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f i n
VOL. 93
SEPTEMBER 9 1911
NO. 2411
a
n
r i a
l
Published every Saturday raurning by W ILLIAM B. DANA COM PANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold O. Dana, Sec. Addresses of all, Office of the Com pany’.
C LE A R IN G S—FOR AUGU ST, SIN G E JAN. 1, AN D FOR W E E K E N D IN G SE PTE M B E R 2
August.
Cltarings
a t-
1911.
New Y ork — ......... ..
Philadelphia------------Pittsburgh----------------B a ltim ore----------------Buffalo......... - ..............
Albany--------- -----------W ashington------------Rochester ....................
Scran ton ......................
Syrncuso.................. ..
R e a d in g ....... ..............
Wilmington--------------Wilkes-Barre ...........
Wheeling ----------------Harrisburg - . - .........
Trenton
..............—
Y o r k ............................
Erie ........... - ...............
C h este r........................
Greensburg..................
Binghamton ...............
A ltoon a -------------------F ra n k lin ......................
Frederick ..............—
Beaver County, P a . . .
Lancaster * — ...........
Norrlitown — ......... ..
Total M iddle______
Boston ........................
P r ov id en ce ....... ..........
H a rtford ......................
New H aven______ i . .
P o r tla n d .................... ..
Sprlngileld....................
W orcester....................
Fall ltlver---------------New B e d fo r d _______
L ow ell________ ______
H olyok e......... ...............
B angor.........................
Total New England
C h ica g o...................... Cincinnati..................
C lev ela n d ----------------D etroit..........................
M ilw a u k ee-................
Indian ipolls . ......... ..
C o lu m b u s ......... , -----T o le d o .................... —
P e o r ia ...........................
Grand Rapids_______
D a y t o n ......... ..............
Evansville ..................
K a la m a zoo..................
Sprlngileld..................
Fort W a y n e ................
Y ou n gstow n ......... ......
A k r o n _____ _________
C a n t o n ......... ..............
L ex in g ton ___________
Rockford ....................
S a g in a w ____________
Quincy .................... ..
South B en d..................
B lo o m in g to n ......... ..
Decatur ......... ............
Sprlngileld, O hio-----Mansfield ................
D anville............. ..........
Jackson ............. ..........
L i m a ............................
Jacks mvllle ................
Lansing
..................
Ann Arbor........... ........
Adrian ......... ..............
Owensboro ..................
Flint...............................
Gary--------- ---------------Total Middle WestDetails of Pacific and
Total Pacific______
Total other W e s t..
St. Louis......................
Now O r le a n s ............
L o u is v ille..................H o u s t o n ....... ..............
G alveston ....................
Richmond ..................
A tla n ta ......... ..............
M em phis....... ..............
Nashville ....................
Fort W o r t h ...............
Savannah ....................
N o r fo lk _______
Birmingham . . .
K n o x v ille ____
_
Chattanooga ..............
Jackson ville____
M o b ile ......... ................
A u g u s t a ......................
Little R o c k ___
Charleston ..................
O kla hom a____
M a c o n ________
Beaumont _ . . .
W ilmington. N. 0 ____
Columbus, G a . ...........
A u s tin ..............
V ick sb u rg ____
Columbia ____
G u th r ie ...........
V a ld o s ta ______
Ja ck son .................... ..
M eridian......................
T u ls a .......................... ..
M u sk o gee....................
Tota Southern____
Tota nil..................
Outside New York
$
7,384,142,204
687.777,332
203,882,252
138,093,979
43,009,187
25,574,494
27,084,443
16,801,935
10,902,486
10,828,270
5,959,231
6,021,609
5,518,814
7,517,199
4,850.000
6,363,425
3,696,202
3,615.842
2,215,107
2,230,343
2,077.000
1,959.85.3
980.143
1,209,198
2,089,338
3,608,242
1.910.282
8,5057822,546
040,727,056
29,703,600
17,171,511
11,781,412
8,484.282
8,506.187
9,805.278
3.519,541
3.919.557
2,190,728
2.511,847
1,908,000
1M81477E90
1,113,115.464
98,196,100
84,503,044
87,522,137
54,345,205
37.923,886
23.701.900
18.925.548
12 880 889
11.288.926
9.116.552
9,393.370
2.913.065
4,534,050
4,489,510
4,905.600
5.901.740
4,637.006
3,377.165
3,047 743
2.808 012
2.004.382
2 295 856
2.784 372
2.118.350
2.244,425
1,835.570
1.483.923
2,022 092
1.722 135
1,220 130
1,470 299
080 592
101 088
1,749.909
1,598.098
1,017.751
1 .0 2 0 .0 0 0 3 2
other Western
478.017,147
530,048,363
290.053.031
78.502.707
50.822,431
58.924.033
32.844,500
30.553,307
38.740,430
18,133.194
17.710.025
20.1n2.347
18,485.807
11,791 050
8.993.915
0.876 212
8 938.820
11.719.932
4,844.231
6.090.710
6.253,048
4,542 749
8,418 527
10.620.244
2.404.952
2.442 250
1.203.20.5
8,573.221
807.902
2.4M 303
9 0 0 o on
550.000
1.439,00.5
1.000.000
2.300.480
2.702.811
760.643.yS3
12.640.000,480
5 261 858 970
1910.
Eight Months.
Inc. or
Dec.
S
%
6,462,207,827 + 14.3
579,598,283
+ 1.4
203,529,49 I
+ 0 .2
123.032.894 + 12.7
41,408,256
+ 3 .9
23,854,200
+ 7 .2
26.862,632
+ 3.3
15,044,121 + 11.7
10,441,051
+ 4.4
9,566,990 + 13.2
6.120,177
— 2.6
6,031,841
— 0.2
5,730,884
— 3.7
7.160,079
+ 5.0
4,879,240
— 0.0
6,131,480
+ 3 .8
3,761,250
— 1.7
3,001,979
+ 0.4
2,378,020
—5 6
2,101,487
+ 0 4
1,994.500
+ 4 2
1,975.105
— 0.8
914,280 + 18.8
1,082.193 + 11.7
1,902,822
+ 9.8
4.096.530 — 10.4
Not Included In total
7T3ffl.3l0.286 + 12-0
587,157,787
+ 9 .1
29.090,000
+ 0.3
15,547,120 + 10.4
10.509,578 + 12.1
8,720.004
— 2.8
+ 4.9
8.107,347
9.221.958
+ 0.3
4,062,759 — 13.4
3.785.413
+ 3.5
2.061,607
+ 0.0
2.101.943 + 16.2
Not Included In total
081,0937)70 " + 8 .4
1,077,147,384
+ 3.3
92,842,300
+ 5.8
84,933,033
78,610,252 + 11.4
52,815.053
+ 2 .9
41,460.000
— 8.5
24,457,800
— 2.8
18.503,210
+ 2 .3
12.589.701
+ 2.0
11,427.284
— 1.2
9.183.104
— 3.9
9.325 259
+ .07
2.801 295
+ 4.0
4.530 877
— 0.1
4,070 409 + 10.1
4,512 809
+ 8.7
4,000 000 + 47.5
4.045.352 + 14.6
2,803.555 + 18.0
3.059,434
— 0.4
2.489.033 + 12.8
2.342 222 + 15.0
2 218 780
+ 3.5
2 598.502
+ 7.2
2 237 090
— 5.3
2.388.819
— 0.0
1.788 880
+ 2.0
1.714.735 — 1.3.5
1.637 874 + 23.5
1,493.632 + 15.3
1,435.090 — 15.0
1,450 887
+ 1.3
025 572
+ 8 ,8
185 123 — 12 7
1.795 505
— 2.5
Not Included In total
Not Inoluded In total
1,568,444,040
+ 3 .3
on page 044.
458.780,451
+ 4.2
575.718,703
— 6.8
280,780.248
+ 3.5
64.194.200 + 22.4
52.4 14.018
— 3.1
47.017 814 + 2 5 .3
28,377.000 + 15.7
27.420.107 + 11.4
32 227.290 + 2 0 .2
17.531.238
+ 3.4
16 055.344 + 10.4
20.040,105
+ 0.7
15.035.618 + 18.2
13.710.300 — 14.0
9.400,325
— 4.9
0.702,025
+ 2.6
7.171.050 + 24.7
9 210.740 + 27.1
5.044.451 — 11.2
5.884.730
+ 3.5
5.807,521
+ 6 .6
4.719,034
— 3.8
10.524,355 — 20.(]
33,034,408 + 210.1
2,400.271
— 1.0
1.970.783 + 23.9
1 3ft3 830
— 7.3
4.270 709 + 100.3
805.000
— 3.1
3.020 807 — 20.2
1,190.855 — 24 4
400 121 + 17.3
+ 1.2
1,422 270
— 1.2
1.012 137
N ot Included In total
Not Included In total
+ 9 .2
702.100.171
+ 9 .0
11,537.521,793
5 0757250061 + 3 .7
1911.
%
-8 .6
— 0.3
-2 .3
+ 11.4
(-1.3
-2.5
-1.0
-3,3
-4.0
f-4.1
-4 .2
-1 .6
-i.i
—3.9
+ 1.7
4 - 1.3
-1 .6
-0 .7
-.3.4
+ 5 7
+ 10 3
+ 3.0
ft ft
+ 9.4
+ 2.3
In total
-7.0
—0.3
- -0.2
H-1.2
7 •5 8
- -0.8
— 3.1
+ 2.7
-0.7
+ 12.6
+ 4.9
7072
-1.9
4-2.2
+ 2 .8
+ 5.9
— 5.9
— 4.8
+ 12.3
+ 2 .0
-1.0
+ 0.2
+ 7.4
-0.5
+ 1.4
+ 3 .9
+ 8 .5
+ 11.9
+ 7.0
+ 2 2 .3
-1.1
H-1.2
H-6 0
- -.3.0
- -0..3
-8.1’
+ 4.9
+ 2.1
-8 8
+ 2.3
+ 13.1
4-0 4
-4.5
13 .3
+ 2.0
In total
70.8
3,739,739,043
3,678.519.210
+ 1.7
4,487,025,447
1.744,577,846
-5 .4
2,500,037.208
2,436.885,305
+ 2.9
024,932.423
654,190.237
+ 4 .7
+ 0.7
459.714.003
450.508.338
—5.2
380,554.705
410.718 2.38
247.937.000
218 121.500 + 13.7
251,038.81 R + 1.5
258.359.700
382,702 818
335.289.420 + 14.2
211.417.728
194.2.35.550
+ 8.8
140.587.032
+ 9.8
133.408.070
191,849,950
208.870,403
— 8.2
153,747,127
130.088.441 + 12.2
104,781.179
99.508.024
+ 5.2
83.587,420
83 783.206
— 0.2
58,321,322
50.227.035
4 3.7
04.280,481
58.834,805
+ 9.4
90.539.328
81.272.115 + 18.8
49.482.224
48 751.714
+ 1.5
70,141,442
62 221.007 + 12.7
01.204,310
55,620.008 4-10.2
55.277.425
53,457.324
+ 3.4
79 250.726
11 2
70.408.444
102.844.163
31.047,021 4-221 P
19.513,019
21,467.170
—Q.1
24.539.09.3
17.884,058 + 38.0
1.3.461.541
11.032.106 + 15.7
50.012.270 + 63.2
82.586.605
0.622.044
0.953.424
+ 3.4
28.765.678
+ 3.4
27.817.021
7.124,067
10.035 464
34 8
5.800,972
5.080.035 + 15.0
16.862.544
15.758 565
+ 7.0
10.338.11(1
4-fi 4
9.807 m n
21.424.099
21.71.3,383
N ot Included
total
67038.770.563 ~K302.348.614
+ 5.3
105,578.527.487 111.278,727.077
— 5.1
44.08075827567 ^43,97A. 4 4 0 7 ) 7 ' + 0 .2
E V C lcarin gs b y Telegraph and Canadian Clearings on page 644.
1910.
$
S
61,491,944,920 07,300,287,120
5,103.104,733
5,146,405,119
1.691,381.030
1,731,598,588
1,030,596,021
1,154,214,047
339,354,887
334,911,517
202,041,033
197,698,820
245,200,892
242,859,440
140,315,055
141,070.212
95,715,630
92,003,991
80,238,002
82,805,258
52,209.472
54,521,024
52,088,071
52,949,941
4,703,259
47,577,082
58,614,450
00,994,590
43,881,378
43,111.048
53,932,098
53,229,282
32,310,083
32.840,362
28,804,799
29,057,004
18,847.220
19,505,401
19,159,289
20,258,141
l « , i 00.253
17.823,300
15,225,84.3
15,780,408
8,737.005
8,102 434
8,630.208
9,450,944
10,485,642
10,801,788
34,203,270
39,189,387
Not Included
15.705,972
71,0757084, (20 70,8017847,3+0
5,535,973,351
5.510,851,737
200,833,000
207,392,400
150.805,665
149.121,332
102.100,410
90,559,895
60,629,342
60,088,242
74,662,280
77.073,053
79.649,302
77,523,309
37.153.928
37.408,515
33.610.600
36.887.278
18 888 .019
16,773.270
20.082.939
19,149.745
14,860.034
N ot Included
0107,892,718
0,37973927550
9,171,297,203
9,349,024,212
830,147,700
848;656,900
669,796,290
034,897,002
G17,490,620
429,162,502
454,303,085
313 851,127
295.224.073
197.259.700
207.285,000
148.554:541
166,752.068
101.639.522
103,634,295
89,991,108
90.902,207
76,376,292
70,242,330
81.554.592
95.902.074
23.273,013
23,157.772
36.004.881
35.484.311
35,025,620
30.395.107
39.980.200
30.807,489
32.930.800
36.809.140
30.100 254
33.785.719
34.895,442
28,514.072
27.219.481
27 510.081
20.950 204
20.690.031
23.446,005
21.997.005
18.670 471
18.123,040
23.255.040
21 870.000
15.522.904
10.808.171
19.518.400
18.599.371
14.203.10.3
13.000.712
10.129.511
14.708 176
14.000.433
15,314.258
11.523.814
13 032,353
10 800.979
10.708 020
3.171 857
12 573.073
0.413.948
0.120 587
1.24.3 620
1.400 <>15
15.418 549
15 112 8°2
10.404.971
0 853 238
N ot Included
13,2087$ 147390 13.371.742.408
W eek ending September 2.
Inc. or
Dec.
T15579847203 147107,799
JM6.379127 2.640.186149
. 1437521,027 0 2 2 1 8 0 1 0 $
* N ot Inoluded In total for m onth and eight months; comparison Incomplete.
616
THE CHRONICLE
THE FIN ANCIAL SITUATION.
The New York Stock Exchange has just made a rule
permitting securities listed upon the Exchange, which
bear stamps issued by the State Comptroller showing
that the tax thereon under the law recently enacted
relative to the taxation of “ secured debts,” has been
paid, to be dealt in as tax-exempt securities. This
step is a recognition of the bearing that the new law is
going to have upon the standing and position of bonds
of all classes and descriptions where held by residents
of this State. When the Legislature at Albany, in
response to the suggestion of Governor Dix, passed the
measure referred to, we alluded to it as perhaps the
most important step ever taken in this State as regards
the taxation of securities. The course of events since
then confirms us in this opinion.
The law in question provides for the registration
of the bonds and the payment thereon of a registry
tax of one-half of one per cent, after which such bonds
are to be completely exempt thenceforward from the
annual local tax on personal property. The law is
sure to bring large sums annually into the coffers of the
State. At the outset,particularly,the payments ought
to be very heavy, provided the State officials charged
with the duty of carrying out the provisions of the
statute do not unwittingly put hindrances in the way
through needless regulations never contemplated by
those who framed the law. Our confidence in the
measure as a revenue producer is based upon the fact
that an enormous mass of securities is brought within
the provisions of the statute which previously were
practically beyond the reach of the tax gatherers.
Nominally bonds, when held by residents of the State,
are subject to the annual personal property tax—that
is, they are subject to a tax running as a rule from 13^
to 3 % , depending upon the locality where the owner
may reside. But as the tax officials can have no
knowledge as to how much and what bonds an indi
vidual may own, and as the bonds to so large an ex
tent are issued by corporations outside of the State
and the State, therefore, can exercise no control over
them, the practical effect has been that, except in the
case of estates of deceased persons, little or no tax
whatever has heretofore been collected upon such bonds.
The local personal property tax smacks of confiscation
anyway, for if the owner really paid it he would find
himself in the position where, after having received the
4 or 43^% interest which the bond may bear, he had
turned over to the tax authorities
to 3% , leaving
for himself the other one to two per cent per annum.
Men simply will not pay such a prohibitory tax where
there are means of escaping it and in this instance,
as we have already seen, the tax has been very easy
to elude.
Under the new law the situation is entirely changed.
The holder is required to make merely a single pay
ment of one-half of 1% (not an annual payment of that
amount) and in return he is expressly and specifically
exempted from the annual personal property tax.
This is a privilege of which in the end we may be sure
nearly every bondholder will avail, and particu
larly large holders, inasmuch as while the personal
property tax, as we already have seen, is readily
evaded, yet there is some risk of discovery and that is
a risk which the prudent man will seek to avoid if the
price is not too high. A single payment of one-half
[VOL.
LXXXXIII.
of 1% in return for perpetual exemption is certainly
a very moderate consideration to be called upon to pay
in such circumstances and no objection whatever has
been raised on that score as far as our knowledge
goes.
Only one thing can interfere with the State’s realizing
a very large income from this security tax at the very
start, namely unwise regulations by the State Comp
troller in the execution of the provisions of the statute.
As it happens, the Comptroller has prescribed regula
tions which it strikes us are unwise, which are certainly
unnecessary, and for which there would seem to be
no warrant or justification in the law itself. Recog
nizing the advantage which payment of the registry
tax on “ secured debts” will give both to the securities
and to their owners, holders of such bonds in large
number are preparing to obtain the benefits offered,
and pay the tax. But the time within which they can
make the payment and secure exemption, at least
from the coming year’s personal tax, is very short.
The new law became operative on Friday of last week,
Sept. 1. Under another law, also passed by this year’s
Legislature, the personal property tax in this city will
attach as of Oct. 1 instead of accruing the first Monday
in January, as has been the rule heretofore. There
are, therefore, only three weeks left in which the tax
can be paid and benefits from the same be enjoyed
for the coming twelve months. Although the law did
not go upon the statute book until July 28, it has at
tracted wide attention, and many of the leading
banking houses and trust companies are being flooded
with requests from clients asking that arrangements
be begun to pay the tax and thus render the securities
tax-exempt.
These trust companies and banking concerns are
very anxious to favor their customers in that respect,
but unfortunately find themselves confronted with con
ditions laid down by the Comptroller with which it is
very difficult to comply. In the case of mortgage
bonds the Comptroller requires an affidavit from the
holder, in which the latter is called upon to state a lot
of facts which it is very hard to obtain on short
notice and some of which it may be impossible to ob
tain at all. He is obliged to state, under oath, not
merely the date of the mortgage and to furnish a gen
eral description of the bond, to information of which
kind there could be no objection, but also the place
where the mortgage was ‘ ‘first recorded in the office of
the.................................. of the county of.......................
State of.......................... in liber..................... of mort
gages, page......... , section........... , block............&c.,
&c. No one has had any need heretofore for informa
tion of this character in relation to corporation
mortgages, and we venture to say that there is not a
single concern in the whole country that has the facts
with reference to the hundreds of thousands of corpora
tions that come within the provision of the new law.
For the law applies not alone to steam railroads out
side the State, but to gas companies, electric-light com
panies, power concerns, industrial corporations, and in
fact to every class of undertaking in which modernday business activities are carried on. It also applies
to securities issued in foreign lands. Yet the holder
is asked to state under oath the place where the mort
gage was first recorded and give (as in the case of city
property) the page, section and block number, and
numerous other details not readily accessible.
THE CHRONICLE
9 1911]
Sept.
T h e o n ly re co u rse o p e n to t h e h o ld e r is t o c o m m u n i
617
it u n d e r th e o ld la w .
T h e d is tr ib u tio n o f th e p r o c e e d s
c a t e w ith th e m o r t g a g e t r u s t e e , a n d t h a t is w h a t th e
o f th e t a x is a lso d iffe r e n t.
tru st
c it y
th e p r o c e e d s o f th e n e w t a x o n “ se c u r e d d e b t s ,” w h ile
T h e re s p o n s e s h a v e b e e n s o m e w h a t
th e lo c a l a u th o r itie s r e ta in h a lf o f th e n e t y ie ld u n d e r th e
c o m p a n ie s
are n o w d o in g .
v a r ia b le .
In
and
so m e
b a n k in g
ca se s
c o n c e rn s
rep lies
have
p r o m p t l y , g iv in g all th e fa c t s in fu ll.
th e
t r u s te e
or
p a r ty
a d d ressed
in
th is
com e
very
I n o th e r ca se s
has
r e p lie d
th a t
he
T h e S t a t e g e ts th e w h o le o f
M o r tg a g e T a x L a w a n d tu r n th e o th e r h a lf o v e r t o th e
S ta te T reasu rer.
d is t in c t io n
I t is im p o r t a n t , t h e r e fo r e , t h a t t h e
b e tw e e n
th e t w o
sh o u ld
b e c a r e fu lly o b
w o u ld see if th e in fo r m a tio n d e sire d c o u ld b e o b t a in e d .
s e r v e d , a n d t h a t th e S t a t e s h o u ld n o t c o lle c t a n y t a x
P a r t ic u la r ly
fr o m b o n d s w h ic h fa ll w it h in th e p r o v in c e o f th e lo c a l
p e r p le x in g
is
th e
p la c e w h e re th e m o r t g a g e w a s
g iv e n .
in a l”
r e q u ir e m e n t
th a t
first recorded
th e
m u s t be
T h e p r a c tic e is q u it e c o m m o n o f filin g “ o r ig
m o r t g a g e s in all th e s e v e r a l c o u n tie s a n d in all
a u t h o r it ie s .
But
th is
o b je c t
m u c h s im p le r m a n n e r .
p o se
o f m a in t a in in g
can
be
o b t a in e d
in
a
T h e tr u th is t h a t , fo r t h e p u r
th e
d is t in c t io n
re fe rre d
to , th e
th e d iffe re n t S t a t e s t h r o u g h w h ic h a r o a d m a y r u n .
C o m p tr o lle r n e e d s a s s u r a n c e o n l y o n o n e p o in t , n a m e ly
I n th e s e c ir c u m s ta n c e s , in w h ic h p la c e c a n th e m o r t
th a t
g a g e b e sa id to h a v e b e e n
first
recorded?
O r t a k e th e
th e
m o rtg a g e
does
S ta te an d h as n o t been
in
t h is
r e c o rd e d in th is S t a t e .
not
cover
p ro p erty
He
c a se o f a n in d u s tr ia l c o m p a n y h a v in g p r o p e r t y in a
s h o u ld , t h e r e fo r e , c o n fin e h is c a ll fo r in fo r m a tio n
n u m b e r o f d iffe re n t S t a t e s — s a y ,
t h a t sin g le p o in t.
a m ill in C h ic a g o ,
to
a n o th e r in D e t r o it , s till a n o t h e r in M in n e a p o lis , a n d
E x c e p t fo r th e d e sire to a v o id c o n flic t w ith th e lo c a l
w h ic h files its m o r t g a g e s im u lt a n e o u s ly in th e th re e
a u th o r itie s o n th e p o in t in q u e s t io n , t h e C o m p tr o lle r ’s
p la c e s— in w h ic h S t a t e
c a n th e m o r t g a g e b e sa id to
h a v e b e e n first filed a n d r e c o r d e d ?
I n s o m e in s ta n c e s
th e p r o p e r t y m o r t g a g e d is lo c a te d in fo r e ig n c o u n tr ie s .
a c tio n w ith re g a rd t o th e se m o r t g a g e b o n d s o u t s id e th e
S ta te
w o u ld
have
to
be
regarded
as
in c o n s is te n t.
A s it is, h e is d is c r im in a tin g in fa v o r o f a n o th e r c la ss o f
D u r in g th e la s t fe w y e a r s b o n d s h a v e b e e n flo a te d h ere
o b lig a t io n s .
b y e le c tric r a ilw a y a n d p o w e r c o n c e rn s o p e r a tin g in
se c u re d b y m o r t g a g e , b u t it a p p lie s t o p la in d e b e n tu r e
B r a z il,
g o t , th e r e w ill n o t b e t im e e n o u g h to w r ite a n d secu re
b o n d s o f e v e r y cla ss a n d d e s c r ip tio n .
In the case
of these debenture bonds the Comptroller requires no
affidavit whatever. A l l th e h o ld e r h a s t o d o in t h a t
th e m .
c a se is t o p r e se n t th e b o n d , fill o u t a s t a t e m e n t d e s c r ib
in
P o rto
c o u n tr ie s .
R ic o ,
in
H a w a ii
and
o th e r
r e m o te
I n su c h c a s e s , e v e n if th e f a c t s c o u ld b e
I t is u n n e c e s s a r y to e n la r g e fu r th e r u p o n th e s e illu s
t r a t io n s .
T h e n e w la w a p p lie s n o t a lo n e t o b o n d s
in g th e b o n d s in th e b r ie fe s t a n d m o s t g e n e r a l w a y
T h e v e x a t io u s c h a r a c te r o f th e C o m p tr o lle r ’ s
(th e fa c t s fo r w h ic h c a n b e d r a w n fr o m th e b o n d i t
r e q u ir e m e n ts a re p la in ly a p p a r e n t fr o m w h a t h a s b e e n
s e l f ) , a n d t h e n th e C o m p tr o lle r is r e a d y t o a t t a c h th e
s a id .
s t a m p s a n d t o m a r k th e b o n d s a s t a x -e x e m p t .
U n w it t in g l y
th is o ffic e r is p la c in g h in d r a n c e s
in th e w a y o f th e fre e o p e r a tio n o f th e la w .
T h e o n ly
M o rt
g a g e b o n d s are fa r m o r e n u m e r o u s t h a n p la in d e b e n
w a r r a n t fo r th e a c tio n o f th e C o m p tr o lle r is t h a t , b y
tu re s
th e la n g u a g e o f t h e s t a t u t e , th e r e g is tr y t a x m u s t be
fo r
p a id “ u n d e r s u c h r e g u la tio n s a s th e C o m p tr o lle r m a y
s lig h te s t d iffe re n ce s h o u ld b e m a d e b e t w e e n t h e t w o .
p r e s c r ib e .”
and
th em .
a s im ila r s im p le s c h e m e sh o u ld b e d e v is e d
The
la w
does
not
c o n t e m p la t e
th a t
th e
O b v i o u s ly , h o w e v e r , th e r e g u la tio n s m u s t
I t is n e c e s s a r y , h o w e v e r , fo r th e C o m p tr o lle r t o a c t
b e c le a r ly w it h in th e p u r p o s e o f th e A c t a n d c a n n o t g o
q u ic k ly in r e v is in g h is r e q u ir e m e n ts , else h e w ill lo se
fu r th e r th a n is n e e d fu l in th e c a r r y in g o u t o f su c h p u r
a la r g e
pose.
year.
T h e y m u s t b e r e a s o n a b le a n d s e n s ib le .
T here
is n o t a p h ra se or a w o r d in th e s t a t u t e t h a t fu r n is h e s
a m o u n t o f reven u e
to
th e S t a t e th e p r e se n t
A n d j u s t nowq a s is k n o w n , th e m o n e y w o u ld
b e p a r tic u la r ly w e lc o m e to th e S t a t e .
th e s lig h te s t w a r r a n t fo r th e e x a c t io n o f a n a ffid a v it
fr o m th e o w n e r o f th e b o n d , t h o u g h it is b a r e ly p o ssi
b le
th a t
th e
c o u r ts
m ig h t
u p h o ld
th e
C o m p tr o lle r
T h e g r a in -c r o p r e p o r t o f th e D e p a r t m e n t o f A g r ic u l
tu re fo r S e p t .
1 , issu e d y e s t e r d a y , d isc lo se s lit t le or
n e v e r th e le s s , if t h e c o n t e n t s o f th e a ffid a v it w e re li m
n o im p r o v e m e n t — p r o v id e d
ite d t o a s t a t e m e n t t h a t th e m o r t g a g e d id n o t c o v e r
s itu a tio n — in th e o u t lo o k fo r th e c o u n t r y ’ s cerea l c ro p s
a n y p r o p e r t y in t h is S t a t e .
d u r in g A u g u s t .
F o r w h e re th e r e is p r o p
it c o r r e c tly p o r tr a y s th e
I n f a c t , in s p r in g w h e a t a n d in o a ts
e r t y in th is S t a t e , th e o ld m o r t g a g e -r e c o r d in g -t a x la w
fu r th e r s lig h t d e te r io r a tio n is in d ic a t e d .
a p p lie s .
h a n d , th e p r o s p e c t fo r co rn is r e p o r te d s lig h tly b e t te r
O f co u rse th e C o m p tr o lle r h a s n o t th e s lig h te s t in
t e n t io n o f o b s t r u c t in g th e o p e r a tio n o f th e la w .
In
th a n
on
7 0 .3 ,
a g a in s t 6 9 .fi
Aug.
1.
C o rn
on
c o n d itio n
Aug.
1,
O n th e o th e r
is n o w
but
sta te d
c o m p a r in g
as
w ith
d e e d , b y re a so n o f h is o ffic ia l p o s itio n , h e is in te r e ste d
7 8 .2 S e p t . 1 1 9 1 0 , 7 4 .6 in 1 9 0 9 a n d a t e n -y e a r a v e r a g e
a b o v e all o th e r o ffic ia ls in ra isin g th e r e v e n u e s o f th e
o f 7 9 .3 .
S t a t e to th e h ig h e s t p o s s ib le le v e l.
as t h a t a b o v e s h o w n .
F o r th is re a so n w e
t h in k h e w ill b e in c lin e d to m o d if y h is r e q u ir e m e n ts
a n d e lim in a te m o s t o f t h e m
a re g o in g t o w o r k .
w h e n h e se c s h o w t h e y
R a r e ly h a s so lo w a c o n d itio n b e e n r e p o r te d
I n d e e d , sin c e 1 8 8 1 — w h ic h w a s
p r a c t ic a lly t h e w o r s t co rn se a so n k n o w n u p t o t h a t
t im e ,
c o n d itio n
S e p t.
1 b e in g r e p o r te d
as 6 0 — th e re
O n h is b e h a lf, t o o , it m a y b e sa id
h a v e b e e n o n l y t w o y e a r s — 1 8 9 4 a n d 1 9 0 1 — w h e n th e
t h a t h e is d e a lin g w ith a n e n tir e ly n e w s itu a tio n , w ith
o u t lo o k a t th is d a t e w a s o ffic ia lly r e p o r te d le ss f a v o r
n o p r e c e d e n ts t o g u id e h im , m a k in g it d iffic u lt fo r h im
a b le t h a n in th e p r e se n t y e a r .
t o fr a m e r u le s .
s e a s o n , w h e n th e r e c o rd c r o p o f 3 ,1 2 5 , 7 1 3 ,0 0 0 b u s h e ls
W e u n d e r s ta n d t h a t th e C o m p tr o lle r ’ s c h ie f co n c e rn
A s c o m p a r e d w ith la s t
w a s r a is e d , th e r e is a d e c lin e in c o n d itio n o f 7 .9 p o in ts ,
is n o t t o e n c r o a c h u p o n th e p r e r o g a tiv e s o f th e lo c a l
a n d a re a is o n ly 1 . 7 %
a u th o r itie s th r o u g h o u t th e S t a t e , w h ic h is th e r e a so n
t h a t a c o n sid e r a b le d im in u tio n o f y ie ld is i n e v it a b le .
w h y h e d e v is e d th e a ffid a v it a n d m a d e it so e la b o r a te
The
in fo r m .
a g e s , fig u re s o u t a n a p p r o x im a t e a v e r a g e p r o d u c t o f
The
n ew
la w
is
m eant
to
b o n d s or o th e r o b lig a tio n s se c u r e d b y
p ro p erty
outside
in th is S t a t e ,
sta ted ,
th e S t a t e .
th e o ld
a p p lie s .
The
o n ly
to
m o r tg a g e s o n
W h e r e th e p r o p e r t y lies
m o r t g a g e -t a x la w , a s a lr e a d y
S ta te
t a x u n d e r th e n e w la w .
a p p ly
C o m p tr o lle r
c o lle c ts
2 3 .6
la rg e r .
I t is c le a r , t h e r e fo r e ,
D e p a r t m e n t , o n th e b a sis o f c o n d itio n p e r c e n t
b u sh e ls
2 ,7 3 6 , 1 6 0 ,0 0 0
per
a cr e ,
g iv in g
fo r
th e
w h o le
a re a
b u s h e ls , o r th e s m a lle s t cr o p sin c e 1 9 0 8 .
T h e a v e r a g e c o n d itio n o f sp r in g w h e a t a t t im e o f
th e
h a r v e s t is a n n o u n c e d a s 5 6 . 7 , th is c o m p a r in g w ith 5 9 .8
T h e lo c a l a u th o r itie s c o lle c t
o n A u g . 1 , 6 3 .1 a t h a r v e s t t im e in 1 9 1 0 , 8 8 . 6 in 1 9 0 9
618
and
a
t io n
is
THE CHRONICLE
t e n -y e a r a v e r a g e o f 7 8 . 7 .
a b n o r m a lly
D e p a rtm e n t,
lo w
in d ic a te s
and,
an
H ere
a g a in
as w ork ed
average
y ie ld
c o n d i
[VOL. L X X X X III.
a n d s m a lle r t h a n in A u g u s t o f a n y y e a r fr o m 1 9 0 5 to
by
th e
1909
o f o n ly
9 .8
w e re le ss t h a n fo r th e lik e p e rio d o f a n y y e a r sin c e
out
in c lu s iv e .
The
d e a lin g s
fo r
th e
e ig h t
b u s h e ls p e r a c r e , o r a t o t a l cro p o f 2 0 3 ,4 1 8 ,0 0 0 b u s h e ls .
1 8 9 8 , a n d in m o s t c a se s v e r y m a t e r ia lly
The
in A u g u s t t o t a le d 1 4 ,9 9 4 ,5 3 3 s h a r e s , a g a in s t 1 0 ,3 9 2 ,7 8 8
1 9 1 0 o u t t u r n w a s 2 3 1 ,3 9 9 ,0 0 0 b u s h e ls a n d t h a t
o f t h e p r e c e d in g y e a r 2 9 0 , 8 2 3 , 0 0 0 b u s h e ls .
C o m b in in g
t h is p r o b a b le s p r in g -w h e a t p r o d u c t w ith
t h e o ffic ia l
p r e lim in a r y w in t e r -w h e a t t o t a l o f 4 5 5 ,1 4 9 ,0 0 0 b u s h e ls ,
so.
m on th s
D e a lin g s
sh a r e s a y e a r a g o , 2 4 , 6 3 7 , 7 8 3 sh a re s in 1 9 0 9 a n d 1 8 ,
8 8 1 ,2 6 5
sh a r e s
in
1908.
The
1911
e ig h t
m o n th s'
a g g r e g a te a t 7 4 ,8 9 9 ,0 3 1 sh a r e s m a k e s a d e c id e d ly p o o r
w e r e a c h a n a g g r e g a te y ie ld fo r th is ce re a l o f o n ly 6 5 8
c o m p a r is o n w ith th e 1 2 2 ,4 8 8 ,4 4 6 sh a r e s o f t h e p e rio d
m illio n s o f b u s h e ls fo r 1 9 1 1 , as a g a in s t 6 9 5 %
in
m illio n
b u s h e ls la s t y e a r , 7 3 7 m illio n s in 1 9 0 9 , a n d t h e record
cro p ( t h a t o f 1 9 0 1 ) o f 7 4 8 %
O a t*
c o n d it io n
is
a lso
of 1901.
m illio n s .
r e p o r te d
a
lit t l e
lo w e r
on
S e p t . 1 t h a n a m o n t h e a r lie r , a n d a p p r e c ia b ly b e lo w a
year ago.
1910 and
T h e c o n d it io n w h e n h a r v e s t e d is r e p o r te d
in
w ere
B o sto n
a t e n -y e a r
a verage o f 7 9 .5 .
T h e r e fo r e , th is c r o p , a s w e ll a s c o r n a n d w h e a t , h o ld s
sm a lle r
th a n
in
1909
and
1908,
th e
5 0 0 , w h ic h c o n tr a s ts w it h $ 3 1 ,1 8 2 ,0 0 0 a y e a r a g o a n d
1 9 1 0 , 8 3 .8
and
19 0 9 , n o t to sa y
A u g u s t t o t a l o f sa le s r e a c h in g a p a r v a lu e o f $ 4 8 , 0 3 1 ,
$ 1 1 4 ,3 2 2 ,0 0 0
1909
sh a r e s o f
O p e r a tio n s in b o n d s , w h ile a lso la r g e r th a n
1910,
a s 6 4 . 5 , a g a in s t 6 5 .7 A u g . 1 th is y e a r , 8 7 o n S e p t . 1 in
in
1 3 6 ,5 8 1 ,1 2 0
a n y t h in g o f t h e 1 9 6 % m illio n s o f 1 9 0 6 a n d 2 0 3 m illio n s
s h o w in g
(t h e
A u gu st
r e c o rd )
tw o
tr a n s a c t io n s w e re in lin e w ith
an
in c re a se
fo r
m o n th ,
but
th e
m o n t h s ' t o t a l in
w ith 8 ,7 3 4 ,1 2 4 sh a r e s in 1 9 1 0 a n d 9 ,2 3 2 ,4 0 8 sh a r e s in
a p r e lim in a r y
1909.
p e r a cre o f 2 3 .9
b u s h e ls , w h ic h
T h is
C a n a d ia n
sh a re s
in
e ig h t
o u t a p r o m is e m u c h b e lo w t h e a v e r a g e o f r e c e n t y e a r s .
y ie ld
a t 4 ,7 6 4 ,0 3 3
ago.
Y ork
F o r th e c o u n t r y a s a w h o le t h e D e p a r t m e n t fig u re s o u t
w o u ld g iv e a t o t a l c r o p o f 8 4 2 ,4 7 5 , 0 0 0 b u s h e ls .
1911
th e
years
N ew
com p ares
c le a r in g -h o u s e r e tu r n s c o n tin u e t o
g r a tif y in g
s h o w in g .
L osses
a re
m ake
a g g r e g a te c o m p a r e s w it h t h e re co rd y ie ld o f 1 , 1 2 6 %
a very
recorded
m illio n b u s h e ls in 1 9 1 0 a n d 1 ,0 0 7 m illio n s in 1 9 0 9 .
t w o o f th e c itie s , b u t a t a n u m b e r o f o th e r p o in ts t h e
at
p e r c e n ta g e s o f in c re a se are c o n s p ic u o u s ly la r g e , n o t a b l y
B a n k c le a r in g s fo r t h e m o n t h o f A u g u s t are in th e
m a in
of
a s a t is f a c t o r y
in s ta n c e s
an
in c re a s e
t r a n s a c t io n s ,
g r e a te r
goods
but
a c tiv ity
in
in
ch aracter,
in
th e
m ost
v o lu m e
c a se s
m e r c a n tile
m a n u f a c t u r in g lin e s ,
of
r e fle c tin g in s o m e
of
s p e c u la t iv e
in d ic a t in g
c irc le s.
cou rse,
In
th e
a
lit tle
co tto n -
p o lic y
of
a t C a lg a r y ,
fo r
th e
A u gu st
1910,
E d m o n to n
fo u r te e n
of
no
w h ile
r e a ch e s
c itie s
le ss
th e
17% .
and
R e g in a .
records
th a n
an
2 0 .4 %
as
im p r o v e m e n t fo r
C o n tr a s te d
The
w it h
a g g r e g a te
a u g m e n t a t io n
com p ared
th e
1909
e ig h t
th e
fo r
w ith
m o n th s
g a in s
are
5 0 % a n d 4 3 . 7 % , r e s p e c tiv e ly .
c u r t a ilin g p r o d u c tio n b e c a u s e o f t h e h ig h c o s t o f th e
A t N ew Y ork
O u r re v ie w o f t h e c o t t o n c r o p , its m a r k e t in g , d is
a c o n s id e r a b le p o r tio n o f t h e in c re a se in cle a rin g s sh o w n
t r ib u tio n a n d m a n u fa c t u r e fo r t h e s e a so n o f 1 9 1 0 -1 1 ,
in A u g u s t is d ir e c t ly d u e t o t h e n o t e w o r t h y liq u id a
w ill b e
t io n o n t h e S t o c k E x c h a n g e a n d t h e in c re a se in th e
t h e s t a t is tic a l a n d
r a w m a t e r ia l e n ta ile d w a s c o n t in u e d .
v o lu m e o f s t o c k s a le s r e s u ltin g fr o m t h e s a m e .
g a in a t B o s t o n is s im ila r ly e x p la in e d .
The
O u r c o m p ila
fo u n d
in
o u r e d ito r ia l
c o lu m n s
t o -d a y ,
and
o th e r in fo r m a tio n p r e s e n te d w ill,
w e b e lie v e , r e p a y clo se s t u d y .
T h e s e a n n u a l r e v ie w s ,
w h ic h h a v e b e e n issu e d b y u s c o n t in u o u s ly sin c e 1 8 6 5
t io n fo r t h e m o n t h , w h ic h is g iv e n in d e ta il o n t h e first
are d e v o te d
p a g e o f t h is is s u e , s h o w s t h a t 9 0 o f t h e 1 4 4 c ities in
a n d m a n u fa c t u r e o f t h e s t a p le in t h e U n it e d S t a t e s ,
c lu d e d e x h ib it g a in s o v e r t h e p r e v io u s y e a r , a n d t h a t
but
w h e re lo s s e s a re r e c o r d e d t h e y a re a s a ru le c o m p a r a
tu r n e d in to g o o d s is n e g le c te d in t h e c o m p ila t io n s if
t iv e l y n o m in a l o r s m a l l.
M a in ly
a s a r e s u lt o f th e
in c re a se a t N e w Y o r k , t h e g a in fo r t h e w h o le c o u n t r y
in A u g u s t a s c o m p a r e d
d u c in g t o 5 . 1 %
w it h la s t y e a r is 9 . 6 % ,
re
t h e lo s s fo r t h e e ig h t m o n t h s o f th e
p a le n d a r y e a r 1 9 1 1 .
C o n t r a s t e d w it h
1 9 0 9 , a p e rio d
o f h e a v y s p e c u la t iv e t r a n s a c t io n s , th e r e a re lo sse s o f
6 .4 %
a n d 0 . 2 % , r e s p e c tiv e ly , b u t th e r e is a g a in o v e r
O u ts id e o f N e w Y o r k th e r e is a g a in fo r t h e m o n t h
and of 0 .2 %
o th e r
cou n try
r e lia b le
d a ta
fo r t h e e ig h t m o n t h s , c o m p a r in g
in
can
w h ic h
be
c o tto n
o b t a in e d .
is
ra ise d
or
F u r th e r m o r e ,
n e w fe a t u r e s in c o r p o r a te d fr o m
t im e t o t im e in t h e
r e v ie w s
as
m ake
th em ,
we
t h in k ,
c o m p r e h e n s iv e
a
h is to r y o f t h e w o r ld 's c o t t o n c r o p s a s c a n b o issu e d in
a b b r e v ia t e d fo r m .
T h e c o m m e r c ia l cr o p o f t h e U n it e d S t a te s fo r t h e la te
s e a so n a s d is tin g u is h e d fr o m t h e a c tu a l g r o w th — w h ic h
w o u ld n e c e s s ita te
t h e e ig h t m o n t h s o f 1 9 0 8 o f 2 9 . 1 % .
of 3 .7 %
any
no
e s p e c ia lly , o f c o u r se , t o th e p r o d u c tio n
a
d e te rm in e — it is t o
th a n
th at
o f th e
f a r m -t o -f a r m
cou n t to
a c t u a l ly
b e n o t e d w a s m o d e r a t e ly g re a te r
p r e c e d in g
h a v in g
reach ed
1 2 ,1 3 2 ,3 3 2
im p r o v e m e n t fo r A u g u s t o f 8 . 9 % , a n d fo r t h e p e rio d
e ith e r 1 9 0 8 -0 9 ,
sin c e t h e first o f J a n u a r y o f 1 1 . 1 % ; t h e in cre a se s o v e r
e x c e s s o f 1 8 9 7 -9 8 o r 1 8 9 8 -9 9 , w h e n t h e a re a p la n t e d
th r e e y e a r s a g o a re 3 0 . 4 % a n d 3 2 . 2 % .
A t N ew Y o rk ,
b a le s , b u t w a s
season ,
w ith la s t y e a r , w h ile c o n tr a s te d w it h 1 9 0 9 th e r e is an
1 9 0 6 -0 7
w a s v e r y m u c h le s s .
c o n s id e r a b ly le ss t h a n
T h e crop, how ever,
w as m ark
p a r t ly fo r t h e r e a s o n a lr e a d y s t a t e d , th e r e is a g a in fo r
e t e d u p o n a n e x c e e d in g ly s a tis fa c to r y b a s is o f
th e m o n th o v er 1 9 1 0 o f 1 4 .3 % , b u t fo r th e e ig h t m o n th s
th e
a lo s s o f 8 . 6 % .
f u l l y 1 2 5 m illio n
C o m p a r e d w it h 1 9 0 9 d e c lin e s o f 1 5 %
a n d 6 . 9 % , r e s p e c t iv e ly , are e x h ib it e d .
A s re g a rd s t h e
and,
a g g r e g a te
r e tu r n
in
o r 1 9 0 4 -0 5 , a n d b u t lit tle in
to th e p rodu cer
d o lla r s
g re a te r
th a n
h a v in g
in
v a lu e ,
been
1 9 0 9 -1 0 ,
m o r e o v e r , b y fa r t h e b e s t o n r e c o r d .
t h e c itie s are d iv id e d , it is
B u t , w h ile t h e p r o d u c e r fa r e d d e c id e d ly w e ll, t h e
t o b e n o t e d t h a t in a ll o ases e x c e p t th e “ O th e r W e s t
r e s u lt t o t h e m a n u fa c t u r e r w a s fa r fr o m s a tis fa c to r y .
ern ”
b e t t e r re s u lts th is y e a r t h a n la s t are s h o w n fo r
T h e h ig h p rice o f t h e r a w m a t e r ia l le d — n o t o n ly in
A u g u s t , b u t t h e e ig h t m o n t h s ' a g g r e g a te s in o n ly tw o
t h e U n it e d S t a te s b u t in a lm o s t all o th e r i m p o r t a n t
in s ta n c e s re c o r d g a in s , n a m e ly t h e P a c ific a n d S o u t h
m a n u fa c t u r in g
ern s e c tio n s .
c o n s u m p t io n a n d o f m e a g r e p r o fits , if n o t a c tu a l lo s s .
v a r io u s g r o u p s
in t o w h ic h
A t t h e N e w Y o r k S t o c k E x c h a n g e t r a n s a c tio n s fo r
A u g u s t w e r e n o t o n ly d e c id e d ly g r e a te r t h a n in J u ly ,
The
n o t a b le
c o u n trie s— t o
e x c e p tio n
a
p e r io d
of
a s r e g a r d s v o lu m e
r e str ic te d
o f co tto n
t u r n e d in to g o o d s h a s b e e n G r e a t B r it a in , b u t e v e n
b u t la r g e r in fa c t t h a n fo r a n y m o n t h sin c e J u n e 1 9 1 0 .
th e r e c o n s u m p t io n , w h ile a lit tle in e x c e ss o f 1 9 0 9 -1 0 ,
A n d y e t t h e y w e re b e lo w a n o r m a l m o n t h ly a v e r a g e
w a s n o g r e a te r t h a n in 1 9 0 8 -0 9 , a n d le ss t h a n in th e
619
THE CHRONICLE
Se p t . 9 1911.]
s e a s o n s 1 9 0 4 -0 5 t o 1 9 0 7 -0 8 in c lu s iv e .
I t is im p o s s ib le
fo r b ills t o a r r iv e .
T h e s e q u o t a t io n s a re m o r e th a n
t o in d ic a te c o n c lu s iv e ly lio w th e in d u s t r y a s a w h o le
1 % a b o v e t h e r e c e n t le v e l a n d a re , in d e e d , h ig h e r t h a n
fa r e d in th e U n it e d S t a t e s a s a re s u lt o f th e a d v e rse
t h e R e ic h s b a n k ’ s r a te
p rice
m e n t in t h e o p e n m a r k e t fo r e s h a d o w s a c h a n g e in th e
c o n d it io n s ,
but
th e
p e rio d ic
d is tr ib u tio n
of
(4 % ).
U s u a ll y su c h a m o v e
d iv id e n d s b y th e F a ll R iv e r C o r p o r a t io n s , t o w h ic h w e
o ffic ia l c h a r g e , b u t t h e o ffic e rs h a v e
h a v e referre d fr o m t im e t o t im e , le a v e n o d o u b t as t o
s t o o d t h a t n o a d v a n c e is c o n t e m p la t e d a t p r e s e n t.
th e e f fe c t.
s h o u ld b e t a k e n in to a c c o u n t t h a t F r a n c e h a s in recen t
O u r e x p o r t t r a d e in c o t t o n g o o d s , it w ill
b e o b s e r v e d , s h o w e d a fa ir d e g r e e o f g r o w th as c o m
m o n th s,
p a r e d w it h
d r a w n fu n d s f r o m
1 9 0 9 -1 0 o r 1 9 0 8 -0 9 , b u t fe ll fa r s h o r t o f
1 9 0 5 -0 6 o r 1 9 0 4 -0 5 .
I t w o u ld s e e m , s p e a k in g g e n e r
and
a lly , t h a t o u r m a n u fa c tu r e r s , w h ile d e sirin g t o e x t e n d
th e ir t r a d e w it h th e o u t s id e w o r ld , a re lo a t h to fu l ly
c o lo n ia l
m eet
q u en ce th e
c o n d itio n s
th a t en d .
and
r e q u ir e m e n ts
T h e r e h a s b e e n s o m e e x p a n s io n
fa c tu r in g
p a s t yesir,
in m a n u
been
has
been
m arked
and
in
con se
c o m m e r c ia l d e m a n d s fo r a c c o m m o d a t io n
e x te n siv e .
The
fa ll in A m e r ic a n
sto ck s,
a n d fu r th e r a d d it io n s , p a r tic u la r ly a t th e
d e a l o f m o r e o r le ss re c k le ss s p e c u la t io n ; se v e r a l fa ilu r e s
th e
U n it e d
but
in
in
d ir e c tio n
c o n d it io n s .
In
at
th e
th e
1 3 7 ,4 2 3 ,0 1 7 ,
is
h e ld
w o r ld ,
clo se
a g a in s t
S ta te s
w ith in
a n y gen eral
a c t iv it y
th e n e w
a n d o n e o r t w o t r a g e d ie s w e r e a t t r ib u t e d t o th is c a u s e .
abeyan ce
by
e x is tin g
D u r in g t h e c u r r e n t w e e k r u m o r s o f w a r h a v e s ta r te d
as a w h o le ,
th e
to ta l
p e a s a n ts
of A u gu st
w as
1 3 5 ,3 3 7 ,0 6 9
of
a p p r o x im a t e ly
a year
ea rlie r
and
cr o p n o w
c o m in g fo r w a r d ,
o u r in
to
w it h d r a w
th e ir
d e p o s it s
fr o m
n u m bers
o f s a v in g s in s t it u t io n s , a n d th e c it y b a n k s h a v e fe lt
th e n e e d fo r b e in g p r e p a r e d fo r all p o s s ib le e m e r g e n c ie s .
The
1 3 2 * 6 1 7 ,4 0 4 in 1 9 0 9 .
A s to
have
T ra d e in G e r m a n y has been p rosp erou s,
e n te r p r is e
h o w e v e r , b r o u g h t t o lig h t t h a t t h e r e h a d b e e n a g o o d
in
S o u t h , a re n o w u n d e r w a y ;
s p in d le s
to
in r e c e n t w e e k s , w it h
G e r m a n y in c o n s id e r a b le v o lu m e ,
th e
fa c ilitie s
th a t
n ecessary
It
a n d t h a t t h e r e h a s b e e n n o c o m p e n s a t in g p u r c h a s e o f
g o ld a b r o a d .
th e
m o r e e s p e c ia lly
le t it b e u n d e r
ru le
w orked
d e m a n d in g
so
n o t ic e
s a t is fa c t o r ily
of
in
w it h d r a w a ls ,
N ew
Y ork
w h ic h
d u r in g
th e
v e s t ig a t io n s in d ic a te a m o r e e n c o u r a g in g p r o m is e t h a n
u n s e t tle m e n t in 1 9 0 7 , h a s b e e n e n fo r c e d , a n d b y th e
o ffic ia l r e p o r ts w o u ld s e e m to w a r r a n t.
t im e th e m o n e y is d u e , a ll a p p r e h e n s io n , it is to
A c r e a g e , as
p o in te d o u t in o u r J u n e a c r e a g e r e p o r t, w a s fu r th e r
ex te n d e d .
The
m ost
recent
o ffic ia l
report
of
of
A u gu st
fr o m
th e s itu a tio n
d is p o s it io n
to
7 2 .3 ,
a
m ost
a m o n th
t h in k
th a t
th e
been
The
a c t iv it ie s o f o r g a n iz e d la b o r a re c o m m a n d in g
u n p a ra lle le d a t t e n t io n t h r o u g h o u t E u r o p e a s w e ll as in
B u t th e r e is a
th e U n it e d S t a t e s , a n d j u s t w h a t w ill b e th e fin a l o u t
adverse
d e v e lo p m e n t s
com e,
e c o n o m ic a lly
p o lit ic a lly ,
fa v o r a b le
m e a n s o f g e n e r a l s tr ik e s a m o n g c e r ta in
w orked
a
m a te r ia l
im p r o v e
g a in e d
is a t
d u r in g A u g u s t w e re m u c h e x a g g e r a t e d a n d t h a t r e c e n t
has
H a v in g
and
o bscu re.
w e a th e r
be
rem oved.
d e te r io r a tio n
d e c id e d
e a r lie r .
w ill h a v e
th e
D e p a r t m e n t o f A g r ic u lt u r e m a k e s th e c o n d it io n o n th e
2 5 th
hoped,
s u b s ta n tia l
th is
s ta g e
v ic t o r ie s
by
o c c u p a t io n s ,
th e B r it is h la b o r u n io n s a re b e c o m in g m o r e c o n fid e n t
m en t.
o f th e ir a b ilit y t o s w a y P a r lia m e n t a n d d ic t a t e t e r m s
to e m p lo y e r s .
I t is a x io m a t ic t h a t th e s e r v a n t m a k e s
a t all fin a n cia l c e n tr e s , a n d a d v a n c in g r a te s a re t h e r e
a h ard m a ste r;
th e la b o r r e p r e s e n ta tiv e s h a v e le t it b e
fo r e s e a s o n a b le ;
k n o w n t h a t , o n c e t h e y w in t h e p o w e r , t h e y w ill s u b je c t
S e p t e m b e r n a t u r a lly b rin g s a w id e r d e m a n d fo r fu n d s
y e t th e rise t h a t h a s o c c u r r e d th is
w e e k a b r o a d d o e s n o t a p p e a r to b e fu l ly w a r r a n te d b y
c a p ita l t o h a r s h t r e a t m e n t .
th e k n o w n c o n d it io n s o f th e m o n e y m a r k e t s , s e c u r ity
u n io n d e le g a t e s t h a n e v e r b e fo r e b r o u g h t t o g e t h e r h a s
m a r k e ts a n d th e s t a t e o f t r a d e .
been
T h e m o v em en t cannot
h o ld in g
c o n fe r e n c e s
A
at
N e w c s a t l e -o n -T y n e
e a s ily b e r e g a r d e d as h a v in g n o r e la tio n to th e p o litic a l
w e e k , t h e g a t h e r in g b e in g t h e
c o n d itio n s
C on gress.
on
th e
C o n t in e n t .
P r iv a t e
d is c o u n t s
in
No
fe w e r
th a n
la r g e r a g g r e g a tio n o f
th is
a n n u a l T r a d e s U n io n
1 ,6 6 7 ,0 0 0
m em b ers,
it
is
L o n d o n h a v e g o n e a b o v e th e B a n k ’ s m in im u m o f 3 % ,
re c o rd e d b y c a b le , w e r e r e p r e se n te d b y t h e 5 5 4 d e le
n o t w it h s ta n d in g t h a t th e s t o c k o f g o ld in th e c e n tr a l in
g ates
s t it u t io n h a s r e a ch e d th e a b n o r m a l s u m o f
£ 4 1 ,4 6 4 ,
T h e p r o c e e d in g s h a v e b e e n b u t s c a n t ily n o t e d in th e
0 6 9 , t h a t th e r e se r v e e x c e e d s 5 8 % o f th e lia b ilitie s , a n d
n e w sp a p e r d is p a t c h e s , y e t s u ffic ie n t h a s b e e n r e c o rd e d
in
a tt e n d a n c e — n u m b e r s
t h a t th e p r e s e n t a n d p r o s p e c t iv e d e m a n d s u p o n L o n
to t h r o w
d o n ’ s s u p p ly o f g o ld are b e lo w th e a v e r a g e a t th is tim e
to w a r d s
of
s e r v e d , c a n n o t b e b e c o m in g ly b o r n e b y t h o s e n o t o f
th e
year.
M oreover,
th e
lo a n s
m u c h u n d e r th o s e o f a y e a r a g o .
o u t s t a n d in g
are
I t is tr u e t h a t B r a z il
lig h t o n t h e
n e v e r b e fo r e e q u a le d .
e m p lo y e r s .
in c r e a s in g ly a r r o g a n t a t t it u d e
Su ccess,
it
has
been
w e ll
ob
s t r o n g , s t a b le c h a r a c t e r , a n d th e e v id e n c e s a re t h a t th e
h a s ta k e n a la r g e s u m in g o ld , b u t a ru n u p o n a b a n k
t r iu m p h s r e c e n t ly a c h ie v e d
h a v e h a d a n in t o x ic a tin g
th e r e is s t a t e d t o b e th e s p e c ia l c a u s e .
in flu e n c e
u n io n is ts .
C o n d itio n s in
upon
th e
tr a d e s
The
p o lic y
of
I n d i a , t h o u g h im p r o v e d la t t e r ly b y th e m o n s o o n , are
a r b itr a tio n , o n c e c o r d ia lly a d v o c a t e d b y la b o r , is n o w
n o t so p r o s p e r o u s as t o call fo r la rg e s h ip m e n t s o f th e
b e in g c o n d e m n e d .
m e ta l;
E g y p t is r e c e iv in g a m u c h lo w e r p rice t h a n la s t
n o t m e r e ly fa ir p l a y t h a t o rg a n iz e d la b o r a im s a t , b u t
y e a r fo r h er c o t t o n a n d w ill c o n s e q u e n tly im p o r t less
th e r ig h t t o d i c t a t e t o e m p lo y e r s , n o m a t t e r w h e th e r
g o ld ; S o u th A m e r ic a n r e q u ir e m e n ts w ill n o t b e sw o lle n
r ig h t is o n its s id e o r a g a in s t it .
o n th is o c c a s io n b y u n p r e c e d e n te d p r ic e s fo r r u b b e r ,
a n t ly
a n d , la s t l y , th e r e is n o sig n o f a d e m a n d o n th e p a r t
p h a se s o f th e la b o r s it u a t io n
of N ew
Y ork .
th e g r o w in g te n d e n c y o f t h e r a n k a n d file t o d isr e g a r d
London
is
e lim in a te
W hy
m o n e y s h o u ld
c o n s e q u e n tly
fr o m
d iffic u lt
c o n s id e r a tio n
th e
b e c o m e t ig h t in
to
e x p la in
te n s io n
if
th a t
we
has
T h is i m p e l s th e in fe re n ce t h a t it is
o f a n a r c h is m .
One of
T h a t s a v o r s u n p le a s
th e
m o s t d is c o n c e r tin g
a b r o a d a n d a t h o m e is
th e c o u n se ls o f th e ir le a d e r s w h e n e v e r t h e la t t e r a d v o
c a te
m o d e r a t io n .
U n io n is t
le a d e r s
are
very
apt
to
H a p p i l y , th e p r o s p e c ts
le a rn t h a t t h e y c a n n o t p r e a c h b lin d n e s s to t h e r ig h ts
n o w a re t h a t th e d is p u t a n ts w ill c o m e t o te r m s w it h o u t
o f e m p lo y e r s a n d r e v o lt a g a in s t a u t h o r it y w it h o u t in
fu r th e r
th e
p r e v a ile d c o n c e rn in g M o r o c c o .
undue
d e la y
and
th a t
th e
m oney
m a r k e ts
w ill m a n ife s t relief b y lo w e r in g t h e c h a r g e fo r fa c ilitie s .
B e r lin h a s n o t w itn e s s e d th e fa ll in d is c o u n ts w h ic h
fr e q u e n t ly
fo llo w s
th e
m o n t h -e n d
s e t t le m e n t s .
The
r a te s th e r e h a v e to u c h e d 4 % % fo r s p o t b ills a n d 4 ] ^ %
lo n g
ru n
e n d a n g e r in g
th e ir
ow n
r ig h ts
and
au
t h o r it y , fo r th e la b o r e r w h o is t a u g h t t o b e u n fa ir t o
one
m aster
is
lia b le
d e a lin g w ith his u n io n
to
adopt
s im ila r
su p e r io r s .
At
p r in c ip le s
hom e
in
M ao w e
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THE CHRONICLE
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o f m e m b e r s o f u n io n s t o ig n o re t h e d e c is io n s o f properly-
s u b s ta n tia l p u r c h a s e s in th e o p e n m a r k e t , a n d h a s
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m it t e d o n ly a s m a ll a m o u n t t o B r a z il.
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s h o w n a t th is s e a s o n in a series o f y e a r s .
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a n d p u b lic d e p o s it s £ 8 6 8 , 0 0 0 .
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c a p it a lis t s in t h e U n it e d S t a t e s w e re s u p p ly in g en o r
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m o u s s u m s t o in flu e n c e t h e e le c tio n n o w u n d e r w a y
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e x p lo ite d .
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b u t t o - d a y th e re is s c a r c e ly a n y d e m a n d f r o m S t o c k
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E x ch a n g e h ou ses,
p a r tin g
m u c h a p a t h y in t h e m a t t e r o f fin d in g e m p lo y m e n t , o u t
o f th e w a y s ,"
d e c la r e d :
“ T h is is n o t tr u e .
a n d b a n k s a re s h o w in g a lm o s t a s
W e a re p r e p a r e d t o t a lk b u s in e s s w ith P r e s id e n t T a f t ,
sid e o f call lo a n s , fo r th e ir su r p lu s r e so u r c e s.
b u t w e d o n ’ t t a l k p o lit ic s t o h i m .
re a so n s are s u b m it t e d b y b o t h p a r tie s fo r th e ir in a c
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S o lid
P r e s id e n t T a f t sa id t h a t C a n a d a is a t t h e p a r tin g o f th e
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k n o w w h a t h e is t a lk in g a b o u t .
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p o e t , t h e c h a m p io n o f I m p e r ia lis m , R u d y a r d K i p l in g ,
w o u ld .a u t o m a t i c a ll y flo w in fr o m E u r o p e .
h a s w r it te n a p r o s e p r o te s t a g a in s t r e c ip r o c it y , w a r n in g
cip a l le n d in g in s t it u t io n s ,
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t o a c t a s if b y a c o m m o n im p u ls e , o r r a th e r in a c c o r -
The
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a n ce w ith a g e n e r a l p l a n , t a k e a c a u tio u s a tt itu d e b e
in C a n a d a , a n d t h e e a rlie r c o n fid e n t p r o g n o s tic a t io n s
c a u se , first o f a ll, t h e v e r y p e r t u r b e d p o litic a l c o n d i
o f a n o v e r w h e lm in g L ib e r a l m a j o r it y h a v e b e e n s lig h t ly
tio n s r e n d e r t h e o u t lo o k p e c u lia r ly u n c e r ta in ; th e n t h e
m o d ifie d .
T h e v o t in g w ill t a k e p la c e o n S e p t . 2 1 .
c r o p -m o v in g s e a s o n is a t h a n d , t h e su r p lu s carried b y
th e C le a r in g -H o u s e m e m b e r s a s a w h o le is b y n o m e a n s
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in E u r o p e a n d is c o u n t r a te s th is w e e k w it h o u t e lic itin g
p a n d r a d ic a lly a t a n y m o m e n t , a n d E u r o p e a n s m ig h t
a n y a d e q u a t e e x p la n a tio n
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The
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m o r e t h a n t h e M in t p r ic e .
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3 9 5 b u llio n , d u e , o u r s p e c ia l c o r r e s p o n d e n t in fo r m s u s
in n u m b e r s o f th e s e c a se s.
b y c a b le , t o v e r y la r g e s h ip m e n t s t o S o u t h A m e r ic a .
b e e n s t a t e d , ru les v e r y d u ll.
S in c e th e s t a t e m e n t w a s c o m p ile d , t h e B a n k h a s m a d e
9 0 -d a y m o n e y w a s r e le a se d a t
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621
THE CHRONICLE
Se p t . 9 1911.]
w a s n a m e d as a m in im u m b y th e le n d e r s .
w ith 1 9 1 0 ; b u t th e L o n d o n b a n k c le a rin g s fo r th e first
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a g a in s t
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a year ago.
h a lf o f t h e
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sa m e
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w a s e x p e c t e d t o b r in g .
S e p tem b er
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o f le ss w e ll-k n o w n b ills , o n w h ic h g e n e r o u s r e tu rn s are
t io n s b y b a n k e r s th e r e fo r a s sista n c e fr o m N e w Y o r k ,
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4 8 6 4 0 and 60 days at 4 8 3 3 0 @ 4 8 3 4 0 .
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at 4 8 6 @ 4 8610,
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to 3 %
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a H u m b e r o f b a n k s a n d t r u s t c o m p a n ie s w h e n th e n a m e
w e e k is as fo llo w s :
can
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at 4 8 6 3 5 @
M onday w as a
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at 4 8 6 3 5 @ 4 8 6 4 0
4 8330.
a n d 6 0 d a y s d e c lin e d t o 4 8 3 2 0 @
R a t e s r u le d firm o n W e d n e s d a y , c a b le t r a n s
u n til T h u r s d a y — M o n d a y w a s
fe r s a d v a n c in g t o 4 8 6 4 0 @ 4 8 6 4 5 ; d e m a n d a n d 6 0 d a y s ,
a h o lid a y — a n d th e r u lin g r a te e a c h d a y w a s 2 % % ,
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d id n o t g o a b o v e
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w as 2 ^ 2 % .
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@ 4 8330,
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T h e n o m in a l r a n g e
la te r th e t o n e w e a k e n e d , th e fin a l r a n g e b e in g 4 8 6 @
fo r s i x t y t o n in e t y
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4% %
d a y s ’ e n d o r s e d b ills r e c e iv a b le , 4 3 ^ t o
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b e in g a t 4 8 3 2 0 @ 4 8 3 3 0 fo r 6 0 d a y s , 4 8 6 @ 4 8 6 1 0 fo r
o th e r s .
d e m a n d a n d 4 8 6 4 0 @ 4 8 6 5 0 fo r c a b le s .
I n flu c tu a tio n s a n d in v o lu m e o f d e a lin g s t h e fo r e ig n
e x c h a n g e m a r k e t th is w e e k h a s b e e n n a r r o w .
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O p e r a to r s h a v e c o n fin e d th e ir a c t iv it ie s t o a c tu a l n e e d s ,
s p e c u la tio n h a v in g b e e n n o t ic e a b ly a b s e n t, e x c e p t t h a t
a g o o d ly p a r t o f th e in q u ir y h a s r e p r e s e n te d th e c o v e r
in g
of
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in to
ea rlie r
in
th e
T h e fo llo w in g g iv e s th e w e e k ’ s m o v e m e n t o f m o n e y
to a n d fr o m th e in te rio r b y th e N e w Y o r k b a n k s .
sea son .
T h o s e w h o s o ld fu tu r e s in t h e e x p e c t a t io n o f b e in g a b le
Week ending Sept.
8
t o b u y r e m itt a n c e d u r in g S e p t e m b e r a t v e r y lo w r a t e s ,
o w in g to t h e o v e r -s e a m o v e m e n t o f c o t t o n , g r a in , & c .,
G o ld
__________________ ________- ....................
h a v e b e e n d is a p p o in te d , fo r e x c h a n g e is n o lo w e r t o
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s o ld a t 4 8 6
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o r h ig h e r in e v e r y w e e k sin ce J a n u a r y .
V a r io u s c a u s e s h a v e c o n t r ib u t e d t o t h e m a in t e n a n c e
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W ith
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th e
Week ending Sept.
kept
8
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T h e fo llo w in g t a b le in d ic a te s th e a m o u n t o f b u llio n
in th e p r in c ip a l E u r o p e a n b a n k s .
Sept.
t io n s t o n e w b o n d a n d n o t e issu es n o lo n g e r c o m e fr o m
London
o r P a r is ,
sta g n a n t
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lo c a l p o r t
e x p e n d itu r e s o f t o u r is ts a re s till a n in flu e n c e .
8 1910.
Silver.
Gold.
m e r c h a n d is e
th e
Net Change in
Bank Holdings.
Out o f
Banks.
Into
Banks.
1911.
n u m b e r s o f h o u s e s o u t o f th is s e c tio n o f th e e x c h a n g e
r a te s
Net Interior
Movement.
Shipped by
Received by
N . Y . Banks. N . Y . Banks.
1911.
th e
M od
e r a te s h ip m e n t s o f g ra in h a v e b e e n a r r a n g e d , b u t u n til
c o t t o n m o v e s fr e e ly th e s u p p ly o f e x c h a n g e p r o m ise s
to
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lig h t
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b a n k r a t e s , th e r e is n o in d u c e m e n t t o d r a w fin a n ce b ills .
a
th a t
U n d e r w r ite r s o f r a ilr o a d a n d in d u s tr ia l se c u r itie s a re
d o in g n o t h in g .
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th e s p e c u la t iv e d e m a n d s fo r m o n e y a ll a re lim it e d , a n d
in s te a d o f G u ld e n a n d
P ounds
w as
by
it is n o t e d t h a t e v e n in B r it a in , w h e re u n b o u n d e d a c
K ron en
has
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e n c o u n t e r e d , d u e p r o b a b ly t o th e s tr ik e s ; th e B o a r d
o f T r a d e r e tu rn s fo r A u g u s t s h o w a fa ll o f £ 1 , 4 1 3 , 3 1 4
n im p o r t s a n d o f £ 2 , 5 5 6 , 1 8 3 in e x p o r t s , a s c o m p a r e d
by
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d The
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Banks of
th e
In o t h e r
c o n s id e r in g
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banks.
a
The
Issu ed
year ago.
In
K ron en
and
H e
T h e r e d u c t io n o f th e fo r m e r c u r r e n c y t o s te r lin g
th e
g rea ter
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C o n tin e n ta l
In t h e a b o v e s t a t e m e n t . Is a b o u
S t a t e m e n t Is n o w
G u ld e n
v a lu e
K ron en
to
have
th a n
L o n d o n . In o r d e r t o r e d u c e K r o n e n t o
' t iv i t y h a s b e e n in p r o g r e s s , a s lig h t s e t b a c k h a s b e e n
I n c lu d e s
accou n t
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our
of
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ce n ts.
As
th e
corresp on d en t
24
In stea d
of
20.
( b e t w e e n g o l d a n d s i l v e r ) g i v e n In o u r t a b l e o f c o i n a n d b u l l i o n
I t a ly
and
B e lg iu m
In
P o u n d s , h a s a lt e r e d t h e b a s is o f c o n v e r s io n
Is m a d e
fr o m
th e b e s t e s tim a te s
w e a re a b le
In
to
o b ta in ;
I t Is n o t c l a i m e d t o b e a c c u r a t e , a s t h e b a n k s m a k e n o d i s t i n c t i o n I n t h e i r
w e e k ly
retu rn s,
d iv is io n
we
m e r e ly
m a k e Is a
r e p o r t in g
c lo s e
th e
tota l
a p p r o x im a t io n
g o ld
and
s ilv e r :
but
we
b e lie v e
the
622
THE CHRONICLE
c o n t e s t fo r w h ic h it w a s w e ll p r e p a r e d ; a n d , t h ir d , t h a t
th e G e r m a n d ip lo m a ts o f 1 8 7 0 k n e w
e v e n ts in c o n n e c tio n w it h th e d ip lo
m a t ic te n s io n b e tw e e n F r a n c e a n d G e r m a n y h a s
th is
w eek
has
been
b o th
in te r e s tin g a n d
in s t r u c t iv e .
It
in c lu d e d th e h u g e m a s s -m e e t in g o f th e B e r lin S o c ia l
D em o cra ts
on
S u n d a y , w h ic h ,
th o u g h
e x p e c te d
to
fin ed its e lf to d e n o u n c in g p o lic ie s t h a t t e n d to stir u p
th e u n e a s in e s s o f b a n k d e p o s it o r s in c e r ta in
p r o v in c ia l G e r m a n c itie s , le a d in g to a ru n o f se v e r a l
d a y s o n th e S t e t t in s a v in g s b a n k s ;
a n d n e x t , p e rh a p s
o u t o f so m e
o ffic ia l in tim a t io n s t h a t th e
co n fe re n c e
t o r ily
and
a p p r o a c h in g
p e a c e fu l
s o lu tio n .
T ow ard s
p a p e r s s t a t e d , in a m a n n e r w h ic h s e e m e d to in d ic a te
u n d e r s t a n d in g
and
“ each
c o n ta in s
a b a sis
th e ir a m a lg a m a t io n
n ig h t m a r e o f a m o n t h 's d u r a t i o n ."
fo r an
w ill e n d
th e
O n th e s a m e d a y
th e v e r y in flu e n tia l “ K o ln is c h e Z e it u n g ”
_R
o v e r th e
M oroccan
announced,
q u e s t i o n ."
a b ly
w a s c e r t a in ly h igh tim e t h a t s o m e s u c h ra tio n a l
out.^
l h e tr o u b le w ith th e M o r o c c a n s itu a tio n h a s a t
n o t im e b e e n t h a t a n y in te llig e n t in d iv id u a l b e lie v e d it
t o c o n t a in le g it im a t e p o s s ib ilitie s o f w a r .
B u t , u n fo r
t u n a t e ly , th e u n a n im o u s c o n v ic t io n t h a t th e strip o f
s a n d o n th e n o r th c o a s t o f A f r ic a w a s n o t w o r th a n in
t e r n a tio n a l
c o n flic t
d id
not
d ip lo m a tic p r o b a b ilit ie s .
dan gerou s and
s e t t le
th e
q u e s tio n
of
T h e r e r e m a in e d t h a t a lw a y s
irr ita tin g c o n s id e r a tio n ,
th e so -c a lle d
“ f u n d a m e n t a l e n m i t y " b e tw e e n F r a n c e a n d G e r m a n y ,
a s u p p o s e d ly u n d e r ly in g s e n t im e n t o f w h ic h th e J in g o
p a r t y in b o t h n a t io n s lia s all a lo n g m a d e th e
m o st.
E v e n t h e h is to r y o f E u r o p e a n d ip lo m a c y g a v e p rece
d e n ts
enough
fo r
im a g in in g -in t e r n a t io n a l
fo r c e d a s a r e s u lt o f th e M o r o c c o m a t t e r .
b e e n crises o f th is s o r t
tr o u b le
T here h ave
w h e n d ip lo m a ts w e re se e k in g ,
n o t fo r a le g it im a t e ca u se o f w a r b u t fo r a p la u sib le
p r e t e x t fo r w a r .
G e r m a n y m i g h t , in e n tire a c c o r d a n c e
w ith t h is b a d p r e c e d e n t, h a v e a d h e r e d to h e r o rig in a l
u lt im a t u m w h e n t h e F r e n c h G o v e r n m e n t h a d r e je c te d
i t , a n d m ig h t h a v e u se d t h a t r e je c tio n as a p r e t e x t fo r
d e c la r in g w a r .
O r th e G e r m a n G o v e r n m e n t m i g h t , as
in 1 8 7 0 , h a v e so u tiliz e d th e s itu a tio n a s to b r e a k o ff
le la t io n s w ith I r a n e e in an in s u ltin g m a n n e r , a n d th u s
f o i c e F r a n c e to b e g in w a r o n its o w n a c c o u n t.
But
th e
root
d ip lo m a c y ;
of
tr o u b le
in
1870
w as
B is m a r c k
w as
c a r e fu lly le a d in g
France
in to a d ip lo m a tic tr a p fo r t h e p u r p o s e o f p r o v o k in g
w a r , it is a lso a w e ll-e s ta b lis h e d f a c t t h a t h a d F r a n c e
b e e n s u ffic ie n tly a d v is e d to a b s t a in fr o m a h ig h -h a n d e d
and
u n c o m p r o m is in g m a n n e r in its d ip lo m a tic
m u n ic a tio n s , it w o u ld n o t h a v e
been e a sy ,
B is m a r c k , to b r in g o n t h a t c o n flic t.
sto ry
of
1870
is
a
c h a p te r
com
e v e n fo r
F u r th e r m o r e , th e
o f in te r n a tio n a l p o p u la r
e n m it y a t w h ite h e a t .
T h e p e o p le o n b o t h sid e s o f th e
R h in e w ere ir r ita te d .
T h e o ld h o s tilitie s o f th e N a
p o le o n ic p e rio d h a d b e e n
b o th c o m m u n itie s .
in d u s tr io u s ly s tir r e d u p in
W h a t p r o b a b ly s e t t le d th e m a t t e r
o f w a r o r p e a c e in th e m in d o f G e r m a n y a t t h a t tim e
w as,
fir st,
t h a t its G o v e r n m e n t
knew
F ran ce to
be
u n p r e p a r e d ; s e c o n d , t h a t G e r m a n y its e lf, b e in g m e r e ly
a
lo o s e ly -jo in e d
fe d e r a tio n
of
in d e p e n d e n t
a series
th a t
th e
F rench
b u t it is r e a s o n
arm y
is
in
no
su c h
d iso r g a n iz e d c o n d itio n t o - d a y as it w a s f o r t y y e a r s a g o .
m e r c ia l w a y , t o - d a y h a s e v e r y t h in g t o lo se b y a c o n flic t
o f th is so r t a n d
li t t l e , a p p a r e n t l y , t o g a in .
E n g la n d is
if its P r e m ie r ’ s u t te r a n c e s o f a m o n t h
a g o a re to b e b e lie v e d , it w o u ld th r o w th e w e ig h t o f its
upon fia n c e .
A n d G e r m a n y w o u ld , s e e m in g ly , h a v e
to b e th e a g g re sso r .
re c e n t
w eeks
have
B eyond
sh ow n
all t h is , th e e v e n t s o f
th a t
th e
p e o p le
at
la r g e ,
e v e n in G e r m a n y , d o n o t e n te r ta in th e a m b itio n s a n d
a n im o s itie s of w h ic h B is m a r c k w a s a b le t o m a k e su c h
e ffe c tiv e u se in 1 8 7 0 .
A c o n s id e r a tio n o f th e s e fa c t s m a k e s th e c o u rse o f
as w e
have
a lr e a d y s u m m e d
it u p ,
e n tir e ly
lo g ic a l.
I t w a s sa id s o m e t im e a g o t h a t th e G e r m a n
F o ie i g n
M in is te r ,
I v id c r l c n -W a c h t o r ,
had
been
c o n s t a n t c o n s u lt a tio n w ith th e B e r lin b a n k e r s .
in
That
w o u ld b e , o b v io u s ly , h is d u t y if h e r e g a r d e d w a r as
p r o b a b le ;
b u t it is a lso p r o b a b le
t h a t th e
M in is tr y
w o u ld o b t a in fr o m c o n fe r e n c e s w ith th e se b a n k e r s , a t
th e p r e se n t t im e , s o m e n e w a n d in te r e s tin g p o in ts o f
v ie w .
T h e F r e n c h P r e m ie r , M . C a illa u x , d id n o t n e e d
to le a rn th e fa c t s o f th e c a se fr o m b a n k e r s .
H i m s e lf
a n e x p e r ie n c e d a n d s u c c e s s fu l fin a n ce m in is t e r , h e w as
e n tir e ly c o n v e r s a n t w ith th e sin g u la r s itu a tio n w h ic h
e x is ts in in te r n a tio n a l fin a n c e , a n d m u s t h a v e k n o w n
h o w p o w e r fu l a w e a p o n fo r m a in t a in in g p e a c e l a y a t
his
hand
in
th e
F rench
in v e s t m e n t
fu n d s
p la c e d
th r o u g h o u t E u r o p e , a n d , n o t le a s t o f a ll, in G e r m a n y .
W e h a v e s p o k e n o f c e r ta in d iffe re n ce s b e tw e e n th e
s itu a tio n a t th e t im e o f th e F r a n c o -P r u s s ia n W a r a n d
th e s itu a tio n o f t o - d a y .
T h e s e w e r e n o t a b l y w itn e sse d
on th e fin a n cia l sid e o f t h in g s .
r e m a r k a b le
m in im u m
of
T h e r e w a s , in f a c t , a
d is t u r b a n c e
to
fin a n cia l
m a r k e ts d u r in g 1 8 7 0 — e x p la in e d in p a r t , n o d o u b t , b y
th e
sh o r tn e s s
of
th e
w ar,
but
la r g e ly
p e c u lia r c ir c u m s ta n c e s o f th e d a y .
n o t a c t iv e in 1 8 7 0 ;
a lso
by
th e
T h e n a v ie s w e re
b lo c k a d e s w e re n o t e n fo r c e d ;
th e
F r e n c h a n d G e r m a n m o n e y a n d b u sin e ss m a r k e ts w e re
d e m o r a liz e d , b u t E n g la n d lo a n e d m o n e y to b o t h a n d
b lu n d e r in g
fo r w h ile s u b s e q u e n t h is to r y h a s m a d e it
e v id e n t t h a t
th r o u g h
W h e t h e r th e m ilita r y
m a y b e a n o p e n q u e s t io n ;
c e r ta in
ev en ts,
v ie w o f th e c a se s h o u ld be a t le a s t s e m i-o f fic ia ll y g iv e n
all o f t h e s e r e sp e c ts th e p r e se n t
th e w o r ld h a s le a r n e d
a r m a m e n t o f F r a n c e is o r is n o t a m a t c h fo r th e G e r m a n
arm am en t
“ w e a re c o n v in c e d t h a t G e r m a n y a n d F r a n c e w ill n o t
cro ss s w o r d s
is ,
o w n sw o r d in to th e s c a le , in c a se o f G e r m a n a g g re ssio n
o ffic ia l in s p ir a t io n , t h a t t h e F r e n c h a n d G e r m a n p r o
th e m a tte r
d iffe re n t in
n o t d e ta c h e d ;
th e c lo se o f th e w e e k o n e o f th e le a d in g B e r lin n e w s
p o s a ls in
H ow
s itu a tio n
O n th e o th e r h a n d , G e r m a n y , in a fin a n cia l a n d c o m
m o r e o r le ss in c o n n e c tio n w it h t h e s e e v e n t s , th e giving-
b e tw e e n th e t w o g o v e r n m e n t s w a s p r o c e e d in g s a tis fa c
v e r y w e ll t h a t
E n g la n d w o u ld r e m a in d e ta c h e d fr o m th e c o n tin e n ta l
s t r u g g le .
o f v e r y in s tr u c tiv e in c id e n t s .
e x p r e s s s o m e s o r t o f s u p p o r t t o th e G o v e r n m e n t , c o n
w a r fa r e ;
L X X X X III.
h a d lit tle t o lo se a n d e v e r y t h in g to g a in fr o m a m ilit a r y
THE QUESTION OF A FRANCO-GERMAN
SETTLEMENT.
T h e c o u rse o f
[VOL.
S ta te s,
sh ip p e d p r o v is io n s t o b o t h .
T h e F ra n ce o f th at d a y
w a s a s m a ll a n d la r g e ly s e lf-c o n t a in e d fin a n c ia l m a r
k e t;
in th e p r e se n t d a y it is a r e se rv o ir o f c r e d it fr o m
w h ic h th e c h a n n e ls r u n th r o u g h o u t th e fin a n cia l w o r ld .
G e r m a n y in 1 8 7 0 w a s a g r o u p o f s e p a r a t e in d e p e n d e n
cie s, n o o n e o f w h ic h , o u ts id e th e tw o g r e a t c o m m e r c ia l
citie s o f H a m b u r g a n d F r a n k fo r t , w a s a fa c t o r in th e
g r e a t a ffa irs o f th e o u t s id e w o r ld .
T h e s e th in g s n ee d
o n ly b e s t a t e d in o rd e r to s h o w h o w r a d ic a lly d iffe re n t
is th e fin a n cia l p r o b le m in th e c a se t o - d a y .
I t is cer
t a in ly m a d e n o less so b y th e d ip lo m a tic a tt itu d e o f
E n g la n d .
W e a ie n o t a rg u in g t h a t t h e G e r m a n G o v e r n m e n t
w o u ld h e s ita te in a c o n c e iv a b ly r ig h te o u s w a r b e c a u s e .
o f th e c o s t o f w a r fa r e o r b e c a u se o f th e b u sin e ss c o m
m u n it y ’ s o p p o s itio n .
c o m m u n it y
fa ils
c a u se o f w a r ,
to
B u t w h e n e v e n th e d ip lo m a tic
se e
a
le g it im a te
a c a se w ill m a n if e s t ly
and
have
in e v it a b le
a risen
in
w h ic h th e w a r n in g s o f th e
b u s in e s s
c o m m u n i t y , th e
o u t s p o k e n o p p o s itio n o f th e G e r m a n p u b lic ,
and th e
d is a p p r o v in g a t t it u d e o f th e n e u tr a l P o w e r s , m a k e a
b e llig e r e n t
p o s itio n
m a in t a in .
O n t o p o f th is h a s c o m e th e fa c t t h a t t h e
F ran ce
w h ic h
623
THE CHRONICLE
S ept . 9 1911.]
d iffic u lt ,
b lu n d e r e d
if
not
im p o s s ib le ,
t a in e d b y th e c o m p a n y fa ir ly c o m m e n s u r a t e w it h its
in c re a se d e x p e n s e s , a r e tu r n t o th e fo r m e r o p e r a t in g
r a tio c o u ld n o t r e a s o n a b ly b e e x p e c t e d .
W h a t w a s t h e n fo r e s h a d o w e d
to
so in e x c u s a b ly in its d ip lo
h a s a c t u a lly o c c u r r e d .
a s lik e ly to h a p p e n
I t cost 0 4 .5 7 %
(n o t in c lu d in g
t a x e s ) to o p e r a te th e N o r f o lk & W e s t e r n in 1 9 1 0 -1 1 ,
m a t ic c o m m u n ic a t io n s w ith th e G e r m a n y o f 1 8 7 0 h a s
as a g a in s t o n l y 6 0 . 0 2 %
p u r s u e d a t th e p r e s e n t ju n c t u r e a p o lic y s o c o rre c t a n d
n e t r e v e n u e , t o w h ic h r e fe r e n c e h a s a lr e a d y b e e n
m ade
so d is c r e e t a s to le a v e n o g r o u n d fo r c r itic is m .
a b o v e , fo llo w e d n a t u r a lly as a r e su lt o f s u c h
c o n d i
W e h a v e fa ir ly s u m m e d u p , w e t h in k , t h e r e a so n s
w h y , b o t h in F r a n c e a n d G e r m a n y , t h e c o n v ic t io n h a s
t io n s .
P r e s id e n t
in 1 9 0 9 -1 0 .
J oh n son
now
T h e la r g e lo s s in
observ es
th a t
th ese
la rg e o p e r a tin g e x p e n s e s “ e v id e n c e th e r e s u lts o f c o n
g r o w n so r a p id ly t h a t th e r e w ill b e n o r e s o rt to a r m s .
tin u e d in c re a se s in t h e c o s t o f la b o r a n d m a t e r ia l, a n d
E v e r y in te llig e n t m a n s h o u ld h o p e t h a t th is e x p e c t a
in
t io n w ill b e fu lfille d .
la t iv e r e q u ir e m e n ts , m a n y ite m s o f w h ic h y o u r c o m
so m ew h a t
T h a t th e n e g o t ia t io n s sh o u ld b e
p r o lo n g e d ,
and
th a t
fo r m a l
c o n fe r e n c e s
e x p e n d itu r e s
pany
cannot
to
m eet
c o n t r o l.”
p u b lic
T h is
dem ands
la s t
is
th e
and
le g is
im p o r t a n t
sh o u ld b e n u m e r o u s , w a s u n d o u b t e d ly t o b e e x p e c te d ;
p o in t t o b e a r in m in d , n a m e ly t h a t th e u n fa v o r a b le
n e ith e r p a r t y
r e su lts d is c lo s e d fo llo w fr o m
c o u ld
m a t t e r o v e r n ig h t .
a s s u m e its
fin al p o s itio n
in th e
P e r h a p s it is n o t t o o m u c h to h o p e
tro l o f th e m a n a g e r s .
c a u se s b e y o n d t h e c o n
I n th e N o r fo lk & W e s t e r n c a se
t h a t th e p e n d in g c o n fe r e n c e s w ill g o fa r e n o u g h n o t
it h a s a lr e a d y b e e n se e n t h a t t h e fa llin g o ff in n e t w a s
m e r e ly t o a d ju s t th e im m e d ia t e m a t t e r o f d is p u t e , b u t
d u e e n tir e ly t o t h e in c re a se in e x p e n s e s — t h a t th e r e
t o s e t t le o n c e fo r a ll th is ir r ita tin g q u e s t io n o f c o lo n ia l
w a s n o fa llin g o ff in r e v e n u e s .
je a lo u s ie s .
T h a t th e r e w a s n o s h r in k a g e in g ro ss r e c e ip ts o n t h e
N o r fo lk & W e s t e r n is p a r tic u la r ly n o t e w o r t h y in v ie w
THE NORFOLK & WESTERN REPORT.
In
o f th e v e r y la rg e a d d itio n t o g ro ss r e c e ip ts e s ta b lis h e d
r e v ie w in g a y e a r a g o th e a n n u a l r e p o r t o f th e
&
N o r fo lk
June
30
W e ste rn
1910, we
R y.
fo r
th e
co m m en ted
fisca l
upon
year
th e
e n d in g
very
s a tis
in th e
y e a r i m m e d ia t e ly
p r e c e d in g a n d
d e p r e ssio n t h a t p r e v a ile d in 1 9 1 0 -1 1
th e
str ik in g
in th e iro n a n d
ste e l in d u s t r y , n e c e s s a r ily in v o lv in g a s h r in k a g e in th e
f a c t o r y s h o w in g t h a t t h is r o a d h a d b e e n a b le t o m a k e
iro n o re t r a ffic a n d in m a n y o th e r it e m s o f t h e m in e r a l
fo r t h a t p e rio d o f tw e lv e m o n t h s , in a s m u c h as t h e r e
t o n n a g e o f w h ic h
had
la r g e ca rrie r.
been
a m ost
s u b s ta n tia l
a d d itio n
not
a lo n e
to
th e
N o r fo lk
g ro ss e a r n in g s , b u t a lso — c o n t r a r y to t h e e x p e r ie n c e
th e d e p r e ssio n referre d t o
o f m o s t o th e r r o a d s — to n e t e a r n in g s .
t is t ic s o f th e r o a d .
I n t h e c a se o f
&
W e ste rn
is s u c h
a
A s a m a t t e r o f f a c t , p la in e v id e n c e s o f
a p p e a r in t h e
t r a ffic
sta
T h u s it a p p e a r s t h a t o n l y 1 , 9 7 0 ,
th e g ro s s th e g a in th e n w a s $ 5 ,7 3 0 ,7 6 9 a n d in t h e n e t
1 5 2 t o n s o f c o k e w e re tr a n s p o r te d in
it w a s $ 2 , 4 1 9 , 7 0 5 .
a g a in s t 2 ,9 6 9 ,4 7 0 t o n s in th e p r e c e d in g y e a r , t h a t t h e
th e
F o r th e y e a r n o w u n d e r r e v ie w —
t w e lv e m o n t h s e n d in g J u n e 3 0
1 9 1 1 — th e r e s u lt
o re t o n n a g e a m o u n te d t o o n l y 8 7 9 ,4 8 0
is o f a d iffe r e n t c h a r a c te r , a n d it in d ic a te s t h e t r y in g
1 ,0 1 8 ,2 5 2
c o n d itio n s u n d e r w h ic h th is w e ll-m a n a g e d lit t l e p r o p
5 9 7 ,7 0 2
erty ,
5 8 1 ,4 4 2 t o n s
in
com m on
w ith
o th e r s ,
lia s
to
be
o p era ted .
th e la te y e a r
to n s,
th e
ton n ag e
of
ston e
t o n s a g a in s t
and
san d
to
a g a in s t 0 5 2 ,2 5 6 t o n s , th e iro n t r a ffic t o o n ly
and
b u t th is w a s a tt e n d e d b y a n a u g m e n t a t io n in o p e r a tin g
t o n s , a n d th e tr a ffic in “ o th e r c a s tin g s a n d m a c h in e r y ”
e x p e n s e s fo u r t im e s
to
th a t su m ,
n a m e ly
$ 1 , 9 1 1 ,5 2 0 ,
c a u s in g , th e r e fo r e , a lo ss in n e t o f $ 1 , 4 1 7 , 8 6 8 .
T h is
sh eet
a g a in s t 7 1 0 ,9 5 1 t o n s , th e t r a ffic in b a r
T h e r e w a s a fu r th e r g a in o f $ 4 9 3 ,0 5 2 in g ro s s e a r n in g s ,
m eta l
1 0 3 ,7 2 6 t o n s
to
1 0 9 ,7 9 3
ton s
a g a in s t
1 5 1 ,4 3 0
a g a in s t 2 0 3 ,1 5 6 t o n s , b e sid e s w h ic h
th e lu m b e r t o n n a g e w a s o n l y 1 ,5 5 1 ,8 3 9 t o n s , a g a in s t
fa llin g o ff in n e t w a s fu r t h e r in c r e a s e d in a m o u n t o f
1 ,0 7 4 ,9 8 1 t o n s .
$ 2 0 1 ,0 3 5 b y r e a s o n o f la rg e r t a x e s , b r in g in g th e t o t a l
s h ip m e n ts o f b itu m in o u s co a l fr o m 1 3 ,9 8 6 ,0 5 4 t o n s t o
sh r in k a g e
t r a c tio n
in n e t e a r n in g s u p
of
to
$ 1 ,0 1 8 ,9 0 3 — a con
13% .
w a s u n e x p e c t e d , a n d , c o n s id e r in g a ll th e c ir c u m s ta n c e s
th e c a s e , th e
r e a s o n a b ly
upon
th e
s h o w in g
have
been
report
fo r
is
q u it e
lo o k e d
1 9 0 9 -1 0
e n t e r t a in in g u n w a r r a n te d
as
fo r .
we
good
In
as
our
is
a b le t o in c re a se its
1 5 ,4 6 7 ,7 8 1 t o n s a n d t o a d d t o its t r a ffic in 2 9 o th e r
ite m s o f fr e ig h t.
I t c a n n o t b e s a id t h a t th e d im in u tio n in n e t r e su lts
of
B u t th e road
The
r e su lt
is t h a t a g g r e g a te fr e ig h t
t o n n a g e w a s a c t u a lly 4 1 5 ,7 3 8 t o n s la rg e r t h a n in t h e
y e a r p r e c e d in g .
c o u ld
O b v io u s ly th is fu r th e r g r o w th in a g g r e g a te to n n a g e
rem arks
b e t o k e n s a v e r y s a t is fa c t o r y s t a t e o f th in g s r e g a r d in g
c a u tio n e d
a g a in s t
e x p e c t a t io n s o f a c o n tin u
th e in d u strie s t r ib u t a r y t o th e r o a d .
how ever,
had
a n o th e r d r a w b a c k
to
T h e m an agers,
c o n te n d
a g a in s t
a n c e o f th e p r o s p e r ity e n jo y e d d u r in g t h a t y e a r , see in g
b e sid e s t h e a d v a n c e in o p e r a tin g c o s t .
th a t
th e fu r th e r d e c lin e in th e a v e r a g e r a te r e a liz e d .
im p o r t a n t
in c re a se s
in w a g e s
had
ju s t
s a tis fa c to r y
s h o w in g
as
to
net
in
re fe r t o
T h is
m a k e th e
d e c lin e m a y b e d u e in s o m e m e a su re to a n in c re a se in
th e fu t u r e ,
th e p r o p o r tio n o f t h e lo w e s t cla sses o f fr e ig h t— th o s e
a g re e d t o w h ic h re n d e re d it im p o s s ib le t o
sam e
been
We
rates.
Un
t a k in g
b e fo u n d t o ra ise r a t e s .
Our
t e n s it y o f c o m p e t it io n a n d t h e m a k in g o f c o n c e ssio n s
o b s e r v a t io n s a t t h a t tim e w e re c a lle d fo r th b y P r e si
in o rd e r to w id e n th e m a r k e t fo r th e c o a l p r o d u c e d a lo n g
d e n t J o h n s o n 's c o m m e n t s o n th e o p e r a t in g r e su lts o f
th e
th e th e n m o r e r e c e n t m o n t h s w ith t h e c o n tin u e d a u g
R a te s on th e
m e n t a t io n in o p e r a tin g c o s t t h a t t h e y r e v e a le d .
T h is
s m a ll, a n d c o n d itio n s a re su c h t h a t th e r o a d c o u ld n o t
due
m a in ta in its e x is te n c e if it w e r e n o t p r e p a r e d t o m o v e
u n le s s
a
w ay
c o u ld
fo r t u n a t e ly n o w a y
a u g m e n t a t io n
be
could
fo u n d
to
P r e s id e n t J o h n s o n
ra ise
e x p la in e d
w as
th e s m a lle s t r a te s — o r it m a y
road.
D o u b t le s s
N o r fo lk
b o th
&
c a u se s
W e ste rn
re fle c t th e
w ere
in
o p e r a t iv e .
h a v e a lw a y s b e e n
t o t h e rise in th e c o s t o f w a g e s a n d m a t e r ia ls , w h ic h
fr e ig h t a t lo w fig u re s.
fo r th e m o n t h s o f M a y , J u n e a n d J u ly 1 9 1 0 h a d a v e r
coa l a n d o th e r m in e r a ls , a n d sh ip p e r s c o u ld n o t fin d
aged
4 .5 2 %
over
th e
a m a r k e t fo r th e s e p r o d u c ts in c o m p e t it io n w ith th e
p r e v io u s y e a r a n d 5 . 5 4 % o v e r th e a v e r a g e fo r th e n in e
sim ila r p r o d u c ts o f o th e r r e g io n s e x c e p t o n t h e b a s is
m o n th s
o f v e r y lo w t r a n s p o r t a t io n c h a r g e s .
fr o m
J u ly
th e
c o r r e s p o n d in g
1909
to
A p r il
p e rio d
1910,
of
T h e t r a ffic c o n sists la r g e ly o f
in c lu s iv e .
T h a t ra tes, h o w
A c c o r d in g ly , M r . J o h n s o n w a s m o v e d t o s a y t h a t u n til
e v e r , s h o u ld s till b e t e n d in g d o w n w a r d s a t a t im e w h e n
a r e a d ju s t m e n t o f tr a n s p o r t a t io n
o p e r a t in g c o s t is so m a r k e d ly risin g is c e r ta in ly a h a r d
r a te s c o u ld
be o b
624
s h ip
THE CHRONICLE
w h ose
im p o r t a n c e
it w o u ld
be
d if fic u lt t o
ex
a g g era te.
T h e N o r f o lk & W e s t e r n in th e la te y e a r re a liz e d a n
average
o f o n ly
4 .4 3
m ills
per to n
per
m ile .
T h is
[V O L . L X X X X I I I .
m is s io n , t h e y b e g a n la s t y e a r t o e lim in a te th e c h a r g e
fo r im p r o v e m e n t s a n d
to
fo r w h a t
a lr e a d y
is c a lle d ,
as
m a k e a d e d u c t io n in s te a d
n o te d ,
“ e x p e n d itu r e s
to m a in t a in e a r n in g p o w e r a n d o ffse t o b s o le s c e n c e .”
m e a n s t h a t in o rd e r t o e a r n a s in g le c e n t g ro ss it w a s
T h e d e d u c t io n o n t h a t a c c o u n t,
n e c e s s a r y t o m o v e o v e r 2 J 4 t o n s o f fr e ig h t o n e m ile .
8 3 ,5 7 3 ,5 9 8
A s j u s t s t a t e d , r a te s o n th e N o r fo lk & W e s t e r n h a v e
8 2 ,5 9 7 ,1 0 8 .
as ju s t s t a t e d , w a s
in t h a t y e a r , w h ile n o w fo r 1 9 1 0 -1 1
it is
A fo o t -n o t e t o th e b a la n c e s h e e t r e p e a t s
a lw a y s b e e n lo w , b u t a s a g a in s t th e 4 . 4 3 m ills o b ta in e d
w h a t w a s sa id la s t y e a r a n d te lls th e re a d e r t h a t th e se
in 1 9 1 1 th e a v e r a g e in 1 9 1 0 w a s 4 . 4 7 , in 1 9 0 9 it w a s
a re e x p e n d itu r e s “ w h ic h in th e j u d g m e n t o f th e b o a r d o f
4 . 6 0 m ills , in 1 9 0 8 , 4 .8 1 m ills a n d in 1 9 0 7 , 4 . 9 5 m ills .
d ir e c to r s w e re re q u ir e d t o o ffs e t o b s o le s c e n c e a n d d e
T h u s in fo u r y e a r s th e r e h a s b e e n a d e c lin e o f o v e r h a lf
p r e c ia tio n d u e t o c h a n g in g c o n d itio n s a n d w e re n e c e s
a m ill p e r t o n p e r m ile .
sa ry to
T h a t m a y n o t s e e m la rg e in
m a in t a in
th e e a r n in g c a p a c it y
its e lf , b u t in r a tio it is a r e d u c tio n o f 1 0 % ; a n d , fu r th e r
th e v a lu e o f th e
m o r e , it m u s t b e r e m e m b e r e d t h a t t h e fr e ig h t tr a ffic
sh o u ld n o t b e c a p it a liz e d .”
o f th e N o r f o lk & W e s t e r n is r e p r e s e n te d b y a t o n n a g e
m o v e m e n t o n e m ile o f n o le s s t h a n 6 , 7 9 7 , 3 6 5 ,2 7 1 .
A
and
c o m p a n y ’s p ro p e rty ,
and
p r e se rv e
th e r e fo r e
T h o u g h th e ro a d is a c o m p a r a t iv e ly s m a ll s y s t e m ,
c o m p r is in g o n l y 2 ,0 0 0 m ile s o f lin e , its y e a r ly c a p ita l
lo s s o f h a lf a m ill a t o n a p p lie d t o th is v o lu m e o f tr a ffic
e x p e n d itu r e s a re n e v e r th e le s s la r g e .
m e a n s a r e d u c tio n in r e v e n u e s o f a b o u t 3 j ^
m illio n
d e n t w h e n w e s a y t h a t th e e x p e n d itu r e s u p o n r o a d
m a n a g e m e n t h a v e so u g h t
o f w h ic h , in a c c o r d a n c e w it h t h e o rd e r o f th e I n t e r
t o fin d c o m p e n s a t io n fo r th is d o w n w a r d t r e n d o f r a te s
S t a t e C o m m e r c e C o m m is s io n , h a s b e e n c h a r g e d to th e
d o lla r s .
T h is w ill b e e v i
a n d e q u ip m e n t in 1 9 1 0 -1 1 a g g r e g a te d 8 1 2 ,5 6 7 ,7 5 8 , all
T h e N o r fo lk
&
W e ste rn
b y e n la r g in g th e ir tr a in lo a d s ; t h a t is, b y h a v in g th e
c o m p a n y ’ s p r o p e r t y a c c o u n t.
t r a in s h a u l m o r e fr e ig h t p e r m ile r u n , a n d a m a r k e d
8 2 , 5 9 7 , 1 0 8 c o n sists o f e x p e n d itu r e s w h ic h th e m a n a g e r s
degree
t h in k a re r e q u ir e d to o ffs e t o b s o le s c e n c e a n d d e p r e c ia
of
su ccess
d ir e c t io n .
has
a tt e n d e d
th e
e ffo r ts
in
th a t
A fu r th e r in c re a se in t r a in -lo a d w a s e s t a b
lis h e d e v e n in th e la te y e a r .
T h e N o r fo lk & W e s t e r n
has
fo r its h ig h
lo n g
been
d is tin g u is h e d
t r a in -lo a d ,
e x c e p t fo r w h ic h , in d e e d , it c o u ld n o t m a in t a in a p r o fit
a b le
e x is t e n c e .
And
th e
road’s
d is t in c t io n
in
th a t
t io n ,
and
to ta l
e x p e n d itu r e s
O w in g
a c c o r d in g ly
to
o n ly
have
th ese n ew
O f th is s u m , h o w e v e r ,
8 9 ,9 7 0 ,6 5 0
a c t u a l ly
o f th e
been
c a p ita l o u t la y s ,
year’s
c a p ita liz e d .
th e
com pany’s
h o ld in g s o f c a s h , w h ic h w e re q u it e la r g e o n J u n e 3 0
1 9 1 0 , w e re r e d u c e d in a m o u n t o f 8 3 , 7 4 4 , 6 3 3
d u r in g
r e s p e c t is b e c o m in g m o r e m a r k e d w ith e a c h s u c c e e d
th e t w e lv e m o n t h s , a n d J u n e 3 0 1 9 1 1 a m o u n t e d to 8 5 ,
in g y e a r .
4 5 3 ,9 1 6 .
T h u s in th e la te y e a r th e tr a in s h a u le d an
a v era g e o f 6 4 3 to n s.
T h i s c o m p a r e s w it h 6 3 5 t o n s in
t h e p r e v io u s y e a r , w ith 6 1 6 t o n s in th e y e a r p r e c e d in g ,
w ith
571
to n s
in
1 9 0 7 -0 8
and
569
ton s
in
T h e r e h a v e b e e n r e d u c t io n s , t o o , in s e v e r a l
o f th e ite m s o f cash a s s e t s .
T h e r e w a s n o c h a n g e in
th e o u t s t a n d in g a m o u n t o f s t o c k d u r in g t h e y e a r , e x
1 9 0 6 -0 7 .
c e p t t h a t th e r e w a s a n in c re a se o f 8 5 , 3 8 8 , 0 0 0 in th e
T h e in c r e a s e , it w ill b e s e e n , h a s b e e n 7 4 t o n s p e r tra in
c o m m o n s t o c k , th is r e p r e s e n tin g t h e c o n v e r s io n o f a
in fo u r y e a r s , or a b o u t 1 3 % .
c o r r e s p o n d in g a m o u n t
A s a r e s u lt th e t r a in s in
o f th e
t h e la t e s t y e a r e a r n e d 8 2 8 7 p e r m ile r u n , a g a in s t $ 2 8 3
b on d s.
in 1 9 0 6 - 0 7 , n o t w it h s t a n d in g th e d e c lin e in th e in te r v a l
8 5 6 ,5 0 0 to 8 1 0 8 ,4 6 8 ,5 0 0 .
in th e
8 1 1 5 ,
t o th e p a y m e n t o f e q u ip m e n t t r u s t o b l ig a t io n s .
have
A ll
fr o m
t o o f c o n v e r tib le b o n d s a n d th e o th e r 8 2 ,0 0 0 ,0 0 0 is d u e
as w e
m ile .
redu ced
O f th e d e c re a se o f 8 7 , 3 8 8 ,
t o o v e r c o m e u n fa v o r a b le fa c to r s in t h e s it u a t io n .
h ow ever,
per to n
c o m p a n y ’ s c o n v e r tib le
w as
0 0 0 , $ 5 , 3 8 8 , 0 0 0 r e p r e se n ts t h e c o n v e r s io n j u s t re fe rre d
year,
r e a liz e d
debt
th is
la te s t
r a te
fu n d e d
fu r n is h e s e v id e n c e o f w h a t th e m a n a g e m e n t h a s d o n e
th e
average
The
a lr e a d y
In
se e n ,
THE CAN AD IAN PACIFIC AND ITS
CONTINUED GROWTH.
fu r t h e r p r o g r e s s in t h a t d ir e c tio n w a s n o t s u ffic ie n t to
o ffs e t th e r e n e w e d rise in o p e r a t in g c o s t , a n d as a c o n
seq u en ce
a
c o n s id e r a b le
fa llin g
o ff
in
net
e a r n in g s
r e s u lt e d .
The
annual
d iffe re n t
F r o m th e in c o m e a c c o u n t fo r th e y e a r it a p p e a r s t h a t
U n it e d
r e p o r ts
sto ry
fr o m
S ta te s.
of
C a n a d ia n
th ose
of
P a r t ic u la r ly
th e
is
r a ilw a y s
r a ilw a y s
th is
tru e
tell
in
of
a
th e
th a t
n o t w it h s t a n d in g th e lo ss in n e t e a r n in g s , th e c o m p a n y
w o n d e r fu l e n te r p r ise , th e C a n a d ia n P a c ific , w h ic h h as
is a b le to s h o w a s u r p lu s o f 8 5 7 6 ,4 6 5 o n t h e o p e r a tio n s
d o n e so m u c h fo r th e d e v e lo p m e n t o f th e D o m in io n
o f th e t w e l v e m o n t h s o v e r a n d a b o v e th e 5 % d iv id e n d s
o f C a n a d a a n d h a s in t u r n so g r e a t ly p r o fite d b y t h a t
p a id o n th e c o m m o n s h a r e s .
T h i s , t o o , is a fte r s u b
t r a c t in g 8 2 , 5 9 7 , 1 0 8 to r e p r e s e n t e x p e n d itu r e s t o m a in
d e v e lo p m e n t .
C anada
has
been
e n jo y in g
w o n d e r fu l
e x p a n s io n in r e c e n t y e a r s , a n d h er m a r v e lo u s g r o w th
t a in t h e e a r n in g p o w e r o f th e p r o p e r t y a n d t o o ffse t
a n d p ro g re ss is in n o s m a ll m e a s u r e d u e t o th e lib e r a l
o b s o le s c e n c e .
and
d e d u cted
s u r p lu s
In
fo r
th e
p r e v io u s
o b s o le s c e n c e
above
th e
w as
d iv id e n d
year
th e
am ount
8 3 ,5 7 3 ,5 9 8 ,
r e q u ir e m e n t
su c h a llo w a n c e w a s t h e n 8 1 , 1 1 7 , 0 5 6 .
and
and
so
th e
b r o a d -m in d e d
o f h e r r a ilr o a d s .
p o lic y
p u r su e d
in
th e
tre a tm e n t
I n C a n a d a th e se iro n h ig h w a y s are
above
re c o g n iz e d as b e in g a id s t o n a tio n a l g r o w t h , j u s t a s
I n t h e p a s t th e
t h e y w e re in th e U n it e d S t a t e s t h ir t y o r f o r t y y e a r s
N o r f o lk & W e s t e r n h a s b e e n d is tin g u is h e d fo r its la rg e
a g o . A c c o r d in g ly , e v e r y t h in g is d o n e to fo s te r th e w o r k
a p p r o p r ia tio n s
im p r o v e
o f b u ild in g th e m a n d e x t e n d in g t h e m . L ib e r a l a id b y
U n d e r th e r e g u la tio n s o f th e
th e S t a t e , in o n e w a y o r a n o t h e r , is e x t e n d e d in m o s t
out
o f e a r n in g s
m e n ts and b e tte rm e n ts.
I n t e r -S t a t e
C om m erce
to
pay
fo r
C o m m is s io n , su c h a p p r o p r ia
c a se s, a n d th e w h o le a t t it u d e o f th e G o v e r n m e n t is in
t io n s o u t o f in c o m e are n o lo n g e r p e r m is s ib le , o r , a t
d ic a tiv e
le a s t if t h e y are m a d e , t h e y m u s t b e s h o w n a s a s e p a
tr a n s p o r t a t io n
r a te ite m
th e se m o d e r n t im e s .
and
a n c e s h e e t.
e x p r e s s ly ca rried
a s su c h
in th e
b a l
B u t th e N o r fo lk & W e s t e r n m a n a g e m e n t
of
a
k e en
a p p r e c ia tio n
a g e n c ie s
bear
in
of
th e
hum an
part
w h ic h
a c tiv itie s
in
U n d e r su c h t r e a t m e n t , v e r y n a t u r a ll y , th e r a ilr o a d
a re p o s itiv e in th e ir c o n v ic t io n t h a t s o m e a llo w a n c e
th r iv e s a n d th e c o u n t r y a lso th r iv e s .
o u t o f in c o m e ea c h y e a r is e s s e n tia l in o rd e r to p r e
S t a t e s , o n th e o th e r h a n d , th e p o lic y in m o r e r e c e n t
v e n t th e p r o p e r t y fr o m r u n n in g d o w n a n d to k e e p p la n t
y e a r s h a s b e e n to h a m p e r a n d c r ip p le th e ra ilr o a d s a n d
u p to d a t e in all r e s p e c ts .
I n th e U n it e d
H e n c e , y ie ld in g c o m p lia n c e
b y le g is la tio n a n d G o v e r n m e n t r e g u la tio n to in te rfe r e
t o th e r e q u ir e m e n ts o f th e I n t e r -S t a t e C o m m e r c e C o m
w ith th e ir n o r m a l a c t iv it ie s , th u s d is tu r b in g c o n fid e n c e
Sept. 9 1911.]
THE CHRONICLE
625
in the stability of their revenues and in their soundness gate yearly, and which for the late year were $13,
as investments for capital. The result is that the 042,461 ($8,448,516 being the net proceeds of the late
railroad industry of the United States, with its enor year’s sales, represented mainly by deferred payments,
mous mileage and its prodigious capital investment, and $4,593,945 being the collection of deferred pay
has been brought to a point of great peril; this last is ments on previous yearn’ sales), is not taken into
the main reason— in fact the only reason— why the the income account at all. The company, as already
United States is now in the midst of trade reaction, said, is now paying 3% per annum in extra dividends
while Canada continues to enjoy unalloyed prosperity out of its outside income. In the late year, however,
total payments were only 2 ^ % , calling for $4,500,000,
and uninterrupted development.
As far as the Canadian Pacific is concerned, the and leaving a surplus on that basis of $546,856 for the
constant further additions to its traffic and revenues twelve months.
The company’s traffic is growing in all directions.
from month to month and from year to year is typical
of what is going on within the Dominion itself. And It did not move quite as much grain as in the year
one marvels at the far-sightedness of the men in con immediately preceding, and yet it carried no less than
trol of the enterprise who keep the property equal to 111,169,982 bushels (the quantity moved the previous
the steadily rising demands upon it. Under the con year was 112,795,345 bushels), and it also carried
ditions and under the policy that we have outlined, it 8,469,744 bbls. of flour, against 7,489,812 bbls. in
is, of course, not difficult to raise the enormous 1910 and 6,683,354 bbls. in 1909. Counting the flour
amounts of new capital required each year for the at its equivalent in wheat the road moved, it will be
extension and development of the system. Yet such seen, over 150,000,000 bushels of grain during the
enormous additions to traffic are being made during year. Large though this is, it is only one item in the
each period of twelve months that unwonted energy company’s vast tonnage. Of manufactured articles,
and sagacity are required to provide in advance for 5,759,344 tons were moved, against only 4,425,241
the extra facilities called for to take care of the added tons two years before; of merchandise and miscel
laneous articles 8,971,037 tons, against 5,916,248 tons
business.
These reflections are more particularly suggested two years before; of live stock 1,567,665 head, against
by the late year’s results. In that year the gross 1,371,873; and of lumber 2,441,007,107 feet, against
earnings ran in excess of $100,000,000. The total, in 1,726,944,584. The passenger traffic has also been
deed, is no less than $101,167,808, which is an increase expanding in a marked way, the revenues from that
compared with the year preceding of $9,178,318, or department in 1911 having been $28,165,556, as
nearly 10%. To understand the significance of this against only $20,153,001 in 1909.
We commented in previous years upon the com
result, it should be recalled that it was only six years
ago that the total for the first time reached $50,000,000. pany’s policy of making large appropriations out of
In other words, in six years the gross revenues have income to pay for the cost of additions and improve
considerably more than doubled, the additions having ments. In the late year nothing was appropriated
been over 53K million dollars. In one particular the directly out of earnings for this purpose, but the whole
experience of the Canadian Pacific has been like that of the $7,500,000 of premium realized on the $30,000,
of our own roads, namely cost of operations is in 000 of new stock issued was set aside to the credit of
creasing, but, obviously, where the additions to revenue that fund. In the year preceding $7,000,000 of in
are of the magnitude of those in the Canadian Pacific come was applied in that way and $2,394,779 of
case, a rising operating cost has not the same signifi premium realized on sales of stock was also devoted
to the same use. In 1908-09 no specific appropria
cance as it has here.
The company’s income for the twelve months in tion of that kind was made, but in 1907-08 the com
relation to fixed charges and dividends was satisfac pany contributed $6,000,000 for that purpose, which
tory in the highest degree. The company is paying followed a contribution of $5,000,000 the year before.
dividends of 10% a year now; 7% coming out of The practice was begun in 1905-06, when profit and
operations and 3% out of interest on land sales and in loss was diminished in the sum of $2,535,000 by reason
come from investments. In the late year there was a of a charge of that nature. Altogether, it will be
surplus from operations, after providing for expenses seen, $30,429,779 has been applied in that manner.
and fixed charges, in amount of no less than $27, Of this sum $7,119,285 still remained unexpended on
807,109. Out of this, $1,000,000 was set aside and June 30 1911.
In reviewing the annual report, it always seems
transferred to the steamship replacement account and
$80,000 was contributed to the employees’ pension pertinent to refer to the large amount of money which
fund. After these deductions there still remained has gone into this property in one shape or another,
$26,727,109. The 4% dividends on the preference against which no capital obligations have been issued
shares took $2,253,866 and the 7% dividends on the or are to-day outstanding. At pointed out by us in
$180,000,000 of ordinary stock called for $12,600,000. previous years, inspection of the balance sheet no
Hence, there remained undivided profits above the longer suffices to indicate the enormous amount of
requirements for the 7% dividends in the sum of surplus earnings and donations from various sources
$11,873,242. This, it will be seen, was almost enough which have gone into the property to provide for its
extension and development. Six years ago the bal
to pay another 7%.
These results are entirely independent of the income ance sheet was reconstructed in an important par
from land sales and from investments, which reached ticular. The item of “ cash subsidies from Dominion
$5,046,856 additional for the twelve months. This in and Provincial governments and municipalities,” and
come is now shown in a separate statement, and the so much of the proceeds of land sales as had been
company includes in it the revenue derived from the applied on construction and equipment account, were
land department. But it should be understood that transferred from the credit side of the balance sheet,
only the interest on the cash proceeds and on deferred where they had previously appeared, to the other side
payments for land sold is counted; the principal of the account, and applied in reduction of the item
amount of the sales, which reach an enormous aggre “ cost of railway and equipment.” The proceeds of
628
THE CHRONICLE
land sales expended in construction aggregated at that
time $36,193,521 and the subsidies and bonuses re
ceived amounted to $30,752,195 more, making $66,
945,716 together.
If, now, we add to this the $30,429,779 of accumu
lated income appropriated the last six years on account
of additions and improvements, and also the $55,374,
493 of accumulated surplus still standing on the books
June 30 1911, likewise the $49,258,770 balance of in
come from the land department, we get a grand total
of over $202,000,000— representing money that has
actually gone into the property or will ultimately
' kccome available for the improvement of its physical
and financial standing. In addition, the company
owns 7,061,184 acres of unsold land in Manitoba,
Saskatchewan and Alberta (average sales the past
year $14 69 per acre) and 4,427,811 acres in British
Columbia. As these unsold lands are disposed of,
there will be corresponding contributions to the avail
able assets in the future. All this is independent of
a number of other but relatively smaller items, which
would swell still further the total of the contributions
and appropriations, such as the amounts contributed
to replacement funds, &c.
[V O L . L X X X X I I I .
$179,089,522, or 15.28%. That is to say, only about
$29,000,000 of the 1910 gain of over $179,000,000 has
been lost in 1911. It is therefore correct to say that
the falling off in gross receipts the present year has
been relatively small. Indeed we might make the
statement stronger and say the showing in that respect
is surprisingly good, considering the many adverse
factors the roads had to contend against.
The unfortunate feature is the inability to contract
the expense accounts to any important extent, so as to
provide offset to the falling off in receipts. According
to our figures of to-day, the loss in net earnings has
been almost as large in amount as the shrinkage in
gross. The decrease of $28,958,798 in gross is attended
by a shrinkage in net of $25,717,377. The ratio of de
crease in this last instance is 6.31%. Thus it appears
that, notwithstanding all the efforts put forth by rail
road managers to curtail outlays, the result of their
labors is represented by a decrease in expenses of only
$3,241,421. But that does not tell the whole story
of the rise in operating cost. Even this small reduc
tion in expenses is due entirely to the cutting down of
the maintenance outlays. We have no details on that
point, as far as the aggregates for the half-year are
concerned, but it is a well-known fact that ever since
the decisions of the Inter-State Commerce Commission
in the latter part of February in the matter of the pro
posed advances in rates, all outlays for repairs and re
newals have been rigidly curtailed and kept within the
narrowest bounds. Some leading systems, indeed, in
different parts of the country began the paring down
process long before that date. From the monthly re
turns of the Inter-State Commerce Commission, which
are available only to the end of May, it appears that
in March the present year the amount spent upon main
tenance by United States railroads was only $62,025,
157, against $66,712,717 in the same month of last
year, in April only $62,673,054 against $69,371,939,
and in May $69,034,217 against $71,688,878. The
saving in this way in the three months, it will be seen,
was $14,000,000, while our figures indicate that the total
reduction in expenses for the full half-year was only
$3,241,421. It follows that transportation and other
expenses of the roads were actually larger than in the
six months of last year.
RAILROAD GROSS AND NET EARNINGS
FOR THE HALF-YEAR.
The elaborate compilations of gross and net earnings
of United States railroads for the first half of the cur
rent calendar year which we present to-day emphasize
above everything else the rising cost of operations.
We treated at length of the traffic and business con
ditions prevailing during this period of six months in
our issue of Aug. 12, where we dealt with the figures of
gross earnings alone— it being then too early to have
full returns of the expenses. In the present article,
therefore, we shall not go into this feature of the affairs
of the roads, but shall confine ourselves entirely to the
results disclosed as to the expenses. This last, indeed,
really presents the point of greatest difficulty to the
managements of the properties. Cost of operating had
been mounting upward prior to 1911, but so long as
substantial additions continued to be made to traffic
and revenues, it did not cause a great amount of worriment. Now, however, a point has been reached
where revenues no longer keep expanding, but, on the
contrary, are recording some falling off. In these cir
Increase or Decrease.
1910.
1911.
January 1 to June 30.
(810 roads.)
Amount.
cumstances the fact that cost of transportation still
%
241,923
238,131
+ 3,7 7 2 1.67
goes on increasing makes the situation a decidedly Miles of r o a d . . ......... .....................
S
3
$
Gross earnings.............................. .. 1.310,580,705 1,339,530,563 — 28,958,798 2.10
uncomfortable one for both railroad officials and rail Operating
931,728,712 934,970,133
expenses........................
—3,241,421 0.34
road investors .s
Net earnings................................. 378,852,053 404,569,430 —25,717,377 6.31
One hears a great deal of the unsatisfactory condi
tion of general trade, and certainly the course of the
The inability in 1911 to cut down expenses in pro
country's industries at present is a retrograde one. portion to the shrinkage in gross revenues becomes all
Still, rail transportation interests have suffered thus the more significant when it is recalled how expenses
far comparatively little from that state of things; had mounted up in the previous year. We have al
that is, they have sustained—speaking of the roads ready stated that the addition to gross receipts in the
collectively— very little actual falling off in gross reve first half of 1910 reached no less than $179,089,522.
nues. As far as they are concerned, the unfavorable But of this, augmented expenses consumed $142,271,
course of trade seems to have acted merely to prevent 707, leaving a gain in net of only $36,817,815. In
that further increase in their gross receipts which can other words, while gross earnings increased 15.28%,
be counted upon with thfi utmost confidence under expenses rose 17.76% and the gain in net was only
normal circumstances. The fact established by our 9.91%. A still more graphic idea of the rise in ex
tables to-day is that gross earnings for the six months penses is obtained by combining the changes for this
of 1911 were $28,958,798 smaller than in the first six year with those for last year. Of the gain in gross of
months of 1910. Standing by itself, the amount may $179,089,522 in 1910, $28,958,798 was lost in 1911,
seem large, but as we are dealing with totals of over leavingSloO, 130,724. On the other hand, of the augmen
$1,300,000,000, the ratio of falling off is, after all, only tation of $142,271,707 in expenses in 1910, only $3,241,
a little over 2% . Furthermore, this comes after a gain 421 was saved in 1911, leaving $139,030,286 addition.
in the first six months of last year of no less than |Thus, as compared with two years ago, the situation
02 7
THE CHRONICLE
Sept . 91911.]
is that, with gross earnings larger by $150,130,724, in excess of $500,000, whether increases or decreases,
$139,030,280 has been consumed by augmented ex in both gross and net.
penses, leaving a gain in net in the insignificant amount P R I N C IP A L . C H A N G E S I N GROSS E A R N I N G S J O R SIX MONTHS.
D ecreases.
of $11,100,438. From such figures the conclusion
I tictcclscs .
San P e d ro L A & S L a k e . $ 2 ,3 1 7 ,5 6 7 P e n n sy lv a n ia ( 3 ) __jr$8,028,692
necessarily follows that even the very largest kind of N Y C en tral & I lu d R iv e r a l , 793 ,4 8 0 N o rth e rn P a c ifio __ 0,0 2 7 ,2 2 8
S o u th e rn _________________
1,2 3 5 ,4 9 0 U n io n P a cific ( 3 ) _ 3 ,9 6 3 ,3 3 4
3,1 5 7 ,3 4 8
9 92 ,287 S o u th e rn P a cillo ( 1 0 ) . . .
an increase in business no longer yields any consider R o c k Island 13)__________
S e a b o a rd A ir L in e _______
917,271 G reat N o rth e r n __________ 3 ,1 3 7 ,8 1 6
2 ,7 2 4 ,8 4 4
st L in e ______
8 6 2 ,8 4 3 B a ltim o re & O h io _______
able addition to net, while a falling off in gross is sure ASttlaL onuticis C&oaSan
2,4 4 7 ,9 5 1
F ran ( 4 ) .
8 53 ,933 C h ica go B u rl & Q u in e y ..
8 48 ,167 D u lu th M issab e & N o r t h .
ois C e n tra l___________
to be attended by a loss in net to almost the full VIllin
ir g in ia n _________________
759 ,394 C h ica g o M iiw & S t P a u l.
( 2 ) ............
7 2 9 ,0 7 0 C o lo ra d o & S o u th e rn ( 4 ) .
amount. If, now, we bear in mind that the railroads Erie
B o sto n & M a in e_________
684 ,315 M in n S t P a u l & S S M „ _
are & H u d s o n ____
656 ,394 P itts b u r g h & L a k e E r ie .
are obliged each year to add to both their bonded debt CDhelaw
icago & A l t o n ________
638 ,689 L a k e S h ore & M ich S ou th
L eh igh V a lle y ____________
660 8,36 4 E lgin J o lie t & E a s t e r n ..
and their share capital, in order to provide for the con Chic M llw & P u g e t S o u n d
586 ,8 9 5 D e n v e r & R io G ra n d e —
o k a n e P o rtl & S e a t t le .
535 ,987 M issouri P a ciflc ( 2 ) _____
stant outlays for equipment and for extra facilities of SCpentral
o f N ew J e r s e y ___
5 30 ,220 H o c k in g V a lle y __________
D u lu th & Ir o n R a n g e ___
various kinds, involving additions to both interest and
C h ica g o & N o rth W e s t . .
N o rfo lk & W e s t e r n _____
dividend charges, it will be readily perceived how
Cr esapeaV e & O h io ______
trying is the lot of railroad officials in the present state
R e p re s e n tin g 38 roads
R e p re se n tin g 23 roads
In o u r c o m p ila t io n . _i ^
in o u r c o m p il a t i o n ..$ l o ,5 a 0 ,372
of things.
N o te .— A ll th e figures In th e a b o v e are o n th e ba sis o f th e
... ..
w
ith
th
e
In
te
r-S
ta
te
C
om
m
erce
C
o
m
m
is
s io n . W h e r e
1 *
nlLtJThe falling off in net earnings extended through all
the months of the half-year. In the gross the loss be
.. . . . . . . . figures c o v e r m erely tn e o p e ra tio n s ui ^
^ — Y o riT 'f'en t'ra l
gan in February and continued through the remaining itself.
In clu d in g th e va rio u s a u x ilia ry a m i . ^ '^ t r t i i l v . i U o a d f h k e th e
M ich igan C en tral, th e L a k e S h o re the B ig E o m y ,l
• ■ m c L e P h i t f .”
months, as will be seen from the following:
& c „ th e w h o le g o in g t o fo rm th e N?W Y ? r k
s % l e n * th e resu lt is
Gross Earnings.
Mth.
1911.
Jan .
F e b ..
Mcli .
A p r ..
May .
June..
1910.
Inc. or Dec.
$
S
$
215,057,017 210,808,247 + 4,248,770
199,035,257 202,492,120 —3,456,863
226,997,481 238,330,609 — 11,339,128
218,177.123 225,700,811 — 7,523,688
229,612,771 234,339,874 —4,697,103
215,861,452 222,965,347 — 7,103,895
Net Earnings.
%
1911.
S
2.01 53,890.659
1.7849,888,584
4.7668,994,408
3.33 64,459,713
1.99 69,848,750
3.20 69,443,369
1910.
Inc. or Dec.
S
57,373,968
56,920,786
78,262,126
66,646,373
71,843,544
72,213,829
S
— 3,483,309
— 7,032,202
—9,267,718
— 2,186,660
— 1,994,794
—2,770,460
N ote.— Percentage o f Increase or decrease in net for the above months has been:
Jan.. 0.0.7% dec.; Feb., 12.35% dec.; March, 11.84% dec.: April, 3.28% dec.:
M ay, 2.39% d ec.; June, 3.84% dec.
In January the length o f road covered was 242,479 miles: In February, 242,040
miles; In March, 242,680 miles; In April, 242,933 miles; In May, 243,170 miles; in
June, 222,825 miles.
a loss o f $ 41 4,99 6.
6 T h ese figures arc f o f five m on th s o n ly .
V T h ese figures ropresen t th e lines d ir e ctly o p e r a te d e ast a n d w est o f
P ittsb u rgh , E a stern lines s h ow in g $ 3 ,2 2 3 ,1 9 1 d e cre a se an d ih o W estern
lines $ 4,80.>,501; fo r all lines o w n e d , leased , op e ra te d and controlled. th e
result Is a loss o f $ 7 ,9 5 1 ,8 2 5 .
P R I N C I P A L C H A N G E S IN NOT
Jnrrpn
R o c k Isla n d ( 3 ) _________ $ 1,411,191
S an P e d ro L A & S L ___
1,307,557
M issouri K a n & T e x ( 3 ) .
714 ,320
S p o k a n e P o rtl & S e a ttle .
693,601
S t L o u is & San F ran ( 4 ) .
642,442
N Y C entral & I lu d R iv e r
«6 2 9 .7 1 2
Illin ois C e n tra l___________
557,788
Y a z o o & Miss V a lle y ____
505,731
R ep resen tin g 15 roads
In o u r c o m p il a t i o n .. $6,462,342
T^PCTPfI C/><?
E A R N IN G S
FO R SJX MONTHS.
Decreases.
B o s to n & M a in e ___
$1,213,039
P ittsb u rg h /fc L a k e E r ie .
1 ,162,050
P ore M arqu ette
1 .129,157
D elaw are L a ck it W e s t "
1 ,110,359
C h ica g o M llw & S t P a u l.
1,1 0 3 ,8 4 7
N o rfo lk & W e s te rn _____
1,060,609
G reat N o r t h e r n ..
_ ~ 1,007,701
Chesapeake & O h io . . . 11
903,021
P h ila d elp h ia & R e a d in g .
7 6 9 ,9 3 0
Lake S h ore & M ich S o n .
708 ,478
W a b a s h ____________
726,402
Cin N ew O rl & T e x a s P a c
694,783
T e x a s & P a cific ___
651,917
M ich igan C e n tra l____
628,872
D u lu th & Ir o n R a n g e .
577,454
D e n ve r & R io G rande
553,861
n ion P a cific ( 3 ) . ........... $ 2,639,756
In the case of the separate roads or systems there PUen
n sylva n ia ( 3 ) ________ 1/2,577,509
u lu th M issabe & N o rth 2 ,255,517
arc a few which arc able to record improvement in both SDou
th ern P a cific _________
2 ,216,183
inn St P a u l & S S M . . .
1,776,206
gross and net results. This is true particularly as to M
N orth ern P a cific ________
1,402,257
R e p re se n tin g 28 roa d s
M issouri P a cific ( 2 ) _____ 61,255,008
In ou r c o m p ila t io n . .$ 2 8 ,1 8 4 ,2 1 6
Southwestern roads, where crop conditions last season
.1,.
nr
Jr
,
X
:
;
wiowywoMuuHui
wio
i ofk uonsrai ltse il.
were unusually good and where expenses in the first
N ew Y o r k C en tral System th e resu lt Is a loss o f $ 2 ,9 6 6 ,9 1 2 .
I h e s e figures are fo r five m o n th s o n ly ,
six months of 1910 had, for one reason or another, p m6
fli’V,lrCn r<rprcs.(' nt th e lines d ir e ctly o p e r a te d east an d w est o f
E£ w C r n U,? CS s h o w ln ? $1,848,031 de cre a se an d th e W estern
been swelled to an extraordinary extent. The Rock lines
r e s u lU s a ’lo ss-o f ^ 0 2 9 , l l T °
’ 1CaSCt1, o p e ra te d an d t o l l e d , the
Island now, for instance, has $992,287 increase in gross
It is significant of the general nature of the increases
and $1,411,191 increase in net. The Atchison has
comparatively small changes, but with $396,542 de in expenses that when the roads are arranged in groups
crease in gross has $380,763 increase in net. The New and geographical divisions every division, without any
York Central is also able to make a good record, it exception, records diminished net earnings. Not only
having added $1,793,480 to gross and $629,712 to net. that, but in several groups the loss in net is larger in
This, however, is merely for the Central proper. In amount than the loss in gross. Two of the geograph
cluding the various auxiliary and controlled roads, ical divisions do not share in the falling off in gross,
the whole going to form the New York Central System, but actually register an increase in the same. One of
the result is quite different. In that case there is a loss the divisions thus distinguished is that containing
of $414,996 in gross and of $2,965,912 in net. The Groups IV. and V., which comprise the roads in the
Burlington & Quincy has also managed to effect a great territory south of the Ohio and east of the Mississippi
curtailment in its expenses, with the result that a de rivers. It is well known, of course, that the Southern
crease of $2,447,951 in gross has been attended by an States have been enjoying wonderful activity and pros
improvement of $483,819 in net. An illustration of perity, and this increase of the gross earnings in that
the opposite kind is furnished by the Boston & Maine, section is evidence of the fact. Group I., made up of
which, with $684,315 increase in gross, has $1,213,039 New England roads, is the other division registering
a larger total of gross showing that in the New Eng
decrease in net.
Generally speaking, however, there are losses in both land States business activity was also pretty well main
gross and net. The Pennsylvania and the Union Pa tained. Both divisions, however, notwithstanding
cific may be taken as types. The former on the lines the better total of gross, share in the downward trend
directly operated east and west of Pittsburgh falls of the net, indicating that on such roads the augmenta
$8,028,692 behind in gross and $2,577,509 In net. tion in expenses was particularly pronounced. The
The Union Pacific has lost $3,963,334 in gross and $2, following furnishes the totals for all the different
639,756 in net, while the Southern Pacific has suffered groups:
SU M M ARY B Y GROUPS.
decreases, respectively, of $3,157,348 and $2,216,483.
— Gross Earnings The San Pedro Los Angeles & Salt Lake stands at the
Section or Group—
Ine. ( + ) or
1911.
1910.
Dee. ( - ) .
head of the increases in both gross and net; but this
Jan. I to June 30—
$
%
$
%
Group 1 (32 rds.), New E n gla n d ..
63,799
62,407,227 + 1,392,545 2.23
follows from the large losses sustained the previous Group 2 (136 rds.), East & Middle. 322,50.8 ,772
,638
324,487,366 — 1,978,728 6.6
Group 3 (102 rds.). Middle W e s t .. 179,309
187,887,648 — 8,678,122 4.57
year because of washouts, which closed the route to Groups4 & 5 (161 rds.). Southern. 176,170 ,526
,865
170,942,769 +___________
6,228,098 3.65
Groups 6 & 7 (120 rds.). Northwest. 281.808 ,249
301,610,348 — 19,802,099 6.66
through traffic for many months. In the following G roups8 & 9 (195 rds.), Southwest. 208,518 ,954 209,914,640 — 1,396,686 0.66
Group 10 (61 rds.), Pacific C o a s t..
78,464 ,761
82,289,665 — 3,824,804 4.66
we show all ehanges for the separate roads for amounts
Total (810 roads).......................... l t310,580,765 1,339,539,503 — 20,968,798
2.16
THE CHRONICLE
628
— N et Earning
------ M ileage------1910.
1911.
Group N o. 1 . . . . 7.913
Group No. 2 . . . . 26,817
Group No. 3 . . . . 26,178
Groups Nos. 4 & 5 40,986
Groups Nos. 6 & 7 66,013
G roups Nos. 8 & 9 57,286
Group N o. 10. . . 16,700
7,886
26,836
26,108
40,537
64,603
56,162
15,999
1911,
8
16,307,383
95.986,098
44,504,261
54,254,451
84,225,633
54,030.814
29,543,413
1910.
%
18,019,237
99,953,361
51,989,495
55,341,679
92,578,862
54,445,861
32,240,935
Inc. ( + ) or
D ec. ( — ).
S
%
— 1,711,854 9.50
— 3:967,263 3.97
— 7,485,234 11.39
— 1,087,228 1.96
— 8,353,229 9.02
—415,047 0.78
— 2,697,522 8.37
Total _____ . .241,923 238,131
404,569,430 — 25,717,377 6.31
378,852.053
N O T E .—Group I. Includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
o f Pittsburgh and Buffalo; also all of New Jersey. Delaware and Maryland, and the
extreme northern portion o f West Virginia.
Group II I. Includes all o f Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion o f New Y ork and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV . and V . combined Include the Southern States south of the Ohio and
east of the Mississippi KIver.
Groups VI. and V II. combined Include the northern peninsula of Michigan: all of
Minnesota, Wisconsin, Iowa and Illinois; all o f South Dakota and North Dakota,
and Missouri north of St. Louis and Kansas City; also all o f Montana, W yoming
and Nebraska, together with Colorado north o f a line parallel to the State line
passing through Denver.
Groups V III. and / X . combined Include all o f Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south o f St. Louis and Kansas City; Colorado south of
Denver; the whole o f Texas and the bulk of Louisiana; and that portion of New
Mexi'oo 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 o f Washington, Oregon, Idaho, California, Nevada, Utah,
and Arizona, and the western part of New Mexico.
A few words seem desirable with reference to the
course of earnings in the past. We have already noted
that in 1910 there was an increase of 8179,089,522 in
gross but of only 830,817,815 in net. In 1909, on the
other hand, there were very decided gains in both gross
and net, these succeeding tremendous losses, however,
the previous year. Based on the monthly returns of
the Inter-State Commerce Commission, the increase
for the six months of 1909 was 8120,332,208 in gross
and 870,640,239 in net. In 1908, as already stated,
there were losses of great magnitude both in gross and
net, that being the period of industrial depression fol
lowing the panic of 1907. At that time large numbers
of roads withheld their figures, the returns being so
very bad; accordingly our compilations then embraced
an aggregate of only 108,839 miles of road reporting
both gross and net. On this mileage the loss in gross
for the six months of 1908 aggregated 8172,808,595.
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 8197,085,791. That still left
about 30,000 miles of road unrepresented, and care
ful computation which we made showed that for the
whole railroad mileage of the country the loss in gross
must have reached 8235,000,000. In the net we esti
mated that for the full railroad mileage the amount
of the loss then must have been about 885,000,000.
We need hardly say that prior to 1908 the record of
railroad earnings was one of almost uninterrupted im
provement for a whole decade. The only exception
to the. rule was in 1904, 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.
Gross Earnings.
Year
Given.
Year
Preceding.
Net Earnings.
Increase or
Decrease.
Jan. 1 to June 30.
S
$
$
1897 - 405,003,731 407,164,468
—2, 160,737
1898 . . 460,528,130410,596,441 + 49,:931,689
1899 . . 489.509,765 461,993,058 + 27,;516,707
1900 . . 577,149,664 506,366,345 + 7 0 ,'7G Q ‘i 1 (1
1901 . . 63S,334,794 580,421,956!
9 5 0 : + 5 7 ,9 1 2 3 3 8
1902 . . 670,398,926631,494,280
" " " +' 3 8 ,'904,646
0 7 0*30 OA7 a'i'7
O *>rv
1903 . . 7727,932,367
+ 90, 232,528
637,699,839
1904
731,774,531 744,860,135 — 13, 085,604 198
1905 _. 847,334,204 790,321.750 + 57, 012,454
1906 . . 923,554,268 815,486,025 + 108, 068,24
1907 . . 999,082,691 884,426,103 + 114, 656,528
1908 . - 863,860,965 1036729560 — 172, 868,595!
1909 . . 1172185403 1051853195
120 332,208:
1910 . . 1351570837 1172481315 + 179, 089,522
1911 . . 1310580765 1339539563 —28, 958,798
+ ,
N ote.— In 1897 the number o f roads included in the total is 170; In 1898, 179; In
1899, 165; In 1900, 170; in 1901, 172; In 1902, 154; in 1903, 159; in 1904, 136; In
1905, 148; In 1906, 143: in 1907, 148: in 1908 the number o f miles represented was
168,839; in 1909, 233,902; in 1910, 239.652; In 1911, 241,923. Neither the Mexican
roads nor the coal-mining operations o f the anthracite coal roads are included in
any o f these totals.
The foregoing, as stated, shows the results each year
just as recorded by our tables— including for each year
[V O L . L X X X X III.
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 8145,000,000 over the first six months of 1900.
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 of $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 $08,000,000. Thus
altogether for the ten years prior to 1908 the improve
ment reached the prodigious sum of $705,000,000. In
the six months of 1908 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 $179,000,000 was established,
of which $30,000,000 has now been lost in 1911.
We now give our detailed statement for the half
year. It shows the results for each road separately
in all the groups.
E A RN IN G S O F UNITED STATES R A IL W A Y S JA N . 1 TO JUNE 30.
Group I.
-------- Nel--------
1911
S
709 .369
1,674 ,608
21,285 ,300
703 ,155
1,961 ,861
4,340 ,681
29,788 .211
1,573 ,829
1,762 ,758
736,599
1,574,859
20,600,985
641,124
1,822,392
4,252,098
29,612.602
1,476,343
1,690,225
Clef.41,648
654,050
3,635,715
95.469
461,212
1,173,033
9,533,359
353,837
442,356
1910.
Inc. or Dec.
$
§
180,465
— 222,113
653,593
+457
4,848,754 — 1,213,039
98,945
—3,476
426,959
+ 34,253
1,158,404
+ 14,629
9,870,039
—336,680
391,816
— 37,979
390,262
+ 52,094
Total (32 roads). 63,799,772
62,407,227
16,307,383
18,019,237 — 1,711,854
N e w E n g la n d .
