Full text of Commercial and Financial Chronicle : September 3, 1910, Vol. 91, No. 2358 [Copy 2]

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VOL. 91 SEPTEMBER 3 1910 NO. 2358

Published every Saturday by WILLIAM B. DANA COMPANY, Front, Pine and
Depeyster Sts., N. Y. C. William B. Dana, Prest.; Jacob Seibert Jr., Vtce-Prest.
and Sec.; Arnold G. Dana, Treas. Addresses ol all, Otflce ol the Company.

,

CLEARINGS—FOR AUGUST, SINCE JANUARY 1 AND FOR W EEK ENDING AUGUST 27.
Eight Months.

August.
Clearings_al—
1910.
$
579,598,283
203,529,494
123.032,894
41,408,256

NcwTYork................
Buffalo......................
Albany______ _____

.26,802,632
15.044,121
10,441,051
9.566.990
6,120,177
0,031,841
5,730,884
Wilkes-Barre...........
7,160,079
4,700,000
6,131,486
Y o rk ........................
3,761,256
E ric..........................
3,601,979
2,378,020
2,101,487
1 994 560
l ’975’, 165
’914,280
1,082.193
Total Middle.......... 7,549,229,224
587,157,787
29,690,900
15,547,120
10.509,578
8,726,604
8,167,347
Springfield.................
9,221,958
4,062,759
Fall lUver
3,785,413
2,061,667
2,161.943
681,093,076
Total New England

1909.
§
554,930,925
194,089,831
113,831,667
38,640,705
22,677,278
24,395,199
15,238,924
9,996,552
8,168,189
5,717,467
5,520,454
5,328.541
7,424,432
5,242 497
5812962
3,284,626
3,090,756
1,998,045
2,294,698
1 668,800
i ’734’ 574
1,118,317
1,021,311
9,719,664,161
629.238.396
27,553,700
14,302,443
10.202.695
7,773,459
7,396,041
6,601,533
3,838,382
3,954,429
1,851.776
2,223,318
714,936,172

Inc. or
Dec.
ft .
+ 4.4
-4.9
-8.1
+ 7.2
--6.2
-9.9
—1.3
4-4 ft
4-17.1
+7.0
+ 7.6
—3.6
in a
4-ft ft
4-14.5
A-16.5
H-19.0
—8.4
J-19.5
A 13.9
-18.2
+ 6.0
-22.3
-6 7
+78
+ 8.7
+3.0
+ 12.3
+ 10.4
+39.7
+ 5.8
-4 .3
+ 11.3
—2.8
—4.8

1,077,147,384 1,095,319,510 —1.7
92,842,300
103,460,250 -10.3
84,933.633
75,251,989 + 12.9
78,610,252
68,455,889 + 14.8
62,815.053
48,674,459 + 8.5
41.460.600
33,674.054 + 23.1
24,457,800
25,349,200 —3.5
18,503,210
18.010,280 + 2.7
11,201,506 H-14.2
12,589,701
11,427,284
10,064,459 A 13.5
9,483,104
7,458.862 A-27.2
9,325,259
8,214,859 A 13.5
5,439,494 +3.0
5,602,590
4,530,000
4,520,946 + 0.2
Springfield, III
4,076,409
3,879,683 + 5.1
20.9
4,512,809
3,733,410
10.5
2,863,555
2,592,752
4,000,010
3,368,600 -18 8
-19
5
3.059,434
2,560,177
12.4
4,045,352
2,840,926
South Bend......... .
2,041,514 + 8.7
2,218,780
Springfield, Ohio___
1,886,228 + 26.6
2,388,819
Bloomington ...........
2,598,562
2,001,492 + 29.8
Quincy ........... ........
2,342,222
2,222,894 + 6.4
Decatur ............. .....
1,992,980 + 12.3
2,237.696
1,551,706 + 15.3
1.788,886
Mansfield ............. .
1,637,874
1,514,912 4-8.1
1,435,696
1,315,128 4-9.1
-f
Ann Arbor.................
625.572
-6.8
671,067
185,123
108,385 + 70.8
Lim a_____________
1,493,632
1,384,790 + 7.9
Saginaw ..................
2,489,633
2,294,431 + 8.5
Lansing....................
1.456,877 Not Included In total
Total Middle West. 1,569,342,969 1,554,615,377
-1.0
196,461,337
157,266,688 + 24.9
62,415,157
+
8.0
57,770,168
49,248,764
51,862,992
-5.0
41,549,703
30,743,877 +31.9
Cleveland....... ........
Detroit................ .
Milwaukee...............
Indianapolis----------Columbus.... ............
Toledo.... .................
Peoria ......................
Grand Rapids...........
Dayton ....................
Evansville ________

213,956,219
195,948,597
86.585,992
64,770,413
65,379.445
56,602,200
43.521.071
42,197,120
37,793,317
34,041,784
25,081,226
22,331,046
15,510,373
13,923,856
11,063,441
10.010,220
14,779,839
11.963,228
14,779,018
10,840,132
5,597,693
6,091,687
5,951,711
5,868,455
4,772,319
4,000,000
3,832,430
3,208,397
3,311,165
3,085,992
2,985,922
3,686,794
2,399.395
2,260,099
2,398,080
1,562,873
1,442,372
863,000 Not Included
......... Not Included
549,032,913
485,299,550
page 567.
700,749,885
634,573,613
11.508.403.790 13.510,778,194
5,046.135,963 4,824,340,783

+ 9.2
+ 33.7
+ 15.5
+ 3.1
- 110
-12 3
-11.4
-10.5
-23.5
-36.3

1,700,914,432
693,353,608
556,020,775
372.775,274
319.225,729
230,459,352
141,005,700
101,762,621
101,634,405
113,412,944

+ 2.4
+ 23.0
+ 4.4
—3.1
4-3.3
4-53.6
—5.8
+ 8.3
In total
In total
+ 13.1

54.704.694
52,064,037
44.057,016
25.313,843
29,196,187
31,190,641
20,075,834
12,737.640
5,406,080

2,6531477
3;500i000
458,955,723

Davenport................
Cedar ltaplds...........
Colorado Springs-----

Aberdeen ................
Total other West..
Details of Southern on
Total all................
Outside New York.

......

4,537,628.325

1,496,556,671
560,617,483
477,095.079
309,068,226
298.428,481
200,564.464
120,164.250
89,160,388
80.033.102
45,880.609
45,744 311
49,703,307
42.920.836
35.277,641
2.3,933,666
22,412,753
20,802,431
18,558,046
11,937,537
Not Included
Not Included
3,902,978,672

1910.

Inc. or
Dec.

1909.

-13.7
- -23.7
- -16.5
- -20.6
+ 7.0
+ 17.9
+ 17.3
+ 14.1 !
+ 27.0

44,500,211
19,172,894
14,071,869
9,625,232
8,003,725
5,925,000
3,049,350
2,456,750
3,090,601
3,871.669
1,079,830
1,257,738
1,231,000
700,000
664,189
540,426
800,000
456,617
314,777

—2.6
-1-10.3
- -22.7
- -24.9
+ 5.8
. -30.3
-49.9
+ 8.2
+ 6.7
in total
In total
........
+ 16.3 1 120,811,878

44,322.345
13,891,414
13.496.395
10.393,753
6,989,552
5,373,451
3.136,761
2,238,644
2.412.432
3,212,616
1,176,677
1,133,959
1,130,207
776.519
918,466
569,077
461,000
497,614
308,705

__

_

...... ..........
112,439,587

\ 9
+ 2.4
+ 14.8
+ 8.1
—3.2
+5.5
—0.3
+ 10.S
+ 20.4
—1.4
+0.7
—5.4
+34.2
—6.8
+ 11.6
+ 13.2
+ 13.2
+ 16.0
—24.6
—14.2
—0.9
—0.9

1908.

1907.

s
$
1,240,274,391
89,006,864 121,487,176
44,718,173
36.708.89C
26,699,404
17,784,775
6.828.642
6,879,567
4,360,615
3,860,612
4,274,704
2,331,153
2,336.747
2,055,441
2,050,913
1,877,953
1,350,159
984.282
1,167.368
867.15S
1,050,011
874.805
1,039,448
850,199
1,125,675
1,032,870
875,353
1,369,197
644,704
608,031
542,822
680,738
518,964
356,587
343,476
450,146
408,300
300,500
321,296
276,441
188.513

+ 24.5 1.545,389,280 1,513,129,708
—3.7 110,405,118 116,721,608
+ 5.9
5,998,400
4,605,700
+ 16.0
2.136,588
2,782,738
+ 8.7
1.728.010
1,871,751
+ 10.8
1,569,000
1,633,669
+ 19.0
1,628,060
1.291,687
+ 42.6
1,052,643
1,252,861
—8.1
634,055
834,447
—15.6
469,239
470,001
414,837
+3.1
260,927
—4.5
377,886
357,766
—1.9 124,511,495 133,985,046
—5.0 202,150,283 214,782,240
23,001,650
—10.7
19,700,450
+ 14.6
13,155,146
16.990.093
9,733,229
11,770,608
+ 13.8
9,361,693
+ 7.6
9,496.357
6,499,899
6,055,172
+ 22.6
5.267.300
5,015,900
—18.1
3,756,643
—24.9
4,553,856
2,595,530
+ 11.5
2,202,815
2.064.926
1,760,366
—1.1
1,566,140
+ 8.1
1,092,536
1,627,486
+ 25.3
1,383.113
921,014
—4.8
794.472
—14.3
640,538
760,000
—9.1
740,616
620,671
—7.2
553,799
811,658
581.754
—0.7
486,100
+ 40.8
740,000
540,000
+ 18.0
541,994
515,059
588,408
+ 40.9
300,000
454,473
327,141
+ 1.1
425,940
+ 3.8
327.583
371,911
+ 38.7
371,810
386,535
+ 34.0
453,561
342,474
+ 28.8
349,597
441,538
405,839
+ 78.1
246,705
+ 6.2
220,000
215,795
+ 4.8
246,079
216,809
+ 7.1
97,485
—0.6
77,391
22,432
25,000
+ 35.3
334,000
+ 27.7
241,000
_______ _
+33.9
n total
—2.6 284,155.701 308,162,111
39,229,724
+25.4
32,775,434
7,997,691
8,705,448
+ 11.5
9,093.864
—1.4
7,631,595
5,629,801
+30.0
5,313,928
5.082,411
—24.1
4 090,980
5,050,652
—17.3 ' 2,586,304
4,399,456
13,952,872
+ 4.6
1,320,850
1,982,729
+ 58 5
969,354
831,751
+ 26.1
—4.1
: 787,409
+ 9.4
f 703.000
474,353
' 498,198
+ 15.0
+ 14.9
425,000
- 469,857
+ 59.0 ]" T 433,755
188,664
+ 35.7
—18.1
137,588
+ 21.8
_____ ’___
_________
80,905,189
+ 13.2
69,857,479
30.509.766
+0.4
34,865,618
17,027.872
+ 38.0
15,914,533
10,522,889
10,577,548
+ 4.3
8,158,514
8.426.036
—7.4
6,779,770
7,433.889
+ 14.5
4,675,798
4,215,953
+ 10.3
2,207,131
—2.8
2,103,076
1,531,823
1,893,642
4-9.7
+ 28.1
1,177,892
1,050,940
+ 20.5
—8.2
845,248
1,021,954
+ 10.9
1.145.807
941,413
710,097
+ 9.0
761,841
513.060
—9.9
691,364
601,000
—27.7
605,006
415,174
438.522
—5.0
440,000
410.00C
+ 73.5
517,011
402,803
474,347
+ 2.0
280.726
_
_ _____
_____
—
__ —
88,389,066
+ 7.4
91,799.991

+ 10.4 6.292,166.455 5,536,614,181 + 13.6 ; 149,724.222 138,995,523 + 7.7 115,968,543 130.354,600
-14.8 111.044,526,039 105,770.374,058 +5.0 2,434,495,003 2,933,916,958 — 17.C 2,231,682,489 2.252.425,720
+ 4.6 43,744,238,919 39.682,669.688 ,+10.2 i 1,068.141,676 1,037,686,413 + 2.91 861,482.463 962,151,329

Tabic Clearings by Telegraph and Canadian Clearings on pages 566-567.




Week ending August 27.
Inc. or
Dec.

S
$
s
$
66,087,704.370 f t .
5,163,164,733 4,394,447,098 + 17.5 118,646,361 115,813,877
1,731,598,588 1.497,475.060 + 15.6
47,923,752
41,754,713
938,044,177 + 10.5
1,036,596,021
26.942,169
24,918.727
299,760,269 + 11.7
8,042,434
334,941,517
8,312,905
5,2b3,5u3
216,759,522 + 12!o
5.327.831
242,859,446
5,049,880
130,786.269 + 8.3
2,695,846
141,676,212
2,703.741)
84,092.927 + 9.4
2,491,649
92,003,991
2,248,858
1,864,519
69,286,107 - r-19.4
1,548.283
82.805,258
49.296,020 - -10.6
54,521,024
1,290,657
1,308,553
45,644,051 --16.0
1,067,978
62,949,941
1,060,967
42.068,843 - r 13.1
1,209,380
47,577,082
1,277,760
1,635,662
54,208,583 - -12.5
1,218,975
60.994,590
41,233.682 + 4.2
1,114,751
1,195,999
42,951,808
50,879,391 + 4 6
53,229,282
1,212,077
1,086,710
28,632,244 - -14.7
798,864
32.846,362
705,986
-24.2
23,398,809
775,975
29,857,004
685,357
16,380,250 ■- ■19.1
461,972
19,505,401
398,129
18,199,847 + 5.3
376,941
19,159,289
500,000
15,298,400 + 5.6
16,160,253
362,500
422,700
13,239,227 + 15.0
415.411
15,225.843
419,279
8,960,516 —2.6
209,000
8.737,665
209,000
8.526,618 + 1.3
—
8,636,208
76,785,183,458 74,319,074,873 +3.3 1,595,808.133 2.114,334,255
117,404,567 121,906,270
5,535,973,351 5,512,396,450 + 0.4
6,084,500
5,743,100
245,972,900 + 8.5
266,833,600
3.134,056
2,700,877
122,846,658 + 21.4
149,121,332
2,199,378
2,023,911
93,142,522 +3.7
96,559,895
1.6S6.377
1,522,469
57,837,832 + 14.3
66,088,212
1,785,486
1,500,000
77,073,953
70,121,245 + 9.9
1,941.183
1,360,852
77,523,369
55,723,610 +39.1
724,727
788,232
' 37,408,515
38.4S2,331 —2.8
669,448
793.718
36,887,278
30,734,746 + 20.0
395,109
383,237
16,773,270
16,064,424 + 4.4
441,880
462,644
19,149,745
17,137,000 + 11.7
136,466,711
139,085,310
+
1.9
6,379,392,550 6,260,459,718
235,264,903 247,607.099
9,349,024,212 9,050,103,156 +3.3
19,728,650
22,093,050
898,419,050 —7.6
830,147,700
16,721,513
14.589.920
556.316.714 - -20.4
669,796,296
14,267,890
12,532,373
495,371,110 - -24.7
617,490,626
11,206,723
10,413,547
429,162,502
388,300,393 - -10.5
8,175,262
274,005,143 - -14.6
6,668.187
313.851,127
198,973,600 + 4.0
207.285,000
4,902.300
6,001,600
+
8.4
148,554,541
136,996,057
3.355,652
4,469,508
101,639,522
93,702,810 + 8.5
2,372,759
2,644,090
79,514,133 + 14.3
90,902,267
2,097.941
2,120,998
76,242,336
64.174.461 1-18.8
1,611,885
1,489,088
67,399,002 - 12.7
75.962,074
1,495,780
1.874.349
40,660,782 + 14.5
1,115,732
46,547,826
1,061,670
34,145,413 + 22.9
857,000
1,000,000
35,477,434
856,923
778,937
31,362,332 + 11.7
35,025,626
857,844
922,334
29,505,763 + 3.9
36,867,489
570,658
566,845
28,544,072
22,383,735 + 27.5
600,000
845,000
24,594,096 - -33.9
32,936,800
595,269
702,351
22,934,413 - -19.9
27.510,081
937,044
665,291
33,785,719
24,687,718 +36.9
440.000
435,248
15,923,535 + 13.8
18,123,946
318,471
395,918
17,012,757 + 9.3
18,399,371
405.941
563,077
17.890,626 + 22.3
21,879,660 .
-16.4
560,683
418,373
18,890,224 21,997.065
363.856
468,509
14,634,331 - -15.5
16,898,171
499,815
280,629
.12,109,877 + 14.9
13,909,712
305,000
287,188
11,765.870 + 27.5
14,966,433
9,872,582 + 9.0
261,717
249,634
10.758.020
i L\.y>s,(>7i + 28.0
309,129
331,216
16,129 511
139,324
5,642,664 + 13.7
149,196
6,41.3,947
34,595
25,564
1,238,497 +31.4
1,243,620
373,509
10,118,452 + 14.0
292,581
11,523,814
577,070
17,996,392 + 13.0
431,103
20,690,031
Not Included
3,171 857 Not Included In total
333,408,192 342,210,229
13,379,790,551 12,698,951,939 +5.4
41,794,704
33,339,486
1,514,176,383 1,247,955,622 -|-21.3
14,111,051
12,653,225
439,398,432 A-21.4
533,398,113
11,624,602
11,785,723
360,980,687 A-10.5
399,064,162
6,078,543
07,900,809
239,907.411 A-39.6
334,807.447
fi 597 093
4’,459,016
+
2.89
13,686,559
158,003,012
122,532,787
+7.2
5,223,028
■5,461,279
188,245,060
175,588,771
*2,478,858 m 1.561,128
101,628,015
62.869,158 +61.7
823,726
■1,038,714 «
30,056,904
30.128.645 —0.2
1,193,401 f§ 1.035,135
42,606,260
33,339,187 + 27.8
914,000
44,696,089
1,000,000 9
34,794,438 -28.5
20,124,749
600,064
17,068,622 -17.9
690,357 23
17,260,855
444,684
510,999
15,087,250 -14.4
22,910,430
717,488
451,315
16,413,743 -39.6
11r8fifi fififi -30.4
298,519
15,468,357
405,086
137+69
6,610,908
112,591
6.283,519 +5.2
450,000
28,143,413
547,956
4,443,676
28,116,857
22,757.463 + 23.5
86,852,054
98,275,867
3,670,358,700 3,052,294,675 +20.2

—L0
+ 7.6
+ 61.2
+ 12.9
+ 12.9
+34.7
+ 14.4
+ 23.7
+ 35.7
4-27.0
+ 22.6
+ 26.3
+ 6.1
+ 14.1

Boise_____________
Total Pacific.........
Kansas City.............
Minneapolis...............
Omaha....................
St. Paul___________
Denver......................
St. Joseph..............
Des Moines...............
Sioux City................
Wichita___________

1910.

18,347,104
23,652,598
7,982,542
3,652,113
4,835,042
4,369,313
2,765.080
2,193,686
2,026,727
1 38(1,072
807,286
2,100,000
3,300.000
401,689,700

18,170,009
25,445,743
12,869,007
4,123,569
ft 480,816
fi’88fi!082
3[l63,l13
2,713,203
2 750,000

1909.

* N ot Included In total for month and eight months; comparison Incomplete.

548

THE CHRONICLE

[VOL. L X X X X I.

imagined would be a great national benefit if we could
once get it.
In view of the vciy loud criticism of the country’s
What Justice Lurton said is wholesome, needed,
high courts as wrong and in conflict with the spirit • and cannot be too often or emphatically said, espec
of the times, it is well to. recall—by way of contrast— ially just at this present time when we hear other
that, in the recent address by Justice Lurton of the Su teachings. It is sane, thoughtful, and straight
preme Court before the Bar Associations of Maryland in line with the doctrine of the Supreme Court
and Virginia, he spoke of the “ growing disposition to .hitherto and with the traditions of the country.
disregard the limitations which we have placed upon Moreover, it is particularly welcome because
those in authority and a tendency to applaud the coming from a new member of the highest
doing of things which we wish done, regardless of tribunal, the latest member to actually take his seat.
whether lawful or unlawful.” Presumably, the speaker We have no warrant, and we have no desire, to draw
meant, as he well might have meant, a disposition of any inference as to the position Justice Lurton is
persons in authority to disregard their official limita likely to take upon the questions of vast importance
tions, and also a disposition on the part of many people which must confront the Court for disposal at the
to favor or wink at such disregard, for the sake of forthcoming term; yet, in view of these questions, as
some supposed present good to be attained. Con well as because of the dependence of the safety of the
cerning the obligations of the fundamental law, country upon the maintenance of its high courts up to
Justice Lurton said that “ the contention that the the level the country has fortunately enjoyed, it is
obligation of a Constitution is to be disregarded if it reassuring to hear such doctrine reaffirmed, even
stands in the way of that which is deemed of public outside of court. The law, the constitution, the
advantage, or that a valid law under the Constitution country, and permanence, are above any supposed
is to be interpreted or modified so as to accomplish present benefit by perversion and irregularity— this is
that which the Executive administering it, or a court the doctrine.
called upon to enforce it, shall deem to be the public
advantage, is destructive of the whole theory upon
There seems no reason why ex-President Roosevelt’s
which our American commonwealths have been doings and utterances should attract any great amount
founded, to say nothing of the constitutional relation of attention now that he is out of office, and hence de
of the Union and the States to each other.”
prived of his chief capacity for harm. The fact is,
The speaker appeared to attribute the spread of however, that, owing to the publicity given to his acts
these bad notions considerably to the great influx of in the daily press, he is for the time being having the
immigrants, unaccustomed to democratic government. field all to himself, and President Taft, who has been
We have, he said, “ no deposit of unlimited power such a staunch upholder of the Roosevelt policies,
under the American system of constitutional govern and gone so far in execution of the same, is being al
ments,” but he does not think it strange that this is illy most entirely lost sight of. There is really nothing new
understood by these “ millions who have come from in the “ New Nationalism” which Mr. Roosevelt has
lands where constitutional limitations are either been proclaiming in his speech-making tour through
unknown or are unenforceable for lack of any definite the West the present week. He has simply revamped
means of compelling obedience.”
the views and utterances to which he gave such fre
Seeing how our late President has been laboring quent expression during his tenure at the White House.
towards startling changes, it can hardly be argued that To be sure, he is giving a constantly widening applica
the initial impulse towards government by men and tion to his dogma that Government must regulate
emotion rather than by laws and deliberations business affairs, and now goes so far as to declare that
has come from foreign, rather than native, stock; but Government must also regulate “ the terms and con
it is pretty clear that the foreigners we have ditions of labor.” But that follows naturally from the
here, still politically unacclimated, have been development of the theory that government, and par
ready material for the quick spread of doctrines ticularly Rooseveltian Government, "constitutes a
which are utterly un-American. However this may panacea and corrective for eveiy one of the country’s
be, it is beyond question that the disposition to dis ills and troubles. If government is to regulate all the
regard constitutions or to distort them to fit some affairs of mankind, there is really no reason why it
present occasion is the worst phenomenon of the day, should stop anywhere, in its steadily widening em
because it is insidious by gradually accustoming the brace, short of the grave. We do not feel called upon
people to excesses and by hardening into precedents. to discuss, therefore, the New Nationalism, and, be
No constitution can be the last word to be spoken, sides , our views regarding the Roosevelt policies have
because none can be the absolute sum of human been frequently declared in the past. So long as Mr.
wisdom or provide for all conditions that may arise. Roosevelt is out of the official saddle, with little
But none can be wiser than the people who are living chance of getting back into it, there is evidently not
under it, and none can be safe against the injection the least reason for feeling worried or concerned about
into it of the wildest conceivable notions, if those his actions.
come to possess the people firmly enough and longHis fulmin ations against the courts, however, cannot
enough. The process of amendment in the prescribed be passed unnoticed. Criticism of the courts—nay,
manner may be used hastily and emotionally, and denunciation o f them—is, as is well known, a favorite
therefore, unwisely, and we are having an evidence pastime of the ex-President. On this occasion, un
now of the possibility of doing this; but hasty and fortunately, he has indulged in a larger amount of mis
unwise alteration springs naturally from a habit of representation than usual. His complaint is that the
pushing impatiently against constitutional limitations decisions of the courts are in conflict with “ the spirit
because they prevent doing something which it is and needs of the times.” He speaks of “ judges who
THE FINANCIAL SITUATION.




•

are perfectly honest but fossilized of mind;” and then
If the reasoning employed by Supreme Court
adverts to the Supreme Court decisions in the', Knight Justice John W. Goff in the opinion handed down lastSugar Trust case and the New York bakeshop case as Saturday in the case of the cloak-makers’ strike in.
particularly deserving of condemnation. jr He^declares this city shall be sustained by the Court of Appeals—
against '“ neutral ground, in which neither State nor and there appears to be no good ground for thinking
nation can exercise authority, and which would be that it will not be—intolerant acts on the part of labor
come a place of refuge for men who wish to act crim :unions to force the closed shop and to coerce and in
inally, and especially for the very rich men who wish timidate non-union employees will be much more easy
to act against the interests of the community as a to deal with than heretofore. The ruling of Justice
whole.” Our courts, of course, simply construe the Goff must be regarded as a highly important one and
law and th e. Constitution, and cannot step outside as having a wide bearing. The Court not only re
of these boundaries. It is a curious conception of strains the striking employees of the international
the nature of a written Constitution to think of it as Ladies’ Garment Workers’ Union and of other unions
an elastic instrument, and to argue that it should be from acts of violence, but also—for the first time in
construed, not according to its terms and the intent the history of labor disputes in this State, it is
of the framers, but in accord with “ the spirit and needs asserted—from what is generally known as “ peaceful”,
of the times.” In the Knight Gase the Court merely picketing. The strikers are enjoined from interfering
held that the operations complained of did not fall in any way with the employees now at work in the
within the scope of the Sherman Anti-Trust law. It cloak factories. Justice Goff finds that the object
deserves to be noted, too, that the judgment in that of the strike was to force a closed shop agreement; he
case had the support of seven of the eight judges of holds that this is unlawful and that any act done to
the Supreme Court. Furthermore, so far from that further the strike is, therefore, an unlawful act and,
decision furnishing “ a place of refuge for men who wish may be restrained by a court of equity.
In his citation of authorities, Justice Goff refers to
to act criminally,” it is a matter of record that, not
withstanding such decision, the Federal Government the case of McCord vs. Thompson-Starrett Co. (129
has been very successful in prosecuting officials of the A. D. 130) where the Court of Appeals declared that it is
Sugar Company for violations of the customs laws, against the public policy of the State for employers
securing convictions in a number of cases. Further who control practically the whole trade in a com
more, the Government has also succeeded in recover munity to combine for the purpose of compelling
ing several million dollars upon charges of undervalua workmen to join a particular union as a condition of
tion of sugar imports. It does not appear, therefore, employment. He points out that the ruling in that
that the existence of “ neutral ground,” of which Mr. case was a development of the doctrine enunciated in
Roosevelt speaks, operated to the advantage of the Curran vs. Galen (152 N. Y .), in which case the Court
company or prevented the nation from “ exercising said: “ Public policy and the interests of society favor
the utmost freedom in the citizen to pursue his lawful
its legitimate powers.”
In his comment on the New York bakeshop case the trade or calling, and if the purpose of an organization
ex-President is also entirely astray. He says the or combination of workingmen be to hamper or restrict
Supreme Court by a vote of 5 to 4 declared the New that freedom,and,through contracts or arrangements,
York statute unconstitutional because, “ forsooth, with the employers, to coerce other workingmen to
men must not be deprived of their ‘liberty’ to work become members of the organization and to come
under unhygienic conditions.” What the^Court act under its rules and conditions under the penalty of
ually did declare was that a New York law saying that the loss of their position and of deprivation of employ
“ no employee shall be required or permitted to work” ment, then that purpose seems clearly unlawful and
in a bakeshop more than 60 hours a week “ prohib militates against the spirit of our Government and the
ited and interfered with the freedom of master and nature of our institutions.” Justice Goff argues that
employee to contract with each other in relation to the rule here laid down clearly must be applicable to
their employment.” Furthermore, as pointed out workmen as well as to employers. What the employers
by the “ Sun” of this city, the Court based its decision may not do, the workmen may not do. If a combina
expressly upon the proposition that the employment tion of one to refuse employment except on condition
to which the statute related was not injurious to health. of joining a union be against public policy, a combina
Justice Peckham, who wrote the opinion in that case, tion of the other to cause refusal of employment
said: “ It s manifest to us that the limitation of the except on condition of joining a union, as happened in
hours of labor as provided for in this section of the the present case, is alike against public policy.
From the evidence before him, the Justice found
statute . . . has no such direct relation to and
no such substantial effect upon the health of the em that the primary purpose of the cloakmakers’ strike
ployee as to justify us in regarding the section as really is not to better the condition of the workmen, but
a health law. It seems to us that the real object and to deprive other men of the opportunity to exercise
purpose were simply to regulate the hours of labor be their right to work and to drive them from an industry
tween the master and his employees in a private busi in which, by labor, they may have acquired skill, and
ness not dangerous in any degree to morals or in any which they have a right to pursue to gain a livelihood
real and substantial degree to the health of the em without being subjected to the doing of things which
ployees.” Thus, the Judges were not so “ fossilized may be disagreeable or repugnant. He accordingly
of mind” as to overlook hygienic considerations. declares the strike “ a common law, civile onspiracy,”
Doubtless they will always remain so fossilized that and issues a sweeping injunction against all acts of
they will not construe the organic law in accordance whatever nature in furtherance of the same, even pick
with “ the spirit and needs of the times” as voiced by eting and patrolling. He shows that some of the
means employed by the strikers to carry out their pur
a noisyjigitator.




550

THE CHRONICLE

pose were themselves illegal, 'but the distinctive fea
ture of the decision is that a combination to force a
olosed shop is illegal and that acts which would other
wise l)e legal are unlawful when done in pursuance of
the illegal object, and can hence be restrained by in
junction.
Though the Court cannot compel workmen to return
to work, Justice Goff says, it should restrain all pick
eting and patrolling which, though lawful when not
accompanied by violence and intimidation, are unlaw
ful when in aid of an unlawful object. The injunction,
also, as a matter of course, restrains violence, threats,
&e., &c. One effect of this decision has been the issue
of a new order to the Police Department from the
Mayor’s office, saying that, as the purpose of the strike
is illegal, the strikers are no longer to be permitted
“ any greater privileges on the streets than ordinary
citizens,” and wholesale arrests have followed. It will
readily be seen what far-reaching effects this decision
is likely to have. Most labor troubles in recent years
have arisen out of attempts of labor unions to monopo
lize employment and to deprive the non-union man
of the opportunity to get work. If a strike for such
a purpose is illegal, and the strikers can be prevented
from interfering, even by peaceable means, with non
union laborers ready to accept the places of the strik
ers, then strikes will be shorn of a large portion of
their terrors and the non-union man and the employer
are likely to come into their own.
Examiners on behalf of the Inter-State Commerce
Commission— the Commissioners themselves are rusti
cating—have this week been taking testimony upon
the proposed advances in railroad freight rates. The
process is evidently going to be a slow one, and what
the outcome will be it would be venturesome to predict
thus early. As far as the investor is concerned, con
clusive and impressive testimony as to the need of
higher rates is coming from a source that cannot fail to
appeal to fair-minded men. We refer to the monthly
returns of earnings which have been received this week
for the month of July and which in so many cases arc
showing increases in expenses far in excess of the
gains in gross, leaving an actual loss in net earnings
at a time when requirements for interest and other
fixed charges are much heavier than before. The
Pennsylvania RR. on its lines directly operated East
and West of Pittsburgh added $1)85,800 to gross
earnings, but its expenses ran up .$1,972,300; conscquently, it is $986,500 behind in its net. The New
York. Central reports an increase of $373,284 in its
gross but a decrease of $237,637 in net. Including
. the Lake Shore and the various other auxiliary and
■controlled roads, the result for the New York Central
System is that the gross increased $1,113,892, but the
net has fallen from $7,084,657 in July 1909 to $5,949,
486 in July 1910. The Union Pacific, with $381,801
gain in gross, has $429,919 loss in net, and the Southern
Pacific, with $400,702 gain, has $101,992 loss. The
Southern Ry. has $419,154 increase in gross, and all
but $10,119 of this has been consumed by augmented
expenses. The Louisville & Nashville is poorer in net
by $396,248, notwithstanding $335,619 gain in gross.
Among the smaller roads the Colorado & Southern,
th $63,436 addition to gross, sustained an increase
if $131,366 in expenses, cutting net down by $67,930.
The Missouri Kansas & Texas added $226,617 to gross




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

but its expenses moved up $323,339, leaving net
reduced in amount of $96,722. The Norfolk & West
ern reports for the month $333,063 improvement in
gross but a loss of $23,446 in net, owing to an aug
mentation of $356,509 in expenses; at the same time
fixed charges increased $39,990, leaving the balance
above charges for the month reduced in the sum
of $63,436.
Cotton condition in the United States on the 25th
of August, as announced by the Department of Agri
culture at noon yesterday, exhibits for the country as
a whole moderate deterioration since the preceding
report. The statement for August 25th makes the
decline since July 25th 3.4 points, the average for the
belt being stated as 72.1, against 75.5 a month earlier.
On Aug. 25 1909, however, the average was only 63.7,
and this compares with 76.1 on the same date in 1908,
72.7 in 1907 and a ten-year mean of 73.1.
It is to be
noted that in the decline during the month many of
the States do not share. On the contrary, in all
but Texas, Louisiana and Oklahoma more or
less improvement is indicated. The general average
has been reduced because impairment has been heavy
in Texas and Louisiana, according to the Department,
drops of 13 and 9 points, respectively, being re
ported.
During recent years it has been the function of the
Government merely to give the condition percentages
without explanatory comments, so from that source
we can gain no information as to the causes responsible
for the reduction in cotton promise. But this lack is
supplied by private reports that go quite fully into
the condition in the various States. These ascribe
the impairment in Texas to drought that is stated to
have prevailed over the greater part of the State, and
the less satisfactory outlook in Louisiana is largely
explained by the depredations of boll-weevils. Else
where at the South some improvement is noted
during the month (private reports in this particular
being fully in accord with the Government), and espec
ially along the Atlantic and in Tennessee and Ar
kansas.
The immediate influence exerted by the report was
rather negative in character. On the local market
there was only a very moderate decline, notwithstand
ing the fact that it was slightly better than generally
expected. Conservative inclination is to consider the
situation of cotton even less unfavorable than officially
stated, in view of the well-understood tendency to ex
aggerate any developments of an adverse nature. It
is not difficult to recall years of apparently unfavor
able prospect at this stage of the season that ulti
mately gave good crops. In 1905, for instance, con
dition on Aug. 25 was reported the same as in the
current year, yet the yield was not a poor one. On
the contrary it reached 11,319,860 bales (crop 1905-06),
or 192 lbs. lint per acre, and much larger than in 1903
(1903-04 crop), when the condition on Aug. 25 was
reported above the average. The same product per
acre as in 1905 applied to this year’s area would
give a crop of 13)4 million bales of this year’s average
gross weight. The same result would be reached on
the basis of the production per acre in 1902 (1902-03
crop). As a matter of fact, condition is 9.1 points
better this year than in 1902. But it is too early to
indulge in speculation as to the ultimate outcome.

S e p t . 3 1 0 1 0 .]

THE CHRONICLE

The date of killing frost, always an important factor
in the yield, will this year be more important than
ever, as the crop is admitted to be a late one quite
generally.
A development in the local cotton market this week
was the squeeze of shorts in the August option, the
culmination of the manipulatory speculation that has
been in progress for some months. On Friday last
August cotton closed at 16.56c. and on Saturday it
ruled as high as 16.90c.; but on Monday the quotation
was forced up to 20c. on an urgent demand to cover
short contracts. The spot cotton price for the day
was marked up to 19.75 cents, the highest figure
recorded in this market since Sept. 15 1873, when
middling uplands ruled at 20)1 cents. Tuesday wit
nessed but little change in the situation, the August
option ranging between 19.25 and 20 cents, with
spots quoted as on the previous day. But on Wednes
day, the demands of shorts having been satisfied, the
option declined to 18 cents and so expired, and spot
cotton ruled at 17.50 cents. Since then there has
been a further decline to 15.00 cents. So far as the
mere forcing up of prices is concerned, this year’s
manipulation has been eminently successful; but
those concerned in it face the problem of disposing of
their large holdings of cotton before the new crop
comes to market in large quantity.
Strikes have been and still arc occasioning wide
spread trouble in Germany and in Spain. The entire
shipbuilding industry in Germany, with the exception
of the three Imperial yards, has been paralyzed. Be
tween 35,000 and 40,000 men are idle. The em
ployers, in order to stimulate contracting, had lowered
their estimates to a level that attracted an unusual
number of orders, so that the deadlock has entailed
great inconvenience as well as serious loss. No vio
lence is being reported. The same comment cannot
be passed upon the situation in Spain, where dissatis
faction broke out first among the mining and other
working classes in the Northern provinces; then
on Friday of last week the Workmen’s Federation at
Bilbao proclaimed a general strike throughout the
whole country, work to cease on the following Mon
day. Although the strike was subsequently called
off, many men, including seamen, stopped work. An
attempt was made on Tuesday to stop all railroad
traffic, and when troops appeared on the scene the
strikers fired on them. On Thursday the Government
declared Bilbao in a state of siege. At Saragossa
twenty-two workmen’s organizations declared a gen
eral strike on Thursday, and all business there came
to a standstill yesterday. Disaffection also became
manifest at other points. Shipping at Bilbao has
been interrupted and the Dockers’ Union there has
appealed to dock workers at all Spanish and foreign
ports not to handle merchandise shipped from or to
that port. An International Congress of Sailors and
Marine Firemen was held at Copenhagen last week,
when delegates attended from all the seamen’s unions
of America and Europe, with the exception of France,
and resolutions were passed in favor of declaring an
international strike unless shipowners of every country
concerned agree to the formation of a board of concilia
tion to deal with grievances. No walkout is contem
plated for two or three months, or until the employers



551

have had ample time to comply with the seamen’s
demands. On Thursday the riveters employed in a
shipyard at Newcastle-on-Tyne went on strike, and
as the shipbuilders claimed that this constituted a
breach of their agreement, the Federated Shipyards
yesterday posted lock-out notices, which means that
to-day some 50,000 men will be thrown idle. In
the United States, very fortunately, no labor troubles
worth mentioning exist at present, with the ex
ceptions of a strike of surface car employees at
Columbus, Ohio, and of cloakmakers in New York,
both of which have been characterized by police laxity
and unnecessary disorder. But the general labor
position throughout the country is tranquil.
The general election in Portugal last Sunday was
attended by some disorder, but no general disturbance
was created by any faction—at least the cable
dispatches convey this impression, although it is
hinted that •the facts have been presented in their
best light through the intervention of the censors.
The election returns, exclusive of those under dispute,
show: Ministerialists, 90; Monarchists in Opposition,
40; Republicans, 14. This last total may appear
small in contrast with the elaborate preparations made
by the party and the fears expressed over its possible
victories; yet, two years ago, when the last election
was held, only 5 Republicans were successful. More
over, it is asserted that the party enjoys “ a monopoly
of the intellectual element of the country, including
the professors of the universities,” and, as was ex
plained in our issue of last week, officers of the army
and navy have joined the Republican movement in large
numbers. The Ministerialist majority, however, is
more than ample to carry on the Government, its
opponents numbering only 54.
Portugal’s differences with the Vatican have not
been settled, and there are growing indications that
the Government will follow the example of Spain in
asserting freedom from active interference by Rome.
Premier Souze is reported to have ordered a thorough
inquiry into the status of religious orders throughout
the country, many of whom, it is alleged by the anti
clericals, are purely commercial organizations pos
sessing an unfair advantage, inasmuch as they arc
exempt from taxation. The Portuguese Government
has protested to the Vatican against criticisms passed
upon certain of its members by the Papal Nuncio at
Lisbon, but no reply has yet been received. It is
understood that King Manuel cordially favors the
course now contemplated by Premier Souze. An open
rupture is therefore regarded as probable. There
have been no important developments this week in
the Spanish situation, but the Vatican’s note is to be
formally considered by the Cabinet next week.
On the eve of the passing of one kingdom (Korea)
another was created, the ruler of Montenegro, Prince
Nicholas, having on Sunday been crowned King
Nicholas I. and the principality elevated to sovereign
rank. The quaint ceremony attracted thousands of
visitors to Cettinje, the historic capital of the country ,
and the Government had to take extraordinary
measures to provide for their accommodation and
sustenance. Two years ago Bulgaria became a
kingdom, leaving Montenegro the sole Balkan State
not governed by a king. The inhabitants of Monte-

552

THE CHRONICLE

lV O L . L X X X X I

negro celebrated this notable occasion in their history Germany, on this theme. “ My grandfather,” he
with great enthusiasm.
declared, “ again by his own right placed the Prussian
crown upon his head and again proclaimed it to be
The Japanese Government on Monday formally bestowed upon him by God's grace alone and not by
assumed the administration of Korea, which was parliaments, assemblages of the people or resolutions
annexed to Japan under a new name, Cho-Sen, mean of the people, and that he saw himself the chosen in
ing the Land of the Morning Calm. The promulga strument of heaven and as such he regarded his duty
tion of the treaty was not attended by hostile demon as regent and ruler.” The Kaiser’s staunchest sup
strations on the part of Koreans, but that many citi porters were amazed, while every anti-monarchical
zens of the now defunct Hermit Kingdom poignantly party assailed his views.
resent the Emperor's immolation is indicated by the
The furore created evidently astonished the Em
veiy elaborate precautions the new regime deemed peror, who had taken it for granted that his people
necessaiy to prevent disturbances, by the rigid censor looked upon him as divinely chosen for the task of
ship of dispatches from Korea and by a resolution ruling the Fatherland. For had he not, at the same
adopted in San Francisco by the Korean National place, in May 1890, proclaimed: “ We Hohenzollerns
Association, “ representing 10,000 countrymen through take our crown from Heaven alone” ? And did he
out Mexico, Hawaii, China and the Eastern ports of not, four years later, also in the same hall, assert
Russia.” This resolution declares: “ We, the true “ So, too, do 1 take my kingdom by God’s grace” ?
sons of Korea, do determine never to give up our But since 1890 and 1894 the people of Germany have
struggle for the liberty and independence of our dear won a larger measure of real self-government and have
old Korea until such time as we shall regain them; and made headway in forcing upon the Ministry a sense
that we appeal to the justice of the nations of the of its responsibility to the Reichstag rather than solely
Almighty God to punish this monstrous crime of a to the Kaiser. The doctrine of Imperial absolutism
nation without honor and without faith.” No pro is no longer tolerated as tenable. The voters of
test against Japan's action has been made by any Germany, as in Austria, demand a fuller voice in the
European Power or by the United States. Assur Government and resent the foisting upon them of
ances have been given by Viscount Terauchi, the prin policies acceptable only to the rulers and distasteful
cipal negotiator of the treaty of annexation, that to the ruled. The Emperor's utterance was at first
eveiy care will be taken to conserve the interests of construed as a studied avowal of the Government's
foreigners and to govern the new colony with that attitude towards the public and the public’s elected
wisdom and justice which the Korean Emperor confi representatives, but the Emperor this week took
dently anticipated from Japan when he willingly occasion to correct this impression, and to calm the
ceded the sovereignty of the peninsula. The Em storm his utterances had raised. Speaking at a dinner
peror of Japan sent a delegation of his distinguished given in his honor by the dignitaries of the Province of
advisers with a letter to the deposed ruler, and he also West Prussia, he said: “ When I represented myself,
ordered the release of 900 Korean prisoners. The like my sainted grandfather, as being under the pro
whole coup has been conceived and consummated with tection of the Highest and as working under the highest
characteristic Japanese skill and daring, blended with commission of our Lord and God, I assumed that every
suavity and apparent generosity towards Korea as honest Christian, whoever he might be, did the same.
well as towards other interested nations.
Whoever works in this spirit knows well that the cross
The text of the treaty and a declaration of policy imposes obligations. We should hold together in
towards Powers enjoying treaties with Japan, as brotherly love, and we should leave to each race its
issued at Washington, were published on Monday. peculiarities. The races and trade organizations
Briefly, Korea's foreign trade regulations and the should join hands for common work and for meeting
rules governing her coast trade will be continued in the State’s necessities. Let the farmer join hands
force for ten years. The United States is informed with the merchant and the latter with the manufac
that the copyright and patent laws of Japan will be turer; let the members of one party join hands with
extended to the newly acquired colony. Treaties con those of a different mind for achieving great things
cluded by Korea with foreign Powers will cease to be for the Fatherland.” When the Reichstag meets in
operative and Japan's existing treaties will so far as the autumn, the whole subject is expected to be taken
practicable be applied to Korea. Foreigners resident up and severe strictures are likely to be passed upon
in Korea will, so far as conditions permit, enjoy the the Emperor and his Ministers.
same rights and immunities as in Japan proper, and
Bank clearings returns for the month of August
the protection of their legally acquired rights, subject
in all cases to the jurisdiction of Japan.
1910, while in the main of a satisfactory character,
indicate at a number of important points at least a
“ Considering myself as the instrument of the Master, temporary lull in mercantile activity. At New York,
regardless of passing views and opinions, I go my way, of course, -a considerable proportion of the decrease in
which is solely devoted to the prosperity and peaceful clearings shown in August and in a few precedingdevelopment of our Fatherland.” Thus spoke Em months is to be ascribed to the diminished stock specu
peror William of Germany at Koenigsberg on Friday lation, and the same is true of Boston; but the fallingof last week and his words threw Germany into a off exhibited at most other points is not thus to be ac
foment of political excitement, for in the progress of counted for. Our August compilation of clearings,
nations the “ divine right” theory and indifference to which is given in detail on the first page of this issue,
laws made by the people are regarded as obsolete and shows that 22 of the 137 cities furnishing returns record
impossible. The Emperor quoted approvingly the losses from the previous year, and in some cases the
declaration of his grandfather, Emperor William I. of losses arc rather heavy. At many of the other cities,



S e p t . 3 1 9 1 0 .]

THE CHRONICLE

however, the gains are noticeably large. Almost
wholly as a result of the falling off at New York, the
decrease for the whole country in August as contrasted
with last year is 14.8%, reducing to 5% the gain for
the eight months of the calendar year 1910. Com
pared with 1908 there are increases of 12.1% and
3 5 .8 % ,respectively, and the gain over the eight months
of 1907 reaches 9.3% .
Outside of New York there is still a gain, though it
is small, for the month, being 4.6% ; for the eight
months it is 10.2% compared with last year, while
contrasted with 1908 the excess for August is 25%
and for the period since the first of January 28.8%,
and the gains over three years ago are 8.4% and 10.7%.
At New York, largely owing to lessened activity in
stock dealings, this year’s total for the month fell be
low last year by 25.6%, but was in excess of 1908.
For the eight months the gains reach 1.8% and 40.8%
and 8.4% , respectively, over the previous three years.
As regards the various groups into which our statement
is divided, it is to be said that in all cases better re
sults this year than last year are exhibited for the eight
months, but the August aggregate in two instances
record declines, namely the Middle Division and the
New England.
At the New York Stock Exchange transactions for
August were not only less than in July but much
below those for August 1909. In fact, in no year
since 1901 has the August aggregate been as small as
in 1910, and it is also true that it is smaller than for
any month since June 1908. Furthermore, operations
latterly have been somewhat at the expense of values,
many leading issues showing lower prices at the close
of August than about the middle of the month. Deal
ings in August totaled 10,392,788 shares, against
24,637,783 shares a year ago and 18,881,265 shares
in 1908. For the eight months of 1910 the aggregate
transactions were 122,488,446 shares, as compared
with 136,581,120 for the like period of the previous
year and 117,388,266 shares two years ago. Opera
tions in bonds, moreover, have been conspicuously
inactive this year. Every month thus far has seen
the dealings compare very unfavorably with the cor
responding interval a year ago, and the August total
of sales reached a par value of only $31,182,000, which
compares with $114,322,000 (the August record) in
1909 and $82,272,300 in 1908. Boston transactions
were in line with New York in showing a decrease for
the month; and the eight months’ total in 1910, at
8,576,063 shares, contrasts with 9,639,621 shares in
1909 and 7,813,362 shares in 1908.
Canadian clearing-house returns continue to make
a very gratifying exhibit. A loss is recorded at one
of the cities, but at a number of other points the per
centages of increase are notably large. The aggregate
for the thirteen cities, moreover, shows an augmen
tation for August of 19.3% as contrasted with 1909,
with the excess for the eight months reaching 21.4%.
Compared with 1908 the increases are 43.3% and
51.4%, respectively.
We have referred above to the large loss in net disclosed
by the July statement of the Pennsylvania Railroad.
There is a double reason for this loss. In the first
place the increase in gross earnings is much smaller
than heretofore and in the second place there has been
a heavy augmentation in expenses. On the lines



553

directly operated East of Pittsburgh and Erie a gain
of $362,400 in gross has been attended by an increase
in expenses of $827,500, leaving a loss of $465,100 in
net, and on the lines directly operated West of Pitts
burgh and Erie a gain of $623,400 in gross is accom
panied by a rise in expenses of no less than $1,144,800,
producing a loss in net of $521,400. For the com
bined lines, therefore, the result is $985,800 gain in
gross with $986,500 loss in net. In July last year the
result was $2,688,900 increase in gross and $795,300
increase in net. In 1908 there were, of course, tre
mendous losses—$5,032,100 in the gross of the com
bined lines and $1,128,800 in the net. In the follow
ing we furnish a six-year comparison for the Eastern
lines, being the only portion of the system for which
we have the data for such a comparison.
Lines East of
Pittsburgh.

1910.
1909.
1908.
1907.
1906.
1905.
July.
S
S
$
S
$
S
Gross earnings. 13.278,165 12,915.765 11,282,065 14,600,065 12,406,865 10.783,865
Operating exp. 9,676,457 8,848,957 7,682,257 10,182,957 8,271,257 7,408,457
Net earnings 3,601,708 4,066,808 3,599,808 4,417,108 4,135,608 3,375,408
Jan. 1 to July'Al
Gross earnings. 93,702,114 83,058.714 75,305,214 93,741,714 82,233,714 72,758,714
Operating exp. 69,369.000 60,602,860 55,440,660 69,352,300 58,560,960 53,719,960
Net earnings 24,333,054 22,455,854 19,864,554 24,389,354 23,672,754 19,038,754

Discount rates abroad have been influenced veiy
little by the month-end settlements. The failure of
the Bank of England authorities to follow the example
set by the open money market in London had a re
assuring influence at Continental centres as well as in
New York, but the retention of the 3% minimum
rate was not immediately followed by a lowering of
the private discount charge to that figure. The range
for both sixty and ninety days’ spot bills is, as last
week, 3 1-16 to 3]^% , while bills to arrive arc again
quoted 3 ^ to 3)^% . Naturally, there has been ex
tensive borrowing from the Bank of England; its
loans have this week increased $4,640,000, and as the
total reserve fell off $3,550,000, the Governors may be
obliged to raise their rate in the very near future. At
Paris money continues in superabundant supply.
Thursday’s bank statement, as was to be expected,
reflected the preparations made for the monthly dis
bursements, note circulation showing an expansion
of $34,000,000 and bills discounted an increase of
fully $33,000,000, while gold on hand decreased
$1,710,000. But bills are still negotiable at 2% , the
lowest quotation now current at any important Euro
pean point and one that is attracting some borrowing
by influential American bankers. The Imperial Bank
of Germany is understood to be co-operating with the
independent banks in maintaining discounts in Berlin
on a sufficiently high level to prevent a withdrawal
of funds for use elsewhere. Spot bills cannot be
placed under 3)^% , and bills to arrive are charged
3 % % - The unfavorable state of exchange on London
militated against the importation by Germany of any
of the new gold offered in London on Monday. Yester
day the Iteiclisbank reported a cash loss of $21,000,
000, an increase of $26,000,000 in discounts and
an expansion of $28,000,000 in note circulation. Ten
sion still exists at Amsterdam, where the private rate
remains at 4 % % , or % of 1% above the Bank rate.
At Brussels the range is a shade easier at 2 ^ to 2 ^ % .
No changes were made in any European bank rates
this week, but it is at least possible that action will
be taken by London next Thursday.

554

THE CHRONICLE

The Bank of England was allowed to take much of
the new gold offered in the open market on Monday,
the only foreign purchaser being India, which paid the
minimum price for SI,000,000. This augmentation of
the Bank’s specie was not sufficient, however, to
counterbalance the shipments of gold made to Egypt
and Turkey. The weekly statement disclosed a
shrinkage in total reserve of S3,550,000, while on
Thursday, after the statement was compiled, there
were shipments of $ 1 ,0 1 0 ,0 0 0 in sovereigns to Egypt
and $1,000,000 to Constantinople, suggesting that
unless the receipts from the interior of Great Britain
are unusually large, next week’s reserve may be still
further lowered. According to our special cable from
London, the proportion of reserve to liabilities fell
from 52.65% last week to 51.52% this week, which
is, however, still above the average for the first week
in September, although it has not infrequently been
exceeded in more recent years. The Bank lost £397,
586 bullion during the week and held £39,931,479
at the close of the week. An increase in loans ("other
securities” ) of £928,019 was accompanied by an in
crease in ordinaiy deposits of £643,060, but public
deposits decreased £742,029. Our correspondent fur
ther advises us that the loss was made up almost
wholly of exports, which were mainly to Egypt and
Constantinople. The details of the movement into
and out of the Bank were as follows: Imports, £132,
000 (of which £20,000 from Malta, £8,000 from
Australia and £104,000 bought in the open market);
exports, £509,000 (of which £250,000 to Egypt, £203,
0 0 0 to Constantinople and £56,000 to various desti
nations), and shipments of £ 2 1 ,0 0 0 net to the interior
of Great Britain.
The drawing nearer of the New Year induces finan
cial institutions to exercise prudence in locking up
resources for the intermediate periods, ninety days
and four months, with the result that quotations have
been marked up A@>lA of 1%. The currency tide is
now flowing strongly away from New York; Canada
has taken $2,400,000 gold coin, New Orleans has had
transferred through the Sub-Treasury nearly $2 ,0 0 0 ,
000, Chicago is taking funds, and other points are also
drawing upon their reserve agents here. In their
operations with the Government the banks have lost
very heavily this week. Furthermore, the Sept. 1
dividend and interest disbursements have involved
a temporary drain upon the banks, and withdrawals
of cash for holiday purposes must be counted upon.
It will be surprising, therefore, if the excess reserves
of $49,046,950 reported last Saturday be not ma
terially reduced in to-day’s returns. But Septem
ber is always expected to witness a contraction in
the surplus accumulated by the Eastern banks;
were no unusual demands anticipated, there would be
no sense in building up so enormous reserves, for in
a 1 % % call money market a superabundance of free
cash is neither desirable nor profitable.
Various influences combine to restrict the local ab
sorption of lendable money. Stock Exchange opera
tions have fallen off to such an extent that brokers
cannot find employment for their supplies of time
funds; consequently they are competing with finan
cial lenders in the call money market. The inquiry
for investments is still so backward that no important
capital issues are being floated. Trade is not boom



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

ing, and rather than 'pay the charges demanded for
discounting paper, the best drawers arc curtailing
their requirements. The leading bankers now view
the monetary outlook without uneasiness, although
their keynote is still one of caution in making com
mitments that would not mature until December or
January. The demand is mainly for facilities carrying
into 1911.
The range of quotations for time loans at the close
of the week is as follows: 60 days, 3)/£@ 3% % ; 90
days, 4 @ 4 )4 % ; four months, 4 % % ; five and six
months, 4% @ 5 % . Call money became firmer this
week, yet August closed with a maximum charge of
only 2% recorded on each day this week. The minimum
named on Monday and yesterday was 1 % % . Yester
day the range was l lA % to 2 % , with the final loan
made at 1M%- The average ruling rate for the week
was 1% % . Commercial paper quotations are more or
less nominal, the general range being 5A @ 6 % for
choice four to six months’ single-name bills and 6 % @
634}% for others, with 5% @ 5 % % quoted for 60 to 90
days’ endorsed bills receivable.
The most notable incident in the foreign exchange
market was a break of A c - per pound early in the
week. Demand had closed above 4 86)42 on Saturday,
but immediately the new week opened pressure
appeared; on Monday there was a decline of % c. and
on Tuesday fully % c. was lost, although before the
close there was a partial recovery. Nothing having
developed in either the European or home money
markets to account for this movement, investigation
was set on foot. The discovery was quickly made
that a certain financial institution whose foreign
exchange department has earned an unenviable
reputation for speculation had made a bear raid upon
the market, selling large amounts of demand bills,
presumably in the hope of being able to cover profitably
by purchases of cable transfers later on. But what
happened? On Wednesday demand rebounded to
4 8640 and cable transfers to 4 8 6 % , while since then
there has been no return to the low level of Tuesday.
According to well-informed operators, the episode
has cost those responsible for it quite a sum, but it is
not believed that the lesson will prove effective, inas
much as similar incidents have not infrequently
occurred in the past. The matter docs not end with
the loss sustained by the speculators— that were of no
general concern. The consequences in this particular
instance were not grave; but if the collapse in sterling
had come on Wednesday, what would have been the
effect upon the Governors of the Bank of England?
If they had seen exchange going down here at the rate
of 60 points in two days, they might well have been
moved to protect themselves against renewed American
demands for gold, for another break of 60 points would
have made imports feasible. Fortunately, natural
conditions supervened on Wednesday, and the London
Bank did not raise its rate. The undertone in foreign
exchange, despite the appearance of a few cotton and
grain bills, is well maintained. Not many finance
bills are being drawn on London, but some borrowing
in Paris is reported, discounts at that centre being
quoted at 2% , against 3 % % in London.
Compared with Friday of last week, sterling ex
change on Saturday was weaker, demand being quoted

THE CHRONICLE

S e p t . 3 1910.J

4 8655@4 8660, cable transfers -4 86S0@4 8685 and
60 days 4 8360@4 8370. On Monday demand broke
to 4 8620 @ 4 8625, cable transfers to 4 8645 @ 4 8655
and 60 days to 4 8350@4 8360. Demand declined fur
ther on Tuesday to 4 8610 @ 4 8620, cable transfers fell
to 4 8635 @ 4 8645 and 60 days to 4 8340 @ 4 8350.
On Wednesday demand recovered to 4 8640@4 8645
and cable transfers to 4 8660@4 8665, with 60 days
unchanged. On Thursday demand was quoted at
4 8635@ i 8640, cables were higher at 4 8665@4 8670
and 60 days at 4 S360@4 8370. On Friday demand
was little changed, but cable transfers were firmer on
renewed inquiry.
The following shows the daily posted rates for
sterling exchange by some of the leading drawers.
Frl.,
Mon., Tues., Wed., Thurs., Frl.,
Aug. 26 Aug. 29 Aug. 30 Aug. 31 Sept. 1 Sept. 2
Brown
/ 60 days 4
Bros' & Co......... .-\SIght.. 4
Kidder, PeaS60 days 4
body & Co......... . -ISlght. . 4
Bank of British
]60 days 4
North America.. ..\ Sight.. 4
Bank of
/ 60 days 4
Montreal______ .. (Sight.. 4
Canadian Bank
160 days 4
of Commerce___ ..ISlght.. 4
Heldelbach, Ickel/ 60 days 4
helmer & Co........ ..ISlght.. 4
Lazard
60 days 4
Frercfi ............... ..ISlght.. 4
Merchants’ Bank
i 60 days 4
of Canada........... ..\ Sight.. 4

85
87 44
84 44
87 44
85
87 44
85
8744
85
87 44
85
87 44
84 44
87
85
87

85
87 44
84
87
84 44
87
85
87 44
85
8744
85
87 44
84
87
85
87

85
87 44
84
87
84 44
87
85
87 44
84 44
87
84
87
84
87
85
87

85
87 44
84
87
84 44
87
85
87 44
84 44
87
84
87
84
87
85
87

84
87
84
87
84 44
87
84 44
87 44
84 44
87
84
87
84
87
85
87

84
87
84
87
84 44
87
84 44
87 44
84 44
87
84
87
84
87
85
87

The market closed on Friday at 4 8360@4 8370 for
60 days, 4 8635@4 8640 for demand and 4 8670@
4 8680 for cables. Commercial on banks was quoted
at 4 83@4 83% and documents for payment 4 82%
@ 4 83. Cotton for payment ranged from 4 82% @
4 82% , grain for payment from 4 8 2% @ 4 83.
The following gives the week’s movement of money
to and from the interior by the New York banks.
Received by
Shipped by
N . Y . Ranks. N . Y . Ranks.

W eek ending Sept. 2 1910.

Currency .
Gold ___
Total gold and legal tenders.

Net Interior
Movement.

56.602,000
792,000

S7,200,000 I.oss
2,300,000 Loss

57,294,000

59,500,000 Loss $2, 106,000

S598.000
1,508,000

I

With the Sub-Treasury operations the result is as
follows.
Into
Ranks.

Out o f
Ranks.

Banks’ Interior movement, as above.
Sub-Treasury operations..................

37,394,000
29,100,000

$9,500,000 Loss $2,106,000
36,743,000 Loss 7,643,000

Total gold and legal tenders.........

$36,494,000

$46,243,000 Loss $9,749,000

Week ending Sept. 2 1910.

Net Change in
Rank Holdings.

The following table indicates the amount of bullion
in the principal European banks.
Sept. 2 1909.

Sept. 1 1910.

Ranks o f

E n g la n d ..

France__
Germany.
Russia n.
Aus.-IIunb
Spain. .
Italy d .
Nethlands
Nat.Belg.d
Sweden ..
Swltz’land
Norway .

Gold.

Silver.

£

£

,931,179
,621,810
27,950
,239,000
,398,000
,324,000
,711,000
,631,400
,453,333

,419,000
,293,000
,974,000

I

Gold.

Silver.

|

Total.

£

£

'

£

.............I 39 931,479 40 ,196,553
33.871,560 169 493,400 147 ,572,560
14.077,700 52 205.650, 40 ,475,200
8,361,000149 600.000 127 ,578,000
12,799,000 68 197,000: 56 ,740,000
31,225,000. 47 549.000, 16 ,019,000
3,555.000 42 260.000, 38 ,382,000
1,910,900 11 542,300 10 ,536,000
2,726,607 8 180.000 4 ,206,000
4, 449.000 4 ,383,000
6 , 293.000 4 ,832,000
1 , 974.000,
1,774,000

. . . 40 ,196,553
36,074 ,800183 647,360
12,743 ,700, 53 ,218,900
8,970 ,000 136 ,548,000
12,604 000 69 344.000
31,788 000 47 ,807,000
4,400 000 42 ,782,000
3,375 300; 13 911,300
2,103 000 6 ,309,000
4,383,000
4,832,000
1 774.000

Total week 493,154,002 108,526,827 601,680,' 29 492,694,313 112.058,800 601,753,113
Prev .week 496,121,052 109,206,533 605,327,585 496,233,266 112,646,273 608,879,539
I

|

|

I

'

a The total of gold In the Bank of Russia Includes the balance held abroad—that
Is, the amount held for Russian account In other Continental banks. The propor
tion so held and consequently duplicated In tin-above statement Is about one-eighth
of the total this year, against about one-ninth a year ago.
b The Austro-Hungarian Bank statement Is now Issued In Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of so cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent in Lon
don, In order to reduce Kronen to Pounds, has altered the basis of conversion by
dividing the amount of Kronen by 24 Instead of 20.
d The division (between gold and sliver) given In our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we are able to obtain;
It Is not claimed to be accurate, as the banks make no distinction In their weekly
returns, merely reporting the total gold and silver; but we believe the division we
make Is a close approximation.




555

A FOREIGN VIEW OF THE SITUATION.
Two problems have for a good while stood out
conspicuously in popular discussion of American
finance. One is, how it was possible for the indus
trial boom of 1909 to follow so quickly after the for
midable panic of October 1907; the other, why last
year’s wide-spread optimism, expressed in rapidly ex
panding trade and rising markets, should have been
so suddenly offset by the prolonged financial and indus
trial liquidation of 1910. Numerous and diverse
reasons will be assigned by Americans to explain each
of these phenomena in the case of America itself. It is
sometimes useful, however, in discussions of the
sort to get conservative foreign opinion on the matter
first, because that opinion is removed from such
local prejudice as may exist in any community’s
diagnosis of its own affairs; second, because to a
very large extent the salient phenomena of both 1909
and 1910 were world-wide in their scope. If tliey
expressed themselves more strikingly in the United
States than in any other nation, this was no more true
of 1910 and 1909 than it was of such other years
of universal financial activity as 1907 and 1906 and
1901.
M. Arthur Raffalovich, of Paris, well known for his
comprehensive judgment of international finance,
and equally known as a friendly observer and
critic of American affairs, has lately published in his
annual “ Marche Financier” his review of 1909. It
undertakes to deal with some of the perplexing and
paradoxical incidents which have affected both that
period and the year which is now in progress. Looking
at last year’s history from the international point of
view, M. Raffalovich begins by confessing the difficulty
of classifying 1909. He says: “ Sometimes one can
construct a brief formula which will comprise the
picture of the whole year. It is impossible to discover
such a formula for 1909. The elements bearing on the
year s finance are too diverse and contradictory.
Political developments pointed toward unfavorable
results in finance, they included the annexation of
Bosnia and Herzegovina, the strained relations between
Austria and Servia, the dethronement of the Sultan
Abdul Hamid, the revolution in Persia, the Barcelona
riots, the Cretan aspirations, the Spanish expedition to
Morocco, the political unrest at Athens.”
Diplomacy, it is pointed out, managed to avoid the
bad results which might have been anticipated from
these political events.
Yet there remained a
characteristic incident of 1909—what M. Raffalovich
calls the year’s salient incident. This was the very
grave problem of public finance in the great nations,
whose prosperity was affected by the unprecedented
demands of the public treasuries, whose initiative was
checked by them, and whose reserves of capital were
compromised by them. Alike in France, in Germany
and in England, the history of the year was one of
angry complaint against the growing burden of new
taxation imposed for military, naval and social pro
jects. “ In these three great European States one
heard of emigration of capital at an increased rate,
especially of capital in the form of stock investments,
and that movement was clearly ascribed to the fisca
undertakings of the nations.”
If one were to have imagined, merely from the
above-described incidents, what sort of markets would

556

THE CHRONICLE

have been seen in 1909, he would probably have con
structed a very different history from that which is
familiar to us. M. Raffalovich proceeds, however, to
point out that the characteristic movement of the
markets, both financial and industrial, during 1909
was one of reviving activity and returning confidence.
This he ascribes veiy largely to the extreme severity
of the depression which had followed the crises of 1907
in so many different States, the abrupt diminution in
demand for manufactures, general merchandise and
transportation. Not only was it necessary to build
up supplies on hand when confidence returned, but
with the fall in prices of merchandise and the slack
ening of trade, there had occurred a heavy flow of
capital toward the central markets and an extremely
rapid progressive re-establishment of the financial
equilibrium which had been upset by the extravagances
of the period prior to 1907. The result was a large
supply of available capital, a condition manifested in
many other ways than in the low rate asked for money
on all the leading markets of the world.
In our own market, as in others, there has been
much discussion of the question why this plethora of
capital did not express itself primarily in the expansion
of values for high-grade investment securities. M.
Raffalovich answers that it did; that the abundance
of capital during the early months of 1909 resulted in
absorption on a very large scale of securities with
fixed income, and that public securities which gave
any sort of remunerative return on the investment,
and whose standing inspired confidence, benefited
largely from purchases by the public. He points out
how even the European speculators busied them
selves at that period in bidding up securities of the
great nations.
But this tendency, which was both logical and nor
mal, was offset in the end by two incidents of the day
— one, the wholly unparalleled creation of new securi
ties, both of the higher and lower grade, which were
floated on all the investment markets of the world; the
other, the turn of both investors and speculators,
under the impulse of their growing optimism, to the
more speculative markets. M. Raffalovich quotes the
Paris “ Debats” in its review of 1909, which points out
that stock exchange speculation, even in Europe, had
gone ahead far in advance of evidence that the values
established by it were supported by actual investment
purchases. The “ Frankfurter Zeitung,” in a similar
retrospect, declared that the year 1909 was primarily
a period of speculation— that in Germany, indeed, the
optimism of the speculating public went constantly
beyond the bounds which the great financial houses
considered safe or prudent.
Of the United States, M. Raffalovich ventures the
opinion that the outside world was more impressed in
1909 by the tenacity of American optimism, as ex
pressed in the Stock Exchange market, than by the
reality of recovery from the crisis of 1907. That there
had been a vigorous recovery, especially in branches
of industry and commerce in which the Stock Exchange
most interested itself, is undeniable. Not only had
prices risen for stocks and commodities, but in at least
a portion of the year it seemed difficult in the United
States to find remunerative employment for the
capital available. Nevertheless, in America as in
Europe, the combined influence on the mouey market
of rising prices and of great increase in newly issued



[VOL. L X X X X I.

securities, had the result of completely reversing this
phase of the situation. The rapid rise of the Bank
of England rate from 2x/z to 5% within fifteen days
was the signal of London’s appreciation of the change in
the situation.
It is, then, to the fact of too rapid and too enthusi
astic discounting of the real recovery, the world over,
that our author ascribes the reaction and liquidation
which have followed the cheerful history of 1909. Of
our own country especially, he has this to say, that “ no
one dreams of disputing the visible wealth and latent
wealth of the United States, or the ability of the Ameri
can people to turn those resources into value; but im
partial observers might wish for something more of
regularity and something less of shocks and over-turns,
something less of perturbation in the financial markets,
whether caused by attempts of the Government
to limit the power of great corporations or caused by
the undertakings on their own behalf by powerful finan
ciers and industrial leaders.”
“ The year 1909,” he concludes, “ witnessed in
America, as in Europe, two mutually offsetting influ
ences—on the one hand the excessive use of credit
and excessive issue of new securities, on the other
visible improvement in the industrial and commercial
situation, but not so rapid an improvement as was
hoped and believed at the height of the speculative
movement.” It may then reasonably be inferred, as
the view of this foreign critic, that the sharp reaction
and liquidation during the first half of 1910 was the
economic corrective, in Europe as in this country, of
the premature movement of the year before, and that
the net result of the history of both years should be a
forward movement in finance and industry, possibly
at a slower pace, but certainly on a sounder basis.
How far this prospect may be modified by political
agitation and unwise legislation the future alone can
determine.
THE NEW LAW S FOR “ WORKMEN’S
COMPENSATION.”
Two new laws for the supposed benefit of labor went
into effect in this Statg on Thursday, both of them
amendatory of the same chapter in the labor law of
1909. The more general of the two contains a pro
vision for a voluntary agreement in advance between
master and men, and when this has been executed and
is in force, a specific scale of compensation for death
or injury comes into effect. Then the hurt man loses
all right of redress, “ under any statute or at common
law,” save upon the scale agreed to. This, however,
has a condition appended; the hurt man is not shut
up to the plan to which ho has agreed, if the injury
was wholly or partly due to disobedience of the master
to some valid order by a proper authority or if the
injury “ is caused by the serious or wilful misconduct
of the employer.”
Yet since this agreement cannot be made with the
men in mass but must be made with each one separate
ly, must be acknowledged before a notary and filed
in the County Clerk’s office, it is not likely to be used
to any considerable extent; in practice it may be almost
disregarded.
Without it the hurt man is left, as before, to bring
suit, unless he can obtain a private settlement, which
has often been obtained, especially when the master
has. carried insurance. The hurt man must look to a

Sept . 3 1910.]

THE CHRONICLE

557

jury to determine the facts and award damages, aided of covering all electric propulsion; most work on sus
by certain changes which are now made in the rules of pended platforms, elevators and hoisting apparatus;
law for his supposed benefit.
work on structures requiring steel framing.
1he chief of these changes concerns contributory
Much of this work, we remark in passing, involves
negligence, which has been the nearly invariable de hazard which is recognized by both sides and is cov
tense; the burden of proof as to this is explicitly shifted ered in advance by an extra rate of wage. This in
from the man to the master. The hurt man need not stance of “ voluntary acceptance of risk” is quietly
show that he was free from carelessness; the master ignored.
must show that he was not.
The above covers all important substance, but we
The former defense that the injury was caused by cannot take space to give all details or to mention any
act or neglect of a fellow-servant is greatly modified of the problems which will surely arise in practice,
by holding the master responsible for the conduct of even assuming that the laws will stand judicial review.
any person authorized to superintend or control the
ihe underwriters have been in almost continuous
hurt person; in case the injury is by the fault of a conference since the laws were passed and have revised
fellow-servant not in control but on the same footing their rates; but so great is the increase in hazards and
with the one hurt, the new law is silent, and this line uncertainties that they will be fortunate if they do not
of defense remains as before.
find some further upward revision necessary later.
The master is made liable for injuries to the work Notwithstanding advanced rates, there will be a stimu
men of any contractor or sub-contractor employed by lus to increased insurance; but the effect upon the em
him; he is also liable for injuries from defects in his ployer will be to set him considering whether it will
“ ways, works, machinery or plant” which defects had be cheaper on the whole for him to use increased pre
remained undiscovered or unremedied because of neg caution and go without insurance or to take precaution
lect by himself or by the agent whose business it was and insurance both and get recompensed by conces
to attend to the matter.
sions in rate, or to treat insurance, as it too often is
The defense of “ assumption of risk,” i. e., that the treated in other fields, namely as a purchased indul
hurt person knew and accepted the risks, is modified. gence to be reckless.
This presumption of assent is now restricted to “ risks
A careful consideration of the law as above sketched
inherent in the nature of the business” and remaining: shows such a hedging about and qualifying of the de
after the master has complied with all laws on the sub fense of contributory negligence that we may consider
ject and “ has exercised due care in providing for the it virtually abandoned. Virtually the workman is
safety of his employees.” Here is indefiniteness. now informed that if he is hurt the employer must
Compliance with specific laws is a fairly ascertainable pay, regardless of circumstances and with no questions
question of fact; but what is “ due” care?
asked. Human nature being what it is, while the
Further, as to the defense of voluntary assumption employer may be stimulated towards precaution
of risk, this same section retains it as valid whenever (especially through the operation of insurance), the
the hurt man “ knew of the defect or negligence which effect of this notice upon the man must be to dissuade
caused the injury” and failed to give information of it him from the trouble of care. The tendency will thus
within reasonable time to the employer or to somebody be towards increase of injuries.
charged with superintendence. This seems clear, but
The country was informed, in a message to Congress
qualification is immediately added; the defense is not a few years ago, that “ exactly as the workingman is
good if it appears on the trial that the employer or entitled to his wages so he should be entitled to indem
the superior person knew of the defect prior to the nity for the injuries sustained in the natural course of
injury or if the defect “ could have been discovered by his labor,” and a former Commissioner of Labor says
such employer by reasonable and proper care, tests or that “ the economic principle underlying this liability
inspection.” Evidently this proviso practically nulli is that industries should pay for lives and limbs
fies the rest and wipes out the line of defense, for who destroyed just as they pay for coal consumed and
can tell precisely what is “ reasonable and proper care” machinery worn out.” This makes the false assump
or what “ could have been” discovered?
tion that lives and limbs are a fixed and unalterable
Coming to the other of the two laws, we find quite part of the costs of production; the legislation based
a different condition. Here is a specific scale of com upon it is therefore bad, both as humanitarian and in
pensation provided, ranging up to a maximum of economics.
1,200 days’ wage or not over S3,000 in case of death.
That the subject has not been in a wholly satisfac
There is no provision for voluntary agreements; the tory position and there have been individual instances
whole is made positive, and the hurt man has the of cruel injustice is admitted; but the State should
option of proceeding under this law or any law in force bend itself to prevention first and so-called compensa
at the beginning of 1910. This law applies to injuries tion afterwards. Here is a lesson which should be
wholly or partly caused by a necessary or inherent studied and followed: A company whose sole busi
hazard of the employment or by failure of the em ness is insuring boilers and flywheels collected in 1909
ployer or any agent of his or any contractor hired by $1,732,991 premiums, and paid out $70,746 for losses
him “ to exercise due care or comply with any law and $ 188,526 for the inspections which prevented loss.
affecting such employment.” This law applies ex
Politically speaking, this new departure in legisla
clusively to operation “ on steam railroads” by an}' tion is another step in bidding for “ the .labor vote.”
mechanical power or to construction or repair of tracks Otherwise, it is dictated by the mistaken and hasty
and road-beds; to tunnel and subway construction; sentimentalism which perceives a wrong and jumps
all work under compressed air; all work “ necessitating to apply the first apparent remedy without seeking
dangerous proximity to” explosives; all dealing with the deeper cause of considering what other evils may
electric currents, this clause being apparently capable follow. Abandoning the doctrine and obligation of



558

TIIE CHRONICLE

contributory negligence goes counter to the natural
order of things, and is liable to lead to a train of trou
bles. It approaches the subject from the wrong direc
tion; but, unhappily, we are committed to it, and the
example of this State will probably be once more fol
lowed without waiting to test it by results.
NEW YORK’S NEW INHERITANCE T A X LAW .
In an article in our issue of July 30 we referred to
the provisions of the new Inheritance Tax Law of
New York, and pointed out what a radical departure
it marked in the policy of this State as regards taxing
property passing from deceased persons, and also
what a wide application it had. The new Act provides
for a system of graded taxes under which the rate of
taxation rises as the size of the bequest increases, so
that on sums in excess of a million dollars the State will
take in not a few instances one-quarter the entire
amount of the bequest. As we stated in the article
referred to, the new law is likely to have far-reaching
consequences, and residents of this State are not the
only ones concerned. The State will levy its toll, at
the high rates fixed, upon the property of non-residents,
too, and thus persons residing in other States, and even
in foreign lands, will find themselves affected, provided
the property is within reach or consists of shares of
corporations organized under the laws of New York.
Our discussion of the subject has brought us a num
ber of inquiries, among others the following, which we
print here because the writer seeks light on a point
concerning which others have requested information.
Chestertown, M d ., Aug. 1 1910.
Dear Sir:— Your editorial in the “ Chronicle” of the 30th
ult. entitled “ Wide Application of New Y ork’s New Inheri
tance Tax Law ,” while explicit in most respects, raises some
questions about which it is not so plain.
1. Do your State authorities hold that stocks and bonds
held by non-residents kept in safe-deposit vaults in New
York cannot be turned over to the executor of a decedent’s
estate without authority from them, and that because of
their being in a vault within the State are subject to such
taxes, even though the companies issuing these bonds and
stocks are not incorporated in the State of New York?
2. Do they hold that when the incorporation of these
companies is in a different State but the transfer office is in
New York that they are subject to these taxes if decedent
is a non-resident?

It is not difficult to furnish answers to the above
questions. It will be observed that our correspon
dent asks if the authorities of this State hold that stocks
and bonds owned by non-residents and kept in safedeposit vaults in New York cannot be turned over to
the executor of a decedent's estate without authority
from them. They do so hold. More than that, our
statutes have for many years contained express pro
visions under which a safe-deposit company is subject
to heavy penalties if it hands over the contents of a
safe-deposit box to the executors or other representa
tives of a deceased person without first notifying the
State Comptroller and getting his approval before the
transfer is made. This requirement is contained in
Section 227 of the Consolidated Laws of this State,
and is to the following effect. We give the provision
in its entirety:
N o safe-JeposIt com pa. y, trust com pany, corporation, bank or other
Institution, person or persons having In possession or under control se
curities, deposits, or other assets belonging to or standing In the name of a
decedent who was a resident or non-resident, or belonging to, or standing In
the Joint names of such a decedent and one or more persons. Including the
shares of the capital stock of, or other Interests, In the safe-deposit com 
pany, trust com pany, corporation, bank or other Institution making the
delivery or transfer herein provided, shall deliver or transfer the same to
the executors, administrators or legal representatives of said decedent, or
the survivor or survivors when held In the Joint names of a decedent




[VOL. L XX XX I .

and one or more persons, or upon their order or request, unless notice of the
time and place of such Intended delivery or transfer be served upon the
State Comptroller at least ten days prior to said delivery or transfer; nor
shall any such safc-deposlt com pany, trust com pany, corporation, bank
or other Institution, person or persons,deliver or transfer any securities,
deposits or other assets belonging to or standing In the name of a decedent,
or belonging to, or standing In the Joint names of a decedent and one or
more persons, Including the shares of the capital stock of, or other Interests
In, the safe-deposit com pany, trust com pany, corporation, bank or other
Institution making the delivery or transfer, without retaining a sufficient
portion or amount thereof to pay any tax and Interest which m ay thereafter
be assessed on account of the delivery or transfer of such securities, de
posits or other assets, Including the shares of the capital stock of, or other
interests in, the safe-deposit com pany, trust com pany, corporation, bank
or other Institution making the delivery or transfer, under the provisions
of this article, unless the State Comptroller consents thereto in writing.
And it shall be lawful for the said Slate Comptroller, personally or by
representative, to examine said securities, deposits or assets at the time
of such delivery or transfer. Failure to serve such notice or failure to
allow such exam ination or failure to retain a sufficient portion or amount
to pay such tax and Interest as herein provided shall render said safe-de
posit com pany, trust com pany, corporation, bank or other Institution,
person or persons, liable to the paym ent of the am ount of the tax and
Interest due or thereafter to becom e due upon said securities, deposits or
other assets, including the shares of the capital stock o f, or other Interests
In, the safe-deposit com pany, trust com pany, corporation, bank or other
Institution making the delivery or transfer, and In addition thereto a
penalty of not less than five or more than twenty-five thousand dollars;
and the paym ent of such tax and Interest thereon, or of the penalty above
prescribed, or both, m ay be enforced In an action brought by the State
Comptroller In any court of com petent jurisdiction.

It will be observed that the statute applies not alone
to safe-deposit companies. It provides that “ No safedeposit company, trust company, corporation, bank
or other institution, person or persons, having in pos
session or under control securities, deposits or other
assets belonging to or standing in the name of a dece
dent who was a resident or non-resident . . .
shall deliver or transfer the same to the executors, ad
ministrators or legal representatives of said decedent
. . . or upon their order or request unless notice
of the time unci place of such intended delivery or transfer
be served upon the State Comptroller at least ten days
prior to said delivery or transfer; nor . . . without
retaining a sufficient portion or amount thereof to
pay any tax and interest which may thereafter be as
sessed on account of the delivery or transfer of such
securities, deposits or other assets.” The State Comp
troller is given authority to examine the securities;
and failure to serve the notice required or to allow the
examination or to retain a sufficient portion or amount
to pay the tax makes the company or institution or
person guilty of the violation liable for the tax and
also liable to a penalty of not less than five or more than
twenty-five thousand dollars. This, of course, set
tles the matter. Securities cannot be transferred
without the assent of the State authorities. The party
holding them has no option in the matter, and thus,
through this provision of the law, the State gets full
knowledge of the existence of any securities or moneys
or other assets upon which it may undertake to levy
a transfer tax.
Our correspondent also asks whether stocks and
bonds held by non-residents because of their being in
a vault within the State are subject to such taxes,
even though the companies issuing these bonds and
stocks are not incorporated in the State of New York.
The answer to this question is that all bonds, whether
of New York State corporations or outside corporations,
are always taxed. In the case supposed, the bonds be
ing in a safe-deposit vault in this State and belonging
to a deceased non-resident, the State would undertake
to levy the tax because physical possession is in this
State. Stocks, however, are taxable only when the
corporation has been organized under New York law,
and never when the corporation has been organized
under the laws of another State. The reason why
stocks of outside corporations are not taxed is that
the Court of Appeals many years ago decided that

Se p t . .3 1910.1

shares of such corporations are taxable only at the
home of the corporation, that is, the State in which
organized.
On the other hand, the tax on non-resident share
holders of New York corporations has been upheld.
As stated in our previous article, in such cases the tax
is upon the transfer and not upon the property itself,
(although the amount of the tax is necessarily meas
ured by the value of the property transferred), and
the courts have decided that a State may impose con
ditions attending succession in bodies of its own crea
tion. The decedent owner of stock in such instances
is regarded as holding stock in a domestic corporation,
and it is settled that capital stock in a domestic corpora
tion, although held by a non-resident, will be regarded
as having its situs where the corporation has been or
ganized. It follows that residents of other States
holding stock in New York corporations in the event
of death make their estates subject to the new In
heritance Tax Law, with its high rates of taxation,
and under which the State appropriates 25% of the
whole value of a bequest to collateral heirs on anything
above $1,000,000.
To the further question of our correspondent as to
whether stock in an outside corporation is taxable if
the corporation has a transfer office in New York, we
will say that our information is that the existence or
non-existence of a transfer office is immaterial. Shares
in outside corporations are never subject to the trans
fer tax and shares of New York corporations always
are.
RAILROAD GROSS AND NET EARNINGS FOR
THE HALF-YEAR.
The feature above everything else which will com
mand attention, and which deserves consideration, in
the elaborate compilations we present to-day for the
first six months of the current calendar year is the
great increase disclosed in the operating expenses of
the railroads. It was made plain by the preliminary
tabulations which we published in our issue of Aug. 6
that the expansion in gross revenues had reached very
large proportions. The figures we have now brought
together reveal the extent to which rising expenses
have absorbed the improvement in gross receipts.
We think, too, it will come as a surprise to most per
sons to find how comparatively little of the increase in
gross is left as a gain in net after providing for the aug
mentation in expenses. Another feature which will
attract attention is the magnitude of the expansion in
gross earnings, this exceeding the amount indicated by
our early statement.
Our tables cover 235,462 miles of road, and hence
comprise nearly the entire railroad mileage of the
country. The increase in gross earnings reached no
less than $173,044,812, and hence reflects a very satis
factory volume of traffic and an active state of general
trade. The ratio of gain is 14.85%. With an im
provement for the six months of over'173 million dol
lars in their revenues, as compared with the corre
sponding six months of last year, it would appear that
the managers of the roads had little occasion for com
plaint. And this would be true if the gain had been
attended by oidy a normal growth in the expense ac
counts. As a matter of fact, the cost of operations has
been steadily advancing, by reason of the rise in nearly
all the items entering into the operating accounts of



559

THE CHRONICLE

the roads, and more particularly the advances in
wages, the most of which, by the way, counted only in
part in the affairs of the roads during this period of
six months. Our figures establish that the augmenta
tion in expenses for the half-year reached the large
sum of $139,610,927. Hence, out of the tremendous
gain of $173,044,812 in the gross, only $33,433,885
was saved for the net, the ratio of improvement here
being 9.05%. The augmentation in expenses was
17.54%.
________
Increase or Decrease.

January" 1 to June 30.
(820 roads.)

1909.

1910.

Amount.

%

Miles of road________________

+ 4,358 1.8S
231,104
235,462
$
$
S
Gross earnings_______ _________ 1,338,344,306 1,165,299,494 + 173,044,812 14.85
Operating expenses................ .......
935,563,492 795,952,565 + 139,610,927 17.54
Net earnings.............. _......... .

402,780,814

369,346,929

+33,433,885 9.05

Even the relatively small improvement in the net
here disclosed might not be deemed unsatisfactory if
the railroads had not been obliged greatly to
enlarge their capitalization.
They have added
very considerably both to their bonded debt
and their share capital. A growing volume of
business means constant outlays for equipment
and for extra facilities of various kinds to handle
and move the traffic. Even under the most favorable
conditions, only a small portion of the money to provide
for these outlays can be obtained from earnings, and
the Inter-State Commerce Commission now insists
that none of it shall bo obtained in that way. As a
consequence, recourse is always necessary (and under
present conditions more so than ever) to new capital
obligations. In turn, such additions to capital make
necessary extra net income, so as to pay an interest
return on the same. All through last year new issues
of stocks and bonds had to be made in order that the
roads might be able to take care of the increased vol
ume of business which came in 1910, while the present
year there have been further emissions of new securi
ties to provide for the expected further growth in
traffic next year and succeeding years.
There is another fact which must be borne in mind.
Small though the gain in net earnings has been for the
six months, it does not reflect the situation at the close
of the half-year. The augmentation in expenses has
been becoming steadily more pronounced with each
succeeding month, until in June the gain in gross earn
ings was almost entirely absorbed by the increase in
expenses, leaving scarcely any addition to the net.
To state the situation in brief in that regard, it is only
necessary to say that our compilations for that month,
published in our issue of Aug. 20, showed that, with a
gain in gross earnings of $23,565,112, the addition to
net earnings had been the insignificant sum of $627,025.
We annex a summary of our monthly aggregates, from
which it will be seen how the gains in net gradually
dwindled away. We 'use the figures of the Inter
State Commerce Commission as far as available, and
our own totals for the remaining months.
Net Earning s.

Gross Earnings.
AM .

1910.

1909.

S
$
Jan.... 210,302,220 182,649,825
Fcb-- 202,258,490 174,159,723
Mch... 237,533,005 204,916,998
A pr.. 225,225,596 196,595,911
May . 230,033,384 198,049,990
June.. 208,364,018 184,799,806

Inc. or Dec.

%

1910.

| 1909.

Inc. or Dec.

S
S
S
$
+27,652,395 15.14 57,298,645 50,380,608 + 6,918,037
+ 28,098,767 16.15 56.914.16549,172,310 +7.741.855
+32,616,007 15.92 78,061,504 69,395,052 + 8,666,452
+28,629,685 14.56 66,656,01862,323,316 + 4,332,702
+31,983,394 16.25 70,084,17064,857,343 + 5,226,827
+23,565,112 12.21 66,959,883 66,332,858 +627,025

Jan., 13.73% inc.; Feb., 15.74% Inc.; Maroh, 12.49% Inc.; April, 6.95% Inc.
May, 8.06% Inc.; June, 0.95% Inc.
In January the length of road covered was 236,758 miles; In February, 236,852
miles; In March, 235,925 miles; In April, 237,569 miles; In May, 229,345 miles; In
June, 204,596 miles.

560

THE CHRONICLE

Tn the case of many separate roads or systems there
have actually been large losses in net, notwithstanding
very considerable gains in gross. This is conspicu
ously true of the Atchison Topeka & Santa Fe, which,
with $5,583,514 gain in gross is obliged to report a
decrease of $2,175,076 in net. Other roads in the
Southwest have much the same record. Thus the
Rock Island, though having added $2,183,742 to its
gross, runs $1,840,913 behind in its net; the St. Louis
& San Francisco has added $1,282,272 to gross but
loses $956,657 in net. These Southwestern roads,
moreover, do not stand alone in that respect. The
New York Central has added $4,335,419 to its gross
but suffers a decrease of $909,001 in its not. This
refers to the Central proper. For the New York
Central system, in which , arc included the various
auxiliary and controlled roads, the result is a gain of
$16,484,398 in gross but an increase of only $2,718,
110 in net. The Louisville & Nashville with $4,507,
857 increase in gross has a decrease of $350,967 in net.
The Northern Pacific is $3,638,544 ahead in gross
but runs $806,112 behind in net; the Illinois Central
gains $2,630,112 in gross but loses $476,388 in net,
and similarly the Boston & Maine has bettered its gross
$1,544,792, while suffering a decrease of $346,882 innet.
These illustrations are drawn, it will be seen, from
all parts of the country. Many other instances
might be mentioned where the roads, while havingenlarged their gross revenues in a most magnificent
way, have sustained such an increase in expenses that
even though net does not actually record a decrease,
it shows only a very slight gain. We will refer merely
to the Union Pacific, which has $6,107,037 increase in
gross and no more than $475,178 increase in the net;
the Chicago & North Western, whose gross is better
by $4,365,152, but whose net is up only $358,740,
and the Milwaukee & St. Paul, which, with $3,544,641
gain in gross, has only $308,990 gain in net. In the
following we show all changes for the separate roads
for amounts in excess of $500,000, whether increases
or decreases, both in the gross and in the net. The
San Pedro Los Angeles
Salt Lake is the only one
having a decrease in gross for a large amount, and in
that case, as will be recalled, operation of the line
ceased for a good part of the time because of floods.
P R IN C IP A L

C H AN G E S IN

OROSS E A R N IN G S

f n r r p n 'i p 'i

FO R

6 MONTHS.
Tncrpn qpq

Pennsylvania (3 )______ 2/819,746,432 Hocking V alley................ $1,244,860
Baltimore & O h io ____
8,919,719 Minn St Paul & S S M ___ 1,228,543
Southern Paclllc ( I D . . .
7,695,632 Delaware Lack & W e s t ..
1,190,978
Great N orthern _______ 6,695,494 Chicago Great W estern ., c l , 137,591
Union Pacific (3) . _____
6,107,037 Colorado & Southern (4) 1,121,873
A tch T o p & S an ta Fe (7) 5,583,514 Elgin Joliet & E astern ..
1,112,281
Chicago Burl & Q u in cy. . 5,448,86 I Central of New J e rs e y ..
1,010,122
Lou isville * N ashville . 4,507,857 Wisconsin C entral-.........
999,738
Chicago & North W estern 4,365,152 Chic St Paul Minn & 0 _ _
917,271
N Y C en tra l & Hud R iver n l , 335,419 Missouri Kansas & Texas
893,959
Northern P a clllc_____
3,638,544 Spok Portland & S eattle.
5878,432
Missouri P a cific_______ c3,624,610 Cln Hamilton & D a y ton .
821.100
Chicago Mllw & S t P a u l. 3,544,641 Chic & Eastern Illinois. _
819,962
L ake Shore & Mich South 3,468,019 Texas & Pacific________
812,508
N orfolk & W estern . . . 3,107,429 Buffalo R och & PIttsb _
791,810
Philadelphia & R ea d in g. 2,990,326 Western M aryland______
785,636
So u th ern ____________
2,927,761 Pere Marquette_________
785,202
N Y N II & H artfo rd ___
2,915,768 N Y Chicago & St Louis.
778,050
Illinois C en tral_____ . 2,630,112 Bessemer & Lake E r ie ..
775,194
Pittsburgh & Lake E rie. 2,500,977 Cln New Orl & Texas Pac
698,001
Chesapeake & O h io
_ 2,354,659 Vandalla ----------------------695.194
Rock Island (4 )_______ 2,183,742 Oregon & Washington .
687,775
Erie (2 )----------------------2,061,208 Wheeling & Lake E r ie ..
674,720
A tla n tic Coast L in e ____
1,9 18 ,16 7 Kansas City S ou th ern .. .
636,485
Lehigh V a lle y ________
1,813,575 Mobile & O h io _________
620,731
C lev Cln Chic & S t Louis 1,673,244 Phlla Balt & W ashington
617+98
D uluth Mlssabe & North
1,649,722 Central of Georgia______
585,428
D uluth & Iron R a n g e __
1,638,984. Toledo & Ohio C en tra l..
524,275
Boston & M aine_______ 1,544,792
W a b ash _____________
1,446,457
Representing 92 roads
Michigan C en tral____ _ 1,397,034
In our com pilation. $152,129,074
Seaboard A ir L in e _____ 1,291,848
S t Louis & San Fran (4) 1,282,272
Decrease.
D enver & Rio G rande__
1.274,846lSan Ped Los A ng & S L .$1,962,187
N ote.— All the figures in the above arc on the basis of the returns filed
with the Inter-State Commerce Commission. W here, however, these
returns do not show the total for any system , we have com bined the
separate roads so as to make the results conform as nearly as possible to
those given In the statements furnished by the companies themselves.
a ,J hcfic figures cover merely the operations of the New York Central
Hself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the “ Big Four,” the "N ickle Plate,”
« c . , the whole going to form the New York Central System, the result Is
a gain o f $16,484,398. b These figures are for five months only.
- V These figures represent the lines directly operated cast and west of
Pittsburgh, Eastern lines showing $10,366,973 Increase and the Western
lines 59,379,4o9; for all lines owned, leased, operated and controlled, tne
result Is a gain of $23,547,648.
c These figures are furnished by the com pany.




[ VOL. L X X X X I

P R IN C IP A L CH AN GES IN NET E A R N IN G S F O R 6 /MONTHS.
Increases.
Pennsylvania (3 )_______ (/$4,459,278 Western Maryland_______
$598,909
Southern Pacific ( 1 1 ) ____ 2,804,675 Colorado & Southern (4 ).
585,755
Baltimore & O hio_______ 2,043,391 Wisconsin Central_______
556,907
Missouri P a cific__________c l ,847,980 Duluth & Iron R ange____
532,198
Chicago Burl & Q uincy___ 1,583,576 N Y New Haven & H a rt.
511,704
Pitts & Lake E ric_______ 1,571,877 Central of New Jersey____
509,346
Philadelphia & R e a d in g -. 1,526,921
Great N orthern__________ 1,363,770
Representing 43 roads
Duluth Mlssabe & N o r . . . 1,313,950
In our co m p ila tio n ..$31,279,626
N orfolk & W estern______ 1,128,797
T'iprrpn «?
Denver & R io Grande____
976,852
Southern R ailw ay_______
935,638 A tch Topeka & S . F c (7).$2,175,076
Chesapeake & Ohio______
917,516 R ock Island (4 )__________ 1,840,913
Erie (2 )__________________
829,995 San Pedro Los A ng &tS L . 1,888,434
Lehigh V alley____________
812,464 St Louis & San F r a n 'l i) . _
956,657
A tlantic Coast L ine______
717,912 N Y Cent & H udson K?ver a909,001
Mlnncap St Paul & S S M .
650,751 Northern P a c ific _________
806,112
H ocking V alley....... ...........
644,104 Missouri Kansas & T exas.
728,081
Delaware Lack & W estern
643,716
Representing 19 roads
Seaboard Air Line_______
606,101
In our com pilation__ $9,304,274
Chicago Great W estern___ C605.543
a These figures cover merely the operations of the New York Centra1
Itself. For the New York Central System the result Is a gain of $2,718,110
c These figures are furnished by the com pany.
// These llgures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $2,668,157 Increase an d the Western
lines $1,791,121. For all lines ow ned, leased, operated and controlled, the
result Is a gain of $5,027,406.

Of course the reader will understand that the im
provement for the railroads as a whole, both in gross
and net earnings, for the six months of 1910 follows
very decided gains in the corresponding six months
of 1909. At that time, too, the railroads were still
retrenching and practicing extreme economy in ex
penses. According to our own tabulations, covering
at the time 230,022 miles of road, the improvement in
gross in the half-year of 1909 reached $122,730,709,
and as only $47,593,786 of this was consumed by
increased expenses, the gain in net amounted to no
less than $75,136,923. Taking the aggregates of the
monthly figures of the Inter-State Commerce Com
mission made up after the returns of all the roads had
been received, the increase for the six months was
$120,332,208 in gross and $76,640,239 in net. In
1908, of course, the railroads suffered tremendous
losses in both gross and net, that being the period of
industrial depression following the panic of 1907. In
that year large numbers of roads withheld their figures,
as the returns were so very bad, and our compilations
then embraced an aggregate of only 168,830 miles of
road reporting both gross and net. On that mileage
the loss in gross for the six months aggregated $172,868,59b. Over 30,000 miles more of road, however,
had made reports of gross without furnishing the
figures of net; hence in the case of the gross alone we
had a footing covering 202,172 miles, on which the
loss in gross reached no less than $197,085,791. This
still left about 30,000 miles of road unrepresented, and
careful computations which we made showed that for
the whole railroad mileage of the country the loss
in gross must have reached $235,000,000. In the net
we estimated that for the full railroad mileage of the
country the amount of the loss then must have been
about $85,000,000.
Prior to 1908 the record of railroad earnings had
been one of almost uninterrupted improvement for a
whole decade. The only exception to the rule was in
1901 during the period of temporary reaction in trade,
as will be seen by the following, giving the comparative
totals just as registered by our tables each year.
Net Earnings.

Gross Earnings.
Year.

Year
Given.

Year
Preceding.

Increase or
Decrease.

Year
Given.

Year
Preceding.

Int
Decrease.

Jan. 1 to June 30.

$
S
S I S
.
,
.
,
1897 . . 405,003,731,107,161,468 —2,160,737 121,059,320 115 ,427,318! +5,632,002
1898 . . 460,528,130 110,596,111 +49,931,689 139,585,717 121 ,895,082 +17,090,035
1899 ..,489,509,765 461,993,058 +27,516,707,150,599,074:140 ,545,5351+10,053,539
1900 . . 577,149,664 506.366,345 +70,783.319180,718,437:155 ,591,468 +25,126,969
1901 . . 638,334,794 58 ',121,956 +57,912,838206,218,320179 ,495,1101 + 26,723,180
1902 ..670,398,926 631,494,280 +38,901,616209,973,703202 ,250,797! +7,722,906
1903 . . 727,932,367 637,699,839 +90,232,528218,024,050 198 ,256,826'+19,707,230
1904 .. 731,774,531 744,800,135 — 13,085,604 198,807,547 224 157,420—25,349,873
1905 ..847,334,204790.321,750 +57,012,454 234,333,810215 ,417,468 + 18,916,342
1906 . . 923,554,268815.486,025 +108,068,243 272,101,047 220 ,345,855 + 45,755,192
1907 ..999.082.691884,426,103+114,656,528 280,697,496 201 ,423,946 + 19,273,550
1908 . . 863,860,965 1030729500 —172,868,595231,254,071 294 ,738,973 —63,484,902
1909 ..,1172185 403 1051853 195 + 120,332,208 371,591,341 294 ,951,102 + 76,040,239
1910 .. 1338344 306 1105299 494 +173,044,812 402,780,814 369 ,346.929 + 33,433,885
Note.—In 1897 the number of roads Included In the totals Is 170; In 1898, 179; In
1899, 165: in 1900, 170; In 1901, 172; In 1902, 164; In 1903, 159; in 1904, 130; In
1905, 148; In 1906, 143; In 1907, 148 In 1908, 141; In 1909, 787; In 1910, 820. Neither
the Mexican roads nor the coal-mlnlng operations of the anthracite coal roads
are included In any of these totals.

561

THE CHRONICLE

S ept . 3 1910.

The foregoing, as stated, shows the results each year
just as recorded by our tables— including for each 3rear
all the roads from which it was possible to make up
or procure returns, but falling short in every instance
of covering the whole railroad system of the United
States. Allowing for the missing returns in each year,
the computations made by us in the past show that
for the first half of 1907 there was a gain in the large
sum of $145,000,000 over the first six months of 190G.
In 1906 we computed there was an increase of $135,
000,000 over 1905 and in 1905 an increase of $70,
000,000 over 1904. In 1904 we made a decrease for
the six months of between $18,000,000 and $20,000,
000. Previously we estimated that in the six months
of 1903 there had been an improvement (^$115,000,000
over the six months of 1902; that similarly in 1902 there
had been an increase of $50,000,000 over the year pre
ceding; in 1901 an increase of $70,000,000; in 1900 an
increase of $90,000,000; in 1899 an increase of $42,000,
000, and in 1898 an increase of $68,000,000. Thus
altogether for the ten years prior to 1908 the improve
ment reached the prodigious sum of $765,000,000. In
the six months of 190S the loss, we have already seen,
was $235,000,000, of which, as we have also already
seen, about $120,000,000 was recovered in 1909, while
in 1910 a further gain of $173,000,000 has been
established.
When the roads are arranged in groups or geo
graphical divisions every group has an increase in
gross as compared with last year, but one geographical
division (that made up of groups Nos. 8 and 9 com
prising the roads in the Southwest) has a decrease in
net; in two or three of the other groups the improve
ment in net is very small. Here is a summary of
the groups.
SUMMARY BY GROUPS.
— Gross E a rn in gs -----------------In c . ( + ) or
D ec. ( — ).
1909.
$

Section or G r o u p —
J a n . 1 to J u n e 30—
Group 1 (32 roads) New England
Group 2 (149 roads) EastAMlddle
Group 3 (106 roads) Middle West
Groups 4 * 5 (172 roads) South’n
Groups 6 & 7 (118 roads) Northw.
Groups 8 * 9 (179 roads) Southw.
Group 10 (64 roads) Pacific Coast

1910.
$

62,075,578
326,743,203
190,361,063
169,385,315
293,684,358
214,766,538
81,328,251

s

56,684,156
287.124.325
158.141.325
146,340,007
252,240,144
194,169,741
70,599,796

+ 5,391,422
+39,618,878
+ 32,219,738
+ 23,045,308
+ 41,444,214
+20,596,797
+ 10,728,455

Total (149)......... 326,743,203 287,124,325 101,016,095
9.51
13.80
20.38
15.75
16.43
10.60
15.20

Total (820 roads)...................... 1,338,344,306 1,165,299,494 +173,044,812 14.85
------- M ile a g e -------

1910.

1909.

------------------------ N e t Earnin gs ----------------------------In c . ( + ) or
1910.
1909.
D ec. ( — ) .

S

5

Group No. 1 ........... 7,839
7,815 18,051,337 17,665,475
Group No. 2______ 26,755 26,483 101,016,095 91,175,512
Group No. 3........... 26,578 26,364 52,469,534 43,822,116
Groups Nos. 4 and 5 40,119 39,372 54,590,678 47,183,035
Groups Nos. 6 and 7 62,693 61,949 89,242,273 82,659,348
Groups Nos. 8 and 9 55,567 54,171 55,678,226 56,703,840
Group No. 10.......... 15,911 14,950 31,732,671 30,137,603

$

%

+385,862 2.18
+9,840,583 10.79
+8,647,418 19.76
+7,407,643 15.78
+6,582,925 7.96
— 1,025,614 1.80
+1,595.068 5.29

T o ta l....................235,462 231,104 402,780,814 369,346,929 +33,433,885 9.05
NOTE.— G roup I . Includes all of the New England States.
Group I I . includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group I I I . Includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups I V . and V . combined Include the Southern States south of the Ohio and
cast of the Mississippi River.
Groups V I . and V I I . combined Include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowaand Illinois; all of South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City: also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups V I I I . and I X . combined Include all of Kansas, Oklahoma. Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver, the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X . Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the Western part of New Mexico.

We now give our detailed statement for the half
year. It shows the results for each road separately
in all the groups.
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO JUNE 30.
-------- — Groi s -------------------N et ----1910.
1909.
In c . or D ec.
1909.
1910.
$
s
5
$
$
736,600
607,748
—80,097
Atl A St Lawrence
260.563
180,466
1,422,062
+94.221
559,372
Bangor A Aroost’k 1,574,858
653,593
—346,882
Boston A Maine.. 20,600,986 19,056,194
4,848,755' 5,195,637
641,124
594,596
+76,820
Can l’ac lines In Me
22,125
98,945
—26,005
1/336,634
1/362,639
Central Vermont.. V l .491 .860 y l,369,350
4,000,905
+91.899
1,283.404
1,191,505
Maine Central___ 4,252,098
+ 511,704
9,870,039
9,358,335
N Y N II A Hartf. 29,612.602 26,696,834
1,370,055
1,476,343
+ 60,846
391,816
330,970
Rutland...... .........
1,566,412
+3,356
1,689,107
387,685
384,329
24 other roads___
G roup I .
Neu> England.

