Full text of Commercial and Financial Chronicle : September 2, 1911, Vol. 93, No. 2410

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IN C LU D IN G

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Week ending August 26.
C le a r in g s a t -

1911.

PUBLISHED WEEKLY.

Terms of Subscription— Payable in Advance

Clearings—Returns by Telegraph.
Week ending Sept. 2.

1911.

1910.

New Y o r k .............................- .....................
Boston ---------------------------------- ------------ Philadelphia ................................................
Baltimore..............— ....................... ..........
C h ic a g o ....... .......................................... —
St. Louis......................................................
New Orleans................................................

$1,202,873,214
103,870,438
111,655,040
24,099,061
205,947,731
52,400,632
14,260,423

$1,196,335,998
107,063,790
126,573,162
22,369,102
200,414,350
56,333,709
11,605,232

+ 0 .5
—3.0
— 11.1
+ 7.7
+ 2 .8
— 7.0
+ 2 2 .9

Chlcago................
Cincinnati--------Cleveland______
Detroit..................
Milwaukee...........
Indianapolis-----Columbus ...........
Toledo..................
Peoria..................
Grand Rapids. - ­
Dayton ................
Evansville .........
Kalamazoo.........
Springfield, 111..
Fort Wayne-----Youngstown-----Lexington............
A k ron ............ —
Rockford ...........
Canton............ —
South Bend_____
Springfield, O ___
Bloomington.
Quincy...........
Decatur ____
Mansfield____
Lansing.........
Saginaw-------Jackson-------L im a .............. —
Danville..............
Jacksonville 111.
Ann Arbor..
Adrian ----Owensboro .
Tot. Mid. West.
San Francisco___
Los Angeles_____
Seattle ................
Portland .............
Salt Lake C it y ..
Spokane........... ..
T a c o m a ................
Oakland...............
Sacramento_____
San D iego...........
S to c k to n ..............
San Jose................

Seven cities, five days.............................
Other cities, five days...............................

$1,715,106,539
442,769,8472

$1,719,695,343
431,476,924

—0.3
+ 2 .6

Pasadena..............
North Y a k im a-.

Total all cities, five d ays....................
All cities, one d a y .....................................

$2,157,876,386
485,632,418

$2,151,172,267
457,866,362

+ 0 .3
+ 6.1

$2,643,508,804 1 $2,619,038,629

1-0.9

Total P a cific..
Kansas C ity-----Minneapolis.........
O maha........... —

:Sor O no Yens: ........................................................................................................... 00
F or S ix M o n t h s .........
...................... ..........................................................................
E u rop ean S u b scr ip tio n (in c lu d in g p o s t a g e ).................................................. l o 0 0
E u rop ean S u b s c r i p t i o n six m on th s ( i n c l u d i n g p o s t a g e ) ...............................
7 oO
A n n u al S u b s crip tio n in L o n d o n (in c lu d in g p o s t a g e )............................... | 4s.
S ix M on th s S u b s cr ip tio n in L on don (in c lu d in g p o s ta g e )........................ * 1 I t s
C a nadian S u b s crip tion (in c lu d in g p o s t a g e ) ................................................. S l l » 0
S u b scrip tio n in c lu d es f o llo w in g S u p p lem en ts—
A \n k a n d Q u o t a t io n (m o n th ly )
) S t a t e a n d C it y (sem i-an n u a lly)
r a i l w a y a n d I n d u s t r ia l (q u a rte rly )
E l ec t r ic R a il w a y (3 tim e s ye a rly )
r a i l w a y E a r n in g s (m o n th ly )
|B a n k e r s ’ C o n v e n t io n (y e a rly )

Terms of Advertising— Per Inch Space
( I d a g a t e l in o s )..........................................
T w o M onths
(S t im e s )..............................
T h re e M on th s
(13 t im e s )..............................
g j j M o n th s
(2(5 t im e s )..............................
T w e lv e M o n th s (52 t im e s ).............................

t r a n s ie n t m a tte r p o r in c h s p a c o

r
.. n ..o i .,» Uo
)
S tan d in g B u sin ess Cards <
(

$ 4 20
22 00
2 1 )0 0
50 00
S7 00

C H I C A G O O F F I C E — P l i n y Bartlett,513 M o n a d n o o k Block: Tel. H a r r i s o n 4012

L O N D O N O F F I C E —E d w ards & S m ith , 1 D ra p e rs ’ G ard en s, E. c .
A V 1 L U A I I ES, D A N A C O M P A N Y , P u b l i s h e r * ,
P. O . llo x 9 5 8 «
F r o u t , P in o m id D e p e y s t e r S t s .,
N ew Y o r k .
Published every Saturday morning by W ILLIA M B. DAN A COM! A M ,
Jacob Seibert Jr.. President and Treas.: George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana, See. Addresses of all, Office of the Company.

CLEARING-HOUSE RETURNS.
T h e fo llo w in g ta b le , m ade u p b y te le g ra p h , & o., Indicates th a t th e to ta l
...

-L e

........l ,n .. o o «

.xt f l i o

T T n lin d

f o r ivp .n k p n r lln o *

$2diViiL 038,629 the co r re s p o n d in g w eek last y e a r.

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

Per
Cent.

T h e full details for the w eek c o v e r e d b y the a b o v e w ill be g iv e n n e x t S a t­
u rday.
W o c a n n o t furnish them t o -d a y , clea rin gs b e in g m ade up b y the
clea rin g bou ses at n o o n on S a tu r d a y , an d h ence In the a b o v e th e last d a y o f
th e w eek has to be In all cases e s tim a te d , as w e g o to press F r id a y n igh t.
W e present below d etailed llgu rcs fo r th e w eek e n d in g w ith S a tu r d a y ,
n o o n , A u g . 20. fo r fo u r years.
Week ending August 20.

Clearings at—
1911.

W a s h i n g t o n ------R o c h e s t e r ..............

F ra n k lin ____ . .
L a n ca ster______

1910.

Total Middle.. 1,654,085,308 1,596,640,371

New H aven.........

H o l y o k e ...................

Total New
.V o

le

Inc. or
Dec.

1909.

1908.

S
$
$
%
$
+ 4 .5 1,896,230,545 1,370,200,020
1.428,214,902 1.366,353,327
80,000,864
—4.1
115,813,877
113,747,778
118,646,301
41,754,713
36,708,890
47,923,752
— 7.3
44,418,291
19,784,773
24,918,727
26,942,169
+ 5.8
28,495,337
6,828,042
8,042,434
+ 6.4
8,312,906
8,559,178
5,263,503
5,414,882
4,360.615
4,598,077 + 17.7
3,860,612
5,049,880
+ 4.8
5,581,813
5,327,831
2,336,747
2,703,749
3,283,077
2,695,840 + 21.8
2,050,913
2,218,658
2,491,649
—4.8
2,372,010
1,350,159
1,804,519
1,548,283
+ 8.1
2,015.000
1,308,553
984.282
1,290,657
—0.3
1.287.206
807,159
1,067,978
1,060,967
+ 3 .5
1,104,739
1,209,380
874,805
1,277,760
1,227,204
+ 1.5
1,035,062
1,125,675
+ 1.7
1,218,975
1,662,434
875,353
1,114,751
— 1.3
1,195,999
1,100,000
1,212,077 + 10.1
1,086,710
1,309,197
1,331,568
011,701
798,864
— 3.2
705,980
773,105
512,822
685,357
775,975
—3.8
746,373
350.587
461,972 + 10.3
398,129
509,415
450,140
376,941 + 15.1
500,000
433,936
300,500
362,500 + 19.2
422,700
432,300
321,290
415,411
+ 1.2
419,279
420,575
200,000
+
3
.0
188,513
209,000
206,000
838,238 — 11.1
745,005
............

P r o v i d e n c e --------H a r t f o r d ................

Eng

125,998,447
6,216,500
3,184,683
2,236,371
1,829,672
1,660,267
1,838,135
736,11!
914,583
398,382
573,707

117,404,567
6,084,500
3,134,056
2,199,378
1,686,377
1.785,186
1,941,183
721,727
669,441
395,10!
411,880

145,592,809 1 136,466,711

+ 3 .6 2,114,334,255 1,545,389,280
110,405,118
121,906,270
+ 7.3
4,005,700
+ 2.2
5,743,100
2,130,588
2,700,877
+ 1.6
1,728,010
+ 1.7
2,023,911
1,569,000
1,522,469
+ 8 .5
1,291,687
1,500,000
— 0.7
1,052,643
1,300,852
—5.::
634,055
788,232
+ 1 .(
470,001
+ 3 6 .(
793,711
260,927
+ 0.8
383,237
357,766
+ 30.C
402,644
+ 6.7

139,085,311

124,511,495

. — F o r C a n a d ia n o le a r ln g s s e e " C o m m e r c ia l a n d M is c e lla n e o u s N i-w s ."




NO. 2410

SATURDAY, SEPTEM BER 2 1911.

VOL. 93.

.

Electric Railway Section
State and City Section

Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

S
239,675,544
21.0S0.900
17,410,092
16,396,915
11,596,142
8,726,153
4,712,200
3,500,904
2,839,889
2,175,966
1,601,909
1,857,229
600,115
976,164
892,962
1,023,962
793,154
1,267,400
700,183
916,006
477,660
412,281
641,571
533.191
430,951
355.841

D e n v e r ......................
S t . J o s e p h ..............
D e s M o i n e s ...........
S io u x C i t y ..............
W i c h i t a ...................
D u l u t h ......................
T o p e k a ...................
L in c o ln __________
D a v e n p o r t ..............
C ed ar I t a p ld s .. .
C o l o r a d o S p r in g s
F a r g o ......................
S io u x F a l l s ...........
P u e b l o ...................
F r e m o n t ................
W a t e r l o o ..............
H e l e n a ...................
A b e r d e e n _________
H a s t i n g s .................
B i l l i n g s ...................
T o t. o th . W est.
S t . L o u i s .................
N e w O r l e a n s ------L o u i s v i l l e ...........
H o u s t o n ..............
G a lv e sto n . . —
R i c h m o n d _____
A t l a n t a ...................
M e m p h i s ................
N a s h v ille -----------F o r t W o r t h ...........
S a v a n n a h ..............
N o r f o l k ---------------B i r m i n g h a m ------K n o x v i l l e .............
C h a tta n oog a . . .
J a c k s o n v i l l e _____
M o b i l e ........... —
A u g u s t a ................
L it t l e R o c k _____
C h a r l e s t o n ...........
O k l a h o m a ...........
M a c o n ...................
W i lm in g t o n . N .C .
A u s t in .....................
V i c k s b u r g ------J a c k s o n ..............
M e r i d i a n ______
T o t a l S o u t h e r nn
T o t a l a l l ...............
O u tsid e N . Y .

.

1910.
S
235,264,903
19,728.650
16,721,513
14,267,890
11,206,723
8,175,262
4,902,300
3,355,652
2.644,090
2,097,941
1,611,885
1,874,349
530,835
857,000
778,937
857,844
566,845
845,000
702,351
937,014
482,491
395,918
563,077
560,683
468,509
499,815

Inc. or
Dec.

%
+ 1.9
+ 6.9
+ 4.1
+ 14.9
+ 3 .5
+ 6.7
— 3.9
+ 4.3
+ 7.4
+ 3 .7
— 0.0
—0.9
+ 13.1
+ 13.9
+ 14.0
+ 19.3
+ 3 9 .9
+ 5 0 .0
+ 0.5
—2.2
— 1.0
+ 4.1
+ 13.9
— 4.9
— 8.1
— 28.9
— 10.0
+ 1.4
577,070
585,000
305,000 + 31.1
400,000
373,509 — 10.4
334,791
331,126 + 17.2
388.128
—0.8
201,717
259.684
— 6 .2
139,324
130,631
34,595 — 30.3
24,110
319,680 + 15.9
370,435
+ 3 .2
344,409,069 333,589,528
41,794,704
— 0.8
41,454,436
+ 8.0
14,111,051
15,240,358
11,624.002 — 11.4
10,296,203
7.900.S09 + 10.9
9,294,201
+ 7.4
5,005,553
5,373,605
—4.2
3,680,359
3,530,053
5.461,279 — 29.2
3,869,945
2,474,858 + 12.4
2,784,609
1,193,461 + 3 1 .4
1,568,656
1,213,380 + 2 7 .8
1,550,000
690,357 + 10.2
802,122
+ 5.1
510,999
537,194
717,488 — 12.6
627,516
547,956 + 15.4
632,288
405,086 — 14.8
344,981
229,621 + 21.3
278,514
+ 0 .6
97,567,563
98,184,681
—4.3
44,500,211
42,573,761
16,781,414
19,172,894 — 12.5
— 7.4
14,071,869
13.028,134
+ 0.3
9,625,232
9,655,816
—3.2
7,750,110
8,003,725
5,697,682
5,125,651 + 11.2
3,049,350 + 10.6
3.371,407
2,456,750 — 10.3
2.204.947
+ 1.6
3,090,601
3,139,874
3,871,669 — 14.4
3,313,642
1,079,830 + 3 4 .8
1,455,903
+ 0.2
1,257,738
1,260,155
— 1.4
1,231,000
1,213,258
749,468 + 3 1 .4
985,000
— 6.7
664,189
619.609
540,426 + 17.7
636.219
800,000 — 28.2
573,987
456,617 + 19.9
547,363
— 8.0
314.777
289,647
+ 20.4
— 9 .8
1,038)714
936J85
— 21.4
— 21.6
1121591 + 50.2
175!000
— 4.0
122,662,504
117,724,062
57,982.974
+ 9.1
63,259,759
13,365,865 + 23.5
16,502,632
— 5.1
10,918,854
10,362,44c
— 6.0
14,803,530
13,832,119
7.167.50C + 17.4
8,417,50(
5,282,S9( + 16.!
6,176,343
6,489,86! + 28.1
8,314,18:
+ 5.1
3,434,28!
3,608,043
+ 9.9
3,650,0(X
3.685.99C
4,259,320 + 10.!
4.722,791
2,983,33! + 66.
4,959,281
+8.
2,335,887
2,002,79!
— 1.1,973,927
1,493,64+ 3 .f
1,550,001
1.563,72
+ 25.<
1,954,59!
+ 4 1 .:
1,712,651
2.419,31!
— 18.' '
1,175,05'
964,38!
1.358,SO,
1,385,001
+ 1.<
1,109,30' 1 —3.
1,133,05
1,051,98*
1,036,31 :
+L
1,636,24
2,224,00 ’ — 26. !
2,254.19
547,67 + 312. )
395,38 1 + 1 9 .
472,49 )
1,185,70 1 + 5 5 .
1,840.37
154,78 1 —0. l
154,64 )
255,00 )
+2, 5
261,04 )
175,00 9 + 1 4 . l
200.00 0
149,124,22 2 + 1 1 . 0
1 6 5 ,6 1 8 .6 6 1
+ 3 .7
2.525.014 653 2,436,056,89 9
+"2.6
1,097.399.091 1.009.703.57 2

1909.

I

1908.

S
247,607,099
22,093,050
14,589,920
12,532.373
10,413,547
6,668,187
6,001,000
4,469.508
2,372,759
2,120,998
1,489,088
1,495,780
557,866
1,000,000
856,923
922,334
570,658
600,000
595,209
665,291
435,248
381,471
405,941
418,573
363,856
280,629

S
202,150,283
19,700,450
13,155,146
9,733,229
9,496,357
6,055,172
5,015,900
4.553,856
2,202,815
1,760,366
1,092,536
1,383,113
397,236
760,000
620,671
553,799
486,100
540,000
541,994
300,000
327,141
327,583
371,810
453,761
349,597
405,839

431,103
287,188
292,581
309,129
249,634
149,196
25,564

220,000
241,000
216,809
246,079
77,391
22,432

341,652,363
33,339,486
12,653,225
11,785,723
6,078.543
6,597,093
4,459,106
5,223,028
1,561,128
1,035,135
914,000
600,064
444,684
451,215
450,000
298,519

283,758,465
32,775,434
7,997,691
7,631,595
5,313,928
4,090,980
2,586,304
3,952,872
1,320,850
787,409
703,000
498,198
469,857
433,755
______
188,664

85,890,859
44,322,345
13,891,414
13,496,395
10.393.753
6,989,552
5,373,451
3,136.761
2,238,044
2,412,432
3,212,016
1,176,677
1,133,959
1,130,207
776,519
918,466
509,077
461,000
497,614
308,705

08,750,537
34,865,618
15,914,533
10,577,548
8,426,036
7,133,889
4,215,953
2,103,076
1,531,823
1,177,892
_____ _
1,021,954
941,413
761,841
691,364
605,000
438,522
410,000
402,803
280,726

823,720

969.354

137,588
137,469
92.906,933
113,400,782
48,677,947
57,140,381
10,339,230
13,071,474
9,207,582
9,992,313
10,563,354
10,709,272
6,040,500
5,026,000
4,250,000
6,200,000
2,646,869
5,286,351
2,498,339
3,188,317
2,221.216
3,601,010
3,860,883
5,204,857
3,000,000
3,506,779
1,475,653
2,106,937
1,424,502
1.674.727
1,278,108
1,650,53!
982,966
1,057,04;
1,066,853
1.367,16!
1,228,218
1,140,84'
769.683
1,084,291
834,872
941,78
719,265
810,54* :
866,574
1,550.00
350,755
700,00 )
234,684
293,64 !
407,613
540,81
125,529
136,48
335,000
236,00 9
152,94 4
............
138,370,52 3 115,605,934
2,932,734.09 2 2,230,922.644
1,036,503,54 7 860,722,618

554

THE CHRONICLE

[VOL. L X X X X I I I .

with safety to the best interests of producer and con­
THE FINANCIAL SITUATION.
sumer. * * *
The most rational discussion of the Anti-Trust Law
All these schemes for control by executive action,
that has come to our notice recently is contained in whether permissive or prohibitive, whether exercised
the annual address delivered at Boston on Wednesday by the 1 resident or by any subordinate authority, are,
before the American Bar Association by William B. I submit, lepugnant to our American traditions and
Horn blower of this city. The fact that Mr. Horn- principles. * * * If this is to become a govern­
blower is a distinguished lawyer of wide legal attain­ ment by Executive edict or by bureaucratic domina­
tion, the days of republican institutions are certainlv
ments makes what he has to say on the subject of numbered.
Anti-Trust Legislation and Litigation” all the more
The foregoing .characterization is none too strong
impressive. He defends the U. S. Supreme Court
or too severe. What this critic has to say regarding
against the attacks that have been made upon it be­
the statute itself is also illumining. He indorses the
cause of its opinions in the Standard Oil and American
attitude of the U. S. Supreme Court in saying that the
Tobacco cases, and shows that a literal interpretation
law must be construed by “ the rule of reason.” He
of the statute would create havoc in the business
points out that the statute never has been and never
world. But we like still more his characterization of
can be literally and strictly applied. To so apply it
some of the substitute propositions which have been
would produce chaos in the business world. The
suggested to provide relief from the existing situation.
statute must be applied not according to its language
The meaning of the statute has been involved in such
but according to its reasonable meaning, or else it be­
uncertainty that our industrial leaders have been re­
comes
the instrument of injustice and of ruin to the
duced to a state of abject helplessness. In this frame
mercantile community. The test as laid down by
of mind they have been giving consideration to
Chief Justice White in his opinions in the Oil and To­
thoughts which under other circumstances they would
bacco cases is that contracts are within the statute
never have seriously entertained.
which
“ unduly” restrain trade. It is quite true,
In the last analysis the Anti-Trust Law must be
argues Mr. Hornblower, that this word apparently in­
condemned because it is a meddling with the laws
jects into the statute a test which the statute itself
of trade, which are superior to the enactments of any
does not apply. By the insertion of this word “ un­
human functionaries. But some of our industrial
duly,” however, the statute is made logical, easong
leaders are actually proposing more meddling— and
able and enforceable. To be sure,the test of what is
meddling, too, in its most vicious form. In other
a due or an undue restraint of trade is left an open
words, while the country is suffering from too much
question, which the Court must decide in each case
Government regulation and interference, these same
as it comes up, upon the facts and circumstances of
leaders propose still wider interference. They would
that case. But, Mr. Hornblower well observes, the
fling themselves completely into the arms of the
same is true of a vast number of other matters which
Government. They would have the Government fix
are the subject of litigation. Where a hard and fast
and determine prices, and would have a Government
rule cannot be applied, then it is necessary that dis­
bureau or commission pass judgment upon all trade
cretion should be allowed to the courts in determining
propositions and agreements. They are seeking im­
between what is lawful and what is unlawful, what
munity from further legal attack, and this makes "them
permissible and what not permissible. After all, he
blind, apparently, to all ulterior consequences.
says, the whole basis of our Anglo-Saxon jurispru­
Apart from the inconsistency of seeking to invest
dence rests upon the discretion and discrimination of
the Government with additional control over the activi­
the courts, who work out for the community the rules
ties of the business community when the country is
of public policy guided by the light of reason. Better
suffering so seriously from past unwise action on the
far, he declares, the discretion of the courts than the
part of Government, it must be obvious to every
discretion of the Executive.
thinking person that in the contingency supposed
Thus the recent decisions of the Supreme Court
everything would be dependent upon Government
mark progress after all. While the maxim that
favor and the business man would have to surrender
“ competition is the life of trade,” says Mr. Horn­
completely his independence. Even if we could im­
blower, is in a certain sense a correct proposition, yet
agine the absence of graft and dishonesty, the mere
there is a point at which competition becomes the
say-so of a Government official or set of officials, with
death of trade. It may well be that two competitors,
no special qualifications for the task, would control all
carrying on business in competition with each other,
the business activities of the day. In such a state of
may engage in such ruinous competition by cutting
things the last stage would really be worse than the
prices, or otherwise, that one or the other must neces­
first.
sarily be driven to the wall. Undue competition may
It is a time for holding fast to principle. There
thus lead to monopoly, while a reasonable regulation
was never more need for it than at the present moment.
or a reasonable agreement between the competitors
It is this which gives emphasis to what Mr. Hornblower
may prevent monopoly. A rigid and drastic statute
has to say in disapproval of the suggestion for extend­
over-reaches itself, while a reasonable and just statute
ing Government control. Here are his remarks on
which
is readily enforceable, will accomplish beneficial
that point:
results. Prohibition of all combinations and of all
“ Another suggestion has been recently exploited and restraint of trade is unwise. Civilization means co­
has the support of able advocates, namely the creation operation, co-operation means combination, combi­
by the Federal Government of a commission or a num­
nation means restraint of competition.
ber of commissions who shall have power to regulate
It is evident that Mr. Hornblower thinks that as
prices of articles of inter-State commerce. *
*
To my mind this is an appalling suggestion. The im­ now interpreted the law is capable of being enforced
agination is staggered when one undertakes to think and in this many careful thinkers agree with him. He
out soberly and calmly what the suggestion means. * would, however, modify the criminal features of the
*
Nothing short of omniscience can enable such Act, except so far as they might apply where there is
a commission to perform its work with intelligence and
plain violation of the moral law. He does not hesitate




Se p t .

2

1911.]

THE CHRONICLE

to say that the sweeping penal provisions of the law
are unwise and unjust, and should be made more
limited in their scope and much more definite and
certain. Penal statutes involving personal punish­
ment, which are not based on moral distinctions, he
condemns as wrong in principle. There may be, how­
ever, and frequently are, acts of moral turpitude
committed in the creation or in the conduct of com­
binations in restraint of trade. Such acts of moral
turpitude, if properly defined in advance, may well be
made criminal. He mentions as instances of such
acts of moral turpitude the use of unfair means to
suppress competition and to crush out rivals, and
agreements with competitors to raise prices or to
restrict production. To make “ restraint of trade”
criminal, irrespective of its character and purposes,
and irrespective of the methods pursued to accomplish
these ends, is to punish alike the intentional malefactor
and the honorable and upright business man who has
been guilty only of a technical violation of a prohibi­
tory law.
We do not see how any one can take exception to the
definition here laid down and the distinction made
between acts that are criminal in their nature and acts
that are innocent. The United States Supreme Court
has never been called upon to interpret the criminal
provisions of the Anti-Trust Law, but here, too, the
test of reasonableness laid down in the recent decisions
would be helpful in preventing injustice. Mr. Hornblower’s criticisms and remarks are clearly construc­
tive in character, and his address furnishes a most
useful contribution to the discussions of the day on the
subject.
We deal with the demands upon the Western roads
by their shop employees in a subsequent article.
One might suppose that the union leaders would
select times of apparent general prosperity for their
strikes, on the assumption that when industry is
thriving, it can better afford concessions, and, more­
over, will be particularly loth to lose any time when
time means money. On the contrary, these leaders
seem to like the part of stormy petrels, and appear
to argue that when capitalists and employees are in
unusual stress and trouble they will have no spirit
left to opppse any further accession to their woes.
At least, now that the railroads have had extorted
from them wage advances which they could ill afford,
and have been denied any advance in rates and have
even had their rates cut down, these shop employees
on the Western lines demand an increase. Their
spokesman in the Federation of Labor frankly recog­
nizes and sums up the railroads’ position as noted
last week, but couples this with the familiar demand
and threat.
They demand a reduction of hours and a wage
increase ranging from 15 to 28 per cent; yet they
say that wages form a minor consideration, the main
thing being recognition of the union. Since this
recognition is not a complimentary figure of speech,
or a mere turn of words, it must be intended to mean
something substantial in respect to the position
of the men as to wages and terms for the future.
These Western Federationists demand a closed
shop, the restriction of apprenticeship, &c., &c.
Piece work, premium or bonus systems, and every­
thing which incites a man to larger quantity or quality
of work than the others, are to be prohibited. Thus
all the theories spun out before the Inter-State Com­
mission, a few months ago, by Mr. Brandeis and




555

others, about economies to be wrought through
scientific management and to be an offset to wage
advances, are to be answered as good observers knew
the unions would answer them. Foremen are to get
their places by promotion from the. Federation em­
ployees in the shops; no investigation as to health,
competency or conduct shall be made as a condition
of hiring; when reduction in force becomes necessary
(supposing the Federated employees will ever permit
any reductions), the committees of the employees, not
the employers, shall designate the men to be laid off,
and it is presumable that the union standing might
be taken as a guide to the selection.
This leaves the employer (the railroads in this
instance) the privilege of paying the wages, if the
necessary funds can be had. If anything else could
be added to complete the surrender of control into
the hands of the “ recognized” union, we mustsuppose
it was accidentally overlooked and^will^be mentioned
subsequently.
Such demands, made as a condition of peace, are
not to be considered seriously, but two things about
them may be pointed out. One is that as respects
railroads there is more than a financial side, there is
the paramount problem of the public safety. A
railroad must be kept and operated under the strictest
discipline, more like that in an army than elsewhere;
an indifferent public may say that the roads must
settle their own troubles and must not lessen public
convenience by an interruption of service, whatever
happens; but public safety must not be lessened, and
anything which tends to impair discipline lessens
safety. Loss of control is loss of discipline; argument
on such points is superfluous.
h
The second thing to be pointed out is that this
progressive sweep and assertiveness of labor demands
is the natural result of dallying with them in the past.
The employer wishes to leave unionism to the individ­
ual man and to make efficiency, not union member­
ship, the test; the unions demand that he shall make
employment conditional upon membership.
The
conflict between the closed shop and the open one is as
distinct and irrepressible as that between slavery and
freedom. This is a good time for determining the
issue. .
Cotton-crop conditions in the United States on
Aug. 25, according to the report of the Department of
Agriculture, issued at noon yesterday, while showing
for the country as a whole a quite striking deterioration
from July 25, was nevertheless higher than at the
same time in 1910 or 1909 but slightly below the tenyear average. The report makes the decline from
July 25 15.9 points, the average for the belt at the
latest date being stated as 73.2, against 89.1 a month
earlier. On Aug. 25 last year the average was 72.1;
in 1909 it was 63.7 and the ten-year average is stated as
73.5. The deterioration during August, it appears,
was shared in generally, although in varying degrees,
and while in some sections it is to be ascribed to dry or
hot weather, or both, in others excess of moisture is
given as the operating cause, unofficial reports to that
effect coming from districts' along the Gulf and from
Arkansas. As the Department’s report covers the
period down to Aug. 25, it is important to remember
that about that time, and since, the Government weekly
weafher report and private advices have indicated the
fall of good rains and lower temperature in Texas and
Oklahoma, from which States reports of injury from
drought and heat were most persistent; and it is but

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THE CHRONICLE

[VOL. L X X X X I I I .

reasonable to suppose that the plant has benefited at ships fired a parting salute, thus signalizing the ter­
least, if in no other way, in the arresting of deteriora­ mination of a visit which has left the pleasantest
tion. Along the Atlantic, also, where rain was needed, of impressions and which should bear invaluable fruit.
there have been beneficial showers.
Another happy augury for the maintenance of har­

Impairment of the cotton plant during August is
generally looked for as a result of adverse conditions,
such as those referred to above, but there was noth­
ing in the advices which had been received to indicate
the abnormal drop this latest Government report
shows. Accordingly, there is a disposition in wellinformed circles to consider that the situation in
many of the States is much better than the Aug. 25
condition percentages would lead one to think. In
other words, there is a quite prevalent belief that the
extent of the injury has been much exaggerated, a
tendency in that direction having been recently fos­
tered by the agitation started for the maintenance of
high prices for cotton. Going back in the record, we
find no year in the last quarter of a century where so
great a decline in condition occurred in August, except
in 1902, and then there was evidently a great amount
of exaggeration. In fact, condition in that year on
Aug. 25 was given as only 64, dropping to 58.3 Sept. 25,
the lowest for the date on record, and yet the yield
reached 10,758,326 bales from an area of 27,300,371
acres, or an average of 192 lbs. lint per acre. The cur­
rent season the area is over 3 7 ^ % greater than it was
in 1902, and condition on the 25th of August 9.2 points
higher.
Comparing the present season with 1902, therefore,
and ignoring the better current condition, there is
reason to expect a crop in excess of any heretofore
raised. As already stated, too, since the date to
which this latest report is brought there has been relief
in many sections from the adverse conditions previously
prevailing. It is not our purpose to speculate as to
the ultimate outcome of the crop, as too much depends
upon future weather, and particularly the time of oc­
currence of killing frost; but at the moment there ap­
pears to be no cause to expect that the yield will not
be ample for all requirements, and more particularly
so if a comparatively high range of values is main­
tained.
Few foreign visitors have been accorded greater
honors than those which our Government and people
have lavished upon Japan's famous naval hero,
Admiral Togo. The unrestricted cordiality of his
official and popular reception throughout his sojourn
must have convinced the Mikado’s representative that
all the loose talk of war with his country has had no
solid foundation whatever among any class in the
United States, and the earnest invitation extended by
President Taft to join the international arbitration
movement should receive favorable consideration by
Japan. The visit of Admiral Togo, indeed, has been
full of encouragement for those who are everting
themselves publicly and privately to bind the nations
together in bonds of peace. On the eve of sailing from
Seattle on Tuesday, the Admiral, in reply to a fare­
well greeting from the President, expressed his “ deep­
est gratitude for the great honor” done him and
his “ highest appreciation of the most cordial and
friendly welcome which your Government and people
have so kindly accorded me during my stay in this
country.” An escort of American warships accom­
panied the Admiral’s vessel, the Tambci Maru, and
a Japanese organization had chartered boats to follow
the distinguished visitor down the Sound. When in­
ternational waters were reached, the American war­




monious relations between the United States and
Japan lies in the selection of Ambassador Viscount
Uchida as Minister of Foreign Affairs in the new
Cabinet which Marquis Saionji has just formed in
succession to the Katsura Ministry. The Japanese
Ambassador’s two years’ stay in this country has
enabled him to gain an insight into American condi­
tions, the American temperament and the real aims
of American statesmen, so that in handling whatever
matters may arise during his term of office the new
Minister will be able to act with mature wisdom,
to ignore (if need be) irresponsible manifestations of
racial prejudice and to promote the far-seeing inter­
national policy of President Taft. The personnel of
the Saionji Cabinet, the second formed by that
Constitutional leader, is as follows:
Premier, Marquis Saionji; Home Affairs, Kei Hara;
Finance, Tatsuo Yamamoto; War, Lieut.-Gen. Ishimoto;
Navy, Vice-Admiral Minoru Saito; Agriculture and Com­
merce, Baron Noboaki Makino; Communications and Minis­
ter of Foreign Affairs pro tern., Count Tadasu Hayashi;
Justice, Masahisa Matsuda; and Education, Sumitaka
Haseba.
Viscount Yasuya Uchida, the Ambassador to the United
States, will be appointed Minister of Foreign Affairs after
his arrival at Tokio.
Count Katsura, the retiring Prime Minister, has been
created an Elder Statesman.

On. the sixth anniversary of the declaration of peace
between Japan and Russia the two emperors exchanged
telegrams of felicitation upon the settlement of various
indemnity claims left as an aftermath of the struggle.
The demands were chiefly on the part of Russia, and,
in order to secure their final adjustment, Japan re­
versed the decision of her own prize court and handed
over the Russian hospital ship, “ Angora,” and the Red
Cross ship, *‘ Orel.” The Japanese Emperor referred to
the action taken as “ an evidence of the sentiment
of unalterable friendship I feel for Russia,” and
added: “ I am sure that Your Majesty will graciously
share my conviction that the settlement will con­
tribute to consolidate still more the good relations
existing between our two countries.” The Czar, re­
plying, said: “ Thoroughly sharing as I do your
Majesty’s sentiments, I see in the handing over of the
Angora fresh proof and a most potent pledge of our
reciprocal friendship.” The studious cultivation of
closer relations between Russia and Japan is one of the
most significant phases of current Oriental politics.

The Progressive Party in Mexico has unanimously
nominated as first President of the reformed republic
the successful leader of the revolt, Francisco I. Madero,
whose election would seem to be assured unless some­
thing wholly unexpected happens. Complete tran­
quillity has not yet been restored in every State,
notably in Morelos, nor is there absolute harmony
within the ranks of the Progressives on either the
subject of men or measures. There has been a bitter
fight in this week’s convention over the selection of a
candidate for the Vice-Presidency, and an amendment
to the platform was adopted providing for the intro­
duction of a bill in Congress to abolish the office of
Vice-President. The platform, inter alia, pledged the
candidates to the abolition of compulsory military
service, abolition of the death penalty, direct elections,
repatriation of Mexicans and the colonization of Lower
California. On Thursday Madero appeared before the

Se p t . 2 1911.]

THE CHRONICLE

convention and was the recipient of a tremendously
enthusiastic ovation at the hands of the 1,500 dele­
gates. He pledged himself to carry out the platform
drawn up and gave an assurance that he would retire
from the Presidency at the end of his term. General
Reyes, who, with the acquiescence of Madero, was
nominated in opposition without the formality of a
convention, has also declared in favor of the no-re­
election principle. The program announced by Reyes
is not radically different from that of the Progressives.
However, a more or less stormy campaign is feared,
though Provisional President de la Barra is striving in
every way to insure moderation on the part alike of
the candidates and the electorate.
K

---------------

No definite statement can yet be made, unfortun­
ately, that Germany and France have arrived at a
modus vivendi for the settlement of their differences
over Morocco, but the latest advices agree that
Germany is evidently preparing to accept the con­
cessions France is willing to grant in French Congo,
and nervousness throughout Europe has somewhat
abated. The French Cabinet met at the Rambouillet
residence of Premier Caillaux on .Thursday, when,
after hearing a detailed account of the negotiations
from Foreign Minister Justin de Selves, final instruc­
tions were given Jules Cambon, the Ambassador to
Berlin. According to semi-official newspaper reports,
France has drawn up a strong, unequivocal document,
stating clearly what terms will be accepted, and
leaving no doubt what their rejection will mean.
If Germany acts in a conciliatory manner, this will
not be classed as an ultimatum, though, strictly
speaking, the stand taken may, it is stated, be so
construed if Germany really desires war. The onus
of averting a sanguinary rupture has now been squarely
placed upon the German Emperor and his advisers.
From the fact that the press of the Fatherland is
refraining from criticising France and deluging Britain
with abuse for having interfered, the comforting
thought springs that the two Continental neighbors
will patch up their quarrel and that Anglophobia will
be freely, but harmlessly, indulged in by Germany.
Such an outcome would contain elements of satis­
faction for all concerned.
The Belgian Government caused some excitement
by suddenly, and somewhat spectacularly, strengthen­
ing its garrisons on the French and German borders.
It does not appear, however, that the Belgian War
Department had any exclusive knowledge of an
alarming nature; the Ministry seems simply to have
taken advantage of the opportunity to indulge in an
outburst of energetic defensive action.
Germany, by following a militant course now, would
play temporary havoc with the constantly broadening
movement towards international arbitration. But
in view of the friendly reply of the German Government
to the American proposal for a general arbitration
treaty, it is scarcely probable that Emperor William,
after preserving peace for a generation, will choose the
present as an ideal moment for plunging his country
into all the horrors that would attend the conflagration
thus ignited. No official announcement has yet come
from Washington concerning the text of Germany's
reply to our Government, but it is understood that the
point has been raised that, while the treaty, as now
framed, would bind Germany to arbitration, the United
States would be bound only on condition of the
Senate's approval. The adjournment of Congress




557

without having acted on any of the peace treaties
will permit of further negotiations with, if necessary,
the European Powers, and between the Administration
and Senate leaders. President Taft is by no means
discouraged over the prospect. He told the American
Bar Association on Thursday that "Arbitration of
disputes between nations is coming slowly but surely
coming.”
The Royal Commission appointed to investigate the
British railway strike held its first session on Monday,
when the first witness was Secretary Williams of the
Amalgamated Society of Railway Servants. He
complained of the delay and expense of having cases
disposed of by the conciliation boards, saying that it
had cost his society $138,165 to bring arbitration
proceedings before these boards. On this occasion
the task of effecting a settlement of all points under
dispute is being vigorously pursued. Early in the
week murmurs were heard of fresh trouble, particularly
on the Great Eastern railway, owing to the company's
refusal to reinstate all the strikers in their old positions,
a plan which would have involved a reduction in rank
of many employees who remained loyal during the
trouble. But the Board of Trade on Thursday evening
succeeded in inducing the company to reinstate its
men and this averted another strike.
On the Continent the popular discontent, which
evidently has taken possession of the people in many
countries has not this time led to a general strike, but
in France there have been serious, widespread and
sustained riots because of the high prices of food.
The situation is in reality due mainly to the shortage
of the crops, but the populace are venting their
vengeance on dealers, growers and others. One of
the first outbreaks occurred at Brest and the prices of
butter and eggs were at once reduced. Many villages
in Northern France were attacked by huge processions
of women who wrought destruction to farms, dairies
and vegetable gardens and also attacked butchers’
and grocers' shops. At one place (St. Quentin)
eighty stores were sacked before the police could
disperse the rioters. The Government sent cavalry
to the disturbed area. On Thursday the agitation
invaded Paris, though the police succeeded in main­
taining order. The Minister of Agriculture has been
instructed by the Cabinet to investigate the underlying
cause of the high prices now charged for food. The
advance is not confined to France, we might add.
The London "Economist's” index number during
August showed the unusual rise of 39 points, while in
this country a similar tendency has been shown.
Along with the development of the varied resources
of Japan there has also been extending of its railroad
mileage. Ten years ago in 1901 the railroad mileage
of the country was 3,855, of which 949 miles were
under Government control and 2,905 miles in privatehands. By 190G these totals had increased to 4,783
and 1,531 and 3,251, respectively. In the meantime
the Government was considering plans for promoting
the economic advantages of the transportation
industry of the country and concluded that a most
important step in that direction would be the national­
izing of all private railways except small local lines.
Bills were therefore prepared (the Railway National­
ization Law and the Keifu Railway Purchase Law)
and they received the approval of the Imperial Diet in
March 1906. Under the laws as passed, seventeen
railway companies, with aggregate mileage of 2,823

558

THE CHRONICLE

miles, have since been purchased and there has also
been a moderate amount of new construction, so that
in 1910 the State actually controlled 4,624 miles
out of a total of 5,130 miles open to traffic. Further­
more at that time there were 413% miles of road
under construction.
Within the past few weeks consular representatives
of the United States in Japan have furnished much
interesting information as to the railroad situation in
Japan. It would seem that in connection with the
plan to unify the Government railways and establish
the so-called “ network of transportation lines,” 101
applications to build narrow-gauge railroads have
been made and 47 licenses to construct have been
issued, the expenditures under which it is reported
will reach $21,000,000. The Government, moreover,
it is stated, proposes to build a number of new broadgauge lines and to broaden the gauge of lines now
under its control at an estimated outlay of $147,­
733,684, spread over the years from 1912 to 1939,
inclusive, rising from $3,884,600 in the earliest year
to a maximum of $15,851,340 in 1921 and 1922.
The new construction provided for is to be completed
by 1923, and thereafter the annual outlay for repairs
and broad-gauging is expected to vary from $971,000
to $2,191,200. Incidental to these plans of the
Japanese Government it may be noted that the
manager of the Japan Rolling Stock Co. is reported
to have said recently that the amount of rolling stock
which would be required in the near future as a
result of the expansion of the railways will be very
large. He in fact estimates the new equipment to
be placed on the roads between 1910 and 1923 at
more than 500 locomotives, 750 passenger cars and
9,300 freight cars.
The foregoing, of course, refers entirely to “ steam
railways, but coincidentally there has been a decided
expansion in electric tramways in Japan. In 1901,
according to official statements, there were in the
country only 9 companies, operating 48.34 miles of
road. The mileage had increased to 147% in 1905
and in 1910 reached 363% miles, with a further 230 1-3
miles under construction, and over 100 miles of line
projected.
Strong discount rates have ruled at London, Paris
and Berlin, owing chiefly to the monthly settlements,
and, in the case of London, to the important Stock
Exchange settlement and the shipment on Thursday of
fully $3,500,000 gold to Brazil. How far political
uneasiness concerning Morocco has influenced Euro­
pean bankers is problematical; the best opinion here
is that the way has been opened up for a peaceable
settlement. The open market discount rates in Lon­
don are at least on a level with the Bank of England's
minimum charge of 3% . For spot bills the rate
yesterday was advanced to 3% for both sixty and
ninety day bills and to 3 % % for all bills to arrive,
the latter quotation indicating that dearer money
is expected in England despite the very sound
position of the Bank. After naming lower rates,
Paris on Thursday demanded 2 % % for accepting bills.
This action was explained by the poor statement
issued by the Bank of France. A decrease of $3,230,­
000 in gold and silver was accompanied by an expansion
of $48,000,000 hi notes in circulation and upwards of
$64,000,000 in the amount of bills discounted, showing
clearly that the month-end demands were heavy.
Berlin has raised its spot rate to 3 % % and will not con­
sent to receive billsj^next week below 3 % @ 3 % % .




[VOL. L X X X X I I I .

Money there has commanded 4% , and as a conse­
quence borrowing has been arranged in New York,
where ninety-day loans are procurable at 3 % % .
Amsterdam remains at 2 % % . At Brussels the quo­
tation has moved up to 3 % % . There were no
changes in official rates in Europe, but the Bank of
Bengal, after a series of reductions, advanced its rate
from 3 to 4% . ‘
The Bank of England was allowed to take about
£700,000 new gold in the open market on Monday at
the minimum price of 77s. 9d. per ounce, and a
consignment of £100,000 went to India. The weekly
statement, drawn up at the close of business on
Wednesday, but not issued until Thursday morning,
disclosed an increase in bullion of £799,002, but loans
expanded £1,608,000 and public deposits increased
£2,723,000, against a decrease of £735,000 in ordinary
deposits, causing the ratio of reserves, to liabilities to
decline from 57.12% last week to 56.33% this week—
a proportion about 5% above the corresponding total
for the last decade and the highest at this time in
recent years. Our correspondent informs us by
cable that the Bank’s stock of bullion now stands at
the remarkably high figure of £41,732,464. Thurs­
day’s withdrawal of gold for Brazil need not, therefore,
cause London any apprehensions. The institution
faces the increased banking demands of the autumn
season unusually well fortified, and as the private
discount rate is now about 3% , there is little danger of
immediate borrowing by New York or other foreign
centres. Our special correspondent also furnishes the
following details of the movements into and out of the
Bank for the Bank week: Imports, £723,000 (of which
£20,000 from France and £703,000 bought in the open
market); exports, £214,000 (of which £200,000 to
Constantinople and £14,000 to Gibraltar), and receipts
of £290,000 net from the interior of Great Britain.
The September 1 payments were arranged locally
without causing a ripple in the money market, whereas
in certain former years the agricultural demands at
this season have been so onerous as to force rates up
at the month-end. This year shortened grain crops
will presumably lessen the demand upon the East,
and dull trade will likewise restrict the call for funds.
Nevertheless credit must be given the more important
New York institutions for managing their affairs dur­
ing the last few years with greater regard for the gen­
eral welfare and with less dependence upon the Gov­
ernment to help them out of any uncomfortable posi­
tion in which they might, in the crop-moving season,
find themselves. The old plan of relying upon the
Secretary of the Treasury to come forward with funds
whenever stringency arose was objectionable on many
grounds, not the least of which was the encouragement
thus afforded metropolitan bankers to grant facilities
without due regard for the legitimate demands which
they well knew would later have to be faced. This
year the principal banks and trust companies have
acted with proper conservatism, a course which they
to-day have no reason to regret. During all the stress
in the stock market last month not one word was
heard of any imminent banking troubles; it was,
indeed, the general knowledge that the banks were
sound and money easily obtainable on approved col­
lateral that went far, despite the enormous shrinkage
in values, to prevent demoralization. At no time was
there a panicky feeling, nor did money rates reflect
excitement. The strength of the banks was every­
where understood.

Se p t . 2 1911.]

THE CHRONICLE

559'

Speculative borrowing has dwindled to almost the from having been definitely settled, unless it be that
vanishing point. Lenders and borrowers alike are the old method, improved by greater vigilance on the*
content to do nothing. The withdrawals of currency part of the railroads, be continued in force, a course
for interior purposes arc setting in, moderate ship­ that is not wholly improbable. Such cotton bills
ments having been made this week to the South as have already come forward this season have been
and smaller amounts to the West. Yesterday one so handled.
bank sent S5,000,000 to Chicago and 81,500,000
Borrowing of time money in New York by German
was transferred to San Francisco, but these were bankers was viewed with suspicion in certain quarters,
special engagements not incidental to the move­ the inference drawn being that Berlin manifestly
ment of crops.
Mercantile demands have been expected war with France. The movement, however,
fairly large, but too often from people not fully en­ does not bear any such interpretation. To begin with,
titled to such accommodation in the open market. its extent has been exaggerated; most of this borrowing
The banks have not put out time money in volume was accomplished, not this week, but a full month
but have preferred to use a larger percentage on call, ago. The international monetary conditions, aside
thus enabling them to meet very comfortably what­ altogether from political considerations, warrant the
ever requests may be made by country correspondents. employment of New York funds in Berlin, particularly
The effect of this cautious course has been a very easy in view of the new regulations adopted by the Reichstone in day-to-day facilities— 2)4 % has been the ruling bank covering borrowing at the end of each quarter.
rate—while the absence of extensive demand has kept Here call money is worth only 2 )4 % and three months’
time rates on the old basis. A number of downtown money 3 )4 % , while the German discount charge is
institutions have been holding five and six months’ 3)4 @ 3 )4 % and money has been quoted at 4 % .
collateral loans for 4% and have not entered the dis­ There is thus a margin of profit for those having the
count market under 5% , but these charges have not best facilities for executing transactions between the
been made generally effective. Long maturities can two centres. In local banking circles the opinion is
be obtained on the Stock Exchange at 3 )4 % , while the that Germany will not force a war with France under
best commercial paper is negotiable at 4y2% , though existing circumstances, having regard especially to the
more or less canvassing must be done to find buyers unmistakable attitude of Great Britain.
at this figure. There is a good deal of 5% paper avail­
The fortnightly Stock Exchange settlement in
able, but as a rule it does not fit into the present cau­ London entailed a fair inquiry for cable remittance in
tious plans of the banks. From now on the shipment the first half of the week, when the rate went slightly
of funds to the interior should engage more attention.
above 4 80)4; but since then the tendency has been
The detailed range for time money at the close downwards, until yesterday, when 4 86)4 was quoted
of the week is as follows: 3 to 3)4% for sixty days, and demand was done at 4 86. Business throughout
3) 4 % for ninety days, and 3 )4 @ 4 % for four, five has been remarkably quiet for the closing days of a
and six months.
Call money ranged from 2 to month. The requirements have been met chiefly by
2 )4% , there being no indication of firmness, even grain and cotton bills; finance bills cannot now be
on the last day of the month. The ruling rate then, profitably drawn, since funds are worth quite 3 % in
as well as on Monday and Tuesday, was only 2 )4 % , London, 3 )4 % in Berlin and 2)4 % in Paris. Euro­
as compared with 2)4 % on Wednesday. Yesterday peans have sold stocks on balance in a quiet way and
the range was 2 to 2 )4 % , with the final loan made at have not made compensating purchases of bonds. The
2)4% . Sixty to ninety days’ endorsed bills receivable uneasiness manifested in London over the shipment
are usually done at 4 )4 % ; the extremes are 4 to 4 )4 % . of gold to South America is little sympathized with
For the best four to six months’ single-name bills here, for the English Bank is abnormally well situated
4 ) 4 to 4)4 % is the ruling figure, with 5% and upwards at present and will presumably be able to enforce a
quoted for names less widely known.
higher discount rate whenever an advance is considered
Several matters have interested foreign exchange
bankers this week, and as dealings have been light,
there has been ample time to consider homo and foreign
developments. The re-opening of the cotton-bill-oflading controversy has exercised much attention
and some degree of unpleasantness on both sides of the
Atlantic. There seems to have been a misunder­
standing as to the proposed central bureau in New
York, the English advocates of the scheme having
apparently been under the impression that our bankers
favored it, whereas, as the events of the current week
have shown, the very largest handlers of cotton bills
have refused to subscribe to the plan. This has
caused astonishment and disappointment abroad,
but it cannot be said that general regret is felt here
over the blow which the movement has received.
Among New York bankers there has been from the
beginning of the dispute a deep-rooted conviction that
the English interests were seeking to fasten upon
them a responsibility properly resting between the
buyer and the seller of the merchandise, and though
negotiations for a solution of the difficulty were
entered into, there was in reality little sympathy with
the demands promulgated. The whole matter is far




necessary. A movement of gold between London and
New York is still some distance off.
Compared with Friday of last week, sterling ex­
change on Saturday was unchanged, with demand
still quoted at 4 8605@4 8610, cable transfers at
4 8640 @ 4 8650 and 60 days at 4 8350 @ 4 8360. On
Monday rates advanced'on active inquiry in connection
with the London fortnightly settlement to 4 8605 @
4 8615 for demand and 4 8650@4 8655 for cable
transfers; 60 days remained unchanged. Trading was
dull on Tuesday, with rates about 5 points higher at
the opening; later quotations fell off on lower dis­
counts in London and closed with demand at 4 86 @
4 8605 and cable transfers at 4 8645 @ 4 8650. Ster­
ling opened and ruled slightly firmer on Wednesday;
at the close demand was quoted at 4 8605 @ 4 8610 and
cable transfers at 4 8645@4 8655; 60 daj^s was still at
4 8350@4 8360. On Thursday, after a firm opening,
rates declined on very quiet trading to 4 86 @ 4 8605
for demand, 4 8635@4 8640 for cable transfers and
4 8340@4 8350 for 60 days. On Friday quietness
again ruled and the market closed at 4 8330 @ 4 8340
for 60 days, 4 86@ 4 8610 for demand and 4 8635@
4 8645 for cables. Commercial on banks was quoted
at 4 83 @ 4 83)4 and documents for payment 4 83)4

560

THE CHRONICLE

@ 4 83 x/2 - Cotton for payment ranged from 4 83 @
4 8 3 ^ , grain for payment from 4 83% @ 4 83

[VOL. L X X X X I I I .

accumulated savings in foolish speculation; but often
also a movement in “ labor politics" pure and sim­
ple, union leaders wishing to consolidate their own
The following gives the week's movement of money power over the men by making a demonstration, and
to and from the interior by the New York banks.
imagining that employers are too timid, or too deeply
involved in urgent business contracts, to invoke a con­
Received by
Net Interior
Shipped by
test.
W eek ending Sept. 1 1911.
N . Y . Banks. N . Y . Banks.
Movement.
C u rrency......... .................
The threat of a strike by the mechanics on the
89,210,000
86,709,000 Gain $2,501,000
G o l d ....... .............. __
1,437,000
875,000 Gain
562,000
Union Pacific, Southern Pacific and other lines can­
Total gold and legal tenders______
810,647,000
$7,584,000 Gain $3,063,000
not be classified in the first of the above divisions, be­
With the Sub-Treasury operations the result is as cause the industry which employs them is not pros­
perous, as is shewn both by the heavily-contracted
follows.
earnings and by the forced retrenchment in this very
Into
Out o f
Net Change in
field of shop work; because wages have been increased
Week ending Sept. 1 1911.
Banks.
Banks.
Bank Holdings.
for these shopmen during the past five years, the very
Banks’ Interior m ovem ent, as a bove. 810,647,000
87.584.000 Gain $3,063,000
Sub-Treasury operations___________
17,400,000
22.800.000 Loss
5,400,000
period wrhen most other people have been earning less;
Total gold and legal tenders...........
828,047,000
$30,384,000 Loss $2,337,000
and because the cost of living has at least measurably
declined
in the same period. What they threaten is
The following table indicates the amount of bullion
not
a
sympathetic
strike, since no other labor demon­
in the principal European banks.
stration of the sort is being fought out at the moment.
Aug. 31 1911.
Sept. 1 1910.
It is not an appeal from refusal of the companies to
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
negotiate with labor organizations, because the sepa­
E n gla nd-. 41,732 .464
____I 41,732 ,464! 39,931 ,47o| ................I 39,931,479
rate crafts in the shops have long been dealt with
F ran ce___ 126,776 ,240 33 ,728 ,200 160,504 .440.135,622 ,120 33,872,000 169,494,120
Germany.. 46,244 ,750 16 ,127 ,600 62,372 ,350j 38,127 ,950 14,237,850 52,365,800
through their several organizations in all controver­
R u s sia ___ 148,014 ,000 7 ,475 ,000 156,089 ,000141,239 ,000 8,361,000 149,600,000
Aus.-Hun. 55,806 , 000 , 12 ,406 ,000 68,212 ,000' 55,398 ,000 12,799,000, 68.197.000
sies with the companies. To what extent this particu­
S p a in ____ 16,622 ,ooo; 3 1 .074 ,000 47,696 ,000. 16,324 ,000 31,225,000, 47.549.000
Italy ____ 40,100 ,000 3 ,580 ,000 43,680 ,000 38,711 ,000 3,555,000 42.266.000
lar outburst is a mere expression of labor unrest is
Neth’lands 11,850 , 000 : 1,703 ,000 13,553 ,000; 9,631 ,400, 1,910,900 11,542,300
N at.B elg..
6,758 ,0 0 0 ! 3 ,379 ,000, 10,137 ,000. 5,453 ,333 2,726,667
8,180,000
Sweden
4,735 ,600|
possibly doubtful, and will be best judged by actual
4,735 ,000 4,449 ,000
4.449.000
Swltzerl’d.
6,579 ,000
6,579 ,000! 6,293 ,000
6.293.000
Norway . .
2,222 ,000
events. But that the kind of agitation known as labor
2,222 ,000j 1,974 ,000
1.974.000
Total week 508,039 ,454409
,800 617,512 ,254493,154 ,282 108,687,417 601,841,699
politics has had a good deal to do with it, one cannot
Prev. week 504,137 ,785 109
,357 614,081 .142 496,120 ,772 108.974,493 605,095,265
wholly doubt. It is true that the really important
union leaders of the country seem to deprecate the
strike, and it has been said that the vote of the men last
THE DEMANDS OF THE RAILWAY SHOPMEN.
week to authorize such a strike in the discretion of
In some respects the demands of the railway shop­ their leaders simply meant that the men had broken
men in the West, particularly for higher wages and away from all restraint. But this question, after all,
larger union control of that branch of the industry, must be judged in the light of actual demands which
may be said to have been an expected incident. That the shopmen have submitted.
is to say, there has existed for some time a feeling that,
Until a few days ago, these demands were not gen­
in the prevalent readjustment of industrial affairs in erally known in detail. Early this week, however,
connection with the business depression of the year, Vice-President Kruttschnitt of the Southern Pacific
the time was bound to come when some sort of collision gave out a summary of what the men demanded.
would be possible between employers and employees. They asked the companies to deal hereafter, in cases of
It might come through an effort to lower wages, or dispute, with a general federation of shop employees,
through rejected demands for higher wages. The representing all crafts employed, instead of dealing
present dispute has not arisen from any effort to cut separately with organizations of the several crafts.
wages down, as was at one time predicted; on the con­ They demanded that all present and future employees
trary, it is clearly a case where employees who have should be required to join that federated union. They
had the benefit of large concessions from the compan­ insisted that further restrictions should be placed on
ies, even in the adverse trade conditions since the panic the number of apprentices. They asked for an in­
of 1907, are now demanding still more favors at a time crease of seven cents an hour for all mechanics, ap­
when the industry is least able to grant them.
prentices and helpers, and in addition for reduction
Strikes may be classified, according to their cause, of hours without decrease of pay. They emphatically
under one or more of the following descriptions: They demanded that no employee should work on the piece,
may represent a demand for higher wages, inspired by premium or bonus system; that wherever any such
the fact that industry is prosperous, that wages system now exists it shall be discontinued, and that
have not gone up with profits, and that the work­ shop foremanships shall be filled hereafter only by pro­
ingmen’s pay has not been adjusted to an increased motion from the ranks of employees of the general fed­
cost of living. They may be merely a demonstration eration. All requirements of physical examination or
of sympathy with other strikes. They may repre­ personal record are to be dispensed with; when working
sent demand for recognition of certain labor organiza­ forces are reduced the employees themselves are to
tions, on the ground that so long as the companies deal say who shall be laid off, and no employee of the fed­
with their workmen only individually, the employers erated union is to be either discharged or suspended
have the advantage, concerted appeal of unorganized without the previous consent of the union com ­
employees for redress of grievances being difficult. Or mittee.
they may reflect merely a general unrest of labor—
Now, we do not see how any unprejudiced person can
sometimes such social unsettlement as has lately ex­ examine these various demands without at once ad­
isted in England; sometimes a long-continued pros­ mitting that it was out of the question for the compan­
perity which makes the wage-earner ready to stake ies to concede them. We think this impression would
his savings on a venture, much as the little capitalist have been gathered, even without the careful com­
gets occasionally into the mood for wasting his own ment on each request of the shopmen made by Mr.




Se p t ,

2 1911.]

THE CHRONICLE

561

The plain explanation of the principles involved
Kruttschnitt. His statement of the case is that the
this
week has served to clear the air. The temperate
transfer of shop negotiations to a federated union in­
and
earnest
appeal of the Union Pacific Railroad to its
stead of separate unions would inevitably invoke un­
employees
last
Wednesday, pointing out how the busi­
reasonable demands, on the mere ground of the “ sym­
pathetic” power behind them. The demand that all ness situation made the increased pay impracticable,
employees shall join this union means necessarily that and reminding the wage-earners that their share in the
the company shall deny employment to all workers pension fund would necessarily, under the rules pre­
who may not wish to join the union or who may actu­ scribed for pensions, be cut off in case they withdrew
ally, for whatever reason, be refused admission by the voluntarily from the railway service, ought to have
union. It would be recognition by the railways of the considerable effect. As we write, the matter is still
absolutely closed shop, the denial by them of awaiting final settlement. It should be settled by the
independence to their men and the placing of their entire withdrawal of their impossible demands by the
own neck under the heel of unrestricted union employees. If not, and if a contest actually were to
be involved, perhaps it is best that the matter should
tyranny.
The proposed increase in wages and decrease in be carried to a finish now. The case of the railway
hours, it is further shown, would amount to an average managers is clear; there is nothing doubtful or obscure
total increase in the payroll of 3 6% , which would follow in the merits of their position; and the business situa­
an average increase of 12j^ to 15% already granted tion itself is such that a contest of this sort, if invoked
during the past five years, and would add, on the Harri- under the present circumstances, would at least be
man lines alone, $7,000,000 annually to the shopmen’s attended with a minimum of disturbance to the
payroll. The proposed proscription of the premium public.
or bonus system, Mr. Kruttschnitt shows to be dis­
tinctly in defiance of the public will, as expressed in
STATESMEN WANTED.
very many quarters since the discussion of “ scientific
There probably was never any period in the history
management” became general last spring. The pro­
posed abandonment of physical examination or per­ of the United States, from the beginning of the
sonal record would place the railroads at the mercy of Revolution to the end of the Nineteenth Century, in
the diseased, the incompetent and the inefficient. As which so many and such diverse suggestions for
for the proposition that no union employee shall be political and legal changes received more or less
discharged or disciplined without the consent of the extensive popular support. The attempt to modify
union committee, Mr. Kruttschnitt perfectly rightly the representative system by grafting upon it general
says of this, and of the demand for submitting all local provisions involving resort to the initiative and the
shop disputes to a union covering the whole system, referendum, the attempt to subject all administrative
with a strike on the whole system as a possible issue, officers and all legislative representatives and even the
that “ such an arrangement would mean chaos, would judiciary to summary removal by means of the recall,
abridge or deprive corporations of the ability to fulfill the proposed direct election of United States Senators,
the duties imposed upon them by law, and officers and the general substitution of direct primaries for
deliberately so betraying their trust would be justly the convention system, are fundamental changes in
the political machinery of the country, all of which
condemned by public opinion.”
On these grounds the Union Pacific officers have have made undoubted progress in popular approval
intimated plainly in advance that they will not concede and there is none of them that has not somewhere been
the demands submitted by the shopmen, and we fail tried. Governmental price-making has been applied
to see how any fair-minded and unbiassed man can to the business of inter-State railway carriers by in­
deny that the company’s position is correct. In one creasingly drastic laws and these were copied from or
respect the manner in which the present issue has been have been copied by an actual majority of the separate
raised was fortunate; it has developed a strong and States.
Suggestions that the same principles should now
wholesome drift of public opinion to the effect that
the time has come for the railways to stand firm in be extended to manufactured products are not wanting,
matters of this sort. It is within the knowledge of and although no one suggests that the wages of labor
every observant man that the past half-dozen years or should be similarly controlled, it is an historical fact
more have been chiefly marked by an unbroken series that at least twice since the beginning of the Twentieth
Century, once in the anthracite region and once with
of concessions to railway labor.
The episode of 1907, in which a normal readjustment regard to railway operations throughout the whole
of the wage scale was prevented by President Roose­ country, the power and influence of the Administration
velt’s threats against the companies, is well known. at Washington has been successfully used to compel
Not only have no reductions been made subsequent to advances in wages that would scarcely have been
that time, but wages have actually been raised. At the obtained otherwise. On the other hand, there is
recent Inter-State Commerce Commission hearings, the restiveness under a system of Federal taxation which
fact of these relatively high wages to the railway em­ is avowedly intended to modify industrial conditions,
ployees was brought forward as a ground for asking and the judicial power to compel observance of the
increased rates. A common answer made at the time fundamental requirements of the national and State
was that the argument would defeat itself, because if constitutions is frequently criticised, and the criticisms
rates were raised, then labor would again bring forward extend so far as often to question the good faith of
demands for a larger share in the railways’ earnings. those by whom the power is exercised.
The symptoms enumerated are but typical of a
On this and other grounds, the request for higher trans­
portation rates was denied by the Commissioners. condition of political unrest that is unquestionably
13ut surely there is at least an element of injustice that far-reaching and must have consequences, unless it is
the denial to the railways of their higher rates should soon allayed, of profound importance to the people
be followed just the same by a demand for further in­ of the United States and their posterity. The validity
of principles once looked upon as substantially axiomcrease in the wage scales.




502

THE CHRONICLE

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

atic is seriously questioned by many, and remedies so-called Independents, composed largely of men
are widely supported that would once have been all who adhere strongly to one or another political
but unanimously rejected. Even the judiciary has principle, and who vote alternately with whichever
felt the subtle influence of this disassociation from party seems, for the time being, most likely to work
that which seemed to be established and in notable toward their particular ideals. Under these conditions
instances, such as the cases involving the admission the successful political manager or candidate for
of aliens and the delegation of legislative power, the office is the one who can offer the most to the largest
Supreme Court has rendered decisions which no number of groups of independents and others who,
judicial scholar believes would have been possible by yielding support to their most cherished ideas,
three decades ago. The country is moving rapidly in can be induced to vote against the party to which they
its political ideals and machinery but toward what nominally belong. Such a candidate or manager
goal it is tending, and what the ultimate sum of the cannot be a leader, he is a competitive bidder, who
movement will be, there is neither seer nor prophet has his ear to the ground to determine the direction
wise enough to foretell.
and force of every popular predilection or tendency,
The movement is also without a pilot. There however slight, and his program in hand ready to
is no single leader of political thought in whose inscribe on it whatever new suggestion or slogan will
guidance a mass of the people sufficient to control even bring him a new group of votes. He asks no one to
one Presidential election have complete or unreserved take his views or to listen to his arguments until he is
confidence. Roosevelt, Taft, Bryan, Cummins, La sure they are already convinced; he is ready to take
Follette, Clark, a dozen others perhaps, have their the views of any one who will be his follower, provided
limited following, but there is no one among them in doing so he does not alienate a larger number.
whom the great masses of the people do not believe to
The foregoing characterization may seem extreme,
have been, on one occasion or another, weighed in the but who will say that it is not typical. Doubtless
balance and found wanting. This popular verdict many have justified it by frequent concessions to a
may have been, in any or all cases, just or unjust; popular prejudice which they did not actually approve,
whether it was well-founded or otherwise is beyond who really abhor the method and secretly recognize
the present inquiry; the material fact is that it was limits beyond which public clamor could not drive
rendered, and there has been no subsequent reversal them; but the concessions have been much more visible
of judgment. From any of these leaders the American than the limits. And so it has happened, and as long
people are prepared to receive that of which they as the condition lasts, it will continue to happen, that
approve and reject that which they disapprove. None legislative plans, even proposals for profound Con­
of them has power to win extensive support for that stitutional changes, have originated with the most
which is unpopular or to convince the masses against' ignorant and untrained rather than with the thoughtful
their will or their preconceived prejudices. This and the experienced. Any noisy zealot, with more
condition may have the approval of those who crudely voice than brains, and more self-assurance than either,
imagine that matters of governmental policy, unlike can spring a political cure-all on a long-suffering public
less weighty concerns, require no study for their and gather converts enough to induce some aspiring
comprehension, or are always most wisely solved politician to make it a part of his program. Any
when a majority, however uninstructed, passionate discontented group can carry their grievance and
or partial, has signified its will. But a more sober their demand for statutory relief to some candidate
view will find no source of comfort in the fact that who will become their advocate in exchange for their
statesmanlike leadership is no more recognized, that votes.
there are none to whom great masses of voters natur­
We question, however, whether this method is as
ally turn for sound argument and for that trained permanently successful as the number of adherents
and patriotic wisdom which ought to spring from long would indicate. It is easily practiced by men of small
experience in the service of the people.
capacity who could never have been either leaders or
The fault, as it seems to us, lies not so much in the statesmen but, if any of greater talent have sur­
voters themselves as in those who aspire to nominal rendered to the common practice, we suspect that they
leadership, but lack the courage to be real leaders of have denied opportunity to serve their country and
public opinion. In Continental Europe the demo­ weakened their own chances of real and ultimate
cratic movement has everywhere produced groups success. The genuine leader, with average character
rather than parties, as parties are known here, and and capacity, never lacks followers; he gains more
these groups do have, for the most part, what is lacking than he loses when for conscience’s sake and for prin­
here— that is, real leadership. In each of them there ciple he takes his political life in his hands and offers
may be found one or two or more men of statesmanlike it back to those who gave it, rather than pay the price
pretensions from whom their followers receive instruc­ of recreancy to principle. The real statesman, would
tion and guidance. In this country somewhat see in the current pressure for political and economic
similar internal conditions, but without the pressure change only the aspiration of a numerous intelligent
of international politics of pressing local concern, and well-intentioned people to better the conditions
have produced, considering the present state of the of life for themselves and for those who shall come
Nation, parties but not leaders. To-day the two after them. He would yield no jot to those who would
great parties in America are without leadership and, impair or destroy personal or property rights, but he
as to most of the great political questions that demand would find a way, while preserving the everlasting
early solution, they are without principle. The principles of the Constitution, to adjust the statutory
rank and file of both parties consist generally of men and administrative system to the needs of the most
of character and conviction, but in their political potent productive organization and machinery that
views they are frequently as wide asunder as the the world has ever known. And whoever can devise
poles. All shades of political opinion find shelter such an adjustment, can defend it and its results before
both under the Republican and the Democratic banners, the people. The real unrest is but their impatience at
and between these camps stands another host of the non-arrival of the much-needed statesmen.




Se p t . 2 1911.]
THE DENVER

THE CHRONICLE
& R IO G R A N D E R E P O R T .

Study of the annual report of the Denver & Rio
Grande RR. impresses one above everything else with
the unfavorable conditions under which railroad opera­
tions now have to be carried on in the United States.
The matter is of more than ordinary interest in
this instance because the Denver & Rio Grande recently
omitted the semi-annual dividend on its preferred
shares which, up to that time, had an uninterrupted
dividend record extending back to 1896. The reason
advanced for the step is that it was thought best to
forego paying this dividend in view of the company’s
guaranty of the interest on the $50,000,000 Western
Pacific 5 % first mortgage bonds. That, of course, is
a good and valid reason, and the action is to be
commended as eminently wise and conservative.
The Western Pacific, in which the Denver & Rio
Grande has such a large investment, has encountered
thus far the usual hindrances attending the construc­
tion and operation of a new line through a virgin
country, and will need time to become self-sustaining.
Under these circumstances it was ordinary prudence
that enough income out of the Denver’s own account
should be set aside to meet the call on this guaranty,
now that the Western Pacific has passed out of the
construction period and entered on a purely operating
basis. Any other course would have been directly
contrary to the dictates of a sound policy. As it
happens, the amount of the preferred stock, at $49,­
779,800, corresponds very closely with the $49,925,000
of Western Pacific first mortgage bonds, and by with­
holding the 5 % dividend on the shares the company
gets just about the 5 % needed for interest on the
$50,000,000 of bonds.
When one probes a little deeper, however, it appears
that if railroad conditions had not been such as to
compel the road to work on such a relatively small
margin of surplus above the requirements for its fixed
charges, it might have been possible to meet the call on
account of this guaranty without the necessity of
trenching on the dividend fund. The Inter-State
Commerce Commission would hold our railroads down
to such small profits that even in the most favorable
periods there would be only a small surplus above a
meagre return on the capital investment. But ex­
perience proves that successful operation of railroad
properties in the United States requires that the
margin above a return on the capital investment should
be liberal, so as to allow of full provision for adverse
contingencies. The margin should be ample enough
to cover the possibility of a big slump in earnings
under adverse trade or operating conditions, and it
should be ample enough to meet deficits on newly
constructed lines accruing before these lines in the
ordinary course may become self-sustaining.
This seems a self-evident proposition, though in
these times, when every hand is raised against the
roads, it is denied by many. Applying the proposition
to the case of the Denver & Rio Grande and then
studying the statistics bearing upon the course of the
Denver’s earnings in more recent years, it quickly
becomes apparent that, as in the case of so many other
important systems, the real trouble is that net income
in recent years has not been expanding in proportion
to the growth in business— has, in fact, actually been
falling off. It is customary to compare each year’s
results with the results for the year immediately
preceding. That often yields interesting contrasts,
but in this instance a longer view is necessary in order




56 3

to indicate what is actually going on. Confining
ourselves for the moment to the changes between
the latest year and the year immediately preceding,
these do furnish somewhat of a guide to the course
of events in the railroad world. Though the year was
a rather poor one, the falling off in gross revenue was
on the whole trifling, reaching only $171,665, or less
than three-quarters of one per cent, namely 0 .73 % .
But while gross revenues were thus only slightly
reduced, expenses at the same time increased $155,783.
The net revenue, as a consequence, fell off no less than
$327,448, or 4 .22 % .
President Jeffery, in one portion of his report, tells
us that operating expenses in the late year included
depreciation charges for equipment under the Inter­
State Commerce Commission method of accounting,
amounting to $478,785, whereas previously there was
no such charge against the expenses. It follows that
except for this, the late year’s net would to that extent
have been better than appears by the face of the figures.
But the growth in operating cost is not a recent
development, and hence cannot be explained by any
single circumstance of the kind here enumerated.
Through all recent years the net yield has been
becoming poorer, and if we take a survey extending
back no more than five years, we find that a gain of
very substantial proportions in revenues has been
entirely eaten up by increased expenses. We have
already shown that operating revenues in the late
year fell off no more than $171,666, and this is in
comparison with the very largest earnings ever
reached in the company’s history. It is evident,
therefore, that the trouble has not been with the
volume of the transportation business but with the
yield from the same. Going back to 1905-06 we find
that in this interval gross revenues have risen from
$19,686,114 to $23,391,771. But notwithstanding
this large gain in gross receipts, the net revenue in
the latest year was only $7,434,034, whereas in the
earlier year it was $7,581,942. In other words, while
the addition to gross earnings in the five years has been
$3,705,657, the addition to expenses was yet larger,
amounting to $3,853,565. In the interval, too, the
company’s fixed charges have been rising by reason of
the new capital outlays required to handle the larger
volume of business.
It is the rise in operating cost, therefore, no less
than the building of an extension to the Pacific Coast,
that has brought the Denver property to a pass where
it is obliged to suspend its dividend in order to meet
the obligations assumed on behalf of the new line.
We have stated that in the latest year gross revenues
had fallen off slightly as compared with the year pre­
ceding, but even this small falling off resulted entirely,
at least as far as the freight earnings are concerned,
from a decline in average rates. The volume of the
freight traffic was actually larger than in the year
preceding, as is indicated by the fact that the number
of revenue tons was 13,162,823 tons against 12,943,086
tons, and the number of revenue tons one mile was
1,392,978,884 against 1,352,626,046.
Bearing in
mind that the report tells us that in the last half of the
fiscal year there was a decrease of about $630,000 in
the revenues derived from the transportation of fuel
(due to the circumstance that revenues in the last half
of the previous fiscal year had been abnormally large
because the mines were then taxed to their capacity
to meet orders for fuel for domestic, manufacturing
and railroad purposes in view of a threatened strike
of coal miners in the coal-producing States in the

564

THE CHRONICLE

Mississippi Valley, which strike occurred in the early
spring and continued for a number of months, while
a milder winter and spring this year also lessened the
demands for fuel), it is obvious that the traffic of the
road was remarkably well maintained— a situation
that speaks well for the traffic-yielding capacity of the
industries along the lines of the system.
In accounting for the higher operating cost, it is
evident that three factors have been contributing to
that end: (1) declining rates, (2) the higher cost
of labor and other items, and (3) the increased accom­
modations rendered to the public. As bearing on
this latter point, it should be noted that while in
the latest year the passenger traffic and passenger
revenues fell off, the service rendered in the passenger
traffic was, nevertheless, larger. In other words,
while only 1,982,647 passengers were carried, against
2,054,181, and 254,840,367 passengers were moved
one mile, against 283,286,729, the miles run by
passenger trains reached 4,388,751, against 4,354,043.
On the question of the rise in labor cost, President
Jeffery may be allowed to speak for himself. He says
the company has faced with increasing frequency
demands of labor for higher rates of pay. To avoid
strikes and their serious consequences to the travelingpublic and to business interests, advances have from
time to time been conceded, usually after resorting to
mediation or arbitration under the Erdman Act. Such
wage advances since J a n . 1 1910, he says, are at the
rate of about $600,000 per annum on the basis of
the forces employed.
Notwithstanding all these adverse circumstances,
the income account for the latest year shows that the
5 % dividend on the preferred stock was practically
earned in full and had to be omitted simply on account
of the company’s guaranty of the Western Pacific
first mortgage bonds. In other words, after allowing
for the one semi-annual dividend of 2 )^ % actually
paid on the preferred stock, and also for a contribution
of $120,000 towards the renewal fund, a surplus
remained on the operations of the twelve months
of $1,118,548, nearly sufficient to make a second
semi-annual payment of 2 j^ % .
The sum of $73,027,955 had been expended on the
Western Pacific up to June 30 1911. The Denver holds
the Western Pacific Co.’s $25,000,000 second mortgage
and has also advanced to that company $6,256,551
towards its construction account and in payment
of first mortgage interest. In the end this may prove
the company’s best investment. The Western Pacific
furnishes a line to the Pa ific Coast at San Francisco.
It is exceptionally well located, with low grades and
curves, and really seems to have a very promising
future. It was placed on an operating basis on July 1
1911, and the report tells us it is estimated the gross
earnings for July will be about $420,000. This, it
will be observed, is at the rate of $5,000,000 a year.
It would, hence, seem as if before very long this new
extension will be on a profitable basis, though for the
first year it is the intention to devote all net earnings
to further improvement and to construction work.
Were it not, therefore, for the action of the Inter-State
Commerce Commission in disturbing rate schedules by
its recent decisions and the depression in trade in gen­
eral, and the mineral traffic in particular, which forms
such a large part of the activities of Colorado and of the
traffic of the Denver & Rio Grande, a resumption of
dividends within a reasonably short period of time
might confidently be counted upon. As it is, these
circumstances introduce elements of uncertainty, the
effect of which cannot easily be gauged.




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

SOME FURTHER FALLACIES OF INTER-STATE
COMMERCE COMMISSION.
New York, Aug. 30 1911.
To the Editor Commercial & Financial Chronicle,
New York City.
Sir: I have read with considerable interest the series of
articles appearing in your weekly in regard to the Inter­
State Commerce Commission decisions in the Rate Cases.
These articles called attention to many alleged errors found
in the facts presented in the arguments of the Commissioners
who rendered the decisions against the carriers.
I believe one of the most conspicuous errors is to be found
on page 288 of the Report, in regard to the rates in Official
Classification Territory. The following paragraphs appear
in the argument in regard to the Baltimore & Ohio R R .:
T he

p r e fe r re d

d iv id e n d

has

a fte r

th e

upon

com m on

stock

h a s s o ld

T he com m on
r is e n t o
$85
^

to

stock

been

of

p a id

paym en t

of

stock

T h ere

Is

com p an y

or

sam e,

th e

a

Is

4 % ,

n o n -c u m u la t lv e ,

th e r e o r g a n iz a t io n

la r g e

Im p rov em en t

am ou n t
of

th e

In

stock
It

s o ld

n ow

n o th in g

In t h e y e a r

1899

fo r

p rop erty .

fo r a b o u t

$54.

an d

th is

1 8 0 9 , le a v in g ,

a v a ila b le

d iv id e n d s

T h is

a t a b o u t $ 9 0 p e r s h a r e , y ie ld in g a p p r o x im a t e ly 4

$ 9 8 In 1 9 0 1 , a n d
$114.

th is

r e g u la r ly s in c e
th e

p r e fe r re d

14 % ■

T h is

p r ic e h a d

It h a s s in c e s o l d , a c c o r d i n g t o t h e m a r k e t , a t f r o m

sta n d s

b e fo r e

at

us

ab ou t

to

$107.

show

th e

term s

of

th e

r e o r g a n iz a tio n .

T h e r e w a s n o f o r c c l o u s r e s a l e , a n d w h a t e v e r w a s d o n e In t h e w a y o f c h a n g i n g
o r s c a lin g s e c u r itie s w a s b y
0 0 0 ,0 0 0

of com m on

of

stock

th a t

m a te r ia lly

b y

exceed s

com p an y, an d

stock
th e
th e

a g re e m e n t.
a c t u a lly

te rm s
cost

o f
o f

I t d o e s n o t a p p e a r w h a t t h e $ 1 5 2 ,­

re p re se n ts,

th e

n or

w h a t It c o s t

r e o r g a n iz a t io n .

p ro d u c tio n ,

t h e p e r m ile c a p it a liz a t io n

as

sh ow n

T h e
b y

th e

c a p ita l
th e

ow n ers
a ccou n t

book s

of

th e

s tr ik e s u s a s r a t h e r h ig h .

I take it that the only inference fairly to be gained from
the second paragraph quoted above, where it is shown that
the price of the common stock has advanced from the price
of $54 in 1899 to $107 per share in 1911 is that this repre­
sents a pretty good profit to the stockholder and is “ going
some.”
The third paragraph states “ it does not appear what the
$152,000,000 common stock actually represents, nor what
it cost the owners of that stock by the terms of the reorgani­
zation.” Now the fact of the matter is that the annual
reports of the company have clearly pointed out that of the
$152,000,000 of common stock at present outstanding,
$107,000,000 represents stock which was actually sold
during the past ten years by the company for cash at $100
per share, this stock having been issued since 1900. When
the common stock sold at $54 in 1899 there was $45,000,­
000 of common stock outstanding. All the increase in the
stock to the present amount of $152,000,000 has been sold
at par, so that assuming an investor paid $54 a share for
100 shares of stock in 1899 and has maintained his pro rata
interest in the company by subscribing to new stock, he finds
to-day that his total holdings of common stock cost him con­
siderably more than $54 per share. Clearly the facts re­
ferred to by the Commissioner give an entirely wrong im­
pression to the reader who is not familiar with the financial
history of this company.
I call your attention to the fact that the company sold
$15,000,000 of convertible 4% debentures in 1901, which
debentures were subsequently exchanged for stock on an
equal basis, and furthermore sold in 1901 $22,537,200
common stock at par; in 1902 $42,316,860 new common
stock was sold at par, and in 1906 $27,750,000 common
stock was sold at par. In these years, according to the
table given at the bottom of page 288 in the Commission’s
Report referred to, the dividends paid by the company on
the common stock were as follows:
1900
1901
1902

.........................4 %
.
.
2 %
. . .................. 4 %

D ividen ds P a id on Common Stock.
.4 %
I 1900 .
->H%

1903

1901
1905

1%
1 1 9 0 7 ..
. 4 14 % | 1 0 0 8 .

o%
c%

1900
1910

Certainly the holders of the Baltimore & Ohio R R . com­
mon stock have not much cause for gratification. The
average rate of dividends paid in these eleven years has
amounted to 4.73% . The common stockholders finds that
two-thirds of his common stock has been sold at a price
which would not permit the investor to get out whole to-day.
The company to-day pays 6% and shows a very slim margin
of surplus beyond the devidend requirements.
When, as to-day, in the absence of any calamity, such as
a war, pestilence, famine, drought, crop failure, &c., com­
mercial or financial panic, the investor finds his principal
impaired and his company earning by a bare margin its 6%
dividend, he may well cherish misgivings as to his investment
if a calamity such as I have referred to should befall.
In conclusion, I submit below a table of figures which I
believe to be correct, showing the amount of stock out­
standing of the three prominent Eastern trunk line railroads,

Se p t . 2 1911.]

565

THE CHRONICLE

the New York Central & Hudson River R R ., Baltimore & question was reached and we learn that a new proposition is
to be submitted at a meeting to be held later. The New
Ohio R R . and Pennsylvania R R .
Orleans Cotton Exchange, which is strongly opposed to the
Total
Am ount So ld
C a p ital
at P a r or Better
Cash
plan of the Liverpool interests, has issued a call for a confer­
Stock.
S in c e 1 0 0 0 .
R ealized.
$ 2 2 2 ,7 2 9 ,3 0 0 $ 1 2 3 ,0 0 0 ,0 0 0 $ 1 2 8 ,1 4 8 ,2 2 5
N e w Y o r k C e n t r a l ( 5 % ) _ _ ____
ence of exchanges, boards of trade commercial bodies,
1 5 2 ,3 0 4 ,8 0 0
1 0 7 ,0 0 0 ,0 0 0
1 0 7 ,0 0 0 ,0 0 0
lin .lt . & O h i o . R R . C o m . ( 0 % )
.
0 0 .0 0 0 .0 0 0
------------------------- - - - - - - - - ­
bankers and exporters throughout the South “ to consider
“
“
P r c f . (4 % ) .
4 5 0 .9 7 0 .3 5 0
2 9 9 ,3 8 3 ,1 5 3
3 1 0 ,2 i> 2 ,0 1 0
P e n n s y l v a n i a R R . ( 6 % ) _________
the phases of a Liverpool bill-of-lading plan which it is
$ 8 8 0 ,0 1 0 ,4 5 0 $ 5 2 9 ,3 8 3 ,1 5 3 $ 5 7 5 ,4 0 0 ,2 3 5
endeavoring to force on the Southern interests, and to devise
'The table shows that of the $886,000,000 capital stock at measures for the protection of the respective and mutual in­
present outstanding, $529,000,000 capital stock, or 60% terests of those engaged in the handling and financing of the
of the total amount, represents stock sold since 1900 for Southern cotton crop.” The meeting is to be held on Sept.
$575,000,000 cash. Over one-half of the present outstand­ 18.
ing stock of the New York Central & Hudson River R R .
— The hearings which had been conducted in this city
was sold at prices to net the company about 103% two- since Aug. 1 by the Post Office Commission appointed to in­
thirds of the Baltimore & Ohio R R . common stock was sold vestigate the handling of second-class mail matter were ad­
at par; about two-thirds of the Pennsylvania R R . stock was journed on Friday, the 25th ult. Justice Charles E. Hughes,
sold at prices averaging about 113.
Chairman of the Commission, will spend a brief vacation at
The table above does not, of course, include the scores, Bridgehampton, L. I., where he announced himself prepared
even hundreds of millions, of bonds which have been sold to receive documents regarding second-class mail during
during the last ten years at prices considerably above the September. The other members of the Commission are
present market prices, the greater part of which bonds bear President A. Lawrence Lowell of Harvard University and
interest at 3J^ and 4% . If we consider both the bonds and Henry A. Wheeler, Vice-President of the Union Trust Co. of
the stock of these three companies referred to which have Chicago. Its report will be presented to Congress in De­
been sold to investors for cash since 1900, we find that the cember.
average income received by the investors over this ten-year
— Postmaster-General Frank H. Hitchcock, who appeared
period has been considerably less than 5 % . None of these before the Commission on behalf of the Government, at the
companies is to-day showing any considerable margin over close of the hearings expressed himself in favor of a parcelsdividends paid.
. . .
post system. With careful supervision and proper adjust­
Yours very t r u l y , ........................
ment and organization, he contended, it could be made one
FLOYD W. MUNDY. •
of the greatest revenue earners of the Post Office Depart­
ment. Mr. Hitchcock advocated, however, a gradual in­
stallation of the plan, for to introduce it at once through­
ITEMS ABOUT BANKS, BANKERS AND TRUST GO’S. out the service, he argued, “ would be to render it not only
— The public sales of bank stocks this week aggregate 213 unsatisfactory but to make it a hindrance to our well-moving
shares, of which 202 shares were sold at the Stock Exchange mail machinery.” It is understood that this recommenda­
and 11 shares at auction. Five shares of stock of the Brook­ tion will be made in Mr. Hitchcock’s next annual report.
— That money on deposit in postal savings banks is subject
lyn Trust Co. were also sold at auction at 451. The last pre­
vious public sale of the stock was made in May 1909 at 4 1 3 % to taxation is the opinion of Attorney-General Carmody of
The table below, given in our usual form,shows the actual New York State. In his view the State tax law which ex­
sales of New York City bank stocks made during the week empts from taxation moneys due savings bank depositors
at auction and at the Stock Exchange. Extensive tables is intended to apply only to savings banks under the State
reporting the bid and asked quotations, deposits, surplus, banking law. The Attorney-General’s position is set out
&c., of banks and trust companies in all important cities in as follows:
W h ile It m a y w e ll b e u r g e d t h a t t h e s a m e c o n s id e r a t io n w h ic h p r o m p t e d
the United States are published monthly in the “ Bank and
th e L e g is la tu r e b y th e e n a c tm e n t o f th e p r o v is io n to e x e m p t fr o m ta x a t io n
Quotation” Section, the September issue of which accom­ s a v i n g s b a n k s d e p o s i t s a p p l i e s w i t h e q u a l f o r c e t o d e p o s i t s I n p o s t a l s a v i n g s
panies to-day’s “ Chronicle.” Bid and asked quotations for b a n k s , I a m n e v e r t h e l e s s o f t h e o p i n i o n t h a t i t d o e s n o t e x t e n d o r a p p l y
all New York City bank and trust company stocks are also t o Itnh at ht ec hb ar ro aa cdt es re nosfe doef p tohs ei t ws . o r d , a l l b a n k s o f d e p o s i t a r e b a n k s f o r s a v i n g s .
published weekly in another department of the paper, and T h e A t t o r n e y - G e n e r a l s a y s f u r t h e r t h a t s u b - d i v i s i o n 1 4 , s e c t i o n 4 o f t h e
t a x la w , w h ic h e x e m p t s fr o m t a x a t io n th e d e p o s its In a n y b a n k fo r s a v in g s
will be found to-day on pages 574 and 575.
Shares

B A N K S

*27 C om m erce,
*155

F ou rth

— N ew Yo rk .

Low .

N a t. B a n k

200

N a tio n a l

* 2 M e c h . & M e t a ls
11
•18

o t ._

B a n k --------N a t. B a n k

P a c i f i c B a n k ..................................... -

205

C O M P A N Y —

at

th e

S to ck

205

208

265

265
274

A u g.

205

'A

274

y2

w h ic h

Last previous sale.
A u g.

201

1911—

202

1911—

205

A u g.

1911—

271

A u g.

1911—

451

w ere

370

370

June

1911—

278 K
3 7 2 yt

451

451

M ay

1909—

413

H

E xch an ge.

— The New York Stock Exchange is closed to-day, the
Governing Committee having granted the petition of the
members for the extra holiday, thus permitting a recess of
three days in connection with the Labor Day holiday of
Monday next. The Cotton and Produce Exchanges are also
closed for the same period, but the Coffee Exchange remains
open to-day, owing to the interference with the delivery of
coffee on September contracts which it is feared the extra
holiday would cause. The Boston, Philadelphia, Pittsburgh,
Baltimore and Chicago Stock Exchanges also close to-day
as well as on Monday.
— Although the new central bureau through which it is
proposed to check cotton bills of lading was opened in this
city yesterday at 51 Wall Street, under the direction of
Charles E. Mather, the movement still appears to be envel­
oped in controversy. The arrangements for its establish­
ment were perfected by the Liverpool Cotton-Bills-of-Lading
Conference Committee, and while a number of the cotton­
carrying railroads are said to have consented to sign the
agreement prepared by the Liverpool Committee, the prin­
cipal exchange buyers of this city have, it is reported, de­
clined to participate in the arrangement or recognize the
newly established bureau. The Committee on Bills of Lading
of the American Bankers’ Association yesterday had a
conference with its sub-committee on the subject. Certain
objectionable features of the plan, it is understood, were
brought up for consideration. No definite solution of the




a re d u e d e p o s ito r s , th e

term

w a s e v id e n tly

u sed

In a

m ore n arrow

a n d r e s t r ic t e d s e n s e a n d w a s I n te n d e d t o a p p ly o n ly t o s a v in g s b a n k s a s t h e y

B ro o kly n .

5 B r o o k l y n T r u s t C o -------------------* S o ld

202

274

P a r k B a n k , N a t i o n a l . ...............3 0 8
T R U S T

H igh . Close.

p r o v id e d

fo r

In

th e

S ta te

b a n k in g

la w .

The Act establishing postal savings bank deposits, it seems,
contains no provision with respect to the taxation of moneys
so deposited, but it is provided that the bonds issued in lieu
of savings deposits “ shall be exempt from all taxes or duties
of the United States, as well as from taxation in any form
by dr under State, municipal or local authority.”
— A ruling of State Attorney-General Kuhn prohibits
State banking institutions in Michigan from pledging their
assets as security for postal savings bank deposits. Under
the postal savings bank law public bonds are required as
security for postal deposits. In view of the provision in
the Michigan banking law which stipulates that no bank or
bank officer shall give preference to any depositor or cred­
itor by pledging the assets of the bank as collateral security,
a ruling in the matter was asked for from the AttorneyGeneral by State Bank Commissioner Doyle. According to
the Detroit “ Free Press,” Attorney-General Kuhn holds
that if a State bank were to pledge its municipal bonds to
secure postal savings deposits, this would result in the bank
pledging its securities, which are a portion of its assets, as
collateral security for the deposit of postal savings funds,
and in the event of the failure of a State bank under these
conditions, postal savings deposits would be given a prefer­
ence over the general deposits.
— A defect is said to exist in the campaign publicity bill,
which became a law with the President’s approval on Aug. 19.
An examination this week, it is stated, has disclosed the fact
that the publicity of individual statements filed by candi­
dates for the United States Senate and House of Representa­
tives is not required, as had been supposed. While the can­
didates are called upon to file such statements, it is reported
that it is apparently left to the discretion of the Secretary

566

THE CHRONICLE

of the Senate or Clerk of the House whether these statements
shall be made public. The statements of two candidates
in the Virginia primaries, Messrs. Martin and Swanson, will
be forwarded to New York to Charles G. Bennett, Secre­
tary of the U. S. Senate, who, it is thought, will seek an
opinion from the Attorney-General with regard to his duty
concerning their publicity.
— The movement to make general the registration of com­
mercial paper appears to be growing in favor. It is an­
nounced that the Trans-Mississippi Grain Co., controlled by
Bartlett-Frazier-Patten interests, will hereafter have its
paper registered. The grain company, which is a Nebraska
corporation with headquarters in Omaha, has appointed the
First Trust Co. of Omaha as its registry agent, and no paper
issued by it after Sept. 1 will be valid unless registered with
its regularly appointed registrar. The directors of the grain
company have fixed $1,000,000 as the limit of loans which
may be outstanding at any one time. Some months ago the
International Paper Co. instituted the policy of having its
commercial paper registered. A similar course was adopted
on July 1 by the Stone & Webster companies—all notes
offered by these organizations, except those secured by in­
denture, having since that date been registered and counter­
signed by a bank or trust company.
—It is reported that copies of the banking laws of Kansas
have been sent to all directors of the banking institutions
under his supervision by State Bank Commissioner Dolley.
Mr. Dolley calls attention in particular to the new laws re­
quiring the directors to be in close touch with the institu­
tions with which they are connected; hereafter, they are in­
structed, they must attend the meetings which are held at
stated intervals and familiarize themselves with the business
operations of their banks. Each and every director, he
states, must be a director in fact and not a figure-head.
— According to an opinion of Attorney-General Grant G.
Martin of Nebraska, amendments which have been made to
the Nebraska bank deposit guaranty law repeal by implica­
tion that portion of the law governing the bondirgof public
funds. The effect of the ruling, the Omaha “ Bee” reports,
is that with the Act providing for the guaranty of deposits
the banks are not required to furnish bonds for the deposit
of State funds. The “ Bee” adds:
In

th e f u t u r e , t h e n , t h e fu n d s o f t h e S t a t e w ill b e s e c u r e d

sam e

m anner

fu n d s n o w
p la te s

on

th e

as

th ose

of

d e p o s it In

s e c u r in g

o f

p r iv a te
v a r io u s

d e p o s it o r s .

m on eys

$ 0 6 ,2 5 3 ,5 6 8

S ta te fu n d s
w a s assessed

fr o m

72

“ o th e r w is e

w as secu red

th is

d e p o s its

s e c u r e d ."

a t th a t tim e

fo r th ese a m o u n ts o n

S ta te T rea su rer
le a s e d

as

b y

fid e lity

G e n e r a l’s

o p in io n

ta k e su ch

step s, a n d , on

w o u ld

bon d

a

fu n d

of

S ta te

con tem ­

$ 1 6 3 ,6 3 3

93.

b y

‘ ‘a v e r a g e

A s

fid e lit y

a ll

of

bon d s,

d a lly

th e

d e p o s it s ”

$ 6 ,0 0 0 ,0 0 0

n on e o f th e

of

banks

d e p o s it In t h e ir I n s t it u t io n s .

G e o r g e h a s m a in ta in e d

a s th e y h a d o n d e p o s it.

$ 6 ,0 0 0 ,0 0 0

th e

g iv e n

fo r

th a t th e b a n k s s h o u ld

K e fe r r ln g

th e p r o t e c t io n

o f su ch

sta te d
stood

n o t

b y a n o t h e r w ill In M a r c h

T he

la s t

w o u ld

no

lo n g e r
to

th e m ,

t o , w h ic h

m u st h ave

been

G .

G a te s, t o -d a y

It s h o u ld

fo u n d e d

b e u n der­

u pon

a

m is ­

In t h e p u b lis h e d s t a t e m e n t w a s r e v o k e d

1 9 1 1 , a n d th is la t e r w ill w a s

m o d ifie d

b y a c o d lc l

m o n t h s la te r .

w ill

c o n ta in s a

a m o u n t in g , a ll t o l d ,

to

b a la n c e o f a d o n a t io n
of

G a t e s a n d h e r s o n , C h a r le s

fr o m

T h e w ill m e n t io n e d

ex ecu ted tw o

E d u c a tio n ,

and

n u m ber

of

b e q u e sts

a b o u t $ 7 0 0 ,0 0 0 .

to

r e la tiv e s

I t p r o v id e s fo r th e

and

fr ie n d s ,

paym en t of a

m a d e b y M r . G a te s t o th e M e th o d is t E p is c o p a l B o a r d

$ 1 0 0 ,0 0 0

Is

le ft

to

th e

M ary

G a te s

H o s p ita l

at

P ort

A rth u r, T e x a s.
n o t b e re­

S ta te

fu n d s

T he

w ill c o n t a in s

be

fo r c e d

an

I n c lu s io n

to

M rs.
to

sh ares

at

and

a

P ort

C h a r le s

G .

G a te s o f S I ,0 0 0 ,0 0 0 , a n d

tr u s t, th e p r in c ip a l o f w h ic h
c o n tin u e

A rth u r,

th e

p e r s o n a l e llc c ts .

of

h is I lln e s s , h a s a r r a n g e d

th e

esta te

a p p r o x im a t e ly

b e q u ea th ed
e q u a l.

M rs.

to

w ill a m o u n t t o

d u r i n g I lls l i f e .

s ta b le

and

S h e is n a m e d

garage

to

tu rn

her
G a tes

and

t h is

c ity ,

her son
la r g e

C h a r le s

G .

and

a ll

le g a te e .

of her h u sban d

o v e r to

s u ffic ie n tly

a ls o

abou t

M r s . G a te s r e c e iv e s
in

a s r e s id u a r y

G a t e s , h o w e v e r , In p u r s u a n c e o f t h e w is h

h e r d u r in g

p o r tio n

b eq u est to

T h i s t r u s t Is t o

r e s id e n c e

h o u s e h o ld

d e p o s it s .”

The opinion of the Attorney-General was given in response
to an inquiry made by George Hall, Democratic candidate
last year for State Treasurer.
A similar ruling with regard to the bonding of county
funds is said to have been rendered to the Treasurer of Lan­
caster County, Neb., by County Attorney Strode. The lat­
ter has decided that banks designated as county depositories,
and which have complied with the deposit-guaranty Act,
as amended, need not furnish a bond for the county funds
deposited with them.
— A resolution adopted by the House of Representatives
of Georgia on Aug. 14 authorizes the appointment of a com­
mittee of eight— three Senators and five Representatives—
to sit during recess to take up the question of revising the
State banking laws.
— The National Association of State Bank Supervisors
will hold its annual convention in New Orleans at the same
time the American Bankers’ Association will convene in
November. Giles L. Wilson is Secretary of the organization.
—The application of the Farmers’ Loan & Trust Co. of
this city for permission to establish branches in London and
Paris has been approved by State Superintendent of Banks
George C. Van Tuyl. The Superintendent’s approval is
granted in accordance with a law passed at the late session
of the New York Legislature authorizing the maintenance
of foreign branch offices by trust companies whose outstand­
ing capital and surplus is in excess of $5,000,000. The right
of trust companies organized under the laws of New York
to operate branches in foreign cities was brought into ques­
tion a year ago, and in a decision in the matter State Attor­

a

c r e a t e s f o r h is b e n e fit
$ 2 ,0 0 0 ,0 0 0 .

th ey

em a n a te

a p p r e h e n s io n .

th e

th a t

th e r e p o r t r e c e n t ly p u b lis h e d c o n c e r n in g t h e w ill o f J o h n W .

In th e ir b e h a lf t h a t th e r e p o r t r e fe r r e d
d id

In d ic a te

th e o t h e r h a n d , w ill b e s u b je c t e d

to

G a tes, r e p r e s e n ta tiv e s o f M rs.

W h e n th e s e b o n d s e x p ir e , th e r e fo r e , th e A t t o r n e y -

o f S t a t e fu n d s In t h e ir r e p o r t s o f “ a v e r a g e d a lly




ney-General O’Malley gave it as his opinion that the Guar­
anty Trust Co. was the only'one clothed with authority to
maintain foreign branches. The Farmers’ Loan & Trust Co.
was one of those which at that time had branches abroad;
as a result of the ruling of the Attorney-General, interests in
the company undertook the formation of a new London or­
ganization, styled the Farmers’ Loan & Trust Co., Ltd.
The laws of England restrict the company’s business, and it
is prohibited from receiving deposits; hence as permitted
under the new law passed in New York, the institution will
again open branches in London and Paris. The organization
formed under the English laws will also continue in opera­
tion, but its connection with the New York company will
be as an agency and not as a branch. The first application
approved under the new law was that of the Equitable Trust
Co., which is authorized to maintain a Paris branch.
— The will of the late John W. Gates, under which a
trust was created preventing the disposal of a large part of
his securities until ten years after his death, is revoked,
according to a statement issued during the week, in a will
subsequently executed in which no such provision is made.
Mr. Gates died in Paris, France, on Aug. 9, and immediately
after the funeral, held in this city on the 23d ult., former
Justice Gildersleeve made known certain of the provisions
of the first will which he had drawn up for Mr. Gates in
May 1910. This document named Mrs. Gates, her son,
Charles G. Gates, and the Equitable Trust Co. as trustees,
and a clause therein, as indicated above, stipulated that they
were not to dispose of the stocks or bonds held by Mr. Gates
before the lapse of ten years after his death. This arrange­
ment, Justice Gildersleeve explained, was adopted with a
view to protecting Mr. Gates’s friendswho had invested their
fortunes in his enterprises, as he feared embarrassment
might come to them with the unloading of his stocks on the
market after his death. In the second will, executed in
March 1911, only $2,000,000 of Mr. Gates’s fortune, rumored
as between $30,000,000 and $40,000,000, is placed in trust,
andthisis forthe benefitof hisson. Thiswill,it is announced,
was drawn up by Byrne & Cutcheon, who have made public
the following statement concerning it:

th e b a n k s o f th e S ta te fo r th e d e p o s it o r s ’

w a s m a d e f o r I n c lu d in g In t h e

d e sig n a te d

th e

b a n k s o v e r th e S ta te , th e o p in io n

W h e n th e a ssessm en t w a s m a d e o n
fu n d , n o p r o v is io n

W ith

In e x a c t l y

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

to

exp ressed

a p a rt o f th e
m ake

G a tes

o n ly

th e ir
a re

n a m e d as e x e c u tr ix a n d

e x e c u t o r o f th e w ill, w h ic h w ill s h o r t ly b e p r e s e n te d

fo r p ro b a te

C o u n ty . T e x a s, w h ere

In J e ffe r s o n

M r.

G a te s r e s id e d .

— Robert P. Perkins, President of the Hartford Carpet
Corporation, has been elected a director of the Windsor
Trust Co. of this city.
— The National Newark Banking Co. of Newark, N. J.,
has arranged for the installation of a safe deposit vault,
to be located under its present quarters in the Mutual Benefit
Life Insurance Company Building. The vault is to be con­
structed by the Bethlehem Steel Co. and is to be built of
Harveyized nickel-steel armor plate— the material used in
the battleships of the navy. The armor plate will be four
inches thick and will be surrounded by a concrete wall twelve
inches thick. The vault is designed to withstand not only
burglar attacks, but conflagrations and earthquakes as
well.
— Julius Schwaab, Vice-President and one of the founders
of the German-American Trust Co. of Paterson, N. J., died
on the 24th ult. He was fifty-seven years old.
— The establishment of a regular Clearing-House Associa­
tion at Albany, designed more particularly to strengthen the
financial relations of its banking institutions, is under con­
sideration. The proposed movement will entail no essential
difference in the method of exchanging checks now in vogue
among the banks, its purpose being mainly to bring about a
closer association among the institutions, producing a unity
of interests which is desirable at all times, but especially so
when disturbances arise calling for concerted action. A com-

Sept. 2 1911.]

THE CHRONICLE

507

mittce authorized some months ago has prepared and sub­
mitted to the bankers of the city a constitution for the pro­
posed association, similar in its provisions, it is stated, to
that under which the New York Clearing House operates.
If the Albany association becomes a reality, it is intimated
in the Albany “ Argus” that the Troy banks will become
affiliated with the organization.

erty, the institution, it is announced, is complying with a
suggestion of the Comptroller of the Currency that national
banks divest themselves of all real estate not absolutely
required in their banking business.

— John B. Dutchor, President of the National Bank of
Pawling at Pawling, N. Y ., and a director of the Fifth Avenue
Bank of New York, died on the 27th ult. Mr. Dutcher had
formerly been President of the New York State Bankers’
Association, and had also served as a member of the State
Senate and Assembly. He was in his eighty-second year.

— The final payment to the creditors of the City Savings
Fund & Trust Co. of Lancaster, Pa., was represented in a
dividend of 2 )4 % distributed some weeks ago, under which
the full return to depositors aggregates 6 0 )4 % . The insti­
tution failed in 1905. The indebtedness to the city, amount­
ing with interest to $166,418, was discharged some time ago,
and settlement in the case of the deposits of both the State
and County— respectively $65,000 and $38,250—rwas like­
wise made long ago.

— The increase made in the capital of the Atlantic Na­
tional Bank of Providence, R. I., has been approved by the
Comptroller of the Currency. As noted July 1, the addi­
tional stock put out raises the capital from $225,000 to
$300,000.
— The proposal to increase the capital of the Old Colony
Trust Co. of Boston, in accordance with the plans set out
in our issue of Aug. 19, was ratified by the stockholders on
Aug. 25. Under the vote of the shareholders, the authorized
capital is raised from $3,000,000 to $7,500,000, while the
outstanding amount will be increased from $2,500,000 to
$5,000,000. In bringing its capital up to the latter figure,
the bank will in effect convert a part of surplus into capital,
arrangements having been made for the payment of a cash
dividend of 100% out of the $10,000,000 surplus, which
dividend may be used as payment on the new stock. The
merger of the City Trust Co., the Mercantile Trust Co. and
the Massachusetts Trust Co. with the Old Colony Trust Co.,
authorized during the last session of the Legislature, was
also carried to completion at last week's meeting of the
stockholders.

— The Guardian Trust Co. of Pittsburgh moved on the 24th
ult. from 329 Fourth Ave. to the Jenkins Arcade, 512 Penn
Ave., where it has well-equipped banking rooms.

— An initial dividend was paid last week to the depositors
of the Savings Bank of Brunswick at Brunswick, Md., which
closed its doors in Nov. 1910. The distribution amounts to
33 1-3% of the outstanding claims, aggregating about
$230,000.
— An application for a charter for the City Trust & Savings
Co. of Dayton, Ohio, has been approved by the State Banking
Department. The new organization will be affiliated with
the City National Bank and will have a capital of $100,000.

— Frederick Harris has been elected to succeed his father,
the late Frederick H. Harris, as President of the Third
National Bank of Springfield, Mass. The new President
has been with the institution since 1873, entering its man­
agement at that time as Assistant Cashier. Becoming
Cashier in 188G he continued in that capacity until his
present advancement to the head of the institution. His
successor in the cashiership is Arthur J. Skinner, who had
previously been Assistant Cashier, and Frederick M. Jones
has been made Assistant Cashier.

— John Perrin, Chairman of the Board of Directors of the
Fletcher-American National Bank of Indianapolis, has made
known to the directors his intention to withdraw from active
management in the institution. Mr. Perrin, it is stated,
will carry out these plans before the first of the year. His
withdrawal, it is said, is in furtherance of action contem­
plated a year ago when negotiations were entered into for the
consolidation of the Fletcher National Bank and American
National Bank, of which latter he had been President . Some
of the members of Mr. Perrin’s family have established a
home in California, and in fulfilment of his desire to more
nearly retire from business, he has decided to join them there.
Mr. Perrin himself is the owner of property in the State in
which he has decided to locate. Mr. Perrin announces
that he has not disposed of his interest in the bank and does
not contemplate abandoning his business holdings in In­
dianapolis. II. A. Schlotzhauer has resigned as Cashier of
the Fletcher-American National Bank and has been succeeded
by Ralph K. Smith, previously one of the Assistant Cashiers.

— The stock of the Girard Trust Co. of Philadelphia
touched a new high record this week in the sale at auction of
15 of its shares at $1000)4 on Wednesday; the highest price
previously commanded was $1,000, which had been paid for
one share on the Philadelphia Stock Exchange on Aug. 24.
Stock of the Fidelity Trust Co. of Philadelphia also sold at
$1000)4 on Wednesday of this week, this being likewise the
high record price for this stock, and representing an advance
of $19 over its last previous high price of $981.
— The building of the First National Bank of Pittsburgh,
at Fifth Avc. and Wood St., has been sold for practically
$3,000,000 to a New York syndicate, the principals in which,
it is understood, arc the Thompson-Starrett Construction
Co. and II. P. Wilson. Not only is the conversion into cash
of nearly all the bank’s real estate holdings thereby ac­
complished, but the transaction will also result in the early
construction of additional stories to the building, making it
one of the tallest in the city. When the present structure
was erected in 1908, the height of the building was confined
to five stories; but the foundations were such as to provide
for an extension to a twenty-five story building in case one
of that size should later be considered advisable. The syn­
dicate which takes over the property has organized a com­
pany called the Fifth Avenue & Wood Street Corporation,
and has entered into a contract to complete the building,
making it twenty-five stories in height. It will be known as
the First National Bank Building; it is to be enclosed by
Feb. 1 1912 and ready for occupancy a few months later.
Part of the consideration of the transaction is that the bank
will retain its present quarters, under a lease for twenty years
(at a rental of $75,000 a year for this period), with the
privilege of two renewals for the same term of years. The
property is carried on the books of the bank at the present
time, it is reported, at $2,500,000. The Metropolitan Life
Insurance Co. of New York is said to have agreed to loan
$2,250,000 on first mortgage, at 5% , on the completed
building, of which $1,250,000 is available as first payment
to the First National Bank. In thus disposing of the prop­

— A movement to merge the business of the Columbia
National Bank and the Union National Bank of Indianapolis
is under way. The plan as favored by the directors, and
which the stockholders will meet to consider on Sept. 25,
calls for the liquidation of both institutions and the organiza­
tion of a new bank under the name of the National City
Bank. It is planned to establish the proposed institution
with a capital of $1,000,000 and surplus of $200,000. That
its capital may be allotted among new as well as present
stockholders, with a view to increasing the combined busi­
ness of the two banks, it is agreed that only 75% of the pres­
ent stock of each bank will be eligible in exchange for the
stock of the new bank, and the same can be thus used on the
basis of $1 20 value for the new stock. The remaining 25%
of the present stock in each bank, together with the surplus
and profit accounts, will constitute a separate fund to be
distributed in a dividend pro rata upon the completion of
the liquidation. This plan will not require the payment by
present shareholders of any money, but simply the exchange
of the old stock for new upon the basis of $1 20. Under the
above plan S675,000 of the capital of the new bank will be
set aside for the stockholders of the two institutions; the
other $325,000 of stock will be sold at a premium in advance
of the price above mentioned, said premium to be determined
by the directors of the National City Bank, whose directors
will be composed of the combined boards of the liquidating
banks. The Columbia National Bank was organized
in 1901; at the time it opened in June of that year the State
Bank of Indiana at Indianapolis voluntarily went out of
business and the Columbia took over about $200,000 of its
securities together with about $100,000 of its deposits. The
deposits of the Columbia National in its latest statement,
June 7 1911, were nearly $2,000,000— $1,899,732; it has a
capital of $500,000. The Union National Bank, which has
been in operation since 1902, has a capital of $400,000 and
deposits of $1,681,483. J. M. McIntosh is President of the
Union National while Frank M. Millikan is at the head of the
Columbia National.




568

THE CHRONICLE

— An application to organize the Jefferson Park National
Bank, at Jefferson Park, Chicago, was approved by the
Comptroller of the Currency on Aug. 22. The interests con­
cerned in the movement are identified with the National City
Bank of Chicago; it is reported in the “ Inter-Ocean,” how­
ever, that there will be no “ fixed or binding connection” be­
tween the two organizations, although the National City
will act as the new bank’s agent and will clear its checks.
The Jefferson Park National Bank will have a capital of
$50,000, and its stock will be sold at $110 per share, creating
a surplus of $5,000. The incorporators are H. H. Esdohr,
G. M. Hayes, C. C. Kirchhoff, P. F. Thomsen, L.H.Grimme,
Cashier of the National City Bank, and Fred. II. Esdohr.
— Arrangements for improving their facilities for transact­
ing business have lately been undertaken by several of the
banking institutions of Milwaukee. The Marshall & Ilsley
Bank, which about a year ago secured a ninety-nine-year lease
of property at 413-417 East Water St., has begun work on
the new structure which will be located on the site. This is
to be four stories in height, and will be constructed entirely
of stone, with granite base. In architectural design it will
follow the Ionic style, and will have two massive pillars on
either side of the main entrance. The rear, or side of the
building facing the water, will conform closely to the front,
and provision will be made for an entrance in the rear in the
event that agitated improvements along the water-front are
consummated. The building will be occupied exclusively
by the bank.
The First National Bank of Milwaukee also plans to erect
a building on East Water St., corner of Mason St. It is
understood that the architects have been directed to prepare
plans for a sixteen-story building, to cost approximately
$1,500,000.
A new home for the Merchants’ & Manufacturers’ Bank
of Milwaukee is assured in a transaction lately concluded by
the Merchants’ & Manufacturers’ Investment Co. Through
these negotiations the latter has obtained a ninety-nine year
lease of property on West Water St., between Grand Ave.
and Wells St. The bank will occupy part of the ground floor
of the building which it is proposed to erect immediately
on the property. While a ten-story structure is eventually
planned, at the present time but two stox-ies will be built,
the foundations, however, beiixg such as to insure the carrying
out of the plans for a larger building.
— The conversion of the Bank of Idaho, at Boise City, into
the Pacific National Bank was approved by the Comptroller
of the Currency on the 21st ult. With the change in name,
as noticed in this columns July 1, the bank increased its
capital from $100,000 to $200,000.
— Suits aggregating, it is said, $160,600, against stock­
holders of the Columbia Bank & Trust Co. of Oklahoma City,
Okla, which suspended Sept. 28 1909, are reported to have
beeix filed on Aug. 18 by State Bank Commissioner Lankford.
The actions, it is stated, are brought under the double-liability
Act, which provides that owners of bank stock are liable for
double the amount of their holdings.
— The Oklahoma City National Bank, at Oklahoma City,
Okla., which was taken over by the State National Bank
of Oklahoma City, was placed in voluntai'y liquidation on
June 30.
—The Oklahoma National Bank of Tulsa, Okla., taken
over by the Oklahoma National Bank of Tulsa, was placed in
voluntary liquidation on July 7.
— C. C. Heiximing, previously Vice-President of the El Paso
National Bank of Colorado Springs, Colo., has been elected
President, succeeding W. S. Jackson, retired.
—The McDaniel National Bank is being formed in Spring­
field, Mo. The capital is to be $100,000. George D. Mc­
Daniel is one of the organizers.
— Articles of incorporation for the Tower Grove Bank of
St. Louis have been filed. The capital of the institution, it is
announced, will be $100,000, and it will have a surplus of
$10,000. Several years ago it was reported that the orgarxization of an institution having a similar title— the Tower
Grove Trust Co.— was planned, but apparently these plans
were never consummated. The institution whose develop­
ment is xxow under way is to locate at Grand Avenue and
Juniata Street.
—The demurrer entered by E. L. Hendry, President of the
All Night & Day Bank of Memphis, Tenn., to the indictment
charging him with having defrauded the Night & Day Bank
of Oklahoma, through a transaction with the President of




[V O L . L X X X X III.

the latter, has been sustained by Judge George W. Clark
of the District Court in Oklahoma, who ordered the indict­
ment against President Hendry dismissed. This was the
finding of Judge Clark with respect to both the original in­
dictment and a new indictment returned on Aug. 22. Judge
Clark submitted practically the same reasons for his action
in both instances, and we quote from the “ Oklahoman” of
the 22d ult. his decision as first rendered:
T h e r e a r e n o a lle g a t io n s In t h e I n d ic t m e n t t h a t H e n d r y k n e w
a n y I n te n tio n o f D a v is t o d e fr a u d
In t h e t r a n s a c t i o n .
a deal b y
ban k,
N ig h t

&

H en d ry
B ank

w h ic h

an d

b y

c o u ld

th e N ig h t
m e

&

D ay

a n y th in g o f

B a n k o f O k la h o m a C it y

th a t th e a c t c o m p la in e d

o f w a s s im p ly

D a v is s o ld s o m e o f h is o w n I n d iv id u a l p a p e r t o t h e M e m p h is

th a t
D ay

It seem s to

he

had

B ank
be

reason

of

at

le a s t a

O k la h o m a

con n ected
o f g iv in g

w ith

th a t

p o r t io n

of

C it y .

It

an y

ban k

It p la c e d
does

d e fr a u d in g
a

c r e d it

in

n ot

to

ills

th e

c r e d it

appear

o f th e
ow n

lo c a l

to

of

m e

N ig h t

&

I n s titu tio n .

th e
how
D ay
T h e

d e m u r r e r w ill b e s u s t a i n e d a n d t h e i n d i c t m e n t d is m is s e d a s t o H e n d r y .

Reports of President Hendry’s indictment last month are
understood to have been the cause of the run on the All
Night & Day Bank of Memphis on the 13th ult., which re­
sulted in the closing of the institution. W. V. Taylor, its
Vice-President, has been made receiver of the bank. Accord­
ing to the Memphis “ Commercial Appeal,” it has developed
that the American Trust Co., of which, it is stated, Mr.
Hendry had been one of the incorporatoi’s, has also suspended
business. A statement under date of June 30 1911 is said
to have reported the paid-in capital of the trust company
as $200,000 and its deposits as about $80,000. With regard
to his connection with the company, Mr. Hendry is said to
have stated that he was pex-suaded to take stock in it with a
view to securing its deposits for the All Night & Day Bank;
at one time, he added, it had $20,000 on deposit with the
bank, and that, according to Mr. Hendry, is the only connec­
tion which had existed between the two.
— The position of the First-National Bank of Commerce
of Hattiesburg, Miss., as the leading bank in the State is
pointed out in a recent editorial in the Hattiesburg “ News.”
While there are larger cities in Mississippi than Hatties­
burg, the assertion is made that in the banking class that
city leads all the rest. The claim is based on the last report
of the State Auditor, which, it is noted, shows that,in point
of deposits and total resources, Hattiesburg has the largest
bank in the State, the First-National Bank of Commerce
bringing that distinction to its city through deposits of
$2,000,000.

— Permission to convert the Bank of Commerce of Pasa­
dena, Cal., into the National Bank of Commerce was granted
by the Treasuxy Department on Aug. 21. The reorganized
bank will have $100,000 capital.
— The Merchants’ National Bank of Portland, Ore., has
increased its capital from $250,000 to $500,000, the new capi­
tal having become effective on the 23d ult. With surplus
and undivided profits of $175,000, the working capital of
the institution becomes $675,000. The bank plans to occupy
new quarters early the coming year, when the structure in
which it has arranged to make its future home is completed.
The building will be erected on a site 50x100 feet; practically
all of the first floor has been reserved for the banking depart­
ment of the institution and a portion of the second floor will
be set aside for the directors’ rooms and bank offices.
— The details of the program to be presented at the annual
convention of the Washington Bankers’ Association, which
takes place at Wenatchee, Wash., on Sept. 14, 15 and 16,
have been completed. Varied topics will be discussed, the
principal one being that which has been assigned to Robert
W. Bonynge of the National Monetary Commissioxx, who
will address the bankers on “ The Reserve Association of
America.” Some other speakers and their subjects are:
“ The Relation of the Banker to the Farmer,” by Joseph
Chapman Jr., Vice-President of the Northwestern National
Bank of Minneapolis; “ The Reserve City Baxxk and its Coun­
try Correspondent,” by J. A. Swalwell, Vice-President of the
National Bank of Commerce, Seattle; “ Some Questions of
Interest to the Country Banker,” by George P. Wiley, Cash­
ier of the Waterville Savings Bank. P. C. Kauffman, Sec­
ond Vice-President of the Fidelity Trust Co. of Tacoma, is
Secretary of the Association.
— Frank M. Sullivan has been elected active Vice-Presi­
dent of the American Savings Bank & Trust Co. of Seattle,
to succeed J. P. Gleason, who resigned because of ill health.
— Arrangements are being perfected for the establishment
in the Republic of Santo Domingo of what is claimed to be
its “ first modern banking institution.” It has been desig­
nated the National Bank of Santo Domingo, and will have
its headquarters in the City of Santo Domingo. No regularly

THE CHRONICLE

Se p t . 2 1911.]

organized banking facilities, it is pointed out, exist in the
Republic, and foreign exchange is almost entirely in the
hands of merchants, who are obliged to maintain credits in
New York, London, Paris and Hamburg. Circulars with
respect to the movement give prominence to the fact that the
banking laws of the Republic are similar to those of Canada,
and permit the establishment of branch banks and the issue
of bank notes to the extent of the bank’s paid-in capital.
The capital of the National Bank of Santo Domingo is to be
$500,000 (par $100), full paid and non-assessable, and offer­
ings of the same at par are being made in New York by
H. C. Niese & Co. and in Chicago by Wollenberger & Co.
The payments, Messrs. Niese & Co. announce, are to be 30%
on application, 20% on allotment and the balance on Oct. 1.
The following, it is stated, have signifisd their willingness
to serve as directors of the new bank: Samuel M. Jarvis,
Vice-President of the National Bank of Cuba; W. H. Lynn,
capitalist and ex-United States Senator, New York; Henry
Siegel, President of several department stores; Frederick
Brown, expert on Latin-American affairs, and Frank J. R.
Mitchell, formerly of Simmons, Mitchell & Irving, corpora­
tion attorneys, of Chicago. The circulars report that the
books of the bank will be audited regularly by a reliable firm
of American chartered accountants. It is also announced
that under the laws of Santo Domingo there is no double lia­
bility to stockholders, as is the case with National banks in
the United States.
.
— In its issue of Aug. 12 the London “ Statist” announces
that the directors of the Stamford, Spalding & Boston Bank­
ing Co., Ltd., have entered into a provisional agreement for
the sale of their business to Barclay & Co., their London
agents, as from July 1. The Stamford, Spalding & Boston
Bank has an authorized capital of £1,200,000 and a paid-up
capital of £294,590. On June 30 its deposits were £3,718,­
130 and the total assets £4,250,515. The acquisition of
the organization by Barclay & Co. will provide new territory
for the latter and will increase its offices, now numbering
481, to 528. The authorized capital of Barclay & Co. is
£8,000,000, the paid up amount is £3,200,000, while its
deposits are reported as £50,654,267.

pXxitrjetaryi

rixm cud at IhiqllsU^zxiys
(From our own correspondent.)