Atlantic A St Lawr.
Bangor A Aroostook
Boston A Maine___
Can Pac lines In Me.
Central V erm on t..
Maine Central_____
N Y N II A Ilartf...
Rutland ....................
24 other roads.........
1910.
8
1911.
8
— ---------Gross--------------------------------------------N cl—
1910.
Inc. or Dec.
Group II.
1911.
1911.
1910.
s
East A Middle.
s
8
S
S
Baltimore & O h io .. 41,148,627 43,873,471 12,013,500 12,404,670
—391,170
116,184
def62,586
+ 178,770
Buffalo A Susq__ .
1,189,800
954,013
1,176.119
Buff Iloch & Pittsb. 4,197,161
— 56,948
1.119,171
4,231,407
628,840
Cent New England. 1,607,775
673,380
+ 44,540
1,487,208
Cumberland A Penn
100,532
436,907
481,628
157,259
— 56,727
Delaware A Hudson 10,224,009
3,668,814
3,742,131
+ 73,317
9,567,615
Del Lack & Western 17,412,246 17,518,112
6,677,308
7,787,667 — 1,110,359
Lack & Montrose.
— 3,266
13,629
14,495
2,618
def.648
— 6,593
Sussex_____ _____
87,712
82,688
19,802
26,395
— 7,822
Syrac Bing A N Y
523,442
490,574
223,761
231,583
+ 363,631
E r i e .. ........................ 23,242,791 22.517,578
8,101,222
7,737,591
Chic A Erie—See Group 111.
+ 1,266
235,009
452,052
Fonda Johns A Glov
449,567
230,875
— 46,M l
158.208
Hunt A Bid Top Mt
262,021
355,518
111,567
108,289
+ 13,480
121,762
Lac’: A W yom V ail.
288,110
276,467
276,063
277,678
+ 1,615
Lehigh A Hudson It
709,684
741.735
153,917
+ 12,024
166,541
450,112
Lehigh A New E n g.
423,271
+ 86,178
Lehigh Valley......... 7/15,285.695 2/14,677,331 1/5,760,313 f/5,674,135
426,922
— 134,009
788,409
292,913
M onongaheld.-------573.567
519,081
59,445
106,298
—40,853
375,371
Monongahela C onn.
130,588
117,118
335,348
+ 13,440
368,363
New Jersey A N Y .
+ 629,712
N Y C A Hud R i v . . 48,300,014 46,506,534 11,677,526 11,047,814
2,629
2,398
1,145
Fulton Chain. _.
5,339
+ 1,484
37,273
17,990
10,445
45,360
+ 7,545
Little Falls A D .
def8,121
84,182
85,212
3,692
— 11,813
N Y A O tta w a .. .
111
15,258
defl.SK )
+ 1,921
Raquette LaVe__
13,925
140,841
305,143
350,854
144,400
— 3,559
St Lawr A Adiron
For lines west o f Buffalo see Group III.
1,114,016
— 121,181
N Y Ont A Western 4,318,302
4,129,524
1,235,197
1,335,438
661,23*
+ 109,763
N Y Susq A W e s t..
1,499,425
551,470
Pennsylvania— Lines east of Pittsburgh—
Pennsylvania R R 75,325,682 78,548,873 19.660,266 21,508,297 — 1,848,031
63,307
— 13,424
14,978
28,402
37,886
Balt A Sparow I’t
+ 923
104,575
17,692
16,769
105,256
Balt d ie s A Atlan
— 56,076
74.053
198,357
137,400
17,977
Cornwall A I .e b .
— 136,271
1,491,743
516.430
380,159
Cumberland V ail. 1,391,282
— 6,973
4,314,000
863,550
856,577
Long Island_____ 4,683,393
def 10.004
— 1,910
47,585
clef 11,914
48,974
Maryl’d Del A Va
— 193,197
1,692,579
537,281
314,084
N Y Phila A Norf 1,598,446
1,025,216
— 182,075
6,138,270
812,541
Northern Central. 6,207,803
1,915,203
+ 28,716
9,062,569
1,913,919
Phila Balt A W . . 9,119,339
def 1.404
—3,438
9,487
Ilosslyn Connect.
6,370
deft,932
610,264
— 29,830
753,731
Union R R of Balt
610,434
723,229
347,178
+ 153,910
2,424,492
W Jersey A Sea S 2,587,385
501,088
Lines west of Pittsburgh—See Group III.
Reading Company—
20,827
+ 30,205
819.202
726,971
57,032
Atlantic C ity ___
79,782
119,870
— 17,259
Catasau A Fogles
62,523
113,380
5,229,871
+289,092
Central R lt of N J 12,516,173 11,985,947
5,519,563
60.911
52.688
Chester A Del Riv
—8,223
105,569
96.344
23,713
21,781
— 1,932
Gettvsb A Harris
94,708
103,617
872
3,732
Middiet A Humm
— 2,860
10,843
7,949
5.549
8,017
Northeast P e n n ..
— 2,468
61,599
61,186
122,591
189,972
P erklom cn ...........
292,894
— 67,381
314,061
14,048
Phila A d ie s Vail
12,805
+ 1,243
40,919
40,356
8.162,615
rh ila A Read Ilv 21,954,613 22,261,731
8,932,545
— 769,930
7,578
17,852
— 10.274
Phila Newt A N Y
77,649
75,123
4,085
Pickering Valley.
— 566
14,530
16,298
4,651
378,638
Port Reading____
376,091
+ 2 ,5 4 7
600,512
610,653
33,588
+ 13,743
Reading A Colum
169,208
19,845
172,785
4,641
— 0,938
Rupert A Blooms
17,702
11,479
12,325
21,825 .
+ 1,848
Stony Creek_____
43,579
19,977
44,758
5,514
— 287
10,324
Taniaq Ha* A No
10,062
5,801
2,912
— 1,800
15,040
Williams Valley. _
4,742
14,044
583,422
75,815
—30,924
Pitts Shaw A North
596,062
106,739
484.212
91,362
— 76,199
South Buffalo_____
170,561
311,311
355,770
128,977
+ 46,015
Staten Isl Rap T r . .
82,962
369,587
494,687
60,252
— 59,376
Ulster A Delaware.
119,028
446,043
1,757,222
252,066
469,694
— 217,028
Union R R Co, Penn 1,605,223
3,644,060
—304,514
1,313,525
1,018,039
Western Maryland. 3,424,842
325,966
113,252
Wilkes-Barre A Eas
188,757
+ 75.505
376,843
3,132,076
671,252
780,823
— 109,571
70 other roads_____ 2,959,352
Total (136 rd s.). 322,508,638 324,487,3 66
05,086,091
99,953,361 —*,907,293
Se p t .
-------------Gross-------------Group II I.
1911.
1910.
Middle West.
S
S
923,318
926,741
Ana Arbor..............
Bessemer A L E rie.
3,124,286 3,207,791
Chicago & Erie____ 2,608,061
2,604,204
Ch Det & Can Cr Tr
356,178
305,043
Chic Ind A Louisv.
2,968,504 2,954,348
Cin Ham A Dayton
4,565,394 4,468,581
Detroit & Mackinac
579,685
630,232
Det A Toledo Sh L_
500,679
478,862
D et Gr Hav & Mllw
997,908
970,839
Detroit Tol A Iront
740,853
775,152
Evansv & Terre H .
1,159,993 1,183,552
Grand Trk Western
3,220,560 3,131,487
3,737,843
Hocking Valley____ 2,968,120
Indianan Southern.
492,042
502,360
Lake Term inal____
243,342
256,970
Manistee & N E ____
286,715
244,747
N Y C A Hud Itlv—See Group II.
1,925,757
Chic Ind A South 1,872,845
110,875
91,719
Cldc Kal A S a g ..
589,965
540,GS3
Cincinnati N orth.
Clev Cin Ch A StL 14,425,884 14,181,267
36,966
39.637
Det A Charlevoix
139,882
148,714
Dunk All Val A P
Pulton Chain—Sec Group II
Indiana Ilarb Belt—Seo Group V I.
1,383,015
Kanawha & Mich 1,415,484
K an'.a ce & S e n -S e e Group VI
Lake Eric & W _ *2|524,1G7
2,o70,8ol
T F Alliance A W
323,202
299,007
L a k e S h & M S . 22,745,013 23,713,127
L Falls & D olgev—See Group II.
13,987,403
Michigan Central 14,059,413
'
2,849
Mt Gilead Sh L . .
2,701
N Y & Ottawa— See Group II.
5,449,523
N Y Cldc & St L . 5,391,805
1,591,758
Peoria & Eastern 1,564,278
8,283,618
Plttsb A L E r ie .. 6,937,295
Baguette Lake—Sec Group II.
Rutland—See Group I.
St Lawr & Adiron—See Group II.
T o le d o & O h io O .
2 ,1 0 8 ,2 7 2
2 ,1 6 7 ,6 5 7
Z a n sev & W e s t ..
1 8 6 ,1 3 9
2 3 1 ,4 7 1
N ew b u rgh A S o u th .
2 5 8 ,3 1 1
2 7 4 ,2 2 6
P e n n s y lv a n ia — L in e s w e s t o f P itts b u r g h
C in & M u s k in g u m
4 1 6 ,3 3 5
“ 480,249
' r'
1911.
S
259,695
879,807
483,449
iief5,225
873,345
887,284
135,591
248,817
93,493
def50,394
299,975
735,849
949,042
57,039
33,555
83,607
Inc. or Dec.
1910.
S
3
+ 19,016
240,679
—
364,854
1,244,661
— 67,365
559,814
+ 2 0 ,9 1 3
def26,138
—
33,600
906,845
+ 3 6 6 ,1 7 4
521,110
— 58,287
193,878
+ 2 ,4 3 0
246,387
— 81,176
174,609
— 58,261
7,867
— 111,897
411,872
— 120,955
856,804
— 473,583
1,422,625
— 65,981
123,020
+ 20,723
54,278
— 27,129
56,478
420,061
38,452
37,234
3,142,011
def437
8,815
538,000
49,922
1 1 ) ,633
3,2 20,2 95
def4,260
deI298
— 111,939
— 11,470
— 74,399
— 78,284
+ 3 ,8 2 3
+ 9,113
511,560
384,308
+ 127,252
343,951
44,087
6,344,249
550,798
14,861
7,112,727
— 206,847
+ 29,226
— 768,478
3,3 23,0 70
d e fl,5 7 6
3,9 51,9 42
def697
— 628,872
— 879
1,300,625
227,859
3,3 07,7 52
— 415,026
1,715,651
— 197,281
425,110
4,469,802 — 1,162,050
480,502
4,752
58,785
669,602
7,254
56,780
— 189,100
— 2,502
+ 2,005
205,732
1,232,990
2,423,023
25,767,844
19,728,677
4,875,928
67,938
21,910
7,728,477
1,796,765
13,955,306
324,455
3,303.554
2,656,801
80,559
72,620
319,831
398,766
0,556,713
5,011.311
950,068
9,380
7,071
963,225
491,132
2,680,723
30,270
920,251
449,660
— 34.896
115,455
+ 12,383
60,237
+ 3 ,6 6 6
310,165
+ 1 0 ,7 0 5
388,061
— 915.023
7,4 71,7 36
+ 185,545
4,8 25,7 66
— 27,640
977,708
— 7,816
17,196
+ 2 2 ,2 3 9
d e f15,168
2,092,382 — 1,129,157
— 119,127
610,259
— 726,402
3,4 07,1 25
— 2,360
32,630
1,027,680
— 107,429
+ 46,706
402,954
Total (1 0 2 )......... 179,309,528 187,887,648
44,504,261
44,504,261
51 ,989,495 — 7 ,4 8 5 ,2 3 *
Cin Lob A N o r . . .
212,433
Clev Akr & Colum 1,207,762
Grand Itap & Ind 2,345,155
Penna Company. 22,639,408
Pitts Cin Ch & StL 18,051,612
V a n d a lia _______
4,769,994
Waynesb A Wash
62,038
24,852
Wheeling Term ’ l
Perc M arguctte------ 7,470,622
Tol St L A W e s t ... 1,786,511
W a b a s h ___________ 14,012,768
W ab-Pltts Terminal
289,599
Wheeling A I. Erie. 3,114,907
54 other roads......... 2,5 34,3 00
---------------------N e t -
------------Gross
1911.
Groups I V . 11 V.
$
Southern.
815,493
804,473
Ala A V icksbu rg.. .
537,570
603,094
Atlanta A West P t.
1,278,828
Atlanta Birin A At! 1,387,669
Atlantic Coast Lino 16,699,465 15,836,622
424,008
304.304
Birmingham South.
627,976
922,291
Caro Clinch A O hio.
5,761,804
Central of G eorgia.. 0,144,003
779,614
CharlestonAW NCar 1,005,125
Chesapeake A Ohio 14,918,742 15,582,455
4,636,878
Cin N O A Tex P a c. 4,395,292
366,587
356,515
Coal A Coke..............
2,531,039
Florida East Coast. 2,781,211
1,430,158
I,
566,697
Georgia......... - ..........
266,266
356,862
Georgia A Florida. _
204,022
250,80*
Georgia Fla & A la ..
1,007,362
994,214
Gulf A Ship Island.
260,089
277,883
Lexington A East’ n
Louisville A N ashv. 26,048,891 26,484.123
582,162
572,039
Lou H ead A St L ._
435,316
419,607
Mlssisslppi Central.
5,938,656
Nashv Chatt A St L. 0,335,754
1,755,322
NewOrleans A NorK 1,712,574
826,184
861,757
New Orl Great N or.
879,903
913.305
New Orl Mob A Chic
1,382,488
Norfolk S outhern.. 1,523,319
Norfolk A Western . 17,062,900 17,733,953
1,312,510
Richm Fred A P o t. 1,293,636
Seaboard Air L in e .. I I , 478,739 10,561,468
S ou th ern .................. 29,245,705 28,010,215
2,197,052
Alabama Gt South 2,159,803
2,363
1,657
Asli A Craggy Mt
90.590
83,302
Augusta Southern
84,268
88,801
Blue R idge............
11,534
14,125
C u m b erla n d -----134,548
148,970
Danville A W est1,136.611
Georgla Sou A Fla 1,168,396
10,014
12,010
Hartwell------------5,415,470
Mobile A O h io ... 5,630,730
293,462
215,329
North’n Alabama
478,202
516,780
Sou lty Co In Miss
53,488
52,592
Tallulah Falls —
579,605
716,070
Virginia ASouthw
656,449
747,115
Tennessee C en tral..
1,137,196
Virginian .................. 1,896,590
577,705
610,891
Washington South.
573,665
647,715
Western lty of Ala.
4,785,216
Yazoo A Miss V a il.. 5,180,457
4,476,260
114 other roads------ 5,042,598
167,337
178,622
287,251
6,163,099
51,487
417,457
1,634,574
348,979
4,971,634
1,198,609
87,557
1,278,575
355,311
66,682
47,034
318,899
70,633
6,770,050
102,662
151,316
1,554,482
507,502
308,242
363,909
570,562
5,758,115
528,210
3,950.844
8,883,295
525,770
def 234
11,751
31,230
2,832
63,625
261,120
2,386
1,621,724
33,362
59,376
5,577
233,158
227,664
748,546
215,254
84,480
1,566,995
1,466,906
Total (161)......... 170,170,865 170,942,769
54,254,451
Groups VI. A V II.
Northwest.
B A O Ch Term Tran
Belt lty of C ldc-----Butte Anac A P a c ..
Cldcago A A lto n .. .
Chic A East Illinois.
Chicago A N W ----Chic Burl A Quincy
Cldc Great Western
Chic Milw A Pug Sd
Cldc Mllw A St Paul
Chic Peo A St Louis
Ch St P Minn A Om
Cldc Terre II A S E Copper Range. - - - Denv Nortlnv A Pao
Dul A Iron R a n ge..
Dul Mlssabe A N or.
Duluth R L A W in.
Duluth So Sh A A tl.
Fdgin Joliet A East.
Great N o r t h e r n ....
629
THE CHRONICLE
0 1911.]
--------------Gn)SS----------------1910.
1911.
$
S
674,710
653,123
982,880
1,217,762
606,568
488,883
6,158,520
6,797,209
5,731,630
5,691.396
34,338,378 35,010,493
40,010,948 42,458,899
6,033,906
6,124,715
0,415,968
7.002,863
29,453,606 30.934,306
843,495
819,718
7,304,182
7 ,2 0 1,168
976,667
832,241
350.863
328,317
420,542
409,396
3,053.766
2,289,822
5,004,750
2,650,712
264,059
363,462
1,582,404
1,413,870
4,071,812
3,783,908
26,410,594 29.548,410
1911.
S
80,836
451,462
80,670
2,020,486
1,834,480
9,393,010
11,622,138
1,322.088
2,581.446
7,902,096
93,741
2,147.799
244,635
81,189
56,506
1,036,485
948,715
108.538
277,725
1,399,739
7,890,218
— 81,483
248,820
+ 37,5 6 0
141,062
250,202
+ 37,049
6,123,352
+ 39,747
81,542
— 30,055
+ 213,504
203.953
1,301,840
+ 332,734
240,723
+ 108,256
— 903,021
5,874,655
1,893,392
— 694,783
78,682
+ 8,875
1,273,512
+ 5,0 63
— 86,614
441,925
+ 24,764
41,918
— 2,740
49,774
— 52,167
371,066
— 31,835
102,468
— 223,566
6,993,610
-—47,095
149,757
— 9,177
160,493
— 102,655
1,657,137
— 100,775
608,277
— 52,070
360,312
+ 26,907
337,002
+ 30,310
540,252
6,818,724 — 1,060,609
— 54,415
582,625
+ 293,486
3,657,358
8,531,748
+351,547
— 193,343
719,113
632
— 866
— 13,672
25,423
30,163
+ 1,067
+ 2 ,0 3 6
796
58,942
+ 4.683
+ 69,609
191,511
2,272
+ 114
+ 34,3 7 9
1,587,345
— 62,116
95,478
75,179
— 15,803
— 10,771
16,348
+ 86,813
146,345
+ 3 0,856
196,808
376,748
+ 371,798
250,291
— 35.037
— 57,115
141,595
1,061,264
+ 505,731
+ 217,667
1,249,239
55,341,679 — 1,087,228
— Net------1910.
S
66,007
143,423
145,341
1,861,332
1,674,309
9,527,206
11,138,319
1,182,907
2,969,607
9,005,943
79,991
2,440,834
318,088
111,225
7,644
1,613,939
3,204,232
94,713
462,340
1,461,154
8,903,919
Inc. or Dec
S
+ 14,829
+ 308,039
— 64,671
+ 159,154
+ 160,171
— 134,196
+ 483,819
+ 139,181
— 388,161
— 1,103,847
+ 13,750
— 293,035
— 73,45
— 30,036
+ 48,862
— 577,454
— 2,2 55,5 17
+ 13,825
— 184,61
— 61,41
— 1,007,701
-------- Gross---------- 1911.
1910.
Groups VI. <fc V II.
(Con).
S
S
Green Bay A W est.
299,667
299,527
Illinois Central------ 29,582,612 28,734,445
Indiana Harbor Belt 1,183,435
1,144,991
1,617,804
Iowa Cqntral............ 1,711,029
Kankakee A Seneca
37,092
44,461
387,213
Mineral Range_____
366,549
Minneapolis A St L . 2,314,094
2,279,439
Minn St P A S S M . 9,953,565 11,302,514
MinnesotaAInternat
451,969
427,589
Morris T erm in al..
2,802
2,165
Northern Pacific__ 28,426,887 34,454,115
Peoria A Pekin U n.
421,890
432,591
332,293
Quincy Om A K City
418,437
250,501
St Paul A Dcs M . .
250,935
Toledo Peo A W est.
613,809
576,358
Union Pacific__ __ 22,240,899 24,467,058
784,764
St Jos A Grand Isl
767,146
Oregon Short Line—See Group X .
Ore-Wash R R A N av— See Group X .
82 other roads-------- 4,640,747
4,883,284
Total (120)......... 281,808,249 301,610,348
Cr
1911.
1910.
Groups V III. & I X .
S
S
Southwest.
Atch T op A S F e _ . 43,549,446 43,646,482
6,597
Concho S S A L V
18,944
471,814
East o f New M ex.
386,376
98,817
Gulf A In-S of T .
115,417
5,491,801
Gulf Colo A S F e . 5,245,369
802,833
Pecos A Nor T e x .
775,254
31,987
21,387
Pecos R iver.........
S F Pres A Phoenix—See Group X .
Sou Kan of Texas
713,102
758,107
Texas A G u l f - .- .
141,189
140,430
Beaum Wharf A T
17,635
19,853
Grand Canyon—See Group X
4,883,312
3.807,769
Colorado A South
332,328
326,407
Col Sp A Crip C D
2,432,354
Ft W A Den City 2,177,607
359,770
Wichita Valley. .
284,804
881,186
Trinity A Braz V
790,972
469,942
Colorado A W yoming
401,827
1,032,706
Colorado M id lan d..
798,090
Denver A Rio G r . . 10,410,052 11,192,660
269,106
Ft Smith A W e s t ..
324,142
Internat A Gt N o r. 4,102,909
4,036,461
K C Mex A Orient.
828,816
875.676
4,995,891
Kansas City South. 4,683,565
Louisiana A Arkan.
709,602
683.677
748.475
Louisiana ItyA N av.
828,874
661,100
674,828
Midland Valley-----431,201
Miss Riv A Bon Ter
378,298
421,306
Missouri A Nor Ark
410,946
7,851,792
Mo Kan A T e x a s .. 8,180,816
4,550,713
Mo Kan A Tex of T 4,537,470
459,229
Texas Central—
422,936
202,646
Mo Okla A G u lf ...
392,401
Mo Pac A Br Lines, j/9,287,753 j/10,350,489
S tL Iron M tA Sou yl 1,664,367 1/11,374,549
Rio Grande South.
234,894
293,663
^ h fc R ^ A G u lf.
1,410,272 1,417,501
Cldc R I A Pacific 30,559,322 29,559,169
Morris Terminal—See Groups V I. A V II.
St Louis A San Fran 19,277,147 18,569,079
Ft W A Rio G r ..
432,799
488,871
Paris A Gt North
123,641
80,692
St L San Fr A Tex
555,119
396,131
Chic A East 111—See Groups V I. A VII.
Evansv A T Haute—See Group III.
New Orl Tex A Mex
573,192
497,516
Beau Sour L A W
256.128
242,199
Orange A N W . .
59,198
93,251
5,083
4,076
R io Grande_____
St L BrownsAMex
1,002,377
905,593
St L Merch Br A T .
697,644
897,031
St I. Southwestern.
3,598,692 3,502,274
StLSW lty of Tex
1,832.641 1,691,008
San Ant A A r a n P ..
1,771,323 1,797,547
Southern Pacific—
Corvallis A East—See Group X .
5,244,183 5,136,454
Galv Har A S A .
IIous A Tex Cent
2,783,060 2,466,292
Hous E A W T e x .
635,165
633,292
Iberia A Vermilion
30,274
26,434
Lake Charles A Nor
72,052
67,985
Louisiana W e s t ..
1,054,926
945,371
Morgan’ s La A T
2,272,307 2,184,955
Pacific System—See Group X .
Texas A New Orl 1,946,879 ^ 1,833,066
Arizona Eastern—See Group X .
Coos B Roseburg A East— See Group X .
7,038
6,241
Hearne A Bra Val
138,136
148,960
Hous A S h reve..
1,288,624
Tcrm R R Assn, StL 1,234,850
7,4 30,6 76
Texas A Pacific------ 6,933,354
230,181
252.489
Texas Midland_____
680,515
655.313
Vicks Shrev A Pac.
2/201,064
2/379,299
Wichita Falls A NW
5,243,666
131 other roads------ 5,070,760
Total (195)......... 208,518,954 209,914,640
----------------- N et1910.
1911.
S
S
95,101
96,159
7,353,330
7,911,118
158,930
245,095
307,388
392,141
6,141
def 3,513
15,196
35,627
539.214
655,321
4,336,454
2,560,248
110,677
16S.745
def 14
def 603
9,869,829 11,272.086
79,202
82,344
def 12,771
def 68,277
def 4,308
74,796
96,621
94,068
9,234.663 10,685,638
81,374 def 123,07*
+ 1,058
+ 5 5 7 ,7 8 8
+ 8 6 ,1 6 5
+ 8 4 ,7 5 3
— 9,654
+ 20,431
+ 116,107
— 1,776,206
+ 58,068
— 589
— 1,402,257
— 3,142
— 55,506
+ 79,104
+ 2,5 5 3
— 1.450,975
+ 204,444
1,249,985
— 32,900
1,217,085
82,289,565
S
84,225,633
92,578,862 —8,353,229
1911.
§
15,086,894
def3,655
46,141
def 1,301
562,688
161,624
def 9,216
Inc. or Dec.
1919.
S
S
14.627,296
+ 4 39,598
—4,740
1,085
—46,799
92,94*
—22,568
21,267
+ 170,993
391,695
— 59,667
221,291
— 6,253
def2,963
163,827
10,389
4,061
179,625
42,943
3,431
— 15,798
— 32,554
+ 630
1,208,558
118,640
733,681
49,217
def68,705
154,270
35,535
3,012,793
26,566
443,060
dcf76,283
1,564,834
253,949
238,535
191,562
119,975
7,932
2,806,187
377,261
55,785
26,724
1/458,673
1/3,771,169
70,444
1,467,714
— 259,158
77,709
+ 40,931
679,736
— 146,055
90,266
—41,049
def 133,112
+ 64,407
211,362
— 57,092
— 89,912
125,447
— 553,861
3,566,654
+ 33,931
def 7,3 65
— 594
443,654
—44,618
d cf.il, 665
— 153,902
1,718,736
— 19,711
273.660
+ 50,928
187.607
+ 3 ,1 4 9
188.413
— 26,323
146,298
— 5,230
13,162
+ 612,379
2,193.808
+ 154,547
222.714
— 52,606
108,391
+ 3 3,980
def 7,256
t/1,864,565 -1 ,4 0 5 ,8 9 2
+ 150,884
t/3,620,285
— 16,236
86.6S9
477,004
7,780,860
366,088
+ 110,916
6,479,996 + 1,3 00,8 64
6,673,043
40,426
41,103
def35,149
5,971,333
115,091
29,402
def38,845
+ 701,710
— 74,665
+ 11,701
+ 3 ,6 9 6
81,983
39,960
def 5,575
def 6,132
278,528
93,072
1,429,974
defll3 ,6 3 1
117,695
92,660
69,857
25,777
def5,965
201,493
290,525
332,434
— 10,677
— 29,897
—31,352
— 167
+ 77,035
— 197.453
+ 123,641
+ 260,945
— 214,739
1,391,202
403,476
224,468
6,918
18,953
252,168
573,281
1,290,020
321,613
184,988
5,483
29,608
294,866
631,181
+ 101,182
+ 81,863
+ 39,4 8 0
-4-1,435
— 10,655
— 42,608
— 67,900
315,968
437,139
— 121,171
defl0,140
def3,183
66,210
4S8.470
1,442,573
def 10,168
161.648
2/106,789
1,250,948
— 6,957
+ 11,117
— 108,166
— 651.917
— 8,090
—42,921
— 2,930
—324,018
54,445,861
-^415,047
77,327
380,304
790,656
defl8,258
118,727
2/103,859
926,930
54,030,814
--------------■Gross1911.
1910.
Group X .
1911.
S
S
Pacific Coast.
$
241,068
476,361
Arizona A New Mex
418,818
106,885
316,468
Columbia A Puget S
277,395
1,412,323
3,863,784
El Paso A S W C o. 3,542,930
def 11.072
175,372
Grand Canyon-------186,835
59,946
331,512
Idaho A Wash N or.
318,086
321,273
772,801
Nevada N orthern..
712,380
274.391
1,423,346
Northwestern P a c. - 1,486,317
842,167
1,991,979
San Ped L A A S L C 4,309,546
319,431
752,198
S Fe Pros A Phoenix
838,040
Southern Pacific—
Pacific S y s t e m ... 42,138,612 46,034,343 16,823,662
7,726
54,853
Coos B Itoseb A E
40,084
14,666
149,814
Corvallis A E ast.
137,267
285,776
Arizona Eastern.
841,8<4 1,002,336
...
For remainder of system see Groups V III. A I X .
68,193
Spokane A inl Emp
J/366.916
1/412,561
1,210,351
1,871,644
Spokane Port A Sea
104,823
389+57
539,985
Spokane Internat-574,904
378,214
570,992
Sunset........................
306,823
54,105
265,591
Tacom a E a s te rn ...
393,990
_____
364,331
110,030
Tonopah A Goldfi’d
Union Pacific—See Groups V I. A V II3,855,218
Oroiron Short L - .
8,535,114 10,039,517
2,501,333
8rc-W ash R R A N
7 574 844
7 807,616
St Jos A Grand Isl—Sec Groups V I. A V II.
562,904
43 other roads-------- 2,741,171
2.997.35S
Total (6 4 )........... 78,464,761
Inc. or D e c
29,543.413
1,306,333
dcf374,576
------Net-------Inc. or Dec.
1910.
S
S
—36,162
277,230
— 8,443
115,328
— 161,429
1,573,752
— 67,334
56,262
— 57,626
117,572
— 136,815
458,088
— 90,866
365.257
dcf465,390 + 1,307,557
360,880
— 41,449
19,010.311 — 2,186,649
7,071
+ 655
46,691
—32,025
528,631
— 242,855
74,239
516,750
182,034
443,843
108,296
89,513
— 6,046
+ 693,601
— 77,211
— 65,629
— 54,191
+ 20,517
4,943,981 — 1,088,763
2,601,351
— 100,018
829,245
-266,341
32,240,935 — 2,697,522
Grand total ( 8 1 0 ) . 1310.580,765 1339539,563 378,852,053 404,569,430— 25,717,377
y These figures arc five months only in both years.
630
THE CHRONICLE
[V O L . L X X X X I I I .
Distribution of the above three crops has been as follows:
COTTON MOVEMENT AND CROP FOR SEASON
OF 1910 - 11 .
T a kin gs J o t C on su m p tion —
N o r t h .......... ....................................................
S ou th
................................ .........................
1910-11.
B a les.
2 ,2 1 4 ,1 8 0
2,3 6 9 ,8 2 7
1909-10.
B a les.
2 ,135,774
2 ,3 9 1 ,9 3 3
1008 09.
B oles.
2 ,8 3 8 ,2 0 5
2,5 7 3 ,5 2 4
Our statement of the cotton crop of the United States for
- 4 ,5 8 4 ,0 0 7
4 ,5 4 7 ,7 0 7
5 ,411,720
E x p o r ts the year ending Sept. 1 1911 will be found below
It will
.. 7,6 2 6 ,0 7 7
6 ,2 1 6 ,2 2 6
8 ,457,093
132,547
110,772
124,385
be seen that the total crop this year reaches 12,132,332 bales,
. 7,758,‘624
6 ,326,093
while the exports are 7,758,624 bales and the spinners' B u rn t d u rin g y e a r .
8 ,5 8 2 ,0 7 8
.
22
1.632
41
takings are 4,584,007 bales, leaving a stock on hand at the
.1 2 ,3 4 2 ,6 5 3
10,876,337
13,993,848
D educt—
close of the year of 225,270 bales. The whole movement
C o tto n Im p o rte d , m inus s to c k Increasei
210,321
225 ,376
165,002
for the twelve months is given in the following pages, with
.1 2 ,1 3 2 ,3 3 2
10,650,961
13,8 2 8 .8 4 6
such suggestions and explanations as the peculiar features
In the above are given the takings for consumption, The
of the year appear to require. The first table indicates the
stock at each port Sept. 1 1911 and 1910, the receipts at the actual consumption for two years has been
1910-11.
1909-10.
ports for each of the past two years and the export movement . . ,_
,,, ,
B a les.
Bales
N o rth e rn m ills ’ s to c k s S e p t. 1 ........................... 539,755
727 ,707
for the past year (1910-11) in detail, and the totals for T a k in gs a ........ ...........................................................4 , 5 8 4 , 0 0 7
4 ,5 4 7 ,7 0 7
1909-10 and 1908-09.
T o ta l.
........ ............................ ........... ................ 5 ,123,702
5 ,275,414
Ports
o f—
Receipts Y r.F.nd.— Exports fo r Year ending Sept.
Sept, t
1911.
Sept.
1
1910.
Texas . 3 , 5 2 8 , 9 3 8 '2 . S 0 2 . 8 7 3
Louis’ lit 1 , 6 0 8 , 2 0 8 1 1 , 3 1 5 ,3 2 8
Georgia 1 , 7 1 0 , 0 8 4 1 , 5 9 4 , 7 3 1
Ala’ m a. 2 5 0 , 9 2 1
2 5 5 ,6 0 5
Florida. 1 5 3 , 1 8 0
1 8 9 ,8 0 .8
Miss'ppt
3 4 ,2 1 1
8 ,8 9 2
So. Car
2 8 7 ,9S 2
2 3 0 ,1 0 4
N o. Car
4 9 4 ,6 9 7
3 7 0 ,6 4 5
Virginia 5 1 4 , 6 5 3 5 3 2 , 5 4 9
New Y ’k 0 1 4 , 7 9 0 0 4 0 , 7 0 6
B oston . 0 .3 8 ,9 7 9 0 1 4 , 3 6 3
Balto . . 0 1 1 5 , 0 3 5 0 8 4 , 0 7 7
Phila
0 2 ,5 8 1
a515
Ptl’d.&c
San F r’o
Seat.,&c
Great
ContiBritain. ■France. 1 nent.
1 ,2 4 4 ,2 1 1
8 8 6 ,8 9 6
4 3 .3 ,5 0 6 )
6 8 ,7 3 6 :
5 6 ,3 0 8 !
6 ,2 7 1
1 8 ,8 3 2
1 .3 7 . S 7 1
1 0 ,8 0 1
3 1 5 .2 5 2
1 0 1 ,3 8 1
2 2 ,3 6 4
5 1 ,2 6 3
3 ,2 0 6
1 1911.
\sept.
| Total.
C o n s u m p tio n — N orth a _________ 2.285,9761
S o u t h ---------------- 2 ,3 6 9 ,8 2 7 J 4 ,635,803
Stocks.
1911.
Sept.
1
1910.
4 3 2 , 6 2 8 1 , 2 7 2 , 1 8 1 i2 ,9 4 9 ,0 2 0 ) 5 9 ,7 0 0 2 7 ,7 3 1
1 4 8 ,3 1 1
4 7 7 ,8 1 6 1 ,5 1 3 ,0 2 3 3 0 ,9 6 2 2 3 ,4 3 6
1 1 4 , 60C
5 5 2 ,3 8 3 ; 1 ,1 0 0 ,4 8 9 : 3 5 .3 7 7
8 ,9 4 0
4 2 , 7 5 ‘J
7 3 ,3 8 5
1 8 4 ,8 7 8 :
874
666
3 7 .1 0 S
3 0 ,5 9 5
1 2 4 .0 0 6
SI 2
39
1 9 ,3 3 5 :
8 ,6 0 2
3 4 ,2 1 1
9 ,9 0 0
9 7 ,3 5 1
1 2 6 ,0 8 3
2 ,7 9 7
293
3 2 ,0 1 5
2 1 3 ,2 2 6
3 8 3 ,1 1 2
252
158
5 .1 8 C
1 5 ,9 8 1
2 ,0 1 6
273
9 6 ,8 4 6
3 3 9 ,6 4 2
7 5 1 ,7 4 0 8 8 ,1 2 4 1 3 8 ,9 4 8
8 ,8 8 6
1 1 0 ,2 6 7
3 ,8 7 1
1 ,3 5 6
1 0 ,1 7 6
8 7 ,0 4 4
1 1 9 ,5 8 4
200
522
1 6 ,8 1 4
6 8 ,0 7 7
725
445
N o rth e rn m ills ’ s t o c k e n d o f y e a r . .b a l e s .
4 6 7 ,9 5 9
2,343,7261
2 ,3 9 1 ,0 3 3 /4 ,7 3 5 ,6 5 9
539 ,755
“
? nd c o n s u m p tio n Inclu de 2,2 5 6 bales A m e rica n c o t to n retu rn ed
an d 2 3 7 ,9 1 4 bales fo re ig n c o t to n (E g y p t ia n . P e ru v ia n , & c.) in 1910-11 and
238 ,219 bales fo re ig n an d retu rn ed A m e rica n c o t to n in 1909-10
Consumption in the United States and Europe.
UNITED STATES.— The season of 1910-11 in the
cotton-manufacturing industry of the United States has
___
beon in most respects very similar to that immediately
preceding, and the statement also applies to the world
as a whole, with the notable exception of Great Britain.
In other, words, operations both as regards the volume
___ ___
___ 8 4 , 5 5 5 8 4 . 5 5 5
700
—
—
5 7 ,7 5 5
5 7 ,7 5 5
of pioduction and the financial results thereof have been
Totals—
disappointing. Hopes were entertained at the opening
This yr. 8 , 7 5 2 , 1 9 3
9 3 7 ,1 6 3 3 ,4 6 4 ,4 7 3 7 ,7 5 8 ,6 2 4 2 2 5 ,2 7 0
................ 3 , 3 5 6 , 9 8 8
of the season that when the new crop began to move
Last yr.
9 7 8 ,3 0 8 2 ,9 1 3 ,4 9 1 6 ,3 2 0 ,9 0 S
................ 7 , 4 4 2 , 3 2 2 2 , 4 3 5 , 1 9 9
............. 2 0 3 , 5 0 7
freely, there would be a marked decline in the price of
P rev.yr.
9 ,9 4 9 ,4 7 0 j.3 ,5 4 5 ,4 1 0 1 ,0 6 5 ,9 6 1 3 ,9 7 0 ,7 0 7 1 8 ,5 8 2 ,0 7 8
the raw material from the high level at which it had ruled
1 8 5 ,7 8 7
all through the previous season. With cheaper cotton, and
a These figures are only the portion o f the receipts at these ports which arrived
consequently lower quotations for manufactured goods, it
by rail overland from Tennessee, &c. d Shipments by rail to Canada.
was figured that demand would be largely stimulated, and
The foregoing shows that the total receipts at the Atlantic
furnish full employment for machinery and labor. That,
and Gulf shipping ports this year have been 8,752,193 bales,
however, has not been the outcome; and the explanation is
against 7,442,322 bales last year and 9.949,470 bales in
very simple— cotton has ruled high continuously and curtail
1908-09, and that the exports have been 7,758,624 bales,
ment to a greater or lesser extent has been a feature through
against 6,326,998 bales last season and 8,582,078 bales the out most of the season.
previous season. If now we add the shipments from Ten
In fact there has been no time during the season when
nessee and elsewhere direct to manufacturers, and Southern
machinery has been fully employed, although for a short
consumption, we have the following as the crop statement
period the mills were practically on a full-time schedule. In
for the three years:
New England curtailment was in force to a considerable
extent at the very opening of the season, but towards the
Y ea r ending Septem ber 1.
190 9-1 0.
1908-09.
close of October (1910) it had decreased materially, and
R e c e ip ts a t p o r t s ___________________b a le s .' 8 ,7 5 2 ,1 9 3 7 ,4 4 2 ,3 2 2 9,949,470
S h ip m en ts fro m T en n essee, & c ., d ir e ct
during November and December short-time had been vir
to m ills________________________ _______
1 ,010,312
8 16 ,706 1,305,852
tually abandoned, though the volume of output was kept
T o ta l ____________________________________ 9 ,7 6 2 ,5 0 5 8 ,2 5 9 ,0 2 8 11.255,322
down by running only part of the looms. Demand for goods,
M a n u fa ctu red S o u th , n o t In clu d ed a b o v e 2 ,3 6 9 ,8 2 7 2,3 9 1 ,9 3 3 2,573,524
unfortunately, did not improve, and before January had far
Total Cotton Crop for the Year--BaIesJ12,132,332 10.650,901 13.828,846
advanced, talk of concerted curtailment was again heard,
and later the New England mills were recommended to enter
The result of these figures is a total crop of 12,132,332
upon an indefinite curtailment of 25% . Reduction of pro
bales (weighing 6,217,382,145 pounds) for the year ending
duction began at once and has been continuous since, the
August 31 1911, against a crop of 10,650,961 bales (weighing
various mills carrying out the recommendation at such times
5,400,008,818 pounds) for the year ending August 31 1910.
and in a manner that best served their purposes. But re
NORTHERN AND SOUTHERN SPINNERS’ takings striction of output has not all been at the North. On the
contrary there has been more or less of it all the season at the
in 1910-11 have been as given below.
South, and since April 1 it has amounted to about one-quarter
T o ta l c r o p o f th e U n ited S ta te s, as b e fo r e s t a t e d ________ b a le s .
12,132,332
S to c k o n han d c o m m e n ce m e n t o f y e a r (S e p t. 1 1910)__
of the capacity in South Carolina and Georgia. The result
t N orth ern p o r t s _______________________ 141,971
of all this curtailment is manifest in the figures of consump
A t S ou th ern p o r t s .........................................
61,5 3 6 — 203 ,507
A t N orth ern Interior m a r k e ts..................
6 , 6 7 1 __
2 1 0 ,1 7 8
tion for the season, not so clearly so at the South, however,
as at the North, owing, in part of course, to the number of
T o ta l su p p ly du rin g th e y e a r e n d in g S e p t. 1 191 1___
12,3 4 2 ,5 1 0
O f this su p p ly th ere has been e x p o rte d
new mills that have started up.
t o fo re ig n p orts d u rin g th e y e a r _____ <1 7 , 6 2 6 , 0 7 7
L ess fo re ig n c o t to n Im p orted an d A m e ri
It must be admitted that the yield of cotton in the United
can c o t to n re tu r n e d . 6 ....................b a le s . 2 4 0 ,1 7 0 — 7 ,3 8 5 ,9 0 7
States, for the season just closed, fell far short of early
S ent to C anada d ir e ct fro m W e s t ...............
132,547
expectations. Up to the close of June 1910 condition of the
B u rn t N o rth and S o u t h . c ________________
’ 22
S to c k o n han d end o f y ea r (S e p t. 1 1911) —
plant was rather above the average, and this, with the in
A t N orthern p o r t s ............... .........................
9 2 ,9 2 0
creased planting, encouraged hopes of a crop well up to, if
A t S ou th ern p o r t s ........ .............................. I 1 32 ,350— 225,270
A t N orth ern Interior m a r k e ts..................
14,757__ 7,7 5 8 ,5 0 3
not in excess of, 1908-09. But during July, August and
T o ta l tak in gs b y spinners in th e U n ited S ta te s fo r y e a r en din g
September important deterioration was noted which served
S e p t. 1 1 9 1 1 .......... ..................... ................................................................
4 ,5 8 4 ,0 0 7
to reduce the prospect of yield materially. In truth, from
■taken b y S ou th ern spinners (In clu d e d In a b o v e t o t a l ) _________
2 ,3 0 9 ,8 2 7
an acreage larger than ever before planted the amount of
T o tal ta k en b y N orth ern sp in n e r s ......................................................
2 ,2 1 4 ,1 8 0
cotton secured (commercial crop— meaning the total mar
a N ot in clu d in g C anada b y rail, b In c lu d e s 2,2 5 6 bales o f A m e rica n
keted between Sept. 1 1910 and Aug. 31 1911),' as shown
o ^ t nI? / u turnec! an d 170-318 bales fo re ig n , m a in ly E g y p tia n , equ a lin g
237 ,914 bales o f A m e r ic a n w e ig h ts , c B u rn t in clu d es n o t o n ly w h at has
above, reached only 12,132,332 bales, weighing 6,217,382,145
been thus d e s tro y e d at t h e N o rth e rn and S ou th ern o u tp o r ts , b u t also all
lbs. gross. This is, of course, a large gain as compared with
b u rn t o n N orth ern r a ilroa d s an d in N o rth e rn fa c to r ie s .
1909-10, but contrasted with 1908-09, notwithstanding a
These figures show that the total takings by spinners
addition to area in the interim, the loss is no less than
North and South during 1910-11 have reached 4,684,007 1Vs million bales. Furthermore, in 1906-07, from a planting
bales, of which the Northern mills have taken 2,'214,180 over 12% less than in the past season, a yield of \y2 millions
bales and the Southern mills 2,369,827 bales.
greater was obtained, and as far back as 1897-98 and 1898-99,
Sept . 9 1911.]
THE CHRONICLE
with acreage only two-thirds of that of 1910-11, the crops
were in either year within 1,000,000 bales of the latest one.
With a commercial crop, as shown above, of 12,132,332
bales, and visible stocks of 793,514 bales of American cotton
carried over at the close of Aug. .1910, the available supply
(not including mill stocks, which were comparatively heavy
at the end of last season) for the year ended with Aug. 31
1911 proves to have been 12,925,846 bales. On Aug. 31
1911 there was a visible supply of approvimately 852,418
bales—an augmentation of 58,904 bales. Of cotton other than
American the combined world’s visible stocks at the close of
August were more than on the the corresponding date in 1910
and much greater than in 1909. The East Indian yield was
appreciably less than the production of 1909-10, but the
shortage was almost wholly counterbalanced by increased
receipts from Egypt, where a record crop was raised, and
from miscellaneous sources. The visible supply of all
varieties of cotton at the close of 1910-11 was the smallest
of any year since 1904, only excepting 1910, and the in
visible surplus (mill stocks) was more than at the end of the
previous year.
A development of the last few seasons that offers the
prospect of enhanced supplies of the raw material from new
sources is the extension of cotton planting to Pacific Coast
sections of the United States. We indicated in our annual
acreage report issued on June 1 that in California, where a
yield of over 10,000 bales was obtained from the 1910 plant
ing, the area had been doubled this year. Since then we
have learned that large interests have secured an option on
200,000 acres in the Imperial Valley and purpose to devote
it to cotton. It is believed that by intensive cultivation a
product of about one bale per acre can be obtained, thus
making a fair contribution to the supply when the land is
all brought under the staple. It was pointed out in our
acreage report that efforts to add materially to supplies from
sources outside the United States had thus far met with
relatively trifling success. This, however, has not dis
couraged those interested and effort is being continued with
expectations of ultimate success. In the meantime our
planters have the solution of the problem of supplies in their
own hands and should wisely solve it.
The commercial crop of 1910-11, although far from being
the largest in quantity, stands as a record in the financial
return therefrom because of the high prices that have ruled.
To fix with certainty the actual value of any crop is, of
course, clearly impossible, but the true return can be closely
approximated, and that should be sufficient for all practical
purposes. As the greater part of our product is sent abroad,
the official average export price furnishes a fair basis for
calculation. That average price for the season of 1910-11
was 14.4c. per lb., upon which basis the value of the 12,
132,332 bales commercial crop is nearly 900 millions of
dollars. This compares with an export price of 14.2 cents
in 1909-10 and a value for the 10,650,961 bales then pro
duced of 766 millions; 9.4 cents, 13,828,846 bales and 669
millions in 1908-09; 11.4c., 11,581,829 bales and 673 millions
in 1907-08, and 10.7c., 13,550,700 bales and 747*4 millions
in 1906-07. Even a better idea of how very well the
Southern planters have fared of recent years is obtained
by going back a little more than a decade. In 1897-98
and 1898-99, for example, the yield was in each instance
not materially less than in 1910-11, and yet the value
of those crops, on the basis of the average export price,
was only 334 millions and 317 millions of dollars respec
tively— in each case little more than one-third the return
from the production of the latest season. With such
a showing there can be no question as to the profitableness
of cotton as a crop nor of the desire to largely extend its
cultivation.
In the manufacturing branches of the cotton trade there
is little of a favorable nature to record. Some special lines
of fine goods have been in good demand at fair values, but,
speaking generally, the season has been an unsatisfactory
one. An important curtailment of production is indicated,
and, moreover, margins for profit have been appreciably
reduced and in some instances practically wiped out, owing
to the inability to advance prices to correspond with the
high cost of the raw material. As regards the labor situation
in the mills, little or no friction developed during the year.
At least there was no trouble of sufficient importance to
warrant reference to it here. The wage question has, seem
ingly, cut no figure in the year’s operations. We noted a
year ago the dissatisfaction with the automatic wage agree
ment at Fall River; the operatives voted to, and did, with
631
draw from it. The status of affairs now remains as it was
a year ago, no new wage agreement having been framed.
In the meantime the compensation has continued at 19.66c.
percut, thelastadjustment having beenmadeon May 25 1908.
As of interest at this juncture, we append a compilation
showing the course of wages at Fall River the past thirtythree years, omitting years in which no changes were made:
W age
Y ear.
per cut.
1877 __ . . . 19.00c.
1878 ._ ___18.00c.
1880 . . . . . 2 1 . 0 0 c .
1884 __
1885_ _ ___ 16.50c.
1886 . . . . . 1 8 . 1 5 c .
1888 . . . . . 1 9 . 0 0 c .
W age
Y ear.
per cut.
1892 _ . . . ( 1 9 . 63c.
(2 1 .0 0 c .
1893 . -------18.00c.
1894 . -------16.00c.
1895 . ____ 18.00c.
1898 . ____ 16.00c.
1899 . . . . / 18.00c.
( 19.80c,
\Vage
Year.
p er cut.
1902 ..........2 1 .7 8 c.
1903 _____ 19.80c.
1901 .......... 17.32c.
/ 17.32c.
1905 ____ 1 18.00c.
190(5 ------ / 18.00c.
( 2 1 .7 3 c .
W age
Year.
p er cut.
1907 _____ (2 1 .7 8 c .
( 2 3 .9 6 c .
1908 _____ (2 3 .9 6 c .
( 19.6 6 c.
1909 ........... 19.6 6 c.
1 9 1 0 .........19.6 6 c.
1 9 1 1 _____1 9 .6 6 c.
N o te .— T h e recogn ized stan d ard len gth o f a 28 -ln ch , 6 4 * 6 4 , c u t o f prin t
clo th Is 47 H ya rd s, w o v e n In an o r d in a r y 32-Inch lo o m o r less.
The printing cloth situation at Fall River (and, inferen
tially, at Providence) has furnished no features during the
season calling for more than brief reference. In common
with most other descriptions, that class of cotton goods felt
the stress of reduced production following from the high
cost of the raw material. At the opening of the season
curtailment of production was still under way and manufac
turers were loath to book orders for distant delivery, owing
to uncertainty with regard to the price of cotton. Demand
became more active in October and for a time thereafter
production of goods was upon a practically full basis, but
shortly after the turn of the year shortened output was again
resorted to and continued to the close. At times some
activity in the dealings was displayed, but it was not long
sustained, the market, in fact, lacking any snap. The ten
dency of prices for goods, moreover, has been downward.
Early transactions in printing cloths were on the basis of
3% c. for 28-inch, 64x64s, but on Oct. 18 there was a rise to
3% c. and a drop back to 3% c. on Nov. 5. This latter was
the ruling price until March IS, when a decrease to 3 % c .
occurred, and at that figure the market ruled until Aug. 24,
when there was a decline to 3*/£cVery little is to be said of the results of our foreign trade
in cotton goods for the season just closed, except that the
total shipments as expressed quantitatively were greater
than in 1909-10. On the other hand, they were smaller than
in 1908-09 and much less than in 1905-06 and 1904-05, when
our trade felt the impetus of very heavy buying for -China.
Higher prices were an important element this year, giving
to the aggregate exports a greater value than in some years
when the quantity sent out was much larger, but compared
with 1905-06 and 1904-05 there are very noticeable declines.
Contrasting the details of 1910-11 with those of 1909-10, the
most noteworthy expansion is seen to be in the shipments
to the Philipinnes— our Pacific Island possessions—although
important gains are also shown in the outflow to the West
Indies, Central America, South America, Arabia and Aus
tralia. The movement to the United Kingdom and the
East Indies decreased moderately, there was a nominal de
cline in shipments to Canada and an appreciable falling off in
the outflow to China. In fact the exports to that quarter
were smaller than in all but. one of the last eleven years,
and make a very unfavorable comparison with most of the
others. Concurrently, moreover, with the decline in our ship
ments to China, the exports from Great Britain to that
country in the twelve months ended June 30 1911 were
appreciably greater than for the preceding similar period.
In connection with the foregoing, we cannot do more than
state that permanent extension of outside markets for cotton
goods rests largely, if not entirely, with the methods em
ployed by the manufacturers. Great Britain and other
foreign nations have built up a large export trade in textiles
by studying the wants and tastes of those whose business they
seek, and catering to them. Our manufacturers must do
likewise if they would count upon success.
While there has been nothing in the developments of the
past season to induce any special extension of the cotton
manufacturing industry of the United States, the spinning
capacity of the mills has, nevertheless, been increased some
what. At the North a small addition to spindles has been
made and several new mills are either in process of construc
tion or approaching that stage. At the South, on the other
hand, a number of new mills have begun operations during
the year, there has also been a fair addition to the equipment
of older establishments, and other factories are nearing
completion* Of course, with curtailment the rule during
some part of the season almost everywhere, the added spin
ning power of the mills is not reflected in the volume of con
sumption. On the contrary, at the South as well as at the
THE CHRONICLE
633
North, less cotton was consumed in 1910-11 than in 1909-10.
Our usual statement of spindles in the United States is:
S p in d les—
101 0-1 1.
N o r t h ____________________ 1 7 ,5 0 0 ,0 0 0
S ou th ________ _________ ..1 1 ,5 0 3 ,2 5 3
1909-10.
17,400,000
1 1 ,236,430
1908-09.
1 7 ,0 0 0 ,0 0 0
10 ,7 8 0 ,3 0 8
1907-08.
1 6 ,300,000
10,451,919
T o t a l s p i n d l e s . . .............2 9 ,0 0 3 ,2 5 3
2 8 ,6 3 6 ,4 3 0
2 7 ,7 8 0 ,3 0 8
2 6 ,7 5 1 ,9 1 9
SOUTHERN cotton mills, as was the case in 1909-10,
have done relatively better than those at the North so far as
volume of consumption of the raw material is concerned,
but at the same time have used less than they did in the
previous season. A recital of the conditions that have pre
vailed during the latest season would in great measure be
simply a repetition of our remarks of a year ago, so suffice it
to say that curtailment to a greater or lesser extent has been
a feature throughout. The effect of that curtailment on the
aggregate of consumption is less apparent than at the North,
Owing to the fact that a number of new mills have started
up during the season. But even with those new mills in
operation the South has turned into yarns and goods in
1910-11 a smaller amount of the raw material than in 1909-10.
The developments of the last two seasons would naturally
act as a deterrent to further immediate extension of the
cotton-manufacturing industry in the Southern States.
Many projected mills that before now would have been well
along in construction have been held in abeyance. On the
other hand, there is no evidence that the desire to build
factories when conditions shall be propitious has been stifled.
Following the plan inaugurated by us about a quarter of a
century ago, we have within the last few weeks made an
exhaustive investigation of the situation at the South the
past season. The information we have secured has to do
not only with current operations but with intended future
development and is very complete. It covers, in fact, the
number of spindles and looms working or idle during the
season, including new mills started and additions to old
plants; also the actual consumption for the season, stated in
bales and pounds, the average count of yarn spun and
complete details as to new mills in course of erection or
projected, beside contemplated extensions of existing estab
lishments, being all the information really needed in a
comprehensive review of the cotton-manufacturing industry
of the South. The aggregate of our detailed returns, ar
ranged by States, is as follows— all mills idle throughout the
season and not expected to resume operations are, ac
cording to our usual custom, excluded from the statement:
1
Number o f
t*#/7
Spindles.
a uthern
0O
) . Mill 9
OtlMfC
‘ 60
19
4
17
2
29
3
7
1
Looms
Run.
360,372 9,968
385,448
3,278,268 3,075,765 51,942
4,097,292 3,938,145 95,439
1,988,184 1,801,278 35,449
...........
853,118 ! 14,583
'931*207
118,812 2,652
180,004
614
33,600
88,600
117,792
85,424 2,089
240
7,624
14,324
231,708 4,871}
280,938
40,304
958
40,304
1,652
95,180
92,684
5,712
5,712
__
740 11,503,253 10,644,544 220,462
1009-10 731
190S-09 727
Consumption.
Dales.
Av'age
Net
W ’ghl.
82,628 484.97
724,903471.26
628,587 470.37
531.925 4S0.18
.........
18 J4 216,029 479.06
22
25,403 488.06
12
8,126498.78
40,989 499.44
15
2,978491.87
16
19 I 69,209 477.50
14,128495.78
13 i
22,102489.85
14
2,820 491.17
8
16H
20
27
20
__
21
Pounds.
40.072,234
341,618,094
295,748,073
255,420,108
103,490,968
12,701,022
4,053,061
20,471,943
1,463,801
33,056.948
7,004,389
10,826,626
1,385,106
2,369,827 475.69 1,127,312,371
10,435,083 212,272
20K 2,391 933 473.96 1,133,078,983
10,780,308 10,37*0,333 214,716
20 'A 2,573,524 478.76 1,232,077,174
1
T otals—
191 0-n
13
297
147
141
to I
Virginia .
No. Caro.
So. Caro.
Georgia .
F lorid a -.
Alabama
Miss 'IppI
Louisiana
Texas . .
Arkansas
Tenn ’ see
Missouri.
K entuc’ y
O kla'm a.
Running.
A live
A VPTage
N o.
Yarn
1907-08 717 10,451,910 9,864,198 205,478
20
2,234,395 177.55 1,007,010,962
1902-03 594
7,039,633 6,714,589 153,748
19K 23)49,902 479.85
983,049,984
1897-98 391
3,670,290 3,574,754 91,829
13}f 1,227,939 470.04
577,180,180
-Much new machinery has been put In operation within the past lew
months, Increasing tho number o f spindles appreciably without affecting consump
tion to a material extent.
. From these returns we learn that in a majority of the States
there has been a gain in consumption of the raw material in
1910-11, the most important decline as compared with 1909
10 having been in South Carolina. The net result for the
season in all the Southern States is a decrease in consumption
of 22,106 bales, or 6,366,612 lbs., making the 1910-11 aggre
gate 2,369,827 bales, and contrasting with 2,285,976 bales
at the North, or an excess of 83,851 bales for the newer field.
Analyzing the returns at hand from the South, we learn that
3 old mills, with 18,232 spindles, have ceased operations,
and 12 mills, running 107,272 spindles, have started up since
the close of the season of 1909-10, making a net gain of 9
mills, or 89,040 spindles, in 1910-11. This does not, how
ever, fully cover the extension of capacity of the mills in
the season just closed, as the equipment of old mills has
been augmented by the addition of 177,783 spindles. There
fore the aggregate net gain for 1910-11 has been 266,823
spindles.. . . .
[V O L . L X X X X I I I .
Further material extension of the industry in the Southern
States is, as already intimated, naturally held in abeyance
by prevailing conditions, but as the present situation cannot
be considered as more than temporary, the building of new
mills will, doubtless, ere long be resumed with renewed vigor.
Ever since the Atlanta Exposition served to concentrate
attention upon the advantages the South possessed as to lo
cation for cotton mills, the expansion of the industry there
has made progress even when adverse developments have
acted as a partial check. Thirty years ago (1880-81) there
were in the South less than 200 cotton mills and their spindleage was only about 600,000-and consumption slightly more
than 200,000 bales. In that same season the amount of
cotton turned into goods at Northern mills was approxi
mately 1,700,000 bales. Ten years later the number of mills
had risen to 283, spindles to 1,856,000 and consumption to
605,916 bales. The next decade (bringing us down to
1900-01) mills more than doubled in number, spindles in
creased to 5,819,835, while consumption at 1,667,012 bales
was within about 500,000 bales of that at the North. In
the last ten years, ending with the current season, we have
seen a further important advance. Now our compilation in
cludes 740 mills, 11,503,253 spindles and a consumption of
2,369,827 bales, notwithstanding the curtailment of produc
tion already noted. It is thus seen that the cotton-manufac
turing industry of the South has in a period of thirty years
risen from a very unimportant position to a point where its
volume of consumption of the raw material exceeds that at
the North. In fact, that has been the situation since
1907-08, and future years should see further and steady
gains. As regards development work now under way, our
advices indicate that 6 mills, containing 49,376 spindles,
should be in operation before the close of the calendar year
1911, and 10 other mills, with 103,480 spindles, are expected
to start up before the end of August next. Furthermore,
additions to the old mills actually being made or in contem
plation cover some 188,012 spindles, so that in the aggregate
the looked-for augmentation in capacity within the next
twelve months should be about 310,000 spindles. The fore
going remarks do not embrace any projects yet in the prelim
inary stages, of which there are many, the desire to extend
being contingent upon an improvement in the outlook for
the industry.
EUROPE.— Considered as a whole, the cotton goods trade
of Europe during the past season presents few fresh features
and may be summed up as having been unremunerative and
unsatisfactory.
Primarily the comparative failure of the American crop,
which led to a record range of high prices, was responsible for
generally unprofitable working on the part of spinners and
a curtailment of working hours almost throughout the season.
That manufacturers did not suffer to a like extent was due
entirely to the fact that the over-production of yarn entailed
by the large increase in spindles during the past two years
enabled them to buy practically upon their own terms,
notwithstanding the almost continuous rise of the raw ma
terial. Even so, the year’s working has been far from satis
factory, especially in Continental Europe, as will be seen
from our detailed reports, and the result may be attributed
to the steady decrease in the world’s absorbing power, which
is the invariable corollary of a prolonged period of abnormally
high prices. Strikes and labor unrest have been rife in all
the great industries, while the increase in the numbers of
the unemployed has given a great impetus to emigration.
Continental spinners also suffered from a shortage in the
season’s growth of East Indian cotton, and, owing to the
nature of their output, could not benefit as English spinners
did by the bumper yield of Egyptian. At the commence
ment of the season it was confidently hoped that the gradual
depletion of stocks in the distributing markets which had
been in process throughout 1909-10 would lead to a marked
revival in the demand,both internal and external, but with
middling American quoted at 8 ^ d . per pound before the
middle of October, and ruling between 7}^d. and 8)^d. for
the remainder of the season, all extraneous channels of con
sumption were effectually closed and absorption restricted
to absolute immediate requirements, with the exception per
haps of Japan, where, in anticipation of the new tariff, large
purchases were made into stock amounting to fully two
months’ requirements, and which accounts for the recent
heavy falling off in demand from that market.
The eighth International Cotton Congress was opened at
Barcelona on May 8 and attended by about 300 delegates,
representing, roughly, nine-tenths of the spindles of the
S ept. 9 1911.]
THE CHRONICLE
633
world. The chief matters which came under consideration with last year and of 6,071,000 lbs. as compared with 1908-09,
included mutual fire insurance, the handling of cotton, the while piece goods record an increase of 488,873,000 yards,
extension of cotton-growing areas and perhaps principally compared with last year and of 935,632,000 yards as com
the question of systematized short time, to facilitate which pared with the year before.
M. E. Ribatts (France) introduced a scheme for the estab
At the close of the season the trade of the country was
lishment of an indemnity fund for short-time working among completely paralyzed by a great railway strike which in
spinners using American cotton. Over and over again such volved all the roads in the United Kingdom and brought to
an organization has been used at these congresses as a threat an absolute standstill the goods traffic of every description.
to defeat the ends of the speculator, but until the spinners The cotton industry suffered severely, mills being compelled
show more co-operation and take real action in the matter to close, owing to the impossibility of obtaining supplies of
during times of stress, the passing of resolutions at the annual the raw material or coal.
congresses is not calculated to produce any serious effect.
The European Continent.— The depression under which
A committee was also appointed to investigate the extent the cotton industry labored last season has been in no way
to which moisture is added to yarn by the varying atmos alleviated this, the main cause being, now as then, the
pheric conditions in varying countries, and the Congress also high range of values for the raw material. The cost of the
urged the adoption of one uniform yarn contract.
bare necessities of living has forced the people to use the
Great Britain.— The season of 1910-11, while on the whole strictest economy in the matter of clothing, and there will
unsatisfactory in its results to the cotton goods trade of be no increase in the demand until, through lower prices for
Great Britain, has been much less so than to either its Con cotton, the manufactured article can be produced cheaper.
In Germany the industry, as during last season, has con
tinental or American competitors. The reasons for this are
not far to seek. While the high prices for the raw material tinued to suffer from the high price of the raw material.
proved prohibitive to the trade in the coarser counts of yarn With a slow demand, consumers of both yarns and piece
and to the Continental and Southern mills manufacturers, goods bought only from hand to mouth, being alarmed at
their effect upon the finer trade of Lancashire was much less the prospect of being left with stocks of dear goods on hand.
marked, and, although profitable working margins were few The fancy trade has been particularly bad, the hosiery
and far betAvecn amongst spinners, manufacturers’ returns branch felt the effect of a reduced export to the United
have been more satisfactory and the volume of trade re States, while the home demand was lessened by bad harvests
markable, in view of the almost universal depression. Not in vine and other agricultural products. Notwithstanding
withstanding the good export demand for both yarn and cloth the unprofitable condition of the industry, no organized short
which was maintained practically throughout the season, time was agreed to, but production was individually cur
the offtake of yarn has at no time equaled the heavy increase tailed by stopping machinery or reducing the number of
in output of the past three years, rendering the position of working hours.
In Austria the business has continued as bad as before,
spinners so precarious that the majority of the Oldham mills
show heavy losses, and individual short-time has been forced and in spite of curtailment the output could not be disposed
upon very many of them. In March a proposed stoppage of at anything near cost prices. The consuming public, on
of all the spindles on Saturdays for a period of thirteen weeks account of the dearness of all necessaries of life, are compelled
was submitted to the ballot, but as a vote of 90% was de to economize in clothing to the utmost. At times the trade
manded, it was negatived, although over 80% declared in in raw goods and prints came almost to a standstill, every
body dealing from hand to mouth, orders booked ahead
its favor.
Statistics compiled by the “ Manchester Guardian” prove being practically nil.
The export trade appears to have fallen off altogether,
that year by year there has been a distinctly marked move
ment in favor of the higher grade piece goods and especially spinners and manufacturers, owing to the competition of
dyed goods. It is analogous to the similar movement in English and Italian producers, being unable to keep the
the woolen and worsted trade, and shows that the increasing markets that they previously held.
In France the condition of the industry has remained very
attention paid in Great Britain to scientific processes is hav
ing its expected results and making her competitive ability unsatisfactory. Business was dull, and with a restricted
demand in consequence of unfavorable crops (especially in
in foreign markets more formidable than ever.
The British Cotton-Growing Association has undertaken the wine regions) poverty in the agricultural districts and
a very large number of new ventures during the year, and the high cost of living generally, both spinners and manu
is hopeful that within a year or two it will produce an ap facturers could only make sales that left a loss. Short-time
preciable addition to the cotton supplies. Attempts are was run, but even so, the orders placed were so small it was
also being made by the Agricultural Departments of India almost impossible to prevent stocks accumulating.
In Russia on the whole the state of the industry has been
to improve both the quality and quantity of Indian cotton,
and it is held that, given time and money, the Empire can satisfactory. Mills worked full time and met with a good
produce all the cotton that Lancashire requires. This may demand, though at times the margin of profit was narrow;
be so; but, on the other hand, there are people who hold the mild winter told against the heavy makes of goods, but
that the Cotton-Growing Association has spent huge sums of light goods went well: Central Asian cotton is being more
money with very inadequate returns, that its methods are extensively employed, and in the Moscow district represents
economically unsound and that where cotton can be grown about three-quarters of the total consumption.
In Holland and Belgium, owing to the reduction in stocks,
profitably it will be grown, as cereals arc, by individual en
terprise better and quicker than by any bounty-fed or the condition of the industry has been somewhat better. At
the beginning of the season there was a fair demand from
ganization.
A new feature, the working of which will be watched with both the home market and exporters, though, in consequence
interest by the trade generally, was the acquisition in April of the high price of cotton, there was only a moderate margin
by the Fine Spinners’ & Doublers’ Association of a 30,000- forspinners and manufacturers. The demand fell off latcrand
acre cotton plantation in the Mississippi Delta. The estate spinners lost ground, owing to competition of English yarns.
In Spain, owing to the policy of curtailment, the condition
is estimated to produce 15,000 to 20,000 bales per year of
long-stapled cotton of exceptionally fine quality, such as is of the industry has been somewhat better; the home demand,
in consequence of reduced stocks, was fairly good, but the
always in demand by the Association.
•It may be noted that in the Imperial Legislative Council high price of the raw material left little margin for the mills.
at Calcutta in March last a motion was brought forward for The export business is still suffering from the failure to open
the abolition of tire excise duties on Indian cotton manu up now markets.
In Italy the business has continued very unprofitable.
factures, on the ground that they were of no benefit to Lan
cashire and constituted a burden on the already depressed Consumers restricted their purchases to the bare necessities
Indian cotton industry, and were responsible for the loss of and spinners and weavers found it impossible to work except
both Japanese and Chinese markets to European competitors. at a loss. Many mills closed down entirely and others
On a division the motion was lost by 32 votes to 20.
reduced their output by 20%.
In other cotton-consuming centres of the Continent the
The export of yarn and piece goods for the eleven months
ended July 31 (August figures not yet being available), as high price of the raw material has continued to unfavorably
compared with the same period during the two preceding affect the industry. Buyers operated very cautiously, and
seasons, was as follows:
though the prices asked were such as left spinners and manu
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
facturers a loss, mills found it very difficult to make sales.
Y a r n s ..................................... p o u n d s
1 9 -1 .7 0 6 .0 0 0
1 7 8 ,8 8 6 .0 0 0
1 8 8 ,6 3 5 .0 0 0
P l c c o g o o d s ......................... y a r d s 5 , 8 5 6 , 5 8 0 , 0 0 0
5 .3 6 7 ,7 0 7 ,0 0 0
4 ,9 2 0 ,9 - 1 8 ,0 0 0
It will be seen from the above reports that the high range
showing an increase in yarns of 15,820,000 lbs., as compared of values for the raw material has continued to exercise a
G34
THE CHRONICLE
[V O L . L X X X X III.
very detrimental effect upon the cotton industry of the Con
tinent and there would appear to be no chance of any im
provement unless the raw material can be bought at a more
reasonable level of prices than has been the case during the
past two seasons.
likely be noted that the surplus supply was moderately in
creased in 1910-11, and is of comparatively large proportions.
A further addition to the spinning capacity of the world
has occurred the past season, but, as may be inferred from
preceding remarks, the machinery has not been all operated
at full working time and the gain therefore is not reflected
The foregoing interesting and comprehensive review of the in the volume of consumption. The most important in
spinning industry of Great Britain and on the Continent in creases have been Great Britain, on the Continent and
1910-11 is furnished by Messrs. Ellison & Farrie of Liver in the Southern part of the United States, the total of
pool. This, in conjunction with our remarks on the situa spindles in the last-named locality now being 11,503,253,
tion in the United States given further above, pretty tho or almost double what it wafe in 1900-01. Our compilation
roughly covers the countries of the world that take chief for the world is as follows:
imporant rank in cotton manufacturing.
N U M B E R O F S P IN D L E S IN T H E W O R L D .
The history of the world's progress in cotton production
and manufacture would be incomplete, of course, without
some reference to a number of other countries of lesser im
portance as cotton spinners, but yet growing factors in the
industry. We use official datii in those cases so far as possi
ble, and present below the results reached, giving (1) the
cotton consumption of each manufacturing country for a
period of four years and also the total annual and average
weekly consumption; (2) the world's production of cotton
(commercial crops) for the same years and (3) the spindles
in all manufacturing countries from which reliable data can
be procured as they stand to-day compared with like results
in former years.
India is the country next in importance to Europe and
the United States.
The mills there also show decreased
consumption. Japan, on the other hand, has used more
cotton this season, its takings from India having been greater
than last season, while the absorption of supplies from the
United States exhibits a very decided increase. For Mexico
and Canada we are forced to adopt the imports into each
country as a measure of consumption; in the case of the
former no recent statistics covering home yield or mill oper
ations have been procurable, and Canada has no source oj
supply but through imports. No data of value can be
obtained from China or Brazil. “ Other Countries” , therefore,
include exports of cotton from the United States and Europe
to localities other than those specifically mentioned in the
tnble: to which we add the cotton burned at sea. The com
pilation subjoined consequently embraces substantially the
entire distribution or consumption (expressed in bales of 500
lbs. net weight each) of the commercial cotton crops of the
world and the degree in which each country has participated.
T H E
W O R E D ’S
A N N U A .L
1 9 1 0 -1 1 .
C O T T O N
C O N S U M P T IO N .
1 0 0 9 -1 0 .
7> ill’s.
IJf.les.
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
Cun n ines —
G reat
B r it a in .. . . . . . .
C o n t i n e n t .................................... .
3 ,6 0 0 .0 0 0
5 ,4 6 0 .0 0 0
3 ,1 7 5 ,0 0 0
.j. 4 0 0 , 0 0 0
3 .7 2 0 ,0 0 0
5 ,7 2 0 ,0 0 0
3 ,0 9 0 ,0 0 0
5 ,7 2 0 ,0 0 0
.
- .
. .
0 ,0 0 0 ,0 0 0
2 ,2 3 0 ,4 1 9
2 ,2 5 4 ,0 2 5
8 ,0 3 5 .9 0 0
2 ,2 6 3 ,4 1 1
2 ,2 6 7 .3 '. 8
9 ,4 1 0 ,0 0 0
2 ,4 - 1 3 ,0 10
2 ,4 0 4 ,1 5 4
9 ,4 1 0 ,0 0 0
2 ,0 0 3 ,0 0 0
2 ,1 3 4 ,0 0 0
T ota l
E u rope
U n i t e d S t a t e s — : \ 'o r U i
S o u th
Hates.
1911.
C lr e a t B r i t a i n ..................5 6 , 5 0 0 , 0 0 0
C o n t i n e n t ........................ . 4 1 , 0 0 0 , 0 0 0
1910.
5 6 .0 0 0 ,0 0 0
4 0 ,0 0 0 ,0 0 0
1909.
5 5 .0 0 0 .
3 9 .0 0 0 .
1908.
05040, 6 0 0 . 0 0 0
03 07 0, 0 0 0 . 0 0 0
1907.
5 2 ,0 0 0 .0 0 0
3 5 ,8 0 0 ,0 0 0
T o ta l E u r o p e ...
U n ite d S ta te s —
9 0 ,0 0 0 ,0 0 0
9 4 ,0 0 0 ,0 0 0
9 1 ,0 0 0 .0 0 0
8 7 ,8 0 0 ,0 0 0
N o r t h ............................... 1 7 , 5 0 0 , 0 0 0 1 7 , 4 0 0 , 0 0 0
S o u t h ............................... 1 1 , 5 0 3 , 2 5 3 1 1 , 2 3 - , 4 3 0
1 7 ,0 0 0 ,0 0 0
1 0 ,7 8 0 ,3 0 8
0 7 ,5 0 0 ,0 0 0
T o t a l U . S ................... 2 9 , 0 0
E a s t I n d i e s ...................... 0 , 2 5
■ b i p a n ..................................... 2 , 0 9
C h i n a & E g y p t ----------90
3
0
9
0
,2
,0
,7
,0
5
0
0
0
3 2 8 ,6 3 0 , ’ 3 0
0 0 .1 9 5 ,0 7 1
1 2 ,0 0 1 .9 0 8
0
8 5 0 ,0 0 0
T o ta l In d ia , A c . . 9 ,2 4 9 ,7 6 4
C a n a d a ............................
9 2 0 ,0 0 0
7 5 0 ,0 0 0
M e x i c o .................................
9 ,0 5 0 ,6 3 9
9 0 ,0 0 0
7 5 0 ,0 0 0
T o t a l o t h e r ............... 1 , 6 7 0 , 0 0 0
1 ,6 5 0 ,0 0 0
1 ,0 1 6 ,2 7 8
1 .5 8 2 ,3 1 3
1 403842
T o t a l w o r l d ................1 3 7 , 4 2 3 , 0 1 7 1 3 5 , 3 3 7 . 0 0 9 1 3 2 . 6 1 7 . 4 0 4 1 2 8 , 1 7 2 . 1 3 1 1 2 2 . 7 2 4 ! s 5 9
For Great Britain and the Continent we use estimates
furnished us by Messrs. Ellison & Farrie, and revise previous
year's statements from later obtained information. The
results for the United States are our own figures. India’s
total is from the official report of the Bombay Mill-owners’
Association, as far as received, and Japan’s aggregates are
officially communicated. China’s figures are compiled from
consular reports, and for Canada and Mexico the aggregates
are in part approximated.
Great Britain’s cotton goods trade with foreign countries
as represented by the volume of exports has increased to
a quite satisfactory extent during the year. Shipments in
almost all directions have been greater than in 1909-10, but
the most noticeable increases are shown in the movement
to China, Turkey and Egypt. The statement of exports
(reduced to pounds) by quarters for the last two seasons is
appended. These years end with September 30, and
consequently the last two months of the fourth quarter of
the current season are estimated on the basis of the July
movement. Three ciphers are omitted.
G R E A T
B R I T A I N ’S C O T T O N
GOODS E X P O R T S
F O R
TW O
YE A R S.
— ----------- — 1 9 1 0 - 1 1 ---------------------------------------- — 1 9 0 9 - 1 0 ----------------------/n n n
in is
a Yarns. IHeceGoods. Total. aVarns. HleccGoods. Total.
( 0 0 0 ? omitted.)
1 oi.nds. 1 aras.
Hounds. Pounds. Yards.
Pounds.
1 s t q u a r . — O c t . - D e c -------- 5 7 . 6 S 0 1 , 5 7 8 . 4 4 0
3 0 3 ,1 1 5 5 9 ,8 3 3 1 ,4 0 1 ,8 1 3
3 4 2 ,3 8 3
2 i j q u a r . — J a n . - M c h -------- 0 1 , 8 0 8 1 , 7 3 3 4 3 3
3 8 9 ,9 0 2 5 4 ,0 1 3 1 ,1 4 3 ,0 9 1
3 2 6 .3 3 3
3 d I n u a r . - A p r i l - J u n e . . . 5 8 ,9 8 1 1 ,5 8 2 ,6 0 1
3 5 5 .2 9 8 5 1 .0 0 1 1 ,4 2 1 .0 0 8
3 1 8 971
4 t h q u a r . — J u l y - S e p t . b . .5 1 , 0 0 0 1 ,5 0 0 ,0 0 0
3 2 0 ,0 0 0 5 2 ,1 3 7 1 ,5 7 5 ,8 5 5
3 3 9 ,6 7 2
__ T o t a l ............. - .......................... 2 3 2 , 4 6 9
a I n c lu d in g th r e a d ,
0 ,3 9 4 ,5 3 4
b E s t im a t e d
1 ,4 2 8 ,3 1 5 2 1 8 ,2 4 4 5 ,9 0 1 ,8 2 7
fo r th e q u a r te r o n
th e J u ly
1 .3 2 7 ,3 5 9
m ov em en t.
The totals in pounds in the above compilation are as com
puted by us, but are believed to be approximately correct.
.
They indicate that the export movement this season has been
.
1,428,315,000
pounds, or 100,950,000 pounds more than
T o t a l I n d i a , & e __________ . 2 , 7 2 0 , 8 2 3
2 .7 1 1 ,8 9 3
2 ,7 0 0 ,0 6 9
2 ,5 5 4 ,0 7 2
in the previous season, and 131,970,000 pounds greater
O t h e r c o u n t r i e s , & c ______ .
1 1 7 ,4 0 9
1 1 4 ,7 2 2
1 0 0 ,4 0 0
9 0 ,2 0 0
than in 1908-09, when the outward movement of cotton
T o t a l w o r l d _______________ . 1 0 , 3 9 2 , 2 7 0
1 5 ,0 8 8 ,5 6 3
1 7 ,1 6 4 ,4 8 7
1 6 ,2 8 1 ,2 7 2
8 1 5 ,2 3 0
A v e r a g e w e e k l y ___________ .
3 0 7 ,4 7 2
3 3 0 ,0 8 0
3 1 3 ,1 0 1
goods was 1,296,345,000 pounds. The record exports from
The world’s total consumption for 1910-11, it will be Great Britain were 1,480,075,000 pounds in 1906-07.
To complete the year’s history of the cotton goods trade-in
observed, records a gain of 403,713 bales over the aggregate
of a year ago, but is 772,211 bales less than the result for Great Britain we subjoin data as to prices, the statement
1908-09. The sources from which cotton has been drawn in covering the last three years:
each of the last four years are stated in the following table
1910 11.
19 09 -1 0 .
10 08 -0 9 .
of the world’s commercial crops, in bales of the uniform
weight of 500 lbs. net each.
a •
4 .5 3 2 ,7 7 2
1 ,5 1 7 ,0 1 8
1 ,0 5 5 ,3 0 3
1 1 1 ,1 5 3
1 9 ,0 0 3
4 ,9 1 2 ,1 9 4
1 ,0 5 3 ,4 5 0
8 3 0 .8 3 0
1 2 8 ,4 5 0
4 0 ,1 5 7
4 ,2 2 7 ,0
1 ,5 0 1 ,3
8 9 0 ,7
1 0 0 ,0
2 ,9
0
3
3
0
0
0
0
0
0
0
T3 p
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
1 9 0 8 -0 9 .
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
Hales.
Hales.
Hales.
Hales.
Hales.
U n i t e d S t a t e s .................................. 1 1 . 8 5 2 , 4 1 2
E a s t I n d i e s . a ................................ 3 , 1 6 8 , 0 0 0
E gypt
. . ......................................... 1 , 4 5 0 , 0 0 0
B ra z il
& c . d ....................
4 0 0 ,0 0 0
1 0 .2 0 7 .5 2 6
3 ,7 8 8 ,0 1 3
9 3 8 ,0 0 1
2 9 4 ,9 9 1
1 3 ,5 4 0 ,8 9 0
2 ,9 7 0 .8 2 2
1 ,2 4 6 ,1 5 0
2 0 0 ,1 9 7
1 1 ,2 5 7 .5 3 8 1 3 .3 0 0 .8 4 6
2 ,4 8 0 ,0 2 9 3 ,5 3 5 ,0 8 6
1 ,4 3 2 ,4 6 9 1 ,3 2 0 1 0 8
2 9 9 ,0 0 3
4 4 0 ,1 2 0
T o t a l ..................... ....................... 1 0 , 8 7 0 , 4 1 2 1 5 , 2 8 9 , 1 3 1 1 8 , 0 3 0 , 0 5 9 1 5 , 4 7 5 , 0 4 2
C o n s u m p t i o n , 5 2 w e e k s . . 1 0 ,3 9 2 .2 7 0 1 5 .9 S 8 .5 0 3 1 7 .1 0 1 .4 S 7 1 0 ,2 8 1 .2 7 2
S u rp lu s fr o m y e a r’s c r o p .
4 7 8 ,1 3 6
V is ib l e a n d I n v is ib le s t o c k :
^ S e p t . 1 b e g in n in g y e a r . 5 ,2 9 4 ,7 1 6
S e p t . 1 e n d i n g y e a r --------- 5 , 7 7 2 , 8 5 2
1 8 ,0 1 4 ,1 0 0
1 0 .9 9 8 ,8 9 8
4 0 9 9 ,4 3 2
8 6 5 ,5 7 2
4 8 0 5 ,0 3 0
1 ,6 1 5 ,2 6 8
5 ,9 9 4 ,1 4 8
5 .2 9 4 ,7 1 6
5 ,1 2 8 .5 7 6
5 .9 9 4 ,1 4 8
5 ,9 3 4 ,2 0 6
5 .1 2 8 .5 7 6
4 ,3 1 8 ,9 3 8
5 ,9 3 4 ,2 0 0
a I n c lu d e s I n d i a ’ s e x p o r t s t o E u r o p e , A m e r ic a a n d J a p a n a n d m ill c o n s u m p t io n
n ; I n d ! a , I n c r e a s e d o r d e c r e a s e d b y e x c e s s o r lo s s o f s t o c k a t U o m b a v .
'd R e c e i p t s I n t o E u r o p e f r o m B r a z i l , S m y r n a , P e r u , W e s t I n d i e s , & c . . a n d J a p a n
a n d C h i n a c o t t o n u s e d In J a p a n e s e m i l l s .
k Deficiency i n t h e y e a r ’ s new s u p p l y .
The above compilation indicates in compact form the
world’s supply of cotton (not including that raised in Russia)
in each of the five years, the amount consumed, and also
the extent to which visible and invisible stocks were in
creased or diminished in the different seasons. It will
£
d.
Sept. 3 0 . . 7.01 11
Oc t.
3 1 . . 7. 6 5 i i
N o v . 3 0 . . 8. 14 n
d.
x
x
Average)
Sept, f 7 .8 0 11 4
N o v. J
Dec. 3 1 - - 8 .0 7 11 X
Jan.
3 1 - . 8.00 11 Vs
F eb.
2 8 . . 7. 70 l o x
Average)
Dec. f 7. 92 11 X
Feb. )
3 1 . . 7 . 7 0 11
3 0 . - 8. 33 l l X
31. .
Average) 8 .2 8 11 X
8.10 11 1-5
Mch
M ch .
A p r il
M ay
M a u .)
June
J u ly
A u g.
3 0 . . 8. 04 11
3 1 . . 0. 57 10
3 1 . . 6.92 i o
X
x
x
A verage ]
Ju n e | 7 .8 4 l o x
Aug. J
J
j
o £
9 a
COV*1
8
8
8
<1. d.
o x 7.3 0 10
l 4
‘ 7.8 9 10
a x 7.65 10
8
1 5-6 7.63 10
s.
8
8
8
fee
-8
1 *
■c fc
&50,
i
L iverp oo l.
CO TTO N .
Sh irtin g s,
P e r P iec e ,
O F
Sh irtin g s,
P e r P iece.
Countries—
P R O D U C T IO N
1
W O R L D ’S
32-C op
Tw ist.
j
Tw ist.
4 ,4 8 5 ,0 4 4
1 ,5 0 0 ,0 0 0
1 ,0 8 7 ,1 8 4
1 3 S .5 7 9
4 ,0 0 0
32-Co p
.
.
J
T r t a l U n ite d S t a t e s ..
E a s t I n d i e s _______ ________.
J a p a n ______ _____________________
' C a n a d a _________ ______________
M e x ic o
...........................................
6
6
2
s.
x
8 .5 0 11 3- 10
7
8
5
8.00
5
X 8.11 11
10
7.95 11
8.10 11
x
d.
d.
d.
6
8X
8X
5.18 9 3- 10
5.08 8 15-10
4. 98 8 X
7 7 9-10 5.08
7.08 t o x
7
X 8.00 10 13-16 7
8
8
8
d.
3-10 7
15-10 7
11-16 7
3X
0 X 4.99 7 X
7 4 5.20 8
5. 05 7 X
9
7 8 2-3 5.10 7 13-10
7
7
8
10 4
11 4
5. 0 5 7 11-10
5.53 8
5.88 8 X
OX
8
8
7 X 8. 0 5 11
8
8
8
7 10 X 0.24 8 X
X 7. 85 t o x
X 8.10 10 15-16 8 0 X 0.73 9 X
2
7.98 11 3-10 8
1 4 0.85 OX
8
4
9
7 11 1-3 5.49
8
8
2
X 8.00 11
8
0
0.01 0 4
1
8
7
0
6
d.
3
9
6
0 10
0
0
6
5
7
6
6
X
0
6 6 y2
0 84
6 10
6
8
4
0 11
1
7
7
IX
7
OX
S E P 'i. 0 1911 [
THE CHRONICLE
685
We now add a brief summary by months of the course of lbs., against 120,565,000 lbs. for the same period of 1909.
the Manchester goods market during the season closing with The average weekly consumption of cotton was estimated at
Aug. 31 1911 and also of the Liverpool cotton market in 60,000 bales per week in Great Britain and 105,000 bales on
the same form for the same period. These summaries have the Continent. Liverpool.— The market for the raw ma
been prepared for this occasion with our usual care, and the terial displayed an advancing tendency during the first half
details will, we think, prove an interesting and serviceable of the month, but thereafter, under the influence of increasing
crop views, the course of prices was quite steadily downward.
record for reference.
SEPTEMBER.— Manchester.— A little improvement in Middling uplands opened at 7.67d. and on the 14th was
the cotton goods market was noted in September, but the quoted at 8.25d. but by the 19th there had been a decline
augmentation in business was not sufficient to place the to 7.87d., then a slight recovery, and a further drop to
trade upon a generally remunerative basis. At the same 7.65d. at the close.
NOVEMBER.— Manchester.— Developments in the cotton
time some manufacturers were doing fairly well, and spinners’
margins had increased to a point assuring a small profit, or goods market in November were on the whole of an encourag
at least saving them from loss. All other questions, how ing character. The improvement in trade noted in Septem
ever, were overshadowed during most Qf the month by the ber and October was more distinctly in evidence, and at the
apparent drawing to a culmination of the difficulty that had close of the month both spinners and manufacturers were in
been precipitated in Lancashire over the discharge of an em a better position as regards orders than for sometime previ
ployee of the Fern Mill at Oldham. The discharge of a grind ous. Furthermore, although under some of the old orders
er was responsible for a strike in that mill which had begun still under fulfilment the margin was scant or nil, newer
June 15, and all efforts to reach an amicable adjustment had bookings in most cases allowed a fair profit. Altogether the
quite signally failed. Thus matters stood late in September volume of trade was large, and there seemed to be assurances
when, after the Federation of Master Cotton Spinners had of a good export demand for cloths for some time on. The
decided to enforce a general lockout unless the dispute was encouragement the situation in the market gave was instru
speedily settled, the operatives agreed to submit to arbitra mental in postponing any arrangements looking toward inter
tion the questions at issue. Subsequently the hands refused national short-time in cotton mills. In fact, under condi
to accept arbitration, and the month closed with probability tions as they existed in Lancashire, such a movement there
strong that the lockout would become an accomplished fact would have appeared ridiculous. Production of spindles,
on the following Monday— Oct. 3. Manufacturers, as inti while not up to the maximum, was being fully absorbed,
mated, improved their position during the month. Better and looms, with but rare exceptions, were well under engage
purchases for China were reported, and while the buying for ment. Trade for India was much better than previously, the
India was only moderate, advices from that country were improvement in the demand from Calcutta being a feature.
generally encouraging. A steady trade for South America An increase in transactions for China was also reported and
was in evidence, but engagements for Japan fell below expec a little more was done for Japan and the smaller Far Eastern
tations and little was done for near Eastern markets. Yarns markets and South America and Continental Europe. The
were in good request and generally an improvement in mar home trade, however, was comparatively quiet, lacking faith
gins had been effected. Spinners, in view of the uncertainty in the stability of values, but conditions were sound. Ex
as regards prices for the raw material, made a stand against ports of yarns and goods from Great Britain were in excess
soiling far ahead, and consequently a great deal of business of Nov. 1909, having been 116,884,000 11)6., against 110,
that was offered was declined. Exports of yarns and goods 061,000 lbs. Consumption was upon the basis of 70,000
from Great Britain (all reduced to pounds) aggregated bales of 500 11)3. net each week in Great Britain and 105,000
112.017.000 lbs., against 112,915,000 lbs. in Sept. 1909. bales on the Continent. Liverpool.— The tendency of prices
Mr. Ellison estimated consumption for the month at 55,000 for the raw material was upward during November, but not
bales of 500 lbs. net each per week in Great Britain and steadily so. Opening at 7.72d., middling upland moved up
105.000
bales of like weight on the Continent. Liverpool.—to 8.04d. by the 9th and stood at 8d. on the 11th. To the
Frequent fluctuations characterized the course of the market 19th the course of quotations was generally downward, a
for the raw material during September, with the trend of drop to 7.82d. occurring, but the loss was fully recovered by
prices generally downward. Opening at 8.03d., middling the 23d, after which there was an advance to 8.19d. by the
uplands dropped to 7.8(kl.by the 7th,but recovered the loss 28th, and the close was at 8.l4d.
DECEMBER.— Manchester.—The^gdemand for cotton
on the 9th, and further advanced to 8.25d. on the 10th.
From that level the decline continued with no important reac goods was a little less urgent early in the month, trade suffer
At the
tions to the close, which was at 7.Old., against 7.98d. at the ing through the nearness of the genera election
same time a pause was considered no mo ejjthan natural after
end of August.
OCTOBER.— Manchester.—•While the general position of the preceding very heavy buying, especially when prices had
the cotton goods market showed improvement in October, a been appreciably advanced and were being stiffly held.
good many spinners and manufacturers were reported to be Spinners and manufacturers, however, were both considered
making but little money. At the same time the period of to be well under contract, and the reduced inquiry, therefore,
acute depression was considered to be over. Still, the great gave them no concern. Still, by the middle of the month
capacity for the production of yarns through the too rapid business had become comparatively active again and toward
multiplication of spindles of recent years was looked upon as the close the transactions were quite heavy— unusually so, in
a menace to any special prosperity in the trade until demand fact, for holiday time. A good all-round trade in^cloth was
should become much more active, promising a full absorp reported, the demand from India being of an encouraging
tion of the output. Prices for the raw material, which character, and good-sized parcels continued to be absorbed
uncertainty as to the size of the American crop served to for China. The home trade, on the other hand, was rather
maintain at a high level, operated, of course, as a check upon quiet. A satisfactory feature of current operations was the
any very decided expansion in the demand. The dispute fact that they allowed some margin of profit, and in that
which originated in the Fern Mill at Oldham over the dis respect contrasted sharply with the results earlier in the year,
charge of a grinder was settled after a week’s lockout, boti which for most mills netted losses, as evidenced by the annual
sides agreeing to submit the point under discussion to arbi reports of the corporations. Yarns and goods exports from
tration. Cloth business was fair during the month, and at Great Britain for the month reached a heavier total than in
the close manufacturers were more fully under engagement Dec. 1909, the comparison being between 125,745,000 lbs.
than for some time previously. Some, in truth, were pre and 111.757,000 lbs. Mr. Ellison, while making no change
pared to admit that business had become profitable, but in the estimated Continental rate of cotton consumption,
others found it difficult to secure respectable margins. advanced that of Great Britain to 74,000 bales of 500 lbs.
Transactions for India were not up to expectations, but net each per week. Liverpool.— The market for the raw
dealings for China were of fair volume and the indications material was without any well-defined tendency during the
were that stocks in that quarter still ceded replenishing. month. At the opening middling uplands was quoted at
Japan did some buying early, but later demand slackened 8.03d., or 11 points lower than at the close of November, and de
materially. South American and Levant markets did fairly clined further to 7.96d.by the 5th. Thereafter to the 9th the
well. Distrust of values perated against buying for the net loss of another point occurred and was followed by an in
home^trade, but as stocks had b come considerably depleted, termitting advance that carried the quotation to 8.17d. by
the purchases for pressing
an important volume. the 21st. From that level there was a steady easing off to the
Spinners did a fair t>u ness and the product, which was close, which wasat8.07d.,as against 8.50d. on Dec. 31 1909.
JANUARY.— Manchester.— A very brisk trade was re
materially large , d not weigh very heavily upon the mar
ket
Yarn and good exports in October were 120,486,000 ported in the cotton goods market at the opening of the year
636
THE CHRONICLE
[V O L . L X X X X I I I .
1911 and a great deal of business was put through during the As regards the cloth market, a good many orders were
month, but demand slackened towards the close. Free buy declined because delivery could not be given as requested,
ing was appreciably helped by the steadiness of American and it developed that buyers were a little shy about com
cotton in the face of a movement rather greater than antici mitting themselves to goods that might depreciate in value
pated. Gray staples were in special demand for Eastern before time for their distribution. Neither India nor China
deliveries, but all sections of the market had more or less of a bought freely, but, the plague no longer being a hindrance,
demand from the latter steadily improved, notwithstanding
share in the improved trade, and prospects for the future that low silver was still a discouraging feature. South
were considered good, even though margins of profit were not America, the various smaller markets and the home trade
very large. All Indian markets bought well; China pur contributed a fair volume of business. Exports of yarns
chased eagerly at first, but later the fall in silver and reports and ^oods aggregated 143,325,000 lbs., against 108,115,000
of the plague discouraged operations. Turkey and Egypt lbs. in the month of 1910. The average weekly rate of
consumption continued as in February. L i v e r p o o l .— 'The
did considerable, but Japan’s buying was only upon a moder market for the raw matprial was without feature of im
ate scale. ^South America was a steady absorber of goods portance or definite trend. Fluctuations were frequent but
and conditions were considered to be quite favorable. The within a range of 24 points and netted no change for the
home and colonial trade, however, was rather quiet, and month. In fact, after opening at 7.72d., or 2 points up
some manufacturers catering particularly to it found them from the February close, there was a drop to 7.55d. by the
7th, the loss being fully regained by the 16th. On the 21st
selves the exceptions to the general rule of well-filled order the high point of the month (7.79d.) was reached and the
books. Business in yarns was active at the beginning of the close was at 7.70d.
month, but before long the immense production began to
A.VRIL.— M a n c h e s t e r . — A leading feature of April was
tell and there was finally some accumulation of stock in spin ^ u- ?a . er important advance in the price of raw cotton,
ners’ hands. Exports of yarns and goods from Great Britain which in turn found its stimulus to a considerable extent
were 128,028,000 lbs., against 111,648,000 lbs. in Jan. 1910. in the condition of trade in Lancashire. Spinners continued
fairly well under orders, though there was a little curtail
M r . Ellison maintained the average rate of consumption as in
ment here and there, and prices were quite firmly maintained.
December. L i v e r p o o l . — The feature of the market for the Manufacturers as a whole did well during the month, those
raw material in January was the unusual steadiness of prices buying their yarns having the advantage as regards margin
for the American staple. Fluctuations were of almost daily of profit,and at the close were generally well under contract.
occurrence, but within a very narrow range, and netted only In fact, in most fabrics it was not easy to secure delivery
before September, and some special contracts were reported
a slight change in value. Middling uplands opened at 8.1 Id., under which deliveries will not be completed until January
an advance of 4 points over the December close, and this 1J12. Altogether the markets were considered to be in a
proved to be the high price of the month. There was a de generally healthy condition, with stocks not excessive
cline to 8d. by the 17th, a recovery to 8.09d. by the 25th, and and the prospects for the manufacturing trade good. Morcon the 30th the quotation was down to 7.98d. The close over little or no doubt was expressed as to the continuation
ol tne -demand, although buying was naturally along cau
was at 8d.
tious lines, with next-crop deliveries of cotton ruling so
. FE B R U A R Y .— M a n c h e s t e r . — February, broadly speak much below the current one. As stated above, manufac
ing, was a rather quiet month in the cotton goods trade, but
turers were generally well under contract at the close of the
at the close manufacturers were still well under orders as month and, what is more, were more fully under engagement
a whole, with the outlook for the future considered good. than at the opening. India was a free buyer of light-weight
Spinners, on the other hand, had an anxious time during goods, China purchased rather liberally at times, being
the month and lost ground, but the decline in raw cotton assisted by the firmer tone of silver, and South America and
assisted them in retaining margins, although it discouraged the near Eastern markets furnished a normal trade. The
buying at eurrent rates. The fact was that Lancashire, Continent did a good deal of miscellaneous business and the
through the recent large increase in spindles, was turning colonial and home trade did well. Yarns and goods exports
out a larger volume of yarn than ever before, making it
„Britain aggregated 116,890,000 lbs., against
problematical whether under existing conditions the posi 104,716,000 lbs.
in April 1910. Estimates of consumption
tion of the market could be maintained. A great production were unchanged. L i v e r p o o l . — Tending slightly downward
and distribution was going on, but after the antecedent at the opening, the course of the market for the raw material
heavy buying a lull had intervened which the decline in thereafter was quite generally upward. On the 1st, middling
cotton helped to accentuate. As a panacea for the over uplands was quoted at 7.64d., a drop of 19 points from
production of yarn, organized short-time in the spinning the March close, but the loss was fully recovered by the 7th.
industry was being discussed, but no decided action had been By the 18th there was a further advance to 8.02d. and on
taken up to the end of the month, further consideration of the 24th the quotation stood at 8.23d. From that level
the matter being left to be taken up in March. A dispute in there was a decline to 8.20d. on the 25th, a rise to 8.30d.
the weaving industry at Radiham, which threatened to be the following day, a falling off to 8.27d. on the 28th and an
formidable, was settled at a joint conference on the 13th advance to 8.31d. on the 29th. The close, therefore,showed
The cloth market was flooded with offers anticipating lower
— nearly 3^d.— over the last March price.
prices in view of the decline in cotton, but manufacturers a MAY .— Manchester.—
While the Lancashire spinning mills
unexpectedly maintained a firm attitude. Manufacturers consumed a large volume of cotton during May, they were
could sell by guaranteeing early delivery, but many were not working up to their full capacity. Their position as re
booked for some time forward and in selling insisted upon gards orders was little, if any, better at the close than at the
better margins. Trade for all foreign markets was quiet, opening, and it was asserted that the margin on yarn spun
but a fair business was done for home consumption. Yarns from American cotton had decreased. In fact, with cotton
and goods exports for the month were 118,549,000 lbs
continuing to rule at the current high level, many were forced
against 106,570,000 lbs. in February 1910. Estimates of to face the alternative of curtailing the output, or work at a
consumption were unchanged. L i v e r p o o l .— The market for loss. I hat an attempt would soon be made to organize
cotton was rather inactive during the month. Fluctuations short-time in Lancashire was a current report early in the
in prices, while frequent, were on the whole within a narrow month. At Barcelona the International Federation passed
range, with the net change for the month a falling off of resolutions to take the question up promptly and all coun
30 points. Middling uplands opened at 8d., but there was tries represented at the annual congress were committed to
a decline to 7.71d. by the 9th. A recovery of 6 points on make efforts to reduce production. In line with this the
the 10th was followed by an easing off to 7.53d. on the 13th General Committee at a meeting in Manchester on the 26th
and a rise to 7.59d. on the 15th. On the 16th the low of
wl°-*VeC^ recominend the stoppage for a week and a day at
the month (7.47d.) was reached and subsequent fluctuations Whitsuntide of all mills using American cotton, this being
to the 22d made no net change. Thereafter the course explained as preliminary to a further appeal. The month’s
was towards a higher level and the month ended with business in cloth was not very large, but there was no special
middling uplands ruling at 7.70d.
cause for complaint,as prospects were still considered good.
MARCH.— M a n c h e s t e r . — Although it cannot be said that As between those spinning and those buying their yarns, the
"here was any especial activity in the cotton goods market advantage lay with the latter. News from India was gen
in March, a fair volume of orders was booked, and manu erally good, and with a favorable monsoon much was hoped
facturers on the whole were a little better off at the close for later on from that locality. Calcutta bought quite freely
than at the beginning of the month. The reverse, however, during the month and other Eastern markets were not idle.
was the situation with spinners, who not only suffered from Demand from China was decidedly quiet, but Shanghai
over-production of yarns but had to face in addition very reports continued encouraging. South America bought
poor financial returns, meaning in some cases an absence rather sparingly but steadily, and there was a fair business
of practically all profit, if not an actual loss. Looms were for Turkey and Egypt. With fine weather, the home trade
fully occupied and output would have been larger were it was good and colonial markets gave useful support. Exports
not for the scarcity of competent hands. The result of of yarns and goods from Great Britain reached a total of
the move to bring about short-time in the spinning industry 122,604,000 lbs., comparing with 101,777,000 lbs. in May
would seem to have indicated that, notwithstanding the 1910. Consumption was upon the same weekly basis as in
over-production of yarn frequently referred to, the time April. L i v e r p o o l . — The market for the raw material ruled
was not ripe for organized curtailment. The proposition quite steady during the month. Middling uplands opened
of the Executive Committee of the Spinners' Federation was at 8.33d., an advance of 2 points from the April close, and
to stop on Saturdays for three months, but, as the vote at no time were there any wide fluctuations. From the
announced March 24 showed, the concurrence of only 80%, opening level there was a drop to 8.23d. by the 5th, and
instead of the 90% necessary to carry, it fell through. after day-to-day changes the high point of the month—
S e p t . 9 1911 ]
the
637
c h r o n ic l e
| Total.
Great
llrlt
8.42d.— was reached on the 12th. Thereafter there was no of fair dimensions for that quarter were booked, notwith
particular feature to the trading, the market dropping to standing the frequent and at times wide fluctuations in
8.33d. (on the 16th), advancing to 8.40d. (on the loth), American cotton. On the whole, however, buyers displayed
falling to 8.22d. (on the’27th) and recovering to 8.2b at the much caution throughout the month. Home trade natur
ally was very much hampered by the strike. Liverpool. ■
JUNE.— Manchester.— In consequence of the interruption The market for raw material ruled dull or neglected prac
to business occasioned by the Whitsuntide and Coronation tically all the month, the daily sales having been abnormally
holidays, transactions in the cotton-goods market m June light at times. The course of prices, however, while not
were in the aggregate of only comparatively model ate steady, was generally toward a higher level, following the
volume. The position of manufacturers, therefore, was at important decline witnessed in July. Middling uplands
the close not so strong as a month earlier, even though they opened the month at 6.62d. and advanced rather sharply to
were quite well under orders. Spinners, morcovei, were 6.95d. by the 4th. From that level there was a decline to
hampered by the over-production of yarn. Ihe satis 6.62d. on the 9th, a recovery to 6.80d. the following day
factory condition of the American crop, presaging in t le and a recession to 6.64d. on the 12th. Fluctuations there
minds of many a lower range of values in the near future, after were frequent, but mainly upward, the quotation
acted to discourage any free placing of orders. Inc tact, standing at 6.92d. on the 26th, but declining moderately
however, that present running was guaranteed by the en later. The close was at 6.92d., which compares with 7.9Sd.
gagements already booked did not make the adoption of at the end of the previous season, or a decline for the year of
.
.
short-time inevitable, and while many believed that the 1.06d.
We now give a compilation which covers the figures of
ballot to that end, to be completed July 4, would be found to
consumption
in
detail
for
each
of
the
principal
countries
have obtained the 80% now necessary to carry, others were
of the mind that the movement as an organized affair would embraced in the statement of the world’s annual consump
fail. Considerable interest centred upon the ratification of tion already presented, and the total of all. These figures
the’ Massachusetts (U. S.) Factory Act, which reduces the are not the takings of the mills, but the actual consumption,
maximum hours in the mills of that State to fifty-four per and are in all cases expressed in bales of 500 pounds. The
week, as it was believed it would have some bearing on the figures in the table cover the years from 1884-85 to 1910-11,
movement in Lancashire for a forty-eight-hour week. The
Northern Counties Weavers’ Amalgamation’s decision to
United States.
Europe.
postpone indefinitely demands for a 10% advance in wages
*9
K
removed for the time being a cause of some apprehension . The SQO-lb .bales
C 1
Total.
£
5
good start of the monsoon in India encouraged hopesof a favor 0 0 0 somllted
<
C
J
o
■s
PS.
3
able trade with that country and the outlook for China ap
s
o
s
e
o
"s
£
5
peared promising, as stocks there were not large and deliveries
7 ,4 4 4
were being well absorbed. Better weather was favorable to 1 8 3 4 -4 5 . . 2 ,7 4 6 2 ,6 0 4 5 ,3 5 0 1 ,2 8 6 241 1 ,5 2 7 4 67
100
8,12
120
1 ,8 2 2
5 04
,7 7 2 , 5 ,6 7 4
1 ,5 1 2
310
the home trade. Exports of yarns and goods from Great 1 8 8 5 -8 6 . . 2 ,9 0 2 22 ,9121
8 ,5 0
130
569
5 ,8 6 7
1 ,9 3 9
1 ,5 7 8
3 61
2,9551
1 8 8 6 -8 7 . . .
Britain were 115,804,000 lbs., against 112,478,000 lbs. in 1 8 8 7 - 8 8 . . . 3 ,0 7 3 3 ,0 3 7 6 ,1 1 0 1 ,6 2 4
8 ,8 9
140
617
4 0 0 2 ,0 2 4
9 ,2 6
1
5
0
6
9
7
6
,2
7
2
444
3
,2
5
6
1
,7
0
4
2
,1
4
8
3
,0
1
6
June 1910. Consumption proceeded at the same weekly 1 8 S 8 -8 9 . . .
9 ,7 9
1 60
791
1 ,6 8 2
5 03 2 ,1 8 5
3 ,2 2 7 3 .4 3 2 6 ,6 5 9
1 8 S 9 - 9 0 ___
rate as in May. Liverpool.— Crop advices from America
8 ,6 7
134
6
0
7
1
,9
4
1
1
,5
6
4
3
7
7
3
,0
0
2
5
,9
8
8
were the dominating factor in the market for the raw ma
A v . 0 y ’ rs 2 ,9 8 6
terial during the month. At the opening there was an ad
924
99
106
5 57 2 ,3 6 7
1 ,8 1 0
3 ,3 8 4 3 ,0 3 1 7 ,0 1 5
9 14
1 25 1 0 ,5 6 5
150
6 3 2 2 ,5 7 6
1 ,9 4 4
3 ,1 8 1 3 ,6 1 9 6 ,8 0 0
vance of 5 points, and on the 6th a further similar rise that
200
1 9 5 1 0 ,2 9 1
918
1 ,8 7 2
6 7 9 2 ,5 5 1
6 ,5 2 7
2 ,8 6 6 3 ,6 6 1
carried middling uplands to S.38d.— the high point of the
192
1 05 1 0 ,5 8 0
959
671
2 ,2 0 4
1 ,5 9 3
3 ,2 3 3 3 ,8 2 7 7 ,0 0 0
1 ,0 7 4
286
100 1 1 ,5 4 3
8 0 3 2 ,7 4 3
month. The next few days there was no well defined ten
1 ,9 4 0
3 ,2 5 9 4 ,0 3 0 7 ,2 8 0
129
363
2 ,5 7 2
1 ,1 0 5
7 ,4 3 0
1 ,7 1 1
8 61
4
,1
6
0
3
,2
7
6
1
8
9
5
-9
6
.
.
.
dency to the market, but by the middle of the month a
1 20 1 0 ,8 4 9
2 15
decline was well under way and by the 27th mi ld ing had
9S 3
1 ,8 1 2
7 ,0 1 9
7 0 0 2 ,5 1 2
A v . 6 y ’ rs 3 .1 9 S 3 ,8 2 1
dropped to 8.03d. A recovery to 8.14d. occurred on the
1 32 1 1 ,8 8 0
414
1 ,0 0 4
9 62 2 ,7 3 8
1 ,7 7 6
3 ,2 2 4
4 ,3 6 8 7 ,5 9 2
1 8 9 3 -9 7
5 34
1 ,1 4 1
191 12,888
28th, but the close was at 8.04d.
1 ,8 0 3 ' 1 ,1 5 4 2 ,9 6 2
3 ,4 3 2 4 .0 2 S 8 ,0 6 0
1 8 9 7 -9 S . . .
142 1 4 ,0 1 5
JULY.— Manchester.— The market tor cotton goods was 1 8 9 8 -9 9 . . . 3 ,5 1 9 4 ,7 8 4 8 ,3 0 3 2 ,2 4 4 1 ,3 0 9 3 ,5 5 3 1 ,3 1 4 7 0 3
157 1 3 ,7 7 3
711
1 ,1 3 9
3 ,8 5 6
1 ,5 0 1
4 ,5 7 6 7 ,9 1 0 2 ,3 5 5
3 ,3 3 4
-0 0 . . .
affected by the important decline in the value of 11 98 09 09 -0
1 52 1 3 .4 1 6
632
1 ,0 6 0
1 ,5 7 7 3 ,7 2 7
3 ,2 6 9 4 ,5 7 6 7 ,8 4 5 2,15(1
1 ...
1 79 1 4 ,4 1 5
the raw material during the month, which served to cause 1 9 0 1 -0 2 . . . 3 .2 5 3 4 ,8 3 0 8 ,0 8 9 2 ,2 0 7 1 ,8 3 0 4 ,0 3 7 1 ,3 8 4 7 2 6
considerable anxiety about the orders that had been placed
1 59 1 3 ,3 9 8
620
1 ,1 7 4
1 ,3 8 9 3 ,4 7 8
A v . 6 y ’ rs 3 ,3 3 9 4 ,0 2 8 7 ,9 0 7 2 ,0 8 9
at relatively high prices. The decline was precipitated by
1 9 9 1 4 ,4 7 8
1 ,3 6 4
5 07
6 7 4 ,0 1 5
the fact that the crop in the United States was developing 1 9 0 2 -0 3 . . . 3 ,1 8 5 5 ,1 4 8 88 ,3,1 30 35 22 ,0,00418 11 ,9
1 76 1 4 ,3 1 0
693
1 ,3 6 8
,9 0 7 3 .90S
3 ,0 1 7 5 .1 4 8
4 ...
very satisfactorily and the realization that with average 11 99 00 34 -0
1
,4
7
4
7
5
5
3
0 5 1 5 ,6 1 2
4
,3
1
0
2,1 9 4
2 ,1 1 6
3 ,6 2 0 5 .1 4 8 8 ,7 6 5
-0 5 . . .
874
2 23 1 6 .4 3 5
1 ,5 8 6
4 ,7 2 6
2.28C
seasons the ultimate yield was likely to largely exceed all 1 9 0 5 -0 6 . . . 3 .7 7 4 5 ,2 5 2 99 ,3,0 52 26 22.44C
1 .5 5 2
2 3 8 1 6 ,9 9 9
907
,5 7 5 2 ,3 7 5 4.95C
3 ,8 9 2
5.46C
1 9 0 6 -0 7 . . .
former records in production. The attempt of the Master 1 9 0 7 -0 8 . . . 3 ,6 9 0 5 ,7 2 0 9 ,4 1 0 2 ,0 9 3 2 ,1 3 4 4 ,2 2 7 1 ,5 6 1
192 1 6 ,2 8 1
891
Spinners’ Federation to bring about organized short-time in
R
4
8
4
2
23 1 5 ,6 8 0
781
2
,1
3
1
4
,3
5
6
2
,2
2
5
8
.8
4
2
A v . 6 y ’ rs 3 ,5 2 9 5 ,3 1 3
Lancashire failed, as the percentage of members in favor
,1 0 4
was below the necessary figure. The failure of the movement 1 9 0 8 -0 9 . . 3 ,7 2 0 5 .7 2 0 9 ,4 4 0 2 ,4 4 8 2 ,4 6 4 4 ,9 1 2 11 ,6,5 51 37 1 ,08 5815 22 47 98 11 57 ,9
85
2 ,2 6 7 4 ,5 3 3
2 ,2 6
5 ,4 6 0 8 ,6 3 5
,1 7 5
to receive the requisite support was ascribed to the fact that 11 990190-1- 10 1** .. .. 33 .6
2 6 0 1 6 ,3 9 2
1 ,0 8 7
1 ,5 0 0
5 .4 6 0 9 ,0 6 0 2 ,2 3 0 2 ,2 5 5 4 ,4 8 5
00
manufacturers were doing well and anticipated a very good
IM g U n J S U I .E-Ul
in u iu p w w u
^
----- - • *
.
fall trade, and that spinners’ margins had apparently im
proved somewhat. The distribution of goods was handi c h a n g e d s l i g h t l y b y M r . E l l i s o n I n h i s O c t o b e r a n n u a l
capped severely during the month by the dockers’ and
Another general table which we have compiled of late years
carters’ strike. While a fair business was done in cloth early is needed in connection with the foregoing to furnish a com
in the month, the volume of transactions sulfcred consider prehensive idea of the extent and the expansion of this
able reduction later as a result of the decline in cotton, but industry. It discloses the world’s cotton supply and the
the margins of profit were increased thereby. The unsatis sources of it. The special points we have sought to illus
factory character of the Indian monsoon was an unfavorable trate by the statements are, first, the relative contribution
development of the month, but a fairly well distributed trade to the world’s raw material by the United States and by
for that quarter was put through. China did a good business other sources, and, second, to follow its distribution. Be
and some manufacturers were largely under engagements for ginning with 1896-97, the figures of visible supply include
that country. Egypt and the Levant also did fairly well, Alexandria and Bombay stocks.
but South American markets, as well as the Colonial and
W O R L D ’S S U P P L Y A N D D IS T R IB U T IO N O F C O T T O N .
home trade were reported rather quiet. Exports of yarns
and goods from Great Britain were 105,005,000 lbs., against
Visible
Balance o! Supply.
123,735,000 lbs. in July 1910. Weekly rate of consumption
and
Crops.
End oj Year.
Total
Invisible
5 0 0 -1 6 .
the’ same as in June. Liverpool— A generally downward
Actual.
Supply
bales.
Consump
tendency, in agreement with the course of prices in the United
All
United
Begin
In
Total.
tion.
Others.
ning 0/
States.
States, characterized the trend of the market for the raw
Visible. visible,
Year.
material. Middling uplands opened the month at 7.99d.,
3 5 9 .0 0 0
9 8 4 ,0 0 0
1 .85 5 0. . 0. 0 0 5 . 1 3 6 . 0 0 0 2 . 1 0 1 . 0 0 0 7 , 2 3 7 , 0 0 0 7 . 4 4 4 . 0 0 0
and, after dropping to 7.93d. on the 3d, moved up to S.OSd. 1 8 8 4 4 7 3 .0 0 0
9 6 8 ,0 0 0
1 .83 64 —
3 .0 0 0 5 .9 8 4 .0 0 0 2 .2 3 4 .0 0 0 8 ,2 1 8 ,0 0 0 8 .1 2 0 .0 0 0
4 7 4 .0 0 0
on the 6th. For a few days thereafter the decline was mod 11 88 88 56 -8 ,5 0 5 ,0 0 0 ,
9 9 9 ,0 0 0
5
,9
6
0
,0
0
1
)
2
.
5
7
7
.
0
0
0
8
,
5
3
7
,
0
0
0
1 .84 74 1
.
0
0
0
—
5 1 9 .0 0 0
7 7 2 ,0 0 0
1 .S4 87 —
3 .0 0 0 6 .4 0 0 .0 0 0 2 .3 0 9 .0 0 0 8 ,7 0 9 ,0 0 0 8 .8 9 1 .0 0 0
erate, 7.73d. being the ruling quotation on the 13th. Sub 1 8 8 7 4 3 7 .0 0 0
6 8 2 ,0 0 0
1 .2 9 1 .0 0 0 6 .4 0 3 .0 0 0 2 .6 3 2 .0 0 0 9 ,0 9 5 ,0 0 0 9 .2 6 7 .0 0 0
1 8 8 S -8 9 —
sequent to the middle of the month, however, prices fell 1 8 8 9 - 9 0 — 1 . 1 1 9 . 0 0 0 6 . 8 2 0 . 0 0 0 2 . 9 3 3 . 0 0 0 9 , 7 5 3 , 0 0 0 9 . 7 9 5 . 0 0 0 8 4 6 , 0 0 0 2 3 1 . 0 0 0
away rapidly and by the close the price had receded to 6.57d.
A verage
...................
...................| 6 , 1 2 7 , 0 0 0 2 , 4 6 4 , 0 0 0 ( 8 . 5 9 1 , 0 0 0 8 , 6 7 0 , 0 0 0
6 years.
...................
AUGUST.— Manchester.—■Various factors served to ad
4 2 7 .0 0 0
9 1 . . . '1 , 0 7 7 , 0 0 0 8 ,1 3 7 ,0 0 0 !3 .0 3 9 ,0 0 0 1 1 ,1 7 6 ,0 0 0 :1 0 ,5 1,31 1,050,00010
versely affect the market for cotton goods during August. 1 8 9 0 5 0 8 .0 0 0
1 00,0
9 2 . . . 1 ,7 4 2 ,0 0 0 8 .6 4 0 ,0 0 0 3 ,0 0 1 ,0 0 0 1 1 ,6 4 1 ,0 0 0 ,1 0 ,5 0,3
5 ,0
0 020
Not the least important of these was the strike of the railway 11 88 99 12 -3 5 5 .0 0 0
9 3 . . . 2 ,8 1 8 .0 0 0 6 ,4 3 5 ,0 0 0 !3 ,2 9 6 ,0 0 0 9 ,7 3 1 ,0 0 0 ,1 0 ,2 9,9
1 0,030,00010
3 3 6 .0 0 0
and other employees, which interfered with the delivery of 1 8 9 3 9 4 . . . 2 .2 5 S .0 0 0 7 ,1 3 6 .0 0 0 ’3 ,3 1 4 ,0 0 0 1 0 ,4 5 0 ,0 0 0 ,1 0 ,5 8,7
09
,020,00 010
9 5 . . . '2 , 1 2 8 , 0 0 0 9 ,6 4 0 ,0 0 0 2 .9 7 8 .0 0 0 1 2 ,6 1 8 ,0 0 0 1 1 .5 4,13 8,050,00 020 1 ,0 1 8 ,0 0 0
the raw material to the mills and the distribution of finished 1 8 9 4 products. But aside from this, the unsettled condition of A v e r a g e ------------------- ----------------------- ,
6 y e a r s . , __________ 7 , 8 1 7 , 0 0 0 3 , 1 7 5 , 0 0 0 . 1 0 , 9 9 2 , 0 0 0 1 0 , 8 4 9 , 0 0 0 ! ...................| ....................
the Liverpool market was a factor militating greatly against
operations. At the opening of the month buyers quite gen 1 8 9 6 9 7 . . . 1 , 9 3 1 , 0 0 0 8 , 413 ,54 .38 86 ,80 0 0 1 1 , 8 7 3 , 8 6 8 1 1 , 8 8 0 , 3 3 2 1 , 2 9 5 , 6 3 G ; 6 2 8 , 0 0 0
9 8 . . . 1 , 9 2 3 , 6 3 6 1 0 , 839, 3
0 ,1060,02 9 0 1 4 , 2 0 0 , 2 9 0 1 2 . 8 8 8 . 7 6 8 1 . 9 0 5 . 1 5 8 . 1 . 3 3 6 . 0 0 0
erally were keeping out of the market in view of the important 11 88 99 78 -3 , 6 9 4 ,9 3 4 ; i 4 , 7 7 2 ,9 3 4 1 4 ,0 1 4 ,7 2 8 2 , 3 7 1 ,3 6 4 ; i , 6 2 8 ,0 0 0
decline in cotton, but in some cases a fair volume of business 1 8 9 9 - 0 0 . . '3 ,99 99 9. .. 3. 6: 34, 2 491, 1, 13578, 01010. 037, 08 ,9020,08 9 7 ; 1 2 , 2 2 9 , 8 9 7 1 3 . 7 7 2 . 7 7 2 1 . 0 7 1 . 4 8 9 . 1 . 3 8 5 . 0 0 0
was put through by sellers accepting the best offers obtaina 1 9 0 0 - 0 1 . . . 2 , 4 5 6 . 4 8 9 1 0 , 2 1 8 , 0 0 0 3 , 4 1 4 , 4 5 4 1 3 , 6 3 2 , 4 5 4 ,11 34 ., 44 11 54 ,, 99 01 86 11, ,534096,,002678 : 11 ,,13 26 46 ,,00 00 00
ble. More favorable news from the monsoon served, of 1 9 0 1 - 0 2 . . . 2 , 6 7 3 . 0 2 7 1 0 , 3 8 0 , 3 8 0 4 , 0 3 3 . 5 6 9 1 4 , 4 1 3 , 9 4 9
6 y e a r s . . __________ 1 0 , 0 2 3 , 2 0 7 . 3 , 4 9 8 , 3 5 8 j l 3 , 5 2 1 , 5 0 5 1 3 , 3 9 7 , 9 1 1
course, somewhat to allay anxiety as to the prospects of
trade with India, and toward the middle of the month orders
638
5 0 0 -lb.
bales.
THE CHRONICLE
Visible
and
Invisible
Su-pply
Begin
ning of
Year.
Crops.
United
States.
A ll
Others.
2 ,06 5
7 2. ., .0 0 8 1 0 , 5 1 1 . 0 2 0
2 ,09 42 1. .,.0 6 1
9 ,8 4 1 ,0 7 1
2 ,7 7 0 ,2 4 4 1 3 ,4 2 0 ,0 5 0
5 ,1 0 2 ,6 3 3 1 1 ,0 0 2 ,9 0 4
190819091910-
5 ,01 9
2 8. ., .5 7 6 1 3 , 5 4 0 , 8 9 0 1 4 , 4 1 9 , 1 6 9
. .,.1 4 8
5 ,19 09 4
1 0 ,2 6 7 ,5 2 6 5 ,0 2 1 ,6 0 5
5 ,12 1
9 4. ., .7 1 6 1 1 , 8 5 2 , 4 1 2 5 , 0 1 8 , 0 0 0
4 ,2 1 5 ,0 0 7
4 ,3 1 7 .6 7 0
4 ,5 2 4 ,0 0 0
4 ,6 4 8 ,6 2 9
14
14
17
15
,7 2 6 ,6 8 7 1 4 ,4 7 7 ,6 9 4
,1 5 9 , 3 4 1 1 4 , 3 1 0 , 1 5 8
9 4 4 .0 5 6 1 5 ,0 1 1 ,6 6 7
6 5 1 ,5 3 3 1 6 ,4 3 5 ,2 2 8
4 ,3 1 8 ,9 3 8 1 3 ,3 0 6 ,8 4 6 5 ,3 0 7 ,3 2 0 18 0 1 4 ,1 0 6 1 6 ,9 9 8 .8 9 8
0 8 ...
5 .9 3 4 ,2 0 6 1 1 ,2 5 7 .5 3 8 4 ,2 1 8 ,1 0 4 15 4 7 5 ,0 4 2 1 6 ,2 8 1 .2 7 2
- - - - - -
w ss :-6
b e :^ aa ss ' ffoo ll ll oo w
rw „,
Total.
Balance o f Supply.
En d o f Year.
Visible.
190219031904-0 5 . . .
1 9 05-0 6 ...
1 9 0 0 -0 7 ...
1907A verage
6 years.
Supply —
Total
Actual
Consump
tion.
th8
In
visible.
1 .7 4 3 ,3 8 4
1 ,7 3 5 ,0 0 7
2 ,6 0 1 ,1 6 4
2 ,6 1 6 ,4 5 3
3 ,7 1 8 ,7 0 9
3 ,5 2 8 ,4 7 2
1 1 ,5 5 6 ,6 7 2 4 ,5 3 8 ,5 6 5 1 6 ,0 9 5 ,2 3 7 1 5 ,6 8 5 ,8 1 9
,0 3 0 ,0 5 9 1 7 ,1 6 4 ,4 8 7 1 ,8 7 5 ,1 4 0 4 ,1 1 9 ,0 0 8
,2 8 9 ,1 3 1 :1 5 ,9 8 8 ,5 6 3 1 ,3 6 7 ,6 2 4 3 ,9 2 7 ,0 9 2
,8 7 0 ,4 1 2 1 6 ,3 9 2 ,2 7 6 1 ,5 3 7 ,2 4 6 4 ,2 3 5 ,6 0 3
P r e c c d i n g ’ t a k e t h c las)t s e a s o n , T o
10- 1 1
, and
t h e r e s u lt s w o u ld
First Of counting each bale of cotton at the Southern
outport where it first appears.
Second— Of deducting from gross overland all cotton
shipped by rail from Southern outports to the North
Third Of deducting also from overland any amounts
taken from Southern outports for Southern consumption.
fourth— Of deducting likewise arrivals by railroads at
New York, Boston, Baltimore and Philadelphia, all of
which have been counted in the receipts from week to week
during the year.
With these explanations, nothing further is needed to
make plain the following statement of the movement over
land for the year ending Aug. 31 1911.
V
V
V
V
V
V
V
T o ‘ a l s u p p l y — b a l e s o f 5 0 0 l b s ................................................
T o ta l c o n s u m o t io n , & c _ .
.......................................... A 'kn o 'V ie
L e a v i n g v i s i b i o s t o c k .................................... T 53 V 940
, J
°
Distribution—
L e a v i n g i n v i s i b l e s t o c k .............................. .............. I . . I I I l 4 , 2 3 5 [ 6 0 3
T o t a l v i s i b l e a n d i n v i s i b l e s t o c k a t e n d o f y e a r _______________
E X P O R T S
OF
Years e n d - ------------------- 1 9 1 1 ------------------ing Ju n e 3 0 .
Total value.
To—
Yards.
S
COTTON
M A N U FACTU RES.
Total value.
-------------------1 9 0 9 --------------------
8
Yards.
Yards.
Total value.
A r a b i a . . . 1 8 ,6 4 6 8 5 9
1 ,0 6 7 ,3 8 2
9 ,0 9 4 ,5 2 0
4 6 4 ,4 1 3
2 6 ,9 7 0 ,9 5 0
1 ,3 1 2 ,2 6 5
C a n a d a . . 1 0 ,3 6 5 ,4 7 4
9 9 8 ,3 7 6
1 0 ,1 8 3 ,4 7 4
9 4 5 ,7 9 9
7 ,7 8 8 ,6 1 7
7 3 7 ,3 3 8
C c n t .A m e r . 3 7 ,2 4 8 7 5 9
2 ,2 4 6 ,9 8 9
2 4 ,0 9 3 ,1 8 4
1 .4 4 2 ,4 4 5
3 1 ,5 1 5 ,0 8 2
1 ,6 6 1 ,0 7 0
W . I n d i e s . 6 5 .2 7 7 .4 1 8
4 ,4 4 6 ,9 3 4
5 3 ,1 2 7 ,8 4 6
3 ,4 4 3 ,1 4 7
6 4 ,2 5 9 ,7 0 1
3 .S I S ,9 2 9
S o . A m e r . 4 7 ,2 0 5 ,0 2 9
3 ,2 5 3 ,0 1 2
4 3 ,7 8 1 ,3 9 4
2 ,7 2 2 ,9 2 7
4 4 ,3 4 7 ,7 7 1
2 500 330
C h i n a -------- 8 0 , 7 3 9 , 5 4 2
5 ,2 9 3 ,3 9 4
9 5 ,0 4 1 ,1 5 5
5 ,7 6 2 ,3 1 8 1 3 9 9 S 7 .0 1 3
8 ,0 0 3 ,8 5 7
A s I a & O ’ n ia 5 9 .6 6 1 ,7 6 5
4 ,7 3 4 ,8 4 6
4 8 ,4 1 8 ,5 5 5
3 ,1 3 5 ,7 8 2
2 3 ,6 7 0 ,8 2 5
1 ,5 5 8 ,0 8 1
E a s t I n d ie s 9 .2 9 7 ,2 8 0
9 9 0 1 904
7 6 7 ,3 5 8
7 3 1 ,2 7 2
1 2 ,0 0 0 .8 0 3
7 9 0 ,8 3 3
A l l o t h e r s . 1 8 ,1 4 8 ,0 3 7 ( 1 1 8 ,0 4 8 ,6 2 9
________________________________ 16| 1 7 9 1 2 5 2 ( 1 1 4 ,7 4 8 j 9 9 4
1 7 ,0 8 4 ,7 2 0 (^ 1 1 ,4 8 6 ,’ 8 6 3
ia
ia
ia
ia
ia
ia
ia
4 0 ,8 5 1 ,9 1 8
3 0 9 .9 1 1 ,3 0 1
3 3 ,3 9 7 ,0 9 7
3 6 7 ,6 3 1 ,5 4 2
3^878^566
d I n c lu d e s v a lu e s o f e x p o r t s o f c lo t h in g , y a r n , w a s t e . & c .
Overland and Crop Movement.
OVERLAND. A very appreciable increase in thc amount
w-fuu
camed overland the past year is to be noted.
With the crop exhibiting a considerable augmentation over
the poor crop of thc year preceding, it is not surprising that
there should be a gain in the volume of cotton carried by the
overland routes; but the increase this year has been pro
portionately no heavier than the advance in yield. That is to
say, the excess over the preceding season’s overland move
ment is 160,103 bales, or 13.86%, as contrasted with a gain in
the crop of 1,481,371 bales, or 13.9%. Stated in another
way, the movement of cotton to ports outside the cotton
belt, or to Northern mills, this season by the all-rail routes
aggregated 10.83/% of the total yield, against 10.811% in
1909-10. But even with the increase in volume noted
the movement of cotton overland was smaller in thc season
just closed than in many years when the crop was of much
lower total than now recorded. This, of course, is to be
ascribed to the much better means of shipment by the water
joutes now than then. As regards the 1910-11 overland
movement, the increase recorded, as will be observed from
the compilation below, has been quite generally shared in and
in some instances the gains are noticeably heavy. The in
crease in the movement over “ other routes’ ’ reflects the
larger takings by Japan from the United States this season.
1 ° indicate the relation the gross overland movement bears
the foilmvir ^1C C ln eacb
*be
twenty years, we append
Crop of —
1 9 1 0 - 1 1 ..............
1 9 0 9 -1 0 . . .
1 9 0 8 - 0 9 ..............
1 9 0 7 - 0 8 ..............
1 0 0 6 -0 7 .
. .
1 9 0 5 - 0 6 ..............
1 9 0 4 - 0 5 ..............
1 9 0 3 0 4 ________
1 9 0 2 - 0 3 .................
1 9 0 1 - 0 2 .................
1 9 0 0 - 0 1 ..............
1 8 9 9 0 0 ..................
1 8 9 8 - 9 9 .................
1 8 9 7 -9 8 ...
18909 7 ..
1 8 0 5 -9 6 . _
*
1 8 9 4 -9 5 ...
'
1 8 9 3 -9 4 ...” '
1 8 9 2 -9 3 ... ”
1 8 9 1 - 9 2 ______ '
C h a n g e fr o m
Total Y ield .
Cross
Overland.
B a les.
B a les.
1 2 ,1 3 2 ,3 3 2
1 0 ,0 5 0 ,9 6 1
1 3 ,8 2 8 ,8 4 6
1 1 .5 3 1 ,3 2 9
1 3 , 5 > 0 ,7 6 0
1 1 ,3 1 9 ,8 6 0
1 3 ,5 5 0 ,8 4 1
1 0 ,1 2 5 ,1 7 6
1 0 ,7 5 8 ,3 2 6
1 0 ,7 0 1 ,4 5 3
1 0 ,4 2 5 ,1 4 1
9 ,4 3 9 .5 5 9
1 1 ,2 3 5 .3 8 3
1 1 ,1 8 0 ,9 0 0
8 ,7 1 4 .0 1 1
7 , 1 6 2 , 4 7.3
9 ,8 9 2 ,7 6 6
7 ,5 2 7 .2 1 1
0 ,7 1 7 ,1 4 2
0 .0 3 8 .7 0 7
1 ,3 1 4 ,7 4 5
1 ,1 5 4 ,6 4 2
1 ,6 2 6 ,3 8 7
1 ,1 7 7 ,9 3 1
1 ,7 0 5 ,1 5 2
1 ,2 3 4 ,6 4 1
1 ,5 6 9 ,8 7 0
1 .1 2 0 ,9 9 3
1 ,4 3 8 ,2 6 3
1 ,6 7 5 ,0 4 2
1 ,7 0 7 ,0 4 0
1 ,7 9 0 ,2 3 8
2 .0 5 7 ,0 2 4
1 .8 9 6 ,0 1 1
1 ,2 8 2 .2 1 1
1 ,1 9 0 .2 9 9
1 .8 6 7 ,1 0 4
1 ,2 5 3 ,8 5 0
1 ,2 9 0 ,5 1 2
1 ,8 0 0 ,4 8 2
s e a so n o f ’9 l - ’ 92 t o ’
10 -
’l
1
.
Increase or Decrease.
Of Crop.
Of Overland.
P e r Cent.
P e r Cent
Increase 1 3 . 9 0
Decrease 2 2 . 0 8
Increase 1 9 . 4 0
1) crease 1 4 . 5 3
Increase 2 0 . 4 1
Decrease 1 6 . 5 1
Increase 3 3 . 8 9
Decrease 0 . 0 7
Increase
0 .5 3
Increase
2 .0 4
Increase 1 0 . 4 4
Decrease 1 5 . 9 9
Increase
0 .4 8
Increase 2 S . 3 1
Increase 2 1 . 0 0
Decrease 2 7 . 0 0
Increase 3 1 . 4 3
Increase 1 2 . 0 6
Decrease 2 5 . 6 8
Increase
4 .4 3
Increase
Decrease
Increase
D crease
Increase
Decrease
Increase
Decrease
Decrease
Decrease
Decrease
Decrease
Increase
Increase
Increase
Decrease
Increase
Decrease
Decrease
Increase
4 7 .9 0
7 .7 2
3 6 .2 5
4 8 .6 4
2 .8 4
2 8 .3 2
8 .0 6
Increase
Decrease
2 7 .0 0
3 4 .2 3
1 3 .8 0
2 9 .0 3
3 8 .0 7
3 0 .9 6
3 8 .1 1
2 1 .3 5
4 0 .0 7
2 2 .0 6
1 4 .1 9
5 .4 9
1.28
1 2 .9 8
7.8 3
In detorniining this year the portion of the crop forwarded
oy eacn ot the different overland routes, we have followed
our usua! methods—
g r o s s o v e r l a n d .........................................
Dedut sh ip m en ts —
5 2 5 ,6 2 5
2 1 6 ,2 9 8
2 0 ,0 3 2
1 3 1 ,3 8 1
8 0 ,2 7 0
1 7 3 ,0 5 9
1 0 1 ,4 8 0
4 6 4 ,0 6 4
1 8 6 ,1 2 3
1 9 ,9 1 5
1 3 5 ,6 7 4
4 8 ,7 9 2
1 5 0 ,2 8 8
1 4 9 ,7 8 0
6 8 6 ,4 6 5
3 0 7 ,3 0 5
3 0 ,0 9 3
8 5 ,8 1 7
5 0 ,2 2 7
1 9 4 ,5 2 5
2 7 1 ,3 5 5
1 .3 1 4 ,7 4 5
1 ,1 5 4 ,6 4 2
1 ,6 2 0 ,3 8 7
1 0 9 ,3 1 9
6 2 ,5 9 8
1 4 1 ,7 2 7
* 8 2 ,6 7 1
268
3 1 .1 3 6
2 0 ,6 9 7
2 2 ,2 9 8
9 ,8 1 1
1 1 ,3 1 6
1 8 ,0 1 2
1 4 8 ,4 2 7
1 0 5 ,6 3 4
O v e r l a n d t o N e w Y o r k , B o s t o n , & c ______
B e tw e e n In te r io r t o w n s , & c
.
G a l v e s t o n , I n l a n d a n d l o c a l m i l l s ............................
N e w O r l e a n s , I n l a n d a n d l o c a l m i l l s ..................
M o b i l e , & c . , I n l a n d a n d l o c a l m i l l s _____________
S a v a n n a h , I n l a n d a n d l o c a l m i l l s ............................
C h a r l e s t o n . I n l a n d a n d l o c a l m i l l s _____________
N o r t h C a r o lin a p o r t s . I n la n d a n d lo c a l m ills
V i r g i n i a p o r t s , I n l a n d a n d l o c a l m i l l s ..............
100
2 4 ,0 2 8
1 0 ,5 0 8
1 6 ,7 3 8
3 ,7 8 0
7 ,7 0 6
9 ,0 5 6
T o t a l t o b e d e d u c t e d _________ ________
L e a v i n g t o t a l n e t o v e r l a n d . a ..................................
1 9 0 8 -0 9 .
3 1 ,1 8 5
7 ,5 8 6
1 0 ,5 9 0
5 ,2 2 5
1 ,0 1 3
1 0 ,2 7 5
3 0 4 ,4 3 3 ]
3 3 7 ,9 3 0
3 2 0 ,5 3 5
1 ,0 1 0 ,3 1 2 '
8 1 6 ,7 0 6
1 ,3 0 5 ,8 5 2
a m o u n t e d t o 13
I n c l u d e s 5 f o r c l t r r w * a« ? d a r e d e d u c t « i m t h e ’s t a t e m e n t o f c o n s u m p tlo n .
in c iu a c s r o ie lg n c o t t o n c o n s u m e d a t th e S o u th .
,^.R 0 P ,PETAILS.— We now proceed to give the details
of thc entire crop for two years.
E x p o r t e d fr o m
T o fo r e ig n p
T o c o a s tw is e
T o S o u th e rn
r iv e r a n d r
M a n u fa c tu r e d
S to ck
^ T o t a l...3 4 0 ,5 9 0 ,1 6 9
1 9 0 9 -1 0 .
S t . L o u i s __________________ -----------------------b a l e s .
C a i r o _______________________
R o c k I s l a n d __________
L o u i s v i l l e ________________
C i n c i n n a t i ________
"
V ir g in ia p o i n t s . . . I I !
o t h e r r o u t e s _____________
T ota l
5 ,7 7 2 8 5 2
Export Movement of Cotton Goods from United States.
We give below a table compiled from the returns of ex
ports of cotton goods from the United States as reported
by the Bureau ot Statistics. These figures are for the last
three fiscal years and are presented in a form which enables
the reader to see at a glance the variations from year to year
in the volume of goods sent to the various quarters of the
1 W1!1 be observed that the 1911 total, reaching
$40,851,918, is greater than that for 1910 by $7,454,821
and is $8,973,352 larger than in 1909.
1 9 1 0 -1 1 .
Am ount sh ip p ed —
V i s i b l e a n d I n v i s i b l e s t o c k b e g i n n i n g o f y e a r ............................b a l e s
5 294 716
" l o t a l c r o p d u r i n g y e a r . . . ....................................... ....................................... . . . . ' . 1 6 , 8 7 0 . 4 1 2
„
[V O L . L X X X X III
L O U IS IA N A .
-1 9 1 0 -1 1 N e w O r le a n s :
o r t s . . . ...................... 1 , 5 1 3 , 0 2 3
p o r t s . .............. ...
8 4 ,1 3 1
p orts, & c , b y
’
a i l * ............................
1 4 ,9 6 5
9 ,6 6 3
* _______________ _
a t c l o s e o t y e a r --------------------
Deduct —
R e c e iv e d
R e c e iv e d
R e c e iv e d
S tock beg
f r o m M o b i l e ______
fr o m N . Y ., & c _ .
fr o m L iv e r p o o l,& c .
i n n i n g o f y e a r ---------
3 0 3 )6 2 — 1 ,6 5 2 ,7 4 4
2 0 ,3 8 5
1 0 ,7 5 1
2 3 ,4 3 6
1 4 ,0 3 9
4 ,8 0 5
2 256
2 3 ,4 3 0 —
2 5 ,2 1 5
373
1 ,1 9 0
3 9 ,5 7 1 - -
4 4 ,5 3 0
T o t a l m o v e m e n t f o r y e a r __________________
* In
o v e r la n d
- 1 9 0 9 - 1 0 ---------------,1 9 3 ,9 2 2
1 3 3 ,1 8 9
w e h a ve d ed u cted
1 608
th e se
tw o
1 ,3 8 1 ,0 8 3
208
0 6 ,3 5 5
1 ,3 1 5 ,3 2 8
Item s.
TEXAS.
-1 9 0 9 -1 0 -
E x p o r t e d f r o m G a l v e s t o n , & c~
191° -H
T o
fo r e ig n
p o rts
(e x c e p t
M e x i c o ) . . . _______________
2 945 0 5 4
T o M e x ic o fr o m G a lv e s to n ,
’
C o r p u s C h r i s t ! , & c ______
3 966
T o c o a s tw is e p o r t s ’ . .
5 1 7 ’985
dedu ct— Cl0S°
0 t y e a r ---------------------
R e c e iv e d a t T e x a s C it y , & c .,
f r o m G a l v e s t o n _______________
m ovem en t
I n c lu d e s
100
fo r
30
2 7 , 7 3 1 ___
y e a r ______________________
27
3
255
3 7 ,2 9 0 -
767
5 2 8 ,9 3 8
b a le s s h ip p e d I n la n d f o r c o n s u m p t i o n , d e d u c t e d
A L A B A M A .
--------------1 9 1 0 - 1 1 -
E x p o r t e d fr o m M o b ile : *
T o f o r e i g n p o r t s _________________
T o c o a s t w i s e p o r t s _____________
S t o c k a t c lo s e o f y e a r . .