£ Total (32).......... 162,075.578156,684,156*18,051,337*17,665,475




I n c . or D e c .
1909.
1910.
1909.
1910.
$
•S
S
S
S
Balto A Ohio____ 42,998,357 34,078,638 12,194,118 10,150,727 +2,043,391
— 199,081
155,657
Buff A Susq..........
1736,265 zdefl43,424
2561,295
—203,920
1,380,039
Buff Roch A Pitts. 4,231,408
1,176,119
3,439,598
+ 166,133
462,707
Central New E n g.. 1,487,208
1,270,532
628,840
+ 89,212
66,227
Cumb A P enna...
340,116
155,439
479,SOS
+ 223,315
3,471,125
Delaware A H ud.. 9,635,252
9,297,367
3,694,440
+ 643,716
7,143,951
Del Lack A West. 17,518,113 16,327,135
7,787,667
—812
3,430
15,352
Lack A Montrose
14,495
2,618
+ 410
Sussex_________
87,712
26,395
25,985
83,349
+ 43,324
Syra Bing A N Y
231,584
188,260
490,576
453,851
+ 584,181
Erie........................ 22,517,577 20,930,608
7,737,590
7,153,409
Chicago * Erie—See Group III.
+ 44,545
Fonda Johns A Gl.
452,052
191,064
376,467
235,609
+28,433
Hunt A Br’d Top
355,517
129,775
286,727
158,208
+8,616
Lacka A Wyom V .
108,282
276,467
261,406
99,666
+ 46,630
Lehigh A Hud Rlv
709,685
276,063
229,433
654,627
Lehigh A New Eng
+22,960
450,112
153,917
130,957
374,610
+812,464
Lehigh Valley___ 17,929,678 16,116,103
7,089,100
6,276,636
+ 141,455
Monongaliela___
426,922
285,467
788,409
486,250
—3,616
Monongahela Conn
109,914
376,864
519,081
106,298
96,721
+20,426
New Jer A N Y __
303,530
117,147
335,348
—909,001
N Y C A Hud R lv. 46,506,535 42,171,116 11,047,815 11,956,816
— 1,539
Fulton Chain__
5,682
2,398
9,656
1,143
—3,820
14,265
Lit Falls ADolge
37,273
10,445
34,011
—211
N Y A Ottawa..
3,903
84,182
3,692
75,398
—2,830
Raquette Lake.
15,258
1,020
17,149
def 1,810
+ 40,488
St Law A Adlron
103,913
305,143
263,647
144,401
For lines west of Buffalo see 3roup III.
+ 41,007
N Y Ont A W est.. 4,129,523
3,949,969
1,194,190
1,235,197
+ 15,027
N Y Susq A West. 1,335,438
1,284,508
536,343
551,370
Pennsylvania—Lines East of Pittsburgh—
Pennsylvania ItR 78,548,872 68,181,899 21,508,297 18,840,140 +2.668,157
Balt A Sparr Pt.
30,224
+ 12,231
63,307
28,402
16,171
Balt Ches A Atl.
104,574
—6,083
98,847
16.76S
22,851
Cornwall A Leb.
171,573
+ 15,216
198,357
74,053
58,837
Cumberl’d Vail. 1,491,742
1,192,535
+20,000
516,430
496,430
I.ong Island___ 4,314,001
3,880,008
751,294
+ 112,256
863,550
Maryl’d DelAVa
42,107
def10,004
defl2,569
+2,565
47,585
+ 102,333
N Y Phil A Norf 1,092,579
1,488,195
537,281
434,948
+ 68,121
5,659,482
957,095
Northern Central 6,138,270
1,025,216
+ 8,836
8,445,371
1,915,203
1,906,367
Phlla Balt A W . 9,062,569
def1,414
—80
def 1,494
Itosslyn Connect
9,487
9,351
+ 137,598
502,665
Union RR of Balt
594,280
640,263
753,731
—49,822
397,000
W Jer A Seasho. 2,424,492
2,253,138
347,178
Lines West of Pittsburgh—See Group III.
+ 94,707
12,032
Pitts Shaw A Nor.
583,423
397,803
106,739
Reading Company—48,947
69,775
Atlantic City__
726,970
688,694
20,828
+ 15,451
64,331
79,782
Catasau A Fogle
119,869
93,636
+ 509,346
Cent RR of N J_ 11,985,947 10,975,825
5,229,871
4,720,525
+25,277
35,635
60,912
Chester A Del It
105,569
68,425
—4,365
28,078
Gcttysb A Harr.
90,068
23,713
94,708
+ 3,525
3,734
209
Mlddl A Humm.
10,843
6,487
—768
61,599
8,786
Northeast Penn.
60,600
8,018
+84,006
292,894
189,972
Perkiomen____
201,769
105,966
+7,578
5,226
40,356
36,334
12,804
Phlla A Ches Val
7,405,624 + 1,526,921
8,932,545
Phlla A Read lty 22,261,733 19,271,407
— 10,187
80,844
77,649
17,853
28,040
Phil Newt A N Y
+3,003
16,298
14,771
4,651
1,648
Pickering Valley
— 16,169
576,641
606,512
376,092
392,261
Port Reading__
—26.479
154,078
19,845
46,324
169,208
Read A Colum..
+7,533
11,480
3,947
8,965
17,703
Rupert A Bl'msb
+3,879
16,099
38,455
19,978
43,581
Stony Creek___
5,742
+ 59
5,801
10,626
10,324
Tam Haz A Nor.
—260
4,743
5,003
14,266
15,047
Williams Valley.
+ 91,873
78,687
170,560
234,973
484,211
South Buffalo___
—22,568
82,962
105,530
339,298
Staten Isl Rap T r.
355,775
—941
120,569
119,628
460,447
Ulster A Delaware
494,688
+ 181,589
469,694
288,105
Union RR Co, Penn 1,757,223
1,299,061
Waynesb A W ash--Under Pennsylvania, Group III.
+598,909
1.020,470
1,619,379
Western Maryland 3,644,066
2,858,430
— 12,094
113,352
125,446
Wilkes-Barre A E .
325,966
334,453
+ 50,474
644,357
694,831
83 other roads___ 3,337,575
2,745,978

G roup I I .
E ast & M id d le .

+385,862

1909.
G roup I I I .
1910.
Middle West.
S
S
Ann A rb or.-.........
926,741
796,099
Bessemer A L Erie 3,207,790 2,432,596
Chicago A E rie ...
2,604,203 2,129,964
ChlcCln & Loulsv,
725,302
664,570
Chic Det & Can GT
305,043
228,290
Chic Ind & Loulsv.
2,954,348 2,552,339
Cln Ham A D ayt.4,468,582 3,647,182
Cleve Term A Vail
621,252
508,849
Detroit* Mackinac
630,232
590,276
Det & Tol Sh Line
478,863
363,362
Det Gr Hav & Mil.
970,840
779,753
Det Tol & Ironton
775,153
650,545
Evansv & Terre H
1,183,551
964,427
Grand Trk W est..
3,131,487 2,695,390
Hocking V alley...
3,665,105 2,420,245
Kanawha & Mich.
1,383,016
927,522
Lake Terminal___
256,970
183,550
N Y C * Hud Rlv—See Group II.
Chic I n d * Sou.
1,925,757 1,426,682
Ch Kalam & Sag
110,874
92,146
Cincinnati North
589,965
524,630
Clev Cln Ch&StL 14,181,267 12,508,023
Det & Charlev..
36,966
53,809
Dunk All V & P .
139,883
127,573
Fulton Chain—See N Y C , Group II.
Indiana liar Belt 1,144,991
819,305
Kankakee & Sen
44,461
35,421
Lake Erie & W .
2,570,881 2,167,341
L E AU ian& W h
299,007
253,881
Lake Sh & M S . 23,713,127 20,245,108
L Falls & Dolgev—See N Y C , Group II.
Lou & Jeff B’dge
103,657
76,766
Michigan Central 13,987,403 12,590,369
Mt Gilead Sh L .
2,849
2,508
N Y * Ottawa—See N Y C , Group II.
N Y Chic & St L 5,449,523
4,671,473
Peoria & E ast.. 1,591,757
1,336,351
Plttsb * Lake E 8,283,618
5,782,641
Uaquette Lake—See N Y C , Group II.
Rutland—See Group I.
St Law & Adlr—See N Y C , Group II.
Tol & Ohio Cent 2,151,692
1,627,417
Zanesv & West.
231,471
219,407
Newburg & South.
274,225
257.535
Penn—Lines W of Pitts—
Cln & Musklng.
480,249
391,842
Cln Leb & North
205,732
153,069
Clev Akr & Col.
1,232,991
964,987
Gr R a p * In d ..
2.423.023 2,193,387
P c n n a C o m p a n y . 25,767,842 20,006,420
Pitts C C & St L 19,728,677 16,110,640
Vandalla............ 4,875,928
4,180.734
Waynes & Wash
67,938
56,795
Wheeling Term.
21,910
17,969
6,943,275
Pere Marquette__ 7,728,477
717,043
571,974
Southern Indiana.
1,622,405
Tol St L & West-- 1,796,765
W abash................ 13,955,306 12,508,849
324,455
280,877
Wabash-Pltts Ter.
2,628,832
Wheel & Lake Erie 3,303,552
2,155,925
54 other roads___ 2,609,323
Total (106)........ 190,361,063 158,141,325

1910.
$

91,175,512

1909!

*

+9,840,583

In c . or D e c .

258,549
1,244,660
550,813
def366
def26,138
906,844
521,111
179,939
193,878
246,387
174,669
7,868
411,872
856,804
1,381,072
384,308
54,278

240,560
815.388
304,999
defl4,907
dcf82,219
788,147
426,101
133.707
192,568
149.263
144.388
101,357
352,191
815,304
736,968
107,668
60,471

+ 17,989
+ 429,272
+ 245,814
+ 14,541
+56,081
+ 118,697
+95,010
+ 46,232
+ 1,310
+ 97,124
+30,281
—93,489
+ 59,681
+41,500
+ 644,104
+276,640
—6,193

538,000
49,921
111,634
3,220,295
def4,260
def297

285,977
40,031
83,631
3,069,621
3,439
6,821

+252,023
+9,890
+28,003
+ 150,674
—7,699
—7,118

158,929
6,142
550,799
14,862
7,112,728

108,228
def5,606
287.263
def24,249
7,106,461

+ 50,701
+ 11,748
+263,536
+39,111
+ 6,267

103,657
3,951,940
def697

76,766
3,685,035
def 1,538

+ 26,891
+ 266,905
+ 841

1,715,651
425,139
4,469,802

1,263,290
319,217
2,897,925

+ 452,361
+ 105,922
+ 1,571,877

669,100
7,254
56,779

372,883
def11,773
76,450

+296,217
+ 19,027
— 19,671

115,455
60,237
316,165
388,061
7,471,735
4,825,766
977,709
17,196
defl5,168
2,092,382
198,086
610,260
3,407,124
32,630
1,027,679
440,291

63,372
42,679
281,473
410,397
6.095.702
4,410,678
> 909,325
10,910
def7,604
1,833,378
229,717
658,241
2,926,529
53,267
650,768
341,458

+52,083
+ 17,558
+34,692
—22,336
+ 1,376,033
+ 415,088
+ 68,384
+ 6,286
—7,564
+259,004
—31,631
—47,981
+ 480,595
—20,637
+376.911
+98,833

52,469,534

43,822,116

+8.647,418

562
Groups 1 V. it- V.
19X0.
1909.
Southern.
S
8
Alabama A Vlcksb
815,494
728.097
Atl & West Point.
537,570
466,163
Atl Blrm & Atlan. 1,278,828
1,059,252
Atlantic Coast Line 15,830,622 13,918,455
Birmingham & So.
424,008
321,453
Caro Clinch & O ..
627,975
196,801
Central of Georgia. 5,761,804
5,176,376
Charlest’n & W Car
779,614
716,258
Chesapeake A Ohio 15,582,455 13,227,796
Cln N O * Tex Pac 4,636,878
3,938,877
Coal & Coke_____
366,588
307,084
Florida East Coast 2,531,040
2,315,407
Georgia.......... ....... 1,430,158
1,271,844
Georgia A Florida.
266,266
203,049
Gulf & Ship Island 1,007,361
933,241
Lexington & East.
260,090
219,846
Louisville & Nashv 26,484,123 21,976,266
Loulsv Ilend A StL
582,163
503,071
Mississippi Central
435,316
343,528
Nashv Chatt A StL 5,938,656
5,577,848
New Orl A North E 1,755,322
1,530,983
New Orl Gt North
826,185
340,518
New Orl Mob A (;.
2/740,975
2/643,145
Norfolk & Southern 1,382,498
1,276,803
Norfolk A Western 17,733,953 14,626,524
Ktchm Fred & Pot 1,312,510
1,141,236
Seaboard Air Line. 10,561,468
9,269,620
Southern ________ 28,010,215 25,082,454
Ala Gt Southern 2,197,051
1,745,642
Ashev &Crag Mt
713
2,364
Augusta South..
81,601
90,589
Blue Ridge........
82,376
84,270
Cumberland . . .
12,797
11,534
Danville & West
134,531
122,059
Georgia So & Fla 1,136,611
1,036,499
Hartwell............
10,633
10,014
Mobile A Ohio.. 5,413,469
4,792,738
Northern A la ...
218.098
293,463
Sou Uy Co In Miss
423,131
478,202
Tallulah Falls..
44.314
53,489
Virginia & S W.
501.314
579,604
Washington South
577,705
520,945
Western Ity of Ala a:395,069
X360.759
Yazoo & Miss Vail. 4,785,216
4,533,036
128 other road s... 5,235,999
4,541,357
Total (172)------- 109,385,315 146,340,007

THE CHRONICLE
1910.

s

248,820
141,063
250,201
5,927,220
81,543
203,953
1,301,839
190,723
5,874,054
1,893,392
78,683
1,273,512
441,925
41,918
345,649
102,470
6,993,617
149,758
160,493
1,657,137
608,277
356,413
2/278,779
540,262
6,818,723
582,625
3,657,359
8,531,748
719,112
631
25,423
28,913
796
56,181
191,511
2,272
1,569,503
95,478
75,179
16,348
146,614
250,291
199,865
1,061,264
1,518,541
54,590,678

—Net----1909.

$

138,291
98,651
95,186
5,209,308
48,523
17,988
1,404,165
163,429
4,957,138
1,468,259
70,411
1,209,488
249,126
10,410
235,858
48,603
7,344,584
94,443
127,782
1,361,914
470,534
def. 4,253
1/213,106
486,239
5,689,926
459,122
3,051,258
7,596,110
557,038
def. 175
19,154
21,342
1,358
48,233
277,501
2,718
1,519,341
53,670
32,708
def. 1,808
113,446
208,490
X82.072
742,886
1,159,462

+ 110,529
+ 42,412
+ 155,015
+ 717,912
+ 33,020
+ 185,965
— 102,326
+ 27,294
+ 917,516
+ 425,133
+ 8,272
+ 64,024
+ 192,799
+ 1,508
+ 109,791
+ 53,867
— 350,967
+ 55,315
+ 32,711
+ 295,223
+ 137,743
+360,666
+ 65,673
+ 54,023
+ 1,128,797
+ 123,503
+ 606,101
+ 935,638
+ 162,074
+ 806
+ 6,269
+ 7,571
— 562
+ 7,948
— 85,990
— 446
+ 50,162
+ 41,808
+ 42,471
+ 18,156
+ 33,168
+ 41,801
+ 17,793
+ 318.378
+359,079

47,183,035

+7,407,043

-----------Gross------------------- Net----Groups VI. & VII.
1910.
1909.
1910.
1909.
Northwest.
$
$
3
$
B A O Chic Term. .
674,710
519,316
66,007
17,992
Belt Ry of C h ic...
982,880 1,016,325
143,423
393,162
Butte Anac & Pac.
606,568
621,776
145,341
154,983
Chicago & A lton..
6,158,521 5,801,467
1,861,332
2,182.456
Chicago & East 111.
5,731,630 4,911,668
1,674,310
1,736,988
Chic A North West 35,010,493 30,645,341
9,527,206
9,168,466
Chic Burl & Quincy 42,458,898 37,010,034 11,138,319
9,554,743
Chic Great W est..
6,124,716 4,987,125
1,182,906
577,363
Chic Mllw & St P ..
30,934,306 27,389,665
9,005,943
8,696,953
Chic Peoria & St L
j/709,587 ;/622,711
1/73,690
1/41,887
ChStPM inn AOm
7,304,182 6,386,911
2,440,834
1,979,048
Chicago Southern.
259,624
165,934
120,002
70,786
Copper Range----i/279,650
2/278,769
1/80,539
1/84,297
Denv N W A Pac.
420,541
241,558
7,644 def. 45,275
Dul A Iron Range.
3,812,728 2,173,744
1,642,203
1,110,005
Dul Mlssabe A Nor
5,004,750 3,355,028
3,204,232
1,890,282
Duluth R L A Win
264,058
218,825
94,713
85,669
Duluth So Sh A Atl
1,582,404 1,335,479
462,340
343,224
Elgin Joliet A East
4,671,812 3,559,531
1,461,154
1,404,692
Great Northern...
29,548,411 22,852,917
8,903,920
7.540,150
Green Bay A West
299,527
270,539
95,101
72,908
Illinois Central...
28,734,445 26,104,333
7,353,330
7,829,718
Indiana liar Belt—See N Y C , Group 3
Indianapolis South
502,359
430,759
123,020
88,923
Iowa Central........ 1,617,804
1,480,552
307,385
184,883
Kankakee A Seneca—See N Y C , Group 3
Mineral Range----387,212
398,528
15,196
37,404
2,279,438 1,893,325
Minneapolis A StL
539,214
442,404
M ln n S tP A S S M
6,685,017 5,456,474
2,763,324
2,112,573
Minn A Internat..
427,589
315,741
110,677
110,600
Morris Terminal—See Rock Island, Groups 8 A 9
Northern Pacific.. 34,454,115 30,815,571 11,272,086 12,078,198
Peo A Pekin Union
432,591
401,807
82,344
122,215
Quincy Ora A I( C
418,436
378,686 def. 12,771 def. 16,569
St Jos A Grand Isl.
767,146
700,399 def. 123,070
111,626
StP A DesMolnes R
250,935
210,640 •def.
‘ 4,308
44,527
Toledo Peo A West
576,358
513,989
94,068
65,652
Union Pacific........ 24,467,059 21,465,362 10,693,830 10,333,705
Ore R R A Nav Co—See Group 10
Ore Short Line—See Group 10
Wisconsin Central. 4,617,497
3,617,759
1,573,129
1,016,222
82 other roads___
4,226,361
3,691,526
1,123,660
1,036,488
Total (118)........ 293,684,358 252,240,144 89,242,273 82,659,348
--------------Gross-------------------- Net---Group VIII A IX .
1910.
1909.
1910.
1909.
Southwest.
S
S
S
s
AtchTop A S F e .. 43,646,482 38,843,107 14,627,295 16,171,389
East of New Mex—See Group X .
Gulf Colo A S F e
5,491,801 5,539,915
391,695
1,121,976
Pecos A Nor Tex
802,833
742,659
221,291
319,316
Pecos River----31.984
33,814
def2.965
def2,064
S F Pres A Phoen—See Group X .
Sou Kan of Tex.
758,107
725,923
179,625
306,011
Beau Wharf A T
19,856
20,286
3,431
3,720
Grand Canyon—See Group X .
Texas A Gulf__
140,430
81,785
42,943
22,483
Colo A Southern.. 4,879,959
3,917,497
1,466,355
1,081,028
Col Sp A Cr Cr D
332,328
360,810
77,709
199,90-!
Ft W A Den Cy. 2,432,365
2,284,188
879,738
623,462
Wichita Valley.
359,770
320,044
90,265
113,914
Trln A Brazos V
881,186
820.321 defl33,112 def 127,466
Colo A Wyoming..
469,942
383,750
211,362
166,677
Colorado Midland.
1/846,228
1/893,958
2/78,885
2/125,664
Denv A Rio Gran. 11,192,660
9,917,814
3,566,654
2,589,802
Ft Smith A West.
269,106
267,343
def7,365
def39,212
Intern A Grt Nor. 4,036,459
443,653
3,745,184
307,336
K C Mex A Orient.
875,676
745,320
def31,666
29,072
Kansas City South 4,995,891
1,718,737
4,359,406
1,682,950
Louisiana A Arkan
683,677
616,338
273,660
237,680
La Ry A Nav C o..
748,474
594,213
187,606
47,839
Midland V alley...
661,099
485,549
188,413
86,777
Miss R A Bonne T .
431,201
330,554
146,298
81,380
Mo A Nor Arkan..
421,305
277,132
13,161
19,428
Mo Kan A Texas.. 12,402,505 11,508,546
2,416,523
3,144,604
Mo P A Brch Lines 25,949,046 22,324,436
6,762,604
4,914,624
Rio Grande South.
293,662
254,142
86,679
61,059
Rock Island—
Ch R I A El Paso
513,167
430,051
219,064
210,061
Chic R I A Gulf. 1,417,500
1,506,135
366,088
565,633
Chic R I A Pac. 29,559,169 27,370,339
6,479,996
8,123,152
Morris Terminal.
2,802
2,371
def 14
1,201
St Louis A S F r.. . 18,569,080 17,274,793
5,971,333
6,802,451
Ft W A Illo Gr.
488,871
575,549
115,091
215,265
Paris A Gt North
80,692
71,283
29,402
29,961
St L S F A Texas
396,131
„„
330,877
def38,845
def14,039
Chic A E Ili--See Groups VI. A VII
Evansv A T II—See Group III.
St L Brown A Mex
905,592
741,501
201,494
252,640
St L I Mt A Sou—Included In Mo Pac.
St L Mer Bdge Ter
897,031
659,828
290,524
193,771




Inc. or Dec.
§

Inc. or Dec.

8

+ 48,015
—249,739
—9,642
—321,124
—62,678
+358,740
+ 1,583,576
+ 605,543
+ 308,990
+31,803
+ 461,786
+ 49,216
—3,758
+ 52,919
+ 532,198
+ 1,313,950
+ 9,044
+ 119,116
+ 56,462
+ 1,363,770
+ 22,193
—476,388
+34,097
+ 122,502
—22,208
+ 96,810
+ 650,751
+ 77
—806,112
—39,871
+3,798
—234,696
—48,835
+ 28,416
+360,125
+ 556,907
+ 87,172

--------------Gross1010.
1909.

19 10.
Inc. or Dec.
1909.
8
S
5
St Louis Southwest 3,502,274 3,187,582
1,306,333
1,167,954
+ 138,379
St L S W Ry of Tex
1,691,009 1,613,491 def374,577 dot 194 ,271
— 180,306
San Ant A Aran P 2/1,485,076 2/1.384,612
2/278,660
2/250,527
+22,133
Southern Pacific—
AtlantlcSS Lines x2,137,824 x l,943,711
X185.739
xl66 ,072
+ 19,667
Corvallis A E —See Group X .
Galv liar A S A .
5,136,454 4,668,765
1,290,020
1,100,197
+ 189,823
H ousATexCent 2,466,292 2,557,051
321,613
349,673
—28,060
H o u sE A W T e x
610,408
600,340
172,423
175,961
—3,538
Iberia A Vermll.
26,435
21,393
5,483
5,202
+281
Lake Charles A N
67,984
34,413
29,607
7,814
+ 21,793
Louisiana West.
945,371
971,663
294 ,865
430,131
— 135,266
Morgan's La A T 2,184,956 2,043,590
631,182
617,634
+ 13,548
Pacific Sys—See Group X .
Texas A New Orl 1,833,067
1,703,211
437,141
314,784
+ 122,357
Ter RR Assn St L . 1,288,624
1,132,186
488,470
498,721
— 10,251
Texas A P acific... 7,430,676 0,618,168
1,442,574
1,140,819
+301,755
Texas Central___
459,229
507,501
108,391
26,889
+ 81,502
2/563,643
2/555,280
Vicks Shrev A Pac
2/133,251
2/116,633
+ 16,618
126 other roa d s...
6,053,159 5,270,023
1,393,444
923,647
+ 469,797
55,678,226

50,703,840

— 1,025,614

------------- Gross1010.
1909.
S
S
476.360
480,874
2/282,130
2/224,583
471,814
541,964
3,863,784
3,857,007
175,371
132,7 87
331,512
141 ,745
2/631,473
2/487,630
1,423,348
1,320,208

Group X .
1910.
Inc. or Dec.
1909.
Pacific Coast.
$
$
8
Arlz A New Mexico
277,230
341,410
—64,180
Astoria A Cotum R
2/97,190
y 47,7 12
+ 49,478
East of New Mex..
92,940
221,997
— 129,057
El Paso A S W Co.
1,57 3,752
1,013,311
—39,559
Grand Canyon___
56,262
58,108
—1,846
Idaho A Wash Nor
117,572
+ 97,212
20,36)
Nevada Northern.
2/369,064
+77,628
2/291,436
Northwestern Pac.
365,258
278,092
+ 87,166
Union Pacific—
Ore RRA NavCo 7,071,811
5,501,457
2,411,151
2,373,622
+37,529
Ore Short Line. . 10,039,517
8,504,521
4,944,757
4,867,233
+ 77,524
For remainder of System, see 1roups VI. itEVII.
699,875
Oregon A Wash__
12,100
219,130
3,332
+ 215,798
San P L A A Salt L 1,991,979
3.954,166 def465,392
1,423,042 — 1,888,434
S Fe Pres A Phoen
752,198
676,140
360,880
325,436
+35,444
Southern Pacific—
Colum A Pug Sd
316, ,468
312,880
115,329
136,590
— 21,261
Coos B Rose A E
54, 853
73,072
7,071
17,015
— 9,944
Corvallis A East
149 ,815
127.965
46,692
43,315
+3,377
Pacific System. . 46,034 ,344 39,228,210 19,010,312 16,40 ),019 + 2,600.693
For remainder of System , see Groups VIII. A IX.
Spok A Inland Em
521 ,346
407,501
114,152
115,108
Spok Port A Seatt 2/1,505 403
2/626,971
2/475,309
2/190,403
+284,906
Spokane Internat.
539 985
321.360
182,035
79,725
+ 102,3 10
435 482
Sunset....................
174,122
359,551
127,167
+ 232,384
Tacoma Eastern. .
306 823
183.360
108,296
57,507
+ 50,789
Tonopah A Goldf.
393, 990
397,113
89,512
114,399
—24,887
41 other roads___ 2,858 570
2,911,994
804,618
981,064
— 177,046
Total (64).......... 81,328,251 70,599,796 31,732,671 30,137,603 +1,595,068
Grand total (820)1.338,344,306 1165299,494 402,780,814 369,346,929 +33,433,885
x These figures are for four months only In both years.
y These figures are for five months only in both years.

ITEMS ABOUT B A N K S, B A N K E R S A N D TR U ST CO’S.
— The public sales of bank stocks this week aggregate
152 shares, of which 120 shares were sold at the Stock
Exchange and 26 shares at auction. No trust company
stocks were sold. The table below, given in our usual form,
shows the actual sales of New York City bank stocks made
during the week at auction and at the Stock Exchange.
Extensive tables showing the bid and asked quotations,
deposits, surplus, &c., of banks and trust companies in all
important cities in the United States are published monthly
in the “ Bank and Quotation” Section, the September issue
of which accompanies to-day's “ Chronicle” . Bid and
asked quotations for all New York City bank and trust
company stocks are also published weekly in another depart
ment of the paper, and will be found to-day on pages 573
and 574.
Shares. B A N K S — New York.
*25 Commerce, Nat. Bank o f .

+6,582,925
Inc. or Dec.
S
— 1,544,094

[ VOL. L X X X A I

DOW.
204
184
100

High.
204
185 'A
100**

Close. Last
204
A ug.
185
Aug.
100
Aug.

previous sale.
1910— 200
1910— 185
1910— 100

* Sold at the Stock Exchange.

— The decision of the Treasury Department as to what
might constitute “ commercial paper” in accordance with the
—730,281
— 118,025 requirements of the Aldrich-Vreeland Emergency Currency
— 901 law was made known this week.
A definition of the term
— 126,386 was sought by the Chicago bankers, who have been holding
—289
in abeyance their plans for the organization of a national
+ 20,460
currency association until the disposition of several ques
+385,327
— >2,199 tions which have a bearing on the issuance of emergency
+256,276
—23,649 currency notes.
As previously pointed out, the law specifies
—5,646
+ 44,685 that “ the term ‘commercial paper’ (which may be used as a
—46,779
+ 976,852 basis for emergency currency) shall be held to include only
+31,847
notes representing actual commercial transactions, which
+ 136,317
—60,738 when accepted by the association shall bear the names of at
+35,787
+ 35,980 least two responsible parties and have not exceeding four
+139,767 months to run.”
The fact that single-name notes are so
+ 101,636
+ 64,918 largely in use among Western banks led to the matter being
—6,267
—728,081 brought before the Treasury Department for an opinion by
+ 1,847,980
+25,620 James B. Forgan, President of the Chicago Clearing-House
Secretary of the Treasury Franklin Mac+ 9,003 Association.
— 199,545 Veagh, in answer to Mr. Forgan’s query, has decided that
— 1,643,156
— 1,215 the requirements of the law will be fulfilled in the case of
—831,118
— 100,174 single-name paper by the maker’s name and the endorsement
—559 of the bank holding it.
W e give below the statement issued
—24,806
by the Treasury Department in the matter:
—51,146
+96,753

Mr. MacVcagh takes the ground that the ‘ ‘com m ercial paper” referred
to In the law as available collateral for additional currency Issued by banks
through national currency associations Is the class of paper which the

Se p t . 3 1910,

THE CHRONICLE

banks regard as com m ercial paper, and that single-name paper representing
actual com m ercial transactions and having not more than four months to
run could be used In order to obtain additional currency1If given the endorse
ment of the bank desiring such currency.
He believes that the “ tw onam e" requirement will be satisfactorily m et by the maker’s name and
the endorsement of the bank, that no paper held by the banks m ore certainly
represents "actu al com m ercial transactions” than the paper which Is now
known as "com m ercial paper” In all flnanclal circles, and that if any paper
was specifically In contem plation to be excluded It must have been paper
o f the accom m odation or fictitious character which Is conceived to be
m anufactured for the occasion.

— The plan of attaching validation certificates to order
notify bills of lading for export cotton in line with
the agreement reached in July at the conference of Traffic
Managers of the Southeastern lines, at White Sulphur
Springs, went into effect on the 1st inst. It is understood
that the new plan for safeguarding bills of lading, which was
fully set out in our issue of July 30, has been adopted by
practically all the roads engaged in handling cotton. A
meeting of foreign bankers who suffered losses early in the
year through the use of spurious bills of lading was scheduled
for yesterday (the 2d inst.) to consider the methods which
have been brought into play here to prevent a recurrence of
the irregularities disclosed. The attitude of the English
and Continental bankers was made known in July, when
they decided that beginning N ov. 1 they would decline to
accept drafts against bills of lading unless the genuineness
of the latter was guaranteed by the American banks. It is
now reported in the New York “ Journal of Commerce” that
in view of the failure to secure guaranties from the American
banks, certain English buyers of the bills have arranged
with a group of underwriters at Lloyds, London, for ihsuring them against any losses which might result through the
acceptance of spurious bills of lading. In this arrangement,
it is thought, the desired protection would be found. The
form of document under which this insurance would be had,
as given in the “ Journal,” is as follows:
$14901
London, 1st Sept. 1910.
T o W hom It May Concern:
Cotton Season 1910-1911.
S ir.— Tills Is to certify that the undersigned have effected Insurance on
cotton to cover any^loss Messrs__________________________ "SmayAIsustiiln
through accepting or negotiating forged or fraudulently Incorrect bills
of lading.
Limit o f Loss, One Shipm ent_____________ £ _________________________
, W e are, Sir,
Y our Obedient Servant,

563

of July 30, was formed in 1908, but, owing to the fact that
the by-laws had not been approved in the interval by the
Secretary of the Treasury, Col. Robert A . Lowry, President
of the association, recently reopened the question with the
Treasury Department, for the purpose of re-arranging for a
revision of its by-laws according to the Treasury require
ments. The officers who have been chosen for the reorgan
ized association are as follows: President, Col. Lowry, Presi
dent of the Lowry National Bank of Atlanta, G a.; Vice-Presi
dent, W . C. Bradley, Vice-President of the Third National
Bank of Columbus; Secretary, Joseph A . McCord, Vice
President of the Third National Bank of Atlanta; and Treas
urer, Col. W . R . Peel, President of the American National
Bank of Atlanta. The executive committee consists of
Percy E . May, President of the National Exchange Bank of
Augusta; J. H . Reynolds, President of the First National
Bank of Rome; C. E . Currier, President of the Atlanta Na
tional Bank; John K . Ottley, Vice-President of the Fourth
National Bank of Atlanta, and John J. Wilkins, President •
of the Georgia National Bank of Athens.
— The order of proceedings to be followed by the American
Bankers’ Association during the week of its annual conven
tion (Oct. 3-7) at Los Angeles has been announced. The
sessions of the general convention will be held on Tuesday
and Friday, Wednesday having been set apart for the annual
meeting of the Trust Company Section and the Organization
of Secretaries and Thursday for the deliberations of the
Savings Bank and Clearing-House sections. W ith regard
to the addresses to be delivered at the general convention,
Secretary Farnsworth reports that the program committee
cannot at this time announce in full the names of the speak
ers, except in the case of Dr. Benjamin Ide Wheeler, Presi
dent of the University of California, whose subject will be
“ The Banker as a Public Servant.” The arrangement of
the program in detail is as follows:

M O N D A Y , OCTO B E R 3.
General registration lor the Association, Trust Com pany, Savings Bank
and Clearing-House sections, and the organization o f secretaries at head
quarters hotel, the Alexandria.
Committee meetings In room s assigned at the Auditorium .
Meeting of the Executive Council, 2 o ’clock p. m ., in Choral H all, the
Auditorium.
Executive Council Banquet, 7 o ’clock p. m ., at H otel Alexandria, ten
dered by the Clearing House and the affiliated banks of Los Angeles.
T U E S D A Y , OCTO B E R 4.
Insurance Brokers.
First Day's Session.— Convention called to order at 10 o ’clock a. m. b y
It is stated that a very low rate for assuming the risk would the President, Lewis E. Pierson.
Invocation b y R ev. Robert J. Burdette, pastor emeritus, Tem ple Baptist
be made by the insurance companies, whereas in the case of
Church of Los Angeles.
the American surety companies, which had considered plans
Addresses of welcom e:
H on. James N. Glllett. Governor of California.
for guaranteeing cotton bills of lading, the proposed rates had
H on. George Alexander, Mayor of Los Angeles.
been prohibitive.
W . H. H olliday, President of the Los Angeles Clearing House Associa
The Cotton Bills of Lading Committee of the American
tion.
Response to addresses of welcom e:
Bankers’ Association has issued to the private international
George H. Russel, Detroit, M ich., ex-Presldent of the Association.
bankers interested in cotton bills the following communi
Annual address of the President— Lewis E. Pierson, New York City.
cation:
m
Annual R eport of the General Secretary— Fred. E. Farnsworth, New York
“ The undersigned, acting as a com m ittee of the American Bankers’ Asso City.
Annual report of the Treasurer— P. C. Kauffm an, Tacom a .W ash.
ciation and appointed to negotiate with railroad officials for the purpose
R eport of the Auditing Committee.
of procuring safeguards for bills of lading, desire to state to the bankers
Annual R eport of the General Counsel— Thom as B. P aton, New York
purchasing cotton bills that practically all the railroads carrying cotton
.
arc arranging to issue In connection with the through order notifying City.
Annual
report of the Executive Council— W illiam Livingstone, Chairman,
bill of lading covering export cotton, the validation certificate as agreed
with the railroads at W hite Sulphur Springs July 19 1910.'>3
irSSH • Detroit, Mich.
Annual report of the Standing Protective Com m ittee— Fred. E. Farns
“ Our com m ittee has notified b y cable the com m ittee of foreign bankers
that the banks represented on this com m ittee and others will not give the worth, Secretary.
Adjournm ent at 1 o ’clock.
guaranty requested b y them, and on A ug. 9 we addressed a letter to that
com m ittee giving them a full explanation of the work done b y the American
Afternoon Session.— Reports of various com m ittees.
Bankers’ Association to safeguard the bill of lading and explaining why
Addresses.
guaranties should not be given and also the value of the validation certifi
Practical Banking Questions: Discussions.
'
cate, and Inviting them to com e to New York for conference, If they
Evening.
deem It necessary. This letter has been acknowledged and will be con
Grand reception and ball at the Shrine Auditorium.
sidered by them at a meeting to be held Sept. 2 1910.
W E D N E S D A Y , OCTO B E R 5.
" I n order to facilitate the work of ourcom m lttce, we would be obliged If
Trust Company Section.
you will request your Exchange brokers to com m unicate to their corres
Organization of Secretaries.
pondents throughout the South that the railroads generally have agreed
• E n t e r ta in m e n t .
to Issue validating certificates, and on and after the first day of Septem ber
Trip to Catalina Islands, where a barbecue will be given.
you will require them on all bills of lading accom panying all cotton bills
Autom
obile
ride
to
Pasadena.
you negotiate. W e believe after the validation certificate system has
Evening.
been In operation, and Is thoroughly understood by forclgnbankcrs, Its Im
Theatre
portance will be appreciated by and will becom e acceptable to them .
'
T H U R S D A Y , OCTO B E R 6.
" W e hope you will be able to com ply with our request.
Savings Bank Section.
"V ery truly yours,
Clearing House Section.
“ W A L T E R E. F R E W , Chairman,
Entertainment.
“ JOSEPH T . T A L B E R T ,
Trip to Catalina Islands, where a barbecue will be given.
“ G IL B E R T G. T H O R N E ,
Autom obile ride to Pasadena.
" F . I. K E N T,
Evening.
"W IL L IA M H . P O R T E R ,
Theatre.
Second annual dinner of the Council Club at H otel Alexandria.
" P . S .— W e will forward to you In a few days a sample cop y of the
St. Louis Southwestern Railway Com pany’s export cotton bill of lading
F R ID A Y , OCTO B E R 7.
with validation certificate attached, and a cop y of the Instructions of that
Second D ag’s Session of the Association Convention.— Convention called
road to their agents showing the conditions under which they will be to order at ten o ’clock a. m. by the President, Lewis E. Pierson.
Invocation by R ev. Charles E. Locke, pastor First Methodist Church of
Issued.”
Angeles.
— The Atlanta National Currency Association on August LosAnnouncements.
18 took action toward changing its name to the Georgia
Reports of com m ittees.
Action on amendments to constitution.
National Currency Association, the decision having been
Invitation for next convention.
made to include in its membership national banks throughout
Addresses.
the State. The Atlanta Association, as noted in our issue
Adjournm ent at 1 o ’clock.




56 4

THE CHRONICLE
A fte r n o o n .

R oll call of States.
Addresses.
Unfinished business.
Reso utlons.
R eport o f com m ittee on nominations.
Action on same.
Installation of officers.
Adjournm ent.

The meeting of the new Executive Council will be held
immediately following the adjournment of the convention
should it adjourn at a reasonable hour; otherwise at 8
o’clock p. m.
— The program for the annual meeting of the Savings
Bank Section of the American Bankers’ Association was also
made public this week by its Secretary, William Hanhart.
As indicated above, this section will convene on Thursday,
Oct. 6, and will hold its sessions in the Auditorium. The
program follows:
1. Meeting called to order by President Creer at 10 a. m.
2. Prayer by R ev. Hugh K . W alker, pastor Immanuel Presbyterian
Church, Los Angeles.
3. Address of welcom e by J. D. R adford, Vice-President German-Ameri
can Savings Bank, Los Angeles.
4. Annual address b y the President.
5. Report of Chairman of the Executive Committee.
6. Report of Secretary.
7. R eport of Comm ittee on Postal Savings Banks.
8. R eport of Comm ittee on Savings Bank Laws.
0. R eport of Comm ittee on Auditing.
10. R eport of Com m ittee on M em biriilp.
11. Address: "T h e Building and Loan Movement in the United States,”
b y James M. M cK ay, President of the United States League of Local Build
ing and Loan Associations, of Youngstow n, Ohio.
12. "Segregation of Savings Deposits” : (a) Address by J. H..Johnson,
President Peninsular Savings Bank, Detroit; (6) address by R . M. W elch,
Secretary California Bankers’ Association, San Francisco.
13. Address: “ T h rift,” by R ev. R obert J. Burdette, Pastor Emeritus.
Temple Baptist Church, Los Angeles.
14. “ Bonds for Savings Banks”
(a) “ Am ortization of B onds,” address by John Harsen Rhoades of
Rhoades & C o., New York.
(W “ The Future of B onds,” address b y Edmund D . Fisher, Deputy
Comptroller of the City of New York.
15. Address: "S chool Savings Banks,” b y Newton F. H awley, Treasurer
Farmers & Mechanics’ Savings Bank, Minneapolis, Minn.
10. Open Discussion.
17. Nominations and elections.
18. Installation of officers elected.
19. Adjournm ent.

[ VOL. L X X X X I .

— George E . Roberts of Chicago is again to become Director
of the United States Mint. His appointment to the office
to succeed A . Piatt Andrew, who recently became Assistant
Secretary of the Treasury, was announced on the 31st ult.
Mr. Roberts had served as head of the Mint for nearly ten
years, having held the office from 1898 to August 1907,
when he retired to take the presidency of the Commercial
National Bank of Chicago, which had become vacant
through the death of James I I . Eckels. Mr. Roberts con
tinued as President of that institution until its recent consoli
dation with the Continental National Bank.
— Resolutions have been adopted by the bankers of
Columbus, Ohio, denouncing the state of disorder which
has grown out of the street car strike which is in progress
there. In full the resolutions read as follows:
“ The strike o f a part of the Columbus Railway & Light Co. em ployees,
accom panied by violence, disorder and the use o f the b oycott, has developed
conditions In Columbus that have becom e Intolerable to all good citizens.
“ Therefore, we, the undersigned, declare the following principles:
"F irst— The preservation of law and order, the surest safeguard of
true liberty.
“ Second— Equal rights to all.
“ Third— W e denounce the b oycott as tyrannical, un-American and
brutal.
“ Fourth— The right to take em ploym ent or leave It.
"F ifth — The right to use the street cars as a means of transit without
molestation, hindrance or Intimidation.
“ It Is no longer a question of opinion as to the merits of either side In the
present controversy, but a question of personal liberty and public safety,
and we urge all law-abiding citizens to stand firm for law enforcement and
the Immediate abatement o f the conditions that now exist.”

— The new Texas Commissioner of Banking & Insurance,
Frederick C. von Rosenberg, has issued a statement, under
date of the 20th inst., again bringing to the attention of the
State banks the rules to be followed when loans in excess of
2 5 % of their capital are made by banks and trust companies
upon the security of cotton and cotton-seed products. Mr. von
Rosenberg’s instructions are contained in thefollowingletter:
Section 69 of the State Banking Laws, Digest of 1909, reads as follows:
"A ll State banks and trust companies shall be permitted to loan upon or
discount commercial business paper secured by lien upon cotton and cotton 
seed products to the same extent and upon the same conditions as Is now or
m ay be provided for national banks under the laws o f the United States.”
In a letter to a State banker making Inquiry upon the subject, the Com
missioner of Insurance and Banking ruled that, In view of this provision of
the new law, which became effective A ug. 9 1909, State banks and trust
companies m ay make advances to one person, firm or corporation upon the
security of cotton and cotton-seed products In excess of 25% of the capital
stock of the bank or trust com pany In either of the following ways:
First: A bank or trust com pany m ay discount or cash drafts drawn by the
sellers of cotton or cotton-seed products on the purchasers thereof for
the purchase price, such drafts having attached thereto bills of lading or
warehouse receipts for the com m odity purchased. Those drafts may be
carried In this way during the time the com m odity Is being compressed, or
assembled or stored for shipment, or until It Is sold a second time and the
original buyer has authority to draw another draft against the new pur
chaser. This second draft m ay then be carried by the bank or trust com 
pany In lieu of the first draft Issued until paid by the purchaser and the
transaction closed. Advances made In this way must be by the discount
of drafts drawn by a seller against a buyer.
Second: A bank or trust com pany m ay also discount notes given by the
purchaser of cotton and cotton-seed products to the seller for the purchase
price thereof; that Is, a buyer desiring to secure an advance In excess of the
loan limit to be used In purchasing cotton or cotton-seed products may give
his notes In payment for the com m odities to the persons from whom they
are purchased, and such notes m ay be discounted for the sellers, when en
dorsed by them and accom panied by warehouse receipts assigned to the
bank or trust com pany.
This ruling Is based upon a letter received from the Comptroller of the
Currency construing the National Banking Law bearing upon the subject,
and all the State banks and trust companies have been notified of the rul
ing b y circular letter.
F R E D E R IC K 'C . VON R O S E N B E R G ,
Commissioner of Insurance and Banking

— The application for an injunction to restrain the State
officials from enforcing the new law governing the business
of private bankers in New York State was denied by Judge
Lacombe in the United States Circuit Court on Aug. 31.
This law, which went into effect on the 1st inst., requires
that those to whom it is applicable must, among other
things, secure a license from the State Comptroller, de
positing with him S10,000 in money or securities and fur
nishing a surety bond for the faithful holding of moneys
deposited with them. The motion for the injunction to
prevent its enforcement was sought in two suits brought to
test its validity. One of these actions, to which we referred
Aug. 13, was begun by Morris Engel, of the private banking
firm of Engel & Eckert, of 129 Greenwich St., this city, who
in his petition contended that the law was “ illegal and void
because in contravention of the Fourteenth Amendment
of the United States Constitution,
. . .
in that it im
pairs contract rights and attempts to regulate and impose a
tax upon inter-State and foreign commerce.” The other
action, which was disposed of at the same time, was insti
tuted by Samuel Kohan. In his decision in the matter
— The Continental & Commercial National Bank of
Judge Lacombe said:
Chicago serves as reserve agent for over a thousand banking
These causes were argued on Aug. 24 and the briefs reached the Court on institutions.
A list of the banks for which it acted in that
Aug. 27. The sole question raised Is as to the Constitutionality of Chapter 348
o f the law of 910, which it Is contended violates the Constitution of the capacity, under date of Aug. 4, was supplied in the Comp
United States. That Act goes Into eirect on Sept. 1, and It is asked that de troller’s Bulletin of the 15th ult., the aggregate at that time
cision be rendered not later than Aug. 31. The briefs are voluminous, with re
being 1,354; and the bank has since been approved as reserve
ferences to m any authorities, and the time Is too short to write an elaborate
The number of banks
opinion discussing the points Involved. The arguments have been care agent for several other institutions.
fully considered and the more Important authorities cited have been re in each State for which the Chicago bank was given as agent
ferred to. The following brief statement of conclusions is all that can be
in the list referred to is as follows: Alabama, 10; Arizona, 5;
prepared In time to accom pany the decision:
1. The objection that the statute requires live years’ residence In the Arkansas, 5; California, G8; Colorado, 20; Connecticut, G;
United States Is one which cannot be availed of by either of these com plain Delaware, 1; District of Columbia, 4; Florida, 7; Georgia, 7;
ants, both of whom have been residents for a much longer time.
2. As to the contention that the statute confines the issuing of a license Idaho, 16; Illinois, 197; Indiana, 91; Iowa, 154; Kansas,
to the arbitrary discretion of the Comptroller, it Is sufficient to say that 38; Kentucky, 17; Louisiana, 7; Maine, 1; Maryland, 10;
Its terms m ay be construed either way; that Is, as giving such officer the Massachusetts, 15; Michigan, 57; Minnesota, 111; Mississippi,
power capriciously to refuse a license, or as giving him the power to refuse
15; Missouri, 28; Montana, 27; Nebraska, 7G; Nevada, 1;
only In the honest exercise of a reasonable discretion. In the absence of
a decision by the State Court of last resort, construing the language of the New Jersey, 9; New Mexico, 7; New York, 19; North Caro
statute, It must be assumed that the latter Is the correct Interpretation, lina, 7; North Dakota, 30; Ohio, 38; Oklahoma, 17; Oregon,
because otherwise the Act would be unconstitutional, and It must be as
sumed that the Legislature intended to keep its enactments within the limits 25; Pennsylvania, 48; Rhode Island, 5; South Carolina, 1;
llxed by the Constitution.
South Dakota, 59; Tennessee, 13; Texas, 41; Utah, 5; Ver
3. I am not persuaded that there Is anything unreasonable In the classiflmont, 1; Virginia, 8; Washington, 23; West Virginia, 4;
I cation based, not on the volume of business done, but on the a m o u n t of
Wisconsin, 86, and Wyoming, 14.
ndlvldual transactions; there m ay be good reason for providing special
and greater safeguards for those small depositors who presumably are with
out sufficient means to safeguard themselves.
4. I am not satisfied that the business regulated by the A ct Is Inter-State
com m crce.




— After several postponements the first public hearing
of the committee appointed to investigate legislative corrup
tion in New York State has been set for Sept. 7.

S ept . 3 1910. |

H IE CHRONICLE

— Acting Governor Jay Bowerman of Oregon has issued to
the State Bank Examiner notice to the effect that banks
will not be permitted to include in their assets securities of
concerns which they are promoting and whose foundation is
more or less in question. With regard to his stand, Mr.
Bowerman says:
“ This, of course, will have no effect on present stocks In the banks. I
have no desire to cause a shake-up In banking circles, but as long as I
am In the executive office It will be my intention to sec that depositors In
Oregon banks arc thoroughly protected against speculation of this nature.
I have never believed In that style of banking. Where there Is a stock
that has a permanent and llxed value and pays a regular dividend, this
rule will, of course, not be In effect.
"Hut where the banker Is actively Interested In promoting the affairs
of some concern which has a more or less shaky foundation and attempts
to use the stocks of that concern as an asset, the State Hank Examiner has
been Instructed to require that banker to place money as the asset In lieu
of the doubtful stock security.
“ The depositor should have the privilege to Invest Ills own funds In this
class of Investment. In my opinion a banker has no right to gamble
his Judgment against the judgment of the depositor and take any profits. If
there are such, and cause the depositor to lose, if the stock proves to be
an unsatisfactory Investment.”

— Joseph E. Shoenberg, a Vice-President of the Broadway
Trust Co. of this city, died on the ‘28th ult. at Bad-Nauheim,
Germany. He was also President of the Schoenberg
Real Estate & Investment Co. and Vice-President of the
May Department Stores Co. Mr. Schoenberg was fifty-six
years of age.
— Lucius A. Cole, President of the National Lead Co. and
a director of the Seaboard National Bank of this city, died
at Carlsbad, Austria, on the 25th ult. Mr. Cole was in his
sixty-fourth year. He had been President of the Lead Co.
since 1896, and had previously been its Treasurer and
Vice-President. In addition to the above connections, he
was a director of the Assurance Co. of America, the Magnus
Metal Co. and the New Amsterdam Casualty Co.
— A schedule of the assets of the failed Union Bank of
Brooklyn Borough was filed August 20.
According to
the Brooklyn “ Eagle” it shows demand loans of $2,771,522;
time loans of $224,774; bills discounted of $1,906,164;
overdrafts, $8,809; stocks and bonds, $340,434; mortgages
owned of $373,782; real estate owned, $1,016,187; due from
banks, less offsets, $34,800; cash items and cash on hand,
$556,454; furniture and fixtures, $57,825, and suspense and
difference, $4,902. Of the demand loans, amounting to
$2,771,522, the “ Eagle” reports that $820,788 were to David
A. Sullivan, former President of the bank, F. Augustus
Heinze and E. II. Thomas. The loan to ex-Prcsident Sulli
van, it is stated, stands at $150,000. It was originally for
$190,000, and according to the “ Eagle” represented the
premium paid by him for the People’s Bank, which afterwardsj[became the People’s Branch of the Mechanics’ &
Traders’ Bank. It was reduced $40,000 out of the earnings
of the branch. It is claimed, the “ Eagle” reports, that the
note was discharged by the delivery and execution of eight
notes for $16,666 66, each made by one of the makers and
endorsers of the original note. The makers of these now
contend that the notes should be surrendered to them if the
payment of the $150,000 obligation be enforced. The
“ Eagle” also says:

565

— The City Bank of Bayonne, N . J., is reported to have
increased its capital from $50,000 to $100,000 and to have
created a surplus of $25,000. The bank began business in
January 1909.
— Ephraim Tomlinson has been elected Trust Officer of the
Camden Safe Deposit & Trust Co. of Camden, N . J ., suc
ceeding the late Benjamin C. Reeve. Mr. Reeve was also
Vice-President of the institution, but this office has not as
yet been filled. Mr. Tomlinson advances from the post
of Assistant Trust Officer.
— W ith regard to the acquisition two weeks ago of
control of the South Jersey Title & Finance Co. of Atlantic
City, N . J ., by the Marine Trust Co. of that city, we have
been favored with the following facts from an authoritative
source:
The South Jersey Title & Finance Co. was organized under the auspices
of the Atlantic Safe Deposit & Trust Co. about nine years ago. The
capital stock of the company Is 5100,000, 51% of which was retained by
the Atlantic Safe Deposit & Trust Co. About a year or so later Interests
friendly to the Fidelity Trust Co. of Newark, N. J., purchased*said 51%
together with other stock, amounting in all to 722 shares, paying therefor
5110 per share.
On Aug. 15th of this year the Marine Trust Co. succeeded In securing such
722 shares at the rate of $165 per share. Five hundred shares of the stock
secured have been allotted by option to the stockholders of the Marine
Trust Co. In the proportion of one share of South Jersey Title & Finance
Co. stock to two shares of Marine Trust Co. stock, at the rate of $175
per share.
It Is possible that should any of the stockholders of the Marine Trust
Co. neglect to exercise thelroptlon.the Marine Trust Co. will hold the stock
not taken when division of the stock Is Anally made. The Marine Trust
Co. will have In Its possession from two to three hundred shares of the
South Jersey Title & Finance Co. stock, which will be held as an Investment
It Is the Intention to continue the South Jersey Title & Finance Co. as a
separate organization, with offices In the new quarters of the Marine Trust
Co. The offices of the Marine Trust Co. are amply large to afford office
space for both Institutions. The relations between the Trust Co. and
Finance Co. will be of a cordial nature, and It Is more than likely that the
_____
personnel of the two boards wll be similar.

— In explanation of the methods pursued by Richmond
H . Ingersoll, late Treasurer of the York County Savings
Bank of Biddeford, Maine, which closed its doors on
Aug. 12, owing to an alleged shortage in its funds, Presi
dent Charles II. Prescott makes the following statement,
which we take from the Boston “ Herald” of the 19th ult.:
"H e (Mr. Ingersoll) states that the discrepancy In these accounts will be
found In Improper transfers from one account to another which he made for
the purpose of concealing losses by the bank and which did not amount
originally to as much as the present discrepancy will be found to be, for
the reason that he has since been adding to the deposit account on the
general ledger at the bank an amount every six months equal to the divi
dends as shown by that account, while he has been entering on depositors’
Individual accounts the true dividends to which they were respectively
entitled, Ihus Increasing the discrepancy every six months.”

It is reported that Bank Examiner Skelton estimates the
shortgage at from $300,000 to $350,000, these figures being
based on a discrepancy between the trial balance drawn by
former Treasurer Ingersoll on Aug. 6, which showed deposits
of $1,194,290 (whereas, it is stated, the amount should have
been $1,544,290), and the book value of the assets of
$1,287,717.
— A merger of the Queen City Savings Bank & Trust Co.
of Cincinnati with the Provident Savings Bank & Trust Co.
of the same city has been effected. The transfer was made
under negotiations concluded by the directors of the two
institutions on the 24th ult., and ratified by the stockholders
It is reported in
It Is tills transaction upon which Is based the suit which President Grout of the Queen City Bank on the 30th.
commenced against Sullivan Just before the bank finally closed Its doors. the Cincinnati “ Enquirer-Sun” that the contract which has
It Is contended that Inasmuch as the makers of these notes were directors been entered into provides for the acquisition of all the
and were In a position to pass upon the soundness of the bank’s obligations
at least twice a year, when the regular examination of the bank’s assets were assets of the Queen City Bank by the Provident, which
made, they should now be held liable for that obligation.
assumes the deposits upon the following terms: first, that
There are two Heinze loans, it is reported; one an unsecured the assets are to be liquidated within one year from date;
note for $32,912; the other, originally for $220,000, was later and, second, that all moneys realized from the assets shall
reduced to $125,088, and is secured by 11,300 shares of be used, first, to reimburse the Provident for the deposits
United Copper, 4,000 shares of Davis-Daly, 2 shares of assumed by it and all necessary expenses in taking over and
Mercantile National Bank stock and $100,000 Ohio Copper liquidating the assets, and, second, all the balance realized
G% bonds. The E .'R . Thomas loan, for $512,788, is secured from the assets shall be distributed by the Provident to the
by several certificates of deposit on the Equitable Trust Co., stockholders of the Queen City pro rata, according to the
evidencing claims against others; by $150,000 Morning number of shares held by each. The Queen City Savings
Telegraph bonds; $381,000 Western Ice Co. 5s; $6 Lyons Bank & Trust was formed in 1905. Its capital had re
Beet Sugar bonds; $70,000 Brockville Westport & North mained unchanged at $500,000 since its organization. It
western bonds; 2,530 shares of Western Ice Co. and 500 started with a surplus of $100,000 and its surplus and profits
shares of Knickerbocker Ice Co. The bank closed its doors under last call of the State Banking Department were re
on April 5 last. It was a reorganization of the Mechanics’ & ported as $194,000. In its last statement (June 30 1910)
Traders’ Bank, which suspended in January 1908 and re the deposits were given as $2,040,093, and its total assets
as $2,733,975. A t the stockholders’ meeting this week a
opened under the new name in the following August.
— The projected Yonkers National Bank, of Yonkers, statement is said to have been made by President M. M.
N . Y ., which is preparing to begin business on Sept. 6, has Robinson explaining that the Banking Department had
secured quarters on Broadway in which extensive altera “ ordered the bank to remove three big loans which had been
tions are now being made. The officers chosen for the new in the assets for a long time, and not being quick assets the
institution are D. M. Hopping, President; Thomas F. Larkin, deal with the Provident Bank was m ade.” These loans,
Vice-President, and D . O. Freethy, Cashier. The bank has which, while not “ quick assets,” are considered as good
investments, are made up, it is stated, of $185,000 on the
been formed with $200,000 capital and $50,000 surplus.




566

THE CHRONICLE

[ VOL. L XX X XI .

Columbus New Albany & Johnstown Traction Co. of Co
lumbus, Ohio; the Anderson (Inch) Gas Co. for $292,000
and New York real estate for $200,000. The Provident
Savings Bank & Trust Co., which was established in 1900,
has a capital of $1,000,000, surplus and profits of $576,000
and deposits of about 5 y 2 million dollars.

— The “ Minneapolis Tribune” reports the purchase of a
large block of stock in the Security National Bank of that
city by James A . Patten at $350 per share. The bank has a
capital of $1,000,000. Mr. Patten is also said to have re
cently secured large holdings in the Northwestern National
Bank of Minneapolis, which has $3,000,000 capital.

— Howard H . Butler has resigned as Cashier of the State
Savings Bank & Trust Co. of Columbus, Ohio. Mr. Butler
has been associated with the institution since its organiza
tion in 1892, and the severance of his relations with it is due
to the fact that he is obliged to be absent in the West in the
interest of personal business affairs.

— The proposal to issue $1,000,000 of new stock by the
Fidelity Trust Co. of Louisville, K y ., to cover the shortage
brought about by the alleged peculations of August Ilopke,
late Assistant Secretary of the institution, was ratified by
the stockholders on Aug. 18. Through the new stock,
which is offered at par to shareholders of record Aug. 20,
the company’s capital will be raised from $1,000,000 to
$2,000,000. The stock is payable fifty per cent Septem
ber 6 and the remainder on time, with interest. The
arrest of Ropke on July 11 on the charge of embezzling
$6,070 of the institution’s funds has previously been referred
to in this department. Early accounts reported the loss as
$1,340,000. It is now stated in the Louisville “ CourierJournal” that the amount which the accused official is
alleged to have appropriated to his own use is $1,401,543.
It is further stated, however, that through the sale of
Ropke’s holdings in stocks and various enterprises, the com
pany has recovered $200,976. Besides this, the surety com
pany which went on his bond will pay over to the bank
$10,000, thus reducing the net loss to $1,190,567. The
trust estates of the institution were kept separate from its
other business and are said to have been found intact.

— The shareholders of the National City Bank of Grand
Rapids, Mich., on Monday last approved the proposition to
enlarge the capital to $1,000,000, the amount under which
the Consolidated Grand Rapids-National City Bank will
start. The capital of the institution had previously been
reduced from $600,000 to $500,000, to make it equal to that
of the other uniting bank, the Grand Rapids National.
The stockholders of the latter will meet on September 26 to
place their institution in voluntary liquidation. The
consolidation is expected to be completed by October.
— The official staff under which the Fletcher-American
National Bank of Indianapolis will begin business on Sept. 6
was chosen at a recent meeting of the directors of the two
consolidating institutions— the Fletcher National and the
American National. The officers will be as follows:
Stoughton A . Fletcher, President; John Perrin, Chairman
of the board; Evans Woollen, Vice-President and Counsel;
W . A . Hughes and Charles Latham, Vice-Presidents; H . A .
Scholtzhauer, Cashier; Theodore Stempfel, Ralph Iv. Smith,
O. W . Minesinger, G. H . Mueller and Oscar P. Welborn,
Assistant Cashiers. Mr. Fletcher is President of the Fletcher
National and Mr. Perrin President of the American. The
directorate of the consolidated institution will be composed
of John Perrin, Stoughton A . Fletcher, Henry C. Atkins,
F . M. Bachman, II. Bates, H . Bates Jr., James I. Dissette,
Hugh Dougherty, W . A . Hughes, Charles Latham, F. W .
Lewis, Gustav H . Mueller, William F. Piel, Joseph C. Schaf,
Henry Severin, Ralph K . Smith, Ferdinand Winter and
Evans Woollen. The consolidation will be ratified by the
stockholders on the 31st inst.
— More than a year ago the Dime Savings Bank of Detroit
decided to change its name to the Bank of Michigan, and
an injunction restraining the use of the new title was obtained
by the Michigan Savings Bank, the latter holding that in
asmuch as the two institutions were located on the same
street the similarity in names would result in both confusion
and loss to both institutions. Cleveland “ Finance” in a
recent issue states that the case was appealed by the Dime
Savings Bank, and the decision of the Circuit Court has been
reversed by the Supreme Court.
The decision of the latter
in part, as given in “ Finance ” says:
The decree Is reversed and a decree entered In tills Court dismissing the
bill with costs of both courts to the defendant. It may be stated In the
decree that It Is without prejudice to the right of the complainant to relief
If actual Injury and confusion shall result from the defendant’s use of the
proposed corporate name.

— A permit to organize the Cosmopolitan Bank of Chi
cago with $1,000,000 capital and $250,000 surplus has been
issued by the State Auditor of Public Accounts. The new
bank will virtually be a reorganization of a private insti
tution which has conducted business for a year at 155 Wash
ington Street under the name of the Cosmopolitan Bank.
St. Lawrence Chandler will be Cashier of the reorganized
bank.
— A dividend of 5 % has been declared in favor of the
creditors of the First National Bank of Mineral Point, Wis.
It is stated that this distribution will bring the total pay
ments up to 4 0 % . The bank suspended October 12 1909.
— A “ Wisconsin Bank Directory” , prepared by the
Wisconsin National Bank of Milwaukee has been issued in
which are shown all the Wisconsin national and State banks,
alphabetically arranged as to place, with the list of officers in
each instance, and the principal items in their statements
of June 30 1910. The Wisconsin National itself reports on
that date deposits of $17,914,496, this including deposits of
banks, bankers and trust companies amounting to $ 5 ,
177,210. The capital is $2,000,000, surplus and undivided
profits $1,256,721 and aggregate resources $22,910,204.
The officers of the bank are L. J. Petit, President; Frederick
Hasten and Charles E . Arnold, Vice-Presidents; Herman F.
W olf, Cashier; L. G. Bournique, W . L. Cheney and Walter
Hasten, Assistant Cashiers.
I




— The proposal to reduce the capital of the Virginia Bank
& Trust Co. of Norfolk, V a ., from $600,000 to $100,000
was approved by the stockholders of the institution on
Monday last, August 29. At the same time a dividend of
$100,000 was declared out of surplus and undivided profits.
As stated in our issue of August 20, the management has
taken steps to organize a new Federal institution under the
name of the Virginia National Bank, and the two organiza
tions are to be operated jointly.
— The Royal Bank of Canada (head-office Montreal), which
has had an agency in this city for over eleven years, opened
a branch September 1st in London, England, where it
has secured extensive quarters at No. 2 Bank Buildings,
Princes S t., E . C., opposite the Bank of England. The
Royal Bank lately concluded arrangements for the purchase
of the Union Bank of Halifax, which it will absorb on
November 1, the transaction serving to give the Royal
total assets of nearly $100,000,000. After taking over the
Union Bank, the Royal Bank will have, in addition to
neraly 180 branches in Canada from the Atlantic to the
Pacific, 11 branches in Cuba, 2 in Porto Rico and branches
at Nassau, Bahamas, Port of Spain, Trinidad and Kingston,
Jamaica. The Royal Bank is to issue 12,000 new shares
of stock, which will go to the shareholders of the Union in
carrying out the merger, and it is reported that the Union
has this week issued to its shareholders a circular containing
an offer from an English syndicate of. $240 per share for
the stock in the Royal to which they become entitled. A list
of the Royal shareholders shows a number of Americans as
large owners of stock, including Geo. F. Baker, C. Ledyard
Blair, James A . Blair, John B. Dennis, Edgar L. Marston,
S. H . Voorhees, John J. Mitchell of Chicago and the Estate
of Marshall Field. There are also a large number of English
shareholders.
Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of August 1910 show an increase over
the same month of 1909 of 1 9 .3 % and for the eight months
the gain reaches 2 1 .4 % .
Eight Months.

August.

Clearings al—
1910.

1909.

Inc. or
Dec.

1910.

Canada—
S
$
S
%
Montreal___ 1 55,01 0, 0 0 0 141 4 4 8 ,1 5 8 + 9 . 6 ,3 4 1 ,6 7 2 ,
Toronto ----- 1 1 0 ,7 2 1 , 7 7 3 1 0 5 7 2 6 ,8 8 9 + 10.. , 0 1 2 / 5 0 ,
Winnipeg___ 7 2 ,5 8 8 , 0 7 0 4 6 7 9 6 ,4 0 1 + 5 5 .1 5 4 4 ,2 6 2 ,
Vancouver—
3 0 ,5 3 3 , 1 4 3 2 4 , 9 6 9 ,0 7 7 , + 4 6 .3 2 7 8 ,6 7 2 ,
Ottawa____
1 5 ,9 0 4 , 3 4 0 , 13 9 5 5 ,1 6 6 + 1 4 .0 1 2 6 ,7 7 6 ,
Quebec.........
1 0 ,5 7 0 , 3 3! 9 7 9 4 ,5 9 1 '
+ 7 .9
79 ,3 6 ! ),
Halifax........
8 ,2 8 1 , 1 3 7
9 6 0 2 ,2 0 7 — 1 3 .8
0 0 ,3 4 0 ,
7 ,9 0 4
Hamilton___
9 8 0 ,3 2 3 + 1 3 .2
6 3 ,9 9 7 ,
St. John........
7 ,3 7 6
3 3 6 ,0 0 0 ! + 1 0 .4
5 1 ,4 4 5 ,
Calgary........ 1 3 ,0 5 2
2 5 9 ,3 1 4 + 5 8 .0
0 4 ,9 2 3 ,
London ____
5 ,2 0 0
9 2 4 ,1 7 3
+ 5 .6
4 4 ,2 5 1 ,
Victoria........
8 ,8 6 5
7 1 8 ,0 8 0 + 5 5 .0
6 4 ,2 6 2 ,
Edmonton__
6 ,2 7 4 ,
5 0 0 ,1 0 1 + 3 9 .4
4 2 ,0 2 8 ,
Iteglna ____
Incl. In total
Brandon___
incl. In total
T o t . C a n a d a . d 6 4 , 2 7 2 ,3 5 5 3 8 9 , 0 1 1 ,1 4 3

1909.

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

Inc. or
Dec.
%
+ 1 7 .1
+ 1 1 .3
+ 3 6 .1
+ 6 9 .1
+ 1 2 .7
+ 5 .7
+ 5 .6

+ 21.0
+ 1 2 .1
+ 0 9 .6
+ 8 .9
+ 5 0 .6
+ 3 1 .6

Not Included In total
Not Included In total

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

+ 2 1 .4

The clearings for the week ending Aug. 27 make a satisfac
tory comparison with the same week of 1909, the increase
in the aggregate having been 2 3 .1 % .

Week ending August 27.
Clearings at—

Total Canada.

S
30,086,326
38,510 ,984
23,306,133
23,924 ,847
10,309,984
15,747 ,262
6,096,708
8,427 ,811
3,141,034
3,581 ,695
2,174,440
2,451 ,181
1,993,416
1,594 ,337
1,495,704
1,753 ,380
1,380,273
1,528 ,315
2,097,318
3,033 ,220
1,027,233
1,098 ,048
1,373,133
1,828 ,718
„ „„
929,675
1,700 .000
738 ,12HNot Included
453 ,430 Not Included

+ 2.6

+ 52.7
+ 38.2
+ 14.0
+ 12.7
—20.0
+ 17.2
+ 10.7
+44.6
+ 6.9
+33.9
+82.9
In total
In total

SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
77,654,931

Per
Cent.

St. Louis___
New Orleans.

$1,608,970,115
120,412,961
114,159,509
22,120,608
213,839,407
62,448,946
12,112,827

—25.6
—11.1
+ 10.0
+ 1.1
—8.3
—9.8
—4.2

Seven cities, 5 days.
Other cities, 5 days...

$1,719,695,343
420,107,418

$2,154,064,373
415,964,286

—20.2
+ 1.0

.....

$2,139,802,761
450,288,714

$2,570,028,659
476,918,105

—16.8
—5.6

—
Total all cities for week___________

$2,590,091,475

$3,046,946,764

—15.0

All cities, 1 day.

Southern Clearings brought forward from first page.
Eight Months.

August.
1910.

1909.

Inc. or
Dec.

1910.

1909.

Inc. or
Dec.

. 1909.

1910.

75,586,386

$1,196,335,998
107,063,790
125,573,162
22,369,102
200,414,350
56,333,709
11,605,232

New York..
Boston........
Philadelphia
Baltimore-..

!Aver.
Price

Actual
Value.

Aver. Par Value
Price or Quantity.

New York Stock Exchange each month since Jan. 1 in 1910
and 1909 is indicated in the following.

1909.

1910.

Actual
Value.

1

Clearings by Telegraph— Sales of Stocks, Bonds, &c. —
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
Clearings—Returns by Telegraph.
Week ending Sept. 3.

Eight Months 1909.

Eight Months 1910.
Par Value
or Quantity.

| 136,581,120
1,22488,446
St’kjSh’s.
\Val_ $11007,299,700 $10708,985,383 97.3 $12530,726,875 $12083,996,608 96.4
96.6
RR. bds. $403,907,500 $392,581,124 97.2 $907,547,100 $876,502,689
$363,618 107.5
$338,200
$323,102 106.61
$303,200
Gov’t bds
$26,604,876 100.3
$26,531,500
$33,238,286 99.7
$33,335,950
State bds.
$250,271 303.2
$82,550
$1,942,389 213.4J
Bank stks
$910,300
Total.. $11445,756,650 $11137,070,284 97.3 $13465,226,225 $12987,718,062 96.5

%

+ 28.0

85,411,374| +23.1

105,179,798

Descrip
tion.

Inc. or
Dec.

1909.

1910.
Canada—•
Montreal - ..........
Toronto ...........
Winnipeg______
Vancouver_____
Ottawa_______
Quebec...............
Halifax_______
Hamilton...........
St. John----------Calgary_______
London _______
Victoria ...........
Edmonton.........
Regina _______
Brandon______

567

THE CHRONICLE

Se p t . 3 1910.

M'th. Number 1
of
Shares.

Number
of
Shares.

Values.
Actual.

Par.

Values.
Actual.

Par.

S
$
%
$
Jan . 24,538,649 2,255,816,775 ?,236,641,564 17,275,500 1.609,551,575 1,550,409.801
1,082,075,181
1,142,192,700
12,337.199
1.407,743.928
1.423,073,275
Feb . 16,012,626
Mch. 14,988,179 1,336,803.725 1,327,476,419 13,650,595 1.240.583,900 1475,469.766
Istqr 55,539,454 5.015,693,775 4,971,861,911 43,263,294 3.992.328,175 3.807,954,748
April 14,089,639 1,279,487.675 1,256,488,974 19,055,618 1,719,193,800 1,647,943,217
May 11,918.978 1,055.491.350 1,004.681,480 16.495.230 1,478.017.600 1,410.748.014
June 16,292,870 1.452,455.025 1.385,474,622 20.322.230 1.882.256,850 1,815,478.974
2d qr 42.301.4873.787.434,050 3,646,645,076 55,873,078 5.079.468.250 4.874,171.105
6 m’s 97,840.941 8,803.127,825 8,618,506,987 99,136,372 9,071,796.425 8.682,125,853
1,191.292.400 1.100,402,461
Julv 14.254.713 1,284.761,925 1,235.461,645 12.806,965 2.267.638,050
2,301,468,294
Aug. 10,392,788 919.409,950 855,016,748 l24,637,783
1

The following compilation covers the clearings by months,
since Jan. 1.
MONTHLY CLEARINGS.
Month.

Clearings Outside New York.

Clearings, Total All.
1910.

1909.

%

1910.

1909.

%

S
$
$
$
Jan ._ 17.143,348,295 14,052,390.538 + 22.0 5,894,272.314 5,168,090,843 + 14.0
Feb . . 13,111,985,258 11,260,311,084 + 16.4 4,960,845.197 4,372,605,760 + 13.4
M c h .. 15.021.382.183 12.623.772.489 + 19.0 5.975.198,570 5,136,934,369 + 16.3

1st qr. 45.276,715.736 37.936,474.111 + 19.3 16,830,315,081 14,677.630.972 + 14.7
%
$
S
%
+ 6.5 2,436,885,305 2,180,200,009 + 11.8
+ 5.5 624,932,423 544,569,250 + 14.8 April. 14.014,994,640 13.692.120,791 +2.3 5,673,333.468 5.077.392.114 + 11.3
+ 11.5 456,508,538 431,502,648 + 5.8 May.. 13,147,7^0,447 13,006,573,040 + 1.4 5.310.7. 0,8 0 4,910.322.648 + 8.8
+ 8.8 410,715,238 420,168,715 —2.4 June.. 13.811,172.046 14.155,364,270 —2.4 5,446.850.931 5,043,660.966 + 8.0
+36.2 218,121,500 203,310,500 + 7.3
—0.3 254,638,818 229,496,545 j- 11.0 2d qr. 40.973.927,133 40.854.058.101 + 0.3 16.460.975,292 15.031.375.728 +9.5
+31.6 335,289,426 197,637,023 + 69.7
+ 10.9 194,235,550 167,002,354 + 16.3 6 mos. 86.250,642,869 78,790.532.212 + 9.5 33.291,290.373 29.709,006,700 + 12.1
+3.8 133,498,076 128,231,114 + 4.1
—11.4 208,870,462 205,173,778 4* 1.8 July.. 13,285,479,380 13,469,063,652 —1.4 5,406,812,583 5,149,321,905 +5.9
+9.8 130,988,441 115,954,834 + 18.1 Aug . . 11,508.493.790 13,510,778,194 —14.8 5,046,135,963 4,824,340,783 + 4.6
88,979,413 + 11.9
99,568,524
+31.1
83,783.200 65,685,144 +27.6
+27.0
The course of bank clearings at leading cities of the country
51,492,218 4"9.2
56,227,035
+ 40.3 58,834,805 48,520,017 + 21.3 for the month of August and since January 1 in each of the
81,272,115 58,825,720 +38.2 last four years is shown in the subjoined statement:
+41.7
44,777,610 + 8.6
4-,607,263
+ 14.0 62,221,907 54,070,076 + 15.1
BANK CLEARINGS AT LEADING CITIES. ,1 < !
55,620,008 52,637,652
----------- Jan. 1 to Aug. 31---------------- -------August
43,380,843 +23.2
+ 26.9 53,457,324
1908.
1907.
1910.
1909.
(000,000s
1910. 1909. 1908. 1907.
+ 47.3 79,250,720 53,693,896 +47.6
$
$
omitted).
$
$
$
S
$
$
25,777,789 + 23.9
+ 15.5 31,947,921
47,802
62,105
67,300
66,088
6,890
New
York______
6,462
6,225
8,686
21,467,719 21,181,723 + 1.4
—5.8
903 1,105 9,349 9,050 7,649 8,404
12,057,938 + 48.3 Chicago.... ........ 1,077 1,095
+36.2
17,884,058
5,724
548
629 5,536 5,512 4,684
587
629
11,340,792 + 2.6 Boston ...............
+ 4.0
11,632,196
4,394 3,821 4,950
579 5,163
580
555
430
50,612,279! 22,004,195 + 129.6 Philadelphia___
+75.4
1,971 2,115
250 2,437 2,180
264
244
281
9,022,944
9,768,209 —1.5 St. Louis........... + 19.1
1,887
1,732
1,497
1,370
163
220
194
204
+37.1
27,6 0,124 22 ,601,613 + 22.5 Pittsburgh.........
1,521
1,131
1,514
1,248
157
149
183
196
+ 19.4
10,935,461
9,821,547 + 11.3 San Francisco___
954
830
898
806
103
91
113
93
+ 4.3
5,089,035
4,299,388 + 18.4 Cincinnati..........
998
1,037
938
801
114
95
122
123
_____
Baltimore
+ 21.1
15,758,565
12,451,628 + 26.6
1,067
1,497
1,138
144
1,701
196
157
214
Kansas City____
+ 17.4
9,754,412
5,877,797 - .........
612
670
556
494
64
79
75
85
Cleveland......... .
627
625
545
496
47
65
61
64
Total South. 700,749,885 634,573,613 + 10.4 6,292,166,455 5,536,664,181 + 13.6 New Orleans____
561
613
706
693
83
65
65
87
Minneapolis____
432
457
381
55
457
47
47
52
Louisville______
* Not Included In total for month and eight months; comparison incomplete.
479
495
444
66
617
55
68
79
Detroit...............
347
370
429
388
46
42
49
53
Milwaukee_____
422
325
439
533
47
38
62
58
Los Angeles____
Week ending August 27.
212
267
246
267
31
23
30
28
Providence ____
Clearings at—
387
374
477
556
47
46
57
Omaha...............
65
Inc. or i
268
294
300
335
36
33
41
39
Buffalo ...............
Dec.
1907.
1908.
1909.
1910.
302
305
309
37
373
37
42
44
St. Paul...............
245
279
274
314
35
30
41
34
Indianapolis___
$
$
$
%
$
266
258
298
319
33
34
38
34
52,942,194 Denver...............
57,140,381 + 1.0
48,677,947
57,982,974
St. Louis...........
213
189
229
255
21
25
27
27
13,129,804 Richmond......... .
13,071,474 + 2.2
10,339,230
13,365,865
New Orleans___
156
154
167
194
14
13
18
16
11,460,094 Memphis ...........
9,992,313 + 9.3
9,207,582
10,918,854
Louisville .........
328
266
361
42
399
52
36
49
12,000,000 Seattle.................
10,709,272 +38.2
10,563,354
14,803,536
Houston______
130
112
15
149
123
12
14
16
Hartford
........
+
->
2.6
6,039,000
5,026,000
6,040,500
7,167,500
Galveston .........
210
155
213
240
27
20
29
23
5,043,223 Salt Lake City...
6 ,200,000 —14.8
4,250,000
5,282,890
Richmond ____
3,316,403
5,286,351
+22.5
2,646,689
0,489,863
Atlanta_______
Total___ ____ 10,691 12,788 9,668 10,918 103,997 99,742 76,824 96,217
2,523,855
2,498,339
3,188,317 +7.7
3,434,289
Memphis ...........
723
591
626 7,047 6,028 4,929 5,476
817
3,730,533 Other cities-------2,221,216
3,601,010 + 1.4
3,050,000
Nashville .........
3,600,824
—18.2
3,860,883
5,204,857
4,259,326
Fort Worth.......
111,044 105,770 81,753 101,603
11,544
13,511
11,503.
10,259
Total
all_____
2,839,099
3,506,779 —14.9
3,000,000
Savannah .........
2,983,383
39,498
2,159,241 Outside New York 5,046 4,825 4,034 4,654 43,744 39,682 33,951
1,475,653
Norfolk......... .
2,106,937 + 10.9
2,335,887
1,693,280
1,424,502
Birmingham___
1,674,727 + 19.6
2,002,799
1.278,108
1,549,539
Knoxville_____
1,650,539 —9.5
1. 3,644
1,259,938
982,966
Chattanooga__
1,563,721
1,057,043 + 47.9
1,147,179
Jacksonville___
1,066,853
1,712,656
1,367,169 +25.2
1,206,505
1,228,218
Mobile________
1,175,056
1,140,846 + 3.0
[From our own correspondent.]
879,322
Augusta...........
1,358,805
769,683
1,084,290 + 25.3
1,169,300
834,872
924,100
London, Saturday, Aug. 27 1910. _
Little Rock........
941,781 + 24.2
1,036,314
Charleston....... .
719,265
830,000
810,544 +.27.9
Listlessness alternated by brief periods of anxiety still
2,224,007
740,323
866,574
Oklahoma.........
1,550,000 + 43.5
547,677
504,302 characterizes the attitude of the London Stock Exchange.
350,755
700,000 —21.8
Macon...............
6 10,000
450,000 It is curious because, as far as can be judged, there are no
625,000 —4.0
362,069
Beaumont .......
395, 89
385,842
293,64 1 +33.6
234,684
Wilmington,N.C.
_____ _ _ ______
_____
apparent reasons to justify apprehension. Politics are as
Columbus, Ga—
1,185,703
540,818 + 119.4 ' '407,613 ______
Austin________
smooth as we can reasonably expect them to be under exist
154,784
136,487 + 13,4
125,529
Vicksburg.........
Columbia...........
......... ....... ing conditions. The relations of all the great Powers with
( IIItIll'll*
each other are excellent, and the only cloud is'the tension
..
Valdosta______
between Turkey and Greece. In home politics the appre
236,000 +¥.i '"'3 3 5 ' 666
'■ ‘ 255',000
Jackson .............
152,944
+
14.4
175,000
...........
Meridian...........
hension and ill feeling aroused in certain quarters by the

.$
S
280,789.248 263,013,973
64,194.200 60,810,983
52,444,818 47,018,315
47.014,814 43,210,228
Galveston___ 28,377,000 20,829,000
Richmond----- 27,426,107 27,499,355
Atlanta_____ 32,227,290 24,482,579
Memphis------ 17,531,238 15,814,656
Nashville___ 16,055,344 15,473,204
Fort W orth... 20,049,104 22,634,389
Savannah ___ 15,635,618 14,238,534
Norfolk_____ 13,710,369 10,459,614
Birmingham . . 9,460,325 7,447,371
6,702,625 6,185,537
7,171,056 5,110,508
9,219.746 6,505,896
5,500,000 5,316,947
Mobile
5,884,730 5,156,749
5,867,521 5,771,526
4,719,034 3,717,430
10,524,355 7,147,215
3,393,408 2,931,780
2,460,271 2,612,400
Wilmington... 1,970,783 1,446,653
Columbus, Ga. 1,363.830 1,311,533
4,279,791] 2,439,825
Austin ..........
895,00C
751,600
Vicksburg----2,800, HJti 2,042,090
Columbia-----998,000
Guthrie.......... 1,190,855
449,620
46 1,121
Jackson -------- 1,422,27(3 1,134,085
771,451
9 5,000
Meridian *-----

planetar yl <&o mmcrcialgn gUsftgjfettyg

Total Southern

149,724,222

138,935,523

+7.7

115,968,543

130,354,600

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the eight months of 1910 and 1909 are given below.




passing of the Budget are gradually righting themselves.
Nevertheless it cannot be denied that when not dull the
markets are apprehensive. This was illustrated on Thursday
morning when the directors of the Bank of England met to
consider the weekly return and fix the rate of interest for

568

THE CHRONICLE

the ensuing week. As your readers are aware, of course,
no change was made; but there was considerable delay be
fore the announcement was made known, and the market
at once jumped to the conclusion that this meant a heavy
drain of gold to some destination unspecified abroad. In
fact, only a very modest sum was'taken for Constantinople.
And, although it is confidently reported that a further sum
is under engagement for Egypt, it has to be remembered
that a shipment before August is out would be fully a fort
night ahead of the usual date. Of course, it has to be borne
in mind that the cotton crop in Egypt is believed to be con
siderably larger than last year’s crop. And,-owing to the
moderate supply in hand, the price is abnormally high, and
the financing of the crop will in all reasonable probability
require at least the five millions usually estimated. But
this will be spread over several months.
For the time being it has to be admitted we have again
lost the power of attracting gold. The American exchange
shows no sign of a renewal of gold shipments from here to
the other side of the Atlantic. But the South African gold
which came up for sale on Monday went to India and tfTthe
Continent, and there is very little prospect that next week’s
consignment will be retained in the vaults in Threadneedle
Street. As a matter of fact, the position of the Bank is
relatively strong.
It is the market itself which is really
poor. This much must be said in justification of the mar
ket’s feeling: that we are passing through if not a wholly
unprecedented, certainly a most unusual, experience at the
end of August. Whereas the market should be relatively
rich and the Treasury relatively poor, precisely the contrary
is the case at present.
Market men are accustomed to such
a state of things at the end of the Imperial financial year,
which is March 31; but at the end of August even tl ose who
have been longest in business are not prepared to make
arrangements for such an eventuality. The result is due
of course, to the recent fight over the Budget. But it is a
curious instance, of which New York is usually better ac
quainted than Lombard Street, to have the Treasury full
of money and the market hard up. The Bank reserve is
practically 3 0 ^ millions sterling, or some £1 ,200 ,00 0 more
than at this time last year. The coin and bullion item ex
ceeds 4034 millions sterling. But whereas the public deposits
twelve months ago were only 8 millions, they are now vir
tually 18 millions, while the market balances are well under
40 millions sterling.
The India Council offered for tender on Wednesday 40 Ires
of bills, and the applications amounted to 50434 lacs, at
prices ranging from Is. 4d. to Is. 4 1-lCd. per rupee. Ap
plicants for bills at Is. 4 l-32d . and for telegraphic tramfers
at Is. 4 l-1 6 d . per rupee were allotted in full.
^ The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols,
&c., compared with the last four years:
Aug. 24

1910.
£
28,313,275
17,928,517
39,904.331
16,040,530
29,425,982
30,465,790
40,329,665

Aug. 25.

Aug. 26.
1908.

Aug. 28.

£

£

£

1909.

1907.

Aug. 29.
1906.
£

Circulation...............
29,477,515 29,252,885 29,174,635 29 208 630
9,788,784 7,876,909
7,617,845 10 585 331
Public deposits----Other deposits-----45,248,320 44,232,947 46,864,631 4 3 ’ 7 5 l ’ 3 0 6
Oovernm’t securities
15,365,672 15,532,293 14,573 604 1 5 ’o7 2 ’ 4 5 9
Other securities----28,458,203 26,709,058 31,079 287 2 8 ’ 7 3 s ’ 4 2 5
Reserve,notesAcofn
29,249,274 27,928,977 26,943 822 23’7fis’ l3fi
Coln&bull..both dep
40,276,789 38,731.862 37,668 457 38'514’765
Prop, reserve to lia’
52 11-16
bllltlcs____ p. c.
........
53 5-3
53%
49%
51 1-16
Bank rate___ p. c.
3
2%
2%
4%
3%
Consols, 2% p. c.__
80 15-16
84 5-16
86 9-16
82 13-16
87%
S ilv e r.......................
24
%d .
23%d. 23 ii-io
U-10d.
- .....................
4 -irsu
u.
o
31i o-iou.
5-16(1.
30%d.
........................
Clcar.-house
returns 223,898,000 *vu,302,000
206,802,000 181,236,000 i»
198,065,000 201,825,000

The rates for money have been as follows:
Bank of England rate..........

Open Market rate—

Bank bills—60 days____
—3 months___
—4 months___
—6 months___
Trade bills—3 months___
—4 months___

Aug. 26.
3

3@3%
3(<fl3%
3%@ 3 %
3%
3%
3%

Aug. 19.
3

2%
2%
3%
3%
3
3%

Aug. 13.

3

Aug. 6.
3

2 1-16@2%
2
2 5-16@2%
2%
2%@ 2 11-16
2%
3% @3%
3%
3% @3
2% @3
3©3%
3 (o'3%

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

market which not only keeps buyers out but has caused some realizing bv tired
holders.
l° lack of confidence
------------ - *......................
i. rrl'
1 his
Is entirely due .to ..
the -Indian
bull position, as It Is
feared 1that the speculators may not be able to finance themselves through the period
of dear money which the excellent trade outlook In India would lead one to expect
while the probability of withdrawals of gold from this country for India and Egypt
In the near future may tend to raise the price of money on this side as well There
has been considerable bear selling lately as It was rumored that the speculators had
already liquidated part of their holdings, but these rumors lack confirmation and If
the speculators can hold their silver, it Is probable that the growing bear account
may prove a good support to the market later on. For the time being we look for
small fluctuations around present levels. The stock in Ind a now amounts to 19 400
bars, a total of £2,300,000. This compares with £1,600,000 at this time last year
l arly In September last the stock had reached £1,900,000, and then began to
decrease. £900,000 being absorbed by the end of the year, In addition to £2 000 000
which was Imported from London. The price In India Is Us. 61 11-16 per'lOO
tolahs. Arrivals: New York, £202,000: West Indies, £4,000; Mexico, £3,000
total, £209,000. Shipment Bombay, £80,500: Port Said. £1,500; total, £82,000

Messrs. Pixley & Abell write as follows under date of
Aug. 18:
O o L D .— New York appears to be satisfied for the time being with the gold which
has been secured In the London market, amounting In all to £2,200,000 during the
past five weeks, and the Continent, chiefly Holland, took all that was available out
of this week’s arrivals of £774,000 after the Indian requirements of £200,000 had
been satisfied. Since our last the Bank has received sovereigns to the value of £35,
000 from Malta and £13,000 from France, while the following amounts have been
withdrawn: Turkey, £ ICO,000; Java, £100,000; South America, £51,000; South
Africa, £10,000; Holland, £25,000, and San Paolo, £10,000. Next week we expect
£486,000 from South Afilca. Arrivals— South Africa, £632,000; Bombay, £73 000'
Australia, £29,000; Brazil, £17,000; New Zealand, £20,000; West Africa £3 000:
total, £774,000. Shipments— Bom bay,£142,000; Colombo, £5,000; total, £147,’ooo’
SIL V E R .— The Improvement In silver made further headway during the week
until 24% d. was touched for cash and 24 11-16(1. for forward delivery, but this was
not maintained for long and the market has since reacted to 24 %d. cash and 24 9-10d
forward. Chiefly owing to the demand being mainly for forward delivery, forward
silver has commanded a premium of 1-16(1. In the earlier part of the week the
buying came from China, where exchange had gradually Improved until It was
within % % of silver, but business Is now reported reported again to be very slack
and rates have eased oil to about 1% below parity. The demand for India has been
poor. The daily olftake up country has fallen again to about 40 bars, and purchases
on this side for tho bazaars have been moderate. Stocks there show no diminution
at about £2,000,000. For the present the market Is dependent on the news from
China, and, although trade Is quiet. It Is probable that at about this level they will
give us some support. India, too, promises well for the future. Crop reports are
excellent, exchange Is now up to a % d. and the demand for Council bills Is Increasing
The large amounts had by the Indian speculators remain a cause for anxiety but in
view of the more favorable position In India and China the danger of a collapse Is
more remote, and It must not be overlooked that there Is a considerable short account
open. The pi Ice in India is Rs. 62 3-16 per 100 tolahs. Arrivals— New York
£220,000; Mexico, £30,000; New Zealand, £4,000; total, £254,000. Shipments—
Bombay, £217.000; Port Said, £2,500; Madras, £2,500; total, £222,000.

The quotations for bullion are reported as follows:
GOLD*.

London Standard.

Bar gold, fine, oz__ U. S. gold coin, oz . . . German gold coin, oz. .
French gold coin, oz. .
Japanese yen ............. -

Aug 25. Aug. 18.
s. d.
s. d.
77
76
76
76
76

9
5
5
5
4

9
76 5
76 5
76 5
76 4
77

SILVE R.

London Standard.

Aug. 25. Aug. 18
d.
d.

Bar silver, fine, oz .. -24%
“ 2 mo. delivery, oz 24 7-16
Cake silver, oz........... 26 5-16
Mexican dollars------ nom.

24%
24 9-16
26 7-16
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Fifty-one ueeks.
1909-10.
1908-09.
Imports of wheat.................. cw t. 101,315,240 89.089.300
Barley .................
21,631,200 21,349,200
Oats...................
19,419,700 14.846.300
Peas..................................................... 2,281,108
1,453,570
B e a n s............................................... 1,985,554
1,281,310
Indian corn----------34,055,958 38,389,900
Flour ...........
-.10,702,619 10,814,100

1907-08.
89,084,650
19,821,086
12,900,599
1,352,020
941,020
38,591,357
13,177,200

1906-07.
92,455,252
19,078,834
10,820,814
1,791,150
434,680
49,860,070
13,075,772

Supplies available for consumption (exclusive of stock on
Sept. 1):
1909-10.
Wheat Imported.................... c w t.101,315,240
Imports of Hour...............................10,702,619
Sales of home-grown...... ................ 26,911,785

1908-09.
89,089,300
10,814,100
25,598,824

1907-08.
1906-07.
89,684,650 92,455,252
13,177,200 13,075,772
33,895,812 31,2S0,58l

Total .........................................138,929,644 125,502,224 130,757.662 139.811,605
Averageprlce wheat, w eek ............ 32s. lid .
41s. 6(1.
31s. 2d.
33s. 6(1.
36s. 6d.
32s. lid .
27s. lid .
Average price, season..................... 32s. 6d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
This week. Last week.
1909.
Wheat ..................................... qrs. 2,405,000
2,405,000 2,150,000
Flour, equal to ......................... qrs.
75,000
85,000
130,000
Maize .........................
qrs,1,165,000, t1,115,000 785,000

1908.
1,895,000
145,000
700,000

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. 2.
Sal.
Mon.
Tues.
Wed. Thurs.
Frl
Silver, per o z ................... d. 24%
24 3-16 24 3-16 24 5-16 24%
24%'
Consols, new, 2% per cents. 80 15-16 81
81 1-16 80 15-16 80 9-16 80%
For account. .................. 81
81
81%
81 3-16 80%
80%
French rentes (In Paris)..fr. 97.20
97.17%97.22% 97.52% 97.10
97.02%
In ‘eresl allowed fo r deposits—
66% 66%
66
%
Amalgamated Copper Co___ 66%
60%
By joint-stock banks........
1%
1%
1%
1%
8%
8%
b Anaconda Mining Co........ 8%
8%
8
%
By discount houses:
Atchison Topeka & S. Fe___101
101% 1 0 1 % 100%
At call.......
1%
1%
1%
1%
102% 102% 102% 199%
Preferred .........................103
02%
7 to 14 days.
1%
1%
1%
1%
106%
107%
Baltimore A Ohio................107
107%
107%
90%
90%
Preferred ........................ 91
90%
I he bank rates of discount and open market rates at the
90%
198% Cl94%
196%
Canadian Pacific................... 195%
194%
chief Continental cities have been as follows:
75
75%
Chesvrcake & Ohio............... 75
75%
75%
Aug. 27
Aug. 20
Aug. 13.
Aug 6.
123
124%
Chicago Milwaukee A St. P.123
124
123%
Rales of
Rank- Open Rank Open Rank Open
-----------Rank Open
25%
24%
Chicago Great Western..........23%
25
25
Interest at—
Rate. Market. Rate. Market. Ra e. Market
Rate. Market Denver & Rio Grande............30%
31
32 %
31%
31%
P a r is ........................... 3
2
3
2
3
2
72%
Preferred ..........................72
73%
73
73%
Berlin........................... 4
3%
3%
4
3%
4
3%
26
Erie.....................
25%
26%
25%
26%
Hamburg.................... 4
3%
3%
4
3%
4
3%
43%
First preferred................ 43
44
44
43%
F ra n k fo rt.................. 4
3%
3 7-16
4
3 5-16
4
3%
32
Second preferred.............32
33
33
33
Amsterdam ............... 5
4%
4%
5
4%
5
4%
Illinois
Central___________
133
134
134
135
134%
Brussels .................... 3 %
2%
3%
2%
3% 2 11-16 3% 2 11-16 Louisville & Nashville.......... 145%
148
147
148
147%
4
Vienna ...................... 4 " 3 15-16
4
3 15-16
3 15-16
Missouri Kansas & Texas___ 32%
32%
32%
35.
33
32%
St. Petersburg.......... 5
nom.
nom.
5
nom.
nom.
Preferred .......................... 63%
63%
63%
63%
63%
Madrid........ ................ 4 %
44
4U
4
4
4%
4
4%
Nat. RR. of Mex., 1st pref.. 69
69
71
69
69
Copenhagen............... 5
44
5 '
.4
|
|4
u
a
5
4
32
Second preferred..............31%
31%
32%
32
N. Y. Central & Hud. Rlv.114%
114%
114%
114%
115%
Messrs. Pixley & Abell write as follows under date of N.
Y. Ontario A Western.. 41%
41%
41%
41%
41%
August 25:
99%
Norfolk A Western________ 99
99
99%
99%
92
Preferred ..........................92
92
92
.
0
°* t*lc -£500,000 for disposal In the open market this week, India
92
117%
took £180,000, and after satisfying trade requirements the balance was secured Northern Pacific................. 117%
117%
116%
117
66
66
66
noV.
?n
t
Si nce our last the Bank has received sovereigns to the value of a Pennsylvania...................... 65%
66
72
73%
t -0,000 from Malta, while £28,000 has also been received In bar gold. On the other a Reading Co....... ................ 72%
73
73%
45
45
a First preferred_________ 45
hand £.103,000 In sovereigns has been withdrawn, of which £203,000 was for Con
45
45
47%
47%
a Second preferred............. 47%
stantinople and £100,000 for Java. Withdrawals for Egypt arc talked of as Immi47%
47%
31%
Rock Island...................
31%
31%
31%
31%
k . , n®
roasln8 activity of trade In India makes shipments to that quarter
115
pro name before long, in addition to possible earmarking of sovereigns here. Next Southern Pacific................... 116%
116%
117%
117%
23%
23%
23%
23%
H® c^ e,‘; L £862,000 from South Africa. Arr'vals: South Africa, £486.500 Southern Ry..........................23%
53%
53
53%
Preferred..............
53%
53%
c
£ 3,,<)00: West Indies, £10,500: total, £500,000. Shipments: Bombay,
172
Union Pacific.......................169%
171%
169%
171%
£ o i i i r ' n 0* ,£“.t ,a >£54,750; Colombo, £5,000; Aden, £1,000; total, £207,350.
94%
94%
Preferred .......................... 94%
94%
94%
i f i j l ’ k . . „ , t? arket this week has been quiet and rather disappointing.
on
Ameiica has again been only a moderate seller and there has been a fair demand U. S. Steel Corporation___ 71%
73
72%
69%
tor India, and China too has been a buyer, but prices have not responded and are
120
120
Preferred .........................119%
119%
119%
17%
17%
17%
17%
. 1 ^'i!ovrel\?in
",PC^ a * 24%d. for spot and 24 7-10d. forward. During the week Wabash ........
17%
Ijj® Farls Mint Invited tenders for 10,000 kilos silver for home-coinage purneses.
37%
38%
Preferred ..........................37%
37
38%
The tendency of the market at present appears very uncrrta'n. Under normal con
65%
Extended 4s.................... 65%
65%
65%
60
ditions the outlook would be,a favorable one, but there Is a lack of confidence In the
a Price per share, b £ sterling. c Ex-dlvhlend.




©ommcvctal aiul

s cell an can 6 4jxws

Breadstuffs Figures brought from page 598.— 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 have been.
Wheat.

Receipts at

Oats.

Com.

Rye.

| Barley.

bush. 60 lbs. bush. 56 lbs. bush.32 lbs. bushA8lbs.
205,500
1,740,000 1,988,750 5,135,400
197,600
326,400
180,800
186,450
206,524
13,716
9,082
955,744
325,440
674,620
100,600
2,533,090
330,000
64,600
244,000
40,257
30,400
51,600
" 2",549
414,852
69,171
57.881
1,400
757,080
504,830
777,590
20,800
397,375
634,663
45,000
180,500
276,000
1,287,600
959,813
7,878,955 3,858,896 8,270,200
810,219
5,601,615 2,572,002 6,187,326
5,511,945 __ 3,447,524 4,263,482 2,255,909

B A N K NOTES— CH AN G ES IN TO TALS OF, AND IN
D E P O SIT E D B O N D S, &c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Deposit for

Aug. 31191 o
July 31___
June 30___
May 31___
April 30___
Mch. 31___
Feb. 28___
Jan. 31___
Dec. 31 1909
Nov. 30___
Oct. 3 0 --..
Sept. 30___
Aug. 31___

Corn,
bush.
165,600

Rye,
bush.
1,150

Barley,
bush.
7,650

Oats,
bush.
989,150
120,794
250,685
278,453
85,856
167,500

Receipts at—
New York______
200
1,000
Boston_________
1,000
16,000
Philadelphia........
7,247
101
49,039
Baltimore.............
3,000
28,204
Richmond...........
113,200
New Orleans*___
Newport News___
Norfolk........... —
24,000
Galveston.............
7,496
4,404
Mobile..................
208,204
702,667
Montreal............... 18,071
mm
385 101 1 817 027
588,743 1,903,928
8,751 11,597
week 1910
385,191
524 27,211,216 31,836,502 2154,035 486,090
S
lon6
'
367 482 2 911 524
386,696 1,848,551
3,275 84,117
K e J a n 1 1665: 9,538!o8847:542,180 29,850,060 29,830,383 4231,139 646,609
“ Receipts do not Include grain passing through New Orleans for foreign ports
on through blits of lading.

The exports from the several seaboard ports for the week
ending Aug. 27 1910 are shown in the annexed statement
Corn, Flour,
bush.
bbls.
5,804 40,973
9,642
37,000
300
50,000 14.000

Wheat,
bush.
12,451
28,963
84,000
40,000

Philadelphia----Baltimore...........
New Orleans___
Newport News... ___
Galveston______
Mobile.............
Montreal_______ 711,000
Norfolk............... ..........
876,414
Week 1909......... 2,175,425

Rye, Barley,
bush.
bush.

Oats,
bttsh.
15,750

Peas,
bush.
519

1,000

1,011

7,000
4,404
16.000
5,768

7,496
121,000
..........
184,600
201,514

9,000

........

24,000

25,350 ........ 24,000
210,490 57,111 27,077

1,519
562

The destination of these exports for the week and since
July 1 1910 is as below:
cal--------- ---------- Co --------------------FIour-------Since
Since
Since
July l
Week
July 1
Week
July 1
Week
1910.
19.0. Aug. 27.
1910. Aug. 27.
Aug.21.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 to—
481,428
.121,000 481,428 784,979 4,055,398 121,000
164,811
287,053
87,000
164.841
882,025
4,435
58,043
28,750
. 28,750 882,025
210,754
34,054
. 34,054 210,754
4,00C
4,000
Brit. Nor. Am. Cols
5,000
790
5,019
5,019
.
796
184,600 1,748,067 876,414 5,405,494
.165,880 947,484 2,175,425 9,932,748

184,000
201,514

1,748,067
1,013,765

The world’s shipments of wheat and corn for the week
ending Aug. 27 1910 and since July 1 1910 and 1909 are
shown in the following:
Corn.

Wheat.

North Amer.
Russian___
Argentine . .
Danublan __
Indian
Australian..

Total.

1909.

1910.

Exports.
Week
Aug. 27

Since
July 1

Bushels.
977.000
5.784.000
1.256.000
4.184.000
1.144.000
440.000
144.000

Bushels.
10.722.000
30.736.000
9.616.000
13.792.000
12.488.000
4.360.000
752,000

Since
Juli 1

1909.

1910.
Week
Aug. 27

Since
Jt.l/l 1

Since
July 1

Bushels.
Bushels. Bushels. Bushels.
994,000
15.836.000 121,000 2.410.000
18.661.000 281,000 2.013.000 4.665.000
10.360.000 3,638,000 26,769,000 30,002,000
5.056.000 374,000 8.009.000 5.760.000
16.784.000
1.960.000
1.392.000

13929000 82,466,000 70,052,000 4,414,000 39,201,000 41,421,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat. *
United I
Kingdom. Continent.'

Total.

United
Kingdom. Continent.

Bushels, i Bushels. ] Bushels. I Bushels
19 680.000 7,360,000 37,010,000 11,135,000
19 920 000 13,520,000 33,410.000 9,945,000
15 560 000 10,160,000 26,720,000 7,735,000
is ’440 000 12,400,000 27,840,000 6,035,000
17 280000, 8,880,000 26,160,000 6,360,000




S
30.188.728
27,501,375
27,913,720
29,477,138
30.206.728
31,947,510
30,635,348
28,546,979
26,952,730
26,438,190
25,595,793
26,776,066
26,581,779

S
687,132,323
684,468,093
685,517,013
682,765,703
683,254,858
685,311,486
679,387,520
681,332,354
683,401,523
680,995,267
678,344,963
076,031,393
072,203,696

30.188.728
27,501,375
27,913,720
29,477,138
30.206.728
31,947,510
30,635,348
28,546,979
26,952,730
20,438,190
25,595,793
20,770,006
25,581,778

717,321,051
712,029,468
713,430,733
712,242,841
713,461.586
717,258,996
710.022,868
709,879,333
710,354,253
707.433,457
703,910,756
702,807,459
098,845,474

U. S. Bonds Held Aug. 31 to Secure—

the week ended Aug. 27 1910 follow:
Wheat,
bush.
440,600
8,851
265,651
337,492
38,426

689.813.710
688,458 280
686,974,880
685,671,510
684,943,460
683.675.710
682,695,850
681,518,900
683,437,240
681.689,370
679.515,740
676.386,010
672,925,700

The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Aug 31.
Bonds on Deposit
Aug. 31 1910.

Total receipts of flour and grain at the seaboard ports for
Flour,
bbls.
181,6'5
38,923
50,649
55,330
3,677
22,713
1,011
5,768

Circulation Afloat Under-

Legal
Tenders.

36,469.443 11,869,090 34,798,277 2,521,559
23,988,808 11,533,797 20,911,928 1,780,542
22,890,186 10,122,247 16,338.475 4,089,185

Exports from—
New York..........

569

THE CHRONICLE

SEPT. 3 1910.1

Bushels.
Bushels.
10.030.000 21.165.000
10.710.000 20.055.000
10,370,000 18,105.000
3,910,000 9,945,000
4.720,000! 11,080,000

4% Loan of 1925...............1 .___
3% Loan of 1908-1918________
2% Consols of 1930..................
2% Panama of 1936__________
2% Panama of 1938.................
4% Philippine Loans......... .........
4% Porto ltlco Loans_________
3.65% District of Columbia........
Various, Territory of Hawaii___
4 Philippine Railway..................
Various, State, City and Railroad__
Total.

Bank
Circulation.

Public Deposits
in Banks.

Total
Held.

‘

.$
18,174,650
15,265,540
577,937,500
51,219,600
27,216,420

S
4,689,000
4,178,300
25,210,900
2,798,000
1,405,000
4,748,000
1,014,000
872,000
663,000
166,000
3,540,000

§
22,863,650
19.443.S40
603,148,400
54,017,600
28,621,420
4,748,000
1,014,000
872,000
663,000
166,000
3,540,000

689,813,710

49,284,200

739,097,910

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Aug. 1 and
Sept. 1 and their increase or decrease during month of August:
National Bank Notes—Total Afloat—
Amount afloat Aug. 1 1910................................................................. $71? ’S„?'ro!
Net amount Issued during August.....................................................
Amount of bank notes afloat Sept. 1 1910--------------------------------§717,321,051
Legal-tender Notes—
. . .
, mm
cm
Amount on deposit to redeem national bank notes Aug. 1 1910..........§27,561,375
Net amount of bank notes Issued In August....................................
Amount on deposit to redeem national bank notes Sept. 1 1910—

S30,188,728

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT INTO NATIONAL BANKS
APPROVED.
The Bank of Orange, Orange, Cal., Into “ The National Bank of Orange;"
t,lThe Flrst°State Bank of Wllmot, So. Dak., into "The First National
Bank of Wllmot:” capital 525,000.
, . . ,,
.
The Arapahoe State Bank, Englewood, Colo., Into The First National
Bank of Englewood.” Capital, $25,000.
NATIONAL BANKS ORGANIZED.
July 28 to Aug. 23.
9,823—The Swedlsh-American National Bank of Rockford, 111. Capital,
$125,000. G. A. Peterson, Pres.; E. W. Engstrom and L. II.
Blrdsall, Vlce-Prcs.; O. A. Wedler, Cashier.
9 §24—The Citizens' National Bank of Poultney, Vt. Capital $50,000.
*
t D Southworth, Pres.; Eugene R. Norton, Vlce-Pres.; Clayton
E- Blxby, Cashier: H. J. Stevens, Assistant Cashier.
9 825__The Yonkers National Bank, Yonkers, N. Y. Capital $200,000.
’
D. M. Hopping, Pres.; Thomas F. Larkin, Vlce-Prcs.; F. O. Freethy,
9 826__The Kezar Falls National Bank, Kezar Falls, Me.

