in gross earnings and of
$6,571,734 in net earnings. The compilations of the
Inter-State Commerce Commission, published a lofig
time subsequently, and covering substantially the
whole railroad mileage of the country, made the falling off for July 1908 $33,332,095 in gross and $8,326,217 in net.
In the following we furnish the July comparisons
back to 1897. For 1909 and 1908 we use the InterState Commerce totals, but for preceding years we
give the result just as registered by our own tables
each year-a portion of the railroad mileage of the
country being always unrepresented in the totals, owing to the refusal of some of the roads in those days to
furnish monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Year
Inc.(+)or
Preceding. Dec.(-).
July.
1896...., 51,132,768 50,890,523
+242,24
1897
58,183,393 54,228,118 +3,955,275
1898_.,. 63,172,974 62,339,710
+833,264
moo_ 72,204,314 61,434,246 +10,770,068
1900.... 83,343,882 77,671,358 +5,672,524
1901 ___ 99,334,53 86,920,806 +12,413,732
1902... 102,960.249 97,691,960 +5.268,289
1903 _ 115,691,747 97.856,175+17,835,572
1904... 106,955,490113,678,564 -6,723,074
1905 ___ 118,409,552 107.325,222 +11,079.33
1906... 129,386,440114,556,367 +14,830.073
1907 ___ 137,212,522 118,666,092 +18,546,430
1908.... 194,634.612227,966,707 -33.332,095
1909 ___ 219,964,739 195.245,655 +24,719,084
1910 _1217,20 ,265,205.87:7.959,+11,322.306
Year
Given.
a
15,556,978
19,091,236
19,971.051
24.377.447
26,687,209
34,925,716
33,634,610
38,296.8511
34,398,740
43,594,553
92,808,250
41,891,8371
66,856,745
78,350,772
68,357.7191
Inc.(+)or
Year
Preceding. Dec.(-).
15,496.273
+60,705
16,530.293 +2,560,943
-723,324
20,694,375
19,672,510 +4,704,937
+697,282
25,989.927
27,680,869 +7.244,847
-189,987
33.824.597
31,846,698 +6,450.153
37,353.409 -2,954,669
40,256,131 +3,338,422
36,718,416 +6,089.834
39,448,771 +2.443.066
75,182 962 -8,326,217
67,267,352 +11,083.420
72,999.,tO1 -4,6. 2,041
Note.-In 1896 the number of roads included for the month of July was 130; In
1897, 127; In 1898, 123: in 1899. 114: in 1900. 117; in 1901, 108; In 1902, 103; In
1903, 106: In 1904,98; In 1905,94; In 1906,90; in 1907,82; in 1908.792; In 1909,
692: in 1910, i.80. We no onger Include the Mexican roads or the coal-mining
operations of the anthracite coal roads in our totals.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S
-The public sales of bank stocks this week aggregate
285 shares, of which 247 shares were sold at the Stock
Exchange and 38 shares at auction. Transactions in trust
company stock were limited to a sale at auction of one
5-share lot. Twelve shares of National City Bank stock
were sold at the Stock Exchange at 380-384, an advance
of 20 to 24 points over the price paid one month ago, when
the last previous public sale was made. National Bank of
Commerce stock has advanced 4 points over last week's
quotation on sales at the Stock Exchange amounting to
127 shares.
Low.
Shares. BANKS-New York.
380
•12 City Bank, National
199
•127 Commerce, Nat. Bank of
25 Fourteenth Street Bank_ ___ 150
187
*20 Fourth National Bank
100
13 Northern Bank
350
*88 Park Bank, National
TRUST COMPANY-New York.
5 Lawyers' Tit. Ins. do Tr. Co_ 257
High. Close. Last previous sale.
Aug. 1910- 360
384
384
202
201 34 Sept. 1910- 198
Aug. 1910- 150
150
150
Sept. 1910- 186
187
187
1910- 100
Aug.
100
100
Sept. 1910- 360
355
360
257
257
Sept. 1910- 265
• Sold at the Stock Exchange.
-A New York Stock Exchange membership was posted
for transfer this week, the consideration being $66,000,
which compares with $66,500 and $68,000, the two last
preceding transactions.
-George E. Roberts was sworn in as director of the
United States Mint on the 14th inst. This is the second
time that Mr. Roberts has assumed the office. In the
present instance he is successor to A. Piatt Andrew, who
has become Assistant Secretary of the U. S. Treasury.
-The feature of the week in which financial interest
centered was the cotton-bill-of-lading question. As matters
stand now, the foreign bankers have declined to accept the
validation plan which has lately been adopted here, and have
decided to adhere to their resolution of last July to decline to
accept drafts against bills of lading after October 31 unless
guaranteed through exchange buyers in this country; on
the other hand, the bankers here hold that the bills are
now safeguarded in the validation certificate, and have
decided that they cannot accede to the demand for a guaranty. The announcement concerning the stand of the
European bankers was received in cable advices to the daily
press, following their conference on the 14th. The decision
was reached, according to the New York "Journal of Commerce" after a prolonged discussion by representative
bankers of England and the Continent, and the statement
issued at the conclusion of the meeting said:
"The Conference regrets that It cannot regard the bills-of-lading-validation scheme submitted by the American Bankers' Association as affording
the protection desired by European cotton-accepting banks. Accordingly,
and falling the production of any other satisfactory scheme of guaranty.
the Conference confirms and adopts the resolution of July 20, while still
prepared through their committee to meet a deputation of the American
Bankers' Association In London. The banks will decline from Oct. 31 to
accept drafts against bills of lading unless guaranteed through exchange
buyers In America, both In regard to the signature and the possession of the
cotton by the carriers at the time of Issue."
A meeting of the sub-committee of the American Bankers'
Association took place on Thursday, when their decision to
adhere to the position which they had previously maintained,
was arrived at. In answer to the advices received from the
European interests, they made the following cable reply:
We deeply regret your decision, and cannot but feel that It was reached
through misapprehension. We have accomplished much In securing the
validation certificate, thus placing the business on a safe basis. Further
consideration of bankers' guaranty Is absolutely out of the question.
being Incompatible with correct banking principles. This is final. Situation could not be changed by our committee going to London, but of course
we would welcome your deputation in New York, where all data and information are obtainable, and where railway and cotton people also could
be heard. We arc confident this would lead to a better Understanding
with mutually satisfactory results.
Reports in circulation yesterday intimated that the matter
might be reconsidered by the European bankers at a meeting
to be held next Thursday. The controversy, as is known,
grew out of irregularities through the improper use
of bills of lading disclosed in the Knight, Yancey
failure at Birmingham last spring. It is stated that
the guaranties which are being insisted upon from
abroad are not regarded as essential by all the foreign
banks, and it is even asserted that strong private banking
interests of London have evidenced a willingness to finance
the bills of lading on the validation plan. Sir Edward a
Holden, of the London City & Midland Bank, and Chairman
of the Foreign Bankers' Committee, which is opposed to the
validation proposition, is said to have decided to come
here to confer with the bankers on this side of the water
with reference to the subject in controversy. The subcommittee of the American Bankers' Association in charge
SEPT. 17 1910.]
THE CHRONICLE
689
of the matter consists of Walter E. Frew, Vice-President of in time to have enabled the Comptroller to force a correction
the Corn Exchange Bank; F. I. Kent, Vice-President of in the administration of the bank's affairs. His decision ;to
the Bankers' Trust Co.; Joseph T. Talbert, Vice-President of canvass each of the districts himself is made, he announces,
the National City Bank; Gilbert G. Thorne, Vice-President in view of the fact that the excuses offered in practically
of the National Park Bank, and W. H. Porter, President of every case by the examiner were that he was unable to
exactly determine the true condition of the bank; that the
the Chemical National Bank.
—Preliminary steps in the organization of a national cur- officers and directors would not correct the conditions
rency association in Chicago were taken at a meeting of brought to their attention by him, &c. In his work Mr.
representatives of twelve of the city's national banks held Murray will be accompanied and assisted by Oscar L.
at the Clearing House on the 9th inst. A committee of three Telling, formerly a national bank examiner and now Chief of
was appointed to work out and report on plans of organiza- the Division of Reports in the Comptroller's office.
—At the ninth annual convention of the National Assotion, this committee consisting of Frank 0. Wetmore, VicePresident of • the First National Bank, Chairman; W. T. ciation of Supervisors of State Banks, held in Washington
Fenton, Vice-President of the National Bank of the Republic, on the 12th, 13th and 14th inst., Comptroller Murray made
and B. C. Sammons, Vice-President of the Corn Exchange an elaborate and very interesting speech on the general subNational Bank. The name under which the association ject of bank supervision and the co-operation between Fedwill be formed will be the National Currency Association eral and State authorities. During the course of the meeting
of the City of Chicago. The meeting was attended by it was announced from Washington that within the next few
George M. Reynolds, President of the Continental & Corn- weeks the few national banks throughout the country which
mercial National Bank; Ernest A. Hamill, President, and are rated as weak will be given a last opportunity to
B. C. Sammons, Vice-President, of the Corn Exchange strengthen themselves or get out of business. The 105
National Bank; John Fletcher, Vice-President of the Drov- examiners under the National Government have, it is
ers' Deposit National Bank; J. B. Forgan, President of the stated, been instructed to carry that ultimatum to every
First National; V. E. Nichols, Vice-President of the First board of directors which needs it. It is further reported
National Bank of Englewood; W. A. Tilden, President of the that the statement of condition of every national bank
Fort Dearborn National; William Lorimer, President of the at the close of business on September 1, now being comLa Salle Street National; W. A. Heath, President of the Live piled, will be the last permitted to any national bank
Stock Exchange National; E. F. Brown, President of the to show its capital impaired, any reduction of its reserve
Monroe National Bank; W.T. Fenton, Vice-President of the under the limit and bad paper in its vault or any concealed
National Bank of the Republic; D. R. Forgan, President liabilities. Acting on the principle that it is better to
of the National City Bank, and E. L. Wagner, President liquidate a weak bank, pay off the depositors, and save
some of the investment for the shareholders, Comptroller
of the National Produce Bank.
—Steps have also been taken to form a national currency Murray will use all the authority of his office to compel sound
association in Albany. A meeting of representatives of banking in the strong institutions and force the weak ones
eleven national banks of that and adjacent cities was held in to strengthen or retire.
the quarters of the National Commercial Bank of Albany on
—The "Journal of Commerce" is authority for the report
Thursday, the institutions represented being three Albany that the bank statements by cities and States to be issued
banks, four Troy banks, two Schenectady banks and the by Comptroller Murray under the September 1 call will be
national banks in Cohoes and Watervliet. The form of in a slightly new form. In each case the surplus reserve of
by-laws adopted by the New York City Association will be the locality or State will be indicated,thus making an official
utilized by the Albany association. Another meeting will be record of the surplus reserve, which has not been customary
heretofore. The percentage showing legal reserve will also,
held at which its organization will be perfected.
—The experiment of transferring national bank examiners it is said, be computed in a slightly different way to show
from one district to another, which the Comptroller of the the percentage of surplus legal reserve.
Currency announced some months ago would be tried, was
—Through the reduction in the size of paper currency
put into practice last week, when twenty of the examiners which the Treasury Department contemplates in connection
were shifted. Mr. Murray's object is to ascertain whether with its prospective plans for systematizing the designs of
the results from this policy will be as good, or better, than United States notes and gold and silver certificates,an annual
those secured under the method of keeping an examiner saving of$612,603 to the Government, it is thought,would be
continuously in one district. In an announcement which effected. The Department's intentions with regard to its
he has made, he states that among bankers and others plans to reduce the number of miscellaneous portraits and
there is a wide difference of opinion on this subject. Some designs on issues now current from nineteen to nine, was
claim that an examination by an examiner who is a stranger made known early last year, and it is now announced that a
to the district, and who is neither acquainted with the name special committee of Treasury officials,.under authority of
and financial standing of the makers of paper found in the Secretary MacVeagh, has been at work for months on the debanks nor the intrinsic value of most of the collateral to loans, details involved in the change of designs and the suggested
consisting of the stocks and bonds of local concerns, cannot reduction in the size of paper currency. This committee is
determine the true condition of the bank. It is also the reported to have canvassed with equal candor the advanopinion of many that when an examiner is thoroughly fa- tages of and the objections to the plan. Secretary Macmiliar with the intrinsic value of the stocks and bonds of local Veagh, in a statement issued on the 9th concerning the
concerns in a certain district, and the names and financial movement in contemplation, said in part:
I am hopeful that the public will consider favorably, as the Treasury
responsibility of the makers of paper carried in the banks to
Department is inclined to consider favorably, the economies and other
which he is assigned, he is in a much better position to de- advantages
which would result ultimately from the use of a somewhat
termine the true valuation of the assets of the bank under smaller paper currency. The present size of the paper currency is 3.04
by
7.28 Inches long, and it has been suggested that our notes be
wide
inches
points
out,
examination. On the other hand, Mr. Murray
to 2 3 Inches wide by 6 inches long, the same size as the Philipthose who favor transferring examiners from one district to reduced
pine paper currency, which has proved an .unqualified success, and a size
another at frequent intervals argue that by doing so a very which, when it Is not brought Into direct comparison with the present note,
when not scrutinized, would not, to most people, present a noticeable
and
much more independent and thorough examination into the
affairs of the bank can be made by an examiner who is un- change.
From the Treasury point of view, the proposed reduction would result In
influenced by local conditions or personal reasons. From an estimated saving to the Government of $612,603 every year. This
would be gained from various sources. For example, we would
economy
the results shown by the experiment. Mr. Murray will decide
print.five notes where we print four now, and the Increased production of
whether or not the new plan will be permanently adopted, 25%
more notes with the same labor as at present, carried through all the
or whether the present system of' having one examiner work various processes of wetting, examining, counting, drying, numbering,
separating, &c., would save more than $200,000 a year alone. The
sealing,
in a specific district indefinitely will remain undisturbed.
saving in the cost of paper would be almost $90,000, and the decrease In the
—Mr. Murray has also decided upon another move in cost of plate printing would amount to almost $270,000. These, with a
connection with his efforts to secure more efficient super- possible reduction of the force In the redemption division of the Treasurer's
office, due to the smaller number of notes redeemed because of the longer
vision of the banks under his jurisdiction. He announces life of the smaller notes, represent the chief Items In this estimate of $612,to
personally
visit the various districts to 000.
his intention
•
No special legislation Is necessary to enable the Government to reduce
ascertain at first hand why an examiner is unable to disthe size of United States notes and gold and silver certificates. In order,
cover and report the true condition of a bank. Mr. Murray however, to effect a reduction In the.size of national bank currency without
makes the statement that in almost every case of a national legislation, and at the same time continue the present multiplicity of deit would be necessary to eliminate the 12,000 plates now In use and
bank failure since he has been Comptroller the catastrophe signs,
to engrave as many more. This could be done, I presume, only by the
averted
had
the
could have been
national bank examiner Government's assumption of the expense of the new plates, and as each plate
determined the true condition and reported his findings costs $75, the total cost of,the_new_series would reach about $900,000. It
690
THE CHRONICLE
would be qu te possible, however, to use the same uniform engraved plates
for all banknotes, and to print later by separate process the name of the
Individual bank upon the notes which that bank was to Issue.
Another plan would be to secure legislative authority for a uniform circulating note, which would do away with the necessity for the special notes
for individual banks. Only 200 or 300 plates would be needed, and they
would cause the banks no appreciable expense.
[VoL. Lxxxxi.
gan to renew his borrowing. Upon a statement made by him on Aug.31
which made it appear that the firm's credit aggregated $1,200,000, the
loans were made. This statement was signed by Adolph Rothbarth representing his firm. Naturally we considered the firm sufficiently responsible
to give them the desired loans, which totaled about $75,000.
Some time later, when Pothbarth secured loans from another bank, we
learned something that made us suspect his statement. I have not seen
Rothbarth, but I understand he has talked over the matter with Mr.
Nash.
President of the Mercantile National Bank. We have not taken any steps
to prosecute him, because we do not think it is necessary, in view of the
action already taken by the Mercantile National. We will, of course, endeavor to recover the amount of these loans from the firm.
The only objection to adopting smaller notes which seems
to be of special importance, Mr. MacVeagh points out, is
t hat for some time two sizes of paper money would be in
use, and bank tellers and the business public would be corRothbarth is reported to have begun speculating in 1905,
respondingly inconvenienced. This objection, he believes,
would be overcome largely, if not almost wholly, by prepar- and to have suffered severe losses during the panic of 1907,
ing in advance enough of the new notes so that they could be and the questio nable operations he employed are said to have
exchanged for old notes on a fixed date, at all Sub-Treas- followed an endeavor to recover his losses.
uries, banks and other large financial institutions. Mr.
—The Corn Exchange Bank of this city will open a new
MacVeagh summarizes a number of expected advantages branch on Monday next in the Pennsylvani
a RR. Station,
through the plans contemplated, aside from the main one, at 7th Ave. and 33d St.
which would permit the annual saving of over $600,000.
—The new branch of the Century Bank, at 3d Ave. and.
Among the other advantages he cites the following: "In
47th St., was opened for business on Thursday, the 15th
time of panic or money stringency the proposed uniform
inst. Opportunity for an inspection of the new branch
currency would be particularly helpful. The banks could
before its regular opening was given on Wednesday evening,
then send the necessary amount of bonds to the nearest
when the quarters were on public view from 7 to 9 o'clock
Sub-Treasury and get the equivalent in currency. This
p. m. Arthur T. Strong is Manager of the branch. For
could be done in the short space of time required for counting
the convenience of customers there is a special interest
the bonds and making the book entry. In 1907 banks senddepartment, a ladies' department and safe deposit departing to Washington for their own notes had to wait sometimes
ment. The main office of the bank is at 5th Ave. and 20th
three or four weeks before the currency could be supplied."
St., and it has an uptown branch at Broadway and 104th St.
—A clearing-house association has been established in
—P. R. G. Sjostrom, Treasurer of the United States
Gary, Ind., by the seven banks of the city; A. B. Kellar,
Worsted Co., has been elected President of the HungarianCashier of the Gary State Bank s Chairman of the executive
American Bank of this city, to succeed William E. Holloway,
committee of the new organization It is reported that a
resigned. Mr. Holloway had been identified with the bank
new bank, the Security Trust & Savings Bank, has been
since last February, and had previously been President of the
ormed.
Montgomery Bank & Trust Co. of Montgomery, Ala. He
—The Equitable Trust Co. of this city has called a special has now become
associated with the Northern Bank of this
meeting of its stockholders to vote upon a proposition to city as Vice-Preside
nt.
authorize an extension of the business and powers and rights
—The Westchester Avenue Bank of New York is the name
of said corporation so as to include the transaction by said of a
new State institution which has been recently incorcorporation of its ordinary business by branch offices in porated with
a capital of $100,000 and a surplus of $50,000.
London, Eng., and in Paris, France." The meeting is to It will be
located near Freeman Street, Borough of the Bronx.
be held on the 26th inst. The company already operates John Tatlock
will be President, Warren Green, Vice-Presif °reign branches, and the proposed action results from the dent, and
Frank D. Pitkin, Cashier. Besides the officials
recent decision of State Attorney-General O'Malley with mentioned, Zoheth
S. Freeman, a Vice-President of the Libespect to the establishment of foreign branches by New York erty National Bank,
and F. L. Lee are on the directorate.
trust companies. Mr. O'Malley held that such institutions
—Marshall S. Driggs, Vice-President and director of the
are not empowered to operate in any city not named in the
First National Bank of Brooklyn Borough and President of
certificate of incorporation, and not even in such cities
the Williamsburgh City Fire Insurance Co., died suddenly
without the written approval of the Superintendent, and
at his New Canaan, Conn., home on the 15th inst. He was
unless complying with the conditions specified by law in
in his seventy-seventh year. Mr. Driggs had formerly been
respect to capital. In the case of the Equitable Trust,
President of the New York Board of Underwriters. In adchartered by Special Act as the Traders' Deposit Co., the
dition to the above connections, he was at the time of his
name being later changed to the present title, Mr. O'Malley
death a member of the New York Chamber of Commerce,
in his findings said "the charter makes no mention of any
a director of the National Surety Co., the Empire State
city in which business is to be conducted, and my conclusion
Surety Co. and the Casualty Co. of America, the American
is the same as in the other cases, namely that the provisions
Malting Corporation and the American Malting Company.
of the general law are applicable." Our issue of Aug. 20
—A reorganization of the Brooklyn Bank of Brooklyn
contained an extended reference to the decision.
Borough has occurred. Charles B. Hobbs has been elected
—A charge of grand larceny was preferred on Wednesday
President to succeed Daniel Underhill resigned, and George
against Adolph Rothbarth, the American representative of
A. Vaughan has been made an additional Vice-President.
the European house of Rothbarth & Co., dealers in
Mr. Hobbs is a member of the New York law firm of Gifford,
hops. The specific charge has to do with the larceny of
Hobbs & Beard, and Mr. Vaughan is Secretary and Treas$10,040 on Sept. 1 1908 from the Mercantile National Bank
urer of the Island Cities Real Estate Co. The latter organof this city, although it is said that the accused is indebted to
ization, according to the Brooklyn "Eagle," was organized
the bank to the extent of something like $34,000, the money,
in 1909 to take over the collateral of the Gow estate, and is
it is understood, having been obtained through misreprenow in absolute control of the bank. The following are 'resentations and false statements of his assets and liabilities.
ported to have retired from the bank's directorate to make
In the same manner he is also said to have secured $75,000
way for the new interests: Otto Wissner, who is said to refrom the Liberty National Bank. Rothbarth also had
tain his stock holdings in the bank; Frank H. Tyler, John
dealings with the National Park Bank, but in this instituF. Gavin, Jeremiah G. Tuthill and Ludwig Nissen.
tion he is reported to have at this time a balance in his favor.
—The new Yonkers National Bank of Yonkers, N. Y.,
The firm of which he was the local representative is comorganized
with $200,000 capital and a surplus of $50,000,
posed of his three brothers, Leopold, Martin and Justus
Rothbarth, and it has offices at Frankfort, Germany, began business on Monday the 12th inst. The bank is loLondon and St. Petersburg. It has an excellent stand- cated on South Broadway, in quarters adjoining the Putnam
tng, and the present irregularities rest only upon the shoulders RR. Station. The work of reconstruction, which has been
of the American representative, who when arraigned on under way for several months past, in the building purchased
Wednesday pleaded guilty to the charge against him. His by the bank, is still in progress, but is expected to be combail was fixed at $20,000. Both the Mercantile and the pleted in another month. The institution is under the manLiberty expect to recover the losses from the foreign house. agement of D. M. Hopping, President; Thomas F. Larkin,
President Frederick B. Schenck of the Liberty National was Vice-President, and Frank 0. Freethy, Cashier.
—Henry C. Stevens, Cashier for 58 years of the Newport
credited with the following statement on Wednesday with
National Bank of Newport, R. I., died on the 23diult.
regard to his institution's position in the matter:
We have been doing business with the firm of Martin Rothbarth Ztc Co. Mr. Stevens was 80 years of age and had been connected
for over three years past. They not only do business in this country,
but with the institution for 62 years.
also abroad. The loans given to Adolph Rothbarth in behalf of his firm
cover a period of about three years. During that time they were of various
—The proposition to increase the capital of the Central
am ounts and on last January they were all paid up. Later Rothbarth be- Ndtional Bank of
Philadelphia from $750,000 to $1,000,000
SEPT. 17 1910.]
THE CHRONICLE
was unanimously approved by the stockholders on Wednesday. The new issue is offered pro rata to the present shareholders at $100 per share, the privilege to subscribe expiring
Oct. 4.
—The organization of the Haddington Title & Trust Co.
of Philadelphia was perfected on the 13th inst., when William
C. Smith was elected President; Judson Kerr and John Wolfenden were chosen Vice-Presidents, and John Snyder was
made Secretary and Treasurer. The new institution will
have a capital of $125,000 and its stock will be sold at $120
per share. It will locate at Sixteenth and Market streets,
where it will erect a building of its own.
—A dividend in liquidation of 5% has been declared in
favor of the. stockholders of the National Deposit Bank of
Philadelphia, payable Sept. 1. The distribution is the
first to be made to the stockholders since the institution
closed its doors on July 14 1908. The depositors were paid
in full, with interest at 6%, final payment having been re. last December.
ceived by them
—A third dividend was declared on the 26th ult. to creditors of the failed Enterprise National Bank of Allegheny,
Fa. The present payment is 5%; the first dividend, 20%,
was paid in July 1906, the second, 5%, in April 1908, the
three making an aggregate of 30%. The failure occurred
in October 1905.
—The- U. S. Circuit Court of Appeals on Aug. 24, at Philadelphia, handed doWn a decision sustaining the judgment
of the Circuit Court in the case of David J. Richardson, who
was convicted last November of making false entries in the
books of the failed Cosmopolitan National Bank of Pittsburgh, and sentenced to five years' imprisonment. The
case will be appealed to the United States Supreme Court.
The accused was Cashier of the bank, which suspended in
September 1908.
—The new Fletcher-American National Bank of Indianapolis, representing a consolidation of the Fletcher National
and the American National banks, began business on the
6th inst. The proceedings under which the union was
accomplished were ratified by the stockholders of the
uniting banks on Aug. 31. The consolidated institution
starts with $2,000,000 capital and a surplus of $1,000,000.
Stoughton A. Fletcher is President and John Perrin is
Chairman of the board. The full list of officials appeared
in our issue of September 3.
—The consolidation of the Sangamon Loan & Trust Co.
and the Lincoln Bank of Springfield, Ill., effected under the
name of the former, was ratified by the respective stockholders on the 3d inst. As stated in our issue of July 30,
the enlarged institution has a capital of $400,000. George
Pasfield, President of the trust company, is at the head of
the consolidated institution, and Herman Pierik, who was
President of the Lincoln Bank, is Vice-President.
—Several noteworthy transactions in the stock of the
Continental & Commercial National Bank of Chicago have
recently occurred. The banking house of Lee, Higginson
& Co. of Boston is reported to have been the purchaser last
month of 500 shares of the bank's stock, the price paid
being in the neighborhood of $140,000, according to the
report. A similar purchase is said to have been effected by
Lyon, Gary & Co., an investment house of Chicago, the
price in this instance, it is understood, being near the market
quotation of 237. The Deering Estate, according to the
Chicago"Tribune" took over 1,000 shares of the bank several
months ago;but the purchase price has not been made known.
The bank has a capital of $20,000,000. It is announced that
the consolidated bank will pay its first quarterly dividend
of 23/2% on Oct. 1. The Continental had paid 10% on its
capital of $9,000,000 and the Commercial National 8% on
its $8,000,000 capital.
—Chicago's new Standard Trust & Savings Bank, organized by Charles S. Castle, who is its President, began
business on Tuesday, the 6th inst., at 157 La Salle St. The
new institution starts with $1,000,000 capital and $250,000
surplus. Mr. Castle resigned in June as Acting Cashier of
the Continental National Bank of Chicago to undertake the
organization of the new banking venture. Prior to the
arrangements a year ago, under which the interests of the
Continental and the American Trust & Savings Bank became
unified, he was Cashier of the latter. In the management of
the Standard Trust & Savings Bank Mr. Castle is associated
with W. F. Van Buskirk as Vice-President and J. M. Miles
as Cashier. Mr. Miles was elected to the cashiership a week
ago, resigning as Assistant Bank Examiner of the Chicago
Clearing-House Association to enter the new concern.
691
—George W. Fitzgerald, formerly assorting teller in the
U. S. Sub-Treasury at Chicago, was arrested on the 14th
inst. on a charge alleging the theft of $173,000, the amount
of the shortage discovered in the accounts of the Treasury at
that point in February 1907. The arrest, it is stated, was
based on a secret indictment returned by the Federal grand
jury on Feb. 17 1910. Bail was fixed at $50,000. This
is the second time the accused has been arraigned in connection with the shortage. He was arrested in August 1908, but
was freed by Judge Chetlain on Sept. 10 1908, the latter's
action, it was reported at the time, being due to the fact that
Assistant U. S. Treasurer Boldenweck, in charge of the SubTreasury at Chicago, had refused to testify, having been instructed not to disclose evidence gathered by the Federal
authorities.
—The proposition to increase the capital of the Western
Trust & Savings Bank of Chicago from $1,000,000 to $1,250,000 was ratified on the 8th inst. The new stock is to be issued to complete the purchase of the assets of thp Prairie
National Bank by the Western. The merger went into effect,
last month. The Prairie National had a capital of $250,000.
Other details concerning the merger were given in the "Chronicle" of Aug. 6 and 13.
—At a special meeting of the stockholders of the Harris
Safe Deposit Co. of Chicago on the 10th inst., authority was
given to increase the capital stock from $1,250,000 to $2,000,000, and to increase the directorate from nine to thirteen
members. The meeting was adjourned to Sept. 28, when it
is expected the increase of stock will be made and the new
directors elected. The company owns the new Harris Trust
Building, which is now being erected in Monroe Street, and
is to be the future home of the Harris Trust & Savings Bank.
—William L. Moyer, who was formerly prominent in New
York banking circles, has been elected a Vice-President of the
La Salle Street National Bank of Chicago, which began business last May. Mr. Moyer had been President of the National Shoe & Leather Bank of New York, which consolidated in 1906 with the Metropolitan Bank.
—The purchase of a majority interest in the Home Savings
Bank of Des Moines, Iowa, by W. B. Lutz of Albia, Iowa,
is reported to have recently been effected. It is stated
that Mr. Lutz takes over most of the holdings of President A. C. Miller and in addition has acquired the interests of other directors. Mr. Miller has been re-elected
to the presidency and Mr. Lutz has been elected VicePresident. The latter will dispose of his holdings in
the Albia State Bank, of which he is Cashier, and will
locate permanently in Des Moines. The Home Savings
Bank has a capital of $50,000 and deposits of over $1,000,000.
• —The Old National Bank of Battle Creek, Mich., in
commemoration of its sixtieth anniversary, which it is now
celebrating, has published a book entitled "Sixty Years
of Banking in Michigan," in which the growth of the institution from its start as the private bank of Lloyd G. Kellogg in
1851 is interestingly sketched. The bank obtained one of the
early charters granted under the National Bank Act of 1865
and is now operated under its third successive charter.
It issued its first statement on Oct. 2 1865, having at that
time a paid-in capital of $80,000, and deposits of $38,821; it
now has deposits of over $3,300,000. The institution conducts a commercial and savings bank business, and its system
of banking by mail covers a radius of over forty miles around
Battle Creek. During the sixty years the bank has had only
three Presidents; the present incumbent is Edwin C. Nichols,
who has occupied the office for fifteen years. The Old
National is styled "The Bank for the Industries," and its
claim to that title is revealed in a resume of its list of officers
and directors, who are representatives of various industries
of the city. The stockholders likewise include interests
representative of nearly every local mercantile and manufacturing concern. As evidencing the way the bank passed
through the panic of 1907, we quote the following from the
book:
No clearing-house certifieates were issued In Battle Creek, and the Old
National Bank adhered to its policy, established In 1865, "to pay every
depositor cash on demand." The savings and commercial deposits were
received and paid out In the ordinary course of business, without restriction
as to time or amount. The depositors In this bank were not inconvenienced in any way, nor did they manifest anxiety about the safety of their
deposits.
The author of the volume is Charles H. Ravel! of Chicago,
who has heretofore been identified with publications of a
similar character.
—The Minnesota National Bank of Minneapolis has
changed its quarters from the Globe Building to the Lumber.
692
THE CHRONICLE
Lxxxxi
-The payment of a dividend of 8% to the depositors
Exchange, Hennepin Avenue and 5th Street, where it is
domiciled on the ground floor. Since the bank began busi- of the failed People's Bank of Portsmouth, Va., was recently
ness in 1902, its deposits have grown to $1,000,000. It has authorized. While it is nearly three years since the failure
a capital of $200,000. Its officers are: A. D. Clarke, Presi- of the institution, which occurred in November 1907, with
dent; F. L. Williams, Vice-President; J. D. Utendorfer, the above payment the total return to the depositors aggreSecretary; I. F. Cotton, Cashier; and C. I. Welch, Assistant gates but 18%, there having been but one other distribution,
namely 10% in 1909. It is stated that Receiver John T.
Cashier.'
-The fortieth anniversary of the Hennepin County Griffin has filed an amended bill in his suit against the
Savings Bank of Minneapolis occurred on the 1st inst. The directors of the institution, in which he charges, according
bank dates from 1870, when the city is said to have numbered to the Norfolk "Virginian", that they should have been
but 18,000 inhabitants, and it was one of the charter members cognizant of the condition of the bank some sixteen or
of:,the Minneapolis Clearing-House Association. Its capital seventeen years ago, and undertakes to hold them liable for
stands at $100,000, it has surplus and profits of $102,000 and the shortage of its funds, amounting, it is said, to more than
$500,000. Mr. Griffin asks that the defendants be required
deposits of $4,800,000.
to answer the amended and supplemental bill, and further
-The Union State Bank is reported to have been organized requests
that the Court refer the cause to one of the Comat Muskogee, Okla., to take over the Alamo State Bank of missioners in Chancery, to ascertain and report the amounts
that city. With the reorganization, the capital will be in- necessary, over and above the bank's assets, to meet and
creased from $40,000 to $100,000. W. C. Jackson has been
pay off all of its indebtedness and other liabilities. The
chosen President to succeed Leo E. Bennett, who resigns request is also made that the Commission transmit an account
to enter the service of the Capitol Commission at Oklahoma showing the amount of money which each of the defendants
City.
is liable to contribute in order to raise the sum necessary to
-The Central National Bank of St. Louis has moved from liquidate the liabilities of the bank.
7th and Locust streets to its new quarters on the ground
-An application to organize the Star National Bank of
floor of the Central National Bank Building at 7th and Olive Richmond, Va., was approved on August 11. The prostreets. The building was formerly known as the Missouri posed institution is to have $200,000 capital.
Trust Building, and had been the home of the MissouriLincoln Trust Co. The offices occupied by the bank have
FALL RIVER MILL DIVIDENDS FOR NINE MONTHS
undergone extensive reconstruction and the facilities of
OF 1910.
the institution in its new location are vastly superior to those
Thirty-four cotton-manufacturing corporations located in
which it has just vacated. The bank has a capital of Fall River which furnish reports of operations have de1 million dollars. It is
$1,000,000 and deposits of about 7V
clared dividends during the third quarter of the year. The
under the presidency of H.P. Hilliard. J. A. Berninghaus is total amount paid out is a little greater than
for the correCashier.
sponding periods of 1909 or 1908, and appreciably smaller
-An application for the appointment of a receiver for the than in 1907, but exhibits important increases over the
Planters' Bank of St. Louis, made by William C. Young, similar quarter of earlier years back to and including 1900.
said to be a small stockholder in the institution, was refused The aggregate of the amount distributed has been $435,875,
by Judge Sale in the Circuit Court at St. Louis on Aug. 29. or an average of 1.64% on the capital. One mill passed its
The filing of the petition is reported to have followed the issu- dividend, one declared at a smaller rate than in 1909, two
ance of a notice on Aug. 22 by the officials announcing that increased the rate and the remainder maintained last year's
the institution was to be liquidated. The St. Louis "Globe- percentage. In 1909 the amount paid by thirty-five mills
Democrat" states that Mr. Young in his petition alleged that was $411,125, or an average of 1.61%. In 1908 the amount
the capital and surplus of the bank had been impaired to the paid out by thirty-three mills was $400,125, or an average
of 1.59%. In 1907 thirty-two mills paid out $664,850, or
extent of $50,000 by bad loans and the payment of high 2.70% on the capital. In 1906 thirty mills disbursed $367,salaries to the officials; that a number of the officers and 275, or 1.61%. In 1905 the aggregate was $215,650, or
directors had turned back their stock and been paid for it 0.99%. In 1904, $150,750, or an average of 0.70%. In
out of the assets, and that a movement was on foot to 1903 thirty-one mills paid out an average of 1.44%; in 1902
exchange the stock for stock in the American Bankers' the average rate was 1.56%. In 1901 the average percentage
was 1.12 and in 1900 the average rate of distribution was
Assurance Co. (now in process of organization), which, he 1.81%.
asserts, was paying commissions of 30% on the transaction
Third Quarter.
It is reported that Judge Sale refused to appoint a receiver
Dividends 1910. Dividends 1909. Inc. (-I-)
1910 and 1909.
Capital.
or
on the ground that the proof did not sustain the charge of
%
Amount.
%
Amount. Dec (-).
manipulation of stocks and impairment of capital by payment
s
a
$
$
800,000 11,i
12,000 13,i
of large salaries. In addition he held that even if the American Linen Co
12,000
Ancona Mills
300,000 alPi
1,500 a13•6
1,500
capital had been impaired by the payment of such salaries, a Arkwright Mills
450,000 Nod IvIdend.
1 Pi
11,750 -6,750
Barnard Mfg. Co •
495,000 1 ji
7,425 1S
7,425
receivership could not exist unless there was proven to have Barnaby
Mfg. Co
350,001) 1
3,500 13
6,250 -1,750
Border City Mfg. Co
1,000,000 1 pi
15,000 154
15,000
been fraud in connection with the payment of large salaries. Bourne
Mills
1,000,000 134
15,000 1Pi
15,000
It is announced that almost 50% of the stockholders of the Chace Mills
1,200,000 2
24,000 2
24,000
Mills
300,000 1 A
4,500 1 Pi
4,500
bank have exchanged their holdings for stock in the Bankers' Conanteut
Cornell Mills
400,000 2
8,000 2
8,000
Davis
Mills
+11,250
1,250,000
134
18,750
7,500
b135
has
a
Bank
capital of $300,000, Davol Mills
Assurance Co. The Planters'
7,500
500,000 13i
7,500 13
8,700
8,700 1 Pi
580,000 1 A
in $100 shares. The stock of the Assurance Co. is being Flint Mills
20,000
20,000 2
Granite Mills
1,000,000 2
12,000 +8,000
disposed of at $2 per share, one-half of which will go toward Hargraves Mills
20,000 1.i
800.000 2A
22,500
King Philip Mills
22,500 1 Pi
1,500,000 1 )4
surplus, and the basis of exchange is 50. shares of Assurance Laurel Lake Mills
12,000
12,000 2
600,000 2
5,250
5,250 134
Mfg. Co
350,000 1 A
Co. stock for one share of bank stock. The charge that Luther
11,250
11,250 15-f
Mechanics' Mills
750,000 13.
18,000
18,000 1 Pi
1,200,000 1M
commissions are paid in the exchange of stock is denied by Merchants' Mfg. Co
8,000
8,000 2
400,000 2
Narragansett Mills
the officials of both the bank and assurance company. The Osborn Mills
11,250
750,000 13
11,250 1 Pi
1A
12,000 +8,000
800,000 25
Parker
20,000
Mills
Planters' Bank began business on Dec. 6 1909. It is Pocasset Mfg. Co
18,000 13i
18,000
1,200,000 15i
Mfg. Co_ 1,000,000 2
20,000 2
20,000
reported in the "Globe-Democrat" that when it was refused Richard Borden
1,200,000 2
29,000 h2
Sagamore Mfg. Co
18,000 +0,000
600,000 134
9,000 134
admission to the Clearing House,steps were taken to merge its Seaconnet Mills
9,000
550,000 1%
Shove Mills
8,250 134
8,250
business with the Commercial Trust Co.; but these plans failed Stafford Mills
1,000,000 1 A
15,000 1 A
15,000
700,000 1%
Stevens Mfg. Co
10,500 13i
10,500
of completion.
750,000 13.5
Tecumseh Mills
11,250 13.5
11,250
rroy Cot. & W. Mfg. Co_
300,000 3
0,000
9,000 3
which
-1.Jpon the occasion of its fortieth anniversary,
18,000
Union Cotton Mfg. Co_ _. 1,200,000 13.5
18,000 11.5
11,250
750,000 13.5
11,250 135
Mills
has just been reached, the National Bank of Commerce of Wampanoag
7,500
500,000 13.5
Weetamoe Mills
7,500 13.5
Norfolk, Va., issues a comparative statement to show its
911,125 +24,750
Total
26,525,000 1.64
435,875 1.61
upbuilding during the four decades. From resources of
$50,000 in 1870 the amount advanced to $224,367 in 1880, a On $100,000 preferred stock. b On capital $500,000. ii On capital $900,000.
$404,152 in 1890, $1,412,626 in 1900, $2,565,133 in 1902,
Combining the foregoing results with those of the half$5,956,297 in 1906 and $7,629,970 on June 30 1910. The year, we have the following exhibit for the nine months. It
bank has a _capital stock paid in of $1,000,000; surplus and is seen that on a capitalization of $26,525,000 the mills have
undivided profits of $656,225 and deposits (under the June paid out in dividends $1,388,375 in the nine months of the
year, or an average of 5.23%, against 5.85% in
call) of $4,701,310. Its officers are: Nathaniel Beaman, present
1909 (including a large extra dividend by the Union Cotton
President; Tazewell Taylor, Vice-President; Hugh M. Kerr, Mfg. Co.), 5.42% in 1908, 7.27% in 1907, 4.87% in 1906,
Cashier, and M. C. Ferebee and R. S. Cohoon, Assistant 2.13%•in 1905, 3.06% in 1904, 4.36% in 1903 and 4.59%
in the like period of 1902.
Cashiers.
Nine Months
1910 and 1909.
Capital.
Dividends 1910. Dividends 1909. Inc.(+)
07
Amount. Dec.(-)
Amount. %
%
S
American Linen Co
Ancona Mills
ArkwrIght Mills
Barnard Mfg. Co
Barnaby Mfg. Co
Border City Mfg. Co
Bourne Mills
Chace Mills
Conanicut Mills
Cornell Mills
Davis Mills
Davol Mills
Flint Mills
Granite Mills
Hargraves Mills
King Philip Mills
Laurel Lake Mills
Luther Mfg. Co
Mechanics' Mills
Merchants' Mfg. Co
Narragansett Mills
Osborn Mills
Parker Mills
Pocasset Mfg. Co
Richard Borden Mfg. Co_
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford Mills
Stevens Mfg. Co
Tecumseh Mills
Troy Cot. & Wool Alfg.Co.
Union Cotton Mfg. Co_ _.
Wampanoag Ming
5
Weetamoe Mills
Total
693
THE CHRONICLE
SEPT. 17 1910.1
800,000 434
300,000 435
450.000 235
495,000 434
350,000 3
1,000,000 435
1,000,000 435
1,200,000 6
300,000 435
400,000 16
1,250,000 434
500,000 435
580.000 435
1,000,000 6
800,000 734
1,500,000 454
600,000 6
350,000 535
750,000 434
1,200,000 454
400,000 6
750,000 434
800,000 734
1,200,000 435
1,000,000 8
1,200,000 6
600,000 554
550,000 434
1,000,000 434
700,000 43-4
750,000 435
300,000 9
1,200,000 434
750,000 435
500,000 435
$
36,000 435
4,500 434
11,250 43.5
22,275 435
10,500 114
45,000 435
45,000 334
72,000 6
13,500 435
64,000 6
56,250 435
22,500 435
26,100 435
60,000 6
60 000 435
67,500 434
36,C0) 6
19,250 435
33,750 454
54,000 434
24,000 6
33,750 434
60,000 414
54,000 435
80,000 6
72,000 6
33,000 435
24,750 434
45,000 434
31,500 434
33,750 454
27,000 10
54,000 28
33,750 334
22,500 434
$
36.000
4,500
20,250
22,275
5,250
45,000
35.000
72.000
13,500
24,000
22,500
22,500
26,100
60,000
36,000
67,500
36,000
15,750
33,750
54,000
24,000
33,750
36,000
54,000
60,000
54,000
27,000
24,750
45,000
31,500
33,710
30,000
336,000
26,250
22,500
$
-9,000
+5.250
+10,000
+40,000
+33,750
+24,000
+3,500
+24.000
+20,000
+18,000
+6,000
-7,000
-282.000
+7,500
--26,525,000 5.23 1,388,375 5.85 1;490,375 -102.000
LIABILITIES.
ASSETS.
$
Trust Fund LiabilitiesTrust Fund Holdings889,811,669700
889,811,669 00 Gold certificates
Gold coin
485,939,000 00
.485,939,000 00 Silver certificates
Silver dollars
3,587,000 00
Silver dollars of 1890...3,587,000 00 Treasury notes of 1890_
1,379,337,669 00
Total trust fund
GeneralFund Holdings43,683,247 16
Gold coin and bullion
35,945,200 00
Gold certificates
10,267,573 00
Silver certificates
5,974,795 00
Silver dollars
3,360,234 74
Silver bullion
6,320,278 00
United States notes_
10,719 00
Treasury notes of 1890_
National bank notes
35,598,344 87
20,366,532 67
Fractional silver coin
64 80
Fractional currency_ __ 922,150 96
Minor coin
Bonds and interest paid
14,521 27
Total trust liabilities_1,379,337,669 00
Gen. Fund LiabilitiesNational Bank 5% fund 28,757,192 92
Outstanding checks and
11,355,608 41
drafts
Disbursing officers' bal73
83,751,330
ances
Post Office Department
2,514,857 64
account
Miscellaneous items...1,436,948 54
Total gen'i liabilities__ 127,815,938 24
Tot. in Sub-Treasles_ 162,463,661 47
In Nat. Bank Depositaries
Credit Treasurer of U.S. 35,774,941 47
Credit U. S. dig. officers 12,990,679 15
48,765,120 62
Total in banks
In Treas. of Philippine IslandsCash Balance and Reserve2,265,612 30
Credit Treasurer of U.S.
3,844,751 44 Total cash and reserve__ 239,532,207 59
Credit U. S. dia. officers
Made up of6,110,363 74 Available __ 89,523,207 59
Total in Philippines__
and
Reserve FundReserve Fund HoldingsGold coin and bullion__ _ 150,000,000 00 Gold&bull_150,000,000 00
Grand total
1,746,676,814 83
Grand total
1,746,676,819 83
Mandarin Maininercialgnglisttgenis
[From our own correspondent.]
London, Saturday, Sept. 10 1910.The stock markets are more utterly lifeless than is usual
even in the holiday season. The causes are mainly three:
inability to judge what is about to happen in the United
States, seeing that the public holds aloof so completely from
the New York Stock Exchange; injury done to the harvest/3
in
Central and Western Europe; and the lockout in the ship1910.
31
AUG.
DEBT
NG
INTEREST-BEARI
strike in the South Wales coal
---Amount Outstanding---- ping trade and the threatened
Amount
Total.
Registered. Coupon.
trade. The latter two events are not the least potent, for
Issued.
Interest
$
Payable.
Two ofLoanthe moment, at all events. Without going so far as to say
Q.-J. 646,250,150 641,663,350 4,586,800 646,250,150
25, Consols of 1930
for
Q.-F. 198,792,660 42,526,460 21,419,000 63,945,460 that the boiler-makers and the miners have no cause
38, Loan of 1908-18
Q.-F, 162,315,400 98,605,300 19,884,600 118,489,900 complaint, it appears to be proved absolutely that the great
38, Loan of 1925
0
54,631.9
30,860
54,601,120
54,631,980
-N.
1906.Q.
9s, Pan. Canal Loan
424,480 30,000,000 trades unions are utterly disorganized, that the elected
2s, Pan. Canal Loan 1908.Q.-F. 30,000,000 29,575,520
have lost their authority, and that the younger
913,317,490 'councils
46,345,740
_1,091,990,190
866,971,750
debt_
Aggregate int.-bearing
men, at all events, take every excuse that offers to go out
Note.-Denominations of bonds are: Of $20,loan of 1908, coupon and registered;
of $50, all issues except 3s of 1908; of $100, all issues: of $500, all issues; of 31,000, on strike in the belief that they can come back as soon as
all issues; of $5,000, all registered 2s, 38 and 4s; of $10,000, all registered bonds; of they like. In the case of the boiler-makers the leaders of the
$50,000, registered 2s of 1930.
trades unions practically admit that discipline is lost in the
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
Aug. 31.
unions, and they ask for a vote to support their authority.
July 31.
Funded loan of 1801, continued at 2%,called May 18
In the South Wales coal trade the same kind of disorganiza00
$7,000
00
$7,000
18
1900
Aug.
ceased
interest
•
1900,
23.65000 tion seems to exist.
23,750 00
Funded loan 01 1891. matured Sept. 2 1891
14,450 00
14,950 00
Loan of 1904, matured Feb. 2 1904
Naturally this makes a very unfavorable impression upon
00
1,101,250
00
1,103,500
Funded loan Of 1907, matured July 2 1907
17,110 00 the stock markets. Labor disputes are always liable t2.
17,120 00
Refunding certificates, matured July 1 1907
But if every body of young men who desire a day's holidays
Old debt matured at various dates prior to Jan. 1 1861
and other items of debt matured at various dates
to a standstill.
906,085 26 throw down their tools, business must come
908,285 26
subsequent to Jan. 1 1861
No doubt the vigorous action taken by the masters in the
Aggregate debt on which interest has ceased since
will make the great body of workmen see
$2,074,105 26 32,069,545 26 shipbuilding trade
maturity
the injury to themselves of the present state of things, and
DEBT BEARING NO INTEREST.
an improvement will take place. But until these trade disAug. 31.
July 31. •
3346,681,016 00 $346,681,016 00 putes are out of the way it is to be feared that there will be
United States notes
50
53,282
50
53,282
Old demand notes
30,730,387 75 little activity in the stock markets.
27,452,118 00
National bank notes-Redemption account
Apart from labor questions, every thing seems to be going
Fractional currency, loss $8,375,934 estimated as
6,858,435 93
93
6,858,820
lost or destroyed
in favor of markets. The Board of Trade returns for August
$381,045,237 43 $384,323,122 18 and the eight months ending therewith are exceedingly
Aggregate debt bearing no interest
RECAPITULATION.
favorable. In the exports of British and Irish produce and
Increase (+) or
manufactures for the month, the increase in value is as much
Decrease (-).
July 311910.
ClassificationAug. 31 1910.
and the increase for the first eight months of the
Interest-bearing debt
$913,317,490 00 $913,317,490 00
as
-34,560 00
2,074,105 26
2,069,545 26
Debt interest ceased
0. The increase in the re-exports is 15.8% for
15.27
20.3%,
+3,277,884 75 year
381,045,237 43
384,323,122 18
Debt bearing no interest
the month and 17.6% for the eight months. In the imports
31,299,710,157 44 $1,296,436,832 69 +33,273,324 75 the increase for the month is 7.5% and for the eight months
Total gross debt
292,356,224 32 -2,833,016 73
Cash balance in Treasury._ _ 239,523,207 59
8.8%. It is to be recollected that there was one more
$1,060,186,949 85 21,054,080,608 37 +$6,106.34t48 working day in August this year than in August last, and,
Total net debt
fund.
reserve
$150,000,000
Including
•
furthermore, that prices are higher now than they were a
The foregoing figures show a gross debt on Aug. 31 of year ago. Even when allowance is made for these facts, the
less
net
net
cash
debt
a
debt
(gross
$1,299,710,157 44 and
returns are highly satisfactory. But the City asks, How long
in the Treasury) of $1,060,186,949 85.
will this improved condition of trade continue if work-people
TREASURY CURRENCY HOLDINGS.-The following come out on strike whenever they take a fancy?
In the money market, too, the prospects are decidedly
compilation, based on official Government stateinents, shows
the currency holdings of the Treasury on the first of June, more favorable to markets than they were a little while ago.
All expectation that the Bank of England will raise its rate
July, August and September 1910.
TREASURY NET HOLDINGS.
of discount in the early future has now disappeared. In a
June 1. '10. July 1 '10. Aug. 1 '10. Sept. 1 '10. month or so it is possible that it may do so, or something
Holdings in Sub-Treasuriesmay happen to compel a rise in the rate.
Net gold coin and bullion
229,620,847 237,052,812 228,421,383 229,628,447 quite unforeseen
Net Silver coin and bullion
14,098,831 16,754,880 19,296,005 19,602,603 But at present nobody anticipates an advance. The Bank is
11,046
10,719
Net United States Treasury notes
8,470
10,797
'the Government is about to pay off a very large
Net legal-tender notes
6,835,513 10,495,935 8,780,039 6,320,278 strong;
Net national bank notes
29,373,061 28,588,759 36.666,030 35,598,345 amount of Treasury bills, which must increase the supplies in
20,366,532
20,377,827
Net fractional silver
21,367,285 19,992,380
consequently it is expected that, for a
936,737 the open market; and
1,173,228
Minor coin, &c
931,169
• 1,273,572
month at least, money will be both plentiful and cheap.
,661
in
Sub-Treasuries _302,579,906 313,824,405 314,734,558d312,463
Total cash
India is not taking gold, as she was expected to do. Brazil
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
cannot take it because she has not yet settled the value of the
Cash bal. In Sub-Treasuries
15i,579,906 163,824,405 164,734,558 162,463,661 milreis. In the United States money remains cheap, and
50,841,325 51,685,340 48,390,919 48,765,121
Cash in national banks
York
4,728,696 4,447,450 6,228,662 6,110,364 belief here is that the great shipments of gold to New
Cash in Philippine Islands
that were feared a little while ago will not now take place.
Net Cash in banks, Sub-Treas_208,149,927 219,957,195 219,354,139 217,339,146
possibly Russia, then, there seems no
125,984,610 119,466,411 126,997,915 127,815,938 Except Egypt, and
Deduct current liabilitles_a
likelihood at present that any country will take very much
82,165,417 100,490,74 92,356,224 89,523,208
Available cash balance
gold. Egypt this week is taking less than in the earlier part
a Chiefly "disbursing officers' balances." d Includes 33,360,234 74 silver bullion,
of the week was anticipated. Worms have appeared in the
$936,736 93 minor coin, dec., not included in statement ';stock of Money."
TREASURY CASH AND DEMAND LIABILITIES.- cotton crop, and therefore some apprehension has been
The cash holdings of the Government as the items stood excited that the crop may be damaged. Up to the present
the reports are that no serious injury has been done. Picking
Aug. 31 are set out in the following:
DEBT STATEMENT AUG. 31 1910.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Aug. 311910. For statement of July 311910,
see issue of Aug. 20 1910, page 440; that of Aug. 311909, see
Oct. 2 1909, page 819.
694
THE CHRONICLE
has already begun in the Fayoum, and within a fortnight
it is expected that picking will be general. Upon the whole,
the money outlook is much more favorable than it seemed a
few weeks ago, and, taken with the great improvement in
trade and the peaceful condition of international politics, it
seems likely that before long markets will resume their usual
activity.
The India Council offered for tender on Wednesday 40 lacs
and the applications amounted to 470% lacs at prices ranging
from is. 4d. to is. 4 1-16d. per rupee. Applicants for bills
at is. 4d. and for telegraphic transfers at is. 4 1-32d. per
rupee were allotted about 8% of the amounts applied for,
and above in full.
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
Sm., compared with the last four years:
1910.
1909.
Sept. 7.
Sept. 8.
.£
Circulation
28,203,045 29,335,850
Public deposit&
18,862,841 8,056,409
Other deposits
40,148,554 47,818,072
Governm't securities 15,874,770 15,329,192
Other securities..
29,696,428 29,346,465
Reserve,notes&cofn 29,687,987 29,446,257
C,oin&bull.,both dep 39,441,032 40,332,062
Prop, reserve to liabilities
p. c.
52
5234
Bank rate
p. c.
3
234
Consols, 2% p. c__ _
83 13-16
8034
Silver
2434d. 23 11-16d.
Clear.-house returns 244,460,000 206,245,000
.Sept. 13 1906.
1908.
Sept. 9.
1907.
Sept. 11.
1906.
Sept. 12.
29,095,850
5,700,452
45,513,891
15,532,293
26,431,897
27,507,608
38,153,368
29,109,385
7,812,123
46,924,229
14,338,076
30,494,182
27,994,716
38,684,101
28,734,145
9,224,182
42,477,145
15,958,452
29,273,146
24,761,561
35,045,708
514
5334
234
4
8634
82 5-16
2334d.
3134d.
176,902,000 201,209,000
The rates for money have been as follows:
Sept. 2.
Sept. 9.
Bank of England rate
3
3
Open Market rateBank bills-60 days
3
234
-3 months...
3 1-16©334
3
-4 months_ _ _ _
3%
334
-6 months....... 3 A ©3 7-16
334
Trade b11.18-3 months_ .._ _
334
334
-4 months_ _ _ _
3X
334
111
n Wrest allowed for deposits,
ig By joint-stook banks
134
14
ir.j. By discount houses:
.
At call
14
134
•,.. 1 7 to 14 days
IX
13.4
Aug. 19.
3
3@f334
30334
334(4)334
34
334
334
234
234
3A
334
3©334
334
134
134
134
134
134
19-4
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Sept. 10.
Sept. 3.
Aug. 27.
Aug. 20.
Rates of
Bank Open
Batik Open Bank Open Bank Open
Interest at-Rate. Market. Rate. Market. Rate. Market. Rate. Market.
Paris
3
24
3
2
3
2
3
2
Berlin
4
334
4
3%
4
334
4
394
Hamburg
4
4
394
4
39.4
4
334
334
Frankfort
4
334
4
394
4
4
394
37-16
Amsterdam
5
5
5
434
434
434
5
434
Brussels
34 234
294
334
334
34 234
234
Vienna
4
334
4
334
4 3 15-16
4 3 15-16
St. Petersburg
44 nom.
5
nom.
5
nom.
5
nom.
Madrid
434
4
44 4
44 4
4% 4
Copenhagen
5
4
5
4
5
4
5
4
Messrs. Pixley & Abel write as follows under date of
Sept. 8:
GOLD.-Purchases for Turkey and the Indian requirements have absorbed most
of this week's arrivals, and the balance will remain in London, though it Is unlikely
that the Bank will secure any part of R. Egypt is still taking sovereigns, and has
taken £455,000 since the date of our last circular, while, .n add,tion, £100,000 has
been withdrawn for Turkey and £11,000 for Bolivia. On the other hand, the Bank
has received £263,000 in bars. Next week we expect £612,000 from South Africa.
For the week: Arrivals-South Africa, £662,000: Bombay, £110,000; West Indies,
£26,000; Brazil, £10,000; total. £808,000. Shipments-Bombay, £163,000; Calcutta,£47,000; Colombo, £5,000; total, £215,000. For month of August: Arrivals
-Germany, £24,000; Holland, £1,000; France, £16,000; Egypt. £3,000; Java,
£35,000; U. S. A., £15,000; South America, £85,000; South Africa, £3,327,000;
India, £178,000. Shipments-Germany, £822,000; Holland, £369,000; France,
£144,000; Turkey, £500,000; Egypt, £150,000; Java, £204,000; U. S. A., £1,509,000; South America, £202,000; South Africa, £10,000; India, £755,000.
SILVER.-The market has been without interest during the past week, and
changes in quotations have been slight. To-day we quote 2434d.for spot and 2434d.
for forward delivery, the premium of Xd. on forward silver having been established
on the 6th Inst. The market is quite steady at the close, a few buying orders from
China having given a firm tone. The China exchanges are close to the parity of
London quotations but buying orders from there until to-day have been few, while
the latest Indian quotations are below our parity. For the week: Arrivals-New
York, £200,000; Mexico, £30,000; West Indies, £3,000; Chili, £3,000; total, £236.000. Shipmmts-Bombay, £140,000: Calcutta, £5,000; Port Sa d, £1,000; total,
£146,000. For month of August: Arrivals-Germany, £4,000; France, £10,000;
U. S. A., £1,251,000. Shipments-Russia, £189,000; Germany, £151,000;
France, £62,000; India,.£615,000.
The quotations for bullion are reported as follows:
GOLD.
Sept. 8.
London Standard.
a. d.
Bar gold, fine, oz
77 9
U.S. gold coin, oz.__ 76 5
German gold coin,oz_ _ 76 5
French gold coin, oz__ 76 5
Japanese yen
76 4
Sept. 1.1
SILVER.
Sept. 8.
s. d. I London Standard.
d.
77 9 1Bar,
sliver,fine, oz.__ _24
76 5 1 " 2 mo. delivery, oz_244
76 5 1Cake silver, oz
26 5-16
76 5 'Mexican dollars
nom.
76 4 1
Sept. 1
d.
2434
247-16
26 5-16
nom.
The following shows the imports of cereal produce into
• the United Kingdom during the season just ended, compared with previous seasons:
YearImports of wheat
Barley
Oats
Peas
Beans
Indian corn
flour
IMPORTS.
1909-10.
ewt_105,413,040
22,074,500
20,024,400
2,348,683
2,023,504
36,210,858
10,907,119
1908-09.
91,711,400
21,860,800
15,353,400
1,474,040
1,305,470
38,915,900
10,919,400
1907-08.
1906-07.
91,445,750 96,194,052
20,355,386 19,768,034
13,185,799 11,292,114
1,364,950
1,853,780
946,870
460,850
39,423,157 52,525,570
13,408,100 13,427,672
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown
1909-10.
1908-09.
1907-08.
1906-07.
cwt_105,413.040 91,711,400 91,445,750 96,194,052
10,907,119 10,919,400 13,408,100 13,427,672
27,636,396 25,642,807 34,558,162 35,458,511
Total
Average price wheat, week
Average price, season
143,956,555 128,273,607 139,432,012 145,080,235
32s. 2d.
38s. •5d. 30s. 10d. 33s.. 10d.
32s. 6d.
36s. 6d. 32s. 10d. 28s. Id.
The following shows the quantities of wheat, flour and
• maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
.
qrs
qrs
qrs
TMs week.
2,255,000
95.000
1,280,000
Last week.
2,380,000
80,000
1,310,000
1909.
1,905,000
130,000
715,000
The British imports since Jan. 1 have been as follows:
1908.
1,745,000
130,000
755,000
1910.
.£
55,921,154
51,158,357
58,120,393
59.555.459
55,269,179
54,636,758
49,384,462
52,030,617
1909,
Difference.
Per
.£
.£
Cent.
53,500,364
+2,420,790
+4.5
50.468.143
+690,214
+1.3
52,013,465
+6,106,928 +11.7
49,173.762 +10.381,697 +22.0
44,854,548 +10,414,631 +23.2
51.711,874
+2,924,884
+5.6
50,316,493
-932,031 -1.8
48,411,204
+3,619,413
+7.5
--435,780,412 400,317,006 +35,463,406
+8.8
ImportsJanuary
February
March
Aril
May
June
July
August
Eight months
The exports since Jan. 1 have been as follows:
1910.
.E
34,803,115
31,691.870
34,391,558
35.292.215
33,607,311
34,799,654
38,388,177
38,638,883
ExportsJanuary
February
March
April
May
June
July
August
Eight months
1909.
.€
28,803,046
28,024,452
31,904,673
28.958.458
29,525,746
29,717,975
35,487,240
32,114,700
281,612,783 244,536,290
Difference.
.£
+6.000,069
+3,667,418
+2,486,885
+6.333,757
+4,081,565
+5,081,679
+2,900,937
+6,524,183
--+37,078,493
Per
Cent
+208
+13.0
+8.9
+21.9
+13.8
+17.1
+8.1
+20.3
+15.2
The re-exports of foreign and colonial produce since Jan. 1
show the following contrasts:
Re-exportsJanuary
47% February
March
.4
86 9-16 April
3730. May
189,598,000 June
July
August
Aug. 26.
3
[Void. Lxxxxi.
1910.
•
8,147,164
10.184.560
8,443,988
11,858,654
8,294,262
8,383,643
8,221,595
8,099,313
1909.
6,687,551
8,473,634
7,540,319
8.631,006
7,251,262
7,965,605
7,374,231
6,990,059
Difference.
+1,459,613
+1,710,926
+903,669
+3,227,648
+1,043,014
+418,038
+847,364
+1,109,254
Per
Cent
+21.8
+20.0
+12.1
+37.4
+14.3
+5.2
+11.4
+15.8
Eight months
71,633,179
60,913,458 +10,719,721 +17.6
Note.-The aggregate figures are official. They indicate that alight adjustments
have been made in the monthly returns as issued.
English Financial Blirkets-Per Cable.
The daily closing quotations for securities, Scc., at London,
reported
as
by cable, have been as follows the past week:
London,
Week ending Sept. 16.
Sal.
Mon.
Tues.
Wed.
Thurs. Frt.
Silver, per oz
d 247-16 2494
24 7-16 244
249-16 244
Consols, new,24 per cents... 8034
80 7-16 809-4
80 11-16 80 9-16 80 9-16
For account
8034
80 9-16 8034
803-4
8094
8094
French rentes (in Paris)_fr. 97.8234 97.75
97.75
97.80
97.7734 97.974
Amalgamated Copper Co__ _ 65
65
6594
6634
664
644
b Anaconda Mining Co
8
8
8
84
8
7%
Atchison Topeka & Santa Fe 99%
101
10034
1024
10194
997-4
Preferred
10234
10234
10234
10234
103
103
Baltimore & Ohio
10634
106
10634
1084
10634
10754
Preferred
90
90
90
90
90
90
Canadian Pacific
1944
195%
19594
19434
19434
19534
Chesapeake & Ohio
754
7534
7634
774
764
76
Chicago Great Western
2334
234
24
24
23
233.4
Chicago Milw. dc St. Paul._ _121X
123
123
126
124
12334
Denver & Rio Grande
304
304
31
3134
32
31
Preferred
73
73
73
7334
73
735.4
Erie
2634
2634
27
2634
2634
2534
First preferred
44
4434
4434
454
45
4434
Second preferred
33
33
33
34
34
33
Illinois Central
132
13234
133
13234
134
13334
Louisville & Nashville
146
148
1464
14734
147
14634
Missouri Kansas & Texas
32
32
324
3334
3254
3234
Preferred
633-4
634
63
63
0434
6334
Nat. RR. of Mex., 1st pref 70
70
72
713.4
71
7134
Second preferred
3234
324
3234
333-4
33
3234
N. Y. Central & Hud. River_114
114
115
1154
1163.4
11434
N.Y. Ontario 8, Western_ _ _ 41
41
4134
42
4134
4134
Norfolk & Western
9834
994
9834
100
10034
10034
Preferred
91
91
91
91
91
91
Northern Pacific
117
117
11734
1184
118
11634
a Pennsylvania
653-6
66
66
6634
664
66
a Reading Co
7194
7131
72
734
7234
7154
a First preferred
45
45
45
45
45
45
preferred
Second
a
4734
474
4794
4734
473.4
48
Southern Pacific
11534
11534
1164
11734 c11434
113%
Southern RY
2234
2234
2334
24
2334
2334
Preferred
5234
53
534
523-4
5334
5334
Union Pacific
16934
17134
171
17334
16834
10994
Preferred
94
94
9434
95
93
924
U. S. Steel Corporation
69%
7034
7134
705-4
7094
8834
Preferred
11934
11934
120
11954
120
1194
Wabash
174
17
1734
1734.
1734
1754
Preferred •3694
3734
3634
38
374
HU
Extended 4s
65
65
66
6534
6531
66
a Price per share. b £ Sterling. e Ex-dividend.
Tonmercial and Taiscetianeonsqa,.exus
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 Farmers' Savings Bank of George, Iowa, Into "The First Nations
Bank of George." Capital, $25,000.
The Fir3t State Bank of Bowdle, I3owdle, S. D., into "The First Nationa
Bank of Bowdle." Capital, $25,000.
NATIONAL BANKS ORGANIZED.
September 2 to September 7.
3,834-"Louisiana National Bank of Baton Rouge," La. Capital, $150,000. N. S.- Dougherty, Pres.; Jos. Gottlieb, D. M. Reymond,
Hy. L. Fuqua and Richard J. Hummel, Vice-Pres.; W. H.
Bynum, Cashier; Thos. B. Williams, Asst. Cashier. Chartered
1,835-ThA
liirs
eug
3t1.National Bank of Bokchlto, Okla. Capital, $25,000.
C. L. Sawyer, Pres.; S. M. Blair, Vice-Pres.; W. H. Riddle,
Cashier. Conversion of The Citizens State Bank of Boicchito.
1.836-The First National Bank of Elmhurst, Ill. Capital, $25,000.
William Graue, Pres.; E. W. Marquardt, First Vice-Pres.; F. W.
M. Hammerschmidt, Second Vice-Pres.; Alonzo 0. Fischer.
pair%
;
7,837'-ThC
ea
National Bank of Red Lake Falls, Red Lake Falls,
Minn. Capital, $25,000. L. C. Simons, Pres.; Sam E. Hunt
and E. Fayolle, Vice-Pres.; W. B. Cheshire, Cashier; A. A
Latendresse, Asst, Cashier.
3,838-The First National Bank of Crosby, Crosby; Minn. Capital,
$25,000. Isaac Hazlett, Pres,: J. J.'Meyer, Vice-Pres.; S..0.
Latta, Cashier.
1,839-The Phelps National Bank, Phelps, N. Y. Capital, $25,000.
Chas. it, Garleck, Pres.; A. 'I'. Van Nostrand, Vice-Pres.; and
.
J. Fred Helmer, Cashier.
9,840-The First National Bank of La Jara, La Jara,- Colo. Capital,
525,000. J. A. McDaniel, Pres.; W. A. Braiden, Vice-Pres.;
John S. Fletcher, Cashier. • '
695
THE CHRONICLE
SEPT. 17 1910.1
Canadian Bank Clearings.-The clearings for the week endGOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasuery, we ing Sept. 10 at Canadian cities,in comparison with the same
are enabled to place before our readers to-day the details of week of 1909, shows an increase in the aggregate of 25.7%.
Government receipts and disbursements for the month of
Week ending September 10.
August. From previous returns we obtain the figures for
Clearings atInc. or
previous months, and in that manner complete the state1907.
1908.
Dec.
1909.
1910.
ments for the 8 months of the calendar years 1910 and 1909.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1910.
1909.
(000s omitted.)
June. July. Aug. 8 21los. June. July. 1 Aug. 1 8 Mos.
---I----$1$1 $
$
$
$
$
$
27,660 25,051 29,279 219,260 29,614 28,673 28,590 58,553
42,076 29,582 22,963 200.703 23,516 21,208 19,719 92,281
6,535 9,1851 2,727 36.010 5,770 3,910 2,773 7,825
----------------955,973 58,900 53,791 51,082 108,659
76,271 58181 54.968,
Total receipts
1
I
Disbursements17,218 14,231 32,694
Civil and miscellaneous 16,969 21,528 16,532 123,859 12,691 21,919
12,716 39,895
12,926 20,118 19,723 101,638 12,860
War
21,955
10,110
10,472
9,120
80,103
9,929
10,839 10,302
Navy
860 1,390 1,952 3,474
2,362 1,533 1.948 13,530
Indians
13,935 15,755 29,691
11,732
106,496
19,977
13,877
12,227
Pensions
489 1,500 3,000 4,500
1,598
__
Postal deficiency
157 3,279 1,889 5,168
135 3,247 1,901 15,784
Interest on public debt_
3,068 2,0041 5,074
2,801
24,578
2,537
9,441
2,709
Panama Canal
---Total disbursements_ 68,162 75,096 62,542 467,581 50,710 72,770 61,657 136,951
Less repayment of un1
expended balances__ 1,865 2,193 1,966 3,6591 ____ 1 2,9691 1,159 2,705
ReceiptsCustoms
Internal revenue*
Miscellaneous
56,297 72,853 61,076 463,922 50,710 70,612 60,498 134,246
1
* Includes corporation tax of $83,926 for July and $23,503,997 for the live mouths
year.
this
Note.-1909 receipts do not include $30,731,008 proceeds of Panama Canal bonds.
Total
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
St. John
Hamilton
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Total Canada
$
34,982,725 28,392,908 +23.2 25,970,662 31,198,660
29,603.619 21,817,192 +12.8 19,561,935 22,292,195
19,192,216 9,940,529 +50.3 7,477,452 11,210,165
8,582,729 5,683,523 +51.0 3,192,534 9,227,903
4,000.911 2,529,933 +58.5 2,668,343 3,274,077
1,739,771 2,146,598 -18.9 2,356,792 2,227,825
1,735,905 1,378,591 +25.9 1,431,899 1,824,086
1,279,370 1,251,539 +2.2 1,326,499 1,552,117
1,736,965 1,382,523 +25.6 1,280,387 1,686,935
2,460,993 1,775,762 +38.6 1,131,291 1,157,250
1,569,393 1,959,718 +7.5 1,015,817 1,118,932
873,465 1,232,704
978,743 +21.4
1,188,127
844,909
726,079
1,322,913
862,627 +53.3
1,215,795 Not includ ed in to tal.
374,712 Not includ ed in to tal.
531,764 Not lnclud ed in to tal.
99
,394:63
717
+
11.7 69,013,145 83,769,258
9
25
,099763
-
DIVIDENDS.
The following shows all the dividends announced for the
future by large or itnporta nt corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
IVhen
Payable
Books Closed
Days Inclusive.
STOCK OF MONEY IN THE COUNTRY.-The following
table shows the general stock of money in the country as well
as the holdings by the Treasury, and the amount in circulation on the dates given. The statement for Sept. 1 1909 will
be found in our issue of Oct. 2 1909, page 820.
Railroads (Steam).
1 IIolders of rec. Sep. 23a
Oct.
1
Beech Creek, guaranteed (guar.)
Sept. 30 Holders of rec. Aug.31a
2
Boston dr Albany (quar.)
1 Holders of rec. Sept. la
lit/S1.011 & Maine. common (quar.)
134 Lid.
1 Sept. 3 to Oct. 5
Canadian Pacific, common
334 Oct.
1 Sept. 3 to Oct. 5
% Vt.
Common (extra)
1 -"ent. 3 to Oct. 5
Vt.
2
Preferred
ig Sept. 30 Holders of rec. Sept.9a
-Stock 0/ Money Sept. 11910- -Money in Circulation- Chesapeake & Ohio (quar.)
1 Sept. 27 to Oct. 3
Oct.
2
Chicago Burlington & Quincy (quar.)_ _
Sept. 1
In United
Held in
1 Holders of rec. Sept.16a
Chicago & Eastern Illinois. pref. (quar.)
134 Oct.
Sept.19O9.1
1910.
Treasury. d
Stales.
1 Holders of rec. Sept. 9a
Oct.
Chicago & North Western, pref.(quar.)-- 2
$
$
Sept. 24 Holders of reo. Sep. 15a
2
Akron (.4 Columbus
Cleveland
587,838,757
592,685,008
193,683,247
and
bullion
1,676,179,929
Gold coin
1 Sept. 22 to Oct. 2
Oct.
2
de Southern, 1st and 2nd pref.__ _
35,945,200 853,866,409 811,472,169 Colorado
Gold certificates_a
234 Sept. 20 Holders of rec. Aug.30a
72,556,981 Delaware & Hudson Co. (quar.)
72,770,713
5,979,795
Standard silver dollars_ ._ - 569,690,508
134 Dec. 10 Holders of rec. Nov.30a
& Pittsburgh (quar.)
Erie
478,084,559
475,671,427
10,267,573
Silver certificates_a
5
Nov. 1 Sept. 18 to Oct. 17
Evansville & Te,re Haute common
t 155,939,038 20,366,533 135.067,505 130,995,375
Subsidiary silver
234e Oct. 15 Holders of rec. Sept.15a
Preferred
4,107,275
3,576,281
10,719
3,587,000
Treasury notes of 1890_ __ _
(qu.) 134 Sept. 15 Holders of rec. Sept. 10a
Gloversville,
dc
pref.
Fonda
Johnstown
339,775,265
346,681,016 6,320,278 340,360,738
United States notes
1 Holders of rec. Sept.24a
234 Oct.
Interborough Rapid Transit (quar.)
717,321,051 35,598,395 681,722,706 671,993,450 Joliet dc Chicago, guaranteed (guar.)
National bank notes
3 Holders of rec. Sept.24a
134 Oct.
134 Sept. 16
ct
Arkansas
Louisiana
3,096,273,826
3,463,893,537 308,166,690 3,155,726,847
Total
1 Holders of rec. Sept.150
Manhattan Ry. gu.(quar.)(No. 106) ..,- 134 Oct.
et. 15 lonaers of ree.Sept. 300
e
Population of the United States Sept. 1 1910 estimated at .J0,603,000; circulation Sii11/1.
o• lb) s y,
Pret•
,
1 31,f1dprs of roe. Rept.20o
'et.
2
iftu
Leased
per capita, $34 83.
1 Holders of rec. Sept.22a
Oct.
3
* A revised estimate by the Director of the Mint of the stock of gold coin was Newark & Bloomfield, guaranteed
134 Oct. 15 Holders of ree.Sept.22a
adopted in the statement for August 11907. There was a reduction of $135,000,000. N. Y. Central & Hudson River (quar.)-subsidiary silver New York dc Harlem, common and pref_ _ _
1 Holders of rec. Sept. 19
134 Oct.
t A revised estimate by the Director of the Mint of the stock of
1 Holders of rec. Sept. 15a
coin was adopted in the statement of Sept. 1 1910. There was a reduction of N. Y. Lackawanna & West.,guar. (guar) 134 Oct.
2
Sept. 30 Holders of rec. Sept. 15
$9,700,000.
N. Y. New Haven de Hartford (quar.)_
$1 Sept. 30 Holders of rec.Sept.15a
a For redemption of outstanding certificates an exact equivalent in amount of
Part paid stock, issue of Dec. 20 1909_ _
Nov. 18 Holders of rec. Oct.31a
1
the appropriate kinds of money is held in the Treasury, and is not included in the Norfolk & Western, preferred (quar.)___ _
1 Holders of rec. Sept.0a
account of money held as assets of the Government.
Northern RR. of New Hampshire (guar.). _
134 Oct.
1 Holders of rec. Sept. 10a
134 Oct.
d This statement of money held in the Treasury as assets of the Government does Old Colony (quar.)
1 Holders of rec. Sept. 15
not include deposits of public money in national bank depositaries to the credit of Pittsb. Bessemer & Lake Erie, common_ _
134 Oct.
4 Sept. 11 to Oct. 4
Pittsb. Ft.Wayne & Chic. reg. guar.(qu.) 134 Oct.
the Treasurer of the United States, amounting to $35,779,491.
134 Oct.
1 Sept. 16 to Oct. 2
Special guaranteed (quar.)
-MONTHLY
YORK
NEW
OF
TRADE
FOREIGN
St. Louis & San Franciscoin
given
tables
1 Sept. 17 to Oct. 2
Oct.
(guar.).
other
tr.
pf.
ars.
East.
Ills.
the
&
to
Chic.
addition
134
STATEMENT.-In
1 Sept. 17 to Oct. 2
Oct.
K. C. Ft. S. & Mem. pf. tr. ctts.(quar.) 1
this department, made up from weekly returns, we give the Southern
3
ideas of waret No.1(
et.
134
•a)
I
(o.i •
Paciac
New
our
by
issued
full
also
1
months,
the
Sept. 16 to Sept.30
Oct.
for
2
_
_
figures
_
certs_
stock
M.
trust
0.
&
following
Southern Ry.,
Oct. 15 Holders of rec. Sept.30a
1
Toledo St. Louis dc Western, pref. (quar.)_
York Custom House.
et.
a -,-pt. 1.1 to Oct. 12
i
_-Union Pacific, common (quar.)
'enc. 13 to Oct. 12
ct.
Preferred
Merchandise Movement to New York.
United New Jersey RR. dc Canal (guar.).- 234 Oct. 10 Sept. 1 to Sept.30
Customs Receipts
,ft. 3. 1.,13ers of ree."Sen. 15a
a
th Ica a( til c.
Exports.
at New York.
Imports.
Month.
334 Oct. 15 Holders of rec. Oct. 5a
Warren, guaranteed
5
Sept, 15 Holders of rec. Sept. 12
Waynesburg de Washington
1910.
1910.
1909.
1909.
1 Holders of rec. Sept. 15a
1910.
234 Oct.
& Seashore
1909.--------- West Jersey
$
$
$
$
$
$
Street and Electric Railways.
1 Holders of rec. Sept. 15a
134 Oct.
January _ 78,656,123 61,789,335 52,694,321 50,812,004 17,545,190 15,795,700 Bangor Ry. de Electric (quar.)
tort, of rec. Sept. 9a
et.
1
1..
February 77,826,788 73,079,545 49,927,25 15,319,475 18,778,746 17,775,728 Brooklyn Rapid Transit (quay
1 Sept. 15 to Sept.30
March__ 102,955,233 80,729,503 56,879,80 58,684,184 21,988,922 19,064,331 Capital Traction, ashington, D.C.,(qu.) 134 Oct.
1 Sept. 17 to Sept.30
Oct.
2
April__ 78,224,201 75,898,544 52.027,28 31.709,272 16,276,92s, 18,802,924 Central Pennsylvania Traction
1 Holders of rec. Sept. 17a
68,497815 69,2:30,504 58,511,64'? 18,571,972 14,999,383 16,846,056 Cleveland Railway (guar.)
134 Oct.
May
17,318,187
1 Holders of rec. Sept.15a
72,216,609 73,252,301 61,704,70 32,41)4,392 17,119,870
134 Oct.
June
067 20.724.717 Duluth-Superior Traction, corn.(guar.)-1 Holders of reo. Sept.15a
Oct.
69.966.872 64.647 013 56.019.56 i0 541 174 16.011.
I
July
(quar.)
Preferred
1 Holders of rec. Sept.15a
81,340,437 68,295,105 65,279,115 99,212,360 20,276,113 19,732,558 Frankford & Southwark PUB. Ry.,Phila $9 50 Oct.
August
Sept. 15 to Oct. 3
4
Oct.
$1.3131
Germantown Passenger Ry.(guar.)
629,684,078570,956,850452,088,700 407,297,087 143,895,669 196,069,201 Halifax Elec. Tramway,Ltd.(qu.)(No.55)
1 Sept. 20 to Oct. 1
134 Oct.
. Total
1 Holders of rec. Sept.15a
234 Oct.
Houghton County Tract., corn.(No. 3)- 1 Holders of rec. Sept.15a
Oct.
3
Preferred (No. 5)
1 Holders of rec. Sept. 15a
134 Oct.
The imports and exports of gold and silver for the eight Illinois Traction, preferred (guar.)
Oct. 1
1
pref
Oct.
Marton
dc
Kokomo
Western
Trae.,
3
months have been as follows:
1 Sept. 11 to Sept 16
1
Oct.
Louisville Traction, common (quar.)_ _
1 Sept. 11 to Sept. 16
234 Oct.
Preferred
Silver-New York.
1 Holders of rec. Sept. 100
1
Gold Movement at New York.
Oct.
Manila Elec. RR. dc Lt. Corp. (quar.)__ _
1
Oct. 18 Oct. 9 to Oct. 18
Northwestern El. RR., Chic., pref. (quar.)_
Imports. Exports
Exports.
$2 Oct. _ 1 Sept. 11 to Sept.30
Imports.
Philadelphia Traction
Month
-- Portland(Ore.)1ty.,L.&P.,pf.(qu.)(No.17) 134 Oct.
1 Holden of rec. Sept.12a
1910.
1910.
1909.
1910.
1 Sept. 16 to Oct. 2
$3 Oct.
1909.
1910.
Ridge Ave. Pass. Hy.. Phila. (guar.)
1 Holders of rec. Sept. 15a
St. Jos. R.,L.,HA P., pref.(qu.)(No.32) lg Oct.
3
$
1 Holders of rec. Sept.5a
Oct.
Second &Third Sts. Pass. Ity., Phila....... $3
3
577,955 3,935,840 South Side Elevated, Chicago (quar.)....
January
714,693 3,113,571 7,843,125
421,94(
Sept. 30 Sept. 20 to Sept.30
34
365,019 3,208,972 Stark Electric RR.(quar.)
1 Sept. 26 to Oct. 1
February
1,912,79:
819,731 2,786,5911. 8,818,220
% Oct.
439,488 3,572,439 Terre Haute Indianap. & East., pref. (qu.) 134 Oct.
March.
2,425,42f 2,728,363 1,644,91. 21,173,387
1 Sept. 23 to Oct. 2
to Sept. 30
503,761 3,442,767 Terre Haute Traction & Light, common_
970,491
April
nt. 31 - ,a 21
742,911 36,168,36( 6,269,951
479,415 :3,267,905 Toronto Railway (guar.)
1 Holders of rec.Sept. 15a
993,41.
May
9313,76. 11,1)94,572
619,503
194 Oct.
1 Holders of rec. Sept.15a
577,05:3 3,971,397 Twin City Rap.Transit,corn.(quar.)- -532,14.
June
578,263
127,50 5,233,050
134 Oct.
4,904.43.
376.817 4.272,415
1 Holders of rec. Sept.15a
M15.4110
4711.(111i
177
Oct.134
July
Preferred (guar.)
1 Sept. 25 to Oct. 1
9,335,389
August
600,563
_
234 Oct.
276,00 ?,897,970 1,007,193 3,931,938 Union Traction of Indiana, preferred
_1 Sept. 14 to Oct. 2
United Traction & Elec., Providence (qu.) lg Oct.
1 Holders of rec. Sept.15a
20,998,052 7,274,045 49,732,657 76,685,07 4,320,73429,602,793 Washington Water Pow.,Spokane (quar.)_
134 Oct.
Total
1 Sept. 29 to Oct. 2
$1.75 Oct.
West End Street. Boston, common
Sept. 15 Sept. 2 to Sept. 14
1
Wheeling Traction
p
Auction Sales.-Arnong other securities the following, not
regularly dealt in at the Board, were recently sold at auction.
By Messrs. Adrian H. Muller SE Son:
Stocks.
5 Lawyers'Title Ins. & Tr. Co_257
100
13 Northern Bank of N. Y
150
25 14th Street Bank
100 N. Y. Net & Twine Co., $1 per sh.
1,000 Imperial Itoad Co.,$10 each
$15 lot
300 Knoxville Power Co.._ _ _ $15 lot_ _
Bonds.
$2,000 Chic. Wisc. & Minn. RR. 1st
10534 & int.
Os. 1916. M. & S
$7,540 Atlantic Mutual Ins. Co.
1033,-104
scrip of 1906-1908
$100 Scarsdale Golf & Country Club
$50
1st 5s, 1919. M. & S
$1,000 Sloss Iron & Steel Co. gen.
9434 & Int.
Yis, 1918. A. & 0
$1,000 airo & Norfolk RR. Co. 1st
Bonds.
58, 1928. May 1909 coupon at$1,000 Charleston Union Station
5
tached
Co. tat 9s, 1937. J. & J.__ _83 & Int.
Banks.
Coal de Iron National (guar.)
Metropolitan (guar.)
Mount Morris (guar.)
134 Oct.
2
Oct.
234 Oct.
Trust Companies.
8
Guaranty (quay.)
3
Knickerbocker (guar.)
Lawyers' Title Ins. & Trust .(qu). (No.48) 3
3
Long Island Loan de Trust (guar.)
Mechanics of New Jersey (quar.)(No. 45) 5
6
Afelropolitan (quar.)(No. 55)
134
Mutual of estchester County (quar.)_
12%
Union (guar.)
Sept.
Sept.
Oct.
Oct.
Oct.
Sept.
Sept.
Oct.
1 Holders of rec. Sept. 14
1 Sept. 23 to Sept. 30
1 Sept.21 to
30 Holders of rec. Sept.30a
30 Sept. 24 to Sept.30
1 Sept. 16 to Oct. 2
1 Holders of rec. Sept.17a
1 Sept. 29 to Oct. 1 .
30 Sept. 20 to Sept.30
30 Holders of rec. Sept. 26
10 Oct. 6 to Oct. 9
6961
THE CHRONICLE
Per
When
Cent. PaYable.
[VoL. Lxxxxi.
Books Closed.
Statement of New York City Clearing-House Banks._The
Days Inclusive.
detailed statement below shows the condition of the New
M iscells nem,q.
York Clearing-House banks for the week ending Sept. 10.
Aeolian, Weber Piano et Pianola, pf. (qu.) 13% Sept. 30 Holders
of rec. Sept. 24
Amer. Beet Sugar, pref.(quar.)(No. 45). 13i Oct.
1 Holders of rec. Sept.21a The figures for the separate banks are the averages of the
American Can, preferred ('mar.)
134 Oct.
1 Holders of rec. Sept.16a daily results. In the case of the totals, the
American Caramel, preferred (guar.)
actual figures
2
Oct.
1 Sept. 11 to Sept.30
Amer. Car & Fdy., corn.(qu.)(No. 32)_..
% Oct.
1 Holders of rec. Sept.10a at the end of the week are also given.
Preferred (quar.) (No. 46)
I% Oct.
1 Holders of rec. Sept.10a
For
definitions
and
rules
under
which
the
various items are
American Chicle (monthly)
1
Sept. 20 Holders of rec. Sept. 14
Extra
1
Sept. 20 Holders of rec. Sept. 14 made up, see "Chronicle," V. 85, p. 836.
Amerienn Exoresq tn0.,
__
$3
__ at.
I Holders of rev Aug.:Oa
We omit two ciphers (00) in all cases.
Amer. Iron & Steel Mfg., corn. & pt.(qu.) 13% Oct.
I Holders of rec.Sept.201
American Locomotive, pref. (guar.)
114 Oct. 21 Sept. 22 to Oct. 20
American Manufacturing
Banks.
1 Holders of rec. Sept. 15
Capital. Surplus. Loans.
13% Oct.
Specie. Legals. Deposits. ReAmer. Pipe & Construction (quar.)
2
Oct.
I Holders of rec. Sept.15a
005 omitted.
A verage. Average. Average. Average. s've.
American Pneumatic Service,first pref.._ _ 33% Sept. 30 Holders of
rec. Sept. 17
American Radiator, common ('mar )_ _
2
*mt. 0 ,
ent 23 to Sent 'to
8
Amer. Seeding Machine, pref. (guar.)._ _ _
13% Oct. 15 Holders of rec. Sept.30a Bak of N. Y _ _ 2,000,0 3,520,3 20,908,0 4,388,0
020,0 19,414.0 27.3American Shipbuilding, preferred (quar.).. 13% Oct. 15 Sept.
18 to Oct. 16 Manhattan Co_ 2,050,0 4,184,5 32,400,0 9,872,0 1,589,0 38,850,0 29.2
Amer. Smelt. & Rfg., corn.(qu.)(No.28) 1
Oct. 15 Oct. 1 to Oct. 6 Merchants' _ _
2,000,0 1,789,0 21,088,0 4,177,0 1,379,0 21,824,0 25.4
Preferred (quar.) (No. 45)
% Oct.
13
1 Sept. 15 to Sept. 20 Mech. it Metals 6,000,0 7,988,0 53,177,6 11,945.7 1,021,0 51,365,1 25.2
American Snuff, common
5
Oct.
1 Holders of rec. Sept.15a America
1,500,0 5,874,2 25,040,5 4,361,6 2,031,7 25,082,5 25.4
Common (extra)
2
Oct.
1 Holders of rec. Sept.15a Phenix
1,000,0
724,9
7,095,0 1,119,0
5,881,0 25.0
312,0
Preferred (quar.)
13% Oct.
1 Holders of rec. Sept.15a City
25,000,0
31,519,7 167,749,6 55,483,2 6,540.0 175,192,3 35.4
Amer. Stizor Berth.. corn ar pref. (quar.) 1
s (oI,Jers of rec hent. In Chemical
ct.
3,000,0 6,494,7 28,293,8 4,707,4 1,978,9 25,91E1,6 25.9
American Surety (guar.) (No. 85)
234 Sept. 30 Sept. 17 to Sept.30 Merchants, Ex..
600,0
582,0
6,762,8 1,551,6
6,785,4 24.8
131,4
American Tobacco, preferred (quar.)
13% Oct.
_
1 Holders of rec. Sept.15a Gallatin
1,000,0, 2,533,2
8,444,5 1,247,8
6,572,6 25.9
455,3
American Type Founders, common (guar.) 1
Oct. 15 Holders of rec. Oat 10a Butch. & Drov.
300,01
158,0
2,738,5
2,171,9 21.7
403,1
08,8
Preferred
1% Oct. 15 Holders of rec. Oct. 10a Greenwich ___ _
500,0;
832,9
7,512,1 1,817,2
8,322,6 29.0
186,7
American oolen, pref. (guar.)(No. 46)_
13% Oct. 15 Sept. 24 to Oct. 6 American Exch. 5,000,0 4,439,8 31,245,3 5,233,9 2,043,1
29,146,6 25.0
American Writing Paper, preferred
1
at.
1 tloi(1ers of rec. Sep. 15a Commerce
25,000,0 16,497,4 154,122,6 28,777,3 7,086,6 135,473,0 26.5
Brooklyn Union Gas (attar.)(No. 38)14 'let.
I Sept. 18 to Sept. 30 Mercantile ___
3,000,0 2,720.2 14,943,2 1,728,6 1,097,3 11,235,9 25.1
Buffalo General Electric (guar.)(No. 64). _
13% Sept. 30 Holders of rec. Sept. 20 Pacific
500,0
913,1
3,808,1
388,3
3,178,6 26.0
440,6
Butte Elec. et Pow., corn. (guar.)(No. 24) 1% Oct.
1 Holders of rec. Sept. 15a Chatham
450,0 1,059,7
7,515,4
870,0 1,141,4
7,910,5 25.4
Preferred (guar.)(No. 37)
131 Nov. 1 Holders of rec. Oct. 15a People's
200,0
470,3
2,022,6
138,8
396,1
2,143,4 25.0
Calumet & Recta Mining (quar.)
Sept. 28 Holders of rec. Aug.31
Hanover
$7
3,000.0 11,910,1 72,006,2 15,325,4 6,674,6 82,955,7 28.5
Cambria Iron
Citizens' Cent._ 2,550,0 1,746,7 21,207,0 5,018,3
2
Oct.
1 Holders of rec.Sept.15
324,1 20,316,6 28.4
Canadian General Elect., Ltd., corn.(qu.) 13% Oct.
1 Sept. 15 to Sept.30 Nassau
500,0;
538,2
7,081,8
941,7 1,008,6
7,935,1 24.5.
Preferred
&Fult'n
Market
Oct.
31.1
1 Sept. 15 to Sept.30
1,000,0 1,720,7
8,787,7 1,179,1 1,008,7
8,598,3 25.4
Canadian I estinghause,Ltd.(Tu.)(No.23) 13% Oct. 10 Oct. 1 to
2,000,0 1,478,9 12,309,6 3,174,8
Oct. 9 Metropolitan _ _
204,9 12,927,6 26.1
Celluloid Company (guar.)
1 Holders of rec. Sept.15a Corn Exchange. 3,000,0 5,254,1 42,645,0 6,968,0 5,131,0 49,294,0 24.5
131 Oct.
Central Coal et Coke, common (quar.)
134 Oct. 15 Oct. 1 to Oct. 15 Imp.& Traders' 1,500,0 7,545,9 25,896,0 3,563,0 2,338,0 23,354,0 25.2
Preferred (guar.)
5,000,0 12,524,1 81,936,0 21,571,0 1,115,0 80.501,0 26.2
13% Oct. 15 Oct. 1 to Oct. 15 Park
Central Leather, preferred (guar.)
1% Oct.
1 Holders of rec. Sept. 10 East River_ _ _ _
250,0
108,5
1,501,2
236,0
91,1
1,388,4 23.5
Chic. Junc.Rys.dc U.Stk. Yds.,conz.(qu.) 2
Oct.
1 Holders of rec. Sept. 15 Fourth
5,000,0. 5,624,9 28,075,0 5,189,0 2,300,0 27,503,0 27.2
Preferred (guar.)
1 Holders of rec. Sept. 15 Second
134 Oct.
1,000,0
2,080,9 12,434,0 2,855,0
231,0 12,043,0 25.8
Chicago Telephone (quar.)
2
Sept. 30 Sept.28 to Sept.30 First
10,000,0 20,589,9 104,020,3 20,899,7 1,968,1 93,485,9 24.4
City Investing, preferred (guar.)
1% Oct.
1 Holders of rec. Sept. 26 Irving Exch.- _ 2,000,0 1,055,0 22,116,0 6,140,6 1,141,9 24,881,0 29.2
Columbus (0.) Gas de Fuel, pref. (quar.)
13.j Oct.
1 Holders of rec. Sept.15a Bowery
250.0
3,528,0
815,9
888,0
3,754.0 25.8
62,0
Columbus Light, Heal ek Power, pref. (qu.) 134 Oct.
N.
Y.
1 Holders of rec. Sept. 15a
County_ _
500,0 1,657,4
603,1
7,712,5 1,206,4
7,602,4 24.2
Cuban-American sugar, preferred
I
Ct.
I Holde,s of rec.,
German-Amer _
en.I
5
a
750,0
689,5
781,4
3,981,7 25.8
223,7
4,136,6
Cumberland Tel. az Tel. (quar.)(No. 108) 2
Oct.
I Holders of rec.Sept. 191 Chase
5,000,0 7,700,8 77,526,0 17,253,0 5,224,0 85,747,0 26.2
Dominion Iron de Steel, Ltd. ,pref
33% Oct.
1 Holders of rec. Sept. 17 Fifth Avenue_
100,0 2,109,4 12,468,3 2,450,7 1,214,8 14,127,6 25.9
Duluth Edison El., pref.(qu.)(N o.
134 Oct.
_
1
200,0
895,2
of rec. Sept.21a German Exch_
3,856,3 22.0
420,9
3,050,7
430,7
du Pont(E.I.)de Nemours Powd., pf.(qu.) 13% Oct 25 Holders
200,0 1,016,6
Oct. 13 to Oct. 25 Germania
5,623,9 25.0
4,917,3
511,5
892,3
du Pont Internat. Powd., pref. (quar.)- - 14 Oct.
1,000,0 1,542,5 13,751,5 3,303,9 1,094,1 15,141,2 29.0
1 Holders of rec. Sept.20a Lincoln
Eastern Light dc Fuel, common (guar.)._ _ 2
Oct.
1,000,0 1,197,7
1 Holders of rec. Sept. 20 Garfield
7,884.2 23.7
237,5
8,116,7 1,626,3
Eastman Kodak of N. J., corn. (guar.).- 251 Oct.
250,0
1 Holders of rec.Sept.151 Fifth
499,9
3,514,0 25.93,380,2
251,5
658,2
Preferred (quar.)
1,000,0 2,078,2 10,670,5
I Holders of rec.Sept.151 Metropolis _ _ _ _
134 Oct.
950,5 1,604,9 10,244,2 25.0
Electrical Securities Corp., cam.(guar.). _ _ 2
Sept. 30 Holders of rec. Sept.30a West Side
200,0 1,019,2
4,343,0
4,802,0 25.2
241,0
973,0
Preferred
Seaboard
231 Nov. I Holders of rec. Oct.29a
1,000,0 1,960,2 18,281,0 4,663,0 1,651,0 21,692,0 29.1
General Chemical, preferred (guar.)
1
,et.
1 .1olders of rec. Sept.21a Liberty
1,000,0 2,771,7 19,636,6 4,761,5
787,5 20,901,1 26.5
General 1.1. c,. P., •
N.
Y.
Prod.
Ex.
If
rolders
Sept
rec
3n
of
2
1,000,0
9,909,7 26.4
- -757,1
287,1
8,283,8 2,329,6
Goldfield Consolidated Mines (quar.)- 1,000,0
301,0 17.685,0 25.5
782,2 14,406,0 4,215,0
--- 30c. Oct. 31 Holders of rec. Sept.30a State
Extra
20c. Oct. 31 Holders of rec. Sept. 30a 14th Street_ _ _ _
1,000,0
6,096,2 25.4
510,4
320,4
5,700,6 1,038,7
Gorham Manufacturing, pref. (guar.)._
&
Coal
Iron
Oct.
Nat
Holders
3
of
rec. Sept. 24
13%
1,000,0
872,0
392,1
6,304,0 26.8
808,0
6,095,0
Great Lakes Towing, preferred
1 Sept. 21 to
13% Oct.
-Guggenheim Exploration (quar.)
(quar.).-(No. 31) 234 Oct.
1 Sept. 17 to Oct. 2 Totals, Average 132,350,0 193,297,9 1261,787,7 280,765,6 68,190,6 1276,478,1 27.3
Homestake Mining (monthly)(No. 430). _
50c. Sept. 26 Sept. 21 to
---------Intercontinental Ruubber, corn.(No. 1).. 1
Nov. 1 Holders of rec. Oct. 15 Actual figures Sept. l0..1
1261,101,0 278,329,4 67,929,5 1272,758,1 27.2
Preferred(quar.)
13% Oct.
1 Holders of rec. Sept.22
International Harvester,com.(qu.)(No.3) 1
Oct. 15 Holders of rec. Sept.24a
On
the
basis
of averages, circulation amounted to $44,860,400 and United State,
International Silver, pref. (quar.)
14 Oct.
1 Sept. 20 to Oct. 2
'Preferred (extra)
Oct.
1 Sept. 20 to Oct. 2 deposits (included In deposits) to $1,664,400; actual figures Sept. 10, circulation,
InternatSmokeless Pow.&Chem.,com.(qu)
% Oct.
1 Holders of rec. Sept.20a $44,875,400; United States deposits, $1,693,400.
Preferred
4
Nov. 15 Holders of rec. Nov. 5a
Lanston Monotype Machine (guar.)
The State Banking Department also now furnishes weekly
131 Sept. 30 Holders of rec. Sept. 23
Mackay Companies, corn. (cm.)(No. 21).. 13% Oct.
1 Holders of rec. Sept.10a returns of the State banks and trust companies under its
Preferred (quar.) (No. 27)
1
Oct.
1 Holders of rec. Sept.10a
Massachusetts Gas Cos., common (guar.).I
Nov. 1 Holders of rec. Oct. 15 charge. These returns cover all the institutions of this class
Massachusetts Lig. Cos.(guar.)(No. 28).- 1% Oct. 15 Holders of rec. Oct.
la in the whole State, but the figures are compiled so as to
May Department Stores, pref.(qu.)(No. 1) '1% Oct.
1 Holders of rec. Sept. 20 distinguish between
the results for New York City (Greater
Mergenthaler Linotype (quar.)
234 Sept. 30 Sept. 18 to Sept. 30
Michigan State Telephone ,pref.(quar.)_ _
Nov. 1 Oct. 16 to Nov. 1 New York) and those for the rest of the State, as per the
National Biscuit, cum. tqu..r.)(Au. 48)- ')ct. 15 Holders of rec. Sep. 25a following:
Nat.Enam. & Stamp., pref.(qu.)(No.47)
b Sept. 30 Sept. 11 to Sept. 30
National Lend. common Omar
For definitions and rules under which the various items are
34 net.
1 Sent 10 to Sent. 13
National Licorice, pref. (guar.)(No. 33)._
13% Sept. 30 Sept. 24 to Oct. 2 made up, see "Chronicle," V.
86, p. 316.
National Sugar Refining, pref. (quar.)._ _
134 Oct. 3 Holders of rec. Sept. 17
National Surely (guar.)
2
Oct.
1 Sept. 21 to Oat. 2
STATE BANKS AND TRUST COMPANIES.
Extra
4
Oct.
1 Sept. 21 to Oct. 2
Nevada Consolidated Copper (guar.).— - 37 %c. Sept. 30 Sept. 17
to Sept. 25
New England Cotton Yarn, common
Stale Banks
Trust Cos.
Trust Cos.
33% Oct.
State Banks
1 Sept. 17 to Sept.30
New Orleans Brewing, common
Week ended Sept. 10..
in
in
outside of
outside of
6
Sept. 29 Holders of rec. Sept. 24
Preferred
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Sept. 22 Holders of rec. Sept. 17
5
Niagara Falls Power (guar.)
2
Oct. 15 Holders of rec. Oct. 1
Niles-Bement-Pond, common (quar.)__ _
a
$
a
$
13-1 :iept. 211 Sept. 11 to Sept. 20
North American Company ((mar.)
25,125,000
*9,033,000
65,406,000
IL Oct.
*8,375,000
1 !folders of rec Sept.15a Capital as of June 30____
Otis Elevator, common
Oct. 15 Holders of rec. Sept.30
4
15-1
Preferred (guar.)
37,935,400 171,281,300 *10,866,851 *13,077,768
15-1 Oct. 15 Holders of rec. Sept. 30 Surplus as of June 30____
Pay-as-You-Enter Car Corp., pref. (quar.) 13
% Oct. 15 Holders of rec. Oct. 1
Loans
Phelps, Dodge dc Co., Inc.,(quar.)
investments__
and
293,099,800 1,005,885,200
93,884,200 138,031,100
23-1 Sept. 29 Holders of rec. Sept.17a
Pitteburgh Plate Glass, common (guar.)._ _ 1% Oct.
Change from last week_ +3,090,100 —3,727,000
+250,000
—515,400
1 Sept. 16 to Oct. 2
Quaker oats, common (guar.)
2
Jct. 15 Holders of rec. Oct. Id
:-.4 sl
Common (extra)
49,312,000 113,824,200
Oct. 15 Holders of rec. Oct. Id Specie
Change from last week_ —3,001,700
Preferred (oonr I.
1,745,400
vov. 30 T-Tolders of rec. Nov. in
1
Railway Steel-Spring, pref. (guar.)
I% Sept. 20 Sept. 8 to Sept. 20
Republic Iron & Steel, pf (qu.)(No. 35) 14
11,512,600
24,600,000
ci
'tow, of rec. Sen. 17a Legal tenders & bk. notes
Change from last week_
Royal Baking Powder,common ((Bran)... 3
+203,000
—203,200
Sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
134 Sept. 30 Holders of rec.Sept. 15a
Safety Car Heating az Ltg.,(auar.)
98,906,300 144,253,800
390,332,100 1,089,624,400
2
Oct.
1 Holders of rec. Sept.14a Deposits
,St. Joseph Stock Yards (guar.)
Change from last week_ +1,197,500 —10,434,000
—23,900
+432,300
134 Sept. 30 Sept. 23 to Sept. 30
Sears, Roebuck & Co., pref. (quar.)
13% Oct.
1 Holders of rec. Sept.15a
Shawinigan i titer et Power (guar.)
20,509,500
04,723,800 133,324,500
20:
4
1
Oct. 20 Holders of rec. Oct. 7 Reserve on deposits
,1.24;
6 10:
—1,104,100
Change
from
—3,256,800
last
Sloss-Sheffield Steel et Iron, pref. (guar.)_
week.
—246,500
13% Oct.
1 Holders of rec. Sept. 23a
+743,100
Smith Porto Rico Sugar Co., com.(quar.) 1
Oat.
1 Sept.21 to Oct. 2
16.3%
21.5%
Common (extra)
28.3%
Oct.
2
1 Sept. 21 to Oct. 2 P. a. reserve to deposits...
Percentage last week
16.4%
21.7%
29.4%
Preferred (quar.)
2
Oct.
1 Sept. 21 to Oct. 2
14.1%
Subway Realty (quar.)
1 Holders of rec. Sept.24a
13-( Oct.
Swift az Co. (quar.)(No. 96)
1% Oct. 3 Holders of reo. Sept. 10
from
Decrease
last
Increase
over
week.
+
—
last
week.
•
As
of
March
25.
Texas et Pacific Coal (guar.)
134 Sept. 30 Sept. 21 to Sept. 30
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" In
Underwood Typewriter, pref. (quar.)__
1 Holders of rec. Sept. 20
13% Oct.
banks,
State
eludes,
not
both
companies
for
and
only
trust
Union Bag et Paper, pref.(guar.)(No. 46) 1
cash
Oct. 15 Holders of rec. Sept.30
items, but amounts
Union Typewrietr, first preferred
1 Holders of rec. Sept. 17a due from reserve agents. Trust companies in New York State are requiredtby
33% Oct.
Second preferred
1 Holders of rec. Sept. 17a law to keep a reserve proportionate to their deposits, the ratio varying according to
Oct.
4
percentage
location
of
shown
as
reserve
below.
The
United Bank Note Corp., pref.(quar.)__ _
required is computed on
1 Sept. 16 to Oct. 2
13% Oct.
United Fruit (guar.)(No. 45)
Oct. 15 Holders of rec. Sept.27 the aggregate of deposits, exclusive of moneys held in trust and not payable within
2
Extra dividend
Nov. 4 Holders of rec. Oct. 24 thirty days, and also exclusive of time deposits not payable within 30 days, repre10
sented
deposits
exclusive
by
of
certificates,
United Gas Improvement (guar.)
also
and
secured by bonds of the State
Oct. 15 Holders of rec. Sept. 30
2
United Shoe Machinery, common (guar.). 2
Oct. 5 Holders of rec. Sept.20 of New York. The State banks are likewise required to keep a reserve varying
Preferred (guar.)
5 Holders of rec. Sept.20 according to location, the reserve being computed on the whole amount of deposits
13.1 Oct.
exclusive
within
payable
30
U.S. Finishing, corn. (guar.)(No.7)-- -- 1
of time deposits not
days, represented by certificates
I Holders of rec. Sept. 20
Oct.
Preferred (guar.)(No. 45)
18% Oct.
1 Holders of rec. Sept. 20 (according to the amendment of 1910), and exclusive of deposits secured by bonds
United Slates Printing of Ohio (guar.)._
1 Sept. 21 to Oct. 2 of the State of New York.
Oct.