569

securities, the alarming growth in capital charges and the
decrease in their revenue-earning capacity undoubtedly
called for some efforts in this direction. It may be that the
managers became alarmed at the steady increase in the cost
of operating, and the steady decrease in the return upon
railway capital, and were in too much of a hurry to carry
out reforms which should have been spread over a longer
period. Stated briefly, the benefits conferred by the Con­
ciliation Boards were taken away by the measures adopted
in order to reduce the extravagant cost of working. The
result is that the men allege, and probably with truth, that
they are worse off now than before the Conciliation Boards
were established.
London continues to receive the bulk of the South African
gold. The demand upon Continental account has almost
completely disappeared, and for India, owing to the unfor­
tunate news regarding the monsoon, it is very much reduced.
Consequently rates for the most part are low. Day-to-day
money and short-loan money are obtainable well under
1X
A % , and the discount rate is slightly below Bank rate,
which remains at 3 % . The Bank return shows the reserve
at £28,600,000, an increase for the week of nearly £1,000,000,
due to the return of holiday money from the Provinces and
the receipt of gold from abroad. The stock of gold slightly
exceeds £40,000,000, or about the same as it was a year ago.
The foreign exchanges are, as has been indicated, in favor of
this country, and the proportion of the Bank's reserve to its
liabilities exceeds 55%.
The India Council continues to dispose of all the drafts it
offers. On Wednesday last 50 lacs of its bills were offered,
and the applications reached slightly over 713 lacs. The
whole amount offered was sold both in bills and in telegraphic
transfers, the average price obtained being Is. 4 l-16d.
English Financial Markets—Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Sept. 1.
Sat.
Sliver, per o z ........................ d, . 24 *3
Consols, 2*3 per cents______ . 78 H
For account.......................... . 78 %
French Rentes (In Paris).fr,. 94.52}*
Amalgamated Copper C o . . . • 59*4
Amer. Smelt. & Rel. C o----- . 70*4
6 Anaconda Copper C o.......... 7
Atcli. Top. & Santa Fe..........105*4
Preferred ............................ .104
Baltimore & O hio_________ .103
Preferred .......................... .. 8 8
Canadian Pacific..................... .237*4
Chesapeake <fc O hio..... ......... . 74
Chicago Great W estern____ . 19*4
Chicago Milwaukee & St. P. .115*4
Denver & Rio Grande........... - 24*4
Preferred ............................. 52
E r i e ............................................ 29
First preferred................... . 49
Second preferred-------------. 40*4
Illinois Central.................... .142
Louisville & Nashville........... .145*4
Missouri Kansas & T e x a s .... 30*4
Preferred ............................ ■ 68*4
Missouri P a c ific ..................... . 41
Nat. R R . o f M ex., 1st p re f... 63
Second preferred............... . 27*4
N. Y . Central & Hud. R iv ...105*4
N. Y . Ont. & Western______- 40 M
Norfolk & W estern............... .104
Preferred ............................. 93
Northern Pacific......... .............119
a Pennsylvania......................... 61*4
a Reading Company.............. 72*4
a First preferred_________ . 46
a Second preferred........... .. 47
R ock Island............................- 25*4
Southern Pacific..................... .112*4
Southern R y ............................- 27*4
Preferred ......... ................ .. 69
Union Pacific..... .................... .170*4
Preferred .......................... .- 92*4
U. S. Steel Corporation.......... 71
Preferred ....... .....................118
W abash .................................. .- 14*4
Preferred _______________ . 30
Extended 4s....... .......... .. . 63

M on.
24 1-16
78*4
78*4
94.57*4
59
70*4
7
106*4
104*4
102*4
88

238
73*4
19*4
115*4
23*4
52*4
29*4
49*4
40*4
142
144*4
29*4
68*4
41*4
63
27*4
106
40*4
104
93
118*4
6154
72*4
46
.
25*4

Tues.
24*4
78*4
78*4
94.65
60*4
72
7*4
106*4
105
103*4
88

238*4
75
19*4
117*4
24
52*4
29*4
50*4
41*4
142
145*4
30*4

F r i.
Wed.
Thurs.
24 3-16
24*4
24*4
d78*4
78*4
78*4
C78 7-16 78*4
d78*4
94.65
94.50
94.65
60
59*4
59*4
71
71
71
7
7
7
106
106*4
105*4
104*4
104*4
104*4
103
103
103
88
88
89
235*4
235*4 d233*4
73
73
73*4
19
19
18*4
116*4
117*4
116*4
24
23*4
23*4
52*4
52*4
52*4
29
29*4
29*4
50*4
49*4
50*4
42*4
41*4
41*4
142
142
141*4
145*4
145*4
144*4
30*4
30*4
30*4
67
67
67
41
41*4
41*4
67
67
65
28*4
28*4
28*4
106*4
106*4
106*4
40*4
40*4
40*4
103
103*4
103*4
____
____
93
119
118*4
118*4
62
61*4
61*4
72
72*4
72*4
46
46
46
..
____
47*4
25
25*4
25*4
112*4
111*4
110*4
27*4
27*4
27*4
69*4
69*4
69*4
171*4
172*4
171*4
94
94*4
93*4
72*4
d71*4
71*4
118
118
118
14
14
13*4
30
30
29*4
63*4
63*4
63*4

L o n d o n , S a t u r d a y , A u g . 19 1911.
Since writing last week, the London market has been wholly
68
dominated by a series of strikes all over the country and by
42
63
the threatened railway strike, which has now materialized.
27*4
The latter is, of course,, the most important, as it affects the
106*4
40*4
largest area of the country. Directly or indirectly, nearly
104
every individual in England is more or less affected, and
93
119
certainly no important class of the community escapes. The
61*4
gravity of the situation lies in the fact that during the past
73
three or four years we have been subjected to a series of
46
____
labor wars each of which has been formally settled by the
25*4
Government, but no sooner was a settlement announced
112
113*4
27*4
27*4
than trouble broke out in some other direction. It has been
70
69*4
very much like attempting to patch an old garment; as soon
173
173*4
92*4
92*4
as the new stitches were put in a rent was discovered some­
73*4
72*4
where else. This is an aspect of the question which is of
118
118
14
14
almost as much importance for the reader at a distance to
29 *4
29*4
note as for ourselves upon the spot. The reason for the
63*4
63*4
railway strike, which is certain to be settled long before this
a Price per share. b £ sterling. c F o r October account, d Ex-dlvldend.
letter is in type, will be of interest to readers at a distance.
Owing to the greatly increased gold output during the past
twelve or fifteen years, there can be no reasonable doubt that
wb
wages, salaries, and for that matter incomes of all kinds,
however large, expressed in gold value, do not go so far as
Canadian Bank Clearings.— The clearings for the week end­
they did before. In this country the railway servants, like ing Aug. 26 at Canadian cities, in comparison with the same
the railway companies themselves, have always been a more week of 1910, shows an increase in the aggregate of 20.2%.
or less favored class. They are very popular with the
public, and, speaking broadly, they well deserve their popu­
Week ending Aug. 26.
Clearings al—
larity. Their wages in the early days were fixed above the
Inc. or
level !{of the ordinary payment to men from the class from
Dec.
1911.
1910.
1909.
1908whichgthe respective grades were drawn. But the wages
S
S
S
1
Canada—
T
%
remained stationary. Meanwhile, as has been said, the cost Montreal
+ 8.7 30,086,326 30,156,435
.......................... 41,874,263 38,510,984
of(living has increased. About four years ago a strike such T oron to......... ..................... 29,941,014 23,924,847 + 2 5 .2 23,306,133 21,608,252
8,697,700
........... - ............ 19,676,681 15,747.262 + 2 4 .9 10,309,984
as has now taken place was threatened. The Government VWinnipeg
3,691,403
8,427,811 + 2 6 .9
6,096,708
a n co u v e r..... ................... 10,698,178
of.'the day decided to intervene, and the result was the for­ O tta w a ............................... 4,400,723 3,581,695 + 11.7 3,141,034 3,901,028
2,174,440
1,982,766
2,451,181 + 2 5 .7
mation of what is known as Conciliation Boards. Neither Q u e b e c......... - ................... 3,080,091
1,993,416
1,540,119
1,527.648
—A.2
1.594,337
a lifa x ...............................
the companies nor the workmen liked these boards. Never­ H
1,495,704
1,196,913
2,283,977
1,753,380 + 3 0 .2
H a m ilto n ........... - ............
1,380,273
1,225.041
theless, they accepted them. From the beginning, however, St. John_______________ 1,459,610 1,528,315 +—4.5
1,219,360
67.6
5,082,973
2,097,318
3,033,220
.............................
the Boards have caused friction. Now that a dispute has Calgary
1,290,729
847,735
1,027,233
1,098,048 + 17,5
London ......... ...................
980,880
2,424,626
1,373,133
1,828,718 + 3 2 .6
arisen, it is alleged that the Boards have not been fairly Victoria.......................... ..
607,299
2,413,081
929,675
1,700,000 + 4 2 .0
n -------------------worked. As in all similar cases there are two sides to the ER de gmino nato
1,243,006
738,121 + 68.4
........................ —
.........
.........
474,703
453,430
+ 4.7
question. There can be little doubt that the Conciliation Brandon
1,243,035 N ot Include d in tot al.
Boards did, to some extent, increase wages, and also, to some Saskatoon______________
946,743 N ot Include d In tot l.
Moose J a w ........................
549,286 N ot Include d In tot 1.
extent, they shortened the hours of labor.
L eth b ridge-------------------434,897 N ot include d in tot al.
Concurrently with their establishment the railway man­ Brantford ........................
agers were engaged in reducing the cost of operating the
Total Canada................ 127,871,303 106,371,349 + 2 0 .2 85,411,374 77,654,931
various systems. The heavy fall in the prices of railway




Qpjdwmcrctttl and K ~i6ccl Ian eons iXc

THE CHRONICLE

o

Breadstuffs Figures brought from Page 605.— The state­
ments below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at—

Flour.

Wheat.

Com .

Oats.

Barley.

A P P L IC A T IO N S TO C O N V E R T A P P R O V E D .
T h e B a n k o f C om m erce o f P a sa d e n a , C a l., in to th e N a tio n a l B a n k o f
C o m m e rce o f P a sa d e n a . C a pital, 5 10 0,00 0.
T h e B a n k o f I d a h o , B oise, Id a h o , in to th e P a cific N a tio n a l B a n k o f
B o is e . C a p ita l, 5 2 0 0 ,0 0 0 .
C H A R T E R S I S S U E D T O N A T I O N A L B A N K S A U G . 17 T O A U G . 2 2 .
10,063— T h e F irst N ation a l B a n k o f San D im as, C al. C a p ita l, 5 2 5 .0 0 0 .
W . A . J o h n sto n e , P resid en t; D . C. T e a g u e , V ice -P re s id e n t; J . P .
R o b e r t s , C ashier; Ci. C yril P la t t , A s s is ta n t C ashier.
(C on version
o f th e B a n k o f S an D im a s.
10,069— T h e P e o p le ’s N a tio n a l B a n k o f O rla n d o, F la . C a p ita l, $ 5 0 ,0 0 0 .
Jam es C. P a tte rso n , P resid en t; C. A . C a m p bell, V ice -P re s id e n t;
C . E . J o h n so n , C ashier; W illia m G . T altort, A s s is ta n t C ashier.

Rye.

bbls.im bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAHlbs. bu.5‘3 lbs.
C h ica g o -----137,536
1,260,000
2,161,600
2,455,100
325,500
34,000
M ilw aukee..
74,290
339.000
272,330.
175,100
691,600;
48,960
D uluth.........
1 0 260
70 702
99. 328
7,685
124,891
Minneapolis.
1,770,400
208,970
270,050
310^760 121.150
T o le d o .........
144,000
146.000
91,800
2 ,0 0 0
72,720
8,986
89,186
79,100
Cleveland . .
4,262
386
64,724:
8,900
600
St. L o u is .. .
60,540
421,200
2 S2 .2 0 0
316,415
15.400
1 2 ,1 0 0
51,000
57,000
366,830
137,830
20.400
3,400
Kansas City
181,000
134,300
684.000
T ot.w k .’ l l
Same wk. ’ 10
Same wk. '09

3,908,634
3,858,896
2,572,002

4,789,792
7,878,955
5,601,615

346,423
349,017
491,256

1,435,052
959,813
810,219

243,948
101,681
150,798

1

Since Aug. 1.
1911............
1910...........
1909...........

1,279,811
1,397,4S8
1,699,334

23,418,589
36,469,443
23,988,808

11,097,600
11,869,090
11,533,797

18,763,780
34,798,277
20,911,928

2,538,630
2,521,559
1,780,542

636,908
356,664
423,360

Total receipts of flour and grain at the seaboard ports for
the week ended Aug. 26 1911 follow:
Receipts at—
New Y ork............ .
Boston .................. .
P h iladelph ia____ .
Baltim ore.............. .
New Orleans*____
N o rfo lk ...................
G alveston------------M o b i le ....................
Montreal ................

Flour,
bbls.
152,653
42,262
48,246
53,637
29,498
1,500

Wheat,
bush.
1,366,100
173,529
408,991
341,687
121,800

Com ,
bush.
92,875
3,000
29,000
43,325
126,100

Oats,
bush.
647,125
73,290
284,417
253.410
42,000

4,000
62,980

20,000
598,812

5,000
10,000
59,833

332,478

Total week 1911 394,776
Since Jan. 1 1911.11,905,737
Week 1910..........
385,191
since Jan. 1 1910.11,138,826

Barley,
bush.
44,537

Rye,
bush.
1,050
436

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

......
1,209

3,030,919
369,133 1,632,720
45,746
1,486
51,814,478 50,342,172 37,207,276 2795,231 377,901
1,817,027
588,743
1,903,928
8.751
11,597
43,667,524 27,211,216 31,836,502 2154,035 486,090

* Receipts do not include grain passing through New Orleans for foreign ports
on through bills o f lading.

The exports from the several seaboard ports for the week
ending Aug. 28 are shown in the annexed statement:
Wheats
Exports from —
bush.
New Y ork _____ - 705,500
B o s t o n ________ . 197,211
Philadelphia . . . . 334,000
Baltim ore............ . 167,918
New Orleans___ .
32,000
G alveston........... .
40,000
M o b ile ________
M o n tr e a l............ . 1 , 1 0 0 ,0 0 0
N o rfo lk .. _____
T otal week—
Week 1910_____ .

876,414

Com ,
bush.
30,241
1 ,0 0 0

95,286
78,000
1 0 ,0 0 0

151,000

Flour,
bbls.
44,053
20,315
27,000
8,360
3,800
22,213
4,000
77,000
1 Sflft

365,527 208,241
184,600 135,798

Oats,
bush.
3,126

R ye, Barley,
bush.
bush.

Peas,
bush
257

1,400

500
246.000
249,626
25,350

1,657
1,519

The destination of these exports for the week and since
July 1 1911 is as below:
-------—Flour----------Wheat----- Com------------Since
Since
Since
W eek
July 1
Week
July 1
Week
July 1
Exports for week and Aug. 26.
1911. Aug. 26.
1911. Aug. 26.
1911.
Since July 1 to—
bbl3.
bbls.
bush.
bush.
bush.
bush.
United K in g d om .. . 125,818
681,746 1,443,757 7,166,323
125.130 1,925,476
C on tin en t....... .......... 54,945
294,526 1,092,872 6,331,004
145,505 1,346,999
So. A Cent. America, 10,709
132,005
40,000
140,507
67,980
246,451
W est Indies_______ 14,769
168,577
4,719
25,912
331,564
Brit. N o. Am . Cols. 2 ,0 0 0
5,812
1 ,0 0 0
2,614
Other Countries____
30,715
4,710

__

____
.......

......

T ota l------------------ 208,241 1,313,381 2,576,629 13,642,553
Total 1910........... . . 184,600 1,748,067
876,414 5,405,494

365,527
184,600

3,857,814
1,748,067

The world’s shipments of wheat and corn for the week
ending Aug. 26 1911 and since July 1 1911 and 1910 are shown
in the following:
Wheat.
xporls.

1911.

Com .
1910.

1011.

1910.

Week
Aug. 26.

Since
July 1.

Bushels.
3,808,000
1,952,000
1,280,000
1,520,000
1 ,0 0 0 ,0 0 0
1,048,000
80,000

Bushels.
22,856,000
19,776,000
8,040,000
10,800,000
7,752,000
1 1 , 6 6 6 ,0 0 0
1,398,000

Bushels.
Bushels. •
9,192,000
146,000
27,632,000 1,020,000
13,456,000 1,751.000
8,600,000
3,760,000
11,168,000
638,000
-

Bushels.
3,088,000
12,309,000
16,771,000

.....

...III

T o t a l ------ 10688 0 0 0

82,288,000

74,496,000 2,917,000

32,168.000

North Amer.
R u s sia .........
Danube ____
Argentina . .
A u stralia___
I n d i a ............
O th.countr's

Since
July 1 .

Week ,i
Aug. 26.

___

Since
July 1.

Since
July 1.
Bushels.
2,051,000
1,732,000
6,827,000
24,329,000

V ""
34,939,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
.
Wheat.
United
Kingdom.
Aug. 26
Aug. 19
Aug. 27
Aug. 28
Aug. 29
Aug. 31

191 1..
1 9 1 1 ..
1 9 1 0 ..
1 9 0 9 ..
1908. .
190 7..

1 Bushels.
21.968.000
21.184.000
19.680.000
15.560.000
15.440.000
17.280.000

Continent.
Bushels.
16.520.000
16.032.000
7.360.000
10.160.000
12,400,000
8.880.000

Com .
Total.

United
Kingdom.

Continent.

Total.

Bushels.
38.488.000
37.216.000
37.040.000
26.720.000
27.840.000
26.160.000

Bushels.
3.723.000
4.938.000
11,135,000
7.735.000
6.035.000
6.360.000

Bushels.
3.936.000
5.933.000
10.030.000
10.370.000
3.910.000
4.720.000

Bushels.
7.659.000
10.871.000
21.165.000
18.105.000
9.915.000
11.080.000

Railroads (Steam ).
Atlantic Coast Line Co. (Conn.) (q u a r .)..
Boston A Albany (q u a r .)................
Boston & Maine com . (q u a r.)....................
Canadian Pacific, com . (quar.) (N o. 61).
Preferred ______ __________ _____
Chesapeake A Ohio (quar.)...............
Chestnut Hill (qu ar.)— ...................
Chic. & East. III., pref. (q u a r .)...................
Chicago & North Western, com . (quar.)
Preferred (qu ar.)........... ................
Delaware A Hudson Co. (a u a r .).-.
Erie A Pittsburgh (quar.).................
Fitchburg, preferred ( q u a r .)...........
Fort Wayne A Jackson....................
Grand Trunk, 1st and 2nd Pref___
Louisiana & Arkansas (N o. 12)..................
Manhattan R y. (quar.) (N o. 110)..
M inn. St. Paul A S. S. M ., com. A pref.
Newark & Bloom field-------------------N . Y . Lackawanna A Western (quar.)__
N. Y . N. H. A Hartford (qu ar.)________
Norfolk A Western, com m on (qu ar.)____
Phila. Germantown A Norristown (quar.)
Reading Co., first preferred_______
St. Joseph So. Bend A Southern, c o m ..
Common (extra)...............................
Preferred ..................................... ..
St. Louis A San Francisco—
Chic. A E. III., pref. stk. tr. clfs. (q u .)..
K . C. Ft. S. A M ., pref. tr. ctfs. ( q u .)..
Southern Pacific (quar.) (N o. 2 0 )..............
Southern R y . M. A O. stk. tr. certfs____
Union Pacific .com m on (qu ar.)_____
P referred............... . ....................... . .
Utica A Black R iver............................
Warren, guaranteed_______ ________
Wisconsin Central, preferred.............
Street and Electric Railways.
American Railways (q u a r.)...............
Binghamton (N . Y .) R y _____________
Brockton A Plym. St. R y ., pref. (N o. 5 ) - .
Brooklyn Rapid Transit (qu ar.)___
Connecticut Valley St. R y., preferred_____
Louisville Traction, com mon (qu ar.)____
Preferred ....................................................
Metropolitan West Side Elev. .Chic. ,pf.(qu.)
Northern Onto Tract. A Light (qu ar.)___
Sao Paulo Tramtoay, Lt. A Pow. (quar.).
Second A Third Sts. Pass., Phila_______
West Penn Traction, common (quar.)____
Miscellaneous.
Am . Beet Sugar, pref. (quar.) (N o. 4 0 ) . . .
American Can, preferred (quar.)................
Amcr. Car A Fd y., com. (quar.) (N o. 36)
Preferred (quar.) (N o. 5 0 )..............
American Express (qu ar.).............................
American Locom otive, pref. (q u a r.)____
American Radiator, common (q u a r.)____
Amer. Shipbuilding, pref. (a u a r.)...........
Amer. Sugar Refining ,com . A prof, (qu.)
American W riting Paper, preferred
Borden’s Cond. Milk, pref. (quar.)(N o.39)
Brooklyn Union Oas (quar.)........... ..
BvtleElec. A Power, com. (quar.) (N o. 41)
Calumet A Hecla M ining (q u a r .)...
Celluloid Co. (quar.)------------------ Central Leather, pref. (q u a r.)........... ........
Childs Company, com m on (qu ar.)---------Preferred (q u a r.).............................
Consolidated Gas o f New York ( q u a r .)..
Cuban-Amcr. Sugar, pref. (q u a r.).
Diamond Match (q u a r.)......... ..........
du Pont (E. I .) de Nem . Powd., com. (qu.)
Common (extra).................................
Preferred (quar.)...............................
Federal Min. A Smelt., pref. (qu ar.)-----General Chemical, preferred (q u a r.)-----General Chemical o f California, 1s tp f. (qu.)
General Electric (q u a r.)...............................
Goldfield Consol. M ines (q u a r .)................
E x tr a ________ ________ ________________
Guggenheim Exploration (quar.) (N o. 3 5 ).
Laclede Gas Light, com . (o u n r .)................
Mackay Cos., com . (quar.) (N o. 2 5 )-----Preferred (quar.) (N o. 3 1 )......................
Mergenthaler Linotype (quar.)___________
E x tr a .............................................................
Michigan State T clep., pref. (q u a r.)____
Muskogee Gas A Elec., pref. (qu ar.)____
National Biscuit, com . (quar.) (N o. 5 2 ) ..
Nat. Enam. A Stpg., pref., (qu.) (No. 51)
National Lead, com m on (quar.) (N o. 31)
Preferred (q u a r.)_____________________
Nevada Consolidated Copper (q u a r.)____
Niles-Bement-Pond, common (qu ar.)___
North American (qu ar.)......... ........ r _____
Oklahoma Gas A E lec., com . (qu ar.)____
Philadelphia Electric (q u a r.)......... ..
\
'"Maker Oats, common (au ar.)...........
Preferred (qu ar.).................. ...........
(
I

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




. - If’
‘
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name o f Company.

3,624,742
8,270,200
6,187,326

[VOL. L X X X X III,

Preferred (extra).
S
£
S
S
S
L
Preferred (qu ar.).
l
Utah Copper (quar.) (N o. 13)....................
Yukon Gold Co. (quar.) (N o. 9 ) ..................

a

Per
Cent.
2K
2
1

2K
2

IK
IK
IK
IK

2

2K
IK
IK
2K
2K
IK
IK
3K
3
IK
2

IK
3
2
1

K
2K
IK
1

IK
2

2K
2

3K
3K
2

IK
3
$3
IK
3
1

2K
2

S3
1

K
K
K

When
Payable.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Sept.
Sept.
Oct.
Sept.

9 Aug. 30
to
Sept. 8
30 Holders o f rec. Aug.31a
2 Holders o f rec. Sept, la
to
O ct. 4
30 Sept. 2
30 Sept. 2
to
Oct. 4
30 Holders o f rec. Sept. 8
to
Sept. 4
5 Aug. 20
2 Holders of rec. Sept. 16a
2 Holders o f rec. Sept, la
2 Holders of rec. Sept, la
20 Holders of rec. Aug.28a
10 Holders o f rec. Sept, la
1 Holders of rec. Sept. 1

Sept.
Oct.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

15 Sept. 15 to
Sept. 17
2 Holders of rec. Sept.15a
16 Holders o f rec. Sept.22a
2 Holders of rec.Sept.22a
2 Holders o f rcc. S ept.15a
30 Holders of rec. Sept. 15a
18 Holders of rec. Aug.31a
to
Sept. 4
5 Aug. 20
9 Holders o f rec. Aug.23a
to
Sept. 15
15 Sept. 12
Sept. 15
15 Sept. 12 to
15 Sept. 12
to
Sept. 15

K

Transfer books not closed, b Less income tax.
payable In quarterly installments.

1

Oct.
2 Sept. 17
to
Oct. 2
Oct.
2 Sept. 17
to
Oct. 2
Oct.
1 Holders o f war’nt N o.20
Oct.
1 Holders of rec. Sept.15a
Oct.
2 Sept. 12
to
Oct. 10
2 Sept. 12
Oct.
to
Oet. 10
Sept. 30 Holders of rec. Sept.15a
Oct.
16 H olders of rec. O ct. 5a
2 Holders of reo. Sept. 14
Oct.
Sept.

15 Sept. 1

to

Sept.

Sept.
Oct.
Sept.
O ct.
Oct.
Sept.
Sept.
Oct.
Oct.
Sept.

15 Holders o f
1 Holders of
1 Holders of
1 Sept. 11
1 Sept. 11
Holders of
15 Holders o f

rec.
rec.
rec.
to
to
rcc.
rec.

Sept. 2a
Sept. 9a
Aug,23a
Sept. 15
Sept. 15
Aug.26a
Aug.31a

Oct.
Oct.
Oct.
1 K Oct.
$3
Oct.
I K Oct.
2
Sept.
I K Oct.
I K Oct.
1
Oct.
I K Sept.
I K Oct.
I K Oct.
Sept.
56
I K Sept.
I K Oct.
2 K Sept.
I K Sept.
I K Sept.
I K Oct.
I K Sept.
2
Sept.
1
Sept.
I K Oct.
I K Sept.
I K Oct.
I K Oct.
2
Oct.
30c. Oct.
2 0 c. Oct.
2 K Oct.
I K Sept.
I K Oct.
Oct.
1
2 K Sept.
K Sept.
I K Nov.
I K Sept.
I K O ct.
I K e Oct.
K Sept.
I K Sept.
37K c. Sept.
I K Sept.
I K Oct.
Sept.
2
I K Sept.
2K Oct.
I K Nov.
Sept.
SI
I K Sept.
I K Oct.
1 Oct.
Oct.
2
I K Sept.
I K Oct.
Sept.
2
SO Sept.
I K Oct.
1
Oct.
I K Oct.
I K Sept.
75c. Sept.
2
Sept.

IK
IK

Books Closed.
Days Inclusive.

4

Holders o f rec. Sept. 4
Sept. 9 to
Sept. 15
Holders o f rec. Sept. 20
Holders of rec. Sept. 15a
Holders o f rcc. Sept. 11a
Holders o f rec.Sept.11a
Holders of rec. Aug.31a
Sept. 22 to
O ct. 20
Sept. 22 to
Sept. 30
Holders
Holders
Sept. 6
Holders
Holders
Holders

of reo. Sept, la
of rcc. Sept.15a
to
Sept. 15
o f rec. Sept. 16
of rcc. Scpt.20a
of rcc. Aug.29a

Holders o f rec. Sept. 11a
Sept. 3
to
Sept. 11
Sept. 3
to
Sept. 11
Holders o f rcc. Aug. 16a
Holders o f rec. Sept. 15a
Holders o f rec. Aug .3 la
Sept. 6
to
Sept. 15
Sept. 6
to
Sept. 15
Oct. 15 to
Oct. 25
Holders of rec. Aug. 26
Holders o f rec. Scpt.22a
Holders o f rcc. Sept. 22
Holders of rcc. Sept. 2a
Holders of rec. Sept.30a
Holders o f rec. Sept.30a
Sept. 16 to
Oct. 2
Sept. 2
to
Sept. 15
Holders of rec. Sept. 9a
Holders of rcc. Sept. 9a
Holders o f rec. Sept. 9a
Holders of rec. Sept. 9a
Oct. 15
to
N ov. 1
Holders of rec. Aug. 31
Holders of rec. Sept.28a
Sept. 11
to
Sept. 30
Sept. 9
to
Sept. 13
Aug. 19
to
Aug. 22
Sept. 13
to
Sept. 17
Sept. 10
to
Sept. 20
Holders o f rec. Sept. 16a
Holders o f rcc. Aug. 31
15 Holders of rec. Aug.15a
16 Holders o f rec. O ct. 2a
30 Holders o f rec. N ov. la
25 Holders of rec. Aug.30a
20 Sept. 7
to
Sept. 20
2 Sept. 19 to
Oct. IS
2 Sept. 19 to
Oct. 18
2 Holders o f rec. Sept.l3a
15 Holders of rcc. Aug. 31
1 Holders of rcc. Sept. 15
15 Holders o f rec. Aug. 31
15 Holders o f rec. Aug.18a
1 Holders o f rcc. Sept. 9
2 Holders o f rec. Sept.20a
2 Holders of rec. Sept.20a
29 Sept. 2 to
Sept. 11
30 Sept. 10 to
Sept. 19
30 Sept. 13 to
Oct. 1

d Correction,

e Declared. 7%

cJk p t

THE CHRONICLE

. 2 1 9 1 1 .]

Auction Salos.— Among other securities, the following, not
usually dealt in at the Stock Exchanges, were recently sold at
auction in New York, Boston and Philadelphia.
By Messrs. Adrian H. Muller & Sons, New York:

571

D E T A IL E D R E TU R N S O F TR U S T COM PANIES.

1 rust Cos.
omitted.

Surplus.

00s

3
Shares.
Per cent.
M an h a ttan ___ 2,331,4
32 Weeks Land Co, $25 e a c h ._ ._ l
B r o o k l y n ------ 2,397,2
20 Urban lteatty Co., S25 e a c h ..| $1,000
B a n \ e r s ......... 12,860,9
30 Malba Land Co., $25 each____) lot
U. S. M tg.it Tr 4,446,4
SO Smith-Tomlinson Land Co.,|
A s t o r ................ 1,043,1
$25 each.............................
J
Title Guar. & T . 11,429,9
11 Pacific Bank.................. .................274 ^
Guaranty......... 22,977,9
n n rtriv
P/>r r p Y it
F id e lity ........... 1,272,4
$2,000,000 Western Steel Corp. 1st
'
LawyersT.I.&T 6,453,8
& coll. 6 s, 1930......... .......... ..........
1M
Columbia_____ 1,813,1
Standard ____ 1,426,3
By Messrs. R. L. Day & Co., Boston:
P e o p le s ............ 1,727,4
New Y o rk ------ 11,183,3
Shares.
3 per sh. Shares.
$ per sh.
F ra n k lin _____
977,4
4 Beverly (Mass.) Nat. Bank------155Mi 59 Am cr. Glue C o., pref. ex-rights.146
Lincoln ...........
582,0
5 Bigelow Carpet C o......... ............ -170
M etropolitan.. 6,107,4
Bonds.
Per cent.
1 Sagamore Mfg. Co., Fall I ilv e r .. 148
1 Boston Athenaeum, par $300— 305H 35,000 Town o f W oodstock, N. H .,
Totals, A v g e .. 91,029,9
15 Worcester Gas Lt. Co. rights— 1756
4s, 191 2....................... .......... .......... 9956
Shares.
$ per sh.
8 Atlantic Cotton Mills___________ 5056
20 Lowell & Andover R H . C o......... 21256
1 Central Vermont Ity. C o_______
8
10 Waltham W atch Co., co m _______ 35
5 Worcester Gas Light Co. rig h ts.. 1756

Actual figures

Shares.
$ per sh.
10 Am cr. Glue Co. pref., ex-rights. 14556
Ponds.
Per share.
31,000 Danbury & Bethel Horse Ity.
1st 5s, 1 9 1 4 .. . .............................. .100

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
3 Farmers & Mcch. Nat. B a n k ..142
140 Rights to Subscribe to Ridge
Avenue Bank___________ 60c.-$1
50 Equitable Trust C o..................... lOO
8 Fidelity Trust C o ................-.1,00056
15 Girard Trust C o......................... 1,000 >6
10 Fire Assn, of Phlla., par, $50
„

3
8

9

Shares.
persh.
23 Elmira & W m sport R R . Co.,
pref., par 850......................... 72
14 Germantown Pass. R y. C0..118-11856
10 Home Life Ins. Co. o f America,
par $10..................................
17
Ponds.
Per cent.
$1,000 United Gas & Elcc. Co. 5s,
- ......................................--3 4 4 5 6 -3 4 3 5 6
1922______ ___________ ________
9556
Reliance Ins. C o ., par $ 5 0 .. .
90
S I,000 Springfl’ld W atcr'Co.Ss,1926.100
People’s Nat. Fire Ins. Co., par
$1,000 North Springfield Water Co.
S25...........................................
34
-100
5s. 1928........
United Trac.C o.of Pitts.,par$50 40
310,000 Buff. & L. E. T rac------6856-0956

By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
31 Assets Realization C o_________ 105
20 Hamilton Trust Co., par $ 5 0 .. 60
« £ hll.a; T r -> S- D. ,t Ins. C o____860
438 Real Estate Trust Co. (old sto ck ). 60
20 Rights to subscribe to Ridge Ave.
3 1 .0 0
Hank................................

Shares.
$ per sh.
1 De Long H ook & E y e........... ........ 101
Ponds.
Percent.
31.000 No. Spring!. W at.C o.5s,’2 8 . 100
31.000 Springf. W at. Co. 5s, 1926.100
3200 Sunb. Haz. it W. H R. 5s, ’28.10056

3
20,331,0
17,182,0
134,487,0
39,459,0
17,198,0
36,534.0
145,546,0
6,873,0
20,498,0
15,712,0
16.54S.0
17,074,0
48,319,0
10,780,0
9,358,0
24,064,0

Reserve.

3
2,183,0
1,675,0
14,081.0
3,941,0
1,914,0
2 ,0 2 0 ,0
13,502,0
563,0
1,045,0
1,555,0
2,199,0
2,056,0
4,375,0
1,182,0
1,096,0
2,636,0

S
S
S
%
25,0 2,555,0 14,542,0 15.1 + 14.9
417,0 3,950,0 12,615,0 16.5+ 23.3
518,0 11,230,0 96,670,0 15.1 + 10.3
702,0 8,311,0 30,733,0 15.1+ 21.1
25,0 1,052,0 12,865,0 15.0 + 10.3
1,485,0 2,915,0 22,280,0 15.7 + 11.4
1,265,0 19,926,0 95,700,0 15.4 + 17.2
228,0
714,0
5,120,0 15.4 + 11.0
951.0 1,855,0 15,362,0 16.9 + 10.7
80,0 1,284,0 10,878,0 15.0 + 10.5
2 2 ,0 2,127,0 16,312,0 13.6 + 11.5
386,0 1,933,0 16,241,0 15.0 + 10.5
217,0 3,468,0 30,679,0 15.0 + 10.1
376,0 1,140,0 10,182,0 1 5 .3 + 9.7
215,0 1 , 1 0 0 ,0
8,555,0 15.3 + 11.3
13,0 2,413.0 16,780,0 1 5 .7+ 12.5

579,963,0 56,623,0

6,925,0 66,579,0 415,514,0 15.2 + 13.8

Aug. 26 578,849,0 01,863,0

6,918,0 61,809,0 419,093,0 16 .4 + 1 2 .8

Shares.
p Cr cent.
GO Kincaid Mfg. Co. o f Griffin. G a.100
6 Griffin (G a.) Mfg. C o_____ _______ <J0
5 Merchants & Planters Bank of
_ ..1 9 7
Griffin, G a....................
15 Newton Bkg. Co. of Griffin, Ga.100
5 Brooklyn Trust C o......................... 151
15 Cedar Cove Lumber C o., of N. C.
$ 1 per sh.
40 Audubon National Bank_________50

By Messrs. Francis Henshaw & Co., Boston:

On Dep.
Net
Loans.
Specie. Legals. uith C. II Deposits.
Average. Average. Average. Banks. Average.

The capital o f the trust companies is as follows- Manhattan. $1,000,000: Brooklyn.
31.000.
000: Bankers, 35.000,000: U. S. Mortgage & Trust, $2,000,000; Astor.
$1,250,000; Title Guarantee & Trust, $4,375,000: Guaranty, $5,000,000: Fidelity.
51.000. 000: Lawyers’ Title Insurance * Trust, $4,000,000: Columbia, S I,000,000;
Standard, $1,000,000: People’s, $1,000,000; New York, 33,000,000; Franklin,
$1,500,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $35,125,000.
SU M M ARY CO VERIN G BO TH BA N K S AND TR U S T COM PANIES.
Week
ending
Aug. 26

Capital.

Surplus.

Loans.

Specie.

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

Net
Deposits.

Averages.
S
$
S
3
S
3
3
B a n k a ___ 135,150,0 190,299,6 1,348,845,0 305,735,0 78,168,0
1,395,379,0
Trust co s. 35,125,0 91,029,9 570,963,0 56,623,0( 6,925,0 66,579,6 415,514,0
T o t a l . .. 170,275,0 281,329,5 1.928.808.0 362,358,o; 85,093,0 66,579,0 1.810.893.0
Actual.
B a n k s ___
1.393.035.0
1.349.645.0 300,829,0 78,746,0
Trust c o s.
578,849,0 61,863,0 6,918,0 61,809,0 419,093,0
T o t a l . ..

1,928.497,0 362,692,oj 85,664,0 61,809,0 1,812,128,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
Statement of New York City Clearing-House Banks and in the whole State, but the figures are compiled so as to
Trust Companies.— The detailed statement below shows the distinguish between the results for New York City (Greater
condition of the New York City Clearing-House members New York) and those for the rest of the State, as per the
for the week ending Aug. 2G. The figures for the separate following.
banks are the averages of the daily results. In the case of
For definitions and rules under which the various items
the totals, actual figures at the end of the week are also given. are made up, see “ Chronicle," V. 86, p. 316.
For definitions and rules under which the various items are
STATE BA N KS AND TR U S T COM PANIES.
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
State Banks
Trust Cos.
Trust Cos.
Stale Banks
Week ended Aug. 26.

D E T A IL E D RE TU RN S OF BA N K S.
W e omit two ciphers (00) in all cases.
Banks.
0 0 s omitted.

Capital.

Surplus.

Loans.
Average.

Legals. Net Depos- ReSpecie.
Average. Average. Us, Aver. seive.

S

3
3,680,6
4,413,4
1,951,8
8,230,1
6,134,4
24,969,9
6,611,0
579,5
2,506,5
156,4
874,5
4,416,4
15,161,7
2,727,2
936,8
1,105,4
470,9
12,620,6
1,847,8
564,1
1,788,8
1,572,3
5,557,8
7,735,6
12,941,4
101,4
5,675,3
2,211,9
20,906,7
1,897,6
791,9
1,758,3
717,7
8,440,1
2,227,3
88S.4
1 ,0 1 1 ,2
1,632,5
1,242,1
532,8
2,115.7
1 ,0 0 1 ,0
2,019,3
2,717,7
797,4
967,5
485,0
435,0
951,6
1 ,0 0 0 ,0

S
20,568,0
34,600,0
20,225,0
54,289,0
27,045.0
185,727,0
31,027,0
6.992,0
8,603.0
2,370,0
8,039,0
42,240,0
139,174,0
14,000,0
4,088.0
10,186,0
1,810,0
68,031,0
22.181,0
9,411,0
8,851,0
11,177,0
47,202,0
25,851,0
85,014,0
1,480,0
139.0
13,431,0
116,415,0
24,436,0
3,447,0
8,248,0
4,208,0
85,065,0
12,777,0
3,655,0
5,557,0
15,019,0
8,444,0
3,584,0
12,191,0
1,396,0
21,283,0
18,426,0
8,398,0
15,768,0
8,701,0
5,945,0
9,290,0
7,503,0

3
3,809,0
8,491,0
3,819,0
12,087,0
4,775,0
51,721,0
5,610,0
1,562,0
1,350,0
462,0
2 , 1 0 0 ,0
7,317,0
30,574,0
1,870,0
491,0
3,218,0
405,0
15,177,0
4,970,0
1,670,0
1,099,0
2,721,0
9,449,0
4,274,0
20,801,0
295,0
0,955,0
3,110,0
26,413,0
4,495,0
789,0
1,401,0
825,0
27,972,0
2,660.0
320,0
1,166,0
2,925,0
1,859,0
606,0
1,096,0
1,017,0
5,687,0
3,922,0
2,172,0
4,778,0
1,845,0
1,013,0
782,0
1,653,0

Bank of N. Y .
2 ,0 0 0 ,0
Manhattan Co.
2,050,0
Merchants’ ___
2 ,0 0 0 ,0
M cch.& Metals
6 ,0 0 0 ,0
A m e r ic a _____
1,500,0
C it y .................. 25.000,0
Chemical_____
3,000,0
Merchants’ Ex
600,0
Gallatin...........
1 ,0 0 0 .0
B u tch .* Drov.
300.0
G reen w ich ___
500,0
Am cr. E x c h ..
5,000.0
Commerce____ 25,000,0
Mercantile . . .
3,000.0
Pacific ...........
500.0
Chath. & Phen
2,250,0
People’s .........
2 0 0 .0
H a n over_____
3,000,0
Citizens’ Cent.
2,550,0
N a s s a u ...........
500.0
Market it Fult
1 ,0 0 0 .0
Metropolitan .
2 ,0 0 0 .0
Corn Exchange
3,000.0
1,500,0
tm p.it Traders
P a r k ................
5,000,0
East lllver___
250,0
F o u r t h ...........
5,000,0
S e c o n d ...........
1 ,0 0 0 .0
First ................ 1 0 ,0 0 0 ,0
Irving E x c h ..
2 ,0 0 0 ,0
Bowery _____
250,0
N .Y . County.
509.0
German-Ainer.
750,0
C hase___
5,000,0
fift h Avenue.
1 0 0 ,0
German E x ch .
2 0 0 ,0
G erm an ia____
2 0 0 ,0
Lincoln ...........
1 ,0 0 0 ,0
Garfield...........
1 ,0 0 0 ,0
F i f t h ................
250,0
M etrop olis___
1 ,0 0 0 ,0
West Side-----2 0 0 ,0
Seaboard.........
1 ,0 0 0 ,0
Liberty ...........
1 ,0 0 0 ,0
N. Y. Prod.Ex
1 ,0 0 0 ,0
1 ,0 0 0 ,0
S t a t e ............. 1 ,0 0 0 ,0
S e c u r ity _____
1 ,0 0 0 ,0
Coal & I r o n ..
1 ,0 0 0 ,0
Union E x c h ..
1 ,0 0 0 ,0
Nassau, Bklyn

3
1,054,0
1,560,0
1,555,0
1,452,0
2,124,0
5,800,0
1,756,0
234,0
432,0
75,0
190,0
3,447,0
8,641,0
994,0
455,0
975,0
151,0
4,697,0
019,0
1,098,0
1,026,0
262,0
5,487.0
1,039,0
1,009,0
1 2 2 ,0

2,810.0
177,0
2 ,0 0 0 .0
2,407,0
61,0
692,0
2 2 0 ,0

8,310,0
992,0
0 1 0 ,0

503,0
1,318,0
835,0
360,0
1,931,0
2 2 0 ,0

2,305,0
1,070,0
429,0
341.0
981,0
501,0
1,525'0
284,0

3
18,490,0
39,500,0
20,677,0
52,574,0
27,457,0
192,692,0
28,898,0
7,160,0
6,862,0
2,245,0
9,076,0
41,506,0
124,879,0
11,376,0
3,562,0
16,211,0
2,258,0
75,975,0
21,421,0
10,993,0
8,558,0
11,701,0
56,725.0
23,303,0
88,566,0
1,660,0
38,275,0
12,932,0
110,025,0
26,516,0
3,540,0
8,303,0
4 ,0 2 1 ,0
107,024,0
14,460,0
3,638.0
6,524,0
16,110,0
8,068,0
3,926,0
12,142,0
5 ,0 0 1 ,0
26,302,0
19,195,0
9,991,0
19,941,0
11,693,0
6,146,0
9,322,0
7,344,0

%
26.2
25.4
26.0
25.7
25.1
29.8
25.5
25.0
25.9
23.7
25.2
25.9
31.4
25.2
26.5
25.8
27.2
26.1
2 0 .1

25.1
24.8
25.4
26.3
25.3
25.3
25.1
25.5
25.4
25.8
2 0 .0

24.0
25.2
2 0 .0

33.9
25.2
25.5
26.3
27.6
26.1
24.9
25.4
30.3
26.0
26.0
25.6
24.1
25.6
24.7
26.3

Totals, A v g e .. 135,150,0 190,299,6 1348,845,0 305,735,0 78,108,0 1395,370,0

27.5

Actual figures Aug. 26.

27.2

1349,648,0 300,829,0 78,746,0 1393,035,0

Circulation.— On the basis of averages, circulation of national banks In the
Clearing House amounted to $48,377,000, and according to actual figures was
348,545,000,
,
_




Capital as of June 7 ............
Surplus as o f June 7 _____
Loans and investm ents..
Change from last week.

outside o f
in
outside o f
in
Greater N . Y . Greater N . Y . Greater N . Y. Greater N . Y .
S
9,453,000

■

$
9,525,000

$
23,275,000

$
62,206,000

38,912,100

178,697,600

11,631,137

11,990,889

291,054,200 1,126,078,600
—311,800 — 12,165,700

100,749,700
+ 811,200

153,769,500
— 22,500

106,586,500
+ 57,2 0 0

161,018,400
— 747,500

50,621,700
+ 439,100

115,594,900
— 25,400

23,815,300
+ 228,800

11,348,600
— 6 ,1 0 0

Deposits .......................... ..
Change.from last w eek.

338,025,300 1,237,764,200
— 4,216,300
—9,652,300

Reserve on deposits_____
Change from last week.

93,513,600
— 1,8S4,900

135,492,000
+ 126,300

21,827,200
—373,200

22,428,200
— 680,400

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

27.9%
28.1%

16.5%
16.3%

21.3%
2 1 .8 %

14.6%
15.0%

+ Increase over last week.

— Decrease from last week.

N ote.— ‘‘Surplus’ ’ Includes all undivided profits. “ Reserve on deposits” Includes,
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage o f reserve required Is com puted on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive o f deposits secured by bonds or
obligations o f the State or City o f New York, and exclusive o f an amount equal to
the market value (not exceeding par) of bonds or obligations o f the State or City
of New York owned by the bank or held in trust for lt by any public department,
The State banks are likewise required to keep a reserve varying according to loca­
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910) and exclusive o f deposits secured (according to amend­
ment o f 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations o f the State or City o f New York owned by the com pany or held in trust
for lt by any public department.
— Trust Cos. —
— State Banks—
Reserve Required fo r Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve
which Reserve
which
Location—
•
Required, in Cash. Required, in Cash.
Manhattan Borough....................................................15%
~15%
‘
25%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches in Manhattan) 15%
10%
15%
7M %
Brooklyn Borough, with branches in M anhattan.. 15%
20%
15%
20%
Other Boroughs, with branches In Manhattan------ 15%
15%
15%
15%
Elsewhere In State----------- -------- -------------------------- 10%
6%
15%
5%

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

THE CHRONICLE

512

[VOL. L X X X X III

House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.— Below is a summary of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
W e omit two ciphers (00) in all these figures.
N E W Y O R K C IT Y B A N K S AN D T R U S T COMPANIES.
Clear .-House
Members.
Week ended Aug. 26—
ActualFlgures
Caspltal as o f June 7 - -

$
170,275,000

Surplus as of June 7—

281,329,500

Clear.-House Slate Banks &
Total o f all
Members.
Trust Cos. not Banks ATrust
Average.
in C .-H . Aver. Cos. Average.

S
170,275,000

$
35,156,000

205,431,000

281,329,500

93,638,100

374,967,600

S

Loans and Investments 1,928,497,000 1,928,808,000
Change from last week
+ 1,042,000
— 9,570,000

621,794,000 2,550,602,000
— 8,934,700 — 18,504,700

D e p o s it s ...................... - 1,812,128,000 1,810,893,000
Change from last week
+5,047,000
+ 661,000

0618,245,000 2,429,138,000
— 10,881,900 — 10,220,900

Banks.

Capital
and
Surplus.

Loans.

Boston.
$
Aug. 5 — 41,350,0
Aug. 12 — 41,350,0
Aug. 1 9 - 41,350,0
Aug. 2 6 .. 41,350,0
Phlla.
Aug. 5 . . 60,105,0
Aug. 12 — 60,105,0
Aug. 19— 60,105,0
Aug. 26— 60,105,0

Specie.

Legals. Deposits, a Circu­
lation.

S
I
$
$
227,201,0 27,177,0 3,933,0
225,220.0 25,854,0 4,117,0
222,513,0 25,842.0 4,093,0
220,450,0 26,148,0 4,119,0
1
283.238,0|
80,962,0
283,296,0
76,747,0
281,800,0!
77,351,0
280,730,0
78,586,0

Clearings.

S
$
272,120,0 7,065,0
268,840,0 7,076.0
266,392,0 7,040,0
260,337,0 7,011,0

S
158,729,5
142,170,7
151,092,3
125,998,4

341,676,0
335,038,0
334,370,0
332,445,0

148,713,3
132,203,1
131,632,8
113,747,8

15,315,0
15,338.0
15,323,0
15,353,0

a Includes Government deposits and the item "due to other banks.” A t Boston
Government deposits amounted to $3,067,000 on Aug. 26, against 53,066,000 on
August 19.

Change from last week

362,692,000
+2,663,000

362,358,000
+ 5,048,000

64,390,700
— 991,100

426,748,700
+ 4,0 56,9 00

Legal tenders................
Change from last week

85,664,000
+ 188,000

85,093,000
— 323,000

511,691,300
—262,200

96,784,300
— 585,200

Banks: cash in v a u lt ..
Ratio to deposits____

379,575,000
27.25%

383,903,000
27.51%

12,692,300
13.82%

396,595,300

Imports and Exports for the Week.— The following are
the imports at New York for the week ending Aug. 26; also
totals since the beginning of the first week in January.
FO R E IG N IM PO RTS A T N E W Y O R K .

Trust cos.: cash In vault

68,781,000

63,548,000

63,389,700

126,947,700

Aggr’ te money holdings
Change from last week

448,356,000
+ 2,851,000

447,451,000
+ 4,725,000

76,082,000
— 1,253,300

523,533,000
+ 3,471,700

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

61,809,000
—3,960,000

66,570,000
+ 1,252,000

20,794,500
— 2,198,500

87,373,500
— 946,500

Change from last week

510,165,000
— 1,109,000

514,030,000
+ 5.977,000

96,876,500
— 3,451,800

610,906,500
+ 2,525,200

Surplus CASH reserve:
Banks (above 2 6 % ) ..
Trust cos .(a b ov el5 % )

31,316,250
5,917,050

35,058.250
1,220,900

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

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

Change from last week

37,233,300
+ 1,800,950

36.279,150
+ 4,482,050

% o f cash reserves of tr u s t COB—
16.41%
Cash on dep. with bks.
12.85%

15.29%
13.81%

15.4%
1.3%

29.10%

16.7%

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

29.26%

For week.

1909.

1910.

1911.

D ry G o o d s ...............................
General Merchandise..............

$2,426,132
13,152,739

$3,318,301
13.457,870

1908.

$2,873,792
12,417,145

$2,666,088
10,021,926

T o t a l ..................................... $15^578,871 $16,776,171 $15,290,937
Since January 1.
D ry G oods................................. $ 90,941,378 $103,732,207 $111,979,431
General Merchandise.............. 476,289,022 f 509,300,071 449,084,853

$12,688,014
$78,123,179
322,937,978

Total 34 weeks.................... $567,230,400 $613,032,278 $501,064,284 $401,061,157
1

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Aug. 26 and from Jan. 1 to date:
E X P O R T S FROM N E W Y O R K .

+ Increase over last week. — Decrease from last week.
a These arc the deposits after eliminating the item "D u e from reserve depositories
and other banks and trust companies In New Y ork City” ; with this Item Included,
deposits amounted to $713,411,600, a decrease o f $10,342,000 from last week.
In the case of the Clearing-House members, the deposits are “ legal net deposits”
both for the average and the actual figures, b Includes bank notes.

For week.

1911.

1910.

For the week - ___________
Previously reported________

$14,359,044
490,123,760

$15,593,034
417,286,521

1908.

1909.
$11,202,726
303,544,495

$12,869,111
412,072,128

Total 34 weeks.................... $504,482,801 $432,879,555|$404,747,221 $425,541,239

The averages of the New York City Clearing-House banks
The following table shows the exports and imports of
and trust companies, c o m b i n e d with those for the State banks
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Aug. 26
Clearing House, compare as follows for a series of weeks past: and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:
CO M BIN ED RESU LTS OF BA N K S AND T R U S T COM PANIES IN
G REATER N EW Y O R K .

E X P O R T S AN D IM PO RTS O F SPEC IE A T N E W Y O R K .

W e omit two ciphers in all these figures.
Exports.
Week
Ended.
June
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.

241—
8152229—
5—
12 —
19 —
26-

Loans and
Investments.
S
2.583,113,7
2.595.834.8
2.646.480.3
2,648,893,6
2,637,371,8
2,630,973,8
2,624,434,0
2,593,876,3
2,569,106.7
2,550.602,0

Deposits.
$
2,477,564,5
2,490.820.0
2.509.243.7
2,513,515,5
2.506.532,8
2,498,608.1
2,483,768,1
2,455,008.2
2,439,358.9
2,429,138,0

Specie.
~~$
455,368,6
454.538,2
418,914,6
414,547,0
419,087,8
420,745,3
416,051,2
417.341,1
422,691,8
426,748,7

Tot.'M oney Entire Res.
Holdings. on Deposit.

Legals.
$
95,680,3
98,141.7
96.18P.0
98.247,0
98,579,5
97,706,6
96,813,6
96,540,2
97,369,5
96,784,3

$
551,048,9
550,679,9
515,103,6
512,794,0
517,667,3
518,451,9
512,864,8
513,881,3
520,061,3
523,533.0

$
651,096,9
649,489.1
609,318,6
599,389,3
602,767.4
606,792,3
602,621,5
601,100,0
608,381,3
610.906,5

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Aug. 26, based on average daily results:
W e omit two ciphers (00) in all these figures.

Banks.

Capi­
tal.

New York City.
Manhattan A Bronx.
5
Washington H eights.
1 0 0 ,0
Century ..... .................
250,0
Colonial ......................
400,0
Colum bia____________
300,0
F id e lity ......................... 2 0 0 ,0
Jefferson ....................... 500,0
250,0
Mount Morris_______
2 0 0 ,0
M utual...................... ..
P la z a ......... ...................
1 0 0 ,0
Twenty-third W ard— 2 0 0 ,0
Yorkville ..................
1 0 0 ,0
2 0 0 ,0
New Netherland_____
Battery Park Nat’l — 2 0 0 , 0
Aetna National............ 300,0
Brooklyn.
B roa d w a y___________
2 0 0 ,0
Manufacturers’ N at— 252,0
Mechanics’ .................. 1 ,0 0 0 ,0
Natlonat C ity_______
300,0
North Side........... ........
2 0 0 ,0
First N ational_______
300,0
Jersey City.
First N ational_______
400,0
Hudson County N a t ..
250.0
Third National............ 2 0 0 ,0
Hoboken.
2 2 0 ,0
First N ational..............
125,0
Second N ational.........

Sur­
plus.

Loans,
Dlsc’ts
and
Invest­
ments.

Specie.

S
$
291,2 1,311.0
127,8 1,536,0
433,4 5,813,0
796,5 6,653,0
182,2 1,034,0
538,3 4,235,0
339,9 2,717,0
401,8 3,392,0
473,7 3,855,0
105,8 1,845,0
502,3 4,082,0
273,3 2,475,0
143,8 1,399,0
309,2 2,205,0

S
140,0
35,0
724,0
596,0
42,0
453,0
485,0
16,0
333,0
235.0
48,0
260,0
279,0
523,0

554,0 2,972,0
856,7 5,642,0
918,6 10,951,0
598,0 3,962,0
161,7 2 ,0 0 1 ,0
641,2 3,586,0

Legal
On
Tender Deposit
and
with
Bank
C .-H .
Notes. Banks.
$
38,0
209,0
494,0
546,0

Net
Deposits.

40,0
31,0

$
147,0
146,0
838,0
506,0
96,0
320,0
404,0
458,0
1,049,0
281,0
659,0
183,0
97,0
161,0

$
996,0
1,503,0
7,010,0
7,229,0
948,0
4,120,0
3,445,0
3,642,0
3,980,0
2 ,0 1 0 ,0
4,629,0
2,383,0
1,361,0
2,242,0

329,0 249,0
623,0 179,0
291,0 1,762,0
390,0 231,0
181,0
104,0
422,0
78,0

428,0
917,0
1,559,0
703,0
310,0
451,0

2,967,0
5,179,0
12,915,0
3,955,0
2,018,0
2,803,0

1 1 2 ,0

265,0
36,0
692,0
381,0
89,0
825,0
8 6 ,0

1,287,6
775,1
411,2

5,475,0
3,097,0
2,028,0

318,0
296,0
107,0

324,0
80,0
187,0

1,728,0
393,0
575,0

4,573,0
2,371,0
1,748,0

632,4
277,9

3,501,0
3,027,0

207,0
177,0

59,0
47,0

340,0

1,596,0
1,310,0

2 2 0 ,0

Totals Aug. 26____ 6,747,0 12,028,6 88,794,0 7,510,0 7,144,0 12,969,01 86,933,0
Totals Aug. 19____ 6,747,0 12,028,6 89,127,0 7,719,0 6,940,0 14,153,0 87,903,0
Totals Aug. 12____ 6,747,0 12,028,6 89,316,0 7,582,0 7,553,0 14,145,0, 89,079,0




Imports.

Gold.
Week.

Since Jan. 1

Week.

Since Jan. 1

Great Britain.......................................
France ________ __________________
Germany _________________________
TVest Indies
Mexico
_____________________
South Am erica__________________
All other countries_________________

$ 1 ,2 0 0
8 ,0 0 0

1,096,561
172,250

53,835
363,695
40,754
42,614

873,067
476,028
2,578
1,268,932
4,259,842
2,182,298
1,439,116

Total 1911..........................................
Total 1910..........................................
Total 1909................................. ........

$9,200
400
38,890

$2,939,441
44,544,253
76,159,072

$502,481
911,693
82,406

$9,701,861
19,915,131
6,474,642

20,401
6,248

182
11,900
6,048
10,813

$170,928
7,823
19,987
34,673
2,531,454
1,101,619
1,096,108

$685,760 $32,570,443
808,791 28,677,286
$39,056 30,466,292

$28,943
323.829
67,759

$4,962,622
2,926,346
3,379,029

Sliver.
Great Dritain
Franco .
_________________
Germany ..............................................
W est Indies...........................................
M e x i c o ___
__________________
South America
____________
All other countries_________________
Total 1 9 1 1 .....................................
Total 1910.........................................
Total 1909.........................................

$1,583
$3,500
1,667,130

$633,360 $30,305,503
1,981,934
52,200
167,149
89,208
200

Of the above imports for the week in 1911, $59,826 were
American gold coin and $ __ American silver coin.

JgauMug and ^financial.
Diversify Your Investments
W rite lor our circular en titled
treats th e a b o v e subject In detail.

••Judlolous

I n v e s tm e n t,”

which

Spencer Trask & Co.
43 EXCHANOE P L A C E .- - - NEW YO RK .

Chicago. 111.
Boston. Mass.
Albany, N. Y.
Members New York Stock Exchange.

WHITE,
5 NASSAU S T R E E T :
NEW Y O R K

WELD

&

CO.

TH E R O O K E R Y
CH ICAGO

THE CHRONICLE

S e p t . 2 1911.]

573

State and Railroad Bonds.— Sales of State bonds at the
Board include $166,000 New York 4s, 1961, at 103 to 103^;
$10,000 Virginia fund, debt, 1991, at 88 and $12,000 Vir­
WalllStreet, Friday Night, Sept. 1 1911.
ginia 6s trust receipts at 50 to 52
The Money Market and Financial Situation.— The sharp
The market for railway bonds has been less active than
and persistent downward movement of security values which last week’s dull market, but a smaller number of issues have
has been a conspicuous feature of the markets throughout declined. The market has, indeed, been unusually steady.
August seems to have reached a halting place at the end of
The exceptional features have been American Tobacco
the month. Perhaps it has run its course. At least of a and the Interboro-Metropolitan issues. Tobacco 4s are up
list of twenty-five active and well-known issues more than 2M points on the progress being made in reorganizing, and
one-half are now fractionally higher than last week.
Inter-Met. 4 ^ s are 1% points higher.
Some of the causes for a decline in August no longer exert
On the other hand, Central Leather, Northern Pacific and
a depressing influence and others have lost more or less force. Southern Railways are fractionally lower.
Reports of damage to spring wheat have ceased altogether,
United States Bonds.— Sales of Government bonds at the
and the peace of Europe seems less likely to be disturbed Board include $124,000 Panama 3s at 102J^ to 102^ and
than a month ago. Moreover, the labor element on the $1,000 3s reg. at 101%. Closing prices have been as follows;
other side of the Atlantic is in a much less menacing attitude
than it recently was, and we hope the same may soon be said
of it here. Congress has adjourned.
Interest Aug. Aug. Aug. Aug- Aug. Sept.
Periods
26
28
1
29
30
31
Certainly the outlook at the beginning of September seems
fraught with less possible unfavorable developments than it 2 s , 1 9 3 0 ---------------------r e g i s t e r e d Q — J a n * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6
did a month ago. The Inter-State Commerce Commission 2 s , 1 9 3 0 .................................c o u p o n QQ —— JFaenb * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 46 * 1 0 0 4 6 * 1 0 0 4 6
e g iste r e d
* 1 0 1 X *10146 ♦10146
10146 *10146 *10146
we have always with us, however, and Congress will convene 33 ss ,, 11 99 00 88 --11 88 ...................r
Q — F e b *10146 *10146 ♦10146 *10146 *10146 *1 0146
..................... c o u p o n
in regular session three months hence; so that we arc not 4 s , 1 9 2 5 - .................... r e g i s t e r e d Q — F e b * 1 1 3 x * 1 1 3 4 6 * 1 1 3 46 * 1 1 3 46 * 1 1 3 4 6 ♦ 1 1 3 4 6
4 s , 1 9 2 5 ................................. c o u p o n Q — F e b * 1 1 3 4 4 * 1 1 3 46 * 1 1 3 4 6 * 1 1 3 46 * 1 1 3 4 6 * 1 1 3 4 6
immune from the disturbing influence of one or long relieved 2 s , 1 9 3 6 . P a n a m a C a n a l r e g l s Q — F e b * 10 0 4 * * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6 * 1 0 0 4 6
from whatever effect the other may have upon the business 3 s , 1 9 6 1 . P a n a m a C a n a l _____ Q — M c h * 1 0 2 4 6 1 0 2 4 6 1 0 2 4 6 1 0 2 4 6 1 0 2 4 6 1 0 2 4 6
interests of the country.
T h i s i s t h e p r i c e bid a t t h e m o r n i n g b o a r d ; n o sale w a s m a d e .
The Government cotton report, given out to-day, shows a
Railroad and Miscellaneous Stocks.— On a steadly dimin­
heavy drop from the average condition reported a month
ago; but the present condition is almost exactly that of the ishing volume of business the stock market further declined,
average for ten years past, and the increased acreage insures but in most cases fluctuations have been narrow. There
was almost no change in the tone of the market until Thurs­
a large aggregate crop, if no future disaster overtakes it.
The demand for funds from the interior for crop-moving day, when, perhaps on account of the approaching three
days’
intermission, there was a slight increase in the orders
purposes is increasing and will soon be a leading factor in
local money market conditions. At this writing call loan for buying, which caused a fractional advance in prices; but
rates are practically unchanged and only rates for time loans no increase in business. To-day’s market was the dullest
in some time past and almost featureless.
show a firmer tendency.
Among the exceptional movements Canadian Pacific was
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged conspicuous for a decline of 5 points. Lehigh Valley dropped
from 2 to 2J^%. To-day’s rates on call were 2 @ 2 % % . 4 ]/2 points and Southern Pacific 3. All these stocks recovered
Commercial paper quoted at 4@ 4J^% for 60 to 90-day en­ substantially.
A sensational decline of nearly 9 points occurred in Inter­
dorsements, 4 j^ @ 4 ^ % for prime 4 to 6 months’ single names
national Harvester shares, for which no satisfactory reason
and 5% and above for good single names.
The Rank of England weekly statement on Thursday has been given. The Texas Company sold off 43^ points
showed an increase in bullion of £799,002 and the percentage and recovered nearly all the loss.
For daily volume of business see page 581.
of reserve to liabilities was 57.13, against 55.91 last week.
The following sales have occurred this week of shares not
The rate of discount remains unchanged at 3% , as fixed
March 9. The Bank of Franco shows a decrease of 13,750,000 represented in our detailed list on the pages which follow:
francs gold and 2,400,000 francs silver.
Range or Week.
STOCKS.
Sales
j Range since Ja n . 1 .
*! t a n k e r r

N E W

(g a z e tte *

Week ending Sept.

Y O R K C I T Y C L E A R IN G -H O U S E B A N K S .

(Not Including Trust Companies. )
1911.
A verages

for
week ending
Aug. 2 6 .

8
C a p i t a l .......................................
1 3 5 ,1 5 0 ,0 0 0
S u r p l u s . ....................................
1 9 0 ,2 9 9 ,6 0 0
L o a n s a n d d i s c o u n t s .. . 1 ,3 4 8 ,8 4 5 ,0 0 0
C i r c u l a t i o n . ............................
4 8 ,3 7 7 ,0 0 0
N e t d e p o s i t s ........................... 1 , 3 9 5 , 3 7 9 . 0 0 0
S p e c i e .......................................
3 0 5 ,7 3 5 ,0 0 0
L e g a l t e n d e r s --------------------7 8 ,1 6 8 ,0 0 0
R e s e r v e h e l d ........................
2 5 % o t d e p o s i t s -------------

1

Differences
from
previous week.
S
D ec.
In c.
In c.
In c.
D ec.

2 ,5 1 1 ,0 0 0
2 4 0 ,0 0 0
1 ,4 3 8 ,0 0 0
4 ,7 6 5 ,0 0 0
3 8 1 ,0 0 0

1910.

1909.

Averages for
week ending
Aug. 2 7 .

Averages for
week ending
Aug. 2 8 .

3
8
* 1 3 2 ,3 5 0 ,0 0 0
1 2 7 ,3 5 0 ,0 0 0
1 8 9 ,1 3 1 ,4 0 0
1 7 4 ,7 5 4 ,0 0 0
1 ,2 4 8 ,2 5 4 ,0 0 0 1 ,3 5 3 ,3 9 7 ,5 0 0
4 8 ,9 1 2 ,1 0 0
5 1 ,2 7 7 ,9 0 0
1 ,2 8 3 ,5 0 3 ,2 0 0 1 ,4 0 4 ,0 4 1 ,3 0 0
2 9 9 ,1 2 3 ,1 0 0
2 9 2 ,3 3 5 ,6 0 0
7 1 ,8 1 1 ,8 0 0
7 7 ,0 3 4 ,3 0 0

3 8 3 ,9 0 3 ,0 0 0 I n c .
3 4 8 ,8 4 4 ,7 5 0 I n c .

4 ,3 8 4 ,0 0 0
3 5 9 ,5 0 0

3 7 0 ,9 3 4 ,9 0 0
3 2 0 ,8 7 5 ,8 0 0

3 6 9 ,3 0 9 ,9 0 0
3 5 1 ,0 1 0 ,3 2 5

3 5 ,0 5 8 ,2 5 0 I n c .

4 ,0 2 4 ,5 0 0

5 0 ,0 5 9 ,1 0 0

1 8 ,3 5 9 ,5 7 5

1.

for
Week

A m o r T c l e g & C a b le
50
A m T e l & T e l r i g h t s _____ 2 2 , 0 2 4
A m T o b a c c o , p r e f tr c tfs
200
B a to p ila s M in in g ..
300
D e s M o in e s & F t D o d g e .
100
D e t r o i t U n i t e d ......................
100
F e d e ra l S u g a r I te fg , p re f
10
G e n e r a l C h e m ic a l.
20
L a c k a w a n n a S t e e l ________
192
P a c ific T e l & T e l, p r e f . .
100
P it t s b u r g h S te e l, p r e f . . .
100
Q u ic k s ilv e r M in in g , p r e f
100
S o P o r t o R ic o S u g a r , p fd
61
U S In d u s A lc o h o l, p r e f.
20
V u l c a n D e t l n n i n g ...............
100

Lowest.
8 0 46 S e p t
5 H Aug
92 X S e p t
S IX A u g
5 H Aug
67
Aug
90
Aug

13 0 X
35
96
103
4
110
93
13

X
X

Aug
Aug
Aug
S ept
Aug
Aug
Aug
Aug

,

Highest.

. 1 81
3 0 5 9 -1 6
1] 9 2 X
29! $ 1 4 6
28!
546
26 67
29! 9 0
3 0 :1 3 0 4 6
30 35
30 96
1 103
446
110
9 3 »6
13

Lowest.

Highest.

S e p t. 1 78
J u ly 8 5 X
A u g 26
7X
546 A u g
S ept
1 92 X S e p t 92 X
A u g $2)*
S e p t 1 S IX
Aug
A u g 28
546
646
A u g 74
A u g 2 6] 6 7
A ug 90
90
A u g 29
Jan 135
A u g 3 0 100
A ugl 48
A u g 30
35
Janl 99 X
A u g 30
95
A p r, 106
S ept
l| 1 0 3
546
A u g 29
246 J u n q
F e b '1 1 3
A u g 30 no
M ay 99 X
91
A u g 26
J u n e 16
A u g 28
13

Jan
June
S ept
Jan
June
F eb
Aug
F eb
Apr
M ch
June
J u ly
Jan
J u ly
J u ly

Outside Market.—The outside market was practically at a
standstill this week, weather conditions accentuating the
dulness. Movements in American Tobacco and Standard
N o w .— T h e C le a r in g H o u s e n o w Issu es a s t a t e m e n t w e e k ly s h o w in g th e a c t u a l
Oil monopolized the attention, the latter in particular being
c o n d it io n o t th e b a n k s o n S a t u r d a y m o r n in g , a s w e ll a s th e a b o v e a v e r a g e s .
T hese
fig u r e s , t o g e t h e r w it h t h e r e t u r n s o f t h e s e p a r a t e b a n k s a n d t r u s t c o m p a n ie s , a ls o
the subject of considerable notice. In the process of carrying
t h e s u m m a r y is s u e d b y t h e S t a t e B a n k i n g D e p a r t m e n t
g iv in g t h e c o n d it io n o f
out the order of the U. S. Supreme Court the transfer books
S t a t e b a n k s a n d t r u s t c o m p a n ie s n o t r e p o r t in g t o t h e C le a r in g H o u s e , a p p e a r o n t h e
c c o n d p a g e p r e c e d in g .
of the Standard Oil Co. were closed on Thursday of this week
Foreign Exchange.— The fortnightly settlement in Lon­ at 3 p. m. for the purpose of distributing the stocks of the
don and the month-end settlements at all centres had little various subsidiary corporations. As, however, some three
effect upon exchange during the week; demand closes a shade months will elapse before the actual distribution, further sales
of stock, except for cash, will be “ ex” the subsidiary com­
above 4 86 and cable transfers are about 4 86%.
panies. The value of these “ subsidiaries,” and of the Stand­
T o - d a y ’ s ( F r i d a y ’ s ) n o m i n a l r a t e s f o r s t e r l i n g e x c h a n g e w e r e 4 8 4 46 f o r
s ix t y d a y a n d 4 8 7 fo r s ig h t .
T o - d a y ’s a c t u a l r a te s fo r s te r lin g e x c h a n g e
ard Oil Co. without them, being unknown, speculation has
w e re 4 8 3 3 0 @ 4 8 3 4 0 fo r s ix t y d a y s , 4 8 6 @ 4 8 6 1 0 fo r ch e q u e s a n d 4 8 6 3 5
been rife as to the manner of future trading. To-day being
4 8 0 4 5 fo r c a b le s .
C o m m e r c ia l o n b a n k s 4 8 3 @ 4 8 3 )4 a n d d o c u m e n t s fo r
p a y m e n t 4 8 3 46<s> 4 8 3 4 6 .
C o t t o n f o r p a y m e n t 4 8 3 @ 4 8 3 46 a n d g r a i n f o r
the first day under the new conditions, no transactions were
p a y m e n t 4 8 3 46 @ 4 8 3 4 6 .
reported, but old stock was quoted around 600@640, plus
T o - d a y ’s ( F r id a y ’s) a c t u a l r a t e s f o r P a r is b a n k e r s ’ fr a n c s w e r e 5 2 1 J 6 @
5 2 1 4 6 l e s s 3 - 3 2 f o r l o n g a n d 5 1 0 l e s s 5 - 6 4 @ 5 1 0 46 l e s s 3 - 6 4 f o r s h o r t . G e r ­
subsidiaries, all “ rights” and cash dividends, while the same
m a n y b a n k e r s ’ m a r k s w e r e 0 4 7 - 1 6 @ 9 4 46 f o r l o n g a n d 0 4 1 5 - 1 6 @ 0 5 l e s s
“ cx-subsidiaries,” but including all “ rights” and divi­
1 -3 2 fo r s h o r t .
A m s t e r d a m b a n k e r s ’ g u ild e r s w e r e 4 0 1 8 @ 4 0 2 0 fo r s h o r t .
T h e p o s t e d r a te s f o r s te r lin g a s q u o t e d b y a r e p r e s e n t a t iv e h o u s e h a v e
dends, 300@450. Before the closing of the books— that
r e m a i n e d d a l l y a t 4 8 4 46 f o r s i x t y d a y s a n d 4 8 7 f o r s i g h t .
is, in the earlier days of the week— there was a gain of 6 points
E x c h a n g e a t P a r is o n L o n d o n , 2 5 f . 2 6 c .; w e e k ’ s r a n g e , 2 5 f . 2 6 H e . h ig h
to 599, and on rumors of a cash distribution, which were
a n d 2 5 f . 2 5 H e. lo w .
E x c h a n g e a t B e r lin o n L o n d o n , 2 0 m . 4 8 4 6 p f.; w e e k ’ s r a n g e , 2 0 m . 4 9 > f p f .
officially denied, and also on a buying movement, there was
h ig h a n d 2 0 m . 4 7 4 6 p f. lo w .
,
an advance to 645. After this the stock settled back to 612
T h e r a n g e o f fo r e ig n e x c h a n g e fo r th e w e e k fo llo w s :
Cables.
Sterling, A ctu al —
S ix ty D ays.
Cheques.
and closed at 620 on Wednesday. On Thursday, the day
4 8615
4 8655
H i g h f o r t h e w e e k ____ 4 8 3
when the transfer books closed, transactions were on a cash
4 8630
4 86
L o w f o r t h e w e e k ____ 4 8 3 X
P a ris H ankers’ F ra n c s —
basis up from 625 to 635 and down to 620, with the final close
5 10 H le s s 1 -3 2
5 1 8 46 l e s s 1 - 1 6
H i g h f o r t h e w e e k . . . 5 2 1 46 l e s s 1 - 1 6
at 630. Dealings in American Tobacco were also larger than
5 10 H
5 1 9 46 l e s s 3 - 3 2
L o w f o r t h e w e e k . . .5 21 % le s s 1 -3 2
Germ any D ankcrs' M a rk s —
usual, the stock registering an advance from 369 t o 382.
9 5 1 -1 6 le s s 1 -3 2
9 5 le s s 1 -3 2
H i g h f o r t h e w e e k ____
0 4 0 -1 6
Intercontinental Rubber com. moved up from 23% to 24.
0 4 1 5 -1 6 l e s s l - 3 2 9 5 le s s 1 -3 2
L o w fo r th e w e e k —
0 4 7 -1 0
Am sterdam H ankers’ G u ilders —
Studebaker Corp. com. weakened from 54 to 53% , then ran
40 24
H ig h fo r th e w e e k . . .
40 05
40 20
up to 59, the close to-day being at 5 8 United Cigar Mfrs.
40 20
4 0 .1 6
L o w f o r t h e w e e k ____
40
com. was weak, losing 3% points to 46% . Butte Coalition
DOMESTIC EXCHANGE.— T h e f o l l o w i n g a r e t h e r a t e s f o r d o m e s t i c
e x c h a n g e a t th e u n d e r m e n t io n e d c it ie s a t t h e c lo s e o f th e w e e k : C h ic a g o ,
rose from 14 to 15% and closed to-day at 15. Giroux re­
2 5 c . p e r $ 1 ,0 0 0 d is c o u n t .
S a n F r a n c is c o , 5 0 c . p e r $ 1 ,0 0 0 p r e m iu m .
B os­
covered some of its recent loss, selling up about half a point
to n , p ar.
S a v a n n a h , b u y in g , 3 -1 6 %
d is c o u n t ; s e llin g , p a r .
C in c in n a ti,
p ar.
C h a r le s t o n , b u y in g , p a r ; s e llin g ,
1 -1 0 %
p r e m iu m .
N ew
O r le a n s ,
to 4j^ and reacting to 4% . Kerr Lake from 4 % reached
c o m m e r c ia l, 5 0 c . p e r $ 1 ,0 0 0 d is c o u n t ; b a n k , $1 p e r $ 1 ,0 0 0 p r e m iu m
S t.
4 % , selling to-day up from 3% to 4, ex-dividend.
L o u is , 5 c . p e r $ 1 ,0 0 0
p r e m iu m
b id ; 1 0 c . p r e m iu m
asked.
M o n t r e a l,
Outside quotations will be found on page 581.
32 H e. p e r $ 1 ,0 0 0 d i s c o u n t .
S u r p l u s r e s e r v e _____




New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS—HIGHEST A N D
Saturday
Aug. 26.
102% 103
10134 1013

M onday
Aug. 28.
1023g
1013.,
121%
9934

Tuesday
Aug. 29.

1031
1013

LOWEST SA LE PRICES.

Sales of

Wednesday
Aug. 30.

Week
Shares

103 1041
102% 1033
10134 1013 * 1 0 1
102
122
1221
121% 1215
99^4 997
1001, 1 0 0 % 1001
1 00
1 00
^85
8/
87
*85
87
85% 851,
74^3 743 I 75
76
75% 701,
75
751,
230% 232
228% 2313, 229 232
22734 229%
* ____ 70
721. +------ 721, * ____ 72%
*260 280 *260 270 *2 GO 280 *260 280
7034 717
71
70% 73
70% 71%
723*12
30
15
15
15% 151, *15
25
*40
60
*40
50
50
*40
40
40
19
19
18% 187fi
IS
18b
17% 18%
37% 38
37% 37%
37
371
36% 36%
1 1 1 % 112
11134 113% 112% 1143, 112-3s 113%
146 146
146 116 *146 148 *146 149
140 140
140 140% 140% 1401, 13978 140%
*195 201 *193 203 *195 2 0 1
197 197
*132 140 *132 140 *132 140 *132 140
*145 158 *145 160 *115 160 *145 160
*2
3
*2
3
*2
3
*2
3
*5
0
*434
G
*5
6
*5
6
* ------ 55
*50
67
58
*48
58
*48
*90 100
*90 1 0 0
*90 100
*90 100
48
48
*47
50
60
*45
50
*47
*77
79
+77
79
80
80
80
*77
*70
75
*70
*70
75
75
*70
75
*163 106 *161 164 *1G034 1643 *161 162
531 531 *530 550
530 530 *520 540
23% 23%
23
23
23
23
23
23
503., 51
51% 517
61
61%
61%
61
*03, 11
*93.i 11
*934 11
*934 11
20
21%
*19% 20
20
21% *20
*20
28% 2834
277S 28%
28% 283.,
28% 29%
48% 48%
47% 47%
49
47% 48%
48
39% 39% *39% 41
40
40
42
*40
1 2 0 % 1 21 % 12034 122
121% 123% 1 2 1 % 122
47% 4734
48
48
47% 48
48% 48%
1134 *11
113d
*11% 1134
11
11% *11
* 9 3 % ____ *93% —
*93% . . . .
*93% —
120*8 1201

122

Thursday
Aug 31
103% 1031
101% 1013
§ 1 2 0 % 1201
1003S 1003
*85
87
75% 751,
229% 231
* ____ 721,
*200
280
70% 711
*15
25
*30
40
*18
183.
37
37
113% 114
116 146
*140 141
*105 201
*132 133
*145 155
*17S 3%
*3
7
*48
58
*90 100
*47
52
§80
80
*70
72
*161 165
*520 540
22 % 22%
51
51
*9% 11
20

20

283S 2S34
48% 4834
*40
4134
122 12234
*48
48%
*11
1134
* 9 3 % ____

Friday
Sept 1
103%
101%
* 1 20 %
100%
§88

1041{
io n
122
1001 ,
88

7534 76tf
z228% 2293,
* ____ 72%
*260 280
71% 72%
*15
25
*30
40
18% 187f
*36
37
11334 1143,
145 145
xl38% 139
*193 198
*132 140
*145 155
*17S 2 %
*434
6
* ------ 58
*90 100
*47
51
*78
81
*70
75
*161 165
*520 540
23
23
60% 60%
9%
9%
*20
21%
2834 29-%
49
49-%
*40% 41%
122% 123
48% 483S
*11
1134
* 9 3 % ------

* ____129
129 *
129 * ____129
* ____129
* ____129
138 138% 138 138% 138 138% 137 138 *136% 138
138 138
13% 14%
14% 14%
i4% 14%
14% 14%
14% 1434 1434 15
§41% 41%
4314 44
43
43%
43
43
4234 4333
43% 4334

1334
29
28%
57%
82
*75
*2%
2
9
*7%
*3
8%
52
5134

13%
13%
29
*29
57
56%
so
*75
3
3
9
*7
4
*3
52
*51%

1334
31
56%
80
3
o
3%
54

1

*773,| 7810 *771*
13% 13%
13%
2834 29% *28%
56% 57%
57
*76
80
*77
234
234
*2%
*7%
9
*7
*3
3%
*3
*51
54
*51

7819
13%
29%
57%
80
3
9
3%
54

*13%
*28%
57
*77
2%
*7%
*3
*51

13S4
29%
5734
81
25S
9
3%
51

PA G E S
STOCKS

N E W Y O R K STOCK
EXCHANGE

Range since January 1.
On basts o f 100-share lots.
Lowest.

Highest.

Range fo r Previous
Year 1910.
Lowest.

Highest.

R ailroads

Jan 3 116% J ’ ne 5
903j J ’ ly
Jan 3 10.512 J ’ne 1. x07 J ’ ly
117 Jan
13212 J ’ly 19 102 % J ’ ly
10934 J 'ly 14
9934 A u g 2
IUOI4 Sen
85% A u g 3
91 Jan
S7*4 Sep
74i 2 A u g l
84% J ’ly 2
6 SI2 Feb
1953s’J an
247 J ’IV 2 .
17634 Feb
62 Mch
§JJ M a v is
60% J ’ ly
260 A u g 2
285 F e b 2
248 J ’ ly
70% A u g 31
8634 F e b _
65 A ug
237s J 'ly
15 A u g 28
31% M ay 23
40 A u g 30
63 Jan 1
647s J ’ ne
17% A u g30
2514 J ’ ne
19 J ’ ly
3612 A u g 30
40
J 'ly
49U F e b
l l l l 8 A u g26 183% Feb
11334 J 'n e
145 S ep ' 1551° F eb
143 Sep
138% Sep
I60i2 J ’n e l
137*4 J ’ ly
1 97 A u g 30 §209 J a n
. 203 J ’ne
1301* A p r 20 144 J ’ ne 12
140 A p r
152 F e b 18 5160 M ch 2 §160 A p r
2 Apr
3% F e b
218 D ec
5 J ’ne 2
478 Sep
7*4 F e b 51 A u g25
66
Jan IS
61 N ov
94% J ’ly 8
93 F o b .
Sep
48 A u g26
60 Jan 18
J ’ ly
7414 M ch 2 7
82 J'n e 3 0
J ’ly
73i2 Jan 11
75l 2 M ch 2
Aug
164 A u g 16 1747g J 'n e 8
*49% J ’ly
510
F eb
560 J ’ ne 6 490 J ’ly
22% A u g 31
35 F e b 15
2 3 % J ’ly
50% Sep ‘
74 Feb __
62% J ’ ly
9 I4 Sep
154# M cll 30
10 J 'ly
1934 A u g 17
3018 M c h 30
17 J ly
27<4 Jan 11
383s J 'ly
19% J ’ ly
0114 J ’ly .
46% Jan 12
35 J ’ ly
35 Jan
493.1 J 'ly 1
26% J ’ ly
120>2 A u g £6 140 J ’ ne
118 J ’ly
46% A u g 12
6334 F e b .
45
J iy
11 A u g 28
1514 Jan 17
11
Aug
93% J 'ly 22
96i2 J 'n e 19
88% Jan
9334 Jan 12
9 8 I4 J ’n e o o
92 M ay
128 M ch 2 4 134 A p r 29 112 J 'n e
132 Jail
147 J ’ly 31 124 J ly
13l2 A u g26
203S F o b 10
14% J ’ly
4 H4 A u g 17
41% J 'ly
563S J ’ly 19
40l2 A u g 17
65*2 J ’ly 19
15 M a y i 2
J ’ ne
19% F e b 3
28 A p r 24
J ’ly
37 A u g 3
74 A p r 8
76 May 4
Aug
28 A u g 28
J ’ly
3738 J ’ne 13
64i2 Jan 3
6934 J ’ne 13
AUg
12 i 2 A u g 17
J ’ne
1634 J ’ne 16
D o p r e fe r r e d .
25 Sep
37% D ec
40 Jan 13
173% D oc
155*2 A u g31 131's F eb 3
49's A u g 4
63 Jan 16
00
J 'ly
140% A u g 26 156% J ’ly 19
131% J 'ly
J 'n e
134 M ch 28 142i2 Jan 19
J ’ ly
21% A p r 20
40 Sep 1
D o p re fe rre d ..........
Sep
35 M ch 13
62 A u g 31
Inn St P A S S M arie
J ’ ly
130 A u g 26 152*4 M ch 30
D o p referred _________ 14734 Jan 6 160 M ch 30
J ’ ne
. D o leased line c t fs ___
87l2 J ’ly 5
90% M ch 15 * 8 6 % Sep
29 A u g 31
38is J 'n e 14
27 J ’ ly
C312 Jan 16
69 J ’ nolO
J 'ly
3914 A u g 30
63 F eb 15
J ’ ly
140*4 Jan 19 160 J ’ne 14
J ’ ly
1 at R y s o f M ex 1st pref
60 A u g23
72*3 J an 20
F eb
D o 2d p re fe rre d ___
2 5 78 A u g 28
38% F e b 15
23% J ’ ly
10173 A u g 25 115*2 F e b 3
105% J ’ ly
52 12 A u g 24
65 Jan 19
55% M ay
D o 1st p re fe rre d .
100 A u g 15 101% M ch 20 §1 01
J 'ly
, D o 2d p r e fe r r e d ..
8212 A u g 25
90 Jan 27
8234 A p r
1313.! A u g 30 15Hs F o b 23 149 A p r
•
383 ., A u g 30
38% A u g
46?8 J ’ly 22
10013 A u g 31 IIOI4 J'nu26
8 8 % J ’ ly
Do adjustment prcfll 8534 A p r 18 OH4 J ’ ne 8
88
Feb
39 >2 Jan 3
5412 A u g 15
35 F o b
1
111% AU g
114% A u g2 8 1377s J ’ ne 8
100 Jan 11 102 Jan 10 100 O ct

46,400
tch T o p e k a & San ta Fe
1,175 A
D o p r e f ___________
940 A tla n tic Coast L ine H R . .
3,855 IJ a ltlm o re & O h io ___
130
D o p r e f ________ _
3,800 B ro o k ly n R a p id T r a n sit.
49,285
an a da S o u t h e r n _____
Central o f N ew J e rs e y ___
23,115 Chesapeake & O h io _____
230 C h icago & A lto n R R ____
100
D o p r e f________________
2,740 Chic G t W e st tru st c t f s . .
900
D o pref trust c t fs _____
28,350 Chloago M llw & S t P a u l . .
650
D o p r e f.............................
1,924 C h icago & N o rth W estern
’ 03
D o p r e f_____________
Chic S t P M inn & O m aha
D o p r e f________________
Chlo Un T ra o ctfs stm p d
„ D o pref ctfs s t m p d ___
Cleve Cln Chic & S t L . . .
D o p r e f.............................
1 00 C olorad o & S o u th e rn ____
200
D o 1st p re fe rre d _____
D o 2d p re fe rre d _______
T A elaw arc & H u d s o n ___
2 0 0 D e la w a r e L a ck & W e s t .
1,310 D enver & R io G ra n d e___
1,951
D o p r e f................. ...........
2 0 0 D ulu th S o S h ore & A tlan
D o p r e f.............................
400
36,600 U 'r l o '-------------------------------6,600 ^
D o 1st p referred ___
200
D o 2d p re fe rre d ___
10,800 G reat N orthern p r e f_____
2,750
Iron O re p r o p e rtie s ___
3 Green B a y & W .d c b c t f B
E le c tr ic ___
H avana,
D o p r e fe r r e d ..
H o ck in g V a lle y _____
2,400 I lllnols C en tral_________
0,500 * n te rb o ro -M e tro p v t ctfs
D o p r e f_____________
2,730
D o p re f v o t tr c tf 3 ____
400
D o p re fe rre d __________
100
C F t S A M tr c tfs,p re f
ansas C ity S o u t h e r n ..
1,750
Do
p referred ___

*17
18
18
*17
18
16
16%
17
17% *17
18
36
*34
35
*33
35
*33
35
*3334 35
34
34
80
80
*73
*73
76% *73
78
*73
78
*73
70%
28% §281., 28%
30
28
28
28
*2734 ____ *28
2834
65*2 *65
67
* 01 % 69
*6478 69
*6473 69
*6478 69
*10
14
13
*10
14
*10
14
*10
14
*10
13
30
30
*25
*25
30
*25
30
*25
30
100
25
25
160% 159% 161
159 161% 156% 158% 155% 158% 157 158% 81,800
52
*45
52
*45
52
*45
53
*45
53
*45
54
141
14034 141% 1413S 142
1403., 141% 142 142 *141 142%
2,350
13514 135 135
135 135 *134 137 *134 137 *134% 136%
1,600
40
§35
35
36
36
37
37
*37
40
38% 40
855
543., 65%
55%
50
56
57
57
62
62
CO
60
725
131
130% 131
131 131% 131 131
13034 131%
130% 131
1,650
1493.1 *146 151 *146 152 *145 150 *145 150 *148 152%
250
90
*87
90
*87
89% *87
89% *87
89% *87
89%
2Q34
2933 293.,
29-% 29%
29% 29%
29
29%
30
30
0,130
*66
68
65% 65%
65% *63
65% *63
65% *63
65%
200
40% 4033
40% 40%
39% 41%
39% 40
40% 4034
40% 4038 15,200
*141 150 *143 160 *145 160 *143 160 *143 155 *143 155
*58
61
*60
*63
67
*64
67% *61% 66
05
*62
67
25% 25%
26
26
27
27
26% 27%
27% 27%
28% 28%
1,400
102% 10234 10233 103% 103% IO.334 1023., 103
103% 103% 103% 103% 1 1 ,0 0 0
*50
57
*50
54
54
57
57
*50
67
*50
*50
57
125
*95 107
*95 107
*95 107
*95 107
*95 107
*95 107
*80
89
*80
89
*80
89
*80
89
*80
89
*80
80
132% 132-T, 132 132% 132% 132% 1313., 132
13134 13134 132 132%
1,800
39
39% *39
40
39
3933
38% 39
*39
39%
39
39%
2,810
1007S 101
101
1 0 1 % 101
2: 1 00 % 1 01 % 1 0 1 % 1 0 1 %
1 0 1 % 10034 101
3,200
*89
92
*89
02
*89
92
*89
92
*80
92
*50
60
*50
60
*50
60
*50
60
*50
60
........... ;
*50
60
114% 117
11434 115% 115% 116% 11573 116% 49,960
: 1 1 5 1 1 5 % 114% 116
*85 105
*85 105
*85 105
*85 105
*95 105
*85 105
*85 110
*85 1 10
*85 1 10
*85 110
*85 110
*95 110
*90 105
*90 105
*90 110
*90 110
*95 105
*90 105
119% 1 2 0 % 1 2 0 1 2 0 % 1 20 1203s 120 1203S 1 2 0 % 1 20 % 12033 1203s 15,168
*90
94
*90
94
*91
94
*90
92%
91"s 917s
92
92
400
*102 115 * 1 0 2
115 * 1 0 2
115 *102 115 *102 115 *102 115
139% 1407S 140% 142% 140-% 143
140% 14138 14073 14173 141% 142% 369,400
§89
89
89*4 *89
*89
89% *89
90
*80
90
*89
90
40
*91% 92% *91% 92
*911* 92% *91
92
92
92%
*91% 93
200
25
25%
24% 25
24% 25
243S 2434 24% 25% 37,850
24% 24%
48% 48%
48% 48%
49% 50%
48% 48%
48% 48%
4834 49
2 ,2 0 0
*60
70% *63
65
*64
67% *01
64
*61
65
*01
03
...........
40% 40%
41
41
41
41
40% 40%
40% 40%
41
41
900
*30% 33
*29% 31% *29% 32
*29% 30% *29% 32% *31
32%
1 00
66
66
*65% 07% *65% 69
*66
72
*68
72%
68
69
1 ,2 0 0
10834 109% 109% 1 1 0 % 108% 1 1 0 % 107% 108% 1083S 109% 109 10934 62,950
26'% 27%
27
27%
26% 26%
2634 27%
26% 27%
27
27
19,200
07% 67%
671., 6 8 %
67
68
G6% 67%
67
67% *67
68%
3,100
23%
23% 23%
24
23% 23%
24%
23% 2334 *235g 25
1,300
8
8
8
8
8
*734
8
8
8
1,300
l '%1 * 0
*J6 4
6
7
*6
7
*5
7
..
*5
0
*17
18
17% IS's *17
18
173, 173., *17
18
1 ,0 0 0
17% 1778
38
387s
39% 40
3934 397g 3934 397S 38
38% J873
39%
2,900
*104% 107 *105 108 *105% 107 *105 107 *104% 108 >105 108%
105% 167
167 16S34 166% 168% 165% 16634 16634 167% 107% 168% 115,250
9073 91
90
901?
*91
93
01
91
92
92
92
92
900
*32
35
*32
35
*32
35
*33
35
33
33
*32
35
1 00
*59% 62
61
61% *39% 0 1 %
59% 69% *____ 60
60
60%
600
*17
*34
*73
*28%
*64
*10
*25
159%
*45
14038
13514
*33
*54
130
14934
*87
29%

133S
28%
66%
*70
*2 %
*7
*3
52

TW O

10 0 3 1
1003.1

K

D o 2 d p referred ___
1
■
Do

pre fe rre d .
1 st p re fe rre d .
2 d p r e fe r r e d ..

1
Do

pre fe rre d .

1

p r e f e r r e d . . ..
£
D o p r e f e r r e d . . . ..........
>
c outhern P aolflo C o ..........
£ authern v tr ctfs s t m p d .
D o pref
do
r 11exas A P a cific ...............
J
-h
lrd
A
v
e
n
u
e
(N
Y
v .) ___
’T'/\! ,1,1 T^. n____
’
D o p referred .
'
Ion P a c ific ____
D o p re fe rre d .

0

1

Do

pre fe rre d .

D o preferred
_______
1,350
a b a s h .................... .........
1,500
(T
D o p re fe rre d _____
2,400 1 /e ste rn M arylan d R y ___
D o p re fe rre d _________
300 1 Wheeling A L a k e E rie___
D o 1st p re fe rre d _____
D o 2d p referred _______
600 1

9934 J ’ly 5
119% A u g 25
9178 A u g 31
108 A u g 11
1393s A u g 26
88 M ch 1
9 0 % A u g 10
24% A u g 29
47;, A U g 24
60 A u g 14
38 A p r 22
24 Jan 13
5934 Jan 3
107*4 A u g3 0
25% M ch 4
61% Jan 11
2 2 % A u g 26
784 A u g 25
6% A u g 8
17% S ep 1
38 A u g20
105% A u g 12
165% A u g3 0
90 A u g 25
31% A u g 10
59% A u g 30
38 A u g 10
78% A u g 5
13% A u g30
2834 A u g 12
4878 A p r IS
75 Jan 14
2% A u g 25
7% J ’ly 27
3 A u g 23
61 A u g 12

102 Jan 11
130% F e b 2
100
Jan 17
112 F e b 17
1617 s J ’ ne 3
92 J ’ly 11
101 M av 2
34% j ’ ne 14
08% J 'n e 14
69% J ’ ly 27
49% J ’ly 19
34 F e b 4
72 J'110 26
1268$ J ’ ne 26
3338 J 'ly 19
75% J ’ ly 20
30% Feb 21
14% J ’ne 9
8 % Jan 17
2434 F e b 8
5378 Jan 5
111 F e b 2
1923s J ’ ly 22
96 J ’ly 24
49 Feb 20
76% M ch 22
45 A p r 24
§83 A p r 23
18% F e b 23
40% F e b 23
06
J ’ ly 8
88% J ’ ly 24
6% F eb o
17% Feb 3
3 Feb 7
72% M ay 1

124% Jan
104% Jan
137% Jan
119% Jan
94 Jail
823S M ay
20233 N ov
70 Jan
312 Jan
92 Jan
6034 Jan
09 A p r
3673 Jan
C4% Jan
158-% Jan
172% Jan
182% Jan
226 Jan
162% F eb
j 170% Feb
538 Jan
12% Jan
92% M ch
104 Jan
6534 F ob
83 M ch
81 Jan
185 Jan
020
M ch
52 Jan
84
. . Jan
18% Jail
24% Jan
34% Jan
523 j M ch
42 M ch
1437s Jan
80% Jan
18% M ch
07% A p r
99 Jail
140 O ct
147 Jan
25% J an
027 s Jan
30 Jan
64% Jan
80 F ob
44% Jan
71 Jan
25*4 Jan
0234 Jan
186 N o r
70% A p r
I 6 O34 Jan
140 O ct
5334 Jan
80 F eb
145 M ch
155% M cfi
9234 Jan
61% Jan
74% Jan
73% M ay
140 N ov
72% N ov
37% N o v
128 M ch
0873 N ov
10934 Jan
98 Jan
102
M ch
50 Jan
10S38 M ch
91% M ch
40% D oc
145% Jan
11834 Jan

105

F ob
118 Jan
J ’ ly
138% M ch
89 J ’ ly
10458 Mch
110 O ct
116 Mch
130% J ’ ly
172% F eb
*85 A u g
93% Fab
87 J ’ly
110% Jan
227S J ’ ly
67% Jan
54 J 'ly
92% A p r
68
Aug
73 Jan
34% A u g
60 Jan
18% J ’ ly
34% Jaa
61% J ’ ly
77% Jan
103% J ’ ly tl3S% Jan
IS J ’ ly
30% Jan
43 J ’ ly
76 Jan
22% J ’ ly
3684 Jan
5% J ’ ne
19% Jan
1534 Jan
5% J ’ ly
6433 Jan
1J J ’ ly
4234 J ’ ly
72% Jan
103 J ’ ly
117% Jan
152% J ’ ly 2043., Jan
10334 Jan
8 8 I4 J ’ ly
42% Jan
2334 J 'n e
723s Jan
47 J ’ ne
122%

12% J ’ ly
f 8 % J ’ ly
40 J ’ ly
AUg
Apr
JT 10
J ’ ne
J ’ ly

2734 Jan
01 Jan
5438 Mch
77 D eo
10
Jan
23 Jan
13% Jan
04 N o v

BANKS AND TRUST COMPANIES— BROKERS’ QUOTATIONS.
Banks
N ew Y ork
A e t n a _____
A m erica 11. .
A m er E a ch .
B a tte ry R k .
B ow cryH ___
B r o n x Borol:
B ron x N a t.
B ry a n t Rk 1|
B u tc h & Dr
C en tu ry § )..
C h a s e _____

Bid
180
595
260
145
400
300
190
165
135

__

550

Ask

Banks
Bid
Ask
Chat&Phenlx 170
175
Oheisea Kxll 2 0 0
185
Chem ical . . 445
605
455“
Citizens' Ctl 160
270
168
C ity ............... 435
155
415
Coal & Iron 150
415
160
Colonial 1 )..’ 400
2 0 0 ‘ C olum bia §j. 375
400 *
C om m erce . f 2 0 0 f 2 02
142 ' Corn E x 1)_. 315
325
155
Fast R iv e r . 115
120
F idelity 1|._ 165
575
175
Fifth A v e il. 4100 4350




Banks
Bid
F ilth .......... 300
First _______ 960
14th S t H .~
F o u r t h ____ 1205
G a lla t in ___ 335
G a r f l e ld ___ 205
G erm -A m 1] 140
G erm ’ n Exit 485
G erm ania 1|. 550
G o t h a m ___ 150
G reenw ich 1| 240
H a n o v e r ___ 635
H a r r lm a n .. 285

As*
350
980

Ban ks
Im p & Trad
Irvin g N Ex
leirersonll.
t 2*0*8** L i b e r t y . . . .
340
L in c o ln .
300
M anhattan^’
145
vlark’ t& F ul
U eeh & M et’s
57*5" Mercantile .
155
Uerch Exch
250
M erch an ts'.
645
M etropolis ii
Vletropol ’ nl!

Bid
575
215
145
575
375
330
255
1265
150
165
ISO
370
193

Ask
585

Bid
Banks
Mt M orrlsfl. 250
Mutual 1]___ 285
Nassau ___ 300
GOO*' New N cth 'd 2 1 0
425
N cw Y ork C o 900
350
New Y ork
300
. . . . 19th W ard 1|
Facltlcl)____ 1274%
...
160
Rark _______ 1363
170
P e o p le ’s U._ 245
185
R t a z a f l ...__ 625
3S5
P rod E x ch 1; 170
205

....

Banks
R eserve . . .
Seaboard —
S e c o n d ___ _
2*20 ' .Security I f . .
Sherm an —
975
State 11____
310
1 2 th W ard 1|
.>;nl W ardH .
U ulou E x c .
1370
W ash 11 ’ ts 11
W est Side 1
175** VOrkvlUe i|.
Ask
260
295

Bid
90
415
385
150
135
250
175*
170
275
650
500

Ask

96
4*0*0**
160
275*
180*
” ”

—o
<* u v u iv m u u u a n d rig h ts.
0 N ow sto ok
n b o ld a t p riv a te sale at this p rice , z 2 d p a id , v 3 d p a id .

S ept . 2 1911. |

New York Stock Record— Concluded— Page 2

STOCKS— HIGHEST A N D
Saturday
Aug. 26.

Monday
Aug. 28.

LOWEST

Tuesday
Aug. 29.

Sale, of

SALE FRICES.

Wednesday
Aug. 30.

Thursday
Aug. 31

Friday
Sept. 1

Week
Shares

§215 215 *210 220 *210 220 *210 225 *210 225 *210 220
*612 7%
*012 71;
*6%
71*0%
71 ?
*6%
7%
*6-^8
7*2
18
18
*1714 19
*17
19
17% 17% *17
19% *17
18
667g 67*4
57% 5S38
5712 59
5678 58%
58
59%
57
58
6 U4 5 U4
503,i 50-%
S ill 611; *51
54
*49
51
51
§51
* 1 0 1 1 4 ____ *1011.4____ * 1 0 1 % ____ *101% 110
* 1 0 1 % 1 10 * 1 01 % 1 10
49
50
4934 497g
48
49L
4934 51
50
501.
50
51%
*95
97
90
90
95I2 951' *95
98% *95 100
98
90
93g
91.
9%
934
978
9%
93.1 10
10
10%
*9% 10 %
823 t 8334 831s 84
821.i S2%
S2% 83%
84%
84
84
85%
4S-">8 483,
4S
481,i
48-% 483.1 *48
-ISI4 4834
48% 49%
49%
*115 IISI 4 *115 I I 8 I4 *115 118% * 1 1 0 118% 115 115 *113% 118%
50% 51
S012 52tg
51% 52
52
52
51% 52
51% 52
*99 103
*100 103 *100 103 *100 103
*99
103
*99 103
*215 220 §218 218 *214 2 20 *214 220 * 2 1 1
218 * 2 1 1 218
*3%
4%
*31.
4%
41*3%
4%
*3*4
41?
*3%
*312
334
*20
22
*20
23
20
20
22
*19
22
*20
21% *20
17% 17% *17% 18
17
17
17
17
*17% 18
1012 17
S
->3
8
%
*814 10
83S 812 *S-% 10
9%
9%
* 8 % 10 %
27% 29% *27% 30
*27% 30
*27
29
*271. 30
28% 28%
34% 341.
3414 343g 34% 34%
34-% 35
34% 341.
34% 34%
104%
1
0
1
%
*104
105
*104% 1051. * 1011 . 10512
*104% 106 §104% 104%
4-% *4
5
*4
434 *4
*4
41.
*4
4%
*4
5
*38
40
381,! 38%
*38
40
*33
40
*38
40
40
85% 851.| *84
85
*85
86
*8-1
87
85
.8 -1% 84% *83
677g 68 %
6734 681.
681. 701.4
6 8 .3 70%
6 8 % G9%
08% 09%
104% 1041. 104% 10!7S 104% 104% §101% 1041. *104
1043., +104 10-134
33
33
62
621?
33*8 3355 *3212 3-1
32
32
32
32
115% 115% * 11 -11. n o
* 1 1 -118 116 *114 116
§116 116 *113% 117
115% 116
115% 115% *115% 118 *113% 118
♦ l ll l g 110 *11312 116
13233 13212 13 1% 13212 131% 132% 131% 132
132ls 134% 13334 134%
88
891.
89
89
90
91% § 90
90
92
92%
92
91
28
28
281. 281*27
30
*26
30
*27
29
29
*20
S9-34 8934 * 8 8
*87
90
87-% 89
90
*88
90
91
*87
*26% 28
*26
28
*26
28
*26
28
*26
28
♦26
28
34
34U
333.J 34
3 3 % 34
337g 34
35%
3 4 % 34% *34
*29
30*| 291. 3 OI4
28% 29%
29
301.)
29% 29%
2834 293g
*53
59
60% 60% *5S% OO
*5812 5912
*5S% 00
*58% GO
*133 140 *133 140 *133 140
133 133 *133 138 *133 140
*S
8*4
*8
83.,
*8
83,j
*8
8 -%
*8
8%
8%
*S
*2812 2934 * 2 8 '. 301. *28% 301s *28% 30% *28% 30% *28% 30%
23
2312
23
2312334 233.,
23% 23%
23% 24
9X1a 23%
*051.1 9612
95
951,8 *95
97%
95
951?
*94% 95
95
95
1714 1712
1778 18%
17% 177*
17% 18%
18% 18%
18% 1 -8 %
28
28
28
28%
277„ 28
28
28
*273, 30
28
28
13212 133
133 131
132% 1331. 1331. 134
1331. 134
134 134%
12-% 13
12 % 12*8
1 2 % 12 %
12% 13%
13
13
1 2 % 13
*77
80
*77
80
793., 79% *78
80
*79
80
*78
80
3 OI4 301.1
301. 31
*30
31
30
30% *30% 32
*30
32
*12
30
*12
30
*12
30
*12
30
*12
30
♦12 ' 30
*50
0 H2 *50
631? *50
63% *50
63% *50
63%
63% *50
150^4 15U8 1511. 153
1513, 152
152 152
153 153 xlUl 151%
*42
47
431.1 44
*43% 44%
42% 43%
42% 42%
42% 42%
*81
821.
8112 82%
81
81% *803.i 8-1
80% 81%
81% 81%
5*3
512
5%
51.
512
5%
5%
5%
5%
5%
51.
H 134 H 2 I4 l i d . 1111 . 10S% 111
1033,1 1001? 105% 107% 1057s 107
_____ *121
1231,4 1 2 1 % 122
121
121
120
120
1 20
120
*4
5
*4
5
*4
5%
*4
5
*4
5
*4
14d3 14o8
14
1-1
*14
15
141? 141"
141. 14%
15
*14
*10
10*4 *10
10 % * 1 0
*10
10 -%
1034
1 0 % 10 % * 1 0
11
48
47
47ls *47
48
46% 46%
47% 47% *40
48
*40
327g 327g
331,4 33%
32% 32% *32
32% 33
33
33%
32%
*821. 87
*83
87
*82
87
*83
87
*83
S9
*83
87
1033.1 101 104
10412 104 104% 104% 101% 104% 10434 rl03% 103%
*83
85
*83
85
*83
85
83% 83% *82% 85
*82% 85
*72
73
*72
73%.
*72
74
*72
7-1
*72
74
72
72
*7534 78% *7534 78%
7634 70% *7534 78
70
70
75% 7033
113% *111 113% * 1 11
♦1 11 H 3 I4 ♦111 1131.1 *111
113% *111 113%
19
19%
19
19%
19
19
18% 18%
19
19%
19% 19%
1293.1 131% 129% 129% 5130 130
130 130
129 12934
*130 133
*1271. 1281? + 1271. 12834 1283.1 1283.1 *127% 129 *127% 129 *125% 127%
17
*10
18
*10
171. * 1 0
*16
1712 *10
17%
171. *10
*92
97
*91
97
*91
97
*92
97
95
95
*92
97
48% 48-% *48-% 49%
48% 48%
49
49
50
50
48*8 48*4
108 108% 108 108 *104 110
*104
108 *104 108 *104 108
1678 17
.17
17%
17
17%
17
17%
17% 17%
17% 17%
07
65
65
60
60
64% 64% *03
*63
*63% 67
67
6933 69-% 70'g 70% _____ _____ *08-%
*G8 -% 70
*683.1 71
28
28
*28
29
27% 28% *27% 28
28
28%
28
2S%
373.1 38
373; 38
377g 39
37% 37%
38
39
38
381.
10234 10278 *102% 1031? 1 0 2 % 1 0 2 % 1 0 2 % 1 0 2 % *102% 103%
103 103

m
-m
-m

171. 1734
17% 18
*17*8 18%
17% 17%
18
80
81
7834 8012 81
82
80
80% *80
30
301g *30
31
30
30
30% 30%
*30
*97 100
*96 100
*90 100
*97 100
*97
*110 117 *110 117 *110 117 * ____117
*110
15.534 150
156 157
155% 15534 156
156 158
30
301.1 *30
32
30
30
30
30
*29
1007g 1007g *100 105 *100 105 *100 105 * 1 0 0
1373 1-4
13% 1334
13% 1334
13% 1334
1334
2‘lr>3 25^2
25
25
24% 20
25% 25%
26
89
89
*89
89%
88% 88% *88%
891. 9 0
*13612 138 *1371. 150 *135% 1-10 *135% 140 *1361.
*36
40
38
38
§37
37
38
38
38
31^8 6 IS3
303s 31%
32
32L
32% 32%
32
89
89
84% 80
88
S8 I4
87% 8 S%
84
*85
88
*85
88
85% 85% *85
*85
87
*1091. I l l
*109% 111 *109% 111 *109% 111 *109%
*5%
7
*5%
*5
7
*5%
7
*5%
7
57% *51
*51
5734 *5 1
5734 *51
6734 +51
101% 101% * 101%
*10U 2 IOBI4 § 1 0 2 % 1 02 % *101% 103
*102
*102 105
1 0 2 % *101% 105
1 0 1 % 1 0 2 % 1 02
*12% 13% * 12 %
13
13
*12% 13
*13
15
40
40
46
4012 4078 §46% 46%
46^8 4612
*90
95
*90
§93
93
*91
95
*91
95
67% 6734 *60
667s 67
♦60
Of)
GJ
69
37% 37%
37% 3/34
37
37% 3734
3714 37%
108% 108% *108% 109% 108% 109% *108 109 §109
*70
76
*70
76
*71
75
*70
*70
76
69% 703S 70
697g 71
69% 71%
091.1 70
1141g 11412 114% 114% 114% 11434 114% 114% 1143S
42% 423.;
42
42%
42%
411. 423.1
42% 42%
51% 52
52
52%
511. 5234
51% 52%
52%
117% 117% 118 118 *117 118% §117%
117 117
152i2 15212 §15173 161% 150 150 ♦145 151
(145
7 3 % 7 3 % *73%
74
75%
§74
7-1
74
74
64
64%
68
64
6412 6378 64% *65
64%
111 111 +1113,1 1 15 *111% 110 ♦1113j 115 *111%

18
81'%
31
100

117
150
31
105
137g
26
90
140
38
32
80
87
111

7
57%
103
105
13
40
94
68

371.
109
70
707g
114'%
43
52%
1 17%
145
75%
G434
118

18%
81
30%

18%
81
30%

§ 100 1 00
*110 117
157 157
*30
32
*100 105
13-% 14
25% 25%
*89% 91
*137 140
*38
40
32
32
87
83
87
8934
*109% 111
*5%
7
*52
57
*100 103
1 01 % 1 01 %
13
13
*4-1% 46
*90
93
*60
68
30% 36%
109 109
*70
70%
zOO-%. 70%
114% 1143j
42% 42%
52% 52%
117 117
142 §145
75
75
♦64% 66
*1113.1 110

575

Range since January 1.
On basis o f 100-share lots.

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

Range fo r Previous
Year 1910.

Highest.

Highest.

I rulus trial& M iscella neous

§235 D ec §270 Jan
30
§215 A u g 2 6 §245 A p r
93.i May31
(5 A u g 3
15 Jan
llis-C iialm crs
712 J ’ ly
5434 Jan
D o p r e f____________
200
27 A u g
17 A u g24
34 FeD 3
90*4 Jan
58,310 A m algam ated C o p p e r___
715S J ’ne 19
567s A u g i6
5513 J ’ly
550 A m e r A g ricu ltu ra l C h e m .
35
J’ ly
40 Jan
60-• M a yl8
49i2 O c t
D o p r e f_______________
1 0 1 % Jan 27 103
103 Jan
9 9 I4 A p r
Feb 7
3934 Jan 12
24 J ’ ly
4714 Jan
5658 A u g 12
17,200 A m erican B eet S u g a r___
D o p r e f______________
95i 2 J ’ no
89 J ’ly
92i2 Jan 9 100i2 J ’ne 14
400
I37g Jan
67g .1
12i2 M ay 9
8% Jan 6
2,700 A m erican C a n ___________
D
o
p
r
e
f____________
.
02 J ’ly
77 Jan
88% M a y23
4,255
82i4 N ov
727g j a n
58% J ’ ly 19
43 A u g30
3912 J ’ ly
3,200 A m erican Car & F o u n d ry
D o p r e f________________ 114U M ch 13 120 M ay 23 109 J ’ ne 120 M ch
200
4'j i .i May22
0934 M ch
623s F e b 2’8
4,200 A m erican C o tto n O I l .I .Z
12% J- ly
D o p r e f________
100 M ay20 105% F e b 10 100 D
” e c 107 Oc*
D e c *320 Jau
30 A m erica n E x p r e s s _____ $210 A u g 10 §255 J a n 27 §230 ____
A m erican H ide & L eath er
3i 2 Sep
5 J ’ne 14
3^4 J a n 25
3'8 Jan
D o p r e f______________
263g j ’ne 14
20 Jan 10
19 Sep
100
47-8 .a n
1638 D ec
2534 J ’ly 11
1 0 % A u g28
2,400 A m erican Ic e Securities
2914 M ch
8 A u g 11
10i8 J ly
1.34 ja n
400 ' m erlcan L i n s e e d _____
12% F eb 14
D o p r e f______________
2718 A u g 14
34 F e b 14
25i2 J ’ ne
300
46% Jan
34>8 A u g30
29 J ’ ly
43% M ay22
6212 ja n
D o p r e f.
104 A p r 18 1103.1 M ch 1 10212 A u g 115 Jan
125
3 I4 D ec
3% F e b 17
5% J an 21
8 F eb
D o p r e f _______________
435S J ’ly 22
28i2 J 'n e
311-2 Aleu 8
100
48 M ch
84% A u g31
82 J ’ly
9073 j a n
89% J ’ly 19
300 A m er Sm elters Sec pref B
01% J 'ly
0784 A u g 2 0
101 Jan
45,720 ' m er S m e lt in g * R efin
837s J ’ ne 15
D o p r e f_____________
10318 Jan 3 1081 ■>J ’ nc 15
9S% J ’ lV 11234 ja n
750
32 A u g 30
38 J ’ ly
52% F e b 9
1 ,2 0 0
00
ja n
113 Jan
122!2 F e b 27 11118 O ct
150
I27i2 F eb
D o p r e f_____________
111 Jan
124 F eb
l l l i 2 D ec
11912 F eb 14
700
1433S F eb
15,655 A m erican T e le p h & Teleg 131% A u g30 153% J ’no 8 1203.J J ’ ly
87 A u g 24 1 02 M aylS
4 .3 1 1 A m erican T o b a c (n e w ), pf
9934 M ch
9012 J ’ ly
28 A u g 28
3612 M ch 21
400
391 * M ch
25>8 J ’ ly
D o p r e f.
8 6 I2 Alcll 29
O6 I4 J 'n e 15
104 M ch
9018 D e c
537
3 4 1. F e b 15
2 7 I4 A u g 12
53334 A u g 28 $4113 J ’ ne 13 §33f2" J ’ly $54 j a n
2,400
21 J ne
2884 A u g 30
3,300
3818 A u g 1
347s O ct
6634 J ’ly 31
58*4 A u g 10
D o p r e f.
49 Aug
200
05 j a n
133 A u g 30 14512 J ’n c 8 125 J ’ ly
200
104i2 J an
8 J ’nc
10-34 F e b 1.
8's A l l " 16
13*8 Jan
28 J ’ne
28 F e b 10
31 M ch 30
33 Jan
23 A u g 26
33-% F eb 2
3,500
25U ly
4834 .Jan
D o p r e f.
99U J Ty
95 A u g 28 105 F e b 10
800
10914 M ch
5171.1 A u g 26 82534 M ay 19
15,750
1,500
22i2 J ’ ly
36% F eb 0
27% A u g 17
50 Jan
5,645
1603s j a n
132% A u g 20 148-- J ne 0 122i2 J ’ly
3,125
11% J ’ne
12% Aug 14
1534 M ay 17
2314 Jan
D
o
p
r
e
f.
703g J ’ ly
74*2 Jan 10
100
8683 J an
85 Muy29
1,500
30 A u g 30
3034 j a n
1514 J ’ ly
3314 M ch 1
1734 Jan 28
12 O ct
36 F e b 10
60 M ch
D o p r e f______________
48l2 J an 11
37 O ct
88 j a n
C012 M ay 19
2,050 eneral E le c tr ic _______ d z l4 .:ls M ch 3 I 6 S33 M a y 29 134 J ’ly
1607a j a n
42U A u g 31
513.1 A u g
1,600
D o pref v o t tr c t fs ___
SOI4 S ep 1
8G53 A u g 5
870
S538 A u g 2 0
3734 O ct
$ 7 % Jan 3
5,950
$914 Sep
*8318 Feb
2 1 ,2 1 0 I nt H arvester stk tr efts 1033.1 A llg30 12933 M ay 6
125 j a n
D o pref stk tr c t f s . . 120 A u g31 I 2 8 I4 M ay 4 117 A u g 120 J a n
740
4 A u g 10
578 J an 30
414 J ’ly
712 Jan
D o p r e f.
243s j g n
12 % J ’ly
14 A u g 30
1914 J ’ ne 17
COO
lternation
u J ’ly
133s J a n 31
«J1S A p r 27
2 00
16 Jan
D o p r e f.
445o M a y l5
563S Jan 17
-u% J ’ iy
500
611. Jan
32U A u g 12
44 F e b 8
305S J ’ly
5463 j a n
1,500
D o p r e f.
84i2Jan 20
9012 J ’ nc 12
78% J ’ly
90*4 ja n
9334 J ’ ly
102 A p r 18 114i2 Jan 20
1 ,0 0 0
11012 Jan
83 A u g 15
95 F e b 2
79 J ’ly
100
98 Oc*
D o p r e f.
72 A u g 11
77 M ch 7
71 J ’ ly
100
78*4 0 0 *
a y D epar
70 A p r 28
87 J ’ne26
1 ,2 0 0
D o p r e f.
112 J ’n c 2 11314 J ’ne 0
. P ot $5 SI 8 I4 A p r 18 $2278 J n e 2 0
3,100
100
A ug 1 1 9 1 . De*
11714 Jan 10 141 A p r 4
990
D o p r e f.
124 J an 20 130 F e b i
1.18% J ’ly
500
125 j a n
14 Sep
22 J ’ ly 24
103.. May29
28i2 ja n
D o p r e f.
84 O ct
85 Jan 6 100-34 J 'ly 22
166
»6 % ja n 1
4612 J ’ly
a tlon al Le
59 F e b 2
1 ,0 0 0
48L A u g 2
895»jaa i
D o p r e f.
700
105% M c h 24 10934 A u g 15 10134 J ’ly
lio ijja n
317%
J
’
ly
$2114
J
’ne
14
5,220
$22*8
O ci •
$167g A u g 26
59 J ’ ne
300
70 F e b 4
6418 A u g 29
9612 Ja*
GOig N o v
200
64 Jan 10
7634 M aylS
84 J a a :.:
227g J ’ly
1,400
2318 A p r 24
311; J ’ly 31
4314 J a n -i
30 J ’ly
2,600
5458 Jan 31
3738 A u g 12
4614Jan -j
800
10112 A u g25 109 Jan 19 103 J ’ly
116*8 Jan :i
84 J ’ly
100% J a n 3 118i2 J ’ ne 3
I06i. j a n \
1 ,2 0 0
13 J ’ly
17% Jan 3
23U J ’ne 5
27*4 Jan i
D o p r e f.
2,600
0734 Jan
4
o o u J ’ly
85 Jan ]
9078 J ’ ly 20
1,375
25
J ’ly
30 A u g 26
617s ja n
3758 J ’ ne21
45
90
J ’ ly
92l4Jan 3 10234 J ’ne 16
l0 7 i| J a j^ (
115 A u g 10 120 F e b 7
1,175
15534 A u g 28 163 Jan 30 165 J ’ne 2 0 0 5aS*
700 I i a llw a y Steel S p r i n g ...
30 A u g 26
28 J ’ly
39 J ’ ne 14
51% J a n :
D o pref
100 i A.
92 Jan 3 103 J ’ n o l5
t90% Se&
107 Jan
7,000
$1358 A u g 26 $13% i fa y lS
3,900
24.2, AJig 2(5 3 5 I4 Fell 0
27
J ’ ns
457g ja n \
D o p r e f.
050
8234 J ’ ly
885s A u g 30
99% f e b
10 4 14 ja n
_
136% M ay 20 192 F eb
150 J ’ ne 190 N o v 575
30 A u g 25
5014 F e b 6
4 8 I4 D e c
8612 Jan
1,550
$30-33 A u g 26 $44 J ’n e 13 $19S.; J ’ ly
$405* ja n 2,950 exas Co ( T h e ) ..’ ________
84 A u g31 136t2 F eb 1 131 O c t
141 O c %J
420
n d e rw o o d T y p e w r ite r .
03 M ch 29 1 11 J ’ne 26
D o p r e f_____________
103 M ch 31 113% J ’ly 28
U nion B a g & P a p e r ______
534 A u g 10
9 F eb
0
J ’ly
13% Jan
D o p r e f_________
.
64 A u g 8
6912 Jan 30
5218 D ec
73 J an
140 nlted D ry G o o d s C o s .I 100l2 Jan 27 108 J ’ ne 20
90 A u g 1 2 2 j . »
800
D o p r e f_______________
101i2 A u g 28 107l2J’ly 7
9914 A u g
I137g j a a
405
13 A u g22
19 F e b 23
Hig J ’ ly
32 J a a
1,370
D o p r e f.
40 A u g 3
x6l F eb
49
j ’no
84 Jan
40
90 A u g 9 §105 Jan 27 §931* D ec
145 Jan
600
051* Jan 25
7934 M ay 29
0434 J ’ ly
8414 Jan
3,900
35i2 A u g 12
477S M ch 1
27 J ’ly
5212 Jan
507
D o 1st p r e f.
108-2 A u g 2 9 115% J ’ly 7
99 J ’ly
H
6 I2 J a a :
D o 2d p r e f.
72 A u g25
79 M ch 1
60l2 J ’ly
84 Jan ;
579,343
n lted States
6 9 I4 A u g 2 o
82is F e b 6
61is
J
’ly
91 J a a i
D o p r e f ____
9,700
114 A u g 2 5 1207g F e b 4 110i2 J ’ ly
1253S Jan :
10,050
$4H2 A u g 2 5 $ 521,3 J ’n e 14 tS393g J ’ne $6014 J a n
8,600
5 II4 A u g28
703S F e b 28
47 F eb
661S Oo*
610
D o p r e f________________ 117 A u g 2 6 12812 M ch 15
117 J ’ly
12914 J a a
494 XT ells F a rg o * C o _____ 142 Sep 1 177 M ay26
1441. Dec 195 Jan
950 1' estern U n ion T e l e g . .
7133 A p r 18
84l2 M ay24
56 J ’ly
78i2 M ch
1,500 fe stln g h ’seEl & M fg assen
63% A u g28
79 M ay29
49% J ’ly
82% J an
200
D o 1st p r e f____________ 110% A u g 10 123 Jan 5 110
May 130 F e b

U

BANKS AND TIIUST COMPANIES— BANKERS’ QUOTATIONS.
Banks
Bid
B rooklyn
B roa d w a y 1 385
C on ey I s l'd f
First _______ 290
H U Isld cH ...
H om es tcadl
M a n u fac’ rs' 415
M ech a n ics’1: 225
M ontauk II.
N a s s a u ____ 6212

Ask
400
155
300
125
115
430
240
150
225

Banks
Brooklyn
Nat C ity ___
N orth Side §]
P e o p le ’s ___
Pr03p’ ctPU*

Bid

Ask

285
150
153
135

300
170
105
142

350
69o

300
705

T ru st C o’ s
N Y C ity
A s t o r _____
Bankers’ Tr

Trust Co’ s
AT Y C U J
B 'w a y l r __
Central T r . .
C olum bia . .
Com m ercial
E m p i r e ___
Eciult’ ble Tr
Farm L o& 'l
F i d e l i t y ___
Fulton . . . .

Bid

'B i d an d asked prices: n o sales on this d a y .
l • tS a le a t S to c k E x ch a n g o o r at au ctio n this w ce k .° V c x - s t o c k d ? ^




Ask

Trust Co’s
G u a r'ty T r .
G uardian Tr
H u d s o n ___
K n lckerb'kr
Law T I& T r
L incoln Tr.
310
M anhattan
M ercantile .
1500
217% 222% M e tro p o l't’ n
300
M u tu a l____
310
Mut A P n cc

142%
1000
300
105
300
500

148
1040
310

Bid
800
115
140
295
245
125
390

Ask
815
130
150
305
250
132
410

480 "
1321.
130

4 9O''
140

Trust Co’ s Bid
N Y L lfe& T r
N Y Trust
590
S a v o y ______
75
S tan d ard Tr 390
T lt le G u * Tr 480
T r Co o f Am
U nion T r . 1230 '
US M tg& 'T r 495
Unit S tates. 1125
W ashington 300
W estchester 150
W indsor _ . 6197%

Trust Co’ s
Bid
B rooklyn
B ro o k ly n Tr 1451
C itizen s’ ___ 120
40 a ' Flatbuslr . .
200
490
Franklin . 6270
'375
H am ilton . I 265
1250
H o m e _____ 105
510
K ings Co . . 505
1150
L l s i L & Tr 330
375
N assau . . . . 155
160
P e o p le ’ s ___ 295
Q ueens C o . 100
Ask
1070
610

m a r k e d w i t o a paragraph' C O ^ e 's t a t e b a n lS q u o t e d dolIar3

130
215
290
275
115
340 *
165
305
115
=•*«<

N e w

Y o r k

S t o c k

E x c h a n g e —

B o n d

R e c o r d ,

F r id a y ,” W

e e k ly

a n d

Y e a r ly

Jan. 1 1 9 0 9 , th e Exohaixge m eth od o f qu otin g bond s w as ch a n ged , a n d p rices a re now a ll—“ an d in te r e s t" —except lo r Incom e an d d e fa u lte d bonds.
RON U S
N. V . STOCK E X C H A N G E
W e r k e n d in g s b p t 1
fc>, S . G o v e r n m e n t
0 S 2s consul regie te re d .cil 930
U S 28 c o n s o l c o u p o n ....<11930
U S 3s r e g is t e r e d ............. fc 19.18
U S 3 s c o u p o n ..................... fcl018
U S S s o o u a n m U bom ta ../cl0 1 8
U S 4s reg iste r e d ................. 1926
U S 48 o o u p o u ............... .. .. 1 0 2 5
IT b Piui O i l 10-30 yr 2a.%193H
U S P a n Canal 33 g ........... 1901
fo r e ig n G ov ern m en t
A r g en tin e— Internal 5s ot 1909
C liiu cso (H u k u a n g ) B y oa
im p e ria l J upunuse G overn in'!.
S terlin g loan 4*28............ 1925
2d sories 4*2S..................1026
S terlin g loan 4 s ............. 1031
R ep ub ol C uba Oa o x to n d e b t..
E x te r n a l lean -1 % s ......... 1949
San Puuio (Brazil) trustS a 1919
U 8 ot M e x ico h 1 g 6a o f 1899
G old 4a ot 1904..................1964
S ta tu and C ity S e c u r it ie s
N Y C i t y - 4 > 4 8 .....................1900
4 '4 8 recta in t tro J an 24 1900
4% C orporate S to c k ........1069
4% C orporate n tock ....1 9 5 8
N e w 4*23............................ 1957
N e w 4*118 ............................ 1917'
4*a% C orporato S tock ..1 9 5 7
4 *«i% asaesamt b o n d s .... 1917
4% C orporato S t o c k ....1 9 6 7
N Y State— l a .......................1901
Canal Im p rov em en t 4s.. 1900
So Carolina 4 n s ;iu-40........ 1933
Teun n ew settlem en t 3 s .. 1913
V irgin ia tuna d ebt 2 - 3 a ...l9 0 i
0a deterred B row n B ros otfa.

l Y ie e
t r u ta v
Sept 1

W eek's
lla n y e or
Last Sale

Bid
A sic Bow
H igh
1003s 1003, 101 *a A p r ' l l
100 % 101
101 M ay’ l l
lOlw, I02ia 101% 101
101*2
l o t 's A u g 'n
101*4 J ’ l y ’ i o
113% lU * a 113 \ A u g ’ 11
1133, i H i j 113 % A u g ’ 11
t
Q-N 100% 100*4 100*2 j ’ n e’ l 1
Q-S 102 % dalt 102*4 1023s
(J-J
Q -J
Q-E
Q -F
Q-E

1 97 Sale
1 973, bait

97
973,

97
98

Mange
Since
J a n u a ry 1
L ow JHgh
101*8 101*8
101 1013,
101% 103*4
I 0 l 7a 1023,
i i 3 % iV(i“
11334 1 183s
100*4 100*a
101*8 103
97
99
97*4 99

t 1)4*4 Sale
94 >s
94*4
' 93-*, 04*4 9334
93»4
38 *8
t 88*a Sale
88
i 103 1, Sale 103 % 102
97
o s% 9 9 J ’l y n
97*4 A u g ’ 11
t 97 *4 98
97 ......... 97>s
97*4
89 *2 A u g ’ 11
89*4 00
J - A hese a r e p r ices u n the b

93*8 05%
93% 95*4
8 7 34 90
102*8 104
97a4 100
97
97*4
93*2 98
89*2 94 *4
0/ $5 to £ .