Deduct —
I t e c ’ ts fr o m N e w O r l., & c
S t o c k b e g i n n in g o f y e a r . . 11
6 0 ,3 3 0
874-
head
2 5 2 ,0 8 2
1 5 5 ,1 ,6 1
1 0 4 ,3 9 2
006—
495
2,010—
1 ,1 6 1
E x p o r t e d f r o m B r u n s w ic k ", & c
T o f o r e i g n p o r t s ______
Burnt.____________ I
Stock at close of year—
2 5 5 ,0 6 5
M o b i l e a r c I n c l u d e d a ’ iJfW
7 6 0 ,0 3 0
1 1 ,4 0 8
5 0 2 ,6 8 6
3 5 ,9 4 7
5 7 5 ,4 0 1
4 0 ,4 9 4
1 8 7 ,5 2 8
4 1 ,7 2 8
1 9 1 ,5 8 2
4 2 ,4 0 4
15
:
22
3 5 ,3 7 7
4 ,3 8 5 — 1 ,7 2 0 ,0 3 4
Sea Island__________ _____
Received from N. Y ., & c..
Stock beginning of year—■
Sea
-1 9 0 9 -1 0 -
9 0 4 ,4 5 4
8 ,5 0 7
Deduct —
Is la n d
7 ,1 0 6
1 , 8 3 4 — .1 , 0 3 0 , 9 3 4
1,0 10
1 3 ,5 4 8
7 ,1 0 6
1 ,8 3 4 —
2 0 ,7 6 5
1 ,8 9 0 —
1 0 ,5 5 0
L 7 K ) , ______
084
y e a r ...........................................
____________________
*n tE
T S
h uc a
am
m io u n t s s ...........................
h ip p e d in la n d a n d ta k e n f o r c o n s u m p t io n
ln o v e r la n d .
T o t a,l
m ovem en t
fo r
H ‘ hcere wer?
at Savannah
S a v a n n a h nb y b r a I I 2 2 , 5 7 °
t lle ln te r I o r o I
N O R T H
C A R O L IN A .
Stock beginning of year___
T ota l
m ovem en t
fo r
F lo r ld ft
-------- 1 9 1 0 - 1 1 -------------- --
a re
d e d u cte d
w e r c r e c e iv e d
at
---------------- 1 9 0 9 - 1 0 ___________
3 8 3 ,1 1 2
2 5 ,8 0 1
8 3 ,0 6 0
2 ,0 3 0
252—
4 9 4 ,8 5 5
2 0 8 ,5 9 5
1 2 ,5 0 5
5 8 ,0 3 4
1 ,9 2 6
158—
158—
158
573—
y e a r ............................................
3 6 ,2 0 3
1 ,5 9 4 ,7 3 1
water from thc Florida outports
, a CS f r o , n
Exported from Wilmington:
To foreign ports______
To coastwise ports*.
Coastwise from Washington,&c
Manufactured ..............
Stock at close of year__ ”
Deduct —
b y
4 ,5 5 4
2 5 0 ,9 2 1
o f c o a s t w is e s h ip m e n ts fr o m
r te d fro m S a v a n n a h :
f o r e ig n p o r t s — U p la n d
.
fo r e ig n p o r t s — S e a I s la n d
c o a s tw is e p o r t s —
2 0 0 ,2 1 9
1 ,9 3 5
666—
G E O R G IA .
------------ 1 9 1 0 - 1 1 E xpo
T o
1o
lo
3 7 ,5 5 1
2 ,8 0 2 ,8 7 3
In o v e r l a n d .
---------------- 1 9 0 9 - 1 0 -----------------
1 8 4 ,8 7 8
T o t a l m o v e m e n t f o r y e a r __________________________
* U n d er th e
1 0 ,4 7 6
5 4 7 ,1 1 9
2 7 , 7 3 1 - - 2 ,8 1 0 ,4 2 4
5 9 ,’ 7 0 0 — 3 , 5 5 6 , 7 0 5
S t o c k a t b e g in n in g o f y e a r . .
T ota l
2 ,2 4 6 ,0 9 8
4 9 4 ,6 9 7
* ° f J i le iS e s., l l P m c n t s > 5 , 0 7 6 b a l e s w e n t i n l a n d b y r a i l f r o m
a n d , w it h lo c a l c o n s u m p t i o n , a r c d e d u c t e d In o v e r l a n d .
3 7 1 ,2 1 8
573
3 7 0 ,6 4 5
W ilm in g t o n
'
Sept.
THE CHRONICLE
9 1911.
S O U T H
season, the crop would have aggregated only 12,263,943
bales. The relation of the gross weights this year to previous
years may be seen from the following comparison.
C A R O L IN A .
-1 9 0 9 -1 0 -
--------- 1 9 1 0 - 1 1 -----------E x p o r t e d f r o m C h a r le s to n :
T o fo r e ig n p o r t s — U p l a n d ._
1 2 0 ,0 7 7
T o fo r e ig n p o r t s — S e a I s la n d
0
T o c o a s tw is e p o r t s —
U p l a n d * ________________________
1 4 5 ,9 0 9
S e a I s l a n d __________________________
1 2 ,0 3 2
E x p o r t e d c o a s t w is e —
1 ,4 5 4
F r o m G e o r g e t o w n , & c ________
S t o c k a t c lo s e o f y e a r —
1 ,4 4 4
U p l a n d _______________________________
1 ,3 5 3 —
2 8 8 ,2 7 5
S e a I s l a n d _________ ________________
Deduct —
R e c e iv e d fr o m S a v a n n a h , & c .:
U p l a n d ___________________________
S e a I s l a n d ______________________
S t o c k b e g in n in g o f y e a r —
240
U p l a n d _______________________________
53—
293
S e a I s l a n d _________________________
T o t a l m o v e m e n t f o r y e a r ----------------------------------------
1 1 4 ,8 0 2
1 ,0 5 8
9 7 ,9 7 8
1 8 ,8 9 4
Season of —
1 ,3 7 0
240
53-
2 3 4 ,4 0 1
3 ,2 7 8
075
344—
4 ,2 9 7
2 3 0 ,1 0 4
2 8 7 ,9 8 2
* I n c lu d e d In t h is I te m a r e 3 ,7 8 0 b a le s , t h e a m o u n t t a k e n
a n d s h i p p e d t o I n t e r i o r , a ll o f w h i c h Is d e d u c t e d I n o v e r l a n d .
F L O R ID A .
b y
lo c a l m ills
■
---------------- 1 9 1 0 - 1 1 ---------------------------------------1 9 0 9 - 1 0 ----------------E x p o r t e d fr o m P e n s a c o la , & c .:*
T o f o r e i g n p o r t s ------------ b a l e s .
1 2 4 ,0 0 0
1 4 4 ,0 7 9
2 8 ,9 4 1
T o c o a s t w i s e p o r t s a .................
5 1 ,3 8 4
1 9 5 ,5 0 2
S t o c k a t c l o s e o f y e a r ........................
372—
1 5 3 ,3 1 9
39
Deduct —
5 ,0 9 4
R e c e i v e d f r o m M o b i l e ..............
100
5 ,0 9 4
S t o c k b e g i n n i n g o f y e a r ______
39—
139
T ota l
m ovem en t
fo r
y e a r ............................................
1 8 9 ,8 0 8
1 5 3 ,1 8 0
* T h e s e fig u r e s r e p r e s e n t t h is y e a r , a s h e r e t o f o r e , o n l y t h e s h ip m e n t s
f r o m t h e F l o r i d a outports.
F lo r i d a c o t t o n h a s a ls o g o n e I n la n d t o S a v a n n a h ,
& c ., b u t w e h a v e fo llo w e d o u r u s u a l c u s t o m o f c o u n t in g t h a t c o t t o n a t th e
outports where it firs t appears.
a I n c lu d e s 1 ,9 9 3 b a le s s h ip p e d
039
t o t h e I n te r io r a n d d e d u c t e d In o v e r la n d .
1 9 1 0 -1 1
1 9 0 9 -1 0
1 9 0 8 -0 9
1 9 0 7 -0 8
1 9 0 6 -0 7
1 9 0 5 -0 6
1 9 0 4 -0 5
1 9 0 3 -0 4
1 9 0 2 -0 3
1 9 0 1 -0 2
1 9 0 0 -0 1
1 8 9 9 -0 0
1 8 9 8 -9 9
1 8 9 7 -9 8
1 8 9 6 -9 7
1 8 9 5 -9 6
1 8 9 4 -9 5
1 8 9 3 -9 4
1 8 9 2 -9 3
1 8 9 1 -9 2
1 8 9 0 -9 1
1 8 8 9 -9 0
1 8 8 8 -8 9
1 8 8 7 -8 8
1 8 8 6 -8 7
1 8 8 5 -8 6
1884 85
1 8 8 3 -8 4
1882 83
1 8 8 1 -8 2
1 8 8 0 81
1 8 7 9 -8 0
1 8 7 8 -7 9
1 8 7 7 -7 8
________
.
___________
.
.....................
. . .
.
___________________
...........................
. . .
..
.....................................
__________
.....................................
____________________
.................................................. ...
.........................................................
...........................................................
............................................................
............................................................
......................................................... ...
.............. .............................................
_________________________________
............................................................
............................................................
_________________________________
______________________ __________
............................................................
_______________ _________________
_________________________________
.........................................................
_________________________________
__________________ __________
.
........................ ...................................
__________________ ______________
_______________________________
___________ ____________ ________
_______________ _________________
C ro p.
N o. of Bales.
Weight, P o un d s.
1 2 ,1 3 2 ,3 3 2
1 0 ,6 5 0 ,9 6 1
1 3 ,8 2 3 ,8 4 6
11 , 5 8 1 , 8 2 9
1 3 ,5 5 0 ,7 6 0
1 1 ,3 1 9 .8 6 0
1 3 ,5 5 6 ,8 4 1
1 0 ,1 2 3 .6 8 6
1 0 ,7 5 8 ,3 2 6
1 0 ,7 0 1 ,4 5 3
1 0 ,4 2 5 ,1 4 1
9 ,4 3 9 ,5 5 9
1 1 ,2 3 5 ,3 8 3
1 1 ,1 8 0 ,9 6 0
8 ,7 1 4 ,0 1 1
7 ,1 6 2 .4 7 3
9 ,8 9 2 ,7 6 6
7 ,5 2 7 21 1
6 ,7 1 7 ,1 4 2
9 ,0 3 8 .7 0 7
8 ,6 5 5 ,5 1 8
7 ,3 1 3 ,7 2 6
6 .9 3 5 .0 8 2
7 ,0 1 7 .7 0 7
6 ,5 1 3 .6 2 3
6 ,5 5 0 ,2 1 5
5 ,6 6 9 ,0 2 1
5 ,7 1 4 ,0 5 2
6 .9 9 2 ,2 3 4
5 ,4 3 5 ,8 4 5
6 ,5 8 9 3 2 9
5 ,7 5 7 ,3 9 7
5 ,0 7 3 ,5 3 1
4 .8 1 1 .2 6 5
6 ,2 1 7 .3 8 2 ,1 4 5
5 ,4 0 0 ,0 0 8 ,8 1 8
7 ,1 1 5 ,7 4 6 ,8 6 9
5 ,9 0 7 .0 7 0 .8 9 5
6 ,9 8 4 ,8 4 2 .6 7 0
5 .7 8 8 ,7 2 8 ,0 7 3
6 ,9 9 6 ,7 3 1 .2 3 3
5 ,1 4 1 .4 1 7 .9 3 8
5 , 4 7 1 .1 4 3 .9 J 7
5 .4 0 3 .2 1 0 ,5 1 4
5 ,3 1 9 .3 1 4 ,4 3 4
4 ,7 5 4 .6 2 9 .0 3 8
5 ,7 6 5 ,3 2 0 .3 3 9
5 ,6 6 7 .3 7 2 ,0 5 1
4 ,3 8 3 ,8 1 9 .9 7 1
3 ,5 9 5 .7 7 5 .5 3 4
5 ,0 1 9 .4 3 9 .6 8 7
3 ,7 4 8 ,4 2 2 ,3 5 2
3 ,3 5 7 ,5 8 8 ,6 3 1
4 ,5 0 8 ,3 2 4 ,4 0 5
4 ,3 2 6 ,4 0 0 0 4 5
3 ,6 2 8 ,5 2 0 .8 3 4
3 .4 3 7 ,4 0 8 ,4 9 9
3 4 0 6 ,0 6 8 .1 6 7
3 .1 6 5 ,7 4 5 ,0 8 1
3 ,1 7 9 ,4 5 6 ,0 9 1
2 ,7 2 7 ,9 6 7 .3 1 7
2 .7 5 9 ,0 4 7 ,9 4 1
3 ,4 3 0 .5 4 6 ,7 9 4
2 ,5 8 5 .6 8 0 ,3 7 8
3 ,2 0 1 .5 4 6 ,7 3 0
2 ,7 7 2 4 4 8 ,4 8 0
2 ,4 0 0 ,2 0 5 ,5 2 5
2 ,3 0 9 ,9 0 8 ,9 0 7
A verage
Weight,
p er bale.
5 1 2 .4 0
5 0 7 .0 0
5 1 4 .5 0
5 1 0 .0 3
5 1 5 .4 6
5 1 1 .3 7
5 1 0 .1 0
5 0 7 .8 0
5 0 8 .5 5
5 0 4 .9 0
5 1 0 .2 5
5 0 3 .0 9
5 1 3 .1 4
5 0 6 .8 8
5 0 3 .0 8
5 0 2 .0 3
5 0 7 .3 8
4 9 7 .9 8
4 9 9 .8 5
4 9 8 .7 8
4 9 9 .8 4
4 9 0 .1 3
4 9 5 .6 6
4 8 5 .3 5
4 8 6 .0 2
4 8 5 .4 0
4 8 1 .2 1
4 8 2 .8 6
4 9 0 .6 0
4 7 5 .6 2
4 8 5 .8 8
4 8 1 .5 5
4 7 3 .0 8
4 8 0 .1 5
MISSISSIPPI.
---------------- 1 9 0 9 - 1 0 ----------------
---------------- 1 9 1 0 - 1 1 ---------------E x p o r t e d fr o m G u lfp o r t:
T o f o r e i g n p o r t s _________________
T o c o a s t w i s e p o r t s _____________
S t o c k a t c l o s e o f y e a r _____________
Deduct —
• S t o c k a t b e g in n in g o f y e a r . .
T ota l
m ovem en t
fo r
8 ,8 9 2
3 4 ,2 1 1
__________
__________—
3 4 ,2 1 1
__________—
__________
y e a r ________________________
8,892
::::::—
8 ,8 9 2
3 4 ,2 1 1
V IR G IN IA .
---------------- 1 9 1 0 - 1 1 ---------------------------------------1 9 0 9 - 1 0 ---------------E x p o r te d fr o m N o r fo lk :
T o f o r e i g n p o r t s _________________
1 5 ,9 8 1
6 ,7 3 9
T o c o a s t w i s e p o r t s * ___________
5 8 6 ,5 5 8
5 9 1 ,0 2 1
E x p . fr o m N e w p o r t N e w s , & c .:
T o fo r e ig n p o r t s
- - - - -
T o c o a s t w i s e p o r t s _____________
3 , 4 0 5 ................................................. 1 3 , 4 0 3
T a k e n f o r m a n u f a c t u r e --------------7 ,5 6 7
S to ck en d o f y e a r, N o r fo lk
2 ,0 1 6 —
6 1 5 ,5 2 7
273—
6 1 6 ,9 9 ..
Deduct —
.„
R e c ’d fr o m W ilm in g t o n , & c .
R e r .’ d f r o m
N o r t h C a r o lin a
p o r t s ________________________________
R c c 'd f r o m N e w p o r t N e w s ,
a t N o r f o l k _______________________
S t o c k b e g i n n i n g o f y e a r _________
1 6 ,8 6 8
1 9 ,6 1 3
8 3 ,6 6 0
5 8 ,0 3 4
73
273—
T o t a l m o v e m e n t f o r y e a r __________________________
________________
6 ,7 9 6 —
8 4 ,4 4 3
1 0 0 ,8 7 4
5 1 4 ,6 5 3
5 3 2 ,5 4 9
* I n c lu d e s 1 ,4 8 9 b a le s s h ip p e d t o t h e I n t e r io r , w h ic h ,
t a k e n fo r m a n u fa c t u r e , a r e d e d u c t e d In o v e r la n d .
T E N N E S S E E ,
w it h
7 ,5 6 7
b a le s
E T C .
Shipm ents —
---------------- 1 9 1 0 - 1 1 ----------------m a n u fa c tu r e r s d ir e c t — n e t
o v e r l a n d _____________________________ 1 , 0 1 0 , 3 1 2
T o
N ew
Y o r k , B o s t o n , & c .,
b y r a i l ..........................................................
1 6 9 ,3 1 9
---------------- 1 9 0 9 - 1 0 ----------------
T o
8 1 6 ,7 0 6
1 4 1 ,7 2 7
T o ta l m a rk e te d fro m T e n n e s
see,
& c .* ........... ......................... ............................................. 1 , 1 7 9 , 6 3 1
• E x c e p t 3 9 .5 0 2 b a le s d e d u c t e d In o v e r l a n d ,
9 5 8 ,4 3 3
p r e v io u s ly c o u n t e d .
T o t a l p r o d u c t d e t a i l e d In t h e f o r e g o i n g b y S t a t e s f o r t h e y e a r
e n d i n g S e p t e m b e r 1 1 9 1 1 ------------------------------------------------ --------------------------- D a l e s 9 , 7 6 2 , 5 0 5
C o n s u m e d I n t h e S o u t h , n o t I n c l u d e d ...................................................................... 2 , 3 6 9 , 8 2 7
T o t a l c r o p o f th e U . S , fo r y e a r
e n d i n g S e p t . 1 1 9 1 1 ______ B a l e s . 1 2 , 1 3 2 , 3 3 2
Below we give the total crop each year since 1878:
0
9
0
0
0
9
0
9
9
9
9
B a les. Y ears.
B a le s. \ Years.
Years.
1
1
1
1
1
1
1
1
1
1
1
1 0 - 1 1 ................1 2 , 1 3 2 . 3 3 2
0 9 - 1 0 ________ 1 0 , 6 5 0 , 9 6 1
0 8 - 0 9 ________ 1 3 , 8 2 8 , 8 4 6
0 7 - 0 8 . ......... . 1 1 , 5 8 1 , 8 2 9
0 6 - 0 7 ________ 1 3 , 5 5 0 , 7 6 0
0 5 - 0 0 ________ 1 1 , 3 1 9 , 8 6 0
0 4 - 0 5 ________ 1 3 , 5 5 6 , 8 4 1
0 3 - 0 4 ________ 1 0 , 1 2 3 , 6 8 6
0 2 - 0 3 ________ 1 0 , 7 5 8 , 3 2 6
0 1 - 0 2 ................ 1 0 , 7 0 1 , 4 5 3
0 0 - 0 1 ________ 1 0 , 4 2 5 , 1 4 1
1 8 9 9 - 0 0 ________ 9 , 4 3 9 , 5 5 9
1 8 9 8 - 9 9 ________ 1 1 , 2 3 5 , 3 8 3
1 8 9 7 - 9 8 ________ 1 1 , 1 8 0 , 9 6 0
1 8 0 6 - 9 7 _________ 8 , 7 1 4 , 0 1 1
1 8 9 5 - 9 6 _______ 7 , 1 0 2 , 4 7 3
1 8 9 4 - 9 5 ________ 9 , 8 9 2 , 7 6 0
1 8 9 3 - 9 4 ________ 7 . 5 2 7 , 2 1 1
1 8 9 2 - 9 3 .............. 6 , 7 1 7 , 1 4 2
1 8 9 1 - 9 2 ________ 9 , 0 3 8 , 7 0 7
1 8 9 0 - 9 1 ________ 8 , 6 5 5 , 5 1 8
1 8 8 9 - 9 0 ............... 7 , 3 1 3 , 7 2 6
1
1
1
1
1
1
1
1
1
1
1
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
8
7
7
8
7
6
5
4
3
2
1
0
9
8
B a les.
- 8 9 ............... 6 , 9 3 5 . 0 8 2
- 8 8 __________7 , 0 1 7 , 7 0 7
- 8 7 __________ 0 , 5 1 3 , 6 2 3
- 8 6 ________ 6 , 5 5 0 , 2 1 5
- 8 5 ________ 5 . 6 0 9 , 0 2 1
- 8 4 __________5 , 7 1 4 , 0 5 2
- 8 3 ________ 6 , 9 9 2 , 2 3 4
-8 2 . . . .
5 ,4 3 5 ,8 4 5
- 8 1 ________ 0 , 5 8 9 , 3 2 9
- 8 0 ________ 5 , 7 5 7 , 3 9 7
- 7 9 ________ 5 , 0 7 3 , 5 3 1
Weight of Bales.
The average weight of bales and the gross weight of the
crop we have made up as follows for this year, and give last
year for comparison.
Year ending September
Movement
Through—
Number
o f Bales.
3 ,5 2 8 ,9 3 8 1 ,8 8 5 .4 3 1 ,9 1 6
8 4 0 .1 9 2 .1 9 8
1 ,6 0 8 ,2 0 .8
2 5 0 .9 2 1
1 3 1 .5 4 2 .8 2 5
9 5 4 .9 9 9 ,1 6 7
1 ,8 9 7 ,4 7 5
2 8 7 .9 8 2
1 4 2 ,3 8 4 ,0 6 0
5 1 4 ,6 5 3
2 5 1 .6 4 4 ,7 3 1
2 4 0 ,1 3 0 ,8 7 1
4 9 4 ,6 9 7
3 ,5 4 9 ,4 5 8 1 ,7 9 1 .0 5 6 ,3 7 7
T e x a s ........................
L o u i s i a n a ................
A l a b a m a ...................
S o u th C a r o lin a . _
..................
V ir g in ia
N o r th C a r o lin a ..
T e n n e s s e e . & c ____
T o t a l c r o p _____
a I n c lu d in g
Weight in
Bounds.
1
1911.
Aver.
Wght.
5 2 8 .6 1
5 2 2 .4 4
5 2 4 .2 4
5 0 3 .3 0
4 9 4 .4 2
4 8 8 .9 6
4 8 5 .4 1
5 0 4 .6 0
1 2 ,1 3 2 ,3 3 2 6 ,2 1 7 ,3 8 2 ,1 4 5 5 1 2 .4 6
F lo r id a
and
Year ending September
Number
o / Bales.
1 1910.
Weight in
Pounds.
2 ,8 0 2 ,8 7 3 1 ,4 5 7 .9 7 0 ,4 4 8
6 7 3 ,4 4 7 ,9 3 6
1 ,3 1 5 ,3 2 3
1 3 1 ,0 2 8 ,3 1 2
2 5 5 ,6 6 5
9 0 1 .4 3 2 .2 2 4
1 ,7 9 3 ,4 3 1
2 3 0 ,1 0 4
1 1 4 ,0 0 2 ,7 2 5
2 6 4 ,3 5 7 .3 2 4
6 3 2 ,5 4 9
1 8 2 ,6 5 3 ,8 5 6
3 7 0 ,6 4 5
3 ,3 5 0 ,3 6 6 1 ,6 7 5 ,1 1 5 ,9 9 3
Aver.
Wght.
5 2 0 .1 7
5 1 2 .0 0
5 1 2 .5 0
5 0 2 .6 3
4 9 5 .4 4
1 9 0 . in
4 9 2 .8 0
4 9 9 .9 8
1 0 ,6 5 0 ,9 6 1 5 ,4 0 0 ,0 0 8 ,8 1 8 5 0 7 .0 0
M is s is s ip p i.
According to the foregoing, the average gross weight per
bale this season was 512.46 lbs,, against 507.00 lbs. in
1909-10,or 5.40 lbs. more than last year. Had, therefore,as
many pounds been put into each bale as during the previous
New Crop and its Marketing.
While it is not possible to speak with any degree of cer
tainty as to the ultimate outcome of the crop now maturing,
there is no question that the outlook at this writing is very
promising for a good yield from the area under cultivation.
On one point, of course, there seems to be no reason to have
any doubt this season, and that is that a larger acreage "was
planted in cotton last spring than in the preceding year,
and that, therefore, an area greater than ever before is now
seeded to the staple. Furthermore, it is quite safe to say
that in no earlier year was there such effort made to add to
productiveness by intelligent fertilization as in 1911. Such
were the conclusions reached as the result of our investiga
tions and so stated in our June acreage report, while advices
since have merely served to confirm them. There was every
reason why area should be further increased, and not one to
really induce a curtailment of cotton planting. In fact, this
year there appears to have been an absence of the efforts
reported to have been put forth in recent seasons to bring
about restricted planting in order to insure high prices.
Area by itself, however, is not a very conclusive basis
upon which to predicate ideas as to volume of yield. This
point wre have enlarged upon in previous annual reports,
but its importance leads us to refer to it again briefly, and no
seasons serve better as an illustration than 1898-99 and
1910-11— the one just closed. Since 1S98-99 the area
has been very decidedly increased (over 50%) according to
our investigations) and yet the yield in that season was
only 896,949 bales less than in 1910-11. In fact, had the
yieid per acre been as great in the latest season as in 1898-99
the crop would have aggregated over 16 million bales instead
of ab mt 12 millions. On the same basis of calculation
the crop of 1911-12 should reach over 17 million bales.
Here we see the possibilities under favoring conditions,
but there is nothing to assure them. As we have often
stated, it is folly to venture an estimate of the cotton crop
until after the occurrence of frost, and even then there is
ample opportunity for error. It being quite generally
known that a healthy cotton plant continues ordinarily to
make fruit until killing frost comes, the importance of the
date of its occurrence to the planter is therefore obvious.
Consequently early estimates, not taking into consideration
this particular climatic condition, are practically worthless.
The growing crop was, as we pointed out in our acreage
circular, more advanced on June 1 than at the same time in
1910, but hardly up to an average year in maturity. Con
dition then was much better than a year ago, and in
fact has rarely been more favorable. Drought has been
complained of at times in the Southwest and in some Atlantic
sections, and excess of moisture has also been reported over
limited areas. Developments in June were very favorable,
according to our advices, and they found reflection in the
official Government report, which showed improvement in
condition for that month. In July, also, further improve
ment was shown and confirmation of the advices we received.
The latest report of the Agricultural Department covering
condition on the 25th of August indicated a deterioration of
15.9 points since July 25, making the condition on August 25
only 72.3, or a little below the ten-year average.
Since Aug. 25 the rain and lower temperature in Texas
and Oklahoma has benefited the plant, at least if in no other
way, in the arresting of deterioration, while along the At
lantic, where moisture was needed, there have been beneficial
showers. Impairment of the cotton plant during Augustisgenerally looked for as a result of adverse conditions, but there
was nothing in the advices which had been received to indicate
the abnormal drop the latest Government report showed.
640
THE CHRONICLE
Consequently there is a disposition to consider that the
general situation is much better than the Aug. 25 condition
percentages would lead one to think, the belief being preva
lent that the extent of the injury has been much exaggerated.
Going back in the record, we find no year in the last quarter
of a century whore so great a decline in condition occurred in
August, except in 1902, and then there was evidently a great
amount of exaggeration. In fact, condition in that year on
Aug. 25 was given as only 64, dropping to 58.3 Sept. 25,
the lowest for the date on record, and yet the yield reached
10,758,326 bales from an area of 27,300,371 acres, or an
average of 192 lbs. lint per acre. The current season the
area is over 37
greater than it was in 1902, and condition
on the 25th of August 9.2 points higher. Comparing the
present season with 1902, therefore, and ignoring the better
current condition, there is reason to expect a crop in excess
of any heretofore raised. The most important thing now is
the date of frost. With that early, many thousand bales
would naturally bo cut off. But with it at the average time,
or late, a record crop can reasonably be expected. We, of
course, merely state the situation as it appears to us, leaving
others to draw their own conclusions. On the acreage
olanted, the possibilities of yield range all the way from
10 to over 17 million bales.
The data given below, considered in conjunction with the
remarks above, should enable each reader to formulate for
himself some idea as to the crop promise, making due allow
ance as the season progresses for developments as they may
occur. The subjoined compilation shows at a glance for a
series of years the area, aggregate yield and product per acre,
as made up by us, and the condition percentages August 25
as reported by the Department of Agriculture.
Area,
Acres.
1 9 1 1 -1 2
1 9 1 0 -1 1
1 9 0 9 -1 0
1 9 0 3 -0 9
1 9 0 7 -0 3
1 9 0 6 -0 7
1 9 0 5 -0 6
1 9 0 4 -0 5
1 9 0 3 -0 4
1 9 0 2 -0 3
Product
:per acre. Condition;
Pounds. A.ug. 2 5 .
Yield,
Bates.
........................ _______ ________3 7 , 5 8 1 , 0 2 2
........................ ............................3 5 , 3 7 9 , 3 5 8
........................ ............................3 3 . 8 6 2 , 4 0 6
........................ ............................3 3 , 5 1 2 , 1 1 2
........................ ............................3 3 , 0 7 9 , 4 2 5
......................... ............................3 1 , 5 5 7 , 2 4 2
........................ ............................2 8 , 8 0 3 , 4 1 5
......................... ............................3 2 , 3 6 3 6 9 0
......................... ............................2 8 , 9 9 5 , 7 8 4
...................... ............................2 7 . 3 0 0 , 3 7 1
1 2 .1 3 2 ,3 3 2
1 0 ,6 5 0 ,0 6 1
1 3 ,8 2 8 ,8 4 6
1 1 ,5 8 1 .8 2 9
1 3 ,5 5 0 ,7 6 0
1 1 ,3 1 9 ,3 6 0
1 3 ,5 5 6 ,8 4 1
1 0 ,1 2 3 ,6 8 0
1 0 ,7 5 3 .3 2 6
7 2 .3
7 2 .1
6 3 .7
7 6 .1
7 2 .7
7 7 .3
7 2 .1
8 4 .1
8 1 .2
6 4 .0
168
153
203
170
211
192
207
170
192
1907.
A u g. 30
A u g .30
1908.
1909.
1905.
A u g.
18
A u g.
A ug.
5 A ug.
17 A u g .
A u g . 28
7
A u g .17
A u g.
A u g. 30
A ug.
15 A u g .
10 A u g . 23
27 A u g . 28
A ug.
A ug.
8 A ug.
9 A u g.
19 A u g . 31
28
A u g.
J u ly
31
21 A u g .
8 A ug.
3
A ug.
A u g.
A u g.
A ug.
3 A ug.
3 A ug.
7 A ug.
7
A ug.
2 A u g. —
A u g.
A ug.
20
17
A ug.
A ug.
A ug.
A u g.
22
25
24
A ug.
A ug.
A ug.
A u g. 30
A u g. 29
23 J u ly
19 A u g .
A ug.
11
6 A u g . 21
1 6 A u g . 21
9 A u g . 20
A ug.
A u g.
A u g.
1
3 9 ,2 6 1
-1 9 0 9 -1 0
R e c e i p t s a t S a v a n n a h ___ b a l e s . 4 6 , 9 9 0
F r o m I n te r io r t o m i l l s * . .
.
6 ,6 7 5 — 5 3 ,6 6 5
Deduct—
R e c e ip ts fr o m
F l o r i d a .............. ......... 1 2 , 5 7 0
R e c e ip ts fr o m
C h a r le s to n , & c .
2 2 — 1 2 ,5 9 2
5 1 ,9 0 6
5 ,4 8 2 - -5 7 ,3 8 8
1 3 ,9 2 5
0 8 2 - -1 4 ,6 0 7
41
,0 7 3
4 2 ,7 8 1
C A R O L IN A .
---------------- 1 9 1 0 - 1 1 --------------------1 9 0 9 -1 0
R e c e i p t s a t C h a r l e s t o n . .....................1 3 , 3 3 8
1 4 ,4 0 7
— 1 3 ,3 3 8
R e c e i p t s a t B e a u f o r t , & c .............. ... . .
. — 1 4 ,4 9 7
Deduct—
________
R e c e i p t s f r o m S a v a n n a h _________ __________
T o t a l S e a I s la n d c r o p o f S o .C a r .
1 3 ,3 3 8
1 4 ,4 0 7
T o t a l S e a Is la n d c r o p o f U . S _ .
8 0 ,6 0 1
0 6 ,5 3 9
„
* F r o m s p e c i a l I n v e s t ig a t i o n s w e lln d t h a t S o u t h e r n m ills h a v e c o n s u m e d
9 ,< > 8 4 b a l e s o f S e a I s l a n d c o t t o n , o f w h i c h 3 , 0 0 9 b a l e s w e r e r e c e i v e d f r o m
S avan n ah .
The distribution of the crop has been as follows
S u p p ly year ending
Sep t. 1 1 9 1 1 .
S o u t h C a r o l i n a ____
G e o r g i a ____________
F l o r i d a ..
N ew Y ork
B oston .
& c
now
D istributed.
Of which
Exported to—
Total
F o r’gn
Stock Leav’g |
Ex
Net
Total Sept. 1 fo rd is - Great H avre, ports.
Crop. sup p ly 1 9 1 1 . trib’n . D rit’n. &.C.
5 3 1 3 ,3 3 8 1 3 ,3 9 1
1 ,8 3 4 4 1 ,0 7 3 4 2 ,9 0 7
3 5 ,1 9 0 3 5 ,1 9 0
.
1 ,3 5 3
4 ,3 8 5
1 2 ,0 3 8
3 8 ,5 2 2
3 5 ,1 9 0
6
5 ,7 5 2
2 ,7 5 5
6
8 ,5 0 7
7 ,4 3 3
1 ,3 3 7
1 ,9 7 7
2 ,0 2 4
1 ,6 4 1
9 ,4 5 7
1 ,3 3 7
3 ,6 1 8
5 ,7 3 8 8 5 ,7 5 0 .1 6 ,5 0 5
6 ,4 2 0
2 2 ,9 2 5
8 J u ly
31
T h i s y e a r ’ s c r o p ................................................................................... . ........................................ b a l e s . 8 9 , 6 0 1
S t o c k S e p t e m b e r 1 1 9 1 0 ___________________________________________________________________ 1 , 8 8 7
s u p p l y .........................................................- ....................................................b a l c s _ 9 M 8 8
Distributed as follow s —
E x p o r t e d t o f o r e i g n p o r t s ___________________________________________ b a l e s . 2 2 , 9 2 5
S t o c k e n d o f y e a r ............................................................... ....................................................... 5 , 7 3 8 — 2 8 . 6 6 3
A ug.
A u g.
A ug.
19 A u g .
24 A u g .
18 A u g .
25 A u g .
23 A u g .
25 A u g .
10
19
31
A ug.
A ug.
27
28
A ug.
A ug.
28
27
A u g . 19
A u g . 19
A ug.
A ug.
18
24
18 A u g .
A u g.
27
31
A ug.
18
A u g . 22
A u g . 14
A ug.
June
3 5 ,1 0 0
1 9 1 0 -1 1 —
6
31
4
22
24
21
.....................
1 0 1 0 - 1 1 ---------------------------------- 1 0 0 9 - 1 0 ---------------1 3 ,9 2 5
2 5 ,3 3 6
10 A u g .
14 J u l y
15 A u g .
A ug.
A ug.
A u g.
31
(I N a t c h e z .
7 A u g.
16 A u g .
12 A u g .
28
28
A u g.
19 A u g .
25 A u g .
19
19 J u n e
21 J u n e
28
27
10 J u n e
23 J u n e
24
11
21
14
A u g.
8
A ug.
J u ly
June
2
1
2
4
8
7 4 .9 7 5 1 3 4 ,0 2 0 2 7 7 ,9 1 4
c M e r ld ln n .
3 A u g.
3 A u g.
11 A u g .
28
A ug.
175
07
90
a lO O
4 ,9 5 4
21
i
i
10
4
5 ,9 2 3 2 0 8 ,4 4
2
A ug.
A ug.
A ug.
28
4 ,5 7 8
3 3 ,4 1 2
1 ,5 4 1
21500
550
1 ,6 0 0
d200
2 3 ,6 0 9
20
16
25
15
10
A ug.
329
2 ,2 3 4
4 J u ly
12 A u g .
9
A u g.
3 June
21 J u n e
24
a lO
1 ,4 3 3
30
11 A u g .
9
5 J u ly
6 June
1 1 0 ,9 2 8
r e c e iv e d .
1011.
A u g.
7
24
1910.
1
428
415
5
a l.O O O
3 ,0 3 6
1 4 ,1 7 4
2 3 ,7 9 2
a20C
355
2 ,2 5 0 1
270
773
98
1 ,1 3 9
400
a200l
300
1 ,4 4 3
320
150
a lO O
30
5
2
20
2
10
30
13
8 9 ,4 4 1
4 5 ,4 2 5 1 2
27 A u g .
7 A u g.
A ug.
2 7 J u ly
1 J u ly
1909.
3
1
22
18 J u ly
1 A u g.
12
A ug.
1
2
2
7
5
9 9 ,8 8 7 2 8 ,5 0 1
1908.
1.
GEORGIA.
12
A ug.
June
J u ly
1
1
9
40
a200
1 ,7 4 1
a50
60
36
40
333
a500
1
T o t a l S e a I s la n d c r o p o f F lo r id a
T o ta l.
2 J u ly
18 A u g .
25
a lC
1 ,2 8 2
3 ,9 1 2
a300
1 ,4 3 4
604
975
458
2 ,8 8 6
360
a t S a v a n n a h ____ b a l e s . 1 2 , 5 7 0
a t N e w Y o r k , & c ______2 2 , 6 2 0
B a ltim o r e ,
J u ly
A u g.
A ug.
1907.
1
S E P T E M B E R
FLORIDA.
R e c e ip ts
R e c e ip ts
Stock
Sept. 1
..................... A u g . 1 8
11
T O
Sea Island Crop and Consumption.
We have continued throughout the season 1910-11 the
compilation of a weekly record of the Sea Island crop; but
on account of the pressure of other matters upon our columns
have been able to publish the statement only rarely. The
results as now given below agree substantially, however,
with our running count. It will be noticed that the crop of
1910-11 shows a decrease from that of 1909-10.
1911.
25 A u g .
1906.
retu rn s
1910.
A u g .-
C O T T O N
T ota l
a ll p o r t s
to
S e p t e m b e r 1 ______ 9 7 , 2 5 6 1 1 2 , 1 4 3 3 1 , 4 2 1
V irg in ia
N o r f o l k __________
N o r. C a r . —
C h a r l o t t e ____
S o . C a r.—
C h a r l e s t o n ____
G r e e n w o o d ____
G eorgia —
A u g u s t a ________
S avannah—
F r o m G a ____
F r o m F la _ .
C o l u m b u s ______
A labam a —
M on tg om ery _
M o b i l e ..................
S e l m a ___________
L o u isia n a —
N e w O r le a n s —
F r o m M .V a l
S h rev ep ort. . .
M is s is s ip p i —
V i c k s b u r g ____
C o l u m b u s ______
G r e e n v i l l e ____
A rka n sa s —
L it t le
R o c k ..
H e l e n a __________
Tennessee —
M e m p h i s ______
Texas —
G a l v e s t o n ______
H ou ston
______
Oklahoma —
A r d m o r e ________
N E W
C h a r l o t t e , N . C ________
20
W i l m i n g t o n , N . C ____
468
C h a r l e s t o n , S . C ________
70C
C o l u m b i a , S . O __________
£325
A u g u s t a , G a _____________ 1 2 . 7 6 6
S a v a n n a h , G a _________ 2 4 , 4 8 3
2 ,2 0 6
C o l u m b u s , G a __________
3 ,9 7 5
M o n t g o m e r y , A l a ____
M o b i l e , A l a _______________
934
S e l m a , A l a _______________
840
E u f a u l a , A l a _____________
2 ,0 0 0
N e w O r l e a n s , L a ______
596
S h r e v e p o r t , L a . ...............
C2
V i c k s b u r g , M i s s ________
8
C o l u m b u s , M i s s ________
5
L i t t l e R o c k , A r k ______
1
M e m p h i s , T e n n ________
5
G a l v e s t o n , T e x a s ______ 4 7 , 8 6 2
Ports Oj—
1910.
O F
S O U T H
Date of Receipt of F irs t R a le.
1906.
A R R IV A L S
T o t a l S e a I s la n d c r o p o f G e o rg ia
As bearing upon the comparative maturity of the plant,
we now give our usual statement of the dates of arrival of
first bales. This year the earliest receipt was at Houston,
Texas, on June 11. Last year the first bale arrived at
Houston on June 23 and in 1909 the same city received the
earliest bale on June 27. In fact, for many years past, and
quite naturally so, the first bales have invariably been of
Texas growth.
1905.
[V O L . L X X X X I I I .
1 ,8 8 7 8 9 ,6 0 1
9 1 ,4 8 8
From the foregoing wo see that the total growth of Sea
Island this year is 89,601 bales, and with the stock at the
beginning of the year (1,887 bales) we have the following
as the total supply and distribution:
L e a v in g
fo r
co n s u m p tio n
In
U n i t e d S t a t e s ______________________________6 2 , 8 2 5
We thus reach the conclusion that our spinners have taken
of Sea Island cotton this year 62,825 bales, or 4,737 bales
less than in the previous year.
The following useful table shows the crops and movement
of Sea Island for the seasons 1895-96 to 1910-1 i in detail:
Crop.
Foreign Exports.
AmerL-
But_ first bales are in no sense a conclusive indicator of Season.
South
Total
Conmaturity, as has frequently been demonstrated in the past.
Plot - Georgia Caro. Texas, Total.
Great ContiS2itnpExIda.
llna.
tfee.
lion, a
Britain. nent.
ports.
The aggregate arrivals of new cotton to September 1st, how
ever, do as a rule furnish a pretty reliable basis from which 1 9 1 0 - 1 1 . 3 5 , 1 9 0 4 1 , 0 7 3 1 3 , 3 3 8
2 2 ,9 2 5 0 2 ,8 2 5
8 9 ,0 0 1
0 ,4 2 0
1 6 ,5 0 5
4 ,6 8 4
2 9 .4 2 8
to judge of the forwardness or backwardness of the crop as 1 9 0 9 - 1 0 . 3 9 , 2 6 1 4 2 , 7 8 1 1 4 , 4 9 7
9 0 ,5 3 9 2 4 ,7 4 4
0 7 ,5 6 2
2 5 ,8 0 8 7 7 ,5 4 4
7 .5 6 7
1 0 2 ,4 6 9
1 8 ,2 4 1
compared with other years. We have said above that this 11 99 00 78 -- 00 89 44 12 ,,81 62 36 34 05 ., 15 79 10 11 25 .7,1 37S2
9 ,0 3 5
3 2 ,3 8 3 5 0 ,3 0 0
8 5 ,1 9 1 2 2 ,7 4 8
year the crop is bettor advanced in maturity now than at 1 9 0 6 - 0 7 . 2 3 , 4 1 1 2 4 , 6 5 3 8 , 0 4 4
5 ,2 8 8
2 0 ,4 8 9 3 6 .1 0 1
5 0 ,1 0 8
1 5 ,2 0 0
9 ,2 2 8
3 9 ,2 0 2 78 | 9 2 3
1 1 0 ,9 0 2 3 0 ,0 3 4
this date last year; and that fact finds substantiation in the 11 99 00 45 -- 00 56 .. 33 07,3, 877831 47 92 ., 68 97 62 11 23 ,0, 7 91 42
7 ,5 7 0
9 9 ,0 0 3 3 0 ,8 3 2
3 8 , 4 0 2 6 2 '5 5 6
figures of the movement thus far at leading ports and in 1 9 0 3 - 0 1 . 2 8 , 0 0 5 3 9 , 3 4 5 9 ,3 5 f l
7 ,1 3 2
7 0 ,7 0 9 2 4 ,1 8 8
3 1 ,3 2 0 4 3 ,5 7 8
9 ,7 2 8
1 0 2 ,6 3 4 4 4 ,3 5 4
5 4 ,0 8 2
terior towns. The heaviest movement of new cotton this 11 99 00 12 --00 23 . 22 17 ,, 36 28 30 04 28 ,, 45 58 18 1 82 ,,74 09 07
0 ,4 5 0
2 5 ,4 2 3
7 8 ,6 2 1
3 1 ,8 7 3 4 3 ,0 5 0
year has been, as is usual, to Galveston (208,448 bales), 1 9 0 0 - 0 1 2 4 , 7 9 3 5 2 , 9 5 3 8 , 3 0 9
5 ,5 3 5
8 6 ,1 1 5 2 0 ,4 5 3
3 1 ,9 8 8 5 5 4 2 2
2
9
,
3
7
0
8 ,0 0 7
9 7 ,5 5 5 3 8 ,2 7 9
4 0 .2 8 C 4 9 , 5 4 3
and Savannah has received 33,412 bales. The total receipts 11 88 99 89 -. 09 09 .. 2 1 , 2 7 5 64 00 ,, 33 06 09 57 ,, 68 21 30
6 7 ,2 0 4
2 0 ,4 5 1
9 ,0 1 5
3 5 ,4 6 6
at the points included in the subjoined compilation were 1 8 9 7 . 9 8 2 4 , 4 0 8 4 1 , 4 4 0 1 0 ,2 1 1
7 6 ,1 1 9 3 3 ,3 0 3
8 ,8 2 7
4 2 ,1 3 0 3 4 ,1 4 0
276,814 bales (the heaviest total on record), against 134,020 11 88 99 56 -- 99 67 .. 22 15 ,, 69 62 47 66 04 ,,59 20 20 11 01 ,,00 13 09 1 ,6 4 4 1 90 33 ,,15 81 70 44 27 ,, 37 95 18 1 0 , 0 7 3 5 8 , 4 3 1 4 0 , 0 7 0
991
7 ,0 7 2
5 0 j)0 3
4 0 ,5 3 0
bales in 1910, 74,975 bales in 1909, 110,928 bales in 1908,
31,421 bales in 1907, 112,143 bales in 1906, 97,256 bales in
vuuauilipuuu in uno iuvii; iiittUUCn DUmt III tIIG
1905, 89,347 bales in 1904, only 1,773 bales in 1903, 116,578 U n i t e d S t a t e s .
bales in 1902, 53,628 bales in 1901, 27,870 bales in 1900
Movement of Cotton at Interior Ports.
98,695 bales in 1899 and 33,056 bales in 1898. The highBelow we give the total receipts and shipments of cotton
record movement to Sept. 1 up to this year was in 1896__ at the interior ports and the stock on the iirst of September
194,777 bales.
of each year.
THE CHRONICLE
0 1911.]
Sept.
Tow ns.
E u fau la, A l a ____
M on tg om ery , Ala.
.Selma, A la _______
H elen a , A r k _____
L ittle R o c k , A r k .
A lb a n y . G a _____
A th en s, G a _______
A tla n ta , G a _____
A u gu sta, G a ____
C olu m b u s, G a ___
M acon , G a _______
R o m e , G a _____ .
L o u ls v ., K y ., net.
S h re v e p o rt, L a . .
C olu m b u s, M is s ..
G reen ville, M is s ..
G reen w ood , M iss.
M eridian, M iss___
N a tch ez , M is s ___
V ick sb u rg , M is s ..
Y a z o o C ity , M iss.
S t. L ou is, M o ____
R a leigh , N . C ____
C in cin n ati, O h io .
M em phis, T e n n ..
N ash ville, T en n .
Bren ham , T e x a s .
C larksville, T exa s
D allas, T e x a s -----H on ey G r o v e ,T e x .
H ou ston , T e x —
P a ris, T e x a s --------
Y ear ending S ep t. 1 1911.
Y ea r ending S ep t.
1910.
R eceip ts. S h ip m ’ts. Stock.
R eceipts. S h ip m 'ts.
Stock.
18,511
18,969
126,935
126,197
95,349
94,538
59,4.34
58,757
207,354
207 ,297
20,007
18,979
105,168
105,156
184,277
184,415
332,952
335 ,293
63,650
63,940
45,999
45,642
43.363
43,481
9,455
9,545
105,547
106,415
32,228
32,266
64,889
67,475
92,503
93,103
91,188
91,527
11,905
11,894
43,685
44,617
44,622
49,587
525,625
527,624
13,051
13,018
215,361
223,447
13,086
13,631
905 ,536
920,887
7,194
5,750
13.383
12,903
36,275
36,285
102,309
102,309
32,829
32,812
2 ,4 6 4 .1 0 7 2 ,4 5 7 ,9 9 5
114,964
114,868
49
1,008
1,206
1,085
2,348
1,099
8
170
3,159
467
42
228
100
1,006
45
4,496
1 ,2 0 0
841
770
2,597
6,164
2,649
____
14,757
645
20,267
1,794
1,496
50
101
30,283
307
507
18,313
270
120,673
395
101,845
408
59,893
2,291
180,251
71
24,123
20
107,039
32
137,919
818
364 ,412
177
57,035
399
53,134
110
44,518
10
12,633
138
94,233
7
33,734
1,910
03,889
600
80,164 .
502
73,831
781
16,632
1,665
40,676
1,199
42,170
650
464,064
3
15,420
6,671
154,003
100
24,642
4,916
787,682
350
14,678
1,016
13,577
40
23,693
____
56,856
84
2 1 ,1 2 2
21,793
1,837,607 1,338,752 24,171
211
81,798
81,394
18,500
120,573
101,764
57,773
180,371
23,726
106,734
137,851
360,918
56,750
53,421
43,361
12,533
91,708
33,644
64,978
79,851
73,767
15,276
44,768
41,788
454 ,082
15,420
149,186
24,300
785,485
14,563
13,728
23,696
56,856
T o t a l, 33 tow n s 6,281,654 6 ,231.739 100,437 5 ,197,494 5,2 3 0 ,1 3 5
50,522
In the following we present a statement of the year’s ex
ports from each port, showing direction shipments have
taken. Similar statements have been given in all previous
reviews, and a comparison as to the extent of the total move
ment at each port can be made with back years.
New
Orleans.
Liverpool .
Manchester
B e lfa s t ___
London . .
Glasgow . .
H ull...........
Southam’ n
H a v r e ____
Dunkirk . .
Marseilles .
Bremen . .
Hamburg .
Warberg . .
Rotterdam
Antwerp . .
G h e n t ____
Copenhag’n
Christiania
Stockholm
M almo-----Nykoplng .
Gifle______
Goth’ burg.
Uddcvalle
B e r g e n ___
N a r v a -----I t e v a l____
R i g a _____
L lb a t t __
St. I’ et'b ’g
O p o r t o __
Lisbon-----Barcelona
Genoa . . .
Naples____
Leghorn . .
V e n i c e __
Trieste____
F lu m e ____
P iraeus__
Philippines
Honduras .
M e x ic o ___
Japan -----China_____
C u b a .........
Canada . . .
A fr ic a ____
Bom bay . .
Nor
Galves Savannah W il
ton. a
d
mington folk.
804,377 1,009,847
46,691 234,36-1
28,110
6,419
1,299
129,511
18,650
150
196,190
46,858
__
6,130
22,800
428,178
4,450
1,050
6,525
__
750
735,049
81,907
___
1,529
34,697
30,272
50
___
5,825
367,122 137,871 10,780 231,435
36,849
06,384
23,051
290
23,451
___
176
95,088
114,506 32,015
1,506
34
252
—
166,739
397,151 105", 104
4,221 11,849
53,599
800
1,754
1,445
959
6,943
29,113
1,350 5,329
____
3,155
800
21
__
200
1 ,2 0 0
300
400
4,300.
400
200
____
____
____
____
____
8 ,2 0 0
18,627
700
9,485
300
1,800
2.17C
116,854
180,205
400
150
9,429
29.S9C
41,019
11,791
12,700
New
York.
___
____
____
____
____
____
____
—
____
____
____
____
____
____
1,662
"7,670
10.49C
1,148
____
____
200
______
1 ,20C
______
2,750
14,450
600
______
______
3,966
32
______
______
______
...........
............
______
______
______
530
Total.
283,1702,844 60S
43,044 427, 32
28,230
120
1,420
30,917
1,674
85
23,451
176
112,763 912,121
24,640
402
276,440 1,966,733
23,614 222,048
______
800
17,467
5,650
97,772
4,219
42,951
1,300
4,455
3,375
230
30
______
___
______
______
______
______
1 ,2 0 0
350
400
10,875
400
200
8 ,2 0 0
29,774
1 ,0 0 0
____
____
2,526
____
____
200
50,303
113,585
850
Other
Ports, k
3,000
—
7,533
2 ,2 0 0
____
____
—
____
____
—
17,350
61,223
—
20,255
1,631
4,606
4,903
____
400
1,630
____
10 S
______
______
______
800
8,159
550
45C
950
2,526
3,970
12,900
200
226,386
377,963
21,505
1,781
25,005
73,722
4,348
1,630
1,058
1 ,2 0 0
—
____
____
—
____
1 00
9,283
1,150
____
____
5
140,225
_____
141,678
::::::
4,066
149,508
1,150
32
141,678
5
530
Total . . 1,513,023 2,949,020 1,100,489^83,112 15,981 751,740 1,045,259 7,758,624
a Includes from Port Arthur to Liverpool, 44,808 bales: to Havre, (54,969; to
Bremen, 107,076. From Texas City to Liverpool, 212.816 bales: to Havre, 66,193;
to Bremen, 30,703; to Mexico. 1,825. From Corpus Chrlstl, A c., to M exico. 1,641
bales, d Includes from Brunswick to Liverpool. 104,133 bales: to Bremen, 83,704;
to H amburg, 116: to Antwerp, 75 bales, k "Other ports” Include front Pensacola
to Liverpool, 53,208 bales; to Manchester, 3,100: to Havre, 30,595; to Bremen,
36,083; to Hamburg. 245; to Antwerp. 775. From Gulfport to Liverpool, 6,271
bales; to Havre, 19,338; to Bremen, 8.496; to Antwerp. 106. From Mobile to Liv
erpool, 57,619 bales; to Manchester, 11.117; to Havre, 42,754; to Bremen, 61,644;
to Hamburg, 11,414; to Rotterdam , 3,007. From Charleston to Liverpool, 18.832
bales; to Havre, 9,900; to Bremen, 94,801: to Barcelona, 800; to Genoa, 750; to
Venice, 550: to Trieste. 450. From Boston to Liverpool, 95,848 bales; to Man
chester, 5,533; to Hamburg, 100; to Genoa, 1,799; to Antwerp, 42; to Yarmouth,
St. John, An., 6,845. From Baltimore to Liverpool, 22,244 bales; to Belfast, 102;
to Havre, 10.176; to Bremen, 75,396; to Hamburg. 10,948; to Antwerp, 200; to Co
penhagen, 500. From Philadelphia to Liverpool, 25.858 bales: to Manchester,
23,894; to Glasgow, 85: to London, 1.426; to Hamburg. 877: to Rotterdam , 5,350;
to Antwerp, 3,096; to Copenhagen. 800: to Stockholm, 30; to Genoa, 5.510; to St.
John, N. B., 1,151. From Portland. Me., to Liverpool, 669 bales. From Detroit
to Liverpool, 2,627 bales. From San Francisco to Japan, 83.705 bales; to Manila,
850. From Seattle to Jaoan, 44,194 bales; to Manila, 50; to Canada, 1,135. From
Tacom a to Japan, 11,826 bales; to Manila, 50. From Portland, O re., to Japan,
500 bales. From Port Huron. Detroit, A c ., to Canada, 141,678 bales.
Prices of Cotton and Cotton Goods.
As the record would othervvise be incomplete, we subjoin
compilations covering the prices of printing cloth and raw
cotton for a series of years. The first statement shows the
highest and lowest quotations for 64 squares 28-inch printing
cloth, the standard in that description of goods, at Fall
River in each of the last twenty-four seasons— 1887-88 to
1910-11. Data for earlier years will be found in previous
issues of this report:
641
H igh .
CIS.
1 9 1 0 -1 1 _______
1909-10 ............. ________ 4.25
1908-09 ...............
1907-08 ...........
1906-07 ...........
1905-06 .............
1904-05 ...........
1903-04 .............
1902-03 ...........
1901-02 _______
1900-01 ..........
1899-00 _______
L ow .
Cts.
3.50
3.62
3.00
3.
3.38
3.37
2.62
3 .0 0
3.00
2.37
2.37
2.75
1898-99
1897-98
1896-97
1895-96
1894-95
1893-94
1892-93
1891-92
1890-91
1889-90
1888-89
1887-88
H igh .
Cts.
..............................2.75
.................... ......... 2.62
..............................2.62
..............................3.06
_ _ ......................... 2.88
..............................3.00
...................... ..
4.06
......................... .. 3.50
. . . ___________ 3.31
. . . ....................3.75
..............................4.06
. . ___________ 4.00
LOW.
C ts.
1.94
1.94
2.44
2.44
2.50
2.61
2.87
2.75
2.88
3.25
3.75
3.25
It will be noted that printing cloths at no time in 1910-11
reached as high a level as in the previous year and moreover
ruled much lower than in either 1907-08 or 1906-07, not
withstanding the fact that raw cotton itself in the latest
year has been maintained at a much higher level of cost.
With such a relation between the prices of cotton and cloth
it follows that the year’s operations, as regards the margin
of profit, were far from satisfactory.
The raw material opened the season at a much higher level
than at the beginning of the previous year and ruled com
paratively high throughout the twelve months. To say that
quotations were warranted by the short yield is hardly
correct, as manipulation had much to do with holding cotton
at the high level at which it has ruled, more in fact than
any influences arising from the laws of supply and demand.
Incidentally the market for cotton goods was adversely
affected and much short-time in the mills resulted. At New
York the opening quotation for middling uplands was 15.60c.,
from which level there was a decline to 13.60c. Sept. 26, this
turning out to be the low point until near the close of the sea
son. By the end of the month the price had advanced to
13.75c. and the upward movement continued until Oct. 13th,
when 14.90c. was reached, a recession to 14.30c. occurred,
but the close was at 14.55c. Fluctuations during November
were frequent, but generally towards a higher level, and,
after ruling at 15.15c. on the 26th, the quotation dropped
back to 15.05c. at the end of the month. The Agricultural
Department’s estimate of a crop of about 11A million bales,
or nearly a million and a half bales greater than in the
previous season, was influential in holding in check any
further rise in value in December, but there was no mentionable decline. In fact, middling uplands, which opened the
month at 15.10c., closed at 15c., after having ranged between
14.80c. and 15.25c. The year 1911 started off with the
market ruling at 15c., and after moving down to 14.75c.
on January 23rd, the close for the month was at 14.95c.
The movement of prices during February was towards a
lower level, as after opening at 14.95c. there was a decline
to 14c. by the 15th, but a recovery later carried the quota
tion up to 14.45c. at the end of the month. March trading
was without special influence upon values, the range of
prices being between 14.20 and 14.65c., with the opening
14.60c. and the closing 14.40c. April, on the other hand,
witnessed quite an important advance, well sustained through
the month, the initial quotation (14.40c.) being the lowest
and the closing (15.45c.) the highest. May also was a
period of rising values, notwithstanding favorable news
regarding the new crop and clear indications that acreage
was being quite largely increased. Starting off at 15.45c.
for middling uplands, the market moved up to 16.15c. on
the 19th and most of the advance was retained, the close
being at 15.85c. During June the market was in consider
able measure under the control of crop advices, and these
being of a favorable character quotations, after advancing
10 points to 15.95c., quite steadily declined, middling
uplands ruling at 14.80c. at the close. The Agricultural
Department’s report of July 3 was also an important factor,
tending towards a lower range of values. It denoted im
provement in the condition of the plant during the month
ended June 25, the status of the crop on that date being,
moreover, above the average. Consequently, after an
advance of 5 points near the opening, prices eased off materi
ally, the decline being most rapid toward the close, which
was at 12.50c., or 2.30c. lower than on June 30. Fluctua
tions during August were within a comparatively narrow
range until the last few days, when an important decline
occurred. The market closed on Aug. 31 at 11.60c., the
low for middling uplands at New York since June 24 1909,
the extremes for the season having been 11.60c. (Aug. 31)
and 16.15c. (May 19), with the average 14.55c., or 0.42c.
below that for 1909-10, but 4.13c. above 1908-09, 3.27c.
higher than in 1907-08, and in fact higher than in any year
from 1875-76 to 1908-09, inclusive, only excepting 1909-10.
To indicate how the prices for 1910-11 compare with those
for earlier years, we have compiled from our records the fol
lowing, which shows the highest, lowest and average prices
of middling uplands in the New York market for each season.
H ig h .
c.
1910-11. .16.15
1909-10. .19.75
1908-09. .13.15
1907-08. .13.55
1906-07. .13.55
1905-00. .12.60
1004-05. .11.50
1903-04. .17.25
1902-03. .13.50
1901-02. - 9 H
1900-01. .12
1899-00. - 1 0 H
1898-99. - 6H
1897-98. . 7 13-16
1896-97. - 8H
1895-06. - 9H
L ow .
c.
11.60
12.40
9.00
9.50
9.60
9.85
6.85
9.50
8.30
7 13-16
8
OH
5 5-16
OH
7 1-16
7 1-16
A v era g e
c.
14.55
14.97
10.42
11.28
11.48
11.20
9.13
12.58
10.26
9 3-16
H ig h .
c.
1894-95. . 8 3-16
1893-94. . 8 9-16
1892-03. .10
1891-92. . 8 13-16
1890-91. .11
1889-90. .12 H
1888-89. -11 H
1887-88. - 1 1 %
1886-87. .11 7-16
1885-86. -10K
1884-85. -11 H
OH
1883-84. .11 15-16
9H
6 1-16 1882-83. - 1 2 H
6 3-16 1881-82. .13 1-10
7 11-16 1880-81. .13
1879-80. .13 7-16
8M
L ow .
e.
5 9-10
OH
7 1-16
A v era ge.
c.
6 7-16
7 11-16
8 7-16
7H
6 11-16
7 15-16 O H
1014
11 5-16
9%
10 7-16
9 7-16 10 5-16
10
OH
8 13-16 OH
10 11-16
OH
11
10 H
10
10 H
12 1-16
11 M
10 7-16 11 H
12 1-16
10H
643
THE CHRONICLE
[V O L . L X X X X III.
p a rticu la r bills o f ladin g had been fo u n d fo rg e d o r o th e rw ise in effectiv e,
thus p re v e n tin g th e p y ra m id in g o r cu m u la tio n o f losses. T h e c o m m itte e
con sid ered that the ch an ge thus p ro p o se d w o u ld r e m o v e th e first o b je c t io n .
A s t o the s e co n d o b je c tio n , the in q u ir y w as s p e cifica lly m a d e o f th e rep re
— The public sales of bank stocks this week aggregate s e n ta tiv e o f th e fo re ign Interests w h eth er It w as the in te n tio n o f th e foreig n
450 shares, of which 315 shares were sold at the Stock ban kers to refu se o r d e la y th e a cce p ta n ce o f d rafts until th e y w o u ld h ear from
Exchange and 135 shares at auction. No trust company th e cen tral bu reau . H e replied th a t su ch an idea has n ever b e e n en ter
tain ed : th a t th e ce n tra l bu rea u Is n o t e x p e c te d t o r e c e iv e an a p p lic a tio n
stocks were sold.
fro m a E u ro p e a n ban k er at all. T h a t n o b o d y has e ver th o u g h t o f s u ch a
th in g. T h e co m m itte e reached th e c o n c lu s io n th a t th ere w as no g ro u n d
Sh ares. H A N K S — N ew Y ork.
L ow . H igh . C lose. Last p revio u s sale.
fo r th e se co n d o b je c tio n , an d th a t in terior bills w ill, as h e re to fo re , be h o n
*310 C om m erce, N a t. B a n k o f - - . 2 0 2
202
2 0 2 }■{ A u g . 1911— 2 0 1
ored o n p re se n ta tio n , in a c c o r d a n c e w ith their term s b o th In th is c o u n tr y
50 H u n g a rla n -A m erlca n B a n k , 100
100
100
--------------------------------an d a b r o a d an d w ith o u t regard to a n y w o rk o f in v e s tig a tio n b y th e cen tra l
53 M cch . & M etals N a t. B a n k . 205
265 ',' 2 0 5 X S e p t. 1911— 265
7 N ew Y o r k , N . B . A . , B a n k o f 301 K 301
H301 <4
M ch . 1911— 315 b u r e a u .
.
C on cern in g the th ird o b je c tio n , th e co m m itte e th o u g h t th a t the Initial
* O f this a m o u n t 315 shares w ere sold at th e S to c k E x ch a n g e .
A m e rica n b a n k w o u ld be assum ed to h a ve clo se r In fo rm a tio n o f th e re
— Securities listed on the New York Stock Exchange, sp o n s ib ility o f its clien ts an d th a t e v e n a ssu m in g a failu re to p ro p e rly
subject to the provisions of the law enacted at the recent d iscrim in ate in th e se lection o f his agen ts, b y the fo re ig n b u y e r , th e loss
fro m a n y fra u d u len t tra n sa ctio n , in v ie w o f the e x is te n ce o f a C en tral B u
session of the New York Legislature, under which bonds reau, w o u ld be o f co m p a r a tiv e ly trilling ch a r a c te r .
W ith regard to th e fo u r th o b je c tio n c o n ce rn in g r e s p o n s ib ility fro m the
and other obligations secured by property located outside
rm o f n o tifica tio n , this q u e stio n w as s u b m itte d to the G eneral C ou nsel o f
the State arc exempt from annual 1ocal taxes upon the fo
the A m e rica n B a n k ers’ A sso cia tio n an d such ch a n g e w as m ad e b y him in
payment of a registry or recording tax of
of 1%, are the the d ra ft as to m ake it clear th a t the ban k h a n d lin g the bill o f la d in g held
th
e sam e as a pledgee m erely, fo r co lla te ra l se c u r ity , an d assum ed n o re
subject of a ruling by the New York Stock Exchange.
o n s ib ility fo r its genuineness or fo r the q u a n tity or q u a lity o f th e c o t to n
All such securities, to which the recording stamp is affixed, sp
d e scrib e d therein .
may be dealt in as “ tax-exempt securities;” where, however,
A ll the o b je c tio n s being elim in a ted , the c o m m itte e rea ch ed the c o n c lu
securities do not bear the stamp, but are accompanied by sion th at the plan w as a v a lu able on e in sa fe g u a rd in g a gain st fo rg e ry and
sh o u ld h a v e at least a fair trial.
a detached stamped receipt, they will not be considered as
T h e co m m itte e th erefore re co m m e n d s th a t, w ith th e ch a n g es a b o v e
tax-exempt. The following is the notice issued by the en u m e ra te d , the p rop osed plan for the esta b lish m e n t o f a ce n tra l bu reau In
th
e
c it y o f N ew Y o r k be give n fa v o ra b le c o n s id e r a tio n b y the ex c h a n g e
Stock Exchange in the matter:
b u y in g ban ks o f th e c o u n tr y , an d an n ou n ces th a t in m ak in g this r e com m en
N E W Y O R K STOCK E X C H A N G E .
d a tio n it d oes n o t in an y m an n er w ish t o c o n v e y the im p ression th at the
The Com m ittee on Stock L ist directs :
p ro p o se d plan is t o at all Interfere w ith the m ain p u rp ose o f the co m m itte e
T h a t all secu rities n o w listed u p o n the N ew Y o r k S to c k E x ch an ge, w h ich
in secu rin g legislation n o w b e fo re C ongress in the fo rm o f the S te v e n s B ill.
h a ve a tta c h e d S ta te o f N ew Y o r k "S e c u r e d D e b t T a x ” S ta m p m a y be
Sol. Wexler, Chairman of the Bill of Lading Committee,
d ea lt In s p e cifica lly as ta x -e x e m p t s ecu rities.
The Com m ittee on S ecu rities rules:
representing the New Orleans Cotton Exchange and the New
T h a t tra n sa ction s In secu rities s u b je c t to the p r o v is io n s o f A r t ic le X V .
Orleans Clearing-House Association, has taken occasion to
o f the T a x L a w o f the S tate o f N ew Y o r k m a y be se ttle d b y d e liv e ry o f eith er
issue an announcement bearing on the deliberations of those
plain securities o r th ose bearing th e sta m p as to p a y m e n t o f th e S ecured
D ebt T a x.
in attendance at the meeting in New York, and in this state
T ra n sa ction s sp ecifica lly m ade in t a x -e x e m p t secu rities m u st be settled
ment, in referring to the opposition displayed toward the pro
b y d e liv e ry o f secu rities bearin g said s ta m p .
posed plan by foreign exchange buyers, he makes mention
Securities w h ich d o n o t d ir e ctly be a r said s ta m p , b u t arc a c c o m p a n ie d
b y a d eta ch ed sta m p e d re c e ip t, w ill be a d e liv e ry o n ly as p la in an d n o t a s
of an offer said to have been made by Mr. Haight to frame a
t a x -e x e m p t s ecu rities.
new plan. Mr. Wcxlcr’s advices relative to the meeting
S aid sta m p is in fo rm as fo llo w s : [here the fo rm o f th e s ta m p is Inserted]
were received thi’ough Mr. Godchaux, who was present as
a n d Is to b e ca n celed b y th e A g e n t fo r the C o m p t r o lle r o f th e S tate o f
N ew Y o r k w ritin g in in k his initials t h e r e o n , b y sta m p in g th ereon the date
the representative of the New Orleans interests. In his dis
o n w h ich the ta x w as paid a n d b y an im p ression circu la r In fo rm and bearin g
cussion of the proceedings in New York, Mr. Wexler also
th e f o llo w in g w ord s: " S t a t e o f N ew Y o r k — T a x o n Secu red D e b ts— P a id .”
G E O R G E W . E L Y , Secretary.
stated that:
S e p te m b e r 7 1911.
T h e im p ression w as gained at this m eetin g th a t if the N ew Y o r k ban kers
— From information given out a week ago on behalf of the h a d n o t o rig in a lly given som e sa n ctio n to the plan , th a t th ey w o u ld n ow be
d isposed to tu rn d o w n the en tire p r o p o s itio n ; b u t th e y seem ed t o th in k it
Bill of Lading Committee of the American Bankers’ Associa in cu m b e n t u p o n th em t o assist M r. H a ig h t in fo rm u la tin g som eth in g
tion, the decision appears to have been reached that, inas p r a ctica l, if it can be d o n e . It w o u ld a p p e a r as it the w h ole m atter w ou ld
much as certain features objected to in the plan providing for die o u t , as It is b u t n atural in a n y plan n o t based u p o n s o u n d p rin cip le and
fo u n d to be th o ro u g h ly p ractical b y the m en en ga g e d In the p a rticu la r line
the creation of a central bureau in New York for the registry o f business.
A s I h a ve p r e v io u s ly s ta te d , If a n y sh ip p e r o f c o t to n desires to h ave
of cotton bills of lading have been eliminated, the proposed
o f his d o cu m e n ts sent to a cen tral bureau and If his cr e d it is so p oor
scheme should at least be accorded a fair trial. The conclu copies
th at he ca n n o t n e go tia te his bills w ith o u t h a v in g th e m v a lid a te d , th ere can
sions of the Bill of Lading Committee are made known in a be n o g o o d reason w h y a railroad c o m p a n y s h o u ld n o t c o m p ly w ith his re
statement issued by Thomas B. Baton, General Coun quest; b u t the railroads sh o u ld co n fin e th em selves to Individual cases and
not t o a n y general a cqu iescen ce In a p lan o f this k in d . T h e e x ch a n g e b u yer
sel of the American Bankers’ Association, at the close of its w
ill n a tu rally a d o p t the sam e cou rse th a t he has alw a y s a d o p te d , v iz .: that
meeting on the 1st inst. At this meeting the Bill of Lading It lie has a n y d o u b t as to the v a lid ity o f a p a rticu la r d o c u m e n t a tta c h e d to
Committee was represented by Clay H. Hollister, of Grand a d r a ft, he w ill ascertain the fa cts co n c e r n in g it fro m the tra n sp orta tion
c o m p a n y , w h ich co u rse is p ursued at the p resen t tim e In isolated indi
Rapids, Chairman; J. A. Lewis, of St. Louis; William Ingle, v id u a l cases.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’S.
of Bastimore; F. I. Kent, of New York; and Mr. Baton.
Charles Godchaux, Bresident of the Whitney-Central Na
tional Bank of New Orleans, represented the Southern bank
ers, and Charles S. Haight the Liverpool Cotton Bills of
Lading Conference Committee. John E. Gardin, of the
National City Bank, Max May, of the Guaranty Trust Co.,
and Walter E. Frew, of the Corn Exchange Bank, were among
others who entered into the conference. We quote Mr.
Baton’s statement herewith:
A t Its m eetin g held in N a sh v ille M a y 2 1911 this co m m itte e a p p ro v e d the
general p rin cip le o f th e plan s u b m itte d in th e re p o rt o f th e s u b -c o m m itte e
for the v a lid a tio n o f c o t t o n b ills . In clu din g th e esta b lish m en t o f a cen tral
bu reau in th e c it y o f N ew Y o r k , w ith th e u n d erstan d in g th a t th e details
o f such plan w ou ld be s u b s e q u e n tly w o rk e d o u t an d con sid ered b e fo re g iv in g
Anal a p p ro v a l an d re c o m m e n d a tio n o f said plan .
It su b s e q u e n tly d e v e lo p e d th a t, w h ile th e plan for v a lid a tio n h a d the
u n iversal a p p ro v a l o f th e ban ks o f th e c o u n t r y , th e p ro p o s itio n fo r a cen tral
bu reau m et w ith o b je c tio n b y certa in o f th e S o u th e rn ban kers a n d c o t to n
interests.
A t t o -d a y ’s m eetin g o f th e c o m m itte e , th e S ou th ern ban k ers w ere repre
sen ted b y M r. G o d c h a u x o f N ew O rleans and M r. H a ig h t represented the
L iv e r p o o l C o tto n C on feren ce.
F u ll co n s id e ra tio n w as g iv e n to all th e o b
je c t io n s , an d u p on clo se a n a lysis th e y w ere fo u n d to be ba sed u p o n the
fo llo w in g g rou n d s:
■
F ir s t .— T h a t th e plan w o u ld g iv e certa in a d v a n ta g e to e x c h a n g e bu yers
In N ew Y o r k C ity b y reason o f the fa ct th a t th e ce n tra l bu rea u w o u ld be
there lo ca te d .
S econd.— T h a t the plan in its o p e ra tio n w o u ld p re v e n t th e r e a d y n e g o tia
tio n , a c c e p ta n c e and p a y m e n t o f d ra fts draw n a gain st c o t to n sh ip m e n ts.
T h ird .— T h a t u nd er th e plan th e fo re ig n b u y e r w ou ld n o t p ro p e rly dis
crim in a te In th e selectio n o f his agen ts.
F o u rth .— T h a t the fo rm o f n o tifica tio n t o th e cen tral bu re a u , as p ro p o se d ,
m ig h t b e c o n s tru e d as placin g a d d itio n a l r e s p o n s ib ility u p o n th e ex ch a n g e
b u y in g b a n k s fo r genu in en ess o f bills o f la d in g.
T o o b v ia t e th e first o b je c tio n It w as su gge ste d , w ith the assen t o f th e
rep resen ta tiv e o f the fo re ig n Interests, th a t th e cen tral b u reau . Instead o f
sen d in g a ck n o w le d g m e n ts o f each bill o f la d in g , in response to n o tifica tio n ,
sh ou ld gi ve n o in form a tio n to a n y o n e c o n ce rn e d , e x c e p t o n ly in cases w here
A rc-draft of the form of notice to be forwarded from
shippers to the Central Bureau, it is announced, has been
completed by Mr. Baton. The Bureau is already in opera
tion. It is stated that seventy-five of the cotton-carrying
railroads have signed the agreement drafted by the Liverpool
Committee. On the other hand, the foreign exchange banks
are apparently still holding off.
An insider conversant with the facts has prepared for
us the following description of the Central Bureau plan, ex
plaining how it is expected to work.
T h e L iv e r p o o l C o tto n C on feren ce an d the A m e rica n B a n k e rs’ A s s o cia tio n
o b ta in e d fro m the c o tto n -c a r r y in g railroads sign ed a greem en ts co v e r in g
the issu ance o f bills o f lading fo r c o t to n ; tw o syste m s w ere In clu ded in this
agreem en t— on e , the v a lid a tio n s y s te m , w h ich h ad a lr e a d y been In o p era
tio n , b u t u n d er verbal agreem en t; a n d the o t h e r , the C en tral B u rea u plan .
M a n y railroad s. It w as fo u n d , w ere c o n tin u a lly bre a k in g the v e rb a l agrecm en t co v e r in g the va lid a tio n s y s te m , in o rd e r to o b ta in business from c o m
p e tito rs; this p laced the road s w h ich liv e d up to th e ag re e m e n t in a m ost
u n fa v o ra b le p o s itio n , and as a result o th e r m e th o d s o f v a lid a tio n w ere
s o u g h t.
T h e C entral B ureau plan , w h ich w as d e v is e d b y th e L iv e r p o o l C otton
C on feren ce, requires the c o -o p e ra tio n o f A m e r ic a n sh ip p ers an d A m erica n
bu yers o f foreign exch a n g e , in ord e r to a ffo rd the p r o te c tio n in te n d ed . T h e
part ask ed o f A m e rica n b a n k e rs is e x tr e m e ly sim p le , and It Is d istin ctly
u n d e rs to o d th a t It carries w ith it n o a d d itio n a l r e sp o n sib ility . T h e first
fo rm o f n o tice to the C entral B u reau p resen ted to the b an k ers fo r their
a c c e p ta n c e w as th o u gh t b y so m e to c a rry w ith it n ew re sp on sibilities. T he
L iv e r p o o l C o tto n C on feren ce Im m e d ia te ly g a v e n o tice th a t there w as n o
n te n tlo n t o require A m e rica n ban k ers to a d d to th eir lia b ility , an d th at It
w o u ld , th e re fo re , be agreeable to h a v e th e fo rm In q u e stio n ch an ged in such
m anner as w as necessary In o rd e r t o r e m o v e a n y p o ssib ility o f d o u b t In that
re sp e ct. T h e a tto r n e y fo r the A m e rica n B a n k e rs’ A s s o c ia tio n th ereu p on
drew up a n o th e r fo rm , to w h ich It w as th o u g h t n o p ossible e x c e p tio n cou ld
b e ta k e n .
U n der the m e th o d s to be p u rsu ed b y the C en tral B u rea u in ch eek in g up
bills o f la d in g , a sh ipper, u p o n d e liv e ry o f c o t to n to a railro a d a g en t, or, In
certa in cases, o f co m p re ss r e ce ip ts, w lU Srecelve In e x ch a n g e aH throug
S
e p t
. 9
1 9 1 3
.]
T H E C H R O N IC L E
bill o f ladin g. T h is bill o f ladin g m a y h a v e been lllled o u t b y th e sh ip p er.
A fte r It Is signed b y the railroad a g e n t, a' v a lid a tio n c e rtifica te , bearin g the
sign atu re o f a s econ d agen t o f the ra ilr o a d , w ill be a tta ch e d t o the bill o f
la d in g, In a c c o r d a n c e w ith the v a lid a tio n a g re e m e n t. T h e r a ilro a d agent
w ill forw a rd to the Central B u reau a sign ed c o p y o f the bill o f lad in g, w ith
a d u p lica te v a lid a tion c e rtifica te a tta c h e d , an d t o the A u d ito r o f the
railroad a trip lica te v a lid a tio n c c rtlilc a te , to g e th e r w ith a n o n -n e g o tla b le
c o p y o f the bill o f la d in g . T h e Cen tral B ureau w ill file bills o f ladin g
rece iv ed b y It b y railroad , t o w n and n u m b e r. A ll o f the bills o f ladin g
re ce iv e d from on e to w n w ill, th e re fo re , be filed to g e th e r. A s bills o f ladin g
are (lied b y th e Central B u rea u , the a g e n t’s signature w ill be c o m p a r e d w ith
th e signature o f the sam e a gen t a lre a d y In the files. T ills w ill m ake It
possible for the C entral B u reau to d e te c t a n y bills o f ladin g w h ich m ay be
sent to It b y sh ip p ers, w h o , u n d ersta n d in g the sy ste m , m ig h t fill o u t bills
o f la d in g an d m all c op ie s fro m tlielr ow n o ffic e s . A sh ip p er w ou ld n o t
alon e h a v e t o forg e the signature to a bill o f lading In o rd e r to m islead the
C entral B u rea u , b u t he w ou ld h ave t o forg e a v a lid a tio n ce rtifica te as w ell.
In clu din g the special kind o f p ap er used b y the ra ilro a d , fo r In co m p a rin g
th e signatures the clerk In th e Cen tral B u reau w o u ld also n o tice th a t the
v a lid a tio n certifica te a tta ch ed w as regu lar. T h e Cen tral B ureau w o u ld then
n o t ify a general o fficer o f each r o a d , w hose n a m e has been given b y the
roa d to th e C entral Bureau fo r this p u rp o se , th a t It had re ce iv e d copies
o f the bills o f la d in g. T h is form o f re ce ip t reads as fo llo w s :
“ W e h a v e t o -d a y received c o p y o f BUI o f L a d in g N o . ____ , also c o p y o f
BUI o f L a d in g S ign atu re C ertificate N o .
b o th d a t e d ________________
Issued b y y o u r A g en t at --------------------------- t o ---------------------------- co v e rin g
________ ______ _ _ bales c o t to n , m arked as n oted In o p p o s ite co lu m n , ro u te d
v i a _____________ ___ p e r ---------- -----------------SS . L in e, de stin e d f o r _____________ ”
A s soon as m asters’ re ce ip ts are Issued b y th e steam sh ip co m p a n ie s at
p orts o f e x it, cop ies o f such receip ts w ill be fo rw a rd e d to th e C entral Bureau
an d w ill be a tta ch ed to th e v a lid a te d c o p y o f th e bill o f lad in g. T h e files
o f the Cen tral B ureau will be m an ipu lated In such m anner th a t bills o f ladin g
ou ts ta n d in g fo r a g iv en n u m ber o f d a y s w ill be b r o u g h t to the n o tice o f
th ose In ch arge o f the B ureau. In all such cases the c o t to n will actu a lly be
tra ced a n d lo ca te d .
S h ippers, after h aving o b ta in e d th eir bills o f ladin g, are t o fill o u t a
n o tice add ressed t o the Cen tral B u rea u , g iv in g the particu lars o f bills
o f lading
T h ese n otices are to be a tta ch e d t o th e bills o f la d in g , and
g o forw a rd to th e b u y er o f the fo re ig n e x ch a n g e . Su ch b u y e r Is then to
d e ta c h th e n o tice and m all It to th e Cen tral B u rea u . T h e Cen tral Bureau
w ill c o m p a re th e detail o f the n o tice w ith th e c o p y o f th e bill o f lading
d escrib ed , a tta ch in g the n o tice to th e bill o f lad in g. If th ere are no dis
crep a n cies, the d ocu m en ts w ill b e left u n til th e m a ste r’ s re ce ip ts h a v e c o m e
fo rw a r d , w h en , a fter c om p a ris o n , th e y are also to be a tta c h e d to th e o th e r
p ap ers. T h e d o c u m e n ts a rc then co m p le te , a n d c o n s ist o f a sign ed c o p y
o f th e bill o f lad in g, toge th e r w ith a sign e d c o p y o f th e v a lid a tio n certifica te
a tta ch e d , th e n o tice forw a rd ed b y th e e x ch a n g e b u y e r , and th e m a s te r’s
r eceip t. T h ese pap ers are th en filed b y th em selves w here th e y c a n be
rea d ily referred to , and c o v e r a full h is to ry o f th e c o t to n s h lp m e n t.
It
also leaves the Incom plete d o c u m e n ts In sep arate files, w here th e y can be
run o v e r q u ic k ly at specified tim es fo r tra cin g pu rp oses.
E v e r y case o f error m ad e b y railroad a gen ts o r o th ers, In listing m arks
an d nu m bers, o r oth er d e ta il, w ill be c o rre cte d b e fo re th e d o c u m e n ts arc
filed.
In case a forg ed o r fra u d u le n tly Issued bill o f la d in g has been
n e g o tia te d , the Cen tral Bureau will n o tify th e e x c h a n g e b u y e r , b u t u n d er
no oth er circu m sta n ces Is th e C entral B u reau to a d v is e e x ch a n g e buyers
con cern in g bills o f lading.
T h is m eans th a t no e x c h a n g e b u y e rs , w h ether lo ca te d In N ew Y o r k or
o th e r c ities , ca n ch eck u p bills o f ladin g b e fo r e p a y in g fo r th em . T h e
resu lt w ill be th a t foreign e x ch a n g e draw n a g ain st c o t t o n as co lla te ra l w ill be
p aid for o n p resen tation , an d th a t th ere w ill be no d e la y w h a te v e r In the
m ov e m e n t o f c o t to n . T h e fe a r th a t p revailed a m o n g S o u th e rn ban k ers
th a t N ew Y o r k exch a n g e bu yers w o u ld h o ld u p e x c h a n g e u n til th e bills
o f lading had been ch eck e d u p b y th e C entral B u rea u , an d p o s s ib ly refu se It,
p rov id e d ev ery th in g w as n o t fo u n d In o rd e r, Is, th e re fo re , g ro u n d le s s . T h e
fin a n cin g o f e x p o r t c o t to n , Including the m eth od o f p re s e n ta tio n an d p a y
m en t, w ou ld b e e x a c tly th e sam e as in the p ast In e v e r y p a rticu la r, w ith the
e x c e p tio n o f th e a tta ch m e n t and fo rw a rd in g o f n o tice s to th e Cen tral B ureau.
T h e d etail o f th e w h ole plan Is c o m p a r a tiv e ly sim p le as fa r as A m e r ic a n in
terests arc con c e r n e d , and each has Its c o m p e n s a tio n in the results o b ta in e d
fro m the C entral Bureau system .
■ T h e railroad agents u nd er th e new plan forw ard d u p lic a te co p ie s o f bills
o f lading to the Central B u rea u , and th e roads are e n a b le d to c h e ck up
the acts o f their agen ts, as th e y h a v e n ever been ab le to d o b e fo r e . T h e
A m erica n sh ipper fills out o n e a d d itio n a l b la n k fo r each bill o f la d in g and
b y so d oin g takes his part In the esta b lish m e n t o f th e s y s te m , w h ich will
p r o te c t him from th e Illegitim ate c o m p e titio n o f th o se w h o h a v e heretofore
been a b le to b u y c o tto n w ith o th e r p e o p le 's m o n e y ,
i t Is In ten ded to
Increase th e valu e o f c o t to n bills o f lading as co lla te ra l an d s a v e shippers
fro m losses th a t m ig h t o c c u r through th eir m ak in g p u rch ases o f c o t to n fro m
th ose d ealing in forg ed or fra udulent bills o f ladin g, an d It Is argu ed th a t the
w h ole stan d ard o f th e c o t to n tra d e w o u ld be Im p ro v e d , b o th In this c o u n t r y
and a b r o a d : the h on ora b le sh ipper, It Is c la im e d , w o u ld reap the sa m e
ben efit w hich a ccru ed to m unicipalities w hen it b e ca m e n ecessary t o register
and c e r tify th eir bon d issues, and A m e rica n e x c h a n g e b u yers w o u ld be
ben efited th rou gh the e lim in ation o f all te m p ta tio n o n th e part o f d is
h on ora b le shippers to n e go tia te fo rg e d bills o f la d in g . T h e en tire b u rden
o f c o s t Is to be born e b y the C entral B ureau, an d w ill n o t fall u p o n p la n te r,
sh ip p er or ba n k er. T h e system Is th o ro u g h ly c o -o p e ra tiv e , Is Intended to
w ork to th e a d v a n ta g e o f all en gaged in the c o t to n bu siness, and e v e ry
fea tu re w h ich cou ld p os s ib ly be con stru ed as fa v o r in g a n y special Interest
has been elim in ated.
It Is c o n fid e n tly h op e d b y th e L iv e r p o o l C o tto n C o n fe re n ce th a t w hen
th e plan Is th o ro u g h ly u n d e rsto o d b y A m e rica n Interests th a t all o p p o s itio n
w ill be rem o v e d , and th at It will m eet w ith th eir en tire a p p ro v a l.
On
this a c c o u n t th e Central B ureau w as e stablish ed w ith o u t w aitin g fo r th e
co m p le tio n o f the oth er details, w h ich had to be referred to th e A m e r ic a n
Interests fo r th eir a ccep ta n ce .
643
— James S. Alexander, who has been looked upon as the”
logical successor to Valentine P. Snyder as President of the
National Bank of Commerce of this city, was elected to the
presidency of the institution on Wednesday. Since Mr.
Snyder’s resignation on April 1, Mr. Alexander had been
acting head of the bank. Mr. Alexander, who is now fortysix years of age, entered the bank’s employ when twenty
years old. He had been a Vice-President since 1908; he is
succeeded in that office by It. G. Hutchins Jr., who has been
Vice-President of the Chicago Railways Co. At Wednes
day’s meeting Paul M. Warburg, of Kuhn, Loeb & Co., was
elected a director and a member of the bank’s finance com
mittee, succeeding Jacob H. SchifF, resigned.
— Frank A. Horne, of the Merchants’ Refrigerating Co.,
has been elected to membership in the board of the Fidelity
Trust Co. of this city.
— On Wednesday James M. Pratt was elected a Vice
President of the Guaranty Trust Co. of this city, and Robert
II. Cox was made Assistant Secretary.
— Old rumors of a possible consolidation of the Knicker
bocker Trust Co. with the Equitable Trust Co. of this city
were revived this week, when it was learned that there had
been informal discussion of the matter some time ago by
parties identified with both institutions. Officials of these
companies state that the proposition never assumed definite
shape and has since been dropped.
— Boyd C. Curts, formerly associated with the trust
department of the New York Trust Co., has been appointed
Trust Officer of the Windsor Trust Co. of this city in place
of Ten Eyck R. Beardsley, resigned.
— W. H. Macintyre, the New York and American agent
representing the Standard Bank of South Africa, Ltd., at
55 Wall St., has received the following cable advices from
the head office of the corporation, Lombard St., London:
“ The bank proposes paying a half-yearly dividend at the rate
of 10% per annum, with bonus of 3% per annum, together
making distribution at the rate of 13% per annum, subject
to income tax. Appropriation to write down bank premises,
£20,000, to add £20,000 to reserve fund, making it £1,
940,000, and to add £10,000 to officers’ pension fund, carry
ing forward about £42,000 to new ascount.” The Standard
Bank of South Africa, Ltd., has over 1G0 branches in Cape
Colony, Natal, Transvaal, Orange River Colony, Basutoland,
Rhodesia, British Central Africa and East Africa, and acts
as bankers to the Government of the Cape of Good Hope
and the British Government in the Cape Colony and Trans
vaal. Mr Macintyre also represents the Bank of New South
Wales in New York, with over 306 branches throughout
Australasia, Fiji Papua (New Guinea).
— The dividend of 100% to the stockholders of the Old
Colony Trust Co. of Boston, which is to be paid in connection
with the plan to increase the paid-in capital from 82,500,000
to $5,000,000, has been declared payable Sept. 20 to stock
holders of record Sept. 5. A circular issued to the share
holders announces that the extra dividend is payable “ not
out of accumulated earnings, but out of the paid-in surplus
of the company resulting from the issue of stock of the com
pany from time to time at prices above par.”
— The Harris Trust & Savings Bank of Chicago will take
possession to-day of its new and commodious quarters in
the elegant Harris Trust Building on Monroe Street, between
La Salle and Clark streets. This is one of the finest “ sky
scrapers” yet erected in Chicago, and is twenty stories in
height. The six lower stories, on the front, consist of
polished granite pediment, pilasters and stately Ionic col
umns, while the remainder of the front is faced with red
pressed Roman brick and crowned with an artistic cornice.
The total cost of the building and land was approximately
$3,500,000. The main banking room is 185 feet long, 90 feet
wide and 30 feet high. There are also seven private rooms
on the main floor, and directors’ , committee and corporation
— A meeting of the Executive Committee of the Clearing rooms, and a large room used by the bond department on the
House Section of the American Bankers’ Association was mezzanine floor. The ceil ing is supported by massive
held in this city on the 1st inst. for the consideration of Scagliola columns, which rest upon a floor of Tennessee
routine matters in connection with the work of the section. marble. This room is set off by piers and tasteful panels of
Charles A. Ruggles, Manager of the Boston Clearing House Pavanazzo marble, and the prevailing tints of the walls are
Association, was elected Vice-President of the Section, cream, to insure all possible light. The counter, front and
succeeding the late George Guckenberger of Cincinnati and rail are made of Formosa marble; the cage line is done in
the appointment of a Secretary, made necessary by reason verd antique.
A spacious balcony overlooks the banking
of the increased work, was authorized at the meeting. The room at either end, and a score of gold-plated chandeliers of
“ numerical system” was discussed, and plans were promul beautiful design contribute to the harmony of the whole.
gated for developing the system so that it may ^eventually It need hardly be sa id that the latest modern appliances and
be adopted by every bank in the United States,
conveniences for banking and the selling of bonds are found
644
THE CHRONICLE
[V O L . K X X X X III
in this elegant-home of finance. The Harris Safe Deposit
The clearings for the week ending Sept. 2 make a satisfac
Co., the owner of the building, will operate modern safety tory comparison with the same week of 1910, the increase
vaults in the basement, and there will be a large capacity for in the aggregate having been 13.4%.
storage purposes on this floor. To connect the mezzanine
Week ending Sept. 2.
Clearings at—
floor and the basement with the main banking floors are two
private elevators. Two large vaults for the bank proper
1911.
1910.
1909.
1908.
are also located in the first basement.
Canada—
S
S
%
..........................
Montreal
6,895.783
+ 1.1
In view of the fact that Norman W. Harris, the head of the T oronto............................... 37,296
30,000
4,832,702 + 2 0 .8
4,294,883 + 2 4 .4
well-known Harris bond and banking organization (con W in n ip e g .......................... 17,784
V a n co u v e r........................
9,568
8,402,101 + 13.9
sisting of the two financial concerns described above, Harris, O tta w a ......... - ................... 3,509
3,164,005 + 10.9
u e b e c ...............................
2,397
2,143,232 + 11.9
Forbes & Co. of New York and N. W. Harris & Co. of Boston), Q
H a lifa x ...................... ........
1,432,,631
1,458,016
— 1.8
Hamilton •_.................... _
2,227, ,007
1,829,183 + 2 1 .8
was in reality the pioneer banker in municipal bonds in this St.
J o h n ............................
1,241,,052
1,383,809 — 10.3
country, brief reference here to the Harris idea and to the Calgary ............................. 3,435,,473 2,369,154 + 4 5 .0
London .............................
997, 008
909,759
+ 9.6
career of the man who has so successfully applied that idea Victoria.............................. 2,322,
041
1,850,000 + 25.5
E
d
m
o
n
to
n
....................
..
1,904,
469
1,384,597
+
37.6
to the building up of his business, seems not out of place. R e g in a ............................... 1,289, 080
806,611 + 59.9
416, 792
Probably no one individual has had more to do with placing B ran don .............................
414,201
+ 0.6
Saskatoon_______ ______
1,236, 655 Not incl. in total
municipal securities in their proper light before the investing Moose J a w ........................
692, 740 Not lncl. in total
Lethbridge........................
472, 307 Not incl. In total
public than Mr. Harris. From a small private banker many Brantford ........................
470, 139 Not incl. in total
years ago in Cincinnati, he became Secretary and Manager
Total Canada........... - - 115.822,401 102,138,036 + 1 3 .4 90,123,799 82,673,050
of the Union Central Life Insurance Co., which he aided in
Pacific and Other Western Clearings brought forward from
organizing in 1867. He was energetic in gaining business
for the young company, and during fourteen years he had first page.
its rapidly growing assets to invest. He made it his chief
study to invest them safely and, therefore, wisely. In Clearings at—
Inc. or
extensive travel throughout the United States and Europe,
Dec.
he was impressed with the immediate and future necessity
Francisco.
everywhere of public improvements and of the possible San
Los Angeles__
...........
development of the resources of country, city and town in Seattle
P o r tla n d .........
order to keep pace with the sure stride of advancing civili Salt Lake City.
Spokane______
zation. He was convinced that bonds issued upon municipal T a co m a ...........
credit, if properly guarded in every way, would strongly Oakland...........
Sacramento . .
D iego____
appeal to conservative capitalists, to trustees of savings San
S to c k to n .........
banks and insurance companies, and also to smaller investors. San Jose
Fresno .
Then he came to the conclusion that the investor would Pasadena_____
North Yakima
naturally have more confidence in the representations of a B o is e ................
man who was offering securities that he owned outright Reno
Cocur d ’Alene.
(i. e., he valued them highly enough to put his own money Ogden
into them) rather than in the mere broker who sold on com
Total Pacific
mission. This led Mr. Harris, when he embarked in the Kansas City . .
bond business in 1882, to offer for sale only such bonds as he Minneapolis___
Omaha...........
had previously bought after a most rigid investigation. The St. Paul.........
Denver_______
early rule of N. W. Harris & Co. was to handle only such St.
Joseph___
Des Moines___
securities as would be suitable for trust funds. Persistence Sioux
C ity____
in such careful and conservative policies has gained the con W ich ita______
D uluth..............
fidence of moneyed institutions and thousands of private Topeka ...........
Lincoln ...........
investors throughout the world, and secured for the Harris Davenport____
organization the very highest rank in its line of business. Cedar Rapids.
Colorado Spgs.
In twenty-nine years it has bought and sold more than Fargo _______
Sioux
a lls ...
one thousand one hundred and fifty million dollars’ worth of Pueblo F ...........
bonds; it has selected safe investments for over 3,300 banks, F r e m o n t_____
Waterloo ____
bankers and trust companies; scarcely a day passes that this H e le n a --------Aberdeen.........
organization does not absorb a million or more of freshly- H astings.........
B illin g s...........
minted municipal, railroad and public-service securities; Joplin................
and, indeed, it has grown to be a financial power of such
Tot.oth West 536,648,363 575,718,763 — 6.84.487,625,4474,744,877,846
magnitude as to be recognized in large corporation and even
international financing.
Week ending Sept. 2.
Clearings at—
The last statement of the Harris Trust & Savings Bank
Inc. or
shows a remarkable growth for so young a financial institu
1910.
Dec.
1911.
1909.
1908.
tion. The combined resources of the three Harris organiza
S
%
S
$
s
+ 3 .6 39,673,540 36,523,154
San Francisco.................... 46,047,669 44,436,281
tions on Sept. 1 1911 were approximately $35,000,000, Los
A n geles...................... 15.723,327 13,603,393 + 15.6 11,344,340
8,505,164
$22,500,000 of which represents the amount to the credit Seattle................................. 10,245,868 9,224,939 + 11.1 10,425,790 8,209,347
9.516,948 + 17.4
9,682,768
Portland ..........................
6,871,043
6,504,749
of the Harris Trust & Savings Bank.
5,122,832 — 10.1
4,603.888
Salt Lake City___
5,776,058
4,781,785
Canadian Bank Clearings.— The clearings of the Canadian
banks for the month of August 1910 show an increase over
the same month of 1910 of 20.4% and for the eight months
the gain reaches 17.0%.
August
CllpnTiitnv
VivU/
tilI/O nt—
Ub
1911.
Canada—
Montreal__
T oron to__
Winnipeg__
Vancouver-.
Ottawa___
Quebec____
llfax___
Hamilton__
St. John___
Calgary----London ----Victoria . . .
Edmonton. .
R egina----Brandon* . .
Saskatoon . .
Moose Jaw..
Lethbridge .
Brantford . .
Total Can.
1910.
Eight Months.
Inc. or
Dec.
1911.
1910.
Inc. or
Dec.
S
5
%
S
S
187,190,431 171,413,613 +9.2 1,513,993,831 1,358,086,327 + 11.5
152,777,991 116,721,773 +30.9 1,198,210,183 1,012,450,509 + 18.3
87,518,651 72,588,070 +20.6 663,154,956 544,262,625 +21.8
47,232,335 36,533,143 +29.3 343,558,533 278,672,318 +23.3
16.932,356 15,904,340 + 6.5 136,866,948 126,777,206 + 8.0
12,203,645 10,570,343 + 15.4
84,979,981
79,369,133 + 7.0
7,538,045 8,281,137 —9.0
56,279.480
66,346,600 —15.2
10,276,052 7,904,454 +30.0
78,209,662
63,997.354 +22.2
6,436,767 7,376,301 —12.7
51.237,012
51,445,117 —0.2
22,483,951 13,052,196 +72.3 135,157,611
94,923,608 +42.4
5,736,532 5,200,635 + 9.9
46,804,377 144,251,199 + 5.8
11,394,981 8,865,359 +28.5
89,126,552
64,262,398 +38.7
9,543,495 6,274,604 + 52.2
70,315,004
42,028,727 + 67.3
5,982,818 3,878,192 + 54.3
42,657,979
28,732,641 +48.5
2,310,490 2,050,105 + 12.7
17,308,970
11,418,790
5,401,743 Not incl. in total
34,327,158 Not Included in‘ total
3,780,857 Not Incl. in total
21,432,524 Not included in total
2,314,989 Not incl. In total
17,717.676 Not included In total
2,072,795 Not Incl. in total
18,662,508 Not included In total
583,248,050 484,564,160 +20.4 4,510,552,109 3,855,605,762 + 17.0
♦ N ot included in totals; comparison incomplete.
S p o k a n e ....... .....................
T a c o m a ............................
O a k la n d _________
S acram ento......................
San D iego............. .
Stockton ............. .
San J o s e ..... .......... .
Fresno ...................
P a sa d en a...............
North Yakim a___
Total Pacific.
Kansas City____________
M inneapolis....... ..............
O m a h a ........................
St. Paul...............................
D e n v e r ...............................
St. Joseph..........................
Des Moines........... ............
Sioux City....................
W i c h it a ............................
D u lu th ...............................
Topeka ..............................
Lincoln ...............................
D a v e n p o rt........................
Cedar Rapids....................
Colorado S p rin g s ...........
F a r g o .................................
Sioux Falls........................
P ueblo................................
F rem on t............................
W aterloo............................
H e le n a ..............................
A b e rd e e n ..........................
Hastings ..........................
B illings...............................
3,489.320
3,873,991
2,890,037
1,212,481
1,040,000
670,000
550 000
592,199
603,192
333,076
3,889,096 — 10.3
5,462,109 — 29.1
3,182,739
— 9.2
1,170,174
+ 3 .6
1,050,000 + 3 3 .3
559,649 + 19.7
__ 5 g
582 779
709,411 — lo]7
553,239
+ 9.1
378,000 — 11.9
4,171,245
5,204,004
2,154.694
986,829
935,000
619,018
445 000
488]188
413,171
302,951
3,077,215
3,961,509
1,620,455
852,706
785,000
591,070
515 173
465,’786
+ 2 .5
89,810,901
76,599,255
45,569,779 49,161,931
— 7.3
18,439,257i 23,109,889 — 2 0 .2
13,860,749 15,705,077 — 1 1 .8
7,772,712
9,005,895 — 13.7
—7.4
8,027,544
8,667,164
+ 3.6
5,789,264
6 ,0 0 0 ,0 0 0
+ 0.4
3,136,371
3,150.00;)
3,094,876 —30.3
2,157,156
— 6 .8
3,063,402
2,855,292
3 389 207 — 2 0 .2
2 704 917
+ 3 8 .5
i:i4 4 ,m
L 584+42
—3.5
1,388,855
1,339,296
1,676,495 — 25.9
1,241,700
900.000 — 2 2 :2
1 . 1 0 0 .0 0 0
450,000
— 1.1
450,000
567,918 — 19.2
676,105
955,276 —40.0
570,186
484,256
+ 7.3
519,705
389,944 — 19.0
315,630
990,000 + 1 0 .8
1.097,000
977,950 — 11.1
869,056
400,000 — 2 0 .0
320,000
190,000
200,318
+ 5 .4
06,638 + 154.9
246,352
45,151,302
17,253,307
14,264,155
9,649,296
7,774,718
5,572,962
3,553,942
2,539,898
2,694,684
2,493,725
1.245,’ 621
1,351,226
1,302,077
1.068,254
406,069
534,867
660,000
548.377
353,569
36,367,409
17,287,958
11,035,556
7,867,939
7,074,470
4,947,245
2,681,245
2,171,840
1,288,341
703*728
o b T ii o
101,917,81b
09,388,350
121.U61.896 134.734,519
205,942
961,644
923,538
997,735
847,479
503,340
394,266
475,000
436,331
330,138
196,882
166,040
— 1 0 .2 117,616,550
07.448.624
THE CHRONICLE
Se p t . 9 1911.]
C le a r in g s b y T e le g r a p h — S a le s o f S t o c k s , B o n d s , & c .—
T h e s u b j o i n e d t a b l e , c o v e r i n g c le a r i n g s f o r t h e c u r r e n t w e e k ,
u s u a l l y a p p e a r s o n t h e fir s t p a g e o f e a c h i s s u e , b u t o n a c c o u n t
o f th e l e n g t h o f t h e o t h e r t a b l e s is c r o w d e d o u t o n c e a m o n t h .
T h e f ig u r e s a r e r e c e iv e d b y t e le g r a p h f r o m o t h e r l e a d i n g c itie s .
Clearings— Returns by Telegraph.
Week ending Sept. 9.
1911.
m m er ci a l 31u glisT t
gj&otxjetattyl
(From our own correspondent.)
London, Saturday, Sept.
Per
Cent.
1910.
645
2 1911.
A s it is t o b e h o p e d t h a t a f a v o r a b l e p h a s e w ill h a v e b e e n
reach ed
in
th e
M orocco
c o n fe re n c e
b e fo r e
th is
is
in
ty p e .
New Y o r k ....... ............................................
Boston . . . ............... ............ .........................
P h iladelph ia...................... - .......................
Baltim ore......... - ..........................................
C h ic a g o ....... ........................... ................ ..
St. Louis................................ .....................
New Orleans................................................
5995,717,894
90,150,132
89*303,927
22,918,846
195,042,624
03,570,786
12,517,609
3891,821,780
84,254,922
85,929,528
21,118,393
176,748,593
48,863,919
11,737,320
+ 11.6
+ 7.0
+ 3 .9
4*8.5
+ 10.3
+ 30 .1
+ 6.6
at
Seven cities, 5 d a y s . - - ......................Other cities, 5 days...................................
31,469,227,818
437,218,964
31,320,474,455
403,787,926
+ 11.3
+ 8.3
s h e is p r e p a r e d t o t h e G e r m a n d e m a n d s , h a s h a d i t s in flu e n c e
Total all cities, 5 days....................—
All cities, 1 day.......................... - ...............
31,900,446,782
408,974,889
1,724,262,381
403,842,344
+ 11.1
+ 13.6
Total all cities lor week........................
$2,375,421,671
32,128,104,725
+ 11.0
N o g o o d p u r p o s e w o u ld b e s e r v e d b y d is c u s s in g th e q u e s tio n
th e
p resen t sta g e .
It
m ay
be
r e o p e n in g o f th e c o n fe r e n c e a t
th a t
th e
B e r lin o n M o n d a y , a n d
sa id ,
how ever,
th e
g e n e r a l f e e li n g t h a t F r a n c e h a s m a d e a s la r g e c o n c e s s i o n s a s
in
a d d in g
to
th e
general
d e p r e s s io n
w h ic h
has
p r e v a ile d
th r o u g h o u t th e w e e k u p o n th e L o n d o n S to c k E x c h a n g e .
A m o r e s e r i o u s in fl u e n c e f o r t h e m o m e n t a t l e a s t h a s b e e n
t h e im p r e s s i o n d e r i v e d f r o m t h e e v i d e n c e b e f o r e t h e R a i l w a y
T h e v o l u m e o f t r a n s a c t i o n s in s h a r e p r o p e r t i e s o n t h e
N e w Y o r k S t o c k E x c h a n g e e a c h m o n t h s in c e J a n . 1 in 1 9 1 1
a n d 1 9 1 0 is in d i c a t e d in t h e f o l l o w i n g :
SALKS UK STUCK AT T H E NEW Y O R K STOCK EXCH AN GE._______
1911.
Number
of
Shares.
g.C-3
U 'lh
Par.
Actual.
$
907.563.875
902,448.900
019.067,575
10.410,526
10.194.217
6,823.868
Number
of
Shares.
Actual.
Par.
471,409.900
983.924,050
951.730.450
3
s
3
872,467.419 24,538,649 2,255,816,775 2,236,641,564
879.948,718 16.012,626 1.423,073,275 1.407.743,928
600.479.480 14.988.179 1.336,803,725 1,327,476,419
450,398,404 14.089.639 1,279,487,675 1,250,488,974
971.047.984 11.918.978 1,055.491.350 1.001.681.480
940,178.916 16,292,870 1.452.455,025 1,385,474,622
2d qr 26,993,328 2,407,064,4002,307,623.304 42,301,487 3,787,434,050|3,640,045,076
m's 54,427,939 4,836,144,7504.720,518,921 97,840,941 8,803,127,825 8,018,506,987
July. 5,476,559 503,137,300! 486,492,746 14,254,713 1.284,761,9251,235,401,645
A u g. 14,994,533 1,371,006,2501,308,437,416 10,392,788 919,409,950' 855,016,748
T h e f o l l o w i n g c o m p i l a t i o n c o v e r s t h e c le a r i n g s b y m o n t h s
s in c e J a n . 1 :
M ON TH LY CLEARIN GS.
1910.
R a ilw a y .
of
1911.
| %
,
In
th e
m id d le
o f i t a ll w e h a v e
A
"s e t t le m e n t ”
T rad e.
B u t,
h a s b e e n a r r iv e d
u n fo r tu n a te ly ,
our
at by
n e n c y in t h e s e a r r a n g e m e n t s .
T h e h e a v y f a ll in p r i c e s w h ic h
H om e
ta k e n
1910.
p la c e
th is w eek
in
r a ilw a y
s e c u r i t ie s h a s
b e e n p r im a r ily b r o u g h t a b o u t b y th e b a n k s r e fu s in g fu r th e r
to
c o n tin u e lo a n s u p o n a c c o u n t s o p e n
th e strik e
fo r th e
r is e .
W h ile
w a s in p r o g r e s s it w a s n o t t h o u g h t d e s i r a b le
p re ss sa le s,
and
a n o th e r
s e t tle m e n t
w a s a llo w e d
to
b e f o r e t h e b o r r o w e r s w e r e c a ll e d u p o n t o m a k e s o m e d e f i n i t e
arrangem ent
w ith
rega rd
to
h o ld in g
sto c k .
N ow
th a t
s e t t le m e n t , su c h a s it is , h a s b e e n a r r iv e d a t , a n d
R a i l w a y C o m m i s s i o n is in s e s s i o n , t h e b a n k e r s a n d
m oneyed
to
i n t e r e s t s c a m e t o t h e c o n c lu s i o n
t h e b ig
t h a t it w a s tim e
c a ll u p o n h o ld e r s e i t h e r t o p a y f o r t h e s t o c k o r t o p r o
%
th e
c a lle d
coal
upon.
In
in
c o m in g
tra d e
th e
v ie w
o f th e
th rea te n e d
w in te r
n e ith e r
strik e
th e
— 1.1
in t h i s c o u n t r y a f f o r d s m a n y e l e m e n t s o f a n x i e t y a n d
April . 12.382.727.993 14,045.487.677 — 11.8
May . 13.505.702.320 13.178.504,840 + 2 .5
June . 13,813,415.822 13,841,758.765 — 0.2
—5.1
+ 3.2
+ 2.2
T h e w h o le p o s i t i o n o f r a i l w a y f in a n c e a n d r a i l w a y w o r k i n g
fe w
of
—3.3 16,557,874,765 16,552,798,441 + 0.02
6 m os. 79,881.549,090 86,428.353.697
J u l y .. 13,050,997,907 13,312,852,487
Aug . . 12,646,000,480 11,537,521,793
—7.6 33,289,562,798 33,469.001.201
— 2.0 5,535.161,493 5,434,185,690
+ 9 .6 5,261,858,276 5,075,253,966
—0.5
+ 1.8
+ 3.8
O u r u s u a l m o n t h l y d e t a i le d s t a t e m e n t o f t r a n s a c t i o n s o n
t h e N e w Y o r k S t o c k E x c h a n g e is a p p e n d e d .
T h e r e s u lts
f o r t h e e i g h t m o n t h s o f 1 9 1 1 a n d 1 9 1 0 a r c g i v e n b e l o w :_______
Eight Months 1910.
Aver.
Price.
e n c o u r a g in g
n a tu re .
A lth o u g h
s e ttle d
very
fo r
th e
m o m e n t t h e r e is a f i g h t in p r o g r e s s b e t w e e n t h o s e r e s p o n s i b le
g r e a t tra d e s u n io n
Par Value
or Quantity.
Actual
Value.
s id e s h a v e a c a s e , a n d a s t r o n g o n e .
T h e r a ilw a y s o f th e U n it e d
e x p e n siv e
and
T o t a l ... $7,288,350,900 $7,078,200,893 97.1 $11445,756,650 $11137,070,284 97.3
l a s t f o u r y e a r s is s h o w n in t h e s u b j o i n e d s t a t e m e n t :
R A N K CLEARIN GS AT LEAD IN G CITIES.
■
----------------- August---------------------------------Jan. 1 to Aug. 31-----------1911.
1909.
1910.
1908.
(000,000s
1911. 1910. 1909. 1908.
3
3
omitted.)
3
S
3
3
S
New Y ork. ---------- 7,384 0,462 6,686 6,225 61,492 67,300 66,088 47,802
903
9,050
7,649
9,171
9,349
Chicago .................. 1,113 1,077 1,095
5,512
548
629
5,140
4,684
641
5,530
Boston ....................
587
430
4,394
3,821
580
555
5,146
Philadelphia............
588
5,163
244
264
2,180
281
291
2,507
1,971
2,437
St. Louis..................
163
194
204
1,497
204
1,691
1,370
P ittsbu rgh ..............
1,732
149
196
157
201
1,248
1,553
1,514
1,131
Han Francisco-------103
91
93
849
898
830
806
Cincinnati................
98
114
95
139
123
938
1,154
1,037
801
Baltimore
...........
196
214
157
1,497
195
1,669
1,701
1,138
Kansas C ity--------75
64
85
556
85
666
Cleveland ........... ..
670
494
61
04
47
79
654
545
496
New Orleans......... 625
65
87
05
561
75
617
M inneapolis______
693
013
52
47
47
432
460
L ou isville........... ..
51
457
381
08
79
Detroit ............. ......
55
88
495
444
635
017
49
42
M ilw aukee..............
53
54
454
388
429
347
Los A n geles............
62
53
38
439
79
017
533
325
Providence ...........
28
30
23
246
212
30
267
267
O m a h a ....................
57
62
46
65
477
497
556
387
B u ffa lo ....................
39
43
41
33
300
268
339
335
St. Paul......... ..........
42
40
44
37
342
373
309
305
In d ia n a p olis-------38
34
41
274
30
245
314
295
36
D e n v e r ....................
38
34
34
298
290
258
319
31
Richm ond................
27
21
27
258
229
255
189
18
Memphis ................
18
16
211
194
167
154
13
46
49
Beattie....... ...............
52
399
361
36
355
266
16
Hartford ............... . 17
14
149
123
12
151
112
25
23
29
213
Salt Lake C ity-----206
240
20
155
o p e r a tiv e s .
B o th
B u t i t is e v i d e n t t h a t
d iffic u lt y
tim e
is
a
th e
w as
of
K in g d o m
le a s t
th e
p io n e e r
w o r k in g
are th e o ld e s t , th e
a d a p ta b le
in
th e
con sequ en ce.
of
th e
E n g lis h
W e
th o se
of
r a ilw a y
sy ste m
have
any
w o r ld ,
at
sp en t
th e
r o u g h ly
s o m e t h i n g o v e r 1 ,2 0 0 m i l l i o n s s t e r l i n g u p o n t h e r a i l w a y s o f
th is c o u n t r y .
O u r t o t a l m i l e a g e is 2 3 , 0 0 0
m ile s .
I n o th e r
w o r d s , o u r e x p e n d itu r e a m o u n t s t o a b o u t o n e -th ir d o f t h a t
of
th e
th e
T h e c o u r s e o f b a n k c le a r i n g s a t l e a d i n g c it i e s o f t h e c o u n
t r y f o r t h e m o n t h o f A u g u s t a n d s in c e J a n . 1 in e a c h o f t h e
and
E n g la n d
th e
p resen t
74,899.011
122,488,446
S tock/Sh’ s
\VaI. $6,710,888,300 30,515,439,0,83 97.1 SI 1007,299,700 S10708.985.383 97.3
R R . bonds $193,750,500 $470,515,694 96.5 $103,907,50(1 $392,581,124 97.2
32,725,604 104.7
32,640.500
Govt.bonds
$323,102 106.6
$303,200
379,877.969 100.3
379,086,500
State bonds
$33,335,950
333,238,286 99.7
$3,642,543 263.1
S I,385,100
$910,300
Bank stks.
31,942,389 213.4
th e
w h i c h e v e r s id e w i n s , t h e o t h e r w ill h a v e t o b e a r a h e a v y c o s t .
co u n try .
Aver.
Pr ce.
o ffic ia ls , a s r e p r e s e n tin g
H o w t h i s w ill e n d it i s , o f c o u r s e , i m p o s s i b l e t o f o r e s e e .
m ost
Actua'
Value.
an
fo r th e c o n tr o l o f th e r a ilw a y s , a s r e p r e s e n tin g o w n e r s , a n d
2d q r. 39.701.846.135 41.065.751,282
Par Value
or Quantity.
in
m arket
1st q r. 40,179.702.955 45.362.602.415 — 11.4 16.731.688.033 16.916.202.760
Right Months 1911.
a
t h a t th e
n o r th e b a n k s ta k e a v e r y ro se a te v ie w o f th e o u t lo o k .
5.411,915.500 5,703.725.505
5.548.07S.3 10 5,371,635,283
5.597,880,955 5,477.437,653
to
e la p s e
+ 0.3
—41.6
— 2.9
Dcscrlplion.
of
has
.
i
S
5,945.961,214 5,925,650.671
4.955.343.115 .4,982,812,172
5.830,383,704 6,007.733.917
$
$
Jan . . 14,476.209.784 17.174,732,652 — 15.3
Feb . . 12.251.508.563 13.133.952.233 — 6.7
Mch . . 13,451.98 .608 15,053.917.520 — 10.6
th e
e x p e rie n c e
t o i m p r e s s t h e m a r k e t t h a t t h e r e is a n y e l e m e n t o f p e r m a
so w h e n
Month.
1911.
s ittin g .
d u c e c o n v i n c i n g e v i d e n c e t h a t t h e y w e r e in a p o s i t i o n t o d o
Clearings Outside New York.
Clearings. Total All.
now
B o a r d o f T r a d e s e t t l e m e n t s d u r i n g t h e l a s t f o u r y e a r s f a il s
Values.
Istqr 27.434.0112.429.080.350 2.352.895.617 55.539.454 5.015.093,775 4,971.861,911
April 5,369.350
May 11,116,578
June 10,508,400
ern
B oard
1910.
Values.
C o m m is s io n
h a d a th r e a te n e d r e n e w a l o f th e s tr ik e u p o n th e G r e a t E a s t
A m e r ic a n
m ile a g e .
c a p it a l
r a ilw a y s ,
fo r
F u rth e r m o r e ,
in v e ste d
is v e r y
li t t l e
ro u g h ly
th e
about
average
b e tte r
th a n
o n e -te n th
re tu rn
h a lf
on
th a t
r e t u r n o n t h e c a p i t a l i n v e s t e d in t h e U n i t e d S t a t e s .
of
th e
of
th e
It m ay
b e s a id r o u g h l y t h a t a b o u t 3 0 0 m i l l i o n s h a v e p r o v e d w h o l l y
u n p r o d u c tiv e .
U pon
Y%
is , o r h a s b e e n , p e r io d ic a lly p a id .
u p to 4 %
a n o th e r
300
m illio n s
a n y th in g
fr o m
F in a lly ,
u p o n t h e b a l a n c e , w h ic h is q u o t e d in t h e s t o c k m a r k e t s a t
an
enorm ous
fro m 4 %
u p to
p r e m iu m ,
l lA %
h a s b een p a id .
recen t
d iv id e n d s
ran ge,
or
have
ran ged ,
a n d in s o m e c a s e s u p t o a s m u c h a s 8 %
O n t h e m e n ’ s s id e i t m u s t b e a d m i t t e d t h a t
a tte m p ts
at
re d u c in g
th e
cost
of
o p e r a tio n s
have
w o r k e d v e r y h a r s h l y in m a n y i n s t a n c e s ; a s , i n d e e d , a t t e m p t s
to
red u ce
th e
c o s t o f o p e r a tio n s u s u a lly
do.
In
a d d itio n ,
99,742
6,028
76,824
4,929
th e p a s s in g o f th e W o r k m e n ’ s C o m p e n s a tio n A c t illu s tr a te s
t h e p r a c t i c a l w o r k i n g o f s o m a n y r e m e d ia l m e a s u r e s .
In
e f f e c t it h a s m e a n t t h e d is c h a r g e o f la r g e n u m b e r s o f o ld
h a n d s s i m p l y b e c a u s e t h e in s u r a n c e c o m p a n i e s d e c li n e t o
a c c e p t th e m a s s u ita b le r isk s.
L a s t ly , fo r v a r io u s c a u se s,
o f w h ic h t h e l a r g e l y in c r e a s e d g o ld p r o d u c t i o n o f r e c e n t
y e a r s is a p r o m i n e n t o n e , t h e c o s t o f li v i n g h a s in c r e a s e d .
I n s p i t e o f t h e S t o c k E x c h a n g e s e t t l e m e n t , t h e c o n s o ls
s e t t l e m e n t a n d t h e p a y m e n t f o r t h e T r e a s u r y b i ll s a ll c o m i n g
t o g e t h e r in o n e w e e k , m o n e y h a s b e e n v e r y c h e a p .
The
r a te o n c o n s o ls w a s 1 % b e lo w th e B a n k r a t e , a n d S t o c k E x
c h a n g e m o n e y w a s o b t a i n a b l e a t a b o u t 1 % b e l o w t h e f ig u r e
Total a l l ........... 12,648 11,538 13,511 10,259 105.579 111,279 105,770
Outside N iw Y ork. 5,262 5,077 4,825 4,034 44,087 43,979 39,682
81,753
33,951
q u o te d la s t a u t u m n , s a y r o u g h ly 3 M % T h e B a n k r e tu r n
is a v e r y s t r o n g o n e a n d s h o w s t h e p r o p o r t i o n o f r e s e r v e t o
Total .................. 11,751 10,691 12,788
847
895
723
Other c it ie s .-.........
9,668
591
98,063 103,997
7,510
7,282
646
THE CHRONICLE
liabilities at over 56% . The actual reserve exceeds 30
millions sterling, being more than half a million increase
on the preceding week and on the corresponding week of
last year. The coin and bullion amounts to 41 % millions
sterling.
The India Council offered for tender on Wednedsay 50 lacs
of its bills and the applications amounted to nearly 605 lacs
at prices ranging from Is. 4d. to Is. 4 l-16d. per rupee.
Applicants for bills at Is. 4 l-32d. were allotted 38% on
the amounts applied for.
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. 8.
Sat.
M on.
Tues.
W ed.
Thurs.
F ri.
Silver, p e r o z ........... ............ d . 24%
24 3-10 24 3-16 24%
24%
Consols, 2 % per cents______ 77 11-16 77%
77 9-16 77 11-16 77 11-16 77%
For account. ........................ 77 13-16 77%
77 11-16 77 13-16 77 13-16 77%
French Rentes (in Paris) _fr_ 94.40
94.50
94.40
94.60
94.85
94.72%
Amalgamated Copper C o .__
59%
60%
59%
60 %
59%
Amer. Smelt. * Ref. C o_________
71
72%
71
73
71%
bAnaconda Copper C o......................
6%
7
7%
7%
7
Atchison Topeka & Santa F e . ____
106%
106%
107%
107%
106
Preferred _ _ _____________ _____
____
104
104%
107%
104%
Baltimore & O hio________ ________
101%
101%
102%
103
99%
Preferred
....... ................. .......
____
89
89
89
88%
Canadian P a cific-....................235%
231%
233%
235%
235%
232%
Chesapeake & O hio..........................
____
73%
75%
76
74%
____
Chicago Great W estern....... ............
19
19
18%
19
Chicago Milw. & St. P a u l , - - ____
117
117%
118%
118%
117
Denver & R io Grande______ _____
23%
23%
23%
23%
23%
P referred................... __ .................
____
52
52
52
50
E r i e ............. ........................................
29%
29%
31%
31%
30%
First P referred ..___- ...................
50%
50%
52%
51%
51
Second P referred --......................
____
42
42%
42%
42%
Illinois Central..................................
142
142
142
142
141%
Louisville & Nashville......................
145
145
146
146%
146
Missouri Kansas & Texas.................
30%
30%
31%
31
30%
P referred.......................................____
67
67%
67%
67
.Missouri Pacific_______ __________
____
41%
42%
42
39%
Nat. R R . o f .Mcx., 1st P r e f _ - ____
____
66
67%
67%
67
Second Preferred...........................
____
29%
30%
30%
30
N. Y . Central & Hudson R i v . ____
106%
106%
107%
107%
106%
N. Y. Ontario & W estern__ _____
____
39%
40%
41
40%
N orfolk & W estern........... ..............
104%
103%
105
105%
104%
Preferred ______________________
____
93
Northern Pacific.................................
119%
119%
121“
121%
119 ~
aP cn n sylva n ia....... .......................
61%
62
62%
62%
62%
oReading Com pany................. ..
72%
72%
74
74
72%
____
aFirst Preferred__________ ..
46
46
46
46
oSccond Preferred...................
____
47%
R ock Island...........................
..
25%
26%
25%
20%
Southern Pacific............. ........ ....
111%
111%
113%
113%
111%
Southern R ailw ay........................
27%
27%
28%
28%
27%
Preferred _ ____________ :__ __
____
69
69%
70
70
Union Pacific.....................................
171%
172%
174%
174%
171%
Preferred - ..................................
____
94
94
94
94%
U. S. Steel Corporation_____ . .
71%
71%
73%
73
71%
..
P referred..............................
118
118
119
119
118%
W a b a s h ....................................
..
____
13%
13%
13%
13%
Preferred _________________
30%
30
30%
30
Extended 4s..............................
—
64
65
64
65
a Price per share,
&
o m
m
b £ Sterling.
c v c u u
iiiu l i i u s o M
l a u e D
w s
&
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name o f Company.
Per
Cent.
Railroads (Steam ).
Alabama cfc Vicksburg______________
7
2 Yi
Atlantic Coast Line Co. (Conn.) ( q u a r .)..
Boston & Albany (q u a r.)____________
2
Boston A Maine com . (qu ar.)_____ _____
1
Canadian Pacific, com . (quar.) (N o. 61).
2%
2
Preferred _______________ _________
Chesapeake & Ohio (qu ar.).................
i%
Chic. Hurling tin A Quincy (quar.)___
2
Chic. & East. III., pref. (q u a r.)______
1%
Chicago & North Western, com . (quar.)
1%
Preferred (q u a r.)_______ ______________
2
Chicago Iiock Island A I'aci/icRy. (quar.)
1%
Delaware A Hudson Co. (qu ar.)________
2%
Erie & Pittsburgh (q u a r.)_______________
1%
Fitchburg, preferred (qu ar.)_____________
1%
Fonda Johns.
Oloversville, pref. (quar.)
1%
Grand Trunk. 1st and 2nd Pref..................
2%
Ore it Northern Iron Ore Properties........... .. 50c.
Interborough Rapid Transit (quar.)_______
2%
E x t r a ....... .............................................. ......
1
Louisiana & Arkansas (N o. 12)...........
1%
Manhattan R y. (quar.) (No. 110)____
1%
Minn. St. Paul A S. S. M ., com. & pref
3%
Newark & Bloom field.................................
3
New Orleans A North Eastern....................
6%
N . Y . Central A Hud. Riv. (quar.)______
1%
N. Y . Lackawanna & Western (qu ar.).
1%
N. Y. N. II. A Hartford (qu ar.)_______ _
2
N orfolk A Western, common (q u a r.)____
i%
PiUsb. Ft. W . A Chic., reg. guar, (quar.)
i%
Special guaranteed (quar.).................. _
i%
Reading Co., first preferred____________
2
St. Joseph So. Bend A Southern, c o m .I
1
Common (e x t r a )..................... ............
%
Preferred ........................................... "
2%
St. Louis & San Francisco—
Chic. & E. 111., pref. stk. tr. ctfs. (qu.)
1%
K . C. Ft. S. & M ., pref. tr. ctfs. (qu.)
1
Southern Pacific (quar.) (No. 2 0 )...........
1%
Southern R y. M. A O. stk. tr. c c r t f s .. . !
2
Union Pacific .com m on (qu ar.).................
2%
P referred...............................................
2
Utica A Black R iv e r____________________
3%
Vicksburg Shreve. A Pacific, pref......... .. . .
5
Warren, guarantetd____________________
3%
W est Jersey A Seashore__________________
2%
Wisconsin Central, preferred.................... ’
2
Street and Electric Railways.
American Railways (qu ar.)......... ...............
1%
Binghamton Railway......... ..........
3
Brockton A Plym. St. R y ., pref. (No. 5)1 §3
Brooklyn Rapid Transit (q u a r.)................
1%
Cleveland. Railway (quar.)............................
Duluth-Superior Traction, com. (q u a r.)..
1%
Preferred (quar.)__________.......................
1
E l Paso Elec. Co., com. (N o. 4 ) ....................
2%
F rank. A Southwark Pass. R y., Phlla____ S4.50
When
Payable
Hooks Closed.
Days Inclusive.
Sept.
Sept.
Sept.
Oct.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Sept.
Sept.
Sept.
Oet.
Sept.
4
9
3(
2
30
30
31
25
2
2
2
30
20
10
1
15
Sept.
Oct.
Oct.
Sept.
Oct.
Oct.
Oct.
Sept.
Oct.
Oct.
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
15 Sept. 1 to
Sept. 15
2 Holders o f rec. Sept. 15a
2 Holders o f rec. Sept. 15a
to Sept. 17
15 Sept. 15
2 Holders of rcc. S ip t.lS a
16 Holders o f r ic . Sept.22a
2 Holders or rec.SeDt.22a
4 H oldersof rec. Sept. 4a
16 Holders of rcc.Sept.2 la
2 Holders o f rcc. Sept.15a
30 Holders of rec. Sept. 15a
18 Holders of rec. A u g.3 la
3 Sept. 10 to
Oct. 3
2 Sept. 16 to
Oct. 2
9 Holders of rec. Aug.23a
15 Sept. 12
to
Sept. 15
15 Sept. 12
to
Sept. 15
15 Sept. 12
to
Sept. 15
Holders o f rcc. Sept. 4a
Aug. 30
to
Sept. 8
Holders of rec. Aug.3 la
Holders of rec. Sept, la
Sept. 2
to
Oct. 4
Sept. 2
to
Oct. 4
Holders of rec. Sept. 8a
Holders of rcc. Sept. 19a
Holders o f rcc. Sept. 16a
Holders of rec. Sept, la
Holders of rec. Sept, la
H oldersof rcc. Sept. 15a
Holders of rcc. Aug.2Su
Holders of rec. Sept, la
Holders of rec. Sept. 1
Holders of rec. Sept. 9a
Oct.
2 Sept. 17
to
Oct. 2
Oct.
2 Sept. 17 to
Oct. 2
Oct.
i Holders of war’ nt N o.20
Oct.
2 Holders of rec. Sept.16a
2 Sept. 12
Oct.
to
Dei. ro
2 Sept. 12
Oct.
to
(Jet. 10
Sept. 30 Holders of rec. Sept. 15a
4 Aug. 19 to
Sept.
Sept. 4
Oct.
16 Holders of rec. Oet. 5a
2 Holders of rec. Sept. 15a
Oct.
2 Holders of rcc. Sept. 14
Oct.
Sept.
Sept.
Sept.
Jet.
Jet.
Jet.
Oct.
Sept.
Oct.
15
15
15
1
1
2
2
15
2
Sept. 1
to
Sept. 4
Sept. 11
to Sept. 15
Holders of rec. Sept. 2a
Holders of rcc. Sept. 9a
Holders of rcc. Sept. 16a
Holders of rcc. Sept. 16a
Holders o f rec. Sept. 16a
Holders of rcc. Sept. 9a
Holders o f rcc. Sept. 15a
Name o/ Company.
[V O L . L X X X X III
Per
Cent.
When
Payable.
Hooks Closed.
Days Inclusive.
Street and Electric Railways (Concluded).
Oalveston-IIouslon Elec. Co., com. (N o. 5 ).
1% Sept. 15 Holders o f rcc. Sept. 9a
Preferred (N o. 9 ) ______ ______ ________
3
Sept. 15 Holders of rec. Sept.9a
Houghton County Traction, com. (No. 5 ) . .
2 % Oct.
2 Holders of rec. Sept.20a
Preferred (N o .7 ) ________ _____ ________
3
Oct.
2 Holders o f rcc. Sept.20a
Louisville Traction, common (qu ar.)___
1
Oct.
1 Sept. 11 to
Sept. 15
Preferred ................................... ..............
2 % Oct.
1 Sept. 11 to
Sept. 15
Northern Ohio Tract. & Light (quar.)_% Sept. 15 Holders o f rcc. Aug.31a
Philadelphia Traction....................
$2
Oct.
2 Sept. 12
to Oct.
1
St.Jos.R y. ,L .H ,& P .,pfd . (qu.) (No. 36)
Oct.
1
1%
Holders of rcc. Sept. 15a
Sao Paulo Tramway, Lt. & Pow. (quar.)
2 % Oct. —
Second & Third Sts. Pass., Phila________ $3
Oct.
2 Holders of rec. Sept. 4
Tri-City R y . A Light, pref. (quar.)_______
2 Holders of rcc. Sept. 13
1% Oct.
Turin City Rap. Tran., M in n., com. (qu.) .
2 Holders o f rec. Sept. 12a
1% Oct.
Preferred ( q u a r .)..______ _____________
2 Holders o f rec. Sept. 15a
1% Oct.
United True, cfc Electric, Providence (quar.)
2 Sept. 13
1% Oct.
to
Sept. 17
West Penn Traction, common (qu ar.)___
1
Sept. 15 Sept. 9 to
Sept. 15
Banks.
,
Mercantile National (quar.).'____________
2 Sept. 24
to
O ct. 2
1% Oct.
Trust Companies.
Guaranty (quar.)......................................... ....
8
Sept. 30 Holders o f rec. Sept.30a
Miscellaneous.
American Hank Note, pref. (qm r.)
2 Sept. 16
to
Oct. 2
1% Oct.
Am. Beet Sugar, pref. (quar.) (No. 4 9 ).2 Holders of rec. Sept.20a
1% Oct.
American Can. preferred (qu ar.)____
2 Holders of rec. Sept.15a
1% Oct.
Amer. Car & F d y., com . (quar.) (No. 36)
2 Holders of rcc. Sept. 11a
% Oct.
Preferred (quar.) (N o. 5 0 )____________
2 Holders of r cc.S e p t.lla
1% Oct.
American Express (qu ar.)_______________
S3
Oct.
2 Holders of rec. Aug.3 la
American Locom otive, pref. (qu ar.)____
to
Oct. 20
1% Oct. 21 Sept. 22
Amer. Pipe A Construction (quar.)_______
2
Oct.
1 Holders of rec. Sept. 15a
American Radiator, common (qu ar.)____
2
Sept. 30
2
to
Sept. 30
Amer. Shipbuilding, pref. (quar.) ...........
1% dOct. 14
7
to
Oct. 15
Am . Smelt. A R efg., com. (qu.) (No. 32)
l
Oct.
15
17 to
Oct. 4
Preferred (quar.) (N o. 4 9 )........... ............
1% Oct.
2
4
to
Sept. 19
Amer. Snuff, com. (quar.)_________ _____
5
Oct.
2 Holders of rcc. Sept. 15a
Common (extra)....... ....................................
2
Oct.
2 Holders of rec. Sept. 15a
Preferred (q u a r .)........................................
2 Holders of rcc. Sept.15a
i % Oct.
Amer. Sugar Refining ,com . & pref. (q u .)
2 Holders of rec. Sept, la
i% Oct.
Amer. Tobacco, pref. (quar.)_____________
2
i% Oct.
American Writing Paper, preferred_____
i
Oct.
2
Borden’s Cond. Milk, pref. (quar.)(N o.39)
i % Sept. 15
Sept. 15
Brooklyn Union Gas (quar.) (No. 4 2 )____
2
i% Oet.
Oct.
1
Huffalo General Electric (quar.) (No. 6 8 )-.
i % Sept. 30
Butte Elec. & Pow ., com. (quar.) (N o.41)
Oet.
2
Calumet & Ilccta Mining (q u a r .)-, .
86
Sept. 22
Cambria Iron________________ ________
2
Oct.
2
Celluloid Company (qu ar.)..........................
1
1% dOct.
Central Leather, pref. (quar.)
2
1% Oct.
Chic. June. Ry. A U. Stk.Yds. ,com.(qu~)
2
Oet.
2
Pre!erred (quar.)..........................
1% Oct.
2
Childs Company, common (quar ) 2% Sept. 11
to
Sept. 11
Preferred (q u a r.)....... ..............................*
1% Sept. 11
to
Sept. 11
Citizens’ Gas o f Indianapolis (No. 4 ) .........
3
Sept. 28
to Sept. 2S
Columbus (O.) Gas A Fuel, pref. (quar.)'.
1
1H Oct.
Consol. Gas, El. L. A Pow .,Halt.,com.(qu
2
1% Oct.
Oct.
Preferred ................................ ...................
3
Oct.
2
Oct.
Consolidated Gas of New York (qu ar.).
1H Sept 15
Cuban-Amer. Sugar, pref. ( q u a r .)...
2 i
1% Oct.
Diamond Match (qu ar.)...............................
1% Sept. 15 i
du Pont Internal. Powder, pref. ( q m r . ) .. .
1% Oet.
2 J
du Pont (E. I.)de Nem. Powd., com . (qu
2
Sept. 15 fc
6
to Sept. 15
Common ( e x t r a )................................ __
1
Sept. 15 fc
6
to Sept. 15
Preferred (q u a r.).......................... ........ I
15
to Oct. 25
1% Oct. 25 (
Eastman Kodak, com. (quar.)__________
11
2% Oct.
Common (extra)............. .......... _ _ "
2 % Oct.
1J
Preferred (quar.)......... ............ I I I I I I I I .
1I
l % Oct.
Federal Min. & Sm elt., pref. (quar.)
1% Sept. 15 1
General Chemical, preferred (quar.) " "
2 i
1% Oct.
General Chemical of Calif., 1st pf. (qu.)
2 1
1% Oct.
General Electric (qu ar.)____________
2
Jet.
14 1
Goldfield Consol. Mines (quar )
30c. Oct. 31 i
E x t r a ...........................................
20c. Oct. 31 1
Guggenheim Exploration (quar.) (No 3 5 )
2S
2 % Oct.
3 to
Oct. 2
Intercontinental Rubber, pref. (quar )
1% Sept. 80 h
l
to
Oct.
1
International Silver, preferred (qu ar.)..'.
2S
1% Oct.
1 to
Oct. 2
Preferred (extra)...................... _.
_
)ct.
2S
%
1 to
Oct. 2
Internal. Smokeless P. A Ch., com. (q u .)'
2 I
% Oct.
i of rec. Sept20a
P referred...................................
4
Nov.
Holders of rec. Nov. 4a
Knickerbocker Ice, pref. (No. 2 5 ) - “ “ “
3
Oct.
Holders of rec. Sept. 20
Laded" Cas Light, com . ( e u a r .) .......... ..
1% Sept.
Sept. 2
to
Sept. 15
Laos ton Monotype (quar.)_______________
1% Sept.
Holders of rec. Sept. 23
Mackay Cos., com . (quar.) (N o. 2 5 ).
Holders of rec. Sept. 9a
1% Oct.
Prefcrrcd (quar.) (No. 3 1 )...........
1
Oct.
Holders of rec. Sept. 9a
Mergenthaler Linotype (quar.).
2 % Sept.
Holders of rcc. Sept. 9a
E x t r a ____________ _____ ________
Holders of rec. Sept. 9a
% Sept.
Michigan State T clcp., pref. (qu ar.)____
Oct. 15
to
N ov. 1
1% Nov.
Muskogee Gas & Elec., pref. (qu ar.)____
Holders of rec. Aug. 31
1% Sept.
National Biscuit, com . (auar.) (No. 5 2 ) ..
1% Oct.
Holders of rec. Sept.28a
Nat. Enam. & Stpg., pref., (qu.) (No 51)
1% « Oct.
Sept. 11
to
Sept. 30
National Lead, com mon (quar.) (No. 31)
% Sept.
Sept. 9
to
Sept. 13
Preferred (q u a r.)..............................
Aug. 19
to
Aug. 22
1% Sept.
Nalional Sugar Refining, pref. (quar.)
Oct.
Holders of rec. Sept. 16
1%
National Surety (quar.)_______ __________
Oct.
3
Sept. 21
to
Oct.
I
Nevada Consolidated Copper (qu ar.)____ 37 % c. Sept.
Sept. 13
to
Sept. 17
Niles-Bement-Pond, common (q u a r .)..
1% Sept. 20 Sept. 10 to
Sept. 20
North American (au ar.)..... ............ ............
1% Oct.
Holders of rec. Sept. 15a
Sept.
2
Oklahoma Gas & Elec., com . (qu ar.)____
Holders of rec. Aug. 31
I hiiadelphla Electric (qu ar.)____________
1% Sept.
Holders of rec. Aug.16a
Quaker Oats, common (au ar.)___________
2 % Oct.
Holders of rec. O ct. 2a
Preferred (qu ar.)........... ...........................
Holders of rec. Nov. la
1% Nov.
Quincy Alining (q u a r.).......................... I__ SI
Sent.
Holders of rcc. Aug.30a
Railway Steel-Spring, pref. (qu ar.).........
Sept. 7 to
Sept. 20
1% Sept.
Republic Iron & Steel, pref. (qu ar.)____
Sept. 19 to
Oct. 18
1% Oct.
Preferred (extra ).......................... .......... ..
Oct.
1
Sept. 19 to
Oct. 18
Safety Car Heating & Lighting (qu ar.)___
Oct.
2
Holders of rec. Sept.13a
San Diego Consol. Gas & E lec.. com .(qu.)
1% Sept.
Holders of rec. Aug. 31
Sears, Roebuck A Co., pref. (qu ar.).........
1% Oct.
Holders of rec. Sept. 15a
South Porto Rico Sugar, com. (quar.)_____
1
Oct.
Holders of rcc. Sept.20a
2
Preferred (quar.).........................................
Oct.
Holders of rcc. Sept.20a
2
Sept.
Standard Gas & Elec., pref. (q u a r.)____
Holders of rec. Aug. 31
Standard Oil ( q u a r .) ...................................
Sept.
S6
Holders of rec. Aug. 18a
Subway Really (quar.)............................" . I
Holders of rec. Sept. 15a
1% Oct.
Sulzberger A Sons Co. , pref. (quar.)...........
Sept. 16 to
O ct. 1
1% Oct.
Swift A Co. (quar.) (No. 100)__________
Holders of rcc. Sept. 9
1% Oct.
Underwood Typewriter, common (quar.)
1
Oct.
Holders of rec. Sept.20a
Preferred (qu ar.)..... .................................
Holders of rec. Sept.20a
1% Oct.
U. S. Steel Corp., com . (quar.) (N o. 31)1
Sept. 2 to
Sept. 11
1% Sept.