134
17 ,
1 Stee, Coro co,
—Trust Cos.—
—State Banks—
1 IN°. 27)••,•t,t. 29 Sept. 2 to Sept 15
Utah Copper Co.(quar.)(No.9)
Total
Total
75, Sept. 30 Sept 17 to Sept.20 Reserve Required for Trust Companies
Of
Of
Virginia-Carolina Chem.,pf.(gu.)(No.
and Stale Banks.
Reserve
which Reserve
which
Oct. 15 Oct. 1 to Oct. 16
2
60)
Western Union Teleg. (guar.)(No. 186)
Location—
Required in Cash.Required in Cash
% Oct. 15 Sept. 21 to Oct. 12
YukonGold Co. (quar.)(No. 5)
15%
15%
Sept. 30 Sept. 14 to Sept. 30 Manhattan Borough
25%
2
15%
Brooklyn Borough (without branches in Manhat.)15%
20%
10%
10%
boroughs (without branches in blanhattan)15%
10%
15%
a Transfer books not. closed. b Declared 7% payable in quarterly installments. Other
73-4%.
Brooklyn
Manhattan_
Borough,
with
in
_
branches
15%
15%
20%
20%
d Correction. e De-laved
')l.% Oct. 15 1910 and 25470 April 15 Other
•Boroughs with branches in Manhattan_ _ _ _ 15%
15%
15%
16% ,
1911.
Elsewhere in State
10%
5%
15%
6% 1
Name of Company.
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the ClearingHouse banks. In addition, we have combined each corresponding item in the two statements, thus affording an aggregate for the whole of the banks and trust companies in the
Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Sept. 10.
Clear.-House Clear -House Stale Thinks & ' Total of all
Trust Cos. not Banks& Trust
Banks.
Banks.
in C.-H. Aver. Cos. Average.
Average
ActualFigures
Capital as of June 30.._
132,350,000
132,350,000
$
74,581,000
Surplus as of June 30_ _
189,131,400
189,131,400
179,347,900
206,931,000
368,479,300
Loans and investments 1,261,101,000 1,261,787,700 1,093,805,500 2,355,593,200
+6,692,800
-3,768,200
Change from last week +2,909,400 +10,461,000
1,272,758,100 1,276,478,100 a1,044,293,200 2,320,771,300
Deposits
Change from last week -2,793,400 -1,414,900 -4,288,300 -5,703,200
278,329,400 280,765,600
-4,693,100 -10,180,700
Specie
Change from last week
67,929,500
+205,900
Legal-tenders
Change from last week
Aggrle money holdings
Change from last week
68,196,600
-1,999,000
346,258,900 348,962,200
-4,487,200 -12,180,300
120,282,900 401,048,500
-1,451,900 -11,632,600
619,928,100
+469,300
27,283,000
+1,282,900
346,258,900 348,962,200
-4,487,200 -12,180,300
Percentage to deposits
requiring reserve _ _ _
Percentage last week
27.24%
27.63%
27,283,000
+1,282,900
167,494,000 516,456,200
+300,300 -11,880,000
We omit two ciphers (00) in all these figures.
Capital
and
Surplus.
Banks.
Loans.
Specie,
Legals. Deposits. a CirculcUion.
22,629,0
21,975.0
21,787,0
20,882,0
4.678,0
4,902,0
4,573,0
4,509,0
Bocton.
Aug.20Aug.27_
Sept. 3._
Sept.10_ _
X
40,200,0
40,200,0
40,200,0
40,200,0'
S
204,375.0
204.712.0
206,500,0
206,059.0
Aug.20_
Aug.27...
Sept. 3_
Sept.10_ _
55,465,01
55,465,0
55,465,0
55,465,0,
250,960,0
251,838,0
253,392,0
254,346,0
74.907,0
74,733,0
75,558,0
74,557,0
+ 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 31,201,466,700, a decrease of $8,736,900 from I .st week. In
the case of 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
$14,874,200 and trust companies $125,336,800.
7,607.0
7,662,0
7,837,0
7,947,0
137.453.3
117,404,6
130,989,6
106,015,1
296,783,0 16,374,0
297,474,0 16,427.0
300,431,0 16,448,0
299,806,0 16,484,0
125.482 4
118,646.4
146.804,5
106,392.1
246.504,0
242,447,0
243,439,0
240,607,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 10; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
•
For Week.
1910. -
Dry goods
General merchandise
$1,032,635
10,726,778
Total
Since January 1.
TIrTr nnnria
1909.
$2,954,980
13,178,697
1907.
I
1908.
$2,854,120
11,608,708
$3.773,926
9,848,901
$13.7.,9,410 $16,133,677 $14,462,828 $13,622,827
eo0•AA0
elm•.17•Rf27 *1112•Oln•/AM
AQA
1E000
.m1.1.1[1,
•
General merchandise
,,35,442,5 9 474,205,494 344,592,216 483,317,809
Total 36 weeks
$645,049,976 $592,436,259 $428,035,280 $616,153,072
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. 10 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1909.
1910.
29,842,675
Clearings,
a Including Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,037,000 on Sept. 10, against $3,052,000 on
Sept. 3.
18.0%
18.0%
27.36%
28.29%
28,069,375
Surplus reserve
88,124,700
-1,530,300
c140,211,000 489,173,200
-982,600 -13,162,900
Money on deposit with
other bka. & trust cos.
Change from last week
Total reserve
Change from last week
697
THE CHRONICLE
SEPT. 17 1910.1
1
1907.
1908.
For the week
Previously reported
$12,832,566 $8,239,385 $11,892,831 $9,869,586
442,457,9171 413,605,273 432,566,267 425,275,090
Total 36 weeks
$455.290,4831$421,844,658 $444,459,098 $935,144,676
The following tab e shows the exports and imports of
specie at the port of New York for the week ending Sept. 10
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
banks
York
Clearing-House
New
the
of
averages
The
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
combined with those for the State banks and trust companies
compare
House
the
of
Clearing
outside
York
New
In Greater
Imports.
Exports.
Gold.
as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all thesefigures.
Week
Ended.
July 9__
July 16__
July 23._
July 30._
Aug. 6__
Aug. 13._
Aug. 20._
Aug. 27__
Sept. 3._
Sept. 10._
Loans and
Investments.
2,355,907,6
2,331,502,9
2,318,054,8
2,305,891.4
2,319,167,3
2.33'1,975,4
2,339,911,8
2,346,781,2
2,348,900.4
2,355,593,2
Deposits.
2,316,514,5
2,300,377,2
2,298,440.2
2,299,609,
2,299,315,5
2.311135q,0
2,326,315,7
2,331,878.3
2,326,474,5
2,320,771,3
Specie.
367,817,4
376,881,3
389,600,7
399,777,7
405.702,3
416.104.1
421,847,4
421.021,3
412,681,1
401,048,5
Tot. Money Entire Res.
Holdings on Deposit.
Legals.
88,851,9
90,908,9
92,504,2
94,052,2
93,995,0
92,656,7
90,699,2
91.463,2
89,655,0
88,124,7
$
456,669,3
467,790,2
482,104,O
494.429,9
499,697,3
508,850.8
512,546,6
512,484,5
502,336,1
489.173,2
479,891,1
490,754,8
504,939,4
518,815,9
525,172,3
5:45,467,8
539,637,8
537,996,1
528,336,2
516,458,2
Reports of Clearing Non-Member Banks.-Thefollowing is
the statement of condition of the clearing non-member
banks for the week ending Sept. 10, based on average
daily results:
It eek.
Since Jan. 1
II
Total 1910
Total 1909
Total 1908
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jays.1
$3,400
25,000
9,243,166
41,900
$13,469,736
3,423,750
314
342,266
$2,380
231,492
1,194
49,857 1,701,076
874,718
$28,400 $44,722,853
500,120 76,659.192
47,041,800
$53,431 $20,043,352
109,834 6,725.108
115,391 13,250,216
$845,755 $28,510,333
67,700 1,638,100
476,346
65,408
538
500
$4,550
1,450
11,292
269,108
400
40,755
5,405
$914,493 330.736,347
747,895 32,303,993
731,124 30,032,987
Total 1910
Total 1909
Total 1908
ask.
4,455
3,283,332
$32,150,000
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$13,344
1.294
12,374
57,998
1,246,181
1,053.106
974,730
$286,800 $3,359,027
39.443 3,539,978
58,009 2,555,771
We omit two ciphers (00)in all thesefigures.
Banks.Copttal.
•
Surplus.
Loans,
Disc'ts
and
Investtwills.
Legal
Tender
Specie. and
Bank
Notes.
Deposit with
Clearlog
Agent.
Other
Net
Banks. Deposits.
&c.
NI. Y. City
4i:troughs of
S
$
S
11
$
5
Man.& l(rx
$
15,0 1,216,0
179,0
51,0
270,6 1,197,0 138,0
Wash, Hgts 100,0
46,0 145,9 1,499,6
24,1 196,1
160,2 1,425,8
Century _ 250,0
717,9 898,4 6,959,3
362,5 4,847,7 754,0 417,4
Colonial ___ 400,0
59,0 6,801,0
865,0
Columbia.. 300,0
751,7 6,064,0 491,0 449,0
62,4
923,7
186,5
93,5
909,0
175,5
Fidelity ___ 200,0
--216,5 319,T1
3,447,5
521,3 3,101,1 246,1 246,8
Jefferson_ _ _ 500,0
77,9 3.426,5
30,7
554,7
Mt. Morris_ 250,0
313,8 2,495,8 483,6
476,0
5,3 3,988,2
Mutual....._ 200,0
371,3 3,415,235,6 569,9
_ _ 4,891,0
822,0
Plaza
100,0
453,8 3,949,0 318,0 371,0
___ _ 2,130,8
290,7
56,9
23rd Ward_ 200,0
106,5 1,814,8 162,9
_ __ 8.089,3
139,8
Union Exch 1,000,0
952,4 8,393,7 1,029.8 1,000,0
197,4 259,5 5,256,2
Yorkville _
49,3 781,8
100.0
451,8 4,088,3
New Neth'd 200,0
94,0
278,0
5,0 2,449,0
265,5 2,235,0 274,0
84,3
___ 1,240,8
34,1
Batt.Pk.Nat 200,0
156,8 1,417,5 218,0
Aetna Nat_ 300,0
89,3
24,3
317,7 2,140,6 463,9
20.6 2,008,4
Iforough of
It. Brooklyn.
Broadway _ 200,0
513,3 2,984,7
24,8 436,1 r408,0 578.5 3,844,2
Mfrs.' Nat_ 252,0
831,9 5,501,6 318,1 348,3 .723,0 109,0 5,795,5
Mechanics'.. 1,000,0
815,4 11,223,2 327,1 1,324.6 1,454,6 241,6 14 495,5
Nassau Nat. 750.0 1,010.4 6,932,0 622,0 295,0 1,500,0
_ -_ - 7,505,0
Nat. City
300,0
60,80 3,975,0
625,0 174,0 5,041,0
92,0 568,0
North Side_ 200,0
139,0 2,023,0 125,0 104,8
352,7 109,9 2,459,0
First Nat
300,0
611,0 3,271,0 335,0
38,0 3,311,0
523,0
80,0
Jersey City.
'a/'4
400,0 1,251,81 5,351,5 283,3 468,9 1,802,6 144,0 6,545,7
First Plat
751,9 3,105,6 124,8
Hud.Co.Nat 250.0
31,5
202,4
99,9 2,656,8
394,5, 2,044,4
50,3 2,601,7
736,2
Third Nat.... 200,0
63,8 128,6
1.
Hoboken.
623,31 3,047,0 130,3
220,0
161,2 212,3 2,843,1
22,2
First Nat.
245,9 2,706,4
32,6 156,5 2,877,3
89,6
Second Nat- 125,0
96,3
--------------------Tot. Sep. 10 8,497,0 13,421,6 99,659,8 7,324,2 8,283,0 13,664.4 3.720,3 114304,0
Tot. Sep. 3 8,447,0 13,131,6 99,539,1 7,289,0 8,046,9 13,039,8 3.522,6 113245,1
Tot. Aug.27 8,447,0 13,131,61 99,371,7, 7,362,1 8,053,7 13,798,6 3,618,7 113967.9
Of the above imports for the week in 1910, $5,785 were
American gold coin and $5,713 American silver coin. Of
the exports during the same time, $28,400 were American gold coin and $500 were American silver coin.
AttnIttng and.ftnancial.
INVESTMENT SECURITIES
Our eight-page circular No.687 describes several issues of sound
Investment bonds yielding about 4 ç to 5)4%.
Spencer Trask & Co.
- NEW YORK
43 EXCHANGE PLACE.
Branch offices: Chicago. 111., Boston. Mass.. Albany, N. Y.
WELD & CO.
WHITE
Members New York Stock Exchange
5 NASSAU STREET.
NEW YORK
THE ROOKERY,
CHICAGO
BANKING and EXCHANGE of every description In connection with
EXPORTS & IMPORTS
International Banking Corporation
.
rkd
EsYoan
ew
NH
NC
St..
60 WaBlIRA
CAPITAL & SURPLUS. $6,500.000
AGENCIES throughout the WORLD.
THE INTERNATIONAL BANK
60 Wall St., New York
Boston and Philadelphia Banks.-Below is a summary of Organized under the Laws of N. Y. State.
Accounts invited. Interest paid on Term Deposits.
the ,weekly totals of the Clearing-House banks of Boston
and Philadelphia.
THOMAS H. HUBBARD. Pre ide
698
THE CHRONICLE
Vaulters' Gazette.
[VoL. Lxxxxi.
St. Paul, par. New Orleans, commercial, 75c. per $1,000
discount; bank, $1 per $1,000 premium. Montreal, 623-®
46%c. per $1,000 discount.
Wall Street, Friday Night, Sept. 16 1910.
The Money Market and Financial Situation.-Very little
State and Railroad Bonds.-Sales of State bonds at the
Board include $30,000 New York Canal 4s at 102% to 1038
and $29,000 Virginia 6s deferred trust receipts at 45 to 46.
An important feature of the bond market has been a
tendency to higher quotation, especially for high-grade inPrices advanced as a first result of the election
in Maine.
vestment issues. Sales of New York State Canal bonds
The latter was a surprise to many and was variously
inter- to-day were at an advance of 1 point
from the last previous
preted as to its probable influence in other
State elections sale.
and the effect of this and other fall elections upon
The market for railway and industrial bonds shows a little
the business interests of the country. The advance in prices referred more activity and in a few cases prices are fractionally higher.
Among the exceptional features are Chicago Great Western
to has, however, not been maintained. The markets
were 4s, which close 1 5 points higher than
last week on limited
A
weak on Wednesday and Thursday, were irregular
and transactions. Rock Island issues have been strong in symunsteady to-day, and closing quotations are in the case of pathy with the shares and St. Louis & San Francisco 4s
and Interboro-Metropolitan 43.s have advanced over a point
several important issues lower than last week.
Reports of conditions in the iron and steel industry are within the week. On the other hand, several issues close
unchanged and a few are fractionally lower.
not altogether satisfactory and the future outlook for
this
and other industries seems to be somewhat uncertain.
United States Bonds.-Sales of Government bonds at the
On
the other hand, the agricultural resources of the country
have Board are limited to $500 3s, coup., at 102. The following
rarely been in such a promising condition at this season, are the daily closing quotations;
for yearly range see third
and, as is well known, prices have not been as high
in recent page following.
years.
The Bank of England's weekly statement showed another
Interest Sept. Sept. Sept. Sept. Sept. Sept.
Periods
10
12
addition to the percentage of reserve, the latter now standing
13
14
15
16
higher than the average at this season. The Associated 2s, 1930
registered Q-Jan *101 *101 *101 *101 *1.0034
*10034
coupon Q-Jan *101 *101 *101 *101
Banks of New York on Saturday reported a smaller decrease 25, 1930
*10034 *10034
35, 1908-18
registered Q-Feb *101H *101H *tom 4.10134 *10134
*10134
in the surplus reserve than the previous week, and local 3s, 1908-18
coupon Q-Feb *1013 .101H *lotx *10134 *10134 *101%
4s, 1925
money market conditions are practically unchanged.
registered Q-Feb *115 *115 *115 *115 *115 4.1.14H
45,
1925
coupon
Q-Feb
*115 *115 .115 ,*115
The open market rates for call loans at the Stock Exchange 2s,
1936_Panama Canal regis Q-Feb *101 *101 *101 '4,101 *115 *115
*10034 *10034
during the week on stock and bond collaterals have ranged gs, 1938_Panama Canal regis Q-Nov
`IR *101 *101
*10034 *10034
from 13 to 23,4%. To-day's rates on call were 13®2%.
* This is the price bid at the morning board; no sale was made.
Commercial paper quoted at 53.i ®5g% for 60
to 90-day
endorsements, 5%®6% for prime 4 to 6 months'
Railroad and Miscellaneous Stocks.-The stock market,
single
names and 63@6j/2% for good single names.
was strong during the early part of the week on what was
The Bank of England weekly statement on Thursday regarded as a favorable
matter in the transfer of a relatively
showed an increase in bullion of £267,940 and the percentage large block of Rock Island
shares to new interests in the
of reserve to liabilities was 53.42, against 52.06 last
property
and
also
on
week.
the result of the election in Maine.
The rate of discount remains unchanged at 3%, as
Later
the
effect
of
these
fixed
influences was largely offset by
June 9. The Bank of France shows a decrease of
4,650,000 profit-taking sales and by reports in regard to the iron and
francs gold and an incregse of 600,000 francs silver.
steel industry referred to above.
NEW YORK CITY CLEARING-HOUSE BANKS.
On the first-named movement the list of active stocks
advanced an average of about 2 points, of which Reading
1910.
1900.
was the leader in an advance of 431 points, while closing
1908.
Averages for
Difierences
Averages for Averages for
prices are nearly on a level with those of a week ago. Long
week ending
from
week ending week ending
Sept. 10.
previous week.
Sept. 11.
Island has been exceptionally strong on the formal opening
Sept. 12.
of the Pennsylvania tunnels to Long Island traffic and is 6
*
$
$
$
$
Capital
132,350,000
127,350,000 126,350,000 points higher than on Aug. 30.
Surplus
193,297,900
174,754.000 161,115,900
United States Steel has been very active and weak on
Loans and discounts_ _ _ 1,261,787,700 Inc. 10,461,000 1,348,305,200 1,322,730,500
Circulation
liberal offerings. The copper shares have declined, Smelting
44,560,400 Dec.
776,100
51,630,400
Net deposits
1,276,478,100 Dec. 1,414,000 1,381,329,300 1,420,061,900 & Refining closing
a point lower than last week. General
U. S. dep. (Incl. above)
1,664,400 Dec.
3,000
1,678,000
9,462,900
Specie
280,765,600 Dec. 10,180.700 279,929,500 326,511,600 Electric, Consolidated Gas and Great Northern Ore ProperLegal tenders
68,196,600 Dec. 1,999,600
71,872,000
80,496,700 ties are higher.
For daily volume of holiness see page 708.
Reserve held
348,962,200 Dec. 12,180,300 351,801,500 407,008:300
25% of deposits
319,119,525 Dec.
353,725 345,332,325 355,015,475
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Surplus reserve
29,842,675 Dec. 11,826,575
6,469,175
51,992,825
significance attaches to any change of values which has
taken place in this week's Stock Exchange transactions,
!
Surplus, excl. U. S. dep
30,258,775 Dec. 11,827,325
6,888,675
54,358,550
Note.-The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of 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.-Fluctuations have been erratic, with,
however, a tendency towards a higher level. Trading is
• quiet.
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 8370@4 8380 for 60 days,
4 8620 ®4 8625 for cheques and 4 8650 ®4 8655 for cables.
Commercial on banks 4 8334@4 833/ and documents for
payment 4 831
/
2®4 83g. Cotton for payment 4 83®
4 833 and grain for payment 4 83g ®4 84.
To-day's (Friday's) actual rates for Paris bankers' francs
were. 5 20% less 1-16@5 20% for long and 5 18g, less 1-64®
5 183/i less 7-64 for short. Germany bankers marks were
94 9-16®94% for long and 953@95 3-16 less 1-32 for short.
Amsterdam bankers' guilders were 40 28@40 30 for short.
Exchange at Paris on London, 25fr. 23c.; week's range
25fr. 232c. high and 25fr. 223
%c. low.
Exchange at Berlin on London 20m. 44pf.; week's range
3 pf. low.
20m. 45%pf. high and 20m. 43%
The range of foreign exchange for the week follows:
Sterling, Actual.
Cheques.
Days.
Cables.
High for the week
48
4 8640
8
41i
ty
4 8670
Low for th e week
4 833i
4 8610
4 8635
Parts Bankers' FrancsHigh for the week
5 20 less 1-16
5 18H less 1-16 5 18H less 1-32
Low for the week
.
. 5 20% less 1-16 5 18% less 1-32 5 18% less 3-32
• Germany Bankers' Marks .High fOr the week
. 94
95 3-16
95 5-16 less 1-32
01V for the week
1-6.
95H less 1-32
94H
953-16 less 1-32
, Amsterdam Bankers GuildersHigh fdr the week
40344033
40 37
. Low for the week
40 11-16
40 28
40 32
' The following are the rates for domestic exchange at the
Under-mentioned cities at the dose of the week: Chicago, Sc,
per $1,000 distount. BOston, 10c. per $1,000 discount.
$.tin Francisco,:30c. her $1,000 premium. Savannah, buying, 3-16 discount; selling, par. St. Louis, Sc. per $1,000
discount. Charleston, buying, par; selling, 1-10 premium.
STOCKS.
Sales
Week ending Sept. 16. for
Week.
Comstock Tunnel
Duluth-Sup Trac, pref.._
Evansville & Terre IL...
Gen Chemical, pref
Homestake Mining
Keokuk & Des M. pref._
Peoria & Eastern
St Jos & Gr Isl, 25 pfd_ _
Sou Porto Rico Sugar
United Cigar Mfrs, pref
Range for Week,
Lowest.
Highest.
Range since Jan. 1.
Lowest.
200 250. Sept 15! 27c. Sept 15 23c.
100 6934 Sept 141 6934 Sept 14 69%
300x58 Sept 16x58 Sept 16 55
100 105 Sept 12 105 Sept 12 10154
250 85 Sept 10 85 Sept 15 81
200 38 Sept 13 40 Sept 141 38
100 18 Sept 12 18 Sept 12, 18
245 40 Sept 14 40 Sept 14, 38
65 90 Sept 14 90 Sept 14 81
100 101 Sept 13 101 Sept 13 101
1
Highest.
July 36c.
Sept 71
Sept 60
June 107
Jan 89
Sept 41
Seyt 28
Feb 40
July 90
Sept 10934
Jaa
Apr
Sept
Mc
Feb
Mch
Jaa
Feb
Sept
Feb
Outside Market.-The "curb" market opened promisingly
this week; trading was in increased volume and prices improved in a number of leading issues. Later, however,
business became less active and irregular, with prominent
stocks showing fractional losses. • British Columbia Copper
was unusually active and strong, advancing from 43' to 6
and reacting to 53.. Chino Copper was also a conspicuous
feature, moving up from 1534 to 173/s, a new high record.
Subsequently it fell to 163, the close to-day being at 163
%.
Giroux rose from 63 to 73/8, weakened to 6 9-16 and finished
to-day at 6%. Greene Cananea improved from 63% to 7,
but sold to-day back to 63
%. Miami eased off from 183
% to
183,sold up to 19 and declined to 183
%,with the final figure
to-day 18%. Ohio Copper improved from 1%
3 to 1 13-16,
but weakened to 1%. Kerr Lake went down from 6 11-16
to 6 5-16 and ends the week at 63
%. La Rose Consolidated,
after fluctuating between 3 15-16 and 3 13-16, fell to-day to
5
3/s,
closing at 3 11-16. Nipissing advanced from 103
4 to
113/8. Among the miscellaneous issues American Tobacco
lost 5 points to 395, then ran up to 415. It dropped to 403
and moved up again, resting at 406 finally. Intercontinental Rubber was moderately active and irregular, losing
almost 3 points to 293., with to-day's business carrying the
price down to 283
%. Standard Oil went down from 600 to
599 and back to 600. American Writing Paper preferred
fmproved from 25 to 25%. Chicago Subway weakened
from 43
to 45. Bonds were dull. Western Pacific 5s
gained a point to 943
%.
Outside quotations will be found on page '708.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
57'OCKS-111GIIEST AND LOWEST SALE PRICES.
Saturday
Sept. 10
Monday
Sept. 12
Tuesday
Sept. 13
Wednesday
Sept. 14
Thursday
Sept. 15.
Friday
Sept. 16.
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since January 1.
On basis of 100-share lots
Lowest
Highest
Range for Preview
Year (1909)
Lowest
Highest
Rail:oads
A nn Arbor
ri. Do firer
24,200 Atch Topeka & Santa Fe
1,000
Do pref
400 Atlantic Coast Line RR
14,350 Raltlm ore de Ohio
200 IP Do pref
18,964 Brooklyn Rapid Transit_
0,778 / lanadian Pacific
50 •ianacla Southern
Central of New Jersey___
31,550 Chesapeake & Ohio
100 Chicago 53 Alton 1114____
1)0 pref
2,758 .2111c Gt Wes, trust ctfs
1,520
Do pret trust offs __
22,800 Chicago Milw & St Paul
Do pret
1,200
1,250 .21ileago & North Western
Do pret
Chic St P Minn de Omaha
Do pref
Chic Un 'rrac ctfs stmpd
Do pref etts strand__
Cleve Cln Chic & St L___
Do pref
100
800 Colorado & Southern
Do 1 t preferred •
100
Do al preferred
e
e!a
aw
wrre
: e Lackug
de
wl
s
....
t.
400 1)
33
*28
35
25 Feb 25 3,3 Mch
20 Mch
25 Mch
35
*27
85 *28
*28
*27
35
35
*28
4812 Feb 23 7212 Mch 8
72
*65
72
72 *65
*68
72 *68
*68
*68
72
72
0812
9658
0034 J'ly 26 12418 Jan 3 --97,8 Jan 025s Oct
9714
97
97
9734 9738 0838 9738 09
9858 9913
x97 J'ly 1 10414 Jan 19 10014 Jan 10634 J'ne
*9934 100
9934 9934 9978 9978 100 100 *9973 10018 *9978 10018
10212 J'ly 26 13712 Jan 5 5(3712 Jan 14313 Aug
*10778 110 *10812 11012 110 11112 *111 11378 10934 111 *108 111
5‘014 Sep 6 11913 Jan
1031,Feb 12214 J.17
103 103
10338 10378 10312 10512 10458 10512 10314 10433 10338 104
*86
00
91 Nov
90
8714 Sep 10 04 Jan 7
96 Apr
00 *87
8714 8712 *86
*86
89
*86
89
67 Jan
6812 Feb / 8238 May21
8273 J'ne
7312 7358 7334 74
7334 7478 7434 7533 7438 7558 7418 7518
176, Feb 8 19814 MaY25 c165 Mch 18935 Oct
*18712 18834 190 19114 19014 19078 19014 10073 18814 18918 18812 18812
*62
6712
65
6012 J'ly 26 70 Jan 4
65
*62
7214 *62
6014 Jan
7214 *62
*62
7014 _Nov
65
565
248 J'ly 26 312 Jan 7 2:5 Feb 3231,
*250 300 *250 300 *250 300 *250 300 *250 300 *250 300
1;568 Jan
65 Aug 2 92 Jan 3
7412 75,3 7312 7514 7312 7433
9114 Dec
72
7212 7212 73
7234 74
574, Fen
3014 *27
3014
2378 J'ly 26 6634 Jan it
*2873 31
2714 2714 *2812 3014 *27
7434 API'
31
*27
8____
70
•
Nov
64,
5
6512
*___
.f
6512
'ne
Apr
1
69
6512
27
6512
*---7812 Mch
6512
*____
*____
6512
24
31)2 Dec
3735 Dec
10 XII/ 26 3678 Jan 3
2312 2238 2278 *22
2312 23
*22
23
2212 2314 23
*45
47
46
*4.5
5834 Dec
4614
40 J'1Y 26 9418 Jan 10
6434 Dec
47
*45
4512 4614 4614 4634 *46
11914 11934
11873 11918 11853 12014 11912 12218 121 12212 11013 121
11334 Xi:en 15833Jan 3 141 Feb 10518 Sep
14514 14614 145 14514 *144 146
141 Sep : 17214 Jail
144 144
15812 Mob 131 Aug;
14314 14412 *144 147
144 14412
14334 14412 14512 14512 *144 145
13714 J'ly 26 18213 Jan 3 17315 Feb 19,0,Aug
144 144
144 144
203 J'ue 27 225 Jan 0 208 Mal 3230 - Aug
*201 210 *201 210 *201 210 *201 210 *201 210 *201 210
140 Apr 28 16212 Feb 22 198 Apr 167 Aug
*133 150 *133 150 *133 150 *133 150 *133 150 *133 150
5160 Apr 25 517014 Feb 18 16612 Jan 3980 J'ly
*140 165 *140 165 *140 165 *140 165 *140 165 *145 160
*334 313 *212 334 *212 312 *212 312 *212 312 *212 312
31, Dec
212 May24
r Jan
53s Jan 4
614 May2•1
8
1214 Jan 4
*5
8
*5
73-4 Dec
8
*5
_
1814 Jan •
70 J'ly 25 9214 Mch 18
68 Jan
25
75
*70
75
75
*68
*70
*70
75
8313 Deo
75 *70
*70
99 Sep 14 104 Jan 15 100 Jan 105 mch
99
*0812 100
*9514 100
09
*9812 100
*9514 99
*9514 90
46 J'iy 26 6534 Feb 25
5512 *5212 5378 53
5378 5378 5313 54
*53
53
6314 Jan
5278 5273
51 Oct
70 J'ly 27 83 Mon 4
72
86 May
72
72
*7112 7212 *7112 7212
*7114 12 *71
72 *71
7612 Jan
7314 Jan
70 Aug 1 81 Jan 6
7112
7112 *68
72
72 *69
*69
7112 *69
*70
7112 *69
843 Jan
1491 1 J'ly 26 185 Jan 3 16734 Feb 200 51111,
16118 16118 *159 165 *160 164 *16212 16312 160 16278 16234 16234
4913 J'ly 203 020 51Ch 21 535 Feb t80 Apr
_
*400 520 *490 520 *491 520 *491 520 *490 520
;N 30 2934 2978 2934 3012 3034 3112 30 3012 2912 30 3,570 Denver do Rio Grande- 2314 J'ly 26 52 Jan 3 3755 Jan 51 Apr
7912 Jan
90 Feb
6258 J'ly 26 84 Jan 3
Do pret
*7012 72 *7012 71
71
1,000
71
7078 7112 7153 7158 7034 71
5,; Jan
Detroit United
52 *____ 52
*..
45 J'ly 11 60 Jan 27
7134 Aug
52
52
1834 Jan 3
Duluth So Shore & Atlas
*1.5 12 *10 1012 *10 12 ,74.6" 13
10 J'iy 1
1414 Nov
12
21 Jan
*10
*19 22 32218 2218 *20 23 2112 2112
3612 Jan
Do pret
17 J'IY 26 343 Jan 4
150
23
28 Feb
*20
*25
39 J'ne
2258 Mch
2512 2512 26/8 2613 2614 20
1912 J'ly 26 348 Jan 6
25
2518 7,420
2633 -2514 257
*42
5634 Aug
1,100 'rle.10o 1st pret
4314 4314 4314 44
35 J'ly ..7 6234 Mch 8
43
44
4334 4334 43
43
43
3612 mch
*31
D
Do 2d peel
2614 J'ly 27 42 Meta 8
3314 *31
2812 Mch
33
*31
34
*31
33
46 Aug
33
*3234 3334 *31
*123 124
118 J'ly 26 14378 Jan 3 13658 Feb 15775 Aug
124 12478 12438 12538 12518 12558 124 12412 12234 12358 7,810 Great Northern pret
6515 Mel" 8812 Aug
45 J'ly 6 8012Jan 4
4,100 Iron Ore properties
*5414 5612 5458 5612 56
57
5478 5612 5473 56
56
56
1312 Nov
11. Aug 10 1818 Mch 22
13
...... Green Bay do W, deb ctfll
*12
21 Deo
*1112 13
39 Feb 103 Dec
8812Jan 20 971.; Apr I!
avana Electric
07 ;55" 97 ;
1,55" 97
;51 -.6472 *90 97 *9412 9512
9413 Jan 25 99 Jan 4
8315 Feb 100 Dec
Do pret
90
96
*94
96 *____ 96
*9412 96 *--- 96
_
25 Hocking Valley
102 May 5 12478 J'ly 14
*105
12512 5125 125 *115 125 *___ 125
*105 12512
88 Apr
Do pref
86 Feb 7 10158 J no 14
9412 J'ne
*12918 130 *129 130
800 1111E101s Central
124 J'ly 26 147 Jail 5 137 Feb 16218 Aug
131
125*7)
ficr 12934 12934
*128 130
130"
1414 J'ly 26 2512 Jan 11
20
1914 2012 62,670 Lnterboro-Metropolitan _
log Mch
18
181s 18
2578 Dee
1814 1814 1878 1878 1938 19
4112 J'ly 26 6278 Jan 12
3634 Mch
Do pret
6335 Dec
*4834 4314 4914 4914 4938 5012 5014 5138 5038 5214 5012 5414 37,500
15 J'ne30 30 Jan 3
1673 1678 1678 1678
36 Apr
2634 Nov
900 Iowa Central
*16
17
1634 1673 *1612 17
17
*16
26
Sep
J'ly
pret
5914
Jan
Do
3053
3
1,280
25
307
303
4
62 Apr
8
3034
*2912 3013 *2912 3012 30
48
2914
2914
3034
t SpI
stoructfifgiir..e.t 68 Aug 2 80 Feb 18
7434 Feb
71
350 I(aCnskas
82 Sep
*7112 7814 *7112 7814 7514 7514 *71,2 7814 *7112 7814 x71
37 Feb
29
60/
1
4 Aug
23 J'llr 26 4414 Jan 3
29
29
2812 2812
600 "*28
30
2912 2912 29
29
29
Do pre!
6775 Feb
7612 Aug
53 Aug 2 71 Jan 4
*6212 65
63 *6234 65
200
63
63
6214 6214
*62
63
*02
*15
15 J'ne3u 2534 Jan 5
18
r ake Erie & Weztern___
*15
18
1912 Feb
*15
18
2912 Aug
18
*15
18
*15
18
*15
*35
li Do pref
40 Aug17 6234 Jan 3
40
40
*35
40
*35
40
40
48 J
*37
40 *35
6478 J'ilo
*37
Jan
1,615 Long Island
60 J'iy 1 7014 Apr 14
66
ni2 Dec
69
*64
6812 6812 6912 46912 6912 *6712 6913 *66
66
14278 14314 *141 14212 2,000 Louisville & Nashville- 13112 J'ly 26 15934 Jan 5 z121 Jan 16212 Aug
14112 143 *143 144
*14114 14212 *14114 143
123 J'n(330 139 Mch b 137 Dec 15312 Jan
000 VI anhattan Elevated
*129 133
133 13314
131 131 *130 133 *131 133 x132 132
51 Sep
23 J'ly 26 5334 Jan 4
400 luinneapolls & St Louls
*2312 2412 2414 2438 24
65 Jan
2412 *23
2412 *23
2414 *23
2412
Do pret
49
*40
47 J'ly 27 80 Feb 24
*38
47
00 Jan
47
*40
47
*40
47
*40
81 Mch
49
*38
*127 129 *12712 130
13134 133
114 J'1Y 26 145 Mch 3 13212 Jan 19912 Jan
132 132
13138 13138 3,130 Minn St P & S S Marie
13012 132
*145 148
Do pret
147 147 *145 148 *145 148
144 J'ne 6 15512 Mch 2 147 Apr 16912 Aug
250
145 145 1,145 148
88
Do leased line ate
$88
*87
110
8612 May 5 9234 Jan 3
89
8814 8814
89
89
*87
8812 *87
*87
94 Dec
89 J 1Y
3034 31
31
31
5012 Oct
3,500 Mo Kansas de Texas
27 J'ly 26 511s Jan 5
32
3058 3114 3114 3158 3178 3214 32
3512 Feb
62 *01
*61
Do pre'
57 J'ly ..6 7453 Jan 5
400
63
63
63
6112 6114 6114 *6114 6313 63
71 Feb
7814 Oct
5112 6,500 Missouri Pacific
5212 5212 5212 5234 5212 5312 5314 5378 5078 5278 50
65 Feb
7712 Aug
41 J'1V 26 7358 May23
*123 133 *123 130 *125 130 *125 130 *125 130 *123 133
Mash Chatt & St Louis_ 125 J'ly 26 139 Jan 8 12212
Jan 142 Doo
(,9
*67
70
7012 2,300 1-1 at Rys of Mex 1st pref 60 Feb 3 7012 Sep 16
4412 Apr
6934 6812 6812 6878 6914 6938 70
69
64 Dec
3118 3114 3118 3112 3138 32
21 Dec
Do 2d pre!
2312 J'ly 26 3218 Sep 14
3134 3218 32
3218 3112 3178 8,700
2658 may
11112 11159 11112 112
11114 11278 11214 11358 11112 11212 111 1104 10,250 N Y Central 54 Hudson_ 10513 J'iy Lb 128 Men 6 12012 Feb 14733 Aug
*6118 63
N Y Chic & St Louis-- 5512 May 4 67 May27
69 Nov
63
63
*01
*61
63
*61
*6113 63
*6113 63
4812 mch
*100 110 *100 110 *100 110 *100 110 *100 110 *100 110
Do 1st pret
3101 J'ly 8 10934 Jan 21 100 Feb 100 Feb
*80
93
764 Apr
Do 2d pref
65 Nov
8234 Apr 28 98 Jan 19
93
*80
93
*80
93
*80
93
*80
03
*80
*151 154 *15134 155 *152 15612 *152 156 *150 156 *150 156
N V N H & Hartford__ 149 Apr 28 162 Mch14 1154 Nov 17434 J'ne
*14434 147 5145 145
246 Subscription receipts s.._ 3143 'Pile lu 9151 Mchll h1471, Dec 914934 Dec
14634 14634 *14518 14012 *143 14618 146 146
*3938 4014 3934 40
1,700 N Y Ontario & Westeal_
381, Aug 2 50 Jan 5
41
5555 J'ne
4214 Feb
*40
4014 4014 4014 41
41
*40
96
96
4,110 Norfolk & Western
8812 J'ly £6 10858 Mch 21
9612 0612 9714 9714 9778 97
9714 9612 97
8414 Jan 102 Dec
96
Do adjustment pret___
88 Feb 2 9114 Mch16
*8612 89
*8612 00 *8612 00
8515 Meh
*861 2 90
*8613 00
*8612 90
9212 J .1Y
11112 Aug 3 14558Jan 3 13314 Feb 55012 Aug
11312 11334 11334 11458 114 11553 11412 11538 11234 11414 11134 113
26,750 Northern Pacific
pacific Coast Co
*97 107
10112 Aug 17 11834 Jan 12
76 Mch 11612 Dee
*93 106
*97 107
*97 106
*97 108
*08 106
*80 11(1
1
Do 1st pret
*80 110
*80 110
*80 110
*80 110
100 bich 3106 Sep
*80 110
*98 114
Do 2d prei
*93 114
105 Feb 14 118 Jan 3
*99 114
*109 114 ,
88 Mch 115 Dec
1 100 114 *100 114
• 12818 12838 12814 12834 128 12934 129 12978 12818 12834 12773 12814 34,600 Pennsylvania
12212 J'iy 26 13812 M
12613 Feb 15114 Sep
,
11
94
94
86l Jan
94
89 J'ly 26 104381feh22
9978 Dec
400 Pit,Vb Ciu Chic & St L._
9278 93
04
*93
94
*93
*9212 9412 *93
116
*101
Mehl°
116 Meh 1 104 Feb 11614 Sep
*101 116 *101 116
Do pret
114
*101 116 9101 116 *101 116
13834 13914 13834 14012 13958 14213 14133 14318 13912 14158 130 14014 103,450 (J
1305s J'1Y 2. 17214 Feb 18 118 Feb 17338 Sep
88
*86
1st pret
*86
8(3 Mch
IA/eading
88
88
*86
x85 Aug24 9312 Feb 17
*86
88
88
*86
96 Aug
88
*86
*92)2 04
2d pref
0234 9234 92
,26 11012 Jan 3
93
93
00 Feb 11712 Dec
87 J11
93
*90
94
*90
600
92
2912 2912 2912 3078 3012 3218 3058 3214 3014 3078 3014 31
3
iI
2078 Feb
7 0
57
214 Jan2
2
54
278 J1
J:
;
1 26
34,900 (lock Island Company
81 Dec
65
65
5735 Feb
pref
*61
65
66
62
63
Apr
9434 Des
5.300
6313 61318 6313 6658 64
68
*60
Qt
1)0
1. & S
*55
65
6514 Mch
,
1 7. 1st pref
65
*55
05
*60
*55
65
65
58 Aug 11 73 Jan 6
74 Dec
*55
3914 4014 *3812 40
40
Do Zd pref
3858 3834
36 Feb
1
*39
800 0
4014 40
4014 40
6034 Sep
3412 Aug 2 60 Jan b
25
*21
St Louis Southwestern___
*21
25
21
*21
25
*21
20i2 Feb
*21
3538 Dec
1812 J'iy 26 .3419 Jan 3
24
24
*21
50
*58
Do pref
5812 5812 *57
58
59
200
5112 J'ly 26 77'2 Jan 3
58
*55
82 Deo
58
58
47'2 Jan
*55
11214 11414 11358 11478 11214 11358 11158 11212 63,900 Southern Pacific Co
10314 J'ly 26 x13814 Jan 4 11458 Feb 13918 Aug
1113.1 11218 11218 113
23
*2212 23
23
23
22 Feb
1,600 iouthern v tr cfs stmpd_
34 Aug
2278 2314 23
2218 2218 2214 23
1)0 pref
5214 53
do
52
52
5112 52
970
52
60 Jan
26
6 3
75
334 ja
J an 3
4
13
8 j:
J I;2
*591, 53
7512 Dee
5112 5158 52
2614 *2512 2(1
800'Vexes & Pacific
30 Feb
2212 J'ly 26 3634 Jan 3
*25Ci 253,, 26
4012 Aug
2612 2658 2614 2658 26
26
1
hird
9
834
Avenue
814
(N Y)
9
*8
814
1912 Jan 7
1214 Dec
512 J'ne 1
11
1,250 A
39
88 9
*3
9
4212 Jan
812
812 *7
l °Ledo Railways & Light
812 *7
*612 0
7 May
812 *7
*7
512 J'ly 6 1534Jan 12
1538 Jan
*612 9
2312 2318 2314 2318 2314 1,000 l'oledo St L & Western__
2314 2314 2338 2338 2318 2338 *21
43 Feb
4
19
234 J:ry 26
8 5
74
23
14
8 Jan
5478 Oat
y
lio
5214 5112 5134 5134 5134 2,6
400
10 rwn
4912 4912 4913 4978 4912 5112 52
6434 Feb
7414 Jan
City Rapid Transit 103 J'ly 26 11712 Jan 3
*100 111
111 11114 x110 110
97 Jan 11614 Dec
11012 11012 110 110
1 nion Pacilic
1.0
6
300 j
16334 1-653
.
4 16318 16438 280.
16513 16575 x16312 16412 16338 16638 16514 167
17212 Feb 219 Aug
Do pref
10
03
434 ja
9112 9112 x00
90
9 2
Jan 3
00
00
158
8114
4 .31:1
1 ;26
'd x94 Mch 11812 Aug
90
91
9012 9012 0013 90
*25
30
2334 J'ne30 4214 Jan 3
100 Unit Rya Inv't of San Fr
29
*27
29
32
*26
30 Feb
47 Seri
30
29
*25
*26
30
Do pret
500
55
*54
57
*55
47 J'ne30 7233 Jan 8
56
5014 Feb
77 Sep
*54
55
5514 5514 5012 5712 56
,
*1610 17
1038 2,200
17
1258 J'ly 2. 2734 Jan 3
27% Deo
lb Feb
1612 1678 16
17
1718 1678 1714 17
*351.1 3534 35
pret
2818 J'iy 26 61 Jan 3
3718 3434 3534 3414 35
41 Feb
6134 Vim
6,800 v
3612 3534 3612 36
*43
600 Nest Maryland Ry
*41 1s 4414 44
45
4412 *4212 45
4358 4358 4412 4412
40 J'ly 26 5438Mch 12
*6714 6815 *6714 6818 *0714 6812 *67,4 6812 *6714 6818 *6714 6818
Do pret
67 Aug 15 7012 MaY10
*412 512 *412 5'2 *41 2 512 *412 512 *4)2 512 *412 512
Wheeling & Lake Erie__
6 J'iy
10 Jan 3
1278 Jail
3 Apr 28
Do 1st pret
*9
*9
11
2578 Jan
100
11
1514 J'17
8 J'ne,10 23 Jan 3
1012 1012 *9
1012 *9
10
*9
10
561312
012 612 *6
Do 2d pret
7
7
*6
*6
612 J'1Y
1513 J sat
634 *6
100
7
*6
7
44
4 Jj'Inye34
5212 52 ,6213 *49
357. Jan
Mch 3
7
5212 *49
*48
6378 Apt
300 Wisconsin Central
5212 *49
54
*49
52
H
u
x‘fabasoll
oAN 1‘.8 AND TRUS I 00 NIP AN 1;8-Liii.0
k2U0
rA IIONS.
g.R.-i
c,,,,,,.0,.g.
.4.D.—,,,,,,A---,,,,n,..I
Ask
(Jenks
Lila
Ask
danks
&Stinks
./finks
Mu
Ask
MK
Banks
ho
Lianics
af. as,
210 Mutual 1___ 285
295 Prod Exch $
350 Irving N Ex
300
New York:hatham _ 310 823 Flith
176
180 Chelsea EMI 200
Nassau 11_ 240
185
Reserve'_
_
835 855 3eiterson11_
first
Aetna
___ New Nethn 210
220 - ,eaboard__
America 1_ 573 600 Chemical _._ 430
445 14th StIL- 1150
-- Liberty-_ _ Citizens' utl 150
4-2, New Yorke° 900
iecond ____
160 Fourth ---- 1187
Amer Exch. 230
.... Lincoln__
New York_ 320
(it; -AtY
330
34.) danhattann
3-3-5-- Sherman__
Audubon __ 100
• l38‘) *384 Jaliatin -- 320
125
Coal
&
dark't&Ful
260
N'ht
Iron 13,)
&Day$ 200
115
225 State n ___
300
Battery Pk
.... Jartield _ 200
'250 19th Ward_ 2511
dech&Met's
...... uo' Ionia, 11-- 403
260 12th Ward_
159
Boweryn_._ 375
---_ Jerin.Arn 11 140
Columbia 1. 403
160
lorthern ..- 1100
dercantile .
____ 23d Ward__
pronalioroi .00
... Jerin'n Ex11 485
505
derch Each
Milan Sac_
170
PacItIcli...._ 230 "40
Jermania 1 553 565
.
Bronx Nat 193 1-61 Com.nerce.1199 120014
180 Park ----1350 1350
Corn Si 11- 30712 315 Gotham _ 151)
derchants'.
16
155
Wash krts I
Bryant Pk T. 155
East Myer_ 115
detropolls n
280
West Side I1
410 People's 1_ 27,4
125 Greenwich-1 255
265
145
Butch & Dr 140
tletropol 'an
._ Phenix ___ 190
Yorkville 1Fidelity 11.... 165
200
175
175
Hanover__ 615 625
Century 11._ 170
"11th Aven 400 4500 Imp & Trail -,40
*4
(.5
Mt Morrill_
g(i P,azall
5t
Chase
625
.....
•Bul arid a Ket1 er MS. 10 Jaws were natio 011 tnss uay. ,:x-rigata. 4 Less 11811 103 saarcs ilstate 04,1143. 1 L'A',11videila duki ntgnts. 0 140w
!Sale at Stook Exchange or, at auction this week.. 9 Fast installment paid. a Sold at private sale at this price. s 2d paid. y 3d paid.
-4
Ilsa
143
100
390
400
135
Ash
168
110
,
,
44'
290
275_ 140
14-0
165
......:
276
...
st09
-...
...,
....
•
600
500
7007
New York Stock Record-Concluded-Page 2
STOOKS-HIGHEST AND LOWEST SALE macFs.
Saturdau
Sept. 10
Monday
Sept. 12
Tuesday
Sept. 13
Wednesday
Sept. 14
Thursday
Sept. 15
Friday
Sept. 16
Sales ol
me
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
[VOL.Lxxxx.t.
Range Since January 1
On basis of 100-share [04
Range for Previous
Year (1009
Lowest
Highest
Lowest
Highest
inuostrial&
illiscellaneon
*250
.*250 . __ *250 _--- *250 . __ *250 - - no . __ --- __. A da ms Express
J'ne•..3
$270
4249
Jan
5 190 Jan 250 NOI
*3
9*3
-9
1812 812
814 -812 *8
712.11y 27 15 Jan 3
235 Mills-Chalmers
9
*8
-814
1234 Feb
1673 Aug
*3012 33
*3012 33
3012 3012 *31
36
27 Aug 5 6434 Jan a
30
30
600
*29
Do peel
36
5712 NoV
38 Feb
6314 63
6334 6438 6338 6414 6114 6434 6212 64
6318 61,520 Amalgamated Copper- 551?, J'iy 13 9013 Jan 3
62
65 Feb
0613 Nov
*4314 4412 *4314 4412 44
4412 4412 45 *43
1414 *4312 4412 1.900 Amer Agrleultural Chem_ 35 J'iy 26 49 Jan lu
3312 Jan
50 Aug
__ *10012 _ __ *101
_ _ *101
_ *101
_ *101
Do pref
9014 Apr . 103 Jan lu
_ -- ___
951* Jan 103 Aug
*10012-3-758 3634 3-73
3714 3712 37
-8 3714 -3-7-34 37 1712 36 -3-612 8:450 American Beet Sugar
24 J'IY 26 471., Jan lc
2014 Jan
4912 Aug
*90
94
94
94
*90
95 *92
95 *92
Do pref
95
100
*90
89 J'iy 27 9512 J'ne 15
95
32 Jan
98 Oct
*734 814 *734 814 *773 814
8
818
778 8
778 778
710 American Can
712 Feb
678 .1 no ,u
1.3,8 Jan 3
1513 Nov
*6612 68
*6612 68
6713 6713 6812 69
pret
Do
1.400
6734 63
J'ly
7112
23
66
62
x66
Feb
8112 Jan 6
85 Joe
48
48
*4612 48
4834 4734 48
4838 4612 4714 4512 46
1,710 American Car & Foundry 3912 J'ly 28 72is Jan
4414 Feb
7613 Nov
*11014 11112 113 113 *113 11412 113 11314 *111 113 *11014 113
Do pre
300
10712 Feb 12434 Aug
109 J•ne,su 120 Mch •
*0112 6212 162
62
6212 6212 6258 63
6238 6212 6134 6214 2,050 American Cotton 011
5213 J'ly 26 691, Mch . 4213 Jan
7914 Nov
*102 103 *102 103 *101 103 *101 103 *101 103 *101 103
•
101 Feb 1 Illti Apr 1..,
Do pret
98
10714 Nov
*230 250 *230 250 *230 250 *230 250 *230 250 *225 250
American Express
1235 Aug 3 .20 Jan •, 5205 Feb J00 Dee
418 418
418 415 *334 412
4
4
312 312
.500 American Hide & Leather
4
4
614 Feb
312 Sep 13
bls Jan 6
10 SeP
2212 2278 22
2212 22
2112 2018 2013 1912 20
2238 19
Do pref
3,500
34 Feb
19 Sep 8 4/.3 3an -5173 Aug
1812 1812 1853 1853 1912 1934 *18
1978 1812 1812 *18
1,000 American Ice Securities_
19
1878 Jan
102 J'1Y'.-6 2914 Mel) -.
4214 Apr
*1112 1212 1212 1212 1212 1333 11
1118 11
1,700 American Linseed
11
13
*11
1018 J•ly 27 1734Jan ,.
12 Feb
20 -1'ne
*29
38
*30
35
3518 30
32
34
32
Do pret
2.100
32 *30
33
2512 J'ne30 4678 Jan . 29 Jan
4734 J'ne
*3514 37
*35
37
3558 36
3614 3614 36
700 Amerman Locomotive
36
38
49 Feb
36
29 J'ly 26 v213 Jan :.,
($914 Aug
*103 105
106 106 *10414 10614 4106 106
105 105 *103 106
110
Do prof
10212 Aug 6 115 Jan 7 10914 Feb 122 , 11:16
*434 614 *434 534 *434 512 *434 512 *134 512 *434
American Malt Corp
111., J'ne
414 J lY -6
5 Feb .
512
5,2
Y
*31
3234 *31
3234 3118 3118 3138 3112 31
820
Do pref
31
2812 J'ne iti 48 Mch'..1
3012 3078
38 Nov
51) Set)
85
85
8518
85
8434 8434 *8414
8518 *85
300 Amer Smelters Sec pret B 12 J'1Y 23 9073 Jan ..
8512 *8434 8513
30 Jan
9238 Aug
6713 67
6612 6634 67
6813 67
6812 . 6158 87
6558 58,370 Amer Smelt.ng& Refining 6133 J'IY 23 104 Jan 3
64
7734 Feb 10512 Nov
*103 104 *103 104 *103 104 *101 102
500 • Do pre/
9814 J'IY 26 11232 Jan 3 101 Jan 11632 Aug
102 102
101 10114
*200' 300 *200 300 *200 300 *200 300 *200 300 *200 300
American Snuff
277 Apr 4 1 5 Apr 27 22* Mcla 3285- Nov
*100 101
*95 102 *101 102 *101 102
101 101
100
Do pref
v512 J11.1 13 101 hiav-11
*95 102
95 Mch 1J5 May
*43
*43
45 *43
45
45 *43
95
100 Amer Steel Found (new).. 38 J'ly 26 30 Jan 13
*43
4318 4318
45
6539 NoV
3478 Feb
*116 119 *11714 11814 11712 119
11718 119
1,500 Amerfean Sugar Refining 114i, J'uo a 12878 Feb 13 11538 Nov 13638Sep
11653 117
117 117
*115 120 *115 120 *115 120 *115 120 *115 120 *115 120
Do pref
115 J'uo ti 1..4 Feb _a 113 NOV 131 Apr
'
13434 13434 13478 135
13458 13512 13513 13512 13458 13518 13412 135
Teleg
12534 Xis'
4,000 American Teteph &
, 26 14338 Feb 21 125 Feb 14513 Sep
*9273 9313 9313 9312 9373 94
19312 9312 *92
415 American Tobac (new).pf U0.
94
193
, J'1Y 26 9334 Mehl
93
14013 Feb 11.)4 al ay
*2713 2813 *2512 29
2838 2834 2814 2878 2734 28
900 American Woolen
2518
- XII 5 3912 Men lb
2712 2734
26 Feb
4012 Aug
*9412 96
*9412 9512 9514 9512 9534 9534 9512 9578 98
Do pret
9513 1,000
9334 Jan 10734 Joe
Mch
104
7
'
11
5
91,
8
J'
*39
40
39
39
3914 3912 3934 40
3858 30
3833 3834 2,200 ..tAnacxmdaCopper Par$25 33312 J'iy 26 $54 Jan .., 53734 Feb 5,43,.. Deo
26
26
26
2712 2712 2812 2712 2734 *2612 2712 26
2612 2,400 flothlehem Steel
21 J noes
1834
Mat 3514 Sep
34 Jan 3
*5634 58
6734 5614 5634 *56
57
5714 57
5712 1,100 1, Do pref
60
56
99 Aug lu 05 Jan 11,
47 Feb
69i., Sep
134 134
*13112 134
134 131 *131 134
133 133 *13312 136
300 Brooklyn Union Gas
125 J'ly 26 16412 Jams 3 118 Jan 1641; Deo
9
_
*8
9
10
10
*9
*) 10
9
9
297 Brunswick Term & Hy Se,
b J'uo_u
17;
3
Dec
1818 Jan :.
1912 Deo
*2812 30
*2938 30
2912 2912 *2812 30
Butterick
100
Co
16 *2812 30
23 J'ne 's 33 Jan 4
2378 Jan
37 NOV
3212 3278 33
3314 3338 3438 3418 3412 *33
8,155 i 'entre! Leather
2514 J'iy 26 4834 Jan 3
34
3238 33
5134 Oct
2612 Men
*103 106 *103 106 *104 106 *10412 106
9914 J'ly 27 105i4 Mch
, Do pref
150 k..
10412 10412 *10418 10412
9934 Apr 111 Sep
3034 30
3058 30
2934 2934 3014 3012 30
30 *2878 2978 1,550 Colorado Fuel he Iron
2212 J'iy 26 90 Jan 3
29 Feb
53 Deo
*3
4
3
3
312 312 *3
512 *3
412
2138 Feu
3
400 Col & Hock Coal & Iron_
3
3 Sep 12 14213 Jan 4
5112 Deo
13014 13158 12912 13058 129 12912 14,100 Consolidated Gas IN IL 122 J'ly 26 16033Jan 3 11412 Feb 16514 Jan
12934 12934 12912 13078 12958 131
14
14
14
14
*1353
1412
*1312
1418 1353 14
1612 Feb
1112 ..1•1.030 2314 Jan 6
1,675 Corn Products Refining_
*1312 14
2612 J'no
*72
76
7458 7458 75
75 *75
76
7314 Feb
Do pret
7412 7538 7312 74
800
9312 J'no
7038 J'IY -a> 8833 Jan J
*56
63
452
52 *56
63
*56
63
*56
.45 Jan
63 *56
63 Deo
10 Crex Carpet
63
55 API'-1 6212 Feb 26
*26
28
28
*26
2612 2612 2714 28
3212 Feb
Jan
2612 27
2612 1,701 Distillers Securities Corp 2514 J'ly zo 3634 Jan 11,
2612
4112
*2234 40
*2234 35 *2234 30
*2234 32
*2234 25
Federal Mining & Smelt% 25 J'ly 14 60 Mch b
Mch
*2234 30
9512 Mar
*5314 57
59
*54
*5314 56
*65
67, *55
Do pref
66
53 Apr 6 SS Jan . 80 Feb
*5314 56
94 Aug
111134 14134 14112 1118 14212 1441.2 144 144,2 14312 14312 14213 14212 1,403 General Electr1c
134 J'1Y 20 16073 Jan 6 outs Feb 17334 Aug
814 814
814 814
838 812
814 812,
814 814
8
813 15,465 dGoldlleld Con M_Par ;10 g718 Sep 8 881, Sep 13
*9514 96
0578 9653 9638 9713 9758 9858 97
98
97
97
Jan 11334 Dee
4,725 jot Harvester stk tr ctrs 8313 Fen b 1257:,: Jan 11,
*11913 120 *11934 120 '4 1934 120 *11913 120 *11934 120 *11934 120
Do pret stk tr ctfs
x117 Aug 11 129 Jan 4 10914 Jan 128 Deo
*412 5
4412 413 *413 5
*412 5
*412 5
1 58 J'ly
25 Int Mer Marine stk tc ctrs
414 J'iy 25
*412 6
Oo%
712Jan
*1534 16
*1518 16
*1514 16
Do pret
1578 1573 1434 1518 2.000
1534 16
2758 Jan
1253 J'151' 26 143 Jan f.
1834 J.1Y
10
*912 1012 *912 1012
*912 1012 *912 1012 10
825 international Paper
1914 Jan
9 ,i'lY 1 Is Jan 3
1012 10
912 Mch
4.113 45
4618 4618 *45
48
46
46
*45
49
47
Do prof
872
48
4118 J'137 26 0112 Jan 3
4734 Men
6934 Aug
41
*40
*3814 40
3913 4014 4013 4034 *40
41
3978 3978 1.000 Internet Steam Pump-. 3658 J'IY 26 5458Jan ,
33,2 Feb
5412 Nov
*80
*80
82
8112 8112 8213 8273 8314 *82
84
*81
Do pret
600
83
7812 J'1Y 26 0034 Jan 1.
3212 Jan
91 Sell
10014
1
1003
4
100
Laclede
10012
100
9912
3
8
Gas
9978 9978 1,900
(St LI coin- 9334 J'IY 29 11612 Jan 1t, 104 J'lle 11338 Deo
9914 99 4 9912 9912
8912 90
92
*88
8912 *88
*88
92 *38
90
300 Mackay Companies
*88
90
79 J'iy 20 9118 Jan 1
70 Jun
9,512 Nov
*7312 7514 *7312 7514 *7312 7514 7312 7312 *7312 75
*7358 75
Do pre
107
71J'I1 .47 7814 Jan 10
7758 Dee
6912 Jell
114 11412*111 114 *112 113
*111 114 *111 114
ationat
113 114
Biscuit
1,100 1M
9612 Jan 120 Sep
100 Aug
Jan
5
115
*120
12.
112
*120 12112 4120 120
*___
_
130 *_ _ 121
120 120
120 1-1 Do Peel
11834 J'ilr 6 125 Jan 17 11812.
, u 130 Set)
*15
*15
16
1612 *15
18
*15
18 *15
16
200 Nat Enamerg & Stamp'g
15
15
1258 Feb
15 J'11,26 2812 Jan 3
3014 Dee
90 *80
*80
90
*80
90
*80
90 *80
Do pret
90
*80
90
82 Jan
9612
9912 Sep
8512
MaY13
Jan
13
52
5214
5114 5112 51
5212 51
52
52
5112 50
5013 2,315 National Lead
4512 J'1Y 211 8953 Jan 4
7114 Fob
1)4 AUg
*10212 104 4104 104 *102 104 *10213 104 *102 104 *10212 104
Do pref
J'ly
30
Apr
23 11012 Jan 1, 10234
10134
11334 Aug
2014 2038 2012 2058 2012 2058 2012 2034 2038 2012 x20
9,910 dNev Cons Copper-Par $5 $1713 J'IY 6 $2158 May 10
20
*70
73 -,- *70
75
73
73 *70
78
*70
100 New York Mr Brake_
9714 Nov
75
69 J'ne 3 0513 Jan 3
80 Feb
*65
67
661-8 -61'8 67
6734 6512 6712 z6334 6378 6413 6478 1,540 North American Co. new 63 J'ly 6 34 Jan 3
72 Jan
8712'rile
2818 2838 2734 2818 2753 2753 2,200 Pacific Mall
2712 2758 2712 28
28
28
2278 J'IY 23 4314 Jan 4
2918
Feb
4812 Nov
*3112 3513 *3112 3513 *3112 3512 *33
*3112 35 *3112 35
35
L acitlo Telco & Teleg_ 30 J'iy 25 4614 Jan '1
4514 Nov
64 001
*206 10612 *106 107
10638 10638 10612 10712 *10612 10713 *106 107
3,800 People's 0 L & C (Chic) _ 103 J'1y 26 11638 Jan 3 loll* J411 120 Aug
88
*86
*87
90
*88
89 *87
89 *87
89
Phlladelphla Co (Pitts1413) 84 J'iy (., 10612 Jan 3
*87
90
unli Dec 103 Deo
17
17
*15
17
17
*15
17
17
*163g 1714 *1638 1714
500 Pittsburgh Coal Co
13 J'ly 20 1734 Jan ' 10 Apr
'2938 Nov
6818 6738 6712 *66346712
*66
6634 6634 6714 6714 08
88
Do pre
600
J'1Y 26 85 Jan J
6014
40
8712 Deo
Feb
3438
3438 34
*33
3334 3334 3373 3378
34
34
*3314 34
470 Pressed Steel Car
25 J'1Y -6 5173 Jan 3
3013 Feb
55 Aug
*9212 9434 *93
95
*94
95
19312 9478 9334 9334
*9313 95
J'ly
Do pref
185
96
27
Feb
10112 Jan -90
1113, Aug
o159 16112 *159 16112 *158 161t2 16114 16134 *160 162 *159 162
612 Pullman Company
155 J'no-5 20(1 Jan 11 169 Jan 200 Aug
212 212 *2
*212 3
3
*2
.,
3
,_
*238 3
*2
3
160 .JuickslIver Mining
158 an
212 J'ne 27
938 J'iy
373 Apr 5
558 *3
*3
558 *6
3
5.8 *3
558
558 *3
3
Do pref
278 Aug 2
100
578 rday_i
3 Men
10 Ma/
32
*3034 3114 *30
*3114
3112 3114 314
3138 3138 3034 3034
200 hallway Steel Spring_
28 J'ly 26 5178 Jan 3
Aug
3212 Mch
541*8914 9714 *8914 9714 *8914 974 *8914 99 *8914 99
*8914 99
Do pret
9778 Feb 109 - Aug
x9014 Sep 7 107.,Jan 17
3112 3012 3034 30
*2914 31
3018 3058 3012 3114 *31
3014 2.725 Republic Iron he steel
27 .1•110 4 4578 Jan 3
1658 Fob
4912
Sep
94
94
*90
9118 9358 9412 9412 9412 39413 9412 x9112 9112 1,240
1)0 pret
6718 Feb 11014
8234 J'ly -6 10414 Jan 3
57
57
55
55
57
55
54
6714 6714 5714 56
*66
900 Qloss-Shettield Steel he It 4812 J'ly 30 8612 Jan .,
68 Fob
9458 003
*105 116 *105 116 *105 116 *105 116 *105 116 *105 116
10 Do pret
114 J'1Y '6 118-34 Feb 1 10738 Feb 120 SeP
2634 2714 2714 2714 2738 2712 2734 2814 2712 28
2778 2812 5,770 aTennesseeCopper Par325 $1934 J'ly 26 $4053 Jan .1 33312 Out $49 Jan
00 *87
90 *87
90
*87
*87
9018 *87
90
Texas Pacific Land Trust 33 Feb 8 U5 May13
*85
90
8012 Feb
9373 J'ly
*7
*7
838 838 *7
9
*7
9
*7
9
9
9
100 Union Bag he Paper
(.1 J'ly 5 1314 Jan ill
9,4 Feb
1538 J'no
60' *54
55
*54
*5414 59
55
59
*54
59
59
*5 J'ly 15 73 ..jan li
*54
100 ki Do pret
66 Jan
8114 J'no
*100 104 *100 101 *100 104 *100 104
102 102 *100 104
100 United Dry Goods Cos- 93 Aug 2 124 Jan 3 115 Oct 12512
*101 103 *101 103 *101 103
10212 10212 *100 103 *100 105
9914 Aug . .• 11373 Jan 4 (109 Sep 114 De°
200
Do pret
Deo
15
*1414 1613 15
1512 1512 10
*14
*1413 16
170 U S Cast I Pipe he Foundr
15
115
3512 J.lie
1418 J'ly 21 32 Jan 3
2438 Feb
*51
*54
5734 *51
58
58
45673 5673 458
4.4 J'ne28 84 Jan 10
Do pref
57 *51
83
70 Mch
5734
8712 Aug
108
*99
108
*99
*99 108
*99 108
*99 108
9514 J ly 26 145 Jan lu
*99 108
82 Feb 1111 Deo
United States Express
7112 7112 71
71
71
72 *69
*70
*70
71
300 U S Realty he Improvein't 6434 J'ly 26 8414 Jan 4
70
70
64 Feb
87 Se1)
534 514 *514 712 *514 712 *514 712 *514 712
100 U S Reduction he Refining
*512 712
11 Jan 14
10 bleb
1712J no
4 J'ne27
*15
25
*15
*15
25
25
*15
25
*1512 25
3912 Aug
*1511 25
24 Feb
Do pref
13 J'iy 8 3912 Jan 3
34
*3312 34
34
3412 3434 3434 3418 3418 3313 35
34
1.800 United States Hubber- 27 J'ly ,6 5213 Jan 3
27 Feb
5758 Aug
*10512 107 410513 107
10878 107 *106 108 *107 108 *107 108
11012
Jan
10
200
Do 1st pret
98
12312 Aug
Jan
99 J'iy :16
75
*65
*6512 7512 *66
*6712 71
71
6712 Feb
*6713 71
*6712 71
Do 2(1 pre
8911 Aug
59'. J'iy 27 84 Jan 3
68
8838 6814 69
6118 J'ly 26 vl Jan 3
8778 6912 6834 7014 6718 6834 6614 6712 492,200 United States Steel
4114 Feb
1,478 Oct
116 1164 11614 11612 11614 11634 11612 11678 116 11612 11558 11614 8,350
Do pret
107 Feb 131 Oct
1101-, J'iy 20 12533 Jan
4638 47
*46
4612 4614 4612 4814 47
4534 4658 x45
4533 8,650 dUtah Copper_Par $10 :33933. J'ne30 $6614 Jan 6 33918 Fob t.8714 Nov
59
59
59
57
58
58
5312 58
58
5873 57
4.900 Virg1n.a-Carolina Chem
58
4078 Feb
47 Feb 3 0213 MaY27
5638 Dec
*121 122 *121 126 *121 126 *122 126 *122 126. *122 125
117 J'ly 28 12104 Jan 4 114 Jan 128 Deo
Do pret
1._. 61
*____ 61 *___ 61 *........ 61 *__ 61 *__ 61
Virginia Iron Coal he Coke 53 Apr 22 73 Jan 1
57 Feb
7573 Sep
___. ----Vulcan Detl lining
1.,
Jan
6 Feb
15 Feb 4 125
3714 Nov
___ ___
_ ___ ---- __ ___ ___
_ _ _ ____ ___
.....
Do pret
45 Jan
60 Feb 4 80 Jan 6
9134 Nov
1.158 167 ;160 1-60 *158 1-6-5 *158 165 *158 185 *158 1-65
39Wells Fargo he Co
152 Feb 8 4195 Jan 4 3011 Jan ,670 Deo
*62
631:. *62
6412
1
1.700
6412 63!8 64
TV mtern Union Teleg_
64 2 6414
6373 64
64
(14 Feb
8514 Nov
53 J'ly 20 7812 Mch .
61
61
60
*57
60
59
*58
5978 61
59
60
59
1,100 Westingh'seEt&Mtg assen
4912 J'ly 26 8212 Jan 3
74 Feb
90 Aug
1E110
191'. *112 191'. *110 19.c *112 125 *112 125 *112 125
Do 1qt nrot
11.1 ‘InV ' 130 Feb 24 111) Mott 145 Sep
i‘igi-2
'
.
BANiS AND TRUS'T CON1PANIES-BANKERS' QUOTATIONS.
Hitt
Harecs
Brooklyn
Broadway
375
Brooklyn I,
Coney Isi'd11
First
•79-4;
----
HonsesteadI
Manufaers' 4-1-8
Mechanical.
Montauk _Nassau -_ 245
Ask
11(1
155
Banks •
Brooklyn
Nat City__
lorth Side
People's
_
Pros p'ctP104
l'ertninal
Bid
Ask
290
159
158
I50
305
180
90
115
245
150
:10
Frost Co's
N Y City
A *tor
''31
Bankers' Tr 629
13' way 'Fr__ 145
350
650
1511
I rust Co's
N Y000
Carnegie _
Central Tr_
Columbia _Commercial
Coin wealth
Empire
Ea ult'bie Tr
Farm Lo&T
Fidelity ___
Fut ton
Bid
Ask
110
990
280
120
150
300
455
1650
200
290
1:0
101()
130
310
485
1700
211)
frust Co's Bld
Ask
Gnarly 'Fr _ 790 810
Guardian Tr
175
Hudson
170 180
Kniekerb'kr
295
Law T 1 &'Fr t251
Lincoln Tr. 130
140
Manhattan 375
400
Mercantile _ 700 740
Metropor t'n
535
Mutual --- 133
Mut Mince
1-3111-3
NY Lite &Tr 11766 1120
'rust Co's Bta
N Y Trust 640
1)0
Savoy
Standard 1r 400
FitieGu& Tr 485
'Fr Co of Mn J20
Union Trust 1303
US Mtg63 Tr 460
Unit States. 1190
Van Norden
Washington 375
Westchester 160
Windsor - 123
Ask
653
105
410
995
i'Sga
470
1210
230
lid
*rust Co's
Brooklyn
Brooklyn In
Citizens'
iolatbush
Franklin__
Hamilton __
tome
Kings Co
L Isl L he Tr
Nassau
People's
.jueenQ Co_
Wilitamsb'g
But
Ash
405
42)
140
226
225
290
110
200
210
270
1(13
500
295
105
300
113
3-1"
0
176
316
14
1
*Bid and asked prices: no sales on th.s day. 4 Less than 100 shares. t Ex-rights. b New stock c Ex-div and righ s. d NOW quoted
dolltui
per
share.
SsF: at Stock Exchan-re oral auctlan this week
s EC- stock ...1 1ylde Oa
I Banks marked with a paragraph (II) are State banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
now al,'.--"adid intorest"—oz;v: /or income and de/au:led bonds.
Jan. I. 1903. the Holohange method of voting bonds was changed, cin2 prices are
-••
BONDS
STOCK EXCH A NOE
WEEK EMMA. SitpT 16
Pries
Freda!,
Sept 16
l
tt, Range
Week's
Range or tt,
4 January 1
.
Last Sale 3:1.
BON Ds
N. Y. STOCK EXCHANGE
WICEK if.utitmt SitPT 16
gig r
Price
Frinall
Sept 151
Week's
Range or
Last hale
Range
Since
Jai:mart,
s
,1
LLow 'sigh
iiigh No Low Rig& U..41101 Lia ttlf.--((..on 1
diett bow
111(1
cliatt Div pm mon g 43.1931 J.() Bilid
d
4"
"
58 343
9:
gr/
p q
"
j
19114
100%1013e 101 Aug'10 ....
,114478J'ne OS
Mlle ea Aor Div let g 5s.104ti .1-3
101
10078 101% 10034 'ne'10 —.1110,114 10,04
d193(l
U S 2s consol enupou
116 NovV5
Mid Da JoAu Div 5a....1947 J..1 1004
1011410-2 102% J'ne'10 _11141154 l0L34
k1918
U S 311 registered
10 110
110 Jan
Mobile Orr let g os
1949 J -J 1U6
1013 102 101,4 J'ne'I0 —.10114 1015
k1918
U 13 Ss oottpon
'10.. 102 103
N 100 106 102 Sep '1...
101 44 J'IVI° .... 1 1024,10215 Dub tIll/co Ls of Da cm g Os 193'7
U S 3s eon small botide_iclill h 4•F
i 120 12511
Cent 01 A .1 gen% 14011108.1957 4.4 122 12234 123
.23
4
1164
8
1143
Aug'10
,
114,
44
116
4
,
114
F
1926
U S 48 registered
,125
Registered
411157 Q j 121(412211 120(4 Aug'lu .... 1201
4
11)25 -F 110 lib% 115‘,80p'10 .... 114(41153
U 4.8 con.pon
Ant Look & imp gu 58..1921 I.) 109 109,
4 lt/9 Aug'10..,, 107 199
.... 100%1008
U S Pan Can 10-30 yr 28.k.19311 -N 10034 101 44 100% Aug'10
Le Jo Rue A gen gu 868 19244 J - J
9534
100% J'ly'It.
loU's 101 44
Leh & Wilke B Coat 58_1312 st.N 109 42
Voreign 1:0 yerimient
tOO
Con ext. ghat' 4,28....g1111u ca.m
10044
100 May'I(4
19 9534 97
07
I/634
LW% 97
Argentine—Internal 5sot 1900 51. S
li 161 Long Br gen g 48 1941 M-S
tmperiai Japaneme uoverutut
D88
so
Pacino
Pacino
COLL
co
(
19
11
114
34
48
9014
9418
64 14 Salt
1925 FA
sterling loan 4 428
85
1)3
87% Sep'10
9.134
18311 9578 CentVermont Ist.gu g 4s.e192u Q-F 87% 89
9358
1925 J J 1 93% 94
20 series 4 Lis
Chas tib sav bee All Coast Dine
4 8618
8534 'JO
89%
89'2
1931 J J
Sterling loan 4.*
0
0
de
44
/5,.i
gold
10
%1(1
Ullbe
2
Ult10
1
do
10
04
y'10
i
.8J'I
04
04
0
,
1
4415)11
10
106
A-0
104
4
,
101
10211
J 102
Repub ol Cuba 58 exteu debt.. 31. 1101%1024
Den tunding & unlit, bs.lv29 4.3
10 1195
9744
1)/
er. 07
97
San Paulo(Brazill trust 58 1919 J • J
Ist. cuusoi 8 vs
iv N 11138 .....
1, t.N
v30
i0
l
5 (36% 6.1j4
97
Sale
97
97
U 3 ot Mexico 8/l (15 01 1899 Q-J
,
112%112,
1 9444 97 11
itegieteree
9458
9458
94%
1934 J -0
Gold Lis of 1904
4 j1
1%
11:44'
.105
00ueral soul 4,
2a.
1 19
l3e44 1"
l al
ure,
li
i
thwil asis Go 05 to 2.
1002 WS lo1 42S
1 '2 11913414
:
1
7' keSe are pr ices on
8
8
li)17
1917
ttegmiereit
State and City Securities
:515 \:*
F -D
4
9
2
'
33
19::39: 41
1
uu 8
S ..
A
0
b j'n•e"
8
1 i ;LC 1°
.7
.
U1;
Couvertiule 4446(Wit 18).1
10078 Sale 10034 1001* 143 190 1013,.
1060
N Y City-4445
5.7
59
uh. 3au..y 116I 4e,
IOJ Apr.1u
89
'12 IJIl 10038
953
,
,salt
98'
1 ,59
4% Corporate Stock
Coal itiv 1ty let „ti 48 1O4J J-1)
844, 153 484 mete
98% 9634 9578
98's to 00 ta 100
1958 M-N
4% Corporate etock
t04 104
11141, J -J 1142 195 104 Aug'10
un.iii 4.'41.4 181 8 0
, 10038 100o, 01 105%11978
N 1067a 414-1
11157
4,8
4
New
uo Jai. 00
90
01
Potts Creek Br ltit 48 1046 J-J
,
4
1 11)2,
I 1.1 Al • N to-% 10314 11)211 102.
48
New 4,
Lt to A voilsi3Ouu g Ytl..1.1002) J -J
94
94% Id)
1:17
944. Aug :0
4 10G34 51 10514 110
MN 106% 5alt, 106,
41a% Corporate Stock _1;157 55-N
11,0(14.4
111
87
Li011 93
zu CO/1801.8 48
914 42,laced)
102%193'4 1(12 14 Aug 10 .... 102 ki 103 48
11117
/0 ti88U68111t 6011418
4 413
4 • , 05
113,
‘‘. arm bpr Val 1st g os-1:44i 041.•8
,
9t,,
0a10
Lib%
v53
4
N
11814
NI
957
I
4% Corporate stoe,:
5611
le
1
0
1,
Sep
91
gill; 4.ii '4U M-N
lst
ity
Union
8744
orior
91 42
s
it)37
30
4
-4
10,7
191
s
1.037
86w.
1b:3,
N Y state—Canal Inuit 4e 1 MAL J-J
71,
".0
72
,Aug lu
70
77
4, Clue di ALL 1114 rot g 3a...1949 A-0
104 It 3 4.1trlY'1".... 103 4, 103,
19.30
So Carolina 4'23 4U-4s,
to)
v.
,,v
90
/0
J 4
its...i
09
69
70
116
1st. uou 3,
7 6814 75
Ratio/my
4
94,
11
....
Sep
905
9514
963
,
4
•
J
38_19E1
-Penn new setueineut
75 Oct 'L./a
ttegl5Leree
(501s 0078
99,4 an 11
58
Virginia fund deut 2.38 1991 J J
99 i'ly '1u
: Si'.,t/
u
btbi:i
0lt10 31111 da ...4--LJOUV 114a laz2 F-A
85%
56
41)
45% Sale
45
40
6s tteterred Brown Bros Otis.
Ss Sep '1,.,
bit
81
11.1411 J -.J
Ultima Div 3,
28 •
.........vo
4
U1.3
4-4
,01
08
........,0
Registered....
Itaiiroa,•
llis Div 4s
00's 10 98 42 10038
twas 9934 0334
104u .1 - 4
A tanama Cent See so ity
100% Oct 'uv
Iowa Lily intim. Raul oa 1015 A-0 HA
Liabu511th bee At Coast Line
90 44 101 % Ott, Aug 1,1
A-0
'Ulu
bluKiug
LUlill
4a
&Wail di suite bee Dui Co 11Uu
b 4' lu
Uil
1)
t)(4
Aj
°44
etutfg.0
e..uit',album 31.192, M-N
asItilv
18D% 11(1'. OS '.3 Aug lu
/W01411814 Valley beo Penn it tt
4 I M-li
12.1.
&Reg k Vi eel bee Bus
110
11
07
tit)
4 .aY't
'5n't:
..iLi 1.. 97 42 91)
83(4
bouLuwesLoru Div 40. .1.4,21 .12-S
1 74
77
79
76
76
/11.995 (i• J
4.1111 Arbor 1st. g 48
Joint mums bee tiseat Aorta
9/1
983
(3) 1,7(4101
6854 Sale
g 4s.1990
&ten 1&
1 it)(1 42 10248
DoueuLtue us
11,14.01.-N 10054 10214 101 12 10114
J'fle'ltl -- 98 lot)
117
1990 A•0
Registered
19,8 m.)3
0734 2, tu
97.., stue
734 102
is0
00
117(4
Denerai 48
IS
9211 0038
91
000* 2 83
Nut
A6081.1118111. g 48
fiat, 01st-JuSoutisu. tia 11,11 ,ti-5 11)c3410044 J'ly 10
112
1)2
•Iu
—.
182
it1111.).
liagialsrets
oh
oh i Le
so-, az Aug't 8.3
04% 0111001 u. tit 161 to iiiip,45 iauo J -J
9111 139 01)
% Sale 90,8
411)115 .11-5
Stantidul
.8
ti
•
.1)"
t2L
181 000001g Os
1934 A.0 12.134 ,2748
113%117
11318 API
Cony 4s issue et 1900_11)55
DJ s38 .1 ly '1'.
0011011u 6011801 1.81.15....1661 *1.-14 lob% ....
,0030 113
25 LOU 122's
lu3
106
-I) lUti
Uouv 4 ......
n
-.,'018
114
9,3 104'4
Reign:Ai:woe
102 13 lout, Aug'111
Cony 4s (full pd recta)...b60 .1.1)
iti
2 Marl()
2: 1 1
.11....7 109`1,1
1.115o11
0.
2
27
Utile di 1.110 ,... 0.5' 181
6‘
ick:J
oci.l
142(4
211
WU
4
1,43
163
tub
(.3
Jii
i
on
V
.....
.
cuu
10-yodu
4
(107,Jan it)
8 ttb'm 0111041W Ai Erie ASGe
,
1)1
Devoe totes is series J.1t.,12 FA
124%
125%
124%
12415
1
.1•4
ut3
12411312O%
,
us...194,
01110
Cc,
1/104
1.01litSV
11011 t.
191.1 F -A
Series h
iice,,,„
,14
ltelitucuug gualua
9i 'Apr'lu
07%
114,4
Vi
East 011111 Div 181 g 4a 1928 1v1 s
Luo Jim 10 .... Lou 10014
J 101
9434
vftip .J1 -- j
1.4,1114V A A do (Alit:Ads.1u
8.1
US
31 92
4
02,
92
1958 J o
Short Lum 1st 48 g
if i % 34 API' 10 .... -3's v4
91
It8 1011.
104 42 10v 12 Ohio Intl de Sou 00.yr 40_11)56 J -J
4 107 12.1'11. -10
S be l'ree & eli Istg Os iU12 11.3
...: 10.1
.
.
u1,.
l
.
,'
I 1.1LC
u :L.., •th
lu
a'i
191 42 luo,
103 42
o
m
c
cum
eosi.
toile
J. A. u Al J - .1
6
S.t1 Knox &i N bee L do Z
1.1.,41, 7 06 10042
9534 91114 ut)
9324
ueuerai g 4s series A...elttou J •J
U4 Li lisle
057s
9411 11) 92
&Bantle Comit iiit a 48.41952 Its luu
............
10,) Sep 'UJ
118,41.81.0rett
eitibu Le-J
_11)25
Os
gold
gu
1st
Mid
Ala
be% 5134' 57.4 Ault',.4 .... bolt 59
001101-lug c$ -40 auritul is elaoli J •J
.10
......
u0'U11
Bruns& W let gu a 40 11),),5 J -J 125
112
184
25-yr deuen 4s
1e41 a
Charles Jo Sav 1st g 76 11)30 J -J
1 1,1,f,4 biaL
24
.-;
u: 6
_ L u4
u
-J 195 Is
J -4
92..4 Si;
4 182
.1021.
viv
043
8
-u
05
.8.,
11211
01902
48
N con,
L
Chic
J
id
.t
J
o
2L
,127
116`.2
to
iuzu
y
s._
u
y
it
t
-t)
-7'
Say I) & W 1st gold 08..11)34 A
0
u
1ut
1
112
„
3
10t
1 1034
(
sae
-J
::.
u
1
1 10:4
.L
.10u
1112
0)s1
1
1,51
,u,,
102108
/'
o
'
1l
J
Uwe
4
6
,
,o..1u101
10
r W 181gs
/0/
1321
u
Ln%104%1Y2ui...
112
Mar'IU
1934 A -t.) 101
181 gold Os
, i.tg,,
la 42
hIs
ub
Bait oo (It Dug us
ivie 4-4
1)5
84.1Sp Uca & gu g 4s 11113 J J
1l:.1a10
::
t.:4
.
iO4Ioo
1l4
1,atdob01dnalgus
Daily bee nouth Ity
Atlantic
043
-J
1949j-41.5
1,aQiusa00,2, 101.J0.-191J
Austin di A W ace sou L'acine
AWorm& 1:0114DIVos....111U J •J
4
921
Sale
4
.,
021
924
-J
J
23.1925
3,
LnUu priorlg
1 1110 .Nut uu
Jau Aiwa Div 151 Us
ut (Jet 'uU
41925
IL* Registered
, Aug it
i941 4-4 105%luu4
Wla d Alan, lily g es
18104.
Vti%
OD 'I Ott
UJ
10
n,1v40 A-U
Gold 4is
100 .,, mul'10
l00 -, 10034
Akal (34 -Nu 1134.11 L ua. .11).tu J -D
14
1/11
10
J'I.Y
44-J
09'4
Registered
to
.103-'8Aug
101%
.03%105 u4
441
191.3
comma
us
18L
-2
1
l
120 0c1 '01
Pltt8June 1st gout 68 -1922 4-4
11
u .:::: 1,
..8 10
,
0'
10
Lti,g; i d
A,L,
10,, J
;04lilt
13
,19
43
1%3
utitis tbi.--1 19
...1LO
zi0;
la.
Chits to ..\ ortnw Lulls ,
00'4 b7J, Aug'10
PJ uu & Al Div 1st g 311811825 M-N
hilt31151011 48
Mi , 141
90
LIU
PLEdoW Vihysref 4s1941 SI-N
, ...I 10 .... i a ig 951,
`13.
,
IK
04
LteglxiLefbil
A
le
.
t.
,
4
el0
,
111)15
,:ti
(311
l
ku
:1
3
1
,aie
1.000
doutliW 1.11V 1st g 428...11)23 J • J
lab's bale I 50%
1007 fri.r4
00A. 6 bi
8V4
UO1181111 goal 0.1s
,
84.0.4 Apr'1,
/t1.1)25 9-3
Regis
1 16:3
4 -_,
1 la
11-v ,::o
- ,
"
,
L,:
193 autr- 10
lteguslureu
:
:
:
64'4
Con 04.11011 1st o84 440-1930
1 ilil• MAY 10 „„ i......... .1.
1 10
.
siukutg LULU ths 16,U.J.W‘j A-0 110
1004
:
110 Aug'10
(A Ler Jo W con 1st g cos 11)33 A- Li lot IVA 190
4 b °Wu
it.iu.luza A•t) 109
ltaguscutott
&lotion WV Ish gu 8 ba..19i9 F -A
it): 415''1u
112 Dou'uv
Buutang Lunn os...13/9-111411,A-0 luu34
Ohio River Mt 1st g ba 11)30 4-1) 102
....
1.,
./....
100-,.
1U.,
110% 112 Avv'01)
Row-siert:AI
1049-192;) A-0
1937 A-u
General gold Loi
4.4 3-t
)....
o7
1,
,100
viityy'
1 19 is Mar'114
1uirk.
1074,107 %.1
DO681.1i.u.ru us
Pitts Ciev a Wei 1st g Os 1922 A-0
409,,
zil A.
uz
is
L
-)
sop 'Oh)
issgisisiini
Pate Ao West ltit g 4a 11)11 J -J
lull
113 1.1.99
Sulking Lunn 65u .n3
Diu Nov'V4
196,31.44i
Stat 1st Ity 1st gug 41,48 1943 •L
'us
1.0 Juts J
ites18lefell
Beech Creek bee A 1 1, do /1
114411/17 44
At u i.0& (lest 151 g tin I:9:2j
44::-:8
.
:
.1 1
14
,1.1
.
;
4
Bellev- db Car See Illinois Cent
112-.4 11.,..14
1142
24,.
4:
,
4
t
,
1,11
;
0:
7
Ext.& Lull, a tatiu g 5s 11)2LiF.A
:
12
00
:
Bklyu ill Montauk bee Long 1
Ablintue
IJAV
M-5
8
1St
tia...luza
Bruns & weal- bee Alt Coast L
ALICIA DIV 1st g tis
Bullion) A 1: & Erie bee Erie
1,,,i ...., ita.).11/9
107 11315 11812J'17'10 ..„.
,gen g 58 1937
Banat° It it 1
ov,..
u
1ft
01,10
"'6
W"
1., a, L,,,,, ,....1
12
1 109
7 7:1
1
1J0 112 thot$ 4
.,. Aug I U ..., 11,..,.41 l'.t
105 107 lot J'iy 10
11151
Coneol 4 %is
Aug'10
.0.1.44'10„___ 109 109
111
litiv
95%
Lteguitereu
191714-4
Ali it W est lat g 48 gu_ileid
2 99
.,7 L 146 114,
4 1,Y '00 ....
95%
!
sale
v7
loS
•J
J
11)08'
gold
11)3
Utilierai
4s
g
gu
181
Cos
A1811
1943
Cl do
J'ne
reb.10 ..„ fib-% 9814
115
06%
'
114441D0
Registered
11)0R J•J
Boob.& k'itts 1st g 6s I 021
92
sti
1
UU 116
bU5) Jain. I 811
19,34 A-U
114 11644 1,934 Ltti%
Retunding g 4a
19-22
Consul 1st g 0.8
'12 Mario
Co-Liu-081 seriee /I la ..11110 M-N
Bull db duary let ret g 45.61951
,
Ii7
II
1
1
1
:1
J
8j
1
:
4
u
i
,:u
17.....
44
117
9718
M-N
1912
48
J
N bee Li 11 1 A r
Bar
1 102 L., 105%
10 s8.44 ...... ____,..; 94,....'101.___ 94,2 94 La
,
1
104
Si '.s
1024,19311 104
1913
( Lan do let eat 63
101 4
s
.....10u3
48
A
liM41
Aug
'2
IC
DM
1913
•-)2t1 be
' k'
44„, 1)e
u4
21.Z:u
t) __ 94.4 94%
l'5.
,109a4 May'trl
0 48
1913
Registered
(lb 1 93% Aug'09
P 45
N
-II
:
7.1 64
18
1:
111 U1
:
llart) db Shawn See Ill Cent
de
1
Pao
.11
Chic
72'4
1
441:632
00's 5378
UR
3a1.
7318
40..2002
M•N
Carolina Cent see Seal, Air 1.
71344 Slay-lo .___ 7634
Registered
2002 fil N'
Carthage Jo Ad bee A 1 C35 11
..
,
,
o.
t
AD
It
.11/0
f
,i
,.
.u
A—
La
_
let
0
1
A-U
g
i
4
110'.4
L43
58.11434
Bur
i
t
114%
,,
,3
.......
h&
LiU
b
bee
la
N
Lied It
Registered
1934A-0
Con Branca lty bee Mu Pao
112(41111(4
100 106
Clilk its LN W lstgu 58.1921 A-0 101
11244.7'ne10
106 Apr'10
Cent 01 (Ia 1111 1st g es..p1945 1S-A 109
1 103% 1011
bi de st L list gu g 7s .11)271J -I)
2109 106's 100 -4
1945 M-I4 106,
Consoi gold 58
......
106 113 Aproti
Ohms ok do U get, g 54.01i/iv 4-4 ' 10o 104 104 May'io .... 104 104
Registered
11)45 J1-14
85
30 82
07
Consul gold 68
80
4 108 Otat'10 ...., lud 110
11/52 Ni-N 10714 110,
1st pret weenie g 56....2)11145 Oct
88
84
87 Aug',
104 ifoU'iu ...., 103(4104
hook ea Dc8 M. lel.os
V.'s 101
12,23 A-0
Stamped
07% 31110 .31 ... ito NO bee 111 Omit, I
87%373 76
I
82
2u pret income g tos....p1945 cot
53.4 June Di. 1. do elLtti Jee et:341111;0,
1
76 Aug'10.... 76
I
2,1 pt el income y 55 stamped
56
05 i '231 75
511
;MO zl. r rid. u con us—luill J-i) 121(412742 124 42 J'13"10 .....1 123 127%
30 prei meeme g
out
b4
10: 80
84
US Deo'0.3....1 .—.— ......
84
Culls Ut1 reduced LO 3.43.1.vjic 4.1) 55
Sd prof income g Os atamped.
I. M. "(Wel flailfleilt
IV S 2s consul regu8tered.141930
Z1 io's334
uli.,,, L.,..
B
AlliSCEILILANEOIUS LIONILL5—Continned on Nozt Page.
Street If*dimly
I'
Brooklyn Hap Tr g Os
11.141 A-0 102% Sale 10215 10214
oonV g
refund
82'-, 103
J -J
1st
8215 Salt 8178
BkCity 1st con bs.1916.1041 J -J
101, 101 L, J'ly'lu
MI%
Bk QC°(fa Scon gu g 56.11841
10.1
14)014 10
Bklyn tin El let g 4-58.11)0o •A 100%101 10034% blar'OP2
11/50 F -A 810034
Stamped guar 4-58
10034 DAP,
1041'
84',, 8434 Apr'lt
Kings Co El 1st 48
11141, 13`.A
80,2 2
81
',
51
Stamped guar 4s
76% Slue
z,
70%
77
Nassau Etee g-u g 48__itool J J
102 10248 Mar'I,
Conn IV& 1, 1st& rot g 4 %eel J..1
L
1951 44 100,
101% Aug'1.
Stamped vulir 4(4s
78'4 814, 80 Ply'It
Dot United 1st con i 4(4-s 11)31! J•J
94 Apr'1C,
Havana Klec consol g 08.1952 F A
1 12 Sale
114
VIVO A-0 8
81 117”
7s78
1
Inter-Met coll. 4 0
N Missal. 10014 101 ,
4 .3,
Inter Rap T yr cony 68.1011
31
11852 Al•N 100-, Sale 10034 101
45.year Os Series A
67% Mar'I {,
Internet Trac coil tr 43-1049 4.4
A08.1963
'
518138
colt
Elec
lst&
Wanda
._.. .
*No price IfrUlay: latest this week. 1)Flar.
Street Railway
8214
75
10l.10478 Met St CV gen col tr g 55.1997
. 76 J'Iy"(1
743
54
CI
71134 hi
46 J'iy'1,,
2002
Itet g 48
102
Lull. 104
100 102(4 lot) Sep '1u
Rwayee 7th AV Istegbs 1943
.16 102
Lid J•ly •10
Cotes Ka AV 181 gu g 55.1119:,
97 100
2 99
96,
01 Apr 10
99 103
96
99
Lex A v & P li let gu g 68 1993
.
‘,0,
5 MI% 1.111%
,
604
Mlle 103
68
Thad Ave It It con gu 48 20uu
6868
53% lb 55
596g
59
54
83
Cent Tr Uo certbs stinpd...
H.)6 4210878
hal% 107 L L ti6.4 Aug'it,
Third Ave Ity 1st g63-1'J3
Ws
80
'17
87
4 81
ma.'ll
88 ,
S Uri IV & Lt gen 4(4s —193.,
84
76
NeY'Oe
,u248102',, St Jos Ity Lt. Li Oa P 1st g 68'3.
1u0 1,102
0738 Dec'oh)
108
-1 Paul City Can eon g Gs..193:
187 J
96
97
96
99
113** 12ri-City Fly& IA isle f 53.1943
80
100
118 Apr'.do
4
1 %
03* 94
,nitet4rounti 01 Lou Is. :
,Sale
3
88,
1,
89
11•7 53
443,1
'17
89
,•,.
4s
83'4
37
39
ttiu,
37,1
,104
38,4 .113 51Is 40
Income Os
14 Oct '00
100 lit,
,,on El(Chic) let g 5s 1940
7942 83
07(4 61 4* 011110,1 Itys St IL let g 48.1934 I,, ..
b0
50 Aug.),
65
60
74
68
70 Aug'10
I uited R118 san Fr)t 48.11127 A-(1
'
..
, no
hT)
v--
-Ang
oliC-10 Oct
p Due Nov s Option Sal
j
7O2
BONDS
N. Y. STOCK EXCHANGE
Wititst ErmtNa SEPT 16
New York Bond Record-Continued-Page 2
•ts
11.2
Price
Friday
El^pt 16
freeles
Range or
Last Rate
••••tS
SZ,
Range
Since
Januar,/ 7
BONDS
N. Y. STOCK KX1-1H ANGE
WEEK END'S'. SEPT 16
11.2▪ 1
t31
Price
Friday
Sept 16
[ VOL. LXXXX1.
Week's
,.1Range
Range or 5-4
Since
Last sate ,cg
January 1
Sin
Ask Low
High No Low High
Clue St P M & 0-(Con)
Bid
Ask Low
El tfa 4 IVO Low Bum
123 J'ly'10 - 1123 127
Ch St P ite Minn 1st g Os 1918 M-N 122
51r & Ind 1st con gu g 68..1926 J -J 195
114 Oct '09.
120% May'09 ..J, .
Nor Wisconsin 1st 6s 1930 J-J 122
Erle it Pitts See Penn co
1
11134 Aug'10 • -; 11134 114% Evans & I' 11 1st cons 66.11)21,.1 -J . 109
St P 8e S City 1st g 6s 1919 A-0 11134
115 Deo-09
Chic & West Ind sea g Os q1932 Q-51 107%112 1081
/
4,Ply'10-1 1081
1
4 101 /
1
4 101 /
1st general gold 58
1
4 J'ne'10. .. 101 1021
/
4112
1042 A•0 UM /
/
4
91
02
1932 J. J
911
Consol 60-year 4s
/
4
011
/
4 10 88
931
/
4
114 A pt '05'.
Mt Vernon 1st gold Os 1923 A-0
Chic & W Mich see Pero Marc'
93 J'ne'us"
Still Co Branch lst g 58.1930'A•0
CRI&P
Choo0& Gulf See
1.4'argo & So S'ee Ch M de st P
113 Oct '00
Oln H & D 2d gold 4128 1937 J -J
u lint& Pere Al See Pere Mar
Cin & 1st gu g 3s 1941 M-N 100 1031
/
4 101 J'ly '10
101 108
Fla C& Penin Mee Sea Air Line
&
Find
Ft W 13t gu 48 g.'23 51-N
C
Fort St U 1)(Joist g 4128.1911 34 86
92 Aug'10
8
88
8 12 8
97
2
83
87% Jan'10
Cin 1 & W 1st gu g 4s.1953 34
87
8714 Ft W & Rio Or 1st g 4s...1928 J -J
86 alati'lu
84
Ind Dec & \V let g 5s 1935 J-J
104 107 Mar'IC
106 107
a 'al Har 6b S A See So Pac Co
lat guar gold 5s
107 42 Deo'02
1933 J-J
....
‘lral H & IA of 1882 1st 58.1013 A-0 1/5 14
97 J'ly'09
0 1 t L & 0 bee000&i3tL
Georgia & Ala See sea A Line
OhnS&U See 0 C 0 SL
Oa Car cils Nor See sea A Line
Olearfield & Mali See I1 ft & P
Georgia Pacific See So By
Cloy ein & St L gen g 481993 3-0 92% 93% 92%
Ors 3 901
/
4 961
/
4 Gila V (1 & Nor b'ee So Pao Co
Cairo Div 1st gold 43-.11)39 J4
9412 Aug'111)
(buy et Oswegat See N I Cent
(An W & AI Div lat g 48.1991 J •J
9U
1s Grand /tap & In tl See Penn R R
1/03t,
St L Div 1st col tr g 1s-11100 B-N
90 jA'ulYgl.°
i
940 3 Gray's Pt Term See St L S W
89% 95
91 Oct '07
Registered
1990 51-N
(it Nor-C Id& /
1
41 coil tr 4s 199
96% Sale 9634
J
/
4 971
j
.
•J
1)21 (4
/
4
984 209 941
Deatyi:U
ig
8pr & Col Div 1st g 45 1940 B-S
6 m
100% 90
......
Registered.h
96
95,4
20 114% 9974
97
89
W W Val Div 1st g 4s 1940 J-J
90
90
St Paul 51 & Man 48- 1033 J-J
98 Aug'I 0....'33 100
US WU
105% Feb'l0
01 St L & C consol 6s 19201M-N 104¼
1051,105%
1st consol gold 68
1933J -J, 12372 i273 1.:3 1-,,J'ly so
/
1
4 12834
961
/
4 Aug'10
961
/
4
1st gold 4s
961
/
4 981/4
k19391Q-F
Registered
132 A pi '0,,
1933 J.J
98 Aug'10
9212
96
Regiatored
98
k1936
Reduced to gold 412s 1933 J -J , 103¼
104 Aug 10 :::1034 107.s,
1091
2
stop
'ilo
:
3
,i8
118
1)
0
Cin S & Cl con lat g 58-1928 QJ4
Registered
Ju%
ts .1 uteuti
......
1933 J -J 1
1091
/
4 Dec'01;
C C 0& 1 cousol 7s
1914 J-D
Dakota est gold 6s. _1910 M-N 101,12
,o
go:4
10
88
0
02 Au
1, 10014101N
Consol sink fund 7s
1914 J-D 103
Mont ext 1st gold 48..19371J -D 94
....I 96 10014
Aug'10
119
.
124
1
•
111
119 119
General consol gold 68 1934 J-J
Registered100-4 lice
Registered
1931 J -J
hlinn Nor DivIst g 46h/
1)11.4 Jan '1
'0K
7ijA-D
O 9.3 "..
93
48
11934 99%
91 J'ly '1)8
Ind Ill & W 1st prof 4s 11/40 A-0
Minn Union 1st g Os..19
114-. ceu':19
/
4
1.i3 1141
27J
2;.1 -- .J1 1121
/
4
1)3
0 Ind ea W let pt 6s...t111/38 Q-J
Bout0 lat gu g 68....1937 J -3 123%131) 123 Aug'10 ....1,12o 129
90 Sep'10
. 93
89
Pao & East 1st eon 4s 1910 A-0
9412
Registered
130 14 . • 06
63
631
/
4 63 Aug'10
Income 40
67
MO Apr 53
1st guar gold Os
1937, J -J 106%113.) 110 J'IY'10
110 113%
Cloy 85 Marietta See Penn RE
Will & S1! let gold 5s 1938 4-D 110
116 J lio's)1)
()ley 85 Pitts Bee Penn Co
Greenbrier By See Ches & 0
70
4
70
66
Sale
69%
813
Col Midland 1st g 4s
2
1947 J • J
Gulf & s 1 Astro:& tg Os 41952 J4
89 Apr'll)
89
87% 04%
95
957, 95¼
93 k., 5 93
Coloratt)& Sou let g 4s 1929 F -A
07% 14 an & St Jo dee 0 Li es 14
981
/
4 sale 96
96.2 120 9412 99
Relund & ext 4 tos
1933 M-N
i1 ousatonio See 1.4 IN 12& 11
/
4rne'10
1111
/
4114
Ft W db Den C 1st g 65-11121 J -D 110 112% 1111
Hock Val latconsolg4128.111111) J-J 1021
/
4 Sale 101
102 100 99%104
()ohm & Greenv See So Hy
1001
Registered
/
4Sup 'no
19119 J -J
001 41 flock Val See Hock Val
Cot & 11 V 1st ext g 48-1948 A-0 93
95
95% May111
951
/
4
Col 82 Tot See Hock Val
Col & Toi 1st ex 48
il
euu'uti
1065 F-A
841
/
4
....
Col Conn 8o Term See N & W
Roust 1141 W Tex bee so Pao
Conn & Pas Rive 1st g 46.1943 A•
Roust16 Tex(Jon see So Pac Co
100 100
100 MAY'10
Cuba RR 1st 60-yr 5
I Ihnois Central 1st g 48..1931 J•J
1952 J -J
104 J'ne'lt,
104 105%
I. Registered
lak & GIL So m40016,
g.. St P
19511 J4
1Jallas & Waco See M K cfs T
let gold 312s
861
/
4 Ili.. it% % A
I 4:0
10
1
11151 J-J
10)
92
Del Lack & WesternRegistered
114 sup • ou
11)98,4J'ne'10
5Iorris & Essex lst7s 1914 M-N 107
109%11114
Extended 1st g 312s
1/3/
1
4 Alay'ul)
37
1) ta
19
1151 A
112
112 12 112's 1 112 1141
let eonsol gnarls
/
4
1913 J
au
let gold 38 sterling
J'iy
'09
1951 M-8
127 J'ue1/5
Registered
Coll Trust gold 48
1913 J-D
91) Aug'10
-0 4, 99%
1
18
952
52 A.0
. 94 Sop'00
1st ref gu g 312s
Registered
2000 J-D 86
90
id/ I'sie'ou
07
5:
,
3 12032 115 J'ly'10
113 117
N Y Lack & W 1st 6s 1921 J-J 11
1/02 Salo 902
lat ref 40
195551-N
u7
107.,J'ly'10
104 %s 110
Construction Os
'
1923 F-A
,A
L N 0& Tex gold 45 ...1u5d .11-N1 WS% ...... 981
110¼
/
4
9s11
/
4 tw
117% 101
98 J'15':10
Term & improve 4s
Registered
11123 M-N
1953 M-N!
1)1 54 St .5lay'ul
85
102% euu -lIS
Warren 1st ref gug 3125 21)00 F-A
Cairo Bridge guid 43....111M) J -Di
:
.,
:09
1
19
40
0
3 A!
Mal
i;'10.
.7. 120 190%
Del & kInd lst. Pa Div 78 1917 01-8 1LS:11/412U
LounsvDiv&Term 1;31
/
43.1953 J -J1 84'2 80
.•
8•1
;
1 * VW.;
87%A"'Y'18
Au '1/1
11909
4
Registered
1917 114-S
Middle Div reg Os
1021 F-A 104
97%
071
;10
/
4 12 iiii
1
177
10-yr cony deb 48
1916 J-D 97'4 88
%Star
Omaha Div Ist g 38
'
. u
1961 F-A
77%
77%
10114
101 100 J'lriu
100 103
1st hen equip g 4125 -1922 J -J
St Louis DIvecterm g33.11/O1 J -J
791
/
4 Lec'uti
US
D8'4 98%
98% 1 8131
/
4 1001
f 4s
let
1943 NI-1/
/
4
Registered
l',Ol'J-J
92
021
Sep
/
4
'10
92
91
Alb & Sus cony 31
/
4s
A-0
91¼
1146
Gold 31
/
4s
81.0 Peb'lu
88.4 89
11151 J -J
86
88
/
4 Sep '1u
Rens & Saratoga let 7s 1921 M-N 122%l944 1231
123%13U%
Registered
'01)
101
Del Illy RR Bridge See Ps Mt
Spring Div 1st g 31
100 .Nov'UU
Sms
/
48 115
61 0J--1
93
Sep
94%
'10
94
....
92%
Deny do it Or let con g48.1936 J -J
9734
Western Lines 1st g 4s 1961 IP-A
931
11.5 J'ly
/
4
1)8
90
103% 104'2
Consol gold 412s
1936 J-J 101 104 104 L, alar'10
Bellew & Car let Us
117 .u.y• it)
1171
/
4 1171
1923 3-1) 116
/
4
Improvement gold 3s 1928 J -D 95 101 101 Sep'10 „.. 100 104
Carb & Shaw 1st g 4a 1932 M-$
99
Du
99
111%
91
Sol
91
12
//8 141
/
4
1st & reiunding Os
1933 F-A
Ch c St 1 O N 0 g 68...1/61 3-1) 116
116 Aug iv
114%
110
96 Feb'08 ,26. ..
Rio(4r Juno let gu g 58 1939 J -D
tiouiL
tegilteed
1951 .-1) 112 114 118 Star lu
118 118
19
78 Deu'u/
Rio Gr So let gold 4s
11)40 J •J
110 Oct 'tie
11151' J -D,
85 blar'06..
Guaranteed
1940 J -J
1/1 Jlttelst
Mempli Div 1st g 48...11/5/ J -D
.
91¼ •i;i1
;
90
92i4 89,2
at//
1
4 1 87% 941
Rio Ur West 1st g 4s
/
4
1939 J -J
St 1.. Sou let gu g 48....11/31 54-5
98 J 'Ay 'vii
83.., Aug'Iu „.,. 83
Mge and col trust 48A 11149 A-0 83% 84
84.4 Ind lila. West bed li U U & St LI
97
J
au
'99
.