M -s 102*4 Sale
M-S
iVl-N i b o ” Sale
993, 1 0 0
M-N
M-N 1 0 8 q 1U9
M-N 102 M ....
M-> 1 0 S 7,
W1-N ......... 102 *4
1*9*4 Salt
M-N
M-S 103*8 Sait
J - J ......... 103
97 ........
J-J
97 .........
J -J
87*11 88
J -J
62 *a Sale

10034 103
IDO’ S 104%
98% 100*4
98% 109*4
10t57a 109*4
101 7t 103
1 0 8 * 2 109 *a
102 103
9 8 34 IO1H4
109*8 103*2
103*8 100*4

F-A
J -J
J -J
II-S
E-A
J-J
Q-J

102% i02*»
103*a A u g ’ l l
99=,
IvO
99 7s
99%
1087s 108 7g
102*2 10
108% 1087s
1 0 2 * 4 A u g 11
9!J34
1*0%
lu3
103 *s
103 *» A u g 11
ioa* 2 J ’i y 'i o
97 *a A u g ’ 11
88
S3
50*2
02*4

90
815
40

97*8
80*2
07*2

R a il r o a d
* laoam a Cent n et So B y
m Uaba M idi nee A t Coast B ine
Albany JiS uaa n ee Del<x> H uu
A lleg <fc W eal nee Buu' B & L'
703,
6934
Ann A r b o r 1st g 4a..........A1896 Q-J
793 4 Sale
7i?7e 83
99
OH**, Sale
A toll T<fc S b e—GOU g 43.1996 A -0
98*.
98
99 7e
Rogratored...........................1096 A -0
98 J ’l y ’ l l
97*4 98*4
91 ;*a 021, 91*2
91*4
A djustinuut g 4a........... 6.1906 Nov
00*4 92*2
90 ......... 92 Jan ’ 1 0
R e g is t e r e d ................... AlOOu N oi
Stam ned........................./il9 9 5 M-N
91*4
92
20 9*6*8 *93**2
91*aSale
1113, J’ 110’ 1 1
C on v 4s issu e o l 1 9 0 9 ... 1956 J -l)
105 114*8
1013, 08 104 I 1 5 7s
O onv g 4 s .............................1966 J -ll 104 105*; 104
C ou v 4a (l&auo o f 191 0). 1900 j -b | 93*4 Ha io
983a
99 3u-t! 98*2 105*8
10-year cou v g o s ......... 1917 j - i
106*4 107 3
100*4 107
lUli *2 110 *2
U ebeulurea 4 b S eries J .19 1 2 F-A
OS7, Jan ’ 10 °.7i
Seriea K ........................... 1913 F-A
99*4 J ’ l y ’ l l
99*4 *993,
E ast O kia B iv 1st g 4 s ..19 2 8 M-S
90
07 *4 9(5 A u g ’ l l
915
97*2
Sliort B ine la t 4s g ......... 1958 J - j : .......... 93*2 93 J ’ l y ’ l l
92*2 9-1*4
8 t o P res cfc i ’ ll la t g 6 a. 1942 M-S
1 08 *4 J ’ ne’ l 1
103 109
108*4 10-* *4
Atl K n o x <Ss N nee B & N
A tlan tic Coast la t g 4 a ./tl9 6 2 M S
05*4 Hale
05*2
95*’, 67 03*4 90
A la M id 1st gu gold 5a ..1 9 2 3 M-N 107*2........ 10S**8 A u g ’ l l
108 108*8
B runs & W l a t g u g 4 s ..1 9 3 8 J -J
94
95 *2 95 *4 M ar’ l l
95*4 95*4
Charles & Sa.7 la t g 7 o ..l9 3 0 J-J 13S<4.........
L A N coU g 4a............... o l9 5 2 M-N
92
93
‘ 9 2 .........02 *4 23 9*2** ' 66*4
3 a v F Jfc W l a t gold O a.,1934 A -0 124*2 128
1*26 J ’n o’ l l
124*2 120
l a t goul oa....................... 1931 A -0 108 ......... HOB, M ay’ l l
110*8 111*4
8 U 8 p u c a J i G g u g 4 s ..1 9 1 3 J -J
97
9734 97 J ’ l y ’ l l
97
97 *2
AtLautic A Diuiv .nee s o u th By
Au stin in N W A eobou Paoillc
O hio p r io r ig 3 * a s .1926 J -J
92*8
92*4 92
02
9 l 7s 93
B altifc
B eg ia tored ..................61925 Q-J
91 *a M ay’ 11
........ 91
91*2 91*2
G old 4 a ..............................61943 A -0
0 8 7s
98*2 98*4 US:,4
9 7 7a .99*8
R e g is t e r e d ................... 6194b Q-J
976, , 93*8 J’ l y ’ l l
07
98*g
Pitta J n nc l a t g old 0 s . .. 1922 J -J 1123, ____ l i 2 * » B c e ’ l'*
P J uu A 51 B iv la t g 3 *aal026 M-N
83
88% 88% A u g ’ U
87*4 83*4
P B E A W Va Sys re l 4 a l9 4 1 M-N
91
yi
91 Sale
90
02*8
8 ou tliw b i v la t g 3 * a s . .. 1026 J -J
9034
90*2 90a4 90*2
83*2 91*2
R e g is t e r e d ................... 61926 (J-J
89*2 A p r ’ lb
88*4 92
Gen u h .o R 1st c g 4 *u a ..lU 3 0 M-S
98 ......... 103 M ar’ 10
01 B or A W c o n la t g 5a 1933 A-O 107*2......... UO D e o ’ 10
U ouou B iv la t g u g 6 3 . - 1 9 1 9 F-A 101 ......... 102*8 b'eb’ l l
102*8 102*8
O hio R iv o r R R la t g 6 3 .1930 J-D I094l H O 3, 109*4 A p r ’ l l
109*2 109 *2
G on orai g old 5a............ 1937 A-O 106*4 109*4 108 J ’l y ’ l l
lliO 109*4
Pitta C lev As T o i l s t g Os 1922 A-O 113 ......... 113 *&A u g ’ 11
113*8 113*4
Pitta A W est l a t g 4 s . ..1 0 1 " J -J
97 * 2 ......... 9 7 “b F o b ’ l l
97*8 07*8
Stat le i R y 1st g u g 4 * » 3 1943 J-D
81 ......... 100 N ot ’ u4
Beech c r e e k nee N X C A H
B ellev A Car nee Illin o is Cent
Bruns A W est nee A t l Coast B
Buflato N Y A E rie nee E rie
Butlaio H A P gen g 6 a . . . 193 M-S 113*2........... 112*4 M ay’ l l
M-N 1053s j o / * , 107*8 A u g ’ l l
C on sol 4 * 2 8 ....................... 195
A ll A W est 1st g 4a g u . . 1993 A-O .....................| 97
t»o’U
Cl A Alah l a t gu g 6 a___ 1943 J-J
109 ......... J1 03
J ’ l y ’08
Booh A P itts 1st g O s ...1921 F-A 1 1 4 V ......... 1111*4 J’ ne’ l l
C on sol la t g Oa.............. 1922 J -0 110 117*4 l l O ’ s M a r ’ l l
Bull A Susq 1st rot g 48.61951 J -J ......... 71
72 M ar ’ 10
Bur C R A N nee C R 1 A P
lan So l a t e s t O a .............1918 J-J
102*8
..........
102*4
C'2 d 6 s ................................... 1918 M-S 100*2 100*4 100*2 102*a
100*4
R eg istered ....................... 101.9 M-S .......................100*4 Jau ’ l l
Garb A Sluiwu nee 111 Cent
Carolina Cent AeaSeab A ir B
Ced R l a i1 A N nee R C B A N
Cen B ra n ca B y nee -Mo P a c
C o n to l G a B B la t g 6 a ..p l0 4 5 E-A 113*2......... 113*2
113*2
Consol gold 5a................... 1946 M-N 109 110 100
109
R e g is te r e d .......................1945 M-N 197 107*2 107 J ’l y ’ l l . .
1st pact in com e g 6 a___ p l9 4 o Oct
97 ......... 96*2 A u g ’ l l ..
S ta m p e d ................................... 1 ___ ..................... 1 0 0 * 2 M a y 'U ..
1*0 J ’ l y ’ l l . .
2u prei incom e g b e ___ plO lO Oct *......... 101
2d p tet incom e g 5a sta m p e d 1 . . . . ..................... 100 M ay’ l l . .
l U P C O h lu lN D O U b

1 1 0 .2

BONDI
N . Y. S T O C K E X C H A N G E
W kkk E nding Se p t 1
C en t ot G a B B —(V o n )
. 3d proi in co m e g o a ....p l9 4 5 Oct
3d pret in co m e g 6a stam ped.
Chatt l u v p u r m oil g da. 1951 j - P
M ac <fc N o r B iv la t g 6a. 1940 J-J
M id G aE ; A l l B iv Oa___ 1947 J J
M o b ile Cdv 1st g 5a........l'v'4,0 J-J
Jen RR<& B o t Ga c o l g 6a 1937 M-N
C e u t o t N J g e n ’ l g o ld 5a. 1937 J -J
R e g is t e r e d ................... a l9 S 7
A m B o c k & Im p g u o a .. 1921 n
Be ifc H ud R gen g u g o a 1920 j - j
liOli <& W illia B Coal 6 a . . 1912 M-N
N Y iSj B o n g B r g e u g d a 1941 M-S
Cent PaoiU c nee So PaclUo Co
C ent V erm on t I a t g u g 4 s .e l9 2 0 Q-F
Chua ifo s a v nee A t l Coast in u e
Choa * O hio g o ld Oa......... o l9 1 1 A-O
G en lu iu llu g <& im p t 5 s .l9 2 9 J -J
la t c o n so l g 5 a . .. ..............J939 M-N
R e g is te r e d ....................... 1939 M-N
O en cra l gold 4 Hia............. 1992 M-S
R e g is te r e d .......................1992 M-S
C o n v e rtib le 4 * 2 8 ............. 1930 F-A
Dig Sauuy 1st 4 a .............. 1941 J -l)
c o a l B iv B y 1st g u i s ..1 9 4 0 J-I>
C raig V alloy iaL H 6 s ___ iP4u J -J
Potta C reek B r 1st 4a .. 1910 J - J
U m A b i v la t con g 4 a ..1982 J-J
2d co n so l g 4a................. 1989 J-J
W arm Spr Val la t g 6 a ..1941 M-S
G ro e n b n o r l { y I s t g u g 4a ’ 40 M-N
Chic A A lt R R rut g 3 a ...1 9 4 9 A-O
H allw a y l a t U e n 3 * a a ... 1950 J -J
R e g is te r e d .......................195b J -J
Cblo BurlEi (J— Buuv B 4a 1922 F-A
llllu o ia B lv 3 * a s ................1949 J -J
R e g is te r e d .......................1 9 4 9 J -J
Ills B iv 4 a ..........................1949 J -J
Io w a B iv auik la u d 5 a ..1919 A-O
S in k in g i u u d 4 a............. 1919 A -0
N e b ra sk a E xtunaiou la .1 9 8 7 M-N
R e g is te r e d ....................... lu y f M-N
S ou tn w ostern B iv 4a___ 1921 M-S
J o m t bonds nee G reat N orth
B e b o u iu re 5 a ;................... 1913 8-N
U oneral 4a.......................... p j j s M-S
CU1 0 & E lilre tito im p g 4 3 1 9 5 5 J -J
la t c o n s o l g (5a................... 1U34 A -0
G en eral couaoi i a t 6 a . . . . l 9 3 7 M-N
R e g is te re d ....................... 1 9 3 7 M-N
ClllO 06 H id C B y 1 st 5s.l93t> J-J
C h icago 1S1 E rie Sr* E n o
Cine U t W e s te rn la t 4 s . . .1959 M-S
c in e r u m GouiBV ro i o s . . . l J i i J •4
K otu udiug g o l d o s ........... 1947 J -J
ltc lu n d ln g -la S e n e s C ..1 9 i7 J -J
Cine in n Oi S ou 5u-yr 4 a ..1950 J -J
c u m J in on s t p term g tie 1914 J -J
U oneral g 4a series A ..« 1 9 8 9 J -J
B eg iatored..................... 2 1 9 8 9 Q-J
G eneral g 3 His surma B .e lb o 9 y j
25-yr d o o o n 4 a ................. 1934 j - j
Clue Ou B » u B iv g 5s___ 1921 j - j
Clue A M o B iv B iv u s ...1 9 2 b j - j
Clue »Sii P W l u t g u a ........1921 j - j
B a k id G t SO g 6 s ___
1910 j - j
B u b u q u o B iv i s t a f 0 8 * 1 9 2 0 j - j
Ear ifc o o u asuu g Os........1921 j - j
G acroa seA j B la t 6 s .!!I iU 1 9 j - j
W 13 A A liu u B lv g S a ___ 1921 j - j
MU & N o la t cona t>s...*1913 J-D
E x te n d e d 4 * 2 8 ............... 1913 J-D
O h loA jN orU lw cona 7 a ... .1916 Q-F
E x te n sio n 4a......... 1 8 3 8 - 1 9 2 0 F-A
R e g is te r e d ........... 1880-1920 F-A
G eneral g o ld 3 *23 ..............1987 M-N
R e g is t e r e d .................. p l 9 8 1 Q-F
G eneral 4 s ........................1 9 8 1 M-N
s in k in g lu u d O a... 1879-1929 A - a
R e g is te r e d ........... 1879-1929 A-O
S in k in g tu n a 6 a .-.1879-1929 A -0
R e g is te re d ........... 1879-1920 A-O
D eb en tu re u s.....................1921 A -0
R e g is te r e d .......................1921 A-O
S in k u ig lu u d d e b u s ........1933 M-N
R e g is te r e d .......................1933 M-N
M il E s> <fa W est la t g Os 1921 M-S
E x t Oj Im p a la n d g 6 a 1929 F-A
A sh lan d B iv la t g 03..1 925 M-S
M ich B iv la t g O a ......... 1 9 2 4 J -J
Clue R o c k la l <fc P a c U s... 1917 J -J
R e g is te r e d .......................1917 J -J
G eneral gold 4a................. liidS J-J
R e g is te re d .......................1988 J -J
R o tu n d m g g 4 s ................ 1 9 3 4 A-O
CoU tru s t S e n e s J 4a. ...1 9 1 2 M-N
M -ia ................................... 1915 M-N
■N -la................................... 1910 M-N
G 4a.................................... 1917 M-N
P 4 a ................................... 1918 Wl.N
Chic R X & Puo UU 4 a ..2002 M-N
R e g is te r e d ......................2002 M-N
It 1 A rk iit B ouia l8t4*!,a 1934 M-S
BUT U ECS a — i s t g 6 a .1934 A-O
R e g is te r e d ................... 1 9 3 4 A -0
O R 1 E & N W is tg u o a .1 9 2 1 A-O
M <fc S t B la t g u g 7 a ..1927 J -l)
Choc Ok iVj G g e n g 6 a .01919 J -J
C on sol g o ld 6 s ................1952 M-N
K e o k 06 Dea M 1st O S ....192 3 A -0
Jlu o st, e <te N u nee i l l c e n t
Glue St Bifc P ilts nee Penn Co
Jluo St P M os O co n 6 a ...1 9 3 0 J-D
Cons Os red u ced to 3 *2 8 .1930 J - l )




1 0 2 * 2 .........

S37, Sale
......... 1 0 1 *2

Mange
Weelds
Since
Mange or |5 "g
J a n u a ry 1
L a st .sale

A s k B ovj
Jlifjh' Mo Loiu J u a h
102
VS 100 J ’ no’ i 1
8 5 ' Get *10
88*8
1 ....
b 7 ;*a 8 s >2
10(5
1 . . . . 105 *-, 106*2
105*,
1 15
i . .. .
U)S»(
109*4
L . . . . ,108*, 1 0 0 ',
102 103*, 102
1 ,11*1*2 103
120*, 121*4 12l»t
1 . . . . j120 >1 123*1
m
121
2 0 '121.
120*4, 122
123*2
105
t . . . . 106*2 108*,
1 0 0 '2
100*8
100*2

100

i ()*()"*.;
100*2 500*2
90*2

DO*,J’l y ’ l l . . . .
100
101*2

104
112

i ___ •li 00**2 1 0 0 *2
a
^ 100 *2 100*2

N ov’ P ....
B u g’ l L. . . .
l 12
M a r 1: ........
to 1*3 IS
M ay'l .........
64
t'3
May’ l . . . .
J ’ne’ l ____
J ’l y ’ i. . . . .
j a i i ’Oi
A u g ’ ]; . . . .
J ’ n u 'l. . . . .

105
v'iilc 112
112*2 111*4
l o o * . 101*4 1003,
lo o
92*2 93*, 92*4
87
86*2 86
82
89*2 b'8 4
100 101*2 102*4
90
60
83
93*8 94 *2 94*4
92*,, 9 2*4
100*6 108*1
80 *2
71
65*2 66*,
00
00
76 O c t ’ O
99*4 A u g ’ l
99*4
87*2 Sale
87 *2
c7 •
88 !"
"
99
9SJ, 99
96*4
104*2
LOS '4 •
99*8 99 7e 99 *.j
98 100
99*8

90 '

100*2 101

96 ball.
81 balb
123 125
1 UU *a i n

101
9 u78

81
126*4
109*8

8l

10U;*a....... .
83*2 63 7, 83*i
120*., Salt 120*2
107 J4
107*4

S 3 7,
127
1'):)*-

....
....
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....
....
___

87*2 'J'3l4
lt) 2 7a 106*2
1 1 1 * 2 113 *2
1.1 I’*, 1 1 1 *,
lOO3, 102
100

100

92*, 97 '2
87
89
85
88*2
102*, 103
94*4 ’9 6
90*2 19 1
72*i 7 3*,
65
71*2
99
99
87*8 98 *2

2
98*4
. . . . 105*8
1 99*,
. . . . 903e
. . . . 98*8
. . . . 99

100*8
105*4
» 9 ‘a
100

98 *,
UU

n 101 101*2
41 95 7» 98
4 81
83
1 2 0 * 8 I'd **
103«rt 111 *2
108*4 108*4
109*4 l l b l i
3 83*4 89*2
O 126*2 128*4
0 107*4 111
95
9 5 n,
93 >2
. . . . 92
1 0 2 * 4 1 0 2 7,
99%
18 98
99'a 99
80*2 8 a 3,
UJ*,
17 92
1 0 0 * 8 107
lU 8 *.i 109
100
107*2
1 103 *a 103*4
114
114*2
117*4 117*8
105 105
lOO'V 197'*
103 103*4
8 1 0 0 * 8 1 0 0 *,
1 0 0 * 2 113
97 7a 99*4
97
99*8
17 85*4 8 8 *s

*9*2** 92 *2
10 1*4
102*4 A u g 11
98 ■, ila*4 118*4
**3'
9 9 ■„ Jan ’ 1
80*8 " 87*2
92 >
92Q ■iulc
1’ '5*4 107*8
leS*4
loO
io*<i*4
1 0 3 ‘g ios*v 103*8 le3*i
113*2
’ 10*8
104*8
100*8
102*8
100*8
108*b 109*2 109*2 A u g ’ l l
9 7 7h A n g’ l l
97
93
99 S, A u g 11
1*0*2
85*4
'
80 Sale
03*a- . „
97**8
97*4 32
* 9*7 *2 bale'
111*,
111)*-,
107 *8
....
103*2
....
1047a 100*4

_

1 0 9 * 2 .........
107 *4.........
114 114*4
I 0 9 7s .........
1 17 *2
1 IS *8, i n » 7(
108*4 n o
109 .
108*8
00*6
03*2 Sale
90
83*8
8 3 7, bum

112

112

106 107%
107*, 107*4
104% 100

_

107 10*3*2
. . . . 107*2 108*2
. . . . 114*4 116*2
. . . . 109*2 1 1 1

. 1 " : 118 118
109*4 U O
90*4
89

*90*8 '97**2
90
90’ e
96*\,
04*4
72
72*4 Sals
' i n " *04*

111
no
105

14 06%
___ 1
57 8 8 * 2

90

....

97M

_

....’
....
74
....
....
....
___
....

90*4

US7,

91*4
72
7-1*4
03

94*4
77
76%
04
1 1 1 * 0 112*9
106*2 108*2
102*2 102*4
108*2 109*2
100
103

103
108*4

108
08*2 102

2

88*s .

"O '? *8 ” 99 %

123*2 125*9

93

1) ■—C o n tin u e d on N e x t P a g o .

S t r e e t R a il w a y
103*9 A u g ’ n
ut S t B y g e n c o l tr g 5 a .1997 E-A
102
1 0 -.
Bet g 4 s ...............................2002 A -0
83*4
8 3 '4 107 82%
p w u y iV j7 t h A V ls t o g o a 1943 J-D
1 01 *4 J ’ l y ’ l l
101*2103
98 B e e '1 0
,ii fa 9 t h A V l8 t g U g 5 s .l9 9 3 M-S
.........
Bex A v J6 P E 1st g u g 6 a 1993 M-S
V 100*2 103*4
101*2
i d i ’i
l lu r d A v e B B oou gu 4a 2000 j - J
102 A u g '1 1
100% I03
C e u t T r Co cortfa atm nd..
101
102
T h ird A v e B y 1st g 0 s . .l a 5 7 J .J
8 4 * ,......... 64% A u g ’ U .... 84% 8 1 ',
85*2 A u g ’ U
8‘J hi <S.'» ^ N o n B.V Ob Bt g e n 4*as ..1 9 3 5 J .J
Ml *4 85
78
81
St J o s l i y 1 - t il & P l s t g 6 a ‘ 37 M-N
78 ’ 78*i 7 0 S A u g ’ U
101*, 101 *4 st, Paul C ity Cab c o n g us.1937 j - j
1 01 *1......... 101*4 A p r i l
it)l*i,
i 101
102*4 T ri-C ity B y 36 B t l s t a f us.1923 A -0
101*4 l o t s 10 IS
80*u 82*., b m lergrou n d o l Lou O s...1 9 2 # M-N
......... 81*2 82*4 J 'n e ’ U
97*4 A u g 11
94 % 08 *H
4 4 3 ....................................... 193J J.J
97% 98
77*,
19 1 358 77% 83
79% Sab
la c e n ie O s ...........................194#
103
1 103 101% U nion E l (C hic) la t g 6 s . .194* A -0
......... 103*2 Ilia
67 ‘ s JIar’ IO
U nited Ryu S t B 1st g 43.1931 J .J
ihJ ......... 9b M ay’ OU — •
Lrtined H H s t a n E r s t 4 s . 1927 A -0
•N o p rice Friday: latest tliia w eok. IIElat. (il)u o J a n a D uo Apr
U hv p D n e .i ’ a e AD uo .I’ljr fcDue ,vug

S t r e e t R a il w a y
B rook lyn P.ap 'i’r g 6a........1945 A-O
1st rotund c o n v g 4 3 ___ 2002 J-J
B k C ily ls tc o u 6 s .1 9 1 0 .1 9 4 1 J-J
Bk.w C o 06 S con gu g 5a. 1911 VI. N
E k Q Co
S 1st 5 a ....... 1941 J -J
BKiyit Un E l l s t g 4-03.1950 F-A
Stam ped guar 4 - 5 a ....l 9 5 0 F-A
K in g s Co El la t g 4a___ 1949 F-A
Stam ped g u a r d s ......... 1949 F-A
■Nassau E le o g n g 4 a ___ 1961 J-J
Conn ItyJu C lstifcretg4*<> s’ 51 J-J
Stam ped guar 4 * 2 3 .......... 4 9 5 1 J -J
D et U nited 1st c o n g 4*23.1932 J-J
H avan a E lec c o u s o l g 5 s . l 9 5 ‘A F-A
I n t e r -i i e t coll 4 * 2 8 ............. ii)5 f A -0
I n t e r R a p T oa S er A ___1952 M-N
I n te r n a l T r a c c o ll tr 4 a ..1949' J -J
M anila E lc o 1st Ob c o ll 5 a .1953 M-S

1-rice
I r id a o
Sept 1

78 A u g ’ U
71>« 77
46 A u g ’ 11 . . . .
*99 B UIO* 101*2 A u g’ 11 ....
98*2 100*1 100 J a n 't l
99%
99%
3
93*8 6aie
69*2 J’ u c’ l t
63
63 *•; 23
03 *2 bale
109 *8 n 1 lit ) J ’ uo’ l l
8 / ‘4 A u g’ U
......... 87
98 ......... 98 N o v ’ O#
106%
A p r’ll
1 0 6 * 4 .........
......... 97S, 97*2 A u g’ l l
98 A p r ’ OO
” '4 " * DC*1* 95 *s A u g ’ 11
6 8 *a 6 i *2 53 A u g ’ l l
84 n e t ’08
" " "
7 7 'i 80 A u g’ l ()<
67 A u g ’ U ....
oD n a G ot

i> D ue .Vov

73*,
45*2
101*2
100
99%
59
58%
109
81

79
48
102*4
101
106%
70*2
70%
111
87*4

100 106*4
07*9 09
90*4 97
38*4 8 5 7i

67
72%
s O p M o a b a l*

Price

B O N D S
N . T. S T O C K E X C H A N G E
W k k k E n i >i j m S e p t 1

F r id a y
K ept 1

Ru>

:

Chic S t f M * O —
A t*
O h M U ’ A M i n n 1st y d s 1 8 1 9 M - N 1 2 8 4
N o r W i s c o n s i n 1st (To... 1 9 * 0 J. J
1234125
S t P A S Otty 1st g as... 1 919 A - 0 1 1 1 4 1 1 1 * 4
O h i o * W e s t l a d g o n g 0s f l 9 3 2 q - M 108
C o n s o l 50-year 4 a ....... 1 9 6 2 J. J
..... 9 2 4
O h i o * \Y M i c h s e e JPere Mart]
Olioo O <6 G u l f Hoe C l t U P
.... 101
Oln H & D 2 d gold 4 4 s . . . 1 9 3 7 J - J
105
C l n li & 1 1st g u g 6s...1941 Sfl-N 104
O F i n d & F t W 1st g u 4s sn’SB M - N . 9 7 4 0 0
8 8 4 ....
C l n I & W 1st g u u 4s. 1955! J-J
105
....
l n d l)oo A W 1st g 5s...1 9 3 6 J-J
l a t g u a r gold 6s........1936 J-J
0 1 St L A O H«s 0 G C * S t L
Cln H A O
SMOCOStii
Clear hold * Mal i b e e B l i A P
024
Olo v C m O * » t L ceil % 4» 1 0 9 3 J -OJ
Cairo D l y 1st gold 4s....1930 J-J
"0 2 "
C i u W * il D i v lot g 4».1S91 J - J
024
St L l)lr 1st col tr g 4s.. 1 990 M - M
Registered............ 1 9 0 0 M - N
8 n r * Col D i v 1st g 4s..1949 V - S
90
92
W \ V Vs i D l v 1 s t g 4a...1 8 4 0 J - J^
C 1 S t L & C consol Os..1 0 2 9 M - N 1 0 5 4 .....
1st gold 4 h ........
4:193tf Q - f
l ' « 4 .....
R e g i s t e r e d ........ fcl93t) Q - F
9 5 4 .....
, __
C m S * Cl c o n 1st g B s . . 198*5 j-J 1 0 7
U C O A l consol 7s,.... 1 9 1 4 J - D 100
C onsol sink f u n d 7 s ___ 1 9 1 4 J - D
G e n e r a l consol gold tis.1934 J-J
1 3 1 4 .....
Registered .......... 1 9 X 4 J-J
i w l JBl A W 1st. prof 4 8 . 1 9 4 0 A - 0 * 0 0
0 lm t A VV 1st pt6a...(tl9X8 Q-J
•Peo A E a s t 1st c o n 4s...1040 A-(j
0 1 * 8 .....
i n c o m e 4n.............. 1 * 9 # A y r
*0
46
Ulev A Marie t t a b e e P e n n 1th
Clo y ob Pitts Hee Pecui O o
Cot M i d l a n d 1st g 4 s ..... 1 9 4 7 J J
Sale
01
Ooloradj * S o u 1st g 4a... 1 9 2 9 F - A
9 5 4 Sale
. lieiund A ext 4 4 s ..... 1 9 3 6 Wl-N
90
07
Ft W * D e n C 1st g 0S..1921 j -d 112
113
Coluiu A G r o e u r Hoe S o B y
Col 0* h o c k Va l S ee llock. Vaf
Col A T o i S ee H o c k V a l
Col C o n n * T e r m S ee N <6 W
C o n n * P a s ttivs 1st g 48. 1 9 4 3 A - O
C u b a B E 1st 60-yr 5 g....l952 J - J
a k A G t H o b e e C M * St F
alias A W a c o S ee J 1 K A 1
Del lsvok A W e s t e r n —
M o r r i s * E s s e x 1 s t 7s... 1914 M - N
1 0 7 4 .....
.... 1 0 0 4
1st consol g u a r 7 s .... 1 9 1 6 J - D
Registered.......... 191ft J - D
'ini'
1st ref g u g 3 4 s ...... 2 0 0 0 J -D
114
N V L a c k * W 1st 6s...1921 J-J
116 4
C o n struction 6 s ...... 1 9 2 3 F - A
1 0 0 4 .....
T e r m A I m p r o v e 4s.... 1823 M - N
00
W a r r e n 1st ref g u g 3 4 « . 2 0 0 0 F - a
87* .....
D al * H u d 1st P a D l v 7s.l 9 l 7 M - 9
116
117
heglstered ............ 191 7 M - 9
1 0 - y r c c m v d e b 4 s ...... 1 9 1 9 J - D
*8*f 4
1st lieu e q u i p g 4 4 s ....1923 J -j 1 0 1 4 .....
1st & r o f 4 s .... ......... 1 9 4 3 M - N
88 4
A l b * a u s e s n v 3 4 s . .,..1946 A - O
014
nun.-. A S a r a t o g a 1st 78.1921 M - N
122 4 .....
D e l H i v It 11 B r i d g e S ee P a U R
Sale
D a u v os il G r i s t c o u g 4 s . 1 9 3 c j .j
91
08
C onsol gold 4 4 » . . . v ....193<5 J-J
1004
• I m p r o v e m e n t gold 6«... 192.1 J-l)
07
1004
1st * r e f u n d i n g 6 s ..... 1 9 6 6 F A
884
Klo « r J u n o 1st g u g 6 s . l 9 3 V J -D
llio G r S o 1st gold 48. ..1940 J . J
724
....
G u a r a u t o e d ........... 1 9 4 9 J - J
ltloGr W e s t 1 s t g 48....1939 J - J
M
884
M g e a n d o o l t r u s t 4sA.194!1 A - 0
83
....
U t a h C e n t l s t g u g 4s « 1 9 1 7 A - 0
D e » M o * * F t D S ee M * f?t u
D e s M o i U u R y 1st g 6a..1 9 1 7 M - N 1 0 0
D o t * A l a c k 1st lien g 4s.1 9 9 6 J - D
08
G o l d 4a..,.......
...1096 J - D
DO
D o t S o — O S D l v 1st g 48.1941 M - 8
65
D u l * iron R a n g e 1st 6s.. 193 7 A - O , 1 0 0 4 109
Registered. ............. 193 7 A - O
.1084
2 d 6 a ..............
1 9 1 0 J-J
D u l Short Lons & e « N o r P a o
D a l S o S h o r e * At l g 6a..1 9 3 7 J-J
108
109
L astol A l u m < M « S t P A i * M
I b aat T o n V a * G a S ee 3 o lly
Elgin Jol * H a s t 1st g 68.1941 W U N 1 1 2
E l m C o r l * N o S ee Loll 4 K I
Erie 1st oonaol gold 7s....1 9 2 9 M - S 1 1 *
1184
N Y <6 E r i e l a t e s t # 4 s 1 9 4 7 M - N
1 0 0 4 _____
2 d e x t gold 6 s ......... 1 9 1 9 M - S
193
3 d e x t gold 4 4s.. ..... 1 9 2 3 M- S 101
4th e x t gold 5 s ........ 1 9 2 0 A - 0 1 0 3
ith e x t cold 4 s ........ 1 8 2 * J - D
95
...........
N Y L E * \ Y 1st g Id 7 e . l 9 2 0 M - S
...........1 1 9 4
8 0 4 H a ls
Erie 1st c o u g 4s prior.. 1 9 9 0 J-J
Registered.......... 1 9 9 0 J-J
88
lut consol g e n R o n g 4 a l 9 9 U J-J
..... 7 0 4
R e g i stered .......... 1 9 9 0 J-J
........... 7 7 4
P o n n coll tr g 4 s ..... 1 9 6 1 F - A
83*. 8 9 4
50-yeor c o n y 4 * A ....1963 A - o
80
82
do
Series a . 1 9 6 3 A - 0
7 4 4 S a le
Bull N V * E r l o l s t 7 a . . 1 9 1 0 J - D 1 0 * 4 1 1 1 * 8
O h i o * Erie 1st gold 6S..19S3 M - N
nos....
C U e v * Al a h o u Va l g 08.193c j -j
1 1 0 4 ....
L o u g D o c k consol g 0s..1 9 3 5 A - O
123
125
C o a l * U J i l s t c u r g u 08.1922 vt-N 1 0 4 4 ...........
D o c k * I m p 1st o u r Os..1912 J - J
1 0 1 4 ...........
101
.....
N Y * G r e e n L g u g 6S.1U40 M -N
N X S u s * W 1st rel os.193 7
10141044
...........
80
2 d gold 4 4 s ........... 1937
G e n e r a l gold o s ....... 1 9 4 0 F - A
#3
...........
T e r m i n a l 1st gold 5s...1943 M - N
1 0 8 4 .....
M i d of N J 1st oxt 3s . . 1949 A O n o
110 4
v v l l k * E a l s i g u g 6s...1942 J - D ........... 9 9
E v * l n d l s t c o n g u g U s . .19201 J.J

H 'm F i
R a n g e or
L a s t H ale
L ew

R ange
S in c e
Jan ua ry

i i !-*•
: : iss®

MayTl
M a y ’0 9
A u g ’ll
A u g 11
924

1014
103
88
884
105
1074

J ’l y ’ll
J ’l y ’ll
M a r ’ll
A u g ’ll
May'll
D e o ’0 2

924
92
934
92
91
90
914
103 4
904
90
1064
107 4

A u g ’11
F e b ’ll
1-uo T O
A u g ’1 1
O c t ’07
D e c ’0 9
D o o ’lO
A u g ’ll
904
A u g ’10
J a u ’ll
A u g ’ll

1

L a te IH a h

H ig h

1244
1294
1114
108
024

BONDS

124

1254

ills 1124
108
1094
924 034
101
1014
10241044

83 88
88

103

884

10 6

96
92
914

94'

1054 1064
96

07
10(5 1 0 6 4
1074 1 0 7 4
1254 1254

1 2 6 4 F o b ’ll
*94** J ’Iy*’0 8

90
45

9 1 4 i ’i y ’ii
44
44
61
62 4
954
9 9 *s
904
904
112
A u g ’ll

03
014

61
044
90
11141

..

09
974
984
13

A -O

C o l u m b u s G a s 1st K Os.... 1932 J - J
Detroit Lilly G a s g 5a......1923 J - J
D e l G a s C o c o u 1st g 6s...l91» F - A
E q G L N X l s t c o n g 5«..1W32 M - 8
G a s * E l e c B e r j e C o c «6s.l94ti J - D
G r R a p G L C o lstgos...l91a F-A
H u d s o n C o ^ u s 1st g 6s..1949 M - N
K a u C i t y t M o ) G a s lst g 8 s 1 9 2 2 A - O
K i n g s C o 141 1, * P, If 6s...1937 A - O
P u r c h a s e m o n e y Os...... i'J07 A - O
R a El 11 llkii is i c u u n 4s 193 0 J - J
L a c G a s L o t S t L 1st g 6 s. e 191.0 q - F
Ret ain! ex t l stgfts.... 1034 A O
M i l w a u k e e G a s 1* 1 st 4 3 .. 1 0 2 ; M - N
N e w a r k C o n G a s g 5 b .... 194 S J - D
*

m i

103

044
05

M a y ’10

0 7 4 J lr

1114
91
1154
"0 7 4

ifilUR

D e o ’ 10

o f ‘o f

J a n ’ll
J ’n e T l

1154 1104
10T 41074
99
994

M »y’ll

99 S J ’no’l l

106 4 F e b ’03
118 4
1154
149
A ug’01
08
A u g ’ll
1014
1914
93
9 3 4
914 Ang ll

12 4

M a /T l

29

91

[ 0 1 4 D e c ’ lQ

11'*AiM

116 4 1 1 6
98

9741004
914 944
1234 1244

12
if

1044 M ax’ l l

6 1 S A w ’l l
88

A la r ’ 0 8
Aug’ll

88

924
854

8$ 4 96
70 70
107 41094

A u g 11

ioa4J’1
y!1.1
loss
MaPO
b
104

F o b ’ll

104

104

108

J a n ’ll

103

10 8

112

J ’l y ’ll

112 112

1184 A u g ’11

1184 1204
10041014
1044108

l O i s J ’n e 11
1 0 8 4 Msy'll
1 0 4 J ’l y ’’l
1 0 0 4 J'ne’ll
105
1004
0 8 S J ’n e ’ll
09 4 09 4
118
Oct T O
88S
80S
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6 0 J ’u e ’ll
82 4 80
7 7 4 A u g 11
73 4 7 9 4
77
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77
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ill A p r 11 . . . '1 1 1
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1 0 0 4 Jan ' l l .... , 1 0 0 4 1 0 0 4

gaiJNoT’lO

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1 9 8 4'
1 0 0 4 D o c ’Od!

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J ’l y ’l l . . . 8 3
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1 1 0 4 M “.’’11 . . . . 1 1 0 4 1 1 0 4
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104
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115

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102 102 4 102
...... 91 00

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a

W e e k ft
B a n gs or
L a s t H ale

Bangs
H in ce
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112 ....

10T01 1024

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w RM. __ _____

Gtui a n d Etcctrie L i g h t
N Y G E L H A P g OS...194S
P u r c h a s e m o n e y g 4s. ..1940
E d E l 111 1st o o u s g us..1905
NY*qElL*Plstoongosl930
N Y * R i c h G a s 1st «r 58.1031
Pacific G * K l e o C o Cal G & E
c o r p unifying * ref is 1037

1054 1084
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1064 ib o 4

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kktk

l i i g /i A ’ol L o w i t i a k
Eri e * Pitts S e e P e n * C e
B id
A s k Lov>
1 1 1 »* A u g ’ l l
E v a n s * T il 1st c o n s 08.1021
1 1 1 4 1 13
let general geld 5 s ..... 1 9 4 2
........ 102
1024 1024
11 4 A p r ’05
M t V e r n o n 1s t gold 0s..1 9 2 3 A
..- 0_ 1 0 7 * 8 ____
9
5
J
’
ug
’03
9
5
....
Sail C o B r a u c h 1st s As. 1 9 3 6 A - 0
L ’a r g o * S o S ee C h M & St P
I lint A P o r e M
S ee P e r e M a r
Kla C * P e u i n s e e S e a A i r L i n e
95
984
Florida E C o a s t 1st 4 4 S . . 1 9 5 9 J - D
96
9 7 V 97
A u g ’ll
02
AwrMO
Por t HI U D C o 1st g 4 4 8 . 1 9 4 1 . ..
9 0 ‘s 95
F t W * U l o G r 1st g 4s... 1 9 2 8 J - J
82 4 *84 4
..... 83 4 8 3 4 A u g ’ l l
C a l liar * S A
S i e S o l'acCo
^ * a l £ l * H of 1 8 8 2 1 s t 5s.1 9 1 3 A - 0 * J 8 * « ..... 9 7 4 J ’n e ’ll
9 74 984
G e o r g i a * A l a S ee S e a A L i n e
G a Car * N o r
6'ee S e a A L i n e
G e o r g i a Paclllo S ee S o K y
Gila V G & N o r S ee S o F a n C o
G o u v * O s w o g a t S eo N Y C e n t
G r a n d R a p * l n d See P e n n Rli
G r a y ’s P t T e r m S ee S t L 8 W
G t N or— C ii A Q c o U tr 4s 1 9 c 1 j . j
064
9 6 4 80 9 5 4
9 6 4 sale
lteglatered.A........... D 12 1 o . j
9 6 4 J'ly ’ i i .. .. 96 “s 9 8 4
97
S t P a u l M & M a n 4 s ___ 1 9 3 3 j. j
9 8 4 99 4
08
9 9 4 M h v ’11!___
1s t c e u s o l g o l d 6 s ..... 1 9 3 3 j . j
1274
12«®s A n a ’l l ___ 125
1284
R e g i stered .......... 1 0 3 3 j . j
1132 A p r ’Oi’ ....
R e d u c e d to gold 4 4 s 1 9 3 3 j. j 1 0 4 4 106
1 0 3 ‘4
1 0 5 4 A u g ’ll |___ ! 10 5
Reg i s t e r e d ........ 1 9 3 :; j .j
1 0 8 ­ J ’n e ’09, .J
ns 4
M o n t e x t 1st gold 4s.. 1 937 j - n
i'H^i
L 954
984
0S*g
Registered .......... 1937 J - D
9 8 J ’n o ’ll .... 9 8
wh
,
E M i n u N o r D x v l s i rc 4a 1 9 4 8 A - O
C d 4 9 9 4 0 9 4 J a n T ol___ 1
M m n U n i o n I s t g 0 s . . l 9 2 2 j .j 1 1 5 4
1164!
1 1114 4 ! 1 0 4
1154
•284
VI o n t C 1st g u g U s ___ 1 9 3 7 j - j
1 2 8 4 A u g ’H .... 1 2 7
12 8 4
Registered.......... 1 9 3 7 j - j
1.304 Mo.v’O U
112 4 114
1st g u a r golu 6 s .... 1937 J - J
il 1 2 4 I 12 4
1 1 2 4 A p r ’ll
W i l l * S F lstgol(15s 1 9 3 8 J - D 1 1 3 4
1 1 2 4 Feb’ l l
1 1 1 2 4 1 1 2 ‘4
G r e e n b r i e r B y S ee C h e a * O
92 A n g ’l l ...J 8 8 4 92
G u l f * h 1 1 s t ref * t g 5s 5 1 9 5 2 j -j
8 8 4 92
ousatonlo S ee U Y N U * H
1 0 1 4 53 101 1 0 3 4
o c k Va l 1st c o n s g 4 4s. 1 9 9 9 J - J
1 0 1 4 S a le 101
1 0 0 4 S o p '08
Registered,............. 1 9 9 9 J - J
95
M a y ’ll
05
C o l * 11 V 1st ext g 4s.. 1 9 4 8 A - O
96 4 .
03 F e b ’l l
90
944 .
C o l * T’ol 1st o x 4 s .... 1 9 5 5 F - A
H o u s t B A XV T e x S ee S o P a c
H o u s e * T e x O e n S ee S o P a c C o
101
J ’l y ’U
........101
IIo u s Bel t A T e r m 1st 6s. 1037 J - J
,J!1<I04 1 0 1 4
10 1
A u g ’ll ... T 0 0 4 103
102
Ulnois Central 1st g 4 s . .1951 J-J
lu O
7 ' 100 100
R e g i s t e r e d ............ 1 9 6 1 J.J
10 0
Sale 1 0 0
91
A u g ’ll ... 8 0 4 91
00
1st gold 3 4 s ............ 1 9 5 1 J. J
9 0 .... . 8 0 A p r ’ll
.1 8 9
80
Regi s t e r e d ............ 1 9 6 1 J.J
E x t e n d e d 1st g 3 4 s .... 195 1 A - 0
8 * 4 .... . 0 3 4 M u y ’O9
8 0 J ’l y ’09
1st gold 3s sterling..... 1 9 5 1 M - 8
'.'8
4
Coll T r u s t gold 4 s ...... 1 9 5 2 A - 0
9 9 4 ..... 0 9 4 A u g ’ll
J 0 8 4 1'84
Regi s t e r e d ............ 1 9 5 2 A - 0
9 S 4 ..... 9 8 4 A u g 11
; «04
98
064
904
1st ref 48 ............... 196 5 M - N
0 0 4 Sale
87
F « b ’ll
I 86
h7
P u r c h a s e d lines 8 4 8 ___ 195 2 J - J
84
87
, 07 4
08 4
L R O * T e x gold 4s ...1053 M - N
9 8 4 ..... 9 8 4 J ’l y ’ii
. 044 944
R e g i s t e r e d ............ 1 9 4 3 JI-N
9 7 4 ..... 0 4 4 Jail’ll
b 06
07 4
C a iro B r i d g e gold 4s....1960 J - D ..... 9 0 4 0 7 4 F e b ’ll
85 4 A u g ' i l
854 874
L o u i s v D n r * T e r m g 3 4 s . l 9 6 3 J-J
123
Atay’99
M i d d l e D l y r o g 6 s ...... 192 1 F - A
1054.
7 6 4 J ’n e ’ll
7 5 4 *70*4
O m a h a D l y 1st g 3 s .... 1 9 * 1 F - A
76 4 .
7 5 4 J a u ’ll
75 4
76 4
St Louis D i v & t e n n g 3 s . m i J -J
Regi s t e r e d ............ 1 9 5 1 J - J
87 4 M a y ’ l l
80
87 4
G o l d 3 4 s .............. 1 9 6 1 J - J
84
864
1 0 1 4 G et ’99
Regi s t e r e d .......... 1 9 * 1 J - J
100
N o v ’ OO
80
S p r i n g D l v 1st g 3 4 s . ..19*1 J - J
90
W e s t e r n L i n e s 1st g 4 s . .l96l|F-A
004
964
054 964
1 1 7 4 M a y ’ 10
B e U e v * C a r 1st 6s.....1923 J - D 1 1 3
9 6 4 O ct TO
C a r b * S h a w let g 4a...l032 M - 8
944
A ug’ll
114
117
O h i o S t L * N O g 6S...1061 J - D 1 1 2
1 1 5 4 114
114
F eb’ll
Regi s t e r e d ............ 1 9 5 1 J - p 114
118
115
90
G o t '0 9
G o l d 3 4 s .............. 190 1 J - D
8 5 4 87
05
0 7 4 M a rT O
Meuipli D i r 1st g 4 s . ..1951 J - D
06
9
8
J
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l
y
’
0
8
05
S t L S o u 1st g u g 4s....1931 M - S
L n d 111 * W e s t S ee C 0 C & S t L
l n d 1 1 1 * l a l s t g 4 s ..... 1 9 6 0 J - J
..
96
964
9 0 4 J T y ’l l
96
90 4
108 4
8' 1 0 7 4 109
1 0 8 4 ......... 1 0 3 4
l n t & G r e a t N o r l s t g 6s..1919 M - N
4 >101
108
1014
1014
I o w a Central 1st gold 5a.. 1 9 3 8 J - D 1 0 1 4 1 0 3
07
67
10
63
60
G o l d 4 s .................. 195 1 M - S
«7
S o le
0 4 4 J’ue’ l l
J a m e s F * Clear 1st 4s... 195 9 J - D
0*4
*54
844
i. ai A * G R S e e L a * M »
I V a n * M i c h S ee T ’ol * O C
K C F t S * Al s e e S t L * S F
K O & M R & B
S ee St L * S F
K a n O * P a c i n o S ee M K * T
74 4 A u g ’ l l
K a n City S o u 1st gold 3 s..rj60 a -O
744
744
734
7*4
03 Gel '00
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R e f * iinpt 5 s ..... A p r 1 9 5 0 A - O
09 4 102
0 0 4 S a le
094
994
00
00
K a n s a s City T e r m ! 1st 4s 1 9 6 9 j .j
99
004
964 904
Kentucky cent see L * N
K e o k * D e s Alo S ee C R I * P
K n o x v i l l e * O h i o Hoe S o R y
1 a k o E r i e * W i s t g 5 s . . 1 9 3 7 J.J
1 0 3 4 J ’l y ’H
1034100
10841114
1 j 2 d gold 6 s ............. 1 9 4 1 J . J
1044105
1 0 4 4 J ’l y ’ll
104 4 1 0 4 4
N o r t h O h i o 1st g u g 5s,. 1 9 4 5 A - 0
1 0 0 4 ......... 1 1 0 4 Al ay’ll
108 4 U 0 4
L S U o * Alich S s e e N Y C e n t
L e h V a l N Y l ’6 t g u g 4 4 s - 1 9 4 0 J - J 1 0 4 4 1 0 0 4 1 0 5 4 A u g ’ll
105 4 1 0 8 4
1 0 4 4 J a n 'll
R e g istered .............. 1 9 4 0 J . j
104
105
1014 1044
9 6 4 M a y ’ll
Lelilgh V a l (Pa) c o n s g 4s. 2 0 0 3 M - N
9 6 4 97 4
113
1134
L e u V T e r R y 1st g u g 5s. 104 1 A - O l l 2 4 1 1 3
3,113
1144
113 J ’ne'll
R e g i s t e r e d .............. 1 0 4 1 A - O
..I 1 1 3
113
1114113
..... 1 0 8 N o v ’0 0
L e h V Coa l C o 1st g u g 6 s.l933 J -J 1 0 0
V 4 4 A u g ’11
03*
L e h & N X 1st g u a r g 4s..1 9 4 6 M - S
044
01
944
Registered. ............. 1 9 4 6 M - S
1 0 1 4 F eb TO
E l C & N 1st pf Us .....1914 A - 0 1 0 3
,
1 0 1 4 S ep ’09
G o l d g u a r 6 a .......... 1 9 1 4 A - 0 1 0 0 4 .
L e h * H u d R S e e C e n t or N J
L e h * VVilkesb S e e C e n t o l N J
L e r o y * C a n o y Va l S e e M o P
D o u g D o c k S ee Erie
L o n g lol’d — l s t c o n g 6a.A1 9 3 1 q . j
10941124
1 1 0 4 1 0 9 4 J ’l y ’ i i
10*
1st consol gold 4 s .... . A 1 9 3 1 q - J .
93
...........
03
A u g’l 1 ....
G e n e r a l gold 4 s ......... 1 9 3 8 J - D
024
964
934100
07
100
100
A u g T l ....
F e rry gold 4 4 s ......... 1 9 2 2 M - S
9 1 V 97
0 9 4 G e t ’00
G o l d 4 s .................. 1 0 3 2 J - D
______ 0 3 1 92, M a y ’ l l
Uuiilod gold 4 s ......... 1 9 4 9 M - S
93
964
................... * . . 4 0 4 4 D e c ’ 0 8
D e b e n t u r e g o l d 6 s ...... 1 9 3 4 J - D
0 6 4 67
G u a r ref gold 4*-..-.... 1 9 4 9 M - S
964
98
054
054
N X i l * M 1)l s t c o n g 5 s 1 0 3 5 A - O 1 0 1 4 ............4 1 0 4 N o v ’ OO

....

...... 107

•l
......

W

i

100

1U I M C E L L A N E O U . S
G a s a m i Electric L i g h t
A tlanta G L C o l s t g 6S...1047 J - D
B k l y n U G a s 1st c o u g 6 s.l045 M - N

P r ic e
JVUXay
S ep t J

N . Y . 8T O C K E X C H A N G E

D

B u t i a l o G a s 1 s t g 5 s ................1 9 4 7

577

New York Bond Record—Continued— Page 2

S ep t . 2 1911.]

D eo G as *

G 1 st ce u g 6 s .1943

R e f u n d i n g gold os.:.... 194 7
Cli G - L & C k e 1st g u g 5s 103 7
C o n G O o o f C h l » t g u g 5 s . ’3 0

i‘0‘3 " itiiu
0 7 4 09 4
1 0 1 4 100
M u F u e l G a s 1 s t g u g 6 8 .1 0 4 7
1134 1104
P h i l a d e l p h i a C o c o n v o s . . 1 9 ip
90
» 74
S y r a c u H o L i g h t i n g 1 s t g 6 s . ’ 51
102
104
U n io n R l e o L * P ls t g 5 s .T 9 3 2
100
10 3
'JO
.01 |
lOO 4 1 0 *

d

D ne Apr

« D n e A la *

J -D
1034
F -A
83
J -J
1124
F -A
......
M -N 4
M -N
A -0
M -S
J -J
J -D
M -N
V.-N
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rf-N
J -D

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1024
102*4 1 0 2 4
88
88*4 8 8
112
J ’l y ’ l l
115
1014 1014 M ay’l l
9 7 4 J ’i y ’0 »
1004

954
954
119 4 M a y ’ l l
lo 2
10 2
i0 2 4 10 2
1024 A u gT l
1 0 2 4 10*
101
102
1 0 1 4 J ’ n e 'l l
90
M a r ll
101
1 0 1 4 1 0 1 4 A u g 'l 1
110
J ’ n e 'l l
100
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100
100
lu O
96
96
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074
1 0 4 4 S a lt
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054
1104

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13
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87

111
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1124
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S a lt.

578

New York Bond Record—Continued—Page 3

ST. T . S T O C K
k k k

P ric e
F r id a y
Sept J

E X C H A N G E

e n d in g

S

e p t

1

Week? a
R ange or

L o n g I s l a n d - — (Con)
N Y * K B 1 s t g 5 s ...........1 9 2 7 M - S
N o r S h B 1st co n g g u 5 s o l9 3 2
-J
L o u is ia n a & A r k 1 s t g 5 s . 1 9 2 7
S
L o u i a v tSo N a s n v g e n g 6 s . 1 0 3 0 J - D
C o l d 6 s ............................................1 9 3 7
M -N
U n i f i e d g o l d 4 s ......................1 9 4 0
J -J
R e g i s t e r e d ............................. 1 9 4 0
J -J
C o l l t r u s t g o l d 5 a .................1 9 3 1
M -N
E H & N a s h 1 s t R 6 s ....1 9 1 9 J -D
L O l n «fc L e x g o l d 4 4 s . . . 1 9 3 1 M - N
N O & M 1 s t g o l d 6 s ____1 9 3 0
J .J
N O A M
2 d g o l d 6 s ......... 1 9 3 0
J -J
P a d u c a h <& M e m d i v 4 s . . 1 9 4 6 F - A
P e n s a c o l a 1 H V g o i d 6 s . . . 1 9 2 0 M -H
S t L D i v 1 s t . g o l d 6 s ..........1 9 2 1 M - S
2 d g o l d 3 s ................................1 9 3 0 M - S
A t l K n o x & C m il i v 4 s . . 1 9 5 5 M -N
A t l K n o x & N o r 1 s t g 5 s 1 9 4 6 J -D
R e n d e r B i t g e l s t a f g 6 s . l U 3 1 M -8
K e n t u c k y C e n t g o ld 4 s .. 1937 J - J
L A :< A A i A M 1 s t g 4 k s L 9 4 G M - S
L A N -S o u th M jo in t 4 s . 1 9 5 2 J - J
N F i a & B 1 s t g u g 5 s ... 1 9 3 7 F -A
N A C B d g e g e n g u ■i 4 k s 1 9 4 5 J - J
P e n a A A t l 1 s t g u g 6 a ..1 9 2 1 F -A
S A N A ia c o n g u g 5 s .. 1 9 3 6 F -A
L A J e d B d g e C o g u g 4 a .. 1 9 4 5 M -S
L N A A C h
Bee 0 1 A L
ah on C oal
Bee L s A M S
a n h a t ta n i l y c o u s o l 4 8 .1 9 9 0 A - 0
R e g i s t e r e d ........................ 1 9 9 0 A - 0
S tra p d t a x e x e m p t .. 1 9 9 0 A -0
M a n i l a R R - —S o u li n e 3 4 s . 1 9 3 6 M -N
J d L oK ’ p t A B V
Bee N X C e n t
M e x C e n t c o n s g 4 s ................1 9 1 1
J -J
1 s t c o n s m o g 8 s .............a l 9 3 9 J ’ l y
2 d c o n s m o g 3 o t r u s t r e c t a ..
H e x I n t e r n e t 1 s t c o n g 4 s . 1 9 7 7 M -S
S t a m p e d g u a r a n t e e d ... .1 9 7 7 M -S
M id i C e n t
tie* N X C e n t
llid oi N J
Bee K n e
M U L S A W
Hee C l d c A N W
M U A N orth
Bee C h A l A S t P
M in n A S t L 1 s t g o ld 7 s .. 1 9 2 7 J -D
P a o ifio K x 1 s t g o id 6 a ...1 9 2 1 A -O
1 s t c o n s o l g o i d 6 s .................. 1 9 8 4 M - N
1 s t a n d r e f u n d g o l d 4 s . .1 9 4 9 M -S
L e a A l A F t D 1 s t g u 4 a ...’36 J -J
M i n n A S t L g u Bee B C l i A N
J I S t P A S S M c o n g 4 in t g u ’38 J -J
1 1 S S M A A 1 s t g 4 in t g u 1 9 2 6 J -J
M in n U n
Bee M t p isi a m
M is s is s ip p i C e n t 1 s t 5 a ... 1 9 1 9 J - J
M o i i . a u oo T e x 1 s t g 4 s . . . 1 9 0 0 J - J >
2 d g o l d 4 s .................................. y 1 9 9 0 F - A
1 s t e x t g o i d 6 a ...........................1 9 4 4 A 1-N
1 s t A r e f u n d 4 o ........................2 0 0 4 M - S
S e n a f 4 k a ............................. 1 9 3 6 J - J
8 t L L i y 1 s t r e f g 4 s ____ 2 0 0 1 A - 0
D a l A W a 1 s t g u g O s . . . 1 9 4 0 A1-N
K a n C A P a o 1 s t g 4 a ...1 9 9 0 F -A
M o K A E 1 st g u g 5 s ... 1942 A -0
M K A O k 1 s t g u 6 s ...........1 9 4 2 M - N
M K A T o f T l e t g u g 6 s . 1 9 4 2 M -S
S h e r S h A B o 1 st g u g 6 o . 1 943 J -D
T e x A O k l a l s t g u g o s . . . l 9 4 3 M -S
H o P a c ifi c l s t c o u g 6 a . . . 1 9 2 0 M -n
T r u s t g o l d 5 s s t a m p e d .c l 9 1 7 M -S
R e g i s t e r e d ..........................« 1 9 1 7 M - S
1 s t c o l l g o l d 6 s .......................... 1 9 2 0 F - A
4 0 - y e a r g o i d l o a n 4 s ...........1 9 4 6 M - S
S d 7 s e x t d a t 4 % ......................1 9 3 8 M - N
1 s t A r e f c o n y 6 s ................. 1 9 6 2 M S
C e n t B r K y 1 s t g u g 4 a . 1 9 1 9 l: - A
C e a B r a n c h U P 1 s t g 4 s . 19 in J -i)
L e ro y A C V A L 1 st g 6s 192 6 J -J
P a o 14 o f M o 1 s t e x g 4 s . 1 9 3 f t F - A
2 d e x te n d e d g o id 5 s ... 1938 J -J
8 t L I r M A B g e n c o n g 6 s l9 3 1 A -0
G e n c o n sta m p g t d g 5 s 1 981 A -0
U n ifie d A r e f g o ld 4 a .. 1 9 2 9 J -J
-> B lV A G L i v 1 s t g 4 a . . 1 9 8 3 M - N
V e r d i V I A W 1 s t g 6 s . 1 9 2 6 M -S
M o b A O h io n e w g o ld 6 s .. 1 9 2 7 J -D
1 s t e x t e n s i o n g o l d 0 s . . / i l 9 2 7 O -J
G e n e r a l g o l d 4 a ...................... 1 9 3 f t M - S
M o n t g o m L i y lB t g 6 a .. 1 9 4 / F -A :
B t L A C a ir o c o U g 4 s ..e l9 3 U
G u a r a n t e e d g 4 e ...............1 9 3 1
M A O coU 4a
Bee S o u t h e r n
M ohaw k A M ai
Bee N 1 c A l i
M o n o n g a h e la R iv
Bee B A O
M on t ce n t
Bee B t 1 ' M A M
M o r g a n ’ s l- a i A T
Bee S P C o
M o r r i s A E s s e x Bee L e i L A V /
a 3 .ii O i i a t A B t L l s t 7 s . l 9 l 3 J - J
1 s t c o n s o l g o l d o a ............ 1 9 2 r A - O
J a s p e r B r a n c ii 1 s t y 6 a ..1 9 2 3 J -J
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T A P B r a n c h la t 6 s ....1 9 1 7 J -J
N o s h F lo r A B h e f
Bee L A N
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J -J
1 s t c o n s o l 4 s .............................. 1 9 5 a A - O
N e w 11 A L
B e e li Y N . l i A l i
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N Y B k ln A M a n B c h
Bee L 1
N Y C e n t A U lily g 8 k s .l0 9 7
.
R e g i s t e r e d ............................... 1 9 9 7
L e b e n g 4 s ..................................1 9 3 4
L u k e S h ore c o ilg 3 k s ...i9 0 8
R e g i s t e r e d ............................... 1 9 9 8
M ic h C e n t co U g 3 k « ....1 9 9 b
R e g i s t e r e d ............................... 1 9 9 a
B eech C reek 1 st g u g 4 s. 1936
R e g i s t e r e d ............................... 1 9 3 6

U ia

|

a:i

121
126
117% 119%
95
98
100*4 109
.............1 1 4 %
63
73%
............. 9 2 k
............ 1 1 3
* 1 0 5 % 106
03 k
94 k
104
.............
00
9 1 k
109
.............

100 k .........

1

...
1 ...
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95
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92%
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103
90
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110 % .......
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92%

M

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07

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100%

104
107k
100
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97
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85

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110
81

121
116
88

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88%

1 120
122
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86
87
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110%
81
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Since
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M o h A M a i 1 s t g a g 4 s . . 1 9 9 1 M -S
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N or A M on t 1st g u g 5s. 1916' A O
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R W A O c o n lH t e x t 5 s ./il9 2 2 A -0
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R W A O T R l s t g u g 6 8 .1 9 1 8 M -N
R u tla n d 1 s t c o n g 4 k s . . l 9 4 1 J - J
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R n t-C a n a d 1 s t g u g 4 s .1 9 4 9 J -J
S t La w a A d lr l s t g 5 s . 1 9 9 6 J - J
2 d g o l d 6 s ..................................1 9 9 6 A - 0
U tic a A B lk R i v g u g i s . 1 9 2 2 J -J
L a k e S h o r o g o l d 3 k s ____ 1 9 9 7 J - L
R e g i s t e r e d .......................... 1 9 9 7 J - L
D e b e n t u r e g 4 s ..................1 9 2 8 M - S
2 5 - y e a r g 4 s ...........................1 9 3 1 M - N
K a A A G R 1 st g n c 6 s. 1938 J -J
J -J
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B io

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High, No L o w S i g n

8 4 k .......... ......................................
92 k
90
9 7 k A p r ’09
100
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95 k 100
105
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90
.............
9 0 % F e b * 11
............................... 1 0 8
O ct ’09
.............
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97% A u g’ ll

90%

90%

97 k

97%

1 2 0 k .............1 3 1 k J a n ' 0 9
107% 108% 107%
107%

1 107% n o

99

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J’ l v ’ l l
J ’l y ’ 1 1 . . ..
J u e ’ OU
J n e ’ uy
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10 0
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83
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8 7 % J ’l y ' 1 1
93%
93%
6
93
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104
104
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93%
87
89 k
.............
92
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93
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123
1 0 8 %
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88%
89
94
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1i l k M a r’ l l ....
10 0
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............. 1 3 0 k J a u ' 0 9
2 d g u a r 6 a ................................1 9 3 4 ! J - J
124
!....
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.............> . . . .
M i c h C e n t 5 s ............................. 1 9 3 1 : M - S
u s
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A p r’ll
R e g i s t e r e d .........................1 9 3 1 - Q - M
.............1 1 9
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R e g i s t e r e d ......................... 1 9 4 0 J - J
96
................................
L e c ’up
J ’ u e -0 8
J L A B l s t g S k a ...........1 0 5 F M - 8
..............
88%
1 s t g 3 k s ................................ 1 9 6 2 M - N 1
87
8 7 kA u g ’ l 1
2 0 - y e a r d e b 4 s ............. ‘ " * 1 9 2 9 A - 0
J ’l y ’ l l
02k!
B a t u A B t u r 1 s t g u g 3 8 .1 9 8 9 J - D
N X C h ic A B t L 1 s t g 4 s 1 9 3 7 A -O
99%
" 9 9 k 11 9 9
99
11
R e g i s t e r e d ...............................1 9 3 7 A - O
9 8 % .............1 0 0
L o b e u t u r o s 4 s ..................... 1 9 3 1 M - N
9u k
89% A u g’ ll
W e st B h ore 1 s t 4 s g u ...236 1 J -J
100 1 0 0 k 1 0 0
2
100
xr ^ W a t e r e d ...............................2 3 6 1 J - J
93
B a le : 9 7 %
66
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N Y L ack A W
Bee D L A W
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93
93%
C o u v d e b e n 3 k s ................... H - 5 6 J . J
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89
90
89
1 lb
C o n v d o b e n 6 h ......................i 0 4 f t ! j . j
129
129*,
130
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H a r le m
i - P t C l i e s l a ' 4 s l ‘J 5 4 M - N
99%
3
C e n t. N E n g 1 s t g u i s . . 1 9 6 1 j . j :
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1
2
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H oo u ss ha ct oo xi a
uc
N H A L o r b......................
y c o n c y ...................
6 s - 1 9 1 r t ............
M-iN'| 1 0 2 % _______ 1 0 7
P r o v i d e n c e b e o d e b 4 s . . 1 9 5 7 M -N
............. 8 5 %
87
Jl A N o r t h
Bee N Y U A H I
j
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Y O A W r e t l s t g 4 s . . p l 9 9 2 M -S
94%
94 k;
R e g i s 6 5 , 0 0 0 o n l y ............. £ / l ' J 9 2 m - s
9 4 *v F e o ’ l l . . . .
03%
G e i . e r a i 4 s ..................................1 9 6 5 j . d
9 1 k A u g ’ l l ....
9 i
Y A P u t
Bee N Y C A H
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Bee L o n g I s l a n d
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Bee E r i e
N Y T ex A M
See B o P a c C o
N o r A B o u t h l a t g 6 s ............. 1 9 4 1 M - N
1 0 3 % .............1 0 8 % J a n ’ l l
N o w * W e s l g e u a U B ...........l u a i M - N
124
124% 124% J ’ne’ ll ....

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88

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1 2 6 ‘ ’1 • * » ■ * 1 2 7
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128
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97%
98
' 97%
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103
103
104
90
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105
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97
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R e g i s t e r e d ............................... 1 9 9 7 q . 1
G e n e r a l L o n g o l d 3 s ____ « 2 0 4 7 o - F
R e g i s t e r e d .........................a 2 0 4 7 , Q - F
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111

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90
89
95
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111

87
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129
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94
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97
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126
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J ’l y '1 1 1 . . . . 1 2 4 % 1 2 6
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98
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88%
90 k
N o v ’ i o ! .........................................
A u g ’l l ; . . . .

96k

97%

9 8 % B a le
_______
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98%
99 k
69
A u g’ll ....
98
70
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98
99

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98

F eO ’lo

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6 s ____ 1 9 2 3

1923
1931
1917
1968
1948
1933

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

99k

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92*4 92% 92%

N e w R i v e r 1 s t g 6 s ...........1 9 3 2 A - 0
N A W R y la t con g 4a. 199 6 A -0
R e g i s t e r e d ...............................1 9 9 6 A - O

‘ B y Cal
see B o ™
N o r VV i s
Bee C B t P M A O
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F -A
O -F
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116
108
101%
90
111

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.............1 1 9
J ’ u e ’ iO
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9 1 k A p r ’ 11
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....

116%
116%

i ’0 2 % 1 0 2 %

.... 1 91%
91%
.... 111% 111%

1

1 0 5 k ...........
109 k 110
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1

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78
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23
.............
79%
7 7 k
7 7 k 1
1
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x
.............
78
7 6 % A u g ’l l ....
9 9 % ............ 1 9 8 % L e o ’ 1 0 . . . .

91%
95%
84
89%
i .0 0 % 1 0 0 %
78%
83%

87%

90
89 k
9 4 k
80%
79%

86 %
92 k
79
7 7 k
77%

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78

75 k

1 0 6 k ............. 1..............................................

iUiSCKLjL V N K O U S
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93 k
98
86
193k
83
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108
lo a n
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102k

100% 102
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9 6 k
9 6 k
8 9 k
96%
92
93%

....
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....
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85 k
102
110
96
96
97
108% 109 k
107% 108% 108

120
116
83
n o
80

90
9 6 k

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83 k
100k
78%
86%
78
105%
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108
1 0 6 k
lo a n
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101 .....

89%
99%

88
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...
.
....
97 k
97 k
9 7 k
1
85
8 4 k 7 ----------1 01k 100 k
2;
80%
81
J
....
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85%
10
70
_____
89%
109
110
105 k
____

104
B a lt
107% 108%
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S a lt

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7 1 k
7 lk
92
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112k 112k
106
106
94
96

130

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1 95
97k
8 4 k
100 k
7 8 k
8 5 k
.............
106%
.............
107k
107%
102

109%
113
105%
122 k
118%
96 k
106%

11 O H ■ 1 0 H
105
109
65
74
80
8 1 k

97

W

Dec ’09

106
70

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109
111
104%
118%
118%
06
106%
____

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______

130
113
. 106
S a le
. 92

N . Y . S T O C K

Low High,

103 k i 00
1 94%
98%
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n e k
112% 112%
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112
116

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

B O N D S

Range
Since
Ja n u a r y 1

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1

W

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B O N U S

11

W
Bet C C C A B t L
v /h i o R iv u n
see B a l e A c
O r e A C t t i See S o P a c C o
O re s h o r t la n e
Bee C n P a c
O sw ego A R om o
See N Y C
L »a o C o a s t C o 1 s t g 6 s ....1 9 4 0 J -L
105
105k
. . . 105
108
A u o o f M is s o u r i
Bee M o P a o |
P e n n R R 1 s t r e a l e a t g 4 s . 1 9 2 3 M -N
. J 10 1
102
C o n s o l g o l d 6 s ....................................... 1 9 1 9 M -.............
S
110
11 0 8
j ’ n c ' l i . . .. . . 1 0 8
108
C o n s o l g o l d 4 s ....................................... 19 4 ,3 M - N
C o n v e r t i b l e g 3 k s .................1 9 1 2 M - N
99%
D 9% i 9 9 %
99 k
21
93%
99 k
C o n v e r t i b l e g 3 k a ................ 1 9 1 5 J - D
9 6 % B a le I 9 6 %
9 6 7< 6 0
96%
9 7 k
193% 10
9 ? P Uul, ^ 0 l d 4 3 .....................................1 9 4 8 M -1N9 2
, 2
4 1 0 2,
6 102
104%
99% A p r ’ l l '. . . .
99% 100%
99% 100k
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l gou
« 4 s ...1 9 4 2 M -8
........... ..................................
100
S h 1? . ? . ? l 8 t
4a
F- A
P h l l a B a l A W 1 s t g 4 s . . 1 9 1 3 M -N
............. l O l k l U l k
1 0 i%
i i o i k i.0 2 k
............. 1 0 2
102
J a n ’93

105kJ’n6'n <>>t

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Penn Co—Guar Istg4ks.l921 J-J
R e g i s t e r e d ..............................1 9 3 1 j . j
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G u
T r
G u
G u

a r b k s o o ll t r s e r B ...1 9 4 1 F -A
C o o e r t i f ’ s g u g 8 k s . l 9 i G M -N
3 k s t r c t l s U .................... 1 9 4 3 J - D
3 k s t r c t f s L .................... 1 9 4 4 j . q

............1 0 2 k 1 0 3 % M n y ’ 1 0
1 0 3 % ........... 1 0 4
J ’l y ’ l l
*............ 1 0 4
(1 0 2 % M a r ’ l l |
86
............. 1 9 0
A u g ’ lip
8 8 % .............
8 8 % J 'l y ’ 1 1
97%
97%
9 7 % A u g’ll
87
A u g ’ 10 .
87 k 9 0
8 9 k 1 88
J 'l y 'n . .. . .

103% 104 k
102% 102%
88
97

89
97%

88

Continued ou Next P a g o

Iron

B u ff A B u s q I r o n 3 1 5 s .... 1 932
D e b e n t u r e . 5 s ...................... .... 1 9 2 6
C o i Jl' A 1 C o g e n s i g 6 s . . 1 9 4 3
C o n v e r t ib le d o b g 5 s . . . .1 9 1 1
C oJ I n d u l s t A c o l l 09 g u . . l 9 3 4
C o u t in ’ ta lC 1 s t s £ g u 6 s g .l 9 5 2
G r R iv C o a l A O 1 s t g 6 s l.l9 1 9
J e f i A C l e a r C A I l s t g 6 s . 1 9 2 »i
X a n A H C A O l a t s f g 5 s .l9 b l
P o c a h C o n C o ll ie r 1 s t a f 5 e .’ 5 7
N t L R o c k M t A P 1 st 6 s . 1950
B u n u a y C v e e m C o g 5 s ____ 1 9 4 4
T e i m C o a l g e n 6 s .................... 1 9 6 1
T e n n L i v 1 s t g 6 s .......... u l 9 1 7
L i r m L i v 1 s t c o n s o l 6 s . .1 9 1 7
C a l l C xM C o 1 s t g u g 6 s . 1 9 2 2
V i c t o r F u e l 1 s t s f 5 s .............1 9 5 3
V a lr o n C oal A C o ls t g 6 s. 1949

J -L
M -8
F -A
F -A
F -A
F -A
A -C
J -D
J -J
J .J
J .J
J .J
J -J
A -0
J -J
J -D
J -J
M -S

97
90
100
100k
73%
7 3 k
74
107%
90
............. 1 0 2 %
107
‘9 0 % 1 0 1
105k
B5
82 k
85 k
84H
............. 8 3
78
102 k
104%
104%
.............1 0 4 %
U O
106
110
87%
............. 8 7 k
U 7k
9 6 k
9 7 k
0 7 % .............

.............i b ( i %

p r ic e F r id a y ; la t e s t b id a n d a s k e d .




a D u eJ a n

F ob ’ll ....
0 6 k
J ’i y ’ l l
89
A u g’ll
97 k
J ’l y ’ l l
99%
73% ‘ " l
73
L e o ’04
A p r ’06
M a y ’9 7
L e c ’ 06
A p r ’U
84
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83
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103%
2 2 i.0 2 k
J ’ly ’ U
105
A u g ’l l
1 0 4 k
J a n '0 9
M ay’l l
87
A u g ’l l ....
9 lk

97
90
102 k
100 k
79 k

J -J
A -O
G -F
M -N
M -8
A -O
F -A
A m S p i r it s M f g 1 s t g 6 s . . 1 9 1 0 M -3
A m T h r e a d 1 s t c o l tr 4 a .. 1 9 1 9 J -J
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i s t i l tse o C o r c o n v l a t g 6 s .’ 2 7
I d u P o n t P o w d e r 4 4 s .. 1936
e n E le c tr ic u e b g 3 4 s . . 1 9 4 2
1 0 - y r g d o b O s .............................1 9 1 7
G c n ’i M o to r s 1 s t lio n 6 s . . 1915
in t P a p er C o le t co n g 6 s .l9 ls
C o n s o l c o n v s I g 6 s ............1 9 3 6
In t S t tu m p la t s 1
L a c k a w S te e l 1 s t g 6 s ....1 9 2 3
1 s t c o n 6a S e r ie s A . . . . I 9 6 0
6-y e a r c o n v e r t ib le 6s .. 1915
N a t E n a m do s t p g L e t 6 s . . 1 9 2 9
N Y A i r D r a k e 1 s t c o n v 6 s '2 8
R y S t e e l S p g s 1 s t s f 68. . . 1 9 2 1
R e p u b I do s l s t & c o l t r 6 s . 1 9 3 4
1 9 - 3 0 y e a r O s a t ........................1 9 * } ’
U 8 D e a tli C o s I d e b g 6 s ..1 9 1 3

ST O C K
kkk

B in

09

iU lM C L L iL A N E O I L a

C
D
E
G

Y.
W

Loi/> H ig h
97*4

P ric e
F r id a y
Sept l

B O N D S

Range
Since
Ja n u a r y 1

■53
g o

H igh Ho
Hid
A s* Law
P e n n s y l v a n i a C o — (Con)
15
98 4
9 3 4
Q u a r 1 5 -2 5 y e a r g 4 s . . ..1 9 3 1 A - O
98*4
110
J a n ’05
103 4
< j l <6 M a r 1 s t g u g 4 4 s . . 1 9 3 6 Wl- N
i
110 * 4 J a n ’ 6 9
C l do P g c n g u g 4 4 s s e r A . ' 4 2 J - .
106*6
109*4 J ’ l y ’ 0 9
1 0 6 *f.
S e r i e s B ......................................1 9 4 2 ! A - '
90
A u g ’69 ....
S e r i e s O' 3 4 s ..........................1 9 4 3 1 M - 1
90*8
90
M a y ’0 8
90 4
S e n e s D 3 ^ s ......................... 1 9 5 0 ! F 9 0 4 A p r ’ 11 : : : :
E r l o * P itts g o g 3 4 « B . 1940 J
90**
9 8 * 4 A p r '0 4
S e n e s 0 ......................................1 9 4 0 , J 90*6
3
G r H & 1 e x le t g u g 4 4 b 1941 J .
106
10 4 4
10^
103
J ’ u e ’ t l ____
P i t t s F t W do O 1 s t 7 « . . . 1 9 1 2 ! J .
102*6
2 d 7 s ................................................1 9 1 2 ! j
1 0 2 H i ............ 1 0 3 4 F e b ’ l 1
107
O c t ’0 8
3 d 7 s ...........................................ft 1 9 1 2 j A • O 102
109
M a y ’ 10
P i t t a Ydo A s h l e t o o n 5 8 . 1 9 2 7 M ...J
P C O & S t L g u 4 4 s A . . . 1 9 4 0 A *1O j .............1 0 7 * 6 1 0 5 4 A u g ’ l 1
J 'l y ’ l l
S e n e s B g u a r ........................1 9 4 2 ' A - ~
.............1 0 5 ftj. 1 0 0
1
0
6
J
’
n
e
l
l
S e r i e s U g u a r ........................ 1 9 4 2 A i106
_____
9 8 a>j D e c ' 1 6
97*4 . . . .
S e r i e s I ) 4 s g u a r .................1 9 4 5 I M - :
5
1)3 *g
93
0 2 *s . . . .
G e r l e a E 3 4 g u a r g , . . . 1 9 4 9 | F -.
9 8 4 M a y ’ 11
S o r i o s ( 4 4 s g u a r ............ 1 9 5 7 "
97M
08
1 1 3 * 6 ............ 1 1 3 4 J ' l y ’ i i
C S t L <fc P 1 s t c o n a 5 s . 1 9 3 2
P e n s a c o l a do A t l See u do N a s n
P e o do E a s t
Sea C C C do S t L
109
M ay’ l l
P c o -t? P e k U n 1 s t g 6 a ....1 9 2 1
9 3 4 J a n ’ l l ____
............. 9 9
2 u g o l d 4 4 « .............................. 0 1 0 2 1
70
J ' i y ’ l l ____
P e r o M a rq u e tte — R e f 4 s .. 1955
67
67
2
65
63
R e l u n d i n g g u a r 4 s ............1 0 5 5
106 4 A p r’ ll
O l i J b W A1 6 s ........................... 1 9 2 1
109*4 J’ n o ’ l l
1 1 0 *8 .
F l i n t A P M fi 0 » .................... 1 9 2 0
163
M a r ’ l l ____
07
.
l e t c o n s o l g o l d 5 s ............. 1 9 3 9
93
A u g’ll
97
P t H u r o n D i v 1 s t g 5 >j . 1 9 3 9
99
S a g T u sJ o H la t g u g 4 s. 1931
P h ilB & W
A m i 'o n n l i i i
84
A u g ’ll ....
84
J -J
P i t t a ' O m do S t L
See P eu u Co
P it t a C lo v e <&T o l
see lido O
P i t t s F t VV do C l i
See P e n n C o
P i t t a M o K o e s J j V See N Y C e n
112*8 M a y ’ l l
P i t t a B l i do L E 1 s t g 6 s . . . 1 9 4 0
9 3 4 J ’l y ’97
l e t c o n a o i g o l d 5 » ................... 1 9 4 6
P i t t a do W e s t
See B do u
12 0
97*a
98
I ) e a d l n g C o g o u g 4 a ...........1 9 9 7
9 7 \ S a le
J t ii R e g i s t e r e d ................................1 9 9 7
97 4 A p r ’ l i
98
98
4
J e r s e y C e n t c o ll* g 4 a . . . 1 9 6 1
9 8 ” S a le
R e n s s e l a e r do b a r
See x) ds R
R i c h do D a n
See S o u t h R y
R ic h & M e e k
See S o u t h e r n
R i o G r W e a t See D e n do R i o G r
R o o l i do P i t t s
See B i t do P
R o m e W a t do O g
See N Y C e n t
R u tla n d
See N Y c e n t
O a g T u s do H
See P e r e M a r q
90
90
O t J o J a G r is l 1 s t g 4 s . ..1 9 4 7
86
1
S t L do C a i r o
See M o L >
U h io
B t I * i&> I r o n M o u n t
see M P
Bt L M U r
Sea T R R A o r S t L
S t L o u is <&S F — J e n g 6 s .1931
119
1 1 9 ig 1 1 9 4 A u g ’ l l
G e n e r a l g o l d 5 s ........................1 9 3 1
107ti 10 8 *4 1 0 7 7» J ’ l y ’ l l . . . .
S t L do S F R R c o u h g 4 a . . ’ 0 6
90
J ’ l y ’ 11
o| 9 0
92
10
G e n 1 6 - 2 0 y i 5 a ...............1 9 2 7 M - Nl
87 4
8 7 *u 87*2 8 7 4
S o u t liv / D iv 1 s t g 6 a ..1 9 4 7 A 9 8 * i a ............ 1 66*4 M a r J 1
10
K e f u n d i n g g 4 s ...................... 1 9 6 1 J 7934 80
79*4
80 4
K C F t S dci M c o n « 6 8 . . 1 9 2 3 M 1 1 6 'u 1 1 6 7 f l l G 4 J » l y ’ l l
7y
ro
i
K C F t S do M K y r e ! g 4 a 1 9 3 6 A ............. 7 9 * a
1 0 6 4 D e c '0 9
K C Jb M l t & 13 l s t g u 5 a . l U 2 U A ii
9 9 4
99*4
O s ’ r k & O h C l s t g u G a g .1 9 1 3 A 9 9 *4 S a le
S t L o u is S o
See i l l i n o l a C e n t
i
9 2 * 4 ..........
92 4
92 4
S% H S VV 1 s t g 4 s U d c t i e . 1 9 8 9 M 8 0*4 J ’l y ’ l l
2 d g 4 s l n o b o n d o t f s . . . z > 1 0 8 9 .J
............. 8 3
79 4
79*4
13
C o n s o l g o l d 4 a .......................... 1 9 3 2 J
79*3 8 0
1
6
1
*
8
A
p
r
’
0
7
9
?
°
8
...........
G r a y 's P t T e r 1 s t g u g 5 s 1 9 4 7 J
S t P a u l <fo D u l
See N o r P a d t i c
tft P M i n n A A la n
See G t . N o r
S t P do N o r P a ©
See 1N o r P a ©
g t P « & S * x C it y SeeC S t P M & u
7
80*4
87
0 Ado A P a s s i s t g u g 4 s . . . 1 0 4 3 J
8 6*4 S a l e
164
G o t ’6 9
0 jp & N P 1 s t a m l c r g 6 3 . 1 9 1 9 J
9 9 * 3 ..........
S a v F do W e s t
See A t l C o a s t L
S c i o t o V a l da l'i K See N o r do W
3
87
87
S e a b o a r d A It g 4 s s t a m p e d ’ 5 u A O
87
87*4
21
A d j u s t m e n t 6 s ..................... © 1 9 4 0 ' F A
7 u*s
75*3
7 6 H
i 73
36
A t l - B i r r u 3 U - y r l s t g 4 s . e l 0 3 3 Mt
......
86 *2 8 0
91*4 A p r ’ l l
O a r C e n t 1 s t c o n g 4 a ...1 9 4 9 J
.............
98
1 1 )3
M ay’ll
F la C e n «b P e n l a t g 5 s . 1 9 1 8 J
1 0 1 * 3 ....
l o t la n d g r e x t g o s . . . 1 9 3 o ! J
....
C o n s o l g o l d 6 a ..........................1 9 4 3 ! J
1 0 5 * 4 A p r ' l l ____
103
....
G a & A la Ity 1 st c o n 6 h ©1046 J
1 6 4 4 M a r ’ l l ____
G a C a r do N o 1 s t g u g 6 s 1 9 2 9 J
A u g ' 11
1 0 4 J4 1 0 6 * 4 1 0 5
S a a b do B o a 1 s t 6 a .................1 9 2 6 J •
109
M ay’ ll ....
106
L1 0
S h e r S U r do S o
See M K da X
81 1 S p O c a do G See A t l C o a s t L
S o u th e r n P a c iiio C o G o ld 4 a (C e n t P a c c o ll)./c l9 4 0
53
B a le
9 1 4
92
2 0 - y e a r c o u v 4 s ..................p l 9 2 9
05*4
0 6 4 12 0
b a le
C e n t P a o 1 s t rer g u g 4 s 1 9 4 9
96*4
07 4
24
S a le
R e g i s t e r e d ............................... 1 9 4 9
F e b ’ It
9 6 *3 9 7
91
A u g’ll
M o r t g u a r g o ld 3 4 s ..fc l9 2 0
...
T h r o u g h S t D 1 s t g u 4 a *64
93*4
93*4
1
94
G l i do S A 5 1 doP 1 s t 5 a . . 1 9 3 1
107
lU M n
107**31
i
G ila V G & N 1 s t g u g 6s . 1 9 2 4
103
M ay’l l
105
J 'n e ’ U
*1044 ’
H o n s E & VV T 1 s t g 5 8 . 1 9 3 3
104*3.
l a t g u a r 6 a r e d ................1 9 3 3
104 4 A u g ’ ll
lU U ^ .
100*4 A u g ’ l 1
H do T C l a t g 6 s m t g u . . l 9 3 7
1 6 9 4 M a r 'J l
C o n s o l g 6s I n t g u a r . . .1 9 1 2
9 4 4 A u g ’ 11 . . . .
G e n g o ld 4 s in t g u a r .. 1 9 2 1
1 1 9 4 M a t ’ lO . . . .
W u c o e f c N W d i v l s t g 0 3 '3 U
1 0 7 » o J a n 0 9 ____
A do N W l e t g u g 6 a . . . . 1 9 4 1
___
113
M o r g a n ' s D a do T 1 s t 7 a . 1 9 1 8
1 1 5 4 M ar’ l l
110
1 U
M a r ’ l l ____
1 s t g o l d 6 s ............................... 1 9 2 0

lln m i fa c t o r in g

579

New York Bond Record— Concluded— Page 4

S e p t . 2 1911.1

M
U
1/
U

a n u fa c t u r in g
lu d u a tr iu l
B K s a U y * I c o u v ile b g S e ’J l
s K u b U er li )- y r c o l l ir b s .’ IS
s s t e e i C o r p — j c o u p .d .1 9 6 3
a i l u - o u y r b s . i c e g ..t t l B e S
\ 7a-G ar O lm m I n t I S - y r 6 s 1 D 2 3
W e s t E l e c t r i c i s t Os D e o 1 92 2
A e a t i n g h o u s e E do M s I 5 s ’ 3 1
M is c e lla n e o u s
A d a m s E x c o l t r g 4 a ............1 9 4 b
A r m o u r A: C o 1 s t r e a l e s t 4 4 s ’ 3 y
B u s h T e r m i n a l 1 s t 4 a ......... 1 9 5 2
C o n s o l 5 s ...................................1 9 5 5
I n t M e r c a n M a r in e 4 4 a . . 1 922
in t N a v ig a tio n 1 st s f o s . 1929
M o r r i s «fc C o 1 s t s f 4 4 s . . 1 9 3 0
N Y D o ck 6 0 -y r 1 st g 4 s ..l 9 o l
P u b S e r v C o rp N J g o n 5 s .l9 5 0
W a sh W a te r t o w 1 st 6 s .. 1930

© D u e M ay p D u e J ’n e

h, D

u e J ’ly

80
15
89
13 i o a
1044
101*4 1 50 103*4
1 1034
1044
6
984
99*4
102
7 100 4
034
15
914

91
10 5
1004
1064
LU2 4

J -J
J -D
A1-N
M -N
J -D
J -J

J-J

894
164
1644
164 4
B 8 3,
102
63

904
S a lt
S a le
s a lt
S a le
H a le
934

r d -s
J -D
A -0
J -J
A -O
F -A
J -J
F -A
A -O
J .J

84
02 4
♦9 2 4
97
64
...........
...........
82 4
93
101

S 5 *g
84
0
91
83
844
824
92
12
92
S a le
984
0 2 4 . A u g 11 . . . .
90
934
...........
97
97
1 07
1004
98
64
Ban?
644
lb
04
0 8 *4
8
1
4
A
u
g
'
l
l
73
82 4
814
01
0 0*4 J ’ l y ’ l l
82 4
2
S a lt
82 4
824
90
93 4 A u g ’ l l
03 4
934
064
1024102 4
........... 1 0 2 4 M a r ’ l l

fc D n e A u g

834
101
1044
1044
09 4
1614
924

1024
054

V0*4 92

oD u e O ct p D u e N ov

i O p tio n ®

CHICAGO STOCK EXCHANGE—Stock Record—Dally, Weekly and Yearly
STO CKS—HI&MEgtT A N D LO W EST S A L E P R IC E S.
Saturday
Aug. 2 6 .
IS O
*2
*5

Monday
Aug. 2 8 .

190
3
7

Tuesday
Any. 2 9 .

190
3
7

*2
*5
*24

*88
2034

* 10

27

*90
27

1 0 1 2_

*10

7 1s!

*6

95

*90
2714

*10
*6

*2% 2% *212
*16
*40%

18
45

*15
* 1012

19
45

9
*45

9
50

*9
*45

9 I2
50

'

*2U
*10
*40%

Wednesday
Aug. 3 0 .

3
7
25
90
95
271,

*180
*2
*5
*24

*88

*10
*40%

*1
*5

* 16%

*120

1*4
51 2
471

122

*8512
51

*1
*5
47

*120

*161
165
160
132 1 2 13212 * 1 3 2

101

10 1

101

68
51

4

*47
*92

51*2
49
9 3 12

5112
*47

*02
*130
*128

♦ 10 0
*116%

102

118
10 2 12 1 0 2 7 s
137% 133
*1 1 8 I2
1 0 1 I2
191
*185
10678

*100
*116%
102%
133
*11812
101%
*183
*108

*10G14

2

*2l2
Last
Last
Last
Last
Last
Last
Last

9
*45

69
53

*8%

Last

A p r’l l
J u l y 'l l
J u l y 'l l
A u g ' 11
A u g ’ 11
A ug’ll
29
29%
29%
Sale
A u g’l l
7 l2
6
6
2%
234
2%
Sale 1 6
" A iig ’ l l
Sale I I
A u g ’ 11
Sale 2 7
J u n e 'l l
Sale 7 4 t 2 J u n e ’ l l
Sale 2914 J u h o ’ 11
Sale 6 8 i 2 J u n e ' l l
Sale 7 9 % J u l y ’ l l
9
8%
87g
Sale 5 0
A u g 'l l

934
*9%
10
8 2 12
84
84
280
Last Sale
130
Last Sale
5712 * 5 4 %
5814
110
Last Sale
13134 * 1 3 2
133
4212 * 1 1
44

*88
*51
*1
*5
40

69
53

Last Sale
Last Sale
*51

*120

104

511^

10434 104%
10012 1007g
52
52

*45
49
94
*92
12034
132
12S !2 * 1 2 6
101 H
118
1027,
1027a
13 M 1 3 7 %
119*8 * 1 1 9
10 2 4
182%
190
*1S9
107
*106

48
93
131
128

Last Sate
1 0 t l 4 1041s * 1 0 3
101
10114
5 U 2 52
52
*45
*92
*129
*127

103
10234
1 3 i3 4
138
120% *11912
10 2 14 1 0 2 1 4
191
*188
107
*105
212
214
1
2
2
69 7 g
6933
#
9
%
7
1
1
,
70
70% )
63%
21
*19
21
*19
*19
21
1S12
Nate. — O f f i c i a l s h e e t n o l e s s o r r e a ’ o r U m

120
102

Last

*6

2

%

48
94
131
129

104%
52

Last Sale
Last Sale

92
*129

Salse
o f die
Week
Shares

Friday
Sept. 1 .

Sale
Sale
Sale
Sale
Sale
Sale

53
114
Last Sale
H4
1>4
*5
61
5^
Last Sale
5*4
47
47
47
46
*46
47
12012 120*2
123
123
*12 0 1 2 123
*159
165 ^ * 1 5 9 % 165
160
161
161
13214 1 33
133
*13214 13312
13212 13212
13%
13%
12%
1234 * 1 2
13

*10012 l o u d 10012 101
5U

*60
*51

*28

19
45

*100 110

6612
3

2714

*10 12
*6
71j>|
*2% 2-Y

71
23'
19
45

912
912
9 t2
9%
0
9 ”>g
9%
*8234 83%
8 3 14 8 1
S3
8333
8 2 12
*270
280
*270
280
*270
280
*270
*12814 130
* 1 2 S t4 1 30
* 1 2 6 % 130
*128%
*5412 56
*51
58
*51%
56
56
*106
110 * 1 0 8 1 2 1 1 0
*106
*1 3 2 1 2 133
132
133
132
132
1 3 1%
*41
44
4212
421
4212
*41
41
*6512
*51

Last
Last
Last
Last
Last
Last

190
3

*90
2714

12

*9
*15

Thursday
Aug. 3 1 .

10

10

84
85
205
F e b ' 11
131
J u ly ’ l l
*51%
58%
III
J u l y 'l l
*132
133
*41
44
4312 J u ly ’ l l
6534
A ug’ ll
*51
53
1
J u ly ’ l l
534
J u l y 'l l
4G %
4012
*12012
123
133
133
*12
13
78
J a n ’ 11
1 0 3 i4
103%
’ 52*
"5 2
50
A ug’ll
47
A u g’l l

92
131

*129
"is T
12812 A u g ’ l l
100
A u g 'l l
1 1 6 ’g A u g ’ l l
I0 2 7 g 1 0 3 l4
193
10314
10314
138*-> * 1 3 8
139
138
1 3 8 to
120
1021 s
1023g 1 0 2 %
191
Last Sale 1 9 0
A ug’ll
100
Last Sale 1 0 6 l 4 A u g ' l l
2 lg
7014
7 0 j3
7034
"0934 " 7 0
20
Last Sule 2 0
J u ly ’ l l
u k u
t l o i w o f le s s U i a n 1 0 s h a r

Last Sale
Last Sale
Im.iI Sale

120 120

12012 12012
10214 102%

2l4 2l4

__
*610
_____
15
150

R a ilr o a d s
C h i c a g o C i t y R y ________1 0 0
C h ic a g o & O a k P a r k . 1 00
D o
p r e f ________________ 1 0 0
C h i c E l e v R y s c o m _________
D o
p r e f ______
_
C h ic R y s p a r t c t
” 2 ” ____
C h i c R y s p a r t c t f “ 3 ” ____
C h i c R y s p a r t e t t “ 4 " ____
C h i c a g o S u o w a y ________ 1 0 0
K a n s C i t y R y He L t - . l O O
D a
p r o f _________________ 1 0 0
M e t r o p o i W S E l e v ____ 1 0 0
D o
p r e f _________________ 1 0 0
N o r t h w e s t e r n E l e v ____ 1 0 0
D o
p r e f _________________ 1 0 0
S o u t h S id e E le v a t e d .10 0
S tr e e ts W S ta b le C L .1 0 0
D o
p r e f . . ....................... 1 0 0

Inter­
est
Period

Prior
Friday
Sept. 1 .
HU

Week's
Rouge O'
Lost Sale

A t* )

Lais

185
Jan 1
l l 2 J ’ n e 10
3
J ’n e 1
21
J ’ l y 12
85
J ’ l y 19
8 0 •A n r 2 9
2 0 % M a y 13
8
,\ la y l3
4 1 2 lU -J i 1
2 % A u g 16
16
A u g lO
40
J ’ n c 13
1 9 t2 F e b
65
F eb
2 0 l2 A p r 27
60
J a n 11
08
Jan
W 2 J ’n o
40
J 'n e

M is c e lla n e o u s
9 7 5 A m e r i c a n C a n ____________ 1 0 0
9
J a n 16
850
D *
p r e f _________________ 1 0 0
767g J a n
A m e r ic a n
R a d ia t o r . .10 0
265
Jan
D o
p r e f _________________ 1 0 0
12612 M c h 9
A m e r S h i p b u i l d i n g ____ 1 0 0
5 4 % A u g 12
D o
p r e f _________________ 1 0 0
1101.1 J a n
6
A m c r T e l c p & T c l e g ________
131% A u g 3 0
B o o t h F is h e r ie s c o m
35
A p r 28
V o t i n g t r u s t c t f ____
38
J ’ n e 14
D o
p r e f ______________________
62
J ’ ll* 20
1 5 C a l <fc C h i c C a n a l A D . 1 0 0
491* A n r 2 4
O h io B r e w ’ g & M a l t ’ s —
1
j ’l y 20
D »
p r e f ______________________
312 M c h 27
39 5 C h ic P n e u m a t ic T o o l . 1 9 0
41
Jaa
3
10 C h i c a g o T e l e p h o n e ____ 1 0 0
115
Jan
2 5 O f a t c T i t l e & T r u s t ____ 1 0 0
1 5 1 i2 J a n
0
203 C o m m o n w ’ t h -B d ls o u .1 0 0
113
J a n 19
1 2 3 C o r a P r o d R e f C o c o m ____
1 2 % A u g 14
D o
do
p r e f ______
73
J a n 18
* 1 8 8 D i a m o n d M a t c h ________ 1 0 0
0 2 % F e b 10
5 7 1 H a r t S h jt ffu e r & M a r x p f .
1 0 0 t2 A u g 2 8
6 2 3 I l l i n o i s B r i c k ______________1 0 0
5 0 1 2 A u g 17
M a s o n i c T e m p l e _____________
47
J a n 18
M c C r u m -I I o w e ll C o . .1 0 0
45
M e ii 3
D o
p r e f ______________________
80
92
M ch 3
1 0 9 N a t i o n a l B i s c u i t ________ 1 0 9
H 7 i 4 J a a 17
D o
p r e f _________________ 1 9 9
123
Jaa
3
N a t i o n a l C a r b o n ________1 0 0
100
A u g 18
D o
p r e f _________________ 1 0 0
118
J a n 18
8 3 6 P e o p l e ’ s C Jas L & G o k e „ 1 0 0
10 1 3 .t A u g 2 5
.2 0 4 S e a r s - R o e h u c k c o m . . 1 0 0 C l8 6 % M a y 28
190
D o
p r e f _________________ 1 0 0
11S 12 A u g IS
5 0 5 S w i f t & C o _________________ 1 0 0
lO O lg M c h 1 J
T h e Q u a k e r O a ts C o . . 100
165
M ch 7
D o
p r e f _________________ 1 0 0
102*2 F e b
1
604 U n it B o x B d A P C o . 1 0 0
1% A u g 29
.7 3 5 U n i t e d S t a t e s S t e e l c a m
093g A u g 3 6
W estern
S t o n e __________1 0 0
19 1 2 A p r 1 2

Chicago Bond Record
B O N D S
C H IC A G O S T O C K
E X C H A N G E
Week, ending Sept. 1 .

Range since January
On basts of 1 0 0 - s l /a r e

STO C K S
C H IC A G O S T O C K
E X C H A N G E

Range for Previous
Year 1 9 1 0 .

l
lo ts

Highest.

Lowest.

190
A p r 28
1 % J ’ n e 10
6
M c h 23
293, J ’ ly 21
93
J i y 21
101
A u g 2
343.1 A u g 2
12% A u g 3
7% A u g 8
0
M en
1
25
F e b S3
72*2 F e b 25
27
J ’n e 30
7412 J ’n cO O
2 9 12 J ’ n e 3 0
64
J n e2 4
80
J ’n o 30
I 3 i4 F e b 23
50
Jaa
9

160
O ct
l* 2 J ’ l y
4
J iy

1 2 i2 M a y 9
88% J n e 2
205
Jan
9
131
J 'l y 29
79
F eb
6
113
M a y 18
1521.1 J ’ n e 1 2
69*4 M c h 4
6734 M e n 9
82
M oh21
52
F eb
2
1*4 J ’ n o 7
63 4 .J ’ n e 9
65*2 F e b 2 3
12 4% J ’n * 2 1
170
J ’ne 9
1 3 7 3 g J ’ l y 15
1 5 % J ’ n e 15
78
Jan 1*
106*2 J i y 1 0
103% J n o 2
70
J a a 2o
60*g A u g 2
67
Jaa
3
9$
F eb
2
140
A p r
7
130
M c h 51
120 M c h 14
120 M e l t 2 3
10 8 % J a n 1»
1 9 2 3 ., J a n 3 1
122
M c h 11
101
.1 n o 6
193
J 'n e 2#
1 0 7 % J i y 21
7
Jan
3
8 1 7g F e b
6
25
J a n 27

6033
11 *4
8
3
2*g
20
69
16
51
15
53
. 5*4
7
40

Highest.
M ch
Jan
7*2 J a n

3*2

10 0
33

Sep
S ep
M ay
M ay
J ’n e
A ug
F eb
Jan
F eb
A pr
M ay
J iy
J iy
J iy

6%
62*2
240
126
72
107
131*4
31
29
56
46
1
3

J ’nc
J iy
A pr
J iy
F eb
A ug
J ’ly
J ’n c
A ug
J ’ne
D ec
Feb
S ep

25*2
110
142
108*2
13 *2
79*4
8212

J iy
M ay
A ug
J iy
J iy
A pr
Sep

53
4312
40
93
101
11?
104
112
103
148
11812

J iy
M ch
M ch
J ir e
A ug
J iy
F eb
F ob
J iy
F eb
A ug

100 llCO
155
J iy
101
J iy
6*4 A p r
15

185

16
9*g
6 *.,
39
773.,
25

Jan
Jan
Jan
J a t:
A ll g
Jan
M ch
.1 l i e

23
J 11 c
J t ic
721- J n e
51% J a n
104
Jan

66

1 3 *3
b :
261
135
8 4 lg
112
142%
43
41
74

!o
1
3
47
137
163
l : 1*2
2234

82
12/

Jon
.f a n
I)c c
A pr
M ay
Jan
M ch
D ec
D ec
Jan
F eb
F eb
Sep
D ec
Jan
M ch
Jan
Jan
F eb
Jan

91
46
67*2
10234
119
125
145
123

M ch
Jan
D ec
A pr
D ecJan
O ct
N ov
115 3 4 J a n
1863.1 N o v
122
M ch
1 0 9 5g J a n
186
F eb
106
Jan
16% J a n

J ’no

263g D e c

Oiiicago Banks and Trust Companies
B'ds
Sold

Range
for
Year 1 9 1 1

High No. Low

N A M E

Outstand­
ing
Stock
_

II Igh

(f)_

Surplus
and
Profits

In

In

(T )

1903

1910

Divide

C a l u m e t N a t i o n a l __ ____
5 1 9 0 ,0 0 0
$ tO , 3 6 0
6
6
Jan
C h i c a g o C i t y _________________
6 9 0 .0 0 0
2 7 1 .1 2 2
10
10
J u ly
C o n M ’ t a l & C o . u u i N a t . y 2 0 6 9 9 9 6 0 1 0 ,2 8 5 ,3 3 7
J u ly
C o r a E .t c h a a g o N a t io n a l
3 .0 0 0 .
6 .000J06 . 2 7 4
12
10
D o u g l a s S t a t e ________________
2 0 0 .0 0 0
31 B eg. b us M a y
98%
99
D r c x e l S t a t e _________________
2 0 0 ,0 6 0
4 1 , 19t
U
8
D r o v e r s ’ D e p N a t lo n a l.
6 0 8 ,0 0 0
4 4 3 .23J
10
10
J u ly ’ l l
99*4
99%
K a g i e w o o d S t a t e __________
6 1 ,0 4 0
6
6
O c f,’0 3
F i r s t N a t i o n a l _____________ 1 0 , 0 0 6 , 0 0 0 1 1 , 2 / 6 , 4 3 6
12»
12s
M a y ’0 7
F ir s t N a t E a g l e w o o d ..
1 5 0 .0 0 0
1 9 1 .2 1/
10
10
1* 2%
1 0 2 * 8 1 0-1%
F orem a n B ros B ’k ’g O o .
1 .0 0 0 . 0 0 0
5 8 3 ,4 7 b
P rtv a te B a
A p r’A
F o r t D e a r b o r a N a tlo a a l
2 ,0 0 0 .0 0 6
6 1 6 . 18S
8
3
A p r '0 9
H ib e r n ia n B ’k ’g A s s ’ n . .
1 ,3 0 0 ,0 6 0
l,0 5 3 .8 7 i8
8 + 2
J a u ’0 5
K a s y a r S t a t e B a n k ______
1 9 3 .5 5 /
10
10+15
A ug’ll
98%
99%
L a k e V i e w S t a t e _____________
2 0 0 ,0 0 6
3 .1 5 8 B e g . b u s A p r
D c c '0 9
L a S a l l e S t N a t i o n a l ____
1 .0 9 9 .0 9 0
2 5 7 . 0 4 1 B e g . b u s . 51 a
F e b ’0 6
1 , 2 5 0 ,0 - 9 0
L iv e S t o c k E x c a ’ g o N a t
6 4 6 . 10a
10
10
A ug’ll
87%
91
3 0 0 ,0 0 8
M o a r o e N a t i o n a l _________
6 6 .8 4 1
4
4
995s
12
07% 100
2 .0 0 9 .0 0 0
N a t B a n k o f R e p u b lic ..
1 ,3 1 3 ,9 7 7
8
8
04%
93*8 95*4
N a t i o n a l C i t y _______________
4 9 4 .3 4 1
0
0
88%
82*8
89*2
2
5
0
.
0
0
0
N a t i o n a l P r o d u c e ________
9 0 ,3 9 0
3
4
J u ly ’ l l
90
90
N o r t a A v e n u a S t a t e ____
7 4 ,6 3 .1
6 «
O
H
109%
99% 100%
5 8 .0 0 0
3 4 ,2 0 .j
N o r th S id e S ta te S a v ’ gs
6
0
J a a 11
100
104
N o rth
W e s t S t a t e ________
3 0 ,4 0 3
4
A i.G ll
97% 100
3 0 0 .0 0 0
P e o p l e 's S t k Y d s S t a t e .
1 1 5 ,1 3 7
7
A u g ’ Od
5 0 9 .0 0 0
P r a i r i e S t a t e _______________
6 2 .7 1 1
6
6
J tr iy ’ 0 3
3 0 0 .0 0 0
S e c u r i t y ______________________
2 2 1 ,0 9 2
i
y
i
4
H
A m ’ 11
102
103*2
S o u t h C h ic a g o S a v in g s .
9 4 ,5 0 0
0
7 H
102%
& 1 0 8 % 1 0 3 % S o u t h S i d e S t a t e __________
1 2 .7 3 1
6
N o v * 10
1 .5 0 0 .0 0 0
S ta to B a n k o f O h lc a g o .
1 ,9 6 5 ,6 /0
12
12
I ^ e l/U
1 0 0 * 1*09
2 5 0 .0 0 0
S t o o k Y a r d s S a v i n g * ____
1 9 6 ,4 3 8
8
8
A u g ’ OJ
t‘2 0 0 . 0 0 0
U n lo a B a n k o f C h ic a g o .
-jy .s s i
0
0
102%
l5 o > 4 10*2%
1 9 0 .0 0 0
W a s h in g to n P a r k N a t i
8 .4 J 1 S e o V .
90. p.
A u g 'l l
103% 107%
6 0 .0 0 0
W e n d e l l S t a t e _____________
1 3 ,2 7 5
N one
N one
D e e '0 8
2 ,0 0 0 .0 0 0
C e n tra l T ru * t C o o f i l l . .
9 7 7 ,6 7 1
7
VH
1 .0 0 0 .0 0 0
C h ic a g o S a v B k * T r _ .
2 2 4 ,4 7 8
6
6
M a y 'l l
95%
97%
6 ,0 0 0 ,0 0 0 (1 ,8 1 0 ,6 1 2
C h ic a g o T it le & T r u » t . .
0
7 H
M ay’ll
9734 1 0 3
6 0 ,0 0 0
1 2 ,1 0 4
C X tlr o B S T r u s t & S a v i n g s
4
6
88
7 /
89*2
4 7 5 ,6 3 7
6 0 0 .0 0 0
C o lo n ia l T r u s t * S a v in g
8 + 2
8 + 2
M a y ’ t)5
__
3 .0 0 0 .
070304 , 6 4 6
C oat & C om m T r & Sav
1 1 0 ,9 2 8
D r o v e r j ’T r u s t & S a v ln g j
8
8
J u ly ’ l l . 2
86*2
82%
803,
2 3 9 ,4 1 9
F a r w e l l T r u s t O o __________
1 .5 0 0 .0 0 0
3
6
J ly ’ l l , 1 %
8 1 7%,
7318
S2%
F ir s t T r u s t A S a v i n g * ..
3 ,0 4 8 ,6 9 0
2 .5 0 0 .0 0 0
10
12
J n e 3 0 ’ 1 1 ,4
A u g 'l l
89 -%
91%
F t .D e a r b o r n T r i S a v B k
3 .0 5 7 B e g . b u s .A p r
2 5 0 .0 0 0
V . 0 2, p . 929
J u ly ’ l l
98% 100
G u a ra n tee T ru st & S a v .
2 9 ,4 7 0 I n c o r p o r a te d
V ,8 7 ,p .ll3 8
H a r r i s T r u s t & S a v i n g * . r 1 ,2 5 0 ,0 0 0
1 .9 1 8 ,4 3 4
J u ly ' l l . 3
11+5
A u g 'l l
9 9 % 100
U e i o e f l a n k A T r u s t _____ .
5 2 /1 1 J 7 B e g , b US A p r
3 0 0 .0 0 0
I V . 9 2 ,p .1 0 0 4
A ug’ll
92
94%
I llin o is T r u s t & S a v in g s
8 ,080500 , 8 2 3 1 0 + 4
5 .0 0 0 .
J r iy ’ ll, 4
10+4
M c ii’09
K en w ood T ru st A S avgs
6 2 ,0 3 0
J u l y ’ l l . 13 4
7+ 1%
J le h ’ 10
L a k e V ie w T m » t > * S a v e s
4 9 ,6 3 0
JU y ’ ll, 1%
6
6H
F e b ’ 10
M erch a n ts’ L o a a & T r O o
0 ,020703 , 2 1 0
3 .0 0 0 .
12
12
J u ly ’ l l . 4
M c h iO
7 5 0 .0 0 0
M e tr o p o lita n T r a it A S a v
2 4 8 ,8 5 7
6
0
J B e W I l,i%
M a y ’ 89
M ic h ig a n A v e T r C o
6 0 ,0 5 / B e g . b u& O c t
0 V 9 1 ,P .1 2 2 1
A u g 'l l
1013, 102%
M ld -C lty T r & S a v B k .
5 0 0 .0 0 0
5 8 .3 7 2 J o in , b u s. A p
1 1 V 02 p 1 0 0 4
A ug’ ll
102% 104%
N orth orn T ru st C o .. .
1 .5 0 0 .0 0 0
2 ,5 0 7 ,0 3 4
8
8
JU C 30 ’ l l , 2
J a ly ’ l l
101*2 192
N o rth -W e * te rn T r& S a v
1 2 0 0 ,0 3 0
7 7 ,2 9 3
J u ly - x i , 4
6
6
J u ly ’ l l
O ld C o lo n y T r & S a v B a n k
5 , 6 5 7 B e g . b u .4 J ’ n e I
V . 9 2 . p .1 5 3 7 .
95%
93
953,
P e o p l e ' s T r Js S a v B k . .
6 0 9 .0 0 0
1 3 7 ,5 3 5 B e g . b u s .D e o
V . 5 2 , p . «6
100%
100
101%
P u llm a n T r u it * S a v g * .
3 0 9 .0 0 0
8
2 5 9 ,0 7 2
8
Jun*30’ l l , 2
A p r ilU
S h e r i d a n T r <fc S a v B a n k
u
s.
J
i
y
2 5 ,9 7 9 B e g . b
0 V .8 » ,p .1 4 1
A p r ’ 10
S ta n d a r d T r & S a v in g s .
1 .0 0 9 .0 0 0
i
2 8 1 ,8 5 8 C o m m t-n e td
» c p t < 1910
M c a 'H
<J0
63
S t o c k m e n ’* T r im & S a v
4 3 ,4 6 2
6
6H
J u ly ’ l l , 3
A u g ’l l
10034 103
U n i o n T r u s t O o ___________
1 .2 0 0 .0 0 0
*8 + 2
t
1 .2 2 9 ,3 8 9 1 8 + 2
W * * t’ n T r u s t A S a v in g s
1 ,2 5 0 ,0 0 0
0
6
2 0 3 .6 5 8
J id y ’ l l , 1 %
Note . . — A c c r u e d I n t e r e s t m u s t b e a d d e d t o , a l l C h i c a g o b a n d p r i c e s
W e s t S id e T r A S n v B a n k
e
c
1 1 2 ,0 /1
J u ly ’ l l , 2
---------------------------------------------------------------------------------------------------------------- -----------------W o o d U w n T r A S a v B m *
6 9 .1 6 1
a
7H
J u ly ’ l l , 2 %
s-U rti w e r e m a d e ° u t b l s d a ^
t J u n e 7 (o io s e o f b u s in e s s ) fo r n a t io n a l b a n k s
a n d J u n e 8 (o p e n in g o f b u s in e s s ) f o r S t a t e In sU tu U o n e .
1 Nc
p r lc o F r id a y ; la te s t p r ic e t h is w e e k ,
a D u e D e c . 3 1 . b D u e J u n e, c E x -s t o c k d iv id e n d o f 33 1 -3 %
t A l s o 2 0 % In s t o c k .
7
D i v i d e n d s a r e p a i d Q - J , w i t h t -x t e a
m e n t* Q -F .
r C a p it a l t o b e in c r e a s e d t o $ 1 , 5 0 0 ,0 0 0 .
V. 92, p . 1811.
....................................
^ T u
^ ,H t ' 0 n ’
o f 4 % m o r e c a m e fr o m F ir s t T r u s t & S a v in g s ' 1^ * * .
ju a S Y c
1911.
w i n a d d i t i o n , t h e e q u i vraalue u
n ti o x* * " c A io G i r o m ^ E i r s t ’A
ir u s t
b a v in jis I J a n k .
v i a p it^ l
<inn
v
t tx
i j .*>
*/» X fn .m ii §i i i « » i
«
0,5 ^ i
t o i n c r e a s e c a p i t a l t a CBSO.OUO i ,
r a t ifle d ^
1362,
y C a p i t a l t o b e I n c r e a s e d t o $ 2 1 , 6 0 0 , 0 0 0 t o a c q u i r e c o n t r o l o l H i b e r n i a B a n k i n g A s s n o . V . 9 8 . p. 1 7 * ? 7 3 ,
II A l s o p a i d a n e x t r a d i v i d e n d o l
A m e r S tr a v v b ’ d 1 s t 6 s . 1 9 1 1 r - A,
1 8 0 * 2_
A r m o u r & C o 4 h s ____ 1 9 3 9 f
92%
B o o t h F is h C o D e b G 5 s ’ 17 J 160
D eb
g 5 s _______________ 1 9 3 4 J 100
S in k F d D e b O s tr r o c . . A - O
93*2
C a lu m e t & S o u t h C h ic a g o
R y 1 s t o s — ..................... 1 9 2 7 F - A t 9 8 %
99U
99*t
O & ss A v & f G i S t u
5 s 'D J 101%
O h i o B o a r d at T r a d e 4 s l 0 2 7 J - t*
109
fl0 2 % 192%
C h ic a g o C it y R y 5 s . . . 1 9 2 7 F
O h i o C o n s o l B r & .1116 6 s ____ J 104
O h io C o n s o t T r u e 4 % s 1 0 3 9 1 - D
69
O h io A u d i t o r i u m L s to s lS R M F 93*4
C h ic a g o E le v R y 5 s . -1 9 1 4 J
9S%
O h i o J o U K 1 s t M g i s . 1 3 4 5 .1 94*2
O h i o N o S h o r e f-A c c 6 3 .1 9 1 2 A - O
8" 7
C h i c P i l e I’ o o i 1 s t 3 3 . a l 9 2 1 J
89
90
89
O h i o R y r > s . _ _________ „ l l » 2 7 Is - A
9 9 i 2 S a le
99%
C h i c R y s 4 - o s s e r i e s * * A ” A - (i { 9 4 i 2 S a l e
94%
O h i o R y s l - 5 s s e r i e s ’ * B ” J - l> t 8 7 %
8 8 i2
88*4
C h ic R y s 4 -5 s s e r ie s “ C " h - A
90
C h ic R y s c o il 6 s . . . 1 9 1 3 F
t i l I I 10 T
10 1* 4
C h i c R y s F u n d O s . . 1 9 1 3 r - A { ---------1 0 0 l 2
109
C h i c R y s T e r n C t f s 1 s t iy
99%
O h i o I'l 1 & P R R 4 s . . 2 0 0 2 11 - N
83 I2
O o l l a t t r u s t g 5 s ____ 1 9 1 3 U - 9
63*2
C h i c T e l e p h o n e 5 s ______ 1 9 2 6 I - LV I _____ 10334
10.4*8
C o n i r a o i i i v - E d l s o n 5 8 . 1 9 4 3 » l - .8 t l 0 2 3 4 S a l e
102%
C h ic E d is o n d e b 6 3 .1 9 1 3 J 100%
1 s t ■; 5 s ______ J u l y 1 0 2 6 ». - O
UW
D e b e n t u r e 5 s ______ I D S * V* - B
100%
C o n u n o n w E le c t 5 s b l9 t 3
4 t .—
102% 102%
D la M a t c h C o n ilb 4 s . . 1B 2 0
t ______1 9 8
105*4
I l l i n o i s r u n n e l 5 s ______ 1 9 2 3 J - D
89
K a n C i t y R y <St L i g h t
C o 5 * ------------------------------- 1 9 1 3
\- N
97%
K n l c k 'b ’ k e r I c e 1 s t 5 s 1 0 3 3 A - O
100
L a k e S t E l — 1 s t 6 s ____ 1 9 3 8 I .
t 8 8 S a le
In com e
5 s _____________ 1 9 2 5 ) F e b
M e t r IV S i d e H I—
1 s t 4 s _____________________1 0 3 3 F - A
8 0 i2 S a le
88
E x t e n s i o n g 4 s ______ 1 9 .3 3 I - J
8 1 % S a le
81%
M i i r r l i 2c C o . 4 H ______ 1 9 3 9 J - J t --------90%
893i
N » r t i W e s t E l 1 s t l a . . . 1 9 1 1 ,\f - 5
100
N o r th w e s te r n G a s L ig h t &
C o k e C o 5 s ______________1 0 2 8
M
90%
O g d e n G a s 5 s ____________ 1 0 4 J
91*4
N t 9**2
9J%
P e a r s o n s - 1’a f t 5 s ________ 1 9 1 4
I - 1^ 08*2 . . . ; 1 0 0 %
4 . 4 0 s _______________________. . .
U - B
95
_____
96%
4 . 0 0 s m e r l e s H _______________
96
_____
97
4 . 8 0 s S c r i e s F ______________~ \1 - N
9 7 1 * -------98%
P e o G a s L & O 1 s t S g .1 9 4 3 A - O
121%
R e f u n d i n g g 5 s ______ 19 4 7
M - 5
i0 2 _ 182%
102%
C h ic G a s L & C 1 st 5s 1 9 3 7
103
--------1 ».’J %
J
C o n s u iu G a s 1 st 5 s _ l3 S *
1 9 1 % 1 0 2 14
102
D
M u t’ l F u e l G a s I s t5 s l9 4 7 M - N
101
101*2
S o u t ii S h lo K ie v 4 H s . t 9 2 4 J - J
9 5 % S a le
95%
S w i f t & Co 1 s t g 5 s ____ 1 9 1 4 J - J { 1 0 0 % S a l s
160%
U n i o n E l < L o o p » 5 s . .1 3 4 .3 A - 0
8S
U n ite d B o x B o a r d c « l 61 26
78
G e n e r a l m t g e 63 . . . .
60
/ ’ -■ J
W e s te rn E lc c C o 5 s I ..1 9 2 2 J - J
102%




la n ’ l 1
A ug’ll
.-le a ’ l l
M c h ’ 11
A p r’ll

1 0 0 % 100*2
92%
93%
9 0 % 100

90 100

200,000

102*4

200.000

2,000,000
200.000
200,000
200.000
200,000

200,000

t---- 100

200.000

200.000
200,000

M- N

___

%

200.000

101% 101%

200.000
200.000
200,000

Jn*»0-11,21

200,000
200,000

XttlVldZTom

V’1

«•

tS*

Ulcctric C om pan ies

Volume of Business at Stock Exchanges

n

Stocks.

S a tu rd a y

Bar value.

Shares

l l » l l .
----------------------

T u e s d a y ------------------ -- —
W ednesday
-----------------T h u r s d a y ------------------------F r i d a y ....................................
T o t a l ........................ ........

§ 2 9 ,6 4 4 ,4 0 0
4 8 .7 5 7 ,6 0 0
4 2 ,2 3 8 ,4 0 0
3 8 ,9 2 5 ,2 0 0
2 8 ,2 7 6 ,0 0 0
2 1 ,7 8 4 ,1 0 0

$ 8 3 7 ,5 0 0
1 .3 1 4 .0 0 0
9 3 3 ,5 0 0
1 .1 4 1 .0 0 0
1 .2 2 7 .0 0 0
1 ,0 3 4 ,5 0 0

2 ,2 9 0 ,5 6 0 $ 2 0 9 ,6 7 6 ,7 0 0

$ 0 .5 3 7 ,5 0 0

3 1 6 ,2 5 4
5 4 0 ,8 8 8
4 6 0 ,4 8 4
4 2 5 ,9 5 2
3 0 7 ,2 9 9
2 3 3 ,6 9 1

Week ending Sept.

Sales at
Exchange.

1911.

T o ta l

b o n d s ---------------

D A IL Y

$ 1 2 7 ,0 0 0
5 8 9 ,5 0 0
0 .5 3 7 ,5 0 0

$ 7 ,0 0 0
6 8 7 ,5 0 0
5 ,2 6 6 ,0 0 0

$ 7 ,2 5 4 .0 0 0

$ 5 ,9 4 0 ,5 0 0

T R A N S A C T IO N S A T ^ L U B

$ 5 3 9 ,5 0 0
1

to Sept.

$ 1 2 7 ,0 0 0
1.

$ 3 1 0 ,7 0 0
3 3 ,6 2 5 ,9 3 0
4 0 6 ,0 3 5 ,0 0 0

$ 2 ,6 3 0 ,5 0 0
7 9 ,8 * 8 ,5 0 0
4 9 4 ,2 3 5 ,0 0 0
* 6 7 6 .7 5 4 ,0 0 0 !

EOSTON

AN D

O A N Y 1 s t 6 s 1 9 1 1 _____ J - J
N Y & E R F e r r y s t k . . . 100
1 s t 6 s 1 9 2 2 ........................M - N
N Y * H o b 5s M a y ’4 6 .J -D
H o b F y 1 s t 5 s 1 9 4 6 . . A l- N
N Y A N J 5 s 1 9 4 6 _______ J -J
1 0 th & 2 3 d S ts F e r r y . . .1 0 0
1 s t m t g e 5 s 1 9 1 9 _____ J - D
4 U n io n F e r r y s t o c k . . . .1 0 0
e 1 s t 5 s 1 9 2 0 .................... M - N

$ 4 3 9 ,9 7 1 ,6 5 0

P H IL A D E L P H IA

Short-Term N otes

S a t u r d a y ------------------------M o n d a y ----------------------------

T u esday —

11 misled

Listed
shares.

.. .. . . ..

W e d n e s d a y — __ —
T h u r s d a y . . — -----------

I 'r lil a y --------------------------T o t a l ..................... ...........

shares.

1 5 .9 3 9
1 6 ,9 5 4
1 7 ,4 0 2
1 4 ,1 4 3
1 4 ,7 9 7
1 3 ,3 2 1
0 1 ,6 6 6

A m a l C o p 6s A p r 1 191 J . .
A m e r ic a n C le a r —
S c r B 48 M c h 1 5 1 2 . . M - S
B a lt A O h io 4 H s 1 9 1 3 .J -D
B e t h le ii S t e e l 6 s 1 9 1 4 . .M - N
O h e s A O h io 4 i2 s 1 0 1 4 . J - D
O k ie A A lt o n 5 s 1 9 1 3 .-M - S
Cl a H a m A D 4s 1 9 1 3 . _ _ J -I
E r i e 6 s A p r 8 1 9 1 4 ____A - O *
{G e n e r a l M o t o r s 0 s ’ 15 A A O
H u d so n C o m p a n ie s —
6 a F e b 1 1 9 1 3 .................. P - A
Cs O c t 15 1 3 1 3 . . A A 0 1 5
I n t A G t N o 5s T r C o c tfs
K C R y A L t 6 s ’ 1 2 _____ M - S
M in n A S t L g 5 s 1 9 1 3 - - F - A
M o K a n A T e x 5s M ay l ’ l*
M o P a c I U o 5 1 1 9 1 4 ............ J - D
N a t R y s o f M c x 4 1 4 8 ’ 13J -D

BMladelphla.

Boston.
Week ending
Sept. 1 1 9 1 1 .

Vniistsd
shares.

Listed
shares

Bond
sales.

1 0 ,8 * 0
9 ,4 0 6
6 ,6 7 7
1 0 .3 4 6
7 ,0 9 7
5 ,0 5 9

$ 1 3 ,0 0 0
3 1 .5 0 0
1 1 ,6 0 0
6 1 .5 0 0
3 2 .5 0 0
2 7 ,0 0 0

5 0 ,0 0 4

$ 1 0 7 ,0 0 0

0 ,8 7 4
1 0 ,5 9 8
6 ,9 5 6
3 ,7 5 6
3 ,3 3 7
8 ,3 9 4
3 9 ,9 1 4 .

Bond
sales.