Utaii Copper (quar.) (N o. 13).........
I 75c. Sept.
Sept. 16 to
Sept. 19
Yukon Gold Co. (quar.) (No. 9 ) ......... ..
2
to
Oct. 1
Sept. 30 Sept. 13
a Transfer books not closed. 6 Less Income tax. d Correction.
e Declared. 7%
payable In quarterly Installments. / On account of accumulated dividends.
National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N S T O C O N V E R T A P P R O V E D .
T h e F irst S ta te A Savings B ank o f L itch fie ld , III., in to T h e L itc h fie ld
N ation a l B a n k . C apital, §5 0 ,0 0 0 .
C H A R T E R S IS S U E D T O N A T I O N A L B A N K S A U G . 21 T O A U G . 30.
10.070—
T h e R e d d in g N ation a l B a n k , R e d d in g , Cal. C a pital, §10 0 ,0 0 0 .
A ld e n A n d e rso n . P residen t; C. VV. L en in ger, V ice-P resid en tE d w in L . B a iley. Cashier.
10.071—
T h e F irst N ation a l Bank o f M o n m o u th , O regon . C a pital, $30 ,000
J . H . Ila w le y , P resident; .1. B. V . B u tler, V ice -P re sid e n t, Ira C.
P o w e ll, Cashier.
(C on version o f T h e P o lk C o u n ty B a nk, M on
m o u th , O regon .)
Se p t .
647
THE CHRONICLE
9 lull]
D E T A IL E D R E T U R N S OF T R U S T COM PANIES.
T h e First- N a tio n a l B a n k o f C olu sa, C al. C a pital, $ 7 o ,0 0 0 .
U . W . B row n , P residen t; R . E . B le vin s, V ice -P re s id e n t; I I . F .
O sg o o d , Cashier; E . B o w e s,. A ssistan t C ashier.
Net
On Dep.
10.073— -D ow a g ia c N ation a l B a n k , D o w a g la c, M ich . C a p ita l, $50 ,0 0 0 .
Specie. Legals. wilhC.H Deposits. Reserve.
Trust Cos.
Surplus. Loans.
G eorge B . P h illip s, P resid en t; Charles H e d d o n , V ice -P re sid e n t;
Average. Average. Average. Banks. Average.
00s omitted.
•
(n o ca sh ier); Clare F . P u g sle y , A ssista n t Cashier.
V O L U N T A R Y L IQ U ID A T IO N .
s
%
$
S
$
$
S
8 ,1 6 8 — T h e F irst N ation a l B ank o l C u lb e rtso n , M o n t., A u g u s t 21 1911.
25.0 2,018,0 14.874.0 15.3 + 11.9
2.258.0
M an h a ttan ___ 2.331.4 20,551
T a k en o v e r b y T h e S ta te B a n k o l C u lbertson .
'
408.0 3.319.0 13.170.0 15.5+20.0
B rooklyn_____ 2.397.2 17,579
1.638.0
533.0 11.335.0 94.803.0 15.0 + 10.6
13.715.0
B a n k e r s '_____ 12.860.9 132,665
4.008.0
687.0 7.086.0 30.977.0 15.1 + 18.4
&T. 4.446.4 39,572
Auction Sales.— Among other securities, the following, not AU.s tS.o rMtg.
25.0 1.632.0 12.996.0 15.0+10.3
................ 1.043.1 17,311
1.929.0
3.077.0 21.654.0 15.8+12.3
1.420.0
2.001.0
usually dealt in at the Stock Exchanges, were recently sold at Tit. Guar.&Tr. 11.429.9 36,588
13.337.0 1.248.0 23.389.0 94.408.0 15.4 + 19.8
Guaranty_____ 22.977.9 143,634
auction in New York, Boston and Philadelphia.
228.0
5.238.0 15.3 + 11.0
707.00
577,0
F id e lity ........... 1.272.4
6,898
987.0 1.727.0 14.929.0 15.5 + 10.3
1.334.0
LawyersT.I.&T 6,453,8 20,125
By Messrs. Adrian H. Muller & Sons, New York:
90.0 1.278.0 10.797.0 15.3 + 10.5
1.562.0
Colum bia......... 1.813.1 15,505
■
I>cr cenlm Standard ____ 1.426.3 16,299
Shares.
Percent. Bonds.
22.0 1.943.0 15.833.0 13.8+10.9
2.179.0
$6,500 demand note of Development
0 Guaranty Trust C o..............802-803
386.0 1.945.0 16.339.0 15.3 + 10.5
2.115.0
People’ s ......... 1.727.4 17,035
Co. o f Am er., with $18,000 Saddle
7 Bank of New Y ork_____ ______ 301 l i
3.404.0 30.291.0 15.3 + 10.1
200.0
New
Y
o
rk
____
4.457.0
11,183,3
47,981
Mt. Mining Co. 1st & ref. 6s, 1913,
50 Hungarian American Bank— 100
9.821.0 15.8 + 10.5
366.0 1.173.0
F ra n k lin _____
1.187.0
977,4 11,097
and 530 sli. Gila Copper Sulphide
53 Mcch. & Metals Nat. B k .2 6 5 14-265 K
8.559.0 15.1 + 11.4
235.0 1.108.0
Lincoln ___
1.059.0
582,0
9,317
Co.
ns
collateral
thereto................$1,300
25 Nat. Bank o f C om m erce..202-202'/,
16.196.0 16.3 + 13.1
2,444,
Metropolitan.
.
12,0
2.632.0
6.107.4
23,625
300 N. Y . Central Realty C o------850 lot $30,000 N. Y . Central Realty Co.
63, 1919________________
10
Bonds.
Per cent.
Totals, A v g e .. 91,029,9 575.782.0 55.988.0 6.872.0 67.585.0 410,891,0 15.3 + 14.1
$51,000 N. Y . Central Realty Co.
*25,000 demand note of Develop
6s, 1921.............................................. 10
ment Co. of Amer., with $75,000
Actual figures Sept. 2 . 572.661.0 56.502.0 6.801.0 65.190.0 408,919, o|15.4 + 1 3 .7
Saddle Mt. Mining Co. 1st & ref. _
6s, 1913, as collateral th ereto..S o.000
The caDltal of the trust companies Is as follows: M anhattan, $1,000.000; Brooklyn,
By Messrs. Francis Henshaw & Co., Boston:
81,000,000; Bankers, $5,000,000; U. S. Mortgage & Trust, $2,000,000; Astor,
$ Per sh.
$1,250,000; Ti le Guarantee & Trust, S4,375,000; Guaranty, $5,000,000; Fidelity,
S h ares.
* v e r s h' . Slums.
10 Amoskeag Mfg. C o----------------- 394
$1,000,000; Lawyers’ Title Insurance & Trust, $4,000,000; Columbia, $1,000,000;
25 Malden Trust C o......... - ............
10 Amoskeag Mfg. Co. tr. ctfs ------3s)4J4
Standard. $1,000,000: People’ s, $1,000,000; New Y ork, $3,000,000: Franklin,
25 Nat. Shawmut Bank------------ -110
100 U. S. Envelope C o., c o m m o n .. 75Is
$1,500,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $35,125,000.
3 Hartford Carpet Co., co m ----- 122
Bonds.
Per cent.
8 Lowell Bleachery........... - - --.--208
06 Waltham Watch Co., prof .118-118)l4 S3.000 Dallas Elec. Co. 1st coll,
SUM M ARY COVERIN G BOTH BA N K S AND T R U S T COM PANIES.
trust 5s, 1922.................................. 92 H
1 0.072—
By Messrs. It. L. Day & Co., Boston:
Shares.
$ per sh.\Shares.
S pZrn !!h'
10 Great Falls Mfg. C o . ............... 185 I 5 Amoskeag Mfg. C o . ........................394
2 Pacific Mills (par $1,000)---------3600 110 Waltham W atch Co., co m m o n .. 34
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
15 Bridgeton (N. J.) Nat. B a n k ...3 8 0
14 Penn. Co. for Ins., & c------------- 585Vx
4 phlla. Bourse, com . (par $ 5 0 ).. 4
30 Equitable Trust C o---------------- 100
5 Girard Trust
C o........... ........ 1001
2 Pcnna. Fire Insur. C o---------------405
10 People’ s Trust Co. (par $50)____50
15 Am .Un.Fire Ins.C o.(par $25 ).30-47H
1 Frank. & S’ wark Pass. R y ____386
Shares.
S per sh.
17 Green & Coates Pass. R y . C o . . . 122
10 Textile Nat. Bank................... .. 1 3 5
5 Am . Pipe & Construction C o . . . 96M
20 Phlla. Life Ins. Co. ( p a r S l O ) ... 11M
5 Fire Association....... .....................3 4 4 X
Bonds.
Per cent.
•1,000 Springfield W at. Co.5s, 1926 100
1,000 No. Sp’glleldW at.Co.Ss, ’ 28 100
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Per cent.
Shares.
% pcrsh. Bonds.
15 Len ox Mfg. Co., co m ......... $1 for lot $1,000 Springfield W at.Co.5s, ’26. .100
$500 N o.Sp’gfleld W at.Co.5s, ’28 100
200 Maries Carved M ldg., prof. $6 for lot
600 Maries Carved Mldg., co m .$ 2 H lot
150 W atkinsIllum .& Pow.,com . $5 for lot
25 Am . Pipe & Construction C o .. 96\i
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Sept. 2. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
D E TA ILE D RE TU RN S OF BA N KS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital.
Surplus.
Loans.
Average.
1
Legals. 1
Specie.
Average. Average.
Re
serve.
$
18.432.0
39.800.0
21.731.0
53.820.0
•26,983,0
201.786.0
27.854.0
7.117.0
6.903.0
2.106.0
0,017,0
43.314.0
122.067.0
11.194.0
3.517.0
15.929.0
2.343.0
75.583.0
21.026.0
10.864.0
8.900.0
11.912.0
55.668.0
23.554.0
88.095.0
1.623.0
37.433.0
12.696.0
107.504.0
25.862.0
3.560.0
8.209.0
3.949.0
102.976.0
14.266.0
3.679.0
6.493.0
16.538.0
8.792.0
3.859.0
12.020.0
5.018.0
25.342.0
19.091.0
9.953.0
20.136.0
13.612.0
0,170,0
9.153.0
7.186.0
%
20.0
25.6
26.2
25.1
26.0
33.7
25.3
24.0
26.6
23.0
25.3
26.3
28.3
25.8
25.6
25.3
26.2
26.3
25.8
24.4
27.0
25.5
25.8
25.2
25.2
21.2
26.5
25.3
25.0
24.7
23.3
25.3
20.0
28.0
25.9
25.0
25.4
27.3
27.7
20.6
24.5
24.0
25.8
25.6
25.8
25.6
25.5
26.4
24.9
25.7
Totals, A v g c. 135,150,0 190,299,6 1352,904.0i 302,199,01 77,749,0 1394,725,0
27.2
1382,678,0
........... 135!,018,0i 292,983,0 1 76,284,0
26.7
S
2,000,0
Bank of N. Y .
2,050,0
Manhattan Co
2,000,0
Merchants’ . . .
6,000,0
Mech. &Metnls
1,500,0
A m e r ic a .........
City ................ 25,000,0
3,000,0
Chemical.........
000,0
Merchants’ Ex
1,000,0
Gallatin______
300,0
Butch. & D rov.
500,0
G reen w ich ___
5,000,0
Am. Exchange
Commerce------ 25,000,0
3,000,0
Mercantile . . .
500,0
Pacific --------2,250,0
Chat. & Phen.
200,0
People’s -------3,000,0
H a n ov er-------2,550,0
Citizens’ Cent.
500,0
N a s s a u ...........
1,000,0
Market * Fult
2,000,0
Metropolitan .
Corn E x ch —
3,000,0
1,500,0
Imp. & Trad’s
P a r k ................
5,000,0
East R iver__
250,0
5,000,0
F o u r t h --------1,000,0
Second ...........
First ................ 10,000,0
2,000,0
Irving E x c h ..
250,0
Bowery .........
500,0
N. Y . County.
750,0
German-Amer.
5,000,0
(!ha to------------100,0
Fifth Avenue.
German E x ch .
200,0
G erm ania____
200,0
Lincoln ............
1,000,0
Garfield -------1,000,0
F i f t h .........
250,0
Metropolis . . .
1,000,0
West Side-----200,0
Seaboard.........
1,000,0
1,000,0
L ib e r ty --------N .Y .P ro d .E x .
1,000,0
1,000,0
State .........
1,000,0
S e c u r ity .........
1,000,0
Coal & Iron.
1,000,0
Union Exch - .
1,000.0
Nassau, Bklyn
Actual figures Sept. 2 . .
S
S
20,579,0
3,680,6
4,413,4
34,800,0
20,935,0
1,951,8
8,230,1
55,509,0
6,134,4
26,432,0
24,969,9 184,552,0
6,641,0
30,278,0
7,010,0
579,5
8,017,0
2,506,5
150,4
2,415,0
7,653,0
874,5
4,416,4
43,425,0
15,161,7 140,918,0
14.401,0
2,727,2
4,127,0
936,8
10,051,0
1,105,4
1,873,0
470,9
67,735,0
12,620,6
21,955,0
1,847,8
9,403,0
564,1
8,922,0
1,788,8
11,627,0
1,572,3
47,074,0
5,557,8
26,031,0
7,735,6
81,715,0
12,941.4
1,459,0
101,4
34,362,0
5,675.3
13,251,0
2,244,9
20,908,7 115,370,0
21,279,0
1,897,6
3,471,0
791,9
8,144,0
1,758,3
4,119,0
717,7
88,541,0
8,440,1
12,067,0
2,227,3
3,700,0
888,4
5,542.0
1,041,2
13,207,0
1,632,5
8,535,0
1,242,4
3,580,0
532.8
12,132,0
2,145,7
4,383,0
1,061,0
21,802,0
2,049,3
18,433,0
2,717,7
8,379,0
797,4
15,834,0
967,5
9,986,0
485 0
435.0
5,913,0 i
951,6
9,144,0 i
1,000,0
7,518,0i
$
3,744,0
8,750,0
4,338,0
12,159,0
4,912,0
62,060,0
5,296,0
1,558,0
1,397,9
438,0
2,074.0
8 .0 3 /.0
26,911.0
1,990.0
417,0
2,976,0
486,0
14,940.0
■1,816,0
1,545,0
1,414,0
2,824,0
8,686,0
4,302,0
20,736,0
272,0
6,950,0
3,038,0
24,170,0
4,139,0
782,0
1,386,0
807,0
21,307,0
2,706,0
320,0
1,151,0
2,840,0
1,954,0
702,0
1,031,0
1,010,0
4,482,0
3,809,0
2,088,0
-1,.835,0
2,252,0i
1,040,0'
802,0i
1,569.0i
S
1,014,0
1,477,0
1,3 ii.o ;
1,400,0:
2,113,0
6,000,0;
l,756,0j
195,0
.445,0
66,0
210,0
3,362,0
7,709,0
997,0
487,0
1,077,0
149,0
4,962,0
620,0
1,112,0
1,013,0
220,0
5,693,0
1,644,0
1,542,0
122,0
2,993,0
180,0
2,770,0
2,272,0
50,0
695,0
221,0
7,509,0
991,0
601,0
502,0
1,675,0
486,0
325,0
1,922,0
226,0
2,072,0
1,070,0
484,0
315,0
1,227,0
593,0
1,482,0
282,0
Circauuion. —On the basis of averages, circulation o f national banks in the
Clearing House amounted to $48,634,000, and according to actual figures was
*49,342,000.
Week
ending
Sept. 2
Capital.
Loans.
Surplus.
Specie.
On Dep.
Legal Jwith C.H .
Tenders. \ Banks.
Net
Deposits.
*
$
S
I
S
*
$
Averages.!
*
1,394,725,0
B a n k s __ 135,150,0 190,299,6 1,352,904,0 302,199,0 77,749,0
Trust cos. 35,125,0 91,029,9 575,782,0 55,988,0 6,872,0 67,585*6 410,891,0
T o t a l . .. 170,275,0 281,329,5 1.928.686.0 358.187.0 84.621.0 67,585,0 1.805.616.0
Actual.
1.382.678.0
1.352.018.0 292.983.0 76.284.0
B a n k s ___
572,661,0 56,502,0
6,801,0 | 65,190,6 408,919,0
Trust cos.
T o t a l . ..
...........
—
1,924,679,0 349,485,0 83,085,0j 65,190,0j 1,791,597,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V. 86, p. 316.
STATE BAN KS AND TR U ST COM PANIES.
Week ended Sept. 2.
i
Trust Cos.
State Banks ! Trust Cos. | Slate Banks
in
outside o f
1 outside of
in
Greater N . Y . Greater N . Y. 'Greater N . Y. ^Greater N . Y .
Capital as o f June 7 ............
23.275,000
62.206,000;
9,453,000
9,525,000
Surplus as o f June 7 .........
38,912,100
178,697,600!
11,631,137
11,999,889
289.620,200 ,118,469,400
— 1,434,0001 — 7,609,200
101,069,900
+320,200
154,155,800
+ 386,300
339,033,900 1,232,173,300
+ 1,003,600 — 5,590,900
106,881,300
+294,800
161,346,800
+ 3 28,400
Loans and Investm ents..
Change from last w eek.
Specie .................................
Change from last week.
50,539,900
—S I,800
114,959,500
— 635.400
Legal-tenders & bk. notes
Change from last week.
23,907,500
+ 92,200j
11,293,300
— 55,300
Deposits ......... ................ Change from last week.
Reserve on deposits.........
Change from last week.
93,963,600
+450,000
134,964,200
— 527,800
21,694,400
— 132,800
22,294,300
— 133,900
P. C. reserve to d eposits..
Percentage last w e e k ..
27.9%
27.9%
16.5%
16.5%
21.1%
21.3%
14.5%
14.6%
+ Increase over last week.
— Decrease from last week.
N ote.— "Surplus’ ’ Includes all undivided profits. "Reserve on deposits" Includes,
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keen a reserve proportionate to their deposits, the ratio varying according to lo
cation as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive o f time deposits not payable within thirty days,
represented bv certificates, and also exclusive of deposits secured by bonds or
obligations o f the State or City o f New York, and exclusive o f an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for It by any public department.
The State banks arc likewise required to keep a reserve varying according to loca
tion, the reserve being computed on the whole amount o f deposits exclusive o f time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910) and exclusive o f deposits secured (according to amend
ment of l y lD by bonds or obligations of the City or State of New York, and ex
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the com pany or held In trust
for It by any public department.
„
„
„
,
— Trust C os.—
— Stale Banks—
Reserve Required fo r Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve
which Reserve
which
Location—
Required, in Cash. Required. In Cash.
15%
15%
25%
Manhattan Borough................- ..................................15%
10%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
7 'A%
20%
20%
Brooklyn Borough, with branches In M anhattan..1 5 %
15%
15%
15%
15%
Other Boroughs, with branches In M anhattan------15%
15%
6%
5%
Elsewhere In State.........................................................10%
The Banking Department also undertakes to present sepa
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
648
THE CHRONICLE
House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
[VOL. LXXXX1II
Boston and Philadelphia Banks.— Below is a summary of
the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
IVe omit two ciphers (00) in all these figures.
N E W Y O R K C IT Y BA N K S AND T R U S T COMPANIES.
Week ended Sept. 2 —
Clear.-House
Members.
ActualFlgures
Clear.-House State Banks & Total o f all
Members.
Trust Cos. not Hanks & Trust
Average.
in C .-H . Aver. Cos. Average.
Capital as o f June 7 __
$
170,275,000
S
170,275,000
Surplus as o f June 7 - - .
281,329,500
281,329,500
Loans and Investments 1,924,679,000 1,928,686,000
Change from last week
—3,818,000
— 122,000
D e p o s it s ........................ 1,791,597,000 1,805,616,000
Change from last week — 20,531,000
— 5,277,000
Specie .......................... .. 349,485,000
Change from last week — 13,207,000
S
35,156,000
S
205.431.000
93,638,100
374,967,600
618,455,800 2,547,141,800
— 3,338,200
—3,460,200
0614,788,700
— 3,456,300
!,420,404,700
— 8,733,300
64,401,300
+ 10,600
422,588,300
— 4,160,400
358,187,000
—4,171,000
83.085,000
— 2,579,000
84,621,000
—472,000
—300,200
96,012,100
— 772,200
Banks: cash in v a u lts ..
Ratio to deposits____
369,267,000
26.71%
379,948,000
27.21%
12,398,000
13.44%
392.346.000
Trust cos.: cash in vault
63,303,000
62,860,000
63,394,400
126,254,400
Aggr’ te money holdings 432,570.000
Change from last week — 15,786,000
442,808,000
—4,643,000
75.792,400
— 289,600
10
10
65,190,000
+3,381,000
67,585,000
+ 1,006,000
21,171,000
+ 376,500
Total reserve______
Change from last week
497,760,000
— 12,405,000
510,393,000
— 3,637,000
+ 86,900
Surplus CASH reserveBan s (above 2 5 % ) ..
Trust c o s.(a b ov el5 % )
23,597,500
1,965,150
31,266,750
1,226,350
T o t a l ......... ..........
Change from last week
25,562,650
— 11,670,650
—3,786,050
% of cash reserves o f tr ust co s.—
Cash In vault..............
15.48%
Cash on dep. with bks.
13.75%
14.13%
T o t a l ...........................
i0
i0
0
0
-
..............
..............
29.23%
Boston.
Aug. 12..
Aug. 19-.
Aug. 26-.
Sept. 2 ..
Phlla.
Aug. 12..
Aug. 19 ..
Aug. 2 6 ..
Sept. 2 . .
Loans.
Specie.
Legals. Deposits, a CtrcuI lalion.
Clearings.
S
8
$
41.350.0 225.220.0 25.854.0 4,117,O'
41.350.0 222.513.0 25.842.0. 4,093,0
41.350.0 220.450.0 26.148.0 4,119.0
41.350.0 218.859.0 25.656.0, 3,772,0
s
i s
268,840,0 7,076,0
266,392,0 7,040 0
260,337.0 7 .0 1 l'o
260,660,0 7,016 0
S
142.170.7
151.092.3
125.998.4
131.628.4
60.105.0 283.296.0
60.105.0 281.800.0
60.105.0 280.730.0
60.105.0 280.772.0
335.038.0
334.370.0
332.445.0
330.584.0
132,203,1
131.632.8
113.747.8
134,481,7
76.747.0
77.351.0
78.586.0
76.197.0
15,338,0
15,323,0
15,353,0
15,345,0
a Includes Government deposits and the item "due to other banks.” A t Boston
Government deposits amounted to $3,063,000 on September 2, against 83,067,000
on a u ^usc «()•
Legal-tenders________
Change from last week
Money on deposit with
oth. bks. & trust cos.
Change from last week
Capital
and
Surplus.
Imports and Exports for the Week.— The following are
the imports at New York for the week ending Sept. 2; also
totals since the beginning of the first week in January.
FO R E IG N IM PORTS A T N E W Y O R K .
F or week.
1911.
D ry G oods........................ ........
General Merchandise_______
T o t a l ............. .......................
Since Jan. 1.
Dry G oods----------- -------- ------General Merchandise_______
1910.
82,579,854
11,125,138 i
1909.
1908.
S2,842,545
15,415,743
$3,296,354
11,041,944
$13,704,992( $18,258,288
$14,338,298
$12,511,295
$93,521,232 $106,574,752 $115,275,785
487,414,160 524,715,814 1 461,026,797
$80,588,944
332,983,508
$2,465,765
10,045,530
Total 35 weeks.................... $580,935,392 $631,290,566 j$576,302,5S2 $413,572,452
15.42%
1.33%
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
- week ending Sept. 2 and from Jan. 1 to date:
16.75%
.
.
-r
uvl-1 msu wt:cn.
— Decrease irom last weeK.
a These are the deposits after eliminating the item "D u e from reserve depositories
and other banks and trust companies in New York City"; with this item included,3
deposits amounted to $711,682,600, a decrease of S I,729,000 from last week
Ini
the case of the Clearing-House members, the deposits are "legal net deposits” 'both
for the average and the actual figures, b Includes bank notes.
1
E X P O R T S FROM N E W Y O R K .
For week.
1911.
1910.
1909.
1908.
For the w eek— ........................
Previously reported................
$12,372,460
504,482,804
$9^78,362
432.879,555
$8,858,072
404,747,221
S7,025,028
425,541,239
Total 35 weeks.................... $516,855,264 $442,457,917 $413,605,273 $432,566,267
3
The following table shows the exports and imports of
1
’ ----------- k j t a i c u i u m a
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Sept. 2
Clearing House, compare as follows for a series of weeks past: and since Jan. 1 1911, and for the corresponding periods in
1910 and 1909:
COM BINED RESU LTS OF BA N KS AN D T R U S T COMPANIES IN
G REATER NEW Y O R K .
__________E X P O R T S AN D IM PORTS OF SPECIE A T N E W Y O R K .
W e omit two ciphers in all these figures.
Week
Ended.
July
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Sept.
1—
8 ..
15—
2 2 ..
29—
5 ..
12—
19—
262—
Loans and
Investments.
Deposits.
S
2.595.834.8
2.646.480.3
2.648.893.6
2.637.371.8
2.630.973.8
2.624.434.0
2.59.3.876.3
2.569.106.7
2.550.602.0
2.547.141.8
$
2.490. S20.0
2.509.243.7
2.513.515.5
2.506.532.8
2.498.608.1
2.483.768.1
2.455.008.2
2.439.358.9
2,429.138,0
2,420,404,7
Specie.
$
454.538.2
418.914.6
414.547.0
419.087.8
420.745.3
416.051.2
417.341.1
422.691.8
426.748.7
422.588.3
$
96,141,7
96.189.0
98.247.0
98.579.5
97.706.6
96.813.6
96.540.2
97,369,5
96.784.3
96.012.1
S
550.679.9
515,103,6
512.794.0
517.667.3
518.451.9
512,864,8
513.881.3
520.061.3
523.533.0
518.600.4
$
649.489.1
609,318,6
599.389.3
602.767.4
606.792.3
602.621.5
601.100,0
608.381.3
610.906.5
607.356.4
Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending Sept. 2, based on average daily results:
______
We omit two ciphers (00) in all these figu res.
Capi
tal.
Sur
plus.
Loans,
Dlsc'ts
and
Invest
ments.
New York City.
Manhattan & Bronx.
$
S
Washington H eights.
100,0
291.2 1,268,0
C en tu ry_____ ________
250.0
127.8 1.563.0
C olon ial........................
400.0
433.4 5.768.0
Colum bia......................
300.0
796.5 6.596.0
F id e lity _____________
200.0
182.2 1.023.0
Jefferson ..... .................
500.0
533.3 4.293.0
Mount Morris......... ..
250.0
339.9 2.726.0
M utual..........................
200.0
401,8 3.375.0
Plaza _______________
100.0
473.7 3.754.0
Twenty-third W ard— 200,0
105.8 1.862.0
Yorkvllle ....................
100,0
502.3 4.151.0
New Netherland_____
200,0
273.3 2.478.0
Battery Park National 200,0
143.8 1.433.0
Aetna National.........
300.0
309.2 2.256.0
Brooklyn.
B roa d w a y ..................
200.0
554.0 2.970.0
Manufacturers’ N a t ..
252.0
850,7 5.618.0
Mechanics’ .................. 1,000,0
918.6 10.994.0
National C ity_______
300.0
598.0 3.986.0
North Side..................
200.0
161.7 2.013.0
First N ational_______
300.0
641.2 3.545.0
Jersey City.
First N a tio n a l...........
400.0 1,287,6 5.459.0
Hudson County N a t ..
250.0
775.1 3.124.0
Third National______
200.0
411.2 2.037.0
Hoboken.
First N ational.............
220,0
632.4 3.458.0
Second National.........
125,0
277.9 3.027.0
Specie.
S
137.0
30.0
717.0
562.0
41.0
266.0
464.0
18.0
334.0
239.0
53,0
256.0
248.0
516.0
Legal
On
Tender Deposit
and
vrlth
Net
Bank
C .-H .
Deposits.
Notes. Banks.
38.0
194.0
226,0
114.0
392,0,
869.0
513.0
687.0
113.0
107.0
425.0
311.0
36.0
362.0
675.0
483.0
352.0 1.051.0
89.0
283.0
799.0
686.0
85.0
183.0
45.0
82,0
35.0
128.0
S
995.0
1.530.0
7.017.0
7.282.0
934.0
4.119.0
3.390.0
3.580.0
3.859.0
2.030.0
4.666.0
2.380.0
1.367.0
2.288.0
406.0 231.0
634.0
170.0
293.0 1.728,0
389.0 227.0
179.0
100.0
388.0
71.0
355.0
915.0
1.673.0
762.0
293.0
442.0
3.024.0
5.161.0
12,867,0
3.974.0
2.030.0
2.826.0
298.0
291.0
122.0
362.0
77.0
171.0
1.645.0
383.0
568.0
4.592.0
2.397.0
1.759.0
181,0
178,0
47.0
44.0
341.0
246.0
1.504.0
1.271.0
Totals Sept. 2 ____ 6.747.0 12,028,6 88,777,0| 7.240.0 7,051,0 13,163,0
Totals Aug. 26____ 6.747.0 12,028,6 88.794.0 7.510.0 7,144,0 12,969,0
Totals Aug. 19____ 6.747.0 12,028,6 89.127.0 7.719.0 6,940,0 14,153,0
86.842.0
86.933.0
87.903.0
Exports.
Gold.
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
Week.
Great Britain..........................
France ......... .............. ..............
Germany ........................... I . ”
West Indies......................... I I ”
M e x i c o ..... .......... .............. ........
South Am erica.............. I . I I ”
All other countries......... ..........
Imports.
Since Jan.I
Week.
Since Jan. 1
$73,067
484,656
2.578
1.273,525
4,667,869
2,226,802
1,469,445
$8,628
$3,500
1,667,130
$60,000
Total 1911.
Total 1910.
Total 1909.
$60,000
150,200
$496,081 $10,197,942
74,790 19,989,921
140,632
6,615,274
Sliver.
Great B r it a in ........... ......................... $1,028,590 $31,334,093
France ............. .............................
26,300
2,008,234
Germany ......... .............................
167,149
West Indies------------------------------244
89,452
Mexico .......................... .............. ..
South Am erica...............................
20,401
All other countries........................
6,448
Total 1911-.....................................
Total 1910...................................
Total 1909..........................
4.593
408,027
44,504
30,329
1,055,334 $33,625,777
1,144,568 29,821,854
1,089,806 31,556,098
104
2,842
10
31,035
84,125
33,909
$170,928
7,927
22,829
34,683
2,562,489
1,185,774
1,130,017
$152,025
145,881
121,506
$5,114,677
3,072,243
3,500,625
Of the above imports for the week in 1911, $13,295 were
American gold coin and $2,830 American silver coin.
gtmMtxg mul JJitxaticiaX
Diversify Your Investments
Write for our cirouiar entitled
treats the above subject In detail.
"Judicious Investment,”
which
Spencer Trask & Co,
43 E X C H A N G E P L A C E . - - - N E W Y ORK .
Chicago, III.
B o s t o n . M a ss .
A lb a n y , N. Y.
M em b ers N ew
WHITE,
5 NASSAU STREET:
NEW YORK
Y o r k S to c k E x c h a n g e .
WELD
&
CO.
THE ROOKERY
CHICAGO
649
THE CHRONICLE
S e p t . 9 1911.]
M m ik x x tf
1-10% premium. St. Paul, 50c. per $1,000 premium.
per $ 1,000 discount.
C t e j e lt e .
Wall Street, Friday Night, Sept. 8 1911.
The Money Market and Financial Situation.— A careful
analysis of the markets this week reveals no important
change in the general situation. Business at the Stock
Exchange has been small in volume and irregular in
character. Prices moved steadily upward during the early
part of the week and declined later.
The heavy liquidation which was a conspicuous feature
of the market during the month of August does not appear
to have renewed, however, the selling this week representing
largely the operations of professional traders. To the
influence of these operations the market seems unusually
susceptible at this time.
As stated above, the general situation has not materially
changed. There is a hope, apparently growing stronger
day by day, that the diplomatic relations between France
and Germany will not be disturbed, but it is reported that
liberal sales of American securities have recently been made
for Berlin and Frankfort account, which, if true, would
seem to indicate doubt in the minds of some.
The chief source of anxiety at home is, as is well known,
in regard to the proposed investigation of “ the trusts,” of
which we have heard so much,and the ultimate effect of the
restraint now placed upon the carrying industry of the
country. Apropos of this matter, it is significant to note
the reports of railway earnings for the month of August
which have come to hand this week.
The Bank of England reports a substantial addition to its
percentage of reserve and the latter is now the largest in
recent years. The local money market shows no change
worthy of note.
,
^ .
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals lias ranged
from 2% to 2]4 % - To-day’s rates on call were 2 % ® 2 % % .
Commercial paper quoted at 4 @ 4 % % for 60 to 90-day en
dorsements, 4 % @ 4 % % for prime 4 to 6 months single names
and 5% and above for good single names.
The Bank of England weekly statement on lhursday
showed a decrease in bullion of £268,395 and the percentage
of reserve to liabilities was 58.10, against 56.33 last week.
The rate of discount remains unchanged at 3% , as fixed
March 9. The Bank of France shows a decrease of 15,575,000
francs gold and an increase of 225,000 francs silver.
NEW YORK CITY CLEARING-HOUSE HANKS.
(Mol Including Trust Companies.
1911.
Averages for
iveek ending
Sept. 2.
135.150.000
Surplus........... ............ 190.299.000
Loans and discounts— 1,352,901,01 0
48.634.00d
Circulation..................
Not deposits................ 1,394,725.000
Specie ........................ 302.199.000
77,749,000
Legal tenders...............
379,948,000
Reserve held----348,681,250
25% of dcposlts.
31,266,750
Surplus reserve.
C a p i t a l .......................................
1910.
Differences
from
previous week.
.
.
Inc. 4.059.000
257.000
Inc.
(554,000
Dec.
Dec. 3.536.000
419.000
Dec.
Averages for
week ending
Sept. 3.
Montreal, 4 6 H e.
State and Railroad Bonds.— Sales of State bonds at the
Board include §10,000 New York Canal 4s at 10334, SI,000
New York 4s, 1961, at 10334 and §21,000 Virginia 6s de
ferred trust receipts at 54 to 54%.
'
The market for railway and industrial bonds has been more
active, owing to very heavy transactions in a few issues.
Prices have been better maintained than in the market for
shares, although where advances have occurred they are gen
erally limited to minor fractions.
American Tobacco and the Inter-Metropolitan issues have
been the conspicuous features, and all are higher than last
week. Some of the Erie issues have been relatively strong.
On the other hand, Wabash ref. & ext. 4s have lost a point
and Denver & Rio Grande 1st 5s are lower.
United States Bonds.— Sales of Government Bonds at the
Board include §22,000 Panama 3s at 10234 to 102%, §5,000
3s reg. at 101% and §500 3s coup, at 101%- The following
are the daily closing quotations; for yearly range see third
page following.
Interest
Periods
Sept.
Sept.
Sept.
Sept.
4
2
5
8
* 100^
♦100M
*101M
2s, 1930 --------- ..registered Q—Jan
2s, 1930_______ ___ coupon Q—Jan
Q—Feb
3s, 1908-18____
3s, 1908-18 ----- ___ coupon Q—Feb HOLI- HOLI- *101 'A
4s, 1925 ........... ..registered Q—Feb DAY. DAY. *113%
*113?i
1925----------- -----coupon Q—Feb
* ioom
1938.Panama Canal regis Q—Feb
* 102%
3s, 1961 .Panama Canal----- Q—Mcli
This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.— The market for
stocks has been dull throughout the week. It opened strong
on Tuesday, after the holiday, and so continued through
Wednesday, at the end of which a considerable list of active
stocks had advanced an average of 2 points. On Thursday
the market turned weak and the previous advance was soon
lost. To-day the downward movement has continued. In
many cases closing prices are from 3 to 4 points lower than
on Wednesday and a few new low records for the year have
been made. Baltimore & Ohio and Missouri Pacific have
been the weak features of the railway list. Both have sold
at the lowest quotations of the year, the former having de
clined over 5 points within the week. Lehigh Valley is down
over 4 points, Canadian Pacific G and Union Pacific 4% .
Pennsylvania is the only railway stock which shows a net
gain for the week.
Several industrials have, however, made such a record.
Tobacco preferred is 2 points higher, Beet Sugar 2% and
Steel preferred and Va.-Carolina Chem. co. are fractionally
higher.
For daily volume of business see page 6o7.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
1909.
Averages for
week ending
Sept. 4.
132,350,000 127.350.000
189,131.400 174.754.000
1,251.326,700 1,348,875,100
51.583,400
45,636.500
1,277,893,000 1,394,411,700
290,946,300 288,223,400
75,725,300
70,196,200
Dec. 3,955,000
Dec.
1(53,500
361,142,500
319,473,250
363,948,700
348,010,425
Dec. 3,791,500
41,669,250
15,338,275
STOCKS.
Week aiding Sept. 8
Am Tobacco, prof tr ctfs
Ann Arbor, pref.........
Associated Oil........... Batopilas Mining-------Buff Rochester & Pitts.
Comstock Tunnel-----Cuban-American Sugar.
Preferred...............
Ontario Silver Mining.
Pittsburgh Steel, pref...
So Porto Rico Sugar----Virginia Iron, C & C—
Sales
for
Week
Range for Week.
Lowest.
400 95 Sept
18 60 Sept
Sept
1 0 0 47
. . . . SIH Sept
300
100 107)^ Sept
100 21c. Sept
100 45 Spet
900' 93 Sept
600 1 Sept
100101 Sept
150 87 K Sept
100! 75 Sept
I
Highest.
6 9554 Sept
6 60 Sept
6 47 Sept
5 SI H Sept
7 107 yi Sept
7\ 21c. Sept
0 45 Sept
5! 94 H Sept
7 1Vs Sept
6101 Sept
7j 87 H Sept
7: 75 Sept
Range since Jan. 1.
Lowest.
Highest.
92 H Sept 0514
60 Sept 60
Sept 5 5 ^
47
Aug S 2 H
S1K
107 K Sept 126
Feb 34C.
2 0c.
Feb 45
35
Jan 0AX
88 H
Sept l ‘A
1
Sept 106
101
Apr 90
82
Jan 97
52
Sept
Sept
Apr
Jan
Feb
May
Sept
Sept
Feb
June
Jan
J u ly
rgo le ___T h e
C le a r in g H o u s e n o w Issu e s a s t a t e m e n t w e e k l y s h o w in g t h e a c t u a l
c o n d i t i o n o t t h e b a n k s o n S a t u r d a y m o r n in g , a s w e ll a s t h e a b o v e a v e r a g e s .
T hese
flm ir e s t o g e t h e r w it h t h e r e t u r n s o f t h e s e p a r a t e b a n k s a n d t r u s t c o m p a n ie s , a ls o
th e s u m m a r y Issu ed b y th e S ta te B a n k in g D e p a r tm e n t g iv in g th e c o n d it io n o f
S t a t e b a n k s a n d ' t r u s t c o m p a n ie s n o t r e p o r t in g t o t h e C le a r in g H o u s e , a p p e a r o n
Outside Market.— The “ curb” market was very dull this
week business being in small volume and prices in most in
stances only slightly changed. An incident in the trading
th e s e co n d p a g e p re ce d in g .
were the mutual transactions in Standard Oil ex-subsidi
Foreign Exchange.— O n v e r y q u i e t b u s i n e s s s t e r l i n g c lo s e d aries ” at 340, and in Standard Oil “ subsidiaries at 324.
t h e w e e k w i t h li t t le o r n o c h a n g e .
Standard Oil old stock sold up from 630 to 640 and down to
T o - d a v ’ s ( F r i d a y 's ) n o m in a l r a t e s f o r s t e r lin g e x c h a n g e w e r e 4 8 4 f o r
635. Sales of American Tobacco were heavy, the price at
r ,n -iln v a n d a 8 7 f o r s iir h t
T o - d a y ’s a c t u a l r a te s fo r s te r lin g e x c h a n g e w e r e
first dropping about 7 points to 376, then advancing to 394.
4 8 3 2 0 ( a ) 4 8 3 3 0 f o r GO c l a y s . 4 8 6 @ 4 8 6 1 0 f o r c h e q u e s a n d 4 8 6 3 5 @ 4 8 6 5 0
fo r c a b le s
C o m m e r c ia l o n b a n k s 4 8 2 U @ 4 8 3 a n d d o c u m e n t s fo r p a y
It reacted somewhat after this, the close to-day being at 389.
o u t 4 83 x
f
f
l
C o t t o n fo r p a y m e n t 4 8 2 « @ 4 8 3 a n d g r a in fo r
Houston Oil com. rose from 9 to 9% and weakened finally to
9%
The pref. sold up half a point to 73% and back to 73.
P a T o ^ d a v ’ s ? F r k l ? y ’ s ) '" a c t u a l r a t e s f o r P a r i s b a n k e r s ’ f r a n c s w e r e 5 2 1 H ®
5 2 1 M ?cys s 1 - 1 6 f o r i o n s ' a n d 5 1 0 M l e s s 1 - 3 2 ® 5 1 0 H f o r s h o r t .
G erm an y
Intercontinental Rubber com. moved down from 24% to
b a n k e r s ’ m a r k s w e r e 9 1 % ( i ^ 9 4 V.\ f o r l o n g f i n d 9 5 1 - 1 6 l e s s 1 - 3 2 @ 9 o 1 1 6 f o i
22% and ends the week at 23. Studebaker Corp. com. fell
s h o r t 1S A m s t e r d a m
b a n k e r s ’ g u ild e r s w e r e 4 0 1 6 @ 4 0 17 f o r s h o r t .
T h e p o s t e d r a te s fo r s te r lin g , a s q u o t e d b y a r e p r e s e n t a t iv e h o u s e , w e r e
from 58 to 57%. American Light & Trac. com. improved
a , fn ? 6 0 d a v s a n d 4 8 7 fo r s ig h t d u r in g th e w h o le w e e k .
from 298 to 302 and reacted finally to 300. Bonds were
E x c h a n g e * a ? P a r is o n L o n d o n , 2 5 fr . 2 5 c .; w e e k ’ s r a n g e 2 5 fr . 2 6 c . h ig h a n d
nuiet. Illinois Steel 4%s sold down from 94% to 94% and
E x c h a n g e a t B e r lin o n L o n d o n , 2 0 m . 4 6 1 ^ p f .; w e e k s la n g c 2 0 m , 4 9 p fup to 94% . N. Y . Westchester & Boston Ry. 4%s fluctua
h ig h a n d 2 0 m . 4 5 H p f . lo w .
.
T h e r a n g e o f fo r e ig n e x c h a n g e fo i th e w e e k fo llo w s .
ted between 97% and 97% , the final figure to-day being
Cables.
Cheques.
Sterling A c tu a l —
S ix ty D ays.
‘ -h
97 11-16. Oregon-Wash. RR. & Nav. 4s sold at 91 y§ and
4 8650
4 8615
H ig h fo r th e
w e e k ___
4
8 3 Vi
4 8630
4 86
New York City 4%s at 102% and 102% and at 102 11-16
L o w fo r th e
w e e k ___
4
83M
P a ris B a n kers' F ran cs —
finally. Mining stocks were very dull. Braden Copper was
5 18 U less 1-16 5 18 X
H ig h fo r th e
w e e k ___
5
21V
British Columbia eased off
5 10 % less 1-32 5 18 % less 3-32 traded in down from 4% to 4% .
L o w fo r th e
w e e k ___
5
21%
G erm any B a n kers’ M a rk s —
from 3% to 3% , sold up to 4 and reacted finally to 3% .
05 H
95 1-16
H i g h f o r t h e w e e k ____
9 4 Vi
Giroux moved up from 4 % to 4% and down to 3 15-16, the
05
9 4 15-16
L o w fo r th e w e e k .,.
9 4 *4
Am sterdam B a n kers’ G u ild ers —
. „
,
.
close to-day being at 4. Greene Cananea improved from 6
40
3-16
plus
H ig h fo r th e w e e k
4 0 1 -1 0
4
0 3
-1 6 p
l u s 11-32
-3 2
4 0 'A l e s s 3 - 3 to 6% but fell back to 6. Inspiration Copper moved up from
40
3-16
1-16
L o w fo r th e w e e k
40
4
0 3
- 1 6 less
le s s 1
-1 6
4 0 3 -1 6
6% to 7 and down to 6% . Kerr Lake advanced from
s
DOMESTIC EXCHANGE. — T h e f o l l o w i n g a r e t h e r a t e s f o r d o m e s t i c
e x c h a n g e a t th e u n d e r m e n t io n e d c itie s a t th e c lo s e o f th e w e e k : C h ic a g o ,
3 i5-16 to 4. La Rose Consolidated rose from 4 1-16 to
5>
t ie r $ 1 , 0 0 0 p r e m i u m .
B oston , p a r.
N e w O r le a n s , c o m m e r c ia l, 5 0 c .
4 % declined to 4 and closed to-day at 4% .
n e r S I 0 0 0 d is c o u n t ;
b a n k , $1 p e r $ 1 ,0 0 0 p r e m iu m .
S a n F r a n c is c o , 5 0 c .
n c r S l'.O O O p r e m i u m .
S t . L o u is , 1 5 o . p e r $ 1 ,0 0 0 p r e m iu m .
S avannah,
Outside quotations will be found on page 657.
r i
b u y in g ,
3 -1 0 %
d is c o u n t;
s e llin g ,
p ar.
C h a r le s to n ,
b u y in g ,
par;
s e llin g ,
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
_____________________________
OCCUPYING T W O
STO CKS—H IG H EST A N D LO W S S T S A L S P R IC E S.
Monday
Sept. 4 .
sales
the
Week
Shares
Tuesday
Sept. 5.
N E W
PAGES
liarvye since January/ 1 .
On basis 0 / 100-share ots.
STO C K S
Y O R K
S T O C K
E X C H A N G E
Rcnqc ]or Preview
Tear 1 9 1 0
Hv/hest.
R a ilr o a d s
102% 1043102-7,8 1 0 338
2 1 ,6 0 0
t c h T o p e k a & S a n t a F e 10 0 3 . J a n
116 % J ’ n e 5
1 0 1 1 2 1 0 1 1 2 * 10 11 ,1 1 02
90 % J ’ly
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124% J a u
*10112 102
220
D o
p r e f _________
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122
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122
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122
122
440 A t la n t ic C o a s t L in e R R _ !
117
Jan
132 % J ' i y 19
99% 100%
102% J ’ ly
9 9 % 100%
96*3
90
1
37% J a n
95 ’3
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2 4 ,5 8 0
} B a l t i m o r e & O h i o ________
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109-1, J ’ l y 1
87
87
160% S e u
*85
88
86
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80
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Jan
70
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7
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’
*70
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8634 F e b 8
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65
Aug
*16
25
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92
Jan
25
*15
25
C h ic a g o & A lt o n H R . .1 1
A u g 28
15
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2
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40
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53
J a n is.
64?s J '
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IS
18 1 2
19
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18%
1912
18I2
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11534 11515
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158 3 8 J a n
*147
150
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D o
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145
Sep
1 1 55 % F e b 2
143
Sep
1 3 3 % 110
140
172% J a n
140
1 4 0 % 14 U 2 * 1 4 0
142
1 ,0 0 0 C h i c a g o & N o r t h W e s t e r n
138% S e p
1 1 50 % J ’ n e l .
193
198
137% J ’ iy
*195
200
182% J a n
*195
205
*195
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D o
p r e f ______________________
l9 7
A u g 3 0 §209
Jan
1
132
132
203
J ’n e
*132
140
< 25
J a il
*132
140
*132
140
C h i c S t P ..H n n & O m a h a
130% A p r
144
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145
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■145
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*145
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=145
155
D o
p r e f ........................................
152
F e b 18 1 1 60
M ch
§160
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6
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D o P r e f c t f s s t m p d ____
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*48
55
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*48
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66
J a n 18
*00
100
61
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*90
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*90
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*90
"2 % M c h
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D o
p r e f __________________
94% J l y
6
98
F eb
471.J
471
Sep
99
*47U
50
*4712
50
10-1
Jan
4612
4612
C o lo r a d o & S o u t h e r n .
46% S e p
8
60
J a n la
*79
81
46
J 'l y
*78
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*78
SO
6534 F e b
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D o 1 s t p r e f e r r e d ____ I I
74% M c h 27
82
J ne3
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*70
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*71
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75
D
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d
________
7 3 % J a n 11
75% M ch
"1 6 1
Aug
70
161
164
lo t
162
16312 * 1 6 1
81
Jan
163
200
I D e la w a r e & H u d s o n
162
Sep
1747s J a e
*520
-4 9 % J ’ l y
540
*520
540
*520
540
525
531
185
Jan
2 00 a D e la w a r e L a c k & W e s t !
5 10
F eb
560
J ’ne
4 -j U
J ’ ly
* 2 2 !,i
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2 3 1 ,3 23 1
22-34
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22% A u g j
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23% J ly
51
63%
§50%
50%
4S12
50 1 4
52
Jan
47
48
3 ,2 7 6
D o
p r e f ______
47
S ep
74
F eo 2
62 % J ’ l y
9%
9 I2
11
* y i2
1 3 i2
*912
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Jan
1312
100 D u lu t h S o S h o r e & A t la n
9% S e p
1 5% M c h 31
10
J ’ ly
*20
22
2112
*20
21
21
1834 J a n
*2012 22
100
D o
p r e f _________
1934 A u g 17
3 0 % M c h 30
17
J ly
28%
3012
30
-4 % J a n
30%
29
2 0 :3 3 3 7 /
J j ' r l e ....................... ________________
2 9 ,8 5 0
29%
27% J a n 1
3
8
%
J
’
l
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1
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%
J
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4914
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%
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5
1
49-3.1
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4S%
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50
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1 J D o 1 s t p r e f e r r e d ____
4 5 % J a n 12
6 1% J ’ l y
35
J ’ ly
41
*41
11
52 3 4 M c U
4178
411*
411,
*40%
411
200
35
Jan
4934 J |y
D o 2d
p r e f e r r e d __
122-18 1 2 1
2G % J ’ l y
1 2 4 % I 2 .M4 1 2 2-3, 12-415
4
2
M
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12133 1 2 2
1 2 , 1 4 5 G r e a t N o r t h e r n p r e f ________
12 0 % A u g 20 14o J n e
118
J ’ ly
4 / 14
49
49
49
14 3 7 s Ja u
4 8 1 2 481
47%
47
1 ,7 5 0
Iro n O re p r o p e r t ie s .”
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*11
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113,
IK .
45
J iy
80% J a n
*1U 2
11-3'
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1131
G re e n B a y & W .d e b o t f B
11
A u g 28
15% J a n 17
* 9 3 !2
11
A ug
* 9 3 i2
18% M c h
*9312 96
*931,
96
~ f a v a n a E l e c t r i c __________
93% J 'l y 22
9 6 % J n e 19
88% J
97% A p r
D o
p r e fe r re d
9334 J a u 12
9 8% J n e . u
129
92
M ay
*115
99
an
H o c k in g
V a l l e y ______
128
M c h 24
134
A p r 29
138
112
J n e
13812 13812
1387s
13734 13814
140
O ct
136 3 136
700
U ln o is
C e n t r a l _____________
132
Jan
147
J ’ ly 3
1434
124
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1 5 ';
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16
15
147
Jan
15
-6
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5
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4612
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42I2
6 ,8 7 5
D o
p r e f __________
41% A u g 1
5 6 % J 'l y 19
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02 7 s J a n
40% A u g l /
„ D o p ref v o t tr c t f 3 ...
55% J ’ ly 1
*17
18
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19%
3 " 2 0 0 I o w a C e n t r a l . ^ _______________
1
5
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531
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J
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3
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Jan
39
4 ,2 2 0
D o p r e f e r r e d ________
23
A p r 24
42
S ep
J ’ly
*73
*73
*73
54% J a n
80
*73
r C F t S He M t r c t f s , p r e f
74
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76
M ay 4
2S78
28%
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2914
2912 2912
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A V a n s a s C it y S o u t h e r n ..
2
8
A
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2
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3 7 -If J ’ n e 13
*61
66
J 'l y
*66
*65
69
44% j a u
*65
69
D o
p r e f e r r e d ________
64% J a n
69% J 'u C 13
AUn
*11
14
*11
*11
71
Jan
14
*10
14
a k e E r ie & W e s t e r n .
1 2 % A u g 17
IG % J ’ n e 16
J n
*20
28
*20
2534 J a n
25
25
*24
28
10 0 O
H o p r e fe r re d
25
Sep
40
J a n lo
1 5 / 1 2 1531,1
1587s 1597s
37% D e e
02
% Jan
157
15918
1557, 158
5 2 ,9 9 0 L e h i g h V a l l e y
”
t5 5 % A a g 3 1
181% F e b j
173% D e c
*45
51
45
53
180
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*45
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*45
53
L on ?
I s l a n d ____
49 7 8 A u g
63
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1 4 1 73 l llT s * 1 1 2 % 1 4 3 1 2
60
J ’iy
<0% A p r
1 4 2 3 4 I 4 3 I4
1 4 112 1 4 3
1 ,9 0 0 L o u i s v i l l e
& N a s h v ille !
14038 A u g 2 6
1 5 6 " J ’ l y lo
*134
137
131% J ’ly
15934 J a n
*134
136
135
135
*1 3 4 1 , 136%
175
V| a n h a t t a n
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M c h 28
142% J a n 19
41
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§ 4 1 3 .,
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21% A p r 26
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6
62
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53-% J a n
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6812
6 8 t2
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§G 3%
631
1 ,0 9 0
D o
p r e f e r r e d ________
35
M c h 13
6 8 l2 S e p
6
1 3 U 4 132
Seu
132
132
80 F e b
131
131
1 29% 131
1 ,2 0 0 M i n n S t P & S S M a r i e
129% S e p
152%
A
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152
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152
145
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150
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1 4 734 J a u
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p r e f e r r e d _____________
160
M ehJu
J n e
*8 7 1 2 8912 *8712 8912 *8712
155% M ch
89 I2 * 8 5
891.3
D o
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8 7 % J ’l y
5
9 0 % M e n 15
29%
3 0 i2
*80% S e p
3 0 's
303s
234 J a n
29%
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29
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6 5 l2 6512 *6 4 1 2
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7
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51% la n
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200
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p r e f e r r e d ____
63% J a il lo
69
J 'n e l o
40
41
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4 0 ’8
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74% J a n
363,
3 8 l3
41
38
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36% S e p
8
63
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155
73% M a y
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30
72 -% N o v
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*29
293,
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1 ,0 0 6
D o 2 d p r e fe r re d
2 5 7 8 A u g 28
3 8 % F e b 1..
103
10334
23% J ’ly
104
104%
1033s 104
37% N O V
1 0 2 % 1 0 3 1‘ 4
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Y C h ic & S t L o u i s . .
5 2 -_ A u g 24
65
Jan Id
6 5 % M a\
*95
107
107
*98
*98
087s N o v
107
*98
107
D o 1st
p r e f e r r e d ____
10 0
A u g 15
1 0 1 % M c h 20 § 1 0 1
J ’ ly
*80
89
*80
10934 J a n
89
*80
89
*S 0
89
D o 2 d p r e f e r r e d _________
8
2
%
A
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2
5
9
0
J
a
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l
27
8
2
3
4
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1 3 3 1 4 I 3 3 I4
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134
134
1 3 3 % 1331
4 3 5 N V N I I 4 H a r t f o r d ____ .
1 3 1 3 , A u g 3 0 1 5 H s F e b 23
140
Apr
3 9 -3
3912
3912 3912
102
M eh
§ 3 >%
33%
39%
39
970 N Y O n ta r io & W e s te r n
3834 A u g 30
4678 J ’ l y 22
38% A u ?
1 0 2 l 8 10 2 1 S I O 2 I 4 1 0 3
102
50
J a il
102%
101
102
2 ,3 0 0 N o r f o l k & W e s t e r n
*
1
0
0
%
A
u
g
3
1
1
1
0
%
J
n
e
2
u
*89
92
88% J ’ly
*8 )
92
*89
92
108% M ch
*89
92
D o a d ju s t m e n t
p r 'c f ”
8534 A p r 18
91% J ’ n e 8
*50
60
88
F eb
*51
60
91 % M c il
55
*51%
60
N o r t h e r n O h io T r a c & L t
391-; J a n
3
5 4 % A u ? 15
11 5 3 4 11778
118
11878
3r
F eb
40% D o e
1 1 5 % 118
115
116
2 6 ,5 7 0 N o r t h e r n
P a c ific
1
1
4
%
A
u
g
2
8
13
7
3
J
’
n
e
8
*85
105
lliu Aug
*85
105
14538 J a n
*85
105
*85
105
p a c lflc C oast C o l” ” ”
10 j
J a u 11
10 2 J a n l o
*85
110
*85
110
100
O ct
‘ 1834 J a n
*S5
110
*85
110
AD o 1 s t p r e f e r r e d ____
*90
105
* 9 0 - 73 1 0 5
*90
105
*90
105
D o 2d
p r e f e r r e d ____
9934 J ’ l y
102
Jan 1
1 2 0 ’4 121
105
Feb
121
12118
1 18
Jan
120% 121%
1 2 0 % 121
1 1 ,4 9 5 P e n n s y l v a n i a
1 19-% A u g 2 5
130% F e b
2
1 2 2 % J ’ ly
93
93
*91
94
138% M ch
*93
94
*93
94
1 0 0 P l t t s o C ln C h ic & s V l ” I
91 7 S A u g J l
1
0
0
J
a u 17
*102
115
*102
115
80 . J ’ly
1015S M c h
*102
115
*102
115
D
o
p
r
e
f
e
r
r
e
d
.
.
.
..............
10
8
A
u
g
1
1
1
1
2
F
e
b
1
110
O ct
1 4 1 % 1 4 3 !2
1431, 144%
1397s 1 4 2
1411,1 M i l . ,
16
M ch
3 3 6 ,0 5 0
t ) e a d i n g ........................................
1393s A u g 26
16178 j ’ n e 3
89
89
1 3 0 '% J l y
*89
90
172% F e b
*89
90
89
89
4 0 0 a *-1
1 s t p r e f e r r e d __________
88
A lc ti
92
J ’ l y 14
♦ O lio
95
xUo A u g
*911,
98
*9U 2
US
93% F e b
91%
92
400
2
d
p
r
e
f
e
r
r
e
d
___________
9
0
%
A
u
g
1
0
1
0
1
M
a
v
87
J ly
2 4 1 2 2533
25%
2 534
24%
110% J a n
24%
2-17s
2 5 I2
1 1 , 7 5 0 H o c k I s l a n d C o m p a n y ____
24 % A u g 29
3 4 % J ’ n e 14
22 7 8 J ’ l y
50b
5012
501,
50
5034
5U4
571.1 J a n
48-3., 4 9 %
2 ,0 0 0 . D o
p r e f e r r e d _____________
47 4 A ll g 2 1
08'> s J ’ 1 1 0 14
65
54
J ly
63
6 3 13
*60
66
63 %
92% A p r
*61
66
200
t L & S a n F r. 1st p r e f.
6
0
A
u
g
14
0 9 % J ’ l y 27
4112
4 1 i2
58
A ug
42
42
411.1
41%
73
Jan
*40%
417,
300
D o 2 d p r e f e r r e d ______
38
A p r 22
4 9 % J ’ l y 19
2912 20 %
34% A u g
*2912 33
*291,
33
60
Jan
*29%
33
100 S t L o u is S o u t h w e s t e r n ..
24
J a n 13
34
F eb
*69
72
18% J ’ly
*69
72
34% Jan
69
69
69
69
350
D o
p r e f e r r e d ___________
5
0-i4
J
a
n
3
72
J ’u e2o
5 1 % J ’ ly
110 14 1 1 1
10813 l l O l s
1 0 8 7 s 110-3.,
77% J a n
1 0 7 % 1 0S 7 8
4 0 , 7 7 5 S o u t h e r n P a c i f i c C o ______
107% A u g 30
1 2 6 % J ’ n e 26
2614
2712
103% J ’iy
27-38
273.,
138% J n n
2 6 -s
27%
26%
27
1 0 ,5 7 0 S o u t h e r n v t r c t f s s t m p d
25 2 M ch
1 3 % J ’ l y tu
67
18
J ’ ly
67%
3 3 "; J a tl
68
681,
6712
667s
673.,
6812
3 ,3 0 0
D o
pref
do
6 1 1 , J a n 11
75% J ’ ly 20
24%
24 3 .,
43
J ’ ly
2 4 1 2 24-34
75
J a il
24
24
2 4 >4 2 -1-34
1 , 2 0 0 ' T e x a s & P a c i f i c .....................
2238 A u g 26
30 1 F e b
2 2 % J ’ly
36 -% J a n
9
8 I 4 8-14
*8
9
8
8
300
A v e n u e f N Y ) ____
7 3 , A u g 25
1- l % j ' n e
9
6% J ’ ne
6
*534
*5
19% J a n
6
61.,
*5
0
T
o
l
e
d
o
H
a
l
l
w
a
y
s
&
L
t
____
6% A u g 8
8% J a n 1
1773
6% J ’ ly
177g
*17
153, J a u
1838
18
IS I4
18%
18%
600 T o le d o S t I, & W e s t e r n ..
175s S e p
1
2 -1 -1 , F e b
39
19
J ’ ly
3914
3933
39%
5438 J a n
3 9 “>8 39-3 4
40
40
1 ,0 0 0
D o
p r e f e r r e d ________
38
A u g 26
5 3 78 J a n
6
4234 J 'l y
*10109
*106
72% J a n
1081 * 1 0 6
108% *106
108%
T
w
i
n
C
i
t
y
R
a
p
i
d
T
r
a
n
s
i
t
1 0 5 % A u g 12
111
F eb
2
1 6 3 % 1693.,
103
J ’ ly
1 6 9 7 ., 1 7 0 7 s
17% J a n
1 6 5 3 ., 16778 3 9 1 , 0 0 0
1 6 7 % 170-38
J [ n l o n P a c i i l c . .......................
165% A u g 3 0
192% J ’l y
* 0 0 I2 9 2 1 2
152% J ’ly
§91-3.,
9 13,,
2 0 4 -3 , J a n
92 1 .,
92%
*91%
921
1 2 0 ry ,
2 °
p r e f e r r e d _________
90
A u g 25
90
J ’l y 24
*12
88% J ’ly
34
*32
35
10334 J n n
3:
32
*311,
35
10 0 U n i t R y .s I n v ’ t o f S a n F r
3 1 % A u g 16
49
F e b 20
62
*55
23-1, J n o
*56
62
421., J a n
*56
62
*56 “
G2
Do
p r e f e r r e d _____________
59% A u g 30
7 0 1 ., M c h 2 2
_____
_____
4 /
J ’n c
723s J a n
38
38
37
38
1 ,8 4 0 V ir g in ia K v
P o w e r . _____
37
S ep
8
45
A p r 24
*7 7 14 7 8 % * 7 7 1 , 7 8 % * 7 i
78
77%
77%
400
D o p r e f e r r e d _______________
77% S e p
8
§83
A p r 23
I 3 I4 * 1 3 -%
* 1 3 1 ;,
1334
13-1|
*13*8
13%
13%
200
a b a s h ........... .............................
13% A u g 30
1 8 % F e b 23
*29
31
12 s J ’ l y
*29%
2 734 . 'a n
31
29-1,
29%
28%
28%
COO
28% Sep
8
56
40 % F e b 23
5619
57
61
Jnn
f 8% J ’ly
58
50
56%
D o p r e f e r r e d ________
55%
56
1 ,5 0 0
48-% A p r 1 8
66
J ’ly
8
*75
81
54-% M c i l
4
0
*77
87
J
’
l
y
*75
W
e
s
t
e
r
n
M
a
r
y
l
a
n
d
R
y
.
.
.
81
*75
81
75
J a n 14
*212
8 8 % J ’ ly 24
3
3
77
D eo
67
A llg
3
*2%
D o
p r e f e r r e d _____________
3
*2%
100
3%
23s A u g 25
*712
6% F e b
3
0
10
Jan
*6
3
9
A pr
W h e e lin g & L a k e E r i e . . .
*6
9
*6
9
7 % J ’ l y 27
3
1738 F e b
3
3
*3
8
J
’
n
c
2
3
J
an
4
* 2 lo
D
o
1
s
t
p
r
e
f
e
r
r
e
d
________
4
*2%
4%
100
5373
3
A u g 23
537S * 5 1
8
F eb
7
J ’ ne
13% J a n
4
54
D o 2 d p r e f e r r e d __________
*51%
54
51
51
300
51
A u g 12
72% M a y 1
44
J ’ ly
W is c o n s in
C e n t r a l .................
1
N ov
103
1 0 4 1 2 1047s
104%
A
J’ly
J’ly
W
BANKS AND TRUST COMPANIES— BROKERS’ QUOTATIONS.
Banks
B id
New York.
A etn a . . .
A m e r ic a
A tn e r K xch
B a tte ry F k
B o w e r y 1 | ...
B ron x B oroj
B ron x N at
B ryan t Fk j
B u tch & Dr
C e n tu r y § )..
C h a s e ________
ISO
595
260
145
40J
300
190
t S a le a t S t o c k
185
005
270
155
11 5
2(J0"
100
:-;2
155
575
C h e m ic a l .
C it iz e n s ' C t
C i t y .................
C oa l & ir o ;
C o lo n la
j]..
C o lu m b ia §
C om m erce .
C o r n E x j| .
E a st R iv e r .
F i d e l i t y j| _ .
170
200
445
160
4 J5
150
• ijj
375
1202
315
115
165
E x o h a d g e o lY t a u o tfo a
As'c
17 5
455
136
415
160
_
490
1202%
325
120
1 /5
Banki
Bid
F ifth A v c jl. 4100
________
F ilth
300
M r s t ..................
965
i-’ o u r t h ______
205
G a l l a t i n ____
335
G a r f i e l d ____
295
G e r m -A m
j;
140
ie r r n ’ n E x t
‘1 3 5
G e r m a n i a 1|.
55 )
G oth a m
_.
150
I r e e n w i c h j| 2 4 0
t l a n o v e r ____
635
Ask
4350
350
980
208
3-10
300
145
155
250
645
t h ^ w o o V " '‘Y F lr s V iM L iU m e n t p a id !
B anks
Bid
H a r r lm a 1 .
285
im p * T ra d
575
I r v in g N E x
215
ic d c r s o n jl.
145
L ib e r t y ...!
575
L in c o ln ..!*
375
v ia n il a t t a u t
330
• fa r k ’ t & F u l
255
d e c h < V M w s f 2 6 5 ';
M e r c a n tile
150
M erch K x ch
163
M erch a n ts
180
*^
Banks
600
125
359
12051,
160
170
185
M e t r o p o lis \
M etrop ol ’ n t
vi t M o r r l s l l .
M u tu a l t . _ .
• N a ssa u
N’ e w A e F i i N
V 'c . v V l r n C i .
• V cw
V ork .
F a e i f l c l i ______
H a r k _________
F e o p l e ’ s ii-" !
F l a z a j l _______
S o ld V tY r fv itc ^ o ^ a t^ h H
B id
370
19.3
250
285
300
2 10
909
f 301%
270
370
245
650
p r lc e .^ ^ d
Ask
335
205
260
295
220
975
280*
375
Banks
B id
Ask
P rod K xch |
R e s e r v e ____
> eaboard . .
s e c o n d ______
S e c u r i t y T I-> iio r m a n ____
S t a t e 1 i ______
23 d W a r d I f.
( J n .o ii E x e .
W a s h l l ' t s 1,
( V e s t S i d e 11
V o r k v l l i o j|.
170
90
415
385
15 )
135
250
175
170'
275
05J
60J
175
96
p a ^ d ^ 'y
3d
p a id .
0
N ew
4*00*’
160
2 75'
stocli
I'OCKS—H IGH EST A N D LOW EST S A L E F R IC E S .
Saturday
Sept. 2 .
Monday
Sept. 4 .
651
New York Stock Record— Concluded— Page 2
S e p t . 9 1911.|
Thursday
Sept. 7 .
Tuesday
Sept. 5 .
Friday
Sept. 8 .
Sale, ot
Vie
Week
Shares.
STO C K S
N E W
Y O R K
S T O C K
E X C H A N G E
Range for Previous
Year 1 9 1 0
Range since January 1 .
On basis 0/ 1 0 0 -share lots.
Highest.
Highest.
I n d u s t r ia l ^ M i s c e l l a n e o u s
$270
Jan
$235
D ec
A pr
A u g 2 6 $£45
a c la m s
E x p r e s s ___________ $ 2 1 5
*210
220
*210
220
15
Jan
*210
220
7% J ’ ly
934 M a y 3 1
* 2 10
220
6
A u g 3
■ » l l i s - C h a l m e r s _____________
*
6
%
7
%
5434 J a n
*
0
%
7
%
27
A ug
*G 1 3
7%
34
le u
3
* 8%
7%
17
A u g 24
D
o
p
r
e
f
__________________
7
0
0
1
9
%
*16%
9034 J a n
18
18%
*18
55% J ’ ly
7 1 % J ’ n e 19
1912
18
18%
5
6
3
4
S
e
p
8
C o p p e r ____
3 0 ,5 7 5 A m a l g a m a t e d
57*4
57 7 3
59
49% O c t
63%
5 934
35 J ’ly
58
60
M ayl
57%
59%
46
Jan
3
900 A m e r A g r ic u ltu r a l C h e m .
61%
50 3 4
*59
51%
103
Jan
52
99% A p r
6134
51
51
103
F eb
1 0 1 % J a n 27
D o
p r e f ______________________
47% J a n
*101%
- - - *102
24
J 'l y
6
6
%
A
u
g
12
* 1 0 1 % -------- * 1 0 1 1 t
3934
J
a
n
1
2
2 7 * 16 6 A m e r i c a n B e e t S u g a r ______
52%
53*4
52%
53%
9
5
%
J ’n e
8
9
J
'
l
y
5 2 % *5 3 %
51
52
1
0
0
%
J
’
n
e
14
92% J a n
D o
p r e f ______________________
100
*95
100
*95
100
1378 J a n
100
678 > n e
*95
96
96
I2 t- M a y 9
8 "8 J a n
6
2 , 4 2 0 A m e r i c a n C a n _________________
10%
1 °%
10%
10%
82% N o v
IO I 4
62 J ’ ly
11%
10 % 10 %
887g M a > 23
7
7
J
a
n
5
D
o
p
r
e
f
______________________
5 ,3 3 0
84%
85%
85
83
80%
72 7 8 J a n
86
85%
8534
3 9 % J ’ ly
5 8 % J 'l y 19
48
A u g 30
1 ,9 0 0 A m e r i c a n C a r & F o u n d r y
48%
4 8 78
49
4934
49%
49%
120
M ch
10 9 J n
48%
4 >
120
M a y 23
1 1 4 % M c h 13
D o
p r e f ______________________
II8I4 * 1 1 4 % 1 1 8 % * 1 1 4 % 1 1 8 %
6934 M c h
; 2% J ’ ly
* 112
118% *114
0
2
3
8
F
e
b
28
4
9
%
M
a
y
2
2
A
m
e
r
i
c
a
n
C
o
t
t
o
n
O
i
l
______
‘ 3 " ,1 6 6
51%
5 l%
513i
5 '! %
53%
107
O ct
5312
100
D ec
52%
53%
1 0 5 % F e b 16
100
M ay26
D o
p r e f ______________________
100
*
9
9
1
0
3
1
0
0
1
0
0
1
0
3
*99
Jan
D e c *320
*99
103
J a n 27 $ 230
A u g 16 $ 2 5 5
A m e r ic a n
E x p r e s s _________ $ 2 1 0
*210
218
*211
218
218
*211
8% J a n
3% S e p
* 2 11
216
5
J ’ne
334 J a n 25
A
m
e
r
i
c
a
n
H
i
d
e
&
L
e
a
t
h
e
r
*3%
4%
412
*3%
4%
47 7 S . a n
*31?
4%
19
Sep
*334
2 6 % J ’ n e 14
20
J a n 10
D o
p r e f ______________________
100
2
2
*
2
0
%
“
2
1
%
2
1
%
2
3
*
2
1
16 3 g D e c
29% M ch
*20
23
2534 J ’ l y 1 1
16% A u g 2 8
I c e S e c u r it ie s .
1 ,1 0 0 A m e r i c a n
19
*17%
18
18%
18
17%
17%
1712
1734 c a n
iu % J l y
12 3 8 F e b 1 4
8
A u g 11
A m e r ic a n L in s e e d _
9%
*8%
11
*8%
11
2 5% J 'n e
*812
46~ 8 J a n
* 8%
11
34
F e b 14
£ 7 % A u g 14
D o
p r e f ................. ...
300
3
0
*
2
7
3
0
*
2
7
%
3
0
*
2
7
1
2
62% J a n
29
29%
29
J ’ly
34% A u g 30
4 3 1 .; M a y 22
A
m
e
r
i
c
a
n
L
o
c
o
m
o
t
i
v
e
____
7
0
0
3
5
35
35%
351
3534
36
102% A u g
115
Jan
35%
35V
11034 M c h
1
104
A p r 18
D o
p r e f ______________________
200
10578 1 0 5 % * 1 0 4 7 8 10 7
1 0 5 3 4 1 0 5 3 4 *10114 IO6I4
8
F eb
3% D eo
538 J a n ' 3 % F e b 17
1 0 0 A m e r i c a n M a l t C o r p ______
*4%
5
*4%
5
28% J ne
H4
41 4
48
M ch
*4
5
4 3 % J ’ l y 22
31’- M en 8
D
o
p
r
e
f
_____________
1
,
1
5
0
41
4014
4 OI4 $ 4 0 % 4 0 % * 4 0
9078 j a n
39140
82 J ’ l y
84% S e p
8
9
%
J
’
l
V
1
9
A
m
e
r
S
m
e
l
t
e
r
s
S
e
o
p
r
e
f
B
200
*83
86
85
85
*83
88
104
Jan
84>8
81%
6 is 8 J ly
8 3 % J ’ n e 15
6734 A u g 2 6
3 1 ,4 3 5 A m e r S m e l t i n g * R e f i n i n g
6
9
%
7
0
%
6
8
%
6
9
*
7
0
7
3
7
1
1
2
1
1
2
3
4
Jan
68 % 7 0 3 4
0 8 % J 't v
1 0 8 - J ' n c 15
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119
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118% *117
117
117
195
Jan
144% D e c
177
M ay2b
142
Sep
e l l s F a r g o A C o ______
*1 4 2 % 148
*142
147
*141
146
*142
148
78% M ch
56
J ’ ly
84% M a y2
7 1 % A p r 18
e s te rn U n io n T e le g .
1 ,1 0 0
*74%
75
75%
75%
71%
75
74%
75%
4 0 % j 'l y
8
2
%
Jan
7
0
M
a
y
2
9
6
3
7
8
A
u
g
2
'
1 ,2 0 0 W e s t l n g h ’ s e E I & M f g a s s e n
65%
65%
65%
651
60
66 1
05%
05%
10
M av
130
F eb
123
Jan
1 1 0 !- A u g 1
D o 1 s t p r e f ________________
200
*111% 120
*11134 118
111% 111%
111
11-
S
W
BANKS AND TltU oT COMPANIES— BANKERS’ QUOTATIONS.
Banks
Bid
Ask
385
B roadw ay 1
C o n e y I s l’ d f
2*90
F i r s t .................
H l l l s l d e T J ____
H om estea d !
415
M a n u f a c ’ rs
225
M e c h a n i c s '1
M o n t a u k U_
N a s s a u ______ 0 2 1 2
B anks
Bid
Ask
Brooklyn
B rco klyn
400
155
300
125
100
430
240
150
225
v a t C i t y ____
8 o r t h S i d e li
I’ e o p l e ’ s . . .
F r o s p ’c t R k ’
B id
N Y C itU
285
150
158
135
300
170
165
142
360
360
705
T ru st C o’ s
N Y City
A s t o r ________
B an kers’ Tr
T ru st C o’ s
Ask
oo;-
142%
148
11‘ Ara.v I t - .
1040
C e n tr a l T r . . 1000
310
C o lu m b ia . .
300
_____
105
C o m m e r c ia l
310
300
U m p ir e
. . .
U q u lt ’ b le T r
500
. . . .
_____ 1 5 0 0
F arm L o& l
222%
217%
F id e lit y . . .
300
F u l t o n ______
310
T ru st C o’s
G u a r t y l ’r
G u a r d ia n T r
H u d s o n ____
K n l c k e r b 'k r
L a w T i & Tr
L in c o ln T r
M a n h a tta n
v le tr o p o lt’n
M u t u a l --------M ut A il’ n ci
X V L iie & li
B id
Ask
SOO
115
110
295
245
12>
390
4 /0
132%
130
. . . .
810
130
150
305
250
132
110
480
____
110
1070
T ru st C o’ s
Bid
' • B i d a n d a s k e d p r ic e s ’ n o s a le s o n t h is d a y .
$ L ess th a n 100 s h a r e s,
f E x -r ig h ts .
6 N cv stock ,
c E x - t l iv . a n d r lg n t s
■ t S a le a t S t o c k E x c h a n g e o r a t a u c t io n th is w e e k ,
s E x -s t o c k d iv id e n d .
1 B anks m a rk e d w to
p a r a g r a p h (7 ) a t - S t a t e
Ask.
N V T ru st.
610
592
S a v o y ...............
90
98
S t a n d a r d Tr
390
405
lT tle G u J c T r
490
480
Tr C o o f A m
ilo
U n io n T r . . 1230 ’ 1260
500
U S M t g & 'l r
190
1150
U n it S t a t e s . 1125
375
360
>'• a s n i n - t o »
160
150
iV e s t c h e s t e i
. . . .
W in d s o r
. . 5197%
T ru st C o’s
B id
/s . ookiyn
B r o o k ly n Tr
445
C i t i z e n s ' ____
120
F la tb u s b . .
200
f r a n k l i n ____ 6 2 7 0
H a m ilto n . .
265
106
G o m e __ . . .
505
K i n g s Co . .
L is t L & T r 330
155
N assau . . . .
290
P e o p l e ' s ____
ju e e n s
Co. 1 0 0
ban ks.
130
215
290
275
115
3*4*0*'
165
300
115
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
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3 a c o u p o n ......................... * 1 9 1 8
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112
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91
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114
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1 0 7 4 M ay’ l 1
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99 4 J ’n e’ l 1
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116
117
149
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97
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....
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1943
A l b (ft S u s o o n v 3 4 s ...........1 9 4 0
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D e l R l v H R B r i d g e Nee P a R R
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1 s t <fc r e l u n d i n g 5 s ............. 1 9 5 6
B io G r J u n o 1 s t g u g O s .1 9 3 9
B io G r S o 1 s t g o ld 4 s . ..1 9 4 0
G u a r a n t e e d .............................1 9 4 0
B io G r W e s t 1 s t g 4s . ...1 9 3 9
M g e n n d c o ltr n s t 4 s A . 1949
U ta h C e n t ls t g u g 4 s a l9 1 7
D e s 5 1 o i (ft F t l)
Nee M * S t k
D e s M o l U u B y 1 s t g 6 s ..1 9 1 7
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D e t S o — G S D lv 1 s t g 4 8 .1 9 4 1
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B e g t a t e r e d .................................... 1 9 3 7
2 d O s .................................................. 1 9 1 b
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Nee N o r P a o
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E U n O o r t <ft N o
Nee B o h * N Y
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N Y & lin o 1 st o x t g 4s 1947
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85
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90
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95
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.............
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1044105
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N y s i b VV see p i n e
•' 1 9 8
110*,
M. l i <fe UK 1st gu 5 s........1942 M-N
10734
10734 ;
1 0 7 3i S a l e
N y l e x do A l
See S o P a o C o
1 , .1 0 6 * 4 1 9 8
61 li ib T 01 T 1st gu g 68.1942 M-S 1 0 2
1 Uj \ 1 9 5 3 s A u g l l
. ' 1 9 2 J4 1 0 5 3 g
N o r do S o u t h l s t g 6 a ............. 1 9 4 1
M -N
1 0 3 * 4 ............. 1 0 3 V J a n ’ 1 1
Sher Sh db So 1st gu g 5s. 1943 J •D 1 0 1
103V 103*4
............ 1 1 3
M ay’l l
- 193*4 195*4
g
M -N
1 2 3 * 4 i 2 4 V 1 2 4 34 J ’ 110 ’ 1 1 —
T exd s Ukia 1st gu g 6 s ... lo t ; ; . u s 1 0 4
1 2 1 8s 1 2 4 > 4
l o S *a 1 0 4
Sep ’ 1 )
19;
1 9 5 *s
I m p io y e u i l i b e x t g t i a . . 1 9 3 4 F -A
125!127
J ’n o ’ll
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. . . 126
127
S ep ’ ' 1 ...., 197 V 1 1 1
J ’l y ’ ll
T ru st gold 5s s ta m p e d .a l9 1 7 M-S 1 0 9
N ' j b VV A v i 1 ! 1 K 0 a ..............l w a i i A - O
124
i 2 8 " 125
. . . 1 2 4 *g 1 2 5
199*4 1 90
199*8
17
1021,
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03
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1st coil goiu 5 s................... 1920 F-A 1 9 0 * 4 1 9 1
98
J a n 'l l
— 1 98
98
lO O 3^ A u g ’ 11 . . . . i i i i y l ^ 1 0 2 *
-5 5 j j ^
U2
10-year gold loan 4 s........1940 M-S
9
92
76
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‘ 9
76
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1
7s
94
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1
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9 6 * s M a y ’ l l ....| ! 9 6
P o c a h C lb C J o i n t i s . . 1 0 4 1 J - D
.
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9
06*
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S 8 3, S a l e
1| 8 8 3h 0 0 *a
90
16
8 8 34 9 6 «,
C C i b 1 1 s t l j u g 5 a ............. 1 9 2 2 J . J
1 0 6 7=
J
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J ’n e’ li
0 9 3 s .............
S c i o v < b N K i a t g u g 4 a 1 0 8 9 M -N
9 3 ai
92
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, M a y ’ lo
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see
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.
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M :u ’ 9 5 .
N o l M iU lu o
A c s l j E r i e lb W
j
Pao R ol Alo 1st OX g 4s. 1998 F-A
A u g ’1 1
96
97
N o r P a o — P r i o r U 0 11 g 4 a . 1 9 9 7 o J
96
9 8 ai
0 8 7i
1)3
64
2d exten d ed gold o s . . . 1998 J -J
9 9 * s S a le
1 0 8 * 4 1 9 9 * 4 1 0 8 * i M u y 'l 1 . . . . 1 0 8 ’a 1 0 8 * j
P 8 s8 1 0 0 34
R e g i s t e r e d ............................... 1 0 9 7 0 . j
A u g ’ 11
98
8t L Ir Aide Sgeu eon g 5 s l9 9 i A-O 1 0 7 a, s a l e 1 0 7 > i
91*4
lu 8
G e n e r a l i i e h g o l d 3 a . . . . a 2 0 4 i u-h'
1 0 6 'h 1 0 8 * 8
69**4 S a l e
6 9 34
79*4
3 1 ; 6 9 *t
G en con s t a m p g t d g 5 s 1991 A - o
J l* .
111
S c p ’ o 'J . . .
R e g i a t e r e u ..........................a ^ U 4 /
0 9 *4 A l a i ’ 11
! 09*
............
70*i
U n iliedib rot gold 4 s . . 1929 J - J ..................8 8 * 4 3 1 A u g ’ H . . . . 8 3 *
60*4
87 \
S I P a m - D u i D t v g 4 a ____ 1 0 0 6 J - D
96
98
J ’l y ’ l l
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96
98
83>0 83
8 3 -4
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_
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1 0 2 *4 J a u ' 1 9 . .
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Mob ib O hio new gold Os..1927 J -0 1 2 0 “ 1 2 1
12 0
A u g ’ 11
12 0
12 2
S I P ib -N P g e u g 0 a . . . . l 9 2 3 F -A
1 1 6 * 4 1 1 0 * , 116*4
116*41
1st ex ten sion gold 0 s ../t l9 2 7 (j-J
1* 1 1 6 * . H O 3,
115
1 16
115*8 J ’l y ’ l l
1 1 5 * 8 H O 3!
R e g i s t e r e d c e r u i i c ’ 8 ..1 U 2 3 u - F
115
1 1 S*'V A u g ’ l 1
G ouerul gold 4 s ................199a Al-S
87
A u g 11
•■ 11 5 '*8 1 I 6 **8
86
88
86
87
S t P a u l i b D u l l a t 6 a ____ 1 9 3 1 F - r t
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108
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81
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.............
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...........
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M & u c o n 4s s e e sou th ern
N o r F a c x o r C o la t g 6 s ..1 0 3 3 J -J
1 1 1 *e S o l e
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see s m t db O
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J 105*4 105*
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103*4 106*4
1st con sol gold 5 s......... 192n r t - U
110 '
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see D u P a o
1 0 9 'a 1 1 1
J a s p e r lira n c h 1st u U s ..l9 2 e J-J 1 1 6 * 8
O s w e g o db R o m e
see N V C
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p a o C oast C o 1 s t g 6 s ....1 0 4 6 ,
105
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1 0 5 V 105*4 J ’ n e ’ t l*
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113
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,
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P e n n R R 1 s t r e a l e a t g 4 a . 1 9 2 3 M -N
1 0 0 * , 100*4 J ’l y ’ l l 1
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102
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103
G uar gen i s ...................... 1977 A-O
108
87
32*4
85
A u g 1 1 ____
84
8 U 34
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t 103** 193*
. . . . . . 1 0 2 3 ., 1 0 3 * 4 J ’ n e ’ i 1
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C o n v e r t i b l e g 3 V s .................1 9 1 2 A l- N
0 0 *8 S a l o
90*8
09*8
16 I 0 3*4
la t con sol 4 s . . . ................. 1951 A O
0 0 *7 8 »a
80*4
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C o n v e r t i b l e g 3 * 4 3 ................ M U 5 j . n
78h
83*s
90*8
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97*
C o n s o l g o u t 4 a ........................ 1 9 J 8 M N
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102
1
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A l l e g V a i g e u g u g 4 s . . . 1 9 12 M - S
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N V lik lu cb Alan Hell S ee i j i
D R R R d a B g e l a t g u 4 a g . '3 6 F - A
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88
83
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i o n . i o i v A u g ’l l
j i o i *9 i ’0 2 * i
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86*4 89*4
S o u B a y ib S o 1 s t g 6 3 . . . 1 9 2 4 J •J
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93 3i
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92
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............
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............
79
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___. . .
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86
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............
77
75*4 78
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8 3 *8 J ’iy ’ 1 1
88® a
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B eech Creek 1st gu g 4s.1 0 3 b J •J
89
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•j
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9 7 34
97*8
07
H ogistereu ....................... 1990 J - J
9 7 34
99
A la y ’ l l . . . .
vj
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G u 3* 4 3 t r C t f a C .................... 1 0 4 2 J - D
90
87
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87*4
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1
G u 3 * i s t r c t f a D .....................1 9 4 4
1U
C o a l n u ll
L S C E L I
\N K O U S
J -D
............. .............
88
J ’l y ’ l l
83
83
B O N D
Iron
B u B c b S u s q I r o n s 1 6 s ____ 1 9 3 2
D e b e n t u r e 6 s ......................« 1 9 2 6
O 0 1 v i b i b o g e u s 1 g 6 a . . 1 0 4 ..
C o n v e r t i b l e ( l e b g 5 s ____ 1 9 1 1
C o l I n i t u l s t i b c o ll 6 a g u . . l 934
C o n tin ’ ta tC la t a 1 g u 6 a g . l 9 5 .
G r R i v c o m dfa C 1 s t g 6 s . . 1 9 1 9
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K a i l da 11 C i b C 1 s t S t g 6 s . l 9 t > l
P o c a h C o n C o ll ie r i s t s i 5 a .’ 5 7
S t L l t o c k A l t ib P 1 s t 5 a 195 1
S u n d a y t j r c o a . b u g 6 a ____ 1 9 4 4
T e n n C o a i g e n 6 s ...............
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T e n u D i v 1 s t g o s ...........o l U l l
B i r m D i v 1 s t c o n s o l 6 s . . 1 9 1 '.
C a ll C Al C o 1 s t g u g 6a . 1 9 2 2
V l O L o r F u e l 1 s t s t 6 a ............. 1 9 5 ;
V a lr o n C o a lib C o ls t g 6 a .1949
.H a n a t n c t u r in g
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M -S
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97
90
190
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107*8 ‘ /e e ’ 94
1 0 2 * 8 A p r '0 6
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85
86
102*4 104*4
105
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87
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A m A g c h e i n 1 s t o 6 s .......... 1 9 2 8
A m c o t 0 1 1 e x t 4 * 4 8 ................1 9 1
D e b e n 6 s ..................................... 1 9 3 1
A m a iu e ib D la t s f g 6 s . . l 9 l 0
A m e r I c e .-.e c u r d e b g 69..1 0 2 6
A m s m e lt S c u n t le s a 1 6 s . 192t
A i n S p i r i t s A U g 1 s t g 6 s . . 1 9 1 .,
A m f n r e a d l a t 001 t r 4 s . . l 9 l 0
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x
j
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B a ld w D e c o W o r k s 1 s t 5 s . 194
• e tn S t e m 1 s t e x t a t 5 s . . I n .
c u t 1le a t h e r 2 0 -y e a r g S s. 1 0 2 .
o n s 1 t o b a c c o g 4 s ................1 9 5 .
c o r n P ro d R et a £ g u s ....1 9 3 ,
1 s t 2 6 - y e a r s t 5 s .................... 1 9 3 1
Duo J’ne A D u e .Ply A:Due Aug
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J -J
A -O
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M -N
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A -0
F -A
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J -J
A -O
F A
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68
70
63
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i o n , 102
101 *4 A u g’ t |
0 7 7a ............
9 8 ‘s
08*8
.............
90
06
06
99
S a le
99
09
70
75
76
A u g ’ 11
1 0 1 34 1 0 2 *e 1 0 1 *Q l o l 7, 7 1
............. 1 0 1
102
J ’ ly 1 1
9 3 n8 0 4
9 3 b8 A u g ’ l l
1 0 6 \ S a le
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lu 1
945
86**8 s a l e
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3
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07
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43
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80*4
80 *. 3
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A u g’ll
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Due Dot
a
Duo Nov q Duo Deo
67
191*4
U 7 *4
90
06*4
66
tU U 3,
lU O
92*.
1 0 2 78
7 0 7g
89*4
1023a
86*,
9 6 34
8 1 ‘s
06
05 V
/ FIaL
79
102® »
9 8 34
0 7 3a
109
78
104
102
9 3 °8
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98*i
100
90
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BONDS
N. Y. ST O C K
W KKK
S ept 8
Co—( to n )
U to
G uar 15-26 year g 4 s ___ 1931 A O
01
Cl
&
&
M a r 1 s t g u g 4 Has.. 1 9 3 5 M -N
P g e n g u g 4 H i S B o r A . ’ 4*4 J - J
Series B .......................... 1942 A -0
S eries O 3 Has..................1948 m - n
S e n e s D3Ha«..................I960 F-A
E r ie «ft P it t s g u g 3 * a s B . 1 9 4 o ! j j
S e n e s C .......................... 1940 J -J
G r H A 1 ex 1st gu g4His 1941 J -J
Pitts Ft \V 3b (J 1 s t 7 s . . . 1912 J -J
2 d 7 s ..............................................1 9 1 2
fVeek?»
Range or
hast Sale
P rice
F r id a y
E X C H A N G E
E M I>IN «i S K P T 8
P e n n s y lv a n ia
J-J
3d 7a...............................A1912 A -0
Pitts Y«fe Ash 1st con 58.1927 M-N
P C C i& S t L g u 4 Has A . . . 1940 A-O
S e n e s B g u a r ............... 1942 A -0
S eries O g u a r ............... 1942 M-N
S eries D i s g u a r .......... 1945IM-N
G enes li 3 Ha guar g . ...1 9 4 9 ! F-A
S cries G 4s g u a r ........ 1957 M-N
O S tL .e s P 1st con g 6 s . 19321 A -0
Pensacola dfc A l l s e e L & Nusnj
Peo <fc E ast S ec O O C As St L
Peo Sr. F ek Uu 1st g O s ....1 9 2 1 1 0 -F
2u gold 4 Has......................61921 {M-N
Per© M arqu ette—K ef 4s .. 1955 J - J
B el u m lin g g u a r 4 s . ....... *965 J-J
Ch <C v> .vi ......................... 19211J-D
H in t As P M ft Oa...............1920;A-O
1st con sol g old 6s .........1939 M-N’
i ’ t H uron D iv 1st g 6 s. 1939 A -0
Sag T u s <te 11 l s t g u g 4s. 1931 FPUU li As VV S e e P en n K K
P h ilip pin e Hy 1st 3 0 -y r s t 4s’ 37 J - j
Pitts Cm <fc St L See P euu Co
Pitts C leve As T ot s e e li «fe O
Pitts Ft VV As Cli See Penn Co
Pitts M cK ees As ¥ S e e N Y C'en
Pitts Sh As C li 1st g 6 s . . .1940 A -O
l e t con sol gold 5 s............ 1943 J -J
Pitts As W est s e e B A O
| » eading Co gen g 4 s ........1997 j-.I
t v t t e g is t e r e u ..................... 1997 j - j
je r s e y Ceu t coll g 4 s . ..1 9 6 1 A O
tteiiHseiner A Sar S ee I) A IJ
Rich As Dan s e e South ity
Rich A? Aleclt s e e S outhern
Bio G r W eat s e e Lien A K io G r
Booh A P itts S ee B it & P
Rom e W at As u g s e e JS ¥ c e u t
Rutland s e e N ¥ Cen t
o a g T u s A 11 S ee Peru M arq
O t J o As G r isl 1st g 4 s . . .1947 J - J
3t L As Cairo s e e M o o a Ohio
8t L & Iron M ou n t s e e M P
'dt E M B r S ee T K l i A o l St JL
b t L ou is As S F — iOli.f Os.1931
G eneral gold 5 s .................193L J
St L A S F l il t co n s g 4 s . . ’ 90 J
G en 15-20 yr <>* ..........1927 M
Southvv L iv 1st g 5 s ..1917 A
R eiu u d m g g 4 s ............. 1951 J
K C F t S A A1 con g 08.. 1928 M
K C F t S A M Uy re I g 4 s 1930 AK C A M li As B 1st u ll 58.1929 A
U /.'r k A UIi l l s t g u d s g.1913 A
i t L ou is So s e e Illin o is Cent |
4t L S vV 1st g i s on otis.1 9 8 9 .M-ri
.ill g 4s m e oond o ti© ...p lU »0 J - J
C ouhoI gold 48...................1932; J D
G ray'a P tT e r l s t g u g 5s 1947; J -D
8t P aul As l/u i s e e N o r Pacuicj
bt L Alinu As Alan S ee G t N or
31 P to A or i 'a c s e e . nol i';ic
at i* As S ’ x Cl ty S ee C tot P A1 AsU
i A & A Pass l s t g u g 4 s . . . 1943 J.J
5 t .C A P 1st SliiK. , g 08.1919 J J i
dav F As W est s e e A ll C oast L!
S o ld o Vai As A. it. Sr’e .s nr .fc Wj
deahoaru A L k 4 h stam ped '5 0 A o
A d ju stm en t 6s ...............o i9 4 9 F a I
A ll-B u m 3 U -y n » t k 4s.tfi033 Al-s|
Car C en t is t con g i s . ..1 9 1 9 J J
Flu Con
Pen 1st g o s . 1918 J J
1st land gr ext g 6s . . . 1930 J - J !
C on sol gold 6s ...............1943 J - J i
Ga As A la Uy xai con 5 s o l l ‘ 46 J -J j
Ga Cm As N o 1st gu g 6s 1929j J J ,
bead As Uoa 1st 6« ........... 1U20 J - J
blior tiiir Jo b o see At K ds i
dll bp Ue.i As G see A ll Coast L
b ou in e in P;*cilic Co—
G obi 4-s iC en i P a c c o ll) ./c l919 J-l>
20-year c o u v 4 s .............g 1929 M- s
Cent P a c js t le i gu g 4s 1949 F-A j
R eg istered ......................1919 F-A
Aiort guur gold 3 HiS../i l929 J -l>j
T l iio u .il b t ii Jst gU 4s ’ 54 A-Ui
-* H As b A M As P 1st b e .. 193 i M-N
G ila V G its N l s t g u g 6s . 1924 M-N’ j
R ou s li Jto W T 1st g 6s . 1933 M -N,
1st guar 6s red ........... 1933;M!-Nj
U As T C 1st g 6s in tgu ..lV 3 7 | J - J|
C onsol g Os m l g u a r ... 1912 ;A-O
G en gold 4s m l g u a r .. 19211A -0 j
W aco As N W U iV ia tg O s ’ ^UjM-N:
A As N W 1st gu g 0 8 ....1 9 4 1 J •J !
M organ 's La A; T 1st 7 s . 1918 A u
1st gold Oa..................... 1920 J - J '
N o ol Cal guar g 6s .........1908 A -O
Ore As Cal i s t gu ar g o s . 1927 J - J
b o P a o o l Ca»—Oa L ......... 1 01 2'A-O,
1st gold Oh F ................1912 A -0
1st con guar g 6s .........1937 M-N
So Pac Coast l s t g u - i s g . 1937 J -J
San F ra n T crm l 1st 4 s ..l9 6 u A-O
TexAsNUbaUi-MVlst g 0 s .l9 l2 Al-S
Con gohl 6s .................... 1943 J - J
60 P a c l i l t 1st ret 4 s ......... 1966 J-J
A eh
9 S 4
1 0 3 Hi
99
IOC’ s
Low
I
Hitth
?
A
65
9 7 34
8-1
Salt'
Km
9 3 Hi
70
67
100*4
10*.»u4
103
03
M ay’
Jan ’
J TV ’
A u g’
A p r’
J 'u o
A la r ’
A u e’
84
3
09
104*4 1 9 5
103
104
1 0 3 76 1 0 3 7b
____
100 H* i()7»4
UK3
10 7 3 4
106
106
91*4
0 3 »«
0 8 *a 9 9 ° 8 I
113
113S
109
109
93*3
03 66
7634
ll
11
ll
ll
l 1
11
11
ll
67
7 6 -ij.
1 ( )i»* 8 1 0 0 78
10 9 3 4 1 1 0 3 4
too
10 <
4
84
1
l ......................1 9 4 1
A-0
A -O
J -D
F-A
J -D
A -O
F -A
J -J
vl-S
A -0
d-fc
d.."
J -D
vl-N
J -J
AO
A -0
U B L cu tn Co a id o b g 6 s . . 1913 .»l-N
■«
c
98
1 0 3 -\
84
88
112*4
112
-J
-0
-J
-J
-J
J
-J
•0
•J
-J
-N
-S
.0
-J
-J
-J
-J
-0
-N
-N
V ir g in ia M id s e r o 0 8 ...1 9 L ,
-8
s e n e s D 4 - 5 s ..................... 1 9
-S
-8
-N
Y a s i b o ’ w ’ t 1s t gu 5 s .2 0 o 3 j .- J
1s t co n s 50-year 6 s .. 1958 , - O
W U As W 1st c y gu 4s .. 1924; i
W e st N C 1st co n g O s..1914!, ■ J
b ito A A ia s e e C A N
b p o k a n e In te rn a t l s t g 5s 1955 j .- J
i w a o i s i l i s l g 4 'a s .. 1
-O
1 i s t co n gold o s ___ laU4 -l
■A
9 7 ;j4 S a l e
’W
i ’. Y .Y .
0 i» .
!)7 » .
0 7 ^ A p r 'l 1
98
b o p ’l l
00
29
iik
’ 11
h i t ', J ’ l y ‘ 1 1
91
J ’l y ’ ii
87
-7 s
18
1 o O **4 M a r 11
| 79H ,
bo
10
I ’. I O ' - . J ’ l y ' l l
7 .-*4
0 *4
100*4 D e c ‘ 0 9
9 9 *4 S e p ’ 11 . . . .
9 7 fte ........
9 2 H , A u g ' 11
H ^ i J 'i y T I
7 0 (4
70
1 0 1 Hi A p r 9 7
S G 3.
87
0 0 * 3 ............
8 6 3 .i S e p ’ l l
|*)4
O c t ’ 09
9 2 '4 ............
79
S3
7 9 7, 8 0
............
87
7 6 'a b a le
............
8 6 *3
.............
98
K U * 3 ............
101
............
103
............
............. 1 0 5 * 3
1 9 4 -S 1 9 5 * 4
I b o ’H, t i l l
91*4
'.*6 '3
97
......
92*4
b a le
b a le
96 S
Hl’> \
£ t i 3.
7 6 3-j
<*>4
86
A u g’ i 1
0 L a4 A | il ’ l l
103
M a y 'l l
3 05 H
194*4
105
1U 9
A
M
A
M
p r’
ar
u g
ay’
91*3
06*8
07
97
F e
l
l
l
l
l
l
l
l
20
97*3
8 0 ’i
7S
75*8
....
1
20
8 434
75
91
102
10534
1 0 4 *4
. . . . ' H i4
. . . . 100
9 3 a4 A u g * 1 1 '
A u g ' 11
..........1 0 3
i l » ) 'i l
J ne’ i i
1 0 4 *a ..........1 0 5
1 0 4 * 3 .......... 1 0 1 H. A u g ’ 1 ]
109 \
109 \ A u g ’ 1J
.0 7 * 3 1 0 9 * 4 M a r ' 1 l
94
! 0 4 ^ A u g ’ 11
lid
.......... 1 1 1 9 *M M a i : L ;
.
.......... 1 0 7 Hi J a n 0 9
M ar’ 11
113
.......... 1 1 5 * v
M a r 'l l . .
110
1U
112 i‘ o u ’ 0 7 .
J ’l y ’ l l
1 0 2 ‘a 1 0 3 -a 102
1 0 t> a4 ............ 1 0 1 Hi M a y ’ l l .
1 0 ( ) - » 4 ............. 114 Ha L e e *04
loy»4 112 'a 1 1 0
M ay’o ? '
89
0 - Hi 9 0
J ’ly 0 9 .
90*4
91
9 0 ‘a A u g ’ l l . . . .
1 0 0 * * U H H i 1 0 1 '/f, M a y ’ l l . . . .
10L*a Ma>*ll . . . .
94**8 b a l e
94
94*d 124
.....
..
. ..
..
..
__..
..
. ..
....
..
..
.....
118
107
90
0 6 * -i
1<»034
7 0 -u
lid
7 /* »
8 6 *8
O l 3!
G
07*4 i i o
O i^
28
b ; 19
..... 1 U 7 - ,
96%
07*4
96
8 GH1
A u g’ll
I I fm , A
119
T e x As N o s e e b o P a c Co
112*3 l l ' 2 7s
T e x As P a c 1st gold 6 s ........2'
-D
2d gold m o 6 s ..................? 2U00 m a
7fl M a y ’ l l
91*4
9 6 :,4
1)6
106*3
103
1 "6
104H j
109*3
109*4
93*4
9 8 *u!
973*
08
90
119*6
108
91
90
101*3
b :t
1 1 7 Hi
8L
90 .........
74 bait
8 3 Hi 85
90
74
85
82
A ug’ll
713*
A u g 11
J’n e ’ l 1
J ’i y ’ l l
16*0** 156* 1 0 1
98
9 8 ^ 98 Hi
90S
103 104
104
104
83
84
84 A u g 11
94 bah
94
94
9 7 7* 98*4 98 A u g ’ l ]
80
81
8 0 'a
9 2 a4 S u i t
93
P23*
9434 94 H
i
9 4 H.
99 Hi IU0
99
1 (H )
9 8 * s ......... 98Hi A u g l l
91
1 02S 104
lb
V
-J
•N
1 1 6 * 3 1 1 5 *3
i l l
H I
102
192
1 0 1 Hi i O i ‘ s
9 0 Hi 9 3 * *
1 0 1 ft8 1 0 H *
101*8 103
94
90
bD uo
F eb
9 9 ‘4
98
101 104 Hi
87
83
96
91
96*8 99 '*
80
88*4
90
96
94*4 95 Hi
99 lu 6
97*4
99
102 7u 103
94
96
102 105
1 0 2 7*- A u g ’ l l
94
A u g 11
1102*4
02*4 A u g ’ l 1
d
•J
A
-J
•O
G eneral g o ld 6 s .................1936
-D
•0
- J
lo i P C fi w i s t g o ld 4 s ....1 9 1 7 j - J
T o t b t 1 j A s VV n r l i e u g 3 Hj s . 1
-J
•0
C oh tr 4s g b e r A .
.1917 F-- A
T o r H a m As B u n i s l g
-D
-i>
O
•J
H e g i s t e r e d .............................. 1 9 4 7 J . - J
2 0 - y r c o n v 4 s ........................... 1
J
1 s t d i r e t 4 s . . . . . . . . . . .. .< / 2
-8
-D
-A
-J
-D
R e g is te r e d .................. l
D
C tan As N or gol»t 6 s .. 1920 J -- J
C n I IS J ltit A> C Co s e e Pa UU:
Utaii C en tral see Itio G r Wes;
U tail As N o rth s e e Uu P acuicj
U’' 3.
U tica on Linen U s e e N ¥ Cent!
83
am iolu, con sol x. 4s . .. .1 9 6 5 F A
8 1 Hi
C on sol 4s Series B ...1 9 5 7 m - N
V era c r u s e is p i s t g u i-a s . 1934 JJ
Ver V ai in u
W See M o P ;
V irg in ia M id s e e b o u ih ity
I
\V aOasli 1st gold 6 s........1939 M - N
G
2d gold 6s...................1939 F - A
D oUeuture series B ........1939 J ■ J
is t lieu equ ip s Id g o s . . 1921 M - s
1st uen 60 y r g term 4 s. 1964 J -J
1st r c i auu e x t g 4s . . . . I 9 6 0 J - J
88
D el As Un e x t i s t g o s .. 1941 J - J
Dea .uuiu L iv l s L g 4 s . .l 9 3 9 J - J
Gin L iv i s t g 3 His........... 1941 A - 0
i'o i AS CJi L iv 1st g 4 s . .. 1941 M - 8
VVuO P lU s T e r m 1st a 48.1964 J - D
C en t A: o l d c o l l r >, o c e r tfs . .
C o u m hia T r C o c i t s ................. .
zu turn t?>...........................1964 J D
T r u s t t.o c e r tx s............................ . . .
VVancn see L ei Lac a W est i
W asn Cen t see N or Pac
W astiO A s W b c c b o u ttie r n
<
W a s h T e rm t 1st uu o*as.. 1945 F-A
-A
93 Tb W est .Maryland 1st g 4 s . ..1 9 5 2 A -O
O
100
VVest
N
i
As
Pa
1st
g
6
s
.
.1937
J-J
-J
97 Hi
G en gum 4 s ........................ 1943 A --0
O
in c o m e o s .........................<<1943 Nov'
ie v
W eal N o Car s e e bou tu ity
W n e e l'g As L E 1st g 6 s . . . 1926 A-O
108*4
W licet L lV 1st g o ld 6 s ..1 9 2 8 J -J
103
C x te n As Im p gold 6 s . ..1 9 3 0 F-A
IO.j\
H it 1st Consol 4 s............... 1949 il-S
106
-O-yeur e<*Ulp s t 6s ...1 9 2 2 J J
110*»4
WiTkes <te c a s t s e e E rie
100*4
W il As b io u x F s e e b t P M As All
95*3
82 7a 86 Hi
82
81
145 167
1«
6
A sh ho 10
I O 6 7* 1 0 7 * 3
.............
111;',
76
*<nle
80 *3 S a le
1 0 8 s ............
88>* 89
1 0 7 J& 1 1 0
8 6 * 3 ............
82*4
8 2 34
8 0 h ............
1 0 1 7a ............
1 0 " 34 ............
U D 7I I l l
1 0 6 34
. ..
62
03
1 1 2 * 3 ............
114
.............
m in
104*3
1 0 4 78
7 1 *3
1 o 3 64
Weefc*s
Range or
Last Sa le
s i
A’ o l /,mo
4 106
H i an
107
110
70
8 6 *3
109
8b
1 0 7 7i.
90 s
82*4
107
M a v ’09
T \
Range
Since
Ja n u a r y l
I n
3 6
80S
A n g’U
A u g ' 11
N *»V K
M a y ’ 11
J ’ ly T l
1;
Ij
/ligfc
109*3
76
8 0*4
SO
S8
1 0 8 34 1 0 9 * 3
86*3
89
90*4
8 2 ■<
107
A p r ’ 1 1 ____
l o x »4 J ’ n e ’ l 1
U ii^ s
H ib ip
i
106*4 A u g ’ l l
H5
N o v ’ uP . . . .
1 3
S e p 11 . . . .
115*- M a y 'l l
1 0 5 H ,N o v ’ i
....
9 0 *3
82U
m o s 10 7
!0 7 S S 10 8 *4
7f t 1 1 2
105
106*4
.
10 0
113
U 4
U S ig U li
79**3
1 0 6 7 r A u g 11
105
M ar ll
71
M a i ’ l l ____
b
]d 4
101
11*2
O ct ’06
1 0 4 ). I ’n o 1 1
100
M a r 11
1 0 6 * 4 ............ 1 0 7 a . A u g ’ 11
i < > s s J ’ ly 1 1
O r tH A u g l l . . . .
94 S
90S
90
9 i
1 0 4 * 4 1U 5
1U 4». J ’ l y ' l l . . . .
............
............
............
11J4S
_______
105
1 0 5 7a
1 0 4 5« 1 0 5
71
? l
103*3 10 4 *3
......................
1 0 4 *4 1 1'4 *4
106
106
107
H ‘8
108
110
94^ 974
1 0 4 0, i u »
’ 11
11
’ ll
1i
1 1
...
l 0 2 Ba
1 0 5 * 8 D '5 ^
__
110*4
»u «,
08
1 0 8 Hi 1 0 8 * 3
A u g ’ ll
109*3 1 1 0 S 1 1 0
70
• ■ " ’ Hi
45
65
99 v. A p r ‘ 1 1
9 1 * a .............
I lia
M o v U4
A u g ' 11
109
............. 1 0 .1
b e p ’09
1 0 6 * 3 ............ 1 1 ‘2
1 0 3 ‘4 ............. l U 3 i 4 1 'n i ‘ T l
92
A u g 1i
9 0 S
02
07 \ A u g ’i l
97*4
9 7 sr
O O 'a
05
04
1 '4
8 8 * 4 ............. **7 H. A u g 11
0 8 * 4 .............
67
6 i
IbH S o l e
7 5 ^
75 «,
0U S , 9 I ”s
n o s J ’l y 1 1
A ugT J
1 0 5 S ............ 1 0 0
8 4 * e .............
8 6 s J ’i y ’ l l
lu l
b a le
1U 01»
- '1
90S A n g’ll
1 (1 2 V
i u 3 ’(
1 0 2 *3 ' ' a l e
0 6 S b a it.
9 5 a4
' 6*4
9 3 4, A u g ' 1 1
0 3 *3 9 1 7e
1 1 2 *3 1 1 3 ;V, 1 1 a 4 A u g 1 1
....
101
104
105
1 0 6 *b
.............1 1 2 \
9 5 *3 9 6
l u 7 a! ............
U U
IIP ,
0 3 :^ b a i t
1 0 6 ‘s 1 0 0
i0 2 S A p r
l0 5 « fc J T y
1 12
A u g
9r>34 A u g
1 O a s l' «**
10 2
110
1 U "8
99H .
9 9 *a
____
1 0 8 ", i n i 's
____
io iH i
90
96*3
90
7
8 7 >a
67
l
1
75H i
87
105*3
8 5 Hi
59 1 0 0
99*4
1 8 4 1 0 1 78
1IS "4
72
93*3
113*4
1 I3
. O
11
I l l ’s
9 2 ®4
93*4
9 3 H» 2 3
94
J a n ’u d
108
M f t y 'l J . . . . 1 0 8
103*3
92
98
94
> '-J Vi
7 4 7«
b lH i
90*3
106
85*3
102*4
100*3
110*8
0 0 ),
97*4
115*4
1104
95
108
UU*3
95 Hi 97
74
80
8
P rice
F r id a y
Sept 8
Hm
R e g iste re ii...................... 19
D e v e lo p As gen 4s her A . 19.
Mob<fc O hio co ll tr g 4 s . .1 9 3 8
M em L iv 1st g 4 *2-58. . . 1990
S t L o u is d iv 1st g 4 s ___ 1951
A la Cen U 1st g Os..........1918
A tl 3a D an v 1st g 4 s ........ 1948
2d 4 h ..................
1948
A tl As Yad 1st g gu ar 4 s . 1949
Col A> G re e n v 1st Os........1910
E T Va A; G a D iv g 5 s .. 1930
Con 1st gold 5 s ............. 1950
E T en re o r Hon g o s ........1938
Ga M idlan d 1st 3 s........... 1940
Ga P a c Uy 1st g Oa..........1922
K n ox As O hio 1st g O s...1925
t o o «te B ir p rior tien g 5s 1945
M o rtg a g e gold 4 s . . . . . . 1945
R ich As D an co n g Os___ 1915
D e o os stam ped............. 1927
ttich <Sb M o c a 1st g 4 s . ..1 9 4 8
b o Car As G a 1st g 5a___ 1919
•J
-O
♦ N o p r ic e F r id a y ; la t e s t b id a n d a s k e d th is w e e k ,
BONDS
N . Y. S T O C K E X C H A N G E
W kkk E nding S e pt 8
Hign
’99
l i ft"*4 J a n
68
0 hoi/'
A n c’ll
U S '.
1 0 * ' **
90*8
00
M a y ’08
9 0 **
D im , A p r ' l l
90*s
9
8
H
a p i ’ 04
ft n * 8
> "■ '
1 0 1 Hi 1 0 5 <V ll < 6
103
.7 ’ n o ’ 1 1
102*4
1 0 4 '. K W H
102*4
107
O ct ’08
1 0 1 :j4
100
M a y ’ 10
1 0 5 S 1 0 7 H> 1 0 5 H i A u g ’ l 1
J ’ly ’ll
............1 0 5 Hi 1 o i l
106
J’u e ii
9 8 °^ D e c ' u
* 9 7 *4 I
9 3 *a A u g ’ l 1
9 2
.
8 8 i » M » y 'l l
97U
113 m .
113*3 J ’ l y ’ n
1 1 0 >8
07
97
102
90
Range
Since
Ja n u a r y .
iU lfb C E I iL A N E O lI t d
J lm iH ln cliii'lim i v ludiiN iria
C u ban -A m er Su g ar coll tr t!s ’ 18
DnstiL b e e Cor con v l s t g 6 s .’ 2
E I d u P o n t P o w d e r l H.S..193U
Uen e le c t r ic ,,eu g 3H i»..194t
10-yr a deb 5 s .................... 1017
G cu ’ i M otors 1st lio n Hs.. 1915
l u t Paper c o 1st con g O s .l o i ;
C on sol c o n v s 1 g Os........193.j
In t St P u m p 1st s t 5 s . ...1 9 2 9
L a ck a w bteel is t it i 's . .. .l 9 2 o
1st o n f s S eries A — 19 m
6-yoar c c u v c r lb lo 6s..\ 91u
N a t I'.iiam As btp g 4 8 l 5 s ..l 9 2
N Y A ir l-rak o is t c o n v 6s ’ 28
B y S teel S p g s 1st s t o s . . . 192 i
B ep u b l«fe b 1st A c o lt r 5 s .i9 3 4
1 0 -3 0 y ca r5 s s
655
New York Bond Record— Concluded— Page 4
S e p t . !) 1911.
D ue A p r
T e io g m p n
.............
97
.............
0 7 ^
9 1 * 4 .............
OS
N o v ’08
9 7 *^ M a y ’ 1 7
00
J ’ue’ ll
1077H
103
1 0 7 78 S a l e
0 8 s S e P ’ 11
US
034)
08
A p r il
---------1 0 5
M ay’ ll
100
............. 1 0 4
S3
D ec TO
.............
85
0 1 k.
oa
C I S b a le
1 0 7 S 1 0 8 * 3 1 0 < S4 M a y * 1 1
81 s M ay’ i 1
77
.............
67
72 S ! 75
J ’ i y ’ 11
85
M a y 11
77
r^G
.14>4
111*
♦ 4 i» 3 4 4 4
14*8
4 1 S
4 3 a4 4 4 H .
4 1
4 1 ‘4
43 s
44*3
2
A u g 11
*3 . ..........
1* 4 S e p 1 1
............
.............
87
90
8 7 1*
.............1 0 J J4
8 8 °8 80*8
...........................
93*4
92
19
A
M
J
A
F
*3
10778 1 10
61
71® »
1073* 108*4
81
8 IH 1
70*3
7 53 4
85
85
4
1
*
4
4934
2
14
i l y Hi 5 0
4
0
50
9
2
7*3
8
....
i '6 3
....
....
....
15
8 8 *3
86
90
8 8 *3
109*4 1 1 0 4
8 3 *« 8 8 34
u g ’ 1 1 1 .... 1 0 3 ^ 1 0 5
a y i l l . . . . 1U 3*^ 10 4 *4
o e ' 1 0 ........................
- 0
u g 1 1 1 ...
82
e b ’ l ll
..
9 8 Hi 9 9 Hi
93
5
A u g ’ 11 . . . .
93
92
97
90
98*y 101
98
98
100
104
88*3 M a r ’ l l
87
d - 'e
Iu y 3 4 j 'n e 1 l
8 8 \ A u g 1 i
31
e e u Ol
1 0 3 7* 1 0 4 H, 1 0 4 Hi
1 0 . '* 8 i U4
104
98
103
102
8 1 Hi 8 1 * 4
81
9 8 -4
9 0 Hi .
93
92
9 6 34
90
92*3
92
0 3 ",
93
a in l T e le p h o n e
A m T e lo p As T e l co ll tr 4s 1929 j - J
c o n v e r t ib le 4s. .............. 1930 m - S
Com m - r l C able »st g 4s . .. 3 9 7 q J
M ie n b tate l e ie p is t o s . . I tfi* f - A
rs Y T e lo p 1st As g e n s I 4His. 39 .\i - N
Pac T e l As T e i is t 6 s ......... i 33 7 J - J
W est U nion cm tr c u r 5 8 .1938 j - J
I d auu le m est g 4 His . . . 1 9 o 0 M-N
s-N
l-N
9 0 »8
b a le ; 9 0 *«
LS
8 9 «s
92*4
l b 7 Hi 2 9 1 0 4 ' 8 1 1 3 * 4
b a le
I 0 5 7h
83*3
83*a
.............
8 0 ‘s . 'l i i y i l
101
Sep T l
98
100*3 1 00
b a le
9!,*78
0 8 :,8 100**4
io O S
5
99*4
b a le
0 8 *3
07
98 i
66
lu l
09*4 103*3
5
1 0 0 * 4 ............. 1 0 0 * 3
05
98*4
.............
U ti
9 6 -H A * * g 1 1
1 0 1 s#
1 0 4 's 1 0 4 " , l U 4 * s A l i e ’ l l ____ 1 0 3
104
104
J ’n e ’ l l
102
1 U 3 J4 1 0 4
O O ^
107
80
09*3
9 9 ;e
9 8 a4
D O N L>:*.— C o n c l u d e d .
lU a n iila ctu iriiK re in d u s t r ia l
J b Keaity<fe i c o u v deb g 5 s ’ 24
U s K uuuor 10-yr coir t r 6 s . ’ i 8
J a b le o i C o rp — i cou p .0-1963
b l 10-6o y i o s . ( le g , . a l 9 o 8
Ja-Car c h e iu 1st io -y r os 1923
W est E le ctric .a t 6s D e c 19r2
,> calm - nouse E Oa .u s 1 6s ’31
.liittce iiu u e o u s
A d a m s l x c o i tr g 4 s ............ 1 9 4 c
A rm our As Co l.s t i e a ie s t l \8’ 3.bush T erm in al 1st 4 s ___ .195-:
Consol o a ............................ 1955
I n i M orcan M arin e 4 H is ..l9 2 2
in t N a viga tio n 1st s i 5 s . 1929
M o rn s So C o 1st 8 1 4 Hi8.. 1939
A V D o ck 6 0-yr 1st g 4 s .. 1951
Pub b e r v C o ip N J gen 58.1951'
W ash W ater P o w 1st 5 s .. 1039
« D u e .M a y { / D u e J ’ n e
k
D u e ./ ’ly
J -J
J -D
M -N
11 N
J -D
J .J
J-J
AH
J-D
A -0
J -J
89
90
m ^ b a ie
1 0 4 ** b a l e
*9*9^4 b a l 'e
102
b a it
93
9 3 '» «
8 3 Ha
92*a
92
.............
^aU
b a le
93
99
A-O
U53* saif
F A
J
............. 8 1 3j
............. 9 1
82H i 8 5
93**. b a it
101
F -A
A -0
J -J
Aug
90
101
IU 4
lb 4
99
00
«8
1 0 4 3g
‘®
1U L\
-i A u g I 1
Hi
9 9 76
192
102*4
93
93*4
8 3 Hi
64
•
j 2*3
92 s
92 *3 A u g ’ l 1
97
65
98
65 S
8 1 *3 A u g 11
90a4 J ’ly 11
8 2 *3 b e p ' l 1
i-3 H i
9 3 H.
89
103
10334
1036*
9 b 7 ft
^00*4
91*8
91
105
106*4
106*4
192*4
1 0 2 7»
*5*4
83H i
92
91
93*4
93*4
100*3
90
97
64
78
* '0 * 4
82*3
03H i
68*4
82*3
92
90
96*4
L02 Hi M ar’ 11
o D u e u ct p D a e
N ov
r O p t io n
S a li
CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
STO CK S— H IG H EST A N D LO W EST S A L E P R IC E S.
Saturday
Sept 2 .
Monday
Sept. 4 .
Tuesday
Sept. 5 .
*180
*2
*5
185
3
7
_____
Q
3
O
•
Id
t.
1
O
w
,
95
2978
12
7
27s
19
45
*8%
*45
9
50
Last Sale
Last Sale
Last Sale
185
____
26
89%
*90
2 9 3 .,
*10
*40%
26
89%
95
30%
12
7
2%
19
45
*8%
*45
9
50
234
* 10
10 3 S
10 %
85%
86%
280
*270
130
*12S %
57
56
110
106%
131
135%
_____
*42%
103.,
86%
280
130
57
lO O Io
135%
_____
26
O
0
£
O
0
<
*66
*51
*1
*7
*46
*121
*102
133%
69
53
1%
10
47
123
105
133%
*66
*51
*1
*6
46%
123
165
133%
69
53
1%
10
4 63.1
A u g ’ 11
30
A u g ’ 11
S e p t 'l l
23.,
23.,
16
A u g ’ 11
41
41
27
J u n e ’ 11
74% J u n e’l l
2914 J u n e ’ l l
6812 J u n e ’ l l
7 9 l2 J u l y 'l l
3 '%
S ep t’ l l
50
A u g’l l
23,J
23.,
Last Sale
41
Last
Last
Last
Last
Last
Last
Last
41
Sale
Sale
Sale
Sale
Sale
Sale
Sale
101o
85%
103.,
S 6 I4
55
55
103
101
52%
*45
47
93
93%
*128
130
*1 2 5 % 127%
*100
101
* 1 1 6 % 119
103% 103%
139
1 3.)
*1 1 9 % 120%
102% 1023,
*187
191
*106
106%
2
2
69%
7 0 7s
*18%
20
W Note . — O f f l c l a l G h e c t n 0 l o n g e r r e n
40
*92
131%
*120
30
Id s
101,
84
843,
265
Feb’ll
131
J u ly ’ l l
Last Sale
Last Sale
1 3 5 % 1 3 5 l2
4312 4312
60
4312
J u ly ’ l l
60
Last Sale
Last Sale
Last Sale
51
A u g ’l l
J u l y 'l l
J u ly ’ l l
46
53.,
46% '
46
4 0 l2
12 3
105
133%
165
103
101
52 1 S
1 0 3 i2
46
93
131%
L i8
46
*92
1 2 % " A u g ’l l
78
J a n ’ 11
10412
104%
101
101
10434
Last Sale
_____
103%
1 3 8 3 .,
120%
102%
*187
*105%
2
165
13312 13312
Last Sale
Last Sale
103%
101
62
A p r’ ll
J u ly ’ l l
J u ly ’ l l
95
30
Last Sale 1 0
Last Sale 6
50
46
93
A u g’l l
*92 ~
Last Sale
"
12812 A
101
101
101
Last Sale 1 1 6 % A
103 1 - 1031
103U
138
138 3 4
1373.8
9*3'
ug’ll
101
u g ’ 11
103G
13734
_____
101%
139
120%
10234
10212 1023,
1011
4
Last Salt 1 9 0
A ug’ll
191
Last Sale
64
106%
2
2
2
1%
1%
7 1 3 .,
6812
69%
70
7H 4
71%
Last Sale 2 0
J u ly ’ l l
*18%
20%
o r t s t r a n s a c t l o n ? o f le s s 1t h a n 10 s h a r
., IOH
IO I Aug’ ll
Inter
est
Period
Pries
Friday
Sept. 8 .
HU
A m e r S tra w b ’d 1st 6 s .1 9 1 1
A r m o u r & C o i h s ____ 1 9 3 9
B o o t b F i s h C o D e b G 5 s ’ 17
D eb
g 5 s _______________ 1 9 2 4
S in k F d D c b 6 s tr r c c . .
C a lu m e t & S o u th C h ic a g o
R y 1 s t 5 s .......................... 1 9 2 7
C a s s A V & F (4 ( S t L ) 5 s 1 2
O h io B o a r d o f T r a d e 4 s l9 2 7
C h i c a g o C i t y R y 5 s ____ 1 9 2 7
O h i o C o n s o l B r & M l t 6 s ____
O h io C o n s o l T r a c 4 e$s 1 9 3 9
O h io A u d it o r iu m 1 s t 5 s l 9 2 9
C h ic a g o E le v R y 5 s . . 1911
O h i o J o R K 1 s t 41 g ft S . 1 9 4 5
O h io N o S h o r e E le c 6 s . 1 9 1 2
C h ic P n e T o o l 1 s t 5 s .a l 9 2 I
C h i c R y 5 s ...............................1 9 2 7
O h io R y s 4 -5 s s e r ie s ’ ’ A "
O h io R y s 4 -5 s s e r ie s ’ ’ B ”
C h ic R y s 4 -5 s s e r ie s ‘ ‘ C
C h i c R y s c o l l 0 s ____ 1 9 1 3
C h ic R y s F u n d 0 s . .1 9 1 3
C h ic R y s T e m O tfs 1 s t 5s
O h io R I & P R R 4 S . . 2 0 0 2
C o lla t tr u s t g 5 s —
1913
C h i c T e l e p h o n e 5 s ______ 1 9 2 3
C o m m o n w -E d is o n 5 s . 1943
C h ic E d is o n d e b 6 s . 1913
1 s t g 5 s ______ J u l y 1 9 2 6
D e b e n t u r e 5 s ______ 1 0 2 u
C o m m o n w E le c t 5 s ftl9 4 3
D la M a t c h C o n d b 8 s ..1 0 2 0
I l l i n o i s i ' u i m e l 5 s ______ 1 9 2 3
K a n C ity R y & L ig h t
C o 5 s ____________________ 1 9 1 3
K n lc k ’ b ’ k e r I c e 1st 5s 1928
L a k e S t E l— 1 s t 5 s . . . 1 0 2 8
I n c o m e 5 s _____________ 1 9 2 , i
M e tr W S id e E l —
1 s t 4 s ____________________ 1 0 3 8
E x t e n s i o n g 4 s ______ 1 9 3 8
M o r r is & C o . : H
..1 9 3 9
N o r t h W e s t E l 1 st 4 s . . 1911
N o r th w e s te r n G a s L ig h t &
C o k e C o 5 s _____________ 1 9 2 8
O g d e n G a s 3 s . _________ 1 9 4 . )
P e a r s o n s - l ’a f t 3 s . _ . . . l 9 1 i
4 . 4 0 s ..................................................
4 . 6 0 s M e r l e s E _____________
4 . 8 0 s M e r l e s F ______ _______
P e o G a s 1. & C 1 s t 6 s . 1 9 4 3
R e f u n d i n g g 5 s ______ 1 9 4 7
C h ic G a s L & C 1 st 5 s l0 3 ?
C on su m G as 1st 5 s .l9 3 «
M u t’l F u el G a s Is t5 s l9 4 7
.S o u t h S i d e E l e v 4 1 3 3 - 1 0 2 4
S w ift & C o 1 st g 5 s . ..1 9 1 4
U n io n E l (L o o p )
5 s .. 1945
U n it e d B o x B o a r 1 c o l 6* 26
G en eral m tg c 6s .
W e s t e r n E l e o C o 5 s ____ 1 9 2 2
Note . . —
A ccru ed
In terest
P - A
1 • l)
J - J
.1 - J
A - O
_____
_____
D’ds
Sold
-
A t -------99%
J
_____
_____
D
10278 S a le
A
_____
_____
J
_____
_____
1)
_____
_____
A
____ _ _____
J
S
_____
_____
,1 - N
A - U
1 - J
Feb
- - - _____
F - A
J - J
I - .1
M - S
t 86
t ______
t8 9 %
t ---------
--------_____
-M
- iS
- 1/
- b
- N
- fv
- O
- b
1 - J
) - U
vl - N
Jan’l 1
A u g ’ l l _____
M en’ l l
M ch ’ l l
A p r’ ll
991,
10U 4
100
10278
103
50
98%
9S38
94%
87
89
99%
_____
_____
_____
9 9 1 .,
99%
1
102%
_____
1027g
_____
86%
83
90’,
90 7 8
86%
86%
Sop’ll
81%
8934 A u g ’ l l
100
J u l y 'l l
1
I
-
J
J
m u st
---------
---------
993,
93%
100%
96%
97
98%
1213j
102%
103%
101%
101%
95
10038
88
70
00
102%
_____
_____
_____
_____
_____
_____
3
22
2
5
_____
22
_____
_____
35
2
A ug’ll
93%
M c h ’0 9
M c b ’ 10
F e b ’ 10
M c h ' 10
M a y ’09
A ug’ ll
A u g ’ 11
101%
J u ly ’ l l
i) 5 %
100 3 5
A
A
M
A
4
i
2
42
6
p r ’ 10
p r ’ 10
en’ ll
u g 'l l —
b e a d d e d to a ll C h ic a g o
100% 100%
92%
93%
90 % 100
90
100
98%
99
__
_
98%
99%
87%
97 3 ^
93%
82%
90
99%
100
973,
91
100
95%
89%
91
100%
100
100
102
100%
103%
103%
io o
10 0
100%
103%
102%
107 3 4
9638
9 734
9734 100
77
89%
M ay’l l
M a y’ 11
105%
M a y ’05
973,
100
86
16
t
High
100%
92%
100
100
98%
89
_____
______ ______
9 3 % S a le
9 8 % -------95
_____
96
_____
9 7 % _____
__ _
_____
{1 0 2
10238
(1 0 3
-------10 2 0 S a le
{ _____
101%
t J 5 % S a lo
1 - J
1 - J { 1 0 0 % S a le
A - O
Q
.1
J
vl
M
vl
\
M
Range
for
Year 1 9 1 1
High No. Low
J u ly ’ l l
O e t’09
M a y ’0 7
102%
A p r ’ Ul
A p r ’0 9
J a n ’00
A u g ’ 11
D e c ’0 9
F e b ’06
A - O
A ug’ l l
89
90
J - J
S e p ’ 11
99%
9934
I-’ - A
94%
A - U
9 4 >8 S a l e
88%
J - D
883S
8 8 % S a le
91
F - A
91
191
S a le
10034
10034
F - A { ---------1 0 1
J a n ’ 11
F - A
100
9 93.,
09%
10934
S a lo
M - IS
A u g ’ OS
66%
v l- b
66% J u ly ’08
J - 1)
103% A ig ’ l l
il - b
10234 S a le
102%
103
J - J
i o o 78
N o v ’ 10
A - O
10 0
F e b ’ 11
A - b
A u g ’0 9
100%
A - b l -------- 1 0 2 3 4 1 0 2 %
A u g’l l
_____
10534
10534 S a le
105%
J - D
80
D e o ’ 08
F
J
I
E
J
J
F
J
vl
Range for Previous
Year 1 9 1 0 .
Highest.
185
J a n 11
l % . r ’ n e lO
3 J ’n e iO
21
J T y 12
85
J ’ l y 19
80
A p r 29
2 0 3 ., M a y 13
8
M a y 13
412 M c h
1
2 % A u g lO
16
A u g 10
40
J ’n e l 3
19% F o b
1
05 F e b
1
2 0 i2 A p r 2 7
GO J a n 11
CS
Jan
9
S l2 J ’ n o
1
4 0 J 'n e
1
190
1%
G
2 9 3 .,
93
101
343,
12%
7%
6
25
72%
27
74%
29%
6J
80
13%
50
A p r 28
J ’ n e 10
M c h 23
J ’ l y 21
J ’ly 21
A u g 2
A u g 2
A u g 3
A ug 3
M ch 1
F e b 23
F e b 25
J ’n e 30
J 'n e 3 0
J ’n e 3 0
J ne24
J ’ n e 30
F e b 23
Jan
9
12%
887S
265
131
79
113
1521,
591,
57 3 .,
82
52
11,
M ay 9
J ne 2
Jan
9
J ’ ly 29
F eb
G
M a y 18
J ’ n e 12
M ch 4
M ch 9
M ch 21
F eb
2
J ’ne
7
534 J ’ n e u
5 5 % F e b 23
124% J ’n e 24
170
J ’n e 9
1373,8 J ’ l y 15
15 3 2 J ’ n c 1 5
78
J a n 18
105% J T y 10
10 333 J n o 2
70
J a n 20
8 2
5“ 0J%a nA u1 g
67
Jan
3
98
F eb
2
140
A pr
7
130
M ch 31
120
M c h 14
120
M o ll 23
1 0 8 % J a n 19
19234 J a n 3 1
122
M c h 11
101
J nc 5
193
J ’n e 29
107% J T y 2 1
7
Jan
3
81% F e b
6
25
J a n 27
Lowest.
Highest.
IC O
O ct
1% J T y
4
J ’ ly
185
M ch
3% J a n
7% J a n
603s
Sep
111, S e p
8
M av
3
M av
2% J ’no
20
A ug
69
Feb
16
Jan
51
F eb
15
A pr
M ay
65% J T y
7
JTy
40
JTy
6%
62%
210
126
72
107
1311,
31
56
46
1
3
25%
110
142
103%
13%
791,
82%
J ’ne
JTy
A pr
JTy
F eb
A ug
JTy
J ’nc
A ug
J ’ne
D ec
Feb
Sep
JTy
S la v
A ug
JTy
JTy
A pr
Sep
63
JTy
43% M en
40
M ch
J ’ne
A ug
JTy
F en
F eb
JTy
F eb
116% A u g
100
D ec
155
JTy
101
JTy
5V, A p r
15
O’n c
100
36
16
9%
0%
89
Jan
Jan
Jan
Jan
A ug
Jan
7734 M c h
25
J ’n o
72
J ’n e
23
J ’n o
66 J ’ n e
7 2 % J 'n o
64% J a n
104
Jan
13%
82
£61
135
84%
112
142%
43
41
74
55
1
Mch
D ec
D ec
Jan
F eb
F eb
3 Sep
47
D ec
137
Jan
163
M ch
12 1% Jan
2234 J a n
82
F eb
127
Jan
91
46
67%
102 3 4
119
125
145
123
115 3 4
M ch
Jan
D ec
A pr
D ec
Jan
O ct
N ov
Jan
122
109%
186
106
153s
M ch
Jan
F eb
Jan
Jan
I8U34 NOV
20-3 D e o
b end
821s
86%
78%
82<s
893,
9134
9 6 % 100
99%
92
100
94%
1 0 1 3 4 1 0 2 3 .,
102% 103%
1 0 U - 102
101%
93
100
101%
95 3 |
101%
96
60
10034 103
p r ic e s
NA51E
Outstand
ing
Stock
Surplus
and
Profits
In
(t)
(t)
1909
D M d tnd
l
In
[ 1910
/f
Per
iod.
ecord
Last Paid,
%
C a l u m e t N a t i o n a l ________
$ 1 0 0 ,0 0 0
0
An
£ $ 4 9 ,3 6 0
6
fa n
'1 1 , 6
C h i c a g o C i t y _________________
5 0 0 ,0 0 0
10
7 / 2 7 1 ,3 2 2
10
j -j
J u ly ’ l l , 5
C o n t i ’ t a l & C o m m N a t . 2 1 ,5 0 0 ,0 0 0
...
8 ,6 9 4 ,8 2 6
J u ly '1 1 , 21 j
Q -J
C o rn E x c h a n g e N a tio n a l
3 ,0 0 0 ,0 0 0
5 ,7 5 3 ,6 5 2
12
16
Q -J J u ly ' l l . 4
D o u g l a s S t a t e ____________
2 0 0 ,0 0 0
7/31 B e g . b u s M a y 3 1 ’ 1 1. V . 9 2 , p l 5 3 8
D r e x e l S t a t e ___________ _____
2 0 0 ,0 0 0
9
8
Q -J J u ly ’ l l , 1 %
7 /4 1 ,1 9 8
D r o v e r s ' D e p N a tio n a l .
6 0 0 .0 0 0
4 4 5 ,6 3 9
10
10
l u l y '1 1 , 2 %
Q -J
E n g l e w o o d S t a t e __________
2 0 0 ,0 0 0
0
Q - J J u l y '1 1 . 1 %
6
7 /5 1 ,0 1 0
F i r s t N a t i o n a l _____________ 1 0 , 0 0 0 , 0 0 0 1 1 , 4 8 2 , 3 5 6
Q - M i n c 3 0 ’ 1 1 ,3 u
12)
125
F ir s t N a t E n g l e w o o d ..
1 5 0 ,0 0 0
Q - M J n e 3 0 ’ 1 1 ,2 %
10
10
£ 1 0 1 .2 4 7
F orem a n B ros B ’ k ’g C o .
1 ,0 0 0 ,0 0 0
l ’ r iv a t e B a n k
5 3 3 ,7 4 5
F o r t D e a r b o r n N a tio n a l
2 ,0 0 0 ,0 0 0
8
11
({-J
lu ly ' l l , 2
6 0 4 ,0 3 ;)
H ib e r n ia n B ’ k ’ g A s s ’ n . .
1 ,5 0 0 ,0 0 0
8
Q -J
1 ,1 1 9 ,8 1 2
lu ly ' i l , 2
5 0 0 , O dJ
K a s p a r S t a t e B a n k ______
10
Jui y '1 1 , 5
1 9 ,4 6 5
1 0 + 15 J -J
2
0
0
,
0
0
0
B a k e V i e w S t a t e . ---------------6 ,0 6 2 M e g . b us A p r 8 ' 1 1 V .0 2 , p . 100 4 .
1 ,0 0 0 ,0 0 0
L a S a lle S t N a t i o n a l ..
2 0 6 , 7 5 6 B e g . b u s . M a v ’ 10 / / J O , p . 1 2 7 7
1 .2 5 0 ,0 0 0
L iv e S t o c k E x c h ’ g c N a t
10
Q - M B ie 3 0 ’ 1 1 , 2 %
6 5 1 ,7 4 1
10
3 0 0 ,0 0 0
4
M o n r o e N a t i o n a l __________
4
£ 3 6 ,8 4 1
Q - J A -g '1 1 . 1
2 ,0 0 0 ,0 0 0
N a t B a n k o f R e p u b lic . .
8
8
1 ,3 0 1 ,5 9 .)
Q -J
JneSO ’ l l , 2
2 , 0 9 0 , OOu
0
0
N a t i o n a l C i t y _______________
4 9 7 ,1 5 1
({-J J u ly ' l l , 1%
2 5 0 .0 0 0
3
4
J u ly ’ l l , 1 1 ,
N a t i o n a l P r o d u c e ________
1 )0 ,1 0 1
Q -J
2 0 0 .0 0 0
7 0 ,3 8 5
N orth A v e n u e S t a t e ..
5 H
OH Q - J J u l y ’ l l , 1 %
5 0 ,0 0 0
0
0
N o r th S id e S t a t e S a v ’ gs
7 /3 4 ,2 9 0
J u ly ’ l l , 1 %
Q -J
2 0 0 ,0 0 0
7 /3 0 ,4 0 3
4
N o r t h W e s t S t a t e ________
Q -J J u l y ’ l l , 1%
_____
3 0 0 ,0 0 0
7
1 2 7 ,7 8 2
P e o p le ’s S tk Y d s S t a t e Q -J J l y ’ l l , 2 %
5 0 0 ,0 0 0
0
P r a i r i e S t a t e ____________
7 2 ,0 2 8
(>
Q -M J u ly ’ l l , i u
4 0 0 ,0 0 0
3 2 7 ,4 2 9
S e c u r i t y ______________________
4 H Q -J J u ly ’ l l , 1 %
IH
2 0 0 ,0 0 0
6
7 /9 4 ,5 0 0
S o u t h C h ic a g o S a v ln g s .
’i n Q - J J u l y ' l l , 2
2
0
0
,
0
0
0
1
3
,
0
6
0
0
S o u t h S i d e S t a t e __________
Q -J J u ly ’ l l . 1 %
l'H
1 ,5 0 0 ,0 0 0
2 ,0 2 1 ,6 0 1
12
12
S ta to B a n k o f C h ic a g o Q -J J u l y ’ 1 1 . 3
2 5 0 ,0 0 0
1 9 1 ,1 7 1
8
8
Q -M J u s 3 0 ’ 11, 2
S t o c k Y a r d s S a v i n g s ____
1
2
0
0
.
0
0
0
0
7 /4 9 ,8 5 4
0
U n io n B a n k o f C h ic a g o .
M -N M a y ’ l l , 3
1 0 0 ,0 0 0
£ 8 ,4 9 1 S e e V . 9 0 , p .
W a s h in g to n P a r k N a t ’ l
159
5 0 ,0 0 0
7 /1 3 ,2 7 5 N o n e
W e n d e l l S t a t e ___________
N o n e Q -M D c c 3 1 ’ 0 8 , 1%
1
,
0
0
0
,
0
0
0
7
C en tra l T ru s t C o o f III.
9 9 4 ,0 5 6
i'H Q - J J u l y ’ l l , 2
1 ,0 0 0 .0 0 0
7 / 2 2 4 ,1 7 8
6
C h ic a g o S a v B k & T r .
6
Q -J J u l y ’ l l , 1 %
5 ,0 0 0 .0 0 0 / l , 8 1 0 ,6 1 2
6
C h ic a g o T it le & T r u s t ._
7H Q - J J u l y ’ l l , 2
6 0 ,0 0 0
4
1 2 ,0 2 8
C itiz e n s T r u s t & S a v in g s
6
Q -J J u ly ’ l l , 2 %
6 0 0 ,0 0 0
4 7 1 ,6 3 5
8 + 2
C o lo n ia l T r u s t & S a v in g
8 + 2
Q -J J u l y ’ l l , 2 %
3 .0 0 0 ,0 0 0
8 8 1 ,7 3 9
C ont & C om m T r & Sav
2 0 0 ,0 0 0
1 4 0 ,5 1 0
8
D r o v e r s ’ T r u s t & S a v ln g s
8
Q -J J u ly ’ 1 1 , 2
1 ,5 0 0 ,0 0 0
7 / 2 3 0 ,4 1 9
F a r w e l l T r u s t C o _________
3
6
Q -J J ly ’ l l . 1 %
2 ,5 0 0 .0 0 0
3 ,7 7 2 ,4 3 2
F ir s t T r u s t & S a v i n g s ..