...
Ind III ub la let g 4s.
Utali Cent 1st gu g4s al917 A-0
op 96 May'1U
94
95
1911) J - J
93
Des Jim & ift D Bee 111 St L
tut & Great Nor 1st g 6s..1011/ Al-N 187 107¼ 103/
1
4 J•ly 1U
1081
/
4 11034
26 gold Os
Des Idol On By 1st g 68 1917 51-N
10
., Slar10
01:: 101, 18,, 1,
Lull% 112
1,5
1
,
110
29
19
1
0
4
SeP
Aug
:
°
•
10
4
94
94
9778
Trust Co centre
1061
Dot & Mack 1st hen g 48 1995 J -D 90
/
4 Sale 199
vI
17 1Uu 112%
92
89 J'ly '10 .... 88
91
3t1 geld 44
Gold 4a
1995 3-fl
Aug'10
19% do
74 Feu'10 „.„ '72
74
Iowa central 1st gold 5/1-11.138 3-fl 108
Del 50-0 SS Div 1st g 4s 1941 M-8 71 .711
'1)' iu
101 106%
103
/
4
107.4 Aug'lli .... 105 111
tiold 4is
Dal & Iron Range 1st6a 1937 A-0 1081
74.4 611 %Auielt)
69% 71%
106 12 Alas'uo
ii, ai A a;0 It See L s 4,
Registered
1937 A-0
"
1m s
t M-8
lx.an & Mich ' bee Lot .11 00
20 6s
1916 J -J
h. 13 Ft S & 24 See St I. de S If
Dal Short Line See Nor Pao
Dal So Shore bk, AU g 63_11137 34 106121084 101P2SeP'10 .... 10612 107% E. C& Al it sib 11 6ee at L& S If
an Li & Pawn° see 01 K
4.1ast of Minn ,Vee StP Al & 41
-11.1.1a5t Ten Vs & Oa Bee So By
Kan City Sou 1st gold 38-1
1
,
115
73
50 A.
-0
() 73 Sale 73
10 711
/
4 74
113 Deo POt/1..
1071
/
4
isbtlenr
Elgin Jul & East 1st g 55.1941
Ite164
63 Oct '00
17it 5/3 Apr 1950
Elm Cort & No Bee Leh d,N Y
lt/1.
101
. 10.3
/
4 Kentucky Cent see 1.& ki
119 JU'101.... 118%1221
Erie 1st consol gold 7s
1920 51-S 117%
100 d'ne',191„.. 100 100
NY & Erie 1st ext g 4s 1947 M-N 100
it OOK do Des Alo see li 11 I&P
"10011 I"
21 ext gold Os
0
111
1,,
1919 51-8 101%105 11%
aLr.:10
0!........ 10634 IMO% linoxvine & Ohio bee do Ity
118
/
4 i alto Lurie & W 1st g 54-1
103 1031
3d eV,gold 41
/
4s
1923 M-S
/
4 Sep'10 ..„ 1081
11,
1/3
47
1.
.;-2j
1 109%b11 1081
/
4112%
102
.....
(
1
t):10
J
wa
eLi
.
,
1
4
,
1
1
1061
ith ext gold Os
1920 A-0
/
4 106,
14 LA 9i.1 gold Ds
1u631, Itiu 12 mar 10
1001
/
4 107's
5t11 ext golti 4a
uv-4
1928 J -D
North Ohio 1st gug 56-11/45 A-0 *106
199 Mar'10
2 112
106,
121)% 121 Aug'00'
L Sho & Alien S See N Y cent,
N Y E &W 1st g ft' 79 1920 M-S
87¼
83'4; 6ti SU%
83'4 54
5'4 12
Erie let, con g 45 prior-199h J -J
Leh Viu N I 1st gu g 41
/
48.11/40 J -J *I05 106 110534 J'ne'10
1081
/
4
105%
81 bluv'Ull , ......
82
Registered
Liegistureu
11616 J -J * 74 sw
11140 3-3 *
104% 101
ug 011 -. .12
2.2 87
79¼, .
7ti 76 Lehigh Val(Pa)cons g 48.2
let consol gen lien g403191)to 3-3
1,
00
43
1,A
M:0
1
4 Apelu
N
06% 97/
D61
/
4
971
/
4
70
851
/
4 F08'071..
Registered
1996 J -J
Len V Ter Ity bet gu g 68.1t/41.A-0
114 1114 J'mei°
114 115%
8614 AufrIO ...,, 831
/
4 56%
Penn call tr g 4s
1951 F-A 86 % 87
Registered
/
4 Oct '99
11334 1091
tur%
iU /
1
4 48
'
50-year cony 4-1 A
1053 A-0 68,2 70
Leh V Coal Co 1st gug 68.1033 .1-1 106
198 Nor'00
/
4 0534 131 36
7312 Leh & N I 1st guar g 45-1
do
Series 13 1953 A-0 64% Sale 641
11814
1.54-s
93% mar'10
93% 05
S 1n)
116
Buff N V& Erie 1st 75-1916 3.1) 109 115% 113% MeV!u .... 113%113%
Registered
Ill% Scp '10... 11U 116
Ohio & Erie 1st geld Os-1982 M-N 111 12
El C clei N let pt o.
LuL1
/
4 1.011
/
4
lulu. Ifele10
11)14' A-0 102
121
1,0'08 „
elev Jo Mahon Vol g014.1938 J -J
.
Gold gtusr Os
11)14' A-0 100
'11)1 4.,,j)'119
120 197
Long Dock consol g 63_11133 A-0 124%
Leh & tiud Lt see Cent in N J
114
114
Coal & Lilt 1st cur gu 64.11)22 M-N 100 1.4 113j4 12
::
1°
Leh & Wilitesu Bee Crailol N J
12
0
1 12 A
AP
ULg:1
103 L,Oct '01). .'
Dock & Imp let cur 63-1913 J -J
Leroy & caney Val See Mo P
/
4 1031
98 10312 103 44 an •10 ..,.. 1031
/
4 Long Duca bee axis
Y & Green I. gag 58.1114t, M-N
98
991
/
4
99
101
Sep
'10 ....,1 99
NI Sus & W let re: 58.11137 J-J
12 Long led-1st con g Os.a1931 Q-J 109%
112 112
112 Febil
20 gold 412s
1037 F
let cousin gold 48
41931 Q-.1
101
80
8612 1°
j:6
t. :u
8°
914 Ji'
General gold 68
1040 b`-A
1O
d'• .
General gold 46
1938 J I) 93 sale 93
:II 81;.. 93
2 93
1/3
9734
Terminal 1st gold 6s 1943 M-N 105
/
4
1
4 May'10. .' 10812 1081
108/
u
lre
or
ir
u y-isguld 41
1922 M'S
/
48
1/6 12 100 101.11
/
4 11/014
/
4 Fen' -.11001
I
,t
Regis 4',000 each 1943 M-N
1932 3-1)
93
0101
/
4 Oct'00
NV Ws.& EaIstgugOsJU42 J•1) 118 102 101 12.siarlo .... 1011
/
410144
gout
Uuitieti
4s
11140 58-8 90
/
4 mat'1095
VO /
1
4 931
I
1'
Debenture gold os
1934' 1-1)
......
/
4
1041
'FRI 1111/4
•
•
•
•
000.
..
•
•
ta
••
.
MISCELLANEOUS BONDS-Continued on Next Page.
tins and Electric Light
Gam aml Electric Light
Atlanta Li L eo lat g 58 11/47 J-D
SYGIlLH41Pg5s.l948 J-D 1001
/
4 Sale 1001
/
4 100% 34 991
/
4103%
Sklyn U Cars let con g 58 11141 4-6
105 107%
Purchase money g 48...11149 F -.A
105 105 Aug'10
81% ,,aLe 841
87
/
4 17 80
841
/
4
isuualo tins lot g Os
11/4, A-0
Ed El 111 1st cons g es .1905 J',)
611% 67
651
/
4 611% Sep '10
111
Aug'Ity
110
1111
1113
/
4
4
Columbus Gas let g 3s
1932 J-J
N Yaw El 1,82P 1st con g 581939 b'-A
1110% hullo
1901
/
4 101%
vetroit City Ulna gsa
192., J -J
119 101 101 Apelt.
101 101, N Y 41 Rich Gas let c 53.1921
971
/
4 J'Iy'00
Det Gas Co con let g 6s 1918 F -A
97
9534 Sep 'ea
Pacific 041 Eleo Co Cal0& E
Eq U LIS it 1st con g681113 a-a 105%11/51
Corp unifyin4 & ref Os 1o3. 31-N
/
4 1011
.011
/
4 1051
/
4 Pue'10
/
4
911
/
4 92
911
/
4
92
91 4
, 8 91
Otis& Kleo Berg Co c g 0s-19C, .1-1/
[Co uss
011
/
4 Oct '01
ist con g 68 194o A-t) 116 1171, 110 12 Aug'101 .... 11612 119
Ur Hap Li 1,Co lst g fos 1111h F -A
98 101 IOU Oct '01.
Refunding gold Os
191",
1011
/
/
4 104
4 -aie 1011
/
4 itiA /
1
4 13 1011
Hudson Co Gas let g 50 11141'
102
1011
/
4 Aug'10
Cli 61--L & Cke 1st gu g 5s 1113 J -J 1011
1
41031%
,01/
164%
102%
/
41041
/
4 103
Rau City tido)Gas 1st g Os 1922 A- D 1/7
97
07 Mar'1ti
Con 01 coot Cli let gugO8.'3e J -D 100 102 101,12 May'lL
97
WU% 102
Rings Co h11 L & g
A-0 101 14
90 101
101 Aug'10
Ind -Nat bias& 01130-yr Os'36 M-N
00
i4% A ttg'0i,
±-urchase money Os
1119"/ A-C 119 113 112
1,9
it u C tie! Liars let sfu g es.114,
1101
/
4 115
101 101
101 Allatilu
- Ed Kt IL Bitu bacon g 48 1931- J -J
87 12 90
90 Mar'lu
1)0
Philadelphia Co cony Os -1019 F-A
/
4 Al
101/
99 1011
S 99 105
L ol St L Dag 66.61111D
Lac
1001
101 14 101% 101% 101%
/
4105
syrucusu Lighting 1st g 53.'51 J-1) 98
98 Aug'10.... 98 100
'ttet and tut 1st g Os
11)34 A-0 99 100
99 Sep '10
Us/ 101
reuton os & 111 bet g 58 194:
ii
110
'01
Milwaukee Gas 1. let 43 1112
91
901
/
4 91 Apr'1,
92% Union Elea L& P 1st g 53 11/31. ALS 98%
90 Jan '08 .
Newark Con Gas g Os
194i J-D
11)8.e
Westchester
g 58 105u 2-0
_
100 100
1011
/
4 100 J'no'li,
No price b'riday: latest bid and agkeil this week. a Due Jan u Due ,i•ob i/ Due
Apr e Due May It Due Ply IC Due Aug-g Due Deo s Option late-
•
SEPT, 17 1910.]
110N1)8.
N.Y.sTooK Ex(-H A NGIC
WEEK ENI)INi SEPT 10
New York Bond
•
7....,.
•••• t
44.
Price
Yrsfin 6
Sept 16
Week's
kange Or
tag Nate
i aRange
Since
-4 4. January 1
_
0Z
703
Page 3
Continued
Record
BOA Ds
N.Y. STOCK EXcH A NOE
WEKK ENDIN“ sitpT to
:I.2 I
e.... t-,
47.Q.
Price
briclaii
Sept 16
Week's
Range or
Lost Sate
Rang.
January 1
- No Low Eiga
,0
,
,,
seiii
Sign No bow ti tuft N Y Cent & II It-(Co-n)
Iti.
45+ hoio
Long Island-(Con)
11106 cent colt g 31
A a' t4)1-3"
944 100
43....1998 F-A ih"
/
964813P '1((
4 97
/
961
Guar ref gold 4n... ....1949 M-S
Registered
8
M•
..........
ir
Mont
lat
Bklyn &
.. .•• ill' 7
9
4 :
i-,2 Au1•1141.
8'43
97
14
14L
789:
79 '''' 7
96
Beech Creek let go g 4819
A
F--J
83
96
93
10168 Dec'08
1911 M-13
1st55
102 Ai aI'04 .
Registeretc
1936 J -J
X Y 13&M 13 lstcon g 5819313 A-0 1o3 107 1194 Nov'06
gold
Ku
26
Apr'tii
bs
1936
105
100
M-S
11127
N Y & R B let g 58
Beech Cr Bit 1st g 34861951 .
15
- i 1(
1i
109 Nov'thi
Nor 811B 1st con it gu5no1932 Q-J 101
Il1,9
.ir'
, ..p
4A
1
1/
07
9
Cart & Ad let gu fr 45_1981
t17 Nov'09
91
93
Louisiana & Ark 1st g 58.1927 11-S
I
&
J-1)
Gouv
1163
4
Oswe
1942
1st
53
tr
tru
112'4
.1)
J
113'4
Lountv & Nasitv gun g 63.11130
4
/
4 991
/
11818J'ne'10 ....I I 1.481
Mob & Mal let gu g 48..1991 M-S
1 1 3131 • -,.: 114 114
334 Apr'
114
4
/
11137 M-N 1121
Gold be
1
2 .. ...'
NJ Juno it KU lot 4s.1136 F- A
4
/
J-34 00 1)6% 1001
1174 8ale 973
1940 J -J
Unified gold 48
113
....!1
934
Aug'10
93
Alay'09
I
N
ito
Lim
M-N
Harlem
g
.2000
3.-2s.
red95
Registe
43,1990 J -J
4 Dec'09
/
1001
N I & North lot g 68_11127 A-0 ''.4
11110 A-0
Sink fund gold
/4
N Y & Pu lateen go g 93 11193 A-0 95 11.11(t1., 12La UCLI.)5
9 3'11 954 981
'0'.4
1147 110
197 J'ly'10
11131 61-141 106 48
Coll trust gold fOs
•Ply'it
Nor & Mont,lingo g 56.1916 A.0
112
4
Ill
112
Eli 4, Nash lets 98-.1919 J -13 10914
'I
431 -.4 Jan '441)
.03 108
Pine Creek reg guar 63.1932 J A)
4s-1931 M-N ILE4.8 10" 103 Apr'10
/
I, Cln & Lox gold 41
[24 l25'
it ‘V,3:,0con Istext5s.A11322 A-0 1061
Alat'lu
4111 1 44 lu I Ply'14...... 107 110
/
N O& M let gold 63....1930 J-3 118 -4. t24% 124
Oswe & li 241 gu g 5s....e1915 F-A
1930 J-3
N 0 & M 26 gold Ott
1491
j.14aur:9
10734 114)4
It W &0T Riot go g 53.11)18 M-N 1(474 105 '''' lab j
0% .3
4
• ,110
0111F'
a
••
i'
••
Ji,
,:••
1176 2,
1)0
4 110 11247
Pensacola Div golt168...1920 M-8 105
113 Sop'10
113 114
Rutland 1st con g 4 las..11)41 3 - J , 115
1921 M-8 113
St 14 Div 1st gold 68
9144
85 Sep '10 -.II 85
Og&I,Chatii len gu 48 0945 J•J . 80
71 .,44o'09
76
19841 WS 68
26 gold 313
'!
J'ite'uo
92
91
Rut-Canati 1st gug46.111414 J -J
1151
4 Aug'111
/
4
/
1)21
924 94
Atl Knox & °maw 4s..1955 M.N IOU
St Law & Ado- lat g Se. 1996 J -J
AU Knox & Nor let g 531940 3 Co 103
"I I
''
1'8
111 3 .21:ff,'91
Felibe:4.4
5 j
15
12
26 gold Its
Render Bdge lot al g 68.1931 M-S 1114 951
4 IOU 102 A pu'l., ....'IOU 102
/
9111
96
4
/
971
Utica 6A /3Ik Riv gu g 48.122
4 97 J'ly 10
/
1
(3
6 •t--.
Kentucky Cent gold 43..11187 J • J 101,
4
/
'It' .... 90
921
'5el.
001-1
1)414,
Aug'10
45
102
105
4
/
1051
2
102
Lake
Shore
J-D
gold
4
1
/
3
11)117
s
11•S
L&N & Al 31, At 1st g 4428 1945
92
4 b 85
/
881
4 884
88 ,
4 142
/
891
1104 91.434 Sep 10
1 -D 88
7;
28
1419
Registered
L& N-south M mint 48.1952 J .3 108
72 4
,
,
92 '9
34
30,
5,
,,3
u5
1 ,
18
9: ue19
14)64 111
14164 Aug 1 u
934 9334 10
13
g
9s
Debenture
F-A
.1937
bs.
g
gn
let
N Fla & 8
25-year g 4s.
31995 .1. J
.
N&C Bulge gen gu g 44
4Mar'14)
/
1101
3 Sale 923'
11(34,11141
4
/
Ka A&0 R.Istguo58.121:33iihsla--1 !10
4
/
Pens & Atl lat gu g 68..1921 F-A 1181
1094,111
1094 J'Iy'lu
1.1,4
4
/
Alahou 0'1 B14 let 56..11134 J -J 107
1091
F-A
68..11136
g
gu
con
Ala
N
S&
9
,
Duetic:0
100
1)0 i., j
13
1.10
4
/
6.
881
1
PlIts
L
2ti
4
/
A-0
9()1
Erie
g
1.10
4
in/4
.63.a11126
M-8
L & Jell Ihige Co gum 48..1945
Pitts AlcK& I ltitgu 68.11)32 J•J 122
14N A & Oh See 0 1 it L
1934 3 -3 12U
26 guar tis
00 ,4
11
J 1
-l ...-108
11 ivi
18
11,33
:
9641 5 1#374 9814
McKeetitle B V 1st g6131
4ts.A1V11) A -0 96¼ Sale 964
alltyllguL
tli
l rate
NIai
9
t46
.1 4.?e:0
9 0
15
11
Mich Cent Is
104 Apron
Registered
4
/
991
4
/
Itegnitered
941
98
1
98
118
4
/
961
:8
A
9
0
9
9
1
exempt..1
Stmpd tax
99
....1 1 99
'l,
Jan
99
4s
MoK116.6.) B V bee N I Cent
..:I.
93 Dec'02
Registered
,,, . -.1.
hex Cent 00118 g 43.
di
L
4
1
/
1
3
J
9
3
S
4
%
6
7
2
9
1st
7
10
g
eil
9
r
A
I
,
61a9
34
P
6,
'9
1
8
/
3
..
.
99
j
y
P-I
1114 j
33
a111)
1st cons inc g 33
90
e 1 0 ....! 57
ur'
Ap
7 j
19
4, 8
1
‘.
t3,11 /
110)
1952 M•N 82
let g 3423
isiparr:0
28
5 (.., A
17
2
,
26 cons inc g 38 trust roots..
924
90 Sep'10 ....! 89
1
20-year deb 48
77
75
-3 76
11ex Internat 1st con g 18.1977 A7.1.
50
143908
51-8
Stamped guaranteed.. .1977
984 Sep '1u .::: 1/7 it4 11.1011
11838 99
gtril
eiti, g
itirlg
(r
100 - 104)Tii:A
104) MaY'10
61ex North let gold t38.....11119 J -D
100 ,-La,'to) ••• ... •
Mich Cent See N I Cent
92
90
90 J'ne'lu ..
IA
4
3i2
9
119
O
N
A
M
1
1
'
3
3
9
1
4s
Debentures
3116 otN J Nee Erie
8 9944 1024
4 .
4,
1
West Shore lot 4,sgu...23431 J -J. In t: Sale 1n4 IN/
6111 L 6 do W bee Chic & N W
35 1)641004
Registered
Mil & North See Ch Al & St 2
N I & Green w Lake bee 2
131 131
l
"
9r6ie
E
131 6133''IO
Minn 44. St L lot gold 78..1927 J-D 131
N I & liar bee 14 17 0.11 Hod
0i •••
118 Jan'
Pacific Ex let gold lls...1921 A-0 101
'19
J'ly
N
4
/
1001
2 Lack & W bee D L 41 W
101
11)0',
-0
dotal' West Ex let g 78.11110 J
ill
I
N
1., 51.11 W bee Erie
102341011
11)34 SI•N 104 10438 104 Aug
' let cousol gold 513
75 ilia) 10 ..... 75
81 42 N I do Long Br bee CentinN J
65
70
let anti refuud gold 4s 19414M.s
33 13034 1351
4 134
/
4 Sale 1331
/
4
/
9134 N Y N 11 & H-Cony us..11448 J.J 1331
87 Altu"14)•••• 87
81
Des Al 6. Ft D let gu 48...'35 J-J
4 100 11, 113 9634 1034
1
Ll'i)1 /
salts
4 sal
1
9 /
J
Couv deben 34,s.
Minn & St L go bee 130 lt& N
4 112'S 2 112's116
/
4 Nile 1111
/
1121
-N
5s..191Vttt
9611100
g
8
eon
liottootonie
0
4
1
97
au
.
j
.,
64
97
,
100
4
/
961
•J
J
gu'35
Int
4
g
?d SLY& SS Al eon
107 Aug'09
4
/
N if d, Derby con cy 53.11118 M-N 1901
4
/
4 1181
98,
51 8851 & A let.g 4 iut go 1926 J - J
2.( I & North bee N Y u do li
Minn U u dee St P Al 6061
95
98
4 974 Aug'1,4
/
901
96
61.-S
N
4s..g19112
Y
964100
0
W
lstg
&
ret
2
4
973
4
973
97%
4
/
971
J-1)
4s...191/0
Ho Kan & Tex 1st g
101 4, J lit,'Uli
g1992 61-8
4 11 52
/
8734
831
Regis $5,000 only
33
4 84
/
011110 F-A 831
26 gold 48
14 I 63 Put bee N Y C& kJ
4 10 100 105
/
1944 31-N 19141024 1914 1011
1st ext gold 58
2 784 SO 's N Y & 11, 13 bee Long !wand
12
51:
8
0
i3 1
80
44 :
60
8
311 8
1 11
,06
103
2
1st & refund 48
24 831
4 9034 N Y 3& W See brie
/
Gen a 1 41-2e
N Y Tex as Al bee So Pao Co
as ADC09
84
2001 A-0
St L Div 1st rot g 4e
4
101 Alay'10 .... 100 1014
43
00
.
J'ue'10
..
1v5
105
Nor & South let gba
99 m:N 12
193
105
Wu
sl-K
Dal & We let, gu g 513....11440
125 1234 •Ply'10 .... 123 1261
4
/
93/
4 Nor!& West gen g 68
1
92 Apr'10.... Ilt)
Kan 4.; 6. Pao lot g 4s...19110 ir-A , ... 90
Improvem't 43., ext g 63-11)34 F-A 1224,128 126 liar'lu .... 124%126%
8 11)94 106 Aug W .... 106 113
.
slo K & 11, lot gu g bo...11412 A-0 1.0
.... 123 1244
May'lu
120
J
193
ty
3
10
••••
8
New
1073
A-0
let
.14)3
River
12
1932
goo
-N
75
1942
Al K & Ok 1st. gone
4 Diu
/
va ... 14 uti1
4 984,
1
11.5 103 109% 102 Aug'10 .... 1(30411)51
4
/
Al & W By let eon g 48.191)43 A-0 9734 1/.3/
Al K & Tot T 184 m u g 88 1842
97
97 Apr'lu .... 97
Registered
1'3943 A-0
Sher Sh & bolst gug 56 11143 J -D
13 itilr4 a
934
2
4
/
91
921
i
;
lt
A
:°
4
/
U
0
1
921
....;
iU'i
1124
..
92',
108
1st
J
J
Div'l
las
g
gen
4s...11149
Al-S
Tex& 0kla let gug5s...1993
11134 49 I/41
4 1081
/
4
/
ital ...1 107 111
3.1) 99 Sale i 1:11
10-25 year cony 98-1932
.
4 108
/
no Pacific let con a Os ...1920 SI-N 107 1081
4 1/04
/
12 861
83
1u04 Sep '10 .... 1001024
Poctsh 1)& C Mint 9:3-1'.141 J -D 83 bale 813%
26-8 10034 101
43 s
Trust gold Os
Lou% 990, Mario .... 998 11938
106
4
1013
....
Apr'10
1136
C
let
1922
-J
J
gu
0413T
bs
g
Registered
a1917 61-13
4
/
1161
' 94 Ply'10 ....1 94
113
limo V & N it let gug 45 1989 AL-N
4 'al, 10018 /L04 1 100 10434
/
1920 F-A 100.1
let coil gold 58
ti 75
4 North Illinois bee Chi & Al W
/
841
811
1940 ivl- 8 78 tiaie 78
40-year gold owl 48
II
Nov'09
4
1
/
95:
Norio Ohio bee 1 Erie & W
1938 31.14
3d 78 extd at 4.
13! 99 10234
93
25 59
4 :sot 9244
1
96
Nor Pao-Prior lien g 943-11197 Q J 10034 Sale 10034 101
1951f AI 9 92-/
let & ref cony s9
984 7; 984 101
4 US's
/
1)84 961
1997 4.4.3
9112 2 91 12 24
Registered
4 1302 91,
Cent Br By let gu g 45 1919 1:-A 90,
4 74
/
71% 63 6111
4
/
7112 talc 711
Generat Lieu gold 34)....a2U47 1.4-F
4
/
871
4 87 4614%)''10 •••• 86
/
Ceti Branch 11 Plot g4s.11.04s 2-1.) 8234 811
27 63
'10
4
/
69
721
110 .0.'06
70
Registered
a21147 Li-F
Leroy &0 V A List g 68 1926 J -J
4
/
971
....
964
97
Mar'10
99
us
May'lu
J-0
Div
Paut-Dul
St
g
..
8
11103
98
4e....19116
F-A
Pao R of Alo 1st ex g 43.1936
99
kW .1e431)'10 .... ; 99
1194
Dul Short. L Ist gu 58..1916 M•S
26 extended gold 3s...11.135 J -J 1043 1i134 113 b'eb'.0 .... 113 113
l
)i
1074 29 14)6ID
4/
tit Nor
0 13db t4 coil tr 4s Aes
St',1r Al& ligen con 854311131 A-0 1074 8aie 107
4 1184
1
4 Aug'10 .... i lb /
/
4
/
tit 2db NI' geu g 6s....11)23 F-A 115 11634 1151
Ill 809'09. .
Gen con;Kamp gtd g 5611/31 /1-0 11461
88
18 81
84
4..11)23 44-F 112 11.1, 11/ atm'1O.... 117 117
1
Registered certlfic/
a 3 '-‘, 84 L. 33'S
Unified & ref gold 4s..11129 J • J
114) 110
....
'Bell,
J
I,
110
55
851
105
4
/
1)'•A
's
8u
lot
8tite
Dal
50....11)31
as
ad
Paul
St
4
82%
873
M-N
443-11133
g
1st
Div
01
ltiv &
193 Aug 1).... 103 10334
4 Jan'1u ... 1021
/
1021
11117 A-0 103
2U 5e
4 1024
/
Verdi V 1 & W let g 58.1926 M-8
uts Dee'u6
4 Apr'iul.... 902 ;Ht.
/
95 1 1)61
1965 3-1) sit)
lot consul gold 4s
nob3 & K (I 181, cone)g 63.1953 3,1 1144 117
Aug'10
924 Jou '01)1
'
92
..
.
115
115
4s
g
lot
Wash
Cent
1214,
-0
J
68-1927
&lob,* Ohio new gold
41104
/
.... 1101
111
11144,Aug'0
1141
*110
4
/
I
VI
3
8
3
4
114'1
2
9
9
1
1144
1102 117 Le Nor Pao Ter Co lot g 64
Q-J
1st extension gold 643-74.11127
183„, 51-S8.5
57 Ality'10 .... 57 :'ONor ity Cal bee So Pau
87
lienertu gold 48
103
108
1031
311tell)
4
/
414381
/
1081
F..41
....,
0714
61
See
P
0
&
4
/
Wut
Nor
1947
Alontgoin Div let g 68
78
75 6140008
82
Nor 81 Mont bee N I Cent
St 181 Cairo coil g
96
96 .1 06111).... 95
96
g 4 !nu .2, W dee C C C 6. St L
if
11131 •3
Guaranteed g 43 48-811434.41Wino Ely KR See Galt & 0
Al & v colt 444 See tiouthern
Ore as Cat bee So Pao Co
elolutwk & Slat Bee N 1 016 ii
Ore short Line bee On Vac
Monongahela Itiv lies 13 & 0
Oswego & Rome bee N I(3
Bout Cent bee St 1-' 61 & AI
1
4 1 102,
2 10872
as
C1oA
:0
4 1044 104,
/
sooulrit, g
ni
tc
ra
see
osm
6(3 J-D 103 1011
111,14
...j1,
Morgan's La db T bee S 2 Co
1
1,
146/4
Del
See
Essex
&
Morris
4
/
102 1031
1 1071
41101
/
4 Penn 1414 let real eat 848.11123 M-N
/
107
101; 102 Aug'10
Sale 107
lash Chat & tit L lot 78.1913 J • J 107
Consoi gold ba
4
/
11)11) M-5
4 J'IY'10 .... 108',1101
/
1928 A•0 101$ 110 1031
1.1 let consol gold 543
106
..
-.
06
1
)
1
....-'10
'
/
bru
j
.
slay'0
„...
Consul
goal
912
04:1
.11
3
1
4s
......
...
..
M-N
102
11343
4
1
/
116',
15
I.
-J
Jasper Branch 1st g 6s..11)23 J
93 I :ii 115', 102
1114 Alar'05 ...
9 1 tWa
.
4s
/
Convertible g 31
1912 11-N
98% 9
MOM 61. W &Al let 68..1917 .3 -J
4 1171
/
96 1 42 941
1915 .1.1) 96 811.10 I I/034
4
/
4s
1
Convertible g 3/
113 J'ly'13
T & I' Branch 1,6,66.-191, J -J
4
/
1024
102
4s
1()11
old
4 31 10134 1041
1948
/
M
10i%
Cousol
N
'I
i
Nash blor & She( bee L era A
100 10234 Apr'10 .... 102%102%
Si-leg Vat geu gu g 44 11142 M-8
95 ' 22' 934 9534
9472 95 1 95
48 11457 I -J
/
Nat Itys ut Alex pr 111
94
1)14 11 R& lige 1st go 488.'36!F•A
4
/
4 1 Si'. 921
/
S81
4 884
/
1977 A-0 3734 1611
Guar gun 98
1034 Dec'09 .... ......
Phiialiat do W lot g 413..1943,,M-N 1004
1 1004 1024
101 100'. 100¼
Nat oi Alex prior lion 440.11)26 J-3
102 Jan'03
deo Bay al bo lot g be. .111211 J -3 101)
82
85
4 53's Sep'10.
/
1118151-0 8338 851
let consol 4s
1034 slay'l 3 .... 103 10.1
-8
98.
-8.3
&
geu
RA
Can11444'M
U
13
New 11 J. 1) ties N Y N 1.181
I
4 104 Sep'10 .... 103 106
/
Penn Co-Guar 1st g 4470.19211 J - J 103 1011
NJ Juno Bitbee N I Cent
10334 aeo'19 •••• 103% 10334
4
/
112 J -J 1001
1'
N Y Bkin & Mau Bch See
L
11
141.1
90 Aug'13 .... 140
oli trust Tog-1937 M-S 884
Gualtaig3184stIte'ed
884 14 8734 92
884
N Y Cent& 1.1 ltiv g 3128.11)97 J • J
884 89
4
/
4 911
/
.. 891
81)38J iy'13..
4.3coU tr ser B. .1991 F-A 88
/
Guar 31
Registered
(3938 8638 I'ly 10 . t3d68 904
87
1997 3 - J
i 6 9634 97%
97
Tr Co certit's gag 348.1916 11-N
964
11534
Deben g 48
11568 11 142
4 9538
1
145 /
95
11)34 .g1-N
90
8'7
A.ug'10'....1
87
I
90
ii
87
etts
Li'
,
1312
s
-0
4
/
3
1912
31
btu
Lake Shore collg 34243...1131)8 F-A 8134 82
4
/
821
St's 85 79'2
4
b 1,
4 94 I 91 Deo'1)9,
/
1941 J-0; 861
441tr etre D
/
Gu 31
79
79 , 2 78
SO 's
Registered4
...._ F-A - --79 8110 ,
-----' MISCELL kli EOUS BONDS-Continued on Next Page
•
Coal and Iron
Manufacturing St Intlustriat
Bull& Soso Iron 8 t 58.-1932 J-D
4 Nov109
/
991
4
/
S41
76 Sale 76
4 17 72
/
1936 3.4
761
Allls.Uhalmers 1st 58
a lih6 Al-5
Debenture Os
94 Deo'09
ilt)
41914, 101
/
1928 A-0 1001
t4
1014 14, 100 103
J3
g
t
8
KUU
os..iv4., 1.. -A
5 90
Cot .44 JO 1 ,....:U
ye% 101 984
'25's Am Ag Chem 1st o 513
96 h3
43 143 4 98
191u ti-a
t
943
94
Convertible deb g 55....11111 '
4 Ain Cot Ou ext.,44
/
1.4 A
961
97'-., 116 ,, J'ne'10
1)3
4 22 92 102
/
931
113', Sale 93
761
4 Sale 75',
/
70 •-•
524 ‘41/1 Hide & 14 let a t gds.-191v At.6
O 70
Col [lulu 1st& cull us go..11)34 If-A
734
734, 67 Aug'10 .... 67
Uontin'tal013tstgu5s g.195:: F-A
Amer Ice Secur deb g 60..1925 A-0 66
.0734 Deu'04
91
96
t4'. 97
Atu Spirits Mtg 1st gtio..191.4 4-S
Or itiv Coal 810 1st g 6s..1919 6.-0 90 100 101334 Apr'Ou
-J
4
J
89
001
9s..1919
let
tr
riireati
3-1)
go:1.192(
1st
1
&
Am
ill'? may'u'i
Jolt & Clear C
9
93
94 10
81
lt)
,
S13.°
)11 Au
95
Ain Tobacco 40-yr g 65-.1949 A-0 1t15 Sale 11):
D9 ,t154, Dcu'ut,
Kan& 11 t.; & C 1st s f g58.1131); .1 •J
S0'.173 4,
,. gr.
6,
,
80 Sale 787
1951 0.11
'4s
82
83 J'ne'10
83
83
Pocah Con Collier [slit 58.'5; .1-3
a
4
/
841
j
j
bs.„
01
laze
81
tilt
,
let
844
62....1141
4-2
Steel
84
3eth
Sunday Creel 430 g
73 Feb't),
9838
u858 9 97 102
1951 J.J 100%102, 102 Aug'10
4 ;out Leather 20-year g 136.1925 A-4) 1154 sale
/
102 1091
Tenn Coal gen 50
4 534
/
2 761
79
79
195; F-A
754 80
al91'i 51-0 104 salt. 104
'one 1 'I obacco g 48
Tenn Div lot g Os
104
l' 103 107
4 97
/
4 Aug'11 •••• 931
/
941
4 IN
3,
93
,
11
4
/
931
Corn Prod Ret 51 g 513
101
1 [0334107
.131rm Div 1stconsol 43s..1111', J -J 101 106 104
114 Aug'10 .... 9334 964
94
tel 25.year at Os..
,10 Jan V.
Cali 0 Al Co lot gu g 65.1922 J •D 106
97
96
..
'10
J'ly
4
/
1631
4-k,
tr
Sugar
coil
97
438'18
Amer
F-A
438.191u
Cuban100
Jan
IOU 100
1
Dollar.°(lb [Co go g
7478
67
(39', 614
694
69
Distil -set)cor cony /at g 54.2, 51.0
N8
87 Aug'01,
ylcaor Fuel lets 1,5s
11)63 J -41
8811
86
85 rly'I 0 .... 85
1 0..1988 J -to
99% 91)1
1131 duPout Powder 4 .
4
/
Afton Coal &Colst g 6E4.1941) M-8 98
e 9444100
9O 1t
'
- - - bid and asked. aDiia Jan b Dne
.1'ly knue ?tug .4) 1)18,Oct p Dno NOv (One Dee t Flat.
*No•price Pi-lusty;
g-Dilaj'ne 1i,Due:latest
Feb e-Dots-31sy -
.1Y.5.
704
1101 Ds
N. Y. tri'01;FS. EX 011 A NWE
WEEK 10,1).. SEPT 19
4
New. York Bond Record-Concluded-Page 4
Prtce
Pr),120
Sept ;8
BON IP;
N. Y. STOCK F.:X017 A NGE
'Mack ExtitN0 SEPT 10
Week's
.11
Range
Range or en
Nines
.
Last Male Januar,, I
[VoL. LxxxxL
Price
av
Sept lei
Week's
1111 Range
Rance or
o
Since
Last Sale im
January I
Penns,ivaum Co-(Con)
Si'
Ass Low
lit
A
leo
Low
litga
Stu
Guar 16.25 year A 48....1931 A 0 97 sale I 96
Amn, Law
Ro Low Mg.%
97
10 94% 99
•() Pao RR 1st ref 45
95 Sale ! 94
1955 J•J
Cl Oa Mar 1st Ku g 4 448 11135 M-N 101
95 ;141 9314 96%
110 Jan '05... ;I
Southern-lst eon g
J • J 11)6,2 8548 105,2 106 12' 14 ,10314111
1 CI& P gen 9-11 g 4 ha ser A.'42 J -J 103
..I!
Jan
'oil
.
1103
%
Registered
' Series B
1994 J -J
110
1042 A-0 103
10934 JI'ly'011. .11
Develop & gen 45 Ser A 1956 A-0 75,5 Sal. 74 May'09
Series 0 3 L28
75', 163 78
1948 N1.14 90
99 Aug'09 . 11
81%
idols
83
Ohio
cull
tr
K
85
48
Series 1)8 428
1938
11.8
8642' 86
1,150 F-111 00
11 85
90 dlay'08
1
9019
Mom Div 1st g 44-66 1996, J -J 103 107% 109 J'ly86
Erie & Pats gu g 3128 11.1.940 J J
'10 .... 406 110
91 Sala 91
91
21 91
91
St Louis div let g 4a
84
Series('
11)151.1J -J
83
85
85
2 80% 87
194(1 J -J1 90
9834 Apr'04
I
Ala
Con
It
1st
g
13a
1115
1918
Gr R& 1 ex 181 KU g 9 1281941 J.j 100
J -J
'108 Sep '08. ......
10412 Oct '09
1
Atl & Dauv 1st g 4s
71
1948 J -J
Pitts Ft %V & C lat 7a...1912 .7-J 104 41
92 Get '09
10114 "ly'10. .1105,
4 106
2d 46
1948 J -J
2t178
92 J'ne'06
1912 J -J 104 h
19 Aug'10.-1 104% 10578
101
4
Atl
Tail
&
let
g
71/
guar 45 19491 A-0
3d 76
684.11%127 MA --NO 10414
......
107 Oct '08. 1
Col & Weeny 1st tie
1916;
lt/5
Pitts Y61. Ash 1st con
J
-J
4
4
J'ne'th.
109
iU7
109 May'10. .1 109 109
E '1' Va &(la Div g 65 1980J • J
I"
109 1110 Feu'l0
PCC&StLitu4 126A...11140 A-0,
106 110
1064410718Ja0'10 ... 107%107%
Con
1st
gold
56
110
Series B guar
1 110,2Aug'10
109 114%
1942 A-0 104'4
193 44 J.IY'10
1034,107%
E Ten reor lien g 56
19
85
38 M
MSeries 0 guar
-S
N 1W
WO F19t.'10
IOU 1051
1942 Id-N
112h, ue'05
Ga
..
Midland
1st
38
11)40
A.0
67
1 95 Nov'o9
Series 1) 4s guar
98 Mar'10
9i-19
1,145 11-N
98
Ca Pao By let g Os
1123
1'122 J-J 1131,
111 12Aug'10
Goma E 3'. guar g
1949 F-A 9334 ....• 94 J'Iy'lu
94
Knox & 01110 18t
94
..1925 J-J 113',
Series if 45 guar
114
111
11153 J -D
alob& [Ur prior den63.
g58 1945 J.J 1112
C St L & P 1st con g 68 1932 A-0 11212
115% Apr'06
112',Sep'10
1111911219
Mortgage gold 4a
71
.11)45 J -J
Pensacola & All See L & Natatil
82 .Nov'08
Rich & Dan con g 6s....1916 J-J 103 •5 108 10014 Apr'10
Loo Ms East see 000& St L
Deb 58 stain ed
100 104% 11/5 114 May'10
Peo A., l'ek Uu 1st g 6s
1921 Q-F ......
112 Feb'10
112 112
Rich & /deck 1st g 4s1
71
7 'M
-19
94
A--°
28
14
2t. Kohl 4 ha
75 Out,'08
901
/
2Sale 110 Lo
011)211.1-N
90,
a
1 90% 9012
So Car & Ca 1st g 68
19111M-N 101 103 102 J'ly '1U
Pere Marquette-Ref 45..1055 J -J.
/0 h 7518 Apr'l0
76
12
Virginia
79
Mitl
ser C Os. 11119 M-S 105%
Ch J., vi MOs
112
(Jet.'Ws
1921 J -0 100 101 101 Aug'10
100 10214
Series U 4-5s
11)21 M-8 103
Flint & P M g 6s...
10815Deo'oti
11)20 A-0 107%110 111 12 .191 '10..... 111 15 11214
Series 11 58
11129 M-8 lob
1st consol gold 5s
107N Deo'09
99,4 106 101 Aug'10
19311 M-N
101
101
General
be
1936 M-N 104
Pt tluron Div 181 g 56 1939 A-0
10558.1'134 10
19358 101 J'ly '101.
101 195
Guar stamped
Sag'Ms di, 11 1st gu g 48 1931 F-A
107 Dec'u9
W 0& W lat oy gu 46-11/24
811
F--N
1838 M
A
Plul B & W See Penn RR
91 Feb.10
West
N
18t eon g 66 1014 J -J 103
106% Mari()
rhilippine By 1st 31)-yr a f 46'37 J-J
80
891
89
/
2J'ly'10
& N Ata S'ee & N
88
90
Pitts l.fui & St L See Penn Co
elfokaue
Internat
latg
1965
5s
106
J
-•
106%
Sep '01.,
Pitts eleVe&'rot see B as 0
' er A 01St ist g 4'28 1939A-0 11)4,4
19736 Apr'10
Pitts let W & Ch See Penn Co
Lit con gold Ms....18114-1944 1f-A 108 110 109 Aug'10
Pitts MoKees & Y Mee N Y Con
109 116%
bleu
refund
1
g
98
9712
97 12 Aug to
Pitts Sh & L 5 1st g 6s 1940 A-0 112
1/7
98%
112 May'10
112 112
St L
lige Ter gu g 58.1
j•-0
3A
11
1 108 12
840
109
May'10
let consul gold 5.3
109 199%
937
8J
'iy
'9'1
1943 J -J
Tox & N 0 See So Pao Co
MU& West See 13 & (.7
Tex & Pao let gold 611
109',
2000
J
10914 109 42 8 108%112%
il.)
Ax
:
ea
u gilr n
vviagtee
C
srtoeigbIsteo
i u:
984 Sale 97%
)
ig e
0838 80 97 100
l & 311
109
90,
97
7
r J --.
.11
2d gold Inc 58
Star
904 06
It)
70
70
96 J'1710
95
La Dix /1 L let g Eta
9734
92
19
8440
1
98
103 bop '011
Jersey Cent coll. g 4a
/
4 Aug'10
......
1951 A 0 •
971/2 961
W Min Wde N W lstgu6s'JO JT•A
06
97.4
Nov'114
en8801aer de Sar See 1.) dm 13
141619
Tol&
1st g 66
106 1011 45 106 Aug'l
loll & Dan See South kV
V011..111;
Weateirn Div let g 6s 1935 A-0A
105
oh Ms Meek See Southern
112 Sop 'ou
General gold 68
91) Aug'10
..
Kan &
1st gu g 4a
19
899
j-0
35 A
1) 87% IA/
lid, Pitts See B tt & P
114,
4
Atari()
94
Tot P& W 1st told 43.-11117 J -J
0188 93% 93 Apr'lu
me %Vat & (44 See N IC(Ant
11319
Tel:3114db Wpr en g 3428.1925 J -J
87
Inland See N IC Cent
#5
131 Aug'10
Oil
50-year gold As
1950 A-U
7312 its
Llag Tua & ti See Pere Marq
72 Sep'10
Coll tr 46 g ber A
8044 91 aug'io
r120tJo ct, Ur let 1st g 4a...1947 J-J
85
$o line'l0
36
Tor
89
Haul& Bull 1st g 48./11
94
8134
1941
9 H
89 J'utt'llt
J
Cairo See Mob & tituo
ister& Del 1st con g 5s 1928 J-1) 103 103% 103 J'ne'lu
i III Iron Alount See Al P
100 106
1st refund g 45
84
89 Oct '01)
14 51 Sr Seel' RH A ol St L
Un Pao RR
gr g 43) 118/5
101 Salt 10034 101
J
42
7A
Lotus & 8 If- ieug 68 1931 J•J 110
211
1111% 102
120 API'110
120 124
Registered
JJ:11
47
19
87 m
0,0,
11812
y12
till Aug'10
General gold 611
1931 J -J 106 44
0819101%
106% Sep'10 ..• 105 109.4
20-yr cony 45
102 4...ate 102
1u3". 1134 ,
81 L in 6 it lilt cons g 48-'96 J • J
1
04
13. 11
9
.0
9%
.,
87
9,4 Aug'10
1st & ref 4s
90
1)119
96 bale 116
90%
Gen 15.24)yr es
1112'i M-N
504 874 get,
43644 43 84
ore By & Nav con g 4a 11/40 J -D 964 WI
1)0
9534
90
bouthw Div 1st g 66 1947 A-0
1004 A1)r'10 •
1001
Short
Ore
4
111014
Line
ling 68 1
114.4
2
,
110
114
114
U5
1 119
Refuntluag g 48
13
54 111
"
17
81,2 Sate 803
1951 J -J
. 81% 151
let coutiol g 56
h 95
110'4
1111 44 11014
1.1108k, 112%
li C Ft 8 & AI con glia 1928 M-N
115 J'IY 10
114 11712
Guar rotund 4s
9 J.
-D
1,2
D
920
1/2 44 93
112,4
9.1
28 91
K 0 IftS di. Al Hy rot g 48 1930 A-0 71% date 778,
94%
77%1 18 76, 82%
Registere
d
1 04 Jan '09
K Ca, Al lt& Is 181 gu 56.1929 A-0
...... •
•ow.
1/5
10014 Deo'001
UtattMs Nor gold 58 1926 J -J 103
Deo'09
.1071
.
Ozirk& Oh (.; lat gu 5s ;4..11)13 A-0 9614 984 08% AuS'10 ....1I
...... •a.m..
Uni N J
de C Co dee
9614 07
OS Lutes So See 111111018 Cent
Utah Central See Lilo Cr Wes
SS L S W let g 46 WI ous.1989 11-N
9)19 4.'') 901
/
2 91
121 88
933k Utah & North See Un Pawn() •
2d g 48 me bond otrs...p11189 J -J
7319
61 14.1'110.10
8012 82
Utica de Black B. See N Y Cent
Conaol gold 48
11/32 J.D 7844
7819 'Wu 7 721
/
2 79% t, aahlalla consul g 4s .1955 F-A
Gray's PtTer latgugiis 1947 JO 95
98 Nov'08
/
1011
2 Apr'Lle
V era Cruz &Plat gu4401934 J -J
96 Apr'l0
iia111 ctS 1)Ill kied Nor Pacific
. ..*ifr
Vet Val IntIs, W See blo P
P Muni & Man See tit Nor
Virginia Mitt See South ay
i' de A or Pao See A or Pao
bouthw't
Va
lat
58.20(78
gu
J-J
105
11019105
Ply',O .... 105
CY as S's City beet:St P M deli
94 10
9
1
3
let cons 50-year Os
1968 A-0 1)812 95 ! 94 Sep 'll)
A.& A Pass lst gu g 4s...1943 J -J
85% 801., 85
t1 abash 1st gold Os
86% 22 83% 884
1939 tvi-N 109 10912 109
109
17 101 11
SY & N P ist Inuit 1 g 58.1919 J J
9845
5
104 00V09
20
gout
58
vu
4
141)19 us.
98 h
&WI'& West See Atl Coast .1..
2 98 10S
Debenture series 13
19111
86
&dot* Val & 45
86
.1 li tire N or Ar W
Jet, lien equips Id g 56-1921 M-S
"
110
ue'l
80 .1:4
i°
u
100 102
Seaboard A L g 46 stamped'60 A.0 81'2 84
82%
let hen ou yr g term 48.11154 J -J
821.6 1 811
/
2
85%
tvz
lit.) Mar'lu .... 90
b6
Coll tr refund K 58
90
8978 100
91178
loll M-N
1st ret and oxt g 48
99% 1 99 100's
1966 J -J
83/
11
2 Joie 63
91 44 350 6614 77%
Adjustment be
70'4 82 69 t, 4,1,1
/
4
011149 if-A 604 704 70
Dot & 1111 Ext let g 6a..11141 .1
11)1',,
105 J'ly'10 .... ' Il/5 107%
Au-term 30-yrItit g 4s e1933 51-S
82 Sale 54
Des Mom Dim let g 48..11139 J -J
82 1 1 80
87
Oar Cent 1st con g 48...11/411 J -J
.
..... •........
91 Aug'10...1 91
93
9118 (An Div lat g 3,2a
159
11/41 A-0
77
8
77
3 l'eu'47'" 8 9
Fla Con Je Pen 1.8t g 08.11/18 J -J 100
103 Apr'11.7...., 103 103
7041,
4 9
70
7
Tol & Oh Div 1st g 48. 1941 M.S
90 Jan '14)
1st land gr ext g 5s...1930 J.j 100
Wab Pitts Term 1st g 45 1954 J-11
81)', 35 Sep'10
Consul. gold 58
33
1943 J -J 100
1100% MaY'10
Trust
6219
Co certt8
10()% 100
.
•
34%
31%
tia .Sc Ala 115,1(0,00n 56011/46 J -J 10114
lot 51ar'10
30'4
5
6
4 34
2
64
20 gold 4s
104 104,
6 Sate
1964 J-1)
5
Ga Oar & No 1st gug Os 1929 J -J 10214 106 1u4
Trust Co certts...........
194 104%
6 Sale
6
deal)& Boa 181 Os
102
64 14
4
Mg
11326
WU April()
Warren ,S88 Del Lao & West;
100
er Shr & So see Al K 11, T
Wash ()out See Nor PIN
IS',()ca & ti See Atl Coast L
Wash
U (re W See southern
utliern Pacific CoWash Tenni 1st go 428-1945 F -A
(4old 48 Went Pao coll).1:11)411 .1 -I) 9078 Sale
902 98 ''.8844MaY'10
88/2 90%
West Maryland 1st g 4s 1952 A-0 85
90%
91
18 89
95
dale 841
Registered
. 85 'CO 6248 98%
lit)
1:11149 J -D
J'ly'10.
tA)
110
ueu & cony 1., 48
1952 A-0
7142 Fob'10
20-year cony 4s
.1
70
g1921) M-S
9714 ball, 97
9719301) 11234 106',
Trust
Cu
cults
73 L., Apr'10
Cent Pao let ref Ku g 4411949 F•A
68% 7doe
11615 Sale 9644
W Va tient de P let g 66 1911 .
906 12 11419 97.4
1004
,iSov'ot)
Registered
97 Feu'1
1041) F-A
97
97
West N Y & Pa 1st g 66-1937
U)64
4
110,
5
110
J'uo'10
Mort guar gold 3ha../e11/20 J -D
ritA
87 i.,Aug
81)
Lieu gold 46
87 12 81/4-4
11)43 A-0 85,
4
113 518.010
Through at L 1st go 48 '54 A-0 88
wp, 92
92 J'no lu1)119 94
94
Income Os
81943 Nov
34 1feb'07
G It & BA M &P 18158 1931 ,
......•
.
•ea.
4 11-N 1034
105¼ lub 4.4 11) 10378 106 12 Weer. No Car see South By
Gila V 0& N lat gu g 58 1924 MN
111434 but/'09
%Vueerg & 1. E let g Os. 1926 A-0
105 10434 .1feh'10
Rowe E & W T 1st g 68 11/33 41/1-1,
1013
4
104%
1 10J $ 105.4 105,
4 MaY'09
Wlitiel
Div 1st gold .513-11128 J -J
101 Jan'10
1st guar Os red
101 lu4
11/33 NI-N 104 Mt 103,
4 Au141 10
Exteu & Imp gold Us...l930 F -A
1031410519
10u 192 J'ue'10
B. da T C 1st g ba tnt gu 1937 J -J 110 1111,2 109.4 Aug'
v9 109
DJ
11.11 let 000801 46........1941) el-s
199,5 11042
91 sale I 80'S
Consol g Os lot guar 1912 A-0 10914
90
77
al%
109 i.A .Nov'ti9
20-year equip a I Os .1922 J•J
93
1 99 Deo'08
Gen gold 46 int guar 1921 A-0 98
9619' 92 Aug lu
Wilkes
ea
liatat
92
See
9814
Erie
Waco& N W tuv 1st g tis'3U 54-N 115 122 1119,
4 Mal'lu
11014 111/s, Wiles Sioux .te See 51 1' 51,551
A & N W lst gu g os
11141 J •J IOU
'107 44Jan 09
W is Cent 50-yr 1st gen 4.) 111411 J -J
93% Sale 9214
Morgan'a La & T let 78 1918 A u
93% 67 90
12
1
10
218 eu
1.2
u
Sup& Duidi.v& term 1614536 M-N
..
.
..
112;8 93
1st gold Os
92h
Okla 15 1)0
1920 J -J Wu
No of Cal guar g Os
'reiegraph and 'Telepliono
1938 A.0
Ore & Cal let guar g 66 1927 .1-J tut)
l'lle'10
Am
'Velep
1
0
100
100
&
'101(3011
tr
48
1929 J-J
01 Male 90
91
13 891
be Pac of Cal-tis b.& )1 1912 A-0
/
2 9$
J'0'08
Convertible 4s.
...
.
11130 M-8 10038 date 100
100% 123 98 198%
1st gold Os
1,4 Deo'04
1912 /--0 111/011'414
Mich State Telep let be 1941 F-A
....
95 Aug'10
9'7 100
1st con guar g 56
1/5
VW
1937 M-N i117"4
110 51.7'07
A
YTelep
1st&
genet 4128.'39 61-N
9'j% ale 9738
908' 68 9934 90
SPacof.N blex 1st g tis 11111 J -J 1110%
WI Marl° .... 101 101
Pao Tei & Tel tel 6a
116.8 sale 904
111371.7-.1
1/0..1 110 III
So Pao l)oatit 1st gu 4s g 1937 J • J
51,114
84
93
91) J'ly t/9
Union
West
.
col
Ca
our
1938IJ
56
-J
99
9104 117 12Sep'10
Tex&NOSablAvlst gt38 11112 M-S 102
i07 Lou
10/78 May'10
511 cud real est g 4,hs 1115(/4 M-21 94 Sale 94
101%102%
ill I 5 93
Con gold 66
1043 J -J
107%
.....
102 North)
Cony 46, derma A
11/361X-N 1014
101% 101% 7
10014102%
MISCELLANEOUS HON DS--Comiluded.
allinulticturing Jir. hiduatrial
31anuinaturmg 6c Industrial
Gen Electrlo deb g 31.0..194% F.4 80
82 Jan'15 „.., 82
Vs-Car Chinn lab 15-yr As 1923 J-D
82
10-yr g deb Oa
994 99% 99%
994 18 961910!
191'; J-D 188 188,2 136
Areatm6house al at ras 1 Os 'ui J.J
133
147
130
0
12
894 894
lot Paper Co let cou g 136 191, F
, 89
8964 19 85
OS
J-j
a 100 1(104 100
1004 14 100 105
Alimonnanuous
Consol cony a f g 68
1935
85
83
Adams
894
844
82%
((48
eel
ha.
8
1948
,vI-8
1 St Pump Islet 6.1
92% 92 Sep '10
1929 Ai
--S ..
v3
92
-krniour
99%
&00 hit teat 0814 ha'3,1 J.1) 92% Sale 9234
92
11 92
kaw steel 1st g ..a
934 7
90
24 94
91
1
11)25 A.0
96
97 Aug'10 ...• 9578100
Ouch Teriumal let 4s.
1954 A-0
at Enam & Stpg let 56 182.4 J-D
89
88
874 90
97.. ()ousel 05
96 Bel)'10 •... 94
t1: Air Araicti 181 cony da '48 .,
1956 J -J
97
93 J'iltek
Ott
98
Aurt,.
7..
a•N 1002
.
102 44 1024. b WO 1143
. Chit:Wu& t Yard(1°466 1010 J • J
Steel Spgs lets f Os 1921
9
36
5% h/
40
5 10
30
6 M
366
A3:110
0
4 14
71%,
.. ..... 1.0
.00
9734 98% 97 J'19"1, .... 91112 95'1 Dot & M Id gr incumes 1911 A-0
itepub /& slat&
coltr 56 1934 A•0
104 104 J'ne. lb
/
2104
1031
instil tar Irrig Wks 4',s 1943 Ai-N
Vnion Bag & Plat si 66 193u J.J
95
117
94
12
liar'10
94
9819 hit Aleroau Marine 442s 1922 A-0
93 May'ii, _ 93
92
Stamped
OS
83',
, 634
83,2
1,15
93 May'10 ..„ 03
9612 &at Navigation 181 t 66 1929 F -A
ti tAtatta tio s Itleb gas-1912 41-18
78
76
9
79
14
$3
s 7
11% J.178
7, 0
10412Aug•Ic .... 104,2 105
Newp No Ship & 1) 1)5441990 J -J
El Realty& I cony deb g 66'24 .14 10419106
96
94 Deo'Oti •„,,,.•
87
59
57
el
1 86
_ 12 9414 N Y book Su-yr let g 46 1051 If•A
8 Red 41 Ref 1st 6 t g 66.1931 J.J
00%.-11/
87 Hai. 87
874'
Providenci
15
b60
deb
513
a
901
46
/
2
11)147
8 Rubber 10-yr coil tr 66.'1 J.D 10212 Sale
100
/
26 1921 6143
s Steel Corp-j coup .81903 SI-N 104 Sale 10214 1024 7'l 101341044 erovuteut Loan Soo 41
.•..•..•
••••0111
10378 104% 154 101 .
4 11)5 4, I, Yuba Wat Co oou g 98
J
St 10430 yr 6a.1 reg ..,11998 Mai 103 -1U1134 104', 4 L01% 10534 Wash Water Pow lit 66 1913
111311 3-4
1911
8 jhji
A
:se
lYakli:.°°
"
1
164 ........ 1-01 lta"..
10
104 1
*No Vi100
latest bid and asked this week.76
•Due614
- g Dee
Ifita J'Is;
isb cia04-111514 Nov /135t/0
.
1
!
•
•
•
•
•
•
•
•
•
•
•
•
i$iLdbrLe
i4
ra5
:
98690:2::
U
14
I
A til
I
E
112
I
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHES7' AND LOWEST SALE PRICES
Saturday
Sept 10
Monday
Sept 12
Tuesday
Sept 13
117,4nesd
-ay
Sept 14
Thursday
Sept 15
Friday
Sept 16
sates
of the
Week
Shares
STOc KS
CHICAGO STOCK
EXCHANGE
Range for Year 1910
Lowest •
Last Sale 185 Meh'10
Last Sale 112 July'10
July'10
Last Sale 4
65
65
-6-51334 1334
14
July'10
Last Sale 0
8
4
6
4
412
*438
43s
Sept'10
Last Sale 23
26
July'10
Last Sale 70
76
Last Sale 19
Sept'10
20
62
62
62
July'10
Last Sale 16
20
Last Sale 65 June'l0
60
58
60
58
10
958
934
EXCH.
50
CLOSED.
ELECTION
Miscellaneous
8
DAY
8
625 American Can
8
778
8
8
:
10
0:0
'
778 8
8
8
653 J'ne
pre/
450
Do
6614 6314
67
6714 6714 6712 6712 6712 6712
67
6212 J'15,26
Last Sale 248 Sept'011
American Itadiator_10ai 240 Apr -.5
*240 250 *240 250 *240 250 *240 250
1)0
Last Sale 126 July'10
pre/
100 1.0 J'ly 19
*128 130 *128 130 *128 130 *128 130
*76
78
74
73
I00 72 Feb 7
'iii Amer ShipbuildIng
78 *____ 78
7812 *76
*78
Do
pre/
Last Sale 109 Aug'10
10u 107 Aug 6
*108 109 *108 109 *108 109 *108 109
25 Amer l'elep & Teleg
*134
136
13478 13473 *13434 13512 *13434 13512 *13434 13512
13114 J'iy 130
Booth (A) & Co
Last Sale 8
June'09
Do
pref
.
0..
t;
.
.
11°
June'09
n1 _.
....---- ---- ...- -_- -- -- Last Sale 14
liooth F'isheries corn,,... 31 J'ne
*32
35
*32
35
Anal°
s.32
35
*32
35
Last Sale 45
Do pref
62
6914 60
95
56 Joe
*63
6414 *63
6414 *63
62
*60
& Chic Canal & D.I00 47 Aug '1
*48
50
*48
50
*48
50
*48
60
Last Sale 47
Aug'10
Chic Brew'g & Malt'g___
t Feb 4
*1
118 *1
118 *1
118 *1
118
Apr'10
Last &Lie 1
3
*2
3
*2
3
*2
*2
3
Last Sale 212 Nov'09
Pneumatic Iool -100 2512 J'1Y 26
*35
38
3512 3512 3512 3512 3514 3514
3514
Chic", poPral
35
6 Chicago Telepllone
100 110 Slavil
11812 11812
0118 119 *118 119 *118 119
11)
*118
Do rights
Feb'08
Last Sale 214
Chic Title & Trust...100 142 Aug 26
«iii- fir *145- fir iii- fit- iii" Ili
147
148
*11112 113
11112 11112 11112 11134 112 112
288 Commouw th-Edison.100 10812 J'iy 27
112
11112
Do ri‘hts __ _
114 Jan .9
Feb.10
Last Sale liis
-- ---- ..- ---------- ---1312.1'1y 9
Last Sale 1438 Sept'10 ___ Corn Prod Re: Co -co-m
..-. -- --- -- -- ---- ..-- -_
ho
co
pret
----- --_ ---- ---- -__
Last Salo 7014 Apr'10
.914 Apr 1
-ia Diamond Match
8812 8812 88
100 83 J'17_6
88
88
88
88 -8-8
88
88
8018 6018 6078 6078 5912 6012 *6912 6012
IOU 53 J'iy
60
351 Illinois Brick
58
*43
46
4312 Men 1/
*43
46
____
__
_ ..
Last Sale 45
Aug'10 ____ Masonic Tempie
_85 sloCrum-Dowell Co__Iuu 40 Men 1/
18._ .
_
5812 5734 58
5734 -5-7-78
- 58 -585734 5734
prheic
f
wo& C
70 milD
97
98
98
*9712 9812
93 J'ne_b
*--.... 9834 4....., 9834 98
Brewing
Last Sale 213 June'07 ___
Do prat
Nov'09
Last Sale 20
0..__ 21 s____ 21 s____ 21 s___, 21
-225 National 131scuit
116
100 101 Aug 3
*114
114 11412
*112 114 *112 114
11312 114
40
Do
pref
100 118 J•ly 19
120
120
121 121 *119 120
*119 120 *119 120
100 104 Feu "24
415 National Carbon
*122
125
*120 121
120 120 *120_ 121 122
pre!
Do
100 112 len 10
.152;
5
*120
122
4,119 120 *119 120 *119 1/1- 120 120
165 People's Gas L&Coke.100 103 J'iy 26
1033i 10718
10638 10658 *106 10612 10612 10634 107 10712
Do rights
Last Sale 11-16 Mch'09
Sears-Roebuck corn.,..100 148 Feb
15712 15734
i8/ fii- iWir2 f5-7-14" iLir4 15-714 1T754 118-Last Sale 11912 Sept'10
Do
109 11612 Aug 8
s11812 120 *11812 120 *11812 120 9117 118
pref
101
10138 "73' Swift & Co
101 Sep 16
10218 10212 102 10238 10138 10178 10112 1015s
155 155
*150
0 155 J'iy .a
155
5152 156 *152 158 *134 155
89 1110 Quaker Oats Co 1101)
Last Sale 634 June'10
Do rlghts
o J • ne
Last Sale 10212 Sept'10
_
Do KO
100 101 J'iy 19
sibi" 163 *102 103 *102 103 *101 102
8
2:531 but liox lid & P Co_100
8
134 814
078 7
834 1,34
978 67s
614 Apr 28
. Last Sale 734
Apr'09
Do pref
a-- Tr *---10
110
Western'
11
tow.
15 J•ne39
*.
180 lc
180 *..
180 *..
i•ii.
2 _ _ •;g2 ____ ;F2 ,..,....
*6-- *6
___
*6
*0
_
65 -6-5
*65 -70
*65 -7-0 - 65
14
141
1214 14
1114 1214 13
*7
8
*7
*7
8
*7
8
4
5
*312 5
*412 434 *4
434 434
434 934
458 438
412
*23
25
*23
*23
25
25
*23
*07
75
*67
*67
75
*67
75
*18
*18
20
20
*18
20
*17
*61
*60
02 *60
*6012 62
62
*16
*16
20
20
*16
*16
20
60 * . 60 * ..
ll... _ 80 *.
60 ;gg
-- F7r2 5712 i;Li
*Li
*914 1-0
*912
*914 10
4.912 10
*47
50
4712 4712 4712 4712 *47
180
;ZT, ____
_
Chicago Bond Record
BON DS
CHICAGO STOCK
EXCHANGE
Week endina Sept. 18.
Pr/ea
Friday
Sept. 16,
Week's
Range or
Last Nets
1338Jan lc
82 Jan
160 May
135 Apr 4
841; Mayii
112 Jan 11
14218 Mch
3034Jan- 5
79 Jan .1
66 Feb 17
1 Feb 4
91
137
Feb i
Jan 3
163 Mculu
12112 Jan 11
2 Jan IL
2234 Jan )5
82 Feb 28
121
an (1
91 Meli2
90 Jan 7
60,7,4 May,..
10234 Apr 20
116 Jan
125 ,lan
122 Sep 19
121 Meth,.
11534 Jan 5
16012 Apr .4
122 Mch .4
100:,s Jan 6
186 Feb Ai
'j Slay_u
106 Jan 4.
1C8 Jan 3
'
Apr 1
Lou est
Highest
180 Mch iV0 Feb
112 Oct
4 Jan
5 Oct
18 Jan
97,3 Dee 11912 J'ly
4,534
Jan
3. Dec
1012 Dec
30 Jut
1312 Jan
8 Dec
314 Dec
2914 Jan
30 Dec
52 J•lv
8612 Slay
78 Dec
1912 1)ec
Ibis Sep
19 Dec
97 Jan
25 Slay
17 Nov
73 May
63 .,an
61 May
60 pan
2914 Apr
54i. Dec
117 Fun 105 Dec
778 Jan
7134 Jan
100 Jan
128 Jan
6418 Apr
101 Feb
139 Aug
13 J no
14 May
10 May
98 J'ne
6114 .1an
1 Apr
218 Apr
20 Men
127 Jan
1515 Nov
80 Pao
22514 Oct
ly
132
8114 Dec
112 Sep
195 Nov
1 Jan
b Jan
90 Dec
/512 Dec
58 Apr
1 Apr
212 Nov
92 Deo
140 Sep
117
107
152 Oct
.
121123'1y
Jan
Jan
17-18 Feb
7014 Mcn
117 Jan
38 Jail
93 Jan
2519 Aug
8812 May
13034 Aug
8812 Dec
97 Sep
20 Nov
21 .1'nø
ups Jail 11914 Sep
11814 Feb 131) Sep
82 Jan 10812 Dec
110 Jan 129 Nov
102 .lan 1lUi Aug
1 Mch
12 Feb
65 can 16U12 Dec
101 Jan 12134 Oct
lUill2 Jan 11914 Aug
119 Jan 162 Deo
9812 Jan
811 et;
334 Meh
15 Feb
105 'Deo
158 Slab
912 Jan
25 ItIch
Chicago Banks and Trust Companies
UlaStalta-
Inter
esi
Highest
i(a. roaas
Chicago City Iv
109 185 ?deb i 18.5 Mch
Chicago & Oak Park. 109
L12 Jau I.
112 J'ly 23
Do pre&
712 Jan
4 .1•Iy
-Igo hie Rya part ctt "1"1
-ot, 6.5 Sep 4 101) Jan
251 Chic Rys part ctf • 2"....1114 Seu 13 30 Jan
Chic Itys part CU "3"__
8 Slay... 16 Jan 11
239 chic ltys part ett -4'
litay_4
91n Ja
235 .;hicago Subway
212 J
156
614 Aug it
Kans City Ry & Lt 100 20 Aug s 39 •
Do pre(
10u 6) leo 17
77', Itch .9
:
•letropo•
W
S
_
Elev100
16 Jan 14 25 J'ne
---7
Do pref
100 61 Feb I 72 J'ne_t
Northwestern Elev_109
15 Apr 1
23 J net.;
Do prel
100 63 May31 86 J'ne _1
--ii '-outh Side Elevated_
551.• J'iy
721,, J ncL1
20 -;treets W Statile C L_109
7 J'IY
1.453 Jaa
26
Do
pref
104 Jan u
40 J'iy
-awe for l'reriou.; Yea)
(1909)
li'd)
Saa
Range
for
Year 1910
NAME
ISZQ
Stoat
surplus
and
Profft;
Distam. iitwra
In
1903
hi Pet- Last Paid
1909 ted
Ntgh Calumet National
An Dee '03,
134.
Ask Low
11/4//: No Low
$100,009 y340,302
0134 ,ich'l •
903.1 J1/34 t.'hioneo City
J-3 h 1Y '10,5
10
500,00° 2204,053 10
Amer Strawb'd 1st 68_1911 I.--- A
9114 Aug'10
0034 1/41, Contl'tal & Comm Nat 20,000,000 9.62,319
Armour & Co 4 4s___1939 J • 1)
Oct '10. 212
Corn Laotian:a Nationa .s.o00,0011 5.437,0.4
12
Aurora Elgin&Cnic 0_1041 A- Ii
12
Q-J Oct '10, 4
Drexel State
Cal & So Chic Ity Co
222,iit0
200.009
Q-3 ,.ly '10 lig
F'
1927
M
Is
Drovers' Dep National.
1st
---- --- 102 J'nel))
600,000
•-..
9h
399,409
10
Q-J July '10 242
Engtewoo•1 State
Cass Av & (I (St L) as '12 J.
--. ---- 111114 Dann)
200,004
:3'1 ,819
6
Q-J July '10, 112
100 May'07
Chic Board of Trade 451927 J-First National
10,000,000 10,836,5.9 12
128 Q-M June39'10,3v
e
I"
5&_.1927
K
:
27
,
2
City
ity
Sale 10212 103
Chicago
150,009
28 ftifis 10314 First Nat Englewood_
19t,,3/7 10
10
Q-M Jne
-- __ 103 Apr'04
Foreman Bros II It'g Co_ 1.000,000
Chic Cons°, Br & Mit tls„. J 525,372 Pra ate Ba, nit
50 Apr'09
381.692
Fort Dearborn National 1,530,000
Chic Consoi Trac 4 +as 1839 J - l)
8
8
Q-J July '10,2
F
A -- -- 9834 Jana),
Chic Auditorium ist5s1929
Hibernian B'k'g Ass'n_ 1,500,009
950,43, 8
8
W-J filly '10, 2
200,000 2125,141
10
3-3 July '10,5
Chic IAN{ Co 1st 41_1923 A - 0 --- -tiaspar State Batik
10
i.
.
4-12 De-c.:11.5
-_-_ -- -)
1,000.000
'251,586 deg. u 10. 51 y '1., V.93. 13.1277
Chia Jo RR lst 11 g 53_11344
La Salle St National
87 Feb•06
490,626 10+2
10 Q-51 hie 30'10 212
Live Stock Exch'ge Nat 1,240,000
Chic No Shore Elec 85.101? A 8512 Aug'to
-1;4-14 8734
gg- iT
Aug. •10.1
4
93.108
300,00,
4
gonroe National
Chic Pne l'ool 1st 5s_a1921 .1 17
9634
1927 F - A 9678 Sal
9714
8
Oct.10'10, 2
00 10138 Nat Bank of Republic_ 2,000,009 1,214 6,8
8
Chia Ry 58
.
88 f'nc'IU
3
404,424
88
951N National City
1,500,009
Chic lty5 4-5s series "A'' A - () _
(4-J 1.•17 10, 112
I) 75
-761-2 7538 Aug'10
86
(.1-J July '10, 112
75
4-64 series "B"
83,004
3
Chic
250,009
National Produce
ta)
9012 -aro 11/
9012 91
-A
July '10. 134
2/3,141
Chic itys 4-55 series "C'
North Avenue State
231
200,00,
654
1913 I" A
97
98
98 Aug'10
9/12 10112 North Side State Sav'gs
:22,00,
Chic Rya coil 6s
6
Is
50,1100
Q-J 1 ly '10, 112
A
-- 98 J Lay'lu
08 03
Chic itys Fund 6s 1913
.North LVest State
200,000
18,498
Oct.
'10, 1
14-1
10018 Ap.'1,1
10013 10034 People's Stk Yds State
Chic Itys Tern Ctts let Is
593,54.,
300,000
(3-) 1. ly '10, 212
---- -- 9612 aug'08
oPrairie National
Chic it 1 & P RR 43_2002
250,00u
62,310
-- 6612 July'us
Prairie State
Collat trust g 513__1111.5
500,000
80,077
8
Q-51 nme .10'101l
10
10112
tta'lway Exchange
260,000
None
Ohio Telephone 5s___1923
Jan '05, 2
23,268
2
10034 Sale 110
°03
11ft 0
security
Commonw- Edison 58_1943
100
,uly '10, 112
300,000 2169,421
1314
2 6_ 10014
1)a
-. 10914 Aug'10
10014 10,114 South Chicago Savings.
200,000
Is
Is
Chic Edison deb 6s_1913
87,000
Q. J IY '10,2
-- 100 i aie'll)
100 1001: soutil Side State
200.000
51,000 Beg. b us Sep t '09 V. 89, p.817
1st e 5s___July 1926
-- 1004 AnW09
State Bank of Chicago
1,500,001. 1,742,937 11
12
Debenture 53.._19Z •
ly '10, 3
Q-J
-- 10918 Aug'10
186,211
250,009
for10234 Stock Yards Savings
7
Cornmonw Elect 64;01943
8 Q-M 1une:30'10,2
--- 80 Denis
200,0i)u
243,024
Union Bank of ChicagoIllinois Tunnel 5.1____1028
0 SIN
50,000
27.419
iVendeli state_
Kan City ity do Light
'teac3
Y 008%
01j12
None Q-m D
9434 July'10
- 1%.
7
0434 9434 Central Truq Co of
2,000,000
872,807
7
Q-1 ialy '10, 2
Co 35
1913
1-0-0-- 96 fAcn'OU
n5(10,009
•nly '10, 112
Chicago Say Bit & Tr
Knick'b'ker ice 1st as 1928 A 116,352
154
J
74
Chicago Title & Trust_. 1,000,000 11,543,80::
Lake St EI-Ist 58_1928 J
75
75
75
85
1); 212
2
10
6
f ucit.
y'
C,1-•1 O
Income 55
A-0 apr9,'10,3
50,00.)
192., Fob
16 MaY'U5
Citizens Trust & Savings
4
Metr W S'de
454,135
600,00()
Colon's: Trust & Savings
84-2 Q-J
9
1st 43
1938
8212
84
8214
8212
80
Cunt & Comm Tr & Say_ 3,000,000
- A
427,839
Extension g 48......1938 J . j 71312 711- 7734 Sept'10
8
115,219
200,000
76 80
Drovers'1 rust&Savings
Q-J
1030 J
vi i.8n70.313
Oct.
Mord3 & Co. 4 4
J
8934 Sept'10
'1
3
:1
u11031.11
1,500,000 2191,030
1
88 0314 Farwell Trust Co
North West El tat 45_1911 'IaFe 9414
1; 444
15474 133
2,500a)(N. 3,113,260
9414
0334 9014 1.1rst Trust & Savings
& Coke Co Is 28
510,559
orated 1906
99 Apr'10
No LV
200,000
Guarantee Trust & say.
- Ni
99
Ogden Gas Is
911 (.1-J Ally' 10,3
1945 41 - N
9278
9212 9(114 Harris crust & Sayings_ 1,250,000 1,456,828
0'.72
Pearsons-Taft 5s
181,, I - b
Aug '10. I
10038 Metruu
Illinois Trust & Sayings 6,000,000 8,444,429 18+4 16-1-4
:52,440
6
'4-'
.
) 95
20(1,003
0534 Q11
4,403
ly '10, 114
9812 Nich'10
-0-6-li 91312 rienivood Trust & Savo
(11-N
ka1,187
h
200,00u
4.603 Series t:
6
96
97 Fea'lo
Lake View Trust&Savgs
117
07
9812 sicirlt1
(11-N
4.808 Series
V812 9812 derchants• Loan &Tr Co 2,000,000 5,840.079 12
ulY
y 10
12
0,
9712 ___
3112
Q. Ji ul
750,UW
6
11
sietropolitanTrust&Sav
221,455
Peo Gas L & C 1st 65_1943 A 12134 alay119
Q-J July '10, 112
Refunding g Is__ 1947
1,500,0013 2,327,738
8
10114 f615.8 10112 10112
July '10, 2
10034 1.VS)-4 Northern Trust Co
J
J
551937
L&C
1st
231,704
21.10,000
6
103 10412 North-Western Tr&Sav
Chic (las
uvily89:11.0
0:1241
p,2
6
103 July'19
500,000 2200,060
- I) 104Sale 10014 10014
8
Consurn Gas 1st Is.11)3(1
1 10014 1021? Pullman Trust & Sans
8
200.000
223,013 Beg h US, Jay 12'0
Mut'l Fuel Gas 1st5s1947 51-N
2 10112 10112 Sheridan Tr ec Say Bank
_
10112 10112
J
j
145.1924
1.000,000
a
wStandard Tr & Say
250,000 Comm enced bus. Sept 6 1910
92
13-- 92
ii2
92
1)4
South Side Elev 4
200,000
-1 July '10, 3
1
328,92i,
10914 10014 10014
Swift & Co 1st g 5s-1914 I - J
100 10078 Stockmen's trust & Sat"
1,200,000 31,162,581
Union Trust Co
July1110.20
8 t8+2
Union El (Loop) 51_1945 A 0
88 Apr'l •
83
88
N
vWest'n'lsrust & Saving:. 1.000,000
6
Q-J July '10, lig
6
114 Nov1)4
132,692
Union Paclac cony 45_1911
65
70
West Side Tr&Savbank
June 30'10a
200,000
75
107,552
-70 Apr'10
70
United Box Board col (I3 Zr.
Woodlawn Tr&SayBan53
200,000
60
244,844
6
6
65 J•ine'10
General mtge 6s.
65
65
Q-J July '10,
Western Stone Co 58..1000 A 0
8512 July'03
h ond
Not. -Acerned intere.st anis) ,7;;;,i, p",Ito all
• Bid and asked prices; no sales were made on this day. 1 Sept. 1 (close of business) for national banks and Sept. 2 (opening of business) for State Instftu
t No price Friday; latest prioe this week. a Due Dec. 31. b Due June. k Also 20% in stock. n Capital and surplus to be increased. q Dividends are paid Q.
with extra payments Q-F. s In addition the equivalent of 4% more came from First Trust Jo Savings Sank- t July 31'4910. v In addition the equivalest of 1% ess
v Prairie Nat. 13a.ak and Western Trust & Say. Bank to be merged and capital Of latter to be lumped te 81.2504002; V 91.10. 31
porn First Trust Jo Savings Bank.
so See V. 91, P. 72, 17. x Extra dividend. I/ June 30 1910. z July 1 1910.
itra
fiiiP; ,02,„
11:614
1;z-
BOSTON STOCK EXCHANGE -Stock Record, Daily, Weekly and Yearly
SHARE PRICEs-NOT PER CENTUM PRICES
Saturday
Sept. 10.
•
Mo ean
Sept. 12.
Tit eat/
Bert. 13.
Wednesday
Sept. 14
Thursday
Sept 15
Friday
Sept 16
Saks
of the
Week
Shares
Range Since Jan. 1
STOCK S
BOSTON STOCK
EXCHANGE
Lowest
Highest
Range for Previous Ycat
0909)
Lowest
Highest
Railroads
9813 987 *9853 9878 9812 9812 9634 9712
*9712 9734 *9734 98
9113 J'ly 26 12313 Jan 3
98 Jan 12518 Oct
151 Atch Top & Santa Fe.
*9934 10034 *9912 1001 *9934 10034 *9934 10034
Do pret
100 9712 Aug 2 10414 Jan 'I 10034 Jan 106 J'ne
Last Sale 10014 Aug'10
210 219
219 219
*219 220 *219 220
Boston & Albany-100 218 J'ne tO 234 Jan 10 225 Jan 2394 Apr
219 219
219
219
--ii
*126 12u'2 126 126 *126 _ 128 126
170 Boston Elevated
100 r1.22 Aug 2 13634 Jan I, 12414 Jan 135 Deo
12612 12612 12612 127
J'ly 7 22/ Feb 24 22312 Dec 235 Mch
*207
*207 210 *207 ____ 207 207 *____ 210 *____ 210
28 Boston & Lowell
135
13412 13412 *__ 134
____
33 Boiton & Maine
133 133
10(1 133 Sep 14 152 Feb : 13212 Jan 103 Nov
133 133 *133
290
290 *_. 290 *___ 290
208 Jan 21 295 Sep 301 Jan
Last Sale 292 Aug'10 ____ Boiton & Providence_100 r292 J
1513 *13
1513 *13
Boston Suburban El Cos. • 14 J'ne 16 16 Jan 3
1513 *13
1134 Jan
1513
22 Feb
Last Sale 15
Sept'10
74
70 J'ly _1 7d Apr
72
*70
77t2 Nov
72 *70
61112 Jan
74
*70
74
74
*70
72
-"la
*71
D
P 9,1
10
8 Alen . 10 Jan 7
10
11) May 1413 Mch
10 *_.... 10
Sale 8
Apr111.0 ___ Bostoon &rWorc Eiec Cos.
•!9
*35
37 *35
35
3
Aug
4612
Dec
1)0
48
Jan
37
*35
pret
/514 Oct
37 *35
37
1.0.4i Sale 36
Ausg'10
*140
"ii5 Chic Juno Ry & USY_100 139 Sep 16 150 Jan 19 143 .1au 162 J'ne
_ *140 ...„ *____ 140
139
139
fif *__
115 Nov 123 J'Iy
Do
pret
*1401-11- *.___ 111
100 110 Apr 2 118 Jan
--i;ist0
- s 111
Aug'10--Connecticut River_10u 265 Mch r 270 Mchlu 267 Jan 275 Melt
Last Sale 270 Meh'10
*iiir4 12612 15.612 17;1-412412 ITO *12414 1.25 *........ 125 125 125
100 124 2 J'ly 19 13313 Jan 3 12812 Nov 136 Feb
-56 l- itcnburg, pref
*109
/5 Jan 1112 Deo
112 Apr 214
*11012 112.2 11012 1101
111 111 *11038 111
20 Gra Ry ro Electric_100 104 Jaa
85 Apr
33 Jan it
pref
88[7 Sep
79 4a11
*8512 861
Do
10
*205 "7";_ *205
Vain° Central
8Las
8 t3
10.
1: 202 Fenill 201 May31 195 Oct 19514 Jan
_ *205
86
ale 26i-ma-iio1414 J'ly 26 20 Apr 19
*1712 -18 *1734 -1-8 *1734 18 *____ 18
1114 Jan
kass Electric Cos
19 Oct
10u
Last Sale 1734 Sept'10
8134 8134 82
88 Apr .
34 Nov
'11E
Do
5812 Jan
100 76 .1'13r
pret
82 *8112 82
8112 8112 *8112 82
82
82
*152 15212 15234 153
635 N Y N H 4 liarttord_100 149 Apr 23 1623, mol I.( 51.53 Nov 17478 J'ne
15212 153 x130 15012 15014 15133
12 153
*-___ 140 *___ 140
13512 Metall 14,14 Aug25 146 Feb 149 Aug
Northern N H
--- --*138 140
140
140
Norwich & Wor pret..3
Last Sale 210
1:0
'
1:;
, 210 Slav' 212 Men., 20() Apr 215 Sep
16574 13-2-1Old
Colony
16114
4 *NI fa'
Sep 14 00 Jan 1 190 Dec 20013 Jan
18114 112-1-2 * 8114 183 *18114June'10
100
1
--*27 _ *27
may , 35 Jan 3
Rutland prof
40 J'ne
26 Apr
*27 ___ *27
30 *27 ____
27
27
*10212
*10414
0014 Mch 11712 Aug
104
Last Sale 103 Aug'10Seattle Electric
*10312
100 103 Aug 18 116 Jan
*103__ 10312 1-0312 *103 105 *103 105 *102 104 *101
Do pre(
100 9834 Atm 2 11/6 Mott . 3712 Apr 107 Aug
104
-16
*163 1-1318 16312 164
15214 J'ly 26 20412 Jan 3 (17272 Feb 21834 Aug
18633 16633 164 16538 *16413 16433
16312 16
43 Union Pacific
*8912 9012 *8973 9078 *9014 911 *9014 9114
0312 Mch 11714 Aug
Do
pret
Last Sale 92
1°
0(
i; 8314 J'iy 26 10333Jan 3
Sept'10 ___
Vermont & Mass
Last Sale 163 June'10
100 162 Apr 24 108 Jan 14 165 Jan 175 Apr
;654 88
88 -18.9818 Apr
88 Jan
-813 -117- 87 *87
--65 West End St
50 87 Slay 2 9512 Mch r
88
*87
88
*10012 __ 10012 10012 10034 1003.*10012 -_- *I00 -- *100
6
Do
pret
50 90 J'ly 6 109 Feb 10 102 Oct 112 Apr
-__
Miscellaneous
*4312 4412 44
J'ly
Jan
3314
27 4873 Jan lu
5014 Aug
4412 *43
505 Amer Agricul Chen3_100 36
444 43 *43
44
44
44
4412
10212 10212 10212 10212 10213 103
94 Jan 105 J'1Y
10234 103
10212 103
DO prof
103 103
100 9834 kith s, 104 Mch
271
*434 5
433 Aug 2
973 Feb
878 Feb 41
*434 51, *434 51
50
*434 5
55s Jan
478
473
25 Amer Pneu Service
434 6
1612 16
2212 Nov
50 14 Xly 16 24 Feb 11
pret
618
Do
151
13 Jan
1514 1612 1512 1512 *15
16
1514 1
117 117
117 11712 117
117 11714 117 118
245 Amer Sugar Renn____100 115 J'ne 6 12/32 Me12 1 .119 Nov 136 Apr
118 119
117
pref
11613 11714 117 117
r11/ Nov 131 Apr
117 11712 117 117
117
Do
100 115 J'ne 6 124 Mch
11738
171
13412 13478 13434 13514 13434 1351 13514 13534 13434 13512 13414 13134 2,884 Amer Telep & Teleg_100 12714 J'ly 26 14338 Feb 24 12514 Feb 14513 hen
*117---*27
Last Sate 28
American Woolen
2812 *28
2712 Feb
391. Meh 1,
29
4013 Aug
281 *28
100 26 J'ly
*28
Sept'l
29
9514 9512 95
9512 9512 953
9312 Jan 108 J'ne
Do pre
9534 96
100 Lit J'iy I 1041.3 Mch23
9534 9614 9534 953.
7 Meals 1112 Jan 7
At! Gulf & W 1 S S L_100
1212 Sep
912 Apr
Last Sale 10
*812 10
*012 101
*912 1017 *9
Sept'l
10
*1913 20
Do pret
28 Jail u
3112 Aug
1514 Apr
20
20
1912 20
1912 1912 1912 191
100 16 May iu
20
20
-851
412 J'ly 28
*413 6
812 Jan 11
814 Oct
Last Sak 5
*413 6
10
*413 6
334 Apr
*412 6
July'l -Boston Land
*14513 147 *145 130 *145 150 *145 150
Last Sq'e 14412 Aug'10 1..,5i5 Cumb Telep & Teleg_100 138,2 fly 28 1521? Men •125 Jan 14713 Nov
14
Jan
Apr
7
V8
1158Jan
3
J'ne
13/3
Ea.st
Boston
9
9
*812 9
913
Land
9
918
913 914
9
812
834
23712 25712 25712 25713 25712 25712 257 25712 268 258
160 Edison E'eo Illum_100 h230 Ja 20 160 J'ly 14 245 Jan 260 Apr
256
257
142 142 *14234 14412 *14312 ____ *143 14414 *142 144 *142
10u 135 J'ly _6 1601. Jail 0 15038 Feb 173 Aug
3 deneral Electric
143
8314 Dec
8114 8114 8133 8112 8112 8112 81
59 Jan
81
8112 8112 815
821 \lassachusettaGasCos 100 7614 Feb a 8414 Mayib
81
89 Jan
*9112 92
97 Apr
9112 9134 9153 914 9112 9158 9112 9158 *9113 02
100 $U May RS 97 Men 18
*219 -„- *219
3
81 meD
100 21414 Jan 4 1.2013 Feb 2.. 20219 Alen 22014 Dec
rg
oentP
hraele
t r Lino
*219 __ 220 220
220 220 *21634 2171
*514 534 *54 53
234 Jan 3
*514 534 *514 534
2 Jan
10
634 Mayltl
5
5
2 Mexican Telephone
*514
34 Oct
53
*11033 ---- *11014 ___ *11033
68 Apr 125 Oct
--__ N E Cotton Yarn._100 108 Aug 5 124 Jan 3
Last Sale 110 Senn
93 Jan 1123 Oct
100 9912 Aug 3 115 Jan 11
2,- *102 105
Do pref
102 102 *102 105 *102 105 *102
105
34
13012 13012 *130 131
100 32'02 Aug 1/ 13812 Mch 11 12014 Jan 139 Sep
13013 13013 131 131 *130 13112 130
130
94 N E Telephone
75 Fob 108 Oct
Aug'10Pacific Coast Power. 100 94 Mcn,2 BM Jan b
Last Sale 95
93
96 *93
*9214 96
98
*93
96
16034 16034 16014 16034 16012 16034 16014 101
16018 161
100 153 J'ne 3u 200 Feb is 168 Jan 199 Aug
113012 16034 -555 Pullman Co
*12
12 Sep
Reece 13utton-Hole_ 10 1114 Jau 15 1212 Aug 15,
121:: *12
Last Sale 1212 Sept'10
934 Jan
1212 *12
1212 *12
1212
102 10212 10213 10233 10112 1021: 10133 10178 10158 102
100 100 Jan 24 10034 Jail lu 100 Jan 11412 Aug
10133 10134 -556 Swift & Co
*2913 31
2(62 May 34 Deo
23 28 Mch30 3414 Jan 3
30
30 *30
30
31
107 'Torrington
30
30
*30
30
31
*29
30
*29
30
25 27 Jan Is 31 May G
*29
*29
244 Jan
30
35 Nov
30
30 *29
30
40
1)0 pret •
30
19914 200
195 196tF. 19812 19712 195
100 16512 jan 11. 260 Sep 0 12612 Jan 170 Deo
199 1991 195 198
1,079 United Fruit
197
4938 4938 49
25 4634 J'iy
4912 4913 4933 4912 4933 4934 4933 4934
71 Oct
536 (in Shoe Mach Corp
49
/134 Apr 18 x59 Mch
2713 2712 28
pret
28
Do
25 25,4 J'1Y I. 31 Jan 9
28
28
28
28
28
28
108
284 2812
2812 Jan
3114 Sep
68
68
6814 6814 69
89
4134 Feb
100 ti133 J'ly 26 9034Jan 3
9473 Oct
6878 7018 6714 6812 6612 6738 15,828 U S Steel Corp
116 116
116 1131^ *11612 117
69
Do
pret
11653 117
100 Ill J'ly
11638 11638 11553 110
12553 Jan 6 107 Feb 131 Oct
*1412 16
*1412 1512 *1412 10
14 Feb 1. 18 Jan
*1412 16
____ West Telep & Teleg 106
1.7 Deo
Last Sale 15
Sept'l
612 Jan
83
83
pret
*83
85
*83
85 *83
Do
9t1 Deo
10
85
100 81 Aug15 04 Jan 3
*83
85
76 Men
*83
85
Mining
903
7
1012 May
44 Oct
0
120 Adventure Con
6
6
25 4 J'ly' 13 10 Feb i
612 612 *6
6
7
43
43
62 Oct
*4012 42 *414134 Jan
25 31 J'IY 13 58 Feb 2..
4312 431
242 Ailouez
___- -42
42 *41
43
9612 Nov
6314 6353 6334 6414 6312 6412 6414 6434 6234 64
65 Feb
0034 Jan 3
6213 03 10,712 Amalgamated Copper 100 5514 J'ly
Mch
1913
J'ly
23
26
4013
4012 Dee
2512 2573 26
Jan 3
261
2534 2614 26
26
2,560 Am Zinc Lead & Sm.. 25
2614 26
2613 26
54 Deo
384 Feb
25 36 J ly 13 5334 Jan 3
Anaconda
Last Sale 40
Aug'10
Feb
i214
May
4
1634 17
5134
Deo
30
5034
25
Jan
Commercial_
Arizona
4 1713 -1113 1634 17
-17
7- if- 17 -1-7-11,12,5
1612 1813
8 J iy
1214 Jan 14
18 Jan
7
*6
5 J ne3u
25
*614 7
7
7
*6
*6
100
614 614 *614
7
45 Feb .80 May
*.50 .60 *.50 .6
10 60 Men 5 .70 Mch28
A
Bo
tinaaantizaa Dev Co
*.50 .60 *,50 .60
Last Sale .60 Sept.'
171s J'ly
10 May 4 2414 Jan 13
*1338 1334 *13,
5
24 Deo
Bos &CorbCop &Sit Mg
13
4 1334 1312 1312 *1314 1312 134 1314 13
553 Sep 14 1814 May25
8 Sep
1114 Deo
6
6
573 6
553 6
6
614
614
653 3,680 Butte-Balaklava Cop_ 10
558 53
*19
3358 Nov
15 15,3 J'ne.lu 2813 Jan 3
1912 10
1913 1912 1812 181
19
19
2133 Feb
19
410 Butte Coalition
1833 181
58
58
10 4434 J'1Y 12 103 Jan 1.
5834 58
6012 59
58
406 Calumet & Arizona
59
5912 5814 581
59
9614 May 119 Jan
550 550
25 LOU J'ly t1 685 Jan 3 685 Feb 695 Aug
550 550 *545 555 *343 650
348 550
25 Calumet & Hec.la
555
555
*16
18
*16
18
25 1312 fly' 15 33 Jan 3
16
*16
29 Feb
18 *16
CentennialII emr
4412 Sep
16
i tc,00
lO
*1534 17 .
ii
.12 *.07 .10 *.06 .10 *.06 -:15
Cons
rcur Gold
04 J'IY Ii .16 Jan 10 .10 J'ne .35 Jan
Last Sale .10
1
Aug'10
*6534 66
altange Con Co 100 68 Fe 17 35 Jan
674 6714 6712 66
6813
66
6812 Feb
66
66
6512 0612
4 Nov
853
614
*6
5 Sep lo
675 Daly-West
9 58Mob 28
6
6
20
514
5
513 534
712 May 12 Itch
578 578
573 578
• Last Sale 58
Domin Steel Corp
58 J'ly 12 58 .7,1712
July'10
714
713 712
-5i5 East Butte Cop Min_ 10 614 J'ly 13 1334 Jan 3 712 Feb 1653 Apr
7
7
7 --714 -54 --7-1;
714 714
-1i1-4
*.25
*.20 .25 .20 .20
*.20 .25
450 Elm River
.30 .3
.20
1 Oct
212 Feb 18
212 Jan
12 .20 Sep 15
*1012 1i- 1012 11
719 Franklin
1012 1013
11
1113 1012 11
1034 11
13 Feb
012
2212 Sich
25
19 Aug
733 J'ne
6 J'ly 26 1212 Jan 10
673 4,098 Giroux Consolidated_ 5
658 658 653 63 634 634 7 7
612
1214 Nov
658 7
Grre
aennbey cConasonlela
182 u
31
33
31
33
33
33
33
33
33
33
34
an
da ted _100 20 J'ly u 11114 Jan 3
90 Feb 11012 Deo
*32
612 J'ly 29 1173 Jan 3
673 673
1458 Nov
673 2,260
9 Feb
20
634
673 67.
678 678
554 634
634 678
*21
22
460 Hancock Consolidated 25 1434 J'ly 19 30 Jan.12
814 Sep
21
2112 2112 21
201
21
20
38 Deo
2114 211
21
*2
213 *2
712 Aug
214 214
770 rielvetia Copper
20
214
214
214
213 214 2 3-16 212
1734 18
25 10 :1:113:511 . 45
47
38
1634 4,955 Indiana Mining
1712 1734 17
1734 16
4j
litcah 4
1814 18
1,
513 Dec
1812 17
2812 Jan 3
3314Feb
20
2034 21
1312 May
2213 Apr
22
2113 2212 2113 2238 2912 215a 2014 2034 7,532 Isle Royale Copper- 25
658 653
938 Aug
830 Kerr Lake
11 Jan 5
712 Apr
5 26 Sep 1
63
653 658 *614 812
614
653 658
653 634
1734 Deo
312 334
312 312
*312 4
*312 334
334
155 Keweenaw Copper._ 25
3 J'ly 7
33.
*312 4
212 Slav
034 Jan 14
3412 3514 3512 3634 3514 3512 35
1,865 Lake Copper Co
16 Jan
7414 Deo
20 2812 J'IY 15 9412 Jan 22
3514 3412 3412 3214 33
*10
9 J'ly 23 19 Jan 14
1012 10
1918 Dee
356 La Salle Copper
10 *10
25
1013 1014 1014 *10
1012 1014 101
1034 J'ly
1814 May
412 2.101 8
7
7
M asystiCo
7
ownesrol
7
365 .,ta
712
7
712 *7
414 Mch
*7
25
2.72 Jan 22
714 *7
712
1 Deo
*.40
*.40
25 .40 Aug.ly
Last Sale .40 Sept'10
178 Jan 13 .30 Apr
*.45 .30 *.45 .5
6 Nov
Mexico Cons Si & 5... 10 .30 J'IY 16
*.45 .50 *.45 .50 *.45 .50
313 Apr
5 Jan 7
.45
-EiO
.45
*1858 1873 1812 1813 *1813 1858 1853 19
2813 Deo
990 Miami Copper
5 17 J'ly 18 20 Jan 4
1813 1873 1812 1812
1234 Feb
412 412
1314 Mob
438 438
413 413 *4
378 J'ly 12
163 qichigan
812 Jan 21
25
434 *4
534 Oct
434 *4
434
48
4834 *4712 48
7018 Jan
*4712 49
64 Jottawk
48
48
4734 4734 46
25 43 J'ly 2u 75 Jan 22 25712 J
47
2014 2012 2038 2058 2013 2058 2058 2073 2012 2034 x20
30 Nov
1612 Feb
.Jan IL
2.345 Nevada Consolidated., 5 1753 J'ly b 2713
20
858 Deo
312 Nov
J'ly 13 1053 Jan 12
5,2 634
480 New Arcadian Copper 25
534 57a
512 578 *5
534
518 514
514
514
13 Sep
1034 1034 11
11
1034 1034 11
11
692 Siptssing Mines
12 May26
11
11
1113 1113
978 Oct
934 Ja,17
8514 Jan
2834 2873 2834 29,8 2818 2938 2863 2912 2712 2814 27
47 Dec
2734 3,168 North Butte
19 18 J'ne.A/ 51) Jan 3
ch
v
1173 Aug
2 No
4
5z1,4
938 Os *914 10
708 North Lake
633 J'ly 13 2578 Mch 7
23
9
873
912 912
9$8 938
914 914
*5
1412 Dec
512
512
512 5!
*513 6
512 613 *512 6
150 0 lbwa Mining
25
6 Sep 7 1234 Jan 14
*.25
.40 J'ne .90 Dec
200 U d Colony
25 .25 Aug
134 Feb 1
.30 .30 *.25 .30 .30
59 Aug
3712 -351-2 31474 Feb
3513 151
: *36
169 Old Dominion Co
3-71; *36
25 1.912 J'ne 15 15 Jan 3
3713 *35 .303714 *36
128 128 *128
125 125
87 usceola
127 127
128 128
127
25 114 J'ly' 27 166 Jan 3 122 Feb 170 Dec
127
*1312 15
19 Dec
3614 J'ne
*13
*131 Parrot Silver & Cop_ 10
13 *13
*13
13
12 J'ly 6 2134 Jan 1,
83 Dec
*7234 74
09 Jan
7234 7-2325 63 J'ly b 92 Mch
74 14
14 Quincy
- *73 -714 73 Id- *7312 75
*1773 1833 18
18
1814 18
18
18
2434 Melt
18
18
10 1614 J'ly
1813 1814 1,310 Ray Consol Copper
*112 178 *112 175
273 Jan
11. 113 *112 134 *112
112 112
134 2,050 Santa Fe Gold 61 Cop_ 10
10
*97‘3
10
. 1014 10
934 10
10
790 Shannon
•
10
Ja
aa
n
J;
41 3(.'
, 1r4 j
10
10
3
12
4j
1112
2 Ve
7 1773 Jan
*934 10
*173 2
*134 173 *173
*173 213
173 173 *134 2
3
213
15 South Utah M & S
334 Jan 111
114 J'ne 30
34 Jan
4934 5112 51
25 30 J'ly 10 (7814 Jan 14
5013 5112 5012 5012 4814 49
67 Dec
4714 4913 2.405 Superior
812 812 !11.1 51314
1313 Nov
833 858
814 853
270 Superior & Boston Min 10
13 Jan 12
814
1813 May
833
733 J'ly 14
2
858 858
9 jly
1112 1112 1112 1112 1114 1112 1112 1112 1114 1114 1112 1112
1278 Apr
648 Supenor&Pitts Copp_ 10
1658 Jan 10
1812 J'17
58
*57
*55
57
58
*56
58
*57
10 Tamarack
62 J'ly
68
25 461.3 J'ne 2. 73 Jan 6
67
5/ *57
90 Feb
6
614
6
36
612 *35
51122 36
612
612 613 *6
214 Trinity
914 Deo
25
613
612 612
434 J'iy 18 1138Jan 3
1753 Jan
*3513 3612
3634
3618
100 linitedStatesCoal&OU 25 33 mcb:71
28 Jan
4034 Feb 16
3614 36
394 Nov
3812 3812 3834 39
38
3813 3834 38
3814 39
3814 3814 1.437 U S Smelt Rat & kiln- 5t 3312 J'ly 20 35 Jan 3
39 Feb
69 Sep
4834 40
531g Jan 3
49
49
49
49
49
49
49
4834 49
653
Do
pret
49
50 4534 J'iy 2‘
54 Oct
44 Jan
312 353
312 312 *314 353 *34
351
312 334
*312 334
385 Utals.Apex Mining
5
634 Jan
514 Jan 3
4 Oct
212 J Iy 22
2312 2312 2334 2334 28
23
2334 2334 2314 2334 23
23
232 Utah Consolidated
5 1812 J'ne30 46 Jan 3
4934 NOV
3714 Feb
4612 461F *4653 47
4612 *45
4638 4634 46
4512
136 Utah Copper Co
06 Nov
Feb
11) h3934 J'no 30 6012Jan 3
3934
*234 -13-4 *212 314 *2,3
*212 3
3
31
3
3
3
212 J'ly 22
6 Deo
60 V
wic
inton
25
oria
a
3 Oct
534 Jan 14
8
*7
*712 8
Last Sale 8
*712 8
*712 8
Sept'10
2.
434 Apr 41314 Deo
5 J'ly 13 15 Jan 14
123 123
123 123
122 12212 *117
122 122 *122 123
-6i Wol ver1ne
120
2. 102 J'iy 12 .50 Jan 3 139 Mcb 158 Aug
*112 153
112 112
4 Jan
112
112
110 Wyandot
2
ili J'1Y 20
139 134 *112 134 *112 134
2 Oct
334 Jan 194
I sietru DaY'6 4( &3334414 0411d4 1111603. • Ma 11.1311 asa.ed priced. 8 New stone. e ass't Danl. 0 Sa-stock (11v. a Ea nigate. a AA-0111. auU rigOt2.77..
-.jig
- Jai;
1
Boston Bond Record
SEPT. 17 1910.1
ii
if,t/NIJP".
Week's
Ranye I
BOSTON STOCK EXcH'ilE
Since
Range or '0..2
Wtock
ENDIN0
SEPT 16
Jant•ary
1
ocr"'
Last sate
bilr
i av
Sept 16
BO8TON STOCK s...Xt'ti 94E'
I
WEEK KNUIDIN SEPT 18
L707
PrI CP
t
Friday
Sept 16
W eves
0I Range
Range or 8 o
Since
Lao Nal, AI
January 1
A" Lon
Bic.
Bign A. Lou) mai";
iteir Low
Et.
!Ilya o .Low Nigh
Am AgTioul Chem 1st 5us..1928 A-0 101 sale 101
9 10019 .03 1 Minims Steel deben Os....1913 A•0 99%
l01'
99% 4 8910 101
99%
Am Teton & kin 0011 Li 4,e3.1020 J.j 8978 5,4410 893,
89% 168 80
9314 la Falls &Sioux Clst 78..1917 A-0
117 Apr'08
Convertible 414. .. ....1936 iis.$ 1004 101 .10034 100 4, 4 994 lot;
Kan 0 Clin & 8pr 1st 6s...1925 A0 92
9316 Mai'10 ...II 1439 1/7
93
8
&
Gull
- a 1919 J .j 87z, sale I 8734
C
Ft
Am Writ Pauer 1st a I 6s
Kan
ext
58
1
11
,3
14
1m
o.
-1
8
) 91
s7,41 1 ?•7 4 8734
99 Feb'IJ
034 9934
Kan C Ft Scott do M 6s....1928 fdl-N 117 saio 114% 117
Am Zinc L& S deb 6s.... 19 la 5I-N 100 salt 1054 106 1 21 97 107
7 113 118
Ariz Corn Cop 1st cony 68 1920 J D 91
9319 Kan CM & B gen 4s
01 4' 71 91
92 I 91
929 Aug'10 ....1 924 1439
Assented
income
Top
&
Os
s
Ifo
Atm
gen g 4s..11.1113 A.0 0812 994' 98 Sep '10
1934 KS 91 Salt 91
,.! 08 101%
91
92
15 91
Adjustment it 4s.....Ply 1995 Novi 9019 02
1.103
. .t01% ...2• 8919 94 - Kan C Is Al Hy & Br 1st 5:11929 A-0 101 104 103 Marl° .... 102 103
Stamped
912
2 A.
Ply 19115 31-N! 9014 92
-0
0
9438Mar'10;.. 1 94
9419 Maine Cent eons 1st 7s 191
113% Nov'06. .....
1st
4s
Cons
60-year cony Is
1024 10219
1935 J.D
10219 J'ly'101.
...... .
101 14 Sep '05
10-year cony 5s
11 29
59
A-0
3
us
uu 115 J'ne938
1917 J-D
S'im'10,.... 1174 1174' Maro Hough & Ont 1st 6s 11:2
179
A.t1 Gull & W 1 88 Line/358.'59 J.J I
118
I 9534
6534! 2,1 03
I.W34
73 I Mass Uas 4105
9819 18 97
Ouch Teloplst 68
Boston Elect I. °ousel 38.1924 M•S
19174- J
11u Fowu4 ...., ......
97 Aug'19
07
994
01 tune bleu Elec con g Os 1929 .1.J
Poston & Lovvell 48
11116 J -J 1
100 41 Mai."09
"
10:14 Ah1t'04.
1929 F -A 101%
New Rug Cot Yarn Os
Poston oz Maine 410s
1944 J-J ,
10419 Oct '08'. .11.
lin% 102 I 5 10014 103
New Eng 'relent' Os
1910 A-0
Boston Terminal 1st 3411.1947 F -A
1124 Jan '03'.
102 Feb'091 . ......
68
1016 A-0
Bur & Ito Bay cons Os .. .1918 J -J
103 FelP101. .1103 103
1004 sep '08
New England cons a 5s. .1945 J -J
Butte & Boston Da 03-.1917 A•0
j'ne'01 .1 1
Boston Term 1st 4s
Butte Elec& Pow 1st g5s-1:151 .J-.J-1)10 .