Capital $25,000.
Geo W Towle. Pres.; Allen Garner, Vlce-Prcs.; O. L. Stanley,
Cashier-’ Florence M. Stanley, Assistant Cashier.
0.8 27-T h c ■
CUlzensNational Bank of Centerville, Tenn. Capital. $30 000.
A. II. Grigsby, Pres.; W. S. Woolard, Vlce-Pres., Sam Whitson,
Cashier* A. F. Aydclott* Asst. Cashier.
9 828—The Central Texas National Bank of Waco. Texas. Capital,
$300,000. W. II. McCullogh, Pres.: R. B. Spencer, Glp Smith and
C. L. Johnson, Vlce-Pres.; F. E. McLarty, Cashier; M. L. Hlrschfclder and L. A. Brooks. Asst. Cashiers.
T
_ ,
9,289—The Fletcher American National Bank of Indianapolis, Ind. Capi
tal, $2,000,000. Stoughton A. Fletcher, Pres.; Evans Woollen,
William A. Hughes and Charles Latham, Vlce-Pres.; Harry A .
Schlotzhauer, Cashier; Tlieo. Steuepfel, R. K. Smith, C. W. Mlneslnger and G. II. Mueller, Assistant Cashiers.
9,830—The Silver Spring National Bank, Sliver Spring, Md. Capital, $25,
000. James II. Clsscl. Pres.; S. R. Waters. First Vlce-Pres.; Wm.
W. Jordan, Second Vlce-Prcs.; J. Floyd Clsscl. Cashier.
CHANGE OF CORPORATE TITLE.
2 894__The Continental National Bank of Chicago. 111., to "Continental
’
and Commercial National Bank of Chicago."
8 297—The Commercial. National Bank of Sandy Hill, N. Y ., to "The
Hudson Falls National Bank, Hudson Falls, N. Y ., the name of the
place having been changed to Hudson Falls.
, _
..
3 293—The National City Bank of Grand Rapids, Mich., to Grand Rapids
National City Bank."
LIQUIDATION.
,
„
,
.
2 462__The Merchants’ National Bank of Philadelphia, Pa., was placed
In voluntary liquidation Aug 3 1010.
. .
713 __The Commercial National Bank of Chicago, 111., was placed In
voluntary liquidation July 30 1910.
2 i 7 i __The Third National Bank of Louisville, Ky., was placed In volun
tary liquidation Aug. 5 1910.
5 947__'Hie Dairymens National Bank of Sheboygan Falls, Wls., was
’
placed In voluntary liquidation Aug. 15 1910.
9 i 38__The City National Bank of Wymore, Neb., was placed In voluntary
’
liquidation July 7 1910.
,
,
8 6 H __The First National Bank of Princeton, Texas, was placed In volun’
tary liquidation on Aug. 15 1910.
909 __The Richmond National Bank, Richmond, Me., was placed In
voluntary liquidation Aug. 1 1910.
,
5 096__The San Francisco National Bank, San Francisco, Cal., was placed
’
In voluntary liquidation Aug. 1 1910.
8 492 __The Mercantile National Bank of Evansville, Ind., was placed In
’
voluntary liquidation Aug. 1 1910.
’

570

THE CHRONICLE
D IV ID E N D S .

The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Railroads (Sieam).
Alabama Great Southern, preferred
Atlantic Coast Line Co. (quar.)
Boston & Albany (quar.)____ IIIIIIII
Boston as Maine, common (quarj____
Canadian Pacific, common
_
Common (extra)_______
Preferred .......
.........
Chesapeake & Ohio (quar.)
Chestnut Ifill mt. pm r )
Delaicare & Hudson Co. (quar.)____
Erie & Pittsburgh (quar.)____
do
do
Great Northern Iron Ore Properties
..
Manhattan Ry. (quar.) (No. 106)_______
Minn. S. P.&S.S.M.,com &pref. (No. 15)
Leased lines___ _____ _________
Norfolk & Western, common (quar.)
Special yuaranleed (quar.)______
Reading Company, first preferred-.
St. Joseph South Bend * Sou., com
Preferred............................ .......
St. Louis & San Francisco—
Chic. & East. Ills. pf. tr. ctfs. (quar.)..
K.C. Ft. S. <fc Mem. pf. tr. ctfs. (quar.)
Southern Pacific Co. (quar.) (No. i6)_
Union Pacific, common (quar.)..........
Preferred........................... .............
Utlea & Black Itlver_______________

Per
Cent.

When
Payable

3
Aug
2K Sept.
Sept.
IK Oct.
3K Oct.
'A let.
2
'ct.
iK Sept.
1A >ept.
2
Oct.
2K Sept.
IK Sept.
IK Dec.
50c. tent.
1K Oct.
3 y> Oct
2
Oct.
IK Sept.
3
-tCPt.
IK Oct.
IK Oct.
2
sept,
i
Sept.
2K Sept.
IK
1
IK
2 lA
2
3K

Books Closed
Days Inclusive.

2' Holders of rec Julv23n
1( Sept, t to Sept, 9
3( Holders of rec. Aug.31a
Holders of rec. Sept, la
•Sept. 3 to Oct. 5
Sept. 3 to Oct. 5
Sept. 3 to Oct
5
3C Holders of rec. Sept. 9a
( Vug 21 t<> Sent 5
Holders of rec. Sept. 9a
2( Holders of rec. Aug.30a
It Holders of rec. Aug.3 la
1C Holders of rec. Nov.30a
1. sent l to Sent. 15
Holders of rec. Sept. 15a
1.- Holders of rec.Sept. ;>ua
Holders of rec. Sept.20a
1( Holders of rec. Aug.31a
( Vug. 21 to Sept. 5
• Sept. 11 to Oct, 4
Sept. 16 to Oct. 2
it Holders of rec. Aug.24a
1.' Sept. 11 to Sept. 15
IE Sept. 11 to Sept. 15

Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York Clearing-1 louse banks for the week ending Aug 27
The figures for the separate banks are the averages of the
daily icsults. In the case of the totals, the actual figures
at the end of the week are also given.
For definitions and rules under which the various items are
made up. see “ Chronicle/' V. 85, p. 836.
We omit tuo ciphers (00) in all cases.
Banks.
00s omitted.
Bank of N. Y ..
Manhattan Co.
Merchants’ ___
Mech. & Metals
Phenix______
City ...............
Butch. & Drov.
Greenwich___
Amer. E xch__

Ilanover___
Oct.
Sept. 17 to Oct. 1 Citizens’ Cent..
Oct.
Sept. 17 to Oct. 1 Nassau...........
Oct.
J Holders of warr’t. No.16 Market* Fulton
Oct.
1 Sept. 13 to Oct. 12 Metropolitan _.
Oct.
1 Sept. 13 to Oct. 12 Corn Exchange
Sept. 30 Holders of rec. Sep. 15a Imp. & Traders’

Street and Electric Railways.
American Hallways (quar.)______
IK Sent. 15 Auir. 27 to Sept. 5
Brockton & Plym. St. Ily., pref. (No. 3). $3
Sept. 15 Holders of rec. Sept, la
Brooklyn Rapid Transit (quar.).............
1 Holders of rec. Sept. 9a
IK Oct
El Paso Electric Co., common (No. 2)..
2
Sept. 15 Holders of rec. Sept, la
Galveston-Houston Elec. Co..com.(No. 3)
IK Sept. 15 Holders of rec. Sept, la
Preferred (No.. 7)................
.........
Sept. 15 Holders of rec. Sept la
Houghton County Tract., com. (No. 3)_.
1 Holders of rec. Sept. 15a
2K Oct,
Preferred (No. 5)................................
3
Oct.
1 Holders of rec. Sept. 15a
Northern Ohio Traction (quar.)_________
K Sept. 15 Holders of rec. Aug.31a
South Side Elevated, Chicago (quar.)___
Vi Sept. 30 Sept. 20 to Sept. 30
Terre Haute Traction & Light, common.
sept. 30 Sept. 21 to Sept. 30
Miscellaneous.

[ VOL. L X X X X I

East River___
Fourth...........
Second.........
First________
Irving Exch__
Bowery _____
N. Y. County. _
German-Amer .
Chase...............
Fifth Avenue..
German Exch..
Germania . . .
Lincoln ______
Garfield.........
Fifth_____
Metropolis___
West Side........
Seaboard_____
Liberty______
N. Y. Prod. Ex.
State ________
14th Street___
Coal & Iron___

Capital.

Surplus.

Loans.
A verage

Specie. Legals.
Average /I verage

S
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,(
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
2,000,0
250,0
500.0
750.0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

S
3,473,6
4,105,7
1,762,C
7,883,8
5,787,1
703,8
30,741,6
6,366,1
564,5
2,497,7
153,3
822,4
4,194,6
15,893,1
2,656,3
916,C
1,037,9
460,2
11,707,4
1,644,2
521,8
1,681,8
1,428,8
5,352,0
7,432,1
12,300,0
102,6
5,650,7
2,038,3
19,855,6
1,646,8
819,0
1,604,7
700,7
7,472,5
2,070,5
881,6
1,010,0
1,526,6
1,177,0
489,7
2,089,8
1,023,4
1,913,4
2,717,7
738,8
808,5
332,5
373,2

s
20,470,0
29,650,0
20,717,0
53,540,8
24,638,9
7,046,0
162,476,6
28,195,7
6,757,6
8,687,2
2,648,6
7,418,7
34,484,6
155,333,4
14,761,C
3,762,5
7,405,0
1,978,6
71,218,7
21,037,8
7,027,5
8,517,7
11,985,8
41,682,0
2 ,009,0
83,003,0
1,440,7
27,560,0
12,577,0
98,336,8
21,589,0
3,602,0
7.847.9
4.105.9
76,950,9
12,137,4
3,918,6
4,792,9
13,871,2
7,986,5
3,388,6
11,031,8
4,373,0
18,267,0
20,441,3
8,041,3
14,330,0
5,576,5
5,634,0

S
3,799,0
13,841,0
4,005,0
12,915,0
4,332,9
1,272,0
60,396,0
4,626,0
1,588,1
1,357,5
427,1
1,860,1
5,090,3
27,914,3
1,883,8
416,0
926,1
442,7
14,413,0
5,549,8
566,5
1,386,0
2,955,5
7,530,0
3,705,0
21,773,0
249,5
4,741,0
2,779,0
31,720,8
6,282,9
907,0
1,170,0
782,2
16,876,7
2,241,0
480,7
877,0
2,881,8
2,066,2
696,7
699,3
993,0
4,095,0
5,321,6
2,154,2
4,246,0
1,141,8
748,0

Deposits. lie
Average. s’vc.

s
s
963,0
1,779/
1,365,0
1.018.0 52.053 9
l,995,9j 24,028,0 25.7
327.0
R OM n
6,543,3 175,093 31.38 2
2,107,5 1 251846 0'20 2
6.881 .3
180,0
466,1 ; 0,949,5 26.2
68,7
206,0
8,230,2 25.1
2,613,0 30.510 5 25 3
7,202,3 136,015 0 25 0
1,062,5 11,171,6 26 3
475,2
3,362 3 20 5
1,110,3
7,867/ 25 8
136,2
2.185 3 26^4
7,398,6 82,025,3 26 6
319,4 20.738,8 28 4
1,349,6
7’825J 24.4
8 803 4
1,342,4
202,9
5,09 1 0
2,3313) 23!o33 O
1,207,0 87^859,0 26.1
99,2
2,300,0
212,0
2,197,2
1.124,2 24,576,4
62,0
3,N62 0
585,0
7,723,2 23.1
214,4
3,929,9 25 3
5,406,8 85,196,4 26 1
1,267,7 13,675/) 25 6
425,3
3,855/ 23.4
510,9
5 /8 8 / 25.2
897,4 14,621,0 25.8
240,4
8T50|3 28 3
271,6
3,727,7 25 n
2,002,5 10J22 1
212,0
4,812 0
1,821,0 21,287/ 27 6
1,046,8 22,526 4
344,1
9,691,7 25 7
302,0 17,655,0
512,4
6,175/
893,0
5,833/ 28.1

American Can, preferred (quar.)
1 Holders of rec. Sept. 16a
IK Oct.
Amer. Car & Fdy., com. (quar.) (No. 32)
1 Holders of rec. Sept. 10a
K Oct.
Preferred (quar.) (No. 46)..
Oct.
1 Holders of rec. Sept. 10a
IK
American Chicle (monthly)...
1
Sept. 20 Holders of rec. Sept. 14
Extra...................................................
1
Sept. 20 Holders of rec. Sept. 14
American Exnress (quar.)......... .....
$3 Oct.
1 Holders of rec. Aug.31a
American Locomotive, pref. (quar.)____
IK Oct. 21 Sept. 22 to Oct. 20
American Radiator, common (quar.)___
2
Sept. 30 Sept, 23 to Sept. 30
Amer. Sugar Itefin.. com. & pref. (quar.) IK Oct.
3 Holders of rec Sept, la Totals average. 132,350,0 189,131,4^ 1248.254.0 299,123,1 71,811,8 1283,503,2 28.9
American Writing Paper, preferred___
1
Oct.
1 Holders of rec. Sen. 15a
Borden’s Condensed Milk, pref. (quar.).
IK Sept. 15 Sept. 6 to Sept. 15 Actual figures Aug. 27.
1244.551.0 296,530,6 71,751,5 1276,940,6 28.8
Brooklyn Union Gas (quar.) (No. 3 8 )...
1 Sept. IS to Sent. 30
IK Oct.
Calumet it Hecla Mining (quar.)______
$7
Sept. 28 Holders of rec. Aug. 31
Cambria Iron____________________ " I
2
Oct.
1 Holders of rec. Sept. 15
Celluloid Company (quar.)__ . . . . . . . l ”
1 Holders of rec. Sept. 15a £®PO®Jts (included In deposits) to SI,671,300; actual figures Aug. 27, circulation
IK Oct.
Central Leather, preferred (quar.)
1 Holders of rec. Sept. 10 $46,885,600; United States deposits, $1,668,800.
IK Oct.
Childs Company, common (quar.)...”
2
Sept. 10 Sept. 4 to Sept. 10
Preferred (quar.).................... .........
The State Banking Department also now furnishes weekly
IK Sept. 10 Sept. 4 to Sept. 10
Oo isolldated Gas of New York (quar.)..
1
Sept. 15 Holders of rec. Aug.l7a returns of the State banks and trust companies under its
Ouban-Amerlcan Sugar, preferred_____
)ct.
1
Holders of rec. Son. 15 a
IK
Diamond Match (quar ' ......... ...............
Sept. 15 Holders of rec. Aug.30a charge. These returns cover all the institutions of this class
du Pont (E. I.) de Nemours Pmo.,com.(qu.) 2IK Sept. 15 Holders of rec. Sept. 1 in the whole State, but the figures are compiled so as to
Common (extra)..........................
4
Sept. 15 Holders of rec. Sept. 1
Preferred (quar.)................ ...............
IK Oct. 25 Holders of rec. Oct. 15 distinguish between the results for New York City (Greater
Eastman Kodak of N. J ., com. (quar.)..
1 Holders of rec. Sept. 15 New York) and those for the rest of the State, as ner the
2K Oct.
Preferred (quar.)_____ _____ _______
1 Holders of rec. Sept. 15 following:
IK Oct.
1
Federal Mining & Smelting, pref. (quar.)
1K sept. If Holders of rcc.Aug.25a
General Chemical, preferred (quar.)........
1 Holders of rec. Sept.21a
IK let.
For definitions and rules under which the various items are
General Elect"<• (quar.)
................
2
let. If Holders of rec. Sept. 3a made up, see “ Chronicle," V . 86, p. 316.
Goldfield Consolidated Mines (quar.)___ 30c. Jet. 31
Extra . . .................. ..... ..................... 20c. Oct. 31
_________
STATE BANKS AND TRUST COMPANIES.
Guggenheim Exploration (quar.) (No. 31). 2K Oct.
1 Sept. 17 to Oct. 2
International Stiver, pref. (quar.).............
1 Sept. 20 to Oct. 2
IK Oct.
Preferred (extra)................................
State Hanks
Oct.
1
Trust Cos.
Sept. 20 to Oct. 2
K
State Hanks
Trust Cos.
Week ended Aug. 27.
Internat.Smokeless Pow. &Chem.,com. (qu)
in
1 lolders of rec. Sept.20a
in
K Oct.
"butslde of
outside ct
Preferred..... ..................... .................
Greater N . Y. Greater N. Y Greater N. Y Greater N. Y.
4
Vov. 15 lolders of rec. Nov, 5a
Laclede Gas Light, common (quar.)........
1H Sent. If ent. 2 to Sent. 15
Mackay Companies, com. (qu.) (No. 21).
1 lolders of rec. Sept. 10a
IK Oct.
S
Preferred (quar.) (No. 27)..................
25,125,000
1
Oct.
1 lolders of rec. Sept. 10a Capital as of June 30___
65,406,000
♦9,033,000
♦8,375,000
Michigan State Telephone ,pref. (quar.)..
IK 40V. i (let. 16 to Nov. 1
Muskogee Gas it Elec., pref. (quar.)_____
37,935,400 171,281,300 ♦10,866,851 *13,077,768
IK Sept. 15 !lolders of rec. Aug. 31 Surplus as of June 30___
National Biscuit, com. (quar.) (No. 48)..
1Vi let. 16 1lolders of rec. Sep. 28a
Nat. Enam. & Stamp., pref. (qu.) (No.47)
1Kb >ept. 30 Sept. 11 to sept. 30 Loans and Investments.. 288,373,300 1,009,207,300
93,424,600 138,000,000
Change from last week. —1,628,500 —4,129,700
National Lead, common (quar.)_______
IS ept. 10 to Sept. 13
+ 424,500
K Oct.
+ 3,400
Preferred (quar.)................................
1K Sent, 16 Vug 20 to Aug. 23
Nevada Consolidated Copper (quar.)___ 7 Kc. Sept. 30 Sept. 17 to Sept. 25 Specie ......... ........... .....
52,803,300 115,540,100
Change from last week. +2,830,900
Nlles-Bement-Pond, common (quar.)__
—302,900
1lA iept. 20 Sept. 11 to Sept. 20
Nlpe Bay Co., common (No. 1)...............
4
Sept. 15 1lolders of rec. Sept. 1
North American Company (quar.)
25,436,600
11,384,400
1 1lolders of rec.Sept . 15a Legal-tenders & bk. notes
IK let.
Change from last week
Oklahoma Gas & Elec., com. (quar.).........
+286,400
2
—302,900
Sept. 15 1lolders of rec. Aug. 31
Philadelphia Electric Co. (quar.).........
IK ept. 15 l lolders of rec. Aug. 19a Deposits .................. .....
Quaker Oats, common (quar.)................
338,480,800 1,103,835,000
98.549,200 144,082,800
2
(let. 15 lolders of rec. Oct. Id
Change from last week.
Common (extra)..................................
+ 21,100
+302,100 + 2,662,500
K Oct. 151Holders of rec. Oct. Id
—21,700
Preferred (quar.)................ ..........
1 K Nov. 30|Holders of rec. Nov. la
Quincy Mining (quar.).............
20,767,000
98,704,000 134,365,900
SI.25 Sept. ' Aug. 28 to Sept. 5 Reserve on deposits.......
19.866.800
Change
from
last
week.
Railway Steel-Springs, pref. (quar.)
+ 627,500
+ 1,342,500
+ 43,400
i k Sept. 20 Sept. 8
to Sept. 20
+ 3,300
Republic Iron & Steel, pf (qu.) (No. 35) IK
ct.
lolders of rec. Sen. 17n
. C. reserve to deposits.
Rubber Goods Mfg., pref. (quar.) (No.46 1K Sept.
29.7%
21 . 8 %
16.6%
Holders of rec. Sept. 10
14.4%
Percentage
last
week..
Safety Car Heating & Ltg. (quar.)
29.3%
21.7%
16.5%
2
Oct.
Holders of rec. Sept. 14a
14.4%
San Diego Cons'd Gas & Elec., com. (quar.) 1K Sept.
Holders of rec. Aug. 31
Sears, Roebuck & Co., pref. (quar.)...
Holders of rec. Sept.15a
IK Oct.
+
Increase
over
last
week.
—
Decrease
from
last
week.
*
As
of
March
25 *
Standard Oil (quar.)_______________
II Tiers of rec. Aug. 19a
86 Sent.
Swift ifc Co. (quar.) (No. 96)..............."
Note.—“ Surplus” Includes all undivided profits. "Reserve on deDoslts” in
Holders of rec. Sept. 10
IK Oct.
eludes,
for
both
trust
companies
and
State
banks,
not
only
cash
Items
but
nmnnni.
Underwood Typewriter, pref. (quar.)”
Holders of rec. Sept. 20
IK Oct.
U. S. Steel Corp., com.(quar.) (No. 27)
sept. 2 to Sent. 15 due from reserve agents. Trust companies In New York State are rennir ,
IK Sent.
Utah Copper Co. (quar.) (No. 9)
75c. Sept.
S'Pt 17 to Sept .20 law to keep a reserve proportionate to their deposits, the ratio varylnenccorrWtn
.
Yukon Gold Co. (quar.) (No. 5)
'
2
Sept. 30 Sept. 14 to Sept. 30 location as shown below. The percentage of reserve required Is
the aggregate ol deposits, exclusive of moneys held In trust and not naval m+m,
thirty days, and also exclusive of time deposits not payable within 30 ,hv»
a Transfer books not closed, b Declared 7% payable In quarterly Installments sented by certificates, and also exclusive of deposits secured bv bonds ni th’« C
of New York. The State banks are likewise required to keep a rMe?ve varvfn^
d Correction.
according to location, the reserve being computed on the whole amount of don,/ ts
exclusive of time deposits not payable within 30 days, represented bv certificates
of C
the s'tate* of New*York?®111 °* 1910)' and excluslve of (lel><>.sits secured by bonds
Auction Sales.— Among other securities the following, not
—Trust Cos.—
—State Banks—
Reserve
Required for Trust Companies
Total
of
Total
Of
regularly dealt in at the Board, were recently sold at auction.
and Slate Banks.
Reserve
which Reserve
which
.........
Location—
By Messrs. Adrian H . Muller & Son:
Required in Cash.Required. in Cash
Manhattan Borough........................................ .115%
15%
15%
25%
Brooklyn Borough (without branches In Manhat.) 15%
10%
10%
Stocks,
20%
Bonds.
Other boroughs (without branches In Manhattan) 15%
20 Peoplo’s Surety Co
122
10%
15%
7K%
$1,000 N. Y. & N. J. WatcrCo. 4s,
Brooklyn
Borough,
with
branches
In
Manhattan
15%
10 Auxiliary Fire Alarm Co. of
15%
20%
20 %
1950. M. & N..........................50
Other Boroughs with branches In Manhattan.. 15%
15%
Philadelphia............. $i per share.. 26 Northern Bank of N.Y ............. 100
15%
15%
Elsewhere In State ......................... .
\o%
15%
5%
6%




THE CHRONICLE

S e p t . 3 1010. |

The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing
House banks. In addition, we have combined each corre
sponding item in the two statements, thus affording an aggre
gate for the whole of the banks and trust companies in the
Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House Stale Banks & Tolcd of all
Banks.
Trust Cos. not Banks& Trust
Banks.
in C.-H. Aver. Cos. Average.
Average
ActualFigures

Week ended Aug. 27.
Capital os of June 30..

S
132,350,000

s
132,350.000

Surplus as of June 30..

189,131,400

189,131,400

S
8
74,581,000 ; 206,931,000
170,347,900

368,479.300

Loans and Investments 1,244,551,000 1,248,254,000 1,098,527,200 2,346,781,200
+ 523,300 + 10,460,000
Change from last week
—3,590,600 j +6,869.400
Deposits___________ 1,276,940,600 1,283,503,200 al,048,375,100 2.331,878,300
+ 5,562,600
Change from last week —3,259,700
+8,721,500
—3,158,900
Specie__ ____ . . .
Change from last week

296,530,600
—3,677,900

299,123,100
—1,643,000

121,898,200
+ 816,900

421,021,300
—820,100

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

71,751,500
+ 1,262,100

71,811,800
+ 1,049,900

619,651,400
—285,900

91,463,200
+ 764.000

Aggr’te money holdings

368,282,100
—2,415,800

370,934,900
—593,100

141,549,600
+ 531,000

512,484,500
—62,100

25,511,600
—1,5791600

25,511,600
—1,579,600
537,996,100
—1,641,700

1Change from last week

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

368,282,100
—2,415,800

370,934,900
—593,100

167,061,200
—1,048,600

Percentage to deposits
requiring reserve___
Percentage last week..

28.87%
28.99%

28,93%
29.17%

18.2%
18.2%

571
We omit two ciphers (00) in all these figures.

Capital
and
Surplus.

Banks.
Boston.
Aug. 6 ..
Aug. 13..
Aug. 20. .
Aug. 27..
Pnila.
Aug. 6 ..
Aug. 13. _
Aug. 20..
Aug. 27..

Loans.

$
40,300,0
40,300.0
40.200,0
40,200.0

$
202,305,0
204,562.0
204,375,0
204,712,0

56,315,0
56,315.0
55,465,0
55.465,0

219,319,0
250.343,0
250.960,0
251,838,0

Specie.

Legals. Deposits, a Circu
lation.

S
23.391,0
23,337.0
22,629,0
21,975,0

$
4,348,0
4.594.0
4.678,0
4,902.0

68,509,0
71,178.0
74,907.0
74,733,0

49,046,950

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

50,059,100

The averages of the New York Clearing-House banks
combined, with those for the State banks and trust companies
in Greater New York outside of the Clearing House compare
as follows for a series of weeks past:

23..
2..
9 ..
16..
23..
30..
0..
13. _
20..
27..

Loans and
Investments.

Deposits.

$
2,372,896,1
2,390.776,1
2.355,907,6
2,331,502,9
2,318,054,8
2,305,891,4
2,319,167.3
2.331.975,4
2,339,911,8
2,346,781.2

$
2,355,576.7
2,368,248,4
2,316,544,5
2,300,377,2
2,298,440,2
2,299,609,1
2,299,315,5
2.316.350.0
2,320,315,7
2,331,878,3

Legals.

$
388,859,0
382,979,6
367,817,4
376,881,3
389,600,7
399,777,7
405.702.3
416,194,1
421,847,4
421,021,3

$
01,680,9
90.091,9
88,851,9
90,908,9
92,504,2
94,652,2
93,995,0
92,656,7
90,699,2
91,403,2

$
480,539,9
473,071,5
456,669,3
467,790,2
482,104,9
494,429,9
499,697,3
508,850.8
512,546,6
512,484,5

$
502.770.4
496.189.8
479,891.1
490,754,8
504,939,4
518,815,9
525,172,3
535,467.8
539,037,8
537,996,1

We oml'.lu'o ciphers (00)in all thesefigures.
Loans,
Capi
tal.

143,078,7
130,124.7
137.453,3
117,404,6

2S9,992,0
290.921.0
296,783,0
297,474,0

15,999,0
16.265.0
16,374.0
16,427,0

151,382,6
125.190,3
125,482.4
118,646,4

*8

Imports and Exports for the W eek.— The following are
the imports at New York for the week ending Aug. 27; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.

1910.

Dry goods____________
General merchandise__

1909.

S3.U8.301
13,457,870

190S.

$2,873,792
12,417,145

i

1907.

$2,(366,088
10,021,926

$3,765,693
11,904,760

Total_______________
$16,776,171 S15.290.937 $12,688,014 $15,670,453
Since January 1.
Dry goods. ...................... . $U3 ,732,207 $111,979,431 $78,123,179 $125,476,601
General merchandise______ 599,300,071 449.9S4.853 322,937,978 463,102,969
Total 34 weeks................ S613,032,278 $561,964,284 $401,061,157 $588,579,570

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. 27 and from Jan. 1 to date:
1910.
1909.
1908.
1907.
For the week ...................... S15.593.034 $11,202,726 $12,869,111 $12,271,821
417,286,521 393,544,495 412,672,128 405,482,638
S432.879.555 S404.747 221 $425,541,239 $417,754,459

The following table shows the exports and imports of
specie at the port of New York for the week ending Aug. 27
and since Jan. 1 1910, and for the corresponding periods in
1909 and 1908:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.

dold.

Week.

Sur
plus.

and
Invest
ments.

Specie.

Legal

Deposit with

and
Bank
Notes.

Clear
ing
Agent.

Other
Net .
Banks. Deposits.
Ac.
‘

N. Y. City
Boroughs of
$
s
S
$
$
$
Man.it Brx.
S
$
46,0
174,8
265,8 1,273,7 137,2
15,4 1,284,7
Wash. Hgta 100,0
50,0
17,1 214,5
68,4 1,572,0
200,0
141,5 1,399,9
Century __
034,8 869,0 6,820,7
400,0
333,2 4,930,5 700,9 383,0
Colonial ...
447,0
___ 6,920,0
Columbia .
300,0
746,5 6,437,0 572,0 544,0
___
89,3
62,5
974,8
96,2
Fidelity . . .
200,0
167,0
970,1
197,0 353,4 3,338,8
Jefferson__
500,0
530,4 2,985,3 242,0 241,5
539,8
73,8 3,415,1
Mt. Morris. 250,0
36,0
313,2 2,504,7 483,0
460,9
5,3 4,046,8
Mutual___
200,0
364,1 3,464,7
39,2 589,7
Plaza ____
756,0
4,848,0
100,0
440,0 3,966,0 3 9,0 384,0
2,069,7
23rd Ward. 200,0
114,0 1,809,7 161,0
245,7
49,0
Union Exch 1,000,0
8,172,1
924,0 8,331,1 1,057,5 1,000,0
232,5
Yorkville . .
100,0
449,4 4,061,2
249,1 258,6 5,242,5
41,0 757,2
New Neth’d 200,0
252,7 2,236,0 271,0
90,0
304,0
5,0 2,488,0
Batt. Pk. N 200,0
150,8 1,426,7 166,4
1,274,4
48,7
42,4
Aetna Nat. 300,0
310,5 2,099,5 487,9
161,5
16,7 2,079,7
32,7
Borough of
Brooklyn.
Broadway . 200,0
504,0 2,890,4
23,0 472,5
361,9 560,6 3,728,8
Mfrs. Nat..
252,0
802,4 5,493,7 363,7 264,2
827,4 115,0 5,813,6
Mechanics’.. 1,000,0
775,4 11,374,0 284,4 1,256,5 1,151,9 241,0 14,230,0
Nassau Nat. 750,0
984,8 6,659,0 602,0 300,0 1,762,0
7,396,0
Nat. City.. 300,0
580,4 3,951,0
98,0 499,0
785,0 176,0 5,172,0
North Side. 200,0
135,4 1,910,1 127,0 101,9
439,9 117,4 2,431,8
First Nat.. 300,0
594,6 3,288,0 329,0
82,0
449,0
38,0 3,034,0
Jersey City.
1
400,0 1,240,3 5,171,1 300,5 324,1 2,350,1 144,0 6,801,1
First Nat..
753.4 3,044,9 137,1
Hud. Co. N. 250,0
36,3
162,0 127,6 2,515,3
398,0 1,921,8
Third Nat.. 200,0
66,3 116,2
723,3
34,7 2,462,1
Hoboken.
620,5 3,050,9 143,5
First Nat._ 220,0
25,1
133,7 182,8 2,806,9
238,7 2,713,8
Second Nat. 125,0
92,6 102,8
61,5 216,0 3,029,0
Tot. Aug. 27 8,447,0 13,131,6 99,371,7 7,362,1 8,053,7 13,798,5 3.618.7 113967.9
99,678,0
13,131,6
Tot, Aug. 20 8,447,0
7,335,7 8,229,0 12,808,2 3,584,8 112914,1
Tot. Aug. 13 8,447,0 13,131,6.100207,2 7.455,1 8,112,2 13.300,8 3,338,8 114497,3

Imports.

Since Jan. 1

Week.

$32,150,000

9,068,166
41,900

$784,480 $13,469,736
3,414,100
314
335,591
62,279 ' 230,298
38,762 1,626,783
26,172
838,309

$400 $44,544,253
38,890 76,159,072
47,141,400

$911,693 $19,915,131
82,406 6,474,642
192,834 12,829,776

France .......... ...............
Germany ....................
West Indies....................................
Mexico ______
South America.........................
All other countries______ _______

$755,216 $26,652,901
53,000 1,460,400
464,668
63,657
..........
30,255
575
5,405

$13,344
1,294
7,824
55,869
1,215,439
718,082
914,494

Total 1910............. ..................
Total 1909.................................
Total 1908_______ _______ ___

$808,791 $28,677,286
839,056 30,466,292
729,792 28,500,078

$400

Tot. Sloncg Entire Res.
Holdings on Deposit.

Specie.

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member
banks for the week ending Aug. 27, based on average
daily results:

Banks.

•S
7,499,0
7,525,0
7.607.0
7,662,0

a Including Government deposits and the Item “ due to other banks.” At Boston
Government deposits, amounted to $3,036,000 on August 27, against $3,026,000
on August 20.

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit tuo ciphers in all theseflames.

Juno
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.

s

S
245,768,0
217.027.0
246,504,0
242,447,0

EXPORTS FROM NEW YORK FOR THE WEEK.

+ Increase over last week. — Decrease from last week.
a These are the deposits after eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to SI,214,050,GOO, an Increase of SI,009,500 over last week. In
the case of the Clearing-House banks, the deposits are "net” both for the average
and the actual figures, b Includes bank notes, c Of this amount State banks held
$14,025,100 and trust companies S126,924,500.

Week
Ended.

Clearings

Total 1910 .
....... .........
Total 1909___ ______ ________
Total 1908________ __________

4,455
3,279,732

Since Jan. 1

Silver.

$74
310,770
5,435
7,550

$323,829 $2,926,346
67,759 3,379,029
97,695 2,435,716

Of the above imports for the week in 1910, § ____ were
American gold coin a n d ____ American silver coin.
Of
the exports during the same time, $400 were Ameri
can gold coin a n d ------ were American silver coin.

Dan Ulna itntl I'inancutl.
INVESTMENT SECURITIES
Our eight-page circular No.687 describes several Issues of sound
Investment bonds yielding about 4H to 5 H % .

Spencer Trask & Co.
43 EXCHANGE PLACE. - - - NEW YORK
Branch offices: Chicago. 111., Boston. Mass.. Albany, N. Y.

WHITE,

WELD

&

CO.

Members New York Slock Exchange
5 NASSAU STREET.
THE ROOKERY,
NEW YORK
CHICAGO
BANKING and EXCHANGE of every description In connection with

EXPORTS & IMPORTS

International Banking Corporation
60 Wall St.. New York.
CAPITAL & SURPLUS. $6,500,000
BRANCHES and AGENCIES throughout the WORLD.

T H E IN T E R N A T IO N A L B A N K
Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia.




Organized under the Laws of N. Y . State.
60 Wall St., New
Accounts Invited. Interest paid on Term Deposits.
THOMAS H. HUBBARD. Pre-ids

Y ork

THE CHRONICLE

512

1&un\ux$f (BiXztiU.
Wall Street, Friday Night, Sept. 2 1910.
The Money Market and Financial Situation.— Public
attention has been drawn in Wall Street as elsewhere this
week to the speech-making tour of ex-President Roosevelt
through the. W est. His utterances have called forth a good
deal of criticism, and their effect, if any, in the security
markets has been a depressing one. The volume of business
has been at the minimum of recent years, and prices have, as
noted below, declined.
Nearly all the reports of railway earnings continue to show
a satisfactory increase of traffic, but a substantial decrease
of net results, owing, as is well known, to increased operating
expenses; and while this state of affairs exists, it is not to
be wondered at that the investment demand for railway
securities is extremely limited.
Another event of the week which attracted more or lesg
attention, although perhaps it had no appreciable effect in
other quarters, was an advance in the price of cotton for
August delivery to 20 cents per pound. The matter is im
portant only as showing what a grip the speculative element
has upon the cotton market. The effect of the abnormally
high price of cotton upon the manufacturing industry of
this country is well known, and now it is reported that many
of the large factories in India are closing down for the same
reason, throwing thousands of operatives entirely out of
employment.
The demand for currency from the interior continues and
the movement of funds from this centre may be said to be
now in full swing. There is little demand, however, from
other sources and rates for call loans have not materially
advanced. Time-loan rates are quoted fractionally higher.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from
to 2 % . To-day’s rates on call were 1 M @ ‘2 % .
Commercial paper quoted at 5 ^ @ 5 % % for 60 to 90-day
endorsements, 5 ) ^ @ 6 % for prime 4 to 6 months’ single
names and 6 Y @ 6 Y s % for good single names.
, The Bank of England weekly statement on Thursday
showed a decrease in bullion of £697 ,5 86 and the percentage
of reserve to liabilities was 51.52, against 52.65 last week.
The rate of discount remains unchanged at 3 % , as fixed
June 9. The Bank of France shows a decrease of 8,550,000
francs gold and an increase of 2,500,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
1910.
Averages for
week ending
Aug. 27.

Differences
from
previous week.

1909.
Averages for
week ending
Aug. 28.

1908.
Averages for
week ending
Aug. 29.

S
8
S
3
132,350,000
Capital
127,350,000 126,350,000
189,131.400
Surplus
174,754,000 161,127,100
Loans and discounts__ 1.248,254,000 Inc. 10,460,000 1,353,397,500 1,289,795,600
46,912,100 Dec.
Circulation.................
136,500
51,277,900
54,685,200
Net deposits............... 1,283,503,200 Inc. 8,721,500 1,404,041,300 1,394,017,300
1,671,300 Inc.
21,200
1,633,700
U. S. dep. (lncl. above)
9,247,501)
Specie ........... ............ 299,123,100 Dec. 1,643,000 292,335,600 334,142,000
71,811,800 Inc. 1,049,900
77,034,300
Legal tenders...............
79,871,300
Reserve held...............
25% ot deposits.........

593,100
370,934,900 Dec.
320,875,800 Inc. 2,180,375

369,369,900
351,010,325

414,013,300
348,654,325

Surplus reserve........

50,059,100 Dec. 2,773,475

18,359,575

05,358,975

Surplus, excl. U. S. dep.

50,476,925 Dec. 2,768.175

18,768,000

67,670,850

Note.—The Clearing House now Issues a statement weekly showing the actua*
condition ot the banks on Saturday morning as well as the above averages. These
figures, together with the returns of separate banks, also the summary Issued by the
State Banking Department, giving the condition of State banks and trust companl s
not reporting to the Clearing House, appear on the second page preceding.

State and Railroad Bonds.— Sales of State bonds at the
Board include $1,000 Tennessee settlement 3s at 95j^j and
$99,000 New York Canal at 10 2% to 10254s.
The market for railway and industrial bonds has been
slightly more active than last week, but is still very dull, and
fluctuations have, in almost every case, been limited to
minor fractions.
Among the exceptional features are Nat. Railways of
Mexico, which have been in request and are over a point
higher than last week. Pennsylvania conv. 3 % s , 1915,
have been relatively active and close at 96, an advance of
Yi point within the week. Some of the Atchison, Union
Pacific, Wabash and Brooklyn Rapid Transit issues are
higher.
Foreign Exchange.— Bear selling caused a sharp decline
early in the week, but a decisive recovery followed, and the
market closes with a firm undertone.
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 8 4 % for sixty day and 4 87 for sight. To-day's
actual rates for sterling exchange were 4 8 3 6 0 @ 4 8370
for sixty days, 4 8 6 3 5 @ 4 8640 for checks and 4 8 6 7 0 @
4 8680 for cables. Commercial on banks 4 8 3 @ 4 83)^
and documents for payment 4 8 2 % @ 4 83. Cotton for
payment 4 8 2 % @ 4 8 2 % and grain for payment 4 8 2 % @
^ T o -d a y ’s (Friday's) actual rates for Paris bankers’ francs
were 5 2 0 % @ 5 20 less 1-16 for long and 5 1 8 % less l - 3 2 @




[ V o L . L X X X X I.

5 1 8 % for short. Germany bankers’ marks were 94 1 1 -1 6 @
9 4 % for long and 95 1 -1 6 @ 9 5 % less 1-32 for short. Amster
dam bankers' guilders were 40 2 8 @ 4 0 29 for short.
Exchange at Paris on London, 25f. 2 4 % c .; week’s range,
25f. 25c. high and 25f. 2 3 % c . low.
Exchange at Berlin on London 2 0 m .4 6 % p f.; week’s range,
20m . 47pf. high and 20m. 4 5 % pf. low.
The range of foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
High for the week................ 4 83%
Low for the week,................ 4 83%
Paris Bankers' Francs—
High for the week_________ 5 40 less 1-10
Low for the week.................. 5 20%
Germany Bankers' Marks—
High for the week................
94 15-16
Low for the week..................
94 11-16
Amsterdam Bankers' Guilders—
High for the week_________
40 08
Low for the week..................
40 02

Cheques.
4 86%
4 8605

Cables.
4 8680
4 8630

5 18%
5 18% less 1-16
5 18% less 5-64 5 18%
95%
95 1-16

95 3-16
95%

40 31
•40 25

40 35
40 29

The following arc the rates for domestic exchange at the
undermentioned cities at the close of the week: Chicago, 20c.
per $1,000 discount. Boston, 10c. per $1,000 discount.
San Francisco, 30c. per $1,000 premium. St. Paul, par.
Charleston, buying, par; selling, 1-10 premium. St. Louis,
10c. per $1,000 discount. Savannah, buying, 3-16 discount;
selling, par. New Orleans, commercial, 2 5 @ 5 0 c . per
$1,000 discount; bank, $1 per $1,000 premium.
United States Bonds.— Sales of Government bonds at the
Board are limited to $6,000 4s coup., 1925, at 115 to 115%I
and $1,000 2s reg. at 101. The following are the daily closing
quotations; for yearly range see third page following.
Aug. Aug.
30 1 31
101 *101
1930 ........... ..registered Q—Jan *101 j*101
1930.-......... ------coupon Q—Jan *101 1*101 *101 *101
1908-18........ ..registered Q—Feb *101% *101% *101% *101%
1908-18....... ____coupon Q—Feb *101% *101% *101% *101%
1925 ......... . ..registered Q—Feb *115 *115 *115% *115%
115 *115%
1925............ ------coupon O—Feb *115 *115
1936.Panama Canal regls G—Feb *101 *101 *101 ♦101
1938.Panama Canal regls Q—Nov |*101 *101 *101 *101
Interest
i Periods

2s,
2s,
3s.
3s.
4s,
4s,
2s.
2s,

Aug.
27

Sept.
1

Sept.

*101
*101
*101%
*101%
♦115%
*115%
*101
*101

*101
*101
*101%
*101%
*115
115%
*101
*101

Aug.
29

2

* Tills Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— The stock market
has continued dull and prices have further declined. The
daily transactions at the Exchange steadily diminished from
an average of about 424,000 shares last week to 157,503
shares on Wednesday, which was t ie smallest day’s business
since June 1908. The market was steady until Thursday,
when, following the speech-making referred to above, an
excess of offerings caused a general decline and closing
prices are, in many cases, after a fractional recovery in to
day’s dull and irregular market, a point or more lower than
last week. The movement was led by Reading, Union
Pacific, United States Steel and other industrial issues.
For daily volume of business see page 582.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Sept. 2.

Sales 1
Range for Week.
i* ' _____ ______ _ —__- _
J/V
OyT
IVeek.| Lowest. \ Highest.

100 85%
Amer Brake Shoe & Fdy
100 125
Preferred____
200 $2%
Batopllas Mining......... .
10116
Cent & So Amer Teleg..
100 55
EvansvA Terre Haute. .
160 103
General Chemical. pret..
Goldfield Consol Mines.. 5,850 88%
100 101
United Cigar Mfrs, pret.
1

Range since Jan. 1.
Lowest.

Sept 1 85% Sept 1 85%
Aug 30 125 Aug 30! 119
Aug 27 S2% Aug 27| 82%
Aug 30.116 Aug 30 i 10
Sept 1 5 » Sept 1 55
Aug 30 103% Sept 1 101%
Sept 1 S8% Sept 1' 88%
Sept 1 101 Sept 1 101

Highest.

July 90%
July 125
June 83%
Aug 120
Sept 58
June 107
Sept $8%
Sept 109%

Juno
June
Jan
Jan
Jan
Mch
Sept
Feb

Outside Market.— Aside from the activity and strength
of Intercontinental Rubber there was little of interest in
the “ curb” market this week. Business in the remainder of
the miscellaneous list was almost at a standstill, while trading
in mining stocks was of small proportions. British Columbia
Copper weakened from 4 % to 4 % .
Butte Coalition sold
to-day at 18. Chino Copper went up from 1 4 % to 15 % and
down to 1 4 % , the close to-day being at 1 4 % . First National
Copper sold up from 3 % to 3 % and down finally to 3 9-16.
Giroux from 6 % advanced to 6 % but reacted to 6 % . A few
transactions in Greene Cananea carried the price up from
7 % to 7 % and down to 7, with the final figure to-day 7 % .
Miami dropped from 1 9 % to 18 % and recovered subsequently
to 19. Ohio Copper moved up from 2 1-16 to 2 % and eased
off to 2.
United Copper common was traded in up from
4 % to 5 and down to 4 % .
Goldfield Consolidated, after
fluctuating between 8 7-16 and 8 % was transferred to the
Stock Exchange, where sales were made at 8 % and 8 % . Admis
sion to the Exchange was granted this stock in June last, but
pending the printing of the certificates the stock had been
quoted on the “ curb.” Kerr Lake fell from 7 % to 6, ex
dividend, and ends the week at 6 % .
La Rose Consolidated
declined from 4 to 3 % and sold at 3 15-16 finally. Nipissing
moved down from 1 0 % to 1 0 % and closed to-day at 10 1 1-16.
The heavy trading in Intercontinental Rubber overshadowed
all other business, the price advancing from 2 6 % to 3 0 % ,
to-day’s transactions advancing the price still further to
3 2 % . American Tobacco gained 4 points to 404. Standard
Oil sold down from 605 to 597 and up to 600. Chicago Sub
way went down from 5 to 4 % and up to 4 % . In bonds
Bingham & Garfield 6s sold at 10 6% and Western Pacific 5s
at 9 3 % .
Outside quotations will be found on page 582.
,
_ j

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING TW O
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
Aug 27

Monday
Aug 29

Tuesday
Aug 30

Wednesday
Aug 31

Thursday
Sept 1

Friday
Sept 2

the
Week
Shares

PAGES

STOCKS
NEW YORK STOCK
EXCHANGE

.{ail.rails
*28 35 *27
35
35 *27
35 *27
A an A rbor___________
35 *27
35
*26
*65
72 *65
72 *65
72 *65
72
72
*05
72 *05
'*
Do nref___________
9712 98
9734 99
97% 983, 97% 98% 90% 98
96% 97% 27.3G0 ■itch Topeka & Santa Fc
*991- 100 *9914 100% 99% 100
Oo pref..
99% 99% 99% 991- 99% 99% 1,100
*109 112 *110 113 *109% 113
100 Atlantic Coast Line RU”
111% 111% *110 113 *108 108%>
104% 101% 101's 104% 101% 1023S 25,300 IBaltimore & Ohio..........
104% 105
100's IOII4 10438 105
*87
*80
90 *87
90
*80
+87
90
90
* ' Oo pret___________
90
90
*87
74
74% 73
74
74
7438 743, 75
7334 75
74
74% 8,910 ilrooklyn Raiilil Trans't.
*18934 1901.J 191 192
192% 193% *192% 193% 192% 194% rl88% 189% 0,250 / ’anaclian Paclllc_______
65 *01
*61
05 *61
65 _____ ' 'aaatla Southern_____I
G5 *01
05
*01
05 *61
100 Central of New Jersey
*255 303 *255 303 *255 303
255 255 *2„0 700 *255 300
73% 11.050 Chesapeake & Ohio
73
73
74% 73% 73% 72% 731,1 72
*
72% 733,, 73
-1
100 Chicago & Alton m i . .
30
30
*2912 35 *29
30% *29% 30% *29% 30 *29
+
♦
65% *
Oo pref_____________
05165^2
24% 22
22% 2,738 TlUc Gt Wes, trust ctfs
24% *23
24
24
23% 24L 24
72% 22
45% -151- 43"s 141- 43% 44% 1,7-17 Do pref trust ctfs . . . I
47
47 *40
*441- 46L
11S% 119% 10,800 Chicago M'lw & St Raul.
120 121% 120% 121% 120 120% 118% 121
1191- 120
3,400
Do pref_____________
*1451- 147 *145 1401- *145 140% *145 140% 144 145
143 144
610 Chicago & North Western
141 144 *143 14-1% *144 144% *143 145
143 143% 142% 142%
*202 210 *203 210 +203 210 *203 210 +203 210 *203 210 _____
Oo pref_____________
*130 150 *130 150 *130 150 *130 150 *130 150 *130 150
Chic St P Minn & Omaha
^ Oo pref_____________
*140 165 *140 105 +140 105 *140 105 *140 105 +140 105
___
_
3lo
*23.4 31- *23s
*2% 3% *21* 3% *2% 3% *2% 31?
Chic Un Trac ctfs stmpei
*5
8
8
*5
8
Do pref ctfs stmpd___
75
75 *68
*08
75 *71
75 *70
*68
leve CIn Chic & St L ...
*70
75
75
Do nref_____________
*96 100 *90
99 *90 100 *90 100 *96 100
*95% 100
200 olorado & Southern___
55
55 *53
55 *53
*53
55 *53
53% 51% *52% 54%
5 Do I t preferreil______
72% *71
721- §72%: 721- *71
*71
73 *71
72% *71
72%
*68
72 *69
72 *09
72
72 *09
Do 2cl preferreil. .
72 *69
72
*69
100 1 Delaware & H udson...
*160 164 *1011.1 165 zlGO 100 *158% 16U- *158 103 *158 100%
*193 520 *493 520 *493 520 *493 520 *493 520 +493 520
* 'Ci a ware Lack & West.
2934 30
30% 31% 30% 3U- 30% 30% 29% 30
29% 29% 3,48-1 Denver & Rio Grande.
*09
71
71% 70% 71% 701., 70% 1,355
Do pref_______
71
713S §70
70 *70
52 +
52
Detroit United...........I ”
52 *
52 *
52
52 *
100 Duluth So Shore A At!an
11
*10l2 12
10% 10% *10
1012 10% *10% 12
10% *10
100 Do pref_____________
21
21
*20
22% *20
22
*20*2 2U- *201- 21
22 *20
25% 25% 25
25*8 25U 251- 26% 25% 20
25% 243, 2538 3,920 Jrlo
*4138 421- -1214 42% *40
-111)
Do 1st pref________
43% 42% 42% 41% 41% 42% 42%
*301.1 3U- *3012 32% *31
Do 2d pref________
33
33 *31
*30
32% *291- 32 ___ - _
124 1241.1 125 12534 125 125% 124 124% 122% 124% 123 123% 5,925 Great Northern pref_____
*53
400 Iron Ore properties'.
533, 54
50 *53
*52% 50
54
54
56 *53
50
18 Green Bay & W, deb etflJ
*12
127s 127s
13 *127s 13
avana Electric...........
*90
93 *__ _ 91
*94 ” 95 '
_
96%
9012 *90
98 *90
♦__
Do nref_______
90 *
90
951- *__
95% *90
93 *___ 100 *__
ilocking Valley................
—
. . . . *105 125 *105 125% *105 125% *105 125% *105
Do pref.......................
700 I lilnols Central________
129 129
127 128
*128 1301- *129 13238 *129% 131 *129 135
171- 173j 173, 173, 17% 18 *17% 19% 17% 18% 18% 18% 7,600 1 nterboro-.Metropolitan .
Do pref____________
48
48% 49-8 5,800
48
48-% 48-% 48% 49% 48% 4812 47% 48
17% 17% 17% *1634 17%
COO Iowa Central___________
♦16
17% *17
17
17i2 173, *17
900 Do pref_____________
.'IDS, 301- 30% 307S 307* 30% 30-8 *31)1., 30% *30
30
30%
105 IS C I-1 S A M tr cfs. prei
*711- 7811 743., 743, *71% 78% *71% 78% *7U- 78% *71%> 78%
29% *28% 29% 28% 28%
29% *23
♦28
300 AVansas City
293,1 29% 293., *28
•¥ Southern..
63
*02
03 *02
03
02% 02%
225
*01
Do p re f.__________
03
62I4 0214 *02
17 +15
17 *15
17 *15
*15
17
ako Erie & We.iern__
17 *15
17 *15
45 *35
*35
45
45 *35
40 *35
*35
45
J Do pref___________
40 *35
00
*03
03% 63% *03
00 *63
100 Long Island____________
*63
60
66 *631- 60
143% 143% *143 144 *142 143% 141% 142
*143 144
1433s 144
900 Louisville A Nashville__
*130 132 *130 133 *129 131% *129 132 *129 133 *120 133
VI an hat tan Elevated...
24% 24% 24% 241- *23
25
241- 2412 2412 24% *23
725 RJLlnneapolls & St Lou's
25
50
49 *40
50 *38
*38
39 *38
*36
49 *40
39
Do pref__
128 128
I .166 Minn St P A S S M ariel..
128% 129
128 12812 128 128% 129 129 *128 130
*143 148 *145 148 *145 148 *145 148 *145 148 *145 148
Do prei_____________
50 Do leased line ctfs___
89 *87% 89
*87
89
89 *87
§871., 87% *86% 89 *87
3134 313, 313., 32% 31% 32% 32
32% 31
31% 31% 31% 2,800 Mo Kansas & Texas____
Do pref_____________
02 *01
03 *61% 02
*01
62 *01
02 *61
63% *61
2,300 Missouri Paclllc___ I ___
52
52
52’s 527S 5234 5338 53
52
53% *52% 53
52
♦123 130 *123 130 *123 133 *123 133 *123 133 *123 133 _____ \Jash Chatt A St Louis
700 l ’ at Uys of Mex 1st prei
08% 68%
67
07
67
07
*06% 07% 07T, 09
087s 09
13,000
Do 2d pref..............
*30% 31
301.4 301? 30% 307fi 30% 31
30% 31% 30fy 31
1101- Ill
IIU 4 112% 111 112
111% 111% 109% 110% 10934 110% 12,700 N Y Central & Hudson..
N Y Cldc <5c St Louis___
63
62% *61
*01
03
*01
621- *61
63 *61
03
*01
Do 1st pret..................
♦100 110 *100 103 *100 111) *100 111) *100 111) *100 n o
Do 2d pref___________
93
*80
93
*80
93
93 *80
*80
93
93 *80
*80
500 N Y N H A Hartford___
152 152
151% 151%
♦150's 153 *150% 152 *150% 154
150% 151
■100 Subscription receipts z ..
*1431- 118 *144 148 *144 148
146 140 *
140% 14534 146
+40
050 N Y Ontario A Westeiu.
40
■1()12 40% 40% 403S 40% 40
40
*39% 40% *39
+9611 97M *90% 98% *97
98% *95% 97% *95% 97 +95
0034
'Norfolk A Western____
*80% 90
*87
90 *87
90
*87
90 *87
90 *87
90
Do adjustment pret__
II 334 114% 114 1147s 113% 1145s 113% 114% 10,270 Northern Paclllc________
1131.1 II .334 113% 115
♦98 108 *98 108 *100 111) *100 111) *100 110 *100 112
Jacllic Coast Co_______
*80 110 *80 111) *80 n o
*80 n o
♦80 110 *80 111)
Do 1st pref________
+98 114 *98 114 +100 114 *100 114 *100 111 *100 i l l
Do 2d prei________
128 1281, 128% 12834 1283s 129% 128% 128% 127% 128% 127 127% 18,300 Pennsylvania__________
*94%
90%
96
U
4
%
*94
94"s
*91
90
94%
94 *94
230 Plttsb Cln Chic A St L ..
§94%
*105 116 *105 110 *105 116 *105 110 *105 n o *105 116
Do pref_____________
141-33 143% 141% 142% 138% 142
138% 139's 371,150
eading______________
1403s 14U2 14034 143
87
87 *86
*80
*85
86
§80
87
87
22
*86
1st pref___________
88 *80
92
92
95
933, *92
93
*92
*90
92
100
2d pref....................
♦91
95 *91
30% 29% 29% 22,700 Rock Island Company__
30:% 30
31% 30% 30% 29
30i.i 30
30
*03
00%
66
*06% 68
06% 00% 64
1,700 Do pref........................
00
66
+66
07
05 *55
65
*55
65 *55
05
*55
05
+55
05 *55
Q t L A San Fr, 1st pref..
520 O Do 2d pref_________
401.,
40% §39% 3912 *39
42
40% 391, 39% *39
*39
40
100 St Louis Southwestern__
25
*21
24
24
*23% 25 *21
*21
25
25
25 *21
200 Do pref_______
58
59
58 *50
59
*57
57% 57% 58
*56
59 *50
1123s 113
112% 11438 112% 114% 113 113% 111% 113% 111 112% 53,900 Southern Paclllc C o ___
*221- 23*2 231, 23T, 22% 23
2278 22% 22% 22% 22% 22% 1,400 Southern v tr cfs stmpd.
525 Do pref
do
♦50
53
50% 50%
53
51% 52% 52
52 *51
52% *47
23% 2534
200 'I ’ cxas & Paclllc_______
*26
27
20
*26
27 *20% 27
*26% 27
26
100 third Avenue (N Y )_I
*8
9
*8% 9
*8
9
*8% 9
8"s 87g *8
9
Toledo Hallways & Light
8%
8% *6% 8% *7
8% *6
8% *7
*57s 81? *6
233., 23% 23% *22
22’s 227S 23
23% 23% 23% 23% 23% 1,300 Toledo St L A Western..
1,800 Do pret_____________
•1914 4U38 ■191., 4938 49% -19% 49% 49% 49% 49% +48
50
100 Twin City Rapid Transit
108 IDS
*107 111) *107 110 *107 110 *107 n o *107 n o
1043.1 105r8 10538 10734 1057s 168
104 105% 209,250
nion Pacific_________
160% 107% 104% 107
+91
§9234 9234 *91% 92% *91% 92% *91
50
Do pref___________
93
92 *91
93
___
Unit Uys Inv’ t of San Fr
*27
29 *27
30 *26
26% *26
28
*25
30
___ ___ *54
200 Do pref_____________
58
54
54% 54% *54
54
*54
50
65
*161- 18 *1634 17% 17
1034 17
1,100
17% 10% 17
abash_____________
171, 17
30% 301., 30
3034 36% 37% 36% 37% 35
30% 35
Do pref................
35% 9,950
♦43
45
+42
45 *42
44% 43'8 437g
44% 43% 43% *42
200 West Maryland R y _____
*67
0818 08% 08% *0734 69% 68
400
08 *67% 69 *6734 G834
Do pref.......................
*412 512 *4
5% *4% 512 +4
5
5
250 Wheeling & Lake Erie..
5
11
♦9
*9
11
+9
11
*9
*9
11
*9
11
11
Do 1st pref__________
*6% 8
+OI2 8
*0% 7% +6% 71- *6% 7% *61- 7%
Do 2d pret___________
50% 5D2 52
50 50
53
53% 537g />2 53% 62% 52% 2,200 Wisconsin Central______

H

I

I

R

U

W

Range Since January 1.
On basis of 100-share lots

Ranee for Previous
Year (1909)
II ighest

25 Feb 25 Jo Mch .
48% Feb 23 72% Mch 8
90% J’ly 26 124'gJan 3
x'J7 J’ly 1 10414 Jail lc
1021- J’ly 26 13/1-Jan 5
10138 Sep 2 llO's Jail i
18 Aug 26 04 Jan i
68*2 Feb 7 82% May. 1
176 -' Feb 8 193% May26
60'2 J’ly 2i. 70 Jan 4
248 J’ly 26 312 Jan 7
65 Aug 2 92 Jan 3
23% J’ly .6 0G34 Jan 3
69^ Apr 1
64<g J’n ei/
19 J’ly 26 3U7g Jan 3
40 J’ly :6 04igJan 10
11334 J’neju 1583s Jan 3
143 Sep ; 172I4 Jan ;
13714 J’ly 26 182'2Jan 2
203 J'ue 27 225 Jan t
140 Apr 28 1621- Feb 22
§160 Apr 25 §170i4 Feb 18
2% Maye4
63gJan 4
5% Mav24
121.1 Jan 4
70 J’ly 26 9214 Mch IS
100 J’ne 4 104 Jan 15
48 J’ly 26 25% Feb ‘ f
70 J’ly 27 83 Men 4
VO Aug 1 81 Jan 6
149% J’ly 20 185 Jan 3
490 J’ly 26 020 Mch 21
2314 J’ly 26 62 Jan 3
(-2% J’ly 26 84 Jan 3
— Jan 27
45 Jhy 11 66
10 J'ly 1 18-34 Jan 3
17 J’ly 26 34% Jan 4
121I2 J ly 26 34% Jan 6
35 J’ly .7 6234 Mch 8
26I4 J’ly 27
‘12 Mch 8
u s J’ly 26 lljig ja n 3
45 J’ly 0 801-Jan 4
11 Aug 10
181g Mch 22
88% Jan 21. 97i_ Apr 14
9412 Jan 25 99 Jan 4
102 May 6 l247g J’ly 14
»j Feb 7 101% J no 14
124 j ’ly 26 147 Jail 6
14'4 J’ly 2c 25% Jan 11
4H- J’ly 26 62"g Jan 12
15 J'neju 30 Jan 3
J’ly 26 54U Jan 3
Aug 2 80 Feb 18
J’ly 26 ■1414 Jan 3
Aug 2 71 Jan 4
J'n036 2534 Jan 6
Aug 17 G234 Jan 2
J’ly 1 7014 Apr 14
1311" J’ly 26 15934 Jan 6
123 J’nojo 139 Mch 8
23 J’ly 26 5334 Jan 4
47 J’ly 27 80 Feb 24
114 J’ly 26 145 Men 3
141 J'ne e 156% Mch 2
8012 May 5 923, Jan 3
27 J’ly 26 fl'sJa n 5
57 J'ly .0 74% Jan 5
41 J'lV 2o /Jig M ay.3
125 J’ly -6 139 Jan 8
00 Ftb 3 09 J’ly 20
231- j ’ly 26 31fg Aug31
105's J’ly -o 128 Mch t
551- May 4 67 May 27
§ioi J’ly 8 ioo34 Jan 21
l>234 Apr 28 us Jan 19
M9 Apr 28 162 Mch 14
',111 J nelo /(151 M chll
38'- Aug 2
Jan 5
88% J’ly -6 .'08% Mch 21
88 Feb 2 91% Mch 10
111% Aug 3 145% Jan 8
101% Aug 17 1183.) Jan 12
105 Feb 14 118 Jau 3
122% J’ly 20 138i2 M- h b
89 J’ly 26 2015s Mch u
114 Mch 10 U6 Mch 1
'3u% J’ly 2- 172% Feb 18
x85 Aug 24 931- Feb 17
87 J’ly 26 UOI2 Jan a
22's J’ly 26 57% Jan
54 J’ly 27 92% Apr b
58 Aug 11 73 Jan 0
34% Aug 2 60 Jan 5
181* J’ly 26 34% Jan 3
51% J’ly 26 77% Jail 3
103% J’ly 26 xl38% Jan 4
18 J’ly 26 3334 Jan 3
43 j ’ly 20 70 Jan 3
22% j ’ly 26 863.) Jan J
6’.* J’ne 1 19% Jan 7
6% J’ly 6 1634 Jan L
19 J’ly 26 M3d Jan 4
4234 J’ly 2% 72% Jan 4
103 J’ly 26 117% Jan a
152% J’ly 20 20434 j an 3
88% J’ly 26 10334 Jan v
23% Jue30 42% Jan 3
72% Jan
47 J’ne3t
•12% J’ly 25 2734 ,'an 3
28% J’ly 26 01 Jan
40 J’ly 26 54%Mch 12
67 Aug 16 701- MavlO
3 Apr 28 10 Jan
8 J’ ne 36 23 Jan 0
13% Jan 3
4 J’ne3o
44 J’ly °6 561,-Mch 7

20 Mch

25 Mch

'1)7~/g Jan
100'j Jan
IO
71., J nil
1071
1031
‘ 13' - Feb
•'1• ' Nov
67 uan
1165 Mch
60*4 Jan
225 Feb
5% Jan
67h FeD
70 Nov
311. Dec
583, Dec
111 Feb
ISO's Mch
173's Feb
208 Mch
148 Apr
1661 Jan
312 Dec
73.1 Dec
63 Jan
100 Jan
51 Oct
7(i>2 Jau
7314 iJan
16734 Feb
535 Feb
37*8 Jau
79*2 Jan
56 Jan
14*4 iov
28. f.e b
Mch
31)1*2Men
281- Mch
I36as Feb

125% <’ <t
1063j J nc
1431- AU?
122% J'lV
96 Apr
827g J ne
189-38 Get
7014 Nov
323'- Sep
911j Dec
743j Apr
/Si- Mch
37% Dee
6 4 Dec

165*8 Sep

1-1 Aug
l;p,i- Aug
,23 ) ‘ Aug
167 Aug
iso J iy
/ Jau
1HU Jan
83'4 Dec
105 Men
68*4 Jan
86 -'lay
84% Jan
200 -'lay
tHo Apr
51 Apr
90 Feb
71% Aug
21 Jau
36*2 Jan
39 J’ne
56% Aug
46 Aug
J577, AUg
0 5 1 # Alcli
SS'2 Aug
1312 N ov
*jl Dec
39 * eb 103 Dec
83'g Feb 100 Dec

~88

Apr

137 fe b
1 Men
31)3*1 Mch
2634 Nov
48 Sep
743, Feb
37 4 Feb
077g
-.eH
iyi2 J
heb
48 Jan
59 Jan
r121 Jan
137 Oec
51 Sep
j 1 Mch
13212 Jan
147 Apr
89 J iy
35*2 Keb
71 Feb
65 Feb
12212 Jan
4412 Apr
21 Dec
120i2 Feb
48i2 Mch
00 Feb
100
76% Apr
t u54. Nov
471- Dec
5147
42% Feb
42
'!• Jun
84L
8518 Men
13314 Feb
76 Mch
100 Mch
88 Mch
l‘iO'8 Feb
Jan
86*2 ■
101 Feb
118 Feb
89 Mch
90 Feb
Feb
2078 •
57*g ]Feb
65% Mch
36 Feb
20% Feb
1* Jan
47%
114%" Feb
22 Feb
60 Jan
30 Feb
121. Dec
7 May
43 Feb
6434 Feb
97 .Jan
I72l2 Feb
194 Mch
30 Feb
50'4 Feb
16 Feb
41 Feb
6 J'ly

1514 J’ly

ei2 J9y
357* Jan

J 'n o

162*8 Allg
25% JJCC
03% Deo
36 Apr
62 Apr
82 Sep
£0% Aug
7512 Aug
29*2 '»<
64-g J'ne
71% Dec
162*2 Aug
)53i2 Jan
65 Jan
90 J a *1
149I2 J a u

164*2 Au^
94 Dec
50*- Oct
78*4 ° ,:t
771- Aug
142 Dec
64 Dee
26*s AIaY
14734 Aug
69 Nov
100 F'cb
95 Nov
4743,, J’ne
514934 Dec
55% J *ne
102 Dec
021- J ly
159*2 Aug
116*- Dee
§106 Sep
115 Deo
151*4 Sep
99<s Dee
116*4 Sep
173-38 Stp
96 Aug
1171s Dec
81 Dec
9434 Dec
74 Dec
6034 Sep
35»s Dec
82 Dee
139*8 AUg

34

Aug
75*2 Dec
40*2 Aug
42*- Jan
153g J a n
547g Oct
74*4 Jan
116*4 Deo
219 Aug
118*2 Aug
47 Seu
77 Sep
27% Dec
C134 J’ne
127g Jan
2578 Jan
I5*g Jan
6 On Apr

B ANKS AN D TR U ST COMPANIE S— BR O K ER S' QUOTATIONS.
Hid Ask
bid Ask
Banks
Hanks
bid Ask
bid Ask
Banks
IHd A sk
Banks
Banks
Banks
Chatham . . 320 330 Filth ........ 300 350 Irving N Ex 205 210 .Mutual ? __ £85 295 Prod Exch ?
New York
A etna____ 175 180 Chelsea Ex? 200
First ______ 835 855 JcircrsonH.. 175 185 Nassau 1|__ 240
Reserve_
_
4:30
America ?._ 580 600
New Neth’d 210 220 Seaboard . .
445 14th StH ... 150 165 Liberty___ 625
Amcr Exch. 228 *235 Citizens’ Cti 150 157 Fourth___ fl8 l f 185% Lincoln___ 400* 425 New YorkCo 900
Second___
Audubon . . 100 115 City_______ 360
Gallatin__ 320 .340 Manhattan? 315 330 New York, 320 335
Battery Pk. 115
125 Coal & Iron 145
155 Garileld__ 290 300 Mark’ t&Ful 250 255 N’ bt ADayT 200 225 State ? ___
Bowery?__ 375
409
....
Germ-Am. 1| 140 150 \Iecti&'let’s 240 250 19th Ward, 250
260 12th Ward.
BrouxBorol .300
___ Columbia
40')
Germ’ 11 Ex1| 485 605 Mercantile . 150 160 Northern . . noo
23d W ard..
Bronx Nat 19.5 265 Commerce . 12U4
___ Germania 1|. 550 505 Merch Exch 160
170 Paclllc?___ 230 240 Union Exc.
Bryant Pk § 155 10 • Corn Ex
305 315 Gotham _.
150
155 Merchants'. 175
ISO Park_____ 6345 350 Wash ll ts ?
Butch & Dr 140
East
River.
115
126
145
Greenwich 1] 255 265 Metropolis 1 390 410 People’s ? . . 270 280 West Side ?
Century ? _ . 170 175 Fidelity
165
175 Hanover__ 620 630 Metropol 'n? 200
Phenix___ 190 200 Yorkvllle ? .
Chase____ 425 440 Fifth A veil. 4100 4500 Imp A 'Trail 540 560 Mt Morris?. 260 260 Plaza?_____ 625
TBid and a-ked pr cos: no sales were innde on th*s day. t Ex-rights, ii-essthan 100 shares. ijStatc banks, a Ex-dividen t and rights. 0 New
I Sale at Stock Exchange or at auction this week 11 First Installment paid
n Sold at private sale at this price, z 2d paid. i, 3d paid.




bid
163
100
290
400
135
275
165
275
600
600
stock.

A sk

J68
110
290
140

574

New York Stock Record— Concluded—Page 2
STOC KS— 11IOUEST A N D LOW EST SALE DEICES.

Saturday
Aug 27

Monday
Aug 29

Tuesday
Aug 30

Wednesday
Aug 31

Thursday
Sept 1

Friday
Sept 2

the
Week
Shares

NEW

STOCKS

[VO L. LXX XXL.

Range Since January X
On basis o f lOO-s/irue (o.s

Y O R K ST O C K

EXCHANGE!

Range for Previous
Year (1909

Illghes.

H ighesl

nuus t r ic k ; m iscdlaticoiK
*250
*250
§255 255 *250
*250
40
dam s E xpress________
*250
*£$03
9
*8
•* 8
9
U ls-C haliners_________
*S
9
0
9
*8
*8
9
*3H2 3212 32
32
*31
36
JJo pret_____________
*31
36
35
*31
100
*31
36
64*4 6458 643S 6512
623, 6-}34
641S 65-%
62% G3*’3 50.460 A m algam ated C o p p e r___
64^8 65%
423.i 43
4434
4438 44^8 *43% 4 5
44
4434
45
2,700 Am er A gricultu ral Cheni46*4
45
*90
------ *90 110
*85 n o
Do p rct________________
*85 n o
*85 100
*85 111)
35
36*4
363| 37%
36
7.510 A m erican Beet Sugar____
35% 36%
3614 30 14 37%
35% 3 5 %
*90
94
9 434
Do p re f________________
20
943.1 *91% 9434 *90
*90
94
§94
94 *
838
83s
83,
838
8%
8%
8%
700 A m erican C an____________
8%
81"
8's
8's
♦SI,
681, 6812 68*s 68 <8 §0S78 08% *68
68% 68%
D o pret________________
890
es% 68%
69
41.34
48'.i 48 14
2,000 A m erican Car & Foundry
471" 47%
47%
473,i 473,|
47=3 485s
48
481"
*110 116 *110 114 *1101., 1141" *110% 114% *110% 116 §110% n o n
10
Do pret______________
63
62
62
61% 61%
1,525 A m erican C otton 6 f t . I l l
6U" 62
62l.i
62
62%
*101
103 *101 103
*101
103
D o pret______________
*101
*240 268 *240 268 +240 260 *237 200
237 237 *230 250
100 A m erican Express ”
"
5
6
5%
5
5%
5%
2.650 A m erican tild e & Leather
534
6
5
5
51.1
51.1
*24
283.t 30%
29
25
9,170
Do pret________
253, 27
27% 31
301,s
25
2514
1912 1912 *19
*19
*19
20
19%
100 A m erican Ice S e c u r itie s !!
*19
20
20
*19
20
*12
13
*11
11% 12
12
200 A m erican L in s e e d _____
*11% 13
*12
13
13
*12
*30
34
*29
34
*29
34
34
100
*30
D o pret________
' ”
33
33
*32
*3414
34% 353S 3434 34%
3514
1,250 A m erican L o c o m o t i v e !! '
35
35
35I8 35% *35% 37
*103 106 *102 106 *103 106 *103 106 *103 106
103% 103%
240
Do p ret_______
*51.1
6
*5
6
*5
200 A m erican Malt C o r n ! ! ! '
*5%
0
51"
5%
6
51"
*5 1 4
*32
33
*32
*3U2 33
33
*31
33
165
Do pret_____
32
32
32
§32
*84
*841" 85
85
*84% 85
100 A m er Sm elters S e c ‘pr'ct'll
84% 841,
*8412 85
*84
85
6Sls 6834
66% 68
66% 67l,i 27,500 Am er S m elt.ng& Rettnlns
683a 69U
671.1 691.1
67=8 68%
104 1041.1 *103 104
103% 103% *103 104
104 104
500
Do pret_______________ _
103 103
*200 300 *200 300 *200 300 *200 300 *200 300 *200 300
Am erican S n u lt___ ! ! ! ! ! !
*100 101 *100 101 *100 101 *100 101 *100 101 *100 101
D o pret________ ! ! ! ! ! !
*421" 45
43
43
*43
*44
44%
100 Amer Steel Eound" (new) "
45
45
*44
*421" 45
*1181" 11934 : 1S”8 120 *1191.1 119% 119 119 *117 120
117% 1171"
300 Am erican Sugar Relining
*116
120
Do p re f________
*116 120 *116 120 *117 120 *117 120 *117 120
1331" 1341.1 13412 13412 1343.1 135% 135% 136% 135 135% 135 135
0,445 A m erican Teieph * T eles
*92
9312
*92% 93% §93% 93% §93% 93%
46 A m erican T o b a c (new) ,pl
*9214 0312 *021.4 93
*27
283, 283.| *27
2S12 28
29
28% 28%
500 Am erican W o o le n ___
2812 2834 283j
*953., 96^2 *951" 97
9434 95
95% 95%
95
600
Do pret____________ ! . !
95=s 96
95
3934 *39
*39"8 40*2
39
401"
40
40% *393., 40%
40
1,700 'L AnacondaCopper D a r t 2 5
40
*26I2 29
400
ethlehem S teel________
271" 281" *261" 28% *26% 28% *26% 28% *26% 28%
5834
5734 673,1 58
58
58
58
50
68
700
D o pref___________ ! “
5812 581" *58
*13212 1341" *1321" 13412 *132 135 *132 135 *132 136 *132 135
B rook lyn U nion G a s ,
"
834 ♦8
*8
SJ4 *8
83,
834 *8
834 *8
834
*8
B runsw ick T erm & H y S c!
*29
30
29
158 B u tterlck C o _________
§29
29
*29
291" *29
29
*28% 30
291"
3334 3334
33^4
343S
34
337S 3514
34%
34%
8,800 ( 'eutral L e a t h e r . .!
34% 35%
35%
*104
1051" 1051.1 105U 105I2 105% 105% 105% 10534 100
1053.; 1053.,
925 V / D o p r e f_______
*283., 31
____
3034 *2934 3034 29% 30
30
*283, 3034
800 C olorad o Fuel & iron
378
3'8
534
534
434
*4
900 Col & H o ck Coal & Iro n ’
+4
4%
4%
4%
5
6 J4
C om stock T u n n e l.P a r $ 2
1291" 130
128 129% 128% 129%
7,350 C on solidated Gas (N Y)
1301s 131
130 131% 130 130
14
14
133.! 141S 14
13=3 13%
1,100 Corn P rodu cts R e fin in g .’
14
14
14
13% 13%
*72
76
*73
74
800
7612
76
73
73
70
Do p r e f____________
76
70
76%
*56
63
*60
*56
63
*56
.'rex C a rp et_________ ~ "
*56
63
63
63
*56
03
27
2738 *27Ei 28
*263.1 273.,
1,010 Distillers’ Securities Corn
26=s 27
27ls 2734 *26% 28
*223.i 25
*2234 40
*2234 25
*2234 25
25
100 Federal M ining & S m elt’ g
*22% 25
25
*57
o n . *54
56
100
*54
60
56
65
*54
Do p re f_____________
60
*54
60
142'8 14438 *1421" 1441, *143!2 M U" *142 144% *141 144 §1113., H134
710 ieneral E lectric____ ! ! ! !
911" 96
96
U6I2 9612 97U
96%
4,100 \ nt lln rv e ste r stk tr cits
95
9733 97%
971.1 971"
*118 1193.1 + 118 11934 *118 11934 *118 1193,1 *118 11934 *118% 11934 ........... 1
Do pret ctk tr ctfs
*T78
5
O
*4%
5
*478
6
*4%
*4“8
5
5
*4%
in ; Mer M arine stk tr etts
*1512 1612
+ 151" 163.!
600
1434 143,
Do p ret________________
15% 15% *15%> 10
1512 151"
110
*10%
11%.
111,
*10%
11%
*1012 1U2
111, *101" 11% §10% 101"
International P a p e r . ! . ! !
*47
49
100
*47
*40
49
49
48
Do p r e !____________ . . !
48
*45
48% *47
48
*39
3S'8 39
500 Internut Steam P u m n ! "
*39
40
38=8 38 <8
40
40
40
*39
*39
...........
*80
*S0
81%
82
*80
811"
Do p r e f______________! !
81% *80
81%.
8U" *80
*80
102 102
99% 9938 2,830 L aclede Gas (St L) c o m !*
1013.1 IOK’% 299 100
102 10211 102 102
200 Aiackay C o m p a n ie s ..
*81
SO
*821" 80
*85
88
*81
86
*85
86
85
86
*7334 7412 *733.1 7412 *7334 741" *74
100
74%
74%
*74%
76
~ ”
Do p re f_____
74%
1,700 V atlonal B i s c u i t * ! ! ! ! ! *
113% 1131" *112 114
no
no
l l l U 1113.1 112 1141" 113 113
1213.J
10 t ’
*124 §123 123 *
12134 * ___
120 * ___
Do p r e t ___
123 At
30
*151"
§151" 1512
10% *15
16%
*15
17
16
10
Mat Enam el’ g & sta'm p'v
*151" 163.J
30
*80 100
*82
98
*S2
98
h
Do pret...............
*80 100
98
§841" 841" *82
020 N ational L e a d __________”
*o012 5Hs
51
51
51% 51%
52
52
521S 52% *51% 52%
*102 105 *102 IO-U4 *102 K ill" §103% 104% 103% 103% §10234 10234
148
Do p re f________ '
207s 2078
3,850 riNev Cons C o p o e r ./M r $5
20% 20%
20% 20%
207s 213S 20% 20%
20=8 20%
*70
73
100 New Y ork A ir B rak e____
*70
75
*72
*70
75
72
72
75
75
*71
*6712 6 0 '4 *68
68
700 N orth A m erican Co, new
68
*67
69
68
68%
68
691" *68
*26
27
1,000
273(5 *26% 2734 25=8 27
267s 2678 27
*25% 26%
act lie M a il_____________
323., 33
*3214
34
400
33% 33%
*32
30
34
331" 331"
*32
acltlc T elep & T e l e g ..
106 106
1003(5 iog38 106% 106% 100% 106%
1,200 P e op le’s G L & C (C h ic ).
106U lOOTj 1053.1 106
*87
87% 87% *80
90
100 Philadelphia Co (P ltts b ’ h)
90
*86
90
90
*87
*87
90
*10l2 1V12 *1612 171" *101" 17% *16% 17% *16% 17% *15
17%
Pittsburgh Coal C o _____
(35^3 6538 66
*02
70
600
66
*65
66
6512 6618 *65
66
Do p re f________________
34
34
35
34
*341" 35
*34
35
343.S 35
*33% 34
600 Pressed Steel C a r________
*9312 951" ♦93U 9512 *9334 95%
93
93% * 9 3 % 95
§93
110
93
Do p r e f________________
*158 161 §160 160 +1591" 161% *159 16U" §160 160 *158 161
94 Pullm an C o m p a n y _______
33„
*2to
33S *2%
338 *21*> 31" _____ q u ic k s ilv e r M in ing_______
33s
*212
*212 33s
*2*2
*3
*3
5%1 __ ___
538 * 3
5=8 * 3
*3
5»s
558 * 3
Do pret________________
5%
*3034 34
*3034 35
*3U2 34
200 !.) ail w ay Steel S p r in g ..
*32
34
31% 32
*3112 34
*90>4 97
91%. 01% *91
99
700 I V
91
91
*90U 98
Do pret_____________
*90% 97
3034 3034 303j
3,845 R ep u blic Iron & S teel___
*30
29% 30
29% 29%
30%
30
30
30
50
*91
94
94
*90
94
93% *90
*90
94
§91
91
*90
Do p r e f ___________
200
*55
55
56
*50
60
55
58
GO
*55
57% 57% *50
loss-Shcffietd Steel & fr
*105 116 *105 116 *105 116 *105 116 *105 116 *105 116
_ D o pret_____________
253.J 261.8
2,300 tfT enncssecC oppcr E ar525
25
251,,
253! 26%
25'3 26%
25U 2534
25% 26%
*87
9018 *87
*87
90%
*87
90%
90% *87
Texas Pacific Land Trust
90ls *87
90%
*7
8
*7
1,000
9
*8
9
*7
8
8
9
8%
nion Bag & P a p e r____
8%
*54
56
*55
*55
60
*55
60
*54
60
60
*55
60
D o p ret_____________
*100 101 **00 101 *100 104 §103 103 *100 104 *100 104
25 U nited D ry G oods C o s . .
*101
105 *101 105 + 101 105 *100 105 *101 105 *101 105
D o p r e f________________
*141" 16l2 *1412 1612
153.1 1534
*14
16
16
16
400 U S Cast I P ipe A E’ound r
16
161"
573, *50
*50
58
5734 *51
5734
5734 *51
*50
58
*51
Do p r e f________________
*90
HO
*90 108
*99 111)
*99 110
*99 110
*99 n o
U nited States E x p r e s s ..
71
71
*00
70
70
72
200 U S R ea lty A Im p ro v e tn ’ t
*7012 72*2 *7012 71% *70
72
71"
*5%
7%
*512
*5%
*5%
71"
*512
*5%
7%
71"
7*2
U S R ed u ction A Refining
_____
*15
*15
25
*15
25
25
*1512 25
25
*15
*15*2 25
D o p re f________________
*331" 341"
35
35%
34
3333 34% *33% 35%
35
35
34
1.620 U nited States R u b b e r ___
*105 10712 105 105 *1051" 1071" *100 1071" *106 107% §105% 105%
145
Do 1st p ret____________
_____
*67
701" *65
75
*65
*05
*65
75
75
71
75
*65
Do 2d pret____________
083, 69s8 6918 VUs
67=8 68% 337,725 U nited States S te e l_____
69”8 71%
701.1 7034 207% 69%
11578 H578 U 6l8 1161" 11G18 116% 116% HO-’l, 116 11638 116 116%
5,080
Do p re t________________
46% 46%
*455s 46>4
4578 4612
4534 461.,
45% 461.,
45% 4534
4,500 tfUtah C o p p e r___ Ear s ill
5734 5/84 2,430 V irgin.a-C arodna C h e n i..
* 571.1 58
58% 68%
5814
58
58%
57% 57%
58
*121
125 *121 125 *121
123 *121 123 *121 125 §121
121
10
Do p re t________________
* ____
61 * ____ 61 M____
61 * ____
61
61
61
Virginia Iron Coal A Colic
V ulcan D e tin u in g ________
D o p r e f________________
*155 168 *155 168 *160 170 *155 170 *158 168 *158 168
ells Fargo A C o _____
62% 64% *61
*61
63
*61
64
*62
62
63
65
§62
1,082
estern Union T e l e g . .
*57
61
50
69
*52
50
*57
60
59
50
59
59
700 iVestingh’ seEl A.Vlfg assen
Do 1st n rct____________
- r - - . . . . *115 125 *115 125 *115 125 *115 125 *110 125

A

B

F

S

U

W

124’)
7%
1-7
551s
25
99%
24
8‘J

J ’ rto'.j i 270 j a n
190 Jan 260 N t v
123 1 E’ eb
J ’ ly 27
15 Jan 3
Id's Au •
5434 Jan
Aug 6
38 F eb
6 7 % N ov
6 034 Jan
3
J ’ ly 15
65 E’ eb
(-6% NOV
J ’ly 2 6
49 Jan lu
33i2 Jail
50 A u g
103 Jan lo
Anr
U5l2 Jan 103 A u g
J ’ ly 26
471.1 Jan 16
20% Jan
49'" A u g
J ’ly 27
95% J ’ne 15
82 Juti
98 O ct
)3's Jan 3
6 % J no
15D N o v
7'2 Feb
62
j ’ ly 2 6
81% Jan 6
so J’ne
7H2 Feb
7 (jU N ov
72'a Jan 3
39'2 J ’ ly 26
4 1*4 Feb
,{ E’ eb
109
J naau 120 M ch 9
12434 Aug
10712
52lg J ’ly 2 6
6931 M ch 6
4211s Jan
791.1 N o v
101
F e b i 106 A p r H
98 ‘ Jan
10761 Nov
5235 A u g 3 u20 Jan 4 §205 Feb 300 Dec
4U J ’ly 2 0
E
’
eb
10 Sep
8's Jan 6
6*4
20
J ’ ly 2 6
34 F eb
4/% .jan 5
61% Aug
42U A p r
lots J ’ly 2 6
2 914 M ch 1
18% Jan
Feb
20 J'ne
12
1734 j a n
l
10>8 J ’ly 2 7
25>2 J ’ ne3.>
4o78 Jan
473, J’ne
20 Jail
29 J ’ ly 2 6
49 Feb
621" Jail ;
6914 Aug
102% A u g 6 115 Jan 7 109>4 E’eb
122 Aug
1 1 1 , J ’na
4'.| J ly 2 6
5*2 J ’ ly
8 F eb
2«i" J ’ ne io
59 * Sep
48 M ch 21
38 N ov
92*8 AUg
82
J ’ly 23
80 Jan
90% Jan .
61% J ’ ly 2 ;, 104 Jan 5
7734 E'eb
I05i2 Nov
98U J ’ty 2 6 1123.1 Jan 8
101 Jan 11634 Aug
277 A p r ■) 2; 5 A p r 27 22 > Alch 5285 Nov
0512 Jail 13 101 Alav.il
95 Alch 105 May
Feb
33 “ J ’ly 2 6
6638 Nov
3478 E
00 Jan lu
n i l / J ’ no 6 128% F e b 18
1153S N
” ov 130% Sep
115 J ’ nc 6 124 E’ eb 28
H8 N ov 131 Apr
1 2 0 % j ’ly 26
125 E'eb 145i8 Sep
14338 F e b 21
90% J ’ly 2 6
9J3.1 Alch U
9012 F’eb 104 Alay
26 .'e
E' b
89% M ch 18
40i2 A u g
25's J ’ ly 5
933., Jan 10734 J’no
u i i s J ’ iy 5 104 Alch 7
J3 3 1 " J ’ly 2 6 $54 Jan 3 J3734 E'eb
- $54% Dec
21 JilOJ,
1834 M
Alech
34 Jan
30>4 Sep
49 A u g 1(1 65 Jan lo
47 E'eb
E'e^
0912 Sep
il8 Jon 1U412 Dco
125 J ’ ly 2 6 1641" Jan 3
8 J ’ nO i'j
iyi2 Deo
177s Dec
18*s Jan :
28
J ’no 8
2378
Jan
37
Nov
33 Jan 4
2512 Alch 5184 Oct
25U J ’ly 2 6
4834 J an 3
993/ Apr HI Sep
109 1 4 M ch i
9 9 I4 J ’ ly 27
29 E’eb
221" J ’ ly 26
53 Dec
60 Jan 3
911, Dec
21% l;eb
35S A u g c5
921" Jan 4
21c Apr
37c Oct
23C J ’ ly 15
86c. Jan 3
j
Hi,
Feb
165% Jan
322 J ’ly 2 6 160*8 Jan 3
10% Feb
23i.|Jnn 6
111" J 1163(1
20l2 J’ne
93i2 J’ne
7314 Eeh
86% Jan 8
7 0 % J ’ ly 2 6
JAil .63 Dec
55 A p r.U
0 2 I2 E’ eb 26
321" E'eb
411, Jan
3 534 Jan 16
25% J ’ly 26
55 * Alch 951" Alay
25 J ’ly 14
60 Afeh 8
94 “ Aug
80 E'eb
53 A p r 6
88 Jan 2
134 J ’ly 2 6 1 0078 Jan 6 l50i8 Eeb 17234 AUg
62 Jan 11834 Dec
s83% E'eb 8 12573 Jan 16
128 Dec
x l 17 A u g 11 120 Jan 4 10U> 1 J » u
9 Oct
•% J ’ ly
7% Jan 5
4>4 J ’^ 25
27% Jau
1834 J ’ ly
2438 Jan 6
)2 >s J ’ ly 26
1914 Jan
91 2 Alch
16 Jan 3
0
J ’ly I
4 / 3 . Alch
0934 Aug
411- J ’ ly 26
u u 2 Jan 3
33i" E'eb
54l2 Nov
5438 Jan 1
36% J ’ ly 20
jl2i" Jan
91 Sep
781" J ly 26
903., Jan 17
404 ' J’ne 1133s Dec
931*4 J ’ ly 29
HOi" Jan 16
70 Jan
95t2 Nov
91i8 Jan C
79
J ’iy 2 6
69% Jan
77% Dec
78% Jan 10
71
J ’ ly 2 7
100 A u g .. 115 Jan 5
00i2 Jan 120 Sep
130 Sep
l W i J ’ ly o 125 Jan 17 H 8i2 j a n
12*g Eeb
15
j ’ ly 26
30U Dec
28l2 Jan 3
82 Jan
961" Jan 18
99l2 Sep
85'2 M ay 13
4 G1" J ’ ly 2 6
91 A ug
89*8 Jan 4
7 H4 E’eb
10234 Apr 11334 Aug
10(34 J ’ ly 2 6 HOD Jan U
s i7 i" J ’ ly i' S2l% M aylO
So'E'cb
'
9714
' Nov
95% Jail
5 9 ' j ;» s 6
72 Jan
87i2 J’ne
84 Jan
63 J iy 6
29I8 E'eb
431.) Jan 4
481" Nov
2 2 % J ’ ly 2 6
04 Oct
30
J iy 25
461.1 Jan
45% Nov
1011, Jun 120 AUg
103 J 'iy 2 6 1163s Jan
84 J 'ly 6 106% Jan b
9912 Dec 103 Dec
13
J ’ly 26
0734 Jan
10 Apr
293s Nov
6 0 1 .) J ’ ly 2 6
85 Jan 0
40 E'eb
87l2 Dec
25 J ' l y . 6
51% Jan b
301" E'eb
56 Aug
90
J ’ly 2 7 lu /% Jan i
96 “ Feb 111% AUg
155
j ’no 21, 709 Jan U
109 Jan 200 Aug
2 l" J ’ n o 27
l&g jan
3% A p r 6
938 J’ly
278 A u g 2
3 Mcu
10 Alay
6% May -1
28
J ’ly 2 6
51% Jan b
3212 Mol) 541" Aug
9778 Fob 109 * Aug
91 Aug3V 107 Jan 17
27 J 'n o 4
49% Sep
40% Jan b
10% Eob
823.1 J ’ly (6 104% Jan b
07% Feb n ou J’iy
80% Jau
431" J ’ ly 3 0
68 Eeb
94% Oct
114 J ’ ly 5 1183, F eb 1 1073, E'eb 120 Sep
$19% J■’ ly 26 $40% Jan b 5331" Oft *49 Jan
83 E'eb 8 95 Alnyl3
% J ly
80ii E'eb
0 J ’ ly 5 U% Jan 10
9% E'eb
15% J'lV)
81U J’na
55 J ’ ly is
66 Jan
73 Jan 17
96 A u g 2 132 Jan 3 1 1 6 O ct 1251" Deo
114 " Dco
99li A u g 1 113% Jan 4 rl09 Sep
2438 Feb
3512 J’no
32 Jan 3
141;i8 J ’ly 2 1
70 Alch 8712 Aug
84 Jan 10
49 J ’ ne 2 8
82 E'eb 111
■' Deo
145 Jan 30
951.1
4 j ly 2 6
04 E’eb
87 Sep
64*4 J. ’ ly 2 6
84% Jan 4
10 Mch
17*2 J’ne
.
11 Jan 14
4 J ’no 27
24 E'eb
3912 .Aug
13 J ’ ly 8 29% Jan 3
27 E'eb
67%.Aug
62% Jan 3
27 J ’ly : 6
98 Jan 123lj.Aug
99 J ’ ly 2 6 110% Jan 10
0712 E'eb
84 Jan 3
891? Aug
59 . J ’ ly 2 7
4 U4 E'eb
91 Jan 3
047* 1Oct
01% J ’ ly 2 6
110% J. ’ ly 2 6 1253s Jan 3 107 Fcd 131 Oct
t$39% ,J ’ ne 3 0 $001.1 j a n 6 $39% E’eb S07% Nov
6 2 % AIay27
40% E'eb
6638 Dec
.
47 E’ eb 3
114 Jan 128 Deo
117 J ’ ly 2 8 129% Jan
73 ja n 8
A p r 22
67 E'eb
757,
;
78 Sep
15 F eb 4 §25 Jan 11
6 E'eb
' Nov
3714
80 Jan t
60 F e b 4
45 Jan
9134 Nov
152 F eb 3 ',195 Jan 4 300 Jan 670 Dec
78l2 Mch
51 J ’ ly 26
04 Feb
85i4 Nov
8 2 i2 Jan
49!"" J ’ly 2 6
74 Feb
90 Aug
130 F eb 24
M ay
no
110 Mch 145 Sep

93

RAN KS AN iJ TRUST CO'IRANIES— BANNERS' QUOTATIONS.
Banks
B rooklyn
B road w ay 1
B rook ly n 1,.
G oney Isl’ dT
First ............
H lllsldeli___
H om estead l
A lanufac’ rs
AIechanlcs'1
Alontauk __
N a s s a u ____

But

Ask

375

290
415
240
____
245

111)
155
—.
125
115
250
150
270

Banks
Brooklyn
Mat C ity ___
N orth Side 1
P e o p le 's ___
P r o s p 'c tP k ’
Terminal ||
I rust C o’ s
N Y City
A t o r _____
Bankers' Tr
B’ w ay T r . .

bid

Ask

200
150
158
150
____

305
180
____
160
90

340
____
145

355
650
150

I rust C o s
bid
N Y City
Carnegie . . ill)
Central Tr
990
C olum bia . . 281
Com m ercial
120
Com wealth
150
E m p i r e ___ 300
Equtt’ ble 'Tr 455
Farm L 0 & 1 1070
F i d e l i t y ___ 21’0
F u l t o n ____ 290

Ask
1-0
1010
__
310
465
1700
210

1 rust C o 's
G u a r'ty Tr
G uardian Tr
H u d s o n ___
K n lc k e r b k i
Law T I &Tr
Lincoln T r
M annattan
M ercantile .
M etro p o l’ t’ n
M u tu a l____
Mut AM nee
MY Lite A T.

bid
800
170
LOO
250
140
375
700

Ask
815
175
180
390
-60
145
100
740

13 J
uuo

1321;
.120

bid
1rust C o ’ s
Ask
M Y 'T rust. 640
90
105
S avoy...........
Standard Tr 400
410
U tlcGuJs Tr 409
500
Tr Co of Am •320
Union Trust 130.J 1360
US A lt s * Tr 46)
479
Unit S tates. 1100 1210
Van Norden
230
vVaslungton 375
vVcstchestei 160
130
W indsor . .
129

4 rust C o 's
Brooklyn
B rooklyn Tr
Citizens’ ___
Flatbush . .
F ran k lin ___
H am ilton . .
H om e . . . . .
Kings Co . .
L Isl L & Tr
(Nassau____
P eop le's . .
ju e e n s C o .
W llH am sb'e

bid

A it

405

421
140
226
225
290
HO

200

210
270
103
500
295
105
300
115

310
175
315
125
100

*B id and asked prices: no sates on tins day. 4 Less than 100 shares, t Ex rights b N ew stock c E x -d lv and rlglHs. d Mow q u o te d dollars per sbaro.
tS ale a t S tock E xch an ge o r at auction this week,
s EJx- stock dividend. H Banks m arked w ith a paragrap h <1I) are S tate banks.




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 I960, the Mxohange method, of quotin'/ bonds was changed, and prices are now ail—"and interest" —st/espi tor income and defaulted bonds.
I '8
HON 1)8
Mange
Week’s
lhrice
hince
Mange or § 1 '
driday
N. Y. STOCK EXCHANGE
January 1
Last tsale
(Sept 9
W eek E nding S ept 2
Bid
Ask Low
High Mo Loxo High
Li.
(.ovcriitiiciu
l 100% 101*4
i o i 101 % l o i
io i
U s 2s consol registered.t<1930
101 101% 100% J’ ne’ 10 .... 10ii% lOi %
U b 2s consol coupon....<£1930
101% 102%
101% 102% 102% J’no’ lO
U s 3s registered............/clOlb
101% 102% 101% J’noTO .... 101% 103
U S 3s coupon................. fcl918
101% J’ly ’ 10 .... 102% 102%
U b 3s cou small bonds..AT018
115 116% 114% Aug’ 10 __ 114% U5%
U S 4a registered.............. 1925
115% 0 114%115%
115 % Sale 116
U S 4s coupon................... 1925
101 ........ 100% Aug’10 .... 100% 100%
U S Pan Can 10-30 yr 2s.fcl93U
Foreign t.ovcriuueiif
1 90% Sale 96%
06% 40 95% 97
Argentine—Internal 5sot 1909
imperial Japanese Governin’ C
t 94% 94% 94%
94% 9 94% 96%
Sterling loan 4%s.......... 1925
1 03 % Sale 03%
93% 22 93% 95%
2d sones 4 %s...............1925
88% 92%
1 88% 90
89% Aug'10
Sterling loan 4 s ............1931
1101%103 101% 102% 9 101%104
ttopubol Cuba 5s exteu debt..
1196 97%
i ........ 07
06 Aug’ 10
San Paulo(Brazil) trustSs 1919
* 90% 07
96% 99%
97 Aug’ t 0
U S ol Mexico 8 1g 5s of 1899
........ 94% Aug’ 10
94% 07%
Gold 48 Of 1904...............1954
hese are pr ices o n the b ast s of $5 to £.
Mtatound City Securities
100% Sale 100% 100% 350 J00 101%
N Y 0117—4*48................. 1900
»8% 66 96 100%
4% Corporate Stock...... 1959 M-N 08% Ub% 98%
0a% 10 96% 100%
4% Corporate stock ....1958 M-N 08% 08% 98%
100%
Sale
67 106% 109%
106
106%
M-N
New 4% s........................1957
New 4 %s....................... 1917 M-N 102% 103% 102% J’ly ’ io .... 102% 103%
106% 110
44% Corporate Stock ..1957 M-N 106% 100% 106-1 Aug’10
4 *•i% assessmt bonds.... 1917 M-N 102% 103% 102% 102% 4 102% 103%
96 si 100%
4% Corporate Stock__ 1957 M-N 98% 98% 0 8 % Aug'10
N Y State—Canal Impt4s.l0ii0 J-J 102% balb 102% 102% OU 101 % 103
103% 103%
103 %J’ly To
So Carolina 4 “us 20-40 ....... 1933 J-J ........104
05% 1 94% 96
95% Sale 96%
Tenu new settlement 3 s..1913 J-J
00 % Jan To ttt, 90% 90%
Virginia fund debt 2-3s...1991 J-J ......
40
56
41 Aug’ 10
42*a 45
Us deferred Brown Bros otts.

BONDS
N. Y. STOCK EXCHANGE
W kkk Ending sept 2

Igs

Itnilromi
* luouniu Cent hee So By
xjLlaba Midi {see At Coast Lino
Albany & Susa tsee DolAi llud
Aiiegneny Valley bee Bonn it It
Alleg So West tSee Bull B & P
83%
75
79
6 74
77
77
Ann Arbor 1st g 4s........A1996 Q-J
WfSEj 204 97% 101
Alob T<fe S Ee—Gen g 4s. 1995 A-O 08 % Sale 08%
98 100
Beglstered...................... 1995 A-O 97 ........ 9 a J’ne’ lo
95
14 88
89%
90
Adjustment g 4a..........A1U95 Nov 89% 90
02
92
92 Jan TO
Beglstered................ Zi.1005 Nov
94%
90
4 89
Stamped.................... /ilOOO M-N 89% i)U% 89%
113% Apr To “-TT 113% 117
Couv 4s issue ot 1909...1955 J-D
100
45 100 122%
Conv g 4s........................1955 J-I) ibb io7% 106
98 104%
Conv 4s (full pd roots).. 1900 J-D ........102% 100% Aug’ 10
10-year conv *g 5a ...l..lu l7 J-l* 100 sale lUb% luU-2 20 lUd34
0a% Jau TO l t f t 9«% 98%
Debentures 4s Series J . 1912 F-A
08-2 Eeb TO
98% 98-j
Series K ...................... 1913 F-A
97
97%
East Okla JDlv 1st g 48..1928 M’ S 94 ........ 07 Apr To
92% 03
03
03
94%
9 92
Short Line 1st 48 g ........1968 J •J
107 % 109%
8 Eo Bros Ph 1st g 6s.1942 M-S *106%........ 107 % J’iy TO
Atl Knox So N Hee L So N
96%
Atlantic Coast 1st g 4s./tl952[M-8 93% 94% 93 % 93 % 251 92
Ala M ldlst gu gold 6a ..1028.A1-N 106 ........ 109 Sop’09
9 6 % J’ue’09 .... .................
Bruns* W lstgu g4s ..1938 J*J
Charles So Sav 1st g 7s..1930 J -J 128 ........
95 %
91% Sale 91%
91% 12 '89
L * N coll g 4s............ 01952 M-N
......
Sav E & VV 1st gold Gs..1934 A-O 119 ........ 127 J’UO’00
UU
Mar
TO
il2
112
107
........
let gold 6s.................. 1934 A-O
97%
Sll Sp Ocu * G gug 4s ..1918 J •J 05 ....... 95 J’ly ’ io .... 95
Atlautio So liauv {See South By
Austin * N W iSee Sou Baoilic
92%
02
02% 92
93
7 90
alt & Ohio prior lg 3 %s. 1926 J-J
01 i4 Oct ’09
Beglstered...............A1925 Q-J
97 % ibo%
Gold 4 s......................... A1948 A-O 09 Sale 9H-V 09
06
99 ‘t
ltogistered................A1948 Cl-J ........ 99% 90 % J’iy TO
Pitts J uno 1st gold Us... 1922 J •J 111%........ 120 Del ’01
87% 80%
PJun So M Div ls tg 3%sl025 -d-N ........ 87% 87 % Aug’ 10
90%
89
«3
P L E A VY VaSysref 481941 U-N 9U Sale 90
89
91
South w Dlv 1st g 3 *38... 1925 J ’ J 89% 9U% 89% Aug’ 10
89% 90%
Beglstered................/il920 Q-J ............................ 89% Apr To
103 103
Oen Ohio B 1st og4% s..l030 A1-s 95’%....... 103 Mar TO
110 113%
01 Lor A W con 1st g 5s 1933 A-O 110 112 110 Aug’ 10
Mouou BiV 1st gu g 5s..1919, F-A 101%....... 106% Fob’07
Ohio Blver Bit 1st g 5s.1930 J -D 102%........ 112 " Dee ’09
General gold 5s............1937 .A-O ........110% 112 Nov’09
Pitts Clev A T'Ol 1st g Os 1922 A-O 109%....... 1 lU% Mar’04
...............98 %sop ’09
Pitts A West 1st g 4s...1917 J*J * ....... 98 100
Nov’04
Stat Isl By 1st gug4 his 1943 J-B
........ .........
Beech Creek see N V G A 11
Bollov A Car tsee llllnolsCeUI
Bklyu A Moutauk tsee Long 1
Bruns A Weal hee Atl Coast L
Uuilalo N Y A Erie tsee Erie
113% 116%
Bullalo B A P gen g 5s...1937 M-S 107 113 116% J’ly ’ io
105 109-B
Consol 4 %s.................... 1967 M-N 103 107 106 3 *i' 16
96
99%
A llA West 1st g 4s gu.. 1998 A-O 95 % ....... 90 Aug’ 10
Cl A Mali 1st gu g 5s__ 1943 J -J loa ....... 103 J 'ly ’08 . . . .
Booh A Pitta 1st g U s...]921 F-A 114% Ha 115 J’no'10 ... | i l 6 " 117"
110% 110%
Consol 1st g Os........... 1922 J *° 114 116% liO% Apr To
72 M.ar’ 10
72
72
Bull A Busij 1st ret g 4s.dl9ol J ’ J
Bur C B A N tsee U 1U A 1’ i
103%
104
103% 103% 2 102% 105%
I mu So 1st ext O s...........1913: »*J
100%101%
0 2 0 5a............................. 1913 M'S 10U*8 lol% 100% Aug’ ic
100% May’07
Beglstered...................1913
Oarb A Shawn tsee 111 Cent
Carolina Com AeeSeabAirL
Carthage A Ad tsee N Y C A 11
Ced B la 1 A N tsee 11C BA N
Ceu Brancn By tsee Mo Pae
112% 113%
112% J’noTO
Cent ol Ga BB 1st g 6a..pl945 E-A
103%109
Consol gold 5s................ 1945 M-N 105% 100% l o 6 't Aug lo
113 Apr’oO
Beglstered................... 1945 M-N ........108
87
88
87 Sale 85
1st prof income g 6 a ....p i945 Get
15 82
Stamped............................. i ....
b7
88
85 ---- - b7
6 84
80
84%
2u prei income g 6a__ p i 945 Gel
80 Sale 75
60 75
75
83%
2d pi ol Income g 5a stamped __ ....... 82 '76 Aug l(]
70 Aug’ 10
75
82
3d prot income g 5s__ pli/46 Get | 75
82
81 May TO . . . . 80
81
* ........ 76

B

"»o'Q
O

lb-ice
driaau
fSepl 2

Week’s
Mange or
Last hale

||-8

Mange
tsinee

Cent ot Ga BB—(Von)
\JHa
A sic Low
Mo Low Mi gh
Cliatt luv purrnou g 48.1931
0u°8 Sep ’09
00
I) *.
ll
Mao So Nor Div 1st g 68.1940
1047e J’ne 08
J 100‘s
1
Mnl Ga A Atl Div 6 s....1947
1 15 Nov’05
J 100
Mobile Div 1st g 5s...... 1940 „ J 106
110 Jan’ 10 ....1 1 0 110
Ceu BB A B ot Ga col g 5s 1937 M N 100 107 102
102
5 102 103
Ceutot N J geu’ lgold 6 s.1987 ' J 121 % 122 121*8 Aug’ 10 ... . 120 125%
Beglstered................ A1987
J 120** 122 120 *2 Aug 10__ 1201*125
Am Dock A Imp gu 5s..1921
J 100 100 109 Aug’ 10 ... . 107 109
Le A llud B gen gug5s 1920
J 9S%
Eeh A Wilks B Coal 5s.. 1912 N 100*2
100*2 101*4
100*2J ’ly TO
Cou ext guar 4%s___jlOlO
100 May’ 10
M
100 100*4
N Y A Bong Br gen g 4s 1941 •S
Cent Paoulo tsee So Pacific Co
Cent Vermont 1st gu g 4s.el920 Q-E 87*a Sale 87
88
85
88
Clias A bav tsee Atl Coast Line
Clies A Ohio golu Os........ol911
100% 101%
ioo*8 J’ly ’ io
Gen funding A mipt 6a. 1929
........103?, I037a 103 7a
102 105*2
lal consol g da................ 1939
1 1 0 ^ ....... 112
110*2 114%
112-4
Beglstered................... 1939
......... 113*2 112*2 Jan’ lu
112*2 112-2
General gold 4 “us............1992
100*2 100**4 100*4 190*2
99 103*2
Beglstered................... 1992
101 *8J’ne’ 10
1017s 1017g
Convertible 4 %s (wh is). 1930
92
89
95%
917s bait 91 *«
Big bauuy 1st 4a............1941
89 Apr TO
87
89
........ 89
Coal Biv By 1st gu 4s ..1946
........ 87** 85*8 J’ne’ 10
83
85%
Craig Valley talg 6a__ 1940
102 108 104
104
104 104
Potts Creek Br 1st 4a..1940
bl
90
90 Jan '09
B a a div 1st cou g 4a.. 1989
94
97
04*2 Aug'i 0
94*2 99
85 ........ 00*2 J’no’ iO
2d consol g 4s...............1989
90% 93
Warm Spr Val 1st g 5s.. 1941
113*4 *- eo ’06
Greenbrier By lstgu g 4s ’40
80*2 . .... . 91 *2 Mar’ lo
01
9l*a
Ohio A AH BB ret g 3 s...1049
71
72
71*2
71*2
70
77
70
69 Sale 69
Mailway 1st lieu 3 ‘as... 1950
08*4 75
76 Oct ’09
Beglstered................... 1950
99 J’ly TO
US’**......
Ohio Burl A Q—DenvD4s 1022
98% 100
87 78 .......
88 Aug’ 10
Illinois Div 3*118............. 1949
86*2 89%
9 i 34 Dco’ob
68
Begisterea................... 1949
Ills Div 4 s ..................... 1949
98% 100%
99
99 ®8Sale 99*8
Iowa Div suix tund 5s..1919
103 *a...... 108*2 Oct ’09
Sinking fund 4s........... 1919
08** 101 *s 98 -2 A u g l 0
98% 100
Nebraska Extension 4s.1927
08-2 99*2 98*2 Aug’ i 0
98 100%
101 *8 Mar’09
Beglstered................... 1927
06 ........ 97*4 May’ 10
Southwestern Div 4s....1921
97*2 99
Joint bonds tsee Great North
100*2 102%
Debenture be................. 1913 M N 100*2 101*2 100*s Aug’ 10
a»*«
Gonerai 4s................... 1968 M S 07->4 08*8 98
97 100
100%102
Uan a St J os consol Os..1911
8 100°8 ....... lOO^ J’ly TO
81
85
02 Aug’ lo
Ohio A e ill ret A unpg 4s 1955 -J-J
Si
S0%
121 127
1st consol g Os................1934 A O 120*8 127 ** .21 J 'ly ’ lU
108% 113
General consol iat 5 s.... 1937 ” N l08*s....... lOb3* J’iy To
114 Maj’09
Beglstered................... 1937 —
109
112 Mar’ lo
112 112
Ohio A in u c By 1st 6a. 1930 J
Chicago A Erie tsee Erie
124 127 126 J’ne’ 10
126 129%
Clue In A Louiav rel 0s...lU47 J-4
Dec’
09
114
Beluudiug gold 6a......... 1947 J J 106
100 J’ne ’10
Louiav N A A Ch 1st Os. 1910 J J
100 100%
93% 94
Ohio Ind A Sou 50-yr 4s..1950 J J "89“ 91 -* 94 Apr TO
103 103%
Clue MU A bt p term g 0s 1914 1 J 1 02 lo6 ■* 103 J’ne’ 10
99 -* Sals 98 7g 09 •*
98 100%
Gonerai g 4a senes A ..<1989 J
103 *ii Oct '08
Begialereu................. elObO J
86j4 87*4 87% Aug’10
85% 89
General g 3 %s aeries B.«19o9
J
92
91% 93%
J 01*2 02-4 92
25-yr deuen 4a ..............1931
1u7*4 Mar’ 10
lo7 *4 108
J loo *a
Cine A L bu Div g 6s....1921
107 J ue’10
107 110%
J 106
Clue A Mo Biv Div 5a...1920
106% Aug’ 10
lu6% 108%
J 105
Ohio A P W 1st g 5a...... 1921
102% J'ly'10
102% 103%
Dak A Ut So g 6s............1910 J 102 *«
Li0% 110%
110*4 May’ 10
Ear A Sou assu g Os...... 1924
J 116*4
104Si Aug’ lu
J 104*8
104-2 106
Lacrosse A D 1st 6s....1919
100 May TO
100 100%
J
Mineral Point Div os___1910
100 Nov’uO
J
So Minn Div 1st Os........1910
10034 Aug’ 10
J 106*4
106% 108
Wis A Minn Div g 6s__ 1921
........100% May’ 10
D
100-4 100%
Mil A No 1st M E Os__ 1910
D 103*8 103% 103% 103%
1st Consol Os................ 1913
103% 105%
ill
F 100-4 i l l 111
Ohio A North w cons 7s__ 1915
110% 113
100 J’ne 10
90-2 101
Extension 4s........1880-1920 - A 98
95% 95%
Beglstered......... 1880-1920' E- A 94
05*83 O’ TO
as -4 Aug’ 1o
General gold 3%s...........1987[M- N 88*2 89
87
89%
93*8 A pi '09
Begistered................pl9b7l Q- E
110 % May io
110%111%
Sinkiug luud 0»...l»7o-192o;A- O i i o "
Bogisiered..........1870-1929 A- O 108 ........111 *4 Nov’09
105 109%
Sinking iund 6s...1879-1929A- o 106*8 ........Toe JT y ’io
loO 100
Beglstered......... 1879-1929 A- o 105 •* .....J lo O Mal’TO
107*2 107 May TO
1U6 107
Debenture 6s................. 1921 A- u
100% 106%
Beglstered...................1921 Ao * ib »“ ........loU*s L’OO’ lu
109 1110 May’ 10
109*2 111%
. Sinking iund deb 6s...... 1933 M- •N
110 109 J l y ’Oa
Beglstered........... .....1933 Ni■N
114% 117*4
MH E S A West 1st g Os 1921 **■•S 114*8 ........114% J’ly TO
112% 112%
Ext A Imp sluud g 58 1929 F-.A 107*8 ........112% Mar’ 10
Ashland Div 1st g Os..1925 M-•S 117*8 ........T42 *2 Eeb ’02
Mich Div 1st g Os........1924 J ■•J 116*4 ....... 123 *8Apr’09
Incom es...................... lu ll M-•N 1 0 0 ....... 103*2 Muy’09
109% 112
Clue Bock lsl A Pae Os...1917 J ■J 109 111% 109*2 Aug'10
10U 109
111
109 Aug’ 10
Begislereu................. 1917 J ■J
91% 99
96%
96*4 90*4
General gold 4s.............. 1988 J- J
98% 98%
98% EebTO
Begislereu................... 1988 J-■J
80%
89%
86
92
Beluudiug g 4 s .............1934 A- O
U7 J’ly '04
Coll trust Series li 4s ..1910 M- N
97 % J’ly ’ 10
J 4s............................. 1912 M-•N
97% 97%
94 *2 Jan To
94% 91%
A1 i s ............................. 1015 M-■N
94 Deo’09
N 4s............................. 1910 MN
94*4 May’ 10
94% 94%
O 4s.............................. 1917.«i-■N
'
“
‘
I
96
03 *2 Aug’09
P 4s............................. 1018 Ri■N
72% 163! 66% 83%
chie B I A Pae BB 4s..2002 M- N 72% bale 72%
76% May’ lu
76% 80%
Begisterml.................. 2002 M N
113% 114%
Bur C B A N— ls l g 68.1031 a -u 109 114% 113 -2 Mal’ 10
........120*aMar’03
Beglstered................ 1934 A-•o
103 ........lUO Apr TO
106 106
OBIE AN W lstg u 5 s.1021 A
M A St L 1st gu g 7s..1027 J
Choc Gk A G geu g 6s .olOid J j ....... 104 104 May’ 10 ....1 0 4 101
Consol gold 5s............. 1052 M N 102 lOb%lo8 Mar’ 10___ "108 110
Keok A Des M 1st 08....1023 A O 9b34 ........11U Eeb’ lO . . . . l|103% 104
Jhio tot. ij A N U tsee 1U Cent
Jllio St L A Pitts tsee Penn Co
Jluo St P M A O cou Os... 1030 J -D 121% 127% 124% J’ly ’ 10 ...J l23 127%
Cons Os reduced to 3 **3.1930 J -D 86 ........ 93 Dec’0 3 __ 1...................