10
Q - M J n e 3 0 ’ 1 1 ,4
12
2 5 0 ,0 0 0
1 ,0 8 2 B e g . b u s . A p r 3 ’ 11 V . 9 2 , p . 9 2 9
F t .D e a r b o r n T r & S a v B k
2 0 0 ,0 0 0
G u a ra n tee T ru st & S a v .
7 /2 9 ,4 7 0 I n c o r p o r a t e d
1908 V .8 7 ,p . 1138
1 ,5 0 0 ,0 0 0
H a r r is T r u s t & S a v i n g s .
1 ,8 2 5 ,5 3 7
Q -J J u l y ’ l l , 3
U{<J 1 1 + 5
3 0 0 ,0 0 0
H o m e B a n k & T r u s t _______
7 /5 2 ,4 2 7 B e g . b u s A p r l o ’ l l V . 9 2 , p . 1 0 0 4
5 , 0 0 0 .0 0 1 !
I llin o is T r u s t & S a v in g s
9 ,3 0 3 ,9 6 9 1 0 + 4
10+ 4
Q J u ly ’ l l , 4
2
0
0
,
0
0
c
K en w ood T ru st & S avgs
" 7 /6 2 ,0 3 0
0U 7 + 1 H Q - J J u l y ’ l l , 134
2 0 0 ,0 0 0
L a k e V ie w T r u s t & S a v g s
5 1 ,4 3 9
5
OH Q - J J l y ’ l l . 1 %
3 ,0 0 0 ,0 0 0
M erch a n ts’ L o a n & T r C o
12
6 ,3 2 8 ,8 0 9
12
Q -J
J u ly ’ l l , 4
7 5 0 ,0 0 0
0
M e tr o p o llta n T r u s t & S a v
2 6 0 ,4 1 3
Q -J J n e 3 0 ’ l i . 1 %
6
2 0 0 ,0 0 0
M i c h i g a n A v e T r C o ____
5 9 , 0 5 1 B e g . b u s . O c t 2 9 '1 J V 9 1 , p . l 2 2 X
5 0 0 ,0 0 0
M id -C ity T r & S a v B k .
7 /5 8 ,3 7 2 C o m . b u s . A ,- r l ( ) ’ 1 1 V 9 2 p l 0 0 4
1 ,5 0 0 ,0 0 0
8
Q -J J n e 3 0 ’ l l , 2
N o r t h e r n T r u s t C o ______
2 ,6 1 6 ,0 7 1
8
1
0
2 5 0 ,0 0 0
J -J J u l y ’ l l , 4
6
N o r th -W e s te r n T r& S a v
1 1 1 ,2 2 1
2 0 0 ,0 0 0
O ld C o lo n y T r & S a v B a n k
6 0 ,1 5 3 B e g . b u s J ’ n e I ' l l V .9 2 ,p .1 5 3 7 .
5 0 0 ,0 0 0
P e o p l e 's T r & S a v B k . .
1 4 5 ,1 9 1 B e g , b u s . D e c I ' l O V. 02, p. « 6
8
3 0 0 ,0 0 0
7 /2 5 9 ,6 7 2
8
P u llm a n T r u s t & S a v g s .
Q -J J u n e 3 0 ’ l l , 2
7 /2 5 ,9 7 9 3 e g . b u s . J l y 1 2 ’ 0 J V . 8 9 , p . 1 4 1
S h e r id a n T r & S a v B a n k
2 0 0 ,0 0 0
S ta n d a r d T r & S a v in g s .
3 0 5 ,5 0 9 C o m m e n c c d
1 ,0 0 0 ,0 0 0
eus. S e p t 6 1 9 1 0
7 /4 3 ,4 6 2
6
S t o c k m e n ’s T r u s t & S a v
2 0 0 ,0 0 0
5H
J -J J u l y ’ l l , 3
1 , 3 1 8 , 7 0 7 18 + 2
U n i o n T r u s t C o ______ . . .
*8 + 2
1 ,2 0 0 ,0 0 0
Q -M J n e 3 0 ’ l l , 2 I
2 1 0 ,5 3 2
6
W e s t’ n T r u s t & S a v in g s
6
1 ,2 5 0 ,0 0 0
Q -J J u ly ’ l l , 1 %
1 2 1 ,2 2 0
6
W e s t S id e T r & S a v B a n k
2 0 0 ,0 0 0
Q -M J u ly ’ l l , 2
7 /6 9 ,1 6 1
(1
W o o d la w n T r & S a v B a n <
2 0 0 ,0 0 0
7H Q - J J u l y ’ l l . 2 %
.
fY 1’ 1 .»«■■■ * p r i c e s , n o s a . e s w e r e m a d e o n t h i s d a y .
T S e p t . 1 (c l o s e o f b u s ln s s ) fo r n a t io n a l b a n k s a n d s e p t . 2 (o p e n in g o f b u s in e s s ) lo r S t a t e in s t it u t io n s .
w eek,
a D u e D e c . 3 1 . ft D u e J u n o , c E x - s t o c k d i v i d e n d o f 3 3 1 - 3 % . k A l s o 2 0 % In s t o c k . < /D i v i d e n d s a r e p a i d Q - J , w i t h e x t r a
m en ts Q -K
s I n a d d it io n , th e e q u iv a le n t o f 4 % m o r e c a m e fr o m F ir s t T r u s t & S a v in g s B a n k ,
t J u n e 3 0 1 9 1 1 . w i n a d d it io n , th e e q u iv a le n t o f 1 % c a m e fr o m
T r u t . & S a v in g s B a n k ,
v C a p i t a l i n c r e a s e d t o 3 5 0 0 , 0 0 0 . V . 9 3 , p . l 4 2 . to M a r c h 3 1 1 9 1 1 . z J u n o 7 1 9 1 1 . j / J u n c 8 1 9 1 1 . 11 A l s o p a i d a n e x t r a d i v . o f 2 % In J u l y
Jan
Jan
D ec
A pr
M ay
Jan
Chicago Banks and Trust Companies
Week’s
Range o*
last Sale
Ask Low
Lowest.
M is c e lla n e o u s
7 0 0 A m e r i c a n C a n ___________ 1 0 0
0
J a n 16
525
D o p r e f __________________ 1 0 0
76<s J a n
7
_____ A m e r i c a n
R a d ia t o r .. 100
265
Jan
9
_____
D o p r e f __________________ 1 0 0 1 2 6 i s M c h 0
1 2 2 A m c r S h i p b u i l d i n g ____ 1 0 0
5 4 % A u g 12
10
D o p r e f ............................ . 1 0 0 1 0 6 i 2 S e p
6
6 5 A m e r T e l e p & T e l e g ________
131% A u g 3 0
6 0 B o o t h F l s n c r l c s c o m ______
35
A p r 2b
_____
V o t i n g t r u s t c t f ______________
2 8 J ’ n e 14
30
D o
p r e f ________________________
62 J ’ n e 20
_____ C a l & C h i c C a n a l & D . 1 0 0
4 9 % A p r 24
_____ C h i c B r e w ' s & M a l t ' g _______
1
J ’l y 20
_____
D o
p r e f ______________________
312 M c h 27
3 2 0 C h ic P n e u m a t ic T o o l . 1 0 0
41
Jan
3
2 7 C h i c a g o T e l e p h o n e ____ 1 0 0
115
J a n 25
5 5 C h i c T i t l e & T r u s t ____ 1 0 0
151% J a n
6
80 C o m m o n w ’ t h -E d ls o n .1 0 0
113
J a n 19
_____ C o r n P r o d I t e f C o c o m ______
1 2 3 S A u g 14
--------D o
do
p r e f ______
78
J a n 18
3 5 3 D i a m o n d M a t c h ________1 0 0
9 2 % F e b 10
2 3 5 H a r t S h a ffn e r & M a rx p f .
100% A u g 2 8
. 3 5 I l l i n o i s B r i c k ______________1 0 0
5 0 % A u g l7
---------M a s o n i c T e m p l e ..............................
47
68 M c C r u m -H o w e ll C o . . 1 0 0
45
M ch 3
92 M ch 3
05
D o
p r e f ________________________
1 0 N a t i o n a l B i s c u i t ................ 1 0 0 1 1 7 % J a n 1 7
_____
D o
p r e f __________________ 1 0 0 1 2 3
Jan
3
4 0 N a t ’ o n a l C a r b o n _________1 0 0 1 0 0
A u g lS
-------D o
p r e f .................................1 0 0 1 1 3
J a n 18
7 6 9 P e o p le ’ s G a s L & C o k e .lO O
101% A u g 2 5
5 9 3 S e a r s - l t o e b u c k c o m . . 1 0 0 c l 3 6 % M a > iO
U S U A u g lS
10
D o
p r e f ........... .................... 1 0 0
6 1 8 S w i f t & C o ............................ . 1 0 0
1 0 0 % M c h 13
-------- T h e Q u a k e r O a t s C o . . 1 0 0
165
M ch 7
-------D o
p r e f ................................ 1 0 0 1 0 2 % F e b
1
3 0 5 U n it B o x H d & P C o .1 0 0
13., A u g 2 9
,2 0 0 U n it e d S t a t e s S t e e l c o m .
G 8% Sep
8
_____ W e s t e r n
S t o n e ___________ 1 0 0
1 9 % A p r 12
Chicago Bond Record
B O N D S
C H IC A G O S T O C K
E X C H A N G E
Week ending S e p t. 8 .
Raru/e since January 1
On basis o! 100-share lots
STOCKS
C H IC A G O S T O C K
E X C H A N G E
R a ilr o a d s
_____ C h i c a g o C i t y K y _________ 1 0 0
_____ C h i c a g o & O a k H a r k . 1 0 0
_____
D o
p r e f _________________ 1 0 0
1 5 0 C h i c E l e v l i y s c o n i _________
10
D o
p r e f ______________________
_____ C h i c R y s p a r t c t f " 1 ” _____
6 1 0 C h i c T t y s p a r t c t f " 2 ” ____
---------C h i c T t y s p a r t c t f
“ 3 ” ___
_____ C h i c T t y s p a r t c t f
“ 4 ” ___
4 5 0 C h i c a g o S u b w a y ________1 0 0
---------K a n s C i t y T t y & L t . , 1 0 0
40
D o p r e f ---------------------------- 1 0 0
---------M e t r o p o l W S E l e v ______1 0 0
--------D o
p r e f . . ....................... 1 0 0
---------N o r t h w e s t e r n E l e v ______1 0 0
_____
D o
p r e f ............................ . 1 0 0
---------S o u t h S i d e E l e v a t e d . 1 0 0
---------S t r e e t s W S t a b l e C L . 1 0 0
--------D o
p r e f ............ ................. 1 0 0
26
30
X
103%
10L
52
190
li2
3
Last Sale
0
«
Salse
o f the
Week
Shares
Friday
Sept. 8 .
Thursday
Sept. 7 .
Last Sale
(fi
0
*180
*90
29%
*10
*6
*2%
*16
*40%
10 3 S
851s
*270
*12S %
*54%
*106
131
* 4 2 %
<
Wednesday
Sept. 6 .
1 N o
pay
F ir s t
1911.
Sept.
G57
THE CHRONICLE
9 1911.]
Ask
Industrial and Miscel
Sid
41j
Consol Rubber Tire___100
3
29
Preferred .________ 100
20
s o i
Debenture 4s 1951..A-O 1 40
TRANBAClION8 AT TUB NEW YORK STOCK EXOUANUE
lin g
e Crucible Steel..............100
DAILY WEEKLY AND YEARLY.
$0l2
c Preferred_________ 100 80
1
Davis-Daly Copper Co__ 10 ♦lSj
e Diamond Match Co__ 100 1041 105
Railroad,
Slocks.
duPont (E X) de Nem Po 100 130 140
U. S.
State
<&c..
Week ending
99
e Preferred____ _____ 100
Ronds.
Ronds.
Ronds.
Bar value.
Shares
Sep:. 8 1911.
8312 85
e Gold 4Hs 1936___ J-D
Electric Boat_________ 100
IIOLI DAY
Saturday__ - _____
Preferred...... .............100
Telegraph and Telephone
HOLI DAY
Monday __________
15
Empire Steel................100 1 0
e Amer Teleg <fc Cable__ 10U 75 83
S68,000i
321,403 $29,378,300 $2,283,500
Tuesday___________
55
U8l2
115
100 50
Preferred..............
e
Central
*
So
Amer___
100
114,000
2.877.500
30,508,900
338,389
Wednesday _______
131
125
108
e
General
Chemical........100
Comm’i
Un
Tel
(N
Y).__25
57,000
1.935.500
423,029 37,141,650
Thursday__________
e Preferred_________ 100 1 0 0 109
76,500 S27.500 Empire & Bay State Tel. 100 65 '75“ '
1,762,000
595,469 53,172,225
Friday____________
40 45
Gold Hill Copper________ 1 *sli cia
Franklin...................... 100
G!8
108
115
e
Gold
&
Stock
Teleg...
100
Greene-Cananea_______
20 *0
$27,500
$8,853,5001
S315,500
Total.................... 1,078,295 3150,261,
Guggenheim Explor’n__100 180 1 2 0
6 Northwestern Teleg___ 50 110 116
70
65
e Hackensack Water Co —
25
Paoldc
&
Atlantic_____
./an. 1 to Sept. 8 .
Week ending Sepl. 8.
87
Salts at
Ref g 4s '52 op 1912 ..J-J 83
e Pac Telep & Teleg prel 100 93 1 0 0
10
6
New Yolk Stock
Hall Signal Co com____ 100
Southern & Atlantic____ 25 9J 95
1910.
19It.
1911.
3
Exchange
Havana Tobacco Co___ 100
12
Preferred__________
100
Ferry
Companies
124,053,219 B & N Y 1st OS 1911___ J-J
978,838
70,821,0G7
1,078,295
50
Stocks—No. shares__
88
98
1st g 53 June 1 1922 .J-I)
Par value________ $150,261,075 385,741,900 36,882,933,475 $11,144,211,700
N
Y
&
E
R
Ferry
stk..
100
lecker-Joues-Jewell
Milling
$826,500
$1,399,700
33,900
$31,500
Bank shares, p a r .....
1st 5s 1922..............M-N
1st 6s 1922............... ftl-£ 99
60*
Ronds.
Y & Hob 5s May '46.J-D
Herring-Hall-Mar new..100 15
$310,700 N Hob
$2,70S,000
$27,500
Government bonds__
Fy
1st
5s
1916.-M-N
Hoboken
Land & Imp.. 100
i6o"i2
34,027,950
80,151,000
3102,000
315,500
104' 105
State bonds-----------Y & N J 53 1943____ J-J
1st 5s Nov 1930...
410,323,000 N
503,093,500
8,858,500
4,288,000
9
9>4
HU. and misc. bonds.
10th & 23d Sts Ferry... 100
Houston Oil__________ 100
73I4 7334
1st mtge 5.3 1919___ J-D
Preferred
___________100
$585,955,500
$J,201,500 $1,690,000
llj
Total bonds--------s Union Ferry stock___ 100
In rersoll-Rand com...10
e 1st 5s 1920_______ M-N
e Preferred_________ 100 1 0 0
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
23
Intercontinental Rubber 100
EXCHANGES,
95
Internat’l Banking Co.. 100
Short-Term Notes
Amal Cop 5s Apr 1 1913.. 90’ s 1 0 0 1 8 International Nickel___ 100 238 243
Rlittadeiphia.
Boston.
American Cigar—
Preferred____ ______ 100 98 1 0 1
99 100
Ser B 4.s Mch 15 12..M-S 89-s loo's
1st g 5s 1932...........A-O
W i c k ending
5
V misled
Rond
Listed
Balt & Ohio 4 43s 1913 J-D 997g 100's International Salt_____ 100
L'S’.ed |L/nli.sted | Rond
Sepl. 8 1911.
53
shares
sales.
shares. | sales.
1st g 5s 1951_____ A-O ( 48
shares.
shares
Bethleh Steel 6s 1914..M-N IO 0 I 2 10034
80 10O
International Silver___ 100
dies & Ohio 4133 1914.J-D 983.1 pj
Preferred__________ 100 115 113
DAY . . .
Ctllc & Alton os 1913..M-S 0 j l 2 100
Saturday--------------___
110 HI
1st 63 1948.............J-I
Cln Ham & D 4s 1013__ J-1 99 -914
Monday---------------- ......... ....................HOLI DAY . . .
120
100
101
6,027
$24,500
A-O
i
Internat
Smelt & Refg.-lOO
Erie
0s
Apr
8
1914__
7,769
8,614
$16,000
13,519.
Tuesday--------------4,765
18,800 eGeneral Motors 03'15A4o 98
8,370
4,1061
97,000
OS's Jones & Laughlln Steel Cc
Wednesday------------ 11,4071
22,900 Hudson Companies—
5,805
1st s f g 5s 1939____ Al-N 1 0 1 1 0 H j
5,823
29,000
6,743
Thursday------------- 13,232
40
30
14,600
15,850
Os Feb 1 1913______ F-A 9S12 99
5,695
e Lackawanna Steel___ 100
21,000
6,876:
Friday------------------ 14,162'
81
80
63 Oct 15 1913.. A&OIS 98i- 99
c 1st con 53 1950___ ftl-S
93U
96
U712
31,257
$82,050 Int & Gt No 5s Tr Co ctfs
e Deb 5s 1915........ ..M-S 93
26.3441 $163,00ol 27,057
Total.................... 52,370
K C Ry & Lt 6s '12___ M-S
Lanston Monotype____ 100 <J312 9412
Minn & St L g 5s 1913..F-A 9 4 3 l 95.2 Lawyers’ Mtge Co_____ 100 2 0 0 270
Mo Kan & Tex 5s May l'l i U8'>8 I87S eh * Wllkes-B Coal___ 50 250
96
96
MoPaelflO 5s 1914 .....J -D
e Loriilard (P) pref____ 100 145
55
Nat ltys of Mex 4 43s’ 13J-D
Madison Sq Garden.. . . 100 45
All bond prices are now "and interest1' except where marked "f.
e N Y U Lines Eq 5s 'll - ’22 4*2% 414%
2d 6s 1919.......... ...M-N 95 105
21*
dills % 4.4% Manhattan Transit_____ 20 *2
143s Jan 1912-1925.
Rid Ask
N Y cent 4 43s 1911...M-S 1 0 0 l u o i s e May Dent Stores— See Stk Excb list
Ask
Bid
Street Railways
Street Railways
eMIami Copper— Se- Stock .■.xcn list
N Y N H & H 5s Jan 1912 Id) loO
444s Mch 1 1912___ M-S 1 0 0 1 2 IOU4 Monongaheia R Coal____ 50 *9*2 1 0
Pub Serv Corp N J (Con) —
New York City
Preferred____ _______50 * J 2 1 2 331*
New’k Pas Ry 5s ’3 0 ..J-J 106
St L & S F 5s 1913___ Al-S 98I4 98 >4
Blccck St & Ful Fy stk.100 15 21
Mortgage Bond Co____ 100 1 1 1 114
5s June 1 1913 opt-.J-D
Rapid Tran St Ry___ 100 235 240
70
1st mtge 4s 1950_____ J-j 60
Nat Bank of Cuba_____ 100 101 105
1st 5s 1921........... A-O 103
lo o t s
South Ry g 5s 1913___ F-A
B’y & 7th Avcstk.......... 100 120 140
J C Hob & Paterson—
Tidewater 6s. 1913, guar... 101 loll* e National Surety_____ 100 215 225
2d mtge 5s 1914_____ J-J 99 lol
*12 •l*
1Nev-Utah Min & Sm____ 10
4s g 1949.............M-N 751- 7612 Wabash 4 43s 1913___ M-N
Con
Id1 —See Stock Exc 1st
So J Gas El * Trac__ 100 130 - - - - West Telep & T 5s '12.F-A 100.4 ioou s New Central Coal_____ 20
B’ way Surface 1st 5s gu 192, 101L 103
25**
Gu g 5s 1953____ M-S 0734
vu
Westlngh’se El & M 6s 1913 10 H4 101>8 New York Dock_____ 100
Cent’l Crcmtown stock.. 10U
55
No Hud Co Ry Os 1914 J-J 101 102
e Preferred ................100 45
85
«5% notes Oct 1917.A-O 9412 9712
1st mtge 6s 1922___ M-N 80
5s 1928......... .........J-J 1U2 —
N Y Mtge & Security__ 100 214 218
Cen Pk N & E Riv stock.loo 10 20
4
Ext 5s 1921_____ Al-N 95 —
N Y Transportation____ 20 *3
Chrlstoph’l & 10th St stk 100 95 120
Railroad
96
Pat lty con 6s 1931..J-D 114 - - - - Chic Peor Jc St L—
ll3t
Niles-Bem-Pond com__ 100 92
Col & ota Ave 5s—See Stock
2d Us opt 1911___ A-O 10112 103
81*
Nlplssing Mines_________ 5 * 8
Prior Hen g 4 43s '30.M-S / 90
Dry Dock E 11 & B—
Jtilo Copper Co________ 10 * l7ie U*
Con mtge g 5s 1930__ J-J / 40
1st gold 5s 1932-------- J-D 98 101L •5o Side El (Cldc)—See Ch 0:1,ro list
7
On-arlo Power Co—
Income 5s, July 1930
Scrip 5s 1914----------- P-A / 30 40 Syracuse R T 5s 1916 ..M-S 101’-£ 103
90
08
Trent
P
&
1
1
5s
1913...J-D
961g 971*
212
1st g 5s 1^43 opt ....F -A
Eighth Avenue stock— lou 275 111)
Chicago Subway______ 100
e Ontario Sliver_______ 100
Northern Securities Stubs.. 1 0 0
Scrip 6s 1911 — -----P-A / 05 I'M United Rys of St L —
914 __ __ Pitta Bess & L E_______ 50 *30
Com vot tr etts......... 100
70*"
G9
Otis Elevator com_____ 100
42d >Sc Clr St F’y stock.-100 190 •220
41
4M£
101
99
e Preferred ......... .....100
Preferred___________ 50 *0212
Preferred................. 100
42d St M & St N A ve... 100
__
Gen 4s 1934—See Stocx Exc list
PitLsburgh Brewing____ 50 *173; 17?s
e Railroad Securities Co—
2d Income 6s 1915__ J-J / 40
42*4
Unit Rys San Fran—See Stk Exc list
Preferred___________ 60
111 C stk tr ctfs ser A__ 52 90
Inter-Met—Nee Stock Exoh mge tun
Wash Ry & El Co_____ 400 4212 431- Seaboard Company— See Ba It Exc
1Pittsburgh Steel pref..loo 100* 103
Lex Av & Pav F 5s—See Sti Exc list
55
Preferred.................. 100 89‘8 80 Cl We3t Pac 1st os 1933..M-S 91
Pope Mfg Co com_____ 100 45
Motropol St Ry—See stk 10xc iisc
77
4s 1951................... J-I) 85
Preferred.................. 100 76
Ninth Avenue stock___ 100 ICO 175
Pratt
Whitney pref.. 100 98 1 0 2
11
8
Industrial and Misccl
Second Avenue stock__ 100
8J 1 0 0
Producers Oil_________ 100
40 00
Adam! Exp g 4s 1947..J-D / 83!2 85
Gas Securities
Consol 5s 1918_____ .P-A
(Ray Consol Copper— See S k Ex list
Ahmeek Alining_____ .--25 *155 1 0 0
e Sixth Avenue stock__ 100 120 126
Realty Assoe (Bklyn.)__ 100 1 1 0 115
7.j
New York
Alliance Realty_______ 100 12a 135
Sou Boulev 53 1915___ J-J 65
Royal Bak Powd com__ 100 190 : 0 0
So Fer 1st 5s 1919.........A-U 85 95 Cent U11 Gas 5s 1927___ J-J 10112 10212 Amer Bank Note com.. 50 *45 48
63
Preferred .................. 100 107 10312
Con Gas (N Y)— see Stock Exc list
Preferred__________ 50 *51
Third Avenue RR— See Stk Exc list
Safety Car Heat & Lt__ 100 1 2 0 1 2 1
80 J Mutual Gas..... ..........100 137 175
American Book_______ IOC 165 170
Tarry W P & M 5s 1928 > 6)
60 :
New Amsterdam Gas —
Seneca M ining.._____ 21
cA m Brake Sh&Pdy comlOO 90 94
Y’kers St RR 5s 1916 A-u 80 85
1st consol 5s 1918___ J-J 10 )1- 10FSinger Mfg C o ..._____ lOu 2*60 ’ 2 6 0 '
rPrefcrred........... ...1 0 0 124 i,3
28th & 29th Sts 5s '93..A-0 / 13
4
2
American Brass_______ 10J 1 2 1 121
South Iron & S com___ 100
Twenty-third St stock.. 100 190 210 N Y * E R Gas 1st 6.s ’44 J-J 103t2 105
8
4
American Chicle com__100 235 24 )
Consol 5s 1945______ JH 101 103
Preferred__________ 100
Union lly 1st 5s 1942...F-A 102 1031Preferred__________ 100 1 0 1 107
Standard Cordage_____ 100
Westchester 1st 5s ’43 J-J 65
1*
4
Nor Un 1st 5s 192?___ M-N 9j34 101
1st M g 5s '31 red.. ..A-O * 1 2 * 15.
Am Oraphophouc com.. 100
3
70 ___
Brooklyn.
« Standard Gas com___ 100
Preferred......... ......... 10J 24
Adjust M 5s Apr 1 1931. . I 1
___
<5
95
ci'refe-red . . _____ 10b
Standard Coupler ooni.-10d 42
Amer Hardware______ 100 140
Atlan Avenue RR—
l3t 5s 1930............ M-N 104 10512 Am Malting 6s 1914___ J-D 99 .
Preferred..............
100 105 115
Con 5s g 1931............A-O 101)4 103
17
5
B B & W E 5s 1933-----A-O 93 102
aStandard Milling Co__ lOo
Amer Press Assoc'n___ 100 90
63
Other elites.
2 Preferred_________ 100 47
eAmer SnuH com_____ 10J 225
Brooklyn City Stock------ 10 162 106
88
Am Gas & ISlec com__ 50 *57
59
8
6
( 1st 53 1930...........M-N
Con 53—See Stock Exch luge dst
e Preferred_________ IOj 91
4’referred.................... 50 *43
44
tk Ex
Standard Oil ot N J____ 100 633 645
Am. St Found new— See
Bklyn Ilgts 1st 6s 1941 A-O 08 102
Amer Light & Tract___ 100 298 300
Standard Oil ex-subsidlar’ s. 3 .0 250
6s 19J5.....................A-O 1 0 1
Bklyn Queens Co & Suh—
Preferred.................. 1U0 105 106
Standard Oil Subsidiaries.. 275 350
Deb 4s 192J________ F-A 67
c 1st g 5.3 '41 op 1916 .J-J 98 101
99 Amer Power & L com. 100 75
Studebaker corp com., loo 601., 67
American Surety............. 60 28 J
s 1st con 5s '41 op '16 M-N 97
Preferred_________ loo
82
Preferred_______ ..10- 1 0 1 1 2 10.3
83
American Thread pref___ 5 *5
Bklyn Rap Tran— See Stoc., E.XC list
02
*3g
Sulzberger* Sons copi.lOo 1 0 0
Am Tobacco Co com___ 100 387
Coney Isl & Bklyn........100 43 65 Bay State Gas................ 50
Swift * Co—See Boston Stk E x c ,1st
Amer Typef'ders com__ 100 48
1st cons g Is 1948-----J-J 75 32 aingh’ton (N Y) Gas Wks
1st g 5s 1938_______A-O
97 100
1st 53. See Chicago Stk E x c 1st
Preferred . . _______ 100 103
Con g 4s 1955........
l-J 75 80
Texas Company—See Stock E x c list
Deb g 6s 1939_____ M-N lO
Brk C & N 5s 1939...J-J 98 101 Brooklyn Un Gas—See Stk Exc llSC
100
98
Bulfalo City Gas stock.. 100
5
612 Amer Writing Paper___ 100
Kings Co El 43—See Stock EXC .1st
-°4 e Texas * l’acltic Coal..100
1st 5s 1947— See Stock Exe list
87
eTexas Pacino Lan.i Tr.100 84
^Preferred— See Stock Ex eb’ge 11st
Nassau Elcc pret______ 100
76
90\ Title ins Co of N Y_. ..10o 1 2 £ 135
elst s 1 g 5s ’19red U5J-J 90
5s 1941.....................A-O 101 103 Cities Service Co_____ 100 73
Preferred.................. 100
*6
14
77
79
0
8
Touopah Min (Nevada)..
6*8
All Gif & W I SS Lines.. 100
1st 4s 1951—Nee Stock 10xc list
94 Con Gas of N J 5s 1930 .J-J 90
8
4
13
Trenton Potteries com-.ioo
Preferred..............
100 17
N W'b'g & Flat 1st ex 4 43s 00
56
6 7 12
66
Preferred new______ 100 50
Col tr g 5s 1959......... J-J
Steluway 1st 6s 1922— J-J 100 104 Consumers' L H & Pow—
5s 1938..................... 1-D 100
40
15 25
Trow Directory_______ 100 25
Barney & Smith Car___ 100
_
Denver Cas & Ktec___ 100 220
Preferred_____ _____ 100 nbO
eUnderw’d Typewriter— Sec Stk x list
Other CUies
70 90
40
Gen g 5s 1919 op___ Al-N 92
93
Bliss Company com___ 66
Union Typewriter com..lUo 35
Buffalo Street Ry—
.. _
1st preferred_______ 100 lu8 113
Preferred___________ 60 lzJ .2 5
1st consol 5s 1931-----F-A 10312 105 Elisabeth Ua3 Lt Co___ 100 300
Bond & Mtge Guar____ 100 245 250
2d preferred________ 100 1 0 2 104
Deb 6s 1917..............A-O 1031- 105 Essex & Hudson Gas.. 100 137 140
46
82
Borden’s Cond Milk___ 100 1 2 2 124
United Cigar Mfrs_____ lOo 44
85
Columbus (O) St Ry-----100 S3 361a Gas & El Bergen Co___ 100
Preferred.................. 100 r i u 0 i 2 108>2
e Preferred_________ 100 luO 1 0 2
Prctcrrcd__________ 100 95 9Hi e Gr Rap 1st 5s 1915 . . F-A 99 101
*334 3-8 United Copper________ 100
British Col Copper___
Hudson Co Gas.............10U 13J 133
Coin m Ry con 5s—See Pill ■a list
U 4 U*
16
Butte Coalition Mining. 16 *1434 IMS
Preferred__________ 10U 1 0
33 35
Crosst’n 1st 5s 1933..J-D 102 105 Indiana Lighting Co___ 100
2
U S Casualty_________ 106 215
21 2
4s 4958 op_________ F-A 65
Casein Co of Am com ... 100
69
« Conn Ry & Ltg com — 100 74 751?
Preferred__________ 100 40 53
U S Envelope com____ 100 70
Indianapolis Gas........... 50 20
e Preferred ............... 100 80 82
25
79
Casualty Co of Amer__ 100 125 140
Preferred__________ 100 113 116
1st g 5.3 1952.............A-O
1st & ref 4443—See Stock Exc list
86
5 Finishing_________ 100 90
Celluloid Co................... 100 134 137
95
Grand Rapids Ry pref..l0U 80 t5 Jackson Gas 5s g 1937.. A-O / 97*2 100
Preferred__________ 100 105 1 1 0
Cent Fireworks com___ 100
e Loulsv St 5s 1930____ J-J IDS)* 103L e Laclede Gas— See Stock E xch 1 it
1st g 5s 1919_______ J.J 1 0 0 106
Preferred__________ 100 1 0
Lynn & Bos 1st 5s 1924.J-D 10512 106^4
Con g 5s 1929_____ .J-J
Chesebrough Mfg Co___ 100 700
95 1 0 0
« New on ltys & Lgt...iou 40 4212 Madison Gas 6s 1926. . A-O 105 110
S2 -- - - Newark Gas 63 1944___ Q-J 127 12J eChlno Copper Co— See Stoc i Exj
s U S Indust Alcohol -.1 0 0
25
__ City Investing Co......... 10u
e Preferred________ I loo
9*
Gen M g 443s 1935—Nee s tk Ex 1131 Newark Consol Gas___ IOC 97
Preferred .............
lOu
U S Steel Corporation—
e Con ;; 5s 1048_____ J-D 101 105
«Pub Serv Corp of N J— Sec Stk E XI Is
e Claflln (H B) com____ 100
Col tr s f 5s 1951 opt '11 . 11418 115
Tr etts 2% to 6% perpei 103 -- -- No Hudson L H & Pow—
5.3 1938....................A-O 160
e 1st preferred______ 100
Col tr 8 f 53 '61 not opt.. 1141g 116
North Jersey St lly .. 100 65 ___
e 2d preferred......... .100
U S Tit Gu <fc Indem___ 100 1 0 0
1st 4s 1948........... M-N 77 -- -_ Paclilc Gas & E, com. IOC 661- 6712
76
Preferred.................. IOC
860 8812 Col * Hock Coal & I pf.100
Westchester & Bronx Title
Cons Tract of N J-----100 75
10411st g 53 1917........
J-J ,45
6 Mtge Guar_______ 100 160 169
Pat & Pas Gas & Elec. .101 92 9 >
1st 5s 19J3............J-L) 101
46
Col tr 6s Oct 1956___ J-J
e Con g 5s 1919........Al-b 10U2 102l2
Westlngh'se Air Brake.. 60 *145
Worthlngt'n Pump pref.100 107
3t Joseph Gas 5s 1937..J-J 91
94 Consol Car Heating___ 100 68
Volume of Business at Stock Exchanges
Rid Ask
Electric Companies
Chicago Edison Co—See Ch eago list
SCl2
Gr’t West Pow 5s 1943..J-J $4
e Kings Co El L & P Co. 100 123 127
Narragan (Prov) El Co__ 50 * __ 8.
56
N Y * Q El L & Pow Co. 100 53
76
Preferred__________ lOo 73
.3
United Electric of N J__ 100 9}
1st g 4s 1949.............J-D
7712
78'-2
29*2 311
Western Power com___ 100
601
Preferred...................100 59
Outside Securities
1
1^ * P u r » h a r o .
0 B a sts,
t; ;$eiLs o u S t o o i r E x c h a n g e , o u t n o t
very active. /
F ia t p n e u .
n N o m in a l.
i S i n s p .n o s .
. N ew
stu ck .
*
n x -m v .
» E x -r ig h t *
BOSTON SPOOK EXCHANGE —Stook Record, Daily, Weekly and Yearly
SHARK HR i r E S —NOT HER C E N 1 UAt PR IC E S
SiUurgay
|
Monday
Sept. 4
1
1
1
H O L ID A Y
1
'1 uesaay
Sept. 5
2
hursda„
Sept. 7
Priday
Sep . 8
sa.es
o f ne
Week
Shares
'• 1 0
....
B O S T O N S T O C K
E X C H A N G E
Range since January 1 .
On lasts o 1 0 0 share lots.
H u /h e s l.
—
___
___
—
4
—
E XCH AN G E
'3
1
___
.
4
J
and
Highest.
153""J’ne
. .
' B id
Iiam c tor Previous
Year ( 1 9 1 0 ) .
R a ilr o a d s
1043,8 1 0 4 ’ s * 1 0 4 3 ,8 1 0 4 5 s
1037a 1037S
20 A t c h T o p f t S a n t a F e . 1 0 0 102 1 $ J a n
1101.1 J ’ n s 6
9 H o J ’ ly
U h l 's J a i l
* 10 H 2 10 D
10 11? 10 11" 10 1
10 1
10 1
Sep
D o
p r e . _______________ 1 0 0
10
10 5 J ’ n o o o
i o n .. J a il
17 *2 A u z
220
221
220
220
220
220
*220
B
o
s
t
o
n
&
A l b a n y ______ 1 0 0
219
Apr
19
226
F e b 15
218
J" ’ n e
234
Jan
*127
12712
1 2 7 U 1271? *12714 1271" *127*4
127*"
1 2 6 ' " A u ? 10
13012 A u g
5 3 B o s t o n E l e v a t e d ________ 1 0 0
r l2 2
13634 J a i l
A ug
*218
221
*218
221
Last Sale 2 1 7 S e p t ’ i i
B o s t o n & L o w e l l ________ 1 0 0
207
Feb
21712 A u g 2
200
227
F eb
J ’ly
103
10 1
1 0 3 *2 1 0 1
104
104
1223g F e u 1
103
10312
0 7 B o s t o n f t M a i n e ________ 1 0 0
10 1
M a y 10
118
D ec
152
F eb
*295
*295
300
Last Sale 2 9 8
A ug’l 1
292
M ch 2
B o s to n & P r o v id e n c e . 100
300
M ch l
285
O ct
300
N ov
12
12
*12U
14
* 12
14
12
Sep
10 B o s t o n S u b u r b a n E l C o s .
16
M c h 15
14
J 'n e
I 6 I3 N o v
*75
_____
80
*75
Last Sale 7 5
S ep t’ l l
72
Jan
D o
p r c l ____
TGi.i J ’ n e 2
70
J ’ ly
76
A pr
13
Last Sale 12
* --------1312
J u ly ’ l l
B o s to n ft W o r e E le c C o s .
6 F eb 1
13
J ’ l v 13
A le
8
101" S e p
56
*50
50
Last Sale 5 1
A ug’l 1
D o
p r e i ____________________
58
J ’ly
A ug
35
48
Jan
164
161
*161
165
*164
165
1G 4
164
150
10 C h l o J u n e R y f t U S Y . 1 0 0
165
A u g 3
A’ p r 2 9
Sep
139
160
D ec
* ____
114
Last S a ’e 1 1 4
114
* _____
A ug’ll
D o
p r e f ____________________
107
11512 J T y 25
M ch 1 .
O ct
109
118
Jan
*271
*271
_____
Last Sale 2 7 2 J u l y ’ l l
C o n n e c t i c u t R i v e r ____ 1 0 0
265
J a n ■H
O ct
272
J lie 6
260
270
M ch
1 2 6 3 4 1 2 6 !., * 1 2 6
.
* 1 2 6 3 4 1 2 S *4 1 2 7
127
8 F i t c h b u r ? , p r e f _________ 1 0 0
125
130
Jan
A p r 10
12 41.1 S e p
1 3 3 l2 J a n
161
161
* _____
10 1
161
* _____
16012
1601"
1 7 5 G n R y & E l e c t r i c ______ 1 0 0
11 7 *" J a n 23
lo ll2 A u g28
10 1
ta u
123
O ct
_ ____
*92
*92
_____
9312 9312
21
D o
p r e . ......................... 1 0 0
86 F e b 20
9312 J ’ n e 1
85
A pr
90
O ct
*145
* _____
145
l a i n e C e n t r a l .....................1 0 0 6 1 4 0
J ’ ly 25
202
F en
215
J a n lh
L18
D ec
18
18
1812
19
18*2
19
1 S *2
181?
2 0 5 M a s s E l e c t r i c C o s ______ 1 0 0
16
A p r 2 ,/
141.1 J ’ l y
24
J ’n e
2H s N o v
86
861"
8612 87
87
88
87
87
9
2 ,1 3 9
D o
p r e f _______________ 1 0 0
833, J a n
8S3, N o v
75
J ’ ly
9 5 i 8 J ’ l y 15
133
1
3
4
1
3
4
13312
13312 1 3 5
133>2 1 3 3 "s
586 N Y N II ft H a r t fo r d . 100
1 5 1 - s F e b 23
1311" A u g 2 8
149
A pi
16438 M c h
_____
_____
Last Sale 1 4 2 J u l y ' 11
139
N o r t h e r n N H ___________ 1 0 0
J a n lo
142
139
D ee
141
D ec
M o ll 6
* 2 12
* 2 12
_____
Last Sale 2 1 2 J u l y ’ l l
2 10
J a n 20
N o r w ic h ft W o r p r e f .100
213
L10
M av
J ’ l y 14
212
M ch
* 1 8 7 1 2 _____ * 1 8 7 1 2 _____
Last Sale 1 8 ? i 2 A u g ’ l l
183
O ld
C o l o n y _______________1 0 0
189
M c h 15
I8D4 S ep
Jan
0
200
Jan
,* 3 5
40
*35
38
Last Sale 15
S ep t’ l l
32
J a n 20
R u t l a n d p r e f _____________ 1 0 0
43
F e b 21
25
M ay
4 4 l2 N o v
110
110
* _____
1 0 9 1 " * _____
i o a i 2 *10S 12
1091?
1 S e a t t l e E l e c t r i c __________ 1 0 0 1 0 5 ! " A p r i s 1 1 2
F e b 2‘ ?
103
A ug
116
Jan
* XyjJ
*103
*103
_____
10,1*2
103'
25
D o
p r e t _______________ 1 0 0
104
A u g 28
*9 7 * 2 A lc h l o
9834 A u v
10G
M ch
1607s 17034
*1 6 J *2 1691(
1 6 8 * ., 1 69*4
163*2
IO G '. s
1,0 0 0 U n i o n P a c i l l c ......................1 0 0 1 6 5 7 s A u g 20 1 9 2 l 8 J ’ l y 2 2
15 3 14 J ’ l y
2 0 110 J a n
Last Sale 01 "8 A u g ’ l i
* :j h 2 9 2 1 2 * 9 1 1 2
9 2 l2
90
-M c h 9
D o
p r e . ________________1 0 0
9 5 * 8 A l a V 12
8 9 i4 J ’ l y
1 0 3 ’t s J a n
____ * 1 6 2
*162
Last
Sale
_____
161
June’ll
104
156
A tch 21
e r m o n t f t M a s s ______ 1 0 0
J ’n e l
151
O ct
1C 8
Jan
88
7
88
87
871?
86*2 8 7
* 8 7 1 ,,
_____
861- S et)
? C 3 t i . n d S t _____________ 5 0
93
M e n -2
406
83
S ep
9 5 i2 M c h
10 0
10 0
1 0 0 l£ * 1 0 0
10 0
100*2 * 1 0 0
100*2
105
D o
p r e f _________________ 5 0
10 J A u g r,
127
Jan I t
99
J 'l y
109
F eb
A’ : s e e ) la n e o n s
50
51
51
5U 2
5012
51
51
513j
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13
585
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21?
*2
2*4
21?
2*2
25 V
2*" F e b
7
1
25
A u g 17
2
D ec
* .»
534 J a n
6
5
5
5
5
5
5
350 V
W
in
o
n
a
________________
*Jlo A l t g 2 l
25
Ul2 E e l )
0
5
J ’ ly
100
10 0
15
Jan
102
103
100
101
98
100
241 W
\\ o lv e r in e ____
122
F e b 10
25
98
120
J ’ly
A u g 28
1
150
Jan
.9 0
Last Sale
H*
A ug’ll
1*8
---------i w
-------1
W yn n o t t ______ I ______ 2 5
2
Feb
o
l
A u g 22
l l 4 J ’ ly
334 J a n
css’t p ud
u E x -3 t 0 3 t d .v .
-r lg .it i
a E x -d lv . a a d r ig a ts .
___
C L 03E D — E X T R A
Wednesday
Sept. 6
asked
p r io e ,
Price
Friday
Sept. 8
BONDS
B O S T O N S T O C K E X C H A N G E
W e e k E n d in g S e p t . 8
Week’s
Range or
Last Sale
Lose
A m A g r l c u l C h e m 1 s t 5 s ____ 1 0 2 S
A m T c lc p & T e l c o ll tr 4 s . .1 9 2 9
C o n v e r t i b l e 4 s _________________ 1 9 3 G
A m W r it P a p e r l s t s t 5s g . . 1919
A m Z i n c L & S d e b 6 s .............. 1 9 1 5
A r lz C o m C o p 1 s t c o n v 6 s . .1 9 2 0
! A t c h T o p & S F c g e n g 4 s . .1 9 9 5
A d j u s t m e n t g 4 s ______ J u l y 1 9 9 5
S ta m p e d
.....................J u l y 1 9 9 5
5 0 - y e a r c o n v 4 s _________ 1 9 5 5
1 0 - y e a r c o n v 5 s _________ 1 9 1 7
A t l G u lf & W 1 S S L in e s 5s . 1 9 5 9
B o s t o n & L o w e l l 4 s ____________ 1 9 1 6
B o s t o n & M a i n e 4 M s ................. 1 9 4 4
B u r & M o R l v c o n s 6 s .............. 1 9 1 8
C e d a r R a p & M o R 1 st 7s . .1 0 1 6
! C en t V e rm t 1st g 4 s—
M a y 1920
C B & Q I o w a D l v 1 s t 5s . . .1 9 1 9
I o w a D l v 1 s t 4 s ............................ 1 9 1 9
D eb en tu re
5 s . ......................- - 1 9 1 5
D e n v e r E x t e n 4 s --------------------- i » “
N e b r a s k a E x t e n 4 s ...................1 9 2 7
B & S W 6 f 4 s ............................- 1 9 2 1
•
I llin o is D lv S M S
— -1 9 4 9 ;
C h ic J e t R y & S t ic Y d s 5 S . . 1 9 1 5
C o ll t r u s t r e fu n d in g g 4 3 .1 9 4 0
C li M ll w & S t P D u b D 6 S ..1 9 2 0
; C li M & S t P W l s V d l v 6 S ..1 9 2 0
C h & N o M i c h 1 s t g u 5 s --------- 1 9 3 1
C h i c & W M i c h g e n 5 s ------------ 1 9 2 1
! C o n c o r d & M o n t c o n s 4 s ...1 9 2 0
i C u d a h y P a c k (T h e ) l s t g 5s 1924
C u r r e n t R i v e r 1 s t 5 s ------------------ 1 9 2 6
: D e t G r R a p & W 1 s t 4 s --------- 1 9 4 6
’ D o m i n i o n C o a l 1 s t 8 f 5 s --------- 1 9 4 0
1 F i t c h b u r g 4 s ......................................... 1 9 1 5
4 s ___________________________________ 1 9 2 7
F r e m t E lk & M o V 1 st 6 s . . . 1933
U n s t a m p e d 1 s t 6 s ------------------ 1 9 3 3
G en era l M o to rs 1st 5 -y r 6 s .1915
G t N o r C U & Q c o ll tr 4 s . .1 0 2 1
R e g is te re d
4 s _________________ 1 9 2 1
N O T E .—
659
Boston Bond Record
•Sep t . 9 ion.1
I s
Range
Since
January
High No. Low High
2
lO U g
10178
A -0
31
90%
90%
9 0% S a le
J -J
4
1
0
7
%
1
0
7
%
*
1
0
6
1
2
1
0
8
M -S
90
F eb ’ll
J -J
105
5
1 0 5 * S a le 105
M -N
6C
46
52
52
S a le
J -D
1
98% 99%
99%
9 9 ..
A -0
9 1 % 921.| 9 1 % J ’ l y ’ l l
N ov
92
M ay’ll
91 % 92%
M -N
113
J ’ly ’ l l
J -D
110% M ch ’ll
J -D
0
6
%
6
*
6
0
%
0
6
%
J -J
J -J
J -J
103
Jan ’ll
J -J
111% A u g ’ l l
M -N
90
A u g ’ l l _____
______
88
Q -F
1 0 3 O c t '0 7
A -O
99
F eb ’ll
A -0
101% M a y ’ l l
M -N
F -A
99% M a y 'l l
M -N
99 % M a y 'l l
9 9 % F e b '1 1
M -S
87% A u g ’ l l
J -J
1
______ 1 0 2
102
J - J *102
90% A u g ’ 1
A -O
______ 9 1
114
J a n '1
J -J
J J
M -N
100
_____
J -D
100
J -D
_____
M -N
_____
A -0
_____
A -O
8 5 3 4 ______
_____
M -N
98
98%
_____
M -S
_____
96
M -S
128
.
A -0
.........................1 4 0
A p r 'O f
A -0
_____
......................... 9 9
.
A -O
3
98% 96%
96%
J -J
_____
Q -J
90
1 —
101%
89%
104
90
100
30
98
91
91
10 9 -%
103%
66%
102%
92
111%
90
122%
92%
99%
9178
92
113
110%
73
i
i
! l a F a lls & S i o u x C 1 s t 7 s . . . 1 9 1 7
! K a n C C l i n & S p r 1 s t 5 s --------- 1 9 2 5
; K a n C F t S c o t t & M e m 6 s . .1 9 2 8
! K a n C M & B g e n 4 s ------------------ 1 9 3 4
A s s e n t e d I n c o m e 5 s ------------ 1 9 3 4
j
|K a n C & M R y & B r 1 st 5 s .1 9 2 9
M a i n e C e n t c o n s 1 s t 7 s ------------ 1 9 1 2
C o n s 1 s t 4 s _____________________1 9 1 2
M a rq H o u g h & O n t 1 st 6 s . .1 9 2 5
a s s G a s 4 M s -------------------------------- 1 6 2 9
i c h T e l e p h o n e 1 s t 5 s ------------ 1 9 1 7
ew E n g C o tto n Y a rn 5 s .. 1929
e w E n g T c l c p h 5 s -------------------1 9 1 5
5 s _______________
1916
1 0 3 ** 1 0 3 %
N e w E n g l a n d c o n s £ 5 s --------- 1 9 4 5
11158 H 1 3 4
B
o
s
t
o
n
T
e
r
m
1
s
t
4
s
-----------1
939
87% 90%
N e w R iv e r (T h e ) c o n v 5 s . . 193 4
.........................
N Y N H & H c o n d e b 3 M s -1 9 5 6
C o n v d e b 6 s ( c t f s ) --------------- 1 9 4 8
10 0 34 1 6 1 %
O l d C o l o n y g o l d 4 s -----------1924
9 9 % 100
O r e g o n R y & N a v c o n g 4 S .1 9 4 6
98% 99%
9 9 % 9 9 % i O r e g S h L i n e 1 s t g 6 s ...................1 9 2 2
1912
87% 88% : P e r e M a r q u e tte d e b g 6 s —
1919
100
102% ! R e p u b V a lle y 1 st s f 6s
S a v a n n a h E le c 1 s t c o n s 5 s . .1 9 5 2
89% 90%
S e a t t l e E l e c 1 s t g 5 s ...................1 9 3 0
111
111
S h a n n o n - A r i z 1 s t g 6 s ------------ 1 9 1 9
113% 113%
T e r r e H a u t e E l e c g 5 s .............. 1 9 2 9
9 8 % 101
T o r r i n g t o n l s t g 5 s --------- . . . 1 9 1 8
100. 101%
U n io n P a c R R & 1 g r g 4 s . .1 9 4 7
2 0 - y e a r c o n v 4 s . — . ---------- 1 9 2 7
U n ite d F r u it g e n s I 4 H S - — 192 3
97
97
D eb en tu re
4 M s . . ...................1 9 - o
87
87%
U S S te e l C o 1 0 -6 0 -y r 5s A p r 1963
953.1 9 8
W e s t E n d S t r e e t R y 4 s --------- 1 9 1 5
G o l d 4 M s .............................................1 9 1 4
G o l d d e b e n t u r e 4 s __________1 9 1 6
127*% 1 2 8 *
G o ld
4 s ____________
..1 9 1 7
W e s t e r n T e l c p h & T e l 5 s ____ 1 9 3 2
*99
*99%
W is c o n s in C e n t 1 st g e n 4 s . .1 9 4 9
9 5 % 98-%
9 5-% 9 8
M
M
N
N
B u y e r p a y s a c c r u e d In t e r e s t In a d d it io n t o t h e p u r c h a s e p r ic e f o r a ll B o s t o n
B on d s.
Bid
Ask Low
A - O * ______ 1 0 0 %
A -0
A -0
M -N
11 6 % 1 1 /%
92
______
M -S
______9 1
M -S
1 0 2 % --------A -0
A -O
A -O
A -O
100
S a le
J -J
J -J
F -A
'9 9 % S a P *
A -O
A -O
J -J
A -O
J -J
J -J
J -J
-A
J -D
F -A
J -J
J -J
J -J
F -A
104
______
M -N
80
90
J -J
M -S
J -J
J -J
96% S a le
J -J
95% 96%
J -J
M -N
F -A
M -S
M -N
F -A
98
S a le
J -J
J -J
Range
Since
January
Week’s
Range or
la st Sale
Price
Friday
Sept 8
B O N D S
1
j B O S T O N S T O C K E X C H A N G E
W e e k E n d in g S e p t . 8
1 1
10 0 %
117
94%
116 %
92
89
102
102%
101%
115
100
99%
99%
101%
100%
A u g ’ll
A p r ’ 08
F eb ’ll
A u g ’ll
A u g ’ll
A u g ’ ll
M ch ’ll
F e b 'l l
S e p *05
J ’n e ’08
100
M ay’ll
100
M ch ’ll
S e p ’08
75
96%
133%
101
987s
114%
98
103
70%
104%
91%
97
100%
100%
104%
96%
96%
104%
99
100%
98%
99
98
93%
O c t ’ 10
M ay’ll
M a y’ll
A p r ’09
S e p '0 .
F e b '1 1
J ’lie ’ l l
Jan ’ll
D e c '1 0
Sep ’ll
A u g ’ll
A p r '0 7
*10
J ’ly ’ l l
A pr ’ ll
98%
A u g ’ ll
A u g ’ll
M ay’ll
M ay’ll
A p r '1 0
A u g ’ll
98%
Jan ’ll
* N o p r ic e F r id a y ; la t e s t b id a n d a s k e d ,
1
Low High
High
100
102%
9 4 '%
115
92
88
102
102%
*94%
116-34
93%
90
103
10234
99 % 100%
99% 99%
9 9 % 103
10134 1 0 2
96% 99%
1 3 2 % 13434
11434 11478
98
9S34
103
103
104
91
105
93
100%
10438
95%
96
104%
98%
100%
101
104%
97%
9678
106
99
100%
98% 99
9634 100
9 3 % 93%
fl F l a t p r i c e .
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Nearly
S h are
P r ic e s — N o t
Tuesday
September
Per
C en tu m
P r ic e »
Wednesday Thursday
September 6 September 7
5
*23*
Ye”
*231*2
IIII
*89
*39%
0%
74
*121
*23
* 521%
17%
*58*’
173!
*53*
*17%
*5*3**
18
*53*
*17%
*11
44
44
11%
52%
30
69
12
44%
44%
11%
53%
30
70
6%
*90
99%
*9
*72
*90
--------99%
9%
---------
*9 9 14
9%
72%
_____
_____
9%
72%
91
_____
91;
74
128
_____
*535
18
B a ltim o r e
C o n G a s E l L & P o w .1 0 0
D o
p r e i __________ 1 0 0
10
O i l _______ . . . 1 0 0
1 ,3 0 0 H o u s t o n
D o
pref
__________ 1 0 0
216
N o r t h e r n C e n t r a l ------------- 5 0
S ea b oa rd C o m p a n y ..100
D o
1 s t p i e : ---------- 1 0 0
D o
2d
p r e f ______ 1 0 0
180
100 U n it e d R y & E l e c t r i c - 5 0
*89
*99%
92
IC O
91,1
»l
73
73%
* _____ 1 2 8
*23
20
*80
84
*52%
53
*17%
18
Philadelphia
‘ -2 2 %
86
79
8%
22
60%
*50%
16%
22%
70%
6
50%
85%
86
79%
|%
60%
51%
17
22%
71%
6%
50%
86
L i t B r o t h e r s .............................. 1 0
L i t t l e S c h u y l k i l l .....................5 0
M ln c h lll A S c h u y t H — .5 0
N a t G a s E le c L t & P o -1 0 0
P r e f e r r e d ...............- —
N o r t h P e n n s y l v a n i a ...50
P e n n s y lv a n ia S a lt . —
.s o
P e n n s y lv a n ia S te e l—
100
P r e f e r r e d __________ - - - ! 0 0
P h lla C o (P it ts ) p r e f — 50
P h il G e r m a n & N o r r i s ..5 0
P h l l a T r a c t i o n .........................5 0
R a ilw a y s
G e n e r a l ------------1 0
T o n o p a h B e lm o n t D c v — i
U n ite d C o s o f N J — — 100
U n it e d T r a c P itts p r e f.5 0
V ir g in ia R y & P o w . .. 1 0 0
P r e f e r r e d .....................
W a r w ic k I r o n & S t e e l. 10
W a s h l n ? t o n - V a R y . — lO O
p r e f e r r e d ...........................
W c ls b a c h
C o . . . — ---10 0
W e s t J e rse y & S e a S h — 50
W e s t m o r e l a n d C o a l — — uO
W i l k e s G a s & E l e c --------- 1 0 0
Y ork
R a i l w a y .........................5 0
P r e f e r r e d ........... ....................5 °
1
*
33.
77%
79
5
14
*20%
59%
20
70
96%
113
42%
150
81%
*6%
38
78%
10
43%
Bonds
P rices are all ‘‘and
interest’’
A lt & L V E le c 4 M s’ 3 3 F -A
A m G a s & E le c 5 s ’0 7 . F -A
1) E x - d l v . &
r ig h ts .
*9*3%
*8*5”
94%
IIII
1*1*7”
102%
: : : :
. . . .
_____
_____
82%
_____
Y o”
98
95%
_____
57%
85
60%
. . . .
84%
_____
101
101
109
1*0*9%
101
—
. . . .
1*0*3%
147
1*4*8%
98
—
: : : :
PH ILA D E LPH IA
Ask
....
A m l t y s 5 s 1 0 1 7 ------------ A - 0
A t l C E le c r e f 5s 1 9 3 8 .M -S
B e r g & E B r e w 1 s t C s ’ 2 l J-J
B e t h l e h S t e e l 6 s 1 0 9 8 . Q-F
C h o c & M e 1 st 5s 1 9 4 0 .J -J
C h O k & G g e n 5 s 1 0 1 9 J-J
C o n T r a c o f N J 1 s t 5 s '3 3
D e l C o R y s t r c t fs 4 s ’4 9 J -J
8
15% E le c & P e o p le s T r t r c t f s —
Fr T a c & I I 1 s t 5 s 1 9 4 0 . J - J
60
G e n A s p h a lt 5s 1 0 1 6 . M -S
7
I n d i a n a p R y 4 s 1 9 3 3 . -J-J
I n t e r s t a t e 4 s 1 0 4 3 . ..F -A
K e y s t o n e T e l 5 s 1 9 3 5 .J -J
L a k e S u p C o rp In c 5 s’2 4 .0
L e h i g h N a v 4 M s ’ 1 4 . -Q-J
G e n M 4 M s g 1 9 2 4 . Q-F
L e h V C 1 s t 5 s g 1 9 3 3 .J-J
L e h V e x t 4 s 1 st 19 4 8 .J - D
C o n s o l 0 s 1 0 2 3 .............. J - D
C o n s o l 4 M s 1 9 2 3 ...J - D
A n n u i t y C s _____________ J - D
G e n c o n s 4 s 2 0 0 3 . . M -N
43
L e h V T r a n c o n 4 s *35 J -D
151
1 s t s e r ie s A 4 s 1 9 3 5 . M -S
85%
1 s t s c r ie s B 5 s 1 9 3 5 M -S
M a r k c t S t E l 1 s t 4 s ’ 5 5 M -N
*6%
N a t L H & P se r B 5s ’ 19 J -J
N e w C o n G a s 5s 1 9 4 8 .J -D
*3 8 % N Y P h & N o 1 s t 4 s ’ 3 9 J - J
79%
I n c o m e 4 s 1 9 3 9 ______ M - N
10%
P a & N Y C a n 5s ’3 9 . A -O
P e n n S te e l 1 s t 5s ’ 1 7 . M -N
P e o p le ’s T r tr c tfs 4 s 19 4 3
P C o l s t & c o l l t r 5 s '4 9 M - S
C o n & c o l l t r 5 s '5 1 M - N
P h il E le c g o ld t r c t f s .A - O
T r u s t ctfs 4 s 1 9 4 9 ..J - J
P & E g en M 5s g ’2 0 . A -O
G e n M 4 s g 1 9 2 0 ____ A - O
? B l d a n d a s k e d ; n o s a le s o n t h is d a y .
________ A m e r i c a n C e m e n t ------------5 0
02 A m e r ic a n R a ilw a y s —
50
2 , 3 4 5 C a m b r i a S t e e l _____________ 5 0
3 1 1 jE le c t r I c C o o£ A m e r ic a 1 0
686 E le c S t o r a g e B a t t e r y .1 0 0
930' G e n A s p h a lt tr c t fs —
100
562!
D o
p re f tr c tis -1 0 0
15 K e y s t o n e T e le p h o n e - 50
GOO!L a k e S u p e r i o r C o r p . _ 1 0 0
4 I S 'L e h C & N a v t r c t f s . . 5 0
2 , 0 0 8 ! L e h i g h V a l l e y .............. ...
50
3 10 L e h V T r a n s t r c t fs . . 50
2 29|
D o
p ref v j t tr ctfs 50
2 , 5 0 5 P e n n s y l v a n i a R R --------- 5 0
4 3 0 |P h l l a d e l C o ( P i t t s b ) __ 5 0
1 , 4 2 8 *P h i l a d e l p h i a
E i c c | | ___2 5
1 , 8 6 7 1P h i l R T V O t t r e t i s __ 5 0
5 , 7 2 7 | R c a d l n g ........................... —
50
2 , 3 8 5 ; T o n o p a ! i M i n i n g -----------1
1 , 0 5 4 ! U n i o n T r a c t i o n --------------- 5 0
7 3 1 U n i o n G a s I m p t .............. 5 0
B id
PH ILADELPH IA
Ask
PH ILA D E LPH IA
In a c tiv e s t o c k s
A m e r i c a n M i l l i n g ---------------1 0
C a m b r i a I r o n ......................... - - J0
C e n tra l C o a l & C o k e .. 100
P r e f e r r e d --------- -- ----------- 1 < ()
C o n s o l T r a c o f N J --------- 1 0 *
G e r m a n t o w n P a s s --------- u o
H u n t l n g t o n & D T --------- 5 0
P r e f e r r e d ............................ -* > 6
I n d i a n a U n i o n T r --------- 1 0 0
I n s u r a n c e C o o f N A — 10
In te r S m P o w & C h e m .50
I n te r s ta te lt y s . p r e f . . .1 0
K e n t u c k y S e c u r it ie s ..I O C
P r e f e r r e d _______________ 1 0 0
K e y s to n e T c le p v t c —
50
P r e f e r r e d ________________ 5 0
K e y s t o n e W a t c h C a s e .100
*11
12
*11
12
*11
12
44%
44%
*43%
44%
44%
44%
44
441;s
44
44
44%
4438
11%
11%
113.i
11%
*11%
117*
52%
53
52%
53
53%
53%
3134
31%
32%
32%
32%
32%
72%
72%
72%
72%
71
73
*7
7%
7
7
7
7
23%
23%
2378
237*
23%
24
80
80%
SG%
871,i
867s
87
78
7S3.i
787S
79%
79%
79>%
*8%
81
8%
81
8%
8%
22
22
22%
22%
22%
22%
00*8 6 0 %
00%
8 0 'i s
6 0 5 $ 0 0 7 ,8
50%
50%
51
51
51
61
16%
17
1G78
17
17
17
22%
22%
23
23
23
23
70%
7 0 '%
70% 72 %o
7 1 1:110 7 2 % s
6%
6%
0%
O-'S
6%
6I|
50%
50-%
51
51
50%
61
85%
80
80
80
P h & R eaU 2 d 5s 1933 A -O
E x I m p M 4 s 1 9 4 7 .A -O
T e r m in a l 5s g 1 9 4 1 - Q - F
P W & B c o l t r 4 s '2 1 . . J -J
R e a d T r a c 1 st 6 s ’ 3 3 . . J -J
R o c h R y & L c o n 5 s ’ 5 4 J -J
S p a n l s h - A m I r Gs ’ 2 7 . .J - J
S t a n ’ d G a s & E 6s ’25 M -N
S t a n d S t l W k s l s t 5 s ’2 8 J -J
U T r a c I n d g e n 5 s ’ 1 9 .J -J
U u R y s T r c tfs 4 s ’ 4 9 ..J - J
U n ite d R y s I n v 1 st c o ll ti
s t 5 s 1 9 2 6 ........................ M - N
W e ls b a c h s t 5s 1 9 3 0 ..J -D
W l l - B G & E c o n 5 s '5 5 . J - J
Y o r k R y s 1 st 5s 1 9 3 7 .J -D
Ala
64
89
7
45
121
21
80
43%
16%
12
42
42%
11%
48%
28%
68
7
2278
83U
7S
6%
18%
M ay23
Jan
5
Jan
3
Jan
4
Jan
3
A u g 25
A u g 26
Sep
6
Sep
6
J ’u e 2 9
Sep
8
J a n 11
J a n 1C
5934 A u g 2 5
x50
Jau
18
J a n 19
17
A p r 18
C978 A u g 2 6
5 % J ’ l y 2S
43
J a il
3
8 6 % A u g 10
B id
Ask
120
100%
101%
103
9*4%
83%
89
40
71
237%
122%
28
93
75
1
21
3934
2%
25
B onds
*9*8”
_____
103
93
9*3 %
102
10 2 %
_____
98%
103% 103%
803.
81
107
107%
------------—
ii $ 1 5 p a i d .
P rices are all “ and
interest"
„
B a lt C it y 3 M s 1 0 3 0 . . . J -J
4 s 1 9 5 4 -1 9 5 5 ...V a r io u s
5 s 1 9 1 6 .....................
A n a c o s tla & P o t o m 5s A -O
A tl C o a st L (C t) c tfs 5s J -D
C t f s o f l n d c b t 4 s --------- J - J
5 - 2 0 - y r 4 s 1 9 2 5 ________J - J
B S P & C 1 s t 4 M s '5 3 F - A
B a lt T r a c 1 s t 0 s ’ 2 9 . . M -N
N o B a lt D lv 5s 1 9 4 2 J -D
C a r P o w & L t 5s 193 8 F -A
C e n t R y c o n s 5s ’ 3 2 ..M -N
1 3 1 3 M p a id .
94
100%
10
79
13034
2838
88%
62
19%
Jan
9
Jan
9
M ch 31
F eb
8
J a n 11
Jan
4
Jan
6
Jan
4
Jan
9
*8*6**
96%
97% fo o *
Highest
Highest
BALTIMORE
Inactive Stocks
C on s C oa l & I r o n . 100
P r e f e r r e d _______________ 1 0 0
A t la n C o a s t L (C o n n ) .1 0 0
C a n t o n C o ................. ;-------------1 0 0
G e o r g i a S o u & F l a ______ 1 0 0
1 s t p r e f e r r e d ____________ 1 0 0
2 d p r e f e r r e d ____ ______ 1 0 0
G - B - S B r e w i n g ____________1 0 0
S e a b o a r d A i r L i n e ______ 1 0 0
P r e f e r r e d _______________ 1 0 0
Range fe r Previous
Year ( 1 9 1 0 )
Range Since
Ja n . 1 1 9 1 1
a c t i v e
s t o c k s
Sales
oi the
Week (For P on ds and In a c li r
Friday
Stocks see below)
September i Shares
92
100
101
_____
104
101
104
105%
8 4 % _____
91%
92%
97 H 98
106
109
1T 0”
92
106
_____
M a y 29
J ue 7
A u g 15
J ’l y 31
J ’ne2G
J ’n o 3
J ’n e 3
J no 3
J ’ly 20
17% Jan
4
45% J a n 20
4 8-% F e b 1 8
1 2 % J a i l 14
5 6 % J ’ n e 15
3 4 % J a n 10
8 3 7s J a n 3 0
9% J a n 10
32
F eb
6,
98
J a i l 141
90% F e b
3
9 ’*-> J ’ l y 1 5
24% J u e 9
65
F eb
2
59% J ’n s 5
18
J ' l y 10
24% A u g
1
8034 F e b 10
8 % J a n 17
52% A u g 1
893* J a n
9
46
80
5
35
115
M ch
M ch
Sep
J ’ly
Jan
18 % J ’ l y
72% F e b
40
O ct
12% M a y
17
413.1
40 %
11%
42
19%
Cl
7
15%
85
62%
3%
12%
D ec
J ’ly
J ’ly
J ’l y
J ’ne
J ’ly
J ’ly
J ’ly
J 'n e
J ’ne
J ’ly
J ’n e
Jan
0 1 l l ic
J 'l y
J ’n e
Feb
A pr
J 'l y
Jan
O ct
J ’ ly
42
tl3 %
15
65%
6%
38
79
64% D e o
90 J ’ l y
9
N ov
51
D eo
132
Feb
27% J a n
80% J a n
47
Jan
16% D e c
28
50
53%
12%
64%
3483
84%
13
297*
123
121%
6%
20
6 9 !is
53%
16%
28%
86
Jan
Jan
Jan
Jan
VI " H
D ee
Jan
Jan
D eo
Jan
M ch
D ec
D ec
M ch
Jan
M ch
Jan
F eb
9'-t3 May
5234 J a n
95U J a n
BALTIMORE
Bid
C R y E x t & I m p 5 s '3 2 M -S i
C h a s C ity R y 1 st 5 s’ 23 J -j
C h a s R y G & E l 5 s '9 9 M - S
C ity & S u b 1 s t 5s 1 9 2 2 J -D
C it y & S u b (W a s ) 1 st 5 s ’ 4 8
C oa l & C R y 1 st 5s ’ 19 A -O
C oa l & I R y 1 st 5s ’ 20 . F -A
C o l & G r n v 1 s t C3 1 9 1 6 J - j
Consol
5 : 1 9 3 9 .. . J - D
G e n 4 M s 1 9 0 4 --------- A - O
C o n s G E & P 4 M s ’ 3 o J -J
F a i r lc C l T r 1 s t 5 s ’ 3 8 A - O
G a & A la 1 s t c o n 5 s 4 o J -J
G a C a r & N 1 st 5s g ’ 2 9 .J -J
G e o r g ia P 1 st 6 s 1 9 2 2 ..J -J
G a S o & F l a 1 s t 5 s '4 5 . J - J
G -B -S B r e w 3 -4 s ’ 5 1 . M -S
K n o x v T r a c 1 st 5 s ’2 8 A -O
M a c o n R y & L t 1 s t 5 s ’ 5 3 J-J
M d E le c R y 1 st 5s ’3 1 . A - 0
M e m p h i s S t 1 s t 5 s '4 5 . J - J
M t V e r C ot D u ck 1st 5 s. .
N p t N & O P 1 s t 5 s '3 S M - N
N o r & P o r t T r 1 st 5 s ’3 6 J -D
N o r th C e n t 4 M s 1 9 2 5 .A -O
S e r i e s A 5 s 1 9 2 0 --------- J - J
S c r i e s B 5 s 1 9 2 6 --------- J - J
P it t U n T r a c 53 1 9 9 7 ..J - J
P o t o V a l 1 s t 5 s 1 9 4 1 . . J -J
S a v F la & W e s t 5 s ’ 3 4 A - 0
S e a b A ir L 4s 1 9 5 0 .. . A - 0
A d j u s t u s 1 9 4 9 ______ F - A
S e a b & R o a n 5s 1 9 2 6 ..J -J
S o u th B o u n d 1 st 5 s ..A -O
U E l L & P 1 s t 4 M s ’ 2 9 M -N
U n R y & E l 1 s t 4 s ’ 4 9 M -S
I n c o m e 4 s 1 9 4 9 — J -D
F u n d in g 5s 1 9 3 6 .. . J - D
V a M id 3 d s e r 6 s ’ 1 6 . .M -S
4 t h s e r 3 -4 -5 S 1 9 2 1 .M -S
5 t h s e r ie s 5 s 1 9 2 6 . . M -S
V a (S ta te ) 3 s n e w '3 2 . J -J
F u n d d e b t 2 -3 s 1 9 9 1 J -J
W e s t N C c o n 6 s 1 9 1 4 .J -J
W ll & W e ld 5s 1 9 3 5 . . -J -J
106
103
1*0*1%
104
94%
101%
105
108%
_____
86%
99%
105
104%
113
107
42%
104
97
98
98
77%
_____
88
_____
110
110
Ask
1*0*5**
97
_____
105
95%
1*0*6
109
96%
87%
10O
105%
105%
. . . .
*4*3*
. . . .
______
98%
_____
78
94%
88%
105*4
. . . .
—
•
105*
110
86%
75%
105*4
105*4
93%
84%
62%
85%
105%
103%
106
8 /
87%
103%
109%
____ .
87 1 4
76
_____
_____
_____
85
63
. . . .
106*2
_____
106*2
. . . .
. . . .
. . . .
. . . .
660
THE CHRONICLE
IVol.
l x x x x iii.
ittuestweut and I^atlccrad intelligence.
RAILRO AD
GROSS
EARNINGS.
can b0ho b u S ? S
which ragu.ar weekly or monthly return,
columns the earnings for the period from
^
f° r the,iatc3t we« k or month, and the last two
statement to show the fiscal /ea r'tta T s of S s e r 'o a d s U o t f i S ^ ^
* supplementary
period. The returns of the electric railways are brought together separately on a aubs^uent pa,e.
* S° me ° thcr
Latest Gross Earnings.
ROADS
Ween ir
Month,
c'w rens
Year
Previous
Year.
A la N O & T e x P a c N O f t .N o r E a s t . 3 d w k A u g
5 9 .0 0 0
A l a & V l o k s b u r g . -3 d w k A u g
2 7 .0 0 0
V lc k 3 S h r e v & p a 3 d w k A u g
2 3 .0 0 0
A l a T e n u & N o r t h . T u n e ________
0 .5 8 1
A u n A r b o r ________
4 th w k A u g
7 0 ,4 4 8
A t c h T o p e k a & S P c J u ly
________
.0 2 1 ,0 4 1
A t l a n t a B ir m & A t l 3 d w k A u g
5 8 ,5 2 1
A t l a n t i c C o a s t L i n e J u l y ________
.2 5 5 ,0 1 5
B a l t i m o r e f t O h i o . J u l y ...............
.3 2 1 ,1 5 7
B f t O C l l T e r B i t l u n e __ . . .
1 1 7 ,2 1 1
B a n g o r & A r o o s t o o k J u l y ..............
2 2 6 .0 9 1
B o s t o n ft M a i n e ..
J u l y ________
,8 1 7 ,2 4 0
B r i d g e t o n f t .S a c o R J u l y
..............
4 ,0 1 4
B u ff R o c h ft P l t t s b . 4 t h w k A u g
2 9 7 ,6 1 7
B u f f a l o <5j S u s q ______ J u n e ________
2 1 3 ,0 9 4
C a n a u la n N o r t n e r u . it h w k A u g '
4 6 0 .9 0 1
C a n a d i a n P a c l f l c ____ 4 t h w k A u g | 3 , 3 2 9 , 0 0 0
C e n t r a l o r G e o r g i a . 3 .1 w k A u g
2 2 4 ,6 0 0
C e n tra l o f N e w J e r
M a y ...............■ 2 , 5 4 0 , 1 0 0
C e n t r a l V e r m o n t . . . f u n e ..............
3 7 9 ,6 0 6
C hes&
O h io L in e s
4 th w k A u g
,0 1 1 ,3 3 0
C h ic a g o ft A l t o n . . . 4 t h w k A u g
3 6 4 ,9 6 8
C h i c B u r l f t Q u i n c y J u n e ________
,9 8 7 ,3 8 9
P C h lo G r e a t W e s t . 3 d w k A u g
2 9 1,2 0 7
C h ic I n d & L o u ls v . it h w k A u g
1 9 3 ,6 9
C h lo M U w & S t P a u i J u ly
..............
,0 4 4 ,5 3 7
C h M il * P u g S d . r u ly
..............
,3 4 3 ,6 5 4
C h lo & N o r t h W e s t . J u ly
..............
,1 1 8 ,5 5 6
C h l o S t P a u l M f t O . f u l y ________
,1 5 0 ,9 3 7
C h l o T I I f t S o u t h E J u n o ________
1 3 1 ,2 6 7
C l n U a m & D a y t o n J u n e _______
8 3 6 ,5 8 1
C o l o r a d o M i d l a n d . . J u n o ________
1 4 2 ,4 0 3
C o lo r a d o ft S o u t h .. 4 th w k A u g
4 3 9 .5 8 3
C o p p e r R a n g e ________ J u n o ______
0 6 ,8 9 0
C o r n w a l l _______________ J u l y ______
1 6 ,9 0 9
C o r n w a l l & L e b a n o n J u l y ________
3 4 ,9 0 1
C u b a R a i l r o a d .............. m n o ________
2 0 2 ,0 5 4
D e l a w a r e & H u d s o n J u l y ________
,7 6 7 ,4 4 0
D e l L a c k f t W e s t . . J u n e _______
,2 1 0 ,0 0 3
D e n y & R io G ra n d e 4 th w k A u g
7 3 0 ,4 0 0
D en ver N W & P a o. 3d w k A u g
3 5 .0 9 1
D e t r o it T o l ft Iro n t 4 th w k A u a
5 7 ,5 9 .
D e tr o it & M a c k in a c 4 th w k A u g
3 7 ,0 9 8
D u i ft I r o n R a n g e .
J u n o ________
8 5 9 ,9 4 9
D u l S ou S h & A tl
1 th w k A u g
0 1 ,3 0 1
E l P a s o f t S o u W e s t J u l y ____
5 2 7 .0 0 0
E r i e .............. ......................
J u l y ______ _ 1 , 8 0 9 , 5 9 8
l a L c h l l d f t N E ____ J u n o _______
1 .8 9 5
F o n d a J o h n s f t G l o v J u n o ________
8 1 .9 1 5
G e o r g ia
R a i l r o a d . . J u n o _______
2 0 9 ,9 5 1
G r a n d T r u n k S y s t _ . 4 t h w k A u g 1 ,4 4 2 ,9 5 3
G ran d T rk W e s t. 3d w k A u g
1 2 6 .2 4 7
D e t G r I I & M llw 3 d w k A u g
4 5 ,1 5 8
C a n a d a A tla n tlo . 3 d w k A u g
4 4 ,5 5 8
G r c a t N o r t h e r n S y s t J u l y ________ 5 , 7 4 5 , 0 1 8
G u l f f t S h i p I s l a n d . J u n o ________
1 5 5 ,5 6 2
H o c k i n g V a l l e y ______ J u l y ________
6 0 4 ,4 5 8
Illin o is C e n tr a l.
A u g u s t ____ 5 . 4 5 7 , 3 2 1
• I n t e r n a t ft G t N o r . Ith w k A u g
2 9 9 .0 0 0
a I n t c r o c c a n l c M e x Ith w k A u g
2 5 7 ,3 8 3
I o w a C e n t r a l _________ 4 t h w k A u g
7 4 ,8 8 4
K a n a w h a & M i c h . . J u l y ________
2 7 0 ,6 4 1
K a n s a s C it y S o u t h . J u ly
..............
7 5 8 ,9 8 8
K C M e x & O r ie n t .. 3 d w k A u g
3 0 ,1 8 5
L e h i g h V a l l e y .............. A l l y
..............
,0 9 1 ,0 5 0
L e x i n g t o n & E a s t . . A i n o ________
5 1 ,0 1 6
L o u is ia n a & A r k a n . J u ly
_______
1 0 0 ,7 3 8
L o u ls v I Ie n d & S t L J u ly
_______
1 0 2 ,1 9 5
S L o u l s v ft N a s h v . . 4 t h w k A u g ,4 9 0 ,6 2 5
M a c o n ft B Ir m ’h a m J u iy
________
1 0 .5 8 3
M a i n e C e n t r a l ________ J u l y
..............
8 8 5 ,4 5 1
M a r y l a n d & P e n n a . J u l y ..............
3 4 ,0 8 7
a M e x ic a n R a ilw a y . 3 d w k A u g
1 4 1 ,2 0 0
M i n e r a l R a n g e _______
Ith w k A u g
2 1 ,4 0 .'
M in n & S t L o u is
4 th w k A u g
1 1 3 ,5 9 6
M in n S t P ft s S M i 4 t h w k A u g
6 7 1 ,2 1 7
C h ic a g o D iv is io n ]
M is s is s ip p i C e n t r a l. J u ly
..............
u M o K a n & T e x a s . 4 th w k A u g
M i s s o u r i P a c l i l c ____
1 th w k A u n
N a s h v C h a t t & S t L J u l y ______ _
a N a t R y s o t M e x ./. Ith w k A u g
N e v a d a -C a l-O r e g o n . 3 d w k A u g
N e v a d a C e n t r a l ______ J u n e ________
N O G r e a t N o r t h e r n J u n o ________
N O M o b ile ft C h ic . W k A u g 2 0
e N Y C f t H u d R l v J u l y ..............
L a k e S h o r e f t M S J u l y ________
n L a k e E r i e f t W . J u l y ...............
C h ic I n d ft S o u th J u ly
______
M i c h i g a n C e n t r a l . J u l y ________
C l e v e C C f t S t L . J u l y ________
P e o r i a f t E a s t e r n J u l y ...............
C i n c i n n a t i N o r t h . J u l y ________
P i t t s & L a k e E r i e J u l y ______
N Y C h ic ft S t L . J u ly
. . .
T o l & O h i o C e n t . J u l y ______
T o t a ll lin e s a b o v e J u l y
. . .
N Y N II ft H a r t f .. J u ly
..............
0
6 4 ,0 0 0
3 2 ,0 0 1
2 7 ,0 0 1
7 ,1 4 .'
5 8 ,7 4 1
8 ,0 2 1 ,5 3 0
5 1 ,0 3;
2 ,1 4 8 .0 0 3
7 ,5 4 7 ,7 3 2
1 3 5 ,2 1 3
2 1 4 ,1 5 1
3 ,7 5 1 ,2 2 9
5 ,2 2 4
3 0 9 ,2 4 1
2 0 0 ,9 4 7
3 5 4 ,7 0 0
2 .0 0 5 .0 0 0
2 2 4 ,5 0 0
2 ,4 0 9 ,5 3 1
3 3 0 ,5 3 2
1 ,0 2 0 ,1 3 3
4 2 7 ,0 3 8
7 ,1 0 0 ,4 7 4
2 7 8 ,9 5 7
1 9 7 ,6 3 5
5 ,3 4 1 ,5 3 0
1 ,1 4 2 ,0 7 2
8 ,4 0 4 ,2 2 2
1 ,2 0 8 ,0 5 5
2 2 1 ,3 2 1
8 3 1 ,0 2 2
1 8 6 ,4 7 9
5 0 0 ,3 8 0
7 1 ,2 1 3
1 8 ,3 2 8
3 8 ,8 8 2
2 2 6 ,1 9 8
.,6 0 7 ,0 1 2
1 ,1 9 4 ,1 6 3
7 5 9 ,9 0 0
3 4 ,5 4 1
0 7 ,1 9 0
3 5 ,4 6 1
,2 9 2 ,8 8 0
1 1 2 ,6 8 3
5 8 4 ,9 5 9
.6 7 5 ,2 5 4
1 ,8 3 2
7 9 ,2 9 1
1 0 8 .0 0 4
.4 0 8 ,5 9 4
1 2 9 ,6 9 7
3 8 ,7 4 7
3 8 ,9 3 2
,7 9 2 ,4 0 2
1 5 2 ,9 5 6
0 6 0 ,1 9 2
,3 2 8 ,0 1 4
2 6 5 .0 0 0
2 6 2 ,5 3 7
8 0 ,1 1 3
2 6 0 ,1 9 6
8 4 5 ,4 6 7
3 0 ,3 3 8
,8 7 6 ,2 1 7
5 4 ,3 0 2
1 1 3 ,3 7 7
9 6 ,2 8 5
,5 1 1 ,3 4 7
1 1 ,5 7 9
8 2 6 .5
18
3 4 ,0 1 5
1 6 8 ,1 0 0
2 3 ,8 9 3
1 2 6 ,0 3 7
6 2 2 ,8 7 1
J u ly
1
to Latest Date
Latest Gross Earnings.
Current
Y ear.
RO A D S.
4 3 4 ,3 7 3
2 0 0 ,5 0 7
1 7 7 ,4 9 0
1 2 0 ,1 0 4
3 9 0 ,4 8 3
8 ,0 2 1 ,6 4 4
3 9 0 ,8 1 6
2 ,2 5 5 ,0 1 5
7 ,3 2 1 ,1 5 7
1 ,4 5 1 ,1 0 2
2 2 6 ,0 9 1
3 ,8 1 7 ,2 4 0
Ween or
M onth.
C
urrem
Y ear.
J u ly
Previous
Year.
1
to Latest Date.
current
Y ear.
Previous
Y ear.
3
N Y O n t & W e s t e r n July _____
9 3 2 ,5 1 2
9 4 1 ,4 5 5
9 3 2 ,5 1 2
9 4 1 ,4 5 5
£ Y S u s q f t W e s t . . r u l y ___
3 1 7 ,3 4 6
2 0 4 , 8 0 .l
3 1 7 ,3 4 6
2 0 4 ,8 0 4
N o r f o l k S o u t h e r n . . July .........
2 5 5 ,0 5 3
2 3 0 ,0 2 7
2 5 5 ,0 5 3
2 3 0 .9 2 7
N o r f o l k & W e s t e r n . J u l y ____
3 ,0 5 3 .7 1 3 2 ,9 1 4 ,3 0 .
3 ,0 5 3 ,7 1 3
2 ,9 1 4 ,3 6 4
N o r t l m n P a c i f i c . . . J u l y _____ 5 , 2 3 2 , 8 5 2
6 ,2 4 7 ,3 3 7
5 ,2 3 2 ,8 5 2
0 ,2 4 7 .3 3 7
P a c lflc C o a s t C o .
J u l y .......... 7 2 1 , 4 6 1
8 1 5 ,6 0 4
7 2 4 .4 0 1
8 1 5 ,6 0 4
P e n n s y l v a n i a H R . . J u l y _____ 1 2 7 2 1 0 5 7 1 2 9 1 8 3 9 5
1 2 ,7 2 1 ,0 5 7 1 2 ,0 1 8 ,3 9 5
B a l t C h e s f t A t l . . J u l y _____
3 7 ,9 1 3
3 8 ,1 0 5
3 7 ,0 1 3
3 3 .1 0 5
C u m b e r l a n d V a i l . July .........
2 3 5 ,5 3 6
2 5 6 ,5 2 5
2 3 5 ,5 3 0
2 5 6 ,5 2 5
L o n g I s l a n d ________ J u l y .......... 1 , 2 1 3 , 3 0 5
1 .1 6 4 ,8 0 5
1 ,2 4 3 ,3 0 5
1 ,1 6 1 ,8 0 5
M a r y l ’ d D e l f t V a J u l y ..........
1 8 ,2 8 4
1 7 ,0 8 2
1 8 ,2 8 .
1 7 ,6 8 2
N Y P h i l a f t N o r f J u l y ..........
3 0 3 ,3 0 3
3 5 3 ,2 1 3
3 0 0 ,3 0 4
3 5 3 ,2 4 3
N o r t h e r n C e n t r a l . •July
0 4 8 ,9 1 8
0 0 5 ,0 9 3
0 1 8 ,0 1 8
0 0 5 ,0 9 3
P h l l a B a l t f t W _ . J u l y .......... 1 , 6 1 3 , 5 5 8 1 , 7 1 1 , 1 7 9
1 ,6 1 3 ,5 5 8
1 ,7 1 1 ,1 7 0
W J e r s e y f t S e a s h J u l y ..........
8 5 4 ,1 2 2
8 1 1 ,9 3 1
8 5 1 ,1 2 2
8 1 1 ,9 3 4
P e n n s y l v a n i a Co ____ J u l y .......... 4 , 4 2 8 , 8 8 4 4 , 7 7 7 , 5 5 4
4 ,4 2 8 ,8 8 4
4
.7 7 7 ,5 5 4
G r a n d R a p f t I n d J u l y _____
4 2 6 ,5 3 4
4 4 8 ,1 0 0
4 2 6 ,5 3 4
4 1 8 ,1 0 8
P i t t s C l n O h & S C L J u l y _____ 3 , 2 0 9 . 9 0 8 3 , 1 4 6 , 3 1 5
3 ,2 0 0 ,0 0 8
3 ,1 4 0 ,3 1 5
V a n d a l l a ___________ J u l y .........
8 3 6 ,4 2 8
8 2 0 ,3 3 0
8 3 0 ,4 2 8
8 2 0 ,3 3 0
T o t a l lin e s —
E a s t P i t t s f t E . July
1 9 3 6 6 4 1 0 1 9 6 8 3 8 3 7 1 0 ,3 6 6 ,4 1 0
1 9 ,6 8 3 .8 3 7
W e s t P i t t s f t E J u l y .......... 9 , 2 7 8 , 2 2 4
9 ,5 3 1 ,9 6 2
0 ,2 7 3 ,2 2 4
0 ,5 3 1 ,9 6 3
A l l E a s t f t W e s J u l y .......... 2 8 6 4 4 6 3 4
2 9 2 1 5 7 0 8 2 8 ,6 4 4 ,6 3 4 2 0 ,2 1 5 ,7 9 8
P e r e M a r q u e t t e ______ J u l y _____ 1 , 3 6 0 , 8 7 7
1 ,3 7 2 ,5 1 0
1 ,3 0 0 ,8 7 7
1 ,3 7 2 ,5 1 0
R a l e i g h & S o u t h p o r t J u l y ..........
1 4 ,0 5 8
1 1 ,7 3 5
1 4 ,0 5 8
1 1 ,7 3 5
R e a d in g
C om pany
P h l l a & R e a d i n g . J u l y .............. 3 , 4 7 8 , 7 9 7
3 ,3 0 8 ,7 0 5
3 ,4 7 6 ,7 9 7
3 .3 0 8 ,7 6 5
C o a l f t I r o n C o . . J u l y .............. 1 , 6 7 9 . 2 1 3
1 ,4 0 9 ,0 6 4 1 ,6 7 0 ,2 1 3
1 .4 0 9 .6 6 4
T o t a l b o t h c o s ____ J u l y ________ 5 , 1 5 6 , 0 1 0
4 ,8 6 8 ,4 2 1 1
5 , t 5 6 ,0 1 0
4 ,8 6 8 ,4 2 9
R i c h F r e d f t P o t o m J u i y ...............
2 0 0 .9 0 3
1 0 3 .4 5 3
2 0 0 ,9 0 3
1 9 3 .4 5 3
R i o G r a n d e J u n e ____ M a y ________
7 8 ,7 5 5
7 0 ,1 3 7
9 0 2 ,2 7 8
0 5 7 ,1 5 0
R io G ra n d e S o u t h .. 4 th w k A u g
1 6 ,6 0 0
2 0 ,3 0 0
0 2 ,6 2 0
1 0 9 ,0 3 2
R o c k Is la n d L in e s .. J u ly
............... 5 , 0 7 0 , 7 3 7 5 . 3 1 0 . 0 3 8
5 ,0 7 0 ,7 6 7
5 .3 1 0 .0 3 8
R u t l a n d ____
J u l y ________
3 1 3 ,0 0 3
2 9 3 ,3 3 3
3 1 3 ,0 0 5
2 9 3 ,3 3 3
S t J o s & G r a n d I s I I J u n o ________
1 2 0 ,7 2 5
1 3 3 ,9 2 4
1 ,7 0 9 ,8 3 8
1 ,6 3 7 ,1 8 5
o t L o u i s f t S a n F r a n J u l y ............... 3 , 2 7 4 , 8 6 3
3 ,3 4 3 ,6 0 3
3 .2 /4 ,8 0 3
3 ,3 4 3 ,6 6 3
/ C h i c f t E a s t I I I . J u l y ________ 1 , 2 2 6 , 6 9 7
1 .1 3 5 .0 3 8
1 ,2 2 6 ,6 0 7
1 .1 3 5 .0 3 8
T o t a l a l l l i n e s ______ J u l y ..............
4 ,5 0 1 ,5 6 0 1 ,4 7 8 ,7 0 1
4 ,5 0 1 ,5 6 0
4 ,4 7 8 ,7 0 1
S t L R o c k y M t & P . J u ly
________
1 1 5 ,2 2 2
1 0 0 ,0 9 5
1 1 5 ,2 2 2
LJf- T .m i fa Q n u f kiT tA n i
1 0 0 ,6 9 5
S t L o u is S o u t h w e s t . 4 th w k A u g
3 1 2 ,3 9 8
3 3 5 ,2 4 7
1 ,7 4 9 ,1 4 8
1 .8 7 0 .6 6 5
S a n P o d L A f t S L . J u n o ________
8 6 4 ,3 1 2
4 8 8 ,0 3 0
8 ,4 2 3 .1 9 7
6 ,0 9 2 ,8 2 2
S e a b o a rd A ir L in o .
4 th w k A u g
4 4 3 ,9 4 3
4 2 0 ,3 5 1
3 ,2 5 3 ,1 0 1
3 ,0 4 7 ,2 2 4
S o u th e r n P a c lilo C o J u ly
.............. 1 0 8 7 1 8 8 7 1 1 2 1 6 2 7 2
0 ,8 7 1 ,8 8 7 1 1 ,2 1 5 ,2 7 2
S o u t h e r n R a i l w a y . . 4 t h w k A u g 1 ,6 8 8 ,4 3 5
1 .6 4 1 ,6 0 9
9 ,0 4 8 ,2 8 2
9 ,8 2 8 ,1 0 8
M o b i l e f t o n i o ____ 3 d w k A u g
2 0 2 ,7 2 8
2 0 3 ,0 0 1
1 ,5 0 2 ,4 3 3
1 ,4 3 6 ,7 2 9
C ln N O & T e x P . 4 t h w k A u g
2 6 8 ,2 9 1
2 8 8 ,6 0 4
1 ,5 5 7 ,3 0 8
1 ,5 7 7 ,7 5 0
A la G re a t S o u t h . 4 th w k A u g
1 1 5 ,9 2 1
1 3 2 ,0 2 0
7 5 0 ,1 5 8
7 4 0 ,0 2 0
G e o r g ia S o u ft F la 3 d w k A u g
4 4 ,1 8 4
4 2 ,0 5
3 1 0 ,1 0 5
3 2 0 ,8 5 4
T e n n A la ft G e o r g ia 3 d w k A u g
2 .4 7 6
1 ,8 0 .
1 0 ,1 8 5
1 5 ,0 6 0
T e x a s & P a c l f l c ______ 4 t h w k A u g
4 9 9 ,1 1 0
5 0 8 ,8 7 5
2 ,3 9 0 ,5 0 1
2 ,4 2 7 ,3 9 8
T id e w a t e r ft W e s t . J u ly
________
7 ,5 8 3
7 ,1 8 4
7 ,5 8 3
7 ,1 8 4
T o l e d o P e o r ft W e s t 4 til w k A u g
4 0 ,4 0 8
4 8 ,4 7 0
2 1 3 ,0 7 0
2 1 8 ,5 2 5
T o le d o S t L ft W e s t 4 th w k A u g
9 4 ,1 2 0
9 3 ,0 6 1
6 0 5 ,0 2 9
6 5 3 ,0 8 0
T o m b l g b e o V a l l e y . . J u n e ________
7 ,7 0 5
7 ,4 0 3
0 0 ,0 0 7
8 5 ,3 4 0
U n i o n P a c i f i c S y 3 t _ J u l y ..............
7 ,3 2 8 ,3 5 0 7 ,9 1 0 ,0 5 5
7 ,3 2 8 ,3 5 0
7 ,0 1 6 ,6 5 5
V ir g in ia ft S o W e s t . J u ly
..............
1 2 8 ,2 0 3
9 1 .4 5 3
1 2 8 ,2 0 3
9 1 .4 5 3
W a b a s h ________________ 4 t h w k A u g
8 0 8 .7 0 3
9 1 0 ,5 1 6
5 .1 1 8 .4 6 2
5 .1 0 1 ,4 0 7
W e s t e r n M a r y l a n d . ' J u n o ________
6 0 6 ,9 5 2
5 8 0 ,6 7 6
7 ,2 0 0 ,9 3 3
7 ,0 8 1 ,8 5 1
W h e e l i n g & L a k e E •J u l y
..............
0 1 5 .1 8 4
0 3 0 ,7 0 7
0 1 5 ,1 8 4
6 3 0 ,7 9 7
W i c h i t a F a l l s f t N \V I M a y
________
6 2 ,0 6 8
5 2 ,5 1 7
0 8 0 ,0 9 1
5 3 3 ,0 3 7
W r lg h t s v ft T e n n
1
| J u a c ________
1 6 ,9 9 9
1 5 ,2 1 7
3 2 8 ,0 9 7
3 0 2 ,2 8 7
Y a z o o f t M i s s V a l l e y A u g u s t ____
8 0 0 .2 4 4
7 1 9 ,0 2 4
1 ,5 3 1 ,4 1 5
1 ,3 0 1 .5 4 2
Various Fisca l Y ears.
7 5 ,7 1 3
4 ,4 3 7 ,9 7 0
3 .8 0 0 .5 0 1
9 2 9 ,6 0 4
1 ,4 6 5 ,1 3 5
5 7 ,4 6 0
6 0 ,0 9 0
1 ,4 9 7 ,0 4 9
2 4 0 ,2 1 1
1 ,3 2 8 ,4 7 9
1 ,0 2 0 ,8 9 2
4 2 0 ,3 7 8
2 4 0 ,5 0 6
1 ,5 1 1 ,8 8 3
1 ,3 7 0 ,0 8 1
2 6 8 ,6 1 8
1 0 1 ,7 5 2
,5 2 8 ,5 7 5
8 8 9 ,9 6 9
4 6 2 ,0 7 0
,1 7 0 ,1 0 9
,2 6 9 ,6 3 2
Current
Y ear.
P erio d .
D e l a w a r e f t H u d s o n ________________ J a n
N Y C e n tr a l ft H u d s o n R i v e r s . J a n
H a k e S h o r e & M ic h ig a n S o u th J a n
L a k e E r i e & W e s t e r n . r c ________ J a n
« ^ ° J u lia n a & S o u t h e r n . J a n
M i c h i g a n C e n t r a l .................................. J a n
U e v e c in C h ic a g o ft S t L o u is J a n
P e o r i a f t E a s t e r n .................................. J a n
C i n c i n n a t i N o r t h e r n _____
P i t t s b u r g h f t L a k e E r i e ______ J a n
N e w Y o r k C h ic a g o ft S t L o u is J a n
l o l o d o ft O h io C e n t r a l ..
Jan
T o t a l a ll l i n e s . . .
J a il
P e n n s y l v a n i a R a i lr o a d ..I ..............
B a ltim o r e C h e s a p ft A t la n t ia . J a n
C u m b e r l a n d V a l l e y ________
Jan
L on g
I s l a n d ........................
'
Jan
f o w l ’d D e la w a r e ft V ir g in ia . J a n
N Y P h ila d e lp h ia ft N o r f o l k .. J a n
N o r t h e r n C e n t r a l ....................
Jan
P h ila d e lp h ia B a lt ft W a s h .
Jan
W e s t J e r s e y f t S e a s h o r e ____
P e n n s y l v a n i a Com pany _____________ J a n
G r a n d R a p id s ft I n d i a n a . . ”
Jan
P it t s C ln o ln C h lo ft S t L o u is
Jan
V a n d a l l a ........................
"
Jan
T o t a l lin o s — E a s t P it t s f t E r ie J a n
W e s t P it t s ft E r ie J a n
A ll lin e s E ft w . J a n
R i o G r a n d e J u n c t i o n ___________
D ec
R u tla n d .
____
' Jan
T e x a s f t P a c i f i c ........................ ”
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u iy
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
M ay
J u ly
A u g
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
Previou s
Year.
1 1 ,9 9 1 ,4 5 0
5 7 .0 2 2 ,0 4 8
2 6 ,8 6 8 ,0 8 5
2 .0 7 8 ,0 0 0
2 ,1 4 7 ,7 0 6
1 0 ,4 4 9 ,6 2 0
1 7 ,0 2 0 ,0 7 1
1 ,8 2 0 ,0 7 0
0 4 2 ,2 1 7
1 8 ,3 2 7 ,2 4 2
0 ,2 9 3 ,5 0 7
2 ,5 5 0 ,8 6 1
1 '‘ >X 11 1l sO -k
10GU
•»
1
3 8 ,0 1 0 ,7 3 0
1 4 3 ,1 7 1
1 .0 2 0 ,8 1 0
5 ,9 2 0 ,7 5 9
6 7 ,2 5 8
1 ,9 0 4 ,8 4 0
7 ,1 3 0 ,7 2 1
1 0 ,7 3 2 ,8 9 0
3 ,4 4 1 ,5 0 8
2 7 ,0 0 8 ,2 9 3
2 ,7 7 1 ,0 9 1
2 1 ,2 0 1 ,6 1 0
5 ,6 0 0 ,4 2 3
126260 940
5 9 ,2 4 1 ,6 0 0
185511018
4 2 4 ,1 4 8
1 ,8 8 0 ,8 3 3
0 ,3 2 3 ,0 1 5
1 1 ,1 7 4 ,0 2 7
5 5 ,2 9 9 ,2 7 7
2 7 .7 4 3 ,0 2 0
2 ,9 9 7 .2 5 0
2 ,1 7 2 ,2 6 4
1 6 ,4 0 0 ,2 8 5
1 0 ,5 5 7 ,3 4 9
1 ,8 6 0 ,3 7 5
0 9 1 ,7 1 9
9 ,8 1 2 ,1 9 5
0 ,3 3 8 ,4 0 4
2 ,0 2 3 ,0 6 1
142590899
9 1 ,4 6 7 ,2 6 9
1 1 2 ,0 7 9
1 ,7 4 8 ,2 0 7
5 ,4 7 8 ,8 0 7
6 5 ,2 0 8
2 ,0 -1 5 ,8 2 3
7 ,1 0 3 ,3 0 4
1 0 ,7 7 3 ,7 4 7
3 ,2 3 0 ,4 2 7
1 0 ,5 4 5 ,3 0 7
2 ,8 7 1 ,1 3 0
1 2 ,8 7 4 ,9 0 0
5 ,0 9 6 ,2 6 7
129557 008
0 1 ,3 0 3 ,4 1 7
193920485
4 0 5 ,9 3 0
1 ,7 0 9 ,6 7 5
0 ,8 5 8 ,0 7 3
AGGREGATES OP GROSS EARNINGS— Weakly and Monthly.
W eekly Sum m aries.
3d
4 th
1st
2d
Ju
4 th
1st
2d
3d
4 th
w
w
w
w
w
w
w
w
w
w
eek
eek
eek
eek
eek
eek
eek
eek
eok
eek
June
June
J u ly
J u ly
J u iy
J u ly
A u g
A u g
A u g
A u g
#nd
P v ib w iib ,
v i lI ?.Si>v l r 0
Cur’ nl Year P rev's Year Inc. or Dec.
(4 1
(4 6
(4 3
(4 3
(4 5
r o a d s )..
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
r o a d s ) ______
( 4 3 r o a d s ) ______
( .13 r o a d s ) ______
( 4 1 r o a d s ) ______
( 4 4 r o a d s ) ______
(3 0 r o a d s )
a
*
In d ia n a
e tn e n n a t?ffr o m °N o v
C in c in n a ti R o m
N ov .
I
3
1 3 .0 0 3 ,0 1 5
1 8 ,9 3 4 ,4 1 2
1 3 ,1 3 0 .8 0 3
1 3 .7 0 4 ,6 3 1
1 3 ,8 0 3 ,2 1 9
1 9 ,2 4 2 ,6 2 5
1 3 ,0 9 8 ,5 0 4
1 4 ,3 7 2 ,8 4 5
1 4 ,5 6 3 ,8 1 7
2 0 ,2 7 4 ,4 7 1
$
1 3 ,7 1 6 .2 3 0
1 8 .3 9 8 .0 3 4
1 2 ,8 3 1 ,0 2 3
4 3 ,3 7 4 ,7 6 1
1 3 ,4 7 1 ,9 3 9
1 8 ,3 2 2 ,9 9 9
1 3 ,4 7 3 ,6 1 9
1 3 ,0 2 3 ,2 7 6
1 4 ,0 3 7 ,3 2 7
1 0 .6 6 6 .0 3 5
$
— 1 1 1 .2 1 5
+ 5 3 8 ,3 7 8
+ 3 0 2 ,1 8 0
+ 3 8 9 ,8 7 0
+ 3 3 1 ,2 8 0
+ 0 1 9 ,6 2 0
+ 5 2 4 ,8 8 5
+ 4 1 0 ,5 6 9
+ 4 7 5 ,4 9 0
+ 6 0 8 .4 3 6
%
0 .8 1
2 .9 4
2 .3 6
2 .9 2
2 .4 0
5 .0 2
3 .0 0
3 .2 3
3 .3 8
3 .0 9
M onthly Sum m aries.
M ileage C urr. Y r.
t e n " 7 —
2 t 2 'S
M a r c h ---------------- 2 4 2 , 6
A p r i l ....................2 1 2 , 9
M a y ...................... 2 4 3 . 1
J u n o ....................2 2 2 , 8
J u l y ...................... 8 9 , 5
t
3 a d W ls o o n s ln M in n e s o t a ft P a o lflo
I n c lu d e s th e M e x ic a n I n te r n a tio n a l fr o m
i2
86
33
79
25
73
r in m m n r ™
° n ® n ier°e
P rev’s Year In c. or Dec,
1 .0 1
0 ,5 0
7 .2 3
2 .0 1
1 .7 5
4 .7 5
3 .3 3
2 .0 0
3 .2 0
3 .3 9
A *™ .
, " u ir o n u a o it a n u tu o u t t a w a & n . Y . I ly .;
C o m m is s io n .
/ I n c lu d e s E v a n s v ille
ft T e r r e H a u to
p
s I n c lu d e s X o u l s v m e A A U a n M ^ f
t h 0 r N i0 r t .h e ,r o n O0 h l 0 i
J u ly
ln c lu d ^ th ^ T e x a s C e n t«d U y 1
iqio. (i
%
$
S
5
2 3 7 f8 3 j '2 6 3 4 0 4 6 0 5 2 6 0 ,8 3 1 ,5 1 0
+ 2 ,6 4 3 ,0 5 9
2 3 7 .5 4 5 2 4 8 5 5 9 .12 0 2 4 7 ,5 6 4 ,4 7 0
+ 9 0 4 .0 5 0
2 3 3 .0 8 0 2 3 3 8 3 5 30 4 2 2 0 ,8 7 0 ,1 5 1 + 1 5 ,0 6 5 ,1 5 3
2 3 8 ,8 6 0 2 1 5 0 5 7 0 1 7 2 1 0 ,8 0 3 ,2 4 7
+ 4 ,2 4 8 ,7 7 0
— 3 ,4 5 6 ,8 6 3
2 3 fL « 0 3 1 9 9 0 3 5 2 3 7 2 0 2 , 4 9 2 , 1 2 0
2 3 8 ,9 1 1 2 2 0 .9 9 7 ,4 8 1 2 3 8 ,3 3 6 .0 0 9
— 1 1 ,3 3 9 ,1 2 8
2 3 9 ,1 3 2 2 1 8 ,1 7 7 ,1 2 3 2 2 5 ,7 0 0 ,3 1 1
— 7 ,5 2 3 ,6 8 8
2 3 9 ,3 5 7 2 2 0 .6 1 2 .7 7 1 2 3 4 ,3 3 ) ,8 7 4
— 4 ,0 9 7 ,1 0 3
2 1 8 ,3 7 9 2 1 5 .8 8 1 ,4 5 2 2 2 2 ,9 0 5 ,3 1 7
— 7 ,1 0 3 ,8 9 5
8 7 ,6 2 1
0 3 ,6 8 4 ,8 1 8
6 5 ,8 1 5 ,9 1 8
+ 2 ,1 5 1 ,1 3 0
O c t o b e r --------- 2 4 1 . 2 1 5
N o v e m b e r . . 2 4 1 ,2 7 2
D e ce m b e r ..2 4 1 ,3 6 4
Jan u ary
...2 4 2 ,4 7 9
l c l u d e s t h o 1B o s t o n f t A l b a n y , t h o N< 3W Y o i
y a n a a ia n r o a d , d o e s n o t m a k e r e t u r n s t o t h e In te r -S ta tV ,
R R .
g lu o lu d e s th o C le v e la n d L o r a in ft W h e e l i n g n £ a
fn n o 1
19 0 0 .
P re o .Y rA
1000 a“d
P I n c lu d e s
tU o
FranM°r* *
Se p t .
Latest Gross Earnings by W eek s— In the table which
follows we sum up separately the earnings for the fourth week
of August. The table covers 36 roads and shows 3.09% in
crease in the aggregate over the same week last year.
Fo u rth week o f August.
Increase. Decrease.
1910.
1911.
A l a b a m a G r e a t S o u t h e r n _________
A n n A r b o r _______________________________
B u ffa lo R o c h e s t e r & P itts b u r g h
C a n a d i a n N o r t h e r n ----------------------------C a n a d i a n P a c l f i o ------------------------------- C h e s a p e a k e & O h i o ---------------------------C h i c a g o & A l t o n ______________________
C h ic a g o In d ia n a p o lis & L o u ls v .
C ln c ln N e w O r l & T e x a s P a c lilc
C o l o r a d o & S o u t h e r n ----------------------D e n v e r & R i o G r a n d e _______________
D e t r o i t & M a c k i n a c .............. ................
D e t r o i t T o l e d o & I r o n t o n -----------D u lu th S o u t h S h o r e & A t la n t ic
G r a n d T r u n k o f C a n a d a --------------G r a n d T r u n k W e s t e r n -----------D o t G r a n d H a v e n & M llw _ .
C a n a d a A t l a n t i c ------------ - - - - -
I n t e r n a t io n a l & G re a t N o r th e r n
I n t e r o c c a n t c o f M e x i c o -------------------I o w a C e n t r a l ------------- - - -
L o u i s v i l l e & N a s h v i l l e -------------------M i n e r a l R a n g e ----------------- ---------------------M in n e a p o lis & S t L o u t s .
M in n e a p o lis S t P a u l & S S M . . 1
C h i c a g o D i v i s i o n --------------------------i
M i s s o u r i K a n s a s & T e x a s --------------M i s s o u r i P a c l i l c ------------------------------------N a t i o n a l R y s o f M e x i c o ----------------R i o G r a n d e S o u t h e r n ----------------------S t L o u i s S o u t h w e s t e r n -------------------S e a b o a r d A i r L i n e ------------------------------S o u t h e r n R a i l w a y ------------------------------T e x a s & P a c l i l c ------------------------------------T o l e d o P e o r i a & W e s t e r n -------------T o l e d o S t L o u i s & W e s t e r n --------W a b a s h --------------------------------------------------------
$
1 1 5 ,9 2 1
7 0 ,4 4 8
2 9 7 ,6 1 7
4 6 0 ,9 0 0
3
1 3 2 ,6 2 9
5 8 ,7 4 3
3 0 9 ,2 4 1
3 5 4 ,7 0 0
1 ,0 1 1 ,3 3 0
3 0 1 ,9 6 8
1 9 3 ,6 9 3
2 8 8 ,2 9 1
4 3 9 ,5 8 3
7 3 0 ,4 0 0
3 7 ,0 9 8
5 7 ,5 9 5
9 1 ,3 0 1
1 ,0 2 9 ,1 3 3
4 2 7 ,0 3 8
1 9 7 ,6 3 6
2 8 8 ,6 6 4
5 0 0 ,3 8 6
7 5 9 ,9 0 0
3 5 ,4 6 1
6 7 ,1 9 0
1 1 2 ,6 8 3
$
1 1 ,7 0 5
$
1 6 ,7 0 8
_________
1 1 ,6 2 4
1 0 6 ,2 0 0
3 6 4 ,0 0 0
1 7 ,8 0 3
6 2 ,0 7 0
3 ,9 4 3
2 0 ,3 7 3
6 0 ,8 0 3
2 9 ,5 0 0
1 ,6 3 7
9 ,5 9 5
2 1 ,3 8 2
1 ,4 4 2 ,9 5 3
1 ,4 0 8 ,5 9 4
3 4 ,3 5 9
2 9 9 ,0 0 0
2 5 7 ,8 8 3
7 4 ,8 8 4
1 ,4 9 0 ,6 2 5
2 1 ,4 9 5
1 1 3 ,5 0 6
6 7 4 ,2 1 7
2 6 5 ,0 0
2 6 2 ,5 3
8 0 ,1 1
1 ,5 1 1 ,3 4
2 3 ,8 9
1 2 6 ,0 3
6 2 2 ,8 7
0
7
3
7
3
7
1
3 4 ,0 0 0
8 8 6 ,1 6 6
1 ,5 8 4 ,0 0 0
1 ,9 6 2 ,7 3 1
1 6 ,6 0 9
3 1 2 ,3 9 8
4 4 8 ,9 4 3
1 ,6 8 8 ,4 8 5
4 9 9 ,1 1 0
4 0 ,4 0 8
9 4 ,1 2 0
8 9 8 ,7 0 3
8 7 7 ,4 5 3
1 ,6 1 6 .0 0 0
1 ,6 4 8 ,2 6 1
2 0 ,3 0 6
3 3 5 ,2 4 7
4 2 6 ,3 5 1
1 ,6 4 1 ,6 9 9
5 0 9 ,8 7 5
4 8 ,4 7 0
9 3 ,0 6 1
9 1 0 ,5 1 6
8 ,7 1 3
T o t a l ( 3 6 r o a d s ) ------------------------------- 2 0 , 2 7 4 , 4 7 1
N e t I n c r e a s e ( 3 . 0 9 % ) -----------------------
1 9 ,6 6 6 ,0 3 5
4 ,6 5 4
5 ,2 2 9
2 0 ,7 2 2
2 ,3 9 8
1 2 ,4 4 1
5 1 ,3 4 6
IN D U S T R IA L
----------- Cross
$
A b ln g to n
&
R o c k la n d
E le c
L ig h t & P o w e r C o .b .J u l y
J a n 1 t o J u l y 3 1 __________
1 1 ,8 1 3
9 9 6 ,8 6 7
6 0 8 ,4 3 6
3 8 8 ,4 3 1
8 3 ,7 3 8
6 3 3 ,0 3 6
7 6 ,0 5 9
5 7 6 ,2 5 7
2 5 ,6 1 7
1 9 7 ,0 1 0
2 0 ,5 0 0
1 6 8 ,4 7 6
9 ,3 6 2
8 4 ,4 4 1
8 ,0 2 2
7 6 ,8 6 8
F a ll R iv e r G a s W o r k s .b .J u l y
J a n 1 t o J u l y 3 1 __________
3 3 ,9 7 0
2 4 0 ,6 5 9
3 3 ,8 5 9
2 3 9 ,0 1 8
1 3 ,6 6 4
9 6 ,9 2 9
1 5 ,1 3 1
1 0 1 ,3 3 8
H o u g h to n C o . E l L t .b .J u ly
J a n 1 t o J u l y 3 1 ..................
2 0 ,3 3 9
1 5 9 ,6 7 4
1 8 ,0 4 3
1 5 3 ,2 4 6
1 0 ,4 0 3
8 7 ,5 3 4
8 ,1 1 4
7 8 ,4 8 3
L o w e ll E le c L t C o r p .b .J u ly
J a n 1 t o J u l y 3 1 __________
2 8 ,2 5 7
2 4 7 ,7 6 3
3 1 .3 4 7
2 3 9 ,4 1 2
1 2 ,3 2 2
1 0 7 ,6 8 3
1 1 ,9 1 0
1 0 3 ,1 8 9
M i n n G e n e r a l E t e c . b ____ J u l y
J a n 1 t o J u l y 3 1 __________
1 0 6 ,9 9 7
8 1 1 ,3 8 6
8 8 ,9 6 5
7 0 2 .5 3 7
6 4 ,5 2 8
4 8 6 ,2 2 4
5 3 ,1 1 1
4 2 5 ,5 7 5
S i e r r a P a c i f i c E l e c . b ____ J u l y
J a n 1 t o J u l y 3 1 __________
4 6 ,7 2 5
3 2 5 ,1 0 5
4 4 ,8 0 1
3 2 1 ,1 1 6
3 0 ,8 8 1
2 1 4 ,1 3 3
2 9 ,4 4 9
2 0 9 ,4 1 7
a N e t e a r n in g s h e r e g iv e n a r e a ft e r d e d u c t in g t a x e s ,
b N e t e a r n in g s h e r e g iv e n a r e b e fo r e d e d u c t in g t a x e s .
/I n c lu d e s E v a n s v ille & T e r r e H a u te a n d E v a n s v ille & I n d ia n a ,
ft F o r J u l y 1 9 1 1 a d d i t i o n a l I n c o m e I s g i v e n a s s h o w i n g a d e f i c i t o f $ 4 , 7 6 4
a g a in s t a c r e d it o f $ 2 ,1 1 2 In 1 9 1 0 .
k F o r J u ly 1 9 1 1 a d d it io n a l I n c o m e w a s $ 1 0 ,9 3 0 , a g a in s t $ 1 1 ,6 4 1 in 1 9 1 0 .
Interest Charges and Surplus.
—
R o ad s.
B an gor
D en ver
.$
5 8 .8 9 6 ,7 8 9
EWarnings----------P revio u s
Current
Y ear.
Y ear.
----------- Gross
S
2 ,0 0 9 ,5 2 8
Eat 'n in g s ----------P revio u s
Current
Y ear.
Y e a r.
----------- Net
8
2 3 3 ,1 2 6
8
2 1 2 ,9 1 1
$
5 3 ,3 9 5
$
4 8 ,8 0 8
L ln e .a .-J u ly
2 ,2 5 5 ,0 1 5
2 ,1 4 8 ,0 6 5
4 9 0 .5 4 1
4 6 7 ,4 1 6
A r o o s t o o k -. -J u ly
2 2 6 ,9 0 1
2 1 4 ,1 5 9
5 3 ,7 5 5
5 6 ,4 7 1
B e l l e f o n t e C e n t r a l - b --------- A u g
J a n 1 t o A u g 3 1 ---------------
4 ,9 9 2
4 4 ,8 1 4
7 ,2 3 1
5 3 ,1 8 8
519
7 ,0 3 6
2 ,3 0 5
9 ,9 7 9
A tla n t ic
C oast
B an gor
&
&
M a i n e - b ________J u l y
3 ,8 1 7 ,2 4 0
3 ,7 5 1 ,2 2 9
9 2 0 ,6 9 5
1 ,1 5 7 ,6 8 1
B r id g e to n
<fc S a c o R i v e r . J u l y
4 914
5 ,2 2 4
1 ,7 9 8
2 ,1 4 9
9 7 5 ,5 3 8
B oston
O h lo .b .-J u ly
2 ,7 1 7 ,5 8 9
2 ,6 8 8 ,6 9 5
9 6 0 ,3 0 7
G rea t W e a t -b -.J u ly
1 ,0 1 0 ,1 2 7
9 5 2 ,8 4 1
2 5 2 ,1 3 6
2 3 5 ,2 1 1
C h ic M I lw & S t P a u l - b . - J u l y
C ld c M I lw & P u g S . b - J u l y
5 .0 4 4 ,5 3 7
1 ,3 4 3 ,6 5 4
5 ,3 4 1 ,5 3 6
1 ,1 4 2 ,0 7 2
1 ,3 5 4 ,4 1 0
6 2 0 ,9 9 4
1 ,5 6 7 ,9 8 7
5 0 0 ,3 1 7
C h ic a g o
W e s t .b -J u ly
6 ,1 1 8 ,5 5 6
6 ,4 0 4 ,2 2 2
1 ,8 4 3 ,6 7 5
1 ,9 0 4 ,6 9 0
&
O .b -.J u ly
1 ,1 5 0 ,9 3 7
1 ,2 6 8 ,9 5 5
2 4 4 ,1 8 5
3 6 7 ,6 2 4
C o r n w a l l - b __________________ J u l y
1 0 .0 0 9
1 8 ,3 2 8
9 ,3 1 3
9 ,2 8 3
1 ,6 0 7 ,0 1 2
1 1 ,1 7 4 ,6 2 7
7 7 1 ,1 4 3
4 ,5 1 3 ,2 7 0
6 3 3 ,0 4 6
4 ,3 0 1 ,8 6 0
1 ,9 7 7 ,6 1 6
2 ,0 4 9 ,7 2 6
5 1 6 ,8 2 2
7 0 0 ,6 3 8
2 8 0 ,3 3 6
3 1 1 ,9 8 3
8 3 ,1 9 7
1 1 0 ,5 2 4
3 ,3 3 0 ,4 7 2
5 5 ,3 7 4
1 5 1 ,3 0 1
1 7 7 ,6 2 7
2 ,5 3 8 ,3 6 6
3 9 4 ,1 8 6
1 0 1 .1 7 6
1 2 6 ,5 2 9
8 1 3 ,6 7 9
1 2 2 ,6 3 6
2 7 ,7 3 9
2 0 ,6 8 3
7 1 1 ,4 8 3
5 8 ,3 9 8
973
d e l .9 .7 3 3
2 ,0 9 3 ,9 7 7
C h esapeake
C h ic a g o
&
&
N or
C h ic S t P a u l M
D e la w a r e & H u d s o n b . . J u l y
1 .7 6 7 ,4 4 0
J a n 1 t o J u l y 3 1 ----------------1 1 , 9 0 1 , 4 5 0
D e n v e r & R io G r a n d e .a -J u ly
D u lu t h
S o Sh
<5s A t l . b -
J u ly
G ran d T ru n k o f C an ad a—
G r a n d T r u n k R y -----------J u l y
G ran d T ru n k W e s t. . . Ju y
D e t G r I la v & M I lw .. J u ly
C a n a d a A t l a n l c ------------J u l y
5 .7 9 2 ,4 8 2
2 ,5 4 0 ,1 8 0
H o c k i n g V a l l e y - b _________ J u l y .
6 0 4 ,4 5 8
6 6 0 ,1 9 2
2 1 3 ,0 9 2
Iow a
2 5 6 ,1 3 5
2 4 2 ,8 9 0
ft 3 5 ,0 0 7
7 1 2 5 ,9 5 7
1 ,0 0 9 ,5 4 9
G r e a t N o r t h e r n - ! ) -------- . . J u l y
C e n t r a l . a _____________ J u l y
2 5 6 ,1 7 2
J u ly
4 ,2 8 0 ,7 4 8
4 ,2 0 1 ,6 0 0
1 ,2 2 8 ,1 4 1
C e n t r a l . b ___________ J u l y
8 8 5 ,4 5 1
8 2 6 ,5 4 8
2 4 4 ,3 7 6
2 2 7 ,5 9 0
5 8 ,7 1 3
5 8 ,1 3 4
6 ,7 5 3
d e fl4 .4 1 0
L o u is v ille & N a s h v .b —
M a in e
5 ,7 4 5 ,9 1 8
M in e r a l
R a n g e . b ---------------J u l y
3 0 1 ,3 1 1
4 1 3 ,5 6 9
fc 7 9 ,5 9 6
fc ll4 ,9 1 0
M in n S t P
& S S M .a -.-J u ly
1 ,3 1 8 ,5 9 1
1 ,2 2 8 ,6 5 5
4 9 9 ,6 4 5
4 5 1 ,8 5 8
C h ic a g o
D I v I s I o n .n --.J u ly
7 7 5 ,0 0 5
8 0 6 ,6 6 1
1 9 1 ,0 8 2
2 6 1 ,0 6 0
2 ,1 4 0 ,4 8 0
2 2 9 ,4 9 5
3 3 9 ,5 5 0
2 2 0 ,3 0 1
M In n ea p
& S t L o u is .a ..J u ly
M o K an
& T e x a s . a ------------J u l y
J u ly
9 7 0 ,5 0 6
9 2 9 ,6 6 4
2 2 5 ,7 0 0
-J u ly
9 3 2 ,5 1 2
9 4 1 ,4 5 5
3 1 2 ,0 5 3
3 8 7 ,4 0 4
-J u ly
3 .0 5 3 .7 1 3
2 ,9 1 4 ,3 6 4
1 ,0 9 5 ,1 7 2
9 8 0 ,2 9 9
P a c i f i c . b ________J u l y
5 .2 3 2 ,8 5 2
0 ,2 4 7 ,3 3 7
1 ,9 0 3 ,3 5 4
2 ,4 8 2 ,6 7 1
C o a s t _________________J u l y
7 2 4 .4 0 1
8 1 5 ,6 0 4
1 2 3 ,8 3 5
1 0 6 ,7 0 0
N a sh v C h at & S t L .b N
Y
O n t
N o r fo lk
& W e s t e r n .a
& W e s t e r n .b -
N orth ern
P a c ific
2 ,1 5 4 ,6 0 3
R a le ig h
&
S o u t h p o r t .b .J u ly
1 4 ,0 5 8i
1 1 ,7 3 5
5 ,0 6 0
2 ,0 5 4
& P o t b J u ly
2 0 0 ,0 0 3
1 9 3 ,4 5 3
7 6 ,7 2 2
7 3 ,1 5 2
R io G ra n d e S o u t h e r n .b -J u ly
4 4 ,9 3 1
5 4 ,7 7 3
1 2 ,2 2 9
1 9 ,2 8 8
0 8 ,0 6 2
4 8 9 ,8 7 8
R ic h m o n d
F red
2 9 3 ,3 3 3
1 ,7 6 9 ,6 7 6
7 6 ,7 3 9
4 3 0 ,5 7 5
P a o .a -J u ly
1 1 5 ,2 2 2
1 6 6 ,6 9 5
3 8 ,3 6 5
5 3 ,4 6 8
S t L o u is & S a n F r a n -b -J u ly
fC h lo & E a s t I ll- b - - - J u J y
T o t a l a ll l l n e s .b — J u ly
3 .2 7 4 ,8 6 3
1 .2 2 6 .6 9 7
4 ,5 0 1 ,5 6 0
3 ,3 4 3 ,6 6 3
1 ,1 3 5 .0 3 8
4 ,4 7 8 ,7 0 1
1 ,0 0 5 ,5 2 3
4 0 3 ,6 0 0
1 ,4 0 9 ,1 8 3
0 6 4 .3 5 2
3 7 0 ,7 3 0
1 ,3 3 5 ,0 8 3
S e a b o a r d A i r L i n e . a --------- J u l y
1 .6 3 0 ,1 6 5 *
1 ,5 0 2 ,2 4 5
3 9 2 ,6 5 2
3 3 0 ,0 7 5
1 9 1 ,9 9 1
4 3 ,6 9 3
3 0 ,9 2 4
1 ,1 3 3 ,0 1 6
8 ,5 6 3 ,0 9 0
1 6 3 ,0 4 1
9 5 4 ,5 9 8
7 9 ,6 2 0
1 ,5 2 2 ,1 9 3
R u t l a n d . b -------- -J a n 1 t o J u ly
St L R ock y M t
&
r - -J u 'y
3 1 ---------------
S o u th e r n R a ilw a y —
„ ,
• G e o rg ia S o u & F la .b - - J u l y
T e x a s & P a c i f i c . b _________ J u l y
J a n 1 t o J u l y 3 1 _________
T id e w a te r & W e s t e r n .b .J u ly
V ir g in ia
&
S o u t h w e s t -b .J u ly
W a b a s h b -------------- ------------- . . J u l y
^ 1 3 ,0 0 5
1 ,8 8 6 ,8 3 3 |
1 9 1 ,4 0 1
1 .1 1 5 ,7 1 6 |
8 ,0 4 9 ,0 7 0 1
7 ,5 8 3I
1 2 8 ,2 0 3
2 ,4 4 7 ,4 4 2 :
1 ,5 5 1
G r e a t W e s t e r n .J u ly
2 2 5 ,0 6 3
1 9 4 ,1 9 5
£ 3 6 ,6 1 6
£ 4 7 ,9 6 8
d 3 2 9 ,9 3 3
4 8 6 ,7 4 8
4 6 5 ,6 0 5
(1 1 2 7 ,5 8 6
A t l ______ J u l y
9 4 ,9 0 0
9 6 ,9 4 3
£ d e f6 ,7 2 7
£ 2 7 ,0 8 7
R a n g e -------------------- J u l y
1 2 ,6 9 7
1 2 ,6 3 3
£ d e f4 ,5 8 8
£ d e f2 5 ,8 1 2
&
R io
G r a n d e ..J u ly
&
&
7 ,1 8 4
822
903
9 1 ,4 5 3
4 2 ,6 2 2
2 8 ,7 8 9
2 ,3 4 4 ,4 3 1
6 0 7 ,3 9 5
5 7 8 ,5 9 3
4 6 6 ,5 0 8 x d e f2 7 3 ,8 4 5 x d e f 1 1 9 ,1 7 3
T e x .J u ly
5 2 5 ,3 3 6
W e s t .J u ly
1 0 1 ,2 8 1
1 0 6 ,6 2 0
2 1 0 ,7 7 2
2 8 0 ,7 8 4
W e s t e r n ______ J u l y
5 0 0 ,6 5 7
5 0 3 ,4 5 0
£ 6 4 5 ,8 6 7
£ 5 2 2 ,4 0 6
G ra n d e S o u t h e r n ...J u ly
1 8 ,8 4 5
1 9 ,4 2 9
£ d c t 3 ,1 1 5
£ 3 ,3 3 7
3 3 ,5 3 1
7 ,8 6 0
1 9 ,9 3 7
Y ork
O n t
&
R ock y
&
M t
&
3 0 ,5 0 5
P a c .-J u ly
IN D U S T R IA L
C O M P A N IE S .
— In t., R en tals, A c . —
P revio u s
Current
Y ea r.
Y ea r.
$
$
3 .4 1 %
& A t l.b ..J u ly
A tla n ta B Irm
& S a c o R iv e r .J u ly
1 ,1 4 7
Com panies.
It will be seen that there is a gain on the roads reporting
in the amount of $2,009,528, or 3.41%.
Net Earnings Monthly to Latest D a te s— The table fol
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
R o ad s.
St L
£ 1 7 ,4 6 5
£ 3 2 ,8 5 7
M is s o u r i K a n s a s
N ew
$
$
$
598
So Sh
M in e r a l
B a t. of N et E a r n s . —
P revio u s
Current
Y ea r.
Y ear.
0 3 ,4 5 8
B r id g e t o n
D u lu th
—
651
A r o o s t o o k ____ J u l y
In c r e a s e .
( 3 7 r o a d s ) --------------- 6 0 . 9 0 6 . 3 1 7
In t., R en ta ls , & c . —
Current
P revio u s
Y e a r.
Y e a r.
1 0 4 .5 1 7
&
N o r fo lk
1911.
1 ,7 4 6
1 5 ,3 6 0
3 6 ,6 2 8
2 9 4 ,9 7 0
E l C o (B r o c k to n )b -J u ly
J a n 1 t o J u l y 3 1 __________
C h ic a g o
1 0 ,7 6 5
8 ,0 6 2
$
2 ,1 9 1
1 3 ,1 9 4
B la c k s t V a l G a s & E l .b . J u l y
J a n 1 t o J u l y 3 1 __________
5
1 ,0 5 9
$
6 ,8 7 2
5 1 ,1 7 7
E d ls
3 2 ,0 0 0
3 ,6 9 7
2 2 ,8 4 9
__________
-N et E a rn in g s —
Current
P re v io u s
Y e a r.
Y ea r.
E a rn in g s ----------P revio u s
Y ear.
%
7 ,8 2 3
5 4 ,2 9 6
3 1 4 ,4 7 0
2 2 ,5 9 2
4 6 ,7 8 6
C O M P A N IE S .
4 2 ,6 1 7
3 2 1 ,8 2 6
..................
For the month of August the returns of 37 roads shows as
follows:
M onth of A u gu st.
Current
Y ear.
C om panies.
R io
G r o s s e a r n in g s
661
THE CHRONICLE
9 1911.]
-—B
a l. o f N et E a rn s . —
Current
P revio u s
Y e a r.
Y ea r.
$
$
A b ln g t o n & R o c k la n d E le c
L i g h t & P o w C o ------------ J u l y
J a n 1 t o J u l y 3 1 . ...............
633
4 ,4 5 2
814
5 ,3 0 7
1 ,5 5 8
8 ,7 4 2
932
1 0 ,0 5 3
B la c k s t V a l G a s & E le c .J u ly
Jan
1 t o J u l y 3 1 ..................
2 9 ,9 3 5
2 0 9 ,7 2 2
2 9 ,9 1 3
2 0 5 ,7 7 2
1 2 ,6 8 2
1 1 2 ,1 0 4
6 ,7 1 5
8 9 ,1 9 8
E d is o n E l C o (B r o c k t o n )J u ly
J a n l t o J u l y 3 1 __________
4 ,8 7 7
3 3 ,9 7 1
3 ,7 8 7
2 8 ,4 1 8
4 ,4 8 5
5 0 ,4 7 0
4 ,2 3 5
4 8 ,4 5 0
F a ll R iv e r G a s W o r k s ..J u l y
J a n 1 t o J u ly 3 1 . . .
. .
3 ,8 3 3
2 8 ,2 9 9
3 ,1 7 2
2 4 ,9 9 8
9 ,7 8 1
6 8 ,6 3 0
1 1 ,9 5 9
7 6 ,3 4 0
H ou g h ton C o
Jan 1 to
L t .-J u ly
3 1 ---------------
6 ,8 4 8
3 8 ,5 4 3
4 ,9 4 6
3 5 ,0 0 1
3 ,5 6 0
4 8 ,9 9 6
3 ,1 6 8
4 3 ,4 8 2
L o w e ll E le c L t C o r p ..- J u l y
Jan
1 t o J u l y 3 1 ---------------
4 ,6 2 5
3 2 .9 4 0
4 ,7 8 8
3 2 ,8 0 5
7 ,6 8 7
7 4 ,7 4 3
7 ,1 2 2
7 0 ,3 8 4
M in n G e n e r a l E l e c . .
J u ly
J a n 1 t o J u l y 3 1 ---------------
3 9 ,1 4 3
2 5 9 ,2 7 7
3 0 ,7 2 4
2 1 9 ,5 4 7
2 5 ,3 8 5
2 2 6 .9 4 7
2 2 ,3 8 8
2 0 6 ,0 2 7
S ie r r a
P a c i f i c _______________ J u l y
J a n 1 t o J u l y 3 1 ________
4 ,5 2 4
3 6 ,6 4 2
5 ,9 7 7
3 9 ,7 9 9
2 6 ,3 5 7
1 7 7 ,4 9 1
2 3 ,4 7 2
1 6 9 ,6 1 8
E le c
J u ly
(l T h e s e f i g u r e s a r e a f t e r a l l o w i n g f o r o t h e r I n c o m e a n d f o r d i s c o u n t a n d
exch an ge.
T h e sum
o f $ 1 0 , 0 0 0 Is d e d u c t e d e v e r y m o n t h f r o m
s u r p lu s
a n d p la c e d t o th e c r e d it o f th e r e n e w a l fu n d .
x A ft e r a llo w in g fo r o t h e r I n c o m e r e c e iv e d .
ELECTRIC RAILW AY AND TRACTION COMPANIES.
N am e of
R o ad .
A m e r i c a n R y s C o --------A tla n tic S h o r e R y —
c A u r 'E l g i n & C h i c R y
B a n g o r R y & E le c C o
B a to n R o u g e E le c C o
B in g h a m to n R a ilw a y
B ir m R y . L t & P o w .
R rn ok H
e, P l y m S t R y .
B fc ly n R a p T r a n S v s
C a p e B r e to n E le c C o
C a r o lin a P o w & L t C o
C e n t P k N 8c E R ! v . _
C e n t r a l P e n n T r a c ____
C h a tta n oog a R y & L t
C lo v e P a ln e s v & E a s t
C lc v S o u t h w & C o l . .
C o lu m b u s (G a ) E l C o
C o n e y Is la n d & B k ly n
D a lla s E le c t r ic C o r p .
D e tr o it U n ite d R v —
D D E B & B a tt(R e c )
D u lu th -S u p e r io r T r a c
E a s t S t L o u is & S u b .
E l P a s o E l e c t r i c ___
F a lr m & C la r k s T r C o
42d S t M & S N A v (R e c )
G a lv -H o u s to n E l C o .
G ra n d R a p id s R y C o .
H a v a n a E le c t r ic R y C o
H o n o lu lu R a p id T r a n
& L a n d C o ----------------T lo u c h t o n C o T r a c C o
H u d so n & M a n h a tta n
I llin o is T r a c t io n C o . .
In terb oro R a p T ra n s.
J a c k s o n v ille E le c C o .
L a k c S h o r e E le c R y .
L o n g Is la n d E le c t r ic M e tr o p o lita n S t (R e c )
M I lw E l R y & L t C o .
M I lw L t , l i t & T r C o .
M on trea l S tre e t R y - N a s h v lllc R y & L ig h t
N e w O r le a n s R y & L t
N Y C ity I n t e r b o r o ..
N Y A L o n g Is la n d T r
N Y & Q u een s C ou n ty
N orf & P ortsm T r C o
N orth ern E a s to n A W
Latest Gross E a rn in g s .
Week or
M onth.
Current
Y ear.
Previou s
Y ea r.
S
S
3 5 9 ,5 4 7
3 3 7 .4 0 4
J u n e ------------2 6 .6 6 0
2 5 .3 5 7
M ay
..............
1 8 2 ,3 8 7
186 271
J u ly
...............
5 5 .6 7 7
5 4 ,0 0 7
J u l y ...............
9 7 0 fi
9 .4 7 6
J lllV
________
3 7 ,3 3 0
3 8 ,1 0 7
J u l y ________
2 1 8 ,2 5 5
2 2 4 ,9 8 6
M a y ________
1 6 ,6 5 8
1 6 .2 0 2
J u ly
..............
A p r i l ............... 1 8 3 5 , 0 0 6 1 7 3 5 , 1 0 5
28 876
3 1 .2 1 5
T u l y ________
2 0 ,0 2 4
2 1 ,9 8 1
J u ly
..............
5 3 ,0 3 6
5 0 ,0 2 6
A p r i l ...............
8 2 ,3 7 3
8 5 ,4 6 7
J u l y ________
8 8 ,4 1 2
8 4 ,1 7 5
J u l y ________
3 5 ,7 6 5
3 3 ,2 6 1
J u n e ________
1 0 8 ,6 4 4
1 0 1 ,4 9 2
l u l y ________
3 9 ,6 2 3
3 8 ,5 3 2
l u l y ________
1 1 0 ,3 9 9
1 0 6 ,7 0 4
A p r i l ..............
1 1 7 ,2 7 0
1 2 5 ,0 3 7
J u ly
________
1 9 6 .9 8 1
2 0 8 .9 7 5
1 s t w lc A u g
5 1 .8 8 7
5 0 ,6 5 6
A p r i l ________
1 0 8 ,4 5 5
1 0 3 ,5 3 2
J u l y ...............
1 9 5 ,6 8 8
2 1 0 ,8 4 4
J u l y ...............
4 0 .3 5 1
5 1 .8 3 4
I llI V
________
J u l y ...............
6 8 ,3 3 2
5 7 ,4 8 8
A p r i l ________
1 1 1 ,9 7 4
1 2 5 ,2 2 2
1 2 2 '> 9 7
1 3 6 .1 13
lu ly
________
1 1 3 ,0 0 5
1 0 7 ,0 7 2
J u l y ________
44 807
4 5 ,7 2 1
W k S ept 3
Ja n .
1
to latest date.
Current
Y ear.
P revio u s
Y ea r.
1 ,9 4 2 .8 8 3
1 0 3 .3 6 5
9 8 7 ,4 8 8
3 2 0 ,3 2 6
6 5 ,6 4 8
2 1 8 ,0 6 4
1 ,1 3 4 ,2 2 7
6 6 .7 1 6
6 ,9 7 7 ,7 5 1
1 8 3 .3 5 0
1 6 5 .1 8 9
1 9 0 .8 7 9
4 9 9 ,3 4 1
5 3 0 ,1 3 0
1 6 3 ,7 1 7
6 2 8 ,8 1 1
2 7 5 .2 0 7
4 0 4 ,5 6 4
8 9 3 ,9 8 6
5 .9 3 6 .6 1 2
1 9 6 ,0 1 6
6 4 3 ,5 3 1
1 ,2 8 7 ,4 0 7
3 8 5 .8 6 9
4 0 4 .6 5 7
4 6 4 ,2 6 8
8 4 8 .4 0 5
6 6 0 ,4 3 2
1 ,5 9 2 .7 4 7
1 ,8 4 2 ,1 4 4
1 1 1 ,3 3 9
9 2 1 ,1 5 7
3 0 9 ,3 1 3
6 1 .7 8 9
2 0 4 ,8 8 1
1 ,0 6 9 ,3 7 6
6 6 ,0 9 7
6 ,6 0 1 ,8 9 0
1 7 6 ,4 2 4
1 4 5 ,0 6 4
1 9 1 ,4 3 7
4 7 6 ,1 2 0
4 9 6 ,8 4 0
1 5 3 ,5 7 8
5 7 5 ,6 6 8
2 5 1 ,4 6 4
3 9 2 ,3 0 1
7 9 9 ,5 5 2
5 ,4 7 9 ,6 4 7
1 9 9 ,6 9 0
6 1 5 ,1 7 4
1 ,3 3 0 ,1 9 7
3 5 8 ,5 8 9
3 2 7 ,2 6 4
4 2 1 .8 2 8
7 3 1 .2 2 7
6 4 3 .8 2 8
1 ,4 5 6 ,1 2 5
3 7 ,8 6 6
2 4 0 ,2 1 9
4 2 ,7 6 7
J u n e ________
1 7 5 ,6 8 8
3 1 .2 2 0
3 0 .0 3 6
T u ly
________
3 7 5 .8 7 0
3 2 4 ,1 6 9
2 ,2 9 0 ,1 5 3
J u n e ________
5 3 5 ,8 4 9
4 7 8 ,7 3 3
3 .2 4 9 ,9 8 9
J u n e ________
J u n e ------------ 2 3 6 3 , 0 7 9 2 3 2 1 , 0 7 9 1 5 , 4 8 0 , 6 6 2
4 3 .9 2 0
3 3 3 ,1 2 3
4 6 .9 0 5
lu ly
..............
5 5 8 ,5 8 6
1 1 3 ,9 5 0
1 0 3 ,5 3 3
J u n e ________
5 3 ,6 8 1
1 4 ,9 3 5
1 4 ,6 5 3
A p r i l -----------4 ,3 1 4 ,2 2 4
A p r i l ------------ 1 1 2 0 . 0 8 1 1 0 9 9 , 8 3 5
3 8 8 .1 7 4
2 ,4 0 1 ,3 1 4
J u n e ________
4 1 8 ,8 2 3
4 8 9 ,3 3 2
J u n e ________
9 6 ,0 7 2
1 0 3 ,8 3 9
3 9 8 ,8 4 7
2 .7 4 6 ,6 4 9
J u ly
...............
4 3 7 ,7 7 1
J u l y ________
1 5 4 ,6 7 2
1 4 4 ,5 4 8
1 ,0 0 6 ,7 8 9
J u n e ________
3 ,3 3 7 ,4 3 3
A p r i l ________
2 2 ,9 3 6
1 8 ,4 9 4
8 5 ,4 3 5
A p r i l ________
3 0 ,7 1 6
2 7 ,5 4 3
1 0 5 ,4 7 7
A p r i l ...............
8 4 .2 3 0
3 4 6 .8 3 9
0 6 ,7 5 7
1 8 5 ,3 4 2
1 6 6 ,8 2 3
1 ,0 1 1 ,7 9 2
J u n e ________
14 5(15
1 5 .1 8 5
63 791
M av
..............
2 2 1 ,5 5 7
1 8 1 ,0 3 1
1 ,9 6 7 ,3 7 8
2 ,8 4 4 ,4 9 6
1 5 ,0 6 2 ,8 3 7
3 3 0 .3 7 2
5 2 6 ,7 2 8
4 9 ,9 7 5
4 ,2 2 3 ,7 8 5
2 ,2 4 9 ,4 7 3
4 5 7 ,0 9 4
2 ,4 6 4 ,2 0 4
1 ,0 3 2 ,5 0 1
3 ,1 4 2 ,2 9 4
6 2 ,8 0 2
9 1 ,8 8 8
3 0 0 ,6 5 6
9 3 2 ,4 3 0
(m
THE CHRONICLE
Latest Gross E a rn in g s.