19311 A-0
1190
New River (The) cony 53.1834 J -J
Cledar Rap & Mo It 181, 78.11/16 M•N
1)319 Mat'11). . 1134114
77 Apr'10 .... 77
79 12
N Y N It & 11 con deli 3 481956,,i.,1
Cent Venni, lait g its..May1920 c.8' 874
till Sep 10 .... 1 96% 102
i 97.. Sep '11 .
85
88
Cony deb Us (UN)
C B & tc Iowa Div 1st 5s.11110 A-0
11103 oet,'07 .... ......
1948 3 J 131 136 131 J'4"10 .... 131 135
Iowa DIN 151 45
1919 A-0
1024 F -A
101 Al! 09
1 984 J'ne'10.. 984 '
''
18 4 i Ohl Colony gold 45
Debenture On
1913 M-N
10134 Mar'10 .
101410 1.34 I Oreg Ry & N av con g 46..1946 J-D
Denver Exten 4s
1922 F-A
1922 F.A
99114 1 0014 9934, Greg 811 Line 1st g Os
9934
9934
113% Aug'10 ....1,113% 116%
Nebraska Exton 4s
1027 M-N
s
:::'
:
(1
1 : .. .... ......... 914
99 Mar'10.
139
9
-i
:
0
98
7 :6
9919 1 Pero Marquette deb g 6s. 1912 J -J
Repuu Valley 1st s t 6s. .1919 J -J 102%
Ble.8 Wet 48
1921 h11-8
99 Oct '09. .
10314 103% 2 10341034
Illinois Div 3 423
1949 J -J
8774 Sep '10.
6034 883.. Rutland 1st con gen 419e.1941 J -J
Chi° J o Ity Is stk. Yds 66.1915 J • J 10019100191UU19ioO12 100 101341
Rutlanit-Canaillan 1st 461.949 J -J
102 M at'02
Coll trust retuntling g 1111940 A-0
9014 Aug'30'. • 89
92% Savannah Elec 1st cons 58.1952 J -J
784Apr'1.11.... 7819 784.
Oh Mil & St 1? Dub D 08..1920 J -J
1930 F-A 103 195 1039 1)13 19 1 103 1014
1154.1au'10.
11541104' Seattle Eleo lat g 5s
P
Wis
V
dm
Is
St
M
Oh
1,
19 51-N
Shannon•Ariz 1st g Os
061920 J -J '
126 Fen'05
93
93
95 Aug'10 .... 88 110
Chic oz No Mien 1st. gu 58.1U3I M-N
99 1004 Terre itaute Eieo g Os. 1929 J 4
I/ i Apt '07
99 May'10 .
Ohio it, W Mich gen bs....1921'3 -D 101 Sale [019
1918 31-S100%
Torrington 1st g 5s
101 1 3 100 101
...... .....
Marl 0'.... 100,4 10034
Concord cib Mont cons 48..11120 J-1.3
1 91 Deo'07 .... ......
11
27
7 .1.
Union Pao RR di; 1 gr g 48 1
J - JJ
99% Apt'10 .... 9919 10U5
10819 Apr'10 .... 10819 109%
'20-year cony 48
Conn & P1188 It 1st g 4s...11143 A•0
111214 Jan '03 . 11 ..
II
Cudahy Pack(The)lst g 5s 19 4 M-N
United Fruit gen 8 t 4 4s.1923 J-J
1)9 100 1004 Aug'09
964 96% 96.,
904' 4 954 9019
111 7 A.0
Current River ist On
99 Aur'10
U 8 Coal Is 011 1st s f tis..1938 M N 140 100 140 Sep '10 .... 145 160
99
99
tr 8steel Corp.10-60 yr 53.1963 31-N 103% side 103% .37
90
89 Mar'10
89
Dot or Imp & W 1st 4s 19 .:A.()
1 10141054
0812
Wrest.End Street Hy 48.-1915 F-A
Dominion Coal 1st a 1 Os 11/40 M.N
98
1/3 19 141 10J'ne'to
934 Jlly't 0 .... 97
984
Gold 448
Apt'05.
1915 M-13
Ftton burg 4s
1)8403
1914 M-8
10134 i De'l/9
96 Apr'03
Goln denenturo 4s
11127,31-S
43
1016 M-N
1184 AprI13 .... 984 1194
133 51a0011
Gold 48
Freud Elk So Ala V list 00-1933 A.0
97 Aug'10 ....1 97
99
Western Telopli db Tel 58.1
Utast/unveil 1st Os
140 A pr'05.
1933 A-0
J-J
A
191
32
7 F
94's 9519 1)59
9534 7 844 99
poll 16 1)44 9'.19 Wisconsin Cent 1st gen 4319491J -J
9614 Salt 1(57,
C4t Not0 II & i.) coil tr 4811121 .1- J
9419 Jan'10 ....1 9419 9419
I1ogistereu4s
1143
8
Ang
10
944
9641
19211Q-3 1 9534
1
I
NOTE-Buyer pays accrued Interest in addItton to the purchase price tor all Boston Bonds. *No price Friday; latest bid and asked.
Flat price.
_
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
- •-
Share Prices-Not Per Contain Prices
Saturday
Sept 10
Monday 1
Sept 12
Tuesday ! Wednesday I Thursday
Sept 16
Sept 13 I Sept 14
88
127
I *19
194 194
409
16
•1334 144 +14
1034 10'4
0
41
15
.14
4314
43
'1114
4418
'264
7019
88
*14
4314 .42% 4310
43
43
43
11% .114 11%
48
48
19
264 21.1% 26%
704 709 71
434
43
11'4
4734
264
7U
431 *1234
43 I 434
1ie 511 14
48 1 479
2619 '2114
70 , 70
434 .4234
4314
424
119 •11 14
47 4 47,
A
'47
26
734 +634
22
22
21% 2219 '429 23
22
224
22
90% 90% '9019
904 904 1104 110% 1109 91
78% 504
7714 77'1 774 794 784 80
78
w it, 0414 (We 644 014 647 64744611314
O4'
44
44 141 .44
43% 43% 4334 4334
444
43%
1519 154 1541 t5 14 154
154 15
15
114
184 18114 Is
184 .174
1834 18% 1814 184
70
71
70
69% 69% 00% 70
48u., so,
831 718,
8% 834 81a, 814,0 7°6
9j
?:
834
43'9 4341 43
43% 4210
*434 4334 434 43'.,
81%
8119 13119 814 81% 81% 81%1 82. . 82
PHILADELPHIA
I Bid
Ask I
Pridav
Sept 16
.68
+87
+120
*DJ
4010 '
140
16
.14
127
60
90
127
20
41
1414
Range Sincc
Jan .1
Lowest
fitynest
Baltimore
Con.Gas El. L. & Pow.100' 40 Mar21 60 Aisy23
D
WO 80 Marl 1 90 J'ly 14
3 Northern Central.
60 115 Jan
132 Etio28
123 Seaboard(new)
100 18%3'429 274Jan ,s1
Do 2i1 prof
100 41 J'iy 27 47 Jan 8
United IV & Electric.. 50 12%May 3
3lly 151
Range ior Previous
Year(1202)
Lowest I 11w4est
30 Mar 48 Dec
76 Mar 89 May
100 Jan 1214 Dee
11% Feb 284 oeca
22% Feb 48 Deo
it% S'ob 144 Dec
Philadelphia
American Cement
50 18 J'nel7 28 Jan 3. 25 Dec 43 Jan
184
*18
125 Autoricau Railways
,Ply 21 50 Jan
00 413
434) 443
443,0'1y 48 Deo
434
1314 CamOrui Steel
oU 404 Jlly 26 334Jan L(r 32% s'er, 41168 Dec
424' 4134 42
24 Electric Co of America 10 11.4 J'iy 49 124 Jau 141 x10% Jan 12 J lly
11% 1111.4 11%
602 Eleo 8torage Battery 100 42 J'ne3v 649 Marl 1, 43 Jab 634 J'ly
47-le' 47-4 48
+25% 204 1,210 utak Asphalt tr ctts ...JOU 194 Jlly .ti, 3414.an 20 15 4Jan. 334 Deo
26
681
Do prof tr ats
70
100 61 J'13''214 a49..aIiLUl 53 Jan 814 Den
70
70
Keystone Telephone
+8
J'ly b 13 sanlOI 114 Jai, 15 Apr
4
50
2210 224 2219 2,791 Lake superior Vorp....100 134J'nei 28 4 Jan 3 1434Jan 33 MO
01
211 Lehigh 0 & N av tr ats. 50 8(3 J'ne3, 123 Jan 71 96 Jan 1254 Deo
91
111
marl-s t31 8'01) 113 se')
50 824 Jlly
7844 77% 78% 15,584 Lehigh. Valley
% (14% 1,062 Pennsylvania RR
014
50 Slum J'ly 2u 09346 Mar 9' 634 Feb 75% Sep
44
132 Plaladolp'aeo(Paten) 50 12 3'ne3o 534 Jan 81 404 eon 51% Dec
43% 44
16,4 154 5,97.2 l'Illladelph la Eleotric11 25 413% roe 3 lo mart8, 1119 Feb 144 Dec
154
1,130 Philo Rapid Transit
1734 '17'. 18
50 i5 Apr28 2.54Jan 3 24 5 Jan 364 Apr
70% 1.91% &Joie 6,200 Reading
50 6519 J'1720 86 b'eli La 594, N'On 56', Sep
8%
4 Jan 2 - 9116 May13, 034 JUL 71314 Mar
1
834 834 1,050 Tonopah Mining
42% 42% 42% 2,114 U Web Prat:Don
50 41% J'ly 26 52%
ol 60%Jan 08% May
82
511
Do% Jan 10 84% ats) 934 Dec
J'ly
1,710 United Gas hunt
81% 82
PHILADELPHIA
I Bid
1
inactive :stocks
I
Prices are alt "and
Atrial Asbestos Corp.100
interest."
100
Prenared
Alt &LVEleo 119s'33.b•-A
Ill
Ameticau .0 tIling
Am Gas & Elm:58'07.8%A
100
Amer Pipe Big
118
Ani Rys cony Lis 1911.3-U
Bell Telephone (Pli) 100
All City 1st Os g'19.M.S
50 x13
Cambria Iron
Berg& Eilrw la 68'21 J 4
Central Coal Is Coke.100
Betide Steel Us 11/08.4-F
Censol True ot N J...100 72
Choc& Me 1st Os 1949 J-3
Easton Con Electric 0.00
Cli Ok Is U gen 08'111 3-3
100
Ft Wayne &W V
Col St By 1st con Os 1932
30
Germantown Puss
Con Trau 013 J 1st 08.'33
Indianapolis St
100
Ea,A 1st 31 6s 1920 51-N
Indiana Union Tr....IOU
Insurance Cool N A..10 19% 18% Mee & Poo Tr stk tr ars
Eq IL titts•L 1st g 6s 1928
Inter Sin Pow& Chem.50
lutliabapells By 48.11)33
Keystone Telephone -50
8
Interstate 48 1943 .1f-A
Preterred
50
Lehigh Nay 410s '14.44
Keystone WatchCase.100
lilts 44 g
11114.4-11
Loh Vali 'Iran v t o...50
4
419
Gen At 448 g.1024.(4-F
Preferred v t c
50 14,
15
Lit Istothers
iti
Leh V C 1st Os g
Little schuylkill
50
Leh V oxt 4s 1st 1948.3-fl
OlIueliilI Is schuyl 11..50 tJI
2d 7s 1910
134-8
N Haven Iron & stee1.6
Cousin Us 1923
.14)
Northern Central
60
Annuity Os
J D
Nortu Pennsylvania 60
Lion cons Is 2003.51-N
Penusyl RR receipts
Loh V Trait con 48'333-D
Pennsylvania Salt
50 1059
1st series 13 Os 11135.51-S
Pennsylvania ,-,teel..100 60
New con oils os 1948 J
Preterred
100 108
Newark Pass con Os 1930
42
N Y Ph& No Iht48'31) J 4
Plula Co(Pitts) pret...50 41
Income 4311139 At-N
Phil cierman& Norris 50
Traction
60 81%
NoillnoTrac conlis'1944
13
10
10
Penn Cons Os 1919 Var,
Railways General
Penn & MU Steel coo Os.1
Susquen Iron Is Steel 5
13
Pa Is NY Can Os W.A.()
Tidewater Steel
10
Con 4s 1939
Pr,terreil
A-0
Penn Steel 1st Gs'17 51-N
101/
Union Tr 01 And
2429 People's Tr tr certs 48'43
United.NJ RR & C 100
P Co 1st& cot tr Os'411 01.8
42
Unit Trao Pitts pret..50 40
Con& cot tr bs 1115151.N
1014 1W%
Warwick Iron& Stee1.10
137 , Phil litee gold trust Otis
30
Welsbaoh Co
tin
I Trust certifn 4ts
WOHL J Olen Is sea Slt.60 53
Pôc EgeuMog'20.A.()
Westmoreland Coal....50 11212
I
31 48 g 1020...Adz0
,Wilkes OasIs Elec 100
*Bid and asked; no sales on this day. 1, Ex-rt hits.
I Bates
ACTIVE STOCKS
I
of the
I wee/0 (1or Bonds and Inactive
Stocks see below)
',Shares
Ask
82
103
10234
......
89% UU
50
10034
108
1084
115
004 91319
PHILADELPHIA
Ph Is Bead 2d 55'33.A-l)
Con 31 is 1911
J-D
Ex imp 51 4s g'47 A-0
Terminal Os gr./41 14-F
P W Is B col tr 4s'21 J4
Portland By 1st Os 1930.
Ruch Ity& Leon 68'5134
Si/axial-Am ir Os '27 J4
Trac Ind gen 50'19.34
Un Rye Tr otts 48'40J &J
United ltys Inv 1st colltr
sf us 1920
51•N
Trao Pit gen 5s'97 34
Welsbach s 105 11130.3-D
Wlks•13udzEconlis'55J4
DAI3'I'1111/1tE
Inactive Stocks
Ala Cons Coat& IL on 100
Prot
IOU
Atlanta Is Charlotte 100
Mimi Coast L (Conn)lOO
Canton Co
100
Cons Cot Duck Corp...50
Preferred
50
Georgia Sou Is Fla .100
1st prof
2d prof
190
1100
G-11.8 Brewing
Bid 14414
1014102
115
91)19100
97%
101,
41
00
80
102
83
220
110
3
12
119
8014
89
120
34
13
2,4
101
drt" and
arena
Priceen0
(nterest."
100
Anacostut Is Pot Os
AG Coast L(Ot)ctis 5s J-D
Ctts or =MIA Is. .14
J4
6-20 yr 4s 1925
108
Balt C ra881st58'11 5I-N
Bait Fundg 6s.11/10 51..N
9834
Exchange 34s 11/30 JJ
Balt& P 1st Lis in.1'11 A-0
'63F-A
93.4 19
03
23
441 BSP&C ist4
Balt Trtio 1st 58-'21)ill•N
944 115
No Balt Div 081942 3-1.)
Cout'l By cou3s1932 ALN
1019 102
Ext& Imp Os.1932 MS
7519 711
Chas city lty lst 58'2334
Chas Ity & .EI fis'99 ALS
1$15 paid. I $1214 paid
100
1004
1:187
.
10.3 105
9119 92
914 92
104 1064
108 110
105
DA I.T1 ,110/C E
1 Bid I Ask
Char!C 44 A 21178'10 A.01
'22 J-13
Ulty &Sublst
38..
CIty & Sub(Wais)1stfis'48
Coal Is lily 1st 133'20F.A.'
Col &liriavIst08.1016.14'
Consul Gas 58-14.130 J-D
J-J
Ctfs indobt 448
,s'35 J4
COLS E ask'4,
Fair& CiTr cot,tis'38 A-0
tictoo Ala /St COIU as'4th/4
liaCar&N Istosg'29J4
Georgia P 1st ths. '22 J4
CiaSo& Fla 1st 081915J...I
(4-11-6 Brew 3-4s 195101-8
2d income Os 1951 .51.131
Kuoxv Trac 1st Os'2811.0
Lakelt El 1st guOs'4251.-S
Macon Ity& utIst5s'53.114
Memphis at 1st 58'45 J4
Met8t(WeeLt)lau)s'255'A
Mt Ver Cot DUCK 1st Os.
Nid.N&O P1st 50'38 3.1.N
Nor dbPorTr 1st 5e'311J-D
liortour 811.51 58'44..34
North Cent 419s 1025 A-0
Series A Os 192t)....J4
Series B 53 1926. .J4
Pitt Un True Os1997.J4
Pao Vol 1st 5s 11141..J4
Sav Via& West63'34 A-0
Saab & Roan Os 1926.44
South Bound. list 33..A-0
U El L&P 1st4128'29 51-.N
Un Hy& El 1st 48'49 3/.8
Income 4s 1949
J D
Funding os 1936...J-D
Vic Mid 2i1 ser Os '11.31.8
3d series Us 1916..51-8
4th Ser 3-4-5s 1921.51-b
5th series 58 1926.01-8
Va (State) 3s new '32.34
Fund debt2-3s 11991.J4
coo Os 11)14 J-J
West N
WeaVa C&P 1st,ttg'11 J...1
Weld 5s..1935.J4
100 1102
14919100
105
1079 108
1)09 91
80
78
95% 9(319
1024 1034
104 1044
108
107 100
41 4 4134
5
84
IOU
98
9834
106 108
71/4 71
819 824
1024 1034
104 1069
105
105
100
105 1064
104
8819 139
8414 849
694 59is
824 83
1004
104
104
105
85
83
103
10014
105 110
10%&
10112 104
90
944
4131.2 paid. 0 $35 paid. a Recants. 0125 paid. c130 pad. 44142 NI PAUL
.[VoL.'Lxxxxi.
THE CHRONICLE
708
Volume of Business at Stock Exchanges
BPI Ash
Industrie! and 51 scel
Conso, Rubber TIre_100
312 4
Preferre.1
105 12
25
D.!benture
I
33
42
41
A-0
1951
'MA:384cl 00N 4 Al ttl,...s e.,4V 1..). )'Luta, .;.5..C1-1AN(3e.
Crucible Steel
1134 12
10
it'..11,. W.•;,,:•(!., A I .)Yi.:Mtl,Y
O Preferred
100 76;4 7612
*04 ifs
Davl -Daly Copper
75
e Dtamond Ntaten Co_100 88 83,12
75
Stocks.
Railroad.
u 1)
0n
t
I
Ell
iteN
e
P0
1175
147
150
ite..
7514
S.
State
U.
Week ending
O Preferred
31)
10 , 8334 87
27
Par value.
Bonds.
Shares.
Bonds
Bands.
Sept. 16 1910
e Gold 4 ;is 1936_ J-0
88
49
4/
---------------Electric float
105 20
25
57,803 $5,146,300
$46,500
$841,000
Saturday
Preferred
105 ntiO
7Q
I elegraph and te .- -shone
217,450 18,537,500
107,000
1,750,500
Monday
re Steel
100
It)
Amer releg de Cat e_100 6912 /2
$600
435,250 31,410,000
49,000
2,0/3,500
Tuesday
Preferred
e Centrai Is So Artier _100 114 118
10! 50
60
408,492 36,535,950
2,494,000
131,000
Wednesday
.uenstraf Chemical
Comm') Un Tel (N
25 tit, Ill
10., 00 100
449,307 40,105,N0
2,023,000
100,500
Thursday
e Preferred
10
lo:1
,6
Emp Is Bay State lel _100 66
378, 15 34,75,000
1,6;3,000
88,000
Friday
midfield Con Mines See S tic Ex lilt
Frankfln
100 40
------------,-------*916 "I.
$500 4 Gold Is Stock re1e!;_100 100 112 .told B.111 Copper
1,547,01/ $172,613,4•10 $10,645,0001 $526,000
Total
20
7
treene-Cananea
e Northwestern releig. 50 10.3 112
iuggentaelin Explorn 100 173 190
Pacific Is Atiant.c
25 60
Sales at
Week ending Sept. 16.
Jan. 1 to Sep'. 16.
ek'ac refep 4'1,1eg pt.100 93
91 • tiackensiaok Water Co
..
New York Stock
Ref g 4s '52 op '12
Southern Is Atlantic- 23 80 100
86
1909.
Exchange.
1910.
1909
1010.
1
1
hall Signal Co cotn-100 35 -4-5lavana robacoo Co-10f)
3
5
Ferry Corn oanies
1
147,541,245
126,000,2331
5,401,029,
Stocks-No. shares__
1,947,017
12
.3 Is N Y 1st 6s 1011_J-J
Preferred
10.)
8
07
93
$172,513,4 0 $474,397,400 $11,316,725,150 513,500,757,725 N Y Is E 11 Ferry stic 100 20
Par value
1st g Is June 1 '22 J-1) / 60
62
28
$110,650
$851,200
$24,700
$18,700
Bank shares, par
1st Is 1929
looker-Jones-Jewell 1111
11-N 55
85
Bonds.
Y &Ilou Is May
1st (is 1922
103 106
'(1
..8
93
$357,2001
$311,200
$5,000
$500
Government bonds__
Hob Fy tat 581946 ,il-N
40
West-Hsi -Mar new_10,/ 35
28,262,200' '41 &NJIsIO46___J-J 100
34,3,3,950
972,000
526,000
State bonds
.touoken Land Is Imp 100
94
954,58/.600 10th Is 231 Sts Ferry_100
420,968,000
10,.4 ,000 23,187,000
RR. and misc. bonds_
bs 1910
M •
8
ETt)7
4-030
-----1st intge Os 1lild__J-o
100
76 ,loustOn t/1
534 6
$456,83.3,1501 $933,207,000 e Union Ferry stock_100 65
Total bonds
$11,171,500 $24.161.000
3712
Preferred _
10f) 30
25
27
e
1st
5s
1920
,lutlsomm
tteal
t
y
1(ku 110
M
N
97
1)3
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
lugersoll- Rand co in..10f) 93
EXCHANGES
e Preferred
100 100
Shor t- 1 erm Notes
Am Cig ser A 45 11_31 S 9935 9934 fntercontinT1 Rubber.100 2914
Philadelphia.
Ser B 48 Shah 15'12 M-S 9778 sks
internati danit'g tm_10t) 110
Boston.
Bait &Oulu
Lute:net' Her Mar-See s tie L.st
s1U1. _J-1) 9352 8
Week ending
Bond
ifernatIoual Aletio
100 133 137
Listed !Unlisted
,seth1511 ,t,ei
Bond
Listed Unlisted
Sept. 18 1910.
9512 ,(1
shares.
Preferred
10u 89
shares,
sales
Chic Is Alton Si '13__31-S 9834 9914
92
sates.
shares
shares
9112 Ot
-----,
lit g Os 1032_____ A-0
://1.2
Cin Hain it 0 4s 1913.J-J
97
$17,500 C () C Is St L 5s, June '11 100 100-2 international salt
3,419
461
$20,000
100
6
5,302
4,352
Saturday
8,072
4,200
1st g 3s 1051
39,000
36,500 „I tidson CompaniesA-0 / 47
52
6,294
6,725
Monday
8,817
45,000
7,237
35,000
Os 0e,. 15 1511._-_-A-0 96
80
9,693
13,/84
Tuesday
981: international Si ver_lOu 60
76,000
14,791
Os Feb 1 1914_
Preterred
6,961
35,100
100 106 100
F-A 116
8,019
8,879
98
Wednesday
8,424
9,307
67,200 Litter° ..1 r g 63 1911.,11-af 1003, lol
75,000
1st iis 1948
J-0 1 0 112
9,766
9,994
Thursday
6,019
6,553
37,50
5,000
tty&Ligtit (3s 12-11-S 9712 4,12 Internet Smelt Is Refs 100 130 145
13,832
9,309
Friday
alnn Is St L g 53 '11_F-A
nternat Ma- ftero-d_103 175 200
kk
97
4 ),542
Preferred
10., 155 112
31,7191 $224,650 es Y C Lines En 5s 10 22 1.4.70 4.20
60,,8.;
53,756 $313,000
Total
41-i,.. Jan 1911-11)25-- 04.70 4,4% ione5 Is Laughlin Steel Co
1st s g Is I039_11 A 10012 10034
NINH&Llbs'10-'12 100
'1
100
st L &S F434012 op_F-A
3712
/712 Lackawanna Steel
1st con Os 10.u...-01-.
Is Ain I 1.913--sl-S
.9/12
IJCIJ
191 "
At' 922 95
1.
South tty 5, 1.013--t'-A
9755
All bond orices ere now "and interest' esee5t where marked '1,"
10u 8334 8412
tidewater (3s 1013 gua, 100 10012 -anston Monotyoe
Wauasn 11-5s 191 __hi-A v; 9012 Lawyers Mtge Co....10u 240 .40 7
.ell
Bid Ask West ce-p &T .,S '12.F-A
,VIlite,s-13 Coal_ ou '460 270 J
Street Ral•ways
1510 .1s1
10
Street Rai'ways
Pub Serv Corp N J (Corn
Lorillard (P) pret
100 130 145
liestitign'..i El Is II 6' 1913 9514
New York Ut•//
Cons tract ot N J__100 71'- 721:
leftism' so Garden_100 30
10
lb
stk_100
40 ;
5% notes Oct 1017-A-0
Bleeck St Is Fu
J1013
1st 53 1933
211 Os 1919
51.-fs
Co
50
85
1st mute 45 1050 _J-J
New'k PasRy 53 30 J-J 105 2 1‘4612
dalmatian rransit___ Zu
B'y de 7th Ave stk _100 115 140
Rairoad
*114 113
Rapid Iran St Ity..-100 223
us tUO
20 nitge bs 1914 ___J -J
Chic (it Vv coin tr Otis k.See Stoo:: Exc luteniganele it Coal-- 50
tat Is 1921
A-0 103
___ _ 514 *23
Con 5s 1043-See Stoeu Ere ist
Preferred
e Preferred a* etts....1
Cat
J C Hob Is Patersondoitattge Bond Co___100 110 116
B'way Sun 1st 5s gu 1924 102 015
Chic Peo Is St L45 g 10411
73
t,0
74
sat Bank of Cuba____10, 103 118
Prior lieu g4 3ss'30. /11-S / 85
Cent'l Crost'n stk ___10u
So.) (.145 El1 Is Frao.100 125 128
100 260 260
coo nag g 4s 111130__J-J
Nat', Surety
1st mtge (is 1922 __M - / -817 - .,5
Cu g Is 1953_31S 90 08
25
Income Os July 1930_
Gen Pk N & E U stk _100 :5
2014
6 , Nevada Coned Copper
No Mud Co Ely (Ss 14 J-J 102
34
90
Chmago Subway
Chr't'r Is 10th St Itk-100 80
• 100
414 412 .sfev-ULatt 31In Is Stn. lu *1116
5s 1028
J-J 102
50
Kansas City Sou 5s Apr 1
e New Centra, Coat- 20 .0
Col de 9th Ave 5.1 See Stock Ere iist
08
Ext 53 1024___M-N
1930-See Stock Exc. due ast
Dry D E 11 Is BN Air Brake 85-See Stit Ere Ilse
Nat itys of Mexico -See S t Exe itst
Pat City con 65 '31_i-is 112 117
Y Itiseu.t 61 1011.111-s 100
1st gold 53 1932 ___J-1; 95 100
2d 6s opt 1914__A-0 100
11-A / 30
-Nortlfil Securities Stubs_
40
Scrip 5s 1914
36
101, 25
05 105 e evew York 1)ock
Eighth Avenue stock.10' 260 3.3) So Skin El (Chic)-See C11 LC840 -lit
e Preierred
too
Pitts Bess Is L El
50 .32
80
75
34
Preferred
100 Syracuse 14 T 58 '46_31-S 1;1 tu_12
Scrip 6s 1011_
50 *70
N Y Mtge & ;Security-10u 196 205
/4
14
N Y Itansportation-.!_ 20
920 & Cr St I,"y stk _100 200 220 rrent P Is 1-1 6s 1943-1-1) 14 itlO e Railroad Secunties Co5 ,
United Rys of St LNiles-Beni-Pond et.),11 10t) 97 102
ld C stk tr ct.fs -ter A 32 90
92d St II & St N Ave..100
3 *11
10 .seaboard Companyllia
Niptssing Mines
Corsi sot tr cas
100
,
_
181 nitge es 1910_51-:
4.168 134
100 74
4(ps
IV
1st preferred
Saw Copp,,' J,
e Preferred
2d income es 11/15_,1-.1 / 25 ._
76
100
Coin Is Id pref-See Hal I Exe its,
10 Ere fist
Outarlo Slyer
Uen 4s 1934-See Stock
2
212
Inter-Met-See Stk Exen u1g2 St
100 44
Seaboard Air LineJtis Elevator coiu
48
Lax Av & Pave' Is .'es Stk r.xe it (101tRys San Fran See Stk Exo list
10u 84
Coll Os art May '11.31-s 9955
Wash Hy Is
Preterred
Co
100 3Ps 33
01
bletropot St Ely-See Stk tire list
Preferred
pittrIturgti Brewing_ 50 *23
West Pac 1st Os '33-11-S 14
10u 8431:, 89
Ninth Avenue stock_100 155 its;
95
43 1051
id
Preferred
8358 84
Second Avenue stock_ 10f, Ill
WC,
Industrial and Miscel
093 00
l'ittsuurgh Cos,-See Stis line list
1st ,1 5s'00 ext A
Aden's Exp g Si 1947 J•1) / 85
Gas SecurtVes
F-A / 50 ..0
100 67
Consoi 5:3 1948
80
Popo Mfg Co
91
Antneek Mining
25 *135 190
Preferred_
80
eSixth Avenue stock_100 ilU 130
.6
New York
Alliance Realty
IOU 120 125
85
Pratt Is Wilitney prel _100 lot) .05
Sou Boulev 51 1945-1-J 60
American
hook
100 150 155
92 Cent Un Gas 5s 1027 -J-J 100 101
A
Producers Oil
m
88
lu. 138 142
So Fer tst 5s 11)10
ALMA-WWI Brass
100 11'5 1-1
iteeity Assoc (Blilyin_101) 116 120
Third Avenue-See Stock Ear 1st Con Gas IN Yi -See Stir Ex,' Itst
lot 151 1.6
American Chicle corn.t0
80 e Mutual Gas
rtoyal Bak ,Powd coin_100 158 193
Tarry W P & M Is 1928 50
220 223
Prfsterred
66 New Amsterdam GasPreferred
IOU 100 103
YkersStitli54 1946 A 0 75
100 104 108
98 100
1st consol Is 1948-1-.1
Al
Ain Graphophone coin 100
safety Oar Heat Is ',LIM) 123 125
28th Ss 29th Sts 53 '96 A-0 / 15
100 103
Seneca tfilifng
25
Preferred
100 15
Twenty-third St stk _ _100 WO 215 NV &ERGas 1st Is '44 J
95
Is
J
-J
Consol
1945.
Amer'Hardware
99
100 2/0 280
101) 117 120 Singer Mfg Co
Union Ely 1s) 5.: 1042.F-A 100 102
4u
56
Ain Malt.ng Cs 1914 J-D
N Y Is R1 chinond Gas_10,
south Iron Is S coin
100
is
Westchest tat Is '43 J-J
12 ,
66
•
lu
Amer Press Assoc'n_100
Preferred
Y Is WestchesterL ht' luu
23
105
97 101
Am St Found new-See s tk Ex list
Deb g Is 1954 guar_J-J
Standard Conte ;e
100
Brookitin
135 1935
A-0 99
Nor Un 1st 58 1927_31-N 98 100
20
lit SI g Os '31 red.A-0 uS
Atlan Avenue RRDeb 45 1923
F-A 6.5
Ad lust 11 Os Apr 1 1931 /3
6
Con Is g 1931
A-0 98 102 e Standard Gas coin IOU 50
_
50 205 211, Standard Coupler emu 100
100 76
40
American Surety
e Preferred
BB&W E Is 1933-A-0 9/ W2
American 'thread prof 3 4412 514
AM- N 102 106
Preferred
54 100 100lit 58 1030
Brooklyn City Stock_10 162 160
11 "fr
5tentierd Mill tie Co-10u
Am lobacco Co com_10, 401 407
Con 5s-Se stk Exch loge list
10u 42
43
Pre erred
Amer 'rypefflers com_100 33
Other Cities
42
Bkin HO< 1st Is 1941 A-0 07 IOU
86
N
H
80
Preferred
1930
4412
10,
1st
54
Am Gas Is Elec coin_ 60 *44
Bkln Queens Co & Sub104
41
Preferred
lieu g (is 1939__--M-N
50 535
98
07 [I)
01st g 53 '41 op '16_J-J
9834 Standard OW ot N J 100 5;03 800
Swift Is Co-See Bost Stu Ere list
Amer Writing Paper_100
901: 9/1; Amer Light Is tract_100 287 _90
2
elst con -Is '41 op'16 M. N
Ere Itst
Preferred
lit Is-S-c Ciao
100 '25
Preferred
100 101 103
Bklyn Rap 'Vratt-Nee Stk Ext. list
27
100 133 137
(eras Company
50
1st s ! g 53 '19 op '09 J-J 8112 8'3
58
12
76 Bay State Gas
Coney Isl Is Ilittyn_100 60
A,111f &WIntiSSL ues_100
83 Binh ton IN 311 Gas Wks
1st cons g 49 1948-J-5 73
82 10 e reins Is Pacific Coal 100 IOU 103
Preferred
100 19
lit g 51 1938
80
1 12 title Ins Co of N 31___100 140 150
75
,A-0 94
.1-.1
()on g 4s 1955
roll,pah Min (Nevada) 1
J J
*834 87a
Col tr g as 1959
Brk C Is N Is 1939_,1-1 05 MO Brooklyn Un Gas--SeeStk Ere it:sC'
8314
0(, 45
4
8
4
5
Barney Is Smiths Car_t1
10
Buffalo City Gas stk_ jot
30 Trenton Potteries coin 1 00
Sings 0 Et 45-See Stock Ere 1st
20
Preferred, new
Preferred
55
100
1st 58 1947-See Stoen Ere list
100
110
Nassau Dec pref
100 20
rrow Directory
30
Beth"m Steel Corp-see s 1k lix list
90 95
Is 1944
A-0 103 105 Con Gas of N J 58 '313,J-J
Underwood isypew 1)1 100 99 lows
at Consumers' L H Is PowBliss Company cone_ bu
121
1st 45 1951-See Stock Err
erred
Union ryoms liter com1110 40
Prefik
110
50 118 122
Os 1938
45
J5s 87 92
N Wbg Is Flat 1st ex 4,
Mtge Guar
10u 105 110
100 .35 245
Denver Gas Is Elec_100 166
1st preferred
Bond
6,1
Steinway 1st 6s 1922-J-,1 103 13)(3
Borden's Cond Milk_ 10u 112, 113
20 preferred
IUu 105 119
Gen g bs 1949 op M-N
90
02
Preferred
tinted Bit Note Corp_ 50 *42
too 102 105
49
Elizabeth Gas Lt Co 10() IOU__
Other allies
50 *50
Prelerred
3 *513 534
61
- - British Col Copper
Essex Is Hudson Gas_ioii 132 134
BulTalo Street ay80
100 58
80
Butte Coalition Mining 1., *18
1812 United Cigar Mfrs
1st consol Is 1931 F-A 103 105 Gas Is El Bergen Co 100 76
100 90 f 168
98 tol
e Preferred
Casein Co of Am Corn.100
Deb 6s 1917
2
A-0 103 105 sGr Rap 1st 5s '15_F-A
Preterred
100 55
458 471
100
Gaited Copper
131 i34
93 Hudson Co Gas
Columbus (0) St tty_109
60
lull 15
36
Casualty Co of Arner 100 125 140
Preferred
32
10
35
Indiana Lighting Co _10(1
100
Preferred
101 215
100 123 125
Ii S Casualty
4s 1958 op
F-A ti3
Coluin ity con 58-See Ph a list
66 Celluto'd Co
50
13 __ Cent Fireworks com_100
2
U S Envelope com_100 47 -Er
4
02' Indianapolis Gas
Crosst'wn 1st Is '33 J-1) 100
100 110 113
Preferred
10. 10
Preterred
85
1314 ,414
A 0 79
1st e 5s 1052
e Conn Ely Is Ltz coin_100
30
100 06 101
100
(I S Finishing
10), 78
021: Central Foundry_
80 Jackson Gas 5s g '37 A-() / 88
e Preferred
100 1)17 112
100
Preferred
Preferred
179 '00
1st Is ref s s-See SU; Ere ost e Laclede Gas
IT: 80 102
Deb (3s 1919 op '01_31-N / 35
lit g is 1919150 103
87
Grand Rapids Ely pref.100 Si
e Preferred
40
Con ;• Is 1020_ __ _J-.1 05 100
Chtse brougn Mfg 0.3-.10U 700
e Louisv St Is 1930_ _J -5 1043, 1u6 Madison Gas Os 1928_A-0 102 107
11/0 60
11 S Steel CorporationLynn Is Bos it Ss '24 5-1) 1041. 10534 Newark Gas Os 1944_(,),1 127 ...... City Investing Co
70
100. 105 115
Preferred
Col tr s I Si '51 opt '11 III 115
e New CO flys Is Lgt_100
1/9
Newark Consoi Gas. 101, 97
:A
Col tr s 1 55 '51 not op: 114 113
e Preferred
100
J-1 103 104 )Clallin (H B) cotn_100 95 105
e Con g 58 1948
59'
Gu Is Indetn_100 110 120
10t) 8/
Gen H g 4 ,4s '35-See:- tk Es 1st No Hudson L I-1 Is PowS
IJ
e 1st preferred
..2
100 88
Pub Serv Corp of N J_100 110 112
e 2d preferred
A-, 110
5s 1038
05 ell ta ti Copper Co-See SLR Ere 1St
Nestcheseer Is Bronx 'I'll
'Pr ctIs 2% to 6%perpet 100 101 Pacific Gas Is E. com-10
551.1 Co) & Hock Coai&1 pt 100
IOU 150
kJ /50
10
North Jersey St Ity.100 55
,6
87
Is 11t;1•0 Guar
1st g 53 1917
Preterred
70
fie
,Vestingh'se Air iiralte_150
181 43 1948
100 85
90
Col tr es Oct 1956.-1-J 45
M-N
60
74
76 Pat Is Pas Gas Is
10‘ 38
.Vest El Is 11fg Is-SeeStk Ex.) to
Consol Car Lieating
e Con g 51 1940.__M-S 07 100
41
fVorthIng Pump pret-lOu 105 10$
St Joseph Gas bs 1937 J-; 91)
kilectric Companies
Chic Edison Co-See Chu
firt West Pow Is '48_J-J
a Kings Co E L&P Co 10()
Narraga0 1Prov) El Co_50
N Y &Q Li, L &Pow Co 10u
Preferred
100
United Elec of N
Jlit g 4s 1049
Western Power corn.100
Preferred
100
B1-4
ago
87,12
122
*84
Ask
'St
87
124
57
50
80
•_
Outside Securities
a Per share, 0 Base:.
a Sells on at.t. t,r . out not very active
I t. a: or.ce.
a Noiutuai.
S sate price.
z
e.3-rtgnts.
4 aNew 'Wake
'
I
•
SEPT. 17 1910.1
THE CHRONICLE
nuestment and i.qailroact
709
utettNeace.
riAlLrtOAD GrtOSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period The returns of ths electric railways are brought together separately on a subsequent pa7e.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
-------Current
Previous
Year.
Year.
Ala N 0 & Tex Pat
503,856
577,686
301,427 263,041
N 0 & Nor East_ August
284,360
252,276
Ala & Vicksburg_ August - 149,938 130,944
257,855
216,648
"tricks Shrev & Pa August ___ 132,438 110,350
4,795
6,889
4,795
6,889
Ala Term & North_ July
8,021,539 7,742,272 8,021,539 7,742,272
Atch Top & S Fe..__ July
428,761
489,676
50,513
51,070
Atlanta Birm & At! 1st wk Sept
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
g BaltImore & Ohio. July
136,047
93,650
136,047
B & 0 Ch Ter RR July
93,650
214,159 219,043
210,043
214,159
Bangor & Aroostook July
6,683
4,189
6,683
Belleronte Central_ July
4,189
3,751,230 3,722,367 3,751,230 3,722.3(17
Boston & Maine__ July
5,224
Bridgeton & Saco It July
5,895
5,224
5,895
Buff Hoch & Pittsb_ 1st wit Sept 179,999 196,960 1,878,201 1,834,801
200,047 204,579 2,212,437 2,208,977
Buffalo & Susq _ _ _ June
Canadian Northern 1st wk Sept 286,500 190,400 2,604,600 1,841,000
Canadian Pacific___ 1st wk Sept 1,958,000 1,664,000 19,753,214 15,956,030
Central of Georgia__ 1st wit Sept 225,600 229,600 2,193,818 1,970,238
Central of New Jer_ July
2,317,508 2,196,010 2,317,508 2,196,010
Central Vermont___ July
274,329 326,984
326,984
274,329
Chattanooga South.. 4th wit Aug
2,789
13,023
16,638
2,434
Chesapeake & Ohio_ 1st wit Sept 583,507 576,974 5,893,072 5,629,676
CI & 0 fly of Ind_ 1st wit Sept
31,852
310,433
Total both (iivs__ 1st wit Sept 595,359 576,974 6,204,406 5,629,576
Chlcago & Alton__ _ 1st wit Sept 338,522 284,032 2,898,017 2,638,780
Chic Burl & Qtincy July
7,087,571 6,825,808 7,087,571 6.825.808
p Chic Great West__ 1st wk Sept 241,436 108,287 2,292,574 2,077,455
Chic Ind & Loulsv_ 1st wk Sept 129,665 121,772 1,258,971 1,138,894
Chic Ind & Southern -See New York Cen tral.
5,341.536 5,210,453 5,341,536 5,210,468
Chic Milw & St Paul July
1,142,072
1,142,072
Ch Mil & Pug Sd_ July
8,404,222 5,896,270 6,404,222 5,806,270
Chic & North West_ July
1,268,955. 1,123,976 1,268,955 1,123,976
Chic St P M & Om_ July
804,439
804,439 755,050
755,050
Oln Ham & Dayton July
Clev Cln Chic & St L -See New York Con tral.
157.346
157,346 200,071
200,071
Colorado Midland__ July
Colorado & South__ 1st wit Sept 308,302 285,025 3,097,450 2,936,805
78,526
71,213
747,861
June
766,021
Copper Range
12,873
18,328
18,328
July
12,873
Cornwall
36,883,
39.111
36,883
30,111
Cornwall & Leban_ July
233,440 102,429
July
162,429
233,440
Cuba Railroad
1,613,698 1,545,739 19,936,436 18,907,945
Delaware & Hudson June
3,007,936 3,168,225 3,007,936 3,168,225
Del Lack & West__ July
Deny &Rh) Grande 1st wk Sept 515,100 467,100 4,745,426 4,479,716
31,350
238,908
28,331
225,930
Deny NW & Pam_ 4th wit Aug
34,288
375,293
39,717
288,795
Det To! & front Sys 1st wk Sept
362,502
42,366
356,675
1st wk Sept
40,605
Ann Arbor
237,440
23,548
231,002
Detroit & Mackinac 1st wk Sept
22,603
1,292,880 1,048,686 10,289,064 6,847,572
June
Du) & Iron Range
664,630
729,370
71,020
71,312
DUI Sou Sh & Atl__ 1st wk Sept
606,234
584,959
El Paso & Sou West July
584,959 606,234
ErIe
4,675,254 4,279,549 4,675,254 4,279,549
July
1,785
2,081
1,786
Fairchild & Nor E.. July
2,081
85,207
95,747
85,207
95,747
Fonda Johns & Glov July
201,693
218,543
218,543 201,693
Georgia Railroad__ July
Georgia South & Fla -See Sout hero Ral way.
Grand Trunk Syst__ 1st wk Sept 969,494 939,143 8,034,439 8,309,736
893,440 1,048,696
Grand Trit West_ 4th wit Aug 193,142 186,280
321,285
275,852
Det Gr Hay & M11 4th wk Aug
54,718
54,037
339,572
Canada Atlantic.. 4th wk Aug
288,502
60,204
55,707
Great Northern Syst August __ _ 5,849,354 5,557,012 11,641,816 10,872.850
155,930
Gulf & Ship Island_ July
151,726
151,726 155,930
Hocking Valley__ July
558,271
660,192
660,192 558,271
/11Inois Central____ August
5,143,726 1,870,027 9,855,296 9,200,888
Internat & Gt Nor_ 1st wit Sept 163,000 161,000 1,496,000 1,352,000
a Interoccanie Max.. 1st wk Sept 147,445 142,647 1,589,277 1,470,171
1st wk Sept
72,375
Iowa Central
70,376
593,975
592,226
Kanawha & Mich
July
266,196 213,994
213,994
266,196
837,077 659,315
Kansas City South- July
837,977
659,315
34,140
35,125
191,684
K C Mex & Orient__ lat wit Aug
174,029
2,876,218 2,754,399 2,876,218 2,754,399
July
Lehigh Valley
40,985
35,852
Lexington & East__ July
40,985
:35,852
Inc.11 0,678
July
/nc.11 0,678
Long Island
113,377 106,091
113,377
Louisiana & Aritan_ July
106,091
83,006
96,285
uly
96,285
Loulsv 'lend & St L
83,906
s Loulsv & Nasity__ St wit Sept 999,205 011,995 0,762,490 8,862,230
11,161
11,004
23,081
22,941
Macon & BIrm'iutin ugust
759,712 793,835
759,712
July
793,835
Maine Central
3,408
3,547
6,691
August
6,740
Manistique
31,693
34,015
31,693
34,015
Maryland & Penna_ -July
a Mexican Railway. ' d wit Atr; 162,600 137,700 1,165,500 1,141,400
Michigan Central -See New York Ccn tral.
18,371
13,644
135,722
166,051
Mineral Range
1st wit Sept
924,012
850,896
Minneap & St Louis 1st wk Sept 105,143 108,406
Minn St P & S 13 MI 1st wk Sept 431,260 511,124 4,383,213 4,008,104
Ching() Divis.on
57,565
75,713
75,713
57,565
MissIssippi Central_ :July
2,221,798 2,179,360 4,362,278 4,093,223
uMo Han & Texas_ August
Mo Pe & Iron Mt)
Central Branch_ J 1st wk Sept 1,039,000 1,034,000 0,940,106 0,618,199
Nasity Chatt & St L lily
910,984
929,664
929,664 910,984
a Nat Itys of Mex_t_ at wit Sept 1,249,940 932,450 11,646,383 0,922,701
Nevada-Cal-Oregon at wk Sept
20,725
109,175
83,991
10,632
Nevada Central_ __ _ flute
7,385
75,388
60,096
6,016
N 0 Great Northern July
105,449
105,449
147,614
No Mobile & Chic_ Wit Sept 3 147,014
28,09
234,006
281,315
32,622
N Y Out & Western July
861,086
041,455
941,455 861,086
Latest Gross Earnings,
ROADS.
Week or
Month.
Current
Year.
July 1 to Latrst Date.
Previous
Year.
Curren(
Year.
Previous
Year.
$
N Y N II & IIartf__ July
5,269,634 5,070,155 5,269,634 5,070,155
eNYC& find Itiv_ July
8,328,479 7,955,195 8,328,479 7,935,195
Lake Shore & M S July
4,029.892 3,938,349 4,029,892 3,938,349
n Lake E & West July
390,677
426,378 390,677
426,378
Chic Ind 1k South July
268,229
246,506 268,229
246,506
Michigan Central. July
2,511,882 2,266,661 2,511,882 2,266,661
Cleve C 0 & St L_ July
9,376,081 2,297,705 2,376,081 2,297,705
Peoria ed Eastern July
268.617 239,794
239,794
268,617
Cincinnati North July
101,752
88,331
88,3:11
101,752
Pitts & LakeErie July
1 528,576 1,449,479 1,528,576 1,449,479
July
Rutland
293,333 280,507
293,333
280,507
N Y Chic & St L July
888,970 833,807
1333,807
888,970
Tol & Ohio Cent_ July
462,975 340,815
462,975
:340,815
Tot all lines above July
21463441 20349549 21,463,441 20.349,549
July
N Y Susq & West
294,804 244,603
244.309
294.804
July
230,927 216,468
Norfolk Southern
216,468
230,927
2,914,363 2,581,300 2,914,363 2,581,300
Norfolk & %Vestern_ July
July
971,815 975,315
Northern Central
973.315
971,815
6,247,337 6,697,9/9 6,247,337 6,697,979
July
Northern Pacific
734,582
815,604 734,582
July
Pacific Coast Co_
815,604
July
Pennsylvanla Co_
4,777,553 4,406,416 4,777,553 4,406,416
d Penn--E of P & E July
13278165 12915765 13,278,165 12,915,765
a West of P & E. July
inc.62 3,400
/ne.62 3,400
Pere Marquette_
_ July
1,372,510 1,215,306 1,372,510 1,215,396
Phla Bait & \Vash_ July
1,713,878 1,517,878 1,713,878 1,517,878
Pitts Cin Chic &St L July
9,675,553 2,430,388 2,675,553 2,439,388
Raleigh & Southp't July
11,736
11,489
11,736
11 489
Reading Company Philo. & Reading_ July
3,368,765 3,092,398 3,368,765 3,092,398
Coal & Iron Co__ July
1,499,664 1,597,095 1,499,664 1,597,095
Total both CO3
July
4,868.429 4,689,494 4,868,429 4,689,494
Rich Fred & Potom July
193,453 184,727
184.727
193,453
Rio Grande June_
June
89,886
84,049 1,047,041
881.528
Rio Grande South_ 1st wit Sept
6,865
12,519
105,602
119,083
Rock Island Lines.. July
5,310,933 5,416,601 5,310,938 5,416,601
St Jos & Grand Isi_ July
140,505 141,754
141,754
140,505
3,343,663 3.254,905 3,343,663 3,254,905
St Louis Sa San Fran July
909,994 853,130
Chic & East Ill_ July
909,094
853,130
225,044 191,254
225,044
Evansv & Ter Il July
101,254
Total of all lines_ July
4,478,701 4,299,288 4.478,701 4,299,288
St L Itity Mt & Poe_ June
180,967 144,952 1,974,244 1,439,046
St Louis Southwest 1st wk Sept 238,804 208,798 2,109,085 1,861,741
San Ped LA & S L_ July
749,083
626,820
626,820 749,083
Seaboard Air LineAtlanta & Birm_ 1st wk Sept 367,533 387,638 3,355,416 3,129,007
FlorLia W Shore I
Southern Indiana__ July
149,759 104,328
104,328
149,759
Southern Pacific Co July
11215272 10814569 11,215,272 10.814.569
Southern Railway__ 1st wk Sept 1,098,808 1,091,179 10,748,332 10,092,412
Mobile & Ohlo___ 1st wk Sept 189,119 179,306 1,954,654 1,784,818
Cin N 0 & Tex P_ 1st wk Sept 182,094 157,873 1,758,523 1,481,000
Ala Great South_ 1st wk Sept
80,831
66,653
819,766
651.952
Georgia So & Fla_ 1st wk Sept
40,632
43,578
383,805
419,254
June
Texas Central
61,510
65,737 1,014,276 1,164,481
Texas & Pacille
1st wk Sept 272,653 265,908 2,681,866 2,458,843
Tidewater & West July
7,184
6,517
7,184
6,517
Toledo Peor & West 1st wit Sept
21,942
20,955
238,579
211,935
Toledo St L & West 1st wk Sept
72,378
74,656
721,951
721,883
Totnbigbee Valley.... July
7,405
6,404
7,405
6,404
Union Pacific Syst_ July
7,916,655 7,534,854 7,916,655 7,534,854
Vandalla
July
721,915
820,338
820,338 721,915
Virginia .5c Sou West July
102,116
91,453
91,453 102,116
Wabash
1st wk Sept 604,593 591,738 5,672,478 5,454,272
Western Maryland.. June
589,676 406,446 7,081,856 5,952,697
W Jersey & Seash
July
762.581
846,981
846.981 762,581
Wheeling & Lake E August _ 697,000 615,000 1,327,796 1,205.563
White River (Vt)
9 496
June
3,131
Wrightsville & Tenn July
18,149
15,864
18,149
15,864
Yazoo & Miss Vall_ August- 708,770 742,968 1,380,388 1,386,898
Various Fiscal Years.
Period.
Jan
Bellefonte Central
Jan
Delaware & Hudson
Jan
Mauls tique
Jan
a Mexican Railway
N Y Central & Hudson River_ Jan
Lake Shore & Michigan South Jan
n Lake Erie & Western
Jan
Chicago Indiana & Southern _ Jan
Michigan Central
Jan
Cleve Cin Chicago & St Louis Jan
Peoria & Eastern
Jan
CincInnatl Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Northern Central
Jan
Penn-East of Plttsb & Erie_ Jan
Jan
West of Plttsb & Erie
Philo, Baltimore & Washington_ Jan
Jan
Plttsb Clu Chicago & St Louis
Dec
Rio Grande Junction
Texas & Pacific
Jan
West Jersey & Seashore •
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
July
June
Aug
Aug
July
July
July
Jluy
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
Sept
July
Current
Year.
Previous
Year.
31
545,957
$33,442
30 9,635.253 9,297,367
31
28,417
28,005
21 5,368,300 4,862,300
31 55,299,277 50,528,966
31 27.743,020 24,183,458
31 2,997,259 2,558,019
31 2,172,263 1,649,913
31 16,499,286 14,857,031
31 16,557,349 14,805,728
31 1,860,375 1,576,146
31
691,718
612,962
31 9,812,195 7,232,121
31 1,769.676 1,650,562
31 6,338.493 5,505,281
31 2,628.661 1,970,351
31 144369572 127175537
31 7,162,209 6,686,309
31 93,702,114 83,058,714
31
/ne.10, 003,200
31 10,796,289 9,983,089
31 19.467,244 16,029,48$
30
555.817
497,889
7 10,112,542 9,077,011
31 3,446,933 3,161,033
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
liteekly Summaries.
4th
1st
2c1
3d
th
it
d
ad
4th
lit
week
week
week
week
week
week
week
week
week
Week
June (44 roads)____
July (45 mock) ____
July (44 roads) ___
July (43 roads) ___ _
July (42 roads)__
Aug (43 roads)__
Aug (43 roads)_-_ Aug (42 roads)____
Aug (39 roads)-__
Sept (41 roads)____
Cuent Year Prev's Year Inc. or Dec.
17,171,904
12,359,231
12.546,427
12,802,686
17,393,199
12,874.219
13,330,857
13,462,769
19,342,788
13,436,925
S.
14,859,700
11,133,091
10,966,342
11,432,364
16,676,649
11,068,289
12,132,599
12,283,880
16,765,742
12,381.354
$
+2,312.204 15.29
+1,220,137 11.01
+1,580,085 14.41
+1,370,322 11.99
+716,550 4.29
+905,930 7.94
+1,198,258 9.87
+1,178,880 9.60
+2,577,046 15.37
+1,055.571 8.52
Monthly Summaries.
Current Yr. Previous Y'. Inc. or Dec. %
Mileage Curr.Yr. Prev.Yr.
$
$
$
November _236,374 230,650 247,370,954 211,281,504 +36 089,45017.05
December __237,189 231,699 222,006,184 205,455,121 +16,551,06308.05
January _236,758 231,362 210,302,219 182,640,821 +27,652,39415.14
February __236,852 231,652 202,253,400 174,159,723 +28,098,76716.15
235,925 230,841 237,533,005 204,916,997 +32,616,00815.92
March
937069 232,463 235,225,596 196,595,911 +28,629,685141
AprIl
'37.560 232,494 234,310,642 201,069,381 +33,241,26116.
May
"01,596 200,901 208,364,918 184,799,806 +23,565,11212.21
Juno
221,164 217,466 217,202,265 205,879,959 +11,322,306 5.50
July
81,879
78,874 62,005,137 56,405,033 +5,600,104 9.90
August
a Mexican currency. a Covert lines directly operated. e Includes the New York & Ottawa. the St. Lawrence & Adirondack and 114 Ottawa 4
Y. Ity. the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission. I Includes ityansvIlle 4
'
th aws 111.1, g Includes the Cleveland Lorain & Wheeling fly. In both years. n Includes the Northern Ohio RR. p Includes
es earnings of HasonOlS
Ft Dodge and Wise Minn. & Pacific. s Includes Louisville & Atlantic from July 1 1909 and the Frankfort
I Iit•
Cincinnati from Nov. 1 1909.
eludes the Mexican International from July 1910. u Includes the Texas Central in 1910.
E
&
710
[VOL. Lxxxxi.
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week of
September. The table covers 41 roads and shows 8.52%
ncrease in the aggregate over the same week last year.
Roads.
-GrossEarnings
-NetEarnings
Current
Previous
Previous
Cuttent
Year,
Year.
Year.
Year.
$
5
$
$
Hocking Valley_ b
July
660,192
558,271
224,249
256,171
Illinois Central_a
July 4,711,570 4,330,861
939,083
387,570
710,143
g Interoceanie of Mex July
679,879
258,811
220,234
First week of September
1910.
1909.
Increase. Decrease.
July
Iowa Central_a
242,390
831,162
252,739
825,957
Kansas City Southern b June
860,684
298,721
760,882
281,235
Alabama Great Southern
80,831
66,653
July 1 to June 30
9,723,879 8,901,396 3,346,073 3,458,873
14,178
Atlanta Birmingham de Atlantic
51,070
50,513
557
July
Inc
Long
Island
110,678
Inc
18,663
Buffalo Rochester & Pittsburgh
179,999
196,960
16,961
Inc 522,800
Jan 1 to July 31
Inc 75,614
Canadian Northern
286,500
190,400
96,100
Aug
3,408
3,547
Manistique_b
def1,494
722
Canadian Pacific
1,958,000 1,664,000 294,000
31
28,417
28,005
def6,626
Jan 1 to Aug
1,693
Central of Georgia
225,600
229,600
4,000
Chesapeake & Ohio
595,359
576,974
18,385
165,339
g Mexico North West_a_July
91,950
81,718
29,608
Ches de Ohio of Indiana:1,234,230
709,699
Jan 1 to July 31
694,378
216,470
Chicago & Alton
338,523
284,032
54,491
Mineral Range__ b
July
58,134
10,815
73,665 def14,418
Chicago Great Western
241,436
198,287
43,149
Minneap de St Louisa _ _July 413,569
Chicago Indianapolis eo Loulsv_
366,760 k114,910 k121,914
129,665
121,772
7,893
Cincin New Orleans & Texas Pac
182,094
157,873
24,221
407,357
Minneap St P & S S M_a July 1,228,655 1,144,522
451,838
Colorado do Southern
308,302
285,025
23,277
Chicago
254,182
Division_a_
_
_July
718,412
261,066
806,661
Denver F6 Rio Grande
515,100
467,100
48,000
22,693
23,548
Detroit & Mackinac
18,923
855 Mississippi Central_ b_ __July
75,713
57,565
35,504
39,717
34,288
Detroit Toledo & Ironton
5,429
Missouri Kans & Tex_ b_July 2,140,480 1,013,863
533,932
437,210
Ann Arbor
40,605
42,366
1,761
Missouri Pacific_ b
July 4,144,106 4,008,199
823,447 1,022,020
71,312
Duluth South Shore & Atlantic..
71,020
292
40,632
Georgia Southern & Fla
43,578
2,946 g National Rys of Mex_ _July 5,276,347 4,482,292 2.128,383 1,779,902
Grand Trunk of Canada
Nevada-Cal-Oregon b.. July
25,779
32,380
43,828
15.042
969,494
Grand Trunk Western
939,143
30,351
New Orleans Gr Nora _ _July
147,614
32,399
Detroit Grand Haven& MIlw
105,449
65,056
Canada Atlantic
cN Y Cent de Hud Riv..b July 8,328,479 7,955,195 2,220,075 2,457,712
2,000
International & Great Northern
163,000
161,000
Jan 1 to July 31
55,299,277 50,528,966 13,423 212 14,503 ,091
4,798
Interoceanic of Mexico
147,445
142,647
Lake Sh & MichSa_b .July 4,029,892 3,938,349 1,138,662 1,570,664
1,999
Iowa Central
72,375
70,376
Jan 1 to July 31
27,743,020 24,183,458 8,251,389 8,677,124
87,210
011,995
Louisville & Nashville
999,205
18,371
eLake Erie & West_ b_July 426,378
62,615
13,644
4,727
Mineral Range
390,677
68,905
108,406
105,143
Minneapolis de St Louis
Jan 1 to July 31
349,878
3,263
2,997,259 2,558,019
619,703
Minneapolis St Paul & S S M__}
Chicago Ind de Sou_ b_July
58,588
246,506
288,229
29,173
511,124
481,260
Chicago Division
29,864
Jan 1 to July 31
344,565
2,172,763 1,694,912
567,172
1,039,000 1,034,000
5,000
Missouri Pacific
Michigan
Central
_
b_
_July
2,511,882
2,266,661
715,368
702,421
179,396
189,119
9,723
Mobile & Ohio
Jan 1 to July 31
16,499,286 14,857,031 4,654,362 4,400,404
1,249,940
932,450 317,490
National Rys of Mexico
10.632
20,725
Nevada-California-Oregon _ _ _ _
10,093
Clev On Chic & StL b July 2,376,081 2,297,705
736,674
309,585
12,519
6,865
Rio Grande Southern
5,654
Jan 1 to July 31
16,557,349 14,805,728 3,520,879 3,806,293
238,804
208,793
St Louis Southwestern
30,011
Peoria & Eastern_ b_ _July 268,617
75,379
239,794
53,226
367,533
387,638
Seaboard Air Line
20,103
Jan 1 to July 31
394,596
1,860,375 1,576,146
478,366
1,098,808 1,091,179
Southern Railway
7,629
Chic Northern_ b
July
101,752
17,488
20,193
88,331
Texas & Pacific
272,653
265,908
6,745
Jan 1 to July 31
691,718
103,826
612,962
129,122
21,942
Toledo Peoria & Western
20,955
987
Toledo St Louis ec Western_ _
72,378
74,656
2,278
Pittsb & Lake Erie_ b_July 1,528,576 1,449,479
850,153
890,236
Wabash
604,593
591,738
12,855
Jan 1 to July 31
9,812,195 7,232,121 5,319,956 3,788,161
Rutland b
July
293,333
98,062
03,480
280,507
Total (41 roads)
13,436,925 12,381,354 1,152,424
96,853
Jan 1 to July 31
1,769,676 1,650,562
415,117
489,878
Net increase (8.52%)
1,055,571
N Y Chic &St Lb _ __Ju y 888,970
257,882
294,451
833,807
Jan 1 to July 31
6,338,493 5,505,281 1,973,533 1,557,741
Toledo & Ohio Cent b July 482,975
109,299
340,815
203,854
Net Earnings Monthly to Latest Dates.-In our "Railway
Jan 1 to July 31
2,628,661 1,970,351
485,435
873,456
Earnings" Section, which accompanies to-day's issue of the
Total all lines_b
July 21,463,441 20,349,549 5,949,436 7,084,657
"Chronicle" as a special Supplement, we print the July
Jan 1 to July 31
144,369,572 127175,537 40,310,028 38,826,231
returns of earnings and expenses (or in the absence of the N Y Ont & Western_a_ _July 941,455
295,186
861,086
387,404
63,854
July figures those for the latest previous month) of every N Y Susq & Western_a_July 294,804
244,509
79,727
steam-operating railroad in. the United States which is Norfolk & Western_ b_ _July 2,914,363 2,581,300 986,298 1,009,744
194,432
975,315
153,632
obliged to make monthly statements to the Inter-State Northern Central_ b___july 971,815
Jan 1 to July 31
7,162,209 6,686,309 1,229,16 1,201,716
Commerce Commission at Washington.
196,6.17
Pacific Coast Co
July 815,604
734,582
196,700
The Inter-State Commission returns are all on a uniform Pennsylvania-Lines
directly operatedbasis, both as to revenues and expenditures, and possess
East of Pitts & Erie_July 13,278,165 12,915,765 3,601,708 4,066,808
special utility by reason of that fact. In a number of
Jan 1 to July 31
93,702,111 83,058,714 24,333,054 22,455,854
instances these figures differ from those contained in the
West of Pitts & Erie_ _July
Inc
Dec 521,400
623,400
31
Jan
1
to
July
Inc 10,003;200
Inc 1,151,600
monthly statements given out by the companies themselves,
July 1,372,510 1,215,398
378,118
331,543
Pere Marquette_ b
for publication, and in which the accounts are prepared in
Phila I3alto de Wash_ _ _ _July 1,713,878 1,517,878
430,334
480,234
accordance with old methods of grouping and classification
Jan 1 to July 31
2,395,494
2,356,794
10,796,289 9,933,089
pursued in many instances for years. We bring together Pitts Gin Chic & St L_a_July 2,675,553 2,439,388
436,444
690,340
Jan 1 to July 31
19,467,244 16,029,488 3,692,729 3,720,273
here (1) all the roads where there is a substantial difference
Reading
Companybetween the two sets of figures, so that those persons who
Phila & Reading_b_ _July 3,368,765 3,092,398 . 1,174,073 1,095,001
for any reason may desire to turn to the company statements
Coal do Iron Co_ b_ _ _ _July 1,499,664 1,507,095 de1208,210 def94,240
will find them readily available. We.also give (2) the reboth cos_ b
905 863 1,000,762
July 4,868,429 4,689,494
turns of such roads (even where the figures correspond 'Total
Reading Company__ _July
145,276
145,507
exactly with those in the Inter-State Commerce reports)
Total all
_July
1,111,139 1,146,269
which go beyond the requirements of the Commission and Rio Grande companies_
89,886
84,049
Junction.._ _June
n26,966
n25,214
publish their fixed charges in addition to earnings and exDec 1 to June 30
555,817
497,881
n166,745 n149,366
penses, or (3) which have a fiscal year different from that of Rock Island Lines_b___July 5,310,938 5,416,601 1,368,271 1,756,885
the Inter-State Commerce Commission, in which latter case St Louis de San Fran_b_July 3,343,663 3,254,905
964,352 1.036,488
Chicago & East III_ b_July
909,994
300,000
853,130
283,413
we insert the road so as to show the results for the company's
Evansv & Terre H'te bJuly
225,044
191,254
77,218
87,317
own year. We likewise include (4) the few roads which
Total all lines_b
July 4,478,701 4,299,288 1,335,083 1,413,707
operate entirely within State boundaries, and therefore do St Louis Southwestern a July 910,487
208,795
798,793
177,167
not report to the Federal Commission, and (5) Mexican and Southern Pacifica.
July 11 ,215,272 10,814,569 3,897,461 3,999,453
138,082
July 1.133,016 1,018,727
79,620
Canadian companies. We add (6) the roads which have Texas & Pacific_b
Jan 1 to July 31
8,563,692 7,636,895 1,522,194 1,278,902
issued their own statements for July, but have not yet Toledo
Peor 86 West_ b_ _July
16,211
93,903
13,898
83,608
filed any returns for that month with the Commission.
August
3(3,133
122,734
107,372
35,368
July 7,916,655 7,534,854 3,385,197 3,815,116
Finally (7) we give the figures for any roads that have Union Pacill c_a
35,275
Virginia & Southwest_ b_July
28,789
91,453
102,116
already submitted their August statement.
662,852
578,593
Wabash
July 2,344,431 2,238,365
-GrossEarnings--Net Earnings-- Western Maryland_, _ _June
rl
58,460
589,676
r204,563
496,446
Current
Previous
Previous
Current
374,662
394,262
West Jersey & Seashore_July
762,581
846,981
Roads.
Year.
Year.
Year.
Year.
637,394
700,294
to
July
1
31
Jan
3,446.933 3,161,033
54,005 def59,997
Yazoo & Miss Vall_a_ _ _July
643,930
671,618
Atch Top & Santa Fe_ b_July 8,021,539 7,742,272 22,766,500 22,713,612
INDUSTRIAL COMPANIES.
Batimore& 0 it )_ b
7,517,733 7,092,141 2,123,843 2,278,082
-GrossEarnings--NetEarnings-Bangor & Aroostook_b_July
81,892
214,159
219,043
56,471
Current
Previous
Previous
Current
def 880
Bellefonte Central
July
4,189
1,390
6,683
Year.
Year.
Companies
Year.
Year.
Jan 1 to July 31
1,458
33,442
8,202
45,957
Bridgeton & Saco Riv__July
2,839 Edison El Ill Co (Bost)_Aug 326,442
5,224
5,895
2,149
156,868
324,145
July 1 to Aug'31
659,035
Buffalo Roch & Pitts_b_July 758,904
347,577
274,864
796,585
Canadian Northern
July 1,225,100
229,600
348,200
843,500
taxes.
earnings
here
deducting
given
Net
are after
a
Canadian Pacifica
July 8,869,214 7,140,030 3,484,619 2,479,871
b Net earnings here given are before deducting taxes.
c Includes the N. Y. de Ottawa, the St. Lawrence & Adirondack and the
- Central of New Jer_ b_ _ _July 2,317,508 2,196,010
948,932
937,761
'Ottawa & N. Y. Ry., the latter of which, being a Canadian road, does not
975.188 make returns to the Inter-State Commerce Commission.
Chesapeake & Ohio_ b....July d2,688.695 2,410,007
d975,538
Chicago Great West_ b_ _July
177,921
951,437
233,807
865,024
d Includes Chesapeake dc Ohio Ry. Co. of Indiana in 1910.
e Includes the Northern Ohio RR.
Colorado Southern_b_ _ _July 1,343,246 1,279,809
446,953
379,024
g These results are in Mexican currency.
Cuba RR
49,017
July
233,440
162,429
118,432
h For July 1910 additional income was $2,112, against a deficit of $781
Delaware & Hudson_b_june 1,613,698 1,545,739
582,578 In 1909.
573,533
Jan 1 to June 30
j The company now includes the earnings of the Atch. Top. & Santa Fe
9,635,253 9,297,367 3,694,442 3,471,125
Ry. of New Mexico System,
Denver & Rio Grande_a_July 2,049,726 1,990.516
704,006 Ry., Gulf Colo. de Santa Fe Ry., Eastern
700,638
Santa Fe Prescott & Phoenix Hy., Southern Kansas Ry. of Texas, and
Duluth So Sh & Atl_ b_ _July
116,524
285,234
81,945 Texas & Gulf Ry. In both years. For June taxes amounted to $320,298,
311,983
Erie _a
July 4,675,254 4,279,549 1,387,408 1,117,856 against $278,795 in 1909; after deducting which, net for June 1910 was
$2,446,201, against 32.434,817 last year.
Fonda Johns & Glov_a_July
55,138
85,207
50,614
95,747
k For July 1910 additional income was 511,641, against $17,622 in 1909.
Grand Trunk of Canada, n These figures represent 30% of' gross earnings.
July.
2,538,366 2,720,373
711,482
. Grand Trunk Ry
710,509
r After allowing for miscellaneous receipts and net from coal and other
Grand Trunk west. July
394,186
470,590
58,393
120,202 departments, total net earnings for June 1910 were $238,593, against
121,176
150,375
973
Det Gr Hay & Milw July
27,009 .5179,903 in 1909.
July
126,529
149;401
def9,733 def10,220
Canada Atlantic
z Includes $75 other income for July 1910, against $144 in 1909.
SEPT. 17 1910.]
THE CHRONICLE
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.Previous
Current
Year.
Year.
Bangor & Aroostook_. _July
Bellefonte Centarl
July
Jan 1 to July 31
Bridgeton & Saco RIv__July
Buffalo Roch & Pitts_ __July
Central of New Jersey_ _July
Chicago Great Western_July
Colorado & Southern.. .July
Cuba RR
July
Denver & Rio Grande July
Duluth So Sh & Atl_ _ _ _July
July
Hocking Valley
July
Mineral Range
_July
Missouri Kan & Texas
Nevada-Cal-Oregon _ _ _ _July
New Orleans Grt North_July
N Y Ontario & Western July
July
Norfolk 8: Western
July
Pere Marquette
Company
July
Reading
Rio Grande Junction.._ _June
Dec.1 to June 30
St Louis Southwestern_ _July
Toledo Peor & Western July
August
Interest Charges and Surplus.
-Bal. of Net EarnsPrevious
Current
Year.
Year.
x14,172
80,251 xdef17,464
def1,123
1,154
243
def 243
6,550
1,701
2,204
1,551
635
x209,606
162,070 x180,581
409,060
408,456
539,872
x47,968zdef106,729
288,122
x134,765 x207,968
256,567
14,021
81,765
34.996
d329,933
d382,100
404,474
x27,087 zdef8,759
93,561
131,251
188,924
a92,998
13,263 zdef25,813 xdef2.428
541.794zdef119,173 xdef3,700
x11,791
3,578
x23,050
x24,998
48,082
x646
95,562
199,624
280,784
463,460
482,848
546,284
def9,871 def15,401
353,028
899,971
246.298
226,139
16,881
18,633
8,333
91,033
108,412
58,333
x78,703
x22,356
171,479
24,405 xdef5,998 zdef6,247
z12,947
z14,896
24,179
93,458
236
1,652
598
178,186
529,305
194,195
252,417
36,667
465,605
96,943
a67,247
12,633
564,159
3,628
43,025
106,620
503,450
394,540
885,000
8,333
58,333
177,504
24,234
24,472
a These figures arc after deducting other income.
d These figures are after allowing for other Income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus
and placed to the credit of the Renewal Fund.
x After allowing for other Income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
American Rys Co_ _ August ___
cAur Elgin & Chic Ry July
Bangor fly & Elec Co f uly
Baton Rouge Elea Co July
Binghamton St Hy- - fuly
Birm'ham Ry Lt & P July
Brockton & PlyStRy July
Cape Breton Elec Co_ July
Carolina Pow & LtCo July
Central Penn Trac _ f i i I y
Cleve Painesv & East July
Dallas Electric Corp_ July
Detroit United Hy_ ttn wk Aug
Duluth-Superior Tree Inly
East St Louis & Sub_ July
July
El Paso Electric
Falrm & Clarks Tr Co July
Ft Wayne & Wabash
Valley Traction Co June
Galv-Hous Elect Co.. July
Grand Rapids Ry Co_ July
Havana Electric Icy_ Wk Sept 11
Honolulu Ranid Tran
& Land Co
June
Houghton Co Trac Co July
Illinois Traction Co.. _ July
Jacksonville Elect Co July
Kans City Ity& Lt Co T.tly
Lake Shore Elec Ry_ July
Milw El fly & Lt Co_ July
Milw Lt Ht & Tr Co July
Montreal Street Ry_ _ July
Nashville Ry & Light Tilly
New Orleans Ity& LI filly
North Oh o Trac & Lt July
North Texas Elec Co_ July
Northwest Kiev Co._ August __ _
Nonf & Portsm Tr Co May
day
Oklahoma City Ry
Paducah Tr & Lt Co_ July
Pensacola Electric Co July
Port(Ore)Ry,L&P Co July
Puget Sound Elec Co_ July
Rio de Janeiro Tram
Light,8: Power Co_ July
St Joseph (Mo) Ry Lt
Heat & Power Co_ _ August
Sao Paulo Tr Lt &P. July
Savannah Electric Co July
Seattle Electric Co_ _ _ July
Sou Wisconsin Ry Co filly
July
Tampa Electric Co
Toledo Rys & Light.. July
Twin City Rap Tran _ 1st wk Sept
Underground El liv
of LondonThree tube lines _ _ _ Wk Sept 10
Metropolitan Dist_ Wk Sept 10
United Tramways_ Wit Sept 10
UnionRy,G&ECo(Illi fuly
United RRs of San Fr July
Whatcom Co Ry & Lt July
Current Previous
Year.
Year.
$
362,673
182,387
54,01)7
9,708
' 37,330
216,505
16,658
28.876
16,811
82,373
41,880
117,270
266,423
103,532
210,844
49,351
57,488
$
347.955
167.614
50,954
8,351
34,010
183,187
18,022
26,616
17,421
73,6:10
38.026
103,340
292,312
91,658
170,250
46,362
43,589
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
2,589,261 2,391,526
921,158
845,567
309,312
285,573
61,791
53,819
1,496,110 1,276,482
66,098
73,158
157,451
135,345
120.259
106,613
431,737
476,120
195,459
174,456
799,552
710,929
6,132,501 5,166,389
615,174
544,149
1,330,197 1,127,467
358,589
329,927
327,264
255,881
648,655
723.618
125.266 115,981
682,473
731,227
122,097 109,747
578.558
643.828
113.005 98.749
41,739 1,501,242 1,400,257
45,124
37.866
30,036
506,907
46,905
623.49:'
132,032
397.372
126,206
398,847
144,548
487,591
262,020
125,943
185,8
160.492
53,861
21,577
24,235
490,724
182.986
34,689
30,653
437,484
39,300
564,098
121,185
356.906
113,336
345,573
140,887
466,410
227.011
109,212
16.%925
151,598
37,533
19,152
23,461
424,816
184,531
221,557
181,031
3,351,404
330.376
4,245,50C
658,760
2,646,845
583,300
2,464,205
1,032,501
3,648,092
1,349,355
803,563
1,4E0,334
765.607
227,916
197,684
180,768
2,952,751
273,430
3,879,413
595,862
2,372,759
499,314
2,202,474
972,500
3,508,400
1,200,954
695,868
1,354,267
759,016
149,144
152,023
140,196
3,136,336 2,697,593
1,110,740 1,036,548
980,339 655,665 5,353,909 4,291,544
89,773
243,615
59,140
459,059
10,10111
51,507
239,621
186,767
90,524
674,715
634,522
194,402 1,031,040 1,382,572
55.812
359,715
348,364
592,587
I 5,404
102,187
92.508
47,172
363,890
340.678
226,565 1,700,500 1,528.054
159,821 5,104,982 4,684,192
£11,415 £11,435 1458,155 £452,525
£10,073
£9,253 £385,292 £351,319
16,610
16,479 £230,962 £221,541
232,318 225,527 .1,663,338 1,573,328
618,635 621,753 4,373,496 4,190,658
32,660 34,485
233,039
223,514
C These figures are for consolidated company.
Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings.
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Aug. 27 1910. The
next will appear in the issue of Sept. 24 1910.
Roads.
-Int., Rentals, &c.- Bal. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
Auburn & Syracuse & ElApr 1 to June 30
Jan 1 to June 30
July 1 to June 30
St Jos (Mo) RyLtHt&P_ Aug
Jan 1 to Aug 31
25,309
55,665
121,006
23,183
180,600
20.474
46,099
97.349
21.758
170,022
9,767
5,150
49.614
19,062
125,997
26,086
22,416
61,019
24,600
130,779
z After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Aug. 27. The next will appear in that of Sept. 24.
Canadian Pacific Railway.
(Report for Fiscal Year ending June 30 1910.)*
The remarks of Sir Thomas G. Shaughnessy, President,
will be found on subsequent pages. Below are .given the
comparative income account and also the balance sheet.
OPERATIONS AND FISCAL RESULTS.
1909-10.
1908-09.
1907-08.
1906-07.
Mlles operated x
9,878
10,271
9,426
9,1154
OperationsPassengers carried_ _No. 11,172,891
9,784,450
9,463,179
8,779,620
Passenger mileage
1355266088 1071149528 1052010356 1064564999
Rate per pass. per mile_
1.83 cts.
1.88 cts.
1.89 cts.
1.83 cts.
Earns, per pass. train m.
$1.64
$1.49
$1.63
$1.56
Freight (tons) carried
20,551,368 16,549.616 15,040,325 15,733,306
Freight (tons) carr. 1 m_ 7772012635 6372269174 5865089008 5946779961
Rate per ton per mile_ _ _
0.77 cts.
0.76 cts.
0.75 cts.
0.77 cts.
Earns, per fgt. train mile
$2.65
$2.20
$2.27
$2.29
$
Earnings$
$
$
Passenger
24,812,021 20,153,001 19,900,432 19,528,878
Freight
60,158,887 48,182,520 44,037,598 45,885,968
10,, 18,582
Mall, express, &c_ ,._
7.977,800
7,446,143
6,802,682
Total earnings
ExpensesTransportation & traffic
Maint. way & structures
Maint. of equipment
General & miscellaneous
94,989.490
76,313,321
71,384,173
72,217,528
29,861,889 27,692,850
13,653,938 10,074,049
12,567,494 11,080,886
4,509,963
5,066,213
25.846,800
10,410,752
9,358,138
3,976,117
23,765,138
10,110,957
9,083,249
3,954,875
Total expenses
61,149,534 53.357,748 49,591,807
Per cent of operating
expenses to earnings_
(69.47)
(69.92)
(64.38)
Net earnings
33,839,950 22,955,573 21,792,366
Int. on deposits, bonds.
excess SS. earns., &c_ 3,335,713
2.306,488
2,854,633
46,914,219
(64.96)
25,303,309
2,364,480
Total
37,175,669 25,262,061 24,446,999 27,667,789
DeductInt. & s. fd., incl. div.
on 0. & Q. Ry.stock_ 3,575,728
3,482,079
3,388,427
3,388,427
Int. on debenture stock_ 5,449,536
5,034.631
4,441.132
4,175,416
Rentals & miscellaneous
891,676
910,323
940,518
947,912
Div. on common_a_ _(63-)9,750,000(6)9,000,000 (6)7,300, 00 (6)7,300,800
Dividend on preferred (2)2,214,933 (4)2,107,867 (4)1,916,407 (4)1,736,228
Int. on installments on
new stock subscrip_ _ _
417,179
Fcr. SS. & pension fund
880,000
880,000
980,000
780,000
Total
Balance, surplus
23,279,053
13,896,616
21,414,900
3,847,161
18,867,284. 18,328,783
5,579,715
9,339,006
A%
a Also 1% extra each year paid from interest on land sales, viz.:
April 1 and Yi% Oct. 1.
z This is the miles operated at close of year on which operations given
are based.
BALANCE SHEET JUNE 30.
1910
1909.
1908.
Assets$
Cost of road and equipment
317,226,266 302,196,638 285,088,099
Steamships and appurtenances
18,460,161 18,085,886 17,826,983
69,076,971 63,153,544 57,418,369
Acquired securities held
Payments on subscriptions to Minn.
1,221,139
St. Paul & Sault Ste. Marie stock_
6,473,845
5,566,633
Real estate, hotels, &c
4,656,080
27,942,113 16.353,674 14,022,666
Due on land sold and town sites
9,432,084
6,474,829
Advances and investments
6,023,728
1,737,483
2,259,545
Agents, conductors, &c
1,615,695
3,953.597
Miscellaneous accounts receivable_ _ _ 4,690,849
3,960,818
Advances to lines under construction 3,485,436
3,964,847
3,523,720
Materials and supplies
10,948,467 10,669,440 11,110,843
Temp'y Invest't in Dom. Gov. secur's 10,088,735
4,861,902
Cash
46,165,817 21,078,813 18,821,630
Total assets •
526,250,289 459,318,424 424,068,631
LiabilitiesCommon stock
150,000,000 150,000,000 121,680,000
Subscriptions to new stock
23,530,085
19,854,436
Preference stock
55,616,866 52,696,666 48,803,332
Consolidated debenture stock
136,711,616 128,930,132 115,657,078
Bonds (see "Ry. & Indus." section) _ 39,621,967 39,621,967 39,621,967
Current accounts
14,549,196 13,663,577 11,389,518
Interest and rentals
1,336,001
1,403,564
1,404,753
Sales of land and town sites
43,762,195 27,567,267 22,401,530
Equipment replacement fund
2,678,039
974,015
870,283
Equipment obligations
1,630,000
1,360,000
1,912,987
3,530,500
Approp. for additions & improv'ts
6,295,421
6,489,656
995,239
Reserve fund for contingencies
3,809,839
1,320,974
Steamship replacement fund
3,140,667
4,040,667
2,340,666
1/42,869.846 35.164,830 30,390,203
Surplus
Total liabilities
526,250,289 459,318,424 424,068,631
• In addition to the above assets, the company owns 7,539,722 acres
of land in Manitoba, Saskatchewan and Alberta (average sales the past
year $14 84 per acre) and 4,474,094 acres in British Columbia.
y After appropriating $7.000,000 for additions and improvements
-Gross Earnings--NetEarnings
- (similar appropriation in 1907-08 being $6,000,000
and in 1906-07,35,000.Current
Current
Previous
Previous
000).-V.
91. p. 517. 396.
Year.
Year.
Year.
Year.
$
$
$
Chicago Rock Island •S; Pacific Ry.
Auburn & Syracuse El_ b- •
102,038
Apr 1 to June 30
184,075
Jan 1 to June 30
412.305
July 1 to June 30
506,907
Illinois Traction Co_a_ _July
3,351,404
Jan 1 to July 31
Aug
89,773
St Jos (Nth) RyLtIl&P b
674,715
,
Jan 1 to Aug 31
39,839
106,116
188,064 ' 65,674
174,715
420,223
437,484
219,894
2,952,751 1,353,863
90,524
42,245
634,522
306,597
a Nct earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
711
46,560
68,515
159,139
181,493
1,236,875
46,358
300,801
(Statementfor the Fiscal Year ending June 30 1910.)
1909-10.
Revenue and transportation
Freight
42,218,881
Passenger
19,378,174
Mall and express
3,375,681
Miscellaneous
774,380
473,463
Rev,from oper.other than transport_
Total operating revenue
1908-09.
39,158,053
17,883,379
3,056,761
720,281
366.413
66.220,579 r61,184,887
1907-08.1
3
'
37,899,356
16,693,111
2,822,357
701,801
• 367,572
58,484,197
1909-10.
1908-09,
Operating Expenses$
Maintenance of way and structures__ 10,673,387
9,051,830
Maintenance of equipment
8,455,745
7,512,889
1,795,262
Traffic expenses
1,441,214
Transportation expenses
25,195,579 22,848,052
General expenses
1,949,395
1,659,510
General Results.-Comparing with previous year, gross earnings increased
from $5,633,645 to $6,950,437, or 23.37%. Operating expenses show an
Increase from $4,200,718 In 1909 to $4,776,054 in 1910, or 13.7%, the
operating ratio decreasing In the last three years from 79.64% In 1908 to
74.58% In 1909 and 68.72% In 1910.
Net operating revenue increased from $1,098,757 In 1908 to $1,432,927
In 1909 and to $2,174,383 in 1910, showing that, with 29% more gross revenues In 1910 than in 1908 the net operating revenue was Increased nearly
Total operating expenses
48,069,369 42,513,495 42,136,180 98% and with 24% more gross revenue than In 1909 the net operating
Net operating revenue
18,151,210 18,671,392 16,348,017 revenue was increased 52%.
Taxes
2,876,701
1,789,895
2,270,865
Unusual Traffic Density.-The traffic density, as representing the number of tons moved one mile per mite of road per annum on the main line
Operating income
15,274,509 16,400,527 14,558,122 between Huron and Pittsburgh Junction, averaged 5,196,340, and between
Other Income
223,232
128,834 Brewster and Pittsburgh Junction the average was 5,617,699. For July
211,471
1910 the traffic density between Brewster and Plttsburgh Junction was at
Total income
15,497,741 16,611,998 14,686,756 the rate of 6,368,232 tons one mile per mile of road per annum, and the inDeductdications are that August will exceed somewhat this figure, which Is probaInterest
9,129,875
8,861,223
8,413,222 bly the greatest traffic density of any single-track railroad in operation.
Rentals
1,619,985
1,567,967
Equipment.-Fourteen locomotives were repaired at outside shops, cost1,545,232
Dividends
3,743,272
3,930,019
3,929,785 ing $95,452; at our own shops (now practically completed) we could have
Rate of dividends
(5%)
(5X%)
(53.i%) saved thereon 345,934.
Total Rolling Stock at End of Year-Average Cost of Repairs.
Balance, surplus
1.004,609
2,252,789
798,516
1909-10.5- Yr.Av •
1908-09.
GENERAL BALANCE SHEET ROCK ISLAND LINES JUNE 30 1910. No.locomotives-Aver. repairs_ _ _
(198)32,771 $2,220
(225)33.176
No. pass. cars-Aver. repairs.. _ _ _
$608
(76) $835
(76) 3681
AssetsLiabilities$
44
40
61 (11,929)
Road and equipment
280,951,792 Stock
75,000,000 No. freight cars-Aver repairs_ __(13,039)
At the close of the fiscal year 87% of the locomotives were In working
Securities of proprietary, &c.,
Funded debt
228,002,000
cos. pledged
3 Traffic, &c., balances
795,879 condition; only 4.93% of the car equipment Is in bad order.
Transportation Expenses.-Transportation expenses show an increase of
do
do
unpledged 9,019,834 Audited vouchers and wages_ 5,254,494
5,511,717 Miscell. acc'ts payable
Advances
323,070 21.52%, revenue ton miles increasing 23.61%,freight train miles Increasing
19.27%. The increase in transportation expenses are mostly accounted for
Miscellaneous investments__ _ 1,739,697 Matured int., diva. & rents
Cash
4,541,461
unpaid
2,683,911 as follows: Station employees, 20%; yard conductors and brakemen, 24%;
yard enginemen, 27%; road enginemen, 22%; operating joint yards and
Scour. Iss'd or ass'm'd in treas.
4,228 Matured mtge., bonded .and
Marketable securities
17,081,147
secured debt unpaid
23,000 terminals, 80%; road trainmen, 23%; injuries to persons, which Includes
Loans and bills receivable
596,515 Working adv. due other cos
189,800 some large verdicts for injuries occurring in former years, 133%.
Traffic.-Earnings from freight traffic amounted to $5,928,569 55, or
raffle, &c., balances
735.644
299,507 Other working liabilities_
gents and conductors (net)_ 1,142,880 Int., divs. & rents accrued
1,808,001 an increase of 23.40% over the previous year and an increase of 8.9% over
1,354,229 1907, which:was the most prosperous year prior to 1910. Coal traffic conMiscell. acc'ts receivable
2,889,530 Accrued taxes
Materials and supplies
6,224,133 Operating reserves
1,193,907 tributed 44% of the freight tonnage In 1910, nearly 47% in 1909, 45% in
Other working assets
1,540,956 "Other deterred credit items_ 8,132,025 1908 and 47% In 1907. Earnings from passenger trains, including mall
and express, were $698,115, an increase of *73,220.
Accrued income not due
392,302 Add'ns to property since June
Renewals, &c.-There was purchased for renewals and improvements
Temporary adv.
. to prop., &c.,
30 1907 through income
64,368
coe., working funds, &c
1,534,707 Profit and loss balance
17,292,816 3,702 gross tons of new rail. A total of 464 gross tons of 90-1b. rail was
placed In the main line.
Rents and Insur. paid in adv_
151,382
There have been approximately 170 miles of track ballasted with gravel
Special dep. acc't new eq. tr. 7,798,005
and seven-miles with slag and cinders. The work of ballasting the entire
1,433,345
Other deferred debit items
line is progressing rapidly, and when the work is completed there will be
342,853,143
Total
Total
342,853,143 twelve Inches of ballast the entire length of the line.
Cost of Maintenance of Way per Mile of Track (All Tracks).
• $7,637,000 of this represents unpaid equipment Invoices not yet due
[In 1909-10, main track, 522 miles; passing, &c., 332 m.; total, 854 m.]
and Is offset by the same amount included in special deposits on the assets
1902-03. 1903-04. 1904-05. 1905-06. 1906-07. 1907-08. 1908-09. 1909-10.
side.-V. 90, p. 1675.
$937
$1,139
$976
$898
$1,045
$722
$961
$862
In 1908-09, Including proceeds of receiver's certificates, the average
Norfolk & Western Railway.
outlay was $1,018 per mile.
Ties (Per Mile) Put in for Renewal of Main Track and Per Cent of Total.
(Report for Fiscal Year ending June 30 1910.)
'02-03. '03-'04. '04-'05. '05-'06. '06-'07. '07-'08. '08-'09. '09-'10.
279
360
No
256
Av.
272
254
219
260
214
On subsequent pages will be found the report of Mr.
9.9%
9.1%
cent
Per
9.0% 9.2%
9.4% 12.4%
7.6%
7.6%
L. E. Johnson, the President, and also the comparative
During the past fiscal year 42 bridges at various points on the line have
balance sheet for two years. Below we publish comparative either
been replaced with cast-Iron pipe and Oiled or rebuilt with steel or
concrete arches. Two bridges have been eliminated entirely. Of pile
tables and statistics for several years:
and frame trestles, 2,412.6 feet have been replaced with cast-iron pipe and
OPERATIONS, EARNINGS, etc.
filled; 610.6 feet have been reconstructed with steel; 699 feet replaced with
1009-10.
1907-08.
1908-09.
1906-07. concrete arches and tilled and 489 feet eliminated entirely; total, 4,211 feet.
1,951
1,920
Miles operated June 30..
1,941
1,877 The new steel bridges now being constructed are designed to carry the
weight of modern rolling stock.
EquipmentGeneral Remarks.-In addition to deductions from "total income,"
968
LocomotIves
946
843
946
Passenger cars
393
397
395
383 $148,658 has been expended during the year In connection with "additions
betterments" to the property.
and
38,418
37,276
Freight cars
35,882
36,910
Grades.-The work of reducing grades on the Toledo Division to 0.4%
1,049
1,007
Maintenance-of-way cars
1,031
301
Barges
10
10
10
9 opposing westbound movement and .5% opposing eastbound movement
is progressing rapidly; between Bolivar and Zoar nearly completed.
OperationsRemoval of tracks.-The work of removing our tracks from the C. & P.
4,930,108
4,824,650
4,919,535
4,250,905
Passengers carried
209,279,404
_181,068,855
171,270,331
176,082,609 RR. right of way, far enough to enable that company to lay second track,
Pass'rs carried 1 mile__
miles
was completed. A rip-rap wall was built for approximately 1
2.127 cts.
1.900 cts.
Rate per pass. per mile_ 2.168 cts.
25,412,529 20,049,203 18,608,190 20,183,218 along the Ohio River and 87,000 cubic yards of fill placed, the United States
Tons freight carried_
face
of
the
directed
entire
Government
the
that
along
we
build
this
wall
Tons fr't carried 1 mile_ •6,722,496 '5,377,021 *4,985,916 "5,252,561
0.481 cts.
0.460 cts.
0.495 cts. exposed embankment. The work as now determined Is 80% completed.
Rate per ton per
0.447 cts.
Sugar Creek ee Northern RR.-During the year 5 miles of second main616
571
569
Av. rev. tr. load (tons) _
635
32.7681
32.8516
$2.8378 line track have been completed; also 3 3-7 miles of passing tracks, the reEarns. per fr't tr. mile_
32.8594
$1.2072
31.1812
$1.3874 mainder of the East Yard tracks and all the tracks In the West Yard.
Earns, per pass. tr. mile
31.1988
Changes inBalance Sheet.-The balance sheet has been re-cast as ordered by
$16,612
$15,397
$18,028
*15,235
Gross earns, per mlle__ _
the Inter-State Commerce Commission, effective for the year ended June 30
1910. It was thought best to carry into the receiver's balance sheet
EARNINGS, EXPENSES, &c.
equipment obligations unpaid, charging the entire amount to "property
1906-07.
1908-09.
1909-10.
investment," and under liabilities as "funded debt" the obligations unpaid
Earningsas
of June 30 1910.
Passenger
3,977,482
3,924,890
3,642,837
Authorized Expenditures under Receiver's Certificates, Year 1909-10.-Such
Freight
30,037,796 24,710,591 23,990,630
$304,784 (notably
Mail
290,578 expenditures (a)for additions and betterments aggregate
338,449
294,453
419,324 air brakes, $18,514; freight station and tracks, $102,330; passing and other
Express
461,655
426,047
Miscellaneous
254,203 tracks, $16,845; removal of tracks, right-of-way C. ec P., 338,752; grade
301,080
253,173
reduction, 355,578; improvement of yards and interchange facilities, $33,of property,3165,979
35,063,870 29,327,101 28,962,217 399; overhead crossing,$20,000),and(b)rehabilitation
Total
(repairs to engines. $26,495; trestles, $7,410; `bridges, $26,037; ballast.
Expenses&c.); grand total, $470,763.
$20,471,
$68,959;
dock
improvements,3,752,045
3,384,709
Maintenance of way, &e
3,331,888
4,910,242
5,951,907
Maintenance of equipment
4,919,435
OPERATIONS AND FISCAL RESULTS.
9,324,276
10,069,726
Conducting transportation
8,346,992
669,909
721,275
1908-09.
1906-07.
General
1909-10.
1907-08.
844,335
475,578 Average rev. mileage. _ _
442
Traffic
551,806
457
442
487,106
442
Operations•
9,608,590
21,046,759 17,729,756 18,764,714 Total tonnage (revenue) 9,974,674
Total
8,331,704
7,818,298
Net earnings
14,017,111 11,597,345 10,197,503 Tot. tonnage! m.(rev.)1100,045,300 889,916,252 933,018,345 1130,880732
1,869,406
Freight train miles
1,801,938
1,510,844
1,624,261
604.94
• Three ciphers (000) omitted.
Av. rev. tr.-load (tons)
9
10c.
589.02
0.481 cts.
Rev, per ton per mile__ _ 0.53
0.540 cts.
6 cts.
0.478 cts.
INCOME ACCOUNT.
32 91
Rev. per train mile
$3.29
32 74
$3 18
1,004,986
1,090,894
Passengers (No.)
1,440,980
1907-08.
1,101,790
1909-10.
1908-09.
ReceiptsPassengers 1 mile (No.). 37,681,041 30,442,152 30,643,746 27,950,502
$
$
1.66 eta.
1.60 cts.
Net earnings
1.50 cts.
1.63 cts.
14,017,111 11,597,345 10,197,503 Rev, per pass. per mile..
$13,850
$12,205
$15,198
$12,741
Interest, general account
534,121
137,925 Gross earns, per mile__ _
- 459,475
2,485
$4,520
earns.
per
mile
$
Net
57,147
34,755
$3,241
Rents
51,207
54,373
554,938
Hire of equipment
709,567
467,265
INCOME ACCO UN7'.
Other income
22,265
1007-08.
1906-07.
1908-09.
1909-10.
15,163,317 12,578,458 11,118,467
Total
$
$
Operating revenue$
$
Deduct2,442,351
Coal
freight
2,338,053
2,841,679
2,558,969
Interest on bonds
4,179,530
3,785,013 Other freight
3,985,520
2,013,088
2,466,369
3,086,890
2,881,759
395,556
442,667 Passengers
Interest on car trusts
378,687
490,688
497,714
565,945
464,736
206,154
Interest on 5% gold notes
62,500 Mail and express
379,046
94,807
86,154
87,690
98,947
Taxes
1,118,964
1,020,800 Miscellaneous
1,008,800
189,110
188,466
264,800
44,317
Def. int. on Pocahontas Coal & Coke
167,600
. 56,245
103,433
75,479
138,000
192,000 Other than transport'n_
Co. bonds
150,000
919,668
4% dividends on preferred
919,656
919,668
5,633,645
5,397,001
Total open revenue... 6,950,437
6,124,207
(5)3294,843(4)2578,768(4;)2901 ,114
Dividends on cbmmon
Operating expensesBetterment fund
3,573,598
1,730,580
1,360,000 Maint. of way, &c
617,956
766,714
667,479
728,469
Advances to subsidiary companies,
1,380,978
Maint. of equlpment__ _ 1,389,684
1,041,572
1,148,755
97,710
branch lines and miscellaneous__ _
8,175
74,231
expenses
Traffic
85,648
79,7581
Rents
122,238
152,817
87,371 Transportation expenses 2,366,947
1,947,807
2,240,368 f 2,197,809
179,746
expenses
167,061
157,520
152,884
Total
14,046,261 11,292,041 10,771,121 General
Surplus for year
1,117,056
1,286,417
347,346
4,200,718
4,125,370
Total open"expenses.. 4,776,054
4,298,244
Discount & commis'n on bonds sold_
41,878
800,000
346,980 Net oper. revenue
1,998,837
1,432,927
2,174,383
1,098,757
226,917
261,504
260,336
Taxes
252,043
Surplus
1,075,178
486,417
366
-V.91, p. 463, 333.
1,771,920
Operating income....._ 1,912,878
1,172,591
846,714
935
902
1,660
Outside operations
3
•
-
[VOL. Lxxxxi.
THE CHRONICLE
712
1907-08.
3
8,078,026
7,358,590
1,486,473
23,600,342
1,612,749
Wheeling & Lake Erie Railroad.
(Report for Fiscal Year ending June 30 1910.)
Recoiver B. A. Worthington, Cleveland, 0., Sept. 1,
wrote in substance:
1,913,813
Total
Hire of equipment-bal. Dr.55,486
Miscellaneous
86,847
Total income
1,945,175
1,173,493
Dr.59,567
32,980
848,374
113,394
45,132
1,771,920
1,146,906
1,006,900
1,892,351
120,431
SEPT. 17 1910.
THE CHRONICLE
1909-10.
Deductions.
Interest on mtge. bonds x633,030
Int. on equip. oblIga'ns_
120,299
Interest and discount _ _
• 68,250
Int. on receiver's certfs_
234,112
Discount on reers certfs.
14,280
Rents paid
92,753
Rental of equip. from
Wabash RR
Equip. obllg's pd. by rec'r. 245,000
1907-08.
$
1906-07.
$
321,110
132,653
50,577
96,123
61,670
37,305
1,033,030
143,317
41,354
1,033,030
155,571
51,449
30,787
125,369
182,160
237,877
362,340
194,703
1908-09.
1,560,122
1,610,827
1,119,474
Total deductions_ __ _ 1,407,724
Bal., surp. or deficit_ __ _ sur.537,451 sur.27,432 def.603,927 sur.332,229
x Deductio -s in 1910 on account of mortgage bond interest ($633,030)
include 12 months' interest on the following issues: Lake Erie Div. 5s.
$2,000,000, $100,000; Wheeling Div. 5s, $894,000, $44,700; extension and
inapt. 5s, 1409,000, $20,450; consolidated 45, $11,697,000, $467,880. As
to deductions in 1908-09, see V. 89, p. 842.
BALANCE SHEET JUNE 30.
Note.-Comparisons with figures for earlier years are inaccurate in many
cases, owing to changes prescribed by Inter-State Commerce Commission.
1910.
1909.
1908.
$
$
$
Assets58,284,465 58,343,449 50,432,245
Road and equipment
436,883
Materials and supplies
2,290,620
Securities pledged and unpledged__ _ 12,360,6181 2,289,624
473,299)
Miscellaneous investments
2,579,500
2,819,500
New equipment in suspense
2,629,838
1,174,550
Advances for construction
2,455
320,749
6,289
Cash on hand
3,6811
Due from agents and conductors__ _
Miscellaneous accounts receivable_ _ _
130,760
976,540
683,145
Other working assets
447,774
Temporary advances
46,106
Other deferred debit items
144,709
125,743
Profit and loss
835,293
369,443
Total assets
LiabilitiesCommon stock
First preferred stock
Second preferred stock
Mortgage bonds
Equipment trust obligations
Loans and bills payable
Traffic balances
Vouchers and wages
Miscellaneous accounts payable
Interest, &c., due
Interest accrued, not due
Other deferred credit items
Replacement account
Profit and loss
Total liabilities
-V. 91, p. 216. 96.
75,358,998
65,571,743
66,276,518
20,000,000
4,986,000
11,993,500
35,000,000
20,000,000
4,986,900
11,993,500
23,000,000
2,579,500
1,155,000
20,000,000
4,986,900
11,993,500
23,000,000
2,819,500
826,986
3,422,527
1,155,000
7,8651
785,155
5,103)
2,455
988,344
454,616
6.090
568,344
454,616
808
54,091
75,358,098
65,571,743
66,276,518
St. Croix Paper Company.
(Balance Sheets of April 30 1910 and 1909, Filed in Mass.)
1910.
1909.
1909.
1910.
AssetsLiabilities$
$
$
$
Real estate & mach..3,478,728 3,036,987 Capital stock
1,500,000 1,487,600
Material, stock In
Accounts payable__ _ 102,190 141,840
process
465,869 598,131 Funded debt_ - .-_2,110,000 2,158,000
Cash Sc debts reedy_ 487.711 348,730 Floating debt
205,253 321,272
39,712
Investments
Reserve ____ ...... 39,175
83,798
Profit and loss
559,488 435,424
---- ------- ---4,516,106 4,583,848 Total
Total
4,516,106 4,583,848
-V. 83, p. 1596.
Interborough Rapid Transit Co., New York City.
(Report for Fiscal Year ended June 30 1910.)
President Theodore P. Shonts, New York, Sept. 1 1910
wrote in substance:
General Results.-Gross operating revenue for the year ended June 30 1910
shows an increase of 12,463.254, or 9.28%, the result of a gain on the Subway Division of $1,741,505, or 14.28%, and on the Manhattan Ry. Division
of $721,749, or 5.03%. Operating expenses increased $265,699, or 2.47%,
the result of an increase on the Subway Division of $208,829, or 4.59%,
and on the Manhattan By. Division of 156,871, or .92%. These increases
are largely the result of increased wages during the year. The percentage
of operating expenses to gross operating revenue was 37.99%, as compared
with 40.52% last year, a decrease of 2.53%.
Net operating revenue was $17,974,505, as compared with $15,776,951
last year, an Increase of 12,197,554, or 13.93%, the result of a gain on the
Subway Division of $1,532,675, or 20.05%, and on the Manhattan By.
Division of 1664,879, or 8.17%.
The total amount of taxes was $1,750,422, as compared with $1,799,807
last year, a decrease of $49,385, or 2.74%. the result of an increase on the
Subway Division of /158,084, or 238.28%, and a decrease on the Manhattan By. Division of $208,070, or 12.01%. This increase in Subway
Division taxes is due to the policy inaugurated July 1 1909 of writing oil
from earnings an amount sufficient to meet the State tax upon the gross
earnings of the Subway Division and the State tax on the company's capital
stock. These taxes were paid under protest and are now in litigation. The
decrease in the taxes of the Manhattan By. Division is the result of a decision of the Court of Appeals confirming the claim that the company is
entitled to benefits of equalization in the matter of special franchise taxes.
Non-operating income was $411,024, as against $1,001,775 last year, a
decrease of $590,751, or 58.97%, largely due to the policy inaugurated
July 1 1909 of not crediting to income account the interest on advances
made for the construction of the Belmont Tunnel.
Total income deductions Increased $163,864, or 1.58%, the result chiefly
of an increase on the Subway Division of $151,460, or 3.33%.
[The reduction of $163,864 In the "Income deductions" is largely due to
the retirement of 110,000,000 5% 3-yeat gold notes Sept. 1 1909; exchange
of 11,451,000 of 3-year 6% gold notes due May 1 1911 for $1,462,000 of
45-year 5% gold mtge. bonds (and $3,656 in cash) during the year ended
June 30 1910, and issue of $10,000,000 45-year 5% gold mtge. bonds In
June 1009; to the accrual of 1200,000 on the first sinking fund payment
due under 45-year 5% gold mtge., and to a reduction of *133,128 in the
interest on unfunded debt.]
The surplus over divieends of 9% on the capital stock was 12,932,147,
as compared with $1,439,823 last year, an increase of 11,492,324, or 103.64%
The number of passengers carried was 562,788,395, as compared with
*14,680,342 last year, an increase of 48,108,053, or 9.35%, the result of,a
gain on the Subway Division of 30,531,969, or 12.81%, and on the Manhattan By. Division of 17,576,084, or 6.36%. The increase In the number
of passengers carried during the year was distributed among practically all
stations of both the Subway and Manhattan By. divisions.
Right to Exchange Notes for Bonds.-The 121,973,000 of 3-year 6% gold
notes dated May 1 1908 are exchangeable for 45-year gold mtge. 5% bonds
on Nov. 1 1910 at the rate of $99 In notes for 1100 in bonds; provided that
five days' written notice of intention to make such exchange shall have been
given by the noteholder to the Guaranty Trust Co. of N. Y., trustee.
Additions and Betterments.-The amounts chargeable to capital account
during the year aggregated 14,326,336, viz., chargeable to Manhattan
Co. construction account, $1,295,033, notably: Additional stairways at
three stations, additional motor and trailer cars, employees' recreation
buildings, new station at 180th St. and 3d Ave., installing 3,000 k.w. rotaries in sub -stations Nos.5 and 7, etc.; and Subway Division, $3,031,302.
The expenditures on the Subway include with others: Completing one additional 5,000 If.w. low-pressure turbine and installing two additional 7,500
k.w. low-pressure turbines and condensers with auxiliary equipment at the
59th St. power station; employees' recreation buildings, steel motor cars
713
Inclined escalator at 177th St. and Boston Road, speed-control signals,
installing 3,000 k.w, rotaries in sub-stations Nos. 13, 19 and 18, new car
storage yard at 242d St. and Broadway, installing centre side doors and
door-signaling devices on subway cars, &c.
Improvements in Service.-General expenses for the year decreased $117,137, the result of decreases in general office salaries and expenses, law expenses and miscellaneous.
There was installed during the year In subway cars, both local and express. an electric signaling device, by means of which the closing of the
last door automatically signals the motorman, indicating that the train
is ready to proceed. Its use has materially reduced the length of station
stops. The introduction at 96th St. of speed control signals, which permit
trains to operate safely under closer headway, proved so successful that
their installation was extended during the year to include the following
express stations: 96th St., all tracks; 72d St., express tracks; Grand Central.
all tracks; 14th St. and Brooklyn Bridge, express tracks.