? ....

.111 CELLA.SEOIJS BONDS—Continued on Next Page.
Street Uullwny
urooklyn Hup Tr g 5s.......1946
1st refund couv g 4s__ 2002
BkCity isl eon 6s. 1916.1941
Bk Q c « A b cou gu g 6s.1941
Bklyu Uu El 1st g 4-6s.l9oO
Slumped guar 4-5s___ 1950
Kings Co El 1st g 48....1949
Stumped guar 4 s ........1949
Nassau Elee gu g 4 s ....1951
Conn By A L ist A rel g 4 %s ’51
Stamped guar 4 % s........ 1961
Det United 1st con g 4 %S.1932
Havana Elee consol g 6s. 1952
Inter-Met coll 4 %s............1950
Inter Bap T 3-yr conv Os. 1911
45-year 6s Series A ...... 1952
Internal Trac coll tr 4 s..1949
ManHa Elec 1st A coll 5s. 1953

A-O
J-J
J-J
vl-N
F-A
F-A
E-A
E-A
J-J
J-J
J-J
J-J
F-A
A-O
M-N
M-N
J-J
M-S

* N o p rice Friday; latest this w eek.




101% 102% 2 1.01% 104%
82% 50 79% 87
81%
101% J’ly To . . . . 101% 104
99% Alar’OO
100 % 100% • a 99 ios
100% Aug’ 10 . . . . 99% 103
85
84% 84% Apr TO
84
80% 81
80%
80 Aug’ 10
80
82
70% 70
i 70
■fU
102 102 %Mar’ l l
102 %102%
ibo-j
101% Aug’ 10
100% 102
78% 81 % 80 J’ly'10
82%
80
94%
94 Apr TO
94
93
79% Salt- 78%
83%
79% LOU 77
100 % 100% 109% 100% u* 100 % 104
100% 100% 3 100 103%
100%
07 %Mar’lo
....
07 >8 07%
•...... ........ 98 May’OO
100
82

102%
Sale
lol%
99
100% 100%

IlFlat. a D u o J a n

it D u o A p r

Street itnilway
Mot 8t By geu col tr g os. 1997
Bel g 4s..........................2002
B w uyA 7thA vlstcg5s 1943
Col A 9th AV lstgu g 63.1993
Eex Av A P E lstgu g 5 s 1993
Third Ave B B cou gu 4s 2000
Cout'JLT Co certls stinpd...
Third Avo By 1st g 5s..1937
N Url By A Lt gen 4%s ..1935
St J os By Lt H A P 1st g os ’37
St Paul City Cab cou g 6s. 1937
Tri-City By A Et 1st s 1 58.1923
Underground ot Lou o s... 1920
4%S................................ 1933
Income Os......................1948
Union El (Clilc) 1st g 6s..104
United Bys St L 1st g 4s.1934
United BBs San Eral 4s. 1927

«D u eM a y

a D u e J ’ ne

A D ueJT y

E-A ........ 75
A-O
J -D 100 Sale
M-S 90 100
M-S 96
99
J-J
68 .......
69% Sale
J-J 100%110
J-J ........ 83%
M-N *97 % .......

70 J’ly ’ iO
46 J’ly ’ io
15
98% 100
96 J’ly ’ 10 ....
97 Apr TO
63 J’ly TO
59
59% 58
106% 100% 2
87 Mar’ ll’
98 Nov’08
107% Doc’09
97 J’ne’ 10
A-O 95% 97
98 Apr ’09 ....
M-N ........100
88% 9
J-J
88% ....... 80%
38% 20
38
38% 38%
84 Oct ’08
A-O
j - j ------ 81% 80 Aug’ 10
A-O 60
07 % 70 Aug’ 10 ....

fcDua A u g

o D ue Got

p D ue N ov

82%
75
54
40
98% 102
90 102
90% 99
09%
03
55
08%
106% 108%
87
87
........ ...... .
06

99

83
88%
31% 40
79% 83
65
74

s O p tio n Sale

576

New York Bond Record— Continued— Page 2

BONDS
N. Y. sVoCK EXCHANGE
W kkk Endino sept 2

Price
Pririan
Sept 2

Week’s
Range or
Last Sate

BONDS
N. Y. STOCK EXCHANGE

Hange
Since
Jan’iarv 1

Price
hridav
Sept 2

W kkk E ndinu S e pt 2

Bill
Ask Lent
High
Low High
Ohio S tP M <fe O -fC on)
123 J’ly ’ 10
Cli St P & Minn 1st k 6s 1913 M-N 122
128 127
Nor Wisconsin 1st 6s...I960 J-J 122 .... 12U*May’O0
St P & S City 1st r 6 s...1919 A-O 1113s ... 111* Aug’ 10
111*4 114*
Cine* West Ind venn 6s <?1932 Q-M 107* 112 108 Hi J’ly ’ 10
108* 112
0 1 *»
01 *
Consol 50-year 4s.......... 1952 J. J 00 * 02
88
93 *
Clue it W M idi See Pere Marn
Olioo O & Gulf See O R I & P
113 Oot. ’00
Uln 11 & U 2(1 gold 4 4 s ...1967 J-J
Cin D& l 1st g u g 5s. ..1941 M-N 100 103* 101 j ’ly 10
101 108
C .Kintl <fe Ft W 1st go 4s«r.”23 M-N
85
Cin 1 & W 1st ku h 48.1953 J-.)
87*4 Jau’ 10
87
87*
104 107 Mar’ 1C
Imi Dec & W 1st g 5s...1935 J-J
105 107
107 *a Deo’02
1st guar gold 5s...........1935 J-J
0 l St L it O See O O C & St 1
Clu S & C See C C C St L
Clear tieId <t Mali Sea B l U t
03
90* 06*
Clev Cm C «t St L gen x 4s 1993 J-l> 92* 03* 02
Cairo Dir 1st gold 4s__ 1931 J-J ....... 04 *8 94*4 Aug’00
9U J’ly ’ 10
92
89
90
04*
Cin W & M Div 1st g 4s. 1901 J-J
00
92 7<
89* 95*4
St L Div 1st col tr g 4s.. 1990 M-N 00
91 Oct '07
Kegistered..................Moon \1-N
8pr <b Cot Div 1st g 4s..1940 M-S " " " iu b * 96 Dec’00
00 May’ 10
90
00
W W Val Div 1st g 4s... 1940 J-J
105* 105*
C 1 St L it C consol 6s.. 1920 M-N 104 S,...... 105* Feb ’ 10
06 * ...... 96* Aug’ .*0
96* 98*
1st gold 4s............... >(1936
96
08
.Registered............. X1936 <j:» 92 *3 .... 96 AuglO
Cm S it Cl coil 1st g 5s. .192.' j -j 103 ...... 109* Sep ’09
OC C it 1 consol7s........1914 J-D U>6 * ...... 109* Dec’09
Consol sink fund 7s__ 1914 J-D 103 ......
110
110 119
General consol gold 6s. 1934 J-.l 119 >s 124 119
Registered................ 1934 J-J
04 J 'ly ’Ob
lud Bl & W 1st pret 48.1946 A-0
0 Did & W 1st pt 6s...<<1933 Q-J
90 Aug' 10
00
04 ‘
Peo <fe East 1st con 4s...1940 A-0
53 >2 63 Aug’lU
67
Income 4s.................... 1990 Apr
Clev it Marietta see Penn Rlt
Clev it Pitts See Penn Co
09
69
70
65
81*
Col Midland 1st g 4s........1947 J J 63
96*
04
05 H 05
93
07 7|
Coloradjife Son 1st g 4 s ...1929 FA
06*4
90S
94* 99
Rotund & ext 4 * 8 .........1935 M-N 95 >s 97
111*114
Ft W & Don C 1st g 6s..3921 J-D 110 l m 111 * J’neTO
Colum & Uroouv see So Ry
Col it Hock Val See Hock Va
Col & Tol See Hock Val
Col Conn & Term See N it W
Conn it Pas Hivs 1st g 48.1943 A-O
100 May’ 10
too 100
Cuba R R 1st 60-yr 5 g .... 1952 J-J
1 iak it Ul So see C M <t St P
I 'alias os Waco See M K <t T
Del hack it Western—
109* J’nG’ 10
id orris >t Essex 1st 7 s...1014 M-N 107 ...
109*111*
112 114*
1st consol guar 7s...... 1915 J-D 111 * 112*8 132 J’ne’ 10
127 J’no’OO
Registered................ 1915 J-D
94 Sep ’ou
1st ref gu g 3 * 8 ..........2000 J-D 86 ...
113 117
36 Y Lack & W 1st 6s...1023 J-J 116 120 * 116 J’l y ’ 10
107* 110*
Construction 6s......... 1923 F-A 107*4 108 107* J’ly ’ 10
03 j ’ly To
07* 101
Term it im prove4s....l023 M-N 97 *a 99
102* Feu’03
Warren 1st ref gu g 3 *s.2000 F-A
i'20 " i :20 *
Del -t Hud 1st Pa Div 78.1017 M-S i 18 * i'20 " 120 Mor’10
149 Aug’Ol
Registered................... 1917 M-S
9*;
96 * 102
10-yrconv deb 4s......... 1016 J-D 97* Sale 97*
100 103
1st lieu equip g 4 Sis__ 1022 J-J 100 101 100 J’ly 'lu
08*
0 6 * 100*
1st itrot 4 s .....................1043 M-N 08*4 08* 08*
92 Hi 02 Aug’ 10
01
07*
Alb it Sus conv 3 Sis...... 1940 A-O 01
123*130*
Kens it Saratoga 1st 7 s.1021 M-N 122 *a 124* 123* J’neTO
Dal Rtv RH Bridge See Pa RR
04
94*4 04 Aug’ 10
9 2 * 97*
Danv it R Ur 1st con g4a.1031 J-J
lU4 *M arT 0
103* 104*
Consol gold 4 Sis............. 1931 J-J ........104
10 L
100 105
Improvement gold o s ...1928 J-I) 101 Sale 101
00 * 04*
1st it reluntlmg 6s........1955 F-A 01*4 sale Ul*
,U,1Us
'S
98 Feb’
Kii Or Juno 1st gu g 6s. 1930 J-D
78 Dec ’00
79
Rio G i So 1st gold 4s. ..1940 J-J
85
Mar’
08
Guaranteed..................1940 J-J
89
89 Sate 80
04*
RloUr West 1st g 4 s....1030 J-J
8l
82 * 83 Hi 83*4 Aug’10
Mgeandcol trust 4sA,1049 A-0
97 Jan '02
Utah Cent 1stgug4s al017 A-0
Dos Mol it Ft D See M it St ij
110 Sep ’04
Das Moi Uu Ry 1st g 6s..1017 M-N
VI *
Dat it Mack 1st lieu g 48.1005 J-D 04 ...... 94 Aug’ 10
01
89 J’ly ’ lU
02
Gold 4s............................ 1995 J-D 90
74
74 P eb ’10
75
Det so—o a Div 1st g 48.1041 M-S 70
106 U l
D alit Iron Range 1st5s..1037 A-O 108*4...... 107*4 Aug’ lo
106*Mai'o&
Registered...................... 1037 A-O
2d 6s............................... 1016 J-J
Dul Short Dine See Nor Pao
106*107*
Dui So Shore it All g 6s..1937 J-J 106*4 108 * io e*J ’iyT 0
D'astot Minn See St P 51 it M
l last Ten Va it Ga See So Ry
113 Dec’09
Elgin Jol it East 1st g 6a.1943 M-N 107*4...
Elm Cor t it N o See l^eh it N Y
118* 122*
Erie 1st consol gold 7 s....1920 M-S 119 110* 110 J’ly TO
100 100
N Y & Erie 1st ext g 4s 1047 M-N 100 . ... 100 J’ne’ lu
lUU* 106*
2d ext gold 5s.............. 1019 M-S 103 *106 100*4 Mar’ 10
3d ext gold 4 * s ........... 1023 M-S 08 . ... 103 Mat TO ... 103 1U3 *
4tli ext gold 6s............. 1920 A-O 102 .... 106 * Jan TO ... 10 6*106 *
00*4 Fob’ 10
09*4 00*
5th ext gold 4s............. 1028 J-D
N Y L K it W 1st g fd 78.1920 M-S ....... 120*4 124 Aug’00
82 Sale 82
82 *4 26 8u* 87*
Erie 1st con g 4s prior..1096 J-J
81 Nov’OU
Registered................ 19U6 J-J
71*4 sale 71
71*
67
70*
1st consol gen Uen g 4sl996 J-J
70
85* Feb’07
Registered................ 1900 J-J
85*
8 6 *, 85*
Penn coil tr g 4s........1951 F-A 86
8 3 * *86*
60
68
69
64
83
60-year conv 4i A __ 1953 A-O 68
66
66
73*
do
Series B.1953 A-O 05 Sale 63 *
113*113*
Bull N Y <t Erie 1st 7s..lU16 J-D 109 115* 113 * Mar’ 10
110 115
Chic it Erie 1st gold 6a.. 1082 M-N 111* 112 * 111* Aug’ io
121 D ec ’08
Clev it Mahon Val g 6s.1938 J-J ♦111 *4
122 * Aug’ 10 ..J 1‘20 127
Long Dock consol g 6s..1035 A-O 121 *
Coal it RU 1st cur gu 6a. 1022 M-N ........100‘s 114 A p i’ 101 ...'114 114
Dock it Imp 1st our 6s..1013 J-J 1U0 ...... 103 *4 Col ’00
N Y it Green D gu g 5a.1046 M-N 98 105 1 0 3 * Jan lb; ... 103*103*
3 90 1U4 *
N Y Sua & W 1st ret os.1037 J-J
09 Sale 00
09
2d gold 4(38................. 1937 F-A
100 * Deo’031
General gold 6a...........1940 F-A 82
03
80* 80 J’ue’ lOl ..'I 89
1U8*108*
T’ermlnailst gold 5a...1943 M-N 106
103*May’ 10'
Regis S6.UOU each...1943 M-N
Wllkit Eu 1st gu g 68.1942 J-D 06
l 0 1 *M arT 0 ' ..'1 0 1 * 1 0 1 *

[V O L. L X X X X I.
Week’s
Range or
Last sate

R ange

Since
January 1

Rid
Ask Low
High
Evit Ind lstcon gug6s.,1026 J-J 105 ....... 114 Oct ’00
Erie * Pitta See Penn Co
Evana it T 11 lstcoua 68.1921 J - J 109 ........ 115 Deo’00
1st general gold 5s........1042 A-O lUo* 101 * 101 * J’ne’10
101 102*
114 Apr’05
Mt Vernon 1st gold 6s.. 1923 A-0
05 j ’ne’08
Suii Co Branch 1st g 6s.1030 A-0
/argo it So See Oh A1 it St P
lint it Pore M See Pere Mar
FlaCitPenm See Sea Air Line
86
Aug’10
8 8 * 02
Fort St U D Co 1st g 4 *s. 1941 J-J
Mai’ 10
86
87
Ft W it Rio Gr 1st g 4s... 1928 J-J
i 'al Har it S A See So i'uc Co
07 J’iy ’ 00
06* ,
' YalH dfc H of 18821st o s .i913 A-0
Georgia & Ala See sea A Line
Ga Car & Nor See Sea A Line
Georgia Pacitio See So Ry
Gila V G it Nor See So Pao Co
Gouv it Oswegat Seen Y Cent
Grand Rup& ind Nee Penn RR
Gray’s Pt Term See St L S W
95* ■232 04* 07*
05* Sale 05 *
Gt Nor—C B&Qcoli tr 4 a 1921 J-J
Registered./r................ u»21 Q-J * 0 5 * ....... 06* AuglO
94* 06*
08 Aug’ 10
93 100
St Paul M <t Man 4 s .„ . 1033 J-J
98 l o o
1st consol gold 6s....... 1933 J-J 1 2 3 * 127* 125* J’JyTU
120 * 128*
Registered............... 1033 J-J
) 32 Apr *01
104
104
l 1103* i‘0'7' *
Reduced to gold 4 *s 1033 J-J i'o 'i"
108* J’ne’09
Registered............ 1033 J-J
10U* 101*
Dakota oxt gold 6s__ 1910 M-N 1 0 0 * ...... lOo* J’ne'10
98 Aug'10
07
9» 100*
Mont ext 1st gold 4s..1937 J-D 04
100* Got '06
Registered............... 1037 J-D
09* Jau To
09* 99*
03 * ......
E MmuNorDivl8tg4sl94s A-0
Minn Union 1st g 6 s..1022 J-J 112 * ...... 114* b eo’ 1.0
113 114*
'125 120
Mont C 1st gu g 6s__ 1937 J-J 123* 130 125 Aug’ 10
136* .uiij'UO
Registered............... 1937 J-J
1st guar gold 5s...... 1037 J-J 110* 113* n o J’iy ’ 10
n o 113 *
116 J’ne’00
Will & S F 1st gold6 s 1038 J-D 110
Greenbrier Ry See Cliea it O
89 Apr’ 10
89
Gulf it s 1 1st ret it tg 6 a 01052 J-J
87* 94*
an it St J o see C B it h
ousalomo See N YN H it H
00* 104
Hock Vai 1st consol g 4 * 3.1999 J.J 100* 101 100* 100
lUO*Sep’o8
Registered......................louy J-J
9 5 * May TO
96
00*
Col it 11 V lstox t g 4s..1948 A-O 03
00* uuo’UU
Col it Tol 1st ex 4 s ...... 1955 F-A 94
Houst E it W Tex See So Pac
Houst it Tex Cen See So Puc Co
104 J’ne’10
Ulnois Central 1st g 4s..1051 J .j
104 105*
107* A pi’ o7
Registered................... 1951 J-J
1st gold 3 * s ................... 1951 J-J
90
02
02 Aug, 10
87
Registered................... 1954 J-J
04 Sep 00
Extended 1st g 3 * « ....... 1951 A-0
...... 03*Muy’ O0
80 J’ly ’00
1st gold 3s sterling...... ly si M-S
09 Aug’ 10
CoU Trust gold 4s......... 1952 A-0 00*
99 100*
Registered.................. 1931;.......
■05" 90 J’ue'O0
A-O
1st ref 4 s ....................... 1055 -M N 06
06* 06 * AuglO
96
UU*
97* J’l y .u
L N O it Tex gold 4s .. 1053 M-N 08*
0 1 *1 0 0 *
Registered................... 1053 M-N
97* 07 Muy’07
100 A pr’09
Cairo Bridge gold 4 a ....1060 J -D
Louis vDivdcTerm g 3 * s. 1053 J-J *86" " 00 " 87 * Muy’10
*8*'"* "88
123 Alay’UO
Middle Div reg 6a.
iy <i F-A 102
"77* "77■
Omaha Div 1st g 3<j.’ ."."lU6i F-A
77* Mar’ lo
70* Dec ’ 08
St Louis Divit term g 38.1961 J-J
Registered................... 1951 J-J
Gold 3 * s .................... i 95 i J-J
_ .
89 " Feb’ i’o :."l "88* '*89
Registered................ 1951 j . j
101 * oct ’ 00
1UO Nov’OO
Spring Div 1st g 3 * s ...1951 J-J
95 J ’ly ’ lo
90
98
Western Lines latg 4s. 1951 F-A 03 * .
Bellev it Car 1st 6s__ 1923 J-D 110 .
117 * AluyTO
117*117*
99 i>eu TO
00
00
Carb «t Shaw 1st g 4sI!Il932 Wl-S
116 Aug'10
Clue St L it N O g 6 s... 1951 J-D i'l’d " !
114*110
Registered................... 1951 j- n 112 n o 118 MurTO ...'118 118
Gold 3 * s ......................i 95 i J-D *86
OO 00 Oct ’00
01 > 67*
07 * Mar’10
Meinph Div 1st g 4 s ...1951 J -D
98 J ’iy ’os
St L Sou 1st gu g 4s__ 1931 M-S
Ind B lit West NeeCCCit SLL
05
98
05 May’10
05
lud 111 it la 1st g 48.........i960 J - J 02
lo 8 * J ’iy 'lo
loa* n o *
lu tit G reatN orlstg6s..l919 M-N ........103
2d gold Os....................... 1909 M-S ♦n o * ........ n o Muy’ io
106*112
Trust Co certfs................... .... ....... i l l * 111
48 100*112*
m
3d gold 4s..................... I92 i|>l-S 18* 18* 19* Aug’ 10
10* 30
103 J’ly 'lo
102 106*
Iowa Central 1st gold 5s..l938! J -D 103 ...
Gold 4s............................1951 m-S
69* Aug’ 10
6J* 7 / *
70
al A it G It see L s ifc 51 s
an it Mich See Tol it u C
K C Ft S it M nee St L it s F
K C it M R it B See st L it S F
Kan C <t Pacino See M K it T
71* 74
Kan City Sou 1st gold 3s..i960 A-0
72*
72*
73
12
Registered......................
A-o
63 OOl ’OO
Ret it irnpt 5s Apr 1950......... A-0 i o i " salo 1UU* 101
09* 103
KentuoKy cent nee L it N
Kook it Des Mo nee C R lit P
Knoxville & Ohio nee So Ry
n o * 112*
1 ako E rie * W is tg 5 s .. 1937 J-J 107 103* 110* J’ly ’ 10
2d gold 5s.................... 1941 j . j 105 U/6'V 406 * Mar’ lt)
JI106* 107*
North Ohio 1st gu g 63.. 1040 A-O 106
1 0 8 * 112
100 Mai'TOI.
L Sho it Mich s nee N Y Cent
Leli Val N Y 1st gug 4*s.l940 J-J
105* J’no’ 10 , J;1U6* 108*
Kegistered..................... 1040 'J-J
106 *' 107 Aug’09
.1 06 ‘ 07*
Lehigh Val (Pa) cons g 4s.'2003 M-N
06* 07 * Apr’ 10
Lea V Ter Ry 1st gu g 68.1941 A-O
113 114 J’ne’ 10 , JTU 116*
Registered......................
A.Q
113* 100* Oct ’00 ,
1U8 Nov’OO ,
Loll V L’oal Co ls tg u g os.1933 J-J i*o*d"
03* 96
03* Mar’10 ,
Eeh it N Y 1st guar g 4s..1945 M-S 00
95
Kegiatorod.................... 1945 M.s
El C it N 1st pf 6s ...... 1914 A-0 i’0 2 " ....... ib’i * Fei)’’i"6 ' 1i o i * i u i *
Gold guar 5s....................... 1914 a-0
100
Deli Ji> Hud R nee Cent ot N J
Dehit Wilkes b Nee Cent of NJ
Deroy <t Caney Vai See .Mo P
Liong Dock nee Erie
Doug Xsl’U—lstcon g 6S.A1931 Q-J iuy
112 Feb’ 10 .. 112 112
1st consol gold 4s........ A1931 Q-J
101
General gold 4s...................... 1933 j.d
. 06* " 00 " Ma*y"’i 6 !I "0 6 " "vr\
Ferry gold 4 *3 ...................... 1022M-S
*'96' luo 100* Feb’ io .. 1 0 0 * 1 0 0 *
Gold 4s...................................10321J-D
0U*OCt ’ 06 ..
03
UniUed gold 4 s ......................1040M-S00
UU 93* Mar’ 10 .. " 0 3 * " o o "
Debenture gold 5s.......... 10341J-D
104* Dco’081..

1

H

L

K

IMlbHJElil^ANNOUsi BONUS—Continued oil Next Page.
Gas uuil Electric Eight
Atlanta G D Co ls t g 6 s...1947
BKtyn U Gas 1st con g 6s.l945
Buffalo Gas 1st g os.......... 1047
Columbus Gas 1st g 6s.. .1932
Detroit City Gus g 6s.........1023
Del Gas Co con 1st g 6s...101b
KqU DN Y lstcon g6sl*1932
Gasit Elec Berg Co c g 68.1049
Gr Rap G D Co 1st g 6s...1016
Hudson Co Gas 1st g 5s..1940
Kan City (Mo) Gas 1st u. 6s 1022
Kings Co El L it P g os...1037
Purchase money 6s........ 4997
Ed El 11 Bku lstcon g 4s 1930
Lac Gas Lot St L 1st g 6s.«19l0
Hei and ext 1st g 5s...... 1934
M ilwaukee Gas L 1st 4s.. 19x7
Newark Con Gas g 6s....... 1948

J-D
M-N
A-O
J-J
J-J
F-A
A-b
J-D
F-A
M-N
A-0
A-O
A-O
J-J

■100 *

105* 106 Aug’ 10 ." i i o i
60* 65 * 61
61
61

101 101 Apr’ lU
95* Sep '08
105* LOl * J’ne’ 10
61* Oct ’01 . . . .
08 io i LUO Oct *01*
101* Aug’ 10
97 Mar’ 10
"0*7"
<
102 101
101
"i
ii' 2 " 116 112 Aug’ 10
90
0 U Mar’ 10
......
101 * 101* 101 * 101 * " 3
AO
00* 100* 99* Aug’ 10
M-N ....... 0 0 * 01 A pr’ 10
J-D
108*

97
105

N o p rice tr id a y ; latest bid and asked th is w eek,




a D u e .(a n

io i

ib*7*
67
ib i h

101*105*
.................
101*103*
97
07
i 00 101
n o * it s
8 7 * 00
100* 1U5
00*101
01
02*
b D ue Fob

Una and Electric Light
N Y G E L H & P g 5s...1948 J-D
Purchase money g 43...IU 49 F-A
Ed El IR 1st cons g 03..1905 J-J
N Y&yE lLitP lstcong5sl93u F-A
N Y * Rich Gas 1st x os. 1921 M-N
Paciflo G & Eleo Co Cal G & E
corp unifying & ref 5s 1U37 M-N
Peo G as As C 1st con g 68.1943 A-O
Refunding gold 5s......... 1947 M-S
CllG-Lit C kelstgu gos 1937 J-J
Con G Co of Oil 1st gug 68.’36 J-D
Ind Nat Gas it Oil 30-yr 5s ’36 M-N
Mu Fuel Gas 1st g u g 68.1947 Vl-N
Philadelphia Co conv 6s .. lu 19 F-A
Syracuse Lighting 1st g 63. ’51 J-D
Trenton G it El 1st g 6s.. 1949 A-s
Union Eloc L it P Istg5s.l93‘2 M-S
Westchester Light’g g 6 s. I960 J-D
dD uoA nr

eD ueM ay

A D u e .l ’ ly

100 100* 100 * 100 * 70 0 0 *1 0 8 *
83 *
84
83* 84
87
16 80
110 111*
........I l l * 111 Aug’ 10
IU0 * Mar’ lU ---- 100* 101*
07 * J’l y ’00
01*
01*
116* Aug’ lu
101* 101*
103 J’ly ’ lu
LOl * May’ 10
04* Aug’09
101 Alai’ 10
100 Aug'10
00 i o i
08
08 ....... 08
110 May’05
*u s * : : ::: : 96 Jan ’ 08
....... 102 * 100 J’uo'lU

01* 02
116 110
101 102
........104*
100*102
........ 00

Ic D u e A u g

g D u e D eo

02
1C 01
116*110
*6 101*104
102*104*
__ 100* 102
_ .......... .
.... 101 101
... too 10s
1 08 100
. . . . . . . . ... .
..... . ........
100 100

j O p tion Salt

S ept . 3 ID 10.1
ISON DM
N. Y. STOCK EXCHANGE
W kkk Ending SErT 2

New York Bond Record— Continued— Page 3
Price
Friday
Sept 3

Range
Week-s
rg-«
Since
Range or o o
Last Sale °i -o January 1

BONDS
N. Y. STOCK EXCHANGE
W eek k .vdinu S ept 2

*51
^J
“ a.!

Print
Week’ s
frUlan
Range or
Last Sale
Sept 2
Bui
Ask Low
Plan.
7 9 * Aug’ 10
.......... 79* 79* Aug’ 10
96
97* Aug 10
102 Mai ’04
105 .
84* .
97* A pr’Oi

577
Range
Since
January l

higtl So Low Higti N Y Cent A II R—(Con)
/iia
Ask Laid
Long Island—(Con)
S o Low R ig a
96 Aug 10 .... 94* 100
Guar ref gold 4s............. 1949 M-S 96
97
Midi Cent coll g 3 * s ....l9 9 8 F-A
.... I 78
82*
Bklyn A Mont 1st g 6s..1911 M-S
... 7h* 79*
Registered................... 1998 F-A
101* Dec’08
1st 08.................. '........ 1911 M-S
Beech Creek 1st gu g 4s. 1930 J-J
.... 97* 9b*
N Y ISAM B 1st con g 6s 193b A-O 103 107 110* Nov’OG ■
Registered................... 1930 J-J
N Y A K B 1st g 68....... 1927 M-S 1 0 0 * ........ 105 Apr’07 .
2d gu gold 5s...............1930 J-J
100* .... 109 Nov’OG .
NorSh B 1st con ggu5sol932
Beech Cr E x t1stg 3 *8 61951 A-0
97 Nov’OP .
........ 90
Louisiana A Ark 1st g 58.1927 &
Cart A Ad 1st gu g 4 s...1981 J-D
112* 116*
Louisv A Nashv gen g Os.1930 J-l) 113 .... 112* J’ly ’ 10 .
G ou vA O sw olstgag58 1942 J-L
114 114
Gold 6s............................ 1937 M-N 112 * ___ 114 Apr’ l 0
Moh & Mai 1st gu g 4 s..1991 M-S
9 8 * J’ne’ 10
98 * 99*
90*
100*
97*2
97‘a
98
J-J
Unified gold 4«...............1940
105 Get *02
N J June R gu 1st 4 s ...1930 F-A
100 May’09 Registered................... 1940 J-J
N Y A Harlem g 3*s...2000 M-N
, 93
y.i
Aug
' 10
93 93 *
100 4 Lee’09 .
Sink fund gold 6s............1910 A-0
. 110 108 Oct ’09
N Y A North 1st g 5s... 1927 A-O
Coll trust gold 6a............1931 M-N 100 ........ 107 J 'iy ’10 *l| 107 110
97
95* Aug’ 10 -••! 95* 98*
N Y A P u lstcon g u g 4 s 1993 A-O
111* 112
E II & Nash 1st g 9s. ...1919 J-D 109*a....... 112 J’ly ’ tO Nor A Mont 1st g u g 6s.1910 A O
103 100
L Cin A Lex gold 4 4 s ... 1931 M-N 102* LOG 103 A pr’ 10 .
Bine Creek reg guar Os. 1932 J -D
124 125*
N O A M 1st gold 6s....1930 J-J 118*6 124* 124 Mar’ 10 .
R W & o con 1st ext 5s.h 1922 A-O 100 * n o * 107 J’ly ’ 10
107 n o
J
an
’09
.
120
N O A M 2d gold Gh...... 1930 J-J
Oawe
A R 2d gu g 5s...«»1915 F-A ........105* 105 Jan ’os
Pensacola Liv gold os...1920 M-S ib s * i i o “ 107 Mar’ 10 . —1107* 110*
R W & O T R 1st g u g 63.1918 M-N. 1 0 7 * ........ 104 J’ue’ iO
104 104
113
Sale
1L3
113
,
M-S
2,|113
114
8t i, Liv 1st gold Os...... 1921
Rutland 1st con g 4 * s ..l9 4 l J-J; ........102
102* Feb'lu
101* iu 2 *
75
71 May’09.
2d gold 3s.................... 1980 M-S 08
80
85
85
85
i
91*
OgALCham
lstgu
4s
gl948
J-J!
85
92* Aug’ 10 .
“oT* *95 *
Ati Knox A Cin div 4s.. 1966 M-N 92 4 94
Rut-Cauad lstg u g4s. 1949 J-J
110 J'iyOO.
1
AU kiiox A Nor 1st g 5s 1940 J-D 100
8t Law A Adir 1st g 6s. 1990 J - J 1
115
110 Jan’09,
1
Header Bdge 1st a f g 6s. 1931 M-S 103
2d gold Os....................1990 A-O
125 Feb’08
96*2 97 J’ly ’ 10 . , 90
97*
Kentucky Cent gold 4s.. 1987 J-J
99*100 102 Apr’ lo
Utica A Blk Rivgu g 4s. 1922 J-J
100 102
LA N A M A M 1st g 4 *H 1945 M-S 102 4 103 . 102 A u glO . -1102 1 0 5 *
2 90
90 * ........ 90*
90*
Lake Shore gold 3 * s __ 1997 J-L
92*
90* 8J * Aug’ 10 . J Si) 4 1)2
LA N-South M joint4 b. .1952 J-J
Registered................1997 J -L
88
89* 88*
88*
92
88
N Fla A 8 1st gu g 6 s... 1937 F-A 103 .... JOG* Aug 10 . !'106)» 111
92 * Sale 92*
3 92
Debenture g 4s...........1928 M-S
92*
95*
93
___
J-J
N AC Bdge gen gu g 4 * s 1945
26-year g 4 s .............. 1931 M-N 93 Sale 93
9 92
03
h
*
96*
n o* no*
Pens A Atl 1st gu g Os.. 1921 F-A 110 * __ 1 Hi's Mar’ 10
KaA A G K let guo 5s. 1938 J-J 110 ........
iou*a J 'ly ’ io .... 109* 114
B A N Ala cou gu g 6a..l93G F-A ........114
Mahon C’l RR 1st os.. 1934 J-J Iu7 ....... 109 oet ’07
90
___
«U Aug’ 10---- 88* 90
L A Jed Bdge Co gug 48.. 1945 M-S
Pitts A L Erie 2d g 5s.alU2« A-O 100 ........ 100
L N A A Cli See C I A L
_1
I
Pitts MoK A Y lstgu Os. 1932 J-J 122 ........
ahon Coal See L 8 A M S
.....
2d guar Os.....................1934 J-J 120 ........
95* .
05*1 DO
0 93* 98*
anliattan By consol 4s.1990
McKees A B V 1st g Os 1918 J-J 107 ........
104 Apr'OB---Registered...............1990
Mich Cent 6s.................. 1931 M- 8 1 0 9 * ........ 115 Oct ’09
yii*3 98*1
1 94* 99*
Strnpd tax exempt.. 1990
. ...
Registered..............1931 Q-M
119
McK’pt A B V See N Y Cent
99 Jan 'lu
99
90
4®V............................... 1940 J-J:
«8=,
98**.: B 96* 98*
Mex Cent cons g 4s.........1911
98
Registered................ 1940 J-J,
B
l
“a
May’
10
..
2
7
*
31*
1st cons ino g 3s........a 1939
J L A S 1st g 3 * h.......1951 M-S
90
25 * A pr’09 ..
2d eons mo g 3s trust roots..
1st g 3 * s .................... 1952 M-N 82
89* 87 Apr’ 10 ___! K7
90
77 Mar’ 1 0 .... 75
77
Mex Lntcrnat 1st cou g 4s.1977
20-year deb 4s............. 1929 A O 8 9 * 90
90 Aug’ 10
92*
89
80 Feb’08.
Stamped guaranteed__ 1977
B a te A 8lur 1st gug 3s.1989 J-D
100 May'10 .... ibo" ibo’
N Y Chic A St L 1st g 4s 1937 A-O, 98* Sale 98*
Mex North 1st gold Ga___1910
US*
1 9 7 *1 0 0 *
Registered................... 1937 A-O
Mich Cent See N Y Cent
100 Dee ’09
Debentures 4s.............1931 M-N ........ 01
Mid ot N J See Erie
90 J’ne’ 10
90
02
West Shore 1st 4s g u ...2301 J-J 1U0 * 103 100 * Aug’10
Mil L S A W See Chlo A N VV
99* 102*
Registered...................2301 J-J
MU A North See Ch M A St P
98
vS
1 96* 100*
131
May’
10'...
131 131
N Y A Greenw Lake See Erie
Minn A St 1, 1st gold 7s..1927 J-D 131
118 Jan’07!....
N Y A Har See N Y C A Hud1
Pacilio Ex 1st gold Os...1921 A-0 101
100 * J’ly ’1 0 .... 100* 101
N Y Lack A W See L L A W
South West Ex 1st g 7s.l910 J-D
‘ 04 I 1 102* 109
N Y L E A W See Erie
1st consol gold 6s...........1934 M-N 104 ...... 104
75 Muy’ 10 . .. J 75 81 * N Y A Long Br See Cento! N J
70
1st and refund gold 4s..1949 M-S 05
87 Alar’i o __ l 87
91* N Y N 11 A H—Conv Os.. 1948 J-J 132* Sale 132
Lea M A Ft L 1st gu 4 s...'35 J-J ........ 83
132* 14 130*135*
99* bale 98 *
Conv deben 3 *8 ............1950 J-J
Minn A St L gu See B C U A N
9 9 * 581 90* 103*
90*
98 I 2 9 0 * 100
M StP A SSM con g4 intgu’38 J-J
llousatomc R cou g 5s.. 1937 M-N 111* ..... 110 Jan’ l o 1.... n o 116
98
*
Jan
*10
_
_
1
J-J
98*
98*
N H A Derby cou cy 58.1918 M-N 1 0 0 * ...... 107 Aug’OU .... I..................
M S S M A A 1st g 4 tut gu 192G
N Y A North See N Y C A 11
Mluu Un See St P M AM
97* 97*
97*1
96*100
Mo Kan A Tex 1st g 4 s ... 1990 J-L 97
97* Aug’ 10
N Y O A W rel ls t g 4s..ol992 M-S
95
98
84
83 *
83 *
82
87*
2d gold 4s......................0i99O F-A 83
R egis$5,000 only........pl992 M-S *95" ”97’ 1U1* J'ne’06
100 105
1st ext gold 5s................ 1941 M-N 100* Sale 190* 10o*
N Y A Put See N Y C A II
82 J’ne’ 10
81 * 85* N Y A K ii see Loug Island
1st A retund 4s.............. 2004 M-S ........ 80
84
84* 34*
84*;
8 3 * 90* N Y S A W see Erie
Gen s i 4 4s................. 1936 J-J
88 A pr’09;
St L Liv 1st ref g 4 s ....2001 A-0 ........ 84
N Y Tex A M See So Pac Co
l)al A Wa 1st gu g 6s. ..1940 .M-N IUU ___ 106 J’no’ 10 ... 105 105
Nor A South 1st g 6s........1941 M-N 1 0 0 * ........ 101 May’ 10 ... 100 101*
F-A
........
92
*
92
A
pr’
10
Kan C A Pao 1st g 4s... 1990
..J 90
93* Nori A West gen g 6s...... 1931 M-N 124* 125 :123* J’ly ’ 10 .. •;!123 120*
100 j 15,106 113
Mo K A It 1st gu g 5s... 1942 A-0 107 109* 106
Improvem’t A ext g Os..1934 F-A 122* 124 1120 Har’ lol *•» 124* 120*
M K A Ok 1st gu 5s...... 1942 M-N ........105* 103 J’ly ’ 10 ... 103 107*
New River 1st g Os...... 1932 A-0 120 ..... 123 May’10 ... 123 124*
102 Aug‘ 10 ...IU U * 105*
M K A T Ol T 1st gu g 6s. 1942 M-S 102 104* ___
N
A W Ry 1st con g 4s.1990 A-O 9 7 * 93* 97* 98 | 2! 90*100
110 * Apr'U9j,
SherSh A bo 1st g a g Os.1943 J -D ........109
Registered................... 1990 A-0|
97 Apr ’ 10 ... I 97
97
195 Mar’ io :::»ibir ibs*
Tex A Oklu istgug5s...lU 43 .M-S ........106
L iv’l ls t lA gen g 4 s ...1944 J-JI 9 1 * *9*2’ *i 92
92 ! 54 91
93*
107
108
6 107 111
Mo Pacific 1st con gGs ...1920 M-N 108 108*
10-25 year conv 4s__ 1932 J-L
9 9 * bale i 98*
99*
67
9
4
*
1
0
8*
100 102*
Trust gold 6s stamped.al917 M-S 100* 101* ioo*8 lo o ‘e1
Pocah C A C Joint 4s.. 1941 J-D: 86 * 87 j 88 J’ly '10 ... I 87
90*
9
9
*
99*
99
*
Mar’io
........100*
M-S
Registered................al917
C C A T lstg u g 5s........1922 J-J t 1 0 4 * ........ 106 A pr’10 ... 104* 106
100 102*
1st coll gold os................ 1920 F-A ........100* 100 Aug* 0 .
6cio V A N E 1st g u g 4s 1989 M-N 92 * 93* 94 J’ly ’10 ... 94
90*
79
79
75
81* North Illinois See Chi A N W|
80
40-year gold loan 4s...... 1945 M-S 77
95* Nov’09 .
North Ohio See L Erie A W j
3d 7s extd at 4%............. 1938 M-N
92*
93
90
11 89
1st A ref conv 5s...........1969 M S 92* 93
Nor Pao—Prior lien g 4s..] 997 Q J; 100* Sale 1 0 0 * 1 0 0 * 20, 99 102*
9 1 * 95
92 J’ly ’ 10 .
9J
Registered................... 1997 Q-J; 98
Cent Br Ry 1st gu g 4s.1919 Is-A 88
lu l
93* 98*
03°8! 20
86
87*
Ceu Branch U P 1stg 4s. 1948 J-L 82 * 84* 87 * May’10
General lieu gold 3s__ a2047 Q-F
71 * Salt | 7 1 *
6! 09* 74
110 Mar’05
Leroy A C V A L 1st g 6s 1920 J-J
Registered................a2047 (J-F ........ 70
72* Fob’ io •••! 72* 72*
99 May’10 . ..J 98** ibo*
Pac U ot Mo 1st ex g 48.1938 F-A
St Paul-LalLiv g 4S....19J0 J-D ................. 07 Mar’ 10 ... 96* 97 *
2d extended gold 08...1938 J-J ........I l l * 113 Feb’ iO. ...1 1 3 113
Lul Short L 1st gu 6 s ..1910 M-S 9 9 * ........ ; 99 Feb’ 1O' ... 99
99
8t L lr MA Sgeu con g 6sl931 A-0 100*8 100* 105* 107
17 105*110
C B A 0 coll tr 4s See GtNor
111
Sep
’
09
.
A-0
Gen con stamp gtdg 6s 1931
106*2.......
St P A N P gen g Os__ 1923 F-Aj 115 116*115* Aug’ 10 ... 116*118*
81 * 83* 83
83
Unified A ret gold 4s..1929 J-J
*12 ‘ *8*i*‘ *86**
Registered certltic’s..l923 Q-Fj 112 117 * I l f Feb'10\ ... 117 117
84*
RlV A U LlV 1st g 4s.. 1933 M-N 84* Sale 84*
0 82* 87*
St Paul A Lul 1st 6 s__ 1931F-A ..................n o
J ’ue’ lo; ... no no
102 * Jan’ lu , ,..jjl02 * 102*
Verdi V 1 A W 1st g 68.1920 M-S
‘J d o s ............................ 1917 A O lu3 ........103 A u g ’i j ..... 103 103*
98 L c c ’OO,
Mob J A K C 1st cons g6s. 1963 J-J
1st consol gold4s........1908 J-L; 94
96 j 90* Apr’ lo 1.... 9 6 * 97*
Mob A Ohio now gold Os.. 1927 J-D 114* 117* 116 Aug‘ 10 . ::: i v r m *
Wash Ceut 1st g 4 s........1948 *-M
92 ........1 92* Jan ’U91
110 114* 117* Mar'10 . ...1 1 7 * 1 1 7 * Nor Pao Ter Co 1st r 08..1933 J-J j no ..... n o * A u g ’ ; 0
1st extension gold Gs..A1927
•*- i i u * i i b *
86
89
87 May’10 ...I 87
General gold 4s............. 1938 u
90
Nor Rv Cal see so
Monlgom Liv 1st g 6 s..1947 F-A 103 1UG 103* Mar’ 10! ... 1 0 8 * 1 0 8 * Nor VVis see C st P M A G
82
75 May’08
81 E A Cairo coll g 4s..el930
Nor A Mont See N Y Cent
90 J no’ lO .
96
Guaranteed g 4s.........1931 f-J
95
96
lud A W see C C C A st L
M A o coll 4s See Southern
ino Riv RR see wait A o
Mohawk A Mai SeeN Y C A U
Ore A Cai See So Pac Co
Mouonguiiela Rlv See B A O
Ore short Lino see Uu Pac
Mont Cent See St P M A M
Oswego A Rome See N Y" O
Morgan’ s La A T See S P Co
p a c Coast Co 1st g 5 s....1940 J-L 104* Sale 104* 104*
5 102* 108*
Morns A Essex See Lol L A \\
X ao of Missouri see Mo Pao I
ash Chat A St L 1st 78.1913 J -J 1 ........ 107* 107* J’ly 4 0 .... 107*110* Penn RR 1st real eat g 48.1923 M-N
.101*102 Aug’ 10;.... 102 103*
1st consol gold 6s........1928 A-O 108 110 108*J,ly ’ 10 .... 108 * 110 *
Consol gold 6s.................1919 M-S
...........109 * Jan '0 9 ......................... .
Jasper Branch 1st g 6s..1923 J-J i 16 * ........110* Muy'07 .... ...................
Consol gold 4s.................1943 M-N 102 ..... 106 Feb’ 10 .... 106 106
MoM M W A A11st Os..1917 J-J ................. 117* Mar’0 5 ...........................
Convertible g 3 * 8 ...........1912 M-N 99
99 I 25 9.8* 102
99* 99
T A P Branch 1st Os__ 1917 J-J ................. 113 J’ly ’04 . . . . ;...................
Convertible g 3 *s...........1915 J-L
90 Sale 9 5 *
00 230 9 4 * 1,7 *
Nasn Flor A Shot See L A N
Consol gold 4 s ...... ....... 1948 M N 102* Sale 102
102*
4 101* 104*
05* Sale 94
95* 434 9 3 * 95*
Nat Rys ot Mexpr 14*s 1967 I -J
Alleg Vai gen gu g 4s... 1942 M-S
102* Apr’ 10 . . . . 102* 102*
87*
l 8 7 * 92*
87* 90* 87*
Guar gen 4s....................1977 A O
L iv ii it A Bgo 1st gu 4 sg .’36 F-A
94 ......
102*
Mar’
10
....
lu
l
*
102*
Natot Mex prior lieu 4 *s. 1920 J-J
PhtlaBalA W 1st g 4s.. 1943 M-N 1 0 0 * ....... 103* L ec’ou ....
83* 10 82
85
1st consol 4s................... 1961 A-O 83 * Sale
Soil Bay A So 1st g 5a. ..1924 J - j 100 ........ I 02 Jan '03
Now 1 1 AL See N Y N 11 A 11
UN J RR A Can gen 48.1944 M-S
103* May’ 10 . ... 103 104
N J J uno RR see N Y Cent
Penn Co—Guar 1 stg 4 * s .l9 2 l J-J i03** m in 104‘v Aug’ 10 .... 103 106
N Y 13kin A Man Boh See L 1
Registered...................1921 J-J
103* Feb’ 10 .... 103* 103*
N 1 Cent A 11 Rlv g 3 *8.1997 J-J
83*
87* 92
88* Sale 8S*
Guai 3*scolltruat reg. 1937 M-S 91
94
90 Aug’ 10'.... 90
90
Registered................... 1997 J-J
8 6 * 90*
87
89* b o * J’ly ’ 10 .
Guar 3*scoll tr ser B ... 1941 F-A 88
91* 8 9 * J’ly '1 0 ___ 8 9 * 91*
Lebon g 4s.................... 1934 M-N 95
95* 94*
92
95*
94*
Tr Co certif’ s gu g 3 *8.1910 M-N 9 6 * ........ 95* Aug’10 .... 93* 97*
Lake Shore coll g 3 * s ... 1998 F-A 8L* bale 81 *
79* 82*
8l *
-Gu 3 *s tr ctfs C.............1942 J-D ........ 90
8?
b? i 1
87 90
Registered................... 1998 F-A
80
7 8 * 80*
78^ Aug’ 10 .
Gu 3 * s tr c tfsL .............1944 J-D ........ 94
91 Dec’05 ....

M

O

N

.11ISC ELI. 4NEOUS BONDS—Continued on Next Page
Coal and Iron
Bull ASusq Iron s i 5 s . ...1932 J-L
.Humifricturing Sc ludustriai
99 * N o v ’ 09
Lobonture 5s............. a 1920 M-S
90
91 L eo’09
Allis-Chalmers 1st 5s...... 1936 J-J
76* Sale 70S
76*,, 10 72
84*
Coi v >io l Co gen s I g 6h.. 1943 F-A 98* 101
98
98
90
98* Am Ag Cliem 1st c 5s...... 192» A-O 100* Sale 100* 101
2/ LUO 103
Convertible deb g 6s__ 1911 F A
97* 90 * J’ue’ 10
03
9 0 * Am Cot COL ext 4 * s .......... 1915 *-F
95
95
90
95
2 93* 98
Col IndulstA coll os gu..l934 F-A
73
7/
75
76
70
82 * Ain Hide A L 1st s t g Os..1919 .VJ-S
96
96
90
8 95 * 102
Contin’ talC IstH t gu5sg.l952 F-A
73* 07 Aug’ 10
Amer Ice Secur deb g Os.. 1925 A-0
,07 * Dec’04
66
07
73*
Gr Rxv Coal A C 1st g Os.. 1919 A-O 00 iuu 102* Apr’OG
Am Spirits Mfg 1st gOs.. 1913 .Vi-S 04* 97
94* Aug' 10
94
90
Jolt A Clear C A 1 1st g 6s. 1920 J-L
Am Thread 1st col tr 4s.. 1919 J-J
89
107 May’97
90 Aug’ 10
00
93
Kan A; 11 C A C 1st s f g 5s. 1951 J -J
99 105* Lee *00
AmTobaoco 40-yrgO s....1944 A-O 105* Salt 105* 100
104* 109
17
Pocali Cou Collier lets t 5s.’57 J-J
82
83 J’ne’ 10
4s..................................... 1951 F-A
83
83
79 Sale 7B°b 79
69 76* 85*
Sunday Creox Co g 5a....1944 J J
78 Fob’07
Both Steel 1st ext st 6s.. 1920 J-J
84* Sale S4V,
85
33 83* 89
Tenu Coal gen 5s..........1051 J-J l o o * L0 2 *- 102
102
102 104* tent Leather 20-year g 5s. 1926 A-0
98* Sale 98*1
08* H0 97 102
l'oun Liv 1st g Os...... al917 AO 103 luo 103 Aug'10
103 107
Cons 1 Tobacco g 4s......... 1951 F-A
78* 79
78*
78*
1 70* 83*
J-J
103
105
Birin Liv 1st consol Os.. 1917
104 * Aug’ilO
Corn Prod Ref s f g 5s.... 1931 M-N 93*
103*107
94* Aug’ lu
93* 97
Cah C M Co 1st gu g Os. 1922 J -D 100
110 Jau’09
1st 26vyearst 6s............. 1934 M-N
94 Aug’ 10
94
03* 96*
Le Bar 0 A l Co gu g Os. 1910 F-A ..... .
100 Jan’ lo
100 100
Cuban-Amer Sugar coll tr 6s ’ 18 A-O
96* J ’ly 10
97
96
97
Vioior Fuel 1st s i 5s........1953 J -J
88
87 Aug’09
Distil *ec Cor conv 1st g 6s.*27 A-0
09 Bale 68*
09
35 67
'HU
y a Iron Coal A C olst g 6s. 1949 M-S 97 100
98
98 'i
94* ibo' E I du Pont Powder 4 * s.. 1936 J-D
85 J’ly ’ 10 . . . . 86
86
88*
*No price Friday; latoaMmi andaskocL aDueJan bDiieFob e Due May g D u e ’ne ii Duo J’ly fcDuu Aug 0
Oot BDue Nov
Due Leo /Flat.




57

8

BOND*
N. Y. STOCK EXCHANGE
wkkk endinu sept 2

New York Bond Record— Concluded—Page 4
Price
Friil.ay
Sept 2

Week?s
Range or
Last Sale

Range
Since
January 1

Ash Low
Pennsylvania Co—(Con)
Hid
H iah No Low High.
Guar 16-25 year g 4s__ 1031
07
06
96 Aug’ 10
94*3 99
Cl A Mar 1st xu x 4 >38..1035
101 .
110 Jan’05
CIA Pgen g u g 4 *3sser A .’42
103 .
110*4 Jau ’ 09
103 .
Series B....................... 1042
109 34 J’ly ’09
Sories C 3*38................1048
00
,
96 Aug’OO
90 .
Series D 3 >38................1050
90 May ’08
OO .
E rie * Pitts gug 3*23 B.1040
92 Apr’07
00 .
Senes C....................... 1040
98*4 Apr ’04
100 .
Gr K A 1 ex 1st g u g 4>331041
104*3 Oct ’09
104 >3 .
Pitts Ft W A O 1st 7s...1012
105*4 106
105*4 J’ ly ’ io
104 4, .
2tl7s............................. 1012
104s* 1057g
101®8 104®s
104
3it 7s.......................... A1012
107 Oct ’08
1U7
100 May’ 10
109 100
Pitts YA Ash 1st con 5s. 1027
106*3 107*8 Jau’ 10
✓ C C & St L ku 4>33 A ...1040
107»s 107*8
193*3 J’iy ’ to
104
Series B guar.............. 1042
103 *3 10734
112*3 J’ue’05
Senes C g u a r......___1042
9 5 * 3 ......... 08 Alar’ 10
Series D 4s guaiv........ 1045
98
90 >8....... 04 J’ly ’ 10
Series E 3*3 guar g ___1040
94
05*4........
Series F 4s g u a r........1063
113 112 *s 1117» J’ne’10
C St G A P 1st con g 6s.l032
111*3 112
Pensacola A Atl See G A Nash
Peo A East See C C O A St G
112 Fob’ 10
Peo A. Pelt Uu 1st g 6s ....1021
112 112
00 *3 100 10034 Bee’05
2 n void 4*38...................61021
........ 75 >3 75*3 Apr’ 10
Pore Marquotto—Ref 4 s ..1055
75*3 79
100 10 L
101 Aug’ 10
Club \V A1 6 s ..................1021
100 102*4
107’ s l l O
111*3 Apr ’ 10
F lin t* P M g 6 s............. 1020
111*3 112*4
...........
105>3
101 Aug’ 10
101 101
1st consol gold 6 s........ 1030
........ 1036a 101 J’ly ’ io
Pt Huron Biv 1st g 5s. 1030
101 105
S ag T u s* H lstg u g 4s. 1031
Phil B & W See Penn KB
80
80
89*3 J’ly ’ 10
Philippine By I8l30-yrst4s’37 J . J
88
90
Pitts Cm * St L See Penn Co
Pitts Cleve * Tol See B & O
Pitts Ft VV * Cli See Penn Co
Pitts McKees * Y S'esN YCen
112 114*3 112 Alay’ 10
112 112
Pitts Sli * G E 1st g 6s...1040
9378 J’ly ’97
1st consol gold 5s............1043
Pitts & West See B A G
Sale 9734
98*s 19 9 ? 100
1 ) sailing Co gen g 4s....... 1007
96 J’ly To
t v Registered................... 1007
05
0734
" 98S 96*4 Aug’ 10
Jersey Cent coll g 4 s... 1061
05
97*4
Keusseiaer * Sar See D A U
Kiel! * Dan See Soutii By
Bioli * Meek See Soutliern
Bio Gr West See Ben * Bio Gr
Uocli * Pitts See B It * P
Borne Wat & Og See N Y Cent
Butland See IN Y Cent
ag Tus * 11 See Pere Marq
96
t Jo * Gr Isl 1st g 4s...1047
89 J’ne’ 10
89
04
St L * Cairo See MoL> A Ohio
8 t G A Iron Mount See M P
St E M Br See T KB A of St L
StEouis A S F—Geng Os.1031
120 Apr’ 10
120 124
General gold 5s..............1031
105*3 107*3 106 J’ly ’ 10
105 10834
St E * S F BB cons g 4s.. ’00
*88 ..... 88
88
91*3
Gen 16-20 yr 5s .........1027
90
80*» 86 ®s 86 5s
atJ7»
00 ........ 100*4 Apr’ 10
Boutlnv Biv 1st g 5s..1047
100*4 100*4
Befunding g 4s........... 1051
80 Sale 80
SI1*
78*3 85
114 ........ 115 J’ly ’ io
K O Pt S * M con g 0s..1028
111 117*3
K O Ft S A M By ret g 4s 1030
77*a 77*« 77 *3 7734
76 >3 82*4
100*4 Bec'Oo
05
KO A M K A B 1stgu5s. 1020
08“»
08°8
06**
Oz’rk A Cli C lstg u 5s g.1013
96*4 07
StEouis So See Illinois Oeut
14
SOS
89
90
88
OS3*,
St E S W 1st g 4s Od otts.1080
i4 J ’ u o’ 10
2d g 4s 1110 bond otfa...pl989
80*a 82
787e
e, A u g ’ 10
Consol gold 4s................ 1032
72*3 7978
73
73*3
*8 A p r ’ 07
95 ........
Gray’ s PtTer lstg u g 5s 1047
St Paul * Bui See Nor Paeitlo
St P Mmu & Man See Gt Nor
St P * Nor Pao See Nor Pae
StP * S’x City see C St P MAO
85
85 *s 85 „ 86
83>s 88*4
8 A * A Pass lstg u g 4s... 1043
101*3 ____ 104 O ct’09
8 F’ A N P 1st sink 1 g os.1010
Sav F & West See At! Coast E
Scioto Val * N E See N o r * W
82 ’a 83 *s
Seaboard A E g 4s stamped ’60
...... 84
81*3 85 34
90'V 100
00 *3
00a4
99 100*8
Coll tr refund g 5 s ........t o i l
_ 6034 dale oob8 ,, °;j7o
Adjustment 6s ............ ol040
69*3 75*4
ad J’ne’ lo
Si -70
82
AU-liirm 30-yrisl g 4s.el033
80
87
01 Aug’lo
Car Cent 1st con g 4s... 1040
........ 03
91
91*3
100 ...... 103 Apr ’ 10
Fla Cen * Pen 1st g 5s.1018
103 103
100 ......
1st land gr ext g os ...1030
Consol gold 5s............. 1043
100*3...... 100*4 May" 10
’106*4" 106*4
101*4........ 104 *3 Mar’ io
Ga * Ala By islcou 5sol945| J
104 104*a
102*4 106 104 J’ly ’ 10
Ga Car * No lstgu g os 1020 J
104 104*4
102 .... 166 Apr’ lo
deab * itoa 1st 6s......... 1020
106 106
sher Slir * So see M K * T
811 Sp Oeu * G see Atl Coast L
Soutliern Pacitio Co—
90
91
Gold 4 s (Cent Pao coll)./d940
80*3
90
80
95
00 J’l y ’ io
90
Kegistered................ /cl949
86
90
98
20-year conv 4s........r/1929
07 *3 Sale 97
9234 106*4
Cent Pao 1st ret gu g 4s 1040
90
94*3 97*4
95 34 06 *3 0 6 7a
........ y 7 8 Feb’ 10
Begistoreii................... 1040
97
97
80*8 87 *3 Aug'10
Mort guar gold 3 ‘28..A.TU29
87
87*3 89*3
Through st E 1st gu 4s ’ 54
87 ®d 04 I 02 J’uo lO1
91*8 94
105 '-3 106 105*3 Aug’ 10
G i l * S A M AP 1st 6s.. 1031
1037a 106*3
Gila V G & N lstg u g 5 s. 1024
........ 10434 »*H* *00
Hous E A W T 1st g 6s.l033
103*8 10534 106*4 May’00
1st guar 5s red......... 1033
106
103*4
Aug
’
10
103*8
103*4 105 *a
H A T C 1st g os int gu..l037
110 110*3 10 U34 Aug’ lo
109*3 HO *3
Consol g 0s int guar...1012
108*3 110 100*3 Nov’OO
Gen gold 4s int guar..1021
93
06*3 02 Aug 10
92
98 *4
115 122 110*4 Mat’ 10
W acoAN W d iv ls tg 0 s ’3U
119*4 119*4
A A N W 1st gu g 5s....1041
100 ........107tj Jan 00
Morgan’s Ea A T 1st 7s. 1018
........122 *8 a **«’ 08
1st gold 0 s................... 1020
107 ........ 116 Nov’ 06
No ot Cai guar g os........1038
........ 112 F'eb’071
100 ........100 J’no’ io
Ore A Cal 1st guar g 63.1027
100 100
101*4 102 °8 104*3 J’no’08
So Paoot Cal—0s E A F.1012
101 >4 102°8 114*3 Doe’041
1st gold 0s................... 1012 A
1st cou guar g 5s........1037 AT
107*4 ........110 AIay’07
SPacotN Alex 1st g0 s..l0 1 1 : J• 100*4 100 “3 101 Alar’io
1101 101
*1..............
So Pao Coast lstgu 4s g. 1037 J84
03
00 J’ly '00
1 0 l34 102*4 1017s May’ 10
TexANUSabBivlst gOs.1012 Mib’ng ib‘ 2 >i
Con gold 5s................. 10431J ■ 100 ........ 102 N ov 09

S

BONDS

c

N. Y. STOCK EXCHANGE
W eek K ndinu S e p t 2

80 Pac KB 1st ref 4s........1955 J-J
Soutliern—1st con g 5s....1994 J-J
Kegistered.................. 1994 J-J
Bovelop A gen 4s SerA.1956 A-0
Mob A Ohio coll tr g 4s.. 1938 M-S
Alem Blv 1st g 4 *3 -53... 1996 J-J
St Eouis d iv ls t g 4 s __ 1951 J-J
Ala Cen B 1st g 6s........1918 J-J
Atl A Banv 1st g 4s...... 1948 J - J
2d 4 s ...........................1948 J-J
Atl A Yad 1st gguar4s.l949 A-0
Col A Groenv 1st 6 s...... 1916 J-J
E T Va A Ga Biv g os.. 1930 J-J
Coil 1st gold 5s...........1956 M-N
E Ten reor lien g 5s...... 1938 M-S
Ga Midland 1st 3s......... 1946 A-0
Ga Pae By 1st g 6 s........1922 J-J
Knox A Ohio 1st g 6 s. ..1925 J - J
Mob A Bit prior lion g 5s 1945 J - J
.Mortgage gold 4s....... 1945 J - J
Rich A Ban con g 6s__ 1915 J-J
Beb 6s stamped...........1927 A-0
Bioli A Meek 1st g 4s... 1948 -M-N
So Car A Ga 1st g 5s. ...1919 M-N
Virginia Mid ser C 6s ...1916 M-S
Series B 4-5s.............. 1921 M-S
Series E 6 s................... 1926 M-S
General 5s................... 1936 M-N
Guar stamped......... 1936 M-N
W O A W 1st cy gu 4s.. 1924 F-A
West N U 1st con g 6 s.. 1914 J-J
S A N Ala See E A N
Spokane Internat 1stg 5s 1955 J-«
\ or A Of St E 1st g 4 *38..1939 A-O
1 1st COU gold 6S ....1894-1944 F-A
Gen refund s t g as........1953 J-J
St E 51 BgoTergu g 5s. 1930 A-O
Tex A N O See So Pao Co
Tex A Pac 1st gold 5s...... 2000 J -B
2d gold iuo 5s................ 72000 Alar
Ea Biv B E 1st g 6s...... 1931 J •J
W Min W A N \Y lstgu 5s ’ 30 F-A
Tol A O C 1st g 5s............ 1935 J - J
Western Biv 1st g 5s...1935 A-O
Geueral gold 5s.............. 1935 J-B
Kan A A1 1st gu g 4s__ 1990 A-0
Tol P A W 1st gold 4s....1917 J-J
Tol St BA W pr lien g3 *us.l925 J-J
50-year gold 4s.............. 1950 A-O
Coll tr 4s g Ser A ......... 1917 F-A
Tor Ham A Bult ls tg 4s.A1940 J -B
lster A Bel 1st cou g 6s 1928 J -B
1st refund g 4s...'__ 1952 A-O
Un Pao BB A 1gr g 4s ...1947 J •J
Registered................... 1947 J-J
20-yr conv 4s................. 1927 J-J
1st A ref 4s.................. j/2008 M-S
Ore By A Nav cou g 4s. 1916 J-B
Ore Short Eino Istg6s..l922 F-A
1st consol g 5s.............1946 J - J
Uuarretuud 4s......... 1929 J-D
Registered................1929 J-D
Utah A Nor gold 6s.. 1926 J-J
Uni N J BB A C Co See Pa BB
Utah Central See Bio Ur Wes
Utali A North See Uu Pacilio
Utica A Black B See N Y Cent
audalia consol g 4 s __ 1955 F-A
era Cruz A P lst gu 4 *asl931 J-J
Ver Val Ind A W See Aio P
Virginia ALid See South Bv
Va evs South w’ l 1st gu 5s.2003 J.J
1st cons 50-year 5s........1968 A-o
abash 1st gold 6 3.....1 9 39 M-N
2d gold 5s................ 1939 F-A
Bebenture sories B ...... 1939 J •J
1st lien equip s fdg 5s.. 1921 M-S
1st lien 50 yr g term 4s.1964 J -J
1st ref and ext g Is ....1956 J-J
Bet A Cli Ext 1st g 08 . .1941 J-J
Des Jloin Biv 1st g 4s..1939 J - J
Om Biv 1st g 3*33......... 1941 A-O
Tol A Oh Biv 1st g 4s... 1941 M-S
Wab Pitts Term 1st g 4s. 1954 J-B
Trust c o certfs.....................1___
2d gold 4s...................... 1954 J-B
Trust Co certfs..................
Warren See Bel Gao A West
Wash Cent see Nor Pao
Wash O A W See Southern
Wash Term! lstg u 3 *38.. 1946 F-A
West Maryland 1st g 4s...1952 A-O
Gen A conv g 4 s ...........PJ52:A-O
Trust Co cortfs.................... —
\V Va Cout A P 1st g 6s 1911 J - J
WestN YA Pa 1st g 5s..1937 J-J
Gen gold 4s.................... 1943 A-0
Income 5s.................... (11043 Nov
West No Car See South By
,
VvXsei'g A E E 1st g 5s... 1926 A-O
Wheel Biv 1st gold 6 s..1928 J-J
Exteu A Imp gold 6s...1939 F-A
BB 1st consol 4s............ 1949 M-S
20-year equip s f 5s ...1922 J-J
Wilkes A East See Erie
Wil A Sioux. F See St P M A M
Wis Cent 6U-yr 1st gen 4s 1949, J •J
SupABuldivA term 1st4s’36 M-N
Telegraph nail Telephone
Am Telep A Tel coll tr 4s 1929 J •J
Convertible 4s............... 1936 M- S
M ich State Telep 1st 5 s ..1924 F-A
N YTolep ls t A g e n s f 4 *33. ’39 M-N
Pac Tel A Tol 1st 6 s ........1937 J-J
West Union col tr cur 5s. 1938 J-J
Fd and real est g 4*33. ..1950 M-N
Conv 4s, Senes A .........1936 M-N

U

[Y o l. l x x x x i.
Price
Friday
Sept 2

Hiri
ask Low
937a Side 93*4

Hign, So Low Jiiga
91 I 73! 93*4 957g
105 *3 25 103*8 m 34
................. 110 May’09 ,
73*3 74 1 74 iYug’ 10 .... 73
817a
86
86*3 85 A u g ’ lo . . . . 85
00*3
105 107*2 106 J’ly ’loi— |106 110
....... 84 *3 85 Aug 10-----1 80*3 87
Sep ’0 8 __ ]
105 ........108
92*i Get *09 ....
02 J’no’OO---105*4 105*3 105

105

110

100

J’ue’Oli

1 1 1 *4 119
Feb’ 10
11 1 0 *3 110*3

112
105
67

106
100
106

FebM0
Nov’09
Aug’10
111
100 114 1114*3 Feu TO
102 ........116**8 Apr’uO
................. I 82 Nov’08
105*4 108 ,106*4 Apr’ 10
103*3 104*4 106 \ May' 10
70
75Uet ’08
100 “103 102 J’ly ’ lb
1L2 Oet ’06
105*4
103
108 *-2B oo'06
105
107*, Bee’09
101
105 «8 J’ly to
107 Bee ’09
91 Fob TO
86
104
106*8 Muy’ lU
100

......... 106

106
66

110

114*3
106

111*8 113*4
114*3 114*3
106*4 106*4

105

107*4

105*3 107*8
91
91
105*3 106*8

10034 Sep ’09

107*6 1071*8 Apr’ 10
n o 109 Aug’ lo
97 *3 Aug’ lb
100 May’ 10

107* s 107>3
109 115*3
97
98*3
109 109*a

108*3 Aug’ 10
70 Alai’ iu
103 Sep ’09
106 ’2 Nov’04
106 *3 109 *v 106 Aug’ lO
105 109 112 Sep ’09
99 Aug’ 10
87 ........ 94*4 Mar’io
911*8 93*4 93 Apr’ lU
87
83
87 Aug’ 10
72
72 Sule 72
........ 81
81 Aug’ 10
86 ‘4 ........ 89 J’ne’ lb
102 10334 103 J’no’lo
86 Oct ’ 09
1007a Sale 100®8 1oo78
99
99
105 Sait 104*4 lu5
9708 sale 06 *>4 97 \
96 *3 Sale 96*2
95 **4
113*4...... . 113*3 Aug'10
110*8 ....... 109 Aug’ u)
02 *3 Sale 92*s
92
94 Jau’09
103
107 *8 Bee’09

108*3 112*3
70
70

103

108

97*3 . . . .
103 >s___

10634 109
60*4 65
98 ......

98
96

V

W

if a! Range
Week’s
Since
Range or 0 0
Last sale
January l

106

99*4 102
98*3 101*3
101 116 *4
95
98'a
94*4 98T
113*4 117
108*4 113 7a
91
947g

Nov’08
Apt TO

105 JTy’ T
94*2 Aug’l
108*4 *vo08*4
99
86 J’l y ’ l
100 J’no’l
00 Mar’ l
63*4
64
loo J’ly
. ’ 10
83 JL)eo
76 Apr ’ 1
77
63
’’
, 81*3 00 Jau To
35
35 Sale 35
35
34 *4 Sale 33*3
5**8 J ’ly ’
J *4......
6*4 Aug’

105 110*3
94
96
10834 Sale
98*4 Sale
........100
........ 99
82
85
63 *3 Sale
105 .......

83*4 dale

85*4 ,
105
78V),
93

.

112*3

99 1047a
90*3 94*4
92
93 *3
87
90
70
81
81
86*4
87*4 91
100 106

105

108

10/
98

113*4
103 *3

90

90

94*3 98*s

88
100

86
102

56*4 77,0
105 107*4

76 >a
90
62*3

64

11*3

12*a

88*3 May'10 .... 88*3 90*3
83*4
84*8 20 b2*4 86*3
71 *a Feb’ ll)
<1
73
73 ‘2 Apr’ 10
68*a 7t *8
100*3 Nov’i/0
110 J n o ’10
169*4 110*4
02 Ala i’ ll)
90*4 92
34 Feb ’07

104*4 Fob TO
101 Jau TO
102 J’uc’ lO
78*4 Aug’ 10
09 Bee’08

92
02*3 92
92*3
91*8 92 *y 1)9*4 Aug’10
90 Sale 89*3
00
101 salb 100
101*4
97 100
96 Aug’ 10
07 *4
97*4 Sale 97
U6 Hi Sale 96
96sa
98
97 *3
97*3
93 bale 93
91
191*8 sale 101*8 101*3

101*4 104*4
104 104
09 102
77
87*4
5

90
94

13 89*a 93
7 1 98 100*,
‘do
3

95
99
95*4 99
96
99*»
97 100 *3
93
97*4

13
32 100*8 102*4

dUSCEGGANKOUS HONDS—Concluded.
iUiuuitnctiiring A Industrial
Gen Electric deb g 3 >38.. 1942
lU-yrg deb 5s................ 1017
Int Paper Co 1st con g Os.lOls
Consol conv s f g 6s...... 1935
Int St Pump 1st s f 5s....1929
Lackaw Steel 1st g 6s....1923
Nat Enam A Stpg 1st os.. 1929
N Y Air israke 1st conv 6s ’ 28
Ky Steel Spgs lets f 5s... 1921
ltop u b lA S 1st A coltr 6s. 1934
Union Bag A P 1st st 5s..l93u
Stamped.................................
U S Ceuth Co s f deb g6s..1913
U S Realty A I conv deb g 6s’24
U 8 Bed A lfof 1st a la 6s. 1931
U S Rubber 10.yrcoUtr0s.T8
U S Steel Corp— l coup .dl903
St 10-60 yr 5s. (reg ..til963

82 Jan TO
F-A 80
J-B 135 139 136
133
101 100
100
F-A
J-J
82
82*4 86 J’ no’ lO
92
M-S 02 Sale 02
07 Aug'10
95
A-0
94 Aug’ 10
96
J-B
M-N 101*4 101*3 101*-) Id l*v
J-J
97*4 98*« 0/ J’ly ’ ll'
A-O
10 2 *v 104 J’no’ lb
93 May’ 10
92
J-J
93 Muy’ io
96
M-N 104E 106 104*3 Aug’ lC
J-J
8 6 *.
84 *3 87
86*4
87 Aug’ 10
J.J
85*3 88
J-D 102*3 8 ule 102*4 102*3
M-N 1036a Sale 103*8 103*4
il-N 103 ...... 103*4 Aug’10

82
82
■ii 130 147*3
21 LOO 105
84
89 V,
1 92
96 7s loo
94
973s
5 100 114*4
96*3 93*3
■- 1 103 *e 104
93
96*3
.... 93
96*3
104*2 105
2 85*3 94*4
86
90*3
17 10J*4 104*3
747 H»1 *3 106S,
1017g 105*4

dluuulactiiring A Industrial
Va-Car Ohem 1st 15-yr 5s 1923
iVostinghouso E A Ms t os ’31
iUiHCellaneoiis
Adams Ex col tr g 4s.........1948
Armour ACo lstrealcst4 Sis’80
Bush Terminal 1st 4s....... 1952
Consol 5s.........................1956
Chic Jo A -it Yard col g 5s. 1916
BetM A M ldgr incomes..1911
lustit for Irrig Wks 4TS 1913
lut Meroan Marino 4*38.. 1922
fut Navigation 1st s f 6 s. 1929
Nowp No Ship A B B5sdl900
N Y Bock 60-yr 1st g 4s.. 1951
Providence seo deb 4 s ....1957
Provident Goan Soo 4 *38.1021
d Yuba Wat Co cou g 6s.. 1923
Wash Water Pow 1st 5s.. 1939

,\ o urieo F riday; la test bid and asked this w eek , b D u e Feb d D ne A p r « D uo May




i/D u o J 'n e h. D uo J ’ ly

J-D
J-J

09*8 Sale

88*4 88 *3

M-S
02 93
J-B
02 *3 Sale
A-0 ........ 89
J-J ........ 97
J-J
95*s 105
35 40
A-O
•U-N 95 .......
62 *3 Sale
A-O
78 bale
F-A
J-J
96 ........
F-A ......... 91*i
M-N
M-S
J-J
104
J-J

99*8
83

99*8
88*3

4 96*3 100
93
8 85

93*3 10
93
92*4 30
92*4
83 Aug’ lo
93 J’ne’ 10
100 Mny’ lo
36 Aug’ 10
07*3 Mar’ 10
61
63 *t 71
78
78
1
05 Peo’ OO
91*3 J’ly* 0
90 Alay'lO
J’ly ’oo ....
112 J’ly ’04
103
103
27

92
93*3
90*4 94*3
87 E 89
96
98
LOO 100
35
40
96
98
66
71*3
76
83
90*4 94
90
90
...... ........
101 103

//D u o Aug 0D110 O ct p D u e N ov s O u tlo n S a l*

CHICAGO STOCK EXCHANGE— Stock Record—Daily, Weekly and Yearly
STOCKS—HIGHEST AND LOWTST SALE v/RICES
Saturday
Aug. 27
*__ 180
*212 ___
*(i ___
*70
71
*1512 16
*0
7
6
*4% 5
*24
25
*67
80
*19
20
*60
63
*16
20
*__
60
*57
*9
10
45
45

Monday
Aug. 29

Tuesday
Aug. 3b

180 ♦
180 *
*2% ___
*2%
*2%
♦0
*6
*6
*70
71 *70
*70
71
1638
16
16
16
16
*6
*7
7
*6
7
*4
♦4
*4%
6
6
4%
*4% 5
478 4*8
25
30 *23
25 *23
80 *__
*67
80 *67
20 *19
*19
20 *19
*60
63
*60
63 *60
20 *16
20 *16
*16
60 *60 ♦ *57 ___ *57
*57
9%
9% 10
10
10
48
*45
*45
45
45

8!t 8% *8%
8*8 8s,s
68
68I.1 68% 6S% *68%
*240 250 *240 250 *240
*128 130 *128 130 *128
*___ 78 *___ 78
77
*108 ___ *108 ___ *108
134 134 *134 134% *135
*32
*63%
*48
*1
*2
*35
118
*142
111

35 *32
043| *__
50 *48
*1
3
*2
36
36'2
118
118
144
111

1418 14l8
90
60%
♦43
5312
1)5

Wednesday
Aug. 31

*142
111
14

60% 90
00l8 60
46 *43
54
54
97
98

*
21 *
*108 10912 111
*121 123 *121
120 120
120
*118 II 8I4 *118
106% IO6I4 106U

*32
35
64% *63
50 *48
1% *1
♦2
3
36% 36%
118 *117

180
71
1038
8
5%
4%
30
67
20
63
20
60
___
934
50

Thursday
Sept. 1

Friday
Sept. 2

Last Sale 185 Mch’ 10
Last Sate li» July’ 10
July’ 10
Last Sate 4
Aug’ 10
Last Sate 70
16%
16% 16D *16
July’ 10
Last Sale 9
July’ 10
Last Sale 5
4%
4%
4% 4%
*22
30
*24
30
Last Sale 70
July’ 10
*19
20
17
19
+60
63
59
59
July’ 10
Last Sale 16
Last Sale 65 June’ 10
Aug’ 10
Last Sale 58
9% 9% *9
9%
50
----- ----- +45

83S
838
8%
8% 8%
812 8%
6834 68% 68% 68% 68% 68%
69
250 +240 250
Last Sale 245 Aug’ 10
130 *128 130
Last Sale 126 July’ 10
77 ♦
78
78
77
77 *75
___ *108
Last Sale 109 Atlg’ lO
135% *135% 136 *134 135 *125
136
35 *32
64% 62
50
*48
1>8 *1
*2
3
37% *36
118 *117

Aug’10
Last Sale 35
35
62
*63
64% *63
64%
Aug’ 10
50
Last Sale 47
Apr’ 10
Last Sale 1
1%
21-> Nov’09
3
37
37
*36
37 *36
118 *117D 118 *117% 118
2I4 Mch’08
144 *142 144
142 142 *142 144 *142% 144
111% 110% 110% 110% 111
110% 111
110 110
1% Feb’ 10
14
*13% 14%
90
90
90 *8734 89
60 *59% 60% *59% 60%
46 *43
46
46
*43
54% 5434 55
55
55
98
98% 98%
97% 98
21 *
21 *
112
113 114% 113
123
122 122% *120
120 *118 120 *118
118% 118% 119 *118%
106% *10534 106% 10534

88%
60%
Last
55%
98%

89% 88% 88%
60% 59% 5.i%
Sale 45
Aug’ 10
55% 55% 55%
98% 98% 98%

Sales
of the
Week
Shares

Lowest

Pa.roads
___ Chicago City Itv.........100
___ Chicago & Oak Dark.. 100
___
Do prei ________ 10b
. . . . Chic liys part ctf ‘T
7o Chic Kys part ctf ’ 2’ __
___ ChJc Rys part ctr ”3” __
___ Chic Hys part ctf '4’ __
525 Chicago Subway.........100
25 Kans City Uy & L t..l0 0
. . _,
Do p ref_________ 100
80 Metropol VV S Kiev__ 100
6;
Do p rcf_________ 100
__ Northwestern Kiev__ 100
___
Do pref_____ _ 100
___ South Side E levated..100
1.75 Streets YV Stable C L .100
55 Do pref_________ 100
Miscellaneous
American Can_______ 100
Do pref_________ 100
American R adiator..100
Do pref_________ 100
Amer Shipbuilding...100
Do pref_________ 100
Amer lelep <5e Teleg_____
Booth (A) & Co_____ 106
Do pref_________ 100
__ Booth Fisheries com___
2 Do pref_____________
___ Cal * Chic Canal & D.100
___ Chic Brew’g & Afalt’g ___
Do pref_________
201 Chic Pneumatlo Tooi.100
20 Chicago Telephone__ 100
Do rights__________
50 Chic Title & Trust__ 100
184 Commonwth-Edlson.lOO
570
653
___
___
21
__ .
45

60 Corn Prod Rei Co com__
204
98
___
668
987

Diamond Match.'___ lbb
Illinois Brick________ 100
Masonic 'lempie__
McCrum-Howell C o ..100
Do pref____________
Milw & Chic Brewing___
Do pref______________
National Biscuit____ 100
Do pref................ 100
National Carbon_____100
Do pref_________ 100
People’s Gas L&Coke.lOO

113% ♦111

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Sept. 2.

inter
esi
■erioo

Fries
Friday
Sept 2.
bit.

Week' .
Range 01
Late Stt:

Highest

Lojcest

185 Mch 7 185 Mch 7
1% J’ly 28
3D Jan 20
4 J’ly 28
7% Jan 7
67 May25 J09 Jan 0
14 May23 36 Jan 2
8 Mav20 16 Jan 16
3 .\iay24
9% Jan (
6% Aug 10
2% J ne29
20 Aug ib 39 Jan 6
69 Feb 17 77% Mch 30
16 Jan 14 25 J’n eil
51 Feb 7 72 J’ne 21
15 Apr 1 23 J ne24
53 May31 66 J’ne 2l
55% J’ly l 72% J ue22
7 J’ly 28 54% Jau 3
40 J’ly 26 104 Jan 6
6% J'ne30
13% Jan 10
62% J’ly 26 82 Jan 4
240 Apr 25 250 May 6
1.6 J’iy 19
72 Feb 7 84% Maylo
107 Aug 6 112 Jan 11
131% J’ly 30 142% Mch .
31
56
47
1

J’ne 6
J’ne o
Aug 11
Feb 4

jy%Jan
74 Jan
55 Feb
1 Feb

1% Oct
5 Oct
9778 Dec
3J Dec
10D Dec

Highest
190 Feb
4 Jan
119% J'ly
45% Jan

3% Dec
30 Dec
78 Dec

29% Jan

17 Nov
63 Jan
60 Jau
29% Apr
97 Feb

May
73 May
61 Alay
541 Dec
109 Deo

7% Jan
71% Jan
101 Feb

62 J Tv
89% Alay
19% Dec

25

15% Nov
225% Oct
132 ’ J’ly
81% Dec
112 Sep
5 iau

t
4
17

48 J’ne

25% J’ly 26 47 Feb . 1
UO Mavl7 137 Jan

20 8 Alch
127 Jan

142 Aug 26 163 Alch 10
108% J’ly 27 121% Jan 11

117 Jan
107 Jau

121% J’ly

17*i Feb

25% Aug

4

13% J’lv 9
83 J’ly 20 127 . r.11 6
53 J’ly 26 91 Mch 2*
43U Mch 9 46 Jan 7
40 Mch 17 60% Mayjt
93 J’ne 28 102% Apr 20

20
Nov’09
113% 350
22
120 *120
121
65
___ *118
120
70
120 *118% 120
415
106
106% 106%
U-16 Mch’09
155
156
359 Sears-Roebuck co m .. 100
15578 155% 155)2 155^4 155% 156% 15634 150"8 155 157
117% 118% *117
Do pref_________ 100
118
44
1171« 117ls 11712 1171.2 *117 118 *117 118
103 103l8 103% 10312 103% 10338 103% 103% 103% 103% 103% 103% 1,168 Swift & Co.................. 100
155 155 *155
61 1he Quaker Oats Co. .100
160
157 157 *155 157 *155 157 *155 157
Last Sale
Do righ ts__________
101 102 *101
101
102%
Do pref_________ 100
*10D2 101% 102 102 *102 102% 102 102
*6% 7
7
7
7
*634 7
7
250 Unit Box Bd & P C o .100
*6%
7
*63.1 7
Last Sale
20" *___ 16
20" *14
Last Sale 15 June’ 10 ___ Western Stone______100
20 *14
*14
21
114 ai3%
122 120
120 *118
118%
120
10614 106

j Range for Previous Year

Range for Year 1910

STOCKS
CHICAGO STOCK
EXCHANGE

101
118
104
112
103

117 Jan

162 Oct

88% Dec

Aug 3
J’ly 19
Feb 24
Feb 10
J’ly 26

115 Jan 7
125 Jan li
120 J’ly 1
121 Mch30
11W4 Jau a

9778 Jail
118% Feb
82 Jan
110 Jan
102 .Ian

1081- Dec

14.4 Feb 7
116% Aug 8
101l-> Jan 25
155 J’ly 27

166% Apr 14
122 Alch 14
109% Jail 8
186 Feb .9

66 Jan
101 Jail
100% Jan
119 Jan

121% Oct
114% Aug

101 J’ly In 106 jan 1
5% Apr 28 15%Jan 3

98% Jan
as Feb
83, Met
15 Feb

15 J’neoO

22% Apr 1

119% Sep
HUT’S Aug

106 Dec
1% Mch
25

Mch

Chicago Banks and Trust Companies
bds
Soul

HUj>. .Vo
Ask Lou,
___ 91% Aug’ 10
. _

Uan/jt.
tor
Ysat 1910
.OH

High

NAME
Calumet National____

Uutsta-.img
Slock
T
SlOO.OOv,

Surplus
and
Profits
T
i>4J,39k

n t
In
1908
(5

m Fe,~
] 909 ted
0

%
An Dec 01, 6

Armour & Co 4 Hs__ 1939 J - D
90% 94% rConti’ tal & Comm Nat 20,000,000 /9.600,000 Began Aug. 1 1910 See note w
___ ___ kiComincrclal National.. 8,000,009 .1,733,9/2 ul2
Aurora Elgin&Chic 6.1941 A - O
u11 Q-J l .ly 10, 2
Cal & So Chic Ry Co
^Continental National..
5,20J,551
8
8 Q-J July To, 2%
1st A1 5s.................. 1927 F - A __ .
102 j-iiad/ ___
Corn Exchange N’atloua 3,000,00- 5,215,397 12
12 Q-J July 10, 4
__ llrexel State........... ......
Cass Av & F G (St L) 5s 12 J - J
101% oct’Oj __
200,000
22,026
9 o-J j. ly TO 1%
6
Chic Board of Trade 4sl927 J - 1)
___ 100 Mav’O) ___
Drovers’ l)ep National.
377,552
600,000
9% 10 Q-J July TO 2%
Chicago City Ry 5s__ 1927 F - A $102 102% 102% 102%
i) 101% 103% Englewood State..........
200,00-*
31,816
6
6 Q-J July 10, 1%
Chic Consoi Br & Mlt 6s__ J - J . . . . ___ 103 Apr’Ol
hirst National________ 10,000,000 10,534,793 12
r-rv-Q-M June:si.T0.3c
Chic Consoi Trac 1143 1939 j - D __ _ . . . .
50 Apr’09
First Nat Englewood__
150,001.
177,944 10
10 Q-M
Chic Auditorium !stasl929 F - A . . . . . . . .
96% Jan’O,
Foreman Bros B k’gC o. 1,000.000
500,000
Chic Dock Co 1st 43..1929 A - 0 ___ . . . . . . . .
___
Fort Dearborn National l.OOO.OOU 396,27u
8
8 Q-J July 10,2
Chic Jc Rlt 1st Al g 5s. 1945 M - b . . . . . . . .
9412 Dec *09 __
Hibernian B k’gAss’ n .. 1.5O0.00O
921,617
8
8 Q-J luly TO,' 2
Chic No Shore Elec 6s.1912 A - O . . . . . . . .
87 Feb’Oe
Kaspar State Batik___
200,000
125,1U 10
July TO, 5
10
Clilc Pile Tool 1st 5s.al921 J • J 85
88
85% Aug’ 16 __
250,156 Beg. L s. M y ’ii V.9J, p.1277
84% 87% La Salle St National . . 1,000.000
97% ___
Chic Ry as__________ 1927 F « A 97% Sale
4
452,391 10 + 2
90 101% Live Stock Exch’ge Nat 1,250,000
10 Q-M me 30T0 2%
88 J’ne’ 10 . . . .
Cldc Rys 4-5s series ” A’ A - U . - - ___
64,72s.
4
4 Q-h Aug TO.l
Monroe National_____
300,00j
88
76% 75% Aug TO ___
Clilc Kys 4-5s series “ B” J - 1J 75
/o
86
Nat Bank of Republic.. 2,000,000 1,198,085
8
8 Q-J luneJOTO, 2
yoio .wen in
90
Chic Rys 4-5s series ’’C’ F - A . . . .
901- 91
353,762
National City_________ 1,500,000
3
0 Q-J July 10. i%
98% 98 Aug TO . . . .
Clilc Rys coll 6s__ 1913 F • A —
97 % 101% National Produce______
250,000
70,395
3 Q-J July TO, 1%
98 July TO
Clilc Hys Fund 6 s..1913 F - A ___ . . . .
98 93
73,141
North Avenue State__
200,00j
6H Q-J July TO, 1%
2*4
Chic Rys Tern Ctfs 1st 5s ____ . . . . . . . . 100% Ap.'Tu , _- - 100% 1U0% North Side State Sav’gs
22,6050,000
6
6 Q-J July TO, 1%
60% Aug’08
__ _ ___
....
Chic R 1 & P RR 4S..2002 Al - N
North West State____
200,000
16,207
Q-J July TO, 1
66% July’OS . _- - ___
Collat trust g as__ 1913 \t- S
People's Stk Yds State.
300,000
Q-J July TO, 2%
4 100% 103% Prairie National______
101%
Chic Telephone 5s___ 1923 1 - b 101% 101% 101
08,22a
250,000
13 1001,1 1027s Prairie State__________
Commonw-Edison 5s. 1943 11 - s 101% Sale 10012 100';
64,496
t) Q-Al Ine 3010 1%
600,000
8
100% Aug’ 10
Chic Edison deb Os-1913 J - J
100% 10.;% Railway Exchange___
22,809
250,000
Jan ‘08, 2
2
None
100 J’neTO
100 100% Security__________ .
1st g 5s___ July 1926 A - O ___
300,000
169,421
IH Q-J
___
100%
Aug’09
South
Chicago
Savings.
H
S
Debenture 5s___ 1920
200,000
85,000
0
0
J ly TO, 2
2 100 102% South Side State___
Commonw Elect 5S&1943 l\- S *100% 100% 100% 100%
200,000
4,000 Beg. b
t.'oy V. 89, p. 817
State Bank of Chicago.. 1,500,000 1,682,890 11
Illinois lunnel as___ 1928 J - D
80 1)00*08 __
12 Q-J 1 ly TO, 3
Stock
Yards
Saviugs_
_
Kan Oltv Ry & Light
250,000
ISO,918
7
8 Q-M
Co a s...................... 1913 IV- N . . . _
94% July To __ _ 94% 94% Union Bank of Chicago.
200,000
43,024
ti
6 M-N May TO, 3
Wendell State__ _____
Knlck'b ker lee 1st as 1928 A - 0
100
96 Mch’09
60,000
7,41;
Q-M Dec3108 1%
6
__
to
American
Trust
3c
Savs
Lake St hi— 1st 5s...1928 J - J
80 May’ ll)
85
80
3,000,000
392,018
8
6 Q-J July ’09, 2
Income 5s________1926 Fob ..... . . . .
16 Alay’05 . . . .
Central I'ru-t Co orIII.. 2,000,000
866,154
7
7 Q-J July TO, 2
Aletr W S'de El —
Chicago Sav Bk & lr __ 11500,000
111,068
6 Q-J Julv TO, 1%
H4
1st 4s...................... 1938 F - A 82
82% 82%
82%
3
84
Chicago Title & Trust.. 0,000,000 a ,643,802
80
6
6 Q-J July TO, 2
Extension g 4s___ 1938 J - J 76
77 Aug’ K)
Citizens Trust & Savings
77
4 A-O Aprs), TO, 3
50,000
76 80
0,992
4
Morvli &Co.
..19 3 9 I - J {90
90
Sale 90
5
502,189 8 + 2 8 + 2 Q-J filly 10, 2%
88 93% Uolonla1 Trust & Saving600,000
North West El 1st 4s. 1911 VI- b 94
94
94
95
1
See note w
96% uiCont <5cComm Tr <5c Sav 3,000,000 Z410.000
No IV G-L & Cake Co 5s 28 Q - Al
99 Apr’ lc
114,201
99 99
Drovers’ 1 rust&SavIngs
8 Q-J inly TO 2
99
200,000
7M
Ogden Gas 5s_______ 1945 IV- N 02% Sale
191,039
92% 94
3 Q-J July ’JO, 1%
7
92% 96% Earwell Trust Co______ 1,500,000
Pearsons-1aft as_____lulu I - D 98%
100% Mch’09 __
First Trust <5c Savings.. 2,500,000 2,964,148
1J Q-Al lune30T0, 4
4 .4U5 __- _______ ____,_ M - S 95
10,554 incorp orated 1908 V.87.p.1138
200,000
96% Mch’ 10
96% 96% Guarantee Trust & Sav.
M - N 96
6
97 Feb’ lo
Harris Trust & Saviugs. 1,250,000 1,410,412
9^ Q-J July’ 10, 3
97
97
4.80s Series F_________ M - N 97%
98% Mch' 10
68% 98% Illinois Trust A Savings 5,000,000 8,746,621 16 + 4 16+4
Aug TO. 1
Peo Gas L <5c C 1st 6s. 1943 A - O
121% May’00
200,OOj
Kenwood Trust & Savgs
52,440
6
6*4 Q J J. ly TO, 1%
Refunding g as----- 1947 M- S 160% 101% 100% 100%
30,28/
200,006
3 100% 103% Lake View Trust&Savgs
6 Q-J luly TO, 1%
Chic Gas L&C 1st 5sl937 J - J ___
103 104% Merchants’ Loan&l'rCo 3,000,000 5 813,218 12
103 July'lu
12 Q-J July TO, 3
Consum Gas 1st 5s. 1930 I - I) ___
750,000
102 Mch’ lu
102 1021- Metropolitan Trust ASav
211,316
6
6
Q-J July TO, 1%
Mut’l Fuel Gas Ist5sl94. M - N ___
Northern Trust Co........ 1,500,000 2,271,139
101% Deo’09
8
8 Q-J July TO, 2
.South Side Elev 4 Ms. 1924 J - J __ _ 93
North-Western Tr&Sav
92
92
02
94
200,000
3
61,704
6
6
J-J July TO. 3
Swift & Co 1st g 5s...1914 J • J ___ ___ 100 Ailg’ 10
100 10078 Pullman Trust & Savgs.
500.000
200,066
8
S' Q-J luly TO, 2
Union El (Loop' 5s..1945 A - 0 __ _ __
Sheridan Tr Jc Sav Bank
200,000
88 Apr’ l-J
88
88
23,013
us. J’ly 12’0 9 V 89,p.141
Union 1’ncillceonv 4s.1911 IV - N . . . .
Stockmen’s 1rust & Sav
114 Nt,V’04
200,000
28,926
6
5
J^l July TO, 3
55
United Box Board col 6i 26 - -----00
70
Union Trust Co---------- 1,200,000 1,162,581
70 Apr’ 10
70
8 tS + 2 Q-M Julyl2T0,2*
General mtgc 6 s.______ J - J 53
60
Western Trus; & Saving- 1,000,000
05 June'16
65
65
207,424
6 Q^l July ’ll), 11.
6
Western Stone Co 5s . .1909 A 0 . . . . __
West Side Tr&SavBank
85% July'0-l
200,000
97,141
Juno 30’ 10.2
Note.—Accrued mtcrest must he added to all Chicago b ond prices
Woodlawn Tr&SavBan.i
200.000
44,844
6
ii Q-J Jluv TO. 2
* Hid find naked prices; no sales were made on this day. t June 30 (close of business) for national banks and July 1 (opening of business) for State Institutions,
t No price Friday; latest price this week. a Duo Dee. 31. b Duo June. * Also 20% In stock, n Capital and surplus to be Increased, q Dividends are paid Q-J,
with extra payments Q-F. s In addition the equivalent of 4% more came from First Trust & Savings Bank, t July 31 1910. v In addition the equivalent of 1% came from
Firs', lant * Savings Bank, to Commercial and Continental Nat. banks consolidated under name of Cont. & Comm. Nat. Bank and the Amer. Tr. & Sav and Comm.
Tr.
i /. under name of Cont & Comm. Tr. & Sav. Bank. See V. 90, p. 1590; V. 01. p. .16, 253, 314. x Extra dividend, y Aug. 10 1910. z Aug. 24 1910.




BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Aug. 27.

Monday
Aug. 29.

Tusday
Aug. 30.

Wednesday
Aug. 31.