N am e of
R o ad .
Week or
M o n th .
Current
Y ear.
No
C a ro P u b S e r v C o J u ly
________
2 1 ,1 2 2
N o r th O h io T r a c A L t J u ly
________
2 7 8 ,4 3 1
N o r t h T e x a * E le c C o . fu ly
_
131 .3 3 3
N o r t h w e s t K i e v C o . . J u n e ____
1 7 6 ,8 2 0
O c e a n E le c t r ic (L I ) . A p r il .
_
4 ,7 3 1
O k la h o m a C ity R y ._ J u n e .
'
5 7 ,1 0 5
P ad u cah T r A Lt Co
I n ly
2 2 .1 7 7
P e n s a c o la E le c tr ic C o L ily
2 5 .3 1 9
P h lla R a p T r a n s C o . . J u ly
1 8 5 6 ,8 1 6
P o r t ( O re ) R y .L & P C o . J p ly
5 4 3 ,7 0 4
P u g e t S o u n .l E l C o
J u ly
1 6 3 ,7 7 t
R ic h m o n d L t A R R . A p r il
2 4 ,4 8 8
R io d e J a n e ir o T ra m
L ig h t & P o w e r C o
J u ly
1 1 4 5 ,9 3 8
S t J o s e p h (M o ) P .v .L l
H eat & P ow er Co
..............
J u ly
9 2 ,3 7 5
S a o P a u lo T r , L A p
J u ly
..............
2 8 3 ,1 4 1
S a v a n n a h E le c tr ic C o J u ly
________
6 1 ,0 3 8
S e a ttle E le c tr ic C o
J u ly
________
4 0 7 ,8 6 9
S e c o n d A v e n u e ( R c c ) A p r i l ________
6 8 .7 5 6
S o u t h e r n B o u l e v a r d . A p r i l ________
9 ,1 9 4
S o u W is c o n s in rty C o J u n e .
1 8 ,3 1 8
S t a t e n I s l M id la n d .. A p r il _
1 7 ,6 2 5
J a m p a E le c tr ic C o
U u iv
________.
5 7 .2 5 2
T h i r d A v e n u e ( R e c ) . ' A p r i l ________
2 8 9 ,7 5 3
lo lc d o R y s A Lt C o . 2d w k A u g
3 1 ,5 9 1
T oron to R y C o
______ J u n e
in i . i s o
T r i-C it y R y & L ig h t . J u ly
. . . I
2 1 0 ,8 9 9
T w in C it y R a p T r a n . 3 d w k A u
1 5 4 ,2 0 1
U n dergrou n d
El
R yl
of L ondon —
T h re e tu b e lin e s ..
W k S cot 2
£ 1 0 ,9 2 5
M e t r o p o lit a n D ls t . W k S e p t 2
£ 1 0 ,0 3 9
U n ite d T r a m w a y s . W k S e p t 2
£ 7 ,1 7 9
U n i o n ( R c c ) . _ _____ A p r i l .................
1 8 1 ,3 3 3
U n I o n R y ,G & E C o (I lI ) J u ly
.
2 4 4 ,9 3 1
U n ite d R y s o f S t L
.J u ly
1 0 1 6 ,7 5 9
U n ite d R R s o f S a n F r J u ly
6 4 4 ,5 1 3
W e s t c h e s t e r E l (R e c ) A p r il .
4 5 ,1 4 2
W h a t c o m C o R v A L tlJ u lv
2 9 ,8 8 0
Y on k ers R R
( R e c ) . . ' A p r i l ________
5 4 ,2 1 4
Y o u n g s t A O h io U i v . J u iv
2 2 ,1 0 9
c
T h ese
fig u r e s
arc
fo r
c o n s o lid a te d
Ja n .
P revio u s
Y ear
$
1 7 ,6 7 4
2 6 2 ,0 2 0
1 2 5 ,9 4 3
1 8 1 ,7 6 0
4 ,9 1 7
6 1 ,3 9 7
2 1 ,5 7 7
2 4 ,2 3
1 7 7 1 ,9 5 5
4 9 0 ,7 2 4
1 8 2 .9 8 0
2 3 ,3 2 4
9 8 0 ,3 3 9
1
to latest date.
Current
Y ear.
P revio u s
Y ear.
$
1 4 0 ,4 5 8
1 ,5 0 1 ,1 0 8
9 0 6 .3 8 7
1 ,1 0 1 ,6 8 0
1 3 .0 9 1
3 0 1 ,2 0 7
1 4 8 ,9 5 9
1 6 1 ,1 0 7
1 1 6 ,9 5 1
1 ,3 4 9 ,3 5 5
8 0 3 ,5 6 3
1 .0 9 6 .2 1 8
1 5 ,3 2 6
2 8 9 ,3 1 3
1 4 0 ,9 4 7
152 021
1 9 ,3 5 5 1
P e n s a c o la E le c t . .
J a n 1 to J u ly
3 ,1 3 6 ,3 3 6
9 1 ,5 4 8
8 6 ,3 5 2
7 ,2 5 3 ,7 1 1
6 ,0 2 3 ,0 7 0
£ 4 7 6 ,5 8 5
£ 4 0 6 ,8 9 1
£ 2 3 4 ,2 8 4
6 0 8 .4 1 4
1 ,7 6 3 ,3 8 7
6 .8 4 1 ,9 9 8
4 ,4 6 5 ,6 4 7
1 6 4 ,1 7 1
2 ! 1 .5 0 5
1 9 8 ,5 0 0
1 3 0 .2 7 3
E a rn in g s -------Current
P revio u s
Y ear.
Y e a r.
E a rn in g s ---------Current
P revio u s
Y ear.
Y ear.
-J u ly
$
1 8 6 ,2 7 1
$
1 8 2 ,3 8 7
9 4 ,7 3 3
$
9 4 .7 7 5
9 ,4 7 6
6 5 ,6 4 8
9 ,7 0 8
6 1 ,7 8 9
3 ,3 9 0
2 4 ,5 3 2
3 ,4 8 7
2 1 ,7 4 4
B r o c k t o n A P l y m 't h . b - .l u l y
____ _
J a n 1 t o J u ly 3 1 .
1 6 ,2 0 2
6 6 .7 1 6
1 6 ,6 5 8
6 6 ,0 9 7
7 ,7 0 0
1 8 -.0 1 1
7 ,8 2 5
1 6 ,7 9 2
B r e to n E le c t r ic , b .J u ly
J a n 1 t o J u l y 3 1 _________
_________
3 1 ,2 1 !
1 8 3 ,3 5 0
2 8 ,8 7 6
1 7 6 ,4 2 4
1 5 ,3 7 9
8 2 ,3 3 9
1 4 ,4 6 0
7 6 ,9 6 3
C o lu m b u s (G a ) E l e c .b . .J u ly
J a n 1 t o J u l y 3 1 _______ __
3 9 ,6 2 3
7 5 ,2 0 7
3 8 ,5 3 2
2 5 1 ,4 6 4
2 1 ,7 3 5
1 5 1 ,9 5 5
2 0 ,6 1 5
1 3 3 ,9 6 8
C ape
D a lla s E l e c t r i c C o r p b . .J u ly
J a n 1 t o J u l y 3 1 _________
1 2 5 ,0 3 7
8 9 3 ,9 8 6
1 1 7 ,2 7 0
7 9 9 ,5 5 2
4 3 ,4 2 7
3 1 2 ,2 9 6
3 1 ,7 0 1
2 4 0 ,7 7 3
D e tr o it U n ite d R y . b . - . J u l y
J a n 1 t o J u l y 3 1 _________
9 5 9 ,5 8 7
5 ,7 2 7 ,6 3 6
9 3 8 ,5 9 9
5 ,2 8 2 ,6 6 6
3 4 3 ,3 0 4
2 ,0 8 5 ,0 6 3
3 5 1 ,8 7 3
1 ,9 2 5 ,1 5 5
4 9 ,3 5 1
3 5 8 ,5 8 9
2 1 .0 5 7
1 6 3 ,9 6 7
1 9 ,7 9 4
1 5 5 ,0 2 5
E l
P aso
Jan
E l e c t r i c b ______J u l y
1 t o J u l y 3 1 _______ __
5 1 ,8 3 4
3 8 5 ,8 6 9
G a lv -H o u s E le c C o . b .- J u l y
J a n 1 t o J u l y 3 1 _________
1 3 6 ,1 1 3
8 4 8 ,4 0 5
1 2 2 ,0 9 7
7 3 1 ,2 2 7
6 0 ,0 4 4
3 4 4 ,6 1 9
5 6 ,1 0 8
2 6 8 .5 7 0
H ou g h ton C o
J a n 1 to
T r a c .b
..J u ly
J u l y 3 1 _________
3 1 ,2 2 0
1 7 5 ,6 8 8
3 0 ,0 3 6
1 8 1 ,0 3 1
1 7 ,5 8 1
8 1 ,8 7 4
1 5 ,6 5 6
8 1 ,6 6 1
J a c k s o n v ille E le c t r ic , b J u ly
J a n 1 t o J u l y 3 1 __________
4 3 ,9 2 0
3 3 3 ,1 2 3
4 6 ,9 0 5
3 3 0 ,3 7 2
1 9 ,3 4 2
1 4 8 ,2 7 5
2 0 ,6 9 8
1 5 4 ,8 5 0
N o rth e rn T e x a s E le c .b -J u ly
J a n 1 t o J u l y 3 1 _________
1 3 1 .3 8 3
9 0 6 ,3 8 7
1 2 5 ,9 4 3
8 0 3 ,5 6 3
6 4 ,5 0 5
4 2 9 ,5 7 7
5 7 ,7 9 6
3 6 4 ,4 9 0
P ad u cah
Jan
2 2 ,4 7 7
1 4 8 ,9 5 9
2 1 ,5 7 7
1 1 0 ,9 4 7
9 ,9 1 8
6 6 .0 4 7
9 ,8 8 0
5 5 ,3 5 6
T r A L t C o b J u ly
1 t o J u l y 3 1 _________
P e n s a c o la
E le c tr ic , b - - - J u ly
Jan
1 t o J u l y 3 1 _________
2 5 ,3 1 9
1 6 4 ,1 6 7
2 4 ,2 3 5
1 5 2 ,0 2 1
1 0 ,5 8 5
6 7 ,9 6 3
1 0 ,5 8 1
6 2 ,0 4 2
P u get S ound
J u ly
1 6 3 ,7 7 4
1 8 2 ,9 8 6
7 0 ,9 4 1
8 0 ,7 8 2
S avan n ah
E le c t r ic , b . . .J u ly
J a n 1 to J u ly 3 1 . . .
_ .
6 4 ,0 3 8
3 9 4 ,3 0 2
5 9 ,1 4 0
3 5 9 ,7 1 4
1 8 ,5 5 6
1 2 9 ,3 4 5
1 8 ,1 9 8
1 2 5 ,6 4 8
E le c tr ic , b
S e a t t le E le c t r ic , b . . .
J a n 1 t o J u ly 31
.J u ly
4 6 7 ,8 6 9
3 ,1 6 7 ,4 8 1
4 5 9 ,0 5 9
3 ,1 9 5 ,2 4 9
2 2 0 ,2 7 4
1 ,3 6 7 ,7 1 7
1 0 7 ,5 4 9
1 ,2 7 2 ,9 7 0
T a m p a E l e c t r i c , b _____
J a n 1 t o J u l y 31
.J u ly
5 7 ,2 5 2
3 9 2 ,0 3 6
5 1 ,5 0 6
3 6 3 ,8 9 0
2 7 ,8 0 2
1 8 6 ,6 2 1
2 2 ,6 0 6
1 5 8 ,1 0 0
O h l o . b ......................J u l y
5 4 ,5 6 7
5 1 ,8 8 5
2 7 ,3 8 5
2 6 ,3 6 2
W h a t c o m C o R y & L t .b .J u lv
J a n 1 t o J u l y 3 1 _______ ‘.
2 9 ,8 8 6
2 1 4 ,5 0 5
3 2 ,6 6 0
2 3 3 ,0 1 0
1 3 ,1 6 9
9 2 ,8 6 4
1 1 ,6 2 2
9 1 ,1 3 7
W e ste rn
a
b
N e t e a r n in g s
N e t e a r n in g s
h ere
h ere
g iv e n
g iv e n
are
a re
a fte r d e d u c tin g ta x e s
b e fo r e d e d u c tin g ta x e s .
-In t., Rentals. & c . ~
Current
P revio u s
Y ear.
Y ear.
.
A u r o r a E lg in
S
—Ila l. of Net E a r n s .—
Current
P revio u s
Y ear.
Y ear.
S
3 6 ,4 7 5
3 2 ,5 6 9
$
5 8 ,2 5 8
$
6 2 ,2 0 6
2 042
1 4 ,0 8 9
1 ,9 4 5
1 3 ,6 0 6
1 ,3 4 8
1 0 ,4 4 3
1 ,5 4 2
8 ,1 3 8
B r o c k to n & P ly m o u t h ..J u ly
J a n 1 to J u ly
3 1 ..
1 546
1 ,7 6 6
1 2 ,4 7 5
0 ,1 5 4
7 ,0 7 3
6 ,0 5 9
4 ,3 1 7
C ape
6 ,2 0 1
4 0 ,7 3 5
6 ,1 8 2
4 0 ,8 1 0
9 ,1 7 8
4 1 ,6 0 4
8 ,2 8 7
3 6 ,1 5 3
& C h i c _________J u l y
_
J u ly
B a t o n R o u g e E l c e ______
J a n 1 t o J u l y 3 1 _________
_
B r e t o n E l c e ____________ J u l y
J a n 1 to J u ly
3 1
1 0 ,9 3 8
C o l u m b u s ( G a ) E l e c ________ J u l y
J a n 1 t o J u l y 3 1 _____ I
1 4 ,3 6 2
74^801
1 7 ,8 4 8
1 1 2 ,4 2 9
7 ,3 7 3
7 7 ,1 5 4
2 ,7 6 7
2 1 ,5 3 9
D a lla s E le c C o r p _ _
Jan
1
t o J u ly
2 5 ,9 9 3
2 6 ,8 4 2
1 9 1 ,1 2 2 1 8 5 ,8 4 4
1 7 .4 3 4
1 2 1 ,1 7 4
4 ,9 5 5
6 0 ,9 2 9
* 1 8 0 ,4 1 7
* 9 5 0 ,3 4 9
* 1 8 3 ,7 5 6
* 8 5 6 ,0 4 9
.J u ly
31
D e t r o it U n ite d R y . . .
J u ly
17 7 ,3 7 7
Jan
1 to J u ly 3 1 . . . . .
1 ,2 3 4 ,6 5 5
E l
P aso
Jan
1 8 0 .7 9 7
1 ,1 5 3 ,8 5 4
E l e c t r i c ________
J u ly
1 t o J u l y 3 1 _________
8 ,3 1 8
5 8 ,0 0 5
8 ,2 1 5
5 8 ,6 2 7
1 2 ,7 3 9
1 0 5 ,9 6 2
1 1 ,5 7 9
96 398
G a lv c s to n -H o u s to n E l
J u ly
Jan
1 t o J u l y 3 1 _________
2 5 ,1 0 5
1 7 3 ,7 0 0
2 6 ,6 0 9
1 6 0 ,8 2 6
3 4 ,9 3 9
1 7 0 ,9 1 9
H ou g h ton C o T ra c
Kb J a n 1 t o J u l y
J u ly
3 1 _________
2 9 ,4 9 9
1 0 7 ,7 1 4
7 ,7 7 3
4 6 ,7 5 8
6 ,6 3 9
4 4 ,5 8 6
9 ,8 0 8
3 5 ,1 1 6
9 ,0 1 7
37 073
J a c k s o n v ille
E le c t
J a n 1 to J u ly
_ J u ly
3 1 .................
1 2 ,3 6 3
7 5 ,7 0 4
9 ,4 8 8
6 5 ,2 5 3
6 ,9 7 9
7 2 ,5 9 1
N o r th e r n T e x a s E le o .
J u ly
eU i
J a n 1 t o J u l y 3 1 _________
2 5 ,5 9 2
1 7 5 ,7 5 2
2 0 ,2 7 3
1 3 4 ,4 6 5
3 8 ,9 1 3
2 5 3 ,8 2 5
P a d u c a h T r & L t . . ______J u l y
Jan
1 t o J u l y 3 1 _________
3 7 .5 2 3
3 0 ,0 2 5
7 ,8 3 9
5 4 ,4 7 1
7 ,0 2 3
4 9 ,2 2 3
2 ,0 7 9
1 1 ,5 7 6
2 ,8 5 7
6 ,1 3 3
S
5 ,3 0 2
2 7 ,8 5 0
5 0 ,8 1 8
5 1 ,2 9 2
2 0 ,1 2 3
2 9 ,4 9 0
1 8 ,3 5 8
1 2 8 ,9 6 9
1 8 ,1 9 3
1 2 5 ,5 3 9
198
376
S e a t t l e E l e c t r i c _____________ J u l y
J a n 1 t o J u l y 3 i _________
5
109
1 1 5 ,6 8 1
7 9 4 ,5 8 6
1 1 0 ,3 9 4
7 6 1 ,9 2 3
1 0 4 ,5 9 3
5 7 3 ,1 3 1
T a m p a E l e c t r i c _____________ J u l y
J a n 1 t o J u l y 3 1 .................
8 7 ,1 7 5
5 1 1 ,0 4 7
6 ,9 2 9
4 6 ,2 5 5
6 ,7 1 1
3 4 ,0 6 6
2 0 ,8 7 3
1 4 0 ,3 6 6
1 5 ,8 9 5
1 2 4 ,0 3 4
C 2 0 .0 0 1
C 2 0 .2 8 0
7 ,3 2 0
6 ,0 8 2
1 1 ,0 0 0
5 5 ,6 7 6
8 ,8 5 6
6 0 ,7 1 9
2 ,1 6 9
3 7 ,1 8 8
2 ,7 6 6
3 0 ,4 1 8
W e ste rn
O h i o _______________ J u l y
W h a tcom C o R y &
Jan
1 to J u ly
x
c
L t . J u ly
3 1 _________
A ft e r a llo w in g fo r o t h e r In c o m e r e c e iv e d .
I n c lu d e s d iv id e n d s o n p r e fe r r e d s t o c k .
A N N U A L
R E P O R T S ,
O P E R A T IO N S
M ile s o p e r a t e l J u n e 3 0
E qu ip m en t —
_______________
L o c o m o t iv e s
P a s s e n g e r c a r s __________I T
F r e ig h t
c a r p . . _________ I T
E A R N IN G S ,, E T C .
1 9 1 0 - 1 1i .
‘
l
1 9 0 9 -1 0 .
1 .9 5 1
068
393
3 8 ,4 1 8
1 ,0 4 0
10
M a ln tc n a n c e -o f-w a y ca rs
1 , 0 5 8I
B a r g e s _____________ ____________
)
Operations —
P a s s e n g e r s c a r r i e d ________
„5 , 1 6 5 , 7 5 4
4 ,9 3 0 ,1 0 8
P a s s , c a r r i e d 1 m i l e ...........1 9 3 , 7 5 6 , 0 5 4
1 8 1 ,0 0 8 ,8 5 5
R a te p e r p a ss, p e r m ile .
2 .1 6 0 c t s .
2 .1 6 8 c t s .
I o n s f r e i g h t c a r r i e d . . . . 2 5 , 8 2 8 ,2 6 7
2 5 ,4 1 2 ,5 2 0
T o n s f r ’ t c a r r i e d 1 m i l e . * 6 , 7 9 7 , 3 0 -1
* 8 ,7 2 2 ,4 9 6
R a t e p e r t o n p e r m i l e ____
0 .4 4 3 c t s .
0 .4 4 7 c t s .
A v . r e v . tr . lo a d (t o n s ) .
613
635
E a r n s , p e r fr ’ t tr. m ile .
$ 2 .8 7 6 6
8 2 .8 5 9 4
E a r n s , p e r p a s s . t r . m ile
$ 1 .2 3 1 8
3 1 .1 9 8 8
G r o s s e a r n s , p e r m i l e ____
$ 1 8 ,0 3 1
$ 1 8 ,0 2 8
• T h ree
c ip h e r s
(0 0 0 )
1 9 0 8 -0 9 .
1 ,0 4 1
a A ’ S n -!
« u ,o 9 7
1 0 0 7 -0 8 .
l,0 2 u
946
395
3 5 ,8 8 2
1 ,0 3 1
10
046
397
3 7 ,2 7 6
1 ,0 0 7
10
4 .9 1 9 ,5 3 5
1 7 1 ,2 7 0 ,3 3 1
2 .1 2 7 c t s .
2 0 , 0 1 9 ,2 0 3
* 5 ,3 7 7 ,0 2 1
0 .4 6 0 c t s .
618
$ 2 .8 5 1 6
S t. 1812
$ 1 5 ,2 3 5
4 ,8 2 4 ,0 5 0
2 0 1 ,2 7 9 ,4 0 8
1 .9 0 0 c t s .
1 8 ,6 0 8 .1 9 0
* 4 ,9 8 5 ,9 1 0
0 .4 8 1 c t s .
571
$ 2 .7 6 8 1
$ 1 .2 0 7 2
$ 1 5 ,3 9 7
1 9 0 8 -0 9 .
$
3 ,6 4 2 ,8 3 7
2 4 ,7 1 0 ,5 9 1
2 9 4 ,4 5 3
4 2 6 ,0 4 7
2 5 3 ,1 7 3
1 9 0 7 -0 8 .
$
3 ,9 7 7 ,4 8 2
2 3 ,9 9 0 ,6 3 0
2 0 0 ,5 7 8
4 4 9 ,3 2 4
2 5 4 ,2 0 3
o m itte d .
ACCO U N T .
Tr.
,
E a rn in g s —
........................ - - - F r e i g h t ..........................
1 9 1 0 -1 1 .
«
4 .1 8 4 .2 1 6
3 0 ,1 1 5 ,4 8 3
M 0 -™ s
M i s c e l l a n e o u s ...........................
T o t a l ________________
E xpen ses — •
M a ln t. w a y A s t r u c tu r e s
M a ln t. o f e q u ip m e n t
T r a n s p o r ta tio n
. . .
G en eral
_
T r a ffic - I I I I I I I I I I I I I I
T o t a l ______ ___
N e t e a r n in g s
T axes
_______________I I
O p e r a t i n g i n c o m e ______
In te re st, gen eral a cco u n t
R e n ts
_______ ______________
H i r e o f e q u i p m e n t _______
O t h e r I n c o m e _______________
T o t a l _________________
.
1 2 ,5 8 1 ,6 8 8
Deduct—
In te re st on b o n d s .
4 ,4 3 5 ,2 0 0
In te re st on ca r tr u s ts . . .
3 5 7 ,6 6 7
in t e r e s t o n 5 % g oU l n o te s
O o f. in t. P o c .C .A C .b d s .
1 4 8 ,0 0 0
I r e f . d i v a . ( 4 % ) ___________
9 1 9 ,6 6 8
D t v s . o n c o m m o n _____
(5
2 ,5 9 7 ,1 0 9
B e t t e r m e n t f u n d _________
M i s c e l l a n e o u s ____
4 1 733
........................................... I
0 ,0 6 0
T o t a l .......................
S u r p lu s fo r y e a r .
1 2 ,0 0 5 ,2 2 3
5 7 6 ,4 6 5
1 9 0 9 -1 0 .
S
3 .9 2 4 ,8 9 0
3 0 ,0 3 7 .7 9 6
3 3 8 .4 4 9
4 6 1 ,6 5 5
3 0 1 ,0 8 0
3 5 ,0 6 3 ,8 7 0
2 9 ,3 2 7 ,1 0 1
3 ,7 5 2 ,0 4 5
5 ,9 5 1 ,9 0 7
1 0 ,0 6 9 ,7 2 6
7 2 1 ,2 7 5
5 5 1 ,8 0 0
3 ,3 3 1 ,8 8 8
4 ,9 1 9 ,4 3 5
8 ,3 4 6 ,9 9 2
6 4 4 ,3 3 5
4 3 7 ,1 0 6
2 1 ,0 4 0 ,7 5 9
1 4 ,0 1 7 ,1 1 1
1 ,1 1 8 ,9 0 5
1 7 ,7 2 9 ,7 5 0
1 1 ,5 9 7 ,3 4 5
1 ,0 0 8 ,8 0 0
1 2 ,8 9 8 ,1 4 6
5 3 4 ,1 2 1
5 7 ,1 4 7
5 5 4 ,0 3 9
1 0 ,5 8 8 ,5 (5
4 5 9 ,4 7 5
5 4 ,3 7 3
4 6 7 ,2 6 5
1 4 ,0 4 4 ,3 5 3
1 1 ,5 6 9 ,6 5 8
4 ,1 7 9 ,5 3 0
3 9 5 ,5 5 6
2 0 6 ,1 5 4
1 3 8 ,0 0 0
9 1 0 ,6 8 8
(5 )3 ,2 9 4 ,8 4 3
3 .5 7 3 ,5 9 8
0 7 ,7 1 0
1 2 2 .2 3 8
1 2 ,9 2 7 ,2 9 7
1 .1 1 7 .0 5 6
2 8 ,9 0 2 ,2 1 7
3 ,9 8 5 ,5 2 0
3 7 8 ,6 6 7
3 7 9 ,0 4 6
1 5 0 ,0 0 0
9 1 9 ,0 6 8
(1 )2 5 7 8 ,7 6 8 (4 1
l ,7 3 0 ,5 8 0
8 ,1 7 5
1 5 2 ,8 1 7
1 0 ,2 8 3 ,2 4 1
1 ,2 8 6 ,4 1 7
CE SH E E T J U NE
Interest Charges and Surplus.
R o ad s.
$
4 ,7 3 5
2 8 ,4 9 8
J u ly
* l Y i ', 9 7 9
---------- Net
S
$
5 ,2 7 9
3 4 ,7 9 2
loll'oo .
Reports.—An index to annual reports of steam
6 0 , 8 5 6 : iai*roads, street railways and miscellaneous companies which
.8 9 0
363.890
.
have
been
published during the preceding month will be
1 .1 3 9 ,5 4 5
given on the last Saturday of each month. This index will
2 ,0 3 7 .6 5 3
not include reports in the issue of the “ Chronicle" in which
1 ,3 9 5 ,8 5 4
it is published
The latest index will be found in the issue
4 ,7 0 5 ,9 6 1
ol A u g . 2b. I he next will appear in that of Sept. 30.
£ 4 4 5 ,5 3 9
Norfolk & Western Railway.
£ 3 7 7 ,1 7 9
£ 2 2 4 ,3 8 6
{Report for Fiscal Year ending June 30 1911.)
6 1 1 ,4 7 5
1 ,6 6 3 .3 3 8
On subsequent pages will be found the report of Mr
6 .5 9 0 ,1 4 4
L E. Johnson, the President, and also the comparative
4 ,3 7 3 ,4 9 6
balance sheet for two years. Below we publish comparative
1 3 5 ,3 7 8
2 3 3 ,0 4 0
tables and statistics for several years:
E le c .b .
J u ly
J u l y 3 1 __________
& C h lc .b
B a ton R ou g e
J a n 1 to
E l e c t r i c ...
com p an y.
------- Gross
R oads.
P u get S ou n d
$
5 ,8 5 0
4 1 ,4 6 5
-J u ly
31
-R a t. o) Net E a r n s .—
Current
Previous
Y ear.
Y ea r.
S avannah
E le c t r i c .... -J u ly
J a n 1 to J u ly 31
5 8 4 ,9 4 2
1 ,6 3 1 ,0 4 0
3 5 9 ,7 1 4
3 ,1 9 5 ” 4 9
2 4 6 ,3 9 9
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 June 10.
A u r o r a E lg in
—In t., Rentals, A c .—
Current
P revio u s
Y ear.
Y e a r.
R o ad s.
S
3 ,6 5 8 ,5 1 6
9 0 ,9 2 8
6 2 2 ,6 9 7
2 1 3 ,0 1 5
1 ,9 6 7 ,6 9 4
5 9 ,1 4 0
3 9 4 ,3 0 2
4 5 9 ,0 5 9
3 ,1 6 7 .4 8 1
6 7 ,0 7 2
2 5 4 .6 8 5
8 ,4 8 6
3 3 ,3 9 6
1 6 ,2 4 0
9 3 ,3 8 1
1 7 ,2 2 6
6 3 ,8 1 8
5 1 ,5 0 6
3 9 2 ,0 3 6 1
2 9 1 ,2 0 6
1 ,1 3 1 ,0 1 5
3 3 ,2 2 5 j
3 6 1 .7 9 5 ' 2 ,2 4 6 ,0 4 0
2 0 2 ,3 2 9
1 ,5 2 2 ,3 2 0
1 5 1 ,2 6 2
4 ,9 3 7 ,2 7 0
£ 1 0 ,7 3 0
£ 9 ,5 3 0
£ 6 ,7 9 3
1 6 1 ,7 1 6
2 3 2 ,3 1 8
9 8 8 ,0 8 0
6 1 8 ,6 3 6
3 7 ,6 2 7
3 2 ,6 6 0
[V O L . L X X X X I I I .
30.
[F o r fu ll d e t a ils o f b a la n c e s h e e t o f J u n e 3 0 1 9 1 1 s e e p a g e 6 7 3 .
1911.
1910.
1009.
Assets —
$
•$
$
R o a d a n d e q u ip m e n t
.
2 1 1 ,6 7 3 ,2 8 2 2 0 0 ,4 9 8 ,7 4 1
1 8 3 ,5 0 0 ,3 4 6
S e c u r s . o f p r o p ., a ffll., A c - I c o s 'I "
1 0 0 ,6 4 0
2 0 2 ,9 7 0
2 ,7 5 2 ,6 1 5
A d v . t o p r o p ., A c ., c o s . fo r c o n s t r ., A c .
2 1 9 ,7 7 0
1 ,4 8 5 ,3 2 0
1 .1 7 4 ,3 9 7
1 ,3 0 2 ,2 1 8
M is c e lla n e o u s
i n v e s t m e n t s _______________
1 ,2 2 3 ,6 4 5
9 9 6 ,7 9 3
L a s h -----------------------------------------------r. i s o 0 1 7
9 ,1 9 8 ,5 5 0
3 , 5 5 5 , 8 12
S e c u r it ie s h e ld In t r e a s u r y
’ •> 1 ’ 0 0
2 1 ,3 0 0
4 ,9 9 8 ,1 0 0
M a r k e ta b le s tk s .
A
bd s.
(o f w h ic h
'
s t o c k s $ 4 , 0 0 8 ) . . ____________
5 5 2 ,1 3 5
3 ,0 0 0 ,3 5 1
1 6 8 ,4 1 7
L o a n s a n d b ills r e c e iv a b le
4 ,5 0 0 ,6 1 3
6 1 2 ,8 5 3
4 ,0 0 2 ,1 6 4
T r a f f ic a n d c a r s e r v ic e b a la n c e s
1 ,2 1 0 ,2 3 5
7 6 0 ,6 4 0
9 4 2 ,4 9 2
A g e n ts an d co n d u cto rs .
7 7 1 ,3 2 3
7 2 5 ,9 4 8
6 0 8 ,0 0 8
M a t e r i a l s a n d s u p p l i e s ______I
4 1 7 8 ,0 0 1
3 ,8 0 2 ,9 2 9
2 ,5 7 6 ,0 1 2
M is c e lla n e o u s a c c o u n t s
7 0 5 ,8 1 4
6 4 0 ,8 5 0
0 2 8 ,2 9 6
T em porary advan ces, A c
1 2 9 4 ’ n 07
1 ,3 9 2 ,3 8 2
t .2 0 4 ,8 3 9
C a s h A s e c u r s . In s in k ., A c . , fu n d s "
’ 8 7 ,’ 9 6 8
1 1 ,9 8 4
0 ,3 9 6 ,9 8 4
O t h e r d e f e r r e d d e b i t I t e m s ______.
1 8 1 ,2 0 .3
1 0 4 .2 3 7
1 6 3 ,0 2 9
T o t a l a s s e t s _____________
- .2 2 7 ,8 1 7 ,7 0 1 2 2 7 ,9 3 9 ,4 7 7 2 1 8 ,9 8 9 ,1 5 8
L ia b ilities —
A d ju s t m e n t p r e fe r re d s t o c k
93 000 000
2 3 ,0 0 0 ,0 0 0
2 3 ,0 0 0 ,0 0 0
C o m m o n s t o c k . ________
"
7 4 ’ - > x .i ’ o o o
0 8 ,8 9 0 ,0 0 0
0 0 ,0 0 0 ,0 0 0
B o n d s , d e b e n s . A n o t e s ’ ( s e e 'R y . A
’
’
I n d . ” S e c t i o n ) . . . . . . , ................. ...
.1 0 0 ,5 6 8 ,5 0 0
1 0 5 ,9 5 0 ,5 0 0
104 2 4 5 5nn
n
O (M\Ti /Arvrv
. .
E q u ip m e n t tru s t o b lig a tio n s
7 , 9(\t\l\
0 0 , 0A0D 0D
9 ,9 0 0 ,0 0 0
1 1 .9 0 0 ,0 0 0
V o u c h e r s a n d p a y r o lls
""
2 ,7 5 0 ,0 6 0
4 ,0 9 8 ,2 9 1
2 ,3 1 0 ,3 7 1
M a t u r e d I n t ., d t v . a n d r e n t s u n p a id
5 3 3 ,1 7 1
5 3 1 ,2 6 4
5 2 0 ,5 1 1
1 M is c e lla n e o u s a c c o u n t s
2 7 4 ,5 7 8
3 1 1 ,5 3 9
2 8 6 ,0 6 5
I n t ., d lv s . A re n ts a c c r u e d
1 ,0 1 7 ,5 7 2
1 ,0 5 3 ,8 6 5
1 ,3 0 2 ,2 9 2
I ' f a x e s a c c r u e d _______
6 1 1 ,4 4 2
5 3 8 ,7 9 5
4 0 7 ,0 0 5
R e fe r r e d c r e d it Item s
2 4 0 ,2 4 4
2 0 9 ,8 0 3
1 2 6 ,2 0 0
1 A p p r o p r ia t e d s u r p lu s l’
1 0 ,4 6 5 ,9 3 6
7 ,8 0 8 ,8 2 7
4 ,2 9 5 ,2 2 9
J P r o f i t a n d l o s s _____________ I I I I
I I
6 .1" ' m s
4 4 ''n ,i 8 4
i
T ota l
lia b ilit ie s ..
.2 2 7 ,8 1 7 ,7 0 1 2 2 7 ,0 3 9 ,4 7 7 2 1 8 ,9 8 9 ,1 5 8
— V . 9 3 , p . 5 9 0 , 4051
S
e p t
THE CHRONICLE
, 9 1 9 1 ].]
Central o£ Georgia Railway.
(Report for Fiscal Year ending June 30 1911.)
The complete text of the remarks of President C. II. Mark
ham will bo found on subsequent pages of to-day’s ‘ 'Chron
icle.” The usual comparative tables, including income ac
count, bal. sheet and operating statistics, are given below.
The character of the rails in main track owned and leased
(including 5.76 miles of second track operated) follows:
W EIGH T Ob' S T E E L R A IL S
1911,
1910,
1909,
1 9 0 .8 ,
1907,
m
m
m
m
m
90
i l e s _____ . - - . 4 3
i l e s _____--------2 5
i l e s _____
i l e s _____
i l e s _____
80
777
711
691
666
598
(L B
7 0 -7 5
174
188
190
189
189
S . ) IN M A IN TR A C K ON J U N E 3 0 .
' ‘ 60J-2'
60
Var. Total56 —
6 3 V* 6 1 }-£
- - 383
1 .9 1 8
40
3
73
301
42
1 .9 1 8
-- 4 25
3
79
321
6 5 -6 8 1 ^
123
124
128
133
134
321
322
326
90
101
95
15
15
18
23
23
23
3
3
3
457
460
531
1 .9 1 8
1 .9 1 8
1 ,9 1 6
The changes in equipment during fifteen years appear
from the following:
On Hand Ju n e 3 0 189#.
1905. 1906.
1907.
1908.
1909.
1910. 1911.
L o c o m o t i v e s _________________
211
253
252
292
316
315
312
310
P a s s e n g e r -t r a in e q u i p 't - 206
229
230
229
227
251
251
258
F r e i g h t - t r a i n e q u i p ’ t _____ 4 ,8 9 2 \ 8 , 1 5 8
9 , 4 6 2 / 1 0 ,3 1 3 1 0 , 5 / 2 1 0 ,4 0 1 1 0 ,2 2 4 1 0 ,2 0 3
148/
\ 355
344
339
328
346
S e r v i c e e q u i p m e n t ________
1 9 1 0 -1 1 .
1 ,9 1 5
1 9 0 9 -1 0 .
1 ,9 1 6
1 9 0 8 -0 9 .
1 ,9 1 6
1 9 0 7 -0 8 .
1 ,9 1 3
4 ,8 9 4 ,4 4 7
1 6 0 ,2 2 3 ,9 2 7
2 .0 9 6 c t s .
5 ,1 6 5 ,4 8 8
R e v e n u e fr e ig h t (t o n s ) c a r r ie d . .
7 5 8 ,2 2 9 ,6 3 8
1 .0 9 6 c t s .
264
A v e r a g e r e v e n u e (t r a in -lo a d ) to n *
$ 2 ,8 9 0
E a r n in g s p e r fr e ig h t -t r a in m l l c . $ 0 .9 7 1 4
E a m t n g s p e r p a s s e n g e r -tr a in m ile
$ 6 ,7 3 9
E a r n i n g s p e r m i t e o f r o a d ...................
4 ,3 2 9 ,4 4 7
1 4 4 ,4 9 5 ,7 1 2
2 .0 9 4 c t s .
4 ,9 7 3 ,8 0 1
7 4 4 ,5 4 6 ,6 5 8
1 .0 6 9 c t s .
255
$ 2 ,7 3 1
S O .8 6 5 7
3 6 ,2 9 1
3 ,8 4 2 ,3 2 6
1 2 7 ,8 0 9 ,2 1 9
2 .1 4 7 c ts .
4 ,5 5 5 ,1 2 4
6 8 8 ,4 6 2 ,1 4 6
1 .0 7 9 c t s .
257
$ 2 ,7 7 5
$ 0 .8 2 4 2
S 5 .8 2 3
4 ,0 2 4 ,0 1 5
1 2 7 ,5 1 2 ,2 2 0
2 .2 5 0 c ts .
4 ,7 0 0 ,8 4 1
7 0 3 ,4 1 4 ,2 3 2
1 .0 7 2 c t s .
237
$ 2 ,5 3 8
$ 0 .8 7 7 1
$ 5 ,9 4 9
A v e r a g e m ile s o p e r a t e d .
FO R Y E A R E N D IN G JU N E
1 9 1 0 -1 1 .
1 ,9 1 5
S
8 ,3 0 8 ,9 1 9
3 ,4 8 4 ,3 8 9
5 9 5 ,4 7 5
2 0 9 ,3 7 3
3 0 9 ,6 3 2
1 9 0 9 -1 0 .
1 ,9 1 6
S
7 ,9 6 1 ,4 7 4
3 ,0 2 5 ,8 4 7
5 6 0 ,S 15
2 2 0 ,2 8 9
2 8 4 ,3 3 1
30.
1 9 0 8 -0 9 .
1 ,9 1 6
S
7 ,4 3 0 ,4 9 7
2 ,7 4 4 ,1 1 5
5 3 6 ,4 1 4
1 9 0 ,7 8 3
2 5 3 ,3 7 3
1 9 0 7 -0 8 .
1 ,9 1 3
S
7 ,5 3 9 ,6 1 2
2 ,8 0 9 ,3 6 8
5 3 0 ,2 7 1
1 7 7 ,7 7 4
2 0 5 ,9 8 8
1 2 ,9 0 7 ,7 8 8
1 2 ,0 5 2 ,7 5 6
1 1 ,1 5 5 ,1 8 2
1 1 .3 8 3 ,0 1 3
T r a f f i c e x p e n s e s . ...................
T ra n s p o rta tio n e x p e n s e s .
G e n e r a l e x p e n s e s ..................
1 ,7 4 5 ,0 2 3
2 ,1 8 2 ,9 6 7
3 0 7 ,6 1 3
4 ,1 9 9 ,2 4 7
4 9 5 ,2 4 3
1 ,8 8 2 ,2 2 5
2 ,0 3 0 ,0 9 0
3 7 7 ,0 1 3
3 ,0 8 4 ,7 6 9
4 9 4 ,8 0 7
1 ,5 4 4 ,7 1 4
2 ,1 1 9 ,0 8 9
3 2 1 ,6 2 1
3 ,4 3 2 ,0 7 5
4 4 3 ,9 3 7
1 ,5 0 0 ,0 6 2
2 ,1 0 4 ,0 7 1
3 1 2 ,7 2 8
4 ,1 4 5 ,9 3 2
4 5 4 ,9 8 4
T o t a l __________________________________
P . c. op er. e x p . to op er. re v e n u e .
N e t o p e r a t i n g r e v e n u e s .........................
N e t r e v e n u e o u ts id e o p e r a t io n s . .
9 ,0 2 0 ,0 9 3
(6 9 .8 8 )
3 ,8 8 7 ,6 9 5
7 7 ,8 5 6
8 ,4 7 4 ,9 1 0
(7 0 .3 2 )
3 ,5 7 7 ,8 4 6
6 9 ,7 7 1
7 ,8 0 2 ,0 3 6
(7 0 .4 8 )
3 ,2 9 3 ,1 4 6
6 1 ,5 4 8
8 ,5 1 8 ,9 7 7
(7 4 .8 4 )
2 ,8 6 4 ,0 3 0
6 3 ,2 8 5
T a x e s ------------- -------------------------------------------
3 ,9 6 5 ,5 5 1
5 6 0 ,1 2 5
3 ,6 4 7 ,6 1 7
5 4 0 ,6 1 9
3 ,3 5 4 ,6 9 4
4 8 7 ,8 2 7
2 ,9 2 7 ,3 2 1
4 4 5 ,8 2 9
3 ,4 0 5 ,4 2 6
3 ,1 0 0 ,9 9 8
2 ,8 6 6 ,8 6 7
2 ,4 8 1 ,4 9 2
4 2 1 ,3 9 0
8 0 ,9 5 0
4 5 ,9 8 1
2 2 ,3 4 1
4 3 ,5 0 0
1 5 4 ,7 1 1
4 2 0 ,2 2 1
0 ,8 2 2
4 4 ,5 0 1
1 0 1 ,8 1 2
4 3 ,5 0 0
1 1 3 ,3 2 0
4 2 0 ,2 2 1
8 ,0 4 3
3 9 ,8 8 7
1 0 6 ,1 4 2
* 1 4 6 ,3 6 3
1 2 0 ,3 2 1
3 ,1 6 2
4 7 .2 0 1
9 2 ,6 0 1
* 1 2 8 ,8 3 8
4 ,1 7 4 ,3 0 0
3 ,8 3 7 ,1 8 0
* 3 ,5 8 7 ,5 2 3
* 2 ,8 7 3 ,0 1 5
9 7 ,4 7 8
1 ,7 9 7 ,9 7 8
3 2 ,5 0 0
5 1 0 ,5 4 9
1 ,1 4 7 ,3 0 7
1 2 6 ,3 7 6
1 ,8 0 0 ,6 8 0
3 2 ,5 0 0
4 9 2 ,6 4 8
1 ,2 4 7 ,6 7 8
7 0 ,1 4 5
1 5 7 ,2 2 2
1 ,7 8 8 ,1 2 2
3 2 ,5 0 0
4 8 3 ,4 3 0
6 7 7 ,5 6 7
1 5 9 ,5 3 5
1 7 8 ,4 4 3
1 ,7 8 8 ,5 9 8
3 2 ,5 0 0
4 7 8 ,4 3 4
3 2 4 ,7 6 8
6 0 ,0 0 0
6 0 ,0 0 0
6 0 ,0 0 0
1 3 ,0 5 5
5 ,6 3 7
2 1 3 ,5 0 2
* 1 2 ,9 8 4
3 ,5 9 8 ,8 6 7
T o t a l - ............. ..........................................
B a l a n c e .......... .............................................. .. . s u r . 5 7 5 , 4 3 3
115
C r e d i t t o p r o f i t a n d l o s s ......................
3 ,8 3 5 ,9 6 4
s u r . 1 ,2 1 6
A verage
m ile s o p e r a t e d .
Operating Revenues —
P a s s e n g e r r e v e n u e -----------------------------M a il, e x p r e s s a n d m is c e ll a n e o u s .
O th e r tr a n s p o r ta tio n r e v e n u e —
O t i i e r t h a n t r a n s p o r t a t i o n ................
Operating Expenses -
,
O p e r a t i n g i n c o m e . . ......................
Other Income—
D i v i d e n d s o n s t o c k s ..........- ..............
I n t e r e s t o n b o n d s ___________________
O t h e r r e n t a l s . . ...................- .................
H i r e o f e q u i p m e n t - —b a l a n c e -------R e n t s f r o m l e a s e o f r o a d ..................
M i s c e l l a n e o u s ....................................- - •
Deductions — I n t e r e s t o n e q u i p m e n t t r u s t s ..........
I n t e r e s t o n b o n d s . . . .........................
I n t . o n s h o r t - t e r m n o t e s ...................
R e n t s o f l e a s e d l i n e s , & c ............... ...
E x p e n d e d l o r b e t t e r m e n t s ................
R e s e r v e d f o r b e t t e r m e n t s ---------------U p p er C ahnba B ra n ch and G reen
v ille & N e w n a n b d s . m a t u r e d .
T a x e s o n W e s t. I t y . o f A la . s t o c k
a n d C h a r le s to n & W .C .R y .b d s .
fo r p e r io d p r io r to J u ly 1 1 9 0 8 .
M is c e lla n e o u s
In t. o
do
do
2d
3d
.................. ..........................
do
do
(1 .4 5 8 % )
5 7 5 ,8 4 8
2 0 0 ,0 0 0
3 5 0 ,0 0 0
5 8 ,3 2 0
♦ 3 ,5 8 4 ,8 6 2
s u r .2 ,6 6 1
* 1 6 ,2 9 8
* 2 ,8 7 9 ,0 4 1
d c f.5 ,1 2 6
(S e e n o te b e lo w )
N e t i n c o m e , d e f i c i t .........................
3 2 .4 7 2 J
Income Interest. — I n t h e t a b l e s a b o v e t h e i n t e r e s t d e c l a r e d o n t h e i n c o m e b o n d s
f r o m t h e e a r n i n g s o f t h e l a s t f i s c a l y e a r o n l y Is s h o w n .
T h is c o n fo r m s w it h th e c o m
p a r a t i v e t a b l e s f o r t w o y e a r s In t h is y e a r ’ s p a m p h l e t r e p o r t .
T h e te x t o f th e re p o rt
o n s u b s e q u e n t p a g e s e x p l a i n s f u l l y t h e r e a d j u s t m e n t s In t h e a c c o u n t s d u e t o t h e
p a y m e n t s in 1 9 1 1 ( 1 ) in s a t i s f a c t i o n o f t h e j u d g m e n t o f t h e C o u r t in r e g a r d t o t h e
r e m a in d e r o f t h e I n c o m e b o n d in t e r e s t fo u n d t o b e d u e fro n t t h e e a r n in g s o f t h e 1 9 0 7
fis c a l y e a r a n d ( 2 ) f o r t h e d e c la r a t io n s b y t h e c o m p a n y f o r t h e 1 9 0 8 , 1 9 0 9 a n d 1 9 1 0
f is c a l y e a r s , w h i c h a r e s t ill in l i t i g a t i o n .
.
* T h e s e i t e m s in 1 9 0 8 -0 9 a n d 1 9 0 7 -0 8 a r e s lig h t ly i n a c c u r a t e , o w i n g t o c h a n g e s
jn th e m e th o d o f a c c o u n tin g .
T h e g e n e r a l r e s u lts , h o w e v e r , a r e n o t a ffe c t e d .
G EN ER A L BA LA N C E SH EET JU N E
1911.
Assets—
$
R o a d & e q u ip ’ t . .0 5 5 ,8 3 3 ,2 0 1
S t o c k s o f p r o p 'y
a ft il.& c o r it r . c o ’ s
2 5 9 ,8 9 #
O t h e r in v e s t m e n t s A O ,8 1 1 ,5 8 1
C a s h _________________ 1 , 6 1 6 , 9 2 5
S e c u r . h e ld in t r e a s
4 8 ,9 5 0
T r a ffic b a la n c e s ..
9 1 ,4 1 6
A g e n t s & c o n d u c 'r s
9 4 ,4 4 2
M a te r ia l & s u p p lie s
7 4 6 ,4 9 3
O th e r w o r k , a sse ts
6 5 1 ,4 3 0
U n m a tu rcd
in te r
e s t, d iv a . & r e n ts
5 9 ,1 2 0
A d v a n c e s -----------------7 0 9 ,0 7 5
S p e cia l d e p o s it s ..
D e fe r r e d In c. a c c ts
c 2 7 6 ,3 6 0
O t h e r d e l . d e b i t it e m s 1 5 6 ,6 9 #
1910.
.
S , ____
5 4 ,9 9 8 ,7 8 2
Liabilities —
30.
1911.
§
1910.
§
C a p i t a l s t o c k ............ 5 , 0 0 0 , 0 0 0
5 ,0 0 0 ,0 0 0
B o n d s ............. .. ..............5 2 , 1 4 3 , 0 0 0 5 2 , 2 4 3 , 0 0 0
2 ,5 0 6 ,0 0 0
2 6 1 ,4 8 3 E q u i p , t r . o b l l g ’ n s d l ,9 4 7 ,0 0 0
3 5 1,3 0 2
# ,8 1 6 ,2 7 4 L o a n s & b il ls p a y .
1 ,0 0 0 ,0 0 0
1 ,9 1 5 ,4 9 9 T r a f f ic b a la n c e s ..
1 6 9 ,9 3 8
2 2 2 ,2 3 4
4 8 ,9 5 0 V o u c h e r s & w a g e s
8 0 0 ,4 9 9
9 6 4 ,1 4 3
5 7 ,2 6 6 I n t e r e s t, d iv id e n d s
7 7 ,5 6 7
& re n ts u n p a id .
4 6 0 ,2 8 7
3 2 5 ,3 8 6
# 3 9 ,6 1 1 O t h e r w o r k ’ g ll a b ll
1 2 3 1471
1 3 0 ,4 2 1
5 5 0 ,5 9 7 A c c r u e d
in te r e s t,
d iv s .,r e n t s & t a x e s 1 ,2 5 5 ,4 6 9
6 4 9 ,5 8 6
5 9 ,9 9 0 D e fe r r e d c r e d . it e m s 2 1 1 ,2 3 2
2 9 0 ,2 2 8
7 0 7 ,6 8 9 A p p r o p r 'd s u r p l u s 3 ,8 5 6 ,5 1 1
2 ,7 0 9 ,2 0 5
4 2 , 1 6 6 P r o f i t a n d l o s s -------« 8 5 3 ,4 8 0
4 8 7 ,4 9 5
.............................
B a la n c e fo r c u r r e n t
1 6 5 ,8 8 4
y e a r ........................... D r . 3 2 , 4 7 2
T o t a l .........................6 7 , 3 5 5 , 7 1 7 6 6 , 3 7 1 , 7 5 8
T o t a l ................. . . 6 7 , 3 5 5 , 7 1 7 6 6 , 3 7 1 , 7 5 8
a I n c l u d e s I n v e s t m e n t in r o a d J u n e 3 0 1 9 0 7 , 5 4 5 ,6 7 9 ,1 2 0 , a n d in e q u i p m e n t , 8 8 ,
3 4 4 ,2 4 8 : I m p r o v e m e n t s s in c e J u n e 3 0 1 9 0 7 t o r o a d , 5 3 ,2 4 4 ,5 3 9 ; t o e q u ip m e n t , 5 4 1 5 ,
0 1 5 : le s s r e s e r v e f o r a c c r u e d d e p r e c i a t i o n , S I , 8 4 9 , 7 2 1 .
b O t h e r in v e s t m e n t s in 1 9 1 1
I n c lu d e p h y s ic a l p r o p e r t y , $ 1 4 3 ,8 2 7 ; s e c u r it ie s p le d g e d u n d e r c o ll a t e r a l t r u s t m t g e .
(C c n . R d . & B k g . C o . o f G a .) , $ 4 ,8 3 8 ,3 5 2 ; o t h e r s e c u r itie s p le d g e d , $ 1 ,3 1 3 ,3 5 1 ;
s e c u r itie s u n p le d g e d , 5 2 1 6 ,0 5 1 .
c See. r e m a r k s u n d e r " i n c o m e b o n d c a s e s " o n a
su bsequ en t p a ge,
d E q u ip m e n t t r u s t o b l i g a t i o n s , 8 1 ,9 4 7 ,0 0 0 , d o n o t I n c lu d e $ 4 8 ,
0 0 0 o u ts ta n d in g s te a m s h ip b e n d s w h ic h h a v e b e e n a sstu n ed b y O c e a n S te a m s h ip C o .
e A f t e r a d d i n g $ 3 6 5 ,9 8 6 f o r a d ju s t m e n t s a s o f J u n e 3 0 1 9 0 7 o f a c c o u n t s f o r 1 9 0 7 , in
a c c o r d a n c e w i t h t h e J u d g m e n t o f t h e c o u r t s in t h e 1 9 0 7 i n c o m e b o n d c a s e s . — V . 9 3 ,
p . 588. 469.
m z
Wheeling & Lake Erie RR.
(Report for Fiscal Year ending June 30 1011.)
Receiver B. A. Worthington, Cleveland, Sepi. 1 1911,
wrote in substance:
G eneral R esu lts . — G r o s s e a r n i n g s a m o u n t e d t o $ 6 , 8 0 0 , 7 0 7 , p d e c r e a s e o f
2 .1 5 % .
F o r t h e fir s t fo u r m o n t h s o u r g r o s s e a r n in g s w e r e in e x c e s s o f t h e
p r e v io u s y e a r , b u t t h e s e v e r e b u s in e s s d e p r e s s io n In t h e c lo s in g m o n t h s o f
1 9 1 0 a n d t h r o u g h o u t t h e fir s t h a lf o f 1 9 1 1 s e r io u s ly a ffe c t e d o u r fr e ig lit
r e v e n u e fo r th e r e m a in d e r o f t h e
fis c a l y e a r .
N e t o p e r a tin g
reven u e
a m o u n t e d t o $ 2 ,0 5 6 ,4 4 0 , a d e c r e a s e o f 5 .4 2 % , a s c o m p a r e d w it h 1 9 1 0 , a n d
a n in c r e a s e : o f 4 3 .5 1 % a s c o m p a r e d w it h 1 9 0 9 .
A g e n e r a l a d v a n c e in w a g e s
m a d e n e c e s s a r y b y s im ila r a c t i o n o n o t h e r lin e s
c a u s e d a n in c r e a s e in
o p e r a t in g e x p e n s e s o f $ 1 5 3 ,3 7 8 , o r 7 . 9 % .
T h e r e w a s a ls o a n in c r e a s e in
t h e a v e r a g e c o s t o f fu e l o f a p p r o x im a t e ly 7 c . p e r t o n (in a ll a b o u t $ 3 0 ,0 0 0 ) .
a n d w e fu r t h e r a b s o r b e d a n a b n o r m a l c h a r g e o f $ 1 4 3 ,1 1 6 In m a in t e n a n c e o f
w a y a n d s tr u c tu r e s , g r o w in g o u t o f e x p e n d it u r e s fr o m
in c o m e fo r e x tr a
o r d in a r y a d d itio n s a n d b e t t e r m e n t s w h ic h , u n d e r , th e c la s s ific a tio n o f a c
c o u n t s la id d o w n b y 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 , is c h a r g e a b le
t o o p e r a tin g e x p e n s e s .
.
C o a l t r a ffic c o n t r ib u t e d
1 5 % o f fr e ig h t t o n n a g e in 1 3 1 1 , 4 4 %
In 1 9 1 0 ,
4 7 % In 1 9 0 9 , 4 5 % in 1 9 0 8 a n d 4 7 % In 1 9 0 7 .
E a r n in g s f r o m p a s s e n g e r t r a in s , in c lu d in g m a il a n d e x p r e s s , w e r e $ 7 5 3 ,
6 3 8 , an In crease o f 8 % o v e r 1 9 1 0 , 2 0 % o v e r 1 9 0 9 , 2 1 % o v e r 1908 a n d 2 4 %
over 1907.
T h e a v e r a g e r e c e ip t s p e r p a s s e n g e r p e r m ile w e r e 1 .5 5 c . in 1 9 1 1 ,
1 .5 0 c . in 1 9 1 0 , 1 .6 3 c . in 1 9 0 9 , 1 .6 0 c . In 1 9 0 8 a n d 1 .6 6 c . in 1 9 0 7
M aintenance o f Wag an d Structures p er M ile o f Total Track.
[I n 1 9 1 1 , 8 5 7 m ile s , v i z .:
1911.
$872
1910.
$898
1909.
$ 1 ,0 1 8
1911.
223
1910.
368
1909.
272
1908.
$862
m a in , 5 1 7 ; s id in g s , & c ., 3 4 0 J
1907.
$961
1905.
$ 1 ,0 4 5
1905.
$976
1901.
$937
1903.
$ 1 ,1 3 9
T ie Renew als p er M ile o f M a in T rack.
1908.
219
1907.
214
1906.
260
1905.
254
1904.
258
1903.
279
Cost o f R e p a ir s to Locomotives, Passen ger Cars an d F reig lit C a rs.
P er
O
P er
O
P cr
O
1911.
lo c o m o t i v e - $ 2 ,9 2 5
n h an d, N o.
198
p a s s , c a r ____
$607
n han d, N o .
77
fr e ig lit c a r .
$38
n h a n d , N o . 1 1 ,2 0 0
1910.
$ 2 ,7 7 1
198
$681
70
$44
1 1 ,9 2 9
1909.
$ 3 ,1 7 6
225
$835
76
$61
1 3 ,0 3 9
1908.
$ 1 ,9 4 1
24 1
$355
76
$32
1 4 ,2 1 8
1907.
$ 1 ,7 0 1
243
$434
77
$35
1 3 ,8 9 0
1905.
§ 1 ,5 9 4
207
$735
77
$30
1 2 ,1 1 3
A vg.
$ 2 ,3 2 6
219
$608
76
$40
1 2 ,7 3 1
T h e a v e r a g e c o s t o f r e p a ir s p e r l o c o m o t i v e f o r 1 9 1 1 w a s $ 2 ,9 2 5 , w h i c h Is
c o n s id e r a b le a b o v e t h e a v e r a g e f o r t h e s ix - y e a r p e r io d o f $ 2 ,3 2 7 , t h e in
c r e a s e d e x p e n s e s d u r in g th e la tte r th r e e y e a r s b e in g d u e n o t o n ly t o r e h a b lllt io n o f p o w e r b u t a ls o t o th e f a c t t h a t 6 2 o f o u r h e a v ie s t t y p e o f e n g in e s ,
p u r c h a s e d in 1 9 0 5
h a v e c o m e in f o r g e n e r a l r e p a ir s .
It becam e n ecessary
In M a y 1 9 1 0 a n d M a y 1 9 1 1 t o I n c r e a s e t h e w a g e s o f lo c o m o t i v e s h o p e m
p lo y e e s , in a ll 8 %
o v e r th e p r e v io u s s c a le .
N o n e w e n g in e s h a v e b e e n
p u r c h a s e d s in c e 1 9 0 5 .
T r a ffic e x p e n s e s s h o w e d a n in c r e a s e o f 1 2 .2 4 % ,
a l m o s t e n t i r e l y d u e t o i n c r e a s e d c l e r i c a l w o r k a n d p r i n t i n g e x p e n s e s in c o n
n e c t io n w ith p r o p o s e d ta r itl r e v is io n s w h ic h w e r e n o t a llo w e d b y t h e I n t e r
S ta te C o m m e r c e C o m m is s io n .
Im provem ents .— T h e i m p r o v e m e n t s p r o v i d e d f o r u n d e r r e c e i v e r ' s c e r t i f i
c a t e s a n d n o t c o m p le t e d d u r in g 1 9 1 0 h a v e b e e n c a r r ie d fo r w a r d a n d p r a c
tic a lly c o m p le t e d .
In
a d d it io n
th ere h a s b e e n
expen ded
fr o m
in c o m e
d u r in g t h e fis c a l y e a r $ 7 0 6 ,1 7 5 f o r w o r k e s s e n t ia l t o t h e s a f e t y a n d g e n e r a l
r e h a b ilit a t io n o f tile p r o p e r t y , o r fo r p r o m o t in g e a r n in g s a n d e c o n o m y .
T h e w o r k o f r e d u c in g g r a d e s t o . 4 % , c o m p e n s a t e d , o p p o s in g w e s t b o u n d
a n d .5 % , c o m p e n s a te d , o p p o s in g e a s tb o u n d m o v e m e n t b e tw e e n J e w e tt a n d
lla r t la n d , w lt n e x c e p t io n o f s o m e r e fin e m e n t s w h ic h d o n o t a ffe c t tr a in
t o n n a g e , is n o w c o m p l e t e d .
G r a d e s h a v e a ls o b e e n r e v is e d t o m a x im u m
b e t w e e n P it t s b u r g h J u n c t io n a n d P in e V a lle y , a n d b e t w e e n lla r t la n d a n d
C l y d e , L i m e s t o n e , C u r t i c e a n d V V lU ls to n .
A c le a r id e a o f th e g r a d e -r e v is io n
w o r k m a y b o o b t a in e d f r o m t h e p r o file In t h e b a c k o f t h e p a m p h l e t r e p o r t .
T w o s te e l b r id g e s , a g g r e g a tin g 5 1 3 f t ., w e r e r e -b u ilt w ith h e a v ie r s te e l,
& c .: 2 0 t r e s tle s a n d w o o d e n b r id g e s , a g g r e g a t in g 5 6 4 f t ., w e r e r e p la c e d w ith
c a s t ir o n p ip e a n d fillin g ;
6 p ile t r e s tle s a n d p ile a b u t m e n t s , a g g r e g a t in g
3 3 9 f t ., w it h c o n c r e t e a r c h e s ; a n d 2 t r e s t le s , a g g r e g a t in g 4 8 8 f t . , w ith s t e e l
g ir d e r s a n d c o n c r e t e a b u t m e n t s a n d p ie r s ; 71 t r e s t le s , a g g r e g a t in g 5 ,2 4 7 f t . ,
w e r e r c - b u l l t in k i n d .
C o n t r a c t s h a v e b e e n a w a r d e d f o r p ie r s , a b u t m e n t s
a n d s t e e l w o r k f o r b r id g e s o v e r .S a n d u s k y R i v e r a t F r e m o n t , 3 8 7 f t . l o n g ;
o v e r H u r o n R i v e r a t .M o n r o e v ille , 2 0 5 f t . lo n g ; o v e r H u r o n R i v e r a t N o r
w a lk , 2 4 0 f t . l o n g ; o v e r V e r m il lio n R i v e r a t C la r k s fi c ld , 1 6 4 .9 f t . l o n g .
D u r in g t h e p o s t y e a r 4 ,9 6 3 .6 8 g r o s s t o n s o f r a il, a g g r e g a t in g 4 0 .0 2 t r a c k
m ile s , w e r e s u b s t i t u t e d , o f w h ic h 2 ,3 3 1 .9 g r o s s t o n s , o r 1 0 .5 t r a c k m il e s , a r e
9 0 lb s ; 7 2 m ile s o f m a in t r a c k h a v e b e e n b a lla s t e d w it h
g r a v e l; th e re
h a v e a ls o b e e n u s e d 3 1 ,0 8 8 c u . y d s . o f p it s t r ip p in g , 8 1 ,7 3 0 c u . y d s . o f s la g
• an d c i n d e r , a n d a p p r o x i m a t e l y 3 0 , 0 0 0 c u . y d s . o f l o c o m o t i v e c i n d e r s
on
e m b a n k m e n t s a n d b a lla s tin g p a s s in g , in d u s tr ia l a n d y a r d t r a c k s .
P u rch a se .— O n J u l y 2 1 1 9 1 0 r e c e i v e r p u r c h a s e d a t f o r e c l o s u r e s a t e t h e
p r o p e r t y o f t h e T o le d o D o c k & C o a l C o . a t p r ic e o f $ 6 3 ,4 0 0 .
F u tu re R eh ab ilitatio n .— W h i l e t h e e x p e n d i t u r e s w h i c h h a v e b e e n m a d e
fr o m p r o c e e d s o f r e c e iv e r ’s c e r tific a te s a n d fr o m in c o m e t o w a r d t h e r e h a b ili
t a t io n o f t h e r a ilr o a d a n d it s e q u ip m e n t w e r e d e e m e d t o b e a ll t h a t w a s
im p e r a t iv e t o p r e s e r v e s a fe t y o f o p e r a t io n , a n d e n a b le th e r o a d t o h a n d le its
b u s in e s s d u r i n g t h e r e c e i v e r s h i p , i t w a s a n t i c i p a t e d t h a t t h e c o m p a n y 's
a ffa ir s w o u ld
h e re o rg a n iz e d
b e fo r e c e r ta in
o t h e r e x p e n d it u r e s b e c a m e
n ecessary.
T h e tim e h a s a r r iv e d , h o w e v e r , w h e n th e s e a d d it io n a l r e q u ir e
m e n t s w ill h a v e t o b e p r o v id e d f o r , a n d a s m u c h o f t h e w o r k s h o u ld b e d o n e
g r a d u a lly
in o r d e r n o t t o s e r i o u s l y i n t e r f e r e w i t h
t r a ffic , it s h o u ld b e
s t a r t e d w it h a s little d e la y a s p o s s ib le .
T h e m o r e I m p o r ta n t o f th e s e Ite m s a r e r e n e w a l o f lig h t a n d w o r n -o u t
r a il, r e -c o n s t r u c t lo n o f b r id g e s a n d t h e r e p la c e m e n t o f a n t iq u a t e d
and
w o r n -o u t c a r a n d lo c o m o t iv e e q u ip m e n t , a s fo llo w s :
r a il r e n e w a l, 1 9 3 .6
m ile s (1 1 4 .4 m ile s w it h n e w 9 0 - lb . s t e e l, r e m a in d e r w it h s e c o n d -h a n d 8 0 - lb .
r a ils ) , c o s t , $ 1 ,1 7 4 ,5 3 0 ; r e -c o n s t r u c t io n o f b r id g e s , $ 6 1 6 ,4 7 0 ; e q u ip m e n t :
th e r e a r e 8 lig h t lo c o m o t iv e s o f o b s o le t e d e s ig n , n o t w o r t h r e p a ir ; a ls o 54
e n g in e s o f s im ila r a g e a n d d e s ig n t h a t s h o u ld b e w it h d r a w n fr o m
s e r v ic e
w ith in th e n e x t y e a r o r t w o .
T h e t o t a l n u m b e r o f r e v e n u e fr e ig h t c a r s w a s
r e d u c e d d u r in g t h e y e a r f r o m 1 1 ,8 0 7 t o 1 1 ,2 0 0 , o r 6 0 7 c a r s , a n d t h e r e a r e 8 3 9
3 0 -t o n c a p a c it y c a r s n o w 15 y e a r s o ld , o u t o f s e r v ic e o n a c c o u n t o f h e a v y
b a d o r d e r , w h ic h s h o u ld n o t b e r e -b u ilt ; a ls o 2 ,3 6 7 2 5 -t o n w o o d e n g o n d o la
e a r s w h i c h , if t h e p r e s e n t r a t e o f r e t i r e m e n t Is m a i n t a i n e d , w il l a ll b e
ta k e n o u t o f o u r e q u ip m e n t b y J u n e 3 0 1 9 1 3 .
T h e s e a r e a ll w o o d e n c a r s
o f lig h t c o n s tr u c tio n a n d c o n s id e r a b ly w e a k e n e d b y d e c a y .
General Rem arks .— I n t h e c o m p a r a t i v e i n c o m e a c c o u n t t h e n e t i n c o m e
f o r 1 0 1 1 is s h o w n a s $ 0 4 7 , 9 0 1 .
O f t h e r e c e iv e r ’s p r o fit a n d lo s s c r e d it a s o f
J u n e 3 0 1 9 1 1 , $ 1 ,3 0 9 ,8 8 2 , w h ic h c o v e r s t h e p e r io d f r o m
Ju n e 1 1908 to
J u n e 3 0 1 9 1 1 , th e re w a s e x p e n d e d fr o m I n c o m e d u r in g t h e p e r io d J u n e 8
1 9 0 8 t o J u n e 3 0 1 9 1 0 fo r a d d it io n s a n d b e t t e r m e n t s , e q u ip m e n t a n d p a y
m e n t o f e q u ip m e n t o b li g a t i o n s , $ 6 9 7 ,1 3 9 , a ll o f w h ic h a p p e a r s In c a p it a l
a ccou n t;
a n d d u r in g th e y e a r e n d e d J u n e 3 0 1 9 1 1 th e r e w a s c h a r g e d t o
c a p it a l a c c o u n t a n a m o u n t o f $ 5 9 5 ,4 8 0 , c o v e r in g t h e s a m e it e m s , o r a t o t a l
o f $ 1 ,2 9 2 ,6 1 9 , le a v in g a fr e e s u r p lu s a s o f J u n e 3 0 1 9 1 1 o f $ 3 8 9 ,1 8 3 .
D u r in g tlie y e a r th e r e c e iv e r p a id fr o m in c o m e m is c e lla n e o u s v o u c h e r s
o f t h e W h e e lin g & L a k e E r ie R R . C o . t o t h e a m o u n t o f $ 1 5 4 ,4 1 7 , c o v e r in g
c la im s a n d b ills f o r m a t e r ia l d u e s u n d r y c r e d it o r s .
W e h a v e n o t s h o w n In t h is s t a t e m e n t f o r
1911
a m o u n t o f "e q u ip m e n t
o b lig a t io n s p a id b y r e c e iv e r ,” a m o u n t in g t o $ 2 7 5 , 0 0 0 , f o r t h e r e a s o n t h a t
t h e e n tir e a m o u n t o f e q u ip m e n t o b lig a t io n s w a s , u n d e r I n s tr u c tio n s fr o m
th 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 , d u r in g 1 9 1 0 c h a r g e d t o “ c a p it a l
a c c o u n t ,” a n d c a r r ie d In a n e q u a l a m o u n t o n t h e lia b ilit y s id e a s " e q u ip
m e n t o b lig a tio n s u n p a id ."
O P E R A T IO N S A N L
1 9 1 0 -1 1 .
457
A v e r a g e r e v e n u e m ile a g e
Operations —
T o t a l to n n a g e (r e v e n u e )
9 ,5 2 5 ,7 1 9
T o t . t o n n a g e 1 m . ( r e v .) .1 0 5 9 7 8 5 5 9 2
F r e i g h t t r a i n m i l e s -----------1 ,6 5 6 ,0 5 4
A v .r e v .t r a in -lo a d (t o n s ) .
6 3 9 .9 5
R e v e n u e p e r t o n p e r m ile
0 .5 4 3 c t s
R e v e n u e p e r tr a in m ile .
S 3 .4 8
P assen gers
( N o . ) --------------1 ,8 1 2 ,0 5 5
P a s s e n g e r s 1 m ile ( N o ) . 3 9 ,2 1 9 ,2 4 3
R e v . per p ass
p e r m ile .
1 .5 5 c t s
G r o s s e a r n in g s p e r m il e .
$ 1 4 ,8 7 0
' N e t e a r n in g s p e r m i l e . . .
$ 4 ,4 9 7
F IS C A L R E S U L T S .
1 9 0 9 -1 0 .
407
9 ,9 7 4 ,6 7 4
1100045300
1 ,8 0 1 ,9 3 8
6 1 0 .4 8
0 .5 3 9 c t s .
$ 3 .2 9
1 ,4 4 0 ,9 8 0
3 7 ,6 8 1 ,0 4 1
1 .5 0 c t s .
$ 1 5 ,1 9 8
$ 4 ,7 5 5
1 9 0 8 -0 9 .
442
1 J 9 0 7 -0 8
442
8 ,3 3 1 ,7 0 4
7 ,8 1 8
i%
8 8 9 ,9 1 6 ,2 5 2 9 3 3 ,0 1 8
40
1 ,5 1 0 ,8 4 4
1 ,6 2 4
C l
5 8 9 .0 2
5 7 4 .4 3
9 .4 7 8 c t s
0 .5 4 0 C t8 .
5 3 .1 8
$ 2 .7 4
1 ,1 0 1 ,7 9 0
1 ,0 9 0 ,8 9 4
3 0 ,4 4 2 ,1 5 2
3 0 ,6 1 3 ,7 4 0
1 .6 3 c t f l.
i .e o .c t s .
$ 1 2 ,7 4 1
$ 1 2 ,2 0 5
$ 3 ,8 4 4
$2 4 85
0(14
THE CHRONICLE
IN C O M E A C C O U N T .
Operating Revenue —
1 9 1 0 -1 1 .
C o a l f r e i g h t __________
$ 2 ,7 1 7 ,7 8 2
O t h e r f r e i g h t ................................
3 ,0 8 7 ,3 3 4
P a s s e n g e r s ______________
6 0 7 ,8 3 6
H a l l a n d e x p r e s s ___
9 8 ,8 1 1
2 7 0 ,5 8 6
M i s c e l l a n e o u s _________
O th e r th a n tr a n s p o r ta tio n
6 8 ,3 5 8
1 9 0 9 -1 0 .
$ 2 ,8 4 1 ,6 7 0 1 2
3 ,0 8 6 ,8 9 0
5 6 5 ,9 4 5
8 7 ,6 9 0
2 6 4 ,8 0 0
1 0 3 ,4 3 3
T c t& l o p a c
f
n u e _ . .$ 6 ,8 0 0 ,7 0 7
„ expenses—
-M a ln tc n a n c c io f w a y , & c .
$ 7 4 7 ,5 3 8
.
1 ,3 2 8 ,1 1 0
T r a ffic e x p e n s e s . _
.
9 6 ,1 3 6
T r a n s p o r ta tio n exj
. 2 ,4 0 6 ,2 8 2
G en eral e x p e n se s.
.
1 6 6 ,2 0 1
1 9 0 8 -0 9 .
2 ,3 3 8 ,0 5 3
2 ,4 6 6 ,3 6 9
4 9 7 ,7 1 4
8 6 ,1 5 4
1 8 9 ,1 1 0
5 6 ,2 4 5
1 9 0 7 -0 8 .
$ 2 ,4 4 2 ,3 5 1
2 ,0 1 3 ,0 8 8
4 9 0 ,6 8 8
9 4 ,8 0 7
1 8 8 ,4 6 6
1 6 7 ,6 0 0
$ 6 ,9 5 0 ,4 3 7
$ 5 ,6 3 3 ,6 4 5
$ 5 ,3 9 7 ,0 0 1
$ 7 6 6 ,7 1 4
1 ,3 8 9 ,6 8 4
8 5 ,6 4 8
2 ,3 6 0 ,9 4 7
1 0 7 ,0 6 1
$ 6 1 7 ,0 5 6
1 ,3 8 0 ,9 7 8
7 4 ,2 3 1
1 ,9 4 7 ,8 0 7
1 7 9 ,7 4 6
$ 6 6 7 ,4 7 9
1 ,1 4 8 ,7 5 5
7 0 ,7 5 8
2 .2 4 9 ,3 6 8
1 5 2 ,8 8 4
.$ 4 ,7 4 4 ,2 6 7
.$ 2 ,0 5 6 ,4 4 0
2 4 8 ,0 0 7
$ 4 ,7 7 6 ,0 5 4
$ 2 ,1 7 4 ,3 8 3
2 6 1 ,5 0 4
$ 4 ,2 0 0 ,7 1 8
$ 1 ,4 3 2 ,9 2 7
2 6 0 ,3 3 6
$ 4 ,2 9 8 ,2 4 4
$ 1 ,0 9 8 ,7 5 7
2 5 2 ,0 4 3
_ $ l-,8 0 8 ,4 3 3
O u t s i d e o p e r a t i o n s ________ _
515
$ 1 ,9 1 2 ,8 7 8
935
$ 1 ,1 7 2 ,5 9 1
002
$ 8 4 6 ,7 1 4
1 ,6 0 0
T o t a l ........................................... - $ 1 , 8 0 8 , 9 4 8
H i r e o f e q u i p m e n t — b a l . _ D r .6 4 , 7 5 2
M i s c e l l a n e o u s _______________ 3 2 ,9 2 0
$ 1 ,9 1 3 ,8 1 3
D r . 5 5 ,4 8 0
8 6 ,8 4 7
$ 1 ,1 7 3 ,4 9 3
D r .5 9 ,5 6 7
3 2 ,9 8 0
$ 8 4 8 ,3 7 4
1 1 3 ,3 9 4
4 5 ,1 3 2
.$ 1 ,7 7 7 ,1 1 0
$ 1 ,9 4 5 ,1 7 5
$ 1 ,1 4 6 ,9 0 6
$ 1 ,0 0 6 ,9 0 0
. £ $ 6 3 3 ,0 3 0
S
1 0 6 ,5 9 0
_
6 9 ,7 4 1
.
2 5 0 ,6 5 5
_
2 ,8 2 8
0 6 ,3 1 1
1
£ $ 0 3 3 ,0 3 0
1 2 0 ,2 9 9
6 8 ,2 5 0
2 3 4 ,1 1 2
1 4 ,2 8 0
9 2 ,7 5 3
$ 3 2 1 ,1 1 0
1 3 2 ,6 5 3
5 0 ,5 7 7
9 0 ,1 2 3
6 1 ,6 7 0
3 7 ,3 0 5
$ 1 ,0 3 3 ,0 3 0
1 4 3 ,3 1 7
4 1 ,3 5 4
3 6 2 ,3 4 0
2 4 5 ,0 0 0
1 8 2 ,1 6 0
2 3 7 ,8 7 7
D eductions-
In t. o u rec(
D is c o u n t o r
Ite n ts p a id .
W abash
R R .
r
_ ________
T o t a l d e d u c t i o n s ________$ 1 , 1 2 9 , 1 5 5
$ 1 ,4 0 7 ,7 2 4
B a l . , s u r p . o r d e l l c l t ____s u r . $ 6 4 7 , 9 6 1 s u r . $ 5 3 7 , 4 5 1
3 0 ,7 8 7
$ 1 ,1 1 9 ,4 7 4
$ 1 ,6 1 0 ,8 2 7
s u r .$ 2 7 ,4 3 2 d e f.$ 6 0 3 ,9 2 7
x D e d u c t i o n s in 1 9 1 1 a n d 1 9 1 0 o n a c c o u n t o f m o r t g a g e b o n d I n t e r e s t
($ 6 3 3 ,0 3 0 ) I n c lu d e 12 m o n t h s ’ in t e r e s t o n t h e fo llo w in g is s u e s :
L a k e E r ie
D iv is io n 5 s , $ 2 ,0 0 0 ,0 0 0 , $ 1 0 0 ,0 0 0 : W h e e lin g D iv is io n 5 s , $ 8 9 4 ,0 0 0 , $ 4 4 ,7 0 0 ;
e x t e n s io n a n d im p r o v e m e n t 5 s , $ 4 0 9 ,0 0 0 , $ 2 0 ,4 5 0 : c o n s o lid a t e d 4 s , $ 1 1 ,
6 9 7 ,0 0 0 .
$ 4 3 7 ,8 8 0 .
A s t o d e d u c t io n s in 1 9 0 8 -0 9 , s e e V . 8 9 , p . 8 4 2 .
CO M P A N V S B A L A N C E S H E E T J U N E
^ A ssets —
H o a d & c q u ip m
1911.
$
’ t . 5 8 2 6 2 ,3 2 5
S ecu re,
is s u e d
a s e u m — p le d g e d 12 ,0 0 0 ,0 0 0
S e c u r e , o f c o n t r o l 'd
3 6 0 ,6 1 8
c o s . — u n p le d g e d
O t h e r in v e s t m e n t s 3 ,1 0 3 ,6 8 9
1 ,8 3 1
C a s h ---------------------------M ls c e ll’ s
w o r k in g
1 2 4 ,8 6 7
a s s e t s _____________
4 2 ,1 7 6
D c f . d e b it it e m s - .
P r o f i t a n d l o s s _____ 1 , 3 7 9 , 2 0 7
T o t a l . . . .................. 7 5 , 2 7 4 , 7 1 3
1910.
S
5 8 ,2 8 4 ,4 6 5
1 2 ,0 0 0 ,0 0 0
3 6 0 ,6 1 8
3 ,1 0 3 ,1 3 6
2 ,4 5 5
5 8 2 ,2 1 6
1 9 0 ,8 1 4
8 3 5 ,2 9 3
7 5 ,3 5 8 ,9 9 8
1911.
1910.
8
S
C o m m o n s t o c k ___ 2 0 , 0 0 0 , 0 0 0 2 0 , 0 0 0 , 0 0 0
F ir s t p r e f. s t o c k . . 4 ,9 8 6 ,9 0 0
4 ,9 8 6 ,9 0 0
S e c o n d p r e f. s t o c k . 1 1 ,9 9 3 ,5 0 0 1 1 ,9 9 3 ,5 0 0
M o r t g a g e b o n d s . . 3 5 ,0 0 0 ,0 0 0 3 5 ,0 0 0 ,0 0 0
L o a n s & b ills p a y .
1 ,1 5 5 ,0 0 0 1 ,1 5 5 ,0 0 0
V ou ch ers & w ages.
6 5 2 ,5 4 2
7 8 5 ,1 5 5
In t. a ccru ed
and
ren ts p a y a b le ..
1 ,3 6 6 ,6 6 7
9 6 8 ,3 4 4
M is c e ll’ s a c c o u n t s .
1 2 0 ,1 0 4
1 5 ,4 8 3
D c f . c r e d it I t e m s ..
4 5 4 ,6 1 6
T o t a l . .........................7 5 , 2 7 4 , 7 1 3
R E C E IV E R 'S B A L A N C E S H E E T J U N E
1911.
Assets—
$
R o a d <%. e q u i p m e n t . a 4 , 9 4 9 , 9 3 4
A d v a n . t o c o n tr o lle d
c o s . t o r c o i i s t r u c 'n . 1 .6 1 4 ,7 0 0
6 3 ,4 0 0
M l s c . i n v e s t m e n t s ____
C a s h -------------------- -------8 1 7 ,5 4 2
A g e n ts & co n d u cto rs
1 2 7 ,1 9 4
M a t e r ia ls & s u p p l i e s . 4 2 8 ,2 1 9
M l s c e l l . a c c o u n t s _____
9 4 4 ,2 5 8
D e fe r r e d d e b it Ite m s.
1 0 1 ,0 5 7
1910.
S
5 ,0 7 2 ,6 3 1
T o t a l _________________ 9 , 0 4 6 , 3 0 4
9 ,3 8 2 ,0 3 5
1 ,2 7 6 ,2 0 0
1 ,5 1 8 ,5 1 1
9 5 ,2 4 8
3 6 6 ,8 3 6
9 6 4 ,8 7 3
8 7 ,7 3 6
30.
Liabilities —
7 5 ,3 5 8 ,9 9 8
30.
1911.
1910.
Liabilities —
S
$
C a r t r u s t b o n d s _______
3 8 6 ,5 0 0
4 8 5 ,5 0 0
................
5 1 ,0 0 0
E q u ip , tr u s t o b llg ’ n s
E q u i p , s k . f d . b o n d s . 1 ,6 7 3 ,0 0 0 1 ,7 9 8 ,0 0 0
R e c e i v e r 's c e r t i f s . - . 4 , 1 9 0 , 8 5 0 3 , 9 6 3 , 3 5 0
T r a f f ic , & c .. b a la n c e s
1 2 8 ,4 9 5
6 9 ,6 1 8
V ou ch ers & w a g e s ..
5 9 4 ,7 1 5
6 8 2 ,4 1 0
M i s c . a c c o u n t s ________
4 4 ,8 4 5
5 9 5 ,7 3 2
In t. & ta x es a ccru ed
4 9 5 ,6 3 5
4 9 4 ,2 0 4
D e fe r r e d c r e d it Ite m s
1 6 2 ,3 8 2
2 1 0 ,6 8 3
P r o f i t a n d l o s s .............6 1 , 3 6 9 , 8 8 2 1 , 0 3 1 , 5 3 8
a R o a d a n d e q u ip m e n t ( b e f o r e c r e d it in g S 4 2 4 .7 3 8 f o r r e s e r v e f o r a c c r u e d d e p r e
c ia t io n o f e q u ip m e n t , v i z ., $ 5 ,3 7 4 ,6 7 2 ) c o n s is t s o f ( 1 ) r o a d , S I ,8 3 0 ,6 0 3 , o f w h ic h
S I . 1 4 4 ,2 9 6 w a s d e r iv e d f r o m r e c e iv e r ’ s c e r t ifi c a t e s a n d 8 7 4 6 ,3 0 7 fr o m in c o m e ; ( 2 )
e q u ip m e n t , o f w h ic h $ 6 0 3 ,2 5 7 w a s p r o v id e d b y r e c e iv e r ’ s c e r t ifi c a t e s , $ 8 2 1 ,3 1 1 fr o m
I n c o m e , a n d o b l i g a t i o n s a r c o u t s t a n d i n g f o r t h e r e m a in d e r , S 2 ,0 5 9 ,5 0 0 .
b .A f t e r a d d i n g p r o f it o n e q u ip m e n t t r u s t b o n d s r e d e e m e d d u r in g y e a r , 5 2 ,S 0 3 ,
a n d " d e d u c t in g in t e r e s t o n c o n s o lid a t e d b o n d s a c c r u in g d u r in g r e c e iv e r s h ip a n d p a id
f o r o u t o f p r o c e e d s fr o m r e c e iv e r ’s c e r t ific a t e s , $ 3 1 1 ,9 2 0 (t h is a m o u n t w a s c h a r g e d
i n t o c o s t o f p r o p e r t y i n 1 9 0 9 , w h e r e a s It s h o u l d h a v e b e e n s h o w n i n i n c o m e a c c o u n t ,
t h e c o r r e c t i o n b e in g m a d e in D e c . 1 9 1 0 ) . — V . 9 2 , p . 1 6 3 7 .
Interborough Rapid Transit Company, Now York.
{Report for Fiscal Year ending June 30 1911.)
President Theodore P. Shonts, New York, Sept. 1 1911,
says in substance:
M ile a g e .— T h e s u b w a y s t a t i o n a t A t l a n t i c A v e . , B r o o k l y n , w a s e x t e u d e d
t o a c c o m m o d a t e 1 0 -c a r tr a in s a n d th e v i a d u c t a t W e s t F a r m s w a s e x t e n d e d
fr o m
1 8 0 th S t . t o 1 8 ls t S t .
T o t a l I n c r e a s e in t h e l e n g t h o f r o a d .0 9 o f a
m i l e , o r .1 8 o f a m il e o f t r a c k .
T o t a l I n c r e a s e In a ll t r a c k m il e a g e , 3 .3 7 m .
R esu lts .— G r o s s o p e r a t i n g r e v e n u e I n c r e a s e d $ 7 7 9 , 7 0 4 , o r 2 . 6 9 % , d u e t o
a g a in o n t h e S u b w a y o f $ 4 2 0 ,7 0 1 , o r 3 .0 2 % , a n d o n t h e M a n h a t t a n R y .
d iv is io n o f $ 3 5 9 ,0 0 3
o r 2 .3 8 % .
O p e r a t in g e x p e n s e s In c r e a s e d $ 1 ,3 5 5 ,8 3 9 ,
o r 1 2 .3 1 % , t h e r e s u lt o f a n in c r e a s e o n th e S u b w a y o f $ 1 ,1 7 3 ,2 0 3 , o r 2 4 . 6 6 % ,
a n d o n th e M a n h a t t a n R y . o f $ 1 8 2 ,6 3 5 , o r 2 .9 2 % .
T h e S u b w a y in c r e a s e
w a s la r g e ly d u e t o th e
e x t r a o r d in a r y
ch anges
In
e q u ip m e n t In
con n ec
tio n w ith t h e o p e r a t io n o f 1 0 -c a r e x p r e s s a n d 6 -c a r lo c a l t r a in s , a m o u n t in g
t o a p p r o x im a t e ly $ 7 7 0 ,0 0 0 .
T h e e n la r g e d tr a in s e r v ic e a n d th e In c r e a se
in w a g e s o f e m p lo y e e s in t h e t r a n s p o r t a t io n d e p a r t m e n t s a c c o u n t f o r a n
a d d it io n a l $ 3 7 3 ,0 0 0 .
N e t o p e r a t i n g r e v e n u e d e c r e a s e d $ 5 7 6 ,1 3 4 , o r 3 . 2 0 % , t h e r e s u lt o f a lo s s
o n th e S u b w a y o f $ 7 5 2 ,5 0 2 , o r 8 .2 0 % , a n d a g a in o n t h e M a n h a t t a n R y .
o f $ 1 7 6 ,3 6 8 , o r 2 % ,.
T a x e s in c r e a s e d $ 1 7 4 ,6 6 9 , o r 9 .9 8 %
(S u b w a y , $ 4 3 ,
1 5 8 , o r 1 9 .1 6 % ; M a n h a t t a n R y . , $ 1 3 1 ,5 1 1 , o r 8 . 6 2 % ) , la r g e ly d u e t o t h e
F ed era l ta x .
N o n - o p c r a t ln g I n c o m e w a s $ 3 3 9 ,9 1 5 , a s a g a in s t $ 1 1 1 ,0 2 4 la s t y e a r , a d e
c r e a s e o f $ 7 1 ,1 0 9 , o r 1 7 .3 0 % , p r in c ip a lly d u e t o t h e s a le o f th e s e c u r it ie s
fo r m e r ly c o n s t it u t in g th e M a n h a tta n g u a r a n t y fu n d a n d th e a p p lic a t io n o f
th e p r o c e e d s th e r e o f to th e p u r c h a s e o f a d d it io n a l s u b w a y e q u ip m e n t .
T h e s u r p lu s o v e r d iv id e n d s o f 9 %
o n t h e c a p it a l s t o c k w a s $ 1 ,9 9 0 ,0 3 7 ,
a d e c r e a s e o f $ 9 4 2 ,1 1 0 , o r 3 2 .1 3 % .
T h e p e r c e n ta g e o f o p e r a t in g e x p e n s e s
t o g ro s s o p e r a tin g r e v e n u e w a s 4 1 .5 5 % , a n In cre a se o f 3 .5 6 % .
T h e t o t a l n u m b e r o f p a s s e n g e r s c a r r ie d w a s 5 7 8 ,1 5 4 ,0 8 8 , a n In c r e a se o f
1 5 ,3 6 5 ,6 9 3 , o r 2 . 7 3 % , th e r e s u lt o f a g a in o n t h e S u b w a y o f 7 ,7 4 2 ,6 8 1 ,
o r 2 .8 8 % . a n d o n th e M a n h a t t a n R y . o f 7 ,6 2 3 ,0 1 2 , o r 2 .5 9 % .
F u n d ed Debt . — O f t h e $ 2 1 , 9 7 3 , 0 0 0 t h r e e - y e a r 6 % g o l d n o t e s d u e M a y 1
1 9 1 1 . $ 1 7 ,3 8 9 ,0 0 0 w e r e p r e s e n te d p r io r t o N o v . 1 1 9 1 0 fo r e x c h a n g e I n to
$ 1 7 ,5 0 0 ,0 0 0 o f 4 5 - y e a r g o ld m o r t g a g e 5 %
b o n d s d a te d
N o v . t 1907, as
p r o v i d e d b y t iie c o ll a t e r a l t r u s t a g r e e m e n t d a t e d M a y 1 1 9 0 8 .
T h e r e m a in
in g $ 4 ,5 8 4 ,0 0 0 o f s a id n o t e s h a v e b e e n p a id , e x c e p t $ 3 5 ,0 0 0 n o t p r e s e n t e d .
T h e $ 1 9 ,0 0 0 ,0 0 0 o n e -y e a r 4 K %
n o te s d a te d A p r il 2 9 1911 w e r e Issu ed
t o p r o v id e f u n d s t o m e e t th e a fo r e s a id $ 4 ,5 8 4 ,0 0 0 o f 6 %
n otes d u e M a y 1
1 9 1 1 a n d fo r th e p u r c h a s e o f n e w e q u ip m e n t a n d o t h e r c a p it a l r e q u ir e m e n t s .
( V . 9 2 , p . 1 1 7 8 .)
S in k in g F u n d .- O n N o v . I 1 9 1 0 t h e c o m p a n y m a d e t h e f i r s t a n n u a l p a y
m e n t o f $ 3 0 0 ,0 0 0 t o t h e s in k in g fu n d o f t h e S 5 5 ,0 0 0 ,0 0 n m o r t g a g e d a t e d
N ov . 1 1907: and
th e tru ste e p u rch a se d th e re fro m
$ 2 8 6 ,0 0 0 o f t h e 5 %
b o n d s a t 1 0 3 .7 4 a n d I n t e r e s t , v i z . : $ 2 9 9 ,5 5 6 .
A d ditio n s and Betterm ents .— 1T B e S e ! o ' t h e y e a r c h a r g e d t o c o n s t r u c t i o n
a c c o u n t o f M r>r>h ' t t a n
R a ilw a y
D iv is io n a g g r e g a t e d
$ 1 ,4 7 0 ,3 2 0 a n d In
c lu d e d a d d i t i o n a l flr o p r o t e c t i o n , a d d i t io n a l h ig h - t e n s i o n c a b l e s , a d d i t io n a l
[V O L . L X X X X III.
r o llin g s t o c k , b r id g e o v e r tr a c k 1 5 5 th S t . a n d 8 th A v e . s t a t io n , r e in fo r c in g
s t r u c t u r e a c c o u n t o f e le c t r ic a l e q u ip m e n t , c o m p le t in g I n s t a lla t io n o f 3 ,0 0 0
k . w . r o t a r ie s in s u b - s t a t i o n s , la n d d a m a g e s , & c .
O n th e S u b w a y d iv is io n
th e t o t a l c h a r g e t o fix e d c a p it a l a c c o u n t w a s
$ 4 ,2 6 6 ,3 0 8 , n o t a b ly a d d it io n s a s f o llo w s :
s ig n a ls , c a b a s , a u t o m a t ic s t o p s ,
s te e l m o t o r c a r s a n d s te e l fia t c a r s , c o m p le t in g ln s ta l it lo n o f 5 tu r b in e s a t
t h e 5 9 t h S t . p o w e r s t > tlo n , a n d 3 ,0 0 0 k . w . r o t a r ie s In s u b - s t a t i o n s , c e l l l n g fa n s , ce n tre d o o r s
ya rd s, sh op s, & c.
Im provem ents .— T h e n e w s t a t i o n a t S t . N i c h o l a s A v e . a n d 1 9 1 s t S t . w a s
o p e n e d fo r tr a ffic J a n . 14 1 9 1 1 .
T h e Z o o lo g ic a l P a r k a n d 1 8 0 tli S t . S u b
w a y s t a t io n w a s o p e n e d O c t . 2 8 1 9 1 0 .
T h e le n g th e n e d s t a t io n p la tfo r m s
t o a c c o m m o d a t e s ix - c a r lo c a l a n d t e n -c a r e x p r e s s tr a in s w e r e p u t in s e r v ic e ,
th e fo r m e r O c t. 24 19 1 0 a n d th e la tte r J a n . 23 l u l l .
T h e 2 0 0 a d d i t io n a l c a r s o r d e r e d f o r t h e M a n h a t t a n R y . d i v i s i o n In 1 9 0 9
a n d 1 9 1 0 h a v e b e e n r e c e iv e d a n d 1 6 4 a r c In s e r v ic e , n a m e ly , 1 0 4 m o t o r
a n d 6 0 tr a ile r s .
T h e 3 2 5 s te e l ca r s o r d e r e d fo r th e S u b w a y d iv is io n h a v e
b e e n r e c e i v e d a n d 3 1 0 a r e In s e r v i c e .
T h e e q u ip m e n t o f a ll S u b w a y e x p r e s s s e r v ic e c a r s w it h e le c t r ic a l s y n
c h r o n iz in g b r a k e c o n t r o l (a d d itio n a l t o th e p n e u m a t ic b ra k e s ) h a s b e e n c o m
p le te d ; 11 9 lo c a l ca rs h a v e b e e n s im ila r ly e q u ip p e d .
T h e a d d it io n s to
p o w e r -h o u s e e q u ip m e n t h a v e p r a c t ic a lly b e e n a ll I n s t a lle d .
T h e I n s ta lla tio n o f th e a u t o m a t ic c o a s t in g r e c o r d e r o n th e c a r s o f th e
M a n h a t t a n E le v a t e d R y . h a s r e s u lt e d In t h e s a v in g o f p o w e r t o m a n y t im e s
Its c o s t , a n d h a s c a u s e d a m o r e u n ifo r m h a n d lin g o f t r a in s , c lfe c t in g a s a v
in g in t im e a n d w e a r a n il t e a r .
I t Is n o w b e in g I n s t a l le d o n t h e c a r s In
th e S u b w a y .
(S e e C o m p u t ln g - T a b u l a t in g -R e c o r d lu g C o ., V . 9 3 , p . 4 8 .)
Lea d in g Im provem ents Authorized D uring 1 9 1 0 - 1 1 . — A n a d d i t i o n a l c o n
t a c t r a il w a s I n s ta lle d o n t h e W e s t F a r m s b r a n c h a t a c o s t o f $ 6 0 ,0 0 0 , to
p e r m it o p e r a t in g o f b o t h e le v a t e d a n d S u b w a y tr a in s n o r t h
of
1 4 9 th S t.
A d d it io n a l e n tr a n c e s a n d e x it s w e re a u th o r iz e d a t c ig lii S u b w a y s ta tio n s ;
t h e c o s t , a p p r o x im a t e ly $ 1 9 0 ,0 0 0 , w ill b e p a id b y th o c i t y a n d c a p it a liz e d
a g a in s t t h e c o m p a n y a s e x t r a s u n d e r c o n t r a c t s N o s . 1 a n il 2 .
A ll d a n g e r
s ig n a ls a t c u r v e s a n d o t h e r d a n g e r p o in t s o n th e lo c a l S u b w a y t r a c k s a r e
b e in g e q u ip p e d w ith a u t o m a t ic s t o p s ; c o s t , a b o u t $ 5 0 ,0 0 0 .
T h o a ir b r a k e
e m e r g e n c y v a l v e s in t h e e le v a t e d r a il w a y m o t o r c a r s w e r e e q u ip p e d w it h
a n e m e r g e n c y c o r d a v a i l a b l e a t a n y p o i n t in t h e c a r ; c o s t . $ 2 0 ,0 0 0 .
A u th or
i t y w a s g i v e n t o i n s t a l l I n t h e e x p r e s s c a r s a t o t a l o l' 3 , 0 0 0 ( e l e c t r i c ) f a n s ;
c o s t , a b o u t $ 1 0 4 ,0 0 0 .
Adjustm ent o f C la im s .— T h e c l a i m s o f t h e R a p i d T r a n s i t S u b w a y C o n
s t r u c t io n C o . (e n tir e
sto ck
ow n ed
b y y o u r c o m p a n y ) g r o w in g o u t o f
c o n s t r u c t io n c o n t r a c t N o . 1, a g g r e g a t in g o v e r $ 6 ,0 0 0 ,0 0 0 , a n d th e c o u n t e r
c la im s o f th e c it y , a g g r e g a t in g o v e r $ 3 ,0 0 0 ,0 0 0 , w e r e a d ju s t e d a t a n I n fo r m a l
c o n fe r e n c e A u g . 1 6 -2 4 1 9 1 0 a n d t h e n e t s u m d u e t h o c o m p a n y w a s a g r e e d
t o b e $ 2 ,2 6 0 ,5 3 4 .
T h is r e a s o n a b le a d ju s t m e n t w a s a p p r o v e d b y th e d ir e c
to r s a n d b y th e P u b lic S e r v ic e C o m m is s io n .
T h e C o m p tr o lle r o f
th e c ity
r a i s e d c e r t a i n o b j e c t i o n s a n d t h e m a t t e r Is s t i l l h e l d u p in I lls o f f i c e ; b u t I t
is h o p e d w ill b e p r o v i d e d f o r In t h e n e x t is s u e o f m u n i c i p a l b o n d s .
A n y
a ll o w a n c e m a d e Is n e c e s s a r i ly c a p i t a l i z e d a g a i n s t t h e c o m p a n y , a n d t h e
c h i e f p r a c t i c a l a d v a n t a g e Is a s l i g h t s a v i n g In i n t e r e s t .
A ll c la im s b e tw e e n J o h n B . M c D o n a ld a n d th e I n t e r b o r o u g h In te r e s ts
h a v e b e e n a d ju s t e d .
S id e Doors. & c . — Y o u r d i r e c t o r s h a v e s i n c e J u n o 3 0 1 9 1 1 a u t h o r i z e d t h e
I n s t a lla t io n o f c e n t r e s id e d o o r s In a ll r e m a in in g s u b w a y c a r s , a t a il e x p e n s e
o f $ 5 3 0 ,5 0 0 .
W e h a v e a ls o e q u ip p e d 8 0 0 c a r s w it h 3 2 c . p . t u n g s t e n
la m p s in p la c e o f t h e 1 6 c . p . c a r b o n la m p s .
U n iform s . — - W h i t e d u c k u n i f o r m s f o r u s e d u r i n g t h o h o t w e a t h e r w e r e
fu r n is h e d t o th e m e n w it h o u t c o s t , th e la u n d r y e x p e n s e a ls o b e in g a s s u m e d .
F re e R id e s . — - F r e e t r a n s p o r t a t i o n t o a n d f r o m V a n C o r t l a n d t a n d B r o n x
p a r k s o n c e r t a in d a y s d u r in g th e s u m m e r h a s b e e n e x t e n d e d t o a ll c h a r it a
b le o r g a n i z a t io n s t h a t a r c o f f i c i a l l y r e c o g n i z e d
b y
th e
D e p a rtm e n t
of
C h a r it i e s o f t h e c i t y , a n d is o p e n t o w o m e n a n d t o c h i l d r e n u n d e r 1 4 y e a r s
of age.
T h is p r iv ile g e h a s b e e n fr e e ly a v a ile d o f.
C laim s fo r In ju rie s and Dam ages .— T h e c l a i m s , s u i t s a n d j u d g m e n t s f o r
t h e y e a r a g g r e g a t e d $ 1 8 4 ,0 6 9 , a d e c r e a s e o f $ 3 0 ,5 9 7 , w h ile t h e e x p e n s e s o f
t h e le g a l d e p a r t m e n t w e r e $ 1 1 4 ,9 7 1 , b e in g a n I n c r e a s e o f $ 8 ,0 2 8 .
V e r d ic ts
in 111 p e r s o n a l i n ju r y a c t io n s a g g r e g a t e d $ 1 1 ,1 3 0 , c o m p a r e d w it h $ 2 7 ,3 7 2
la s t y e a r .
T h e p l a i n t l l f s w e r e u n s u c c e s s f u l in o v e r t w o - t h i r d s o f t h e c a s e s
tr ie d .
O n ly $ 1 ,6 2 3 in j u d g m e n t s a r e p e n d i n g o n a p p e a l .
T ho com p an y
v o l u n t a r i l y s e t t le d 1 ,6 2 0 c la i m s w i t h o u t s u it a n d c o m p r o m i s e d 1 8 0 s u i t s .
T a xes. - T h e a p p l i c a b i l i t y o f t h e F e d e r a l e x c i s e t a x t o y o u r c o m p a n y h a s
b e e n u p h e ld b y th e U . S . S u p r e m o C o u r t , a d d in g t o o u r t a x b u r d e n a b o u t
$ 6 1 ,0 0 0 a y e a r .
,
,
L a s t fa ll t h e N e w Y o r k C o u r t o f A p p e a ls m a d e Its d e c is io n in t h e a p p e a l
I n v o lv in g t h e r ig h t o f t h e S t a t e t o a s s e s s th is c o m p a n y f o r t h o S t a t e fr a n
c h is e t a x m e a s u r e d b y a p e r c e n t a g e u p o n S u b w a y e a r n in g s a n d u p o n d iv i
d e n d s p a id In e x c e s s o f 4 % .
T h e p r a c t ic a l e lfe e t m e a n s a c r e d it to th e
c o m p a n y o f $ 1 3 4 ,9 3 1 t a x e s a lr e a d y p a id a n d a s a v in g in fu t u r e o f b e t w e e n
$ 5 0 ,0 0 0 a n d $ 6 0 ,0 0 0 a y e a r (V . 9 1 , p . 1 5 7 4 ).
T h e N . Y . C o u rt o f A p p e a ls h a s r e c e n t ly d e c id e d t h a t th e e x e m p t io n fr o m
t a x a t io n g iv e n b y th e R a p id T r a n s it A c t d o c s n o t in c lu d e th e p o w e r h o u s e
a n d s u b - s t a t i o n s it e s a n d b u il d i n g s , b u t t h a t t h e m a c h i n e r y Is n o t t a x a b l e .
T h e d e c is io n w ith r e s p e c t t o th e b u ild in g s h a s n e c e s s it a t e d th o p a y in g o f
a b o u t $ 4 7 5 ,0 0 0 o f a c c r u e d t a x e s a n d m e a n s a n I n c r e a s e in f u t u r e t a x e s o f
s o m e $ 6 0 ,0 0 0 a y e a r (V . 0 3 , p . 4 4 ) .
T h e a p p e a l a s to th e s p e c ia l fr a n c h is e a s s e s s m e n t o f t h e M a n h a tta n R y .
C o . w a s a r g u e d In J u n e 1 9 1 1 , b u t n o d e c is io n h a s b e o n r e n d e r e d .
Negotiations as to E x ten sio n s . — A n e w p l a n f o r t h e c o n s t r u c t i o n o f a c o m
p r e h e n s iv e S u b w a y s y s t e m , w ith a 5 -c e n t fa r e , w a s p r o p o s e d b y th e c o m
p an y D ec. 5 1910.
T h is p r o p o s it io n I n v o lv e d th e e x p e n d it u r e o f $ 1 2 8 ,0 0 0 ,
0 0 0 o n s u b w a v s a lo n e , $ 5 3 ,0 0 0 ,0 0 0 b y t h e c it y a n d t h e b a la n c e b y y o u r c o m
p a n y , In a d d i t i o n t o .$ 3 2 ,0 0 0 ,0 0 0 f o r e le v a t e d i m p r o v e m e n t s a n d a c o n t r i
b u tio n to th e c it y o f th e B e lm o n t tu n n e l, c o s t in g $ 1 0 ,0 0 0 ,0 0 0 . o f w h ic h
$ 1 ,5 0 0 ,0 0 0 o n ly fr o m t h e c it y fo r t h e c o m p le t io n t h e r e o f.
A fte r m o d ific a
t io n , th is p r o p o s it io n w a s p r o v is io n a lly a c c e p t e d
b y th e P u b lic S e r v ic e
C o m m is s io n .
iS o e V . 9 1 , p . 1 5 7 4 .)
A s p e c ia l c o m m it t e e o f th e B o a r d o f E s tim a te a n d A p p o r t io n m e n t w a s
t h e r e u p o n a p p o i n t e d , t o a c t w it h t h e C o m m is s io n In c o n s id e r in g t h e w h o le
s u b je c t .
A l o n ,r l i s t o f d e m a n d s w a s s u b m i t t e d , a n d a s a r e s u l t w e o f i e r e d
a n a m e n d e d p r o p o s it i o n M a y 9 1 9 1 1 , e m b o d y i n g a d d i t i o n a l lin e s a n d In
c r e a s in g
th e e x p e n d it u r e fr o m
$ 1 2 8 ,0 0 0 ,0 0 0
to
$ 1 6 7 ,7 1 5 ,0 0 0 .
O f tills
a m o u n t v o u r c o m p a n y a g r e e d t o c o n t r ib u t e $ 9 9 ,5 2 4 ,5 0 0 , m a k in g o u r t o t a l
c o n t r ib u t i o n , in c lu d in g e le v a t e d I m p r o v e m e n t s a n d t h e B e lm o n t tu n n e l,
$ 1 3 3 ,8 2 4 ,5 0 0 .
( V . 9 2 , p . 1 3 1 0 .)
,
,
„
T h e s p e c ia l c o m m it t e e o n J u n e 5 19 1 1 s u b m it t e d a r e p o r t (V . 9 2 , p . 1 0 3 7 ,
1 7 0 1 ), c a ll in g f o r t h e c o n s t r u c t i o n o f t w o c o m p e t i n g lin e s
la r g e ly p a r a lle l
in g t h e e x i s t i n g lin e s in .M a n h a t t a n a n il g i v i n g t o a c o m p e t i n g c o m p a n y
th e p r in c ip a l p a r t o f th e s h o r t -h a u l t r a ffic fr o m w h ic h y o u r c o m p a n y g e t s
t h e p r o fit t o c o m p e n s a t e It f o r t h e lo s s o n lo n g -h a u l b u s in e s s .
T h e report
w a s c a r e fu lly c o n s id e r e d b y y o u r o ffic e r s a n d d ir e c to r s , w h o u n a n im o u s ly
d e c id e d t h a t Its a c c e p t a n c e w a s w h o lly I m p o s s ib le .
A ft e r v a r io u s c o n
fe r e n c e s it w a s a g r e e d t h a t th e te r m s a p p ly in g to th e o t h e r r o u te s
m en
tio n e d s h o u ld a ls o a p p ly t o th e s o -c a lle d I n t e r b o r o u g h H u es, e x c e p t t h a t
a p p r o x im a t e ly o n e -h a lf o f t h e c o n s t r u c t io n m o n e y s h o u ld b e fu r n is h e d b y
y o u r c o m p a n y a n d t h e o t h e r h a lf b y t h e c it y .
( V . 9 3 , p . 4 6 , 2 3 0 , 2 8 6 , 4 7 0 .)
O u r la s t p r o p o s it io n (V . 9 3 , p . 2 2 9 ) h a d t h e u n o ffic ia l a p p r o v a l o f a m a
jo r it y o f th e B o a r d o f E s tim a te a n d A p p o r t io n m e n t , b u t n o t w it h s t a n d in g
t h a t It w a s s t r o n g ly r e c o m m e n d e d b y t h e j o i n t c o m m i t t e e , It f a il e d
of
a d o p tio n .
T h is le ft y o u r c o m p a n y w it h o n ly Its o d o r o f J u n e 10 1 9 1 0 , t o
t h ir d -t r a c k a n d e x t e n d Its e le v a t e d lin e s .
.
T h e c it y a u t h o r it ie s s u b s e q u e n t ly s u b m it t e d t w o c e r t ific a t e s ; o n e
fo r
b u i l d i n g c e r t a i n e l e v a t e d e x t e n s i o n s In t h e B r o n x a n d o n e f o r c o m p l e t i n g t h e
t h ir d t r a c k u p o n t h e e le v a t e d lin e s ( V . 9 3 , p . 2 8 7 ) .
T h e s e c e r t i f i c a t e s It
Is I m p o s s ib le t o a c c e p t .
U n d e r th e te r m s te n d e r e d , th e e x p e n s e or fin a n c in g
c o u l d n o t h e t r e a t e d a s a p a r t o f c o s t , a n d w o u l d t h u s b e a t o t a l l o s s In c a s e
t h e c i t y s h o u ld t a k e b a c k t h e n e w lin e s a ft e r t e n y e a r s ,
'l h e e q u ip m e n t
lik e w is e m ig h t b e ta k e n o v e r a t a n o b s o le s c e n t v a lu a t io n , th u s e n ta ilin g
a h e a v y a d d it io n a l io s s . M o r e o v e r , t h e l ’ u b llc S e r v ic e C o m m is s io n w o u ld
h a v e t h e p o w e r t o p r e s c r ib e s e r v ic e a n d t o r e d u c e t h e 5- c e n t r a r e ,
l he
c o m p a n y Is a l s o a s k e d t o p a y I n e f f e c t o n c - h a i f o f a l l I n c r e a s e d f u t u r e p r o f i t s
n o t o n ly fr o m p r o p e r t y c o v e r e d b y th e n e w fr a n c h is e s , b u t fr o m th e o ld
e le v a t e d s y s t e m a s w e ll, a n d a t t h e e n d o f 2 5 y e a r s . If t h e c e r t ific a t e s
be
r e n e w e d , Is r e q u ir e d t o p a y a s a m in i m u m a s u m e q u a l t o 1 3 0 % o f a ll f u t u r e
p r o f it s In e x c e s s o f t h e a v e r a g e p r o f it s f o r t h e la s t t w o y e a r s .
A it lio u g h a ll o u r e ffo r t s t o p r o c u r e t h e c o n s t r u c t Io n o f n o w s u b w a y s a n d
e le v a t e d lin e s h a v e b e e n r e je c t e d , y o u r c o m p a n y w ill c o n t i n u e t o I m p r o v e
th e s e r v ic e , a d d in g fa c ilitie s to a c c o m m o d a t e a s fa r a s p o s s ib le th e e v e r in
c r e a s in g t r a ffic .
D u r in g t h e la s t t w o y e a r s y o u r c o m p a n y lia s p a id
ou t
o v e r $ 8 ,0 0 0 ,0 0 0 f o r I m p r o v e m e n t s , o r $ 2 ,0 0 0 ,0 0 0 m o r e t h a n p a id o u t in
d iv id e n d s .
T h e tim e h a s d o u b t le s s c o m e
w hen
th e
s to c k h o ld e r s
arc
e n t it l e d t o s o m e in c r e a s e d d is t r ib u t io n .
(N o c I n c r e a s e o n a n o t h e r p a g e .)
I t Is m a n if e s t t h a t t h e p r e s e n t s y s t e m c a n n o t o t I t s e lf p r o v i d e f o r t h e c o n
s t a n t ly In c r e a s in g t r a v e l.
T h e o n l y p r a c t i c a l r e l i e f s e e m s t o b e In c o m p l e t
in g t h e S u b w a y " H , ” m a k in g t h r o u g h t r u n k lin e s u p o n b o t h t h e E a s t a n d
W e s t S id e .
T o w a rd s th e
c o n s tr u ctio n
and
o p e r a tio n
o t th e s e
n a tu ra l
e x t e n s io n s th is c o m p a n y s h o u ld a lw a y s s t a n d r e a d y t o c o -o p e r a t e t o t h e
b e s t o f Its a b i l i t y a n d t o t h e lim it o f Its fin a n c ia l r e s o u r c e s .
Sept;
STATEM EN T
OF
& c ., F O R F I S C A L Y E A R S
30 1907 T O 1911 I N C L U S I V E .
E A R N IN G S ,
JU N E
EN D EC
Note.—The results for 1011 and 1910 are statcd below 1:n o°n*°™lt;^hose
ss?«
aro^so
according t o th e m e th o d s th en p re va ilin g.
Y ear e n d . J u n e 3 0 .
i S
&
S
l i f S
1911.
$
o
1910.
$
f l
1909.
5 ____
i f f f iS t
1908.
1907.
2 4 .0 5 9 ,2 9 9 2 2 ,3 6 3 .8 0 2
1 0 :7 4 7 ,4 4 3
AT *
io,722~,694
..
.V w w ii
13,33 6 ,6 0 5 12.77 0 ,4 7 1
SB8
N et earns, less
11,750,139 11 ,3 9 2 ,5 0 6
ta x e s . _ ..............................
I n c . fro m o p e r .. _ 15,473,280 16,224,083 13,977,144
" 815,833
1,220", 170
O th er I n c o m e . . . ---------- - 1,00V, 77 5
" 4 1 l’,024
N o n -o p c r . In com e
3 3 9 ,9 10
1 2 ,208,339
G ross Incomc.15,813,195 16.635,107 14,978,919 12,970,309
Tot.lnc.dcduo. 10,073,158 10,552,960 10,389,096 9 ,2 6 9 ,6 5 0 8 .4 9 1 ,8 0 5
4,589,823
3,150,000
6.082.147
3 ,1 5 0 ,0 0 0
N et c o r p . I n c . 0.140,037
D iv id e n d s ( 9 % ) . 3 ,1 5 0 ,0 0 0
T h e b o n d s in the han ds o f th e p u b lic Jun e 30 1911 a m o u n te d t o $6,126,.000,
h a v in g been red u ced b y th e a cq u isitio n fo r th e sin k in g f nd o f
*0 .0 0 0
( b c ln jf th e usual a p p ro p r ia tio n ) and $ 1 3 6 , 0 0 0 p u rch ased o u t or a w r e tlo n s
tn th o f u n d • th e c o s t o f these S286.000 b o n d s, pai v a lu e , w as 5 c8 u ,6 4 0 .
T h e re are n o w $ 2 ,3 9 9 ,0 0 0 par v a lu e o f b o n d s held fo r th e sin k in g fu n d
to g e th e r w ith cash a n d a c c r ’ d in t., $ 4 8 ,0 5 6 , m a k in g a tots:1 ” ^ 2 ,4 4 7 .0 5 6 .
T h e ch arge t o p ro fit a n d loss a c c o u n t In re sp e ct o f th e a p p ro p ria tio n fo r
sin k in g fu n d fo r th e p ast ye a r, to g e th e r w ith I n t e r c s t o i t h c b o n c l s In this
fu n d has been $ 2 8 7 ,4 6 3 , a n d , as u s u a l, this, in c o n ju n c on w ith th e o u tla y
o n re p la ce m e n ts an d repairs, Is c o n sid e re d as ta k in g th e p la ce o f a n j sp ecific
^ A d d u lo n s ^ 'im p r o v e m e n ts a n d b e tte rm e n ts a d d e d t o c o s t o f prM terty
d u r in g the y e a r a m o u n te d t o $77 ,267 ; o n th e o th e r h a n d ,t h e r e h as b een a
r e d u c tio n th ro u g h sales o f lan d, m a ch in e ry , & c ., a n l loss by fires o f $ 8 0 ,2 9 1 ,
le a vin g th e net decrease fo r the y e a r $ 3 ,0 2 4 .
..
T h e to ta l cu rre n t assets on Ju n e 30 1911 a m o u n te d t o $ 9 ,4 6 2 ,6 2 3 , b e in g
a decrease o f $ 1 ,526 232 c o m p a r e d w ith the ore o u s y e a r s ngu rcs _The
cu rre n t liabilities w ere $6 7 3 ,0 3 3 , a d ecrease o f $ l , o 3 3 o i l . T h e e x ceM o f
cu rre n t assets o v e r cu rre n t 'la b ilitie s Is, ttie r e fo .e , $ 8 .789 ,.> 9-, betn g ? 2 .
663 ,592 m ore th a n the to ta l p ar v a lu e o f b o n d s o u ts ta n d in g , e< nln g In
a d d itio n th e en tire p la n t a n d g o o d -w ill s ta n d in g again st th e ca p ita l sto ck s
o f th e c o m p a n y .
3 ,7 16,444
3 ,1 5 0 .0 0 0
3,70 0 .6 5 9
3 ,1 5 0 ,0 0 0
566,444
550,659
1,439,823
2.93 2 .1 4 7
S u r p lu s _______ l.??0.037
4 2 .8 9 %
4 4 .5 7 %
4 0 .5 2 %
3 7 .9 9 %
P .c . e x p .t o earns.
4 1 -5 5 /b
449 287,884
P a ss'rs carried. .0 7 8 1 5 4 ,0 8 8 562 788.395 514 680,342 483285.640
S T A T E M E N T O F O P E R A T IO N S B Y D IV IS IO N S F O R
JU N E
30 1911
A N D
M a n h a t ta n
R y . D iv .
YEARS EN D ED
-1909-10-
Subw ay
D iv isio n .
S ubxoay
D iv isio n .
M a n h a lta n
R y . D iv .
T r a n s p o r t a t io n -------------- 15, v io ’ jm *
O th er street r y . o p . r e v .
3 10 ,813
3
13,829,604
523,602
14,723,224
331,919
$
1 3 ,4 4 3 ,8 0 5
488,701
Gross oper. revenue.. 15,414.146
14,353,206
15,055,142
13,932,506
O p e r a ti n g R e v e n u e —
O p e r a ti n g E x p e n s e s —
S
887 ,680
1,001,142
829
3 ,9 8 0 ,5 2 5
569,153
694,070
1,561,658
917
3 ,1 2 9 ,9 8 5
543,023
849 ,626
881,566
3,079
3,88 7 ,8 3 2
634,590
664,444
792,221
1,130
2 ,8 4 9 ,4 7 3
449,182
T o ta l o p e r . e x p e n s e s .
N et op era tin g reven u e
T a x e s -----------------------------
6 ,4 39.329
8 ,9 7 4 ,8 1 7
1,656,653
5,92 9 ,6 5 3
8 ,4 2 3 ,5 5 3
268 ,438
6,25 6 ,6 9 3
8,70 8 ,4 4 9
1,525,142
4 ,7 5 6 ,4 5 0
9 ,1 7 6 ,0 5 6
225,280
In c o m e from o p e r a tio n
N o n -o p c r . I n c o m e -----------
7 ,3 1 8 ,1 6 4
19,330
8 ,1 5 5 ,1 1 5
320 ,586
7 ,2 7 3 ,3 0 7
25,635
8,95 0 ,7 7 6
385,389
7 .3 3 7 ,4 9 4
8 ,4 75,701
7 ,2 9 8 ,9 4 2
9 ,3 3 6 ,1 6 5
I n t . an d 8. f. o n c it y b d s.
I n t . o n 3 -y r . 5 % n otes
c a lled S e p t. 1 1 0 0 9 . . .
I n t . o n 3 -y r . 6 % g . notes
I n t . o n 5 % 4 5 -y r .g .M .b d s .
S in k . fd . In ter. R . T . 5 %
4 5 -y c a r b o n d s ------------I n t . o n M a n h a t. R y . c o n
1,591,080
s o l. M . 4 % b o n d s -----I n t . o n N . Y . E l. R R . 5 %
50.000
d e b e n tu re b o n d s ------ -10.000
M an. R y . rental (o rg a n .)
7 % g u a r. d iv . on M an
h a t t a n R y . s took . . _ 4 ,2 0 0 ,0 0 0
A m o r t .o f d e b t d ls c .A e x p .
In t. o n u n fu n d ed d e b t . .
6 ,5 7 6
O th er ren t d e d u c t i o n s ..
,254,692
2 ,1 8 1 ,2 0 4
576", 980
1,23 5 ,9 3 3
83,333
1,38 8 ,9 8 0
593,308
M a in ten a n ce o f w a y , & c.
M ain t. o f e q u i p m e n t . ..
T ra n sp o rta tio n expen ses
G ross In c o m e _________
Deduct —
P rofit b e fo re c h g ’ g. Int .
In terest o n loan s, less In
terest e a r n e d -------------I n t. o n 1st M . b o n d s .
v / wol wl
3 1 ,270
416 ,203
333
07
6,577
12,930
232 ,908
2,543
4 ,8 1 5 ,5 0 2
5 , 8 5 7 ,7 5 4
4 ,0 9 5 ,2 0 6
3 ,6 6 0 ,1 9 9
3 ,1 5 0 ,0 0 0
1,441,188
4,64 0 ,9 5 9
3 ,1 5 0 ,0 0 0
S u r p l u s -----------------------
1 ,4 7 9 ,8 3 8
510,199
1,441,188
1,490,959
2 07 ,429
5 82 ,985
620 ,168
520 ,212
18,454
2 ,5 9 0 ,1 6 0
488,418
32.246
1,137,071
4 5 0 ,0 8 5
13,488
818,934
8 1,502
2 ,0 6 9 ,5 0 5
6 72 ,898
54,696
511,500
148,483
112,759
511 ,500
153,833
33,231
5 11 ,500
137,053
C r . 1 6 ,4 9 !
........ -
.
4 7 ,2 5 7
511,500
127,579
104,255 L o ss6 9 6 ,5 9 0
1,40 4 ,2 1 2
L oss 13,438
■
.
* In clu d e s Int. o n b o n d s In sin k , fd ., a m o u n tin g In 1910 -11 to $ 13 8,98 0
B A L A N C E S H E E T OF C O M P A N Y A N D S U B S ID IA R Y CO 'S J U N E 30.
1911.
1910.
1911.
1910.
S
?
Liabilities—
A ssets—
5
$
,000,000
13,000,000
Preferred
shares.
.13
Cost of properties o26,5l6,185a26,519,209
648,056
d43,233 Common shares. .11 .500,000 11,500,000
Sinking fund______
Supplies ............. - 7,299,815 8,626,370 1st M. 6% b o n d s .-d61,126,000 d6,412,000
170,500
170,500
Interest accru ed-Bills and accounts
1.800,000
rece iv a b le_____ c l , 713,265 e l ,742,524 Loans payable. -
106,440
284,324
Foreign
exchange.
Sundries, claims,
^
^
160,804
147.963
Trade accounts—
68,801
70,246
fn ^ r a n c e u n e x 6 1 ,3 9 0 W ages, A c _______
Sink, fund 1st M _. 2 ,447,056 2,156,233
2.176,521
Cash - I I I ________
389.678
528,020 S u r p lu s ................ 2 ,280,777
« . ? 1%
« . g
75 8 ,0 9 5
8 05 ,004
* .
736.882
B A L A N C E S H E E T J U N E 30.
1910.
1911.
1910.
1911.
S
S
Liabilities—
3
Assets—
^
35,000,000
,000,000
......................
35
S
t
o
c
k
,418,610
Pixedcapital ----4 5 ,9 5 2 ,6 5 7 41
Investment8------.20,497,706 20 .355,910 3-yr. 6% notes due
35.000 21.973.000
May 1911...........
Adv. to sUb-COS- .*11,486,39- l i ,304,678
.,628,274 45-yr. M. 5 % b d s .30 ,552,000 13.052.000
Materials & supp.
1
157,683 1-yr. 4*4% notes
dated Apr. 1911 10 ,000,000
278,713
377,323
377,323
6,000 Manhat. lease acc't
181,846
2,857,531 Acer, am or.of cap.
893,389
" 20,875
Associated co s____
Equip, fund depos.
263,832
149,858
W
a
g
e
s
....................
Guaranty Tr. C o................... 1,475,563
Other acc’ts p a y . . 1 ,059,850 1,067,608
Deposits for bonds,
.....
25,810 Int.&rcntals accr. 1 ,680,663 1,072,624
coupons, A c . . .
64.414
D iv.July 1 ,M an .lty.1.050,000 1,050,000 Coupons not pre
25,810
29,414
sented, A c .........
787,500
D iv.July l.I n t .R .T . 787,500
D iv. July 1,Man .It y .l,,050,000 1,050,000
Sink. fd. on 5% 45787,500
Div. July 1, Int. It.T . 787,500
307,150
yr.b ds.ofN ov.'07
86,593 Taxes accrued____x\ ,207,554 1,342,611
92,711
Int.&dtvs. rcc’ ble.
9,495 Unamort. premium
171.402
Items awalt’g dls.
50,000
50.000
on debt____. . .
58,843
58,843
Voluntary relief fd.
200,000
507,150
Sink, fund reserve
Taxes paid under
6,878,091
,340,348
Prollt
&
loss
s
u
r
..
7
726.096
p r o te s t ----------665,299
Unamort Ized debt
disc. A expense. 1,618,180 1.588,329!
A ccr’d amort, of
c a p ita l......... —
198,805
—j
_________ ___________
Total assets____8 9 ^ 4 7 ^ 3 5 83,815,0341
Total liabilities.89,847,535 83,815,634
""♦"■^Advances to associated companies” Included notes receivable, $6,851,830, and
open accounts, *4,634,562.
x "O f which only *100,758 due ln litigation.” — V. 93, p. 229, 44.
American Hide & Leather Co., New York.
{Report for Fiscal Year ending June
30
1 9 1 1 .)
President Thomas W. Hall says in substance:
T h e o p e r a t i o n s resu lted ln a tra d in g p ro fit o f $ 1 ,0 0 9 ,9 6 6 , w h ic h , after
oharirlne rep la ce m e n ts, renew als a n d repairs, reserve fo r b a d a n d d o u b tfu l
d e b ts Interest and th e usu al sin k in g fu n d a p p ro p r ia tio n . Is re d u ce d t o a
nr’nflt o f $ 10 4,25 5. T h e sta te m e n t Issued tor th e q u a rte r e n d in g J u n e 30
t o i l sh ow ed an estim a te d p ro fit fo r the y e a r o f $58 ,8 2 5 , s u b je c t to a d ju s t
m en t o f m in or reserves and th e a p p ro v a l o f a u d ito r s . T h e d is cre p a n cy
b etw een th is an d the a ctu a l results Is d u e t o th e c o m p le tio n o f th o se a d
x*’''
Total __________ 36,026,866 3 i , 551,299
T o t a l __________36,020,866 37.551.299
” a C o s t o f properties includes 4,517 shares preferred and 2,259 shares com mon
the*par vatae of bonds in sink, fund <*2.399 ° ° c MtVrVed^fdng^'eserves^f1* 152!o260fo^d(mbtfed eights h T lo T l^ 'ls 'lf,214^0*1(^10.
G E N E R A L
4 ,2 0 0 .0 0 0
1 ,4 79,838
-----------
ju s tm e n ts .
209,693
741 ,903
Less m iscella n eou s i n c . .
50.000
10.000
5 ,8 5 7 ,6 5 6
« .7 7 %
2 14 ,281
7 04 ,369
ln S'n k - fUnd
N ot co r p o r a te In com e
D Ivs. o n I .R .T .s t k . ( 9 % )
5 7 . . .
190 7-0 8.
$
1 4 ,4 4 9 ,8 7 5
9 ,1 8 0 ,3 3 0
3 ,3 4 2 ,0 5 9
1,59 1 ,0 8 0
T o ta l In com e d c d u o ’ ns
■
PJ E S g S ! 'S S S i : : : : : » i
D a d y a v pass, c a r r ie d ..
82 5 ,8 8 9
1908-09.
$
17,448.301
10.525,224
3,381,312
1,330,696
M a n u fa ctu rin g p rr.flt.
4 83 ,320
G en 'l and selling exp en se■
28,442
B a d d e b ts & r e s e rv e s . . .
2 00 ,000
30 0 ,0 0 0
1 90 9-1 0.
S
18,27 1 ,1 1 8
13,29 9 ,7 0 8
3 ,4 3 2 ,0 9 2
191 0-1 1,
$
G ross o u t p u t ------------------ 15,448,241
H ides and skins u sed. A c . 9 .9 /8 ,7 7 6
M fg . supplies A e x p e n se . 3 ,2 9 3 ,2 5 1
R e p la c e r e n t s , renew alsl
162,591
an d re p a irs ---------------6 82 ,027
D i s c o u n t s ----------------------
1910.
-1910-11-
! S
685
THE CHRONICLE
9 1911.]
IN V E S T M E N T
N E W S
RAILROADS, INCLUDING ELECTRIC ROADS.
Athens (Ga.) Ry. & Electric Co.— Bonds.— Hincks Bros. &
Co., Bridgeport, New Haven and Hartford, are placing at 94
and int., yielding 5.38% , $85,000 “ first and ref. 5% gold
bonds, 1910,due July 1 1950,but callableat 110. Auth.82,000 000, of which there have been issued $825,000, viz.:
Reserved to retire prior liens, $400,000; held in treasury,
$180,000; in hands of public, $245,000. A circular shows:
T h e c o m p a n y ow n s a n d o p e ra te s th e e n tire stre e t r a ilw a y , electric-lig h t
and p ow er s y S t e m s ln tn e c it y o f A th e n s. G a and leases fo r 99 y ^ r s th e
Tames W h ite p o w e r pla n t o n the O co n e e R iv e r , a b o u t T1 m iles from
A th e n s
T h e b o n d s are fo llo w e d b y $1 0 50 ,000 ca p ita l s t o c k , o f w h ich
non is preferred, re c e iv in g 5 % d iv id e n d s .
N ew b o n d s may be
f s P e d fo r en largem en ts, a cq u is itio n s . A c ., b u t o n ly fo r 7 5 % o f th e a ctu al
co s t and p ro v id e d th a t n e t earnings fo r the p re ce d in g fiscal y e a r shall h a v e
hM-n i M tim es th e Interest ch a rg e . In clu din g th e b o n d s p r o p o s e d t o be
ffid .
S in k in g fu n d be g in n in g ln 1915. 1 % o f all b o n d s o u ts ta n d in g .
____
E a rn in gs f o r C alendar Y ea rs.
v
~
to m
1903
1905
1907.
1908.
1909.
1910.
G r o ss. . . .$ 3 9 ,7 2 6 *6 2 .0 3 7 *76.411 *1 1 0 .4 4 7 * 1 » . 7 U * 1 « . K 1 * 1 7 0 .7 4 4
P resen t 1nterestfeharge ($6,125 in e x ce ss o f 1910) a n d 1910 t a x e s . .
4 5 ,2 5 0
,
. $51 ,009
B a la n ce, s u rp lu s---------------------------------------------------------------------- -.
D ivisio n o f G ross E a rn in g s Betw een R ^ l w a y ^ n d P w e r De^ar.tm enls. }
R a il w a y ------------------------ . . . . . 4 3 . 6 %
4 2 .1 %
40%
37%
3 4 .6 %
^ C o n n e cte d 'lo a d "of"transm ission lines: C om m ercia l l i g h t s , 29*655 ^ m p s ;
c it y street lig h tin g , 206 lam ps; e le ctric sig n la m p s. 1,314. h eatin g d e v ic e s ,
4 1 T h e P o p u la tio n o f A th e n s ’ l n ’ lOlO Census sh ow ed an Increase o f 45
overh 1900? B u t In th e sam e period th e ea rn in gs o f th e c o m p a n y e x p a n d e d
3 3 0 % la gross an d 2 8 8 % in n e t. S ec also \ . 92, p . 1 8 0 .
Bay of Quinte R y.—Change of Control.— W e are officially
informed that “ an arrangement has been made with the
Canadian Northern Ry. whereby at some time in the future
they will take over control of the Bay of Quinte Ry.
T h is is ln answ er to o u r q u e r y as t o w h e th e r it w as tru e th a t th e C anadian
N,wthern had T r o a n g c d t o tak e o v e r th e ro a d s u b je c t to the o b ta in in g o f
ennseift o f t ile C anadian G o v e rn m e n t. T h e c o m p a n y ow n s fro m D cs e ro n to
S n X ,r n
O nt
78 m iles, and fro m Y a rk e r t o S y d e n h a m . 11.37
miles^ a ^ khas U aek age rights o v e r the K in g s to n <5: P e m b r o k e R y . from
H a r r o w s m lt h 8to K in g sto n , ^19 m iles, th e to ta l m ileage o p e ra te d b ein g
108.37 m iles.— V . 91, P- 1011.
Binghamton (N. Y.) Ry .— Dividend Increased.— An annual
dividend of 3% has been declared on the $978,649 stock,
payable Sept. 15, comparing with 2
in 1906 to 1910
and 2% in 1902 to 1905, inclusive. A scrip dividend of
20% was paid April 18 1905.— V. 91, p. 275.
Bloomington & Normal Ry. & Light Co. (Illinois Traction
(jo v — Guaranteed Bonds Offered.— Estabrook & Co., Boston,
New York, Hartford, Baltimore and Chicago, are placing, at
96 and int., to yield about 5% % , $700,000 “ first and general
mortgage” 5% gold bonds dated June 1 1911 and due Jan. 1
1928, but callable as a whole or in part for sinking fund at
666
THE CHRONICLE
102>^ and infc. on any interest date. Par $1,000 (c*&r)
e •J• * J •V1 CJ?,i?aS° or New York. Trustee, Illinois Trust
* .bav■ -Bank, Chicago. Unconditionally guaranteed as to
principal, interest and sinking fund payments by the Illinois
traction Co. by endorsement on each bond. A circular says:
T h is Issue retires p r e v io u s ly existing: d e b t and so d o e s n o t Increase fixed
c h a ig e s .
rt Is a first m o r tg a g e o n p r o p e r ty ap p ra ised a t Si 0 7 0 0 0 0 *uui *»
T sT I Z ' o n o JeCTn?.u Pr i lZ llen 0 V ° ° ' ' 0 0 0 A
a d A l ^ p m p o n y V a lu ed
p aren t c o
w ith
D 'fn c o r t) i n H u r c h T o o ^ h ; & ? L M c K in !e y ’ C h a m p a ig n . HI.. Ju n e 10 11.
ln g t o n & \ o r m i l
a? QVrlrc {111 th e P ro p e rty o f th e B lo o m L llh t & H e S tT n
!
X
^ ‘ optr/c & Pleating C o . a n d the C on su m ers’
e>ectrlc*lleh tfn p-niili l , , 1,.0 , a,n tlle, lo,pal strcu t ra ilw a y an d c o m m e rcia l
o p e r a t e s ’ a h ot w » t £ T i bu*s,nessx.,n B lo o m in g to n an d N o rm a l, 111., and
o p e ia tti. a h o t w ater an d s te a m -n e a tln g system In B lo o m in g t o n .
___ . . .
.
,
O utstanding C a pitaliza tion .
“ F h s f and0 perinl3^ 0\r0 ” 0r IS ? reQ ' a u th o riz e d and o u ts t a n d in g ____ $90 0,00 0
' p ,’ i U$rJ a “ - 1S)2 « : a u t h ., $ 3 ,5 0 0 ,0 0 0 ; o u t . . 769 000
s i ? ruin
, , y ■; E1: * H e a tin g C o. 1st 5s, 1927 (In clu din g
S^fS.OOO in s in k in g f u n d ) ______________
'
r.oo o o o
th c ^ fiH w o ln lfd 'h a .V n n ^ ? n d ^e n c pal M .” 5s, $60 0 ,0 0 0 are reserved to retire
n o t t o ex ceed
I t t m ? a n ',1 th e re m a in in g $ 2 ,1 3 1 ,0 0 0 c a n be Issued
ln fi imnrtfvAmi^
ttlp cask c o s t o f p e rm a n e n t e x te n s io n s , a d d itio n s
PT5I, . a P r°^ em cn ts , b u t o n ly w hen the not earn in gs fo r th e p re vio u s 12
i ° f i « t 3nfnr^ tw c c th c ln T rcst ch a rg e , In clu din g the pon d s th e n t o be issued
fo r snilT <<Rnnff(?noI>0n ‘f ! ProjP®rty n o w o w n e d o r h e re a fte r a cq u ir e d , e x c e p t
r,n „ n ,l,
i'llV'slonvil issu e. A n n u a l cash s in k in g fund 1 % per
‘iV'-.nV/J'tu1 P u tsta n d ln g b on d s fo r 8 years a n d 2°,', p e r an n u m th ereafter
iin M n thus retired are t o be h eld b y trustee an d Interest th ereon a d d ed to
tK m n n n n '
s,ln] ,Iar, sin k in g fu n d o f $10 ,0 0 0 p er y e a r Is p r o v id e d fo r
the $60 0 ,0 0 0 u n d e rly in g issue, o f w hich $ 4 2 ,0 0 0 are held a liv e In said fund
c o m p a n y ow n s and op e ra te s 18 M m iles o f e q u iv a le n t single t r a c k ’
? , J? d w 1 i 70 an d 7 2 -lb . rail, 12 passen ger an d 6 o th e r ears b rick
w l f ,rJ ? T n 0 l l a a n ? units o f 2 , 1 0 0 k .w .c a p a c it y and e q u ip p e d w ith
-* —
«• ,m
E a rn in g s (as reported by H arrow , W ade, G uthrie A C o.) fo r Cal
T| , .
.
1906.
1907.
1908.
1909.
L ig h t a n d p o w e r --------- $93 ,719
$ 1 0 1,107
$ 1 0 7 ,3 9 2 $ 11’ 2 3 3
H e a tin g --------------------33,002
35,3 0 2
35 6 6 ’
34450
S treet r a ilw a y -------------- 154 ,182
157,179
169 326
178’ l2 1
_ . T o t a J g r t m s ------------$ 2 8 0,99 3
$296,588
b
e fs tt c n a t^ e s --------i net re it
$ , §62,090
t'5 2 A
62,6 6 6
$31 2,38 0
63,658
*324*04
S™
™ *
63,008
Y ears.
1910.
$11 9,53 5
34,9 8 5
188,839
*343 350
a a s siw ,'!
•”
nurseries and a s to v e -m a n u fa ctu r in g p l a n t . - V . 82, p . 6 2 7 .
1
Boston Elevated R y.— Merger Voted.— See West End
Street R y. below.— V. 93, p. 526, 406.
California Midland RR.— Bonds Offered.— The Rideout
Bank, of Marysville, Cal., it is stated, is offering for sale a
block of the company's bonds.
B o n d s are $1,0 0 0 5s, d a te d M ay 1 1907, due M a y 1 1 9 4 7
at their salesroom, 1519-1521 Chestnut St., Philadelphia,
under foreclosure proceedings, and was bid in for $20,000
ue Munson for the bondholders’ committee A y
J 'J ; J) . l ( j O ,
Illinois Traction Co .—Guaranteed Bonds Offered— See
Bloomington & Normal Railway & Light Co. a b o v e .V. 93, p. 527, 44.
Interborough-Metropolitan Co., New York — Sinkinn
Fund Established for the $67,825,000 4y ,% Bonds— Should
Amount to Over $40,000,000 by Maturity in 1956 — See Inter
borough Rapid Transit Co. below.— V. 92, p. 1701
Interborough Rapid Transit Co., New York.— Dividend
? S ennnn n m fd l°
comPany, $33,912,500 of whose
$35 000,000 capital stock is owned by the Interborought
t
7 B ? s a n n n 0 , and has been pledged by the latter to secure
its $07,825,000 collateral trust 4% % bonds (due 1950), dcelared on Sept. 6 a regular quarterly dividend of 2 ^ % , pay
able Oct. 2 1911 to stockholders of record Sept. 15, and
coinmdently therewith, out of accumulated surplus, an extra
dividend of 1 f0, payable to stockholders of record on the
same day. l ie income thus derived by the IntcrboroughMetropolitan Co. above the 9% per annum heretofore received
on its holding in the stock will, it is announced, be used to
the extent of at least $300,000 per annum, beginning as of
1 i A / 1 10’ ias a A kmg fund for the retirement o f the aforesaid
*/?/o Bonds, this fund, with interest accumulations will
it is calculated, amount to over $40,000,000 by 1956 'when
the issue will mature.
O n lu n p l’ nnn?>n. , ^ L T f
s h o n t s * P re sid e n t o f B oth C o m p a n ie s .
"U a e - 1910 a lcs o lu tlo n w as passed b y th e d ire cto rs o f the rnforhnr
ln co m t11Arth e°h anri? n f ; l p p r° P rIatIn ? $30 0,00 0 a n n u a lly o u t o f a n y surplus
u po)? fts^ W hratlon,^ °tf„ t ? L COrnpa,nX 1a ftcrf t.h e P a y m e n t o f Interest and ta x e s
T h ese bo nils are to* h o ni f 1>-aCMU st ^ 011 o t Us 4 >li% co lla te ra l tru st b o n d s.