Centre side doors are now being installed on all cars operated in the express service in the subway.
The company has arranged to extend over the entire system the use of
the automatic recording instrument which was tried successfully on the
2d Ave. line of the Manahttan By. This device provides a printed record
indicating at the end of each trip the degree of economy exercised In the
use of electrical current. Motormen operating in the most economical
manner receive a substantial bonus at the end of each month.
Improvements and Additions in Course of Construction.-New subway station at St. Nicholas Ave. and 190th St. [can probably be used by keb. 1
and be fully completed by May 1 1911]; additional elevators at 181st St.
and St. Nicholas Ave.; terminal yards at 242d St. and Broadway. Of the
100 additional cars ordered for the Manhattan By., 80 have been received
and 76 are in service, namely 20 trailer and 56 motor cars; of the 250 additional cars ordered for the Subway, 110 of the motor cars have been received
and 94 are in service. The fire-sprinkler system in the 159th St. and 8th
Ave. Elevated yard should be completed by Feb. 1 1911.
Authorized During the Year.-Twenty new steel trailer flat cars, 10 each
for the Subway and Manhattan Ry.; 75 additional steel motor subway cars
ordered to provide for 10-car express and 6-car local trains; 100 additional
cars for the Manhattan By. (60 motor and 40 trailer cars) to provide for
increasing travel; new terminal station on Subway at 181st St. and Boston
Road (Zoological Park); for 59th St. power house two 7,500 k.w. turbine
units complete, and for sub-stations three 3,000 k.w. rotaries; for Manhattan
By. one 3.000 k.w. rotary, with additional feeders to sub-stations Nos. 5
and 7; equipping of all Subway cars with electrical synchronizing brake
control added to the present pneumatic brakes and the substitution of new
brake cylinders; installation In sub-station No. 7 of the Manhattan Division
of one new 3,000 k.w. rotary.
Longer Trains.-The work of extending the station platforms of the
Subway Division to accommodate 10-car express and 6-car local trains
should be sufficiently advanced to permit the operation of 6-car locals by
Nov. 1 and 10-car express trains by Feb. 11911. The lengthening of these
platforms will increase the carrying capacity of the Subway practically
23% at an expenditure of approximately $1,500,000. The cost of the
work will be paid for by the city as an extra under contracts Nos. 1 and 2,
and will be amortized in the same manner as the cost of the original Subway.
Injuries and Damages.-Claims, suits and judgments in 1910. 8214,198,
decrease $7,889; legal expenses in 1910, 1107,411, increase, 11,994. With
an increase of 48,108,053 in the number of passengers carried, the aggregate
of verdicts rendered against the company during the year was $27,372.
Only $19,998 in judgments are pending on appeal.
Legislation.-VVIth the approval of Mayor Gaynor and the Public Service
Commission, the last winter's Legislature passed a bill intended to pave
the way for the general .third tracking and extensions of the Manhattan
Ry. system by avoiding legal delays in condemnation proceedings and facilitating In- mediate construction of the same when completely authorized,
In accordance with our plan. Similar efforts resulted In the enactment of a
measure allowing a transfer, subject to permission of the Commission and
the Mayor, of the Belmont Tunnel property to another railroad corporation
Governor Hughes signed both bills.
Taxes.-The Federal Excise Tax amounted to about 160,796 for the
calendar year 1909 and has been paid under protest. An equitable action
brought by one of our stockholders to enjoin payment of this tax raises the
general Constitutional questions and also presents the peculiar conditions
under which the company operates the municipally-owned Subway, including its exemption from taxation. The action will be heard by the United
States Supreme Court sometime in the fall.
The proceeding against the State Comptroller to review his action in
assessing this company for the State franchise tax measured by a percentage
upon S fbwayearnings and upon dividends paid in excess of 4% was argued
before the Appellate Division in March 1910, and the assessment for excess
dividend taxes was annulled. This would mean the credit to the company
of taxes already paid to the amount of 1186,375 and a saving in future
taxes of $52,500 a year. The State has appealed to the Court of Appeals,
and it is probable that an even greater reduction will be obtained.
The long litigation over the special franchise taxes of the Manhattan By.
Co. Is about concluded, the tax for the year 1909 being reduced by $139,917;
It is confidently expected that the large assessments made by the State Tax
Commission will be further reduced upon appeal.
Practically all of the litigation over the special franchise assessments
upon subsidiary and affiliated companies has been concluded and substantial reductions have been secured.
Subway and Elevated Extensions -The company now has a proposal before the Public Service Commission for the independent construction of the
Elevated improvements, and before the Mayor and the Public Service Commission its suggestions for new Subway construction, as follows:
(A) Elevated Improvements.
(1) Second Ave. Line: Completion of third track from City Hall to 129th
St.; (2) Extension from 2d Ave. line across Queensboro Bridge to Queensboro Bridge Plaza.with free transfers, upon payment of a single 5-cent fare,
to all parts of the elevated system; (3) Third Ave. Line: Completion of third
track, Pearl and Chambers Sts. to about 147th St. with privilege of there' the construction of a
after extendng the third track to Bronx Park; and
two-track connection from about 143d St. through Willis and Bergen ayes.
to the Subway at or about Brook Ave., so as to divert the West Farms trains
to the 2d or 3d Ave. lines and relieve the pressure upon the Subway;(4) Extension of the 3d Ave. line from Pelham Ave. through Webster Ave., Gun
Hill Road and White Plains Road to Becker Ave., with the privilege of
thereafter building a third track from Pelham Ave. to Becker Ave.; (5)
Ninth Ave. Line: Completion of third track from Rector St. to 155th St.;
(6) Jerome Ave. extension: Construction of a two and three-track elevated
road from about 149th St. and 8th Ave. to about 162d St. and River Ave..
thence up River and Jerome avenues to about 194th St., with the privilege
of thereafter constructing a third track between 162d and 194th streets.
The advantages of this construction are: (a) The third-tracking can be
completed in about two years, thus bringing considerable rapid transit relief
to the city within three years' less time than can be obtained by Subway
construction; (b) the pressure upon the 3d Ave. line, the travel on which
is now more congested than upon any of the rapid transit lines in the city.
will be relieved; (c) if the third track is completed upon the 2d and 3d Ave.
lines, it will be possible to divert a large number of trains now using the
West Farms Division of the Subway to the 2d and 3d Ave. lines, affording
better service to the Bronx and enabling the company to materially increase its train movement on the upper Broadway Division of the Subway,
as well as relieve the congested conditions along Lenox Ave.
The operation of the Belmont Tunnel as a part of the existing Subway,
with free transfers, upon payment of a single 5-cent fare, between Long
Island City and all parts of Greater New York reached by the existing
Subway lines.
(B) Suggestions for New Subway Construction.
West Side Lower Manhattan and Brooklyn Extension: From Times
Square through 7th Ave., as extended, West Broadway and Greenwich St.
to Liberty St. as a four-track road, and from Liberty St. to the Battery
as a two-track road, with a branch connecting with this extension from the
intersection of Greenwich and Liberty streets, under Liberty St. and East
River to Pineapple St. In Brooklyn and under Pineapple and Fulton streets
to a connection with the Borokiyn extension of the existing Subway at
Borough Hall as a two-track road, and a further extension of the existing
Subway from Atlantic Ave. through Flatbush Ave. and Eastern Parkway
to Nostrand Ave. as a four-track road.
East Side Upper Manhattan and Bronx Extension: From about 35th
St. through Park Ave. and private property at or about 40th St. to Lexington Ave., thence up Lexington Ave. across the Harlem River to a point
south of 149th St. as a four-track road; thence dividing, with a two-track
connection to the West Farms branch of the existing Subway, and two
THE CHRONICLE
714
tracks up Mott Ave. through 153d St. and•up River and Jerome avenues to
194th St., with the privilege of constructing three tracks between 16Zd St
and 194th St.; the extension through River and Jerome avenues to be built
as an elevated structure.
There may also be considered an elevated extension from Pelham Ave.,
northerly up Webster Ave. to Gun Hill Road, easterly from Gun Hill Road
to White Plains Road, northerly from White Plains Road to Becker Ave.;
with the privilege of building a third track from Pelham Ave. to Becker Ave.
All of the foregoing lines are designed to be built with city money,
your company agreeing to equip and operate them as a part of the existing
Subway system, with free connections between all new extensions and the
present Subway for a single 5-cent fare. The city to take all net profits
for the first five years from the commencement of operations on any portion
of the new subway extensions. The net profits after five years to be equally
divided between the city and the Interborough company. The net profits
to be determined after deducting from the gross revenue: (a) Maintenance
of equipment;(b) maintenance of way and structure; (c) cost of conducting
transportation; (d) general and administration expenses; (e) taxes, if any:
(f) the actual annual charges of the company for carrying the cost of equipment and providing a partial sinking fund of
of 1% per annum to meet
obsolescence; (g) interest on bonds issued by the city to defray cost of construction, plus 1% per annum for a sinking fund. Any annual deficit of
interest on city bonds to be paid by the city, and all interest so paid, together with a sinking fund of 1% per annum from the commencement of
operation, to be a preferred and cumulative charge against the net earnings
of the road, and to be naid in fall befare any division of the profits is made.
The terms of the lease to be at least co-terminous with the unexpired
portion of the term of the Subway built under contract No. 1, but thecity
to have the right at auy time after 10 years to take back the extensions upon
the reimbursement to the company of the cost of equipment, plus 15%.
Therefore by the construction of a short cross route In the neighborhood of
40th St., the subways which the city would have within its power to take
back would constitute, in connection with the new Brooklyn extension, a
north and south line in Manhattan and the Bronx, duplicating the north
and south line now operated by the Interborough Rapid Transit Co.
These logical extensions of the existing Subway will not only double its
present carrying capacity, but will enable passengers to travel directly to
and from all Important centres without transferring. The Pennsylvania
RR. Terminal can be connected with the West Side Subway at 42d St. In
18 months; the Bronx extensions can be eompleted in about the same time,
while the Brooklyn extensions can be placed in operation in 15 months,
and the Belmont tunnel in 3 months.
As to the use of city money versus private capital, there can be no difference of opinion. Inasmuch as the city receives all of the profits for the first
five years and shares in the profits equally with the company thereafter,
the saving of over $1,000,000 per annum in Interest charges alone by the
use of city money illustrates as nothing else can that the use of private
capital would be an economic waste in which the city and the fare payers
would be equal losers with your company. Similarly, the establishment of
a universal 5-cent Subway fare, as against a 10-cent fare between two Independent lines, is equally conclusive proof of the wisdom of extending the
present system.
STATEMENT OF EARNINGS, ETC., FOR FISCAL YEARS ENDED
JUNE 30 1906 TO 1910 INCLUSIVE.
Note.-The results for 1910 are stated below in conformity with the rules
of the "uniform system" of accounting effective July 1 1909; those for 1909
are so stated as nearly as possible; while those for 1908, 1907 and 1906
according to the methods then prevailing.
1907.
1906.
1908.
1909.
1910.
Year end. June 30.
$
24.059,299 22,363,802 19,695,594
Earns, from oper_
Gross oper. rev__ _28,987,648 26,524,394
Operating expens_11,013,143 10,747,443 10,722,694 9,593,331 8,400,824
[VoL. Lxxxx T.
BALANCE SHEET JUNE 30.
1909.
1910.
1910.
1909.
AssetsLiabilities41,418,610 38,914,234 Stock
Fixed capital
35,000,000 35,000,000
Investments
20,355,916 19,605,256 3-yr. 5% notes,
dated AWL, 1907
Secur.depos.under
10,000,000
2,411,549 3-year 6% notes,
Man. Ry. lease
dated May 1908.21,973,000 23,424,000
Adv. to sub-cos_ _.11,304,678 11,172,035
Materials & supp_ 1,628,274 1,295,194 45-yr. M. 5% bds_13,052,000 11,590,000
573,544 Manhat.lease acct. 377,323
Prepaid insurance_l 157,683
377,323
111,985 Accr. amor. of cap. 181,846
Rents paid in adv..1
as
278,713
433,940 Associated cos____ 893,3891
106,000 Wages
Notes receivable
6,000
263,832 1,652,665
Accts. receivable 2,857,531 1,229,625 Other accts. pay'le 1,067,608
Int. & rentaisaccr. 1,672,624 1,654,571
Equip.fund depos.
Coupons not preGuaranty Tr. Co 1,475,563
sented, &c
Deposited to meet
25,810
30,117
30,117 Div.July 1,Man.Ry 1,050,000 1,050,000
coupons, &c..._
25,810
D v.July 1,Man.Ry 1,050,000 1,050,000 Div.July 1,Int.R.T 787,500
787,500
11,342,611 5287,530
D v.July 1,Int.R.T 787,500
787,500 Taxes accrued_
63,358 Taxes in litigation!
1701,041
Int. & divs. rec'ble
86,593
Items await'g dls_
9,495
65,306 Adv. Inc. receipts,
.1,993
Voluntary relief fd.
58,843
33,431
unearned propor
Taxes paid under
Unamortized premium on debt__
50,000
50,000
protest
484,729
726,096
Deposit to retire
Sinking fund res've 200,000
notes due Sep.09
10,350,000 Profit & loss-surp 5,878,091 2,993,445
Disc. & exp. amort.
12,682
fund
Unamortized debt
disc. & expense_ 1,588,329 1,469,701
Total assets_ _83,815,634 89,600,186
Total liabliities_83,815,634 89,600,186
•"Advances to associated companies" included notes receivable, $6,736,829, and
operating accounts, $4,567,849.-V. 91, p. 271.
Kansas City Railway & Light Co.
(Report for Fiscal Year ending June 30 1910.)
STATISTICAL STATEMENT FOR FOUR YEARS
(INCLUDING SUBSIDIARIES).
1909-10.
1908-09.
1907-08.
Gross earns., all sources_$7,178,441 $6,629,195 $6,175,797
Per cent of increase
8.29%
7.34%
7.95%
Net earnings, all sources_ 3,025,191
2,862.407
2,923,704
Per cent of increase
5.69%
x2.09%
4.22%
Operating expenses,
57 86%
56.82%
52.66%
Revenue passengers__111,171,548 104,950,526 100,858,027
Transfer passengers
47,280,535 45,356,172 43,485,312
Gross earns, per car mile_
24.20c.
22.18c.
21.92c.
9.82c.
Net earnings per car mile_
10 22c.
9.43c.
130.432
127.655
Miles of road
129.832
249,709
244.466
Miles of track
249.709
Equip. 16 c.-p. Inc. lamps 854.296
583,271
706,884
1906-07.
$5,721,098
11.51%
2,805,903
9.70%
50.96%
94,996,998
41,074,800
21.36c.
10.12c.
124.998
239.038
546,790
14,723,224 13,443,805 13,847,579 11,917,313
488,701
485,814
331,919
273,687
These statistics, except as to track mileage, do not Include the Kansas
'
City & Westport Belt Ry. (about 17 miles of track)..:,,Z Decrease...Al
CONSOLIDATED INCOME ACCOUNT.
1909-10, 1908-09.
1909-10. 1908-09.
Gross earnings_ _ _ _$7,161,042 $6,627,977 Interest on floating
Operating expenses 4,153,250 3,766,788
$77,230
$45,201
debt (net)
---- ---- Res. for doubtful
20,693
$3,007,792 $2,861,189
17,408
Net earnings
accts. receivable
Other Income (net)
17,399
1,218 Sundries, repairing
608
3,139
---- ---- flood d Amage,&c
$3,025,191 $2,862,407 Bond sinking fund
Gross income
Deductionsprovision (Cord$477,109 $462,745
55,000
55,000
gan issue)
Taxes
470,375
Int.on bond. debt_ 1,356.588 1,378,657 Pf,stk. divs.(5%). 470,375
-Bond disc. & corn$2,628,337 $2,576,155
mission (proporTotal
$396,854 $286,252
Um written oft) 170,734
143,630 Net Income
CONSOLIDATED BALANCE SHEET JUNE 30.
1910.
1910,
1909
1909.
Liabilities$
AssetsCost of properties_49,780,847 49,643,069 Preferred stock__ _ 9,407,500 9,522,100
Common stock..__ 9,543,080 9,635,580
Depos.for redemp72,350
74,850
Stock of sub. cos__
tion of matured
190,100
bonds
Bonds and notes_ _28,527,000 27,019,000
Materials & supp_ 263,707
220,294 Met. bonds ma73,514
Misc. Investments_
162,505
tured but not
a212,410 a341,102
Accts. receivable
presented
190,100
33,250
43,418 Bills & accts. pay_ 822,857 1,632,511
Bills receivable
581,470
Cash in banks_ __ _
539,155 Accrued taxes_
268,610
294,143
66,500
208,417
Cash for coupons_
218,012
455,910 Accrued Interest_
Disc. & exps.(net) 8540,577
14,675 Int. on coups. due
66,500
455,910
117,503
119,026
Miscellaneous
47,816
31,410 Pref. cilv. June I
Sink. & res've fds_ 1,657,868 1,519,813
409,461
Miscellaneous
327,114
c463,727
Surplus
668,606
Gross operating revenue__15,055,142 13,932,506 14,333,393 12,191,000
Operating Expenses664,444
849,626
839,306
603.335
Maintenance of way, &c____
792,221
841,665
783,147
881,566
Maintenance of equipment__
1,130
3,079
Traffic
Transportation expenses_ __ _ 3,887,832 2,849,473 3,778,842 2,700,239
449,182
740,010
460,899
634,590
General expenses
Total
51,790,191 51,451,537
Total
51,790,191 51,451,537
a Accounts receivable are stated after deducting $72,399 reserved for bad and
doubtful accounts in 1910 and $40,603 in 1909.
b Bond discount and expenses, less discounts on capital stock purchased.
c After deducting $900,000 appropriations for depreciation, accruing renewals
and Other special expenditures -V. 91, p. 589.
American Linseed Co., New York.
(Report for Fiscal Year ending July 311910.)
At the annual meeting held on Tuesday, Sept. 13, President and Treasurer John A. MeGean said in part:
13.336.605 12,770,471 11,294,770
Net earnings
Net oper. rev__ _17,974,505 15,776,951
1,750,422 1,799,807 1,586,466 1,377,965 1,390,560
Taxes
11,750,139 11,392,506 9,904,210
Net earns.less taxes
Income from op.16,224,083 13,9'77,144
Other income____ _
1.220,170
815,833
715,503
Non-oper. Income_ -411,024 1,001,775
Gross income__ _16,635,107 14,978,919 12.970,309 12,208,339 10.619,713
Total Inc. deduc.10,552,960 10,389,096 9,269,650 8,491,895 7,450,823
Net corporate Inc 6,082,147 4,589,823 3,700,659 3,716,444 3,168,890
Dividends
(9)3,150,000(9)3150000 (9)3150000 (9)3150000 2,887,500
2,932,147 1,439,823
Surplus
550,659
566,444
281,390
37.99%
40.52%
44.57%
P.c. exp. to earns_
42.89%
42.65%
Passengers carried_562788395 514680342 483285640 449287884 395716386
STATEMENT
OF OPERATIONS BY DIVISIONS FOR
ENDED JUNE 30 1910 AND 1909.
YEARS
1909-10.
1908-09.
Manhattan Subway Manhattan Subway
Ry. Div. D.ivision. Ry. Div. Division
• Operating RevenueTransportation
Other street ry. oper. rev
Total operating expenses__ 6,256,693
4,756,450
6,199,823
4,547,620
Net operating revenue_ __ _ 8,798,449
1,525,142
Taxes
9,176,056
225,280
8,133,570
1,733,211
7,643,380
66,595
Income from operation__ _ 7,273,307
Non-operating income
25,635
8,950,776
385,389
6,400,359
24,529
7,576,785
977,246
7,298,942 9,336,165 6,424,888 8,554,031
Gross Income
2,171,023
2,181,204
Int. and s. f. on city bonds_
Int. on 3-year 5% notes
500,000
83,333
called Sept. 1 1909
1,469,240
1,388,980
Int. on 3-year 6% gold notes
30,042
593,308
Int. on 5% 45-yr. gold M.bds.
Sinking fund Inter. Rap. Tr.
200.000
5% 45-year bonds
Int. on Manhattan Ry. consolidated M. 4% bonds
1,591,080
1,580,445
Interest on N. Y. El. R.
5% debenture bonds
50,000
50,000
Man. Ry. rental (organiz'n)_
10,000
10,000
7% guar. dividend on Man4,200,000
hattan Ry. stock
4,200,000
12,930
12,213
Amort. of debt disc. & exp
232,908
361,228
97
4,905
Int. on unfunded debt
2,543
6,577
Other rent deductions
5,857,754
4,695,206
5,845,350
4,543,746
Net corporate income_ _ _ 1,441,188
Divs. on I. R. T. stock (9%)
4,640,959
3,150,000
579,538
4,010,285
3,150,000
ff Surplus
1,490.959
579,538
860,285
, Total Income deductions
1,441,188
P.c. expenses to earnings41.56%
Excluding taxes
34.14%
43.25%
37.30%
Including taxes
35.75%
55.34%
37.85%
51.69%
Passengers carried _____ __293,826,280 268962,115 276250,196 238430,146
736,882
Daily aver, pass. carried_ _
756,850
653,283
805,004
Note.-Decrease in non-operating income is largely due to the policy
Inaugurated July 1 1909 of not crediting to income the Interest on the advances made for construction of Belmont tunnel.
In accordance with its usual practice, the company has maintained the
physical cxiditions of its plants in good working order, the expenditures
having been charged to operating account. These expenditures include
an amount which has been set aside to pay for material alterations and repairs now in contemplation for one of its plants.
The past year has been without precedent in the history of the company
as to the price of flaxseed and linseed oil. At the beginning of the year
the indications were for a flax crop in this country fully sufficient for all
oil and other requirements, but the flax plant became infected with diseases
peculiar to it, resulting in a crop which was the smallest In many years and
less than required ter the needs of the country,. Inasmuch as there were
at the beginning of the year no surplus stocks of seed and oil, purchases had
to be made by your company in every important flax-producing country of
the world, and as foreign crops also were less than norn al, with no surplus
remaining from previous years, the competition for seed from all sources
resulted In the highest prices known since the United States became a
flax-growing country. 'I he low price for home-grown seed was in August
and the high price was in
1909, when the December option sold at $1 29
July 1910, when the July option sold at $2 80 per bushel. The low and high
prices for oil were 40c. and 89c. per gallon respectively. The high prices
seriously affected the paint and linoleum trades, which are the principal
users of linseed oil, and in consequence .consumption was reduced, and this
became marked in May and continued until the close of the fiscal year.
As to the outlook for the coming year, the flax-growing States of this
country were affleted with drought during the planting season, and indications now are for a crop which may prove to be smaller than that of the
past year, nor are the conditions in foreign countries at the present writing
favorable for large crops. Flaxseed.and oil arc now commanding the highest prices ever known-at this season.of the year, seed selling in Duluth on
Sept.10 at $2 88.as against a normal average of the past live years at this
season of $1 30; while linseed oil in New York on the same date was generally
quoted at 98c. per galloalias against a, normal average for the past live years
of 45c. It would seem that for the next year at. least prices of the producttInto which linseed oil enters must hold on a materially higher level than In
the past.
SEPT. 17 1910.1
THE CHRONICLE
Whether this will affect consumption materially or not cannot of course
yet be determined. Your company, however, has the larger problems involved in these new conditions constantly under consideration. As one
of the incidents of policy to meet changing conditions, your company, with
the assistance of other linseed-oil manufacturers, has instituted an educational movement among the farmers of one of the Northwestern States,
under the general auspices of the State Agricultural College. to bring about
a more intelligent cultivation of flaxseed, and thus result in larger and more
stable crops. This movement your company trusts to extend to other
flax-growing States under similar auspices.
RESULTS FOR FISCAL YEAR ENDING JULY 31.
1908-09.
1909-10.
Profits after paying all operating expenses
$720,952 $1,264,185
$186,109
Deduct-Interest on borrowed money
98,475
Depreciation charged off
$720,952
Net profit for year.
$979,601
BALANCE SHEET JULY 31.
1909.
1910.
1909.
1910.
$
LiabilitiesAssetsCommon stock16,750,000 16,750,000
Plants, equip.
& inventory31,868,029 31,845,572 Pref. stock__ _16,750,000 16,750,000
315,000
315,000
445,319 Bonds payable
445,320
Investments__
19,676
16,595
833,484 Current accts_
Accts. reedy_
698,984
90,707
811,659
75,353 Surplus
76,371
Notes reedy__
Cash and cash
638,968
1,470,616
items
27,970
Com.sticin treas 27,970
26,352
26,352
Pref.stk.in treas
23,595
27,003
Unearned ins_
486
486
Pro.F.x.memb.
5,203
5,203
B. of Tr. mem.
34,646,335 33,922,302
Total
-V. 90, p. 851.
Total
.. _34,646,335 33,922,302
The Canada Iron Corporation, Ltd., Montreal.
(Report for Fiscal Year ending May 31 1910.)
Pres. T. J. Drummond, Montreal, Sept. 1 1910, wrote in
substance:
715
Oil Property.-During the year your Brooke County oil property produced
31,227 barrels of oil, and at present is yielding from 1.500 to 1,800 barrels
per month. The field had produced up to June 30 1910 330,000 barrels.
Special Funds.-In addition to caring for all ore and coal land depletions,
the relining, rebuilding and contingent fund balance has been considerably
increased. The general depreciation fund has had a further credit of $250,000, making the total credited to this fund during the last five years $1,250,000; charges for plant betterments, $133,040; balance June 30 1910,
$1,116,960.
Dividends.-There was paid out during the year in cash dividends
339, being at the rate of 8% per annum for the first two quarters and$892.10%
per annum for the last two quarters.
General.-The year just closed was in some respects disappointing.
Twelve months ago the volume of railroad buying had again about reached
normal conditions. During the quarter ending Dec. 31 1909 disturbing
questions, largely political, began to render it almost impossible for the
railroads to market their securities. The outcome has been a curtailment,
reaching in some instances to almost a complete discontinuance of buying,
not only of rails, cars and locomotives, but minor supplies as well. With
this falling off in railroad buying, the demand for steel goods was reduced
to a point where there was hardly sufficient to go round, prices suffering
accordingly. The net result has been to discourage generally the placing
of orders ahead, reducing the business to a "hand to mouth" buying basis,
which is not conducive to good mill operations.
The year's business also suffered from higher costs without receiving a
corresponding advantage in the way of increased prices for goods sold.
The outlook is somewhat confusing. Crop prospects are satisfactory,
money can be had at fair rates and stocks In the hands of the manufacturer,
jobber and consumer are on the whole not large. It is to be hoped that
before a good situation is thoroughly spoiled, something will divert the
political agitator to a line of action which is not disturbing.
RESULTS FOR YEARS ENDING JUNE 30.
1909-10. •
1908-09.
1907-08.
1906-07.
z2,167,586
137,895
(9)892,339
1,814,394
143,710
(8)793,120
1,755,639
147,000
(8)594,928
2,457,147
150,000
(8)583,916
Total
1,030,234
Balance, surplus
1,137,352
Surplus beginning of year 2,063,218
936,830
877,564
1,435,654
741,928
1,013,711
3,150,810
733,916
1,723,231
2,228,459
Net profits for year
Interest on bonds
Cash dividend
Total
3,200,570
2,313,218
4,164,521
3,951,690
Stock dividends
*2,478,867 (8)550,880
The original extensive plans determined upon when the corporation Special depreciation_ _ _ _
250,000
250,000
250,000
250,000
was organized (V. 88, p. 1131), embodying additions to and betterments of
the existing plants, and the construction of entirely new works, will all be
Tot. surp. end of year 2,950,570
2,063,218
1,435,654
3,150,810
satisfactorily completed within the next few weeks.
--Disastrous fires occurred at two of your plants during the year, viz.;
* 33 1-3%. x After deducting $59,743 for provision for exhaustion of
Montreal and Three Rivers; the former was not re-built, while the latter minerals and extinguishment of lease values, development, &c., against
has been reconstructed in a manner less liable to be destroyed by lire, as $40,436 in 1908-09 and $59,132 in 1907-08 and in 1906-07, $178,008 for
well as on a larger scale so as to incorporate the operations formerly con- similar purposes and contingencies.
ducted at Montreal.
BALANCE SHEET JUNE 30.
Notwithstanding the foregoing, and the fact that a limited number of
units only were efficacious, the fixed charges, including interest on bonds
1909.
1910.
1910.
1909
li
paid and accrued to May 311910, have been cared for during the full period
AssetsMobil *$
$
$
$
of construction, leaving a surplus of undivided profits carried forward of
account *11,454,515*11,225,911 Capital stock
9,915,400 9,915,467
$149,427. This is gratifying in face of the unavoidable interruption to Property
Other assets
124,800
125,000 Bonded debt
2,260,500 2,364,000
operations that occurs during the period of construction.
Sinking fund dep.,
8,000 Wages, taxes and
3,500
A larger volume of business was secured by the sales department than in Insurance,
unexroyalties accrued 251,897
221,204
the preceding year.
pired,
&a
14,397
11,312
Accounts payable_ 189,928
417,368
your
properties adding their Inventories
With construction work completed and all
3,117,452 2,746,040 Div. pay. Aug. 1
198,294
quota to the earning power of the corporation, returns on the capital securi- Accounts and bills
Accrued interest__
18,995
17,765
ties will then commence to accrue as estimated.
receivable
1,722,006 1,166,221 Depr., &c., funds_a1,690.803 1,420,531
Cash
941,423 1,335,362 Total surp. June 30 2,950,570 2,063,218
PROFIT AND LOSS ACCOUNT FOR YEAR TO MAY 31 1910.
---Earnings for year (mines not yet in operation)
$265,837
Total assets......17,378,093 16,617,846
Total liabillties_17,378,093 16,617,846
246,813 --Less bond, current interest and administration charges for year
* Includes real estate, buildings, plant, machinery, &c. at Steubenville and
Net earnings for year
$18,994 Wheeling: also mining,gas, oil properties, equipment,
&c. a'
Reserve funds include:
Less applied on reduction of bond discount and expense, $6,805,
For depreciation, $1,116,960; exhaustion of minerals, $297,630; for re-lining furand merger expense, $9,506
10,311 naces, extraordinary repairs and contingencies,
$294,213.-V. 90, p. 562.
Carried forward
$2,683
Add balance at credit profit and loss account to May 31 1909
146,743
Total undivided profits
$149,427
[The foregoing "earnings for year, $265,837," contrast with
$152,396 for the period ending May 31 1910.-Ed.]
BALANCE SHEET MAY 31 1910.
Liabilities ($13,439,349)-• Assets ($13,439,349)Preferred stock
Plant, &c., including works
$2,909,000
under construction_ _ _ _$2,939,613 Common stock
4,832,300
Mining prop's (not oper.)_ 5,175,219 Bond issue
_ 2,920,000
Accounts & bills payable_ 2,533,490
Investments (inel. L. I. &
955,232 Bond Interest accrued__ ._
M. Co. stock)
73,000
102,833 Contingent reserves
Cash in bank
22,132
1,458,718 Profit and loss
Accounts receivable
149,427
(Indirect Liabilities on
Material 83 supplies, Foe_ _ 1,501,608
Insur., taxes. &o., unexp_
bills receivable, $158,475).
16,904
Deferred charges
248,221
1,041,000
Good-will
-V. 90, p. 1427.
La Belle Iron Works, Wheeling, W. Va., Steubenville, 0.
(Report for Fiscal Year ending June 30 1910.)
President Isaac M. Scott says in substance:
Torrington Company, Torrington, Conn.
(Report for Fiscal Year ending Sept. 1 1910.)
President Henry H. Skinner, Sept. 13 1910, wrote:
The business and profits of your subsidiary companies during the past
year have been larger than those of any previous year since the formation
The increase in profits has come largely from Improveof the company
ments in machinery and methods, rather than from increase in business,
and the profits have increased in spite of a material reduction in price
in many lines. The net earnings of the various subsidiary companies are
largely in excess of the amount necessary to pay the interest on the bonds
and the dividends on the stocks of your company. The amount charged
off this year for depreciation is larger than in any former year.
The business of your German factory again shows a large increase, and
it is expected that it will begin this year to pay returns on the money invested, for the first time. The business in England is good and increasing,
and they are getting well started in the manufacture of screws, which is
a recently added line. At your main plant. the Excelsior Needle Co. at
Torrington and at Springfield, the business has been very satisfactory.
The Standard company is sharing in the revival of the bicycle business
and the growth of the motor-cycle. It has also added one or two new lines
during the year, and has bought a new factory at Newark, N. J., and the
factory and business of the National Sweeper Co. at Marion, Ind.
The Eagle company of New Jersey has been organized, the common stock
of which is all held by the Standard company; and by the issue of preferred
stock of the Eagle company the factories at Newark and Marion have largely
been paid for. The Eagle company will manufacture carpet sweepers, gas
engines and wind shields, and the business looks promising.
which are now held in the treasury. The cash balance on hand Sept. 1
1910 was $151,035. Your company has no indebtedness other than its
mortgage bonds.
Ore Properties.-Your Miller mine was in operation the greater part of
the year, producing the major portion (304,128 tons) of the ore required
in running your furnaces. This property continues to develop) in a satisfactory manner, both as to character of ore and cost of production. From
the Wacootah property there was mined only enough ore (73,227 tons) to
cover the part of the season's requirements which the Miller mine could not
INCOME ACCOUNT FOR THE YEARS ENDING SEPT. 1.
supply. The La Belie mine's output (18,746 tons) was somewhat (63,461
1909-10.
1908-09.
1907-08.
tons) less than the year before,due to local conditions; this deposit is of an
1906-07.
Receiptsuncertain nature. The total production of ore was 396,101 tons, contrast$
$
ing with 259,412 tons in 1908-09.
Dividends from sub-cos.
229,241
119,590
181,500
138,359
Coke Properties.-The output of coke by your Fayette County property Miscellaneous income_ _ _
4,496
2,791
3,656
2,518
20,000
was 69,949 tons, all of which was used in your furnaces, as compared with Sale of land
Rentals
110,000
110,000
23,697 tons for 1908-09.
110,000
110,000
coal -Owing to labor disturbances, the output of your Steubenville Excelsior Needle Co. acct.
div. to be declared_ _ _
mine was not as great as for the previous year, but with the satisfactory
20,000
adjustment of the trouble referred to the mine was put on a better producing
270,877
294,291
Total receipts
basis than ever before. The recent installation of additional equipment
293,246
363,737
Paymentspromises to improve the quality of coal, permitting of its wider pse in the
50,000
50,000
Interest on bonds
50,000
50,000
making of gas for the open-hearth department.
70,000
70,000
70,000
70,000
on pref. (7%)
Output of Manufacturing Plants.-The tonnage produced was as follows: Dividends
80,000
Divs. on' A" corn,(8%)
80,000
80,000
80,000
1909.
1910.
1909.
1910.
80,000
80,000
Divs.
80,000
com.
(8%)
on
"B"
80,000
130,898
209,461
36,598
Sheets
Pig iron_
41,468
8,830
9,300
• 6,100
8,250
_347,978 201,686 Tubular goods
Slabs and billets_
70,782 51,532 Salaries & directors' fees
51,904
Plates and skein_ _ _271,783 165,625 Nails, kegs
194,682 187,722 Investments
1,331
1,591
4,461
Sundry•payments •
1,126
Pay-1011.-The average number of employees during the year was ap- Purchase of machinery _
33,854
proximately 3,600, the pay-roll aggregating $3,095,507.
Shipments.-The value of shipments was $13,719,912, as against $10,290,161
342,465
324,745
Total payments
289,376
278,456 for the previous year.
sur.3,085 def.53,868
sur.21,272
Improrements.-The amount expended for improvements and extraordi- Balance for year
sur.4,915
nary repairs largely exceeded that of any like period in the past, the prin- Cash and cash assets end
129,763
151,035
126,679
cipal changes being as follows: (1) Remodeling and practically rebuilding
of year
180,497
Nos. 4 and 5 skein mills; (2) remodeling existing and adding additional fur- -V. 90, p. 378.
naces in plate inill department; (3) installing a slag granulating system in
blast furnace department; (4) thoroughly overhauling the blooming mill
Electrical Securities Corporation, New York.
engine, shears and conveyor tables.
Aside from $133,040 charged to the depreciation fund, the expense of
(Report
for Eight Months ending June 30 1910.)
this work has gone against costs and so been absorbed in the year's besiness.
The maintenance and repair expenditures aggregated approximately $743,This company, of which George R. Sheldon is President,
000, as comnared with $517,000 for the year before. With the changes
made,the property has been strengthened without increase of plant account. reports as follows:
THE CHRONICLE
716
PROFIT AND LOSS ACCOUNT.
8 mos.end. 6 mos. end.
8 mos. end. 6 mos. end.
J'ne 30'10. Oct. 31 '09.
J'ne 30 '10. Oct. 31 '09.
Underlying & inv.
Coll. tr. bond Int__ $95,924 $167,018
50,582
bd. Int. rec'd &
33,608
Expenses
accrued
$190,976 $285,154 Pref. divs....__(2 3 %)25,000 (5)50,000
Int., gen'i acc't_
120,000
120,000
23,118
4,221 Corn. dIvs.(6%)_
Divs. on Investm't
• stocks received_
35,079
79,126
Profit on sale of securItles,&c.(net)
29,845
826,739
Total disburse'ts $274,532 $387,60
$4,486 $807,64
Total income
$279,018 $1,195,240 Balance, surplus....
BALANCE SHEET.
J'ne 30'10. Oct. 31 '09
J'ne 30'10. Oa.31'09.
LiabilitiesAssets$
Coll. tr. 5% bonds 3,426,000 3,750,000
Pledged for coll.
Surp. of coll, held
tr. 5s (par in
as see. for same 355,574
253,735
191054,946,000) 3,729,250 4,002,395
Common stock___ 2,000,000 2,000,000
In trust to redeem
52,324
1,340 Preferred stock___ 1,000,000 1,000,000
coll. tr. 5% bds.
25,284
628,000
991,000 Notes payable
Treasury bonds__
Acced int. payable
31,429
575,000
Investm't stocks
Taxes accrued_ _ _ _
1,662
1,730
(par in 1910,
$3,597,937) ___ 1,162,062 1,563,006 Net profits since
Nov. 11904_
61,211
422,328
Investment bonds
Surplus Nov. 1 '04 500,000
500,000
(par In 1910
$1,678,000) ___ 1,067,270 1,071,175
Notes dc acc'ts rec.
80,332
10,224
(book value)....
Syndicate acc'ts
92,313
(underwritten) _
125,200
43,113
100,327
Accr'd Int. rec'bie_
Cash
493,936
81,377
355,574
Surplus
253,735
Total
7,737,061 8,166,892
Total
7,737,061 8,166,892
Collateral Trust 5% 30-Year Bonds Subject to Call at 103 and Interest.
3d
4th
2d
1st
SeriesNov.'04. Feb.'05. May '05. Jan. 06.
Dated$855,000 $694,000 $607,000 $291,000
Collateral trust 5s canceled
102.06% 101.77% 100.42% 98.09%
Average price paid
$909,000 $749,000 $658,000 $313 000
Underlying bonds sold
96.01% 94.31% 92.63% 91.i9%
Average price received
Coll. trust 5s outstanding June 30'10$145,000 $306,000 $393.000 $709,000
$411,000 $548,000 $619,000 $958,000
Underlying bonds pledged
8th
5th
6th
7th
SeriesDec. '07. Feb.'09. Feb.'09. Feb.'10.
Total.
Dated$3,074,000
Coll. trust 5s canceled_ _5563,000 $64,000
Average price paid_ _ _100.25% 102%
Underlying bonds sold.... 625,000 130,000
3,384,000
Average price paid_ _ _ 90.09%
90%
Coll. trust 5s outstanding
437,000 436,000 $500,000 $500,000 3,426,000
June 30 1910
Underlying bds. pledged 640,000 508,000 635,000 627,000 4,946,000
-V. 89, p. 780
GENERAL INVESTMENT NEWS;
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Tennessee & Northern RR.-Guaranteed Bonds
Offered.-See Mobile Terminal & Railway below.-V.
83, p. 1036.
Algoma Central & Hudson Bay Ry.-Old Mortgage Discharged-New Mortgage Filed.-This company on Aug. 27
deposited with the Secretary of State of Canada a discharge
of mortgage dated Jan. 1 1903 (Central Trust Co. of N. y.
original, and U. S. Mtge. & Trust Co. substituted, trustee).
There was also deposited with the Secretary of State of Canada on Aug.27
the new mortgage, dated July 1 1910, U. S. Trust Co. trustee, securing
1st M. 5% 50-year gold bonds, guaranteed as to principal and interest by
the Lake Superior Corporation, the last-named company being one of the
parties to the mtge. Compare V.91, p. 93;V. 90, p. 1553.
American (Electric) Railways, Philadelphia.-Report of
Holding Company.-The statement for the fiscal year ending
June 30 shows total receipts of the subsidiary companies
$3,431,039, against $2,988,141 in 1908-09. The results for
the American Railways are as follows:
Receipts.
Year$693,678
1909-10
527,113
1908-09
498,758
1907-08
-V. 90, p. 371.
Expenses.
$15,175
10,060
15,791
Bond Int.
$325,209
206,323
155,854
Div.(6%).
$342,073
305,706
305,706
Surplus.
$11,221
5,023
21,407
Atchison Topeka & Santa Fe Ry.-Chairman.-Walker D.
Hines, who has been Acting Chairman of the board, has been
elected Chairman.-V. 91, p. 588, 93.
Atlantic Shore Line Ry., Sanford, Me.-Stalus.-Reorganization.-The report that a syndicate of Massachusetts
capitalists represented IV E. H. Knowlton of Brookline
has acquired an option on the property, embracing about 100
miles of trolley track, water-power plants, &c., is denied.
The coupons on the refunding 4% bonds (of which $1,191,500 were outstanding at last accounts) are in default, and
the bonds have been mostly deposited with a reorganization
committee with a view to reorganization. The mortgage
trustee is expected to purchase the property at the foreclosure
sale to take place shortly,in behalf of the bondholders.V. 89, p. 1410.
Berkeley Springs & Potomac RR.-Sale.-Special Commissioner Stuart W. Walker will on Sept. 24 offer the road
for sale at Berkeley Springs, W. Va., under the judgment
held by the Baltimore & Ohio. Compare V. 88, p. 1436.
Bingham & Garfield Ry.-All Sold.-The 1st M.6% bonds
guaranteed by the Utah Copper Co., which were advertised
in the "Chronicle" of Sept. 3 by Eugene Meyer Jr. & Co.,
it is announced, have all been sold.-V.91, p. 654.
Bolivia Ry.-Listed.-The New York Stock Exchange has
listed £460,000 1st M. 5% bonds due 1927. In all dealings
therein $5 shall be the equivalent of.£1 sterling.-V.90,p.107.
Boston & Maine RR.-Acting President.-President
Charles S. Mellen of the New York New Haven & Hartford
RR. was on Wednesday elected Acting President of this company, also of its dependency, the Maine Central RR., until
the annual meetings of each in 1911, to relieve Lucius Tuttle,
who, at his own request, is granted leave of-absence until his
resignation takes effect at the end of the corporate year.
[VoL. Lxxxxi.
Report.-For year ending :Tune 30:
Tot. Oper. Net (after
Other
Interest, Dividends Balance.
Fiscal
Surplus.
Paid.
Year- Revenue. Taxes, etc.). Income. Rentals, dec.
1909-10 $43,357,175 $9,991,231 $741,752 $7,882,361 $1,868,520 $982,102
1908-09 39,528,698 9,558,324 618,900 7,789,621 1,817,360 570,243
From the surplus as above, $982,102 in 1909-10, there was deducted
$198,842 for additions, betterments, &c., against $41,099 in 1908-09.
leaving $783,260 in 1909-10, against $529,144 in 1908-09.
Dividends as above include: 6% yearly on the common stock, $1,679,532 in 1909-10, against $1,628,373 in 1908-09 and $188,988 (6%) yearly
on the preferred stock.-V. 00, p. 625.
Bryan (Tex.) & College Interurban Ry.-Bonds.-The
Texas Railroad Commission on Sept. 2 authorized the registration of $49,059 bonds.
The road was recently completed between Bryan, Tex., and Agricultural
and Mechanical College, 634 miles. Gasoline motor cars have, It is said,
been purchased, although electricity Is to be ultimately used. The outstanding stock is $20,000; valuation fixed by Commission, $69,059. The
Commission held that the Act of 1909, under which the road was authorized
to be built, placed It under Its control, making it in this respect different
from all other interurban roads.
Incorporators were: H. O. 13oatright, G. S. Parker, 0. E. Grammell,
J. W. Doremus, J. E. Butler, J. T. Maloney, A. W. Wilkerson of Bryan.
W. H. Hunter of Shreveport, La., and S. S. Hunter of Arcadia Parish, La.
Canadian Northern Ry.-Proposed Amalgamation.-The
Canadian Railway Commission will on Oct. 18 listen to an
application from the Canadian Northern Ry. Co. and the
Edmonton & Slave Lake Ry. Co. for a recommendation to
the Governor General in Council for the sanction of an agreement amalgamating the said companies.
bonds, $420,000, were acquired in
Edmonton & Slave Lake Ry.
1907-08 and pledged as part collateral for Canadian Northern Ry_, 4%
perpetual consolidated debenture stock (V. 87, p. 1156, 1157).-V. 91.
p. 336, 153.
Canadian Pacific Ry.-Report.-See "Annual Reports".
Lease.-See New Brunswick Southern Ry. below and compare above-mentioned report.
Listed.-The New York Stock Exchange has authorized
to be listed on and after Oct. 6 $30,000,000 ordinary stock,
which was offered at 125 to stockholders of record Nov. 15
1909,on notice of issuance and payment in full, making the
total authorized to be listed $180,000,000.-V. 91, p. 517,
396, 394.
Chicago Railways.-Status.-In August the cqmpany
established a new high record for gross monthly earnings, the
figures being $1,200,000 for August, as compared with
$1,165,000 in July, the previous high record. Total gross
receipts for the seven months ending Aug. 31 1910 approximate $7,834,000, as compared with $7,122,695 for the
similar period of 1909. An authoritative statement says:
Up to date the company has expended $26,000,000 in the rehabilitation
of Its properties as follows: (1) the reconstruction of approximately 200
miles of track laid on a sub-structure of concrete, covering the ties and
the lower half of the 129-lb. rails; (2) the purchase of 1,000 cars of the
latest pattern; (3) the construction of a dozen new buildings, viz.: carhouses, sub-stations, machine shops, paint shops &c.; (4) the laying of
hundreds of miles of copper cable and trolley wire, also of underground
conduits; (5) the re-setting or replacement of hundreds of poles; (6) the
construction of tunnels-all in the effort to afford Chicago the best street
railway system In America.-V. 90, p. 1489.
Connecticut Valley Street Ry.-Exchange of Bonds.-This
company, having already retired $100,000 of its $200,000
outstanding "first and refunding" bonds by exchange for a
like amount of 6% cum. pref. stock,' received authority on
Sept. 2 from the Massachusetts Railroad Commission to
issue, in order to retire the remainder, an additional $20,000
of said pref. stock and a further $80,000 bonds secured by
the Northampton & Amherst 1st M. of 1900.-V. 91, p. 38.
Cripple Creek & Pueblo Ry.-Foreclosure Sale.-Sanford
C. Hinsdale as Master in Chancery appointed by the United
States Circuit Court for the District of Colorado, under an
order entered June 15 in the foreclosure suit brought by the
State Bank of Chicago, as trustee, will sell the property of
the company on Sept. 242.
The sale will take place at the dphella tunnel, in the Cripple Creek
Mining District, Teller County, Colo. Upset price $24,900.-V. 83, p. 36.
Delaware Lackaivanna & Western RR.-Stock Increase
by Subsidiary.-The shareholders of the Newark & Bloomfield
RR., a 4-mile road extending from Newark Junction to
Montclair, operated under lease by the D. L. & W., has
authorized an increase of capital stock from $103,850 (of
which the D. L. & W. owns $97,700) to $1,600,000.
The
tracks
N. J.
at 6%
proceeds will be used for improvements, Including depressing of
and the building of new stations at Watsessing and Bloomfield.
The property is unbondcd. The lease runs for 99 year-8 from 1868
on stock.-V. 91, p. 154.
Dominion Atlantic Ry.-Sale.-See Canadian Pacific Ry.
report on a subsequent page.-V. 90, p. 1490.
Fitchburg RR.-Increase of Stock.-The stockholders will
vote on Sept. 28 on increasing the capital stock by issuing
4,000 shares ($400,000) of pref. stock, to provide for permanent additions and improvements and payment of debts and
obligations under the lease to the Boston & Maine dated
June 30 1900.-V. 90, p. 167.
Freeport(Ill.)Ry. & Light 00.-Consolidation.-On Aug.
20 a certificate was filed at Springfield, Ill., consolidating
under this title the Freeport Railway, Light & Power Co.
(owning some 8 miles of trolley road, &c.) and the Freeport
,
Railway & Light Co., the latter, it is stated, being the holding
company. The authorized capital stock is $1,50,0
$850,000 being common and $400,000 preferred.
A new bond Issue Is said to be proposed to refund existing bonds (about
$335.000 1st M. serial is dated May 1 1903, callable after May 1 1913 at
105; int. M. & N. at office of Rudolph Kleybolte & Co.) to purchase
Highland Park and the property of Pecatonica River Power Co., and for
Improvements to cost about $100,000. A. J. Goddard was President of
the old railway company.
Lehigh Valley Transit Co.-New Through Freight Line to
Philadelphia.-The company recently completed negotiations with the Philadelphia Rapid Transit Co. for establish-
SEPT. 171910.]
THE CHRONICLE
ing a trolley freight line between Philadelphia and Allentown, on the basis of a division of charges. The line was
expected to be in operation by Oct. 1.
New Line.-The company has arranged to build a new
miles in
trolley line from Quakertown to Perkasie,
length. The company has been operating over the leased
line of the Quakertown Traction Co. This lease the Lehigh
Valley Transit Co. has decided to cancel. The cost of the
new line, which is 1 IA miles shorter than the old line, is estimated to be about $200,000.-y. 91, p. 154.
Los Angeles & Redondo RR.-Large Block of Bonds
Pledged.-See Huntington Land & Improvement Co. under
"Industrials" below.-V. 90, p. 236.
Los Angeles Ry.-Increase of Stock.-A Los Angeles paper
states that the stockholders on Sept. 8 voted on the question
of increasing the authorized capital stock from $5,000,000 to
$15,000,000, to provide for future requirements.-V. 86, p.
1224.
Louisville Henderson & St. Louis Ry.-Report.-For year
ending June 30:
717
Canadian Pacific Ry. Co. (see "Annual Reports" on a preceding page).
The road extends from West St. John west to St. Stephens, 84 miles.
Capital stock at last accounts, $49,000. Bonded debt $500,000 1st 50year 4s. New Brunswick Government aid, $413,000; municipal aid, $3.000;
total paid-up capital, $965,000.
New Orleans & Northeastern RR.-Dividend Increased.An annual dividend of 63/2% was paid on Sept. 3, contrasting with 5% last year, 4% in 1908,6% in 1907, 5% in 1906,
332% in 1905 and 3% each in 1903 and 1904.-V.89, p. 1594.
New York & Harlem Railroad.-Dividends Resumed on
Account of Street Railway Rental-3% Yearly to be Paid at
Present.-A dividend of 13/2% has been declared on the
$10,000,000 stock, payable Oct. 1 to holders of record
Sept. 19 out of the moneys ($400,000 yearly) received as
rental from the Metropolitan Street Ry. under the lease of
July 1896.
This rental was up to and including Oct. 1908 used to pay semi-annual
dividends of 2% each in April and October on the New York & Harlem
stack, but in April and Oct. 1909 and April 1910 no distributions were
owing to
ralwycomfanyremainedunpaianouningoovergoo
fact
thaspeclifrd taxs edgtr
The New York & Iarlem RR. was inJune 1910 reimbursed for $400,000
advanced
by
it
on
account
of these taxes, and part at least of the remainder,
Balance,
Other
Total
Net (after
FiscalGross
Surplus. It is understood, has been paid by the Metropolitan company. Compare
Taxes).
Income.
Charges.
Earnings.
YearV.
90,
p.
1614,
560,
110.
Pending a full adjustment of the tax matter,
$2,621
$204,574
*93,300
$295,253
$1,176,869
1909-10
237,318
1,400
200,908
37,810 however, the Harlem company, in order to insure itself against possible
1,023,737
1908-09
loss, has decided to pay dividends at the rate of 1 M% semi-annually.
-V. 89, p. 666.
Circulars explaining the matter will be sent out with the dividend checks.
-V. 90, p. 1614.
Maine Central RR.-Report.-For year ending June 30:
Other
Total Oper. Net (after
Interest, Dividends Balance
Fiscal
Pasadena (Cal.) Rapid Transit Co.-Bonds.-The shareRevenue. Taxes, ecc.) Income. Rentals,&c. (8%). Surplus
Year.
1909-10...$8,922,312 $2,411,400 $133,383 $1,882,295 $398,152 $264,336 holders will vote Oct. 18 on authorizing an issue of $3,000,000
61,019 1,655,588 398,152 215,696 5% 50-year mtge. bonds, to be issued in connection with
1908-09 __ 8,337,723 2,207,518
From the surplus as above, $264,336 in 1909-10, there was deducted the construction and equipment of the railway between Pasa*217,488 for additions and betterments, against *113,733 In 1908-09;
dena and Los Angeles. Compare V. 89, p. 1411:
leaving $46,847 in 1909-10, against $101,984 in 1908-09.-V. 90, p. 849.
Acquisition.-The company on Thursday announced the
purchase of the Sebasticook & Moosehead RR., extending
from Pittsfield, Me., to Main Stream, 15 miles. The property was presumably sold by the receiver at foreclosure sale.
Compare V. 90, p. 977.-V. 89, p. 842, 849.
Manila RR. Co.-Listed in London.-The London Stock
Exchange has listed scrip, fully paid, for £399,376 18s. 6d.
1st M. gold bonds, covering the 'Southern Lines." Compare V. 91, p. 214, 276.
Metropolitan Street Ry., New York.-Foreclosure Sale
Again Adjourned.-Judge Lacombe on Wednesday granted
a further adjournment of the foreclosure sale, this time to
Nov. 14, in order to permit reorganization plans to become
more fully developed.-V. 91, p. 336, 94.
Mobile Jackson & Kansas City RR.-Final Assessment on
Stock Called.-The eighth and final installment of assessment
of $2 50 per share on the stock of the Mobile Jackson &
Kansas City and Gulf & Chicago, under the modified plan
of reorganization dated Oct. 11908, is payable on or before
Sept. 30 at the office of the Metropolitan Trust Co. Compare V. 91, p. 463.
Mobile Terminal & Railway Co.-Guaranteed Bonds Offered.-F. J. Lisman & Co. have purchased, and offer at par
and interest, $175,000 of the company's 1st M. 25-year
$1,000 6% gold bonds due Sept. 1 1935, but subject to call
' day, March 1 or Sept. 1. Jointly
at 105 on any interest
guaranteed by Alabama Tennessee & Northern and Tombigbee Valley RR. companies, both principal and interest.
Authorized issue, $500,000. Interest payable at City Bank
& Trust Co., Mobile, or its agency in New York. F. J. Lisman & Co. write in substance:
This company was incorporated in Alabama on Sept. 1 1910 to acquire
24 acres of real estate, fronting 700 feet on Mobile Harbor, adjoining the
business section of the city. The company has authorized $500,000 capital
stock (In $100 shares), all outstanding; also $500,000 1st M. 6% bonds; of
the latter, $175,000 are outstanding, the balance being reserved under
carefully guarded restrictions for improvements and the acquisition of
additional property. The bonds are guaranteed, principal and interest,
severally,and jointly, by the Alabama Tennessee & Northern and the Tombigbee Valley RR. companies, whose aggregate surplus earnings, after
payment of interest charges for the fiscal year ended June 30 1910, exceeded
*43,000, or about four times interest on the terminal bonds now outstanding.
The ,real estate acquired is conservatively valued, irrespective of Improvements, In excess of $300,000, whereas only a part of the$175.000 bonds
were Issued In part purchase of real estate. The bonded debt is $250 per
front foot; adjoining real estate Is held at more than $400 per front foot.
The improvements will include 4 slips, with docks on both sides, affording
docking facilities of about 3,000 ft.; 2 tracks leading from each dock to a
commodious railroad yard and connecting with the other railroads In Mobile; and an extensive warehouse and storage system. The property should
be self-supporting within a few months, and when fully developed should
provide annual net earnings In excess of $75,000. The guaranteeing companies are prosperous railroads located in Western Alabama, and together
they form the basis of a route shorter than any existing line between the
Birmingham district and the Gulf of Mexico, via the port of Mobile. John
T. Cochrane is President of the new company.
Public Service Corporation of New Jersey.-Listed.-The
New York Stock Exchange has listed $13,500,000 general
mortgage 5% 50-year bonds due 1959 (V. 89, p. 1348; V. 90,
p. 699.)-V. 91, p. 397, 95.
Rock Island Arkansas & Louisiana RR.-Listed.-The
New York Stock Exchange has listed $11,000,000 1st M.
43% guaranteed bonds, due 1934. Compare V. 90, p. 626,
699.
Rock Island Co.-Earnings.-See "Annual Reports."
Purchase of Preferred Stock by Phelps, Dodge & Co. Interests.-It was announced on Monday (Sept. 12) that the large
block of Rock Island Co. pref. stock, variously reported as
aggregating from 100,000 to 185,000 shares, which was recently purchased by Kuhn, Loeb & Co. from the PearsonFarquhar syndicate (V. 91, p. 276), had been re-sold to the
Phelps-Dodge copper interests. The actual purchaser is the
El Paso & Southwestern Ry. Co., which is owned and operated by the interests that control the corporation of Phelps,
Dodge & Co., whose shares are listed on the New York Stock
Exchange. The last-named company controls besides important copper properties, extensive coal deposits (see said
corporation under "Industrials" below and V. 88, p. 1496).
The stock is rumored to have brought 60 to 67, an advance of
15 or 20 points over the amount received by the syndicate.
(See El Paso & Northeastern Co. on page 50 of 'Railway
and Industrial" Section.
The "Journal of Commerce and Commercial Bulletin"
obtained the following authoritative statement:
The block of stock sold is very large, but not sufficient to change the
control of the Rock Island road; this control still Iles with the Reid-Moore
party. But Phelps, Dodge & Co. will receive adequate representation,
and will thus gain a considerable voice In the management. The accession
of so Influential Interests will be distinctly advantageous to Rock Island,
and on the other hand Phelps, Dodge & Co., being the controllers of the
El Paso & Southwestern, a connecting road, will benefit from the new
arrangement, especially as they are very large originators of freight. The
transaction Is strictly in accordance with the announced intentions of Kuhn,
Loeb & Co. when they consummated the transaction with the Pearson
syndicate: See V. 91, p. 276.
The "New York Times" on Tuesday said:
The stock In the Rock Island Co. which Kuhn, Loeb & Co. and their
associates took over from the Pearson syndicate and have now sold to
Phelps, Dodge & Co., as announced on Monday. amounted, It was learned
yesterday, to 185,000 shares, or $18,500,000, par value, out of the entire
issue of $54,000,000 of pref. stock. With this comes the information that
the.Moore holdings of Rock Island pref. amount to 124,000 shares, of which
William H. Moore holds 80,000 shares and J. H. Moore 44,000 shares.
Thus control of the Rock Island Co. Is definitely lodged In the hands of
Phelps, Dodge & Co. and Judge Moore and his brother, who between them
hold, In round numbers, $30,000,000 out of the $54,000,000 of Rock Island
pref. This Is independent of the holdings of D. G. Reld, about the extent
of which conflicting reports are current In the financial dIstrict.-V. 91,
p. 276.
San Antonio & Rio Grande RR.-Receivership.-Judge
Moore in the District Court at Lagrange, Tex. on Sept. 8,
Nashville Chattanooga & St. Louis Ry.-Report.-For on application of Ed. Roos, appointed Frank W. Matthews
receiver of the company and of the Chapin Townsite Co.
year ending June 30:
extends from
Fiscal
Year-
Gross
Net
Other Int.,Taxes, Dividends Balance,
Earnings. Earnings. Income. Rentals,&c.
Surplus.
Paid.
1909-10_11,637,203 3,199,945 ;159,204 2,000,445 (6%)599,079 959,625
_ _11,122,114 2,771,413 278,248 1.896,635 (5%)499,232 653,794
1908-0900, p. 108.
-V.
The road
San Juan, Tex., at a connection with the St. Louis
Brownsville & Mexico, to Chapin, 9.8 miles. D. B. Chapin is President
of both companies.
Sebasticook & Moosehead RR.-Sale.-See Maine Central
RR. above.-V: 90, p. 977.
Sedalia (Mo.) Light & Traction Co.-Deposits.-Time Extended to Sept. 27 1910.-The bondholders' protective committee, Otto T. Bannard, chairman, announces that $329,000
of the bonds have been deposited with the New York Trust
Co.; also that $152,000 have been deposited in Chester, Pa.,
under an agreement to act in concert with the committee,
making a total of $481,000 of the total issue of $749,000.
National Railways of Mexico.-Bonds Called.-Equipment
and collateral 5% gold bonds, second series, issued by the
Mexican Central Ry, to the amount of $47,000 will be paid
at par and interest at either the Ohl Colony Trust Co. of Boston, Manhattan Trust Co., New York, or Glyn, Mills, Currie & Co., 67 Lombard St., London, E. C., on or after
Oct. 11910.
time for making further deposits of these bonds with the committee
Earnings.-The results for the year ending June 30 1910, hasThe
been extended to Sept. 27, after which they will be received on such
we learn, show a surplus after dividends on the first pre- terms as the committee may decide.-V.91, p. 519.
ferred stock of $2,836,570,against $50,470 in the fiscal year
Southern Indiana Ry.-Reorganization.-The plan of re1908-9.-V. 91, p. 589, 39.
organization (V. 91, p. 333, 337) has been advertised the
New Brunswick Southern Ry.-Propased Lease.-The required length of time, and, as no objection lias been raised
shareholders will vote Dec. 28 on leasing the railway to the by any of the bondholders, it has practically been adopted.
718
THE CHRONICLE
In a short time the new company will be organized. Receiver M. J. Carpenter has produced excellent results. The
earnings have increased constantly from month to month
for two years past and are now more than double, both in
gross and net, the earnings under the last year of the old management. Compare V. 91, p. 333, 337, 655.
Negotiations are pending for the sale to Eastern parties of
$2,100,000 of the new 1st mtge. bonds at something above
the price at which Chicago banks were willing to underwrite
them. From the proceeds of the sale the floating debt will
be paid and $200,000 left in the treasury.—V.91, p. 655, 337.
Southern Ry.—Payment of Bonds.—The $500,000 Charlotte Columbia & Augusta RR. 2d M. 7s maturing Oct. 1
will be paid, together with the October coupon, on that date
at the office of J. P. Morgan & Co.,23 Wall St.—V.90,p.1364.
Tennessee Central RR.—Settlement of Litigation.—The
differences between the company and the Illinois Central
and Southern Ry. were adjusted in June last and the suits
(V. 88, p. 1063) brought by the two companies last named
will presently be withdrawn. Traffic relations between the
companies have been restored.
The Tennessee Central has paid, or soon will pay, theamount agreed upon
in satisfaction of all claims. Business Is reported to be good and the road,
It is said, is earning its fixed charges and receiving more business from its
connections than ever before.—V. 89, p. 666.
Terre Haute (Ind.) Indianapolis & Eastern Traction Co.—
First Dividend.—A dividend of 13i% has been declared on
the $9,000,000 preferred stock (cumulative after July 11910)
for the quarter ending Sept. 30, payable Oct. 1 to holders
of record on that date. Checks will be mailed. Compare V. 90, p. 1555.
Third Avenue RR., New York.—Bondholders to Appeal to
Courts.—Counsel for the bondholders' committee on Wednesday requested Chairman Willcox of the Public Service Commission to enter a final order on the reorganization plan
(V. 90, p. 168) recently submitted. This is done with a view
to asking the courts for a writ of certiorari to review the
action of the commission. The order was entered yesterday.—V. 90, p. 1045.
Tombigbee Valley RR.—Guaranteed Bonds Offered.—See
Mobile Terminal & Railway above.—V. 90, p. 978. •
Underground Electric Rys. of London Ltd.—Reserve for
Renewals &c.—Attention is called to the fact that in our
statement
' of earnings for the operating companies covering
the half-years ending June 30 1910 and 1909, which was published in the "Chronicle" of Aug. 27 (pap 517), the item
"fixed charges" includes, in addition to interest and other
deductions, which are compulsory payments, the following
voluntary appropriations on account of reserve for contingencies and renewals:
1910. 1909,
1910. 1909.
Baker St. ec Waterloo £4,000 14,000 Ch. Cr. Eus. & Hamp_ £3,000 £3,000
Gt. Nor. Plc. & Brom. 6,000 6,000 Metropolitan Distriet_10,000 10,000
—V. 91, p. 517, 485.
Union Pacific RR.—Argument of Government Suit.—The
argument in the Government suit against the Harriman
lines has been set for Oct. 11. The hearing will probably
tlke place at St. Paul, Minn. The taking of testimony was
cmnpleted several months ago.—V. 91, p. 393.
Union Street By. of New Bedford, Mass.—Application to
Confirm Merger.—The company and the Dartmouth & Westport Street Ry. on Sept. 9 applied to the Massachusetts
Railroad Commissioners for authority to consolidate the two
companies, per plan V. 91, p. 519, 465.
United Railroads of Yucatan, Mexico (Ferro-Mulles Unidos de Yucatan, Mexico).—Listed in London.—The London
Stock Exchange has listed scrip, fully paid for £745,000
1st M.5% redeemable gold bonds. Compare V. 90, p. 1678.
United Railways Co. of St. Louis.—No Dividend in October.—It was announced on Sept. 14 that the quarterly divi0 on the preferred stock ($16,983,200 5% cumudend of 1%7
lative), which had been paid regularly since the first distribution in April 1900, would not be paid as usual next month.
There is,it appears,a floating debt of about $1,300,000, for
the payment of which it is desired to provide. The North
American Co. some years ago acquired about $18,000,000
of the common stock, on which no dividends have ever been
paid. An official statement signed by President Robert
McCulloch says:
The company has a floating debt of $1,300,000, all growing out of a betterment of the physical condition of the property, which condition Is constantly being Improved. A duty to the preferred stockholders Impels a
suspension of the dividend until this Indebtedness Is liquidated. The dividend being cumulative, Its payment Is only deferred.—V. 90, p. 1426.
Wabash-Pittsburgh Terminal Ry.—Suit to Recover Pittsburgh Terminal RR. & Coal Co. Securities.—The Mercantile
Trust Co. of New York, as trustee for the Wabash-Pittsburgh Terminal Ry. 1st M. bonds, has filed a suit in the
U. S. Circuit Court, Northern District of Ohio against the
Wabash RR.Co., to compel the return of $14400,000 stock
of the Pittsbtirgh Terminal RR. & Coal Co. and $3,800,000
of the same company's consolidated mortgage bonds. These
securities have been deposited as collateral for notes of the
Wabash-Pittsburgh Terminal Ry., the last-named notes
in turn forming part of the collateral for the issue of $5,000,000 notes of the Wabash RR., made to reimburse the Wabash for advances. See V.90, p. 915.
It Is claimed by the trustee that the stock and bonds were the property
of the Wabash-Pittsburgh Terminal Ry.Co.,acquired out of proceeds from
the sale of the latter's first mtge. bonds, and should therefore have been
made subject to the lien of these bonds instead of being turned over to the
Wabash RR., as they practically were, as security for the aduances of the
[VOL. LXXXXI.
latter. If the bondholders are successful in the suit, the Wabash-Pittsburgh Terminal notes held by the Wabash RR. will become a mere unsecured
claim and rank after both the first and second mtge. Issues of the WabashPittsburgh Terminal Co.
The suit above mentioned and the one to enforce the
traffic agreement with the Wabash and the Wheeling &
Lake Erie, referred to last week(page 655),were,it is understood, brought at the instance of the Wallace first mortgage
bondholders' committee.—V. 91, p. 655, 398.
West End Street Ry., Boston.—Increase of Stock.—The
stockholders on Sept. 14 ratified the proposed increase of
common stock by the issue of not over 27,800 shares (par
$50 each) to reimburse the Boston Elevated Ry. for additions and improvements.
The Massachusetts Railroad Commissioners have approved
the petition to issue the additional stock, which is to be
offered at $75 per share plus the amount of dividends that
shall have accrued under the provisions of the lease to Boston
Elevated Co. at the time of payment for same.—V.91, p.655.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Ice Co., New York.—Mortgage Notes on New
Acquisition.—The purchase by this company on Aug. 25 of
the property of the 70th St. Hygeia Ice Co.for $100 and other
considerations was made subject to a prior mortgage of
$60,000 and also a mortgage dated Aug. 25 1910. given by
the American Ice Co. to the 70th St. Hygeia Ice Co. to
secure an issue of $253,800 6% notes,payable in installments.
The purchased property embraces the three-story brick ice plant Nos.
519 and 521 East 70th St. and Nos. 520 and 522 East 71st St., vacant lot
No. 514 East 71st St., with pipe line under 71st St.sidewalk.—V.91, p. 591.
American Meter Co.—Dissolution.--A company of this
name, presumably the original corporation organized in 1863
and not the new $8,000,000 concern, filed a certificate of
voluntary dissolution at Albany on Aug. 24. Compare
V. 91, p. 96.
American Oilfields Co., Los Angeles, Cal.—Proposition to
Give $300 in Stock for Each $100 of Bonds Accompanied by
$50 Cash.—A circular offers to the holders of the company's
bonds, of which about $1,500,000 are reported to have been
issued, the privilege of exchanging the same for stock on the
following basis until Oct. 20, namely: A $100 bond and $50
cash for three shares ($300) of stock. See V. 91, p. 591.
American Pipe & Construction Co.—Series "A" Trust
Certificates Called.—The Girard Trust Co. of Philadelphia,
trustee, announces that forty-five ($45,000) series "A" collateral trust certificates of $1,000 each and ten ($5,000) of
$500 each, issued under the former name of the American
Pipe Mfg. Co., have been drawn for payment at 1023 and
interest on Oct. 1.
New Bonds of Controlled Company.—See Selma Lighting
Co. below.—V. 90, p. 1693, 371, 169; V. 89, p. 472.
American Power & Light Co., New York.—Acquisition.—
The company has acquired control of the Hanford Irrigation
& Power Co., which owns the water power of Priest Rapids,
in the Columbia River, in Grant and Yakima counties,
Washington. (Compare V. 84, p. 868. V. 87, p. 290).
The property will be operated independently for the present.
The Pacific Power & Light Co., which is controlled by the
American Power & Light Co., now holds all the properties
of the latter company in that vicinity except the Hanford
Co. and the Portland Gas & Coke Co.—V. 91, p. 465.
American Tube & Stamping Co.—Bonds Called.—Ten
($10,000) first mortgage bonds of 1902 have been called for
redemption on Oct. 1 1910 at 105 and interest at the Trust
Co. of America of New York, trustee.—V. 89, p. 722.
Beaumont .(Tex.) Gas Light Co.—Control.--See Texarkana Gas & Electric Co.'below.—V. 85, p. 223.
Brooks-Scanlon Lumber Co.—Guaranteed Collateral Notes
Offered.—The bond department of the American Trust &
Savings Bank of Chicago, the mortgage trustee, is offering
at par and int. $750,000 6% sinking fund collateral trust
notes, unconditionally guaranteed by D. F. Brooks A. S.
Brooks, P. R. Brooks M. J. Scanlon and B. F. Nelson
of
Minneapolis. A circular says in substance:
Dated May 1 1910: total auth. and outstanding, $1,500,000; due, $300,000
May 1 1913, $500,000 May 1 1914 and $700,000 May 1 1915, but redeemable
at company's option on any int. day after May 1 1911, all or any part over
$100,000, when drawn by lot, at the following premiums: 3 years or more
before maturity, 3%; 23i years before maturity. 2 3,5%; 2 years, 2%; 134
years, 1 Bi%; 1 year, 1%; less than one year no premium. Par, $1,000.
Interest M. & N. at office of trustee.
Security Deposited with Trustee. Total Value, $3,541,350.
(a) Powell River Paper Co. 1st mtge. 6% bonds
$1,500,000
(b) 1,160 shares Scanlon-Gipson Lumber Co. stock (company
has no bonds or liabilities and agrees not to create any)
404,000
(c) 190 shares Brooks-Robertson Lumber Co. stock (company has
no bonds or liabilities and agrees not to create any)
297,350
(d) 4,000 shares B. F. Nelson 4c Sons Co. stock
540,000
(e) Timber leases (assigned to trustee) from British Columbia
Gov't on 18,310 acres of choice timber lands
800,000
The guarantors may withdraw collateral "8", "c" and "d" by paying to
shown;
also
appraised
any
the
fund
value
part
sinking
as
above
the
of "a"
at par and int. The Scanlon-Gipson Lumber Co. and Brooks-Robertson
Co. expect to sell their holdings within a year or tWo, when their stock will
amount
shown.
note
issue
The
be released and the
reduced by
BrooksScanlon Lumber Co. is now cutting timber, and, with B. F. Nelson, agrees
to pay annually to the sinking fund $3 173, per 1,000 feet of timber cut,
the
note
reduce
issue
over $125,00(1
which, at present rate of cutting, should
annually. By this sinking fund and the sale of collateral,the lumber company expects to retire the entire note issue before maturity.
The notes are unconditionally guaranteed as to prin. and Int., jointly and
severally, by successful business men of long experience and large means.
their aggregate wealth being over $4,500,000 aside from the property securing these notes.
Upon the completion of the pulp and papermilis of the Powell River Paper
Co., its earnings from the sale of paper,an expert estimates,shoul'approximate $300,000 per annum, and there should be a further profit of $100,000
or more per annum from the sale of logs cut on pulpwood leases. The stook-
SEPT. 17 1910.]
THE CHRONICLE
holders of the Brooks-Scanlon Lumber Co. and B. F. Nelson own the stock
of the Powell River Paper Co., Ltd.. and have issued these notes In order
to improve its property. The proceeds of the notes will be held by the
trustee and paid over to the Paper Co. from time to time as expended, on
engineers' certificates.
The Paper Company (1) owns leases from the British Col. Gov't covering
135,000 acres of timber lands, estimated to contain 4,250,000,000 feet of
merchantable timber (fir, cedar and spruce), and about 4,250,000.000 feet
additional suitable for pulp wood. (2) It owns a water power on the Powell
River, est. capacity 30,000 h. p. at minimum flow, and will build a dam for
this entire 30,000 h. p. and completely develop not less than 10.000 h. p.
for the operation of its mills. (3) It will also erect a paper mill of 100 tons
daily capacity of news print, and ground-wood pulp mills to supply said
plants. These improvements, together with wharves, sidings, &c., will
cost about $1,750,000 (including a sulphite plant to cost $250,000). making the total value of the paper company's property, it is estimated, over
$4,000,000.
These notes are safeguarded: (1) By pledge of bonds covering the property of the Paper Co., which, it is estimated, will have a value exceeding
$4,000,000 upon completion of paper mill in 1911: (2) by other collateral
valued at over $2,000,000; (3) by guaranty of 5 men with net assets of
over $4,500,000. At no time will the amount of these_notes,outstanding
exceed one-fourth the value of the security.
719
Federal Telephone & Telegraph Co., Buffalo, N. Y.Report.-For the 6 months ending June 30:
Six
Gross
Months- Earninas
1910
$428.480
1909
374,702
-V. 91. p. 591. 216.
Expenses
and Taxes.
$183,588
178,983
Net
Interest on
Balance.
Earnings, on Bonds. &c. Surplu3.
$244,892
$123,915
$120,977
195,719
116,714
79,005
Gainesville (Tex.) Water Co.-Foreclosure Sale.-The
Farmers' Loan & Trust Co. of New York, as trustee under
the mortgage securing $100,000 bonds,will, under the power
of sale contained therein, sell the property at auction on
Oct. 26 at Gainesville, Tex.-V. 89, p. 106.
General Motors Co., New York.-Financing a Subsidiary
-Further Data.-The Detroit correspondent of the "Iron
Trade Review" of Cleveland says:
A meeting of the bank and merchandise creditors of the Buick Motor Co•
was held last week in New York, when it was shown that
the bank indebtedness was $2,700,000 and merchandise indebtedness of between
Canadian Car & Foundry Co.-Listed in London.-The and $5,000,000. Rather than have the credit of the industry$4,000,000
disturbed
banks
the
agreed
to
an
London Stock Exchange has listed the $5,000,000 7% cumu- have further advanced extension of the company's loans for one year and
$2,500,000 to take care of pressing claims. For
lative preference stock, par $100 (V. 90, p. 170, 374).- this new loan the banks take as collateral stock in the Cadillac and Olds
Motor companies. If the earnings for these two companies equal in 1911
V. 91, p. 465.
those of 1910, the debt will be easily taken care of. It is commonly reported
Canadian Cottons Ltd.-Lease of Mill.-See Dominion that these two companies earned this year considerably over $3,000,000.
Many of the merchandise creditors have taken 90-day notes, with the
Textile Co. below.-2V. 91, p. 465.
understanding that they can be renewed for like periods up to one
year.
In
way the Buick Co. should be able to clear up its obligations within
Dominion Textile Co., Montreal.-Lease.-The company thethis
year. An inventory of the company's assets showed
$11,000,000, of
has leased the mill of the Mt. Royal Spinning Co. from the which nearly $4,000,000 was
in material. The company claims.to have
cars unsold at the present time. A general
Canadian Cottons, Ltd.(V. 91, p. 465, 339; V. 90, p. 1241), 3,000
of creditors
has appointed Ralph Van Vechten, Vice-Pres, of committee
the Commercial
for a period of ten years.
Bank of Chicago, as its Chairman, and it is expected the affairs of Nat.
the
company
will
submitted
be
to him for approval. There will be a reorganiThe rental, it s said, will easily meet interest and dividends on the Mt.
Royal company's proportion of the Canadian Colored Cotton Company's zation of the management and enthusiasm held in check until all debts are
paid (compare V., 91, p. 657).
bonds and stocks.-V. 90, p. 1553.
[A newspaper
on Sept. 2 said: "Notwithstanding an increase in
Chambersburg Engineering Co.-Bonds Called.-Ten price from $1,600squib
to $1,700, the entire output of the Cadillac Motor Car
($10,000) bonds dated Oct. 1 1906, namely Nos. 6, 32, 56, Co. for 1911, consisting of 12,000 cars, has already been contracted for by
the 134 agents of the concern."-Ed. Chronicle A-V. 91, p. 657.
84, 103, 124, 130, 134, 146
and 159, have been drawn for
redemption on Oct. 1 at 105 and interest at the office of the
Girard Trust Co., Philadelphia, trustee.-V. 89, p. 780.
Colorado Springs (Colo.) Light, Heat & Power Co.-Bonds
Called.-The $300,000 3-year 6% debenture gold notes issued
by the predecessor company (Colorado Springs Electric Co.),
dated Oct. 1 1908, have been called for payment at par on
Oct. 1 at the Colorado Title & Trust Co., Colorado Springs,
Cob --V. 91, p. 466.
Columbia Plate Glass Co., Blairsville, Pa.-Stock to Be
Reduced.-The stockholders voted March 3 to reduce the
capital stock from $1,250,000 to $1,000,000.-V.77,p.1296.
Consolidated Gas, Electric Light & Power Co., Baltimore.
-Guaranteed Bonds.-See Roland Park Electric & Water
Co. below.-V. 91, p. 41.
Denver (Colo.) Gas & Electric Co.-Note Offering.-'--Wm.
A. Read & Co., New York, are offering at par and int. the
unsold portion of $1,000,000 one-year 6% coupon notes.
Par value of notes, $5,000. Dated Sept. 6 1910 and due Sept. 6 1911.
Interest (Q.-M. 6) and principal payable in New York. These notes are
the direct obligation of the company, unsecured by collateral, but bearing
the endorsement of Henry L. Doherty & Co.
12 Mos. toNet,
Chges.
Gross.
Surp. % on Stk
June 301910
$2,561,811 $1,104,864 $431,164 $673,700 19.22
June 301909
2,356,583
998,559
392,147
606,412 17.3
Dividend rate,6% on $3,500,000 stock since July 1907, Compare V. 91,
p, 656, 654.
(E.I.) du Pont de Nemours Powder Co., Wilmington, Del.
-Options to Subscribe.-Common stockholders of record as
of Sept. 1 1910 are entitled to subscribe until Oct. 15 at the
office of Treasurer P. S. du Pont in Wilmington for an amount
of common stock (say, $841,000) equal to 3% of their present
holdings, payment therefor to be made on or before Oct. 15
1910 at the rate of $140 per share.
All shareholders, both common and preferred, have the
right to subscribe at said office at $80 per share on or before
Jan. 1 1911 for $1,682,000 new preferred stock, all of which
has been underwritten by a syndicate at that price. Subscriptions are payable in full Jan. 1 1911 or in six installments during the year 1911 as follows: 15% each Jan. 1,
Feb. 1, March 1 and April 1 and 20% each May 1 and June 1.
•
--V. 91, p. 520.
East Jersey Water Co.-Mortgage.-A blanket mortgage,
dated Jan. 1 1909, was some time ago filed for record to secure
$800,000 5% bonds of $1,000 each, due Jan. 1 1958, but
callable at 105 on any interest day; interest J. & J.; Bankers'
Trust Co., New York, trustee.
Hanford Irrigation & Power Co., Seattle.-Sale.-See
American Power & Light Co. above.-V. 87, p. 290.
Haverhill (Miss.) Gas Light 00.-Litigation Ended-Price
Reduced.-The United States Circuit Court at Boston on
Aug. 31 entered its decree in the long-pending suit (V. 84,
p. 1370) over the rate matter, which has been adjusted by
agreement with the city.
The State Commission of Gas & Electricity in 1900 fixed
rate at
80 cents per 1,000 cubic feet and the matter has been in litigationthe
ever since.
The order entered made the previous rate ($1 per 1,000 )valid, but under
agreement with the city the price now becomes 90 cents net(retroactive to
July 1 1909) per 1,000 up to July 1 1911. From July 1 1911 until the
company shall sell 450 million Cu. ft. in any one year, the rate is to be
85 cents; thereafter 80 cents. The present annual output is about 210
million cu. ft.-V. 84, p. 1370.
Houston (Tex.) Gas Co.-Sale of Additional 1st M. 58.The company has just issued $65,000 of its 1st M. 5% gold
bonds, dated March 1 1905 and due March 1 1920, against
expenditures on extensions and permanent improvements
aggregating $87,152. This makes outstanding $825,000
bonds of the total issue of $1,000,000. (Compare V. 86,
p. 423.) The business is developing rapidly.
Results for the Years ended June 30 1910 and 1909.
1910.
1909.
1910.
1909.
Gross earnings_ _ _$296,709 $239,653 I Int. on 1st 5s_ _ _ _ 138.000
Not
Net (after taxes) _ 125,918 106,663 Surplus
87,918 stated.
Franchise -Extended-New Bond Issue Later.-The rapid
growth of the city makes it necessary that the "pipes, mains
and business be greatly extended." For this purpose,
a new issue of mtge. bonds will be necessary, the right
to issue bonds under the present $1,000,000 5% 1st M. due
March 1 1920 being about exhausted. There are also outstanding $110,000 debenture 6s due $10,000 yearly. To facilitate future financing, the City Council some weeks
ago extended the franchise of March 14 1898 (granted to the
predecessor- company, the Houston Gas Light Co.) from
March 13 1928 until July 1 1940. No new bond issue,
however, is contemplated at this time.
The extended franchise (given in full in "Houston Post" of July 6) provides that the price of gas, which under the old franchise was limited to
$1 80 per 1,000 cubic feet (but had lately been $1 25 gross and $1 15 net)
shall be reduced Sept. 1 1910 to $1 20, on March 1 1911 to $1 15, on Ma
1 1912 to $1 10, with in each case a discount of 10c. per 1.000 cubic feet
for prompt payment. The company covenants to pay to the city 1% of
Its gross receipts from the sale of gas. Upon the expiration of the franchise
the city will have the right to buy the property at the fair replacement value,
less a proper deduction for depreciation, but without allowance for franchise
or for the tact that the ocmpany is a going concern. Such value is to be determined by a board of arbitrators in case the city authorities and a representative of the company fall to agree as to same. [Cap. stock: Common.
authorized $1,100,000, Issued at last accounts $549,900; pref. 6%.$100.000;
par $100. Annual sales reported as approximately 235,000.000 cubic feet.
Pres., James A. Baker; Sec., C. H. Dunbar; Treas.. J. H. McClung.]
Compare V. 86, p. 423.
The mortgage covers the Garret Mt. reservoir and pipe lines, &c., in
Little Falls, Wayne and Manchester, Passaic County, and Bloomfield and
Huntington Land & Improvement Co.,os Angeles.Nutley in Essex County. On Feb. 20 1901 the capital stock was reduced Offering
of Guaranteed Bonds.-C. E. Woodside & Co., Los
to $500,000. The New Jersey General Security Co., a $2,000,000 corporation, of which Geo. F. Baker of N. Y. Is President, owns control, and the Angeles, are offering collateral trust gold debenture note 6s,
mortgage, it is stated, is made largely to provide that company with funds tax-exempt
in California; authorized issue, $1,000,000. An
for reorganizing three electric and gas properties in Indiana and Ohio.
The Security Co. also controls the Montclair Water Co. (stock, $500,000; advertisement says: .
bonds, $500,000 5s due Jan. 1 1946); Jersey City Water Supply Co.(V. 86,
Three-year coupon notes, quarterly interest. denomination $1,000,
p. 1288); Passaic Water Co., Acquackanonk (N. J.) Water Co., Lincoln
secured: (a) By real estate appraised at $10,000,000, which is absolutely
Water & Light Co. (V. 75, p. 796); Circleville (0.) Water Supply (Ill.)
Co., free of incumbrance; (b) by the deposit with the trustee of $1,750,000
Kearney Water Co.. Dundee Water Power & Land Co.-V.
86, p. 1103.
1st M. 5% bonds of the Los Angeles & Redondo RR. Co. . (see Electric"
Railway' Section, p. 66); (c) by the personal guaranty of H. E. HuntEdison Electric Illuminating Co. of Boston.-Report.-For ington.
endorsed on each note.
year ending June 30:
Gross
Net
Misc. Interest Misc. Dividend
Balance,
Earnings. Earnings. Income. Paid. Charges. (11%). Sur.
or Del.
Year$
$
•
$
'09-'10_4,709,456 2,020,736 80,202 166,777 85,511 1,555,596 sur.203.054
'08-'09_4,111,342 1,345,313 45,360 86,846 20,797 1,424,389 def.141,359
-V. 90, p. 1680.
El Paso (Tex.) Gas & Electric Co.-Earnings-Guaranteed
Notes.-See Western Gas Improvement Co., V. 91, p.658.V. 90, p. 852.
Federal Furnace Co., Chicago.-New Stock.-The shareholders have authorized an increase of the capital stock from
$1,200,000 to $1,800,000.-V. 86, p. 1533.
Ingersoll-Rand Co., New York.-Proposition to Permit
Preferred Shareholders to Exchange Their Holdingsfor Common,
Dollar for Dollar.-The stockholders will vote Oct. 4 on a
"resolution declaring it to be advisable, to the extent that
holders thereof shall consent thereto, to redeem and to retire
the. shares of the pref. stock now outstanding out of the
common stock to be issued, share for share, in exchange
therefor"; also on authorizing the directors to sell for not
less than par common stock to t he extent of 3,452 shares
received in exchange for the pref. stock now held in the
treasury, to such employees, other than directors, and in
such amounts as the board may from time to time determine.
'720
THE CHRONICLE
Condensed Extract from Circular signed by Prest. Wm. L. Saunders.
N. Y., Sept. 7 1910.
The company has outstanding $4,800,000 of pref. stock and $3,000,000
common stock. Since organizaton in 1905, semi-annual 3% dividends
In April 1910 a dividend of
have been regularly paid upon the pref. stock
5% was paid upon the common stock. After full consideration and
of
the
principal stockholders, it is the unanimous
after discussion with some
opinion of the directors that a re-arrangement of capitalization by the
retirement of the preferred, or a substantial portion thereof, in exchange
for common stock to be issued therefor, would be of advantage to the
company. Dividends of 6% on the pref. stock are cumulative, and by
retiring pref. stock the company reduces what is in the nature of a fixed
charge. It is therefore proposed that to the extent that holders thereof
shall consent thereto, the shares of the pref. stock now outstanding
shall be redeemed out of common stock to be issued, share for share, in
exchange therefor.-V. 90, p. 917, 912.
[VoL. Lxxxxi.
Armour, of Armour & Co.; President Edward Morris, of
Morris & Co. and others. No new indictments were found
against any of the corporations named.
The former indictments, It is held, failed to state the defendants were
engaged In Inter-State commerce. The general averment that they were
engaged in a combination in restraint of inter-State trade is said to be a
mere conclusion and therefore Insufficlent.-V. 90, p. 853.
New Philadelphia (0.) Water Co.-Sale to City.-See New
Philadelphia, Ohio, in "State and City" department on
another page; also V. 91, p. 354.-V. 78, p. 232.
Ontario Power Co. of Niagara Falls, N. Y.-Lease with
to Purchase.-This company, which owns the $1,000,Option
International Steam Pump Co.-Earnings.-For the quar- 000 capital stock of the Ontario Transmission Co. and guarter ending June 30 1910:
antees its bonds (V. 89, p. 352), has taken over the com$214,950
$616,874 Preferred dividends
Net profits
pany's property under lease dated April 20 1910 and running
fund
sinking
for
Reserved
Deductproportion for 3 months__ 53,750 to April 1 1950, with option to purchase outright or to renew
$123,736
Depreciation
106,250
Int. on I. S. P. bonds
$527,536 the lease for 40 years.
Total deductions
11,750
Other interest
$89,338
Francis Ralston Welsh, 109-111 South 4th St., Philadel17,100 Balance, surplus
Discount on bonds
-V. 91, p. 279.
phia, who has long made a specialty of dealing in the comKankakee (Ill.) Gas & Electric Co.-Consolidation-Stock pany's securities, wrote on Sept. 8:
The Ontario Power Co. has leased the property of the Transmission Co.;
Increase.-This cdmpany on Aug. 31 filed in Illinois a certifito pay a rental of $2 50 per horse-power transmitted with a minicate of increase of capital stock from $5,000 to $850,000, for agreeing
mum amount equal to interest on the Transmission Co.'s bonds, together
terms of this lease the
the purpose, it is supposed, of consolidating and operating with operating expenses, taxes, doc. Under the of
the Transmission Co.
Power Co. has an option to purchase the property
the electric power and light enterprises of Kankakee and as
the latter are paid, but It already owns it through
of
as
the
bonds
soon
were
vicinity, including a hydro-electric plant, &c. which
ownership of all the stock of the Transmission Co.
second conduit of the Ontario Power Co. Is completed and the water
recently acquired by Kelsey, Brewer & Co. of drand Rapids. hasThe
been turned Into It. Seven units, aggregating 78,000 h. p., are comBonded or other indebtedness not known.
pleted and three more units of 36,000 h. p. capacity are under construction.
on or about
The Kankakee (Ill.) Power Co. was incorporated in Delaware
Citizens' Gas Co.
May 11 with $600,000 of authorized capital stock. The
of
corporate
change
of
of Kankakee on Aug. 31 1910 filed a certificate
object.
Keystone Watch Case Co. of Philadelphia.-Acquisition.
-Seven deeds were filed in the Register's office in Jersey
City on Jan. 26 transferring to the company the plant of the
Co. located at Lafayette.
New York Standard Watch Case
corner
The property conveyed includes the factory on the southeast
the buildings on Woodward
also
St.,
Woodward
and
Ave.
w
Communlpa
of
feet
475
Van
St.
of
Horne
side
the
west
on
located
land
St.and a parcel of
n paid was not made
south from Communipaw Ave. The consideratio
public, that mentioned In the deeds being nominal.
The Ontario Power Co. has issued In all $6,900,000 first mortgage bonds,
of which $62,000 have been retired by the sinking fund. This sinking fund
is sufficient to retire about half the bonds before maturity and must buy
then1 In the open market up to a limit of 110 and interest. The company
also has issued $3,000,000 debenture bonds, and has an authorized stock
Issue of $10,000,000, of which amount $6,585,000 Is outstanding, and the
remainder of the $10,000,000 Is being issued from time to time as construction progresses. It Is proposed to place 14 units with a capacity of 162,000
h. p. on the present two conduits, and ultimately to build a third conduit
and seven additional units. The Intake is sufficient for three conduits or
200.000 h. p. Demand for power Is steadily increasing, and July and
August have made new high records for earnings. The Transmission Co.
has outstanding $1,545,000 first mortgage bonds.
excess
The net earnings for the year ending June 30 were considerably In and
in
of twice the company's first mortgage interest charge for the period,
excess of all its fixed charges of every kind. Compare V. 91, p. 399, 280.
Suit.-A suit was begun in the United States Circuit Court
Ontario Power Transmission Co.-Leas.-See Ontario
at Cincinnati 0. some time since by the Dueber Watch Case Power Co. above.
and
others,
company
the
Canton, 0., against
Mfg. Co. of'
Use of Company's Lines in Canada.-The town of Berlin,
alleging violation of the Sherman Anti-Trust Law.
on Sept. 11 was the first in Canada to have its streets
Ont.,
Watch
York
Case
New
the
The defendants named are the Keystone Co., the E. Howard WatchCo..
d with electric power generated at Niagara Falls
illuminate
00. and the Crescent Watch Co. of Riverside:
Watch Case Co. of Riverside, N. J., and conveyed over the transmission lines of this company
of Waltham. Mass.; the Philadelphia
to
combined
defendants
that the
and some individuals. It is allegedhandling
their goods to sell watches and the connecting lines erected by the Hydro-Electric
restrain trade by forbidding jobbers
dated Jan. 15 last being cited. Commission of the Ontario Government.
See V. 89, p.
made by other concerns, a circular letter but
under the provision of the
The actual damage claimed is $125,000, demanded.
Attorney-General
352.
are
($375,000)
damages
triple
Sherman law
opinion advising the SecreDenman of Ohio early in September rendered an a
Pacific Telephone & Telegraph Co.-Listed.-The New
discretionary official, he
tary of State that, being a ministerial and notCo.
to recall the charter of York Stock Exchange has listed $1,300,000 additional 1st
the
Dueber
of
application
the
grant
could not
trade.
of
In
restraint
acting
was
It
the company in Ohio on the ground that
M. and collateral trust 30-year 5% bonds due 1937, with
-V.87, p. 483.
authority to add prior to Jan. 1 1911 $3,700,000 additional
rt.Va.-Repo
W.
Co.,
Wheeling,
Works
Iron
Belle
La
bonds on notice of issuance and sale, making the total
For the fiscal years ending June 30:
Special Balance, amount to be listed $28,000,000.
Cash
Bond
Depr.,
Net
Fiscal
Deprec. Surplus.
Divs.
&c.
Interest.
Year- earnings.
$887,352
1909-10 _$2,227,329 $59,743 $137,895 (9%)$892,339 $250,000
250,000 627.561
793,120
(8%)
143,710
40,436
1,854,830
1908-09 __
-V. 90, p. 562.
May Department Stores Co.-First Dividend.-An initial
4% has been declared on the $5,000,quarterly dividend of 13
000 preferred stock, payable Oct. 1 1910 to holders of record
Sept. 20. David May is President. N. Y. office, 15 Broad
St. Compare V. 90, p. 1617, 1681.
Metropolitan Gas & Electric Op., Chicago.-Further Properties Owned or Operated by Dawes Interests.-See Texarkana
ent
Gas & Electric Co. below; also Western Gas Improvem
d stateCo. on page 658 of last week's issue. This last-name
ment contains earnings, &c., of the El Paso Gas & Electric
Co.-V.91, p. 340.
Miller & Lux,Inc., of Nevada.-Bond Issue.-The minority
stockholders, the heirs of Charles Lux, who died in 1887,
for
have accepted the bonds of the company in exchange
their stock, leaving Henry Miller the sole owner of the stock.
The Bank of California, San Francisco, it is understood,
arranged the exchange.
to Mr. Miller
The bonds are $5,000,000 25-year 5s and they were Issued
at par on any int.
to cancel a debt of the company to him; they are callable
13th, 18th
8th,
of
the
end
the
at
due
payments
fund
the
sinking
date, and
The
and 23d years should retire a little over half of the bonds at maturity.
in California,
security consists chiefly of agricultural and grazing landscompany
owns
"The
says:
paper
Francisco
San
A
Oregon.
Nevada and
200,000 in Nevada
1,000,000 acres of land, Including 200,000 In Oregon,
Kern County alone there
and 600,000 in some 24 counties of California. IsIn
grazing purposes;
for
used
to-day
land
the
of
Most
acres.
are 180,000
sheep. Consideron it there are now 250,000 head of cattle and 250,000
The capital stock of the
able of the land is In a high state of cultivation.
company (incorp. In Nevada May 22 1908) Is $12,000,000."
National Lead Co.-New Officers.-W. W Lawrence,
formerly a Vice-President, has been elected President to
succeed the late L. A. Cole, and E. J. Cornish was chosen
Vice-President in place of Mr. Lawrence, and M. D. Cole,
Assistant Secretary and son of the late President, was made
Treasurer, succeeding E. F. Beale.-V. 91, p. 218.
National Packing Co.-Demurrers to Indictments Sustained
-New Indictments.-Judge Landis in the U. S. District
Court at Chicago on June 23 sustained the demurrers to the
indictments against the company and ten subsidiaries which
were handed down by the Grand Jury on March 21 last on
the ground that the same were defective. The Court called
a special Grand Jury panel for July 14. The latter, at the
suggestion of the Court, on Sept. 12 found three indictments
against ten officers of the so-called "Beef Trust," including
President L. F. Swift, of Swift & Co.; President Edward
Tilden, of the National Packing Co.; President J. Ogden
s,
The proceeds of the $5,000,000 bonds will be used for improvement
by the comadditions, extensions and new property made and acquired
for similar purposes.
pany or loaned by It to one of Its subsidiary companies
delivered, and it is exOf the bonds, $1,300,000 have been certified and Compare V. 90, p. 854.
pected the balance will be before Dec. 31 1910.
Earnings.-For the 6 months ending June 30 1910:
Maint.
Preferred
Interest
Net
Total
Period
Dividends. Reserve. Surp.
CoveredRevenue. Revenue. Paid.
6 mos. ending
195,825
June 30 1910.6,776,662 1,497,653 761,828 (3)540,000
Cal. year 1909.12,885,018 3,110,660 1,267,131 (6)1,080,000 600,000 163,528
-V. 91. D. 152.
Pabst Brewing Co., Milwaukee.-Stock Dividend.-This
Wisconsin corporation filed June 16 a certificate of increase
of authorized capital stock from $10,000,000 (all common)
to $12,000,000, the additional stock to consist of $2,000,000
7% pref., in order to declare a stock dividend of 20% in
pref. and 5% in unissued common, for the distribution of
•
accumulated surplus.
Emma
namely,
The trustees for the four heirs of Frederick D. Pabst, Edith Soehnieln
Marie Pabst, commonly called Elsbeth; Emma Soehnieln,by
the Court to
and Beatrice Soehnieln, were on July 7 1910 authorized
preferred has accordsell all or any part of the holdings of the stock and the
the declaraafter
Pabst.
ingly been marketed (see V. 91, p. 42). Eisbeth
$1,404,900 common;
tion of the aforesaid dividends, had $267,600 pref. and
and a third had
corn.
$438,900
and
pref.
$83,600
had
another of the heirs
$212,600 pref. and $1,116,150 common.-V. 91, p. 42.
People's Electric Light & Power Co., Oakland, Cal.Bond Issue for New Enterprise.-The shareholders • recently
voted to issue $250,000 30-year 5% bonds, to be dated July 1;
denominations, $1,000, $500 and $250.
on or about Dec. 23 1909
The company was incorporated in California
$300,000 Is common and $200,with $500,000 auth. capital stock, of which the pref. stock was subscribed
of
000 pref. stock; all of the common and none
Cal.; See., C. L. Best,
for. Pres., D. U. Totrelmeler of San Leandro,
SpauldDirectors: J. H. Hornung, A. C. Sprout. E. W. Crozet' and W. Itnear
San
plant
ing. The company Is preparing to establish a distributing
Leandro. It has been spoken of as an adjunct of the Great Western
Power Co. (V. 89. p. 1485, 1283.)
People's Gas Light & Coke Co., Chicago.-Bonds Sold.J. & W.Seligman & Co. of N. Y. and the Continental & Commercial Trust & Say. Bank of Chicago and Central Trust Co.
of Illinois have purchased,and will shortly offer,$2,000,000
refunding 5s dated Sept. 1 1897 and due Sept. 1 1947. The
bonds are part of $3,000,000 issued to reimburse the company for improvements and property expenditures made
subsequent to December 1899.-V. 91, p. 280.
Phelps, Dodge & 00.-Purchase of Rock Island Stock by
Interests that Control the Company.-See Rock Island Company under "Railroads" above.
Ore Production.-The production of copper ore by the
Copper Queen, Detroit and Moctezuma mines owned by
721
THE CHRONICLE
SEPT: 17 1910.]
Texarkana Gas & Electric Co. Texarkana, Tex., and Ark.
Phelps, Dodge & Co. for eight months of this year, viz.,
January-August, was 78,917,104 lbs., as compared with -Bonds Offered.-Chas. S. Kidder & Co., Chicago, are offering the unsold portion of $200,000 1st M. 5% gold bonds,
83,208,228 lbs. for the same period in 1909, was as follows:
dated 1905 and due July 1 1930, but redeemable at 105 and
1909.
1910.
Pounds.
1909.
1910.
Pounds.
10,281,778
10,038,177
10,633,620 11,389,560 May
January
int. on any interest date. Semi-annual interest payable at
9,918,311 10,279,221
February ____ 8,653,166 10,253,448 June
10,519,336 9,650,562 Central Trust Co. of Illinois, trustee, Chicago. Par $500
0,786,726 10,789,066 July
March
9,887,618 10,727,358 (c*). A circular shows:
9,480.150 9,837,226 August
April
Financial statement: Capital stock, $200,000. 1st M. bonds authorized.
*1,000.000; outstanding, $593,000; reserved for additions, extensions and
betterments under careful restrictions, $407,000.
Texarkana is located on the State line between Texas and Arkansas. It
a population of 25,000 and has shown rapid growth, being a division
Roland Park Electric & Water Co., Baltimore.-Guaran- has
point for four competing railroads. A well-bulit modern city with extensive
teed Bonds.-Mackubin, Goodrich & Co., Baltimore, offered manufacturing and jobbing industries; the banking point for a rich agricultural section. Incorporated in Arkansas and has authority to do business in
some weeks ago, on a basis to yield over 5% income, a small Texas.
Owns up-to-date brick and steel electrical station; gas plant
block of 1st M. 5% gold bonds, due Feb. 1937; auth. issue, sending out natural gas, which is piped to Texarkana, 40 miles, by a sub(controlled by the owners), already saving the property largely
$400,000; outstanding, $300,000; guaranteed, prin. & int., company
as to fuel and promising greatly increased revenue through sales to manuby endorsement on each bond, by the Consolidated Gas, facturing concerns which have already contracted for gas. Artificial gas
plant for emergency use. The street railway, recently acquired, has been
Electric Light & Power Co. of Baltimore. The firm say:
rehabilitated and is showing excellent earnings. Franchises for gas, elec&c.,
roads,
streets,
the
use
to
tricity
right
and street railway in both cities run for 50 years from 1900; also has
exclusive
and
Has the perpetual
or a profitable street-lighting contract for 15 years from 1903.
for overhead and underground construction on all lands now owned
Owned and operated by interests (the Dawes or Metropolitan Gas &
hereafter acquired by the Roland Park Co. Every resident in Roland
are Electric Co. of Chicago interests: V. 91, p. 340; V. 86, p. 1534; V.83, p. 275
Park, we are told, is a consumer, and all new buildings constructed
wired for electric lighting. The Consolidated Gas, Electric Light & Power -Ed.], which control similar properties at Mobile (Mobile Gas Co.; V. 90,
ownerstock
through
p. 631), Beaumont (Beaumont Gas Light Co.; V. 85, p. 223), Waterloo
Co.
&
Water
Electric
Park
Roland
the
controls
Co.
ship and guarantees, by stamped endorsement on each bond, the payment (Citizens Gas & Electric Co.: V. 90, p. 305). Shreveport (Shreveport Gas
El. Lt & Power Co.; V. 90, p. 703), Seattle (Seattle Lighting Co.; V. 90,
of both principal and interest.
p. 56, 918), Ottumwa (Ottumwa Gas Light, Heat & Power Co.; common
*100,000, pref. stock $100,000, bonds $100,000 1st M. gold 5s due
Sacramento Valley Power Co., Redding, Cal.-New Enter- stock
July
1919), &c. [At last accounts the Dawes interests also controlled
Central
prise-Bonds.-A first mortgage has been filed to the
and operated the following: Heat, Light & Power Co. of Muncie, Ind.(V.
Pulaski Gas Light Co. of Little Rock. Ark. (V. 86. p. 1534);
Trust Co. of San Francisco, as trustee, to secure an issue of 91. p. 338);
Austin (Tex.) Gas Light Co.(V. 91, p. 338). They are also identified with
$500,000 6% 20-year bonds, of which $300,000 are out. the
Kokomo (Ind.) Gas Co., Jackson County (Mo.) Light, Heat & Power
Co. of Independence, Mo., El•Paso Gas & Electric Co. and Western Gas
The company was incorporated In California March 17 1909. with $800,Co. (V. 91, p. 658). Control of the Northern Indiana Gas
000 of authorized capital stock, of which $653,214 is outstanding in shares Improvement
& Electric Co. was sold in June 1910 to the United Gas Improvement Co.
of $2 each, to supply light and power In the Sacramento Valley. Its water V.
1682.
-Ed.).
p.
00,
Creek,
Bear
inches;
20,000
County,
Shasta
in
River
rights include: Feather
Dec. 31 '08. Dee. 31 '09. June 30'10.
Earnings.-Years ending
2,000 inches; Lost Creek, 1.000, Snow Creek, 6,000. The company Is
$232,224
3200,263
$146,267
operating two hydro-electric plants, with output capacity of 3,600 h. p., Gross earnings(after oper. expenses).
59,652
50.613
44,438
earnings
Net
to
transmitted
p.
be
h.
to
Power
is
15,000
which Is to be increased to
1196.
p.
83.
V.
512;
p.
81,
V.
Compare
Redding, Anderson, Cottonwood, Chico, Corning and Red Bluff. Bonds
dated May 1 1909, due May 1 1929, but callable on and after 1919 at 105.
Torrington Co.-Report.--For year ending Sept. 1:
Sinking fund of 2 ki% begins in 1912. Int. M. .S3 N. at office of trustee.
Invest- Balance.
Dividends Other
Bond
Total
Par $500 and $100. No prior liens. Pres., A. F. Smith; Sec., A. W. Fiscal
surp.
paid. payments, mints.
receipts. interest.
YearCal.
Smith, both of Redding.
•1363,737 $50,000 $230,000 $10,561 $51,904 $21.272
1909-10
10,161
230,000
50,000
293,248
Selma (Ala.) Lighting Co.-New Mortgage.-This com- 1908-09
Receipts in 1909-10 include $20,000 from Excelsior Needle Co. dividend
pany, controlled by the American Pipe & Construction Co. toto•be
declared.
The cash balance on hand Sept. 1 1910 was $151,035.-V. 90, p. 378.
of Philadelphia (which also controls the Selma Street &
78,917,104 83,208,228
Total (pounds) for eight months
Custom ores business added a further amount for the current year of
16,730,578 pounds in 1910.-V. 88, p. 280.
ft
Suburban fly.), recently made a general mortgage to secure
Union Steel Co.-Underlying Bonds Called.-See Sharon
an authorized issue of $1,000,000 5% bonds, dated Dec. 1 Steel Co. above.-V. 83, p. 912.
1909, due Dec. 1 1939. Interest payable J. & D. at the
United States Finishing Co.-Earnings.-The net earnings
West End Trust Co., trustee, Philadelphia. These bond- for 12 months ending June 30 1910 were $754,002, and
do not in any manner cover the property of the street rails compare with $863,918 21 for the year ending June 30 1909.
way, which is an entirely different company.
The directors on Sent. 15 declared dividend No. 45 of 1 Y,,% on the
Incorporated in Alabama May 2 1902 to supply gas and electricity, and
made an issue of $250,000 first mortgage 5s, dated 1902 and due June 2 1932,
all now outstanding; Interest J. & D. at West End Trust Co , Philadelphia,
trustee. Par, $500, $1,000. Stock, $100,000 in $100 shares. Pres., Jos. S.
Keen Jr.; V.-P. and Treas., Geo. M. Bunting; See. and Asst.Treas.,H.