2 ,0 4 9
8 ,4 4 9
7 ,3 6 4
6 ,6 3 9
0 ,7 8 1
4 ,5 6 2

$ 7 ,5 4 0
1 3 ,8 7 6
1 5 ,0 0 0
2 8 ,1 8 2
2 4 .3 0 0
4 2 .3 0 0

3 4 ,8 4 4

3 1 3 1 ,1 9 8

Outside Securities
All bond prices sre n ow “and interest'
Street R ailw ays

Bid

Ask

Cd “ t
ex cep t where m arked
t.

S tre e t R a ilw a y s

Bid

Ask

N

P u b S o r v O o r p N J (Con) —
I 0 7 i»
100
N e w 'k P a s R y 5 s ’ 3 0 . . J - J
140
235
R a p i d T r a n S t R y -------- 1 0 0
103
—
1 s t 5 s 1 9 2 1 ....................A - 0
J
C
H
o
b
A
P
a
t
e
r
s
o
n
■
2 d m t g e 5 s 1 9 1 4 -----------75>; 761;
4 3 g 1 9 4 9 ...................... M - N
C o n 63 19 < •—See S t o c k
130
S o J G a s E l A T r a c — 100
99
03
G u g 5 s 1 9 5 3 _______ M - S
C e n t ’l C r o s s to w n s t o c k ..I O C
.0 2
101
N o H u d C o R y 6 s 1 9 1 4 J -J
85
r so
1 s t m t g e 6 s 1 9 2 2 -------- 1 " ‘
102
-- —
5 s 1 9 2 8 .............................. J - J
20
10
100
—
E x t 5 3 1 9 2 4 ................ M - N
120
95
114
P a t l t y o o n Os 1 9 3 1 . . J - D
1st
E xc
C ol
9 t U A v e 5a—See S t o c k
10 H 2 103
2
d
6
s
o
p
t
1
9
1
4
_____
A
O
D r y D o c k E l i A 13—
C airo
1st
98
tO H n S o S l d a E l ( C h i c )—See C h
1 s t g o l d 5 s 1 9 3 2 ------------ J - D
10 114 102*4
S yra cu se R T 5s 1940 ..M -S
/ 30
40
S c r i p 5 s 1 9 1 4 ----------------- l : - A
90
99
T r e n t P A II 6 s 1 9 4 3 . . . J - D
510
275
100
U n ite d R y s o t S t L —
t 95
S c r i p 0 s 1 9 1 1 ................
9*4
C o m v o t t r c t £ s _________ 1 0 0
220
190
4 2 d A G r S t E 'y s t o c k .
41
413;
e P r e f e r r e d _____________ 1 0 0
E xc
1st
G e n 4 s 1 9 3 4 —See S t o c k
50
35
2 d t n c o m - 6 s 1 9 1 5 ____J - J
1st
U n i t R y s S a n F r a n —See S t k E x c
U st
I n t e r - M e t —See S t o c k E * o h d litre
4334 44
W a s h R y A E l C o ................1 0 0
il s t
IS xc
90
89
P r e f e r r e d .......... .................- 1 0 0
list
E xc
8 434
86*2
4 s 1 9 5 1 .....................................J - D
150
17 5
11
8
r 40
( ia s S e c u r itie s
60
C on sol 5s 1943.
120
26
Neto York
05
75
10012 10212
C e n t U n G a s 5 s 1 9 2 7 _____ J - J
85
95
S o P e r 1 s t 5 s 1 9 1 9 ------------- A - (
lilt
E xc
C o n G a s ( N Y ) —See S t o c k
E xc
li s t
T h i r d A v e n u e U R —See K tl
175
167
/
6
9
80
a M u t u a l G a s _______________ 1 0 0
T a r r y W P A M 5s 1 9 2 8 .
80
N ew A m sterd a m G a s—
85
Y ’ k crs S t R R 6s 1946 A -(
100
IO U 4
1 s t c o n s o l 5 s 1 9 4 8 -------- J -J
1 18
25
2 8 lh A 2 9 th d ta 5s ’9 6 . - A d
104
105
190
N Y A E R G a s 1 s t 5 s '4 4 J -J
216
T w e n t y -t h ir d S t s t o c k ..1 0 '
103
10 1
102
C o n s o l 5 s 1 9 4 5 ___________ l-J
1 0 3 13
U n io n R y 1st 5 s 1 9 4 2 .. . F - /
65
74
N Y A R ic h m o n d G a s .. 100
W o s tc h e s tc r 1st 6s ’ 43 J 10 1
99
N o r U n 1 s t 5 s 1 9 2 7 _____ M - N
____
70
a S t a n d a r d G a s c o m _____ 1 0 0
Brooklyn.
_____
05
e
P
r
o
f
e
r
e
d
______________
1
0
0
' A t la n A v e n u e R R —
103
10 6
1 s t 5 s 1 9 3 0 .........................M - N
101*4 1 03
'
93
102
1 160
Other Cities.
185
*56
59
A m G a s A E l e c c o m _______6 0
li s t
C o n 53—See S t o c k E x o l i *i nn gg e
*43
44
98
102
P r e f e r r e d ___________________5 0
293
296
A m e r L i g h t A T r a c t -------- 1 0 0
10
U
o
1.06
98
101
P r e f e r r e d -------------------------- l o o
e 1 s t g 5 s '4 1 o p
75
78
A m e r P o w e r A L- c o m . 1 0 0
■
97
99
8 2 l2 84
li s t
E xc
P r e f e r r e d . . . . . . . . . . . 10O
B k ly n R a p T r a n — See :
*34
‘2
I.
4i
65
B a y s t a t e l i a s ...........................5 0
C o n e y i s l A B k l y n ------82
1
75
B l u g h 't o n ( N Y ) G a s W k s
1st c o n s g 4s 1 9 4 8 ..
07
10 0
80
75
1 s t g 5 s 1 9 3 8 ...................... A - O
C o n g 4 s 1 9 5 5 ...............
E xc
I ls t
101
98
B r o o k l y n U n G a s —See S t k
B r k C A N 6s 1 9 3 9 5
7
lis t
k E xc
B u ffa lo C it y G a s s t o c k . . 100
E xc
U st
1)
-------1st 5s
1 9 4 7 —See S t o c k
71
71
)
101
103
C i t i e s S e r v i c e C o __________ 1 0 0
os
1 9 4 4 ............
77
79
li s t
k E xc
P r e f e r r e d .............................. 10 0
93
04
06
s
yo
C o n G a s o t N j ' 6 s 1 9 3 6 .J -J
10 4
j
10 0
C o i w u m o r s ’ L 11 A P o w —
10 0
6s
1 9 3 8 ..................................J - D
____
22 0
D e n v e r G a s A E l e c ............. 1 0 0
Other Cities
03
94
G e n g 5 s 1 9 4 9 o p _____ M - N
B u ffa lo S tr e e t R y —
300
E l i z a b e t h G a s L t C o _____ 1 0 0
\
1 0 3 t2 104
______
137
105
E s s e x A H u d s o n G a s ____1 0 0
J
104
83
s4612 G a s A E l B e rg e n C o . . ..1 0 0
85
0
83
9
9
9
7
1
*
1
01
e
G
r
R
a
p
1
s
t
5
s
1
9
1
5
.
.
.
F
A
0
95
132
136
H u d s o n C o G a s .......................1 0 0
ii la lis t
C o lu m R y c o n 5 s 33
105
35
)
102
I n d i a n a L i g h t i n g C o ______ 1 0 0
76
69
65
0
74
4 s 1 9 5 8 o p _______________ F - A
82
20
27
0
80
I n d i a n a p o l i s G a s ...................... 5 0
li s t
I; E x c
70
86
1 s t g 5 s 1 9 5 2 ...................... A - O
85
0
80
J a c k s o n G a 3 5 s g 1 9 3 7 . . A - O / 9 7 i , 10 0
IO 6 I 4 e L a c l e d e G a s —See S t o c k F x c h 1
J
106
e L o u l s v S t 5 s 1 9 3 0 ------1) 1 0 5 1 , 10 6 * 4
e P r e f e r r e d _______________ 1 0 0
L y n n A B o s 1st 5s 1 9 2 4
0
40
M a d is o n G a s 6 s 1 9 2 8 . . A -O
o N o w O rl lt y s A L g t . .
127
3
8U | —
N e w a r k G a s 6 s 1 9 1 4 ______Q - J
e P r e f e r r e d ........................
li s t
8 tk E :
N e w a r k C o n s o l G a s ________1 0 0
0 /1 *
081 2
G en M g 4 H i 1936— .
x S tk I xt l i t
e C on
5 s 1 9 4 8 ................ J - D
103*2
t
1051, 1 0 0 H
N o H u d son L H A P ow
J
65
5s
1 9 3 8 ..................................A - O
_
N
77
07
P a c i f i c G a s A E , c o m ____1 0 0
1 s t 4 s 1 9 4 8 ...............
70
0
75
P r e f e r r e d ............................. 1 0 0
ous T ra ct ot N J - .
92
L) 1041
1051; P a t A P a s G a s A E l e c . . 1 00
L it 6j 1 9 3 3 . . —
e C e n g 5 s 1 9 4 9 ............. A l - S
91
3t J o s e p h G a s 5 s 1 9 3 7 . . J

Neto York Clip

21
15
70
00
40
120
81
99
1st
E xc
1 0 H ; 103

1

101 10$
12)
100
88
101

O B a s is ,




a S e lls o n S t o c k

6'
U S t2

78
115
110
05
40
108
112
05
00
00

75

100
95

E xch an ge,

o u t n o t v e ry a c t iv e .

/

83

Ask
I n d u s t r ia l a n d ft lls c c !
Sid
65
C o n s o l C a r H e a t i n g -----------1 0 0
oS
41­
C o n s o l R u b b e r T i r e -----------1 0 0
3
19
P r e f e r r e d ................................... 1 0 0 2 0
43U
D e b e n t u r e 43 1 9 5 1 . . A - O f 41*2
e C r u c i b l e S t e e l ______________ 1 0 0 11*4
80
e P r e f e r r e d ...........................1 0 0
79
1
•'M
D a v l s - D a l y C o p p e r C o — 10
104
e D i a m o n d M a t e d C o ____ 1 0 0
J
4
0
1
8
0
d u P o n t (E I) d e N em P o 100
99
e P r e f e r r e d - . ____. . _____ 1 0 0
83*12 8 5
{ G o l d 4 H i 1 9 3 8 -------- J - I )
E l e c t r i c B o a t _____ _______ 1 1 0 0
P r e f e r r e d ____________
100
E m p i r e S t e e l ________________1 0 0
55
60
P r e f e r r e d _________________ 1 0 0
124
13 1
e G e n e r a l C h e m i c a l ________1 0 0
e P r e f e r r e d ________________1 0 0 1 0 6
*1
h
G o l d H1U C o p p e r ----------------------1
6 l,
*0
G r e e n e - C a n a n e a ............. ......... 2 0
ISO
195
G u g g e n h e im
E x p l o r 'u . _ 1 0 0
e H a ck en sa ck W a ter C o —
S3
87
R e f g 4s ’62 o p 1912 ..J -J
H a l l S i g n a l C o c o m _______ 1 0 0
5
3
H a v a n a T o b a c c o C o _____ 1 0 0
P r e f e r r e d ..............................1 0 0
50
1st g 5s J u n e 1 1922 .J -D / 40
H e c k e r -J o u o s -J e w e ll M illin g
99
1 s t 6 s 1 9 2 2 ......................... M - S
15
15
H e r r in g -H a ll-M a r n o w . . 100

'5o*
50*
98> s
99U
10512 1 0 7
93
25
58

21

96

9 9 f g lOOlg
1 0 0 's

100

10034

10 0 U

99

93
99>2

V8 O4

100*1
98

9934
9 9 lJ
1007*
98*2
99
99
9712
97
94U
9944
96*4

9812
9 8 i2
95m
94
93*4
991S
961«

100
100 10012
101 10U2
97
90
IO O I 4 100*4

10Hg 10 Hg
97*2

95

21
100

121

102

H o b o k e n L a n d A I m p . . 100
1*04*
1 st 53 N o v 193 0
9
H o u s t o n O H .................. ............ 1 0 0
71*2
P r e f e r r e d . . . ____________ 1 0 0
109
I n g e r s o U - R a n d c o m ___ 1 0 0
e P r e f e r r e d . . .......................1 0 0
23
I n te r c o n tin e n ta l R u b b e r 100
I n t e m a t ’l B a n k in g G o . . 100
23*8*
i n t e r n a t i o n a l N i c k e l _____ 1 0 0
9S
P r e f e r r e d ________________ 1 0 0
99
1 s t s 5 s 1 9 3 2 .......................A - O
I n t e r n a t i o n a l S a l t _________1 0 0
1 s t g 5 s 1 9 5 1 ................... A - O / 4 3
80
I n t e r n a t i o n a l S i l v e r _____ 1 0 0
115
P r e l e r r e d .......................
100
1 s t 6 s 1 0 4 8 ....................... . J - D
I n t e r n a t S m e lt & R e f g . , 1 0 0
J o n a s A L a u g h lln S te e l C o
1 s t s f g 5 3 1 9 3 9 ..............M - N
30
e L a c k a w a n n a S t e e l ______ 1 0 0
80
e 1 s t c o n 5 s 1 9 5 0 ______M - S
93
e D e b 5 s 1 9 1 5 ....................M - S
931;
L a n s t o n M o n o t y p o ________1 0 0
260
L a w y e r s ’ M t g e C to_________ 1 0 0
250
L e h A W I l k e s - B G o a l ______5 0
e L o r U l a r d ( P ) p r e f .............. 1 0 0 1 4 5
50
M a d i s o n S q G a r d e n ________1 0 0
05
2 d 6 s 1 9 1 9 ................. . . . M - N
*17,
M a n h a t t a n T r a n s i t .................2 0
* M a y D e p t S t o r e ?— See S t k K x c b
E
x
cti
{ M i a m i C o p p e r — See S t a c k
*9 1
M o n o n g a b e l a R C o a l _______ 6 0
*321;
P r e f e r r e d ...................
50
M o r t g a g e B o n d C o ________1 0 0
N a t B a n k o f C u b a _________ 1 0 0
e N a t i o n a l S u r e t y _________ 1 0 0 2 1 5
X e v - U t a h M i n A S m ________1 0
e N e w C e n t r a l C o a l .................2 0
a N e w Y o r k D o c k _________ 1 0 0
{ P r e f e r r e d _____________ 1 0 0
N Y M t g o A S e c u r i t y ____ 1 004 2 1 5
N Y T r a n s p o r t a t i o n ______________ 2 0 * 3
...
92
N l l e s - B c m - P o n d c o m ____ 1 0 9
*734
N lp ls s in g M in e s
* ll2
O n l o C o p p e r C o ______________ 1 0
O n .a r io P o w e r C o —
1 s t g 5 s 1 9 4 3 o p t _____ F - A
1*4
e O n t a r i o s i l v e r ____________ 1 0 0
G9
O t i s E l e v a t o r c o m ________ 1 0 0
99
P r e fe r r e d
*171?
P i t t s b u r g h B r e w i n g .............5 0
*42
P r e f e r r e d __________

101

85
li s t
9H 2
85
160
135
43
53
170
94
3
24
24 J

30
l U 1*1j

100

2

93,
73

255
2

U nger M fg C o .

1 s t M g 5 s '3 1 r e d _____ A - (
A d ju s t M 5 s A p r 1 1 9 3 1 ..
S t a n d a r d C o u p le r c o r a .- l O i
P r e f e r r e d ..................... ........ 101
{ S t a n d a r d M il U n g C o ____10<

a S ilo

p r ic e .

118
ill
125

40
81
9 312
95
270

00
105
21,
lis t
lis t

10

33
114
106
225
7 ie
25

66

219
4
96

8

15,
981;
70
.0 1
____ _

/

t

4
____
12
1

42
105
12
47
85
_____
58
1U U 2
100
E xc
E xc
E xc
9$
84
125

265
4
8
U
15

3
45
115
17
53
8S

59
103
101
li s t
lis t
U st
100
85
135
6
*5 3 4
8
4
55
50
40
)
25
{ S t k * x lis t
J
38
41
113
)
103
J
102
104
Z43
44
)
101
109
0
H4
1^4
)
10
16
)
216
)
70
11 6
0
113
95
)
80
) 1 0 5 110
J
100
105
100
J
95
3
22
29
0
85
96

161;
2*2

88

5
53

100

42 1 *
104
{P it t s b u r g h S tea l p r e f . .1 0 0
43
45
P o p e M f g C o c o m ________ 1 0 0
75
77
P r e f e r r e d _________________ 1 0 0
10 2
98
P r a t t A W h i t n e y p r e f.- 1 0 0
10 0
85
P r o d u c e r s O i l ________________1 0 0
US 5
r R a y C o n s o l C o p p e r —See S vk E x
112
117
100
500
r lO O i ; 108
119
121

120
122

2

101
100

111
102

10

8

24
95

245

101 10U2

100 102
2

N o im a a t.

10514

110

300
lb l
lilt
103
0.5
35

6s
1 9 3 5 ..................................A - O
67
D o b 4 s 1 9 2 3 ......................... P - A
280
A m e r i c a n S u r e t y . . .................5 0
*5
5>;
A m e r i c a n T h r e a d p r e f _____ 5
356
375
A m T o b a c c o C o c o m _____ lO l)
52
48
A m e r T y p e t ’d ers c o m — 100
P r e f e r r e d _________________ 1 0 0
9 9 1; 1 0 0 1 1
D e b g 6 s 1 9 3 9 ............... M - N
A.
A m e r W r i t i n g P a p e r -------- 1 0 0
list
{ P r e f e r r e d —Sts S t o c k E x c h ’ g e
9 0 'g
9 012
e l s t a f g 03 ' l u r e d 1 U 5 J -J
A t l G if A W I S 3 L i n e s . . 1 0 0
19
17
P r e l e r r c d ...............................1 0 0
69
67 1
C o l t r g 5 s 1 9 5 9 ________ J - J
25
15
B a r n e y A S m i t h C a r ______ 1 0 0
•j0
n80
P r e f e r r e d . ...........
lo t ;
90
70
B l i s s C o m p a n y c o m ----------- 5 0
125
P r e f e r r e d ..................... —
50
250
245
B o n d A M t g e G u a r .............. 1 0 0
124
B a r d e n ’ s C o u d M i l k ----------1 0 0
I T e f e r r e d _________________ 1 0 0 Z I U 6 I 2 1 0 8 *2
4
B r i t i s h C o l C o p p e r .............
*3*4
* 1 4 l2
B u t t e C o a li t io n M in i n g . 15
C a s e in C o o f A m c o m — 1 0 0
53
40
P r e f e r r e d _________________ 1 0 0
140
125
C a s u a l t y C o o f A m e r ____ 1 0 0
137
134
C e l l u l o i d C o ............................... 1 0 0
C e n t F i r e w o r k s c o m --------- 1 0 0
P r e f e r r e d _________________ 1 0 0
700
C h e s e b r O u g h M f g C o ----------1 0 0
e C h i n o C o p p e r C o —See S t o c k E x
C i t y I n v e s t i n g C o ...............1 U 0
P r e f e r r e d _________________ 1 0 0 ' *98*
85
e C la i l l 11 ( H B ) c o m ..............1 0 0
e 1 s t p r e f e r r e d -----------------1 0 0
87
e 2 d p r e f e r r e d ...................1 0 0
C ol A I lo c k C o a l A I p f.1 0 0
1 s t g 5 s 1 9 1 7 ------------------- J -J
C o l t r 6 s O c t 1 9 5 6 ______J - J

11

12
12

100

100 100lj

R a ilr o a d
C h ic P o o r A S t L —
P r io r lie u g 4 H i ’ 3 0 . M -S I 9 0
C o u m t g e g o s 1 9 3 0 ____J - J / 4 J
6
I n c o m e 5 s , J u l y 1 9 3 0 _____ (
C h i c a g o S u b w a y ....................1 0 0
N o r t h e r n S e c u r it ie s S t u b s . .
*2912
P i t t s B e s s A L E ...................... 5 0
*6242
P r e f e r r e d ...................
50
e R a ilr o a d S e c u r itie s C o —
90
i l l C s t k t r c t f s s e r A ____6 2
S eaboard C om p a n y—
84
1 s t p r e f e r r e d ................... . 1 0 0
C o m A 2 d p r e f —See B a l t E x c
91
W o s t P a c l i t 5s 1 9 3 3 .-M -S
I n d u s t r ia l u n d A lis c e i
A d a m s E x p g 4 s 1 9 4 7 ___ l - D / 8 4
*155
A h m e e k M i n i n g ________ . - - 2 5
125
A l l i a n c e R e a l t y ................... . 1 0 0
*48
A m o r B a n k N o te c o m .. 60
P r e f e r r e d ............................
5U * 5 1
165
A m e r i c a n B o o k ____________ 1 0 0
90
e A m B r a k e S h A F d y c o m lU O
12 S
{ P r e f e r r e d . . _______ . . . 1 0 0
A m e r i c a n B r a s s ____________ 1 0 0
235
A m e r i c a n C h i c l e c o m ____1 0 0
104
P r e f e r r e d ....... ...............
100
4
A m G r a p h o p h o n e c o m . . 100
23
P r e f e r r e d ....................
100
1
4
0
A m e r ' H a r d w a r e ___________1 0 0
9 9 ';
A m M a l t i n g 0 s 1 0 1 4 ______J - D
90
A m e r P r e s s A s s o e ’ u ______ 1 0 0
235
{ A m e r S n u f f c o m _________1 0 0
90
e P r e f e r r e d _______ ________ 1 0 b
k Ex
A m S t F o u n d n e w —See S

F la t p r ic e .

IO3I4

8
8

98

¥i 4'
k 4*i ; %
!> 4 l2 %
4 H s J a n 1 9 1 2 -1 9 2 5 ...
Y C en t 4 H s 1 9 1 4 ...M -S
Y N U A 11 5 s J a n 1 9 1 2
IO O I 4 1 0 1
4 H s M c h 1 1 9 1 2 _____A l-S
9 8 I4 9 83j
t L A 3 F 5 s 1 9 1 3 _____ A l- S
9 $ l2
98
5s Ju n e 1 1913 o p t ..J - D
9 9 fg lOOlg
o u t h R y g 6 s 1 9 1 3 -------- F - A

ld e w a t e r 63 , 1 9 1 3 , g u a r . . .
W a b a s l i 4 H s 1 9 1 3 _____ M - N
W e s t T e le p A T 5s ’ 1 2 .P -A
W e s tlu g h ’se E l A M 6 s 1913
e 5 % n o te s O c t 1 9 1 7 -A -O

11*2

10S12

43
118
116
70

i-erry C om panies

1 2 3 ,0 7 4 ,3 8 1
7 5 ,1 4 3 .7 7 2
$ 6 ,7 3 2 ,6 7 2 ,4 0 0 $ 1 1 ,0 5 3 ,4 4 3 ,8 0 0
$ 8 2 2 ,6 0 0
$ 1 ,3 6 3 ,2 0 0

$12,000

$20,200

Bonds.

A m e r T e le g A C a b le .. . 100
A S o A m e r _____ 1 0 0
C o m m ’ l U n T e l ( N \’ > . . _ 2 5
E m p ir e A B a y S t a t e T e l . 10 0
F r a u k i l n ..................................... 1 0 0
G o ld A S to c k T e l e g . . . 100
e N o r t h w e s t e r n T e l e g _____ 5 0
P a o l S o A A t l a n t i c __________ 2 6
e P .v o T e l e p A T e l e g p r e f 1 0 0
S o u t h e r n A A t l a n t i c _______ 2 5

1911.

1010-

9 0 ,5 6 8
S t o c k s — N o . s h a r e s ____
$ 1 2 7 ,8 3 4 ,8 0 0
P a r v a l u e _____ . . . . . $ 2 0 3 , 6 7 5 , 7 0 0
B a n k s h a r e s , p a r . . ____
G overn m en t b o n d s ...
S t a t e b o n d s -------------------l i l t , a n d m ls c . b o n d s .

Telegraph and T elephone
e C en tra l

Ja n .

L

Ask

B id

li s t
C h i c a g o E d i s o n C o —See C h e a a o
3612
G r ’ t W e s t P o w 53 1 9 4 0 ..J - J
84
e K in g s C o E l L A P C o . 1 0 0 12 3 125
87
N a r r a g a n ( P r o v ) E l C o ____5 0 * --------N V A Q E l L A P o w C o . 100
53
P r e f e r r e d _________________ 1 0 0
73
U n ite d E le c tr ic o f N J . . . 10 0
90
7 8 ig
1 s t g 4 s 1 0 4 9 ...................... J - D
78
SO
W e s t e r n P o w e r c o m _____ 1 0 0
29
61
P r e f e r r e d _________________ 1 0 0
59

T R A N S A C T IO N S A T T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y
W E E K LY AND Y E A R LY ,

Sepi.

581

THE CHRONICLE

S e p t . 2 1911.]

U S S te e l C o r p o r a t io n —
.
KJ
W estch ester

a
0

A

1141,1 1 1 5
1141j 115
100
—

1*9
01*1441
107
W o r t h l n g t 'n P u m p p r e f . 1 0 8

; N ew

sto ck .

*

E x -d lv .

166
1 4 5 'j
112

* E x -r ig h ts

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
SH ARK P R IC E S —NOT P E R C E N TU M P R IC E S
Saturday
Aug. 20

Monday
Aug. 2 8

Tuesday
Aug. 2 9

* 1 0 2 1 2 10 2 %

10338 1031?
1013.1 ♦ lO l - ig 10 2

*101

10312 104
*103
10 U S 10 1%

127
*217

127

+127
127%
127
217
217
*217
10 2
10 2
102
1023,
*295
*295
...
*295
* 1 2 1 2 14
*75
75 1 4 7 5 1 4 * 7 5
*
13
-------* -------50
*
56
*
165
105
*165
. . .
*165
*
--------------------------1
1
4
*
*1 1 4
*271
. . .
*271
. . .
*271
*1 2 7 1 2 128%
1 2 7 I2 1271?
127%
*159
...
16112 1611?
161%
*93
..
*92
...
*92
* - - . . 145
*
1 41 54 5
17
17 3 8
17
17%
17%
*8 8
881?
* 8 7 1 2 88
*87%
13214 1 3 3
1 3 1 l2 1 3 2 %
132%

103%

103%

Friday
Sepi. 1

103%

10378

_____
13

*75

103'
219
127%
217
104
A ug’

12

. . .

*75
. . .
75
Last Sale 1 2
J u ly ’
56
Last Sale 5 1
A ug’
_____
165
*164
165
*165
166
114%
Last Sale 1 1 4
A u g ’ 11
_____
Last Sale 2 7 2 J u l y ’
1271?
128
128
128
zl2 6 %
12C %
161%
165
161% 161% *1 6 1
165
Last Sale 9 2 % A u g ’
14
145
* ---------1 4 5
17%
17
17%
17
17%
171 !
17%
88
*87%
88 %
87
873,,
86
86%
133
132
132%
13178 1 3 2 %
132
133
Last Sale 1 4 2 J u l y ’ l
*2 12 *
” 1
Last Sale
J u ly ’ l l
1 8 7 1 2 1 8 7 % 1 8 7 % * 1 8 7 % ______ * 1 8 7 % _____
40
*35
40
*38
40
*35
40
11012 1 0 9 % 1 0 9 %
108% 109% * 1 0 8 % 109%
104
*103
...
*103
_____ * 1 0 3
. . .
1683,
16678 1 6 9
1 6 7 % 167)
166% 166%
167%
167%
9114 + 9 0 %
91%
91%
91%
+91%
92%
*162
. . .
*162
Last Sale 1 6 4 J u n o ’ l i
87 1 4
87
87 1
87%
87%
*87%
88

12

56
164
114
*27 r
128
*161
*92

_

_

_

-

_

_

1212 1212
*---- 121?

Thursday
Aug. 3 1

*101% 102
102
221 221 221 221 *101%
*219
223
£219
127
127% 127% *1 2 7
1271? * 1 2 7
221 * 2 1 7 2 3 1
17
..."
217
102 102%* 1 0 2 1 0 3 * 2102%
102% *102
*295
. . .
Sale 2 9 8
*12% 1*4 * 1 2 % 1 4 * 1Last
2%
14
12

221 221

*221

Wednesday
Aug. 3 0

*212 . . *212

*18712
35
*10912
*10U 2
16578
*90
*162
87%

50
102%

188
18712
35
*35
11118 10912
103
104
16G34
168
90%
*9034
...
*162
88
8714

*212'

*100 10014

511'
103 ‘

10 0

10 0

10 0

212

88

10 0

10 0

88

10 0

*93

100

Sales
o f he
Week
Shares

Range since January 1 .
On lasts oj 100-share lets.

STO C K S
B O S T O N S T O C K
E X C H A N G E

Loicesl.
.

,

„
R a ilr o a d s
T o p & S a n ta F e .1 0 0
6
D o
p r e f _______________ l o o
1 2 3 B o s t o n & A l b a n y _______1 0 0
B o s t o n E l e v a t e d ________ 1 0 0
B o s t o n & L o w e l l ............... 1 0 0
B o s t o n & M a i n e ............... 1 0 0
B o s to n & P r o v id e n c e . 100
B o sto n S u b u rb a n E l C os
D o
p r e f ____________________
31
B o s to n & W o r e E le c C o s .
D o
p r e f ______
O h i o J u n e R y & I J S 'y I I o o
D o
p r e f ___________ ___
C o n n e c t i c u t R i v e r . . 10 0
9 9 F i t c h b u r g , p r e f _________ 1 0 0
1 0 3 G a R y & E l e c t r i c ______ 1 0 0
D o
p r e f . . . ’ ________ 1 0 0
M a i n e C e n t r a l ____________ 1 0 0
100
1 ,8 4 1 M a s s E l e c t r i c C o s . .
D o
p r e f _______________ 1 0 0
887
1 ,2 9 5 N Y N H & H a r t f o r d . 1 0 0
10 0
N o r t h e r n N I I ______
N o rw ich & W o r p r e f 100
O l d C o l o n y ___________
10 0
R u t l a n d p r e r ____
" 10 0
7 0 S e a t t l e E l e c t r i c .............. " 1 0 0
D o
T r e f - ....................... 1 0 0
______
5 8 8 U n i o n P a c i f i c ___________
1|0 0

220 A t c h

210

2

h

20

D o
p re f. . . : . . . " 1 6 6
V e r m o n t & M a s s ______ 1 0 0
259 W e s t E n d S t . .
D o
p r e f .............. . 1
63

156
87
109

M ch
J ’ly
A ug

A ll s e e l ta n e o n s
A m e r A g r ic u l C h c m _ .1 0 0
46% J a u
, D '
p r e f ............................ 1 0 0
99
Jan
A m e r P n e u S e r v ic e .. 50
3 % A u g 25
12 %
D o
p r e f _________________ 5 0
12% A u g 25
114
I lf
*115
110
115% 116
115
A
m
e
r
S
u
g
a
r
R
e
f
l
n
____
1
0
0
113
A u g 12
116
110
115
116
116
116
115%
D o
p r e f _______________ 10 0
111% J a n
13278 13178 1 3 2 %
132
131% 132
13 4 3 ,,
A m e r T e le p & T e lc g .1 0 0
1 3 1 .% A u g 3 0
*28
291?
*27%
29
ug’l 1
A m e r ic a n W o o l e n ..
10 0
2 8 % A u g 17
83
8812
882
’ 427
D o
p r e f ............................ 10 0
xSO M c l> 2 9
8
8
8
A t l G u lf & W I S S I , . 100
8
A u g 24
17
17%
50
D o
p r e f ________________ 1 0 0
17
A ug31
Last Sale
J u ly " 1 1
B o sto n L a n d ..
10
5 % J a n 13
+152
1531* * 1 5 2 % 1 5 3 % * 1 5 2 % 1 5 3 %
Last Sale 1 6 4 % A u g ’ l 1
C u m b T e l e p & T e 'l e g l l O O
91 2
93.
1 4 5 % J a n 10
9-%
10
*9%
10
*9%
9%
*9%
9%
93,
1
0
3
2
5
E ast B o sto n L a n d .. .
* --------94
7% J a n 18
93
93
10 E a s t e r n S t e a m s h i p . . . 1 0 0
286
280
78 7 8 F e b
2S0 286
2 8 6 ' 286'
* -------- 2 8 6
* 1 1 1 1 28*6'
285
285
146 E d is o n E le o I l i u m .
1 0 0 £ 2 7 8 % J ’ l y 14
l o l l 4 151%
151
152%
151
151
153
153
£161
1
5
1
2 1 7 G e n e r a l E l e c t r i c ............. 1 0 0 £ 1 4 5 % M c h 3
93
93
93
9 3 38
93
93
*02%
92%
92%
03
92-%
93
5 04 M a s s a c h u s e t t s G a s C o s lO O
9734 9734
87% J a n
3
98
93
97%
98
9778 9 8
97%
977s
97
97%
241 „ D o
p r e f ........................... 1 0 0
*225
235
2267s 2267? * 2 2 3
94% J ’n e2 7
230
230
230
*22S 7S 2 3 0
*22878 2 2 9 %
*334
41 2
M e r g e n th a le r . L i n o .
100
*334
41 ?
211
Jan
4
*3%
4%
*3%
4%
Last Sale 4 %
A u g ’ l;
♦111
114
M e x ic a n T e le p h o n e .. 10
* 111
114
3 % M c h 20
n il
113
*110
113
110%
113
55 N E C o t t o n Y a r n . .
100
*107
109
*107
110
Jan
3
109
*107
108% *107
108%
Last Sale 1 0 8 A u g ’ 11
.. D o
p r e f ............................ 1 0 0
*145
146
106
Jar
3
145
145
145
145
145
145%
1 4 5 % 14534
1 4 5 -%
14534
1 6 2 N E’ T e l e p h o n e ...................1 0 0
*105
. . .
137
J a u 14
*105
*105
. . .
*105
. . .
Last
Sale 1 0 ....
4ll
1 o J. u l y ’ l l
............................
P
a
c
i
f
i
c
C
o
a
s
t
P
o
w
e
r
.
.
1
0
0
* 6 4 1 2 _____
96
Jan
9
*64
60
64%
64%
64%
64%
64%
64%
" s o P o r t la n d (M e ) E l e c . .1 0 0
1 5 7 l2 1 5 7 %
62 % J ’ ly 29
156
158
1 5 0 * 166*
156
156
156
166
P u l l m a n C o ______
10 0 1 5 0
14
14
A u g 28
*13
14
*13
14
13%
13%
*13
14
5
0
R e c c e B u t t o n - H o l e . I 10
1 0 1 3 8 1 01-%
£12
Jan
6
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I l l i n o i s D i v 3 % s ..................... 1 0 4 0 J - J
O 'b l o j o l i y A S t K Y u s 6 o . 1 0 1 6 J - J
C o ll t r u s t r e fu n d in g g 4 8 1 9 4 0 A -O
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O h M A S t B W ia V 'i i v (5 a l0 2 0 J - J
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O h i o * W M i c h g e n 6 s ____ 1 0 2 1 J - D
C o u o o r d A M o u t c o n s 4 s . . 1 9 2 0 J -D
C o n n A B a s s It 1 s t g 4 a ...1 9 4 3 A -O
C u d a h y P a c k ( T l i e ) l s t g 6 s 1 0 2 4 171. N
C u r r e n t i t l v e r 1 s t 6 s .............1 0 2 0 A - O
D e t O r B a p A VV 1 s t 4 s . . . 1 0 4 ( 3 A - O
D o m i n i o n C o a l l e t s t 6 s . . 1 0 4 (3 M -N
F i t c h b u r g 4 s .................................1 9 1 6 M - S
4 s ........................................................ 1 9 2 7 . M - S
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99
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91

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90
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A u g ’ 11
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97
87%
08
103 %

M a i ’ 11
J ’l y ’ l l
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128
140

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102

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H l ( / / l I .V o L o w H ig h
I
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%
I l l t n o i s S t e e l ( l e b o n 5 s -------1 9 1 3 A - O
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102%
lit F a lls A S io u x C i s t 7 s .. 1 0 1 7 A -O
............................. 1 1 7
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02
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94*4
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M ay’ll
............................ 1 0 0
K a n d F t S A G u ll e x t 5 s ..1 0 1 1 J -D
90
110 %
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1 2 2 *3
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92
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K a n C M A B g e n 4 s ................1 0 3 4 M - S 1
02
_______
92%
00
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..............
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02
| M a in e c e n t c o n s 1 s t 7 s . ..1 9 1 2 A -O
10 1 % Sep ’05
C o n s 1 s t 4 s ..................................1 9 1 2 A - O
113
1
_______
____
M a r o H o u g h A O n t 1 s t O s .1 0 2 5 A -O
115
J’n e’08
110%
* 1 6 ,‘ *0 9 % i b o %
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10 0
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73
| M u s s G a s 4 * 3 8 ............... . . . . . . 1 0 2 0 J - J
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102 % A u g 0 1
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N e w E n g C o t Y a r n 5 s ____ 1 0 2 0 F - A
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10 0 * 4
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1 0 1 % A la r ’ l l . . . . 1 0 1 % 1 0 2
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f i 3 ............... ............................................ 1 0 1 0 A - O
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B o s t o n T e r m 1 s t 4 s ...........1 9 3 9 A - O
.............
76
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N o w B iv c r (T h e ) c o n v o s . 1934 J -J
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96%
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87%
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1 3 3 *# M a y ’ 1 1 . . . . 1 3 2 % 1 3 - 1 %
C o n v d e b O s ( e t t s ) ............. 1 0 4 3 J - J
101
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O r e g S U D i n e 1 s t g O s ...........1 0 2 2 F - A
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08
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102
M ar’02
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80%
90%
1 104
106
104%
104 %
S e a t t l e E l e o 1 s t g 6 s ................1 0 3 0 F - A 1 0 4 * 3 B a l e
114
114
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93
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97
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i|
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T o r r i n g t o n 1 s t g 6 s .............. 1 0 1 8 . M - S
100
101%
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U n i o n P a o B B A 1 g r g 4 s .1 0 J .7 jJ - J
104% A p r’ ll .... 104% 104%
2 0 - y e a r c o n v 4 s .......................1 9 2 7 J - J
A u g ' 11 . . . .
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99
00
M ay’ ll
W e s t E n d S tr e e t B y 4 S ....1 0 1 5 F -A
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08
1 0 0 *3 M a y ' 1 1
. . 1 0 0 % 100*3
C o l d 4 * 3 8 ......................................... 1 9 ) 4 M - S
08*3 a pi ’ lo
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O S 's 9 9
00
A u g ’ 11
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|127% 1 2 8
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08*3
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So | Low

A sk Low

.............................H o i ' l l
9 0 % s a le
89%
105
100
1 0 4 '4
90
i b o " .*” ” *.
38
46
S a le
08%
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9 1 *4
91%
9 2 '4
92
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113
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66%
G G % S a le
110
1 0 0 14
101 4
112 %
103

H O N IB S

R ange
Since
Ja n u a r y 1

Weekts
R an ge or

P rice
F r id a y
Sept 1

tS -S

E X O H ’G K

li N U I H n

583

Boston Bond Record

S e p t . 2 1 9 1 1 .1

98

— B u y e r p a y s a c c r u e d in t e r e s t In a d d it io n t o t h o p u r c h a s o p r ic e lo r a ll B o u t o n B o n d s .

* N o p r io e F r id a y ; la t e s t b id a n d a s k e d .

‘J F l a t p r i c e .

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a re

P r i c e * —-N o t B o r

C en tu m

R an g e Since
Ja n 1 1 9 1 1

A C T IV E
S T O C K S
Sates 1
the
Week \ ( t o r B o n ds a n d Ina ctive
Stocks see below)

B r ic e s

>/

S a tu rd a y
A u gu st 26

M onday \ Tuesday
A u gust 28 I A u gu st 29

90%

09%

*90
*99

17%

17%

+23
*60
*17%

92

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

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

90

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25

18

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18

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17%

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12

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61
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46
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44
11%
62
28%
68%
7%
23%
86 %
80%
60%
61%
16%
22%
71
6%
60%
85%

4 1 * 4 4 4 . 1*
44
44
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62%
29
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28%
86% 86%
80%
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60
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17
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70%
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6%
60% 60%
85%
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66

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7
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87
80
60%

10 %
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86%
i

68
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86%
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60
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60
85%

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a

iu u c tlv o S to c k s
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C a m b r i a I r o n ........................6 0
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B r o i e r u e u ...........................1 0 0
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P r e f e r r e d .......... .............. 6 0
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K e y s t o n e T o le p v t 0 . . 6O
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K e y s to n e W a tch C ase.100
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P r e f e r r e d .......................... 10O|
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T o n o p a h B e lm o n t D e v .l
U m te d C os 01 A J . . . . 100
U n i t T r a o P it t s p r e t ..5 0
W a r w ic k Jro n A s t e e l. 10
W a s h in g to n -V a B y .. 100
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W ilk e s G a s A
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Y o r k B a l l w a y ....................... 5 0
P r e f e r r e d ............................5 0

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60%
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t r ic e s are a ll *' an d
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interest.''
44 %!
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80
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81
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18
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F, A A i s l M 6 3 1 0 2 0 M -N
7
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..........
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22
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............
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L o ll V O 1 s t 6 s g ’ 3 3 ..J -J
.............
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C o n s o l 4 *3 S 1 9 2 3 . . . J - D
97*"
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114
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43
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in c o m e 4 s 1 9 3 9 ...M -N
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P e n n S te e l l s t 5 s ’ 17 M -N
.............
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C 0 11 A c o l t r 5 s 1 9 5 1 M - N
61*3
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81
T r u s t c e r t l f s 4 s ....................
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G e n M 4 s g 1 0 2 0 .. A A O
.............

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85 %
100% 100%
93%
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.............

102%
75%

117**

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

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82%
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be
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101
104
109
100*3
101

..
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147
148%
97 %
07%

07%
08

i ‘o * 3 * '
03

103%
80%
107

B A L T L ilO ltE

lu u c iiv u 8>io c Km
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2 d p r o f ................................. 1 0 0
G - B - s B r e w i n g ................l o o
H o u s t o n O i l ........................1 0 0
P r e f e r r e d ..........................l o o
H onda

tr ic e s are a ll “ an d
interest."

100

..
~
03 %
102 %
08%
104
81
107%

Il i H e p a i d . " t $ 1 2 %

I

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B o o h B y A li C O u 6 s ’ 6 4 J -J
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U 11 l t y s T r c t l s 4 s ’ 4 9 J A J
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s i o s 1 1 * 2 6 .......................M - N
W e i s b a c d s 1 5 s 1 9 3 0 . J -D
W l k s - B G A E c o u o s ’6 5 J -J
Y o r k lt y s 1 s t 5 s 1 0 3 7 .J -D

86

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

B a l t C i t y 3 *3S 1 0 3 0 . . . J - J ,
4 b 1 0 5 4 -1 9 6 5 . ..V a r io u s
6 s 1 9 1 6 .................. . . . . M - N
A u a e o s U a A P o l 6 s ................
A t l C o .u t E (C t)ctL s 6 s J -D
C tls o f in d e b t 4 s ....J - J
6 - 2 0 y r 4 s 1 9 2 5 ............. J - J
B S P A 0 1 s t 4 S is ’ 5 3 i ' - A
B a lt T r a o 1 s t 5 s .. ’ 2 9 M -N
N o B a l t D i v 6 s 1 0 4 2 J -D
C a r P o w A L t 5 s l e 3 b F -A .
C e u t ’ i B y c o n o s l 9 3 2 M .N

p a id .

Jan
9
Jan
9
J a n 11
Jan
4
Jan
4
Jan
0

B liiln t le lp h ia
12
M ay23
A m e r i c a n U e m o n t ............. 5 0
42
Jan
6
A m e r ic a n lt a U w a y a .... 6 0
4 2 *3 J a n
3
C a m b r i a S t e e l ....................... 5 0
1 1 *3 J a n 4
E le c t r ic C o ot A m e r ic a 10
48*3 J a n
3
E le c S to r a g e B a t t e r y .. 10 0
28% A ug 26
G e n A s p h a lt tr c t is ....1 0 0
08
A ug20
D o
p e e l t r c t l s ____ 1 0 0
7 *3 A u g 1 2
K e y s to n e T e le p h o n e ... 50
23
A u g tO
D u k e s u p e r i o r C u r p ____ 1 0 0
83*3 J ’n e2 0
E e iu g h C A N a v tr c t ls . 6 0
78% A ug30
E o l i i g h V a l l e y ....................... 6 0
5J% A u g20
B e u n a y l v a m a B B ............. 6 0
Jan
3
P h iia d e lp ’ a C o (J ’ i t l s u ) . 6 0 r o O
16
J a n 10
P h i l a d e l p h i a E l e c t r i c j|. 2 5
17
A p r ie
P h ils B a p T r v o t t r c t ls 5 0
0 0 % A u g JO
B e a d i n g ...................................... 6 0
6 *s J ’ l y 28
T o u o p a h M in in g
.............
1
43
Jan
3
U n i o n T r a c t i o n .................. 5 0
8 6 % A u g 10
U n i t e d G a a l m p t ................ 6 0
P H IL A D E L P H IA

B on d s

1%
44
77%
79

Lowest

B a ltim o r e
............. ' C o n . G a s E L E . A B o w . 1 0 0
C4
36
D o
p r e f ............................1 0 0
89
............. ' N o r t h e r n C e n t r a l .............. 6 0 1 2 1
. S e a b o a r d (n e w ).. . . . . . . . 1 0 0
21
_____
D o
2 u p r e t .................. 1 0 0 ; 4 3 %
600 U n ite d B y A E l e c t r i c .. 60 ! 1 6 %

92
UU Si
•zti
24
64
1 / 70

214
44
♦ 1 1 J4
62 %
**28
08%
♦7
23

P H IL A D E L P H IA

• B i d a n d a s k e d ; n o s a l e s o n t h i s d a y . 11 E x - d i v . A r i g h t s .




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94
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1 3 0 % J ’ neJG 1 1 5
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40
02
J ’ 110 3
12 %
1 0 % J ’ly no

M ar
61 %
M ar
00
J an 132
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J ’ly
O ct
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17*3 J a n
4
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1 1 % J ’ly
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J ’ne
J ’n e l6
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J ’ ly
Jan 30
7
J ’iy
Jan i t 1
15*i J ’ne
F eb
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80
J ’n e
Jan lil
00*3 F e u 3
0 2 *3 J ’ l y
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0 5 *3 J ' i y
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b % j an
8 „ J a n 17
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% Jan

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1

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38
79

O ct
J 'l j

C it y E x lA lm p 6 s’32 M S
C lia s (J liy lt y i » l 6 s ’ 2 8 J -J
C h a s B y G A E l &s ’ 9 0 M -S
C it y A S u b l a t 5 s .. ’2 2 J -D
C i t y A S u b ( W a s ) i 8 l 5 s ,4 8
C o a l A C B y 1 s t 5 s ’ 1 0 A -G
C o a l A 1 B y 1 s t o s ’ 2 0 F '- A
C o l A G r u v ls t6 s -1 9 1 6 J -J
C o i.s o l G a s 6 s . .1 0 3 9 J -D
G e u 4 w s 1 0 5 4 ............. A - O
04 V .
C o u s G E A P 4 *3 8 ’ 3 6 . J - J
77
F a ir A C iT r i s t 5 s ’3 8 .A -0
C la A A l a i s l e o u 6 s ’ 4 j J -J
83*3
G a C a r A N la t 6s g ’ 2 0 J -J
G e o r g i a P 1 s t 6 s . . . ’ 2 2 J -J
G a b o A F i a i s l e s 1 9 4 6 J -J
G -B -S B r o w 3 -4 s 1 9 6 1 M -S
K u o x v T r u e 1 s t 6s ’2 8 A -G
J la e o u lt y A E t L s t6 s ’6 3 J -J
M d E l e c B y 1 s t o s ’ 3 1 a -U
36
M e m p u i s . s t 1 s t 5 s ’ 4 e J -J
A lt V e r C o t D u c k 1 s t e s .
N p t N A U P 1 s t 6 s ’3 8 M -N
N o r A P o r T r ls t 6 s ’ 5 0 J -D
N o i l i i C e n t 4 *a» 1 0 2 6 A - O
S e n e s A 5 s 1 0 2 6 ....J -J
S e r ie s B 6s 1 9 2 6 ....J - J
1%
P i t t U u T r a o 5 s 1 9 9 7 . J -J
9%
8%
72*3 P o l o V a l 1 s t 5 s 1 0 4 1 ..J -J
71*3
K a v F la A W e s t o s ’ 3 4 A -O
S c a b A ir L 4 s i0 5 0 ..A - O
A d j u s t o s 1 0 4 0 . . . F ’- A
S e a o a B o a u 5 s 1 0 2 6 . J -J
92*s S o u th B o u u d 1 s t 6s ..A -O
92
101*3 U E l 1 , A P 1 s t 4 *3 8 ’ 2 9 M - N
lu o *
U n B y A E l 1 s t 4 s ’4 0 M -S
104*3
104
I n c o m e 4 s 1 0 4 0 ...........J - D
101 1 0 1 * 3
F u n d in g o s 1 0 3 6 ...J -D
V a M id 3 d s s r 6 s ’ 1 6 .M -S
4 t h s e r 3 -4 * 6 s 1 0 2 1 . M - S
6 t h s e r ie s 6 s 1 0 2 6 .M -S
97
97*3
V a (S la t e ) 3 s u e w ’ 3 2 .J -J
107%
107
F u n d d e b t 2 - 3 s 1 0 0 1 . J -J
110%
W e s t N C c o u 6 s 1 9 1 4 J -J
93
91
W il A W e ld 5 S ..1 9 3 5 .J -J
105
107

110

R e o e ip t s . 6 $ 2 * ? a i d . c $ 3 0 p a id ,

d

Jan
Jan

*3 J a n
1 2 *3 J a n

6 4 % S ta r
31% D eo
84% Jan

Ja n

13
20%
.2 3
.21%
u T 'x tj
63 %
16 %
28*3
86
0*16
52%

D eo
Jan
M ar
M ar
Jan
M ar
Jan
Feo
M ay
Jan

06*8 J a n

B id

K A L T L H O U K

D eo
J 'i y
Feu
Jan
Jan
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28
60
55

45*3

4s%
12%
60%
34%
83%
0 %
32
08

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115
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120
125
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...

a

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102%
06
106
103
91%
101
106
108
95
86 %
90%
105 %
105
110
107
42*3
104
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104
97
106
105
05%
102%
107
109
06
87
100%

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10 6 %
114
109
43 %
105
09
08
98%
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77%
77%
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109
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76

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105
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64
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112

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584

THE CHRONICLE

[VOL.

L X X X X III

investment and filatlvaatl intelligence.
RAILRO AD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which rp-miar, ,, ,
,
onh,mn^hained' • The,
fcwo 9ol,u*nn3 ofT
give the gross earnings for the latest week or month an l th^ViTt^two
columns the earnings tor the period from July 1 to and including such latest week or month. We add’ a s oolein enK ^
statement to show the fiscal year totals of those roads whoso fiscal year doe3 not be-in with Inlv h
al
' y
period. The returns of the electric railways are brought together separately on a subsequent page ' V>
t0VLr3 30,110 other
Latest Gross Earnings.
HOADS

Week >r
M onth.

Current
Year.

Previous
Y ear.

J u ly

1

to Latest Date.

Current
Year.

Latest Gross Earnings.

P revio u s
Y ear.

A la N O & T o x P a c $
S
N O & N o r E a s t . J u l y ..............
2 7 0 ,3 7 3
2 7 6 ,2 5 9
2 7 0 ,3 7 3
2 7 6 ,2 5 9
A la & V ic k s b u r g
J u l y ..............
1 2 3 ,5 0 7
1 3 4 ,4 2 2
1 2 3 ,5 0 7
1 3 4 ,4 2 2
V i c k s S l i r c v * P a r r u l y ________
1 0 8 ,4 0 0
1 2 5 ,4 1 7
1 0 3 ,4 9 0
1 2 5 ,4 1 7
A l a T e r m & N o r t h . / u n o ________
0 ,5 8 1
7 ,1 4 3
1 2 0 ,1 0 4
8 6 ,4 8 3
A n n A r b o r ..
3d w k A ug
4 8 ,3 4 4
4 2 ,6 5 1
3 2 0 ,0 5 3
2 7 8 .5 9 0
A t c h T o p e k a & S F c J u l y ________ 8 . 0 2 1 , 6 1 4 8 , 0 2 1 , 5 3 9
8 ,0 2 1 ,6 4 4
8 ,0 2 1 ,5 3 9
A t l a n t a H lr m & A t ! 3 d w k A u g
5 6 ,5 2 4
5 1 ,9 5 3
3 9 (1 ,8 1 6
3 6 8 ,7 7 0
A t l a n t i c C o a s t L i n e T u n e ________ 2 , 3 3 2 , 1 . 2 4 2 , 1 9 4 , 0 7 3
3 1 ,6 2 2 ,4 4 0 2 0 ,8 1 0 ,2 6 8
B a ltim o r e & O h io . J u ly
________ 7 , 3 2 1 , 1 5 7 7 , 5 4 7 , 7 3 3
7 ,3 2 1 ,1 5 7
7 ,5 1 7 ,7 3 3
B & O C h T e r H i t T u n e _______
1 1 7 ,2 1 1
1 3 5 ,2 1 5
1 .4 5 1 ,1 0 2
1 ,2 0 5 ,2 4 6
B a n g o r & A r o o s t o o k T u n e ________
2 7 7 .0 4 6
2 2 7 ,0 2 8
3 ,1 7 3 ,1 1 2
2 ,0 9 0 ,5 3 0
B o s t o n & M a i n e ____ T u n e _______ 3 , 8 6 3 , 0 3 0 3 , 6 6 4 , 2 0 !
4 4 ,8 1 5 ,0 8 4 4 3 ,3 5 7 ,1 7 5
B r i d g e t o n & S a c o I t J u n o _______
4 ,4 5 5
4 ,0 2 2
5 1 ,6 3 3
5 1 ,0 0 7
B u ll R o c h & P lt t 3 b . 3 d w k A u g
2 1 4 ,5 3 0
2 1 0 .4 6 9
1 ,4 8 0 ,0 4 0
1 ,4 9 2 ,2 1 4
B u f f a l o & S u s q ______ T u n e ________
2 1 3 ,0 0 4
2 0 0 ,9 4 7
2 ,3 7 4 ,3 2 0
2 ,2 1 2 ,4 3 7
C a n a d ia n N o r t h e r n . 3 d w l: A u g
3 0 7 ,5 0 0
2 5 6 .5 0 0
2 ,4 3 5 ,6 3 0
1 ,0 6 3 ,4 0 0
C a n a d i a n P a d l i e ____ 3 d w k A u g 2 , 2 6 7 , 0 0 0
,8 0 7 ,0 0 0 1 0 .0 3 5 .0 0 0 1 1 ,6 2 1 ,0 0 0
C e n tra l o f G e o r g ia . 3 d w k A u g
2 2 4 ,6 0 0
2 2 4 .5 0 0
1 ,0 8 5 ,0 2 7
1 ,6 7 0 ,3 1 8
C e n t r a l o f N e w J c r . M a y ________ 2 , 5 4 0 , 1 6 0
2 ,4 0 0 ,5 3 1 2 6 ,7 0 5 ,3 7 3 2 5 ,7 2 4 ,4 6 4
C e n t r a l V e r m o n t ____ J u n o ________
3 7 0 ,0 0 8
3 3 0 ,5 3 2
4 ,0 0 0 ,4 3 .
3 ,3 0 0 ,0 5 7
C h e s & O h io L in e s . 3 d w k A u g
7 0 0 ,6 0 5
6 4 9 ,1 9 5
4 ,6 7 1 ,8 4 1
4 ,6 0 8 ,8 8 0
C h i c a g o & A l t o n ____ 3 d w k A u g
3 4 2 ,6 1 3
4 0 0 ,0 8 7
2 ,2 6 4 ,8 4 8
2 ,2 0 1 ,5 9 7
O h i o B u r l & Q u i n c y T u n e ________ 6 , 9 8 7 , 3 8 0
7 ,1 0 0 ,4 7 4 8 8 ,2 7 2 ,2 0 8 8 7 ,8 0 0 ,5 1 7
p C h ic G r e a t W e s t . 3 d w k A u g
2 0 1 ,2 0 7
2 7 8 ,0 5 7
1 ,7 9 5 ,9 0 2
1 ,7 3 7 ,8 2 7
O h io X n d & L o u l s v . 3 d w k A u g
1 3 8 ,8 3 7
1 3 7 ,5 9 6
9 5 0 ,1 3 0
9 4 4 ,2 8 7
O h i o M l l w & S t P a u l J u n o ________ 5 , 1 8 2 , 2 6 3 5 , 5 6 7 , 3 3 9 6 4 , 0 7 5 , 9 0 5
6 4 ,3 4 6 ,3 0 4
C h M U & P u g S d . J u n o ________ 1 , 2 3 3 , 8 5 2 1 , 1 7 1 , 5 9 2
1 4 ,5 1 6 ,3 6 7
C h lo & N o r t h W e s t
J u n o ________ 6 , 4 0 1 , 8 4 6 0 , 5 7 6 , 8 1 2 7 4 , 0 1 8 , 1 8 6
'1 , 1 7 5 ', 6 8 5
C h i c S t P a u l M & O J u n o _______ 1 , 2 1 8 . 4 4 6
1 ,2 8 4 ,3 7 7 1 6 ,0 0 2 ,8 5 1
5 ,0 0 5 ,0 2 3
C h l o T I I & S o u t h E J u n o ________
1 3 1 ,2 6 7
2 2 1 ,3 2 1
1 ,0 9 3 ,9 7 0
1 ,8 9 9 ,4 1 0
C i n H a m & D a y t o n J u n e _______
8 3 6 ,5 8 1
8 3 1 ,0 2 2
9 ,5 7 0 ,2 8 2
0 ,4 4 0 ,5 2 4
C o l o r a d o M i d l a n d . . J u n o ________
1 4 2 .4 0 3
1 8 6 .4 7 0
1 ,0 1 4 .6 5 7
2 ,3 4 0 .2 8 6
C o l o r a d o <& S o u t h . . 3 d w k A u g
2 8 0 ,0 5 6
3 4 3 ,7 8 6
1 ,9 8 4 ,2 2 8
2 ;3 2 6 ,5 1 0
C o p p e r R a n g e _______ J u n o ..............
6 6 ,8 0 0
7 1 ,2 1 3
6 0 8 .5 8 3
7 4 7 ,8 6 1
C o r n w a l l _______________ • J u n o ________
1 5 ,5 8 8
1 7 ,3 7 8
1 6 8 ,2 0 1
2 0 3 ,6 9 7
C o r n w a l l & L e b a n o n J u n o ________
2 5 ,4 5 7
3 3 ,4 0 9
3 2 0 ,6 3 5
4 3 3 .5 9 0
C u b a R a i l r o a d ________ J u n o ____ _ _
2 6 2 ,0 5 4
2 2 6 ,1 0 8
3 ,0 5 0 ,6 5 0
2 ,5 5 0 ,3 3 6
D e l a w a r e & H u d s o n J u n e _______ 1 , 7 8 0 , 6 4 2 1 , 5 4 6 , 0 6 1 2 0 , 9 8 6 , 0 7 5
1 9 ,8 6 8 ,7 0 0
D e l L a c k & W e s t . . J u n o ............... 3 , 2 1 0 , 0 0 3 3 , 1 0 4 , 1 0 3 3 5 , 0 4 7 , 0 6 6
3 6 ,0 0 5 ,0 8 8
D e n y & R io G ra n d e 3 d w k A u g
4 7 3 ,1 0 0
5 0 2 ,8 0 0
3 ,4 0 1 ,2 0 0
3 ,4 3 2 ,8 0 0
D en ver N W & P a c. 3d w k A ug
3 5 .0 9 1
3 4 ,5 4 1
2 1 9 ,4 4 3
2 1 0 ,4 0 9
D e tr o it T o l & Ir o n t 3 d w k A u g
3 8 ,1 0 4
4 0 ,2 5 3
2 3 8 ,8 7 1
2 7 2 ,4 6 2
D e t r o it & M a c k in a c 3 d w k A u g
2 5 .1 0 2
2 4 ,5 1 6
1 7 2 ,2 0 7
1 7 7 ,2 0 8
D u l & I r o n R a n g e . . J n n o ________
8 5 0 ,0 4 0 1 ,2 0 3 ,8 8 0
7 ,3 6 2 ,4 0 0
9 ,5 3 0 ,1 0 1
D u l S ou S h ore & A tl 3 d w k A u g
7 0 ,3 7 2
7 6 ,7 1 6
5 0 5 ,1 0 8
3 4 6 ,9 1 4
E l P a s o & S o u W e s t J u n e ________
5 0 1 ,3 4 8
6 6 7 ,7 0 6
7 ,1 0 5 ,8 8 7
7 ,4 3 7 ,6 0 1
E r i e ______
J u l y ............... 4 , 8 0 0 , 5 9 8 4 , 6 7 5 , 2 5 4
4 ,8 0 0 ,5 9 8
4 ,0 7 5 ,2 5 4
la lc c h lld & N E _
June . . . . .
1 ,8 0 5
1 ,8 3 2
2 3 ,4 2 3
2 5 ,0 3 9
F o n d a J o h n s & G l o v J u n o ________
8 1 ,9 4 5
7 0 ,2 0 1
9 4 G .3 6 6
9 0 4 ,7 5 1
G e o r g ia
R a i l r o a d . . J u n o . . . ____
2 0 0 ,9 5 1
1 9 8 ,0 0 4
3 ,2 1 0 ,4 2 5
3 ,0 2 0 .5 0 7
G ran d T ru n k S y st_ _ 3d w k A u g
9 0 3 ,6 7 7
8 7 2 ,7 9 5
7 ,2 9 7 .1 0 4
5 ,0 5 0 ,3 5 1
Or/iml
G ran d #
TTVlr
rk W e s t. 2d w k A u g
1 2 7 ,7 4 5
1 0 7 .7 4 0
8 1 3 ,4 7 1
5 7 0 ,6 7 6
D e t G r H & M llw 2 d w k A u g
4 3 ,0 0 0
3 4 ,4 8 9
2 5 7 ,0 1 4
1 8 4 ,5 2 0
C a n a d a A tla n tic . 2 d w k A u g
4 0 ,2 5 5
3 2 ,6 0 3
2 0 3 ,5 0 '.
1 0 4 ,2 0 0
G r e a t N o r t h e r n S y s t J u l y ________ 5 , 7 0 7 , 7 6 5 5 , 7 0 2 , 4 6 2
5 ,7 0 7 ,7 6 5
5 ,7 0 2 ,4 6 2
G u l f & S h i p I s l a n d . J u n e _______
1 5 5 ,5 6 2
1 5 3 ,0 5 6
2 ,0 0 6 ,7 0 0
2 ,0 0 4 ,0 7 6
H o c k i n g V a l l e y ______ J u n e ________
5 8 3 .5 7 0
7 2 9 ,2 5 2
7 ,1 7 2 ,7 3 1
7 ,7 8 3 ,0 3 3
I l l i n o i s C e n t r a l ______ J u l y .............. 5 , 1 2 8 , 2 1 2 4 , 8 0 4 , 7 9 1
5 ,1 2 8 .2 1 2
4 ,8 0 4 ,7 9 1
In tern a l & G t N o r. 3d w k A u g
1 6 5 ,0 0 0
1 5 6 ,0 0 0
1 .0 4 4 .0 0 0
1 ,1 4 2 ,0 0 0
a I n te r o c e a n lc M c x . 3 d w k A u g
1 6 5 ,0 0 6
1 7 1 ,1 3 4
1 ,2 2 4 ,4 1 1
1 ,2 0 0 ,1 5 5
I o w a C e n t r a l _________ 3 d w k A n g
7 4 ,9 2 6
8 1 ,1 5 0
4 6 0 ,1 6 8
4 6 4 ,9 3 0
K a n a w h a & M l o h _ _ J u n e ________
2 7 5 ,4 1 8
2 4 7 ,3 0 0
3 ,1 1 1 ,0 5 2
2 .7 6 9 ,0 5 7
K a n s a s C i t y S o u t h . J u l y ________
7 5 8 ,0 8 8
8 4 5 ,4 6 7
7 5 8 .0 8 8
8 4 5 ,4 6 7
K O M c x & O r ie n t. 2 d w k A u g
3 0 .1 0 3
3 3 ,1 8 4
1 8 7 ,0 0 0
2 2 8 ,4 0 5
L e h i g h V a l l e y ________ J u l y ________ 3 , 0 0 1 , 6 5 6 2 , 8 7 6 , 2 1 7
3 ,0 0 1 ,0 5 0
2 ,8 7 0 ,2 1 7
L e x in g to n & E a s t .. J u n o
5 1 ,6 1 6
5 4 ,3 0 2
5 3 2 ,8 4 0
4 3 4 ,6 2 0
L o u i s i a n a & A r k a n . J u n o ________
0 8 .3 1 8
1 1 3 .7 4 0
1 ,4 3 2 ,6 3 8
1 ,3 2 2 ,7 0 1
L o u l s v H e n d & S t L J u n e ________
0 5 ,6 5 6
9 6 ,4 1 0
1 ,2 1 4 ,6 9
1 ,1 7 6 ,8 6 9
s L o u l s v & N a s h v . . 3 d w k A u g 1 ,0 3 1 ,4 1 5 1 ,0 4 9 ,9 1 (1 7 ,3 3 0 ,4 5 .
7 ,2 5 7 ,5 2 0
M a c o n & B I r m ’ h a m J u l y ..............
1 0 ,5 8 3
1 1 ,5 7 0
1 0 .5 8 3
1 1 ,5 7 9
M a i n e C e n t r a l ________ J u n o ________
8 3 4 ,6 6 7
7 7 5 ,3 9 0
9 ,0 6 7 ,8 0 3
8 ,0 2 2 ,3 1 2
M a r y l a n d & P e n n a . J u n e _______
3 3 .1 1 0
3 2 ,5 2 2
4 3 8 ,1 4 7
4 0 9 ,2 2 9
a M e x ic a n R a ilw a y . 2 d w k A n g
1 7 4 ,8 0 0
1 6 2 ,7 0 0
9 1 4 ,4 0 0
1 ,0 6 7 ,2 0 0
M i n e r a l R a n g e ________ 3 d w k A u g
1 3 .5 7 0
1 2 ,9 5 5
1 0 1 ,5 1 2
9 0 ,7 0 2
M in n & S t L o u i s . . . 3 d w k A u g
9 8 ,1 8 2
1 2 2 ,0 0 3
6 8 2 ,61_
7 2 0 ,8 3 2
M in n S t P * S S m T 3 d w k A u g
5 0 8 .1 9 5
4 8 7 ,7 3 7
3 .4 7 0 ,5 0 3
3 ,2 7 0 ,0 8 2
C h lo a g o D iv is io n j
M is s is s ip p i C e n t r a l,
7 3 ,8 4 6
7 2 ,8 4 0
7 5 ,7 1 3
7 5 ,7 1 3
u M o K an & T exa s. — w k A ug
5 1 0 .9 0 3
3 ,6 3 8 ,9 3 1
4 0 6 ,0 0 7
3 ,5 6 0 ,5 1 7
M i s s o u r i P a c i f i c ______ 3 d w k A u g 1,080,000 1 , 0 5 3 , 0 0 0
7 ,3 6 4 ,2 5 4
7 ,2 5 0 ,3 0 1
N a s h v C h a t t & S t L • J u n o ..............
0 5 1 ,0 0 8 1 ,0 2 6 ,2 4 0 1 2 ,3 2 3 .8 6 3
a N a t R y s o f M e x . f . 3 d w k A u g 1 ,1 3 0 ,1 7 $ 1 ,1 5 0 ,0 0 7 8 .6 8 0 ,2 2 7 1 1 ,6 3 7 ,2 0 4
8 ,8 1 0 ,8 7 4
N e v a d a -C a l-O r c g o n
3d w k A u g
8 ,5 8 3
6 ,5 7 3
5 0 ,0 0 0
5 7 .4 6 0
N e v a d a C e n t r a l ______ J u n o _______
7 ,2 0 4
0 ,0 1 6
8 4 ,6 1 4
6 0 ,0 0 8
N O G r e a t N o r t h e r n i p u n e ________
1 4 3 .3 8 8
1 ,6 9 8 ,7 2
1 4 4 ,8 5 8
1 ,4 9 7 ,6 4 9
N O M o b ile & C h ic . W k A u g 10
3 0 ,1 4 0
2 3 8 ,3 3
2 9 ,0 9 2
2 0 8 ,6 5 0
t N Y C & H u d R lv J u ly . . . . . 8 ,8 1 4 ,2 8 5 8 ,3 2 8 ,4 7 9 8 ,8 1 4 ,2 8 5
8 ,3 2 8 ,4 7 0
L a k e S h o re & M S J u ly
________ 4 , 1 3 1 , 0 4 3 4 , 0 2 9 , 8 9 2
4 ,1 2 1 ,0 4 2
4 ,0 2 0 ,8 0 2
n L a k e E r i c & W . J u l y ________
4 5 3 ,0 ,1 2
4 5 3 ,0 3 2
4 2 0 ,3 7 8
4 2 6 ,3 7 8
C h ic I n d & S o u th
2 7 4 ,8 6 0
2 7 4 ,8 0 0
2 4 0 ,5 0 6
2 4 6 ,5 0 0
M ic h ig a n C e n tr a l.
3 ,3 0 0 ,2 1 3 2 ,5 1 1 ,8 8 3
2 ,3 0 0 ,2 1 3
2 ,5 1 1 ,8 8 3
C l e v e C C & S t L . J u l y ______ _ 2 , 5 9 4 , 1 8 6 2 , 3 7 0 , 0 8 1
2 ,5 0 4 ,1 8 0
2 ,3 7 0 ,0 8 1
P e o r ia & E a s te rn J u ly . . . . .
2 5 5 ,7 0 2
2 5 5 ,7 0 2
2 6 8 ,0 1 8
2 0 8 ,6 1 8
C i n c i n n a t i N o r t h . J u l y ________
1 0 1 ,5 3 4
1 0 1 ,5 3 4
1 0 1 ,7 5 2
1 0 1 ,7 5 3
P i t t s A L a k e E r i e J u l y ............... 1 , 3 3 9 , 9 4 5
1 ,3 8 9 ,9 4 5
1 ,5 2 8 ,5 7 5
1 ,5 2 8 ,5 7 3
N Y C h l o & S t L . J u l y ..............
9 0 1 ,7 0 1
9 0 1 ,7 6 1
8 8 8 ,9 0 9
8 8 0 ,9 6 0
T o l & O h i o C e n t . J u l y ________
4 4 3 ,5 8 8
4 4 2 ,5 8 8
4 0 3 ,9 7 6
4 6 2 ,9 7 6
T o t a ll lin e s a b o v e J u l y . . . . .
3 1 7 4 0 1 3 8 2 1 1 7 0 1 0 0 2 1 ,7 4 0 ,1 3 8
2 1 ,1 7 0 ,1 0 9
N Y N H & f l a r t f . . J u l y ________ 5 , 1 0 7 , 7 0 8 5 , 2 6 9 , 0 3 2
5,107,708 5,26ojc32

0

ftg :::::

RO A D S.

Current
Y ear.

N

Y O n t & W estern
N Y S u sq & W e s t ..
N o r fo lk S o u t h e r n ..
N o r fo lk & W e s te r n .
N o r t h e r n P a c i f i c ____
P a c l t l o C o a s t C o ____
P e n n s y lv a n ia R R _ .
B a lt d i e s & A t l . .
C u m b e r la n d V a il.
L o n g I s l a n d ______ _
M a r y l’d D el & V a
N Y P h i la * N o r l
N o r ttie r a C e n tr a l.
P h lla B a lt * I V . .
W J e rse y & S eash
P e n n s y lv a n ia C o ...
G ra n d R a p & In d
P itts C ln C h & S t L
V a n d a l l a ______ ____
T o t a l lin e s —
E a s t P i t t s & E . • J u ly
W e s t P itts & E J u ly
A l l E a s t < S s .W c s J u l y
P e r e M a r q u e t t e ______ J u l y
R a le ig h * S o u th p o rt J u u o
R e a d in g
C om pany
P u ila & R e a d in g .
C oal * Iron C o ..
T o i l l o o t h O O S ..I
R ic h F r e d * P o t o m
R i o G r a n d e J u n e ____
R io G ra n d e S o u t h .
R o o k Is la n d L in e s ..
_______________
R u tla n d
S t J os & G ran d Is l.
S t L o u is & S a n F r a n
C h ic & E a s t I I I . .
/ E van sv & T er H
T o t a l a ll l i n e s . . .
St L R ook y M t & P .
S t L o u is S o u t h w e s t .
S a n P eel L A & S L .
S e a b o a r d A ir L i n e ..
S o u t h e r n P a c ltlo C o
S o u th e rn R a ilw a y ..
M o b i l e & O h i o ____
C ln N O * T e x P .
A la G re a t S o u t h .
G e o r g ia S o u & F la
T c n n A la * G e o rg ia
T e x a s & P a c i f i c ______
T id e w a t e r & W e s t .
T o le d o P e o r & W e s t
T o le d o S t I, & W e s t
T o m b lg b e e V a lle y ..
U n io n P a o tfio S y s t .
V ir g in ia & S o W e s t .
W a b a s h ........................... ...
W estern M a r y la n d .
W h e e lin g & L a k e E
W i c h it a F a lls & N W
W r lg h ts v & T e n n ..
Y a z o o & M is s V a ll e y

7 9 8 ,2 3 6
3 1 7 ,3 4 6
2 5 8 ,4 1 1
2 ,8 0 5 ,6 1 0
5 ,0 5 2 ,3 6 0
6 7 4 ,1 5 1 5
12721057
3 7 ,9 1 3
3 3 ,5 3 0
1 ,2 4 3 ,3 6 5

J u ly

1

to Latest l)a i s .

Previous
Year.
7 9 2 ,8 5 9
2 9 1 ,8 0 4
2 4 5 ,5 0 3
,0 0 1 ,0 2 3
,7 7 5 ,0 8 2
7 2 0 .2 0 1
2918 395
3 8 ,1 0 .:

256,525

13,234

2 5 4 ,5 2 5
1 ,1 0 1 ,8 0 5
1 7 ,0 8 2

,1 6 4 ,8 0 5
1 7 ,0 8 2
3 5 4 ,2 4 3

353,213

3 0 0 ,4 0 3
0 4 8 ,0 1 8
1 ,6 1 3 ,3 5 8 1 ,7 1 1 ,1 /0
3 5 4 ,1 2 2
8 1 1 ,0 3
4 ,4 2 3 ,3 8 4 1 ,7 //,3 3 1
4 2 6 ,5 3 4
4 4 8 ,1 0 6
3 ,2 0 9 ,0 0 8 3 ,1 4 0 ,3 1 5
8 3 0 ,1 2 8
8 2 0 ,3 3 0

0 6 4 ,0 9 3
1 ,7 1 1 ,1 7 9
8 1 1 ,0 3 1
4 ,7 /7 ,5 5 4
4 4 8 ,1 0 6
3 ,1 4 6 ,3 1 5
8 2 0 ,3 3 !)

10306 410 10683 337
0 ,2 7 8 ,2 2 4 0 ,5 3 1 ,0 6 2
‘ 8614 634 2 0 2 1 5 798
1 ,3 6 0 ,8 7 7 1 ,3 7 2 ,5 1 0
1 4 ,1 5 0
1 0 ,9 7 2

1 0 ,6 3 3 ,8 3 7
0 ,5 3 1 ,0 6 2
2 0 ,2 1 5 ,7 9 8
1 ,3 7 2 ,5 1 0
1 5 5 ,0 8 1

065,00;:

3 ,4 7 6 ,7 0 7
1 ,0 7 0 .2 1 3
3 ,1 5 1 ,0 1 0
2 2 1 ,5 9 7
7 8 ,7 5 5
1 0 ,9 1 8
5 ,0 7 0 ,7 5 7
3 0 8 ,0 2 0
1 2 0 ,7 2 5
3 ,3 1 7 ,0 7 3
9 0 5 ,4 6 1
1 7 2 ,0 7 7
4 ,3 9 5 ,5 1 1
1 5 0 ,7 6 9
A u g
2 0 8 ,0 0 0
8 0 1 ,3 1 2
3 7 8 ,1 3 2
10871887
1 ,1 6 7 ,5 2 2
2 0 2 ,7 2 8
1 8 5 ,7 8 3
0 0 ,0 9 0
4 4 ,1 8 4
2 ,4 7 6
2 4 9 ,3 1 0
0 ,2 0 8
2 8 ,1 4 1
8 7 ,8 3 5
7 ,7 0 5
7 ,3 2 8 ,3 5 0
1 3 1 ,8 3 0
A ug
5 9 0 ,6 0 9
6 0 0 ,0 5 2
5 0 0 ,2 0 6
6 2 ,0 6 8
1 6 ,0 0 0
7 3 1 ,1 7 1

V arious F is c a l Years.

3 ,3 6 8 ,7 6 5
1 ,4 9 9 ,6 6 1
4 ,8 6 8 ,4 2 0
2 3 0 ,0 7 3
7 6 ,1 3 7
1 1 ,4 9 7
3 1 0 ,9 3 8
2 7 9 ,5 7 0
1 3 3 ,9 2 4
3 ,1 4 5 ,8 0 0
0 4 0 ,7 3 8
2 1 1 ,0 4 3
4 ,2 0 8 ,4 8 8
1 8 0 ,9 0 5
2 1 3 ,1 2 1
4 8 8 ,9 3 0
3 6 3 ,1 2 5
11215272
1 ,1 3 8 ,8 7 4
2 0 3 ,0 0 1
1 0 6 ,7 2 5
8 2 ,4 3 2
4 2 ,0 5 4
1 ,8 8 2
2 7 5 ,0 7 0
7 ,7 4 6
2 7 ,0 0 8
1 0 0 ,0 0 8
7 ,4 6 3
7 ,9 1 6 ,6 5 5
9 0 ,5 8 7
0 3 4 ,2 0 7
5 8 9 ,6 7 0
0 4 5 ,1 9 1
5 2 ,5 1 7
1 5 ,2 1 7
6 7 1 ,6 1 9

Current
Y ear.

P erio d .

D e l a w a r e * H u d s o n _________________
N Y C e n tra l & H u d s o n R iv e r e.
L a k e S h o r e & M ic h ig a n S o u th
L a k o E r l o <5s W e s t e r n . ^ ________
C h ic a g o I n d ia n a & S o u t h e r n .
M i c h i g a n C e n t r a l __________________
C lo v e C ln C h ic a g o & S t L o u is
P e o r i a & E a s t e r n ____
C i n c i n n a t i N o r t h e r n _____________
P i t t s b u r g h & L a k o E r i e ______
N e w Y o r k C h lo a g o & S t L o u is
T o le d o & O h io C e n tr a l
T o t a l a l l l i n e s __________
P e n n s y l v a n i a R a ilro a d _____________
B a ltim o r e C h c s a p & A t la n t i c .
C u m b e r la n d V a l l e y . . . . . . . . .
L on g
I s l a n d _________________________
M a r y I’ d D e l a w a r e & V i r g i n i a .
N Y P h ila d e lp h ia & N o r f o l k ..
N o r t h e r n C e n t r a l _________ ________
P h ila d e lp h ia B a lt * W a s h . . .
W e s t J e r s e y & S e a s h o r e ________
P e n n s y l v a n i a Com pany _____________
G r a n d R a p i d s * I n d i a n a ______
P it t s C ln c ln C h lo & S t L o u i s . .
V a n d a l l a ___________________________ ___
T o t a l lin e s — E a s t P it t s & E r ic
W e s t P it t s * E r ic
A ll lin e s E & W _
R i o G r a n d o J u n c t i o n ________ _______
R u tla n d
________
T e x a s * P a c ltlo

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
to

to
to
to
to
to
to

Previou s
Y ear.

June
J u ty
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly

J u ly
J u ly
J u ly
J u ly
M ay
Juno
A u g

,
;
i
;
;

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
W eekly Sum m aries.
Id
w eek
3d
w eek
4 th w eek
1st w eek
2d
w eek
3d
w eek
4 th w eek
1st w eek
2d
w eek
3d
w eek

a

June
June
J im o
J u ly
J u ly
J u ly
J u ly
A u g
A u g
A u g

M e x ic a n

(4 3
(4 1
(4 8
(4 3
(4 3
(4 5
(4 3
(4 3
(4 1
(4 4

C u r'id Year P rev's Year In c . or Dec.

r o a d s )....
r o a d s )....
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
ro a d s ). . . .

cu rren ev.

5
1 3 ,4 1 4 ,2 6 8
1 3 ,6 0 5 ,0 1 5
1 8 .0 3 1 ,4 1 2
1 3 ,1 3 0 ,8 0 3
1 3 ,7 0 4 ,0 3 1
1 3 ,8 0 3 ,2 1 0
1 9 ,3 4 2 ,6 2 5
1 3 ,0 0 8 ,5 0 4
1 4 ,3 7 2 ,8 4 5
1 4 ,5 6 2 ,8 1 7

* Tr in ln r lA H t h o

$
1 3 ,7 7 5 ,0 1 5
1 3 .7 1 0 .2 3 0
1 8 .3 9 6 ,0 3 4
1 2 ,8 3 4 ,6 2 3
1 3 ,3 7 4 ,7 6 1
1 3 ,4 7 1 ,9 3 9
1 8 ,3 3 2 .9 9 0
1 3 ,4 7 3 ,0 1 0
1 3 ,0 2 3 ,2 7 6
1 4 ,0 8 7 ,3 2 1

$
— 3 3 0 ,7 4 7
— 1 1 1 ,2 1 5
+ 5 3 8 ,3 7 8
+ 3 0 2 ,1 8 0
+ 3 8 9 ,8 7 0
+ 3 3 1 ,2 8 0
+ 9 1 9 ,6 2 6
+ 5 2 4 ,8 8 5
+ 4 1 0 ,5 3 9
+ 4 7 5 ,4 9 6

%
2 AO
0 .8 1
2 .9 4
2 .3 0
2 .0 2
2 .4 0
5 .0 2
3 .0 0
3 .2 3
3 .3 3

M onthly Sum m aries.

Cur’ nt Year P rev’ s Year In e . or Dec.

M tleage Curr. Y r.

P r e v .Y r .

$

O c t o b e r ______ 2 4 1 , 2 1 5
N o v e m b e r . . 2 4 1 ,2 7 2
D e ce m b e r ..2 4 1 ,3 0 4
Jan u ary
...2 4 2 ,1 7 0
F eb ru a ry ...2 4 2 ,0 4 0
M a r c h ..................2 4 2 , 6 8 0
A p r i l ..................2 4 2 , 9 3 3
M a y ..................... 2 4 3 , 1 7 0
J u n o ..................2 2 2 , 8 2 5
J u l y .................... 8 9 , 5 7 3

2 3 7 ,8 4 5
2 3 7 ,5 1 5
2 3 8 ,0 9 0
2 3 8 ,8 8 8
2 3 8 ,0 0 3
2 3 8 ,9 4 1
2 3 0 ,1 3 2
2 3 9 .3 5 7
2 1 8 ,3 7 0
8 7 .6 2 1

2 0 3 ,4 6 4 ,6 0 5
2 4 8 ,5 5 0 ,1 2 0
2 3 6 ,8 3 5 ,3 0 1
2 1 5 ,0 5 7 ,0 1 7
1 0 0 ,0 3 5 ,2 5 7
2 2 0 ,9 0 7 ,4 8 1
2 1 8 ,1 7 7 ,1 3 3
2 2 0 ,0 4 2 ,7 7 1
2 1 5 ,8 8 1 ,4 5 2
6 5 ,8 1 3 .0 4 8

>

+ 2 ,0 4 3 ,0 5 9
2 6 0 ,8 2 1 ,5 4 6
+ 9 9 4 ,6 5 0
2 4 7 ,5 6 4 .4 7 0
2 2 0 ,8 7 0 ,1 5 1 + 1 5 ,0 0 5 ,1 5 3
2 1 0 ,8 0 8 ,2 4 7
+ 4 ,2 4 8 .7 7 0
2 0 2 ,4 0 2 ,1 2 0
— 3 ,4 5 0 ,8 8 3
2 3 8 ,3 3 6 .0 0 0 — 1 1 ,3 3 9 ,1 2 8
2 2 5 ,7 0 0 ,8 1 1
— 7 ,5 2 3 ,0 8 8
2 3 4 ,3 3 9 ,8 7 4
— 1 ,0 0 7 ,1 0 3
2 2 2 ,0 8 5 ,3 1 7
— 7 ,1 0 3 ,8 0 5
0 3 ,0 6 4 ,8 1 8
+ 2 .1 5 1 ,1 3 0

1.01
0 .5 0
7 .2 3

2.01
1 .7 8
4 ,7 6
3 .3 3

2.00
3 .2 0
3 .3 9

.a n ^ L o r k ln T O ^ M ^ ^
s o ta * P a c ific ,
s In c lu d e s L o u is v ille * A t la n t ic fr o m J u l v l I
n a tlo n a l fr o m J u l y T o i O .
u I n c lu d e s th e
T e x a s C ^ n tra L 1




009

am l
and

v.
h

F r a n k fo r t

&

e a r n in g s o f M a s o n C it y & F t . D o d g e a n d W is c o n s in M ln n e C in c in n a ti fr o m
N ov .
1000.
t I n c lu d e s th e M e x ic a n I n te r -

1

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the third week
of August. The table covers 44 roads and shows 3.38% in­
crease in the aggregate over the same week last year.
Third week o ) A u g u st.

1911.

14,562,817 14,087,321
.................

S
8,267
5,693
4,571
51,000
370 ,000
100

51,410
12,340
1,241
___
1,450
586
1.230
120,882
9,000

615
40,438
53,896
27,000
_______
_______
2 ,0 1 0

_____ _
15,007
28,048
014
233

808,231
475.491

P e n n s y lv a n ia L in es—
P e n n sy lv a n ia R R - a . -J u ly 12

R oads.

------- N et E a rn in g s-----Current
P reviou s
Y ear.
Y ea r.
$
5

£ 5 0 ,3 0 0
£ 6 9 ,8 0 0
B razil R a ilw a y C o _____ J u ly £ 1 7 8 ,0 0 0
£ 1 5 7 ,1 6 6
£ 4 2 8 ,7 2 0
£ 5 3 3 ,1 3 3
J a n 1 t o J u ly 3 1 _______£ 1 ,2 7 4 ,7 3 3 £1,046,2.>6
348 ,2 0 0
361
,600
C a n adian N o r t h e r n ____ J u ly 1,4 7 5 ,0 0 0
1,225,100
3 ,4 8 4 ,6 2 0
3 ,703,029
8,8 6 9 ,2 1 4
C a n adian P a c i f ic .a .......... J u ly 9 ,6 6 1 ,8 1 8
(1303,030
(1233,313
1,008,018
C en tral o f G e o r g ia .b — J u ly
978 ,127
C en tral N ew E n g la n d - b —
_
3 24 ,623
366 050
803 ,304
A p r 1 t o Ju n e 3 0 ---------875 ,403
628,840
673,379
1,487,208
J a n 1 t o Ju n e 3 0 ............. 1,607,774
2327,582
s 107,607
1,170,992
C h ica g o A A l t o n . a ---------J u ly 1,314,901
379 ,023
403 ,277
1 ,343,246
C o lo r a d o A S o u t h e r n .b - J u iy 1,157,904
D elaw are L a ck A W c s t . b —
4 ,1 0 7 ,9 1 5
3 ,5 1 0 ,8 2 4
^n e......
9 ,3 8 9 ,8 7 7
A p r 1 t o Ju
3 0...................
---------- 9.................
,2 4 8 ,7 7 4
7,7 8 7 ,6 6 8
6,0 7 7 ,3 0 9
Jan 1 to Ju n e 3 0 ----------- 17,412,247
J u ly 1 t o Ju n e 3 0 ________ 3 5 ,9 4 7 ,0 6 a 3 6 ,0 0 a ,986 14,319,124 10,713,218
S y ra cu s e B in g A N Y _ b —
„ „ „
127,240
254 ,522
119,486
A p r 1 t o Ju n e 3 0 _______
2 7 3 ,a62
231,584
4 9 0 .5 7 6
223 ,7 6 0
523,443
Jan 1 to Ju n e 3 0 _______
1,387,408
4,6
7
5
,2
5
4
1
,5
0
0
,8
8
5
U r i c .a __________
-J u ly 4 ,8 9 9 ,5 9 8
871
15,089
43,634
G eorgia A F lo r id a .......... J u ly
65,933
954 ,5 1 3
885 ,3 9 9
4,8 0 4 ,7 9 1
Illin ois C e n tr a l.a ---------- J u ly 5 ,128,212
710,143
2 37 ,237
258,811
g I n t c r o c c a n lc o f M e x ico J u ly
724 ,650
1 ,107,603
978 ,032
2 ,8 7 6 .2 1 7
L eh ig h V a l l e y . b . .......... -J u ly 3,0 0 1 ,6 5 6
L ittle Falls A D o lg e v llle -b —
35,5 1 0
26,8 2 0
78,870
A p r 1 to Ju n e 3 0 ----------92,318
40,8 0 0
33,1 4 4
9 6 ,205
J a n 1 to Ju n e 3 0 ----------]1 0 ,9 0 9
58,321
4 9 .5 2 4
137,802
J u ly 1 to Ju n e 3 0 ----------157,86.6
35,504
3 2 ,970
75,7 1 3
M ississippi C e n t r a l - b - .- J u I y
72,816
2 ,1 2 8 ,3 8 3
5 ,2 7 6 ,3 4 7 2 ,4 2 4 ,5 2 3
g N at R y s o f M e x _______J u 'y 5,582,808
2 ,2 2 0 ,0 7 5
2 ,8 3 8 ,3 7 4
8 .3
,3 2
28
8 ,4
,4 7
79
9
C N Y C A H ud R l V - b - - J u l y 8,814 285 8
Jail 1 t o J u ly 3 1 _______57,6 2 2 ,0 4 8 oo ,2 9 9 ,^ 7 7 14,042 120 13,4 2 3 ,2 1 2
1,138,662
1,6
6
1
,6
4
5
L a lc e S h A M ich S o . b -J u ly 4 ,1 2 1 ,0 4 2 4,0 2 9 ,8 9 2
8 ,0 0 5 ,8 9 5 8 ,2 5 1 ,3 9 0
J an 1 t o J u ly 3 1 _____ 2 0 , 8 6 0 , 0 8 o 2 7 ,7 4 3 ,U -0
6 8 ,900
120,670
n L a k e E rie A W e s t .b J u ly
453 ,932
420 ,378
619 ,703
4 7 0 ,6 2 0
J a n 1 to J u ly 3 1 _____ 2 ,9 7 8 ,0 9 9
u .9 J 7 ,.o o
2 0 ,173
2 4600,5 0 6
4 2 ,722
C ldc In d A
S o u t h . b - .J u l y 274 ,8
507,173
168,784
2 ,1 7 2 ,2 6 4
J a n 1 to J u ly 3 1 - ....... 2,1 4 7 ,7 0 6
702.421
2 ,5 1 1 ,8. 8. 3
8 76 ,574
M ich igan C e n t r a l - b .- J u l y 2 ,8 9 0 ,2 1 3
.
4 ,0 5 4 .3 0 2
J a n 1 t o J u ly 3 1 ----------- 1 6 ,4 4 9 . 6 . 6 1 0 ,4 0 J ,2 8 o 4 ,1 9 9 ,6 4 4
3 0 9 ,5 8 5
867 ,023
C lev Cln Ch A St I. b -J u ly 2 .5 9 4 ,1 8 8 2 ,376,081
3 ,5 2 9 ,8 8 0
4 ,0 0 9 ,0 3 5
J a n 1 t o J u ly 3 1 _______ 17,020,071 16,.).>7,349
53,226
58,195
P eoria A E astern - b -J u ly
2 5 5 ,7 9 2
268 ,018
4 7 8 ,3 0 5
286 ,054
J a n l to J u ly 3 1 _______ 1 ,8 2 0 .0 7 0
1,8 6 0 ,3 7 6
17,488
101,752
1 1 ,1 2 2
Cine N orth ern _ b ------ J u ly
10I,'5 3 4
129,122
4 8 ,3 5 5
691 ,719
Jan 1 to J u ly 3 1 ----------642,217
8 5 0 ,1 5 3
I , 528 ,575
759 ,1 1 5
PlttS A L a k e E r l c . b . .J u ly 1,3 8 9 ,9 4 5
5 ,3 1 0 ,9 5 6
9 ,8 1 2 ,1 9 5 4 ,5 6 6 ,8 0 8
J a n 1 to J u ly 3 1 .............8 , 3 . 7 , . 4 .
257,881
257,372
888 .969
N Y Ch A S t L - b - - J u l y
98^81
1 ,973,534
1,557,998
0 ,3 3 8 .4 9 4
j a n 1 to J u ly 3 1 ------ . 0,293,.>07
203 ,854
160,443
402
.9
7
0
T o l A O h io C entral b _J u ly
4 4 2 ,5 8 8
8 73 ,456
640,940
2 ,628,661
J a n l to J u 'y 3 1 ---------- 2 , 5 0 0 , 8 0 1
5
,851,424
7 ,0 5 9 ,8 5 5
170,109
T o ta l all l l n e s . b - — - J u ly 2 1 ,7 4 0 .1 3 8 I I ,
3 8 ,3 9 6 ,9 2 8 3 0 ,8 2 0 ,1 5 3
J a n 1 to J u ly 3 1 ---------- 1 4 2 ,718 ,49 2
N Y N ew H a v A H a r t f - b —

nft_ . . .

5 ,4 5 7 ,5 4 0
5 ,513,014
9 ,8 7 0 ,0 4 0
9 ,5 3 3 ,3 6 0
J u ly 1 to Ju n e 3 0 .............o z . i u J . u a o u ,o » o ,o o o 2 1 ,2 5 4 ,8 0 2 2 2 ,0 4 4 ,4 5 3
1,978,081
1,932,801
N Y N II A H a r t f o r d .b -J u ly 5 ,197,708
5,269,632
79,7 2 7
101,339
N Y S u sq A W c s t c r a .a .J u l y
317 ,3 4 6
294 ,804




12,9 1 8 ,3 9 5
9 1 ,4 6 7 ,2 6 9
38,1 0 5
142,670
256 ,5 2 5
1 ,748,267
1 ,1 6 4 ,8 6 5
5 ,478,867
17,682
65,268
353 ,243
2 ,0 4 5 ,8 2 3
065 ,093
7,1 0 3 ,3 6 4
1,711,179
10,7 7 3 ,7 4 7
811 ,934
3 ,2 3 0 ,4 2 7
4 ,7 7 7 ,5 5 4
,54455,3
,39977
3300,5
448 ,1 0 6
2 ,8 7 1 ,1 3 0
3 ,1 4 6 ,3 1 5
2 2 ,8 7 4 ,9 9 0
820 ,3 3 9
5 ,0 9 6 ,2 6 7
1 9 ,6 8 3 ,8 3 7
129557,068
"""
9 ,5 3 1 ,9 6 2
0 4 ,3 6 3 ,4 1 7
2
299 ,2 1 5 ,7 9 8
193920,486

3 ,079,421
19,5 5 2 ,3 2 0
13,305
16,055
72,547
421 ,858
518 ,725
1 ,0 5 5 ,3 0 5
2,718
d e f 13,813
75,292
2 74 ,376
71,029
693 ,126
391,821
2 ,0 5 1 ,3 0 5
384,451
746,173
1,3 9 2 ,7 4 5
6 ,850,588
95,097
352,774
640,511
4 ,8 5 2 ,3 2 6
128,469
915 ,4 0 2
4 ,8 2 3 ,9 1 7
2 5 ,3 2 0 ,4 1 0
2 ,3 3 7 ,0 0 9
13,5 0 7 ,9 0 8
7 ,1 6 0 ,9 2 6
3 3 ,8 2 8 ,3 1 8

3,1 0 7 ,0 4 9
22,1 6 9 .2 7 2
15,876
21,400
101,762
571 ,850
459 ,212
1,061,341
2,990
d c f9 ,6 7 4
119,148
615,329
113,256
951 ,081
409 ,3 4 7
2 ,0 3 1 ,1 0 7
367 ,5 6 3
5 78 ,105
1,4 2 1 ,9 7 8
7 ,9 3 3 .4 5 7
55,558
300 ,1 0 5
549,978
4 ,6 3 3 ,1 5 5
101,321
928,061
5,0 4 5 ,9 4 2
2 8 ,5 0 5 ,0 4 3
2 ,1 8 8 ,1 0 8
14,2 7 1 ,6 1 4
7 ,2 3 4 ,0 4 9
4 2 ,7 7 6 ,6 5 8

B a lto Ches A A t l .a _ .J u l y
37,913
J a n 1 t o J u ly 3 1 _______
143,171
C u m b erlan d V a ll e y .a .J u ly
235 ,536
J a n 1 to J u ly 3 1 _______ 1,626.819
5
L o n g Isla n d . a ------------J u ly 1,2 4 3 ,3 6 5
—
J a n 1 to J u ly 3 1 _______ 5,920,750
M a ry la n d D el A V a .a J u ly
18,284
1,939
67,258
Jan 1 t o J u ly 3 1 _______
N Y P h ila A N o r fo lk .a J u ly
306,393
Jan 1 to J u ly 3 1 _______ 1,904,840
N o rth e r n C e n t r a l .a .- J u l y
948 ,918
57,454
Jan 1 t o J u ly 3 1 _______ 7 ,156,721
_______
P h ila B a lt A W a s h .a .J u l y 1,613.558
_______
Jan 1 to J u ly 3 1 _______ 10,7 3 2 ,8 9 6
10,942
63,710
W e s t Jer A S ea S h . a . J u l y
854,122
29,700
J a n l t o J u ly 3 1 ----------- 3 ,4 4 1 ,5 0 8
_______
P e n n a C o m p a n y -a -------- J u ly 4 ,4 2 8 ,8 8 4
J a n 1 t o J u ly 3 1 _______2 7 ,0 6 8 ,2 9 3
2,059
G rand R a p A In d _ a .- J u ly
426 ,534
0,344
Jan 1 to J u ly 3 1 _______ 2.771,691
P itts C in C h A S t L . a . J u l y 3 ,2 0 9 ,9 9 8
Jan 1 t o J u ly 3 1 _______ 2 1 ,2 6 1 ,6 1 0
.............
V a n d a lia a ------------------ J u ly
836,428
Jan 1 t o J u ly 3 1 ----------- 5.6 0 6 ,4 2 3
Tot lines E a s t P A E . a J u ly 19,3 6 6 ,4 1 0
6,038
Jan 1 to J u ly 3 1 ---------1 2 6 ,269 ,94 9
0,230
18,405
T o t lines W e s t P A E a J u ly 0 ,2 7 8 ,2 2 4
—
Jan 1 t o J u ly 3 1 . ........... 59.2 4 1 ,6 6 9
25,821
G rand t o t all lines a .J u l y - 2 3 ,6 4 4 ,634
Jan 1 to J u ly 3 1 ............185 ,511 ,61 8
R e a d in g C o m p a n y —
3 ,3 6 8 ,7 6 5
1 ,1 1 6 ,5 6 3
1 .174,073
Plilla
A R e a d in g .b — J u ly 3 ,4 7 6 ,7 9 7
—
1,499,664 d e f 223 ,1 9 2 d e f 2 0 8 ,2 1 0
Coal A I r o n C o . b ------ J u ly 1,679,213
1,233
965 ,8 6 3
893,371
Total b o th c o s . b -------- J u ly 5 ,1 5 6 ,0 1 0 4 ,8 6 8 ,4 2 9
20,729
145 ,276
163,608
R e a d in g C o m p a n y .. -J u ly
------------—
1 ,111,139
1,0 5 6 ,9 7 9
570
T o ta l all c o m p a n ie s . .J u l y
------------5,03 L R o c k Isla n d L i n e s .b — -J u ly 5,0 7 0 ,7 5 7
1,308,271
1
,0
9
8
,0
8
5
5 ,3 1 0 ,0 3 8
R u tla n d _ b —
152,818
93,861
647,159
A p r 1 to Ju n e 3 0 ----------700 ,599
177,167
2 02 ,529
9 1 0 ,4 8 7
25,760
S t L ou is S o u t h w c s t .a - .J u l y
821 ,227’
—
3,8
9 7 ,4 6 1
3
,4
5
4
,3
3
7
'
11,215,272
S o u th e rn P a c l f lc .a -------- J u ly 1 0 ,871,887
13,073
S o u th e rn R a ilw a y —
37,598
192,377
228 ,698
838 ,2 7 2
896 ,704i
M o b ile A O h i o . b -------Ju ly
2 9 2 ,2 6 0
287 ,951
743 ,1 5 4
753,2611
Cine N O A T e x P . b — J u ly
332 .735
87,9 8 4
115 ,807
353 ,362
356,344l
A la G reat S o u t h e r n .b -J u ly
.............
p
9 3 ,1 5 0
£>85,596
>
2
88
,342
335
,523
— T o t St L A W c s t c r n .a .- J u ly
3 ,3 8 5 ,1 9 7
3 ,0 2 2 ,2 1 7
) 7 ,9 1 6 ,6 5 5
U n ion
54,005
112 ,836
671 ,618
Y a z o o A M iss V a U e y .a .J u ly
731,171l

Net Earnings Monthly to Latest Dates, ihe table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
— G ross E a rn in g s-----Current
P revio u s
Y ea r.
Y ea r.
$
*

-------N et E a rn in g s------Current
P revio u s
Y ea r.
Y ea r.
$
$

-----G ross E a rn in g s-----Current
P rev io u s
Y ea r.
Y ea r.

R oad s.

In crea se. D ecrease.

1910.

$
$
82,432
90,699
A la b a m a G reat S o u th e r n .......... 42,651
48,344
A n n A r b o r ---------------------------------51,953
56,524
A tla n ta Illrm A A t la n t ic ---------216 ,469
214 ,530
B u ffa lo R o c h e s te r A P ittsbu rgh
256 ,500
307,500
C a n adian N o rth e r n _____________
C a n adian P a c ific ________________ 2 ,267,000 1,897,000
224 ,500
224 ,600
Cen tral o f G e o rg ia ______________
700.605
649,195
C h esapeake A O h io _____________
400
,0 6 7
342,613
C h ica go A A l t o n _________ ______
278 ,9 5 7
291 ,297
C h ica go G reat W e s t e r n -------------137,596
138,837
C h ica g o In d A L o u is v ille ---------180,783
196,725
Cine N ew Orl A T ex a s P a c -------343 ,766
280 ,056
C o lo ra d o & S o u th e r n ---------------502,800
473 ,100
D en v er & R io G ra n d e— - -------35,001
34,541
D e n v e r N orth w est & P a cific —
25,102
2 4 ,516
D e tr o it & M a c k in a c -----------------38,194
40,253
D e tro it T o le d o A I r o n t o n - - - - - 70,716
70,372
D u lu th S outli S iiorc & A tla n tic
42,954
44,184
G eorgia S ou th ern A F lo r id a —
G rand T ru n k o f C a n a d a -------993 ,677
872 ,795
G rand T ru n k W e s te rn -------D e tro it Gr H a v en & M llw .
C an ada A t la n t ic — — — - —
165,000
156,000
In tern a tion a l A G reat N orthern
171,134
105,000
I n tc r o c c a n lc o f M e x ic o -------74,926
81,156
I o w a C e n tr a l---------- ------------1,031,415 1 ,049,910
L o u is v lllt A N a sh v ille-------12,955
13,570
M ineral R a n g e ---------------------122,003
96,182
M in n eapolis A St L o u is -------467,757
508,195
M in n S t Paul A S S M ..........
C h ica go D iv is io n . . . ............... j
466,007
519,903
M issouri K ansas A T e x a s ---------1,080,000 1,053,000
M issouri P a c ific -------------------------203,961
202,728
M ob ile A O h i o ------------------ --------1,139,178 1,159,907
N a tion a l R y s o f M e x ic o -----------6,573
8,583
N e v a d a -O a llfo rn la -O rc g o n ..........
11,497
10,918
R io G rande S o u t h e r n ...........—
213,121
208,090
S t L ou is S o u th w e s te r n .................
363,125
378,132
S ea b oa rd A ir L in e _______________
S ou th ern R a ilw a y _____ _________ 1,167,522 1,138,874
1,862
2,470
T en nessee A la b a m a A G e o rg ia . _
275,070
249^310
T e x a s A P a c ific _________________
27,90,
28,14!
T o le d o P eoria A W e s te rn ___. . .
100,90?
87,835
T o le d o S t L ou is A W e s te rn ____
634,207
596,609
W a b a s h _________ ______ _____
T o ta l t-14 r o a d s ) ____
N et Increase ( 3 .3 8 % ) .

585

THE CHRONICLE

S e p t . 2 1911.]

IN D U S T R IA L C O M P A N IE S .
------- G ross E a rn in g s-------- -------N et E a rn in g s------C u rrent
P rev iou s
Current
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ear.
S
$
O
$
316 ,374
396 ,2 3 0
A m e rica n E x p r e s s .b - — M ay 2 ,0 1 5 ,0 2 0
1 ,797,244
2,6
2
4 ,7 1 1
3,0
9
6
,3
5
1
J u ly 1 to M ay 3 1 _______ 2 0 ,5 1 6 ,0 5 8 18,020,068
243 ,973
242 ,7 4 2
C u m b erlan d T e l A T e l.b .J u l y
•>
1,6 9 3 ,9 3 8
1,710,271
Jan 1 t o J u ly 3 1 ----------- 4 ,206,462
3 ,9 3 1 ,o 6 4
79,534
87,034
205,921
D e tr o it E d is o n -------------- J u ly
231,396
659 ,333
7 65 ,993
1 ,563,153
J a n 1 to J u ly 3 1 ----------- 1,868,587
2 68 ,048
2 42 ,862
W e lls F
r e s s .b .M a _y ________
1,1 5 7 ,3 3 5
1,1 6 4 ,5 8 3
. . a. .rg „o E
. .x. p. ___________
2 ,9 7 6 ,6 9 9
2 ,2 9 2 ,0 3 4
J u ly l tO^MaV 31 T____ ".1 2,35 4,5 06 12,281,183
C o m p a n ies.

a N et earnings here g iv e n are after d e d u ctin g ta x e s ,
b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s .
c In clu d e s th e B o s . A A lb a n y , t h e N . Y . A O tta w a , th e S t. E awr,eucc A
A d ir o n d a ck an d th e O tta w a A N ew Y o r k R y . th e la tte r o f w h ich , b e in g a
C a nadian r o a d , d oes n o t m a k e returns t o th e I n te r -S ta te C o m m e rce C o m m .
d A ft e r allo w in g fo r o u ts id e o p e ra tio n s a n d ta x e s , o p e r a tin g In com e fo r
J u ’ y 1911 w as 5 19 4,12 6, a gain st 5 2 6 5,08 0 In 1910.
g T h ese resu’ ts are In M e x ica n c u r r e n c y .
n In clu d e s th e N o rth e rn O h io R R .
p F o r J u ly m iscella n eou s ch arges to in c o m e w ere $ 1 3 ,8 4 7 a gain st
59,022 in 1910.
s A fte r a llo w in g fo r m iscella neous ch a rg e s t o In co m e fo r th e m o n th o f
J u ly 1911, to ta l net earnings w ere $34 1 ,0 8 8 , a g a in st $294 865 last y e a r .

Interest Charges and Surplus,
- I n t . , R en tals, & c .—
Current
P reviou s
Y ea r.
Year.
$
S

R oad s.

Cen tral N ew E n g la n d —
561,006
237,643
A p r 1 to Ju n e 3 0 ----------683 ,825
714,842
J a n 1 t o Ju n e 3 0 ----------252 ,4 1 6
277,396
C o lo ra d o A S o u th e r n — J u ly
D elaw are L a ck A W e ste rn —
2
,3
6 4 ,2 9 2
>,265,468
A p r 1 t o Ju n e 3 0 ----------4 ,5 0 0 ,3 1 9
Jan 1 t o Ju n e 3 0 ----------- 4 ,634,482
J u ly 1 t o Ju n e 3 0 _______1 3,308,415 1 3 ,182,063
S y ra cu se B in g A N Y —
48,760
38,057
A p r 1 t o Ju n e 3 0 -------80,112
75,538
J a n 1 t o Ju n e 3 0 . . .
L ittle Falls
Apr 1
ja n l
J u ly 1

A
to
to
to

D o lg e v llle —
Ju n e 3 0 ..........
Ju n e 3 0 -------Ju n e 3 0 --------

19,452
24,878
34,631

— B a l. o j N et E a r n s .—
Current
P reviou s
Y ea r.
Y ear.
§
S
* 1 3 5 ,6 7 0 rd e f2 2 7 ,212
* d e f l8 ,4 2 0 * d e f2 6 ,8 4 3
C167.076
C134.765
* 2 ,4 3 1 ,5 2 2 * 3 ,1 0 8 ,3 5 7
* 4 ,4 2 0 ,0 9 6 * 5 .8 2 2 ,8 7 3
* 5 .5 5 1 ,2 0 5 * 1 1 ,5 4 3 ,5 0 5

13,393
15,268
21,1 3 5

* 1 6 3 ,8 1 3
*279 .891

* 1 7 8 ,3 2 8
* 3 1 1 ,9 0 4

* 1 6 ,6 6 3
* 1 6 ,6 4 8
*2 4 ,8 2 2

* 1 4 ,3 5 9
* 1 9 ,0 3 6
* 3 0 ,0 8 8

N Y Am i^l1toVJ u n t3 10a rtf~
5 084 ,405
5 ,802,944 * 6 ,1 5 2 ,7 0 6 * 4 ,6 3 4 ,1 9 2
I,Pn 1 to Ju n e 3 0 -----------8 l o o l s s o l i ;0 2 2 .0 7 9 * 8 ,6 3 0 ,1 9 2 * 5 ,1 5 7 ,8 0 2
J u ly 1 to Ju n e 3 0 _______ 17,577,209 2 1 ,5 0 6 ,4 1 2 * 1 3 ,1 8 7 ,3 1 2 * 1 0 ,7 9 6 ,8 7 6
R e a d in g C o m p a n y _____ J u ly
868 ,250
888,601
188 ,729
222 ,478
R u tla n d - ^

J u n c 3 Q ..........

190,751

181,912 * d e f7 6 ,2 1 4

S t Louis S o u t h w e s t e r n ..J u ly

191,991

187 ,646

* 6 9 ,2 8 0

* d c f8 ,7 0 9
*1 2 ,1 6 3

IN D U S T R IA L C O M P A N IE S .
— I n t ., R en tals, & c .—
Current
P rev io u s
Y ea r.
Y ea r.
5
$
48,802
50,684
C u m b erlan d T el A T e l. - J u ly
336
,334
J a n 1 to J u ly 3 1 ---------3 o 7 ,7 l8
45,399
D e tr o it E d is o n -------------- J u ly
50,710
302 ,800
Jan 1 to J u ly 3 1 .............
337,081
C om pa n ies.

- D a l . o j N et E a r n s .—
Current
P rev iou s
Y ea r.
Y ea r.
5
§
195,171
192,060
1,357,604
1 .352,553
34,135
36,318
356 ,533
428,912

c A fte r allo w in g fo r m iscella n eou s ch a rges an d cre d its to In co m e .
* A fte r allo w in g fo r o th e r Incom e re ce iv e d .

586
E L E C T R IC

THE CHRONICLE
R A IL W A Y

AND

T R A C T IO N

[V O L . L X X X X III.

C O M P A N IE S .

--------u r o s s h.W a rn in gs ------- ------- N e t E l i r n i n g s ------C u rren t
Y ea r.

R oa d s.
N am e o)
R oad.

L a t e s t G r0 S 3 E a r n i n g s .

S
154,672
1 ,0 06,789
185,342
2 ,0 1 9 ,6 1 6

J a n . 1 to la te s t d a te.
C u rren t
Y ea r.

P rev io u s
Y ea r.

N ash ville R y & L t . a .
J u ly'
Jan 1 t o J u ly 3 1 _______
N o rf & P o r ts m T r a c . b . .J u n e!
J u ly 1 t o Ju n e 3 0 _______
N o r C aro P u b S e r v i c e .a . J u ly
2 1 ,1 2 2
P o r t l(O r e )R y ,L & P . a . J u ly
543,704
Jan 1 to J u ly 3 1 _______ 3 ,6 5 8 ,5 1 6
P o r to R ic o R y , L t d .
J u ly
69,050
Jan 1 t o J u ly 3 1 _______
4 24 ,904
S t J o s R y .L . I I & P o w . a .J u l y
92,375
J a n 1 t o J u ly 3 1 _______
622 ,697
T w in C ity R a p T r a n s .b .J u l y
7 10 ,067
Jan 1 t o J u ly 3 1 _______ 4 ,4 9 2 ,0 1 9
n d e rgro u n d E le c R y s , L o n M e tro p o lita n D is t r ic t .J u ly
£ 6 0 ,8 4 7
L o n d o n U n it T ram
J u ly
£ 3 ,), 658
L o n d o n E le c tr ic R y _ _ J u ly
£ 6 0 ,1 8 6
U n io n R y .G & E (111) . a . . J u ly
244,931
Jan 1 t o J u ly 3 1 _______ 1 ,7 6 3 ,3 8 7
U n ite d R R s o f San F r _ _ J u ly
644,513
Jan 1 t o J u ly 3 1 _______ 4 ,4 6 5 ,6 4 7
W a s h B a lt & A n n a p o lis . J u ly
60,143
A p r 1 t o J u ly 3 1 .............
2 42 ,714

■ P r e v io u s
Y ear;

C u rren t
Y ear.

$
144,548
1,032,501
166,823
1,920,841
17,674
490 ,724
3 ,1 3 6 ,3 3 6
50,318
313 ,786
90,928
584,942
682,612
4 ,2 6 4 ,8 5 9

$
60,711
448 ,783
63,859
879 ,212
7,722
2 84 ,766
1,895,442
3 4,346
218 ,842
32,173
2 40 ,495
372,512
,2 ,22 5 ,6 7 0

P rev io u s
Y ear.

.

$
60,414
431 ,779
57,879
810,351
6,323
253 ,346
1 ,6 5 1 ,6 3 6
2 4 ,5 3 4
162,953
39,639
2 34 ,652
364 ,018
2 ,1 9 8 ,1 3 7

$
A m erica n R y s C o ____
359,547
7,404 1,942,883 1.842,144
Atlantic S h ore R y .
26,600
5,357
103,365
111,339
c A u r E lg in & C h ic R y
161,382
1,851
80 1 .2 1 7
738 ,770
B a n g o r R y & E le c Co
55,677
4,007
3 20 ,326
309 ,313
B a to n R o u g e E le c Co
0,869
8,942
58,172
52,081
B in g h a m to n R a ilw a y
3 8,107
7,330
2 18 ,064
204,881
BIrm R y . L t & P o w .
2 24 ,936
8,255 1 ,1 3 4 ,2 2 7 1.069,376
B r o c k & P ly m S t R y
10,973
3,418
50,514
49,439
B k ly n R a p T ra n S y s .
1835,006
5,105 6,977,751 6 ,6 0 1 ,8 9 0
C ape B reton E le c C o .
27,427
5,75
152,135
147,548
C a rolin a P o w & L t Co
21,981
),0 2 4
165,189
145,064
Cent P k N & E R l y . .
50,026
5,036
190.879
191,437
C en tral P en n T r a c . . .
8 5,407
f ,373
499,341
£ 5 7 ,8 9 7
£ 3 2 ,5 0 2
476
,120
£ 2 9 ,8 9 7
C h a tta n oog a R y & L t J u ly
8 4 ,175
5,412
530,130
£ 3 1 ,0 0 7
£ 1 6 ,8 1 7
4 96 ,840
£ 1 1 ,1 6 0
C leve P a ln esv & E a st Jun e
35,765
1,261
163,717
£ 5 8 ,9 7 8
£ 2 8 ,3 7 1
153,578
£ 2 8 ,3 0 0
C lev S o u th w & C o l . . Tuly
108,644
,492
628,811
575,668
232 ,318
C olu m b u s (G a) E l Co June
103 ,195
9 8,234
39,554
',2 9 4
235,584
212,932
1,663,338
C on ey Isla n d & B k ly n A p ril
7 23 ,685
66 7 ,0 5 5
110,399
5,794
404 ,564
392,301
D allas E le c tr ic C o r p . June
122,110
618 ,638
5,514
29 4 .2 6 3
2 64 ,874
768,949
682,282
D e tr o it U n ited R y . . . 4th w i J u ly 296 ,808
1,122 5,67 5 ,1 9 4 5.23 7 ,2 6 7
4 ,3 7 3 ,4 9 6
1 ,9 5 0 ,0 7 7
1,84 0 ,7 8 8
D D E B & B a tt (R e c ) A p r i l ............
50,656
,887
106,016
57,202
199,690
2 9 ,7 9 5
2 8 ,808
D u lu th -S u p erior T ra c J u l y ______ 108,455
1,532
643,531
236
,249
615,174
127,613
118,231
E a st S t L o u is & S u b . J u l y ______ 195,688
1,844 1,28 7 ,4 0 7 1,33 0 ,1 9 7
E l P a so E lectric
J u n e ______
52,470
5,224
a N et earn in gs h ere g iv e n are a fte r d e d u ctin g ta x e s ,
334 ,035
309,238
F a lrm & C larks T r Co J u l y ______
68,332
',488
4 04 ,657
327 ,264
b N et earnings here g iv e n a re b e fo r e d e d u ctin g ta x e s .
4 2 d S tM & S N A v (R c c ) A p r i l ______ 125,222
,974
464,268
421 .828
G a lv -H o u s to n E l Co J u n o ______ 134,934
i,083
712,292
609,130
G rand R a p id s R y C o . J u l y ______ 107,072
Interest Charges and Surplus.
,005
660,432
643.828
H a v a n a E le c tr ic C o . . W k A u g 28
4 5,326
5.547 1 ,5 4 7 ,0 2 6 1,411,318
H o n o lu lu R a p id Tran
— I n t . , R e n t a l s , & c .— — H a l . o j N c l E a r n s .—•
& L a n d C o ________
C u rren t
P rev io u s
4 2 ,767
37,
C u rren t
P rev io u s
R oa d s.
Y ea r.
Y ear.
H o u g h to n C o T r a c Co
26,940
26,
Y ea r.
Y ear.
H u d s o n & M an h a ttan
5
S
375,870 324,
S
8
Illin ois T r a c tio n C o . .
535,849 478,
B a n g o r R y & E l e c t r ic ..J u l y
13,056
11,921
15,812
17,311
In terb oro R a p T ra n s.
2622,791 2571,
B
in
g
h
a
m
to
n
R
a
ilw
a
y
J
u
ly
9 326
9,1 3 0
J a c k s o n v ille E le c C o .
11,106
9,341
43,776
46,
Jan 1 t o J u ly 3 1 _______
66,043
63,565
L a k e S h o r e E le c R y .
29,046
2 2,597
113,950 103,
C h a tta n o o g a R y & L t ._ J u l y
1 9 870
L o n g Isla n d E le c t r ic .
18,601
14,935
14.1
13,943
2
3,310
M e tro p o lita n S t (R e c )
Jan 1 to J u ly 3 1 _______
137,466
1120,081 1099,i
127,433
85,279
7 6,536
MIIw E l R y & L t C o .
418,823 388,
C o m m o n w e a lth P , R & L t
M il w L t , H t & T r C o .
103,839
(M ich)
-----------J u ly
106,104
96.1
100,655
69,684
8 0 ,5 2 9
M on trea l S treet R y . .
437,771 398.1
Jan 1 t o J u ly 3 1 _______
7 25 ,732
718 ,589
574,952
N ash ville R y & L ig h t
5 17 ,243
154,672 144.1
C on sum P o w C o (M Ic h ). .J u l y
4 1 562
N ew O rleans R y & L t
35,703
2 9 ,660
2 8 ,353
2 70 ,694
J a n 1 t o J u ly 3 1 _______
N Y C ity I n t e r b o r o ..
262
,504
367
,964
22", 936
2
88 ,513
5,494
N Y & L o n g Isla n d T r
D u lu th -S u p e rio r T r a c . .J u l y
2 ’ 561
30,716
7,543
19,942
30,828
3
0 ,596
N Y & Q ueens C ou n tv
Jan 1 t o J u ly 3 1 _______
154|811
96,757
1,230
136,712
129,469
120,453
N o rf & P o r ts m T r Co
185,342
E a st S t L o u is & S u b ____ J u ly
45 4 5 3
5,823
45,382
N o rth a in E a s to n & W
40,831
54,183
15,185
Jan 1 t o J u ly 3 1 _______
3 1 7 ,6 0 4
1,505
316 ,324
N o C aro P u b S erv Co
233 ,564
266 ,954
21,122
7,674
116,951
F a irm o n t & C la r k s b u rg .J u ly
17 071
N o rth O h io T r a c & Lt
12,610
27,818
278,431
2 5 ,836
2,020
1
,3
4
9
,3
5
5
Jan
1
t
o
J
u
ly
3
1
_______
112,136
N o rth T e x a s E lec C o .
8 7 ,905
151,410
136,061
119,450
>,964
677,620
N o rth w e s t E le v Co
G rand R a p id s R y -----------J u ly
15,008
176,820
15,201
1,760
33,541
1,096,218
43,528
O cea n E le c tr ic (L I)
Jan 1 t o J u ly 3 1 _______
105 ,340
4,734
106,265
1,917
176,098
15,326
190,759
O k la h o m a C ity R y
57,105
1,397
J a ck s o n v ille E l e c t r i c . .. J u n e
12,262
289,313
9,344
6,775
P a du cah T r & L t C o .
12,472
20,647
>,740
Jan 1 t o Ju n e 3 0 _______
63,341
119,370
55,765
65,592
P e n sa co la E le c tr ic Co
78,387
24,741
,762
127,786
N ash ville R y & L i g h t . .J u l y
33,911
P h lla R a p T ra n s C o .
3
3,390
2
6
,800
1856,816
27,024
,955
Jan 1 t o J u ly 3 1 _______
23 5 ,0 1 7
P o r t (O re) R y , L & P C o .
23 5 ,4 7 7
2 13 ,766
543,704
>,724 3 ,6 5 8 ,5 1 6 3 ,1 3 6 ,3 3 6
190,302
P u g e t S ou n d E l Co
N o rf & P o rts m T r a c ____ J u n e
57,008
148,828
M 90
67,713
712 ,456
761,475
0,251
d e f .9,834
R ic h m o n d L t & R R .
J
u
ly
1
t
o
Jun
e
3
0
_______
7
43
,579
24,488
1,324
777 ,216
01,548
86.352
135,633
3 3 ,1 3 5
R io d e J a n eiro T ra m
N or C aro P u b lic S e r v ic e . J u ly
5,5 0 0
4,1 6 7
L ig h t & P o w e r C o . J u ly
2,222
2 ,1 5 6
1145,938 980 ,339 7,25 3 ,7 1 1 0,02 3 ,0 7 0
P o rtla n d (Ore) R y , L & p j u l y
S t J o s e p h (M o) R y .L t
1 30 ,660
116 ,507
154,106
130,839
Jan 1 t o J u ly 3 1 .......... ..
H e a t & P ow er Co
8 7 3 ,4 8 4
9 2,375
795 ,724
),928
1 ,0 21,058
6
22
,697
855
,012
584,942
S a o P a u lo T r , L & p
S t J o se p h R y , L , II & P . J u ly
283,441
1,615 1,967,694 1 ,631,040
19,239
18,274
12,934
2 1 ,365
S a v a n n a h E lectric Co
59,927
Jan 1 t o J u ly 3 1 _______
134 ,713
S.010
330
,264
127,717
300,574
105,782
106,935
S ea ttle E le ctric C o .
433,701
',6 7 6 2 ,6 9 9 ,6 1 2 2 ,7 3 6 ,1 9 0
T w in C ity R a p T r a n . . . J u l y c l 40,079
S e c o n d A v e n u e (R ec)
C140.113
232 ,433
2 23 ,905
68,750
',072
2 54 ,685
246,399
Jan 1 to J u ly 3 1 _______ C980.554
C981.254
S o u th e r n B o u le v a r d .
1 ,2 4 5 ,1 1 6
9,194
1 ,2 16,883
!,486
33,396
29,913
S o u W isc o n s in R y Co
U n ion R y ,G & E (1 1 1 )..J u ly
62,924
18,318
1,240
59,480
93,381
40,271
8
5
,290
3 8 ,754
S ta ten Isl M id la n d ..
Jan 1 t o J u ly 3 1 _______
4 26 ,073
17,625
',2 2 6
407 ,500
63,818
297 ,612
60,856
2 59 ,555
T a m p a E le c tr ic C o . .
56,812
1,895
W ash B a lt & A n n a p o I ls .J u ly
2 2 372
334.784
312,384
31,076
7,7 3 7
T h ird A v e n u e ( R e c ) .
d ef .2,213
289 ,753
,200 1 ,1 31,015 1,139,545
A
p
r
1
t
o
J
u
ly
3
1
_______
8
9
,510
123,174
38,661
T o le d o R y s & L t Co
d e f.4 ,6 7 7
34,591
1,225
T o r o n t o R y C o ____ __
401 ,186
1,795 2 ,2 4 0 ,0 4 0 2 ,0 37,653
c In clu d es d iv id e n d o n p re fe rre d s t o c k .
T r l-C lty R y & L ig h t 210,899
1,329 1,522,320 1,305,854
£ A ft e r allow in g fo r o th e r In co m e r e c e iv e d .
T w in C ity R a p T r a n .
154,294
.262 4 ,9 3 7 ,2 7 0 4,705,961
U n d erg rou n d E l R y
o f L on don—
T h re e tu b e lin e s .
W k Aug
0,4 3 5
£ 4 3 4 ,8 0 9
M e tro p o lita n D Is t. W k A u g 26
9,185
£ 3 6 7 ,6 4 9
U n ite d T r a m w a y s . W k A u g 26
6,949
£
2 1 7 ,5 9 3
U nion ( R e c ) . _ _
A p ril . . .
1,716
611,475
U n io n R y .G & E C o d U ) J u l y ______
Annual Reports.— A n i n d e x t o a n n u a l r e p o r t s o f s t e a m
2,318
1,663,338
U n ited R y s o f S t L
J u l y ____
8,080
6 ,5 90,144
r a i lr o a d s , s t r e e t r a i l w a y s a n d m i s c e l l a n e o u s c o m p a n i e s w h ic h
U n ited R R s o f San Fr J u ly ..........
8,636
4
,3
7
3
,4
9
6
W e s tch e s te r El (R ec) A p ril . . .
h a v e b e e n p u b l i s h e d d u r i n g t h e p r e c e d i n g m o n t h w ill b e
7,627
135,378
W h a t c o m C o R y & L t J u n e ______
9,460
g iv e n o n th e la s t S a t u r d a y o f e a c h m o n t h .
T h i s i n d e x w ill
2 00 ,380
Y on k e r s R R (R ec)
A p r i l ...........
Y o u n g s t & O h io R I v . J u n e ______
not in c l u d e r e p o r t s in t h e is s u e o f t h e “ C h r o n i c l e ” in w h ic h
16,577
" " ’92", 624
i t is p u b l i s h e d .
T h e l a t e s t i n d e x w ill b e f o u n d in t h e is s u e
c T h ese figures are f o r c o n s o lid a te d c o m p a n y .
oi A u g . 2 6 .
T h e n e x t w ill a p p e a r in t h a t o f S e p t . 3 0 .