Intcrcst and to ha
lrL th.c o p e n m ark et a t n o t e x c e e d in g par an d
as a sln kln V fu n d . tulnccl 11 t o tke tr tistce o f th c m o r tg a g e
a s to o p e r a te
f e l t 'ju s title. M nVl n c r i '^ 1 n',M^
' hi
thC,
R a p id T r a n sit Co. has
l i s67,155
s js o
B a la n ce
---------------$55 ,4 4 9
$60,011
$83,449
$93 ,8 7 6
$10 1,07 5
In teres t ch arges o n present o u ts ta n d in g b o n d s are earned a b o u t 2 u
, 1 he prin cip a l railw ay fra n ch ise In B loom 1n e to n e i n vM ?n
i. ,
s;
th e c it y the rig h t t o p u rch ase at an ^ a ^ e d ^ a p p r a i s e d v S u e D i l i ? 1 0 ^
9 be street ra ilw a y righ ts o n ce rta in streets In N orm al e x A r e 1n /n 2 ?• n°n
th e rem a in d er b y o r d in a n ce o f A p ril 1807 th e y are unlfm ?ted as to 2tim e
A ll the c o m p a n y s p r n clp al lig h tin g fra n ch ises are u n lim ited as to t m w
S i S e ®
[ V o l . IJC X X X III.
b u t re d e e rm h ic
r u r - *
Calumet & South Chicago Street ‘R y.—Listed.— The Chi
cago Stock Exchange has listed $500,000 1st M. bonds
making a total of $3,500,000 — V. 93, p. 345.
Canadian Northern R y .— Acquisition .— See Bay of Quinte
R y. above.— V. 93, p. 526, 406.
Central New England R y.—Full Interest on 5% Income
Bonds.— The maximum payment of 5% on the income bonds
has been declared for year ending July 1 1911 to holders of
record Sept. 30, being the same rate as paid in 1910. The
first distribution of 4% was made in 1909. Compare V. 89
p. 592; V. 92, p. 1635.
*
’
Chicago City Ry. Listed.— The Chicago Stock Exchange
has added to the regular list $500,000 1st M. 5% bonds
making a total of $23,800,000.— V. 93, p. 345.
7
'
Chicago Elevated Rys.— On Chicago Unlisted.— 'The Chi
cago, StockExchange has admitted to thc unlisted depart
ment th? f ’^,000,000 0% 3-year notes and $25,000,000 com
mon and $16,000,000 preferred stock.
Netv Officers of Controlled Cos.— 'The following officers of
controlled companies haye been elected:
f l ! ° !,as; b ? en S e cre ta ry and T reasu rer o f the N orth w estern
a n d th e C h ica g o & O a k P a rk ro a d s, has been ele cte d T reasu rer o f the ;; m m .
nniile n 1 au LV ‘\ c x ,t<l “ ’ w b o has l)ce n S e c r e ta r y an d T reasu rer o f flic M etro
p o lita n , w as elected S ecreta ry o f th c 3 co m p a n ie s : E d w a r d D . A d a m s fo r
m erly S ec r e ta r y anil T reasu rer o f the Sou th S ide, w as m a d e A ssistan t S ecrcta r y a n d A ssista n t T reasu rer o f th c 3 c o m p a n ie s; T . B. M a c R a c , A u d lto r o f
H h’A
o tar■’ w as ,m a(lc A u d it o r also o f th e o th e r c o m p a n ie s; F C N oe
S ? ^ n ilas be<ln f ,on era l M anager o f th e N o rth w e ste rn and the O ak P a rk ’
w as also m ade G eneral M an ager o f t h c o th er tw o c o s .— V . 9 3 , p. 4 0 7 , 286
’
be d e v o t e d t o ^ l ^ W n ^ f i i n c r p u r p o s ^ ^ s ^ r ^ ^ o v l B r 's i ^ o m i nnoC“ mu8,t aIso
a m o u n t If th e b on d s ca n be ^ e ^ r e T a M e ^ s X n ^ . ^ ^ w U i h a v e b e e n V c o u ^ 4% %
bAnds o u t s t fn d fn g !011 f° r thC PUrp° SC 0 f p a y ln ^ 0 (f t b c 5 0 7 .8 2 5 .0 0 0
I n t c r b o r a m n v ? L 6 e ° l l l(,( ! b c P a y in g o ff o f th e 5 % b o n d s o f th e
co m n n n v’q ’ I
f f ' ranslt Co. b y th c sin k in g fu n d p r o v id e d fo r b y th a t
S 3 H n o n n i? S k
0 cfl ') IP n ient o f th a t c o m p a n y , n o w v a lu e d at
th e Interborm io-h
f m l u t b a t M o rtg a g e an d th e assets o f
nondln'rtllnpiv°-lV,.1f^ M tr0p0i tan. P 0, W*B h a v e been en h a n ce d b y a eorresr
' k m w ii r im S Y,alu.c o f Its Stock ill th e In terborou gU R a p id T ra n sit
„.P ’ . t,n ®5c w ‘ *f rem ain th c lease o f th e M an h a ttan R y . C o ., w hich has been
a nln^ at a ra te a p p ro x im a te ly $ 1 ,4 0 0 ,0 0 0 su rplu s to the In te r b o r o u g h C o.
City’s Third Tracking, &c., Offer Refused.— Vresident
bhonts °n Sept. 6 sent a letter to the Public Service Commcssion advising it of the company’s refusal to accept the
certificate of convenience issued by thc Commission providing
oi the third- racking of the elevated lines and the construc
tion ot elevated extensions through the White Plains Road
and Jeiome Avc. in the Bronx and over the Queens!oro Br’ge.
bee Annual Reports” above.— V. 93, p. 229, 44.
6
Iowa Central R y.— See Minneapolis & Sfe. Louis.—
v . y<5, p. 469.
Kansas City Mexico & Orient R y .—Extension to Fort
oc on and Alpine, Texas.— The extension of thc company’s
Statement Received from Office o f President A . i;. StilwcII
n r r 'u A ls
bclut' lald ilt th e ra te o f liv e m iles per w eek , a lm o st a m ile
th e n
t h e ,roa( l ls n o w re a d y fo r o p e r a tio n 45 m iles b e y o n d M crt^on
e ie n o l
1 te rm in u s.
I he g ra d in g gangs arc b ein g pusheil to k c e o su fflfioP. A abuad ° t tlic tra ck -la y e rs , w hile financial arran gem en ts are under
A ?p In er I s C a c h e d K th0 UnC ln T a x a s lvlth th e p " e 8 S
S
i S
' S
lone‘ ll 8 nA i o I 9 eine mfinSlOP; >'Hes th vou ” h tb c cen tre o f a te r rito r y 230 m iles
r,, l nAlk:; w U lc- a p p ro x im a te ly 3 3 ,o o o ;;q. ni. (o v e r 20 m illion
T h e o'rinn)- hm 1 th ? r c w erc n o railroads p rio r to e x te n s io n o f the O rien t.
f <\ ?sFr to o n iv h a lf o t this d is tric t th an a n y o th e r r a ilro a d ;
V A f l A IPine e x te n s io n results ln f i l i n g o v e r 16,500 s q . ni. to
tne u i i e n t s tta fflc -p r o d u c ln g t e r rito r y .
n r o e7 i r A lan rc Irrigation p r o je cts a lo n g this S an A n g e lo -A lp in e exten sion
(> 5’’ 7 l a t c o m p lc te d an d o th ers are n o w und er c o u s tr u o tlo n . -V . 9 3 .
Los Angeles Interurban R y.— Merger.— See Pacific Elec
tric Ry. below.— V. 91, p. 1767.
Los Angeles & Redondo R y.— Merger.— See Pacific Elec
tric Ry. below.— V. 91, p . 1767.
Maine Central RR.— Report.— For year ending June 30.
O perating X e t <after
Other
D educl>ivs.
D alance
s o eo e 7 % ha
In co m e.
lio n s.
(8 % ).
S u rp lu s.
onn
$ 2 ,0 4 2 ,8 8 0 $42 4,36 9
$ 2 ,0 6 2 ,5 3 2 $30 8,15 2
$6,574
t 9 rm.li?nn8 ,9 “ 2 ,3 1 i;
2 >.t , l l -100
133,383
2 ,0 0 9 ,7 8 4
398 ,152
46,847
m « n t a UCt 0.n s ? s» o 1?2vT; !1 101 11 In clu de $26,311 fo r a d d itio n s an d b etter
m e n ts, a gain st $21 7,48 8 in 190 9-1 0.— V . 9 3 , p . 4 0 8 , 34 6 .
1910% 1
Chicago & Oak Park Elevated Ry .— New Director.—
\v. A. Fox, Treas. of the Commonwealth-Edison Co has
been elected a director to succeed Redmond D. Stephen the
Minneapolis & St. Louis R R.— Proposed Lease of Iowa
representative of Blair & Co., who resigned.
Central. The proposition of a lease of the Iowa Central to
Time for Deposits Extended.— The time to deposit stock the Minneapolis & St. Louis has been referred to committees
with the Continental & Commercial Trust & Savings Bank appointed by each of the companies to consider the matter.
under the minority stockholders’ agreement has been ex A part of the project is to extend the Minneapolis & St. Louis
tended 10 days to Sept. .10.
to the Canadian border to a connection with the Canadian
Northern and the Grand Trunk Systems; also to extend the
n
* \k l? 0.V°90 o f th c c o m m o n a n d p re f. s to c k has. It is stated been
lowa Central to St. Louis to a connection with the Missouri
ba? dS c S t tetoeX^ 3 . t Sat4 ( > r r 9 1 ’ B00’ 000 St0Ck W,U h a ve bc c n
Duluth-Snperior Traction Co.— New Director.— F. H. Dea- Kansas & Texas. These extensions would give the Ilawley
system a through route from the Canadian Northwest to
C,°?V of Y °ronto> has been elected a director to succeed Ro- Calveston. The plans are at present merely tentative.
dolphe Forget of Montreal, who resigned.— V. 92, p. 876.
— v. 93, p. 469.
Eagles Mere RR.— Sold.— This property was offered at
National Railways of Mexico .— Bonds Called.— Fifty ($50 auction on Sept. 7 by Samuel T. Freeman & Co., auctioneers,
000) equipment and collateral 5% gold bonds, *»«ond series,
THE CHRONICLE
S e p t . 9 1911.]
dated Oct. 1899, of the Mexican Central R y., for payment
at par and interest on Oct. 1 at either the Old Colony Trust
Co. of Boston, Manhattan Trust Co., N. Y ., or Glyn, Mills,
Currie & Co., G7 Lombard St., London,E.C.— V .92,p. 1565.
Nevada-California-Oregon Ry.— R e p o r t .—
G row
N et
Other C h g e s . , A d d ' n s &
D ie s .
B a l . ,s u r p .
J u n e 30
, ....
H a n ts. H a m s. In c. T a x es ,& c . Iiet’ts.
P a id .
or D e fi c it .
Year
lO tO -11 - - $ 3 3 8,06 7 $ 95 ,075
$9,491 $87,893 $15 ,393 $22 ,500 ( I d . $20,.519
1909-10.
447,91)7 229 .252
13,114
54,791 100,009 52,000 su r. 3 o ,o 6 6
D iv id en d s (is a b o v e ln elu de 3 % o n th e preferred s to c k In 1910-11. again st
5 % ($3750 0) on th e p re f. an d 1 % $14,500) o n th e c o m m o n In 1..09-10.
— V . 8 1 . p . 865.
New Orleans Texas & Mexico RR .— O f fe r i n g o f G u a r a n te e d
E q u i p m e n t B o n d s . — The
Guaranty Trust Co. of New York
15 each year 1912 to 1923. Guaranteed as to principal and
interest by the St. Louis & San I rancisco R R . Co. Au
thorized and outstanding, 81,344,000. A circular reports.
T h e8e n otes are secured on 1,000 re frig e ra to r ears, 250 flat, cars ancl 4
gas m o t o r ca rs, c o s tin g a b o u t $ 1 ,1 9 3 ,1 0 7 , o f w h ich $11 9,16 7 has been p aid
u n d e r track age r ig h ts. A t B ro w n sville a steel b rid g e o v e r the R io G rande
' ow n ed jo in t ly w ith th e N a tio n a l R a ilw a y s o f M e x ico ,
n'iir. o n tiw nanital s to c k Is o w n e d b v th e S t. L ou is & S an F ra n cisco R R .
points In Texas, tsce ar. uouis « oan rran. in v . »y, i>.
V.
91. p . 1338: V . 92, p . 1110; V . 93, p . 470 .— A lso b e lo w .
667
ment trust, series “ S,” to be dated Oct. 1 1911, maturing in
24 semi-annual installments of $74,000 each, April 1 and
Oct. 1 each year 1912 to 1923. Authorized and outstand
ing, $1,776,000 (V. 93, p. 470). A circular says:
T h e se n o te s arc secu red b y a first lien o n th e fo llo w in g e q u ip m e n t: 500
refrig e ra to r ca rs, 20 P a cific t y p e lo co m o t iv e s , 12 h e a v y sw itch lo c o m o t iv e s ,
15 c o a c h e s , 10 ch a ir ca rs, 30 m a ll, d in in g a n d m iscella n eou s cars, co s tin g
a b o u t $ 1 ,9 6 8 ,8 3 4 , o f w hich $19 2,83 4 has b een p a id b y th e c o m p a n y In c a s h .
F o r th e y e a r e n d e d Ju n e 30 1910 th e c o m p a n y r e p o rte d a net d e b it u n d er
“ h ire o f e q u ip m e n t” o f $ 4 7 0 ,2 8 3 , s h o w in g th e n e ce s s ity fo r th e p u rch ase o f
a d d itio n a l e q u ip m e n t.
F o r th e y e a r e n d e d J u n e 30 1911, th e c o m p a n y
re p o rts gross earnings o f $ 4 3 ,1 5 8 ,2 2 7 a n d n e t earnings (a fte r taxes) o f
S 1 2 .0 2 7 .0 0 0 . T h e m a n a g e m e n t estim ates th a t th e su rplu s fo r th e y ear
1911 w ill s h o w an Increase o f a b o u t $ 4 0 0,00 0 o v e r 1910, o r a t least $ 1 ,5 0 0 ,
000 , e q u iv a le n t t o n early 10 tim es th e a m o u n t n e ce ssa ry t o m eet the Interest
ch arges o n new- e q u ip m e n t Issues. T h e c o m p a n y has p a id d iv id en d s a t the
rate o f 4 % per a n n u m since 1898 o n $ 5 ,0 0 0 ,0 0 0 first preterred s t o c k .
Guaranteed Equipment Notes.— See New Orleans Texas &
Mexico R R . above.— V. 93, p. 470, 164.
San Bernardino Valley Traction Co.— Merger.— See Pacific
Electric Ry. above.— V. 86, p. 795.
San Francisco Vallejo & Napa Valley (Electric) RR.— Sale
Oct. 30.-—The Mercantile Trust Co. of San Francisco, the
mortgage trustee, announces that the property will be sold
at auction on Oct. 30 under terms of the $1,500,000 mort
gage, interest on the bonds being in default. The sale is
preliminary to reorganization.
In N o v e m b e r last A r th u r W . F o x o f H a r ro g a te , E n g la n d , as h o ld e r o f
$ 1 7 0,00 0 b o n d s a n d $93 ,000 s t o c k , alleg ed t h a t o ffic e r s o f th e r o a d had
m is ip p r o p r ia te d the p ro ce e d s o f th e sale o f $ 9 6 8 ,0 0 0 b o n d s . T h e o o m p a n v is re p o rte d to o w n $17 9,00 0 o f th e $ 5 0 0 ,0 0 0 c a p ita l s t o c k o f th e
V a lle jo B en icia & N an a V a lle y R R . sy s te m , said t o e m b r a c e 34 m iles o f
e le ctr ic r a ilw a y .— V . 9 0 , p . 1297.
Southern Pacific Go.— Merger of Company's Electric Lines.
— See Pacific Electric R y. above.— V. 93, p. 405, 46.
West End Street Ry., Boston.—Consolidation Plan Rati
fied.— The shareholders on Sept. 7, by a vote of 221,770
shares in favor to 79,349 shares opposed (the total stock
being 818,910,150, or 378,203 shares of $50 each), ratified the
proposition to accept the consolidation bill passed by the last
Legislature authorizing a merger of the company into the
Boston Elevated Ry. Co. in 1922, upon termination of the
existing lease (see terms of Act, V. 93, p. 347).
Norfolk Terminal Ry.—Guaranty and Sale of Bonds.— See
Norfolk & Western Ry. below.— V. 92, p. 1109.
Northwestern Elevated RR.— New Mortgage Filed— Pay
ment of Old Bonds.—The company has filed its new mortgage
for $25,000,000 to the Illinois Trust & Savings Bank of Chi
cago, as trustee. The bonds will be used as collateral for
the Chicago Elevated Rys. 3-year 5% notes.
The $18,000,000 bonds due Sept. 1 are being paid off at
C. H . T y le r , represen tin g th e p r o t e c tiv e c o m m itte e , p r o te s te d th a t
the Illinois Trust & Savings Bank and Blair & Co. in New th e v o t e d id n o t sh o w a m a jo rity o f ea ch cla ss o f s to c k In fa v o r o f th e m erger.
I t w as also v o te d t o sell su ch p o rtio n s o f th e p r o p e r ty as are n o t req u ir e d
York.— Y. 93, p. 527, 408.
In th e business, th e p ro ce e d s t o b e In vested a n d th e In co m e u sed t o retire
Pacific Electric Ry., Los Angeles.—Consolidation of Sub B o sto n E levated se co n d p re f. s to c k (see V . 9 3 , p . 3 4 0 ). A t t o r n e y T y le r
c te d th a t th is v o t e w as o u ts id e th e ca ll o f th e s p e c ia l m e e tin g —
sidiaries of the Southern Pacific System.— This company was oVb.je
'9 3 . p . 528, 409.
incorporated at Sacramento on Sept. 1 with $100,000,000 of
Wichita (Kan.) Union Terminal Ry.— Bond Sale.— Wm.
authorized capital stock, divided into 1 ,000,000 shares at a A. Read & Co., N. Y ., have purchased the entire issue of
par value of $100 each, as a merger of the following subsidi $2,500,000 30-year 4J^% gold oonds which were authorized
aries of the Southern Pacific Co. (see title of each in “ Electric by the Kansas State Board of Railroad Commissioners. The
Railway Section"), viz.-.Pacific Electric R y., Los Angeles bonds are guaranteed jointly and severally by the Atchison,
Pacific Co., Los Angeles & Redondo R y., Los Angeles Inter Chic. R. I. & Pac. R y., St. Louis & San Fran, and Kansas
urban Ity., Riverside & Arlington, San Bernardino Valley City Mexico & Orient. The proceeds are to be used to
Traction Co., Redlands Central Ry. and San Bernardino defray the cost of elevating the tracks of the several com
Interurban Ry. Co. The incorporators are William F. panies through the city of Wichita, K an.t a distance of about
2 miles, and to construct a passenger station on Douglas Ave.
There will be a four-track main line with additional tracks
and spurs and a large amount of new construction.
A ll o f the In te r u r b in tr o lle y lines co n tr o lle d b y th e S o u th e rn P a cific.
Wilmington & Chester Traction Co.— See Wilmington City
In clu d in g the P a cific E lectrlo, the L os A n geles P a cific, th e L os A n geles &
R e d o n d o , tlie S an B ern a rd in o In teru rban R y . C o . a n d th e lo ca l lines a t
Ry. below.—-V; 86, p. 230
R iv e r s id e , S an B e rn a rd in o , R e d la n d s, P a sa d e n a , L o n g B ea ch a n d o th e r
places, w ere m erged In o n e c o r p o r a tio n y e s te r d a y , c a p ita liz e d for s i o o , Wilmington City (Del.) Ry .— Refunding.— This company,
000 000
P lans w ere a p p ro v e d fo r th e e x p e n d itu re o f a p p ro x im a te ly
whose property is leased to the Wilmington & Philadelphia
$ 3 0 0 0 0 000 in the bu ild in g o f lines th a t w ill ln cie a s e th e present m ileage
o f t ,o o d to 2 ,0 0 0 , re ach in g as fa r n o rth as S a n ta B a rb a ra a n d so u th to
Traction Co. (V. 91, p. 1513) and its entire capital stock
owned by the Wilmington & Chester Traction Co. (controlled
Sa,The p r o g r a m o f co n s tr u c tio n as a n n o u n c e d b y V ic e -P r e s id e n t S h ou n
by Inter-State Rys. Co.), has sold to a syndicate headed by
y e s te r d a y Includes th e fo llo w in g : G lendora line t o he e x te n d e d t o San
B ern a rd in o and the C ov in a line th ro u gh P o m o n a t o R iv e rsid e ; La H abra
Scott & Co., bankers, of Wilmington, an issue of $600,000
line to R iv e r s id e , w ith a bran ch to S a n ta A n a , and the S an F e rn a n d o V a lle y
5% bonds maturing in 1951 (trustee, Equitable Guarantee &
t o S a n ta B a rb a ra , w ith a bran ch to the to w n o f San F ern a n d o; fro m San t$
M o n ica n orth ea st t o S an B u e n a v e n tu ra , V e n tu ra C o u n ty : fro m a p o in t on
Trust Co. of Wilmington) in order to refund the $600,000
th e C o v in a line t o L o n g B e a ch : fro m S an P e d ro to R e d o n d o , and from
first 4s due Sept. 1 1911.— V. 66, p. 575.
S an ta A n a to San D ie g o . T h e fo u r -tr a c k s y s te m o n th e north d iv isio n
b e ex te n d e d t o S o u th P a sa d e n a .— V . 9 2 . p . 188.
Philadelphia Rapid Transit Co.— Voting Trust.— The Phila.
Stock Exchange lias listed a further $481,700 voting trust
certificates making the total $20,275,350, out of a possible
total of $30,000,000.— Y. 93, p. 528, 590.
Quebec Central R y.—Lease.— Subject to the approval,
to be hereafter asked, of each class of debenture stockholders
and the bond and shareholders, and subject also to the grant
ing of the necessary statutory authority, the directors have
entered into a provisional agreement with the Canadian
Pacific Ry. Co. to lease the railway and all its assets for 999
years for a rental sufficient to provide for interest and
dividends as follows:
(1) P a y m e n t o f in terest on the 4 % d e b e n tu re s to c k (p re se rv in g all exist
in g rig h ts)
(2) P a y m e n t o f 3 A % per an n u m on the 3 % d e b e n tu re s to ck
(w h ich Is to b e o o n v e rte d in to a 50-year d e b e n tu re s to c k at the n e w Interest
r a t e ).
P a y m e n t o f prin cip a l gu aran teed b y lessee.
(3) P a y m e n t o f 5 %
p er a n n u m h a ’ C y e a rly o n th e 7 % In com e b o n d s (th ese b o n d s be in g c o n
v e rte d in to new 50-year bo n d s at th e new ra te o f In terest), and a 1 0 % cash
b on u s bein g g iv en as c o m p e n s a tio n to th e c o n v e r tin g b o n d h o ld e rs fur re
d u c tio n o f Interest.
P a y m e n t o f prin cip a l gu a ra n teed b y lessee.
(4) P a y
m en t h a lf-y e a rly o f a d iv id e n d o f 4'% p er a n n u m on th e shares f o r th e first
fo u r yea rs o f th e lease an d a d iv id e n d o f 5 % per an n u m th ereafter.
.Secretary C has. D . B rassey fu rth er sa ys; “ i t is to b e o b e s r v e d th a t all
these p a y m e n ts o f in terest and d iv id e n d s w ill, In e fle c t. he the direct, o b li
g a tio n o f th e C anadian P a cific R a ilw a y C o . T h e lease w ill c o m m e n ce fro m
1st J a n u a ry o r 1st J u ly , as th e ease m a y b e , n e x t a fte r th e d a te w h en the
ag reem en t becom e s c ile c t lv e .” — V . 93, p . 590, 100.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alma Cement Co.— Sale.— The property was sold under
foreclosure for $500,000, the upset price, on Sept. 1 at
Wellston, O., to Arthur P. Bush Jr., the only bidder. Com
pare V. 93, p. 409.
Amalgamated Copper Co.— Anaconda's Smelter Output.—
For 8 months (in pounds):
1911.
Ja n u a ry _ . . . .2 1 ,6 0 0 ,0 0 0
F e b ru a ry -.. -2 0 ,9 0 0 ,0 0 0
M a r c h ___ . -2 1 ,9 0 0 ,0 0 0
A p ril _____ .2 1 ,5 0 0 ,0 0 0
M a y ____ . _ - .2 2 ,1 0 0 ,0 0 0
T o ta l fo r e igh t m on th s
— V . 93, p . 347 . 106.
1910.
191 1.
1910.
23.253,981
2 0 ,1 5 8 ,0 2 3 J u n e ____ ____ 2 1 ,8 5 0 ,0 0 0
2 2 ,3 7 7 .9 6 5
2 1 ,0 6 1 ,2 4 7 J u ly _____ ____ 2 1 ,0 5 2 ,0 0 0
22,999.721
2 2 ,8 1 1 ,7 1 5 A u gu st ..
24,892.151
24 .8 1 6 .5 9 3
. .. 1 7 3 ,4 0 2 ,0 0 0 182 ,3 7 1 ,4 2 6
American Gas & Electric Co., New York.— TAsted.—The
Phila. Stock Exchange has listed $292,900 additional collat
eral trust 5% gold bonds due Feb. 1 2007, issued in exchange
for stock in the Electric Co. of America, making the total
bonds listed $4,920,400. The listed stock of the Electric
Co. has thus been reduced to $971,320.— V. 93, p. 591.
American Hide & Leather Co.— See Annual Reports.
New Director.— Frank F. Baldwin has been elected a direc
Rio Grande Southern R R .—Report.— Year ending June 30: tor to succeed Carl A. de Gersdorff.— V. 93, p. 287.
American Oriental Co., Refiners of Crude Oil, San Fran
O oeraU ng
N et, a fter
Other
F ix ed
B a lan ce,
F iscal Y ea r—
R even u e.
T a res.
In co m e.
Charges.
D eficit.
cisco.— Pref. Stock Offered.— C. D. Barney & Co., New York
1910-11
$558,733
$ 1 6 5,27 7
8 9 ,7 6 0
$19 7 ,2 2 5
$22 ,188
and Philadelphia, and First National Bankof Boston,offered
1909-10
510.520
120,377
12,510
2 0 2 ,8 7 0
03,992
-V . 91, p . 397.
this week at par, $100 a share, an issue of $2,000,000 7%
St. Louis & San Francisco RR .—Equipment Bonds Offered. non-cumulative participating pref. stock. A circular says:
— The Guaranty Trust Co. of New York and London, the
Incorporated In Maine. Capital stock, $4,000,000, In $100 shares, of
trustee for the issue, is offering at par and interest 5% equip which $2,000,000 Is 7 n o n -c u m . participating pref., with preference also
668
THE CHRONICLE
as t o p r in cip a l,
The p r c f. is c a lla b le a t $115 b e g in n in g J a n . 1 1013 ancl
is c o n v e r tib le b y h o ld er, $ fo r $. fo r c o m m o n .
N o bon u s ca n be Issued or
m °r t g a g e crea ted w ith o u t co n s e n t o f all the preferred.
T h e c o m p a n y has a cqu ired a large oil refining p la n t a n d w ork s o n the
b a y o f b a n f ra n cls co , w ith d e e p w ater fa cilitie s. C rude oil Is to be purc j'a s c d d irect fro m p rod u ce rs an d th e rctln cd p r o d u c ts so ld In A sia , espe
c ia lly C hina, In d ia a n d A u stra lia .
D uring c o n s tr u c tio n s o m e fiO.OOO barrels
o f c ru d e oil h a v e been refin ed. W ith th e presen t c a p a c it y o f 2 ,0 0 0 bbls.
per d a y , the n et p rofits a t $2 p er b b l. w o u ld a m o u n t to $ 1 ,2 0 0 ,0 0 0 per
a n n u m , o r s u fficie n t to p a y 7 % o n th e p re f. s t o c k an d leave a balan ce
equ a l to a b o u t 2 5 % on b o th p r c f. an d c o m m o n s t o c k .
I t Is p ro p o s e d to
Increase th e c a p a c it y o f the pla n t m a te ria lly later o n .
O u t o f th e 5 2 ,0 0 0 ,0 0 0 p re f. s to c k $ 1 ,0 0 0 ,0 0 0 Is fo r the a c c o u n t o f the
v e n d o r o f th e prop erties, an d such s to c k , o r th e p ro ce e d s th e re o f. Is to be
used to p a y for the prop e rtie s, retirin g an d c a n ce lin g $50 0,00 0 o f bond s
c o n s titu tin g a lien th ereon , an d m e e tin g th e e xp en ses o f this Issue.
A d v is o r y C o m m ittee: Charles S . R a ck e m a rm , B o s to n ; T h o s . F r c d ’ k
V ic t o r . N ew Y o r k ; Isaac I I . C lothier, P h ilad elp h ia; R a lp h E . F orbes
B o s to n ; J am es P arrish Bee, N ew Y o r k .
D irectors: Charles E d w a rd E rtz (P re s.) an d C h as. C oleridge E rtz (V lce P r e s .), b a n F ra n cisco; Julian C o d in a n , A m o r y E lio t an d B en iam in P .
C h en ey, B oston ; J oh n A . M id d le to n , C laren ce W h itm a n , G eorge R Shel
d o n , F rederic Bull an d W illiam S h llla ber, N . Y . C ity ; Charles P . W arren
b a n F ra n cis co . T ra n sfer a g e n ts. G u a ra n ty T ru st C o . o f N ew Y o r k and
O ld C o lo n y T ru st C o .. B o s to n .
l'VoL. LXXXX1II.
Aug. 28 by the executive committee of the Locomotive
Builders' Council. Only about 2,000 of the 12,000 or 14,000
men who originally went out were, it is stated, still on strike.
— V. 93, p. 529, 47.
California Electric Generating Co.— Contract—Guaranty.
— See Great Western Power Co. below.— V. 89 n 472
V. 88, p. G88.
1
’
Chicago (Bell) Telephone Co.— Additional Bond Issue.—
The company, it is stated, proposes to issue shortly another
block of its 1st M. 5% bonds, the amount probably to be
about 85,000,000. The matter will be considered by the
board of directors either at the Oct. or Nov. meeting of board.
T h is wlU be the first fin a n cin g d o n e b y the c o m p a n y sin ce th e ea rly p a rt
o f 1901), w hen $ 5 ,0 0 0 ,0 0 0 bonds w ere s o ld .
U nder the term s o f the m ort
gage th e rem ain der o f th e $ 50 ,000 ,00 0 au th o riz e d Issue m a y be p u t o u t
at the rate o f n o t m ore th an $ 5 ,0 0 0 ,0 0 0 a y e a r, b u t n e v e r t o e x ce e d 50°.',
o n th e to ta l a s s e ts .— V . 92, p. 459 .
City Electric Co., San Francisco.— Contract—Guaranty.—
American Power & Light Co.— New York Subscriptions
Gratifying.— The Electric Bond & Share Co. announces that See Great Western Power Co. below.— V. 92, p. 1438.
stockholders of the American Power & Light Co. have
Computing-Tabulating-Recording Co.— Use of Company’s
subscribed to approximately 95% of the 82,200,000 ten-year Coasting Recorder.— See “ Improvements” in report of Inter
6% gold notes offered to them for subscription on July 5. borough Rapid Transit Co. on a preceding page and com
A n u n d erw ritin g s y n d ic a te has ta k e n u p the re m a in d e r. T h e o p tio n
pare V. 93, p. 48, 288.
w arra n ts c o v e r e d b y th e s u b s crip tio n g iv e the holder th e rig h t to su bscrib e
t o c o m m o n s to c k a t p ar a t a n y tim e d u rin g the n e x t ten years
bee
........................ \
V . 93, p . 10(5. 101.
American Smelters Securities Co.— Fiscal Year and Divi
dend Payments Changed.— See American Smelting & Refining
Co. below.— V. 93, p. 283, 293, 231.j
; . ;; ; . ; ; ;; ;; ; ■;
Consolidated Tobacco C o — Certificates of Deposit Listed.—
See Am. Tobacco Co. above.— V. 93, p. 532, 348.
Fort Worth (Tex.) Power & Light Co.— Management.—
American Smelting & Refining Co —Fiscal Year and Divi
dend Payments Changed.— The stockholders of the company
J . It. N u tt, C levelan d; A . J . D u n can J r. an d G e o . T . R e y n o ld s ,
and of the American Smelters Securities Co. on Sept. G voted l o iDt irectors:
S . H a y d e n , C levelan d ; T . B . Y a rb ro u g . F o r t W o r th ;
to change the fiscal year so as to end Dec. 31, beginning G eorgeW oHr ot hlb; r owo k. and
D . W . M yers, C levelan d; J n o . P . K in g a n d C. W .
with 1912, and to hold the annual meetings on the first S trip lin g, F o r t W o r t h . See also V . 93, p . 533.
Wednesday in April instead of the first Wednesday in Sep
Gottlieb-Bauernschmidt-Strauss Brewing Co., Baltimore.
tember, as heretofore. Compare annual reports, V. 93, 7—Voting Trust Expires.— The voting trust as extended hav
p. 291, 293.
. ;;
;;
; •.•.
. / ;
ing expired, stockholders are notified to exchange their voting
T h e regular m eetings o f the d ire cto rs o f the A m e r ic a n S m e ltin g & R clltitrust certificates for the original stock at the Mercantile Trust
ln g C o . h erea fter will be held o n the flrst W e d n e s d a y In F e b ., M a y , A u g . and
& Deposit Co., Baltimore.— V. 90, p. 1173.
N o v ., inscad o f on the flrst W 'ed n esday in M c h ., J u n e , S e p t, and D e c. A s
th e d iv id e n d s a rc u su ally declared a t these m eetin gs, th e y w ill be declared
an d paid on e m on th earlier than a t presen t, b e g in n in g n e x t y e a r. Th e
d a tes fo r h o ld in g th e regular m eetin g o f the d ire cto rs o f the A m erica n
S m elters’ S ecu rities C o. also w ere c h a n g e d , a n d be gin n in g n e x t y e a r the
m eetin gs w ill be held In M ch ., J u e , S e p t, am i D e c ., o r o n e m o n th later than
a t p resen t.— V . 93, p . 529, 471 .
u :> u S fc '® B
Great Western Power Co., San Francisco.— Stock Increase.
-The Western Power Co. (see below), owner of the entire
stock, will vote Oct. 26 on increasing the capital stock of this
company from 825,000,000 to 827,500,000.
T h e C a liforn ia E le ctric G enerating C o ., a su b s id ia r y c o m p a n y , has called
American Tobacco Co.— Payment of October 'Interest on'Os; a m
eetin g o f Its sh areholders fo r Oct.. 2(5 t o a c t o n a p ro p o s itio n t o m ak e
also Pref. Dividend.— The company gives notice that the d iv id e n d s o n its p re f. s to c k cu m u la tiv e a fte r Ja n . 1 1912, and also o n en ter
transfer books of the 6% registered bonds will close Sept. 15 ing Into a p o w e r c o n tr a c t w ith the C ity E le c tr ic C o. an d o n g u a ra n te ein g
Interest u p o n $ 1 ,7 0 0 ,0 0 0 b o n d s o f th e C ity E le ctric C o . C o m p a re
for the payment of the interest due Oct. 1 and reopen Oct. 2 . the
V . 92, p . 1438, 959, 884.
The directors on Sept. 6 declared the regular cpiarterly divi
Holyoke (Mass.) Water Power Co.— Extra Dividend.—
dend of \% % on the pref. stock, payable Oct. 2 to holders
of record Sept. 15.
..................................................... This company in July last paid along with its regular quar.
div. of 3% (830,000) an extra div. of 25%, or 8300,000. A
T h e c o m m itte e , o f w hich A le x a n d e r J . H em p h ill Is C h airm an, an n ou n ces
special div. of 20% was also paid in 1909.— V. 89, p. 922.
th a t on O ct. 2 th e G u aran ty T r u s t C o ., the d e p o s ita r y fo r the 6 % Issue will
p a y the Interest receiv ed b y It u p o n all 6 % b o n d s d e p o site d , to the holders
o f th e c ertifica tes o f d ep osit w h o present th e sam e at th e trust com pan y"
T h e p r c f. s to c k h o ld e r s ’ c o m m itte e , J . N . W alla ce, C h airm an, 'd i e s n o tice
th a t the co m m itte e will p a y th e afo re sa id d iv id e n d to the holders o f th e
c ertifica tes o f d e p o s it w h o m a y present th e sam e at the o ffice o f th e C entral
T ru st C o. T h e e x te n d e d tim e for d e p o s itin g the p re f. shares expires S e p t 15
»*iT he c o m p a n y has g iv en n o tice o f its w illingness to p a y the reasonable e x
penses o f the b o n d h o ld e rs ’ an d s to c k h o ld e r s ’ c o m m itte e s , In a c co rd a n ce
w ith an o p in io n r e c e n tly expressed b y th e U . S . C ircuit C ou rt.
SfflU'p to y e s te r d a y (S ep t. 8) there had been listed o n th e N . Y . S to c k E x
ch a n g e certifica tes o f d ep osit rep resen tin g the fo llo w in g a m o u n ts o f secu ri
ties d ep o s ite d w ith the several c o m m itte e s . v iz .: $ 1 7 ,9 4 2 ,9 0 0 0 % b o n d s
$ 1 0 ,7 7 6 ,7 0 0 4 nJ b o n d s, an d $38,010,9003 p re f. s to c k o f A m . T o b a c c o C o.an d $ 3 ,2 1 0 ,8 0 0 4 % b on d s o f C o n so lid a te d T o b a c c o C o .— V . 03, p. 591, 5 2 9 ’
Anglo-French Financial Co. of Canada.— New Enterprise
Floated.— A special cable dispatch from the Central News,
Ltd., dated London, Aug. 31 1911, says in part:
A n e v e n t o f th e u tm o s t Im p orta n ce t o the co m m e rcia l d e v e lo p m e n t o f
C an ada Is the floating to -d a y o f the A n g lo -F r e n c h F inan cial C o. o f C a n ada,
w h ich w as recen tly In corp ora ted u nd er the law s o f the D o m in io n w ith a
n om in a l c a p ita l o f $ 2 ,5 0 0 ,0 0 0 , 'l'he new c o m p a n y a llo ca te s the interests o f
som e o f the stron gest an d m ost successful grou p s in E n g la n d , h ith e rto u n in
terested in C anadian affairs. T h eso in clu d e the p rin cipa l S o u th A frica n
g rou p s, n o ta b ly the I lirs ch s y n d ica te , w hich Includes O tto B elt, the N eu
m anns an d oth er m illion aires, Ilaes & S on s, o f the L o n d o n S to c k E x ch a n g e ,
an d their a ssocia tes.
8 ’
T h e P residen t Is M r. F rederick B a k e r, C h airm an o f th e I lirs ch g ro u p
an d the V ice-P res id en t is M r. N o rto n G riffith s, M .p , A m o n g st th e o th e r
d irectors arc M r. E v ely n Cecil, M .P ., M r. A lm e r lc P a g e t, M .P ., M r. N . E .
H o ld e n an d M r. H a rry B rittain , w h o Is w ell k n o w n In Canadian c ir c le s ’
■Hf- O . O . H o w a r d has been a p p o in te d C anadian M anager, w ith te m p o r a r y
office s a t 502 M ark Fisher B u ildin gs, M ontreal a n d V a n c o u v e r .
H on .
C arter C o tto n Is on e o f the C anadian d ire cto rs . T h e c o m b in a tio n is u n
d o u b te d ly on e o f the m ost po w e rfu l e v e r cre a te d fo r C anadian d e v e lo p
m en t p u r p o s e s . ................................................................................................................... ....
International Harvester Co.— Quarterly Statement.— The
regular quarterly report, under date of Sept. 1 , says:
T h e to ta l a m o u n t o f business a t this d a te Is s lig h tly In excess o f w h a t It
".u “ I s f *m c
y e a r. T h e foreign trade sh ow s a su b sta n tia l Increase,
i nc sn ortage in th e grass c r o p in this c o u n t r y an d the su bsta n tia l fallin g o ff
in tn e sale o f h a y in g m ach in ery has been p r a ctica lly o lfse t b y the Increased
trade in co rn m a ch in es. C ollection s In the e o u n tr y are n o t as g o o d as
th e y w ere last y e a r. T h e situ a tio n will be h elped to s o m e e x te n t In w est
ern C anada, and In the c o t to n belt, w here g o o d c r o p s are maturing.—V . 92
r> 1248, 123 9.
’
Laurentide Paper Co.— Sale.— The shareholders on Aug. 30
voted to authorize the sale of the assets of the company to
the Laurentide Company, Ltd.
In p a y m e n t fo r said assets will b e r e c e iv e d $ 7 ,2 0 0 ,0 0 0 s t o c k o f the new
c o m p a n y , tw o shares o f th e sam e to be e x c h a n g e d fo r each share o f old
s to c k . C om p a re V . 93, p. 534.
r Louisville (Ky.) Gas Co.— Time for Deposits Extended.—•
The time to make deposits under the offer of H. M. Byllesby
& Co. of Chicago, which expired on Sept. 5 has been extended
o Scpt; 15. About 82,000,000 of the outstanding 83,000,000
stock, it is reported, had been deposited.
M a y o r H ead has a n n o u n ce d th a t he is o p p o s e d to the a c c e p ta n c e o f th e
firm s o iler fo r the c i t y ’s h old in gs. T h e Arm In a letter sa y th at th e y desire
that the c it y a u th orities h a v e the n ece ssa ry tim e to fu lly c o n s id e r the
proposition , b u t feel th a t b y an e x te n s io n to .Septem ber 15 am id e tim e will
ic afforded and th a t as to the p ro s p e c tiv e p ro p o s itio n from d e is t , th ey
reet th at th e y h a v e offered the c it y a n d the o th e r s to ck h o ld e rs full v a lu e
Tor dielr s to c k , hut h a v e n o desire t o s ta n d In th e w a y o f their p-eUlng m ore
m o n e y . If p o s s ib le .— V . 93, p . 592, 411.
Appleton (Wis.) Water Works Co.— Injunction to Prevent
Purchase by City Dissolved.— Sec “ Appleton” in “ State ancl
City” department.— V. 92, p. 1438.
. . . . . .
Macon (Ga.) Gas Light & Water Co.— New Name.— The
company, it is announced, has arranged to change its name
to “ Macon Gas Co.,” owing to the sale of the water plant to
the city, possession to be given Oct. 2 . See V. 93, p. 108.
Atlantic & Pacific Transport Co., Baltimore.— New Steam
ship Company.— This company was incorporated in New
Jersey on Sept. 6 with 815,000,000 stock, with a view to
bidding for the ocean mail contracts now being advertised
by the Postmaster-General, which call for weekly service
between New York and Colon, New Orleans and Colon, San
Francisco and Panama; and fortnightly between Seattle and
Panama. It is proposed to establish these ocean routes and
to extend the services through the Panama Canal.
Montreal Cotton Co.—Circular.— Formal announcement
has been made of the plan for exchanging thq 83,000,000
stock for stock of “ The Montreal Cottons, L td.,” on the basis
of 8100 of existing stock for 8100 new common and 8100 new
7% pref. President S. W. Ewing, in a circular addressed to
the shareholders, says in substance:
T h e In corp ora tors are: B. N . B a k e , Jam es S . W h lt c ly , C. G . H e lm and
T . B . H a rrison , all o f B a ltim o re , and In fo rm e r years re s p e c tiv e ly P res.,
y ic e -P r c s ., {Yeas, and S ec. o f the A tla n tic T r a n sp o rt C o. (a b s o rb e d b y
In tern a tion a l .Mercantile M arble C o .), an d A d ria n I f. B o o le , o f W a sh in g to n .
P lans are u nd er w a y fo r the Im m ed iate c o n s tr u c tio n o f n o t less th an 15
steam ers, to be re a d y t o enter the m all serv ice w h en the P a n a m a C anal w ill
b e op e n e d in 10 t3 .
Baldwin Locomotive Works.— Strike Called O ff— The
strike which had been on for some time was declared off on
!■ *n o rd e r t0 Pr° v l d e fo r e x te n s io n , th e b o a rd has co n fe rre d w ith th e E n g
lish financiers In terested In the se cu ritie s o f the c o m p a n y , and In a c c o r d
an ce w ith th eir su ggestion a new c o m p a n y has been In corp ora ted u n d er the
‘ ‘ i',lc M on treal C o tto n s, L t d . , ’ ’ w ith a to ta l c a p ita liz a tio n o f $10 000 000 , d iv id e d Into $ 5 ,000,000 o f 7 % cu m u la tiv e p rc f. s t o c k , w h ich is
preferen tial b o th as to d iv id e n d s an d ca p ita l, and $5,0 0 0 ,0 0 0 o f co m m o n
s to c k ,
it Is n o t d eem ed e x p e d ie n t fo r the present to a tte m p t a n y th in g
like a m ergin g o f the present M ontreal C o tto n C o. w ith the now c o r p o r a tio n ,
as there are several o b s ta c le s to such a co u rs e .
It Is p ro p o se d th at the new
c o m p a n y , th e M ontreal C o tto n s , L t d ., sh o u ld a cq u ire all the $ 3 ,0 0 0 ,0 0 0
s to c k o f the M on treal C o tto n Co.
r »T hIS, wlH in v o lv e an Issue o f $ 0 ,0 0 0 ,0 0 0 In all o f th e M on treal C o tto n s ,
L t d ., leaving in th o treasu ry $ 2 ,0 0 0 ,0 0 0 o f p re f. s t o c k and $ 2 ,0 0 0 ,0 0 0 o f
c o m m o n s to c k , to be Issued as and w hen requ ired fo r the pu rpose o f p ro
v id in g a d d itio n a l ca p ita l fo r ex te n sio n s.
T h o N a tio n a l T r u s t C o . h as be e n a p p o in t e d as th e a g e n t t o makei th e
tra n sfers. T h e e x c h a n g e o f s t o c k w h ich th e d ir e cto r s In v ite , w h ile It in
v o lv e s n o a ctu a l a ltera tion in valu e, s h o u ld failU tate the e x p a n sio n o
o.
A d iv id e n d o f 2 % has been d e cla re d , p a y a b le S e p t. 1.) t o s h a re h o ld e rs o
record S e p t. 5. A ll sh areh olders m ak in g th e e x c h a n g e b e fo r e t h e la tte
d a te w ill re ce iv e th e a b o v e d iv id e n d o n th e shares t r a n s fcr ie d
T h e dlv^
d e a d o n the p ref. s to c k o f the M o n tre a l C o tto n s , L t d ., a c c r u e s tr o m o e p
15 n e x t .— V . 03, p . 535.
stock from $25,455,150 to $12,727,575, and of the par value
from $50 to $25. Compare V. 93, p. 350.
National Biscuit Co.— New Factory.— The company is cele
brating to-day the completion of the largest of its chain ot
factories, at Kansas City. See description in annual report,
V. 92, p. G57.— V. 92, p. 798.
National Transit Co.—Reduction of Stock— See Standard
Oil Co. below.— V. 85, p. 225.
Natomas Consolidated of CaUfornia.— W s C a l l e d .—
One hundred ($ 100,000) 1 st M. 6% gold bonds, dated 1900,
of the Natoma Development Co for payment at par on
Oct. 1 a t Mercantile Tr. Co., San Fr., trustee.— V .92, P.15bJ.
T h is Is d o n e In p u rsu an ce o f th e p o lic y t o m ak e th e ca p ita liz a tio n co n fo r m
t o th e v a lu e o f the assets.— V . 9 3 . p . 592 , 350 .
_
Tennessee Copper Co.— New Directors.— The following
have been elected directors:
, r
. _
H o ra ce M . K llb o r u , V ic e -P r o s , o f the N ation a l C ity B a n k ; J o s e p h W a lk e r .
Jr
o f J o se p h W a lk e r & S on s; R ic h a r d S u tr o . o f S u tro B ro th e rs, an d
H erm an A. K e lla r. T h is Increases th e b o a r d fro m 9 t o 13.
T h e a d d itio n to th e su lp h u ric a cid p la n t, w h ich Is sta te d t o b e th e h u g es t
o f its kin d in th e w o rld a n d Is n o w p r o d u c in g a t th e rate o f o0.) to n s a d a y ,
has ju s t been c o m p le te d . T ills o u t p u t w ill be la rge ly increa sed as s o o n as
c o o le r w eath er sets In, e n a b lin g m ore ra p id c o n d e n s a tio n o f t h e fu m es .
— V . 92. p . 1372.
New England Power Co., Boston.— New Enterprise.— The
New England Power Co. of Maine was incorporated in Maine
on Aug. 23 1911 with $5,000,000 authorized capital stock m
$100 shares, all of one class, and will own the $7o 0,000
common stock of the New England Power Co. of Massa
chusetts, as well as other valuable rights and properties in
the vicinity of the proposed development on the Deerhelcl
River. Further particulars follow:
Thu N ew E n gla n d P ow er C o ., b a c k e d b y Interests w h ich d u rin g the
n M t fo u r years su ccessfu lly lau n ch ed the C o n n e c tic u t R iv e r P o w e r C o .
(V 93 P 4 1 0 ) , h as m a d e an u n d e rw ritin g agreem en t w ith a ba n k in g s y n d luftte h e a d e d dv H aker, A y lln g & C o . o f B o s to n , In p u rsu a n ce o f w h lc
sVflOO 0 0 0 5 % 4 0 -y ea r g o ld b o n d s and S750.000 6 % c u m u la tiv e p referred
s t o c k w ill s o o n bo Issued fo r h y d r o -e le ctr ic d e v e lo p m e n t o f the D eerfield
R ?ver
T h b W o r k has been p lanned b y M alcolm G . C h ace, o f P r o v id e n c e .
H enrv I K m
, o f B o sto n , a n d B a k er, A y lln g fc C o. T h e N ew E n gla n d
P o w e - d o o f M assachusetts w as In co rp o ra te d In M assach u setts o n A u g . -1
wHh a c a p ita l s to c k o f $75 0,00 0 6 % c u m . p re f. an d 8 75 0.00 0 c o m ; par o f
a lVvhneCen g ln ccrln g estim a te s sh o w th a t th is fin a n cin g sh ou ld p r o v id e g e n cra tl ng P^an t e n d tran sm ission lines fo r s o m e 2 5 ,000 horse p o w e r It to I t t W
S b e o n ly a step In th e e ve n tu a l d e v e lo p m e n t o f D eerfield R iv e r w ater
p o w e r 'r ig h t s n o w c o n tro lle d b y th e sam e In terests. S u ch d o v e o p m e n t,
h ow ev er ^ d o u b tle s s will b o sp read o v e r fu tu re ye a rs, an d It Is figu red th a t
u w n ? T n t a ? i fi x n m d f t u r c s o f b etw een $12 ,0 0 0 ,0 0 0 and $ 1 4 ,0 0 0 ,0 0 0 .
^ T h o C o n n e cticu t R iv e r P ow er C o. has a lr e a d y so ld p r a c tic a lly its e n tire
a
th e
i S
a
669
THE CHRONICLE
SEPT, f) L911.]
f
D eerfield R iv e r lines w ith
e of
S
j S
S
th e C o n n e cticu t R iv e r R - w c r
an area o f a p p ro x im a te ly 0 squ are m iles.
o ,
B o sto n o ffic e , w ith C o n n e c tic u t
1UT h e b om ls m e n t i o n e d w K d a t o d J u ly 1 1 9 1 1 andl d u e J u ly 1 1 8 3 b J u t
ca lla b le as an en tire Issue o r fo r sinning fu n d a t 105 a n d In t. o n a n i c o u p o n
d a te .
P ar S i .o o o f c ’ ) .
Annual sin k in g fu n d , be g in n in g J u ly 1917.
on b o n d s ou ts ta n d in g fo r live ye a rs, be g in n in g J u ly 1 9 3 1 ,1 Mi ,«• I n t . - I •
nt N ew E n gla n d T ru st C o ., tru stee, B o s to n , an d a t P e n n a . C o. lot in s . o n
L iv e s & G ra n tin g A n n u itie s, P hlla. T o ta l a u th o riz e d a m o u n t fo r d e v e lo p m „ n t nq n ia iu icd f>14 o o o 000.
F u tu re b o n d s c a n o n ly be issued und er
strin g en t p r o v is io n s , and w hen b o n d s a d d itio n a l to the presen t $ 3 , 0 0 0 , 0 0 0
a r c s o ld , It is p r o p o s e d to Increase th e p re f. s to c k so as t o preserve th e p r o -
Texas Company.— Deal in Abeyance.— Press reports say
that negotiations for the purchase of the Pearson syndicate
oil lands in Mexico by the Texas Co.have been discontinued,
for the present at least. See Mexican Eagle Oil Co., Ltd.,
in “ London Statist” for Aug. 26 1911.— V. 93, p. 588, 538.
United Gas Improvement Co.—Earnings.— For 6 months
ending June 30:
S fM o n tn s 1910 -------------------— V . 9 2 * p " 'i f 7 7 .
J «E crn ,
^ ,(4 % ).
3 ,2 6 0 ,8 4 0
2 ,1 0 9 .7 5 4
™
^
35 8 .4 3 3
792,059
.
United Service Co., Scranton, Pa.— Dividend.— Brooks
Co o f Scranton, who organized the company, say:
P referred sto ck h o ld e rs re ce ive d o n A u g . 1 tV ‘ teS
n
„^ r Z m n n o f
equ a l t o 'lO % o V t h V p r e f e r r e d h o ld in g s; w ith a m a rk e t o n th e c o m m o n o f
e a rn ln ^ a ^ O T e s e n t sfhow n ^ o v ^ i ' ^ t U n e s ^ e p r e L ^ l ’^ e n d r e ^ i l r e n i e n t s ,
an d a fte r a llo w in g fo r d e p r e c ia tio n . & c.. an d 6 , o n th ?m n r o v e m e n ts Pn o w
there rem ain s o v e r 4 % earn ed o n th e c o m m o n s to ck y i m p r o v e m e n t s n o w
in progress w ill resu lt In m a te ria lly Increasin g the. n e t b y th e en d or the
fiscal y e a r .
[Q u a rterly p r e f. d iv id e n d N o . 2 , 1 3 4 % . w a s Pa la J lij. x.>
191 1.— E d .— V . 9 1 , p. 4 0 7 .
.
United States Glass Co.— New; Vice-President.— Marion
G Bryce long a director, has been elected a Vice-President
to’ succeed Dr. Thomas T. McNish.
L. Z. Birmingham
was on Aug. 31 chosen a director to succeed Dr. McNish,
who was on the regular ticket for re-election.— V. 93, p.
525, 82.
United States Lumber Co.— Option.— Brooks & Co.,
S<ltais n o w ’ g e n e r fh y u n d ^ rsfo m i th a t th e o p t io n held
T e rrill * C °
as th e y ^vent‘ h a v e £ ov £ i a ^ o f t ^ m f n y o t U i e
a n a p p re cia tio n o f a p p ro x im a te ly 40 p o in ts , Increasing m a rk e t v a lu e s a b ^ i t
82 400 000 . N o d o u b t th e u n settled business c o n d it io n s b o th In L n g ia n a
anil th e U nited S tates h a v e Influen ced th e a ttitu d e o f th e s y n d ic a te . W ith
ca sh on h an d o f a b o u t SCOO.OOO t o 8 7 0 0 ,0 0 0 , th e c o m p a n y Is in g o o d p o s itio n
to raise Its d iv id e n d and h o ld th e m a rk e t t o presen t prices an d p la c a te those
w h o h o n e d to ge t o v e r $200 fo r their s t o c k . T h e m ark et d r o p p e d l o p oin ts
y e s te r d a y o n offerin gs o f c o n sid e ra b le a m o u n ts .
B id s are lo w a n d s ca rce.
(Q u o ta tio n 145 b id , 152 34 a s k e d .)— V . 9 2 , p . 123.
P° f t l isn M tfm a ted th a t th e gross In com e w ill b e $ 5 4 5 ,0 0 0 ; n e t a fte r ta x e s
an d d e p r e c ia tio n , 8 41 5,00 0; b o n d h it ., 815 0.00 0; p r e f .- ‘W n ii'n ^ V h e riv er
b a la n c e , su rp lu s, 82 5 0 ,0 0 0 . W h e n the b a la n ce o f 80<0f<;et fiall o f t b e U v e r
Is d e v e lo p e d , the gross In com e Is e x p e c te d to te a c h 8 2 , 0 0 0 , 0 0 0
a n a tne
net In com e a v a ila b le fo r Interest and d iv id e n d s to SI .5 8 5 ,0 0 0 .nlll,i b e c o m T h e presen t d e v e lo p m e n t o f 2 5 ,0 0 0 h .p .. It Is th o u g h t, s h o u ld b e c o m
n lc te d w ith in 12 m o n th s .
It is u n d e rs to o d th a t th e c o m p a n y c o n t io is
tran sm ission Hoes e x te n d in g fro m S h elbu rn e Falls to B r a t t lc b m o , V t .,
K een e N I I .. and G ardn er. F itc h b u r g , L e o m in s te r, C lin to n , -VtN boH an d W o rce ste r, M .s s ., w ith fu rth e r Hues p r o p o s e d to P ittsfield a n d N o rth
A d am s M ass
an d W o o n s o c k e t, P a w tu c k e t an d P r o v id e n c e , R . I . Th<e x is tin g p o w e r c o n tr a c ts Inclu de a lo n g -te rm c o n t r a c t fo r o p e r a tin g tr a ffic
th rou g h th e H o o s a c T u n n e l, also fo r o p e r a tin g th e tro lle y lines o f th e N . \
N . H . & H . W L C o . >n B erksh ire C o u n ty .
United States Motor Co., New York .— Authorized Data.—
b o o k s fo r im m e d ia te d e liv e r y .— V . 9 3 , p . 5 « .
•
Western Power Co., California.— New Stock.— The share
holders of this New Jersey corporation, which owns the enyre
capital stock of the Great Western Power Co. of California
(see below) voted on Aug. 17 to increase the authorized
capital stock from $18,000,000, of which $6,000,000 prefand $12,000,000 common, to $20,670,000, divided into
$6,000,000 pref. and $14,070,000 com m on— V.92,p.887,534.
Wolverine Copper Mining Co.— Dividend Decreased.— A
semi-annual dividend of $4 per share has been declared,
Pacific Light & Power Corporation, Los Angeles.-—Sale of pavable Oct. 2 to holders of record Sept. 16, comparing with
non(i s __Of the $35,000,000 new bonds to be authorized by $5 per share paid in April 1911. The stock consists of
the shareholders Oct. 9, $12,015,000 will be reserved to retire 60,000 shares of $25 each, of which $13 has been paid in.
all existing bonds and $ 10 ,000,000 have been sold to a bank Previous dividend record:
ing house and will shortly be offered to the public, lhe
s r ----- r - T h r t - t - r * % \t
» • \t ?0°- »1U
“ San Francisco News Bureau" on Aug. 23 said:
.
n nn,)0 tr,
-.m ount o f 8 1 0 , 0 0 0 , 0 0 0 h a v e a lre a d y b e e n c o n tr a c te d fo r
? ° ^ ^ P * ^ ® nan^truotIon o f th e great p la n t o n B ig C reek, an d In th e c o n -
Phelps, Dodge & Co — Copper Production.— The produc
tion of copper by the Copper Queen Detroit and Moctezuma
mines, owned by Phelps, Dodge & Co for the eight months
ending Aug. 31 1911 was 79,918,794 lbs., as follows:
P ou n d s—
1911.
J a n u a r y ------- 9 ,7 8 9 ,0 3 9
F e b r u a r y ___ 9,85 7 ,9 0 2
M arch ______ 10,197,510
A p ril ________ 0 .7 9 3 .8 1 7
1910.
10,633.620
8 ,0 5 3 .1 0 0
9 .7 8 0 ,7 2 0
9 ,4 8 0 ,1 5 0
F ou n d s—
1911.
M a y . ________ 9 ,3 3 2 ,3 0 0
J u n e _________ 9 .7 7 7 ,1 2 0
J u ly __________ 9,80 9 ,2 5 1
A u g u s t _____ 1 0 ,861,189
1901.
1 0 ,0 3 8 ,1 7 7
9 ,9 1 8 ,3 7 2
1 0 ,5 1 0 ,3 3 0
9 ,8 8 7 ,0 1 8
Total (pounds) fo r e ig h t m o n t h s ------------------- .7 9 .9 1 8 ,7 0 4
7 8 ,9 1 7 ,1 0 5
r i.s t n m m-ps business a d d e d a fu rth er a m o u n t fo r th e 8 m o n th s o f the
cu ?rent° y e w o f 8*280?l M * l b s ., aga in st 16,730,578 lb s . In 1 9 1 0 . - V . 03.
p . 350 109 .
Plymouth Cordage Co.— Stock.— Shareholders of record
Oct 2 it is stated, will be permitted to subscribe for $500,000
new stock at par ($100 a share) to the extent of 20% of their
respective holdings.
No Extra Dividend.—The directors have voted to omit
this year the annual extra cash dividend of 3 % , paid in Sept.
1910 and 1909, along with the quarterly distribution of 2 % .
A n n u a l D ividend R ecord ( per cent) sin ce 1001.
1902
1003
1904
1005
18
14
14
11
C o m p a re V . 87, p . 815, 1003
1906
8
1907
12
1908
1009
1910
8 & 2 c x . 8 &3ex 8 & 3 c x
1011.
8
Standard Oil Co. of New Jersey —Reduction of Stock of
Subsidiary.—The National Transit Co., one of the subsidi
aries whose stock will be distributed according to the decree
of the Supreme Court, has filed in the office of the Secretary
of State of Pennsylvania a certificate of reduction of capital
— V . 93, p .4 1 4 .
_______ _______________ — ___________
— The Gas & Electric Co. of Lexington and Liberty streets,
Baltimore, has issued a handsome pictorial booklet entitled
“ Modern Kitchens" to demonstrate the superiority of gas,
its cleanliness, convenience and low cost as a fuel for cooking
over the less modern coal ranges, which have been removed
from a majority of the large kitchens in public buildings m
Baltimore. The illustrations in this booklet graphically
show the large installations of gas ranges which the Gas &
Electric Co. has recently made in the kitchens of hotels,
clubs, hospitals, schools, institutions, restaurants and other
places were food is prepared for large numbers of people, as
well as in private residences and apartments.
— John M. Nelson and J. Henry Cook of Baltimore, form
erlv of the firm of Hambleton & Co., together with Simon J .
Block, Frederick W. Legg and Charles M.Lee, have formed
a copartnership under the name of Nelson, Look & Go.,
with offices in the Keyser Bldg. Mr. Block was formerly
head of the bond department of Hambleton & Co., while
Mr. Legg was his assistant in the department.
__Ernest Uehlinger has associated himself with William P.
Bonbright & Co., 24 Broad St., as manager of their bond
department. For the past twelve years Mr. Uehlinger has
been connected with Rudolph Kleybolte Co., Inc., of which
1 he was Vice-President and also manager of the company s
1 Now York office.
— The firm of Hambleton & Co., consisting of T. Edw
Hambleton, John M. Nelson and J. Henry Cook, expired by
limitation on the 7th inst. Mr. Hambleton has formed a
new copartnership with John P. Baer, the firm name con
tinuing as Hambleton & Co.
670
THE CHRONICLE
[V O L . L X X X X III
W o x ts a m i g t o a t t m m t s .
NORFOLK & WESTERN RAILWAY COMPANY
H E TE E N TH ANNUAL REPORT
-FOR THE F k Ha l Y EAR ENDING JUNE 30TH 19U.
rr fi U, 7 , 11
„
Roanoke, Va., August 30th 1911.
To the Stockholders of the Norfolk & Western Railway Co.:
xour Board of Directors submits the following report of
tne operations of your Company for the fiscal year ending
June 30th 1911:
MILES OF ROAD OPERATED.
R o a n o k e , V a .. t o H a g e rs to w n . M d .I .'
C o lu m b u s C o n n e c tin g & T e rm in a l R a ilr o a d .
_
447
447 .31
.31
_
SSSipm
i cmfruVt
.
6,660~34
4t,782\56
$ 4 ,8 4 1 ,3 0 9 57
N et In c o m e -------------------- $ 7 ,7 4 0 ,3 7 9 00
3 9 5 ,5 5 5
2 00 ,154
122 .237
9 7 .709
* 5 ,0 0 1 ,1 8 7
$ 9 ,0 4 3 ,1 6 5
B a la n ce to c r e d it o f P r o fit and L oss .Tune 30th 1911
7 e 151 1 9 7 5 7
m j i
o ,389
5 7 »/
:7 i %
1909-10.
518,028
7,207
6 0 .0 2 %
3 .1 9 %
190 8-0 9.
515 ,168
5 ,957
60.72'%
3 .4 0 %
CAPITAL STOCK.
~389~44
■# fteo n/t
O.V O
? “ -“ a
— 513 9,77 8
— 7,468
__ + 3 0 3 ,4 8 5
+ * 1 5 6 ,2 3 9
-5 1 ,4 8 2 ,6 0 4
00
04
57
53
19
heldt 0 ^tohaPr T ^ aio 1 oSpo Cial T ° - ing of the stockholders,
r n lT n v T n e
h 1910, the authorized common stock of the
Company was increased by the sum of $50,000,000, the authand S23 n^nann^OC^ " T be[ng $ 150, 000,000 common stock
and $23,000,000 adjustment preferred stock. None of the
additional stock has been issued, and the outstanding capital
stock at the close of the fiscal year consisted of—•
silares o f c o m m o n s t o c k . . .
----------------------------- 5 7 4 ,2 8 4 ,0 0 0
2 3 0 ,0 0 0 shares o f a d ju s tm e n t p referred s t o c k " ] ---------------------------- 2 3 ,0 0 0 ,0 0 0
T o ta l . . .
------ ---------------------- 5 9 7 ,2 8 4 ,0 0 0
of__
which
was
the treasury -^,300
5
, . there
,
” — in
.......r
of adjustment preierrea stock. The increase in the outstanding common stock
fxu ° ^ e lssue of 53,880 shares in exchange for $5,388,UUU of the Company’s convertible 10-25-year 4 per cent gold
bonds surrendered for conversion.
FUNDED DEBT.
The aggregate funded debt outstanding June 30th 1911
compared with that of the previous year, was as follows- *
X S E B M * ; .........................- ........
Convertible b o n d s ” :
:
--------17 2 8 5 0 0 S
E q u ip m e n t tru st o b l i g a t i o n s . . . .............^ S b o l o o o
,
2 2 .6 7 3 ,0 0 0
9 ,9 0 0 ,0 0 0
$ 1 0 8 ,4 6 8 ,5 0 0
$ 1 1 5 ,8 5 0 ,5 0 0
The decrease of $7,388,000 in Funded Debt represents the
nversion of $5,388,000 Convertible Bonds into common
obligations ^
payment of $2 >000,000 Equipment Trust
There were in the Company’s treasury $13,000 of First
Oonsolidated Mortgage 4 per cent bonds.
At the meeting held October 13th 1910 the stockholders
authorized the Board of Directors to cause to be created an
issue or issues of bonds of the Company not exceeding in the
aggregate $50,000,000, convertible into common stock. This
authority has not as yet been availed of. In the event of
any such issue or issues of Convertible bonds, an equivalent
amount of common stock will be reserved to provide for their
co iiw sio ii, There is still an unissued remainder of $8 431 O °c°ob U ^ th ni900ible b° ndS authorized by the stockholders
EQUIPMENT TRUST CERTIFICATES.
Equipment Trusts have been created. Ma
tured Equipment Trust principal to the amount of $2 ,000,000
was paid during the year, reducing the aggregate of the un
matured certificates to $7,900,000.
The statement following shows the details of all the Com
pany s Equipment Trusts:
S400 M.178.530No
00 additional
+ $ 25 5,67 0 00
3 57 ,666 67
________’----- ■—
00
a «•>
T § PwMcPh* add” ™ ---------- $ 11 ,270 242 42 *12.8987146 14 = * O I S S o T 7 2
o b lig a tio n s --------------------In teres t o n 2 -y c a r n o t e s . .
R e n ts o f tr a c k s , y a r d s , e t c .
M is c e lla n e o u s ________
.
ijJ A '^ 3 2 64
T o t a l . . _____ ________
A d d prem iu m o n s e c u m f c s l I I I I ” I ” " ” ' “ " " ‘
N e iannirel^ tln ? revenuea
m ile o f r o a d ____
^
op e/atln g- r e v e n u e per m ile o f r o a d .
.
B a * o o f exp en ses t o o p e r a tin g re v e n u e s
------ 64
R a tio o f ta x e s t o o p e r a tin g r e v e n u e s . . . 111 11 . 3
F o r the Y e a r onding J u n e 30th 1911 and C om pa rison w ith P rev io u s Y ea r
In crea se ( 4 -) or
O pera ting R even u es—•
t o il.
1910
D ecrease (— ) .
F r o m f r e i g h t -----------------------5 3 0 ,1 1 5 ,4 8 3 01 5 3 0 ,0 3 7 ,7 0 6 22
+ 5 77 ,686 79
p assen gers _________
4 ,1 8 4 ,2 4 6 01
3 ,9 2 4 ,8 8 9 67
+ 2 5 0 ,3 5 6 34
m a l l --------------------------33 9 ,7 0 5 15
3 38 ,449 10
+ 1,250 05
e x p r e s s ........ ........
503 ,402 06
4 6 1 ,C55 25
+ 4 1 ,7 4 6 81
m is c e lla n e o u s _______
41 4 ,6 8 6 24
3 0 1 ,0 8 0 18
+ 113,606 06
T o t a l o p e r a tin g reven u es 5 3 5 ,5 5 7 ,5 2 2 47 * 3 5 ,0 6 3 .8 7 0 42
+ $ 4 9 3 ,6 5 2 05
O pera tin g E x p en se s —
M a ln t. o f w a y & stru ctu res 5 4 ,3 2 8 ,7 1 7 35 $ 3 ,7 5 2 ,0 4 5 16
+ 557 6,67 2 19
.M aintenance o f e q u ip m e n t 6,6.38,841 52
5,951 907 15
+ 686,934 37
5 86 ,715 55
T r a f f i c . ............ .. .....................
5 51 ,806 15
+ 34,909 40
T r a n s p o r t a t io n ____________ 1 0 ,672,024 23
1 0 ,0 6 9 ,7 2 6 22
+ 002,898 01
G e n e r a l------------------------731,381 40 _
7 2 1 ,2 7 5 01
+ 10,106 30
T o ta l o p e r a tin g e xp en ses $ 2 2 ,9 5 8 ,2 8 0 05 $ 2 1 ,0 4 6 ,7 5 9 6 9 + 5 1 ,9 1 1 .5 2 0 36
T axeOsPCrat,n?rCVCnU0 - - - 51? * ^ ' 242 42 5 1 4 ,0 1 7 .1 1 0 73 — 5 1 ,4 1 7^ 's' 31
T a x e s ----------------------------------1,32 0 ,0 0 0 00
1 .1 18,964
50
+ 2 0 1 .0 3 5 41
'SIS*
148,000 0 0
1,9 9 0 .2 9
The average mileage operated during the year was 1 972
as against 1,945 miles during the preceding year.
’
’
GENERAL INCOME ACCOUNT.
23
$534,121 23
81
5 7 ,146 85
11 _
554 .938 54
15 ‘* 1 ,1 4 8 ,2 0 8 62
* W e s t e r n -i'o e a h o n ta s
threeyea?s? ^ a comparative table of average results for
th ° ° W m a m traCk b e tw e e n th e sa m c P oin ts are o p e ra te d
5 30 4,31 3
4 9.678
8 58 .424
_S1_302,446
J o i n t ' bo'u d ,
C o m m o n ^ ? I’ .r c f -rrud S to c k , 4 PC1- c e n t . . . 91 9 ,0 6 8 00
c o m m o n Stoow , 5 p er c e n t _________________ 3 ,4 0 9 ,1 3 7 50
1 ,5 4 2 .9 8
a -[
63
S i d i n g s .. , ----------------------------------------------------Tnn
In m
mllonn-n
” “s :7
rim Inorfiflort
Increase In
ileage dnHn'rv
d u rin g th e tron..
y e a r w as as fo lloI w
Alain L i n e . . _________________
_
B r a n c h e s --------------------------------------------S e co n d T r a c k ________________
~
s w i n g s -------------------------------------------------------
o f e q u ip m e n t.
5 5 ,1 4 3 ,2 7 0 43
4 ,5 6 6 ,8 0 5 50
115 .43
238.11
131.61
110.75
43.4 9
100.40
105.92
3.51
-------- 4 9 .5 8
-------- 23.1!)
-------- 18.92
T o t a l s e c o n d t r a c k ____________ ________________________________
H ir e
^ T h p ^ n m v i n " 00/ 01 the y .c a r crulll)ir J u n e 3 0 th l o l l ____
a ™o u n ts h a v e been d e d u cte d —
A m o u n t carried to P ro fit a n d L oss fo r th e v e a r
A m o u n t to c r e d it o f P r o fit and L oss J u n e 30th Id 10111 111
3.48
6.0 5
.20
.30
13.98
G ra n d to ta l o p e r a te d .
2.004.27
S econ d Track—
^ t o G Jlm erton. V a ---------------------------------------- f e
L y n c h b u r g , V a .— B a st a n d w est o f .‘ . . . I I I I ' I
F ores t, V a ., to W a lto n , V a _________________________
«,• 09
67
W a lt o n , V a ., t o R lp p le m c a d , V a . (s e c t io n s ).
'
- -'
12.15
W a lt o n , V a ., t o R a d fo r d , V a . . . ____ _________I _____ ' I
4.42
P earls b u r g V a . , t o V iv ia n . W . V a . (e x c e p t B lk h o r n T u n n el)
50.62
____
H u g e r, W . V a ., to A ln w ic k . W . V a ________
36.40
v v i!.^ n? -lfTe to N a u g a tu ck . VV. V a . (e x c e p t 2 gau n tlets)
46.22
N o rth K c n o v a , O ., t o C o lu m b u s, O _________ __________---------------------- 135.37
R e n t s ______ _________
— 597 0,48 9 75
— 532 6 ,2 0 6 40
$ 5 ,1 4 3 ,2 7 0 43
----------------------
S o u th e r n R a ilw a y , a t D u rh a m , N . C
C u m b e rla n d V a lley H R ., a t H a g e r s to w n .'M d
C in cin n a ti L e b a n o n & N orth ern R v a t C i r i p i n n i F f r i '"
In terest, gen eral a cco u n t
5 3 ,5 7 3 ,5 0 8 32
5 5 ,4 6 9 ,5 6 6 83
B a l a n c e ------ _•-----------------
Cash d iv id e n d s o n CapitaV,Stoelc:
tra?kaC
ge8rl?hts°:hCr ° 0mpanlcs used-jointly- undcV'
as d o u b l e ’ track.^
In crea se ( + ) or
D ecrease (— ) .
B ra n ch es, M a in L in e ,
M ile s .
M il e s .
7 03 .76
-------- 10.56
-------- 24.3 0
to
B r a n c h e s _________________________________________
T o t a l lines o w n e d ___________
D educt
e x p e n d itu re s
to
'
m ain tain e a rn in g p o w e r
a n d o ffse t o b s o le s c e n c e .. 5 2 ,5 9 7 ,1 0 8 5 7
56
— 37,888
37
— 206,154
90
— 115,577
72
— 55,927
61
— 5 1 5 9.87 8
15 — * 1 ,3 0 2 ,7 8 3
89
37
62
16
04
15
S T A T E M E N T O F E Q U I P M E N T T R U S T C E R T I F I C A T E J U N E 30 1911.
Total V a lu e o f
E q u ip m en t.
D ate o f A greem en t M arch
A p ril
June
A p ril
N ov.
D eo.
F eb .
M ay
June
J u ly
A ug.
D ec.
M a rch
A p ril
June
1 1903.
1 1903.
1 1903.
3 1905.
3 1905.
4 1005.
3 1909.
3
5
5
3
3
1
1906.
1906.
1900.
1900..
1907.
1907.
4 1907.
4
T ota W
C ertificates
P a id D u rin g
F is c a l Y ear.
Total C ertifi
C ertificates
cates P a id to
O utstanding
J u n e 30 1911. J u n e 30 1911.
r a y a b l e in F isca l Y ea r ending
J u n e 30 1912.
M a tu r ity .
1902
A.
B.
C.
D.
E.
F.
G.
H.
J.
K.
L.
M.
N.
O.
5 5 ,000 ,478
1,234 ,499
1,176 ,085
8 ,02 i ,082
1.023 .407
1.027 ,055
1,053 ,061
1.024 ,415
1,033, ,131
1,043, ,295
1,037. ,567
1.027 ,914
1,048 ,739
1,047 ,075
1,032 .856
00
31
50
92
00
40
32
20
72
43
02
35
56
0(1
10
* 2 0 ,8 0 4 .2 6 3 83
$ 5 0 0 ,0 0 0
10 0 ,0 0 0
1 00 ,000
20 0 ,0 0 0
100 ,000
1 00 ,000
100 ,000
1 00 ,000
100 ,000
1 00 ,000
10 0 ,0 0 0
100 ,000
1 00 ,000
1 00 ,000
1 00 ,000
5 2 ,0 0 0 ,0 0 0
$ 3 ,000,000
700 .000
. 700 ,000
1.200,000
500.000
500.000
500 .000
500.000
500.000
500.000
4 00 .000
4 00 .000
4 00 .000
400 .000
4 00 .000
$ 50 0,00 0
3 00 .000
30 0 .0 0 0
8 0 0 .0 0 0
5 00 .000
5 00 .000
50 0 .0 0 0
500 .000
500 .000
500 .000
6 00 .000
600 ,000
600 ,000
6 00 ,000
6 00 ,000
$ 1 0 ,6 0 0 ,0 0 0
$ 7 ,0 0 0 ,0 0 0
S e p t. 1 1 9 1 1
J a n . 1 1912
M oll. 1 1912
A p ril 1 1 0 1 2
N o v . 1 1911
D eo. 1 191 1
Feb. 1 1912
M a y 1 1912
•lime 1 1912
J u ly 1 1012
A u g. 1 1911
D ee. 1 i o n
M ch . 1 UJ12
A p ril 1 1912
Jutie 1 1 9 1 2
M a tu rity o f
F in al
Installm ent . g
A m o u n t.
* 5 0 0 ,0 0 0
100,000
100,000
2 0 0 ,0 0 0
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
l o o .n o o
S e p t,
Jan.
M ch.
A p ril
N ov.
D e c.
F eb.
M ay
Jun o
J u ly
A ug.
D e c.
M ch .
A p ril
Ju n e
1 0 0 .0 0 0
100 .000
5 2 .0 0 0 .0 0 0
1
l 1011
1 1913
i 1012
1 1915
1 1915
1 1915
t 1016
1016
1016
1016
1916
1 1916
1 1917
1 1917
1 1917
1
1
1
1
S k PT. 0 l ! ) l i .]
THE CHRONICLE
ROAD AND EQUIPMENT EXPENDITURES.
The expenditures for road and equipment summarized be
low aggregated $12,567,758 81, all of which, in accordance
with the order of the Inter-State Commerce Commission, lias
been charged to your Company’s Property Investment ac
counts. Of this sum, $2,597,108 57 consists of expenditures
which, in the judgment of your Board of Directors, were re
quired to offset obsolescence and depreciation, due to chang
ing conditions, and were necessary to maintain the earning
capacity and preserve the value of the Company’s property,
and therefore should not be capitalized. The resulting net
property investment for the year was $9,970,650 24.
N et P ro p erty P a yable fro m
In vestm ent.
In co m e.
Total.
R ran ch es and e x te n s io n s _____ $2,240,011 .'1 6 ------------------------ $ 2,240,011
157,082
R ig h t o f w a y am i s ta tio n g r’n d s
122,422 02
$35 ,559 88
705
____________
705 94
W id e n in g cu ts an d n ils________
3,261
P r o te c tio n o f b a n k s ----------------------------------3,261 14
G rade rev ision and ch anges o f
19,863
10,471 48
9,391 67
l i n e __________________________
183 ,315
B rid ges, trestles an d c u lv e r ts .
9 85
183,305 89
47,7 4 6
In creased w eigh t o f r a il----------- ------------------47,7 4 6 89
957
Im p r o v e d frog s an d sw itc h e s . _ ------------------957 59
T r a c k fastenin gs and o th e r
.
14,777
m a te ria l ____________________
____________
14,777 25
A d d itio n a l m ain tr a c k s _______ 1 ,065,531 51
1 ,673,310 49 3 ,3 3 8 ,8 4 5
217 ,854
Sidings an d spu r tr a c k s _______
167,966 52
4 9 ,887 86
206 ,869
202 ,182 l i
4,6 8 7 73
T erm in al y a r d s ________________
23,488
F en cin g rig h t o f w a y --------------38 14
23,4 5 0 12
Im p r o v e m e n t o f crossin gs, un
4,0 5 5
der o r o v e r g r a d e ___________
4,0 5 5 40
______________
28,984
E lim in a tion o f grade crossin gs
3,408 09
2 5 ,5 7 6 50
2 8 ,735
I n te rlo ck in g a p p a ra tu s _______
____________
2 8 ,7 3 5 70
B lo c k a n d oth er signal a p p a r ’s
6 15
120,894 85
120,901
T eleg ra p h and telep h o n e lines
____________
28,538 08
28,538
S ta tio n buildin gs and fix tu r e s 70,150 39
22,019 81
92,770
R o a d w a y m a ch in ery an d to o ls
------------------2,509 00
2,509
S h op s , en gine h ouses and tu rn
tables . . _____________________
106,280 34
72.745 94
179,020
S h o p m a ch in ery an d t o o ls ____
8,0 0 7 31
4 4 ,8 1 3 65
52,820
W ater an d fuel s ta tio n s _______
198,873 81
2 0 1 ,1 0 0 14
399 ,973
D ock and w h arf p r o p e r t y ------2 1 ,303 24
____________
21,303
O th er a d d itio n s & b e tte rm e n ts
183,250 02
2,472 45
185,729
E q u ip m e n t_____________________ 4 ,9 0 0 ,0 7 2 30
____________
4 ,9 0 6 ,6 7 2
T o t a l ____
26
50
94
14
15
74
89
59
25
00
38
84
26
40
59
70
00
08
20
00
28
90
95
24
07
30
. ...............................$ 9 ,9 7 0 ,6 5 0 24 $ 2 ,5 9 7 ,1 0 8 57 $ 12 ,507 ,75 8 81
Advances for construction purposes were made as follows:
G u y a n d o t & T u g U lver R l i . ...................... ................ ................................... $372 37
“ a c c o u n t B ark er & C larks G ap K l l . .
157 57
“
"
.......................... a c c o u n t C lear F o r k & O cea n a U R . .
31 07
$561 61
Your Company’s total Property Investment in Equipment
is decreased by the following-described equipment replace
ment credits:
1. Equipment destroyed, sold or retired:
X e t va lu e th ereof fo r th e y e a r ____ ______ _________________________
.Salvage_____ ______ __________ __________ ___________________________
A cc r u e d d e p r e d a t io n th e re o n transferred fr o m R e s e r v e fo r
A c c r u e d D ep recia tio n o f E q u ip m e n t---------------------------------------
$ 2 1 3,32 8 33
51,461 08
T o t a l .......... ............................ .....................- - - ...........................................
$30 8,67 4 17
4 3 ,884 76
This amount has been credited to Property Investment in
Equipment, decreasing to that extent the book value of the
Company’s equipment.
2. Equipment depreciation:
The accumulated replacement credit arising from charges
in operating expenses for depreciation on the Company’s
equipment since June 30th 1907 is shown on the general bal
ance sheet as a deduction from the grand total of Property
Investment in Road and Equipment and is as follows:
R es erv e fo r a ccru ed d e p r e c ia tio n o f e q u ip m e n t to Ju n o 30th
1 9 1 0 ______________________________ ____________________ _______ .$ 3 ,1 3 2 ,5 3 3 53
A d d itio n a l fo r th e y e a r t o Ju n e 3 0 th 19 1 1 ____________________ 1 ,437,102 86
T o t a l____________ „ .................................................... .................................$4,5 6 9 ,6 3 6 39
D e d u c t d e p r e d a t io n on e q u ip m e n t d e s tr o y e d , so ld o r re
tired , transferred as a b o v e ........ ............................ ............................
43.884 76
T o ta l for fo u r yea rs t o Ju n e 30th 19 1 1 ______________________ $4,525,751 63
W AY AND STRUCTURES.
The Maintenance of Way and Structures expenses were
$4,328,717 35, or about 2,195 00 per mile of road, as com
pared with $1,929 00 per mile of road for the preceding year.
67.43 miles of main track were laid with 100-pound steel
rails.
17.18 miles of main track were laid with 85-pound steel
rails.
9.15 miles of Durham District were laid with re-sawed 75pound rails.
28.12 miles of Clinch Valley District were laid with re
sawed 85-pound rails.
37.50 miles of track were fully ballasted.
Additions have been made to the division yard at Shenan
doah, Va., and a hump yard at East Portsmouth, Ohio, has
been completed.
Passenger stations and freight depots were built or en
larged at Woodsdale, N. C.; Thaxton, Berryville, Basic,
Troutvillc, Hollins, Catawba, East Radford, Abingdon and
Plasterco, Va.; Delorme, W. Va., and Chillicothe, Ohio.
Small joint freight depots were constructed at Riverton,
Va., and Devon, W. Va.
Fifteen section foremen's houses and twelve section men's
houses were erected.
Agents’ dwelling houses were erected at Dwight and High
Bridge, Va.
Rest houses were erected at Crewe, Va.,and at Clare, Ohio.
Power houses for interlocking and block-signal plants were
erected at South Norfolk, Va., and at Clifford and Dorney, O.
The buildings used by the Southern Express Company at
Blueficld, W. Va., and Portsmouth, Ohio, were enlarged.
At Roanoke, Va., a three-story brick office for the Motive
Power Department was constructed.
At Roapoke Shons a brick power house 72 ft. x 104 ft.
and a lavatory were constructed.
At West Roanoke, Va., and Portsmouth, Ohio, plants for
icing refrigerator cars were constructed.
At Roanoke a refrigerating plant was installed In the com
missary building.
At Bluefield, W. Va., a three-story addition to the division
office building was constructed for use under lease by the
Pocahontas Coal & Coke Company.
At Bluefield the power house was extended and the boiler
plant was enlarged.
Bluefield roundhouse has also been increased in span.
At East Portsmouth, Ohio, the erecting shop was extended
and a planing mill was constructed.
At Norfolk, Va., a coal wharf was built on Pier No. 2,
equipped with machinery for delivering coal to tugs and
barges.
Coaling stations were erected at Dwight and Glade Spring,
Va., and at Dorney, Ohio.
Standard 50,000-gallon tanks were erected at Helena,
N. C.; Glade Spring, Va.; Lindsey and Williamson, W. Va.,
Haverhill, Wheelersburg, Clifford, Waverly, Renick and
Cromley, Ohio; also one at Disputanta, Va., displacing Sim
mons Tank.
High steel storage tanks of 200,000 gallons capacity for
use in connection with water-softening plants were erected
at Lindsey and Vine, W. Va.; Coal Grove, Haverhill, Wheel
ersburg, Clifford, Waverly, Renick and Cromley, Ohio.
A dam was constructed at Breeden, W. Va., on Twelve
Pole Creek with a storage capacity of six million gallons to
store water collected during rainy seasons.
Enlarged pumping plants were installed at Wilson and
Phoebe, Va.; Naugatuck, W. Va.; Haverhill, Clifford, Wav
erly, Renick and Cromley, Ohio.
A water filter plant was constructed at Petersburg, Va.
Water-softening plants were installed at Lindsey and
Williamson, W. Va.; Coal Grove, Haverhill, Wheelersburg,
East Portsmouth, Clifford, Waverly, Renick and Cromley,
Ohio, and the plant at Dorney, Ohio, was enlarged by the
removal of plant from Delano, Ohio.
Interlocking and signal apparatus was installed at Charles
town, W. Va.; Glen Jean and Renick, Ohio. • Automatic sig
nals were installed between Bridge No. 5 and Gilmerton, Va.,
between Bluefield and Ennis, W. Va., between Naugatuck
and Kenova, W. Va., on the Big Sandy Line, and between
Davis and Columbus, Ohio.
330 lineal feet of wooden bridges and 93 lineal feet of iron
bridges were replaced by masonry, culverts and fill.
284 lineal feet of wooden bridges and 2,897 lineal feet of
iron bridges were replaced by new standard steel structures.
896 lineal feet of wooden bridges on branch lines were re
placed by iron bridges released from the main line.
New overhead steel highway bridges were built at Dwight,
Va.; Basic, Va.; Elmwood, O.; Dorney, O., and Delano, O.
Twelve double-track bridges, two in Virginia and ten in
Ohio, have been constructed over county roads depressed
to eliminate grade crossings.
The grade of main track on Norfolk Division at Dwight,
Va., was reduced from a maximum of 0.7 per cent eastbound
to a maximum of 0.3 per cent for a distance of 3.7 miles.
Two dips in grade were removed between Estes and Poe,
Va., and the maximum eastbound grade has been reduced
frojn 0.5 per cent to 0.2 per cent.
73 lineal feet of Horse Shoe Bend tunnel were lined with
concrete.
204 lineal feet of Dingess Tunnel were lined with brick.
589,520 lineal feet (111.65 miles) of standard fencing were
erected.
r
EQUIPMENT.
The Maintenance of Equipment expenses were $6,638,
841 52, an increase over the preceding year of $686,934 37.
Additions to and replacements of the shop machiaerf have
been made at a cost approximately as follows:
R o a n o k e S h o p s _______ ________________________________________________ $ 54 ,840 00
n iu ellek l S h o p s _______________________________________________________
4 ,7 9 1 0 0
P o rtsm o u th S h o p s ___________________________________________________
8 ,2 9 8 0 0
4,6 8 4 00
O u tly in g S h o p s _________ ______ _______________________________________
T o t a l ..................................................................... . . .......................................... $ 7 2 ,6 1 3 00
The cost of engine repairs was $1,925,647 48, an increase
over the preceding year of $175,637 73.
The total tractive power of locomotives owned and leased
on June 30th 1911 was 34,282,399 pounds, an increase of
2,239,134 pounds, or 7 per cent, and the total capacity of
freight car equipment owned and leased was 1,823,047 tons,
an increase of 206,902 tons, or 12.8 per cent.
The following equipment was acquired during tke year:
53
6
1
5
1
25
500
317
3,123
50
1
4
fre igh t lo c o m o tiv e s ,
ba gg a ge an d m all ears,
m all ca r,
ca fe cars,
o ffic e r s ’ ca r,
flat ca rs, 8 0 ,0 0 0 p o u n d s c a p a c it y ,
all-steel c o k e ca rs, 115 ,000 p o u n d s c a p a c it y ,
all-steel d r o p -b o t t o m g o n d o la s , 115,000 p o u n d s e a p a e fir .
all-steel h o p p e r co a l ears, 115,000 p o u n d s c a p a c it y ,
ca b in cars,
d itch in g m a ch in e ,
p o lin g cars.
Of the new equipment, 3 freight locomotives, 1 mail ear,
25 flat cars, 1,742 all-steel hopper coal cars, 50 cabin cars
and 4 poling cars were built at your Roanoke Shops.
The total equipment owned and leased June 3<Hh 1911
consisted of:
118 passenger lo c o m o tiv e s ,
830 freight lo co m o t iv e s ,
43 s w itch in g lo co m o tiv e s ,
991 lo co m o tiv e s .
402
41,5 9 7
1,058
10
passenger cars,
fre ig h t cars,
w o rk e q u ip m e n t •Ara,
b arges.
THE CHRONICLE
There were in the shops undergoing and awaiting repairs
at the close of the year 201 locomotives, or 20.3 per cent (101
needing only light repairs), 25 passenger cars, or 6.2 per cent,
and 2,775 freight and work equipment cars, or 6.5 per cent.
GENERAL REMARKS.
It will be noted that the gross earnings show a small in
crease, but the operating expenses evidence the results of
continued increases in the cost of labor and material and in
expenditures to meet public demands and legislative require
ments, many items of which your Company cannot control.
In this connection it will also be noted that the tax payments
for the past year show a substantial increase.
The Supreme Court of the United States has upheld the
Constitutionality of the tax upon net profits of railroad com
panies under Section 38 of the Act of Congress approved
August 5 1909, referred to on page 28 of the preceding
annual report.
From the commencement of its operations, October 1st
1896, to June 30th 1911 your Company has expended for
acquiring or constructing railroad lines, branches and exten
sions, second track, sidings, yards, equipment, grade re
vision and changes of line and othor additions and improve
ments, and for advances to subsidiary companies for con
struction purposes, the sum o f____ ________ $88,193,913 90
obtained as follows:
From sales of capital obligations----------------- $62,254,456 83
From in com e------- -------------------------------------- 825,939,457 07
Of the Equipment Trust Certificates issued under your
Company's trust agreements, $2,000,000 were paid during
the year. The total paid to June 30th 1911 is $10,600,000
and $7,900,000 were then outstanding and unmatured.
These expenditures and trust agreements have added to
your Company’s road 420 miles of main line and branches,
335.42 miles of second track and 620.57 miles of sidings;
and to its equipment 615 locomotives, 164 passenger cars,
26,260 freight cars and 897 maintenance of way cars.
Double-track ivork is in progress as follows:
Vivian, W. Va.f to Huger, W. Va., 5.03 miles, including
4 tunnels. This will be completed about November 1911.
Ohio River Bridge at Kenova, W .V a The east approach
is being reduced in grade from 0.5 per cent to 0.3 per cent,
and the viaduct and bridge will be double-tracked, removing
0.7 mile of gauntlet. This will be completed late in 1912.
With the above-named sections completed, your Company
will have in operation between Lambert’s Point, Va., and
Columbus, Ohio, including as second track the lines around
Petersburg, Va., and Lynchburg, Va., and the Big Sandy
Line, 512.09 miles of double-track main line and 191.67 miles
of single track, including two gauntlets, .38 and .55 miles,
respectively. The single track is between Gilmerton and
Phoebe, Va., 172.06 miles; between Radford, Va., and Coaldale, W. Va., in sections, 16.46 miles, and between the Poca
hontas Coal Field and Columbus, Ohio, 3.15 miles.
BRANCHES AND EXTENSIONS.
P E T E R S B U R G B E L T L IN E .
This line extends from Poe, Va., to Addison, Va., com
prising 8.87 miles of main line, 1.69 miles of connecting tracks
with the Atlantic Coast Line Railroad and the Seaboard Air
Line Railway, and 4.06 miles of sidings. The main line was
put into operation June 29th 1911. The maximum grades
are 0.2 per cent eastbound and 0.4 per cent westbound. The
cost will approximate $750,000.
DRY
FORK
B R A N C H A N D C O N N E C T IO N S .
This Branch has been extended to Operation No. 4 of the
New River & Pocahontas Consolidated Coal Company.
Its total length in operation is 30.11 miles, and 1.04 miles is
under construction from present end of track above Canebrake, W. Va., to the initial point of Beech Creek Branch.
Beech Creek Branch, from its connection with Dry Fork
Branch to its junction with Indian Creek Branch at the Vir
ginia State Line, 1.56 miles, is under construction.
Indian Creek Branch, from its junction with Beech Creek
Branch at the West Virginia State Line to Cedar Bluff, Va.,
12.22 miles, and “ Y ” connection, 0.37 miles, at Cedar Bluff,
is under construction.
These lines will be completed in 1912 and will make a con
nection between the main line at Iaeger, W. Va., and the
Clinch Valley District at Cedar Bluff^ Va., giving a direct
outlet to the East for the coals already developed on the Dry
Fork Branch and for those awaiting development on the
new branches, as well as a short line to the West from the
Clinch Valley District. It will also be of great importance
as a relief line for the dense traffic of the main line in the Poca
hontas Coal Fields in case of congestion, high water or acci
dent.
[V O L . L X X X X I I I .
COMPANIES IN WHICH NORFOLK & WESTERN
RAILW AY COMPANY HAS AN INTEREST.
POCAH O N TAS COAL & CO K E CO M PA N Y.
The sinking fund provided for in the Pocahontas Coal &
Coke Company’s Purchase Money First Mortgage, dated
December 2d 1901, amounted in the calendar year 1910 to
$228,721 31. Through this and other sums paid to the
Trustee under the terms of the mortgage, bonds aggregating
$253,000 were purchased and canceled.
From the beginning of the operation of the sinking fund in
1906 to December 31st 1910 there have been received from
royalties on coal mined the sum of $940,410 63 and from sales
of lands the sum of $110,464 49, a total of $1,050,87512;
by means of which there have been purchased and retired
bonds to the aggregate amount of $1,183,000, reducing the
outstanding bonds.to $18,817,000, and leaving a cash bal
ance of $238 80 in the Sinking Fund.
W I N S T O N -S A L E M S O U T H B O U N D R A I L W A Y C O M P A N Y .
The Winston-Salem Southbound Railway Company has
completed its line from Winston-Salem, Forsyth County, to
Wadesboro, Anson County, North Carolina, a distance of
89 miles, connecting your Company’s system with that of the
Atlantic Coast Line Railroad Company. It connects with
the Southern Railway at Winston-Salem, Lexington and
Albemarle, and, through the Atlantic Coast Line, connects
with the Seaboard Air Line Railway at Wadesboro. Through
train schedules were inaugurated May 1st 1911.
The road and sidings are laid throughout with 85-pound
open-hearth steel rail. The maximum grades are 0.6 per
cent southbound and 1 per cent northbound. The maximum
curvature is 6 degrees. All bridges are of concrete and steel
designed to carry the heaviest locomotives now in use. Cul
verts and undergrade crossings are of concrete. Generally,
grade crossings of both railroads and highways have bee n
avoided.
The capital stock of the Winston-Salem Southbound Rail
way Company consists of 1,250 full-paid shares of $100 each,
including 8 shares held by individuals. Your Company artd
the Atlantic Coast Line Railroad Company have each sub
scribed for 621 shares, which have been deposited with the
United States Trust Company of New York, Trustee, under
the terms of a trust agreement dated July 20th 1909, for the
purpose of securing impartial management of the new com
pany as between the said Companies, adjusting their respec
tive rights and obligations and furnishing to each of them
security for the performance by the other of the covenants
and agreements undertaken.
The funded debt consists of $5,000,000 of First Mortgage
50-ycar 4 per cent gold bonds, which were sold in January
1911, the proceeds forming a construction fund, from which
the interest-bearing certificates of indebtedness due by the
Winston-Salem Southbound Railway Company to your
Company and the Atlantic Coast Line Railroad Company
for advances made on construction account have all been paid
with interest thereon.
This line opens a new and direct route for passengers to
and from Florida, as wrell as for freight traffic, which will con
sist principally of coal from your Company’s lines and cereals
and manufactures from the North and West to the South
Atlantic seaboard States, and of vegetables, forest products
and phosphates from the territory reached by the Atlantic
Coast Line and its connections to the Nortli and West. The
section tributary to the line is well populated, is rich in agri
cultural products, especially cotton, and offers opportunities
for the development of great water power. The principal
local manufacturing industries include cotton, tobacco and
furniture.
B IG S T O N Y R A I L W A Y .
Pursuant to authority given at the annual meeting of
the stockholders held October 12th 1910, the railroad prop
erty and franchises of the Big Stony Railway Company were
by deed dated December 9th 1910 conveyed to your Com
pany, and the railroad is now being operated as the Potts
Valley Branch. The total cost of this property to your Com
pany at the date named was $1,056,269 62.
GUYANDOT
&
TU G
R IV E R
R A IL R O A D
AND
C O N N E C T IO N S .
Further progress has been made in securing right of way.
N O R F O L K T E R M IN A L R A IL W A Y C O M PA N Y .
Special questions requiring careful consideration have de
layed the execution of the general plans relating to the Union
Passenger Station at Norfolk, Va., outlined in the preceding
Annual Report. These have how been satisfactorily settled
and the Norfolk Terminal Railway Company has entered into
operating agreements with your Company, the Virginian
Railway Company and the Norfolk Southern Railroad Com
TU G F O R K B R A N C H .
pany, under which these three Companies are obligated to
The North Fork Branch of Tug Fork Branch from Jeanette, use the terminal facilities of the Norfolk Terminal Railway
W. Va., 4.31 miles, is under construction, and will be com Company exclusively for their terminal passenger train busi
pleted about November 1911.
ness to and from Norfolk, and are severally made responsible
SY CA M O RE BR AN CH .
for the payment of all sums required to meet, at the re
This branch, 2.69 miles, has been completed and put into spective due dates, all taxes, all installments of interest on
operation from a point 2.8 miles east of Williamson, W. Va., the Norfolk Terminal Railway Company’s first mortgage
up Sycamore Creek to the coal operation of the Sycamore bonds, and the principal of the said bonds. Authority to act
on these matters was given at the annual tnecting of stock
Coal Company.
.
POTTS V A L L E Y B R A N C H .
holders October 13th 1910.
This branch, from a point near Ripplemead, Va., to Paint
The Capital Stock of the Norfolk Terminal Railway Com
Bank, Craig County, Va., 38.33 miles, and sidings, 2.38 miles, pany consists of 759 full-paid shares of $100 each, including
has been acquired from the Big Stony Railway Company, 9 shares held by Directors. Your Company, the Virginian
as hereinafter recited. (See below.)
Railway Company and the Norfolk Southern Railroad Com-
673
THE CHRONICLE
S e p t . 9 1911.]
-pany have each subscribed for 250 shares and have deposited
these shares with the Guaranty Trust Company of New
York, Trustee, under the terms of a trust agreement dated
May 20th 1911, for the purpose of securing impartial opera
tion of the terminal facilities in the interest of the three Com
panies, for adjusting their respective rights and obligations
and for securing to each of them the performance by the
others of the covenants and agreements undertaken.
A mortgage has been executed by the Norfolk Terminal
Railway Company to secure an aggregate of $2,000,000 of
50-year 4 per cent Gold Bonds bearing the endorsed guaran
ty of this Company and the Virginian Railway Company.
Of these bonds, $1,000,000 have been sold to provide for
the construction of the terminal, the remaining $1,000,000
being reserved for enlargements, betterments andextensions
•of the properties covered.
.
The land for the terminal facilities has been acquired, the
contracts for thestation and office building have been let,
and the work begun. It is expected that, the terminal will
be ready for use about the middle of 1912 and the total cost
thereof is estimated at $950,000.
The total freight revenue increased $77,686 79, or 0.3 per
cent; but the average rate per ton per mile decreased O.0O4
cent, or 0.9 per cent.
.
The freight train mileage decreased 879 miles, or 0.01 per
cent; the average tons per train mile increased 8 tons, or
1.3 per cent.
_
The coal shipments were 15,481,908 tons, an increase of
1,482,392 tons, or 10.6 per cent.
The lumber shipments were 1,551,839 tons, a decrease of
123,142 tons, or 7.4 per cent.
The shipments of other low-class commodities connected
with the iron and steel industries were as follows:
Coke shipments: 1,970,152 tons, a decrease of 999,324 tons,
or 33.7 per cent.
Ore shipments: 879,480 tons, a decrease of 138,772 tons, or
13.6 per cent.
Pig and bloom iron shipments: 581,442 tons, a decrease of
135,509 tons, or 18.9 per cent.
The following local industries have been established:
TRAFFIC.
At the close of the year 176 coal and coke companies were
in operation. The number of coke ovens was 13,931.
There were in operation 9 iron furnaces, with an estimated
aggregate capacity of 1,210 tons of pig iron per day; 14 fur
naces, with an aggregate capacity of 1,870 tons of pig iron
per day, were out of blast.
By order of the Board,
L. E. JOHNSON,
President.
5 m a n u fa c t o r ie s o f m in e r a l a n d m e t a l p r o d u c t s ,
•'
“
lu m b e r p r o d u c t s ,
“
“
fa r m Im p le m e n ts a n d fa r m p r o d u c ts .
29
20
5 c o a l m in e s .
As compared with the preceding year, the number of pas
sengers carried increased 235,646, or 4.8 per cent; the average
haul of passengers increased 0.78 mile.
The total passenger revenue increased $259,356 34, or 6.6
per cent; but the average rate per passenger per mile de
creased 0.008 cent, or 0.4 per cent.
Tons of freight carried increased 415,738, or 1.6 per cent;
the average haul of freight decreased 1.35 miles.
GENERAL BALANCE SHEET JUNE 30TII 1911.
A SSETS.
p r o
i n v e s t m e n t —
E q u ip m e n t — I n v e s t m e n t t o J u n e
p e r t y
R oad
and
30
19C 7—
Com parison with
J u n e 3 0 < /t 1 9 1 0 .
„„
R o a d ................. ................................................................. ..........................-...............- ............................. ................... 5 1 ? M x i 0 2 l ’ 5
E• qI quui lppm
2 4 ,3 8 3 .0 2 1
m ee nn tt -------------------_ --------------------- -------------------------------------------------------------------------------------------------------------------—
I n v e s t m e n t s in c e J u n e 3 0 190 7
R o a d ____ ___________________ . __________ _____________
E q u i p m e n t _______________ _____ _______ __________ --- ------------G en e ra l E x p e n d itu r e s .
D ed u ct
C r e d it
^ S e c u r it ie s
n ie u iiin ..
S e c u r itie s
of
ui
of
R eserve
fo r
A ccru ed
$ 1 7 5 ,8 2 3 ,7 0 7
4 -5 7 ,5 8 5 ,2 5 7
4 -4 ,9 6 0 ,0 7 2
+ 1 5 ,8 2 8
D e p r e c ia tio n
(o f
80
27
A ffilia te d
and
C o n tr o lle d
a n d B e tte rm e n ts:
G u y a n d o t & 'l u g I t lv e r R a ilr o a d C o
U l g S t o n y R a i l w a y C o . ------------------------- -- - -
M is c e lla n e o u s I n v e s t m e n t s —
P h y s i c a l P r o p e r t y ----------------- -------------S e c u r itie s — U n p le d g e d .
- - W O R K IN G
C o m p a n ie s
fo r
C o n s tr u c tio n ,
W o r k in g
D E F E R R E D
A ;
DEBIT
A d van ces T em p orary
..
$ 4 1 0 ,0 7 9
8 8 5 .5 3 8
------------------------------------------ ----------
---------------------- -------------------------------------------------------------------------------------------------------
A d van ces
D e fe r r e d
V ote
on
th e
T h is
D e b it
sum
L ia b ilitie s
s id e
8 0 ,4 0 0
80
2 9 ,1 7 3
33
!1 0 ,7 7 0
33
1 ,3 0 2 ,2 1 8
08
- 4 1 ,0 2 5
5 2 ,3 1 0
00
72
$ 5 ,4 5 3 ,9 1 0
2 1 ,3 0 0
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7 0 0 ,6 4 8
7 2 5 ,9 4 7
6 3 9 ,0 3 4
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33
+ 501
— 9 5 5 ,1 8 7
01
98
99
09
+ 7 8 ,5 7 2
54
80
00
00
80
10
90
84
84
03
21
-3 ,7 4 4 ,0 3 3
36
‘ '
-2 ,4 4 8 ,2 1 6 2 5
-3 ,8 8 7 ,7 5 9 5 8
— 4 4 9 ,5 8 5 81
— 4 5 ,3 7 4 7 6
— 6 5 ,7 9 1 21
+ 3 1 5 ,0 7 2 1 0
+ 8 2 6 75
1 2 ,9 4 5 ,6 5 2
04
ITEMS
to
P r o p r ie ta r y ,
A ffilia te d
W o r k in g F u n d s
R e n t s a n d I n s u r a n c e p a id In A d v a n c e
--C a s h a n d S e c u r it ie s In S in k i n g a n d R e d e m p t i o n
O th er
$ 2 1 9 ,7 7 0
------------------------------------------------------- -------------------------------------------------------.................................................... - .......................--------------------- -
-------- ------
s t8
04
E q u ip m e n t
................. ............
—
--------------------------------------------------------------------------------------------------------------------------------------- --------------- -----------
A S S E T S —
Materials and Supplies—
1.393.218 10
$ 2 1 1 ,0 7 3 ,2 8 1
$ 2 0 ,1 7 3 3 3
9 ,0 0 0 0 0
S e c u r i t i e s I s s u e d o r a s s u m e d — H e l d I n T r e a s u r y ------------------------- ---------------- -------------------------------------- ---------------- —
.M a r k e t a b le S e c u r i t i e s — S t o c k s
.....................................................................—
------------------------ ------------- - - F u n d ed D eb t—
...................-----------....................... .......................----------------------- ....... -
L o a n s a n d I M lls R e c e i v a b l e .
. . ............................. - - - - -----------------...------------------------------------------------- - ------------- - ...................
T r a f f i c a n d Car S e r v i c e B a l a n c e s d u e f r o m O t h e r C o m p a n i e s ------------------------------------------------- --------------------
N e t B a la n c e d u e fr o m A g e n ts a n d C o n d u c t o r s .
1----------------------------------------------- ------------- ----------------------------------------M i s c e l l a n e o u s A c c o u n t s R e c e i v a b l e . - - -------------------------------------------------------------------------------------------------------------------------O th er
90
30
61
N ote)
4,525.751 63
E q u ip m e n t).
S t o c k s ........... ................................
F u n d e d D e b t ..........................
‘
(S e e
4 0 .3 7 5 ,2 0 5
$ 2 1 0 ,1 9 9 ,0 3 3
P r o p r ie t a r y . A ffilia t e d a n d C o n tr o lle d C o m p a n ie s — P le d g e d S to c k s
i
i
•’
• — ........... . .........
— ‘ " '' M e d C o m p a n i e s — U n p l e d g e d :
P r o p r ie t a r y . A ffilia t e d a n d C o n t r o lle d
^ 111<A d w m c e ™ t o 1 P r o p r l e t a r y ,
47
$ 2 3 ,5 0 4 ,2 5 0 08
1 0 ,7 9 0 ,0 9 7 71
2 0 ,9 1 7 41
Ite m s.
in c lu d e s
o f th e
.
th e
and
C o m p a n i e s --------------------
C o n tr o lle d
---------
$ 1 '2 i
F unds
-----------
$ 1 0 ,4 0 5 ,9 3 5 9 1
G en eral
B a la n c e
of
“ A p p r o p r ia te d
Sheet
r e fe r s .
S u r p lu s ”
/
to
w h ic h
th e
5
,’ o o i
93
0 4 ,6 5 4
8 7 ,9 6 8
1 1 9 ,5 4 8
70
09
06
n o te
— 9 7 ,5 5 1 8 0
+ 130 66
— 1 2 ,1 1 9 71
+ 7 5 ,9 8 3 8 0
+ 3 2 ,0 8 5 72
1 ,5 0 7 ,1 3 8
05
$ 2 2 7 ,8 1 7 ,7 0 0
87
— $ 1 2 1 ,7 7 6
23
l A l U i I T U 'S
Com parison w ith
J u n e SOth 1 9 1 0 .
C A P IT A L S T O C K —
A d ju s t m e n t
P r e fe r r e d
Common
F U N D E D
........ ...........
$ 2 3 ,0 0 0 ,0 0 0 0 0
7 4 2 8 4 ,0 0 0 0 0
-
D E B T
$ 8 3 ,2 8 3 ,5 0 0
1 7 .2 8 5 ,0 0 0
7 ,9 0 0 ,0 0 0
Mortgage Bonds.
P l a i n B o n d s , D e b e n t u r e s a n d N o t e s ..........
E q u ip m e n t T r u s t O b lig a t io n s .
' V T r a f f i c ^ a n t l 'c a r s e r V i c e it { d a n c e s d u e t o
A u d ite d
V o u c h e r s a n d W a g e s U n p a id
V ou ch er .
.......................
-
.......................................
$ 0 6 ,4 2 1
O th e r C o m p a n ie s .
$ 1 ,4 9 7 ,4 4 1
. 1 ,2 0 1 ,6 1 8
--------- --------------------------
Pa> -Rolls.----- --------------- ---------- ----------------- —
L IA B IL IT IE S
U n m a tu rcd
T axes
In terest,
D iv id e n d s
a ccru ed . . . . .
D E F E R R E D
NO T
R e n ts
"
A d d itio n s
C R E D IT
to
$ 1 ,0 1 7 ,5 7 2
6 1 1 ,4 4 2
I a y a b lc .
-
94
P rop erty
s in c e
June
30
1907
.......................
th rou gh
.........
In com e— R oa d
E q u ip m e n t
$ 8 ,3 2 2 ,4 7 9 71
2 ,1 4 3 ,4 5 6 2 0
--------
,
,» v i i a n H
11 l i v e s
s in c e
T i m e • u it ii
10 07
w h ic h
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an d
^ p r e o W t ? o n Sd u e
t o ^ h a n g l n ^ c o n d l t l o u i s , a n d .CW C T e ^ e c e s s a r y ^ ^ m a l n t a l n
a*<l
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s h o u ld
be
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and
o f
th e
00
— 5 ,3 8 8 ,0 0 0
— 2 ,0 0 0 ,0 0 0
00
00
— 4 6 ,0 3 9
40
.........................................
— 1 ,2 6 4 ,0 3 2
— 7 4 .5 9 8
20
40
+ 2 ,3 0 3 51
+ 1 ,9 0 7 8 2
— 1 ,0 0 0 0 0
+ 7 ,7 7 4 5 1
3 ,5 0 0 ,8 0 0
54
1 ,0 2 9 ,0 1 4
17
2 4 9 ,2 4 3
08
— 3 6 ,2 9 3 3 3
+ 7 2 .0 4 7 39
: ' - ’- - I . -------. ' . -- -------- ’
+ 3 9 ,3 8 0
37
+ 2 ,5 9 7 ,1 0 8
57
91
6 ,1 5 4 ,1 9 7
57
+ 5 7 9 ,6 6 4
93
$ 2 2 7 ,8 1 7 ,7 0 0
87
— $ 1 2 1 ,7 7 6
23
D ir e c to r s w e r e r e q u ir e d
preserve
+ $ 5 ,3 8 8 ,0 0 0
............................................
1 0 ,4 6 5 ,9 3 5
P R O F IT
A N D
LO SS
C r e d it B a l a n c e . .
....
00
00
17
IT E M S -
O t h e r D e f e r r e d C r e d i t , I t e m s . ....................
A P P R O P R I A T E D S U R P L U S (S e e .N o t e )
1 0 8 ,4 6 8 ,5 0 0
2 ,7 5 9 ,0 6 0 2 3
1 9 3 ,2 0 9 9 4
5 3 3 ,1 7 1 50
6 ,0 0 0 0 0
8 ,9 4 5 9 3
D U E—
and
00
00
00
00
74
49
M is c e lla n e o u s A c c o u n t s P a y a b le
.
-..
.
M a tu re d I n te r e s t, D iv id e n d s a n d R e n ts F lip ..I d .
M a tu re d M o r tg a g e B o n d e d a n d S c o u r e d D e b t L n p a id
O t h e r W o r k i n g L i a b i l i t i e s . . ....................
— - - ------------
ACCRU ED
$ 9 7 ,2 8 4 ,0 0 0
v a lu e o f
to
o ffs e t o b s o le s c e n c e
th e C o m p a n y s p ro p e rt
.
674
THE CHRONICLE
lsu lxxih .
CENTRAL OF GEORGIA RAILWAY COMPANY
SIXTEENTH ANNUAL REPORT— FOR THE Y E A R ENDED JUNE 30 1911.
_
, _ ,, ,,
Savannah, Georgia. August 15th 1911.
7 o the Stockholders:
ih e Board of Directors submits its report for the year
ended June 30th 1911.
IN C O M E
A
A C C O U N T .
A v e r a g e m ile s o p e r a t e d
d u r in g
th e y e a r.
----------------------- ------------------Operating R evenues —
F r e i g h t r e v e n u e ............................................
P a s s e n g e r r e v e n u e -------------------------------M a i l r e v e n u e . . .............................
E x p r e s s r e v e n u e _________ __________
O th e r
passen ger
s e r v ic e
tr a in
r e v e n u e _________________________________
O th e r tr a n s p o r ta tio n r e v e n u e ..
R e v e n u e fro m
o p e r a t io n s o t h e r
t h a n t r a n s p o r t a t i o n _______________
T ota l
o p e r a t in g
1 ,0 1 5 . 4 2
$
8 ,30 8 ,9 18
N e t r e v e n u e fr o m o u t s id e o p
e r a t i o n s ......................................................
l o t a i n e t r e v e n u e ----------------------------T a x e s a c c r u e d ------------------------------------------
-.4 3
$
+ 3 4 7 ,4 4 4
+ 4 5 8 ,5 4 2
-3 ,1 4 1
+ 4 0 ,3 7 6
00
11
22
24
5 0 ,0 2 5
2 0 0 ,3 7 2
80
5 3 ,2 0 0 8 4
2 2 0 ,2 8 9 10
—
3 0 0 ,6 3 2
3G
2 8 4 ,3 3 1
+ 2 5 ,3 0 1
r e v e n u e s ______ 1 2 , 9 0 7 , 7 8 8
T o t a l o p e r a t i n g e x p e n s e s ______
N e t o p e r a t i n g r e v e n u e _________
Outside Operations —
R e v e n u e s ___________________________________
E xpenses
___________ _____________________
1 ,9 1 5 .8 5
*
7 ,9 0 1 ,4 7 4 3 0
3 ,0 2 5 ,8 4 6 5 0
2 3 3 ,8 8 1 8 4
2 7 3 ,7 3 2 52
3 ,4 8 4 ,3 8 0
2 3 0 ,7 4 0
3 1 4 ,1 0 0
Operating E x p en ses—
M a in te n a n c e o f w a y a n d s tr u c
t u r e s ----------------------------------------------------------M a i n t e n a n c e o f e q u i p m e n t ________
T r a f f i c e x p e n s e s _________________
T r a n s p o r t a t i o n e x p e n s e s ___________
G e n e r a l e x p e n s e s ______________________
Increase ( - ( - ) or
Decrease ( — ) ,
1910.
1011.
1 ,7 4
2 ,1 8
30
4 ,1 9
49
5
2
7
9
5
32
01
1 2 ,0 5 2 ,7 5 6
— 2 ,5 7 5 52
1 0 ,0 1 6 2 4
04
14
60
61
62
72
+ 8 5 5
32
0 3 1 87
,0 2 3
,0 6 6
,6 1 3
,2 4 6
,2 4 3
21
92
17
53
12
1 .8 8 2 ,2 2 5 2 9
2 ,0 3 0 ,0 0 6 4 6
3 7 7 ,0 1 3 4 9
3 ,6 8 4 ,7 6 8 5 3
4 9 4 ,8 0 6 5 7
— 1 3 7 ,2 0 2
+ 1 4 6 ,8 7 0
+ 2 0 ,5 9 9
+ 5 1 4 ,4 7 8
+ 430
08
40
68
00
55
9 ,0 2 0 ,0 9 2
3 ,8 8 7 ,6 9 5
95
06
8 ,4 7 4 ,9 1 0 3 4
3 ,5 7 7 ,8 4 5 8 0
+ 5 4 5 ,1 8 2
+ 3 0 9 ,8 4 9
61
26
9 5 ,1 0 2 21
1 7 ,2 4 5 9 2
8 6 ,6 3 6 0 9
1 6 ,8 6 5 0 2
+ 8 ,4 6 6
+ 380
12
90
+ 8 ,0 8 5
+ 3 1 7 ,9 3 4
+ 1 9 ,5 0 5
22
48
99
rent fiscal year wages were increased for % very large pro
portion of all employees. The increases in rates of pay and
the increases in force necessitated by the larger volume of
business explain, in a general way, the increase in Trans
portation Expenses.
The increase in Loss and Damage-Freight includes about
$26,000 00 loss and damage to peaches during the summer
of 1910, when the largest crop ever produced along tha lines
of this Company ripened so rapidly, because of unusual
weather conditions, that the equipment available became
insufficient for the demand and a large quantity of fruit
spoiled before cars could be obtained.
F IN A N C IA L
The General Balance Sheet, Table 4 [pamphlet report]
shows the financial condition of the Company at June 30
1911, in comparison with June 30 1910, in detail.
Ihe increase of $1,175,352 07 in Road and Equipment
during the year is explained by the following detailed state
showing items arranged according to the Classification
of Additions and Betterments prescribed by the Inter
State Commerce Commission:
Account N o .
3
7
8
9
Character o f Im provem en t.
W i d e n i n g c u t s a n d " f i l l s ! I ------------------------------------------------ --------------------------------, ,
...............n r
B r id g e s , tr e s tle s a n d c u l v e r t s . I *
I n c r e a s e d w e ig h t o f r a i l . . .
--------------- -----------------------» ,
I m p r o v e d fr o g s a n d s w itc h e s . . 1 1 .
‘
--------------- ------------------------------------
7 7 ,8 5 6
3 ,0 6 5 ,5 5 1
5 6 0 ,1 2 5
29
35
16
6 9 ,7 7 1
3 ,6 4 7 ,6 1 6
5 4 0 ,6 1 9
O p e r a t i n g i n c o m e ..................... .............~ 3 , 4 0 5 , 4 2 6
O t h e r i n c o m e -------------------------------7 0 8 ,8 7 3
19
57
3 ,1 0 6 ,9 9 7 7 0
7 3 0 ,1 8 2 7 5
+ 2 9 8 ,4 2 8 4 9
+ 3 8 ,6 9 0 8 2
15
F & ng f f i o r w i y : : ; ; ; ; : ....... -
76
3 ,8 3 7 ,1 8 0
+ 3 3 7 ,1 1 9
17
18
E li m in a t io n o f g r a d e c r o s 's 'l n g s I I I '" '
I n t e r l o c k i n g a p p a r a t u s ______
21
23
24
o i ° F , k a ! Ld R y ? R r s i g n a l a p p a r a t u s L .
S t a t io n b u ild in g s a n d fix tu r e s .
S h o p s , e n g in e h o u s e s a n d t u r n ta b le s '
S h o p m a c h in e r y a n d t o o l s . . .
35
O th er
G r o s s c o r p o r a t e i n c o m e ____
Deductions —
I n t e r e s t o n e q u ip m e n t tr u s t o b llR a t io n s
--------------------------------------------I n te r e s t o n fu n d e d d e b t — fix e d .
In te re st o n sh ort term n otes
R e n t s a c c r u e d fo r le a s e o f o t h e r
r o a d s . . -------------- -----------------------------------R e n t s — j o i n t f a c i l i t i e s ___________
O t h e r r e n t s ______________
E x p e n d e d f o r r e n e w a ls a n il b e t
t e r m e n t s --------------------R e s e r v e d fo r r e n e w a ls a n d b e t
t e r m e n t s _______________________________
U p p er C ah aba B ran ch b on d s—
m a t u r e d ____ _______
_
G r e e n v i lle & N e w n a n M a in L in e
b o n d s — m a t u r e d _______ .
M i s c e l l a n e o u s . . . . _ ___________
_
4 ,1 7 4
209
’
9 7 ,4 7 8 3 3
1 ,7 9 7 ,9 7 7 9 1
3 2 ,5 0 0 0 0
3 0 9 ,1 3 6
6 4 ,9 0 9
30
16
12
1 ,1 4 7 ,3 0 0
64
7 6 ,50 3
______
07
87
17
45
1 2 6 ,3 7 6
1 ,8 0 0 ,6 8 0
3 2 ,5 0 0
30
00
00
— 2 8 ,8 9 8
— 2 ,7 0 2
3 6 8 ,7 7 6
5 3 ,5 3 4
6 5 ,3 3 7
00
97
04
+ 360 24
+ 4 7 ,9 6 8 19
— 427 92
—
1 3 ,0 5 5 0 6
3 ,5 9 8 ,8 6 6
52
B a l a n e o __________________ __________________
C h a r g e d d ir e c t to P r o fit a n d L o s s
A c c o u n t ________________________
. _
C r e d ite d d ir e c t to P r o fit a n d L o s s
A c c o u n t _______________________________
5 7 5 ,4 3 3
24
415
17
T o t a l _______________ ________ ____________
R eserved
fo r
In te re st
p a y a b le
O c to b e r 1 o n In com e b o n d s ..
5 7 5 ,8 4 8
41
6 0 8 ,3 2 0
00
N e t i n c o m e — d e f i c i t ..................................
3 2 ,4 7 1
59
03
09
1 ,2 4 7 ,6 7 8
03
7 0 ,4 4 4
53
3 0 ,0 0 0
00
-3 0 .0 0 0
00
3 0 ,0 0 0
5 ,6 3 7
00
13
— 3 0 ,0 0 0
+ 7 ,4 1 7
00
93
3 ,8 3 5 ,9 6 4
12
— 2 3 7 ,0 9 7
00
........................ '
T o t a l ............................................... ...................
31
1 .2 1 6
33
1 .2 1 6
331
1 0 0 ,3 7 1
39
-7 0 ,4 4 4
53
+ 5 7 4 ,2 1 6
+
91
1 ,6 3 1
50
8 7 5 ,8 4 8
41
+ 6 0 8 ,3 2 0
00
+ 3 2 ,4 7 1
59
i i
it
BftM c* s t a s t c n , n ? s
and
a p p u r t e n a n c e s .:::::::::::::::;;;;
---------
a d d it io n s
T ota l
W a y
and
and
b e tterm
e q u ip m e n t
97
?n
onn
74
79 .0 27 95
issass
i i
'. ' " " 1
sV 70
A7 nr.r. IX
......................
179 015
..............l a n ’ a i v a o
22
e n t s .............. Z 1 . . Z . Z Z 1 Z1 1 ZZZZZZ
r e tir e d
d u r in g
y e a r _____________ ^
9 2 + 0 3
3 9 8 ,4 9 0
326
760
T o ta l.
'
175 3 5 5 0 7
64
1 0 0 ,5 0 0
+
84
23
’
3?
T o ta l A d d it io n s a n d B e tte r m e n ts u n d e r I n t c r -S t a t o C o m m e r c c C o m m i s s i o n C l a s s i f i c a t i o n _______________________
. s i
E q u ip m e n t T r u s t O b lig a tio n s m a tu r e d
an d
p a id
(lu t in g
th e
y e a r _________________________________________________ « g 5 9
L e s s E q u ip m e n t R e p la c e m e n t A c c o u n t fo r t h e y e a r !
01
1 2 | 5 8 3 59
S t r u c t u r e s ____ : ___________________________________________5 8 4 8 , 5 9 1
E q u i p m e n t __________________________ ____________
_
2 2 0 ste e l u n d e r fra m c b o x " c a r s . .
_ " . T j 2 1 0 ,2 2 * 9 2 0
O t h e r f r e i g h t t r a i n c a r s __________
1 1 1 ,0 3 4 p «
P a s s e n g e r t r a i n c a r s _____________
6 5 ,8 0 3 39
W o r k e q u i p m e n t _________ _____________
2 2 ,2 2 0 84
r r c ig h t ch a rg e s o n
lo c o m o t iv e s r e c e iv e d
in
p r e v i o u s y e a r s ____________________________________________
1 , 3 1 0 TV
B e t t e r m e n t s t o l o c o m o t i v e s _______ ____________________
2 ' 4 9 8 44
L ess
22?
i 388 18
................................... " ................
25 water and fuel stations..............1a2 ‘ o}Z
33
Am ount
.....................- .......................................................................................................... $ 1 , 3 3 5 , 8 6 1
36
43
F unds for the above expenditures were obtained from
the following sources:
.The deficit is due to the fact that in the Income Account P r o c e e d s o f C o n s o l i d a t e d M o r t g a g e B o n d s s o l d I n p r e v i o u s
--------------------------------------------------------------------------- . . .
5 118 ,110 2 6
with Income Bondholders the $32,500 00 interest on short n e ys ee ar vr se f r o m---------------------------------I n c o m e o f t h e p r e v i o u s y e a r ___________________
. .
7 0 ,4 4 4 5 3
term notes is not deducted, and the net income available for I n c o m e o f t h e c u r r e n t y e a r _____________________________________________________ 1 , 1 4 7 , 3 0 6 6 4
interest on income bonds is thus increased to $008,348 41.
fi
$ 1 ,3 3 5 ,8 6 1 4 3
The deduction from this available net income of the reserve
The last two items, amounting to $1,217,751 17, represent
for interest on income bonds, $008,320 00, leaves in the
the
increase
in
Improvements
to
Property
sinoe June 30
account with the income bondholders a credit balance of 1907 under Appropriated Surplus.
$28 41 carried forward to the next year.
The decrease in Mortgage Bonds represents Upper Cahaba
O P E R A T IN G
R E V E N U E S .
Branch Bonds and Greenville & Newnan Main Lina Bonds
Ihe total Operating Revenues for the year were $12 907 - $30,000 00 each, matured during the year.
788 01, as compared with $12,052,750 14 for the previous
The decrease of $40,000 00 in Collateral Trust Bonds rep
yeai, a,n increase of $855,031 87. The principal increases resents the par value of Collateral Trust Bonds of the Central
were m 1 reight Revenue, $347,444 00, and in Passenger Railroad & Banking Company of Georgia purchased and
Revenue, $458,542 01. The increase in Freight Revenue retired during the year with proceeds from the sale of “ rights”
was derived chiefly from cotton, fertilizers, peaches and on 1,454 shares Atlanta & West Point Railroad Company
miscellaneous merchandise, while there was a decrease in the pledged under the Collateral Trust Mortgage of the Central
revenue from lumber. Revenues are stated in detail in R R. & Banking Company of Georgia.
Table 2 and the tons of commodities handled in Table 12
The decrease in Equipment Trust Obligations is due to
[of pamphlet report].
payment and retirement of obligations during the year, as
.
^
O P E R A T IN G
E X P E N S E S
shown in detail in Table 6 [pamphlet report].
Operating Expenses are shown in detail in Table 9
The decrease in the reserve for overcharges on lumber
[of pamphlet report].
represents payments of lumber claims during the year and
The decrease of $137,202 08 in Maintenance of Way and the transfer of $100,000 00 as of June 30 1907, from Reserve
Structures is largely explained by extraordinary items to Profit and Loss Surplus from Previous Years, in accord
charged to this account last year for extraordinary renewal ance with the judgment of the courts in the 1907 Income
anc* ^or ProPerty abandoned in the reconstruction Bond cases.
ot the Macon Shops, while similar charges for the current
The increase in the Fire Insurance Itoserve, $20,284 24
year were relatively small.
is explained as follows:
i he increase of $146,870 46 in Maintenance of Equipment
, ,
D r.
Cr.
is shown in detail in Table 9 [pamphlet report]. The large
B a l a n c e , J u l y 1 1 9 1 0 _____________________________
3 1 4 3 ,4 4 5 91
increase in repairs to freight train cars of other companies TI nws eu lrveed ml o os ns et sh s r' e ac po pv re or xe idm. .a t e d p r e m i u m s . .
1 2 0 ,0 0 0 0 0
1 1 ,3 5 9 2 3
is explained by the use of more foreign equipment during P r e m i u m s a c c r u e d _________
$ 7 4 ,6 9 5 8 4
~
7 ,5 6 9 79
the current year and by an extraordinary credit last year E q u i p m e n t b u r n e d
S u n d r y fir e lo s s e s o n f r e i g h t a n d p r o p e r t y " ' I “ Z 1 1
1 5 , 0 1 6 Hi
from overhead charges" on repairs made for account of P r o p e r t y o f o u t s i d e p a r t i e s b u r n e d
3 ,7 9 2 51
1 7 3 ,7 3 0 1 5
other companies. The increase in the cost of repairs to steam B a l a n c e J u n o 3 0 1 9 1 1 ............................
locomotives was due to increased wages and the larger num
$ 2 7 4 ,8 0 5 14 $ 2 7 4 ,8 0 5 14
ber of locomotives requiring repairs.
The increase in Profit and Loss-Surplus from Previous
The increase in Transportation Expenses of $514,478 00 is
shown in detail in Table 9 [pamphlet report]. During the Years, amounting to $365,985 06, is the result of adjustments
last pant of the last fiscal year and the early part of the cur as of June 30 1907 of accounts for 1007 in accordance with
the judgment of the Courts in the 1907 Incomo Boad aascs.
IN C O M E
B O N D
O A SE S.
The litigation with the Trustees of the Second and Third
Income Mortgages over the Income Account of 1907, which
began in 1908, resulted in final decision by the Supreme
Court of Georgia on September 14 1910, affirming the
judgment which the Trustees had recovered against this
Company in the Court below for the unpaid balances of 1907,
to-wit: 1.271% on the Second Income Bonds and 5% on
the Third Income Bonds. These judgments were satisfied
in full in January 1911 by the payment of about 8385,000,
which included interest, Trustees' allowances, counsel fees
and other expenses included in the judgments.
Similar litigation by the Trustees for the three series of
Income Bonds is pending for the fiscal year 1908 and i3
threatened for 1909 and 1910. Under advice of counsel as
to the legal effect of the judgment in the 1907 case and of the
judicial construction of the mortgage contracts in the
Court’s opinion, your Board has, by supplemental resolutions
of May 6th 1911. revised the Income Account and Profit and
Loss Account or 1907 and the accounts with income bond
holders for 1908, 1909 and 1910. The Ocean Steamship
Company of Savannah, which is a co-defendant in this liti
gation, and against which definite claims are made by the
income bondholders, has taken similar action as to its Income
Accounts and Profit and Loss Accounts for 1907 and 1908.
The results of these readjustments and the payments resulting
therefrom are shown below.
In order that the accounts of the two companies as re
corded should conform to the judgments of the courts as to
their actual legal status, the Ocean Steamship Company has
paid to this Company, as of June 30 1907, a dividend of
8542,399 22, being the amount of earnings and income of the
Steamship Company for 1907 judicially determined and held
to rightfully belong to the Railway Company.
As a result of the readjustment of its accounts for the fiscal
year 1908 the Ocean Steamship Company has paid to this
Company as of June 30 1908 a dividend of 8305,812 64.
This Company lias declared during the past fiscal year
interest on Income Bonds for account of prior years as
follows:
1 0 0 8 , F i r s t I n c o m e s , 5 % ____ ______________ ___________________ 5 2 0 0 , 0 0 0 0 0
1 9 0 8 , S e c o n d I n c o i n e a , 2 . 8 2 1 % ___________________________
1 9 7 ,4 7 8 4 5
1 9 0 9 , F ir s t
1 9 1 0 , F ir s t
In com es,
In com es,
2 . 3 1 % __________________
___________
2 . 3 1 % -------- -----------------------------------------
$ 3 9 7 ,4 7 8
9 2 .5 0 0
9 2 .5 0 0
45
00
00
$ 5 8 2 ,4 7 8
45
Of this sum, §145,834 72 was uncollected by bondholders
at June 30 1911 and is included in “ Matured Interest, Divi
dends and Rents Unpaid.” The item of 8276,360 49 carried
as a Deferred Debit Item represents the difference between
the amount declared as above and the 1908 dividend received
from the Ocean Steamship Company, and is carried in sus
pense pending final adjustment of accounts.
P H Y S IC A L
C O N D IT IO N .
One hundred and thirteen new side and spur tracks, in
cluding additions to yards, aggregating 16.151 miles, were
constructed, and thirty-three side and spur tracks extended,
aggregating 2.935 miles, making a total of 19.086 miles of
side and spur tracks constructed during the year. 1.718
miles of side and spur tracks were removed or shortened.
788,016 cross ties were placed in track in repair work
during the year.
Stone, slag, gravel and cinder ballast were placed under
26.14 miles of main track during the year.
There has been expended in renewing and strengthening
iron and steel bridges on certain parts of the line 893,642 81.
Included in this work were the following bridges which are
particularly mentioned as having been contracted for and
partially completed during the year:
8,166,619 feet of timber (board measure) were used in
repairing, renewing and constructing bridges and trestles.
Twelve trestles, aggregating 1,38 ) feet of track, or 0.262
miles, were filled with earth and suitable waterways provided;
also one other trestle partly eliminated, at a total cost of
$20,910 59.
2,580 and 22-100 tons of 90-pound new steel rails, aggre
gating 18.244 miles of track, and 9,748.96 tons of 80-pound
new steel rails, aggregating 77.551 miles of track, .34 tons of
75-pound new steel rails, aggregating .003 miles of track,
and 1.67 tons of new 70-pound steel rails aggregating .015
miles of track, a grand total of 12,331.19 tons, or 95.813
miles of track, received on this and previous year’s pur
chases, were placed in track.
863,171 56 were expended in adding tie plates, &c.,
to track.
c
During the fiscal year 3,204,360 feet of timber (board
measure) were used in constructing new buildings and plat
forms and in repairs and extensions to old buildings and
platforms.
_
Many station buildings and section houses have been re
modeled and added to and water stations improved.
There was paid for the purchase of right of way and other
real estate on the different divisions during the year 87,
512 09.
>
.
[For further details relating to betterments sec pamphlet
report.]
By Order of the Board of Directors,
C. H. MARKHAM,
President.
[Comparative Balance Sheet, & c., will bo found on a previous page
under Annual Reports.]
675
THE CHRONICLE
Sk m . 9 1911.]
The ©mmiuemal 'Times.
C O M M E R C IA L E P IT O M E .
Friday Night, Sept. 8 1911.
Indications are not wanting that in general trade there is
some progress toward better conditions. There have been
fewer commercial failures, foreign political advices have
been more reassuring, the jobbing centres report an im
proved demand from retailers and the steel trade reflects
vigorous activity in new structural work. Last, but not
least, the favorable attitude of the Governor of Texas toward
the Southwestern railroads has been regarded as significant.
Meanwhile Europe is a steady buyer of our grain and pro
visions.
S e p t.
Stocks o f M erchandise in N ew York.
1
Aug.
1911.
C o d e c , B r a z i l ____________________________
bags
C o d e c , J a v a ----------------------------------------------------------------- b a g s
C o d e c , o t h e r -------------------------------------------------------------- b a g s
Sugar
---------------------to n s
H id e s
................. ............................. - ............................ - - A o .
C otton
---------------------------------------------M a n i l a h e m p -----------------------------------------S i s a l h e m p . . ----------------------------------------F l o u r _______________________________ b a r r e l s a n d
sack s
1
1911
S e p t.
1
1910.
1 ,8 0 0 ,7 2 6 1 ,8 2 5 ,5 2 8
2 6 ,3 7 5
2 1 ,8 8 1
2 3 6 ,4 5 7
2 2 6 ,8 0 9
N il.
2 4 ,2 3 1
1 0 ,3 0 0
7 ,0 0 0
5 8 ,b0a8l6e s
6 2 ,3 6 3
5 ,8 0 3
b a6 l,e1s3 2
1 ,7 1 8
b a l 9e 0
sS
3 7 ,3 0 0
4 6 ,2 0 0
2 ,4 4 5 ,0 1 8
2 0 ,4 0 0
2 8 0 ,8 2 8
7 0 ,4 7 4
1 7 ,5 0 0
1 1 3 ,0 6 7
1 ,3 5 9
1 ,2 2 0
5 6 ,5 0 0
LARD has continued firm with exporters steady buyers;
prime Western here 10c., refined for the Continent 10.30c.,
South America 11c. and Brazil in kegs 12c. Futures have
also shown steadiness as to prices on demand from packing
interests.
D A IL Y
C L O S IN G
P R IC E S
S o t.
S e p t e m b e r d e l i v e r y ______
J a n u a r y d e l i v e r y . ______
D A IL Y
C L O S IN G
R o lld a y .
P R IC E S
S a t.
S e p t e m b e r d e l i v e r y ______ 9 . 5 7 14
J a n u a ry d e liv e r y ..
. . .
9 .3 5
O F
L A R D
F U T U R E
W
9
9
M on.
Tues.
H o lld a y .
9 .7 5
9 .5 4
O F
L A R D
S IN
ed.
.6 5
.3 5
F U T U R E S
N F .W
T h v rs .
9 .7 5
9 .5 1
IN
Y O R K .
F r i.
0 .7 0
9 .5 0
C H IC A O O .
M on.
T ues.
Wed.
T h u rs.
F r i.
H o lld a y .
9 .5 0
9 . 3 2 V,
0 .5 0
9 .4 0
9 .5 5
9 .4 2 ^
9 .5 0
9 .1 0
PORK lias been quiet but steady; mess here $18 50 to
$19 25, clear 816 50 to 817 50 and family $19 to $20. Cut
meats have been steady, with a fair inquiry; pidded hams
1334c. to 1434c., pickled bellies, clear, 1334 to 1434c. and
pickled ribs nominal. Beef quiet and steady; mess $12 to
812 50, packet 812 50 to 813, family $13 50 to $14 50 and
extra India mess 818 50 to $19. Tallow firmer at 0% to
7 34c. for City. Stearines 1134 to 12c. for oleo and 1134 to
12c. for New York lard. Butter has been firmer; creamery
extras 26 to 2634c.; firsts 24 to 25c. Cheese has been very
steady, with low grades in small supply; State, whole milk,
colored, fancy, still 1234 to 13-34c. Eggs higher with the
choice grades scarce; Western firsts 21 to 22c.
O IL.— Domestic linseed has again risen as stocks are small
and there have been some unfavorable crop reports. City,
raw, American seed, 92 to 93c.; boiled 93 to 94c., Calcutta,
raw, $1 03. Cottonseed active and higher on foreign buying;
winter. 6.50c., summer white 6.50 to 7.50c., crude 5.14 to
5.33c. Cocoanut still quiet and nominal as to quotations.
Corn higher at 6.50 to 6.55c. Lard has continued firm;
Europe has been taking our edible fats and their by-products.
Prime 80c., No. 1 extra 58 to 62c. Cod has declined, as
stocks are expected to soon show an increase; Newfoundland
54 to 56c. and 52 to 54c. for domestic.
COFFEE on the spot has again advanced on strong bull
support, although stocks are larger and consumption has
fallen off. Rio No. 7 1334c. and No. 4 Santos 1434c.
Futures have reached new high levels on short covering and
support by bulls. Closing prices were as follows:
S ep tem b er
O -to ile r .
N > vem bcr
D ecem ber.
1 2 . 4 2 (® 1 2 . 4 3 1 J a n u a r y
1 1 .8 4 @
1 2 . 0 8 ( ' 1 2 .0 9 F e b r u a r y - 1 1 .80(2
I t .9 8 ( ( 1 2 . 0 0 1 M a r c h
. .1 1 .7 7
1 1 .8 6 ( " s 1 1 .8 8 ! A p r il .
1 1 .7 7 ff
1 1 . 8 5 1 M a y ---------------1 1 . 7 7 <S> 1 1 . 7 8
1 1 .8 1 J u n e
. . 1 1 . 7 7 (<f 1 1 . 7 8
1 1 . 7 8 1J u l y
........... _ l 1 . 7 7 4 6 1 1 . 7 8
1 1 .7 8 I A u g u s t
_ 1 1 .7 7 ( ? 1 1 .7 8
SUGAR.— Raw prices have reached still higher levels on
light stocks and drought damage to European beet crops.
Centrifugal, 96-degrces test, 5.75c.; muscovado, 89-degrees
test, 5.25c., and molasses, 89-degrees test, 5c. Refined,
granulated, 6.60c. to 6.75c. Teas still steady.
PETROLEUM has been steady, with exporters still the
principal buyers. Refined, barrels, 7.25c., bulk 3.75c. and
cases 8.75c. Gasoline, in 100-gallon drums, 185 4 c d r u m s
$8 50 extra. Naphtha, 73 to 76-degrces, in 100-gallon
drums, 1634c.; drums $8 50 extra. Spirits of turpentine
quiet at 54 34 to 55q. Rosin 86 25 for strained, common to
good. Hops firm. Hemp weaker.
TOBACCO.— There has been a small but gratifying
increase in the activity of tobacco, a somewhat better
inquiry being noticed on the part of manufacturers. Of
the domestic tobaccos an improvement in the inquiry for
Wisconsin, Connecticut and Pennsylvania products has been
apparent.’ Meanwhile, notwithstanding that many con
sider the quotations asked as being too high, there is a fair
demand for Sumatra with prices steady.
COPPER has been weaker under realizing. Large
interests are offering more freely on spot and nearby deliveries
as the foreign visible supply is larger. Lake 12.6234c. to
1234c., electrolytic 12J4c. to 1234c., standard 12 to 12.15c.