Bayard Hodge; Treas. and Asst. Sec., W. H.Roth. Office, 112 Norh
Broad Street, Philadelphia.
$3,000,000 pref. stock; also dividend No. 7 o fl% on the $3.000,000 common stock, both payable Oct. 1 1910 to holders of record Sept. 20.-V. 90,
p. 788.
United States Steel Corporation.-Unfilled Orders.-The
monthly statement (No. 2), issued Sept. 10, showed orders
on hand Aug. 31 of 3,537,128 tons, or 433,803 tons less than
latter
Sharon Steel Co.-Bonds Called.-The company has called on July 31, and the smallest since Sept. 30 19081inthe
the last
1908 being the only times
for payment at par the entire outstanding issue of $181,000 date and June 30
depression when the total was reported less than now.
5% bonds dated Oct. 1 1900. Payment will be made at Tonnage
of Unfilled Orders (00,000 omitted).-Compare V. 91. p. 271, 280.
the Union Trust Co., Pittsburgh.-V. 76, p. 106.
1908-'07. '06. '05. '04. '03. '02.
19091910------Dec.
Shawinigan Water & Power Co., Montreal.-New Stock.- Aug. July. J'ne. Mch Dec. Sep. J'ne. MM. Sep. Melt Sep. Dec. Dec. Dec. Dec.
3,7 6,4 1,4 7,6 4,6 3,2 5,3
3.4
3,5
4,2
4,0
5,4
4,7
5,9
3,5 3,9
Dividend Increase Proposed.-A circular signed by President
The "Iron Age" of New York for Sept. 15, commenting
J. E. Aldred says in substance:
says:
The directors have authorized an additional issue of $500,000 of common on the market,
stock, which is offered to the shareholders at the price of $100 per share,
to cover extensions and for the purpose of capitalizing obligations incurred
for the acquisition of shares In affiliated companies. .`:•hareholders of record
at the close of business on Sept. 28 will be entitled to subscribe for the new
stock on the basis of 1 share for each 14 shares of their registered holdings.
In this connection I am authorized to state that It is the intention of the
drectors to put the common stock on a 5% basis from Jan. 11911.
Earnings.-For the seven months ended July 31:
Jan.
Feb.
Med.
Apr.
May.
June. July.
Total.
68,335 68,522 68,197 68,852 60,225 70,000 72,120 485,751
1010
58,853 58,917 59,031 59,260 60,140 60,474 60,510 417,185
1900
Compare V. 91. n. 157: V. 90, p. 695. 1558.
Siegel Stores Corporation.-Consolidation of Subsidiaries.
-An agreement of consolidation of the Simpson Securities
Co. with the Simpson-Crawford Co. under the name of the
latter was filed in the office of the Secretary of State at
Albany, N. Y., on June 4. Capital stock of new company,
$1,400,000.
The purpose of the step Is merely to do away with an unnecessary holding company, the Simpson Securities Co. having held the stock of the Simpson-Crawford Co. Practically all of the stock of the latter is now held directly by the Siegel-Stores Corporation.-V. 90, p. 714.
In the main new business in finished steel is better than In August.
Since the operation of steel works is being adjusted closely to demand and
the latter is almost wholly from hand to mouth, production shows a gradual
shrinkage. The Steel Corporation's announcement of 433,000 tons reduction In unfilled orders in August Is to be interpreted in the light of this
fact, though of course the figures furnish no gauge of the rate of shipments
or the rate of new bookings last month. The various steel companies are
operating at from 6 to 80% of their capacity and taking new business at.
say, 50% of capacity, but the new bookings are more dependable than the
usual run of contract business.
The United States Steel Corporation is operating 67% of Its blast furnace
capacity, 45 furnaces being now idle, against 42 Sept. 1, 39 Aug. 1. 35
July 1 and 31 June 1. The American Sheet & Tin Plate Co. continues to
operate its sheet mills to about 81% of capacity.
Steel billets and sheet bars are weak, and on the former buyers are able
to get concessions from $24 50, Pittsburgh makers' mill. The wire trade
apparently leads in activity. Competition Is sharper on some of the heavier
products, cuts of $1 a ton being made on narrow and medium width plates.
Sept. 14 Sept. 7 Aug. 10 Sept. 15
1909.
1910.
1910.
Comparison of Prices, per Gross Ton. 1910.
$1800
$1600
$1600
Foundry pig No. 2, standard, Phlia___116 00
25 00
24 50
24 50
24 50
Bessemer billets, Pittsburgh
27 50
27 50
27 00
27 00
Open-hearth billets, Philadelphia
31 50
28 00
28 00
28 00
Wire rods, Pittsburgh
28 00
28 00
28 00
28 00
Steel rails, heavy, at mill
Capacity of Subsidiary Company at Gary.-A pamphlet
issued during August by the Indiana Steel Co.(in connection
South Porto Rico Sugar Co., New York.-Extra Dividend. with the visit of the Lake Superior Mining Institute) gives
-This company, which on Jan. 3 1910 paid a first quarterly the following estimate of the output capacity of the plant at
dividend of 1% on its common stock, has now declared on Gary, including the mills approaching completion (in tons):
the common stock an extra dividend of 2% payable with Pig Iron (blast furnace No. 8 was'completed last spring)
1,200,000
2,700,000
that issue and Open-hearth ingots(mills in operation 1 years)
the regular quarterly distribution of 1% on'
1.200,000
rails
steel
Standard
2% on the pref. on Oct. 1, to holders of record Sept. 20.
1,200.000
years)
Blooms and billets (mills in operation 1
Checks will be mailed by Muller, Schall & Co. of N. Y. City. Therearf
now listed on the N. Y. Stock Exchange $3,271,000 common and $3,496,500
pref.
F. A. Dillingham Is Secretary.-V. 89, p. 1546.
Stanislaus Consolidated Water & Power Co.-Sold.-This
property, acquired several years ago by C. T. Tullock of
Oakdale, Cal., after foreclosure it is understood, of mortgage made to the California Safe Deposit & Trust Co., was
reported some time ago as sold to the Oakdale Irrigation Co.
-V. 74, p. 1312.
Swift & Co.-Reported Bond Issue Pronounced Premature.
-Rumors are again current that the company proposes,
when market conditions are favorable, to float a new 'bond
issue of possibly $20,000,000 or $25,000,000 to provide for
the refunding of its $5,000,000 outstanding bonds and the
obligations of its controlled companies.-V. 90, p. 165.
Merchant steel bars (Incl. 2 mills completed last winter and 3
800,000
smaller mills approaching completion)
240,000
Plates (the universal plate mill Is approaching completion)
100,000
Car axles (plant completed and started in August 1910)
1,650,000
Coke (the 560 coke ovens are nearly completed)
of
issues
in
recent
plants
Gary
the
respecting
articles
See also elaborate
the "Iron Trade Review" of Cleveland and the "Iron Age" of New York.
The present population of Gary Is estimated at 20,000 and individual investments in business buildings are said to have aggregated $1,500,000 and for
residences $1,000,000.-V. 91, p. 522, 407.
Welsbach Company.-Report.--For year ending April 30:
Gross
Income.
1887,775
642,883
588,132
1907-08
0, p. 1683.
99
1
Fiscal
Year1909-10
Deductions
Sinking
Bond
Depredation. Interest.
Fund.
359,564 4328,800 4105.360
105,360
326.605
58.277
326,300
40.173
105,360
For other investment news Items see page 731.
Div. Balance.
(2%). Surplus.
470.000 4124,051
82,841
70,000
46,299
70,000
722
THE CHRONICLE
cgtvorts
[VOL.Lxxxxi.
anti Pricuments.
NORFOLK & WESTERN RAILWAY COMPANY.
FOURTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1910.
Philadelphia, September 8 1910.
To the Stockholders of the Norfolk & Western Railway Co.:
Your Board of Directors submits the following report of
the operations for the fiscal year ending June 30 1910:
MILES OF ROAD OPERATED.
The length of line owned at the close of the fiscal year was
1,937.30 miles. Total operated was 1,951.28 miles.
Amount carried to Profit and Loss for the year
Amount to credit of Profit and Loss June 30 1909
Branches, Main Line,
Miles.
Miles.
Lambert's Point, Norfolk, Va., to Columbus, Ohio_ __.A95.62
703.76
Lynchburg Belt Line, Phoebe, Va., to Forest, Va_ 24.36
Big Sandy Low-Grade Line, Naugatuck, W. Va., to
enova, W Va
59.16
Lynchburg, Va.. to Durham, N. C
3.48
115.93
Roanoke, Va.. to Hagerstown, Md
6.05
238.11
Roanoke, Va., to Winston-Salem, N. C
.20
121.30
Walton Junction, Va., to Bristol, Va
110.75
14.31
North Carolina Junction, Va., to Fries, Va
49.56
43.49
Graham, Va., to Norton, Va
22.97
100.40
Vera Junction, 0., to Cincinnati and Ivorydale, 0
18.92
105.92
Columbus Connecting & Terminal Railroad
3.51
Total operating revenues per mile of road
Net operating revenue per mile of road
Ratio of expenses to operating revenues
Ratio of taxes to operating revenues
394.63
1,542.67
394.63
Total lines owned
Tracks of other Companies used jointly under trackage
rightsMiles.
Southern Railway, at Durham, N. C
.43
Cumberland Valley RR., at Hagerstown, Md
.63
Cincinnati Lebanon & Northern By., Cincinnati, 0..
3.62
Pittsburgh Cincinnati Chicago & St. Louis By. at Cincinnati, 0
9.00
Baltimore & Ohio and Pittsburgh Cincinnati Chicago &
St. Louis By., at Columbus. 0
.30
1,937.30
Branches
13.98
Grand total operated
$1,117,056 33
4,499,354 39
Total
$5,616,410 72
Discount, commission and premium on securities sold-balance
41,878 08
Balance to credit of Profit and Loss June 30 1910
$5,574,632 64
Following is a comparative table of average results: '
1909-10. 1908-09.
$18,028 $15,168
5,957
7,207
60.02% 60.72%
3.19%
3.46%
CAPITAL STOCK.
The authorized capital stock of the Company is $100,000,000 common stock and $23,000,000 adjustment preferred
stock. The outstanding capital stock at the close of the
fiscal year consisted of688,060 shares of common stock
230,000 shares of adjustment preferred stock
$68,896,000
23,000,000
Total
$01,896,000
of which there was in the treasury $8,300 of adjustment
preferred stock. The increase in the outstanding common
stock was cauFed by the issue of 28,960 shares in exchange
for $2,896,000 of the Company's Convertible 10-25-year
4% gold bonds surrendered for conversion. A favorable opportunity having arisen in December 1909,
the Company sold at a price slightly above par the 15,308
shares of its common stock held in the treasury since 1897.
1,951.28
Second trackLamb3rt's Point, Va., to Glimerton, Va
Lynchburg, Va.-East and West of
Forest, Va., to Walton, Va
Walton, Va.. to Ripplemead, Va. (Sections)
Walton, Va., to Radford, Va
Pearisburg, Va., to Vivian, W Va
Huger, W. Va., to Wyoming, W. Va
Devon, W. Va., to Naugatuck, W Va
North Kcnova, 0. to East of LucasvIlle, 0
East of Piketon. 0%, to East of Glen Jean, 0
Waverly, 0., to West of Renick, 0
Delano, 0., to Gregg, 0
East of Cromley. 0., to Columbus, 0
Miles.
10.44
2.09
82.67
12.15
4.42
59.62
33.50
37.40
47.17
4.40
19.24
13.21
22.59
FUNDED DEBT.
The aggregate funded debt outstanding June 30 1910,
compared with that of the previous year, was as follows:
Mortgage bonds
Plain bonds, debentures and notes
Equipment trust obligations
June 30 1910. June 30 1909
$83,283,500
$83,283,500
22,673,000
20,962,000
9,900,000
11,900,000
$115,856,500
$116,145,500
There were in the Company's treasury $13,000 of First
Consolidated Mortgage 4% bonds.
The stockholders of the Company were given the privilege
Total second track
348.90
to subscribe at par between April 13 and April 18 1910, inSidings
996.39 clusive, for an amount of the Convertible 10-25-year 4%
gold bonds authorized in October 1906 equal to 12% of
The increase In mileage during the year was as follows34.06 their respective holdings of stock of the Company, as regisBranches
74.48
Second track
64.89 tered on its books at the close of business March 24 1910.
Sidings
The average mileage operated during the year was 1,945, The amount of bonds, $10,993,000, so offered to the stockshoolldd.ers was largely taken by them, and the small remainder
.as against 1,925 miles during the preceding year.
GENERAL INCOME ACCOUNT.
For the Year ending June 30 1910 and Comparison with Previous Year.
Increase(+) or
1910.
1909.
Operating RevenuesDecrease (-).
$30,037,796 22 $24,710,591 12 +$5,327,205 10
From freight
3,924,889 67
3,642,837 04
" passengers
+282,052 63
338,449 10
294,452 54
" mall
+43,996 56
461,655 25
426,047 36
" express
+35,607 89
" miscellaneous
301,080 18
253,173 60
+47,906 58
Total operating revenues$35,063,870 42 $29,327,101 66 +$5,736,768 76
Operating ExpensesIlaInt.of way & structures_ $3,752,045 16 $3,331,888 47
+$420,156 69
Maintenance of equipment 5,951,907 15
4,919,434 74 +1,032,472 41
551,806 15
Traffic expenses
487,106 05
+64,700 10
Conducting transportation 10,069,726 22
8,346,991 94 +1,722,734 28
721,275 01
.General expenses
644,335 23
+76,939 78
Total operating oxpenses$21,046,759 69 $17,729,756 43 +63,317,003 28
-Net operating revenue__ _$14,017,110 73 $11,597,345 23 +62,419,765 50
To which add'Interest. general account__
$534,121 23
$459,474 57
+$74,646 66
57,146 85
54,373 03
+2,773 82
Rents
554,938 54
467,264 63
+87,673 91
'Hire of equipment
$1,146,206 62
$981,112 23
+$165,094 39
$15,163,317 35 $12,578,457 46 +$.2,584.859 89
Total Income
From which dednet$4,179,530 00
Interest on funded debt..
Interest on equipment trust
obligations
395,555 56
Interest on 2-year 5% col,
206,154 37
lateral gold notes_ _ _ _
1,118,064 59
Taxes
Rents of tracks, yards, ter122,237 96
minals & other property
97,709 72
Miscellaneous
$6,120,152 20
Net income
$9,043,165 15
Deduct expenditures to
maintain earning power
and offset obsolescence_ 3,573,598 32
$3,985,520 00
+$104,010 00
378,666 66
+16,888 90
379,045 63
1,008,800 00
--172,891 26
+110,164 59
152,816 96
8,175 33
-30,579 00
+89,534 39
$5,913,024 58
+6207,127 62
$6,665,432 88 +$2,377,732 27
1,730,580 35
+1,843,017 97
Balance
15,469,566 83 $4,034,852 53
+6534,714 30
From this balance for the year ending June 30 1910
$5,469,566 83
The following amounts have been deductedPayments to Pocahontas Coal & Coke Co. on
account of deficiency of sinking fund and Interest on Norfolk & Western-Pocahontas
$138,000 00
joint bonds
,Cash dividends on Capital StockAdjustment Preferred Stock, 4%
919,668 00
3,294,842 50
Common Stock; 5%
4,352,510 50
Of the $34,000,000 of Convertible bonds authorized by
the stockholders at their meeting on Oct. 11 1906, there
had been issued and sold to June 30 19104he sum of $25,569,000. • Of these, $2,896,000 were surrendered and converted
into common stock, leaving a net issue of $22,673,000, of
which $98,000 were in the Company's treasury awaiting the
surrender of a like amount of full-paid subscription receipts.
The unissued remainder of these bonds is $8,431,000.
Of the $7,500,000 of 5% 2-year Collateral Gold Notes
issued under the trust agreement of May 1 1908, and maturing May 11910, the sum of $1,114,000 had been purchased
to June 30 1909. Additional notes aggregating $2,754,000
were pnirchased before maturity and paid out of the cash
fund deposited with the Trustee in January 1909. Of the remaining $3,632,000 all but $1,000 were presented and paid
to June 30 1910.
The changes in the Funded Debt are recapitulated below:
Two-year collateral notes paid
Convertible bonds converted into common stock
Equipment trust obligations paid
Convertible 10-25-year 4% bonds Issued-additional
Net decrease of funded debt
2,000,000
$11,282,000
10,093,000
$289,000
ROAD AND EQUIPMENT EXPENDITURES.
The expenditures for road and equipment summarized
below aggregated $13,184,434 78, all of which, in accordance
with the order of the Inter-State Commerce Commission,
has been charged to your Company's Property Investment
accounts. Of this sum $2,573,598 32 consists of expenditures which, in the judgment of your Board of Directors,
were required to offset obsolescence and depreciation, due
to changing conditions, and were necessary to maintain
the earning capacity and preserve the value of the Company's
property, and, therefore, should not be capitalized. The
payment of $3,573,598 32 from income, therefore, includes
that amount and also for the same reason one-half, i. e.,
$1,000,000, of the principal of-Equipment Trust obligations
paid during the year. The resulting net property investment for the year was $10,610,836 46.
THE CHRONICLE
SEPT. 17 1910.1
Payable from
Net Property
Income.
Investment.
Branches and extensions__ _ 33,299,643 21
Right of way and station
$166,202 23
253,797 41
grounds
8,833 91
Widening cuts and fills
35,228 87
Protection of banks
Grade revision and changes
30,165 22
5,691 67
of line
13,514 07
Tunnel improvements
Bridges, trestles and cul87,413 75
verts
48,776 67
Increased weight of rail.
1,226 91
Improved frogs and switches
Track fastenings and other
16,574 68
material
1,184,905 18
1,557,459 24
Additional main tracks
21,376 48
167,467 08
Sidings and spur tracks_ _ _ _
27,627 58
486,552 62
Terminal yards
23,690 17
Fencing right of way
Track elevation, elimination
2,870 11
of grade crossings, &c_
37,736 30
Interlocking apparatus__
Block and other signal ap455,427 07
5 40
paratus
10
-- __
Telegraph and telephone lines ----------89,809
39,405 04
100,77205
Station buildings and fixtures
Shops, engine houses and
13,082 78
65,388 98
turntables
148,199 05
Shop machinery and tools_
101,740 14
22,893 29
Water and fuel stations
Grain elevators and storage
5,093 66
warehouses
302 03
Dock and wharf property_ _
15,250 41
19,793 01
Miscellaneous structures__ _
Reconstruction of roads purCr. 10,859 85
chased
4,641,390 06
Equipment
Total.
$3,299,643 21
419,999 64
8,833 91
35,228 87
35,856 89
13,514 07
87,413 75
48,776 67
1,226 91
16,574 68
2,742,364 42
192,279 82
510,743 94
23,690 17
2,870 11
37,736 30
455,421 67
89,309 10
140,177 09
78,471 78
148,199 05
124,633 43
5,093 66
302 03
35,043 42
Cr. 10,859 85
4,641,390 06
$10,610,836 46
Add Principal of Equipment
Trust obligations
32,573,598 32 $13,184,434 78
$10,610,836 46
$3,573,598 32 $14,184,434 78
Total
1,000,000 00
1,000,000 00
723
penditures is set up in the general balance sheet as a credit
of "Appropriated Surplus" for "Additions to Property since
June 30 1907, through Income." Comment upon this is
made under the head of "General Remarks" in this report.
Equipment Replacement8.-(1) Equipment Destroyed, Sold
or Retired:
Credit balance in Equipment Renewal Fund,June 30 1907___ $291,318 70
Further Credits for equipment destroyed, sold and retired, including salvage: Year ending June 30 1908
229,955 10
Year ending June 30 1909
342,572 04
Year ending June 30 1910
319,860 10
Total
$1,183,705 94
Specific expenditures for new equipment acquired
In replacement: Year ending June 30 1908_ ___$176,111 40
Year ending June 30 1909_ _- 346,011 15
522,122 55
•
Excess of replacement credits for equipment destroyed, sold
and retired over the direct charges thereto, for new equip't $661,583 39
This excess, which includes the $222,673 23 reported as
the balance in Equipment Replacement account June 30
1909 has been credited to Property Investment in equipment, and has decreased to that extent the book value of the
Company's equipment.
(2) Equipment Depreciation: Under existing rules, the
gross depreciation credit accumulated by means of charges
to operating expenses and other accounts from June 30 1907
on equipment in existence at the date of this report is set up
in the general ledger as a separate liability account, but on
the face of the general balance sheet this credit is shown as a
deduction from the grand total of Road and Equipment
account. The amount is made up as follows:
08
9
90
Credited in year ending June 30 19
Advances for construction purposes were made as follows:
Guyandot & Tug River Railroad
account Barker & Clarks Gap RR
account Clear Fork ec Oceana RR
Big Stony Railway
$2,783 38
136 00
30 00
151,134 94
$154,084 32
The Betterment Fund and the Equipment Replacement
account, the transactions of which haveS heretofore been
.stated in annual reports, have been discontinued as a result
of changes in accounting methods ordered by the Inter-State
Commerce Commission. An explanatory recapitulation of
such transactions since June 30 1907 is desirable.
Betterment Fund.-Betternients and extraordinary renewals and replacements since June 30 1907, paid for out of
income, have all been charged to Property Investment accounts and the income applied to the payment of such ex-
"
3783,634 14
1,153,859 60
1,195,039 79
1910
33.132,533 53
Total
EQUIPMENT TRUST CERTIFICATES.
No additional Equipment Trusts have been created. Matured Equipment Trust principal to the amount of $2,000,000
(including $100,000 each of Series "L,""M,""N," and "0")
was paid during the year.
In October 1909 Equipment Trust Certificates in the treasury aggregating $2,800,000 ($700,000 each of Series "L,"
"M,""N," and "0") maturing after June 30 1910 were sold.
At the close of the fiscal year the aggregate of the unmatured
certificates was $9,900,000.
The statement on the following pages shows the details of
all the Company's Equipment Trusts:
STATEMENT OF EQUIPMENT TRUST CERTIFICATES JUNE 30 1910
1Date of AgreementMarch
April
June
April
Nov.
Dec.
Feb.
May
June
July
Aug.
Dec.
March
April
June
1
1
1
3
3
4
3
3
5
5
3
3
4
4
4
Series.
1902
1902
A.
1903
B.
1903
C.
1905
D.
1905
E.
1905
F.
1906
G.
1906
H.
1906
J.
1906
K.
1906
1908__L.
M.
1907N.
1907
0.
1907
Totals
Total Value of
Equipment.
Certificates
Paid During
Fiscal Year.
Certificates
Total CertifiOutstanding
cates Paid to
June 30 1910. June 30 1910.
Payable in Fiscal Year ending
June 30 1911.
Maturity.
$5,000,478 00
1,234,499 31
1,176,085 50
2,024,082 92
1,023,407 00
1,027,055 40
1,053,661 32
1,024,415 20
1,033,131 72
1,013,295 43
1,037,567 02
1,027,914 35
1,048,739 56
1,047,075 00
1,052,856 10
$500,000
100,000
100,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
$2,500,000
600,000
600,000
1,000,000
400,000
400,000
400,000
400,000
400,000
400,000
300,000
300,000
300,000
300,000
300,000
$1,000,000
400,000
, 400,000
1,000,000
600,000
600,000
600,000
600,000
600,000
600,000
700,000
700,000
700,000
700,000
700.000
320,854,263 83
32,000,000
$8,600,000
$9,900,000
Sept. 1
Jan. 1
Mch. 1
Apr. 1
Nov. 1
Dec. 1
Feb. 1
May 1
June 1
July 1
Aug. 1
Dec. 1
Mch. 1
Apr. 1
June 1
1910
1911
1911
1911
1910
1910
1911
1911
1911
1911
1910
1910
1911
1911
1911
Maturity of
Final
Installment.
Amount.
3500,000
100,000
100,000
200,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
Sept. 1 1911
Jan. 1 1913
Mch. 1 1913
Apr. 1 1915
Nov. 1 1915
Dec. 1 1915
Feb. 1 1916
May 1 1916
June 119111
July 1 1916
Aug. 1 1916
Dec. 1 1916
Mch. 1 1917
Apr. 1 1917
June 1 1917
$2,000,000
(DESCRIPTION OF EQUIPMENT FORMING SECURITY UNDER EQUIPMENT TRUSTS, SEE PAGES 60, 61 AND 62 PAMPHLET.)
-Y.
BRANCHES AND EXTENSIONS.
PETERSBURG BELT LINE.
Right-of-way has been secured for the Beech Creek Branch,
from its junction with Dry Fork Branch to its junction with
Indian Creek Branch at the Virginia State line, 1.56 miles
Right-of-way has been secured for the Indian Creek Branch
from its junction with Beech Creek Branch at the West Virginia State line to Cedar Bluff, Va., on the Clinch Valley
District, 12.22 miles, and "Y" connection 0.37 miles at
Cedar Bluff. Of this line, 3.22 miles at Summit Tunnel is
under construction.
The ,Dry Fork Branch and connections will form a continuous line from Jaeger, on your Company's main line, to
Cedar Bluff, on the Clinch Valley District, and will give a
western outlet to the coal lands on the Clinch Valley, District.
This line, 8.91 miles in length and connection tracks aggregating 1.69 tniles, is under construction from Poe to a
point west of Addison on the main line, running around and
to the south of the city of Petersburg, Va. It is an important
feature of a comprehensive plan of improvement of the coinpany's facilities in and near that city, and will greatly benefit
local industries. It will form a second track between the
points named, and will furnish a low-grade line for through
traffic and for interchange of business with the Atlantic
Coast Line Railroad and the Seaboard Air Line Railway,
avoiding the heavier grades and curvatures of the old line
TUG FORK BRANCH.
through Petersburg and the congestions incident thereto.
Right-of-way .for the North Fork Branch of Tug Fork
Its maximutn grades will be 0.2% eastbound and 0.4%
westbound, and its maximum curvature 1.5 degrees. Good Branch from Jeannette, W. Va., 4.31 miles, with a branch
progress is being made and it is expected that the roadbed 0.87 miles to projected coal operations, has been arranged
will be completed in December 1910 and the line in opera- for.
LYNCHBURG BELT LINE.
tion early in 1911.
This low-grade line from Phoebe, Va., to Forest, Va.,
ALLISONIA BAANCH.
24.36 miles, and sidings 7.68 miles, forming a second track
This branch, 0.6 miles in length, to an iron-ore tipple on between those points, has been acquired from the LynchBig Reed Island Creek, near Allisonia, Va., has been com- burg Belt Line & Connecting Railway Company, as hereinafter recited.
pleted.
DRY FORK BRANCH AND CONNECTIONS.
BLACKSTONE BRANCH.
This branch southward from Blackstcine, Va., 5.52 miles,
Right-of-way has been secrued for extending the Dry. and sidings, 0.41 miles, has been acquired from the BlackFork Branch 1.72 miles from the present ,end of track at stone & Lunenburg Railroad Company, as• hereinafter reCanebrake, W. Va., to the initial point of Beech Creek cited.
WESTERN BRANCH.
Branch below the mouth of Beech Creek, and 0.8 miles is
under construction to operation No. 4 of the New RiverThis branch westward from Pocahontas, Va. • 3.29' miles,
Pocahontas Consolidated Coal Co. Track will be completed and sidings 2.31 miles, has been acquired from the Pocahonon this portion in October 1910.
tas & Western Railroad Company, as hereinafter recited.
THE CHRONICLE
724
COMPANIES IN WHICH NORFOLK & WESTERN
RAILWAY COMPANY HAS AN INTEREST.
POCAHONTAS COAL & COKE COMPANY.
[VoL Lxxxxi.
The following equipment was acquired during the year:
16 passenger
locomotives,
10 freight locomotives,
1 cafe car,
500 box cars, 80,000 pounds capacity,
1,000 stock cars, 80,000 pounds capacity.
782 steel drop-bottom gondolas, 100,000 pounds capacity,
1,512 steel hopper coal cars, 115,000 pounds capacity,
100 cabin cars,
25 side-dump cars,
2 steam derrick cars,
1 spreader car,
1 locomotive crane.
The sinking fund provided for in the Pocahontas Coal &
Coke Company's Purchase Money First Mortgage, dated
December 2 1901, amounted in the calendar year 1909 to
$204,676 59. Through this and other sums paid to the
Trustee under the terms of the mortgage, bonds aggregating
$232,000 were purchased and canceled; the amount of outstanding bonds of the Pocahontas Coal & Coke Company
Of the new equipment, 893 steel hopper coal cars and 100
under the said mortgage being thus reduced to $19,070,000. cabin cars were built at your Roanoke shops.
WINSTON-SALEM SOUTHBOUND RAILWAY.
The total equipment owned and leased June 30 1910 conThe construction of this line from Winston-Salem to sisted of:
118 passenger locomotives,
393 passenger cars,
Wadesboro, North Carolina, through Forsyth, Davidson, 799
freight locomotives,
38,418 freight cars,
Montgomery, Stanley and Anson counties, a distance of 51 switching
1,049 work equipment can,
locomotives.
10 barges.
about 88 miles, has progressed satisfactorily. On June 30
1910 the grading was 83% and masonry 78% completed; 968 locomotives.
There were in the shops undergoing and awaiting repairs at
75 miles of the roadbed were finished and 18 miles of main
track were laid. It is expected that the main track will be the close of the year 146 locomotives, or 15.1% (82 needonly light repairs), 21 passenger cars, or 5 3%,and 1,538
ing
completed in November 1910.
The Winston-Salem Southbound Railway Company has freight and work cars, or 3.9%.
MAINTENANCE OF WAY AND STRUCTURES.
executed a mortgage dated May 3 1910 to the United States
Trust Company of New York, as Trustee, to secure an issue
The cost of Maintenance of Way and Structures was
of $5,000,000 of first mortgage 50-year 4% gold bonds, the $3,752,045 16, or about $1,929 per mile of road, as compared
payment of the principal and interest of which will be guar- with $1,731 per mile of road for the preceding year..
anteed jointly and severally by your Company and the At75.87 miles of main track were laid with 85-pound steel
lantic Coast Line Railroad Company, who are equal owners rails.
17.00 miles of Durham District were laid with re-sawed
of all the capital stock of the Winston-Salem Southbound
Railway Company except the eight shares held by individ- 75-pound rail.
7.02 miles of Clinch Valley District were laid with re-sawed
uals to qualify them to serve as Directors. The proceeds of
part of these bonds will be used to pay the interest-bearing 85-pound rail.
certificates of indebtedne:s issued to your Company and the
19.00 miles of track were fully ballasted.
Atlantic Coast Line Rai road Company for advances made
Additions have been made to division yards at Williamson,
by them in equal amounts. The total of such interest-bear- East Portsmouth and Columbus, including an entirely new
ing certificates of indebtedness in your Company's treasury eastbound yard at East Portsmouth.
on June 30 1910, representing advances made and interest
Passenger stations and freight depots were built or enthereon, was $972,770 83.
larged at Suffolk, Petersburg, Antietam, Shepherdstown,
BIG STONY RAILWAY AND CONNECTIONS.
Rileyville, Stanley, Buchanan, Starkey, Koehler, RidgeThe railroad, property and franchises of the Interior & way, Shawsville, Bluefield, Cleveland, St. Paul and Devon.
Standard 50,000-gallon tanks were erected at Lambert's
West Virginia Railroad Company, including 17.53 miles of
main track and 0.37 miles of sidings, and the railroad, prop- Point, White Post, Vivian, Mohawk, Naugatuck and Coal
erty and franchises of the Virginia & Potts Creek Railroad Grove, and two each at Shenandoah Junction and Dorney.
Company, including 4.15 miles of main track and 0.32 miles Steel tanks of 400,000 gallons capacity were erected just east
of sidings, were respectively conveyed by deeds dated June of North Fork and at East Portsmouth. A steel tank of
21 1910 to the Big Stony Railway Company. On June 30 200,000 gallons capacity was erected at Dorney.
The dam at Mud Fork was enlarged to increase the storage
1910 the latter Company had 38.33 miles of main track and
capacity of water for the Bluestone pumping plant from
1.59 miles of sidings.
Combined stations and living quarters for agents, standard 28,000,000 to 130,000,000 gallons.
The water-pipe line was extended from North Fork to
section foremen's houses and 50,000-gallon water tanks have
been erected at Waiteville and Paint Bank and a coaling Vivian to secure water supply from Bluestone pumping plant.
Pumping plants were installed at Shenandoah Junction,
station at Waiteville.
It is considered advisable that your Company shall acquire Mohawk and Dorney.
A water-filter plant was constructed at Farmville.
the railroad, property and franchises of the Big Stony RailA water-softening plant was installed at Dorney and the
way Company, which it now controls by ownership of its
entire capital stock with the exception of qualifying shares plant at Walton was enlarged.
Interlocking and signal apparatus was installed at Montheld by Directors. For this purpose a resolution, giving the
necessary authority, will be submitted for your action at view, Christiansburg, Lunch, Huger and Welch. Automatic signals were installed between Forest and Thaxton;
the annual meeting.
between Thaxton and Montvale on westbound track; beGUYANDOT & TUG RIVER RAILROAD AND CONNECTIONS.
Further progress has been made in securing right-of-way. tween Elliston and East Radford; between Walton and
Pepper; between Pearisburg and Bluefield; between Wilmore
BLACKSTONE eG LUNENBURG RAILROAD.
and Wyoming; between Devon and Williamson; between
Pursuant to authority given by Act of the General Assem- Williamson
Naugatuck; between K4,1ova and Davis;
bly of Virginia Feb. 17 1900, the railroad, property and and on twoand
miles
Ohio. Interlocking
franchises of the Blackstone & Lunenburg Railroad Company plants were improvedat Williamsburg,
at Arthur and Blake.
were, by deed dated April 25 1910, conveyed to your Com105 lineal feet of light iron bridges were replaced by railpany, and the railroad is now being operated as the Blackculvert and fill.
stone Branch. The total cost of this property to your Com- top
615 lineal feet of wooden bridges and 2,351 lineal feet of
pany at the date named was $61,004 15.
light iron bridges were replaced by new standard steel strucLYNCHBURG BELT LINE & CONNECTING RAILWAY.
tures.
Pursuant to authority given at the annual meeting of the
662 lineal feet of wooden bridges on brahch lines have
stockholders held Oct. 8 1908, the railroad, property and replaced by iron bridges released from the main line. been
franchises of the Lynchburg Belt Line & Connecting RailNew overhead steel highway bridges were built north of
way Company were, by deed dated April 7 1910, conveyed Roanoke and east of Bluefield.
to your Company, and the railroad is now being operated as
New 85-foot turntables were put in at Lambert's Point,
the Lynchburg Belt Line. The total cost of this property Petersburg, Crewe and Bluefield.
to your Company at the date named was $2,543,536 15.
The main track on the Pulaski District, east of Kent, Va.,
POCAHONTAS & WESTERN RAILROAD.
and at Groseclose, Va., was raised above flood level.
authority
given
at the annual meeting of the
Pursuant to
The main track on the Cincinnati District between Newstockholders held Oct. 8 1908, the railroad, property and town and Clare was raised above flood level.
franchises of the Pocahontas & Western Railroad Company
695 lineal feet of Dingess Tunnel was lined with brick.
were, by deed dated April 29 1910, conveyed to your Com602,926 lineal feet (114.20 miles) of standard fencing were
pany, and the railroad is now being operated as the Western erected.
Branch. The total cost of this property to your Company
TRAFFIC.
at the date named was $414,172 15.
As compared with the preceding year, the number of passengers carried increased 10,573, or 0.2%; the average haul
MAINTENANCE OF EQUIPMENT.
increased 1.92 miles.
The standard of your Company's equipment has been of passengers passenger
The total
revenue increased $282,052 63, or
maintained. The cost of maintenance was $5,951,907 15,
7.7%; the average rate per passenger per mile increased
an increase over the preceding year of $1,032,472 41.
Additions to the machinery at the various shops have been 0.041 cents.
Tons of freight carried increased 5,363,326 tons, or 26.8%;
made at a cost approximately as follows:
the average haul of freight decreased 3.66 miles.
Roanoke Shops
$123.096 Portsmouth Shops
$18,247
The total freight revenue increased $5,327,205 10, or
Bluefield Shops
12.412 Outlying Shops
7.888
Williamson Shops
9,855
21
the average rate per ton per mile decreased 0.013
Total
$171.498 cents.
6%;
The cost of engine repairs was $1,750,009 75, an increase
The freight train mileage increased 1,853,025 miles, or
over the preceding year of 8520,474 48.
21.2%; the average tons per train mile increased 19 tons, or
The tractive power of locomotives on June 30 1910 was 3.1%.
1,305,500 pounds greater than at the close of the preceding
The coal shipments were 13,999,516 tons, an increase of
year.
3,020,956 tons, or 27.5%.
SEPT. 17 1910.]
THE CHRONICLE
The lumber shipments were 1,674,981 tons, an increase of
151,463 tons, or 9.9%.
The shipments of other low-class commodities connected
with the iron and steel industries were as follows:
Coke shipments 2,969,476 tons, an increase of 708,649
tons, or 31.3%.
Ore shipments: 1,018,252 tons, an increase of 325,764
tons, or 47.0%.
Pig and bloom iron shipments: 716,951 tons, an increase of
383,189 tons, or 114.8%.
The following statement gives the passenger and freight
statistics for the years 1910 and 1909:
SUMMARY OF PASSENGER AND FREIGHT CAR MILEAGE.
-Year ending June 301909.
1910.
Noron
cars
Mileage of Norfolk & Western freight
228.816,345
folk & Western Railway (including caboose) _ _ -230,48 ,253_
Mileage of foreign freight cars on Norfolk & West148,931,705 95,075,924
ern Railway
Percentage of freight car mileage made by foreign
29.35
39.25
cars
Mileage of Norfolk do Western box cars on Norfolk
21,675,243 39,001,480
& Western Railway
Average number of box cars In service on Norfolk
4,126
2,030
& Western Railway
Average daily mileage of box cars on Norfolk &
25.90
29.25
& Western Railway
Mileage of Norfolk & Western coal cars on Norfolk
168,509,443 153.051,982
& Western Railway
Average number of coal cars in service on Norfolk
15,268
14,035
& Western Railway
Average daily mileage of coal cars on Norfolk &
27.46
32.89
Western Railway
Total Norfolk & Western freight car mileage on
Norfolk & Western Railway in transportation of
221,782,642 221,004,127
freight
Average number of Norfolk & Western freight
34,005
34,406
cars in service
Average number of Norfolk do Western freight cars
23,065
19,097
in service on Norfolk do Western Railway
26.25
$0.52
Average daily mileage on Norfolk & Western Ry
Total passenger car mileage on Norfolk & Western
19,709,807
21,391,488
Railway
Mileage of Norfolk do Western passenger cars on
16,114,735 15,059,154
Norfolk & Western Railway
Mileage of Norfolk & Western passenger cars on
1,107,312
1,262,353
foreign lines
Total mileage made by Norfolk do Western passen17,377,088 16,166,476
..
ger cars
Mileage of foreign passenger cars (including Pull4.650,743
5,276,753
man) on Norfolk & Western Railway
Percentage of passenger car mileage made by for23.60
24.67
eign cars
TRAFFIC AND MILEAGE STATISTICS.Increase (-I-) or
Decrease (-).
1908-1909.
1909-1910.
Freight Traffic+5,363,326
20,049,203
25,412,520
Tons of freight carried _ _
37
+1,345,474,9
6,722,495,887 5,377,020,950
Tons carried one mile
per
Tons carried one mile
+663,038
2,793,258
3,456,296
mile of road
Average distance carried
-3.66
268.19
264.53
, per ton (miles)
$24,710,591 12 +55,327,205 10
Total revenue from freight_$30,037,796 22
of
ton
per
revenue
Average
-5.05
123.25
118.20
,- freight (cents)
Average revenue per ton
-0.013
0.480
0.447
per mile (cents)
Total freight revenue, all
$30,248,146 22 $24,881,320 48 +55,360,825 74
sources
Freight revenue per mile
+52,626 39
$12,925 36
$15,551 75
of road
Freight revenue per train
+0.78
285.16
285.94
nine (cents)
Passenier Traffic+10,573
4,919,535
4,930,108
Passengers carried
+9,798,524
171,270,331
181,068,855
Passengers carried one mile
Passengers carried one mile
+4,123
88,972
93,095
per mile of road
Average distance carried
+1.92
34.81
36.73
per passenger (miles) _ - Total revenue from passen+5282,052 63
$3,924,889 67 •$3,642,837 04
gers
Average revenue per pas+5.56
74,05
79.61
senger (cents)
Average revenue per pas+0.041
2.127
2.168
_
_
mile
(cents)
senger per
Total passenger revenue,
+5369,943 02
$4,815,724 20 $4,445,781 18
all sources
Passenger revenue per mile
+5166 45
$2,309 50
$2,475 95
of road
Passenger revenue per train
+1.76
118.12
119.88
milo (cents)
• Includes 5129,455 20, collected in th o preceding year, as explained
on pages 25 and 26 of the 13th Annual Report.
Total Traffic$35,063,870 42 529,327,101 66 +55,736,768 76
Operating revenue
Operating revenue per mile
+52,792 84
$15,234 88
$18,027 70
of road
Operating revenue per train
234.82
+5.41
240.23
mile (cents)
Operating expenses:
$17,707,927 75 514,838,663 59 +52,869,264 16
Freight
+$447,739 10
53,338,831 94 52,891,092 84
Passenger
521,046,759 69 $17,729,756 43 +$3,317,003 26
Total
+51,395 94
$7,708 39
59,104 33
Per mile of road, freight_
Per mile of road, passen+5214 76
87
$1,501
63
$1,716
ger
+51,610 70
$9,210 26
510,820 96
Per mile of road, total
Per train milo, freight
-2.66
170.06
167.40
(cents)
Per train mile, passenger
+6.30
76.81
83.11
(cents)
Per train mile, total
+2.24
141.96
144.20
(cents)
--0.013
0.276
0.263
Per ton mile (cents) _ - - Per passenger per mile
1-0.156
1.688
1.844
(cents)
Net operating revenue:
$12,540,218 47 $10,042,656 89 142,497,561 58
Freight
-$77,796 08
$1,476,892 26 51.554,688 34
Passenger
$14,017,110 73 511,597,345 23 +52,419,765 50
Total
+51,230 44
$5,216 97
$6,447 41
Per mile of road,freight_
Per mile of road, passen--$48 30
$807 63
$759 33
ger
+$1,182 14
$6,024 60
57,206 74
Per mile of road, total
freight
mile,
Per train
+3.44
115.10
118.54
(cents)
Per train mile, passenger
-4.54
41.31
36.77
(cents)
Per train mile, total
+3.18
92.86
96.04
(cents)
0.187
0.187
Per ton per mile (cents)_
Per passenger per mile
-0.092
0.908
0.816
(cents)
Train Mileage+1,852,239
8,548,948
10,401,187
Revenue trains: freight..
+252,625
3,587,179
3,839,804
Revenue trains: passenger_
+786
176,568
177,354
Revenue trains: mixed_ _ _
+1,264
4,872
6,136
Revenue trains: special
+300,051
475,845
775,896
trains
nue
Non-reve
+2,407,010
12,793,387
15,200,377
All trains
Locomotive Mileage+2,737,773
12,401,584
15,139,357
Revenue trains: freight_ _ _
+269,209
3,754,919
4,024,128
Revenue trains: passenger_
+7,482
184,092
191,574
Revenue trains: mixed__
+1,562
6,485
8,047
Revenue trains, special
+424.338
2,492,618
2,916,956
Switching locomotives__
+272,525
536,632
809,157
Non-revenue trains
+3.712,889
19,376,330
23,089,219
All locomotives
Car Mileage-Mileage of loaded frelTht cars:
+12,167,601
98,750,697
110,918,298
North and East
+20,926,877
98,128,217
119,055,094
South and West
Mileage of empty freight cars:
+15,092,840
60,460,159
75,552,999
North and East
+437,304
63,008,681
63,445,985
South and West
Mileage of caboose cars:
+987,671
4,307,422
5,205,093
North and East
+915,396
5,152,489
4,237,093
South and West
Average number of freight
exmile
train
cars per
--I.26
34.88
36.14
cluding caboose
Average number of loaded
--.25
21.74
21,99
mile
train
freight cars per
Average number empty
freight cars per train
--1.01
14.15
13.14
mile excluding caboose_ _
Average number tons freight
1-19
616
635
per train mile
Average number tons freight
28.02
29.23
per loaded car mile
10,709,897
21,391,488
1-1,681,591
Mileage of passenger cars_ ..
Average number passenger
5.24
1-.09
5.33
cars per train mile
Average number of passen46
45
gers per train mile
Mileage of cars in special
64,891
+16,558
81,440
service
Average mileage operated
1,925
+20
1,945
.
kg. during year
725
GENERAL REMARKS.
Among the industries established on your lined during the
year are the following:
15 manufactories of mineral and metal products,
"lumber products,
44
"farm implements and farm products,
25
4 coal mines.
At the close of the year 171 coal and coke companies were
in operation.
The number of coke ovens was 13,931, of which 2,151 are
owned by the United States Coal & Coke Company.
There were also in operation 15 iron furnaces, with an estimated aggregate capacity of 2,090 tons of pig iron per day;
8 furnaces with an aggregate capacity of 960 tons of pig iron
per day were out of blast; a small furnace at Kayoulah (estimated daily capacity 14 tons) was destroyed by fire May 1
1910.
The following sections of double track are under construction:
5.42 miles
Vivian, W. Va., to Huger, W. Va.. Including 4 tunnels
3.00 "
Wyoming, W. Va., to Alnwick, W. Va
Wharncliffe, W. Va., to Devon, W. Va., Including second track
9.50 "
of
Devon
east
tunnel
future
around
line
temporary
on
14.20 "
Lucasville, 0., to Piketon, 0
1.05 "
Glen Jean, 0., to Waverly. 0
6.34 "
Renick, 0., to Delano.0
6.91 "
Gregg, 0., to East of Cromley,0
The first of these sections will be completed in the summer
of 1911, the next two early in 1911 and the four sections in
Ohio about January 1911. The line will then be doubletracked from the West Virginia coal fields to Columbus, 0.,
with the exception of 4.6 miles of single track and gauntlet
track in West Virginia.
From the commencement of its operations, Oct. 1 1896,
to June 30 1910, your company has expended for acquiring
or constructin& railroad lines, branches and extensions,
second track, sidings, yards, equipment, grade revision and
changes of line and other additions and improvements, and
for advances to subsidiary companies for construction purposes, the sum of $76,861,770 39, of which the sum of $53,519,421 89 was obtained from sales of capital obligations,
and the remainder, $23,342,348 50, from income.
Of the Equipment Trust Certificates issued under your
Company's trust agreements, $2,000,000 were paid during
the year. The total paid to June 30 1910 is $8,600,000 and
$9,900,000 were then outstanding and unmatured.
These expenditures and trust agreements have added to
your Company's road 367.01 miles of main line and branches,
294.88 miles of second track and 558 miles of sidings; and to
its equipment 562 locomotives, 151 passenger cars, 22,245
freight cars and 892 maintenance-of-way cars.
The Company's anticipated requirements during a series
of years for further branches, extensions, second tracks,
yards, sidings, terminals, equipment and other additions
and betterments necessary to develop and care for its business
will necessitate expenditures the cost of which will considerably exceed the unissued remainder ($8,431,000) of the
convertible bonds authorized at the annual meeting of stockholders in October 1906. Desiring to provide for such capital
requirements of the Company by means of issues of capital
stock rather than of mortgage bonds, the Board of Directors
has determined to submit t othe stockholders, at their October meeting, a proposal to increase the authorized common
stock of the Company by $50,000,000 to an aggregate of
$150,000,000, and a further proposal to authorize the creation and sale from time to time of an issue or issues of bonds
of the Company not exceeding $50,000,000, convertible into
common stock at the option of the holders during a term of
years; such bonds to be sold in lieu of common stock at times
when market conditions do not favor the issue of stock; in
which event the stock required for conversion of the bonds
sold is to be reserved for that purpose out of the authorized
issue of common stock.
726
THE CHRONICLE
[VOL. Lxxxxi.
The city authorities and commercial bodies of Norfolk,
Virginia, have for several years urged the railroads entering as they would appear had the balance sheet of the preceding
that city to join in the construction of a union passenger year been in the same form.
It will be observed that under the order of the Inter-State
station. Your Company's passenger station at Norfolk was
Commission, the Company is required to show on
completely destroyed by fire Oct. 13 1909, and as it was Commerce
general balance sheet as a separate item under "Approdeemed expedient not to reconstruct it upon the old site, its
temporary quarters were provided. Subsequent conference priated Surplus" the aggregate amount expended by it from
income for "Additions to Property since June 30 1907,
held by your Company's representatives with those of thes its
through Income," viz., $7,868,827 34, which includes the
Virginian Railway Company and the Norfolk Southern Rail- $3,573,59
road Company resulted in a plan for providing a joint pas- conviction8 32 expended during the present year. It is the
of your Board that this amount, like the aggresenger terminal for these three companies. The Norfolk gate
credits to 'Reserve for Accrued Depreciation" of equipTerminal Railway Company was accordingly organized ment (see general
balance sheet), should be deducted from
Feb. 2 1910, to acquire the necessary land and to construct Property
Investment in Road and Equipment in order to
thereon the railway, station buildings, sheds, tracks
show correctly the net ca,pitalizable cost of road and equipother facilities requisite to a passenger terminal suitableand
for ment. Such disposition of this item, however, is not perthe passenger traffic of the three companies which contemmitted under the order of the Inter-State Commerce Complate the use of the terminal in common. Each of the com- mission
now in force, which requires the amount to be set up
panies is to subscribe for $25,000 of the capital stock; the as
a separate liability account. It is, therefore, entered on
remainder of the amount required for construction and for both
sides of the general balance sheet, being included in the
improvements and extensions will be provided by an issue property
investment in "Road and Equipment" as an asset.
of terminal mortgage bonds guaranteed jointly and severally
In the interest of the many investors in your Company's
by the participating companies.
capital stock, and following a growing custom, your Board
The new passenger terminal of the Norfolk Terminal Rail- of Directors
has directed the payment of dividends quarway Company will be adjacent to your Company's former terly
instead of semi-annually. Until otherwise ordered,
station site. A seven-story office building and passenger therefore,
dividends will be paid in February,.May, August
station will be erected, with suitable space to be leased for and
November to holders of adjustment preferred stock as
the general offices of the Virginian Railway and the Norfolk registered
at the close of January, April, July and October,
Southern Railroad companies, and for such of your Com- and in March,
pany's offices as are located in Norfolk. The general fea- common stock June, September and December to holders of
as registered at the close of. February, May,
tures of location and arrangement have been agreed upon, August and
November.
and since June 30 1910 architects have been employed in
Your
preparing plans for the structure. You will be asked, at the monthly attention is called to the fact that the published
statements of Earnings and Expenses for May,
annual meeting on Oct. 13 1910, to authorize the necessary June
and July 1910 show a large increase in the ratio of
contract with the Norfolk Terminal Railway Company. operating
It is estimated that the terminal will cost about $750,000 earnings. expenses, notwithstanding the expansion of gross
This increase, which is due to higher cost of
and will be completed during the year 1911.
Under Section 38 of the Act of Congress approved Aug. 5 ways and material, averages 4.52%over the corresponding
1909 but made retroactive to Jan. 1 1909, the Commis- period of the previous year and 5.54% over the average
sioner of Internal Revenue of the United States assessed a for the nine months July 1909 to April 1910 inclusive. Until
ent in transportation rates can be obtained by
tax of $56,713 59 upon your Company's net profits for the a readjustm
the Company fairly commensurate with its increased excalendar year 1909, as defined by the United States Treasury penses,
return to the former operating ratio cannot reaDepartment under its construction of said Section 38. In sonably a
be anticipated.
order to escape the penalties imposed by the Act for the nonYour Directors have to report with deep regret the death
compliance with its requirements, your Company has made
on March 28 1910 of their esteemed colleague, Colonel Levi
its return and has paid the assessment under protest.
Several cases involving the Constitutionality of this Sec- C. Weir. They have recorded in the minutes of the proceedtion of the Act are pending in the Supreme Court of the ings of the Board their appreciation of Col. Weir's high charUnited States. These cases were argued before that Court acter and of the long experience and keen business sagacity
in March 1910, but subsequently the Court entered an order which rendered his judgment of great value to your interests
on all transportation and financial questions.
assigning the cases for re-argument before the full bench.
Your Company's general ledger having been kept during
At the meeting of the Board of Directors held April 28, Mr.
the year in conformity with the Form of General Balance J. B. Thayer
was elected a Director in the place of Col. Weir.
Sheet Statement prescribed by the Inter-State Commerce
The certificate of Messrs. Price, Waterhouse & Co., the
Commission, the general balance sheet of June 30 1910, pre- independe
nt auditors elected to audit the books and accounts
pared therefrom exhibits a different arrangement and clas- of the Company,
is attached to the Balance Sheet.
sification from those of previous years. A comparison in
The officers and employees of the Company have faithdetail with the balance sheet of June 30 1909 would be too fully and
efficiently discharged their duties during the year.
voluminous for the limits of the annual report statement.
By order of the Board,
The changes in amounts during the year are, however, shown
L. E. JOHNSON, President.
GENERAL BALANCE SHEET JUNE 30 1910.
PROPERTY INVESTMENTRoad and Equipment-Investment to June 30 1907Road
Equipment
ASSETS.
Investment since June 30 1907Road
Equipment
General Expenditures
Comparison with
June 30 1909.
$151,440 746 22
24,383,021 25
$175,823,767 47
$15,978,992 78
11,823,425 41
5,088 80
+$8,542,118 42
+4,641,390 06
+926 30
27,807,506 99 (See Note)
Reserve for Accrued Depreciation (of Equipment), Credit
SecuritiesSecurities of Proprietary, Affiliated and Controlled Companies
-Pledged Stocks
Securities of Proprietary, Affiliated and Controlled CompaniesUnpledged
Stocks
Funded Debt
Other InvestmentsAdvances to Proprietary, Affiliated and Controlled Companies for
Construction. Equipment
and BettermentsBlackstone & Lunenburg RR. Co
Pocahontas & Western RR Co
Big Stony Railway Co
Guyandot & Tug River Railroad Co
Miscellaneous InvestmentsPhysical Property
Securities-Unpledged
WORHING ASSETSCash
Securities issued or assumed-Held in Treasury
Marketable Securities-Stocks
Funded Debt
Loans and Bills Receivable
Traffic and Car Service Balances due from Other Companies
Net Balance due from Agents and Conductors
Miscellaneous Accounts Receivable
Materials and Supplies
Other Working Assets
DEFERRED DEBIT ITEMSAdvancesTemporary Advances to Proprietary, Affiliated
and Controlled Companies
Work'nr Funds
Rents an.1 Insurance paid in Advance
Cash and Securities in Sinking and Redemption
Funds
Other Deferred Debit Items
Note.-This sum includes the $7,868,827 34 of "Appropriat
ed Surplus" to which the note
n the Liabilities side of the General Balance Sheet
refers.
$203,631,274 46
3,132,533 53
+1,195,039 79
$200,498,740 93
80,460 80
$61,198 33
61,31072
122,509 05
$955,187 98
219,208 72
1,174,396 70
$338,107 45
885,538 09
1,223,645 54
$9,198,550 22
21,300 00
4,008 00
2,990,343 05
4,500,612 74
1,210,234 71
771,322 60
705,426 05
3,862,928 93
388 46
-51,184 09
-413,823 44
+151,134 94
+2,949 38
+167,079 74
+59,772 50
+5,642,708 46
-4,976,800 00
23,271,114 76
$1,377,456 47
14,925 27
76,774 41
11,1)84 23
87,462 94
-1,836 67
-2,547,80284
3•
+2,831,933 88
+498,448 50
+267,742 54
+163,314 80
+78,497 14
+1,286,017 10
-978 58
+187,140 81
+396 31
+18,99780
-6,385,000 00
. -17,789 95
1,568,603 .2
$227,039 477 10 • '448,950.319 38
SEPT. 17191O.1
727
THE CHRONICLE
Comparison with
June 30 1910.
LIABILITIES.
CAPITAL STOCKAdjustment Preferred
Common
$23,000,000 00
68,896,000 00
FUNDED DEBTMortgage Bonds
Plain Bonds, Debentures and Notes--------------------------------------------Equipment Trust Obligations--------- _ ---------------------------------------
$83,283,500 00
22,673,000 00
9,900,000 00
+$2,896,000 00
$91,896,000 00
WORKING LIABILITIESTraffic and Car Service Balances due to Other Companies
Audited Vouchers and Wages UnpaidVouchers
Pay Rolls
+1,711,000 00-2,000,000 00
115,856,500 00
+45,555 44
$112,461 34
+1,479,410 07
+308,509 51
$2,762,073 94
1,336,216 89
- - - ------------------------------------------Miscellaneous Accounts Payable
Matured Interest, Dividends and------- ------Matured Mortgage Bonded and Secured Debt Unpaid
Other Working Liabilities--------------------------------------------------------------ACCRUED LIABILITIES NOT DUEUnmatured Interest, Dividends and Rents Payable
Taxes Accrued----------------------------------------------------------------
4,098,290 83
190,906 43
531,263 68
7,000 00
1,171 42
-22,853 03
+4,722 68
+1,00000
+1,171 42
4,941,093 70
-248,427 00
+41,790 06
$1,053,865 33
538,794 78
1,592,660 11
DEFERRED CREDIT ITEMS---------Operating Reserves- Items--------------------------------------------------------Other Deferred Credit
APPROPRIATED SURPLUS (See N-o-te)$5.725,371 14
Additions to Property since June 30 1907, through Income-Road
2,143,456 20
Equipment
PROFIT AND LOSSCredit Balance
209,863 31
-833 34
+84,497 00
+2,573,598 32
+1,000,000 00.
7,868,827 34
5,574,532 64
$227,939,477 10
+1,075.178 25
+$8,9p0,319 38.
Note.-Thls sum consists of expenditures since June 30 1907 which in the judgment of the Board of Directors were required to offset obsolescence
and depreciation due to changing conditions and were necessary to maintain the earning capacity and preserve the value of the Company's property,
and therefore should not be capitalized.
CERTIFICATE OF INDEPENDENT AUDITORS.
PRICE, WATERHOUSE & COMPANY.
Chartered Accountants.
New York, September 8 1910.
To the Shareholders of the Norfolk & Western Railway Co.:
We have examined the books and accounts of the Norfolk & Western Railway Company at Roanoke and Philadelphia.
for the year ending June 30 1910, and
We Certify that the annexed General Balance Sheet is properly drawn up therefrom so as to show the true financial
position of the Company at that date.
PRICE, WATERHOUSE & CO.,
Chartered Accountants.
CANADIAN PACIFIC RAILWAY COMPANY.
TWENTY-NINTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30TH 1910.
tion of authorized branch lines; £98,200 was used to acquire
To the Shareholders:
5% Bonds;
The accounts of the Company for the year ended June 30th the same amount of your Company's 1st Mortgage
and the balance, £431,770, was devoted to the acquisition
1910 show the following results:
other railway companies whose lines con$94,989,490 33 of the bonds of
Gross Earnings
61,149,534 46 stitute a portion of your system, the interest on which had,
Working Expenses
with your sanction, been guaranteed by your Company.
$33,839,955 87
Net Earnings
4. Four per cent Preference Stock to the amount of
Net Earnings of Steamships in excess of amount included in
909,235 60 £600,000 was created and sold, the proceeds being used to.
monthly reports
Interest on deposits and loans
$904,742 19
meet capital expenditures that had your previous sanction.
Interest from Minneapolis St. Paul & Sault Ste.
Marie Ry. on bonds held by the Company__ _ _ 159,720 00
5. Your guaranty of interest was endorsed on Four per
Interest from Mineral Range Railroad Co. on
cent Consolidated Mortgage Bonds of the Minneapolis St. Paul
bonds held by the Company
50,160 00
&
Montreal
Atlantic Ry. and on
Interest from
& Sault Ste. Marie Railway Company to the amount of
other Securities held by the Company
71,214 08
$2,200,000, issued and sold to meet the cost of constructing
Dividend on St. John Bridge & Railway Exone hundred and ten miles of railway added to that Comtension Company Stock held by the Company
50,000 00
Dividend on Alberta Ry. & Irrigation Co. Stock
pany's system.
86,531 02
held by the Company
6. Wth the consent of your Company,the surplus earnings
Dividends on Minneapolis St. Paul & Sault Ste.
Marie Ry. Preferred and Ordinary Stocks held
of the Duluth South Shore & Atlantic Railway Company
1,104,110 00
by the Company
2,426,477 29 in excess of the interest on the bonds held by the public and
the rentals, were used for necessary additions to that Com$37,175,668 76
9,916,940 33 pany's facilities and for the general betterment of the
Deduct, Fixed Charges
$27,258,728 43 property.
Surplus-----------7. The sales of agricultural land during the year aggregated
----------Deduct amount ---------------00
$900,000
placement Account
975,030 acres, for $14,468,564 33, being an average of $14 84
80,000 00
Contribution to Pension Fund
980,000 00 per acre. Included in this area were 145,421 acres of irrigated land, which brought $26 59 per acre, so that the aver$26,278,728 43
age price of the balance was $12 78 per acre.
From this there has been charged a half-yearly
After further surveys and reports your Directors have
dividend on Preference Stock of 2 per cent,
decided that water should be provided for the Eastern Section
$1,102,599 98
paid April 1st 1910
And a half-yearly dividend on Ordinary Stock
of the Irrigation Block, containing about 1,100,000 acres,
4,500,000 00
of 3 per cent, paid April 1st 1910
before anything is done in the Central Section, and, as a
And Interest on Installments on New Stock
417,170 32
consequence, they have authorized the execution of the
Subscriptions, paid July 1st 1910
6,019,779 30 work, which will cover a period of
about three years,and will
$20,258,949 13 involve an estimated expenditure of $8,500,000, for which
they will ask your approval. The average cost per acre of
From this there has been declared a second halfyearly dividend on Preference Stock of 2 per
irrigating this block exceeds by a considerable amount the
cent, payable October 1st 1910
$1,112,333 33
average in the Western Section, due to the greatei difficulty
And a second half-yearly dividend on Ordinary
Stock of 3 per cent, payable 1st Oct. 1910_5,250,000 00
in reaching the source of water supply, to the mileage of the
6,362,333 33 ditches, namely, 3,500 miles as compared with. 1,600 miles,
Leaving Net Surplus for the year
$13,896,615 80 and to the improved character of the structures; but, in the
In addition to the above dividends on Ordinary Stock, one per cent was light of past experience, your Directors are confident that
paid from Interest on Land Funds.
the financial and other results will be eminently satisfactory.
2. The working expenses for the year amounted to 64.38 The money required for this work will of course be provided
per cent of the gross earnings and the net earnings to 35.62 from the accumulated land funds.
per cent,as compared with 69.92 and 30.08 per cent respect8. Your Directors have entered into an agreement with
ively in 1909.
the New Brunswick Southern Railway Company, whose line
3. Four per cent Consolidated Debenture Stock to the extends from West St. John to St. Stephen, New Brunswick,
amount of £1,598,935 was created and sold, and of the a distance of 83 miles, for a lease of the railway for a period
proceeds the sum of £1,068,965 was applied to the construe- of 999 years at an annual rental equivalent to three per cent.
728
THE CHRONICLE
per annum on the outstanding bonds of the Company to
the amount of $500,000. The lease will be submitted for
your approval.
9. An arrangement has been completed for the transfer
to your Company, on demand,of practically all of the Capital
Stock of the Dominion Atlantic Railway Company, consisting
of £270,000 of Preference Stock and £230,000 of Ordinary
Stock, at the price of 60% of its face value for the preferred
and 20% of its face value for the common shares. Some
time, probably six or eight months, must elapse before the
arrangement can be made effective. The railway extends
from Yarmouth to Truro, with branches to Kingsport and
Torbrook Mines, a total of 247 miles, and a connection is
made with Halifax under a contract with the Dominion
Government for the use of 45 miles of the Intercolonial Railway. Your Directors are confident that important traffic
advantages will result from the acquisition of this railway
and it will give your Company a foothold in the Province of
Nova Scotia where you have heretofore had no interests.
10. You will be asked to authorize the issue and sale of
a sufficient amount of 4% Consolidated Debenture Stock to
provide for the construction of the following branch lines,
all of which are in the agricultural districts of Manitoba,
Saskatchewan and Alberta, namely: Moose Jaw-Outlook
Branch, 118 miles; Weyburn-Lethbridge Branch, 50 miles;
Teulon Extension, 56 miles; Lauder-Griffin Branch, 33 miles;
Craven-Bulyea Branch, 21 miles; Kipp-Aldersyde Branch,58
miles; Langdon Branch, 40 miles; Regina-Colonsay Branch,
134 miles; Snowflake Branch Extension, 7 miles; VirdenMcAuley Branch, 36 miles.
11. A railway between a point in the vicinity of Galloway,
British Columbia, on what is known as your Crow's Nest
Line, and Golden, on the main line, would be of service to
settlers in the valley of the Columbia and Kootenay Rivers,
and would, no doubt, encourage further settlement. The
distance between the termini is about 175 miles, but it is
not desirable that the railway should be constructed over
the• whole distance immediately but rather in stretches of
forty or fifty miles as circumstances may seem to warrant.
A charter and the ordinary subsidy for this line of railway
were given by theDominion Parliament to a company known
as the "Kootenay Central Railway Company, and your
Directors have, subject to your approval, made an agreement with that Company for the construction of the railway
in sections of such length and within such period of time as
your Company may designate, each section when completed
to be leased to your Company for 999 years at a rental
equivalent to the interest at 4% per annum on the bonds of
the Kootenay Central Railway Company, issued with the
consent of your Company. The transaction will be submitted for your approval.
12. The growth of industries at Shawinigan Falls, in the
Province of Quebec, where a large water-power has been
developed, and the desirability of getting a better connection
with the mills at Grand'Mere led to an arrangement with
the St. Maurice Valley Railway Company by which that
Company agreed to construct its line between Three Rivers
and Grand'Mere, a distance of 27.7 miles, and on completion
to lease it to your Company for a period of 999 years at a
rental equivalent to 4% per annum on the bonds of the St.
Maurice Valley Railway Company to an amount not exceeding $35,000 per mile, issued with the consent of your Company. A resolution embodying the transaction will be submitted for your approval.
13. The death in February last of the Honorable Sir George
A. Drummond, K.C.M.G., who joined the Board in 1903,
was a source of sincere sorrow to your Directors, who felt
that they had lost in him a most capable colleague and
esteemed friend.
Earlier in the year Mr. Archer Baker, the Company's
European Manager, who had been attached to the staff since
1881, died suddenly in London, England. Mr. Baker was a
most devoted and valued officer.
14. Mr. Adam R. Creelman, K.C., the Company's General
Counsel, was elected a Director of the Company to fill the
vacancy caused by the death of Sir George A. Drutnmond.
15. The undermentioned Directors will retire from office
at the approaching annual meeting. They are eligible for
re-election.
[VOL.Lxxxxi.
Capital Stock
$150,000,000 00
Payments on Subscription to New Issue Capital Stock
($30,000,000 00)
23,530,085 00
Four Per Cent Preference Stock
55,616.665 71
Four Per Cent Consolidated Debenture Stock
136,711,616 18
Mortgage Bonds:
First Mortgage, 5 per cent
$34,998,633 33
Canada Central Railway, 6 per cent
973,33:1 33
Algoma Branch, 1st Mortgage
3,650,000 00
39,621,966 66
Current Liabilities:
Audited Vouchers
$5,928,773 50
Pay Rolls
4,067,151 03
Miscellaneous Accounts Payable
4,553,272 12
14,549,196 65
Interest on Funded Debt and Rental of
Leased Lines:
Coupons due 1st July 1910 and including
Coupons overdue not presented
$1,208,928 67
Accrued Fixed Charges
195,824 38
1.404,753 05
Equipment Obligations
1,360,000 00
Equipment Replacement Fund
2,678,038 93
Steamship Replacement Fund
4,040,666 87
Appropriation for Additions and Improvements
6,295,420 93
Reserve Fund for Contingencies
3,809,839 10
Land Grant: Sales of Land and Town Sites
43,762,194 70
Surplus
42,869,845 90
$526,250,289 48
Note.-In addition to above assets, the Company owns 7,539,722 acres
of land In Manitoba, Saskatchewan and Alberta (average sales past year
*14 84 per acre), and 4,474,094 acres in British Columbia.
I. G. OGDEN,
Vice-President.
AUDITOR'S CERTIFICATE.
We have examined the Books and Records to the Canadian
Pacific Railway Co., for the fiscal year ending June 30th
1910,and, having compared the annexed Balance Sheet and
Income Account therewith, we certify that, in our opinion,
the Balance Sheet is properly drawn up so as to show the
true financial position of the Company at that date, and
that the relative Income Account for the year is correct.
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England).
Montreal, August 16th 1910.
FIXED CHARGES FOR YEAR ENDED JUNE 30TH 1910.
17,191,500 1st Mortgage Bonds 5% due July 1st 1915
$1,749,931 86
£200,000 Canada Central By. 2d Mortgage 6% Bonds,
due November 1st 1910
68,400 00
£200,000 St. Lawrence & Ottawa By. 4% 1st Mortgage
Bonds
38,933 34
$2,544,000 Man. So. West. Colzn. By. 1st Mtge. 5% Bonds,
due June 1st 1934
127,200 00
Toronto Grey & Bruce By. Rental
140,000 00
14,007,381-15-5 Ontario & Quebec Ry. Debenture Stock 5%
976,129 56
$2,000,000 Ontario & Quebec By. Ordinary Stock, 6% _ _
120,000 00
£1,330,000 Atlantic & North West, By. 1st Mtge. Bonds,
due January 1st 1937
323,633 34
1750,000 Algoma Branch 5% 1st Mortgage Bonds, due
July 1st 1937
182,500 00
Rental, Calgary ea Edmonton By
138,357 60
Rental, Farnham to Brigham Jct
1,400 00
23,800 00
Rental, Mattawamkeag to Vanceboro
Rental, New Brunswick By. System
372,829 74
Rental, Terminals at Toronto
27,049 86
Rental, Terminals at Hamilton
33,812 80
Rental, Hamilton Jct. to Toronto
42,062 33
Rental, St. Stephen & Milltown By
2,050 00
Rental, Lindsay Bobcaygeon & Pontypool Ry
578 79
Rental, St. Marys & Western Ontario Ry
3,987 73
Rental, Joliette & Brandon By
5,000 00
Rental, Lachine Canal Branch
973 16
Interest on Montreal & Western By
16,643 68
Interest on Equipment Obligations
83,130 21
4% Consolidated Debenture Stock.
£27,990,153 Interest from July 1st 1909
$5,448,749 76
£90,275 Interest from January 1st 1910
8,786 77
£11,000 Interest from July 1st 1910
$5,457,536 53
Less received from subsidy Northern Colonization Railway
8,000 00 5,449,536 53
$9,916,940 33
EXHIBIT "A.
-ACQUIRED SECURITIES.
Securities or Leased Lines.
Atlantic & North West R.1st Mortgage Bonds, 5%
Eganville Branch 1st Mortgage Bonds, 47
Guaranteed Stock
*Capital Stock _ _ __ _ _ _
_
_ _ _ _ _ __ _ __ _ _ _
British Columbia Southern By._____ _________ Bonds, 5% --'Capital Stock
fiCITiorigage
Berlin Waterloo Wel-les-ley
- ad Laic;_________
Bonds,4%•
Calgary & Edmonton By.____________ "fonds,
'CapitalStock__
Colum131a & Kootenay By,-1st _________e Bonds. 4%
'Capital Stock
Columbia & Western/Cy-.lit Mortgage Bonds.4%
'Capital Stock
Great North West Central By. 1st Mortgage Bonds, 5% __ _
*Capital Stock
Guelph & Goderich By. 1st Mortgage Bonds. 4%
`Capital Stock
RT.HON.LORD STRATHCONA AND MOUNT ROYAL, G.C.M.G. Georgian Bay & Seaboard By. 1st Mortgage Bonds,4% _
SIR THOMAS G. SHAUGHNESSY. K.C.V.O.
'Capital Stock
ilortgage Bonds,5%,.
MR. THOMAS SKINNER.
•Kootenay & Arrowhead
- 7..
Manitoba
& North Western Ry, 1st Mortgage Bonds,
For the Directors.
1st Mortgage Bonds, 5%
Shell River Branch 1st Mortgage Bonds, 5%
T. G. SHAUGHNESSY,
Debenture Stock, 5%
President.
Preferred Stock, 5%
'Capital Stock
Montreal, August 29th 1910.
Manitoba South West Coi. By.1st Mortgage"fonds,
_
Capital Stock
Montreal & Ottawa By. 1st Mortgage Bonds, 5%
CONDENSED BALANCE SHEET JUNE 30 1910.
'Capital Stock
Railway and Equipment
$317,226,265 81 Northern Colonization By. 1st Mortgage Bonds, 4%
Ocean, Lake and River Steamships
18,480,161 38
'Capital Stock
Acquired Securities (cost)-Exhibit "A"
69.076,971 12 Nicola Kamloops & Similkameen By. 1st Mortgage Bonds,4%
Properties held In Trust for the Company
6.473,844 95
'Common Stock
Deferred Payments on Land and Town Site Sales
27,942,113 05 Ottawa Northern & Western By. 1st Mortgage Bonds,4% _
Advances to Lines under Construction
3,485,435 67
'Capital Stock
Advances and Investments
9,432,084 40 Ontario do Quebec By. Capital Stock
Material and Supplies on Hand
10,948,467 05 Orford Mountain By. 1st Mortgage Bonds, 4%
Current Assets:
*Capital Stock
Agents and Conductors' Balances
$2,129,074 72
Saskatchewan & Western By. 1st Mortgage Bonds,5% - - Net Traffic Balances
130,470 29
*Common Stock
Miscellaneous Accounts Receivable
4,690,849 13
'St. Lawrence & Ottawa By. Common Stock
6,950,394 14 Tilsonburg Lake Erie & Pacific By. 1st Mortgage Bonds,4%
Temporarily Invested In Government Securities
10,088,734 86
*Common Stock
Cash In Hand
46,165,817 05 Vancouver & Lulu Island By. 1st Mortgage Bonds,5%
'Capital Stock
$526,250,289 48 Walkerton & Lucknow By. 1st Mortgage Bonds,4%
*Common Stock
Par Value.
$19,468 67
302,400 00
3,240,000 00
176,000 00
1,175,000 00
172,200 00
426,000 00
3,700,000 00
1,000,000 00
1,277,500 00
250,000 00
5.091,000 00
925,000 00
1,375,000 00
450,000 00
2,415,000 00
125,000 00
399,000 00
250,000 00
780,000 00
2,627,513 33
2,520,000 00
160.600 00
613,200 00
415,000 00
5,612,113 63
72,000 00
700,000 00
1,636,250 00
227,200 00
1,118,000 00
300,000 00
1,175,000 00
250,000 00
3,075,000 00
804,000 00
5,000 00
702.000 00
501.000 00
181.040 00
232,600 00
466,000 00
1.000,000 00
400,000 00
455,000 00
25,000 00
740,000 00
19,000 00
SEPT. 17 1910.}
THE CHRONICLE
Securities of Other Companies. Controlled but Not Leased.
Alberta Railway de Irrigation Co. Ordinary Stock
$1,830,000 00
Duluth South Shore & Atlantic Ry. Con. Mtge. Bonds, 4% 15,107,000 00
Income Certificates
3,000,000 00
Preferred Stock
5,100,000 00
Ordinary Stock
6,100,000 00
Kingston & Pembroke Hy. 1st Mortgage Bonds, 3%
300,000 00
1st Preferred Stock
995,450 00
2d Preferred Stock
134,900 00
Ordinary Stock
1,899,175 00
Minn. St. Paul & Sault Ste. Marie By. 1st Mtge. Bonds,4%
3,993,000 00
Preferred Stock,7%
5,257,700 00
Common Stock
10,515,300 00
Montreal do Atlantic Ry. 1st Mortgage Bonds, 5%
945,000 00
Common Stock
2,160,000 00
20,000 00
South Ontario Pacific Ry. Common Stock'
St. John Bridge do Ry. Extension Co. Common Stock'
200,000 00
.
2,000,000 00
Dominion Express Co. Common Stock'
Chateau Frontenac Hotel Co. Common Stock'
280,000 00
Miscellaneous Securities.
Canadian Pacific By. 1st Mortgage Bonds, 5%
$555,773 33
48,668 67
Canada Central By. 2d Mortgage Bonds, 6%
140,625 00
Canada North West Land Company Common Stock
Mineral Range fly. 1st Mortgage Bonds, 4%
1,254,000 00
Town of Morris, Manitoba, Bonds
15,000 00
Nakusp & Slocan Ry. Common Stock"
300,000 00
Canadian Pacific Ry.(Souris Branch) 1st Mtge. Bonds,4%*
1,946,666 67
Pacific Steamships 4% First Mortgage, 1720,000'
3,504,000 00
Pacific Coast Steamships, 5% First Mortgage, 2225,000*_
1,095,000 00
$118,878,240 30
• Denotes complete ownership.
We have examined all the Securities, including those listed
above, held for account of the Canadian Pacific Railway
Company, by the Treasurer, and have received certificates
from the Custodians for those deposited with the Banks and
Trust Companies for safe custody, and, having compared
them with the records of the Company, find them correct
and in order.
PRICE, WATERHOUSE & CO.,
Chartered Accountants (England).
Montreal, August 16th 1910.
EXHIBIT "B"-LANDS SOLD.
Canadian Pacific Land GrantsJuly 1st 1909 to June 30th 1910
July 1st 1908 to June 30th 1909
Manitoba South 1Vestern GrantJuly lot 1909 to June 30th 1910
July 1st 1908 to June 30th 1909
Great North West Central GrantJuly 1st 1909 to June 30th 1910
July 1st 1908 to June 30th 1909
Acres.
925,260
363,085
Amount Average
Realized. PerAcre.
$14,021,316 $15 15
4,974,017
13 70
729
RECEIPTS AND EXPENDITURES YEAR END/11D JN 80TH 1910*
Cash in hand. June 30th 1909
$21,078,812 94
Temporarily invested In Government Securities
4.861,901 53
RECEIPTS.
Surplus Revenue as per statement
241.078,728 43
Land DepartmentLands and TownsitesNet proceeds of sales
$17,694,927 26
Less amounts remaining in Deferred
Payments
16,403,347 36
Collection of Deferred Payments on
previous years' sales
$1,291,579 90
4,814,908 25
0,106,488 15
BonusesDominion Government Subsidy
On Moosejaw Branch
On Stonewall Branch (Teulon Extension)
$303,360 66
30.800 00
334,160 00
Capital StockSubscription to $30.000,000 00 Additional Ordinary StockPayments on Installments
23,530,085 00
Four Per Cent Preference StockAmount realized from Issue 1600,000
2.946,611 49
Consolidated Debenture StockAmount realized from issue £1,598,935
7,890,123 91
$93,026,911 45
DeductAdvances to Lines under Construction_ _ _ _ $3,485,435 67
Advances and Investments
9,432,084 40
Current Assets
6,950,394 14
Less amount at June 30th 1909
$19,867,914 21
16,130,755 20
3.737,159 01
489.289,752 44
EXPENDIT URES.
Dividends on Preference Stock2 per cent paid October 1st 1909
$1,053,933 32
2 per cent paid April 1st 1910
1,102,599 98
*2,160,533 30
Dividends on Ordinary Stock3
per cent paid October 1st 1909
3 M per cent paid April 1st 1910
5,250,000 00
5,250,000 00
10,500,000 00
Interest on installments on Subscriptions to New Ordinary
Stock
417,179 32
907,212 23
413
5,263
12 74 Properties held In trust for the Company
647
11,662
18 02 Construction of acquired and branch lines, Exhibit "D"___ 6,346,243 88
Additions and Improvements, main line and branches.
Exhibit "E"
Total Sales6,856,307 62
975,030 $14,468,564 $14 84 Additions and Improvements, leased and acquired lines,
July 1st 1909 to June 30th 1910Exhibit "F"
July 1st 1908 to June 30th 1909
376,046
$,412,234 54
5,085,517
13.52
Rolling Stock. Shops and Machinery
4.119,332 65
POSITION OF LAND GRANTS AT JUNE 30TH 1910.
Ocean, Lake and River SteamshipsFitting Atlantic Steamships for Passenger
Canadian PacificAcres.
Acres.
service, and providing facilities at LiverGrants
20,710,400
pool and Montreal
Disposed of to the Dominion Government under
$16,110 10
Additional Steamships and Appurtenances
agreement of March 30th 1886
6,793,014
for Pacific Coast Service
301,241 19
Additional
River
Steamers and Barges_ _
15,826 01
19,917,386
Extension to Steamship "Athabasca"
Sales to June 30th 1910
41,097 70
12,638,090
Less canceled during year
074,275 00
55,952 12,582,138
Securities AcquiredQuantity of Land unsold
7,335,248
Canadian Pacific By. 1st Mortgage Bonds__ $477,006 66
Manitoba South WesternCalgary & Edmonton Ry. 1st Mortgage Bonds 700,000 00
Total Grant
1,396,800
Georgian Bay & Seaboard Ry. 1st Mortgage
Sales to June 30th 1910
1,316,173
Bonds
Less canceled during year
399.000 00
21,206 1,294,967
Kingston do Pembroke Ry. 1st Mortgage
Bonds
291,420 00
Quantity of Land unsold
101,833
Orford
Mountain Ry. 1st Mortgage Bonds
Great North West Central702,000 00
Tilsonburg Lake Erie & Pacific By. 1st
Total Grant
320,004
Mortgage Bonds
Sales to June 30th 1910
125,000 00
217,363
Vancouver & Lulu Island By. 1st Mortgage
Quantity of Land unsold
Bonds
175,000 06
102,641
Kingston & Pembroke By. Stock
300 00
Total Agricultural Lands owned by the Company
Minneapolis St. Paul & Sault Ste. Marie By.
7,539,722
Balance of Subscription to Ordinary and
BRITISH COLUMBIA LANDS.
Preferred Stock
1,831,660 80
Columbia and Kootenatl4,702,287 46
Total Grant
Payment of Equipment Obligations
190,000
270,000 00
Sales to June 30th 1910
37,385
Increase in Material and Supplies on hand
279,026 72
Less canceled during year
20
137,365
539,340,632 72
Quantity of Land unsold
52,635 DeductBritish Columbia SouthernIncrease in current liabilities
6,305,432 19
Total Grant
3,451,093
Sales to June 30th 1910
304,807
533,035.200 53
Less canceled during year
11,860
292,947
Temporarily invested In Government Securities
10,088,734 80
Cash in Hand
46,165,817 05
Quantity of Land unsold
3,158,146
Columbia and Western$89,289,752 44
Grant Received
1,347,905
Sales to June 30th 1910
84,752
Less canceled during year
160
84,592
EXHIBIT "D"-CONSTRUCTION-ACQUIRED AND
Quantity of Land unsold
BRANCH LINES.
1,263,313
$1,510,533 05
Total British Columbia Lands owned by the Company__ _4,474,094 Pheasant Hills Branch
Woiseley-Reston Branch
14,220 23
The Columbia do Western Ry. claims a further area about which there is Lachine Canal Branch
136.610 21
a dispute with the British Columbia Government.
Moose Jaw-Outlook Branch
449,649 52
Bulyea Branch
EXHIBIT "C"-DETAILS OF BALANCE SHEET ITEM.
479,591 73
Virden-McAuley Branch
LAND GRANTS.
112,238 13
205,507 45
12,582,137 acres and Townsites sold, amounting to
$73,821,754 84 Stonewall Branch Extension
24,270 91
6,793,014 acres disposed of to the Dominion Gov't in 1886_ 10,189,521 00 Lauder-Griffin Branch
Weyburn-Lethbridge Branch
498,774 51
Branch Extension
16,729 43
*84,011,275 84 Snowflake
Langdon Branch
456,621 03
Less: Expenses, cultivation rebate and 10% on Land Grant
Kipp-Aldersyde
454,232 32
Bonds retired and canceled
7,292,839 21 Kininvie BranchBranch.
55,850 78
Craven-Colonsay
514,281 33
$76,718,436 63 Toronto-Sudbury Branch
Line
264,813 54
Add152,319 71
Proceeds Manitoba So. West. Col. Ry. Land Sales
2,031,452 56 Surveys of Projected Lines
35,346,243 88
Proceeds Great North West Cent. Ry. Land Sales
967,779 30
Proceeds Manitoba & North Western Ry. Land Sales
34,885 29
$80,652,553 78 EXHIBIT "E"-DETAILS OF EXPENDITURE ON ADDITIONS AND
Proceeds British Columbia Land Sales
IMPROVEMENTS FROM JULY 1ST 1909 TO JUNE 30TH 1910.
1,210,239 03
Main Line$81,862,792 81
Interest on proceeds and Deferred Payments_ $3,055,348 00
Quebec to Bonfield
$300,167 16
Less Amount paid ShareholdersMontreal Terminals
495,409 61
October 1st 1009
$750,000 00
Windsor St. Station Extension
235,294 50
April 1st 1910
750.000 00
Bonfield to Port Arthur
618,111 03
1,500,000 00 $1,555,348 78 Port Arthur to Laggan
2,348,571 68
Laggan to Vancouver
1,260.515 52
Deduct$83,418,141 59
Expenditures on Irrigation
3,462,42589
Total Main Line
$5.258,069 49
Branch Lines1.307,644 35
$79,955,715 70 Telegraph Extensions and Additions
162,369 37
Amount expended in Construction of Railway and EquipRented and Temporary Sidings
128,224 41
ment and deducted from cost of Property
36,193,521 00
Total Main Line and Branches
$6,856,307 62
$43,762,194 70
49,357
12,314
441,985
99,838
8 95
8 11
730
EXHIBIT "F"-EXPENDITURE ON LEASED AND ACQUIRED
LINES FROM JULY 1ST 1909 TO JUNE 30TH 1910.
Ontario & Quebec Railway
$1,601,821 58
Atlantic & North West Railway
231,032 00
New Brunswick Railway
347,537 80
Montreal & Western Railway
79,397 96
Manitoba South-Western Colonization Railway
114,305 50
Columbia & Kootenay Railway
39,437 14
Manitoba & North-Western Railway
35,347 31
Great North-West Central Railway
8,862 74
Calgary & Edmonton Railway
518,269 62
Columbia & Western Railway
334,853 05
Montreal & Ottawa Railway
49,339 27
Nicola Kamloops & Similkameen Railway
16,849 37
Lindsay Bobcaygeon & Pontypool Railway ,
1,163 85
Joliette & Brandon Railway
5,864 93
St. Mary's •& Western Ontario Railway
28,152 42
83,412,234 54
STATEMENT OF EARNINGS FOR THE YEAR ENDED JUNE 30 1910.
From Passengers
$24,812,020 86
" Freight
60,158,887 03
•
" Malls
791,745 45
" Sleeping Cars, Express, Elevators & Miscellaneous__ _ 9,226,836 99
Total
$94,989,490 33
STATEMENT OF WORKING EXPENSES FOR THE YEAR ENDED
JUNE 30TH 1910.
Transportation Expenses
$27,425,237 61
Maintenance of Way & Structures
13,653,938 04
Maintenance of Equipment
12,567,493 86
Traffic Expenses
2,436,651 26
Parlor and Sleeping Car Expenses
600,796 11
Expenses of Lake and River Steamers
858,834 34
General Expenses
2,548,799 89
Commercial Telegraph
1,057,783 35
$61,149,534 46
Total
STATEMENT OF SURPLUS INCOME ACCOUNT JUNE 30TH 1910.
835,164,830 09
Balance at June 30th 1909
Dividends paid October 1st 1909:
$1,053,933 32
On Preference Stock
On Ordinary Stock
4,500,000 00
5,553,933 32
$29,610,896 77
Amount applied on account of Additions and Improvements 7,000,000 00
822,610,896 77
Surplus Income for year endedJune3Oth 1910.826,278,728 43
Less Dividends on Preference and Ordinary
Stock, paid April 1st 1910_45,602,599 98
Interest on Installments on
New Stock Subscriptions..__
417,179 32
6,019,770 30
20,258,949 13
Total Surplus Income June 30th 1910
$42,869,845 90
From this there has been declared the dividends on Preference and Ordinary Stock payable October 1st 1910,
amounting to
$6,362,333 33
APPROPRIATION FROM SURPLUS FOR ADDITIONS AND
IMPROVEMENTS.
Balance at June 30th 1909
81,135,720 70
Premium on sale $3,984,000 Ordinary Stock
2,394,779 08
Amount appropriated during year
7,000,000 00
$10,530,499 78
Less expended during year included in expenditure on Capital account
4,235,078 85
Amount unexpended
$6,295,420 93
STATEMENT OF EQUIPMENT AT 30TH JUNE 1910.
Locomotives
1,534
First and second-class Passenger Cars, Baggage Cars and Colonist
Sleeping Cars
1,515
First-class Sleeping, Dining and Cafe Cars
294
61
Parlor Cars, Official and Paymasters' Cars
48,850
Freight and Cattle Cars (all kinds)
867
Conductors' Vans
3,437
Boarding, Tool and Auxiliary Cars and Steam Shovels
OCEAN, LAKE AND RIVER STEAMERS.
Atlantic Service.-Empress of Britain, Empress of Ireland, Lake Manitoba, Lake Champlain, Lake Michigan, Mount Temple, Montcalm, Montfort, Lake Erie. Montrose, Montreal, Milwaukee, Mount Royal, Montezuma,
Monmouth, Cruiser.
Pacific Servta.-Empress of India, Empress of Japan, Empress of China,
Monteagle.
Pacific Coast Service.-Amur, Beaver, Charmer, City of Nanaimo, Czar,
Joan, Nanoose, Otter, Princess Beatrice, Princess Charlotte, Princess Ena,
Princess May, Princess Royal, Princess Victoria, Tees, Transfer No. 1,
Transfer No. 2, Queen City.
Upper Lake Service.-Manitoba, Athabasca, Alberta, Keewatin, Assinibala.
British Columbia Lake and River Service.-Aberdeen, IIosmer, Kokanee,
Minto, Moyle, Nelson, Rossland, Kuskanook, Columbia, Okanagan,
Proctor, Sandon, Slocan, York, Kootenay, Valhalla, Ymir, Whatshan.
Ferry Service.-Michigan. Ontario.
DESCRIPTION OF FREIGHT FORWARDED.
Year ended June 30th
.
1908.
1910.
1909.
Barrels_
5,843,988
Flour
7,489,812
6,683,354
Bushels_
88,345,234
Grain
112,795,345
97,236,150
Live Stock
Head_
1,349,771
1,381,183
1,371,873
Lumber
Feet_1,764,445,495 1,726,944,584 2,292,821,963
Firewood
Cords_
249,605
249,628
280,878
Manufactured Articles
Tons_
3,981,888
5,468,548
4,425,241
All other Articles
Tons_
5,102,116
5,916,248
7,567,052
FREIGHT TRAFFIC.
Year ended June 30th
1910.
1908.
1909.
Number of tons carried
15,040,325
20,551,368
16,549,616
Number of tons carried one mile 5,865,089,008 6,372,269,174 7,772,012,635
Earnings per ton per mile
0.75 Cents
0.77 Cents
0.76 Cents
PASSENGER TRAFFIC.
Year ended June 30th
1910.
1908.
1909.
Number of passengers carried_ _
9,463,179
11,172,891
9,784,450
Number of passengers carried
one mile
1,052,010,356 1,071,149,528 1,355,266,088
Earnings per passenger per mile
1.89 Cents
1.83 Cents
1.88 Cents
-John T. Steele, investment banker, Fidelity Building,
Buffalo, is distributing an important circular containing an
analytical study of the financial condition of the United
States during the past decade-1900-1910-with particular
reference to the bond market. A number of charts are
furnished showing the average annual prices of thirty leading
railroad bonds for the ten years, the average annual interest
rate of 90-day money, the average annual and weekly bank
clearings,. the ratio of reserve to, deposits and average surplus, the average monthly movement of money, &c. The
work has been carefully compiled by Arthur Batty, statis
[VOL. Lxxxxi
THE CIIRONICLE
TRAIN TRAFFIC STATISTICS-FOR TWELVE MONTHS ENDED
JUNE 30TH 1910 AND 1909.
(Earnings of Lake and River Steamers not included in this statement.)
-Inc.(-F) or Dec.(_).
Year ended
Year ended
Amount or
Per
June 30 1910. June 30 1909.
Train MileageNumber.
Cent.
16,119,543
Passenger trains
14,170,522
+1,949,021 13.75
20,574,576
Freight trains
18,816,900
+1,757,676 9.34
1,672,993
1,932,776
Mixed trains
-259,783 13.44
Total trains
Car MileagePassenger:
Coaches and P. D.
and S. cars
Combination cars
Baggage, Mall and
Express cars
38,367,112
34,920,198
82,472,864
2,833,703
67,763,387
2,763,961
+3,446,914
9.87
+14,709,477 21.71
+69,742 2.52
34,158,162
30,545,494
+3,612,668 11.83
Total Passenger cars 119,464,729
Freight:
Loaded
433,498,575
Empty
118,134,609
Caboose
22,374,512
101,072,842
+18,391,887 18.20
363,036,580
108,873,650
20,048,637
+70,461,995 19.41
+9,260,959 8.51
+2,325,875 11.60
Total Freight cars__ 574,007,696 491,958,867
+82,048,829 16.68
Passenger cars per
Traffic Train Mile__
6.72
6.28
+.44 7.01
Freight cars per Traffic
Train Mile
25.80
+2.09 8.81
23.71
Passenger TrafficPassengers carried(earning revenue)*
11,050,924
9,675,075
+1,375,849 14.22
Passengers carried(earning revenue) 1 mile_1,341,255,609 1,058,912,909
+282,342,700 26.66
Passengers carried(earning revenue) 1 mile
per mile of road_
133,080
108,750
+24,330 22.37
Average journey per
passenger _ _miles_
121.37
109.45
+11.92 10.89
Average amount received per passenger2.20
2.04
+.16 7.84
Average amount received per passenger mile
cts_
1.81
1.86
-.05 2.69
Average number of
passengers per train
65.76
mile
75.38
+9.62 14.63
Average number of
passengers per car
15.72
15.01
mile
+.71 4.73
Revenue from passengers per passenger
cts_
28.47
car mile
27.96
+.51 1.82
Total passenger, train
earnings per train
1.64
mile
8
1.49
+.15 10.07
Total passenger train
earnings per mile of
road
2,902.13
2,456.20
+445.93 18.16
Freight TrafficTons of revenue freight
carried one mile_ __ _7,569,824,332 6,210,086,958 +1,359,737,374 21.89
Tons of non-rev,freight
+115,378,864 11.60
carried one mile_ __ _1,110,379,421
995,000,557
Total tons (all classes)
freight carried one
8,680,203,753 7,205,087,515 +1,475,116,238 20.47
mile
Tons of revenue freight
carried one mile per
751,079
+113,304 17.77
mile of road
637,775
Tons of non-rev,freight
carried one mile per
110,172
+7,985 7.81
102,187
mile of road
Total tons (all classes)
freight carried one
861,251
739,962
+121,289 16.39
mile per mile of road
Average amount received per ton per
mile of revenue
freight
cts_
0.778
0.760
+.018 2.37
Average No. of tons of
revenue freight per
train mile
340.25
299.29
+40.98 13.69
Average No. of tons of
non-rev, freight per
train mile
+1.96 4.09
49.91
47.95
Average No. of tons
(all classes) freight
390.16
per train mile
347.24
+42.92 12.36
Average No. of tons of
revenue freight per
17.46
loaded car mile
17.11
+.35 2.05
Average No. of tons of
non-rev, freight per
2.56
loaded car mile
2.74
-.18 6.57
Average No. of tons of
(all classes) freight
20.02
.86
per loaded car mile..
19.85
+.17
Freight train earnings
per loaded car
+.59 4.54
13.59
mile
cts_
13.00
Freight train earnings
+.38.16.74
2.27
2.65
per train mile
Freight train earnings
4,845.52
+998 95 20.62
5,844.47
per mile of road__ _$
STATEMENT OF CANADIAN PACIFIC RAILWAY PENSION
•
DEPARTMENT TO JUNE 30TH 1910.
$680,317 86
Balance at June 30th 1909
80,000 00
Amount contributed by Company for year
Amount received as Interest
37,675 60
Payment of Pension Allowances for year
$797,993 46
110,889 20
Balance in Cash and Investments
$687,104 26
Number on Pension Roll al June 30th 1910.
Under 60 years of age ____________________________________ 56
60
and
Between
70 years of age
222
Over 70 years of age
157
Total
435
tician for Mr. Steele, and ought to prove of interest to
bankers, bondholders, or any one having funds for investment. The circular may be had upon application to Mr.
Steele's statistical departtnent.
-A new co-partnership has been formed under the name
of Richmond, Dorrance & Co., with offices at.527 Banigan
Building, Providence, the partners being Gerald M. Richmond, Herbert L. Dorrance and 'Walter II. Burnham. The
new firm will buy and sell investment securities and transact
a general brokerage business.
SEPT. 17 1910.
THE CHRONICLE
United Fruit Co., Boston.-To Authorize $10,000,000 New
Stock-About $2,350,000 to be Issued Now-10% Extra Cash
Dividend to Pay for Same.-The shareholders will vote
Oct. 14 (1) on increasing the authorized capital stock from
$25,000,000 ($23,474,000 outstanding, all of one class) to
335,000,000; the new stock to be issued from time to time
as shall be determined by the board; (2) on offering to stockholders of record of Oct. 24 1910 the right to subscribe at
par for an amount (say, $2,350,000) of the new capital stock
equal to 10% of their respective holdings subscriptions to
be paid on or before Nov. 4 1910; and the new stock issue
having been authorized, (3), on approving the declaration
of an extra dividend of 10% on the capital stock, payable
Nov. 4 1910 to stockholders of record at the close of business
Oct. 24 1910.-V. 91, p. 42.
Western Electric (Telephone Manufacturing) Co.-Listed.
-The New York Stock Exchange has listed $8,750,000 first
M. 5% bonds, due 1922(V. 90, p. 307).-V. 90, p. 624.
Western Union Telegraph Co.-Quarterly Report.-For 3
months ending Sept. 30 (partly estimated in 1910):
Net
Interest
Dividends.
Balance.
3 Mos. end
Revenue.
Surplus.
Charge.
(4,%).
Sept. 30$2,000,000
$433,062
$747,770
$819,168
1910
1,929,275
433,062
747,492
748,721
1909
Total surplus (estimated) Sept. 30 1910, $20,787,078.
The figures for the quarter to end Sept. 30 (partly estimated) are made
up on the basis heretofore used and do not allow for depreciation or reconstruction beyond current expenditures. The amount necessary to be
set aside for depreciation and reconstruction has not yet been determined.
No Statement of Actual Earnings for June Quarter.-The
customary statement of actual earnings for the quarter
ending June 30 has been omitted pending the preparation by
chartered accountants of the full balance sheet as of June 30
1910 and of the full annual report to be presented at the
annual meeting.-V. 90, p. 1558.
(The) Wilkes-Barre (Pa.) Company.-Status.-A circular
in proof form (subject to change) contains an official statement which has been condensed for the "Chronicle" as follows:
731
cheTomutercial Wintes.
COMMERCIAL EPITOME.
Friday Night, Sept. 16 1910.
Trade continues to keep within conservative bounds.
There is no disposition to discount the future or to anticipate
needs on any extended scale. The reports about the iron
and steel trade are none too favorable. The outlook for the
crops is, in the main, favorable.
LARD has been dull, owing to scarcity and high cost.
Prices show a slight reduction. Prime Western 12.80c.,
Middle Western 12.50@,12.60c. Refined has been dull and
steady. Refined Continent 13c., South American 13.75c.,
Btazil in kegs 14.75c. The local speculative market has
been quiet and easier. There has been fair activity in
Western speculative markets. Prices eased off, owing to
rather cheaper hogs and the sharp break in corn. •
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
September delivery_ _ _ _12.60
12.75
12.50
12.50
12.65
12.50
January delivery
11.15
11.23
11.00
11.07
11.05
11.00
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
wed.
Thurs.
Fri.
October delivery
12.22% 12.25
12.373 12.45
Holt12.30
November delivery__ _ _11.75
11.80
day.' 11.573
11.623 11.62
1
PORK has been moderately active, as prices have eased
off under larger offerings.. Mess $23 50@$24, family $25@
$25 50, clear $22 25@$23 75. Beef has been strong but
quiet. Supplies are light and demand moderate. Mess
$23 50, packet $17(017 50, family $19(019 50, extra
India mess $31. Cut meats have been in slow demand,
with offerings small. Pickled hams, regular, 14H(4153/sc.,
pickled bellies, clear, 16M ®17c., pickled ribs 1734@18c.
Tallow has been quiet but firm at 73
4c. for city. Stearines have been dull but steady; oleo 11@12c.,lard 133/
2@14c.
Butter has been quiet, although prices have been shaded,
owing to larger receipts of choice grade; creamery extras
30e. Cheese has been steady with rather better trade;State,
whose milk, colored or white, fancy, 15c. Eggs have been
steady and fairly active; Western firsts 23@24c.
OIL.-Linseed has been strong and in good demand; City,
American seed, $1(01 01; boiled, $1 01@$1 02; Calraw,
cutta, raw, $1 03. Cottonseed has been steady but in poor
demand; winter 10.35@12c.; summer 10.35@12c. Lard
has been strong and sparingly offered, owing to scarcity of
raw material; prime $1.@$1 05; No. 1 extra 61@63c.
Cocoanut has been strong on meagre supplies; Cochin
109@11c., Ceylon 93@10c. Olive has advanced to
90@,95c. Cod has been active at firm prices; domestic
40@,42c., Newfoundland 43@45c.
COFFEE has been strong with activity developing after
a slow start. The early break in futures caused the temporary quietude, while the subsequent animation was due to
active buying in Santos by leading spot houses. The
strength of primary markets has been the main influence.
Rio No. 7, 10%©11c.; Santos No. 4, 11%@113
4c. Local
trade in mild grades has been fair, but inquiry from the interior is slow; fair to good Cucuta 1138@)12%c. The speculative market has been more active than for several years
past. After temporary weakness, due to general realizing
because of rains in Brazil, the upward trend was resumed,
and the highest prices reached in six years were recorded.
The buoyancy was due to the great strength in Europe and
Brazil and reports of heavy buying of actual coffee in Santos
by big spot interests. Closing prices were as follows:
Abstract of Letter from Vice-President George Bullock, New York, July 8.
Incorporated in Pennsylvania, a consolidation of the Wilkes-Barre Gas
& Electric Co., Wilkes-Barre Heat, Light & Motor Co. Anthracite Electric
Light, Heat do Power Co., Standard Electric Co. and Union Light & Power
Co. It supplies without competition gas, electric light and steam for heating purposes in Wilkes-Barre, Borough of Ashley, Hanover Township,
contiguous to Wilkes-Barre, Parsons, Miner's Mills and Plains Township,
serving a population estimated at 100,000. Wilkes-Barre is the business
,n I ii n eiti aatld at 2 ,t).,1k1.).
centre f ,r 11s re , ,ndi
a .italization:
'First and refunding mortgage" 5% gold. bonds: Authorized,
$7,50,,,,m); Lis .e .r a ij L ts, he iss,,ea
[31,550,000, are issued in exchange for stocks to be ac-$2
quired, and guaranteed principal and interest by the Susquehanna By., Light & Power Co. by endorsement upon
each bond; of these $1,547,300 are now outstanding. The
remainder of the $2,056,000 bonds, which are to be sold
later for construction and improvements, It is not at present
contemplated will be guaranteed.]
Reserved to retire a like amount of Wilkes-Barre Gas & Electric
Co. consolidated (now first) mtge. bonds (V. 89,p. i356)_ 3,000,000
Reserved Ii tae tr
r/ is .e iss ed ruder carer .1
restrictions for future extensions, improvements
and betterments, &c
$2,444,000
Capital stock, issued and outstanding (par $50)
1,500,000
The majority of the $1,500,000 stock, which is less than the aggregate of
the stocks of the consolidated companies, is owned by the Susquehanna
By.,Light & Power Co.'See V. 91. p. 653.) Great advantages are expected
from the active co-operation of the skilled operating staff of that company.
The gas business was established in 1854, the electric light business in
1880 and the heating business in 1886, and all have shown continuous and
gratifying increase. The new company contemplates the expenditure of
over $400,000, beginning Immediately, for additional equipment and betterments in the gas, electric-light and steam-heating departments, in order
to take care of the increasing business,thereby increasing future revenues.
The prices charged will be on the demand basis, fair and reasonable, and
special efforts will be made to increase the demand for gas, electricity and
heat.
Combined Earnings for Year ended March 31 1910-Estimate for First 12
Months Following Consolidation.
1909-10. Est. New Co, January _ 8.5@6c_
May
8.60@8.62c. September.8.50@8.55c.
$520,613
Gross
$570,000 A
8.61(@8.63c. October _ _ _8.50@8.55e.
Fe
pbrriluary„8.55@8.56c. June
263,459
Operating expenses, &c
270,000 March _ _ _ _8.55@ 8.56c. July
8.64@8.66c. November 8.50@8.55c.
8.56@8.59c.jAugust_ _ _ _8.65 ® 8.70c. December _8.55@ 8.60c.
$257,154
Net earnings
$300,000
As a result of the expenditure of $400,000 within the ensuing two years,
SUGAR.-Raw has been quiet with neither side disposed
for betterments, extensions and Improvements now under way, from which to
push matters. Buyers are indifferent and holders firm
as yet no return has been received, I estimate that the earnings of the new
company for the first 12 months following the consolidation will be as above. as a rule. Centrifugal, 96-degrees test, 4.36c.; muscovado,
the
earnings
applicable
interest
on
outstanding
On this basis net
to
bonds 89-degrees test, 3.86c.; molasses, 89-degrees test, 3.61c.
will amount to 1 1-3 times the interest thereon, while accruing net earnings
of the Susquehanna By., Light & Power Co. for the year ended April 30 New business has been slow in refined, but withdrawals on
1910 amounted to about six times the interest on the $1,550,000 bonds guar- old contracts have been better, owing to a good demand
anteed by it and to almost one-third the principal thereof.
Property.-The gas works have a capacity of 1,200,000 cu. ft., which will from preservers. Granulated 5.15e.
be materially increased. There are four generators for the manufacture of
PETROLEUM.-Demand has been fair for export accarburetted water gas; four holders, aggregate capacity 800,000 Cu. ft.,
and about 55 miles of mains, with service and meters to 8,157 customers. count but light for domestic. Refined, barrels, 7.50c.; bulk
Of these 4,032 customers use not only light but gas appliances also.
4c., cases 9.90c. Naphtha has been firm, with brisk sea" The capacity of the electric plant, including a recently-Installed 1,500
kilowatt turbo-generator unit of the latest type, is 3,200 k. w. The dis- sonable demand; 73 to 76 degrees, in 100-gallon drums,
tributing system, consisting of about 190 miles of cables, supplies a total 16 Yo.; drums $8 50 extra. Gasoline, 86 degrees, in 100connected capacity of over 5,000 k. w., serving approximately 1,858 cus4c.; drums $8 50 extra. Turpentine
tomers, including street lighting, general lighting, heating appliances and gallon drums, 183
-power, the latter amounting to about 1,800 h. p. The two steam heating strong, with better demand; 76c. Rosin firm, but selling in
plants acquired from the Wilkes-Barre Heat, Light & Motor Co., both admirably located, will be further augmented; by comblinng these plants with only small lots; $6.20 for'common to good strained. TOBACCO.-The market has been quiet, with business
the electrical operation, great economies in production of power are assured,
Franchises are perpetual; gas franchise both perpetual and exclusive.
in small lots only, as buyers are still holding off, anticipating
-Attention is called to the offering advertised on another
page by Wm. A. Read & Co. of Canadian Northern Railway
system equipment bonds, the guaranty ,of that company being endorsed on the bonds, which 'are issued by the Imperial
Rolling Stock Co. The bonds are issued against only 75%
of the cash contract cost of the equipment and have the advantage of a direct first lien on the pledged equipment, in
addition to the deposit of the titles of the rolling stock with
the trustee Until the payment of the last maturing bonds,
with all accrued interest. The bonds are offered at a price
to net 5%.
lower prices. It is known that manufacturers are poorly
supplied, however, and hence a material improvement in the
demand is predicted for the near future. The 1910 Connecticut broadleaf is attracting the most attention, and in some
cases packers are reported as paying record prices of 30 to
40c. There is still danger of loss from sweating on account
of the damp weather. Western reports generally favorable,
barring Wisconsin, where crop failure is generally conceded.
COPPER.-Prices are lower, with offerings larger and
/
3©
demand slow, especially for domestic account; lake 125
123
4c., electrolytic 12.45@12c., casting 12 Wog,123/c.
Lead quiet and easier; spot 43Ac. Spelter has been moderately active and higher; spot 5 6@5.60o. Tin has been
more active at lower levels; spot 35@35.50c. Iron has had
a more active inquiry, but actual business has been small.