Thursday
Sept. 1

Friday
Sept. 2

Sales
of the
Week
Shares

STOCKS
BOSTON STOCK
EXCHANGE

Range Since Jan. 1
Highest

Range for Previous Year
(1909)
Lowest

Railroads
Atch Top & Santa Be. lOt 11I2 J’ly 26 123(3 Jan
98 Jan
96I4 971.1 9G12 9612
*97l« 9734 9S12 98l2 977S 977g 9838
Do pref_________ 100 971- Aug 2 10414 Jan 7 100-14 Jan
Last Sale IOOI4 Aug’ 10
*99i2 100i2 *991" 100l2 *9914 IOOI4 *9912 10012
221
128 Boston & Albany____ 100 218 J’no 10 234 Jan 10 225 Jan
220 220
220 220
220 2201; x219 220 *218 220 *219
136-i4 Jan
124(4 Jan
126
50 Boston Elevated_____ 100 xL’2 Aug
12(5 120
126 1201 126 12012 125*2 12512 126*2 1261 126
15 Boston & Cowell_____ IOC L0J J’ly 27 227 Feb 24 22312 Dec*207 20712 20712 20712 207I2 20712
*206 207*; (•206 207 *203
13213 Jan
.
50 Boston * Maine_____ 100 134 J’nc 1 152 Feb
138 138
138 13*8** 13734 138 *___ 136 *136
138 138
Last Sale 292 Aug’10
Boston & I’ rovldence.100 r292 J 'no 26 298 Jan 26 295 Sep
290
290
11-14 Jan
14 J’ne 16 16 Jan
15
15
Boston Suburban El Cos.
"15* T f *i3l"2 *14*" *531*2 15 *131— 15
G0(2 Jan
70 J'ly
76 Apr
l ast Sale 70
74
July’10
Do pref___________
*70
74
74 *70
*70
*70
74
10 Alay
8 Mch
Last Sale 3
10 Jan
10
Apr’ 10
Boston & Wore Elec Ccs
*___ 10
10
10
4Gi2 Dec
*35
35 Aug 29 48 Jan 3
*36*
Do pref___________
*36 ___ '35" 30 *30~
Last Salt 140*’ Aug* 10
Chic June Hy & USY. 100 140 Aug 5 156 Jan 19 143 Jail
♦140 142 *140 142 ■140 1*4*2** *140 1*4*2*
115 Nov
Last Sale 111 Aug’10
111
Do pref_________ 100 110 Apr .2 118 Jan
111
111
* ____ 111
Last Sale 270 Mch’ 10
Connecticut lilver__ 100 205 Mch 8 270 Alch 16 267 Jan
*125 ___ 1251- 12512
12812 Nov
Fitchburg, pref______ 100 124’-" J’ly 1C 133l2 Jan
12512 12512
*12512 128
Last Sale 107 Aug’ 10
75 Jan
Ga Ry & Electric____ 100 104 " Jan £ 112 Apr £6
79 Jan
Last Sale 85
Aug’ 10
Do pref_________ 100 85 Apr t 88 Jan 1/
Last Sale 204 May'10
Maine C e n t r a l..___ 100 202 Feb 10 201 Alay3l 195 Oct
1414 J’ ly 26 20 Apr 14
IH4 Jan
18
18l2 18
I 8I4 18
18
.485 Mass Electric Cos___ 100
173s 173g 171- 18
*17
18
82
82
58(2 Jail
82
82
8 U2 82
82
82
983
Do pref_____ . 100 75 J’ly 1 88 A p r /
82 83
*___ 821;
151 15134 15D 1531- 151 152
153 153
472 N Y N H & Hartford.100 149 Apr 28 1823s Alch 14 h153 Nov
151 151
*150l2 151
Last Sale 140>4 Aug’ 10
Northern N H_______ 100 139t- Mch 11 146*4 Aug 25 148 Feb
Last Sale 210 June’ 10
Norwich & Wor pref.100 210 Mayle 212 Mch it 200 Apr
184
183 183 *183 185 *183
Old Colony_________ 100 183 Aug 22 100 Jan 7 190 Dec
*183 184 *183 184 ■183 185
20 Apr
27 *257s 29 *29
27
___
Rutland pref________ 100 •Jo May , 35 Jan 3
*2573 28
90*4 Mch
Last Sale 103 Aug’ 10
Seattle Electric______ 100 103 Aug 18 116 Jan £
* 10212 ____ *102l2 ____ * 10212 ____ * 10212
971" Apr
Last Sale 100 AUg’ 10
Do pref_________ 100 O8I4 Aug 2 160 Alch 2
*9912 ___ *100 ___ *100 __ *100
Union Pacific_______ 100 153(4 J’ly 26 204(2 Jan :■ i 172/jj Feb
16134 165*4 100 1671s lOOSg 1681" *1661- 166*4 165 10534 10U2 105
8914
J’ly
26
931" Alch
1033s
Jan
3
Last
Sale
*917s
927g
*9U921*01'3
927s
9012
Aug’
10
Do
pref_________
100
*91'8 927s
Last Sale 163 June’ 10
*___ 162
Vermont & Mass____ 100 162 Apr 22 168 Jan 17 105 Jan
* _____ 102
88 Jan
88
88
88 *87
88
*87
88
88
88
S8
240 West End St_________ 50 87 May 2 95(2 Mch 8
*87
88
45 Do pref__________ 50 99 J’ly 6 109 Feb 10 102 Oct
*100 10012 *100 10012 *100 1001; *100 10012 100 1001; 1001- 10012
Miscellaneous
33 (4 Jan
4412 4412 441- 4412 ,157 Amer Agrlcul Chem__100 50 J’ly £7 487j Jan 16
4312 44*2 4512 461 4434 45
43
94 Jan
1027s 1027S 102 10234 102 10234
156 Do pref_________ 100 98-11Mcll 3, 104 Mch b
103 103
5^ Jan
433 Aug 2
87s Feb 11
51o *5
51 *434 5 **434 * 434
5
*5
153 Amer Pneu Service__ 50
•5
13 Jan
10t2 161;
* 1012 17
1012 1612 330 Do pref_________ 50 14 J’ly 15 24 Feb 11
* 1014 1612 1612 10*4 * 1012 17
117
40 Amer Sugar Uetln___ 100 115 J’no 6 127-13 Mch 2 ,114 Nov
*119 12012 *119l4 11934 119 11934 1191s 119(8 *117 H 8I4 117
78 Do pref_________ 100 115 J’ no 6 124 Alch : rl 17 Nov
118 11812 119 119 *11712 119 2 II 6I4 1171.4 1161- 1171
118 118
134 13412 13414 134*4 13412 135t4 13514 13612 1351s 13534 135 1351.1 .074 Amer Telep & Teleg. .100 127(4 J’ly 26 1433s Feb 24 12514 Feb
27i2 Feb
26 J’ly 7 391" Mch 15
*28
29
29
28I4 2SI4 *28
281.1 28 23 *2714 28I4
200 American Woolen___ 100
*28
9312 Jan
9034 9534 9612 95 96
95U 9514
9612 9012 9634 96
487 Do pref_________ 100 91 J'ly 1 104(4 Alch 23
96
4(2 Apr
7 Mch 18 IK-Jan 7
912 91;
9
IOI4
10
*9
10
608 Atl Gulf & W I S S L.100
*9
*9
I6 I4 Apr
1934 1934
1934 20
1934 *19
20
145 Do pref_________ 100 16 Atayle 28 Jail 6
*1812 ‘ 1VI4 *19
334 Apr
*4lo 6
8(2 Jan 11
4l2 J’ly 28
*llo 6
*4U 0
Last Sale 5
July’ 10
Boston Land________ 10
*412 6
125 Jail
Last Sale 1441- Aug’10
*144 150 *14373 150 *145 " 150 *144 ' 150
Cumb Telep & Teles. 100 '381" J’ly 28 1521; Alch
7 Jan
/Is Apr 14 IDs Jan 3
*9
9ig
9
9
9
9
9
,400 East Boston Land__ __
9
914
9I3 914
91S
200
134 Edison E’ec Ilium__ 100 :23*J Jan 26 : 60 J'ly 14 245 Jan
*258 258i2 259 260
260 260 *258 260 *258 ___ 260
1503
s Feb
1601"
Jan
6
135
J’ly
-6
141
xl41
14434 1443.1
1443S 1443a *142*4 144
88
General
Electric..
..100
14;»2 144*8
59 Jan
8034 8Us
817 Massach usettsGasCos 100 / 0I4 Feb 8 8414 Mayib
S03s 8034 *8(*)3i *8034 81 893
S012 SOU S012 80*4
89 Jan
92
9134 91*4 9U2 9H2 92
*9134 92
367 Do pref_________ 100 89 AlaylO 97 Alch lb
*911— 92
92
92
21 Mergenthaler Lino__ 100 214(4 Jr.n 4 22()I2 F'ob 21 2021" Alc-U
2171- 217t2 *21712 21834 2171— 2171"
*217 219 *217 219 *217 219
2 ” Jan
234 Jan 3
034 AlaylO
5's
15 Mexican Telephone.. 10
*514 534 *5l4 534
5*8
5U 5U *51.1 534 *514 534
08 Apr
22 N E Cotton Yarn___ 100 108 Aug 5 124 Jan 3
1087s 1087s *10812 109
1087S 109
109 109 *10S12 10912 *10S12
93
Jan
115
Jan
1
1
*
10012
.
.
.
99*2
Aug
J
*100
.
.
.
4
*100
Do pref_________ 100
*101
10012 100t2 *100
130
100 N E Telephone______100 129l2 Aug 17 1381- Alch 11 129(4 Jan
1*3*0” 130 1*3*0** *129 130 *129
*129 12934* 129
75 Feb
e
Last Sale 95
Aug’ 10
*__ _ 100
96
Pacific Coast Power. .100 94 Alch 22 100 Jan 6 168
100 H
100 *
Jail
100G *210 Pullman Co_________ 100 153 J’ne36 £00 Feb 11
160 160-1.1 100
160 161
*160 160*2 160l2 160t* I o6i2 161
9-14 Jan
1212 Aug 15
42 Reece B utton-tloie.. 10 ID4 Jan It
12*2 12*2 12J2
*1134 12U *1134 12U 12
12*4 *12
342 Swift & Co................... 100 100 Jan 24 1093.1 Jan 10 100 Jan
*10234 103ls 103 103*4 103 1033S 103 103-% 103 103*8 lojl's IO3I4
20i2 May
31
31
31
160 Torrlngton___________ 25 28 Alch 36 34(4Jan 3
31
31
31
31
*30
31
*30
24*4 Jan
Last Sale 28
Aug’lO
30
*28
Do prel__________ 25 27 Jan It 31 May 6
30
*27
*27
30
30 *27
194 19512 *297 United Fruit________ 100 105(2Jan It 19734 Aug 19 126*2 Jail
193 19434 193U 194
19412 19512 194 195
19314 195
50
50
50
50
50>4 ,225 Un Shoe Mach Corp._ 25 46>4 J’ly • 71;‘ i Apr 18 ^•54 Alch
51
50*2 50
51
5012 50*2 50
Jan
28 *27*2 28 *2712 28
28
17 Do prer__________ 25 25(4 J’ly 9 31 Jan 4 28*2
*2712 28
271 2734 *271- 28
4 is4 Feb
69-14 7H4 x6914 69l2 67»s 0034 675S 6812 ,752 U S Steel Corp_______ 100 013S J’ly 26 00-14 Jan 3
6912 6914 71
69
107
Feb
111
J’ly
20
126f
>
8
Jan
6
+116
11
/
11534
117*4
11612
U63
4
49
Do pref_________ 100
*11612
116U IIOI4 116U 1161" 11612
6*8 Jan
14 Feb l . 18 Jan 6
5 West Telep * Teleg..100
15 *14*2 16 *1412 16 *111- 10
15
16 *1412 16
*15
70 Mch
85 *83
85
20 Do pref_________ 100 81 Aug 15 94 Jan 3
85 *83
85 *83
85
83
85
83
*83
Mining
478 Oct
4 J’ly 13 10 Feb 1
7
CO Adventure Con______25
7
*6
7
6I4 6I4 *6
*0l4 d 2
612 6*2 *6
34 Jan
*40
42
42
5 Alloucz_______________25 31 J’ly 13 58 F'eb 2t
43
*39
*41
43 *41
41
*40
42
41
65
Feb
00-14
Jan
3
55(4
J’ly
12
63
635s
643,3
623
4
64"s
.325 Amalgamated Copper 100
65
6414 G434
653s 641s 65t2
23 Alch
*2534 26
25l2 25-lj *2512 26
,885 Am Zinc Lead & S m .. 25 1912 J’ly 26 -101- Jan 3
26*8 26 20
2534 26
38(8 Feb
Last Sate 40
Aug’ lO
Anaconda____________25 30 J'ly 13 633.1 Jan 3
30 F'eb
1534 16*2
1*755 Arizona Commercial- 25 12*4 May 4 50-14 Jan 3
173s 16-14 171? 1634 17
1612 1612
0 J’no30
1214 Jan 14
8 J iy
61" **6* **6*
150 Atlantic _____________25
*534 7
6^2 612 *G
♦6U 7 ' *61*> 7
.45 F'eb
Last Salt .55 July’ 10
Bonanza Dev Co___ 10 5(J Alch 9 .70 Alch 2s
*.60 .60 *.50 .60 *.50 .60 *.50 .60
17(3 J’ly
13 *13
133.1 1314 131? 1334 1334 13
1334 *610 Bos&CorbCop&SILVfg 5 10 May 4 2H4 Jan 13
*131i 1334
014 Feb 8
8 Sep
034 7
18>4 May25
678
678 1.013 Butte-Balaklava Cop. 10
6^2 7
6U 634
612 7
6*s 7
2138 F'eb
19
18*2 1858 181- 181;
19
230 Butte Coalition_______ 15 15->8 J’ne3u 28i2 Jan 3
♦I8I4 1834
1S12 1838 *18
96*4 Alay
60 *50
60*8 60(8 59
334 Calumet & Arizona.. 10 44*4 J’ly 12 103 Jan 3
56
61R 60*2 61
6OI4 60'8 60
509 J’ly 6 085 Jan 3 685 F'eb
560
4 Calumet & Ilecla___ 25
558 560 *___ 560 *546 553 *
*558 560
i3i-> J’ly 15 38 Jan 3
29 F'eb
18
17
17 *15* 78“
18 * __
5 Centennial___________ 25
18 *
*___ 18
.13
100 Cons Mercur Gold____ I .04 J’ly 6 .10 Jan 10 .10 Jne
.12
.10 .10 *.10 .13 *.10
*.10 .12
08*2 Feb
653.J G53.i O5I4 6*61;
67
323 Copper Range Con Co 100 58 Feo 17 85 Jan 3
66I4 601" 66
67
66I4 C6I4
6 J'ly 21
7>2 May
0 58Mch28
6
6
720 Daly-West____________20
6
6*8
6I4
*014 634
6I4 6I4
6>4 Glo
58 J’ly 12 53 J’ly 12
Last Sale 58 July’ 10
Domln Steel Corp..,.
'"
'
71'2‘ Fcb
*
71
,
oi4
J’ly
la
1334
Jan
3
73.j
734
*465
7-1
,
7?4
East
Butte
Cop
Min..
10
734
734
7*2
73.1 734
7*2
1 Oct
2i2 Feb it
.25
400 Elm River__________ 12 .25 J’ly 26
.25
.30 .30 .30 .30
*.30
*.25
*.25
13 Feb
9(2 J’neju
22i2 Mch
478 Franklin___________ 25
101- 10I2 10*4 1012 * 10<4 10-3.1
11
1114 1034 10«4 * 10*2 11
73s J’ne
0
J’ly
26
12i2
Jan
10
63s
G
l4
1,050
63s
61Giroux
Consolidated.
5
G
3s
6*4
638
6*4
0*3 65S
6*2
90 F'eb
20 J’ly t l l l i 4 Jan 3
208 Granby Consolldated.109
34
30
31
32*2 *32
34
34
311; 31
*32
34
34
9 F'eb
o(2 j ’ly 29 I Ds Jan 3
7
7
vis
7*8 912 Greene Cananca____ 20
714 7'4
7
7*2
71.J 7 _
7's 71,1
8*4 Sep
36
Jan
12
14»4
J'ly
19
2012
2
0
-3
4
Hancock
Consolidated
25
21
555
*
20
1
.1
20*2
2
Ui
♦2012 2U2 21
21
21
21
2
J’n
o
l;
6*2 Dee
57s
Jan
•
)
2-l8 2*8
630 Helvetia Copper_____25
23s
23s
23S 238 *2*4 231 *2-1s 21*7
*214 238
to J’ly 18 4434 Mch I
18-34 ,584 Indiana Mining______25
13 • 17*2 181- 18
183s 19
181 19*2 I 8I4 187s IS
131"
Alay
3
22*3
A*pr
£8(2Jan
3
181Isle
Royale
Copper..
25
705
19
19
19
lu
*
8
20
201.t
20
19
191"
18*2
191s
7*2 Apr
6I3
933 Kerr Lake__________
5 x0 Sep 1 11 Jan 5
G
67s xi)
6's
7
7 “
7
7
G3.|Jan 14
2i2 May
3 J’ly 7
312
312
100 Keweenaw Copper— 25
33., 33,| *3*2 3*4 *3*2 3*4
*312 3*4 *314 3-14
: 3i2 J’ly is C4<2 Jan 22
16 Jan
34
3514 1,456 Lake Copper Co____ 25
36
37
36*4 371s 36
34
36>4 3658 3612 37
9 J’ly 23 19 Jan 14
10-i4 J’ly
IOI.4 IOI4
435 Ua Salle Copper------- 25
10
lot- 10
101- ll)t2 10
10
*10
1012 *10
87s Jan 2;
•lt2 Men b
4I4 Alch
*7
712
60 Mass Consol__ ________ 25
734 734
*71.i 8
*714 8
734 73} *71.i 8
178 Jan 13 .30 Apr
59 Mayllowcr __________ 25 41 Aug 36
.40 .40 *.40 .60 * .40 .00
*.35 .60 *.35 .60
5 Jan 7
312 Apr
.50
85 Mexico Cons M & S— 10 80 J’ly 16
.50 .50
.50 .50 *.48 .50 * .48
*.45 .50 *.45 .50
1234 Feb
191- ,.423 Miami Copper_______ 6 i? J’ly 18 £9 Jan 4
10
19
19*4 *19
19*4 19
*19*2 20
191- 1934 *19
37g J’ly 12
8i2 Jan 21
534 Oct
10 Michigan_____________25
4*2 41" *4(4 5
*4
4(2 *414 41
*434 5
*41.4 412
Aug’ lO
Mohawk____________ 25 43 J’ly 26 75 Jan 22 x57(2 J 'ly
♦47lo 49 *4712 49 *47*2 49 *47U 48I2 Las Sale 49
8 J’ly 5 27>2 Jan 11
16*2 Feb
2034 2U* 20*4 20-">s 20‘>8 21
201.1 203s 2OI4 20)4 *973 Nevada Consolidated. 5 J73
2012 21
36. J’ly 13
1038Jaii 12
31" Nov
5lg 435 New Arcadian Copper 25
5-ls
5*8
5*4 51;
5
5*2 5*2
5
5
£1,
5
9*4 Jan 17 12 AIay26
97s Oct
565 Niplsslng Mines_____ 5
10'8 107s 10-34 1C34 103.! 103.1 *10-14 io/8 1034 1034 10-->s 103s
18 J'nojo
50
Jan
3
47
Dec
28
1,443
28
North
Butte...............
13
271.t
28*3
28
27(4
28
281
2
2734 28
28
287s
u>3 J’ly 13 2578 Mch 7
934 .073 North Lake__________ 25
4i» Mch
934
10
10
10
97s 10*3
9
10
97s 103s 10
5i2 J’ly 18 123,| Jail 14
£A| Nov
6I2
63 Ollbway Mining------- 25
*5
*51"
6
6
6
0
*5
6
512 6
*5’
TI4 Feb
40 Jne
.30
.25
80 Old Colony---------------- 2o .25 Aug i
*.25 .30 *.25
*.25
* .2 5 ___ *.25
;9I" J’no 15 15 Jan
47I4 F’eb
36
150 Old Dominion Co------25
36 *35
*35
37
*361- 37
3612 361; *36
122 Feb
8 Osceola______________2;’ 114 j ’ly 27 100 Jan
127 127 *125 129 *122 128 *122 129 *122 129 *123
19 Dec
Carrot Silver & Cop. 10 12 J’ly 6 2134 Jan
Aug’lO
14 *13
15
Las Sale 13
14 *13
*13
14 *13
83 Dec
**41 Quincy........................... r® GJ J’ly t 92 Mch
75
75
75 *73
74
74 *73
*7234 74
75 *73
75
J’ly
2434 Mch
I 8I4 I8I4 18
18-1,3 I 8I 4 18-33 427 Ray Consol C opper.. 10 1514
*18
181- 18*8 1838 187S 187s *15s
u 2 J'nejo
li2 Nov
234 Jan
U
2
75 Santa Fe Geld A Cop. 10
11*153 2
*138 2
1*2 H?
*133
8-HJ’ly t
18 Jan
13*2 Feb
10
*9-34 IOI4
934 10
395 Shannon_____________ 1°
10*8 10
10
10
10
10>4 10
1(4 J’UC36
334 Jan 19
110 South Utah M A S—
5
1*8
1»3
* 112 jjs
1>2 1*2 *1*2 ils *lt2 178 *1I2 l's
36 J’ly 15 68(4 Jan 14
34 Jan
47
46
.,044 Superior_________ ... f®
45
4512 40
4534 *4512 46
45
45*2 45'8 46
13i8 Nov
73s J’ly 11
18 Jan 12
217 Superior A Boston Min 10
8
8I.|
8*8 8l8
8
8I4
8*4 831
85S 85S
9 J’ly 5 l0S8Jnn 10
1278 Apr
l l l 2 1112 1 H2 11*2 1112 lll2 *111*2 Vll2 560 Superior A Pitts Copp- 10
*12
12I2
1U2 12
58
62
J’ly
4t
>
(2
J’no
22
78
Jan
5
58
35
*56
56
Tamarack____________2o
56
*55
57
57
57
*56
57
57
4*4 J’ly 18 IDs Jan 8
9(4 Dec
6
262 Trinity_______________ 25
6
6
6
*5*2 012
6
6
6
6
612
*6
28 Jan
361? 36I4 3614
100 UnltedStatcsCoal AOll 2o 33 Alch:, 1 •!034 Feb 15
30*2 *36
♦351- 3612 36
30
35
36*8 *36
39 F'eb
39
38
38*2 38*2 3812 3812 409 U S Smelt Ref A Min. 50 33l2 j'ly 26 £5 Jan 3
383.4 39
*3834
♦38*4
44 jan
49
49
687 Do pref_________ 50 45«4 J'ly 21. fJis Jan
4812 4834 483.4 487S 48*2 4S-H 48*2 48*4 481.4 49
4 Oct
•
’
(2
J
ly
22
333
31
2
3
->
8
Utah-Apcx
Mining—
5
5(4Jan
3
1,982
31
2
334
33
8
3*8
31
4
3>2
35s 358
3*2
37(4 F’eb
5 18(2 j ’nejo 46 Jan
79 Utah Consolidated—
24
2414 2414 *23*2 24*2
24
24
23*2 23l2 23
3934 F'eb
£39-1.1 J’ uo30 6012 Jan 3
46'4 46l4
46*8
140 Utah Copper Co_____10
3 Oct
2l2 J’ly 22
£34 Jan 14
3
3
110 Victoria . . . . . . . _____ 25
33S *3
338 *3 - 3-1s
"*2'"2 "Yl2
3U 3*4 *3
43* Apr
5 J’ly 13 15 Jan 14
8
8
♦718I2
110 W inona_________. . . 25
8*2
8*1 +3
8I4 8I4 *3
«'.| *8
139 Alch
Last Sale 130 Aug’ lO
Wolverine___________ 25 162 J’ly H .50 Jan
•120 125 *123 125 *122 128 ♦ _ 125
2 OCt
1*4 J’ly 26
8*4 Jan 14
134 1*4
*H2 2
134 134 * 1»8 l a4 *ii2 1*4 * 112 ___ *150 Wyandot . . . . . _. . . 25
• Before pay‘t of asse3i ’ ts caned la 1909. * Bid and asked prices, d New stook. a Ass’t paid, b Ex-stock dlv. /1 Ex rights, a Kx-dtv. and




Highest
125(3 Oct
106 J’no
239*4 Apr
135 Dec
235 Alch
153 Nov
301 Jan
22 F’eb
77*2 Nov
14*2 Mch
75(4 Oct
162 J’no
123 J'ly
275 Mch
136 F’eb
Dec
88U SeD
19514 Jan
19 Oct
81 Nov
174/3 J’ne
149 Aug
215 Sep
200's Jan
40 Jn e
117*2 Aug
107 Aug
213-14 A US
U / I 4 Aug
175 Apr
98*3 Apr
112 Apr
6U
I4 Aug
105 J'ly
9/3 F’eb
22*2 Nov
136 Apr
131 Apr
145i8 Sep
401,3 Aug
108 J'no
12*2 Sep
..U; Aug
8(4 Oct
147*2 Nov
13/3 J’ne
260 Apr
173 Aug
83 *4 Dec
97 Apr
220(4 Dec
3(4 Oct
125 Oct
118 Oct
139 Sep
108 Oct
199 Aug
12 Sep
1141; Aug
34 Dec
35 Nov
170 Deo
/ 1 Oct
3H4 Sep
0478 Oct
131 Oct
1> Dec
96 Dec

10(2 Alay
62 Oct
96l2 Nov
40*2 Dee
54 Dec
51-i4 Dec
18 ‘ Jan
.80 Alay
24 Dec
1H4 Deo
337>s Nov
119 Jan
695 A UV
44(2 Sep
35 Jail
86-14 Nov
12 Alch
16**8 Apr
21; Jail
19 Aug
12*4 Nov
11U12 Deo
14>8 Nov
3s Dec
7l2 Aug
33i4Feb
u-'K Aug
,-/-'i| Deo
(4*4 Deo
19*8 Dec
lS' i May
1 Dec
0 Nov
£8ls Deo
13(4 Alch
70(3 Jan
30 Nov
3-'*s Deo
13 Sep
85>4 Jan
11?8 Aug
141" Deo
90 Deo
69 Aug
170 Deo
30*4 J’na
99 J an
278 Jan
1778 Jan
0/ Deo
18(2 Alay
18(* J'ly
90 F’eb
Jan
30(2 Nov
59 Sep
£4 Oct
i>34 Jaa
4934 Nov
66 NOV
6 Do*
113(4 De*
158 Aug
4

Jaa

rights.

S e p t . 3 1010.]

581

Boston Bond Record

li Ui> u s
•*» 0
BOSTON STOCK E XC H ’OIi

a

W eek KNDINCi S i- p t 2

Price
Friday
Sept 2

Week)*
Range or
Last Sale

xSij Range
§ £ II Since
[January 1

Ria
Hiyh\ No Low High
Ask\Loto
Am A griculChem 1st 5 s..1928 A-O ............... 1101%
1014! .1! 1004 103
Am Teieu & '1'ei cou tr 4s. 1929 j . j
89
934
8978 Sale I 89 4
89*,
Convertible 4s................ 1930' m -S 1004 100% 100% 100%
99 4 loti
Am Writ Bauer l s t s t6sg 1919 ,j . j ................... ! 87 4 J ’ly ’ 10
8 74 874
Am Zinc I. * S deb 6s___1915 Jf-N ........ 105
97 107
105
lo7
Ariz Com Cop 1st conv Os 1920 j . ji
90
93
91
93 4
91 A ug’ 10
A ten Ton * S F e g e n g 4a.. 1995 A-O
98 101%
98
98% 9 84 98
Adjustment, k 4 s ___J ’ly 1995 Nov
8 84 94 4
89 4 90 4 S8 4 J ’ly TO
S tam ped...............J ’ly 1995 M-N
04
94%
89 4 90 4 91% Mar’ 10
50-year conv 4s............1955 J-O
102 4 102 4
102 4 J ’ly ’ 10
10-year conv 5s............1917; J-D
117 4 1174
1174 Feu’ 10
A tl Gult * W 1 SS Lines 5 s.’ 59; j . j
064
0 5 ->4
03
73
06% Sale
Boston E lect 1. consol 6 s.1924 M-S
110 Feb’04
Boston * Lowell 4s.......... 1910 J . J
100 4 Mat-09
Boston * Maine 4 4 s ........ 1944 J-J
1014 Oct ’08
Boston Terminal 1st 3 4a . 1947 F-A
112 4 Jan ’03
Bur * Mo lllv cons Os ... .1918 J - j
103 F ob ’ lO
103 103
Butte A Boston 1st Os___1917 A-O
100 J ’ne’01
Butte E le c * Tow ls t g 5 s . 1951 J-1)
Cedar Bap * Mo It 1st 78.1910 M-N
1 ) 3 -a May’ 10
1134 1M
87
874
Cent Verml 1st g 4 s..M a y l9 2 0 (J-F
85
88
87% Sole
O B & <4 Iowa Div 1st Os.1919 A-O
VI03 O c t ’ 07
Iowa Div 1st 4 s ...............1919 A-O
98 4 J ’ne’ 10
93 4 28 4
Debenture 6s................... 1913 M-N
1014 Mar’ 10
1014 101%
Denver Kxten 4s............. 1922 F-A
99 4 F eb ’ 10
99 4 ,
09 4 99 4
Nebraska Kxten 4 s ........ 1927 M-N
99
99%
99 Mar’ 10
B J f i t W s I 4s.................. 1921 M-S
99 Oct ’09
Illinois Div 9 4 s ...............1949 J - J
80% 83%
80% J ’l y ’ 10
Ohio jo lly * Stk Yus 5s .1915 J-J 100 4 Sale 1004
100 101%
lu0 4
Coll trust refunding g 431940 A-O ........ 90
89
92%
9 04 AugTO
Oil MU * 8t P Dub D 6 s.. 1920 J-J
1164 1154
1 16 4 Jan ’ 10
Oil M * St P W 19 V div 081920 J . J
120 Feb’05
Oblc * No M idi 1st gu 58.1931 M-N
99 100 4
99 May’ 10
Ohic & W M idi gen 6s___1921 J -D 100 4 Sale 1004 1004
100 104
Concord & Mont cons 4 s ..1920 J -D
91 D e c’07
Conn * Pass It let g 4 a ...1943 A-O
1124 J a n ’ 03
Cudahy P ack (T lie)lstg 5s 19 4 M-N
100 4 Aug’OU
Onrrom itiver 1st 6a........ liL ? A-O
99
99
99 Ani'TO
Det Or ltap * W 1st 4 s ... 1910 A-O
89
90
89 Mar’ 10
Dominion Coal le t s t 6 s ..1940 M-N
9 0 4 98%
98
9 3 4 9 0 4 J ’no’ 10
FitOUburg 4 s ...................... 1915 M-S
103 4 A p r'06
4 s ...................................... 1927 M-8
90 A p r’03
Frenil Elk A Mo V 1st Os..1933 A-O
133 Mur’ 09
Unstamped 1st Os.......... 1933 A-O
140 A pr’ 06
Gt Nor O B A Q coll tr 4s 1921 J - J
05%
95 4
95 4 Salt
94 4 97 4
iiegistered 4s...................j.921 Q-J
95 4 ........ 94% A ug’10
94 4 9 04

BONUS
BOSTON STOCK KXOH ’ GE
W eek K ndino se pt 2

IS «
Jiang*
Week’s
Since
Range or § 0
Last Sale h " 3 January 1
Bin
Astt J.OW H tuhiA o Low High,
Illinois steel deben 5 s ....1913 A-O
99 100 loo Aug’ 10 ...J i 9 9 4 1 0 1
la Falls A Sioux C ist 7 s.. 1917 A-O
117 A p r’ 0 8 '___"....................
Kan C Clin A Spr 1st o s .. .1925 A O
92
93% M ai’ io! ...'I 93% 97
Kan C Ft S A Gull ext os .. 1911 j -I)
99% F eb’ 1o '___ || 99% 99%
Kan C Ft Scott A M O s.... 1928 M-N 114% 115 114% Aug’ 10 . . . . 113 118
Kan C M A B gen 4s...........1934 M-S
92 4 Aug’ 1 0 ) . .... 92 4 9 3 4
9 1 4 .......
Assented income 5s........1934 M-S
91 ....... 91 A ug’ 1 0 , ... .1 91
92
Kan C & M B y A Br 1st 5sl929 A-O 101 104 103 M a r'lO '....' 102 103
Maine Cent cons 1st 7 s ...1912 A-O
113% N ov’OG! J'.
Cons 1st 4 s ...............................1912A-O
101 % Sep ’051
Mara H ou g h i& O n tistO s.1925 A-O
115
Mass Gas 4 4 s .....................1929 j .,)
i 97
99 %
97 4
974
Mich T elep lst 5s................1917 J- J
97
| 97
99 %
Minne Geu Klee con g 5s 1929! J . J
102 4
N ew Kng Cot Yarn 5 s ....1929 F-A 101% 102 102
1 100% 105
102
N ew E n gT eiep h 6s........... 1915 A-O
102 F e b ’09
A-O
/'»....................................... ..
100 4 Sep ’ 08!
N ow England cons g 5 s ...1945 J -J
.........
Boston Term 1st 4s.......1939 A-O
N ew ltrver (Tlio) conv 5s. 1934 J . J
77 Apr TO
77
79 4
N Y N 11A H con deb 3 4819501 J-J
99
99 Sale 99
7 90% 102
Conv deb Os (c t fa )..........194b! J -J
131 J ’ly TO .. . . 131 135
Old Colony gold 4 s ..................... 1924F-A
101 A p r ’09
Oreg Ity A N a vcon g 4 s..l94 G ! J-D
08% Sep ’(Hi
Oreg Sh Line 1st g Os....... 1922 F-A
113% A ug’ 10
113% 110%
P croM arquette deb g Os..1912 J . j
99 Mai TO
98
99
Bepub Valley 1st s i Os...1919 J -J 1 0 2 %.
105 D e c’OS
ltutland 1st con gen 4 4 s . 1941 J -J
1074 Nov’05 ...J l...................
llutland-Oanadian 1 st4s 1949 J-J
102 Mar’ 02 . . 11
Savannah Klee 1st cons 5s. 1952 J-J
78 4 Apr ’ l o ....1 78 4 7 84
Seattle Elec 1st g 5s......... 1930 F-A 103 104 103 A ug’ 10
103 104%
Shannon-Ariz 1st g Os___ 1919 il-N
95 A ug’ 10
94
97
88 110
Terre Haute Elec g 5s___ 1929 J J
97
Torrington 1st g 5s...........1918 M-S
" “ 1100% 100%
100 %
Union Pao UB * 1 gr g 4s. 19471J - J
99%
. . . . 99% 100%
20-year conv 4s............... 19271J - J
108%
.. .. 108% 109%
Umtou Fruit gen s 1 4 4 s . 1923 J -J
90% 9 6 4 90%
3 95% 90%
U S Coal * Oil 1st s f Os.. 1938 M-N 144 164 155
153 100
U S Steel Oorp 10-00 yr os. 1903 M-N
103%
i 1 0 1 4 105 4
West End Street By 4s___ 1915 F-A
...J 97
93%
98%
1
Gold 4 4 s ................................... 1914M-8
101%
Gold doDenturo 4s........... 1910 M-N
98 4
.. . . 98 4 99%
Gold 4s....................................... 1917F-A
97
99
. . . j 97
W estern Teleph A Tel 6s. 1932 J-J
94% 94% 94%
10 9 4 4 99
W isconsin Cent 1st gen 4sl949 J-J
94% JanTu! . . . . 94% 94%

N ote —Buyer pays aoorued interest In addition to tlio purchase price for all Boston Bonds.

Jr ice
Friday
Sept 2

s i

fcfc

* N o price Friday; latest bid anil asked.

V Flat price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
sh are Prices—Not l’ or Centum Pricos
Saturday I Monday I Tuesday I Wednesday I Thursday
August 27 August 29 August 30 i August 31
Sept 1

.
._
.
*20
*42
*14%

214
43%
14%

*43%
*41%
*11%
*40 4

44%
42
11%
47 4
26 Hi
71

70%
*21 4

90
79 4
03%
43%
10
17%
70#,o
-8 4
43 m
81%

127
*20
144

44
42
11%
47
27
71

2 1%
*89
79
0 41 1 a
*43^4
10
16
17%
18
70%u 7 0 4
8%
84
44
43%
3 l%
81
22
90
79%
GI4„
*io ‘ s

127
214

127% 1 2 7 4
*20
2 14
4 3 '.

14 4

44
*43%
42
42
11% *11%
47 4
40 4
27 4
42 lja4
71
71%
8% •r
22
*2L 4
90
90
80
79
U*i hi
6i%e
44
43%
15
15
18%
17%
714
71
8%l
b°18
41%
43
81%
80%

P H IL A D E L P H IA
inactive M o c li i

Rid

44% *43%
42
41%
1 1 4 *11%
47
•At)0#
27 4
71
*7 u
8% * .........
22
21
90
90
79
80
04%
044
44
44
15
15
17
17%
71%
714
3 d4
9
42%
43
81%
81

Ask

..
..
%
......

4ti
to
71;>*

..
..
..
..

Leh Vnll Tran v t o ..
Preferred v t c ........

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

19 4
15
8

20

..

84

3%
134

4%
1 44

_

01%

127
Pennsyl lilt receipts.
108%
41 4

42

Pin la Traction..............50
Batlways General.......10
9 4 10
Susquou iron * S teel..6
Tidewater Steel.......... 10
P r e u r r o d ................... 10
Union T r ot 1ml........ 100
United N J lilt * C..1UU 212
Unit Trao Pitts pret..50
Warwick 1rou A steel. 10
10
W olsb a cliC o................loo
W est Jersey A SeaSli.50 “ b’i " "62 4
90
W estmoreland Coal....50
•Bid and asked; no sales on this day.




20
*40
*14%

20 l4 *20
+
41
15
*14%

128
20 4
41
16

*43%
414
‘ 11%
40%
♦20
*09 4

22
90

22
*s9 4
77 4
03% 615ie
43% 44
15
16
17% 17%
09 4 71
8%
8%
42% 42%
80% 80%

Si
04%
44
15
17 4
7 1%
8%
81%

1*1111,A 1) I 'll,P ill A
B onds
Prices are alt “ and
interest.”
A lt * L V Eleo l 4 s’33.F-A
A m Gas A Elec 5s'07. F-A
A m ltyscou v S s 1911.J-D
Atl City 1st 6s g T 9 .M-N
B erg * EBrw 1st Gs’21 J-J
Betide Steel Os 1998.Q-F
Choc A Mo 1st 6s 1949 J-J
Oh Ok & G gen 5s T 9 J -J
Col St By 1st con 6s 1932
C ou T ra oofN J 1st 5 s.’33
E A A 1st M 5s 1920 M-N
Klee A Peo Tr stk tr ctfs
Eq XI Gas-L 1st g 6s 1928
ludianapolls B y 4 s.1933
Interstato 4s 1943 ..F -A
KohighN av 4 4 s ’ 14.Q-J
Bits 4s g .......1914.Q-F
Gen M 4 4s g. 1924.Q-F
Loll V O 1st 5s g ’3 3 ..J-J
Leh V ext 4s 1st 1948. J -D
2d 7s 1910................M-S
Consol Os 1023....... J-1)
Annuity Os..............J-D
Gen cons 4s 2003.M-N
Leh V T rau con 4 s ’35J-D
lstseriesB 5 s 1935.M-S
New Con Gas 6s 1948 J-D
Newark Pass con os 1930
N Y Ph A No 1st 4s ’39 J-J
Income 4s 1939...M -N
NouhioTrao eon5sT0.J-J
Penn Cons 6s 1919 .. Var
Peuu A Mil Steel con Os.
Pa * N Y Can 5s ’39. A-O
Con 4s 1939............A-O
Penn Steel l s t 6 s ’ 17 M-N
People’s Tr tr certs 4s ’43
P Co 1 st* col tr 6s’49 M-S
C on * col tr 5s 1951 M-N
Phil Elec gold trust ctfs.
Trust certlfs 4s..........
P * E gen M 6 g ’ 20. A-O
Gen 51 4s g 1920..A * Q
11Ex-rDlits.

HM opald.

S h a res

-5 7 4 00
*80
88
120 4 120 4
*20

20%

*18

1 84
44 4
41%

<40
42
1 4 4 14%

44 *4 *44
41%
414
11% *11%
40%
40 4
20% * 20 %
70 4 *70
8%
*8
22
22
Vi) H* 91)

44%
42
11%
40%
27 %
71

77%
03 4
44
16
17%
6u%

11%

4 04

20 %

70 4
84
22

9d
78%
03%
44
10
17 4
09%

8uio 3lli0

42% -12 7
80% 81
| Rid

........

A sk

82

114

..

i '07
103 4

90
89
105%
........
" 50"
........ ........
io a
100 4

90
106

108

R a n g e S in c e
Jan l

I N a tes \ ACTIVE STOCKS
o f th e
|'W eek j ( Jr'or B o n d s a n d I n a c t iv e

Friday
Sept 2

140
90%
io T *

........
102 4

' 9 3 % 93%
102 102 %
94% 96
1014 102
75% 75%
106%
99% 99 %
t$ l2 % p a id .

S toclcs see b e l o w )

Highest

B iiliim oi'u
Con. Gas EL L. * Pow 10(J
Do pret................. lo t
Northern ce n tr a l........ 60
Seaboard (new )............. 100
Do 2d pref............ 100
United B y * E lectric.. 60

40 Mar21
80 M a rll
115 Jan »
18% J ’ly 29
41 J ’ly 27
12% May 3

P hiladelph ia
American Cement........ 50 IS J ’ nel7
1 American B ailw a y s.... 50 41% J ’ly 21
1,897 Cambria S te e l............... 50 40% J ’ly2 0
20 E lectno Co of America 10 11% J ’ly 29
634 Eloo Storage Battery.. 190 42 J ’neJu
443 Gen Asphalt tr ctis . . . . 100 19% J ’ly20
58U
Do pref tr c t f s ___ 100 01 J ’ly 20
Keystone T elephone... 50
7 J ’ly 0
2,103 Lake Superior Corp___ 1UU 164 J ’ne3u
l4o Lehigh 0 & Nav tr ctfs 50 80 J ’ueoo
9.020 Lehigh Valley............... 50 02 4 J ’ly 27
1,350 Pennsylvania K B ........ 50 01 lAie J ’ly 20
30 Phiiadolp’aCo (P lttsb). 50 42 J ’neJu
2,42 u Philadelphia Electricjl 26 U 3% Foo 3
2,25b Phila Bapld T ra n sit.. . 50 19 Apr 28
3,066 B ead in g......................... 60 05% J’ly 20
676 Tone pah Mining ........
1 0 4 J an 2 3,260 Union ir u c tio n ............ 50 41% J ’ly 20
2,14 i United Gas iuip t.......... 60 79 J ’ly 2o
P H IL A D E L P H IA
Ph * Bead 2d 6s '33. A-O
Cou 51 7s 1911.......J-D
Kx Imp 51 4s g ’47. A-O
Terminal 5s g 1941.Q-F
P W * B col tr 4 s ’ 21.J-J
Portland B y 1st 5s 1930.
Booh B y * L eon 6s '64J-J
Spanlsh-Am Ir Os ’27 J-J
U Trac Ind gen 6sT9.J-J
Un Bys T r ctfs 4s’ 49J*J
United Bys Inv 1st coll tr
s f 68 1920................51-N
U Trao P it gen 6s ’97 J -J
W elsbach s 16s 1930.J -D
Wlks-B G *K cou5s'55J-J
11A 1/P I DIO UK
In a ctive .Stocks
Ala Cons C oal* Iron .100
P re t........................... 10p
A tUuta * Charlotte.. 100
Atlan CoastL (Cunu)lOO
Canton Co...................100
Cons Cot Duck C orp...50
P referred ...................50
Georgia S o u * F la ...100
1st pref.....................100
2d pref...................... 100
G-B-S B row ing.......... 100
Itomls
Prices are a lt " and
interest."
A n a co s tla * Pot 5s..........
A tl Coast L(Ct)ctfs 5s J-D
Ctts of imlebt 4 s...... I-J
6-20 yr 4s 1925.........J-J
B altCPass ls t 5 s ’ H M-N
Balt Fundg 68.1910 M-N
Exchange 3 4a 1930 J-J
B a lt * P 1st Os m l ’ l l A-O
B S P * 0 1st 4 4s ’53F-A
Balt Trac 1st o s ..’29 M-N
No Balt Div 6s 1942 J-D
Cont’ l By con5sl932 M-N
E x t * Imp 5s. 1932 51 -S
Clias City lly ls t 5 s ’23 J-J
Chas By G * El 6s ’99 M-S
I$ 1 3 4 p a iil.

$$35pald.

I Rid \Ask

101%'101%
98 4 ........
114
99%
97
101
90
7 94
102

225
115
4%
25
92 4
60

2

88

99%
100

91
1064
106

101 %
"ii"
80%
80 ”

Range tor lyrevious
Y ea r(1909)
I

L ow est

H ig h e s t

I
00 May 2 3 30 Mar
90 J ’ly 14 70 Mar
132 Feu 28 100 Jau
27% Jan 3 11% Feb
47
22% Feb
0 % Feb
154 J ’iy 16

48
89
1214
28%
48
14 4

28 Jan 3
60 Jan 0
53 4 Jan lo
12 4 Jau 14
01% Marl l
34% Jau 29
84% Jan 10
13 0 an lu|
28% J an 3
123 Jan 7i
121% M arl8
O'Din Mar 9
63% Jan 8j
10% Marisl
28 4 Jau 3
80 FeU 18
940 May 13
52a4 Jau 3
95% Jan 10

43 Jan
48 Deo
19% Deo
12 % J ’ly
03 4 J ’ly
33% Deo
84 4 Deo
15 Apr
33% May
125 4 Deo
113 Sep
75% Sep
51% Deo
14% Deo
30 4 Apr
80% Sep
713ia Mar
58% May
95 4 Dec

25 Dec
44% J ’ly
32% Feu
;10% Jau
43 Jau
15 4 Jau
53 Jau
9 4 Jau
14% Jan
90 Jau
0 / F**b
03% Feb
4 0 4 Fob
11 % Feb
24% Jau
59 4 Feb
5% Jau
50% Jan
84% .May

B A L T IM O R E
Chari C& A 2d 7s’ 10 A-O
City & Sub 1st 6 s .. ’22 J-D
C it y * S u b iW a s)lst5 s’48
C o a l* I By 1st 5 s ’ 20F-A'
O ol*G rn v lst0 s.l9 1 0 J-J
Consol Gas 5 s..1939 J-D
Ctfs indobt 4 %s.......J-J
Cons G E * P 4 ms’35.J-J
F a ir* C lT r .s tu s ’38.A-O
G a * Ala 1st cou 6s ’4aJ -J
Ga Car * N 1st 5s g ’29 J-J
Georgia P 1st Os.. . ’22 J-J
Gaso * Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 195151-S
2d income 5s 1951 M-N
Kuoxv T rac 1st 5s ’28 A-O
LakeB El 1st guos’42M-S
M a cou B y*L L lsl5 s’53J-J
Memphis St 1st 5s’ 45 J-J
51etSt( W ash)lstos’25F A
51t Ver Cot Duck 1st 6s.
N ptN & O P 1st Os’38 51-N
N or& P orT r lst6 s ’ J0J-D
Norioik St 1st 5s ’4 4 ..J -J
North Cent 4 4s 1925 A-O
Series A 5s 1920....J-J
Series B 6s 1920___J-J
Pitt Un Trac 5s 1097.J-J
Poto Val 1st 5s 1941..J-J
Sav F la * W e s t 5 s ’34 A-O
Seab * Boan 6s 1920.J-J
South Bound 1st 5s..A -O
UE1 L * P 1st 4 4 s ’29 M-N
U n B y * El 1st 4s ’49 M-S
Incom e 4s 1949....... J-D
Funding 5s 1930...J-D
V aM id 2d ser Os ’ ll.M -S
3d series Os 1910..M-S
4th ser 3-4-os 1921.5I-S
6th senes 6s 1920. M-S
Va (State) 3s new ’32.J-J
Fuhd debt 2-3s 1991. J -J
W est N C cou Os 1914 J-J
W esV aC & P 1st GgTl J-J
WU * Weld 5S..1935.J-J

R id

Deo
May
Deo
Deo
Deo
Dec

Iask

100 l.......
105 % '........

101 !.......

99 V .........

....... lU0 4

107 4 108
90
lu3
101

107
100

41%
5
102
"9 5 4
98

97 4

71
90
81 4 82 4

1UO

104
lu7
107

105
107
104
104 4
87
84%
69%
83
100
102
102

69%
83 %

102
84 4

86

105

100%

107

a Receipts, b $25 paid. c$30 paid. d$42 4 paid.

THE CHRONICLE

583

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW VUitiv oiO C K EXCHANGE
DAILY, WEEKLY AND YEARLY
Week ending
Sept. 2 1910.

Stocks.
Shares.

Saturday ____ . . . . .
Monday ___________
Tuesday_________. . .
W ednesday__ _____
Thursday___________
l-rlday.......... ..... ......

98,603
343,155
295,069
157,503
398,857
187 ,u8 !

Par value.
$8,265,300
29,825,500
25,214,801)
13,445,300
34,615,700
16,518,200

Railroad.
Ac.,
Bonds.
$338,000
644,500
1.007.000
1.149.000
1.372.000
755,500

State
Bonds.
$66,500
108,500
92,500
110,000
54,000
236,000

U. S.
Bonds.

B u Ask
liiectrie Companies
Clue Edison Co— See Ch, ca go 1st
Ur't West Pow 5s '4 6 .J-j
851 87
9 Kings Co E. LAP Co 100 120 123
Narragau (Prov) El C o .50 *84
87
40
N Y &Q El L A Pow Co 100
50
P referred__________ 100
80
75
United Elec of N J ___100
75
85
1st ff 4s 1049............ J-D
76
77
Western Power com .lO i
27
23
P re fe rre d ----------------lot.
4/
49

le.ecrapli and Telephone
$2,000 e Amer Teleg A Cable. 100
e Central A So A m e r .. 100
Comm'l U nTel (N Y>.
5,000 Emp & Hay State Tel. 100
Franklin _____________loo
T o ta l.......... ........... 1,48.) ,269 $127,884,800 $5,266,000
$6)7,500
$7,000 a Gold & Stock Teleg. 100
e Northwestern T eleg. 50
Pacific A A tlantic____25
Sales at
Week ending Sept. 2.
Jan. 1 to Sep'. 2.
ePac Teiep A Tele r p t. loo
New York Slock
Southern A A tla n tic.. 25
Exchange.
iy 10 .
1900
1909.
Ferry Companies
Stocks—No. shares__
1,48!) ,263
123,074,381
3,591,525
138,200,425
Par value_________ $127,884,800 S328,991,150 $11,058,469,800 $12,678,882,975 ti os IN Y 1st 6s 1911 -J - j
N Y A E R Ferry stk .100
Bank shares, par____
$822,600
$12,600
$1,800
S84.350
1st 0s 1922.............. M-N
Bonds.
N Y& H ob 5s May '46..J-D
Government bonds__
S310.700
$7,000
514.500
$352,200
Hob Fy 1st 5s 1916
State bonds_________
33,025,950
667,500
425.500
26,731,200 V Y 4 N J 5 S 1 9 4 6 ... M-N
-J-J
HR. and mlcs. bonds_
408,035,000
5,260, .00
15,988,5001
915.094,600 lotn & 23d Sts Ferry .1
00
1st
mtge
5s
1919.,
.J-D
Total bonds.
S5,040,500 SIQ.428,5001 $439,971,650| $912,778,000
Union Ferry stock. .100
e 1st 5s 1920______ -U N
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES
Short-Term Notes
Am Clg ser A 4s l l _ . l t JBoston.
Philadelphia.
Ser B 4s Mch 15 '12 M-S
Wee* ending
B altA O hlo
191.". J-D
Bond
Listed
Sept. 2 1910.
Listed Unlisted
Unlisted
Bond
detlileh Steel 6s 'I4 ..M -N
sales.
shares.
shares.
shares. shares.
sales.
Chic A Alton 5s '13 M-S
Cm Ham A D 4s 1913.J-J
$19,000
4.588
3,380
3,037
Saturday___________
1,540
$700 U C C A St L 5s, June '11
6.034
28,000
Monday____________
9,377
8,461
7,207
16,100 I uiison Companies—
5,241
13.000
7,529
7,977
Tuesday___________
5,742
31,100
6s Oct 15 191 1 ____ A-0
5,672
5,290
12.000
4,959
Wednesday.__ _____
2,136
24,000
6s Feb 1 1913......... F-A
6,276
9,018
32,500
6,571
Thursday __________
7,286
22,300 Interb R T g 6s 1911.M-N
5,437
5,994
64,000
4,518
F rid a y ____________
5,746
27,900 K C ltyA L Ight 6s T 2.M -S
Minn A St L g 5s 'l l .F - A
Total .................... 40,607| 35,866 S16S.500
35,866
29,637 $122,100
N Y C Lines Eq 5 s'10-22
Jan 1911-1925____
N Y N 11 & H 5s '10-12
St L A S F 4 H s '1 2 o p .F -A
5s Mch 1 1913____ M-S
All bond prices are now "and interest except where marked “ f."
South R y g 5s 191 3 ..F -A
Tidewater 6s, 1913 guar
Wabash 4>$s 191J___M-N
Bid Ask
Street Railways
■Slrcet Rabways
Bid Ask West Teiep A T 5s ’ 12. F-A
New York City
Pub Serv Corp N J (Com
Westlngh'e El AM 6s 1913
Cons Tract ot N J ..1 0 0
7l*j 721”
15
20
5% notes Oct 1917.A-0
1st 5s 1933..........J-D 102 103
60
60
New'k PasRy 5s 30 J-J 106 107
3 115 140
Railroad
Rapid Tran St R y ..l 0 0 225
98 100
eChlc Gt Wcoin tr ctfsli'w
1st 5s 1921_____ A-O 103
Exo 1st
ePreferred tr c t f s . . /
J C Hob A Paterson—
102 105
Chlo Peo A St L—
72 • 73*2
4s g 1919......... M-N
___ 90
P o o r lien g4 H s'30. M-S
So J Gas El A True. 100 125 128
/ 80
85
Con mtg g 5s 1030..J-J
Gu g os 1953___M-S
)
15
25
98
98
Incom e 5s, July 1 03 0 ..
No
Hud
Co
Ry
6s
14
J-J
102
80
90
Chicago Subway_____ lo o
5s 1928..... ............ J-J 102
Exc list
Kansas City Sou 5s Apr 1
Ext 5s 1924____M-N
Dry 11 E 11 4 B—
93
1950— See Stock Exci,
Pat City con 6s '3 1 .J-D 115
) 95 100
Nat Rys of Mexico— See S
42
2d 6s opt 1914..A - 0 loo
/ 35
North'n Securities Stubs
) 250 320 So Side El (Chic)-—See Ch icago list
Pitts Hess A L E______ 50
Scrip 6s 1 9 1 4 ..
/ 95 100 Syracuse R T 5s '4 6 ..Al-S 101 10z*2
P referred ______
50
Trent P A H 5s 1943.J-D
200 220
96 100 e Railroad Securities Co
___ —
United Rys of St L—
lli C stk tr ctfs ser A 52
12
Com vot tr ctfs____100
1st mtge 6s 1910.AI-;
Seaboard Company—
6134 62
/ 25
e Preferred _______ 100
1st preferred______ 100
^ aojfc list
(Jen 4s 1934— See Stock Exc Ust
Com A 2d prel— Sea Bal
Exc list Unit Rys San Fran See Stk Exo list
Seaboard Air Line—■
Exc list
Wash Ry A El Co____100
32
33
Coil 5s ext May ll.M -S
155 180
P referred __________100
83
90
West Pac 1st 5s M 3 ._ M-S
1 10
16
4s 1951...................... J-D
83
84
99-*4 100
industrial and Miscel
/ 50
60
Gas Securif!e3
Consol 5s
Adams Exp g 4s 1047 J-D
) 110 130
Atuneck Mining________25
85
1 60
New York
Alliance R ealty_______loo
92 Cent Du Gas 5s 1927 J-.)
) 88
09G 100** American B ook_______100
Exc list Con Gas (N Y) — See Stk Exc list ' American Brass_______ 100
80 e Mutual Gas_________loo 151 156
/ 60
American Chicle c o m .100
75
85 New Amsterdam Gas—
P rcterred ........... ....... 100
1st consol 5s 1948..J-J
30
/ 15
97 100
Am (iraphophone com 100
NY’
AEKGas
1st
5s
'44
J-J
1 190 215
100 103
P referred__________ 100
Consol 5s 1945_____ J-J
100 102V
95
09
Amer Hardware ____ 100
65
76 N Y A R'chm ond G a s .100
40
56
Am Malting 6s 1914..J -D
N Y A WcstehesterL'ht’g—
Amer Press Assoc’ n._100
Deb g 5s 1954 gu ar.J -j
Brooklyn
97 101
Am St Found new— See S
Nor Un 1st 5s 1 9 2 7 ..M-N
Atlan Avenue HR—
98 100
0s 1935................... A -0
101 103 e Standard Gai c o m ..100
60
Deb 4s 1923______ ‘. F-A
ePreferred _______ 100
1 9/
102
75
American Surety_____ 50
1 152 160
1st 5s 1930..............M-N 102 106
American Thread pret 5
ange list
Am Tobacco Co com ..10C
1 —
99
Other Cities
Amer Typetdcra com .100
Bkln gueens Co A SubAm Gas A Elec c o m .. 50 *43
46
P referred......... ......i0b
97
£9
Preferred _________50
*39
41
Deb g 6s 1939____ftl-N
95*2 971; Amer Light A T ract.. 100 284 287
Amer Writing P a p er..100
Exc list
Preferred__________100 102 10!
P referred _____
100
<3t
75 Bay State Gas_______ 50
60
34
1st s 1 g 5s '10 op '09 J-J
83
78
Btngh ton (N Y) Gas Wks
AUtif A W lndS S L 'nos .1 0 0
Con g 4s
80
75
1st g 5s 1038........... A-0
94
P referred __________ 100
95 100 Brooklyn U11 Gas— SeeStk Exc list
Col tr g 5s 1959____J J
Exc '1st
Buffalo City Gas stk. 100
4
5
Barney A Smith C a r..100
1st 5s 1947— See Stock Exc list
P referred__________ 100
103 105 Con Gas of N .) 5s ’3 6 .J-J
90
Bethl’ m Steel Corp— See S
95
Exc Ust Consumers' L 11 A Pow—
Bliss Company c o m .. 50
5s 1938...................... J-D 110
92
87
P referred..................... 50
102 105 Denver Gas re Elec___100 152 s 1S5*4 Bond & Mtge Guar___100
Gen g 5s 1949 op .Al-N
8J
92
Borden’s Cond M ilk..100
Other CUtes
Elizabeth Gas Lt C o .. 10b 300
P referred _______,. .1 0 0
Bullalo Street Uy—
Essex A Hudson Gas.lOU 132 134
Britisha Col' Copper_
"
_
5
102 1031- Gas A El Bergen C o .. 100 76
1st consol 5s 193 1 ..
79
Butte Coalition Mining 15
1021- 101 e Gr Rap 1st 5s ’ 1 5 .F-A
Deb 6s 1917............
98 101
Casein Co of Am com .100
Columbus tO> St H y ..
9712 100 Hudson Co Gas______ 100 130 133
P referred __________ 100
P referred _____________ 1020 . . . . Indiana Lighting Co-.lOO
32
33
Casualty Co of A m e r .. 100
Colum Hy con 5s— See Ph ia list
03
4s 1958 o p _________F-A
66
Cellulo'd Co__________ 100
100 102': rndlanapolis Gas_____ 50
13
Cent Fireworks c o m ..100
74
76
1st g 5s 1952......... A O
84
P referred__________ 100
e Preferred _____
78
80 Jackson Gas 5s g '3 7 .A-O / 88
921- Central Foundry_____ 100
1st A ref 4 Hs— See Stk Exc list a Laclede Gas_________100
98-3, 99*2
P referred __________ too
Grand Rapids Ry pref.100
81
87
e Preferred _______ 100
SO 100
Deb 6s 1919 op '01.M-N
e Loulsv St 5s 1 9 3 0 .. J-J 1043| si 05 Madison Gas 6s 1 92 6 .A-O 102 107 Chescbrough Mfg C o ..100
1053.J
Newark Gas 6s 1944..g -J 127 1-9
104**
City Investing Co____100
243, Newark Consol G a s .. 100 97
24
99
P referred_______.. .1 0 0
e P r e fe r r e d ____
60
61
eC on g 5s 1948___J-D 103 104
} Clailin (H B) c o m ..100
tk Ex list No Hudson L H A Pow—
e 1st preferred_____ 100
110 112
5s 1938...................... A-0
111)
e 2d p referred _____ 100
98 100 Pacific Gas A E, com .lO o
56
56-3, Col A Hock Coal At pt 100
55
P referred __________ 100
86
88
1st g 5s 1917______ J-J
1st 4s 1948......... Al-N
74
76 Pat A Pas Gas A Eleo.100
85
90
Col tr 6s Oct 1 9 5 6 ..J-J
e Con g 5s 1949...A1-F
97 100 Consol Car Heating___100
St Joseph Gas 5s 1937-J-j
90
93

Outside Securities

i

* Per share.

0 Basic.




0 Sells on Stk. E x,; but not very active

[VOL. L X X X X I.

f Flat preo-

n Nominal.

6912
114
100

65
40

100

105
60
80
93
20
65
95
100

94
30
65
27
93
093S
975s
9812
95
981*
97>s

100

993s
93
9834
9614

9918
973S

IO6I4

97
97

99
99
101
983j
98
95l2 98
643,i % 4I2%
1U012

5134%

t '2 %

10()l8 10llg
95'4 963.,
9534 9j1->
973(, 98V
9934 100l8
n95
9Bl2
983.1 99 I4
99*2 IDO

Stoc.:
list
/ 85
/ 5U
4I2

95
*32
*70

5

434

list
list
105
34
74

74
t Exe
9912 9J«4
93
94
/ 89
*185

91
190
125
15U 155
118 123
220 225
100 103
5
15
117 118
99 102
100 108
tk Ex list
99
65
67"
105 215
*4U 5'4
396 405
38
42
98 104
983.1
98
2
3
27
25
87
87*2
9
10
19
20
6534 00>4
20
30
120

111)

tk Ex list

121

m " 122
240 250
112>2 113*2
102 105
*412 434
19
*18
2l£
55
CO
125 140
123 125
2
4
10
30
/ 35
700
60
105
95
87
88

"l*2
40
70*'
115
105
92
95

/ 50
/ 45
33

s Sale price.

*

Bid
Industria anJ rtl seel
Couso Rubber T ir e ..100
3*2
P referred__________ lOu
20
Debenture 4s 1961 A-b / 39
4 II4
3 Crucible Steel......... _10u
12
1234
e I’ referred ________ too
761 70*8
D a v i-U a ly Copper C o .t o
* 11 *
e Diamond Match C o. 10b
8312 89
duPontlE I) deNeinPo 10b 157 162
e Preierred
_______10.
841 87
e Hold 4
1 9 3 6 .. J - 1
83
80
Electric B oat_________ 10 .
20
25
P rcterred __________ io. n60
7J
Empire S te e l_________ 10 b
10
15
P re fe rre d __________ 109
50
60
s Genera' Chemical___10j
90 100
e Prcterred ________ 100 103 105
*8 V
Goldlleld Consol Mines. 10
S38
*5.
Gold HUl Copper
1
34
♦7
recue-Cauanea_____ 20
7*4
Guggenheim E xplor'd 106 180 190
'! Hackensack Water Co
Ref g 4s '52 op '1 2 ..J-J
85
Hall Signal Co c o m ..109
35
Havana Tobacco C o - - 100
3
P reierred __________ 100
8
1st g 5s June l '22 J-D / 58
leciier-Jones-Jewell MIL
1st 6s 1922.............M S
103
Her'g-Hal,-Mar. new.lOu
35
Hoboken Laud A Imp lOu
e 5s 1910__________ M-N
99?8
Houston OT__________ 109
5
Preferred _________ 100
32
Hudson R ealty______ 109 110
95
s Ingersoll-Hand co m . 109
e Preferred
____
10„
97
m tercontin't'i Rub her. 100
32V 32*4
Internat'i Hank'g Co 10b
90 *00
l literuat" Mer Mar— See
tk Ex 1st
Intcruutional N lcke._1ot
132 136
P reierred __________ lot
92
89
1st g 5s 1932......... A- e
9U; 93
International Salt____ 10 „
8
b
1st g 53 1951............A-C / 45
50
ftiteniatlonal S l'ver..lO b
SO
60
P reierred _________ tou 106 109
1st 6s 1948_____ T j -D
1,0 112
Internat Smelt A Uefg 1Ot; 130 145
InternatTime R eco-d.10^ 175 200
P referred__________ loo I j G 112
Jones A Laughllu Steel Co
1st s t g 5s 1939..M-N 10038 IC0*2
jLackawanna Steel___lOu
39
e 1st con 5s 1950__ AV-r
e Deb os 19) 5 _______Al-$
90
Lanston M onotype___100
82V
Lawyers' Mtge Co____ lOu 230 240
Leh A WHites-B Coal 60 250 270
e Lorlllard (P) p ret..Z l0u 130 145
Madison Sq G arden ..100
40
30
2d 6s 1919...............M-N
85
Manhattan Transit___2b
♦l1*18 'T*2
Monongahela H C o a l.. 5u
P referred___________ 50 *2o”L 22”
Mortgage Bond Co___lOu 110 lib
Nat llauk ot Cuba____10t
108 113
Nat'l Surety__________ 100 250 260
2034
3 Nevada Cons'd Copper 0
*20
*)8
Nev-Utah Min & Sin. lo
ia
e New Central Coal . . 20
60
40
NY Air Brake 6s— See Stk Exo list
N Y Biscuit 6s 1011 .M -i 100
e New York Dock____ 100
25
35”
e Preferred ________ 100
75
80
N Y Mtge A S ecurity-loo 105 205
N Y T ransportation.. 20
*4
5
Nltes-Bem-Pond com .lO o
95 100
Nlplsslng Mines______
0 * 10*2 1034
Ohio Copper C o ________lo n i6 ,0 2*ia
e Ontario S Iver______ 100
2
2i2
Otis Elevator com ____100
48
44
P referred__________ 100
88
91
Pittsburgh B rew ing.. 5u *23
2314
P referred__________ 59 f ___
Pittsburgh Coai— See Stk Exc list”
Pope Mfg Co co m ___
100
60
65
Preferred___ _______ 100
.6
80
Pratt A Whitney pret-lOo 100 106
Producers Oil................. 100 136 140
Realty Assoc (Bklyn).lOO 110 115
Royal Dak Powd eom .100 188 19 j
P referred __________ 100 103 100
Safety Oar Heat A Lt.100 125 127
Seneca Mlti'ng_________ 25
95 ____________
Singer Mfg « o ________ 100 270 280
South Iron A S com ..1 0 0
11
8
P referred__________ 100
18
22
Standard C ord a ge..
100
*2
1st M g 5s Ml red.A-O /To" 20
Adjust M 5s Apr 1 1931
5
/3
Standard Coupler com 100
40
P referred__________ 100 fob”
11
Standard Milling Co-.lOO
’i f
42
45
P re 'e rre d __________ 100
80
1st 5s 1030..............M N
84
Standard Oil ot N J ..1 0 0 698 603
Exc
list
Swift A Co— See Host Stk
1st 5s— See Chlo Stock Exc list
Texas C o m p a n y _____ 100 135 133
e Texas A Paclllc Coal 100 100 106
Title Ins Co of N Y ...1 0 0 140 150
Tonopah Mill (Nevada) 1 *8»s 87g
4
Trenton Potteries com 100
8
Preferred, new_____ 100
45
55
Trow Directory_______100
20
30
Underwood T ypew pf 100 99 100*2
Union Typewriter comlOO
37
43
1st p referred_______ 100 103 107
2d preferred_______ 100 102 1U6
Uu'.teu Bk Note C orp. 50 *42
•f6
P referred__________ 50 *50
51
United Cigar Mfrs____ 100
60
63
ePreferred ________ 100 100 101
United Copper________ 100
5
4*j
P referred __________ 100
17
35
U S Casualty_________ 100 215
U S Envelope com ___ 100
55*
60
P reierred __________ 100
120
U S Finishing________ 100 Ye” 101
P referred __________ 100 107 112
1st g 5s 1 9 1 9 _______J-J loo 105
95 100
Con
5s 192 0_______J-J
U S Steel Corporation—
Col tr s f 5s '51 opt ’ ll 114 116
Col tr s t 5s ’51 not opt 114 115
U S Tit Gu A Indem -.lOO no 120
ell tab Copper Co— See Stk Exc list
Westchester A Bronx Tit
A Mtge Guar-----------100 160 170
130.T,
Wcstlngh’so Air B ra k e.50 * . .
West El A Mfg 5s— SeeStU E xc' list
Worthing Pump pref.100 104 108

e x - cpv,

*

p r.x-ngnts.

j New stock

583

THE CHRONICLE

S e p t . 3 1910.)

luueslraetil and Railroad Intelligence,
HAILHOAD

GriOSS

EARNINGS.

Tho following table shows the gross earnings ot every STEAM railroad from which regular weekly or monthly returns
. , .
. ° rp.
f: r. f vn columns of figures give tho gross earnings for the latest week or month, and the last two
b“ C'the e a r n i n g f o r t h e p e r i o d Z m J u l f l to*and including such latest week or month.
We add a supplementary
Tateinent to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period
The returns of the electric railways are brought together separately on a subsequent page.
/

Latest Gross Earnings.

no A D S

Week or
Month.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

ROADS.

Week or
Month.

Curreu
Year.

Previous
Year.

July 1 to Latest Date.
Current
Year.

S

$

$
Ala N O * Tex Pat
293,815
337,259
53.000
61,000
N O & No" E ast. 1st wk Aug
149,332
163,422
28.000
29.000
Ala & Vicksburg. 1st wk Aug
126,298
153,417
20,000
28.000
1st
wk
Aug
Vicks Slirev & P .
01,715
86,482
4,04
7,143
Ala Tcnn & Nortii. f u n e _____
7,742,272
8,021,539
J u l y ......... 8,021,539 7,742,272
Atcta Top & S Fc
315.154
348,395
44,164
48,405
3d
wk
Aug
Atlanta Blrm & Atl
1,863,040 2,148,065 1,863,040
Atlantic Coast Line ruly ......... 2,148,065 7,092,141
7,547,733 7,092,141
7,547,733
0 llaltlmorc & Ohio. J u l y .........
91,084 1,205,245 1,091.817
135.215
i
u
n
e
_____
H & O Oh Ter lift
210,043
214,159
219,043
214,159
Bangor & Aroostook J u l y .........
4,189
6,083
4,189
6,083
Bellcfontc C entral.. r u l y _____
3,751,230 3,722,367
3,722,367
3,751,230
July
.........
Boston & Maine.
48,511
51,907
4,601
4,922
Bridgeton & .Saco R r u n e _____
189,901 1,395,217 1,390,567
Buff Hoch & Plttsb 3d wk Aug 225,973
110,571 1,819,719 1,908,461
104,213
BulTal) & S u sq ----- April
175,100 1,963.400 1,397,000
Canadian Northern 3d wk Aug 256,500
14,621,000 11,772,000
Canadian Pacific— 3d wk Auc 1,897,000 1,555,000 1,654,318 1,472,338
202,400
219,100
Central of Georgia 3d wk Aug
1.000,890 5,724,463 23,415.038
lay ____ 1,10
Centra of .Sew Jer
293,526 3 470 425 3,202,035
326,209
Central V erm on t.. M a y ____
1,040
1,933
Chattanooga South. 2d wk Au
632,558 4,310", 021 4,*170”,923
Chesapeake & Ohio. 3d wk Aug 605,878
229,886
35,782
3d
wk
Aug
C & O R y of In d .
4,539,907 4,170,923
Total both d l v s .. 3d wk Aug 641,060 032”,558
343,291 2,084,071 2,011.100
Chicago & Alton . . . 3d wk Aug 380.215 6,420,765 87,800,517 78,012,029
Chic Burl & Quincy J u n e ____ 7,100,473
272,485 1,735,100 1,584,019
p Chic Great W est. 3d wk Aug 278,531
844,325
927,847
119,340
134,043
Chic Ind & Loulsv. 3d wk Aug
tral.
York
Cen
Chic Ind & Southern — See New 5,507,338 4 984.636 64.840,803 59,897,463
Chic Mllw & St Paul J u n e _____ 1,171,591
Ch Mil & Pug S d. J u n e ____ 0,404,222 5,890,270 6,404*222 5,896* 270
Chic & North West J u l y ......... 1,208,955 1,123,970 1,268,955 1,123,976
Chic St P M & Om_ July .........
042.428 9,440,521 7,897,049
831,022
Cln Ham fc Dayton r u n e _____ York
Cen tral.
Clev Cln Chic * St L — See New
2.123,740
194,091 2,153,80
185,10.'
Colorado M idland.. lay .........
309,841 2,308,585 2,190,411
333,857
Colorado & S o u th .. 3d wk Aug
687,494
676,€48
62,334
61,148
Copper Range-------- M a y _____
12,873
12,873
18,328
18,328
C o rn w a ll--------------- July
329,912
433,590
29,027
33,499
r
u
n
e
_____
Cornwall & Lebanon
162,429
162.429
233,440
233,440
Cuba Railroad......... July ......... 1,613,698 1,545,739 9,036,436 t8 .907,045
Delaware & Hudson r u n e _____ 3,194,163 2,882,952 36,005,987 33,553,435
Del Lack & W e s t ... J u n e _____
3,314,900
Dcnv & Rio Grande 3d wk Aug 502,800 430,200 3,432,800
158.710
176.036
27,743
30,242
Denv N W & P a c .. 2d wk Aug
206,396
267,082
30,127
39,300
3d
wk
Aug
D£t Tol & Iront Sys
274,685
270,144
39,249
41,656
Ann A rbor............ 3d wk Aug
174,591
177,200
25,618
24,516
Detroit & Mackinac 3d wk Aug
1,292,880 T ,048,686 10,289,064 6,847,572
Dul & Iron R ange. . June .
515,938
540,914
68,595
70,716
Dul Sou Sh & A t l .. 3d wk Aug
667,706 628,414 7,437,601 7,274,014
El Paso & Sou West J u n e _____
4,675,254 4,279,549
E r i e ...............
„ July ......... 4.675,254 4,279,549
1,785
2,081
I , 785
2,081
Fairchild & Nor E . July
85,207
95,747
85,207
95,747
Fonda Johns & GIov J u l y .........
2,750.872
3,010,957
179,019
196,786
Georgia R ailroa d .. June
Georgia South & Fla —See Sout hern Rail way.
857,003 5,656,351 6,049,064
3d wk Aug 872,795
Grand Trunk Syst
862.416
700,298
130,763
129,097
Grand Trk West 3d wk Aug
266,567
221,815
37.287
4R973
Det Gr Hav V Mil 3d wk Aug
279,368
232,705
38,937
45,307
3d
wk
Aug
Canada Atlantic.
5,314,939
Great Northern Syst ruly ......... 5,650,872 5,314,939 5,650,872 1,873,195
152,950
2,094,075
140,300
June
Gulf & Ship Island
095,994 409,018 7,509,329 5,878,414
H ocking Valley------ J u n e _____
1,983,904 1,509,344 4,083,964 4,569,344
Illinois Central . . . . July
961,000
146,000
130,000 1.075.000
3d
wk
Aug
Internat & Gt Nor
166,240
151,239 1,161,608 I ,
a Intcroceanlc Mcx 3d wk Aug
451.371
429,150
74,640
70,016
Iowa Central......... 3d wk Aug 247,300
155,917 2,709,656 2.127,637
Kanawha & M ich. June . .
8,901
,306
9,723,870
860,684
700,882
Kansas City South. Iune . .
174,029
197,684
35,125
34,140
I{ C Mex & Orient. 1st wk Aug 2,876,218
2,754,300
2,876,218
2,754,399
Lehigh Valley____ July
412,626
30,366
484,620
54,392
Lexington & East. June
J n c.ll 0,678
J n c.ll 0,078
Long Island............ July
1,277,057
I
,
427,015
09,688
124,159
Louisiana & Arkan. June
84,214 1,176,808 1,023,736
96,419
Loulsv Hend & St L June
921,995 7,231,665 6,647,528
s Loulsv & N a sh v -. 3d wk Aug 1,047,805
12,077
11,780
I I , 780
12,077
Macon <5c Blrm ham July . .
793,835
759,712
793,835
759,712
Maine Central......... July .........
3,193
3,283
3,193
3,283
J
u
l
y
.........
M anlstlquc..
378.022
409,229
32,522
29.80
Maryland & Penna. J u n e ____
109,500
143,800 1,002,900 1,003,700
a Mexican R ailw ay. 2d wk Aug
— See New York Cen tral.
Michigan Central
124.023
06,702
17,646
12,955
3d wk Aug
Mineral R a n g e ...
625,218
071,101
114,770
99,254
Mlnneap & St Louis 3d wk Aug i ,140,480
1,013,805 2,140,480 1,913,863
July
uMo Kan & Texas.
2,043,013
3,270,082
412,040
407,757
Minn St P & S S M) 3d wk Aug
Chicago Dlvls.onl
698,707
803,040
57,542
81,073
Mississippi Central J u n e __
Mo Pr.o & Iron Mil
1,051,000 7.320.000 7,068,000
1,055,000
3d
Wk
Aug
Central B ra n ch ./
I637,20
I,
897,23 I I ,
Nashv Chatt & St i. r u n e _____ 1,020,249
8,765,812 7,669,071
o Nat Rys of M ex .f. 3d wk Aug 1,140,929 1,070.600
74,580
57.459
9,819
0,572
Nevada-Cal-Oregon. 3d wk Aug
75,388
60,090
7,3 8 '
6,016
Nevada Central____ J u n o _____
614,257
1,408,924
58,915
144,859
N O Great Northern J u n e _____
178,306
217,132
28,723
29,092
N O Mobile & C hic. 3d wk Aug
861,086
041,455
N Y Ont & Western J u l y ......... 1 941,455 801,086

Previous
Year.

N Y N II & I la r t f .. J u l y ......... 5,209,634 5,070,155 5,209,234 5,070,155
« N Y C 4 Hud R lv . J u l y ......... 8,328,479 7,955,195 8.328.479 7,955,195
Lake Shore & M S J u l y _____ 1,029,892 3,938,3 19 4,029,892 3,938,349
390.077
420,378
390,077
n Lake E & West J u l y _______________ 420,378
208,229
246,506
209,220
Chic Ind & South J u l y _______________ 240,506
Michigan Central. July _____ 12,511,882 2,200,001 2,511,882 2,20G,G61
Cievc C C & St L J J u l y _____ 2,370,081 2,297,705 2.376,081 2,297,705
239,794
268,017
239,794
Peoria & Eastern J u l y _______________ 268,617
88,331
101,752
88,331
Cincinnati N orth. J u l y _______________ 101,752
1,449,479
528,576
Pitts & LakeErle’ J" u' l y _____ 1 528,576 1,449,479 I ,
280,507
293,333
280,507
93,333
Rutland _______ J u l y ____
833,807
883,970
888,970 833,80 7
N Y Chic & St L . July _____
340,815
402,975
340,815
462,975
Tol & Ohio Cent. J u l y _____
T ot all lines above July _____ 21463441 20319549 21,463,441 20,349,549
244,509
294,804
244,509
291,804
N Y Susq & W e s t .. J u l y .........
218,981 2.690.480 2,417,319
245,503
Norfolk S ou th ern .. J u n e _____
Norfolk & W estern. J u l y ......... 2,914,363 2,518,300 2,914,303! 2,518,300
975,315
971,815
975,315
971,815
Northern Central . . J u l y _____
38,400,747
Northern P acific___ J u n e _____ 6,775,082 0,147,697 74,525,820
002,376 7,903,148 6,580,507
720.204
Pacific Coast Co___ J u n e _____
4,40G,410
Pennsylvania Co___ J u l y _____ 4,777,553 4,400,416 4.777.553 12,915,765
it Psnn— E of P & E J u l y .......... 13278105 1291570 13,278.165 3,400
Inc. 62
Inc. 62 3,400
a West of P & E . J u l y .........
Pere Marquette____ J u l y _____ 1,372,510 1,215,396 1,372,510 1,215,396
Phla Balt & W ash. J u l y ......... 1,713,378 1,517,878 1,713,878 1,517,878
Pitts Cln Chic&S. L J u l y _____ 2,675,753 2,439,388 2.675.553 2,439,388
11,489
11,736
11,489
11,736
Raleigh & South,, J u l y .........
Reading Company
Phi la & Reading J u l y _____ 3,368,765 3,092,398 3,308,765 3,092,398
1,507,095
Coal & Iron C o .. J u l y _____ 1,499,664 1,597,095 1,499,664 4,089,494
1,868,429 4,089,494 4,803,429
Total both cos___July
193.951 2,331,448 2,020,325
230,073
Rlch Fred & Potom June . .
881,528
84,040 1,047,041
89,886
Rio Grande June___ June . .
79,883
86,258
13,894
11,497
Rio Grande S o u th .. 3d wk Aug
R ock Island Lines. . J u n e _____ 0,040,869 5,443,471 56,220,579 31,184,887
1,570,380
1,037,354
105,410
133,923
St Jos & Grand Isl. J u n e _____
3,343.003 3,254,905 3,343,003 3,254,905
St Louis & San Fran July
853,130
909,994
853,130
909,994
Chic & East III.. J u l y .........
191,254
225,044
191.254
225,044
/ Evansv & l'er H J u l y _____
4,299,288
Total of all lines. J u l y ......... 1,478,701 1,299,288 4.478,701
1,439,046
1,974,244
144.952
180,90.
J
u
n
e
____
St L Rky Mt & P ac.
188,779 1,530,614 1,371,448
213,298
St Louis Southwest 3d wk Aug
755,282 0,092,822 7,450,461
488,929
San Ped L A & S L . J u n e _____
Seaboard Air Line. 1
2,359,965
Atlanta & Blrm/ 3d wk Aug 349,723 325,077 2,586,951
Florida W Shore i
1,189,455
1,436,733
98.888
163,900
Southern In d ia n a .. June . .
10,814,569
215,272
11215272 10814569 I I ,
Southern Pacific Co July . .
7,407.422
Southern R a ilw a y .. 3d wk Aug 1,098,964 1,048,788 7,978,203
176.262 1,418,450 1,308,249
Mobile & O hio___ 3d wk Aug 205,673
151,393 1,289,097 1,110,567
196,725
Cln N O & Tex P . 3d wk Aug
477,979
607,392
68,945
82,432
3d
wk
Aug
Ala Great South
286,457
314,109
38,985
39,576
Georgia So & Fla 3d wk Aug
65,737 1,014,276 1,104,481
61,510
Texas Central------ J u n e _____
1,770,492
1,887,256
255,211
268,595
3d
wk
Aug
Texas & Pacific—
6,517
7,184
6,517
7,184
Tidewater & W est. J u l y .........
150,008
169,856
23.888
27,908
T oledo Peor & West 3d wk Aug
557,633
554,014
90,250
99,925
3d
wk
Aug
Toledo St L & West
81,320
85,340
6,160
7,463
Tombtgbee V a lle y .. J u n e _____
7,534,854
Union Pacific S yst. J u l y ......... 7,916,655 7,534,854 7,910,655
721,915
820,338
721,915
820,338
J u l y .........
Vandalla
102,116
91,453
102,116
91,453
Virginia & Sou West J u l y .........
4,040,886
W a b a sh ___________ 3d wk Aug 626,126 625,608 4,123,27
5,952,697
7.081,856
496,446
589,676
Western M aryland. J u n e _
762,581
846,981
762,581
846,981
July . .
W Jersey & Seash
509,364 6,950,437 5,633,645
645,190
Wheeling & L Erie. lunc . .
2
496
3,131
W hite River (V t)._ J u n e _
125,403
' 15”,864
” iV .l4 9
15,864
18,149
Wrlghtsvlllo & Tenn July . .
655,815
720,776
655,815
720,770
Yazoo & Miss Vail July . .
Previous
Current
Year.
Year.
Period.
Various Fiscal Years.
533,442
$45,957
Jan 1 to July 31
Bellcfontc Central.............
1 to June 30 9,635,253 0,297,367
Delaware <5c H udson-------24,458
25,009
1 to July 31
M anlstlque______________
Jan 1 to Aug 14 5*205,700 4,724,600
a Mexican R ailw ay............
50,528,966
55,299,277
31
July
1
to
a N Y Central & Hudson River
1 to July 31 27,743,020 24,183,458
Lake Shore & Michigan South
1 to July 31 2,997,259 2,558,019
n Lake Erie & W estern...........
1 to Jluy 31 2,172,263 1,649,912
Chicago Indiana & Southern.
1 to July 31 16,499,286 14,857,031
Michigan Central..................
1 to July 31 16.557,349 14,805,728
Cievc Cln Chicago & St Louis
1 to July 31 1,860,375 1,576,146
Peoria & Eastern______
612,962
691,718
1 to July 31
Cincinnati Northern —
Pittsburgh <5c Lake E r l e . . . . . Jan 1 to July 31 9,812,195 7,232,121
1,650,562
1.769,676
31
Jan 1 to July
R u t la n d ________________
Jan t to July 31 6,338,493 5,505,281
Jan 1 to July 31 2,628,661 1,970,351
Toledo & Ohio Central.
Jan 1 to July 31 144369572 127175537
Total all lines--------------Jan 1 to July 31 7,162,209 6,686,309
Northern Central------------Jan 1 to July 31 93,702,114 83,058,714
122,114
In c.10, 003,200
Jan 1 to July 31
Jan 1 to July a: 10,796,289 9,983,089
Jan 1 to July 31 19,467,244 16,029,488
497,889
555,817
Dec 1 to June 31
Rio Grande Junction-----9,317,932 8,388,062
Jan 1 to Aug 2
Texas & Pacific----------- *
3.161.033
3,446,933
3
July
JJan
1
to
W est Jersey & Seashore.

AGGREGATES OF GROSS EAR NIN G S— Weekly and Monthly.
Weekly Summaries.

Cur'nt Year PYev’s Year Inc. or Dec

%

Monthly Summaries.

Current Y r. PreviousYr. Inc. or Dec

Mileage C u rr.Y r. P rev.Y r.
O c to b e r____236.918
231,682 260,613,053 232,261,182
N ovember ..23 6 ,3 7 4 230,650 247,370,954 211,281,504
December ..2 3 7 ,1 8 9 231,699 222,006,184 205,455,121
January . — 236,758 231,362 210,302,219 182,649,825
231,652 202,258,490 174,159,723
F e b r u a r y _236,852
230.841 237,533,005 204,916,997
M a r c h ____ .235,925
232,463 225,225,596 196,595,911
A p r i l ............237,569
May . . . . . . .229,34 j 225.274 230,033,384 198,049,990
J u n o _______204,596 200,901 208,364.918 184,799,806
85,507 63,504,951 58,257,725
July
. . ------. . . -------------. . 88,593
------------- —--------------------------------------------------------------------- —
“ ‘ V ----

+ 28,351,871 12.21
+36,089,450 17.08
2d week June (42 roads)------ 13,106,719 11,239,607 + 1,867,112 10.60
3d week Juno (42 roads)------ 13,073,508 11,348,208 + 1,725,300 15.15
+ 16,551,063 08.05
+ 27,652,394 15.14
4th week June (44 roads)------ 17,171,904 11.859,700 + 2,312.204 15.29
+ 28,098,767 16.15
1st week July (4o roads)------ 12,359,231 11,133,094 + 1,220,137 11.01
14.41
+
1,580,085
+ 32,616,008 15.92
2d week July (44 roads)------ 12,540,427 10,960,342
11,432,364 + 1,370,322 11.99
+ 28,629,685 14.56
3d week July
roa,j f \ ------ 12,802,086
+ 716,550 4.29
17,393,199 10,676,649
+ 31,983,394 16.25
4 th week July (42 r o a d s )..
4-005,930
7.94
11,906,280
+ 23,565,112 12.21
1st week Aug (43 roads)------ 12,874.219
+ 1,198.258 9.87
13,330,857
12,132,599
+ &,247,226 9.02
(43
roads)
2d week Aug
13,462,709 12,283,880 + 1,178,880 9.60
3d week Aug (42 roads)
‘ a Mexican currency, d Covers lines directly operated, e Includes the New Yha'Snter-SHite’ Comm eroe ” Com mIss 10 a 'f ° f ' I*lclu des ^ v a n s v llt* &
N v itv tht* latter ot which, being a Canadian road, docs not make returns to the I
Northern Ohio R R
v Includes earnlnjrs of MasonClty

S

5 u ’k s the Mexican International from July 1910.




u Includes the Texas Central In 1910.

N0V 1 19° a-

‘ IQ*

584

THE CHRONICLE

Latest Gross Earnings by W eeks.— For the third week of
August our final statement covers 42 roads and shows 9 .6 0 %
increase in the aggregate over the same week last year.
Third week of August.

Alabam a Great Southern.
Central of Georgia
Chesapeake & O h io_____ ______T
]
Ches & Ohio of Indiana
Chicago & A l t o n . ...........
Chicago Great Western
Chicago Indlanap & Louisville
Cine New Orl & T ex P a c l l lc ...
Detroit Toledo & Iron ton ______
Ann A r b o r __________________
Duluth So Shore & A tlantic I
Georgia Southern & Florida .
Iow a C en tra l______
Louisville & N ashville_________
Mineral R ange______
Minneapolis & St Louis_______
Mobile & O hio_________________
N evada-Callfornla-Oregon ____
New Orl Mobile & Chicago_____
R io Grande S outhern__________
Seaboard A ir L ine_____________
T oledo Peoria & W estern______
Toledo St Louis & W estern____
T otal (<12 r o a d s )__
Net Increase (9 .6 0 % ).

1910.

1909.

$
9,302,350
82,432
48,405
219,100
641,660

$
8,482,888
68,945
44,164
202,400
632,558

380,215
278,531
134,643
196,725
39,300
41,656
76,716
39,576
74,640
1,047:805
12,955
114,770
205,673
6,572
29,992
11,497
349,723
27,908
99,925

343,921
272,485
119,346
151,393
30,127
39,249
68,595
38,985
76,016
921,995
17,646
99,254
176,262
9,819
28,723
13,894
325,077
23,888
96,250

Increase
820,564
13,487
4,241
16,700
9,102

Decrease.
$
1,102

36,294
6,046
15,297
45,332
9,173
2,407
8,121
591
125,810
15,516
29,411
1,269
24,646
4,020
3,675

13,462,769 12,283.880 1,191,702
1,178,889

1,376
4,691
3,247
2,397

$

5

-------Net Earnings----Current
Previous
Year.
Year.

5

_

Atlanta Birm & A t l.b . -July
212,911
182,662
48,808
22,159
Atlantic Coast L ln e .a . -July 2,148,065 1,863,040
467,416
377,236
Bangor & A r o o sto o k .b -July
214,159
219,043
56,471
81,892
Boston & M a in e.b ____ -July 3,751,230 3,722,367 1,157,683
1,320,745
Canadian P a cilic .a ____ -July 8,869,214 7,140,030 3,484,619 2,479,871
Central of G e o r g ia .a .- July 1,008,018
872,938
258,130
178,999
Chesterfield & Lancastei June
3,935
3,083
1,400
July 1 to June 30.
70,984
54,247
33,866
19,949
Chicago Gt Western b June 1,000,407
231,388
881,893
Sept 1 to June 3 0 .. ------ 10,171,783
8,988,808 2,445,407 1,437 j600
Colorado S o u th e rn .b .. July 1,343,246 1,279,809
379,024
446,953
Cuba R R .
July
233,440
162,429
118,432
49,017
Denver & R io Grande.a .July 2,049,726 1,990,516
700,638
704,006
Detroit & M ackinac.a. July
105,297
102,525
33,634
26,581
Duluth So Sh & A tl.b July
311,983
285,234
116,524
81,94 5
E rle.a _____ .
July 4,675,254 4,279,549 1,387,408 1,117,859
Fairchild & Northeast b July
2,081
1,785
def 857
def3.I46
g Interoceanlc of M e x .. July
710,143
679,879
258,811
220,234
I )wa Central . a ________ July
242,390
252,739
/J25.957
//A 1.162
L ong Island ___________ July
Inc 11 0,078
Inc 18,663
Jan 1 to July 31 .
Inc 522,800
Inc 75,014
Louisville & N a sh v .b . July 4,201,600 3,865,980 1,069,549 1,465,598
Maine Central, b _______ July
759,712
793,835
216,705
312,529
Mineral R ange_________ July
58,134
73,665 def 14,418
10,815
Minneap & St L o u ls .a .- July
413,569
366,760
k l 14,910
/cl 21,914
Missouri Kans & Tex b July 2,140,480 1,913,863
437,210
533,932
g National R ys o f M ex. July 5,276,347 4,482,292 2,128,383 1,779,992
cN Y Cent & Hud R lv b July 8,328,479
7,955,195 2,220 075 2.4 5 7 ,7 1 2
Jan 1 to July 31_______ 55,299,277 50,528,966 13,423.212 14,503,091
Lake Sh & M ich S o.b July 4,029,892 3,938,349 1,138 662 1,570,664
Jan 1 to July 31_______ 27,743,020 24,183,458
"'
■ " 8* ,251,389
—
8 ,677,121
(■Lake Erie & W est, b-Ju ly
426,378
390,677
68,905
62,615
Jan 1 to July 3 1 ______ 2,997,259 2,558,019
619,703
3 4 9 ,8 /8
Chicago Ind & S o u .b .J u ly
246,506
268,229
29,173
58,538
Jan 1 to July 3 1 ______ 2,172,263
1,694,912
567,172
3 44 ,565
.Michigan C e n tra l.b .-J u ly 2,511,882 2,266,661
702,421
715,308
Jan 1 to July 31______ 16,499,286 1 1,857,03i
4,6 5 4 ,3 6 2
4 ,4 0 0 ,i0 1
Clev Cln Chic & StL b July 2,376,081 2,297,705
309 ,585
736,674
Jan 1 to July 3 1 _______16,557,349 14,805,728 3 ,5 2 9 ,8 7 9 3 ,806,293
Peoria & E a s te rn .b ..J u ly
268,617
239,794
53,226
75,379
Jan 1 to July 3 1 ______ 1,860,375 1,576,146
478,366
394,596
Cine N orth ern .b . ...J u l y
101,752
88,331
17,488
20,193
Jan 1 to July 31______
691,718
612 ,962
129,122
103,826
PIttsb & Lake Eric b July 1,528,576
1,449,479
850,153
800,236
Jan 1 to July 31______ 9,812,195
7,232,121
5,3 1 0 ,9 5 6 3,788,161
R utland.!) --------------- July
293,333
280 ,507
98,062
93,480
Jan 1 to July 31______ 1,769,676 1,650,562
489 ,878
415 ,117
N Y Chic &St L .b . -.J u y
888,970
833 ,807
257,882
204,451
Jan 1 to July 31------ - 6,338,493 5,505,281
1,973,533
1,557,741
Toledo & Ohio Cent b July
462,975
340 ,815
203,854
109,299
Jan 1 to July 3 1 ______ 2,628,661
1,970,351
873 ,456
485 ,4 3 5
Total all llnesabove b July 21,463,441 20,349 549 5 ,949,436 7,084,657
Jan 1 to July 3 1 __ . . 144,369,572 127175 ,’ 537 10,310,028 3 8 ,826|231
N Y N H & H a r t f.b ____July 5,269,634
5,070,155 1,978,982 2,0 1 9 ,1 9 9
N Y Ont & W e s te rn .a .-J u ly
941,455
861 ,086
387,404
295,186
N Y Susq & Western a .J u ly
294,804
244 ,509
79,727
63,854
Norfolk & W e s te rn .b ..J u ly 2,914,363 2,5 8 1 ,3 0 0
986,298 1.009.744
Northern C entral. b - . .J u ly
971,815
975,315
153,632
194,432
Jan 1 to July 3 1 ______ 7,162,209 6 ,6 8 6 ,3 0 9
1,229,316 1,201,716
Penna Compang^b_____ lu ly 4 , 777,553 4 ,4 0 6 ,4 1 6 1,586,943
1,807,649
Pennsylvania— Lines directly operated—
East
12,915,761: 3 ,6 0 1 ,7 0 8 4,0 6 6 ,8 0 8
------------- ----------------T of, Pitts
, . &
. E rie.July
■,
- 13,278,165
Jan 1 to July 31 ---------- 93,7 0 2 ,1 1 4 8 3 ,0 5 8 ,7 1 4 24,333,051 22,4551854
West of Pitts & Erie July
Inc
623,400
Oec 521,400
Jan 1 to July 3 1 ---------Inc 10,003,200
Inc 1,151,600
Phlla liaito & W ash------July 1,713,878
1,517,878
460,234
430,334
Jan 1 to July 3 1 --- 10,796,289
9,983,089 2,395,404 2 ,356,794
Raleigh & Southport b .J u ly
11,736
11,489
2,654
4,008
Reading Company—
Phlla & R eading, b -July 3,368,765 3,092,398 1,174,073 1,095,001
Coal & Iron C o .b . . -July 1,499,664
1,597,095 def208,210 def94,240
T otal both c o s .b ___ -J u ly 4,868,429 4,689.494
965 863
1,000,762
Reading C om pany. . -July
_______
145,276
145,507
T otal all com panles. -July
..............
1,1 1 1 ,1 3 9
1,146,269
R utland R R . b —
Apr 1 to June
30
829,184
764,620
238,998
197,790
Jan 1 to June 30__ 1,476,343
1,370,055
391 ,816
321,637
July 1 to June 30............ 3,208,720 2,895,916
970 ,767
795,749




-------Gross Earnings
Current
~
Previous
Cuttenl
Previous
Year.
Year.
Year.
Year.
$
$
$
$
St Jos & Gr Island.a ..J u n e
133,923
105,411
def9,132
2,247
July 1 to June 3 0 ______ 1,637,355 1,570,381
61,255
438,003
St Louis & San F ra n .b .J u ly 3,343,663 3,254,905
964,352 1,036,488
Chicago & East 111.b.July
909,994
853,130
283,413
300,000
Evansv & Terre H ’ te bJuly
225,044
191,254
87,317
77,218
Total all lin e s .b _____July 4,478,701
4,299,288 1,3,35,083 1,413,707
910,487
St Louis Southwestern a July
798,793
177,167
208,795
10,814,569 3,897,461 3,999,453
Southern R alw ay—
Mobile & O hio, b _____July
837,180
783,566
191.286
241,866
Cine N O & Tex P . b .J u ly
743,153
662,013
292,259
239,028
Alabama Great S o .b .J u ly
353,362
279,874
87,984
71,344
Ga Southern & F la . b .J u ly
191,990
169,501
39,923
39,085
Tidewater & W estern, b July
7,184
6,517
903
1,467
Union P a cilic .a ........... ..J u l y 7,916,655
7,534,854 3,385,197 3,815,116
820,338
Vandalia b --------------------- July
721,915
129,078
153,288
W est Jersey & Seashore July
846,981
762,581
394,262
374,662
Jan 1 to July 31______ 3,446,933 3,161,033
637,394
700,2 94
W rlghtsv & T cn n llle .b .J u ly
218,149
Sl 5,864
3,500
1,439
IN D U S T R IA L COM PANIES.
------Gross Earnings— -------- Net Earnings------Current
Previous
Current
Previous
Companies.
Year.
Year.
Roads

$

12,813

Net Earnings Monthly to Latest D ates.— The table fol
lowing shows the gross and net earnings of STEAM railroads
and of industrial companies reported this week:
-------Gross Earnings—
Current
Previous
Year.
Year.

[ V o l . I .X X XX 1

5

Ablngton & R ockland Elect
Light & Power C o .b
r
6,872
6,243
Jan 1 to July 31.
.
51,177
37,071
Blackstone Val G& E l.b Ju ly■
76,059
73,396
Jan 1 to July 3 1 ______ .
576,257
533,202
Ed El Co (Brockton) .b .J u ly'
20,500
18,526
Jan 1 to July 31______ .
168,475
146,865
Fall R iver Gas W k s .b -.J u ly'
33,859
32,131
Jan 1 to July 3 1 ______
239,018
222,993
H oughton Co El L t .b .- J u ly ’
18,043
16,752
Jan 1 to July 31.
153,249
143,112
Keystone Teleph C o .a .-J u ly’
94,472
91,020
Lowell El Lt C orp. b ___ July
31,348
26,227
Jan 1 to July 31______
239,414
199,705
Minn Gen El C o .b .
July
77,543
88,965
Jan 1 to July 31______
702,538
610,951
Sierra Paclllc Elec C o___July
44,802
42,130
Wells Fargo Exp C o .b .M ay 1,104,583 1,341,248
13,281,183 11,866,172

1,746
15,360
36,628
294,969
8,022
76,868
15,131
101,338
7,656
74,534
47,050
11,910
103,188
53,111
425,575
29,449
208,048
2,976,699

2,497
12,627
33,368
252,465
6,613
63,735
13,521
92,797
6,528
67,609
45,487
11,495
80,173
40,280
340,99 5
27,48 3
346,454
3,016,106

a Net e a rn .n 's here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
c Includes the N. Y . & Ottaw a, the St. Lawrence ec Adirondack and the
Ottawa & A . \ . R y ., the latter of which, being a Canadian road, docs no.
make returns to the Inter-State Commerce Commission.
c Includes the Northern Ohio R R .
g These results are In Mexican currency.
In lo o o * JUly 1910 additional Income was $2,112, against a deficit of $781
k For July 1910 additional Income was $11,641, against $1 7,622 In 1909.
z Includes $75 other Income for July 1910, against $144 In 1909.

Interest Charges and Surplus.
Current
Year.
$
93,458
205,768
2,160,390
252,417
36,667
465,605
96,043
12,633
564,159
106,620
503,450
885,000

Roads.

Previous
Current
Previous
Year.
Year.
Year.
$
$
$
80,251
£14,172
297,576
£71,183 £def83,379
2,883,610
£45 5,77 5£def1405750
256,567
£134,765
£207,963
34,096
81,765
14,021
404,474
(1329,933
(1382,100
93,501
£27,087 £def8,759
13,263 def25,813 £def2,428
541,794a e fll9 ,1 7 3 £def3,700
95,562
280,784
199,624
463,460
482,848
546,284
809,971
226,139
246,298

Bangor & A roostook. .J u ly
Chicago Great W estern.June
Sept 1 to June 30......... ..
Colorado & Southern___July
Cuba R R _______________ July
Denver & R io G ran d e..J u ly
Duluth So Sh & A t l___ July
Mineral R a n g e____ ___July
Missouri Kan & T e x a s ..J u ly
Y Ontario & Western July
Norfolk & W estern......... July
Reading C om pany_____ July
Rutland R R —
183,896
A pr 1 to June 3 0 . ..........
184,760
£76,310
£27,606
Jan 1 to June 30______
372,788
366,672
£67,601 £def21,998
757,221
July 1 to June 3 0 ______ • 747,781
£293,605
£96,855
IN D U S T R IA L COM PAN IES.
— Int., Rentals, A c.
Bal. o f Net E arns.—
Current
Previous
Current
Previous
Year.
Companies.
Year.
Year.
Year.
$
$
$
$
A blngton & Rockland Elect
Light & Power C o____ July
477
. 814
932
2,020
5,307
Jan 1 to July 3 1 ______
2,553
10,053
10,074
29,013
Blackstone Val G & E l..J u ly
29,471
3,897
6,715
100,194
Jan 1 to July 31______
190,070
61,795
104,775
3,787
Ed El Co (B rock ton )___ July
3,558
3,055
4,235
27,932
Jan 1 to July 31______
22,453
41,282
48,936
3,171
?all River Gas W k s____ July
2,346
11,175
11,900
24,907
Jan 1 to July 3 1 ______
17,143
70,341
75,054
4,488
Houghton Co El L t_____ July
4,129
3,108
2,399
30,422
Jan 1 to July 31______
28,874
44,112
38,735
24,011
Keystone Telep C o_____ July
25,802
22,430
19,685
4,788
Lowell El Lt C o r p ...........July
4,134
7,122
7,301
32,224
Jan 1 to July 3 1 ______
28,772
70,964
51,401
Minn Gen Elec C o............ July
30,724
29,503
22,387
10,717
Jan 1 to July 3 1 ______
219,547
206,028
209,763
140,232
5,977
Sierra Pacific El C o_____ July
5,003
23,472
21,535
d These figures arc after allowing for other Income and for discount and
exchange.
Hie sum of $10,000 Is deducted every m onth from surplus
and placed to the credit of the Renewal Fund.
£ A fter allowing for other Income received.

ELECTRIC

R A IL W A Y

Name o f
Road.

American R ys C o____
cAur Elgin * Chic Ry
Bangor R y &, Elec Co
Baton Rouge Elec Co
Binghamton St R y ..
Blrm’ham R y Lt & 1
Brockton & P lyS tR j

AN D

TRACTION

Latest Gross Earnings.
Week or
Month.
July .........
July _____
J u n e _____
July .........
J u n e _____
luly _____
fuly _____

COMPANIES.

Jan. 1 to latest date.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
382,493
182,387
45,707
9,708
31.860
216,505
16,658

$
318,491
107,614
43,805
8,351
■31,758
183,187
18,022

$
2,220,588
021,158
255,305
61,701

$
2,043,571
8 15,507
234,619
53,819

l.lOff.UO

1,276,482
73,158

60,098

Latest G ross E a rn in g s.
N am e oj
R oad.

W eek or
M o n th .

C ape B r e to n E le c C o . J u l y ...........
C a ro lin a P o w & L tC o J u l y ...........
Central P en na T r a c . . J u n e ..........
C lev c P a ln esv & E a st J u l y ...........
D allas E le c tr ic C o r p . J u l y ______
D e tr o it U n ited R y . . . 4 th w k J u ly
D u lu th -S u p erlor TrC o Ju ly . . .
E a st S t L ou is & S u b . J u ly . . .
J u ly . . .
E l P a so E lectric.
F a lrm & Clarks T r Co J u ly . . .
F t W a y n e & W abash
V a lley T r a c tio n Co Jun e . . .
G a lv -I I o u s E le ct C o . J u ly . . .
G rand R a p id s R y C o . J u ly . . .
H a v a n a E le c tr ic R y . Wlc A u g 28
H on olu lu R a p id T ran
June . . .
& Land C o ..
H o u g h to n Co T r a c Co July .........
Illin ois T r a c tio n C o . . May _____
J a c k s o n v lllc E le ct Co July _____
L a k e S h ore E le c R y . July _____
M llw E l R y & L t C o . July . . .
M l l w L t H t & T r C o . . July _____
M on treal Street I t y . . July _____
N ash vllle R y & Light ruly .........
N ew O rleans R y & L t J u n e .........
N orth O h o T r a c & L t J u l y ..........
N orth T e x a s E lec C o . July _____
N orth w est E lev C o . . J u l y ..........
N orf & P ortsm T r Co M a y _____
O k la h om a C ity R y . . May .........
P a d u c a h T r & L t C o . July _____
P e n sa co la E lectric Co July _____
P o r t (O re) R y , L & P Co July .........
P u get S o u n d E lec C o . July _____
R lo de Jan eiro Tram
L ig h t & P o w e r ____ J u ly _____
St J osep h (M o) R y L t
H eat & P ow er C o . _ fu ly _____
Sao P a u lo T r L t & P_ J u ly _____
S a v a n n a h E le ctric ho J u l y ...........
S ea ttle E lectric C o — J u l y ______
S ou W iscon sin R y Co fu ly _____
T a m p a E le c tr ic C o . . J u ly _____
T o le d o R y s & L ig h t . J u ly _____
T w in C ity R a p T r a n . 3d w k A u g
U n d ergrou n d El R v
of London—
T h re e tu b e lin e s ___ W k A u g 27
M e trop olita n D ls t . W k A u g 27
U n ited T r a m w a y s . W k A u g 27
U n ited R R s o f San Fr July _____
W h a t c o m Co R y & L t J u ly _____

----- Gross E a m in a s ------- ------- N et E a rn in g s -------

J a n . 1 to latest date.

C urrent
Y ea r.

P reviou s
Y ea r.

C u rrent
Y ea r.

5

$

$

P reviou s
Y ear.

28.876
16,811
73,952
4 1 ,880
117,270
277 ,334
103,532
210.844
49,351
57,488

26,616
17,421
67,257
38,026
103,340
235,596
91,658
170,250
46,362
43,589

157,451
120,259
393 ,747
195,459
790,552
5,237,274
615,174
1,330,197
358 ,589
327,264

135.345
106,613
358,107
174,456
710 ,929
4 ,3 6 8 ,2 2 9
544,149
1,127,467
329 ,927
255,881

125,266
122,097
113,005
42,547

115,981
109,747
98,749
35,680

723,618
7 31 ,227
643,828
1,41 1 ,3 1 8

648,655
682,473
578,558
1,316,088

37,866
30,036
472,255
46,905
132,032
397,372
126,206
398 ,847
144,548
496,391
262,020
125,943
179,756
160,492
53,861
21,577
24,235
490,724
182,986

34,689
30,653
423,616
39,300
121,185
356,906
113,336
345,573
140,887
479 ,030
227,011
109,212
160,434
151,598
37,533
19,152
23,461
424 ,816
184,531

221,557
181,031
2,36 5 ,7 7 4
330 ,376
058 ,760
2 ,6 4 6 ,8 4 5
583,300
2 ,4 6 4 ,2 0 5
1,032,501
3 ,1 6 0 ,5 5 2
1,34 9 ,3 5 5
803 ,563
1,274,946
765 .607
227.916

197,684
180,768
2,101,518
273,430
595,862
2.37 2 ,7 5 9
499,314
2,202,474
972,590
3,041,984
1,200,954
695,868
1,191,842
759,016
149.144

152",023
3 ,1 3 6 ,3 3 6
1,110,740

140", 196
2,697,593
1,036,548

980 ,339

655,665

5 ,3 53,909

4,291,544

9 ),928
243.615
59,140
4 59 ,059
16,909
51,507
239,621
151,261

85,39:'
194,402
55,812
592,587
15,404
47,172
226,565
145,089

584,842
1,631,040
359 ,715

543,997
1,382,572
348,364

3 63 ,890
1,700,500
4 ,7 1 2 ,9 2 2

VoV.is?

'b Y , 508
340.678
1,528,054
4 ,3 2 0 ,4 4 0

£10,435
£9,124
£6,944
618,635
32,660

£10,500
£8,569
£6,882
621,753
34,485

£43 6,01 0
£36 5,76 5
£217,601
4 ,3 7 3 ,4 9 6
233 ,039

£430,200
£332,997
£208,260
4,19 0 ,6 5 8
223,514

c T h ese figures a r c fo r co n s o lid a te d c o m p a n y .