A N N U A L REPORTSo

Electric Railway Net Earnings.— T h e

fo llo w in g ta b le g iv e s

S l S S rS f - O f. E ,L E 0 ? ? 1, ? r a i h ™ y g r o s s a n d S e t c a r l i n g s
r e p o r te d th is \\eek.
A f u ll d e t a i l e d s t a t e m e n t , i n c l u d i n g a ll
r o a d s f r o m w h i c h m o n t h l y r e t u r n s c a n b e o b t a i n e d , is g i v e n
t M « u tn !j\ 01diti l mf t h “ ? . co! u n ? n s > a n d t h e l a t e s t s t a t e m e n t o f
t h i s k i n d w ill b e f o u n d in t h e is s u e o f J u n e 1 0 .

----- G r o s s
R oa d s.

C u rren t
Y ear.

E a r n in g s — P rev io u s
Y ea r.

C u rren t
Y ear.

E a r n i n g s ------P rev io u s
Y ea r.

8
2 7 5 ,2 5 6
2 ,2 2 9 ,6 2 0
2 8 ,868
2 0 ,432
9 5 ,089
3 1 ,1 4 4
146,221
3 3 ,8 1 3
22 2 ,7 4 5

8
2 40 ,055
1,982,409
29.232
18,471
86,162
30,112
135,727
41,911
203 ,969

421 ,157
2 ,843,801
152,225
1.134,190
103,532
615,174
210 ,844
1,33 0 ,1 9 7
57,488
327,264
113,005
643,828
4 6 ,408
283 ,467

175,788
1 ,3 0 0 ,6 8 4
7 1 ,222
638 ,658
53,389
2 8 4 ,2 8 0
8 6 ,2 8 7
551,168
44,889
2 63 ,546
4 8 ,549
2 81 ,444
19.037
128,933

181,184
1,235,832
64,056
551 ,107
50,538
25 7 ,1 6 5
9 9 ,565
583,278
38,446
20 7 ,3 5 5
58,819
297 ,024
21,816
134,152

A m e r ic a n L t & T r a c . a . .J u ly
Jan 1 t o J u ly 3 1 .............
B angor R y & E le c .a .- .J u ly
B in g h a m to n R a ilw a y
J u ly
Jan 1 to J u ly 3 1 ..........._
C en tral P en n T r a c tio n J u lv
Jan 1 t o J u ly 3 1 .............
C h a tta n o o g a R y & L t a J u ly
Jan 1 t o J u ly 3 1 _______
C om m on w ea lth P , R & L t
(M ich) . a ---------------------J u ly
4 37 ,192
J a n 1 t o J u ly 3 1 _______ 3 ,0 6 6 ,2 7 6
C o n s u m 'P o w C o (M ich) a . J u ly
174,011
Jan 1 t o J u ly 3 1 _______ 1,311,278
D u lu th -S u p erior T r a c .b .J u ly
108,455
Jan 1 t o J u ly 3 1 _______
643,531
E a stS t^ L ou Is & S u b . a J u ly
195,688
Jan 1 t o J u ly 3 1 _____ . 1 ,2 8 7 .4 0 7
F a irm o n t & C la r k s b .b J u ly
68,332
Jan 1 t o J u ly 3 1 _______
4 04 ,657
G ra n dJR aplds R y . a .
J u ly
107,072
Jan 1 t o J u ly 3 1 . 1 ____
660,432
J a c k s o n v ille E le c t r ic , b . Ju n e
4 3 ,776
ft*. • Jan 1 t o Ju n o 3 0 ___
289 ,203




------- N e t

8
8
282 ,892
250,723
2 ,2 9 5 ,2 0 3
2.05 0 ,7 5 4
55,697
54,007
3 8 ,1 0 7
37,330
2 18 ,064
204,881
8 5,467
82,373
499,341
476,120
8 4 ,175
88,412
530 ,130
496,840

Canadian Pacific Railway.
(Report for Fiscal Year ending June 3 0

1 9 1 1 .)

T h e r e m a r k s o f S ir T h o m a s G . S h a u g h n c s s y , P r e s i d e n t ,
w ill b e f o u n d o n s u b s e q u e n t p a g e s .
B e lo w a r e g iv e n th e
c o m p a r a tiv e in c o m e a c c o u n t a n d a ls o th e b a la n c e s h e e t.
O P E R A T IO N S

....
M iles o p e ra te d a:____
O p e r a tio n s —

A N D

191 0-1 1.
1 0 481

F IS C A L

RESU LTS.

1909-10.
10,271

1908-09.
9,878

1907-08.
0,426

11,172,891
Passen gers c a r r i e d . . N o . 12 ,0 8 0 ,1 5 0
9 ,7 8 4 ,4 5 0
0,46 3 ,1 7 9
P assen ger m ile a g e ---------- 1457332932 1355286088 1071149528 1052010356
R a te per pass, per m ile .
1 .9 3 c ts .
1.83 c ts .
1 .8 8 cts .
1.89 cts.
E a rn , per pass, t r ’ n m ile
,$1.73
§1.64
31.49
,
31.56
F reigh t UOI1SJ
(ton s) c iu
a rrrie
ieud..._ 2
4 20 ,0
,5 05 1 ,,(0
,3 6 8
^ 2, 0,53366,,2
3 114
1
6 ,549,616
15 040 1 ?';
16,549,616
15,040,325
F it (to n s)ca rrie d 1 n iile .8 0 0 2 1 0 2 0 1 3 7772012635 637 2269174 5 8 6 5 0 8 iino«
Ra
a te
te ner
m ile
n s i cts.
n
7 77 rfa
n
7n
uououoauua
R
per ton
to n nor
per m
ile ___
0.81
0.7
c ts .
0.7 6 c ts .
0 .7 5 c ts .
E a rn , per f g t . train m ile
$ 2.75
$2.6 5
$2.27
$2.20
E a r n in g s —
3
3
S
$
P a s s e n g e r ----------------------- 2 8 ,1 6 5 ,5 5 6
24,812,021
20,153,001
19,900,432
K rel^ht------------------65 ,6 4 5 ,2 2 8
60,15 8 ,8 8 7
4 8 ,1 8 2 ,5 2 0
44 ,0 3 7 ,5 9 8
M all, exp ress, A c _______ 10,357,024
10,018,582
7.97 7 ,8 0 0
7 ,4 4 6 ,1 4 3
T o ta l earr
.104 ,1 6 7 ,8 0 8
9 4 ,0 8 9 ,4 9 0 76,313,321
7 1 ,3 8 4 ,1 7 3
E xp en ses: 3 4 ,1 6 0 ,8 0 0
1 15,56 1 ,0 8 6
Auoiuv. ui e q u ip m e n t___ . 12,05 6 ,2 6 0
G eneral & m iscellaneous1 5 ,6 89,832

29 ,8 6 1 ,8 8 9
13,653,938
12,507,494
5,066,213

2 7 ,6 9 2 ,8 5 0
10,074,049
11,080,886
4 ,5 0 9 ,9 6 3

2 5 ,8 4 6 ,8 0 0
10,410,752
9 ,3 5 8 ,1 3 8
3 ,9 7 6 ,1 1 7

i u m i cA p en ses_______ 67 ,4 6 7 ,9 7 8
P er ce n t o f o p e ra tin g e x ­
penses t o e a rn in g s___
(6 4 .7 7 )
- .e t earn in gs........ .............. 3 6 ,6 9 0 ,8 3 0
SS . earns. In e xcess o f
a m ts. In m th ly . s t a t ’ ts1 1 ,1 1 8 ,3 5 0

61,14 9 .5 3 4

53,357,748

4 9 ,5 9 1 ,8 0 7

(04.38)
3 3 ,839,950

(09.92)
2 2 ,955,573

(69.47)
2 1 ,7 9 2 ,3 6 0

909 ,235

309 ,909

1,112,759

3 7 ,8 1 8 ,1 8 0

34,749,101

2 ^ 5 5 ,4 8 2

2 2 ,9 0 5 ,1 2 5

THE CHRONICLE

Se p t . 2 1911
D educt—
I n t . & s . f . , !n c l. d iv . o n
O. & Q. R y . S t o c k ...
I n t . on d e b e n tu re s t o c k .
R en ta ls & m iscella n eou s
D lv . o n c o m m o n .! /. (7 % )
D lv . on p referred ( 4 % ) .
I n t . o n In stallm en ts on
new s to c k s u b s c r ip —
F o r SS . & p en s ion f u n d .

191 0-1 1.
190 9-1 0.
190 8-0 9.
190 7-0 8.
$
$
_
5
„
3 ,6 8 4 .2 0 4
3 ,5 7 5 .7 2 8
3 ,4 8 2 ,0 7 9
3 ,3 8 8 ,4 2 7
5,58 8 ,8 8 0
5 ,4 4 0 ,5 3 6
5,034,631
4 -441,132
737 ,888
89 1 ,6 7 0
° 1 0 -323
940.518
12 ,6 0 0 ,0 0 0 (6
9750000 ( 6 ) 9 0 0 0 , 0 0 0 (6 )7 ,3 0 0 .8 0 0
2 ,2 5 3 ,8 6 7
2 ,2 1 4 ,9 3 3
2 ,1 0 7 ,8 6 7
1,91 6 ,4 0 7
1 ,0 8 0 ,0 0 0

417 ,179
980 ,000

880 ,000

880 ,000

T o t a l _________________ 25 ,0 4 4 ,9 3 8
B a la n ce, s u rp lu s ------------- 11,873,242

23 ,2 7 9 ,0 5 3
11,470,138

2 1 ,414,900
1,940.583

18,867,284
4,037,841

x T h is Is th e m iles op e ra te d a t clo se o f y e a r o n w h ich o p e ra tio n s g iv e n
a r y A ls o 1 % e x tr a p a id In 190 7-0 8, 1908-09 and 1909-10 fro m sp ecial Incom e,
v iz .: H % A p ril 1 an d y % O ct. 1: and in 1910-11 2 'A % e x tr a , v iz .:
In J a n . an d H % ea ch In A p ril, J u ly and O c t . 1911— see also b e lo w .

As to details of special income for the year ending June 30
1911 from which the additional dividends were paid, see a
subsequent page. The additional dividends paid at the same
time as the four quarterly distributions from the earnings of
the fiscal year 1910-11 (see paragraph next above) aggregated
2 ]/2% . In the detailed account of special income for the
year, however, the company deducts also a fifth payment,
viz.: that made on Oct. 1 1910, the balance of interest from
land surplus at June 30 1910 ($1,555,349) having been trans­
ferred to the credit of the account. The net surplus of special
income account carried forward after payment of the five
dividends is $1,352,205.

-

B A L A N C E S H E E T J U N E 30.
1911.
1910
1909.
A •jrctS- $
$
$
C ost o f ro a d an d e q u ip m e n t-----3?3 .6 9 5 ,2 3 0
3 1 7 ,2 2 6 ,2 6 6 3 02 .196 638
S team sh ips an d a p p u rte n a n ce s - 19,07 9 ,6 7 4
18,460,161
18 ,0 8 o ,8 8 6
69,07 0 ,0 7 1
63 ,1 5 3 ,5 4 4
A c q u ir e d secu rities h e ld ------------ 7 o ,9 7 9 ,6 o 3
P a y m e n ts o n s u b scrip tio n s t o M in n.
1,221,139
S t. P aul & S a u lt S t c . M arie s t o c k .
-------­
5,56 6 ,0 3 3
6 ,4 7 3 ,8 4 5
R e a l esta te, h otels, & c ---------- ------------16,353,674
27 ,9 4 2 ,1 1 3
D u e o n land so ld an d to w n s ite s 0 4,116,4^ 1
6,47 4 ,8 2 9
9 ,4 3 2 ,0 8 4
A d v a n c e s an d In v estm en ts-----9,63 7 ,2 0 2
1,737,483
2 ,2 5 9 ,5 4 5
A g e n ts, c o n d u c to r s , & c ---------------------- 2,62 8 ,5 8 4
3 ,9 5 3 ,5 9 7
4 ,6 9 0 ,8 4 9
M iscella n eou s a cco u n ts r e c e iv a b le . ..
o ,42 1 ,3 1 . j
3 ,9 0 4 ,8 4 7
3 ,4 8 5 ,4 3 0
A d v a n ce s to lines un d er co n stru ctio n 8 ,9 9 0 ,9 0 4
10,66 9 ,4 4 0
10,948,407
M aterials an d s u p p lie s -------------- ll,1 9 1 ,2 o 4
4,86 1 ,9 0 2
1 0 ,0 8 8 ,7 3 5
T c m p ’y In vest’ts In D o m . G o v t, secur. 10,08 8 ,7 3 5
2 1 ,0 7 8 ,8 1 3
40 ,1 0 5 ,8 1 7
C a s h _____________________________ 3 4 ,371,551
T o ta l a s s e ts * . ...................... - ........... .5 6 1 ,8 8 7 ,2 1 6 526 ,2 5 0 ,2 8 9 459 ,3 1 8 ,4 2 4
L ia b ilities—
C o m m on s t o c k ---------------------------------- ..1 8 0 ,0 0 0 ,0 0 0 150 ,0 0 0 ,0 0 0 150 ,0 0 0 ,0 0 0
2 3 ,5 3 0 ,0 8 5
S u b scrip tion s to new s t o c k ------------52,69 6 ,6 6 6
5 5 ,616,666
P referen ce s t o c k . .................... ........... .. I 57,076',666
C on solid a ted d eb en tu re s t o c k ------ -- .1 4 2 ,8 6 1 ,4 6 2 1 36 ,711 ,61 6 128,930 ,13 2
39 ,6 2 1 .9 6 7
39
,6
2
1
,9
6
7
B on d s (see “ R y . & I n d u s .” section ) . 38 ,6 4 8 ,6 3 3
13,663,577
14,549,196
C urrent a c c o u n t s ________ ______ _____ . 17,203,652
1,403,564
1,404,753
.
1,392,317
In teres t and r e n t a l s .. . . ----------------27
,5 6 7 ,2 6 7
43,76
2
,1
9
5
Sales o f land a n d to w n s ite s ---------- . 4 9 ,2 5 8 ,7 7 0
974 ,015
2,67 8 ,0 3 9
2 ,6 5 8 ,3 6 4
E q u ip m e n t r e p la cem en t f u n d --------- .
1,63
0 ,0 0 0
1,360,000
1,20
0
,0
0
0
E q u ip m e n t o b lig a t io n s _____________
3 ,5 3 0 ,5 0 0
6,295,421
7 ,1 1 9 ,2 8 6
A p p r o p . fo r a d d itio n s & Im p ro v ’ ts .
995,239
3 ,8 0 9 ,8 3 9
4 ,0 5 2 ,9 0 6
R e s e rv e fu n d fo r c o n tin g e n c ie s ------- .
3 ,1 4 0 ,6 6 7
4 ,0 4 0 ,6 6 7
5 ,0 40,667
S team sh ip rep la cem en t f u n d ----------- .
3 5 ,1 6 4 ,8 3 0
4 2 ,8 6 9 ,8 4 6
S u rp lu s ------------------------ .......................... . 5 5 ,374,493
T o t a l lia b ilitie s............... ....................... 5 6 1 .887 ,21 6 5 2 6 .250 ,28 9 4 5 9 ,3 1 8 ,4 2 4
* In a d d itio n t o th e a b o v e a ssets, th e c o m p a n y ow n s 7 ,0 6 1 ,1 8 4 acres o f
lan d In M a n ito b a , S a sk a tch e w a n an d A lb e r ta (a ve ra ge sales th e p ast y e a r
$14 69 per acre) an d 4 ,4 27,811 acres In B ritish C o lu m b ia .— V . 9 3 , p . 466 ,
285 .

Denver & Rio Grande Railroad.
(Report for Fiscal Year ending June 30 1911.)
The annual report for the year ending June 30 1911 has
been issued in pamphlet form.
The remarks of President
E. T. Jeffery will be found in full, together with valuable
tables, on subsequent pages of this issue.
The eomparative statistics below have been compiled for
the “ Chronicle.”
O P E R A T IO N S , E A R N IN G S , A c.
191 0-1 1.
190 9-1 0.
190 3-0 9.
2,541
2,5 3 4
A v e r a g e m iles o p e r a t e d .
2,553
E q u ip m en t—
580
550
L o c o m . (s ta n . & nar .gauge)
580
15,125
11,961
14,964
• F r’ t cars (s ta n d , gauge)
3,544
3,6
65
3,551
• F r 't cars (n arr. g a u g e ).
250
246
350
P a ss , cars ( s ta n d . gauge)
125
120
120
P a ss , cars (n arr. g a u g e ).
O perations—
2,054,181
1 ,9 3 4 ,1 8 8
R e v . p a s s , ca rried — N o. 1 ,9 8 2 ,6 4 7
R ev.
R a te
R ev
R ev
R a te .
.
259
259
A v e r . r e v . t r . lo a d (ton s)
$3.31
$3.20
E a rn s, p er f r ’t tra in m ile
$1.38
81.34
E a rn s, per p a s s . t r . m ile
$9,273
$8,238
$9,162
E a rn s, per m ile o f r o a d .

1907-08.
2,409
533
11,941
3,6 6 5
241
126
2 ,0 3 7 ,6 9 7

$8,158

* In clu d es m a in ten a n ce o f w a y an d e q u ip m e n t.
IN C O M E A C C O U N T .
190 7-0 8.
O p e ra te R ercn u cI J lJ J h
$ 1 ^ 5 4
$ 1 4 ,3 6 9 ,5 8 7
5 ,1 1 9 ,1 9 0
P a ss e n g e r' 111 111111 11.
5,12 4 ,3 8 3
5 ,2 7 5 ,8 9 5
4 ,7 8 4 .4 1 8
8 21 ,759
E x p r e ss , m a ll, & c -------031 ,419
8 na’ snn
7 5 ,9 1 5
O th er o p e r a tin g reven u e
9 4 ,9 51
7 4 ,8 0 4
68,300
T o ta l o p e r . r e v e n u e . .$ 2 3 ,3 9 1 ,7 7 1 $ 2 3 ,5 6 3 ,4 3 7 $ 2 0 ,876 ,5771
1 $20 ,3 8 6 ,4 3 1
O perating E x p en se s —
$ 2 ,1 7 4 ,9 1 7
$ 2 ,5 3 0 ,1 0 9
M a in t. o f w a y & s t r u c t - $ 2 ,6 2 7 ,8 9 j $ 2 ,690,602
3 ,8 0 4 ,1 2 0
3 ,0 4 8 ,4 5 6
3 ,5 7 2 ,3 2 6
M a ln t. o f e q u i p m e n t . . .
4,11 9 ,1 8 9
511,108
444 ,588
467 ,269
T r a ffic e x p e n s e s ________
587,083
8 ,2 3 4 ,2 0 7
6 ,7 2 8 ,8 6 9
7,294,231
T r a n sp orta tion expen ses 8.02 8 ,6 2 8
561,917
5 28 ,475
588,639
G eneral e x p e n s e s ----------6 9 4 ,9 42
T o ta l o p e r . c x p e n s c s -$ i5 ~ 9 5 7 ,7 3 7 $15 ,8 0 1 ,9 5 4 $ 1 4 ,4 5 2 ,5 7 4 $ 1 2 ,9 2 5 ,3 0 5
P c . o f e x p . to e a r n in g s .
(08.22)
_ J 6 7 .0 6 )
(69.232
(63.40)
7 ,7 6 1 ,4 8 3
7 ,4 6 1 ,1 2 6
6‘ ,4 2 3 ,9 9 7
N et o p e ra tin g r e v e n u e ... 7 ,4 3 4 ,0 3 4
<117,984
<142,853
«4 3 ,5 3 8
N et rev^ o u ts id e o p e r . . . a d e f .27,600
$7 ,5 0 3 ,9 7 9
$ 6 ,4 6 7 ,5 3 5
T o ta l net r e v e n u e -------$7 ,4 0 6 ,4 3 4
750,171
762.823
T a x e s .....................
8 5 9 -6 2 1
$ 6 ,7 5 3 ,5 0 8
$ 5 ,704,712
O p era tin g I n c o m e -------$6 ,546,813
Other I n c o m e —
R e v . fro m s e cu r. o w n e d .c $ l,0 2 2 ,7 0 t
07 »o77
In teres t an d d is c o u n t —
R e n ta l o f r o a d s , y a rd s,
term in als, & c . . . ...........
H ir e o f e q u ip m e n t ..........
o r i™
M is c e lla n e o u s ____________
35,1.50
T o ta l r e c e ip t s __________$8,39 6 ,2 1 9




$89 7,99 3
49,159

$ 49 4,42 6
41,468

183,793
213 ,585
3 4 ,8 8 7
$7,08 4 ,1 2 9

(b)
(ft)
18,402
$7 ,3 0 7 ,8 0 4

587

D isbursem ents—
191 0-1 1.
190 9-1 0.
1908-C9.
190 7-8 0.
In t e r e s t o n fu n d e d d e b t . $ 4 ,9 2 2 ,1 3 6 $ 4 ,6 0 6 ,8 6 7 $3,30 1 ,0 5 1
$ 3 ,2 9 3 ,9 2 8
R e n ta l o f r o a d , y a r d s ,
___
te rm in a ls, & c _ . ____
285 ,411
27 3 ,4 7 6
2 23 ,246
647 ,303
H ir e o f e q u ip m e n t _____
705 ,628
605,312
502,884
6 43 0,73 7
D iv . on pref s to c k (2 J 4 % )1 .2 4 4 ,4 9 5 (5 )2 ,4 8 8 ,9 9 0 (5 )2 ,2 8 8 ,9 9 0 (5 )2 ,2 8 8 ,0 7 0
120 ,000
120,000
120,000
120,000
R e n e w a l f u n d ___________
A p p r o p ’ns fo r b e tte r ’t s .
_______
_______
156,300
23 1 ,3 9 3
A p p r o p ’ns fo r n ew e q u ip .
_______
_______
204,884
T o t a l _________
$ 7 ,2 7 7 ,6 7 0
$ 8 ,0 9 4 ,6 4 5
$ 6 ,7 9 7 ,1 1 5 $6,411,431
S u r p l u s _________________ $1 ,1 1 8 ,5 4 9
$39 9,17 7
328 8,71 4
$89 6,37 3
a O u tsid e o p e r a tio n s in 1910-11 co n s ist o f In com e fro m h o te ls, re sta u ra n ts,
din in g cars an d ga s p la n t, $ 4 4 9 ,7 7 6 , a g a in st $ 51 5,94 5 In 1909-10, $470,199
in 1908-09 an d $ 4 8 3 ,3 6 6 in 190 7-0 8: t o ta l exp en ses w ere $ 47 7,37 6, a g a in s t
$4 9 7 ,9 6 1 , $426,661 an d $ 4 4 0 ,5 1 3 , re s p e c tiv e ly : leavin g net re v e n u e , as
a b o v e , d e f. $ 2 7 ,6 0 0 , a g a in s t surpluses o f $17 ,984 , $43 ,538 an d $ 4 2 ,8 5 3 .
6 T h e Item s o f “ ren tal o f r o a d , y a rd s , term in als” and " h ir e o f eq u ip ­
m e n t ” w ere sh ow n in 1907-08 as a net Item u n d er disbu rsem en ts.
c A ft e r d e d u ctin g in te re st o n W e ste rn P a cific se c o n d m tg e . 5 % b o n d s ,
w h ich w as tran sferred t o deferred In co m e , am o u n tin g t o $ 1 ,2 5 0 ,0 0 0 In
1910-11, aga in st $ 1 ,1 5 2 ,8 4 4 in 1909-10.
G E N E R A L B A L A N C E S H E E T J U N E 30.
1911.
1910.
1911.
1910.
Assets—
S
$
Liabilities—
5
$„
Road and equip.165,880,158 163059,098 Common s t o c k ___38,000,000 38,000,000
Preferred stock___49,779,800 49,779,800
Secur. of proprie­
B
o
n
d
s
.........
.........116,556,000115,556,000
tary, affiliated &
controlled cos.*29,520,474 29,519,674 Equip, trust oblig . 1,275,000 1,575,000
255,055
Real estate______
199,565
199,565 Traffic balances . 286,488
Cash
_____
3,185,531 4,065,637 Vouchers & wages 1,528,158 1,447,337
Sec. held In treas. 6,828,719 8,499,719 Matured in t., divs.
and rents unpaid 1,433,314 1,356,056
Traffic balances-817,319
273,571
87,568
77,972
Agents & con du c.
117,565
151,270 Other w ork. liab. .
Mlsc. accts. rec’ le.
917,843
618,902 Accrued interest,
rentals & taxes. 1,359,933 1,307,548
Material & s u p p .. 1,215,656 1,385,667
Divs. declared____ _________ 1,244,495
Other working as­
105,288
120,835
sets .................
13,013
27,770 Def. credit Ite m s..
620,884
609,407 D ef. inc. from se­
Advances________
curities ow ned. . 2,402,844 1,152,844
West. Pac. def. fd. 8,659,396 5,759,250
Special d e p o sits.. 1,084,944 3,055,459 Approp. surplus*. 1,650,770 1,350,919
4,443,472
Special renewal fd.
333,509
333,658 Profit and loss____ 5,081,163
Other def. debit
i t e m s . . . - .........
142,154
118,275
T o t a l _________219,536,730 217,676,929 T o t a l ........... .. .219,536,730 217,676,929
* S ee d e ta ils o n a s u b se q u e n t p a g e .— V . 93, p . 527.

Erie Railroad.
(Preliminary Report for Fiscal Year ending June 30 1911.)
191 0-1 1.
1 90 9-1 0.
D ec. (— ;).
G ross o p e ra tin g r e v e n u e _____________ $ 5 6 ,6 4 9 ,9 0 8 $ 5 4 ,8 6 0 ,1 9 0 + $ 1 ,7 8 3 ,7 1 8
O p e ra tin g expen ses and t a x e s _______ 4 0 ,2 4 5 ,3 0 1
3 9 ,0 6 5 ,5 7 2 + 1 ,1 7 9 ,7 2 9
O p e ra tin g I n c o m e ---------- ------------- $ 1 6 ,4 0 4 ,6 0 7 $ 1 5 ,8 0 0 ,6 1 8
4 ,3 3 1 ,0 2 0
O th er i n c o m e ---------------------------------------. 3 ,9 4 1 ,0 6 2

+ 8 6 0 3 ,9 8 9
— 3 92 ,958

$20 ,1 3 4 ,6 3 8

+ $211,031

.$ 1 4 ,9 5 5 ,2 5 7 $ 1 4 ,3 2 8 ,0 9 5
.
1,33 9 ,7 3 7
737 .087

+ $32 7,16 2
+ 6 0 2 ,6 5 0

G ross c o r p o r a te I n c o m e ...........
D ed uctions—
In te r e s t, re n ta ls, & c -------------------A d d itio n s and b e tte r m e n ts --------

. $ 4 ,0 5 0 ,6 7 5
$ 5 ,0 6 9 ,4 5 6 - -$ 1 ,0 1 8 ,7 8 1
T h e net in co m e du rin g th e cu rren t y e a r o f co m p a n ie s w h ose c a p ita
s to c k Is o w n e d b v th is c o m p a n y w as $ 2 ,9 6 3 ,4 9 2 , o f w h ich $ 1 ,5 0 0 ,0 0 0 w as
p aid in d iv id e n d s and $354,889 as in terest o n a d v a n c e s , b o t h o f w h ich
a m o u n ts are in clu d e d In th e in c o m e a c c o u n t o f th e cu rre n t y e a r.
The
ann ual r e p o r t, w ith ta b u la te d sta te m e n ts, w ill b e p u b lis h e d a t an e a rly
d a t e .— V . 9 3 , p . 163. 105.

American Locomotive Co., Hew York.
(Report for Fiscal Year ending June 30 1911.)
President W. H. Marshall Aug. 1 wrote in substance:
G eneral R esu lts.— T h e gross earnings fo r th e y e a r, $ 4 0 ,6 4 9 ,3 8 5 , w ere $ 8 ,­
44 5 ,9 9 3 greater th an th e p re ce d in g y e a r an d o v e r tw ice as large as th e y ear
190 8-0 9. T h e surplus, a fte r a ch arge fo r d e p re cia tio n on all classes o f p r o p ­
e r ty o f $1,05 6 ,4 1 7 and the p a y m e n t o f the preferred d iv id e n d , w as $ 1 ,8 1 5 ,­
561, as co m p a r e d w ith $334,758 in th e p reced in g year.
A lth o u g h th e v o lu m e o f gross earnings fo r th e y e a r is g r a tify in g in c o m ­
p a riso n w ith th e p reced in g y e a r, th e plan ts are still co n te n d in g w ith the
e c o n o m ic d ifficu ltie s o f flu ctu a tin g a ctiv itie s w h ich h a v e p revailed >u v a r y ­
in g degrees since th e depression o f 1907. P r o d u ctio n v a rie d d u rin g th e
y e a r fro m a m a x im u m o f 8 0 % o f th e c a p a c ity o f th e pla n ts t o a m in im u m
° £ Ordc’r s— R etrenchm ent.— A t th e b e gin n in g o f th e y e a r there w ere u n filled
orders o n th e b o o k s o f $ 1 7 ,5 5 0 ,0 0 0 , n ea rly on e -h a lf o f th e gross ea rn in gs l o r
th e ye a r, a n d o n J u ly 1 1911 th e a m o u n t w as $ 6 ,0 1 5 ,0 0 0 .
In o n ly on e
m o n th d u rin g the y ear d id th e r e ce ip t o f orders represen t w o rk fo r m ore
th an o n c -h a lf o f th e c o m p a n y ’s c a p a c ity , a n d it w as e v id e n t e a rly In th e
w in te r th a t re tren ch m en t w as n e cessary t o m e e t th e fa llin g o n in business
w h ich o v e r t o o k the plants d u rin g th e last h alf o f th e ye a r. S e v e ra l o f the
sm aller plan ts w ere th e re fo re clo se d a n d th e ord ers co n fin e d t o th e larger
plan ts, w ith a resultant e c o n o m y in the c o s t o f p la n t o p e ra tio n s as a w h o le .
Im p ro vem en ts.— T h e e x te n s iv e Im p ro ve m e n ts a t th e larger pla n ts lo ca te d
a t S c h e n e c ta d y , D u n k irk , P ittsb u rgh a n d R ic h m o n d h a v e been p r a c t ic a lly
c o m p le te d , tile c a p a c it y o f the c o m p a n y being n o w tw ice as great as it w as
at th e tim e o f Its fo rm a tio n In 1901, an d c a p a b le o f p r o d u c in g a b o u t $ 6 0 ,In a d d itio n t o ex p e n d itu re s a b o v e referred to , th e c o m p a n y has s p e n t
o n its plan ts d u rin g the y e a r fo r m iscellaneous b e tte rm e n ts $ 4 0 2,31 6 o f the
“ e x tr a o r d in a r y a d d itio n s an d b e tte rm e n t f u n d .”
.. „
F r o m th e surplus earnings fo r the y e a r there has b een set aside a su m o f
$ 30 0,00 0 fo r “ e x tra o rd in a ry ad d itio n s an d b e tte rm e n ts, m ak in g th e t o t a l
a m o u n t o f this fu n d available fo r fu rth e r e xp e n d itu re s $5 8 7 ,4 7 3 .
D u rin g th e last 10 years th e c o m p a n y has e x p e n d e d fo r m a in te n a n ce a n a
u p iteep , Inclu din g m in o r b e tte rm e n ts in v o lv e d in th e rc-d c s ig n ln g o f m a­
c h in e ry , e q u ip m e n t, & c., $ 1 1 ,2 5 6 ,7 8 7 , all o f w h ich has be e n In clu ded in
cu rre n t exp en ses.
, , ^, . „
. .
N o te s .— O n O ct. 1 1911 there w ill b e p a id th e fifth a n d last in s ta llm e n t Oi
$ 1 ,0 0 0 ,0 0 0 o f sh o rt-te rm g o ld c o u p o n n o te s w h ich w ere Issued O c t . 1 1906,
le a v in g a ba la n ce o f o u ts ta n d in g n o te s o f $ 5 ,0 0 0 ,0 0 0 w h ich ■were issued
O c t . 1 1909, a n d w h ich m atu re as fo llo w s : Series F , $ 1 ,0 0 0 ,0 0 0 , O c t . 1
1912- Series G , $ 2 ,0 0 0 ,0 0 0 , O c t. 1 1913: Series H , $ 2 , 0 0 0 , 0 0 0 , O c t . 1 1914.
E q u ip m en t Trust N otes D iscou n ted .— T h e b a la n ce sheet in clu d es a ch a rge
o f 52 1 43 ,554 , represen tin g e q u ip m e n t tru st n o te s d is c o u n te d b y this c o m ­
p a n y in a d v a n ce o f m a tu r ity , a n d a lik e a m o u n t Is also sh o w n as a c o n t in ­
g e n t lia b ility . T h e n o te s arc a m p ly secu red b y a Uen u p o n th e lo c o m o t iv e s .
T h ere has been a decrease In this a c c o u n t since last y e a r o f 52 9 0 ,0 3 0 .
D ism antled.— D uring th e y e a r th e D ick so n W o rk s a t S cra n to n . I a ., w ere
c lo s e d an d d ism a n tle d , an d a c o n tr a c t w as en tered in to fo r th e sale o f th e
real e sta te . A rran g em en ts h a v e been m ade to retire d u rin g th e en su in g
y e a r th e b o n d s o u tsta n d in g again st th a t p r o p e r ty , a m o u n tin g t o $ 5 6 ~ ,o 0 0 .
R E S U L T S F O R F I S C A L Y E A R E N D IN G J U N E 3 0 .
1910-11.
190 9-1 0.
190 8-0 9.
190 7-0 8.
G ross ea rn in g s___________ $ 40 ,649 ,38 5 $ 3 2 ,203 ,39 2 $ 1 9 ,0 0 8 ,6 3 4 $ 3 7 ,4 8 4 ,4 1 7
M fg ., m a in t. & ad m in .
e x p . an d d e p re cia tio n 36,526,515
N et ea rn in g s----------------- $4 ,1 2 2 ,8 7 0
I n t . o n bo n d s o f c o n s t lt .
113,191
3 55 ,533 ___ 4 6 0 ,042
c o s .,c o u p .n otes. & c ._
557,308
$ 4 ,5 2 6 ,7 4 8
$2 ,0 8 4 ,7 5 8
$ 98 7,13 9
A v a ila b le fo r d iv id e n d 43.565.562
1 ,7 5 0 ,0 0 0
1,750,000
1 ,7 5 0 ,0 0 0
D iv . o n p re f. stk . ( 7 % ) 1,750,000
$ 2 ,7 7 6 ,7 4 8
$33 4,75 8 d e f .$762,861
S u r p l u s ____________ - - $ 1 ,815,562
$ 50 0,00 0
R e s ’v e f o r r e p l a c .& m a i n t .
------------E x tr a o r d in a r y a d d ’ ns &
___
b e tte rm e n t f u n d . . . . $ 3 0 0 ,0 0 0
_______ (5 )1 ,2 5 0 ,0 0 0
D iv . o n c o m m o n s t o c k .
$ 3 3 4,75 8 defT$762,861 $1 ,0 2 6 ,7 4 8
B a la n c e ________________ $1,515,562

588

THE CHRONICLE

CO N DEN SED B A L A N C E SH EET JU N E 30.
1911.
1910.
1911.
1910.
Assets—
Liabilities—
s
S
Cost of property. .52,982,738 51,741,792 Common s t o c k ...25,000 ,000 25,000,000
Securities o w n e d .. £781,757
013,800 Preferred s t o c k ...25,000 ,000 25,000,000
Cash ....................... 2,865,851 1,702,269 Bonds constlt. cos.j/2,892,500 2,917,500
A cc’ ts receiv a b le.. 6,860,437 9,698,073 Gold coupon notes 6,000,000 6,911,000
Bills receivable—
993,343
817,508 A cc’ ts payable____ 1,852,069 3,337,708
Materials and sup­
Accrued in terest..
110,271
121,867
plies ..................... 5,282,729 5,375,901 Unclaimed Interest
1,025
1,588
Accrued in terest..
4,744
3,515 Pf. div.pay'le July
437,500
437,500
Contract w ork-----740,550 2,218,812 Extraord. lmprov.
Steam shovels, A c.
925,360
286,390
A better’ t fund.
587,473
689,788
N otes discounted. 2,143,554 2 ,4 3 3 584 Endorsements (per
c o n t r a ) . . . ......... 2,143,554 2,433,584
Front and loss____ 9,556,671 8,041,109
T o t a l ..................73,581,063 74,891,614
T o t a l .................. 73,581,063 74,891,644
Note. This balance sheet is “ prepared solely for the purposes of information, to
show the combined assets and liabilities o f the American Locom otive Co. and the
Montreal Locom otive Wor^s, L td .”
x Securities owned in 1911 include Richm ond Locom otive A Machine W orks Co.
bonds, 3118,000; sundry securities, 3 6 6 3 ,7 5 7 .
V Bonds of constituent companies in 1911 include 3550,000 Richm ond Locom otive
W orks, 3562,500 D ie-son Mfg. Co., $280,000 Rogers Locom otive W orks and 31,500,­
000 Locom otive & Machine Co. o f M ontreal.— V. 92, p. 1111.

National Enameling & Stamping Co.
(Report for Fiscal Year ending June 30 1911.)
Pres. Ferd. A. W. Kieckhefer, Aug. 17 1910, says:

Y E A R E N D I N G J U N E 30.

1 0 1 0 -1 1 .

I n c o m e f r o m I n v e s t ’s , A c .

l x x x x iii.

Central of Georgia R y.— Payment of Interest on Incomes.—
Treasurer W. C. Askew gives^ notice by advertisement that
the interest payments on the income bonds which have been
declared payable from the earnings of the year ending June 30
1911, viz., 5% on the first and second preference incomes
and 1.458% on the third preference incomes, will be made
on Oct. 2 by the Guaranty Trust Co., N. Y ., or the Citizens'
& Southern Bank of Savannah, Ga.
S ta m p e d b o n d s t o w h ich c o u p o n sh eets h a v e been a tta c h e d In a c c o r d ­
an ce w ith th e c ircu la r o f S e p t. 18 1905 need n o t be presented b u t Interest
w ill be p a id o n p re se n ta tio n o f co u p o n N o . 6
U n s ta m p e d b o n d s m u st b c
presen ted in o r d e r th a t the p a y m e n t o f in terest m a y be n o te d th ereon
C om pa re V . 93, p . 46 9 , 44.

Chicago & Eastern Illinois R R .—Listed.— The New York
Stock Exchange has listed 8864,000 additional 4% “ refund­
ing and improvement” bonds due 1955, making the total
amount listed 815,996,000; also 83,216,100 additional pref.
stock on notice of exchange for Evanvsille & Terre Haute
R R . common stock and Evansville Belt R y. stock under
the plan of consolidation, making the total amount of stock
to be listed 812,046,800.
T h e $ 8 6 4,00 0 b o n d s w ere Issued to re im b u rse th e c o m p a n y a t p ar for
i tu ies ,as. I?*low s: $222,689 fo r a d d itio n a l e q u ip m e n t, $ 1 5 4,88 0 fo r
o b llv a tlo n s ™ 1* b etterm en ts an d $ 4 8 6,51 5 t o p a y oir m a tu re d eq u ip m en t

T h e sales h a v e been e qu a l to th o se o f th e p re v io u s y e a r an d th e d ire cto rs
h o p e th a t w hen th e present unrest in th e p o litic a l w o rld has been era d ica te d
an d n orm al co n d itio n s restored th e y will be In a p o s itio n to re p o rt Increased
ca rn lu g s . T h e net earnings fo r th e y e a r a fte r th e p a y m e n t o f Interest and
th e
p referred d iv id e n d a m o u n te d to $ 2 8 5 ,1 5 7 , o f w h ich $1 l a , 000
w as a p p lied to the sin k in g fu n d . T h e p la n ts an d p ro p e rtie s h a v e been
m a in ta in ed In a th orou gh and e fficie n t c o n d it io n and th e c o s t has been
ch a rg ed a ga in st th e p ro flts.
RESU LTS FOR

[V ol .

$1,7 1 8 ,6 7 1
21,334

1909-10.
$1,6 6 5 ,3 3 4
29,8 3 5

1908-09.
$ 1 ,359,191

100 7-0 8.
$867,204

$ 1 ,7 1 0 ,0 0 6

$ 1 ,6 0 5 ,1 6 9

$ 1 ,3 5 9 ,1 9 1

$867,294

D educt—
R c m u n ’ n o f o ffic e r s , A c .
R ep a irs A ren ew als, & c .
G cn era l In terest...............

$ 54 ,000
551,963
59,957

$54 ,000
552,074
26,750

$55,708
378 ,886
117,189

$51 ,000
307 ,653
196,818

I n t . o n 1st M . g o ld b on d s
I n t . on r e f. 1st M . b o n d s
S in k in g fu n d r e s e r v e . . .
M is c e lla n e o u s ___________
D Iv s . p ref. s t o c k ( 7 % ) .

$66 5,92 0
$ 1 ,0 7 4 ,0 8 6
14,583
103,584
114,000
12,500
598,262

$632,824
$ 1,062,345
27,083
160,867
108,000
12.500
598,202

$55 1,78 3
$ 8 0 7,40 7
39,583

$555,472
$31 1,82 2
52,214

598,262

598,262

I n c o m e A c c o u n t s Y e a r s e n d i n g .J u n e 3 0 .
Chicago & Eastern Illin o is R R .
F isca l
O perating
N et (ajter
Other
Interest *
D tvlB a la n ce,
,
„ ! ( c i eP.u e - " T a x e s ) .
In co m e.
R en tals.
(lends.
S u rp lu s.
1910-11 ..$ 1 2 ,2 8 1 ,3 4 4 $ 3 ,598,752 $71 8,58 3 $.3,072,905 x S l , 21 5,533 S28 807
1 9 0 9 -1 0 .. 1 1 ,750,356 3,4 3 4 ,2 4 8 742,622 3 ,0 0 1 ,0 8 0 x l , 107,266 08,524
E va n sville & Terre H a u te R R . (in cl. E v a n sv. A- In d ia n a p olis R R . ) .
1 9 1 0 -1 1 ..
'4 j> 4 ’ 624
559 6,80 9
?/S260,305 $23,353
1 9 0 9 -1 0 ..
“ >4 7 1 ,1 7 o
8 28 ,270 158,602
605,191
1/200,305 121,376
1 o m I,u 1USRCs V V >
o i9 ' ? o y e a r l y o n the C. A E . I . p re f. s to c k , an d in
In 1909-10 5 ,6 0 1
o n tlle c o m m o n s t o c k , a g ain st $ 5 7 7,42 4 ( 8 % )

■ o i f i s r s s r e a r » * » °n *hc «•

«»■> »•».-

- ■!■! ^

«o ,1
earne!l fo ;’ Uie fiscal y e a r e n d in g J u n e 30 1911
o' n54 ’l l " , Ro t * afy!T £a x c s - an d h ad «■ b a la n ce , su rp lu s, a fter
d e d u ctin g $10 ,036 fo r In t., o f $ 1 1 ,2 5 9 .— V . 9 3 , p. 526, 229 .

Chicago Milwaukee & Puget Sound R y .—Listed.— 1The New
Yorkbtock Exchange lias listed $25,000,000 1st M. guaran­
teed 4% bonds due 1949.
G uaranty E n dorsed on B on d s.

T o t a l d e d u c t i o n s ____
B a la n ce , s u r p lu s ________
B ro u g h t f o r w a r d _______

$902,929
$17 1,15 7
1,385,144

$906,712
$15 5,63 3
1,229,512

$ 6 3 7,84 5
$16 9,50 2
1 ,059.950

$65 0,47 6
• $338,054
a l , 398 ,004

U n d iv id e d p r o fits ____

$1,556,301

$ 1 ,3 8 5 ,1 4 4

$1,2 2 9 ,5 1 2

$ 1 ,0 5 9 ,9 5 0

* D e fic it, a A fte r d e d u ctin g 325 0,00 0 tra n sfe rre d
a c c o u n t , in crea sin g th e to ta l t o $ 1 ,5 0 0 ,0 0 0 .

to gen eral reserve

B A L A N C E S H E E T J U N E 30.
1911.
1910.
1911.
1910.
Assets—
$
Liabilities—
3
S
Plant,good-will,& c25,289,256 24,935,271 Pref. stock issued. 8,546,600 8,546,600
Disc. A exps. of
Com. stock Issued.15,591,800 15,591,800
Issue o f ref.M .bds.
223,116
235,604 1st M. bonds.........
250,000
500,000
Mat’ ls & supplies. 5,137,010 4,582,189 Ref. 1st M. bonds. 3,278,000 3,392,000
A ccts. & bills rec.
938,156 1,005,258 Bills & accts. p a y. 1,582,604
920,236
Payments in a d v .
95,119
82,793 Reserve a c c o u n t.. 1,500,000 1,500,000
N .E .& S t.C o.ofL a.
175,595
165,595 Sink, fund reserve
222,000
108,000
Investm en ts.......... *317,473
795,545 Accrued Interest..
17,825
22 467
369,405
163,992 Profit and loss------ 1,556,301 1,385,144
Cash ......................

t !n n il i v Sm i v l ln t ^ ktn fh

, ? aul
C o " fo r va lu e re c e iv e d , u n c o n d l,10ld e r o f tllc w ith in b o n d th e p a y m e n t o f the
n (V 1!! a? d o f tlle In debtedness re p resen ted th ereb y ,
sVni!mnnta S S
° ? s,atd, boncl atul In debtedn ess, as s u ch p rin cip a l an d lnr
V)
sl} ? u r e s p e ctiv e ly b e c o m e d u c ; an d In case o f failure o f
if
ft f u get S o u n d R y . C o . p u u ctu n lly to m a k e a n y such
L;lth V PlIneIPal ° r Interest, as th e sam e shall m a tu re , C h icago
M il. & „ t . 1 aul U y. agrees Itself p u n ctu a lly t o m a k e su ch p a y m e n t.
1

Earnings.— For 11 months ending May 31:
E leven
O perating
N et (a lter
Other
F ix e d
B alan ce,
M onths—
R even u es.
T axes
In com e.
Charges.
I or D lvs.
1910-11 ...$ 1 3 ,2 5 2 ,5 1 5 $ 5,150,334
$ 1 ,3 3 1 ,6 7 5 $4,5 5 2 ,8 5 9
>4,041,353
1909-10 . . . 10,765,704
5,203;.312
...................
650,638
3 ,747,744
.196,206
. ' W , k,a!wf'c ? J 'R’et o f M a y 311 911 sh ow s o u ts ta n d in g $10 0 ,0 0 0 ,0 0 0 s to c k
SS™ i>. ,‘;/,\uVVv 0., lorA‘I^: th c en tire a m o u n t o f each e x c e p t these $ 25 ,000 ,00 0
!(■
t le C h icago M ilw aukee A S t. P a u l. T h e re Is also d u e th a t
‘ Vances $ 1 9 ,2 4 9 ,8 6 6 . T h e m o rtg a g e n o w c o v e r s 1,401 m iles
o f m ain t ia c:1c,
k , 552
o o 2 m iles o f bran ch es and 2
2 14 m
mli
iles o f bran ch lines u n d er
c o n s tr u c tio ni. to
- ta
- l• ^
- .197
—
m iles,
also v a lu a b le term in al p ro p e rtie s , A c .
See m ap o n iP - 35 o f R a...........
ilw a y ............................
A In du strial S e c t io n .'’

Second Dividend.—The dividend recently declared was
-•3% (not 2.7% as has been reported), payable as of June 30,
from the earnings of the year ended June 30 1911, on its
T o t a l ..................32,545,130 31,966,247
T o t a l .................. 32,545,130 31,906,247
$100,000,000 stock, all of which is owned by the Chicago
Milwaukee & St. Paul Ry. The latter will therefore receive
* In v e s tm e n ts in 1911 in clu d e $ 2 7 5,00 0 N ew Y o r k C ity 4s h eld b y C en tral
T r u s t C o. In escrow at c o s t and a ccru ed in te re st, 3 2 7 9 ,2 8 3 , and $40 ,0 0 0 o f
$2,300,000 from this distribution. The previous disburse­
c o m p a n y ’s refu n d in g 1st M . b o n d s a t c o s t and a ccru ed Interest. $38 ,1 8 9 .
ments aggregated 2.7% , and were made payable out of the
— V . 92, p . 46 6 .
earnings of the previous year ending June 30 1910.— V. 92,
p. 1374.
Texas Company, Houston, Texas.
Chicago Milwaukee & St. Paul Ry.— Dividend from Con­
(Balance Sheets of June 30 1911 and 1910.)
trolled Company.— See Chicago Milwaukee & Puget Sound
1911.
1910.
1911.
1910.
Ry. above.— V. 93, p. 162.
Assets—
$
$
Liabilities—
S
S
•Plant a cco u n t...23,960 ,893 18,468,736 Capital stock_____ 27,000,000 27,000,000
Columbus (O.) Ry.— Again Adjourned.— The meeting
Other investments 1,184,900
858,300 6 % gold debs------ 12,000,000
30,000
which was originally scheduled for June 26 to act upon the
Storehouse supplies 647,323
........... ..
6 %-serial notes___ 3,000,000
Stocks o f oil, crude,
Accts. A bills p a y .
887,820
792,030
proposed increase of the capital stock from $7,000,000 to
refined, A c _____ 9,521,152 6,557,242 Provision for doubt­
$10,000,000 was again adjourned on Aug. 28 to permit of the
Unoxplred in su r..
178,400
133,160
ful accts. rccoiv.
1 0 0 ,0 0 0
83,597
Bonds & m t g e s ... 1,494,330 1,084,777 Insur. reserve fund
250,000
750,000
completion of the report of the special committee of stock­
D eb. susp. acct___
389,649
........... .. Provision for taxes
35,883
holders who are examining into the financial relations of
A dv. to La. C o . . . 2,044,384
________
do int. on debs.
330,000
................
Accts. & bills rec. 4,602,810 3,676,214 S. f. & depr. a cct. 3,145,6-10 3,146,640
the company and the Columbus Ry. & Light Co. Compare
Cash on hand------ 4,268,490 2,123,438 S u rp lu s ................. 1,602,995 1,100,000
V. 93, p. 44.
T o t a l ..................48,352,338 32,901,807
T o t a l ..................48,352,338 32,901,867
Delaware & Eastern RR.—Reorganization.— The 1st M.
bondholders’ committee has applied to the Pub. Serv. Comm.,
•Investments in real estate, leases, rights o f w ay. pipe lines, tankage, refineries,
ships, cars, terminals, distributing stations, producing properties, wells and enuln2d Dist., for the approval of a proposed plan of reorganiza­
m ent.— V. 93, p. 538, 233.
tion, providing for the incorporation of a n e w company to be
known as the Delaware & Northern R R ., with an auth.
G E N ER AL IN V E S T M E N T N E W S
capital stock of $1,250,000, of which $250,000 will be 6%
cum. pref. and $1,000,000 com. stock. The plan, it is
RAILROADS, INCLUDING ELECTRIC ROADS.
stated, has been agreed to by the holders of $900,000 of the
Alton Jacksonville & Peoria (Electric) R y.— Neiv Officers— $1,000,000 bonds.
Under the plan the bondholders are required to pay an
Completion of Road.— The following new officers have been
elected:
amount equal to 25% of the par value of their bonds, the
, . , 1>re s., C a ry N . W clslg e r J r ., S t. F.ouls; S e c . an d T r c a s ., E d g a r M . D avis:
total amount of the subscription to equal, if all the bond­
’ miT^r c s ” '^o m M cG ra th ; A sst. S e c ., A rth u r D avis.
holders subscribe, the amount of pref. stock, $250,000.
I he new m an agem en t, It Is s ta te d , will c o m p le te the ro a d to Jersey v i d e .
Sale Confirmed.— Judge Hough in the United States Cir­
C on stru ction has p rocee d e d to a p o in t t o m iles b e y o n d A lt o n . — V.91 ,p .t 7 6 5 .
cuit Court in this city yesterday confirmed thc sale of the
Canadian Pacific R y.—Report.— See “ Annual Reports.”
road on Aug. 16 for $150,000 to the reorganization com­
Acquisition.— See_ Quebec Central R y. below.
New Director.— Sir William Whyte, a Vice-President, who mittee.— V. 93, p. 527, 44.
for 25 years has been in charge of all the Western lines, and
Delaware & Northern RR.— New Company.— See Dela­
who on Sept. 30 will retire from that position on account of ware & Eastern R R. above.
age, has been elected a director.
Des Moines (la.) City Ry.— Adjustment.— A newspaper
Lease of Subsidiary.— The stockholders of the South On­ dispatch says:
tario Pacific Ry. will vote on Sept. 25 on making a 999-year
B y a p r a c tic a lly u n a n im o u s v o t e th e C a r-m e n ’ s U nion y e s te r d a y (A u g . 24
lease to the Canadian Pacific. See report on a subsenuent ratified th e a c tio n o f the e x e c u tiv e co m m itte e o f the U nion In a c c e p tin g the
term
s o f th e n ew w o rk in g c o n tr a c t, a lre a d y ngroed t o b y o ffic e r s o f the
page.— V. 93, p. 46G, 285.




s tre e t-ca r c o m p a n y .

B y th is a c tio n all d a n g e r o f strik e o n the p o in t w hich

Sept.

2 1911.]

THE CHRONICLE

cau sed th e r e c e n t tr o u b le d isa p p e a rs
T h e ca r-m e n , it 13 « !\ ^ r s t o o d , are
g r a n te d in th e new c o n tr a c t e v e r y th in g in th e w a y o£ a r b itra tio n w h lcn
th e y d e s ire .— V . 93, p . 407 .

Detroit Toledo & Ironton Ry.— Purchase of Coupons.
The coupons on the Detroit Southern, Ohio Southern Div.,
1st M. 4s due Sept. 1 will be purchased, as were those of
March last, by the consol, mtge. bondholders’ committee,
payment being made at the Central Trust Co.
Owing to certain developments in connection with the
property, bondholders are informed that it would be to their
interest to promptly deposit their bonds with the Central
Trust Co., which is acting as depositary for the bondholders
committee, of which James N. Wallace, President of the
Trust Co., is Chairman.— V. 93, p. 469, 286.
East Shore & Suburban R y.— See Oakland R y. below.
Eustis RR.— Sale.— This 15-mile narrow-gauge road was
bid in at foreclosure sale on Aug. 24 by the Sandy River &
Rangeley Lakes R R . for $75,000. The stock of the latter
was recently acquired by the Maine Central R lt. Compare
y . 93, p. 407.
Illinois Central RR .— Demands of Shopmen.— The demands
of this company’s shopmen are backed by nine federated
crafts and differ also in other respects from those presented
in the case of the other Harriman lines (see Union Pacific
R R . below), but in each instance the recognition of the union
is an essential element. Pres. Markham on Aug. 31 stated:

589

which the receiver is to be discharged and all litigation
against the company withdrawn. W. J. Oliver, the builder
and receiver, becoming the sole owner of its securities.
S e v ie r C o u n ty re ce iv e s $25 ,0 0 0 In cash f o r th e $ 1 5 0 , 0 0 0 o f s t o c k o f Rj®
ro a d held b y It w h ich w as re ce iv e d In e x ch a n g e fo r ra llro a d -a ld b o n d s ,
in e
ro a d e x te n d s fr o m K n o x v ille t o S ev ie rv ille , 30 m iles, an„
?,n ’
®
s ta te d , being p r o p o s e d t o a c o n n e c tio n w ith th e T en n essee & N orth C arolina
R R , , w h ich o p e ra te s fro m N e w p o r t, T e n n ., t o C a n to n , N . C ., an d u lti­
m a te ly t o G reen ville, S . C.

Marshall & East Texas R y.— Mortgage.— The company •
has filed its mortgage for $5,000,000 to the St. Louis Union
Trust Co., as trustee, to secure an auth. issue of $5,000,000
20-year 5% bonds.
T h e c o m p a n y o w n s 94.82 m iles o f tra ck , n o t In clu d in g s w itch e s, e x te n d in g
fro m E lysla n F ields, T e x a s , to W ln n s b o r o , w h ich th e S ta te R a ilroa d
C o m m ission has v a lu e d a t $ 1 ,4 1 3 ,0 9 2 . C om p a re V . 92, p . 527.

“ W c had a c o n fe re n ce w ith three o f th e rep resen ta tives o f th e In te rn a ­
tion a l B r oth erh ood s w ith w h ich w e h a v e c o n tr a c ts , an d th e y arc to ld th a t
the o fficers o f th e Illinois C entral c o u ld n o t a n d w o u ld n o t discuss a new
agreem en t w hile such co n tr a c ts w ere In e x is te n ce , and th a t, if c a n c c le d .lt
m u st be (lone In the usual fo rm a l m anner th a t has h e re to fo re p re v a ile d ,
an d for w hich the co n tr a c ts p r o v id e , and w h ich also s tip u la te th a t a .so
d a y s ’ n otice shall be given b y cith e r p a rty o f a desire to ch a n g e th e term s
o f th e sa m e. T h e ir a tte n tio n w as ca lle d to the fa c t th a t the Illinois C entra
has a lw a ys ilv c d u p t o b o th the letter an d the sp irit o f these c o n t r a c ts , and
th a t It e x p e c te d Its em p lo y e e s , parties to sam e, t o d o likew ise.
v . 9 -.
p . 1030.

Illinois Southern Ry.— New Mortgages—Exchange of Bonds
— The stockholders will vote on Nov. 6 on authorizing an issue
of new first mtge. bonds not exceeding in amount $3,000,000,
and of securing the same by a mtge. upon all of the property
and franchises; and of authorizing an issue of income bonds
not exceeding $1,380,000 and of securing the same by a mtge.
subject and subordinate to that securing the new 1st M.
bonds, $1,380,000 of the new 1st M. bonds and the new in­
come bonds to be issued in exchange for the outstanding
$4,600,000 1st M.bonds, on which interest has been unpaid
for some time, on the basis of 30% in each issue of new bonds
for the existing bonds.
President E. K. Boisot in a circular says:
O f the 1st M b o n d s, In a d d itio n t o tile S i , 3 80 ,000 Issued a t o n c e In e x ­
ch a n g e for th e old 1st M b o n d s there will be $25 0,00 0 Issued fo r the c o n ­
s tr u c tio n ofhi! n e w in clin e o n th e ca st b an k o f th e M ississippi R iv e r , an d
o th e r c o r p o r a te p u rp oses. T h e rem ain d er o f th e b o n d s c o n ‘X , If..,.),S
j
u n d er ca refu l restriction s co n ta in e d In the m o rtg a g e , fo r a d d itio n s an d
b e tte rm e n ts to th e p r o p e r t y .
,
, , m . . . . nn(W„ « i r , n >-,00
U nder the plan th e Interest ch a rges are re d u ce d fto m $18 4,00 0 to $150,1)00
p er a n n u m , o f w h ich in te re st $G 9,000, b e in g Interest o n th e In com e b o n d s,
w ill be p aid o n ly to the e x te n t It is e a rn e d . A s the ro a d lias n o t .been a , 1 c
t o earn th e Interest on Its presen t 1st M . b o n d s, the s to ck h o ld e rs Interests
w ou ld be In d a n g er o f b e in g w ip ed o u t u n d e r a fo re clo su re P tb cccu in g .
I t Is b eliev ed th a t th e r o a d will b e a b le t o c a rry Its in terest ch arges u n d e r
th e new arra n gem en t, thus in su rin g th e ow n e rsh ip o f th e ro a d to in e
presen t sh a reh old ers.— V . 90. p . 1239.

Illinois Tunnel Co., Chicago.— Telephones.— The “ Chicago
Inter Ocean” on Aug. 27 quoted Pres. C. O. Frisbie as saying:
13y O ct. 1 w e shall b e In a p o s itio n t o a n n o u n ce th e o p e n in g u p o f t e le ­
p h o n e service b etw een C h icago and S t. L o u ts, B lo o m in g to n , S prln glle d ,
P eo ria , In d ia n a p o lis , C lin ton . Io w a , a n d in t e r m e d ia t e p o in t 3 . M o ie th a n
23,0 0 0 a u to m a tic Instrum ents are n o w in a c t iv e bP®ra t *°a ’ 3 7 ,0 0 0 o th e r
su bscrib ers arc w aitin g to h a ve their .autom atic te le p h o n e s In stalled, an d
th e w ork Is bein g pushed as sp e e d ily as p o s s ib le .

Plan.— A Chicago paper purports to outline the plan now
now under consideration as follows:
T h e n ew c o m p a n y w ill h a v e an au th orized Issue o f § 5 0 ,0 0 0 ,0 0 0 1st M .
b o n d s, b u t o f this a m o u n t o n ly $ 5 ,0 0 0 ,0 0 0 w ill be so ld a t th e b e g in n in g .
T h e proceed s w ill b e used to refu nd the $ 4 ,5 0 0 ,0 0 0 0 % r e ce iv e rs ’ ce rtifica te s
n ow o u ts ta n d in g .
In a d d itio n there w ill b e an Issue o f Incom e b o n d s,
w h ich will be ex ch a n g e d fo r th e $ 3 0 ,0 0 0 ,0 0 0 o f Illin o is T u n n e l C o . 5 %
b on d s
T h e rest o f th e a u th orized 3 50 ,000 ,00 0 1st M . b o n d s w ill be Issued
fro m tim e to tim e as needed b y th e c o m p a n y t o p a y fo r e x te n s io n s an d
im p ro v e m e n ts . A s fo r the $4 5 ,0 0 0 ,0 0 0 o u ts ta n d in g s t o c k o f th e C h ica g o
qX m vC n
n ow ciu otcd a t $2 75 a share, th e r e o rg a n iz a tio n c o m m itte e
has not^ yet d e c i d e d w h a t p ro v is io n t o m ake fo r l t . - V . 9 3 , p . 340 , 280.

Mississippi River & Bonne Terre R y.—Bonds.— White,
Weld & Co., N. Y . and Chic., and A. G. Edwards & Sons,
N. Y. and St. Louis, Mo., are placing privately at 101 $2,­
500,000 1st M .sin k .f.5% gold bonds,dated O ct.2 1911 and
due Oct. 1 1931, but redeemable as a whole or by lot for the
sinking fund at 105 and int. on any int. date on 90 days’
notice. Par $1,000 (c*). St. Louis Union Trust Co., St.
Louis, trustee. Int. A. & O. Stated to be legal investments
for savings banks in States of Conn., N . H ., V t., Me. and N .J.
Digest of Letter from Pres. Dwight A. Jones, New York, Aug. 15 1911.

D istrict S erved .— A b o u t 60 m iles so u th e a st o f S t. L o u is lies th e leading
le a d -p ro d u cin g d is tric t in th e w o rld , and tills ra ilw a y is Its m o s t Im p orta n t
o u tle t. T h e ore runs fro m 3 % t o 10 % In lead av e ra g in g a b o u t 5% , In
c o n c e n tr a te s , and th e d e p o s its are so large an d th eir life e x te n d s 6 0 long
b e y o n d th e m a tu r ity o f these b o n d s th a t th is m a tte r is o f n o p ra c tic a l c o n ­
cern t o th e b o n d h o ld e r . T h e S t. Josep h L ea d C o ., w h ich has been In
op e ra tio n sin ce 1864. an d Is th e largest p r o d u ce r in th e d is tric t, h a s e x h a u s ­
ted th e lead o n a p p ro x im a te ly 160 acres o f Its la n d , a n d It still o w n s a b o u t
20.000 acres, m u ch o f it k n o w n t o c o n ta in large d e p o sits o f lead o r e , a large
p o rtio n o f w h ich has been p r o v e d b y d ia m o n d drill.
R oad, & c .— T h e r a ilw a y , ln c o r p . In M issouri In 1888, e x te n d s fro m R iv e r ­
sid e , M o ., on th e M ississippi R iv e r , a d ista n ce o f a b o u t 46.4 6 m iles, to D o e
R u n , M o ., w ith bran ch es o f 18.10 m ile s ,a n d 4 3 .4 4 m iles o f Industrial tra ck s ,
sid in gs, & c.; to ta l tra ck s a b o u t, 108 m iles. T h e e arn in g c a p a c it y o f th e
p r o p e r ty Is u n u su al. I t has th e e x c lu s iv e business o f th e S t. Joseph L ea d
Co Including Its sm elter a t H e rcu la n e u m , Its p o w e r p la n ts , lead m ills and
m ines a t B o n n e T e rre , L ea d w o o d , & c., an d th e e x c lu s iv e business o f th e
several m ills and m ines o f th e D o e R u n L e a d C o . at R Iverm in es, D o e R u n
and o th er p o in ts , and It also han dles m u ch o f th e b u sin ess o f th e f ederal
L ea d C o ., the D esloge C o n so l. L ea d C o. an d th e S t. L o u is S m e ltin g & R e f . Co
T h e m ain business orig in a tes lo ca lly and Is n o t s u b je c t to c o m p e t it io n .
T h e in b o u n d business Is also large, o w in g p a rticu la rly to th e gre a t a m o u n t
o f co a l and o th e r su pplies n eed ed fo r th e va rio u s in du stries o n th e lin e.
I he
ra ilw a y has th ree o u tle ts — th e S t. L o u is Ir o n M tn . & Sou R y . at R iv e r s id e ,
th e S t. L o u is & San F ran . R R . a t C rystal C ity and th e Illin ois S o u th e rn R y .
a t D e rb y an d E sth er.
C apitalization o f R ailw ay w hen T h is Issu e I s O u tstand ing.
First m o rtg a g e 5 % g o ld b o n d s, a u th o rize d and o u t s ta n d in g -------$ 2 ,5 0 0 ,0 0 0
5 % e q u ip m e n t tru sts, d u e $50 ,000 se m i-a n n .. a u th . an d I s s u e d .500 ,000
S to c k , a u th . and o u tsta n d in g (Inc. fro m $ 2 ,5 0 0 ,0 0 0 A u g . 7
1911.— E d . ) ..................... - ............ - ......................................................... ..
3 ,0 0 0 ,0 0 0
T h e s to c k p a id d iv id e n d s o f 6 % per an n u m fro m 1900 to 1910 an d p a id
7 1 4 % fo r th e y e a r en d ed Jun e 30 1911.
. . .
.
,,
B o n d s __ T h ese b o n d s are secu red b y a c lo se d first m o r tg a g e u p o n all
n ro n e rtv n o w o w n e d o r hereafter a cq u ir e d , e x c e p t a b o u t o n e -lia lf In va lu e
o f th e e q u ip m e n t. I co n s id e r th e v alu e o f th e railroad alon e t o be in excess
o f $5 0 0 0 ,0 0 0 . and It w o u ld b e Im possible t o d u p lic a te It fo r th a t a m o u n t.
T h is issu e is t o b e fu rth er secu red b y d e p o s it w ith th e tru stee o f a $2,­
500 000 2 0 -y r. 5 % n o te o f th e S t. Josep h L ea d C o . (see b e l o w ) . T h e sin k in g
fu n d o f $ 25 ,000 a y ear fo r th e first 5 years and 5 50 ,000 a y e a r th ereafter
w ill, It Is estim a te d , retire $ 1 ,3 0 0 ,0 0 0 o f th e b o n d s b y m a tu r ity .
R esults f o r Y ears ending J u n e 30.
1907.
1908.
1909.
1910.
1911.
A v era g e.
G ross I n c o m e ...$ 9 2 9 ,6 8 7 $82 1,62 8 571 3,38 3 5 8 7 5.05 6 586 0,83 8 5840.118
N et in c o m e
390 ,347 342,011
221 ,673
329 ,439
3 07 ,417
3 1 8 ,1<7
A d d 5 % Interest on S t. Josep h L e a d C o . n o te d e p o s ite d as part
s e cu rity fo r th is issu e------------------------------------------------------------------------ iz o .u u u
In t'.°on \ h ?s Issue™$125*000;" o n e q u ip m e n t tru st, $2 5 ,0 0 0 : t o t a l . .

150,000

B a la n ce , net surplus (tw ice th e in terest c h a r g e )................................ $29 3,17 7
S t. J o sep h Lead C o .— 'The S t. J osep h L e a d C o . has an au th o riz e d c a p ita li­
z a tio n o f $ 2 0 ,0 0 0 ,0 0 0 , o f w h ich $ 1 0 ,0 0 0 ,0 0 0 Is o u ts ta n d in g .
The o u ts ta n d ­
ing s to c k has re ce iv e d d iv id e n d s o f at least 6 % per a n n u m fo i th e p a st - o
vears and Is selling In th e m ark et at a b o v e par.
It has n o b o n d e d d e b t and
h a f agreed t o create n on e d u rin g th e life o f th e n o te d e p o s ite d as se c u r ity
fo r th e ra ilw a y b o n d s w ith o u t securin g th is n o te e q u a lly an d r a ta b ly w ith
all b o n d s secu red u n d er such m o rtg a g e . T h e a vera ge net e a in ln g s fo i th e
5 years e n d e d A p ril 30 1911 a m o u n te d , as r e p o r te d , t o o v e r $ 1 ,0 0 0 ,0 0 0
PeThen d e p o s !t o f th e n o te fo r th is issue w ill p la ce beh in d it d ir e ctly and
In d ire ctly a m a rk e t e q u it y th e v alu e o f w h ich as re fle cte d b y th e p resen t
m ark et v alu e o f th e s t o c k o f th e S t. J o s e p h L ea d C o . Is .over 5 1 0 ,0 0 0 ,0 0 0 .
— V . 03, p . 28 6 . - • '
•„ • , • : : ” .:. ..
. ■
fcUoGid

; •Muscatine North & South RR.— Sale of Notes. The
syndicate which is financing this enterprise is issuing $425,000
3-year 6% notes secured by all the stock ($450,000) and
International Transit Co., Sault Ste. Marie, Ont.— Bonds $800,000 first M. 5% bonds (all the bonds) on the 60 miles
with Principal Guaranteed.— A. E. Ames & Co., Loionto, of road connecting Muscatine and Burlington, Iowa. The
ore offering for srIc r block of 5 /q 1st M . sctirI gold bonds. trust agreement will run to the Continental & Commercial
Total issue, $300,000, dated July 1 1910, $20,000 due an­ Trust & Savings Bank, Chicago, as trustee, who have also
nually on July 1 of each year to 1925. Principal guaranteed purchased the notes for delivery Oct. 1 1911.— V. 90, p. 1677.
bv the Lake Superior Power Co. Interest payable J. & J.
New York New Haven & Hartford RR.—Retrenchment.—
at Toronto. Par $500 c*. Trustee, National Trust Co
The management gave out the following on Aug. 28:
Ltd., Toronto. A circular said:
T h e N ew H a v e n n ew sp ap ers ask If business co n d itio n s arc su ch a t p resen t
O perates th e street ra ilw a y In S au lt S te . M arie, O n t ., a n d S te e lto n , an
fuH ohitn? in d u stria l s u b u r b , a n d th e fe rry se rv ice be tw e e n th em an d feault
S t^ M a S e“ f f i
S a u lt S te. M arie O n t .. has an e stim a te d p o p u la tio n o f
1 2 0 0 0 la rg ely d is trib u te d fo r so m e three m iles alo n g th e ban k o f th e S au lt
S te . M arie R iv e r . T h e to w n has g ro w n ra p id ly o f late years, an d seem s
lik ely t o b e c o m e o n e o f th e im p o rta n t citie s o f C a n a d a . S te e lto n has a
p o p u la tio n o f 3 ,0 0 0 .
,
,
,
T h e p a y m e n t o f th e prin cipa l sum d u e each y e a r ($ 2 0 ,0 0 0 ) is u n co n d l
tlo n a lly g u a ra n teed b y the L a k e S u p erior P o w e r C o . T h is c o m p a n y Is a
su b sid ia ry o f the L a k e S u p erior C o rp o ra tio n , th e h o ld in g c o m p a n y fo r
va riou s Industrial con ce rn s at Sau lt S te . M arie. T h e du a l p o s itio n o f th e
p ow er c o m p a n y , as th e p ro d u ce r o f p o w e r used b y th e su b sid ia ry co m p a n ie s
o f th e L a ke S u p erior C o rp o ra tio n and b y th e c it y an d as th e o w n e r o f th e
pro aunnllcs. renders its g u a r a n ty o f these b o n d s p a rticu la rly str o n g .
learn in gs o f In tern a tio n a l T ra n sit C o . fo r c a le n d a r y e a r 1910: G ross
ea rn in gs S100 048; net e arn in gs, $32 ,1 6 5 ; b o n d Interest, $ 15 ,000 ; b a la n ce ,
surplus '$17 165
It Is e stim a te d th a t net ea rn in gs fo r th e cu rre n t ye a r
w ill e x ce e d $ 4 0 ,0 0 0 . T h e fra n ch ises are e x c lu s iv e and free fro m o n e ro u s
restriction s and run t o 1926.

Kontwood & Eastern RR.— Sec Brooks & Scanlon Lumber
Co. under “ Industrials” below.
Knoxville Sevierville & Eastern Ry.— Receivership Ended.
— The Sevier County Court has ratified an agreement under




as to in d ica te th a t this c o m p a n y will h a v e t o retren ch In o p e r a tin g an d
o th e r e xp en ses fo llo w in g th e a c tio n o f th e P e n n s y lv a n ia a n d so m e o f th e
^ A n sw e r!— Business Is o f such a ch a r a c te r at th e p resen t tim e , a n d th e
o u tlo o k fo r th e fu tu re is s u ch , as to requ ire th e stricte st e c o n o m y In th e
h a n d lin g o f th e ra ilr o a d .
E v e r y o n e w ill b e la id o fl th a t c a n b e .
N o th in g
n ew w ill b e sta rte d an d o n ly su ch w o rk w ill b e c o m p le t e d as w ill c o s t m o ie
to le a v e u n c o m p le te d th a n to finish.

Outlook.— 1The “ Boston News Bureau” on Aug. 31 said:
T h ere is n o n o tice a b le Im p ro v e m e n t in th e tr a ffic o u t lo o k on th e stea m
rail lines o f th e N . Y . N . I I . & H ., and In th is d e p a rtm e n t th e ro a d Is n o t
h o ld in g up t o th e figu res o f a year a g o .
If th e s to c k h o ld e r s are d is tu rb e d
o v e r the situ a tio n th e y arc n o t m ore so th an are th e d ir e cto r s th e m s elv es .
The regular 2 % d iv id e n d fo r th e S e p t. 30 q u a rte r has been d e cla re d a n d n o
th o u g h t w ill he g iv e n t o a n y ch a n g e fo r th e fo llo w in g D e c . 31 qu a rter.
B e y o n d tills n o s p e cific assurances ca n b e m a d e .
If w e arc t o run Into a
lon g period o f general trade cu rta ilm e n t an d gro ss earnings d r o p o ff m a­
te ria lly , th e d ire cto rs m ust b o w t o th e In e v ita b le . So lon g as th ere Is n o
recession fro m th e present v o lu m e o f gro ss bu siness, n o alarm need be fe lt.
A re d u ctio n to a 7 % o r a 6 % b asis w o u ld n o t b e w ith o u t s o m e c o m p e n ­
satin g featu res.
It w o u ld te n d t o q u ie t th e ceaseless d e m a n d s o f la b o r fo r
m ore w ages and sh orter h ou rs, and w o u ld g iv e th e road a m ore c o m fo r ta b le
m argin o f surplus o v e r present Interest re q u ire m e n ts. Tvvo per c e n t s a v ed
In d iv id e n d s w o u ld m ean a b o u t $ 3 ,0 0 0 ,0 0 0 m ore fo r su rplu s.

500

THE CHRONICLE

BostOR & M aine tc iT lto r y g ro ss t r a ffic Is h o ld in g ud t o a b o u t
th e figu res o f a y e a r aero. T h is Is e s p e cia lly tru e In th e p a s s i n g s d e p a rt­
m e n t, an d it w ill be re m e m b e re d th a t In fo rm e r d a y s th e D assen^fr trafftn nf
J u ly and A u g u s t p a id th e fu ll y e a r 's d iv id e n d s o n b o t h ctasses o f B & M
s t o c k . T h e ro a d Is n o t , o f co u rse , earninirs its 4 » - rMwiAnninT
r , •
h old ers Will co n tin u e t o r e ce iv e 4 % . t o ? 'w ere t ? c d f f l ’M
' e r n

Norfolk & Western R y .— Acqiiisition.— See Virginia An­
thracite Coal & R y.— V. 93, p. 405.
Oakland (Cal.) Railways.— New Company.— This company
was incorporated in California on Aug. 21 with $27,000,000
nnnannS°KZ-ed Capiftal st°ck, in shares of $100 each ($10,­
000,000 being preferred) “ to simplify the expenditure of a
largo amount of money which is now ready to be used in
improvements and extensions of the railroad properties in
Alameda county, controlled by the United Properties Co.”
namely, it is understood, the Oakland Traction Co., the San
Francisco Oaklimd & San Jose Consol, lty. (“ Key Route” ),
the East Shore & Suburban Ry. and the Oakland Terminal
Eo. the San Francisco “ Chronicle” of Aug. 28 said:
T, J
tflrst w o rk t o be u n d ertak en w ill be fillin g In th e pier o f th e K e v
length o f
1’ °f00
al,Ki w ,th m a s o n ry w alls e x te n d in g the full
w m n n f niih6, i t.‘T S tHre fro m th e shore to th e p resen t fe rr y term in al. T h is
W n s ° m ° ? L Urn
ai
011 w h ich an a lm o st u n lim ite d n u m b e r o f
be ° P era f ed ln rapid su cce ssio n , b u t it w ill also b e part o f the
^ e y R o u te l)asln, o f w h ich it w ill fo r m o n e side, w ith
I? n ^ n 11!,t eSi fo r ,d o c k a g e , w areh ou ses an d y a r d s p a c e .
F o llo w in g this
lfnS ,
*2U^5e? { w i** c o m e the d o u b le -tra ck in g o f so m e o f th e sin gle-track
the O ak lan d I fa c tio n C o ., the Im p ro v e m e n t o f th e E a st S hore road
a n d th e purch ase o f adcUtioiial ro llin g s to c k fo r e a ch o f th e lines o p e ra te d .
th eV ora*™ aln ed .
thIs new c o r p o r a tio n , th e O a k la n d R y s ., Is n o t ln
f h c n a t m c o f a h old in g c o m p a n y , b u t th a t Its In co rp o ra tio n w as fo u n d
?i?rp0SSt«r h t0 S ( ? Pl fy t£le (.1IvlsI° n o f the fu n d s in a c c o u n tin g fo r the e x p e n d i­
tures t o be m ade fo r the d ifferen t lines in c o m m o n an d ln th e Im p rovem en t
o f p o r tio n s o f the roa d o f ea ch o f the separate c o n ce rn s . T h e In corp oratin g
s to c k h o ld e r s are: J oh n S . F lem in g, S. C a n h am , L lo y d S . J a c k s o n ? c A c o s n e r 8
clerk*' inath e W « i SchnlfU! ? w ^
Itz and O liv e r B . W e y m a n , s o m e o f w h o m are
clerk s In th e o ffic e s o f th e prin cip a ls, w h o are W . S . T e v ls , F . M S m ith
R . G . H a n fo rd an d G avin M c N a b , w h o represents th e fo re ig n c a p ita l.
’

sh( t,ermln?J

[V O L . L X X X X III.

purpose of sending out a call for proxies, with a view of
electing an independent director at the annual meeting on
October 3 to represent the minority interests

M s ir , s w a g »
w h o n o w represents him o n the M issouri P a cific b o a rd
B a ltim ore,
'Ih e r e h a v e been rum ors fro m tim e t o tim e d u rin g th e last " o r 3 vears
o f th e p r o p o s e d sale o f the r o a d to th e Illinois Central an d th e I o u lsv ifie *
N a sh ville . O ne o f the reason s w h y the m i n o r i t y i n t e r e s t s d e s i r a t o h ave
V P 9 3 ,e p . 3 4 3 , ‘ 2 3 0
r c p o r te d - t o p r o t c c t th e ir in t e r e ^ t fln cage 0f a L i e -

San Francisco Oakland & San Jose Consolidated R v __See
Oakland R y. above.— V. 91, p . 155.
.
Seattle Renton & Southern (Electric) R y.— Injunction.—
Augustus S. Peabody of Chicago, trustee or the bondhold­
ers, on Aug. 22 ootained from Judge Hanford in the Federal
Court an order modifying the injunction previously granted
which forbade passengers on the line from asking for trans­
fers, attempting to ride further than north or south of Kenof^the road & 5’ Cent fare> 0r interfering with the operation
transfers w U ^ t h i fl| ^ ?J u .e w ihetCi<^ P a n y ls re(l ulred t o a c c e p t a n d e x ch a n g e
I ‘ c UUc E le c tr ic (,o . o n p a y m e n t o f an a d d itio n a l fare o f
3 c e n t , .rad to Issue a receip t fo r the a d d itio n a l 3 ce n ts p r o v id in g fo r th e
com nA lU ? i*fnw i°naj,1V>ur tf lf Lllc C ou rt s h o u ld u ltim a te ly d e cid e th a t th e
™ V A A y,
o b lig e d to in te rch a n ge transfers w ith th e S eattle E le ctric Co
o n a basis o f an equal d iv isio n o f the 5 -ce n t fare p a id . T h e c o m p a n y ls
also o rd e re d t o issue receip ts fo r the a d d itio n a l o r se co n d fare r c ou lre; a t
K e n y o n St. w h ich Is to be r e fu n d e d on th e ren derin g o f a lik e d e c f s lo n
P roceedin gs w ere the resu lt o f stren u ou s m easures ta k e n b y Tmssengera
w h o o b je c te d to the e x a c tio n o f the a d d itio n a l fares l,v the e n m n a n v and
- V ? h93m p?f^ 8 V V1 0 6 .th e ° p e ra tlo n o f the r o a d - tyIn f? I t V p f o r T o m e h ours

Sherbrooke (Que.) Ry. & Power Co .-B on d s Authorized
Oakland Traction Co.— See Oakland R y. above.-—V 92
st° ckholdcrs have authorized the issue of
p. 119.
$300,000 of additional consol. 1st M. 5% bonds in connection
with
the
recent
purchase
of the Eastern Townships Electric
Pennsylvania RR.— 69,760 Shareholders— Average Holding
$6,464.— On Aug. 5 1911, the date of record for the August Co. the Lennoxville Light & Power Co. and Stanstcad Elec­
dividend, the total outstanding capital stock was $450 974 - tric Go. and for extending the distributing systems of these
050, which was held by 69,760 persons, the largest number of companies. McCuaig Bros. & Co. have been authorized to
stockholders in the history of the company. The average o p r 8150,000 of the bonds at 95 and int., carrying a bonus
of 40% in common stock.— V. 93, p. 230.
holding having a par value of $6,464 50.
Southern Utah RR.— See Consolidated Fuel Co.
i??0Ann-al*,0tor22Ilt, r c ? en tIy m ade Increased th e c a p ita l s to ck
Syracuse (N. Y.) Lake Shore & Northern RR.— Stock In­
fnsteac? o f t a °t w o ’ l n s t a! im e n tsT ‘
ftvaUed ° f t h ° prlvU effc o f paylR * lR ful1
t
A 1 5 .6 5 % o f th e s to c k w as held a b r o a d b y 10 000 shareholders
crease.— The stockholders on Aug. 17 authorized an increase
I n th is c o u n t r y there w ere o n th e sam e d a te 21? 5 4 5 s ta k e h o ld e r s In r a te d ta
m the preferred stock from $1,000,000 to $1,500,000 to
P e n n s y lv a n ia an d 12.006 In N ew Y o r k S t a t e . T h e n u m b e r o f w o m e n
sh areh old ers w as 3 2 .8 0 1 .— V . 92, p . 1 4 3 7 .
ot w om en
provide for the construction of the extension from Fulton to
•Philadelphia Rapid Transit Co.—Labor Plan.— Thomas E. Oswego, which was completed in July last and is now in
Mitten, as the head of the Stotesbury management, on Aug. 28 operation. Application has been made to the Public Service
presented to the employees of the company a plan looking Commission, Second District, for permission to issue the
to a lasting peace between company and men and their hearty stock.— V. 90, p. 1171.
co-operation in efforts to increase the earnings, 22% of the
Toledo Railways & Light Co.— Suit.— City Solicitor
gross passenger earnings to be set apart for wages and the bchreiber on Monday filed a suit in the Common Pleas Court
wage scale to be increased as rapidly as possible within that to collect $70,000 rental which is claimed to be due under the
limit. The plan provides in part (see “ Philadelphia Press” ordinance recently passed requiring the company to pay
of Aug. 28):
$250 daily rental for operation on the streets on which the
B y v ir tu e o f its p u b lish ed pro m ise o f A p ril 1910 th e c o m p a n y is o b lig a te d
franchises expired last November. Compare V. 93, p. 408.
t o p a y th e fo llo w in g w age (in cen ts per h ou r) to m o to rm e n an d co n d u c to r s
ln a c c o r d a n c e w ith their p e rio d o f se rv ice :
Union Pacific RR.— Demands of Employees.— Vice-PresiEf/ective J u ly 1— 1st Y r .
2 a Y r.
3d Y r.
4til Y r. Hth Yr. 6th Y r.
dent Kruttschnitt at San Francisco on Aug. 28 gave out
1910
___________
22
23
23
23
23
23
1911
___________
22
23
the following statement in regard to the demands of the
23 M
23 H
23 H
23 y
1912
___________
22
23
23 ><j
24
24
Federation of Shop Employees:
24
1913
___________
22
23
23 Yi

24
24 y ,
24 'A
1914 ---------------------------22
23
u z'j
24
•'f.
23
K
24
.
24 >5
^
25
B a sed u p o n th e Increase in gross passenger earnings fo r J u ly 1 9 1 1 " t o ­
geth er w ith th e increased e ffic ie n cy o f o p e ra tio n w h ich It is e x p e c te d w ill be
s e cu re d b y c o -o p e r a tio n , this m a n a gem en t w ill a n tic ip a te ti e increase in
w s p rom ised fo r J u ly 1 1912, an d m ake th e sam e e ffe c t iv e as o f J a n 1
1912. S im ilar a d v a n ce s w ill be m a d e as ra p id ly as th e use o f th e 2" %
o f th e gross passenger earning:: m akes possib le , b u t ln n o ca se later th a n th e
d a te s c o n ta in e d in the fo re g o in g ta b le . C o -o p e ra tio n w ill, it Is c o n fid e n tly
e x p e c t e d m ak e possible such an Increasin g w age o v e r th a t co n ta in e d In th e
cc oo m
ihl shprt
rnom
mk
n<3 w
tiMii
i« Tom a x l m u___
mn
pa
an
nv
y 'ss m
pubUs.m
d n
pV
Loc, as
l l l rr o^du11
f t<■ in
m ___
Z T ouiu'u
T V ein
c ntnt l^
p er h o u r in th e y ea r be g in n in g J u ly 1 J915.
g 01
centS
[U n d er this plan the c o m p a n y w o u ld deal w ith th e m en as Individuals
o r as m em b ers o f a single u n io n , as m a y b e d e te rm in e d b y v o t e o f a large
m a jo r it y , s a y tw o -th ird s , o f th e men.|— V . 9 3 , p . 528, 346?
1 g

Public Service Corporation of New Jersey.— Payment of
Notes.— The $4,000,000 5% 3-year collateral goid notes
dated October 1 1910 have been called for payment at par
and interest at the Fidelity Trust Co., Philadelphia, on
Oct. 2. , Tho n.o t e s were Provided for by the sale of general
M. 0 % bonds in March last. Compare V. 92, p. 726 795
— V. 92, p. 1636.
>r
Quebec Central Ry.—Sale Concluded.— A press dispatch
says that bir Thomas Shaughnessy on Aug. 25 completed
the arrangements for the acquisition of the company bv the
Canadian Pacific.— V. 93, p. 106.
Rome (Ga.) Railway & Light Co.—Bonds Offered— Divi­
dends .— Spencer Trask & Co., New York, &c., have re­
cently placed at 95 and int. a block of the $500,000 1st
mtge' 5% g °,d bonds dated 1907 and due Jan. 1
1937, but redeemable, all or part, at 105 and int. on any in­
terest date on 6 months’ notice. A circular says in substance:
T,°J:,ai 5 ’i t^ ndInff b o n d e d d e b t , $6 2 7 ,0 0 0 , v iz .: F irst M 5s S500 0 0 0
a? A
^
0 'refu n d in g and c o n s o lid a te d m t g e .” 5s o f an au th o rize d issue
o f $ 7 5 0 ,0 0 0 , o f w hich $ 50 0,00 0 are reserved to refu n d t h ^ l s t i f 5s
D iv i­
d en d s a re p aid on $ 50 0,00 0 ca p ita l s to c k a t th e rate o f 4 % p e r 'a n n u m
(b eg in n in g w ith 191 1). T h e en tire ca p ita l s to c k Is o w n e d a n d th e rom m anv
o p e ra te d b y L o u isv ille, K y „ in te re sts, w h ich h a v e had a w id e a n d S u cce ssfu l
e x p erien ce In the m an agem en t o f p u b lic s e rv ice c o r p o r a tio n s
h o r th e s ix m on th s e n d e d Ju n e 30 1911 gro ss earnings w ere S7 9
and
y e a r n i n g s $ 3 8 ,3 7 2 .
If th e rem a in in g six m o n th s o f f g U s L w a I l L in­
crease, the gross earnings fo r th e en tire y e a r w ill a p p ro x im a te $170 000

fh"?,n,fMe“5 r KSomSS?o5^ iT ^ S M 0.Ver 3
U‘e
"S
St. Louis Southwestern Ry .— Move for Independent
Director.— Frank J. Gould, through his attorney, George S.
Graham, has made a demand for a list of stockholders for the




F o r m a n y years o u r o ffic e r s h a v e fre e ly m e t org a n iz e d an d u n org a n ized
e m p lo y e e s In co n fe re n ce , c o n c e d in g co n sid e ra te tre a tm e n t an d w illingness
on tlie part o f o u r o ffice rs t o discu ss c o n d itio n s a t all tim es.
A t a m eetin g ln S alt L ake last su m m e r e m p lo y e e s fro m all cra fts o n the
ila rrlm a n lines d e te rm in e d t o p resen t t o each line dem an d s Identical w ith
th ose sent to th e S o u th e rn P a cific , w h ich are s u b sta n tia lly as fo llo w s '
1. R e c o g n itio n o f the S h o p E m p lo y e e s F e d e ra tio n represen tin g all five
cxaR s, m ach in ists, b oiler m ak ers, c a r-m e n , b la ck sm ith s an d sheet-m etal
2. A ll present o r fu tu re e m p lo y e e s n o t m em bers shall jo in th e F ed era ted
A ssocia tion w ith in 30 d a y s , w h ich m eans o f cou rse th e disch arge o f all em ­
p loyees w h o w ill n o t o r c a n n o t jo in ; th a t Is. an a b so lu te ly c lo se d s h o o

3
The company to agree that control and final settlement of differences
with their employees shall rest with a Federation committee made i? d of
representatives of all five crafts Instead of committees of Individual crafts
as heretofore. The cllect of these demands, lf conceded? would be to nfacl
^ whole body of workers In all these crafts behind the demands macPe by
any of them, no matter how unreasonable— an arrangement which would
lTkeRntey nenC0UH
ra(tH
e the “ akin* °f unreasonable dcmamlsIvhich! are°not
likely to be made by Individual crafts operating alone
n .'L -A 0 Restrict the number of apprentices, denying to American boys
opportunity to fit themselves for the duties of life by learning trades.
•*. F la t Increase o f 7 c ts . p er h o u r fo r all m ech an ics, a p p re n tices and
neipers. w hich w o u ld m ean an Increase o f fro m 15 % to 2 8 % , a ve ra gin g fo r
the en tire sh o p fo rce s 2 3 % ; re d u c tio n o f hours w ith o u t decrease o f p a y and
o th er dem an d s a ve ra gin g 16%, a d d itio n a l, o r a v erage to ta l Increase from
b oth sources o f 3 6 % . T h is In a d d itio n to an average Increaso o f p a y
granted to all sh o p cra fts o f 12 % % In the last five years and In fa ce o f the
Iact th a t the S o u th e rn P a cific Is n o w p a y in g h igher w ages th a n a n y oth er
railroad in the U n ited S ta tes. T h e e fie ct o f all these dem an d s w ou ld In­
crease the sh op pa y -ro lls o f th e H arrlm an lines a b o u t $ 7 ,0 0 0 ,0 0 0 an n u ally.
„
e m p lo y e e shall w o rk b y p ie ce , p rem iu m o r bon u s s y ste m . W h ere
a n y th in g o f this so rt Is ln e x iste n ce It shall bo d is co n tin u e d . S h op forem anshlps shall be filled b y p r o m o tio n fro m the ranks o f F e d e ra tio n e m p loyees. A ll this Is in d ire ct c o n lllc t w ith th e p u b lic w ill, r e ce n tly c m p n a tic a lly exp ressed , th a t th e Increasing e xpen ses o f carriers w ere to be
m et b y Increasing e ffic ie n cy a n d n o t b y in crea sin g fre ig h t rates.
.
n
, N o fo rm o f p h y sica l e x a m in a tio n o r personal re co rd shall b e reaulredth at is, the c o m p a n y Is d en ied th e right exe rcise d b y e v e r y citizen to rcou lre
o f persons e n terin g his se rvice to give e v id e n c e o f co m p e te n c y , g o o d ch ar­
a cter and h ea lth . U n d er this rule diseased, in c o m p e te n t. Inefficien t and
im m oral persons m ig h t be e m p lo y e d , an d If th e y s u cceed ed ln esca p in g
d e te c tio n fo r th irty d a y s th e y c o u ld n o t be disch arged w ith o u t d a n ger o f a
s tilk e . T h e fe llo w -s e rv a n t law s o f C a liforn ia a n d o f m a n y o th e r States
m ake co rp o ra tio n s respon sible ln d am ages to Its em p lo ye e s th ro u gh negli­
gen ce o f co -e m p lo y e e s . T h e p r o p o s e d cla u se w o u ld d ep rive co rp ora tion s
o f all m eans o f p r o te c tio n and w o u ld p r o m o te Inefficien t and unsafe service
8. If fo rce s are re d u ce d e m p lo y e e s are t o in d ica te w h o shall be laid off"
bnibarrasslng the c o m p a n y In Its efforts to Increaso efficien cy,*by
riciciing the service o f In efficien t e m p lo y e e s .
f-1
, N o e m p lo y e e belon gin g to th e F ed era tion is t o be disch arged or sus­
pen d ed w ith o u t pre vio u s co n s e n t o f th e e m p lo y e e s ' c o m m itte e
m
H e re to fo re a n y issue arising w ith m ach in ist, boilerm ak er black sm ith or
sheet-m etal w ork er was taken u p w ith the c o m p a n y b y his associa tes andfln
m o s t cases it w as a d ju s te d . W h e n u n su ccessfu l, strllm s o M h a t p articu lar
c r a ft h ave fo llo w e d , b u t theso w ere n o t serious en ou gh t o crip p le th e on erafo°rnwh c lhet ^ rop ert!es o r P ^ v e n t th em fro m p e rfo rm ln g th e p u b lL serW ces
fo r w h ich th e y w ere cre a te d .
E x c e p t in a fe w cases w here s y m p a th e tic

Sept. 2 lull.]

THE CHRONICLE

strikes w ere ord ered , th e tro u b le w as co n fin e d t o the p a rticu la r c r a ft an d
line o n w h ich It orig in a ted .
U n d er the ch an ge p rop os e d b y th e F e d e ra te d e m p lo y e e s and o p p o s e d b y
th e com p a n ies an issue raised on a sm all system ro a d In L ou isian a or T e x a s
m ig h t stoji all sh op w ork th r o u g h o u t the system b y requ irin g m em bers to
strike In dista n t C a liforn ia, O re g o n , W a s h in g to n o r N ebrask a. T o settle
the q u estion the c o m p a n y In v o lv e d m ig h t h a ve to m eet a co m m itte e re p ­
resentin g all o f Its c ra fts m e n , w h ich co m m itte e w ou ld ow e a lleg ian ce t o a
general co m m itte e com p o s e d o f all cra ftsm e n o f all the H arrlm an lines.
S uch an arran gem en t w o u ld m ean ch a o s , w o u ld a b rid ge o r d e p r iv e the
co r p o r a tio n s o f a b ility t o fulfill th eir d u ties im p osed u p o n th e m b y the
la w , an d o fficers d elib era tely so b e tra y in g their trusts w o u ld be ju s tly c o n ­
d em n ed b y p u b lic o p in ion .
T h ese are the reasons w h y w « d eclin e t o surrender to Irresp onsible c o m ­
m ittees o f F ed era ted em p lo y e e s represen tin g a v e r y sm all p o r tio n o f the
p u b lic trusts con fid ed t o us b y th e en tire p u b lic, an d w h y w e w ill n o t c o n ­
ce d e to such c o m m itte e th e rig h t to d icta te w h ether o u r c o m p a n ie s shall or
shall not fulfill fo r tw e n ty m illion s o f p eop le in se ve n te e n S ta te s o f the
U n ion the d u ties clea rly p re scrib e d b y law .

At Omaha an official appeal was issued, saying in part:
T h e c o m p a n y has e n d e a v o re d to treat its e m p lo y e e s w ith con sid e ra tio n
an d fairness, and n ow th a t it is stru gglin g w ith the b u rden s o f adverse
legislation , rate red u ction s, m aterial ta x increases an d a large re d u ctio n
In earn in gs, d u e to depressed business c o n d itio n s th r o u g h o u t the c o u n tr y ,
it s u b m its fo r the ca n d id con sid e ra tio n o f its sh o p m e n w h eth er it is n o t
unw ise for th em to be m ak in g dem an d s w h ich the c o m p a n y ca n n o t m eet
and p ro d u c in g c o n d itio n s w h ich m a y result in th e u tte r d e m o ra liz a tio n o f
business c o n d itio n s , cu rta ile d e m p lo y m e n t, an d In h ard sh ip an d suffering
fo r th em selves and fo r their fa m ilie s.— V . 03, p . 528, 470.

Union Traction Co. of Coffeyvillo, Kan.— New Bonds.—
The Kansas Public Utilities Comm, has been asked to sanc­
tion the issue of $350,000 bonds for the construction of the
proposed extension from Cherry vale to Parsons.— V.92, p. 120.
United Properties Co., San Francisco.— New Electric Rail­
way Subsidiary.— See Oakland R y. above and compare
V. 93, p. 528.
New Stock for Sub-Company.— See “ Realty Syndicate”
under “ Industrials” below.— V. 93, p. 528.
United Railways of St. Louis.— Dividend Outlook.— See
North American Co. under “ Industrials” below.— V .93,p.347.
Virginia Anthracite Coal & R y.— Sale.— The road was
purchased at foreclosure sale at Christiansburg, Va., on
Aug. 29 by the Norfolk & Western R y., the price being
reported as $100,000.— V. 93, p. 106. ~
Waterloo Cedar Falls & Northern (Electric) R y.—Bond
Sale.— McCoy & Co. have transferred all their holdings in
the bonds of this company to Devitt, Tremble & Co., Chicago,
who offer the residue of $475,000. Compare V. 93, p. 528.
Price.—The selling price of these bonds as quoted in our
issue of last week should have been 95 and interest instead
of 94 and interest.— V. 93, p . 52S.

501

e m p tio n In th e c o n tr a c ts th e m se lv e s, a n d . In th e case o f o th e r w ritte n c o n ­
tr a c ts , b y th e like express stip u la tio n s w h en ever fo r any' reason the trustees
shall c o n s id e r It necessary' o r desirable.
P h ilip D e xte r, G ord on A b b o t t , S am uel C arr, W a lte r M . P a rk e r and F . C.
D u m a in e h a v e co n s e n te d to a c t as th e co m m itte e u n d er an agreem en t
d a te d A u g . 25 1911. .Stockholders m a y b e c o m e parties t o this agreem en t
b y sen din g their shares, e n d orsed In b la n k , to th e O ld C olony' T ru st C o.
In com e A ccou n t— Y ears ending M a y 31 1910 and J u n e 30 1907 to 1909.
1909-10.
190 8-0 9.
190 7-0 8.
190G-07.
S a le s _____
S 20 .47 7.13 0 $ 1 6 ,906 ,99 1 $16 ,1 0 9 ,1 2 4 $ 1 7 ,879 ,54 2
N et in c o m e ':_____________
$ 4 1 7,09 7
$81 0,28 0 S I , 139,192 $ 1,485,403
G u a ra n ty , A c ___________
$69 ,882
$83 ,870
$65 ,913
$150,377
In v e n to r y c h a n g e . _____ ln c .4 13,752
I n c .56,008 I n c .177 ,377 d e c .102,969
D iv i d e n d s ____ ________ (1 2 % )6 9 1 ,2 0 0
(1 2 )6 9 1 ,2 0 0 (1 6 )9 2 1 ,6 0 0 (1 6 )9 2 1 ,5 7 6
lla la u c c , s u r p lu s -------$ 6 9 ,7 6 7
$91,218
$32 9 ,0 5 5
$310,481
B alan ce Sheet Oct. 1 1910.
A ssets ($ 1 3 ,4 9 0 ,8 1 1 )—
L ia b ilities ($ 1 3 ,4 9 0 ,8 1 1 ) —
Ile a l estate, m a ch in e ry ,
C a p ital s t o c k ______________$ 5 ,7 6 0 ,0 0 0
& c _____________________ $ 3 ,0 0 0 ,0 0 0 A c c o u n ts p a y a b le ________ 2 ,6 5 5 ,0 0 0
M aterial, su p p lie s---------3 ,0 2 9 ,9 1 6 S u r p lu s _______;____________ 3 ,3 3 5 ,4 3 3
Cash a c c ts . and b a la n c e s . 7 ,4 6 0 ,8 9 5 P r o fit a n d lo s s ____________ 1 ,740,378
— V . 87. p . 1002.

Brooks Scanlon Lumber Co.— Bonds Sold.— The bond
department of the Continental & Commercial Trust & Savings
Bank, Chicago, trustee for the issue, has recently purchased
$750,000 1st M. serial 6% bonds, maturing $150,000 each
year for 5 years, on the Kentwood, La., property of the
company, also secured by the Kentwood & Eastern R R .,
60 miles in length, and valuable timber lands in Louisiana
and Florida. The loan will bear the personal guaranty of
Messrs. Brooks and Scanlon, and will represent a first mtge.
on property valued at $4,500,000. Compare V. 91, p. 718.
Central Foundry Co.— New Securities.— Securities of “ The
Central Foundry Co.,” organized under agreement dated
Jan. 3 last, were ready for delivery Aug. 28 1911 at Central
Trust Co., 54 Wall St., to depositors under the plan (V. 92,
p. 60, 190).— V. 92, p. 1567.
Chicago Junction Railways & Union Stock Yards Co.—
Assents.— More than 55,000 out of the 65,000 shares of
common stock, it is stated, have assented to the plan, thus
assuring its success. Compare V. 93, p. 348.
Consolidated Fuel Co. of Salt Lake, Utah.— Bonds.— This
company is issuing $600,000 1st M. serial 6% bonds, making
the Continental & Commercial Trust & Savings Bank,
Chicago, trustee, with a sinking fund provision of 15c. per
ton.
One half of the bonds are sold to the banks in Salt
Lake City and one-half are underwritten by the Continental
& Commercial Trust & Savings Bank of Chicago.
T h e c o m p a n y ’s m ines arc at H ia w a th a , C a rb on C o u n ty , U ta h . O fficers:
F . A . S w eet, P res. & M g r.; C. T . L e m le y , V lc e -P r e s .; W . H . S w eet, S e c .;

F . W . F ran cis, Treat;. T h e m o rtg a g e ,w h ich co v e rs the S ou th ern U ta h R R .,
INDUSTRIAL, GAS AND MISCELLANEOUS.
22 m iles, as w ell as the c o a l p r o p e r ty , w as o rig in a lly m ade t o a U ta h trust
American Gas & Electric Co., New York.— Purchase.— c o m p a n y , as tru stee, b u t su b se q u e n tly ch a n g e d as a b o v e . See V . 9 3, p .5 3 2 .
Crocker-Wheeler Co., Ampere, N. J.—Status.— A circular
This company, controlled by the Electric Bond & Share Co.,
New York, has purchased recently from Theodore Stebbins, issued by Fuller & Co. of N. Y ., the company’s fiscal agents,
14 Church St., N. Y . City, all the capital stock ($100,000 offering a limited amount of common stock at 98
reports
pref. and $200,000 common) and a large block of the $215,000 the bal. sheet of June 30 1911, which we compare as follows:
outstanding bonds of the Licking Light & Power Co. of New­
B a lan ce Sheet J u n e 30 1911 and D ec. 31 1910.
J u n e 30 ’ l l D ec.31 10
J u n e 30 ’ l l D ec.31,10. |
ark, O. (sec V. 88, p. 1133).— V. 92, p. 1438.
A ccp/9—
—
<
t
L i a b ilit ie s -5
S
American Sugar Refining Co.—Beet Sugar Earnings.— P lan t 1...... .1 ,3 3 8 ,6 7 8
1,348,367 C om m on s t o c k . . 1 ,700,000 1 ,7 0 0 ,0 0 0
500 ,000
258 ,3 7 5
25,000
25,000 P ref. s t o c k _____
See Utah-Idaho Sugar Co. under “ Annual Reports” above.— P a te n ts ___
657,500
S to c k s A b o n d s .
32,788
24,022 Dills p a y a b le ___ 2 i5 ,0 0 0
V. 93, p. 529.
M erch a n d ise_ 751 ,333
730 ,030 A c c t s . p a y a b l e . .
19,517
22,399
3 9 9 ,4 2 6
414,061
565,978
787 ,947 S u rp lu s_________
r c c e lv ---American Tobacco Co.—Time Extended till Sept. 28.— The AC cacsths .....................
1 2 0 ,1G5
136,969
time for the deposit of 6% bonds, 4% bonds and pref. stock
T o ta l
T o t a l..................2 ,8 3 3 ,9 4 3 3 ,0 5 2 ,3 3 5
2 ,8 3 3 ,9 4 3 3 ,0 5 2 ,3 3 5
of the American Tobacco Co. and of 4% bonds of the Consoli­
D ividend R ecord o f Com m on Stock (P e r C en t).
dated Tobacco Co. with the protective committees formed a '9 1 . '9 2 . A’ 9n3n. u’a9l6 .Cash
’9 7 . ’ 98. ’9 9 . '0 0 . '0 1 . ’ 0 2 . ’0 3 . ’ 0 4 . '0 5 . ’ 06. '0 7 . ’0 8 -’ l l
month ago has been extended until the close of business
5 8
3
6
4M 6H 3
6
6
6
7
8
6
6 y> 7 M 6 y r ly .
A ls o in 1902 1 0 % an d In 1907 5 % , in s t o c k .— V. 92, p . 1112.
Sept. 28. About 50% of the pref. shares is said to have
Electric Bond & Share Co., New York.— Stock Increase—
been deposited.
VV. W . F u ller, G eneral C ounsel fo r the A m e rica n T o b a c c o C o ., o n T h u rs­
Plan to Issue $1,500,000 New Common and to ExchangePresent
d a y m ade the follow in g s ta te m e n t: “ A t a c o n fe re n ce held t o -d a y betw een
5% Preferred Stock, $ fo r S, fo r 6% Preferred.— With the great
the Ju d ges o f th e C ircuit C ou rt, the A tto r n e y -G e n e ra l and represen taltves
o f the c o m p a n y w ith referen ce to the plan o f r e o rg a n iz a tio n , th e C ou rt
development of the company’s business, the directors believe
exp ressed the op in ion th at the expen ses o f re sp e ctiv e c o m m itte e s fo r the
that the present capital, which is $2,000,000 5% pref. stock
0 % b on d s, 4 % b on d s an d the p re f. s to c k sh ou ld be paid b y the c o m p a n y ,
a n d au th orized a sta tem en t to th at elTcct t o be m a d e .”
and $2,000,000 common stock, all outstanding, should be
Listed.— The New York Stock Exchange has listed the increased so that the authorized capital stock shall be$5,000,certificates of deposit representing the pref. stock 6% bonds 000 6% preferred stock and $5,000,000 common stock. The
and 4% bonds of the American Tobacco Co., which have increased capital stock will be sold from time to time to meet
been deposited under the call of the protective committees. the capital requirements of the company, subject to the pro­
visions of its charter that the preferred stock outstanding
— V. 93, p. 529, 347.
American Tube & Stamping Co.— Bonds Called.— Ten at no time shall exceed the common stock. It is proposed to
($10,000) 5% 1st M. bonds dated 1902, for payment on issue immediately of the common stock $1,500,000. The
Oct. 1 at 105 and interest, at Trust Co. of America, N. Y ., common stockholders have agreed to buy this stock at par,
the dividend rate on the common being now 8% per annum.
trustee.— V. 92, p. 598.
The plan, dated Aug. 26, provides that the present 5%
Amoskeag Mills, Boston.— Stock to Be Exchanged for
300% in Common Shares and 200% in Pref. Shares of a Neiu preferred stock shall later be exchanged, share for share, for
6% pref. stock. Owners of the pref. stock are therefore
Voluntary Association.— At a meeting of the board held in asked
to deposit their certificates either with the Standard
Boston Aug. 25, it was unanimously voted to recommend the Trust Co. of New York or the Old Colony Trust Co. of Boston.
conveyance of the property of the corporation, now paying The certificates will be returned on or before Jan. 1 1912 in
dividends at the rate of 12% per annum, to the trustees of case the deposits do not warrant the carrying out of the plan.
a voluntary association to be called the Amoskeag Manufac­
P roposed A m endm ents to C ertifica te o f In corporation and B y -L a w s.
turing Co. The trustees will include the present directors,
(1) T o Increase the s to c k as a fo re sa id an d to ch a n g e th e preferen ce d iv i­
d
e
n
d
o n b o th th e new s t o c k an d o n th e p re f. s to c k n o w o u ts ta n d in g fro m
and the operation of the mills will be continued without change
rly t o 6 % ye a rly .
in operating organization. It is proposed that for each 5%,(2)yeSatrike
o u t th e paragrap h o f th e c e r t, o f In co rp . w h ich p re v e n ts th e
share of the stock of the corporation (authorized, $6,000,000; p le d g in g o f assets w ith o u t the co n se n t o f 7 5 % o f th e p re f. s t o c k .
(3) A m e n d the b y -la w s so th a t th e b o a rd o f d ir e cto r s a n d , u n til o th er­
issued, $5,760,000) to issue three com. shares and two pref. w ise
d ire cte d b y such b o a rd , th e e x e c u tiv e c o m m itte e , m a y fro m tim e t o
shares of the association, and that the pref. shares shall re­ tim e p urchase fo r th e co r p o r a tio n s to c k s , b o n d s an d o th e r e v id e n c e s o f
d e b t, p ro v id e d th a t n o su ch p u rchases shall Increase the In debtedn ess
ceive each year $4 50 per share (cumulative), payable semi­ b e y o n d the par v alu e o f the o u ts ta n d in g p re f. s t o c k w ith o u t th e co n s e n t
annually, before any payments can be made on the common. o f a m a jo rity o f all the o u ts ta n d in g s t o c k .

Extracts from Statement by Treasurer F. C. Dumaine.
T h e pref. shares arc lik e ly to b o h ig h ly regarded a s an in v e s tm e n t, the
a m o u n t o f d iv id en d s to be paid on th e c o m m o n shares b ein g m ore d e ­
p en d en t on fu tu re grow th and general business c o n d itio n s . T h e low er
p rices at w hich the new shares w ill sell In th e m arket will be an in d u ce m e n t
to oth ers to a ssocia te th em selves w ith us In the o w n ersh ip o f the p r o p e r ty ,
a m o n g w h om It Is h op ed w ill be m a n y o f o u r o fficia l? an d o p e r a tiv e s .
T ru stees an d sh areholders w ill bo s afegu ard ed again st personal lia b ility
o n n otes o r oth er like w ritten o b lig a tio n s b y express stip u la tio n s o f e x ­




(4) P r o v id e th a t th e b y -la w s m a y be am e n d e d o r repealed b y th e v o t e
o f a m a jo rity o f th e o u ts ta n d in g s to c k a t a n y m e e tin g , th e n o tice o f w h ich
shall set fo rth th e p rop osed b y -la w .
(5) P r o v id e In th e b y -la w s th a t th e In d ebted n ess shall a t n o tim e e x ceed
th e par value o f th e o u ts ta n d in g p re f. s t o c k w ith o u t th e c o n s e n t o f a m a­
jo r it y o f all th e o u ts ta n d in g s t o c k .
A p a r t fro m the Increase o f c a p it a l, th e ch a n g e In th e a m o u n t o f p refer­
en ce d iv id e n d an d th e lim ita tio n u p o n In de b te d n e ss, all these ch an ges
a foresa id are d esign ed to r e m o v e u n u su al re s trictio n s w h ich are c o n s id ­
ered d e trim e n ta l.

592

THE CHRONICLE

D irectors A . C. B e d fo r d , HInsdIlI P a rson s an d S . Z . M itch e ll w ill a c t as a
co m m itte e to ca rry o u t th e pla n .— V . 92, p . 599.

Gainesville (Fla.) Gas & Electric Co.—Suit to Prevent
Foreclosure Sale.— Judge Pierce on Aug. 30 in the equity
motion session of the Superior Court at Boston issued an
order of notice to the State Street Trust Co. of Boston, to
show cause on Sept. 7 in a suitbrought by Charles W. Morse,
of Haverhill, President of the company, why it should not be
enjoined from foreclosing the mortgage for $75,000 of which
it is trustee.
T h e foreclosu re proceeding's are to be ta k e n a t th e re q u e st o f the b o ld o is
o f 7 o f the b o n d s. M r. M orse Is said to be th e o w n e r o f m ore th an o n e -h a lf
o f th e s to c k an d b on d s o f th e c o m p a n y .
H e ch a rges th a t the 7 b o n d s w ere
stolen from his o ffic e In G ain esville an d th a t the a ccu se d p erson Is now
u nd er in d ictm e n t In the C ircu it C o u rt o f F lo r id a .

[V O L . L X X X X III.

d e b t is d isp o se d o f , so m e tim e n e x t sprin g o r su m m er, th e m lll-p er-p asscn gd r
ta x case will be d e cid e d fin a lly, and the d ire cto rs w ill be in p o s itio n t o
regu late the future fin a n ces o f the U n ited H allw ays. T h e d iv id e n d on
pref. s to c k was su spen d ed In J u ly 1910, and b y the end o f this y e a r d iv i­
d e n d s a m o u n tin g to $ 1 ,3 2 8 ,7 1 0 will h a ve a c c u m u la te d .
M r. C a m p bell stated that th e N o rth A m e rica n C o . has retain ed $ 2 ,0 0 0 ,0 0 0
o f the c o m m o n s to c k o f the M ississippi R iv e r P o w e r C o ., w h ich is b u ild in g a
w a te r-p o w e r pla n t a t Keokuk-, l a ., to furnish po w e r to S t. L o u is . A ln o w listed a t $38 a share, a n d has an a p p a re n t v a lu e o f
$ 7 6 ° o o o Air. C am p bell a d d e d th a t It Is n o t In clu d ed a m o n g th e assets o f
th e N orth A m e rica n C o.
„ T h ® 3600,000 o f b o n d s o f the p o w e r c o m p a n y , w h ich th e N orth A m erica n
C o. had a cq u ire d , h a v e been sold b y the sy n d ic a te a t a p rofit
The
M ississippi R iv e r D istrib u tin g C o ., w h ich will a c t as the In term ed ia ry
betw een the po w e r c o m p a n y and the S t. L ou is p u b lic u tility c o r p o r a tio n s ,
Is d o m in a te d b y the N orth A m e rica n C o . T ile d istrib u tin g c o m p a n y w ill
b u y th e p o w e r fro m the p o w e r c o m p a n y a n d sell It to th e U n ite d H allw ays
u
L n to n E le c tr ic L ig h t & P ow er C o ., w hich are c o n tr o lle d b y th e
N orth A m e rica n . A lth o u g h the p o w e r c o m p a n y Is n o t c o n tr o lle d b y th e
N o rth A m e rica n , this c o r p o r a tio n e n ab led the rea liza tion o f the w a ter­
po w e r enterprise b y e n terin g Into a c o n t r a c t, In b e h a lf o f the U n ited H all­
w ays an d the U n ion E le ctric, t o take 60,000 h .p . a year fo r 09 y ea rs.
The d istrib u tin g c o m p a n y will p a y the po w e r c o m p a n y 's h s a h orsc-n ow er
a
SiI.,0
nan
non , an
nnri
r ou is p u b lic u tility * «co.....
a ven
y e a rr., oo rr S
80 ,000
d t.h«
th e StT L
m .......
p a n .......................
ies w ii^ p a y
th e distributing: c o m p a n y S25 a h o r s e -p o w e r a y
, ue a r,
i , o r o$ i.u
mhue
1 ,5u0u0.u
,0u
0u
0. T
d ifferen ce o f $ 4 2 0,00 0 w ill b e e m p lo y e d to m ain tain the tra n sform in g
s ta tio n s and m pet all exp e n se s c o n n e c te d w ith th e transm ission s erv ice In
L o u is . T h e U n io n E le ctric an d the U n ited H allw ays ge n e ra tin g p la n ts
will be k e p t fo r e m e rg e n cy pu rp oses.
P ow er from th e K e o k u k p la n t will
b e furnish ed to S t. L o u is in Ju n e 1913. T h e p r o je c t , he a d d e d , is c o m ­
p le te ly financed (see V . 92, p . 7 2 9 ).— V . 92, p . 1105.

Holyoko (Ma33.) Water-Power Co.—Extra Dividend.—
This company in July last paid along with the regular quar­
terly dividend of 3% ($36,000) an extra dividend of 25%,
or $300,000. A special dividend of 20% was paid in 1909
and one of 5% Oct. 3 1910. These special distributions are
made largely from sale of real estate.— V. 89, p . 922.
Hopkins & Allen Arms Co., Norwich, Conn.— Change in
Ownership.— This company, having assets of upwards of
$670,000, has just been turned over to a local syndicate
Pacific Power & Light Co., Washington, Oregon and
formed by the W. T. Fields Co., brokers and investment
dealers, New Haven, Conn. The purchasers contemplate Idaho.— Pref. Stock Offered.— Jackson & Curtis, Boston and
the enlargement of the business and the adoption of the latest New York, are offering at 102 and int., to yield nearly 7% ,
a limitedamt. of the 7% cum. pref. stock; total authorized,
devices in the manufacture of arms:
$1,500,000, outstanding, $1,375,000. A circular shows:
T h e a u th . ca p ita l s t o c k Is $50 0 ,0 0 0 : o u ts ta n d in g , $30 0 ,0 0 0 , a b o u t 8 0 %
o f w h ich has been a cq u ire d b y the s y n d ic a te .
T h e T h a m e s N a t. B a n k
o f N orw ich Is d e p o s ito r y fo r all s t o c k ottered . T h e sy n d ic a te Is co m p o s e d
o f su ccessfu l business m en an d m an u factu rers, a n u m b e r o f w h om h ave
h ad v a lu a b le e x p erie n ce In th e m a n u fa ctu re o f llre-arm s. T h e c o m p a n y
w as org a n ized In 1868, an d Its bu sin ess, at first $ 2 5 0,00 0 an n u a lly, has
g r a d u a lly Increased to $05 0,00 0 In 1910 a n d , w ill be larger th is y e a r.
T h e o ld c o m p a n y w ill c o n tin u e w ith m erely a new o w n ersh ip an d m an ­
a g e m e n t.
W h en t h e new Interests t o o k h o ld th e y fo u n d ord ers o n han d
th a t w o u ld k eep th e plan t ru n n in g to Its full c a p a c it y th e n e x t fo u r m o n th s,
w ith a large v o lu m e o f ord ers co m in g In d a lly
T h e c o m p a n y is In g o o d
fina ncial c o n d itio n , and as It d o e s n o t need a n y fu rth er fin a n cin g a t the
m o m e n t, there w ill be n o Issue o f eith er s to c k s o r b o n d s fo r th e present
T h ere Is ou ts ta n d in g an Issue o f $20 0,00 0 1st M . 0 % co n v e r tib le g o ld
b o n d s d a te d 1907 and d u o 1917, b u t red eem a b le a t 102
an d in t. o n a n y
Interest d a te after 30 d a y s ’ n o tice .
P ar $100, $500 and $ 1 ,0 0 0 .
I n t. A .& O .
N ew d irectors (and o ffic e r s ): P resid en t, W m . A . W a tts , N ew H aven ,
C o n n .: V .-P r e s ., G eorge E . M atth ies, S e y m o u r , C o n n .; T r e a s ., AI. C lin ton
M a son , R o c k v ille , C o n n .: G en. M g r., G eorge E . A v is , an d Sales M anager,
Charles E . R o b e r ts , N ew H a v e n , C o n n .; H o ra ce A . B riggs an d Charles B.
L e e , N o rw ich , and F ran k lin S . J e ro m e , N ew Y o r k . T h e S e c . Is C h as. B .
L e e , N o rw ich .
(P a r o f shares $100)

Hudson River Electric Power Co.—Foreclosure Sale.— The
properties of the company and affiliated concerns were sold
for $7,500,000 on Aug. 29 at Ballston Spa, N. Y ., under fore­
closure, to Francis M .Edwards,of Boston, representing the
Boston bondholders’ committee, who propose to reorganize
the same per plan V. 93, p. 348. See also Hudson
Itiver Water Power Co. and Madison County Cas & Electric
Co. below.— Y. 93, p. 473, 348.
Hudson River Water Power Co.— Separate Bid.— At the
foreclosure sale of the allied Hudson R ive” Electric Power Co.
properties at Ballston Spa, N. Y ., on Aug. 29, F. J. Lisman,
Chairman of the Water Power Co. bondholders’ committee,
made a separate bid on the property of that company of
$2,700,000, on behalf of the minority interests. This price,
it is stated, would be sufficient to pay par and accrued inter­
est on the bonds of that company, together with all master’s,
receiver’s and legal expenses and any possible claim that the
National Contracting Co. might have ahead of the bonds, &c.
— V. 93, p. 349.
Lake Superior Corporation.—Bonds of Subsidiary Company.
— See International Transit Co. under Railroads above.—
V. 93, p. 232.
Lake Superior Power Co.— Bonds of Subsidiary Company.
— See International Transit Co. under Railroads above.—
V. 92, p. 192.
Leavenworth (Kan.) Light, Heat & Power Co.—Earnings.
— Bcrtron, Griscom & Jenks report for the year end. June 30:

c
ann
---- ' ' ’ " ’
/v
* UVUOIV
uuiouvm um : UUlb
fo r $ 9 6 ,2 o 0 per a n n u m . T h e $ 6 ,0 0 0 ,0 0 0 c o m m o n s to c k Is p a y in g 2 % d iv i­
den d s an d represents a large a d d itio n a l cash In vestm en t in th e p r o p e r ty .
E a rn in g s f o r Tw elve M on th s E n d in g J u n e 30.
1910-11.
1909-10.1
-----------190 9-1 0. 1 91 0-1 1.
„
.
G ross e a r n in g s .$ l,1 5 o ,5 2 6 $ 9 5 6 ,5 7 5 1 B on d & o th e r I n t .$ 2 5 4 ,771 $ 1 1 9 ,4 9 0
N et e a r n i n g s . ..
553 .423 4 0 9 ,197|Su rp. Tor d lv s ____ 298 ,6 5 2
2 8 9 ,7 0 7
See fu rth er p articu lars In V . 93. p . 536.

Pennsylvania Sugar Refining Co.— Foreclosure Sale.— The
properties were purchased for $1,000,000 on Sept. 1 at fore­
closure sale at Philadelphia by Joseph Do F. Junkin, acting
for the trustee of the bonds.— V. 93, p. 349, 109.
^Realty Syndicate Co., Oakland, Cal.— Stock Increased.——
This subsidiary corporation of the United Properties Co.,
it is stated, has decided to increase its capital stock from
$5,000,000 to $10,000,000.
T h e b a lan ce sh eet o f A p ril 29 1911 sh ow s o u ts ta n d in g $ 5 ,0 0 0 ,0 0 0 s to c k ,
$50 0,00 0 b o n d s, $58 9,33 7 m o rtg a g e s a n d $ 7 ,1 7 7 ,4 0 3 “ a c c o u n ts and bills
p a y a b le .”
O ffsets real estate $ 3 ,5 0 2 ,8 6 1 ; m o r tg a g e c o n tr a c ts , & c., $ 2 ,­
174,482; Investm ents, $ 8 ,3 4 7 ,1 5 0 , these last In clu din g s to c k c o n tr o l o f the
O akland T r a c tio n C o ., the San Fran . O aklan d & San J ose C o n so l. R y . an d
the C a l. Im p t. C o. an d 1st M . b o n d s o f P e o p le ’s W a te r C o. T h e re are said
to h a ve been o u ts ta n d in g o n A p ril 29 1911 $3,2 7 0 ,7 6 9 5 % and 6 % “ Invest­
m en t ce rtifica te s’ ' d u e Iti 10, 15 o r 20 yea rs, Int. se m l-a n .— V . 83, p . 162.

Standard Oil Co.— Final Dealings in Old Stock.— Beginning
yesterday transactions in the stock are made “ ex subsidi­
aries” — that is, the shares of the New Jersey corporation
will be sold minus their proportionate interest in the stock
of the 33 subsidiaries which, by the Supreme Court decision,
must be divorced from the parent company. No actual
sales were made yesterday, but a quotation of 300@450
was reported.
Swartwout& Appenzellar, 44 Pine St.,New York, in their
weekly circular of Aug. 25 said:
It has been r e c e n tly p u b lic ly s ta te d th a t a rran gem en ts w o u ld b e m a d e
to p a y d iv id e n d s o n the fra ctio n a l scrip th at s to ck h o ld e rs w ill re c e iv e , b u t
no plan has been fo rm u la te d , and It Is p ossib le th at such p ro v is io n fo r d iv i­
den d s m a y not be m a d e , In w hich e v e n t, sh o u ld a s u fficie n t n u m b er o f
sto ck h o ld e rs desire us t o d o so, w e m a y arran ge a plan w h e re b y h olders o f
fra ctio n a l scrip m ay send It t o us an d re ce iv e th e re fo r o u r r e c e ip t. So fa st
as fra ctio n a l parts a m o u n t to the valu e o f o n e share w e w ill d e liv er sam e
t o the c o m p a n y , an d h o ld shares so re ce ive d In tru st fo r the r a ta b le ben efit
o f those w h o m a y h a ve sen t us fra ctio n a l p arts. A s d iv id e n d s are receiv ed
on such full shares, sam e w ill be p r o p o r tio n a te ly d is trib u te d to holders o f
ou r re ce ip ts, less a re ason able ch a rge to c o v e r e x p e n se s. U n der su ch an
arran gem en t, s to ck h o ld e rs w o u ld be e n ab led to h o ld their scrip until m ore
defin ite In form ation as to earning p o w e r, & c., o f the su b sid ia ry com p a n ies
ca n be a scertain ed .