•
On Shipboard, Not Cleared for-
COTTON.
Sept. 16 at
Friday Night, September 16 1910.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
169,892 bales, against 95,064 bales last week and 86,130
bales the previous week, making the total receipts since
Sept. 1 1910 292,932 bales, against 437,031 bales for
the same period of 1909, showing a decrease since Sept.
1 1910 of 144,099 bales.
Receipts at-
Mon.
Sat.
Wed.
Tues.
Thurs.
Fri.
Total.
14,309 18,962 29,841 11,066 16,607 23,370 114,155
Galveston
-_ __
-_-_
Port Arthur _ _
794
----------------794
---CorpusChristi,&c
970 4,209
288
632 1,080
847
New Orleans__ _ _
412
185 2,291
308
447
686
347
31
Mobile
Pensacola
25
25
------------------Jacksonville, he.
7.639 5,630 5,719 '7-,4-015 7,497 39,967
5,67
Savannah
950
950
____
_ _ _.
____
____
_
Brunswick__ __ _
743 3,575
567
431
1,279
425
131
Charleston
Georgetown
----- - -- - --658 2,147
192
726
296
57
21
Wilmington
219 1,202
485
104
293
72
2
Norfolk
N'port News, &c.
- - -- ---- --New York
301
1
Boston0
----276
276
__
--------------Baltimore
Philadelphia_
- -__
--- ---- -- --Tot. this week 21.089 28.349 38.657 19,319 26,791 35,687 169,892
The following shows the week s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
Stock.
1909.
1910.
Receipts to
This Since Sep This Since Sep
week. 1 1910. week. 11909.
169,392
Total
1910.
1909.
77,068
149,255
54,049
88,956
586
12,872
6,842
3,252
20,625
11,930
15,050
2,974
46,203
13,406
50
74,331
24,500
16,278
105
151,438
29,855
28,784
27,173
1,938
2,910
80,321
20,920
23,590
16,328
9,962
26,359
14,405
185
2,234
1,041
6,702
8,873
82
172
379
300
159
292,932 239,071
437,031
114,135 216,903
Galveston
Port Arthur
1,143
794
Corp. Christi, &c.
4,20
5,460
New Orleans_ .. _ _
3,097
2,291
Mobile
Pensacola
25
25
Jacksonville, &c_
56,826
39,007
Savannah
950
950
Brunswick
3,982
3,575
Charleston
Georgetown
2,177
2,147
Wilmington
1,412
1,202
Norfolk
N'port News, &c.
New York200
402
301
Boston
355
276
Baltimore
Philadelphia
68,208
3,089
1,859
2,625
--100,738 361.752
80,315
1,745
691
616
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1910.
Receipts at-
1909.
77,068
586
12,872
6.842
74,331
24,500
16,278
16.328
9,962
1908.
1906.
1907.
92,441
81,125
628
29,141
5,722
46,869
487
7,629
9,807
5,124
114
199
1905.
82,406
789
12,124
9,363
76,646
5,923
14,659
17,391
23,266
130
1,427
Galveston _ _ _
Pt.Arthur,&c.
New Orleans_
Mobile
Savannah _ _
Brunswick._ _
Charleston.&o
Wilmington.._
Norfolk
N'port N., &c
All others_ _ _ _
114,155
794
4,209
2,291
39,967
950
3,575
2,147
1,202
602
304
Total this wk_
169,8 2
239,071
213.992
152,868
186,845
244,124
Since Sept. 1_
292,032
437,031
395,157
293,063
399,427
631.813
17,621
7,005
58,750
2,127
10,124
16,518
8,052
210
1.144
49,930
994
7,244
3,091
57,185
3,698
8,127
15,218
6,155
176
1,050
The exports for the week ending this evening reach a total
of 137,489 bales, of which 55,689 were to Great Britain,
19,058 to France and 62,742 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910:
Exports
ar,- from-
Weak suiting Sept. 16 1910. From Sept. 1 1910 to Sept. 16 1910.
Exported toExported toGreat
Conti- I
Great I
Britain. Frnce. sent. Total. Britian. Franec
Galveston ____ 29,91618.531 35,472 83,919
Port Arthur_
Corp.Chris.,&s.
New Orleans_
527 1.901 2,428
Mobile
Pensacola
Fernandina
Savannah
3,465 3,465
550
550
Brunswick_
Charleston_
Wilmington_
Norfolk
Newport News
New York.... 25,527
16,802 42,329
397
397
Boston
Baltimore
46
3,755 3,801
200
Philadelphia..
200
Portland, Me..
300
300
San Francisco_
100
Seattle
100
Tacoma
Portland. Ore,
Pembina
Detroit
43,084 18,624
1,296
627
41,660 14,197
16
46
200
Continent.
48
New Orleans..
13,107 1,059 5,478
Galveston
Savannah _ _ _ _
Charleston _ _ _
Mobile
:---_--Norfolk
&iio
865
3,000
New York_
800
--__
1,000
Other ports_ _ _
-----Total 1010.. 17,107 1,559 6,826
Total 1909.. 22,626 22,391 29,094
Total 1908.. 32.807 28.849 52.362
Total.
444
10,573
587
75
5,00 35,217
3,000 3,000
:--ioo
100
11,317
20,658
24.675
59
____
4,20
-__
1,900
8,665 45,474
14,250 109,019
6.715 125.008
Leaving
Stock.
14,483
18,832
24,173
2,9111
2,974
451
76,115
5,324
-55
145,262
255,733
228,291
Speculation in cotton for future de ivery has been very
quiet for the most part, and early in the week prices showed
a declining tendency, owing to dulness of trade and speculation, favorable crop reports from many sections, some rain
in Texas and a belief among many that the crop estimates
were too low. Such figures as 11,500,000 to 12,000,000,
which have been mentioned as the possible crop, are regarded by not a few as considerably under the mark. Prices
have latterly risen, however, on more active buying. Yet
the continued aloofness of spinners from the spot markets,
the fear of a lockout in Lancashire and talk to the effect
that the curtailment policy in this country would be continued for some time to come, for a time, with other factors,
militated against a rise of prices. So did an expectation
that in a short time the movement of the crop will considerably increase and that the effect will be depressing on
prices. The bill-of-lading controversy has again come up,
at least some of the London bankers refusing to accept the
"validation" of the bills by the railroad companies after
Oct. 31 and demanding that they be guaranteed by the
American banks. If the London banks as a body adopt this
attitude-it seems not altogether clear that they will-the
inference generally drawn here is that it will tend to shift
much if not the greater part of the burden of financing the
crop from European to American banks. It was inferred,
too, that such an attitude might cause a rapid Marketing of
the crop between now and Oct. 31, the date named by some
of the London banks as terminating the old method of dealing with the bills in question. Moreover, it is believed by
some conservative people that the high cost of living must
affect the consumption. Some leading trade interests have
been good sellers recently of October and December. The
South has sold to some extent against the actual cotton. The
outside public{ has held aloof. The trading at the Exchange
has on some days dwindled to a mere bagatelle. On the
other hand, the actual receipts have been disappointingly
small. The stock here of certificated cotton has fallen to less
than 50,000 bales. There were rumors at one time of a possible squeeze in September, at home and abroad, especially
in Liverpool. A tropical storm for a time threatened the
Gulf States, particularly Texas. A cloud-burst was reported in one section of Texas. Spinners have latterly
bought fall months here more freely. On Thursday prices
suddenly ran up 15 to 19 points on most months on a sudden
alarm .among the shorts, due to small receipts, very heavy
rains in parts of Texas, the steadily dwindling stocks here,
and last, but far from least, a sharp demand from Liverpool
straddlers and some well-known spot interests. The short
side had apparently become somewhat inflated, considering
the narrowness of the market. To-day prices again advanced, owing partly to a bullish private crop report. Shorts
covered freely and prominent interests were also buying.
It was said, too, in a London dispatch, that bankers there,
owing to a refusal of the American banks to guarantee bills of
lading, will reconsider the subject at their meeting next
Thursday. This also caused buying. Spot cotton has declined, the lower prices being attended, however, with reports of large sales, and middling uplands closed at 13.90c.,
advancing 10 points on Friday.
The rates on and off middling, as established Sept. 14 1910
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
7.965
9,788
3,615
550
3,515
650
Middling uplands
73,393 135,101
22,589
609
6,905
78,448
625
5,951
200
1,100
200
1,100
200
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mon. Tues. Wed. Thurs. Fri.
Sat.
Sept. 10 to Sept. 16.,14.00
115,8261 236,476
Total 1909_ - - - 27,775 9,897109,614147,266
41.870 25,204
154,4511 221,525
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.
13.00
13.85
13.75
13.80
13.90
NEW YORK QUOTATIONS FOR 32 YEARS.
1910_c
1909
1908
1907
1906
1905
1904
1903
13.90
12.80
9.50
12.20
9.80
10.75
10.90
11.75
1902 c
1901
1900
1899
1898
1897
1896
1895
8.94
8.25
10.88
6.38
5.69
7.12
8.75
8.12
1894_c
1893
1892
1891
1890
1889
1888
1887
2:11 1884
1:2g °
7.19
8.50
10.62
11.38
10.44
9.81
1883
1882
1881
.
1880
1879
9.31
10.06
10.50
10.38
12.69
12.12
11.88
12.19
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
86,302 33,348
GerOther CoastGreat
Britain. France many. Foreign wise.
BasisiGood mid. tinged_c Even
e
c 1.60 on(Middling
Fair
Strict mid. fair_ _ _ _1.30 on(Strict low. mid__ _ _0.25 oft(Strict mid. tinged__0.15 off
0.60 off(Middling tinged-0.25 off
1 10 on(Low middling
Middling fair
Strict good mid_ _ _ _0.66 on(Strict good ord__ _1.05 off(Strict low.611d.ting..0.60 off
1.75 off(Low mid. tinged_ _1.50 oft
Good middling_ _0.44 on iGood ordinary
Strict middling__ _0 22 on (Strict g'd mid. tgd..0.35 on(Middling stained_0.75 oft
Tod.
55.68919,058 62,742137.489
Total
[VOL. Lxxxxr.
THE CHRONICLE
732
Saturday.. Quiet
Monday_ _ Quiet 10 pts dec. _ _
Tuesday _ Quiet 5 pts dee
Wednesday Quiet 10 pts dec. _ _ ..
Thursday. Quiet 5 nts adv _ ___
Friday- - - Quiet 10 pts adv_ _ _
Total
Futures
Market
Closed.
Barely St'dy_
S Wet
teady
13arely steady
Barely steady
teady
Sales of Spot and Contract.
Con- ConSpot. sum'n. tract.
Total.
3,317
9,781
7,580
2,555
742
3,317
9,781
7,580
2,553
742
23.975
23.795
sEpT.17191111
FUTURES.-The highest, lowest and closing prices at
York the past week have been as follows:
New
y
0 (ce2
oz--,nzanza
n7i•
irloop,
P,T,51 gATati I 2g In I ag
,""&'Rgticqg
wg rig El
N
We
n
EA
(ra
01
F.; I
ww
la
01 n01 01
C', t0
ww
(fa
ten
00
TZ
WU
C,01
4,1
ww
I1
le
ww
II
I®
I I
I I
WN
ww
OM
um
OO
®
T0
IO
091
0403
OM
0900
OO
04
II
11
10
MO
ow
MO
.w
091 !,-51
I®
I@
0000
:
9, I
0403
000
00
030,3
I®
01
0400
4-0
0404
I1
bb
4. 6
co I
WU
I I
NN
66
I
WN
541
OM
04
I®
T40
I
4.0
oo
51
TO
04
II
Mb
ow
CO
00
11
C4t.
ww
Lab
7)
11
11
;
t:11
4
I®
10
oo
ww
ww
CO
MM
ow
q"C5
WSR
A.
vox.
.9 9;1
*6
.1
,,,,,,
t..
..
00
;44
mw
NW
MO
ww
N
61
4-1
0
w
,
C
, 0419 1-4
19
1,3 0* CD
.,. t.Cb 1-+ 1 1
n
1, .61.4.
0000000: Crf.
,C. .419 "CC,
.7= 0.3A.4.-'.4.
'.
Iot
1\009000019'
0050004000000000 tv o,
tt oo oat- ,r:. o tt,ot ; 04o to
,A. 0000.40, 0..0000W.100WWW.0w.00mp4-t
.0(04
le
.. ..
N .
IP
k
W
W.M
04
4. WN...N. . .
Oft. P
,
4
7..,
00000000-0
00
'
0 L.o.Mo.NO
..4 7.00..
0
.
0
W.44.WW0W00900.y
W&G .
=000,1W000W00900.0404
0 WW00WW0A.0001...0W.0WW.40004..Gw,fayfo,..40.,
I
WW
WU
00 WW
04 009
.. ..
wo ww
wo
WN
C:>bo
000
0
19
0
TZ
l
CO
W
WU
e•
# I
k'. :alit
':@ ..
leIe
..
. .. ..
WW
00
NW
04
.
00
.
0 16.
02.4 0030
05*
03.404-4..
WA00010. .0019.404-0904009 01(300W000.4661
0.00.4004=.000.00W00.00019AI A 0000
A
0.300
ww
Lab
C,
CS
3.
r.
m ob.
5..„.0
1
0
01,10.4u6006
WW
;*0
I@
Ice)
TZ
ww
11
ww
309
ow
11
PE: ii
0
10
I0
o
10
03
9
01900000A0000
0A00004-04-..3000000400C,O0000000A000,
owoo0N.4,000.1-400NOOW0004.4..0.N4..4.4.0
w.
WU
66
0,4
II I
T
5454
c„,"
TZ
ww
°g1
TZ
NW
041
.
,
E .
ccf,fg
•53.5
•
MO
ww
OM
I®
TZ
bb 64
0-4 .w
IOI®
WW
bb
...I
ww
1®
I®
I®
..
ww
o
ww
MO
00 W.
4.44
.300 .2g I
ow
.. .. .. ..
NO
ON
NN
19('3
WU
M. MO OM
MM 46
No
NW
WW
WW
NN
ts1 I
0404
NN
MM. .6
0909
7 I® T' ..
T.Z 10 ..
1•22
ww
ww
I
091
I®
NW
03
I
NN
66
I°
1(0
04
wo
I I
NO
WW
WO
g
FQz
OM
wo
ow
ww
TOD
.
.
1@
°
ww
:04
O0
w.
041
.
0
0
N.1
tWZUOpiI4.907:14.9.92n4Wg14W
2
'igrligig.ORVID. W4=1-ggEg.5-§g Egngazali*
P051P00,,=Pg0
-g/7"''14.e431/5(VA
4 -'
""°'
*.1
-#9
uo
I®
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year-is set out
in detail below.
03
I@
04
5454
0900
00
Mb
CO
CO
I0
10
W
WCAN....
A.G.
WOON0. .
....0
.
0..utemP
lit
W4.001 .
'
000N0
004
147-..0714.
4.0[4.001 WW.POw4.00-4WOOWOW.4W04.000.4..W.16
.4W0A.WWOU.OW.WOWOO.40.0WWW.ICA •
ww
46
oo
M
M'
M
.4
0-04
10
1 0 00
CO
6
10
I@
A
00
N
04
CO .0
0004.4..W.
W .00044N
190A0'0' 0000000400 3-00305.3.30000000400A0405(909094-4-0500
4-000090050004-(9C400,-'(400040001'00034-000000004
CO '-'019000A1
0 004.ywv. 0'.40.40000.404404.01-'004.00000000
00
b
W
1.3
:3.
'CS
e F
a
r
WW.WWWWU
11 In 11 In 11 In 18 1g 18 18 18 It.
. 4..0 . WW.
.
.
..,
440MW
..c.
00 .0044
.
000:.
0,01141N
.
Ot t .' N. ...NW "
,1404.1,1..
000
t
044-0000500' 19.300019' s -4t,3 co me.4.4 ocoo8000ta.c..,
to via. -t
Ito
oc.,0-.e.,#.. 00--.10000. t co.c000.itoo.ou.ocootwooto.
43.
T?..z.
w,..; y
• •
•6081 LI Jaqtuaglag 07 ,ualliaaolir
n
733
THE CHRONICLE
THE VISIBLB SUPPLY OF COTTON to-night, as
.
.
C.
A
M
.4-.W.
0000031"1.' A 0 O.WN.
made up by cable and telegraph, is as follows. Foreign
.WWWW
00.
00.
00 W
.
COVAVO
.
O • 00
.
0
.
0.46...4 0-4.6600001'3AW0.
-40 ;4q
stocks, as well as the afloat, are this week's returns, and
o00040409000000000005034co044...1.41-'w00w000400.000
c4.4womowo.o..loowoomow000000wio00.-4000
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figThe above totals show that the interior stocks have inures for to-night (Friday), we add the item of exports creased during the week 15,959 bales and are to-night 61,005
from the United States, including in it the exports of Friday bales less than at the same time last year. The receipts
only.
at all the towns have been 12,591 bales less than the same
1907.
1908,
1909.
1910.
September 10week last year.
297,000 627,000
bales. 276,000 722,000
Stock at Liverpool
28,000
12,000
6,000
8,000
Stock at London
OVERLAND MOVEMENT FOR THE WEEK AND
51,000
30,000
Stock at Manchester
20 000
46,000
SINCE SEPT. 1.-We give below a statement, showing
Total Great Britain stock
.302,000 776.000 339,000 706,000 the overland movement for the week and since Sept. 1, as
Stock at Hamburg
20,000
12,000
25.000
11,000
Stock at Bremen
87,000 made up from telegraphic reports Friday night. The results
45,000
79,000
117,000
94,000 for the week and since Sept. 1 in the last two years are as
Stock at Havre
51,000
125,000
55,000
4,000
Stock at Marseilles
3,000
4.000
1.000
Stock at Barcelona
14,000 follows:
11,000
15,000
16,000
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe_.,..
Amer. cotton afloat for Europe
Egypt.Brazil,&c.,ailt.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
22,000
38,000
4,000
4,000
10,000
4,000
8,000
32,000
128,000
249,000
256,000
279,000
430,000 1,025,000
71,000
44,000
212,460
215,089
19,000
23,000
34,000
41,000
358,000 147,000
190,736
364,752
76,965
137,970
47,740
15,748
595,000
56,000
196,231
11,000
52,000
350,000
353,299
162,429
17.050
985,000
119,000
103,199
18,000
24,000
457,000
367,165
113,680
41,461
1,446,530 2,006,930 1,793,009 2,228,505
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales. 198,000 630,000 205,000
518,000
Liverpool stock
22.000
35,000
16,000
43,000
Manchester stock
177,000
92,000 219,000
179,000
Continental stock
212,460
196,231
103.199
215,089
American afloat for Burope
364,752 353,299 367,165
190,736
U. S. port stocks
162,429
137,970
113,680
76,965
U. S. Interior stocks
17,050
41,461
15,748
U. S. exports to-day
47,740
i
Total American
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock In Alexandria, Egypt
Sock in Bombay, India
Total East India. eoc
Total American
836,530 1,614,930 1,133,009 1,385.505
78,000
6,000
4,000
36,000
71,000
23,000
34,000
358,000
92,000
8,000
11,000
30,000
44,000
19,000
41,000
147,000
92,000
12,000
8,000
79,000
56,000
11,000
52,000
350,000
109,000
28,000
8,000
100,000
119,000
18,000
24,000
457,000
610,000 392,000 660,000 863,000
836.530 14114,930 1,133,009 1,365,505
Total visible supply
1,446,530 2,006,930 1,793,009 2,228,505
Middling Upland, Liverpool
5.54d,
6.91d.
6.93d.
7.98d.
12.25c.
Middling Upland. New York........ 13.90c.
9.50e.
12.70c.
83'd.
105(d.
Egypt, Good Brown, Liverpool 13 9-16d, 10 1-16d.
8.40d.
12.00d.
8.35d.
Peruvian. Rough Good, Liverpool 10.75d,
74d.
6 34d. 4 15-16d. , 6 3-16d.
Broach, Fine, Liverpool
7 1-16d, 6 1-16d. 4 11-16d.
5 Md.
TInnevelly, Good, Liverpool
-1910-Week. Sept. 1,
777
2,057
460
1,012
100
165
489
170
342
508
1,038
6281
88221
September 16Via St. Louis_
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1909Week. Sept. 1.
1,029
2,279
1,167
165
137
26
382
154
198
158
378
898
056
1,641
2,708
Total gross overland_
Deduct shipments577
Overland to N. Y., Boston, &c_ _ _
113
Between interior towns
621
Inland, &c., from South
5,920
2,866
6,702
957
259
2,819
254
106
527
838
279
1,551
Total to be deducted
1,311
4,038
887
2,688
Leaving total net overland*
1,397
1,886
2,972
4,034
'
'
1 Including movement by rail to Canada.
The foregoing shows the week's net overhand movement
has been 1,397 bales, against 1,979 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 2,149 bales.
-1910----1809
Since
Since
/n Sight and Spinners'
Takings.
Week.
Sept. .
Sept. 1.
292,932 239,071
169,892
437.031
Receipts at ports to Sept'. 16
1,885
1.397
1,979
4,034
Net overland to Sept. 16
67.000
52,000
130,000
Southern consumption to Sept. 16 30,000
_201,289
15,959
Total marketed
Interior stocks in excess
Came into sight during week_
Total in sight Sept. 16
361,817 993.050
26,187
$1,101
217,248
North'n spinn's takings to Sept. 18 36.859
571,065
54.807
924.151
388.004
68,475
625,872
18,741
42,026
Movement into sight in previous years:
Week1908-Sept.
1907-Sept.
1906-Sept.
1905-Sept.
18
20
21
22
Bates. 1 Since Sept. li286,429 1908-Sept. 18
215,911 1907-Sept, 20
259,300 1906-Sept. 21
328,961 1905-Sept. 22
Bales.
548,971
490,235
597,229
864,227
Continental imports for the past week have been 38,000
bales.
QUOTATIONS FOR MIDDLING 'COTTON AT OTHER
The above figures for 1910 show an increase oirer last week
of 22,302 bales, a loss of 560,400 bales from 1909, a de- MARKETS.-Below are the closing quotations of middling
crease of 346,479 bales from 1908, and a decline of 781,975 cotton at Southern and other principal (rotten markets for
bales froze 1907.
...
each day of the week.
__ _ --.__
THE CHRONICLE
734
[VoL. raxxxi.
Shreveport, Louisiana.-We have had a trace of rain on
one day of the week. The thermometer has averaged 81,
ranging from 70 to 93.
13%
13%
1334
Galveston -----13%
1334
1334
Eldorado, Arkansas.-We have had rain on two days 13
%
3-113
%
13
_
_
Orleans_
1334
New
1334
1334
during the week, the rainfall being ten hundredths of an inch.
13
13 1-16 13 1-16
13
13
13
Mobile
13 5-16
1334
13%
I13 5-16 1334
Savannah
133-4
The thermometer has ranged from 59 to 94, averaging 77.
13%
13 A
113 5-16 1334
Charleston
1334
1334
Helena Arkansas.-Cotton is shedding and gardens are
1334
13 5-16 0.3 5-16 1334
1334
Wilmington_ _ _ _
13%
13 h
157y;
for rain. There has been no rain the past week.
133-4
Norfolk
suffering'
1334
1334
14
14
14;1
1434
Baltimore
1434
1434
The thermometer has averaged 73, the highest being 91
14.15
14.00
14.05
14.25
114.10
14.15
Philadelphia
13 5-16 13 5-16 13 5-16
13.%
and the lowest 57.
Augusta
1334
133
13%
1334
133-4
13%
13%
Memphis
133-4
Little Rock, Arkansas.-Dry all the week. The ther13%
13%
1334
13
St. Louis
1334
1334
mometer has averaged 77, the highest being 91 and the low1334
13 %
;13 %
13 7-16 1334
1334
Houston
12%
1234
Little Rock_ _ _ _ 12%
1234
1234
1234
est 62.
Columbus, Mississippi.-No rain the past week. The
NEW ORLEANS OPTION MARKET.-The highest, thermometer has averaged 79, ranging from 60 to 97.
Vicksburg, Mississippi.-There has been rain on three daym.
lowest and closing,quotations for leading options in the New
Orleans cotton market for the past week have been as follows: during the week, the precipitation being thirty-two hundredths of an inch. Average thermometer 79, highest 91
Sarday, Monday, Tuesday. Wed'day, Thursd'Y, Friday,
and lowest 61.
Sept. 10. Sept. 12. .Sept. 13: Sept. 14. Sept. 15. Sept. 16.
Memphis, Tennessee.-Cotton is opening, but picking and
Septembermarketing are slow on account of the late season. The
13.20-.30
13.15-.18
13.21-.25
13.31-.42
13.20-.26
.25
®
Range
inch on one day.
13.20-.25 13.25-.30 13.25 - 13.15-.17 13.27 - 13.41-.43 week's rainfall has been one hundredth of an
Closing
The thermometer has averaged 75.8, the highest being 91.9
October12.82-.98
12.82-.91
12.85-.92
12.96-.06
12.86-.97
12.92-.00
Range
12.92-.93 12.90-.91 12.91-.92 12.83-.84 12.96-.97 13.05-.06 and the lowest 60.8.
Closing
Nashville, Tennessee.-Crop is late, but picking will begin
November@
@
.85 12.84-.85
-Range
next week. There has been no rain during the week. The
12.88-.90 12.84-.86 12.83-.85 12.79-.81 12.86-.88 13.06-.07
' Closing
thermometer has averaged 79, ranging from 55 to 93.
December12.92-.00 12.85-.96 12.85-.91 12.80-.87 12.88-.95 12.90-.02
Range
Mobile, Alabama.-Rain in the interior early part of the
12.92-.93 12.90-.91 12.89-.90 12.80-.81 12.92-.93 13.01-.02
Closing
week, but fair and warm the latter portion. Cotton picking
January12.96-.05 12.80-.00 12.90-.97 12.85-.92 12.82-.01 12.99-.07 makes good progress. Condition is reported spotted. There
Range
12.96-.91 12.95-.96 12.94-.95 12.85-.86 12.97-.98 13.06-.07
Closing
has been rain on three days during the week, the rainfall
February- being twenty-seven hundredths of an inch. The thermom-- ® --@--Range.
-@--13.01-.03 13.00-.01 12.99-.01 l2.90-.92 13.02-.04 13.11-.13
Closing
eter has ranged from 70 to 93, averaging 81.
March13.11-.1E 13.03-.12 13.03-.10 12.99-.05 12.96-.14 (3.10-.21
Montgomery, Alabama.-Rainfall for the week one inch
Range
13.08-.09
12.98-.99
13.10-.12
13.07-.08
13.20-.21
13.10-.11
Closing
and five hundredths, on two days. Average thermometer
May- 13.08-.20 13.28-.31 79, highest 94, lowest 68.
13.22-.21 13.20-.22 13.15-.16Range
13.21-.22 13.19-.20 13.20-.21 13.10-.11 13.20-.21 13.31-.32
Closing
Selma, Alabama.-We have had rain on one day of the
ToneEasy. Steady. Steady.
week, the precipitation reaching eighty'-eight 'hundredths
Steady. Quiet. Steady.
Spot
Steady.
it
Barely
st'y
Very
Steady.
Firm.
Steady.
Options
of an inch. The thermometer has averaged 80, the highest
being 93 and the lowest 67.
WEATHER REPORTS BY TELEGRAPH.-Our teleMadison, Florida.-We have had rain on two days of the
the
on
South•are
whole
the
from
evening
this
graphic reports
week, the rainfall being fifty hundredths of an inch. The
the
generally
weather
quite
that
denote
They
satisfactory.
thermometer has averaged 81, the highest being 92 and
has been favorable during the week and that in consequence the lowest 70.
progress.
have
There
good
made
has
cotton
of
picking
Atlanta, Georgia.-There has been no rain during the week.
been further rains in a number of sections of Texas.
The thermometer has averaged 75, the highest being 90
Galveston, Texas.-Pieking is becoming general. We have and the lowest 59.
Augusta, Georgia.-The week's rainfall has been one inch
had rain on six days of the week, the rainfall being three
inches and eighteen hundredths. The thermometer has and thirty-five hundredths, on one day. The thermometer
has averaged 76, ranging from 62 to 90.
ranged from 72 to 90, averaging 81.
Savannah, Georgia.-We have had rain on five days of the
Abilene, Texas.-There has been light rain on two days
during the week, the precipitation being fifteen hundredths of week, the rainfall being two inches and eighteen hundredths.
an inch. Average thermometer 79, highest 96 and lowest 62. The thermometer has averaged 77, the highest being 89 and
Brenham, Texas.-We have had rain on five days of the the lowest 68.
Charleston, South Carolina.-We have had rain on four
week, the rainfall being one inch and thirty-three hundredths. The thermometer has averaged 79, the highest days of the week, the rainfall being ninety-seven hundredths
of an inch. The thermometer has averaged 78, the highest
being 97 and the lowest 61.
Cuero, Texas.-There has been rain on five days of the being 88 and the lowest 69.
Greenville, South Carolina.-There has been rain on one
week, the rainfall being one inch and seventeen hundredths.
day of the past week, the rainfall being twenty hundredths
The thermometer has averaged 85, ranging from 68 to 102.
Dallas, Texas.-Dry all the week. The thermometer has of an inch. The thermometer has averaged 71, ranging
from 55 to 87.
ranged from 65 to 98, averaging 82.
Henrietta, Texas.-No • rain the past week. Average' Charlotte, North Carolina.-There has been rain on three
days during the week, to the extent of ninety-six hundredths
thermometer 80, highest 100, lowest 60.
Huntsville Texas.-It has rained on two days of the week, of an inch. The thermometer has averaged 72, ranging from
being one inch and twenty hundredths. The 51 to 87.
the rainfall'
Raleigh, North Carolina.-It has rained on three days
thermometer has averaged 77, the highest being 92 and the
during the week, the rainfall being thirty-eight hundredths
lowest 61.
Longview, Texas.-Rain has fallen on one day durin the of an inch. The thermometel• has averaged 71, ranging
week, the rainfall reaching seven hundredths of an inch. from 52 to 90:
Average thermometer 80, highest 96 and lowest 64.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Luling, Texas.-Rain has fallen on three days during the
week, to the extent of one inch and seventy hundredths.
1908.
1909.
1910.
September 15.
The thermometer has averaged 83, the highest being 99 and
Since
Since
Since
Receipts at- '
the lowest 67.
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Nacogdoches, Texas.-It has been dry all the week. The
3,000 4,000
9,000
10,000 1,000
4,000
Bombay
thermometer has averaged 81, ranging from 66 to 96.
Palestine, Texas.-There has been rain on one day during
1.
September
Since
For the Week.
the week to the extent of twenty-two hundredths of an inch.
Exports
Conti- I Japan
Great
The thermometer has ranged from 66 to 96, averaging 81.
Great Conti- Japan
fromneat. ;db China. Total.
Britain. nent. &Chinal TotaJ Britain.
Taylor, Texas.-There has been rain on four days during
the week, the precipitation being fifty-one hundredths of an Bombay21,0001,
7,000
4,000
28,000
4,000
1910
inch. The thermometer has averaged 82, ranging from 66
1-,1566 11,000, 1,000 13,000
7,000 1,666 8,000
1909 _
to 98.
15,0001
4,000
6,000
19,000
1908 _ _
3,000 3,000
Weatherford, Texas.-There has been no rain the past week. Calcutta2,000
1,600
2,000,
-1910
1,000
_
The thermometer has averaged 80, ranging from 65 to 94.
2,000
1,000
2,000,
1909
1,000
3,000
2,000
3,0001
Ardmore, Oklahoma.-Rain has fallen on one day of the
2,000
1908 ___
week, to the extent of eighteen hundredths of an inch. The Madras
1,000
1,000
1,000,
1,009
1910 _
3,000
1,000
thermometer has ranged from 60 to 98, averaging 79.
2,000;
1.000 1,000
1909 --2,000
2,000'
1908 _-klarlaw, Oklahoma.-We have had no rain the past week.
others1,000
8,000
The thermometer has averaged 74, highest being 93 and the All1910
____ 1,000
8,0001
____
13,000
12,000,
1,000
1909 ___ 1,666 2,000- 3,000
lowest 55.
16,000
1,000
15,000,
6,00
0
1,00
5,000
____
1908
Alexandria, Louisiana.-We have had rain on one day
during the week, the rainfall being twenty-three hundredths Total all7,000
39,000
32,000,
7,000 .„, 7,000
1910
of an inch. The thermometer has ranged from 59 to 98,
2,000 • 31,000
27,000;
2,000
1,000 10,000, 2,000, 13,000
1909
40,000
5,000
35,0001
averaging 79.
_ 10,000 4,000, 19,000
1908 New Orleans,,Louisiana.-We have had rain on five days
of the week, the rainfall being two inches and eighty hunFALL RIVER MILL DIVIDENDS.-On page, 692 will
dredths. The thermometer has averaged 81, highest being be found the statement Of Fall River mill divednds for the
third quarter and nine months of 1910.
92 and.the lowest 70.
Closing Quotations for Middling Cotton on-
Week ending
Sept. 16.
Sarday. Monday., Tuesday. Wed'day. Thursd'y. Friday.
.
•
•
SEPT. 17 1910.1
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1910.
Week.
• MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
firm for yarns and quiet for shirtings. Merchants are
buying very sparingly. We give the prices for to-day below and leave those for previous weeks of this and last year
for comparison:
1909.
Season.
Week.
Season.
Visible supply Sept. 9
1,904,553
1,424,228
Visible supply Sept. 1
1,931,022
1,495,514
American in sight to Sept. 16... 217,248
625,872
388,004 324,151
Bombay receipts to Sept. 15_ _ _
10,000
1,000
4,000
3,000
Other India shipls to Sept. 15_
10,000
11,000
18,000
3,000
Alexandria receipts to Sept. 14_
3,000
6,000
4,000
5,000
Other supply to Sept. 14.a.. _ _ _
2,0005,000
5,000
2,000
---------Total supply -------1,655,476 1,915,518 2,244,704 2,586,894
DeductVisible supply Sept, 16
1910.
a. Embraces receipts In Europe from Brazil, Smyrna, West Indies, &c.
•
EUROPEAN COTTON CONSUMPTION TO SEPT. 1.-
d.
July
29 10%
Aug
5 10%
12 10%
19 10%
26 10%
Sept
2 10%
9 10%
16 10%,
1909.
831 lbs. Skirt- Cot'n
ings, common Mid.
to finest.
Upl's
32s Cop
Twist.
1,446,530 1,446,530 2,006,930 2,006,930
---- ------208,946
468,988 237,774
579,964
344,988 182,774
152,046
464,964
56,000
124,000
55,000
115,000
Total takings to Sept. 16
Of which American
Of which other
735
d. s. d.
18
831 tbs. Skirt- Cot's
ings, common. Mid.
to finest.
Upl's
32s Cop
Twist.
s. d. d.
d. s. d.
11;.4 5 6 @107
8.16 934
11% 5
It% 5
11% 5
11% 5
8.07 9
8.31 9
©
8.26 934 0
8.14 9 3-16 @
6 @107
6 @1073%
6 g to 7%
6%010 8
@
934 4
994 4
93% 4
934 4
Great Britain.
Continent.
Total.
For 1909-10.
Takings by spinners
bales
2,958,000
5,320,000
8,278,000
Average weight of bales_ _ _ _lbs.
487
474.1
467
Takings in pounds
1,440,546,000 2,484,440,000 3,924,986,000
For 1908-09.
Takings by spinners
bales
3,311,000
9,053,000
5,742,000
Average weight of bales_ _ _ _lbs.
508
492.8
484
Takings in pounds
1,681,988,000 2,779,128,000 4,461,116,000
Oct. 1 to Sept. 1.
Bales of 500 lbs. each.
000s omitted.
1909-10,
1908-09.
Great ContiGreat ContiBrit'n. nent. Total. Brit'n. nent. Total.
I
Spinners' stock October 1......_
Takings to September 1
234
2,881
1,218 1,452
4,969 7,850
Supply
Consumption, 48 weeks
3,115
2,955
Spinners' stock September 1 _ _
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 5%410 7% 8.03 9 7-160 1034 5 1 49 6
11% 5 6 @1073% 7.98934 0 103% 5 13449 6
6.88
6.83
6.93
Week's Consumption.
000's omitted.
In October
In November
In December
In January
In February
In March
In April
In May
In June
In July
In August
Of which exporters took_ _ .... 1,000
Sales, American
17,000
Actual export
19,000
Forwarded
34,000
Total stock-Estimated
326,000
Of which American
235,000
Total imports of the week_ __ _ 22,000
Of which American
12,000
Amount afloat
51.000
Of which American
32,000
5,000
41,000
1,000
39,000
331,000
244,1100
29,000
18,000
54,000
33,000
' 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.
Market,
12:15
P.M.
1 Irregular.
J
Irregular.
Irregular.
Wednesday Thursday.
Dull and
easier. t
Mid.Upl'ds
8.25
8.22
8.18
7.99
7.98
6,187
5,040
9,302 3,672
7,995 3,470
6,604 10,276
5,280 8,750
Sales
Spec.dtexp.
3,000
100
6,000
300
5,000
300
5.000
300
5.000
200
160
1,147
1,307
202
1,324
1,526
65
65
65
65
65
65
65
65
65
55
55
105
105
105
105
105
105
105
105
105
105
105
170
170
170
170
170
170
170
170
170
160
160
*30
60
78
80
80
80
80
80
80
a80
a80
110
110
110
110
110
110
110
110
110
110
110
140
170
188
190
190
190
190
190
190
190
190
Futures, 1 Steady at
Market
2%05
opened
J pts. adv.
Quiet at St-dy,unchl Quiet at
245 pts. to 5 pts. 102 ptc.
deleine.
advance.
decline.
•"
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
September 14.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)To Liverpool
To Manchester
To Continent
To America
Quiet.
1,046 1,354
5,558 8,922
* Small consumption due to lockout in Lancashire.
a The average weekly consumption is as given by Mr. Ellison;
deduction
from month's total being made on account of short
time.
1910.
40,000
50,000
This Since
Week. Sept. 1.
1909.
26,000
32,000
This Since
Week. Sept. 1.
1908.
12,000
19,400
This Since
Week. Sept. 1.
3,750 5,250
____
2,750 1,500 3,750
1,750
3,250 3,250 3,000 7,250 1,750 7,750
1,000
1,000
____
750
400
900
-Total exports
8,000 9,500 3,000 12,500 3,650 12.400
---Note.-A cantar Is 99 lbs. Egyptian bales weigh
about 750 lbs.
Sept. 16.
24,000
1,000
1,000
44,000
18,000
1,0004,000
62,000
48,000
299,000
276,000
216,000
198,000
30,000
29,000
23,000
23,000
67,000
10 ,,000
41,000
74,000
308
3,364
"
6.73
10 49 . 2
10 49 2
103449 3
11 49 4
By cable to-day we have Mr. Ellison's cotton figures brought
down to Sept. 1. We give also revised totals for last year • LIVERPOOL.-The week's sales, stocks, &c.:
Aug. 26.
Sept. 2.
Sept. 9.
that comparison may be made. The spinners' takings in Sales of the week
bales_ 26,000
48,000
52,000
Of which speculators took__
actual bales and pounds have been as follows:
6,000
1,000
October 1 to September 1.
s. d. d.
4 10%09 3
Quiet at
243 pt.s.
decline.
Friday.
Dull and
Irregular.
3.000
200:
Steady at
105 pts..
advance.
Market 1 Steady at Sly st'y at Quiet at734 Quiet at Very st'y at Steady at
4
5010 pts.
10734 pts. dec. to 1340434
2(463i
446 pts.
P.M. J advance.
pts. dec. 1%pts.adv. pts. dec. pts. adv. advance.
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.
Sept. 10
Sat.
Mon.
Tues..
Wed.
Thurs.
Fri.
to
Sept. 16. 1231 1235 1231 4 12% 4 12311 4 12% 4 12% 4
P.m. p.m. p.m. p.m. P.m. P m. p.m. p.m. P.m. P.m. P.m. P.m.
_ 7
Sept
Sept.-Oct. ....7
Oct.-Nov_
Nov.-Dec. ____ 6
Dec.-Jan ____ 6
Jan.-Feb
Feb.-Mch.
Mch.-Apr.
Apr.-May. ____ 6
May-June
June-July
July-Aug_
96 90 923% 823% 79 178 78 180 82 84
91
18% 133% 11
12 12 34 113% 103% 11
17 19 34 23
9234 90 90% 90% 893% 883% 89 94 96 9934
91 853% 8334 84 84 83 82 81 34 8534
8834 91
88 823% 803% 803% 81 80 79 78 34 82% 85%
87
87% 8234 80 803% 81 80 79 78 182 85 87
823% 80 803% 813% 80% 79 78 3‘ 8234 8534 87;4
83 803% 81 82 813% 80 7854 83 86 8734.
88 83 803% 81 823% 82 8034 79 83 86 88
83 81 813% 823% 82 81
7934 83% 8634 88
78 34 82% 8554 87
7734 81 84 8534.
BREADSTUFFS.
Friday, Sept. 16 1910.
Flour has been quiet, or at the best has met with only a
moderate demand. Large buyers have shown a disposition
to hold aloof, something which perhaps is not altogether
surprising in view of the depression in wheat and the .enor-.
SHIPPING NEWS.-As shown on a previous page, the mous world's stocks of that cereal. It is true that a some-exports of cotton from the United States the past week have what better demand has at times been reported at Minneapreached 137,489 bales. The shipments in detail, as made olis, St. Louis and Kansas City, but trade as a whole has
up from mail and telegraphic returns, are as follows:
been slow. Prices have in some cases shown a tendency
Total bal
,
r. towards a lower level.
NEW YORK-To Liverpool-Sept. 9-Celtic, 12,455_ _Sept. 14
Wheat has been for the most part dull and declining. Not
Devonian, 13,072
To Bremen-Sept. 12-Kaiser' lArilhelm der Grosse, 300_ _ 25,527 alone has the cash demand been
slack, but speculation
Sept. 14-Barbarossa, 6,723
7,023
itself, which so often ignores legitimate conditions, has been
To Hamburg-Sept. 9-Cleveland, 3,262... Sept. 14-President Lincoln, 2,350
.
5,612 dull. The world's available supply has within a week
To Antwerp-Sept.9-Lapland,
600
600 increased 15,290,000 bushels. The
To Copenhagen-Sept. 14-Hellig
total is very largely in
Olav, 694
604
To Genoa-Sept.9-Konig
excess of that of a year ago. As the case stands, world's
Albert, 1,873_ _Sept. 12-America,
200
_
.
2,073 stocks are rapidly increasing,while the demand
To Nap-les-Sept. 9--Konlg Albert, 400
is cautious
400
To Trieste -Sept. 13-Argentin
a;400
400 and as a rule comparatively small. The prospects for the
GALVESTON-To Liverpool-Sept.8-Ikhal, 12,069_ _ _Sept.
10world's crops are fhvorable and buyers, seeing that the
Hubert, 9,814 __Sept. 13-Author, 8,033
29.916
To Havre-Sept. 15-Mada
waska, 10,744; VIrginie, 7,787.... 18,531 woild's markets are gradually declining, naturally pursue a
To liremen--Sept. 10--Gafsa, 5733....
_Sept. 14-Barra, 8,294
waiting policy. The supply at Liverpool is so large that
...Sept. 1 5-Monomoy, 13,095
27,722 there is considerab
To Bucciona-Sept. 10-Ida
le "short" selling there. The crop outlook
, 7,750
7,750
NEW ORLEANS-To Havre-Sept,
527 in this country is such that bull campaigns are considered
To Hamburg-Sept. 14-Greenba15-Guatemala, 527
nk,
401
401
To Genoa-Sept. 15-Nionviso
unduly hazardous. Possibly the "short" side is being.
1,500
SAVANNAH-To Brernep-Sept. , 1,500
15-Clivegrove, 2,815
2,815 somewhat overdone both at home and abroad, but the conTo Hamburg-Sept. 15-C11N/ego:
we,
200
200
sensus is that the outlook points to a sagging market, with
To Reval-Sept. 15200
. To Gothenburg-Sept.Clivegrove, 200
ve, 250
250 only occasional rallies at the expense of the short interest.
BRUNSWICK--To Bremen15-ClivegrO
-Sept.
13-Civegrov
e,
550
550
The foreign markets have been declining. In Russia prices
BOSTON-To St. John-Sept. 10-Calv
in Austin, 334; Gov.
Cobb, 63 _ _ ____
,
397 are said to be particularly weak,as supplies are bountifui
BALTIMORE-To ___.
10-Templem
ore,
46_
__
46 and increasing and the acreage will be enlarged.
To Bremen-Sept. 14-Main,3,755
• The
3,755 weather
PHILADELPHIA-To Llverpool-S
in that country has been very favorable for seeding.
ept. 9-Marion, 200
200
SAN FRANCISCO-To Japan-Sept. 13-Sibe
300 Beneficial rains have fallen-in Auetralia and not a little stress
SEATTLE-To Japan-Sept. 10-Kamaltaru ria, 300
Marti, 100
100 has been laid
1 .
on an increased acreage and a favorable outlook
--Total
-,
,. r .137,489. in Argentine. In Germany the supplies of native wheat -
736
[VoL. Lxxxxi.
THE CHRONICLE
GRAIN.
are large. The weather in India has been- favorable for
Cents.
Corn, per bushelWheat, per bushelseeding. Another depressing factor in this country has
$1 21
elev.
No. 2 mixed
N. Spring, No. 1
6431
Nominal
Nom.
No. 2 mixed_ __ _f.o.b.
N. Spring, No. 2
been a decline in corn. It is true that the receipts of wheat
1 02 ,i
f.o.b. Nominal
No. 2 white
Red winter, No. 2
at our primary American points have latterly been decreas1 04% Rye, per bushelHard winter, No. 2
Cents.
No. 2
_f.o.b.
7834
ing, and at no time have been large; but on the other hand Oats, per bushel, new38 %
State and
Nominal
Jersey
Standards
Western_there has been little demand to bring the wheat out. Cer3934 Barley-Mailing
70@75
No. 2 white
Nominal
Feeding, c.i.f., N. Y__
tainly the export demand has been light and the buying for
3834
No. 3 white
home account has also been noticeably small. Large ChiThe statements of the movement of breadstuffs to market
cago interests have been free sellers. Rallies in the price
indicated below are prepared by us from figures collected by
have been temporary and due more to covering of shorts
the New York Produce Exchange. The receipts at Western
than to anything else. The Canadian crop is officially
lake and river ports for the week ending last Saturday and
stated at only 123,000,000 bushels, against 168,000,000 last
since August 1 for each of the last three years have been:
year, but this has had no effect, nor has the fact that the
Rye.
OW. I Barley.
Cora. I
Wheat.
receipts at the American Northwest have been far smaller Receipts at- Flour.
------------,---than those of a year ago. Rotterdam advices are to the
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
14,000
376,500
effect that Russian offerings, already large, will continue so. Chicago _
164,104
836,400 3,870,250 2,044,800
321,600
27,540
297,500
247,470
64,750
390,130
Manitoba offerings in Liverpool of late have been larger Milwaukee__
15,204
331,287
15,954
35,409
23,915 1,243,189
Duluth
at cheaper prices. Northwestern stocks are increasing. Minneapolis
38,280
674,790
253,620 1,008,220
2,988,810
5,500
120,750
58,600
90,000
Winnipeg quotations have weakened noticeably. To-day Toledo
28,092,
103,029
73,191
4,189
Detroit
prices advanced on lighter receipts, predictions of some Cleveland
171,6161
58,202
• 2,491
7,330
2,800
9,972
406,300
55,310
302,635
479,915
decrease in the week's world's shipments, unexpected St. Louls..
5,500
11,063
135,300
296,700
39,504
18,000
Peoria
strength in Liverpool prices and covering of shorts.
79,900
1,299,600
280,800
Kansas City.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
354,263 7,376,565 5,506,715 4,308,432 1,638,040 115,996
Total wk.,10
Sat. Mon. Tues. Wed. Thurs. Fn.
525,343 8,268,428 4,077,599 4,222,355 2,451,570 606,726
10334 104
10331 10334 102'i 10234 Same wk.'09
No. 2 red winter
483,178 9,700,224 2,816,583 5,109,310 4,282,604 313,536
September delivery in elevator_ __ _103% 10434 10331 10334 10134 10334 Same wk.'08
elevator__
_107
g
10731
delivery
in
10631
10834
December
10734
10514
11174 11234 112
11134 1 934 1111% Since Aug. 1
May delivery in elevator
2,126,085 51,642,984 22,490,794 45,275,220 6,494,754 1,094,428
1910
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
1909
2,703,760 37,312,438 19,178,595 29,608,632 5,804,303 1,202,206
Sat. Mon. Tues. It ed. Thurs. Fri.
1908
2,439,798 37,649,337 15,711,974 26,319,354 11,321,530 1,132,241
Holt951416
September delivery in elevator_ _95 g 96
9534 9434
December delivery in elevator__ 9934 10034 9934 98 11-16 day, 99
105,81 10634 10534 10434
10
May delivery In elevator
Total receipts of flour and grain at the seaboard ports for
Indian corn has been declining, owing to generally favor- the week ended Sept. 10 1910 follow:
able weather. Frost has been predicted at times, but the
Rye,
Flour,
Oafs, Barley,
Wheat,
Corn,
Receipts atbbls.
bush,
bush,
bush.
bush.
bush.
prediction not having been as a rule verified by the event,
New York
5,100
19,088
192,768
31,500
875,150
135,900
it really served in the end to depress prices further. It is Boston
36,203
5,820
111,112
277
9,597
6,000
56,082
199,173
50,002
168,340
true that early in the week there was a temporary advance, Philadelphia
237,663
1,953
58,922
242,038
84,582
awing to frost in the Northwest and predictions that the Baltimore
79,404
6,702
61,108
4,839
46,424
Richmond
68,000
232,800
13,600
24,301
frost line would extend southward into Iowa, Illinois, New Orleans*
10,223
Nebraska and Wisconsin. 'But even in South Dakota the Newport News._ _ _
2,429
Norfolk
frost did no damage, and no frost of consequence occurred Galveston
1,000
138,000
10,444
2,000
in what are known as the big corn States. Some nervousness Mobile
56,100
40,250
795,188
22,737
Montreal
in regard to frost has been noticeable,as perhaps about half
533,356 1,119,924
11,100 28,020
the corn in the Northern belt is in the milk and might be Total week 1910._ 410,504 1,479,920
SinceJan. 11910_11,934.111 46,774,225 28,341,581 34,618,397 2218,867 549,802
much injured by a hard freeze. On the other hand, a light Week 1909
14,563
430,872 1,523,455 22,857
445,010 1,412,464
frost, it is urged, would be rather beneficial than otherwise, SinceJan. 11909_10,364,139 51,085,799 30,548,987 32,859,224 4286,073 671,868
as it would tend to stop the growth and cause the sap to • Receipts do not include grain passing through New Orleans for foreign ports
run into the cob. And only light frosts have prevailed in on through bills of lading.
the recognized corn States where there has been any at all.
The exports from the several seaboard ports for the week
Of late the weather has been warmer, even in the northern ending Sept. 10 1910 are shown in the annexed statement:
Rye, Barley, Peas,
portion of the corn belt. Every day without killing frost
Oats,
Corn, Flour,
Wheat,
bush.
bush.
bush.
bush.
bbls.
bush.
bush.
Exports frontnaturally means just so much added to the crop of sound
1,102
4.300
28,205
2,294 45,275
York
New
corn. Trade has been, as a rule, quiet, though of late it is Boston
3,819
25,694
14,000
144,000
stated, considerable corn-said to be 1,500,000 bushels
- Philadelphia
32,941
260,602
Baltimore
has been ordered out of the elevators at Chicago. In the New Orleans
80
72,129 2,458
10,223
fore part of the week the cash demand at Chicago was some- Newport News..
407
Galveston
what better and the shipments exceeded the receipts, but as Mobile
2,000
10,444
41,000
3,000
26,000 10,000
593,000
the crop nears the point of safety, buyers, as a rule, grow Montreal
2,429
cautious. SODA selling on Wednesday in Chicago was due Norfolk
--7,380
41,000 1,102
Total week____1,051,501 110,867 123,552
to an indisposition to carry corn over a holiday there on
30,188
522
1,261,073 113,694 196,496
Thursday. Of late the country sales have fallen off rather Week 1909
The destination of these exports for the week and since
sharply, and this fact points to smaller receipts for a time
but everybody looks for a big crop and the "short" side is the July 1 1910 is as below:
-Flour--- ---Wheat----- --Cornpopular one. Unless the crop is cut down by an untimely
Since
Since
Since
killing frost, the expectation is so widespread as to be pracJuly 1
Week
July 1
July 1
Week
Week
1910.
1910. Sept. 10.
1910. Sept. 10.
tically universal that prices must decline. To-day prices Exportsfor week and Sept.10.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 towere heavy.
590,928
26,000
United Kingdom___ 72,173 506,790 610,628 8,024,865
211,984
18,394 202,242 990,873 2,241,156
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Continent
984,294
72,129
Sat. Mon. Tues. Wed. Thurs. Fri.
65,778
Sou. dr Cent. Amer_ 12,828 192,015
270,519
11,768
65
13,245 206,903
6534 6534 64'% 6434 6531 West Indies
Cash corn
4,000
22,906
September delivery in elevator__ _ 65% 6534 8574 84'% 8434 6531 Brit. Nor. Am.Cols_ 6,912
5,989
970
6,000
63
61 % Other Countries..
30,820
December delivery in elevator__ _ 63-64 6374 63 II, 63
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
2,067,214
110,867
1,161,626
7,336,799
1,051,501
123,552
Total
Sat. Mon. Tues. Wed. Thurs. Fri.
196,496 1,338,865 1,261,073 13,371,823 113,694 1,239,288
September delivery in elevator
5674 5734 56% 5634 Holl- 55% Total 1909
December delivery in elevator
5434 55% 5574 5474 day. 53 %
The world's shipments of wheat and corn for the week
567ie
May delivery in elevator
57% 58 % 58% 5734
ending Sept. 10 1910 and since July 1 1910 and 1909 are
Oats have followed other grains downward. Yet at times
shown in the following:
rallies, especially in the near months, have occurred, owing
to the covering of shorts. For in oats, as in wheat and corn,
Cern.
Wheat.
the tendency is rather towards the short side. Oats prices
1910.
1909.
1909.
1910.
have latterly been firmer. Also the interior has been selling
Since
Week
Since
Since
less freely. Chicago's stock last week increased only 284,000
Since
Week
Exports.
July 1,
July 1
July 1. Sept. 10.
Sept. 10. Judy 1.
bushels, a fact that made shorts for a time more cautious.
_Bushels.
Bushels.
Bushels.
Bushels.
The depression in corn, however, has been an influence
Bushels.
Bushels.
2,783,000 1,177,000
which could not be shaken off. Futures have shown a North Amer. 1,408,000 14,082,000 22,089,000 259,000
85,000 2,260,000 4,872,000
Russian ____ 5,800,000 41,768,000 30,224,000
downward tendency regardless of the steadier tone at times Argentine _ 1,024,000 11,560,000 10,864,000 3,171,000 32,830,000 32,532,000
of the cash market as receipts decreased. To-day prices were Danubian __ 5,696,000 23,664,000 6,792,000, 213,000 8.409,000 6,196,000
1,040,00013,920,000
stronger. Prominent interests bought. Cash houses were Indian
Australian
1,600,0001 6,408,000 21,716,0004
good buyers in Chicago of September, selling December at 0th. counted 190,000 1,198,000
13/2c. difference, against a difference of 3c. last week.
16758000 112,600,000 91,685,000
Total
,
1 3.728,000 46,282,000 44,777,000
4
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Wed.
Thurs. Fri.
Mon. Tues.
Sa(.
3854-3914 3834-39 38-39
38-39
38-39
38-39
Natural white
The quantity of wheat and corn afloat for Europe on dates
White clipped
39-4234 39-4234 39-4234 39-4234 39-4234 39-4234
entioned was as follows:
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. It ed. Thurs. Frt.
Wheal.
Corn.
1 mi -19
32% 33 74 33 g 33% Holl- 34
September delivery in elevator
*I *1December delivery in elevator
3494 3531 35 31 3534 day. 35 34
United
United
May delivery in elevator
3774 3834 3831 3834
3831
Kingdom. Continent. Total.
!Kingdom. Continent. Total.
The following are elosing quotations:
----FLOUR.
Bushels. Bushels. Bushels. Bushels. Bushels.
Bushels.
Winter, low grades____$3 00@$3 65 Kangas straights, sack..$4 85@$5 00
22,080,000 40,800,000 10,455,000 10,115,000 20,570,000
Winter patents
5 15 Kansas clears, sacks_ 4 00fi8 4 25 Sept. 10 1910_ 18,720,000
5 IY)
10,880,000 10,115,000 20,995,000
19,440,000
Winter straights
4 65 City patents
6 00(31 6 5) Sept. 3 1910_ 18,880,000 11,920,000 38,240,000
4 50
6,970,000 0,265,000 16,235,000
Winter clears
4 35 Rye flour
4 15
4 00
4 30 Sept. 111909. 14,880,000 13,920,000 26,800,000
6,035,000 4,335,000 10,370,000
29,040,000
15,120,000
12
Sept.
1908_
flour
Spring patents
Graham
5 75
5 50
4 OOfi 4 25
6,760.000 4,720,000 11,480,000
10.760,000
26,880,000
16,120,000
14
1907_
Sept.
Spring straights
S o0@ 5 25 Corn meal, kiln dried__ 3 25® 3 40
Pla
Spring
two.
4 SO@ 4 65
1
AMU
737
THE CHRONICLE
SEPT. 17 1910.1
1111,_
Total
6,363
177,354
-1909
Since
Week. Jan. 1.
135
1,250
18
780
_ _ 148,342
525
11,698
383
20,589
193
11,291
648
29,449
17
1,134
199
9,749
1,118
37,161
939
13,610
4,175
285,053
The value of these New York exports since January 1 has
been $12,214,642 in 1910, against $15,320,255 in 1909.
N
00
or..,
CA op
000
N.
00
N CD
-4 CO
.00
C.-,
-a
0
.4 Ca
CA 4.
14
00
CD
ENTERED FOR WAREHOUSE DURING SAME PERIOD.
1910-Since
Week. Jan. 1.
1,523
86
869
.
.10
China
54,118
9,513
India ---------------------------- 976
30
9,336
Arabia
5,32:1
Africa --------------------------976
West Indies
586 20,155
Mexico
44
1 410
8,421
Central America
364
33,154
South America
911
33,732
Other countries
2,380
New York to Sept. 10Great Britain
Other Europe
P3
swodun
The demand for brown sheetings and drills has been ir• The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and regular this week, and in the aggregate shows a falling off irk
volume from late weeks. Buyers are confining their purseaboard ports Sept. 10 1910, was as follows:
chases almost entirely to small quantities for near deliveries,
AMERICAN GRAIN STOCKS.
Barley, few orders being noted as placed ahead. Spot goods have
Rye,
Oats,
Corn,
Wheat,
bush. been offered in some quarters, and in these instances buybush.
bush,
bush.
bush.
74,000
9,000
648,000
193,000
976,000
New York
ers have occasionally been able to do somewhat better in
9,000
23,000
Boston
9,000
price than a week ago, concessions of %c. to Ye. being oc136,000
2,000
Philadelphia
313,000
1,000 casionally
23,000
901,000
182,000
1,675,000
Balt.more
accorded. Bleached cottons continue steady,
140,000
236,000
28,000
New Orleans
with a moderate distribution. Stocks of coarse, colored
7,000
135,000
Galveston
78,000 cottons are generally small, and
1,017,000
238,000
1,616,000
Buffalo
previous prices are held for
20,000
656,000
41,000
1,623,000
Toledo
on denims, tickings, colored ducks, ezc. Staple prints are
21,000
166,000
194,000
277,000
Detroit
14,000
7,256,000
128,000
in indifferent request, the demand being affected by renewed.
6,296,000
Ch cago
61,000
5,000
360,000
120,000
305,000
Milwaukee
36,000
525,000 belief among buyers that lower prices may be named later
765,000
10,000
2,831,000
Duluth
200,000 on. Printers, however, do not admit that any decline is
1,653,000
86,000
117,000
3,956,000
Minneapol's
12,000
674,000
5,000
114,000
1,962,000
St. Lou's
likely. Fine printed fabrics have been in moderate demand.
308,000
203,000
4,148,000
Kansas City
45,000
1,978,000
The best business of the week has been recorded in the vari10,000
Peoria
137,000
242,000
748,000
Indlanapol s
821,000
812,000
36,000
314,000 ous grades of dress ginghams and fine woven patterned cot563,000
On Lakes
50,000
132,000
ton dress fabrics, these in contrast with other descriptions
On Canal and River_._ 827,000
of cotton goods being ordered freely for next spring season,
2,966,000 17,748,000
255,000 1,265,000
Total Sept. 10 1910_ _28,298,000
2,750,000 16,260,000
928,000 and some of the most popular lines have their output al172,000
Total Sept. 31910.26,452.000
1,957,000
8,862,000
325,000 1,462,000 ready sold out. Napped dress fabrics are quiet. Cotton.
Total Sept. 11 1909_ _10,741,000
CANADIAN GRAIN STOCKS.
linings also quiet. Only a slow demand has come forward
Barley, for print cloths during the week, and the easier tendency
Wheat,
Corn,
Oats,
Rye,
bush.
bush.
bush.
bush.
bush.
55,000 noticed last week has been rather more pronounced, some
- 773,000
57,000
311,000
Montreal
900,000
sellers accepting Sc. for 383i-inch 64 squares, a decline of
Fort Wiliam
696,000
Port Arthur
34c. from the limit recently held for.
424,000
Other Canadian
_._
WOOLEN GOODS.-The leading lines of staple worsteds
55.000 and the higher grades of fancy worsteds have again com57,000
311,000
Total Sept. 10 1910_, 2,793,000
60,000
21,000
Total Sept. 3i910._ 1,984,000
300,000
5,7000 manded the greatest attention from buyers, a moderate numTotal Sept. 11 1909... 1,757,000
90,000
323,000
ber of orders coining along for the new season's goods withSUMMARY.
Rye,
Barley, out change in prices. Sellers of all-wool and low-grade fabWheat,
Oats,
Corn,
bush. rics in many instances are still complaining of the inadequate
bus/a,
bush.
bush.
bush,
255,000 1,265,000
2,966.000 17,748,000
28,298,000
American
55,000 volume of orders coming forward, and although there have
311,000
57,000
2,793,000
Canad an
---- ---- ---- ---- ---- been no changes in prices, quiet irregularities prevail. In
255,000 1,320,000
3,023,000 18,059,000
Total Sept. 10 1010....31,091,000
988,000 dress goods, some leading makes of worsted fabrics for spring
172,000
2,771,000 16,560,000
Total Sept. 3 1910_28,436,000
325,000 1,519,000 have been placed on the market this week and the prices
2,047,000 9,185,000
Total Sept. 11 1909_ _12,498,000
2,878,000
560,000
5,133,000
2,006,000
Total Sept. 12 1908..20,823,000
named thereon show declines of from 7 to 10% from the
531,000 1,163,000
3,231,000 3,189,000
Total Sept. 14 1907_ _45,550,000
2,932,000
7,163,000 1,456,000 1,318,000 prices of previous seasons. A fair business has been done
Total Sept. 15 1906_ _31,180,000
5,799,000
1,878,000
15,066,000
954,000
Total Sept. 16 1905_ _13,356,000
in general lines. Cloakings continue quiet, although in
somewhat better request than of late.
FOREIGN DRY GOODS.-Men's wear woolen and worTHE DRY GOODS TRADE.
sted fabrics have been in moderate request, with a fair business reported in dress goods, worsted descriptions in both
New York, Friday Night, Sept. 16 1910.
having the
Piece silks have not been called for
General business in the primary market has this week as widely aspreference.
last week, but the demane,is still of fair propora
scale,
falling
off
in demand being no- tions and some increase in trade is reported in silk ribbons.
been on a reduced
ticeable, particularly in staple cotton lines. Various causes The demand for linens shows no falling off and the market
are said to be contributing towards still greater conserva- is very firm. Burlaps have ruled strong, with a good demand
at higher prices under influence of an advancing jute market.
tism on the part of jobbers and converters throughout the
Importations
and Warehouse Withdrawals of Dry Goods.
political
country, chief among them being the prevailing
The importations and warehouse withdrawals of dry goods
unrest and the apparently steadily widening opinion that
at this port for the week ending Sept. 10 1910 and since
whatever other issues may figure in the nearing political con- Jan. 11910, and for the corresponding periods of last year,
tests, tariff revision will again be the leading feature. The were as follows:
tendency is naturally, therefore, to keep commitments within
•as narrow limits as compatible with meeting requirements as
a.
they arise. The benefits which might be expected to follow
abundant grain crops are to a great extent offset by this
feeling of uncertainty, combined with the enhanced cost of
commodities for household necessities. Meanwhile, there is
little actual evidence of increased production, but nevertheless there are occasionally unsold goods coming upon the
market in the heavier weight cotton fabrics, and to find buyers the mills have here and there accepted somewhat lower
prices than they held for a week or ten days ago. This imna
00 •
00
•
i4 4. CA 4.
'co 4. na cn Ca
00
parts an easier appearance to the market, which, however,
Co co
n4
CD ca Ce "4
C4
Op ON t*
-4
CD .7 Co 00 co
CS
•
CD uN
000W
cannot be accepted as applicable all around, there being
many lines of cotton goods on which sellers are absolutely C.
Ci
N
1
.
firm in refusing to do business except at the prices asked by a. MA.
00CD
Co
them. These sellers have their production well under con- N A.00
co
trol and are declining to commit themselves unduly. The CD
CD
4,
co
.
C
opinion expressed in the market by sellers is almost invaria- Ca
FA
Ci FA
is
bly that the prices of cotton goods must advance before 00 • n4
C. 0000 C4
00
OD OD
00
0
CD.
production can be increased to a material extent, little ex- -4 ;410
;la.
00 "c,"
C.3
7
.4
.4
CD
OD
c„, ca CD
0 ON
pectation apparently being held of such a decline in the price 4a
0 00
o).4 Ca OD
of raw material as to enable manufacturers to resume on
CO
N
WN
0
the prevailing parity between cotton and goods. In woolens
ON
1,100
and worsteds the week's business has been much of an ordi'
to
00
Clo+
0
.
nary character, presenting no change of moment from features previously noticeable.
000
o
&CO
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 10 were 6,363
CD FA FA NN
CON
CD .
0
.
0 .A..4 c, cm
N O. co
0.14.
1PA.
02.
6.
Zoo CON
packages, valued at $458,542, their destination being to the
A.w 4
Ca Ci mC, Om
CD fO CC A fj
C4 00 ON cn
.4 cm .4 ca
CD .4 Ga cD CO CA
'4 CD co ea co
co
points specified in the table below:
c43.
C4 ,
CD,
OD
nD
CD
IN3
N
Ca C°
.4
CA
OD is,
ta'
4
GO
.4 OD
Ca ,
C
;P.
oN
CD
0
00
05
.4
.
. .
c4
c,
. Co .
O3 .4
.4 0 Co
.Ca'
, ft4
4a Co 0
CA 0 CA CA FA
1 C4 C.0
4. 4
tcn
Cy
.C40
W00.0
00000.101+
.
,00000
,t0
(b
o00N
.1COFAIGAN
•
,C, A.4WWW
7:38
EITATg ;4WD
THE CHRONICLE
CITY DEMITIVIENT,
MUNICIPAL BOND SALES IN AUGUST.
We present herewith our detailed list of the municipal
bOnd issues put out during the month of August, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 665 of
the "Chronicle" of Sept. 10. Since then several belated
August returns have been received, changing the total for
the month to $13,165,868. The number of municipalities
issuing bonds was 289 and the number of separate issues 383.
AUGUST BOND SALES.
Name.
Rate. Maturity.
Page.
600_ _ Abilene, Texas
4
600_ _Abington, Mass
a1920
665__ Allentown, Pa
4
41915-1940
411m0-1930
740_ _Alliance, Neo
600_ _Alliance. Ohio
5
1911-1915
5
740_ _ Alvarado, Texas
41915-1940
5
740_ Amador, Minn
5
414_ _ Amite City, La
5
350__ Amory, Miss
1930
4
539__ Anderson Sch. Dist., Ind
1912-1920
4
476_ _ Ansonia, Conn
1935
Ohio
351_ _ Ashland,
5
1911-1920
414Ashiand County, Ohio
5% 1911-1915
1945
414_ _Atlantic City, N. J. (2 issues) _ _ 4 A
4
414__ Atlantic County, N J
1915-1916
4
1911-1925
414_ _ Attleborough, Mass
1920
539._ Austin, Minn
5
4
1910-1917
539_ _Bangor, Me
600._Banning Sch. Dist., Cal
4% 1911-1920
539_ _Beach City, Ohio
434 1911-1915
539_ _Beach City, Ohio
4 34 1911-1919
600_ _Bedford Twp., Ohio
4.70 1914-1930
600__Belfast, N. Y
4Y 1935801940
600_ _Bellevue, Pa
5
600_ _Belmont County, Ohio
1930
5
600_ _Bemidji, Minn
5
1923-1925
414_ _Bessemer Sch. Dist., Mich
4
1911-1919
476_ _Billerica, Mass
414__Birch Tree Sch. Dist., Mo
4
600_ _Bismarck, No. Dak
414__Bloomfield, N J
4
a1945
5
41920-1950
414_ _Bonham, Tex. (2 issues)
600__Brackenridge Sch. Dist., Pa..__ 434
d1915-1950
414_ _Brady Ind. Sch. Dist., Tex____ 5
a1950
600_ _Brazoria Co. Dr. D. No,3, Tex_ 5
865_ _Browns, Ill
5
414_ _Bushnell, Ill
665__Caldwell, Idaho
41920-1930
6
665_ _Calumet Sch. Dist., Okla
1930
5
414_ _Cape May Point, N. J
5
1922
470_ _Caroline County, Md
5
41920-1940
415_ _Carrizozo Sch. Dist., N. Mex
601_ _Cashmere, Wash
1940
434
601_ _Chattanooga, Tenn
665__Chebanse S. D. No. 107, Ill___ 5
1911-1925
a
1912-1919
601_ _Chicago Heights, Ill
5
1911-1950
665__Chico, Cal. (4 issues)
4
1960
415_ _Cincinnati, Ohio
4
1912-1917
477__Clay County, Ind
6
1911-1915
415__Clay Sch. Dist., Cal
4
1940
351_ _Cleveland, Ohio
601__Cleveland Heights, 0.(7 issues) 434
5
1920
601__Cleves, Ohio
5
1911-1915
415__Clinton Township, Ind
5
351_ _Coldwater, Ohio
5
477.._Columbla Township, Ohio
1912-1923
1940
434
601_ _Columbus, Ga
Amount.
Price.
850,000
18,000 101.11
34,500
9a,000
9,500 101.10
18,000 100
1,000 100
30,000
18,000 100
50,000 100.153
35,000
96
8,000 104.956
11,500 103
75,000 x100
20,000 100.50
100,000 100.31
30,000 102.98
70,000 100
2,000 100.25
10,400 100.115
2,000 100
9,000 100.925
34,000 100.102
25,000 103.59
12,000 100.118
12,000 100
12,000
9,000 100
7,500
15,000
180,000 z100
42,000
16,500
4,000 100
160,000 100
3,000
25,000 101.064
76,060 100.39
10,000
10,000 100
15,000 100.50
6,000 99.2375
7,500
100.000
15,000 100.77
8,000 101.287
150,000
300,000 101.67
25,000 100.10
2,500 100.30
800,000 100
51,325 101.109
4,000 106.25
6,000
14,000 106.89
6,000 104.345
100,000 1100.136
Ito 102
25,000 100
434 41915-1925
741_ _Columbus, Neb
5
a1922
45,0001 102.434
415_ _Columbus, Wis
415__Co1umbus,Wis
5
a1921
16,0001
415__Concord, Mass
4
1940
20,000 102.650
4
477_ _Cooke County, Tex
125,000
477_ _Corpus Christi Ind. S. D., Tex.. 5
41929-1939
75,000 100
415__Cottonwood Sch. Dist., Cal_
1,800 104.166
434 1916-1917
352_ _Covington, Ohio
1,000 100.10
Sch.
City,
Ind
4
1911-1920
415_ _Crawfordsville
82,000 100.008
5 '20,'25,'30&'35 200,000
801_ _Creek County, Okla
434 1912-1931
40,000 103.15
601_ _Crestline Sch. Dist., Ohio
5
40,000 100
540_ ,Crete, Neb
2,698 101.343
415_ _Cuyahoga County, 01)10
434 1911-1920
1911-1920
5
601__Delaware, Ohio (2 issues)
4,200 103.952
41915-1950
2,000 100
416.. Devine Ind. Sch. Dist., Tex_ 5
6
1911-1916
601__De Witt Sch. Dist., Mo
3,000
434
1920
601_ _Dickey County. No. Dak
50,000 100.10
352_Dolgeville, N. Y
1912-1930
4
20,000 100
434
602__Duluth, Minn
1940
50,000 100
5
477__Durant, Okla
1930
10,000
6
477__Durant, Okla. (2 issues)
1930
40,000
4 34 1920-1927
477_ _ East Cleveland, Ohio
7,300
41930-1950
540_ _Eastland Ind. Sch. Dist., Tex_ 5
20,000 100
352__ East Liverpool Sch. Dist., Ohio 4
1918-1924
14,000 101.785
540_ _ East St. Louis Park Dist., Ili__ 434 1920&1930
100,000 100.287
434
540....Eden Township, Ohio
3,500 101.111
477_ _Ennis, Tex
12,000
540Euclid, Ohio
434 1912-1927
16,000 102.753
540__Euclid, Ohio
434
2,893 101.282
5
76,000 100
742_ _Flint. Mich
7,000
602_ _Fort Payne. Ala
416__Franklin Township, Ind
434 1911-1925
41,000
41915-1930
24,000
602_ _Fulton Sch. Dist., Mo.(2 issues) 5
1924
434
12,000 101.46
416_ _Galion, Ohio
1911-1920
4
10,000 100.074
478_ _Gardner, Mass
6
30,000 102.666
416 Gary, Ind
4
1912-1921
352__Geauga County. Ohio
20,000 100
5
1911-1921
416__GettYsburg Sck. Dist., Ohio
3,000 103.783
1916-1940
5
478...Graham Sch. Dist., Cal
25,000 103.60
1912-1920
5
14,000
742_ _Granite Sch. Dist., Ill
1935
540__Grand Rapids, Mick
200,000 106.36
434
540__Grand Rapids, Mich
434 1913-1915 114,000 100.416
40Grand Rapids, Mich
20,000 100.025
434 1911-1915
1921-1930 435,000 100
16_ _Grand Valley Irrig. Dial., Colo_ 6
3,400
416__Grant County, Ind
434 1911-1920
416__Grayson County Corn. S. D.
41915-1950
No. 45, Tex
5
2,500 100
4.85
13,000
840.. _Greenburgh, N Y
1911-1916
4
45,000 100
352.. _Greenfield, Mass
540.._Greenville, Mich
30,000 100.25
434
416__Groveport Sch. Dist., Ohio_ __ _ 434 1912-1921
8,000 101.359
25,000 105.51
541_ _Half Moon Bay High S.D., Cal.. 534
1925
478_ _Hamilton, Ohio
4
25.000 100
5,940
416_ _Hamilton County, Ind. (2 iss.)_ 434 1911-1920
41920-1930
10,000 100
4
802 Hannibal Sch. Dist., Mo
41915-1930
5
15,000 100
742_ _Hardy, Neb
416__Harrison Sch. Dist.. N T
60,000 100.125
434 1911-1940
743-Haverstraw S. D. No. 3, N. Y 4.49 1911-1919
4,500 1400
5
26,500 1 43.4%
666_ _ Hebron, Neb. (3 Issues)
1
basis
1111
5
41Heit Township, Ind
1911-1915
5.000
Various
84000 101.297
602_ _Henry County, Ohio (12 Issues) 43.4
[VoL. Lxxxxi.
Name.
Page.
Rate. Maturity. Amount. Price.
6
478__Highland County, Ohio
1911-1919
5,200 101.98
5
418....Holloway Sch. Dist., Ohio
1933
6,500 105.523
478....Hornellsville S. D. No. 7, N. Y_ 4
5,000
5
000__Huron Sch. Dist., So. Dak
1915
20,000 100
602__Hutchinson, Kans
1930
434
15,000 100
6
1920
602_ _Hutchinson, Hans
82,740 100.362
541_ _Imlay, Mich
434
12,000 100.725
6
541_ _Independence, Ore
41915-1930
17,000 100
434
1930
417_ _Jamestown, N Y
50,000 102.5715
41915-1930
417_ _Jones Co.Com.S. D. No.20,Tex. 5
2,250 100
5
1930
666_ _Jordan Sch. Dist., Utah
60,000
5
000__Kansas (5 issues)
88,1001 100
534
800J
000__Kansas
a1916
353__Kansas City, Kan. (2 issues)___ 5
7,957
5 , 1918-1923
5.500 106.38
541_ _ Kentiand, Ind
541_ _Keyser, W Va
30,000 103.61
534 41920-1934
5
28,910 105.607
666.._Lakewood, Ohio (5 issues)
5
1911-1921
75,000 104.90
602__Lake County, Ind
5
41920-1930
20,000
541__Lane Co. S. D. No. 19, Ore
98.105
9,000 100.011
666__Lansing, Mich
43-1
478._La Veta, Colo
12.000
4
478__Lawrence, Mass
1911-1918
120,000 100
5
1935
666__Lawton, Okla.(3 issues)
280,000 100
541__Lee County, Ma
4
1911-1920
50,000
98
a1913
20,000 101.25
5
417_ _Lewis County, N. Y
4.70 1915-1934
20,000 100.135
479_ Liberty, N Y
12,000 102.525
353_ Liberty Township, Ohio
43-4
6
1911-1917
417_ Lincoln Sch. Dist., Cal
3,500 100.742
5
2,500 100
353 Lovington, Ill
.
867 _Lucas County, Ohio
7,540 101.322
434 1912-1920
541 _Lucas County, Ohio
30,606 101.652
434 1911-1921
4
1920
541 _Lynn, Mass. (3 issues)
59,300 101.032
a1914
479_ _Lyon's Union Sch. Dist., N. Y_ 4%
10,000 100
4
1922-1930
353 McConnellsville, Ohio
8,500 101
603_ _McCulloch Co. Corn. S. D. No.7,
5
1950 7,500 100
Tex
5
417 _McLean Ind. S. D., Tex
1950
10,000 100
6
1911-1926
417 _Madison Sch Dist., Cal
2,000 102.50
4
541_ _Madisonville Sch. Dist., Ohio
1940
3,000 100
417__Marble Cliff, Ohio
434 1911-1929
19,000 102.052
5
603_ _Marion County, Ohlo
1911-1923
9,000 102.111
4
887_ _Marlon County, Tex
41920-1950
28,000
417 _Marlborough, Mass
4
1911-1935
50,000 100.83
541_ _Marshall County, Minn
4
1916
185,328
541 _Marshall County, Minn
5
a1923
150,000 100
417 _Mart Ind. Sch. Dist., Tex
5
41930-1950
15,000
479 _Massillon, Ohio
1,920 100.117
434 1912-1913
603_ _Mauch Chunk, Pa
334
7,000 100
5
417_ _Maumee, Ohio
1912-1921
28,000 102.742
542_ _Medford, Ore
5
1930
30,000
98
20,000 100.88
603_ _Medford, Wis
4
542.._Methuen, Mass
1911-1930
75,000 100.78
4
4,000 100
542_ _Miamisburg, Ohio
354_ _Middletown S. D., Ohio
4 34 1915-1950
125,000 105.70
417_ _Milford Ind. Sch. Dist., Tex
5
41930-1950
10,000 100
603_ _Mill Township, Ohio
5
1911-1915
5,000 101.445
417._Milwaukee, Wis.(3 issues)
434 1911-1930 480,000 100.798
417_ _Milwaukee, Wis. (3 Issues) _._
434 1911-1930 105,000 101.07
417_ _Moberly Sch. Dist., Mo
5
41920-1930
' 32,000
1912-1930
744. _Monmouth, Ill
5
25,627 100
53,000
417_ _Monmouth S. D No. 38, Ill_
434 1919-1928
25,000
1916-1935
6
479__Morriliton, Ark
418_ _Motley County Corn. Sch. D.
41915-1950
10,000 100
5
No. 6, Tex
7,000
667_ Mt. Pleasant S. D., Mich
434 1911-1920
10,000 100
41920-1950
479__Mt. Pleasant Ind. S. D., Tex__ _ 5
4,000 100
11)16-1923
4
745._ klount Sterling. Ohio
20,000
41920-1930
97.50
667_ Murray, Utah
5
37,0001 100
542_ New Hampshire
3
200,000
542.. _New Hampshire
'
3 34
173,050 z100
1959
667_ New York City (2 issues)
3
6,790
1959
667_ New York City
4
1,800 100
1920
603_ Niagara Falls. N. Y
5
400,000 102.133
1940
354_ Niagara Falls, N. Y
434
114,000 101.37
354_ Niagara Falls, N. Y
434 1930-1934
32,500 100.506
480_ Niles, Ohio
434 1911-1915
3,500 102.81
418_ Niles, Ohio
434 1920-1923
4,065
542_ Noble County, Ind
25,000
99
12,000 100
542_ Norfolk, Va
434
81,000 z100
418_ Norfolk County, Va
5
1930
75,000 101.301
4
Various
66,550 100
667_ _North Dakota (14 issues)
480_ Northeast Borough S D., Pa- 5
10,000
745_ Nottingham, Ohio
4 34 1912-1920
8,632 101.201
74i Nottingham, Ohio
6,981 101,521
434 1914-1920
4,143 101.405
745_ Nottingham, Ohio
4 34 1913-1921
5,600 109.446
603_ Oakley, Ohio (2 issues)
5
1940
603__Oneonta. N Y
7,500 100
434 1911-1925
6,500 100
434 1911-1923
603_ Oneonta, N Y
12,500 104.38
1926-1950
5
868_ Ontario Sch. Dist., Cal
10,000 100.001
41925-1940
668_ _Orange. Va
5
121,000 100.41
354_ Ossining, N. Y
434 1915-1939
65,000 100.52
603_ Oswego, N Y
434 1911-1920
30,000 101.166
1911-1930
745_ • Oct )(A, Vilss
6
23,000 100
668_ _pacific Co. S. D. No. 36, Wash_ 534 41911-1920
1916-1920
16,500 100.75
6
668_ Page County, Iowa
1912-1920
20,700
5.
604_ _Pekin, MU
41920-1950
5,000 100
5
410...Penelope Ind. Sch. Dist., Tex
1930
85,000 100
542_ _Pierce County, No. Dak.(2 iss.) 4
41925-1940
15,000
6
542_ Pine Bluffs, Wyo
1911-1922
12,000 100
5
542_ Plainview, Minn
1911-1930
25,000
4
746 Plattsourgh, N Y
1940
6,000
354_ Poquoson S. D., Va
41925-1930
4,100
6
604_ PortagevIlle S. D., Mo
1911-1950
60,000 102.77
5
668__Porterville, Cal. (3 issues)
1939
250,000
93.08
4
604__Portiand, Ore
1912-1931
25,000
6
418_ _Prescott Sch. Dist., Ark
45,000 100.011
480__Proviso Twp. High S. D., Ili- 434 1915-1923
1930
12,000 y100.258
6
542_ Richton, Miss
1915-1930
20,000 0101.02
418....Ridgefarm S. D. No. 207, Ill- 5
19114930
10,000 100.19
4
542_ Rockport, Mass
8,000 102.243
434 19154922
542_ Rocky River, Ohio
1930
13,900 100
5
355_ Rosedale Sch. Dist., Kan
19114935
25,000 101.272
5
481_ Rumson Sch. Dist., N. J
1912-1921
125,000 100.17
604_ _St. Louis Co.S. D.No.18.Minn _ 5
14,000 104.521
481_ _Salem, Ohio
434 1920-1933
1914-1919
6
1,200
604 _Samos Sch. Dist.. Mo
5
32,000 101.24
481_ _San Anselmo, Cal
d1915-1950
12,500 100
5
4195an Benito Ind. S. D., Tex_
43-4 1911-1923
6,600
419....Sand Creek Township, Ind
5
130,000 100
481.._Sanders County. Mont
1919
4
400
668.. Sandusky, Ohio
434 1911-1915
481_ Sandusky County, Ohio
10,500 100.714
4M
000_ Sandusky County, Ohio
6,348 100.74
43.4
419_ _San Francisco, Cal
123,000
4A
604_ _San Francisco, Cal
77,000
5
481_ _San Joaquin County, Cal
500,000 104.56
4
19114919
9,0001 100.37
543__Saugus, Mass
4
1911-1938
543_ _Saugus, Mass
28,0001
4
1916-1925
20,000 100
604__Sauk County. Wls
434 41920-1930
65,000 100
419__Sedalla Sch Dist., Mo
6
1930
10,000
481 _Seminary. Miss
434 1911-1924
7,000 101.57
481_ _Seven Mile Sch. Dist., Ohlo
4
20,000 100
481 _Sharon, Mass
1911-1920
434
15,960 101.413
694 _Shelby, Ohio (4 issues)
5
14,0001 100.10
1912-1939
1
,
17 _Sliver Springs, N Y
5
6,000J
747 _Sliver Springs, N Y
1915-1926
25,000 1011,11
434 1925-1949
419 _Somerset County, Md
5
20,000 102.73
543 Sonoma. Cal
1911 1950
21,000 102.02
434 41920-1940
604__South Bethlehem, Pa
53.4 41915-1920
203,300 100
355 South Omaha, Neb
4,000 100
434 1911-1918
747_ _Spring Hill S. D. No. 4, Kan
6
1911-1920
543 _Spring Valley. Wls
5,000 102. 76
15 000 100.678
481- _Stevens Point, Wis
5
1911-1920
{
Name.
Page.
Rate. Maturity,
6
1935
419__StIgler, Okla. (2 issues)
419_ _Summit County, Ohio (2 issues) 5
1940
543__Sussex County, N J
4
543_ _Sutton, Nab
41915-1930
5
419_ _Swoyersville Sch. Dist., Pa_ _ _ _ 5
482_ _Syracuse, N. Y
4 X 1911-1920
482_ _Syracuse, N Y
4 X 1911-1915
1932
419_ _Tarentum, Pa
4X
1930
419_ _Terre Haute, Ind
4
419_ _Terrell County Corn. Sch. Dist.
41915-1950
5
No. 1, Tex
41921-1930
669__Thermopolls, Wyo
6
5 1923,'24&'25
543_ _Tomah, Ms
1920-1923
5
543_ _Tomah, Wis
1931-1940
669_ _Turlock Irrigation District, Cal_ 5
1914-1926
4.
543_ _Tuscola, Ill
419_ _Wabash County. Ind
41 1911-1920
41920-1930
669_ _Walker Co. Com.S. D.No.3,Tex 5
604Walthill, Neb
1915-1929
482_ _Waynesburg Spec. S.D., Ohio__ 4
604__WellsvIlle Un. Fr. S. D. No. 1,
4X
N. Y. (4 issues)
41920-1940
5
419...West, Tex
1930-1935
5
419_ _Westchester County, N. Y
1913
5
419_ _Westchester County, N. Y
4 x 19174921
419_ _Westfield, N. Y
5
543_. West New York, N. J
5
1911-1920
670_ _Wichita, Kan
5
1911-1920
670_ _Wichita, Kan
1920
5
670_ _Wichita, Kan
5
419__Williams Un. High S. D., Cal
419__Willoughby, Ohio (3 issues) _ _ _ _ 4 %
4
1916-1930
748__Wilmont, Minn
4
1921-1930
356__Winthrop, Mass
4 % 1929-1931
605__Wooster, Ohio
5
356_ _Wyandot County, Ohio
41911-1930
544_Yaklma Co.S. D. No.91, Wash. 6
420_Yellowstono County S. D. No.
5
1920
14, Mont
605 __Yellowstone County S. D. No.
5
41915-1920
8, Mont
4 X 1911-1930
544_ _Yonkers, N. Y.(3 issues)
4 X 1911-1920
544_ _Yonkers, N.Y
1911-1915
483_ _Youngstown, Ohio (2 issues) _ _ _ 5
1912-1916
5
483_ _Youngstown, Ohio (3 Issues)
356_ _Youngstown, Ohio (6 issues) _ _ _ 5
Amount.
75,000
43,500
14,500
19,500
15,000
160,000
27,000
10,000
40,000
10,000
15,000
6,0001
8,000J
100,000
12,500
3,400
1,200
22,500
15,000
Price.
103.511
101.002
99.871
100.526
100.081
102.781
100
y100
100
97 50
100
100
56,000 y101.21
6,000 100
30,618 109.76
13,122 100.544
10,000 100.25
5,000 100
123,0601
175,000} 100
25,000)
25,000 102.15
9,500 103.757
3,000
20,000 100.632
13,000 105.40
13,000 102.711
5,500 100
7,175
3,500
119,000
17,900
1,975
5,775
35,730
100
101.762
100.562
Total bond sales for August 1910 (289 municipalik$13,165,868
ties covering 383 separate issues)
a Average dates of maturity. d Subject to call In and after the earlier
year and mature in the later year. k Not including $7,482,666 of temporary loans reported and which do not belong in the list. x Taken by
sinking fund as an investment. y And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
•
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Name of Municipality.
Page.
414_ _Bushnell, Ill. (June list)
478_ _Fort Smith and Van Buren Bridge Dist., Ark.(July list)_
478__Harlowton, Mont. (May list)
416__Holloway School Dist., Ohio (June list)
417„Milwaukee, Wis. (3 issues) (July list)
745__Oxford School District, Ohio (July list)
482__Wellsville Union Free Sch. Dist. No. 1, N. Y. (4 issues.
June list)
Amount.
$25,000
650,000
15,000
6,500
480,000
20,000
56,000
We have also learned of the following additional sales for
previous months:
Rate.
Name.
Page.
5.
414_ _Akron, Iowa (June)..
4
665_ _Allen County, Ind
5
414__Anahelm, Cal
740_ _I3roadwater Co. Sch. Dist. No.
6
23, Mont
5
740_ _ Bullock County, Ala
5
477_ _Burlington, Wis
5
414__Carbon Co. S. D. No. 1, Mont
415_Colorado Spgs. S. D. No. 11,Col. 5
5
415_David City. Neb
415...David City, Nab
5
477_Fillmore, Utah
5
478.._Fort Smith Spec. Sch. Dist.,Ark.5
416..Fulton, N. Y
6
742_ _Greene Ind. S. D.. Iowa
5
416__Highland Park, Mich
3%
478_ _Kansas (27 issues)
5
479_ _Lenzburg S. D. No. 43, Ill
479Lockhaven, Pa
3X
4
744... Middletown, Conn
4
417_ _Milford, Ohio
7
419...Seattle, Wash.(21 Issues)
6
419_ _Seattle, Wash
5
543_ _Tallahassee, Fla.(2 issues)
5
543_Thurmont, Md
669-Twin Twp. Sch. Dist., Ohio.... 5
4
420_Worcester, Mass
739
THE CHRONICLE
SEPT. 17 1910.
Maturity.
41915-1920
1911-1925
41915-1920
1940
1912-1921
41925-1930
419204930
41915-1930
41920-1930
1930
Amount. Price.
$10,000 102
40,000 100
7.500 101.64
1,000 100
30,000 102
10,000 4% bas.
11,000 100
100,000 101.58
20,0001 100
20,000J
5,750 100
200,000 100
6,238 100.08
7,500 100
50,000 x100
267,500 100
5,5364 %bas.
8,500 100
35,000 100
4,000 100
777,840
Page.
Name.
Rate. Maturity.
484 _Saskatoon, Sask
4%
1940
484_ _Saskatoon, Sask
5
1940
484_ _Saskatoon, Sask
5
1920
484_ _Semans, Sask
1925
6
606_ _Stettler, Alta. (2 Issues)
5 X 1911-1930
545_ _Swift Current S. D., Sask
6
1930
606__Unity, Bask
53j 1911-1925
750_ _Venn, Sask
1911-1925
6
545_ _Wainwright S.D.No.1658, Alta. 5
1911-1930
606__Westmount, Que
4
1954
545_ _Weyburn, Sask
5
1935
671__Whitby, Out
5
1911-1930
545__WIlcox, Sask
Total Canada
Amount.
503,000}
30,000
88,000
2,000
20,500
10.000
2,000
1,500
18,000
70,000
25,000
8,550
1,400
Price
98.72
100.151
103.30
97
100
$1,256,063
ADDITIONAL SALES OF DEBENTURES POR PREVIOUS MONTHS.
Page.
Name.
Rate. Maturity. Amount. Price.
483_ _Arrawanna S. D. No. 2164,Alta. 53
1920
$1,500 100
420__Canora. Sask
1911-1930
55
6,000
356.._Hoey S. D. No. 2495, Sask(June)53
1920
800 100
484_Knoll Hill S. D. No. 2554, Sask. 5% 1911-1920
1,400 100.40
421.._McTaggart. Sask
6
1911-1920
2,500
545__Oakshela S. D. No. 2458. Sask.
(May)
53(
1911
2,000 100.925
All the above sales (except as indicated) are for July.
These additional July issues will make the total sales
of debentures for that month $1,503,113.
News Items.
ininois.-Representative Brown Acquitted of Bribery Charge
by Cook County Jury.-The second trial in Cook County of
Lee O'Neill Browne of Ottawa,on the charge of having bribed
Charles A. White of O'Fallen to vote for William Lorimtr
for United States Senator, ended Sept. 9, the jury on that
day having reached a verdict of "not guilty." As stated in
V. 91, p. 49, the jury failed to reach a verdict at the time
Representative Browne was first tried in June.
Pittsburg, Crawford County, Kan.-Suit Brought to Enjoin
Issuance of Water Bonds.-On Sept. 10 J. B. Smith and Fred
H. Fitch, property owners of Pittsburg, Kan., filed suit in
the Circuit Court of the United States, Third Division of
Kansas, to restrain the issuance by the city of the $300,000
4 2% bonds voted July 12 for the construction of a municipal
water plant. See V. 91, p. 231.
The bill filed alleges that the Act under which bonds are
proposed to be issued was not properly passed by the Legislature. A private company at present furnishes water
service. The franchise of this company provides that the
city may acquire its property at appraised value. The city,
however, has not endeavored to avail itself of this right to
purchase, but arbitrarily proposes to destroy the value of
present investment. Harkless & listed and Meservey &
German of Kansas City, Mo., and J. J. Campbell of Pittsburg, Kan., appear as attorneys upon the above bill.
Texas.-Legislature Adjourns.-The fourth called session
of the thirty-first Legislature of this State ended at 10 a. m.
Sept. 10. See V. 91, p. 476.
Bond Calls and Redemptions.
Denver, Colo.-Bond Call.-The following bonds are
called for payment Sept. 30:
Storm Sewer Bonds,
Sub-District No. 2 of the Capitol Hill Storm Sewer District No. 1, Bend
No. 8.
North Denver Storm Sewer District No. 1, Bonds Nos. 139 to 158, Inclusive.
South Capitol Hill Storm Sewer District No. 2, Bonds Nos. 41 to 43,
1912-1919
Inclusive.
Sanitary Sewer Bonds.
Sub-District No. 8 of the East Side Sanitary Sewer District No. 1;
Bonds Nos. 68 and 89.
41912-1920
Sub-District No. 11 of the East Side Sanitary Sewer District No. 1,
1930
Bonds Nos. 32 and 33.
1915-1926
Sub-District No. 12 of the East Side Sanitary Sewer District No. 1,
1915&1920
Bonds Nos. 20 to 24, Inclusive.
1915
Highlands Special Sanitary Sewer District No. 7, Bonds Nos. 61 and 82
41920-1960
100
Highlands Special Sanitary Sewer District No. 8, Bond No. 22.
419154930
18,000 100
Morgan's
Capitol Hill Special Sanitary Sewer District, Bond No. 2.
1911-1917
6,500 102.89
Improvement Bonds.
1920
75,000 100.82
Cherry Creek Improvement District No. 1, Bond No. 31.
District No. 2, Bonds Nos. 201 to 208, inEast
Improvement
Denver
All the above sales (except as indicated) are for July. clusive.
East Denver Improvement District No. 3, Bond No. 49,
These additional July issues will make the total sales (not
East Denver Improvement District No. 4, Bonds Nos. 40 and 41.
including teniporary loans) for that month $35,101,568.
Evans Improvement District, Bond No. 38.
Highlands Improvement District No. 1, Bonds Nos. 60 and 61.
BONDS SOLD BY CANADIAN MUNICIPALITIES,
North Side Improvement District No, 1, Bonds Nos. 63 and 64.
North Side Improvement District No. 2, Bond No. 26.
Name.
Rate. Maturity. Amount. Price.
Page.
North Side Improvement District No. 4, Bonds Nos. 14 and 15.
1911-1925
$1,500
6
483__Aberdeen, Sank
Side Improvement District No. 6, Bonds Nos. 25 to 28, Inclusive.
North
1911-1925
3,700
544_ _Adanac, Sask
55
Ogden Street Improvement District No. 1, Bond No. 16.
14,000
1940
420__Arnprior, Ont
4A
Street Improvement District No. 1, Bonds Nos. 14 and 15.
Sherman
1911-1940
21,000 100
420._Aylmer, Ont
5
South Capitol Hill Improvement District No. 1, Bonds Nos. 79 to 86.
1,500
1920
544..Bowdon School District. Sask.._ 6
544._Camrose, Alta. (3 issues)
1911-1930
33,500
98.761 Inclusive.
5
South Side Improvement District No. 1, Bonds Nos. 71 to 73, inclusive.
421__Deloraine, Man
1910-1929
6,000
5
Thirteenth Street Improvement District No. 1, Bond No. 29.
483__Dundas, Ont
4 x 1911-1930
7,000 100
West Denver Improvement District No. 1. Bonds Nos. 109 to 117
421__Dunnville. Ont
10,000
95.50
1911-1930
43j
inclusive.
483_Edmonton S. D. No. 7, Alta.__ 5
115,0001 100.303
1911-1940
Paving Bonds.
483__Edmonton S. D. No. 7, Alta.__ 5
30,000J
1911-1920
Alley Paving District No. 5, Bond No. 19.
544_Fredericton, N. B
4
20,000 4 A bas.
1911-1930
8,
District
No.
Paving
Bond No. 14.
Alley
483....Glenhill Sch. Dist., Sask
6
1911-1920
2,500
Alley Paving District No. 10. Bond No. 13,
605_Hastings County, Ont
5
1911-1930
20,000
District
No.
14,
Paving
Bonds Nos. 6 to 9, Inclusive
Alley
0._
605__Kamloops, B.
5
1920
16,000
98.112
Alley Paving District No. 15. Bond No. 9.
5
671_ _Kelowna, B. C
1935
8,000
Broadway Paving District No. 1, Bond No. 89,
5.
484_ _Kelross, Bask
1911-1930
12,000
Broadway Paving District No. 3. Bond No. 30.
484 _Lakeview Municipality No. 337,
Fifteenth Street Paving District No. 2. Bond No. 16.
5
Sask
1930
10,000
99.28
Viaduct Bonds.
Ont
Township,
5
1925
544...London
7,500
Fourteenth Street Viaduct District, Bonds Nos 844 to 846, Inclusive.
12,000
1911.1940
671_ _Maple Creek S. D. No.80, Sask_ 5
97.016
Park Bonds.
5
5,000
1935
421_ _Markdalc, Ont
Highland Park District, Bond No. 277.
545_ _Oxford Centre Sch. Dist., Sask. ..._ 1911-1930
1,200
484 Parry Sound, Ont
30,000
98.283 Upon the request of the holders of any of the above bonds received the
31,653 104.593 days before the expiration of this call, the Treasurer will arrange for their
421_ _Penetanguishene, Out.(4 issues) 5
4
payment at the Mercantile Trust Co.. New York City, but not otherwise.
1930
421 _ _Pipestone. Man
10,000
1911-1920
2,300
545_ _Progressive Sch. Dist., Sask.__ 6
Republic of Cuba.-Bond Call.-Call is made for payment
1092,
No.
D.
__Richard
S.
606
Rural
5
1930
Man
7,500
96.146 Oct. 1 at the office of Speyer & Co. in New York City of 773
3,500
545„Rocanyille. Bask
bonds, the numbers of which will be found in the advertise4
1935
24,500
606...St. John, IC B
97.50
ment printed in last week's "Chronicle."
5
1930
671_Saltfleet, Ont
9A60
11,„,12
740
THE CHRONICLE
Bond Proposals and Negotiations this week
have been as follows:
Akron School District (P. 0. Akron), Ohio.-Bond Offering.-Proposals will be received until 5 p. m. Oct. 4 by J. F.
Barnhart, Clerk of Board of Education, for $55,000 4%
school-completion and equipment bonds.
Authority Sections 7625, 7629 and 7630, General Code. Denomination
$1,000. Date Oct. 10 1910. Interest semi-annually at the Treasurer's
office. Maturity $30,000 Oct. 10 1928 and $25,000 Oct. 10 1929.
Albertville, Marshall County, Ala.-Bond Offering.-Proposals will be received until Sept. 20 for $25,000 5% waterworks bonds.
Authority vote of 130 "for" to 20 "against" on Aug. 15 1910. Interest
semi-annual. Maturity 30 years from Sept. 1 1910. W. P. Goodwin is
Mayor.
Alliance, Boxbutte County, Neb.-Bond Sale.-The three
issues of 10-20-year (optional) bonds, aggregating $95,000,
offered without success on May 16 (V. 91, p. 49), have been
sold to the State of Nebraska.
Alvarado, Johnson County, Tex.-Bond Sale.-The
$18,000 5% 5-40-year (optional) high-school-building bonds
voted on March 31 (V. 90, p. 1055) and registered on July 8
by the State Comptroller (V'. 91, p. 287,) were sold on Aug. 1
to the First National Bank of Alvarado at par.
Amador (P. 0. Lindstrom), Ohisago County, Minn-Bond
Sale.-An issue of $1,000 5% bonds, proposals for which
were asked until Aug. 8, has been purchased by Amanda
Alinquist at par.
Aransas Pass, San Patricio County, Texas.-Bonds Voted.
-The election held Aug. 30 resulted in a vote of 56 "for" to
4 "against" the proposition to issue the $25,000 5% 20-40year (optional) water-works bonds mentioned in V. 91, p.350.
Bakersfield School District (P. 0. Bakersfield), Kern
County, Cal.-Bonds Voted.-An election held Aug. 25 resulted in favor of issuing school bonds. The vote is reported
as 35 "for" to none "against."
Barberton, Ohio.-Bond Election Proposed.-The City
Council has been petitioned to call an election for Oct. 3 to
allow the voters to determine whether or not $50,000 bonds
shall be issued for the purchase of Lake Anna.
Belgrade, Nance County, Neb.-Bond Offering.-Proposals will be received until 8 p. m. Sept. 19 by Chas. F.
Eggleston Village Clerk, for $14,500 water and $3,500
electric-light 5% bonds.
Denomination $500. Date June 1 1910. Interest annually at the
fiscal agency of the State of Nebraska In New York City. Maturity 20
years. subject to call after 5 years.
Beloit School District (P. 0. Beloit), Mahoning County,
Ohio.-Bonds Defeated.-An election held in this district on
Aug. 27 resulted in the defeat of a proposition to issue $1,000
bonds. The vote was 18 "for" to 29 "against."
Bellefontaine School District (P. 0. Bellefontaine), Logan
County, Ohio.-Bonds Voted.-An election held Aug. 29
resulted in a vote of. 347 to 164 in favor of a proposition to
issue $35,000 school-building bonds.
Belle Fourche, Butte County, So. Dak.-Bond Offering.Further details are at hand relative to the offering on Sept. 20
of the $50,000 5% water-works-construction bonds mentioned in V. 91, p. 600. Proposals will be received until 2
p. m. on that day by It. 0. Fellows, City Auditor.
Authority Section 1391, Political Code of 1903, and Section 1, Chapter
173, Session Laws of 1905. Denomination $500. Date, "time of Issue.'
Interest semi-annual. Maturity 20 years, subject to call upon any semiannual interest day after 10 years. Bonds are exempt from taxation. No
bonded debt at present. Floating debt (warrants), ;15,922 75. Assessed
valuation 1910, $582,832. Real value (estimated), $2,331,328.
Bessemer, Jefferson County, Ala.-Bonds Authorized.It is stated that $8,000 bonds were authorized at a meeting
of the City Council held Sept. 6.
Biggs, Butte County, Cal.-Bonds Proposed.-According
to reports, a committee has been appointed to attend the
next meeting of the Council and confer with the trustees in
regard to bonding the town for "at least $12,000," to construct a sewer system.
• Boise, Idaho.-Bond Sale.-On Sept. 6 the $12,830 7%
1-10-year (serial) gold coupon Paving District No. 12 assessment bonds described in V. 91, p. 600, were sold to Lucius
A. Trowbridge for $12,903-the price thus being 100.568.
Bracken County (P. 0. Brooksville), Ky.-Bonds Not Yet
Sold.-The Chairman, Board of County Commissioners,
writes us under date of Sept. 9 that no sale has yet been made
of the $3,000 bonds-the unsold portion of the issue of
$12,000 4% 5-10-year (serial) coupon funding bonds mentioned in V. 91, p. 288.
Brady Independent School District (P. 0. Brady), McOullochiCounty, Tex.-Bond Sale.-This district on Sept. 1
sold $4,000 of the $8,000 5% 5-40-year (optional) coupon
bonds described in V. 91, p. 288, to the State School Fund
at par and interest. As stated in V. 91, p. 414, the State
bought the other $4,000 on Aug. 1.
W Broken Arrow, Okla.-Bonds Not Yet Sold.-No sale has
yet been made of the $37,000 6% 25-year coupon waterworks ,bonds offered without success (V. 91, p. 166) on
July 11.
[VOL. Lxxxxi.
Brookings County (P. 0. Brookings), So. Dak.-Bond
Election.-A proposition to issue $100,000 court-house bonds
will be submitted to a vote of the people on Nov. 8.
Broadwater County School District No. 23, Mont.-Bond
Sale.-An issue of $1,000 6% 5-10-year (optional) building
bonds was disposed of on July 2 to the State Board of Land
Commissioners at par. Denomination $200. Date July 15
1910. Interest annual.
Brownsville, Cameron County, Texas.-Bonds Registered.
-The State Comptroller on Sept. 1 registered the $15,000
water-works and $15,000 electric-light 5% 20-40-year (optional) bonds voted on Aug. 2. V. 91, p. 414.
Bryan County (P. 0. Durant), Okla.-Bond Election Proposed.-Papers state that petitions are being circulated asking the County Commissioners to call an election for the
purpose of voting on the question of issuing $160,000 courthouse and jail-building bonds.
Buffalo, N. Y.-Bonds Not Sold.-There were no bidders,
on Sept. 6 for the three issues of 4% registe'red bonds aggregating $1,303,810 20, described in V. 91, p. 601.
Bond Issue.-The issuance of $100,000 4% 1-20-year
(serial) municipal-building bonds has been authorized.
Under the terms of the ordinance the bonds are to be taken
by the City Comptroller at par in trust for the sinking funds.
The bonds are dated Oct. 1 1910. Interest semi-annually
at the City Comptroller's office.
Bullock County (P.0. Union Springs), Ala.-Bond Sale.Otto Marx & Co. of Birmingham purchased $30,000 5%
30-year road bonds on July 15 at 102 and interest-a basis
of about 4.873%. Denomination $1,000. Date July 1
1910. Interest semi-annual.
Burbank School District, Santa Clara County, Cal.-Bond
Offering.-Proposals will be received until 11 a. m. Sept. 19
by Henry M. Ayer, Chairman of Board of Supervisors
(P. 0. San Jose) for $4,000 532% coupon bonds.
Denomination $1,000. Interest from Sept. 1 1010 payable semi-annually
at the County Treasurer's office. Maturity $1,000 yearly from 1918 to 1921
Inclusive. Bids must be unconditional and accompanied by certified check
for 5% of bonds bid for, payable to Henry A. Pfister, ex-officio Clerk of
Board of Supervisors. Purchaser to pay accrued interest.
Burlington, Alamance County, No. Caro.-Bond Offering.
-This city is offering at private sale the $60,000 5% coupon
street and sidewalk bonds which failed to sell on June 0.
See V. 91, p. 288.
Burlington Union Free School District (P. 0. Burlington),
Racine County, Wis.-Bonds Voted.-This district recently
voted to issue $10,000 5% coupon school-building bonds.
It has not yet been decided when these bonds will be offered
for sale.
Denomination $500. Date Nov. 1 1910. Interest annually on Feb. 1
in Burlington. Maturity $1,000 yearly from 1912 to 1916 inclusive and
$5,000 In 1917. No debt at present. Assessed valuation, $2,500,000.
Burns School District (P. 0. Burns), Harney County, Ore.