Electric Railway Net Earnings .— The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Aug. 27 1910. The
next will appear in the issue of Sept. 24 1910.
--------N et E a rn in g s--------------Gross E a rn in g sP rev io u s
Current
P revious
Current
Y ea r.
Y ear.
Y
ea
r.
Y
ea
r.
R oads.
5
$
$
$
8 9 ,7 1 9
9
4
,775
167,614
182,387
A u rora E lgin & C h . b - . J u ly
2,813
3,487
8,351
9,708
B a ton R o u g e E lec Co . b . J u ly
13,563
21,747
53,819
61,791
J a n 1 to J u ly 3 1 ---------8
1
,213
107,444
216,505
183,187
B lrm R y , L t & P o w e r . .J u ly
564 ,602
70 8 ,3 3 6
1,276,482
J a n 1 to J u ly 3 1 ---------- 1,496,110
8,9 3 2
16,658
18,022
7,8 2 5
B r o c k to n & P l y m . b ------ J u ly
21,658
16,792
66,098
73,158
J a n 1 to J u ly 3 1 ---------10,992
28,876
26,616
14,469
C ape B reton E lec C o . b . J u l y
4 7 ,0 2 6
135,345
157,451
67,943
Jan 1 to J u ly 3 1 ---------C h au tau qu a T r a c tio n C o . b —
36,402
9 ,630
13,007
37,845
A p r 1 to Jun e 3 0 ----------58,764
16,163
14,339
61,509
J a n 1 t o Ju n e 3 0 ----------21,777
38,026
24,839
41,880
C lev c P a ln esv & E a s t .a .J u l y
86,452
174,456
99,303
195,495
J a n 1 to J u ly 3 1 ----------71314,291
1,047,639
71344,139
C h ica g o R a ilw a y s C o . . .J u n e 1,147,130
1.147,130
5,883,764 n l.0 3 2 ,7 5 5 U ,765,128
Jan 1 to Ju n e 3 0 ---------- " 6,44
AAO 2 ,5 1 7
12,080
30,650
20,615
38,532
C olu m b u s E le c C o . b . - - J u l y
35,233
103,340
31,797
117,270
D allas E le c tr ic C o r p . b . - J u ly
260,503
710,929
246
,773
799,552
J a n 1 to J u ly 3 1 -------77,879
104,686
170,250
210,844
E St L ou is & S u b u r .b . -J u ly
487,738
617 ,973
1,127,467
1,330,197
J a n 1 to J u ly 3 1 ------ .
17,158
46,362
19,794
49,351
E l P a so E le c tr ic C o . b . - J u l y
127,887
329,927
155,025
358 ,589
J a n 1 to J u ly 3 1 ----------47,678
56,108
109,747
122,097
G a lv -H o u s E lec C o . b - - J u l y
277,157
2 68 ,569
682,473
731 ,227
J a n 1 to J u ly 3 1 ---------63,499
55.201
98,749
113,005
G rand R a p id s R y C o . b . J u l y
301
,253
3
29
,785
578,558
643,828
Jan 1 to J u ly 3 1 ----------15,951
15,656
30,653
3
0
,036
H o u g h to n Co T r a c C o .b .J u ly
81,663
7 8 ,685
180,768
181,031
Jan 1 to J u ly 3 1 ---------16,947
20,698
39,300
46,905
J a c k s o n v ille E lec C o . b - -J u ly
113,632
154,851
273,430
330 ,376
Jan 1 to J u ly 3 1 ----------248,541
223,676
576,500
615,250
K an sas C ity R y & L t . b .M a y
2,86 2 ,4 0 7
3,02 5 ,1 9 1
6 ,6 2 9 ,1 9 5
Ju n e 1 t o M ay 3 1 _______ 7,178,441
239,671
243 ,009
562,795
617,264
J u n e ------------------------------65,534
71,948
121,185
132,032
L a k e S h ore E le c R y .a -J u ly
261 ,835
299,978
595,862
658,760
J a n 1 to J u ly 3 1 ----------49,378
57,706
109,212
125,943
N orth T e x a s E lec C o . b . J u l y
3 01 ,535
• 3 64 ,490
695,868
803 ,563
Jan 1 to J u ly 3 1 . ..........
7 ,5 6 0
9,880
19,152
21,577
P a d u c a h T r & L t C o . b . - J u ly
10,857
10,581
23,461
2 4,235
P en sa cola E lec C o . b ------ J u ly
60,667
62,642
140,196
152,023
J a n 1 to J u ly 3 1 . ..........
78,487
80,782
182,986
184,531
P u get S ou n d E lec C o . b . J u l y
323 ,929
367 ,016
1,036,548
J a n 1 to J u ly 3 1 ----------- 1,110,740
17,565
18,197
55,812
59,140
.Savannah E lec C o . b - - - - J u l y
123,600
125,647
359,715
348 ,364
J a n 1 t o J u ly 3 1 ---------2
8
7 ,550
197,550
45
9
,0
5
9
592,587
S e a ttle E lect C o . b -------- Ju ly
16,769
22,606
51,507
47,172
T a m p a E le ct C o . b .
-J u ly
‘
138,499
158,101
363
,890
340
,678
Jan 1 to J u ly 3 1 ----------92,343
8 5,599
239,621
226,565
T o le d o R y s & L ig h t -------J u ly
658,541
643 ,647
1,528,054
Jan 1 t o J u ly 3 1 ----------- 1,700,500
186,184
168.201
367,211
329,804
T o r o n t o R a ilw a y -----------J u ly
1,098,841
1,237,498
2 ,1 4 4 ,0 8 7
Jan 1 t o J u ly 3 1 ---------- 2 ,3 86,424
U n d erg rou n d E lec R y s — L o n ddon
on —
—
£54,805
£30,569
£26,101
£57,951
M etrop olita n D is t r ic t .J u ly
£27,182
£58,996
£28,407
£59,085
L o n d o n E l R y C o ------ J u ly
£11.074
£10,081
£31
122
£31,007
L o n d o n U n ited T ram .J u ly




585

THE CHRONICLE

JSEPT. 3 1U10.]

R oads.

Current
Y ea r.

$
988,079
United R ys of St L ouis.aJuly
Jan 1 to July 3 1 -------6,593,581
W hatcom Co R y & L t .b July
32,660
233,039
Jan 1 to July 31----------

P rev io u s
Y ea r.

Current
Y ea r.

P reviou s
Y ea r.

$
943,811
6,317,487
34,485
223,514

$
338,863
2,128,024
11,622
91,137

5
346,302
2,288,785
16,121
93,958

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
7i These figures represent 3 0% of gross earnings.

Interest Charges and Surplus.
R oads.

- I n t . . R en tals. & c.—
C u rrent
P revio u s
Y ea r.
Y ear.

I
32,569
Aurora Elgin & Chic— July
1,945
Baton R ouge El C o____July
1,766
B rockton & P ly m o u th ..J u ly
12,475
Jan 1 to July 31............
6,182
Cape Breton El C o--------July
36,588
Jan 1 to July 31............
Chautauqua Tract Co—
A p r 1 to June 3 0 ---------- ■ 16,865
33,473
Jan 1 to June 30---------9,201
Clcv Palnesv & E ast------ July
61,999
Jan 1 to July 31---------17,848
Columbus Elect C o..........July
26,842
Dallas Elec C orp_______ July
182,511
Jan 1 to July 3 1 ---------50,503
East St L & S u b u rb a n ..Ju ly
351,019
Jan 1 to July 31---------8,215
El Paso Elect C o_______ July
58,627
Jan 1 to July 3 1 ---------26,609
Galv-H ous Elec C o_____ July
158,076
Jan 1 to July 3 1 ......... ..
19,971
Grand Rapids R y ______ July
139,026
Jan 1 to July 31---------6,639
H oughton Co Tr C o_____ July
44,086
Jan 1 to July 3 1 ---------9,488
Jacksonville Elect C o— July
64,211
Jan 1 to July 3 1 -------176,566
Kansas City R y & L t - .- M a y
June 1 to May 3 1 ---------- 1,911,535
185,433
June ---------------------------34,751
Lake Shore Elect R y — July
243 362
Jan 1 to July 3 1 --------20,273
Northern T ex Elect C o.J u ly
134,465
Jan 1 to July 3 1 ---------7,023
Paducah Tract & Lt C o-Ju ly
5,279
Pensacola Elect C o--------July
34,789
Jan 1 to July 31---------51,291
Puget Sound Elect C o .-J u ly
354,177
Jan 1 to July 3 1 ---------18,192
Savannah Electric C o .. July
123,870
Jan 1 to July 3 1 ---------110,375
Seattle Electric C o_____ July
6,711
Tampa Electric C o._
.J u ly
33,322
Jan 1 to July 3 1 ______
78,202
Toledo R ys & L i g h t __ July
534,329
Jan 1 to July 3 1 __ - - 233,439
United R ys of St L ouis.July
Jan 1 to July 3 1 ---------- 1,634,221
8.S57
W hatcom Co R y & L t -.J u ly
60,719
Jan 1 to July 31----------

— B a t. o f N et E a r n s .—
P reviou s
Current
Y ear.
Y ear.

$
28,899
1,951
1,675
13,045
6,217
36,426

$
62,206
1,542
6,059
4,317
8,287
31,355

$
60,820
862
7,257
8,613
4,775
10,600

16,027
30,431
8,324
58,492
12,712
28,403
198,103
49,272
346,642
8,085
55,553
21,596
147,722
19,065
132,778
6,242
41,357
9,367
64,568
161,395
1,889,743
171,754
33,786
240,436
17,190
120,304
6,624
4,305
30,345
48,508
324,908
17,444
120,372
108,702
4,701
31,973
75,507
501,076
232,450
1,637,079
8,061
58,157

def3,858
defl7,310
15,638
37,304
2,767
4,955
64,262
54,183
266,954
11,579
96,398
29,499
110,493
43,528
190,759
9,017
37,577

def6,397
d cfl6 ,5 9 5
13,453
27,960
def 632
6,830
62,400
28,607
141,096
9,073
72,334
26,082
129,435
36,136
168,475
9,709
37,328
7,580
49,064
87,146
972,664
67,917
31,748
21,399
32,188
181,231
936
6,552
30,322
29,979
def 979
121
3,228
178,857
12,068
106,526
17,103
143,935
*118,281
*674,029
8,060
35,801

11,210

90,610
47,110
1,137,656
58,176
37,197
56,616
37,523
230,025
2,857
5,302
27,853
29,491
13,739
5
1,777
87,175
15,895
124,779
7,682
125,962
*100,393
*515,150
2,765
30,418

x A fter a llow in g fo r o th e r in co m e re ce iv e d .

AN N U AL REPORTS.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Aug. 27. The next will appear in that of Sept. 24.
(The) Cuba Railroad.
(,Report for Fiscal Year ending June 30 1910.)
Sir William C. Van Horne, Montreal, Aug. 15 1910,
wrote in substance:
T h e gross earnings fo r th e y ear w ere $ 2 ,5 5 9 ,3 3 6 , an Increase o f $4 0 2 ,1 7 0 .
T h e w o rk in g expen ses w ere $ 1 ,4 5 2 ,0 3 6 , an Increase o f $2 4 4 ,9 6 0 . T h e net
earnings w ere $ 1 ,1 0 7 ,2 9 9 , an Increase o f $ 1 5 7 ,2 1 0 . T h e p r o p o r tio n o f
w o rk in g expenses to gross earnings w as 5 6 .7 3 % , as c o m p a r e d w ith 5 5 .9 5 %
t ^ T h e ! w o r W n g "expen ses Inclu de $96 ,000 fo r e x tr a o r d in a r y re p la cem en ts
n o t pertain in g to th e business o f .t h e ye a r.
„ „
^
D u rin g th e y e a r 83 tim b e r bridges a ggrega tin g 5,318 lineal fe e t h a v e
been p e rm a n e n tly rep laced b y c o n c r e te , steel and filling, a n d th e c o n c r e te
a b u tm e n ts an d cu lv e rts h a v e been co m p le te d In 128 o th e r brid ges, w h ich
a r A p p e n d c d d|s ^ s t a t e m e n t o f e xp en d itu res fo r n e w co n s tr u c tio n . I m p r o v e 
m en ts an d a d d itio n a l rollin g s to c k d u rin g th e year e n din g Ju n e 30 1910:
B a v a m o lines, $ 3 ,0 4 4 ,2 4 6 ; pe rm a n e n t bridges a n d Im p ro ve m e n ts r o a d w a y .
$201 098* sta tio n b u ildin gs a n d fixtures, $72 ,424 ; A n tilla term in als, $54 ,9 0 2 ;
m iscella n eou s $ 4 1,796; a d d itio n a l rollin g s to c k . $65 9,97 1; t o ta l, $ 4 ,0 7 8 ,3 3 7 .
A d d itio n a l ro llin g s to c k to th e a m o u n t o f $476,753 Is u n d er c o n tr a c t fo r
d e liv e ry In tim e fo r th e business o f th e c o m in g season.
*•»
T h - new lines fro m M arti to P a lm a S orian o an d fro m B a y a m o t o M anza
nillo m e n tio n e d In th e last ann ual re p o rt as u n d er c o n s tr u c tio n are e x n ccte d to be c o m p le te d b e fo re th e en d o f th e present m o n th . T h ese lines
h a v e been built w ith a v ie w t o th e m o st e c o n o m ic a l w o rk in g a n d are e x 
cellent In c v e r v resp ect. O n th eir co m p le tio n there w ill b e d u e fr o m th e
G o vern m en t o f C uba on su b s id y a c c o u n t $ 1 ,6 4 2 ,0 3 2 , w h ich a m o u n t Is t o be
p aid to th e c o m p a n y In six ann ual Installm ents.
T h e a m o u n t o f bills p a y a b le as sh ow n In th e ba la n ce sheet represepts a d 
v a n ce s o n c o n s tru ctio n a c c o u n t p e n d in g th e co m p le tio n o f th e new lines
and their e q u ip m e n t an d Issue o f b o n d s In r e s p e ct th e re to .
T h e d e v e lo p m e n t o f th e tr a ffic o f th e r a ilw a y requires co n tin u a l Increases
In ro llin g s t o c k , term inals a n d w o rk in g fa cilitie s, a n d t o p r o v id e fo r fu tu re
requ irem en ts o f this kind th e shareh olders at a special m e e tin g h eld Ju n e 27
last a u th o riz e d th e c re a tio n o f a m o rtg a g e t o secu re 5 % Im p rovem en t an d
e q u ip m e n t b o n d s n o t e x c e e d in g $ 12 ,000 per m ile o f c o m p le te d r a ilw a y

(exclu sive of sidings) owned b y the com pany

,

, .

T h e re Is e v e r y In d ication o f a co n tin u e d an d rapid g ro w th o f tr a ffic o n
th e o ld e r lines o f th e c o m p a n y , an d th e n e w lines w hich w ill so o n begin to
co n tr ib u te t o ]t h c general earn in gs, servin g as th e y d o rich and lo n g settled

58G

THE CHRONICLE

districts, are expected to be profitable from the com m encem ent of regular
operation. Peace and quiet have prevailed throughout Cubadurlng the yea
and property and rights are as well protected there as In any other countryr
O P E R A T IO N S A N D F IS C A L RES ULTS.
1909-10.
1908-09.
1907-08.
S
$
$
1,001,291
928,242
898,086
98,412
73,979
65,703
80,108
81,818
78,891
1,136,474
896,759
826,474
88,381
30,961
35,347
77,407
46,495
44,073
7,496
13,348
14,936
59,164
41,181
50,791
54,603
44,382
25,167

1906-07S
873,790
64,280
74,238
802.545
27,658
50,420
18,197
18,218
23,964

Gross Earnings—
P a ss e n g er______________
M a ll____________________
Express and bag ga g e__
F r e i g h t ________________
Car k ilom etera g e______
H ire o f equipm ent_____
Tugs and lighters______
A ntllla term in a ls______
M iscellaneou s__________

T o t a l ------- ---------Operating Expenses—
Malnt. of way A struct.*
Malnt. of equipm ent___
Conducting transport’ll.
General expenses A taxes
Antllla term in als______

2,559,336

2,157,165

2,039,468

1.953,310

352,607
209,693
698,163
146,586
44,987

304,904
183,363
575,774
106,877
36,158

382,321
206,206
569,899
111,666
48,088

409,973
206,870
560,239
105,477
12,396

T o t a l ------------------------R atio of operating exp.
to gross earnings_____
Net earnings___________
Int. on funded debt, &c.
P f. dlvs., Nos. 1 & 2, 3%

1,452,036

1,207,076

1,318,180

1,294,955

(56.73)
1,107,299
435,210
<z300,000

(55.95)
950,089
399,290

(64.63)
721,288
365,864

(66.30)
658,354
325,930

372,089

550,799

355,424

332,424

Net I n c o m e ........... ..

* The figures for maintenance of way and structures Include extraordinary
expenses not pertaining to the particular years as follows: 1910 and 1909
$96,000 each: 1908, $156,093: 1907, $157,738.
a Dividend No. 3. 2% ($200,000) was paid A ug. 1 1910.
GENERAL BALANCE SHEET JUNE 30.
1910.
1910.
1909.
Liabilities—
Assets—
S
S
s
Preferred s to c k ...: 1, 000,000
Cost of road and
equipment........ 5 ,512,874 25,569,791 * Common stock. . i, 126,000
The CubaCo.,N.Y.
103,390
103,390 1st M. bonds, 5%,
due July 1 1952.: ,310,000
Material & supplies 676,855
404,137
Cash____________
143,040
415,699 Vouchers pending.
93,828
W ages............ .....
Cash on deposit to
185,237
pay bond lnt__
210,400 Bills payable____
596,123
284,025
Due from agents
Interest on bonds
due July 1........
and conductors.
9,345
15,326
282,750
Due from cos. and
Mlsc. current acct.
26,549
143,992
Individuals........
43,717 Deferred & suspen
149,502
Loans on security.
ded liabilities—
Due from other
Govt, of Cuba..
319,599
73,327
75,943 Profit & loss, surp. 2,025,383
lines..................
2,278
2,278
Taxes paid in adv.
Insurance premium
10,362
paid In advance.
4,286
Total assets___ 3 ,965,469 26,988,488

1909.

s

10, 000,000

6,126,000
8,399,000
30,923
81,569
..........
209,975
18,146

l

.

l x x x x i

CONDENSED BALANCE SHEET JUNE 30.
1910.
1909.
1910.
1909.
Assets—
S
S
Liabilities—
$
S
Cost of property.. 51,741,792 49,757,746 Common s to c k ...25,000,000 25,000’,000
Securities owned.. *013,800
950,300 Preferred s to c k ...25,000,000 25,000,000
Cash...................... 1,702,269 4,672,041 Bonds constlt. cos.y2,917,500 2,942,500
Accts. receivable.. 9,698,073 5,116,925 Gold coupon notes 6,911,000 3,000,000
Bills receivable__
817,508 1,313,494 Accounts payable. 3,337,708
977,904
Materials and sup
Acer. lnt. on bonds
121,867
73,187
plies ............. ... 5,375,901 3,058,519 Unclaimed Interest
1,588
663
Accrued Interest..
3,515
11,490 Pf.dlv.pay’le July.
437,500
437,500
Contract work___ 2,218,812 1,042,216 Extraord. lmprov.
Steam shovels, &c.
286,390
387,871
& better’t fund.
689,788 1,172,497
Notes discounted. 2,433,584 2,407,604 Endorsements (per
contra)......... . 2,433,584 2,407,604
Profit and loss___ 8,041,109
7,706,351
Total--------------- 74,891,644 68,718,206
Total...................74,891,644 68,718,206
Note.—This balance sheet is "prepared solely for the purposes of Information, to
show the combined assets and liabilities of the American Locomotive Co. and the
Montreal Locomotive Works, Ltd.”
x Securities owned in 1910 Include Hlclunond Locomotive & Machine Works Co.
bonds, 8118,000; sundry securities, 8495,800.
y Bonds of constituent companies In 1910 Include $550,000 Richmond Locomotive
Works. 8562,500 Dickson Mfg. Co.. S305.000 Rogers Locomotive Works and 81,500,000 Locomotive & Machine Co. of Montreal.—V. 90, p. 700.

(The) American Agricultural Chemical Co., New York.
(Report for Fiscal Year ending June 30 1910.)
Treasurer Thomas A . Doe, New York, Aug. 30 1910, wrote:
A fter deducting all charges for Interest, betterments and renewals, and
setting aside $759,851 as reserve for freights, losses and contingencies,
and $100,000 for lire insurance, there remained as net profits for the year
ending .June 30 1910, $2,907,874, from which were deducted two semi-annual
dividends paid on the preferred stock, amounting to $1,137,654, leaving a
net balance of $1,770,220 to be added to the surplus. Sundry losses In
curred In the sale or dismantling of various properties, In whole or In part,
and depreciation In other properties and Investments (Including brands,
trade-marks and good-w ill), amounting In all to $1,533,205, have been
charged oil and deducted from the surplus, leaving that Item on June 30
1910 $5,468,G97.

The income account and balance sheets are shown below:
Profits from —
Properties owned and
c o n tr o lle d ----------------o th e r sources---------------

IN CO M E AC C O U N T.
1909-10.
1908-09.
$
$

1907-08.
$

1900-07.
$
’

3.587,223
180,502

2,782,275
155,644

2,758,182
177,807

3,183,675
528,407
260,770

2,937,919
393,751

2,935,98#
441,745
____________

______

387,291

3,018,148
105,527

478,790
1,644,085

T otal Incom e------------Less general wtserve____
Reserve for fire lnsur’ce .
Charged oil for Improve
ments, better’ ts, & c ..

3,767,725
759,851
100,000

Total liabilities.: 1,965,469 26,988,488

T o t a l ----------Prollts ------------6% on preferred s t o c k ..

859,851
2,907,874
1,137,654

789,177
2,394,498
1,116,957

781,042
2,150,877
1,115,610

783,368
2,152,621
1,095,420

1,770,220

1,277,541

1,041,267

1,057,201

* $3,874,000 additional common stock will be due to the Cuba Co. on the final
adjustment of accounts between the companies.
Note.—On the completion of the Bayamo Lines about the end of Aug. 1910, the
Cuba Bit. was entitled to receive from the Government of Cuba on subsidy account
$1,642,032 In six annual Installments.—V. 91, p. 38.

American Locomotive Company.
(Report for Fiscal Year ending June 30 1910.)
President W . H . Marshall wrote in substance Aug. 1 1910:
General Results.— The surplus, after a charge for depreciation of $803,484,
and the paym ent of the preferred dividend, was $334,758, as com pared
with a loss of $762,861 last year, showing an Improvement In the net
results of $1,097,619. During the first half of the fiscal year there was but
slight Increase In the m onthly output, as com pared with that of the pre
ceding year of depression, the revival In plant activities being confined to
the six months ended June 30 1910. A bou t the time of this resum ption In
a ctiv ity , this com pany,In com m on with other Industrial and railroad com 
panies, made substantial Increases In wages of shop em ployees. As a large
part of the output for the year had been sold at prices which did not antici
pate the extent of such labor Increases, there was a resultant decrease |n
the margin of profit.
The autom obile department has devoted considerable study to perfect
the design of com m ercial trucks, and we now have on the market a most
successful 3-ton truck. A 5-ton truck will be put on the market during
the present year.
Coupon Notes of 1909.— The directors on A ug. 25 1909 authorized the
Issue of $5,000,000 5% gold coupon notes, dated O ct. 1 1909, In three series,
as follows: Scries F , $1,000,000, due Oct. 1 1912; Series G, $2,000,000.
due O ct. 1 1913. and Series II, $2,000,000, due Oct. 1 1914.
These notes were Issued for the purpose of providing funds for Increasing
the capacity of the com pany’s plants, principally at Dunkirk, Richmond
and Schenectady, the expenditures aggregating between $3,500,000 and
$4,000,000. A large part of these expenditures have already been made,
and It Is expected the work will be com plete by Jan. 1 1911.
The com pany has also spent on Its plants during the year $482,708 of
the extraordinary additions and betterment fund, leaving a balance In
that fund of $689,788.
Short-Term Notes of 1906.— Early In the year a surplus of cash having
accumulated In excess of Immediate needs, the com pany purchased such
of the notes maturing In 1910 as were offered at favorable terms. On
O ct. 1 1910 there will be paid the balance of the fourth Installment of short
term gold notes, amounting to $911,000, which were Issued O ct. 1 1906,
leaving a balance outstanding of this Issue of $1,000,000 and total out
standing notes of $6,000,000.
Unfilled Orders.— A t the beginning of the fiscal year the com pany had
unfilled orders on Its books amounting to $6,150,000, and on July 1 1910
the amount was $17,550,000.
Inventory.— The annual Inventory of materials and supplies was taken
at the close of the year, and the accounts on the general books adjusted
through Income account accordingly.
Contingent Liabilities.— The balance sheet Includes a charge of $2,433,584,
representing equipment trust notes discounted by this com pany In advance
of m aturity, and, as there Is a possible obligation, In the event of any
default In paym ent, a like amount Is also shown as a contingent liability.
The notes are secured by a lien upon the locom otives and the security Is
ample.
R E SU LT S FOR F IS C A L YE A R E N D IN G J U N E 30.
1909-10.
1908-09.
1907-08.
1906-07.
Gross earnings________ $32,203,392 $19,008,634 $37,484,417 $49,515,486
M fg., malnt. & adm .exp. 29,605,443 17,665,962 32,497,627 42,744,381
Net earnings________ $2,597,949
In t. on bonds of constlt.
cos., bills payable, A c.
513,191

$1,342,672

$4,986,790

355,533

460,042

412,898

A vllablc for dividend. $2,084,758
D lv. on pref. stock (7% )
1,750,000

$987,139
1,750,000

$4,526,748
1,750,000

$6,358,207
1,750,000

Surplus _____________
Res. for replace. & malnt
E xtraordinary Im prov’ t
and betterment fund.
Dividend on com . stock .

$334,758 def.$762,861

$2,776,748
$500,000

$4,608,207

B a la n ce ......... ...............

$334,758 def.$762,861




[V o

$6,771,105

2.000,000
(5) 1,250".666 ( 5)1,250,000
$1,026,748

$1,358,207

S u rp lu s .......

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

______

341,623

B A L A N C E S H E E T J U N E 30.
1910.
1909.

Assets—
$
Real estate_______ ________ _________ | 8,175,769
Buildings and m achinery____________
Lighters, tugs, tools, A c ____________
957,043
Charlotte Harbor & N. Ity. lnvestm ’ t 1,865,747
Phosphate properties________________ 3,883,476
Other Investments.................................
770,085
Brands, trade-marks, patents. A c___ 15,984,869
Sinking fund (am t. unexpended)____
534
A ccounts receivable_________________ 11,675,418
Bills receivable______ _______________
2,943,628
Merchandise and supplies___________
4,729,408
Expenditures chargeable to future
operations, uncxplred Insurance,
taxes, & c_____________ ___________
163,324
Payments on goods In transit_______
73,209
E xp . for new work not yet completed
Cash In bank, t n hand and in transit 1,079,614
Total assets_______ _______ ________
Liabilities—
Stock, co m m on ______________________
Stock, preferred____________________
A cc’ ts payable, a ccr’d lnt. & taxes___
First mtge. convert, gold bonds_____
Bills payable________________________
General re se rv e .. ___________________
Ites’ ve for renewals, lire Ins., & c_____
Profit and loss, surplus....... .......... ........
T otal liabilities___________________

$

1908.
$

1,152,583
4,283,476
871,974
10,351,056

2,289,483
5,581,714
991,029
976,591
3,862,576
1,261,193
16,439,112

11,044,873
2,094,924
4,804,713

9,490,030
2,112,777
5,607,329

122,222

118,343

7,925,512/

40,400
1,313,776

3,158,527

52,302,124

50,945,998

51,888,704

16,991,300
19,013,400
806,558
7,573,000

16,991,300
18,826,400
900,194

16,991,300
18,382,000
794,860

876,129
473,040
65,468,697

553,740
442,682
5,231,082

9,906,432
472,788
209,046
5,132,269

52,302.124

50,915,998

51,888,704

al, 100,000

8,000,000

a All paid In July, b A fter deducting $738,153 for depreciation and losses
Incurred In the sale and dismantling of various properties In whole or In
part, and $795,052 for depreciation of other Investments, Including brands,
trade-marks and good-w ill.— V. 90, p. 1556.

Republic Iron & Steel Co., Pittsburgh, Pa.
(Report for Fiscal Year ending June 30 1910.)
Chairman John A. Topping says in substance:
Income, & c.— The low prices for Iron and steel reached their minimum
during Juiy 1909, but under the Improved demand that developed shortly
thereafter, prices gradually appreciated during the first half of this fiscal
year, and the advance culminated early In the calendar year 1910. Present
prices show some recession and arc now much below the level of the year
1906-07. The average shipping value of all our products during the current
year Is over $4 per ton on finished Iron and steel and approxim ately $2 60
per ton oil foundry pig iron below the average shipping prices for the fiscal
year ending June 30 1907. The net prollts, how ever, are the largest In
our history except for the year ending 1906-07.
The tonnage of business for the year Is the largest In the history of the
com pany, substantially all departments sharing In the growth. The m oney
value of sales, however. Is less than for the year ending June 30 1907, owing
to lower prices, but, as com pared with all other years, Is greater, notwith
standing that much higher prices prevallde during many of the form er years.
The various provisional funds were liberally maintained, and, after de
ducting all charges, the balance of net prollts applicable to dividends was
.$2,902,915, which represents a gain over the preceding year of $1,273,569.
or approxim ately 78";,. The net amount carried to surplus after dividend
payments was $1,233,120.
There has been charged against surplus account the full amount necessary
to retire outstanding dividend warrants, and also the bond discount and
other charges Incident to refunding the 1st M. gold bonds, the total amount
of deductions on these accounts being $2,198,994, so that the net surplus
as of June 30 1910 stands at $4,954,660.
Financial— Change in Balance Sheet.— The balance sheet of June 30 1910
Is our first combined statement, the assets and liabilities of all subsidi
aries entirely owned and controlicd h.nving been Included therein. The
large Increase In net quick assets Is accounted for by the prollts of operations
and by sales of stocks and bonds pursuant to the plan announced under date
of Feb. 4 1910. (V. 90, p. 451, 854, 1018; V. 89, |>. 290, 533.) The net
balance of quick assets now stands at $12,785,590: this am ount, being con
siderably In excess of normal requirements, will be gradually reduced by
charges made on account of construction contracts as they mature.

THE CHRONICLE

Se p t . 3 1010.]

The finances have now been placed on a broad basis as a result of refund
ng the 1st M. bonds, which have substantially been retired, present outsta n d Irig balance being $1,087,000, subject to call on O ct. 1 1914. Under
the provision of the new sinking fund m tge., sufficient reserve Is held for
the retirement of all outstanding 1st M. bonds and also for the retirement
at m aturity of the outstanding Haselton m tge. notes, amounting to $ 1.
475,000, so that the balance of bonds available for future corporate uses
now aggregates the sum of $13,525,000, which am ount, It Is believed, will
be am ply sufficient to meet any reasonable future requirement for the fur
ther developm ent of the property.
New Construction and Additions.—-The additions to property account dur
ing the year 1909-10 aggregated $3,654,039 (viz.: new construction, $2,
736,867; property additions, $927,551— less property sold, $10,379), con
trasting with $160,186 In 1908-09, $1,056,036 In 1907-08 and $2,038,759
In 1906-07. The new construction during the late year Included blast
furnaces, $197,628; Bessemer steel plant, $53,053; open-hearth steel plant,
$558,545; tube works, $897,343; rolling mills, $438,377; mines and coke
plants and ovens, $591,922.
Blast Furnaces.— There was authorized Sept. 28 1909 an additional blast
furnace at Youngstown, which will be known as Haselton No. 4; It will have
an estimated capacity of 475 to 500 tons per day (170,000 tons per year),
and should be put Into blast during the first quarter of 1911, increasing the
theoretical capacity of our blast furnaces to 1,170,000 tons per year.
Oven-Hearth Steel W orks.— On Sept. 28 1909 the executive com m ittee
authorized the construction at Youngstown of an open-hearth steel plant,
which, It Is expected, will be put in operation during the first quarter of
1911. This plant will consist of a mixer, eight 60-ton open-hearth furnaces,
a bloom ing and slabbing mill and a com bination continuous sheet bar and
billet mill. The plant will produce open-hearth large billets and slabs,
small billets down to 1 H Inch square and sheet and tin bars, which product
will be consumed largely by the existing llnlshlng mills. The estimated
production of the above plant Is 30,000 tons of Ingots per m onth.
Rolling M ills and Factories.— Early In August 1909 the 20-lnch scm l-contlnuous skelp mill, mentioned In the last report, was put In operation, and
In February 1910 the 10-lnch continuous skelp mill was put In operation.
The butt weld and lap weld mills of the tube works are substantially com 
pleted, and the last department, while not yet fully up to capacity, has
been operated long enough to ascertain that the estimated capacity of
109,000 tons per year Is conservative.
The reconstruction of the 60-lnch sheared plate mill has been deferred
until the new open-hearth plant Is ready to operate, as the present steelproducing capacity Is all required to supply existing finishing mills with the
necessary raw material. Owing to the restricted demand for bar Iron, It was
decided to dismantle or perm anently close down the following bar Iron mills:
Corns works, Toledo works, Birmingham and Gate City works, so that Iron
bar production hereafter will be confined to the Tudor, Inland and Mahon
ing Valley works. There will be no loss, however, In production, as the
Increased steel bar output will more than offset the loss In bar Iron capacity.
During the current year additional Improvements will be made to the Brown,
Bonnell llnlshlng mill capacity by replacing four of the Iron rolling mlllsat
this plant with modern mills for the production of finished steel bars.
Iron Ore M in es.— Development work has resulted In a further Increase
In oro reserves, while the extension of the Cambria and Lillie leases untl
1925 and the lease of the Hartford property for the same period will, It Is
believed, result In a further considerable Increase In ore reserve and de
crease In the cost of mining the Cambria ore, and oflset to a large extent
the Increased royalties on the extended leases. At the Schley, Bray and
Monica properties, construction work Is practically com pleted, and these
mines are now actively producing ore.
ORE RESERVES (E S T IM A T E D ).
Year ending—
North.
South.
Total.
June 30 1907..............3 1 ,5 5 6 ,5 0 0
89,041,800
120,598,300 gross tons
88,685,439
124,113,235
“
“
June 30 1908_________35,427,796
Juno 30 1909................36,293,140
88,976,100
125,269,240
"
“
June 30 1910_________38,909,693
88,451,383
127,361,076
"
“
COAL R E SER VES, AGGREGATING 164,031,406 TONS.
North.
South.
Total.
Coking coal, t o n s ..-------- -------------------- 24,190,440 65,048,276 89,238,716
Steam coal, t o n s ................................ .. 16,818,210 57,974,480 74,792,090
C OK IN G C A P A C I T Y .
-------------- N orth --------------- ---------South---------Gans. Republic. M artin. J'homas. Warner.
N o. Of oven s......... 138
400
196
910
100
Tons per a n n u m .. --------------440,400-------------- ------- 606,000-------(For list o f rolling mills, furnaces, & c., see V . 85, p. 719.)

Grand
Total.
1,744
1,046,400

A V E R A G E N U M B E R OF M E N E M P L O Y E D , Y E A R S E N D . J U N E 30.
North.
South.
Total.
Cost Labor.
1909-10 ............................... 9,678
2,388
12,066
$8,686,605
1908-09 ........................
6,171
2,169
8,340
5,700,805
1907-08 ........................
5,895
2,652
8,547
5,832,632
1906-07 ------------------------- 10,679
3,216
13,895
8,686,605
1905-06 ......................
9,065
2,600
11,665
7,735,903
U N FILLED ORDERS FOR F IN IS H E D A N D S E M I-F IN IS IIE D
PR O D U C T A N D PIG IRON .
Finished, & c.. Prod.
Pig Iron.
June 30 1910....................................
.341,887 tons
82,906 tons
June 30 1909_________________
392,420 “
94,247 “
Juno 30 1908............................
283,743 “
59,196 “
June 30 1907----------------------------448,627 "
74,500 “
June 30 1906....................................
.377,349 “
74,607 “
A N N U A L PR O D U C TIO N I N TONS.
Finished and Semi-Finished Products ( Used on Conversion Onlu)
n 1
ioBH.no
1007.011
non
innfA..
1908-09.
1909-10.
1907-08. 11906-07.
1905-06.
1904-05. «1903-04.
565,151
434,230 804,360
742,435
827,515
072,012
456,833
Pig-Iron Production.
1008-09.
1907-08. 1006-07. 1905-06
1909-10.
1004-05. 1903-04.
404,676 614,954
678,799
793,962
493,344
377,565
442,040
Ore Production.
1907-08. 1906-07. 1905-06. 1904-05. 1903-0 4.
1008-09.
1909-10.
1,025,460 947,069
970,100
794,167
1,451,434
2,050,224
864,957
Coke Production.
1007-08. 1906-07. 1905-06. 1004-05. 1903-04.
1909-10.
1008-09.
343,485
426,968
521,561
256,264
250,520
670,018
592,664
IN CO M E ACCO UNT.
1907-08.
1908-09.
1006-07.
1909-10.
$
$
$
$
Gross sales_______
. 28,296,266 10,595,944 18,603,882 31,227,424
4,046,690
6,127,742
3,656,801
Gross profits_____
. a 5 ,501,949
1,000,071
1,100,000
887,654
Malnt. & repairs of plantt 1,274,580
.
Deduct—
R cconstr'n & renewals.) .
Deprec’ n written olT__ J
Provision for exhaustion
of minerals____
.
Interest on bonds, & c._
Net profits---------D lv. on pref. stock .

4,227,369

2,769,147

3,046,610

5,027,742

607,582

526,738

510,170

J682,931
i (b)

294,265
422,606

199,584
413,479

118,729
437,300

151,402
464,163

. 2,002,916
1,629,346
1,971,420
3,729,245
(7)1,669,796 (2)408,338(5M) 1,071,887 (7)1,429,183

Surplus for year...........
Previous surplus------------.

1,233,120
5,920,535

1,221,008
4,690,527

899,533
3,799,004

. 7,153,655
. cl ,378,141
<1765,902
Discount & expense — .
A djust, of taxes, & c.,onl
54,951
undcvcl. coal p rop 's, _.

5,920,535

4,690,527
5,433,346
............(8 % ) 1,633,352

2,300,062
3,133,284

Net profit and loss sur. 4,954,661
5,920,535
4,699,527
3,799,994
a Gross profits In 1909-10 Include $154,069 lnt. and dividends received.
b Reconstruction and renewals In 1906-07 Include expenditures written
off In lieu of depreciation.
c Consists of warrants Issued July 31 1909 for 6
arrears o f dividend
to July 1909 (V . 89, p. 230).
d Discount and expense new Issue of $10,000,000 bonds (V . 90, p. 1048,
854, 451), and $4,583,100 pref. stock (V . 89, p. 290, 533).




587

B A L A N C E S H E E T J U N E 30.
N ote.— Includes In 1910 the assets and liabilities of all subsidiary com 
panies entirely owned and controlled— see remarks above.)
1910.
1909.
1910.
1909.
Liabilities—
$
$
Plant,C* c ------------ 54,55S8,375 54,39S8,189 Common stock__ 27,191,000 27,191,000
New construction. 3,654,039
160,186 Preferred s t o c k ...25,000,000 20,416,900
Invested In other
First mtge. bonds. 1,687,000 8,094,000
companies ___
806,385
967,336 10-30-yr. 5% sink
Prepaid royalties
ing fund bonds. 7,490,000
.............
& expenditures.
849,341 Haselton property
788,196
Miscellaneous .
4,445
3,804
mtge. notes___ 1,475,000
_______
ltaw and finished
Potter Ore Co. bds.
materials ......... 6,020,052 4,558,513
Jointly g u a r...
329,500
338,500
Ore contract pay
Martin Coke Works
ments.......... ......
796,845
720,884
bonds & notes. .
437,478
Advance to asso
Accr’d lnt. on bds.
138,456
ciated companies .............
______
216,886 Balance from ore
Accounts and bills
contracts ____
60,058
310,336
receivable......... 3,789,194 2,828,936 Bills & acc’ts pay. 1,957,195 1,496,957
C a s h ..................... 5,137,742 1,630,145 Reserve funds___ *2,890,244 2,227,823
Dividend warrants 1,142,148
*76'189
Accrued taxes___
112,009
408,338
Dividend July 1 ..
437,500
Profit and loss___ 4,954,661 5,920,535
Unclaimed balance
2,746
prior dividend..
2,746
T o ta l.................75,555,273 66,334,222

T o t a l................ 75,555,273 66,334,222

Includes In 1910 fund for exhaustion of minerals, $1,158,569; for de
preciation and renewal of plants, $1,019,121; forrc-llningfurnaces, $138,023;
fo r lire and accident Insurance, & c., $372,783; for contingencies, $201,748.
— V . 90, p. 1048.

Keystone Telephone Co. of Philadelphia.
'
(Report for Fiscal Year ending June 30 1910.)
President Nathan T . Folwell, Philadelphia, Aug. 11 1910,
wrote in brief:
Im provements.— Additional conduits and manholes have been con
structed, and considerable additional cable has been laid. The number of
stations In operation has been Increased approxim ately 6 % . Contracts
for service have been secured from a number of large industrial Institu
tions, and In m any cases service with the com pany has been Increased by
present subscribers.
Reserve F u n d .— A ccum ulated reserve on Oct. 31 ’ 09 aggregated $500,000,
and being considered ample for all purposes was dlscountinued at that tim e.
Outlook.— It Is fair to presume that the percentage of Increases In the
com pany's business will be greater during the present year than It was
during the past year. W e are securing a very desirable and substantial
class of new subscribers
P R O F IT A N D LOSS A C C O U N T FOR Y E A R S E N D IN G J U N E 30.
[K eystone Telephone Co. of Philadelphia, the K eystone Telephone Co.
(of New Jersey) and the Eastern Telephone & Telegraph Co.)
1909-10.
1908-09.
1907-08.
1906-07.
Gross ea rn in g s_________$1,126,030 $1,073,462 $1,051,072
$995,752
Oper. & malnt. charges,
lncldg. taxes & p rov’ n
for doubtful a ccou n ts.
558,078
531,009
539,123
522,036
Net earnings...............
Reserves for ren ew als..
Interest c h a r g e s ............

$567,952
$32,788
302,755

Net profit for the year
Surplus of prev. year

$232,409
6625,901

T o t. surp. end of y e a r ..

$858,310

$542,453
$100,000
312,308

$511,949
$100,000
313,113

$473,716
$100,346
265,630

$130,146
6597,655

$98,836
6503,436

$107,740
423,361

$727,801

$602,272

$531,101

6 A fter deducting sundry adjustments, aggregating $101,900 In 1910
$4,619 In 1909 and $27,666 In 1908.
C O M B IN E D B A L A N C E S H E E T J U N E 30.
[Keystone Telephone Co. of Philadelphia, The Keystone Telephone Co. of
New Jersey and the Eastern Telephone & Telegraph Co.]
1910.
1909.
1910.
1909.
Assets—
Liabilities—
$
S
$
S
Cost of property
Cap.stk.K.T.Co.ofN.J.—
Inch stocks___ 3,937,571 13,620,571
Preferred, 6 % .. 1,936,850 1,936,850
K. T. Co. of Phlla.
Comm on_____ 5,000,000 5,000,000
treasury bonds.
Bds.(l)K.T.Co.ofPhlla.—
81,090
K. T. Co. of Phlla.
1st M. 5% bd s.. 5,525,000 5,443,000
1st 5s pledged as
1st M. 6% coll.
collateral ____
trust bonds..
210,000
862,000
180,000
Mat’ls & supplies.
82,083
97,228
3-year 6% coll.
Cash _____
180,904
143,477
600,000
trust notes__
Accts., &c., rec'le.
152,397
168,418
E .T . & T. 1st 5s 250,000
250,000
66,441
60,441 Bond lnt., accts.
Renewal res. fund
17,229
24,275
Accrued assets__
pay., res. & oth.
Suspense account.
384,974
current liabll’s.
411,224
467,212
est. of Fisk &
Renewal reserve..
500,000
181,096
727,801
858,310
T o ta l................ 14,661,384 15,019,838
— V. 91, p. 217.

T o ta l................ 14,661,384 15,019,838

Kansas City Home Tel. Co.— K . C. Long Distance Tel. Co.
(.Report for Fiscal Year ending March 31 1910.)
Pres. Joseph J. Heim, June 1 1910, wrote in substance:
Subscribers’ S ta tion s.~ T h e number of telephones owned and operated
b y both companies has Increased from 28,447 March 31 1909 to 32,697, a
gain of 4,250 for the year. The consolidated statement of the earnings of
the two companies shows an Increase In the surplus after Interest of $48,228,
and total net earnings at the rate of 15% on the outstanding stock of The
Kansas City Home Telephone C o., or a gain of 2 .1 % . During the year
$153,237 was paid In divs., making a total of $657,874 since organization.
The reserve for depreciation of the Hom e Co. was Increased by setting
aside $100,000 out of revenue, making a total of $250,000 and a reserve for
depreciation for the Long Distance Co. was established by setting aside
$50,000 out of earnings: total depreciation reserve, $300,000. The sinking
fund account of the Long Distance Telephone Co. now amounts to $48,116,
Invested In the bonds of the com panies. The slight Increase In the expense
of operation per telephone was due to extra maintenance charges for up-keep
of the switchboards. T otal maintenance charged to operating expenses
during the past six years, $845,810, viz.; Home C o., $713,459 ($165,252 In
year 1909-10); Long Distance C o., $132,351 ($42,487 In year 1909-10).
Expenditures for additions to the property during the past year amounted
to $539,550, as against $236,560 during the preceding year. A warehouse
for storage of materials and supplies was purchased; the main office
building was re-modeled; the trunking facilities between the branch offices
In Kansas City and to the main office have been largely Increased; m any
miles of aerial and underground cable have been Installed, and much under
ground conduit constructed. A central office building has been secured at
Excelsior Springs and a new long-distance line has been constructed between
Kansas City and St. Joseph, M o., over a short route east of Alissourl R iver.
Treasury stock amounting to $642,500 was sold at par.
Average number of daily calls In 1910, 388,298; gain, 74, 678; total calls,
127,852,310; gain, 24,730,316; calls per line per day, 16.1; gain, 1.2; calls
per telephone per day, 12.3; gain, 0.8.
Physical Property and Total Increase (Both Companies).
---------Home Co--------Long-Distance Co.
Total
1910.
1909.
1910.
1909.' Increase.

Exchanges--

T elep h on es...

7

26,119

Total wire (lncl. wire

In cables (m iles)..-8 7 ,3 8 7 .6 1
Conduit duct (m ile s )..
270.57

7

9

22,500

6,578

63,566.2
248.5

17,716.5
4.4

6

5,947

3

4,250

13,670.2 27,867.71
4.4
22.07

THE CHRONICLE

588

Cash Payments for Upkeep— $845,810 in S ix Years.
1009-10.
1008-09. 1007-08. 1006-07. 1905-06. 1004-05.
H om e C om pany.$165,253
$131,678 $140,549 $119,004 $93,035 $63,910
L ong-D lst’ce Co. 42,487
41,274 22,737
17,230
6,532
2,090
Cost of Construction during the Past F ive Years.
1909.10.
1908-09.
1907-08.
1906-07. 1905-06.
H om e C om pany------ 1$539,550 /$151,549 $134,031
$336,637 $372,296
Long-Distance C o-----/
\ 85,011
21,788
245,801 309,777
K A N S A S C I T Y H O M E T E LE PH O N E CO.
1908-09.
1907-08.
1909-10.
N um ber of telephones. . .
20,146
26,119
22,500
Gross e a rn in g s............. . . . $922,588
$766,945
$819,786
Expenses ____________ . .
412,971
482,492
413,535

1906-07.
18,661
$658,897
361,460

Net earnings_______ . .
In terest_______ _____ . .

$297,437
140,169

$440,096
154,935

$406,251
150,260

S u rp lu s ____________ . . $285,161
Dividends * . ........... ...... (6/^)153,237

$255,991
(6)141,450

S u rp lu s ____ ______ _.

$131,924

$114,541

$353,975
150,102

$203,873
$157,268
(6 )14 1 ,4 5 0(5 /0 1 1 5,5 00
$62,423

$41,768

* Dividends in years 1907-08 and 1906-07 are approxim ate, but the rates
are known to be correct.

[VOL. L X X X X I.

Otis, Cleveland. W . L . Cary Jr. Is Sec., II. B . Taylor, Treas., and G. R .
Johnston, Gen. Mgr. A t the annual meeting of the T oledo H om e Telephone
Co. Mr. Bralley was re-elected President on m otion o f F. VV. Stevens,
representing J. P . Morgan & Co.

Extract from Letter of J. P. Morgan & Co.
Ohio Dec. 29 1909.

to

Attorney-General of

Relative to our purchase o f shares of stock of several telephone co m 
panies operating In Ohio, we have not purchased the stocks for the A m eri
can Telephone & Telegraph C o., but for our own account. That com pany
has absolutely no interest In or control o f any of such stocks. We nave
no arrangement or agreement, direct or Indirect, with the A . T . & T . Co.
whereby that com pany and the Independent system now controlled b y us
will be maintained and operated under one control or m anagement, or In
such a manner as to abolish or prevent com petition. There Is no intention
on our part o f entering into any such arrangement or agreement hereafter.
We purchased the stocks on or about D ec. 8 with our own funds In the
manner custom ary on the purchase of stocks.
The fact that our Mr. Davison became a director o f the A . T . & T. Co.
at about the time o f our purchase o f the stocks abovo m entioned Was t
mere coincidence, was not due at all to such purchase, and it will not alfec
the relations between that com pany and the independent com panies now
controlled b y us, In any manner injurious to stockholders o r the public.
It Is our desire that the companies controlled by us continue to be|ma aged and operated entirely Independent of the A . T . & T . Co. and unde
the control o f boards o f directors com posed largely of citizens o f th® §r;
spective municipalities, and In all respects In com pliance with law .—
V . 90, p. 1104.

K A N S A S C I T Y LONG D IS T A N C E TE LE PH O N E CO.
Electric Properties Company.
1909-10.
1908-09.
1907-08.
1906-07.
_____
T e lep h on es______________
6,578
5,947
5,201
(Report for Fiscal Year ending April 30 1910.)
M essages.............................
786,292
687,219
625,950
..........
Gross earnings..................... $341,387
$280,295
$188,206
$133,976
The report, signed by Treasurer John Seager, shows:
Expenses ...........................
212,009
176,674
79,340
54,250
12 M os.
12 M os.
12 Afos.
11 M os.
1909-10.
1908-09.
1907-08.
1906-07.
Net earnings
............ $129,378
$103,621
$108,926
$79,726
Int. and dividends, &c_
$219,898
$171,110
$277,7231
$388,248
I n te re s t_________________
60,975
54,277
53,883
46,110
______
8,975
2,948/
M iscellaneous__________
Prollt on sale of securities
19,155
51,103
______
______
S u rp lu s ...........................
$68,403
$19,344
$55,043
$33,616
T o t a l ________________
$239,053
$231,188
$280,671
$388,248
CONSOLIDATED BALANCE SHEET MARCH 31.
Salaries, legal e xp ., taxes
1910.
1909.
and gen. mlscel. e x p . .
351,062
$55,327
$87,200
$104,744
Liabilities—
$
§ '
s
s
Assets—■
Pref. sto ck . (6)181,775(4/3)135,669 (6)179,344
?/128,057
.7,232,376 6,700,559 K. C. H. T. cap. stk.3,000,000 2,357,500 Dividends— Com.
P la n t................ stock .......................
............
............
t/120,000
183,144 K. C. II. T. bonds..2,948.000 2,848,000
Bldgs. & real estate. 215,528
14,079
18,207
K .C. L. D. Tel. bds. 1,158,500 1,040,500
Furniture & fixtures.
S
u
rp
lu
s
_____
________
$3,216
$40,192
$14,127
$35,447
54,153 Hills payable...........................
78,202
315,593
Mater., tools&supp.
Accounts payable__
Invest’s In & adv. to
89,241
68,733
y Dividends In 1906-07 Include distributions at the rate of 6% per year
72,565 Acer.lilt.,taxes,&c..
affiliated cos........ 195,110
58,993
55,432 on preferred and 2% on the com m on stock.
Dlv.payable Apr. 15. 47,150
Accts. rc-c. after pro
35,362
Unearned rentals__
viding for bad and
BALANCE SHEET APRIL 30.
8,485
8,907
56,228 Sink. fund. K. C. L.
64,591
doubtful accounts.
1910.
1909.
1910.
1909.
87,478
42,777
Dlst. Tel. Co____
Cash...................... .
48,116
34,041
Liabilities—
$
Assets—
S
$
$
15,965
15,280 Deprcc. reserve........ 300,000 150,000 C ash.....................
Unexpired lnsur.,&c.
Common stock__ 6,000,000 6 , 000,000
255,186
382,183
Surplus...................... 6297,089 258,757 Subs, to pref. stk.
Invest’t of sink, fund
875,328
894,852 Preferred stock__ 3,920,200 3,920,200
34,041
of K.C.L D.T.Co. <148,116
Sub-co. (WestingDividend on pref.,
45,333
due May_______
45,561
house, Church,
Total...................... 7,955,573 7,172,826
Total...................... 7,955,573 7,172,826
Kerr & C o.). . . . 7,000,000 7,000,000 Accounts payable
—Westlnghouse,
1,413,413
1,321,041
Investm’t
secur’s.
a Sinking fund investment consists of $19,300 K. C. H. Tel. bonds at cost, $17,130; Notes receivable..
363,000
350,000
Church, Kerr &
$35,300 K. C. Long-Distance Tel. bonds at cost, $29,915; cash In hands of trustees, Accts.
132,905
25,683
receivable. . *151,818
Co.....................................- uninvested, $1,071.
89,765
Surplus____
_____
92,981
6 The total surplus March 31 1909 was $258,757; adding profit for year ending
March 31 1910, $353,564, and deducting depreciation reserve, $150,000, appropria
T o t a l_________ 10,058,745 10,080,981
T o t a l................ 10,058,745 10,080,981
tions to bond sinking fund, $11,995, and 6/3% dividends on K. C. II. Tel. stock
$153,237, leaves total profit and loss surplus March 31 1910. S297.089.—V. 90,p. 980
♦Accounts receivable consisted of current accounts. $61,570, secured by contraci
590,218.—V. 90, D. 1365.

Cuyahoga Telephone Co., Cleveland, 0 .
g§L
(Report for Fiscal Year ending Dec. 31 1909.)
Former Pres. E . G. Tillotson, Cleveland, Jan.^29 1910,
wrote in brief;

Arnold Print W orks.
(Balance Sheets of Dec. 31 1909 and 1907.

Filed in M ass.)

1909.
1907.
1009.
1907.
Assets—
$
$
Liabilities—
$
$
Real estate...............3,009,588 2,300,000 Capital stock.
.1,500,000 1,150,000
Material, stock In
Funded debt.............3,509,800
process __________2,321,306 3,556,810 Floating debt.......... 989,033
1,213.830
Cash and debts rec’le 1,979,827 2,724,489 Reserve.... .....
Stock in other cos__
8,920
.......... Accounts payable__ 164,843 2,619,848
Prepaid expenses...
57,865
_____ Prollt
Profit and loss......................
loss.... ...................... 4,811,451

Earnings.— No developm ent work having been attem pted for the pre
ceding three years, the Increase In earnings represents the natural growth
of the business. The net earnings apparently decreased, largely due to the
setting aside of 23 H % of the gross earnings to Insure the Improvement and
preservation of the property, including the replacement of aerial construc
tion by underground cables. On Dec. 31 there remained In the mainte
nance and renewal fund a cash balance of $14,772 to be used for future
T o t a l........ ......... .7,377,506 8,581,299
T o t a l................... 7,377,506 8,581,299
replacements.
t^iSlSsi *4
A pel
The following amounts have been expended for upkeep during the past — V. 90, p. 629.
five years: 1905, $120,620: 1906, $151,198; 1907,5162,531: 1908,8190,890:
1909, $217,710; total. $842,919. In addition, on Dec. 31 1909 $390,940
GEN ER AL IN V E S T M E N T N E W S
was charged against surplus and credited to cost of property as an additional
depreciation.
8*9 VrJ
The traffic department reports: Total number of calls, 75,981,685;
average calls per telephone per year, 3,015; average calls per line per year,
R A ILR O A D S, IN C LU D IN G ELECTRIC RO AD S.
6,413. During the past year the com pany encountered several cases of
Atchison Topeka & Santa Fe R y .— Proposed Leases and
unusually severe damage arising from weather conditions. T o these factors
must be attributed the m ajor part of the increase In the expenses of main Purchases.— The stockholders will vote on Oct. 27 1910 on
tenance and operation.
the following proposals:
The new Princeton exchange on East 8 1st St. will be ready for subscribers
about F eb. 15. It will have an ultimate capacity of 10,000 subscribers.
T o ratify the lease to the com pany of the‘ *ArIzona & California R y ., e x 
tending
from the Colorado River to Cadiz, Cal., and of the Fullerton &
E A R N IN G S , E X P E N S E S A N D CHARGES.
Richfield R y .; also to purchase the capital stock of the Fullerton & Rich1909.
1908.
lield R y ., the Concho San Saba & Llano Valley R R , and the Kings R iver
Earnings—
$
8
S
$
R y . and to purchase of the capital stock and Indebtedness of the Gulf &
Telephone rentals.......... .717,084 706,926 Electric Building.............. 37,249 32,455 Inter-State R y . of Texas and the Indebtedness of the Texas & Gulf R y .
Building rentals............. 67,659 62,787 Leased lines and con
— V . 91, p. 93.
T olls...........................
57,615 56,588
tracts .......................
743
1,123
Beaumont & Great Northern R R .— Control Sold.— Press
Miscellaneous................. 9,914
1,708
Total expenses..............449,862 377,732 dispatches state that all of the stock and bonds have been
Gross earnings..........-.852,302 828,009
Net earnings.......... ........402,440 450,277 acquired by William Carlisle of Atchison, Kan.,form er owner
Expenses—
Operating........ - ............. 92,356 89,433 Reserves......................... 29,907 70,699 of the road, who has re-purchased the holdings of J. M .W est
Maintenance___________147,850 115,079 Bond Interest....................135,400 135,300
and R . C. Duff of Houston, Tenn.
Extraordinary------------- 16,694
.................
Int. on coll, notes........... 19,008
..................
R e n ew a ls............. ..........23,219 15,113 Dlv. on pref. stock (6%) 86,241 86,241
T he report that the sale Is In the Interest of the Missouri Kansas & T ex.
General.............
85,682 69,375
cannot be conlirm ed. The new officers are: President, William Carlisle
T a xes.......... ................. 41,562 39,237
Total.......... ..................270,616 292,240 (re-elected); Vice-Presidents,./. M. West and G. VF. Pennell; V .-P . and Gen.
131,824 158,037 Supt., C. J. Rogan; Sec. and Treas., W . S. Bartlett.— V . 90, p. 235.
Interest and exchange.. 4.507 15,917 S urplus...............
GE N ER A L B A L A N C E SH E E T DEC. 31.
Beaumont Sour Lake & Western R R .— Bonds Registered.—
1909.
1908.
1909.
1908.
The Texas R R . Commissioners on Aug. 29 authorized the
Liabilities—
&>■*■%
3
A SS€lS~~“
S
§
Property and plant.5,787,973 6,075,244 Common stock........ 1.500,000 1,500,000
registration of $1,855,528 temporary new 1st M. bonds, in
Uncompleted engi
Pref. stock, 6 % ____1,437,350 1,437,350
accordance with the valuation recently placed on the road
neer’s estimate__ 219,539
___________
Mortgage bonds----- 2,708,000 2,708,000
_____
Current assets_____ 336,967
178,972 Coll, trust notes___ 475,200
by the Commission’s engineer. The issue of $200,50G was
Deferred assets........
20,415
2,725 Current liabilities__ 170,180 274,666 canceled and the new bonds substituted therefor.
Com
Deferred liabilities.41,633
35,950
Reserve a ccou nts...
2,925
1,425 pare V . 91, p. 1424, 970.
Prollt & lass, surplus *29,606 299,616

Buffalo Rochester & Pittsburgh R y .— Acquisition— New
Bonds.— The Public Service Commission at Albany on Aug.
•The surplus and depreciation reserve accounts were charged In 1909 27 authorized the company to issue $120,000 consolidated
with $465,940, d ed u cted from property and plant a ccou n t.— V. 90, p. 1104. 4 ) ^ % bonds in exchange for the entire $120,000 capital stock
Some months ago Chas. A . Otis was elected President, succeeding E. G. of the Silver Lake Ry. Co., whose line (unbonded) extends
Tillotson of Cleveland, and F. VV. Stevens, of the firm o f J. P . Morgan &
C o., and J. B. Fay, of Cleveland, were elected d irectors,to succeed lames A . from Silver Springs, on the B . R. & P.» to Perry, 7 miles.—
Bralley and H . A . Everett. The board also Includes besides Mr. Otis,
V . 91, p. 392, 400.
W m . L . Klee, F. A . Davis, Bascom Little, C. Y . M cVey (V .-P . and Gen.
Cincinnati Hamilton & Dayton R y .— Listed in London.—
M gr.), E . G. Tillotson, N. Y . McLoud, II. G. Dalton and II. Coulbv.
On Jan. 10 J. P. Morgan & Co. took control of the United States Tele The London Stock Exchange has listed $7,500,000 “ first and
phone Co. and Its subsidiaries, Frank A . Davis, President of the Citizens’
Telephone Co. of Columbus, Ohio, becom ing President In place of Mr. refunding m tge.” 4 % gold bonds due 1959.— V. 90, p. 1554.
B ralley. The directors of the United States Com pany were then as
Cuba R R .— New Bond Issue.— The company has made an
follows (new): F. W . Stevens, of J. P. Morgan & Co.; E. R . Sharp, F. R .
H untington, Harry M. Daugherty and N. Monsarrat, Columbus}; F. L.
“ improvement and equipment mortgage” to the New York
B eam , Mount Vernon, President o f the Ohio Independent Telephone
Trust Co., as trustee, covering all railroad lines and other
Association (old); F. A . Davis, Columbus; Clarence Brown, Toledo; H. C
Stlfel, St. Louis; D. J. Cable, Lim a, Ohio; E. G. Tillotson and Charles A . property now or hereafter owned in the island of Cuba (subTotal

0,304,894 6,256,941




Total

6,364,894 6,256,941

THE CHRONICLE

S e p t . 3 1 9 1 0 .,

ject to the 1st M. 5s of 1902, due 1952, at not exceeding
$20,000 per m .) to secure an issue of 50-year 5 % gold bonds
issuable, on account of improvements, additions and exten
sions, at not exceeding $12,000 per m . (or $7,500 for each
kilometre) of completed standard-gauge railroad, including
branches, but not sidings. These bonds are dated July 1
1910 and will mature May 1 1960; denominations may be
$1,000 and $500 and 1,000 francs and 500 francs; interest
payable semi-annually from May 1 1910. None of the new
bonds have been sold, but $3,300,000, it is understood, have
been deposited as collateral for loans. See also “ Annual
Reports” on a preceding page.— V . 91, p. 38.
Detroit Toledo & Ironton R y .— September Coupon Paid.—
The September coupon on the Detroit Southern Ohio South
ern Division bonds was paid promptly on Sept. 1 at the Cen
tral Trust Co., 54 Wall S t — V. 91, p. 518, 463.
Florida East Coast R y .— Dividend on Income Bonds.— The
directors have declared out of the earnings for the fiscal year
ending June 30 1910 interest at the rate of 3J ^ % , payable
N ov. 1 next, on the outstanding $20,000,000 general mort
gage income 5 % 50-year gold bonds, dated July 1 1909.—
V . 90, p. 1362.
Hudson & Manhattan R R .— Extension.— The extension in
Jersey City from Exchange Place to Henderson St. will be
placed in operation on Sept. 6. Compare V . 90, p. 1041.—
V. 91, p. 276.
Illinois Traction Co.— Earnings.— For the six months ending June 30:
S ix
M on th s.

G ross
E a rn in g s.

1 9 1 0 ____ $ 2 , 7 8 2 , 8 4 5
1 9 0 9 ____ 2 , 0 5 4 , 2 1 8
— V . 9 1, p . 2 1 1 , 38.

N et (after
T a x e s ).

Interest on
B o n d s, (fee.

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

$ 6 8 9 ,4 7 2
6 0 8 ,1 2 2

P r e f. D ie s .
(3 % )
$ 1 7 7 ,2 0 3
1 2 2 ,5 6 8

B a lan ce,
S u rp lu s.
$ 1 8 8 ,8 1 0
8 6 ,0 1 2

international & Great Northern R R .— Legislation to Vali
date Unsecured Claims.— The Texas Senate on Aug. 29
passed the bill “ validating” the claims of unsecured creditors
holding claims against railroads which matured within two
years prior to their going into the hands of receivers. The
passage at this time of the bill, which was signed by Governor
Campbell, is to provide for the assumption of unsecured debt
against the road (reported to amount to over $2,000,000)
by the purchasers at the foreclosure sale advertised to take
place on Sept. 15. The sale, it is said, will be adjourned in
order to enable the reorganization committee to consider
the conditions brought about by the passage of the new law.
— V. 91, p. 463.
Lima-Honeoye Electric Light & RR. Co.— Lease.— The
Public Service Commission has sanctioned a lease of the en
tire property to the Lima-Honeoye Light Co.— V . 86, p. 857.
Inter-State Railways, Philadelphia.— Suit.— See United
Power & Transportation Co. below.
Possible Plan.— Philadelphia papers say the proposition
to issue preferred stock to take up the defaulted bond interest
which was made in April last (V . 90, p. 1170) is again being
considered, and may be presented in definite form in the
near future.
B o n d h o ld e rs w h o fa v o r th e plan as bein g th e m ost e x p e d itio u s a n d feas
ib le m eans o f relievin g th e c o m p a n y fro m Its em barrassm en t belie v e th e
o b je c tio n s o f estates h old in g th e b o n d s ca n be o v e r c o m e , the plan being to
p u rch ase at a con ces s ion fro m th e estates th e preferred s to ck r e ce iv e d In
e x ch a n g e fo r th e o v e r d u e c o u p o n s .
It Is th o u g h t there w ill be n o d iffic u lty
In fin d in g a su fficien t n u m ber o f In dividu al b o n d h o ld e rs w illing to tak e
o v e r th e preferred s to c k held b y estates In o rd e r to assure th e success o f the
p la n .— V . 00, p. 1230.

Kansas City Railway & Light Co.— Report.— For the year
ending May 31:
F isca l
G ross
N et
Y ea r—
E a rn in g s.
E a rn in g s.
100 0 -1 0 _____$7,161,041 § 3 ,0 0 7 ,7 0 2
1008-00
. . . 6 ,6 2 7 ,0 7 7 2,80 1 ,1 8 0
— V . 00, p . 1363.

Other
Total
P r e / .n tv s .
D al
In com e. D ed u c’ n s.
(5 % ).
S u rp lu s
§1 7 ,3 0 0 §2 ,1 5 7 ,0 6 2 $47 0,37 5 §30 6 .8 5 4
1,218 2 ,1 0 5 ,7 8 0 4 70 ,375
280,251
.

589

a ll s u r p lu s e a r n in g s s h a ll c o n s t it u t e a r e s e r v e fu n d f o r a d d it io n s . I m p r o v e 
m e n ts a n d r e c o n s tr u c t io n o f t h e p r o p e r t y a n d f o r t h e p u r p o s e o f s a id f u n d
m a y b e I n v e s t e d In t h e o u t s t a n d i n g b o n d s o f t h e b r id g e c o m p a n y a t t h e
m a r k e t p r ic e .
T h e c o s t o f r e b u ild in g t h e b r id g e s t r u c t u r e s h a ll b e c h a r g e d
to c a p it a l a c c o u n t, b u t m a y b e p a id f o r o u t o f t h e r e s e r v e f u n d a n d a n y
s a lv a g e fr o m t h e p r e s e n t s t r u c tu r e s h a ll b e c r e d ite d to t h e s a m e a c c o u n t.
A r t ic le 2 1 p r o v id e s :
" A s a n d w h e n th e b o n d s o f th e B r id g e C o m p a n y
m a t u r e , p r o v is io n s h a ll b e m a d e f o r t h e Is s u e o f n e w b o n d s , s e c u r e d b y
d e e d o f t r u s t In t h e f o r m u s u a l l y a d o p t e d , t o t a k e u p t h e m a t u r i n g b o n d s ,
t o t h e e n d t h a t u n le s s a ll f o u r o f t h e c o m p a n ie s , p a r t ie s h e r e t o , s h a ll o t h e r 
w is e d e s ir e , n o n e c e s s it y s h a ll a r is e f o r t h e p a y m e n t o f t h e p r in c ip a l o f s a id
b o n d s a t a n y t im e ; b u t t h i s s h a l l In n o w a y a f f e c t t h e o b l i g a t i o n o f t h e
B r id g e C o m p a n y a n d t h e o t h e r p a r t ie s h e r e to to p a y t h e p r in c ip a l o f s a id
b o n d s a t m a t u r it y to t h e h o ld e r s th e r e o f; n o r o f th e B r id g e C o m p a n y to
p a y to a n y o f t h e g u a r a n t o r s o f s a id b o n d s a n y a m o u n t d u e o n a c c o u n t o f
b e in g c o m p e lle d t o r e s p o n d t o s u c h g u a r a n t y .”
C o m p a re V . 9 1, p . 2 14 , 3 8 .

Lexington & Eastern Ry . — Increase in Bonded Debt.— On
Aug. 28 this company filed amended articles of incorporation,
increasing the authorized limit of funded debt from $4 ,000 ,
000 to $10,000,000, and empowering the company to extend
its road, now running between Lexington and Jackson, K y .,
93 miles, a further distance of 120 miles from Jackson, Ivy.,
along the north fork of the Kentucky River through Breath
itt* Berry, Knox and Letcher counties to the boundary of
Virginia, &c. The “ Manufacturers' Record” of Sept. 1 says:
A c c o r d in g to p r e v io u s r e p o r ts , W illia m B u s k lr k o f C in c in n a ti h a s b e e n
s u r v e y in g f o r s e v e r a l w -eck s f o r t h e c o n t e m p la t e d e x t e n s io n , w h ic h w ill
p r o b a b ly r u n v ia H a z a r d , C o r n e tt s v llle a n d W h lt e s b u r g , a lt h o u g h t h e d is 
t a n c e n a m e d I n t h e d i s p a t c h Is a b o u t t w i c e t h a t o f a n a l r - l l n e r o u t e f r o m
J a c k s o n t o th e V ir g in ia b o u n d a r y .
H o w e v e r , th e o ffic ia ls m a y h a v e m a d e
p r o v is io n In t h e n e w I n c o r p o r a tio n f o r t h e c o n s t r u c t io n o f v a r io u s s p u r s a n d
b r a n c h e s t o d e v e lo p c o a l p r o p e r t ie s , y e t t h e o b je c t m a y b e to c o n t in u e t h e
lin e b e y o n d t h e S t a t e L in e a n d In to V ir g in ia , c o n n e c t in g , p e r h a p s , w it h t h e
E lk lio r n C i t y e x t e n s io n o f t h e C a r o lin a C lln c h lle ld & O h io I i v .
T h e a m e n d e d a r t ic le s a r e s ig n e d b y A r t h u r C a r y , P r c s ld e n t ; A . S . H e n r y ,
d i r e c t o r ; C h a r l e s S c o t t , G e n e r a l A g e n t : G e o r g e C o p e l a n d , V . - P r e s . , a n d VV
A . M c D o w e ll, G e n e r a l M a n a g e r .— V . 7 6 . p . 5 4 2 .

Meadville & Cambridge Springs R y .— Deposits.— The
time for depositing the 1st M. 5s with the Colonial Trust Co.
of Pittsburgh has been extended to Sept. 1 1910. Compare
V . 91, p . 336, 397.
Montreal Street R y .— Possible Control by Interests Identified
with Canadian Light & Power Co.— See that company under
“ Industrials” below.
Notice to Shareholders.— Secretary Patrick Dubee has sent
to the shareholders a letter referring to the matter mentioned
under Canadian Light & Power Co. as follows:
O w in g t o t h e p e r s is t e n t r u m o r s r e g a r d in g a p r o p o s e d a m a lg a m a t io n o f
th is c o m p a n y w ith a n e w h y d r o -e le c tr ic c o m p a n y , y o u r d ir e c t o r s w o u ld a s k
t h e s h a r e h o ld e r s to w ith h o ld a n y p r o x ie s o r p le d g e s w it h o u t t h e m o s t
c a r e fu l I n v e s tig a tio n In to t h e m e r its o f t h e p r o p o s e d s c h e m e .
Your
d ir e c t o r s h a v e n o t s u ffic ie n t k n o w le d g e o f t h e r u m o r e d d e a l a t th is t im e t o
p a s s J u d g m e n t o n t h e s a m e , b u t a s t h e y h a v e u n d e r c o n s id e r a tio n c e r ta in
n e g o t ia t io n s a n d p la n s a f fe c t in g t h e f u t u r e o f t h e c o m p a n y , w h ic h w ill
s h o r t ly b e la id b e fo re t h e s h a r e h o ld e r s , t h e y w o u ld a s k t h a t n o p le d g e o r
p r o x y b e g iv e n b y th e s h a r e h o ld e r s u n til s u c h t im e a s t h e d ir e c to r s l a y
th e ir Id e a s b e fo r e t h e m .— V . 8 9 , p . 12 2 0 .

National Railways of Mexico.— New Lines Acquired.— Ne
gotiations have been practically concluded for the acquisition
by the National Railways of Mexico of the Pan American R R .
(V . 90, p. 237), extending from Geronimo, on the Tehuante
pec R y ., to the Guatemala border, 457 kilos, and of the
Vera Cruz Sc Isthmus R R . (see pages 166 and 132 of “ R y. Sc
Ind. Section” ), extending from Vera Cruz and Cordoba to
Santa Lucrecia, 265 miles. The stock issue of the latter,
$1,000,000, has been all acquired and all but $200,000 out of
the $10,000,000 issue of the Pan American.
New Equipment Ordered.— The company placed late in
July an order for new equipment aggregating about $ 4 ,
000,000 in United States currency to be paid for by the sale
of new mortgage bonds and not by car trusts.
N e w s p a p e r a c c o u n t s s a y t h e o r d e r c a lls
p o u n d lo c o m o tiv e s o f t h e h e a v ie s t t y p e ,
a n d 3 ,2 0 0 f r e i g h t c a r s o f a l l d e s c r i p t i o n s ,
so m e w h a t In co rre ct.
T h e e n g in e s a r e to
p a s s e n g e r c o a c h e s In S e p t e m b e r .— V . 9 1 ,

fo r 20 M a lle tt a r t ic u la t e d , c o m 
m a ll, b a g g a g e a n d e x p r e s s c a rs
b u t th e se a m o u n ts a r e p r o b a b ly
b e d e l i v e r e d In O c t o b e r a n d t h e
p . 39.

Northampton Traction Co., Easton, P a.— Amalgamation*
New Bonds.— See Pennsylvania-New Jersey Railways below
and compare V , 90, p. 1614.
Kansas City Terminal R y .— Listed in London.— The Lon
Pan American R R .— Change in Control.— See National
don Stock Exchange has listed $7,005,000 1st M. 4 % gold Railways of Mexico above.— V . 90, p. 237.
bonds for $1,000 each, Nos. 1 to 7,005. Compare V . 90,
Pennsylvania-New Jersey Railways.— Amalgamation—
p. 627, 6 9 8 .— V. 91, p. 518.
New Bonds.— This company has been organized under the
Kentucky & Indiana Bridge & R R .— Lease.— A copy of laws of Delaware with $5,500,000 of auth. capital stock in
the agreement of June 1 1910, now at hand, discloses the $100 shares ($500,000 being 5 % pref.), to hold the capital
fact that the “ new company” referred to in the press reports stocks of the Northampton Traction Co. (V . 90, p. 1614)
is merely the Kentucky & Indiana Bridge Sc R R . Co., which and the Easton & Washington Traction Co., for which it has
in 1900 acquired the property of the old Kentucky & Indiana exchanged its own shares in certain proportions. The trac
Bridge Co. (the Baltimore Sc Ohio, Chicago Indianapolis Sc tion companies preserve their separate corporate existence
Louisville (Monon) and Southern lty . each furnishing one- and have united in authorizing an issue of 5 % bonds dated
third of the funds required for that purpose), also certain May 1 1910 and due May 1 1950, int. M. & N . Trustee,
property from the B . & O. R R . and Southern R y. Co. The Bankers' Trust Co. These bonds are the joint and several
new agreement is made in view of the proposed authoriza obligation of the two traction companies, and not of the hold
tion of $10,000,000 bonds under a mortgage to be executed ing company, which has no bonded debt of its own.
to the Standard Trust Co. of N . Y ., as trustee, in order to
T h e j o i n t b o n d s a r e a n a b s o lu t e f ir s t m o r t g a g e o n t h e E a s t o n & W a s h 
carry out the intent of the agreement entered into on Jan. 26 i n g t o n T r a c t i o n p r o p e r t y , l o c a t e d I n N e w J e r s e y , a n d a f t e r r e t i r e m e n t o f
1900 by the Bridge Sc R R . Company and the three pro t h e $ 3 5 0 ,0 0 0 r e m a i n i n g 1 s t M . b o n d s u p o n t h e N o r t h a m p t o n T r a c t i o n
C o . (s e e “ E l e c . R y . S e c t i o n " ) w ill b e a fir s t lie n u p o n t h is p r o p e r t y a l s o .
prietary companies, in connection with [the [building of a T h e a u t h o r i z e d a m o u n t o f t h e n e w b o n d s Is § 5 , 0 0 0 , 0 0 0 , o f w h i c h $ 5 5 0 ,0 0 0
a r e n o w t o b e p u t o u t u n d e r c e r ta in c o n d it io n s a n d r e s tr ic tio n s f o r t h e
new double-track modern bridge.
F o r a p e r io d o f 00 y e a r s fr o m J u n e 1 1 0 1 0 t h e p r o p r ie t a r y c o m p a n ie s
( B . & O ., S o u th e r n a n d M o n o n ) a r c g iv e n b y t h e n e w a g r e e m e n t t h e r ig h t
t o fu ll a n d e q u a l u s e o f t h e p r o p e r t y , a n d a r e r e q u ir e d t o p a y f o r t h is p r iv i
le g e s u c h a m o u n t a s s h a ll b e n e e d e d " f r o m t im e t o t im e to m a k e u p a n y
d e f i c i e n c y In t h e e a r n i n g s o f t h e B r i d g e C o m p a n y t o m e e t o p e r a t i n g e x 
p e n s e s , m a in te n a n c e , r e n ta ls , t a x e s a n d In te re st u p o n th e b o n d s o u ts ta n d 
in g fro m t im e to t im e .”
T h e r e s p e c t iv e a m o u n t s to b e p a id b y e a c h c o m 
p a n y Is t o b e d e t e r m i n e d b y t h e r e l a t i v e u s e o f t h e t h r e e p o r t i o n s o f t h e
p r o p e r t y , t h e v a lu e o f w h ic h ( s u b je c t t o In c r e a s e a s a d d itio n s a n d I m p r o v e 
m e n t s a r e m a d e , o r t o d e c r e a s e w h e n a n y p r o p e r t y Is s o l d a n d t h e p r o c e e d s
a r c c r e d ite d to c a p it a l a c c o u n t)
Is p e r b a l a n c e s h e e t a s
fo llo w s :
(a )
B rid g e
and
ap p ro ach es,
§ 1 ,0 5 8 ,4 2 7 ;
lin e
b etw e e n
M a r in e
S t. and
1 3 t h S t . , l i n e b e t w e e n 1 7 t h S t . a n d f r e i g h t y a r d s o f B . & o. a n d M o n o n
c o m p a n ie s , lin e a n d p r o p e r t y b e tw e e n M a r in e S t . a n d Y o u n g s t o w n y a r d s ;
a ls o Y o u n g s t o w n y a r d s .
T o t a l v a l u e , § 6 5 8 ,2 4 0 .
(c) P r o p e r t y b e t w e e n
Y o u n g s t o w n y a r d s a n d 7 t h a n d M a g n o lia s t r e e t s , L o u is v ille , v a lu e d a t
§ 3 1 4 ,3 3 0 .
U n til o tlr e r w so e x p r e s s ly a g r e e d b y t h e p r o p r ie ta r y c o m p a n ie s




fin a n c ia l p u r p o s e s o f t h e c o m p a n y a n d f o r c e r ta in p h y s ic a l a d d itio n s a n d
b e tte rm e n ts.
P . W . B r o o k s & C o ., 1 1 5 B r o a d w a y , N . Y . , a r e f in a n c in g
th e e n te r p r is e .

Pittsburgh (Pa.) Railways.— Suit.— A suit in equity was
filed on Aug. 23 in Common Pleas Court N o. 2 to compel
the company to repair streets between and within p, foot of
its tracks and for “ such other relief as shall seem meet.
T h e b ill o f c o m p la in t c o n t a in s 2 7 5 p r in t e d p a g e s a n d I n c lu d e s 7 5 e x h ib i t s ,
a m o n g w h ic h a r e c o p ie s o f o r d in a n c e s g r a n t in g fra n c h is e s to t h e 43 s u b 
s id ia r y c o m p a n ie s .
T h e c o m p la in t s a y s t h e c o m p a n y h a s n e g le c te d to k e e p
t h e r o a d in g o o d r e p a ir , a s r e q u ir e d b y t h e o r d i n a n c e o f F e b . 2 5 1 9 1 0 , “ a n d
r e fu s e s to a d o p t m o d e rn a n d a p p r o v e d m e th o d s o f r e p a v in g a n d r e p a ir in g
In s u c h w o r k a s It d o c s d o o n t h e s t r e e t s o f t h e c i t y
.
.
and a good
t y p e o f r a i l a n d f i t t i n g s , a n d In o t h e r r e s p e c t s r e f u s e s t o u s e g o o d m a t e r i a l s
a n d p r o p e r m e th o d s o f c o n s tr u c t io n .” — V . 9 0 , p . 1 6 7 7 .

THE CHRONICLE

590

Rapid Transit in New York City.— Bids Asked for Tri
Borough Route.— The Public Service Commission, First Dis
trict, by advertisement on another'page, invites bids by con
tractors for construction and equipment, by private capital,
and operation, of the proposed Tri-Borough Subway and Ele
vated System, comprising about 44 miles of line, to be opened
Oct. 20 1910. Bids are also invited for construction only,
with municipal money, to be opened Oct. 27 1910. Bids
may be made for one or more of the sections into which the
construction work has been divided.
I f a b i d f o r c o n s t r u c t i o n b y p r i v a t e c a p i t a l Is a d o p t e d , t h e s u c c e s s f u l
b id d e r m u s t a g r e e t o b u ild a n d o p e r a t e t h e e n t ir e s y s t e m , c o n s is t in g o f
th e B r o a d w a y - L e x ln g t o n A v e . (M a n h a tta n ) tr u n k lin e , w it h t h e e x te n s lo n s t o P e lh a m B a y P a r k a n d W o o d la w n R o a d ; t h e C a n a l S t r e e t c r o s s to w n
l i n e , t h e B r o a d w a y - L a f a y e t t e l i n e In B r o o k l y n a n d t h e t w o e x t e n s i o n s o f
t h e F o u r t h A v e n u e s u b w a y In B r o o k ly n , t o F o r t H a m ilt o n a n d C o n e y
I s la n d .
T h e s u c c e s s fu l b id d e r m u s t a ls o a g r e e t o o p e r a te t h e p o r t io n o f t h e
F o u r t h A v e . s u b w a y n o w u n d e r c o n s t r u c t i o n a n d t h e C e n t r e S t r e e t l o o p In
M a n h a tt a n , t h e la t t e r b e in g n e a r ly c o m p le te d .
. ,
. „
T h e s e c t i o n s o n w h ic h w o r k Is t o b e g i n a t o n c e , If t h e m u n ic i p a l f in a n c in g
s y s t e m Is a d o p t e d , w ill b e t h e B r o a d w a y - L e x l n g t o n A v e .
(M a n h a tta n )
l i n e , t h e C a n a l S t r e e t l i n e a n d t h e B r o a d w a y - L a f a y e t t e r o u t e In B r o o k l y n .
T h e s e lin e s a r e d iv id e d In to 2 1 p a r t s , a n d b id d e r s m a y c o m p e t e f o r t h e c o n 
s t r u c tio n o f a ll o r a n y o f t h e m .
T h e C o m m i s s i o n g i v e s a s t h e r e a s o n w h y o n l y a p a r t o f t h e s y s t e m Is t o b e
b u i l t n o w . If t h e f in a n c i n g Is t o b e d o n e o n m u n i c i p a l c r e d i t , t h a t t h e B o a r d
o f E s t i m a t e h a s I n d i c a t e d t h a t I t c a n s p a r e o n l y $ 6 0 ,0 0 0 ,0 0 0 o n t h e b a s i s
o f t h e p r e s e n t c i t y d e b t l im it , a n d t h e r e f o r e b id s a r e a s k e d f o r c o n s tr u c t io n
o n t h e s e c tio n s o f t h e T r i- B o r o u g h r o u t e w h ic h w ill t a k e t h e lo n g e s t t im e
t o f in is h .
I t Is e x p e c t e d t h a t t h e t i m e r e q u ir e d t o c o n s t r u c t t h e s e s e c t i o n s
w ill b e a t le a s t f o u r y e a r s , w h ile t h e r e m a in in g s e c tio n s c a n b e c o m p le t e d
In a b o u t t w o y e a r s , s o t h a t t h e c o n t r a c t s f o r t h e l a t t e r c a n b e l e t d u r i n g t h e
n e x t t w o y e a r s , a n d t h e e n t ir e r o u t e b e c o m p le t e d w it h in t h e fo u r y e a r s .
U n d e r t h e fo r m s o f t h e c o n t r a c t (see e d ito r ia l r e m a r k s , V . 9 0 , p . 1 1 3 6 );
o w n e r s h i p w ill v e s t In t h e c i t y f r o m t h e o u t s e t , w h e t h e r t h e n e w s u b w a y s
a r e b u ilt b y p r iv a t e c a p it a l o r b y th e c i t y .
I f t h e y a r e c o n s tr u c t e d b y p r i
v a t e c a p it a l, t h e c o n t r a c t o r w ill g e t a le a s e o f t h e r o a d f o r a te r m o f y e a r s
lo n g e n o u g h to e n a b le h im to a m o r t iz e t h e c o s t o f t h e r o a d a n d r e c e iv e a
r e t u r n o n h is I n v e s tm e n t.
U n d e r th e la w t h e c it y m a y ta k e o v e r t h e ro a d
a t a n y t im e a f t e r 10 y e a r s o n p a y m e n t to t h e c o n t r a c to r o f n o t m o r e th a n
t h e c o s t p lu s 1 5 % . — V . 8 9 , p . 15 9 8 .

St. Louis & San Francisco R R .— New Route to M exico.—
The new bridge of the Brownsville & Matamoras Bridge Co.,
at the Brownsville terminus of the St. Louis Brownsville &
Mexico, which is jointly owned by the St. Louis & San Fran
cisco interests and the National Railways of Mexico, was
opened to freight traffic on Sept. 1 and will be opened shortly
to passenger service.
T h e b r id g e a f f o r d s t h e ’ F r is c o , In c o n n e c t io n w it h t h e N a t io n a l R a i l w a y s ,
a lin e a b o u t 9 5 o r 10 0 m ile s s h o r t e r t h a n a t p r e s e n t b e t w e e n N e w O r le a n s
a n d O h io R i v e r p o in t s a n d t h e C i t y o f M e x ic o .— V . 9 1 , p . 3 3 7 , 1 5 5 .

San Pedro Los Angeles & Salt Lake R y .— New “ High
Line” .— Contracts were signed on Aug. 25 involving, it is
said, about $6,000,000, for the construction of the new
“ high line” between Guelph and Crestline, N ev., somewhat
over 60 miles, to obviate the necessity of running overland
trains through the “ wash” into the Salt Lake basin, and to
avoid a recurrence of the disastrous washout which occurred
last year. Work is to be completed by March 1, heavy
bonuses and penalties, respectively, being provided to ensure
quick work.— V . 90, p. 1491.
Southern Electric Securities Co.— Sale Oct. 12.— Default
having been made in the payment of installments of interest
on the first mtge. coll, trust 5 % 30-year sinking fund gold
bonds, issued under mtge. dated May 23 1904, for more than
three months after such installments respectively became due,
to wit, on Oct. 1 1909 and on April 1 1910, the Knicker
bocker Trust Co. of N . Y ., as trustee, pursuant to the terms
of said m tge., will, by Adrian H . Muller & Son, auctioneers,
offer for sale at public adetion on Oct. 12 1910 at 14 Vesey
S t., City of New York, the following:
$ 1 0 0 ,0 0 0 1 s t M . b o n d s o f B e a u m o n t T r a c t i o n C o . w i t h c o u p o n s o f O c t . 1
19 0 9 a n d s in c e a t t a c h e d .
600 000 c a p it a l s t o c k o f s a id B e a u m o n t T r a c t io n C o .
2 6 6 i0 0 0 1 s t M . b o n d s o f S o u t h e r n L i g h t & T r a c t i o n C o . ( o f L o u i s i a n a ) ,
w it h c o u p o n s o f O c t. 15 19 0 9 a n d s in c e a t t a c h e d .
6 0 .0 0 0 1 s t M . b o n d s o f t h e J e n n i n g s E l e c t r i c L i g h t & P o w e r C o . , L t d .
(o f L o u is ia n a ) , w ith c o u p o n s o f J a n . 1 1 9 1 0 a n d sin c e a t t a c h e d .
1 5 .0 0 0 c a p i t a l s t o c k o f J e n n i n g s E l . L t . & P o w e r C o ., L t d .
3 2 .0 0 0 1 s t M . b o n d s o f V i c k s b u r g R y . A L i g h t C o . w i t h c o u p o n s o f J a n . 1
1 9 1 0 a n d s in c e a t t a c h e d .
3 7 5 ,0 0 0
c a p it a l s t o c k o f s a id V ic k s b u r g R y . & L ig h t C o .
A l s o , in case the purchase p rice o f the above secu rities shall be in su fficien t

i

to pan the p rin cip a l anti interest o f said bonds—
$ 3 4 ,0 0 0 c a p i t a l s t o c k o f t h e S o u t h e r n R y . & L i g h t C o . ( o f L o u i s i a n a ) .
C o m p a r e p a g e 7 7 o f " E le c t r i c R a ilw a y ” S e c tio n .— V . 8 9 , p . 3 4 9 .

Southern Pacific Co.— Listed in London.— The London
Stock Exchange has listed scrip, partly-paid, for $2,500,000
San Francisco Terminal 1st M. 4 % gold bonds. Compare
V . 90, p. 1678.— V . 91, p. 393.
Stone Canon Pacific R R .— Foreclosure Sale.— The road
was sold for $150,000 at foreclosure sale on July 14 to James
Sheldon Riley, representing the bondholders’ committee,
who are organizing a new company to take over the property.
— V . 89, p. 1412.
Susquehanna Railway Light & Power Co.— Report.— For
year ending June 30:
F is c a l
Y ear—

Total N et F ix e d P r e f. D iv s . D ep re c . & c ..
B a l.,
E a rn in g s. C harges.
(5 % ).
R eserve.
Su rplus.

19 0 9 -10
$ 7 4 8 ,0 6 3
1 0 0 8 - 0 9 _____ 0 1 2 , 3 6 2
— V . 9 1, p . 465.

$ 2 4 9 ,6 8 0
24 7,656

$ 2 0 4 ,6 1 0
20 4,610

$ 9 1 ,6 6 9
---------------

$ 2 0 2 ,1 0 4
16 0,09 6

Texas Central R R .— Report.— For year ending June 30:
F is c a l
Y ea r—

G ross
N et a fter
E a rn in g s.
T a x es.

1 9 0 9 - 1 0 ____ $ 1 , 0 1 4 , 2 7 5
19 0 8 -0 9
-1 ,1 6 4 ,4 8 1
— V . 9 1, p . 15 5 , 95.

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

F ix e d
C hges.

P / .D iv .
(5 % )

$ 6 5 ,5 4 5
0 9 ,2 2 2

$ 6 6 ,2 2 5
6 6 ,2 2 .)

E q u ip .&
Im p ts.
-----1 2 4 ,2 7 2

Balan ce.

s u r .$ 1 4 5 ,9 6 9
d c f.
2 3 ,5 0 5

R ates.— The following are recent developments:
P a c ific Coast R eductions D elayed until D ec . 1 .— T h e I n t e r - S t a t e C o m m e r c e
C o m m is s io n h a s p o s t p o n e d fr o m O c t . 1 t o D e c . 1 th e o p e r a tio n o f th e r e 
d u c e d r a t e s o r d e r e d b y It f r o m M is s o u r i R i v e r t o in la n d p o in t s n e a r t h e
P a c lllc C o a s t.
T h e r a ilr o a d s a r e in s t r u c t e d t o
k e e p a c c o u n ts d u r in g
J u ly , A u g u s t a n d S e p te m b e r o f th e fr e ig h t h a n d le d a n d th e c h a r g e s c o l
le c t e d u n d e r t h e p r e s e n t r a t e s , a n d a ls o o f e a r n in g s o n th e a s s u m p tio n t h a t
t h e lo w e r r a t e s h a d b e e n p u t In e f f e c t .
T h e r a ilr o a d s f o u n d l t im p r a c t ic a b le
to p re p a re th e se a c c o u n ts b y O c t. 1 .
,
,
,
•
Southern R y . — T h e n e w w a g e s c a l e f o r t h e t r a i n m e n I n t h e e m p l o y o f




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

th e c o m p a n y a n d allie d lines w en t Into e ffe c t S e p t. 1, the in crea se, It Is
s a id , a m o u n tin g t o fro m 10 t o 4 0 % an d a v e ra g in g a b o u t 2 5 % .
A d d itio n a l
m en are to- be p r o v id e d so th a t n o train m a n w ill h ave t o w o rk m o re th an
s ix d a y s per w eek .
A n n A r b o r .— E n gin eers n u m b e rin g a b o u t 115 re ce iv e an Increase o f p a y
an d r e d u ctio n o f w o rk in g hou rs, b egin n in g S e p t. 1.
Netv H aven T rolley m en .— T h e a rb itra to rs h a v e aw a rd e d the tro lley m en
In th e e m p lo y o f the C o n n e c tic u t C o m p a n y , a b o u t 2,1 0 0 in n u m b er, in 
creases a g g re g a tin g a b o u t 8 % , the rates, e ffe c tiv e fo r t w o years fro m Ju n e 1
last, ran gin g fro m 21 to 27 cen ts an h o u r , a c c o r d in g t o term o f serv ice.
T h e M assachusetts tro lle y m e n r e ce n tly re c e iv e d an in cre a se .— V . 91, p.
520, 465.

Temple Northwestern R y .— Bonds Offered.— President
W . J. McDaniel, Temple, T ex., announces that the com
pany has placed on the market $450,000 of its 1st M. 5 %
gold bonds. An advertisement says:
T h e se b o n d s are registered o n 35 m iles o f c o m p le te d ra ilro a d , Issued u n d er
a u th o r ity o f th e R a ilro a d C om m ission o f T e x a s .
B o n d s t o be d eliv ered
In a m o u n ts o f $15 0,00 0 each as each 10 m iles o f r a ilro a d is c o m p le te d ;
d e n o m in a tio n s $500 a n d $ 1,000 e a ch , Interest p a y a b le se m i-a n n u a lly.
T h e se b o n d s are Issued o n c o m p le te d ra ilro a d fro m T e m p le t o G a tesv lllc.
T h e c o m p a n y pro p o se s to e x te n d Its line fu rth e r fro m G a te sv lllc, a d is ta n c e
o f 67 m iles, to C o m a n ch e , T e x a s , m a k in g a to ta l o f 102 m iles. See also
V . 91, p. 95.

Tri-Oity R y. & Light Co., Davenport, Iow a.— Refunding
Mortgage.— The stockholders will vote at the annual meeting
at Hartford, Conn., on Sept. 15 on authorizing a mtge. to
secure not exceeding $20,000,000 “ first and refunding” 5 %
gold bonds, covering any or all of the property and franchises
of the company or any of its subsidiaries.— V . 91, p. 338.
Union Traction Co., Coffeyville, Kansas.— Earnings.—
Bert Clark & Co., Chicago, report:
E a rn in g s f o r the F isca l Y ea r en d in g J u ly 31 1910.
G ross tro m t r a ffic __________ $ 1 5 6 ,7 0 2 1In terest ch a rg e s_____________ $ 28 ,750
N et (a fte r t a x e s , & c . ) ---------8 3 ,6 7 0 1B a l., su rplu s fo r y e a r _______
5 4 ,920
T h is surplus fo r th e y e a r a m o u n ts t o 1 2 .2 0 % o n c a p ita l s t o c k .— V .9 0 ,
p . 1172.

United Power & Transportation Co.— Suit.— The com
pany on Aug. 3 filed a bill in equity in the Common Pleas
Court in Philadelphia against the Inter-State Railways and
the Real Estate Trust Co., as trustee, asking that the
tripartite agreement dated Dec. 20 1902 be declared at an
end and the securities held thereunder by the trust company
be re-transferred to the United company.
U n d er th e agreem en t th e I n te r -S ta te R a ilw a y s w as to m a k e th e a d 
v a n c e s n ecessary fo r th e e q u ip m e n t, m a in te n a n ce a n d Im p ro v e m en t o f
th e tra n sp o rta tio n c o m p a n y o r Its u n d e rly in g c o n ce rn s .
N o p a y m en ts, Is
Is a lleg ed , h a v e been m a d e , h o w e v e r , sin ce N o v . 12 1908, an d th e C ou rt If
re q u e ste d th erefore t o a d ju d g e th e In te r -S ta te c o m p a n y In d e fa u lt a n d t o
te rm in a te th e a g re e m e n t.— V . 90. p . 374.

Vera Cruz & Isthmus R R .— Sale of Stock.— See National
Railways of Mexico above.— V . 87, p. 616.
Washington Baltimore & Annapolis Electric R y .— Coupons
Not Paid.— The coupons due Sept. 1 on the $2,145,000 Balti
more terminal bonds remain unpaid.
(Compare V . 90,
p. 1364.)— V . 91, p. 155.
Western Pacific R y .— Passenger Service Begun.— Regular
overland passenger service was started on Monday (A u g .22).
Freight trains have been operated regularly since last De
cember. The road is 921 miles in length.
The Denver & Rio Grande has issued a map showing the
route of the new line, indicating some of its distinguishing
features. As to these the “ Railway World” says in substance:
T h e line Is o n e o f th e m o s t n o ta b le e x a m p le s o f engin eerin g In th e w o r ld ,
b o th fo r u n ifo rm ly lo w grades and e lim in ation o f cu rv a tu re .
E ast o r w est
b o u n d th e m a x im u m gr.ade Is 1 % , o r 52 f t . t o th e m ile, an d In w e st-b o u n d
m o v e m e n t fo r 8 0 % o f Its e n tire length fro m Salt Lake C ity to San F ran 
c is c o th e heaviest g ra d ie n t t o b e o v e r c o m e Is o n ly 4-10 o f 1 % , o r a b o u t
20 f t . to th e m ile. T h e m a x im u m c u rv e used Is 10 d egrees, an d In o n ly a
fe w cases d o th e cu rv e s e x c e e d 6 degrees. T h e line, m o re o v e r, crosses the
Sierras at an e le v a tio n o f 5,712 f t . , w h ich is 2,5 3 5 f t . lo w e r th an th e Sierras
crossing o f a n y o th e r ra ilro a d . A n o th e r fe a tu r e Is th e c o m p le te freed om
fro m sn ow -sh ed s m a d e p o ssib le b y th e lo w a ltitu d e and th e co n se q u en t a b 
sence o f s n o w .
(See V . 91, p . 523; V . 90, p . 772.)
T h e re arc 40 steel bridges, a ggre ga tin g In len gth 0.261 f t . , an d 43 tu n n els,
w ith a to ta l length o f 45,494 f t . T h e line fro m sta rt to finish has been c o n 
stru cte d regardless o f c o s t.
Its ro a d b e d Is p e r fe ctly ballasted, a n d Its rails
w eigh 85 p o u n d s t o th e y a r d .
Its m od ern s ta tio n s are e x c e p tio n a lly a t 
tr a c tiv e an d co m m o d io u s .
Its passenger co a ch e s are all-steel a n d e le c t r lc llgh tcd th ro u g h o u t. T h e sleepin g cars arc th e latest o f P u llm an m ak e.
From a scen ic s ta n d p o in t th e W e ste rn P a clllc Is said to rival Its sp o n s o r ,
th e w ell-k n o w n R io G ra n de, “ T h e S ce n ic L in e o f th e W o r ld .”
A con sid era
ble p o r tio n o f th e line Is th ro u gh th e Sierra N e v a d a M ou n tain s, a n d In o n e
p la ce th e railroad fo llo w s the F e a th e r R iv e r th rou gh a p ictu re sq u e c a n on
fo r a d ista n ce o f m o re th a n 90 m iles.
C oin ciden t w ith th e In augu ration o f th ro u gh passenger serv ice o n A u g . 22
w ill be o p e n e d a t S alt L a k e C ity th e m agn ificen t new passenger s ta tio n ,
r e ce n tly co n stru cte d a t a c o s t o f $7o0,uuu .
iv .o o .p .

Payment of Coupons.— The coupons on the company’s
$50,000,000 1st mtge. 5 % bonds, due Sept. 1, was provided
for out of the company’s own treasury, or on its own credit.
Aside from funds advanced to it prior to June 30 last, the
Denver & Rio Grande has not been called upon to furnish a
dollar from its own cash resources, which on June 30 amount
ed to $4,053,176 (see annual report, V . 91, p. 516).— V . 91,
p . 216.
W est Penn Railways, Pittsburgh.— New Mortgage A p 
proved.— See W est Penn Traction Co. b elo w — V . 91, p. 39,
W est Penn Traction Co.— Mortgage, A c., Ratified .— The
stockholders on Sept. 1 approved the issue of a mortgage to
secure $25,000,000 bonds and the agreement with the
W est Penn Railways Co. and the American Water Works &
Guarantee Co. The stockholders of the W est Penn Rys.
also ratified the proposition to increase the indebtedness
from $6,000,000 to $12,000,000 (V . 91, p. 9 8 ).— V . 91,
_____________
p. 398, 39.
IN D U S T R IA L , GAS AN D M ISCELLANEOUS.
Alabama Consolidated Coal & Iron Co.— Notes.— The
“ Philadelphia Financial Bulletin” of Aug. 31 said:
T h e c o m p a n y y e s te rd a y p a id o ff a n o te fo r $ 5 0 ,0 0 0 . a n d betw een now
a n d F eb . 1 w ill be called u p o n to p a y o ff tw o m o re n otes a ggrega tin g $ 30 0,
0 0 0 , In a d d itio n t o m eetin g th e sem i-an n u al Interest o n $ 4 3 6,00 0 1st M
6 % bo n d s an d $1 ,7 4 1 ,0 0 0 c o n s o l, c o ll. m tg e . 5 % b o n d s, a ggrega tin g $56 ,
650 . T h e n o te o f $50 ,000 d u o n e x t m o n th Is secured b y a m p le collateral

S e p t . 3 1 9 1 0 .)

THE CHRONICLE

a s Is also th e n ote fo r $25 0,00 0 d u e In F e b ru a r y ; b o th arc held In B a ltim ore.
It Is th e u n d erstan d in g In th e fin a n cial d istrict tlia tJ o s e p h H . l lo a d le y
a rra n g ed for the p a y m e n t o f th e o b lig a tio n s .— V . 90, p . 1492.

Alameda Sugar Co., San Francisco.— New Stock.— The
stockholders on June 30 voted to increase the authorized
capital stock from $750,000 to $1,500,000, par of shares $25.
Annual output capacity of beet sugar, 9,000 tons. Divi
dends in 1901 and 1905 reported as 14 2 -5 % yearly; 1903,
17 3 -5 % . No dividends paid in r e c e n t years, surplus earn
ings being invested in the property. The “ San 1 rancisco
News Bureau” Aug. 8 said:
“ T h is c o m p a n y has tiled a certifica te sh o w in g th at It hasi Increased Its
ca p ita l s to c k fro m $75 0,00 0 to $ 1 ,5 0 0 ,0 0 0 .
shares o f s to c k o f th e v a lu e o f $25 per share, a n d th ese h o ld in gs h a v e been
d o u b le d w ith th e d o u b lin g o f th e ca p ita l s to c k .
Trpfl<P rc s ld e n t, J o h n L . H o w a rd ; V ice -P re s id e n t, L . C. B u n , S e c . a n d I ie a s .,
J . G . W h ittin g to n . C om p a re V . 76, p. 867.

Allegheny & Westmoreland Bridge Co., Pa — Default.-—
The coupons due June 1910 on the company’s $45,000 G%
bonds, due June 1 1926 (Safe Deposit & Trust Co. of Pitts
burgh, trustee), remain unpaid.
i - T h e cou n ties o f A llegh en y a n d W e s tm o re la n d have co n d e m n e d the p ro p 
e r t y fo r a free b rid ge, an d the fa c ts are th a t app ra isers have aw ard ed the
c o m p a n y $ 45 ,000 , o r the fa ce a m o u n t o f the b o n d issue. T h e co u rts o f
A lleg h en y C ou n ty h ave a p p ro v e d the ap p ra ise rs’ r e p o r t, b u t th ose of W e s t
m orela n d C ou n ty h a ve n ot as y e t taken a n y a c t io n .
If the la tte r a p p ro v e ,
a n ap p ea l w ill be ta k en fro m th e a w ard .

American Express Co.— Illinois Rate Reduction Ordered.—
The Illinois Railroad and Warehouse Commission on Aug. 27
promulgated “ express tariff No. 1,” ordering sweeping re
ductions, effective Oct. 15, in express rates within the State,
amounting in many cases and on small packages to over 5 0 % .
T h e rates a rc g ra d u a te d , based o n th e w eigh t o f p a ck a ge s a n d the dis
ta n ces carried. T h e com p a n ie s d is p u te th e a u th o r ity o f th e C om m ission
t o regulate th eir business an d w ill p r o b a b ly a p p ly to th e co u rts fo r an In
ju n c t io n to restrain th e rates fro m g o in g Into etrect.— V . 90, p . 1304.

American Fork & Hoe Co., Cleveland.— Re-incorporated.—
The new Ohio corporation, with $6,500,000 stock ($4,000,000
common and $2,500,000 7 % cum. prof.) has succeeded the
New Jersey company, whose stock was $4,500,000, composed
of $2,000,000 common and $2,500,000 pref. The “ Cleve
land Leader” says:
S tock h old ers w h o d ep os ite d th eir o ld s to c k w ith the C itize n s’ S avin gs &
T ru s t Co m ay n ow receive s to c k In the new c o m p a n y in e x ch a n g e fo r their
c ertifica te o f d ep osit o n the basis o f on e share o f new p re f. s to c k fo r each
share o f old p ref. an d tw o shares o f new c o m m o n s to c k fo r ea ch share o f
the old c o m m o n . T h e regular d iv id e n d s h ave been d eclared o n the c o m 
m on a n d pref. s t o c k .
[T he N ew J ersey c o m p a n y had been p a y in g d ividen ds
o f 4 % o n c o m m o n a n d 7 % on p re f. s to c k .) .See also V . 91, p. 338.