As bearing on the distribution of the sub-company stocks,
it is interesting to note that the Ohio tax assessors have
increased the valuation placed on the Buckeye Pipe Line Co.
from $4,635,000 in 1910 to $28,281,806 in 1911. Compare
V. 93, p. 350.
{HJLicking Light & Power Co., Newark, O.—Change in Con­
United Box Board Co., New York and Chicago.—Bond­
trol.— See American Gas & Electric Co. above.— V.88,p. 1133.
holders’ Committee.— The committee named below has been
Louisville Gas Co.— Offer for Stock.— II. M. Byllesby & formed at the request of the holders of a large number of
Co. of Chicago have made an offer to purchase the stock at
en. m tge. 6% gold bonds and coll, trust 6% gold bonds of the
$120 per share, provided 75% of the outstanding stock can
Jnited Box Board & Paper Co., in view of the default in the
be secured. The Gas Co. controls the Louisville Lighting payment of the interest due on such bonds on July 1 and
Co. It is reported that the Chicago interests may also July 15 1911, respectively. The committee will, on or before'
purchase control of the Kentucky Electric Co. and other Sept. 15, receive deposits of said bonds at the Windsor Trust
lighting companies in the State.
Co. of New York, depositary, and The People’s Trust &
T h e F id e lity T ru st C o ., C o lu m b ia T ru st C o ., L o u is v ille T rust C o. and
Savings Bank, Chicago, and the Old Colony Trust Co., Bos­
U n ited S tates T ru st C o . o f L o u isv ille , w h o arc de p o sito rie s fo r the s to c k ,
ton, agents for the depositary.
w ill receiv e d ep osits up t o S e p t. 5. C opies o f th e co m m u n ic a tio n from
Y ear ending
G ross
June 30—
E a rn in g s.
191 1 ........................... $251,320
19 1 0 ................. ......... 2 27 ,980
— V . 88, p . 380.

N et
E a rn in g s.
$78 ,436
09,581

I n t. on
F ir s t 6 s.
$ 33 ,750
30,000

A m o r tization .
$6,249
10,989

B a la n ce,
S u rp lu s.
$38,437
28,592

f

B y lle s b y & C o. m a y b e had a t a n y o f th e d e p o s ito rie s .— V . 93, p . 232.

Madison County Gas & Electric Co.—Bankruptcy Sale.—
The properties of the company, which is a subsidiary of the
Hudson River Electric Power Co., were sold in bankruptcy
at Wampsville on Aug. 31 for $175,000, the other properties
of that company having been sold to the Boston bondholders’
committee at Ballston Spa on A ug.29. See plan of reorgan­
ization V. 93, p. 349.
Mississippi River Power Co.— See North American Co.
below.— V. 93, p. 412.
North American Co., New York.—Sub-Companies.— The
“ St. Louis Republic” of Aug. 29 had the following information
from President James Campbell:

C o m m itte e : L y m a n A . W ile y , C h airm an; C la y to n M ark an d J osep h E .
O tis, all o f C h icago; E d w ard C. F rlsble, H a r tfo r d , and Clark W illia m s,
N ew Y o r k , w ith H e rb e rt L. B o d m a n as S e cre ta ry , R o o m 610, 32 N assau
S t., N . Y . C ity , an d R ollin s & R ollin s as C ou nsel.
T h e b o n d h o ld e rs ’ agreem en t Is d a te d A u g . 21 1911 and It states th a t
there are n o w o u ts ta n d in g o f the Issue o f $ 2 ,7 5 0 ,0 0 0 general m o rtg a g e
b o n d s $ 1 ,5 5 7 ,0 0 0 , and o f the Issue o f $ 1 ,7 5 0 ,0 0 0 co llateral trust b o n d s,
$ 1 ,1 9 0 ,0 5 0 . T h e co m m itte e la a u th o rize d as h o ld e r o f d e p o s ite d b on d s to
brin g suits, foreclose, b u y In the p r o p e r ty at foreclosu re, sell all or a n y o f
the d ep o site d b o n d s and c o u p o n s fo r n o t less than their fa ce va lu e a n d
accru ed Interest, prepare a p lan o f reo rg a n iza tio n , & c.
A n y such plan
wlM be e ffe ctiv e unless d e p o s ito rs h o ld in g receipts fo r m ore than 4 0 % a t
face v alu e o f eith er class o f b o n d s d e p o s ite d shall dissent w ithin 30 d a y s
a fter the last p u b lic a tio n o f the n o tice o f filing such plan . A n y d e p o s ito r
w h o shall have filed dissent m a y , w ith in 10 d a y s a fte r the 30-iln y p eriod ,
w ith d raw his b o n d s u p o n p a y m e n t o f 1 y t % o f the fa ce va lu e , as his p ro­
p o rtio n o f the e xp en ses o f th e c o m m itte e . T h e co m p e n s a tio n an d the
expenses o f the co m m itte e shall n o t e x c e e d In the a ggre ga te 2 % o f the faco
va lu e o f the b on d s d e p o s ite d .— V . 93, p . 290.

T h e surplus o f the U n ited R a ilw a y s fo r th e present calen d ar y ear w ill be
d e v o te d to the liq u id a tio n o f th e llo a tln g d e b t .
B y th e tim e the floatin g

• For O th er in v e s tm e n t N ew s, sec page 600.




Se p t.

2 1911.]

THE CHRONICLE

f ^ j q n r c is a n d

593

ip o x m t m x ls .

CANADIAN PACIFIC RAILWAY COMPANY
TH IRTIETH ANNUAL REPORT— FOR THE FISCAL Y E A R ENDED JUNE 30 1911.
terest, an arrangement whereby, in consideration of a lease of
their railway lines and a transfer to your Company of their
coal mines, lands and other assets, your Company would
guarantee the interest on their outstanding debenture stock
107,808 21
G ross E a rn in g s -------------------------------------------------------------------------($3,250,000) and an annual dividend of 6% on the Alberta
407 ,077 04
W o r k in g E x p e n s e s _________________________________________—
Company’s share capital during the life of the lease, and
009,830 57
coupled with this proposed arrangement was your Com­
N et E a rn in g s o f S team sh ip s In excess o f a m o u n t In clu ded In
pany’s offer to purchase all of the outstanding shares of the
m o n t h ly r e p o r t s ---------------------------- ----------- ------- -------------------------- ^ 118,349 87
Alberta Company’s capital stock at the price of 150 and ac­
$.17 818 ,180 44
crued dividend. The proposition was accepted, an agree­
D e d u c t F ix e d C h arges------------------------ ----------- .............................. ..... ™ 011,071 44
ment and lease were approved by the shareholders of the Al­
$27 807,109 00
berta Company, and will be submitted for your sanction.
D e d u c t a m o u n t transferred to S team sh ip H eSince the agreement was made, a large part of the outstand­
p la cem en t A c c o u n t . ------------------------------------ ? 1 ’ °2 n 'n n n no
C o n trib u tio n to P en sion I 'u n d --------------------------8 0 ,000 00
080 ,000 00
ing stock has been acquired, and you now hold all the shares
excepting about 2,000 out of a total of 32,500 shares. Worked
$ 2 0 ,727 ,10 9 00
in conjunction with your system, this line will not only be
F rom this there has been ch a rg e d a h a lf-y e a rly
d iv id e n d o n P referen ce S t o c k o f 2 % , paid
profitable in itself but will be useful in connection with fu­
A p ril 1st 1 9 1 1 ________________________________$ 1 ,1 1 2 ,3 3 3 33
ture extensions in Southern Alberta.
A n d th ree q u a rte r ly d iv id e n d s o n O rd in a ry
9. By the construction of a railway 16.2 miles in length
S to c k o f 1 H % e a c h , p aid D e c. 31 1910,
A p ril 1 1 9 1 1 an d Ju n e 30 1 91 1-------------------9 ,4 5 0 ,0 0 0 00
between
Hamilton and Guelph Junction, in the Province of
1 0 ,502,833 33
Ontario, the distance from Hamilton to points on your lines
$10 ,1 0 4 ,7 7 5 07
in Western Ontario will be shortened very materially, and,
F rom this there has b een d eclared a s e co n d
therefore, subject to your approval, an agreement has been
h a lf-y e a rly d iv id e n d o n P re fe re n ce S to c k ,
p a y a b le S e p t. 30 1 9 1 1 _________ ___ _________ $1,1 4 1 ,5 3 3 31
made with the South Ontario Pacific Railway Co. for the
A n d a fou rth q u a rte rly d iv id e n d o n O rd in a ry
construction of the line, and for a lease of it to your Company
S to c k o f 1 H % , p a y a b le S e p t. 30 1 9 1 1 _______ 3 ,1 5 0 ,0 0 0 00
4 ,2 9 1 ,5 3 3 31
on its completion for a period of 999 years at a rental equiva­
lent to 4% per annum on the bonds of the South Ontario
L e a v in g net surplus fo r th e y e a r _________________________ _
5 11 .873 ,24 2 30
In a d d itio n t o th e a b o v e d iv id e n d s o n O rd in a ry S t o c k , 2 V i% w as p aid
Pacific Railway Co., issued with the consent of your Com­
fro m S p ecial I n c o m e .
pany.
.
T H E F O L L O W I N G A H E T H E D E T A I L S O F S P E C IA L IN C O M E F O R
10. In order to provide transportation facilities for incom­
Y E A R E N D E D J U N E 30 1911.
ing
settlers,
it
is
very
desirable
that the following branch lines
In teres t o n Cash P roceed s an d o n D eferred P a y m e n ts fo r
...
in Saskatchewan and Alberta should be constructed without
lan d s o l d . -------------------------- -------------------------------------------------------- 12
1,030,377
88
In teres t o n d ep osits an d lo a n s.
unnecessary delay: Moose Jaw southwest, 35 miles; Kerro01,003 66
In teres t o n C an. P a c. R y . 1st M . U onds acq u ire d — - — . —
159,720 00
bert northeast, 25 miles; Weyburn branch extension, 21
In terest fro m M in n. S t. Paul ft S au lt S te . M arie R y . b o n d s . 150,000 00
In terest from D u lu th S o u th S h o re & A tla n tic R y . b o n d s ------miles; Estcvan branch, 55 miles; Swift Current southeast,
50,100 00
In terest fro m M ineral R a n g e R y . P o n d s — .. — -------------------10,840 00
45 miles; Swift Current northwest, 35 miles; Wilkie north­
In teres t fro m T o r o n t o H a m ilto n & B u ffa lo R y . B o n d s — —
9,345 00
In terest from K in g s to n & P e m b ro k e R y . B o n d s ------------------west, 32 miles; Wilkie southeast, 31 miles; Kininvie branch
182,500 00
In terest fro m D om in ion G o v e rn m e n t B o n d s -------------- -------------extension, 37 miles; Bassano to Kininvie Jet., 36 miles; Kipp
48,000 00
In teres t fro m O n ta rio G o v e rn m e n t B o n d s --------------------------------il<>,.>44 - 8
In terest from B ritish C on sols
- - - - - - - - - - - - - ------ --------- -branch extension, 27 miles; and you will be asked to author­
In terest fro m M ontreal & A tla n tic R y . B o n d s an d o n o th e r
ize the sale of a sufficient amount of 4% Consolidated Deben­
Secu rities
___________________________________
lo u %
\)&& 4u
D iv id e n d o n St7\iohn B rid g e & R y . E x te n sio n C o . S t o c k -----50,000 00
ture Stock for the purpose.
D ivid en d s o n D o m in io n E x p ress C o . S t o c k --------------100,000 o o
11. With your authority, received some time ago, an order
D iv id en d s o n M in n . S t. P aul ft S . S. M . R y . C o m m o n S t o c k . .
736,071 00
D iv id en d s o n M in n. S t. Paul ft S . S . M . R y . P referred S t o c k . .
368 ,039 00
has been placed with the Fairfield Shipbuilding Company of
D iv id e n d o n A lb e r ta R y . & Irrig a tio n C o m p a n y S t o c k -----------86,162 .>0
Glasgow for two steamships, 570 ft. long and 68 ft. beam,
$5,0 4 6 ,8 5 6 42
with a speed of eighteen knots per hour, to supplement the
T ra n sfer o f B a lan ce o f In te re st fro m L a n d Surplus a t J u n e 30
fleet now engaged in the Pacific trade between Vancouver,
_______________________________
___ 1,555,348 78
I<)j0
Yokohama and Hong Kong. The approximate cost of these
$ 6 ,6 0 2 ,2 0 5 20
steamships will be £440,000 each, and they are to be deliv­
L ess— P a y m e n ts to Sh a reh olders In d iv id e n d s:
ered early in 1913.
O ct. 1 1910, D e c. 31 1910, A p ril 1 1911 an d Ju n e 30
_____ ________ f5,uuu ,uuu uu
12. During the year 103 locomotives, 204 passenger cars
and 3,808 freight cars were added to your rolling stock equip­
$ 2 ,7 0 2 ,2 0 5 20
F rom this a d iv id e n d has b e e n d e cla re d , p a y a b le S e p t. 30
ment, at a cost of about $9,000,000, and there are orders out­
1
________________ ______ ___ ____I ,o «)u ,uuu uu
standing for cars and locomotives to the value of $7,000,000
L e a v in g n et su rplu s ca rrie d fo r w a r d ---------------------------------- $ 1 ,3 5 2 ,2 0 5 20
that are expected to be available for the autumn traffic.
13. The work of enlarging your terminal yards and build­
2. The working expenses for the year amounted to 64.77%
of the gross earnings, and the net earnings to 35.23%, as ings, providing additional shops and machinery, laying many
miles of new passing tracks, extending your telegraph lines
compared with 64.38 and 35.62%, respectively, in 1910.
3. Four per cent Consolidated Debenture Stock to the and of generally improving the standard of your property
amount of £1,263,667 was created and sold, and of the pro­ and of your operating facilities to meet the requirements of
ceeds the sum of £745,489 was applied to the construction of the traffic, continues to have the earnest attention of your
authorized branch lines; £194,178 was devoted to the acquisi­ Directors, the amount expended for these purposes during
.
tion of the bonds of the St. Maurice Valley Railway Co., the the year aggregating $18,000,000.
The double track between Winnipeg and Brandon is near­
interest on which had, with your sanction, been guaranteed
by your Company; £134,000 was used to acquire a like ing completion, and it is evident that a second track must be
amount of your Company’s First Mortgage 5% Bonds, and laid on some portions of the main line between Brandon and
with the balance, £190,000, the outstanding Canada Central Calgary in the near future.
14. You will have observed that in this annual report the
Second Mortgage 6% bonds were purchased and retired.
4 Four per cent Preference Stock to the amount of £300,­ earnings and expenses of your railway and steamship lines
000 was created and sold, the proceeds being used to meet are shown together, and that the revenues from other
sources is given in a separate statement. This is in accord­
capital expenditures that had your previous sanction.
5. Your guaranty of interest was endorsed on 4% Con­ ance with the policy outlined by your Directors in the circu­
solidated Bonds of the Minneapolis St. Paul & Sault Ste. lar letter of March 15 last.
15. Your Directors report with sincere regret the death at
Marie Railway Co. to the amount of 83,600,000, issued and
sold to meet the cost of constructing 180 miles of railway Nice in April last of their esteemed colleague and friend,
Hon. L. J. Forget. Senator Forget, who had been a member
added to that company’s railway system.
6. The sales of agricultural land during the year aggre­ of the Board since 1906, always displayed a keen and intelli­
gated 650,874 acres for 39,558,427 17, being an average of gent interest in the Company’s affairs.
16. Mr. Herbert S. Holt of Montreal was elected a Director
$14 69 per acre. Included in this area are 19,097 acres of
irrigated land, which brought $33 63 per acre, so that the of the Company to fill the vacancy caused by the death of
. . . .
,r.
average price of the balance of the land was $14 11 per acre. Senator Forget.
17. The undermentioned Directors will retire from office at
7. The Hudson’s Bay Company had parcels of land scat­
the
approaching
annual
meeting.
They
are
eligible
for
tered throughout the Irrigation Belt, and in order that you
„„ ,, „ „ „
might control the entire belt and thus receive the full ad­ re-election:
S I R W I L L I A M C. V A N I I O R N E . K .C .M .G .,
vantage of your expenditures on irrigation, it was decided
M R. R. B. ANGUS,
M R . E . B . O S L E R , M .P ..
to acquire these lands belonging to the Hudson’s Bay Com­
M R . H . S. H O L T ,
pany, about 102,174 acres, at the price of $13 50 pcracre.
For the Directors.
All of these lands will be sold at a substantial profit.
T. G. SHAUGHNESSY,
8. Believing that it would be in the interest of everybody
P re sid en t.
concerned, your Directors proposed to the Alberta Railway
Montreal, August 14 1911.
& Irrigation Company, in which you owned a controlling in­

T o the S h a r e h o l d e r s :

The accounts of the Company for the year ended June 30
1911 show the following results:




594

THE CHRONICLE

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

C O N D E N S E D B A L A N C E S H E E T J U N E 30 1911.

P a r V a lu e.
M a n ito b a Sotit h W e s t C ol. R y . 1st M . B o n d s , 5 °
$ 72 ,000 00
C a p ital S t o c k .
.
7 0 0 ,0 0 0 00
M o n trca l A O tta w a R y . 1st M . B o n d s, 5 %
1 ,636,250 00
E x h i b i t “ A ” _____________ ______________ ____
7 5 979 ,6 5 3 19
"C a p ita l S t o c k .
2 2 7 ,2 0 0 00
P rop erties H eld in T ru st fo r th e C o m p a n y
...............
"N e w B ru n sw ick S o u th e rn R y . C apital S to c k
180,692 76
4 9 .0 0 0 00
D eferred P a y m e n ts o n L a n d and T o w n S ite Sales
I
3 4 ' 116,120 82
N o rth e rn C o lo n iz a tio n R y . 1st M . B on d s, 4 %
. 1 ,118,000 00
A d v a n c e s to L ines u n d er C o n stru ctio n
_
‘ ”
a' 096 ,903 63
"C a p ita l S t o c k .
3
0 0 .0 0 0 00
A d v a n c e s a n d I n v e s t m e n t s _____ .
"
o'
N ico la K a m lo o p s A S im llk a m e cn R y . 1st All B o n d s 4 %
637,202 18
1 .175.000 00
M aterial and S u p plies on H an d
' '
1 1 ' 191,254 01
" C o m m o n S to c k .
’
2 5 0 .0 0 0 00
C u rren t A sse ts:
................
1
O tta w a N o rth e rn A W estern R y . 1st All Bonds,"*4 %
3 .0 7 5 .0 0 0 00
A g e n t s a n d C o n d u c t o r s ’ B a l a n c e s _________ $ 2 ,3 6 7 ,5 3 4 47
"C a p ita l S t o c k .
8 0 4 .0 0 0 00
N et T r a ffic B a la n ce s_____________________ _
261 049 38
O n ta rio A Q u e b e c R y . C apital S t o c k . . .
5,000 00
M iscellaneous A c c o u n ts R e c e iv a b le _______I 5 ,4 2 1 ,3 1 5 51
O rfo rd M o u n ta in R y . 1st M . B o n d s, 4 % ___
702 .0 0 0 00
"C a p ita l S t o c k _____________________ ______
,049,899 36
501 .000 00
T e m p o r a r ily In v es ted In G o v e rn m e n t S e cu ritie s ____________
1 0 ,088,734 8 6
S a sk a tch e w a n A W estern R y . 1st M . B o n d s , 5 %
181,040 00
Cash In H and
" C o m m o n S t o c k _________________
3 7 1 ,5 5 0 98
2 3 2 ,5 0 0 00
" S t . L a w ren ce A O tta w a R iv e r R y . C o m m o n S t o c k '
4 6 6 .0 0 0 00
S t. M aurice V a lle y R y . 1st M . B o n d s, 4 % .
$56 1,88 7 215 57
9 1 5 .0 0 0 00
"C a p lta l S t o c k _____ 1 ___________
_ .
5 00 .000 00
T lls o n b u r g L a k e E rie A P a cific R y . 1st M . B o n d s , 4 %
C apital S t o c k ............... ........................
« 1 8 0 0 0 0 ,0 0 0 00
1 .000,000 00
• C om m on S t o c k .
4 % P referen ce S t o c k __________________________ I I I I I I I I I "
5 7 0 7 6 ,6 6 5 70
4 0 0 .0 0 0 00
V a n c o u v e r A L u lu Isla n d R y . 1st M. B o n d s , 5 %
4 % C on solid ated D eb e n tu re S t o c k _____
14 •>' 861 ,462 26
455 .0 0 0 00
"C a p ita l S t o c k __________________ _
_
M ortg a g e B o n d s :
1
25.0 0 0 00
W a lk e r to n A L u ck n o w R y . 1st M . B o n d s , 4 %
F irst M ortg a g e 5 % -------------------------------------- $3 4 ,9 9 8 ,6 3 3 3 3
7 4 0 .0 0 0 00
•
C
om
m
on
S
t
o
c
k
______________
A lg o m a B r a n ch , F irst M o r tg a g e __________
3 ,6 5 0 ,0 0 0 0 0
19.000 00
3 8 ,6 4 8 ,6 3 3 3f
.„
S ecu rities of Other C om pa nies, Controlled but not L eased.
C urrent I,labilities:
A lb e r ta R a ilw a y A Irrig a tio n C o. O rd in a ry S to c k
$ 3 ,0 6 2 ,6 0 0 00
A u d ite d V o u c h e r s ..................................
$8,5 8 1 ,5 1 1 96
D u lu th S o u th S h ore A A tla n tic R y . C on . M . B o n d s 4 %
1 5 .107.000 00
In c o m e C e rtifica te s_____________
__
f / W P, 0 ' ' 3 -------------------------------------------------------- 4 ,7 8 9 ,8 3 4 48
3 .0 0 0 .
000 00
M iscella neous A c c o u n t s
P a y a b le ________
3 ,8 3 2 ,3 0 5 0 9
P referred S t o c k ______________
5 .1 0 0 .0 0 0 00
O rd in a ry .S tock ..........
..................
17,203,651 53
6 .1 0 0 .0 0 0 00
In terest o n F u n d e d D e b t an d R e n ta l o f
D o m in io n A tla n tic R y . C a pital S to c k
1 ,097,394 77
L ea sed L ines:
P referred S t o c k _____ . .
_
........................
1,2 9 6 ,9 1 6 00
C ou p on s d u e 1st J u ly 1911 an d In clu d in g
K in g s to n A P e m b ro k e R y . 1st M . Bonds',' 5 % '
3 1 7 .0 0 0 00
C ou pon s o v e r d u e n o t p r e s e n te d _______. $ 1 ,2 0 7 ,1 6 4 50
1st P referred S t o c k __________________________
9 9 5 ,4 5 0 00
185,152 00
A cc r u e d F ix e d C h arges____________________
2 nd P referred S t o c k _________________ I I . . 1
..........
134,900 00
O rd in a ry S t o c k ____
.
_ _
---­
392 ,3 1 6 50
1 ,931,875 00
E q u ip m e n t O b lig a tio n s _____ ___________________________ ______
2 0 0 ,0 0 0 00
M in n . S t. Paul A S . S . M . R y . 1st Al. B on ds,‘ 4 %
3
.9
9 3 .0 0 0 00
E q u ip m e n t R e p la c e m e n t F u n d _____________________________
658,363
P referred S to c k , 7 % _________
.
_
I
5 ,2 5 7 ,7 0 0 00
S team sh ip R e p la ce m e n t F u n d
C o m m o n S to c k
040 ,6 6 6 07
1 0 ,5 1 5 ,3 0 0 00
7 119 ,285 64
A p p r o p r ia tio n fo r A d d itio n s an d I m p r o v e m e n ts ____________
M ontreal A A tla n tic R y . 1st M l B o n d s , 5 %
9 4 5 .0 0 0 00
R eserve F u n d fo r C o n tin g e n cie s______________________________
4 052 ,9 0 6 33
C om m on S to ck .
2 .1 6 0 .0 0 0 00
L a n d s and T o w n S ite S a le s _____________________________ ______
4 9 , 258 ,7 7 0 42
•South O n tario P a cific R y . C o m m o n S to c k 11111111111
2 0 .0 0 0 00
5 5 374 ,493 41
S u rp lu s ______________________________________________ _____
S t. J o h n B ridge A R y . E x te n sio n C o. C o m m o n .Stock
2 0 0 .0 0 0 00
" D o m in io n E x p re ss C o. C o m m o n S t o c k ________________
2 .0 0 0 .
000 00
$50 1 ,8 8 7 ,2 1 5 57
C h ateau F ro n te n a c H otel C o. C o m m o n S t o c k ________
2 8 0 ,0 0 0 00
N ote .— In ad dition to th e a b o v e a sse ts, th e C o m p a n y ow ns 7 ,0 6 1 ,1 8 4
M IS C E L L A N E O U S S E C U R IT IE S .
acres of lan d In M a n ito b a , S a sk a tch e w an au d A lb e r ta (averap-c sales past
Canadian P a cific R y . 1st M . B o n d s , 5 %
1,232 240 00
y e a r $14 69 per acre) an d 4 ,4 2 7 ,8 1 1 acres In B ritish C o lu m b ia .
Ckinada N orth W est Land C o . C o m m o n S t o c k . . I . . 1 1 1 1 1 " ''
140 ,625 00
M
ineral R a n ge R y . 1st M. B o n d s, I " 7,
_
'
I. G. O G D E N ,
1,254 ,000 00
T o r o n t o H a m ilto n A B u ffalo R y . 2d M . B o n d s. 4 %
'
271 ,000 00
Vice-President.
C apital .S tock____
.
_
203 700 00
A U D I T O R ’S C E R T I F I C A T E .
T o w n o f M orris, M a n ito b a ! B o n d s I I I I I I I I I I I I I I I I I I I I I H
15 000 00
"N a k u s p A S lo ca n R y . C o m m o n S to c k
.
_
300 000 00
We have examined the Books and Records of the Canadian "C an ad ian P a c . U y . (Souris B ran ch ) 1st Al. B o n d s, 4 % I I " 1.94
6 6 6 6 67
£7 2 0 000
Pacific Railway Co. for the fiscal year ending June 30 1911, "P a c ific S team sh ips 4 % 1st Al
3,504 000 00
"P
a
c
ific
C
oast
S
team
sh
ips
5%
1st
M
"
£22s!ooo
1.095
000 00
and, having compared the annexed Balance Sheetand Income
R a ilw a y a n d

§ 3 4 3 595 ,230 24

E q u i p m e n t _______________________________

O cea n , L a ke a n d R iv e r S te a m s h ip s________
A c q u ir e d S ecu rities (C o s t):

679 ,073 54

Account therewith, we certify that, in our opinion, the
$ 1 2 5,60 1,1 51 01
* D en otes c o m p le te ow n e rsh ip .
Balance Sheet is properly drawn up so as to show the true
We have examined all the Securities, including those listed
financial position of the Company at that date, and that the
above, held for account of the Canadian Pacific Railway
relative Income Account for the year is correct.
Company, by the Treasurer, and have received certificates
P R I C E , W A T E R H O U S E A C O .,
C hartered A c c o u n t a n t s , (E n g la n d ) .
from the Custodians for those deposited with the Banks and
M o n tr e a l, A u g u st 1 1 1 9 1 1 . _________ _
Trust Companies for safe custody, and, having compared
them with the records of the Company, find them correct
F I X E D C H A R G E S F O R Y E A R E N D E D J U N E 30 191 l .
and in order.
£ 7 .1 9 1 ,5 0 0 1st M o rtg a g e B on d s 5 % due J u ly 1 1 9 1 5 _______ $ 1 ,7 4 9 ,9 3 1 6 6
£ 2 0 0 ,0 0 0 C an ad a Central R y . 2 d M t g e . 6 % B on d s (re­
d eem ed N o v . 1 1 9 1 0 ). Interest 4 m o n th s _____
£ 2 0 0 ,0 0 0 S t . L aw rence & O tta w a R y . 4 % 1st M tg e . B on d s
$ 2 ,5 4 4 ,0 0 0 M a n : S o . W e s t . C o lz n . R y . 1st M t g e . 5 % B on d s
d ue J un e 1st 1 9 3 4 ____ _____________________________
T o r o n to G rey A Bruce R y . R e n ta l_______________
£ 4 ,0 0 7 ,3 8 1 - 1 5 - 5 O n ta rio * Q u ebec R y . D e b entu re S t k . 5 %
$ 2 ,0 0 0 ,0 0 0 O n ta rio A Q u eb ec R y . O rd ina ry S to c k 6 %
£ 1 ,3 3 0 ,0 0 0 A tla n tic A N o rth W e s t R y . 1st M tg e . B onds due
J a n . 1 1 9 3 7 — --------- ------------ -------------------------------£ 7 5 0 ,0 0 0 A lg o m a B ranch 5 %
1st M tg e . B o n d s, due
J u ly 1 st 1 9 37 ----------------------------- -------- --------------------$ 5 0 0 ,0 0 0 N e w B run sw ick S ou th ern R y . 1st M tg e . B o n d s,
3 % 6 m o n th s --------------------------------------------------------R e n ta l, C a lgary A E d m o n to n R y __________
R e n t a l. F a rn h a m to B righ am J e t ________________
R e n t a l, M a tta w a m k c a g to V a n c e b o r o ______
_
R e n t a l, N e w B run sw ick R y . S y s t e m _________ _
R e n t a l, T e rm in als a t T o r o n t o ________________
R e n ta l, T e rm in als a t H a m ilto n ___________________
R e n ta l, H a m ilto n J e t. to T o r o n to ...... ......................
R e n ta l, S t . S teph en s A M llltow n R y ___________
R e n ta l, S t . M arys A W e ste rn O n ta rio R y ______
R e n ta l, .Toilette & B ra n d o n R y ___________________
R e n ta l, L achlne C anal B ra n c h ___________________
In te rest on M on treal A W e ste rn R y _____________
In te rest on E q u ip m e n t O b lig a tio n s_______________

1 9 ,4 6 6 67
3 3 ,9 3 3 34
127 2 0 0 00
14o!oOO 00
9 7 5 ,1 2 9 56
120 0 0 0 00
3 2 3 ,6 3 3 34
1 8 2 ,5 0 0 0 0
7 5 qq
138 3 5 7
l ’ jOO
23 8 0 0
3 7 2 ’829
26 *49 1
33,’s i 2
42|o62
2 ,0 5 0
3 ,2 3 5
5 ,0 0 0

qq
60
00
00

74
29
80
35
00
14
00

’939 96

M o n tre a l. A u gu st 11 1911.

EXHIBIT “ B"— L A N D S S O L D .
Canadian P a cific L a n d G rants—
A cres.
628,092
J u ly 1 1910 t o Ju n e 30 19 1 1 ____
J u ly 1 1009 t o Ju n e 30 1 9 1 0 .. _
-9 2 5 ,2 6 0
A tan itoba S o u th W estern G ra n t—
J u ly 1 1910 t o Ju n e 30 1 9 1 1 .......
2 0 ,7 1 1
J u ly 1 1909 to Ju n e 30 191 0___________ 49,357
G reat N orth W est C entral G ra n t—
J u ly 1 1910 t o Jun e 30 1911____________
2,071
J u ly 1 1909 to Ju n e 30 1 9 1 0 .
.
413
T o ta l Sales—
J u ly 1 1910 to Jun e 30 1 9 1 1 .
_______650 ,874
J u ly 1 1909 to Ju n e 30 1 9 1 0 ____________975 ,030

$ 5 ,5 9 6 ,8 8 8 72
8 ,0 0 0 00
5,5 8 8 ,8 8 8 72

E X H IB I T “ A ’ ’— A C Q U I R E D S E C U R I T I E S .
S ecu rities o f L eased L in es.
A tla n tic A N orth W e s t R y . 1st M . B o n d s , 5 %
E g a n v lile B ran ch 1st M . B o n d s , 4 % ________
.
G u aran teed s t o c k . ---------------------------------------------------- -------------C apital s t o c k -------------------------------------------------------------------------B ritish C olu m bia S ou th ern R y . 1st M . B on d s, 5 % ____ ______
"C a p ita l S t o c k . . -------------------------------------------------------------•B erlin W a te r lo o W ellesle y A L a k e H u ro n R y . 1st M . B o n d s ,

1 * 5 1 9 inq
302*400
3 ,2 4 0 , 0 0 0
I 7 a nnr)
1,175*000
1 7 '’ '2 0 0
’

C a lr a r y "A E d m o n to n R y ' 1st M l Bonds,~ 4 % 111.1.1 ” 1111 ” I
C a p ital S t o c k ------------------------------------ -------------------------------------C olu m b ia A K o o te n a i R y . I s t M . B o n d s , 4 % _________ _______
•Capital S t o c k _______________________________________________
C olu m bia A W estern R y . 1st M . B on d s, 4 % _________________
"C ap ital S t o c k ______________ _
____________
G reat N orth W e s t Cen tral R y . 1st M . B o n d s, 5 % _____ I I I ”
C apital S t o c k ---------------------------------------------------------------------Qu.eAp h .& G od erich R y . 1st M . B o n d s , 4 % ---------------------------- 1
C apital S t o c k -------------------------------------------------------------------------G eorgian B a y A S ea b oa rd R y . 1st M . B o n d s , 4 % ____________
C apital S t o c k _____ _____
• K o o te n a y A A rrow h ea d R y . 1st M . B o n d s , 5 % ___________
• K o o te n a y Cen tral R y . C a pital S t o c k _________________________
L in d sa y B o b ca y g e o n A P o n ty p o o l U y . C a pital S t o c k _______
M a n itob a A N orth W estern R y . 1st M . B o n d s , 6 % ___________
1st M ortg age B on d s, 5 % ___________________________________
Shell R iv er B ran ch I s t M . B o n d s . 5 % __________________
D .eoenture S t o c k , 5 % ____
"
^ C a X f s ^ k 1* 5 % ................111 =1111111111111111111111
c a p it a l S t o c k .........................................................................................

3 ,7 0 0 .0 0 0
1,000 000
1,277 500
250 0 0 0
5.691*000

67
00
00
qq
00
00

00

00
00
00

00

925*000 00

1,375*000 00
4 5 0 * 0 0 0 no
2,415*000 00
125 000 00
399*000 00
2 5 o*o o o o o
780 000 00
250*000 00
2 0 0 0 0 0 00
2 627*513 33
2 ' r>'>o 'o o o o o
*160*600 00
a ia -m o n o
dlS ^ O O 00
5,6 1 2 ,1 1 3 63

6
8

19
95

38,7 9 0
5,263

18 73
12 74

9 ,5 5 8 ,4 2 7
14,468,564

$14 69
14 84
A cres.

10 917 380
*102*.174

P u rch a sed fro m th e H u d s o n ’s B a y C o. Jan . t o i l ____
Sales to Ju n e 30 191 1.................................... 13,210,230
Less ca n ce le d d u rin g y e a r . .................
54,000

A verage
P er A cre.
$14 95
13 15

128,178
441 ,9 8 5

1 6 ,0 3 9 60
7 1 ,8 6 8 67

$10 ,011 ,07 1 44




A m ount
R ealized.
$9,3 9 1 ,4 5 9
14,0 2 1 ,3 1 6

P o s itio n o f L a nd G rants al J u n e 30 1911
Canadian P a cific —
A cres.
G ra n ts.................................... ...................................................... .2 6 ,7 1 0 ,4 0 0
D isposed o f to the D om in ion G o v e rn m e n t
und er
agreem en t o f .March 30 1 88 6_________________ _______ 6 ,793,014

4 % Consolidated Debenture Stock.
£ 2 8 ,2 7 6 ,8 5 3 In te rest fro m J u ly 1 1 9 1 0 . . . . $ 5 ,5 0 4 ,5 6 0 74
£ 9 4 8 ,5 7 5 In te rest from J a n . 1 1911
9 2 ,3 2 7 98
£ 1 2 9 ,6 6 7 In te rest fro m J u ly 1 1 9 1 1

Less receiv e d fro m su b s id y N o rth ­
ern C o lo n iz a tio n R a ilw a y

P R I C E , W A T E R H O U S E A C O .,
C h artered A c c o u n ta n ts (E n g la n d ).

2 0 ,0 1 0 ,5 6 0
13,156,224

,
Q u a n tity o f L a n d u n s o ld ................. ......... ....................... 6 863 330
M a n ito b a S ou th W e s te rn —
T o ta l G ra n t.................................................................................. 1,3 9 6 ,8 0 0
Sales to Ju n e 30 1911 ________________
1,315,678
15,996
1,299,682
Less ca n ce le d d u rin g y e a r ____________ .
Q u a n tity o f L a n d u n s o ld ......................................... .......... ..................
G reat N orth W est Cen tral—•
T o ta l G ra n t______________________ _______ ____________ _
320,004
Sales t o Ju n e 30 1 9 1 1 . . _________ _______
219 ,4 3 4
Less ca n ce le d d u rin g y e a r ..___ ________
160
219 ,274

97 118

Q u a n tity o f L a n d u n s o ld ............... ................................................. ..............

100,730

T o ta l A g ricu ltu ra l L a n ds o w n e d b y the C o m p a n y .. ..................7,0 6 1 ,1 8 4
„ ,
B R I T I S H C O L U M B IA L A N D S .
C olu m bia A K o o te n a y —
T o ta l G r a n t ------- .*______ ______ ________________________
Sales to Ju n e 30 1 9 1 1 ___________________
152,688
Less ca n ce le d d u rin g y e a r _________
482

190,000
152,208

Q u a n tity o f L a n d u n s o ld _____ ______ ___________ _________
B ritish C o lu m b ia S o u th e r n —
T o ta l G ra n t_____________ _______________________________ 3 4 5 1 0 9 3
Sales t o Ju n e 30 1 9 1 1 ....................
315,514
’
Less ca n ce le d d u rin g y e a r ........................ 184
3 1 5 ,3 3 0

37794

’

Q u a n tity o f I,a n d u n s o ld ...................... — .......................
3 135753
C o lu m b ia A W e ste rn —
............. ........... '
’ ^
G rant R e c e iv e d ............... ........................................ .................. 1 , 3 4 7 , 9 0 5
Sales to Ju n e 30 1 9 1 1 ............ ....................
94,869
Less ca n ce le d d u rin g y e a r ________ ______
1 ,2 1 8
9 3 ,6 5 1
Q u a n tity o f L a n d u n s o ld -------------------- ----------------------------------------- 1 ,254,254
T o ta l B ritish C o lu m b ia L a n d s o w ficd b y th e C o m p a n y .............4 ,427,811
Is

T h e C olu m bia A W e s te rn R y . claim s a fu rth e r area a b o u t w h ich th ere
a d isp u te w ith th e B ritish C o lu m b ia G o v e rn m e n t.

Se p t .

EXHIBIT " C ” — D E T A I L S O F B A L A N C E S H E E T I T E M .
L a n d s and T ow n sltes:
13,150,224 acres and T ow n slte s s o ld , a m o u n tin g t o ---------- S 8 o ,3 7 7 ,l7 8 3o
6,7 9 3 ,0 1 4 acres d isp osed o f to the D o m in io n G o v ’ t In 1880 10,189,521 00
$9 5 ,5 0 0 ,0 9 9 35
Less— E x p en ses, C u ltiv a tio n re b a te an d 1 0 % o n L a n d
G rant B on d s retired a n d c a n c e le d _________________________

9 ,0 7 7 ,0 4 4 30
$ 8 0 ,4 8 9 ,0 5 4 55

Add
P roceed s
P roceed s
P roceed s
P roceed s

595

THE CHRONICLE

2 1911.]

M a n itob a S o . W e s t. C o l. R y . L a n d S a le s -----------$ 2 ,9 8 ',,^ 3 0 00
G reat N orth W e s t . C en t. R y . L a n d S a le s ----------998 ,2 7 9 73
M a n ito b a & N o rth W e s te rn R y . L a nd S ales------5 0 ,154 08
B ritish C olu m b ia L a n d S a le s-------------------------------1,345,<>17 06

Less— C ost o f lands pu rch ased fro m H u d s o n ’s B a y C o -------

$ 0 1 ,8 0 7 ,8 3 0 08
1,390,591 54
$9 0 ,4 7 1 ,2 4 4 54

E x p e n d itu re s on I r rig a tio n — ---------------------- — --------------------

5,0 1 8 ,9 5 3 12
$ 8 5 ,452 ,29 1 42

A m o u n t ex p e n d e d In C on stru ctio n o f R a ilw a y an d E q u ip m erit and d e d u cte d from C ost o f P r o p e r t y --------------------------- 3 6 ,1 9 3 ,o 2 1 00
$49 ,2 5 8 ,7 7 0 42

EXHIBIT “ D” — C O N S T R U C T IO N — A C Q U I R E D A N D B R A N C H L I N E S
M o o s e ja w B r a n ch -------------------------- --------- -----------------------------------C r a v cn -B u lv ca B r a n c h -------------------------------------------------------------V lrd en -M eA u tey B r a n ch -------------------------- ------------------- ................
S ton ew all B ran ch E x te n s io n ------------------------------------------------------L a u d er B r a n ch ................
W e y b u r n -L e th b rid g e B r a n c h ----------------L a n g d o n B r a n c h .. -------------------------------------------------------------------K Ip p -A ld ersy d e B r a n ch -----------------------------------------------K ln ln v lc B r a n c h ________________________________________________
R e g ln a -C o lo n s a y B r a n ch ____________________________
E s te v a n -F o rw a r d B r a n ch _________________________
W a ld o -G a llo w a y B r a n ch ----------------------------------------M oo s e ja w S. W . B r a n ch _________________________________________
W ilkie N . W . B r a n ch _______________
K c r r o b c r t N . E . B r a n c h _______________________________________
W Ilk lc-A n g lla B r a n ch __________________________________________
S w ift Current S . E . B r a n ch .........................
S w ift C urrent N . W . B r a n c h ______________________
B a ssa n o B r a n ch ________________________________________________
S u rv ey s o f p r o je c te d lin e s _____________________

22
33
09
05
66
10
06
74
05
44
99
20
48
07
70
56
81
48
8 ,1 2 1 57
164 ,015 59

3 1 6 ,08o
0,797
86,101
89,553
371 ,8 8 0
127,041
290 ,034
443 ,382
1,200,913
65,097
32,8 9 0
50,560
2,238
14,099
50,175
89,901
71,715

E X P E N D IT URES.
D iv id e n d s o n P re fe re n ce S to c k :
2 p er ce n t p aid O cto b e r 1st 19 1 0 __________$ 1 ,1 1 2 ,3 3 3 33
2 p er ce n t p aid A p ril 1st 19 1 1 ______________ 1,1 1 2 ,3 3 3 33
------------------------$ 2,2 2 4 ,0 6 6 66
D iv id e n d s o n O rd in a ry S to c k :
4 per ce n t p aid O cto b e r 1st 19 1 0 __________ $ 0 ,0 0 0 ,0 0 0 00
2 p er ce n t paid D e ce m b e r 31st 191 0_______ 3 ,6 0 0 ,0 0 0 00
2 Vi per ce n t p aid A p ril 1st 1 9 1 1 ___________ 4 ,5 0 0 ,0 0 0 00
2 'A per ce n t paid Ju n e 30th 19 1 1 __________ 4 ,5 0 0 ,0 0 0 00
--------------------—
1 8 ,6 0 0 ,0 0 0 00
C o n stru ctio n o f a cq u ire d and bra n ch lines. E x h ib it “ D ” ___
5,4 4 9 ,0 7 8 47
A d d itio n s and I m p r o v e m e n ts , m ain lin e an d bra n ch e s. E x ­
h ib it “ E ” ____________________________________________________
1 2 ,1 0 3 ,4 7 0 97
A d d itio n s and Im p r o v e m e n ts , leased an d a cq u ire d lines.
E x h ib it “ F " . ________________________________________________
5 ,9 7 5 ,8 1 3 81
R o llin g S to c k , S h op s and M a c h in e r y _________________________
0 ,0 5 0 ,6 8 3 24
O ce a n , L a ke and R iv e r S team ships:
A d d itio n a l S team sh ips an d A p p u rte n a n ce s
fo r P a cific C oast S e r v ic e _________________
$910,591 42
A d d itio n a l R iv e r S team ers and B a rg e s_______
200,221 57
E x te n sio n to S team sh ip “ A l b e r t a " ----------------48,699 17
-----------------------1,219,512 10
C an ada C entral R a ilw a y 2d M o rtg a g e B o n d s re d e e m e d _____
97,3,333 33
S ecu rities A cqu ired —
C anadian P a cific R y . 1st M o rtg a g e B o n d s . $67 8,41 4
K in g s to n & P e m b ro k e R y . I s t M t g . B o n d s .
16,460
S t M aurice V a lie v R y . 1st M ortg age B o n d s
9 4 5 ,0 0 0
D o m in io n A tla n tic R y . S t o c k ---------------------- 1.0 0 0 ,5 1 2
K in g s to n & P e m b ro k e R y . S t o c k -------------1,0 7 5
L in d sa y B o b e a v g e o n & P o n ty p o o l R y . S to c k 166 ,000
T o r o n t o H a m ilto n & B u ffalo R y . 2d M .
B o n d s ----------------------2 3 7 ,1 2 5
A lb e r ta R y . & Irrigation C o . S t o c k . . ........... 1 ,853,382

59
00
00
03
00
00
00
12

$ 4 ,9 6 3 ,9 0 8 74
Less C an ada Cen tral R y . 2d M ortg age
B o n d s r e d e e m e d . . _______________________

4 8 ,6 6 6 67

$ 4 ,9 1 5 ,3 0 2 07
S u b s cr ip tio n to M in neapolis S t. P aul &
S a u lt S tc . M arie R y . O rd in a ry and
P referred S t o c k -------------------------------------- 1,9 8 7 ,3 8 0 00
----------------------P a y m e n t o f E q u ip m e n t O b lig a tio n s_________________________
In crease In M aterial an d S u p plies o n h a n d ----------------------------

6,9 0 2 ,6 8 2 07
160 ,000 00
2 42 ,786 96

D ed u ct’
Increase In cu rren t lia b ilitie s______________________________

$ 0 3 ,5 0 8 ,0 2 7 67
.
„„
3 ,8 6 5 ,4 1 0 38

T e m p o r a r ily Invested In G ov e rn m e n t S e cu ritie s____________
Cash In h a n d ___________________________________________________

$ 5 9 ,0 4 2 ,6 1 7 29
10,088,734 86
3 4 ,3 7 1 ,5 5 0 98

$5,4 4 0 ,0 7 8 47
E X H IB I T " E ” — E X P E N D I T U R E S O N A D D I T I O N S A N D I M P R O V E ­
M E N T S F R O M J U L Y 1 1910 T O J U N E 30 1911.
M ain Line—
$51 3,41 2 11
Q u eb ec to B o n fie ld ______________ _______ ___ ______ __________
M ontreat T e r m in a ls _____________________ ________________ —
782 ,728 24
W in d s o r S t. S ta tio n E x te n s io n _________________ ______ ______
4 72 ,359 35
D o u b le -T ra ck B rid g e o v e r S t. L a w re n ce R iv e r -------- ---------4 7 7 ,8 7 0 23
B on fleld t o P o rt A r t h u r ______________________________________
853 ,108 15
3 ,5 8 2 ,4 7 5 94
P o r t A rth u r t o F ie ld __________________________ __________ _____
F ield t o V a n c o u v e r __________________________ ______ __________
2 ,2 4 2 ,7 1 2 31
T o ta l M ain L i n e . . ............... - ----------- ------------------------------------ $ 8 ,9 5 4 ,0 6 0 33
2 ,5 8 1 ,4 0 6 aO
B ran ch L in es------------------------ ----------- -------------------------------------------T elegraph E x ten sion s an d A d d i t i o n s . -------------- ----------- ---------224,,>90 01
164 ,345 22
O ffice B u ildin g, T o r o n t o -----------------------------------------------------------R e n te d and T e m p o ra ry S id in g s------------------------------------------------178,403 07
T o ta l M ain L in e a n d B ra n ch e s...................................................$ 1 2 ,1 0 3 ,4 7 0 97
E X H IB IT " F ” — E X P E N D I T U R E O N
LEASED
A N D A C Q U IR E D
L I N E S F R O M J U L Y 1ST 1910 T O J U N E 3 0 T H 1011.
O n ta rio & Q u eb ec R a ilw a y __________________________ __________ $ 1,913,091 13
314 ,008 22
A tla n tic & N orth W e s t R a ilw a y _____ _________________________
N ew B ru n sw ick R a ilw a y . _____ _______ _________ ____
_____
150,031 19
M on treal & W estern R a ilw a y ___________________________________
75,518 94
M a n ito b a S ou th w estern C o lo n iz a tio n R a ilw a y .......... .................. 87,122 54
C olu m b ia & K o o te n a i R a ilw a y _________________________________
3 2 ,035 09
M a n itob a & N orth w estern R a ilw a y ___________________________
201 ,992 72
G reat N orth w est Cen tral R a ilw a y ______________________________
15,103 06
C a lga ry & E d m o n to n R a ilw a y __________________________________
411 ,098 42
C olu m b ia & W estern R a ilw a y _____________ ____________________
419 ,3 4 7 82
M ontreal & O tta w a R a ilw a y ---------------------------------- --------------------50,438 20
N icola K a m loop s & Slm llk am een R a ilw a y -----------------------------17,065 15
L in d s a y B o b ca y g e o n & P on typ oO l R a ilw a y -----------------------------789 20
J o lle ttc & B ra n d on R a i l w a y . . . _______________________________
12,908 13
S t. M a ry ’ s & W estern O n ta rio R a ilw a y -----------------------------------3,559 74
T lls on b u rg L a k e Erie & P a cific R a ilw a y ------------------------------ -0,658 69
S t. M aurice V a lley R a ilw a y ___________________________________ 351 ,530 92
W a lk e r to n & L u ck n o w R a ilw a y _________________________________
448 ,572 10
G uelp h & G oderloh R a il w a y _____ _______________________________
7 1 9 ,0 0 0 0 2
N ew B run sw ick S ou th ern R a ilw a y ---------- --------------------------------439 ,2 7 5 87
$5,9 7 5 ,8 1 3 81
R E C E I P T S A N D E X P E N D I T U R E S Y E A R E N D E D J U N E 3 0 T H 1911.
Cash In han d Ju n e 30th 1 9 1 0 ...........
....... .......... .................. $4 6 ,1 6 5 ,8 1 7 05
T em p o r a r ily Invested In G ov e rn m e n t S e c u r it ie s ..................
10,088,734 86
R E C E IP T S .
Surplus R e v en u e as per s ta te m e n t---------------- $ 20 ,727 ,10 9 00
S pecial In com e as p er s t a t e m e n t -.......... ..
3 ,0 4 0 ,8 5 6 42
„
-------------------------- 3 1 ,7 7 3 ,9 6 o 42
L a n d D ep a rtm en t—
Lands and T ow n sltes:
N et proceeds o f sales
. . -------- - ..... - $ 8 ,4 4 8 ,5 1 6 01
C ollection o f D eferred P a y m e n ts o n prev lo u s y ea rs’ sa les______________________
4 ,0 9 3 ,9 4 5 47

$ 1 0 4 ,1 0 2 ,9 0 3 13
E A R N IN G S
F ro m
“
••
“

FOR

THE

YEAR

ENDED

JU N E

3 0 T II

1 91 1.

P a s s e n g e r s ----- -----------$ 2 8 ,1 0 5 ,5 5 0
F r e i g h t __________________________________________________
0 5 ,6 4 5 ,2 2 7
M a l ls _________
8 3 2 ,7 3 3
S leep in g Cars, E x p re ss, T elegrap h and m iscella n eou s
9 ,5 2 4 ,2 9 0

41
59
97
24

q 'o ta l_____________ _______________ _______ - ........... ......... $ 1 0 4 ,1 6 7 ,8 0 8 21
W O R K I N G E X P E N S E S F O R T H E Y E A R E N D E D J U N E 3 0 T II 1911.
T r a n sp o rta tio n E x p e n s e s ---------------------------- — ---------------------- $ 3 1 ,5 3 7 ,5 1 8 82
1 5 ,5 6 1 ,0 8 6 29
M ain ten an ce o f W a y an d S tru ctu re s .......... ...................................
M ain ten an ce o f E q u ip m e n t ....................— --------- ------------------1 2 ,0 5 6 ,2 0 0 11
T r a ffic E x p e n s e s ------------ ----------------------------------------------------- —
2 ,6 2 3 ,2 8 0 98
7 31 ,738 62
P a rlo r and S leepin g Car E x p e n s e s ..................................................
E x p en ses o f L a k e an d R iv e r S te a m e rs----------------------------------989 ,768 74
G eneral E x p e n s e s ___________________________________________ _
2 ,7 7 1 ,4 2 5 00
C om m ercia l T e le g r a p h ---- ----------- --------------------------------- --------- 1,1 9 6 ,8 9 9 08
T o t a l ............................. ................ .........................................................$ 0 7 ,4 6 7 ,9 7 7 64
SU RPLU S

IN C O M E

ACCOUNT

JU N E

3 0 T II

1911

B a lan ce a t Ju n e 30th 1 9 1 0 .. _____ _____ . . . ___________________ $ 4 2 ,8 0 9 ,8 4 5 90
N et earnings o f R a ilw a y an d S team ship L ines $2 0 ,7 2 7 ,1 0 9 00
S p ecial I n c o m e ________ _____ ____________ —
6 ,6 0 2 ,2 0 5 20
(as p er s tatem en ts)
-------------------------- 3 3 ,3 2 9 ,3 1 4 20
$ 7 6 ,1 9 9 ,1 6 0 10
Less D ivid e n d s o n P referen ce S to c k , paid
O cto b e r 1st 1910 and A p ril 1st 1 9 1 1 ---------- $ 2 ,2 2 4 ,0 6 0 60
A n d d iv id e n d s o n O rd in a ry S to ck paid O c t o ­
ber 1st 1910, D e ce m b e r 31st 1910, A p ril 1st
1911 and Ju n e 30th 191 1------------------ --------- - 1 8 ,6 0 0 ,0 0 0 00
------------------------- 2 0 ,8 2 4 ,6 6 6 66
T o ta l Surplus In co m e Ju n e 30tli 1 9 1 1 --------------------------. — $ 5 5 ,3 7 4 ,4 9 3 44
F ro m this there h a ve been declared the d iv id e n d s o n P refer­
en ce an d O rd in a ry S to c k , p a y a b le S e p te m b e r 30th 1911,
a m o u n tin g t o ________________
$ 5 ,0 4 1 ,5 3 3 31
A P P R O P R I A T I O N F O R A D D IT I O N S A N D I M P R O V E M E N T S .
B a lan ce a t Ju n e 30th 1910
— ------------ --------------------------------P rem ium o n Issue $3 0 ,0 0 0 ,0 0 0 00 O rd in a ry S t o c k ----------------

$ 0 ,2 9 5 ,4 2 0 93
7 ,5 0 0 ,0 0 0 00

Less e x p e n d e d d u rin g y ear Inclu ded In E x h ib its E and F -------

$ 1 3 ,7 9 5 ,4 2 0 93
6 ,6 7 0 ,1 3 5 29

A m o u n t u n e x p e n d e d -------- ------------------------

$ 7 ,1 1 9 ,2 8 5 64

$13 ,042 ,40 1 51
Less cost o f lands pu rch ased fro m H u d ­
son 's B a y C o m p a n y -------- — ..............

STATEM EN T

1 ,390,591 54
$11 ,6 4 5 ,8 0 9 97

Less am ou n ts rem ain in g In D eferred
P a ym en ts o n y e a r ’s sa le s............ ............-10,768,253 24
-------------------------P roperties held In trust fo r the C o m p a n y :
A m o u n t r eceiv ed from sales o f properties
901 ,633 00
Less p a y m e n t s ............ .....................................
608,481 47
-------------------- —

877 ,016 73

$ 1 1 0,91 8,9 94 09

Less a m ou n t at Ju n e 30th 1 9 1 0 . ------.—




$8,9 9 0 ,9 0 3 63
J3
8 ,0 4 9 ,8 9 9 .10

$ 2 0 ,6 8 4 ,0 0 5 17
- 19,867,914 21
--------------------------

E Q U IP M E N T A T

JU N E

3 0 T II

1911.

293,152 19

S u b s c r i p t i o n t o $30 ,0 0 0 ,0 0 0 00 A d d itio n a l O rd in a ry S to c k :
R em a in in g Installm ents an d a d d itio n a l p rem iu m s on
u n su b scribed S to c k s o l d . .............. ........................................
14,007,984 09
F ou r P er C ent P referen ce S to ck :
A m o u n t realized from Issue £ 3 0 0 ,0 0 0 ................................. ..
1,438,11 1 58
C on solid ated D ebenture S to c k :
A m o u n t realized fro m Issue £ 1 1 - 6 3 , 6 0 / -------------- --------------0,273,611 o7

A d v a n c e s t o L ines u n d er C o n s tr u c tio n —
A d v a n ces and In v e s tm e n ts -----------------------C u rrent A s s e ts ____________ ___________ ______

OF

L o c o m o t iv e s ---------- ------- ----------------- ------------------------- ----------------1,637
F irst an d secon d -cla ss Passenger Cars, B a ggage Cars an d C olon ist
S leep in g C a rs.......... ................
.......................................................... 1 ’ ®?®
318
F irst-class S leep in g, D ining an d C afe C a rs---------- ---------------------------------P a rlor C ars, O fficial and P a ym a ste rs’ C a rs---------------- --------------------------07
F re ig h t and C a ttle Cars (all k in d s ).....................................................................
C o n d u c to rs ’ V a n s -------------------- ------------ - - -------- --------- ,-------------------------- . “ x 3
B oa rd in g , T o o l and A u x ilia r y Cars an d S team S h o v e ls ------------------------ 3,8 9 6

0 ,8 1 0 ,0 9 0 96
$ 10 4,10 2,9 03 13

OCEAN,

LAKE

AND

R IV E R

STEAM ERS.

A tla n tic S ervice.— E m press o f B ritain , E m press o f Ire la n d . L a k e C h am ­
plain L a k e E rie, Lake M an itoba, L a k e M ich igan , M ilw aukee, M o n tca lm ,
M o n tfo r t, M on treal. M on trose, M o n m o u th , M o n te zu m a , M o u n t R o y a l,
M o u n t T e m p le , Crulzer.
P a c ific S ervice.— E m press o f C hina, E m press o f In d ia , E m p ress o f J a p a n ,
M o n te a g le .
P a c ific Coast S ervice.— A m u r, B e a v e r, C h arm er, C ity o f N a n a im o , Czar,
J o a n N an o o se , O tte r, P rincess A d e la id e , Princess A lic e , P rin cess B e a trice,
P rincess C h a rlo tte , Princess Ena, Princess M a y , Princess M a ry , P rin cess
R o y a l, Princess V ic to r ia , T ees, T ran sfer N o. 1, T ra n sfe r N o . 2, Q ueen C ity .
U pper L a ke S ervice.— A lb e rta , A s s ln lb o la , K e e w a tln , M a n ito b a , A t h a ­
basca.
B ritish Colum bia B ake and H irer S erv ice.— A b e rd e e n , B o n n ln g to n , C olu m ­
bia Castlegnr H o sm e r, K aled en , K o k a n e e . K o o te n a y , K u s k a n o o k , M in to,
M o y le , N elson, O k an aga n , P ro cto r, R o ssla n d , S a n d o n , S lo c a n , V a lh a lla,
Y m lr . Y o r k , W h a tsh a n .
F er r y S ervice.— M ich igan , O n ta rio.

596

THE CHRONICLE

T o t a l tra in s ___________
C ar M ile a g e —
Pftssen ger:
C o a ch e s an d P . D . and
S . c a r s ____ . ------C o m b in a tio n c a r s -----B a g g a g e , M ail a n d E x ­
press c a r s ___________

4 0 ,7 7 5 ,8 4 0

8 0 ,4 0 4 ,3 3 2
2 ,8 1 2 ,2 2 7

3 8 ,3 6 7 ,1 1 2

+ 2 ,4 0 8 ,7 3 4

6.28

8 2 ,4 7 2 ,8 6 4
2 ,8 3 3 ,7 0 3

+ 6,9 3 1 ,4 0 8
— 21,470

8.40
.70

3 8 ,4 8 7 ,0 5 4

3 4 ,1 5 8 ,1 6 2

130 ,704 ,21 3

119 ,404 ,72 0

+ 11,239,484

4 00 ,739 ,92 1
1 3 9 ,455 ,18 0
23,5 2 1 ,7 7 2

4 3 3 ,4 0 8 ,5 7 5
118 ,134 ,00 9
2 2 ,3 7 4 ,5 1 2

+ 2 7 ,2 4 1 ,3 4 6
6.28
+ 2 1 ,3 2 0 ,5 7 7 18.05
+ 1,147,260
5.13

T o t a l F reig h t c a r s .
0 23 ,710 ,87 9
P a ssen ger ears per T r a ffic
T ra in M ile __________
6.85
F reigh t ca rs per T r a ffic
T ra in MU© . _________
20.0 7

574 ,0 0 7 ,6 9 0

+ 4 9 ,7 0 0 ,1 8 3

T o t a l P a ssen ger c a r s .
F reig h t:
L o a d e d _______________
E m p ty - _ . ________
C a b o o s e ____________ .

+ 4 ,3 2 9 ,4 0 2 12.67
9.41

8.00

6.72

+ .13

1.03

25.8 0

+ .87

3.37

P a ssen ger T r a ffic —
P assen gers ca rried (earn­
in g r e v e n u e ) _________
11,928,943
11,050,024
P a ssen gers carried (earn­
in g reven u e) on e m ile . 1,440,049,164 1,3 4 1 ,2 5 5 ,0 0 9
Passen gers ca rried (earn­
in g reven u e) on e m ile
per m ile o f road
____
139,297
133,080
A v e ra g e
jo u r n e y
per
p a ssen g er.
_ _ m ile s .
120.77
121.37
A v e ra g e a m o u n t rece iv e d
p er p a ssen g er____ .. .$
2.31
2.2 0
A v e ra g e a m o u n t r ece iv e d
1.81
per passen ger m lle .c t s .
1.92
A v e ra g e n u m b er o f pas­
75.38
sengers per train m ile .
V0 .53
A v e ra g e n u m b er o f pas­
15.62
15.72
sengers per ca r m i l e . .

Y ea r ended
P a ssen ger Trat/ic—
J u n e 30 1911.
R e v e n u e fro m passengers
p er
passenger
ca r
m llc .
- -CtS.
29.91
T o ta l
passenger
train
earn in gs
per
train
m ile ___________________ 3
1.73
T o ta l
passenger
train
earn in gs p er m ile o f
r o a d __________________$
3 ,191.71
F reight T r a ffic —
T o n s o f re ve n u e fre igh t
ca rrie d o n e m ile ------ 7 ,8 5 0 ,0 0 0 ,8 3 7
T on s
n o n -r e v .
freigh t
ca rrie d o n e mile.-------- 1,24 1 ,4 5 1 ,6 2 8
T o ta l tons (all ■classes)
fre ig h t carried 1 m il e .0 ,1 0 1 ,4 1 8 ,4 6 5
T o n s o f re ve n u e freigh t
ca rried o n e m ile per
m ile o f r o a d ---------------759 ,983
T o n s o f n o n -r e v . freight
ca rried o n e m ile per
m ile o f r o a d ----------------120 ,036
T o ta l ton s (all classes)
fre igh t carried o n e m ile
per m ile o f r o a d _______
8 80 ,010
A v e ra g e a m o u n t re ce iv e d
per to n per m ile o f rev­
en u e fr e ig h t _____ c ts .
0.810
A v e ra g e N o . o f to n s o f
re ve n u e
fre igh t
per
train m ile --------------------336 .1 0
A v e ra g e N o . o f tons o f
n o n -r e v . fre igh t per
53.09
train m ile ------A v e ra g e N o . o f ton s (all
classes)
fre ig h t
per
train m ile . ................
3 8 9 .2 5
A v e ra g e N o . o f to n s o f
re ve n u e
fre ig h t
per
lo a d e d c a r m ile _______
17.06
A v e ra g e N o . o f tons o f
n o n -r e v . fre igh t per
lo a d e d c a r m il e - .........
2.60
A v e ra g e N o . o f tons o f
(all classes) fre ig h t p er
lo a d e d c a r m ile
19.75
F re ig h t train earnings
per lo a d e d ca r m ile .e ts.
13.97
F re igh t train earnings
2 .7 5
per train m ile ----------- $
F re ig h t train earnings
per m ile o f r o a d ------- $
6 ,2 2 2 .8 0
-

D E S C R I P T IO N O F F R E I G H T F O R W A R D E D .
-Y ea r ended J u n e 30th1900
1010.
1011
________________ B a rre ls.
0 ,083,354
F lo u r
7,-180,812
8,4 0 0 ,7 4 4
G rain __________________B u sh e ls.
9 7 ,2 3 0 ,1 5 0
11 2 ,7 9 3 ,3 4 5
111 ,100 ,98 2
L iv e S t o c k . ----------------------- H e a d .
1,371,873
1 ,381,183
1,507,005
L u m b e r ----------------------------- F e e t-1 ,7 2 6 ,9 4 4 ,5 8 4
,2 9 2 ,8 2 1 ,0 0 3 2 ,4 4 1 ,0 0 7 ,1 0 7
F i r e w o o d ----------------------------C o r d s .
249,028
2 80 ,878
298 ,345
M a n u fa ctu re d A r t ic le s ___T o n s .
4 ,425,241
5 ,4 0 8 ,5 4 8
'
5,7 5 0 ,3 4 4
A ll o th e r articles.
......T o n s .
5 ,010,248
7 ,5 0 7 ,0 5 2
8 ,9 7 1 ,0 3 7
F R E IG H T T R A F F IC .
------------------Y ea r ended J u n e 30th-----------------1000.
1910.
1911.
N u m b e r o f to n s c a r r ie d _____ _
10,5 4 9 ,6 1 6
2 0 ,5 5 1 ,3 6 8
2 2 ,530,214
N u m ber o f ton s ca rried o n e m ile 0 ,3 7 2 ,2 0 0 ,1 7 4 7 ,7 7 2 ,0 1 2 ,0 3 5 8 ,0 6 2 ,1 0 2 ,0 1 3
E a rn in gs per t o n per m ile ____
0 .7 6 e ts .
0.7 7 c ts .
0.81 cts.
P A S S E N G E R T R A F F IC .
------- ;--------- Y ea r ended J u n e 30th----------------- 1909.
1910.
1911.
N u m b er o f passengers c a r r ie d . _
9 ,7 8 4 ,4 5 0
1 1 ,172,891
12,080,150
N u m b er o f passengers ca rrie d
on e m ile _______________
1 ,0 7 1 ,1 4 9 ,5 2 8 1 ,3 5 5 ,2 0 0 .0 8 8 1 ,4 5 7,332,932
E a rn in gs p er passen ger p er m ile
1.88 c t s .
1.83 c ts .
t .93 cts.
T R A I N 'T R A F F I C S T A T I S T I C S — F O R T W E L V E M O N T H S E N D E D
J U N E 3 0 T II 1011 A N D 1910.
(E a rn in g s o f L a k e an d R iv e r S team ers n o t In clu ded In this S ta te m e n t.)
I n c .i + ) o r D e c d — ) .
Y ea r ended
Y ea r ended
A m o u n t or
P er
T rain M ile a g e —
J u n e 30 1911. J u n e 30 1910.
N u m ber.
Cent.
P a ssen ger tr a in s ------------17,3 0 3 ,5 3 2
1 0 ,119,543
+ 1 ,2 7 3 .9 8 9
7 90
F reig h t tr a in s ................. 2 1 ,7 0 1 ,8 9 3
2 0 ,5 7 4 ,5 7 0
+ 1 ,1 2 7 ,3 1 7
5.48
M ix e d train s
.......... ..
1,080,421
1,672,993
+ 7 ,4 2 8
.44

[V O L . L X X X X III.

Y ear ei
J u n e 30 1010.

I n c .( + ) or D e e d — ) .
P er
A m o u n t or
C en t.
N u m ber.

28.47

+ 1.44

5.06

1.64

+ 0.9

5.49

L 9 02.1 3

+ 289 .58

0.98

+ 2 9 0 ,1 4 2 505

3.83

7 ,5 6 0 ,8 2 4 ,3 3 2
1,1 1 0 ,3 7 9 ,4 2 1

+ 1 3 1 ,0 7 2 207 11.80

8 ,6 8 0 ,2 0 3 ,7 5 3

+ 4 2 1 ,2 1 4 ,7 1 2

4 .8 5

751 ,070

+ 8 ,9 0 4

1.19

110,172

+ 0 .8 6 4

8 .9 5

861,251

+ 1 8 ,7 6 8

2.18

0.778

+ .0 4 1

5.27

3 4 0 .2 5

— 4.0 9

1.20

40.91

+ 3 .1 8

6.37

390 .1 6

— .91

.23

17 46

— .40

2.29

2.5 0

+ .1 3

5.08

20.02

— .27

1.35

13.59

+ .3 8

2.80

2 .6 5

+ .1 0

3 .7 7

5 ,8 4 4 .4 7

+ 3 7 8 .4 2

6.47

+ 878 ,019

7.95

+ 0 9 ,3 0 3 ,5 5 5

7.41

S T A T E M E N T O F C A N A D IA N P A C I F I C R A I L W A Y P E N S I O N
D E P A R T M E N T T O J U N E 3 0 T H 1911.
B a la n ce at Ju n e 30th 1 9 1 0 - . . j......... .........................................................$08 7,10 4 26
A m o u n t co n trib u te d b y C o m p a n y fo r y e a r ______________________
8 0 ,0 0 0 00
3 8 ,2 0 0 12
A m o u n t re ce iv e d as In te re st_________ ______ ______________________

+ 0,217

4.67

„
$ 8 0 5,30 4 38
P a y m e n t o f P e n sio n A llo w a n ce s fo r y e a r _______ ______ ___________ 134,870 02

— .00

.49

B a la n ce In Cash an d In v e s tm e n ts .............................................................$ 0 7 0,48 7 46

+ .11

5.00

+ .11

6.08

N um ber on P en sio n R oll at J u n e 30th 1011.
U n d e r 60 years o f a g e _____ _______ ________________________________________
04
B etw een 60 and 70 years o f a g e __________________________ _______ _______ 255
O v e r 70 years o f a g e ________________________________________________________ 1 7 3

+ .15

.20

— .10

.64

TW EN TY-FIFTH ANNUAL REPORT— FOR THE FISCAL YEA R ENDING JUNE 30 1911.
To the Stockholders of The Denver & Rio Grande Railroad
Company:
The income of your Company for the fiscal year ended
June 30 1911, including $1,821,806 20 interest, dividends
and other receipts, was $25,213,577 63, an increase of
$94,285 23 as compared with the previous year, excluding
in both years the interest on Western Pacific Second Mort­
gage Bonds owned by the Company.
The gross revenue from operation was $23,391,771 37,
being $171,665 59 less than that of the previous year; the
operation expenses were $15,957,737 05, being an increase
of $155,782 72; and the net revenue was $7,434,034 32, a
decrease of $327,448 31. The percentage of decrease in
gross revenue was 0.73 per cent; increase in expenses 0.99
per cent, and decrease in net operating revenue, 4.22 per
cent.
After providing for taxes and all charges against income,
•including one semi-annual dividend of 2 /
l 2 per cent upon the
Preferred capital stock, and contributing $120,000 00 to the
Renewal Fund, there remained a balance from the year’s
operation of $1,118,548 78, which was carried to the credit
of Profit and Loss.
For detailed information you are referred to the state­
ments and statistics prepared by the Comptroller and the
General Auditor, and submitted herewith.
There are bonds and stocks belonging to the Company
amounting to $104,331,732 24, par value, carried on the
books at $36,677,801 63. Of these, $86,370,350 00, par
value, with a book value of $29,315,453 95, are deposited
with the Guaranty Trust Company and the Bankers Trust
Company, Trustees, as collateral for certain issues of mort­
gage bonds. A statement in detail covering these securities
will be found on page 598.
The Company has no floating indebtedness, and the unpaid
vouchers at the close of the fiscal year were those for the
month of June, payable in the usual course of business during
July.
. . The independent examination of the accounts, required by
the by-laws, was made by Mr. E. B. Pryor, who was again
selected for the purpose by the Committee appointed at the
last; annual meeting of the stockholders. His certificate
wilLbe found on next page.




Under the terms of the Equipment Trusts, Series “ A ” and
“ B ,” semi-annual payments of principal and interest were
made, amounting to $372,937 50, of which $138,000 00 was
provided from the Special Renewal Fund, $162,000 00 from
the General Fund and charged to Profit and Loss, and the
balance, $72,937 50, was charged to Income.
Operation Expenses this year include depreciation charges,
under Inter-State Commerce Commission method of account­
ing, amounting to $478,784 97; whereas there were no such
charges against Operation Expenses heretofore. Without
this depreciation charge the Net Income for the year would
have appeared in the accounts as $2,961,828 75, against
$3,008,167 16 for the previous year.
It may be well to state that in the last half of the fiscal
year there was a decrease of about $630,000 00 in revenues
derived from the transportation of fuel, compared with same
period 1910, of which about $480,000 00 was on shipments
from mines in Colorado. The revenues were abnormally
large in the last half of previous fiscal year, because the
mines were then taxed to their capacity, to meet orders for
fuel for domestic, manufacturing and railroad purposes, in
view of a threatened strike of coal miners in the coal-produc­
ing States in the Mississippi Valley, which strike occurred in
the early spring and continued for a number of months. A
m ilder-eason this year also lessened the demands for fuel.
Having in mind the contract obligations to Western
Pacific, your directors discussed at two meetings of the Board
last June the advisability of declaring the usual semi-annual
dividend of 2 /
l 2 per cent on preferred stock, and concluded
that current income should first of all protect the guaranties
of the Company as well as its fixed charges, and, after careful
consideration, they unanimously decided to follow a strictly
conservative course and forego declaring the dividend, apply­
ing the amount, $1,244,495 00, in payment of the semi­
annual interest, $1,248,125 00, due September 1 1911 on
$50,000,000 of Western Pacific first mortgage 5 per cent gold
bonds, of which all but $75,000 have been issued. It was
deemed best to follow this extremely prudent policy, con­
serve the cash resources of the Company, as well as other
treasury assets, and insure beyond question its ability to
meet its guaranty on the bonds and also protect its $50.­
000,000 of Western Pacific stock.

Se p t .

2 1911.]

THE CHRONICLE

There was expended for additions and betterments other
than equipment $2,215,000 93, of which $1,835,503 70 was
for additional main tracks, and bridges and other structures
incident there; to $121,239 23 for new sidings, spurs and yard
tracks, and $258,318 00 for general roadway improvements,
buildings, additional weight of rail and miscellaneous facili­
ties. The expenditure for new equipment was $1,084,048 05;
making the aggregate expenditure for additions and better­
ments to roadway and equipment $3,299,708 98.
To meet the requirements of the Company, there were sold
during the year:
$270,000 D. & R. G. R R. Co. First Consolidated
Mortgage 4 Per Cent Bonds;
1,401,000 D. & R. G. RR. Co. First and Refunding
Mortgage 5 Per Cent Bonds;
1,000,000 Rio Grande Western Ry. Co. First Con­
solidated Mortgage 4 Per Cent Bonds.
Total, $2,071,000
During the year 10,043 tons of new 85-lb. steel rails were
used, of which 5,114 tons were for additional main tracks.
The 5 miles of double-track immediately west of Pueblo was
extended from Goodnight to Swallows, a distance of about
10
miles. This work carried with it the substitution of
steel and concrete for wooden structures, and also revision
of the alignment and grades of the original main track, and
was virtually a line and grade change, as well as second track
construction. The ruling gradient of 1.20 per cent and
maximum rate of curvature of 8 degrees between these two
points were reduced to .05 per cent ruling gradient and 6
degree maximum rate of curvature. In addition, the double
track on Tennessee Pass grade was extended 1 % miles, from
Pando to Pando Tunnel.
To secure lower cost in transportation of the large fuel
tonnage from tin' Walsenburg and Trinidad coal districts,
and also commodities of all kinds to and from the San Luis
Valley and the narrow-gauge territory beyond, it was deemed
advisable, for economical reasons, to unite with The Colorado
& Southern Railway Company in the construction of two
low-grade main tracks from Walsenburg to a connection with
the present line of this Company near Minnequa. Each
Company will own its own line, and the two lines are being
built parallel and adjacent on a roadway and right of way,
the ownership of which is vested in the Colorado & Southern
Company on one side of the centre line and in the Denver &
Rio Grande Company on the other side of the centre line, so
that each Company has ownership independent of the other,
although the two tracks will be operated jointly as a double­
track railroad under a mutually satisfactory contract.
Upon this work $1,357,914 72 was expended during the year,
and the expectation is that it will be completed by January 1
1912 at a cost to each Company of about $1,900,000 00.
Your Company has faced with increasing frequency de­
mands of labor for higher rates of pay. To avoid strikes and
their serious consequences to the traveling public and to
business interests, advances have from time to time been
conceded, usually after resorting to mediation or arbitration
under an Act of Congress known as the Erdman Act. Such
wage advances since January 1 1910 are at the rate of about
$000,000 per annum on the basis of the forces employed.
The Salt Lake City Union Depot referred to in the last
annual report was completed at a cost of $1,217,059 13, paid
out of proceeds of the stock and bonds of The Salt Lake City
Union Depot & Railroad Company, and was opened for
passenger traffic on August 20 1910. The stock of this
Company is owned substantially half by the Western Pacific
and half by your Company, and the depot is used jointly
by both companies.
Western Pacific.— On August 22 1910 one through passen­
ger train each way daily, between San Francisco and Salt
Ijake City, was inaugurated. Prior to that time, however,
through freight traffic, which had been interfered with and
retarded by unprecedented floods in the Humboldt Valley,
and by the series of storms on Great Salt Lake, referred to in
the last report, had been resumed with a fair degree of regu­
larity. During the last four months of 1910 a gradual in­
crease was manifest in both classes of traffic, but early in
January and during the three following months unusual rains
and storms in the mountain district traversed by the line in
California caused frequent slides in the deep cuts, and also
the settling of some of the heavy embankments, so that
during this period train movement was uncertain and fre­
quently suspended on parts of the Western Division. These
expensive difficulties were rapidly overcome with the advent
of good weather, and by June traffic was moving satisfac­
torily.
Although some of the details of construction are unfinished
and work thereon is being continued, the railway was placed
on an operating basis July 1 1911 and monthly statements of
revenue and expenses, in accordance with the requirements
of the Inter-State Commerce Commission, will be issued for
the information of those who are interested.
. ; At the date of this report it is estimated that the gross
earnings for July will be about $420,000 00.
The Western Pacific has expended $73,027,955 57 to
June 30 1911. This does not include accrued interest on
second mortgage bonds owned by the Denver Company. In
accordance with its contract obligations the Denver & Rio
Grande Company advancedjjto Western Pacific. Company




597

during the year $1,650,139 66, of which $1,248,125 00 was
for bond interest and $402,014 66 to meet deficiency in con­
struction requirements.
This extension of the Denver & Rio Grande System to the
Pacific Coast is well constructed, is in good condition, and is
ballasted throughout its entire length, and with its low grades
and good alignment can handle all classes of traffic promptly
and efficiently. Its trackage facilities are ample for the
traffic at command, and are susceptible of enlargement as
occasion requires; that is, the area of terminal property
owned by the Company is quite sufficient to permit large
additions to operating facilities when necessary.
The line traverses the States of California and Nevada, and
nearly one-half the State of Utah, with the rapidly growing
commercial centre of that State, Salt Lake City, as its
eastern terminus. For at least half its length it serves terri­
tory heretofore without transportation facilities and therefore
sparsely settled and undeveloped. Adjacent to these por­
tions of the line are well watered, irrigable valleys, capable
of productive cultivation, and mountain ranges of known
mineral resources. West of the Sierra Nevada Mountains, in
California, the line passes through the fertile Sacramento,
San Joaquin and Livermore valleys, and through the rich
farming districts of Alameda County, and it serves six import­
ant cities in northern California, including San Francisco.
As stated in a former report, the line crosses the Sierra
Nevada Mountains at an elevation of about 5,000 feet, with
a gradient of 42.24 feet per mile on the eastern slope and
52.8 feet per mile on the western slope, and 80 per cent of
its length between Salt Lake City and San Francisco Bay
has a maximum gradient of 21.12 feet per mile. As con­
structed and operated it is most favorably adapted to the
transportation to Eastern markets, expeditiously and in
volume, of the varied and increasing products of the State
of California. Attractive passenger depots, convenient sta­
tion and other facilities and ample sidings have been pro­
vided to meet present requirements, and sufficient property
has been acquired at important points to permit future ex­
pansion. At Oakland the Company’s terminal possessions
cover more than 350 acres, including over 200 acres of water­
front property, with dockage facilities, on the Bay of San
Francisco. At San Francisco it owns freight terminals and
tracks with water-front facilities; these are well designed
and located, and are convenient of access. The Company
also enjoys, with other railroads, the equal use of water-front
passenger terminals controlled by the State, and has the
exclusive use of a new and modern marine dock, with a large
warehouse thereon, enabling it to participate in coast and
oriental traffic. Satisfactory business relations have al­
ready been established with important trans-Pacific lines.
The Western Pacific is especially attractive to travelers.
The plains, canyonsand mountain ranges are of unusual inter­
est. The Great Salt Lake, the wonderful salt deposits of
Western Utah, and the beauty and grandeur of the scenery
through thecanvonof the Feather River, 100 miles in length,
present attractions which are unsurpassed.
By order of the Board of Directors.
E. T. JEFFERY, President.
New York, August 22 1911.
Denver, Colorr o, August 18 1911.
To the Stockholders of The Denver & Rio Grande Railroad
Company:
Complying with the request of the Committee appointed
at the last annual meeting, I have examined the annual
report for the year ended June 30 1911.
In compliance with Article 14 of the By-Laws, I was fur­
nished a copy of the General Balance Sheet and examined
the same, with all of the books, accounts and vouchers re­
lating thereto.
The Balance Sheet is a true and complete statement of the
affairs of the Company as disclosed by the general books at
the close of the fiscal year. The details of the several ac­
counts, as shown in the General Balance Sheet, Income
Account, Statements of Earnings and Expenses and other
statistical information shown in the report are complete and.
correct and agree with the general books of the Company.
I desire to express my thanks to the officers of the Com­
pany for valuable assistance rendered by them enabling me
to make the examination thorough and complete.
Very respectfully,
E. B. PRYO R .
REPORT OF THE COMPTROLLER.
The Denver & Rio Grande Railroad Company.
New York, August 15 1911.
Mr. E. T. Jeffery, President:
Dear Sir:— I beg to present herewith my report of the
Company’s financial condition June 30 1911, consisting of the
adjustments made in the General Profit and Loss and
Renewal Fund Accounts during the fiscal year then ended,
together with Comparative Balance Sheet, Summary of its
financial operations outside of its Income Account, based on
such comparison, and Tabular Statements of Securities
owned by the Company and its Funded Debt at that date,
arranged in the order named. In conjunction with the

598

THE CHRONICLE

Balance Sheet, and immediately following it, I have inserted
a statement showing the adjustments made in the account
of “ Road and Equipment” for the fiscal year ended June 30
1911.
Annexed hereto is the report of the General Auditor, ex­
hibiting in detail the Revenues and Expenses and other sta­
tistical information from the records of the Company for
the same period.
Very respectfully,
STEPHEN LITTLE,
Comptroller.

GENERAL PROFIT AND LOSS ACCOUNT.

[V'OL. L X X X X III
In crea se in P r o fit and L oss.

A s p er C o m p a ra tiv e B a la n ce S h e e t____________________________

This sum is accounted for as follows:
In crea se o f A ssets.
R o a d and E q u ip m e n t ___________________________________________ $ 2 ,8 2 1 ,0 6 0
P u e b lo U nion D e p o t & R R . C o . S t o c k ______________________ "
800
T r a ffic and Car S e rv ice B a lan ces D ue fro m O th er C om panies
6 4 3 ,7 4 7
M iscella n eou s A c c o u n t s R e c e iv a b le ________________________
_
2 9 8 .0 4 0
P ro v is io n a l F u n d _________________________________________ " I I " I
12,000
W estern P a cific First M tg e . B o n d In te re st and C o n stru ctio n * 1.6 5 0 ,1 3 9
W estern P a cific A ccru e d In te re st o n S e c o n d M tg e . B on d s
o w n e d b y D . & R . G . R R . C o . (u n p a id )_________
_
1.2 5 0 ,0 0 0
In su ra n ce P a id In A d v a n c e _______ ________________________
470
O th er D eferred D e b it I t e m s ________________________ .
23,398

00
91
30
00
66
00
89
39

$ 6 ,6 0 0 ,5 6 7 04

(Adjustments therein, July 1 1910 to June 30 1911.)
Cr
$4,4 4 3 ,4 7 1 81

B y B a la n ce Ju n e 30 10 1 0 _______________________
“ Surplus fo r th e y ea r e n d e d .Tunc 30 1911
as per In co m e A c c o u n t ________________
“ A d v a n c e S u r v e y s , fo rm e r ly ch a rg e d P rofit
and L oss; n ow re in sta te d and d is trib ­
u ted _____________________________________
“ O th er A d ju s tm e n ts d u rin g th e y e a r ______
T o A p p r o p r ia tio n s fo r E q u ip m e n t____________
$ 1 6 2,00 0 00
“ D is c o u n t o n S e c u r itie s _____________________
337 ,5 0 0 00
“ B a l a n c e ___________ __________________________ 5 ,0 8 1 ,1 6 2 64

$ 6 3 7,69 0 83

G ra n d T o t a l t o b e a c c o u n te d f o r . . .................................................$ 8 ,1 8 0 ,6 7 9 55

1 ,1 1 8 ,5 4 8 78
17,086 84
1,555 21

D ecrease o f L ia b ilitie s .
D . & R . G . R R . C o . E q u ip m e n t 4 H % B o n d s , S cries “ A 1
D . & R . G . R R . C o . E q u ip m e n t 5 % B o n d s , Series " B ”
M iscella neous A c c o u n t s P a y a b le ________________ _______
A cc r u e d R e n ta l o f L e a se d L in e s ____________________1 .1 ’
D iv id e n d s D e cla r e d ________________
*
T a x e s A c c r u e d ____________________ ______ "
R e se rv e fo r U n ad ju sted F reigh t C la im s . .
. . __
O th er D eferred C red it I t e m s ____

$ 1 5 0,00 0
150 ,000
10,801
2,508
1,2 4 4 ,4 9 5
2,793
15,000
4,3 6 3

00
00
05
82
00
66
00
39

$ 1 ,5 7 9 ,9 6 2 82

$ 5 ,5 8 0 ,6 6 2 64

$ 5 ,5 8 0 ,6 6 2 64

B y B a la n ce at cre d it o f P rofit an d L oss J u n e 30 1011 (see
C o m p a ra tiv e B a la n ce S h eet b e l o w ) ________________________

$ 5 ,0 8 1 ,1 6 2 64

D ecrease in R eserves f r o m In co m e.
Renew al F u n d.

$149 69

G rand T o ta l a c c o u n te d f o r ............................. ................................... $ 8 ,1 8 0 ,6 7 9 55

RENEW AL FUND.
SECURITIES OWNED JUNE 30 1911.

(Adjustmeiits therein July 1 1910 to June 30 1911.)
By
By
By
To
To

D r.
B a la n ce Ju n e 30 1 01 0______________________________________ _
R e c e ip ts fro m I n c o m e ________________________________________
A c c r e tio n s t o th e fu n d d u rin g th e y e a r ____________________
A p p r o p r ia tio n s fo r E q u ip m e n t_________________ $13 8,00 0 00
B a la n c e ............. ................................................................ 333 ,5 0 8 49
$47 1,50 8 49

B y B a la n ce at cred it o f R e n e w a l F u n d Ju n e 30 1911

Cr.
$33 3,65 8 18
120 ,000 00
17.850 31

$47 1,50 8 49
$33 3,50 8 49

S ee ta b le In n e x t c olu m n fo r the In vestm en t o f the fu n d .

SUMMARY OF FINANCIAL OPERATIONS.
(O U T S I D E O F T H E IN C O M E A C C O U N T ) F R O M J U N E 30 191 0 T O
J U N E 30 1011.

Resources to be accounted for, thus:
D ecrease o f A ssets.
C a s h ................................ . ................................................................................. 3 8 8 0,10 5
270 ,0 0 0
I ). <Sc R . G . R R . C o. F irst C on s. M tge. 4 % B o n d s ____________
D . & R . G . R R . C o. F irst and R e fu n d in g M tg e . 5 % B o n d s . .
401 ,0 0 0
R . G . W . R y . C o. F irst C on s. M tge. 4 % B o n d s _______________ 1,0 0 0 ,0 0 0
N ot B a lan ces D u e from A g e n ts an d C o n d u c t o r s _______________
3 3 ,704
M aterials and S u p p lie s __________________________________________
170,010
O th er W o r k in g A s s e t s ____________________
14,757
523
W o r k in g F u n d s ___________________________________________________
Cash P roceed s First a n d R e fu n d in g M tge. 5 % B o n d s _________ 1 ,970,515
140
S p ecia l R en ew a l F u n d - _____ _______________

52
00
00
00
92
86
11
55
17
69

Shares
P a r V a lu e.
or B o n d s. C apital S l o c k s .
$
35,797 % T h e R io G rande S o u th e rn R R . C o . .
,579,737 50
30,000 T h e G lo b e E x p re ss C o . _______________
,0 00,000 00
T h e C o lo r a d o M id lan d R y . C o ., on eh alf Interest In $ 4 ,9 5 4 ,8 0 0 00, par
v a lu e , preferred , and o n e -h a lf Inter­
est In $3,4 2 0 ,2 0 0 00, p a r va lu e ,
c o m m o n ______________________________
,187.500 00
81 1-5 P u e b lo U n ion D e p o t & R R . C o ___
8,120 00
800 U n ion D e p o t & R y . C o ., D e n v e r ___
80.000 00
1,001 S alt L a ke C ity U nion D epot * R R . C o.
100,100 00
41 3-10 D e n v e r & R io G rande R R . Co , p f.
4,130 00
S e cu rities o f B o ca & L o y a lt o n R R . C o.
an d A s s o c ia te d C o m p a n ie s_________
,504,500 00
M ortgage B on d s.
1,411 R io G ra n de S o u th e rn R R . C o. 4 %
,411,000 00
700 U ta h F uel C o. 5 % _____________________
700,000 00
1,378 D e n ve r & R io G ra n de R R . C o. 1st
C on . M tge. 4 % ________ _
_
,378,000 00
1,307 R io G ra n de W estern R y . C o. 1st C on .
M tg e . 4 % _________________
,307,000 00
260 U ta h Central I I R . C o . M tg e . 4 %
260 ,000 00

B o o k V a lu e.
$
300 ,933 50
74,000 00

,520,087 50

7 .0 2 8 ,8 3 9 19

2
66 ,000 00
266

172,900 00

88,000 00

75,0 0 0 00

67,000 00
20,294 74

65,313 75
20,294 74

4
41 ,294 74
441

333 ,508 49

S p ecia l R enew al F u n d .
266 R io G rande Sou th ern R R . C o . 4 %
B o n d s _____ ___________ _______________
88 R io G ra nde W estern R y . C o. 1st C on .
M tg e . 4 % B o n d s _______
.
83 D e n v e r & R io G ra n de R R . C o. 1st C on .
M tg e . 4 % B on ds, 51 o f $1,000 ea ch ,
and 32 o f $500 e a c h . .
Cash (to be In v e s te d )________________ I .

$ 4 ,7 4 0 ,7 6 6 82

In crea se o f L ia b ilities .

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

D . & R . G . R R . C o. F irst and R e fu n d in g M tg e . 5 % B o n d s _ .$ l,0 0 0 ,0 0 0 00
T r a ffic an d Car S erv ice B alan ces D ue to O th er C o m p a n ie s ___
31,432 75
A u d ite d V ou ch ers and W a g e s U n p a id _________________________
80,820 30
M atu red In terest, D iv id en d s an d R e n ts U n p a id _______________
77,258 47
1,206 16
O th er W o r k in g L ia b ilitie s __________________________________ _____
A c c r u e d I n t e r e s t __________________________________________________
57,687 51
In su ra n ce C o lle c te d ______________________________
3,816 71
$ 1,252,221 90
D eferred I n c o m e (A c c o u n t o f S ecu rities O w n e d ) . . .................... .$ 1 ,2 5 0 ,0 0 0 00
In crea se in A p p ro p ria ted S u rp lu s.
A d d itio n s t o p r o p e r ty th ro u g h in c o m e ........ ......................................

12,211
1,492
500 .000
25,000
100.000

S ecu rities D ep osited with G uaranty
Trust C o. and B a n kers Trust C o ..
T rustees.
Yi R io G ra n de J u n ctio n R y . C o . S t o c k . 1,2 2 1 .1 5 0
R io G ra n de & S ou th w estern R R . C o.
s t o c k __________
149 ,200
W e ste rn P a cific R y . C o . S t o c k _________ 5 0 ,0 0 0 ,0 0 0
W estern P a cific R y . C o. 2d M tg e . 5 %
S in k in g F u n d B o n d s _________________ 2 5 ,0 0 0 ,0 0 0
U ta h F u el C o . S t o c k ____________________1 0,000,000

1,0 0 0 ,0 0 0
24,020
80,000
100,100
3,571

00
00
00
00
87

700 ,947 19
919 ,3 6 6 63
700 ,000 00
1 ,378,000 00
1,3 0 7 ,0 0 0 00
2 60 ,000 00

00

173,311 00

00
00

107,100 10
4 ,2 8 4 ,9 5 2 85

00
00

1 8,750,000 00
6 ,0 0 0 ,0 0 0 00

T o t a l -------------------- ------------------------------8 6 ,3 7 0 ,3 5 0 00 2 9 ,3 1 5 ,4 5 3 05
$ 3 0 0,00 0 00

T o t a l V a lu e o f S ecurities O w n e d ..1 0 4 ,3 3 1 .7 3 2 24 3 6 ,677,801 03

INCOME ACCOUNT FOE THE FISCAL YEARS ENDED JUNE 30 1911 AND 1910.
1909-10.

1910-11.
O p era tin g R e v e n u e ________ ___________ ______________
O p era tin g E x p en ses ____________ _______ _________________
N et O p eratin g R e v e n u e ...............

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

T o ta l N et R e v e n u e .. _____________________________
Less T a x e s .............................................. ......... .

_________

O p era tin g I n c o m e ____ ____________________________ _________________
A d d O th er In c o m e :
R e v en u e fro m Secu rities O w n e d ____________________________ ______
In terest and D is c o u n t _________________ . . . ................ .......................
R en ta l o f R o a d , Y a rd s , T erm in a ls— R e c e ip t s _____________________
H ire o f E q u ip m en t— R e c e ip t s ____________
_____________
M iscella n eou s _____________________________ ________________________
D e d u ctio n s fro m I n c o m e :
In terest on F u n ded D e b t . ...............
...... . . . ___ ___________ _
R e n ta l o f R o a d , Y a rd s , T e rm in a ls— P a y m e n ts ___________ _____
H ire o f E q u ip m e n t— P a y m e n ts _______ ________ ______ __________
N et I n c o m e fo r the Y e a r
O u t o f w h ich tw o D ivid en d s w ere p a id In 1910 an d o n e in 1911, o f 2
on th e P referred C apital S to c k
. _____ _
T h ere w as also set aside fo r R e n e w a l F u n d
.........................

..........

$ 7 ,7 6 1 ,4 8 2 63
$7,4 3 4 ,0 3 4 32
A d d O u tsid e O2p7e,6
ra0tio
n s (L o ss 1 9 1 1 )____________________________
17,984 56
0 25

_____

_______
..................
____ _____
________

$ 7 ,7 7 9 ,4 0 7 19
8 23 ,515 41

$7,4 0 6 ,4 3 4 07
859,621 17

________

$ 0,955,951 78

$ 6,540,812 90
$1,0 2 2 ,7 0 4
07,876
172.428
551 ,267
35,1 3 0

00
92
47
06
06

1 ,849,406 51

$93 2,70 4
90,8 8 0
168 ,555
320 ,1 5 3
25,5 7 7

00
28
40
90
30

$ 8,396,219 41
_____________
_______________
_______ _________
p er c e n t each
...

R e m a in in g Surplus can-led to th e cre d it o f P ro fit and L o s s . . . .................................................

$ 4 ,9 2 2 ,1 3 6 31
285 ,411 64
7 05 ,627 68

5,9 1 3 ,1 7 5 63

$ 1 ,2 4 4 ,4 9 5 00
120,000 00

1,3 6 4 ,4 9 5 00
$ 1 ,118,548 78

1 ,537,870 88
$ 8 ,493,822 66

$ 4 ,6 0 6 ,8 6 6 98
273 ,4 7 6 47
605,312 05

5 ,4 8 5 ,6 5 5 50
$ 3 ,0 0 8 ,1 0 7 16

$2,4 8 3 ,0 4 3 78

N o te .— In terest o n W . P , R y . C o . S e c o n d M o rtg a g e B o n d s w h ich w as tran sferred t o D eferred I n c o m e Is e x c lu d e d .




$ 2 3 ,5 6 3 ,4 3 6 96
15,8 0 1 ,9 5 4 33

$ 2 3 ,391 ,77 1 37
15,9 5 7 ,7 3 7 05

$ 2 ,4 8 8 ,9 9 0 00
120,000 00

2 ,6 0 8 ,9 9 0 00
$ 3 9 9,17 7 16

__

OPERATING REVENUES, EXPENSES

AND TAXES

F O R T H E F IS C A L Y E A R E N D E D J U N E 30 1 9 U .
C o m p a re d w ith Y e a r E n d e d Ju n e 30 1910.
I n c . ( + ) or
D ec. (— ) .
O perating R even u e—
191 0 -1 1 .
190 9-1 0.
$
T ra n sp o rta tio n R e v e n u e :
$
— 65,594 33
F reig h t . ........................ ............ 1 7 ,211,013 29 17,306,012 62
— 151,512 05
5 ,2 7 5 ,8 9 5 40
P a ssen g er____________________ 5,1 2 4 .3 8 3 41
— 420 22
75,540 56
E x ce s s B a g g a g e --------------------7 5 ,120 34
+ 1,022 85
10,202 55
P a rlor and C h air C a r _______
17,825 40
— 8,342 16
304 .129 01
M a l l ...................
295 ,786 85
+ 10,805 35
343 ,242 31
E x p r e s s _____________________
354 ,107 66
— 894 40
5,398 20
4,503 86
O th er P a ssen ger T r a in _____
+ 21,938 90
155.129 74
S w itc h in g .....................................
177,068 64
+ 573 75
6,426
50
7,000 25
S p ecia l S e r v ic e T r a in _______
— 1 00
0 00
M is c e lla n e o u s _______________
5 00
T o t a l ..........................................23 ,290,819 70 2 3 ,4 8 8 ,5 8 3
O th er O p era tin g R e v e n u e :
16,348
22,296 48
S ta tio n an d T ra in Privileges
9,969
5 408 80
P a rcel R o o m R e c e ip t s --------4,407
5,483
S to r a g e F r e ig h t--------------------5,212
20
3,350
S to r a g e B a g g a g e - . ..................
42,005
41,673 56
Car S e r v ic e ___________________
T e le g ra p h an d T e le p h o n e
3,4 7 5
4,050 53
S e r v i c e ----------------------------1,712
1,742 32
R e n ts , B u ildings an d P ro p ty
12,976
11,723 05
M is c e lla n e o u s _______________
2 4 ,6 5 4
23,006 63
J o in t F a cilities— D e b it -------3,399
22,170 11
J o in t F a cilities— C r e d i t ------94,951 67

T o ta l-

01

— 191,763 31

61
34
65
65
90

+ 5,947
— 4,500
+ 1,075
— 1,862
— 332

87
54
60
45
34

14
48
74
24
68

+ 575
+ 29
— 1,253
+ 1,647
+ 18,770

39
84
69
61
43

+ 20,0 9 7 72

74,853 95

£ T o ta l O p era tin g R e v e n u e ..2 3 ,3 9 1 ,7 7 1 37 2 3 ,o 6 3 ,436
' O perating E x p en ses—
M a in ten a n ce o f W a y and
Stru ctu res
2 ,6 2 7 ,8 9 4 64 2,6 9 0 ,601
M a in ten a n ce o f E q u ip m e n t —
4,1 1 9 ,1 8 8 96 3,804 ,120
511 ,108
T r a ffic - - - - - - - - - - - - ______
5o7,()o-5 <L*>
8,234 ,200
8 ’ 2 2 ? ’ 25 « 22
T r a n s p o r t a t io n ...................... —
561 ,917
G en era l_________________________
o94,942 29

-1 7 1 ,6 6 5 59

96

— 6 2 ,707
+ 3 15 ,068
+ 75,9 7 5
— 205 ,5 7 8
+ 33,024

75
09
02
77
70

68.22

11
87
21
84
59

67.06
-3 2 7 ,4 4 3 31

515 ,9 4 5 19
497 ,960 63

— 66,169 00
— 20,5 8 4 19

27.600 25

17,984 56

— 45,5 8 4 81

. 7 ,4 0 6 ,4 3 4 07
.
859,021 17

7 ,7 7 9 ,4 6 7 19
8 23 ,515 41

— 3 73 ,033 12
+ 3 0 ,1 0 5 76

. 6,546,812 90

6,9 5 5 ,9 5 1 78

— 109,138 88

N et R e v e n u e (loss 1 9 1 1 ).,

GENERAL BALANCE SHEET JUNE 30 1911.
J\S S E T S
P R O P E R T Y IN V E S T M E N T .
C ost o f R o a d an d E q u ip m e n t:
H o a d .........................
$ 14 8,68 3,3 33 40
E q u i p m e n t ___________
1 7 .485,240 45
G eneral E x p e n d itu r e s .
189,419 13
L ess D ep recia tio n o n E q u ip m e n t.

$ 10 6,35 7,9 92 98
477 ,8 3 4 63

S ecurities:
P led g ed —
R io G rande J u n ctio n R y . C o . S t o c k . .
R io G ra n de ft S . W . R R . C o . S t o c k . .
W estern P a cific R y . C o . S t o c k ________
W es tern P a clllc R y . C o . 2d M . 5 % B d s.
U ta h F u el C o . S t o c k __________________
U n p led ged —
P u eb lo U n ion D e p o t ft R R . C o. S t o c k
U n ion D ep ot 3: R y . C o . S t o c k ________
S alt L a ke C ity U nion D e p o t & R R .
C o. S t o c k .

$16 5 ,8 8 0 ,1 5 8 35
$173,311
107,190
4,2 8 4 ,9 5 2
18,7 5 0 ,0 0 0
6 ,0 0 0 ,0 0 0

00
10
85
00
00

24,9 2 0 00
8 0 ,0 0 0
00
100,100 00

2 9 ,5 2 0 ,4 7 3 95

$19 5,40 0,6 32 30
R ea l E s t a t e ---------------------------------------------------------------------------199,565 25
W O R K IN G A SSETS.
_
„
A s ner detail In table In n e x t c o lu m n ..... .................................1 3 ,0 9 o ,6 4 5 95
D E F E R R E D D E B I T IT E M S .
T em porary A d van ces:
P r ov is ion a l F u n d ---------------------------------$612,523 34
W ork in g F u n d s ..............................................
8,360 47
W es tern P a cific First M tge.
B on d In te r e s t-----------------$4,9 5 6 ,2 7 6 29
W estern P a cific C o n s tru c’ n 1,300,275 38
0,256,551 67
W estern P a cific A cc r u e d In te re st o n S ec­
on d M ortg age B o n d s, o w n e d b y D . & .
>,402,844 45
It. G . R R . C o. ( u n p a id )...........................
9,015 99
In su ra n ce P a id In A d v a n c e ______________
S pecial D eposits:
Cash P roceed s F irst an d R e fu n d in g
1,084,944 03
M tg e. 5 % B o n d s .......................................
333 ,508 49
S pecial R en ew al F u n d . . ...................... ..........
O th er D eterred D eb it Item s:
669 04
C ou rt D e p o sits................................................
88,3 8 6 62
U n a d ju s te d F rclg n t C la im s .....................
28,885 75
A d v a n c e S u r v e y s .-------------------------------77 25
P rep a id T ic k e t O rd e rs-------------------------1,117 00
P roceed s o f P ro p e rty w ith T r u s t e e .. .
14,002 14— 10,8 4 0 ,8 8 6 24
L ea sed R alls and F a ste n in g s ....................
T o ta l A s s e ts -------------------------------------------------------------------- $21 9,5 3 6 ,7 2 9 74
L IA B IL IT IE S .
STOCKS.
C a pital S to c k s :
„„„
C o m m o n _________________________________ $38 ,0 0 0 ,0 0 0 00
P r e f e r r e d _______________________________
4 9 ,7 7 9 ,8 0 0 00
$ 87 ,779 ,80 0 00
M ORTG AG ED , BONDED AN D SECU RED D EBT.
F u n d ed D eb t:
. _
...
D . & R . G . R R . C o. F irst C on s. M tg e .
4%
B o n d s ______________
$35 ,5 7 0 ,0 0 0 00
D.
<5c R . G . R R . C o . First Con s. M tge.
4 ) 4 % B o n d s _________________________
6,3 8 2 ,0 0 0 00
D.
& R . G . R R . C o . Im p ro v e m e n t
M tge. 5 % B o n d s ................ — --------8 ,3 3 5 ,0 0 0 00
D.
& R . G . W . R y . C o. First M tge.
6%
B o n d s ___________________________
10,000 00
R . G . W . R y . C o. F irst T ru st M tge.
4%
B o n d s ...............
1 5 ,190,000 00
R . G . W . R y . C o . F irst C ons. M tg e .
4%
B o n d s .. ...........................................
16,475,000 00
U ta h C en tral R R . C o. First M tg e .
4%
B o n d s . . .............................................
650 ,0 0 0 00
D.
& R . G . R R . C o . First and R e fu n d ­
ing M tge. 5 % B o n d s _________________
3 3 ,9 4 4 ,0 0 0 00
E q u ip m e n t T ru st O b liga tio n s:
o.
n
I ), ft
R . r?
G . dRtRi . C o . Scries " A ”
300 .000 00
4 1 4 % B o n d s .......................................—
D . ft R . O . R R . C o . Series “ B ”
975 .0 0 0 00
5 % B o n d s ...................................................
117 ,831 ,00 0 00




D E F E R R E D C R E D IT IT E M S .
O p e ra tin g R e se rv e s:
Insu ran ce C o l l e c t e d .._________________
R e s e rv e fo r U n a d ju s te d F re ig h t C laim s
O th er D eferred C redit Item s:
U n co lle cte d C om m ercia l M ileage T lc k 't s
F reigh t Claim C o lle c tio n s _______________
C on n ectin g L ines U n a d ju s te d A c c o u n ts

$ 3 ,3 2 0 ,9 4 - n

1,359,932 59

$ 12 ,277 26
20,0 0 0 00
63,393 28
6,339 17
3,278 67
105,288 38

T o ta l L ia b ilit ie s ......................................................................... $21 0 ,4 0 1 ,9 5 3 08
2 ,4 0 2 ,8 4 4 45
D eferred I n c o m e (A c c o u n t o f S ecu rities O w n e d )_________
A P P R O P R IA T E D SU R P LU S.
A d d itio n s to P r o p e r ty since J u ly 31 1908
th ro u gh I n c o m e . . ----------------------------------- $ 1 ,2 7 4 ,1 8 0 48
R e se rv e s fro m In c o m e o r Su rplu s:
R e n e w a l F u n d __________________________
-5
S p e cia l E q u ip m e n t F u n d -----------------------------------43,0 8 0 60
^
^
^
P R O F IT A N D

L O S S .............................................. ............................

5 ,081,162 64

X o t a l.......................................................................... ..........................$ 21 9,53 6,7 29 74

WORKING ASSETS AND LIABILITIES JUNE 30 1911,

7 ,7 6 1 ,4 8 2 63

N et O p eratin g R e v e n u e .. ____ 7 ,4 3 4 ,0 3 4 32
O u tside O p era tion s:
and
H otels ,
R esta u ra n ts
D ining Cars:
T o ta l R e v e n u e ____________
449 ,770 19
T o ta l E x p e n s e s ___________
477,370 44

W O R K IN G L IA B IL IT IE S .
A s per d e ta il in ta b le b e lo w -------------------------------------------------AC C R U E D L IA B IL IT IE S N OT D U E .
A c c r u e d In te re st:
D.
& R . G . R R . C o . F irst and R e fu n d ­
$70 7,16 6 67
in g M tg e . 5 % B o n d s ------------------------D.
& R . G R R . C o. Im provem en t
34,729 17
M tg e . 5 % B o n d s _____________________
R . G . W . R y . C o . F irst C on s. M tg e .
151 ,680 00
4 % B o n d s ____________________________
D.
& R . G . W . R y . C o . F irst M tg e .
200 00
6 % B o n d s ____________________________
U ta h Cen tral R R . C o . F irst M tg e .
3,9 0 0 00
4 % B o n d s ____________________________
D.
& R . G . R R . C o . E q u ip m e n t T ru st
2,2 5 0 00
M t g e .4 V ^ % B o n d s , Series “ A ” ------D.
& R . Ci. R R . C o . E q u ip m e n t T ru st
16,250 00
M tg e . 5 % B o n d s , Series " B ” _______
85,561 02
A c c r u e d R e n ta l o f L e a se d L in e s _________
3 5 8 ,1 9 5 73
T a x e s A c c r u e d _____________________________

+ 155,782 72

T o t a l O p eratin g E x p e n s e s .. 15,9 5 7 ,7 3 7 05 1 5 ,8 0 1 ,9 5 4 33
P ercen ta g e o f O p e r a tio n ---------

T o ta l N et R e v e n u e _________

599

THE CHRONICLE

S e p t . 2 1911.]

4 2 0 5,61 0,8 00 00

ASSETS.
Cash In T r e a s u r y ....................................... ..................... $2,6 4 4 ,3 3 3 47
308 ,020 00
Cash set aside fo r P a y m e n t o f C o u p o n s ------------Cash In T ra n sit— A g e n ts and C o n d u c to rs _____
226 ,1 5 9 10
Cash in T ra n sit— D ining Car an d H o te l A g e n ts
and C o n d u c to r s .......... ............................................... ........... ^ O l S S o
S ecurities in T re a su ry:
D . & R . G . R R . C o . P referred C a pital S t o c k
$3,571 87
D . & R . G . R R . C o. F irst C on s. M tg e . 4 %
B on d s ______________________________________ 1 ,3 7 8 ,0 0 0 00
R . G . W . R y . C o . F irst C on s. M tg e . 4 %
R o n d s ______________________________________ 1,3 0 7 ,0 0 0 00
U ta h C entral R I t . C o. F irst M tg e . 4 % B o n d s
2 60 ,000 00
R io G rande S ou th ern R R . C o . F irst M tg e .
4 % B o n d s __________________________________
9 19 ,366 63
U tah Fu el C o. F irst M tg e . 5 % B o n d s _______
700 ,000 00
390 ,933 50
R io G rande S ou th ern R R . C o . S t o c k ________
G lob e E x p re ss C o . S t o c k ____________
74,000 00
C o lo ra d o M id lan d R y . C o . S t o c k ...................... 1 ,0 0 0 ,0 0 0 00
B o c a ft L o y a lto n R R . C o . a n d R o b e rts
L u m b e r C o. S e c u r itie s................
790 ,947 19
S ta te an d C o u n ty B o n d s ------------4,900 09
T r a ffic and Car S e rvice B a lan ces D u e fro m
O th er C om pa n ies:
F re igh t and P a ss e n g e r------------------------------------Car M ile a g e ____________________________________

42

6,8 2 8 ,7 1 9 1*

63,042 19
o 4 ,276 99

817,319 18
117,564 91

N et B a lan ces D u e fro m A g e n ts an d C o n d u c to rs ----------------------M iscella n eou s A c c o u n t s R e c e iv a b le :
In d iv id u a ls and C o m p a n ie s..................................
U.
S . G ov e rn m e n t M all T r a n s p o rta tio n --24,71 < 91
U . S . G o v e rn m e n t F re igh t T r a n s p o r t a t io n ..
30,916 36
U . S. G o v e rn m e n t P a ssen ger T ra n sp o rta tio n
17,149 70
T ra n sp o rta tio n C harges, F r e i g h t ------------------96,699 07
T r a n sp o rta tio n C harges, P a ssen ger ...............
61 82
F re igh t C laim B ills ____________________________
37,178 0.)
M aterials and S u p p lie s ..............................................................................
O th er W o rk in g A ssets:
„„
U n rcp o rte d A d v a n c e s , F r e ig h t .......... ................
$12,981 29
U n rep orted A d v a n c e s . C. O . D . B a g g a g e —
31 60
.

917 ,842 59
1 ,215,655 77

13,012 89

T o ta l W o r k in g A s s e ts -------------------------------------------------------- $ 1 3 ,0 9 5 ,6 4 5 95

L IA B IL IT IE S .
T r a ffic and C ar S ervice B a lan ces D u e t o O th er
C om pa n ies:
F re igh t and P a sse n g e r............................................
Car M ile a g e ...................... ...........................................
A u d ite d V ou ch ers and W a g e s U n p a id :
V o u c h e r s .......................
P a y - r o l l s ______________________________________
P a y C h e c k s ........................................
U n cla im ed W a g e s --------------------------------------------

IZ
52,2 0 6 77
22

8 8 8 ’ 29:?
7 3 ,0 2 1

2 0 ,3 o l 10

T o t a l ................
..$ 1 ,5 5 3 ,9 1 2 95
L ess D isch arge C h e ck s-----------------------------------25,755 16
M iscella neous A c c o u n ts P a y a b le :
A g e n t s ’ D r a ft s -------------------------------------------------Claim A g e n ts ’ D r a ft s --------------------------------------F re igh t Claim D ra ft A u th o r itie s --------------------U n red eem ed H o te l C o u p o n s_________________

$28 6,48 7 50

..

_
$21 ,556
723
1 0 .7 / 7
- .4 0 3

1,528,157 V

88

oO
00
36

M atu red In te re st, D iv id e n d s and R e n ts U n p a id :
D i v i d e n d s -------------------------------------------------------- .
* » 88
B on d C o u p o n s _________________________________
92
R e n ta l o f L e a se d L in e s ----------------------------------„ 4 5 , 4 5 - 40
O th er W o r k in g L iabilities:
D e p o sits fo r C on stru ction o f T r a c k s --------------W m . B a y ly C on tin gen t A c c o u n t ......................
U n re p o rte d P re p a y F r e ig h t-----------------------------

$16 ,293 96
2,0 0 0 00
2 1 , - 1 7 78

35,460 74

1 ,433,314 34

4 ■> 5 1 1 7 4

T o ta l W o r k in g L ia b ilitie s -------------•----------------------- --------------$ 3,325,932 11
B a lan ce W ork in g A ssets In e x cess o f W o rk in g L ia b ilitie s------- 9 ,7 6 9 ,7 1 3 84
T o t a ]............................................................... ........................................$ 1 3 ,0 95,645 95

ADDITIONS AND BETTERMENTS.
J U L Y 1 1910 T O J U N E 30 191 1.
ROAD.
R ig h t o f W a y and S ta tion G rou n d s:
C a n yon C ity , B elden an d A llis o n _____________________________
R o a d w a y Im p ro v e m e n ts an d A d d itio n a l F a cilities, Including
R ig h t o f W a y :
C u prum and G arfield B ra n ch es, U ta h ----------------------------------O th er R o a d w a y Im p r o v e m e n ts ________________ _________________
W est A la m e d a S u b w a y , D e n v e r .-------------------------------------------- Steel B r id g e s...................... ......... ..................... .............................................
B u ildin gs and F a cilitie s________________ ______ ___________ ______ -

..
$ 1 ,0 -1 06

7\
l- i * 7? ’? 8 8
7 -,4 4 1 0 6

600

THE CHRONICLE

S h op s , E n g in e-H ou ses a n d T u r n t a b le s - __________________ _
W a te r and Fuel S t a t io n s __________________________
""
S h op M a ch in ery a n d T o o l s ______________________
In crea s ed W e ig h t o f H a ll________________________________________
A d d it io n a l S e c o n d T r a c k s :
S ou th ern J u n ctio n t o W alsen bu n ? J u n ctio n
$ 1 ,3 5 7 014 72
G o o d n ig h t t o S w a llo w s ________________________
-130,605 01
Pnnrln
in P
Pnniin
___
_
45*587 62
P
a n d o to
a n d o T u n n eell.
R e d Clltl t o P a n d o _____
1,336 35
S id in gs, S pu rs an d Y a r d T r a c k s . ........................................................

12,068
2 1 ,830
2,740
4 6 ,636

22
20
34
78

1 ,8 3 5 ,5 0 3 70
*12l|239 23

T o t a l f o r th e Y e a r ....................................... .................................$ 2 ,2 1 5 ,0 6 0 93
E Q U IP M E N T .
10 S . G . Steel B a g g a g e C ars, N o s . 686
t o 6 9 5 ------------------------------------------------ $68,392 34
L ess e x p en d ed la st y e a r _______________
4,995 72
$63 ,396
10 S . G . Steel P assen ger C oa ch es, N o s.
888 to 8 9 7 ------------------------------------------ $13 6,24 5 74
L ess e x p en d ed la st y e a r ______ _____
5,561 38
130,684
10 S G . Steel BulTet L ib r a r y Cars, N os.
801 to 8 1 0 ____________________________$ 1 8 2,06 5 55
Less ex p e n d e d la st y e a r _______________
6,090 41
175,972
30 S . G . Steel B a g g a g e C ars, N o s . 101
to 1 3 0 ____________________________ $20 6,13 7 19
Less e x p e n d e d last y e a r ____________
16,561 58
189 ,875
40 S . G . Steel P a ssen ger C oa ch es, N os.
301 to 3 4 0 ________________________$54 7,28 6 19
L ess e x p e n d e d last y e a r ____________
22,566 87
-5 24,719

P a ssen ger S tatistics—
1910 11
1009-10
R e v e n u e P a ss e n g e rs ----------------------------------1,982,647
2 054 181
2 8 3 ,2 8 6 !7 2 9
“
P assen ger M iles---------------------------- 2 5 4 ,8 4 0 ,3 0 7
P a ssen ger M iles per M ile o f R o a d
99,820
111 4 8 6
“
T ra in M iles (In cluding m i x e d ) . .
4,3 8 8 ,7 5 1
4 ,3 5 4 ,0 4 3
C ar M iles ----------------------------------------------------25,8 0 5 .7 9 9
2 5 ,1 5 8 ,2 5 3
E n gin e M ile s--------------------------------------4 .9 2 6 ,3 2 2 4 ,9 1 9 ,4 0 7
P a ssen ger T rain R e v e n u e p er Mile o f R o a d
$2,299 9 3
$ 2 3 6 9 31
“
T r a in R e v e n u e per T rain M ile___
$134
’ $1 38
“
R e v e n u e p er P a ssen ger M ile ____
C ts. 2 01
Cts
1 86
A v e r a g e R e v e n u e P a ssen gers p er T r a in . .
58 07
’ 65*06
Cars p e r T r a i n . . . .
--------------5.88
5.*78
T ra in E n gin es per T r a in ________
i.i2
j
“
H au l o f E a ch P a ssen ger (in M iles)
128.54
137 JJ1
N o te .— F o r th e p u rp o s e o f c o m p a r is o n . la st y e a r ’ s train m ile a vera ges
h a v e been re v ise d t o co n fo rm to th e re q u ire m e n ts o f the In te r -S ta te C om ­
m erce C o m m issio n .

62

OPERATING REVENUES, EXPENSES AND NET
REVENUE

36

FROM JU LY

14

01

E q u ip m e n t d e s tro y e d an d r e -b u ilt, and s u n d ry c r e d lt s .

32
-$ 1 ,0 8 4 ,6 4 8 05
41,859 37

N et D e b it fo r th e y e a r . T_________________________

- .$ 1 ,0 4 2 ,7 8 8 68

G E N E R A L E X P E N D IT U R E S .
In te re s t on B on d s s o ld fo r A d d it io n s and B e tte rm e n ts du rin g
c o n s t r u c t i o n .......................... .......................................... ..........................

[V o l . L xx x xm .

$39 ,199 79

FREIGH T AND PASSENGER STATISTICS
F O R T H E F I S C A L Y E A R S E N D E D J U N E 30 1911 A N D 1910.
F reigh t S tatistics—
1910-1911.
1909-1910.
F re ig h t R e v e n u e ___________
$17 ,241 ,01 8
$1 7 ,3 0 6 ,0 1 2 62
R e v e n u e T o n s _____ _______ , ......... ........... .......
13,102,823
12,943,086
"
T o n M i l e s -------------------------------------1 .392,978,88 4
1 ,3 5 2 ,6 2 6 ,0 4 6
N o n -R e v e n u e T o n M i l e s . _______________ .
181 ,506 ,47 6
196 ,440 ,05 2
R e v e n u e T o n M iles per M ile o f R o a d O per.
545,624
532,320
'•
T ra in M iles (In clu din g m i x e d ) . .
5,386*750
5,2 2 5 ,5 3 3
L o a d e d Car M iles---------------68,623i708
6 6 ,1 0 3 ,8 7 6
E m p t y Car M iles----------------------------------------3 7 ,2 4 2 ,0 7 6
3 6,157,881
105 865 781
L o a d e d an d E m p t y Car M iles________
10 2 ,2 6 1 .7 5 7
E n g in e M iles (E x c . S w itc h . * W o r k T r a in )
6,932*200
6 ,7 6 5 ,4 4 3
F re ig h t R e v e n u e per M ile o f R o a d O p e r ..
$6,753 24
$0,8 1 0 95
“
“ T ra in M ile________
S3 20
$3 31
“
“ Car M ile____________
C ts. 16.29
C ts. 16.92
“
“ T o n M i l e . ................ _
C ts. 1.24
C ts. I .28
A v e r a g e R ev en u e T o n s per T r a in ________
258.59
2 58 .85
“
N o n -R e v e n u e T o n s per T r a in ___
33.70
37.59
T o n s per T r a in _________________
292.29
296.44
R e v en u e T o n s p er C a r __________
13.16
13.23
“
per L o a d e d C a r . .
20.30
20 .4 6
N o n -R e v . T o n s per L o a d e d C a r.
2.64
2.97
T o n s per L oa d ed C a r________ _ .
22 94
23.43
Cars p er T r a in ___________________
19.65
19.57
T rain E n gin es per T r a in _____ ___
1.29
1.29
H aul o f each R e v . T o n (In Miles)
105.83
104.51
P a ssen ger S ta tis tic s -P a ssen ger R e v e n u e .......... .................................
$5,1 2 4 ,3 8 3 41
$ 5 ,2 7 5 ,8 9 5 46
E x cess B a g g a g e R e v e n u e _________________
375 ,120 34
575,510 56
P a rlor an d C hair Car R e v e n u e ___________
517 ,825 40
$16,202 55
M all and E x p re ss R e v e n u e _______________
$ 6 4 9,89 4 51
$647,371 32
O th er P a ssen ger T ra in R e v e n u e _______ .
$4,503 86
35,398 26

United States Steel Corporation.— Increase in B usinessPresident Farrell on Aug. 29 gave out the following statement
T h e unfilled ord ers as at A u g . 1 sh ow ed 3 ,5 8 4 ,0 0 0 to n s (e x clu s iv e o f Intel
c o m p a n y business o f 8 50 ,000 t o n s ), a g a in o v e r Jun e 30 o f 225 ,000 tons
S in ce A u g . 1 new business has been fre e ly o ffe r e d ,a n d , notw ithstanding
s h ip m en ts in A u g u s t h a ve been large, th e b o o k in g s u p to th e 20th Inst (th
latest d a te to w h ich d a ta has been c o m p lie d ) sh ow s a fa ir Increase. '
T h e ste e l-p r o d u c in g pla n ts o f the co rp o ra tio n are o p e ra tin g a b o u t 7 8 ”
o f th eir c a p a c it y , w hile a n u m b e r o f th e finishing d ep a rtm e n ts o f th e varlou
c o m p a n ie s are o p e ra tin g 8 5 % .
T h e d a lly h ook in gs o f th e c o r p o r a tio n fro m J a n . t t o A u g . 20 s h o w ai
a v era g e increase o f 7,750 to n s as c o m p a r e d w ith th e sam e p eriod In 1910
.Specifications fo r p r o m p t sh ip m en ts In A u g u s t are larger than fo r aw
p rev iou s m on th th is y ea r, an d th e o u tlo o k Is all th at can be d e sire d . Coni
p are V . 9 3 , p . 414 .

Van Wert (Ohio) Gas Light Co.— Bonds Called— The out­
standing $100,000 1st M. 5% bonds have been called for
payment at 102 and int. on Oct. 1 at the office of the trustee
the Trust Co. of America, New York.— V. 88, p. 311.
’
Western Steel Corporation.— Bonds at Auction.— Adrian
H. Muller & Son, New York, on Wednesday sold at auction
$2,000,000 1st M. and coll. G% gold bonds, due Oct. 1 1930
at 1}4■.Inspection. A large party of bankers and capitalists on
Aug. 24 inspected the company’s plant at Irondale. Com­
pare V. 93, p. 538.
White River Light & Power Co., Ind.—Sold.— The prop­
erty was sold by the Wainwright Trust Co. of Noblesville,
trustee in bankruptcy, in that city on Aug. 15 for $30,000
to D. P. Williams of Indianapolis, the only bidder, who
represented a number of creditors.— V. 93, p . 414.

1 1892 T O J U N E 30 1011.