-Bonds Voted.-According to reports, an election held
recently resulted in favor of a proposition to issue $35,000
school-site and building bonds.
Cadiz School District (P. 0. Cadiz), Trigg County, Ky.Bonds Defeated.-We are advised that a bond issue of $12,000
for building purposes failed to carry at an election held Aug.
6, but that the proposition will be submitted again next
month.
Caldwell, Burleson County, Tex.-Bond Election Proposed.
-Reports state that the City Council is considering the advisability of calling an election to vote on the question of
issuing about $5,000 bonds for the erection of a steel standpipe for the water-works system.
Callaway, Ouster County, Neb.-Bond Election.-An election will be held Sept. 26 to vote on the question of issuing
$6,000 6% water-main-extension and improvement bonds.
Maturity 20 years, subject to call after 10 years.
Cambrain School District (P. 0. San Jose), Santa Clara
County, Cal.-Bonds Voted.-An election held Aug. 9 resulted in a vote of 36 "for" to 3 "against" a proposition to
issue $5,000 5% school-house-construction bonds. Maturity from 5 to 10 years.
Caney, Montgomery County, Kan.-Bonds Voted.Papers state that the issuance of $20,000 bonds to aid in the
construction of the Cherryvale Oklahoma & Texas RR.from
Caney, Kan., southwest through Oklahoma, was authorized
at a recent election by a vote of 272 to 8.
Cannon Falls School District (P. 0. Cannon Falls), Goodhue County, Minn.-Bonds Voted.-An election held Aug. 30
resulted in favor of a proposition to issue $30,000 4% schoolbuilding bonds. Maturity part yearly to and including1930.
The vote was 113 "for" to 43 "against."
Canton, Ohio.-Bond Offering.-Proposals will be received
until 12 in. Sept. 19 by E. C. Brumbaugh,lCity Auditor, for
the following 4Y% bonds:
$7,300 engine-house-repair and furnishing bonds. Denomination $1,000,
except one bond for $300. Maturity 10 years.
125,000 water-works-system extension and improvement bonds. Denomination $1,000. Maturity 20 years.
1,500 St. Elmo Street sewer-construction bonds. Denominations $1,000
and $500. Maturity $1,000 in 3 years and $500 in 5 years.
1,300 Cedar Street and Dewalt Street storm-water-sower-construction
bonds. Denominations $1,000 and $300. Maturity 10 years.
1,200 Dorn Alley sewer-construction bonds. Denomination ;1,000 and
$200. Maturity $1,000 in 3 years and $200 in 5 years.
2,100 Warner Ave. and Eighth Street sewer-construction bonds. Denomination $1,000 and $100. Maturity $1,000 in 3 years, $1,000
in 4 years and $100 in 5 years.
Date Sept. 1 1910. Interest semi-annual. Certified check on a bank in
Canton for 5% of bonds bid for, payable to the City Treasurer, Is required,
Purchaser to furnish blank bonds at his own expense.
SEPT. 17 1910.1
THE CHRONICLE
741
Conneaut Lake, Crawford County, Pa.-Bond Sale.W. A. McMaster of Jamestown, offering par, was the successful bidder on Sept. 10 for the $7,000 5% registered waterworks bonds described in V. 91, p. 601. Maturity part on
Oct. 1 in every even year from 1916 to 1936 inclusive.
Connellsville School District (P. 0. Connellsville), Fayette
County, Pa.-Bond Sale.-On Sept. 8 the $34,000 4
Denomination $500. Date May 1 1910. Interest payable at the Village coupon high-school bonds, bids for which were received on
Treasurer's office. Maturity part yearly from 1919 to 1922 inclusive.
Sept. 3, were sold to Ussing, Scoville & Co. at 101.507 and
Deposit of $200 Is required.
Champaign County (P. 0. Urbana), Ohio.-Bonds Author- accrued interest. A list of the bidders follows:
Ussing. Scoville & Co_ „$34,512 50 N. W. Harris•& Co., N.Y 534,266 22
ized.-The County Commissioners, it is stated, on Aug. 22 E.
S. Wheeler, Pittsburgh 34,384 20 Washington Inv. Co., Pitt 34,186 10
Western Reserve Investordered the issuance of $8,000 bonds to pay the county's J. S. do W.S. Kuhn, Inc..
34,332 52
ment Co., Pittsburgh__ 34,186 10
Pittsburgh
share of the purchase of property east of Springfield to be
on
Oct. 1 from 1922 to 1927 Inclusive
yearly
$5,000
mature
The
bonds
used for a tuberculosis hospital by the counties of Cham- and $4,000 on Oct. 1 1928 and are described in V. 91, p. 540.
paign, Clark and Madison.
Connersville, Fayette County, Ind.-Bond Offering.
Chanute, Neosho County, Kan.-Bond Election.-An elec- Proposals will be received until 2 p. m. Sept. 19 by Wm.
question
the
on
vote
tion will be held to-day (Sept. 17) to
Reeder, City Clerk, for $20,000 4% coupon water-worksof issuing $75,000 water-works-system improvement bonds. improvement bonds.
Chatham, Pittsylvania County, Va.-Bonds Not Sold.Denomination $500. Interest semi-annually at the First National Bank
Connersville. Maturity $2,000 Dec. 1 from 1915 to 1924 inclusive.
No satisfactory bids were received on Sept. 5 for the $10,000 in
Bonds
are exempt from all taxes.
5% 30-year coupon street and school bonds described in
Copiah County (P. 0. Hazlehurst), Miss.-Bond Offering.
V. 91, p. 601. E. S. Reid of the Finance Committee is now
-Papers report that at the regular meeting of th.e Board
offering them at private sale.
of County Supervisors in October proposals will be received
Vt.County,
0.
Windsor
Chester
(P.
Depot),
Chester
for $75,000 road-improvement bonds.
4%
$25,000
issue
to
-This
town
voted
recently
Voted.
Bonds
Cordele, Crisp County, Ga.-Bond Election.-An election
registered school-building bonds. It has not yet been dewill be held Sept. 23, it is stated, for the purpose of voting
cided when these bonds will be offered for sale.
ent
Date July 1 1910. Interest semi-annually at the Town Treasurer's on the question of issuing $10,000 high-school-improvem
office in Chester Depot. "Maturity 1921 or any interest date by giving 30 bonds.
days notice to holder." Bonds are tax-exempt. No bonded debt at
Corning, Tehama County, Cal.-Bond Election.-It is
present. C. T. Holt is Town Treasurer.
Chicago Junction School District (P. 0. Chicago), Huron stated that an election will be held Oct. 4 to vote on the
County, Ohio.-Bonds Voted.-Dispatches state that a prop- question of issuing $22,000 sewer and $46,200 water bonds.
Corpus Christi, Tex.-Bonds Proposed.-There is talk of
osition to issue $20,000 school-improvement bonds was favorissuing free-public-dock bonds, according to local papers.
ably voted upon at an election held Sept. 12.
Creston, WaynelCounty, Ohio.-Bond Offering.-ProCircleville, Pickaway County, Ohio.-Bond Sale.-On
Sept. 1 the $4,000 4M% 7-10-year (serial) coupon street-im- posals will be received until 12 m. Sept. 24 by Chas. A.
provement bonds described in V. 91, p. 540, were purchased Tenney, Village Clerk, for $3,000 5% coupon municipal
by Seasongood & Mayer of Cincinnati at 102.40 and accrued electric-light-plant bonds.
interest-a basis of about 4.163%. A list of the bidders
Authority Section 3939, General Code. Denomination 5500. Date
Sept. 1 1910. Interest semi-annually in Creston. Maturity $500 yearly
follows:
on Sept. 1 from 1915 to 1920 inclusive. Certified check for 5150, payable
Carmen, Alfalfa County, Okla.-Bond Offering.-Proposals
will be received until Sept. 20 for the $15,000 6% 25-year
water and light bonds mentioned in V.91,P.477. Authority
vote of 79 to 1 at election held Aug. 29 1910.•
Celina, Mercer County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. Sept. 20 by J. M. Winter, Village
Clerk, for $20,000 4% coupon refunding bonds.
Scasongood & Mayer, C1n____$4.096
Vinton Banking Co. Vinton__ 4.092
k. Colum_ 4,086
New First Nat. Bank.
First Nat. Bank, Cleveland__ 4,085
Wm. Foreman, Circleville_ _54,085
incinnati_ 4,072
Well, Roth &
Hayden, MillerCo.,,
&Co., Cleve__ 4,045
First Nat. Bank, Circleville__ 4,028
to the Village Treasurer, is required. Purchaser to pay accrued interest
and be prepared to take the bonds within 5 days from time of award.
Bonded debt, including this Issue, 520,176. No floating debt. Assessed
valuation 1910, 5332,994.
Circleville, Pickaway County, Ohio.-Bond Offering.Crockett County Common School District, Tex.-Bonds
Proposals will be received until 12 in. Sept. 27 by Fred. R. Awarded in Part.-On Sept. 1 $5,000 of the $25,000 5%,
Nicholas, City Auditor, for $4,800 43'% coupon Mill Street 5-40-year (optional) bonds registered on Aug. 12 by the
storm-water-sewer improvement bonds.
State Comptroller (V. 91, p. 477) were purchased by the
Authority Sectioti 2835, Revised Statutes. Denomination $480. Date
par and interest.
Sept. 1 1910. Interest semi-annually at the City Treasurer's office. Ma- State at
turity $960 yearly on Sept. 1 from 1914 to 1918 Inclusive. The bonds are
Cuyahoga County(P.O. Cleveland), Ohio.-Bond Offering.
to
payable
for,
bonds
of
bid
3%
for
cash)
check
(or
Certified
tax-exempt.
-Proposals will be received until 11 a. m. Sept. 24 by the
the City Treasurer, is required. Purchaser to pay accrued interest.
John F. Goldenbogen, Clerk, for
Claremont High School District, Los Angeles County, Cal. Board of Commissioners,
ion bonds.
-Bond Offering.-Reports state that proposals will be $300,000 4% coupon court-house-construct
Authority Sections 2434, 2435 and 2438, General Code; also election held
received until 2 p. m. Sept. 26 by the Board of County Nov.
1910.
Daterest semi1
5 1901. Denomination $1,000. Date Oct.
Supervisors for the $75,000 5% bonds voted (V. 91, p. 288) annually at the County Treasurer's office. Maturity $15,000 yearly on
by a
accompanied
be
must
bid
Each
1911
to
inclusive.
from
1
1930
on July 19. Denomination $1,000. Interest semi-annual. Oct.
bond signed by not less than two disinterested persons, residents of and
Certified check for 3% of bid is required.
owning real estate in this county, or a certified check, payable to the
Clear Lake School District(P.0.Clear Lake),Polk County, County Treasurer. for 1% of bonds bid for.
Bonds Not Sold.-No sale was made on Sept. 14 of the
Wis.-No Bonds Voted.-The Clerk, Board of Education informs us that there is no truth in the reports that this district $59,000 4% coupon Parma and Royalton Center Ridge Road
has voted to issue $20,000 bonds. He adds, however, that No. 3 bonds described in V. 91, p. 665.
Deaf Smith County (P. 0. Hereford), Tex.-Bond Sale.the district may borrow some money from the State.
Clinton, Laurens County, So. Caro.-Bond Offering.- Farson, Son & Co. of New York City recently purchased
Proposals will be received until 12 in. Sept. 20 by W. M. $109,000 6% court-house bonds.
Denomination $500. Date Sept. 1 1910. Interest Jan. 1 and July 1
McMillan, Mayor, for $10,000 5% refunding bonds.
at the banking house of Parson, Son & Co. In New York City or Chicago.
Date Oct. 1 1910. Interest semi-annually at the National Park Bank in
New York City. Maturity Oct. 1 1950. Certified check for $500 is required.
Coffeyville, Montgomery County, Kan.-Bonds Defeated.
-The election held Aug. 2 resulted in the defeat of the proposition to issue $75,000 water-works bonds mentioned in
V. 91, p. 289.
Colorado Springs School District No. 11 (P. 0. Colorado
Springs), Colo.-No Bond Election.-We are advised that
there is no truth in the reports that an election will be held
Sept. 29 to vote on the question of issuing $45,000 refunding
bonds.
Colton, San Bernardino County, Cal.-Description of
Bonds.-The $63,000 sewer bonds awarded on July 5 to the
State Board of Examiners(V. 91, p. 167) carry interest at the
rate of 5% and are dated July 1 1910. The price paid was
101.349 and $350 accrued interest. Denomination $1,000.
Columbia, Boone County, Mo.-Bond Election.-An election will be held Sept. 27 to vote on the question of issuing
$125,000 water and light bond.
Columbus, Platte County, Neb.-Price Paid for Bonds.We are advised that par was the price paid for the $25,000
43% 5-15-year (optional) coupon Platte River bridge bonds
purchased last month by the State Treasurer for the State
Board of Educational Lands and Funds. See V. 91, p. 477.
Cohoes, Albany County, N. Y.-Bond Offering.-There
will be offered for sale at 12 m. Sept. 29 at the City Chamberlain's office the following 4% registered bonds:
540.000 water-supply improvement bonds. Date Aug. 1 1910. Maturity
$10,000 on Aug. tin each of the years 1919, 1922. 1924, 1925.
16,000 fire-department-equipment bonds. Date Aug. 15 1910. Maturity
$5,000 Aug. 15 1917, $5,000 Aug. 15 1913 and $6,000 Aug. 15 1928.
Denominatim $1,000. Interest Jan. 1 and July 1 at the United States
Mortgage &Trust Co. In New York City. Bonds are exempt from all taxes.
Maturity part yearly on Jan. 1 from 1911 to 1929 inclusive. Assessed
valuation $7,500,000. Real value (estimated) $15,000,000. Total debt,
Including this issue, $123,000.
De Witt County Common School District, Texas.-Bonds
Registered.-On Aug. 29 $2,500 5% 10-20-year (optional)
bonds were registered in the State Comptroller's office.
Dickson City, Lackawanna County, Pa.-Bids Rejected.The bids received on Aug. 15 for the $15,000 5% improvement bonds described in V. 91, p. 415, were rejected, it is
stated.
Dillon County (P.0.Dillon), So. Caro.-Bonds Not Sold.At a meeting of the Court House Commission held Sept. 5
it was decided to defer indefinitely the sale of the $40,000
4% 20-year court-house and jail bonds described in V. 91,
p. 415.
Donora, Washington County, Pa.-Price Paid for Bonds.
-The price paid for the $22,000 4% improvement bonds,
of Pittsdisposed of on Sept. 5 to J. S. & W. S. Kuhn,
Inc.,bids were
burgh (V. 91, p. 666), was 100.859. The following
received:
Washington
.T. S. & W.S. Kuhn, Inc.,
522.153 20
522,188 981 PittsburghInvestmentCo.'
Pittsburgh
West. Res. Ins.Co., Pitts_ 22,153 20 Otis & Hough, Cleveland_ 22,056 00
Denomination 51.000. Date Aug. 1 1910. Interest semi-annual.
Maturity $2,000 every even year from 1916 to 1936 Inclusive.
Duluth, Minn.-Bonds Authorized.-An ordinance has
been passed, it is stated, which provides for the issuance of
$50,000 park bonds.
Eaton, Preble County, Ohio.-Bohds Prs;posed.-Steps are
being taken to issue $7,000 bonds for the purpose of increasing the water supply.
Effingham, Effingham County, Ill.-Bond Sale.-On
Sept.6 the $10,000 5% city-hall-construction bonds described
742
THE CHRONICLE
in V. 91, p. 602, were sold to the Harris Trust & Savings
Bank of Chicago at 101.78 and interest-a basis of about
4.716%. A bid of 100.77 and accrued interest was also
received from E. H. Rollins & Sons of Chicago. Maturity
$1,500 yearly on July 1 from 1915 to 1918 inclusive and
$2,000 on July 1 in each of the years 1919 and 1920.
Elberton, Elbert County, Ga.-Bonds Voted.-The election
held Sept. 5 resulted in favor of the issuance of the $25,000
5% street-improvement bonds mentioned in V. 91, p. 540.
The vote was 317 "for" to 4 "against."
[VoL. Lxxxxi.
Georgia.-Temporary Loan.-In order to meet warrants
issued to various State institutions, the Governor has arranged to borrow $100,000. It is said that the money will
be borrowed in sums of $25,000 each from the Fourth National Bank, the Atlanta National Bank, the American
National Bank of Atlanta and the American National Bank
of Macon.
Glasscock County Common School District No. 2, Tex.Bonds Registered.-Bonds amounting to $1,400 were registered on Aug. 24 by the State Comptroller. The securities
Denomination $1,000. Interest Jan. 1 and July 1 at the office of the carry 5% interest and mature in 20 years, but are subject
Clerk and Treasurer or at the office of the United States Mortgage & Trust to call after 10 years.
Co. In New York City. Maturity $5,000 on Jan. 1 in each of the years
1933, 1935 and 1937 and $10,000 Jan. 1 1940. W.F. Jones Is City Clerk.
Gilbert, Saint Louis County, Minn.-Bonds Authorized.Eldora, Hardin County, Iowa.-No Bond Election.-The According to reports, at a mass-meeting held recently it was
election held Sept. 12 was not for the purpose of voting on a decided to issue $35,000 bonds for a sewerage-system and to
proposition to issue light and power bonds, as reported in complete the local water-works-system.
Grand Forks, Grand Forks County, No. Dak.-Bond Elecsome of the papers. We are advised that the vote was on
tion.-A resolution was passed Aug. 19 providing that an
the question of granting a franchise to a private company.
election be held Sept. 15 to vote on the question of issuing
Elkton, Brookings County, So. Dak.-Bond Offering.- $40,000 5% city-hall-erection
bonds. Date June 1 1911.
Proposals will be received until 8 p. m. Sept. 19 by Fred. W. Interest semi-annual.
Cuckow, City Auditor, for $9,000 5% gas-plant bonds.
Grand Rapids, Mich.-Bond Election.-An election will be
Denomination $1,000. Date Sept. 15 1910. Interest semi-annually
at the City Treasurer's office. Maturity Sept. 15 1930. Certified check held Nov. 8 (date changed from Sept. 6) to vote on the
on a national bank for 10% of bonds bid for is required. Purchaser to question of issuing
$200,000 4% 20-year park and playfurnish lithograph blank bonds. Bonds must be taken up and paid for
ground bonds.
within 15 days after bid has been accepted.
Ellisville, Jones County, Miss.-No Action Yet Taken.- . Grand Valley Irrigation District (P. 0. Grand Valley),
Up to Aug. 19 nothing had yet been done regarding the Garfield County, Colo.-Bond Sale.-The Willcox Canal Co.
holding of an election to vote on the question of issuing the of Grand Valley, offering par and accrued interest, was the
successful bidder on Sept. 8 for the $50,000 6% gold coupon
sewer bonds mentioned in V. 91, p. 167.
funding bonds described in V. 91, p. 602. Maturity part
El Paso County Common School District, Tex.-Bonds yearly from 1920
to 1930.
Registered.-We are informed that bonds aggregating $6,800
Granite City School District (P. 0. Granite City), Madison
were registered by the State Comptroller on Aug. 19. They
carry 5% interest and mature in 40 years, but are subject to County, Ill.-Description of Bonds.-The $14,000 5% schooladdition bonds disposed of during June to A. G. Edwards
call after 20 years.
& Sons of St. Louis (V. 91, p. 52) are in denominations of
Enterprise School District, Merced County, Cal.-Bond $1,000
each
July
Offering.-Proposals will be received until 10 a. m. Sept. 20, at the Graniteand are dated Bank1 1910. Interest annually
of Granite City. Maturity
National
it is stated, by the County Supervisors (P. 0. Merced), $1,000 yearly City
on July 1 from 1912 to 1919 inclusive an
for $15,000 5% bonds. Denomination $1,000.
$2,000 yearly on July 1 from 1920 to 1922 inclusive.
Essex County (P. 0. Newark), N. J.-Bonds Not Sold.Grayson County Common School District, Texas.-Bonds
No bids were received on Aug. 31 for the $200,000 4% 40-year Registered.-The State Comptroller
on Aug. 29 registered
gold coupon hospital bonds described in V. 91, p. 477.
$3,000 5% 3-5-year (optional) bonds.
Euclid, Cuyahoga County, Ohio.-Bond Sale.-Following
Greene County (P. 0. Leakesville), Miss.-Bonds Authoris a list of the bidders and the premiums offered by the same ized.-We see it
that the Board of County Supervisors
for the $8,383 432% coupon Lawnview Ave. improvement has authorized stated
the issuance of $30,000 court-house and
assessment bonds described in V. 91, p. 540:
$10,000 jail bonds.
First Nat. Bank, Cleveland.. $130 25 Seasongood & Mayer, Cin__ _$101 00
Stacy & Braun. Toledo
Greene Independent School District (P. 0. Greene),
118 20 Hayden, Miller & Co., Cleve_ 35 00
Tillotson &WolcottCo.,Cleve_ 103 11 Otis & Hough, Cleveland_ _ _ - 73 00 Butler County, Iowa.-Bond Sale.-An issue of $7,500 5%
The bonds mature $383 on Oct. 1 1912 and $1,000 yearly on Oct. 1 from
school-building bonds was disposed of on July 20 to John
1913 to 1920 inclusive, and are described in V. 91, p. 540.
Evansville, Rock County, Wis.-Bond Sale.-Arrange- Nuveen & Co. of Chicago at par and accrued interest. De"lents have been made with local investors for the sale of the nomination $500. Date July 15 1910. Interest May 1 and
$8,000 5% 20-year sewer bonds voted (V. 91, p. 289) on Nov. 1. Maturity $500 each six months from May 1 1912
to May 1 1919 inclusive.
July 19.
Groesbeck Independent School District (P. 0. Groesbeck),
Falls Obunty (P. 0. Marlin), Tex.-Bond Election.-According to reports, the Commissioners' Court has ordered an Limestone County, Tex.-Bonds Registered.-On Aug. 17
election to allow the voters to determine whether or not $5,000 5% 5-40-year (optional) bonds were registered by the
State Comptroller.
$18,000 bridge bonds shall be issued.
Grove City, Mercer County, Pa.-Bond Election.-An elecFlathead County High • School District, Mont.-Bond
Election.-The Board of Trustees has decided to call an elec- tion will be held in November to vote on the question of
tion, according to reports, to vote on the question of issuing issuing $30,000 funding bonds.
$50,000 school bonds.
Hamilton, Butler County, Ohio.-Bids.-The following
Flint, Genesee County, Mich.-Bond Sale.-This city proposals were received on Sept. 6 for the $11,886 50 4Y%
on Aug. 29 sold $76,000 5% improvement bonds to H. W. 1-10-year (serial) South Fifth Street improvement assessment
Noble & Co. of Detroit at par and accrued interest. Interest bonds described in V. 91, p. 4r6:
annual.
Seasongood do Mayer, Davies do Bertram Co. and Breed & Harrison
PTemlum.
all of Cincinnati
$120 CI
Florence School District No. 5 (P. 0. Florence), Douglas
Stacy & Braun, Toledo
105 55
County, Neb.-Bond Sale.-Local papers state that the Nye First National Bank. Cleveland
92 75
Turner Co. of Omaha recently purchased $8,000 bonds.
The only bid received on Sept. 6 for the six issues of 4%
Forreston Independent School District (P. 0. Forreston), coupon bonds, aggregating $265,950, also offered on that day
Ellis County, Tex.-Bonds Registered.-On Sept. 7 an issue (V. 91, p. 416), was one of par and accrued interest, less a
of $11,000 5% 10-40-year (optional) bonds was registered commission of $3,250, submitted jointly by Seasongood
ley the State Comptroller.
Mayer, the Davies & Bertram Co. and Breed & Harrison, all
Fort Sumner School District (P. 0. Santa Fe), N. Mex.- of Cincinnati. Reports state that on Sept. 7 a bid of par and
No Bond Election.-We are advised that the reports stating interest, less $2,800 for attorneys' fees, was submitted by
an election would be held Aug. 22 to vote on the question the Miami Valley National Bank of Hamilton.
of issuing $3,500 bonds (V. 91, p. 478) are erroneous, as the
We have not yet been advised as to what action was
"Board of Education has had no thought of issuing any taken on the above bids.
school bonds."
Hammond, Lake County, Ind.-Bonds Authorized.-ReFort Worth, Tex.-Bond Offering.-This city is offering at ports state that the City Council has authorized the issuance
private sale the $100,000 432% 20-40-year (optional) school- of $80,000 bonds to purchase a park and a new pumping
building bonds registered by the State Comptroller (V. 91, plant.
p. 290) on July 18. Denomination $1,000. Date April 13
Hammond,Tangipahoa Parish, La.-No Action Yet Taken.
1910. Interest semi-annual.
-No definite action has yet been taken on the petition that
Freeport School District (P. 0. Freeport), Stephenson was presented to the Town Council on July 5 asking for an
County, Ill.-Bonds Voted.-An election held Sept. 6 re- election to vote on the proposition to issue bonds to build a
sulted in favor of a proposition to issue $50,000 4% building modern school, a sewer system and to refund the outstanding
bonds. The vote was 1,007 "for" to 75 "against.
Matur- water-works bonds. See V. 91, p. 290.
ity $10,000 yearly beginning in 1920.
Harden County Common School District, Tex.-Bonds
Galveston County (P. 0. Galveston), Tex.-Bonds Regis- Registered.-The State Comptroller registered $2,500 5%
tered.-Seawall-improvement 5% 20-40-year (optional) bonds 10-20-year (optional) bonds of this district on Sept. 6.
amounting to $100,000'were registered on Aug. 17 by the
Hardin County Road District No. 1, Texas.-Bonds RegisState Comptroller.
tered.-An issue of $35,000 5% 10-30-year (optional) bonds
Galveston County Common School District, Tex.-Ronds was registered by the State Comptroller on Aug. 29.
Registered.-An issue of $9,000 5% 10-40-year (optional)
Hardy, Nuckolls County, Neb.-Bond Sale.-A South
bonds was registered by the State Comptroller on Sept. 6.
Bend, Ind., company purchased at par and accrued interest
SEPT. 17 1910.j
THE CHRONICLE
743
the $15,000 5% 5-20-year (optional) registered water-works 000 4% 5-40-year (optional) coupon
electric-light bonds
bonds offered on Aug. 12 and described in V. 91, P. 416.
awarded on Sept. 1 to the Citizens' Savings & Trust Co. of
Harlingen, Cameron County, Tex.-Bonds Not Sold.-No Jackson (V. 91, p. 602) was 100.10 and not 101.001 as at
award was made on Aug. 20 of the $20,000 water-works- first reported. The following bids were received:
construction and the $10,000 street-improvement 5% 20- Citizens' S.B.&Tr.Co.,Jack__$13,0131Seasongood do Mayer, Chi_ __$12,725
40-year (optional) coupon bonds described in V. 91, p. 290. Commercial Bank, Jackson__ 13,0001
Jamestown School District (P. 0. Jamestown), ChauWe are advised that the Commission has decided to apply to
the Attorney-General for authority to offer these bonds at tauqua County, N. Y.-Bond Election.-A proposition to
private sale. Our informant further states that if no delays issue $25,000 school-building-completion and addition bonds
will be submitted to a vote of the people on Sept. 27.
are met with they will be ready for sale about Oct. 1.
Jefferson County Common School District, Tex.-Bonds
Harlowton, Meagher County, Mont.-Bond Sale.-On
Sept. 6 the $15,000 10-20-year (optional) coupon water- Registered.-Bonds amounting to $12,000 were registered on
works bonds dated Oct. 1 1910 and described in V. 91, Aug. 16 by the State Comptroller. They carry 5% interest
p. 478, were sold to C. H. Coffin of Chicago for $15,038 and mature in 20 years, but are subject to call after 10 years.
Jellico, Campbell County, Tenn.-Bonds Voted.-An elec(100.253) and accrued interest for 6s.. A bid of $14,800 was
tion held Sept. 8 resulted in favor of the proposition to issue
also received from Duke M. Farson of Chicago.
Harrison County (P. O. Gulfport), Miss.-Bonds Author- the $90,000 6% 20-30-year (optional) water-works and
ized.-It is stated that the Board of County Supervisors has sewerage-system bonds mentioned in V. 91, p. 417. The
authorized the issuance of the $50,000 5% Road District vote was 82 "for" to 30 "against."
Johnson City, Washington County, Tenn.-Bonds Not
No. 2 bonds mentioned in V. 91, p. 108. Denomination
Yet Sold.-The two issues of 5% coupon normal schOol
$500. Date Jan. 1 1911. Interest annual.
Harris County Common School District No. 31, Tex.- bonds, aggregating $150,000, offered without success on
Description of Bonds.-The $6,000 5% bonds registered by. July 9 (V. 91, p. 230) are still unsold, according to a letter
the State Comptroller on June 17 (V. 90, p. 1694) are in de- received by us on Sept. 6.
Kalamazoo, Mich.-No Bond Election.-The City Auditor
nomination of $150 each. Date May 18 1910. Interest
annually on April 10. Maturity May 18 1950, subject to Informs us that there is no truth in the reports that a proposition to issue improvement bonds would be voted upon on
call after May 18 1930.
Haverstraw Union Free School District No. 3, Rockland Sept. 6. He adds, however, that "there is a possibility of
County, N. Y.-Description of Bonds.-We are advised that something being submitted at the regular election in Novemthe $4,500 building bonds disposed of on Aug. 31 to G. M. ber."
Carnochan of New City, on a basis of 4.49% (V. 91, p.
Kansas.-Bonds Purchased by State during August.-The
666), are in denominations of $500 each and mature one following bonds, aggregating $88,900, were purchased during
August by the State of Kansas at par:
bond yearly for 9 years. Interest semi-annual.
Cowley County School District No. 42-$1,100 5% schsol-bause bonds.
Heard County (P. 0. Franklin), Ga.-Bonds Defeated.- datedJuly
1 1910 and due part yearly on July 1 from 1911 to 1916 inclusive.
An election held Aug. 23 resulted in a vote of 210 "for" to
Harper County School District No. 18-$800 5;4% school-house bonds
dated Aug. 22 1910 and due part yearly on Jan. 1 from 1911 to 1914 in570 "against" propositions to issue $40,000 road and $10,000 clusive.
bridge 5% bonds.
Humboldt, Board of Education-$18,000 5% school-house bonds dated
1 1910 and due part yearly on July 1 from 1912 to 1920 inclusive.
Hecla, Brown County, So. Dak.-Bonds Voted.-An elec- July
Kiowa (City)-$15,000 5% water and light bonds dated July 1 1910 and
tion held Aug. 29 resulted in favor of a proposition to issue due July 1 1930.
Oakley (City)-$40,000 5% water and light bonds dated May 1 1910 and
$8,500 water-main bonds at not exceeding 6% interest. due
May 1 1935.
The vote was 53 "for" to 31 "against."
Rice County Union School District No. 3-$14,000 5% sshool-house
bonds dated July 1 1910 and due part yearly on Jan. 1 from 1911 to 1924
Hemphill County Common School District, Texas.-Bonds inclusive.
The above bonds are subject to call at any time.
Registered.-On Aug. 30 the State Comptroller registered
Kansas City School District (P. 0. Kansas City), Jack$12,000 5% 40-year bonds.
Highland Park, Wayne County, Mich.-Bonds Voted.- son County, Mo.-Bonds Not Yet Sold.-The $750,000 4%
The election held Sept. 1 (V. 91, p. 541) resulted in a vote of 20-year gold coupon school-building bonds voted (V. 91, p.
36 "for" to 4 "against" the proposition to issue the $31,000 230) on May 28 are now in the hands of the Treasurer of the
School Board for sale. It is not expected, however, that the
3% water bonds.
issue will be advertised.
Hopkinsville, Christian County, Ky.-Bond Sale.-On
Karnes County (P. 0. Karnes City), Tex.-Boni. RegisSept. 10 the $15,000 5% coupon high-school bonds described
in V. 91, p. 666, were sold to the First National Bank and the tered.-The State Comptroller on Sept. 6 registered $6,000
City Bank & Trust Co., both of Hopkinsville, at par. Pur- 4% 10-20-year (optional) refunding bonds.
Kearney, Buffalo County, Neb.-Bonds Not Yet Sold.chasers to pay accrued interest and the cost of engraving the
bonds.
Up to Sept. 10 no award had yet been made of the $125,000
Hopkinton, Middlesex County, Mass.-Temporary Loan. 43/2% 5-20-year (optional) water-works bonds offered without
-On Sept. 12 this town borrowed $10,000 from 0. H. Ray of success (V. 91, p. 291) on July 22.
Ashland at 4.65% discount. The loan is due March 15 1911.
Kiowa, Pittsburg County, Okla.-Bond Offering.-AddiHouston Heights, Harris County, Tex.-Bond Election tional details are at hand relative to the offering of the
Proposed.-A petition has been presented to the Mayor and $18,000 6% coupon water and light system repair and exCity Council requesting that an election be called to vote on tension bonds mentioned in V. 91, p. 602. These securities
are being offered at private sale by Geo. E. Pinkston,
the question of issuing $25,000 fire-station-building bonds.
Howard County(P.0.Big Spring),Tex.-Bond Election.- Town Clerk.
Denomination $1,000. Date Aug. 1 1910. Interest semi-annually at
Papers state that the Commissioners' Court has ordered an place
designated by the purchaser. Maturity July 31 1935. Bonded
election to be held Sept. 26 to vote on the question of issu- debt, Including this Issue, $49,000. Assessed
valuation, $366.000.
ing $100,000 good-road bonds.
Kingsbury, Fresno County, Cal.-Bond Election.-It is
Huntington Park, Los Angeles County, Cal.-Bonds De- stated that an election will be held Sept. 22 to vote on a
feated.-We see it stated that a proposition to issue $60,000 proposition to issue $26,000 municipal water-works-systera
bonds.
bonds was defeated at an election held Aug. 27.
Konawa, Seminole County, Okla.-Bonds Not !.id.-Up
Huron School District (P. 0. Huron), Beadle County,
So. Dak.-Purchaser of Bonds.-The State of South Dakota to Sept. 12 no award had yet been made of the $7,000 citywas the purchaser of the $20,000 building bonds recently hall and $3,000 funding 6% 10-year coupon bond. offered
disposed of. See V. 91, p. 541. The price paid was par on Aug. 27 and described in V. 91, p. 478. We are advised,
for 5s. Denomination $1,000. Interest Jan. and July. however, that negotiations are now being carried on for
their sale.
Maturity five years.
La Crosse, Wis.-Bond Election Proposed.-This eity proHyden Graded School District (P. 0. Hyden), Leslie
County, Ky.-Bond Offering.-Proposals will be received poses to hold an election to vote on the question of issuing
until Oct. 1 by H. M. Brock, Secretary of Board of Educa- $50,000 light bonds. Up to Aug. 23, however, no date
had yet been determined upon.
tion, for $3,500 6% coupon building bonds.
Authority Section 4481, Kentucky Statutes. Denomination $500.
Lakewood, Cuyahoga County, Ohio.-Bond Offering.Date Oct. 1 1910. Interest annually in Hyden. Maturity
Oct. 1 1930, Proposals
subject to call after 10 years. Bonds are exempt from all taxes. Certified
will be received until 12 in. Sept. 19 by B. M. Cook,
check for $200, payable to the Secretary, Is required. No debt at present. Village Clerk,
for the following 5% paving assessment bonds:
Assessed valuation $177,727.
Northland Ave. Improvement bonds. Denomination $1,586.
/redell Independent School District (P.0.Iredell), Bosque• $15,860
3,716 Franklin Ave. Improvement bonds. Denomination $371 60.
Date "day of sale." Interest seml-annually at the Cleveland Trust Co.
County, Tex.-Bond Offering.-This district is offering for
In Cleveland. Maturity one bond of each issue yearly on Oct. 1 from 1911
sale the $7,000 5% 10-40-year (optional) bonds registered by to
1920 inclusive. Certified check for 5% of bid is required.
the State Comptroller (V. 91, p. 290) on July 14. DeLauderdale County (P. 0. Meridian), Miss.-Bond Sale.nomination $500. Date April 1 1910. Interest annual.
On Sept. 6 the $50,000 5% Road District No. 1 bonds
Jacksboro Independent School District (P. 0. Jacksboro), described in V. 91, p. 602, were awarded to S. A. Kean tig
Jack County, Tex.-Bonds Awarded in Part.-Of the $30,000 Co. of Chicago at 100.10. Maturity from 1922 to 1925
5% 10-40-year (optional) building bonds voted on March 12 inclusive.
(V. 90, p. 798), $15,000 have been purchased by the State
Lehi School District (P. 0. Lehi), Utah County, Utah.Permanent School Fund at par and accrued interest.
Bond Sale.-The $30,000 school-building bonds voted oa
sale of the first $10,000 on June 4 was mentioned in V.The
p• 1627. Tile other $5,000 were purchased on Sept. 1.90, July 20 (V. 91, p. 291) have been sold.
Leola Drainage District, Adams County, Wis.-Bond Salo.
Jackson, Jackson County, Ohio.-Price Paid for Bonds.The Village Clerk informs us that the price paid for the $13,- -This district has sold $25,000 6% 5-14-year (serial) bonds
to Farson, Son & Co. of Chicago.
744
THE CHRONICLE
[VOL. Lxxxxi.
Manistee, Manistee County, Mich.-Bond Offering.-Proposals will be received until 7 p. m. Sept. 20 by J. Roch
Leon, Decatur County, Iowa.-Bond Sale.-Geo. M. Magnan, City Clerk, for $10,000 434% coupon refunding
Bechtel & Co. of Davenport, offering par and accrued interest, water-works bonds.
Authority, Section 25, Chapter 26, City Charter. Denomination $500.
were the successful bidders on Sept. 6 for the $5,000 6%
Date Oct. 1 1910. Interest semi-annually at the Treasurer's office. Masewer bonds due in "10 years at option of the city" and the turity
Oct. 1 1914. Certified check for $300 is required. Bonds are tax"previous issues of bonds have never
10-20-year (optional) water-works bonds empt. Official cirtular states thatand
$10,000 4
interest of all bonds have always
been contested and the principal
p.
541.
V.
91,
described in
been promptly paid at maturity: also that no litigation or reontroversy is
or boundaries of this municiexistence
corporate
the
-The
affecting
threatened
Liberty, Liberty County, Tex.-Bonds Registered.
pality; nor has the title of the present officials to their respective offices
State Comptroller registered $10,000 5% school-house bonds or the validity of these bonds been questioned."
•on Aug. 18: Maturity 40 years, subject to call after 5 years.
Marshall, Harrison County, Tex.-Bonds Not Yet Sold.Limestone County Common School District No. 11,Tex.- Up to Sept. 6 no award had yet been made of the $50,000
Bonds Registered.-On Aug. 22 the State Comptroller regis- 5% 10-40-year (optional) high-school bonds, bids for which
tered $3,000 5% bonds due in 20 years.
were rejected (V. 91, p. 230) on July 12.
Martinez, Contra Costa County, Cal.-Bonds Proposed.Lindale Independent School District (P. 0. Lindale)
Smith County, Tex.-Bonds Registered.-On Aug. 19 The City Trustees, according to reports, are considering the
$12,000 5% 10-20-year (optional) bonds were registered by issuance of $100,000 bonds for an adequate fire-protection
the State Comptroller.
system, the acquisition of property and the construction of
state
that
-Reports
Defeated.
bridges.
-Bonds
Cal.
Long Beach,
Marysville (City and Township), Marshall County, Kan.propositions to issue bonds aggregating $75,000 were defeated at an election held recently.
Bond Election.-An election will be held Sept. 20 to vote on
across the
Lorain, Lorain County, Ohio.-Bond Sale.-The following the question of issuing bonds to build a bridge city, it is
award was made on Sept. 3 of the two issues of 432% coupon Big Blue River at the foot of Broadway. The
stated, will vote upon the issuance of $5,000 bonds for the
bonds described in V. 91, p. 603:
township will vote on $3,000 bonds to pay
$57,000 sewer-construction bonds awarded to Otis & Hough of Cleveland bridge, while the
for $57,487 50-the price thus being 100.855. Maturity part each its portion.
15
1921
inclusive.
Sept.
to
1912
15
six months from March
Co. of
Massillon School District (P. 0. Massillon), Ohio.-Bond
16,000 street-Improvement bonds sold to the Tillotson & Wolcott
Cleveland for $16,128 75--the price thus being 100.804. Maturity Sale.-The Merchants' National Bank of Massillon pur15
1918
to
15
1911
Sept.
March
from
$1,000 each six months
par.
inclusive and $1,000 on Sept. 15 in each of the years 1919 and 1920. chased $10,000 4% school bonds on Sept. 2 at
Date Aug. 1 1910. Interest semi-annually at
Denomination $500
the office of F'arson, Son & Co. of New York City.
Purchasers to pay accrued interest.
Lorena Independent School District (P. 0. Lorena), McLennan County, Tex.-Bonds Registered.-The State Comptroller registered $5,000 5% 20-year bonds on Aug. 8.
Louisville Ky.-Bonds Awarded in Part.-We are advised,
under date of Sept. 9, that "more than half" of the $500,000
4% gold coupon Louisville Water Co. mortgage bonds offered
without success on July 25(V.91, p. 291), have been disposed
of at par and accrued interest. Our informant further states
that it is expected that the remainder of the issue will be sold
within the next few days.
Lucas County (P. 0. Toledo), Ohio.-Bond Offering.Proposals will be received until 10 a. m. Sept. 20 by Chas. J.
Sanzenbacher, County Auditor, for $18,151 66 4% State and
county road-improvement fund bonds.
one
Authority Section 1223, General Code. Denomination $500,yexcept
semi-annuall at the ofbond for $151 66. Date Sept. 30 1910. Interest 66
$2,000
and
in
1912
$2,151
Maturity
Treasurer.
County
fice of the
(or
yearly from 1913 to 1920 inclusive. Certified check on a Toledo Bank
cash) for $500 is required. Bonds will be delivered Sept. 30 1910.
Sept. 1.
Denomination $500. Date Sept. 2 1910. Idterest Mch. 1 and
Maturity $500 each six months from Sept. 1 1911 to March 1 19211nelusive.
Mebane, Alamance County, No. Car.-Bonds Not Sold.We are advised that the $15,000 6% coupon road-improvement bonds offered on May 16 and described in V. 90, p.
1316, have not yet been sold. Bids for these bonds will be
received at any time. J. T. Shaw is Mayor.
Medina School District (P. 0. Medina), Medina County,
Ohio.-Bonds Voted.-According to reports,an election held
recently resulted in a vote of 212 "for" to 74 "against" a
proposition to issue $35,000 school-building bonds.
Meridian, Lauderdale County, Miss.-Bonds Authorized.Ordinances were passed recently providing for the issuance
of $15,000 park-improvement, $10,000 sidewalk-extension
and $75,000 city-hall-construction, furnishing and equipment coupon bonds. These bonds are part of the $275,000
bonds voted July 5 and 6 (V. 91, p. 230).
Denomination $1,000.
annually
Interest (not to exceed 6%) payable
Bank in New York City. Ma-
or semi-annually at the Seaboard National
Bond Sale.-On Sept. 12 the $40,000 432% 1,-10-year turity not later than 30 years from date. Bonds are exempt from taxation.
p.
91,
V.
in
described
bonds
is-hospital
(serial) tuberculos
Middletown, Middlesex County, Conn.-Bond Sale.-The
667, were sold to the First National Bank of Cleveland at Town Treasurer advises us that the $244,000 4% 20-year
101.767-a basis of about 4.138%. A list of the bidders coupon refunding railroad bonds offered on July 26 (V. 91,
follows:
p. 292) were sold as follows: $189,000 to E. H. Rollins & Sons
0,642 00
First Nat. Bank, Cleve_ _$40,707 00 Otis & Hough, Cleveland_$4
of
Boston and $55,000 to Wm. H. Burrows of Middletown.
80
40,622
Safe
Dep.86Tr.Co.
Breed & Harrison, Cine_ _•40,748 00 Citizens'
accrued interest.
Davies&Bertram Co.,Cine. 40,706 00 Tillotson & Wolcott Co., 40,612 50 The price paid was par and
Cleveland
_ 40,684 75
Stacy & Braun,
(P. 0. Middletown), Dauphin
District
00
n
School
40,605
Middletow
Cinc
Co.,
46
Well, Roth
Bank 40
Dayton SavingsToledo_40,682 50 Field, Longstreth de Co.,
County, Pa.-Bond Offering.-Proposals will be received
Trust Co., Dayton
00
40,602
Cincinnati
75
C. B. Denison &Co.,Cleve. 40,680
until 6 p. In. Sept. 19 by J. 0.Covan,Secretary School Board,
Provident Savings Bank
Fifth-Third Nat. Bank,
40,580 00 for $50,000 4% coupon school-building bonds.
& Trust Co., Cin
40,672 00
Cincinnati
40,500 95
Seasongood& Mayer,Cine_ 40,644 00 Hayden, Miller&Co.,Clev_
• Bid said to be irregular.
Lynn, Mass.-Temporary Loan.-A loan of $200,000, due
April 3 1911, has been negotiated with Loring, Tolman &
Tupper of Boston at 4.34% discount.
McLean Independent School District(P.0. McLean), Gray
County, Tex.-Bonds Awarded in Part.-On Sept.. 1 the
State purchased at par and interest $5,000 of the $25,000 5%
40-year bonds offered but not sold on June 3 (V. 91, p. 53).
This makes $15,000 sold to the State to date, $10,000 having
been purchased on Aug. 1, as stated in V. 91, p. 417.
Madera School District, Madera County, 0a1,-Bond
Offering.-Further details are at hand relative to the offering
on Sept. 19 of the $75,000 5% bonds mentioned in V. 91,
p. 667. Proposals for these securities will be received until
10 a. m.on that day by W. R. Curtin (P.0. Madera), County
Clerk and Clerk of the Board of County Supervisors.
1 1910. Interest semiDenomination to suit purchaser. Date Oct.Maturity
$12,500 in each
annually at the Farmers' Bank, Middletown.
are exempt from Stato
of the years 1925, 1930, 1935 and 1940. Bonds
the Treasurer,
to
payable
for,
id
amount
of
2%
for
tax. Certified check
is required. Bonds will be ready for delivery on or about Nov. 1 1910.
Milford, Seward County, Neb.-Bonds Not Yet Sold.-We
are advised under date of Aug. 15 that no sale has yet been
made of the $18,500 5% 5-20-year (optional) gold coupon
water and electric-light-system bonds offered without success (V. 91, p. 109) on June 1. Proposals at par will be received at any time.
Milwaukee, Wis.-Bond Election Proposed.--A resolution
Providing that a proposition to issue $550,000 municipal
electric-light-plant bonds, to be voted upon Nov. 8, has been
referred to the Finance Committee.
Modesto, Cal.-Bond Election.-We see it stated that an
ordinance has been passed providing for a $100,000 improvement bond election.
Denominati )ns $1,000, $1,500, $2,000 and $3,000. Interest semi-annual.
11
Monmouth, Warren County, Ill.-Description of Bonds.Maturity $1,000 yearly from 1 to 10 years Inclusive, $1,500 yearly from
to 20 years Inclusive, $2,000 yearly from 21 to 30 years Inclusive and $3,000
City Clerk informs us that the amount of 5% refunding
The
is
bid
of
check
10%
Certified
for
Inclusive.
yearly from 31 to 40 years
bonds recently disposed of (V. 91, p. 603) was $25,627 50.
required.
purchased by John Nuveen & Co. of
Mandan, M)rton County, No. Dak.-Bonds Voted.-Ac- The securities were
cording to reports, an election held Aug. 30 resulted in favor Chicago at par.
50. Date Sept. 1 1910.
Denomination $500, except one bond of1 $627
of the issuance of $70,000 water-works bonds. The vote Interest
semi-annual. Maturity on Sept. as follows: $1,127 50 in 1912.
and
in 1930.
$7,500
inclusive
1929
to
1913
was 77 "for" to 30 "against."
from
$1,000 yearly
Memphis, Tenn.-Bond Offering.-Proposals will be reMontevideo School District No. 1 (P. 0. Montevideo),
-Bonds Defeated.-The election
ceived until 2:30 p. m. Oct. 11 by Ennis M. Douglass, City Chippewa County, Minn.
in the defeat, by a vote of 161 "for" to
resulted
3
held
Sept.
bonds:
nt
street-improveme
Clerk, for the following coupon
177 "against," of the proposition to issue the $50,000 4%
$275,000 4J.% bonds mentioned in V. 91, p. 109. Maturity Aug. 11 1945.
Aug. 1945. school-building bonds mentioned in V. 91, p. 603.
300,000 3i% bonds mentioned in V. 91, p. 109.onMaturity
Aug. 1 from 1911 to
435,000 6% bonds. Maturity $87,000 yearly
Morrison, Whiteside County, Ill.-Bonds Voted.-The
19i5 inclusive.
proposition to
The above bonds are dated Aug. 1 1910. Interest semi-annually in election held Sept. 12 resulted in favor of the
Memphis or New York City, at the option of the holder. Bids must be issue the $9,000 5% coupon paving bonds mentioned in
a
certified
by
be
accompanied
made for the entire amount of each issue and
check on some Memphis bank for $5,000, made payable to the "City of V. 91, p. 667. The vote was 305 to 186.
Memphis." The legality of the bonds has been approved by Dillon,
Thomson & Clay of New York City, a copy of whose opinion will be furni3hed to the successful bidder.
at the City
Denomination $500. Date Oct. 1 1910. Interest annually
$2,000 yearly on
Treasurer's office. Maturity $1,000 April 1 1915 and
April 1 from 1916 to 1919 inclusive.
,The official notices of these bond offerings will befouna among
Motley County Common School District No. 6, Tex.Bonds Awarded in Part.-This district on Sept. 1 sold $5,000
he advertisements elsewhere in this Department.
SEPT. 17 1910.1
THE CHRONICLE
of the $20,000 5% 5-40-year (optional) bonds registered by
the State Comptroller on June 8(V. 90, p. 1696) to the State
School Fund at par and interest. As already reported (V.91,
p. 418), the State bought $10,000 of these securities on Aug. 1,
making its total purchases to date $15,000.
Mt. Airy (P. 0. Cincinnati), Ohio.-Bond Election.-An
election will be held Oct. 1 to vote on the question of issuing
$12,500 4% water-system-construction bonds.
Mt. Carroll, Carroll County, Ill.-Bond Election.-A proposition to issue $7,000 city-hall bonds will be submitted to
a vote of the people on Sept. 19.
Mt. Sterling, Madison County, Ohio.-Bond Sale.-The
$4,000 4% curb and gutter bonds offered on Aug. 29 and
described in V. 91, p. 479, have been sold to the First
National Bank of Mt. Sterling at par. Maturity $250 each
six months from March 1 1916 to Sept. 1 1923 inclusive.
Mt. Vernon, Knox County, Ohio.-Bond Sale.-On Sept. 6
the $2,500 432% 1-5-year (serial) East High Street improvement (city's portion) bonds described in V. 91, p. 603, were
sold to the Knox County Savings Bank of Mt. Vernon at
100.28. A list of the bidders follows:
745
Bond Sale.-The three issues of 432% bonds described in
V. 91, p. 480, were disposed of on Aug. 26 to the First National Bank of Cleveland as follows:
$8.632 80 water-main-construction assessment bonds awarded for $8,736 55
-the price thus being 101.201. Maturity two bonds yearly on
July 1 from 1912 to 1920 inclusive.
Stacy & Braun, Toledo_ ..$2,503 75
Knox County Say. Bank,
$2,507 00)Davies & Bertram Co., Cin_ 2,502 00
Mt. Vernon
Rrst Nat. Bank, Cleveland 2,504 10 Seasongood & Mayer, Cin__ 2,501 75
Muskegon, Mich.-Bid Rejected.-Reports state that the
only bid received on Aug. 29 for $75,000 electric-light bonds
offered on that day was one of $75,050 for 4s, less $2,550 for
expenses, submitted by H. W. Noble & Co. of Detroit. It is
said that this offer was rejected.
Muskogee, Okla.-Bonds Approved.-Reports state that
the $50,000 5% 25-year park bonds voted on April 5 (V. 91,
p. 231) have been approved by the State Attorney-General.
Nanticoke School District (P. 0. Nanticoke), Luzerne
County, Pa.-Bond Offering.-There will be offered at public
sale at 7:30 p. m. Sept. 21 $55,000 5% school bonds.
Denominations: 50 bonds of $500 each and 30 bonds of $1,000 each.
Interest semi-annual. Maturity 30 years, subject to call after 15 years.
Newark, N. J.-Bonds Authorized.-Local papers state
that on Aug. 31 the Finance Committee of the Common
Council authorized the issuance of $100,000 bonds to purchase additional lands for the conservation of the purity
of the water supply and $100,000 to buy additional lands in
the meadows in connection with the ship canal and reclamation scheme.
New Britain, Conn.-Bond Sale.-The following bonds
were recently sold:
6,581 63 water-main-construction (village's portion) bonds awarded for
$7,087 88-the price thus being 101.521. Maturity two bonds
yearly on July 1 from 1914 to 1920 inclusive.
4,143 40 Sackett Street sanitary-sewer-construction assessment bonds
awarded for $4.201 65-the price thus being 101.405. Maturity
"41
two bonds yearly on July 1 from 1913 to 1921 inclusive.
Nueces County Common School Districts, Tex.-Bonds
Not Yet Issued.-No sale has yet been made of the $10,000
bonds of District No. 25 and the $6,000 bonds of District
No. 28, that were registered by the State Comptroller (V. 91,
p. 231) on July 6. The securities carry 5% interest and
mature in 40 years, but are subject to call after 10 years.
Ogden, Utah.-Bonds Voted.-It is stated that an election
held Sept. 6 resulted in favor of the proposition to issue
the $100,000 water-system-improvement bonds mentioned
in V. 91, p. 668. The vote was 430 "for" to 207 "against."
Oktibbeha County (P. 0. Starkville), Miss.-Bonds Authorized.-It is stated'that the Board of Supervisors has
passed an ordinance providing for the issuance of $20,000
bonds for the construction and maintenance of public roads
in District No. 1.
Olean, Cattaraugus County, N. Y.-Bond Election Proposed.-We are informed that a resolution is pending in the
Council providing that propositions to issue $50,000 markethouse and $2,000 band-stand bonds be submitted to a vote
of the people on Nov. 8.
Orange, Orange County, Cal.-Bonds Voted.-The propositions to issue the following 5% gold coupon bonds were
favorably voted upon at the election held Sept. 1 (V. 91,
p. 480):
$16,000 outfall-sewer bonds. Vote 391 to 66. Maturity $1,000 yearly on
Oct. 1 from 1911 to 1926 inclusive.
5,000 Plaza paving bonds. Vote 353 to 98. Maturity $500 yearly on
Oct. 1 from 1911 to 1920 inclusive.
Denomination $500. Date Oct. 1 1910. Interest semi-annually at the
City Treasurer's office.
Oriskany Falls, Oneida County, N. Y.-Bonds Voted.--:Reports state that a proposition to issue $30,000 5-29-year
(serial) water-works bonds at not exceeding 5% interest
carried by a vote of 83 to 28 at an election held Sept. 6.
Orleans, Harlan County, Neb.-Bonds Not Sold.-No sale
was made on Sept. 1 of the $20,000 5-20-year (optional)
water-works-system bonds described in V. 91, p. 293. Proposals for these bonds will be received at any time.
$13,000 sewer bonds awarded to the Sinking Fund at 95.
Ossining, Westchester County, N. Y.-Bond Offering.14,000 subway bonds, dated Oct. 1 1910, awarded to the Savings Bank
Proposals will be received until 8 p. m. Sept. 20 by Richard
of New Britain at 08.50.
sewer-imNew Carlisle, Clark County, Ohio.-Bond Election.-The A. Ward, Village Clerk, for $200,000 registered
question of issuing $20,000 bonds for a water-works system provement bonds at not exceeding 5% interest.
Date Sept. 1 1910. Interest semi-annually at the Village Treasurer's
will be submitted to a vote on Sept. 27, according to reports. office
in New York exchange. Maturity $8,000 yearly on Sept. 1 from
1915 to 1939 inclusive. Certified check on an incorporated bank or trust
New Philadelphia,Tuscarawas County, Ohio.-Bond Offer- company
for $1,000, payable to James W. Sands, Village Treasurer, is reing.-Proposals will be received until 12 m. Oct. 17 by A. D. quired. The bonds will be certified as to genuineness by the Columbia
New York City and their legality will be examined by Hawkins,
4% bonds voted Trust Co. of Longfellow
Schlegel, City Auditor, for the $125,000 41
of New York City, whose opinion will be furnished
Delafield &
on Aug. 2 1910 for the purchase of the plant of the New to
the purchaser. Bids must be made on blank forms furnished by the
village.
Philadelphia Water Co. V. 91, p. 354.
Authority Sections 2835, 2837, Revised Statutes. Denomination $500.
Oxford, Lafayette County, Miss.-Bond Sale.-The $30,Date Oct. 1 1910. Interest semi-annual. Maturity $1,000 Oct. 1 1913,
funding, water and electric-light bon:Is de$1,500 each six months from April 1 1914 to Oct. 1 1915 inclusive, $2,000 000 6% coupon
each six months from April 1 1916 to Oct. 1 1919 Inclusive, $2,500 each scribed in V. 91, p. 480, were sold on Aug. 31 to the Bank
six months from April 1 1920 to Oct. 1 1931 inclusive, and $42,000 April 1 of Oxford for $30,350-the price thus being 101.10. Ma1932. Certified check for 1% of bonds bid for, payable to City Treasurer,
Is required. Purchaser must pay accrued interest. Bonds to be paid for turity $500 yearly on July 1 from 1911 to 1929 inclusive
within 10 days from time of award.
and $20,500 on July 1 1930.
.
Norfolk, Va.-Bond Sale.-The $730,000 bonds (the unsold
Oxford School District (P. 0. Oxford), Butler County,
portion of the three issues of 432% bonds, aggregating Ohio.-Bond Sale.-On Sept. 3 the $20,000 432% 2-21-year
$858,000, mentioned in V. 91, p. 542), have been disposed of. (serial) gold coupon school-building-improvement bonds deLocal investors purchased $24,000 worth while the remaining scribed in V. 91, p. 480, were sold to Weil, Roth & Co. of
$706,000 bonds have been contracted for by N. W. Harris & Cincinnati at 103.03 and interest-a basis of about 4.166%.
Co. of New York City at 96.08 and accrued interest.
The following bids were received:
Norman, Cleveland County, Okla.-Bond Offering.-Pro- Well, Roth & Co., Cifl --$20,606 00 Davies & Bertram Co.,Cin.$20,464 00
R.
Stacy & Braun, Toledo__ 20,575 75 Hayden. Miller & Co.,Cley 20,272 00
A.
20
p.
by
m.
Sept.
7:30
until
posals will be received
Breed ,S3 Harrison, Cin__ _ 20,550 00 Seasongood & Mayer, Cin.. 20,260 00
Clement, City Clerk, for $15,000 5% public-sewer extension First Nat. Bank, Cleve__ 20,516 25
- 3 1910 and are exempt from all taxes. Bonded
The bonds are dated Sept.
bonds.
debt, including this issue, $120,000. No floating debt. Assessed valuaAuthority Section 26 and 27. Article 10, State Constitution. Denomination $500. Date July 1 1910. Interest semi-annually at the fiscal
agency of the State of Oklahoma in New York City. Maturity July 1 1930.
North Charleroi School District (P. 0. Charleroi), Pa.Bond Election Proposed.-Local papers state that an election
will be held to vote on the question of issuing $22,000 schoolbuilding bonds.
North Oohocton and Atlanta Union School District (P. 0.
North Cohocton), Steuben County, N. Y.-Bonds Awarded in
Part.-Of an issue of $9,000 5% school-house bonds, $7,000
has been disposed of to the Farmers' & Merchants' Bank of
Bath at par. Denomination $100. Date Sept. 1 1910. Interest annual. Maturity $1,000 yearly beginning Jan. 1 1912.
North York (P. 0. York), York County, Pa.-Bond Election Proposed.-We see it stated that this borough proposes
to hold an election to vote on the question of issuing $34,000
school-building bonds.
Nottingham, Cuyahoga County, Ohio.-Bond Offering.Proposals will be received until 12 m. Sept. 24 by J. C.
Steinicke, Village Clerk, for $15,000 43/2% water-mainconstruction (village's portion) bonds.
Authority special election May 9 1910. Denomination $500. Date
Sept. 15 1010, Interest Jan. and July. Maturity on July 1 as follows:
$2,000 in 1917, $2,500 ye rly from 1918 to 1921 inclusiv.. and $3,000 in
1022. Certified check for 5% of bonds bid for, payable to the Village
Treasurer Is required. Purchaser to pay accrued interest and be prepared
to take the bonds within 10 days from date of award.
tion for 1909, $845,180.
We are advised that these securities take the place of
the $20,000 4% bonds awarded on July 6 to Seasongood &
Mayer of Cincinnati (V. 91, p. 170), which sale was never
consummated.
Palestine, Anderson County, Texas.-Bonds Voted.-The
election held Sept. 8 (V. 91, p. 603) resulted in favor of the
propositions to issue the $17,000 park and $9,000 fireequipment 5% bonds. The vote was 270 "for" to 105
"against" the former issue and 314 "for" to 80 "against"
the latter. Maturity Oct. 1 1950, subject to call after
Oct. 1 1920.
Parmer County Common School District, Tex.-Bonds
Registered.-On Aug. 15 the State Comptroller registered
$1,000 5% 5-10-year (optional) bonds.
Penelope Independent School District (P. 0. Penelope),
Hill County, Tex.-Bonds Awarded in Part.-On Sept. 1
$5,000 more of the $12,500 5% 10-40-year (optional) bonds
registered by the State Comptroller on July 1 (V. 91, p. 170)
awarded to the State School Fund at par and interest.
In V. 91, p. 418, we reported the sale of $5,000 of these
bonds to the State on Aug. 1.
Petaluma School District, Sonoma County, Cal.-Bond
Sale.-The $45,000 4%% 1-40-year (serial) school-building
746
THE CHRONICLE
bonds offered on Sept. 7(Y. 91, p. 604) were sold, according
to reports, to the Exchange Bank of Petaluma for $45,601the price thus being 101.335. Denomination $1,125. Date
Sept. 7 1910. Interest semi-annually at the County Treasurer's office.
Pierce County (P. 0. Tacoma), Wash.-Bond Election
Proposed.-According to local papers an election will be
called shortly to vote on the question of issuing $140,000
bonds for Puyallup River Bride;$481,000 for city water-way
bridge; $385,000 for a municipal dock and $125,000 for a
fire tug.
Pittsburgh, Pa.-Bond Election Proposed.-The Select
Council at a meeting held Sept. 14 passed the ordinances
providing for the issuance of the $10,305,000 bonds mentioned in V. 91, p. 668. These ordinances were passed by
the Commori Council on Sept.12 and,according to dispatches,
they will now be presented to Mayor Magee. It is expected
that both Select and Common Councils will hold a special
meeting Sept. 19 to consider "submissive" ordinances in
connection with the proposed bond issue, and the placing of
• the matter before the voters at the November election.
Plattsburgh, Clinton County, N. Y.-Bonds Awarded in
Part.-Up to Sept. 9 $25,000 of the $40,000 4%1-20-year
(serial) water bonds offered without success on July 22
been subscribed for by local Investors.
(V. 91, p. 293), had'
We are informed that the remaining $15,000 bonds will be
offered for sale in the same manner.
Pleasant Ridge Hamilton County, Ohio.-Bond Election.
-On Sept. 26 there will be submitted to the voters a
proposition to issue $12,500 sewers and sewage-disposolworks (city's portion) bonds.
Pocatello, Bannock County, Idaho.-Bond Offering.Proposals will be received until 10 a. m. Oct. 6 by D. W.
Church, Mayor, for the $164,788 trunk-sewer bonds voted
June 28 (T. 91, p. 231).
Denomination $1,000, except one bond for $788. Date Jan. 1 1911.
[VoL. Lxxxxi.
a new city-hall and site, $250,000 for paving and $250,000
for sewers.
Rockford, Winnebago County, Ill.-Bond Election Proposed.-This city is considering the advisability of calling an
election to vote on the question of issuing $200,000 water
bonds. Up to Aug. 25, however, nothing definite had yet
been determined upon.
Riverside City School District (P.0. Riverside), Riverside
County, Cal.-Bond Sale.-The $250,000 4% 10-29-year
(serial) school-improvement bonds offered on Sept. 7 (V. 91,
p. 481) were sold to Barroll & Co. of Los Angeles at 100.05.
Denomination $500. Date Aug. 3 1910. Interest semiannual.
Rochester, N. Y.-Note Sale.-The three issues of 8
months' notes aggregating $205,000, described in V. 91,
p. 668, were sold on Sept. 13 to H. Lee Anstey of New York
City at par for 4%s.
Runnels County (P. 0.Ballinger), Tex.-Bond glection.An election will be held to-day (Sept. 17), it is stated, to vote
on the question of issuing $60,000 bonds for the improvement
of roads in Precinct No. 1.
Papers state that an election will also be held Sept. 24 on
the question of issuing $25,000 bonds for the improvement of
roads in District No. 2.
Sagamore Independent School District(P.0.Fort Worth),
Tex.-Bonds Voted.-This district recently voted to issue
$3,000 5% school-building bonds. We are informed that
they will be.placed on the market "just as soon as they are
approved by the Attorney-General.'
Denomination $100. Date Aug. 11910. Interest annually at the Chemical National Bank In New York City, the American National Bank in Fort
Worth or the State Treasurer's office in Austin. Maturity 40 years, subject to call after 20 years. The bonds are exempt from all taxes. Bonded
debt, Including this issue, $10,000. Floating debt, none. Assessed valuaton. $325,200.
St. Augustine, Fla.-Bond Election.-Vre see it reported
that the City Council has passed an ordinance providing for
an election to vote on the question of issuing $100,000 sewerInterest (not to excee 1 5%) semi-an ually at the City Treasurer's office
•• the First National Bank in New York City. Maturity Jan. 1 1931, age-system bonds.
subject to °All after Jan.1 1921. Certified check for 10:o of bid is required.
St. Petersburg, Hillsboro County, Fla.-Bonds Voted.Pontiac School District No.95(P.0. Pontiac), Livingston The election held Aug. 30 resulted in favor of the propositions
County,
Sale.-The $20,000 5% 6-15-year (serial) to issue the $100,000 6% 30-year bonds mentioned in V. 91,
school bones offered on Sept. 1 (V. 91, p. 542) were sold to p. 418. The vote was as follows:
Weil, Roth dc, Co. of Chicago at 104.15 and accrued interest $67,500 brick street-paving bonds. Vote, 17$ ta U.
5,000 sewer bonds. Vote, 172 to 34.
-a basis of about 4.50%. Denomination $500. Interest 10,000
water-works bonds. Vote, 163 to 42
semi-annually at the Township Treasurer's office in Pontiac. 10,000 water-front-Improvement and purchase bonds. Vote. 162 to 37.
7,500 lire station, jail, lire and pollee-alarm-system bonds. Vote, 147
to 51.
Portland, Ore.-Bond Illection.-A proposition to issue
$2,500,000 public-dook bonds will be submitted to a vote
Salt Lake City School District (P. 0. Salt Lake City),
of the people on Nov. 8, according to local papers.
Salt Lake County, Utah,-Bonds Not Yet Sold.-According
Portsmouth, Va.-Bond Election.-The ordinance/com- to a letter received by us on Aug. 29 from the Clerk Board of
mittee has been instructed to present at the October meeting Education, the $700,000 4% 20-year gold coupon school
of the Common Council an ordinance providing for a $600,000 bonds, offered without success on May!(T. 91, p. 110), an
still unsold.
water-bond election.
Salt Lake City School District (P. 0. Salt Lake City),
Portsmouth, Scioto County, Ohio.-Bond Sale.-The successful and only bid received on Sept. 6 for the $6,000 4% Sale Lake County, Utah.-Bonds Awarded in Part.-Of the
5-year coupon sewer-construction (city's portion) bonds $700,000 4% 20-year gold coupon school bonds mentioned in
described in V. 91, p. 604, was one of par and accrued in- V. 91, p. 110, $250,000 have been disposed of at private
terest submitted by the Security Savings Bank & Trust Co. sale to Emery, Peck & Rockwood of Chicago. The bonds
are dated July 11910. Interest semi-annually in New York
of Portsmouth.
City.
Pulaski County (P.0. Pulaski), Va.-Bonds Not Yet Sold.
Sandusky, Sanilac County, Mich.-Bids Rejected.-All
-Up to Sept. 8 no sale had yet been made of the $70,000
coupon road-improvement bonds offered without success bids received on Aug. 18 for$9,000 sewer, $15,000 waterworks and $10,000 light 4% bonds offered on that day
(V. 90, p. 1195) on April 16.
were rejected.
Putnam County (P. 0. Ottawa), Ohio.-Bond Offering.- These bonds were authorized by a vote of 242 to 15 at
an election held
Proposals will be received until 12 in. Sept. 24 by the Board July 25. Denomination $1,000. Interest March and Sept.
The sewer
bonds mature in 20 years and the water and light bonds are due in 30
of Commissioners for the following 5% coupon bonds:
debt at present.
;moos Joseph Slefker Stone Road Improvement bonds. Maturity on years. This city has no
Oct. 1 as follows: $3,090 In 1914 and $4,000 yearly from 1915 to
Sandusky County (P. 0. Fremont), Ohio.-Description of
1919 Inolusive.
14,000 Barney Aeiker Stone Road improvement bonds. Maturity $1,500 Bonds.-We are advised that the $6,348 34 43% road
on Oct. 1 1914 and $2,500 yearly on Oct. 1 from 1915 to 1919 bonds recently awarded to the First National Bank of Freinclusive.
• Authority Section 4670, Revised Statutes. Denomination $1,000. mont at 100.74 (V. 91, p. 668) are dated Aug. 15 1910 and
Date Oct. 1 1910. Interest semi-annually at the County Treasurer's office mature part each six months. Denomination $500, except
in Ottawa. Cash or certified check on a bank in Ottawa for $1,000 is
required. Purchaser to pay accrued Interest, to furnish blank bonds and one bond for $348 34. Interest semi-annual.
pay for transcript of proceedings. J. iterating is County Auditor. The
San Lorenzo School District, Alameda County, Cal.bonds arc tax-exempt.
The above issues of bonds were awarded on Aug. 6 to the Bond Sale.-Thc $10,000 5% 1-10-year (serial) building
First National Bank of Cleveland (V. 91, p. 418). The first bonds dated Sept. 1 1910 and offered on Sept. 6 (V. 91, p.
sale was not consummated, however, as the maturity of the 543) were awarded to the Bank of Alameda County in Alabonds did not conform at that time to the statutory meda at 101.16. A bid of 100.01 was also received from G.
G. Blymyer & Co. of San Francisco.
requirements.
Santa Ana, Cal.-Bond Election Proposed.-This city, it is
Quanah Independent School District (P. 0. Quanah),
Hardeman County, Tex.-Bonds Voted.-The $15,000 5% stated, is considering the advisability of calling an election to
school-building purchase and repair bonds mentioned in vote on propositions to issue $40,000 convention-hall, $50,V. 91, p. 418, were authorized at the election held Aug. 23 000 outfall-sewer and $20,000 reservoir bonds.
by a vote of 98 to 27. We are advised that it "will likely
Santa Barbara, Cal.-Bonds Voted.-The election held
be two or three months before they are ready for sale.' Aug. 31 resulted in favor of the issuance of the $200,000
Maturity 40 years, subject to call after 20 years.
Mission water tunnel bonds mentioned in V. 91, p. 294.
Quitman County (P. 0. Belen), Miss.-Bonds Not Sold.- The vote is reported as 1,227 "for" to 204 "against."
Bond Offering.-No award was made on Sept. 5 of the $45,000
Santa Paula, Ventura County, Cal.-Bonds Authorized.43% 20-30-year (optional) court-house and jail-construction The City Council has passed an ordinance, it is stated, probonds described in V. 91, p. 418. The Board of County viding for the issuance of the $45,000 sewer-system-conSupervisors subsequently increased the amount of the issue struction bonds voted (V. 91, p. 481) on Aug. 2.
to $50,000 and is now offering the same for sale.
Scandia, Republic County, Kan.-Bonds Not Yet Sold.Reading, Pa.-Bond Election.-It is reported that the Up to Aug. 19 no award had yet been made of the $21,000
Mayor has signed an ordinance providing for the submission 5% coupon water-works bonds offered without
success
•to the voters at the November election of propositions to (V. 91, p. 171) on June 20. We are informed, however,
issue the following bonds: $275,000Jor parks, $50,000 for that the National Construction Co. of South Bend has agreed
SEPT. 17 1910.1
THE CHRONICLE
747
to take the bonds if they are awarded the contract for the coupon school-building bonds offered on Aug. 23. An offer
of par was received from E. H. Rollins & Sons of Denver
construction of the water works.
• Schenectady, N. Y.-Bond Offering.-Proposals will be and a bid was also submitted by S. A. Kean & Co. of Chicago.
Denomination $100. Date July 1 1910. Interest semi-annually in
received until 11 a. m. Sept. 30 by C. H. Benedict, City Choteau
in New York exchange. The bonds are tax-exempt. This
Comptroller, for $85,000 4% registered sewer bonds.
district has no debt at present. Assessed valuation 3488.814
Authority Sections 60 and 61, Chapter 55, of the Laws of 1909. Denomination $1,000. Date Oct. 1 1910. Interest semi-annually at the City
Treasurer's office. Maturity $5,000 yearly on Oct. 1 from 1911 to 1927
inclusive. Certified check on a bank or trust company for 2% of bonds
bid for, payable to the City Comptroller, is required. Bonds will be certified as to their genuineness by the Columbia Trust Co. of New York City,
and their legality approved by Caldwell & Reed of New York, whose
opinion or duplicate thereof will be delivered to the purchaser.
Sheridan County School District No.34, Wyo.-Bonds Not
Sold.-An issue of $1,200 bonds was offered without success
on Aug. 6. The securities are now being offered at private
sale.
Silver Springs, Wyoming County, N. Y.-Bond Sale.-On
Aug. 22 $14,000 2-29-year (serial) water and $6,000 5-16year (serial) electric-light 5% bonds were awarded to Isaac
W. Sherrill of Poughkeepsie at 100.10. Denomination $500.
Date Sept. Si 1910. Interest annual.
Sonoma, Sonoma County, Cal.-Description of Bonds.We are advised that the $20,000 5% sewer bonds awarded on
Aug. 15 to Barroll & Co. of Los Angeles at 102.73 (V. 91,
p. 543) are dated Aug. 1 1910 and mature part yearly for
forty -years. Interest annual.
Springfield, Greene County, Mo.-Bond Election Proposed.
-We are advised that the election to vote on the propositions to issue bonds aggregating $475,000 (V. 91, p. 481) will
probably be held towards the last of September or the early
part of October.
Springfield, Mss.-Bonds to be Offered Shortly.-This city
will be on the market, some time in October, with the following 4% bonds:
3400.000 coupon (with privilege of registration) municipal-building bonds.
Date Nov. 1 1910. Maturity $10,000 yearly on Nov. 1 from
1911 to 1950 inclusive.
340,000 registered fire and police-building bonds. Date Oct. 1 1910.
Maturity $17,000 yearly on Oct. 1 from 1911 to 1930 inclusive.
Denomination $1,000 or any multiple thereof.
Thomasville, Clarke County, Ala.-Bonds Not Yet Sold.We are informed under date of Sept. 10 that the $8,000 5%
20-year coupon school-building bonds, offered without
success on July 2 (V. 91, p. 294), are still unsold.
Titusville School District (P. 0. Titusville), Crawford
County,Pa.-Bonds Voted.-An election held Sept.6 resulted
in a vote of 344 "for" to 337 "against". a proposition to issue
$100,000 high-school-building bonds.
•
Topeka, Kan.-Bond Sale.-The $35,959 66 43% Kenwood Addition street-improvement bonds have been disposed of to local investors at par and accrued interest.
Denominations 70 bonds of $500 each and 10 bonds of $95 96 each.
Date Sept. 1 1910. Interest semi-annual. Maturity part yearly from
one to ten years inclusive.
Tower Hill, Shelby County, Ill.-Bonds Voted:-According to reports, an election held Aug. 30 resulted in favor of
the issuance of $3,000 city-hall-erection and street-improvement bonds. The vote was 73 "for" to 33 "against."
Trenton, N. J.-Bond Sale.-On Sept. 15 the three issues
of VA% bonds, aggregating $155,000, described in V. 91,
p. 604, were awarded to N. W. Harris & Co. of New York
City at 103.923.
Trinchera Irrigation District, Costilla County, Cob
Bond Offering.-Proposals will be received until 12 m. Sept.
26 by V. R. Liggett, District Secretary (P. 0. Blanca), for
$500,000 6% bonds.
Denominations: 2,000 bonds of $100 each and 600 bonds of $500 each.
Date Sept. 1 1910. Interest June 1 and Deo. 1. Maturity from 11 to 20
years. Certified check for $500 is required. Bids must include accrued
Interest.
Troy, N. Y.-Certificate Sale.-An issue of $175,000 5%
certificates due Nov. 9 1910 was sold on Sept. 9 to Kissell,
Kinnicutt & Co. of New York City for $175,184-the price
thus being 100.105.
Turlock, Stanislaus County, Cal.-Bonds Voted.-This
city recently voted, reports state, to issue $25,000 sewer
and water system bonds.
Twin Falls, Idaho.-Bond Election.-An election has been
called for Sept. 20 to vote on propositions to issue the following coupon 10-20-year (optional) bonds at not exceeding 6%
interest: $33,000 for the paving and grading of streets in
Local Improvement District No. 7, $7,000 for public improvements, consisting of walks, bridges and culverts on
the streets and alleys of the city, and $10,000 for the purchase of apparatus for the fire department.
Tyler, Smith County, Texas.-Bonds Registered.-The
State Comptroller registered $11,000 5% 10-30-year (optional) water-main bonds on Sept. 1.
Underwood, Pottawattomie County, Iowa.-Bonds Voted.
-An election held Sept. 4 is said to have resulted in favor of
a proposition to issue $5,000 water-works-system bonds by
a vote of 54 "for" to 12 "against."
Upper Sandusky, Wyandot County, Ohio.-Bond Sale.On Sept. 6 the $5,000 5% 9-year water and sewer bonds
described in V. 91, p. 604, were sold to Hayden, Miller ds
Co. of Cleveland at 109.90 and accrued interest. A list
of the bidders follows:
The City Treasurer states that the legality of the above
issues will be passed upon by Storey, Thorndike, Palmer &
Dodge of Boston.
Temporary Loan.-A loan of $100,000, maturing Nov. 2
1910, has been negotiated, it is stated, with Jackson &
Curtis of Boston at 3.75% discount.
Springfield, Ore.-Bonds Voted.-It is stated that a proposition to issue $50,000 public-improvement bonds was favorably voted upon at an election held Aug. 31.
Spring Hill School District No. 4 (P. 0. Spring Hill),
Johnson County, Kans.-Bond Sale.-The $4,000 432%
1-8-year (serial) coupon school-addition bonds described in
V. 91, p. 232, have been sold to local investors at par.
Steamboat Springs, Routt County, Colo.-Bonds Voted.It is stated that an election held Sept. 6 resulted in favor of a
proposition to issue $65,000 bonds to purchase the waterworks. The vote was 79 "for" to 70 "against."
Stephen School District(P.0. Stephen), Marshall County,
Minn.-Bonds Not Sold.-An issue of $2,000 5% 5-10-year
(optional) refunding bonds offered on Aug. 20 failed to
attract any bidders. Denomination $500. Date Aug. 1
1910. Interest semi-annual.
Sterling County Common School District No. 1, Tex.Cleve__$5,495Seasongood do Mayer, Cin____$5,277
/0nd Sale.-The $4,500 5% 10-20-year (optional) bonds Hayden. Miller &
Cleveland Trust Co.,
Co.'Cleve.__ 5,313 Citizens' Savings Bank, Upper
registered by the State Comptroller on July 7 (V. 91, p. 232) Stacy
5,250
5,281
Sandusky
& Braun. Toledo
5,221
Otis & Hough,Cleveland
have been sold.
papers
report
-Local
Authorized.
Utica, N. Y.-Bonds
Struthers, Mahoning County, Ohio.-Bond Offering.Proposals will be received until 12 in. Sept. 21 by L. S. that an ordinance has been adopted providing for the issuCreed, Village Clerk, for $2,000 5% Bridge Street pavement ance of $3,994 70 bonds for the payment of purchases made
by the city at the tax sale of 1910.
assessment bonds.
Authority. Section 2835, Revised Statutes. Denomination $500. Date
Vallejo School District, Solano County, Cal.-Bond ElecOct. 1 1910. Interest semi-annual. Maturity $500 yearly from 1911 to tion Proposed.-Reports state that at a regular meeting of
1914 inclusive. Certified check for $100. payable to the Treasurer, is rethe Board of Education to be held Sept. 6, steps will be taken
quired. Purchaser to pay accrued interest.
Summit County (P. 0. Akron), Ohio.-Bonds Not Sold.- looking towards the holding of an election to vote on the
No award was made on Sept. 2 of the two issues of 5% cou- question of issuing $60,000 bonds. These securities, if voted,
pon East Market Road improvement bonds aggregating will take the place of the $60,000 bonds disposed of on Aug. 1
to G. G. Blymyer & Co. of San Francisco, but subsequently
$19,000, described in V. 91, p. 604.
Sutter Union High School District, Sutter County, Cal.- refused by them. See V. 91, p. 543.
Valley, Douglas County, Neb.-Bonds Voted.-An election
Bonds Defeated.-We see it stated that this district recently
held Aug. 29 resulted in favor of a proposition to issue $5,000
defeated a proposition to issue $30,000 bonds.
Tallahatchie County (P.0. Charleston), Miss.-Bond Sale. 6% 10-20-year (optional) water-extension bonds. The vote
-An issue of $50,000 6% 10-25-year (optional) road and was 90 "for" to 14 "against."
Van Wert County (P. 0. Van Wert), Ohio.-Bond Offerbridge bonds was disposed of on Sept. 5 to the People's
Bank of Sumner at 100.71. Date Sept. 1 1910. Interest ing.-Proposals will be received until 1 p. m. Sept. 24 by
Clarence Koln, County Auditor, for $6,300 4%% coupon
semi-annual.
Tate County (P. 0. Senatobia), Miss.Bond Election Pro- ditch improvement bonds.
Authority. Sections 6492 6493, General Code. Denomination $525.
posed.-Petitions are being circulated requesting the County Date
Sept. 30 1910. Interest semi-annually at the County Treasury.
Supervisors to call an election to vote on the question of Maturity $2,100 yearly from 1911 to 1913 inclusive. Bonds are tax exCertified check on a bank in Van We;t for $100, payable to the
empt.
road
bonds.
issuing
County Commissioners, Is required. All bids must be unconditional and
Terrell County Common School District No, 1, Tex.- purchaser will be required to furnish blank bonds.
Venango County (P.0.Franklin), Pa.-Bonds Not Sold.Bonds Awarded in Part.-On Sept. 1 the State purchased at
par and interest $5,000 more of the $25,000 5% 5-40-year No bids were received on Aug. 31 for the $175,000 4% coupon
(optional) bonds offered without success on May 30 (V. 90, bridge bonds described in V. 91, p. 543.
p. 1699), making $15,000 of this issue purchased to date.
Walworth, Walworth County, Wis.-Bonds Voted.-An
See V. 91, p. 419.
election held Aug. 16 resulted in a vote of 71 "for" to 34
Teton County School District No. 15, Mont.-Bonds Not "against" a propositien to issue $18,000 water-works-conSold.-No sale was made of $14,000 5% 15-20-year (optional) struction bonds at not exceeding 5% interest.
ivoL. Lxxxxx.
THE CHRONICLE
748
Warren County (P. 0. Front Royal), Va.—Bond Election. this county is offering (V. 91, p. 234) at par and accrued in—This county will vote in November, it is stated, on the terest.
question of issuing permanent road-building bonds.
White Plains, Westchester County, N. Y.—Bond Offering.
Washington C. H. School District (P. 0. Washington —Proposals will be received until 8 p. m. Oct. 3 by the
O. H.),Fayette County, Ohio.—Bonds Not Yet Offered.—We
are advised under date of Sept. 15 that the $100,000 school- Board of Trustees for $23,000 43-% tax-deficiency bonds.
• Denomination $1,000. Date Oct. 1 1910. Interest semi-annual. Mabuilding bonds voted on July 25 (V. 91, p. 356) have not • turity
Oct. 1 1920. Certified check on a State or national bank or trust
'company for 5% of bonds, payable to the Village Treasurer, is required.
yet been offered for sale.
John J. Brown Is President and Earle P. Hite, Clerk.
Washington County (P. 0. Washington), Pa.—Bonds Not
The official notice of this bond offering will be found among
Yet Sold.—The $100,000 4% coupon (with privilege of registration) road bonds, which this county is offering at par and the advertisements elsewhere in this Department.
accrued interest (V. 91, p. 234), have not yet been placed.
Willard, Torrance County, New Mex.—Bond Election.—
Watervliet, Albany County, N. Y.—Bond Sale.—The A proposition to issue $2,000 school bonds will be submitted
$55,000 4
sehool-building bonds offered on Sept. 8 to a vote of the people, it is stated, on Sept. 24.
were purchased by W.N. Coler & Co. of New York City at
Willmar, Kandiyohi County, Minn.—Bonds Not to Be
100.40. The following bids were received:
Offered at Present.—We are advised that the $15,000 4%
W. N. Color & Co., N. Y__..100.40 I N. W. Harris & Co., N. Y__ _100.18 school-building bonds voted on May 28 (V. 90, p. 1632)
I. W.Sherrill, Poughkeepsie_100.3951Farson, Son & Co., N. Y____100.136
Denomination $1,000. Date Sept. 15 1910. Interest semi-annually "may not be issued until next year.
Maturity on Sept. 15 as follows: $2,000 yearly from 1911 to 1914 inclusive,
Wilmont,Nobles County, Minn.—Bond Sale.—The State
$5,000 yearly from 1915 to 1923 inclusive and $2,000 In 1924.
Wayne County (P.O. Richmond), Ind.—Bond Sale.—It is of Minnesota has purchased the $3,000 4% 6-20-year (serial)
stated that $55,600 4M% road-improvement bonds dated water-works bonds voted (V. 91, p. 234) on July 5.
Wills Point, Van Zandt County, Tex.—Bonds Registered.—
Sept. 1 1910 were recently awarded to the Second National
On Aug. 24 $1,000 5% 10-year school-house-repair bonds
Bank in Richmond at par and accrued interest.
West Brownsville, Washington County,Pa.—Bond Sale.— were registered by the State Comptroller.
Wilmington, New Hanover County, No. Caro.—Bonds Not
In addition to the $25,000 bonds recently purchased (V. 91,
p. 669), the Washington Investment Co. of Pittsburgh has Sold.—No satisfactory bids were received on Sept. 1 for the
also been awarded $8,000 5% 30-year tax-free improvement $100,000 4M% 40-year coupon water and sewer bonds
described in V. 91, p. 544.
bonds.
Wood County (P. 0. Grand Rapids), Wis.—No Action
Westfield, Chautauqua County, N. Y.—Bonds Voted.—
The election held Sept. 13 resulted in a vote of 150 "for" to Yet Taken.—We are advised under date of Aug. 20 that no
92 "against" the proposition to issue the $100,000 5% sewer day has yet been set for the offering of the $50,000 432%
gold coupon chronic-insane-asylum bonds dated Dec. 1 1910
bonds mentioned in V. 91, p. 670.
Wharton, Wharton County, Tex.—Bonds Voted.—Reports and described in V. 91, p. 234.
Worcester, Mass.—Temporary Loan.—This city has borstate that an election held Aug. 23 resulted in a vote of 54 to
7 in favor of a proposition to issue $15,000 5% 10-40-year rowed $100,000 from Bond & Goodwin of Boston at 3.44%
discount. The loan is due Oct. 14 1910.
(Optional) street-improvement bonds.
White County (P.O. Monticello), Ind.—Bonds Not Sold.-- • Wyandot County (P. 0. Upper Sandusky), Ohio.—Bond
No sale has yet been made of the four issues of 432% and 5% Sale.—The $3,000 5% Eden Township public-road-improvecoupon ditch and road bonds, aggregating $68,703, which ment bonds described in V. 91, p. 605, were sold on Sept. 7
NEW LOANS.
NEW LOANS.
NEW LOANS
$275,000
$300.000
$435.000
CITY OF MEMPHIS, TENN. CITY OF MEMPHIS, TENN. CITY OF MEMPHIS, TENN.
STREET IMPROVEMENT BONDS
STREET IMPROVEMENT BONDS
STREET IMPROVEMENT BONDS
Notice Is hereby given that sealed Wds will be
received by Ennis M. DOUVRS3,City Cletic of the
City of Memphis. Tennessel, at the City Hall In
Memphis, Tennessee, until 2.30 o'clock P. M.
TUESDAY, OCTOBER 11TH, 1910, for the sale
of $435,000 of general liability bonds for street
Improvements of the City of Memphis,Tennessee.
Said bonds will be dated August 1st, 1910; onefifth of said bonds shall mature In one year, onefifth in two years, one-fifth in three years. onefifth In four years, and one-fifth In five years from
their date, without option of prior redemption,
and they shall bear Interest at the rate of six per
cent per annum, payable on the first days 9f
February and August In each year. Bonds and
coupons payable in Memphis, Tennessee, or In
the City of New York, at the option of the holder
thereof. No bids for less than par and accrued
Interest will be entertained, and the City reserves
the right to reject any and all bids. Each bid
must be for the entire $435,000 of bonds, accompanied by a certified check for $5,000, payable
to the order of the City of Memphis, as a guaranty
of good faith on the part of the bidder, said check
to be certified by some Memphis bank. Said
check of the successful bidder shall be retained
by the City as and for liquidated damages upon
failure of such bidder to accept and pay for the
bonds. Checks will be returned to unsuccessful
bidders. The bonds to be delivered and paid for
In the City of Memphis. The legality of these
bonds has been approved by Dillon, Thomson &
Clay of New York City, a copy of whose opinion
will be furnished to the successful bidder.
For further information apply to the undersigned.
E. H. CRUMP, Mayor.
Attest: ENNIS M. DOUGLASS, City Clerk.
This September 17th, 1910.
Notice Is hereby given that sealed bids will be
received by Ennis M. Douglass, City Clerk of the
City of Memphis, Tennessee, at the City Hall In
Memphis, Tennessee, Until 2:30 o'clock P. M.
TUESDAY, OCTOBER 11TH, 1910, for the
sale of $300,000 of general liability bonds for
street Improvements of the City of Memphis.
Tennessee. Said bonds will be dated August 1st,
1910, payable August 1st, 1945, without option of
prior payment. bearing 4 A per cent interest per
annum, payable February 1st and August 1st
respectively. Bonds and coupons payable In
Memphis, Tennessee, or In New York City,at the
option of the holder thereof. No bids for less
than par and accrued Interest will be entertained,
and the City reserves the right to reject any and
all bids. Each bid must be for the entire $300,000
of bonds, accompanied by a certified check for
$5.000, payable to the order of the City of Memphis, as a guaranty of good faith on the part of
the bidder, such check to be certified by some
Memphis bank. Said check of the successful
bidder shall be retained by the City as and for
liquidated damages upon the failure of such
bidder to accept and Pay for the bonds. Checks
will be returned to unsuccessful bidders. The
bonds are to be delivered and paid for in the City
of Memphis. The legality of these bonds has been
approved by Dillon, Thomson ec Clay of New York
City, a copy of whose opinion will be furnished to
the successful bidder.
For further information apply to the undersigned.
E. II, CRUMP, Mayor.
Attest: ENNIS M. DOUGLASS, City Clerk.
This September 17th, 1010.
Notice is hereby ;elven that sealed bids will be
received by Ennis M. Douglass, City Cleric of the
City of Memphis, Tennessee, at the City Hall. In
Memphis, Tennessee, until 2:30 o'clock P. M.
TUESDAY, OCTOBER 11TH, 1910, for the sale
of $275,000 of general liability bonds for street
improvements of the City of Memphis, Tennessee.
Said bonds will be dated August 1st, 1910, payable
August 1st, 1945, without option of prior payment,
bearing 4 5 per cent interest per annum, payable
February 1st and August 1st respectively. Bonds
and coupons payable In Memphis, Tennessee, or In
New York City, at the optIonof theholder thereof.
No bids for less than par and accrued interest will
be entertained, and the City reserves the right to
reject any and all bids. Each bid must be for
the entire $275,000 of bonds, accompanied by a
certified check for $5,000, payable to the order of
the City of Memphis, as a guaranty of good faith
on the part of the bidder, such check to be certified
by some Memphis bank. Said check of the
successful bidder shall be rntained by the City as
and for liquidated damages upon the failure of
such bidder to accept and pay for the bonds.
Checks will be returned to unsuccessful bidders.
The bonds are to be delivered and paid for In the
City of Memphis. The legality of these bonds
has been approved by Dillon, Thomson & Clay
of New York City, a copy of whose opinion will be
furnished to the successful bidder.
For further information apply to the undersigned.
E. H. CRUMP, Mayor.
Attest: ENNIS M. DOUGLASS, City Clerk.
This September 17th, 1910.
$125,000
Flathead County, Montana,
REFUNDING BONDS
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
:Ale 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 Commissioners 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 reejcted. The Board reserves the right to reejct any and all bids.
By order of the Board of County Commissioners
C. T. YOUNG, County Clerk.
Reynolds, Watson & Co.
Municipal and Corporation Bonds
C. B. VAN NOSTRAND
We offer a very exceptional
86 WALL STREET
DRAINAGE BOND
NETTINO
INDUSTRIALS
6%
400 The Rookery
Charles M. Smith & Co,
CORPORATION AND
MUNICIPAL BONDS
CHICAGO
ESTABLISHED 1885
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
IRST NATIONAL BANK BUILDING
COUNTY AND MUNICIPAL BONDS
CHICAGO
SEPT. 17 1910.1
THE CHRONICLE
to"Ithe Farmers' Sr Merchants'Bank of Nevada,0.,at 103.15
andjaccrued interest-a basis of about 4.028%. Following
are the bids:
Farmers' & Merchants' Bank, Nevada
Citizens' Savings Bank, Upper Sandusky
First National Bank, Upper Sandusky
Seasongood & Mayer, Cincinnati
First National Bank, Cleveland
Hayden, Miller & Co.. Cleveland
kik Maturlty $600 yearly on Jan. 1 from 1912 to 1916 inclusive.
$3,094 50
3,065 75
3,Q6000
3,053 40
3,044 50
3,035 50'
Wyandotte, Wayne County, Mich.-Bond Sale.-On
Sept. 14 the $25,000 4%% 30-year coupon water-worksextension bonds described in V. 91, p. 670, were sold to the
Wyandotte Savings Bank of Wyandotte, it is stated, at
104.40--a basis of about 4.24%.
Yorktown Independent School District (P. 0. Yorktown),
DeWitt County, Tex.-Bonds Not Yet Sold.-The $20,000
5% 10-20-year (optional) school-house bonds offered without
success on July 16 (V. 91, p. 295) are still unsold. Denomination $1,000. Date July 16 1910. Interest semi-annual.
Youngstown, Ohio.-Bond Sale.-The following bids were
received on Sept. 12 for, the eight issues of 5% street-improvement bonds described in V. 91, p. 670:
749
All bids include accrued interest. Maturity one-fifth of each issue
yearly on Oct. 1 from 1912 to 1916 inclusive. A bid of $27,815 was also
received from Hayden, Miller & Co. of Cleveland for the entire eight issues.
Yukon, Canadian County, Okla.-Bids Rejected.-All bids
received on Sept. 5 for the $30,000 water-works and the
$10,000 sewer 6% 25-year bonds offered on that day (V. 91,
p. 605) were rejected. Denomination $1,000. Date Aug. 1
1910. Interest semi-annual.
Of
Canada,its Provinces and Municipalities.
Belleville, Ont.-Debenture Sale.-The j$30,000 43v%
collegiate-institute-construction debentures mentioned in
V. 91, p. 295, were sold on Sept. 10. They mature 30 years
from Aug. 1 1910.
Ohippewa, Ont.--Debenture Election.-It is stated an
election will be held Oct. 25 to vote on the question of issuing
$30,000 4% 30-year water-works debentures.
Orowland Township, Ont.-Debenture Election.-According to reports,a by-law will be voted upon on Sept. 28 to issue
$2,500 5% 10-year road debentures.
Dresden, Ont.-Debenture Sale.-The $17,000 43-% 20year school-building debentures offered without success on
Aug. 3 (V. 91, p. 544) have been awarded, it is stated, to
W. A. Mackenzie Sr Co. of Toronto.
Fort William, Ont.-Debenture Election.-An election will
be held Sept. 21, it is stated, to vote on propositions to issue
the following 432% debentures:
$5,000
$575
$800
$1,110
Bonds.
Bonds.
Bonds.
Bonds.
Citizens' Nat. Bk.,Wooster__•15,140 00 *$590 50
$817 50 •$1,143 00
First Nat. Bank,Cleveland__ 5,136 50
5,115 00
Stacy & Braun, Toledo
588 23
818 40
1,135 53
Firemen's Pension Fund.
Youngstown
590 00
1,139 00
•821 00
Davies, Bertram& Co., Cinc. 5,137 00
Breed & Harrison, Cincinnati 5,131 00
Se&Songood & Mayer, Clne
5,127 75
New First Nat. Bk., Columb. 5,123 00
Otis & Hough, Cleveland__
5,105 00
Tillotson do Wolcott Co.,Clei. 5,091 00
165,000 20-year court-house and police-station debentures.
585 46
1,130 19
814 56
Fifth-Third Nat. Bk., Cinc__ 5,051 00
22.000 20-year street-improvement debentures.
808 50
1,122 00
581 00
12,000 City-hall debentures.
Well, Roth ec Co., Cincinnati 5,039 00
8,0.0 20-year fair-ground-improvement debentures.
$7,490
$6.530
$1,545
$4,465
7,000 20-year cemetery debentures.
Bonds.
Bonds.
Bonds.
Bonds.
13,000 30-year park debentures.
Citizens' Nat. Bk., Wooster_
$1,576 50
•$6,-7-6-8 25
First Nat. Bank, Cleveland_ _•$7,693 50 •$4,586 50
Gilbert Plains, Man.-Debenture Election.-It is stated
6,680 19
4,567 70 *1,58055
7,662 27
Stacy & Braun, Toledo
6,693 25 that an election will be held Sept. 20 to vote on a proposition
Breed & Harrison, Cincinnati 7,677 25
Seasongood de Mayer, Cinc
6,696 50 to issue $10,000 6% 20-year school
4,579 00
7,68 00
debentures.
4,575 00
6,693 00
New First Nat.Bk.,Columbus 7,663 00
4,567 00
x6.664 00
Otis & Hough, Cleveland_ _ _ 7,655 00
Kemptville, Ont.-Debenture
-Proposals will be
Tillotson & Wolcott Co.,Clev. 7,62631
4,54628
1,-5773- 11 6,648 85 received until Oct. 1 for $6,000 Offering.
5% debentures.
Fifth-Third Nat. Bank, Cinc. 7,570 00
4,510 00
1,561 00 x6,596 00
Well, Roth & Co., Cincinnati 7,550 75
6,582 50
Date Dec. 31 1909. Maturity $3,500 In 20 annual Installments and
• Successful bidders. x All 'or none.
$2.500 In 15 annual installments.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$200.000
, $72,000
CITY OF TACOMA, WASH., CITY OF SUMMIT, N. J.,
WATER BONDS
FUNDING BONDS
NOTICE IS HEREBY GIVEN that on
Monday, SEPTEMBER 26TH, 1910, 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
of the State of Washington, In New York City,
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 five per cent.
The right is reserved by the City to award the
bonds or any part thereof to the highest and best
bidder, or to reject all bids; and the right is also
reserved to require a bond or deposit from a
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. FAWCETT,
Mayor.
JOHN F. MEADS,
City Controller.
RAY FREELAND,
Commissioner of Finance.
TAX DEFICIENCY BONDS
Sealed proposals will be 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 M% 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
(1%) of the amount bid; if certified check is cent
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.
410By direction of the Common Council of the City
of Summit, N. J.
J. EDW, ROWE, City Clerk.
BLODGET 8c CO.
F. WM. KRAFT
LAWYER
Specializing in Examination
BONDS
'
00 STATE STREET,BOSTON
80 PINE STREET, NEW YORK
of
Municipal and Corporation. Bonds
1312 FIRST NATIONAL BANK 131.00..
CHICAGO, ILL,
STATE, CITY & RAILROAD BONDI
HODENPYL, WALBRIDGE & CO.
7 Wall St., New York
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Mercantile Library Building
CINCINNATI
$23,000
Village of White Plains, N.Y.,
PUBLIC NOTICE is hereby given that the
Board of Trustees of the Village of White Plains
will receive bids on October 3rd, 1910. at 8 p. m.
at the Corporation Rooms on Grand Street, for
the following bonds:
Twenty-three (23) Tax Deficiency Bonds of the
denomination of One Thousand Dollars each, to
bear date October 1st, 1910, and to become payable October 1st, 1920, to draw interest at the rate
of four and one-half per cent per annum, payable
semi-annually on the first day of April and October of each year.
No bid will be received less than par. Each
bid shall be accompanied by a certified check
on a State or National Bank or Trust Company
for five per cent of the par value of such Bonds,
payable to the order of the Treasurer of the Village of White Plains.
The Board of Trustees reserves the right to reject any and all bids, if in its opinion it is deemed
necessary or for the best interests of the Village.
Dated, September 14th, 1910.
JOHN J. BROWN,President.
EARLE P. RITE, Clerk.
MUNICIPAL BONDS
Safest investments
known. Yielding from 4%to
for
6% Write
Circular.
ULEN, SUTHERLIN & CO.
BANKERS
CHICAGO
FORREST AL CO. .
BANKERS
or Chestnut St., PHILADELPHIA. PA.
Municipal and
Corporation Bonds
GEO. B. EDWARDS
Tribune Building, 154 Nassau Street,
Telephone 4218 Beekman, NEW YORK. N. Y
Negotiations,Investigations.Settlements
In or out of New York City
Satisfactory References
Railroad, Street Ry., Gas & Elec. Light
WANT4D
SECURITI ES
CHRONICLE ISSUES
R. T. Wilson & Co.
53 WALL STREET
NEW YORK ,
Jan. 16 and 30; Feb. 13; April 3, 1909.
Jan. 29, 1910
Will pay 20 cents a copy.
Commercial & Financial Chronicle
138 Front St., New York
•
iVoL. Lxxxxi.
THE CHRONICLE
750
Strathcona, Alberta.-Debenture Sale.-On Sept. 5 the
Kincardine, Ont.-Debentures Voted.-*--A by-law has been
13 issues of 43% coupon debentures, aggregating $184,passed, it is stated, to issue $3,000 school debentures.
800 71, described in V. 91, p. 606, were awarded, it is
Moose Jaw, Sask.-Debenture Sale.-The following 43% stated, to Aemilius Jarvis & Co. of Toronto.
were
on
offered
544)
debentures
Sept. 5 (V. 91, p.
coupon
Strathmore, Alberta.-Debenture Offering.-Further desold to Wood, Gundy & Co. of Toronto at 97.08 and interest:
$35,000 40-year electrIc-light-system-extension debentures dated Aug. 1 tails are at hand relative to the offering of the $2,000 6%
1910.
coupon fire-hall debentures mentioned in V. 91, p. 671.
15,000 40-year isolation-hospital debentures dated Aug. 1 1910.
Proposals for these debentures will be received until 6 p. m.
30,000 40-year produce-market debentures dated Aug. 1 1910.
. 10,000 40-year exhibition-ground-Improvement debentures dated Aug. 1 Sept. 30 by H. J. Spicer, Secretary-Treasurer. Interest
1910.
at Strathmore. No debt at present. Assessed
10,000 40-year sub-fire-station-construction debentures dated Aug. 1 1910. annually
valuation 1910, $258,375.
20,000 40-year highway debentures dated Nov. 1 1910.
1910.
Sept.
1
12,000 10-year concrete-walk debentures dated
5,000 5-year plank-walk debentures dated Sept. 1 1910.
Tilsonburg, Ont.-Debentures Authorized.-It is reported
375,000 40-year sewer and water debentures dated Nov. 1 1910.
issue $25,000 hydro-electric-power and light
Interest semi-annually and Is payable on the $375,000 debentures at the that a by-law to
Canadian Bank of Commerce In London, Eng., Montreal, Toronto and debentures has been passed by the Town Council.
Moose Jaw, and on the remaining Issues at the Canadian Bank of Commerce
in Moose Jaw.
Togo, Sask.-Debenture Offering.-Proposals will be reThe following bids were submitted for the above deben- ceived until 12 m. to-day (Sept. 17) by R. F. Painter,
Secretary-Treasurer, for $1,000 6% debentures, repayable
tures:
Wood. Gundy & Co., Tor_ _a$497,0501Dom. Sec. Corp.,Ltd.,Tor_a$490,343 with interest, in ten annual installments.
a487,177
Toronto
Co.,
Sec.
Tor__x495,41110ntario
Aemilius Jarvis & Co.,
Venn, Sask.-Debenture Sale.-During the month of
a Debentures to be delivered In Moose Jaw. z Debentures to be delivAugust Nay & James of Regina purchased $1,500 6%
ered In London, Eng.
permanent-improvement debentures, due part yearly for
Nanton, Alberta.-Bids Rejected.-The bids submitted on fifteen years.
Sept. 6 for the $6,000 electric-light and the $1,500 fire-proVictoria, B. C.-Debentures Voted.-By-laws providing for
tection 5% debentures offered on that day (V. 91, p. 545)
the issue of the following debentures were approved, it is
were rejected.
loan,
Nepigon Township, Ont.-Debenture Sale.-An issue of stated, by the voters on Aug. 29: $50,000 sewer
Road protection,
$3,000 6% water-works debentures has been sold, according $50,000 school loan, $75,000 Dallas public-conve
nience
$15,000 isolation hospital and $20,000
to reports. Maturity part yearly for 20 years.
and a Spring Ridge high-school site.
Niagara Falls, Ont.-No Action Yet Taken.--Up to
Wadena, Sask.-Debenture Sale.-On Sept. 1 the $4,000
Sept. 14 no action had yet been taken looking towards the
issuance of the $2,500 5% 20-year fire-hall debentures voted 6% coupon municipal-building debentures described in
V. 91, p. 545, were awarded, it is stated, to W. A. Mackenzie
(V.91, p. 357) on Aug. 1.
15 years.
North Himsworth Township, Ont.-Debenture Sale.-This & Co. of Toronto. Maturity part yearly for
Woodstock, Ont.-Debenture Election.-It is reported that
township, it is stated, has disposed of $7,500 6% schoola by-law will be voted on Sept. 19 to issue $10,000 loan
building debentures, repayable in 15 annual installments.
Co.
Stratford, Ont.-Debenture Sale.-Reports state that the debentures to the Linderman Machine
Yorkton, Mm.-Debentures Voted.-According to reports,
Ontario Securities Co. of Toronto has purchased $40,000 5%
local-improvement debentures and $82,500 43/2% hospital, propositions to issue $61,000 sewerage, collegiate and localimprovement debentures were favorably voted on Aug. 30.
bridge, electric-light and heat debentures.
MISCELLANEOUS.,
NEW LOANS
$67,700 Refunding Bonds
$9,000 Street Department Bonds
City of Trenton, N.J.
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-half per
cent semi-annual Refunding Bonds.
Said bonds may be registered or Coupon bonds,
at the option of the purchaser, and shall be 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 rout 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 certified check onaNational
Bank 89 follows:
For the $67,700 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.
The
Trust Company of America
37-43 WALL STREET, NEW YORK.
LONDON OFFICE,
COLONIAL BRANCH'
95 Gresham St.
222 Broadway, New York.
CAPITAL AND SURPLUS $8,000,000
Invites accounts of individuals firms and corporations.
Pays interest on daily balances,
Executes trusts of every description
MELLON NATIONAL BANK
PITTSBURGH, PA.
As your reserve depositary, this
bank offers you perfect service and
liberal interest on your balances.
McCOY & COMPANY
Municipal and
Corporation Bords
$7,000,000
CAPITAL AND SURPLUS,
181 La Salle Street, Chicago
OTTO JULIUS MERKEL
BROKER
44 AND 46 WALL MEET. NEW YORK
INVESTMENT SECURITIES
Oorresimadease Invited.
The Commerce Court at Washington
All common carriers engaged in inter-State or foreign
commerce are required by law to keep hereafter an agent at
Washington for ser- ice of process.
For full information regarding this law, address
Bank and Trust Company Stocks
Torporation Trust Oa,
NEW YORK AND BROOKLYN
BOUGHT AND SOLD
CLINTON GILBERT
I WALL ST.. NSW YORK.
NEW YORK
CHICAGO
ST. LOUIS
BOSTON
PHILADELPHIA
@FedFRASER