American Ice Co., New York.— Acquisition.— This com
pany on August 26 took title to the plant of the Ilygeia Ice
Co., in 70th and 71st Streets and Ave. A, N . Y . City, subject
to a mortgage of $313,800.— V . 90, p. 851, 165.
American Oilfields Co. of California, Los Angeles.— 4 %
Dividends Begun.— This company will begin October next
to pay quarterly dividends of 1 % each, making a rate of 4 %
per annum on all its outstanding stock. The first dividend
will be paid to stockholders of record at 4 p. m. Oct. 20;
promptly thereafter the dividend checks will be sent to
stockholders. The Treasurer says:
(C ircu lar o f A u g . 10 1910.)
O rganization.— O rga n ized J a n . 17 1910.
C a pital s to c k , S 25 ,00 0,00 0, ail c o m m o n ; Issued to d a te , 107,585 shares,
p ar $100.
B on d s a u th ., $ 1 0 ,0 0 0 ,0 0 0 ; Intended to be so ld , $2,7 0 0 ,0 0 0
2 0 -ye a r b on d s, Interest 0 % , p a y a b le F . & A ., secu red b y m o rtg a g e on
th e p r o p e r ty . S in k in g fund 4 % a n n u a lly fro m 1911. T h e p roceed s o f the
bon d sales arc used solely fo r p a y m e n ts o n lands an d fo r d e v e lo p m e n t o f
th e p ro p e r ty .
(See also V . 90, p. 1492.)
O fficers and D irectors: E . I.. D o h c n y , P re sid e n t; C. A . C anfield. T h o s.
A . O ’ D onnell an d J . C. A n d e rs o n , V ice -P re sid e n ts; N o rm a n B rid ge , S ec.
an d T r e a s .; L . A . M cC ra y, J . M . D an zlg er, I. W . Ilc llm a n an d H erb ert
G . W y lie .
T h e c o m p a n y h old s, cith e r d ir e ctly o r th ro u gh su b sid ia ry co m p a n ie s
w h ose s to c k It o w n s, som e 15,000 acres o f land In th e C oa lln ga, S un set,
M id w ay and M c K lttrlck o il llelds. O n e-th ird o f this Is p ro v e n oil te rrito ry
o f the highest va lu e; th e rem ain der Is p r o s p e c tiv e ly g o o d oil lan d. T h e
su b sid ia ry com p an ies are M idland O llllelds C o ., L t d ., M idlan d O il C o. an d
Cousins Oil C o., all w h o lly o w n e d , an d B a rn o d o n Oil C o ., o n e -h a lf o w n e d .
D ev e lo p m e n t— (a) V ery a c tiv e d e v e lo p m e n t Is n o w b ein g m a d e o n S ection
36, T . 31, It. 22, In th e M id w ay Held.
H ere th e c o m p a n y has a large oil
c a m p , w areh ou se, s h op s, and a large s to c k o f p ipe, to o ls an d fixtures, and
live steel s torage tanks o f 55 ,0 0 0 -b a rrcl c a p a c ity each a n d tw o m ore o f the
sam e size b u ildin g.
It has here 10 wells finished an d p r o d u cin g and 5 In
p rocess o f drilling,
(b) O n S ection 32. T . 32, It. 24, In the M aricopa p or
tion o f the sam e field (th e M onte C rlsto p ro p e rty ) o n e w ell Is llnlshd and
llow ln g at the rate o f 5,000 to 10,000 barrels per d a y , a n d o n e w ell Is being
drilled .
Here are tw o tanks o f 5 ,000-barrel c a p a c ity each and o n e 5 5 ,000b arrcl ta n k n ow buildin g.
P rod u ction .— T h e c o m p a n y n o w has so m e 10 p r o d u c in g w ells, all to ld ,
which are a vera gin g nearly, o r q u ite , 10,000 barrels d a lly . E le v e n o f these
w ells flow regu larly.
O n the p r o p e r ty o f this c o m p a n y a n d that o f Its
su b sid ia ry com p a n ies, 15 w ells a rc being drille d . S o m e o f th e llow ln g
w ells are tru ly p h en om en a l.
N o. 79, o n S e ctio n 36, Hows a t tim es a t the
ra te o f 20,000 barrels a d a y and has p ro d u ce d In o n e p e rio d o f 15 d ays
140,200 barrels o f o il.
W ell N o. 5, o n th e M on te C rlsto, has had so m e
d e la y s , o w in g to san din g, an d fo r p ru den tial reasons It Is shut In m uch o f the
tim e , bu t It has (low ed re p e a te d ly at a rate v a r y in g fro m 10,000 to 20,000
barrels d a lly . T h ere Is n ow h a rd ly a po ssib ility th a t th e p r o d u c tio n and
In com e w ill fall below their present level fo r m a n y years to c o m e .
T h e p r o d u ctio n o f th e c o m p a n y Is p ro v id e d fo r , as to a m a rk e t, through
th e In d ep en d en t A g e n c y , fo r ten years to c o m e . J u ly sales a m o u n te d to
o v e r $ 75 ,000 , and th ose fo r A u g u s t will be co n s id e r a b ly m ore.
B onds O ffered .— A lth ou g h th e c o m p a n y Is e m p o w e re d to sell $10 ,000 ,00 0
b on d s, th e sales w ill be lim ited to so m e th in g less th an $ 3 ,0 0 0 ,0 0 0 , unless
th e c o m p a n y sh ou ld h a v e In th e fu tu re an o p p o r t u n it y t o p u rch ase m ore
p rov en oil la n d , a t v e r y lo w p rices; $ 1 , 0 0 0 , 0 0 0 b o n d s are n ow offered at
p a r a n d Int., w ith a bon u s o f s to c k , o r at a d isco u n t w ith no bo n u s, o r w ith
less d is cou n t an d less bo n u s.
E x a c t term s on a p p lic a tio n to Treasurer,
600 S ecu rity B ld g ., L os A n g e le s .— V . 90, p. 1492.

Appleton (W is.) W ater W orks Co.— Proposed Purchase by
City.— See “ Appleton, W is .,” in “ State and City” depart
ment.— V- 86, p. 482.
,
Associated Merchants Co.— Report.— For the six months
ending Aug. 1:
S ix
N et
M on th s. E arn ings.
19 10
$ 6 5 6 ,7 2 6
1 9 0 9 ___
6 0 1 ,0 2 1
— V . 90. p . 694.

1s t P f.D iv . 2d P f. D iv . C o m .D iv .
E xtra
Balance,
( 2 'A % ).
(3 % ).
(3 > $ % ). D ivid en d s. S u r.o rD ef.
$116,213
$15 3,57 9 $ 2 6 0,72 2
$123,331
su r.$ 2,8 80
148,402
152.844 216 ,286
116,962 d e f.3 3 ,5 3 3

Berwick (Pa.) Consolidated Gas Co.— Foreclosure Sale.—
Judge Archbold in the United States District Court for the
Middle District of Pennsylvania-has ordreed the foreclosure




591

sale of the property, the date to be fixed later. Upset price
$ 3 0,00 0.— V . 89, p. 412.
British Westinghouse Electric & Mfg. Co., L td .— Listed
in London.— The London Stock Exchange has recently listed
a further issue of 100,000 10 % preference shares of £ 3 each,
fully paid, making the total listed 500,000 shares; also
£225,000 4 % mtge. debenture stock, making the total
£ 1 ,2 4 1 ,3 5 3 .— V . 91, p. 520.
Canadian Light & Power Co., Montreal.— Possible Con
trol of Montreal Street R y .— For some time past there has
been a persistent rumor that interests identified with this
company had acquired a large amount of the $10,000,000
capital stock of the Montreal Street R y ., and contemplated
securing control of the management. The Montreal cor
respondent of the “ Financial Post” of Toronto (see its issue
of Aug. 27) says in brief:
S o m e y e a r s a g o a n e n t e r p r is in g F r e n c h - C a n a d la n , M r . R o b e r t , o b t a in e d
c o n tr o l o f la n d n e a r t h e B e a u h a r n o ls C a n a l a t a p la c e c a lle d S t . T lm o t h e e ,
a n d e n d e a v o r e d t o llo a t a c o m p a n y .
W h e n a n o p p o r t u n it y c a m e h e s o ld
o u t h is In te r e s ts to t h e p r e s e n t o w n e r s , a n d th e C a n a d ia n L ig h t & P o w e r
C o . w a s t h e n f lo a t e d b y J . W . M c C o n n e ll o f M o n t r e a l , w h o s u c c e e d e d In
g e t t i n g s o m e o f t h e m o s t in flu e n t ia l m e n o f t h e c i t y b e h in d t h e p r o je c t.
W h e r e a s th e c o m p a n y w a s s t a r t e d b y g iv in g a s h ig h a s 3 0 0 % c o m m o n
t o e k b o n u s w it h t h e u n d e r w r it in g b o n d s , t h e p r e s e n t t im e fin d s t h e b o n d s
d o w n to 2 5 % a n d th e c o m m o n s to c k w o r th 6 2 , a n d v e r y little o f e ith e r c o m 
in g o u t .
V e r y q u i e t ly M r . M c C o n n e ll a n d h is f r i e n d s h a v e ( o f la t e ) b e e n p i c k i n g u p
t J je s h a r e s o f t h e M o n t r e a l S t r e e t R y . , a n d o n T h u r s d a y o f t h i s w e e k t h e y
u i r n e d I n t o t h e t r u s t c o m p a n y u p w a r d s o f 4 2 ,0 0 0 s h a r e s , t o b e t r a n s f e r r e d .
T h e a n n u a l m e e tin g o f t h e S t r e e t R a ilw a y w ill t a k e p la c e o n N o v . 3 . a n d n o
v o t e Is l e g a l u n l e s s t h e h o l d e r o f t h e s t o c k h a s h a d p o s s e s s i o n f o r 6 0 d a y s .
T h e C a n a d i a n P o w e r I n t e r e s t s h a v e b e e n p i c k i n g u p p r o x i e s In t h e i r f a v o r ,
w h ic h , t a k e n to g e th e r w it h w h a t t h e y tu r n e d o v e r to t h e t r u s t c o m p a n y
a n d t h e ir o w n s h a r e s , w ill m o re th a n m a k e u p t h e 5 1 % n e c e s s a r y .
The
a d v a n c e o f M o n tr e a l S t r e e t R y . o n F r id a y to 2 5 1 g iv e s p o in t to t h e f a c t t h a t
t h e s t r u g g l e f o r c o n t r o l Is k e e n .
T h e I n t e n t i o n o f C a n a d i a n P o w e r I n t e r e s t s Is t o a l l o w “ S t r e e t ' $ 2 5 0 p e r
s h a r e , a n d In a d d i t i o n g i v e $ 5 0 w o r t h o f s t o c k In a h o l d i n g c o m p a n y .
S o m e o f t h e d i r e c t o r s o f t h e S t r e e t R y . a r e q u i t e In f a v o r o f t h e c o n s o li
d a t i o n o f in t e r e s t s — f o r It c a n n o t b e c a ll e d a m e r g e r — n o t a b l y , lo c a l p e o p le
b e lie v e , M r. B la c k w e ll, S ir M . A lla n , M r. G a llb e r t a n d e v e n M r. R o s s .
It
Is a n o p e n s e c r e t t h a t S e n a t o r F o r g e t w o u l d r a t h e r f o r m a t r i p l e a l l i a n c e
w ith t h e M o n tr e a l L ig h t , H e a t & P o w e r C o . a n d t h e S h a w ln lg a n W a t e r &
P o w e r C o . th a n a llo w h is Id o l t o g o u n d e r C a n a d ia n P o w e r , b u t n o t h in g ,
a p p a r e n t l y , c a n p r e v e n t t h e c o n s u m m a t io n o f M r . M c C o n n e ll’s p la n s .
[T h e C a n a d ia n L ig h t & P o w e r C o . w a s In c o rp o ra te d b y s t a t u t e o f th e
P r o v i n c e o f Q u e b e c In 1 9 0 4 .
I t s c a p i t a l s t o c k , a u t h o r i z e d a n d I s s u e d , Is
$ 6 , 0 0 0 , 0 0 0 , In $ 1 0 0 s h a r e s , a n d I t h a s s o l d t o p r o v i d e f o r t h e c o s t o f t h e f i r s t
d e v e l o p m e n t o f 2 0 ,0 0 0 h . p . , a l s o f o r t h e c o s t o f l a n d s , t e r m i n a l s t a t i o n ,
d is tr ib u t io n s y s te m
in M o n t r e a l, f o r I n t e r e s t d u r in g c o n s t r u c t io n , & c . ,
$ 4 ,0 0 0 ,0 0 0 1 s t M . 5 % b o n d s .
T h e s e b o n d s a r e I s s u e d In $ 5 0 0 a n d $ 1 , 0 0 0
p ie c e s a n d a r e s u b je c t t o c a ll, a ll o r a n y , a t 1 0 5 a t c o m p a n y ’ s o p t io n o n
s ix m o n t h s ’ n o tic e ; a 1 % s in k in g fu n d w ill b e g in J u ly 1 1 9 1 4 ; ln t . J . & J .
In M o n t r e a l a n d I n L o n d o n a t p a r o f e x c h a n g e .
R o y a l T r u s t C o ., t r u s t e e .
T h e f i r s t d e v e l o p m e n t o f 2 0 ,0 0 0 h . p . , s i t u a t e d o n t h e S t . L a w r e n c e R i v e r
s o m e 2 7 m i l e s f r o m M o n t r e a l , Is t o b e c o m p l e t e d In J a n u a r y 1 9 1 1 .
F u rth er
d e v e l o p m e n t s u p t o 1 0 0 ,0 0 0 h . p . w i l l b e m a d e w h e n b u s i n e s s r e q u i r e s .
T h e c o m p a n y h a s a c q u ir e d u n d e r le a s e fo r a te r m o f 63 y e a r s fro m D e c . 1
19 0 7. an d
w ill
u se
In
th e
p resen t
d e v e lo p m e n t
th e
B e a u h a r n o ls
C a n a l , 1 1 m i l e s in l e n g t h , 2 0 0 f e e t w i d e a t t o p a n d 10 f e e t d e e p , g i v i n g a
h e ad o f w a te r o f o v e r 51 fe e t.
I t h a s a ls o a c q u i r e d (a ) t w o a d d i t i o n a l p r o p 
e r t ie s , o n o n e o f w h ic h a h e a d o f 2 7 f e e t a n d o n t h e o th e r a h e a d o f 1 7 f e e t
c a n b e m a d e w i t h w a t e r f r o m C e d a r R a p i d s ; a n d (f>) 1 4 , 0 0 0 , 0 0 0 s q u a r e f e e t
o f la n d a d j a c e n t t o t h e p r o p o s e d t h r e e d e v e lo p m e n t s , f o r Its o w n u s e a n d
to b e s o ld t o n e w I n d u s t r ie s .
T h e 2 0 ,0 0 0 h . p . . I t Is e s t i m a t e d , s h o u l d b e
s o l d a t $ 4 5 3 1 p e r h . p . , y i e l d i n g g r o s s e a r n i n g s o f $ 9 0 6 ,2 0 0 a n d n e t p r o f i t s
o f $ 6 0 8 ,2 0 0 .
S e e a l s o V . 8 9 , p . 8 4 8 . 1 2 8 3 .)

Chester County Electric Co., Wilmington, D el.— Foreclos
ure Sale.— The company’s property was sold for $10,000 at
foreclosure sale on Sept. 1 to H . M. Van Court, Chairman of
the bondholders’ committee.— V . 91, p. 339.
Federal Biscuit Co.— Organized to Merge Independent
Cracker Companies.— This company was organized at W il
mington, ;Del., Aug. 1 with $30,000,000 of authorized capital
stock, divided into $18,000,000 common stock and $12,000,
000 of 7 % cumulative preferred stock, with a view to bringing
under one ownership a large number of biscuit, bread and
candy manufacturers, reports say 80 in the United
States and 15 in Canada. On Aug. 31 some seven or eight
properties had been acquired and additional plants were
“ being taken over every day.” It is denied that the National
Biscuit Co. is interested in the project. The “ Bakers’
Weekly” of New York on Aug. 27 said in substance:
A s s t a t e d b r i e f l y In t h e p r o s p e c t u s , t h e F e d e r a l B i s c u i t C o . h a s b e e n In 
c o r p o r a t e d t o p u r c h a s e t h e g o o d - w ill, b u s in e s s a n d o t h e r p r o p e r t y o f v a r i 
o u s b i s c u i t , b r e a d a n d c a n d y - m a n u f a c t u r i n g c o n c e r n s n o w In a c t i v e o p e r a 
t i o n In t h e U n i t e d S t a t e s .
I t Is p r o p o s e d t o o i l e r f o r s a l e a t t h e p r e s e n t
t i m e t o t h e p u b l i c n o t t o e x c e e d $ 3 ,0 0 0 ,0 0 0 o f t h e p r e f . s t o c k a n d $ 1 , 5 0 0 , 0 0 0
o f c o m m o n , In o r d e r t o p r o v id e a d d i t i o n a l w o r k in g c a p i t a l , p a y m e n t t o
b e m a d e 2 5 % u p o n c a l l , 2 5 '% I n 3 0 d a y s a n d 5 0 % In 6 0 d a y s t h e r e a f t e r .
I t Is b e l i e v e d t h a t t h e v a r i o u s f i r m s a n d c o r p o r a t i o n s g o i n g I n t o t h e n e w
c o m p a n y w i l l t a k e In p a y m e n t f o r t h e i r b u s i n e s s p r e f e r r e d a n d c o m m o n
sto ck .
O n e m illio n d o lla r s p r e f . s t o c k w ill b e r e s e r v e d t o s e ll t o t h e e m 
p lo y e e s ( o t h e r t h a n s a la r ie d o ffic ia ls ) o n t h e p a r t ia l- p a y m e n t p la n .
T h e g e n e r a l p o l i c y w h i c h t h e c o m p a n y w i l l f o l l o w Is t o r e t a i n I n I t s s e r 
v i c e t h e p r e s e n t m a n a g e r s a n d o w n e r s In t h e v a r i o u s p l a n t s , a n d t o e l f e c t
e c o n o m i e s I n p r o d u c t i o n , d i s t r i b u t i o n a n d In p u r c h a s e o f m a t e r i a l s .
T h ese
e c o n o m i e s . I t Is t h o u g h t , w i l l p a y l i b e r a l d i v i d e n d s u p o n t h e s e c u r i t i e s I s 
su ed .
T h e F e d e r a l B is c u it C o . w ill b e m a n a g e d b y t h o s e a t p r e s e n t a c t iv e ly
e n g a g e d In t h e I n d u s t r y .
C h a r l e s R o y c e B o s s o f N e w L o n d o n , C o n n . , Is P r e s i d e n t o f t h e n e w c o n 
c e r n , a n d H . B . G ru b b s o f N e w Y o r k , h e a d o f th e p u r c h a s in g d e p a r tm e n t
o f t h e B i s c u i t & C r a c k e r M f r s . ’ A s s o c i a t i o n In N e w Y o r k , h a s a c c e p t e d t h e
o ff ic e o f t e m p o r a r y S e c r e t a r y a n d T r e a s u r e r , “ t o h e lp t h e b o y s g e t s t a r t e d .
L e w is G
R e y n o ld s o f t h e R e y n o ld s “ A e r t lt e
C a r t o n C o ., D a y t o n , O h io ;
Thos
G
R o b in s o n . P r e s id e n t o f t h e R . B . B is c u it C o ., C le v e la n d , O h io ;
A d a m J . L a n g , W ilm in g to n , D e l.; I I . B . G r u b b s , N . Y . C i t y , a n d C . R .
B o s s o f N e w L o n d o n , C o n n ., h a v e b e e n e le c te d a s p e r m a n e n t d ir e c t o r s .
S t o c k h o ld e r s w ill b e a d d e d to t h e d ir e c t o r a t e fr o m tim e t o t i m e l n t h e f u tu re .
T h e b u s in e s s w ill b e m a n a g e d b y a b o a r d o f 1 5 d ir e c t o r s .
T h e com 
p a n y h a s o p e n e d e la b o r a te o ffic e s a t 10 0 H u d s o n S t ., N e w Y o r k .
P r e s id e n t B o s s e m p h a s iz e d t h e f a c t t h a t a m a j o r it y o f t h e b e s t I n d e p e n d 
e n t p la n ts h a d a lr e a d y b e e n s e c u re d a n d th a t a s s o o n a s a fe w n e c e s s a ry
p la n s a r e w o r k e d o u t a ll w ill b e In o p e r a t i o n b y t h e F e d e r a l B i s c u i t C o .
H e d e n ie d e m p h a t ic a lly t h a t th e r e w e r e a n y u n d e r g r p u n d w ir e s le a d in g to
a c o n s o lid a t io n , o r w o r k in g a r r a n g e m e n t s o f a n y d e s c r ip tio n w it h t h e
N a t io n a l B is c u it C o ., L o o s e - W ile s o r W a r n e r ’s P a c if ic C o a s t I n t e r e s t s .
[ A m o n g th e c o n c e r n s m e n tio n e d u n o ff ic ia lly a s lik e ly t o g o In to t h e m e r g e r
a r e : C h a r le s I I . H ln m a n , A l b a n y ; T h o m a s A . M c C r e a , A u b u r n ; F a x o n ,
W illia m s & F a x o n , B u ffa lo : P . J . G c lz B a k in g C o ., B u ffa lo ; O n t a r io B e ls c u lt C o ., B u ffa lo ; A le x a n d e r G r ie v e s , C a n a n d a ig u a ; M . W . Q u ic k & C o .,
I th a c a : F e s ts ' B is c u it C o ., N . Y . C ity ; M o n a rc h
B ls c u ltC o ., N . Y . C ity ;
F . C . H a ll, O s w e g o ; D e ln ln g e r B r o s ., R o c h e s t e r ; C a h ill B r o s ., S y r a c u s e ;
N l l l & J e s s , W a t e r t o w n ; D a n i e l s B a k i n g C o . , O g d e n s b u r g , a n d B r o m l e y <5c
D c m c r n lt t , P la t t s b u r g .— E d . “ C h r o n ic le .” ]

Federal Telephone & Telegraph Co., Buffalo, N . Y .— Stock
Increased.— This company filed at Albany on Aug. 29 a cer
tificate of increase of capital stock from $6,000,000 to $10,-

592

THE CHRONICLE

000,000. B . G. Hubbell is President and Byron L. Moore
Secretary. Compare V. 90, p. 107; V . 91, p. 216.
General Motors Co., New York.— Status— The plan for
re-financing the company, in which a prominent New York
banking house was expected to take part, either by advanc
ing $3,000,000 or underwriting securities for that amount,
is, we understand, held in abeyance. The following letter
was recently sent to the shareholders by C. Durant, First
Vice-President and Chairman of the executive committee
Iarr. p leased to a d v ise y o u th a t a deal Is p e n d in g w h ic h , It c o n su m m a te d ,
w ill v e r y m a teria lly en h a n ce th e v a lu e o t th e c o m m o n shares o f this c o m 
pany.
In ord er th a t there m a y he n o m isu n d e rsta n d in g w ill sa y th a t no
m erger Is c o n te m p la te d .
H rlelly w e h a v e In v ie w th e Increase In ca p ita li
z a tio n o f the G eneral M o to rs C o ., based s o m e w h a t u p o n earning c a p a c ity
o f c on s titu en t com p a n ie s (w h ich w ill a p p r o x im a te $ 1 2 ,0 0 0 ,0 0 0 net fo r the
y ea r 191 0 ), g iv in g to o u r c o m m o n s to ck h o ld e rs n o t less th an live fo r on e
In th e new secu rities In e x ch a n g e fo r th e p resen t h o ld in g .— V . 90, p . 852.

(B. F .) Goodrich (Rubber) Co., Akron, Ohio,— Stock In
crease.— The shareholders voted on Aug. 24 to increase the
capital stock from $10,000,000 to $20,000,000 by the sale of
$5,000,000 at par to shareholders of record, and the issue of
the remaining $5,000,000 as a stock bonus to represent ac
cumulated profits.— See V . 91, p. 279.
Great Lakes Engineering W orks of Detroit, Mich.— Bonds
Offered.— Peabody, Houghteling & Co., Chicago, are offering
at prices to net 5 % % income the unsold portion of $750,000
1st M. 5 % serial gold bonds. A circular shows:
B on d s d a te d J u ly 1 1910. T o ta l a u th . Issue, $ 1 ,0 0 0 ,0 0 0 , p a y a b le an n u 
a lly In series begin n in g J a n . 1 1912 a n d e n d in g Ja n . I 1925 (th e first 2 series
bein g $ 5 0 ,0 0 0 , then 1 o f $ 5 5 ,0 0 0 , 2 o f $ 6 0 ,0 0 0 , 1 o f $65 ,0 0 0 , 2 o f $ 75 ,000 ,
2 o t $ 8 0 ,0 0 0 , 2 o f $ 85 ,000 an d 2 o f $ 9 0 ,0 0 0 ), b u t red eem a b le In reverse
o f n u m erica l o r d e r o n J a n . 1 1915 o r o n Interest d ates th ereafter at 105
a n d ln t.
P a r $ 1 ,0 0 0 an d $500 ( c * ) .
P rin cip al an d sem i-an n u al Interest
p a y a b le at th e U n ion T ru s t C o . o f D e tro it (trustee) an d at o ffic e o f Pea
b o d y , H ou g h telin g & C o ., C h icago.
D isp osition o f b on d s: N o w Issued to retire In debtedness an d fo r co n stru c
t io n o f new p la n t a t A s h ta b u la , O ., $75 0 ,0 0 0 : reserved s u b je c t to w ritten
a p p ro v a l o f P e a b o d y , H o u g h te lin g & C o . and trustee fo r fu tu re a c q u i
sition s a n d e x ten sion s a t n o t t o e xceed 5 0 % o f th e a ctu a l cash co st o f
sa m e, $ 2 5 0 ,0 0 0 : to ta l a u th o rize d Issue, $ 1 ,0 0 0 ,0 0 0 . T h e $250,000 o f
b o n d s reserved fo r fu tu re Issue c o m p rise 2 5 % o f each o f th e several m a 
tu rities. A first m o r tg a g e u p o n all p r o p e r ty n o w or hereafter o w n e d .
F o u n d e d In 1903 b y D e tro it, C levelan d an d N ew V ork ca p italists largely
Iden tified w ith sh ip p in g Interests on th e G reat L a k es.
H as m a d e sa tisfa c
t o r y p rofits th rou gh g o o d years and ba d and has Increased Its cap ital and
surplus fro m th e orig in a l $600,000 to Its presen t a m o u n t o f $ 2 ,7 5 0 ,0 0 0 .
Its p rin cip a l business Is th e b u ildin g an d repairin g o f steel vessels fo r
o p e r a tio n on th e G reat L a kes; has also re c e n tly c o m p le te d th e large steel
s ection s fo r th e D etroit R iv e r T u n n el, an d co n stru cts an d Installs c o m p le te
refrig era tin g plan ts, esp ecia lly In co n n e c tio n w ith blast fu rn a ce w o rk , m
P lan ts In o p e ra tio n : (1) E co rse plan t: O v e r 103 acres o f lan d o n D e tro it
R iv e r a b o u t 6 m iles from cen tre o f c it y ; a m od ern s h lp -b u lld ln g y a r d , w ith
u p -t o -d a t e p ow er p la n t, ele ctrica lly o p e ra te d shear legs o f 100 ton s c a p a c it y ,
3 bu ild in g berths, section a l llo a tln g steel d r y d o c k c a p a b le o f d o c k in g th e
largest vessels, an d a h a rb o r slip 200 fe e t w id e an d 2,200 fe e t lo n g .
(2)
D e tro it plant: 410 ft . x 240 f t . o f land near f o o t o f R iv e r S t. o n th e D e tro it
R iv e r a b o u t % m ile fro m ce n tre o f D e tro it; sp a cio u s m a ch in e s h o p , fo rg in g ,
a ttern sh ops an d Iron fo u n d rie s.
(3) S t. Clair plan t: 40 acres o f land on
t. Clair R iv e r a b o u t 45 m iles north east ot D e tr o it; a co m p le te u p -to -d a te
sh lp -b u lld ln g y a rd o f on e berth c a p a c ity .
T h e c o m p a n y Is also a b o u t t o c o n s tru ct a t a c o s t o f a b o u t $40 0,00 0 a
new s h lp -b u lld ln g p la n t ot th e m ost m o d e rn ty p e an d o f large c a p a c it y on
a site o f 40 acres o f land at A s h ta b u la , O h io , an Ideal lo ca tio n . T h e fo u r
p la n ts, a fter m a k in g p ro p e r reserve fo r d e p r e c ia tio n an d m a in te n a n ce ,w ill
represen t an a ctu a l In vestm en t o f o v e r $ 2 ,5 0 0 ,0 0 0 , w hile the.,value o f the
c o m p a n y ’s real estate a lo n e Is n early $50 0,00 0.
T h ese b on d s are Issued t o retire all d e b ts e x c e p t cu rre n t a c c o u n ts , and
t o p r o v id e fo r b u ild in g o f Its n ew plant a t A s h ta b u la , O . A fte r the c o m 
p letion o f th e A s h ta b u la p la n t, w hich Is estim a te d t o c o s t a p p ro x im a te ly
$ 4 0 0 ,0 0 0 , th e s to ck h o ld e rs w ill h a ve an In vestm en t beh in d these b on d s o f
at least $ 2 ,7 5 0 ,0 0 0 , and the c o n d itio n o f th e c o m p a n y will be a p p ro x im a te ly
as fo llo w s , as o f S e p t. 1 1910:
R esources ($ 3 ,577,645)
L ia b ilities ($ 3 ,5 7 7 ,6 4 5 ) —
R ea l esta te, p la n t, <Scc____ $2,5 7 7 ,7 8 9 C apital s t o c k . .......... ............ $ 2 ,2 5 0 ,0 0 0
C a sh _______________
116,958 S u r p lu s -------------------539,860
A c c o u n t s & bills r e c e lv ___
455,639 B o n d s -------------------750 ,000
385,859 A c c o u n ts p a y a b le _________
37,785
M erch an dise (ra w & m fd .)
O th er a ssets_______________
41,400
N et before C harging Interest, B u t A f t e r D ep recia tion ; A ls o N et P r o fit on
Stock— Y ears ending A u g . 31 (1906-07 w asfctrike gear) .
190 5-0 6. 1906-07. 1907-08. 1908-09. A v . 4 Y r s .
1909-10
N e t e a r n s ..$ 3 4 7 ,8 0 1 $18 4 ,7 2 5 $436,792 $377,531 $33 6,71 2 a b t $350 000
N et o n s to c k
2 5 .4 %
1 2 .3 %
2 9 .1 %
2 5 .2 %
.................................
M a xim u m ann u al Interest charge o n th e b o n d s n ow Issu e d ____ $37,500
D u rin g th e fo u r -y e a r p e rio d 1905-06 t o 1908-09, th e c o m p a n y ’s sales
a g g reg a ted $ 1 4 ,7 8 5 ,0 0 0 , w ith net earnings o f $ 1 ,3 4 6 ,8 4 9 .
W ith th e c o m p le tio n o f th e n ew A sh ta b u la pla n t, w h ich Is being erected
w ith th e p roceed s o f these b o n d s, th e c o m p a n y ’s a v e ra g e net earning
c a p a c ity sh ou ld be n o t less th an $40 0,00 0 per an n u m . T h e m an agem en t
an d ow n ersh ip o f th e c o m p a n y Is o f th e highest o rd e r an d there Is ever
reason to e x p e c t s a tisfa cto ry g r o w th an d p r o s p e r ity .— V . 89, p . 1351, 1070.

§

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

Miami Copper Co.— Stock Increase Voted.— The share
holders voted Aug. 29 to increase the capital stock from
$3,500,000 to $4,000,000, par $5 a share. An exchange says:
T h e G eneral D e v e lo p m e n t C o ., w h ich w ill u n d erw rite the 60,000 shares
to be o lfered s to ck h o ld e rs at $18 per share, w ill r e c e iv e a co m m ission o f $1
p er sh are. T h e agreem en t betw een th e tw o c o m p a n ie s also p r o v id e s th a t
th e G eneral D e v e lo p m e n t C o. will loan M iam i o n Its n otes u p to $50 0 ,0 0 0 a t
6 % . See also V . 91, p . 467 .

Monongahela River Consolidated Coal & Coke Co.— Re
sults.— For nine months ending July 31:
9

Al o s . end. Gross
J u ly 31.
ea rn s.

$

--------------------------- D ed u c tio n s —— --------------------- B al
R o y a lly . D e p r e c . T a x es. A c c .I n t. in s .F d .
surv

$

$

$

$

$

$

1909-10 -------1,4 7 5 ,4 6 9 384 ,108 307,781 112,500 350 ,607 207,875 112,598
1908-09 -------1 ,562,052 3 08 ,093 316,581
90,000 363 ,246 223,312 260 ,820
T o t a l p r o d u c tio n fo r th e 9 m o n th s e n d in g J u ly 31 1910, 5 ,496,006 ton s,
a ga in st 4 ,4 3 4 ,7 0 0 In th e 9 m o n th s last y e a r .— V . 91, p. 399.

National Biscuit Co.— Status.— The “ Boston News Bureau’
of Aug. 30 said in part:
G ross sales fo r the six m o n th s to A u g . 1 w ere a t th e rate o f betw een
$ 4 6 ,0 0 0 ,0 0 0 am i $ 4 7 ,0 0 0 ,0 0 0 per a n n u m .
Since A u g. 1 there has been a
slight s lo w in g d o w n , but not e n o u g h to d e s tr o y the p r o b a b ility o f an in 
crease In gross sales fo r the fu ll fiscal y e a r o f be tw e e n $ 3 ,5 0 0 ,0 0 0 and
$ 4 ,0 0 0 ,0 0 0 .
N o t o n ly will gross establish a n ew high re c o rd b u t net profits
will also a tta in to n ew p ro p o rtio n s an d p r o b a b ly get w ell a b o v e the $ 4 ,
0 0 0 ,0 0 0 m ark , a sum su fficie n t to s h o w a lm o s t 8 % earned on the $ 2 9 ,
236 ,0 0 0 c o m m o n s t o c k . T h e re Is n o w arra n t fo r the belief, h o w e v e r ,
th a t a n y increase In the co m m o n d iv id e n d will be m a d e .
N a tio n a l B iscu it
keeps itself s tro n g In w o rk in g c a p ita l, the presen t to ta l o f $11 ,0 0 0 ,0 0 0
a m o u n tin g to a lm o st 25 cen ts o f (pilch assets fo r each do lla r o f gross, a
rath er su rprisin g e x h ib it w here the tu r n o v e r Is r e la tiv e ly rapid.
T h ere is no qu e stio n th at the c o m p a n y Is m e e tin g m ore o p p o s itio n than
In years g on e b y .
T h is has been re lle e tcd In a lessening m argin o f m a n u 
fa c tu rin g p o rfit.
In f a c t, N a tio n a l B iscuit has m ore and m ore sold its
b u lk g o o d s at prices to fo rc e Its co m p e tito r s to scra tch to c o m e o u t w h ole
a n d has relied a lm o st e n tire ly u p o n Its sp len d id p ack a ge g o o d s sales fo r Its
net p rofits.
In d e p e n d e n ts h a ve also In the last three years Increased their
p r o d u c tio n o f p ack a ge g o o d s
T o d o this lias requ ired a substan tial bulk
o f sales an d c o m b in a t io n .
O ne result has been the g r o w th o f the L ooseW iles B iscu it C o. (see N orth A m e r ic a n B iscu it C o. In V . 90, p . 1494) Into
a su bsta n tia l p o s itio n , w ith six big plants in clu d in g the B o sto n b a k e ry .
T h is p r iv a te ly o w n e d v en tu re does in the a ggregate a gross business o f
$ 1 4 ,0 0 0 ,0 0 0 p er a n n u m .
R e c e n t ly an a tte m p t has been m ade to float a n o th e r huge b is cu it c o m 
b in a tio n , k n ow n as the F ed eral B iscu it C o. (see that c o m p a n y a b o v e )
T h e re have been rum ors that the F ed era l w as really a w in g o f the N ation a l
B iscu it C o. T h ere Is n o basis fo r this asse rtio n . T h e N a tio n a l B iscu it
m a n a ge m e n t has d is co v e re d th at It Is ch e a p e r to create a d em an d fo r a new
line o f g o o d s b y a d v e rtis in g than It Is to p u rch a se threatened c o m p e titio n .
T h e F ederal B iscu it C o. represents the te n d e n c y o f co m p e tito r s t o get
to g e th e r , bu t In the trad e the su ccess o f the new c o m b in a tio n Is co n sid ered
p r o b le m a tic a l.— V . 90, p. 702 , 557.

New England (Bell) Telephone & Telegraph Co.— Rates in
Boston and Vicinity.— The company has accepted the recom
mendations of the Massachusetts Highway Commission rela
tive to rates and service in the Boston and suburban districts
and will make them effective, probably by N ov. 1.
T h e r e co m m e n d a tio n s call fo r an e x te n s io n o f the 5 -ce n t toll to an 8-m Ile
lim it, fo r a re d u ctio n In the charge fo r u n lim ite d s e v rlcc fo r business fro m
$162 to S 125 and fo r house fro m St 16 to $75; fo r a b o litio n of m u lti-p a r ty
line an d fo r the esta b lish m en t o f a t w o -p a r t y p la n , w ith d iv id e d rin gin g,
an d red u ced su bu rba n to ll.
T h e ch an ges, It Is s a id , m a y reduce the c o m 
p a n y ’s Incom e $400,000 a y e a r .— \ . 91, p . 151.

Northern Heating & Electric Co. of St. Paul.— Sale—
Further Facts.— This company, recently purchased by H . M.
Byllesby & Co., will continue to operate separately from the
Northern States Power Co. (V . 90, p. 1299; V . 91, p. 467),
but all the stock, aggregating $1,500,000 common, issued
and outstanding under its new capitalization, will be owned
by the Consumers Power Co., whose entire stock is in turn
owned by Northern States Co. (V . 90, p. 1298; also below).
T h e N orth ern H ea tin g & E le c tr ic C o. has m a d e a m o rtg a g e to secure
$ 8 0 0,00 0 1st M . 5 % g o ld b o n d s, all o u ts ta n d in g , d a te d J u ly 15 1910 and
d u e J u ly 15 1920, bu t s u b je c t to call a fte r O c t . 15 1910 a t p a r ($ 1 ,0 0 0 ).
In terest p a y a b le Q .-J . 15 at A m e r ic a n T ru s t & S av in gs B a nk, C h icago
(co -tru ste e w ith F ran k H . J o n e s ).
C o m p a re V . 91, p . 467 .

Northern States Power Co., Chicago.—-Capitalization.—
This holding company for Minnesota and North Dakota
properties managed by II. M. Byllesby & Co. now has out
standing $2,150,400 7 % cum. pref. and $4,000,000 common
stock (authorized issue $6,000,000 pref. and $4,000,000
common). It has no direct bonded debt but the Consumers’
Power Co., all of whose stock is owned (V . 90, p. 1298), has
an authorized issue of $10,000,000 of 20-year 5 % bonds due
N ov. 1929, of which the present status is as follows:
T o ta l au th orized Issue (co m p a re V . 90, p . 1 2 9 8 ).......... ................ $ 1 0 ,0 0 0 ,0 0 0

Green Bay (W is.) Gas & Electric Co.— New Bonds.— The Issued fo r cash and In p art p a y m e n t fo r acq u ire m e n t o f properties 3 ,3 1 7 ,0 0 0
aside to retire a like a m o u n t o f b on d s o f M an k a to G as &
Wisconsin R R . Commission has authorized the company SetE lectric
C o. (ca lla b le a n y Interest d a te a t 105 an d Interest on
to issue $103,000 5 % bonds of 1905, due May 1 1933, to
90 d a y s ’ n o t ic e )__________________________________________________
2 5 0 ,0 0 0
e to retire a like a m o u n t o f b on d s o f U nion L igh t, H eat
provide for extensions and additions. Compare V. 86, p.172. Set&aRsid
ow er C o .. F a rg o , N . D . (ca llable on an d a fte r S e p t. 1 1910
at 105 and In te r e s t)---------------------------------------------------------------------500.000
Hartford (Conn.) Gas Securities Co.— Liquidation.— The
to retire a like a m o u n t o f b on d s o f G rand F o rk s Gas
shareholders on Aug. 18 ratified the plan to liquidate the Set&aside
E lectric C o ____________________________________________________
7 11 .000
company, distributing to the shareholders pro rata its hold Set a side to retire a like a m o u n t o f b on d s ot N orthern H eatin g &
E le ctric C o. ot S t. Raul (s u b je c t to call a t p a r an d Interest o n
ings of common stock of the Hartford City Gas Light Co.
90 d a y s ’ n o t ic e )__________________________________________________
8 0 0 ,0 0 0
Compare V . 90, p. 449.
R e m a in d e r In treasury fo r fu tu re e x ten sion s a n d Im p rovem en ts _ 4 .4 2 2 ,0 0 0
V . 91, p . 467.
Lake of the Woods Milling Co., L td ., Montreal.— Regular
Phoenix Iron Co., Philadelphia.— Maturing Bonds.— The
Rate Increased from 6 % to 8 % .— A quarterly dividend of 2 %
$930,000 first consol, mortgage 6 % gold bonds due Sept. 1
was paid Sept. 1 on the $2,100,000 common stock, thus in
1910 were paid at maturity upon presentation at the office
creasing the annual rate from 6 % to 8 % . The $1,500,000
pref. stock on the same date received its usual quarterly of Drexel & Co., Philadelphia. Compare V. 90, p. 1682;
V . 91, p. 41.
1 M % . Compare V . 90, p. 562; V . 89, p. 998.
Producers’ Oil Co., Houston, Tex.- -Report.— The balance
Loose-W iles Biscuit Co.— See National Biscuit Co. below
sheet of June 30 1910 shows:
and North American Biscuit in V . 90, p. 1494.
A ssets ($ 7 ,8 3 9 ,3 7 6 ).
L ia b ilities ($ 7 ,8 3 9 ,3 7 6 ).
McCrum-Howell Co.— Decision.— Judge Hough in the T o ta l In v e s tm e n t__________ $ 5 ,8 7 1 ,3 6 2 A c e ts & bills p a y a b le ____ $ 7 3 4 ,5 9 0
ts an d bills r e c e iv 
S in k in g f u n d .........................
4 0 4 ,7 8 6
United States Circuit Court in this city on Aug. 30 refused A cac obul en_______
______________ 1,956,264 6 % g o ld d e b e n tu re s_____ 3 ,0 0 0 ,0 0 0
to grant the preliminary injunction of the Vacuum Cleaner C a s h ..........................................
11,750 C apital s t o c k .......... - ............ 3 ,0 0 0 ,0 0 0
S u r p lu s ........................
700 ,000
Co. of New York, whose patents, it is said, are controlled by
C om p a re V . 90, p . 1306.
the McCrum-Howell Co., restraining the Blaisdell Mfg. Co.
Quemahoming
Coal
Co.
of
Somerset,
P
a.—
Bonds
Offered.
of Bradford, Pa., from using a vacuum cleaner in a New
— Henry & W est, Philadelphia, are offering at par and int.
York hotel.
the unsold portion of $900,000 1st M. sinking fund 6 % gold
T h e su it. It Is s ta te d . Is o n e o f 28 cases th a t h a v e been pe n d in g again st
bonds dated July 1 1910 and due July 1 1935, but subject
v a rio u s v a c u u m -e lca n cr co m p a n ie s In th e U n ited S tates, a g ain st w h o m In
frin g em en t o f p a ten t Is alleged b y the V a cu u m Cleaner C o. T h o se In s y m 
to call, all'or for sinking fund, at 102 and int. Int. J. & J.
p a th y w ith th e defen d a n ts s a y th a t had th e suit been w o n b y th e o c in p la ln in Philadelphia. Par $1,000 (c*). Authorized issue, $ 1 ,
a n t It w ou ld h a v e given the M cC ru m -H ow ell C o . p r a ctica lly a m o n o p o ly o f
th e jb u s ln e s s .— V . 91, p . 399.
500,000; outstanding (present issue), $900,000. Philadel-




S e p t . 3 1 9 1 0 .]

THE CHRONICLE

phia Trust, Safe Deposit & Insurance Co., trustee.
State tax in Pennsylvania.

Tuscarawas County (Ohio) Electric Light & Power Co.,
New Philadelphia and Canal Dover, O.— Control— Bonds
Offered.— This is one of the companies which will be con
trolled by the new United Service Co. (V . 91, p. 407).
Weil,
Roth & Co., Chicago, are offering at 101 and int. a block of
1st M. 6 % bonds (closed mortgage), dated May 15 1907;
maturities May 1916 to May 1927, inclusive. Optional at
105; denomination $500. Prin. and int. (M. & N . 15)
payable at Cincinnati. Western German Bank, Cincinnati,
trustee. A circular shows:
B on d ed d e b t : originally a u th .. $ 20 0,00 0; Issued, $1 4 4 ,0 0 0 ; red eem ed t o
d a te , $ 1 8 ,0 0 0 ; p resen t b on d e d d e b t (m o rtg a g e c lo s e d ), $1 2 6 ,0 0 0 .
N et earnings fo r 12 m on th s e n d in g M ay 31 1910, $18 ,0 3 1 ; Interest o n all
b o n d s fo r 12 m o s .. $7,560. T h e m a n a gem en t r e ce n tly c lo se d a new 10-year
c o n tr a c t w ith N ew P h ilad elp h ia fo r street lig h tin g a t an in crea sed r a te .
T h is alon e w ill Increase th e earnings a b o u t $2,500 y e a r ly .
O rga n ized u n d er th e law s o f O h io [on M ay 4 1907 w ith $20 0 ,0 0 0 s to ck
as su ccessor o f T u sca ra w a s E le c tr ic C o. an d A . B a y e r E le c tr ic C o .— I5d.]
a n d op era tes In th o a d jo in in g cities o f N ew P h ila d e lp h ia an d Canal D o v e r.
O h io, servin g a p o p u la tio n o f a b o u t 20 ,0 0 0 . T h e enterprise Is a v e r y o ld
on e .
In th e la s t 2 J4 years u p w a rd s o f $45 ,000 has been sp en t In Im p ro v in g
th e p la n t. T h e pla n t Is situ ated o n th e T u sca ra w a s R iv e r , In N ew P h ila
delp h ia , a n d Is op era ted b y b o th steam an d w ater p o w e r, th e c o m p a n y
ow n in g a dam In th e r iv er o n e m ile a b o v e th o plan t a n d c a n a l-w a y lea d in g
th erefrom t o th o s ta tio n .
S u p plies th o Inhabitants o f b o th N ew P h ila
d elp h ia an d C anal D o v e r w ith ligh t a n d p o w e r a n d has sh ow n a s te a d y
Increase In earnings In s p lt o o f th e r e c e n t d epression . T h e d a m rights are
estim a ted w orth m ore th a n th e e n tire o u ts ta n d in g b o n d e d d e b t . T h e
c o m p a n y ow n s a lm o s t 100 acres o f la n d , In clu din g v a lu a b le co a l p ro p e rtie s,
s to n e quarries, fa rm lands a n d c it y p r o p e r ty .
W h e n n o t o p e ra tin g b y
w ater p o w e r th e y use c o a l fro m their o w n m in es, th e o n ly ex p e n se be in g fo r
m in in g an d h au lin g sa m e. T h is, to g e th e r w ith o th e r a d v a n ta g e s , m akes It
p ossible t o o p e r a te th e pla n t a t a b o u t 5 5 % o f th e gross In com e. T h e
fra n ch ises w ith b oth N ew P h ila d e lp h ia a n d Canal D o v e r are p e rp e tu a l,
c o v e r in g b oth lig h t a n d p ow e r.

— The Illinois Surety Co. of Chicago, whose advertisement
appears in another column of the “ Chronicle,” has in the
five years of its existence had a singularly successful career.
It is the only company of its kind organized under the laws
of Illinois, and its motto is “ prompt service, both in the
handling of its business and the adjustment of its losses.”
According to the last statement of the company, June 30
1910, its total resources were $570,672 25— the capital stock
being $250,000, surplus $50,000, undivided profits $50,000
and reserve for re-insurance over $150,COO. October next
it is proposed to increase the capital to a round half-million
dollars and to add $50,000 to the surplus. The company
is rapidly entering the Northwestern States, and pushing
business most energetically. E x -U . S. Senator Albert J.
Hopkins is President of the Illinois Surety.
- ‘-Attention Is called to the advertisement of _ Eugene
Meyer J r.& C o ., 7 Wall S t., offering the 1st M. 6 % convertble bonds of the Bingham & Garfield R y. Co., guaranteed,
principal and interest, by the Utah Copper Co. The bonds
are convertible during the period from July 1 1911 to July 1
1914 into stock of the Utah Copper at $50 a share. Particu
lars regarding the issue will be found in the advertisement
on another page.
— E . II. Rollins & Sons are offering by advertisement on
another page $200,000 Chicago City R y. Co. 1st M. 5 %
bonds. The bankers recommend these bonds for invest
ment and state at length in the advertisement several strong
reasons for so doing. The company has a long record as a
dividend payer.
— The bond and stock investment business formerly con
ducted under the name of Samuel Burns Jr. at Omaha, N eb.,
will be continued under the name of Burns, Brinker & Co.,
449 to 451 Omaha National Bank Building, Omaha, Neb.
— The announcement is made by Brooks & Co. of Scranton,
Pa., that Truman A . Surdam retired from that firm on the
1st inst.




©omimemai gimes.

Free of

A b s tr a c t o f L etter from P re s. D . B. Z im m e rm a n . S o m e r s e t,P a ., J u ly 22 ’ 10.
In c o r p o r a te d M arch 31 1903 u n d er law s o f P e n n sy lv a n ia , an d since 1904
has o p e ra te d s u cce s s fu lly fo u r m in es. C a p ita liza tio n : ca p ita l s to c k ,
56 0 0 ,0 0 0 .
F u n d ed d e b t : a u th . Issue, $ 1 ,5 0 0 ,0 0 0 ; p resen t Issue, $ 90 0,00 0.
R e m a in in g b o n d s re s e rv e d fo r a cq u is itio n o f Som erset c o a l lands ( “ C P r im e ’
o r “ B S ea m ” ) a t a v e r a g e p r ice o f n o t o v e r $100 per a cre , o n a p p ro v a l o f
en gin eer t o b e s elected b y th e tru stee.
T h e p ro ce e d s fro m th e p resen t Issue o f b o n d s w ill b e used t o retire th e
ex istin g d e b t ($ 4 4 6 ,0 0 0 ) fo r th e p u rch a se o f so m e 3,6 0 0 a d d itio n a l acres
o f coa l lan d s, a n d fo r o p e n in g a n d e q u ip p in g a t least tw o a d d itio n a l m in es.
T h e n e w p rop erties sh ou ld a t least d o u b le th e p resen t net earnings.
T h ese b o n d s a re a first an d o n ly lien o n all p ro p e rtie s n o w o r hereafter
o w n e d a n d o n n e t e q u it y o f $ 17 9,50 0 In 400 steel cars (V . 8 2 , p . 124 ). T h e
p rop erties w ill c o m p r is e s o m e 7 ,8 0 0 acres o f u n m ln cd c o a l lands o w n e d
In fe e o r co n tr o lle d th rou gh m in eral rig h ts estim a te d b y y o u r engineer to
c o n ta in a t least 3 6 ,5 3 4 ,4 0 0 n e t to n s o f m a rk e ta b le c o a l o f th e “ C P rim e
seam a lo n e . T h e “ B s e a m " co n ta in s, In m y o p in io n , an equ a l am o u n t o f
c o a l o f a lm ost as high a q u a lity . T h e lan d Is lo ca te d o n th e B . & O . R R .
In S om erset C o u n ty , P a ., an d con sists o f tw o tra cts w h ich w ill co n ta in six
m in es fu lly e q u ip p e d w ith m o d e rn m a ch in e ry , 250 m in ers’ h ou ses, 8 m iles
o f ra ilroa d sid in gs, & c. T h e a b o v e pro p e rtie s h a v e b een a pp ra ised b y y o u r
e x p e r t a t $ 1 ,4 2 5 ,7 7 7 ,a fter allo w in g 20 t o 5 0 % fo r d e p r e c ia tio n . H e esti
m ates th e life o f th e m ines a t 73 years, based u p o n th e presen t ann ual
o u tp u t o f 5 00 ,000 ton s .
E a rn in g s .— T h e earnings, a fte r an a llo w a n ce o f 7 c . p er to n fo r d e p le tio n
o f coa l an d d e p r e c ia tio n o f p la n t, a re a p p lic a b le t o all p resen t fix e d charges,
a v era g ed o v e r $10 6 ,0 0 0 fo r th e last three years.
D u rin g th is p eriod th e
Interest ch arges an d sin kin g fu n d req u ire m e n ts o n th e n ew Issue w o u ld h a v e
a m o u n te d t o $7 0 ,0 0 0 per an n u m . T h e sale o f these b o n d s w ill enab le us
t o Increase o u r o u t p u t so as t o a t least d o u b le th e p resen t n e t earnings,
based o n th e p resen t av era g e net p ro fit per to n .
S in k in g fu n d 5 c . per to n o n all c o a l m in ed fo r th e first 5 ye a rs, w ith y e a rly
m in im u m o f $ 1 6 ,0 0 0 ; fo r n e x t 20 years 10c. p e r t o n b u t n o t less than
$ 41 ,000 per an n u m .
If fu rth e r bo n d s are Issued, th e sin k in g fu n d m ust be
p r o p o r tio n a te ly Increased. Said sin k in g fu n d w ill retire all th e b o n d s a t
o r before m a tu r ity .
T h e c o a l Is a h ig h -g ra d e steam an d sm ith in g c o a l, a n d , h a v in g a high
co n te n t o f c a r b o n a n d lo w p e rce n ta g e o f su lph u r an d ash , Is regarded as
sm ok eless and classed w ith th e se m l-b ltu m ln o u s v a r ie t y . A n analysis
gives 14,597 B ritish therm al u n its. T h e to ta l to n n a g e o f all th e seam s
ca n b e e s tim a te d a t 7 5 ,0 0 0 ,0 0 0 to n s , w h ic h , o n a basis o f 10c. p er to n
r o y a lt y , or a p p lic a b le t o a sin kin g fu n d , w o u ld yie ld $ 7 ,5 0 0 ,0 0 0 . O ur
o u tp u t Is m o s tly sold In N ew Y o r k , P h ila d e lp h ia , B o s to n , B a ltim o re and
eastern s ection s o f P e n n s y lv a n ia . A m o n g o u r cu sto m e rs are th e B a ldw in
L o c o m o t iv e W o r k s , N ew Y o r k E d iso n C o . a n d th e A m e rica n B ridge C o.
— V . 82, p . 124,

593

COMMERCIAL EPITOME.
Friday Night, Sept. 2 1910.
While there has been no pronounced enlargement in the
volume of business generally, there was some expansion in
commercial circles. Doubtless the net result would have
S tocks o } M erch a n d ise.

S ep t. 1
1910.

Aug. 1
1910.

S ep t. 1
1909.

C offee, B r a z il__________________________________ 2,445,018 2 ,6 1 8 ,6 1 0 3 ,1 3 0 ,0 6 0
C offee, J a v a ____________________ ______ _________
6 4 ,7 4 0
30,108
20,400
C offee, o t h e r s ____________ _
_
"
280,828
3 7 7 ,8 5 0
313 ,123
S u g a r........ ................
54,158
64,732
70,474
H id e s .......................
..........
3 2 ,000
17.200
17.500
C o t t o n _______________________
57,535
113,067
217 ,030
M anila h e m p _______________
.
4 ,1 6 9
1,359
3,368
Sisal h e m p ____________ ______ ________ _________
410
687
1,220
F lo u r , barrels a n d sacks _ _ ____________________
3 9,100
56.500
56.200

L A R D has been firm, with trade light. Owing to decid
edly small supplies, the market is completely controlled by
the large packers. Prime Western 12.65c., Middle Western
12.25c. Refined has been slow at advanced prices, owing
to small supplies. Refined Continent 12.85c., South Ameri
can 13.60c., Brazil in kegs 14.60c. Matters have been prac
tically atja standstill in the local speculative market.
’
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 N E W YORK.
_
.
Sat.
M on.
ru es.
W ed .
T h urs.
F r i.
S e p te m b e r d e liv e r y ____12.12 H 12.2 5
12.2 5
12.27 y2 12.1 5
12 25
J a n u a ry d e liv e r y ----------11.00
1 1 .0 7 H 11.10
11.10 ' 10.95
11.05
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.
Sat.
M on.
T u es.
W ed.
T h urs.
F r i .3
S e p te m b e r d e liv e r y ____12.0714 1 2 .1 2 )4 12.12 )4 12.02 ^ 11.9 5
1 2 .0 7 H
O cto b e r d e liv e r y ______ 12.07 H 12.10
12.10
12.07 Vi12.02 H 12.1 0
N o v e m b e r d e liv e r y ____1 1 .5 2 )4 11.65
1 1 .6 7 )4
1 1 .6 7 )4 1 1 .6 0
11.6 5
Jan u ary d e l i v e r y ..........................................................
........
1 0 .6 2 ^ * 1 0 .6 7 >4

P O R K on the spot has been steady, with trading restricted
by the light stocks. Mess $24 5 0 @ $ 2 5 , clear $22 2 5 @ $ 2 3 50,
family $ 2 5 @ $ 2 5 50. Beef has advanced on an improved
business. Mess $ 1 5 @ $ 1 6 , packet $16 5 0 @ $ 1 7 , family
$19 5 0 @ $ 2 0 , extra India mess $31 @ $ 3 1 50. Cut meats
have been quiet but firm. Pickled hams, regular, 1 4 > 6 @
15)^c.; pickled bellies, clear, 1 6 }^ @ 1 7 c .; pickled r i b s f l ? ^
@ 1 8 c . Tallow has been rather more active at firm prices;
city 7%<s. Stearines quiet and rather weaker; oleo 11c., lard
13 j^c. Butter quiet and firm, owing to the meagre receipts
of choice grades; creamery extras 3 0 )^ @ 3 1 c . Cheese fairly
active and without important change; State, whole* milk,
colored or white, fancy, 15)^c. Eggs firm and quiet on lighter
arrivals, notably of best grades; Western firsts 22J^@ 23J^c.
O IL .— 'Linseed has been firmly held, but consumers are
buying sparingly; City, raw, American seed, 9 0 @ 9 1 c ., boiled,
91 @ 9 2 c ., Calcutta, raw, 95c. Cottonseed has been strong
and well controlled by prominent interests, owing to meagre
supplies; winter l l @ 1 5 c . , summer white l l @ 1 3 c .
Lard
has been firm on small stocks and limited offerings; prime
8 8 @ 9 0 c ., No. 1 extra 6 2 @ 6 3 c . Cocoanut firmly held on
small supplies and brisk demand; Cochin 1 0 ^ @ ll c .,C e y l o n
9 % @ 9 j ^ c . Olive steady at 86c. up. Cod has been firm
on scarcity; domestic 4 0 @ 4 2 c .; Newfoundland 4 3 @ 4 5 c .
C O FFEE has been active at a slight advance. Rio No. 7,
1034j@ 1 0 ^ c .; Santos No. 4, 1 0 % @ 1 0 j^ c .
Mild grades
have been in better request at higher prices; fair to good
Cucuta 1 0 % @ l l ) ^ c . Speculation fairly active and prices
have advanced, partly on support from prominent interests.
J a n u a r y ____ 8 .1 4 (
F e b r u a r y ___ 8.17 (
M a r c h _______ 8 .2 1 (
A p r i l _________8.22 (

>8.161 M a y ................8 .2 4 (
>8.19 J u n e _________8 .2 5 (
>8.22 J u l y ________ 8 .2 6 (
>8.24 A u g u s t ........... 8 .2 6 (

S e p te m b e r . . 7 .9 5 @ 8 .0 0
O c t o b e r _____ 8 .0 0 @ 8 .0 5
N o v e m b e r _ _ 8 .0 5 @ 8 .1 0
D e ce m b e r _ . 8 .1 0 @ 8 .1 5

S U G A R .— Raw has been rather more active at slight
concessions. Centrifugal, 96-degrees test, 4.42c.; musco
vado, 89-degrees test, 3.92c.; molasses, 89-degrees test, 3.67c.
Refined has been decidedly quiet as regards new business,
the interior being evidently well supplied. Withdrawals on
old contracts are fair. Granulated 5.25c. Teas have been
firm with a fair jobbing inquiry. Spices have been firm,
owing to moderate stocks and a good demand. Wool has
been quiet and fairly steady. Hops steady but dull, with
complaints of blue mold in this State and good reports
from the Pacific Coast.
P E T R O L E U M .— Refined has been steady with^domestic
demand quiet and export inquiry fair. Refined, barrels,
7.65c.; bulk 4.1 5c., cases 10.05c. Gasoline steady; 86degrees, in 100-gallon drums, 1 8 % c .; drums $8 50 extra.
Naphtha firm with brisk demand; 73 to 76 degrees, in 100gallon drums, 16% c.] drums $8 50 extra. Spirits of turpen
tine fairly active, with prices higher on small receipts and
strong support, at 74J^c. Rosin quiet at advance; common
to good strained, 6.10c.
TO B AC C O .— Quietude continues to be about the only
feature in the local market, and no improvement is looked
for until later in the month when manufacturers may be ex
pected to renew buying. Firm prices are asked for old crops,
as supplies are moderate.
C O P P E R .— Prices advanced early on export buying,
but later there was a partial recession, concessions evidently
being necessary to stimulate domestic business; lake 1 2 % @
1 2 % c .; electrolytic 12J ^ @ 12.55c., casting 1 2 j^ @ 1 2 3 ^ c .
Lead has been firm but quiet at 4 .4 0 @ 4 .50c. Spelter has
been quiet at an advance to 5 .3 7 ^ @ 5 .5 0 c .
Tin lias again
advanced— sp o t35.5 0@ 35.7 0c . Iron prices unchanged at $16@ $ 1 6 25 for No. 1 Northern and $15 2 5 @ $ 1 5 75 for No. 2
Southern, but a more hopeful feeling seems quite general.

594

THE CHRONICLE
COTTON.

Sat.

M on.

T u es.

G a lv e s t o n ___
P o r t A r th u r ____
C o rp . C h rlstl,& c.
N ew O rleans____
G u lfp ort __
M ob ile _________
P e n s a c o la _______
J a ck son v ille, & c.
Sav an n ah _______
B r u n s 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 l m i n g t o n ____
N o r f o l k _________
N 'p o r t N ., & c . .
N ew Y o r k ______
B o s t o n _________
B a lt im o r e _______
P h ila d e lp h ia ____

11,491

10,116

17,880

8,051

260

1,676

2,617

1,886

13

63

25

20

12

415

393

869

765

2

18

2

7

52

134

50

100

4

T o ta ls this w e e k .

12,510

T h urs.

W ed.

F ri.

15,612

Total.

9,298

72,448

89

6,528

62

195

1,929

4,932

—

81

1
5G

1
344

40

60

195
115
1,291

16,482

11,494

86,130

195
15
1,291
—

—

—

—

12,316

—

—

12,128

21,200

The following shows the week’s total receipts, the total
since Sept. 1 1910, and the stocks to-night, compared with
last year:
1909.

1910.
1 R eceipts to
This
w eek.
G a lv e s to n ________
P o r t A r t h u r _____
C orpu s Chrlstl, &c
N ew O rlean s____
G u lfp ort ________
M o b i l e ___________
P e n s a c o la ________
J a c k s o n v ille , &c_
S a v a n n a h ___—
B r u n s w ic k ___ __
C h a r le s t o n _______
G eorg etow n ____
W ilm in g to n . . . .
N o r fo lk _______ _.
N ’ p ort N ew s, & c.
B o s t o n _______

S in ce S ep
1 1910.

72,448

17,136

89

'2 9 8
3,110

" '2 9 8
307

74

831

____
4,932

2,694

81

52

1
344

1
56
.............
100

6,528

__

195

195
115
1,291

--

1910.

86,130

___

37,419

22,795
_
740

33,440

534

35,270
1,450
1,790

21,135
1,450
1,353

8,139
2,046
345

37,462
1,561
2,167

729
1,781
147

3 11
824
147

88
273

901
6,045

191
147

79

.....

139,701
1,416
522
445

65,282
2,992
1,280
1,025

43,604

226,049

192,724

.....
27,976

1909.

49,479
.............

—

P h il a d e l p h i a ____
T o t a l _______

24,910

Stock.

S in ce S ep
1 1909.

35,676

—

.

This
w eek.

81,420

3,150

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
1910.

R eceipts at—

1909.

G a lv e s t o n ___
P t . A r th u r ,& c .
N ew O rlean s.
M o b i l e _______
Savannah —

72,448

C h arleston, &c
W i lm in g t o n ..
N o r f o l k _____
N ’ p ort N ., &c
A ll o th e r s ____

81
l
344

1908.

1907.

| 1906.

1905.

51,289

26,582

4,799
1,560
18,723

1,324
231
13,241
659
1,091!
167
1,184

1,601

35,676
298
3,110
831
35,2 7 0
1,450
1,790
729
1,781
147
338

T o t a l this w k .

86,130

81,420

77,202

44,559

73,061

154,103

S in ce S ep t. 1.

27,976

43,604

52,231

39,968

73,061

171,451

6,528
195
4,9 3 2

321
32
53
285
141

47,649
137
5,966
2,849
13,973
1,227
131
920
76
133

80

59,082
268
7,707
3,877
57,904
327
9,485
7,044
6,660
98
1,651

The exports for the week ending this evening reach a total
of 74,136 bales, of which 17,274 were to Great Britain,
31,968 to France and 24,894 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1910:

Exports
from —
G a lv eston ____
Port Arthur__

Week ending Sept. 2 1910. From Sept. 1 1910 to Sept. 2 1910.
Exported to—
Exported to—
---------------------------------------------------------------------------------------------------------ContiGreat
ContiGreat
Britaln.'Fr'nce nent.
Total.
Total. Britain. France. nent.
9,464 19,886 19,723 49,073

200
New O rleans..
M ob ile_______
P en sa cola ____ _____
_____
Fernandina . .
Savannah ___
Brunswick____
Charleston____ . __ _
N o r fo lk ______
Newport News
New Y ork ____
Boston ...........

____
____
____
____

7,558 12,082
52

Philadelphia . .
Portland, M e ..
San Francisco.
Seattle ............
T a co m a ...........
Portland, Ore.
P em b in a .........
D etroit........... ..

__
__
....

105
120
_____
_____
50
_____
_____

305
120
_____
_____
50
_____
_____

93

93

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

50

50

______
.
______

50

50

_____
___
_____ ' _____
_____
4,744 24,384
____ _____
______
204
...........
152
_____ 1 ............
_____
_____ ' ___ ___
____J
___ ___
_____ 1 ______
_____ | _______
____J
_______

—

_____

___
___

_____
_____
_____
_____
_____

17,274 31,968 24,894 74,136

Total 1909____

5,026’ 11,034 29,417 45,477

687
9,547

198
500

3,000
100

1,500

T o ta l 1 9 1 0 ..
T o ta l 1 9 0 9 ..
T o ta l 1 9 0 8 ..

13,334
3,856
12,462

2,198
4,1 0 0
2,073

__
__
__
__

__
__
—

Ger
Other
m any. F oreign
5,688
16,330

Coastw ise.

1.201
10,940

Total.

187
2,557

L eavin g
S tock.

7,961
39,874

6,200
100

14,834
9,605
8,139
345
740
273
133,561
4,4 1 7

54,135
38,965
37,456

171,914
153,759
147.724

__
1,200

500

—

—

23,218
14,001
10,736

—

12,641
11.863
7,826

2,744
5,145
4,359

COTTON CROP C IR C U L A R .— Our Annual Cotton Crop
Review will appear in the “ Chronicle” in the issue of Sept. 10,
but will be ready in circular form about Wednesday, Sept. 7.
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.
Speculation in cotton for future delivery has been on a
rather small scale and almost wholly professional in char
acter, the outside public showing little or no interest. Bar
ring the strong advance in August at the outset, when the
war-time price of 20 cents was paid for a few small lots,
and the subsequent temporary buoyancy in September,
the general trend has been toward lower levels. The ma
jority of traders are evidently against an advance, their main
argument being the remarkably liberal movement in the
South. Planters are said to be offering cotton at decidedly
low prices, and this has enabled prominent spot interests to
sell September freely in the local market. Under the weight
of these sales the price broke sharply, despite the efforts
of the leading bulls to keep it up. The more distant con
tracts, however, show only a small loss, and it was
evident that the bears were more timid about sell
ing them.
The weather has continued dry in those
parts of Texas where rains have been needed for so long,
and some, in fact, claim it is too late now for rains to be of
any benefit. Reports from the Eastern belt, on the other
hand, have been more optimistic, notably as regards bene
ficial rains in Georgia and the Carolinas, where drought had
been complained of. Monday’s trading supplied one of the
week’s most interesting features, namely, the realization of
the bull’s prediction that August cotton would sell at twenty
cents; August advanced 318 points, roundly $16 per bale,
but there was little of the wild excitement usually noted
during such sensational developments. When the 20-cent
level was reached, the bulls checked the advance by offering
to sell to all who wanted cotton, and thereafter the price
steadily sagged off, the contract finally expiring quietly at
18 cents. To-day there was a further slight decline, which
was mainly due to the Bureau report, which came rather
better than expected. It made the condition 72.1, against
75.5 in August, 63.7 a year ago and a 10-years’ average of
73.1.
As on previous days, much of the selling was done by
spot houses against purchases at low prices in Southern mar
kets.
The rates on and off middling, as established Nov. 17 1909
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a i r ......... ............ c . l . 50 on (M id d lin g .........._ _ c . Basis IGood mid. tin ged.c Even
Strict mid. fair------1.30 on(Strlct low. m id____ 0.25 off (Strict mid. tin ge d ..0.15 off
Middling fa ir ......... 1.10 o n ( Cow m iddling_______0.00 off(M lddllng tin g e d .. .0.25 off
Strict good m id___ 0.00 on (Strict good o r d ____ 1.05 off (Strict low .M id.ting.0.00 off
Good m iddling___ 0 .1 1 on (Good ordinary_______ 1.75 oft (Low mid. tinged — 1.50 off
Strict m iddling___ 0 22 on(Strlct g’d mid. Jyd.0.35 on (Middling stained— 0.75 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
A u g . 27 to S ept. 2—
S at.
M on. T u e s .
W e d . T h u rs.
M id d lin g u p la n d s _______________16.90
19.75 19.75
17.50
15.50

Fri.
15.00

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
Sept. 2 for each of the past 32 years have been as follows:
1 9 1 0 .c . . . . .1 5 . 0 0
1 90 9____ . .. 1 2 . 8 0
190 8____ . . . 9.30
190 7____ . .. 1 3 . 5 5
1 90 6____ . . . 9.80
19 0 5 ____ . . . 10.95
1 90 4____ . . . I t . 10
19 0 3 ____ . . . 1 2 . 7 5

1 9 0 2 .c . . . . .
1901........... .
1900........... .
1899........... .
1898_____ _ .
1897_____ . .
1896_____ .
1895_____ ...

100

4,491! 10,415

12,493

S p ot M a rk et
Closed.

....
193
27,399

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. W e add similar figures for
New York.




N ew O r le a n s ..
G a lv e s t o n ____
S a v an n ah ____
C h a rle sto n ____
M o b i l e ________
N o r f o l k _______
N ew Y o r k ____
O th er p o r t s ___

___

93

...........

Great
B ritain . F ra n ce

9 .0 0
8 .6 2
9.62
6.25
5.8 1
7.8 1
8.31
8.19

6 .8 8
1 8 9 4 .C . . . .
1893____ . . . 7.88
1892____ . . . 7.1 2
1891____ . . . 8.50
1 8 9 0 ____ ___11.00
. 11.50
1889____
1888____ . . . 10.88
1887____ . . . 1 0 . 0 0

1 8 8 6 .c . .
1885____
1 8 8 4 .. .
1 8 8 3 .. .
1 8 8 2 .. .
1881
1880
1879 .

- - 9 .1 9
- 10.12
. . . 10.88
---- 10.12
. .. 1 2 . 1 8
.-.1 2 .2 5
___12.12

M A R K E T A N D SA LE S A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spots and futures closed
on same days.

__
.... .... ..... .... ....

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

On Shipboard, N ot Cleared f o r —

S e p t. 2 at—

Friday Night, Sept 2. 1910.
T H E M O V E M E N T OF T H E 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
86,130 bales, against 56,579 bales last week and 40,707
bales the previous week, making the total receipts since
Sept. 1 1910 27,976 bales, against 43,604 bales for the
same period of 1909, showing a decrease since Sept. 1
1910 of 15,628 bales.
R eceipts at—

[VOL. L X X X X l

S a t u r d a y ..
M o n d a y ___
T u e sd a y . .
W ednesday
T h u rsd a y .
F r id a y ____
T o t a l...

Q u iet, 50 p ts. a d v _ .
Q u iet, 285 p ts. a d v .
Q u i e t ----------------------Q u iet, 225 p ts . d e c .
Q u iet, 200 p ts . d e c .
Q u iet, 50 p ts . d e c . .

F u tu res
M arket
Closed.

Sales o f S p ot and C on tract.
C onC on
S p ot. su m ’n. tract.

Q uiet _______
S t e a d y _______ 25',179
B a rely steady
S t e a d y ...
' 1 06
S t e a d y ..
92
S t e a d y ___
609
25,086

::::

T otal.

2 2,8 66 47', 979
3,900 3,9 0 0
38,700 38,806
892
800
609
66,200 02,186

THE CHRONICLE

S e p t . 3 1 9 1 0 .]

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

595

A T T H E IN T E R IO R T O W N S 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.
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_____
S ep t. 2—
1910.
3311,0
,00000
S to c k a t L iv e r p o o l_________ bales. , 33
S to ck a t L o n d o n _________________
5,000
S to c k at M a n c h e s t e r _____________
2 1,000

1909.
836 ,000
17,000
50,000

1908.
37 1 ,0 0 0
15,000
3 9 ,0 0 0

1907.
705 ,000
2 1 ,000
53,000

T o ta l G reat Ilrltaln s t o c k _____
S to c k a t H a m b u r g ________________
S to c k a t B r e m e n _________________
S to c k a t H a r v e ___________________
S to ck a t M a r s e ille s _______________
S to c k a t B a r c e lo n a _______________
S to c k a t G en oa .....................
S to c k a t T rieste .......... ..........

3 57 ,000
12,000
60,000
72,000
2,000
11,000
19,000
7,0 0 0

903 ,000
12,000
125,000
155,000
3,0 0 0
22,000
18,000
5,000

4 2 5 ,0 0 0
25,000
159,000
7 3 ,000
4 ,0 0 0
19,000
13,000
18,000

77 9 ,0 0 0
18,000
115 ,000
118,000
3,0 0 0
16,000
18,000
3 8 ,0 0 0

T o t a l C on tin en tal s t o c k s .............

183,000

340,000

3 11 ,000

3 26 ,000

73 6 ,0 0 0 1 .1 0 5 .0 0 0
5 3 .0 0 0
131 ,000
130 ,616
4 5 ,810
2 2 ,0 0 0
15,000
6 0 ,000
23,000
3 84 ,000
509 ,000
185,180
280,083
117,358
8 7,945
12,398
3,367

T o ta l v is ib le s u p p ly ____________ 1,470.508 1 ,9 01,327 1.700,552 2 .2 0 0 ,2 0 5
O f th e a b o v o , tota ls o f A m e rica n an d o th e r de scrip tio n s a r c as fo llo w s :
A m e r ica n —
L iv e r p o o l s t o c k ____________ bales. , 244 ,000
743 ,000
2 68 ,000
5 9 6 ,0 0 0
16,000
35,000
M anchester s t o c k ...............................
.
2 8 ,0 0 0
4 3 ,0 0 0
C on tinental s t o c k _________________
138 ,000
302 ,000
237 ,000
2 29 ,000
118,368
82,374
A m erica n a floa t fo r E u ro p e _______
130,616
45,810
226 .049
192,724
U . S. p o r t s t o c k s . . _______
,049
185,180
280,083
83,449
U . S . Interior s t o c k s .......... ..............
52,041
117,358
8 7 ,9 4 5
1,780
U . S. e x p o r ts t o - d a y . ......................
12,398
50
3 ,3 6 7

T o ta l E a st In d ia , & c ___________
T o t a l A m e r ic a n ________________

676,000
461 .000
794,508 1,440,327
704,508

978,552 1 ,2 8 5 ,2 0 5
103,000
15,000
11,000
7 4 ,000
5 3,000
2 2 ,000
6 0 ,0 0 0
3 84 ,000

M

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10 9 ,0 0 0
2 1 ,0 0 0
10,000
9 7 ,000
131 ,000
15,000
23,000
5 09 ,000

915 000
72 2 ,0 0 0
978 ,552 1,28 5 ,2 0 5

COCl I tO>UM
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T o ta l A m e r ic a n _________
794,508 1,440,327
East In d ia n , B ra zil, <fec.—
L iv e r p o o l s t o c k ____________________
8
93,000
87
7 ,000
,000
L o n d o n s t o c k _____________________
17,000
5,000
M anchester s t o c k ............................. I
5,000
15,000
C on tin en tal s t o c k .......... ..............................45,000
...........
38,000
In d ia a floa t fo r E u ro p e ___________
54,000
54,000
E g y p t , B razil, & c., a llo a t ________
17,000
25,000
S to c k In A le x a n d ria , E g y p t _________________
0
3 7 ,0 0 0 3 7 ,0 045,000
S to c k In B o m b a y , I n d ia _________
4 26
,000
42
6 ,0
00
174,000

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540,000 1,243,000
54,000
54,000
118,368
82,374
17,000
2 5 ,000
3 7,000
4 5 ,0 0 0
426 ,000
1 74 ,000
226,049
192,724
52,041
83,449
50
1,780

s -i?

00 O H IN9 O CO *U C l O C» C l It* O '

I I

T H E V IS IB L E S U P P L Y 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 fig
ures for to-night (Friday), we add the item of exports
from the United States, including in it the exports of Friday
only.

T o ta l E u rop ea n s t o c k s ............... ..
In d ia c o t to n afloa t fo r E u r o p o ___
A m c r . c o t to n a floa t fo r E u r o p e ..
E g y p t .B r a z il,& c .,a flt .fo r E u ro p e
S to c k In A le x a n d ria , E g y p t ______
S to c k In B o m b a y , In d ia _________
S to c k In U . S . p o r t s _______________
S to c k In U . S . Interior to w n s ------U . S . e x p o r ts t o -d a y _____________

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The above totals show that the interior stocks have in
creased during the week 3,738 bales and are to-night 31,408
bales less than at the same time last year. The receipts
at all the towns have been 22,797 bales more than the same
week last year.
O V E R L A N D M O V E M E N T F O R T H E W E E K AN D
SINCE SE PT. 1.— W e 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:
S ep t. 2—
S h ip p ed —
V ia S t. L o u is ______________________
V ia C a ir o ________________________ _
V ia H o ck Is la n d ________ ______
_
V ia L o u is v i ll e _________ ; . __
V ia C in cin n a ti_______
V ia V irgin ia p o in t s ________ .
V ia o th e r r o u te s , & c _______________

"
458
190

818
85

w T ? t;) 1 gross o v crla n cl-------------------- 2,934
D educt shipm en ts—
O verlan d to N Y . , B o s to n , & c . . _ 1 , 6 0 1
B etw een in te rio r t o w n s _____________
_
In la n d , & c ., fro m S o u t h __________ 1 , 0 2 8

888

3,3 7 2

100

338

70

723

8 9

’

483

T o t a l to be d e d u c t e d ___________2,6 2 9
L e a v in g t o ta l net o v e rla n d * _______

1,230

305

1,172
’

562

2,142

* In c lu d in g m o v e m e n t b y rail t o C a n ada.

The foregoing shows the week's net overland movement
this year has been 305 bales, against 2,142 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago of 545 bales.
la 1 yj---------

In Sight and S p in n ers’
7'akings.

W eek.
. . 86,130
..
305
2 28,000

S in ce
S ep t. 1 .
2 7 ,976
65
9,000

W eek .
81,420
2,142
52,000

i o u y --------S in c e
S ep t. 1.
43,604
610
2 6,000

.1 1 4 ,4 3 5
..
3,738

37,041
1,263

135,562
468

70,214
894

.1 1 8 ,1 7 3
136,030
T o ta l v ls lb lo s u p p ly _________________________ 1,470,508 1,901,367 1,700,552 2 .2 0 0T.2o0t a
5 l In sigh t S e p t. 2 ___
" " 38 ,304
7 1 ,108
M id dlin g U p la n d , L iv e r p o o l_____
7 .9 7 d .
6 .8 8 d .
5.2 5 d
7 .5 1 d .
M id d lin g U p la n d , N ew Y o r k -----1 5 .0 0 c .
1 2 .8 5 c.
9 .3 0 c .
13 .0 0 c.
N o rth , sp in n ers’ tak in gs t o S e p t. 2 _______
9,945
E g y p t , G o o d B row n , L i v e r p o o l ..
I4 d .
I0 d .
8U d.
1 1 yx <X.
P eru v ia n , H ough G o o d , L iv e r p o o l
1 0 .7 5 d .
8 .3 5 d .
8 .8 0 d .
1 2.00d .
Movement into sight in previous years:
B roa ch , F in e, L iv e r p o o l-------------7H d.
6H (1 . 4 1 5 -1 6 d .
6 5 -1 0 d .
W eek—
B a les. I S in ce S ept. 1—
T ln n e v e lly , G o o d , L iv e r p o o l______7 l - 1 6 d .
6 d . 4 1 1 -lfld , 5 13-10d .
B a le s .
1008— S e p t. 5 ________________ 115,914 ! 1908— S e p t. 5 . .
76 611
Continental imports for the past week have been 42,000 1907— S e p t. 6 ________________ 103,389 11907— S e p t. 6
90 736
1906— S e p t. 7 ________________ 127,506 1906— S e p t. 7
1 2 7 ’ .506
bales.
1905— S e p t. 8 ________________ 220,938 11905— S e p t. 8 1111111 H I 111245*863

The above figures for 1910 show an increase over last week
of 17,283 bales, and a loss qf 430,859 bales from 1909,
a decrease of 230,044 bales from 1908, and a decrease of
729,697 bales from 1907.




" N E W O R LE A N S O PTIO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have^been as follows:

596

THE CHRONICLE

S a t’ day, M o n d a y , Tuesday, W ed’ dau, T h ursd’ y, F r id a y ,
A u g . 27. A u g . 29. A u g . 30. A u g . 31. S e p t.
1 . S ep t. 2.
V
A u g u s t—
R a n g e ............. 15.49.50 1 4.95-.3 6 — @ — — @ — __ (A __
C losin g ............. 15.45 — 15.97 —- N om inal. — @ — — @| — — @ —
Septem ber—
R a n g e _______ 13.80-.8 2 13.72-.8 2 13.82-.89 1 3.70-.7 6 13.66V-79 13.5 0 -.6 2
C lo s in g ............. 13.78 — 13.80-.8 2 13.82-.8 4 13.72-.7 3 i3.63-b<>6 13.51-.5 4
October—
R a n g e _______ 13.34-.4 5 13.29-.3 9 13.36-.4 7 13.26-.3 4 13.25-1.38 13.18-.3 0
C lo s in g _______ 13.34-.3 5 1 3.38-.3 9 13.36-.37 13.32-.3 3 13.30-j.31 13.22-.2 3
N ovem ber—
R a n g e _______ — @ — — @ — — @ .33 13.24 — __
--- — @ —
C lo s in g _____
13.27-.2 9 1 3.31-.3 3 1 3.28-.2 9 13.26-.2 8 13.23-125 13.16-.1 8
D ecem ber—
R a n g e _______ 13.31-.38 13.26-.3 6 1 3.34-.4 4 1 3 .2 2 -.3 0 1 3 .2 A -.3 5 13.15-.2 7
C lo s in g _______ 13,31-.3 2 13.35 — 13.33-.3 4 1 3 .2 9 -.;i«i 13.27-.28 13.20-.21
Jan uary—
R a n g e ............. 1 3.34-.4 3 1 3.30-.3 9 13.37- .48 13 .2 6 -.3 5 13.26-.3 9 13.24-. 30
C los in g ..........
1 3.36-.3 7 13 .3 8 -.3 9 •'ll .'37-. 38 13 .3 2 -.3 3 13.30-.32 13.25-.26
F e b r u a ry —
R a n g e _______ — @ —
— @ — — @ — — @ — — @ —
C lo s in g _______ 13.41- A 2 1 3.43-.4 5 13.42-.43 1 3.37-.3 9 13.34-.3 6 1 3.30-.3 2
M arch—
R a n g e ___
13.45-.4 8 1 3.45-.5 0 13.48-.5 4 13.38-.4 4 1 3.38-.5 0 13.31-.41
C losin g
1 3.47-.4 8 13.49-.51 13 .4 8 -.4 9 1 3.44-.4 5 13.41-.4 3 1 3.37-.3 9
M a n -_ *
R a n g e _______ — @ .58 13.60-.6 2 13.59-.6 8 — @ — — @ .53 — @ —
C lo s in g ----------- 1 3.57-.5 8 13.60-.6 1 13.59 — 1 3.54-.5 6 13.52-.5 3 13.49-.51
T o n e—
E asy.
Q uiet.
S te a d y .
S p o t ________ S te a d y . .Steady. S te a d y .
O p t i o n s .......... 1 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 .
* N om in a l.

[V O L . L X X X X I

Vicksburg, Mississippi.— It has rained on two days of the
week, the precipitation reaching eighty hundredths of an
inch. The thermometer has ranged from 67 to 95, averag
ing 82.
Eldorado, Arkansas.— W e have had no rain the past week.
Average thermometer 79, highest 96, lowest 62.
Helena, Arkansas.— Cotton needs rain and is shedding.
There has been no rain since August 21st but there are
indications of rain near by. The thermometer has averaged
77.5, ranging from 63 to 92. August rainfall 1.60 inches.
Little Rock, Arkansas.— Crops continue to improve, but
picking will not commence for ten days. There has been no
rain during the week. The thermometer has ranged from
61 to 93, averaging 77.
Dyersburg, Tennessee.— W e have had rain on one day of
the past week, the precipitation reaching ninety hundredths
of an inch. Average thermometer 77, highest 94, lowest 59.
Memphis, Tennessee.— W e have had no rain the past week,
but good showers in vicinity. The crop is progressing well.
The thermometer has averaged 76, the highest being 93
and the lowest 60.
Mobile, Alabama.— Weather favorable in the interior.
Cotton picking is making fair progress in most sections. Rain
has fallen on three days Of the week, the rainfall reaching
one inch and five hundredths. The thermometer has ranged
from 73 to 94, averaging 84.
Montgomery, Alabama.— Rain is much needed. Cotton is
deteriorating. The week’s rainfall has been four hundredths
of an inch, on one day. Average thermometer 81, highest
93, lowest 70.
Selma, Alabama.— There has been no rain the past week.
The thermometer has averaged 81, the highest being 94
and the lowest 68.
Ardmore, Oklahoma.— There has been no rain the past
week. The thermometer has averaged 80, ranging from
59 to 100.
Madison, Florida.— It has rained on three days of the week,
with rainfall to the extent of two inches. The thermometer
has ranged from 71 to 89, averaging 78.
Atlanta, Georgia.— There has been rain on four days during
the week, the precipitation being one inch and thirty-four
hundredths. The thermometer has averaged 77, the highest
being 88 and the lowest 66.
Augusta, Georgia.— It has rained on two days of the week,
to the extent of two inches a n d thirty-seven hundredths.
The thermometer has averaged 80, ranging from 70 to 91.
Savannah, Georgia.— There has been rain on each day of
the week, the rainfall being nine inches and eighty-three
hundredths. The thermometer has ranged from 69 to 88,
averaging 78.
_
Charleston, South Carolina.— W e have had rain on four
days of the week, the rainfall being six inches and ninety-five
hundredths. The thermometer has averaged 78, the highest
being 87 and the lowest 70.
Greenville, South Carolina.— There has been rain on two
days of the past week, to the extent of two inches and thirtyeight hundredths. The thermometer has averaged 77,
ranging from 65 to 88.
Spartanburg, South Carolina.— There has been rain on three
days during the week, to the extent of four inches and thirtyeight hundredths. Average thermometer 80, highest 94,
lowest 66.
Charlotte, North Carolina.— Prospects are good. It has
rained on four days during the week, the precipitation reach
ing two inches and "tw enty-six hundredths. The ther
mometer has averaged 75, the highest being 92 and the
lowest 64.
.
*
Raleigh, North Carolina.— It has rained on five days of the
week, the precipitation reaching three inches and thirty-eight
hundredths. The thermometer has ranged from 64 to 94,
averaging 77.

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our tele
graphic advices from the South this evening indicate.that,
except in Atlantic sections, little or no rain has fallen during
the week. Over a considerable portion of Texas dry weather
has prevailed, and it is claimed that the crop is deteriorating.
Like complaint is made from a few other sections. On the
other hand, some correspondents refer to further improve
ment in the crop. Picking is becoming more general.
Galveston, Texas.— Picking is general in Texas. Deterior
ation continues. Rain has fallen on four days of the week,
the rainfall being one inch and fourteen hundredths. Aver
age thermometer 83, highest 90, lowest 7(5. Month's rainfall
2.01 inches.
Abilene, Texas.— W e have had no rain during the week.
The thermometer has averaged 83, the highest being 98
and the lowest 68. August rainfall 2.84 inches.
Brenham, Teaxs.— It has rained on one day during the
week, the precipitation reaching nine hundredths of an inch.
The thermometer has averaged 85, ranging from 70 to 99.
Month’s rainfall twelve hundredths of an inch.
Cuero, Texas.— There has been rain on two days during
the week, the rainfall being twenty hundredths of an inch.
The thermometer has ranged from 74 to LOO, averaging 87.
August rainfall seventy-two hundredths of an inch.
Dallas, T exa s— Dry all the week. Average thermometer
85, highest 103, lowest 67.
Huntsville, Texas.— There has been rain on one dayof the
past week, the rainfall reaching thirty-five hundredths of an
inch. The thermometer has averaged 83, ranging from 69
to 97.
,
Kerrville, Texas.— Dry all the week.
The thermometer
has ranged from 69 to 99, averaging 84. _Month’s rainfall nil.
Lampasas, Texas.— There has been rain on one day during
the week, the rainfall reaching two hundredths of an inch.
Average thermometer 84, highest 100, lowest 67. August
rainfall sixty-five hundredths of an inch.
Longvieiv, Texas.— There has been no rain during the week.
The thermometer has averaged 83, the highest being 98 and
the lowest 67.
Nacogdoches, Texas.— Dry all the week. The thermometer
has ranged from 68 to 96, averaging 82. Month’s rainfall
1.84 inches.
,
Palestine, Texas.— W e have had no rain the past week.
Average thermometer 82, highest 96, lowest 68.
Paris, Texas.— W e have had rain on one day of the past
week, the precipitation being twenty-eight hundredths of an
inch. The thermometer has averaged 81, the highest being
99 and the lowest 62. August rainfall 3.09 inches.
Taylor, Texas.— Rain has fallen on two days during the
T H E A G R IC U L T U R A L D E P A R T M E N T ’S AU GU ST
week, the rainfall reaching thirty-eight hundredths of an R E P O R T .— The following statement, showing the condition
inch. The thermometer has ranged from 70 to 96, averaging of cotton on Aug. 25, was issued by the Department of
83.
.
Agriculture Sept. 1:
Weatherford, Texas.— W e have had no rain the past week.
T h e C rop R e p o r t in g B o a rd o f the B ureau o f S tatistics ot the U nited S tates
The thermometer has averaged 83, the highest being 98 and D e p a rtm en t ot A g ricu ltu re estim a te s, fro m the re p o rts ot the corresp on d en ts
the lowest 67. Month’s rainfall nineteen hundredths of an d agen ts ot the B ureau, th a t the a ve ra ge c o n d tlo n o f the c o t to n crop
on A u g 25 w as 7 2 .1 ":. ot a n o rm a l, as c o m p a re d w ith 75.5 on J u ly 25 1910,
an inch.
65 7 on A u g. 25 1909. 76.1 o n A u g. 25 1908 and 78.1 the a vera ge o f the
. .
. ... .
\
('n»n rlsjnntj nP ortnrllt tone la.r c ? * . ......
Holdenville, Oklahoma.— It has been dry all the week.
A u g . 25 J u ly 25 A u g . 25 J u ly 25 A u g . 25 U )-yr.
The thermometer has ranged from 55 to 100, averaging 78.
1910.
1910.
1909.
1909.
aver
1908.
States—
80
73
71
79
87
Marlow, Oklahoma.— There has been no rain during the V irginia .......... ................... . . 8 2
. . 77”
6
71
73
71
80
76
N
orth
C
a
r
o
lin
a
------------------week. Average thermometer 75, highest 98, lowest 52.
.
.
7
3
70
74
77
76
76
S o u th C a r o lin a -----------------70
73
78
76
Alexandria, Louisiana.— There has been rain on one day of G e o rg ia .......................... ............71
77
' *
.7y*
4
70
75
78
84
80
the week, the rainfall reaching twenty-five hundredths of an F lorid a .....................
71
. .-7' 2f
66
68
72
77
A la b a m a ---------71
. .7 1
61
inch. Average thermometer 83, highest 98, lowest 69.
75
79
64
M is s is s ip p i................... ............
69
.6 0
48
58
63
71
New Orleans, Louisiana.— Rain has [fallen on one day of Lou isiana ________
82
..6 9
59
70
75
69
T e x a s ______________
73
.7 8
the week, the rainfall reaching seven hundredths of an inch. A r k a n s a s __________
60
83
76
73
. .7 8
76
75
88
80
81
T e n n e sse e__________
The thermometer has ranged from 76 to 93, averaging 84.
..7 8
72
80
90
85
80
M is s o u r i....................
Shreveport, Louisiana.— There has been rain on one day of O
87
.85
56
79
70
75
k la h o m a — ---------*5
98
. . 99o
5
---the week, the rainfall being thirty-two hundredths of an inch. C a liforn ia --------------------------Average thermometer 80, highest 95 and lowest 65.
75.5
63.7
. .7 2 . 1
71.9
76.1
73.1
U n ited S tates . .
Columbus, M ississippi.—-We have had no rain during the
M A N C H E STE R M A R K E T .— Our report received by
week. The thermometer has averaged 81, the highest being
cable to-night from Manchester states that the market is
98 and the lowest 65.
Meridian, M ississippi.— There has been rain on one day steady for both yarns andshirtings. The demand for both
of the week, the precipitation reaching one hundredth of an yarn and cloth is improving. W e give the prices for to-day
inch. The thermometer has averaged 80, ranging from below and leave those for previous weeks of this and last
68 to 92.
year for comparison:




1910.

1909.

ings, common
to finest.

Tieist.
d.

d. s. d.

July

0

15 10%
22 10%
29 10%
Aug
6 10 %
12 10%
19 10%
26 10%
Sept
2 10%

11 5
11% 5
11% 5

H

@
@

5 @1 04%
5% @ 10 6
6 @10 7

@10
5 6 @10
■» 6 @10
5 6% @ 10

@
@

11% 5

6

7
7%
7%
8

d.

Twist.

8.07
8.31
8.26
8.14

9
9
9%
9 3-16

@
@
@

9% 4 11 @ 9
9% 4 10 @ 9
9% 4 10%@9

3

@
@

9% 4
9% 4
9% 4
9% 4

2

@
@

10

7.97 9 5-16 ®

@10 8

0

6.72
6.48
6.73

2

3

10 @9
10 @9
10% @9
11 @9

5

d.

s. d.

d. s. d.

d.

7.94 9%
7.97 8%
8.16 9%

Mid.
Upl’s

ings, common
to finest.

32* Cop

Mid.
Upl’s

s. d.

5 6

11%
11%
11%
11%

<ch

8% 16*. Shirt C orn

8% lbs. Shirt Cot’ n

32* Cop

@9

Cotton Takings.
Week and Season.

19 10 .

i s i b l e s u p p l y A u g . 26------------- 1 , 4 8 7 , 7 9 1
i s i b l e s u p p l y S e p t . 1 -----------------1 1 8 ,1 7 3
m e r i c a n In s i g h t t o S e p t . 2 —
7 ,0 0 0
o m b a y r e c e i p t s t o S e p t . 1 ------3 7 ,0 0 0
t h e r I n d ia s h lp ’ ts to S e p t . 1 - 500
lc x a n d r la r e c e ip ts to A u g . 3 1 .
5 ,0 0 0
t h e r s u p p l y t o A u g . 3 1 * -------

Week.

T o ta l s u p p ly .

1 3 6 ,0 3 0
2 ,0 0 0
9 .0 0 0
1 .0 0 0
3 )0 0 0

1 8 4 ,9 5 6

T o t a l t a k i n g s t o S e p t . 2 ----------- -- O f w h i c h A m e r i c a n __________
O f w h i c h o t h e r --------------------------

Aug. 3 1 .

8 .2 3

8 .2 0

8 .1 8

7 .9 8

8 .0 3

7 .9 7

4 ,0 0 0
40 0

5 ,0 0 0
500

8 ,0 0 0
500

1 6 ,0 0 0
4 ,0 0 0

10 ,0 0 0
600

Futures,

B o m b a y ...................... .....................

Q u ie t.

Q u ie t.

M ore
dem and.

S te a d y a t
\
% @ 1%
J p ts. a d v .

E asy at
5% @ 8%
p ts. d ec.

S te a d y a t
5 @ 6 p ts.
ad van ce.

S te a d y a t
2 @ 4 p ts.
d e c l in e .

Q u ie t , u n c h .
2 % p ts.
d e c lin e .

S te a d y a t
3 @ 5 p ts.
d e c lin e .

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

M ark et
•1
P. M.

) S te a d y a t
5@ 9%
)
J p ts. a d v .

Q u ie t a t
6 @ 8 p ts.
d e c l in e .

S te a d y a t
1@ 6 %
p ts. a d v.

Q u ie t a t
5@ 12 %
p ts. d ec.

S te a d y a t
2% @ 4%
p ts. a d v .

Q u ie t a t
6 % @ 10 %
p ts. d ec.

2 ,0 0 0
1 ,0 0 0

1 0 3 ,8 0 3
8 4 ,8 0 3
1 9 ,0 0 0

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

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
.

Great Corul- \ Japan |
Britain, nent. \&China Total.

2",666

Since
Sept. 1 .

Week.

7 ,0 0 0 2 ,0 6 2 ,0 0 0

2 8 .0 0 0 2 0 ,0 0 0
1 8 .0 0 0 1 3 ,0 0 0
3 0 ,0 0 0
1 ,0 0 0

Great
Britain.

4 9 ,0 0 0
2 1 ,0 0 0
3 3 .0 0 0

Conti
nent.

Exports ( b a l e s ) —
L i v e r p o o l ---------------------M a n c h e s t e r __________
C o n t i n e n t -------------------A m e r ., In d ia & J a p a n
e x p o r t s _________

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

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

5 .0 0 0
6 ,4 8 4
5 ,5 8 6

6 0 ,0 0 0 '
5 4 ,4 5 6
3 0 ,1 5 2 !

4 7 .0 0 0
3 0 ,8 5 6 :
2 0 .0 0 0

6.000

4 0 ,0 0 0 '
5 5 ,0 1 8 !
4 6 ,7 6 1

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

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

3 2 7 ,0 0 0
3 0 7 ,3 8 7
3 0 0 ,3 2 4

4 3 ,0 0 0 '
8 8 ,0 9 2 !
4 1 ,3 1 8 '

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

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

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

19 0 9 -10 .

19 0 8 -0 0 .

19 0 7-0 8 .

4 .0 0 0
4 ,9 1 4 ,9 2 3

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

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

Since
This
Week. Sept. 1 .

This
Since
Week. Sept. 1 .

Since
This
Week. Sept. 1 .

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

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

2 ,2 5 0 2 3 3 ,3 5 8
2 1 4 ,1 6 0
2 ,5 0 0 3 6 0 , 8 9 2
500 1 0 0 ,2 1 1

7 ,0 0 0 6 6 6 , 7 0 6

7 ,5 5 0 8 9 8 ,5 6 4

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

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 74,136 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.

N E W Y O R K — T o Liverpool— A ug. 26— Arabic, 7,558_____________ 7,558
T o H avre— Aug. 27— Caroline, 3,535; Hudson, 4,355 upland,
02 foreign; King Edgar, 4,100-------------------------------------------------- 12,082
T o Bremen— A ug. 31— Kurfurst, 4,404--------------------------------------- 4,404
T o Ham burg— Aug. 30— Pennsylvania, 4 0 ---------------------------------40
T o Genoa— Aug. 26— Berlin, 100_______________________________
100
T o X a p i . 's

Ail

t

:

H i ' i'U i i . ■ :<)()

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

200

G A L V E STO N — T o Liverpool— A ug. 26— Senator, 9,464----------------- 0,464
T o Havre— A ug. 26— Mlramlchl, 10,054___Aug. 31— Barrister,
0,832 _____
10,886
T o Bremen— Aug. 26— Hannover, 12,331
A ug. 30— Ernesto
5,485 ____________________
..1 7 ,8 1 6
T o A ntw erp— A ug. 27— H ornby Castle, 657___________________
657
T o Ghent— Aug. 27— H ornby Castle, 1,250_____________________ 1,250
N EW O R L E A N S — To L ondon— Aug. 2 9 — Albanian, 200___________
200
T o Hamburg— Aug. 31— Cromwell, 50; Numantla, 5 5 ------------105
M O B ILE — To Hamburg— A ug. 27— Konakry, 120__________ _______
120
S A V A N N A H — To Ham burg— Sept. 1— Venango, 50________________
50
B A L T IM O R E — T o Liverpool— A ug. 26— Xedam ore, 52____________
52
T o Bremen— A ug. 31— Breslau, 152____________________________
152
--------------------------------- ------------------------------------------------------------------------------ 7 4 , 3 1 6

L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Aug. 1 2 .
Aug. 1 0 .
2 2 ,0 0 0
S a l e s o f t h e w e e k ............... b a l e s . 3 3 ,0 0 0
O f w h ic h s p e c u la t o r s t o o k . .
------1 ,0 0 0
O f w h i c h e x p o r t e r s t o o k ---------------------- 4 ,0 0 0
1 7 " ,6 6 6
S a l e s , A m e r i c a n ........................... —
2 5 ,0 0 0
9 ,0 0 0
A c t u a l e x p o r t ------------------------------2 ,0 0 0
4 0 ,0 0 0
F o r w a r d e d __________
4 0 ,0 0 0
3 5 7 ,0 0 0
T o t a l s t o c k — E s t i m a t e d _______ 3 9 0 ,0 0 0
2 6 3 ,0 0 0
O f w h i c h A m e r i c a n ....... ................2 9 4 ,0 0 0
1 6 ,0 0 0
T o t a l I m p o r t s o f t h e w e e k ____ 2 0 ,0 0 0
7 ,0 0 0
O f w h i c h A m e r i c a n ---------------8 ,0 0 0
3 5 ,0 0 0
A m o u n t a l l o a t ............. ........................... 2 6 .0 0 0
O f w h i c h A m e r i c a n ......................
8 ,0 0 0
1 3 ,0 0 0




Mon.

12 X
p .m .

Tues.

12 X

4

09%
74
35
17
09%
06%
06
06
06
05%
05%

08
72%
33%
15
08
05
04%
04%
04%
04%

Wed.

Thurs.

Fri.

6

4
4
4
1 2H
1 2X
12X
12X
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

A u gu st . .
8 14%
A u g .- S e p . . . . . 7 8 0 %
S ep .- O c t.
7 41%
O c t.- N o v .
7 22
7 14%
N o v .- D e e .
D e c .- J a n .
7 11%
J a n .- F e b
: : : : 7 11
F c b .- M c h .
7 11
7 11
M c h .- A p r .
A p r .-M a y .
7 10 %
M a y-Ju n e —
7 10 %

04%'

1 3 % 09
77 % 79
39%
38
19 % 2 1%
1 2 % 14
0 9 % 11
10 %
09
09
10%
09
10%
09
10
09

10

94
74 %
3 5%
18 %
11%
08%
08
08
08
08
08

66%
31
15
08
05%
05
05
05
05
05

69%
33
17%
10 %
07%
07
07
07
07

69
35
19 %
12 %
09%
09
09
09
09
09

07

63
29%
14%
07%
04%
04
04
04%
04
04

58%
25%
12
06
03
02%
02%
02%
02%
02%

BREADSTUFFS.

Receipts ( c a n t a r s ) —
T h i s w e e k ............................—
P i S i n c e S e p t . 1 _____________

Sat.
12 X
p .m .

I Japan 1
cfc China.

A L E X A N D R IA REC EIPTS A N D SH IP M E N T S.
Alexandria, Egypt,
August 3 1 .

Aug. 27
to
Sept. 2.

Thus, 8 1 4 means 8 1 4 - 1 0 0 d .

Since September 1 .

For the Week.

3 ,0 0 0

19 0 7-0 8 .

2 ,0 0 0 2 ,1 0 2 ,0 0 0

7 ,0 0 0 3 ,1 7 8 ,0 0 0

G ood
dem and.

M ark et
open ed

1 ,9 0 1 ,3 2 7

Week.

B om bay—
12.000
___ I 12.000
1 9 0 9 - 1 0 ..
9 .0 0 0
3 ,0 0 0 12 ,0 0 0
19 0 8 -0 9 ..
11 ,000 ' 1.000 12,000
19 0 70 8 ..
C a lc u t ta —
4.0 0 0
4 .0 0 0
190 91 0 ..
1.000
1.000. 19 0 8 0 9 ..
1,000
1.000 19 0 7 -0 8 -.
M ad ras—
6 , 000 ' 8,000 15 .0 0 0
19 0 9 1 0 . . 1,000
§ 1 9 0 8 - 0 9 ..
2~66o
Y.ooo I
P 19 0 7 -0 8 -.
A ll o th e rs—
2,000
4 .0 0 0 1 2 ,0 0 0 1 8 .0 0 0
1 9 0 9 - 1 0 ..
8,000
L 1 9 0 8 - 0 9 ..
8.000
1 8 ,0 0 0
2 ,0 0 0 1 6 ,0 0 0
.
1 9 0 7 - 0 8 ..

T o ta l

D u ll.

G ood
b u s in e s s
d o in g .

Season.

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

Since
Sept. 1 .

Friday.

2 ,0 0 0
300

2 ,0 0 5 ,1 3 0

1 9 0 8 -0 9 .

Since
Sept. 1 .

Week.

T o ta l

Wednesday. Thursday.

S a l e s ............
S p e c .& e x p .

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

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

19 0 9 -10 .

Receipts at—

o
o
o
o

Tuesday.

M ld .U p l’ d s

IN D IA COTTON M O VEM EN T FRO M A L L PO RTS. -

T
T
T
T

Monday.

6.88

1
)
J

1 'he prices are (riven in pence and 1 0 0 ths.
1 ,4 7 0 ,5 0 8

V is ib le s u p p ly S e p t. 2 .

T o ta l a ll—
U 1 9 0 9 - 1 0 ..
B 1 9 0 8 - 0 9 ..
P 19 0 7-0 8 .

Sa urday

5

Deduct—

Exports
from—

Spot.

3
4

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

The tone of the Liverpool market for spots and future
each day of the past week and the daily closing prices of
spot cotton have Ibeen as follows:

M a rk e t,
1 2 :1 5
P. M.

19 0 9 .

Season.

Week.

L I V E R P O O L S T O C K T A K I N G . — A m e r i c a n I n c r e a s e , 2 5 ,3 3 9 ; B r a z lll.
I n c r e a s e , 2 8 0 ; E g y p t i a n I n c r e a s e , 9 ,7 1 0 ; P e r u v i a n I n c r e a s e , 1 ,2 6 4 ; A f r ic a
In c r e a s e , 2 ,1 0 4 ; t o t a l In c r e a s e , 3 8 ,6 9 7 .
W e s t I n d ia n d e c r e a s e , 1 ,1 5 9
E a s t I n d i a n d e c r e a s e , 2 1 ,0 3 9 ; t o t a l d e c r e a s e , 2 2 ,1 9 8 .
N e t I n c r e a s e , 1 6 ,4 9 9

6.69
6.72
6.67
6.73

W O R L D ’S S U P P L Y A N D T A K IN G S OF COTTON .

V
V
A
B
O
A
O

59?

THE CHRONICLE

S ept . 3 1910. |

Aug. 2 6 ,
2 6 ,0 0 0
l " ,6 6 6
1 7 ,0 0 0
• 1 9 ,0 0 0
3 4 ,0 0 0
3 2 6 ,0 0 0
2 3 5 ,0 0 0
2 2 ,0 0 0
1 2 ,0 0 0
5 1 ,0 0 0
3 2 ,0 0 0

Sept.

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

Friday, Sept. 2 1910.
More satisfactory conditions have prevailed in the flour
market during the past week. Matters have settled down
to a normal or new-crop basis, but especially in the instance
of winter-wheat flour.
Of course millers or their agents have
been working or ready to work on the new-crop basis for a
long time, but jobbers and consumers have been holding
back, expecting even better terms. Thus far receipts of
new have failed to increase as buyers had anticipated.
Meanwhile stocks in the hands of distributers and large con
sumers were drawn down to a low level. As a result many
buyers have apparently found it necessary to make more
reasonable bids. A t the same time mill representatives
showed a willingness to do business and therefore a healthier
state of affairs obtained.
In the wheat market striking irregularity and unsettle
ment prevailed during the week. Much of the time a
downward tendency obtained and more especially on the
near-by deliveries, which created little surprise, as there
was a conspicuous preponderance of bearish sentiment
resulting from the continued heavy receipts at primary
points and the resultant large increase in the visible sup
ply. While receipts at Chicago and Northwestern points
have been heavy, there has been some decrease in
the movement from the Southwest, farmers being unwilling
to accept current bids. Notwithstanding this the total
receipts at the chief points in August were exceedingly large,
aggregating over 40,000,000 bushels, roundly 22,000,000
bushels more than in July and about 15,000,000 more than
in August last year. Possibly this big excess may be slightly
misleading because of some duplication caused by shipments
of liai’d winter wheat from the Southwest to spring-wheat
mills. Foreign statistics were also calculated to cause
depression. The weekly world’s shipments were unusually
big, being over 14,000,000 bushels, largely from Russia and
the Danube, and hence there was a material increase in the
quantity on passage and a huge addition to the world’s
supply, 7,726,000 bushels, making the grand total 113,293,
000 bushels, against 62,863,000 a year ago. In view of the
facts described it was not surprising that holders of Septem
ber for the rise became tired and anxious to unload. Many
of them replaced*with December or May, and consequently
the December premium widened to 4 ^ c . , which is big
enough to restrict speculative buying. Nevertheless there
was a partial recovery subsequently when it was announced
that big September deliveries in Chicago had been fully
provided for. This indicated that bear operators had been
too bold and had brought about oversold conditions. To
day there was more firmness and a slight recovery en
sued. There was less pressure, while cables were stronger
and Northwestern receipts were lighter.
D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN

Sat.

M on.

Tues.

NEW YORK.

Wed. Thurs. F ri.