A v g e .M ile s O perating
O perated.
R evenu es.
$ 11 ,814 ,10 8 47
8 ,5 7 7 ,3 6 2 47
>-----------------2,177
9 ,106,531 71
>---------------- 2,181
1 0,008.544 1)0
1 89 6-1 897' -------------- .2,21 2
9 ,4 1 3 ,6 1 8 77
11,705.213 82
1 2 ,6 2 3 ,2 3 5 ,5 6
1............... . .2 , 2 9 4
14,7 5 6 ,6 8 3 16
16,359,610 34
1................. .2 ,3 4 7
17,036,828 48
1............... . .2 , 3 7 8
17,304,559 86
1 9 0 3 -1 9 0 1 .___________2,398
1 6 ,1 .6 ,1 3 5 10
1 0 0 4-1 905
17,031,507 33
190 5-1 906' ___________2,477
19,680,114 79
’ __________ 2,500
2 0 ,9 2 6 ,0 9 0 19
1907­
---------------- 2,499
20,386,431 39
1008­
2 0,876,571 27
1909' ___________2,541
2 3 ,5 6 3 ,4 3 6 90
2 3.391,771 37

O perating
E x p en se s .
$6,885,231 34
5 ,3 4 9 ,5 0 4 60
5 ,4 3 7 ,4 5 5 37
5 ,8 4 8 ,1 7 7 06
5 ,6 7 9 ,8 8 0 90
7 ,0 8 6 ,7 7 5 70
7 ,7 9 4 ,8 7 5 40
9 ,2 0 1 ,8 4 8 56
1 0 ,3 4 7 ,1 3 6 51
10,331,542 43
10,0 2 9 ,8 5 0 38
10,058,443 78
1 0 ,168,900 Cl
12,104,172 10
13,0 12,333 20
12,9 2 5 ,3 0 5 52
1 4 ,452,574 11
15,801,954 33
15,0 5 7 ,7 3 7 05

Net O perating
R even u e
$ 4 ,0 2 8 ,8 7 7 13
3 ,2 2 7 ,7 9 7 87
3 ,6 6 9 ,0 7 6 34
4 ,1 6 0 ,3 6 7 84
3 ,7 3 3 ,7 3 7 87
4 ,6 1 8 ,4 3 8 12
4 ,8 2 8 ,3 6 0 10
5 ,5 5 4 .8 3 4 60
6 ,0 1 2 ,4 7 3 83
6 ,7 0 5 ,2 8 6 05
6 ,6 7 4 ,7 0 9 48
0 ,387,991 32
6 ,8 6 2 ,5 4 6 72
7 ,5 8 1 ,9 4 2 63
7 ,8 8 4 ,3 5 7 23
7 ,4 6 1 ,1 2 5 87
6 ,4 2 3 ,9 9 7 16
7 ,7 6 1 ,4 8 2 63
7,4 3 4 ,0 3 4 32

PEIl MILE OPERATED.
..
i in ,

A v g e .M ile s O perating
O perating N et O perating
Operated. R even u es.
E x p en se s .
R even u e.
--------------------------2 ’ 160 $5.460 00
$3,188 00
$2,281 00
1,485 00
i s 3~il 2 o r --------------------------2 - 173
3.9 4 7 00
2,462 00
1,685 00
t s a ^ J o i ’ o --------------------------2 ’ 177
4,183 00
2,498 00
1,908 00
1 8 0 «~ }2 q 5 ................
4,5 8 9 00
2,681 00
1,688 00
1 8 Q 7 ~ is o s ------------------------4 -256 00
2,5 6 8 00
2,069 00
SOS- il s 2 5 -----------------------5,244 00
3.1 7 5 00
son"
“ >254
5,600 00
3,458 00 2,142 00
2,422 00
l a n r t l o ? ? --------------------------2,294
6,4 3 3 00
4,011 00
i o n ? ! n n « ---------------------- - 2,330
7,021 00
4,441 00
2 ,5 8 0 00
2,857 00
lo n o ~ i S S « -------------------------2,347
7,250 00
4 ,4 0 2 00
2,8 0 7 00
l o o s ~ l n ? ? --------------------------2,378
7.277 00
4,4 7 0 00
} 9 9 3 _ } 99I --------- 2,398
6,858 00
4,1 0 4 00
2,664 00
2,830 00
2,420
7,038 00
4 ,2 0 2 00
i o n r _ } ? ? « ---------------- - - 2,477 7,948 00
1,887 00
lon R - ,1? ? ? .........................
3,061 00
3,154 00
------ 1-----------------2.5 0 0
8,371 00
5,217 00
2,986 00
lOAo 1 5 2 5 --------------------------2,499
8,1 5 8 00
5,172 00
2,535 00
Tnno JS?9 --------------------------2,5 3 4
8,238 00
5,703 00
3,054 00
i n i r t ' t L . -------------- 2,541
9,273 00
6,219 00
1 9 1 0 -1 9 1 1 -----------...
2.5 5 3
9,102 00
6.250 00
2,912 00

EQUIPMENT JUNE 30 1911.
„

Standard
N arrow
G auge.
r
G auge
4 (j8
L o c o m o t i v e s ___________
112
350
P a ssen ger T ra in C a r s . ...................
120
F reigh t T ra in C a rs. _____
1 X 1 4 ,8 3 5
3,5 3 6
C on stru ction and M a in te n a n ce E q u ip m e n t __________ *1 29
15

Total.
580
470
18,371
144

ui 1904. The new volume contains 1,108 pages and supple­
ments the first volume, being entirely new data. The books
serve a useful purpose in answering the frequent inquiry re­
garding an old security. It is published by R . M. Smythe,
Room 452, Produce Exchange, New York. Price $5,
delivered.
— A neat booklet giving population figures of the United
States and foreign nations has been issued with the compli­
ments of Perry, Coffin & Burr of Boston. The data supplied
embraces not only the population of the various States and
cities in the United States, but it shows the rank, according
to population, of each State and city. The growth during
the three decades since 1880 is shown for ail cities having a
population of 10,000 and over.
— William Salomon & Co. have issued a special circular
discussing the situation in the security market, and the im­
portance of the recent amendment to the Tax Law, which
makes it now possible to exempt in Now York State from
persona] taxation almost any bond during its entire life by
the payment of Yi of 1% ($5 per $1,000 bond); also a com­
parison of bonds and real estate mortgages as investments.
— Arthur J . Veitch has been appointed Manager of the
sales department in the Chicago office of A. B. Leach&Co.
Mr. Veitch has had large experience in this line locally, hav­
ing for the past ten years been associated successively with
the well-known investment houses of Peabody, Houghteling
& Co., Stone & Webster and McCoy & Co.
R. M. Grant & Co., bankers, New York City, announce
that Seneca D. Eldredge, who has been associated with them
for the past seven years, and held power of attorney for five
years, has become a general partner in the firm.

—The Knickerbocker Trust Co., 00 Broadway, New York
City, has prepared a booklet emtitled “ safeguards for munici­
pal b on d s/’ in which is explained a system for the prepara­
tion and certification as to genuineness of these securities.
The system, it is pointed out, has been designed for the pro­
— Attention is called to the advertisement of Dcvitt
tection of municipalities, bond dealers and investors against Tremble & Co., Chicago and Philadelphia, offering a list/of
the duplication, over-issue or forgery of municipal bonds Western securities, many of which, it will be noted, show/an
and it is believed that these safeguards will make the bonds attractive yield on the investment.
much more attractive to dealers, widen their market and
— Attention is invited to the list of securities advertised
increase their selling value. The trust company invites in­
another page for September investments by Redmond
quiries regarding the issuance of bonds and the cost of its on
&
Co. Special circular will bo sent on request.
• • ■
services in the matter.
. “ T. J. Lismau & Co., 30 Broad St., have issued a leaflet
_
Volume Two of “ Obsolete American Securities” , just giving a summary of recent tax legislation in this State
issued, is a welcome addition to Volume One, which appeared affecting New York City residents.
.




3P& e

COTTON.

© tfm m je r d a l

COMMERCIAL EPITOME.
Friday Night, Sept. 1 1911.
General trade conditions, although spotted, are yet
marked by some confidence in ultimate and near-by develop­
ments, notwithstanding labor troubles and unsettled foreign
politics. Fair crops seem assured, Congress has adjourned,
there is a good export business in some of the metal trades
and the stock market has apparently been discounting a
general readjustment of general conidtions, which many be­
lieve will in the end make for the better. The reported re­
quest of a Southwestern executive that the public be less
radical in their attitude toward the railroads has been re­
garded as a favorable sign.
LARD has been steady and higher on continued export de­
mand; prime Western here 9.95c., City 8.05c.,refined for the
Continent 10.15c., South America 10.90c. and Brazil in kegs
11.90c. Futures have advanced on buying by packers
against export sales.
D A I L Y C L O S IN G P R I C E S O F L A U D F U T U R E S IN
S a t.
M on.
T iles.
W ed .
S ep tem b er d e liv e r y —
9 .4 0
9 .5 0
9.5 5
9 .4 5
J a n u a ry d e liv e r y ----------- 9.2 5
9 .3 0
9.2 0
9 .U

NEW YO RK .
Tliurs.
9.50
9 .2 0

F r t.
9 .CO
9.30

D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN CHICAGO.
S a t.
M on.
T u cs.
W ed .
T h o rs .
F r i.
S ep tem b er d e l iv e r y ..
9 .3 7 'A 9 .4 2 'A
9 .3 5
9 .2 5
9.32).$
9 .4 7 H
J a n u a ry d e liv e r y ---------- 0 . 0 7 A
9 .1 2 )^
9.1 2 A 9.02 H 9 .0 7 )4
9 .1 7 )4

PORK has been very steady and slightly higher; there has
been a quiet cash demand; mess here $19@$19 50, clear
$16 50@$17 50 and family $19@$'20. Cut meats have con­
tinued in good demand. Pickled hams 14c., pickled bellies
clear, 13@ 14% c. and pickled ribs nominal. Beef steady;
mess $12@$12 50, packet $12 50 to $13, family $13 to
$13 50 and extra India mess $19 to $19 50. Tallow has
been firm at 0% c. for city. Stearines 9 % to 10c. for oleo
and 11 y2 to 12c. for New York lard. Butter has declined,
with offerings larger; pastures have improved, owing to re­
cent rains; creamery extras 26c., firsts 24 to 25c. Cheese has
been firm, with State, whole milk, colored, fancy, 12% to
1334c. Eggs, Western firsts, 17 to 18% c.
OIL.— Domestic linseed has been firm and higher. City,
raw, American seed, 87 to 88c.; boiled 88 to 89 c.; Calcutta,
raw, 95c to $1. Cottonseed firm on bull support. Winter
6 to 7c., summer white 6.25 to 6.90c., crude nominal.
Cocoanut quiet with quotations nominal. Corn still 6.10
to 6.15c. Lard has been firm; prime 80c., No. I extra
58 to 62c. Cod, because of scarcity, has been quiet. New­
foundland 56 to 57c. and 54 to 56c. for domestic.
COFFEE on the spot has been higher with roasting
interests recent buyers. Rio No. 7, 13%c. and No. 4 Santos
14 to 1434c. Futures have risen on bull support and short
covering. Closing prices were as follows:
September . .1 2 .2 5 ® 12.20
O c to b e r _____ ll.9 4 @ 1 1 .9 5
N ovem ber__ 11.75® 11.70
D e ce m b e r __ 11.65@11.86

January
February
March__
April------

11.53@11.55 May ................11.45@11.47
11.50@11.52 June ........... _11.44® 11.45
11.46® 11.47 July ......... _ ._ ll.4 4 @ 1 1 .4 5
11.46® 11.47

SUGAR.— Raw has been strong and higher, reaching new
high levels for recent years. Local stocks are small. Cen­
trifugal, 96-dcgrees test, 5.36c.; muscovado, 89-degrees
test, 4.86c.; molasses, 89-degrees test, 4.61c. Refined,
granulated, 6.25@6.35c. Teas still firm.
PETROLEUM has continued quiet as far as domestic
trade is concerned but the export trade is yet of fair pro­
portions. Refined, barrels, 7.25c.; bulk 3.75c. and cases
8.75c. Gasoline, in 100-gallon drums, IS-^c.; drums $8 50
extra. Naphtha, 73 to 76-degrees, in 100-gallon drums,
1024c.; drums $8 50 extra. Spirits of turpentine steady at
55 to 5534c. Rosin $6 15 to $6 25 for strained, common to
good. Hops steady. New York growers in some cases
report poor yields and are obtaining 50c. for their product.
Continental markets are strong as to prices.
TOBACCO.— While prices hold steady business in tobacco
continues literally on a hand-to-mouth scale, with manu­
facturers in many instances holding off. There have been
some unfavorable crop reports, particularly from Wisconsin.
An extension of time has been granted for the depositing of
the American Tobacco Company’s preferred stock and bonds.
COPPER has been steady; London has been higher, but
there are indications of an increase of production. Lake
12% to 12%o., electrolytic 1234 to 12%c., standard 12.05
to 12.20c. Tin easy; Continental ports have made heavy
shipments; spot here 4234c. to 42% c. Spelter still 5.90c.
Lead quiet at 4.45 to 4.55c. Pig iron has continued in fair
demand for small lots; trade reports are conflicting. No. 1
Northern $15.15@$15 75, No. 2 Southern $14 50 @$14 75.
Steel products have been in good demand for structural
shapes and for wire products. There has been a fair export
business and rather less “ cutting” of prices, although there
has been some shading of pipe prices and in sheets there is
yet considerable competition. Railroads have placed some
small bridge orders.




601

THE CHRONICLE

Se p t . 2 1911.]

Friday Night, September 1 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
178,487 bales, against 91,507 bales last week and 38,537
bales the previous week, making the total receipts since
Sept. 1 1911 20,038 bales, against 27,976 bales for
the same period of 1910, showing a decrease since
Sept. 1 1911 of 7,938 bales.
R eceipts at—-

S a t.

G alveston _____
F o r t A r t h u r ____
T e x a s C ity, &c_ .
N ew O rle a n s____
M ob ile
_ - ___
P e n s a c o la _______
J a ck so n v ille , & c.
S avannah _______
H runs w i c k ___ C h a r le s t o n ___ .
G e o r g e t o w n -----W i lm i n g t o n ------N orfolk _ __ —
N ’ p ort N ew s, &c.
N ew Y o r k ---------B o sto n -------------B a lt im o r e _______
P h ila d e lp h ia -------

13,505

T o ta ls this w e e k -

20,425

M on.

T u es.

W ed.

Tliurs.

F r i.

Total.

11,940

23,272

16,876

14,111

16,660

96,364

9,400
2,6 3 7
42

700
3,174
66
__

1
100
___

10,100
17,939
549
_,

2 ,9 6 5
22

1,753
173

7,409
146

3,681

4,312

4,317
200
148

3,966
312

4,900
26,000
701

101
320

28
270

128
197

45
20
103
____
79
5

____
25
217
____
3

10
165
—

—

—

—

18,428

35,913

33,531

50,152

23,8 3 6
2 6 ,200
1,320
____
664
1,248
____
79
23
165
—

2,660
114
____
362
141
____
____
____
_____
—

20,038 178,487

The following shows the week’s total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911.
R eceipts to
S ept. 1.
G a lv e s to n ________
P o rt A r th u r _____
T e x a s C ity , & c_ .
N ew O rle a n s____
M o b i l e ___________
P e n sa co la . ______
J a ck s o n v ille , & c .
C h a r le s t o n _______
G e o rg e to w n ____
W ilm in g to n ____
N o r fo lk ______
N ’ port N ew s, & c .
B o sto n

96,364

10,660

lb',100
17,939
549
23,836
26,200
1,320

i

79
23
165

P h ila d e lp h ia ____
T o t a l .................... 178,487

This S in ce Sep
W eek .
1 1910.

6,528
195

_____
2,660

4,932

114

81

362
141

344

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

2 7 ,6 6 5

49,749

89
74

300
2 6 ,9 5 5
974

2 2 ,7 9 5
740

_______
2,694
_______
02

_______
19,375
20,722
2,911

_______
8,1 3 9
2 ,0 4 6
345

1

742
2,1 5 7

88
273

100

8 9 ,9 4 7
3,871
554
725

139,761
1,416
522
445

27,976

196,898

226 ,049

i

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

"1 9 5
115
1,291
..........

20,038

86,130

1910.

1911.

24,910

72,448

100

664
1,248

_________

S tock.

1910.

This S in ce S ep
W eek .
1 1911.

86
.............

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R eceipts at —

1911.

47,649
137
5,9 6 6
2,849
13,973

26,582
_____
1,324
231
13,241
05H
1,091
167
1,184

A ll o t h e r s ____

267

1,601

80

1,227
131
920
76
133

T o ta l this w k .

178,487

86,130

81,420

77,202

44,559

73,061

S in ce S e p t. 1 _

20,038

27,976

43,604

52,231

39,968

73,061

C h arleston , &c
W ilm in g to n . .
N o rfo lk
._

72,448
6,528
195
4,932
81
1
344

51,289

1906.

1907.

1908.

1909.

1910.

35,676
298
3,1 1 0
831
35,270
1,450
1,790
729
1,781
147
33 S

96.364
10,100
17,939
549
23,836
26,200
L s ’o
664
1,248

G a lv eston
_
P t. A rth u r, &c.
N ew O rleans
M obile __ __
S av annah _ _

4,799
1,560
18,723
321
32
53
285
141

The exports for the week ending this evening reach a total
of 154,323 bales, of which 49,901 were to Great Britain,
30,698 to France and 73,724 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:

Great
Britain. France.

Great 1
[ Conti- [
Britaln.\Fr'ncc.\ ncnl. |Total.

Galveston _ _ _ 37,769 16,370; 55,295 109,434
__! 9,250
____! 9,250
Texas City, &c.
New Orleans- _ 4,008! 3,432 5.96S 13,408
5.429 ____1 2,099 7,528
Savannah __ .
.I ____
5,070 5,070
Brunswick. ___
2,650 2,251
4,242
6,892
New Y o r k . . . .
- , 1.6461
450, 2,096
B a ltim o re-----45 ____|
600j
645
Philadelphia - _
T o t a l ............ 49,90130,69S 73.724 154,323
Total 1910------

1 1911.

From Sept. 1 1911 to Sept.
Exported to—

Week ending Sept. 1 1911.
Exported to—
Exports
rom—

17.27431.96S1 24.S941 74.1361

Continent.

Total.

11,320 16,370
____
____
4,008
544
____
______
____
—
____
—
____
—

20,705
______
______
______
______
______
______
...........

48,395
______
4.008
544
______
______
—

15,872

16,370

20,705

52,947

...........

93

1001

193

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. *
On S h ipboard, N ot Cleared Jot—
S e p t. 1 a t—

Great
B ritain . F ra n ce

O th er p o r t s ___

1,500
5,000

2,781
____
—
-----____
____
300
—

T o ta l 1011 _
T o ta l 1 9 1 0 ..
T o ta l 1909 _

8,484
13,331
3,856

3,081
2,198
4.100

N ew O r le a n s ..
G alveston ____
S a v an n ah .
C h arleston . _
M obile . . .
N o rfo lk
____

749
1,235
____
____

G er­
m any.

Other
F o reign

53
4,161
—
------____
____
800
3,000

386
400
—
____
____

8,014
23,218
14,001

Coast­
w ise.

L eaving
S to c k .
Total.
4,4 7 7
6,696

900
—

508
900
_____
____
____
500
. . ..
—

____
_____
500
3,500
8,0 0 0

22 478
20 969
19,375
2,911
974
1,657
8 6 ,4 4 7
18,914

1,686
12,611
11,863

1,908
2,744
6,145

23,173
54,135
38,965

173 ,7 2 5
171.914
153,759

602

THE CHRONICLE

Speculation in cotton for future delivery has been less
active and at a generally lower level of prices. The excep­
tion was a sharp rise in August yesterday on strong bull sup­
port. Much interest was of course attached to the Govern­
ment report of to-day, pending which many traders had
avoided making extensive commitments. The Government
made the general condition of the cropon August 25 73.2%,
against 89.1 a month ago, 72.1% last year anda 10-yearaverage of 73.5%. On the announcement of the report the
Continent and Liverpool were heavy buyers, while the South
sold. The net result of the week has been a decline of 15
to 24 points, the latter on September. The gist of it is that
the South has been a steady seller of both futures and of spot
cotton at continued concessions as to prices. There has also
been extensive liquidation for the account of Memphis and
other operators, who bought early in the weekon privatecrop
condition reports, which were in some cases as lowas73%.
I he crop accounts, however, have in the main been dis­
tinctly favorable, receipts of new cotton are increasing,
drastic curtailment of production continues and Continental
interests have at times sold because of apprehensions as to
au ®u^come of th4 Moroccan situation. Recent rains in
the Southwest have been of distinct benefit to the crop there,
and in the Atlantic States there have also been good rains,
while in the Mississippi delta clearing conditions have suc­
ceeded complaints of excessive precipitation. The weekly
Government weather report was of a favorable average. Prices
of print cloths have in some instances been reduced. Spot
houses, WallStreetand certain large metal interests have sold
the new-crop months to a considerable extent,while at Liverpool
prices have at times been depressed by heavy offerings of newcrop cotton. Also there were rumors of a private settlement
by the leading long interest in the August delivery; at any
rate, August, at the time of the announcement of the
rumored settlement, sold under the price of December. But
there has been some trade buying and damage by insects is
persistently reported, particularly in Mississippi and Ala­
bama, but also from Texas and Arkansas. The Sea Island
crop of cotton is also said to have suffered damage. Shedding
is reported in Arkansas and some other sections of the belt.
The rise in the August position, as already mentioned, was
spectacular, the price of that month advancing 100 points
in the grip of powerful metal interests, from 11.70c. to
12.70c. Chicago grain operators, it is believed, have made
long commitments of late. It was also claimed that the
rumored private settlement in August had existence in rumor
only, and those who let their long August contracts “ g o
b y the board,” as well as those who had the temerity to sell
August short, were more than disconcerted, to say the least,
by the sharp advance in that month on its last day. To-day
prices advanced on the announcement of the bullish Govern­
ment report. Spot cotton has declined 40 points for the
week, to 11.75c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
20 to S ep t. 1—
S at.
M o n . T u e s . W e d . T h u r s.
M id d lin g u p la n d s _______________ 13.15
12.75
12.40 12.0 0
11.60

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

FUTURES.— The highest, lowest and closing prices at
New York the past week have been as follows:
CO

rH

r-«

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19 0 3 -C 1902.
1 9 0 1 ...
1 9 0 0 ...
1 8 9 9 ...
1 8 9 8 ...
1 8 9 7 ...
1 8 9 6 ...

____ 1 2 .7 5 1 1 8 9 5 .c . . . . . . 8 .1 9
9.00 1894
6 .8 8
____ 8.62
1 89 3_____ . . . 7.81
____ 9.62
1 89 2_____ . . . 7.12
____ 6.25
1 89 1........... . . 8.44
........ 5.81 1 89 0_____ . . . . 1 1 . 0 0
____ 7.81
1 8 8 9 _____ . .. 1 1 . 5 0
____ 8.19
1 8 8 8 _____

@|
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lOTT

h

MARKET AND SALES AT NEW YORK.
S p ot M arket
Closed.
S a t u r d a y ___
M o n d a y ____
T u e s d a y ___
W ednesday.
T h u r sd a y . .
F r id a y ___

Q u iet
Q u iet,
Q u iet,
Q u iet,
Q u iet,
Q u iet,

T o t a l____

_______________
40 p ts . d e c . .
35 p ts . d e c . .
40 p ts . d e c . .
40 p ts . ( l c c . .
15 p ts . a d v .

F u tu res
M arket
Closed.

jo co

M

1-4rH 1-i
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S3

IS
0) •

S t e a d y ..................
S t e a d y _________
S t e a d y _________
S te a d y _________
S t e a d y ..................
S t e a d y ..................

“ ei

61

C on tr’cti Total,
'7 0 0

“ 761

"1 6 6
17,900
4,800

'lO O
17,900
4,8 0 0

2 3 ,500

23,561

' - THE AGRICULTURAL DEPARTMENT’S AUGUST
REPORT.— The following statement, showing the condition
of cotton on Aug. 25, was issued by the Department of
Agriculture Sept. 1:
. . . .
T h e C rop R e p o rtin g B o a rd o f th e B u reau o t S ta tistics o f th e U n ited
S tates D ep artm en t o f A g ricu ltu re estim a tes, fro m the re p o rts o f the c o r re ­
s p o n d e n ts an d agents o f the B u reau, th a t the average c o n d itio n o f the c o t t o n
c r o p o n A u g . 25 w as 7 3 .2 % o f a n o rm a l, as c o m p a re d w ith 89 1 o n J u lv 25
1911, 72.1 on A u g . 25 1910. 63.7 o n A u g . 25 1909, 76.1 o n A u g . 25 1908
a n d 7 3 ..), th e a v erage o f th e p ast 10 years o n A u g . 2 5 . C o m p a rison s o f
c o n d it io n s b y S tates fo llo w :
A u g . 2 5 ----------A u tj.2 5 J u ly ,
10- Y r .
Stales— ....................................
1911.
1911,
A v er.
1910.
1909.
V irgin ia ______
96
102
82
80
73
N orth C a rolin a ____________________ _70
87
76
78
73
S ou th C a rolin a _________________._
74
86
73
77
74
G e o r g i a ________________________
81
95
71
77
73
F lo r id a -------------------------------------------------- 85
95
74
78
75
A l a b a m a __________________
80
94
72
73
66
M ississip p i______________
70
86
71
76
61
L o u i s i a n a ................. .............. .
69
84
60
70
48
T ex a s ________ ____________ _
.6 8
86
69
68
59
A rk a n sas ____________________________ 78
94
78
75
60
T e n n e s s e e _____ ____________
88
92
78
82
75
M is s ou ri_______•_....................................... 8 8
96
78
82
80
O k la h o m a _____________________________ 62
88
85
76
56
C a li f o r n ia ____________________________100
99
95
U n ited S t a t e s ............ ..................... 73.2
89.1
72.1
63.7
The A u g . 2 3 -S ep t. 1 averages in earlier years fo r all th e S tates w ere,
a c c o r d in g t o the A g ricu ltu ra l D e p a rtm e n t, as fo llo w s : 76.1 in 1908 72 7 in
1907; 77 .3 In 1906; 72.1 In 1905; 84.1 In 1904; 81.2 In 1903; 64 in 1902;
J1.4 in 1901; 68.2 in 1900; 68.5 In 1899; 79.8 in 1898; 78.3 In 1897- 61 2 in
1896; 70 .8 In 1805; 85.9 In 1894, 73.4 in 1893; 76.8 in 1892.




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THE VISIBLE SUPPLY OF COTTON to-night, as
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week’s returns, and
consequently all foreign figures are brought down to Thurs­
day evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
S ep t, l —
.
.
.
.
.
.
S to c k at M arseilles________
O 00

.

S to c k at T r i e s t e .......... ......... !

1911.
4 43 ,000

1910.
3 31 ,000
5,000
2 1 ,0 0 0

1909.
33 6 ,0 0 0
17,000
50,000

4 82 ,000
14,000
2 8 ,0 0 0
56,000

357 ,000

90 3 ,0 0 0

2 ,0 0 0

2 ,0 0 0
1 1 ,0 0 0

1 2 ,0 0 0

27,000

17,000
16,000
7,000

1 2 ,0 0 0

1 2 ,0 0 0

60,000
72,000

125,000
155,000
3 ,000
2 2 ,0 0 0

19,000
7 ,000

18,000
5,000

1908.
3 71 ,000
15,000
3 9,000
4 25 ,000
2 5 ,000
139,000
7 3,000
4,0 0 0
19,000
13,000
18,000

T o ta l C on tin en ta l s t o c k s ..............

140,000

183,000

3 40 ,000

311 ,000

T o ta l E u ro p e a n s t o c k s ..

622,000
3 3,000
170,656

540,000 1,24 3 ,0 0 0
54,000
54,000
118,368
82,374
17,000
2 5,000
37,000
45,000
426 ,000
174,000
226 ,049
192,724
52,041
83,449
50
1,780

736 ,000
53,000
130,616

SALES.
S p ot.

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tsirH
NH
lOt-4
?!

<0 05
r-4 CO

F ri.
I I .7 5

1 8 8 7 .c __
1886
1 8 8 5 ____
1884_____ . . . 1 0 . 9 4
1883_____ . . . 1 0 . 1 2
1882_____ . . . 1 2 . 8 8
1 2 2 ft
1881
1 88 0........... . . 1 1 . 8 1

@|
«m

Z

NEW YORK QUOTATIONS FOR 32 YEARS.
1 9 1 1 -c ......1 1 .7 5
1 9 1 0 _____ . . . 1 5 . 5 0
1 9 0 9 _____ . . . 1 2 . 7 0
1 9 0 8 . . . . . . . 9.30
1 90 7_____ . . . 13.55
1 9 0 6 _____ . . . 9.8 0
1 9 0 5 _____ . . . 1 0 . 9 5
1 9 0 4 _____ . . . 1 1 . 5 0

@|
N

S to c k
S to ck
S to ck
S to ck
U. 3.

.
.
.
.
in A le x a n d ria , E g y p t
.
In B o m b a y , I n d ia ___
In U . S . p o r t s _____________ .
In U . S . in terior to w n s ____ .
e x p o r ts t o -d a y .............

2 1 ,0 0 0

42,000
422 ,000
196,898
102,226
52,947

2 2 ,0 0 0

60,000
384 ,000
185,180
117,358
12,398

.1 ,6 6 2 ,7 2 7 1,470,508 1,90 1 ,3 2 7 1,700,552
O f th e a b o v e , to ta ls o f A m e rica n and o th e r de scrip tio n s are as follow s :
A m erica n —
verpool stock____ ______ bales. 2 5 9 ,0 0 0
2 44 .000
7 43 .000
2 68 ,000
anchester s t o c k ___________________
16,000
16,000
35,000
28,000
C on tinental s t o c k __________________
9 4 , 0 0 0 138.000
3 02 .000
237,000
118,368
A m erican a lloa t fo r E u r o p e ........... 170,656
82,374
130,616
U . S . p o rt s t o c k s _________________
1 9 6 ,8 9 8
226,019
192,724
185,180
52,041
U. S. interior stock s___ ______ 102,226
83,449
117,358
50
U . S . e x p o r ts t o -d a y .......... ..................
52,947
1,780
12,398
794 ,508 1 .1 4 0 ,3 2 7
8 91 ,727
T o ta l A m e r ic a n .............................
r E ast In d ia n , B ra zil, cfee.—
8 7 .000
L iv e rp o o l s t o c k _____ _______
184 ,000
93.000
5.000
1 2 ,0 0 0
L o n d o n s t o c k _____________________
17.000
5.000
M anchester s t o c k ..................
1 1 ,0 0 0
15.000
45.000
3 8.000
C on tinental s t o c k ................................
4 6 ,000
54.000
In d ia afloa t fo r E u r o p e ___________
3 3 ,0 0 0
54.000
E g y p t, B razil, & c., a l l o a t . . ............................... 21 , 0 017.000
0
25.000
45.000
S to ck In A le x a n d ria . E g y p t _________________4 2 ,0 037.000
0
4 26 ,000
S to ck In B o m b a y , I n d i a . ............... 42 2 ,0 0 0
174,000
T o ta l E a st In d ia , A c ____________
T o ta l A m e r i c a n _________________

7 71 ,000
8 9 1 ,7 2 7

676 ,000
461 ,000
7 94 ,508 1,440,327

vioiuic
___ ___ i , ___
. 2.7 1,470,508
T* ovivcn
ta l visib
le os u p ppiy
l y____
. .......................1
,6 6 _2 ,7
T iv
Itroxnnnl
it
KH
17 .9
f)7d
7d.
Mliihllirw
id dling TTnlon/1
U p la n d , L
e r p o o l______
0 .ft
95
d.
1 5 .5 0 c.
M id dlin g U p la n d , N ew Y o r k ____
1 1 .7 5 c .
lid .
E g y p t, G o o d B ro w n , L i v e r p o o l ..1 0 5 -1 6 d .
1 0 .7 5 d .
P eru vian , R o u g h G o o d , L iv e r p o o l 1 0 .4 0 d .
6 ^d.
7 'Ad.
B ro a ch , F ine. L iv e r p o o l_________
7 1-16(1.
T ln n e v e lly , G o o d , L iv e r p o o l____
6 J$d.

978,552
103.000
15.000
11.000
74.000
53.000
22.000
60,000
384.000
722 .000
978,552

1,001,327 1,700,552
Ci 00.1
6.88(1.
5 .2 5 d .
12 .8 5 c.
9 .3 0 c .
lO d.
8 M d.
8.35(1.
8 .8 0 d .
1 5-16d .
O H d.
ll-1 6 d .
6 d.

Continental imports for the past week have been 25.000
bales.
The above figures for 1911 show an increase over last week
of 30,861 bales, a gain of 192,219 bales over 1910, a de­
crease of 238,600 bales from 1909, and a loss of 37,825
bales from 1908.

Se p t .

THE CHRONICLE

2 1911.]

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.

C losing Q uotations Jor M id d lin g Cotton on —
W eek ending
S e p t. l .

Sat'dat/.

G a lv e s t o n _____ 12 3-16
N ew O rle a n s___ 12 %
M o b ile
...
S av an n ah . . . 11 15-16
C h a r le s t o n ... .
N o r f o l k _____ _
B a ltim o re
P h ila d e lp h ia ___
A u g u s t a _____.
M e m p h is _______
S t . L o u is _______
H o u s to n _______
L it t le R o c k ____

12 H
12 %
13.40
12
13
12 Ji
12 'A

M on d ay. Tuesday. W ed 'd a y. Thursd'y. F r id a y .

—

114
11 9-10
11 'A
11%

11%
11 9-16
11 «
11 %

11 %
11H
11 V»
11 4

—

12
11 15-16
11
11 13-16

12
12 It
13.00
U Vs
12 H
12 M
12

12 H
12H
12.65
11 'A
12 *4
12 %
12

11 %
12 4
12.25
11 H
12 %
12 4
11%

11 %
12 H
1 1.85
11 %
12 %
12 H
11 %

11 K
12 %
12.00
11 Vs
12
12 %
11 %

12 1-16
11 15-16
11 H

—

—

—

—

/4

- --

NEW ORLEANS OPTION M ARKET.— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t'd ay, M on d ay, Tuesday, W ed 'd ay, Thursd'y, F rid a y ,
A u g . 26. A u g . 28. A u g . 29. A u g . 30. A u g . 31. S e p t. 1.
A u gu st —
R a n g e ___.
C lo s in g ___ . .
S e p t.—
Range . . .
C lo s in g . ____
October —
R a n g e _____
C lo s in g .
N ovem ber—
R a n g e ____
C lo s in g _______
D ecem ber—
R a n g e _______
C lo s in g _____
.January—
R ange
... .
C lo s in g _______
F ebru a ry—
Range . .
C lo s in g ___ ...
M a rch —
R a n g e ..........
C lo sin g _______
A p ril—■
R a n g e _____
C lo s in g ._____
M ay—
R a n g e _____
C lo sin g ---------T on e—
S p o t . . ------ .
O p t i o n s _____
* N o m in a l.

r
12.39-.6 3 11.99- .40 1 1 .8 0 -.0 0 1 1.70-.9 0 11.60 — — (a. —
*
--- (a> ---12.53-.5 4 11.75-.0 0 11.8 0 -.9 0
® 11.5C-.61 11.40-.4 3 1 1.33-.4 3 11.20-.3.3 11.28-.4 6 11.3 3 -.4 4
11 .6 3 -. 6 5 11.40-.43 1 1.32-.3 4 11.3 4 -.3 6 11.28-.2 9 11.40-.4 2
11 .39-.52 1 1 .26-.41 11.1 6 -.3 7 11.1 0 -.2 5 11 .1 9 -.4 0 1 1 .1 9 -.4 4
11.51-.5 3 11.31-.32 11.20-.21 11.2 5 -.2 6 1 1.22-.2 3 l l.3 1 - .3 2
11.50 — 11.33 — 11.27 — 11.12-.1 3 — ® — 11.39 —
1 1.20*
11.27*
11.33*
11.23*
11 .31*
11.51*
1 1.42-.5 5 11.29-.4 5 11.19-.42 11.13-.2 8 11.21-.41 1 1 .1 9 -.4 6
11.5 4 -.5 5 11.35-.3 6 11.24 — 11.2 8 -.2 9 11.25-.2C 11 .3 4 -.3 5
11.48-.61 1 1.35-. 50 11.2 5 -.4 7 1 1.19-.3 3 11.2C -.47 11.25-.51
1 1.59-.6 0 11.41-.42 1 1.29-.3 0 1 1 ,33-.34 11.30-.31 11.40-.41
— @ — — @ — — @ — — @ — — @ 11.38*
11.35*
11.40*
11.34*
11.64*

— rs> —
11.44*

1 1.59-. 73 1 1 .47-.60 11 .37-.59 11.31-.4 5 11 .3 9 -.5 6 1 1 .3 8 -.6 0
11.71-.72 1 1.51-.52 11.40-.4 2 11.44-.4 5 1 1.41-.4 2 1 1 .5 1 -.3 2
— • (3! — — @ — — <H> — — 0 — — <® — ■— (3> —
11.55*
11.46*
11.76*
11.56*
11 .45*
11.49*
1 1 .69-.71 — (cD --- 11.5 1 -.6 6 — @ — 11.60-.C3 11 .65 -.6 6
11.81-.8 3 11.62-.64 1 1 .5 2 -. 54 11.56-.5 8 1 1.53-.5 5 11.61- .03
S te a d y .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
S te a d y .

S te a d y .
E asy.

F irm .
S te a d y .

COTTON CROP CIRCULAR.— Our Annual Cotton Crop
Review will appear in the “ Chronicle” in the issue of Sep­
tember 9, but will be ready in circular form about Wednes­
day, September 6. Parties desiring the circular in quantities
with their business cards printed thereon should send in
their orders as soon as possible to ensure early delivery.
The above totals show that the interior stocks have in­
creased during the week 3,116 bales and arc to-night 50,185
bales more than at the same time last year. The receipts
at all the towns have been 45,087 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows:
--------1 911-------S ep t. 1—
S in ce
S h ip p ed —
W eek ,
S e p t. 1.
1,480
V ia S t. L o u is ..
_____ ________
45
V ia C a i r o _________________________. .
513
V ia R o c k Is la n d _________________
V ia L o u is v i ll e ___________________ . .
67
V ia C in cin n a ti_______ ___________ _
120
V ia V irg in ia p o in t s ______________
V ia oth er rou tes, & c _____________ . .
346
102
T o ta l gross o v e r la n d ___________ . 2,180
D educt shipm en ts- ••
O verlan d to N . Y . , B o s to n , & c. .
267
Betw een Interior to w n s _____ ___
In la n d , & o., from S ou th ______ . . 1,098

147

T o ta l t o be d e d u c t e d _________ . 1,369
L e a v in g to ta l net ov e r la n d * _______

815

—
W e ek .
1,383

1 9 1 0 --------S in ce
S ep t. 1.
753

4 58
190
818
85

103
50
69
16

2,934

888

1,601

100

98

1,028

723

98

2,629

823

49

305

65

* I n c lu d in g m o v e m e n t b y rail to C an ada.

The foregoing shows the week’s net overland movement
has been 815 bales, against 305 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits a decrease from a year ago of 16 bales.
----------1911---------I n Sight and S p in n ers'
S in ce
T a kin gs.
W eek .
S ep t. I .
R e c e ip ts a t p orts to S e p t. 1 ____ 178,487
20,038
N et o v e r 'a n d to S e p t. 1
_____
8 t5
49

------------ 1 9 1 0 ---------------

S in ce
S ep t. 1.
27,976
65
9,000

Southern consumption to Sept. 1- 20,000

8,000

W eek .
8 6 ,1 3 0
305
2 8 ,0 0 0

T o t a l m a r k e te d ___
199,302
In te r io r s to c k s In e x c e s s _____ . . .
3 ,1 16

28,087
525

114 ,435
3,738

37,041
1,263

C am e Into sight d u rin g w e e k . .2 0 2 ,4 1 8
T o ta l In sigh t S e p t, l _____ ___ _________

.................
28,612

118,173
----------

______ ...
38,304

N o rth , sp in n ers’ tak in gs t o S e p t. 1 _______

Movement into sight in previous years:
W eek—
1009— S e p t.
1908— S e p t.
1907— Sept,.
1906— S e p t .

3.
5.
6..
7.

B a les.
136,030
115.914
103.380
127,506

S in ce S ep t. 1—
1 9 0 9 —.Sept. 3 . . .
1908— S e p t. 5 . . .
1907— S e p t. 6 ___
1906— S e p t. 7 . . .

B a les.
71,108
76,611
9 0 ,736
127,506

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below arc the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.




WEATHER REPORTS B Y TELEGRAPH.— Our tele­
graphic advices from the South this evening indicate that
in Atlantic sections and in Texas there has been beneficial
rain. Our advices from the latter State indicate that in
northern sections the drought has been entirely relieved,
and that the prospects are excellent for a good crop. In
Southwestern Texas, however, moisture is still needed.
Damage from worms is complained of in Alabama, and in por­
tions of Arkansas it is claimed that rain has done injury.
Picking is becoming general and cotton is moving freely.
Galveston, Tex.— Good rains have entirely relieved the
drought in North Texas and prospects in that part of the
State are excellent for a good crop. In Southwestern Texas
rain is still needed. We have had rain on three days during
the week, to the extent of two inches and thirty-one hun­
dredths. The thermometer has averaged 82, ranging from
72 to 92.
Brenham, Tex.— It has rained on three days of the week,
the precipitation reaching three hundredths of an inch. The
thermometer has ranged from 67 to 93, averaging 80.
Cuero, Tex.— Rain has fallen on three days of the week,
the rainfall being three inches and thirty-eight hundredths.
Average thermometer 85, highest 100, lowest 69.
Dallas, Tex.— There has been rain on two days during the
week, the precipitation reaching two inches and five hun­
dredths. The thermometer has averaged 84, the highest
being 95 and the lowest 62.
Henrietta, Tex.— There has been rain on three days during
the week, the precipitation reaching two inches and sixtythree hundredths. The thermometer has averaged 78, rang­
ing from 63 to 92.
Huntsville, Tex.— We have had rain on two days during
the week, the rainfall being forty-seven hundredths of an inch.
The thermometer has ranged from 59 to 95, averaging 77.
Kerrville, Tex.— Rain has fallen on one day of the week,
the rainfall being one inch and seventy-eight hundredths.
Average thermometer, 77, highest 94, lowest 59.
Lampasas, Tex.— We have had rain on one day of the past
week, the rainfall reaching thirty-four hundredths of an inch.
The thermometer has averaged 80, highest being 99 and
lowest 60.
Longview, Tex.— It has rained on four days of the week,
the precipitation being three inches and thirty-five hun­
dredths. The thermometer has averaged 77, ranging from
60 to 93.
Luting, Tex.— We have had rain on three days during the
week, the precipitation reaching one inch and eighteen hun­
dredths.
The thermometer has ranged from 68 to 99,
averaging 84.

604

THE CHRONICLE

Nacogdoches, Tex.— There has been|rain on one day of the
week, to the extent of fifty-one hundredths of an inch.
Average thermometer 73, highest 90, lowest 5G.
Palestine, Tex.— We have had rain on three days of the
week, the rainfall being two inches and ninety-one hun­
dredths. The thermometer has averaged 76, the highest
being 92 and the lowest 60.
•
Paris, Tex.— It has rained on four days of the week, the
precipitation being two inches and ninety-eight hundredths.
The thermometer has averaged 71, ranging from 59 to 92.
San Antonio, Tex.— We have had rain on two days during
the week, the precipitation being twenty-eight hundredths
of an inch. Thermometer has ranged from 66 to 98, aver­
aging 82.
Weatherford, Tex.— Rain has fallen on three days of the
week, the rainfall being thirty-four hundredths of an inch.
Average thermometer 77, highest 92, lowest 62.
Ardmore, Okla.— Rain has fallen on three days of the week,
the rainfall being four inches and seventy-five hundredths.
The thermometer has averaged 77, ranging from 62 to 92.
Marlow, Okla.— We have had rain on one day during the
week, the rainfall being one inch and three hundredths.
The thermometer has ranged from 62 to 89, averaging 75.
Tulsa, Okla.— Rain has fallen on one day during the week
and the precipitation has been thirty-three hundredths of an
inch. Average thermometer 72, highest 90 and lowest 54.
Alexandria, La.— We have had rain on one day of the
week, the rainfall being thirty-five hundredths of an inch.
The thermometer has averaged 77, the highest being 92
and the lowest 62.
New Orleans, La.— Rain has fallen on two days of the
week, the rainfall being one inch. The thermometer has
averaged 81, ranging from 73 to 90.
Shreveport, La.— There has been rain on five days the
past week, the rainfall being six inches and eighty-six
hundredths. The thermometer has ranged from 62 to 90,
averaging 76.
Meridian, Miss.— Rain on one day of the week to the
extent of forty-four hundredths of an inch. Average ther­
mometer 78, highest 96, lowest 60.
Vicksburg, Miss.— We have had rain on three days during
the week, the precipitation being twenty-five hundredths of
an inch. The thermometer has averaged 75, the highest
being 88 and the lowest 63.
Yazoo City, M iss.— We have had rain on one day during
the week, to the extent of four hundredths of an inch. The
thermometer has averaged 77, ranging from 62 to 93.
Fort Smith, Ark.— We have had rain on one day during
the week, the precipitation reaching seventy-six hundredths
of an inch. The thermometer has ranged from 56 to 86,
averaging 71.
Helena, Ark.— Crops reported damaged by rain and worms.
First bale received yesterday. Rain has fallen on two days of
the week, the rainfall being eighty-one hundredths of an
inch. Average thermometer 75, highest 88, lowest 68.
Month's rainfall 8.49 inches.
Little Rock, Ark.— There has been rain on three days
during the week, the precipitation reaching one inch and
thirty-nine hundredths. The thermometer has averaged
73, the highest being 86 and the lowest 60.
Texarkana, Ark.— Rain has fallen on two days of the week,
the rainfall being one inch and twenty hundredths. The
thermometer has averaged 74, ranging from 59 to 88.
Chattanooga, Tenn.— There has been rain on four days
during the week, the rainfall being forty-seven hundredths
of an inch. The thermometer has ranged from 66 to 91,
averaging 78.
Memphis, Tenn.— Weather favorable. Rain has fallen on
three days of the week, the rainfall being fifty-six hundredths
of an inch. Average thermometer 74, highest 85, lowest 59.
Nashville, Tenn.— We have had rain on two days the past
week, the rainfall being eighty-two hundredths of an inch.
The thermometer has averaged 74, the highest being 86 and
the lowest 61.
Mobile, Ala.— Cotton picking makes good progress. Re­
ports of deterioration and damage by caterpillars continue.
There has been no rain during the week. The thermometer
has averaged 81, ranging from 70 to 94.
Montgomery, Ala.— Much damage by worms. Splendid
weather for gathering the crop. We have had rain on one
day during the week, the precipitation reaching four hun­
dredths of an inch. The thermometer has ranged from
68 to 94, averaging 81.
Selma, Ala.— Rain has fallen on one day of the week, the
rainfall being inappreciable. Average thermometer 79,
highest 91, lowest 65.
Atlanta, Ga.— It has rained on five days of the week, the
precipitation being forty-two hundredths of an inch. The
thermometer has averaged 78, ranging from 66 to 90.
Augusta, Ga.— Rain has fallen on five days during the
week, the rainfall reaching two inches and forty-six hun­
dredths. The thermometer has ranged from 71 to 92,
averaging 81.
Savannah, Ga.— There has been rain on five days of the
week,to the extent of three inches and twenty-four hun­
dredths. Average thermometer 79, highest 91, lowest 71.
Florence, S. C.— It has rained on four days of the week;
the precipitation reaching two inches and seventy hun­
dredths. The thermometer has ranged from 68 to 97,
averaging 82.




[VOL. L X X X X I I I .

Spartanburg, S. C.— Rain has fallen on four days of the
week, the rainfall being one inch and twenty-five hundredths.
Average thermometer 79, highest 94, lowest 65.
Charlotte, N . C .— There has been rain on five days during
the week, the precipitation reaching three inches and ninety
hundredths. The thermometer has averaged 78, the highest
being 91 and the lowest 66.
Greensboro, N . C .— We have had rain on five days during
the week, the precipitation reaching three inches and ninetyone hundredths. The thermometer has ranged from 60 to
90, averaging 75.
Raleigh, N. C.— Rain has fallen on four days during the
week and the precipitation has been one inch and sixty-six
hundredths. Average thermometer 77, highest 90 and
lowest 64.
Charleston, S. C.~ I t has rained on four days during the
week, the precipitation being four inches and ninety hun­
dredths. The thermometer has averaged 80, the highest
being 90 and the lowest 69.
W ORLD’S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.

1911.
W eek .

V isib le s u p p ly A u g . 2 5 . .
1,031,803
V isible su p p ly S e p t. 1
A m erican In sigh t to S e p t. 1 ___
202 ,418
B o m b a y receipts to A u g . 51
4.000
O th er In dia s h ip ’ ts to A u g . 3 1
18,500
A le x a n d r ia re ceip ts to A u g . 3 0 300
O th cr s u p p ly to A u g . 3 0 * .
..
6.000
T o t a l s u p p ly ___
D educt—
V isib le s u p p ly S e p t. 1_________

1910.

S ea so n .

W eek .

1,059,418
28,012

S eason .

1,487,791
1 ,495,514
38,304

1 Iff. 173
7.0 0 0
37,000
50(1
5.0 0 0

_________

1,803,081

1,088,030 1,055,464

1,533.818

1,002,727

1,602,727 1,470,508

1,470,508

T o ta l tak in gs t o S e p t. l _ .
O f w h ich A m erican
O f w h ich o th e r''

200,354
184,950
25,303
03.310
115,554
47.310
84,8 0 0
26.000
- ...............
* E m b ra ce s re ceip ts In E u ro p e fro m B razil, S m y r n a , W e s t In d ies, & c.

INDIA COTTON MOVEMENT FROM ALL PORTS.
Aug. 31.

1910-11.

1909-10

Receipts at—

Since
Week. | Sept. 1.

| Since
Week. Sept. 1.

1

B om bay...................................

4,000 2,493,000

Since
Sept. 1.

Week.

7,000:3.178,000

For the Week.

Exports
rorti—

19C 8-09.

2,000 2,102,000

Since September 1.

Great Conti- Javan
Britain. non. A China Total.

B om bay—
1910-11._
1909-10..
190.8-09..
Calcutta—
1910-11..
1903-10-.
1908-09..
Madras—
1910-11..
1909-10..
1908-09..
All others—
1910-11..
1909-10..
190S-09..
Total all—
1910-11..
1909-10..
1908-09..

1
4,000 10,000 3,500 23,500
3,000 26,000 20,00(1 49.000
____ 18.000 3,000 21.000

____
____
____

5,000
12,000
9,000

____
____
____

3,000
4,000
1.000

1,000

1.000
1.000
____

3,000
6,000

3,000
2,000
4,000

5.000
12,000
3,000 12,000

Japan
A- China.

Continent.

Great
Britain.

Total.

57,000
95,398
24,803

1) 1 8 ,0 0 0
998,627
594,505

,4000
4,000
1,000

4,000
4,965
6,484

46,000
55,981
54,450

500
8.00C

4,500
15,000

16,000
4.497
5,503

37,000
47,038
55,018

4,000
29,651
15,509

57,000
81,186
70,030

2,00C
5.00C
4,000 12.00C
8,000(
____

10,000
18,000
8,000

77,000
42.49C
30,798,

308,000
334,299
307,387,

38,000
51,135
88,092

423,000
427,924
426,277

610.0001,591,000
947,2902,011,315
680.550 1.299.804
'
20,000
70,000
47,033 107,979
30,856
91,796

154,000 1,309,000 1,078,0002,141,000
147,350 1,435,945 1,075,1092,658,404
67,588 1,011.306 815,013 1.893,967

ALEXAN D RIA RECEIPTS AND SHIPMENTS.
A lex a n d ria , E g y p t,
A u gu st 30.

1010-11.

1909-10.

1908-09.

R eceipts (ca n ta rs)—
T h is w e e k ________ ______
Since S e p t. 1 _________ . .

2.5 0 0
7.5 8 1 ,6 1 8

4,000
4 ,9 8 0 ,7 1 5

5,000
6 ,755,812

T his
S in ce
W e e k . S ept. 1.

S in ce
T h is
W e e k . S ep t. 1.

This
S in ce
W e ek . S e p t. 1.

215,352
219,058
1.250 414,091
124,228
—

3,000 162,340
122,402
2,5 0 0 319 ,316
1,500 00,218

2,500 199,170
2,7 5 0 222,300
377,580
2,300 99,424

E xp orts (bales) —
To
To
To
To

L iv e r p o o l........................
M a n c h e s t e r ___________
C on tinent and I n d i a ..
A m e r i c a . ........................

7,550 898,664
7,000 670,372
T o ta l e x p o r t s ................. 1,250 973 ,029
- A ca n ta r Is 90 lb s .
E g y p tia n bales w eigh a bou t 750 lb s .

This statement shows that the receipts for the week
were 2,500 cantars and the foreign shipments 1,250 bales.
MANCHESTER M ARKET.— Our report received by cable
to-night from Manchester states that the market continues
firm for both yarns and shirtings. The demand for both yarn
and cloth is improving. Wegivethe prices for to-day below
and leave those for previous weeks of this and last year for
comparison.
1910.

1911.
834 lbs. Shirt­
ings, common
to finest.

2s Cop
Twist.
d.
July
14 10 34 ®
21 10 34 ®
28
(a)
9K
Aug.
4
9 5 -1 6 ®
11
18
9!,. ®
25
9a
®
Sept
1
934 @

d. s. d.

s. d.

in * 6 0
10*4 5 11
1 1>8 5 9

® 11 134
@ 11 0
@ 10 8

1034
10 >4
10 >4
10H

5
5
5
5

1034 5

734@ 10
8 m 10
7J4@ 10
8 @10

6
734
734
8

834© 10 9

Col'n
Mid.
Upl's
d.

834 lbs. Shirt­
ings, common
to finest.

32s Cop
Twist

d. s. d.

d.

7.76 10K
7.39 10*4
0.90 10 Vs

©
©
©

11
5
1134 5
1134 5

0.95
6.77
0.69
0.88

10?4
10*f
10*4
1034

@
©
(3)
@

11K
11H
11 34
UK

6.95 ioy*

@

11M 5

5
5
5
5

s. d.

Coi'n
Mid.
U pl’s
d.

5 © 1 0 4 34
5 34 © 1 0 0
6 @ 10 7

7.94
7.97
8.16

0 ©10
6 © 10
6 ©10
034@ 10

8.07
8.31
8.20
8.14

6

7
7 34
744
8

@10 8

r .ffl

{Se p t . 2 1911 ]

THE CHRONICLE

SHIPPING NEWS.— As shown on a previous page, the
•exports of cotton from the United States the past week have
reached 15
bales. Ih e shipments in detail, as made
up from mail and telegraphic returns, are as follows:

605
B R E A D STU F FS.

Friday Night, Sept. 1 1911.
Flour has been quiet, with buyers in many instances hold­
Total bales.
ing off with the idea that the movement of new spring wheat
N E W Y O R K — T o L iv e r p o o l— A u g . 29— C a ron ia, 1 ,2 0 0 ____ A u g . 30
will result in somewhat lower prices. On advances buyers
-— C eltic, 1 .4 5 0 . .............
2,050
T o B rem en -A u g . 3 0 — Prime F ried rich W ilh e lm , 2 ,2 3 1 ..........
2,251
hold off, pointing to the large stocks of wheat at many of the
T o A n tw e r p — A u g . 20— F in la n d , 8 5 9 ______________________ _____
859
________________
802
T o G enoa— A u g . 25— K o n lg A lb e r t, 8 0 2 ______
primary points, while on declines they show indifference to
T o N aples— A u g . 2 5 — K o n lg A lb e r t, 1 5 0 . . ____________ _______
150
T o P iraeu s— A u g . 30— P a trls, i s o .................... ..................... ..
180
a marked degree, claiming that prices will work still lower.
G A L V E S T O N — T o L iv erp o o l - A u g . 28 —S a n ta n d c r ln o , 0,3 2 9 —
There was a little export business done at St. Louis, but other­
A u g . 3 0 - -A n tillia n , 1 1,320; C u th b c rt, 9,598 ______ ____ __ 27,247
T o M anchester -A u g . 2 9 — A n gelina d o L a rrln aga. 10,522 . . . . 10,522
wise the export trade was light. Millfeed, however, has
T o H a v r e —A u g . 30- -M n tteaw an, 10,781; P e n rith C astle, 5.589 16,370
T o B rem en — A u g . 25—-F ra n k fu rt, 1 4 , 1 8 6 . ___A u g . 2 8
Earn,
been firm and bran is in greater demand. The output of
1 2 ,7 5 5 ....... A u g . 2 9 - S t . E g b e r t, 1 0 ,3 4 9 _____A u g . 30— Elsa
M enzell, 6 ,4 3 1___
__________________ ______. . . . . . . . . 43,72 1
flour for the week at Minneapolis, Duluth and Milwaukee was
T o H a m b u rg —A u g . 3 1 — C heruskla, 4 2 5 .
______________ .
425
369,660 bbls., against 354,240 bbls. the previous week and
T o A n tw erp
A u g . 2 9 — P en rith Castle, 2 ,2 5 0 . .
. . . . . . . . 2,2 5 0
T o C lien t -A u g . 29
Penrith C astle, 1,250 . ___________________
1,250
360,785 last year. The railroads have agreed to make the
T o B a rcelon a — A u g . 29 -P rln clp essa L a e tltla , 3 , 1 5 0 . . . ............
3,150
T o G en oa— A u g . 29— P rln clp essa L a e tltla , 4 ,4 9 9 _________ _____ 4,499
requested concessions on lake and rail rates between the
T E X A S C I T Y — T o H a v re— A u g . 30— M artazan , 9 ,2 5 0 . ___________
9 ,2 5 0
Northwest and New York.
N E W O R L E A N S ...T o L iv e r p o o l - S e p t . 1— C u sto d ia n , 4,008 _____ 4,008
•
T o H a v r e —A u g . 2 8 — L ou isiana, 3 ,4 3 2 _____ _______________ _____
3,432
Wheat has declined, owing largely to the pressure of the
T o Brem en
A u g . 2 6 — O rm a za n , 1,451_____ A u g . 29— A tla n tla n , 4 , 4 1 7 _______________________________ ______ ________________
5,868
big stocks at Chicago, a milling demand of but moderate
T o R o tte r d a m — A u g . 25— B e a ch y , 100 . ................ ....... ..................
100
proportions, expectations of heavy September deliveries and
S A V A N N A H - T o L iv e r p o o l— A u g . 2 5 — C y n th la n a , 161____ A u g .31
-w a s te r , 5,2 8 5 ........ ............... .............................. ..................... .........
5,429
also to generally favorable Canadian crop accounts. The
T o -B r e m e n — A u g . 2 9 — B rlk a, 1 , 5 4 9 . . __________________________
1,849
Canadian crop was estimated at 200,000,000 bushels, France
T o G oth en b u rg — A u g . 2 9 - -B rlk a, 200 ..... ..... .................................
200
T o Christiania - A u g . 27— P o w h a ta n , 3 5 0 . .
__________________
350
has sent some encouraging crop advices and Northwestern
B R U N S W I C K .... T o Brem en
Vug. 31— B rlk a. 5,070 _____________
5,070
markets have been at times weak as to prices. There was
B A L T IM O R E — T o H avre -A u g . 30— M o n ta n a , 1 ,6 4 0 . .....................
1,040
T o H a m b u rg ...-A u g . 2 5 — B u lga ria, 4 5 0 . ____ _______ ___________
4 50
an increase of 2,209,000 bushels in the world’s visible sup­
P H I L A D E L P H I A — T o A n tw e r p — A u g . 3 1 — M a rq u ette, 2 0 0 _______
200
ply, against an increase of 2,814,000 last week and 8,326,000
T o M anchester -A u g . 25— M an ch ester M iller, 45 _____
__
45
last year. On the other hand, Russia has sent some bad
T o G enoa— A u g . 28 —T a o rm in a , 4 0 0 __________________ __________
400
crop accounts. There have been some frost reports from
T o t a l .......... ................................................................................. ................ 154,323
Canada and the world’s shipments were smaller, being 10,­
EXPORTS OF BREADSTUFFS, PROVISIONS, COT­ 688,000 bushels, against 10,800,000 the previous week and
TON AND PETROLEUM.— The exports of these articles 14.032.000 a year ago. Winter-wheat receipts also are de­
during the month of July, and the seven months, for the creasing, India has sent some unfavorable crop advices and
past three years have been as follows:
rust damage and poor threshing returns are complained of
in the American Northwest. Moreover, corn prices have
Exports
1910.
1911.
1909.
from
been strong and this in a meausre has at times been imparted
United States.
7 Months.
July.
7 Months.
July.
7 Months.
July.
to wheat. During the week some 900,000 bushels of wheat
were sold for export. To-day prices advanced on nervous­
Quantities.
Wheat ..b u sh 3,105,456 12,319,798
861,996 9,302,039 2,714.962 13,703,105
ness regarding the Moroccan situation, predictions of lighter
Flour____bbls
602,116 5,862,347
405,010 4.496,557
503,188 3,947,762
world’s shipments and small deliveries at Chicago.
Wheat* .bush 6,0,84,978 39,700,359 3,126,342 27,066,968 4.537,642 33,937,611
Corn------bush 2,343,363 45,573,950 1,011,384 23,101,537
739,313 23,434,700
Total bush. 8,428,341 85,274,309 4,137,726 50,171,505 5,276,955 57,372,311
S
Values.
S
S
8
$
S
Wheat
flour 5,995,722 39.020.517 3,305,905 30,004.554 5,613,277 38,201,817
609,634 17,537,709
Corn and meal 1,669,585 25,854,172
771,621 10,369,673
822,092
Oats and meal
155,910
27,405
135.203
713,286
1,314,351
729,063
238,859
B a rle y ...........
125,982
112,656
1,370,971
1,050,202
13,813
R y e ................
20
27,057
235
104,905
Breadstuffs
Provisions . . .
Cattle & hogs
Cotton . . .
Petroleum ,<te

7,947,219 67,560,276
10,728,345 81,377,952
1,425,504 9,839,400
5,337,975:224,184,790
8,738,894 36,548,508

4,326,385 47.039,195 6.516,832
9,322,421 62,352,297:10,042,716
329,009 4,606,186
891,685
8,755,882i 173,010,999 10,500,371
7,312,590 51,540,399 8,361,727

57,670,919
84,627,971
9,356,292
186,316,281
57,849,328

Total value.1 4 ,177,997l439.510.992l:i0.045.237 339,449,07636,316,331:195,820,791
* includes flour reduced to bushels.
N ote. —All of the above figures are based on the monthly preliminary returns
Issued by the Bureau of Statistics, and cover about 96% o f the total exports.

LIVERPOOL.— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, &c., at that port:
A v y .1 1 .
Sales o f the w e e k . . . . bales . 26,000
1,000
O f w hich sp ecu la tors to o k . .
O f w h ich e x p o rte rs t o o k . . _ 1,000
S ales, A m e r ic a n . . . _____ ____ . 21,000
6,000
A c tu a l e x p o r t . ________________ .
F orw a rd ed ______ _____________ . 36,000
T o ta l s to c k — E s t im a t e d . . .. . .5 0 1 ,0 0 0
O f w h ich A m e rica n . _____ .3 2 9 ,0 0 0
T o ta l Im ports o f the w e e k ___ . 22,000
6,000
O f w hich A m e r ic a n ............... .
A m o u n t a f lo a t _________ ______ . 48,000
O f w h ich A m e r ic a n _____ . .. . 5.000

A u a . in .
10,000

A u g . 25.
22,000

S e p t . 1.
4 1 ,000

1,000
6,000
5,000
1 ,000
513,000
329 .000
18,000
3,000
40,000
8,0 0 0

14.000
2,0 0 0
8,000
513.000
325 ,000
10,000
2,0 0 0
46,000
18,000

2,000
28,000
5,000
84,000
443,000
259 ,000
18,000
7,000
87,000
61,000

The tone of the Liverpool market for .spots and futures
■each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.

1
1
)

Saturday.

Monday.

Tuesday.

Dull.

Quiet.

Quiet.

Wednesday. Thursday.
Quiet.

Harden­
ing.

M id. Upl’ds

0.99

6.80

0.80

0.77

6.92

S a le s .........
Spee.&exp.

3,000

0,000
400

5,000
300

5,000
300

12.000
500

—

Futures. 1 Firm at
Market
i 10 points
opened
J advance.

Weak at
5 @ 0 pts.
decline.

1 Steady at
9ChlO pts.
j advance.

Quiet at
10j@14%
p ts..d e c.

Market,
4
P. M.

Quiet at
2@ 3%
pts. dec.

Easy at
8 @ 9 pts.
decline.

V'v st’ y at Steady at
2% @ 6
11% @ 1 3 %
pts. dec.
pts. adv.

Firm at
7 points
advance.

Friday.
Harden­
ing.
6.95
8,000
500
Steady at
4(5)7 pts.
desline.

Steady at V’ y st'v at
11 @ 13
2% @ U
pts. adv.
pts. adv.

The prices for futures at Liverpool for each day are given
below. Prices arc on the basis of upland, good ordinary
clause, unless otherwise stated.
_____________________ '
A u g . 23
S ep t. t .

M on.

Sat.
12 %
p .m .

A u gust . .
A u g .-Sep .
S e p t .-O c t .
O ct .-N o v .
N o v .-D e c .
D ec .- Tan
Jan .-F eb..
F ob .-M ch .
M ch .-A p r.
A p r.-M a y .
M a y - J u n e ____

2%
p .m .
6
6
6
6
6
0
6
6
6
6
0

66
49 %
26 %
21 %
18 %
18
18 %
20
21 %
22 %
23%

T u e s.

W ed.

T h u rs.

Fri.

4
12 %
4
12 Ml 4
12 %
4 12 K
12%
4
p .m . p .m . p.m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
5 4 % ! 51 %
38 % 3 6 %
17% 14%
13
10%
09 % 07
09 % 07
10
07%
11 % 09
13
11
14 i 12
15 % 13%




48
33
1I
07
05
05
05%
07
09
10
11

57 %
42
17%
13
10
10
10 %
12
14
15
16

44
56
45
41%
29
30
06
05
16 %
11 %
00 % 01
98 % 08 %
98
08
%
98
%
98
09
08 % 99
99 % 00 % 11
0 1 % : 0 2 % 12 %
0 2 ' ; 0 3 % 13 %
0 3 % 04 % 14%

42
17
12 %
09 %
09 %
10
12
13 %
14 %
15%

15%
16
10%
07 %
97 'A
08
09 >-$
11
12
13

53
21

%
16
12 %
12%
13
14%
16
17
18

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S
S a l. S io n . T u es.
96 % 97
97
. 9 7 9 7 H 96%

NO. 2 r e e l____
____ ____. . . . . .
S e p te m b e r d e liv e ry In e l e v a t o r ..

IN NEW YORK.
W ed. T h urs. F r i .
96 K
36 % 97%
95%
96% 96%

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN CHICAGO.
S a t. M o n . T u es. W ed . Th urs. F r i.
9 0 ' 9 0 ' . 89 % 8 8 8 9 %
89%
94 J. 9 5 '
94
93%
9 4 % ( 4 >,
. 1 0 0 ? , 101
100
99 % 1 0 0 % 1 0 0 %

S e p te m b e r d e liv e ry in e le v a to r
D e ce m b e r d e liv e ry In e le v a to r
M a y d e liv e ry In e le v a t o r ______

Corn has advanced on heavy export buying, some un­
favorable foreign crop reports, and strength of prices in cash
markets. During the week exporters took 2,600,000 bushels
Yet the domestic crop and weather advices have been in the
main favorable, the receipts have been large and the visible
supply increased 1,226,000 bushels, against a decrease of
698.000 the previous week. It is believed that the German
Government will take the import duties off feeding stuffs.
To-day prices were steady, but without significant net
change, although higher for a time on small receipts and
firmness of the cash markets.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D
S a t. M o n .
Cosh c o r n . ........................................... . 73 ; 73 %
S e p te m b e r d e liv e ry in e le v a to r . _ _ n o m . n o m .

C O R N IN N E W Y O R K .
T u es. W ed. Thurs . F ri.
73
73
73 %
73
n o in
nom . n o m .
72

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S
Sat. M o n . T u e s .
65 '
65
S e p te m b e r d e liv e ry In e le v a to r . . . 64 N
62 %
. 62
62 %
D e cem ber d e liv e ry In e le v a to r
64 %
M ay d e liv e ry In e le v a t o r . _____ . . 64 %: 64 %

IN C H IC A G O .
W ed. Thurs . F r i.
64%
65 >4; 6 5 '.
67 ' ;
6?, !.
63 %
65%
64 % 65

Oats, like' corn, have advanced on some unfavorable
crop reports,1expectations of short crops in both hay and
pastures as well as oats,and predictions that Germany will
be forced to buy American oats. Drought damage, more­
over, is reported in Eastern Canada. However, there was
a gain of 1,743,000 bushels in the visible supply. Prices
to-day declined slightly under liquidation.
D A I L Y C L O S IN G P R I C E S O F O A T S
S a t. M o n .
S t a n d a r d s ________ ______
________ 4 5 %
45%
N o . 2 w h it e _____________________... . 46
40
D A IL Y

C L O S IN G

P R IC E S

S e p te m b e r d e liv e ry In e le v a to r
D e ce m b e r d e liv e ry In e le v a to r
M ay d e liv e ry In e le v a t o r —

IN N E W Y O R K .
T u es. W e d . T h urs. F r i .
46
46%
47
47
40 %
47
47 % 4 7 %

O F O A T S F U T U R E S IN CHICAGO.
S a t. M o n . T u es. W ed . T h urs. F r i.
42'
42 ', 4 2 %
42 %
43%
42%
44 7
45 - 45
45
46
45%
. 47 % 48 % 48
48
48% 48%

The following are closing quotations:
W in ter, low g r a d e s____ 53
W inter p a te n ts_________ 4
W in ter s tra ig h ts________ 4
W in ter c le a r s ___________ 3
S pring p a te n ts ___________ 5
S prin g s tra ig h ts________ 4
S pring cle a rs____________ 4

FLOUR.
00%' 53 25 K ansas straigh ts, s a c k . 54 35<H>$4 50
5 0 C<t 4 60 K ansas clea rs, s a c k s ___ 3 8 5 @ 4 15
0 0 1* 130 C ity p a te n ts ____________ 6 1 0 @ 6 50
65(<? 3 85 R y e l fo u r ._____ _________ 4 5 0 @ 5 00
1 5 @ 5 40 G raham flo u r ___________ 3 85fa> 4 00
80C<0 5 00 Corn m eal, kiln d r ie d ___ 3 7 0 @ 3 80
2 5 @ 4 50

G R A IN .
C orn, per bushel —
W h e a t, per bu sh el— f .o . b .
N . S p rin g, N o . 1................. -51 13 %
N o. 2 -------------------f .o . b .
S team er ---------e le v a to r
N . S p rin g , N o . 2 ---------------- . 1 11 %
97 %
N o . 3 ------ -------- e le v a to r
R e d w in ter. N o . 2 -----------H ard w in te r. N o. 2 ----------9 8 % R y e . per bu sh el—
O ats, per bushel, new —
Cents.
N o . 2 W e s te r n ________
47
S tate a n d P en n sylva n ia
S ta n d a r d s ________ _________
N o. 2 w h ite ______________
4 7 % B arley— Mai tin g _________
46 %
N o . 3 w h ite ________ ______

For other tables usually given here, see page

573.

Cents.
73
N om inal
N otnlnal
N om inal
N om in al
N om in al

606

THE CHRONICLE

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Aug. 28 1911, was as follows:
AM ERICAN G R A IN
Wheat,
Corn,
bush.
bush.
New Y o r k ____________ 1,654,000
206,000
B o s t o n .....................
245
16,000
P h iladelph ia__________
717,000
1,000
Baltim ore_____________ 1,800,000
82,000
New Orleans--------------139,000
112,000
Galveston............- ..........
131,000
6,000
Buffalo ______________ 3,581,000
196,000
T o l e d o ......... ................... 1,990,000
53,000
D etroit ...........................
228,000
228,000
C h ic a g o ............................19,404,000
1,773,000
“
afloat................
333,000
Milwaukee - ....................
420,000
112,000
Duluth..............................
242,000
Minneapolis .................. 3,784,000
20,000
St. L o u is -...................... 4,624,000
329,000
Kansas C ity.................... 5,274,000
828,000
Peoria......... .....................
22,000
124,000
In dia n a p olis........................ 819,000
195,000
O m a h a ............................. 1,400,000
777,000
On Lakes--------- ---------963,000
961,000
On Canal and R iv e r .. .
477,000
26,000
'

Total
Total
Total
Total

Aug.
Aug.
Aug.
Aug.

26
19
27
28

1911.-48,247,000
6,045,000
1911.-47,642,000
4,793,000
1910.-24,998,000
2,165,000
1 9 0 9 .. 8,362,000
1,774,000
CANADIA f G R A IN
Corn,
Wheat,
bush.
bush.
Montreal .......................
741,000
356,000
Fort W illiam .................. 1,161,000
Port Arthur___________
507,000
Other Canadian..............
999,000

STOCKS.
Oats,
bush.
1,019,000
9,000
158,000
675,000
120,000
1,850,000
633,000
236,000
7.018.000
2.211.000
246,000
465.000
497.000
724,000
232,000
1,780,000
130,000
760,000
50,000
126,000
18,939,000
17,196,000
12,551,000
5,184,000
STOCKS.
Oats,
bush.
416.000
461.000
678.000
3,385,000

Rye,
bush.
1,000

Barley,
bush.
6,000

1,000
453,000
2,000
14,000
3,000

21,000

59.000
15.000
26.000
5,000

168,000
130,000
42.000
36.000

1,000
20,000
17,000

33,000

144,000
96,000
232,000
202,000

889.000
693.000
786.000
217.000

Rye,
bush.

Barley,
bush.
15,000

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

well in some quarters, but slowly in others. Wash fabrics
were in steady request, and demand for these and other
domestics for spring delivery is expected to improve after
the holiday. The reduction in prints resulted in some busi­
ness in the export division, Manila taking 500 or (300 cases.
Otherwise export trade failed to improve materially; a few
inquiries for light-weight sheetings were received from China,
but bids were below sellers’ ideas. Print cloths and con­
vertibles were more active and generally firmer, gray goods,
383^-inch standard, now being quoted at 4 ^ c .
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Aug. 2G were 2,741
packages, valued at $215,994, their destination being to the
points specified in the table below:
—------ 1911--------- ----------------- 1910--------S in ce
S in ce
W eek . J a n . 1 .
.Jan . 1 .
521
93
1,426
697
19
658
49,401
71,073
995
9,4 8 3
17,899
14,007
720
8 ,3 6 0
4 ,3 4 7
202
9,831
.
259
18,968
26,433
534
68
1,359
.
59
1,495
7,787
732
.
530
13,450
31,874
.
771
600
39,5 2 0
3 1 ,1 6 5
537
.
53
24,722

N ew Y ork to A u gu st 2 6 —
G reat B r it a in ________________
O th er E u r o p e ________________
C h in a _________________________
In d ia ________________________
A r a b i a ______________________
A f r i c a ________________________
W e s t I n d i e s _________________
M e x i c o _____________ _________
Central A m e r i c a ____________
S ou th A m e r ic a _______________
O th er c o u n t r ie s _____________
T o ta l

W eek .
.
13
.
24

_____________________

.2,741

220 ,248

4,5 0 0

164 .888

The value of these New York exports since Jan. 1 has been
$15,655,749 in 1911, against $11,421,651 in 1910.
WOOLEN GOODS.— Demand for woolen and worsted
Total Aug. 26 1 9 1 1 .. 3,408,000
356,000
4,940,000
15,000
dress fabrics for fall delivery increased substantially this
Total Aug. 19 1 9 1 1 .. 4,081,000
394,000
5,071,000
1 8 ,0 0 0
week, and embraced both the finer qualities suitable for the
Total Aug. 27 1 9 1 0 ..
2,641,000
8 2 ,0 0 0
386,000
68,000
Total Aug. 28 1 9 0 9 ..
771,000
67,000
328,000
65,000
garment trade as well as the cheaper staples used by jobbers;
SU M M ARY.
the aggregate amount of duplicate orders booked, in both
Wheat,
Corn,
Oats,
R ye,
Barley,
woolens and worsteds, is said to compare favorably with
bush.
bush.
bush.
bush.
bush.
American ......................48,247,000
6,045,000 18,939,000
144,000
889,000
that of the corresponding period in previous seasons. The
356,000
4,940,000
________
15,000
C a nadian........................ 3,408,000
demand ran largely to worsted-warp broadcloths, fancy
Total Aug. 26 1911.-51,655,000
6,401,000 23,879,000
144.000
904,000
woolen suitings and coatings and fine serges. As mills have
Total Aug. 19 1911.-51,723,000
5,187,000 22,267,000
96,000
711,000
not been manufacturing for stock purposes, buyers who
Total Aug. 27 1910.-27,639,000
2,247,000 12,937,000
232.000
854,000
Total Aug. 28 190 9.- 9,133,000
1,841,000
5,512,000
202.000
282,000
failed to order in advance are now having difficulty in secur­
ing deliveries as promptly as desired. Business in dress
goods for spring, especially the cheap lines, has not expanded
THE DRY GOODS TRADE.
to any extent. Men’s wear lines ruled rather quiet outside
of scattered orders for quick shipment.
New York, Friday Night, Sept. 1 1911.
FOREIGN
D R Y GOODS.— Imported woolens and
Price revisions and increased activity in various lines of
merchandise were the most noteworthy features of the cotton worsteds, in common with domestic lines, were in better re­
goods market during the past week. Changes in prices were quest for fall requirements. Linens were moderately active
irregular, some descriptions of goods being advanced and and firm. A fair business was reported in burlaps for forward
others lowered. Perhaps the most important reduction was shipment and prices were firmly held; spot burlaps were slow,
the radical and unexpected cut in the price of American with prices irregular and nominal at about 3.75c. to 3.80c.
Printing Co. fabrics from 5J^c. to 4% c.; the Borden interests for light-weights and 5.10c. to 5.15c. for 10j^-ounce.
also lowered certain well-known brands of sub-count prints Importations and Warehouse Withdrawals of Dry Goods.
from 43^c. to 434c - The apparent purpose of these revisions,
The importations and warehouse withdrawals of dry goods
which were promptly met by the American’s principal com­
petitors, was to stimulate demand. That the new trading at this port for the week ending Aug. 26 1911 and since
basis is satisfactory and attractive to secondary distributers Jan. 1 1911, and for the corresponding periods of last year,
is evident from the substantial orders placed by the latter were as follows:
e
o oo o
03 rf
CO ><0 O
GO
N COTT H io
since the reductions were announced; leading jobbers took
CO co
00 CM rH CO CO
CM
Tf GOCO CO o
2 a,
o
o ^ «
CM CO OO CO CO
large quantities, and, while trading in good-sized lots was
1Is- iO
? rf
lO CO CM IO
a ^ - O r t 'o
m"
: ® co
® I'- 03 CMCO CO o
not general, aggregate business in these fabrics showed a
CO 00 O >0 H
t>« co
CM 03
. N.
r-i
o o M
h « H o o
«0 «C CO COCM
rf
CO ^ W
material increase over that of recent weeks. Two large
printers subsequently announced a reduction of
a yard
CM L« !O O M S
in the price of 28-inch percales, a revision which the trade
03 03
C O M O
o Ci
Cl
CO CM
8 a OWMh O
CO CM 05 O t>»
had fully expected in view of the cut in standard and sub­
.§5
CO
6a
count prints. On the other hand, wide and narrow gray
goods became distinctly firmer during the week, being taken
rH O
TH co
quite freely at advances of l-16c. to y%u. over last week’s
nw
v.
^00 C'- 00 GOo
CM O
; o « io h o j o
CO lO CM © ©
quotations, while the trade discount of 2 }4 % on one promi­
1 CM CO "T
■ oc co a r- -rf co
•
O « ^ O N I JO
•
CO 00 QO CO C\J o
nent line of bleached goods was withdrawn, owing, it is
understood, to the fact that this particular line is well sold
ahead; even with the discount withdrawn, the current price
o^ r-i
r,
IO O H o
i oo
is said to leave little, if any, profit to manufacturers, and
Tf CO CM O
Wco
I
CM T O.
co" C5
0,
~ ,
an advance on this line, as well as on other bleached goods,
in the near future would occasion no surprise to those who
oC CO t - O CM O CM
are familiar with conditions in this quarter. An increased
00 CO
CO o CM O CO
® r>.
to 2*
rf CO CM CM •>
o h co ps o CO 03
demand was noted in the primary market for other cotton
co o
O
CO CO CO
co
rr
*•’5 rf
CO 00 Oi
*>
goods, especially the heavier cottons, more numerous re­
l
CO CO
CM 2 |
CM »0 CO oa
CMCO CM
CMt'» CMCO^ 00 CM ©
quests being received for napped goods, brown sheetings,
c
a
&c., for prompt shipment; stocks in first hands, however,
I rf
O O
•O co
. O CO
i O CO *1
have been greatly reduced, so much so in fact that buyers
1 CM ,' f CO CM o
Io o
i O o d) ^
CO CM
l O CM
lO O ^
• COTf I”12
experienced more or less difficulty in securing quantities de­
•S
I co O COCO
CO^
sired. The increasing call from jobbers and others for quick
deliveries is considered as conclusive proof that distributers’
I 1*COo co
stocks are uncomfortably low. In other divisions of the
I C5co CO 2
CM CO
I I.oCM© ©
primary cotton goods market business was restricted some­
: </> o o ® oc o
a
o
o
’ wo « 2
H CO ^ 00 H
£
a
>
what by the unwillingness of buyers to meet sellers’ views;
iO co
CMCO <0 CMCM
there was also a disposition in many quarters to await the
- £
Government cotton report, while the approach of Labor Day
CO 00
2
o
'•I.
is ^
52
was also a factor. Conditions confronting mills showed
rji O
2 .0
little change; manufacturers as a rule continued very firm
^ t>r
on forward business, claiming that present price levels gen­
erally arc not commensurate with actual cost of production.
Business in jobbing houses reached still larger proportions,
w Oi
but most transactions represented merely replenishing by
56
merchants to meet fall requirements. Cotton yarns re­
mained quiet with a slightly firmer tone. Woolen and
3 5U
worsted fabrics were in fairly good request, especially for fall.
IS S
Aside from the increased activity noted in standard and
« ' o • ■<3
sub-count prints and in various lines of heavy goods, trading
S o w -n a
£
in domestic cottons in the primary division was quiet and
I W pt, m
§ P o 55Ph^
gfcSasJ
of a hand-to-mouth character. Bleached goods moved fairly
3
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PUBLISHED WEEKLY.

Term s o f Subscription— Payable in A dvan ce
F o r O n e Y e a r .......................................................................................... ................ 22
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S u b scrip tio n in c lu d es f o llo w in g S u p p lem en ts—
B >n k a n d Q u o t a t io n (m on th ly)
I^
a n d (' ^ V a y m T e T y & W )
Ha il w a y AND INDUSTRIAL (qu arterly) e l e g h iic II a il w a y ( o t n n ts j c a n y )
R a il w a y E a r n in g s (m o n th ly )
I B a n k b s s conn i.m i o n ( je a r ly )

T e r m s o f A d v e r tis in g — P e r In c h S p a c e
T ran sien t; m a tter p er in ch space (14 agate lin ^ s).

- | 4 20

,
, ) T h re e M on th s (111 t im e s )............................... 29 00
S ta n d in g B u sin ess Cards < s i x M on th s
(2 0 t im e s )............................... 50 00
( T w e lv e M on th s (52 t im e s ).................
87 00
C H I C A G O O F F I C E __ P lin y B a r tle tt,513 M o n a d n o ck B lo o k ; T e l. H a rris o n 4012
L O N D O N O F F I C E —E d w ard s & S m ith , 1 D ra p e rs’ G ard en s, E. C.

W IL L IA M
P .O . lio x flS S .

It. D A N A

C O M P A N Y , P u b lis h e r s ,

F r o n t . F in e a n ti D e p e y s t e r S t s .,

N ew Y o rk .

News Items.
Alice (P. O. Hibbing), Minn.— Sale of Bonds Enjoined.—
Local papers state that an injunction has been served on the
officers of this village enjoining them from proceeding with the
sale of $150,000 bonds for the installation of water, light and
sewer systems. Suit was started by G. L. Burrows, who
says in his petition that there are less than ninety-three legal
residents in the village, although the population is in the
neighborhood of 500. Most of the inhabitants are men who
shift from place to place, he states, and the shacks they live
in are of a temporary character. The issuance of bonds,
Burrows claims, would mean that 98% of the cost of the
proposed improvements would have to be borne by property
which would not be benefited.
Charleston, So. Car.— Damage Inflicted by Hurricane.—
A hurricane visited this section of the State last Sunday
night (August 27) and destroyed, it is estimated, about
$1,000,000 worth <f property in Charleston. Communica­
tion with Charleston, Savannah, Georgetown and other
places was cut off for some time after the storm, and it
appears that the entire coast was damaged, Charleston,
however, receiving the brunt of the storm. It is reported
that much damage was also done to the Sea Island cotton
crop. The death list up to an early hour Wednesday
morning (August 30) contained 15 names.
East Rutherford, N. J — Commission Plan of Government
Defeated.— An election held Aug. 29 resulted in a vote of
174 “ for” to 265 "against” the commission form of govern­
ment.
Harlingen, Tex.— Commission Form of Government Aban­
doned.— Houston papers state that the City of Harlingen
has changed its plan of government, which was the commis­
sion form, to a city council. The election of the three new
aldermen took place Aug. 22, and those elected were Jacob
Miller, J. M. Denton and E. L. Fender.
Knoxville, Tenn.— Commission Plan of Government Adop­
ted.—At an election held Aug. 26 the vote was nearly ten to
one, it is stated, in favor of adopting the commission form
of government.
Lawton, Ok\a.—Election on Commission Form of Govern­
ment.— Oklahoma papers state that in compliance with a
peremptory writ of mandamus from the District Court of
Comanche County, Mayor Black has published a proclama­
tion calling an election Sept. 7 for a vote on the adoption or
rejection of the proposed charter providing for a commission
form of government.
Manitowoc, Manitowoc County, Wis.— City's Offer to Pur­
chase Water Plant Refused— New Valuation Asked.— The
Milwaukee "Wisconsin” of Aug. 28 says that the city’s offer
to purchase the property of the Manitowoc Water Works Co.
for $245,000, or $9,000 more than the value fixed by the
Railroad Rate Commission,'has been refused, the company
insisting that it receive $250,000 and the income up to Oct. 1.
T h e c o m p a n y threaten ed to ap p eal to th e c o u r ts o n th e g r o u n d th a t th e
p r o c e e d in g s w ere d e fe c tiv e b e ca u se b o n d h o ld e rs w ere n o t m a d e a p a r ty to
th e co n d e m n a tio n . T h e c it y lias ap p lied t o th e R a ilro a d C o m m issio n fo r
a rehearing and reop en in g o f th e en tire m a tte r. T h e c it y o n A u g . 17 v o te d
5 2 3 0 ,0 0 0 b on d s to pu rch ase th e p la n t. S e c V . 9 3 , p . 548.

New Mexico.—State Officials to Be Elected Nov. 7.—-It has
been announced that an election will be held in New Mexico
on Nov. 7 to elect State officials and vote on the proposed
Constitutional amendments suggested by Congress. See
V. 93, p. 546.
Orange, Essex County, N. J.—Election on Commission
Form of Government.— An election will be held Sept. 12, local
papers state, on the question of adopting the commission
plan of government.
Paterson, N. J.— Commission Government Plan Defeated.—
The question of adopting the commission form of government




007

THE CHRONICLE

S e p t . 2 1911.]

was defeated by a vote of 4,879 "fo r” to 8,086 "against” on
Aug. 29, according to Newark newspapers.
Spokane, Wash.—Bonds Declared Void.—The $1,000,000
issue of park bonds has been declared invalid by the State
Supreme Court, it is said, for the reason that the city pro­
posed to set aside $125,000 of the amount for 50 years in
order to retire the bonds at the end of that time. The Court
says this means borrowing money to pay back the same
money, which is contrary to law. The bonds were declared
valid by the Superior Court last November. T. 91, p. 1399.
Wichita, Kan.— Petition for Recall Election Granted.— The
Mayor and City Commission on Aug. 28 granted the petition
for an election to recall Mayor Graham and Commissioners
Leach and Campbell. See V. 93, p. 546. A vote will be
taken on Oct. 3.
Wildwood, Holly Beach, Wildwood Crest and North Wild­
wood, N. J.— Vote on Consolidation.—An election was held
Aug. 29 on the consolidation of these four boroughs under
one government. Wildwood and Holly Beach both voted
in favor of the plan and will consolidate and become a city
Jan. 1 1912. The vote is reported as follows:
W ild w o o d . " l o r . " 108, “ a g a in s t,” 9; W ild w o o d Crust, “ f o r ,” 8. "a g a in s t ”
26; H o lly B e a ch , “ f o r ,” 274 , “ a g a in s t,” 132, r e je c te d , 5: N o rth W ild ­
w o o d , “ l o r ,” G9, “ a g a in s t ,” 111, r e je c t e d , 1.

Wisconsin.— Municipal Bonds Exempted from Taxation.—
The Legislature has passed the following law, exempting
from taxation all bonds issued by municipalities in this State:
C H A P T E R 516, R A W S O F 1011.
A n A c t t o cre a te S u b -s e c tio n 2m o f S e c tio n 1038, o f th e S ta tu tes, p r o ­
v id in g fo r the e x e m p tio n fro m t a x a t io n o f c o u n t y , to w n , c it y , v illa g e a n d
S° T h e p e o p le o f th e S ta te o f W isco n s in , re p re se n te d In S en a te an d A s s e m b ly .
“ f i S S m - t °T h ere Is .added t o S e ctio n 1038 o f th e S ta tu tes a n e w S u b -s ectlo n t o r e a d - (S e ctio n 1038) 2xn. A n y a n d all b o n d s Issued b y a n y c o u n t y
to w n c it y village, s ch o o l d istrict o r b o a r d o f s c h o o l d ire cto rs o f a n y to w n
o rga n ize d u n d er the tow n sh ip system o f s ch o o l g o v e r n m e n t In this S ta te
sh all hereafter be e x e m p t from t a x a tio n .
S e ctio n 2 A ’ ! A cts and parts o f A cta c o n flic tin g w ith a n y p ro v is io n s o f
this A c t are repealed In so fa r as th e y are In con sisten t th e re w ith .
S e ctio n 3. T h is A c t shall take e lfc c t a n d be in fo r c e fro m a n d a fter its
_____ _
passage an d p u b lic a tio n .
_
A p p r o v e d J u ly 3 1911; pu b lish e d J u ly 5 1911.

Rond Calls and Redemptions.
New Orleans, La.— Tenders of Bonds Requested.—T. 7%)lfe
Jr., Secy. Bd. of Liquidation City Debt, will receive bids
until 12 in. Sept. 12 for the sale to the city of $10,000 float­
ing debt bonds. Denom. $1,000. Date Oct. 1 1898. Due
Oct. 1 1948.
Public Improvement Certificates Called for Payment.—Else­
where in this Department will be found the official notice
calling for payment Oct. 1 at the office of C. R . Kennedy,
City Comptroller, the following public improvement certifi­
cates: Issue of 1911— Nos. 1 to 152 incl., of Series “ A ,” Nos.
1 to 7 incl. of Series “ B ” and Nos. 1 to 28 incl. of Series “ C.”

Rond Proposals and Negotiations this week
have been as follows:
A IK E N COUNTY HIGH SCHOOL DISTRICT NO. 60 (P . O. W agcner),
So. C aro. — B on d O fferin g .— P rop osa ls w ill b e re ce iv e d until 12 m . S e p t. 30
b y J . W . L y b ra n d , C hair. B d . o f T ru ste e s, fo r 58,000 6 % 1 0 -yr. c o u p ,
b o n d s.
I n t . an n .
P u rcha ser t o p a y a ccru e d in te re st. O fficial a d v e r­
tisem en t says th a t a n y q u e stio n s arisin g as t o the v a lid it y o f the b o n d s
w ill be s u b m itte d t o the Su p rem e C o u rt a t th e e x p e n se o f th e B d . o f T ru stees.
ANACONDA. Deerlodge County. M ont.— B o n d E lectio n .— A n election
w ill be held S e p t. 30, It is sta te d , t o v o t e on th e q u e stio n of Issuing 550 ,000
sch ool b on d s.
ANAHUAC SCHOOL DISTRICT (P . O. A nahuac), Texas.— B on d s V oted.
— A n ele ctio n h eld r e ce n tly re su lte d . It Is sta te d , in fa v o r o f a p r o p o s itio n
t o Issue $ 6,000 b u ild in g b o n d s.
ANDERSON COUNTY COMMON SCHOOL DISTRICTS, T ex.— B on d
O fferin g.— T h e C o u n ty J u d g e a t P a lestin e Is olTeilng
5 % b o n d s registered b y th e S ta te C o m p tro lle r o n J u ly
$1,200 (n o t 5 1 2 ,0 0 0 . at at first re p o rte d ) 1 0 -2 0 -yr.
N o . 27 b o n d s .
2 ,5 0 0 1 0 - 2 0 -y r . (o p t .) S c h o o l D lst. N o . 28 b o n d s.
1,000 10-yr. S c h o o l D ls t. N o . 41 b o n d s .
D e n o m . $10 0. D ate J u n e 1 1911. I n t . a n n u a lly

a t p a r th e fo llo w in g
12 ( V . 93, p . 2 4 3 ):
(o p t .) S c h o o l D lst.

In A p ril.

ANN ARBOR, W ashtenaw C ounty. M ich.— B on d S a le.— O n A u g . 1
531 ,100 p a v in g b o n d s w ere a w ard ed t o lo ca l In vestors a t p a r.
1911. In terest an n u al.

D a te A u g . 1

ARMSTRONG COUNTY (P . O. C la u d e ). T e x . — B on ds R egistered .— I lie
S ta te C o m p tro lle r o n A u g . 23 registered th e $ 60 ,000 5 % 5 -4 0 -yea r (o p t .)
b o n d s w h ich this c o u n t y Is offerin g fo r sale S e p t. 11 ( V . 93, p . 4 2 3 ).
ASBU RY P A R K . N. J . — B on d O fferin g .— P roposals w ill b e re ce iv e d
until 8 p . m . S e p t. 11 b y W . C. B u rro u g h s, C ity C lerk, fo r $20 ,000 4 % t a x free c o u p , (w ith p r lv . o f reg.) sew er b o n d s . A u th o rity , C h a p . 274 , Law s
o f 1902. D e n o m . 850 0. I n t. M . & S . a t th e T re a s. o ffic e o r In N . Y\
exch an ge.
D u e S e p t. 1 1945. N o d e p o s it req u ired .
ASH LA N D . Kan.— B on d S ale.— A n issu e o f $10 ,000 5 % 1 0 -3 0 -yr.
( o p t .) b o n d s d a te d J u ly 1 1911 h as b e e n aw arded t o th e C om m erce T ru st
C o . o f K an sas C ity , M o ., a t par.
A SH TABU LA. Ashtabula C ounty. O hio.— B on d S a l e — O n A u g . 30 th e
three Issues o f 5 % 1-10-year (serial) c o u p , p a v in g b o n d s, agg reg a tin g
$52,000 (V . 93, p . 360) w ere a w a rd ed t o O tis & H o u gh o f C leve. fo r $53 ,­
866 13, m a k in g th e p rice 103.588— a basis o f a b o u t 4 .2 6 2 % , it is r e p o r te d .
ATW OOD SCHOOL DISTRICT (P . O. A tw ood ). Piatt C ounty. III.—
B on ds V oted .— A n issue o f $1,000 sch o o l-h o u s e -g r o u n d s b o n d s w as, It Is
s ta te d , fa v o r a b ly v o t e d o n A u g . 10.

AUBU RN, King C ounty, Wash,-— B on ds V o ted .— A n e le ctio n h eld re­
c e n tly , a c c o r d in g to r e p o rts , resu lted In fa v o r o f th e q u e s tio n o f Issuing
$ 15 ,000 rese rv o ir b o n d s.

608

THE CHRONICLE

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

B A C A C O U N T Y (P . O . S p r in g fie ld ), C o lo .— B ond O fferin g.— C. H . D a vis
$ 29 a,5 6 o° 4
° l 0 ° 2 0 u r rT n n P '<r!,n L a m a r )* *s o fferin g a t p r iv a te sale th e
on Ju?y U A { 4 . 9 3 ? p 2 4 3 ) . '
1 C0Up’ r e f ’ b o n d s offe re d b u t n o t sold

R ^ E R D R A I N A G E D IS T R IC T (P . O J o n e s b o r o )
A r k __
B on d s P ro p o s e d .— 'The S e cre ta ry advises us th a t th is td is tr ic t nrnnoses to.
Issue a b o u t $10 0 ,0 0 0 d ra in a ge b o n d s.
s a l3 lu t t p ro p o s e s t o

B A R A G A , B a ra ga C o u n t y , M ich .— B on d s V oted .— A n e le ctio n held
n l hV> 1 r,u sult^ ln f '?v o r ° f , a p r o p o s itio n t o issue S 30.000 6 % w a te r an d
ligh t b o n d s . T h e v o t e w as 135 to 9.
D ue fro m 1912 to 1931. v<llxr <lIKl

i>vCA L 9 m ,E L L N.N? b,.c, C o u n ty , O h io .— B on ds N ot S o ld .— W o are ad v ised
b y th e V illa ge C lerk th at no sale w as m a d e o f the three I s i i i r f f n m k
a g g r e g a tin g $ o ,0 5 0 , o ffe re d o n A u g . 29 (V . 93 p 3 6 0 -in d 4 3 3 C
e’

* • « 4 c°- t f s s f f & ’w a s-.si
„
„
_ ^
„
P rem iu m .
B a r t o , S c o t t & C o ., C olu m bu s § 9 1 00
S eason -rood A M ayer, C l n c ._ . 7 9 00
W e ll, n o t h & C o ., C in c in n a ti. 78 0 0
H a y d e n , M iller A C o., C lev
70 00
P r o v . S a v . B k . A T r . C o ., C ln l 61 39

_
P r e m iu m .
S ta c y & B rau n , T o l e d o . . .
§59 58
S e c . S a v . B k . & T r . C o ..T o le d o 57 50
N ew Elrst N a t. B k ., C o lu m b u s 43 00
A . E . A u b & C o ______________ 3 5 7 3
O tis & H o u g h , C le v e la n d ____ 25 00

y e ^ y )f m - 4 0 l^ r s CrUd

-1 y ^
*, LOUIS, Hancock C ounty, Miss.— B on d O ffcrin o — P ron osals
rj-V0! v l lCf o n fVT s N H1VmOtCtH2 b.y }ir W ' T o u ,r n c > M a y o r , fo r th e'S 50,0()0 5 %
o - 0 y i . (o p t .) s t r .-lm p t . b o n d s ( V . 93, p . 4 8 3 ).
D e n o m . $10 0. I n t . A .A O .

S ?6of
$0 0 0 .

it is
v o tc r s wlU llecI(le w h e th e r o r n o t $25 ,0 0 0 re se rvo ir bonds’ shall

or

5

u

g

( V^ e

l)'i°t?^K\0rrncri,y C o u n t y , K a n ,— B on d S a le .— T h e C o m m e rce T r u s t
be?>a awar,ded $ 2 1 , 0 0 0 6 % lm p t . b o n d s . D e n o m .
D u e J u ly 1 1912 to 1921.

C le rk ! C a n t° n '

C e r t’ ChCCk fo r 5200 r e q u ir e d -

E.

-TheN B o m ? ° r U a> X tSCH 9 ° V - D IS T R IC T NO. 64, Id a h o . — B o n d O fferin g
at tho pi, * ° v - l eustecs, J . I- W a y n e . C lerk, will o ffe r fo r sale s e p t . 9

(oDt )
p

1j .OOO 6 % ro a d b on d s w as a w a rd e d to C. A . W e b b A C o . o f A sh eville.

A

D ate A u g . 1 1911.

Gresser i f T o S l p

1 B E LLE V U E, Sarpy C ounty, Neb.— V o te .— T h e v o t e c a s t a t th e e le ctio n

B E R T .E C O U N T Y (P . O. W ind sor), No. Caro.— B o n d S a le .— A n Issue

on

14,000
road-i’ m pt b o n d s.
D e n o m . .81,000, e x c e p t o n e b o n d o f $ 3 0 0 0
.
D u e $ 3 ,0 0 0 in o n e y ear an d $ 1 , 0 0 0 y r ly . fro m 2 to 12 yrs Incl
m prnrn0]' ^ S f c s - 32»-> a n d 3939, G en. C o d e .
In t. se m i-a n n . a t the C o in -

BEDFORD, Cuyahoga C ounty, Ohio.— Sale o f B on d s E n jo in e d .— A te m ­
p o r a r y in ju n c tio n w as g ra n te d to V . A . T a y lo r , restra in in g the sale o f the
throe issues o f 4 4 % b on d s a g g re g a tin g $ 40 ,000 w h ich w ere to h a v e been
disp osed o f on A u g . 21. (V . 93, p . 546 .) M r. T a y lo r cla im s th a t th e ele ctlon was held b e fo re th e e x p ir a tio n of th e tim e lim it fixed b y la w .
5 -2 0 -vr

C o n lp troller

f e n n a ' * V'ron.v^Yi^iviVi1/!- ^
? ’ C a n ton ) , Stark C o u n ty , O h io .— B on d O fTf.ro.p ?iia !5 w lu be re ce iv e d until 12 m . S e p t. 15 b y th e B d . o f T r u s ­
tees fot the fo llo w in g 5 % r o a d -lm p t . b o n d s:
$12 ,000 r o a d -lm p t. b o n d s.
D e n o m . $50 0.
D ue $500 y r ly . fro m 1 t o 24

BEDFORD, Taylor C ounty, lo w a .— B on d E le c tio n .— O n S e p t. 15

Held A u g . 15 on the p ro p o s itio n t o lsseu the $20 ,000 5 %
w a te r b on d s (V . 93, p . 546) w as 1 0 1 ” to 18‘ fo r “ a g a in s t .”

UlC S ta t°

C A N A L F U L T O N , Stark C o u n ty . O h io .— B o n d O ffe r in g __ P rop osa ls will
be re ce iv e d until 12 m . S e p t. 15 b y L . C. B a u m a n , VII. C lerk, fo r 5 1 4 on
Tnt a t Vth o p ? r i Sew crane 1b o n d s.
D e n o m . $ 1 ,4 0 0 .
D ate O c t . t i o n
d e b t a t p re se n t0111126 U ank 11 C anal F u lto n .
N o d e p o s it r e q u ir e d . N o

n t 5 u Av t H ' Beaver C ounty, Pa.— B o n d S a le .— O n A u g . 22 the tw o issues
tn ! / ' q° w 'h 'f i b on d s a g g re g a tin g S 50.000 ( V . 93, p . 483) w ere aw a rd e d
to E . S . W h eeler a t 1 0 3 .0 5 7 9 . O th er bids fo llo w :
J . S . & W . S . K u h n , I n c .,
G raham A C o ., P h lla ____ $ 50 ,050 00
. P i t t s b u r g h -------------------- $51 ,239 00 H arris, F o rb e s A C o ., N .Y . 50,592 00
M ellon N a t. B a n k , P l t t s b . 5 1 ,1 2 1 10 N e w b e rge r, H en d erson &
B arr, L y o n A C o ., P lt t s b . 51,000 00
L oeb , P h il a d e l p h i a ...
50,201 76
O tis A H o u g h , C le v e la n d . 50,800 00 G len d ln n in g A C o ., P h lla . 50,130 00
W e s t.H e s e r v cI n v .C o .,P itts b 5 0 , 0 6 2 8 0
b e Issued

‘>y

, CAM PBE LL, D unklin C o u n ty . M o. — B on d s V o te d .— A pronnsitinn to
staled5 2 2 ' 000 w a te r-w o rk s b o n d s ca rried a t an e le ctio n h eldPA u g 23? It Is

In t. s e m f-a n n u a l.

D u e J u ly t Y o z i ! $ 2 ’ ° 00 ° %

bon d B -

D e n o m - « G0° -

celverP.m
9 ,9 c.a a ®,C o 'Jf l V -.N • V — B on d s N ot S o ld .— N o b id s w ere re­
P 4 8 4 )° n D a le Aug^
62 4
c a l lp - b lld ^ b ld g , b o n d s (V . 93,

B EV E R LY , Essex C ounty, Mas3.— B on d S a le .— O n A u g . 29 th e $23 ,000

•1'., a >4 -y e a r (a v .) c o u p , sew er lo a n N o. 2, 1911, b o n d s (V . 93, p 546)
w ere a w a rd ed to K u h n , F ish er A C o . o f b o s t o n at 101.653 an d i n t — a
basis o f a b o u t 3 . 0 8 % .
O th er bids fo llo w :
E s ta b ro o k & C o ., B o s t o n ___101.530 Curtis A S an ger, B o s t o n ____ 101.130
P erry, C offin A B u rr, B o s to n 101.160 H. L . D ay & C o .. B o s t o n ____ 101.099
B lake B ros. A C o ., B o s t o n . . 1 01.310 H a yd e n , S to n e A C o ., B o s t o n lO l .010
A d a m s A C o ., B o s t o n ____ .1 0 1 .1 9 0 M errill, O ldh am A C o ., B osB lod g et A C o .. B o s t o n ............ 101.144
ton
100.919
T h ese b on d s a r c In a d d itio n to th e $23,000 so ld to B lo d g e t & Co on
A ll?, o. V. Uo, D. 4 do.

BINGHAM TON, Broome County, N. Y — B on d s V o ted .— A n e lection
to iiste'$20?0TOU
s t r ^ t bonds!6 °

‘ ° ‘fo r” t0 7a " a*a,nst” tbc P o s i t i o n

BOONE COUNTY (P . O. Colum bia), M o.— B ond E lection . -A n e le ctio n
s m o b nno hands
at°C oh ?m b la 1

8 ’ pa,pers ,s t-at(> to v o te o n the Q uestion o f Issuing
bu lld s ‘ a v c l roads l‘i the ro a d d is trict r e c e n tly organ ized

Sales f o r Tul" - —D u rin g th e m o n th o f J u ly the
fo llo w m g 3 ,4 % b on d s, agg re g a tin g $ 95 ,500 , w ere d isp o se d o f to the S in k in g
I- un d C om m issioners a t par:
K
A m ou n t.
P u rp o se .
j j ate
D ue
$ 2 ,500 Bath D ep a rtm en t b o n d s ____ ______
J u ly 1 i n n
I 9 i? .in ia
? o ’ oon RU,b/ 10 b u lld ,n S b o n d s -------------------------------Oily l 1911
1912-1926
*b ’ noo 2-rW5S b o n d s . . . .
- .............
J u ly 1 1911
1012-1916
2.>,000 I'ire D ep a rtm en t b o n d s . . ____ __________
J u ly 1 l o l l
1912-1921

BOW LING GREEN, W ood C ounty, Ohio.— B on d O fferin g .— P roposals
w ill be re ce iv e d until 12 m . S e p t. 12 b y R . S. S w eet, C ity A u d it o r , fo r the
fo llo w in g 4 Vx % assess, lm pt. b o n d s:
$1,443 S o u th E n terp rise S t. lateral sew er b o n d s.
D e n o m . $183 an d S 1 4 0
D u e 5 y ea rs.
v
2,2 3 0 W alla ce A v . lateral sew er b o n d s .
D e n o m . $140 an d $110.
D ue
3,532 B u tt o n w o o d A v e . S t. lm p t. b o n d s .

D e n o m . $380 a n d $350.

D ue

6 j)1 0 W a lla ce A v e . S t. lm p t. b o n d s.
D e n o m . $355 an d $34 5. D ue 10 vrs
■ D ate S ep t 1 1911.
I n t . M . A S. a t th e C ity T r c a s . o ffic e . C ert, ch e ck
req u ired 0 0 *1 b a n k Ior 0 /0 o t b o n d s b ld f o r - p a y a b le t o th e C ity T rcas

BRAGGS, Muskogee C ounty, Okla.— B on ds N ot S o ld .— N o bids were re­
ceived o n A u g . 21 fo r the $20 ,000 6 % w a te r-w o rk s bonds (V . 9 3 , p . 483)
BREMEN. F airfield C ounty, O h io. — B o n d S a le .— O n A u g . 26 the 83
848 94 .>% 3 -y e a r (a v .) S to rm W a te r Sew er D lst. N o . 1 c o n s t assess
b on d s ( V . 93, p . 483) were aw ard ed to the Brem en B a n k C o. in B rem en fo r
$3,913 98 (101,689) an d Int.— a basis o f a b o u t 4 .3 9 % . A bid o f 5 3 9 0 0 <r
w as also re ce iv e d fro m M . S . P o n d o f S o m e rse t.
’
"
BRIDGETON, Cumberland C ounty, N. J .— B on d s O ffered bu B a n k e r s __
In
— ai'i ad v ertisem en t o n a p reced in g page D c v ltt, T re m b le & Co. o f C h icago
a P d I’ h da . arc offerin g t o In vestors $75,000 1 4 % w a te r an d sew er bon d s
l h e sale o f these sc c u tltle s w as p r e v io u s ly re p o rte d In th ese co lu m n s.
STTOI.. Sullivan C ounty, Tcnn.— B on d O fferin g. - The Bd. of Mavor
and Aldermen will offer at private sale $10,000 5%, cou p, water-works-ext
NantC
., 3Ban1kefn0 ,S r . 5s ^ ? 0 0 -

I n t ’ at tho N ;lt CUy B a a k »“

Y . or t S F l & t

.B R IS T O L COUNTY (P . O. Taunton), M ass.— T em porary L o a n .— A loan

o f $ 1 0 0,00 0 d u e O c t . 30 1911 w as n e g o tia te d o n A u g . 29 w ith the First
N a tion a l B ank o f B o s to n at 3 4 % d is c o u n t.
UbC

r B RO AD W A TE R COUNTY SCHOOL DISTRICT NO. 18 (P. O Three
Forks), M ont. — B ond S a le.— O n A u g 15 $1,500 6 % 3 -5 -y e a r (o p t j b o n d s
w ere aw ard ed to th e S ta te B d . of L a nd C o m m , a t p a r.
D enom w in
D a e A u g 15 1911.
In t. an n . A b id o f par w as also recciv-ed H ont the
U n ion B a n k A T ru s t C o. In H e le n a .
ln c

s1
y j EI - E. H ayw ood County, Tcnn .— B on d s N o t Yet S o l d The
®4.0 ,')d °
s t r .-lm p t . b o n d s, bids fo r w h ich w ere r e je c te d on J u lv 1 0
o f Vug Po.( 8 1 ’ b a v e n ot y c t been d isp o se d o f, w e arc a d v ise d u n d er d ate
• BRO W N SVILLE . Cameron County, T ex. — B on d s N ot S old.— Bonds non.
pSne u,a '
, he 580 ,0 0 0 s tr ., $ 3 5 , 0 0 0 w ater an d $ 15 ,000 e le ctric-lig h t 5 %
2 0 -4 0 -y r (o p t ) lm p t. ))0 nds offered on A u g . t (V . 93. p . i s i ) h ave n ot
been s o ld .
The S ta te C o m p tro lle r o n A u g . 15 registered these bond s

BRYAN . Brazos C ounty, T ex. — V o te.— T h e v o t e c a s t a t the ele ctio n
he d A m . 21 in fa v o r o f the p r o p o s itio n to Issue the $8,000 w ater 8 7 0 0 0
‘ T0hr ” at o 6? ‘ C l n s t W” r 5 % 10- 4 ° - y r - (° P U b0ndS ( V ‘ 9:‘ - P - W

WSZ’ l M

Alamance C ounty, No. Caro.— B o n d S a le.— On a ul, 7
S c a s o n g o o d A Alayer o f C incinnati w ere aw ard ed at p a r $35,000 5 % rm in
lm p t. b on d s. T h ese securities are part o f an Issue o f $ 6 0 , 0 0 0 S’ -w io o o f
w h ich w ere p re v io u s ly d isp o se d o f ( V . 02, p . 151 3).
’ * “ 5,000 ° r
BUI LER. Johnson County. T cn n . — B i d s R e j e c t e d .— All bids received
re je cted .15
° *6’ 000 6% 20' y r - cou p ’ s cb ’ bo,,ds <v - 03- P 181 ) were
C AB A RR U S COUNTY (P. O. C oncord). No

Caro

— Bond

\ fa v < w v n?51n 5,i0xam4
3° ' y r ; fu n d in g b o n d s offe re d b u t n o t sold on
M a y 9 (V . 9 - , p 1;>80) w ere aw ard ed to W o o d ln , M cN ear A M o o re o f Chi
c a g o a t par, w e h a v e Just been a d v is e d .
D ate J u ly 1 1 9 1 1
c of c b l'




H i ^ « ( 7° n i l UcSCola C o u n ty , M id i.
c W

%

° t S&

ba

. r

Purchaser o f B o n d s.... -T h e p u rch aser o f

ardCd ° n AUfr' 15 l V - 9 3 ’

^ i w

a s W

It R estated thatU^ T ' r > .fn > ° > E li,;a b e t At o n ) ’ T e ,,n - - B o n d s A u th o rised .—
!ssu lng $00.OOO r o a d bonds^ C° Urt o n A u 3 ' 20 voU ’d 10 to 12
fn v o r o f
J CF ^
SW iir?, A Nr,> , [ iw T
SV oiv:,n C o u n ty , Ind. — B on ds O ffered hg B a n k ers.—
p '. ~
,d ^ i
P c In d ia n a p o lis are o ffe rin g t o Investors $8,400 1 4 %
TnVry Tnr K t a x -b'oo s e h o o l-h ouse b o n d s.
D e n o m . $60 0.
D ate A u g 1
th u
nnn A \ at ^ u ^ e1r M a te B a n k ln D u ^ e r .
B o n d , d e b t, ificl
Is Issue, $ 9 ,0 0 0 . A ssess, v a l., $ 1 ,3 9 5 ,9 1 5 .
R eal v a l. (e s t.), $ 2 ,7 0 0 ,0 0 0 .
mo ’ Dickinson C o u n ty , K an. — B ond E lectio n . —A n e le ctio n w ill
sw-bnnn a >-tbo o c ty ^ c p t. 14, it Is s ta te d , to v o te on a p ro p o s itio n t o Issue
W o ,000 o % 3 0 -y r . w a te r-w o rk s -s y s te m b o n d s, to b e d a te d O c t . 1 1911.

. S ® D I S T R I C T

(P . O. C heney), Spokane C ounty, W ash.

nf , ? ? * Voted.- The e le ctio n b c k l A u g . 10 resu lted , re p o rts s ta te , ln a v o t e
VI >4o to 48 ln fa v o r o f a p r o p o s itio n to Issue $ 29 ,000 h lg h -s c h o o l-b ld g . b d s.

C H E R O K E E C O U N T Y . N o. C a r — B o n d S a les.
C. A . W e b b A C o. o f
^ w c ie aw ard ed $50 ,0 0 0 M u rp h y T o w n s h ip an d $ 1 0 ,0 0 0 V a lley
l o w n T o w n s h ip 0 % ro a d b o n d s.
y

a

,i CHICOPEE, Hampden C ounty, M a s s .— T em p ora ry L oa n. O n A u g 3 0
H ie 'o a n o f $ 4 0 0 0 0 d u e F e b . 10 1912 (V . 93, p 547) was n egotiated w ith
I • >S. M oseley A C o. o f B o sto n a t 3 .8 6 % d is c o u n t a n d $1 15 prem iu m
CINCINNATI, Oh io .— B on ds A u th o riz e d .— O rd in a n ces h a v e been passed
s 3 °AAn M3 i*o r ttVr Issuance o f the fo llo w in g 4 % c o u p , b o n d s:
P' '
, ™ C u lvert o t . sew er bds.
D e n o m . $500 o r m u ltiples.
D u e 10 vrs
I ’ -mn IJarr s° u •
-Ave. lm p t. bds.
D e n o m . $500 o r m u ltip les.
D uo lV v 'rs
L -0 0
le r r a c e sew er b d s. D e n o m . $500, e x c e p t on e b d . o f $700.’

7

3 ’ noo
3.000
„
4«nn
>000

5?w er b d s - D e n o m . $500. e x c e p t o n e b o n d o f $900.
D ue 10 yrs.
M o o rm a n n A v e . lm p t. ( c it y ’s p o rtio n ) b on d s.
D e n o m . $500 o r
m u ltiples th e re o f.
D u e 20 yrs.
oPJiie' 0,f refu g0 b d s .
D e n o m . $500 o r m ultiples th e r e o f. D ue 20 y r s .
S ix th A v e . sew er b d s.
D e n o m . $500, e x c e p t on e b o n d o f $ 00 0.
D ue 10 yrs.
’ a sa P b o s WBal b o n d s.
D e n o m . $500 o r m ultiples th e re o f.
D u e 20 yrs.
9-500 H a c k b e r r y S t. lm p t. ( c it y ’s p o rtio n ) b o n d s.
D e n o m . $500 o r
m u ltiples th ereof.
D u e 20 yrs.
.
“ ’ “ 00 H ic k o r y S t. lm p t. ( c it y ’s p o rtio n ) b o n d s.
D e n o m . $500, e x c e p t
,
o n e b o n d o f $200.
D ue 20 yrs.
y
^-,000 A lic e S t. lm p t. ( c it y ’s p o rtio n ) b o n d s.
D e n o m . 3500 o r m ultiples
th e re o f.
D ue 20 yrs.
*'
3.000 B a th g a te S t . lm p t. ( c it y ’s p o rtio n ) b o n d s.
D e n o m . $500 or m ul01 aaa plcs t a e re o f.
Due 20 yrs.
mu
2 1 . 0 0 0 brid g e and v ia d u c t lm p t. b o n d s.
D e n o m . $500 o r m u ltiples thereof
D ue 20 y rs .
J” 280 sew er b o n d s.
D e n o m . $500 o r m u ltip les th e r e o f.
D ue 30 vrs
•>-,000 sew er ( c it y ’s p o rtio n ) b o n d s. D e n o m . $500 o r m u ltiples th e reof
Hue 30 yrs.
UCU1,
800 B ra ck e tt A lle y lm p t. ( c it y ’s p o rtio n ) b o n d s .
D enom
.8800
JJuc •) yrs.
*
2.000 Frank S t. lm p t. b o n d s.
D e n o m . $500 o r m u ltiples ttiercof.
D ue
2,500

J a y S t. lm p t. ( c i t y ’s p o r tio n ) b o n d s.
D en om . $500 or m u ltiples
th e re o f. D u e 20 yrs.
B en t A lle y lm p t. ( c it y ’ s p o rtio n ) b o n d s .
D e n o m . $ 5 0 0 o r m u ltlPics th e re o f.
Due 10 yrs.
H ughes S t. lm p t. b o n d s.
D e n o m . $500 o r m u ltiples th e r e o f.
D ue 10 yrs.
sew er ( c it y ’s p o rtio n ) b o n d s .
D e n o m . $500 pr m ultiples th e reof.
D u e 20 y r s .
‘
M OO P h o e n ix A lle y lm p t. ( c it y ’s p o r tio n ) b o n d s .
D e n o m . $500 and $60 0.
D ue 10 yrs.
6.000 Y o u n g S t. lm p t. b o n d s .
D e n o m . $500 or m u ltiples th e reof.
D uo 20 yrs.
2,9 0 0 P ce te S t. lm p t. b o n d s.
D e n o m . $500 e x c e p t o n e b o n d o f $40 0.
o
Due 10 yrs.
} ’ aa 2 S e cg a r A lle y lm p t. b o n d s .
D e n o m . $500 an d $300.
D ue 5 yrs.
l .u o o E rn st A lle y lm p t. ( c it y ’s p o rtio n ) b o n d s.
D en om . $ 5 0 0 o r m ultiples
th e re o f.
D ue 10 yrs.
H ate S ep t. 15 1911. I n t. M . A S . at th e C ity T rcas o ffic e .
- L " ? - P ra 'n a n cc w as also passed p r o v id in g fo r the Issuance o f $500 4 % c o u p
♦Sw m . B . 1” b o n d s.
D e n o m . $500.
D ate J u ly 1 1 9 1 1 . I n t . J . A J . at
the C ity Trcas. o ffic e .
D ue 10 yrs.
1.000
.
1.000
_
12.000

, „ m Ii?.C,E E y , L ,EE> P ic k a w a y C o u n ty , O h io .— B o n d O fferin g .— P roposals
w ill be received u n til 12 m . S e p t. 26 b y F re d . R . N ich o la s. C ity A u d i, fo r
qaa
c o yi?- ta x -fre e C ou rt S t. lm p t. ( c it y ’s p o rtio n ) b o n d s. A u th
n*tA m 3 k ’ iate,3 R e v - ^ a t . , and S e c. 3821. G en. C o d e .
D e n o m . $500
S on th J '
1 1G11 •
M . A S . at th e T rca s. o ffic e .
H ue $500 each six
s ™ l / r o m M arch 1 1012 to M arch 1 1929, ln cl. C e r t .c h e c k fo r 3 % o f
am a 1 1 id f ?T- P a yable to the T r c a s ., Is re q u ire d .
P u rch a ser to p a y a c m , aC,,., v .a
O fficia l circu la r states th a t there has n e v e r been a n y defau lt on
N V a a " nc,. ,o f b o n d s, n or Is there a n y co n tr o v e r s y p e n d in g o r threatened
as to th e c it y s b ou n d aries, titles o f Its o ffic ia ls o r v a lid it y o f these b o n d s.
S r o ^ n n ^ f ^ L L E , Red River County. T ex. — B on ds R egistered .— A n Issue
Pr.S*?’ " u5. °/o w ater-w ork s b o n d s, Series ” 3 , " w as registered on A u g 1 7
b y th e S tate C o m p tro lle r.

CLEVELAN D. Ohio.— B ond E lectio n . — An election will he held N ov 7
to vote on the question ot issuing $2,000,000 electric-light bonds.
’

Se p t . 2

C OITSVILLE TOW N SH IP SCHOOL DISTRICT (P . O. Station “ A .”

You ngstow n), Mahoning C ounty, Ohio. — B on d S a le .-■-O n A u g . “ h the
$10 ,000 4 J4% 4 -1 3 -y e a r (ser.) coui>. b ld g . ta x -fre e b o n d s ( V . 93, p . 484)
w ere a w a rd ed to the N ew First N a t. B a n k In C ol. a t 101.71 and ln t.— a
basis o f a b o u t 4 .2 5 8 % .
O th er bid s fo llo w :
H a y d e n . x\Illler& Co.,C lev_S10,170 00 \S c a s o n g o o d & M ayer. C ln .$ 1 0 ,1 6 1 .>0
COLEMAN. Coleman C ounty, T e x — V o t e — T h e v o t e c a s t at th e e lection
held A u g . 12 In fa v o r o f th e p r o p o s itio n to Issue th e $25 ,000 5 % lo -4 0 -y r .
(o p t.) strcet-Im p t. b on d s (V . 93, p . 547) w as 130 " f o r ” to 64 “ a gain st.
COLUMBUS TOW N SH IP SCHOOL DISTRICT (P. O. McMillan), Luce
C ounty, Mich.— B on d S a le.— O n A u g . 2 the $7,500 5 % b ld g , b on d s (V . 93,
p . 303) w ere a w a rd ed t o th e N e w b e rry S ta te B a n k In N ew b erry at p a t.
D e n o m . $50 0.

609

THE CHRONICLE

1911. [

D a te A u g . 15 1011.

CONCHO COUNTY COMMON SCHOOL DISTRICT NO. 11. T ex.— Bonds
R egistered.— B on d s am ounting- to $11 ,5 0 0 w ere registered o n A itg. *-2 b y tne
S ta te C om p tr o lle r .
D u e 40 yea rs, o p t . a fte r 10 yea rs.

COOKE COUNTY (P . O. da in csville). T ex.— N o B on d E lection P ro p o se d .
— W e a rc a d v is e d th a t there la n o truth in th e re p o rts w h i c h ap p e a re d in
so m e o f th e pap ers s ta tin g th a t an e le ctio n w o u ld be held to a u th o rize
r o a d b o n d s.
CORINTH S a ra tog a C ountv. N. Y .— B on ds I oled. A t a te c cn t e le ctio n ,
It Is s ta te d , a p r o p o s itio n to Issue $44 ,000 m a c a d a m -r o a d b o n d s w as f a t o i a b ly v o t e d o n .
C O W LITZ COUNTY (P. O. Kalam a). W ash. — B onds A u th o rized .— T h e
C o u n ty C om m ission ers h a v e a u th orized th e issu ance o f $86 ,500 re fu n d ,
b o n d s . It Is s ta te d .
C R A W PO R D SV ILLE SCHOOL CITY (P . O. Cravyfordsvillc), Incl.—
B on ds to he a ltered S h ortly.— L o ca l pap ers s ta te th a t th e S ch o o l B o a rd is
p rep arin g to sell $ 18 ,000 b o n d s.

CRESTON. Union C ounty, Iow a. — Bond E lection P ro p o s e d .— T h e ca llin g
of an e lection to v o t e o n a p r o p o s itio n t o issue $ 1 5 0,00 0 w ater b o n d s is
b e in g c o n s id ered , w e arc a d v is e d .

DECATUR COUNTY (P. O. Orecnsburg), Ind.— B on d s O/lered hy B a n k erS'— j , f . W ild & C o. o f In dia n a p o lis are ottering to Investors the fo llo w in g
4 i i % ta x -free gravel roa d b o n d s:
$12 620 C lay T o w n s h ip b o n d s.
D e n o m in a tio n $631.
4 060 S a n d c rc c k and M arion T o w n s h ip s b o n d s .
D e n o m in a tio n $203.
B on ds are dated Ju n e 15 1911. I n t. M . & N . a t th e C apital N ation a l
B a n k In In d ia n a p olis.
D ue o n e b o n d o f each Issue e v e r y six m on th s
from M ay 15 1912 t o N o v . 15 1921 In clu sive.
DENTON C O U N T Y (P . O. Denton). T e x . -B o n d s V oted .— T h e e lection
h eld J u ly 29 resulted In fa v o r o f th e p ro p o s itio n t o Issue the $75,000 5 %
1 0 - 4 0 - y r . (o p t .) L ew isv ille H o a d D lst. b o n d s.
T h e v o t e w as 264 to 120.
DOUGLAS. W ard C ounty, No. Dak.— B on d O fferin g.— P rop osa ls w ill be
receiv ed until O c t . t fo r $3,000 6 % 10-yr. re f. b o n d s.
D ate O e t. 1 1911.
In t. aim . T h ese b on d s w ere ottered b u t n o t sold o n A u g . 1 5 (V . 93, p . 4 2 4 ).
DULUTH, Minn,-— B on d O fferin g.— P ro p o sa ls will be rece iv e d until 7:30
p . m . S e p t. 11 fo r $50 ,000 4 \ i% gold c o u p . Im p t. b o n d s.
A u th o rity
C h a p . 93, G en . Law s o f 1907.
D e n o m . $ 1 ,0 0 0 , 8500, $100 an d $50.
D ate S e p t. 1 1911.
I n t . M . & S . at the A tn cr. E x o h . N a t. B ank In N. Y .
D ue S e p t. 1 1941. C ert, ch e ck o r c e rtifica te o f d e p o s it o n a n at. b an k fo r
1 % o f b on d s bid for, p a y a b le to th e “ C ity o f D u lu th .” Is re q u ire d . O fficial
circu la r states th a t there has n ever been a d e fa u lt in th e p a y m e n t o f b o n d s
o r ln t., nor Is there a n y c o n tr o v e r s y p e n d in g o r th re a te n e d attcctin g the
c o r p o r a t e ex isten ce o r b ou n d aries o f th e c it y .

DUNMORE. Lackawanna C ounty. Pa.— B on d S a le.— O n A u g . 29 the
$80 ,000 4 V i% c o u p . gen . Im pt. (Series N o. 2) b o n d s (V . 93, p . 484) w ere
a w a rd ed to F a rson , S on & C o . o f N . Y . a t 102.747 and in t. O th er bids
H arris’, F o r b e s ft C o ., N . Y _ .1 0 1 .7 8 I S . A . K e a n & C o ., C h ic a g o .. .1 00.30
A . B . Leach & C o ., N . Y -------100.57)

D U V AL COUNTY (P . O. Jacksonville), Fla.— B ond S a le.— On A u g . 28
th e $25 0,00 0 0 % 3 0 -y r . roa d b o n d s d a te d D ee. I 1909 (V . 93, p . 361) w ere
aw arded to W ell, R oth & C o. o f C incinnati a n d R . M. G rant & C o. o f
N . Y . at th eir jo in t b id o f 106.45 an d ln t. O th er bids fo llo w :
A tla n tic N a t. B k ., J a e k s o n v -106.111 E s ta b ro o k ft C o ., B oston . _ (0 2 .7 8
C Sj. B agw ell ft C o .. Ja ek so n v . 105.09 IS. A . K ca n & C o ., C h ic a g o ------ 100.62
U n ion S a v . B k . & T r . C o ., C ln .104.54 |

GLENDALE CITY SCHOOL DISTRICT, Los Angeles County. Cal —
B o n d S a le . — O n A u g . 21 the $40 ,000 5 % s c h o o l b o n d s (V . 93, p . 424) w ere
a w a rd e d , re p o rts s ta te , to E . H . R o llin s & S on s o f San F ra n cisco a t 104.85

GOLDEN VALLEY, R osea u C o u n ty . Minn.— B o n d O ffering.— P rop osa ls
w ill b e re c e iv e d until 2 p . m . O ct 5 b y P . W a llin ,T o w n Clerk, fo r $2,000
r o a d b o n d s at n o t e x c e e d in g 6 % . A u th o r it y C h a p . 64 G en. L a w s o f 1905.
D a te O c t . 10 1 9 1 1 .
In t. an n .
D u e 20 y e a rs.
GRAFTON, L orain C o u n ty , O h io .— B o n d S a le . — O n A u g . 15 th e $12 ,000
5 % c o u p , r o a d -im p t . b o n d s ottered b u t n o t sold o n J u ly 27 ( V . 93, p . 361)
w ere a w a rd e d t o llo e h le r & C u m m ings o f T o le d o at 103 a n d ln t.
GRAND RAPIDS. Kent County. M ich .— B o n d s Aieorded in P a rt.— On
A u g . 28 th e $ 2 0 0,00 0 4 >4% 1 -5 -y r. (ser.) tru n k -sew er b o n d s ( V . 93, p . 5 4 0
w ere aw ard ed to the D e tro it T ru st C o. In D e tro it a t 100.3125 an d ln t .— a
b asis o f a b o u t 4 .3 8 9 % . T h e $ 2 0 0,00 0 4 % rn p ld -sa n d -flltra tlo n b o n d s
ottered o n th a t d a y w ere n o t disp osed o f, n o b id s h a v in g b e e n re c e iv e d for
th e issu e.
HAMILTON, Butler County, O h i o — B o n d O fferin g. — P r o p o sa ls w ill b e
r e c e iv e d until 12 m . S e p t. 25 b y 11. A . G rim m er, C ity A u d ., fo r th e fo llo w
ln g 4 }^ % assessm en t Im p ro v e m e n t b o n d s:
$ 1 7 ,1 9 6 90 N o rth S ixth S tre e t b o n d s.
1 5 ,7 5 5 30 S o u th " B ” S treet b o n d s.
5 ,5 3 6 20 “ F ” S tre e t b o n d s .
2 ,8 9 6 30 N o rth F ro n t S tre e t b o n d s .
*
D a te J u ly 1 1 9 1 1 . I n t . se m l-a n n .
D u e o n e -te n th y e a r ly . C ert, ch e ck
fo r 5 % o f bid Is re q u ire d .
HARDIN COUNTY COMMON SCHOOL DISTRICT NO. IS. Tex.— Bonds
Registered. — A n issue o f $ 1 0 ,0 0 0 5 % 2 0 -y r . b o n d s w as registered b y th e
S ta te C o m p tro lle r o n A u g . 2 2 .

HARLINGEN, Cameron County, Tex.— B o n d E lec tio n .— P r o p o s itio n s to
issue $22 ,000 w a te r an d ligh t a n d $10 ,0 0 0 s t r .-im p t . b o n d s w ill b e v o t e d
u p o n o n S e p t. 26. It is s ta te d .
HASTINGS. Adams County, Neb.— B o n d S a le . — O n A u g . 28 $11 ,1 0 0
(a m o u n t re d u ce d fro m $ 15 ,000 ) 7 % P a v in g D is t. N o . 8 assess, b o n d s w ere
aw arded to A . L . C larke o f H a s tin g s .
B o n d s are o p t . a t a n y tim e an d w ill
be can celed as assessm ents are p a id In.
HEALY SCHOOL DISTRICT (P. O. Mealy), Lane County. Kan.— B o n d
S a le . — T h e C om m erce T r u s t C o . o f K a n . C ity , M o ., w as aw arded $6,400
5

bl dg, b o n d s.

D e n o m . $ 50 0.

D a te J u ly 1 1911.

D u e J u ly 1 1916.

H E C L A . Brown C o u n ty , So. Dak.— B on d s V oted.— -The v o te r s , at a
re ce n t e le ctio n , au th o riz e d th e Issuance o f $ 8 ,000 w a te r-w o rk s e x te n sion
b o n d s , a c c o r d in g t o loca l p a p e rs .
H E L E N A , M o n t.— B id s Rejected— B o n d O fferin g. — T w o b id s re ce iv e d on
A u g . 21 fo r th e $40 0,00 0 5 % 5 -2 0 -y c a r (o p t .) gold w a te r b o n d s (V . 93, p .
244) w ere r e je c te d .
L o ca l ban ks a greed to ta k e th e Issue a t par an d S . A .
K ean & C o . ottered a prem iu m o f $ 4 ,8 0 0 , b u t th e la tte r bid w as Irregular.
T h e b o n d s will again be ottered a t 8 p . m . S e p t. 25.

H ENDERSONVILLE SCHOOL DISTRICT (P . O. H e n d e r s o n v ille ). Hen
derson C o u n ty , N o. C ar.— B ond S a le . ---T h e $ 1 5 ,0 0 0 l -l 5 - y e a r (ser.) b ld g ,
b on d s (V . 92, p . 1583) h a v e been aw arded to C. A . W e b b * C o . o f Ashe­
ville as 6s.
HERMISTON, Umatilla County, Ore.— B o n d O fferin g .— P r o p o sa ls will
be re ce iv e d until 8 p. m . O ct. 11 fo r the $25 ,0 0 0 5 % w a te r-sy ste m b o n d s
d a te d A u g . 7 (V . 93. p . 4 8 5 ).
D ue O c t . 1 1941, o p t . a fte r O c t . 1 1931.
F . E . M c K e n z ie Is C ity R e co rd e r.
HIGHLAND PARK PUBLIC SCHOOL DISTRICT (P. O.

Highland

Park), W a y n e County, M ich .— B on d S a le . — O n A u g . 24 th e $ 2 3 ,0 0 0 1 5 -y r.
b o n d s (V . 93, p . 424) w ere aw ard ed to G eo. D . C a an ey o f D e tr o it fo r $23 ,­
385 (101.673) fo r l » f s .
D ate S e p t. 1 1911.

HIGH POINT, Guilford County. No. Car.— B o n d O fferin g. — P ro p o s a ls
w ill be re ce iv e d u n til 2:30 p . m . S e p t. 11 b y F . N . T a te , M a y o r, fo r $ 20 ,000
w a te r a n d sew er. $20 ,000 street-inapt, an d $ 10 ,000 sc h o o l-b u ild in g 5 %
3 0 -y e a r g o ld c o u p o n ta x -fre e b o n d s .
D e n o m . S I ,000 .
D a te O c t . 1 1911.
I n t . A . & O . at the lia n u v e r N a t. B a n k In N ew Y o r k . C ert, c h e c k (or
cash) fo r $500. p a y a b le to th e C ity T re a su re r, Is r e q u ire d . T h e o p in io n o f
D illon , T h o m p so n ft C lay o f N . Y . w ill b e fu rn ish e d as t o v a lid it y o f b o n d s.
HILL CITY. Graham County. K an - Bonds Voted. A re ce n t e le ction
resu lted . It is said, in fa v o r o f p ro p o s itio n s to Issue $ 35 ,000 w a ter-system
an d $15 ,0 0 0 electric-1 lg h t-p la n t bo n u s.

ERIE, W hiteside C ounty, III.— Bonds D efeated.— A. p r o p o s itio n to Issue
$2,5 0 0 ro a d b on d s w as d e fe a te d on A u g . 22, It is s ta te d .

HOBART, Kiowa County. Okla.— B o n d O ffering. -P rop osa ls w ill be re­
ceive.I until S e p t. 26 fo r the fo llo w in g 2 5 -y r . b o n d s v o te d A u g . 15 (V . 93,
p . 518) at not e x c e e d in g 6 % interest:
$30 ,000 w ater b o n d s.
50.000 c ity -h a ll b o n d s . A u t h ., v o t e o 1 309 t o 110.
2 0 . 0 0 0 c it y p a rk b o n d s .
A u t h ., v o t e o f 291 to 130.

ETOW AH. McMinn C ounty. Tenn — B on ds V o t e d — T h e e lection held
A u g . 29 resu lted In fa v o r o f th e p ro p o s itio n to Issue th e $25,000 6 % 10-20y r . (o p t .) str. and sew er b on d s (V . 93, p . 5 4 7 ). T h e v o t e was 217 to 118.

H O L L IS , Harmon County. O k la .— B o n d S a le . — O n A u g . 11 th e $52 ,0 0 0
w ater and $20,000 sew er 6 % 2 5 -ye a r c o u p o n b o n d s ( V . 93 p . 361) w ere
aw arded to K e n n e d y <Sc F lem in g o f O k la h o m a C ity a t p a r .
D e n o m . $ 1 ,0 0 0 .

ELGIN SCHOOL DISTRICT NO. 18. Antelope C ounty. Neb.— B on ds
V oted .— It Is s ta ted th a t th e Issuance o f $4,000 b o n d s w as a u th o rize d a t a
re ce n t ele ctio n .

E U FA U LA . Barbour C ounty. Ala.— B on ds V oted .— A n ele ctio n held
A u g . 21 Is said lo h a ve resulted In fa v o r o f th e q u e stio n o f Issuing $40 ,000
b on d s t o p u rch ase an c lc c tr lc -llg h t pla n t an d o v e rh a u l the gas p la n t.
F A R M ER SVILLE . Collin C ounty, T ex. — B on d S a le.— T h e U . S. B on d &
M ortg a g e C o. o f D allas w as aw ard ed th e $10 ,0 0 0 5 % 3 0 -4 0 -y r. o p t . street
b o n d s ( V . 93, p . 2 4 4 ). D e n o m . $50 0. D a te Ju n e 1 1911. In t. J . & D .
FAYETTE COUNTY COMMON SCHOOL DISTRICT NO. 60, T ex.—

Bon ds R egistered.— O n A u g . 22 th e S ta te C om p tro lle r registered an Issue
o f $1,500 5 -2 0 -y ea r (o p t .) b o n d s.

HOPEWELL TOWNSHIP (P. O. Tiffin), Seneca County, Ohio— B o n d

O fferin g . — P ro p o s a ls w lli b e re ce iv e d until 10 a. m . S e p t. 1 1 b y W . F .
M artin , C lerk, fo r $18 ,0 0 0 4
% co u p o n r o a d -im p t . b o n d s.
D e n o m . $50 0.
I n t . at th e C ity N a t. Bank in T iffin .
D u e $500 each 6 m o s. fro m A p ril 1
1913 t o O ct. 1 1921 in cl. A ssessed v a lu a tio n In 1910, $ 1 ,1 8 0 ,0 3 0 .
HOPKINS COUNTY COMMON SCHOOL DISTRICTS, Texas.— B on ds
R egistered.— T h e fo llo w in g 5 % 10 -2 0 -yea r (o p t .) b o n d s w ere registered o n
A u g . 17 b y the S ta te C o m p tro lle r: $1,0 0 0 b o n d s o f D is trict N o . 4 2 , $1,100
b o n d s o f D istrict N o . 79, $1,200 b o n d s o f D is trict N o . 42 a n d $1,2 0 0 b o n d s
o f D istrict N o . 30.

Issue o f $25 ,000 5 % b u ild in g b o n d s o n A u g . 18.

HUDSON, Lenawee County, Mich.— B o n d E lectio n . — O n S e p t. 12 this
to w n w ill b o ld an ele ctio n to v o te o n th e q u e stio n o f Issuing $20 ,000 E a st
M ain S t . Im p t. b o n d s, a c c o r d in g to re p o r ts .

F IN D L A Y , Hancock C o u n ty . Ohio.— B ond O fferin g.— P rop osals w ill be
receiv ed u n til 12 m . S e p t. 27 b y A . B . C rozicr, C ity A u d ito r , fo r $2,510 81
4 % Frazier S t. im p t. b o n d s. A u th o rity S e c. 97, .Municipal C od e. D e n o m .
$50 0, e x c e p t on e bon d o f $519 81.
D ate S e p t. 1 1911. I n t. an n .
D ue
$510 81 S e p t. 1 1912 and $500 S e p t. 1 1913 to 1916 in cl. C ert, c h e c k fo r
3 % o f b o n d s b id fo r. p a y a b le to the T r e a s ., is r e q u ire d . P u rch a ser to p a y
accru e d Interest.

HUMBOLDT, Gibson County, Tcnn. B o n d S a le . — T h e fo llo w in g bid s
w ere re ce iv e d o n A u g . 28 fo r the $12 ,000 fu n d in g an d S I 5,000 c ity -h a ll
5 H % 3 0 -y c a r b on d s (V . 93. p . 4 8 5 ).
P r o v . S a v . B .& T .C o.,C ln _$ 27,."> 9l 3 0 IC . I f. C o ffin , Chicago.. _.$ 2 7 ,2 7 1 00
H a y d e n , M ille r& C o .,C lcv _ 27.5 8 0 O O lA. B . L ea ch & C o ., Chic
27,156 00
W e ll, R o th & C o ., C in e . _ 27,548 50 [J o h n N u v e e n
& C o ., C h ic . 27,054 00
C o ., C h ic_ 27,0 2 7 00
S ta c y & B rau n , T o l e d o ___ 27,126 00| S. A . K e a n &

F O L L A N S B E E . B rook e C o u n ty , W . Va
B ond S a l e — O n A u g . 26
$17 000 5
1-10-year (o p t .) stre e t-lm p t. b o n d s w ere aw arded t o the
tlz cn s’ B ank o f F olla n sb c/ fo r $ 17 ,002 , m a k in g the price 100 .01. D en om .
$ 50 0.
D ate S e p t. 1 1011.

IREDELL C O U N T Y (P . O. S ta te s v ille ), No C a r o .— B o n d S a l e . - T h e
$400,000 5 % ro a d -im p t. b o n d s ottered o n A u g . 7 (V . 93. p . 182) h a ve been
aw arded t o W o o d ln , M cN ca r & M oore o f C h ica g o . T h e sale o f $17 5,00 0
o f the Issue w as re p o rte d In V . 93. p . 485 . T h e p urchaser Is ofie rln g t o in­
v estors $50 ,0 0 0 . d u e In 1926, an d $95 ,0 0 0 , d u e In 1951.

FERRIS INDEPENDENT SCHOOL DISTRICT (P . O. Ferris), Ellis
County Tex.— B on ds R egistered.— T h e S ta te C om p tro lle r registered an

FO N D D U L A C , F on d tin L a c C o u n ty , W i s — B onds N ot to he Issued at
Present. - I t Is n ot e x p e c te d th a t a n y a ctio n will be ta k en fo r so m e tim e In
the m a tter o f Issuing the $50 ,000 L a keside P a rk b o n d s . V . 92, p . 244.
F O R T B E N D C O U N T Y (P . O . R ic h m o n d ), T e x .— N o A c tio n Yet T a ken .—
U p t o A u g . 17 n o a ctio n had been taken regardin g the issu ance o f the $75,000
5 % 4 0 -y r . R o sen b erg D ist. r o a d -im p t. b o n d s v o t e d Ju n e 26 (V . 93, p . 120 ).

FOSTORIA. Seneca C ounty. Ohio. — B on d Sale. -O n A
n uu ng . 28 the $9,272
.

\ y i% c o u p . gen . str e e t-lm p t. ( c i t y ’s
aw arded t o the N ew First N a t. B a n k
Interest. O th er bids fo llo w :
P r e m iu m .
Otis & H o u g h , C le v e la n d ____ $95 00
W ell, R o t h A C o ., C in c in n a ti. 95 00
D avies-B ertram C o ., C l n c l n .. 78 00
P ro v . S a v . B k . <Sc T r . C o ., C ln . 58 41

p o rtio n ) b o n d s ( V . 9 3 , p . 485) w ere
o f C olum bus fo r $9,3 7 5 (101.11) and
P r e m iu m .
Securities S a v . B a n k & T ru st
C o ., T o le d o -------------------------- $31 50
T layden , M iller <S: C o ., C lcv__ 30 00
S ta c y & B ra u n , T o le d o _____ 20 57

FR E M O N T T O W N S H IP (P . O . S a g in a w ), S a g in a w C o u n ty , M ich .—
B on ds D efeated.— A. p r o p o s itio n t o issue road b o n d s w as d e fe a te d b y a v o te
o f 75 “ fo r ” to 117 " a g a in s t ” a t a recen t ele ctio n .
G I R A R D , Trumbull C ounty, O h io .— B id s .— T h e fo llo w in g arc o th e r b ids
received o n A u g . 14 for th e $5,800 5 % c o u p , ta x -fre e L ib e r ty .St. (v illa g e ’s
p ortion ) Im pt. b on d s aw arded t o th e F irst N a t. B ank In G irard a t 102.84
and ln t. (V . 03. p . 485 ):
P r o v . S a v . B k .& T r .C o ..C In $5,907 88| S ec. S a v .B k .& T r .C o .,T o l_ _ $ 5 ,8 7 6 00
H a y d cn -M lller & C o .. C lc v . 5,893 00 G irard S a v .& B lt.C o .. G irard 5,8 4 5 65
W e ll, R o th & C o .. C l n c l n .. 5,883 00| N cw First N at. B k ., C o lu m . 5,8 1 7 00




IR V IN G T O N , W e s tch e s te r C o u n ty . N. Y .— Bond O fferin g.- P roposals
w ill be re ce iv e d u n til 8 p . m . S e p t. 19 b y Jam es G . O rto n , Village C lerk, it Is
s ta te d , fo r $36,000 4 'A % 5 -2 2 -y ca r (serial) w ater b o n d s. C ertified c h e ck
fo r 2 % re q u ire d .
J A C K S O N , B u tts C o u n ty , G a .— B on d E lectio n .— A n ele ctio n w ill b e held
S e p t. 7, It Is sta te d , o n the q u e stio n o f Issuing w ater aud lig h t b o n d s.
J E F F E R S O N T O W N S H IP , J a y C o u n ty , In d .— B on d s O ffered hy B a n k ers.
— J . F . W ild ft C o. o f In d ia n a p o lis otter t o Investors $7,5 0 0 4 k, % 1 1-1 5 -yca r
(serial) ta x -fr e e s ch o o l-h o u s e b o n d s.
D en om . $50 0.
D ate J u ly 1 1911.
I n t . J . & J . a t th e B a n k o f R e d k e y In R e d k c y .
B o n d e d d e b t . In cl. th is
Issue, $2 4 ,0 0 0 . A ssessed v a l., $ 1 ,2 3 2 ,1 4 0 . R e a l va lu e (e s t.), $ 2 ,4 0 0 ,0 0 0 .
JO N E S C O U N T Y CO M M ON SCH O OL D IS T R IC T NO. 2. T e x — B on d s
R eg is ter e d .—A n Issue o f 5"$ b o n d s a m o u n tin g to $2,000 w as registered b y
th e S ta te C o m p tro lle r o n A u g . 2 1. D ue 20 y r s ., o p t . a fte r 5 yrs.
JO N E S C O U N T Y COM M ON SC H O O L D IS T R IC T NO. 22. T e x — B on ds
R egistered.— T h e S tate C om p tro lle r on A u g . 24 registered an Issue o f $2,000
5 % 5 -2 0 -y r . (o p t .) b o n d s.
JO N E S C O U N T Y CO M M ON SCH O OL D IS T R IC T NO. 2 7 , T e x — B on ds
R egistered.— O n A u g . 24 an Issue o f $2,000 5 % 5 -2 0 -y r . ( o p t .) b o n d s w as
registered b y th e S ta te C o m p tro lle r.
JO N E S C O U N T Y CO M M ON SCHO OL D IS T R IC T NO. 62. T e x — B on ds
R egistered.— O n A u g . 24 the S ta te C o m p tro lle r registered an Issue o f $ 2 ,000
5 % 5 -2 0 -y r . ( o p t .) b o n d s.

610

ITIE CHRONICLE

K A N S A S C I T Y , K a n .— B on d S a le.— T h e C om m erce T ru s t C o. o f K an sas
C ity , M o ., has p u rch a se d a t 105.50 & Int. §31,000 5 % 1 1 -2 0 -y r. (o p t .) park
b on d s d a te d S e p t. 1 1011. D e n o m . § 500 .
K A N S A S C I T Y , .M O.—B on d S a le.— O n A u g . 28 th e fo u r Issues o f c o u p ,
b on d s a g g re g a tin g §1 0 0 ,0 0 0 an d d u e S e p t. 1 1930 (V . 93, p . 421) w ere
aw a rd ed to the P ion eer T ru s t C o. o f K ansas C ity fo r §1 0 7 ,0 8 7 4 0 — m ak in g
th e p rice 1 0 4 .4 2 9 . O th er bids fo llo w :
is. h . H ollins & Hons, C h ic .§ 106,235 D e v ltt, T r e m b le & C o ., C h ic .§164 ,968
E s ta b r o o k & C o ., B o s t o n . . 165,920 C o m m e rce T r . C o ., K a n . C 'y 104,779
W m . R . C o m p to n C o ., S t . I , . 165,878 H arris T ru s t & S a v in g s / 104,487
P a rk in son & Burr, B o s t o n .. 165,715
B a n k , C h ic a g o ___________l a l4 0 ,0 5 9
R . L . D a y & C o ., B o s t o n ___ 165,708 B lake B ros. & C o .( B o s t o n
103,920
M e rrill.O ld h a m & C o ., B o sto n 165,240 A d a m s & C o _____ /
A . B . Leach & C o .,N .Y .& C h . 165,246 S u th erlln & C o ., K a n . C i t y . 163,001

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

MEAGHER COUNTY SCHOOL DISTRICT

NO. 24 (P . O. H cdgcville),

M ont.— B on d O fferin g.— P ro p o sa ls w ill be re ce ive d until 2 p . m . S e p t. 15
b y J o h n C. E. H agen , C lerk o f T ru ste e s, fo r § 5 ,5 0 0 6 % c o u p , s c h o o l-s ite
an d b u ild in g b o n d s.
D e n o m . §500
D ato O ct. 1 1911.
I n t . sem i-a n n .
in W h ite S u lph u r S p rin gs.
M on t. D ue O ct. 1 1931, o p t . o fte r O c t . 1 1921.
C ert, c h e c k fo r 1 0 % , p a y a b le t o T reasu rer o f M eagher C o ., req u ired .
B o n d e d d e b t , th is Issue. A ssess, v a l., 1910, § 1 8 7 ,2 2 0 .
M EMPHIS, T e n n .— B on ds V oted .— L o c a l pap ers S ta te th a t the p ro p o s i­
tio n to Issue .5275,000 b o n d s t o a cq u ire a p e rm a n e n t site fo r the T ri-S ta te
Fail- ca rrie d A u g . 24 (V . 93, p . 362) b y a p p ro x im a te ly 400 m a jo r it y .

L E X IN G T O N , R ich la n d C o u n ty , O h io .— B on d S a le.— O n A u g . 28 the
$ 8 ,0 0 0 4 % 4 2 -5 -y e a r (a v .) c o u p , pu b lic-h a ll b o n d s ( V . 93, p . 362) were
a w a r d e d , It Is s ta te d , to the B a n k o f M ansfield a t 100 .062 5.

MERCER COUNTY (P. O. C elina). Ohio. — B o n d O fferin g.— P rop osa ls
w ill
rece iv e d until 10 a. m . S e p t. 12 b y J . L . M o rro w , A u d ito r , fo r th e
fo llo w in g 4 jr, % co u p o n Im p rovem en t b o n d s:
$ 1 4 ,5 0 0 K lin gsh irn H oad b o n d s.
D ue S e p t. 20 as fo llo w s: § 1 ,0 0 0 in 1912,
§ 1 ,5 0 0 in 1913, § 1 ,0 0 0 in 1914, $1,5 0 0 fro m 1915 t o 1919 in cL .
§ 2 ,0 0 0 In 1920 and $ 1 ,500 In 1921.
9.5 0 0 F e ld h a k e -E v e rs R o a d b o n d s.
D uo S e p t. 20 as fo llo w s : §500 In
1912, § 1 ,0 0 0 In 1913, §500 In 1914, § 1 ,0 0 0 in 1915, 1910 and 1917,
§500 in 1918, § 1 ,0 0 0 In 1919, § 1 .5 0 0 in 1920 an d § 1 ,0 0 0 In 1921.
4 .0 0 0 C o o k R o a d b o n d s.
D ue S e p t. 20 as fo llo w s : §500 In 1912 and
§191 3, §500 fro m 1915 t o 1917 ln cl. and §500 fro m 1919 to 1921 inel.
5.000 B echer R o a d b o n d s.
D ue §500 S e p t. 20 1913 t o 1920 inel. and
$1,000 S e p t. 20 1921.
5.000 Siefrlng R o a d b o n d s.
D u e $500 S e p t. 20 1913 to 1920 ln cl. and
$1,000 S e p t. 20 1921.
6.5 0 0 G roth R o a d b o n d s.
D ue §000 S e p t. 20 1912 to 1919 in e l., § 1 ,0 0 0
S e p t. 20 1920 and § 1 ,5 0 0 S e p t. 20 1921.
7.500 H ain line R o a d b o n d s.
D ue S e p t. 20 as fo llo w s : $500 In 1912, 1913
and 1914, $ 1 ,000 In 1915, §500 In 1916, § 1 ,0 0 0 In 1917 and 1918,
§500 In 1019 and $1,0 0 0 in 1920 and 1921.
1.500 C arp enter R o a d b o n d s.
D ue §500 S e p t. 20 In 1910, 1919 and 1921.
4.5 0 0 B u rch R o a d b o n d s.
D ue $500 S e p t. 20 1912 and § 1 ,0 0 0 S e p t. 20
1913 to 1916 ln cl.
10.500 O regon R o a d b o n d s.
D ue §500 S e p t. 20 1912, $ 1 ,000 S e p t. 20
1913 to 1919 ln c l. and § 1 ,5 0 0 S e p t. 20 1920 and 1921.
1
8.0 0 0 H a u sfcld R o a d b o n d s .
D ue S e p t. 20 as fo llo w s : § 1 ,5 0 0 In 1912,
1913 and 1914, § 2 ,0 0 0 In 1915 and § 1 ,5 0 0 In 1910.
6.000 D a v is R o a d b o n d s.
D u e S e p t. 20 as fo llo w s : $500 in 1913, §1,0 0 0
In 1914, §500 in 1915, 1916, 1917 and 1918, $1,000 In 1919, §500 In
1920 and $1,000 In 1921.
6.000 H em m elgarn R o a d b o n d s.
D u e S e p t. 20 as fo llo w s- 81,000 la
1912 and 1913, § 1 ,500 In 1914, § 1 ,000 In 1915 and § 1 ,5 0 0 in 1016.
4.0 0 0 W ln h o v e n R o a d b o n d s .
D ue §500 S e p t. 20 1914 to 1921 lncl.
22,0 0 0 C h ick asa w R o a d b o n d s.
D ue §4,000 S e p t. 20 1912 and 1913,
$4,500 S e p t. 20 1911 and 1915 and $5,000 S e p t. 20 1910.
17.500 G uggenblller R o a d b o n d s.
D ue S e p t. 20 as fo llo w s: $1,000 In
1912, § 1 ,5 0 0 In 1913 and 1914, § 2 .0 0 0 In 1915, $ 1 ,500 in 1916,
$2,000 In 1917, $1,500 In 1918, § 2 ,0 0 0 In 1919 and 1920 an d §2 ,500
in 1921.
4,5 0 0 M estem a k er R o a d b o n d s .
D ue §500 S e p t. 20 1912 and §1,000
S e p t. 20 1913 to 1916 lncl.
A u th o r it y T itle 7, C h ap. 8, R e v . S t a t .
D e n o m . § 500 .
D ate S e p t. 20
1911. I n t. M . & S . A cash d e p o s it o f §100 Is requ ired w ith bids for each
Issue.

L E X IN G T O N SCH O OL D IS T R IC T NO. 1 (P . O . L e x in g to n ). L exin gton
C o u n t y , So. C a ro.— B ond O fferin g.— P rop osa ls w ill be received until 12 m
S e p t. 25 b y T . P . M ectze, C hair. B d . o f T ru stees, fo r the S10.000 6 % 5-20y r . b ld g , b on d s (tV . 93, p . 3 0 4 ).

p o r t ), Niagara C o u n ty , N. Y .— B on d O fferin g .— P rop osals will he receiv ed
u n til 12 ni. S e p t. 8 fo r § 4 5 ,0 0 0 4 b j % b o n d s.
D ate N o v . 1 1911.
In t.
se m i-an n u al.
D ue § 1 ,0 0 0 y e a rly fo r 15 yea rs au d § 2 ,0 0 0 y e a r ly th e re a fte r.

L IM A , Allen C o u n ty , O h io .— Bon d S a te.— T h e S in k in g F u nd Trustees
h a ve been aw ard ed the §12 ,0 0 0 5 % W est E lm S t. p a v in g N o . 3 assessm ent
b on d s (V . 93, p. 2 4 5 ).
B on ds A u th orized .— A n ord in a n ce has been passed p r o v id in g fo r the
issu a n ce o f $8,100 5 % R ich ie A v e . N o . 2 p a v . assess, b o n d s.
D e n o m . §900
D ate A u g . 15 1911.
In t. in A p ril at o ffic e o f S in k . F u n d T ru s te e s . D ue
$900 y e a rly A p ril 1 1912 to 1920 In clu sive.

M IDD LETOW N, O ra n ge C o u n ty . N. V. -B ond S a le.— O n A u g . 30 th e
§ 2 0 ,0 0 0 4
2 - l l - y r . (ser.) reg. s t r .-im p t . b o n d s (V . 93, p . r»48) w ere
aw ard ed to the M id d le to w n S av in gs B a n k In M id d le to w n at 101.50 and ln t.
-a basis o f a b o u t 4 .2 3 4 % .
O th er bids fo llo w :
100.00
E . H . R ollin s & S on s, B oston 101.188 S . A . K ean * C o ., C h icago
.1 00.555
J o h n .T. H art, A lb a n y .
.1 0 1 .1 3 5 A d a m s & C o ., N ew Y o r k .
100.15
P a rk in son & Burr, X . 5'
l o t . 037 W . N . C oler * C,>., N . Y
100.000
S u tro B ro s . & C o ., N. Y
100.901 W . H . H u n t, M id d letow n
D ate S e p t. 1 1911.

a F or th e §1 3 5 ,0 0 0 4 > $ % b o n d s.
K b N T C O U N T Y (P . O . G rand R a p id s ), M ich .— B o n d E le c tio n P ro p o sed .—
— I h c C ou n ty Clerk a dvises us th a t an e le ctio n w ill p r o b a b ly be h eld n e x t
O cto b e r t o v o te o n the q u e s tio n o f Issuing $ 5 0 0,00 0 ro a d b o n d s.

K ILLE E N , Bell C o u n ty , T ex. — B on d E lectio n .— T h e C ity C o u n cil has
ordered an electio n fo r S e p t. 16 t o v o t e o n a p ro p o s itio n to Issue §22 ,0 0 0
w ater and street-lm p t b o n d s.
K N O X V IL L E SC H O O L D IS T R IC T (P . O . K n o x v ille ), K n o x C o u n t y .
III.— D escription o f B o n d s.— -The 511 ,000 b ld g , an d g ro u n d b o n d s re ce n tly
d isp osed o f (V . 93, p . 518) bear d a te o f Ju n e 1 1911 an d bear 5 % lnt
In t.
In A p r.
D ue §1,0 0 0 y e a r ly In A p r . T h e b o n d s w ere so ld fo r §1 1 ,1 5 0 , or
L A K E O D E S S A , Ionia C o u n ty , M ich .— B o n d S a le .— O n A u g . 7 th e $8,000
5 % 9 >$-yr. (a v .) w ater b o n d s ( V . 93, p . 302) w ere a w a rd e d t o the H an ch ett
B o n d C o. o f C h ica g o .
D a te A u g . 1 1911. I n t . M . & S.
L A N G D O N SC H O O L D IS T R IC T (P . O . L a n g d o n ), C a valier C o u n ty .
N o. D a k .— B on ds P ro p o sed .— T h e P resid en t o f th e B d . o f E d u ca tio n re­
c e n tly ad v ised us th a t this d is tric t Is co n sid e rin g th e Issuance o f §16,000 or
§ 1 7 .0 0 0 b o n d s.
L A R E D O , W e b b C o u n ty , T e x .— B on ds R egistered.— T h e S ta te C om p­
troller o n A u g . 22 registered §2 0 ,0 0 0 2 0 -1 0 -y r . (o p t .) s ch o o l-h o u s e bo n d s.
L A W R E N C E V IL L E . G w in n e tt C o u n t y . G a .— B on d s V oted.— A n ele ctio n
held A u g . 23 resulted In fa v o r o f p ro p o s itio n s to Issue $35 ,000 w a ter and
§1 5 ,0 0 0 sew erag e 5 % 3 0 -y e a r b o n d s . T h e v o t e w a s 199 t o 9.
L E V A N . J u a b C o u n t y . U ta h . -B o n d s Voted.— I t Is s ta te d th a t an election
held re ce n tly resu lted In fa v o r o f a p r o p o s itio n to Issue § 9 ,0 0 0 w ater-system
b o n d s . T h e v o t e w as 79 t o 9.
L E W I S B U R G . G reen brier C o u n ty . W . V a .— B on d S a le.— O n A u g . 5
th e $ 16 ,500 5 % 2 0 -y r . s t r .-im p t . b on d s (V . 03, p . 304) were aw arded to
S e a s o n g o o d & M ayer o f C in cin n ati at par.

^ L I N C O L N . N eb.— B on d O ffering.— P ro p o sa ls will be re ce ive d until 10 a .m O c t . 2 b y R . C. O zm an , C ity Clerk, fo r § 0 ,8 0 0 D lst. N o . 184, § 3 ,5 0 0 Illst.
N o . 187 and §1 ,450 D lst. N o . 41 p a v in g b on d s at n o t e x c e e d in g 5 % !n t.
D en om . t o suit pu rch aser.
D ate S e p t. 1 1 9 1 1 . I n t. an n .
D ue on e -te n th
y r ly . C ert, c h e ck fo r §200 Is re q u ire d .
L IN N D A L E , O h io .— B on d O fferin g. P rop osa ls w ill be re ce iv e d until
12 m . S e p t. 20 b y O . II. F ellow s, VII. Clerk (P . O . N o . 1009, W illia m son
B ld g .. C lev ela n d ), fo r S I .270 5 % Pellor A v e . w a te r-lm p t. assess, bon d s.
A u th o rity S ecs. 388 1. 2 8 8 8 and 2914, G en. C od e.
D e n o m . §490 an d §780.
D ate M ay 1 1911.
In t. M . & N . a t the U nited B a n k in g & Savings C o. hi
C levelan d .
D ue N o v . 1 1913.
B on ds to be deliv ered and paid fo r w ithin
10 d ays from tim e o f a w a rd . C ert, c h e c k on a b a n k In C u y a h o g a C o u n ty
fo r 10".', o f b id , p a y a b le to the V illage T r e e s ., re q u ire d . P u rch a ser to pay
a ccru ed in terest.
L IT T L E T O N . Halifax C o u n ty . N o. C a ro .— B on d Sale. - O n A il '. 25 the
§1 0 ,0 0 0 6 % 4 0 -y r . c o u p , c le c .-llg h t-p la n t b o n d s (V . 93, p. 302) were
a w a rd ed t o the N ew F irst N a t. B a n k o f C ol.
L O G A N , Logan C o u n ty . W . V a. — Bond S a le.— O n A u g . 26 the 515,000
5 % 10-30-ycar (o p t.) c o u p o n S traton S t. Inapt, b o n d s (V . 93, p . 485) were
aw ard ed to C u tter, M a y & C o. o f C h ica go at p ar am i lnt. less §407 for
ex p en ses. A hid o f p a r less $GC.O expen ses w as also received fro m S. A .
K ea n & C o. o f C h ica g o .

LOTT, Falls C o u n ty . Texas.— Bon ds N ot S old .— N o a w a rd has y e t been
m ad e o f th e §1 4,000 5 % 2 0 -4 0 -y ca r (o p t .) w a te r-w o rk s b o n d s o lfe re d on
A u g u s t 17 (V . 93, p . 424.)
M cHENRY, McHenry County. III.—B onds D efeated.— T h e e lection held
A u g . 12 resulted in th e d e fe a t o f a p r o p o s itio n t o Issue §9,0 0 0 v illage-h all
b o n d s.
McINTOSH. Corson County, So. D ak.— B on d E lection . — An election has
been called to vote on the question of Issuing water-works-system bonds,
tt Is stated.
McMINN COUNTY (P. O. A t h e n s ). Tenn.— P u rch a ser o f B o n d s.— W e are
ad vised that the purchaser o f th e § 3 00 ,000 5 % 3 0 -y e a r road b on d s d ated
S e p t. 1 1911, the sale o f w h ich w as re p o rte d In V . 93, p . 480, w as W o o d ln ,
M cN ear & M oore o f C h ica g o .
McPHERSON, McPherson C o u n ty , Kan.— Bonds A u th orized .— T h e C ity
C ou n cil has, a c co rd in g to re p o rts, a u th o rize d the Issuance o f §35 ,0 0 0 4 , 4 %
p a v in g b o n d s.
D e n o m . § 1 ,0 0 0 an d §500 .
D ue 10 y e a rs.
MANSFIELD. B ristol C o u n ty . M ass. — B o n d S a le. O n A u g . 29 the
§1 0 ,0 0 0 5 K -y r . (a v e r.) s c h o o l a n d § 2 2,500 11 % -y r . (a v e r.) U ghtln g-plant
4 % r o u p , b on d s (V . 93, p. 548) w ere aw arded to E s ta b ro o k A C o. o f B oston
at l O i .37.
MARION COUNTY (P. O. Marion), Ohio.— B ond O fferin g.— P roposals
will be received until 12 in. S e p t. 8 b y C. L . Ju stice , P ro se cu tin g A tto r n e y ,
fo r 828 ,500 5 % c o u p . B a rln ger Free T u rn p ik e b o n d s. A u th . S e c. 7283,
G en. C od e. D e n o m . § 500 .
D ate S e p t. 8 191 1. I n t . M . & S . a t th e T reas.
o ffic e .
D ue $1,000 M arch 1 an d S e p t. 1 1912 an d M arch l 1913, § 1 ,500
S e p t. 1 1913, §1 ,000 M arch 1 1914, $1,500 S c o t . 1 1914, 81,000 M arch 1
1915, $1,500
S ep t. I 1915 an d M arch
1 and S e p t. 1 1910, $1,000 M arch 1
1917, $1,500
S e p t. I 1917 an d M arch
l and S e p t. 1 1918, § 2 ,0 0 0 M arch 1
1919, §1 ,500
S ep t. 1 1919 an d M arch
1 1920, §2,0 0 0 S e p t. I 1920, § 1 ,500
M arch 1 1921 and § 2 ,0 0 0 S e p t. 1 1921. C ert, c h e ck o n a ban k In .Marlon
fo r §300 Is req u ired .

M ID D LE PO R T UNION FREE SCHOOL D ISTRIC T NO. 1 (P O. Middle-

M IL F O R D C E N T E R . U nion C o u n ty , O h io .— B on d Nate.— T h e h igh est
bid re ce iv e d o n A u g . 24 fo r § 8 ,5 0 0 5";, s tr e e t-lm p t. b o n d s oirered on th at
d a y w as o n e o f §8,541 75 (100.191) and a ccru ed h it. su b m itte d b y the
S e c u r ity S av in gs B a n k & T r u s t C o. o f T o le d o .
M IL F O R D SCH O OL D IS T R IC T (P. O . M ilfo r d ), C lerm on t C o u n ty . O h io.
— B on d E lection .— R e p o rts s ta te th a t an ele ctio n w ill be held S e p t. 20
o n the q u e s tio n o f Issuin g § 5 0 ,0 0 0 s c h o o l-b ld g , b o n d s.

M ILLERSBU RG , Dauphin C ounty, Pa. — Bonds V oted .— T h e election
held A u g . 20 resulted in ravor of the q u estion o f issuing the § 0 ,0 0 0 p a vin g
b o n d s (V . 93, p. 5 4 9 ). T h e v o t e w as 281 to 159.
M I L W A U K E E . W is . -B o n d O fferin g.— P roposals w ill he receiv ed until
It a. m . S e p t . 6 b y W . 11. U pm eyer an d C. L a n dsec, C o m . o f P u b lic D e b t,
fo r § 1 00 ,000 I '.:% c o u p . re f. b o n d s. A u th o rity C h ap. 4 0 b an d 41. W is.
S ta t. o f 1898.
D e n o m . § 1 ,0 0 0 .
D ate J u ly l 1911.
In t. J . & J . at the
T reas. o ffic e .
D ue o n c -tw e n tle th y e a r ly .
B on ds are e x e m p t from ta x a ­
tion ; see Item u nd er W isco n sin o n a p re ce d in g p a ge. All legal papers to
establish the v a lid ity o f the b o n d s will be fu rn ish ed to the purch aser.

MINGO COUNTY (P . O. W illia m s o n ), W . V a. — Bonds X o t Yet S old .—
N o aw ard has y e t been m ade o f the § 0 0 .0 0 0 5 / J % 10 -3 4 -yea r (o p t .) c o u p .
Lee D lst. road bond s o lfered b u t n o t sold o n Ju n e 10 (V . 93, p . 2 15).
MONONGAHELA, W ashington C ounty. P a.— B onds V o ted .— P a pers
sta te th at th e Issuance o f $85 ,000 b o n d s w as a u th orized at a re cen t ele ctio n .
■MONTPELIER, W ashington County, Vt.— Bonds V oted.— A n election
held A u g . 29 resulted In fa v o r or the qu estion ot Issuing § 1 0 0 .0 0 0 s c h o o l
b o n d s. T h e v o t e w as 266 to 105.
MORGAN C O U N T Y (P . O . M a rtin sv ille ). In d .— Bond S a le. T h e $ 1 0 , 0 0 0
4 !4 % ta x -fre e brid g e b on d s o lfered o n A u g . 5 (V . 93. p . 245) w ere aw arded
to J . F. W ild A C o. o f In d ia n a p o lis.
D en om . $50 0.
D ate J u ly 1 191'..
In t. M. & N. at First N a t. B a n k , M artin sville.
D ue $4,000 each six mo.s.
up to N o v . 1916.
B o n d , d e b t, this Issue. A ssessed v a lu a tio n , $ 1 3 ,2 1 0 ,­
313 .
R eal v a lu a tio n ( c s t .), § 2 8 ,0 0 0 000.
MOSELEY CREEK DR A IN A GE

DISTRICT (P. O. D over),

Craven

C ounty, No. Car. —B on ds A u th orized .— T h is d is tric t has a u th orized the
Issuance ot § 4 2,000 6 % d ra in a g e b o n d s.
D e n o m . § 1 ,0 0 0 .
ln t . an n . In
D ee. a t the B ank o f D o v e r.
B o n d s are e x e m p t fro m all t a x e s .
W e are
a d v is e d th a t these b o n d s w ill be oirered fo r sale In about 30 o r 00 d a y s.
MOTT, H e ttin g e r C o u n ty , N o. Dak.— B onds V oted.— A n e le ctio n held
A u g . 22 resu lted In fa v o r o f th e p ro p o s itio n to Issue § 1 0 ,0 0 0 lire b on d s,
It is s ta te d .
MT. PLEASANT, Titus C ounty, T ex.— Bond Nate.— On A ug. 8 th e $10 ,­
000 5 % 3 0 -y e a r sew er b o n d s (V . 93, p . 245) w ere aw ard ed to D e v itt,
T r e m b le & C o. ot C h icago at 1 00 .50. Sec a d v e r tis e m e n t o n a p reced in g
p a ge .
MUSKOGEE COUNTY (P . 0 . M uskogee), O k la — B onds V oted.— A t the
e lection held In this c o u n t y A u g . 20 (V . 93, p. 480) th e p r o p o s itio n to Issue
§ 500 ,000 co u r t-h o u s e h o ils ca rrie d , a c c o r d in g to r e p o rts .
N E W A R K , N. J .— B on d S a le.— On A u g . 30 th e $30 0,00 0 4 % 40 -5 0 -y ea r
(o p t.) c o u p , or reg. ta x -fre e s c h o o l b o n d s (V . 93, p . 486) w ere a w a rd ed .
It Is s ta te d , to J. S . R lp p e l ot N e w a rk at 1 00 .09.

N E W A R K . L ick in g C o u n ty , O h io .— B o n d O fferin g.— P ro p o sa ls will he
received until 12 in. S e p t. 2 0 b y W . F . W u lfh o o p , C ity A u d ito r , fo r the
M ARSH ALLCOU N TY (P. O. W a r r e n ), Minn.— Bon ds O ffered by B a n k e r s • 860 ,000
1% c o u p , w a te r-w o rk s-p u rch a se b o n d s ( V . 93, p. 4 8 0 ).
D en om .
— D e v ltt, T rem b le & C o. o f C h ica go and Phila. are o ilcrin g t o Investors (sec
8 1,000.
D ate S e p t. I 1911.
ln t . s cm l-u n n .
D ue 85,000 M ch. 1 anil
a d v ertisem en t on a pre ce d in g page) §200 ,000 5 % 6 -1 5 -y r. (ser.) d itch b o n d s.
§10,000 Sept 1 In 1912 am i 1013, $5,000 M ch . 1 1914, § 1 3 ,0 0 0 S e p t. 1 1914
T h e sale o f these b o n d s w as p re v io u sly rep orted In these c o lu m n s .
an d §12 ,0 0 0 M eh. 1 1915.
Bids m ust b e u n c o n d itio n a l. C ert, c h e ck on a
n a t. ban k fo r 10% o f b o n d s bkl fo r, p a y a b le to the T rea s., Is req u ired .
M A R Y V IL L E . N o d a w a y C o u n ty , M o — B onds V oted.— T h e e lection h eld
Aug. 24 resu lted in fa v o r o f the qu estion o f Issuing the §1 0 0 ,0 0 0 w a te r­
NEW BOSTON (P . O. P ortsm outh). Ohio.— B on d O fferin g.— P rop osa ls
w orks b on d s (V . 93, p . 4 8 6 ). T h e v o te w as 074 to 195.
will he rece iv e d until 12 m . S e p t. 15 b y R o y H . C o b u rn , V illa ge Clerk, for
§ 7 ,500
str e e t-lm p t. b o n d s.
D enom . §500.
D ate Ja n . 1 1911. I n t .
M A R Y V IL L E . Blount County, Tenn.— B on d E lection .— A n e le ctio n will an n . D ue §500 each six m on th s fro m J a n . 1 1920 to Jan . 1 1927 ln c l.
be held S ep t. 20, It Is s ta te d , to v o te on p ro p o s itio n s to Issue $75 ,000 w ater­
C ert, c h e ck fo r §2 5 0 , p a y a b le to th e T r e a s ., Is re q u ire d .
works an d §30 ,0 0 0 sew er b o n d s .
NEW DECATUR. Morgan C ounty. A la.— B ond S a le .— A ll bid s received
MASSILLON, Stark C o u n ty , Ohio.— B on d E lectio n .— P apers s ta te th a t a o n A u g . 21 fo r the $20,000 5 % 2 5 -y e a r s c h o o l-b ld g , an d site b o n d s (V . 93.
v ote w ill he taken N o v 7 o n th e q u e stio n ot Issuing § 1 00 ,000 h ig h -sch o o l
p . 303) w ere r e je c te d . T h e b on d s w ere s u b s e q u e n tly s o ld . It Is s ta te d ,
an d §1 5 0 ,0 0 0 m u n icipa l w a te r-w o rk s b o n d s.
to S p ltz e r, R o r lc k & C o . o f T o le d o a t 9 0 .
ail




Sept,

i

lu ll.]

THE CHRONICLE

N O R M A N . C levelan d C o u n ty , O k la .— B on d s V o ted .— L o ca l papers state
chat at a recen t election the Issuance o f $12 ,500 w a te r-w o rk s-e x te n sio n
b on d s w as a u th orized b y a v o t e o f 268 t o 84.
• N ORTH A N D O V E R , E sse x C o u n ty , M a s s.— B on d S a le .— O n A u k . 28 the
$26,000 4 % 1 -1 3 -y r. (ser.) c o u p . B ra d strcct S ch o o l loan b o n d s (V . 93, p .
549) w ere aw ard ed to P erry, C o ffin & B urr o f B o s to n a t 101.74 an d ln t.—
a basis o f a b o u t 3 .7 1 7 % . O th er bids fo llo w :
B lo d g e t & C o ., B o s t o n ............ 101.419
E s ta b ro o k & C o ., B o s t o n ____ 101.69
N . W . H arris & C o ., I n c .,B o s 101.53
R . L . D a y & C o ., B o s t o n ____ 101.199
G eo. A . F ern a ld & C o ., B o a t. 101.513 A d a m s & C o ., B o s t o n ------------ 101.17
H a y d e n ,S to n e & C o ., B o s to n 101.11
Curtis & S an ger, B o s t o n . . ..1 0 1 .5 1
B lake B ro s . & C o ., B o s t o n . . 101.42 M errill,O ldh am & C o. B o s t .1 0 1 .0 8 9
N O R TH M A N K A T O (P . O. M a n k a to ), M in n .— B on ds D e fe a te d — T h e
ele ctio n held A u g . 21 resu lted In the de fe a t o f the p ro p o s itio n to Issue the
$4,000 w a ter b on d s ( V . 93, p. 4 8 8 ).
N O R W O O D , N orfolk C o u n ty , M a ss.— B o n d S a le .— O n A u g . 30 the $80 ,000
4 % 2-2 1 -yea r (serial) w ater b o n d s (V . 93, p . 549) w ere a w a rd e d to B lake
B ros. & C o. o f B o s to n a t 103 .09— a basis o f a b o u t 3 .6 6 9 % , r e p o rts s ta te .
N U E C E S C O U N T Y COM M ON SCHOOL D IS T R IC T NO. 3, T e x .— B on ds
R egistered .— B on d s a ggre ga tin g $1,200 and bearin g 5 % Interest w ere regis­
tered on A u g . 24 b y the S ta te C o m p tro lle r. D ue 20 years, o p t . a fter 5 yrs.
N U E C E S C O U N T Y COM M ON SCHO OL D IS T R IC T NO. 20, T e x . — B onds
R egistered .— A n issue o f $10,000 5 % 5 -2 0 -y ca r (o p t .) b o n d s w as registered
b y tlie S ta te C om p troller o n A u g . 24.
N Y S S A , M alheur C o u n ty . O re.— B on d O fferin g .— P ro p o sa ls w ill be re­
ce iv e d until 7 p. m . O ct. 2 b y S . D . G o sh crt, T o w n R e c o r d e r , fo r the
$10 ,000 6 % 1 0 - 2 0 -y e a r (o p t .) S nake R iv e r B ridge b o n d s (V . 92, p . 1586).
C ertified c h e ck for 5 % o f b id requ ired .
O B E R L IN , Lorain C o u n ty , O h io .— B ond O fferin g .— P ro p o sa ls will be
re ce iv e d until 12 rn. S e p t. 18 b y II. T . M arsh, V illa ge C lerk, fo r the fo llo w ­
ing 4 M % p a v in g b on d s:
$8,800 N o . P leasant S t. b o n d s.
D e n o m . $900, o n e b o n d o f $700.
8,2 0 0 G rov ela n d S t. b o n d s.
D e n o m . $700, o n e b o n d o f $900.
3.600 W a ln u t S t. b o n d s.
D e n o m . $300, on e b o n d o f $900.
2,900 R ea m er P lace bon d 3.
D e n o m . $300, o n e b o n d o f $200.
7.400 W o o d la n d A v c . b o n d s.
D e n o m . $800, o n e bon d o f $200.
6.600 M organ S t. b o n d s.
D e n o m . $700, o n e b o n d o f $300.
3.400 V in e S t. p a v in g b o n d s.
D e n o m . $300, o n e b o n d o f $700.
A u th o rity S ec. 1536-210, R e v . S ta t.
D ate A u g . 1 1911.
I n t. F . & A .
P u rch a ser to p a y a c c r u e d Interest.
O tiD E N S B U R O , St. L a w re n ce C o u n ty . N. Y .— B on d O fferin g.— P ro­
posals will be receiv ed until 3 p . m . S ep t. 8 b y R . J . D o n a h u e , C ity T re a s .,
for $120,000 4 % c o u p , o r reg. w ater b o n d s. A u th . C h ap. 371 , Laws o f
1910. D e n o m . $1,000 and $500.
In t. J . & D . a t the C ity T rea s. o ffic e .
Due o n Jun e 1 as fo llo w s : $12 ,500 In 1933 and 1934, $15 ,0 0 0 fro m 1935 to
1938 Incl. an d $17 ,500 In 1939 an d 1910. T h ese securities arc the u nsold
p o r tio n o f an Issue o f $ 17 5,00 0.
O N T A R IO C O U N T Y (P . O . C a n a n d a ig u a ), N. Y .— B o n d S a le .— O n A u g . 9
th e $52 ,000 4 % l 2 H - y r . (a v .) ro a d -Im p t. b o n d s (V . 93, p. 363) w ere
aw arded to A . B . L ea ch & C o . o f N . Y . fo r $ 52 ,440 , m a k in g th e price
1 00 .846 .
O N T A R IO U N IO N H IG H SC H O O L D IS T R IC T . CaL— B on d s V oted.—
A c c o r d in g t o re p o r ts , an e le ctio n held re ce n tly resu lted in fa v o r o f the
p rop osition t o issu e $20 0,00 0 b o n d s . T h e v o t e w as 506 to 154.
O P E L O U S A S , Saint L a n d ry P arish, L a .— B on ds V oted .— 1T h e e lection
held A u g . 24 resulted In fa v o r o f the p r o p o s itio n to Issue the $40,000 5 %
10-ycar sew erage b on d s (V . 93, p . 2 4 7 ). T h e v o t e w as 1 2 0 to 57.
W e arc
ad v ised th a t these b on d s will bo offered fo r sale In a b o u t 2 o r 3 m o n th s .
O R O V I L L E , O k an aga n C o u n ty , W a s h .— D escrip tion o B o n d s .— T h e
$10 ,000 ref. w ater-w ork s b o n d s aw ard ed to the S ta te o f W a sh , a t par
( V . 93, p . 363) are In d e n o m . o f $100 each an d bear ln t. a t 6 % , p a y a b le
sem i-an n u al.
D ue 20 y r s .; o p t . a fte r 10 yrs.
O T T A W A SC H O O L D IS T R IC T NO. 141 (P . O . O tt a w a ), La Salle C o u n ty ,
III.— B on d S a le .— O n A u g . 25 the $45 ,000 4 H % 1 -1 5 -y r. (ser.) reg. s c h .b ld g . b on ,is (V . 93, p . 487) w ere aw arded to N . W . H a lse y & C o . o f C h icago
a t 100.82 an d lo t. — a basis o f a b o u t 4 .3 7 8 % . O th er bids fo llo w :
W ell, R o th & C o ., C h lo a g o .a $ 1 5 ,4 3 5 1H arris T r . & S a v . B k ., C h ic $45,252
J o h n N u v een & C o .. C h i c . .
4 5 ,3 5 1 1A . G . E d w a rd s & S on s, S t. L . 45,1 1 5
A . B . L ea ch & C o ., C h ic a g o .
4 5 ,2 6 0 | T h o s. J . B o lg c r C o ., C h ic a g o . 45,112
a In terest to b o paid sem i-a n n u a lly.

v lllc .
D ue $ 6 ,000 O c t . 1 1916 an d $2,000 y r ly . th e re a fte r.
fo r 2 % , p a y a b le to C. VV. H lrd , T re a s ., re q u ire d .

611
C ert, ch e ck

„ P L A Q U E M IN E S P A R IS H R O A D D IS T R IC T NO. 1 (P . O . B u ra s ), L a .—
B on d O fferin g .— P ro p o sa ls w ill be re ce ive d u n til S e p t. 12 b y J . B . F a sterlln g,
P res. P o lice J u r y , fo r $60 ,000 5 % ro a d b o n d s .
D e n o m . $ 1,000.
P L A T T E , C h arles M ix C o u n t y , S o. D a k .— D escription o f B o n d s.— T h e
$ 1 4 ,0 0 0 fu n d in g b o n d s m en tio n e d In V . 93, p . 550, bear ln t. at 6 % and are
c o u p o n In fo r m . A u th o r it y C h a p . 91, I.a w s o f 1907.
D en om . $ 1 ,0 0 0 .
I n t . In C h ic a g o .
D u e In 20 y e a rs.
B on d s are e x e m p t fro m all ta x e s .
D a te o f o ffe rin g Is n o t y e t de te rm in e d , w e are a d v is e d .
P O L K C O U N T Y (P . O . B a r t o w ), F la .— B ond E le c tio n .— L o ca l papers
sta te th a t o n O c t . 10 a v o t e w ill be taken o n th e q u e stio n o f Issuing $500,000
r o a d b o n d s.
P O R T C L IN T O N , O tta w a C o u n ty , O h io .— B on d O fferin g .— P ro p o sa ls will
b e r e c e iv e d u n til 12 m . S e p t. IS b y J . A . S ingler, V illa ge Clerk, fo r the
fo llo w in g 5 % 1 -1 0 -y e a r (serial) co u p o n ta x -fr e e b o n d s:
57 500 P u lto n S t. Im p ro v e m e n t b o n d s.
D e n o m . $75 0.
5,500 A d am s S t. sew er b o n d s.
D e n o m . $550.
A u th o rity S e c. 3939 t o 3 95 4, G en . C o d e .
D ate S e p t. 1 1911. I n t . sem i­
an n u ally In P o rt C lin to n . C ert, c h e c k o n a ban k in P o r t C lin ton fo r $30 0,
p a y a b le to the T re a 3 ., Is re q u ire d w ith b id s fo r each issu e. P u rch a ser to
Pay accru ed ln t.

PORTLAND. O re .— B on d O ffe rin g .— P ro p o sa ls w ill b e re ce iv e d until
2 p. m . O ct. o b y 1'. W . A fu lk cy, C h airm an P u b lic D o ck C o m m ., fo r $50 ,000
4 'A % g o ld d o c k b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate N o v . 1 1911.
I n t .M .& N .
j !L. e 7 re a s- o ffic e .
D ue 50 y r s ., o p t . a fte r 30 y r s .
B ids m u st be u n c o n ­
dition a l e x c e p t as to le g a lity an d a c c o m p a n ie d b y a c e r t, c h e c k o n a b a n k
P oH lam l fo r 5 % o f b o n d s b id f o r , p a y a b le to th e C h air, o f C o m m , o f
P u b lic D o ck s.
P U T N A M C O U N T Y , N. Y .— B on d S a le .— O n A u g . 30 th e $18,000
6 - 1 4 -y e a r (ser.) reg. road b o n d s ( V . 93, p . 487) w ere a w a rd e d t o the P u tn am
C o u n ty S a v . B a n k in B rew ster a t 100 .4 0 4 8 . T h e b id s fo llo w :
P u tn am C o . S a v . B a n k ,
W . N . C oler & C o ., N . Y .$ 1 8 ,0 2 2 50
B rew ster . _ ____________ $18 ,072 88 F a rs o n , S on & C o ., N . Y _ 18,018 00
Isa a c W . Sherrill, P o u g h . 18,054 00 P a rk in so n & B u rr, N . Y - 18,017 53
Jo h n J . H a r t, A lb a n y ____ 18,026 10
R A P I D C I T Y , P e n n in g to n C o u n ty , S o. D a k .— B on d E le c tio n .— It is
rep o rte d th a t an ele ctio n Is t o be held In th is c it y s h o r tly t o v o te on the
qu estion o f Issuing $60 ,000 w a te r-sy ste m b o n d s.
R A V A L L I C O U N T Y SC H O O L D IS T R IC T NO. 3 8 , M o n t.— B o n d E lection .
— R e p o rts fro m H a m ilto n sta te th a t a v o te w ill be taken In this d istrict
S e p t. 30 o n th e qu estion o f Issuing $ 1 ,500 b o n d s.
R E A D IN G , M id dlesex C o u n ty , M ass .— D escrip tion o f B o n d s .— T h e
$12,000 4 % c o u p o n b on d s aw ard ed t o B lak e B ros. & C o . o f B o s to n on
A u g . 23 at 100.81 ( V . 93, p . 550) are in th e d e n o m . o f $1,200 e a ch and
d a te d A p ril 15 1911. In t. A . & O . D u e $1,200 A p ril 15 1912 to 1921 in c l.
R E D M O N D SC H O OL D IS T R IC T NO. 9. Sevier C o u n t y . U ta h .— B on d
S a le .— T h e S ta te o f U tah pu rch ased a t p ar o n A u g . 2 $6,8 0 0 5 % 5 -2 0 -y ea r
(o p t.) b o n d s d a te d J u ly 1 1911.

104.26.
R E D R I V E R P A R IS H SC H O O L D IS T R IC T NO. 1, I,n — B on d s O ffered
by B a n k ers.— D e v ltt, T r e m b le & C o. o f C h icago an d P h lla. are otterin g t o
in vestors (see ad v e rtise m e n t o n a precedin g page) $25 ,000 5 % b o n d s. T h e
sale o f these securities w as p r e v io u s ly r e p o rte d In th ese c o lu m n s .
R O C H E S T E R , F u lton C o u n t y , I n d .— B on ds O ffered by B a n k e r s .— J . F .
W ild & C o . o f In d ia n a p o lis h a ve pu rch ased and are ottering to In vestors
$13 ,000 4 !<j% ta x -fr e e refu n d in g b o n d s.
D e n o m . $500 and $250.
D ate
A u g 1 1911.
In t. F . & A . a t F irst N a t. B a nk, R o c h e s te r .
D ue $2,500
A u g . 1 1913 and $1,750 each 6 m os. fro m F e b . 1 1914 to A u g . 1 1916 in cl.
B o n d e d d e o t , Incl. th is Issue, $ 3 1 ,0 0 0 . A ssessed v a lu e , $1 ,6 4 2 ,2 1 0 . R ea l
value (e s t.), $ 3 ,2 0 0 ,0 0 0 .
R O C H E S T E R SC H O O L D IS T R IC T (P . O . R o c h e s te r ). O lm sted C o u n ty .
M in n.— B on ds to be Taken L o c a lly .— W o are a d v is e d b y the Clerk th a t an
Issue o f $15,000 6 % b o n d s will be d is p o s e d o f lo c a lly .
R O S E B U R G . D o u g la s C o u n t y , O re.— B on ds A u th o riz ed .— A n o rd in a n ce
has been p assed. It Is s ta te d , p r o v id in g fo r th e issu an ce o f $25,000 refu n d in g
city -h a ll an d sew er b o n d s.

P A L M E T T O , M anatee C o u n ty , F la .— B on d E lectio n .— A n o rd in a n ce has
been passed ca llin g fur an ele ctio n S e p t. 12 to v o te o n th e qu e stio n o f Issuing
$5,000 w a ter-w ork s, $5,000 sew er and $5,000 s tr e e t-im p t. 6 % c o u p ,
b o n d s.
D e n o m . $500. I n t. A . & O . D ue 30 years; o p t . a fte r 20 years.

R U T H E R F O R D SCH O OL D IS T R IC T (P . O . R u t h e r f o r d ) . B ergen C o u n ty
N. J .— B on d S a le.— O n A u g . 14 th e $19 ,3 0 0 4 A % 4 0 -y e a r c o u p o n (w ith
p riv . o f re g .; Im pt. b o n d s (V . 93, p . 426) w ere a w a rd e d t o N . W H alsey &
Co- o f N ew Y o r k .

P A R K C O U N T Y (P . O. C o d y ), W y o .— B on ds O ffered by B a n k e r s.— D c v ltt . T rem b le & C o. o f C h icago and P h lla. are o fferin g to in vestors th e $45 ,­
000 5 % 1 0 -20-yr. (o p t .) co u rt-h o u s e and Jail b o n d s ( V . 93, p . 3 0 5 ). See
a d v ertisem en t o n a prece d in g p a ge .

R U T H E R F O R D T O N , R u th e rfo rd C o u n ty , N o. Car .— B on d S a les.— C. A .
W e b b & C o . o f A sh e v ille w ere aw arded on M ay 21 at p a r and Int. $35 ,000
6 % 3 0 -y e a r w ater and ligh t b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate June 1 1911.
In t J . & D . C . A . W e b b & C o . h a v e also been aw arded $ 5 ,000 6 %
r e fu n d in g b o n d s

P A R K E C O U N T Y (P . O . R o c k v ille ), I n d .— Bonds O ffered by B a n k ers.—
A n Issue o f $8,390 4 'A % ta x -fre e gra ve l-ro a d b o n d s o f W a sh in g to n T o w n ­
ship is bein g offered to Investors by J . F . W ild & C o . o f In d ia n a p o lis .
D en om . S4 19 50.
D ate A u g . 8 1911. In t. M. & N . at C o. T re a s. o ffic e .
D ue $419 50 each six m o s. fro m M ay 15 1912 to N o v . 15 1921 lnel.
P A T O N SC H O O L D IS T R IC T (P . O. P a t o n ), I o w a .— B on ds V o ’e d — A n
e le ctio n held A u g . 21 resu lted In fa v o r o f the p ro p o s itio n t o Issue $13,500
5 % 'b o n d s . T h e v o te w as 55 t o 12. D ue In 5 a n d 10 yea rs.
P A W H U S K A , O sa ge C o u n ty , O k la .— B on d S a le .— T h e C ity C lerk ad­
vises us th a t th e $60 ,000 w ater & ligh t bd s. (V . 93, p . 247) h a ve been s o ld .
P A X T O N . F ord C o u n ty , III.— B ond E lectio n .— A n e le ctio n w ill b e h eld
S e p t. 12 to v o t e o n a p r o p o s itio n to Issue $17,000 e le ctrlc-llg h t b o n d s.
P A Y N E , P a u ld in g C o u n ty , O h io . —B on d O fferin g .— P rop osa ls will be
receiv ed until 12 in. .Sept. 19 b y L lo y d W . B o d e y , V illa ge Clerk, fo r the
fo llo w in g 4 ! $ % bon d s:
$0,000 e le ctrlc-llg h t b o n d s.
D ue $1,000 S e p t. 1 1913 to 1921 ln el.
•ffl
17,000 w a ter-w ork s b o n d s.
D ue $1,000 M c h . 1 1914 to 1922 in cl. and
• •
>$2,000 M oh. 1 1923 t o 1926 Incl.
D e n o m . $ 1 ,0 0 0 .
D ate S e p t. I 1911.
In t. M . fc S . C ert, c h e ck fo r 2 %
o f b on d s b id fo r, p a y a b le to the T re a s., Is re q u ire d .
Bids m ust be on each
issue s e p a ra te ly . P u rch a ser to furnish blank b o n d s and p a y a ccru e d ln t.
PENN Y A N , Y a tes C o u n ty , N. Y .— N o A ctio n Yet T a k e n .— N o a c tio n
has y e t been ta k en lo o k in g tow a rd s the Issuance o f the $75 ,0 0 0 2 0 -y r . s tr .lm p t. b on d s v o t e d o n J u ly 25 (V . 93, p . 3 0 5 ).
P E R H A M . O ttcrtail C o u n ty . M in n .— B on d S a le .— O n A u g . 24 th e $10,000
5 % 15-year c o u p , ta x -fre e re f. b o n d s (V . 93, p . 426) w ere aw ard ed to F . E .
M agraw o f S t. Paul a t 100.60 and ln t.
Bids w ere also re ce ive d fro m the
T h o s . J . B olg c r C o. an d S . A . K e a n & C o . o f C h ica g o .
P E R R Y C O U N T Y (P . O . M a r io n ), A la .— B on d E lectio n .— A n e le ctio n w ll
b e held O c t . 2. It Is sta te d , t o v o t e on th e Issuance o f $11 0,00 0 ro a d bo n d sl
P IE R S O N . W o o d b u r y C o u n ty , Io w a .— B o n d O fferin g .— P ro p o sa ls w ill
b o receiv ed u n til 6 p. m . S e p t. 8 fo r $5,500 5 -1 5 -y ca r (o p t .) w a te r-lm p t
b o n d s . A u th o r it y v o t e o f 56 to 14 at an e le ctio n h eld A u g . 11.

„ S A C R A M E N T O C IT Y H IG H SC H O O L D IS T R IC T , Sacram en to C o u n ty .
CaL— B o n d S a le .— O n A u g . 22 th e $10 0,00 0 4 >3 % h lg h -s ch o o l-b ld g . b on d s
(V . 93, p . 363) w ere a w a rd e d to W . R . S taats C o . o f L os A n geles at 101.2265
and ln t. O th er b ids fo llo w :
N . W . H a lse y & C o .,S a n F r .$ 1 0 1 ,0 7 0 1J . H . A d a m s <fc C o ., San Fr $100,611
E .I I .R o llin s & S on s, San F r. 1 0 0 ,8 9 0 1H arris T r . & S a v . B lc.. C h ic. 100 321
SA C R A M E N T O C IT Y SC H O O L D IS T R IC T . S a cra m e n to C o u n ty . CaL—
B on d S a le .— O n A u g . 22 the $200,000 4 H % sch . b o n d s ( V . 93, p. 363) w ere
aw arded t o N . W . H a lse y & C o . o f San F ran , at 100.31 an d ln t. O th er
bids fo llo w :
W in . R . S taats C o ., L 0 3 A n . $200,394 |J . I I . A d a m s & C o ., S an Fr $200 211
S E A T T L E , W a s h — B on d Sales in J u l y .— D uring th e m o n th o f J u ly the
fo llo w in g sn e cia l-lm p ro v e m e n t-a sse ssm cn t b o n d s, a g g re g a tin g $ 1 2 0 , 0 9 3 91
w ere Issued b y th e c it y :
A m o u n t.
P u rp o se .
In t.R a te.
D ate.
D u e.
$33 ,3 1 0 6 5 . .P a v in g .......................................... 6 J u ly 3 1911 J u ly 3 1921
6,817 2 4 . . W a t e r - m a i n -------------------------7 J u ly 10 1911 J u ly 10 1916
5,339 6 2 . .G r a d e and c u r b . ......................
7 J u ly 17 1911 J u ly 17 1916
21,997 7 6 . . W a t e r - m a i n ...............................
7 J u ly 2 2
1 9 t l J u ly 2 2 1916
26,0 8 7 9 8 . . W a t e r - m a i n ...................
7 J u ly 22 1911 J u ly 22 1916
5.629 0 6 . . G r a d e .......... .................................
6 J u ly 25 1911 J u ly 25 1916
18,855 6 6 . . Sew er ..................
7 J u ly 27 1 9 1 1 J u ly 27 1916
2,0 5 5 9 4 . . G r a d e ------------------------------- 7 J u l y 3 1 1 9 1 1
J u ly 3 1 1 9 1 6
A ll a b o v e b o n d s are s u b je c t to call a fte r o n e y e a r .
B on d E le c tio n .— P ro p o s itio n s to Issue the fo llo w in g b o n d s w ill b e v o te d
u p o n o n S e p t. 5: $1,0 0 0 ,0 0 0 t o purch ase p r o p e r ty lo ca te d In th e C edar
R iv e r w ater sh ed , $50 0,00 0 fo r an art-m u seu m site, $26 6,00 0 fo r Are houses
and site, $10 0,00 0 fo r a sta b le site, $50 ,000 fo r W e s t w a te rw a y dra w b rid ge.
$50 ,000 fo r W e stla k e A v e . brid ge, $30 ,000 fo r p o lic e s u b -sta tio n s, $25 ,000
m u n icip a l d o c k and $25 ,0 0 0 Isolation h o sp ita l.
S E N E C A C O U N T Y , N. Y .— B on d S a le.— O n A u g . 15 $14 ,595 ro a d b on d s
w ere aw arded t o th e S e n e ca F alls S av in gs B ank In S en eca F alls a t par
D e n o m . $ 2 ,0 8 5 . D a te S e p t. 1 1911. l n t . s e m l-a n n .
D u e o n e -s e v en th
y e a r ly .

P IN E P L A IN S SC H O O L D IS T R IC T NO. 1 (P . O. Pine P la in s ). D u tch e ss
C o u n t y ), N. Y .— B on d S a le .— O n A u g . 8 $10 ,000 4 J^% lm p t. b o n d s w ere
a w a rd ed to Isaac W . .Sherrill o f P ou gh keepsie a t 100.85 an d ln t.
D enom .
$ 50 0. D ate A u g . 1 1911. I n t. M . & N . D ue $500 N o v . 1 1912 to 1931 Inc

S H R E V E , W a y n e C o u n ty , O h io .— B on d S a le .— O n A u g . 28 th e tw o Issues
of 4
c o u p , b o n d s (V . 93, p . 487) w ere a w a rd e d as fo llo w s:
$12,000 1-24-year (ser.) sew er-system and d is p o s a l-p la n t (v illa g e ’s p o rtio n )
b o n d s to th e D a vle s-B e rtra m C o . o f C incinnati fo r $ 1 2 ,2 7 7 — m a k in g
th e p rice 102 .3 0 8 — a basis o f a b o u t 4 .2 6 % .
14,500 1-10-year (ser.) sew er-system an d d isp o sa l-p la n t assess, b o n d s to
B a rto , S c o t t & C o . o f C ol. fo r $ 1 4 ,6 2 5 — m a k in g th e p rice 100 861__
a basis o f a b o u t 4 .3 2 3 % .
B ids w ere also re ce iv e d fro m th e N ew F irst N a t. B a n k In Col S t a c y &
B raun o f T o l. and H a y d e n , M iller & C o ., O tis & H o u g h an d th e F irst N at
B a n k o f C levelan d .

P L A I N V I L L B , H a rtfo rd C o u n ty , C o n n .— B on d O fferin g .— P rop osals
will bo receiv ed until 10 a. m . S e p t. 25 b y A . A . M c L e o d , A o tln g S e cre ta ry
to F irst S electm a n , fo r $70 ,000 4 % r e fu n d , and sc h . b o n d s.
D enom .
$ 1 ,0 0 0 .
D ate O c t , 1 1911. I n t . A . & O . at the F irst N a t. B a n k In P laln-

S N O H O M IS H , Sn oh om ish C o u n t y . W a s h .— B on ds O ffered by B a n kers —
D e v ltt, T re m b le & C o . o f C h icago and P h lla. are offerin g t o Investors (set
a d v e rtise m e n t on a p reced in g page) $ 15 ,000 6 % 2 0 -y r. w ater b o n d s
D e­
nom $500.
D ate J u ly 1 1911. I n t . J . & J a t S ta te Fiscal A g e n c y , N T

P I K E C O U N T Y (P . O . W a v e r ly ), O h io .— B on d O fferin g .— P rop osa ls will
be receiv ed until 10 a. m . S e p t. 13 b y W . A . W o o d d e ll. A u d ito r , fo r $7,000
4 % b o n d s. A u th ., S ec. 2421, 2434 an d 5644, G en. C o d e . D e n o m . $500.
D ate S e p t. 13 1911. I n t . sem l-an n .
D ue $3,500 M arch 1 1925 a n d 1926.
C ert, c h e c k fo r $200, p a y a b le to the B d . o f C o m m ., Is re q u ire d .




THE CHRONICLE

a n

[VOL. L X X X X I I I .

SOUTH S T I L L W A T E R , W ashington C ounty, Minn.— B on d S a le.— On
A u g . 25 the $5,0 0 0 0 % 1 -1 0 -y e a r (ser.) w a te r b o n d s (V . 93, p . 427) w ere
aw arded to the F irst N a t . B a n k in S tillw ater at 102— a basis o f a b o u t 5 .5 7 % .

T A L B O T C O U N T Y (P . O . T a lb o t o n ) , Ga — B on d E lection .— A c c o r d in g to
lo ca l pap ers a v o t e w ill be ta k en S e p t. 18 on th e q u e s tio n o f Issuing $60 ,000
ro a d b o n d s.

SP O K A N E , W a s h .— B o n d O fferin g.— F u rther d etails are at h an d re la tiv e
t o th e o fferin g on S e p t. 4 o f th e $50 ,0 0 0 2 0 -ye a r g o ld co u p o n ta x -fre e fu n d in g
bon d s at n ot e x c e e d in g 4 ) 4 % ln t. (V . 93, p. 3 0 4 ).
P ro p o sa ls w ill be re­
c e iv e d u n til 12 m . o n th a t d a y b y J a s. M cG o u g a n , C ity A u d ito r .
D enom .
$50 0.
D ate J u ly 15 1911.
In t. J . & J . In N e w Y o r k . C ert, c h e c k for
2 % , p a y a b le to th e T reasu rer, Is requ ired .
L egality o f R e f unding B on ds A p p r o v e d .— W e are a d v is e d b y w ire t h a t the
le g a lity o f th e $ 1 ,2 0 0 ,0 0 0 re fu n d in g b o n d s t o be so ld S e p t. 11 has been
a p p ro v e d in a d v a n c e o f th e sale b y J u d g e C. B . W o o d o f C h ica g o . F or
d eta ils o f b on d s and term s o f o fferin g see a d v e rtis e m e n t o n a su b se q u e n t
p a g e, also V . 93, p . 550.

T A L L M A D G E T O W N S H IP SC H O O L D IS T R IC T (P . O . T a llm a d g e ), O .
— B on d S a le.— O n A u g . 15 $1,750 5 % c o u p , b o n d s w ere a w a rd e d to M rs.
P . C h apm an an d Carrie C h apm an fo r $1,780 an d Int. A u th o r it y S e c . 7629
an d 7630, G en. C od e.
D e n o m . $500 an d o n e b o n d o f $250.
In t. A . & O .
at th e Cen tral S a v . & T ru s t C o. In A k r o n .
D u e $500 O c t . 1 1917, 1918
an d 1919 an d $250 O ct. 1 1920.

■ S P R I N G F I E L D , Clark C o u n ty , O h io .— Bonds' A u th o rized .— O rd in a n ces
h ave been p assed p ro v id in g fo r the issu an ce o f th e fo llo w in g 4 ) 4 % c o u p o n
b on d s:
$4,461 70 C olu m b ia S t. (c it y 's p o rtio n ) b o n d s.
D e n o m . $500, e x c e p t on e
b o n d o f $461 70.
D ue S e p t. 1 1920.
» 3,0 0 0 00 Im p rovem en t b o n d s.
D e n o m . $ 50 0. D u e S e p t. 1 1919.
fcxD ate S ep t. 1 1911. I n t . M . & S . a t th e T re a s u re r’s o ffic e .

T H E T E R R A C E I R R IG A T IO N D IS T R IC T (P . O . M o n te V is ta ), C o lo .—
B on d O fferin g.— P ro p o sa ls w ill be re ce ive d u n til 10 a . m . S e p t. 16 fo r
$30 8,50 0 o f an Issue o f $750,000 b o n d s. J o h n N . K err is P re sid en t and
C. W . F o s te r, S e c y , o f D is trict.

^ S P R I N G F I E L D , Lane C o u n t y . O re .— B on d s V oted .— T h e e le ctio n held
A u g . 16 resulted In a v o te o f 252 ‘ T o r ” to 54 " a g a i n s t ” th e qu e stio n o f Issuing
t he $50 ,000 6 % street-lm p t. b o n d s (V . 93, p . 1 2 2 ).
D u e $15 ,000 In 15
and 20 years and $20 ,000 in 25 years.
S T R U T H E R S , A lah on in g C o u n t y . O h io .— B on d O fferin g.— .P roposals w ill
be receiv ed until 12 m . S e p t. 13 b y L . S . C reed, V illa ge C lerk, fo r th e fo l­
low in g 5 % s tr e e t-im p ro v e m e n t assessm ent b o n d s:
$1,150 H a w th orn e S t. sew er b o n d s.
D e n o m . $230.
1,400 B rid g e S t. sew er b o n d s.
D e n o m . $280.
500 T erra ce S t. sew er b o n d s .
D e n o m . $10 0.
4,100 P ola n d A v e . sew er b o n d s.
D e n o m . $820.
3.2 0 0 S ta te S t. sew er b o n d s.
D e n o m . $64 0.
1.200 S tew art S t. sew er b o n d s.
D e n o m . $24 0.
____
. . .
„ _
A u th o rity S ec. 3912, & c., G en. C o d e .
D a te O c t . 1 1911. I n t. A . & O .
D ue O ct. 1 1916. B on d s t o be d e liv e re d a n d p aid fo r w ith in 10 d a y s fro m
tim e o f a w a rd . C ert, ch e ck fo r $300, p a y a b le to the VII. T r e a s ., requ ired
w ith each Issue. P u rch a ser t o p a y a c c r u e d in te re st.
,
S U T T E R C I T Y . Sutter C o u n t y , C a l.— B on d E lectio n .— T h e q u e stio n o f
issuing the $20 ,000 s c h o o l-b ld g , and fu rn ish in g b o n d s (V . 93, p . 488) will
be s u b m itte d to a v o t e o n S e p t. 26 It Is s ta te d .
F• S Y L V A N G R O V E . L incoln C o u n t y . K a n — B on ds V oted .— T h e $35,000
w a ter-w ork s and e lcc tr lc-llg h t b o n d s ( V . 92, p . 1588) w ere fa v o r a b ly v o te d ,
a ccord in g t o lo ca l p a p e rs . •
' '
Kf, S Y L V E S T E R . W orth C ounty, G a.— B o n d E le c tio n .— A n e le ctio n w ill be
held In O cto b e r , w c are a d v is e d , to v o t e o n th e p r o p o s itio n t o Issue $15,000
5 % 3 0 -y e a r b o n d s .
•‘-TACO M A W a s h .— B on d Sales in J u ly .— T h e fo llo w in g 7 % lo ca l-lm p t.
(list, assessm ent b o n d s, a g g re g a tin g $39,084 40, w ere d isp o se d o f d u rin g
J u ly :
_ ,
D u e.
A m o u n t.
P u rp o se .
D ate.
$9,753 35 P a v i n g -------------------J u ly
7 1911 J u ly 7 1921
2,3 7 9 00 G r a d in g ______________ ___________ — J u ly
7 1911 J u ly 7 1916
5,640 65 W a ter m a in s-----------J u ly 15 1911 J u ly 15 1916
21,311 40 W a te r m a i n s . . ------- -------------------------- J u ly 17 1911 J u ly 17 1916

T A M P A , H illsb o ro C o u n ty . F la .— V o A ctio n Yet T a k en .— N o defin ite
a c tio n has been ta k e n , w e are in fo rm e d , in the m a tte r o f Issuing $ 1 ,5 0 0 ,0 0 0
b o n d s fo r a c it y hall an d fo r sew ers, p a v in g and o th e r im p ro v e m e n ts .

T H IE F R IV E R F A L L S , R ed Lake C o u n ty . Alinn.— B on d s V o te d .— A n
e le ctio n held A u g . 25 resulted in fa v o r o f a p r o p o s itio n to Issue $40 ,000 20y r . c lc c .-Ilg h t b o n d s at n o t e x ce e d in g 6 % ln t . T h e v o t e w as 293 to 33.
T I F F I N , Seneca C o u n ty , O h io .— B ids R ejected .— B on d O fferin g .— A ll
b id s re ce iv e d on A u g . 26 fo r the $70 ,400 4 % c o u p , s tr e e t-lm p t. ta x -fr e e
b o n d s offered on th at d a y (V . 93, p. 488) w ere r e je c t e d . T h e b o n d s are
n o w b ein g offered a t private, saic
T R E N T O N , G ibson C o u n ty . T en n — B on d E lectio n .— A n e le ctio n w ill be
held S e p t. 8, It Is s ta te d , to v o te o n the Issuance o f $12 ,0 0 0 ele ctric-lig h t
b o n d s. T h e q u estion o f Issuing $17,500 e lcc tr lc-llg h t b o n d s w as d efea ted
o n Ju n e 24. V . 93, p . 68.
T U L S A , T u lsa C o u n t y , O k la .— B on d O fferin g .— P rop osa ls w ill be received
u n til 9:30 a. m . S e p t. 12 by E . B . C line, C ity A u d ito r , fo r th e $ 9 0 ,0 0 0
w a te r, $100,000 sew er. $50,000 fire, $33 ,0 0 0 s tr e e t-lm p t., $7,000 lib r a r y site an d $11 ,000 p a v in g 5 % co u p o n b o n d s (V . 93, p . 4 2 7 ).
D en om . $ 1 ,0 0 0 .
D a te S e p t. 1 1911. I n t. M . & S . at th e fiscal a g e n cy o f th e S ta te In N . Y .
D ue S e p t. 1 1931. C ert, ch e ck fo r 5 % o f b o n d s bid fo r Is re q u ir e d .
B id s
m u st be u n c o n d itio n a l an d p urchaser m ust fu rn ish b la n k b o n d s.
• V A N W E R T , Van W e r t C o u n ty . O h io .— B on d S a les.— O n A u g . 24 the
$10 ,500 4 % 1-10-yr. (ser.) assess. B o y d A v e . Im pt. b o n d s (V . 93, p . 364)
w ere a w a rd e d to th e P e o p le ’s Savings B a n k In V a n W e rt at p ar an d ln t.
Bids o f par less a t t o r n e y ’s fees w ere also r e c e iv e d fro m W e ll, R o t h & C o.
o f C ln . a n d S ta c y A B rau n o f T o le d o .
O n A u g . 25 the $1,750 4 )$ % 1-10-yr. (ser.) assess. S u m m it S t. im p t.
b o n d s (V . 93, p. 364) w ere a w a rd e d to the P e o p le ’s S a v in gs B a n k In V a n
W ert fo r $1,755 (100.285) an d ln t. O th er bids fo llo w :
J . S te a n d le r, V a n W e r t ____ $1,751 7 5 IM . S . P o n d , S o m e r s e t........... $1,751
V E R M IL L IO N , C lay C o u n ty , S o. D a k .— B on d S a le.— O n A u g . 28 th e
$32 ,500 5 % 5-2 0 -yea r (o p t.) c o u p , w a ter-w ork s b o n d s (V . 93, p . 488) w ere
a w a rd e d to the In v e s to r s ’ S ecu rities C o. o f D es M oin es fo r $32 ,6 0 0 (1 0 0 .3 0 ),
lnt an d bla n k b o n d s . O th er b ids fo llo w s:
C II C o ffin , C h ic a g o ............................
$32 ,536 less $975 fo r bla n k b o n d s
S A K e a n & C o ., C h ic a g o _______________ 32,5 0 0 less $050 fo r b lan k b o n d s.
H C. Speer & Son s C o ., C h ic a g o ________ 32,5 0 0 less 324 fo r b lan k b o n d s .
V e rm illion N at. B a nk. V erm illion , par fo r $10 ,0 0 0 t o $12 ,5 0 0 o f Issu e.

NEW LOANS.
$ 1 1 0 ,0 0 0

$ 95,000

Essex County, New Jersey,

V IL L A G E O F P E E K S K IL L , N EW Y O R K ,

P A R K

BONDS
W ATER

T H E B O A R D OF CH O SEN F R E E H O L D E R S
OF TH E COU NTY OF ESSEX , N EW JE R SE Y ,
Invites sealed prop osals fo r the p u rch ase o f Essex
C o u n ty P a rk B o n d s , all be a rin g d a te S e p te m b e r 1
1911, as fo llo w s :
„
, _
, ,
.
(1) $ 60 ,000— E ssex C o u n ty P a rk B o n d s In d e ­
n o m in a tio n o f $1,0 0 0 ea ch ; Interest c o u p o n s
at fou r (4) per c e n t p er a n n u m , p a y a b le
M arch 1 an d S e p te m b e r 1; p rin cipa l and Inter­
est p a y a b le In g old c o in ; b o n d s p a y a b le S e p ­
tem b er 1 1951; Issued u n d e r a u th o r ity o f P . L .
1911, ch a p te r 187, a p p ro v e d A p ril 20 1911.
(2) $50 ,0 0 0 — E ssex C o u n ty P a rk B o n d s In de­
n om in a tion o f $1,000 e a ch ; Interest c o u p o n s
at fou r (4) p er c e n t p er a n n u m , pa y a b le
March 1 an d S e p tem b e r 1; principal and inter­
est pa ya b le In g old c o in ; b on d s p a y a b le S e p ­
tem ber i 1951: issued u n d er a u th o r ity o f P. L .
1910, c h a p te r 166, a p p ro v e d A p ril 9 1910.
Sealed p rop osa ls w ill be re ce iv e d b y th e fin a n c e
C om m ittee o f the B oa rd o f C h osen F reeh olders o f
the C ou n ty o f E ssex a t a m e e tin g to b e held b y said
C om m ittee at the F reeh o ld e rs’ R o o m In th e C ou rt
H ou se. N ew ark . N ew Je rse y , on W ed nesd ay.
S ep tem b er 1 3 , 1911, at tw o o ’ c lo c k In the a fte rn o o n .
E ach p rop osal shall state the a m o u n t o f th e bid
In w ord s an d figures fo r each o f the said sep arate
Issues, and m u st be a c c o m p a n ie d b y certified
ch ock for an a m o u n t e qu a l t o o n e (1) per c e n t o f
the a m ou n t o f each Issue b id fo r , w hich w ill be
a p p lica b le o n a c c o u n t o f th e purch ase m o n e y o f
b o n d s, and fo rfe ite d b y su ccessfu l b id d e r w h o
afterw ards falls t o ta k e th e b o n d s. C opies o f
p roceed in gs w ill b e fu rn ish ed t o successful b id ­
d e rs. P R O P O S A L S
M UST
BE
U N C O N D I­
T IO N A L .
TH E BO ARD OF CH O SEN :FR E E H O LD E R S
O F T H E C O U N T Y O F E S S E X reserves the right
to r e je c t a n y and all p ro p o sa ls, If, In Its Judgm en t,
the interest o f the C o u n ty requires such a c tio n .
B on ds will be en graved u n d e r the su p e rv isio n o f
an d certified b y as to their genuineness b y the
U n ited S tates M ortg a g e & T ru s t C o m p a n y In
the C ity o f N ew Y o r k an d will be r e a d y fo r d e liv ­
ery o n or a b o u t O cto b e r 1 1911.
B y o rd er o f
F I N A N C E C O M M IT T E E ,

N o tic e Is h e re b y given th a t, pursu an t to the
a u th o r ity o f C h apter 118 o f the Law s o f 1909,
the B oard o f W a te r C om m issioners o f the V illage
o f Peek sk lll, N ew Y o r k , has re so lv e d to issue
b on d s to c o n s tr u c t storage reservoirs. Inclu din g
the co n s tr u c tio n an d erection o f dam s an d the
acqu isition o f the necessary land th e re fo r. In c o n ­
n e ctio n w ith Its present w ater-w ork s s y s te m .
N o tice Is fu rth er g iv e n th at there w ill be Issued
n in e ty -fiv e b o n d s, each o f th e d e n o m in a tio n o f
O ne 1’ housand D ollars. T h at th e y w ill bear d a te
on th e secon d d a y o f O cto b e r, 1911, an d th a t the
Interest th ereon will be paid thereafter sem i­
an n u ally o n th e se c o n d d a y o f A p ril and the
secon d d a y o f O cto b e r , re sp e ctiv e ly . T h a t said
b o n d s will run fo r the term o f th irty years and be
p a y a b le on the s e co n d d a y o f O cto b e r , 1941, at
th e Peeksklll N ation a l B a nk, P eek sk lll, N ew Y o r k .
T h e bidder o r bidders to w h om th e b o n d s shall
be aw arded will be required t o tak e th e bon d s
an d p a y the m o n e y fo r the sam e at th e Peek sk lll
N ation a l B a nk, P eek sk lll, N ew Y o r k .
T h e bids fo r said b on d s w ill be fo r th e low est
ate o f Interest at w h ich the said m o n e y w ill be
u rnlshed.
Sealed bids m ust b e filed w ith th e S u p erin ten ­
d e n t o f the W a te r W o rk s and Clerk o f the B oa rd
o f W a te r C om m issioners a t the M u n icipa l B u ildin g.
P eek sk lll, N ew Y o r k , o n or b e fo re tw e lve o ’c lo c k
n o o n on the SEVENTH DAY OF SEPTEMBER.
1911.
E ach bid m u st be a cco m p a n ie d b y a c e rti­
fied ch e ck on som e S ta te or N ation a l B ank fo r the
sum o f F iv e H u n d red D ollars, p a y a b le to the
o rd e r o f the B oa rd o f W a te r C om m issioners o f the
V illage o f P eek sk lll, as an e v id e n ce o f g o o d faith
and as liq u id a te d dam ages, an d n o t as p e n a lty ,
th a t th e b id d e r o r bidders w ill, w ith in five d ays
a fter th e aw ard o f th e Issuance o f said b o n d s,
a c c e p t In w ritin g the aw ard so m a d e t o It, him or

BONDS
th em : an d fu rth e r as liq u id a te d d a m a ge s, an d n o t
as p e n a lty . In ease said b id d e r o r bid d ers w h ose
b id o r bids shall be so a c c e p te d shall fall to fulfill
th e term s o f said bid o r bid s o n the 12th d a y o f
S e p te m b e r, 1911, a t eleven o ’c lo c k In the fo re n o o n
o f th a t d a y , at the o ffic e o f said B o a rd .
N o tic e Is fu rth er give n th at the B o a rd o f W a ter
C om m issioners o f th e V illa ge o f P eeksklll will m eet
at. th e M unicipal B u ild in g, P eek sk lll, N ew Y o r k ,
o n th e 7th d a y o f S e p te m b e r, 1911, a t 7:30 p . m .,
an d will then anil there pro ce e d p u b lic ly to op en
said bids and aw ard the furnish ing o f said m on ey
fo r said b o n d s to the b id d e r o r bid d ers offerin g
to ta k e the sam e a t th e low est rate o f lu tcrest
(n o t t o e x ce e d five per c e n t, h o w e v e r ), and fu r­
nish the m o n e y as h e re in b e fo re set f o r t h .
B idders will be requ ired to sta te w h ether their
b id Is fo r the w h ole a m o u n t o r fo r a p o rtion o f th «
sam e, a n d , If fo r a p o r tio n , w h at a m o u n t will be
ta k en a t the rate o f Interest b id , a n d , fu rth er.
If the b id shall be tor the w h ole a m o u n t o f the
Issue, w h eth er the' b id d e r will a c c e p t a p o r tio n o f
the b o n d s o n ly at the sam e rate o f Interest.
T h e B o a rd o f W a te r C om m issioners reserve the
rig h t to r e je ct a n y an d all bids.
D a te d Peeksklll, N . Y . , th e 17th d a y o f A u ­
g u s t, 1911.
A L LA N L. SU TTO N ,
P residen t.
JO H N W . SN O W D E N ,
T reasu rer.
C A S S IU S M . G A R D N E R .
S e cre ta ry .
FRANK SOUTHARD,
W . W. TEARS,
.
W a te r C om m ission ers of
th e villa ge o f P eek sk lll.
L A N N IN G G. R O A K E ,
S u p e rin te n d e n t.

Thomas J. Bolger Co. Charles M. Smith

Am os W . Harrison, Chairman.
M U N IC IP A L

M U N IC IP A L B O N D S

Safest Investment
A Q L . *n f Z Q h
known. Yielding from ^
/ O 10 ^ A J

ULEN

&

C O

Write for
Circular.

F IR S T

8K N D FOR LIST

N A T IO N A L

BA N K

B U IL D IN G

C H IC A G O

O H IO A Q O

.

CHICAGO

BANKERS

BLO D G ET & CO.

E S T A B L I S H E D 1885

H. C. SPEER & SONS CO.
F irst N at. B a n k

B ld g .,

B O N D S

H0DENPYL, HARDY & CO.
7

W a ll

S t .,

N ew

Y o rk

60 S T A T E S T R E E T , BO STO N

C h ic a g o
30 P IN E S T R E E T , N E W

YO RK

R a ilr o a d , S tr e e t R y ., G a s & E le c . L ig h t

SCH OOL,
COUNTY

Co.

CORPORATION AND
MUNICIPAL BONDS

B O N D S

L ega l tor S av in gs B a n k s,
P ostal S av in gs and T ru st Funds

19 S o u t h L a S a ils S t . ,

&

AN D




M U N IC IP A L

BONDS

STATE,

C IT Y

&

R A IL R O A D

BONDS

S E C U R I T I E S

Se p t .

THE CHRONICLE

2 191J.]

• W ACO, McLennan C ounty, T ex. — B on d S a le.— On A u g . 22 th e to u r Is

D e n o m . 5 5 ,0 0 0 , e x c e p t tw o b o n d s o f $3,870 and 55,230 e a ch . I n t .
A . & O . at th e T r e a s . o ffic e .
C ert, c h e c k o n a S tate o r n a t. ban k o r tru st
c o m p a n y fo r 5 % o f b o n d s b id fo r Is r e q u ire d .
B lank fo rm s fo r b ids will b e
furnish ed b y the T reasu rer. T h e genuineness o f th e b o n d s w ill be certified
t o b y th e U . S . M tg e . & T r u s t C o. o f N Y . C ity .

sues o f 5 % 3 0 -y r . g old c o u p , b o n d s (V . 93, p . 427) w ere a w a rd e d as follow s545 ,000 sa n ita ry-sew er, 535,000 sto rm -se w e r an d 570 ,000 s ch o o l b o n d s to
the C om m erce T ru st C o . o f K ansas C ity . M o ., fo r 51 5 0 ,4 5 5 (104.303) and
Int.— a basis o f a b o u t 4 .7 3 1 % ; an d th e 550 ,0 0 0 stre e t b o n d s to the T e x a s
F id e lity & B o n d in g C o. at 100.47 and ln t .— a basis o f a b o u t 4 .0 0 % .
O th er
bid s w ere receiv ed from E . H . R o llin s & S on s, W o o d ln , M cN ear & M oore
o f C h icago, P r o v . S a v . B ank & T ru s t C o . o f C ln ., W . R . C o m p to n C o . o f
S t. L ou is, F ield , L on g stre th & C o. o f C ln ., U n ion S av in gs B ank & T ru st
C o . an d E . A . L o e b e lm a n . P a rt o f th e b o n d * sold are being offe re d to
Investors b y D c v it t , T r e m b le , o f C h ica go (see a d v e rtis e m e n t o n a p r e c e d ­
in g p a g e ).

W E S T N E W Y O R K (P . O . S tation N o. 3, W e e h a w k e n ), H u d so n C o u n ty .
N. J .— B onds N ot S old .— N o b ids w ere re ce ive d on A u g . 15 fo r th e $21 ,000
5 % 10-year c o u p , o r r e g . stre e t-o p e n in g b o n d s (V . 93 p . 3 0 6 ).
W E S T T A M P A (P . O . T a m p a ), Fla — Bon ds V oted .— R e p o rts s ta te th a t
a p ro p o s itio n to Issue $ 1 0 0,00 0 p u b llc -im p t. b o n d s ca rrie d a t an election
h eld A u g . 18.

W A K E COUNTY (P. 0 . Raleigh), Nor. C a t o — B on d Election P ostponed
— W e are a d v is e d th a t the e le ctio n w h ich w as to h a ve been held A u g . 31
te v o te o n th e p r o p o s itio n to issu e 530 0,00 0 ro a d b o n d s (V . 92, p . 1332)
has been p o s t p o n e d .

W H IT T I E R SC H O O L D IS T R IC T , L o s A n g e le s C o u n ty , C a l.— B on d
O fferin g.— P r o p o sa ls w ill be rece iv e d u n til 2 p. m . S e p t. 18, It Is s ta te d ,
fo r th e 530 ,000 5 % 1 5 -y r. b ld g , b o n d s (V . 93. p . 4 8 9 ) . C ert, ch e ck fo r 3 %
Is requ ired .

W A P A N U C K A , Johnston County, O k la — B on d s V oted.— -The e lect on
held A u g . 22 resu lted In a v o t e o f 70 “ f o r ” t o 22 "a g a in s t ” th e p ro p o s itio n
to Issue th e 57,000 0 % w ater b o n d s (V . 93, p . 4 8 9 ).
D ate o f o ffe rin g up to
A u g . 2 0 had n o t been d eterm in ed .
W A R R E N , Trumbull C ounty, Ohio.— B id s .— 'Th e fo llo w in g b ids w ere
receiv ed on A u g . 24 for th e 5 2 0 , 0 0 0 4 'A % 2 2 -ye a r (a v .) P a ck a rd P a rk
b on d s a w a rd ed to th e P r o v id e n t S a v in g B a n k & T ru s t C o . o f C incinnati
at 100 (V . 9 3 , p . 551 ):
O tis & H o u g h , C le v e la n d ____ 521.0101 N ew F irst N a t. B a n k , C o L .5 2 0 ,7 3 3
T lllo ts o n & W o lc o t t C o .,C le v . 20,972 ! S e a s o n g o o d & M a y e r, C i n e .. 20,025
D en om . 5500.
D ate M arch 15 191 1. In te re st M . & S.
W ATERTOW N INDEPENDENT SCHOOL DISTRICT (P. O. W ater­

tow n), Codington County, So. D ak .— B id s R ejected.— A ll bids re ce iv e d on
A u g . 25 for the 530 ,000 4 ;4 % r e fu n d , b o n d s (V . 93, p . 427) w ere r e je c te d .

W ATE R TO W N , M ass.— B on d S a le.— O n A u g . 31 th e fo llo w in g 4 %
b on d s w ere a w a rd ed . It Is s ta te d , to A d a m s & C o . o f B o s to n at 1 01 .19:
58.000 1 -8 -yr. (serial) sewer b o n d s d a te d M ay 1 1911
12.000 1-12-yr. (serial) refu n din g b o n d s d a te d J u ly 1 1911.
11,100 llre-sta tlon and site b o n d s d ated J u ly 1 1911.
D ue 5 2 ,100 J u ly 1
1912 an d 51,000 ye a rly J u ly 1 1913 to 1921 Incl.
9,8 0 0 su rface d rain age b on d s d a te d J u ly 1 1911.
D ue 51,800 J u ly 1 1912
and $1,000 y r ly . J u ly 1 1913 t o 1920 Incl.
In t. s em l-a n n . at F ou rth N a t. B a n k o f B o s to n .
B o n d s will be certified
as to genu in en ess b y th e O ld C o lo n y T ru st C o . o f B o s to n , w h ich w ill fu rth er
c e r tify th a t th eir legality has been a p p ro v e d b y S to r e y , T h o rn d ik e , P a lm er
& D o d g e o f B oston
W A Y N E , W ayne C ounty, Neb.— B on d S a le .— T h e T h o s. J . B o lg e r C o.
o f C h ica go has been aw ard ed th e $10 ,000 5 % 5 -2 0 -y e a r (o p t .) c o u p . r e f.
w ater b on d s (V . 93, p . 6 8 ).
W ELLSB U R G INDEPENDENT SCHOOL DISTRICT (P. 0 . W cllsburg).

Brooke C ounty, W . Va. — Bon ds O ffered bn B a n k ers.— D e v ltt, T r e m b le &
C o. o f C h icago and Ph ila. are offerin g t o Investors th e $ 85 ,000 5 % im p t.
b on d s pu rch a sed on A u g . 15 (V . 93, p . 4 8 9 ). See a d v e rtis e m e n t o n a p re­
ced in g page.
W ESTCHESTER COUNTY (P. O. W hite Plains). N. Y .— B on d O fferin g.
— P rop osa ls will be received u n til 2 p . m . S e p t. 20 b y G eo. T . B u rling,
T rea su rer, fo r th e follo w in g 4 ^ % reg. ro a d b o n d s:
$58 ,8 7 0 b on d s d u e 510.000 O ct. 1 1931 t o 1935 Incl and $8,870 O ct. 1 1936.
2 5 ,2 3 0 b on d s d a te d O ct. 1 1911. D u e O c t . 1 1914.

City of Spokane, Washington,
R e fu n d in g G e n e r a l M u n ic ip a l
W a ter

W ICH ITA COUNTY (P . O. W ichita F a lls ). T ex.— B on d s R egistered . - On
A u g . 24 the S ta te C o m p tro lle r registered the $15 ,0 0 0 5 % 10 -4 0 -v e a r (o p t.)
brid g e b o n d s r e c e n tly so ld ( V . 93, p . 3 6 5 ).
W IL M IN G T O N , N ew H a n o ve r C o u n ty , N o. C a r.— B on d s N ot S old .—
N o s a t is fa c t o r y b id s w ere rece iv e d on A u g . 30 fo r th e $ 1 0 0,00 0 4 y , % 4 0 y ear g o ld c o u p o n s tr e c t-lm p t. b on d s (V . 93, p . 4 2 8 ).
W O O D B U R N , M arion C o u n ty , O re.— B on d s V oted.— A c c o r d in g t o re­
p o r ts an ele ctio n held A u g . 26 resulted In fa v o r o f th e q u e stio n o f issu in g
$1,5 0 0 s c h o o l b o n d s.
W O O D C O U N T Y (P . O . B o w lin g G re e n ), O h io .— B on d O fferin g.— P r o ­
p o sa ls will be re ce iv e d u n til 1 p m . S e p t 11 b y F . W . T o a n , C o u n ty A u d .,
fo r $ 5 0 ,0 0 0 5 % c o u p , r o a d -tm p t. b o n d s.
A u th . S e c. 6926 to 6956, G en.
C ode.
D e n o m . $1,0<J0. D a te S e p t. 16 1911.
In t. M. & S. a t th e T rea s.
o ffic e .
D ue 5 5 ,000 each six m o n th s fro m M ch . 1 1912 t o S e p t. 1 1016 in cl.
C ert, c h e c k o n a B ow lin g G reen b a n k fo r 51,0 0 0 Is re q u ire d .
W O O D C O U N T Y (P . O . Q u itm a n ), T e x .— B on ds R egistered.— R o a d D is­
trict N o . 1 b o n d s, a ggre ga tin g 53 0 .0 0 0 , a n d be a rin g 5 % Interest, w ere
registered b y the S ta te C om p tro lle r o n A u g . 2 4 . D u e 40 years, o p t .
a fte r 20 years.
W O O D S T O W N . Salem C o u n ty . N. J . — B on d O fferin g .— P ro p o sa ls w ill be
rece iv e d u n til 7:30 p . m . S e p t. 4 b y E . G . F o g g , M a y o r, fo r 510 ,000 4
c o u p , ro a d b o n d s.
D e n o m . 5500. D a te S e p t. 1 1911. I n t . M . & S . at

E N G IN E E R S

CITY OF NEW ORLEANS

$ 1 , 2 0 0 , 0 0 0

and

W I C H I T A , S e d g w ick C o u n ty , K a n .— B on d s A u th o rized .— O rd in a n ces
h a ve been passed p r o v id in g fo r th e Issuance o f th e fo llo w in g 5 % c o u p , b d s .:
53.518 08 S p a u ld in g A v e . b o n d s.
D e n o m . $350, o n e b o n d o f S368 08.
D u e $368 08 S e p t. 1 1912 and 5350 S e p t. 1 1913 to 1921 Incl.
1,345 27 Im pt b o n d s .
D e n o m . 3500, o n e b o n d o f $345 27.
D ue 5345 27
S e p t. 1 1912 an d 5500 S e p t. 1 1913 and 1914 Incl.
7,136 17 Im pt. b o n d s
D e n o m . 575 0, o n e b o n d o f 5386 17.
D u e $386 17
S e p t 1 1912 and $750 S e p t. 1 1913 to 1921 Incl.
624 06 s tr e e t-im p t. b o n d s . D e n o m . $624 06.
D ue S e p t. 1 1913.
6,337 80 Im pt. b o n d s .
D e n o m . $70 0. o n e b o n d o f $37 8 0 .
D ue $37 80
S e p t. 1 1912 and $700 S e p t. 1 1913 to 1921 in cl.
8,6 5 0 00 fire-engine b o n d s.
D e n o m . 5 1 ,0 0 0 , e x c e p t on e b o n d o f 5050.
D ue 54,650 S e p t. 1 1913 and $ 4 ,0 0 0 S e n t. 1 1 9 M .
D ate S e p t. 1 1911. I n t . M . & S . at th e fiscal a g e n c y o f th e S ta te In
T opeka.

BOND CALL.

NEW LOANS.

G o ld

B onds

S ealed proposals w ill be re ce ive d b y the Sinking
F u n d C om m ission o f the C ity o f S p o k a n e , W a sh ­
in g to n , at the o ffic e o f the C ity T reasu rer o f said
c it y up to 12 o ’c lo c k n oon o f the

11TH DAY OF SEPTEMBER 1911
fo r the purchase o f all or an y p o rtio n o f a 5 1 ,2 0 0 ,­
000 00 b on d Issue o f said c it y , e x c e p t th at no
bid will be con sid ered th at Is fo r less than $2 5 ,­
000 00 or m u ltiple th ereof.
S aid b on d s to be Issued fo r the pu rpose o f re­
fu n d in g a like a m ou n t o f o u tsta n d in g b on d s m a­
turin g O cto b e r 1 1011, describ ed as fo llo w s:
570 0,00 0 00 G eneral M unicipal B on ds o f the C ity
o f S p ok a n e, Scries A ; $500,000 00 Series B W ater
B on ds o f the C ity o f S p o k a n e , a u th orized and
Incurred pu rsuan t to O rd ina nce N o. A 4 0 o f tke
C ity o f S p ok a n e, a p p ro v e d Jun e 26th 1891.
R e fu n d in g b on d s bear d a te o f O cto b e r 1 1911,
p a y a b le 20 years after d a te , and draw Interest at
a rate n o t to e x c e e d 5 % per a n n u m , p aya ble
sem i-an n u ally.
B on d s w ill be Issued as fo llo w s :
R e fu n d in g G eneral M unicipal B on d s o f the
C ity o f S p ok a n e, Scries A , o f 1911; den o m in a tio n
$1,000 00 ea ch , num bered o o n s c c u tiv e ly fro m
on e to seven hu n dred; R e fu n d in g W ater B on ds
o f the C ity o f S p ok a n e, Series B , o f 1911; d e n o m i­
nation $1,000 00 ea ch , n u m bered c o n se cu tiv e ly
fro m on e to five h u n d red .
_ ,
,
T h e p urchaser or purchasers o f these refu n din g
b on d s m ust enter Into an agreem en t w ith the city
w hich agreem en t shall pro v id e th at the refu nding
b on d s an d the purchase price th ereof shall be d e­
posited w ith the Fiscal A g e n c y o f the S tate o f
W a sh in gton In N ew Y o rk C ity, as trustee, and
au th orizin g said trustee fro m the funds so de­
p osited to p a y and can cel said o u tsta n d in g b o n d s,
and as fast as said o u tsta n d in g b on d s are so paid
an d ca n celed t o d eliv er to sahl purchaser or pur­
chasers refu n din g b on d s to an a m o u n t equal to
the can celed b o n d s.
N o b id will be considered
w hich d oes n ot con ta in a sta te m e n t o f a cce p ta n ce
o f the a b o v e c o n d itio n s .
,
T h e S inking F u n d C om m ission reserves the
right to r e je c t any and all b id s, and each offer
m u st be a c co m p a n ie d b y a certified ch eck fo r 2 %
o f the a m ou n t o f the b id , an d m ust be fo r at least
par and accru ed Interest.
J A M E S M cG O U G A N ,
C ity A u d ito r .

BOND

CALL

1st S e p te m b e r 1911.
N O T IC E Is h e r e b y given th a t th e fo llo w in g
P U B L IC I M P R O V E M E N T C E R T I F I C A T E S o f
th e C ity o f N ew O rleans will be paid at this o ffice
o n th e 1st O cto b e r , 1911. w ith Interest to said
d a te .

Issue of 1911— Scries “ A ” — Nos. 1 to 152
Issue of 1911— Series " B ” — Nos. 1 to
7
Issue of 1911— Series “ C” — Nos. 1 to 28

A ll n u m bers Inclu sive.
CH ARLES R. K EN N EDY,
C ity C o m p tro lle r.

City of Helena, Arkansas,

H E A T

L I G H T ,

& , P O W E R

GUARANTEED

C O M P A N Y

A|| -

B onds

C H IC A G O , I L L .




S a n F r a n c i s c o , C a l.

E le c t r ic R a ilw a y s , E le c t r ic L i g h t a n d
P o w e r P la n ts , G a s P la n ts , F in a n c e d ,
D e s i g n e d a n d B u ilt
L on don C o rresp on d en ts:
J . G . W H I T E & C O ., L i m i t e d ,

9 Cloak Lane, Cannon St., E. C.

Engineering ancl'Construction
Plans, Methods, Operation

S IX T Y
W A L L S T .,
N EW Y O R K

A. H. Bickmore & Co.,
B A N K E R S
30

P in e S t r e e t ,

N ew

Y o rk

Frederick H. Lewis
C ivil and M ech an ical E n gin eer

Consulting Engineer
M U N IC IP A L

A N D

R A IL R O A D

Birmingham, Ala,

B ro w n -M a rx B ld g .

B O N D S
E stab lish ed 1889

L IS T ON A P P L IC A T IO N

SEASONGOOD
In g a lls

MAYER

Si

A .

L .

R E G I S T E R

&,

C O .

E N G IN E E R S — C O N TRA C TO RS

B u ild in g

P h ila d e lp h ia

C IN C IN N A T I

C H R O N IC L E ISSUE
Jan. 20 1010

C o r p o r a tio n

C h ic a g o , I lls .

Investigations and Reports on Electric
Railway. Gas, Electric Light and Power
Properties, irrigation System s, & c., for
Financial Institutions and Investors.

Reports for Financing

B O N D S

LA W Y E R

and

43-49 Exchange Place, NEW YORK

Public Utilities and Industrials

W AN TE D .

ISIS FIRST NATIONAL BANK BLDU.,

E n g in e e rs, C o n tr a c to r s

C. G. YOUNG
N A T I O N A L

F. WM. K R A F T
Specializing in Examination of

J. G. W H IT E & CO.

R e d e m p tio n o f (B o n d s
A a ro n M eyers, T reasurer o f th e C ity o f H elenaA rk a n sas, w ill receive bids fo r the r e d e m p tio n
o f C ity o f H elen a , A r k ., 5 % b o n d s due 1924.
A d dress all c o m m u n ica tio n s to
A A R O N M E Y E R S , H elen a , A r k .

Judge C. B. W ood , Chicago, has approved
$ 1 ,2 0 0 , 0 0 0 refunding bond issue in advance of
sale to be held on Sept. 11.

M u n ic ip a l

613

Will pay 20 cents a copy.

M IN IN G

E N G IN E E R S

H .

C H A N C E

M .

Consulting Mining Engineer and Geologist
COAL

AN D

M IN E R A L

P R O P E R T IE S

E x a m in e d , D e v e lo p e d , M a n a g e d
C O M ’L

&

F IN A N C IA L

C H R O N IC L E

137 Drcxcl B lJg.,

P H IL A D E L P H IA , PA .

614

THE CHRONICLE

th e Salem C o u n ty T r u s t C o . In W o o d s t o w n . D u e S e p t. 1 1921.
are e x e m p t fro m all ta x e s . N o d e p o s it Is re q u ire d .

B onds

Y A K IM A COUNTY SCHOOL DISTRICT NO. 6, W ash — B on d O ffering.
— P rop osa ls w ill be r e ce iv e d u n til 10 a . m . S e p t. 9 b y F . B o n d , C o . T re a s.
(P . O . N o . Y a k im a ), l o r $ 5 ,0 0 0 c o u p . bids?, b o n d s at n o t e x ce e d in g 6 %
Int. A u th . S e c . 117, 118, 119, & c. C od e o f P u b lic I n s tr u c tio n , L a w s o f
1897, pastes 357 et s c q .: also an election J u ly 3 1 9 1 1 . D a te " d a y o f Issu e,”
or h ia y be d a te d o n th e first o f s o m e m o n th at th e o p tio n o f b id d e r .
In t.
a n n . a t th e T re a s . o ffic e .
D u e 20 ye a rs, o p t . a t a n y in t. d a te .
B on d,
d e b t a t p resen t $ 1 ,2 0 0 . A ssess, va l. 1910, $ 3 4 9 ,3 9 0 . Cash v a l. te s t.),
$ 5 8 2 ,3 1 5 .

[VOL. LXXXXIII

M A T T A W A , O nt. — D ebenture O f f e r i n g P ro p o sa ls w ill b e r e c e iv e d until
12 m . S e p t. 5 b y J . M cM eek ln . C lerk, fo r th e $6,000 5 % 2 0 -y e a r d e b en tu res
( V . 93, p . 5 5 2 ). I n t . O c t . at th e B ank o f O tta w a In A lattaw a.
jMINTO TO W N SH IP, Ont.— B on d A w a rd .— T h e to w n sh ip h as a ccep ted
th e bid at par s u b m itte d b y Jo h n F erguson o f W la rto n fo r $ 2 ,3 4 3 35 o f the
$ 2 ,515 76 5 % 20-In stallm en t dra in a ge deben tu res o ffe re d o n A u g 7
The
fo u r b id s re ce iv e d fo r th e b o n d s w ere g iv e n In V . 93, p . 552.

C a n a d a , its P ro v in c e s and M u n ic ip a litie s.

MOOSE J A W , Sask.— D ebenture E lection .— P a pers sta te th a t th e follow ­
in g m o n e y b y -la w s w ill o e s u b m itte d to the ratep ayers o n S e p t. 7 .$52,000
t o p a y th e c i t y ’s sh are o f th e c o s t o f th e S ix th A v c . bridge; $1 4 ,0 0 0 fo r
p e rm a n e n t Im p ro v e m e n t t o th e co lle g ia te Institute gro u n d s; $2 5 ,0 0 0 for
p e rm a n e n t Im p ro v e m e n ts o th e r th a n p a v in g , o n city streets, and for
esta b lish in g a fre e p u b lic lib ra ry ; $ 75 ,000 fo r exten sion s and Im p rovem en ts
t o th e gen eral h o s p ita l.

ALVINSTON, Ont. — L oa n E lection .— A c c o r d in g t o r e p o rts , o n S e p t. 11
a b y -la w w ill be v o t e d o n t o p r o v id e $ 3 ,900 fo r a to w n -h a ll.

M O R IN V IL L E , Alberta.— D ebenture O fferin g .— P ro p o sa ls will b e re­
c e iv e d until 12 m S e p t. 15 b y A . L a m b e rt, S e c .-T r e a s ., fo r $ 15 ,000 (n ot
$ 1 ,000 as at first re p o rte d ) 6 % 20-In stallm en t deb e n tu re s.

BALCARRES SCHOOL DISTRICT NO. 87 (P

O. B alcarres). Sask —

D ebenture S a le .— O n A u g . 7 th e $ 9 ,500 6 % d e b e n tu re s (V . 93. p . 366) w ere
a w a rd ed t o F . W . L o g a n o f R e g in a a t 10 4 .5 0 . I n t . In D e ce m b e r .

C A LG A R Y , Alta.— R esult o f D eben ture E le c tio n .— T h e e le ctio n held
A u g . - 17 resulted In fa v o r o f th e q u e s tio n o f Issuing the $2 6 ,5 0 0 stre e t-d e ­
ben tu res b y a v o t e o f 281 t o 10. T h e p r o p o s it io n t o Issue the $12 ,000
b rid g e deben tu res w as d e fe a te d ( V . 9 3 , p . 4 2 8 ).
COLLIN GW OOD, Ont.— D ebenture O fferin g .— P ro p o s a ls w ill b e re ce ive d
u n til S e p t. 7 b y A . D . K n ig h t. T o w n T r e a s ., fo r t h e fo llo w in g 4 ^ % de b e n ­
tures.
$ 6,400 d e b en tu res.
D ue In 30 ann ual In stallm en ts o f p rin c ip a l and Int.,
begin n in g D e c. 1 1911.
7,0 0 0 d e b en tu res.
D ue In 30 a n n u al Installm en ts be g in n in g J u ly 1 1912.
15,000 s c h o o l d e b en tu re s. D u e in 20 ann ual In stallm en ts beginning
D e c . 1 1911.
T h ese b on d s, to g e th e r w ith th ree o th e r Issues w ere offe re d w ith o u t success
on A u g . 15. D eb en tu re d e b t D e c . 31 1910, $46 8 ,0 5 8 2 5 . A ssessed v a lu e ,
$ 3 ,0 4 2 ,7 6 9 .

DRESDEN, O n t — D ebenture S a le .— O n A u g . 25 th e $ 16 ,000 4 J^% 30Installm ent w a ter-w ork s de b e n tu re s ( V . 9 3 . p . 490) w ere a w a rd ed to C. H .
B u rgess & C o. o f T o r o n t o fo r $ 14 ,913 (93.206) a n d Int. O th er bids fo llo w :
N a t. F in a n ce C o ., L t d ., R e g -$ 1 4 ,8 8 8 I O n ta rio S e c . C o ., L t d ., T o r . . $14,707
D o m in io n S e c .C o r p ..L t d .,T o r 14,748 |W . A . M a o K e n z ie & C o ., T o r 14,480
HALTON COUNTY (P . O. M ilton), Ont.— B id s .— T h e fo llo w in g bids
w ere also receiv ed o n A u g . 1 fo r th e $ 90 ,000 4 % 20-ln stalIm en t r o a d d e b e n ­
tures a w a rd ed to A cm lllu s J a rv is & C o . o f T o r o n t o at 95 .6 1 3 :
M e tro p o lita n B a n k , T o r o n t o . $85,623 I I . O ’ H ara & C o ., T o r o n t o . .$ 8 4 ,3 3 0
D o m . S e c . C o r p .,L t d ., T o r ’ t o 8 5 ,2 5 7 G . A . S tlm so n & C o ., T o r o n t o 83,751
C. I I . B urgess & C o .. T o r o n t o 85,104 O n t. S e c . C o ., L t d ., T o r o n t o 8 3 ,107
B ren t, N o x o n & C o ., T o r o n t o 8 4,336
IN DIAN H E A D , Alberta.— D ebenlur E lectio n .— O n S e p t. 8 th e ra te ­
p a y ers w ill v o te o n a b y -la w t o p r o v id e $25 ,000 fo r w a te r, sew er and lig h ts y s te m ex te n s io n .
LAVF.LLES SCHOOL DISTRICT NO. 1538 (P. O. St. Vital), Man —

D ebentures D efeated.— A n e le ctio n held A u g . 14 re su lte d In th e d e fe a t o f th e
p r o p o s itio n t o Issue $ 6 ,000 5 % deb e n tu re s.

N E W G L A S G O W , N. B .— B on d S a le.— T h e E a ste rn Secu rities C o ., L t d .,
o f S t. J o h n h as p u rch a sed $ 5,500 4><j% s c h o o l b o n d s.

O T T A W A , Ont.— D ebenture E lectio n .— B y -la w s t o Issue $ 1 9 5 ,0 0 0 w ater­
w ork s and $ 50 ,000 b rid g e d eben tu res w ill be v o t e d u p o n o n S e p t . 7, ac­
c o r d in g t o r e p o rts.
PRINCE ALBE R T, Sask.— D ebentures V oted .— T h e e le ctio n h e ld A ug. 26
resu lted in fa v o r o f th e p r o p o s itio n to Issue th e $274,962 an d $500,000
p o w e r -p la n t de b e n tu re s (V . 93, p. 4 9 0 ), It Is s ta te d . T h e v o t e w as 411 t o 4.
R U R A L M U N ICIPA LITY OF M ARRIOTT NO. 317 (P . O. Oliver). Sask.

— D ebenture S a le.— T h e $ 10 ,000 5 % 20-ln stalIm en t d e b e n tu re s o ffe re d on
A u g . 8 ( V . 93, p . 307) w ere aw arded to A llo w a y & C h a m p io n o f W in n ip e g .

SCOTTSTOWN, Que.— Debenture S a le.— It Is sta te d th a t th is to w n has
so ld $40 ,000 5 % 4 0 -y e a r d eben tu res t o th e C anada In v e s tm e n t C o ., L t d .
SPRIN G FIE LD , Sask.— D ebenture O fferin g.— P ro p o sa ls w ill dc re ce iv e d .
It Is s ta te d , b y W m . D in sda le, S c c .-T r c a s ., fo r $1,500 6 % 1 5 -y r. d e b e n tu re s .
SPRIN GFIELD SCHOOL DISTRICT NO. 1569 (P. O. T ranscona), Man­
— D ebenture S a le.— O n A u g . 22 th e $10 ,000 6 % 20-In sta llm en t b ld g , d eb en .
tures ( V . 93. p . 490) w ere s o ld . W e are n o t Inform ed as t o th e pu rchaser
an d p rice re ce iv e d .
SWAN R IVE R SCHOOL DISTRICT NO. 1 04 7, Alan.— D ebenture S a le.—
T h is d istrict It Is re p o r te d , has sold $2 0 ,0 0 0 5 H % d e b e n tu re s t o A llo w a y
& C h a m p ion o f W in n ip e g .
SW IFT CURREN T. Sask.— D ebenture S a le.— O n A u g . 22 th e $3 7 ,6 1 4 63
6 % 40-Installm ent deben tu res (V . 9 3 , p . 366) w ere a w a rd e d , it is sta te d ,
t o W ood . G undy & C o. o f T oron to.
VFRA1ILION, Alberta.— D ebentures V oted .— A n e le ctio n h e ld recen tly
is sa id t o h a ve resulted In th e a p p ro v a l o f b y -la w s t o raise $ 2 ,0 0 0 fo r side­
w a lk s and $15 ,000 fo r a m u n icip a l e le ctric-lig h t p ia n t.
WESTON, York C ounty, Ont.— D ebenture S a le.— R e p o rts sta te th at
A e m iliu s J a rv is & C o . of T o r o n t o h a v e p u rch ased $3 3 ,0 0 0 5 % 3 0 -in stallm en t
w a te r and ligh t deb e n tu re s.
W EYB U R N SCHOOL D ISTRICT. Sask.— D ebenture S a le.— A n Issue o f
$ 3 0 ,0 0 0 6 % 3 0 -in stallm eu t d eben tu res h a s been a w a rd e d , It Is s ta te d ,
to W o o d , G undy & C o. o f T oron to.

ACCOUNTANTS.

MISCELLANEOUS.

LYBRAN D ,

RO SS BRO S &
M ONTGOMERY
C e r tifie d

P u b lic A c c o u n t a n t s

(Pennsylvania)
N EW

Y O R K ,

55

P H IL A D E L P H IA ,
P IT T S B U R G H ,
C H IC A G O ,

. . .
L ib e r ty S t.

L a n d T it le B ld g .
U n io n B a n k B ld g .

F ir s t N a t io n a l B a n k B ld g .

JAMES

PAR K &

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A U D IT O R S
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M I N I N G C O M P A N IE S
In v e s tig a tio n s , F inan cial S ta te m e n ts,
P e riodica l A u d its an d Accounting

L, F. DOMMERICH & SO
NEW YORK

ARCHITECT.

General Offices, 57 Greene Street
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
m r

n

"

«? a i f s

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F 0R

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