10 8 % 10 7 H 1 0 7 %
10 7 % 10 8 %
N o . 2 r e d w i n t e r , f . o . b --------------------1 0 8
S e p t e m b e r d e l i v e r y I n e l e v a t o r ______1 0 7 % 1 0 7 * 4
10 6 % 10 6 % 10 6 %
10 6 %
D e c e m b e r d e l i v e r y I n e l e v a t o r ______ 1 1 0 % H I
110 % 110 % 110 % 110 %
M a y d e l i v e r y I n e l e v a t o r ...................... . . 1 1 5 % 1 1 5 %
114%
115 % 115
115%
D A IL Y

C L O S IN G

P R IC E S

O F W H E A T

Sat.

FU TU R E S

M on.

Tues.

S e p t e m b e r d e l i v e r y I n e l e v a t o r ____ 1 0 0
99%
D e c e m b e r d e l i v e r y I n e l e v a t o r _______ 1 0 4 % 1 0 4
M a y d e l i v e r y I n e l e v a t o r ____________ 1 0 9 % 1 0 9 %

99%
10 3 %
10 8 %

IN

CHICAGO.

Wed. Thurs. F ri.
99%
98%
10 3 % 10 3%
10 9 % 10 9 %

99%
10 3 %
1 0 9 ',

598

THE CHRONICLE

In the Indian corn market weakness has prevailed, there
aving been a slow sagging toward a new-crop basis. This
was, of course, to be expected, as harvest time draws near.
This is particularly applicable at times like the present when
old corn is comparatively scarce and dear, while the outlook
is excellent for a big or record crop. It was natural to
assume that speculative holders as well as farmers would be
come more eager to unload provided the weather was favor
able. Recently climatic conditions were satisfactory in the
belt, the predicted frost having failed to materialize, and
therefore farmers were making heavier deliveries to country
stations, which was quickly reflected in much bigger receipts
at primary points. The total for the week was 4,303,000
bush, against 3,804,000 bush, in the previous week and only
2,060,000 bush, two weeks ago. This was decidedly oppor
tune, as the visible supply has been reduced to an insig
nificant level, and as a result domestic as well as export busi
ness was greatly hindered. To-day there was more steadi
ness and a slight rally ensued.
Offerings were not so
large, while shorts were nervous on reports that the crop
might be hurt in the advent of frost.

[VOL. LXX X XI

T H E D RY GOODS T R A D E .

New York, Friday Night, Sept. 2 1910.
Aside from the naming of prices on prominent lines of
staple and fancy ginghams for next spring delivery on the
same basis as that which prevailed for the current fall season,
a slightly firmer tendency in some lines of goods and more
conservatism among sellers on forward business, conditions
in the primary cotton goods market showed little change
during the week. Sharp fluctuations in the raw material
naturally received much attention and were regarded as
partly responsible for the disposition among some mill inter
ests to withdraw price lists for this year’s deliveries pending
more settled conditions in the cotton situation. The
extraordinary rise in August cotton to 20 cents in the fore
part of the week caused no excitement in the goods market,
for it was generally recognized as a purely speculative de
velopment of a temporary character. The subsequent
course of the raw material market confirmed this belief, but
cotton prices still rule at levels which make cotton goods
sellers decidedly firm in their views for forward deliveries.
In fact, it is understood that some manufacturers have
D A IL Y C LOSIN G P R IC E S OF N O. 2 M IX E D C O R N IN NEW YORK.
advised their selling agents to confine sales to merchandise
Tues.
M
on.
Sat.
Wed.
Thurs.
F ri.
_
>. corn ____________________ . _ Sat70
Cash
68%
70 % 69
67 % 67% 67 % in sight and are not willing to accept orders as far ahead as
Septem ber delivery In elevator____6969% % 68 % 69
they were a week ago. In certain primary quarters trading
67%
67% 67%
December delivery In elevator.
67%
67
67,% 67
66%
66% 66%
reflected a somewhat better sentiment among buyers; busi
May delivery In elevator__________67%
6 7%
—
67%
—
ness in the aggregate, however, continued moderate and
D A IL Y CLOSING P R IC E S OF C ORN F U T U R E S IN CHICAGO.
unevenly distributed, with most of the purchases confined
Sat. M on . Tues. Wed. Thurs. F ri.
to spot and near-by shipment. Production is being curtailed
___ 61
60%
59%
59
59% 59%
57%
57%
. - - - 58%
57%
57% 57%
extensively, and there is talk of a further restriction of out
___ 60%
59%
60%
60% 60% 60%
put by Southern mills during the current month. Local
Oats moved down to a lower plane early in the week but jobbing houses reported a satisfactory amount of business
rallied somewhat subsequently. All things considered, done in nearly all departments, especially towards the week
prices held up surprisingly well, much to the disappointment end; in some instances the application on fall merchandise
of sellers for the decline, who had confidently counted on a exceeded expectations. Jobbers are still seeking additional
big break. It must be confessed that there were numerous supplies but experience difficulty in replenishing their
factors well calculated to cause weakness; for one thing, the stocks in certain lines. Demand for silk-piece goods has
receipts at primary points continued remarkably heavy,’ and expanded materially, and the call for various lines of fancies
hence there was another huge addition to the visible supply
is reported as unusually heavy. In the primary woolen and
4,526,000 bushels, making the total over 7,000,000 bushels worsted division demand from the cutting-up trade for
larger than a year ago. To-day there was a firm feeling, wide dress goods for fall showed a little improvement, but
partly with corn and owing to lighter receipts.
otherwise the market was quiet. Dulness in the men’s wear
market was relieved by the receipt of fair duplicate orders
D A IL Y CLOSIN G PR ICE S OF OATS IN NEW YORK.
-T „
.,
•
Sat.
M on.
Tues.
Weil.
Tlmrs.
on light-weight lines for next spring.
Fri.
3 0%
39 %
39
3 8%
39
N o-,2 w hite---------39%
DOM ESTIC COTTON GOODS.— The exports of cotton
W hite, clipped,
goods from this port for the week ending Aug. 27 were 4,500
34 to 36 lb s -------- 39>4-40 39-40
39-39% 38% -39
39-40
39-40
D A IL Y CLOSING P R IC E S OF OATS F U T U R E S IN CHICAGO.
packages, valued at $285,341, their destination being to the
„
,
Sat. M on . Tues. Wed. Thurs. Fri.
points specified in the tables below.
33 % 33 %
Septem ber delivery In elevator____3 4%
33
34 % 33 %
1909--------------- 11910--------

December delivery In elevator____36 %
May delivery In elevator___________ 3 9%

36 % 36 %
3 9% 39%

36%
30%

36%
3 9%

36%
39%

The following are closing quotations:
.
,
,
FLO U R .
W inter, low grades____$3 00@ S4 00 Kansas straights, s a c k .$5 0 0@ $ 5 20
W inter p a te n ts ________ 5 20® 5 40 Kansas clears, sacks___ 4 0 0@ 4 40
W inter straigh ts_______ 4 50® 4 75 City patents--------------------------@ ____
W inter clears__________ 4 0 0 ® 4 no R ye flo u r _____________ 4 1 5® 4 40
Spring patents-------------- 5 50(50 5 75 Graham flour__________ 4 15@ 4 25
Spring straights------------ 5 0 0 ® 5 35 Corn meal, kiln d r ie d ..
3 50
Spring cle a rs __________ 4 5 0@ 4 7 5
G R A IN .
W heat, per bushel—
Corn, per bushel—
Cents
N. Spring, No. 1__________ $1 2 3%
No. 2 m ixed ......... elev.
6 7%
N. Spring, N o. 2 ________
l 21%
No. 2 yellow ------ f.o .b .
Nominal
Red winter. N o. 2 _________ 1 0 8 %
No. 2 w hite.
f.o .b .
Nominal
Hard winter, No. 2 _________ 1 0 9 % R ye, per bushel—
Cents.
Oats, per bushel, new—
S » - * Wcstern^- - -f.o .b . Nominal
S ta n d a rd s ________________
3S %
otate ana J e rs e y ,.
Nominal
N o. 2 w hite_______________
39 % B a rley -M a ltin g . . . . . 11 73 @ 7 5
N o. 3 white_______________
38% (/F eed in ga .*c.l.L
l i -IN
Nomina
— •, » N.
* * .Y
* _ _ iVf,
UII

New York to August 27—

Week.

ttt,

534

Stnoe
Jan. 1.
1,426
658
49,461
9,483
8,360
4,347
18,968
1,359
7,787
31,874
31,165

164,888

535
456
11
170
2,003
338

Since
Jan. 1.
1,109
758
148,339
11,173
20,206
10,754
27,081
1,106
9,440
35,464
12,504

23,074

278,834

Week.
32
3
19,466

$11,421,651 in 1910, against $14,869,503 in 1909.
Trading in domestic cottons was moderate in]volume,and,
as in the preceding week, transactions were generally for
prompt or near-by deliveries. The announcement of new
? For other tables usually given here, sec page 569. > '23
prices, unchanged from current levels, on leading lines of
The visible supp 1y ~of~gra in7~comp rising”’tho'"stocks~Tn staple and fancy ginghams came as a surprise to those who
granary at principal points of accumulation at lake and had been predicting an advance because of high cotton. In
some quarters this action was taken to indicate that the
seaboard ports, Aug. 27 1910, was as follows:
manufacturers do not expect prices of,.new-crop cotton will
AMERICAN GRAIN STOCKS.
Wheat,
Corn,
Oats,
The lines of ginghams thus priced were
Rye,
Barley, be abnormally high.
bush.
bush.
bush.
bush.
bush. quickly withdrawn, having been sold up for early-spring
..
580,000
205,000
396,000
1,000
89,000
delivery. Well-known brands of bleached goods moved in
..
26,000
25,000
1,000
15,000
..
419,000
104,000
moderate volume for prompt delivery, and there was a steady
. . 1,659,000
108,000
494,000
20,666
call for prints for quick shipment, notably from jobbers.
N ew O rleans
-10,000
125,000
125,000
10,000
Little bulk trading was noted in any quarter, and orders for
-- 1,464,000
167,000
233,000
10,000
4,000 spring delivery were generally small.
Wash fabrics dis
-- 1,553,000
33,000
509,000
11,000
130,000
122,000
17.000
played more activity, largely on orders from Southern dis
. . 5,915,000
111,000
5,461,000
9.000
tributers. Sheetings, colored cottons and drills were steady
..
457,000
128,000
3.000
153,000
45.000
-- 1,970,000
14,000
Export trade was dull, few inquiries
788,000
51.000
338.000 and in fair request.
. . 2,533,000
25,000
779,000
91.000
194.000 being received.
Not much demand was in evidence for
1,626,000
83,000
679,000
4.000
16.000
print cloths, and business done was comparatively light; gray
4,120,000
331,000
151,000
40,000
2,012,000
goods, 38j^-inch standard, are quoted H c - easier at 5 ^ c .
..
736,000
76,000
271,000
W O O L E N GOODS.— A better demand for heavy-weight
437,000
251,000
ioo~,6o6
736,000
117,000
22,000
dress goods for fall developed in the primary market, the
..24,998,000
2,165,000112,551,000
232.000
786.000 orders coming principally from cutters, and considerable
8,025,000
2,673,000
.22.362,000
236.000
705.000 business came forward in the way of filling in orders from
.. 8,362,000
1,774,000 f 5,184,000
202.000
217.000 retailers; but leading lines for spring were taken only in
CANADIAN GRAIN STOCKS.
Numerous duplicate orders for light
Wheat,
Corn,
Oats,
Rye,
Barley, moderate quantities.
bush.
bush.
bush.
bush.
bush. weight spring goods were an encouraging development in the
82,000
386,000
68,000
men’s wear market and created a more hopeful feeling in the
..
883.000
..
645,000
_____
trade regarding the future, as it is unusually early for such
710,000
re-orders to appear. Stock goods continued in steady re
Total Aug. 27 1910 . 2,641,000
386,000
82,000
quest at full prices.
68,000
Total Aug. 20 1910. . 2,711,000
498,000
86,000
82,000
F O R E IG N D R Y G O O D S . — Transactions in imported
Total Aug. 28 1909. 771,000
328,000
67,000
65,000
woolens and worsteds were moderate upon the whole, with
SUMMARY.
Oats,
Wheat,
Com,
Silks and ribbons displayed
Rye,
Barley, no particular feature noted.
bush.
bush.
bush
bush.
bush. increased activity and a substantial business was reported
American _________ .24,998,000
2,165,000 12,551,000
232.000
786,000
Canadian ................... .. 2,641,000
386,000
82,000
------68,000 for fall shipment. Linens also were called for more freely
for fall and winter shipment as well as for spring delivery.
Total Aug. 29 1910 -27,639,000
2,247,000 12,937,000
232.000
854,000
Total Aug. 20 1910. ..25,073,000
2,759,000
8,523,000
236.000
787,000 A fair business was put through in burlaps, which ruled un
Total Aug. 28 1909. 9,133,000
1,841,000
5,512,000
202.000 10 282,000 changed but firm in sympathy with the Calcutta market.




599

THE CHRONICLE

Sei ’T. 3 1910. j

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News Items.
Appleton, W i s .— Citizens Vote to Purchase Water Plant.—
At an election held Aug. 23 flic citizens of this place decided
b ya vote of 216 to 70 to purchase the plant of the Appleton
Water Works Co. at a price to be fixed by the Railroad Com
mission of Wisconsin. The “ Milwaukee Evening Wisconsin”
of Aug. 24 prints the following regarding the election:
The election, the third in which the question has been voted on, is the
beginning of the end of the long ilglit between the city and the water-works
com pany, as the matter is now entirely in the hands of the Railroad Com
mission.
.
. .
.
Appleton is the first m unicipality in W isconsin to vote to purchase a
public utility at a price to lie set by the Railroad Commission under the
P ublic U tility A ct. Other cities In the State, it is said, have been waiting
for the A ppleton ease, which has been before the Commission for over
two years, to be settled before taking similar action.
The fight between the city and the water-works com pany has been waged
In the courts for ten years, and three times the citizens have voted at
special elections in favor of the municipal ownership of water works.

Georgia.— Constitutional Amendment Proposed.— At the
general election in this State on Oct. 5 a vote will be taken
on an amendment to Paragraph I. of Section V II . of Article
V II. of the Constitution, by which it is proposed to allow the
city of Augusta to incur a bonded debt outside of the limit
now prescribed, for the purpose of protection against floods.
We give Paragraph I. below, the lines printed in italics to
be added in the event of the amendment being adopted.
“ Paragraph 1. The debt hereafter Incurred by any cou nty, municipal
corporation or political division of this State, except as In tills Constitution
provided for. shall not exceed seven percentum of the assessed va lu eof all
the taxable property therein, and no such county, m unicipality or division
shall Incur any new debt, except for a tem porary loan or loans to supply
casual deficiencies of revenue, not to exceed onc-fifth of one percentum of
the assessed value of taxable property therein, without the assent of twothirds of the qualified voters thereof, at an election for that purpose, to he
held as m ay he prescribed by law; but any city the debt of which does not
exceed seven percentum of the assessed value of the taxable property at
the time of the adoption of this Constitution m ay be authorized by law
to Increase, at any time, the amount of said debt three percentum upon
such assessed valuation; except that the City Council o f Augusta, from time
to time, as necessary, fo r the purpose o f protection against floods, may incur a
bonded indebtedness upon its power-producing canal and municipal water
works, in addition to the debts hereinbefore in this paragraph allowed to be
incurred, to an amount in the aggregate not exceeding fifty percentum o f the
combined value of such properties, the valuation of such properties to be fix ed
as may be prescribed by law, but said valuation not to exceed a figure fiv e per
cent on which shall represent the net revenue per annum produced by the two
such properties together at the time of said valuation, and such indebtedness not
to be incurred except with the assent of two-thirds of the qualified voters of such
city, at an election or elections fo r that purpose to be held as may be now, or
may be hereafter, prescribed by law fo r the incurring of new debts by said the
City Council of Augusta."

that any amendment which may have been'properly passed
by the Legislature and approved by the voters shall be inserted
in the Constitution at the next succeeding session of the
Legislature. The Constitution now provides that an amend
ment which has been approved by the Legislature and the
people shall be inserted by the next succeeding Legislature.
Madisonville, Ohio.— Annexation Election.— An ordinance
was passed by Council on Aug. 24 to vote at the November
election on the question of annexing this city to the city of
Cincinnati. As stated in V . 91, p. 476, a vote will also be
taken in Cincinnati on N ov. 8 on the question of annexation.
New York City.— Population.— The population of New
York City, according to the official figures made public
by the Director of the Census on Sept. 1, is 4,766,883. This
is an increase over 1900 of 1,329,681, or 3 8 .7 % .
W e give
below the population for the years 1910 and 1900 by bor
oughs, showing the gain in each case:
-------P op u la tion -------Boroughs—
1900.
1910.
M anh attan_________
...1 ,8 5 0 ,0 9 3
2,331,542
B r o n x _______________________
200,507
430,980
B r o o k ly n _____________________1,106,582 1,634,351
Q u e e n s ______________________
152,999
284,041
R ich m on d ____________________
67,021
85,969
T otal for entire c it y ______ 3.437,202

4,766.883

------- Increase ------Number.
Per Ct.
481,449
26.0%
230,473 114.9%
467,769
40.1%
131,042
85.6%
18,948
28.3%
1,329,681

38.7%

South Carolina.— Constitutional Amendments Proposed.—
Prior to adjournment the 1910 Legislature made provision
for the submission to the voters at the general election in
November of nine proposed amendments to the State Con
stitution. Five of these are amendments to Section 7 of
Article V I I I .; of these five, four provide that the limitations
proposed by that Section and Section 5 of Article X . shall
not apply to bonded debt incurred for certain specified pur
poses by the places named, while the fifth states that the
limitations proposed by these two sections shall not apply
to the bonded indebtedness of any municipal corporation
when the proceeds are used for a water plant, sewerage
system or light plant and when the question has been sub
mitted to a vote. W e print these amendments below, the
words given in each case being those to be added to Section 7
of Article V I I I ., should the amendments receive a favorable
vote:
" Provided, That the limitation proposed by this section, and by Section 5
Article X ., of this Constitution, shall not apply to bonded Indebtedness
Incurred by the town of Darlington, where the proceeds o f said bonds are
applied solely for the purpose o f drainage of said town and street im prove
ments, and where the question of Incurring such indebtedness Is submitted
to the freeholders and qualified voters of such m unicipality, as provided In
the Constitution upon the question of other bonded Indebtedness.”
“ Provided, That the limitations Imposed by this section and by Section 5
of Article X . of this Constitution shall not apply to bonded Indebtedness
Incurred by the towns of Aiken, in the County of Aiken, Camden, In the
County of Kershaw; Cheraw, In the County of Chesterfield: Clinton, in the
County of Laurens; Edgefield, In the County of Edgefield; and St. Mat
thews. In the County o f Calhoun, when the proceeds of said bonds are ap
plied solely and exclusively for the building, erecting, establishing and
maintenance o f water-works, electric-light plants, sewerage system or
streets, and where the question of incurring such Indebtedness is subm itted
to the qualified electors of said m unicipality, as provided In the Constitu
tion, upon the question of bonded indebtedness.
"Provided, further. That the limitations imposed by this section and by
Section 5, of Article X .. of this Constitution, shall not apply to the bonded
Indebtedness Incurred by the city of Aiken; but said city of Aiken m ay
Increase its bonded indebtedness in the manner provided for in said section
of said article to an amount not exceeding fifteen per cent of the value of
the taxable property therein for the purpose of establishing, extending,
com pleting and repairing a system of water-works, sewerage, electric lights
and power.”
"Provided, further. That the limitations Imposed by this Section and by
Section 5. A rticle X ., of tills Constitution, shall not apply to bonded In
debtedness Incurred by the town of St. Matthews, but said town o f St.
Matthews m ay increase its bonded indebtedness in the manner provided in
said section of said Article to an amount not exceeding fifteen per cent of
the value of the taxable property therein, where the proceeds of said bonds
to the amount of twenty thousand ($20,000) dollars shall be turned over
by the town council of said town of St. Matthews to the duly appointed
Commissioners of the county o f Calhoun, for the purpose o f aiding In the
construction of public buildings for the County of Calhoun.”
" Provided, further. That the limitations Imposed by this section and by
Section 5 of Article X ., of this Constitution, shall not apply to the bonded
indebtedness In and by any municipal corporation when the proceeds of
said bonds are applied solely and exclusively for the purchase, establish
ment and maintenance of a water-works plant, or sewerage system , or
lighting plant, and when the question of Incurring such Indebtedness is
submitted to the freeholders and qualified voters of such m unicipality, as
provided In the Constitution upon the question of other bonded indebted
ness.”

Idaho.— Constitutional Amendments Proposed.— The elec
tors of this State will vote at the general election in Novem
ber on the question of amending the Constitution so as to
exclude from the debt limit of 1 lA % upon the assessed valu
The sections of the Constitution referred to in the above
ation liabilities incurred subsequent to Jan. 1 1911 for the
amendments (Section 7, Article V I I I ., and Section 5, Arti
purpose of completing the construction and furnishing of the
cle X .) limit the debt-making power of all municipal cor
State Capitol at Boise. At the same election a vote will
porations to 8 % of the assessed value of all the taxable
also be taken on five other proposed amendments to the
property therein. It is proper to state, however, that
Constitution. These latter authorize the Supreme Court
amendments to these sections have been passed at various
to call a District Judge to sit therein, when a Justice of the
times granting the privilege to certain municipalities to
Supreme Court is disqualified or unable to sit; will permit
exceed this limit of 8 % in bonding themselves for certain
County Assessors to appoint deputies and clerical assistants
purposes (See “ State and City Section” for May 1910, p. 169).
when so empowered by the Board of County Commissioners,
Another amendment to be voted on in November is to
will allow Sheriffs to succeed themselves and County Assessors
Section 6 of Article X . , relating to the bonding power of
to succeed themselves; and will constitute the State Auditor
counties and townships. The section referred to prohibits
a member of the State Board of Land Commissioners.
the issuance of bonds by counties or townships for purposes
Mississippi.— Constitutional Amendments Proposed.— At other than those named. It is proposed to amend this sec
the general election in November three proposed amend tion so as to allow townships in Greenwood County and in
ments to the State Constitution will be submitted to the Saluda County to issue bonds in aid of the construction of a
voters. The first of these relates to Judges of the Circuit proposed railroad. We give Section 6 of Article X . below,
and Chancery Courts and, if adopted, will provide for the italicizing the part to be added in the event of the amend
election of such Judges by the people. The Constitution ment being adopted:
now provides that these Judges be appointed by the Governor
Section 6. The credit of the State shall not be pledged or loaned for the
benefit of any individual, com pany, association or corporation; and the
with the advice and consent of the Senate.
State
shall not becom e a Joint owner of or stockholder In any com pany,
The next proposed amendment relates to the holding of association
or corporation. The General Assem bly shall not have power
legislative sessions. Should this amendment receive a favor to authorize any cou nty or township to levy a tax or Issue bonds for any
purpose
except
for educational purposes, to build and repair public roads,
able vote the Legislature, beginning the first Tuesday after buildings and bridges,
to maintain and support prisoners, pay jurors, county
the first Monday in Jan. 1912, will meet in regular session officers, and for litigation, quarantine and court expenses, and for ordinary
county
purposes,
to
support
paupers, and pay past Indebtedness. Pro
biennially instead of quadrennially as at present.
vided, That the limitation imposed by this section shall not apply to any town
The other amendment has to do with the manner in which ship in the County of Greenwood, nor to any township in the County of Saluda,
the State Constitution may be amended. It is proposed through which, in whole or in part. Vie line of railroad of Greenwood & Saluda




600

THE CHRONICLE

Railroad shall be located and constructed, nor to the County o f Saluda, such
said townships in Greenwood County and Saluda County and the County
of Saluda beiny hereby expressly authorized to vote bonds in aid of the construc
tion of the said proposed railroad, under such restrictions and limitations as the
General Assembly may prescribe hereinafter; Provided, That the amount of
such bonds shall not exceed eight per centum o f the assessed valuation of the
taxable property o f such townships."

Of the other three amendments to be submitted in Novem
ber, two relate to Associate Justices of the Supreme Court
and the other empowers the cities of Greenville, Spartanburg
and Columbia and the town of Manning to assess abutting
property for permanent improvements.
Texas.— Legislature Ratifies Income Tax Amendment.— The
proposed Income Tax Amendment to the Federal Constitu
tion has been ratified by the Legislature of this State. The
resolution was passed in the Senate on Aug. 4 by a vote of
28 to 1 and in the House on Aug. 10 by a vote of 101 to 1.

Bond Calls and Redemptions.
Ellwood City, Lawrence County, P a.— Bond Call.— The
following bonds will be redeemed on Oct. 1 at the First
National Bank of Ellwood City:
Sew er bonds N os. 1 to 8 inclusive of the series of 1899. T h ey are dated
A pril 1 1899.
Electric light bonds N os. 1 to 10 Inclusive of the series of 1900 T h e v
are dated O ct. 1 1900.

Bond Proposals and Negotiations this week
have been as follow s:
Abilene, Taylor County, T ex .— Bond Sale.— An issue of
$50,000 street-improvement bonds has been disposed of, it is
stated, to a Chicago firm.
Abington, Plymouth County, M ass.— Bond Sale.— Re
ports state that $18,000 4 % 9 j^-year (average) water bonds
have been disposed of at private sale at 101.11— a basis of
about 8 .8 6 % .
Adel, Berrien County, G a.— Bonds Voted.— Reports state
that a $7,500 water-main-extension bond issue was recently
approved by the voters.
Albany, Linn County, Ore.— No Bonds to be Issued This
Year.— Referring to the reports that this city was contem
plating the issuance of $40,000 sewer bonds, the Mayor in
forms us that no bonds will be issued this year.
Allen Independent School District (P. O. Allen), Collin
County, T ex.— Bonds Registered.— The State Comptroller on
Aug. 16 registered $12,000 5 % bonds due in 40 years, but
subject to call after 20 years.
Alliance, Stark County, Ohio.— Bond Sale.— The $9,500
5 % l-5-year (serial) street-improvement-assessment bonds
described in V. 91, p. 539, were sold on Aug. 30, according to
reports, to Weil, Roth & Co. of Cincinnati at 101.10— a basis
of about 4 .6 0 5 % .
Bonds Not Sold.— No award was made of the three issues
of 5 % assessment bonds, aggregating $23,300, also offered
on Aug. 30. See V. 91, p. 539.
Bond Offering.— Proposals will be received until 12 m
Sept. 7 by Chas. O. Silver, City Auditor, for the following
bonds:

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

. A u th o rity articles 877 e t seq ., R evised S tatu tes of 1895, as am ended by
the Legislatu re of 1903
Denom ination $500. D ate M ay 13 1910. In ter
est A pril 10 and O ct. 10 either a t the S tate T reasu rer’s office In A ustin ,
Seaboard N ational Bank in New Y o rk , M ercantile T ru st Co. in S t. Louis
M erchants’ N ation al B an k In C hicago, C ity N ational Bank in D allas, o(
Com m ercial N ation al B an k In H ouston. M atu rity 40 years su bject to
call afte r 10 years. Certified check for $150, p ayable to the C o u n ty Judge
Is required.
*
a *

Beeville, Bee County, T e x .— Bond Offering .— Proposals
will be received by this city (Jno. R . Beasley, Mayor) for the
$30,000 5 % sewer-construction bonds registered bv the State
Comptroller on July 20 (V . 91, p. 287)
D enom ination $1,000. D ate M ay 2 1910. Interest an n u ally a t th e C ltv
T reasu rer’s office, or the N ation al Bank of Comm erce in S t Louis or the
Seaboard N ational Bank in N ew Y o rk C ity , at the option of the ’holder
M atu rity M ay 2 1930, su bject to call afte r 10 years on 30 d a y s ’ n o tice’
O fficial circular states th a t "th ere has never been a n y default or com ’
prom ise In the paym en t of a n y of the m u n icip ality's o bligation s;’ ’ also
th a t "th ere is no con troversy or litigation pending or threatened concerning
the v a lid ity of these bonds, the corporate existence or boundaries of the
m u n icip ality, or the title of the present officers to their respective offices
No bonded debt a t present. F lo atin g d ebt, $600. Assessed valu atio n for
1909, $1,800,000. Estim ated valu e $2,500,000.

Belfast, Alleghany County, N . Y .— Bond S a le— On Aug.
31 the $34,000 registered water-system-construction bonds
described in V. 91, p. 539, were sold to Spitzer & Co. of New
York City at 100.102 for 4.70s. The following bids were also
submitted:
Geo. M. H ahn, N . Y _____*$34,045 Douglas F en w ick & C o .,N .Y ;r$ 3 4,0 17
John J. H art, A lb a n y . ___ *34,052 VV. N . Coler & C o ., N . Y __ <734,045
Parkinson & B urr, N . Y ___ *31,026 F arson , Son & C o ., N . Y __ <734,042
Otis & H o u gh , C lev ela n d __ <734,015
* F o r 4 % S . x F o r 4.85s. a F or 5s.
M atu rity $2,000 y ea rly on Sep t. 15 from 1914 to 1930 inclusive.

Belle Fourche, Butte County, So. D ak.— Bond Offering.—
Proposals will be received until 2 p. m . Sept. 20 by David
R. Evans, Mayor, for the $50,000 5 % water-works-construc
tion bonds voted (V . 91, p. 539) on Aug. 17. Interest
semi-annual. Maturity twenty years, subject to call after
ten years.
Bellevue, Allegheny County, Pa .— B o n d S a l e .— On Aug. 26
the $25,000 4 ) ^ % street-improvement bonds offered on that
day (V . 91, p. 476) were awarded to N. W . Harris & Co. of
New York City at 103.59— a basis of about 4 .2 7 5 % .
D enom ination $1,000. D ate Sep t. 1 1910. In terest
M atu rity $15,000 In 25 years and $10,000 In 30 years.

sem i-annual.

Belmont County (P. O. St. Clairsville), Ohio.— Description
of Bonds.— W e arc advised that the $12,000 road-improve
ment bonds awarded on Aug. 15 to the Belmont National
Bank of Belmont at 100.118 (V . 91, p. 476) carry interest at
the rate of 5 % , payable semi-annually in March and Septem
ber. They are in denominations of $500 each.
Beltrami County School District N o. 93, Minn.— Bond
Offering.— Proposals will be received until Sept. 15 by J. E .
Youngman, Clerk (P. O. Quiring), for $1,500 refunding
bonds.
Bemidji, Minn.— Bond Sale.— The $12,000 5 % 20-year
permanent-improvement-revolving-fund bonds offered on
Aug. 8 and described in Y . 90, p. 287, have been disposed of
at par and accrued interest to the Northern National Bank,
the?First National Bank and the Security State Bank, all
of Bemidji.
Bismarck, Burleigh County, No. D ak .— Bonds Voted and
Sold.— The proposition to issue the $15,000 4 % fire-hall bonds
53,900 5 % stcret-Im provcm ent (c ity ’s portion) bonds. D enom ination
mentioned in V . 91, p. 540, carried by a vote of 471 to 206
$500 and $400. D ate Sep t. 15 1910. M aturity Sep t. 15 1920
Maturity $5,000 every five
1,500 4 % storm -sewer bonds. D enom ination $500. D ate A u g . 1 5 lo io " at the election held Aug. 29.
M atu rity A u g. 15 1920.
years. The securities have been sold to the State of North
Interest sem i-annually at the C ity Treasurer's office. Bids to be m ade
Dakota.
on blank form s furnished b y the c ity and accom panied b y a certified check
for 3 % of bonds bid for, p aya b le to the C ity Treasurer. Purchaser to fur
Blue Hill, Webster County, N eb.— Bonds Proposed.— This
nish blank bonds a t his own expense. D elivery will be m ade In A lliance.
city intends to issue $8,000 5 % coupon electric-light bonds.
Altoona, W ilson County, K an.— No Action Yet Taken.__
Denom ination $500. D ate S e p t, l 1910. Interest payable a t the fiscal
We are advised, under date of Aug. 5, that no action has yet ag en cy of the S tate of N ebraska in Nftw \ ork C ity . M atu rity Sept. 1 1930,
been taken looking towards the issuance of the $20,000 5 % su bject to call afte r 5 ye a rs. Bonds are exem p t from S tate taxes. Bonded
debt a t present $3,000. N o floating d ebt. Assessed valu atio n 1910,
water-works bonds voted on June 21. See V . 91, p. 49.
$160,000.
Alvord, Lyon County, Iow a.— Bond Election.— This town,
Boise, Idaho.— Bond Offering.— Proposals will be received
it is stated, intends holding an election in the near future', until 12 m . Sept. 6 by E . L. Savidge, City Clerk, for $12,830
*
for the purpose of submitting the question of issuing $4,000 7 % gold coupon Paving District No. 12 assessment bonds.
water-plant-extension bonds to the voters.
■ 'VAuthority an A ct of the Legislature approved March 11 1909, am ending
Section 48 of the C ity Charter. Denom inations; 20 bonds for $500 each
Ashland, Jackson County, Ore.— Bonds Not Sold.— No sale and 10 bonds for $283 each . D ate O ct. 1 1910. In terest sem i-annually at
has yet been made of the $25,000 5 % 10-20-year (optional) the Treasurer’s office. M atu rity one-tenth y ea rly on O ct. 1 from 1911 to
Inclusive. Certified check for 5% of bonds bid for, p ay a b le to Boise
electric-light gold coupon bonds and the $30,000 6 % 1-10- C1920
ity , Is required.
year (optional) street-improvement gold coupon bonds of
Boulder,’ Boulder County, Colo.— Bond Offering.— Pro
fered on Aug. 2 and described in V . 91, p. 287.
posals willSbe received until 12 m. Sept. 19 by O. I’ . Clark,
Bandon, Coos County, Ore.— Bonds to be Offered Shortly.— CityK.Clerk/J’or^SlOO^OO 5 % coupon reservoir-construction
W e are advised that as soon as an estimate is received from
bonds.
the engineer, steps will be taken looking towards the issuance
A u th o rity P a rt 6, Section 6525, Revised S tatu tes 1908. Denom ination
of the water bonds voted on June 29.
$1,000. D ate O ct. 1 1910. Interest sem i-annual. M atu rity O ct. 1 1025.
Bonds
are exem p t from ta xe s. Certified check for $1,000 Is required.
Banning School District, Riverside County, Cal.— Bond
Sale.— James H . Adams & Co. of Los Angeles are reported as & Brackenridge’ School District (P. O. Brackenridge), Alle
gheny County, P a .— Bond Sale.— On Aug. 31 $16,500 4 ) ^ %
having purchased at 100.25 the $2,000 bonds offered (V . 91
p. 351) on Aug. 17.
school-building ;bonds were awarded to J. A. Ray for the
Bedford Township (P. O. Bedford), Cuyahoga County, Western Reserve Investment Co. of Pittsburgh and Cleve
Ohio.— Bond Sale.— The $9,000 4 Y i% coupon highway-im land .
provement bonds described in V . 91, p. 287, were sold on ' M a tu rity $5,500 In 10 years, $5,500 In 20 years and $5,500 In 30 years
Aug. 29 to the First National Bank of Cleveland at 100.925 Bonds are exem pt from ta xa tion .
Brazoria County Drainage District No. 3, T ex.— Bond
and accrued interest. Maturity one bond each six months
Sale.— The $160,000 5 % 40-year (average) bonds registered
from Feb. 15 1911 to Aug. 15 1919 inclusive.
Beecher, W ill County, 111.— Bonds Voted.— An election by the State Comptroller on July 7 (V . 91, p. 228) have been
held Aug. 22, it is stated, resulted in favor of issuing $5,000 sold to J. B . Kelso at par and accrued interest. Denomina
t io n a l ,000. Date April 10 1910. Interest semi-annual.
water-works bonds. The vote is reported as 77 to 9..
Bee County (P. O. Beeville), T ex.— Bond Offering.— Pro
posals will be received by W . W . Dodd, County Judge, for
the $75,000 4 ) ^ % court-house bonds registered on July 20
by the State Comptroller (V , 91, p. 287).




Breckenridge, Allegheny County, Pa.;— Bonds Defeated.—
A special election held Aug. 25 resulted, it is stated, in a vote
of 136 to 77 against a proposition to issue $25,000 improve
ment bonds.

Se p t .

3 1910.]

THE CHRONICLE

Broken Bow, N eb.— Bonds Voted.— The election held
Aug. 9 resulted in favor of the question of issuing the $15,000
city-hall and jail and $8,000 water-extension 5 % 10-20-year
(optional) bonds mentioned in V . 91, p. 288. The vote was
201 to 51.
Bronson, Branch County, Mich.— Bonds Voted.— On
Aug. 23 this village voted to issue $40,000 5 % electric-light
and water-works bonds. Details of bonds and date of offer
ing not yet determined.
Buffalo, N . Y .— Bond Offering.— Proposals will be received
until 12 m . Sept. 6 by W in. G. Justice, Comptroller, for the
following 4 % registered bonds:
$1,000,000 00 water bonds. A uthority Chapter 203, Laws of 1906, as
amended by Chapter 84, Laws of 1907, as amended by
Chapter 724, Laws of 1907, as amended by Chapter 349,
Laws of 1909, as amended by Chapter 100, Laws of 1910.
Date June 15 1910. Maturity June 15 1960.
150,000 00 turnlng-basln refunding bonds. A uthority Chapter 599,
Laws of 1910. Date July 1 1910. Maturity $7,500 yearly
on July 1 from 1911 to 1930 Inclusive.
153,810 20 tax loan bonds. A uthority Section 113, Chapter 105, Laws
of 1891, as amended by Chapter 45, Laws of 1903. Date
Sept. 1 1910. Maturity $28,810 20 on Sept. 1 1911, $25,000
on Sept. 1 1912, $50,000 on Sept 1 1914 and $50,000
Sept. 1 1915.
Interest semi-annually at the Comptroller’s office or at the Gallatin
National Bank In New York City. Bonds arc exem pt from taxes. Certi
fied check on an Incorporated bank or trust com pany for 2% of bonds bid
for, payable to the Comptroller, Is reciulred.

Bonds Sold to the Sinking Fund During August.— During
the month of August $10,000 temporary-loan and $23,340 41
grade-crossing 4 % bonds dated Aug. l“ 1910 and due July 1
1911 were disposed of to the various sinking funds at par.
Cambridge City, W ayne County, In d .— Bonds Voted.—
The $8,000 municipal-light-plant-equipment bonds, mention
of which was made in V. 91, p. 351, carried at the election
held recently. The vote is reported as 297 to 27.
Canyon City Independent School District (P. O. Canyon
City), Randall County, T ex .— Bond Offering.— This district
is offering for sale the $10,000 5 % bonds registered by the
State Comptroller (V. 91, p. 106) on July 8.
Denomination $500. Date March 22 1910. Interest annual.
March 22 1950, subject to call after March 22 1930.

Maturity

Cashmere, Chelan County, W a sh .— Bond Sale.— The State
of Washington was recently awarded $7,500 bonds.
Casper, Natrona County, W y o .— Bond Offering.— Propos
als will be received until 10 a. m. Sept. 5 by M. P. Wheeler,
Town Clerk, for $25,000 water, $20,000 sewer and $45,000
town-hall 5 % coupon bonds.
Denomination $1,000.
Maturity 20 years.

Date July 6 1910.

Interest payable in Casper.

Catlettsburg Common School District (P. O. Catlettsburg), Boyd County, K y .— Bonds Not Sold.— Up to Aug. 20
the $10,000 6 % 1-15-year (optional) school-building bonds
offered on Aug. 1 and described in V . 91, p. 288, were still
unsold.
Chatham, Pittsylvania County, V a .— Bond Offering.—
Proposals will be received until 12 m . Scpt.5 by W m . M.
Tredway Jr., Clerk of Council, for the $10,000 5 % coupon
street-improvement and school-addition bonds voted July 28
(Y . 91, p. 351).
Denomination $500. Date Sept. 1 1910. Interest semi-annually at the
Town Treasurer’s office. Maturity Sept. 1 1940. The bonds arc exempt
from town taxes. Certified check for 5% of bonds, made payable to Clerk
of the Council, Is required. Bonded debt, not Including this Issue, $22,500.
No lloatlng debt. Assessed valuation for 1910 $299,650.

Chattanooga, Tenn.— Bond Sale.— The Chattanooga Clear
ing-House Association was the successful bidder on Aug. 24
for the $100,000 4J ^% 30-year coupon paving district im
provement (city’s portion) bonds described in V. 91, p. 477;
Chicago Heights, Cook County, 111.— Bond Sale.— The
W m . R . Compton Co. of Chicago purchased $8,000 5 % 2-9year (serial) fire-engine-house bonds on Aug. 22 for $8,103—
the price thus being 101.287— a basis of about 4 .7 3 2 % .
Denomination $1,000.
Date Sept. 1 1910. Interest semi
annual .
Chicopee, M ass.— Note Sale.— On Sept. 1 the $53,000 4 %
coupon school-house notes described in V. 91, p. 540, were
awarded to Blodgct & Co. of Boston at 100.857 and accrued
interest. Following are the bids:
Blodgct & C o ., B oston ...... 100.857
E. M. Farnsworth & C o., B os.100.83
Lee, Hlgginson & C o., BostonlOO.821
Kstabrook & C o., Boston __ 100.75
N. W . Harris & C o., Boston 100.71
Edmunds Bros., Boston
100.61
Perry, Coffin & Burr, Bos .100.4646
Maturity $5,000 N ov. 30 1911 and
to 1927 Inclusive.

Parkinson & Burr, B oston. .100.416
Kuhn, Fisher & C o., B oston, 100.413
Blake Bros. & C o., B oston . _ 100.27
Adams & C o., B o s t o n ...
100.21
R. L. Day & C o., Boston . .100.199
Merrill, Oldham & C o., Host. 100.179
E. II. Rollins & Sons, Boston 100.059
$3,000 yearly on N ov. 30 from 1921

Cleveland, Bolivar County, M iss.— Rond Offering.— Pro
posals will be received until 12 m. Sept. 6 by A.' Faries,
Mayor, for $20,000 6 % coupon water-works bonds.
Authority Chapter 99, Code o f 1906. Denomination $1,000. Date
Sept. 1 1910. Interest semi-annually In Cleveland or In New York City.
Maturity Sept. 1 1930. Bonds are exem pt from all State taxes. Certified
check for $1,000, payable to the M ayor, Is required. Bonded debt at
present $17,000. No lloatlng debt. Assessed valuation 1909, $450,000.

Cleveland, Ohio.— Bond Offering.— Proposals will be re
ceived until 12 m. Sept. 22 by II. 13. Wright, City Auditor,
for the $127,000 funded debt and $10,000 Sewer District
N o. 18 4 % coupon bonds mentioned in V. 91, p. 51.
Denomination $1,000. Date Sept. 1 1910. Interest from O ct. 1 1910
semi-annually at the American Exchange National Bank In New York City.
Maturity O ct. 1 1920. Certified check for 5% of bonds bid for, payable
to H arry L. Davis, City Treasurer, Is required. All bids must be made on
blank forms furnished by the City Auditor.

Cleveland Heights, Cuyahoga County, Ohio.— Bond Sale.
— The seven issues of 4 j ^ % coupon bonds aggregating
$51,325, described in V . 91, p 477, were sold on Aug. 23




601

to the Tillotson & Wolcott Co. of Cleveland for $51,894 32—
the price thus being 101.109.
.
Cleves, Hamilton County, Ohio.— Bond Sale.— W . R .
Todd & Co. of Cincinnati purchased on Aug. 10 $4,000 5 %
10-year Miami Avenue improvement bonds at 106.25 and
accrued interest— a basis of about 4 .2 2 8 % .
, , Denomination $500. Date Aug. 1 1910. Interest seml-annuallv at the
Hamilton County National Bank In Cleves.

Coldwater, Branch County, Mich.— Bonds Authorized.—
This city, according to local papers, has authorized the
issuance of $5,274 50 4 % coupon West Chicago Street Paving
District assessment bonds.
e, ^ - t}0™ lnatlon $527 45. Interest March 1 and Sept. 1. M aturity
$ l,0 o4 90 on March 1 from 1911 to 1915 Inclusive. Bonds are also subject
to call after March 1 1911.

Coleman, Coleman County, T ex .— Bond Offering.— The
City Secretary, F . A . Dibrell, is offering for sale the $20,000
5 % electric-light-plant-improvement bonds voted (V . 90,
p. 1692) on June 11.
Date July 1 1910.
to call after 5 years.

Interest sem i-annual.

M aturity 40 years, subject

o Columbus, Muscogee County, G a .— Bond Sale.— The
$100,000 4 F j% 30-year gold coupon concrete-bridge-con
struction bonds described in V . 91, p. 352, were disposed of
on Aug. 24 as follows: $86,000 to W . E . Bush of Augusta at
100.136, $9,000 to Mrs. Mildred Patterson Turner of Osurchee, A la., at 100.50 and $5,000 to L. J. Render of Lagrange
at 102. Purchasers to pay accrued interest. The°other
bidders were:
R oblnson-IIum phrcy C o., A tISeasongood & Mayer, Cincinl a n t a ..... ................................ 100.1611 n a t l ___________________ ________ p ar

Conneaut Lake, Crawford County, P a .— Bond Offering.—
Proposals will be received until 8 p. m . Sept. 10 by T . F .
Armour, Borough Clerk, for $7,000 5 % registered water
works bonds.
.
Denomination $100. Date O ct. 1 1910. Interest semi-annually at the
First National Bank In Conneaut Lake. M aturity on O ct. 1 as follow s$1,000 in 1916, $500 in 1018, 1920, 1922, 1924, 1926, 1928, 1930, 1932,’
$1,000 In 1934 and In 1936. Bonds are exem pt from all taxes. Certified
check for 5 % , payable to the Borough Treasurer, Is required. No d ebt at
present. Assessed valuation, $100,000.

Creek County (P. O. Sapulpa), Okla.— Bonds Offered by
Bankers.— The H . C. Speer & Sons Co. and the First N a 
tional Bank, both of Chicago, are offering to investors
$200,000 5 % bridge-construction bonds.
Denomination $1,000. Date Feb. 1 1910. Interest semi-annually at
the Oklahoma fiscal agency in New York City. Maturity $50 000 on
February 1 In each of the years 1920, 1925, 1930 and 1935. T otal bonded
debt, Including this Issue, $229,000. Equalized assessed valuation for
1909 $18,271,508. Assessed valuation (not equalized) for 1910, $ 2 0 
000,000.
’

Crestline School District (P . O. Crestline), Crawford
County, Ohio.-—Road Sale.—-On Aug. 26 the $40,000 4 lA %
2-21-year (serial) coupon school-building bonds described
in V. 91, p. 477, were bought by Breed <fc Harrison of Cin
cinnati at 103.15 and accrued interest— a basis of about
4 .1 5 3 % . A list of the bidders follows:
Breed & Harrison, C in e._$41,260
W ell, R oth & C o., Cinc__ 41,232
Davles-Bertram C o., Cin
cinnati____________ ____ 41,225
C. E . Denison & Co.,C levc. 41,150

00 First N at. Bank, C lo v e :.$41,072
00 b ta cy & Braun, T o le d o .. 41,015
Seasongood&Alayer, Cine. 41,010
00 Field, Longstreth & C o.,
25
Cincinnati ................ ..
41,000

00
75
25
00

Dalton, Whitfield County, G a.— Bonds Not Sold.— The
$125,000 5 % bonds offered on Aug. 10 and described in V . 91,
p. 289, were not sold on that day, according to reports.
Darke County (P. O. Greenville), Ohio.— Bond Offering.—
Proposals will be received until 10 a. m. Sept. 8 by Frank
Snyder, County Auditor, for the following 4 & % bonds:
$75,000 dltch-lm provem ent bonds. A uthority Section 4482
Bates’s
Annotated Statutes. Maturity $15,000 yearly on Sept. 8 from
1912 to 1916 inclusive.
21,500 bridge-construction bonds. A uthority Section 2824, Revised
Statutes. Maturity $4,000 on Sept. 8 1912 and Sept. 8 1913, and
$4,500 yearly on Sept. 8 from 1914 to 1916 Inclusive.
30,000 road-improvem ent bonds. A uthority Sections 4670-14 to 20
Inclusive, Bates’s Annotated Statutes. Maturity $6,000 yearly
on Sept. 8 from 1912 to 1916 Inclusive.
Denomination $500. Date Sept. 8 1910. Interest semi-annually at the
County treasurer's office. Certified check on a bank In Darke County
(or cash) for $o00, payable to the Board of Commissioners, Is required.
1 urchaser to pay accrued Interest. Conditional bids will not be considered .

Dedham, M ass.— Temporary Loan.— On Aug. 29 a loan of
$20,000 due Nov. 12 1910 was negotiated with Bond &
Goodwin of Boston at 4 .1 4 % discount.
Delaware, Delaware County, Ohio.— Bond Sale.— On
Aug. 16 the two issues of 5 % 1-10-year (serial) coupon bonds,
aggregating $4,200, described in V. 91. p. 415, were sold to
the Delaware National Bank of Delaware for $4,366 (103.952)
and accrued interest— a basis of about 4 .1 8 8 % .
De W itt School District (P. O. De W itt), Carroll County,
M o.— Bonds Offered by Bankers.— Ail issue of $3,000 6 %
1-6-year (serial) school bonds is being offered to investors by
the W m . R. Compton Co. of St. Louis.
Denomination $500. Date A ug. 1 1910. Interest semi-annual.
debt, this Issue. Assessed valuation $112,747.

Total

Dickey County (P. O. Ellendale), No. D ak.— Bond Sale.—
On Aug. 22 the $50,000 4]/2% 10-year court-house construc
tion bonds described in V. 91, p. 477, were sold to the
Farmers’ National Bank of Ellendale at 100.10 and accrued
interest. A bid ol par less $2,718 50 was also received from
E . II. Rollins & Sons of Denver.
Dubois County (P. O. Jasper), In d.— Bond Offering.—
Proposals will be received until 1 p. m. Sept. 10 by J.
Gerber, County Treasurer, for $26,200
Harbison
Towhship rock-road bonds.
Denomination 80 bonds of $200 each and 40 bonds of $255 each. Date
Sept. 1 1910. Interest May and N ovem ber In Jasper. Maturity $655
each six months from May 15 1911 to N ov. 15 1930 Inclusive. Certified
check for5 % of bid Is required.

602

THE CHRONICLE

Duluth, Mann.— Bond, Sale.— The $50,000 4 % % 30-year
gold coupon permanent-improvement-revolving-fund bonds
have been purchased by the N . J. Upham Co. of Duluth at
par and accrued interest. These securities were offered
(V . 91, p. 167), but not sold, on July 18.
East Dundee (P. O. Dundee), Kane County, 111.— Bond
Offering.— Proposals will be received until 7 p. m. Sept. 6
by Lewis R . Barrett, Village President, for $10,000 5 %
coupon water-extension bonds.
Denomination $500. Date July 1 1010. Interest payable at the Village
Treasurer’s ofllce. Bonded debt at present, $1,000. Assessed valuation
1909, $217,369.

Eastman, Dodge County, G a.— Bonds Voted.— Proposi
tions to issue $30,000 sewer, $10,000 water and $18,000
school 6 % 30-year bonds carried b y a vote of 238 to 17 at an
election held Aug. 17. Date o f offering not yet determined.
Effingham, Effingham County, 111.— Bond Offering.— Pro
posals will be received until 8 p. in. Sept. 6 by Chas. E . Prother, City Clerk, for $10,000 5 % city-hall construction bonds.
Denomination $500. Date J u ly 1 1910. Interest annually at the City
Treasurer’s office. Maturity $1,500 y e a rly on July 1 from 1915 to 1918
Inclusive and $2,000 on July 1 1919 and July 1 1920. Certified check for
2% of bid Is required. Purchaser to pay accrued Interest.

El Reno, Okla.— Bond Election.— According to reports,
the question of issuing $250,000 bonds will be submitted to a
vote of the people on Sept. 6.
Essex County (P. O. Salem), M a ss.— Note Offering.— Pro
posals will be received until 11 a . m . Sept. 6 by the County
Commissioners for $150,000 notes.
Notes will be discounted or will be drawn with Interest. Denomination
$25,000. Date Sept. 10 1910. Maturity $75,000 on Dec. 5 and $75,000
on Dec. 25 1910. The loan will be guaranteed by the Old Colony Trust
Co. of Boston. David I. Itoblnson Is County Treasurer.

Essex County, N . Y . — Bond Offering.— Proposals will be
received until 12 m. Sept. 30 by S. W . Barnard, County
Treasurer (P. O. Elizabethtown), for $60,000 4 } ^ % gold
registered bonds for repair of tlie county buildings.
Date July 1 1910. Interest semi-annually at the Lake Champlain Na
tional Bank In W estport. M aturity $2,000 yearly on July 1 from 1911 to
19-40 inclusive.

Fairbury, Jefferson County, N eb.— Bonds Not Sold.— The
City Clerk informs us under date of Aug. 20 that no sale has
yet been made of the $115,000 water-works and $20,000
electric-light 5 % bonds offered on Aug. 1 and described in
V . 91, p. 289.
Fallon, Churchill County, N ev.— Bond Offering.— Pro
posals will be received until 1 p. m . to-day (Sept. 3) by
John P. Schneider, City Treasurer, for the $35,000 water
works and $10,000 sewer 6 % gold coupon bonds mentioned
in V . 91, p. 290.
A uthority Statutes of 1907. page 249. D enom ination $500. Date
day of sale. Interest Januaryand July at the City Treasurer’ s office or at the
National City Bank In New York City. The water-works bonds mature
part yearly from five to twenty-three years and the sewer bonds mature
$1,000 yearly from 1915 to 1924 Inclusive. The bonds arc exempt from all
taxes. Certified check for 10% of bid, p ayable to the "C ity of Fallon,” Is
required. The city has no debt at present. Assessed valuation 1909,
$465,700.

Floydada Independent School District (P. 0 . Floydada),
Floyd County, T ex.— Description of Bonds.— The $20,000
5 % school-building bonds voted on May 31 (V . 90, p. 1627)
are in denominations of $500 each and are dated July 20 1910.
Interest annual. Maturity July 20 1950, subject to call
after July 20 1915.
Fort Payne, Dekalb County, A la.— Bond Sale.— This town
has sold $7,000 refunding bonds.
Bonds Proposed.— The Mayor informs us that it is likely
that an issue of from $7,000 to $10,000 school-building bonds
will be placed on the market early next year.
Franklin, Franklin County, N eb.— Bonds Proposed.— A pe
tition has been submitted to the City Council asking them to
call a special election for the purpose of voting on the ques
tion of issuing electric-light-plant bonds.
Fulton School District (P. O. Fulton), Callaway County,
M o.— Bond Sale.— On Aug. 25 the $19,000 heat and repair
and the $5,000 building 5 % 5-20-year (optional) coupon
bonds described in V . 91, p. 478, were sold to S. A . Kean &
Co. of Chicago at par less $250 for expenses. A bid at par
and interest less $495 for expenses was also received from
E . H . Rollins & Sons of Denver, while John Nuveen & Co.
of Chicago offered par less $200 for expenses for straight
20-year bonds.
Glenville (Town) Union Free School District No. 2,
Schenectady County, N . Y .— Bond Offering.— Proposals will
be received until 12 m . Sept. 15 by F . A . Lewis, Clerk of
Board of Education (No. 317 First S t., Scotia), for $13,500
5 % gold coupon school-building-construction bonds,
n Denomination $1,350. Date July 1 1910. Interest annually at the
Schenectady Trust C o., Schenectady, In New Y ork exchange. Maturity
$1,350 yearly on Jan. 1 from 1925 to 1934 Inclusive. Certified check, cash
or bank draft for 1% of bonds bid for, Is required. Purchaser to pay
accrued Interest. Bonded debt at present, $2o,o00. No lloatlng debt.
Assessed valuation 1909, $1,099,000.

p^Grand Valley Irrigation District (P. O. Grand Valley),
Garfield County, Colo.— Bond Offering.— Proposals will be
received until 10 a. m . Sept. 8 by Edwin S. Green, District
Secretary, for $50,000 6 % bonds.
(■D enom ination $500. Date June 1 1910. Interest semi-annually at the
office of the Treasurer of Garfield County In G lenw ood Springs, or at the
Chase National Bank In New York City, at option of holder. Deposit of
$250 Is required. Purchaser to pay accrued Interest.

^ H a m ilto n , Caldwell County, M o.— Bond Offering.— Pro
posals will be received until 6 p. m . to-day (Sept. 3) by J. O.
Thornton, City Clerk, for $5,000 5 % coupon city-hall, jail
and fire-house bonds.




[VOL. L X X X X I.

Denomination $500. Date “ day of sale.”
Interest sem i-annually at
the H amilton Savings Bank In H amilton. M aturity 20 years, s u b je ct to
call after 5 years. Certified check for $100, payable to the City Treasurer,
Is required. No bonded or floating debt. Assessed valuation 1910,
$500,000.
.

Hamilton County, N . Y .— Bond Offering.— Proposals will
be received until 12 m . Sept. 20 by Peter Harris, County
Treasurer (P. O. Northville), for $125,000 5 % coupon (con
vertible into registered) funding bonds.
Denomination $1,000. Date Dec. 1 1910. Interest semi-annually at the
N orthvlllc Bank In New York exchange. Maturity $6,000 yearly on June 1
from 1921 to 1935 Inclusive and $7,000 yearly on June 1 from 1936 to
1940 Inclusive.

Hannibal School District (P. O. Hannibal), M o.— Amount
of Bonds Awarded.— W e are advised that the amount of the
$80,000 4 % 10-20-year (optional) coupon (with privilege of
registration) school-building and repair bonds sold to local par
ties at par (V . 91, p. 478) is $10,000. Our informant further
states that the district does not care to sell any more of the
bonds at present, as the building of the school has been de
ferred until next year.
Henry County (P. O. Napoleon), Ohio.— Bond Sale.— The
following 4 3 ^ % coupon bonds, aggregating $84,000, offered
on Aug. 19, were awarded, it is stated, to Hayden, Miller
& Co. of Cleveland for $85,089 30, the price being 101.297:
$25,000 road Imp. No. 78 (Flatrock Twp.) bonus. Denomination $1,000.
Maturity $1,000 each six months from Sept. 1 1912 to Sept. 1 1913
Inclusive, and $2,000 each six months from March 1 1914 to March 1
1919 Inclusive.
8.500 road Imp. No. 87 (Harrison Twp.) bonds.
Denominations $1,000
and $500. Maturity $500 each Sept. 1 and $1,000 each March 1
from Sept. 1 1912 to Sept. 1 1917 Inclusive and $500 March 1 1918.
15,000 road Imp. No. 88 (Napoleon Tw p.) bonds. Denomination $1,000.
Maturity $1,000 each six months from Sept. 1 1912 to .Sept. 1 1913
Inclusive and $2,000 each March 1 and $1,000 each Sept. 1 from
1914 to 1917 Inclusive.
17,500 joint road Imp. N o. 91 ($2,500 Freedom and $15,000 Liberty
Twps.) bonds. Denominations $500 and $1,000. Freedom T w p.
bonds mature $500 yearly on Sept. 1 from 1912 to 1916 Inclusive
and Liberty Tw p. bonds mature $1,000 each Sept. 1 and $2,000
each March 1 from Sept. 1 1912 to March 1 1917 Inclusive.
2.000 road Imp. No. 92 ($1,000 Napoleon and $1,000 Freedom Twps.)
bonds. Denomination $200. Maturity $200 of each Issue yearly
on Sept. 1 from 1912 to 1916 Inclusive.
6.500 road Imp. No. 93 (Freedom Tw p.) bonds. Denomination $500
Maturity $500 each six months from Sept. 1 1912 to Sept. 1 1918,
Inclusive.
2.500 road Imp. No. 94 (Liberty Tw p.) bonds. Denomination $500.
Maturity $500 yearly on Sept. 1 from 1912 to 1916 Inclusive.
1.500 road Imp. No. 95 (Freedom Tw p.) bonds. Denomination $300.
Maturity $300 yearly on Sept. 1 from 1912 to 1916 Inclusive.
1.500 road Imp. No. 96 (Rldgevllle T w p.) bonds. Denomination $300.
Maturity $300 yearly on Sept. 1 from 1912 to 1916 Inclusive.
4.000 road Imp. No. 97 (Richfield Twp.) bonds. Denomination $500.
Maturity $500 yearly on Sept. 1 from 1912 to 1919 Inclusive.
A uthority Section 6, 1894 Ohio Laws, page 96. Date Sept. 1 1910.
Interest semi-annually at the County Treasurer’s office In Napoleon.
Bonds are exempt from taxation.

Houston County Common School District, T ex .— Bonds
Registered.— An issue of $4,000 5 % 2-20-year (optional)
bonds was registered by the State Comptroller on Aug. 18.
Jackson, Jackson County, Ohio.— Bond Sale.— On Sept. 1
the $13,000 (not $16,000, as at first reported) 4 % 5-40-year
(optional) coupon electric-light bonds, offered on that day,
were sold, it is stated, to the Citizens’ Savings & Trust Co.
of Jackson at 101.001. Denomination $500.
Date Sept. 1
1910. Interest semi-annual.
Hutchinson, Reno County, K ans.— Bond Sales.— 'The
$15,000 4}/2% 20-year coupon bridge bonds, the bid for
which was rejected on April 29 (V . 90, p. 1378), have been
sold to the Commercial National Bank of Hutchinson at par.
On Aug. 12 Howard S. Lewis of Hutchinson purchased
$82,740 6 % 10-year paving bonds for $83,040— the price
thus being 100.362. Purchaser to pay the cost of issuing
the bonds. Denomination $1,000. Date July 1 1910.
Interest semi-annual.
Kiowa, Pittsburg County, Okla.— Bond Offering.— This
town is offering for sale $18,000 6 % bonds.
Denomination $1,000. Date A ug. 1 1910. Interest semi-annual.
turity July 31 1935. Geo. E. Pinkston Is T ow n Clerjo

Ma

Lake County (P. O. Crown Point), In d .— Bond Sale.-— The
Indiana Trust Co. of Indianapolis purchased on Aug. 27 the
$75,000 5 % bridge bonds described in V . 91, p. 291, at
104.90 and accrued interest. The following proposals were
submitted:
Indiana Trust C o., I n d - . .$78,675 00 W ell, R otli & C o., Cln------ $76,957 50
J. F . Wild & Co., Indianap 78,450 00 S A Kean & C o., Chicago 76,815 00
Miller, Adams & C o., In d . 78,382 00 First Nat. B k ., Crown P t . 76,717 50
Jos. T . Elliot & Sons, In d . 78,050 00
. ,
T, , ,
.
Maturity $4,000 each July i and $3,500 each Jan. 1 from July 1 1911 to
Jan. 1 1921 Inclusive.

Lauderdale County (P. O. Meridian), Miss. Bond Offer
ing.— At 2 p. m. on Sept. 6 this county will offer for sale at
the office of W . R . Pistole, Chancery Clerk, $50,000 of the
$200,000 5 % Road District N o. 1 bonds mentioned in
V . 91, p. 169.

A uthority, Chapter 149, Laws of 1910.
Sept. 1 1910. Interest annually on March 1.
inclusive.
,

Denomination $500. Date
M aturity from 1922 to 1925
_

Denomination $500. Date May 2 1910.
40 years, subject to call after 20 years. _

interest annual.

Lockney Independent School District (P. O. Lockney),
Floyd County, T ex.— Bond Offering.— W e are advised that
the $13,500 5 % building bonds voted on March 5 (V . 91,
p. 798) are now ready for sale.
Maturity

Lompoc Grammar School District, Santa Barbara County,
Cal.— Bond Election.— A proposition to issue $16,000 5 %
school-building bonds will be submitted to a vote of the peo
ple, it is stated, on Sept. 10.
Longmont School District No. 17 (P. O. Longm ont),
Boulder County, Colo.— Action to Be Taken Shortly.— We are
advised that the Board of Education will hold a meeting in
the near future to determine what will be done in regard to
issuing the $25,000 building bonds voted (V . 91, p. 109) on
June 27.

Sept.

3 1910.1

THE CHRONICLE

Lorain, Lorain County, Ohio.— Bond Offering.— Proposals
will be received until 12 m. to-day (Sept. 3) by E . P. Keating,
City Auditor, for $57,000 sewer-construction and $16,000
street-improvement 4 ^ % coupon bonds.
A uthority, Section 3914, General Code. Denomination $500. Date
Sept. 1 1910. Interest March 15 and Sept. 15 at the office of the Sinking
Fund Trustees. Maturity of sewer bonds: $5,000 on March 15 and on
Sept. 15 1912, $4,000 each March 15 and Sept. 15 from 1913 to 1910 In
clusive and $1,500 each March 15 and Sept. 15 from 1917 to 1921 Inclusive;
street bonds mature: $1,000 each six months from Sept. 15 1911 to March 15
1918 Inclusive. $1,000 on Sept. 15 1919 and $1,000 Sept. 15 1920. Certi
fied check on a national bank for 10% o f each Issue, payable to the City
Treasurer, Is required. Purchaser must be prepared to take the bonds
within 10 days from time of award.

Louisville, K y .— Bonds Not Sold.— There were no bidders
on Sept. 1 for the $350,000 4 % 10-year gold refunding bonds
(tenth issue) described in V. 91, p. 541.
Lucas County (P. O. Toledo), Ohio.— Bond Offering.—
Proposals will be received until 10 a. m. Sept. 6 by the
Board of Commissioners for $3,774 4j/£% stone and gravel
road-building fund bonds.
A uthority Sections 6920-0949, General Code. Denominations: 5 bonds
o f $500 each, 4 bonds of $250 each and one o f $274. Date Sept. 16 1910.
Interest semi-annually at the County Treasurer’s office. Maturity $524
In 1912, $250 yearly from 1913 to 1915 Incluslveand $500 yearly from 1916
to 1920 Inclusive. Cash or certified check on a Toledo bank for $500 Is re
quired. Ilonds will be delivered Sept. 16.

McCulloch County Common School District No. 7, T ex.—
Bonds Awarded in Bart.— On Aug. 1 the State School Fund
purchased at par and interest $7,500 of the $12,500 5 %
40-year bonds registered by the State Comptroller on June 8.
See V . 90, p. 1696.
Mangum, Greer County, Okla.— Bids Rejected.— All bids
received on Aug. 22 for the $85,000 5 % 25-year coupon
water, sewer and city-hall bonds described in V. 91, p. 479,
were rejected. W e are advised that the securities will not
be re-offered for sale before next January or February.
Maricopa County School District No. 3, A riz.— Bond
Offering.— Proposals will be received until 1 1 a . m. Sept. 7
by W m . E . Thomas, Clerk Board of Supervisors (P. O.
Phoenix), for $6,000 5 % gold building and furnishing bonds.
A uthority Title 19, Revised Statutes of 1901, and a vote of 49 " f o r ” to
9 "again st” at an election held July 9 1910. Denomination $500. Date
Sept. 7 1910. Interest annually at the County Treasurer’s office. Matur
ity Sept. 7 1930. Bids must be accom panied by a certified check tor 10%
of same and a cop y of official advertisement. Purchaser to pay accrued
Interest. Bonded debt. Including this Issue, $13,000. Assessed valuation
1910, $647,746 12. According to the official statement there Is no contro
versy or litigation threatened or pending aHectlng the corporate existence,
or the boundaries of the district, the title of Its present officials to their
respective offices, or the validity of these bonds, and there has never been
any default In the paym ent of the district’s obligations.

Marion, Marion County, Ohio.— Bond Offering.— Proposals
will be received until 1 p. m . Sept. 27 by the Sinking Fund
Trustees, S. II. De Long, Secretary, for the following 4 %
bonds:
$ 2,000 refunding bonds. Date Sept. 1 1908. Maturity $1,500 on March 1
1911 and $500 on Sept. 1 1911.
1.000 garbage-disposal-plant repairing bonds. . Date July 1 1908. Ma
turity $500 on March 1 1913 and $500 on March 1 1914.
1.000 sidewalk-construction bonds. Date Sept. 1 1908. Maturity $500
on March 1 1916 and $500 on Sept. 1 1917.
Denomination $500. Interest semi-annual. Bonds are exem pt from
taxation.

Marion County (P. O. Marion), Ohio.— Bond
Caledonia Deposit Bank of Caledonia purchased
coupon Shumaker Free Turnpike Road bonds on
$9,190— the price thus being 102.111. A bid of
also submitted by W . E. Ilarkness of Marion.

Sale.— The
$9,000 5 %
Aug. 27 for
$9,090 was

Denominations: $145, $280, $310, $320, $330, $345, $360, $380, $400,
$410, $440, $460 and $480. Date Sept. 1 1910. Interest semi-annually
at the County Treasurer’s office. Maturity part each six months from
March 1 1911 to March 1 1923 Inclusive.

Mauch Chunk, Carbon County, Pa.— Bonds Awarded in
Part.— Of the $12,000 3 }4 % registered funding bonds de
scribed in V . 91, p. 230, $7,000 have been sold to local in
vestors at par. Maturity 1940, subject to call $1,000 yearly
after 1915.
Medford, Taylor County, W is .— Bond Sale.— John Nuvcen
& Co. of Chicago are reported as having purchased $20,000
water-works bonds at 100.88.
Milam County (P. O. Cameron), T ex.— Bond Offering.—
John Watson, County Judge, is offering for sale the $18,500
5 % Road District No. 1 bonds registered by the State Comp
troller (V . 91, p. 169) on June 21.
Denomination $500.
Maturity 50 years.

Date

March

10

1910.

Interest

semi-annual.

Mill Township (P. O. Uhrichsville), Tuscarawas County,
Ohio.— Bond Sale.— On Aug. 27 the $5,000 5 % 1-5-ycar
(serial) coupon Deersville Road improvement bonds de
scribed in V. 91, p. 479, were sold to the First National Bank
of Cleveland at 101.445 and accrued interest— a basis of
about 4 .4 8 1 % . A list of the bidders follows:
First Nat. Bank, C lcvc___ $5,072 2 5 1Commercial Bank, UhrlchsStacy & Braun, Toledo _. 5,055 7 5 1 vllle ------------------------------ $5,050 00
asongood & Mayer, Cln. 5,0.)4 5 0 1Hayden,Miller & C o..C lcvc. 5,035 00

Minneapolis, M inn.— Bond Offering.— Proposals will be
received until 2 p. m. Sept. 22 by Dan C. Brown, City Comp
troller, for $125,000 Permanent Improvement Fund and
$300,000 Permanent Improvement Revolving Fund 4 %
bonds.
Denominations $1,000, $500, $100 and $50. as purchaser desires. Date
O ct. 1 1910. Interest semi-annually at the Minneapolis llscal agency In
New York City. Maturity Oct. 1 1940. Certified check for 2% of bonds
bid for, payable to C. A . Bloom qulst, City Treasurer, Is required
Pur
chaser to pay accrued Interest.

Mohawk, Herkimer County, N . Y .— Bond O fferin g.--Pro
posals will be received until Sept. 6 by F. D. Du Bois, Clerk
Municipal Commission, for $25,000 refunding water bonds.
Interest to be named in bid. Maturity $1,000 yearly.




603

Monmouth, Warren County, 111.— Bond Sale.— An issue of
refunding bonds has been disposed of to the holders of the
old bonds.
Montevideo School District N o. 1 (P. O. Montevideo),
Chippewa County, Minn.— Bond Election.— An election will
be held to-day (Sept. 3), it is stated, to vote on the question
of issuing $50,000 4 % school-building bonds.
Mountain Home, Elmore County, Idaho.— Bonds Defeated.
— A t an election held Aug. 17 a proposition to issue $48,000
6 % bonds was defeated.
M t. Vernon, Knox County, Ohio.— Bond Offering.— Pro
posals will be received until 12 m. Sept. 6 by Stephen J.
Dorgan, City Auditor, for $2,500 4 j ^ % East High Street
improvement bonds.
A uthority. Section 3939, General Code. Denomination $500. Date
Aug. 1 1910. Interest semi-annual. Maturity $500 yearly on Aug. 1
from 1911 to 1915 inclusive. Purchaser to pay accrued Interest.

Muskogee County (P. O. Muskogee), Okla.— Ronds De
fea ted— An election held July 23 resulted in the defeat of a
proposition to issue $100,000 road and bridge bonds.
New Bedford, Bristol County, M ass.— Bond Offering.—
Proposals will be received until 7:45 p. m . Sept. 7 by W m . S.
Cook, City Treasurer, for the following 4 % registered bonds:
$100,000 water bonds. A uthority Chapter 202, A cts o f 1909. Maturity
$5,000 yearly on Sept. 1 from 1911 to 1915 Inclusive and $3,000
yearly on Sept. 1 from 1916 to 1940 Inclusive.
100,000 municipal building bonds. A uthority Chapter 352, Acts of 1907
as amended. Maturity $5,000 yearly on Sept. 1 from 1911 to
1930 Inclusive.'
75,000 library bonds. A uthority Chapter 353, A cts of 1907, as amended.
Maturity $4,000 yearly on Sept. 1 from 1911 to 1925 Inclusive
and $3,000 yearly on Sept. 1 from 1926 to 1930 Inclusive.
Denomination $1,000 or any multiple thereof. Interest March 1 and
Sept. 1 through mall b y check. Bonds are exem pt from taxes In Massa
chusetts. Certified check on a national bank or trust com pany for 2%
of bonds bid for, payable to the “ City of New B edford,” is required. The
opinion of Storey, Thorndike, Palmer & D odge, of B oston, as to the legality
of the bonds will be delivered to the purchaser.

New Castle County (P. O. Wilm ington), D el.— Bond
Offering.— Proposals will be received until 12 m. Sept. 6 by
Daniel Thompson, Chairman Finance Committee, for the
$80,000 4 % gold coupon highway-improvement bonds men
tioned in V . 91, p. 292.
Denomination $1,000. Date July 1 1909. Interest semi-annually at
the Farmers’ Bank In W ilm ington. Maturity $15,000 yearly on July a
from 1956 to 1959 Inclusive and $20,000 on July 1 1960. Certified check
for 2 % of bonds bid for, payable to the County Treasurer, Is required.
These bonds will be certified as to genuineness by the Columbia Trust C o.,
New York. Bonds will be delivered Sept. 20 unless a subsequent date
shall be mutually agreed upon. Purchaser to pay accrued Interest from
July 1 1910. Bids to be made on blank forms furnished by the county.

Niagara Falls, Niagara County, N . Y . — Certificate Sale.—
On Aug. 30 the $1,800 5 % 10-year registered certificates de
scribed in V . 91, p. 542, were sold to the Niagara County
Savings Bank of Niagara Falls at par and accrued interest.
There were no other bidders.
Bid Rejected:— The only proposal received for the $25,000
4 % 25-year registered grade-crossing (“ Series A ” ) bonds,
also olfcrcd on Aug. 30 (V . 91, p. 542), was one of par and
interest less $1,800, submitted by W . C. Langley & Co. of
New York City. This bid was rejected.
Oakley (P. O. Cincinnati), Hamilton County, Ohio.— Bond
Sale.— On Aug. 23 the $4,000 street-improvement and the
$1,600 water-pipe 5 % 30-year coupon bonds described in
V . 91, p. 480, were sold to Weil, Roth & Co. of Cincinnati at
109.446 and accrued interest— a basis of about 4 .4 2 9 % .
Following is a list of the bidders:
W ell, R oth & C o.. Cln------ $6,129 0 0 1Western-German B k., Cln $5,888 80
P rov. S. B . & T r. C o., C ln. 6,034 001 Oakley Bank, Oakley_____ 5,793 00
Seasongood & Mayer, C ln .. 5,978 0 0 1

Ohio.— Temporary Loan.— Cleveland papers state that on
Aug. 19 arrangements were completed for a loan of $100,000
at 4 % interest from the Society for Savings of Cleveland,
to meet the expenses of keeping troops on duty in Columbus
on account of the street-car strike.
Oneonta, Otsego County, N . Y . — Bond Sale.— This city
on Aug. 20 sold the following 4 j ^ % bonds at par:
$7,500 1-15-year (serial) Fast Main Street paving bonds awarded to the
Hom e Savings Bank of Albany.
6,500 1-13-year (serial) sewer bonds disposed of to F. H . Brcssc of Oneonta
Denomination $500. Date Aug. 15 1910. Interest semi-annual.

Ontario School District, San Bernardino County, Cal.—
Bond Sale.— On Aug. 22 the $12,500 5 % 16-40-year (serial)
gold school bonds described in V . 91, p. 418, were awarded,
it is stated, to Barroll & Co. of San Francisco at 104.376.
Oswego, N . Y . — Bond Sale.— The $65,000 4 j ^ % 1-10-year
(serial) registered bridge bonds described in V . 91, p. 480,
were sold on Aug. 26 to Estabrook & Co. of New York City
at 100.52. A list of the bidders follows:
Estabrook & C o., N. Y . ..$ 6 5 ,3 3 8
Rhoades & C o.. N. Y ____ 65,313
N . W . Harris & C o., N. Y . 65,210
E .II.R ollins & Sons, B os. 65,155

501 W hite, W eld & C o., N. Y . $65,095 50
9 5 |R. M. Grant & C o., N. Y . 65,021 45
0 0 1Oswego City Savings B k.,
5 0 1 (for $ 1 0 ,0 0 0 ) ................. 10,020 00

Ottawa, La Salle County, 111.— Bond Offering.— Proposals
will be received until 5 p. m. Sept. 6 by B . F . Krouse, City
Clerk, for the $23,000 5 % bridge bonds voted Aug. 2.
(V . 91, p. 418.)
Denomination $1,000. Date July 1 1910. Interest semi-annually at
the First National Bank In Chicago. Maturity $1,000 yearly on July 1
from 1911 to 1929 Inclusive and $4,000 on July 1 1930.
The legality
of the bonds has been approved by Chas. B. W ood of Chicago, whose
opinion will be delivered to the purchaser without charge. Bonded debt.
Including this Issue. $119,000.
,

Palestine, Anderson County, T ex.— Bond Election.— An
election will be held Sept. 8 to vote on the propositions to
issue the $17,000 park and $9,000 fire-hall-equipment 5 %
bonds mentioned in V . 91, p. 418. Date Oct. 1 1910. Ma
turity 40 years, subject to call after 10 years.

THE CHRONICLE

604:

Pekin, Tazewell County, 111.— Bonds Offered by Bankers.—
The W m , R . Compton Co. of Chicago is offering to investors
§20,700 5 % street-improvement bonds.
Denominations $500 and $300. Date A ug. 13 1910. Interest July 1
at the City Treasurer’s office. Maturity $2,300 yearly on July 1 from
1912 to 1920 Inclusive.

Penelope Independent School District (P. O. Penelope),
Hill County, T ex.— Bond Offering.— This district is offering
at par and accrued interest the §7,500 bonds— the unsold
portion of the issue of §12,500 5 % bonds mentioned in V . 91,
p. 418.
Denomination $500. Date June 1 1910.
40 years, subject to call after 10 years.

Interest annual.

M aturity

Petaluma School District, Sonoma County, Cal.— Bond
Offering.— Proposals will be received until 12 m. Sept. 7,
it is stated, for the §45,000 4 % % school-house bonds men
tioned in V . 91, p. 354.
Portland, M e.— Note Sale.— On Aug. 29 the §53,000 notes
described in V . 91, p. 542, were sold to Blake Bros. & Co. of
Boston at par for 4.78s. A bid for 5.10s was also received
from Bond & Goodwin of Boston. Maturity Jan. 1 1911.
Portland, Ore.— Bond Sale.— Ladd & Tilton, of Portland,
offering 93.06, were the successful bidders on Aug. 29 for
the §250,000 4 % gold bridge-construction bonds due July 1
1939 and described in V. 91, p. 293.
i-. Bond Offering.— In addition to the §1,000,000 4 % gold
water bonds offered for sale until 2 p. m . Sept. 13 by A. L.
Barbour, City Auditor, proposals will also be received until
the same time for §50,000 5 % gold crematory bonds.
Denomination $1,000. Date Sept. 1 1910. Interest semi-annually at
the City Treasurer’s office. Maturity $5,000 yearly on Sept. 1 from 1911
to 1920 Inclusive. Certllled check on a Portland bank for 5% of bonds bid
for, payable to the Mayor, Is required.

Portsmouth, Scioto County, Ohio.— Bond Offering.— Pro
posals will be received until 12 m. Sept. 6 by W m . N . Gableman, City Auditor, for §6,000 4 % coupon sewer-construction
(city’s portion) bonds.
Denomination $500. Date Sept. I 1910. Interest semi-annually at the
City Treasurer’s office. Maturity Sept. 1 1915, Bonds are exem pt from
all taxes. Certified check for 2 % of bonds bid for, payable to the City
A uditor, Is required.

Portageville School District (P. O. Portageville), New
Madrid County, Mo.— Bonds Offered by Bankers.— According
to a circular recently issued by the W m . R . Compton Co.
of St. Louis, they are offering to investors §4,100 6 % 15-20year (optional) school bonds.
Denomination $500, except one bond of $000. Date June 10 1910.
Interest annual. Total Indebtedness $9,600. Assessed valuation $278,478.

Quincy, Norfolk County, M ass.— Bond Offering.— -Pro
posals will be received until 12 m. Sept. 7 by John Curtis,
City Treasurer, for the following coupon bonds:
$12,140 41^% "surface-drainage loan of 1910” bonds. Denomination
$1,000 except one bond for $140. Date July 1 1910. Ma
turity $6,140 on July 1 1912 and $6,000 on July 1 1913.
4,100 4 % “ street-im provem ent and miscellaneous purposes” bonds.
Denomination $1,000 except one bond for $100. Date
July 1 1910. Maturity July 1 1912.
1,400 4 % “ sidewalks loan of 1910” bonds. Denominations: $1,000 and
$100. Date July 1 1910. Maturity July 1 1911.
1,000 4 % “ W ard Pour surface loan” bond. Date Aug. 1 1910. Ma
turity Aug. 1 1911.
^
Interest semi-annually In B oston. Bonds are exem pt from taxation.
Bonds will be certified to as to their genuineness by the Old Colony Trust
Co. of B oston, which com pany will further certify that the legality of tills
Issue has been approved by Messrs. R opes, Gray and Gorham of Boston, a
cop y of whose opinion will accom pany the bonds when delivered.

ggRochester, N . Y . — Note Sale.— On Aug. 29 the two issues
of 8-months’ local-improvement-renewal notes aggregating
§400,000, described in V. 91, p. 542, were awarded to the
First Trust & Savings Bank of Chicago, the Security Trust
Co. of Rochester and Sutro Bros. & Co. of New York City.
Bids were also received from Bond & Goodwin, Adams & Co.,
Chisholm & Chapman and II. Lee Anstey, all of New York
City, and the Genesee Valley Trust Co. of Rochester.
Note Offering.— Proposals will be received until 2 p. m .
Sept. 8 by Chas. F. Pond, City Comptroller, for §100,000
local-improvement renewal notes.
Date Sept. 12 1910. Maturity May 12 1911.
nom ination of notes to be designated In bids.

Rate of Interest and de

Rusk County Common School District N o. 13, T ex.—
Bonds Registered.— An issue of §1,000 5 % 20-year bonds was
registered by the State Comptroller on Aug. 22.
St. Louis County School District N o. 18 (P. O. McKinley),
Minn.— Bond Sale.— On Aug. 16 §125,000 5 % coupon school
building bonds were sold to E . II. Rollins & Sons and the
Continental & Commercial National Bank, both of Chicago,
at their joint bid of 100.17.
Denomination $1,000. Date Sept. 1 1910. Interest semi-annually on
Jan. 1 and July 1. Maturity on Jan. 1 as follows: $12,000 yearly from
1912 to 1916 Inclusive and $13,000 yearly on Jan. 1 from 1917 to 1921
Inclusive.

Samos School District (P. O. Samos), Mississippi County,
M o.— Bonds Offered by Bankers.— School 6 % 4-9-year (serial)
bonds, amounting to §1,200, are being offered to investors
by the W m . R . Compton Co. of St. Louis at a price to
yield 5 % .

[VOL. L X X X X I.

in V . 91, p. 543, were sold to the Bank of Baraboo at par
and accrued interest.
Shelby, Richland County, Ohio.— Bond Sale.— On Aug. 27
the four issues of 4 Y i% coupon bonds, aggregating §15,960,
described in V . 91, p. 481, were sold to the First National
Bank of Shelby at 101.413 and accrued interest. Following
is a list of the bidders and the premiums offered by the same:
First N at. Bank, S helby____$225
Citizens’ Bank, S helby---------- 166
First Nat. Bank, Cleveland-.1 2 6
Breed & Harrison, Cincinnati 85

55 H ayden, Miller & Co., Cleve__$75 00
00 Seasongood & Mayer, Cln____ 70 00
25 W ell, R oth & C o., Cincinnati. 62 25
00

South Bethlehem, Northampton County, P a .— Bond Sale.
— On Aug. 22 the §21,000 4 j ^ % 10-30-year (optional) cou
pon improvement bonds described in V. 91, p. 481, were
awarded to the E . P. Wilbur Trust Co. of South Bethlehem
at 102.02 and accrued interest.
Steubenville, Jefferson County, Ohio.— Bond Sale.— On
Sept. 1 the §12,000 4 j ^ % 1-12-year (optional) W est Market
Street improvement bonds described in V. 91, p. 543, were
purchased by Thomas Johnson of Steubenville for §12,062—
the price thus being 100.516.
Summit County (P. O. Akron), Ohio.— Bond Offering.—
Proposals were asked for until 11 a. m . yesterday (Sept. 2)
by the Board of County Commissioners for the following
5 % coupon East Market Road improvement bonds:
$4,000 assessment bonds. Maturity $1,000 yearly on Sept. 1 from 1911
to 1914 Inclusive.
15,000 (cou n ty’s portion) bonds. Maturity $1,500 yearly on Sept. 1 from
1911 to 1920 Inclusive.
A uthority Sections 2294, 2295 and 6912, General Code, as amended.
Denomination $500. Date Aug. 1 1910. Interest March 1 and Sept. 1
at the office of the County Treasurer. Purchaser to pay accrued Interest.
The result of this bond ottering was not known to us at the hour of going
to press.

Tallmadge Township School District (P. O. Tallmadge),
Summit County, Ohio.— Bond Sale.— On Sept. 1 the §15,000
5 % coupon school-building bonds described in V. 91, p.5 43,
were bought by the First National Bank of Cleveland, it is
reported, for §15,853 75— the price thus being 105.691.
Maturity §1,000 yearly on March 1 from 1912 to 1926 inclus
ive.
Townsend, Broadwater County, M ont.— Bond Offering.—
Proposals will be received until 12 m . Sept. 15 by E . II.
Goodman, Town Clerk, for the §35,000 4
20- year water
works bonds voted July 6 (V . 91, p. 171). Interest annual.
Trenton, N . J .— Bond Offering.— Proposals will be re
ceived until 12 m . Sept. 15 by II. E . Evans, City Treasurer,
for the following 4> £ % bonds:
$100,000 water bonds dated O ct. 1 1908 and payable O ct. 1 1938. Bonds
m ay be coupon or registered, or both com bined, at option of
purchaser.
50,000 20-year registered or coupon harbor bonds.
5,000 20-year registered lire and police telegraph and telephone bonds.
Interest semi-annual. Certllled check drawn on a national bank In the
following amounts required with bids: for the $100,000 Issue, $2,000; for
the $50,000 Issue, $1,000, and for the $5,000 Issue, $100.

The above is a re-advertisement of the bond sale conducted
successfully on Aug. 18 (V . 91, p. 482), to which the attor
neys for the bond buyers objected because the advertising
was not continued for ten consecutive week-days.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Union County (P. O. New Albany), M iss.— Bonds Voted.—
Papers state that Districts Nos. 1, 2 and 3 voted Aug. 20 in
favor of issuing good road bonds.
Upper Sandusky, W yandot County, Ohio,.— Bond Offering.
— Proposals will be received until 12 m. Sept. 6 by A . II.
Stutz, Village Clerk, for §5,000 5 % Warpole Street surface
water and sanitary sewer-construction bonds.
A uthority Section 2837, Revised Statutes. Denomination $500. Date
Aug. 1 1910. Interest semi-annual. .Maturity Aug. 1 1919. Certllled
check for 10% of bonds bid for, payable to the Village Clerk, Is required.
Frechaser to pay accrued Interest and be prepared to take the bonds wittun
ten days from date of award.

Urbana, Champaign County, Ohio.— Bonds Defeated.—
Dispatches state that the election held Aug. 30 resulted in
the defeat of the proposition to issue the §150,000 bonds
mentioned in V . 91, p. 419, for the purchase of the plant of
the Urbana Water-Works Co.
Vancouver, Clarke County, W a sh .— Bonds Defeated.— The
question of issuing §40,000 sewer bonds was defeated by a
vote of 113 “ for” to 340 “ against” at an election held Aug. 20.
W althill, Thurston County, N eb.— Bond Sale.— According
to reports, the State of Nebraska has purchased §22,500
electric-light and water-works-system bonds at par.
W atervliet, Albany County, N . Y . — Bonds Authorized.—
It is stated that the Common Council has authorized the issu
ance of §55,000 school bonds.
Waterloo, Blackhawk County, Iow a.— Bond Offering.—
Proposals will be received until 10 a. m. Sept. 6 by Chas. W .
Stilson, City Treasurer, for §45,000 4 }4 % coupon funding
bonds.
nnn

Total debt,

A uthority Chapter 12, Title 5, Code of Iowa. Denomination $1,000.
Date July 1 1910. Interest semi-annually in W aterloo. Maturity July 1
1930. Bonds are exem pt from taxes. Certified check for 2 % , payable to
the City Treasurer, Is required.

San Francisco, Cal.— Additional Sales of Geary Street
Bonds.— Local papers of Aug. 24 state that up to that time
there had been sold §200,000 of the second installment of
§240,000 4 j^ % Geary Street R y. bonds (bids for which were
opened on Aug. 2). This makes a total of §77,000 disposed
of since our last report. See V . 91, p. 419.
Sauk County, W is .— Bond Sale.— On Aug. 30 the §20,000
4 % 6-15-year (serial) coupon asylum-erection bonds described

Wellsville Union Free School District No. 1 (P. O. W ellsville), Alleghany County, N . Y . — Bond Sale.— On Aug. 29
the four issues of 4 ^ 2 % bonds aggregating §56,000, described
in V . 91, p. 482, were awarded to the Bumpus-Stevens Co.
of Detroit at 101.21. Purchaser to furnish blank bonds. A
bid of 101.21 was also received from Spitzer & Co. of New
York, while an offer of 100.34 was made by N. W . Harris &
Co. of New York.

Denomination $200. Date June 1 1910.
this Issue. Assessed valuation $29,210.




Interest annual.

S e p t . 3 ID 10. j

THE CHRONICLE

W ood County Common School District No. 45, T ex.—

Bonds Registered.— The State Comptroller registered $1,000
5% 10-20-year (optional) bonds on Aug. 23.
W ooster, Ohio.— Bond Sale.— An issue of
paving and sewer (city’s portion) bonds was
Aug. 29 to Breed & Harrison of Cincinnati
accrued interest— a basis of about 4.102% .
bids received follows:

Young

605

County Common

School District, T ex.— Ronds

Registered.— We are advised that the State Comptroller regis
tered $5,198 5% 1-20-year (optional) bonds on Aug. 17.
Yukon, Canadian County, Okla.— Bond Offering.— Pro
$13,000 4)^%
disposed of on posals will be received until Sept. 5 by the Town Council
at 105.40 and for the $30,000 water-works and $10,000 sewer 6% 25-year
A list of the bonds voted July 3 (V. 91, p. 234). Certified check for 2%
is required. II. T. Burson is Mayor and M. It. Belisle, Town
Clerk.

Breed & Harrison, Cln__ $13,702 00 First Nat. Bank, Clev___ $13,574 75
Well, Roth & Co., Cln___ 13,698 75 Field, Longstreth&Co.,Cln 13,535 00
Hayden, Miller & Co.,Clev 13,698 40 Seasongood & Mayer, Cln, 13,486 20
Cleveland Trust Co., Clev_ 13,695 50 Citizens’ N. Bk., Wooster, 13,453 50
Stacy & Braun, T o l e d o , 13,624 00 Commercial Bk., Wooster. 13,450 00
Denomination $500. Date Aug.
1910. Interest semi-annual. Ma
turity $5,000 in each of the years 1929 and 1930 and $3,000 In 1931.

C anada, its Provinces and M u n icip a lities.

Berlin, Ont.— Debentures Voted.— The proposition to issue
Bond Offering.— This city will be in the market Oct. 1 the $8,300 5% sewer-extension debentures mentioned in
V. 91, p. 420, was favorably voted upon Aug. 29. Interest
with about $30,000 4J^% assessment bonds.
annual. Maturity part yearly for 30 years.
W yandot County (P. O. Upper Sandusky), Ohio.— Bond
Debentures Defeated.— At the same election the voters
Offering.— Proposals will be received until 12 m. Sept. 7 by defeated the proposition to issue the $15,000 debentures as
P. Frank Jr., County Auditor, for $3,000 5 % Eden Township a loan to the Baetz Bros. Furniture Co.
public-road-improvement bonds.
Fernie, B. C.— Debenture Offering.— Proposals will be re
Authority an Act of the General Assembly passed April 1 1900. De
nomination $200. Date July 1 1910. Interest semi-annually at the ceived up to Sept. 8 by G. II. Boulton, City Treasurer, for
County Treasurer's office. Maturity $600 yearly on Jan. 1 from 1912 to $27,000 5% 30-year and $4,500 5% 10-year debentures.

1916 Inclusive. Certllied check or cash for $300 must Ik - deposited with
County Treasurer. Bonds will be delivered within 5 days from date of sale.

Yancey

County

(P.

O.

Burnsville),

N o.

Car.— Bond

Glenwood School District No. 1357 (P. O. St. Vital East),
M an.— Debenture Offering.— Proposals will be received until

Sept. 5 by Richard Wilson, Secretary-Treasurer, for the
Election.— According to local papers an election will be held
b]/2% school-site and construction debentures men
Sept. 15 on a proposition to issue $100,000 bonds, the pro $20,000
tioned in V. 91, p. 421.
ceeds to be loaned to Black Mountain R y. Co. for the con
a vote of 64 “ for” to 24 "against” at an election held Aug 25.
struction of a road from Boonford to Cane River. It is TheAuthority,
debentures are payable at the Bank of Hamilton In 20 annual install
proposed to advance the company $20,000 when the road ments of principal and Interest.
has been completed to Micaville, $30,000 when it has reached
Hastings County (P. O. Belleville), Ont.— Debenture Sale.
Burnsville and the remaining $50,000 upon its completion — This county recently awarded $20,000 5% debentures to
to Cane River. In return for the loan the company agrees, the Ontario Securities Co., Ltd., of Toronto. Maturity part
it is said, to give the county a first mortgage on the road for yearly for 20 years.
$ 100, 000 .
Kamloops, B. C. — Debenture Sale.— The $16,000 5% 10Yellowstone County School District N o. 8, M ont.— Bond year debentures offered on Aug. 10 (V. 91, p. 357) were pur
Sale.— The $3,500 5-10-year (optional) coupon school bonds chased by Aemilius Jarvis & Co. of Toronto for $15,698—
described in V. 91, p. 35G, were sold on Aug. 10 to the State the price thus being 98.112.
Board of Land Commissioners as 5s. No other proposals
North Vancouver, B. C.— Debenture Offering.— Additional
were received.
details are at hand relative to'the offering on Sept. 19 of the

NEW LOANS.

8 8 0 0 ,0 0 0

KANSAS CITY, MISSOURI,

NEW LOANS
$ 1 0 0 ,0 0 0 W a t e r B o n d s

$400,000
C LASS“ B”
Alarkct House Coup, bonds, 2d issue. 550,000
Fire Protection bonds, 2nd issue---- 50,000
Public Levee bonds----------------15,000
Workhouse bonds_____________
25,000
Paving Repair Plant bonds--------- 50,000
Kansas City Sewer bonds----------- 50,000
12th Street Trafficway bonds-----60,000
Kansas City Bridge Bonds---------- 100,000

8 I 2 5 ,0 0 0

50,000 H a r b o r B o n ds

Flathead County, Montana,

5 ,0 0 0 F ir e a n d P o l i c e T e r e g r a p h
and T e le p h o n e Bonds

IM PROVEM ENT BONDS
Sealed proposals will be received by the under
signed, the Mayor and the City Comptroller of
Kansas City, Missouri, until SEPTEMBER 7TH,
1910, at 10 o’ clock A. M., for the purchase of all
or any part of the following-named bonds of the
city of Kansas City, Missouri, In the followingnamed amounts:
CLASS “ A” .
Water-Works Bonds. Second issue..$300,000
Tuberculosis Hospital Bonds-------- 25,000
Contagious Disease Hospital Bonds. 75,000

NEW LOANS

C ity of T re n to n , N .J .
Office of City Treasurer,
Trenton, N. J., Sept. 2nd, 1910.
SEALED PROPOSALS will be received at this
office until 12 o ’clock noon, Wednesday,
September 15 til. 1910,
for the purchase of the whole of $100,000 of City of
Trenton, N. J., thirty-year, four and one-half per
cent semi-annual Water Bonds.
Said bonds may be registered or coupon bonds
or registered and coupon bonds combined, at
the option of the purchaser, and shall be dated
October 1st, 1908, payable October 1st, 1938.
^ Also for the purchase of the whole of $50,000
City of Irenton, N. J., twenty-year, four and onehall per cent seml-annuai, registered or coupon
Harbor Bonds.
Also ior the purchase of the whole of $5,000,
City of Trenton, N. J., twenty-year, four and onehalf per cent semi-annual registered Fire and Police
Telegraph and Telephone Bonds.
For the payment of all said bonds, the public
faith and credit of the Inhabitants of the City of
Trenton is fully pledged.
i
Each bidder will be required, as an evidence of
good faith, to enclose certllied checks on a National
Bank as follows:
For the $100,000 Issue of Water bonds, a check
for $2,000.
For the $50,000 Issue of Harbor bonds, a check
for $1,000.
For the $5,000 Issue of Fire and Police Tel. and
Tel. Bonds a check for $100.
Checks will be Immediately returned to un
successful bidders.
The bonds will be awarded to the bidder whose
proposal will be most favorable to the City but
the right Is reserved to reject any or all bids not
deemed for the interest of the City.
Proposals to be sealed and addressed to
H. E. EVANS,
City Treasurer.

$400,000
Class A bonds bear Interest at the rate of four
per cent per annum. Class B bonds will bear
interest at the rate of four and one-half per cent
per annum. All of these bonds are of the de
nomination of $1,000 each, dated September 1st,
1910, to mature September 1st, 1930. Interest
payable at the office of the City Treasurer of
Kansas City, Missouri, or at the Chase National
Bank In the City and State of New York, at the
option of the holder.
No bid will be received which Is In whole or In
part less than par.
The legality of the bonds will be approved by
Messrs. Dillon, Thomson & Clay of New York,
whose opinion as to the legality, or duplicate
thereof, will be delivered to the purchaser or
purchasers of said bonds.
Each bid must be made on a blank form fur
nished by the City, and must be accompanied by
a duly certllied check on a national bank doing
business In Kansas City, Missouri, payable to the
F O R R E S T Sc C O
order of the City Comptroller of Kansas City,
Missouri, for 2 per cent of the par value of the
BANKERS
bonds bid for. The right Is reserved to reject
any or all bids.
421 Chestnut St.. PHILADELPHIA. PA.
Delivery of the bonds will be made on Thursday,
September 22d, 1910, at ten o’clock A. M., at the
office of the City Comptroller of Kansas City, In
Kansas City, Missouri. Bids will be received at
the office of the Mayor of Kansas City. Missouri,
In the City Hall In said City, but no bid will be
entitled to consideration unless received by or
before the hour above set for receiving bids.
Printed circulars containing more definite and
ESTABLISHED 18*5
detailed information with reference to said bonds,
and blank forms for bids, can be had on applica
C. SPEER & SONS
tion to the City Comptroller of Kansas City,
Missouri, or to Messrs. Dillon, Thomson & Clay,
195 Broadway, New York.
First Nat. Bank Bldg., Chicago
DARIUS A. BROWN,
Mayor of Kansas City, Missouri.
W ESTERN
GUS PEARSON,
Comptroller of Kansas City, Missouri.
M U N IC IPAL A N D SCHOOL BONDS




Municipal and
Corporation Bonds

H.

REFUNDING BONDS
Notice Is hereby given that Sealed Bids will be
received by the County Commissioners of Flat
head County, In the State of Montana, at the office
of the County Clerk, at Kallspell, Montana, on
the 4th day of October, 1910, for the sale of
$125,000 00 refunding bonds, the denomination
of said bonds to be $1,000 each, payable In 20
years and redeemable In 10 years, and to bear In
terest at not to exceed 5 per cent per annum, in
terest payable at the office of the County Treasurer
of said County on the lirst days of January and
July of each year. Bids will be opened at the
office of the County Clerk, ex-officlo Clerk of the
Board of County Commissioners of said County,
at Kallspell, Montana, on Tuesday, October 4th,
1910, at 10 o ’clock a. m. A certllied check for
5 per cent of bid to accompany each bid, check
to be returned it bid Is reejeted. The Board re
serves the right to reejet any and all bids.
By order of the Board of County Commissioners.
C. T. YOUNG. County Clerk.

C h a r le s M . S m ith & C o.
C O R P O R A T IO N A N D
M U N IC IP A L

BONDS

IRST N ATIO N A L B A N K B U ILD IN Q
CHICAGO

B L O D G E T & CO.
•

BONDS

, BOSTON
, N E W YORK

60 S T A T E S T R E E T
30 F I N E S T R E E T

STATE, CITY & R A IL R O A D BONDS

BODENPYL, WALBRIDGE & CO.
T W a ll S t., New Y o r k
Railroad, Street

Ry., Gas & Elec. Light

S E C U R IT IE S

CO. M U N IC IP A L B O N D S
ist Investments
yl H I f n C Cff
wn. Yielding from *+ /O 10 O 7 O

Write for
Circular.

ULEN, SUTH ERLIN & C O.
BANKERS

CHICAGO

THE CHRONICLE

606

$59,330 school, $31,120 park and $10,000 fire 5% debentures
mentioned in V. 91, p. 545. Proposals for these debentures
will be received until 5 p. m. on that day by Thomas Shep
herd, City Clerk.
Denomination $1,000. Interest semi-annually In North Vancouver.
Toronto, iMontreal or London, Eng. Maturity-1960'.

[VOL. L X X X XI.

described in V. 91, p. 421, were purchased by Brent, Noxon
& Co. of Toronto at 100.151 and accrued interest. Following
are the bids:
Brent, Noxon & Co., T o r.$20,531 001 J.G.Mackintosh,WInnlpeg.$19,847 00
Aemllius Jarvis & Co.,Tor. 20,278 90 Wood,Gundy & Co., Tor. 19,844 00
W.A.Mackenzle&Co.,Tor. 20,200 00|Nay & James, Regina___ 19,530 00
The $13,000 debentures mature part yearly on Sept. 1 from 1911 to 1930,
Inclusive, and the $7,500 debentures mature part yearly on Sept. 1 from
1911 to 1917, Inclusive.

Point Grey (P. O. Kerrisdale), B . C .— No Action Yet Taken.
— We are advised under date of Aug. 26 that this place is
Strathcona, Alberta.— Debenture Offering.— Proposals will
not yet prepared to offer for sale the four issues of deben
be received by Chas. Ed. K. Cox, Secretary-Treasurer, for
tures, aggregating $950,000, mentioned in V. 91, p. 173.
the following 4)^ % coupon debentures, aggregating $184,
Red Deer, Alberta.— Debenture Offering.— Proposals will
800
71:
be received until 12 m. Oct. 1 by A. T . Stephenson, Secretary- $38,000
00 40-year Mill Creek bridge debentures, dated Aug. 2 1910.
Treasurer, for the following 5% debentures:
48.000 00 40-year water-works and sewer-system debentures, dated Aug. 2
$9,000 park-purchasing debentures. Date Aug. 25 1910. Maturity part
yearly for 30 years.
5.500 cement-sidewalk debentures. Date July 1 1910. Maturity part
___
w
yearly for 30 years.
4,000 pump-purchasing debentures. Date July 1 1910. Maturity part
yearly for 20 years.
,
500 new-cell debentures. Date July 1 1910. Maturity part yearlyfor
10 years.
„
,
2.500 plank-walk debentures. Date June 23 1910. Maturity part yearly
for 5 years.
,,
,
500 hose-purchasing debentures. Date July 1 1910. Maturity part
yearly for 5 years.
. „ , „
_ ,
, ,
Interest annually at the Merchants' Bank In Red Deer. Debenture debt,
Including this issue, $163,503 31. Floating deot, $10,000. Assessed
valuation, $1,459,930. Estimated value, $2,000,000.

1910.
9,012 50 20-year water-works and sewer-system (meters) debentures,
dated Aug. 2 1910.
10.000 00 30-year electric-light and power-system debentures, dated
Aug. 2 1910.
3.000 00 30-year street-grading debentures, dated Aug. 2 1910.
2.000 00 20-year Riverside Park Improvement debentures, dated Aug. 2
1910.
2.000 00 30-year flre-hall debentures, dated Aug. 2 1910.
4,928 00 20-year local-improvement (city’s portion) debentures, dated
Aug. 2 1910.
992 85 20-year concrete-sidewalk (city’s portion) debentures, dated
Aug. 2 1910.
1,128 06 8-year wooden-sidewalk (city’s portion) debentures, dated
Aug. 2 1910.
50.000 00 40-year C. P. R. high level bridge debentures, dated Feb. 8 1910.
7,719 42 20-year local-improvement assessment debentures, dated
July 13 1909.
8,019 88 30-year detlclt debentures, dated Feb. 8 1910.
Interest on the above debentures payable semi-annually In Strathcona

Regina, Sask.— Debenture Election.— According to reports,
the rate-payers will vote Sept. 7 on by-laws providing for
the issue of debentures amounting to $195,000.
Richard Rural School District N o. 1092, M an. — Debenture.
Papers state that proposals for the above debentures will
Sale,— On Aug. 15 the $7,500 5% 20-year debentures of be received until Sept. 5.
fered on that day (V. 91, p. 421) were awarded to J. Addison
U nity, Sask.-—Debenture Sale.— Nay & James of Regina
Reid & Co., Ltd., of Regina at 96.146 and accrued interest
purchased $2,000 5 ^ % debentures maturing in 15 an
— a basis of about 5.316%. The following bids were re have
nual installments.
ceived:
Welland, Ontario.— Debenture Election.— Papers state that
J. A. Reid & Co., Ltd., Regina$7,2111Brent, Noxon & Co., Toronto $7,200
J. G. Mackintosh. Winnipeg. - 7,202 |Nay & James, Regina.......... . 7,077 an election will be held Sept. 16 to vote on the question of
St. John, N . B . — Debenture Sale.— An issue of $24,500 issuing $52,000 4 ^ % 30-year debentures.
4% 25-year redemption debentures was disposed of at 97.50
W estm ount, Que.— Debentures Voted and Sold.— The prop
on Aug. 26. Denomination $500. Date July 1 1910. In osition to issue the $70,000 4% 44-year improvement deben
terest semi-annual.
tures mentioned in V. 91, p. 545, carried unanimously at the
Stettler, Alberta. — Debenture Sale.— On Aug. 20 the two election held Aug. 27. The debentures have already been
issues of 5j/£% coupon debentures, aggregating $20,500, disposed of at par.

MISCELLANEOUS.

MISCELLANEOUS.

Illinois Jhn’jcty Company

Reynolds, Watson & Co.

H o m e O f f i c e , 206 L a S a l l e S t r e e t
C H IC A G O

W R ITES A L L CLASSES SU R E T Y BONDS
Court— Fidelity— Contract— Miscellaneous

Municipal and Corporation Bonds
W e offer a very exceptional

D R A IN A G E BOND
NETTINO

6%
The motto of the Illinois Surety Company Is “ Prompt Service”
both In the handling of Its business and the adjustment of its losses




400 The Rookery

CHICAGO

F. W M . K R A F T
LAWYER

Specializing in Examination of

Municipal

and

Corporation

Bonds

1312 FIRST NATIONAL BANK BLD d..

CHICAGO, IL L .

M cC O Y

& COMPANY

Municipal and
Corporation Bords

181 La S a lle S tr e e t , C h lo a g o
M U N IC IP A L A N D R A IL R O A D

BONDS
LIST ON APPLICATION

SEAS0NG00D & MAYER
Mercantile Library Building
CINCINNATI

O T T O J U L IU S M E R K E L
BROKER
44 AND 48 WALL STREET, NEW YORK
IN V E S T M E N T S E CU R ITIE S
C om m on done* Invltod.
Full text of Commercial and Financial Chronicle : September 3, 1910, Vol. 91, No. 2358 [Copy 2]

FRASER