Tin still easy; London has been weak. Spot here 4234c■
Spelter 5.90c. Lead dull at 4.45c. Pig iron has been in
fair demand and steady. Wales has bought 2,500 tons of
American pig iron. No. 1 Northern $15 15 to $15 7 5,No. 2
Southern $14 50 to $14 75. Steel products have con
tinued in good demand for both structural shapes as well as
<rails.
676
THE CHRONICLE
[V o n . l x x x x i i i .
COTTON.
Speculation in cotton for future delivery has continued
fairly active at a steady level of values, pending to-day’s gin
Friday Night, Sept. 8 1911.
THE MOVEMENT OD' THE CROP as indicated by our ning figures. These were of record size, showing 771 415
Sept. 1, against 353,011 bales last year and
telegrams from tho South to-night is given below. For the oocPoifl1!116!^
week ending this evening the total receipts have reached l88,242 bales the year before, for the corresponding periods,
133,910 bales, against 178,48/ bales last week and 91,50/ lhe net result of the week has been an advance of 8 points on
bales the previous week, making the total receipts since October, which has been the target for hedging sales, and of
bept. 1 1911 153,948 bales, against 123,040 bales for i7 to 21 points on the other deliveries. There has been con
the same period of 1910, showing an increase since Sept. 1 siderable retiring of short contracts and extensive purchases
for long account on improved trade reports from England
1911 of 30,90S bales.
resumption of production in some of the domestic mills, a
Receipts ut
moderate amount of trade buying and serious complaints'of
S a t.
M on.
T ues.
Wed.
T hu rs. ! F r i .
Total.
damage by worms and other insects, particularly from Ala
G a l v e s t o n ______
8 ,4 6 9
9 ,3 3 7
2 0 ,4 6 5
1 3 ,7 4 8
7 ,3 6 0
1 6 ,6 2 7
7 6 ,0 1 2
bama, but also *from Mississippi, Texas and some of the
P o r t 'A r t h u r _
T e x a s C ity , A c
Eastern States. Labor in some sections of the belt, it seems,
984
984
N e w O r le a n s . _
286
335
41
1 ,2 0 6
1 ,0 3 4
810
3 ,7 1 2
has been insufficient to care for the early opened cotton,
M o b ile
_________
331
326
800
457
292
139
2 ,3 4 5
P e n s a c o l a _________
and for this reason some loss is feared. A prominent New
J a c k s o n v ille , & c .
23
" 2 3
Orleans authority reports heavy and general deterioration.
S avannah
. . .
7 ,6 9 8
8 ,6 0 1
5 .1 8 7
8 ,210
7 ,2 5 0
9 ,6 7 6
4 6 ,6 2 5
B r u n s w ic k
______
All of this has combined to produce general firmness as to
C h a r le s to n
________
245
503
633
‘ 397
A 8 8
" 317
2 ,5 8 3
prices. Continental spinners have bought in the Liverpool
G e o rg e to w n ......
W i l m i n g t o n ______
167
market and there has been considerable and significant activ
150
81
46
"7 0
"2 7 0
784
N o r f o l k . ____________
377
158
37
91
112
32
807
ity ^ in some of the Southern spot markets, oc
N ’ p o r t N e w s , .% c .
—
—
—
—
—
..............
N e w Y o r k ....... ..........
casionally at advanced prices. Spot houses, large Western,
B o s t o n ____ _________
—
13
14
. . . .
. . . .
27
Southwestern and local speculative interests have at
B a l t i m o r e _________
8
times bought futures heavily, partly for long account and in
P h i l a d e l p h i a ______
—
—
. . . .
—
—
part against short commitments. But the weekly Govern
T o t a ls th is w e e k .
1 7 .5 0 6
2 7 .2 3 3
1 9 .4 2 6
2 4 .2 0 4
1 6 .5 8 8
2 8 ,8 6 3 1 3 3 ,9 1 0
ment report was, in the main, favorable and the South has
The following shows the week’s total receipts, the total continued to sell futures on the same information that was
since Sept. 1 1911, and the stocks to-night, compared with furnished to the Government for the compilation of its
bullish crop condition figures, which, incidentally, fell rather
last year:
flat. Also, disastrous floods in China with a consequent
falling
off in the demand for finished cotton goods from that
1911.
1910.
Sto ck.
Receipts to
region,have assisted the bears. Some of the nearby future
Sept. 8 .
This S in c e S e p T his S in c e S e p
deliveries have reflected hedging sales against new crop
Week.
t 1911.
Week.
1 1910.
1911.
1910.
cotton and, moreover, some of the recently reported quaran
G a l v e s t o n _________
7 6 ,0 1 2
9 2 ,6 7 2
7 7 ,8 3 8
1 0 2 ,7 4 8
6 2 ,1 4 3
5 4 ,2 1 7
tine restrictions against new cotton from districts infested
P o r t A r t h u r ______
T e x a s C it y , & c .
98 1
984
"3 4 9
by the boll-weevil, it is said, may result in further curtail
"" 3 4 9
3 ,7 1 2
N ew
O r l e a n s ____
3 ,7 1 3
1 ,1 6 2
1 ,2 5 1
2 3 ,5 9 0
15“ 198
ment on the part of certain S. C. mills.
The move
M o b i l e _____________
2 ,3 4 5
2 ,4 4 5
732
806
3 ,1 7 9
1 ,4 7 2
P e n s a c o l a __________
ment of new cotton has been large, although it is true that
—
—
..................
..................
’
23
J a c k s o n v ille , & c
" ~23
many ascribe this to premature opening of the bolls and also
S a v a n n a h __________
4 6 ,6 2 5
4 9 ,2 8 5
1 4 ,1 6 5
1 6 ,8 5 9
4 4 ,0 7 8
1 3 ,2 5 1
B r u n s w i c k __________
predict that subsequent ginning returns will be relatively
1 3 ,4 6 6
2,0 21
C h a r le s to n _
2 ,5 8 3
2 ,6 9 7
355
407
4 ,7 4 4
700
smaller. To-day, prices rose, notwithstanding the bearish
G e o rg e to w n
ginning figures, on further and more persistent claims of
W ilm in g t o n
. . . .
784
1 ,1 4 6
"
29
1 ,2 6 6
30
' 1 17
N o r f o l k _______________
807
948
154
'
210
2 ,2 2 8
worm havoc in Ala., Miss, and some other States. Prices,
344
N ’port N ew s, & c.
however, lost part of the gain on local selling. Spot cotton
N ew
Y o r k _________
200
'" 2 6 6
9 1 ,5 9 2
1 0 7 ,4 0 4
B o s t o n _______________
""*2 7
27
1
has advanced to 11.90c., an advance of 15 points for the
10 1
3 ,8 0 6
1 ,4 4 1
B a l t i m o r e ___________
8
8
79
79
758
815
week.
P h i l a d e l p h i a ______
896
545
1 he rates on and off middling, as established Nov. 16 1910
T o t a l ........................... 1 3 3 , 9 1 0
9
5
,
0
6
4
1 5 3 ,9 4 8
1 2 3 ,0 4 0
2 5 1 ,7 4 6
1 9 7 ,5 2 5
by the Revision Committee, at which grades other than
In order that comparison may be made with other years, middling may be delivered on contract, are as follows:
B a s is
‘L * • - . V - - - — c - 1 •5 0 o n M i d d l i n g ................c .
G o o d m id . t in g e d .c
E ven
we give below tho totals at leading ports for six seasons:
? 5 cJ . m I d - . f a i r 1 . 3 0 o n S t r i c t l o w m i d ____________ 0 . 2 5 o f f
S t r ic t m id . t i n g e d . . 0 . 1 5
M id d lin g t i n g e d . . . 0 . 2 5
S t r ic t lo w m id . t in g .0 .7 5
L o w m id . t i n g e d . . 1 .7 5
M id d lin g s t a i n e d . . 1 .0 0
-
Receipts at—
1911.
1910.
1908.
1909.
G a l v e s t o n ____
P t. A r th u r ,
N o w O r le a n s .
M o b i l e _________
S a v a n n a h ____
7 6 ,0 1 2
984
3 ,7 1 2
2 ,3 4 5
4 6 ,6 2 5
7 7 .8 3 8
349
1 ,1 6 2
732
1 4 ,1 6 5
C h a r le s to n , & c
W ilm in g to n . _
N o r f o l k ________
N ’p o r t N ., & c
A l l o t h e r s ______
3 ,5 8 3
784
807
355
29
154
58
280
5 5 ,0 5 1
2 .3 6 8
7 ,4 4 6
4 ,5 5 4
5 5 ,9 7 2
3 ,9 0 5
1 1 ,1 5 3
9 ,0 9 0
3 ,6 1 0
38
560
T o t a l t h is w it .
1 3 3 ,9 1 0
9 5 ,0 6 4
S in c e S e p t . 1 .
1 5 3 ,9 4 8
1 2 3 ,0 4 0
1907.
6 7 ,5 3 9
1906.
4 ,2 8 3
1 ,9 1 4
1 ,8 5 1
155
1 ,7 7 0
3 3 ,4 7 0
148
4 ,4 3 2
1 ,7 5 9
4 1 ,1 7 8
3 ,1 8 6
6 ,4 2 9
6 ,7 3 2
2 ,3 9 3
264
236
1 5 4 ,3 5 6
1 2 8 ,9 3 4
1 0 0 ,2 2 7
1 3 9 ,5 2 1
1 9 7 ,9 6 0
1 8 1 ,1 6 5
1 4 0 ,1 9 5
2 1 2 ,5 8 2
7 ,0 6 8
3 ,2 9 4
4 1 ,0 6 0
7 3 ,8 6 0
427
1 7 ,7 2 7
3 ,8 0 8
3 3 ,0 1 0
279
3 ,8 8 4
1 ,8 4 2
1 ,8 7 0
99
2 ,7 5 1
The exports for tho week ending this evening reach a total
of 52,535 bales, of which 31,860 were to Great Britain,
6,649 to Franco and 14,028 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Exports
from —
Week ending Sept. 8
Exported to—
1911.
Great
Conti- 1
Britain. F r’nce. nent. Total.
G a l v e s t o n -------T e x a s C it y , & c.
N e w O r le a n s .S a v a n n a h _____
B r u n s w i c k _____
N e w Y o r k _____
B a l t i m o r e _____
1 6 .0 6 4
T o t a l ................
3 1 ,8 6 0
T o t a l 1 9 1 0 _____
—
—
—
4 ,5 2 5
___
6 ,7 0 6
4 .5 6 5
—
___
___
6 ,6 4 9
—
6 ,3 3 l j 2 2 ,3 9 5
350
350
600;
5 ,1 2 5
750,
750
-------6 ,7 0 6
1 , 6 9 1! 1 2 , 9 0 5
4 ,3 0 l|
4 ,3 0 4
From Sept.
Sept. 8
Exported to—
1 1 9 1 1 to
Great
Britain. France .
2 7 ,3 8 4
9 ,6 5 3
539
6 ,7 0 6
4 ,5 6 5
1 6 ,3 7 0
Continent.
1911.
Total.
6 ,6 -1 9
1 ,6 9 1
4 ,3 0 4
7 0 ,7 9 0
350
1 0 ,2 5 3
1 ,2 8 9
6 ,7 0 6
1 2 ,9 0 5
4 ,3 0 4
—
2 7 ,0 3 6
350
600
750
6 ,6 4 9
1 4 ,0 2 6
5 2 ,5 3 5
4 8 ,8 4 7
2 3 ,0 1 9
3 4 ,7 3 1
1 0 6 ,5 9 7
3 0 ,6 1 3 1 4 ,1 9 7
5 2 ,9 8 4 !
9 7 ,7 9 4
3 0 ,6 1 3
1 2 ,4 9 0
5 3 ,0 8 4
9 7 ,9 8 7
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Sh ip b o a rd , Not Cleared fo r —
Sept . 8 atN e w O r le a n s ..
G a l v e s t o n ______
S a v a n n a h ______
C h a r l e s t o n ______
M o b i l e ___________
N o r f o l k .................
N e w Y o r k --------O th e r p o r ts —
T 2 ta l 1911 —
T o t a .1 I 9 1 0 - .
T o ta l 1 9 0 9 ..
Other Coast
Ger
m any. Foreign w ise.
Great
B rita in .
448
1 6 ,2 8 0
7 ,5 5 0
6 ,3 0 2
1 1 ,5 4 5
3 .0 0 0
4 .0 0 0
3 1 ,2 7 8
1 6 ,7 4 5
6 ,0 4 8
1 8 ,0 4 7
4 ,6 8 6
1 3 ,2 5 0
548
1 1 ,7 7 5
1 ,5 0 0
592
6 ,1 4 6
2 ,8 0 0
6 ,0 0 0
1 ,0 0 0
2 2 ,6 2 3
9 ,5 3 6
2 6 ,4 9 9
7 ,7 3 8
9 ,4 0 5
1 7 ,3 1 2
Total.
51
1 ,2 7 0
2 ,0 0 0
7 ,9 4 1
4 7 ,0 1 6
1 1 ,0 5 0
" 2 0 0
642
"266
4 ,1 6 3
3 ,0 1 4
6 ,3 8 8
642
7 ,0 0 0
1 0 ,0 0 0
8 3 ,8 1 9
4 3 ,3 8 6
6 9 .4 9 7
L ea vin g
Sto ck.
1 5 ,6 4 9
1 5 ,1 2 7
3 3 ,0 2 8
4 ,7 4 4
2 ,9 7 0
1 ,5 8 6
8 4 ,5 9 2
1 0 ,1 9 2
M id d lin g
f a i r ........... 1 . 1 0
S t r i c t g o o d m i d ______0 . 6 6
G o o d m i d d l i n g ______0 . 4 4
S t r i c t m i d d l i n g ______0 . 2 2
o ff
o ff
o ff
on
o ff
o ff
o ff
o ff
o ff
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
2
M id d lin g
t0 S e p t - 8 ~
u p l a n d s ____________________
Sat.
II
A lo n .
H
Tues.
4 1 .0 0
11
60
1 1 .7 0
1 1 .9 0
r NEW Y ORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Sept. S for each of the past 32 years have been as follows:
- c ________1 1 . 9 0
----------------- 1 4 . 0 0
1909.
1908.
______9 . ; j o
1 9 0 7 .----------------- 1 3 . 2 5
----------------- 9 . 8 0
----------------- 1 0 . 9 0
.....................1 1 . 2 0
1 9 0 3 . C ______
1 9 0 2 _________
1 9 0 1 _________
1900
1 8 9 9 _________
1898.
. . .
1 8 9 7 _________
1 8 9 6 .................
.1 2 .2 5
.
.
_
.
.
8 .6 2
1 0 .1 2
6 .4 4
5 .8 1
7 .5 0
8 .7 5
1 8 9 5 .c . .
1 8 9 4 ______
1 8 9 3 ...
1892 .
1 8 9 1 ______
1 8 9 0 ...
1 8 8 9 ...
1 8 8 8 ...
....
. . .
. . .
8 .2 5
6 .9 4
8 .0 0
. . .
8 .7 5
-.1 0 .6 2
. . . 1 1 .3 8
1 8 8 7 . c _________1 0 . 1 2
1 8 8 6 ______________9 . 2 5
1 8 8 5 ------------------- 1 0 . 0 6
1 8 8 4 ____________ 1 0 . 8 8
1 8 8 . 1 -------- _ _ . 1 0 . 1 2
1 8 8 2 -------------------1 2 . 8 1
1 8 8 1 ____________ 1 2 . 6 2
1 8 8 0 ____________ 1 1 . 6 9
MARKET AND SALES AT NEW YO R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in tho following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot M arket
Closed.
S a t u r d a y ____
M o n d a y ______
T u e s d a y ____
W cd n esd a y .
T h u rsday . .
F r i d a y ________
T ota l
Q
Q
Q
Q
SA LES.
F u tu res
M arket
Closed.
S p o t. C o n lr’ct
H O L ID A Y .
H O L ID A Y .
u i e t 1 0 p t s . d e c ____ S t e a d y ______ . _____
u ie t
_.
u ie t 1 0 p t s . a d v . . . S t e a d y . .
________
u i e t 2 0 p t s . a d v ___ B a r e l y s t e a d y . .
77
140
134
77
140
134
—
r CENSUS BUREAU REPORT ON COTTON GINNING
TO SEPT. 1.— The Census Bureau issued on Sept. 8 its
report on the amount of cotton ginned up to Sept. 1 from
the growth of 1911 as follows, round bales counted as half
bales, comparison being made with the returns for the like
period of the three preceding years
1911.
A la b a m a . .
4 0 ,5 0 0
A r k a n s a s ..
170
3 ,7 6 4
F l o r i d a ______
G e o r g ia ...1 3 4 ,0 7 5
L o u is ia n a ..
7 ,6 1 6
M is s is s ip p i.
1 ,8 4 9
T ota l
1 6 7 ,8 9 7
1 5 4 ,1 3 9
2 1 4 ,3 7 8
on L ow
m i d d l i n g _____ 0 . 7 5
o n S t r i c t g o o d o r t l ______ 1 .2 0
o n G o o d o r d i n a r y ______2 . 0 0
o n S t r ic t g ’d m id . t g d .0 .3 5
U n ite d
1910.
4 ,1 9 6
28
608
2 0 ,4 9 1
1 ,1 0 1
538
1909.
1 3 ,5 3 5
449
3 ,5 4 2
1 0 6 ,3 0 1
3 ,4 5 0
1 ,6 7 0
N or. C a r o
O k la h o rn a
Sou. C a ro
T en n essee
..
.
..
.
1011.
1 ,2 0 9
4 ,2 0 5
1 8 ,9 0 7
1910.
4
308
208
T exas
---------5 5 9 , 1 1 4
A ll o t h e r s ..
l
3 2 5 ,4 3 5
S t a t e s . ........................................................................ 7 7 1 , 4 1 5
3 5 3 ,0 1 1
4
1909.
3 ,0 7 0
1 ,3 7 0
1 8 ,9 4 9
1
2 3 7 ,9 0 1
1
3 8 8 ,2 4 2
T h e n u m b e r o f r o u n d b a le s I n c lu d e d t il ls y e a r Is 6 ,9 9 4 , c o m p a r e d w l t o
1 0 ,9 7 6 f o r 1 9 1 0 a n d
1 1 ,5 8 7 f o r 1 9 0 9 ; S e a I s l a n d , 5 3 9 f o r 1 9 1 1 , 2 1 8 fh r
1 9 1 0 a n d 1 ,2 3 6 f o r 1 9 0 9 .
G77
THE CHRONICLE
S e p t . 0 1911
FUTURES.—The highest, lowest and closing prices at
New York the past week have been as follows:
AT THE IN TERIOR TOWNS the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out in
detail below.
THE VISIBLE SUPPLY OF COTTON to-night, as made
____
up by cable and telegraph, is as follows. Foreign stocks, as
r
well as the alloat, are this week’s returns, and consequently
o
ill foreign figures are brought down to Thursday evening. --------------------------------------—— . / ;
: — ,
.
But to 'make the total the complete figures for to-night
The above totals show that the interior stocks have vn('Fridavl we add the item of exports from the United States, creased during the week 20,6o7 bales and are to-night 61,877
including in it the exports of Friday only.
bales more than at the same time last year. 1 he receipts
including m n.
j 1 9 1j0 .
...................
.
at all the towns have been 39,704 bales more than the same
1908.
1909.
1911.
Septem ber 8 —
3 3 4 ,0 0 0
7 8 1 .0 0 0
2
9
9
.
0
0
0
3
3
7
,
0
0
0
S t o c k a t L i v e r p o o l --------------------b a l e s .
week last year.
1
2
,
0
0
0
1 3 .0 0 0
6 ,0 0 0
S tock
S tock
a t L o n d o n ------------------------------------a t M a n c h e s t e r ........................—
■ T o t a l G r e a t B r i t a i n s t o c k s --------S t o c k a t H a m b u r g ---------------------------------S t o c k a t B r e m e n ------------------------------------S t o c k a t H a v r e -----------------------------------------S t o c k a t M a r s e i l l e s ...................
S t o c k a t B a r c e l o n a ------------------------------S t o c k a t G e n o a -----------------------------------------S t o c k a t T r i e s t e ........................ .......................
T o t a l C o n t i n e n t a l s t o c k s _________
T o t a l E u r o p e a n s t o c k s -----------------I n d ia c o t t o n a llo a t fo r E u r o p e . . .
A m c r . c o t t o n a llo a t fo r E u r o p e ..
E g y p t , B r a z il,& c .,a llt .fo r E u r o p e .
S t o c k I n A l e x a n d r i a , E g y p t -----------S t o c k I n B o m b a y , I n d i a . .............. - S t o c k I n U . S . p o r t s ----------------------------S t o c k I n U . S . i n t e r i o r t o w n s --------U . S . ex p orts
t o - d a y ---------------------------------
9 ,0 0 0
2 8 ,0 0 0
2 1 ,0 0 0
4 9 .0 0 0
3 5 ,0 0 0
£ .0 0 0
1 7 .0 0 0
7 .0 0 0
' .0 0 0
3 2 6 .0 0 0
1 1 ,0 0 0
4 6 .0 0 0
6 2 .0 0 0
2 ,0 0 0
1 2 ,0 0 0
4 .0 0 0
4 .0 0 0
8 4 3 .0 0 0
1 2 .0 0 0
9 2 .0 0 0
1 3 3 .0 0 0
3 .0 0 0
1 9 .0 0 0
1 1 .0 0 0
4 .0 0 0
3 7 2 .0 0 0
2 5 .0 0 0
1 2 8 .0 0 0
6 2 .0 0 0
4 ,0 0 0
1 6 ,0 0 0
1 3 .0 0 0
1 8 .0 0 0
1 0 8 ,0 0 0
1 4 1 ,0 0 0
2 7 4 ,0 0 0
2 6 6 ,0 0 0
000
000
638
000
000
,0 0 0
,5 2 5
,0 0 6
59
1 ,1 1 7 ,0 0 0
4 9 ,0 0 0
1 1 9 ,1 9 0
2 4 .0 0 0
4 1 .0 0 0
1 5 8 ,0 0 0
2 8 3 ,8 7 5
1 0 6 ,8 0 9
5 ,6 1 9
0 4 7 .0 0 0
5 7 .0 0 0
1 6 4 ,7 5 7
1 8 .0 0 0
5 3 ,0 0 0
3 6 4 .0 0 0
2 4 8 ,4 6 3
1 3 3 ,1 2 0
4 ,6 2 6
1, 4 2 4 ,2 2 8
1 ,9 0 4 ,5 5 3
1 ,6 8 9 ,9 6 6
3 7 4 ,0 0 0
1 8 ,0 0 0
467
70
176
23
35
394
197
01
4 8 2 ,0 0 0
3 8 .0 0 0
2 3 7 ,8 3 4
£ 3 ,0 0 0
3 7 ,0 0 0
£ 0 2 .0 0 0
? o l,7 4 6
1 2 2 ,8 8 3
i 1 -0 1 0
T o t a l v i s i b l e s u p p l y ---------------------------1 , 6 0 5 , 4 7 3
O f th e a b o v e , t o t a ls o f A m e r ic a n a n d o t h e r d e s c r ip t io n s a r e a s fo llo w s :
A m erica n —
.
.
. . . nnn
L i v e r p o o l s t o c k ----------------------------b a l e s
1 8 3 ,0 0 0
M a n c h e s t e r s t o c k ----------------------------------------1 6 .0 0 0
C o n t i n e n t a l s t o c k . . . - -----------------------------8 8 .0 0 0
A m e r i c a n a f l o a t f o r E u r o p e -----------£ 3 7 ,8 3 4
U
S
p o r t s t o c k s ........................... ................
? " 1 ,7 4 6
!2 2 .8 8 3
U
S
i n t e r i o r s t o c k s ------------------------------U
S
e x p o r t s t o - d a y ---------------------------- -------- m a h u
T o t a l A m e r i c a n ----------------------------------
7 7 2 ,2 2 8
1 ,4 7 3 ,5 5 3
1 ,0 0 6 ,9 6 6
1 -> 4 .0 0 0
9 .0 0 0
i£ .o u o
£ 9 ,0 0 0
3 6 ,0 0 0
2 5 ,0 0 0
£ 7 ,0 0 0
4 0 2 ,0 0 0
8 3 .0 0 0
6 ,0 0 0
5 ,0 0 0
3 6 .0 0 0
7 0 .0 0 0
2 3 .0 0 0
3 5 .0 0 0
3 9 4 .0 0 0
9 5 .0 0 0
1 3 .0 0 0
1 3 .0 0 0
3 8 .0 0 0
4 9 .0 0 0
2 4 .0 0 0
4 1 .0 0 0
1 5 8 .0 0 0
1 0 2 ,0 0 0
1 2 ,0 0 0
1 0 ,0 0 0
6 7 .0 0 0
5 7 .0 0 0
1 8 .0 0 0
5 3 ,0 0 0
3 6 4 ,0 0 0
6 5 2 .0 0 0
7 7 2 ,2 2 8
4 3 1 .0 0 0
1 ,4 7 3 ,5 5 3
6 8 3 ,0 0 0
1 ,0 0 6 ,9 6 6
Week,
S in c e
S ep t. 1 .
Week.
.
V i a C i n c i n n a t i ---------------------------------V i a V i r g i n i a p o i n t s ------------------------------V i a o t h e r r o u t e s , & c -------------------------
27
382
296
275
27
382
398
527
552
100
324
122
461
238
o v e r l a n d ------------------- .
.
V i a S t . L o u i s . ....................... ......................V ia
819
426
774
R o c k I s l a n d ----------------------- -------------
Continental imports for the past week have been 8,000
bales.
,
,
,
The above figures for 1911 show a decrease from last week
of 56,984 bales, a gain of 181,515 bales over 1910, a de
crease of 298,810 bales from 1909, and a loss of 84,223
bales from 1908.
■
1 ,2 8 0
552
100
324
172
530
254
2 ,1 8 0
2 ,3 2 7
2 ,3 2 4
3 ,2 1 2
35
76
1 ,8 1 8
35
76
1 ,9 1 6
280
146
1 ,4 7 5
380
146
2 ,1 9 8
d e d u c t e d ------------------- . .
1 ,9 2 9
2 ,0 2 7
1 ,9 0 1
2 ,7 2 4
o v e r l a n d * --------- _ .
251
300
423
488
T o ta l gross
T ota l to
be
to ta l
n et
m ovem en t b y
to
r a il
C anada.
The foregoing shows the week’s net overland movement
has been 251 bales, against 423 bales for the week last
year, and that for the season to date the aggregate net over
land exhibits a decrease over a year ago of 188 bales.
-m o
rn
Sight a n d S p in n e rs'
T a kin g s.
, W eek.
R e c e i p t s a t p o r t t o S e p t . 8 ---------------1 3 3 , 9 1 0
N e t o v e r l a n d t o S e p t . 8 . --- ---------------2 o l
.1 6 4 ,1 6 1
. 2 0 ,6 5 7
S in c e
S e p t. 1 .
Week.
S in c e
S e p t. 1 .
1 5 3 ,9 4 8
300
3 8 ,0 0 0
9 5 ,0 6 4
423
2 8 ,0 0 0
1 2 3 ,0 4 0
488
3 7 ,0 0 0
1 9 2 ,2 4 8
2 2 ,4 4 6
1 2 3 ,4 8 7
8 ,9 6 5
1 6 0 ,5 2 8
0 1 ,2 2 8
1 3 2 ,4 5 2
.1 8 4 ,8 1 8
1 7 0 ,7 5 6
2 1 4 ,6 9 4 ’
Tl Oo tttaUl vv ii a
s ii u
b il u
e s u p p vl y --------_________________1
1 ,4 2 4 ,2 2 8 1 ,9 0 4 ,5 5 3 1 ,6 8 9 ,9 0 0
-- ---------------- ’, 6 0» 5 .«7«4 3,
> i i f ___ r r „ i . , . w l
f l« r A i* n n n l
7
R
ft
5 . 4 77 (d1 .
8 . 0H 3.ld
d .
6R. 8R.’l
3 df l. .
M id d lin g U p la n d , L iv e r p o o l . . . .
7 32d
9 .4 0 c .
1 4 .0 0 c .
1 2 .7 5 c .
M id d lin g U p la n d , N e w Y o r k . . .
11. . 9 0 c
8 7 -1 O d .
13 M d . 10 3 -1 6 d .
E g y p t , G o o d B ro w n , L iv e r p o o l.,
lO J id .
8 .7 0 d .
1 0 .7 5 d .
8 .3 5 d .
P e r u v ia n , R o u g h G o o d , L iv e r p o o l
1 0 .4 0 d .
5d.
7 « d .
0 5 -1 O d .
B r o a c h , F in e , L iv e r p o o l—
--------8 '8 < 1 .
4 M d .
7 1 -1 O d .
6 l-1 6 d .
0 7 -1 6 d .
T I n n e v e l l y , G o o d , L i v e r p o o l ---------
S in c e
S ep t. 1 .
O v e r l a n d t o N . Y . , B o s t o n , &c . .
B e t w e e n I n t e r i o r t o w n s ------------------- . .
I n l a n d , & c . , f r o m S o u t h ---------------- . .
Deduct Sh ipm en ts —
* I n c lu d in g
8 8 1 ,4 7 3
T o t a l E a s t I n d i a , & c ----------------------7 2 4 ,0 0 0
T o t a l A m e r i c a n ------------------------------------8 8 1 ,7 4 3
S e p t. 8 —
S h ip p e d —
L e a v in g
East In d ia n , B r a z il, & c —
L i v e r p o o l s t o c k . . . . ------------------------------L on d on stock .
. -----------------------M a n c h e s t e r s t o c k ------------------------------------C o n t i n e n t a l s t o c k ----------------- ------------- - I n d ia a flo a t fo r E u r o p e .
----------------E g y p t , B r a z il. & o . a llo a t .
-----------S t o c k I n A l e x a n d r i a , E g y p t -----------S t o c k i n B o m b a y , I n d i a .........................
OVERLAND MOVEMENT FOR THE W EEK AND
SINCE SEPT. 1.— We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
N o r th e r n s p ln n ’s ta k in g s t o S e p t . 8
2 1 ,0 8 9
2 1 ,0 8 9 ,
3 1 ,6 1 9
3 1 ,6 1 9
Movement into sight in previous years: ■
Week—
1909—
1908—
1007—
1906—
S ep t.
S ep t.
S ep t.
S ep t.
B a les.
1
1
1
1
0 ------------------------------- 2 3 1 , 2 2 1
1 8 5 ,9 3 1
2 . ..................
3 ____________________ 1 6 3 , 5 8 8
4 ____________________ 2 1 0 . 4 2 0
S in c e Sept.
1909—
1908—
1907—
1906—
S ep t.
S ep t.
S ep t.
S e p t.
1—
C a fe s
1 0 ------------------------------- 3 0 1 - 7 2 1
1 2 ------------------------------1 3 ------------ -------------------2 o 4 , 3 2 4
1 4 ____________________ 3 3 7 , 9 2 6
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
678
THE CHRONICLE
Closing Quotations fo r M id d lin g Cotton on—
Week ending
S e p t. « .
S a t 'd a y .
G a l v e s t o n ________
N e w O r le a n s ...
M o b i l e _____________
S a v a n n a h ________
C h a r l e s t o n ________
W i l m i n g t o n ______
N o r f o l k ___________
B a l t i m o r e ________
P h ila d e lp h ia _ .
A u g u s t a ___________
M e m p h i s __________
S t . L o u i s __________
H o u s t o n __________
L i t t l e R o c k ______
M onday. T u esday . W ed'day. Thu rsd’y. F r id a y .
11 %
11
11
11
11
11 %
U %
12 %
n %
13 %
13 X
.U K
U K
12%
11 %
11 1 1 - 1 6
11
%
%
%
1 5 -1 6
11
11 %
12 %
1 1 .8 5
11%
12 %
12%
11 %
%
1 1 -1 6
%
1 5 -1 6
•8»
.0 5
1 5 -1 6
%
%
%
%
%
%
12 1 -1 6
12%
11%
12 l - l G
11 %
12%
1 2 .1 5
11 1 5 - 1 6
12%
12%
12
i NEtW P IJL? AN9 OPTION M ARK ET.— The highest
lovyesfc and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t’day,
Sent. 2 .
m
M ondya, Tuesday, Wed’day,
S e p t. 4 . | S e p t. 5 . S e p t. 6 .
Novem ber—
R a n g e __________
C l o s i n g ________
December—
R a n g e ________
C l o s i n g ________
I t . 4 0 -.4 2
1 1 .2 8
—
1 1 .3 5 - .5 0
ll.4 8 -.5 1
1 1 .2 8 -.4 5
11 . 3 2 - . 3 8
lt .2 8 -.4 2
1 1 .4 0 -.4 1
— -
—
1 1 .4 2
@
11 . 3 4
—
*
1 1 .2 0 -.4 5
1 1 .4 3 -.4 4
1 1 .3 5 -.S 3
ll.4 1 -.4 2
l 1 .3 5 - 5 0
ll.4 0 -.5 0
S o 'n c i e r
07’ aVGragin«
82‘
Month's
rainfall
Luling Tex: Bain has fallen on two days of the week
the rainfall being thirty-eight hundredths of an inch. Aver-
a v fi? S d W
82
fnches
’
—
*
1 1 .3 0 - .4 7
1 1 .3 5 - . 3 0
ranged from 05 to 94, averaging 85. Month's rainfall
3.69 inches.
Huntsville, T ex.— Rain on one day of the week to the ev
tent of one inch and seventy-two hundredths. Average (hcrmometer 81, highest 97, lowest 64.
^ n
Kerrville, Tex. We have had rain on one dav the n*xM
week, the rainfall being five hundredths of an h,ch
The
thermometer has averaged 86, the highest being 99 and the
lowest 72. Month’s rainfall 2.60 inches.
b
aiK‘
Lampasas, Tex.—- It has rained on two days of the week
the precipitation being eighty-three hundredths of an inch
Ih e thermometer has averaged 79, ranging from 60 to 98
Longview, 1 cx .-D r y a U the week. The thermometer has
fSl 1 3e4n indieser
’ h‘glicsfc ° 8’ lovvesfc 72 • Month’s rainNacogdoches, Tex.—-We have had rain on one day of the
P S f wcTch » »
! being fifty-three hundredths of an
, 1he thermometer has averaged 81, the highest bein'*
97 and the lowest 64. Month’s rainfall 2.99 inches
*
Septem ber —
H a n g e _______
C l o s i n g ____ _ H
October—
R a n g e _________
C l o s i n g ________
[V O J,. L X X X X 1 H .
T a11
,WCnk g ng lr° m 70 to 94‘
The thermometer has
Month’s rainfall 6.01
/kins, Tex.-—There has been no rain during the week
Ih e thermometer lias ranged from 62 to 98, averaging SO
San Antonio, Tex.— Dry all the week. Average ther
F eb ru a ry —
H O L IH O L D
mometer 85, highest 96, lowest 74
til R a n g e .
______
D A V .
D A Y .
—
<a - - - •
—
C l o s i n g __________
Weatherford, Tex.—-We have had rain on two days during
1 1 .4 0
*
1 1 .5 3
*
M a rc h —
the week the precipitation being two inches and ninety-six
R a n g e __________
11 . 4 8 - . 6 3 t l . 8 B - . 6 2
C l o s i n g ____ _____
hundredths, the thermometer has averaged 74 the highest
1 1 .5 2 -.G 3 1 1 .6 0 - .6 1
A p r il being 93 and the lowest 65. Month’s rainfall 3.29 inches. ‘
R a n g e __________
—
dt — — <® —
C l o s i n g ________ I
Ardmore, Okla.— r here has been rain on three days during
I t .53
*
1 1 .6 4
*
M ay—
the week, the precipitation reaching two inches and sixtyR a n g e __________
—
(n> ----- 1 1 . 5 7 - . 6 8
C l o s i n g ____
three hundredths. The thermometer has averaged 77,
1 1 .6 2 -. 6 4 1 1 .7 1 -.7 2
Tone—
ranging from 58 to 96.
°
’
S oot
___________
F ir m .
F ir m .
F ir m .
Marlow, Okla. \\ e have had rain on three days during
___ O p t i o n s ____ I I
S te a d y .
S tea d y .
S tea d y .
* N o m in a l!
the week the precipitation reaching two inches and forty
hundredths. ihe thermometer has ranged from 63 to 93
COTTON CROP REPORT. In our editorial columns averaging
78.
’
will be found to-day our annual Review of the Cotton Cron
Tulsa, Okla. Rain has fallen on two days of the week
ihe report has been prepared in circular form, and the cirthe rainfall being one inch and fifty-six hundredths. Average
thereon11^
m
rititio.y with business card printed thermometer /9, highest 95, lowest 62.
Alexandria, La.- We have had rain on two days the past
™ttPGCial bu?ln.ess ca.rcl3 of the following representative
'a / 10 rain^a, being one inch and twenty-two hundredths.
cotton commission and brokerage houses of New York and
The thermometer has averaged S3, tho highest being 95
and
the lowest 71.
°
°
i^ o o n & V h r o n i!™ "
“ “ advertisl"S
New Or-/cott-s La. We have had rain on six days during
H U B B A R D B R O S . & C O .,
W I L L I A M R A Y A C O .,
S T E P H E N M . W E L D
A C O .,
5<>itv'(' v’ r!u ^be extent of two inches and twenty-lour hun
G E O . M . S I! U T T A C O .
W E L I) A N E V IL L E ,
L O G A N A B R Y A N ,
dredths. Ihe thermometer has averaged 81, ranging
G E O . H . M r F A D D E N & B R O .
I i E R K L O T Z . C O R N A C O .,
from
72 to 90.
•
D I C K B R O T H E R S A C O .,
fl. A B . B E E R ,
H E N R Y R E N T E ft C O ..
T H O R N
,
Shreveport,
La.
There
has
been
rain on two days during
H O P K I N S , D W I G H T A C O ..
T H O M P S O N . T O W L E A CO
the week, the rainfall being five hundredths of an inch. The
R O B E R T M O O R E A C O .,
G W A T I 1 M E Y A C O .,
B E N S K O F E . L Y O N & C O ..
E U G E N C . A N D R E S A C O .,
thermometer has ranged from 66 to 93, averaging 80.
J . S . B A O H R & C O ..
C R A IG
A ,I E N K S
Meridian, Miss. Rain has fallen on three days of the
S . B L A I S D E L ] . - .J r . A C O . ,
L E H M A N
B R O S .
W O O D W A R D & S T IL L M A N ,
week the rainfall being two inches and thirty-two hun
N E U B E R G E l
O T T O N C O .,
dredths. Average thermometer 77, highest 90, lowest 64.
V A N L E E R A C O .,
! xckshurg,^ M iss.—-We have had rain on one day the past
Also the cards of a number of the leading dry goods com
mission merchants and mill selling agents in the country week, the rainfall being two inches and sixteen hundredths
The thermometer has averaged SO, the highest being 91
Those represented areand the lowest 70.
W O O D W A R D , B A L D W I N A G O .,
F A R B E R - D R E W R Y C O .,
I ’ L E I 'I ’ M A N A C O . ,
Yazoo City, M iss.— It has rained on one day of the week
L A W R E N C E
A C O .,
G R I N N E L L , W I L L I S A C O ..
W IL L IA M
I S E L I N A C O .,
Die precipitation being twelve hundredths of an inch!
C A T L IN
A C O .,
G . A . S T A F F O R D A C O .,
The thermometer has averaged 81, ranging from 67 to 95.
L . F . D O M M E R I C H A C O .,
T A Y L O R , C L A P P A C O .,
W IL L IA M
W H I T M A N A C O .,
F A U L K N E R , P A G E A C O .,
Chattanooga, Tenn.— Rain has fallen on two days during
B L I S S , F A B V A N A C O .,
JA M E S T A L C O T T ,
the week, the rainfall being thirteen hundredths of an inch!
W E L L IN G T O N . S E A R S A CO
J. S P E N C E R T U R N E R C O .
The thermometer has ranged from 65 to 90, averaging 77.
I N T E R N A T I O N A C O T T O iN M I L L S C O R P O R A T I O N .
Memphis, Tenn.— There has been no rain during the week.
WEATHER REPORTS BY TELEGRAPH.— Advices to
Average thermometer 80, highest 91,’ lowest 67.
us by telegraph this evening from the South denote that in
Nashville, Tenn.— We have had rain on one day during
the main fairly favorable weather has prevailed during the the week, the precipitation reaching ninety-six hundredths
week. In Southwestern Texas, where moisture was needed, of an inch. The thermometer has averaged 77, the highest
good rains haVe fallen, and elsewhere in the State our reports being 90 and the lowest 64.
Mobile, Ala.— Cotton picking interrupted in some section*
indicate that conditions are satisfactory. An excess of rain by rain in mid-week. Caterpillars are reported as having
is complained of from some portions of the belt and from done considerable damage to crop generally. We have had
Alabama tiiere are complaints of damage by caterpillars. rain on five days during the week, the rainfall being three
Picking is actively in progress generally and the move inches and forty-one hundredths. The thermometer lias
averaged 80, the highest being 94 and the lowest 66.
ment from earliest sections is quite free.
Montgomery, Ala.— There has been rain on three days
Galveston, Tex.— Conditions in the interior of Texas are during the week, the precipitation reaching cighty-six
unchanged, except that there have been good rains in the hundredths of an inch. The thermometer has averaged 80,
southwestern portion of the State. Pickers are greatly in the highest being 94 and the lowest 66.
demand. We have had rain on three days during the week,
Selma, Ala.— It has rained on three days of the week, the
the rainfall being thirty-nine hundredths of an inch. The precipitation reaching twenty hundredths of an inch. The
thermometer has ranged from 74 to 88, averagingSl. August thermometer has ranged from 66 to 91, averaging 79.
rainfall 5.44 inches.
Madison, Fla.—-We have had rain on three days tho past
Brenham, Tex.— Dry all the week. Average thermometer week, the rainfall being one inch and thirty-five hundredths.
84, highest 100 and lowest 08.
The thermometer has averaged 82, the highest being 92 and
Cwero Tex.-—We have had rain on one day during the the lowest 72.
week, the precipitation reaching five hundredths of an inch.
Tallahassee, Fla.— We have had rain on three days during
1 j \ilormometer has averaged 85, the highest being 100 the week, the rainfall being seventy-seven hundredths of aa
ailn 7/ owes*' ” 5. Month’s rainfall .51 inch.
inch. The thermometer has ranged from 71 to 91, aver
Dallas, Tex.— Rain has fallen on two days of the week aging 81.
the rainfall being eighteen hundredths of an inch. The therAtlanta, Ga.— There has been rain on two days during the
momoter has averaged 81, ranging from 62 to 99. Month’s week, the precipitation reaching twenty-three hundredths
rainfall 3.84 inches.
of an inch. The thermometer has averaged 81, the highest
Henrietta, le x . Dry all the week. The thermometer has being 95 and the lowest 68.
. ; : . ■. ;
■
Ja n u a ry —
R a n g e __________
C l o s i n g __________,
a
i
m
a g i n
n
i s
THE CHRONICLE
S e p t . 9 1911.]
Augusta, Ga.— We have had rain on five days during the
week, the rainfall being one inch and twenty-one hundredths.
The thermometer has ranged from 69 to 92, averaging 80.
Savannah, Ga.— We have had rain on five days of the week,
the rainfall being eighty-nine hundredths of an inch. The
thermometer has averaged 80, the highest being 90 and the
lowest 72.
Charleston, S. C.— We have had rain on five days during
the week, the rainfall being two inches and five hundredths.
The thermometer has ranged from 72 to 91, averaging 81.
Florence, S. C.— We have had rain on two days of the past
week, the rainfall reaching thirty-nine hundredths of an
inch. The thermometer has averaged 82, highest being
96 and lowest 69.
Spartanburg, S. C.— We have had rain on two days during
the week, the rainfall being two inches. The thermometer
has ranged from 65 to 91, averaging 78.
Charlotte, N. C.— We have had rain on three days the
past week, the rainfall being three inches and thirty-two
hundredths. The thermometer has averaged 78, the highest
being 89 and the lowest 67.
Greensboro, N . C.— We have had rain on two days during
the week, the rainfall being one inch and thirty-eight hun
dredths. The thermometer has ranged from 61 to 88,
averaging 75.
Raleigh, N . C.— We have had rain on three days the past
week, the rainfall being sixty-three hundredths of an inch.
The thermometer has averaged 78, the highest being 92 and
the lowest 64.
Fort Smith, Ark.— Rain has fallen on two days during the
week, the rainfall being forty-seven hundredths of an inch.
The thermometer has ranged from 66 to 94, averaging 80.
Helena, Ark.— Crop reports vary, but none are really good.
We have had no rain during the week. The thermometer
has averaged 80, the highest being 91 and the lowest 66.
Little Rock, Ark.— We have had rain on two days during
tjhe week, the rainfall being fifty-six hundredths of an inch.
The thermometer has ranged from 69 to 92, averaging 80.
Texarkana, A r k .~ I t has rained on one day during the
week, the precipitation being two hundredths of an inch.
The thermometer has averaged 81, the highest being 93
and th6 lowest 70.
W ORLDS SUPPLY AND TAKINGS OF COTTON.
MANCHESTER M ARKET.— Our report received by
cable to-night from Manchester states that the market is
steady for yarns and firm for shirtings. Tne demand for
India and China is improving. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison:
21
s. d .
H
OH
10
28
A ug.
4
11
18
25
S ept
1
8
9 5 -1 6 ®
OH
OH
"a
@
OH
®
OH
OH
c.
T o t a l s u p p l y _______________________
1 3 2 " ,4 5 2
6 ,0 0 0
8 ,0 0 0
1 ,0 0 0
3 ,0 0 0
1 ,4 9 5 ,5 1 4
1 7 0 ,7 5 6
6 ,0 0 0
8 ,0 0 0
1 ,0 0 0
3 ,0 0 0
1 ,8 3 6 ,7 1 2
1 .6 2 0 ,9 6 0
1 ,6 8 4 ,2 7 0
1 ,6 0 5 ,7 4 3
1 ,4 2 4 ,2 2 8
1 ,4 2 4 ,2 2 8
2 3 0 ,9 6 9
1 8 5 ,3 6 9
4 5 ,6 0 0
1 9 6 .7 3 2
1 5 4 .7 3 2
4 2 ,0 0 0
2 6 0 .0 4 2
1 9 2 .0 4 2
6 8 .0 0 0
D ed u ct—
V is ib le s u p p ly S e p t .
8
T o t a l ta k in g s to S e p t . 8
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 ______________________
INDIA COTTON MOVEMENT FROM ALL PORTS.
Sept. 7.
1911.
Receipts at—
4
B o m b a y ............................................. ..
1910.
Since
Sept. 1.
Week.
,000
Great!t
Britain
6,000 v
4 ,0 0 0
3
B om bay—
1 9 1 1 ..
1910
1909
C a lc u tta 1911
1 9 1 0 ..
1 9 0 9 ..
M adras—
1 9 1 1 _____
1910
1 9 0 9 _____
A ll o t h e r s —
1 9 1 1 --..
19101 9 0 9 _____
T o ta l a l l 19111 9 1 0 ..
1 9 0 9 _____
0,000
I
Great
Britain.
0
0
0
0
__________________
0
..
__ 1 2,000
7,000 24,000
---- 2,000;
__ 1,000
__ 1 ,000.
..
__________________
2,0 0 0
2,000
........
........
1,000
17,0001
4,000
........
........
1,00011
1,000
1,000
1 ,0 0 0
__________________
1 ,0 0 0
i non
1,000
1.000
*’ " llooo
80f>0
7;0or,
7)000
i2,000
32,040
13.009
ALEXAN D RIA RECEIPTS AND SHIPMENTS.
1011.
T
T
T
T
1910.
5 .0 0 0
5 .0 0 0
1909.
T ota l
r r n o r t s ............. .........
A
ca n ta r
1 0 ,0 0 0
1 0 ,0 0 0
T his
S in ce
Week. Sept. 1 .
4 .5 0 0
o L i v e r p o o l __________________
o M a n c h e s t e r _______________
o C o n t in e n t a n d I n d i a . .
o A m e r i c a . . .............. ................
N ote .—
Is
99
8H^>1 0
S H I P P I N G
e x p o r t s
o f
N E W
c o t t o n
r e a c h e d
5 2 ,5 3 5
u p
m a il
fr o m
9
6 .9 5 1 0 H
„6 . 7. .7 1 0 «
6 .6 9 1 0 H
8
G.88I10X
@ 10
9
10
6 .9 5 | 1 0 X
7 .3 2 1 0 X
S .—
A s
fr o m
th e
b a le s .
a n d
T h e
6
7
7 .9 7
8 .1 6
UH
UH
6
6
6
7
8
8 .0 7
8 .3 1
8 .2 6
8 .1 4
8
7 X
7 .9 7
8 .0 3
nx
nx
@
a
p r e v io u s
S ta te s
th e
s h ip m e n ts
te le g r a p h ic
r e tu r n s ,
p a s t
in
a r e
7H
7H
6
® 10
5 H @ 1 0
u h
o n
@ 10
fe s lO
@ 10
6H @ 10
u h
s h o w n
U n ite d
5 X @ 1 0
6
@ 10
p a g e ,
w e e k
d e ta il,
a s
a s
th e
h a v e
m a d e
fo llo w s :
Y O R K — T o L i v e r p o o l — S e p t . 1— S a x o u l a , 1 , 3 8 4 . . S e n t .^ f i —
ba!cs'
A d r i a t i c , 2 , 1 4 7 ___________________________________________________________
3 531
T o H u l l — S e p t . 5 — R l n a l d o , 1 , 0 3 4 _________________________
1*034
T o H a v r e — S e p t . 2 — C h i c a g o , 2 , 4 5 0 ; F l o r l d c , 4 , 1 9 9 _____________
6 ,’ 6 4 9
T o C o p e n h a g e n — S e p t . 6 — C . F . T l e t g c n , 2 0 0 ________________________
200
T o A n t w e r p — S e p t . 1 — V a d e r l a n d , 8 9 1 ______________________
_
891
T o G e n o a — S e p t . 1 — E u r o p a , 3 0 0 _________ _________________________________
300
T o B a r c e l o n a — S e p t . 6 — B u e n o s A i r e s , 3 0 0 _______
..
300
G A L V E S T O N — T o L iv e r p o o l— S e p t . 6I i d o r e , 1 6 , 0 6 4 _________
.
1 6 ,0 6 4
T o B r e m e n — S e p t . 2 — W i t t e n b e r g . 6 ,3 3 1 _
____________
_
_ 6 ,3 3 1
T E X A S C I T Y — T o M e x i c o — S e p t . 7 — C i t y o f T a m p i c o , 3 5 0 _____________
350
N E W O R L E A N S — T o L iv e r p o o l— S e p t . 2 — A s la n , 4 , 5 2 5 . . .
4 ,5 2 5
T o H a m b u r g — S e p t . 6— D o r t m u n d , 3 0 0 _ .
_
300
300
T o O p o r t o — S e p t . 5 — B a l m e s , 3 0 0 ___________________________
S A V A N N A H — T o G e n o a — S e p t . 2 — M a r ia n n e , 5 0 0
__
500
T o T r i e s t e — S e p t . 2 — M a r i a n n e , 1 5 0 ______
15 0
T o V e n ic e — S e p t . 2 — M a r ia n n e , 1 0 0
_
"
100
H i M '. v s v i c K
T o L iv e r p o o l
S ep t. 7
M e lt o n ia n , 0.706
0 70 0
B A L T I M O R E — T o B r e m e n — S e p t . 6— R h e in , 4 ,3 0 4
4 ’304
N E W
T ota l
---------------------------------------------------------------------------------------------- •_--------------------- ---------------- . . 5 2 , 5 3 5
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.
S a t.
M a n c h e s t e r ___________
______________
M on.
1 5 @ X
15
25
15
25
20
26
27 X
T u es.
X
B a r c e l o n a _______________
G enoa
__________________
T r i e s t e ........... ......................
J a p a n ____________________
15
25
15
25
20
26
27 X
H O L I
D A Y .
30
30
37
.4 5
27 X
27 X
27 X
30
30
37
45
30
30
37
45
F r i.
T h u rs.
W ed.
1 5 @ X
15
25
15
25
20
26
15@
1 5 @ X
15
25
15
25
20
26
27 X
1 5 @ X
15
25
15
25
20
26
27 X
27 X
27 X
30
30
37
45
30
30
37
45
LIVERPOOL.— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Aug. 18.
S a l e s o f t h e w e e k _________ b a l e s 1 - 1 0 , 0 0 0
O f w h ic h s p e c u la to r s t o o k .
O f w h i c h e x p o r t e r s t o o k ____ I
llo o o
S a l e s , A m e r i c a n ____________________ .
6 ,0 0 0
A c t u a l e x p o r t __________________
.
5 ,0 0 0
F o r w a r d e d _______________ ____________ _
1 ,0 0 0
T o t a l s t o c k — E s t i m a t e d ____
.5 1 3 ,0 0 0
O f w h ic h A m e r ic a n
T o t a l I m p o r t s o f t h e w e e k ____ .
1 8 ,0 0 0
O f w h i c h A m e r i c a n ___________ .
3 ,0 0 0
A m o u n t a f l o a t ______________________
O f w h i c h A m e r i c a n . .................. .
8 ,0 0 0
L IV E R P O O L
S T O C K
Aug. 25.
S ep t. 1 .
S ep t. 8 .
2 2 ,0 0 0
4 1 ,0 0 0
6 1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
4 2 ,0 0 0
1 ,0 0 0
7 0 ,0 0 0
3 3 7 ,0 0 0
1 8 3 ,0 0 0
1 0 ,0 0 0
6 ,0 0 0
1 1 0 ,0 0 0
8 6 ,0 0 0
2,6 6 6
1 4 " ,6 6 6
2 ,0 0 0
8 ,0 0 0
5 1 3 ,0 0 0
3 2 5 ,0 0 0
1 0 ,0 0 0
2 ,0 0 0
4 6 ,0 0 0
1 8 ,0 0 0
2 8 ,0 0 0
5 ,0 0 0
8 4 ,0 0 0
4 ^ 3 ,0 0 0
2 5 9 ,0 0 0
1 8 ,0 0 0
7 ,0 0 0
8 7 ,0 0 0
6 1 ,0 0 0
T A K IN G .
A m e r ic a n d e c r e a s e , 2 2 ,6 0 1 ; B r a z ilia n d e c r e a s e , 6 ,9 7 9 : E g y p t ia n d e
c r e a s e , 3 ,0 5 5 ; P e r u v ia n
d e c r e a s e , 2 ,6 8 0 ; E a s t I n d ia n d e c r e a s e ,
0 , 1 4 0 ; t o t a l d e c r e a s e ____________________________________________________
44 4 5 5
W e s t I n d ia n In c r e a s e , 2 ,9 3 3 ; A fr ic a n I n c r e a s e , 7 8 6 ; t o t a l f n c r e a s e l l l l 3 )7 19
M a rk et,
1 2 :1 5
P. M.
1
)
J
F a ir
b u s in e s s
d o in g .
G ood
dem and.
G ood
dem and.
j
:
G ood
dem and.
G ood
dem and.
G ood
dem and.
M I d .U p l’ d s
7 .0 8
7 .0 7
7 .1 4
7 .0 6
7 .1 6
7 .3 2
S a l e s _______
S p e c .& e x p .
1 0 ,0 0 0
500
8 ,0 0 0
500
1 0 ,0 0 0
500
1 0 ,0 0 0
500
1 2 .0 0 0
700
in nnn
1U,UUU
500
Futures.
S te a d y at
2 @ 4 p ts.
ad van ce.
S tea d y at
3 @ 4 p ts.
ad van ce.
Q u ie t X P t.
d ec. to IX
p ts. a d v .
S tea d y at
2 @ 4 p ts.
d e c lln .e .
S tea d y at
2 X
P ts.
ad van ce.
S te a d y at
3 @ 4 p ts.
ad van ce.
S te a d y a t
B a r e ly s t ’ y ,
u n ch . t o 5 X
1 p ts. d ec.
S tea d y at
3 X @ 5
p ts. d ec.
S te a d y at
3 @ 1 0 p ts.
ad van ce.
S tea d y a t
5H @ 14
p ts. a d v .
M ark et
opened
1
/
M ir k e t,
1 B a r e ly s t ’ y
a t 2 ® 4 p ts.
J ad van ce.
P. M.
X @ 5 X
p ts. a d v .
T he p rices are given in pence a n d lOOths.
Thus;
6 55
m eans
6 5 5 -1 0 0 d .
1
(c a n ta r s )—
T h i s w e e k ........... ......................... ...
S i n c e S e p t . 1 ................. ................
(b a le s )—
10 H
10%
6
7H
7X \
11X
11H
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
R eccin 's
Exports
7 X @ 1 0
8
' 10
7 X @ 1 0
8
@ 10
7 .3 9 1 0 H
6 .9 0 1 0 H
T o t a l n e t d e c r e a s e . * ________________________________________________________________________4 0 , 7 3 6
p
1
1
!
1,000 11,000 ........
» ! . . . 112,000
0 7,000 32,000 ...... . 1 25,000 7,000
8,000
1,000
0! __
12,000
A lex a n d ria , E g y p t,
S ep t. 6 .
10 H
10 X
10X
10X
0
8
Total.
—V—
6 III I llooo IIIIII T , 66o ’
0 __ 8,000 ........ 8,000
0 __ 7,000 ........ 7,000
o| .... 5,000, ........
7,000
.-.
..
© 11
@ 10
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
2,000 spot cotton have been as follows:
" 7)666 24,000
5,000
Spot.
Saturday. Monday. | Tuesday. Wednesday. Thursday.
Friday.
_\---L
1 non
..
...
2,0 0 0
1
I Japan
\<&China.
\\
ContU
nenl.
.
1 .__________________
000
Since
Sept. 1 .
Week.
Sinr,e September 1 .
Ja p an
dkChina Total.
I'
1909.
Since
Sept. 1 .
Fo r the Week.
Exports
from —
10H
U >i
1 ,4 7 0 ,5 0 8
1 ,6 0 3 ,4 1 8
2 1 4 ,6 9 4
4 .0 0 0
1 0 ,0 0 0
600
4 .0 0 0
S H lbs- Shirt Cot’n
ings, common M id.
Upl’s
to finest.
Cop
Twist.
32s
J u ly
B r e m e n _________________
H a m b u r g _______________
A n tw e rp
_______________
G h e n t, v ia A n tw e rp
Week.
1 ,6 2 2 ,7 2 7
8H lbs. Shirt- Cot’ n
Ings, common Mid.
to finest.
Upl’s
Cop
Twist.
32s
Havre
C o tto n T a k in g s .
W e e k a n d S eason .
V is ib le s u p p ly S e p t . 1
_
V i s i b l e s u p p l y A u g . 3 1 . . ________
A m e r i c a n I n s i g h t t o S e p t , 8 ____
B o m b a y r e c e i p t s t o S e p t . 7 ____
O th e r I n d ia s h lp ’ts t o S e p t 7_
A le x a n d r ia r e c e ip ts t o S e p t.
O t h e r s u p p l y t o S e p t . 6 * ____
679
4 ", 2
50
1 .5 0 0
1 0 .2 5 0
lb s .
4 .5 0 0
This
Sin ce
Week. Sept. 1
1 ,5 0 0
6 ,0 0 0
6 ,0 0 0
T his
S in ce
Week. Sept. 1 .
.
1 ,5 0 0
2 .7 5 0
1 .7 5 0
4 ,2 5 0
750
4" 2 50
1 .5 0 0
1 0 .2 5 0
E g y p tia n
1 .5 0 0
b a le s
w e ig h
1 ,0 5 0
1
abou t
9 .5 0 0
750
2 .7 5 0
1 .7 5 0
4 ,2 5 0
750
9 .5 0 0
lb s .
Sept, 2
to
Sept. 8.
S a t,
n x
p .r t .
12 M
p .m .
S e p t _______ ______ ? 5 5
S e p t . - O c t . ■ ----------| 6 2 5
O c t . - N o v . ■ L,____ 6 2 0
N o v .-D e e
6 16 H
D e c . - J a n . - - w- 6 Ih X
J a n .-F e b . - --V 6 17
F e b .- M e ll
6 18 X
M c h .-A p r
6 20
A p r .-M a y . —
A 21
6 22
M on.
T u es.
W ed .
Thurs,
Fri.
4
12 X
4
12 X
12 X
4
12 X
4
12 X
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
______
______
______
______
______
______
1—
60
26
21
17
X
X
X
1 7 X
17 X
19
20 X
- 21 X
22 X
64
60
27 X 23
20
15
1 6 X 12
16 X 12
1 6 X 12
18
13
20
15
21
16
22
'1 7
X
X
X
X
X
X
x
56 X
20
1 1
07
07
07
09
X
X
X
X
10 X
11 X
12 X
57
20
12
60
23
15
08
10
07 X
07 X
09
10
10
67
25
15 X
x
1 1 X
1 0 X 13
11 X 14
1 2 hi 1 5
1 1 X
1 0 X
10 x
12
13 X
14 X
15 X
82
29 X
20
15
14
14
16
17
18
19
81
32
•
X
X
21 X
17
16
16
X
X
X
17 X
10
20
21
680
THE CHRONICLE
G R A IN .
BRHADSTUFFS.
Friday Night, Sept. 8 1911.
Flour inquiry has shown a general and distinct improve
ment during the past week, chiefly for export account.
Larger quantities have been contracted for, both for home
account and abroad. There is a good export demand from
China. At Minneapolis particularly there has been decided
firmness as to prices, owing to the more general demand both
for abroad and at home. Clear grades were in good demand
for export, although it is true that patents have been rela
tively neglected. On the whole, however, the situation;un
doubtedly shows distinct improvement. Drought damage
in Europe to crops, it seems, has commenced to be reflected
by a considerably increased demand for American foodstuffsgrain as well as provisions. However some of the interior
mills have been offering bran more freely, insome cases at fair
concessions to buyers. The output of flour during the past
week at Minneapolis, Milwaukee and Duluth was 358,395
barrels, against 369,360 the previous week and 389,870 a
year ago.
Wheat has risen on export buying, higher prices in Conti
nental markets and some unfavorable crop accounts from
the Northwest and Canada. From the American Northwest
complaints of damage by rains and lower temperatures and
of wheat sprouting in the shocks have been received, while
there has been frost in Canada. But the main bull argument
is that many of the European crop accounts have latterly
been extremely unfavorable; German crops have suffered
severely from drought, Russian offerings are small and
Russian crop accounts bad. France, it seems, is to remove
the duty from foodstuffs, and, in a word, Europe is generally
expected to become a free buyer of American grains. During
the week over 1,300,000 bushels of American wheat were sold
to go abroad. The Berlin market has led in the strength
of European wheat prices. There has been, moreove, ran
improved demand for flour, partly if not largely from ex
porters, and the world's weekly exports were but 10,034,000
bushels, against 10,688,000 the week before, and the total
visible supply lost 720,000 bushels. But the Canadian crop
has made good average progress, Canada and Argentina have
recently sent some favorable crop reports, as have India,
Roumaniaand Australia. There has of course also been considerable long liquidation on the sharp advances. Prices
to-day hesitated pending the announcement of the Govern
ment report and in the end showed little change.
D A IL Y
C L O S IN G
W h e a t , p e r b u s h e l— f .o .b .
N . S p r i n g , N o . 1 . ..................
N . S p r i n g , N o . 2 ___________
R e d w i n t e r , N o . 2 _________
H a r d w i n t e r . N o . 2 ...............
O a ts , p e r b u s h e l, n e w —
S t a n d a r d s ______________________
N o . 2 w h i t e ___________________
N o . 3 w h i t e ___________________
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
S a t.
M on.
I Io lld a y.
T u es.
IN
CH IC AG O.
Wed. Thurs. F r t .
9 0 %
9 5 %
1 0 1 !,
9 2 %
9 6 %
102%
9 2 %
97
102%
9 2 %
9 6%
102%
Indian corn, like wheat, has advanced somewhat on export
buying, together with firmness of cash prices on purchases
by Eastern interests and also by the Southwest, the latter
referring particularly to Texas, where the corn crop is practi
cally a failure, owing to the hot, dry and unseasonable
weather. Moreover, the visible supply gained only 457,000
bushels, whereas a year ago there was an increase of 964,000
bushels. Argentine crop accounts are bad. On the other
hand, the weather in this country has latterly been distinctly
favorable and there has been considerable liquidation in the
anticipation that to-day’s Government report would have a
bearish tinge. To-day prices were lower under expectations
that the Government report would be favorable. The corn
crop was estimated at 2,736,000,000 bushels, or slightly
more than expected by many.
D A IL Y
C L O S IN G
P R IC E S
O F
N O . 2
M IX E D
S a t.
C a s h c o r n ........................................... ......................... H o l l 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 --------- d a y .
D A IL Y
C L O S IN G
P R IC E S
O F
C O R N
M on.
H o lld ay.
C O R N
S a t.
T ues.
7 4%
N orn .
C o n d it io n
H o lld a y.
N E W
Y O R K .
7 4 %
N om .
7 3 %
N orn .
71
N orn .
T ues.
IN
CHICAGO.
Wed. T h u rs. F r t.
65%
6 3%
65%
6 6%
64%
6 6 %
6 6 %
6 3 %
66
D A IL Y
C L O S IN G
P R IC E S
O F
S a t.
S t a n d a r d s . ................................................
H o llN o . 2 w h i t e ........................ ...................... . . . . . d a y .
D A IL Y
C L O S IN G
P R IC E S
O F
fo llo w in g
a r e
c lo s in g
IN
M on.
T ues.
H o lld a y .
4 7 %
48
O A T S
,
S a t.
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 ______ 4 3 %
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 ______ 4 6 %
M a y d e l i v e r y I n e l e v a t o r ........................... 4 9 %
T h e
O A T S
N E W
F U T U R E S
M on.
H o lld a y .
T u es.
42%
4 5%
48 %
Wed. T h u rs. Frt4 8 %
49
49
4 9 %
4 3 %
46 %
49 %
43
43%
49
0 0 @ $ 3
50Q
0 0 (;
65C
2 5 (j
80(
2£
25
*
K a n s a s s tr a ig h ts , s s e k .5 4 3 5 (
K a n s a s c l e a r s , s a o l p f ____ * 8 5 0
C i t y p a t e n t s ______ „ ...................« 2 0 (J
R y e f l o u r . ____________________ 4 5 0 (
G rah am
f l o u r . . . .............. 3 8 5< j
C o r n m e a l, k iln d r i e d . . . 3 70C
6 8 .4 .
Flour.
T he
c o n d it io n
Wheat.
1
C h i c a g o _____
M ilw a u k e e ..
D u lu t h ..
.
M in n e a p o lis .
T o l e d o _______
D e t r o i t _______
C le v e la n d . .
S t . L o u i s ____
P e o r i a .............
K a n s a s C it y .
1 2 7 ,0 9 6
5 7 .8 0 0
1 4 ,0 0 0
T o t a l w k . ’ 11
S a m e w k . ’ 10
S a m e w k . ’ 09
3 0 0 ,8 7 1
3 7 4 ,3 3 4
4 7 9 ,0 8 3
S in c e A u g . 1
1 9 1 1 _______
1 9 1 0 _______
1 9 0 9 .............
1 ,5 8 0 ,6 8 2
1 ,7 7 1 ,8 2 2
2 ,1 7 8 ,4 1 7
74
N o m in a l
N o m in a l
N o m in a l
N o m in a l
N o m in a l
of
b a r le y
w as
6 5 .5 " .
Corn.
6 0 lbs.
1 ,0 9 0 ,0 0 0
3 5 3 ,1 9 0
3 5 2 ,1 7 0
1 ,8 2 1 ,8 6 0
1 7 4 ,0 0 0
6 8 ,1 4 0
8 ,6 0 0
2 9 2 ,4 3 5
4 0 ,0 0 0
8 2 3 ,2 0 0
................1
4 ,9 0 0
420
6 1 ,8 5 5
3 4 ,8 0 0
. . .
I
Oats.
bush.
5 6 lbs.
3 ,2 5 5 .2 0 0
2 6 3 ,2 9 0
2 1 ,6 0 6
1 8 8 ,0 6 0
9 1 ,9 0 0
6 4 ,0 8 0
7 2 ,3 2 0
2 8 6 ,9 4 0
2 3 5 ,8 0 0
1 6 0 ,8 0 0
ltarlcy.
bush.
3 2 lbs.
2 ,3 4 5 ,0 0 0
1 8 1 ,9 0 0
2 6 ,5 5 0
2 1 2 ,4 8 0
1 0 6 000
49J70
3 1 ,4 1 0
3 1 4 ,5 0 0
9 2 ,8 3 0
1 9 0 ,4 0 0
Rye.
bushASlbs. bu. 5 6 lbs.
6 0 4 ,5 0 0
66,0 00
1 8 7 ,7 0 5
5 1 9 ,1 8 0
1 0 0 ,9 2 0
405
5 8 ,1 3 5
3 7 ,7 3 5
5 ,5 0 0
7 ,7 0 f y
................
5 ,0 2 3 ,6 0 1
7 ,7 9 6 ,9 7 6
5 ,0 5 5 ,2 0 2
4 ,6 2 9 ,9 9 6
5 ,1 1 4 ,9 8 9
3 ,5 6 7 ,2 1 9
3 ,5 5 0 ,2 4 0
6 ,1 6 8 ,5 1 1
4 ,4 7 4 ,3 4 9
1 ,4 0 7 ,6 6 0
1 ,3 3 5 ,1 5 5
1 ,5 7 2 ,1 9 1
2 3 5 ,7 4 5
6 2 1 ,7 6 8
i7 2 ,1 2 0
2 8 ,4 4 2 ,1 9 0
4 4 ,2 6 6 ,4 1 9
2 9 ,0 4 4 ,0 1 0
1 5 ,7 2 7 ,5 9 0
1 6 ,9 8 4 ,0 7 9
1 5 ,1 0 0 ,9 9 6
2 2 ,3 1 4 ,0 2 0
4 0 ,9 6 6 ,7 8 8
2 5 ,3 8 6 .2 7 7
3 ,9 4 6 ,2 9 0
3 ,8 5 6 .7 1 4
3 ,3 5 2 ,7 3 3
8 6 2 ,6 5 3
9 7 8 ,4 3 2
5 9 5 ,4 8 0
1
Total receipts of flour and grain at the seaboard ports for
the week ended Sept. 2 1911 follow:
Flour,
bbls.
Wheat.
bush.
Corn,
bush.
1 2 9 ,8 9 7
3 9 ,0 6 5
5 7 ,8 7 6
5 0 ,9 5 0
4 8 2 ,6 0 0
2 4 4 ,9 3 5
2 4 8 ,9 0 8
3 4 3 ,9 5 8
6 8 ,7 1 3
1 9 ,8 3 4
4 0 ,8 0 0
4 8 ,0 0 0
Receipts at —
R i c h m o n d ..................
N e w O r l e a n s * _____
G a l v e s t o n * ................
M o b i l e ..............................
’ 2 ,000
5 4 ,5 4 1
F or
fiv e
days
liarley,
bush.
Oats,
bush.
5 1 ,8 1 6
3 2 ,4 1 3
4 6 8 ,7 5 0
0 9 ,0 9 2
1 7 3 ,6 0 7
1 3 4 ,3 5 9
9 9 ,7 0 0
2 8 ,5 0 0
6,0 00
630
22J84
8 7 5 ,7 4 1
T o ta l w eek 1911.
3 5 4 ,1 6 3
S in c e J a n . 1 1 9 1 1 .1 2 ,2 5 9 ,9 0 0
W e e k 1 9 1 0 ................
3 8 4 ,7 8 1
S in c e J a n . 1 1 9 1 0 .1 1 ,5 2 3 ,6 0 7
Rye,
bush.
835
1 ,0 6 3
4 ,5 4 4
1 2 6 ,6 9 6
2 ,2 8 4 ,9 4 2
2 8 7 ,6 2 6
5 4 ,0 9 9 ,4 2 0 5 0 ,6 2 9 ,7 9 8
1 ,6 2 6 ,7 8 1
5 9 7 ,0 0 9
4 5 ,2 9 4 ,3 0 5 2 7 ,8 0 8 ,2 2 5
1 ,0 0 1 ,0 0 4
835
3 8 ,2 0 8 ,2 8 0 2 7 9 6 ,0 0 6
1 ,6 6 1 ,9 7 1
5 3 ,7 3 2
3 3 ,4 9 8 ,4 7 3 2 2 0 7 .7 6 7
5 ,6 0 7
383 508
35 692
5 2 1 ,7 8 2
o n ly .
The exports from the several seaboard ports for the week
ending Sept. 2 are shown in the annexed statement:
Exports from —
N e w Y o r k ................
B o s t o n _____________
P h i l a d e l p h i a _____
B a l t i m o r e ...................
N e w O r l e a n s ______
G a l v e s t o n ...................
M o b i l e _______________
M o n t r e a l ____________
T h e
J u ly
d e s tin a tio n
1
1 9 1 1
is
a s
o f
6,000
Oats,
bush.
2,0 00
9 0 ,6 6 6
1 8 5 ,8 5 3
2 0 8 ,2 8 0
2 6 4 ,6 9 2
1 5 0 ,5 8 2
1 1 5 ,8 5 0
2 ,6 6 0
th e s e
e x p o r t s
fo r
Since
Ju ly l
bbls.
4 ,0 0 0
.2 6 4 ,6 9 2
-1 5 0 ,5 8 2
1 ,5 7 8 ,0 7 3
1 ,0 3 8 ,0 7 4
1 ,9 7 1 ,9 4 6
8 7 9 ,SO I
th e
2
___
.............
- - - - -
.............
4 8 ,9 8 5
3 ,2 3 5
419
- - - - -
th e
w e e k
s h ip m e n ts
1 9 1 1
a n d
Since
Ju ly 1
Week
Sept. 2 .
bush.
1911.
9 9 5 ,1 5 5
9 5 3 ,9 6 3
1 8 ,8 2 8
S e p t .
900
- _ ..
a n d
s in c e
b e lo w :
8 1 1 ,4 6 0
3 3 3 ,1 2 2
1 5 8 ,9 0 7
2 0 3 ,7 1 4
6 ,0 6 2
6 4 ,8 0 8
w o r l d ’s
Peas,
bush
2 ,3 3 5
9,666
K in g d o m .. .1 2 9 ,7 1 4
- 3 8 ,5 9 6
& C e n t. A m e r . 2 6 ,9 0 2
- 3 5 ,1 3 7
.
250
- 3 4 ,0 9 3
T h e
Rye, Harley,
bush.
bush.
1 0 ,8 5 0
7 9 .0 0 0
U n ite d
in
Flour,
bbls.
8 1 ,0 1 0
1 1 ,3 0 0
2 7 .0 0 0
4 0 ,0 5 0
1 4 ,6 4 3
9 ,6 8 9
4 3 ,8 5 7
1 9 ,5 0 0
Week
' Sept. 2 .
bbls.
Since Ju ly l to—
Sou
Corn,
bush.
1 1 6 ,4 9 6
Wheat,
bush.
6 9 7 ,5 7 7
4 7 ,9 6 9
1 8 6 ,0 0 0
1 8 8 ,0 0 0
2 1 3 , 4 0 '/
„ ............
________
6 3 4 ,0 0 0
T o t a l w e e k ____, 1 , 9 / 1 , 9 4 6
3 7 9 ,8 0 4
W e e k 1 9 1 0 ...............
o f
s in c e
1911.
bush.
8 ,1 6 1 ,4 7 8
7 ,2 8 4 ,9 6 7
1 5 9 ,3 3 5
4 ,7 1 9
1911.
4 ,0 0 0
5 1 ,4 1 8
7 8 ,0 0 7
1 ,5 0 0
5 1 ,9 7 7
893
2 ,0 5 8
1 ,9 7 6 ,8 9 4
1 ,4 2 5 ,0 0 6
2 4 7 ,9 5 1
3 8 3 ,5 4 1
3 ,5 0 7
6 ,7 6 8
1 5 ,6 1 4 ,4 9 9
6 ,2 8 5 ,2 9 8
1 8 5 ,8 5 3
2 0 8 ,2 8 0
4 ,0 4 3 ,6 6 7
1 ,9 5 6 ,3 4 7
w h e a t
a n d
c o r n
J u ly
1 9 1 1
a n d
1 9 1 0
.
Corn.
1
Since
Ju ly 1
Week
Sept. 2 .
bush.
fo r
th e
a r e
w e e k
s h o w n
fo llo w in g :
Wheat.
Exports.
42%
4 5 %
18%
q u o t a t io n s :
FLO U R.
W i n t e r , l o w g r a d e s ______ J 3
W i n t e r p a t e n t s ........................ 4
W i n t e r s t r a i g h t s ___________ 4
W i n t e r c l e a r s _______________ 3
S p r i n g p a t e n t s ........................ 5
S p r i n g s t r a i g h t s ___________ 4
S p r i n g c l e a r s ___________________ 4
fla x ,
49
49%
IN
CHICAGO.
Wed. Thurs. F r t.
49
49%
48 %
bbls.l06lbs. bush.
e n d in g
Y O R K .
of
Receipts at—
65%
63%
65%
Oats have advanced on some unfavorable domestic crop
reports, expectations of short crops of both hay and pastures,
and extremely bad accounts from Germany regarding feeding
crops. The visible supply showed a gain of only 1,660,000
bushels, against an increase last year of 5,972,000 bushels.
To-day prices were slightly lower in sympathy with corD
and on selling by longs.
Cents.
Cents.
C o r n , p e r b u s h e l—
N o . 2 ................................f . o . b .
S te a m e r
________e l e v a t o r
N o . 3 ______________e l e v a t o r
R y e , p e r b u s h e l—
N o . 2 W e s t e r n ___________
S ta te a n d P e n n s y lv a n ia
B a r l e y — M a l t i n g .........................
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August I for each of the last three years has been:
Wed. T h u rs. F r t .
F U T U R E S
M on.
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 ______ 6 5 %
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 ______ 6 4 %
M a y d e l i v e r y I n e l e v a t o r ................................6 6 %
IN
13 %
1 09%
1 00
1 04
T h e C r o p R e p o r t in g B o a r d o f th e B u r e a u o f S ta tis tic s o f th e U n ite d
S ta te s D e p a r tm e n t o f A g r ic u ltu r e e s tim a te s , fr o m th e r e p o r ts o f th e c o r r e
s p o n d e n t s a n d a g e n ts o f th e B u r e a u , a s fo llo w s :
. T h e c o n d it io n o f s o r in g w h e a t a t t h e t im e o f h a r v e s t w a s 5 6 .7 , a g a in s t
5 9 .8 o n A u g . 1 la s t , 6 3 .1 a t t h e t im e o f h a r v e s t In 1 9 0 9 a n d a t e n - y e a r a v e r
a g e o f 7 8 .7 .
T h e c o n d i t i o n o f a l l w h e a t a t t h e t i m e o f h a r v e s t Is g i v e n a s 6 8 . 8 , a g a i n s t
6 1 . 7 In 1 9 1 0 a n d a t e n - y e a r a v e r a g e o f 7 9 . 1 .
T h e c o n d it io n o f c o r n o n S e p t . 1 w a s 7 0 .3 , a g a in s t 6 9 .6 o n A u g . 1 la s t ,
7 8 .2 o n S e p t . 1 1 9 1 0 a n d a t e n - y e a r a v e r a g e o f 7 9 .3 .
T h e c o n d it io n o f o a t s a t th e tim e o f h a r v e s t w a s 6 4 .5 , a g a in s t 6 5 .7 o n
A u g . 1 la s t , 8 3 .3 a t t h e t im e o f h a r v e s t In 1 9 1 0 a n d a t e n - y e a r a v e r a g e
7 9 .5 .
O F
S e p t e m b e r d e l i v e r y In
e l e v a t o r _____9 1
D e c e m b e r d e l i v e r y In
e l e v a t o r __ 9 5 %
M a y d e l i v e r y I n e l e v a t o r _______________1 0 1 %
51
AGRICULTURAL DEPARTM ENT’S REPORT ON •
CEREAL CROPS, ETC., TO SEPT. 1.—The Agricultural
Department issued on the 8th inst. its report on the cereal
crops for the month of August as follows:
W H E A T
F U T U R E S
IN
N E W
Y O R K
■Sat.
M o n . T u es. Wed. T h u rs. F r t .
N o . 2 r e d ...........
..................................... .............H o l l H o ll- 9 8 %
99%
9 9 %
100%
S e p t e m b e r d e l i v e r y In
e l e v a t o r _____d a y .
d a y .
97%
99
99 %
9 9 %
D A IL Y
P R IC E S
[VOL. L X X X X III.
1911.
1910.
Week
Sept. 2 .
Since
Ju ly 1 .
Since
Ju ly 1 .
Week
Sept. 2 .
Since
Ju ly 1 .
Hushels.
Hushels.
Hushels.
Hushels.
2 6 ,1 8 4 ,0 0 0
2 1 ,3 6 8 ,0 0 0
1 0 ,3 0 4 ,0 0 0
1 1 ,5 8 4 ,0 0 0
8 ,6 - 1 8 , 0 0 0
1 2 ,5 6 2 ,0 0 0
1 ,7 0 2 ,0 0 0
1 1 ,1 4 4 ,0 0 0
3 2 ,8 6 4 ,0 0 0
1 7 ,6 3 2 ,0 0 0
9 ,5 2 0 ,0 0 0
4 ,2 0 8 ,0 0 0
1 1 ,5 6 0 ,0 0 0
9 4 4 ,0 0 0
8 1 ,0 0 0
1 ,1 3 9 ,0 0 0
9 6 9 ,0 0 0
Hushels.
3 ,1 6 9 ,0 0 0
1 3 ,4 4 8 ,0 0 0
1 7 ,7 4 0 ,0 0 0
2 ,1 6 5 ,0 0 0
1 ,8 9 4 ,0 0 0
7 ,0 1 4 ,0 0 0
2 7 ,2 1 9 ,0 0 0
9 2 .3 5 2 ,0 0 0
8 7 .8 7 2 .0 0 0 2 ,1 8 9 ,0 0 0
3 4 .3 5 7 .0 0 0
3 8 ,2 9 2 .0 0 0
N o r t h A m e r . 3 ,3 2 8 ,0 0 0
R u s s i a ............. 1 , 5 9 2 , 0 0 0
D a n u b e _____ 2 , 2 6 4 . 0 0 0
A rg e n tin a . .
7 8 4 ,0 0 0
A u s t r a l i a ___
8 9 6 ,0 0 0
I n d i a ...............
8 9 6 ,0 0 0
O th . c o u n tr ’s
3 0 4 ,0 0 0
T o t a l _____
1911.
1910.
10064000
Ju ly
1.
The quantity of whe$t and corn afloat for Europe on dates
mentioned was as follows:
Com.
Wheal.
United
Kingdom.
Bushels.
S e p t. 2 1 9 1 1 .A u k . 2 6 1 U 1 1 -.
S e p t. 3 1 9 1 0 ..
S ep t. 4 1909 S e p t. 5 1 0 0 8 ..
S e p t. 7 1 9 0 7 -.
681
THE CHRONICLE
S e p t . 9 1911.]
Continent.
Bushels.
1 9 .8 0 8 .0 0 0 1 5 .2 2 4 .0 0 0
2 1 .9 6 8 .0 0 0 1 6 .5 2 0 .0 0 0
1 7 .7 8 4 .0 0 0 2 0 .9 2 0 .0 0 0
1 5 .6 7 2 .0 0 0 1 3 .4 3 2 .0 0 0
1 5 .0 4 0 .0 0 0 1 4 .1 6 0 .0 0 0
1 5 .5 2 0 .0 0 0 1 0 .4 4 0 .0 0 0
Total.
Bushels.
3 5 .0 3 2 .0 0 0
3 8 .4 8 8 .0 0 0
3 8 .7 0 4 .0 0 0
2 9 .1 0 4 .0 0 0
2 0 .2 0 0 .0 0 0
2 5 ,9 6 0 ,0 0 0
U nited
Kingdom.
Bushels.
DOMESTIC COTTON GOODS.— The exports of cotton
goods from this port for the week ending Sept. 2 were 9,481
packages, valued at $633,352, their destination being to the
points specified in the table below:
—
Continent.
Bushels.
3 .5 0 2 .0 0 0
2 .5 9 3 .0 0 0
3 .9 3 6 .0 0 0
3 .7 2 3 .0 0 0
9 .4 0 1 .0 0 0 1 1 .4 7 5 .0 0 0
7 .3 3 7 .0 0 0 1 1 .5 7 0 .0 0 0
4 .2 5 0 .0 0 0
6 .4 6 0 .0 0 0
4 .9 2 0 .0 0 0
5 .8 0 0 .0 0 0
Total.
Bushels.
6 ,0 9 5 ,0 0 0
7 ,6 5 9 ,0 0 0
2 0 ,8 7 6 ,0 0 0
1 8 ,9 0 7 ,0 0 0
1 0 ,7 1 0 ,0 0 0
1 0 ,7 2 0 ,0 0 0
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
2—
G r e a t B r it a in
_
—
-----------O t h e r E u r o p e . _ ---------------------- ----------C h i n a .............. ................
.................................
I n d i a ________________________ ____ _______
A r a b i a ................. ...................................... —
A f r i c a ______ . .
________________ _______
W est
I n d i e s ____ _ _____________ ________
M e x ic o _
_________
_________ _____
.
C e n t r a l A m e r i c a _______
S o u t h A m e r i c a ___________
___________
O t h e r c o u n t r i e s _____
_ _________
STOCKS.
___________
28
___________ 4 , 4 3 6
___________ 1 , 5 9 0
___________
___________
___________
___________
467
470
50
251
468
___________ 1 , 7 1 2
____________________ ______________ ...................9 , 4 8 1
T ota l
G R A IN
------------ 1 9 1 0 -------------
9 1 1 ------------
Week
N ew Y ork to Sept *
S in ce
Ja n . 1 .
W eek .
521
725
7 6 ,1 0 9
1 9 ,4 8 9
1 4 ,0 0 7
1 0 ,2 9 8
2 6 ,9 1 2
1 ,5 4 5
1 3 ,7 0 1
3 9 .9 8 8
2 6 ,4 3 4
11
1
4 ,6 5 7
2 2 9 ,7 2 9
S in c e
Ja n . 1
601
7
270
369
187
1 ,4 3 7
659
5 4 ,1 1 8
9 ,4 8 3
8 ,3 6 0
4 ,3 4 7
1 9 ,5 6 9
1 ,3 6 6
8 ,0 5 7
3 2 ,2 4 3
3 1 ,3 5 2
6 ,1 0 3
1 7 0 ,9 9 1
The value of these New York exports since Jan. 1 has been
Wheat,
810,289,101 in 1911, against 811,756,100 in 1910.
bush.
5 .0 0 0
1 6 0 ,0 0 0
1 ,3 2 8 ,0 0 0
1 ,0 0 0
_
1
,
5
6
6
,
0
0
0
N ew Y ork
Bleached goods orders continued small individually, but
4 5 ,0 0 0
4 9 5 ,0 0 0
1 2 ,0 0 0
fair in the aggregate. Staple prints were taken quite freely
1 6 0 ,0 0 0
.
7 0 5 .0 0 0
1 0 ,0 0 0
P h ila d e lp h ia
- 1 ,8 3 4 ,0 0 0
1 0 1 ,0 0 0
7 7 7 ,0 0 0
3 ,0 0 0
as a result of the recent reduction in prices and a larger
1 1 1 .0 0 0
1 1 1 ,0 0 0
1 6 8 ,0 0 0
N e w O r le a n s
volume of business has been booked by printers than for
1 5 1 ,0 0 0
5 ,0 0 0
G a l v e s t o n -------4
S
2
.
0
0
0
.
3
,
4
2
3
,
0
0
0
3
2
5
,
0
0
0
1 ,8 4 2 ,0 0 0
B u f f a l o -------some time past; activity in this department has imparted
. 2 ,0 6 5 ,0 0 0
7 0 ,0 0 0
6 4 5 ,0 0 0
2 ,0 0 0
a stronger tone to gray goods. Dress ginghams for spring
.2 6 7 ,0 0 0
2 5 4 ,0 0 0
2 0 ,0 0 0
2 3 1 ,0 0 0
3 6 ,0 0 0
1 8 ,6 9 0 ,0 0 0
7 ,3 1 6 ,0 0 0
4 ,0 0 0
1 ,6 1 1 ,0 0 0
moved slowly, buyers awaiting price developments. Colored
5 0 5 ,0 0 1 )
cottons displayed a firmer tendency and were in better
M ilw aukee . .
6 3 2 ,0 0 0
4 6 ,0 0 0
2 6 1 ,0 0 0
7 0 ,0 0 0
3 2 4 ,0 0 0
.
6 3 5 ,0 0 0
1 8 7 .0 0 0
D u l u t h _____
request, with sellers conservative in accepting business
8 .0 0 0
4 9 4 ,0 0 1 )
2 1 ,0 0 0
. 3 ,5 1 7 ,0 0 0
8 1 .0 0 0
M in n e a p o lis .
8 1 ,0 0 0
5 7 5 ,0 0 0
6 5 ,0 0 0
tendered. Orders for percale which was priced for spring
. 4 ,5 8 3 ,0 0 0
3 8 ,0 0 0
S t . L o u i s -------3 4 6 ,0 0 1 )
6 8 8 ,0 0 0
5 ,0 0 0
came forward quite freely. Export trade was quiet and
. 5 ,3 4 2 .0 0 0
K a n s a s C ity 7 8 9 ,0 0 0
2 8 6 ,0 0 0
3 4 ,0 0 0
1 ,7 9 6 ,0 0 0
5 4 .0 0 0
P e o r i a ...............
featureless; further inquiries for sheetings were received
.7 9 0 .0 0 0
2 7 5 ,0 0 0
1 2 9 ,0 0 0
from China, but bids were again below sellers’ views. Print
1 ,0 0 0 ,0 0 0
3 5 .0 0 0
. . 1 ,5 1 1 .0 0 0
7 9 0 .0 0 0
..
6 3 4 ,0 0 0
1 ,6 4 1 .0 0 0
1 1 2 ,0 0 0
2 0 1 ,0 0 0
O n L a k e s -----------cloths and convertibles ruled quiet, but firm, standard gray
3 5 ,0 0 0
3 4 ,0 0 0
3 0 ,0 0 0
O n C a n a l a n d R i v e r . .. .
5 6 7 ,0 0 0
................
goods remaining unchanged.
6 ,7 2 4 ,0 0 0
2 0 .7 4 2 ,0 0 0
3 1 4 ,0 0 0
T o t a l S e p t . 2 1911 ..4 8 ,0 5 7 ,0 0 0
1 ,3 5 6 ,0 0 0
WOOLEN GOODS.— In the dress goods market, fancy
1 8 ,9 3 9 ,0 0 0
6 ,0 4 5 ,0 0 0
1 4 4 ,0 0 0
8 8 9 .0 0 0
T o t a l A u s . 2 8 1911 ..4 8 ,2 4 7 ,0 0 0
1 6 ,2 6 0 ,0 0 0
1 7 2 ,0 0 0
9 2 8 ,0 0 0
2 ,7 5 0 ,0 0 0
..2 6 ,4 5 2 ,0 0 0
woolens and novelties in rough effects were in active demand
2 3 9 ,0 0 0
7 0 7 ,0 0 0
_ 9 ,1 6 7 ,0 0 0
1 ,8 6 8 ,0 0 0
7 ,3 8 2 ,0 0 0
for quick delivery. Staple lines were comparatively neglected;
C A N A D IA N
G R A IN
STOCKS.
Corn,
Barley, uncertainty among buyers as to the stability of prices for
Wheat,
Rye,
Oats,
bush. spring, especially on some of the lighter-weight fabrics, has
bush.
bush.
bush.
bush.
1 3 ,0 0 0
M o n t r e a l ..........................
9 3 0 ,0 0 0
3 2 2 ,0 0 0
3 8 1 .0 0 0
served to check a free application for that season. Additional
Fort William.. . ___ 1.045,000
3 1 2 .0 0 0
lines of fancy worsted dress goods were opened for spring,
P o r t A r t h u r . . ......................
3 8 4 ,0 0 0
4 4 2 .0 0 0
O t h e r C a n a d i a n __________
9 3 5 ,0 0 0
3 ,4 0 2 ,0 0 0
with irregular price changes. In men’s wear, fair repeat
orders were placed on heavy-weight novelty suitings and
T o ta l S e p t.
2 1 9 1 1 . . 3 ,2 9 4 .0 0 0
3 2 2 ,0 0 0
4 ,5 3 7 ,0 0 0
1 3 ,0 0 0
T o ta l A
. 2 6 1 9 1 1 .. 3 ,4 0 8 ,0 0 0
3 5 6 ,0 0 0
4 ,9 4 0 ,0 0 0
1 5 .0 0 0
staple worsteds, but business for spring was rather dull and
T ota l S e p t.
3 1 9 1 0 . . 1 ,9 8 4 ,0 0 0
2 1 ,0 0 0
3 0 0 ,0 0 0
6 0 ,0 0 0
unevenly distributed.
T o ta l S ep t.
4 1 9 0 9 .8 4 9 ,0 0 0
4 4 ,0 0 0
4 6 8 ,0 0 0
6 2 ,0 0 0
SU M M ARY.
FOREIGN DRY GOODS.— Trade in linens for spring
Oats,
Com,
Rye,
Wheat,
Barley, delivery failed to expand to the extent sellers had anticipated,
bush.
bush.
bush .
bush.
bush.
2 0 .7 4 2 ,0 0 0
6 ,7 2 4 .0 0 0
.4 8 .0 5 7 ,0 0 0
3 1 4 ,0 0 0
1 ,3 5 6 ,0 0 0
while the call for stock goods was only moderate. Imported
American
3 2 2 ,0 0 0
4 .5 3 7 ,0 0 0
1 3 .0 0 0
Canadian .
woolens and worsteds were quiet. Burlaps ruled firm in
7 .0 4 6 ,0 0 0
2 5 ,2 7 9 ,0 0 0
3 1 4 ,0 0 0
sympathy with Calcutta, with a fair business done; light
1 ,3 6 9 .0 9 3
T o t a l S e p t . 2 1 9 1 1 . .5 1 ,3 5 1 ,0 0 0
.5 1 ,6 5 5 ,0 0 0
6 ,4 0 1 ,0 0 0
2 3 ,8 7 9 ,0 0 0
1 4 4 .0 0 0
9 0 1 .0 0 0
weights are quoted higher at 3.90c. and lOLjj-ounce at 5.25c
2 .7 7 1 ,0 0 0
.2 8 ,4 3 6 ,0 0 0
1 6 .5 6 0 ,0 0 0
1 7 2 ,0 0 1 )
9 8 8 .0 0 0
1 .9 1 2 ,0 0 0
7 ,8 5 0 ,0 0 0
.1 0 ,0 1 6 ,0 0 0
2 3 9 ,0 0 0
7 0 9 ,0 0 0
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
THE DRY GOODS TRADE.
at this port for the week ending Sept. 2 1911 and since
New York, Friday Night, Sept. 8 1911.
Jan. 1 1911, and for the corresponding periods of last year,
Trading in various quarters of the textile markets was were as follows:
somewhat more active this week, but outside of a fairly
w g
liberal application for forward delivery on lines recently
'S “ ” rt O c
2reduced or priced attractively for spring, orders were con
' S 2 .F
e.
fined principally to spot goods or to merchandise urgently
a
needed to meet fall requirements. In the primary cotton
p> r1o£r*
H
02
goods division conditions do not seem to have improved
M
much. Following the Government cotton report, some
2
jobbers and converters operated more freely, but this
H
3
H
demand was not sustained, and a virtual deadlock between
>
53
*3
buyers and sellers again developed in lines of gray goods
a
53
O
H
o
and staple cottons; buyers as a rule were apparently
S
K
H
inclined to doubt that the cotton outlook had changed •us
02
O
I— H-* I-* t o
**
o
cj
radically as indicated by the Government report and were, X* j M M a w ►-* a
*O q
K
) O q
t o CM O t o CO
tj O i.
•— *— o i
2
therefore, disposed to hold oil for better terms, while sellers MCM O
»—
t
o
to
C
M
C
O
>
O
o
y
•
M
'
I
'
I
CM
" t• l oo
H
still confronted with high cost staple, continued very firm
M
3
on business for future shipment. Many New England mills, M | W
>
H
«COC
©Mqa to
co
having completed the period of curtailment decided upon
I CO 00 O 00 ryt
O
§ ■ £ !§
*Ipka ootfk
> a q >—*
CO o
‘ a -q to o
CO CO h
early in the year, resumed operations after Labor Day,
£ • ^ 53
> co to OO 00
Co w
to -q -q -q
Co ■&* o to 00 lU. 00
H
it. -q H* 00 itk.
* to *-* •q <o
O
o »*•
o
thus causing a material increase in activity at manufacturing
O
»
centres in that section. This resumption was given as another
2
reason for the renewed conservatism manifested by buyers;
tlS
>
«a r»
M
w
c
t o a oo a
I CM CO C
as a matter of fact, however, curtailment is still drastic,
y
o
t
o
q
D « C
» O 60 C
»
—
J C-> c
CO O t o O co
s a co ►
H
and the percentage of producing capacity active is far below
K
normal, with no prospect of substantial improvement in this
O
t o CO rO *J N
t o CO t o -q to
direction until conditions confronting mills change for the
a
• >— co -q
r
00 Cl O a c
co bo bo L - c i
(A
a *q o a oo
CM 30 C
>o to
CM ®
R
better. Prices of cotton goods were more or less irregular,
> GO °**
:
•q Co to Co ■£»
— CM C
a
C
»*q
"®
*
<
owing to occasional clcan-up offerings of stocks preparatory
CO CO j*. oo <
oo co ■x* a
a
« q o i —
» a to t
to •—
ao c
oo 00 Oo Co oo
to O ^ » t
■ to a ito naming prices for future delivery; but on goods to be made,
as well as on staple cottons, which are becoming scarcer,
sellers are generally firm. A feature in the finished cotton- ■vj I •— Cm <5» «-* -v|it*. 2Q
J o to CM CO
i -q ■X* to
q y q q
goods market was the naming of prices on fine printed fabrics OW -1t i Co
> co -q -q a
y A O 3o 00
C/3
tii
>
for spring; the finer qualities of percale were reduced J^c. a
yard compared with last season, while batistes of combed
M
3
» co a q to
> CO o to Co
rr
yarn construction were lowered le. to 7 % e.; these reductions
*■ «q it. O O W i
reflect the keen competition under way for business on fine
i " "a
y
q <o
ot o l—
a 30
e
3 - a o y
» a
yarn cloths for the spring season. Jobbers and specialty
> co oo
o a
I a co | oo o
o
houses reported a satisfactory volume of business in most
COto
O
oo o
departments; retailers operated freely, though not in large
o O » C J I*
-q _-q
quantities; orders were confined chiefly to novelties and
. ©
© >— a — cm ^
■j» <5
CO
- I to
q oo co o *q
o -q
< o o w q specialties, staples being taken only in small lots as needed.
*
Cotton yarns were quiet and irregular, but with a somewhat
y
^ : -q firmer tone; worsted yarns were in better request and showed
to co
o ">-* a to
cm ^ a *—
1co
to a i-* —
* *q
a
Os x> O o
o X O H i
Co £*
a hardening tendency. Woolen and worsted fabrics were
a
oo x» a *q r.
it.
co co q q
«-• to
O 0BWOoN
q
to .£*. ►-*
moderately active, demand running largely to stock goods
*q "to o b b>
CO to CD CDCM
M O N O tO
co *q
to x. > Cl m
co to -q oo it*.
cc a
X* i- O ® Cl
for fall requirements.
■q cn
it* oo
a a to cm q
O (4 O ^ CMCMtO
A M E R IC A N
Corn .
bush.
Oats,
bush.
Rye,
bush.
Barley,
bush.
u k
j
h
go ct
cm
cm
cm
cm
m
cm
h
cm
cm
a
a
cm
cm
a
j
j
l
cm
cm
682
THE CHRONICLE
8 W E
/W D
0IT Y
B ^ W T M E iN T .
$T x« © f t r u n ic le .
P U B L IS H E D
W EEKLY.
T e r m s o f S u b s c r i p t i o n — P a y a b le in
A d v a n c e
F o r O n o Y e a r ..............................................................
«in
F o r S i x M o n t h s ...............................................
.......................................................................... « «
E
E
A
S
C
no
u r o p e a n S u b s c r ip t io n (I n c lu d in g p o s t a g e )
.............................................................. 1 3 0 0
u r o p e a n S u b s c r ip t io n s ix m o n th s (in c lu d in g p
o
s
t
a
g
e
!
7 50
n n u a ! S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g p< s t a g e ) .............................................. £ 2 1 4 s .
i x M o n t h s S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g p o s t a g e ) ................................., £ 1 1 1 s .
a n a d ia n S u b s c r ip t io n ( in c lu d in g p o s t a g e )
. . . . .................................................... $ 1 1 5 0
S u b sc r ip tio n in c lu d e s fo l l o w i n g S u p p le m e n ts —
Q u o t a t io n (m o n th ly)
I S t ate a n d C it y (se m i-a n n u a lly)
i ND I n d u s t r ia l ( q u a r t e r l y ) E l e c t r ic R a il w a y (3 t i m e s y e a r l y )
E a i l w a i E a h .n i.sg s ( m o n t h l y )
| B a n k e ,. s ’ C o n v e n t io n ( y e a r l y )
the foreclosure suit brought by the American Trust Co. of
Boston as trustee for the bondholders, has been resisting the
effort of the city to get the property at this price. The tem
porary injunction which has just been dissolved was obtained
on June 20 1911.
Augusta-Summerville, Ga.—Election on Annexation — Ac
cording to local papers, the Councilmen of the village of Sum
merville on Aug. 29 passed a resolution providing for the
submission to the voters on Oct. 26 of the question of annexa
tion to the City of Augusta.
Badger Irrigation District (P. O. Fort Morgan), Colo.—
Character of District Misrepresented.— We find the following
in the Denver “ Republican” of Sept. 2 :
§
T e r m
s
o f
A d v e r t is in g —
P e r
I n c h
S p a c e
T r a n s i e n t m a t t e r p e r i n c h s p a c e ( 1 4 a g a t e l i n e s ) .......................................................... $ 4 2 0
( T w o M on th s
(-< t i m e s ) ...................................... 2 2 0 0
S ta n d in g B u s in e s s C a rd s
)
J h r e e M on th s
( 1 3 t i m e s ) ......................................
) S ix M o n th s
( 2 0 t i m e s ) ......................................
C T w e l v e M o n t h s ( 5 2 t i m e s ) ...........................................
20
50
87
00
00
00
C H IC A G O
O F F I C E — P l i n y B a r t l e t t , 513 M o n a d n o o k B l o c k ; T e l . H a r r i s o n 4012
L O N D O N
O F F I C E — E d w a r d s & S m ith , 1 D r a p e r s ’ G a r d e n s , E . C .
W
I L L I A M
P .O .B o x
0 5 8 .
K .
D A N A
F r o n t,
P in e
C O M
a n d
P A N Y ,
P u b li s h e r s ,
D e p e y s t e r S t s ..
N o w
Y o r k .
M UN ICIPAL BOND SALES IN AUGUST.
Our records show that $21,357,735 municipal bonds were
sold last month, while almost 3 millions more of these securi
ties were offered without success. Among the more impor
tant sales made were the following: $1,750,000 5s of the State
of Oklahoma, $1,415,000 5s of South San Joaquin Irrigation
District, Cal.; $ 1 , 1 1 1 , 0 0 0 4>£s of Memphis, Tenn.; $1,000,000
4s of Chicago, 111., Sanitary District; $750,000 5s of Macon
County, Mo.; $500,000 4J^s of Cleveland School District, O.;
$475,000 4s and $42,000 4>£s of Minneapolis. Minn.; $400,
000 5s of Iredell County, No. Caro.; $350,000 4)^s of Lincoln
School District, Neb., and $300,000 5s of McMinn County,
Tenn. Some of the larger issues offered but not awarded
were: $1,250,000 4J^s of Harris County, Tex.; $400,000 5 s
of Helena, Mont.; $200,000 4s of Grand Rapids, Mich.$180,000 4 ^ s of Escambia County, Fla.; $130,000 5 s of
Brownsville, Tex.; $100,000 4)^s of Wilmington, No. Caro.,
and $100,000 4s of Brazoria County, Tex.
The total of all loans disposed of during August was
$31,770,998, including, in addition to the $31,357,735 per
manent loans referred to above, $9,289,805 temporary obli
gations and also $1,123,457 debentures put out by Canadian
municipalities. We give below a comparison of all the vari
ous forms of loans negotiated in August of the last five years.
1911.
P e r m a n e n t lo a n s ( U . S . ) _ 2 1 , 3 5 7 ,7 3 5
T e m p o r a r y lo a n s ( U . S . ) _ 9 ,2 8 9 ,8 0 6
C a n a d ia n lo a n s ( p e r m ’ t ) . 1 ,1 2 3 ,4 5 7
B on d s o f U . S . P ossess’ n s .
_______
1910.
1909.
1908.
1 4 ,8 7 8 ,1 2 2 2 2 ,1 4 1 ,7 1 6
8 ,3 0 4 ,5 4 1
5 ,5 4 3 ,0 8 0
1 ,2 6 0 ,1 6 3
4 ,3 8 1 ,8 2 6
________
1 ,5 0 0 ,0 0 0
1907.
1 8 ,5 1 8 ,0 4 6 2 0,0 7*5 .54 1
9 ,1 7 2 ,7 6 7
9 ,4 1 5 ,0 0 0
3 ,0 7 4 ,4 0 2
3 7 ,0 0 0
________
_______
T o t a l ........................................3 1 , 7 7 0 ,9 9 8 2 4 ,4 1 2 ,8 2 6 3 3 ,5 6 6 ,6 2 2 3 0 ,7 6 5 ,2 1 5 2 9 ,5 2 7 ^ 5 4 1
The number of places in the United States selling perma
nent bonds and the number of separate issues made during
August 1911 were 312 and 408 respectively. This contrasts
with 461 and 576 for July 1911 and with 313 and 420 for
August 1910.
For comparative purposes we add the following table,
showing the aggregates for August and the eight months for
a series of years. In these figures temporary loans and also
issues by Canadian municipalities are excluded.
Month of
August.
19111910.
1909190819071906.
190519041903.
1902.
...................$ 2 1 , 3 5 7 , 7 3 5
................... 1 4 , 8 7 8 , 1 2 2
................... 2 2 , 1 4 1 . 7 1 6
................... 1 8 , 5 1 8 , 0 4 6
................... 2 0 , 0 7 5 , 5 4 1
................... 1 6 , 3 9 1 , 5 8 7
...................
8 ,5 9 5 ,1 7 1
---------------- 1 6 , 1 2 4 , 5 7 7
..................
7 ,7 3 7 ,2 4 0
...................
8 ,0 0 9 ,2 5 6
For the
Eight Mos.
5 2 8 5 ,7 3 8 ,4 4 4
2 1 3 ,5 5 7 ,0 2 1
2 4 9 ,3 8 7 ,6 8 0
2 0 8 ,7 0 9 ,3 0 3
1 5 1 ,7 7 5 ,8 8 7
1 4 4 ,1 7 1 ,9 2 7
1 3 1 ,1 9 6 ,5 2 7
1 8 7 ,2 2 6 ,9 8 6
1 0 2 ,9 8 3 ,9 1 4
1 0 8 ,4 9 9 ,2 0 1
Month o f
August.
1 9 0 1 .............
1 9 0 0 .............
1 8 9 9 .............
1 8 9 8 .............
1 8 9 7 . _____
1 8 9 6 .............
1 8 9 5 .............
1 8 9 4 .............
1 8 9 3 .............
1 8 9 2 _______
_____ $ 1 5 , 4 3 0 , 3 9 0
_____
7 ,1 1 2 ,8 3 4
_____
5 ,8 6 5 ,5 1 0
-------- 2 5 , 0 2 9 , 7 8 4
-------6 ,4 4 9 ,5 3 6
-------4 ,0 4 5 ,5 0 0
----------------------
7 ,5 2 5 ,2 6 0
2 ,7 3 4 ,7 1 4
4 ,1 0 8 ,4 9 1
For the
Eight Mos.
8 8 4 ,9 1 5 ,9 4 5
9 3 ,1 6 0 ,5 4 2
8 7 ,8 2 4 ,8 4 4
7 6 ,9 7 6 ,8 9 4
9 7 ,1 1 4 ,7 7 2
5 2 ,5 3 5 ,9 5 9
8 0 ,8 3 0 ,7 0 4
8 2 ,2 0 5 ,4 8 9
3 7 ,0 8 9 ,4 2 9
5 7 ,3 4 0 ,8 8 2
. Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month’s bond sales in detail. It will be given later.
R o e d lg e r ,
th e
o
S 0U ^ ,t y N a t l ° n a l B a n k , M . L . i M o r c , t h e P r e s i d e n t , a n d J . H .
C a s h ie r , a r e s iie d f o r 5 1 0 5 ,5 7 8 9 6 In t h e
F ederal C ou rt b v
f
,c l a r k e * C o . o f C h i c a g o .
T h e p la in t iff a lle g e s t h a t
v a h i e r i a t r , d, r
le ffe s t h a t
f r o m w id e h h t h ?
b ,o n d s o f t h e B a d g e r I r r i g a t i o n D i s t r i c t
H e p a ld 5 1 9 5 ,5 7 8 9 6 f o r t h e b o n d s .
H e a lt h n ^ ,o n t h o r e p r e s e n t a t i o n s t h a t B a d g e r C r e e k .
l ? n ltIs tr Ic t w a s g o i n g t o g e t Its w a t e r , h a d a h e a v y
a n d h a d n o t b e e n w it h o u t H o o d s in 2 0 y e a r s , a n d t h a t th e r e
t h / m m n i n I r r i g a t e d la n d w h ic h s o ld a t 5 6 0 p e r a c r e .
A c c o r d in g to
n rp
s t r e a m is m o r e f r e q u e n t l y d r y t h a n w e t , a n d f l o o d w a t e r s
a r e th e e x c e p t io n r a t h e r th a n th e r u le .
i 5 r0o0ks County> T ex.— County Seat Chosen.— An election
held Sept. 2 is said to have resulted in the selection of Falfurrias as the county seat.
Cape May, N. J.— Commission Plan of Government Re
jected.— The proposition to adopt the commission plan of
government was defeated by a vote of 176 “ for” to 304
“ against” at an election held Sept. 5.
Chehalis, Wash.—Election on Commission Form of Govern
ment.— An election will be held Sept. 23, it is stated, to
decide whether or not the city shall be governed under the
commission plan.
Lexington, Ky.-—Election on Commission Form of Govern
ment. The question of adopting the commission form of
government will be voted upon, it is stated, at the November
election.
Muskogee County (P. O. Muskogee), Okla.—Bond Issue
Enjoined. St. Louis papers state that an injunction has
been issued restraining the County Commissioner from issuing
or selling the $500,000 court-house bonds voted Aug. 26
(V. 93, p. 610).
8
New York Stato.—Legislature Takes Further Recess.— The
Legislature after a recess since July 21 convened on Sept. 6
and on the next day (Sept. 7) adjourned until 8:30 p. m.
Sept. 18. The further recess was made necessary, owing to
the sudden illness of Senator Wagner, President pro tern, of
the Senate. It has been agreed, it is said, between the
legislative leaders and Governor Dix to confine the action of
the Legislature, when it re-convenes on Sept. 18, to the con
sideration of but four subjects: Congressional reapportion
ment, the New York City Charter, needed appropriations
and direct nominations. '
Oklahoma County, Okla.— County Treasurer Indicted.—
I he grand jury empaneled at the May term of the Oklahoma
County District Court has returned nineteen indictments
against Chas. McCafferty, County Treasurer, for alleged mis
application of public funds and taking interest on them
personally.
®maha, Neb.—Commission Form of Government Adopted.—
Ihe election held Sept. 2 resulted in favor of adopting the
commission form of government. The vote is reported in
local papers as 5,341 “ for” to 2,345 “ against.” At the
spring election next April seven commissioners will be chosen
and these commissioners will choose from their own number
a Mayor. The Mayor’s salary will be $4,500 and the Com
missioners’ $4,000 a year.
Swanson County, Okla.— Receiver Named.— The “ Okla
homan” says that on Sept. 2 Judge Tolbert granted the
petition sought by the County Commissioners, and named
former Under-Sheriff Lewis Terry as receiver for Swanson
County to receive all records, money, books, &c., belonging
to the defunct county.
Texas.—Legislature Adjourns.— The Legislature of this
State, which convened in special session July 31 (V. 9 3 , p.
63), adjourned at midnight on Aug. 29.
Wanette, Pottowatomie County, Okla.— City Officials
Suspended.— The St. Louis “ Globe-Democrat” of Sept. 5 says:
S h a w n e e , O k la ., S e p t . 4 .— F o llo w in g I n d ic tm e n ts b v a s p e c ia l G r a n d
J u r y , M a y o r J o h n S m i t h , C i t y C l e r k D . XV. P o o r
a n d W a t e r C o m m is s io n
L e o . A d a m s o f Y V a n ottc w e r e s u s p e n d e d fr o m
o ffic e t o -d a y b y o r d e r o f
n is t ’ lc t J u d g e W ils o n .
I n d ic t m e n t s a l? o w e re fo u n d a g a in s t fo r m e r M a y o r
Vt. H e a d a n d f o r m e r T r e a s u r e r J l t n H u t c h i n s o n . A l l a p p e a r e d I n c o u r t
ana gavc b on d .
T h e o u s t e d o ffic ia ls h a v e d e m a n d e d a n I m m e d ia t e h e a r in g ,
w n ic h w ill
ta k e n u p w ith J u d g e W ils o n t o -m o r r o w .
T h e I n d ic tm e n t o f
t n e o ffic ia ls g r o w s o u t o f t h e d is a p p e a r a n c e o f $ 2 ,0 0 0 o f t h e c i t y ’s m o n e y .
A fa c t io n a l u g h t h a s d e v e lo p e d In W a n e t t e w h ic h t h r e a t e n s t o I n v o lv e t h e
e n tir e c o u n t y .
News Items.
Appleton, Wi3.— Injunction Preventing Purchase of Water
Plant by City Dissolved.— On Sept. 1 Judges C. C. Kohlsaat
of Chicago and J. O. Humphreys and A. L. Sanborn of Madi
son, sitting en banc in the U. S. Circuit Court, denied the
application to make permanent a temporary injunction re
straining the taking of possession by the city of the plant of
the Appleton Water Works Co. for only $255,000, the price
set by the Wisconsin Railway Commission. This valuation
is not satisfactory to the water company, and J. A. Hawes,
who was appointed receiver of the property Jan. 31 1908 in
[VOL. L X X X XIII.
Bond Proposals and Negotiations
th is
week
h a v e b e e n as fo llo w s :
. „ A K R 0 N , Summit C ounty. O h i o .— B o n d S a le . — O n S e p t . 5
is s u e s o f 4 K %
s t r .- lm p t . b o n d s , a g g r e g a t in g 5 1 4 5 ,4 0 0
(V . 0 3 ,
w e re a w a r d e d a s fo llo w s :
58
„
7
. .
1o
,0 0 0
„ „ „
,9 o 0
th e fo u r
p . 4 8 2 )r
p
. !.<
1 - 1 0 - y r . (s e r .) S t a n t o n A v e . p a v in g b o n d s t o O t is
& H o u g h '’ o f
9 1Jrv e l a n d f o r 5 8 , 1 2 8 5 3 ( 1 0 1 . 6 0 6 ) a n d l n t .
.
6
V l
i - 3 - y r . (s c v .) W i l d w o o d A v e . s e w e r b o n d s t o t h e F ir s t N a t
B ank
L11 C l e v e l a n d f o r 5 7 , 9 5 4 7 5 ( 1 0 0 . 0 5 9 ) a n d l n t .
,3 2 0 3 - y r . A k r o n I m p t . ( c it y ’s p o r t io n ) b o n d s t o B r e e d & H a r r is o n o f
C in c in n a t i f o r 5 1 5 ,3 9 5 0 6
(1 0 0 .4 8 9 )
a n d ln t.
9 ,0 0 0
1 - 3 -v r . (s e r .) M a d is o n A v e . s e w e r b o n d s t o D a v i e s - B c r t r a m C o
In
„ „ „ C in c in n a t i f o r 5 9 .0 0 7 (1 0 0 .0 7 7 ) a n d ln t .
1 0 5 ,0 0 0
H ig h S t. p a v . b o n d s t o S t a c y & B r a u n o f T o le d o f o r $ 1 0 0 9 36 *13
(1 0 1 .8 4 3 ) a n d ln t .
A L B A N Y C O U N T Y ( P . O . A l b a n y ) , N . Y .— B ond O fferin g . — P r o p o s a l s
w ill b o r e c e iv e d o n o r a b o u t S e p t . 2 0 , w e a r e a d v is e d b y th e C o u n t y T r e a s
u r e r , f o r $ 9 7 ,0 0 0 4 %
road b on d s.
D A W S O N C O U N T Y S C H O O L D IS T R IC T N O . 7 (P . O . S a v a g
B o n d O ffering. — T i l l s d i s t r i c t I s o i l e r l n g f o r s a l e a t 2 p . m . O c t .
o f $ 4 ,0 0 0 c o u p . b ld g , b o n d s a t n o t e x c e e d in g 6 % I n t .
D en om .
‘ ‘w h e n s o ld .”
I n t . In J a n .
D u e 10 y r s ., o p t . a ft e r 5 y r s .
d e b t a t p resen t.
A s s e s s , v a l. f o r 1 9 1 1 , $ 2 7 9 ,3 9 4 .
A L B E R T L E A , F r e e b o r n C o u n t y , M i n n . — B o n d S a l e . — O n S e p t . .4 t h e
t w o is s u e s o f 1 3 > j- y e a r ( a v . ) b o n d s , a g g r e g a t i n g $ 3 8 ,0 0 0 ( V . 9 3 , p . 5 4 6 ) ,
w e r e a w a r d e d t o t h e M in n e s o t a L o a n ft T r u s t C o . f o r $ 3 8 ,0 1 0 a n d ln t . f o r
4J^ s.
O th e r b id s fo llo w :
„ „
„ „ „ „ „
H a r r i s T r u s t & S a v i n g s B a n k , C h i c a g o ( f o r 4 ) ^ s ) ----------------------------------$ 3 8 , 0 0 0 0 0
E .
H . H o l l i n s & S o n s , C h i c a g o ( f o r 5 s ) .................................................................. 3 9 , 1 0 5 8 0
N . W . H a l s e y f t C o . , C h i c a g o ( f o r 5 s ) _______________________________________ 3 8 , 7 8 3 0 0
S . A . K e a n f t C o . , C h i c a g o ( f o r 5 s ) __________________________________________
3 8 ,7 6 3 8 0
A L I C E V I L L E , P i c k e n s C o u n t y . A l a — B o nds Not S o
been
m a d e o f t h e $ 9 ,0 0 0
5%
2 5 -y e a r s c h o o l-b u ild in g
A u g.
1 (V .
93, p .
ld — N
o
bon d s
aw ard has
o lle r e d o n
181)
A L L IA N C E
IN D E P E N D E N T
SC H O O L
D IS T R IC T
(P .
O .
W a sh ta
R . F . D . N o . 2 ) . I o w a . — B o n d O ffering .— Proposals w i l l b e r e c e i v e d u n t i l
2 p . m . S e p t . 11 b y E . F . R l t z , T r e a s ., f o r $ 1 ,1 5 0 5 % b l d g , b o n d s .
A u th .
S ec. 2812 D . S ch . L aw s.
D e n o m . $ 1 0 0 t o $ 1 ,0 0 0 .
D a t e •‘ w h e n I s s u e d .
I n t . s e m l-a n n .
D u e 10 y e a r s .
N o d e b t a t p resen t.
A S H B U R N , T u r n e r C o u n t y , ( l a .— B o n d S a l e — On A u g . 1 0 t h e $ 1 5 , 0 0 0
s e w e r a n d $ 5 ,0 0 0 w a t e r 5 % b o n d s ( V . 9 3 , p . 3 0 0 ) w e r e a w a r d e d t o t h e J . B .
M c C r a r y C o . o f A tla n t a .
D e n o m . S I ,0 0 0 .
D a te J a n . 1 1912.
A U S T IN
C O U N T Y
( P . O . B c l l v i l l e ) , T e x .— B o n d O fferin g . — P r o p o s a l s
w ill b e r e c e iv e d u n t il 2 p . m . O c t . 7 b y C . C . K r u e g e r , C o u n t y J u d g e , fo r
t h e $ 1 0 0 0 0 0 H o a d D is t r ic t N o . 1, $ 5 0 ,0 0 0 H o a d D ls t . N o . 2 a n d $ 2 5 ,0 0 0
R o a d D ls t. N o . 3 5 %
r c g . h ig h w a y b o n d s v o t e d In J u ly ( V . 9 3 , p . 3 0 2 ).
D en om
$1 0 0 0 .
D a te J u n e 15 1 9 1 1 .
In t. A . & O . a t th e C o. T re a s.
o ffic e
D u e 4 0 y r s ., o p t . a fte r 5 y r s .
C e r t, c h e c k fo r 2 % , p a y a b le t o th e
C o . J u d g e , r e q u ir e d .
N o d e b t a t p re se n t.
A s se s s , v a l. fo r 1911 a b o u t
$ 5 ,0 0 0 ,0 0 0 .
B A R A G A . B araga C ou n ty , M
r e c e i v e d u n t il 2 p . m . S e p t . 12
$ 3 0 ,1 0 0 0 %
c o u p o n e le c tr ic -lig h t
D enom . $500, on e bond of $400.
in H o u g h t o n .
D u e $ 1 ,5 0 0 O c t . 2
N o d e b t a t p re se n t.
A ssessed v a
i c h .— B o n d O fferin g .— P r o p o s a l s w i l l b e
b y J . M c M a h o n , V illa g e C le r k , fo r th e
a n d w a te r -w o r k s b o n d s (V
9 3 , p . 6 0 8 ).
In t. A . & O . a t th e H o u g h to n N a t. B a n k
1 9 1 2 t o 1 9 3 0 in c l. a n d $ 1 ,9 0 0 O c t . 2 1 9 3 1 .
lu a t io n , $ 3 2 2 ,7 5 0 .
B E D F O R D , L i v i n g s t o n C o u n t y , M o .—
b e h e ld S e p t . 1 5 , It Is s t a t e d , t o v o t e o n
r e s e r v o ir b o n d s .
B o n d E lectio n .—
th e
q u e s tio n
A n e le c t io n w ill
Is s u in g $ 2 5 ,0 0 0
of
!
B E L G R A D E , S t e a r n s C o u n t y , M i n n . — B o n d s Voted .— A n e l e c t i o n h e l d
A u g . 2 8 r e s u lt e d In f a v o r o f t h e p r o p o s it i o n t o I s s u e $ 5 ,0 0 0 4 % v i lla g e - h a ll
bon d s.
T h e v o te w as 42 to 1.
W e a r c a d v is e d t h a t t h e b o n d s w ill b e
Issu ed to th e S ta te .
B IJ O U IR R IG A T IO N D IS T R IC T (P . O . F o rt M o r g a n ), M o rg a n C o u n ty .
C o l o .— B onds Voted . — - T h e e l e c t i o n h e l d A u g . 1 9 r e s u l t e d I n f a v o r o f t h e
p r o p o s it io n t o Is s u e t h e $ 2 5 0 ,0 0 0 6 %
b o n d s (V . 9 3 , p . 3 6 0 ).
T h e v ote w as
3 9 to 1.
B O S T O N , M a s s . — Tem porary L o a n . — A l o a n o f $ 1 , 1 0 0 , 0 0 0 . d u e I n N o v . ,
h a s b e e n n e g o t ia t e d , $ 5 0 0 ,0 0 0 a t 2
a n d $ 6 0 0 ,0 0 0 a t 3 % , I t is s t a t e d .
T e x a s .— Bonds R egistered . — O n A u g . 2 8
a n Is s u e o f $ 4 0 ,0 0 0 5 %
1 0 -4 0 -y e a r (o p t .)
B R A D Y , M c C u llo c h
C ou n ty .
th e S ta te C o m p tr o lle r r e g is te r e d
w a te r -w o r k s b o n d s .
B R E W S T E R ,
$ 7 ,5 0 0 6 %
w a te
o f W a s h in g to n
o p t io n a l a t a n y
O k a n o g a n C o u n t y , W a s h . — B o n d S a le .— O n A u g . 2 8 t h e
r -s y s te m b o n d s (V . 9 2 , p . 5 4 6 ) w e re a w a rd e d to th e S ta te
at p ar.
D en om . $100
I n t . s e m l-a n n .
D u e 20 years;
tim e .
B R I S T O L , B u c k s C o u n t y , P a .— B o n d S a le . — O n S e p t . 7 t h e $ 6 3 , 0 0 0 4 M %
ta x -fr e e se w e r b o n d s (V . 9 3 , p . 54 6 ) w e re a w a rd e d to L a w re n ce B a rn u m &
C o . o f P h i l a d e l p h i a , It Is s t a t e d .
B U F F A L O , N . Y .— B o n d S a le . — D u r i n g t h e m o n t h o f A u g u s t t h e C i t y
T a x L o a n F u n d w a s a w a r d e d a n is s u e o f $ 6 0 ,0 0 0 4 %
b o n d s fo r c a n c e lla tio n
o f s p e c ia l fr a n c h is e t a x e s a t p a r .
D a te A u g . 1 1 9 1 1 .
D u e J u ly 1 1 9 1 2 .
B U T T E S C H O O L D I S T R I C T N O . 1 ( P . O . B u t t e ) , S ilv e r B o w C o u n t y ,
M o n t — B o nd E lectio n . — A n e l e c t i o n w i l l b e h e l d O c t . 1 4 , r e p o r t s s t a t e , t o
d e t e r m in e w h e t h e r o r n o t t h is d is t r ic t s h a ll Is s u e $ 5 0 ,0 0 0 5 %
1 0 -2 0 -y r .
(o p t .)
s c h .-b ld g .
bon d s.
C A N TO N
L e w i s C o u n t y , M o .— B onds
r e p o r t s s t a t e , r e s u lt e d In a v o t e o f 3 1 1 t o
Iss u e $ 1 0 ,0 0 0 w a t e r -w o r k s b o n d s .
86
A n e le c t io n h e ld r e c e n t ly ,
In f a v o r o f t h e p r o p o s i t i o n t o
bon d s.
C A R T E R C O U N T Y ( P . O . E l i z a b e t h t o n ) , T c n u — D escription o f B o n d s.—
'f l i c $ 6 0 ,0 0 0 r o a d b o n d s a u t h o r iz e d A u g . 2 0 ( V . 9 3 , p
6 0 8 ) a r e In t h e d e n o m .
o f $ 5 0 0 e a c h a n d b e a r In t
at 5 % .
I n t . J . & J . In E liz a b e t h t o n .
D ue
3 0 y e a r s , o p tio n a l a fte r 15 y e a r s .
B o n d s a rc ta x -e x e m p t
C A S E Y , G u t h r i e C o u n t y , I o w a .— B o nds Voted . — A n e l e c t i o n h e l d S e p t . 4
r e s u lt e d In f a v o r o f a p r o p o s i t i o n t o I s s u e $ 1 4 ,0 0 0 w a t e r - w o r k s b o n d s .
T he
v o te w as 157 to 14.
C H A F F E Y U N IO N H I G H S C H O O L D I S T R I C T , S a n B e r n a r d in o C o u n t y ,
C a l — B o nds Voted .— A n e l e c t i o n h e l d A u g . 2 5 r e s u l t e d I n f a v o r o f a p r o p o
s it io n t o Is s u e $ 2 0 0 ,0 0 0 5 % g o l d b u ild in g b o n d s .
T h e v o te w as 507 to 158.
D e n o m . $ 1 ,0 0 0 .
I n t . a n n u a l.
D u e $ 4 ,0 0 0 f r o m 6 t o 1 0 y e a r s I n c l.,
and
$ 6 ,0 0 0 f r o m
11 t o 4 0 y e a r s I n c l.
C H IL D R E S S C O U N T Y
( P . O . C h i l d r e s s ) , T e x .— B o n d
e l e c t i o n t o v o t e o n t h e q u e s t io n o f I s s u in g t h e $ 5 0 ,0 0 0 5 %
N o . 1 b o n d s ( V . 9 3 , p . 3 0 3 ) w ill b e h e ld S e p t . 3 0 .
E lectio n . —
H oad
T he
D is tr ic t
C L A L L A M C O U N T Y S C H O O L D I S T R I C T N O . 3 . W a s h .— B o n d S a le .—
O n S e p t . 2 $ 6 ,0 0 0 5 % 1 -2 0 -y r . ( o p t .) b ld g , b o n d s w e r e a w a r d e d t o t h e S t a t e
o f W a s h in g to n a t p a r .
D en om . $500.
L A R K S
$ 6 0 ,0 0 0
rded to
$ 1 ,0 5 0
av. B an
V I L L E . M o n t g o m e r y C o u n t y , T e n n .— B o n d S a le . — O n S e p t . 4
\
1 0 -3 0 -y r . (o p t .) c o u p , w a te r b o n d s (V . 9 3 , p . 3 6 0 ) w e re
t h e P r o v i d e n t S a v . B a n k & T r u s t C o . In C I n . a t p a r a n d l n t .,
fo r ex p e n se s.
B id s w e r e a ls o r e c e iv e d f r o m t h e H a r r is T r u s t
k a n d S . A . K e a n & C o . o f C h ic a g o .
C L E V E L A N D , O h i o .— B o n d Sa les in A u gu st .— T h e f o l l o w i n g 4 M % b o n d s
a g g r e g a t in g $ 2 7 5 ,0 0 0 w e r e p u r c h a s e d b y t h e S in k in g F u n d d u r in g A u g u s t
$27<LO O O b r i d g e b o n d s .
D a te A p r il 1 1 9 1 1 .
D u e A p r il 1 1 9 3 1 .
4 .0 0 0 lir e b o n d s .
D a te A p r il 1 1 9 1 1 .
D u e A p r il 1 1 9 3 1 .
1 .0 0 0 c i t y - f a r m b o n d s .
D a te M a y 1 1 9 1 1 .
D ue M ay 1 1931.
B ond O ffering .— P r o p o s a l s w i l l b e r e c e i v e d u n t i l 1 2 m . O c t . 1 6 b y I I . B .
W r i g h t , C it y A u d it o r , fo r t h e $ 1 0 0 ,0 0 0 4 %
c o u p , fu n d in g b o n d s (V . 9 3 ,
p . 3 0 3 ).
D e n o m . $ 1 ,0 0 0 .
D a te O ct. 1 191 1 .
I n t . A . ft O . a t t h e A m e r i
c a n E x c h a n g e N a t . B a n k In N e w Y o r k .
D ue N ov . 1 1924.
C ert, ch e ck
o n a n a tio n a l b a n k fo r 5 % o f b o n d s b id f o r , p a y a b le t o th e C it y T r e a s ., r e
q u ir e d .
B id s m u s t b e m a d e o n a b la n k fo r m fu r n is h e d b y th e C it y A u d it o r
o n a p p lic a tio n .
C O L L IN S V IL L E , R o g e rs C ou n ty ,
sta te th a t a fa v o r a b le v o te w a s c a s t
$ 4 5 ,0 0 0 e lc c t r ic - llg h t - s y s t c m b o n d s .
O k l a .—
r e c e n t ly
Bonds Voted . —
on
L o ca l p apers
p r o p o s itio n to Issu e
th e
C O R D E L E , C r is p
C ou n ty ,
( i a .— Bonds P ro p o sed . — T h i s
s id e r in g t h e I s s u a n c e o f $ 1 0 0 ,0 0 0 I m p r o v e m e n t b o n d s .
c ity
Is
con
C O R N I N G U N IO N H I G H S C H O O L D I S T R I C T ( P . O . C o r n in g )
T eham a
C ou n ty
C a l .— Bonds Voted . — T h e p r o p o s i t i o n t o
is s u e t h e
$ 4 6 ,0 0 0 5 %
h lg h -s c h o o l b o n d s (V . 9 3 , p . 5 4 7 ) w a s fa v o r a b ly v o t e d u p o n o n A u g . 2 6 .
V o t e 2 10 t o 1 1 7 .
W e are
a d v is e d th a t
t h e b o n d s w ill
b o o ffe r e d
ab ou t
O ct.
1.
D A L L A S .
2
T ex a s
12 m
O ct.
J u ly
1 1911.
J u ly
1 a s fo llo w s :
1922
to
$ 6 ,0 0 0
bonds
nue,
Is
b id
$ 6 ,0 0 0
$ 8 ,0 0 0
1942
fo r ,
to
p a y a b le
In
O ffering . —
4%
I n t . s e m l-a n n
1930,
fro m
.— B o n d
f o r $ 2 5 0 ,0 0 0
P r o p o s a ls
sch o o l Im pt
w ill
bon d s.
be
D enom
r e c e iv e d
u n til
$ 1 ,0 0 0 .
D a te
a t t h e C h a s e N a t . B a n k in N . Y .
fro m
1931.
1912
$ 6 ,0 0 0
1950
an d
to
W . T .
to
1920,
fr o m
$ 1 0 ,0 0 0
In
$ 8 ,0 0 0
1932
1951.
to
In
1921,
1940,
C ert,
H en d erson . C om m , of
D u e y e a r ly
$ 6 ,0 0 0
$ 8 ,0 0 0
ch eck
F in a n c e
In
fo r
and
fro m
of
R eve
r e q u ir e d .
The o fficia l notice o f this bond offering w ill be fo u n d among the advertise
ments elsewhere in this Department.
D A L L E S C I T Y ( P . O . T h e D a l l e s ) , W a s c o C o u n t y , O r e , — B o n d O ffering
— P r o p o s a l s w ill b e r e c e iv e d u n t il 12 m . O c t . 10 b y G . F . R o s s , C i t y R e
c o r d e r , fo r $ 1 9 ,9 1 0 6 % g o ld c o u p o n s e w e r t a x - f r e e b o n d s .
D en om
$500.
In t
A . ft O
a t th e C ltv T r e a s . o ffic e .
D u e 15 y e a r s , o p t . a fte r 10 y e a rs .
C e rt, c h e c k fo r 5 % . p a y a b le to th e C it y T r e a s ., r e q u ir e d .
* S u c c e s s fu l b id s .
A b id o f $ 8 7 ,3 0 1 w a s r e c e iv e d f r o m W e i l , R o t h & C o . o f C In . f o r a ll I s s u e s .
B r e e d ft H a r r is o n ’s b id w a s fo r “ a ll o r n o n e ” a n d w a s r e je c t e d .
D O U G L A S C O U N T Y ( P . O . O m a h a ) , N e b . — B o n ds Voted — T h e e l e c t i o n
h e ld A u g . 1 5 r e s u lt e d in f a v o r o f t h e p r o p o s it io n t o Is s u e t h e $ 2 0 0 ,0 0 0 4
2 0 -y e a r c o u r t-h o u s e b o n d s (V . 9 3 , p . 2 4 4 ).
T h e v o t e w a s 5 ,4 5 4 t o 3 ,7 0 0 .
E A S T S ID E L E V E E A N D S A N I T A R Y D I S T R I C T (P . O . E a s t S t. L o u is ),
S t . C l a i r C o u n t y , I I I . — B o n d S a le . — O n S e p t . 1 t h e $ 9 5 0 , 0 0 0 5 %
bonds
( V . 9 3 , p . 5 4 7 ) w e r e a w a r d e d t o th e H a r r is T r u s t & S a v . B a n k in C h ic a g o
a t 1 0 0 .2 7 a n d ln t .
O th e r b id s f o l l o w
W m . A . R e a d & C o ., C h ic a g o ,
\
A m ount.
P ric e.
W m . It. C o m p t o n C o ., S t . L o u is ,
J ----------------------------------------$ 9 5 0 , 0 0 0
$ 9 5 1 ,5 2 0
F i r s t N a t i o n a l B a n k , G r a n i t e C i t y --------------------------------------------6 0 ,0 0 0
6 0 ,0 6 0
N e w F i r s t N a t i o n a l B a n k , C o l u m b u s --------------------------------------- 3 0 0 , 0 0 0
2 9 5 ,5 6 7
D a te S e p t. 1 1 91 1.
I n t . s e m l-a n n .
D u e $ 2 2 5 ,0 0 0 S e p t . 1 1 9 1 2 a n d 1 9 1 3 ,
$ 5 0 ,0 0 0 S e p t . 1 1 9 1 4 t o 1 9 1 9 in c l. a n d $ 1 0 0 ,0 0 0 S e p t . 1 1 9 2 0 a n d 1 9 2 1 .
E L I Z A B E T H C I T Y . P a s q u o t a n k C o u n t y , N o . C a r .— B o n d S a le .— A . B .
L e a c h ft C o . o f C h ic a g o h a v e b e e n a w a r d e d $ 1 2 0 ,0 0 0 s t r e e t - im p t . b o n d s a t
p a r a n d I n t . , i t Is s t a t e d .
T h ese b on d s w ere aw ard ed to S . A . K ea n & C o.
o f C h ic a g o s e v e r a l m o n t h s a g o , b u t w e w e r e n o t a d v is e d a s t o w h y t h is s a le
w as n ot con su m m a ted .
E L M H U R S T S C H O O L D I S T R I C T N O . 4 6 (P . O . E lm h u r s t ). D u P a g e
C ou n ty .
111. - B o n d S a le . — O n S e p t . 2 t h e $ 2 0 , 0 0 0
5%
b u ild in g
bon ds
( V . 9 3 , p . 3 6 1 ) w e r e a w a r d e d t o C u t t e r , M a y ft C o . o f C h ic a g o a t 1 0 2 .7 7 3
p lu s I n t e r e s t a n d b la n k b o n d s .
O th e r b id s fo llo w :
H a r r is T r . & S . B .. C h i c . .$ 2 0 .2 2 8 0 0
E l m h u r s t S t a t e B a n k ______$ 2 0 , 4 9 1 0 0
C o ffin & C r a w fo r d , C h i c . . * 2 0 ,3 6 0 0 0 C o n t .& C o m .T r .& S .B .,C h .* 2 0 ,2 0 0 0 0
S . A . K e a n ft C o ., C h ic a g o 2 0 .3 2 4 0 0 N . W . H a ls e y ft C o ., C h ic 2 0 ,1 6 5 0 0
A ll c r t o n , G r e e n ft K i n g . . 2 0 ,2 6 1 0 0 A . B . L e a c h & C o ., C h i c . . 2 0 ,1 0 7 5 0
E .H . R o llin s f t S o n s .,C h i c .. 2 0 ,2 5 5 0 0 D e v l t t , T r e m b le ft C o .,C h . 2 0 ,0 5 0 0 0
* N o
c e r tifie d
b la n k b o n d s .
ch eck
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A ll
b id d e r s
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ln t.
and
P A S O , El P a s o C ounty, T ex. — B o n d O fferin g. — P r o p o s a l s w i l l b e r e
c e iv e d u n t il 10 a . in . O c t . 5 b y ( ;. W . B a s s e t t , C it y C le r k , f o r t h e $ 2 9 4 ,0 0 0
fu n d in g a n d $ 5 0 ,0 0 0 s c h o o l 5 %
2 0 -4 0 -y r . b o n d s (V . 9 3 , p . 4 8 4 ).
D a te
S ep t. 1 1911.
I n t . s e m l-a n n .
C e r t , c n c c k o n a b a n k In E l P a s o fo r 3 %
o f b o n d s b id f o r . p a y a b l e t o t h e M a y o r , Is r e q u i r e d .
EL
ESSEX COUNTY ( P . O. Salem), M a s s . — B o n d S a le . — O n A u g . 3 1 the
f o l l o w i n g b id s w e r e r e c e i v e d f o r t h e f o u r is s u e s o f 4 % c o u p , b o n d s a n d n o t e s
a g g r e g a t in g $ 8 5 ,5 0 0 ( V . 9 3 , p . 5 4 7 ):
K u h n , F is h e r & C o ., B o s t o n . 1 0 1 .5 1
M f r s . ’ N a t . B a n k , L y n n ____ * 1 0 1 . 6 7 1
N . W . H a r r is ft C o ., I n c . , B o s . 1 0 1 .4 7 7
A d a m s f t C o . , B o s t o n ------------------1 0 1 . 6 5 7
H a y d e n , S t o n e & C o ., B o s . .1 0 1 .4 2
M e r r ill, O ld h a m ft C o ., B o s .1 0 1 .6 3 9
M e r c a n t ile N a t . B k ., S a l e m .1 0 1 .3 9 6
R . L . D a y f t C o . , B o s t o n ______1 0 1 . 5 8 9
B l o d g e t f t C o . , B o s t o n _________ 1 0 1 . 1 4 4
G e o . A . F c r n a ld ft C o ., B o s . 1 0 1 .5 6 1
, E s t a b r o o k f t C o . , B o s t o n _____ 1 0 1 . 0 5
* I t Is r e p o r t e d t h a t t h is b i d w a s s u c c e s s f u l .
A
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In
G lo u c e s te r .
EUGENE, L a n e C o u n t y . Ore.— B o n d S a l e — O n A u g . 2 4 t h e f o l l o w i n g
b id s w e r e r e c e iv e d , r e p o r t s s t a t e , f o r t h e $ 1 3 0 ,0 0 0 2 5 - y r . r e fu n d in g a n d
$ 5 7 ,0 0 0 1 5 -y r . lig h t , p o w e r a n d w a t e r b o n d s (V . 9 3 , p . 3 6 1 ) :
A m ount. In t. R ate.
EVERSON, Fayette C ounty. Pa .— B o n d S a le .— O
P rem iu m .
$ 1 ,8 8 1
1 ,4 8 7
5
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V V o o d l n , M c N e a r f t M o o r e , C h i c a g o .............. ......... j ( 11 33 00 ,,00 00 00
\ 5 7 ,0 0 0
1 3 0 ,0 0 0
E .
I i . R o l l i n s f t S o n s , D e n v e r __________________
1 3 0 ,0 0 0
S . A . K e a n & C o . , C h i c a g o _________________________
5 7 ,0 0 0
S e c u r i t y S a v . B a n k f t T r u s t C o . , T o l e d o ____
5 7 ,0 0 0
J . H . C a u s e y f t C o . , D e n v e r ________________________
5 7 ,0 0 0
J o h n N u v e c n & C o . , C h i c a g o ______________________
51
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1 5 -3 0 -y e a r (o p t .) c o u p o n s e w e r 1 9 1 1
S e r ie s “ A ” b o n d s ( V . 9 3 , p . 4 2 4 )
w ere a w a rd ed to L a w ren ce B a rn u m & C o. o f N ew Y o r k .
A b id w a s a ls o
r e c e iv e d fr o m S . A . K e a n & C o . o f C h ic a g o .
n
FAYETTE Fulton County, Ohio.— B o n d S a l e . — O n S e p t . 5 t h e $ 1 8 , 6 5 0
4 )4 %
c o u p o n W e s t M a i n S t . p a v i n g b o n d s ( V . 9 3 , p . 5 4 7 ) w e r e a w a r d e d to
t h e S e c u r it y S a v in g s B a n k & T r u s t C o . In T o le d o f o r $ 1 8 ,8 0 2 2 3 (1 0 0 .8 1 6 )
a n d in t.
O th e r b id s f o llo w :
P rem iu m .
P rem iu m . I
C it iz e n s ’ S .D .& T r .C o ., T o L .$ 1 5 2 2 3 I N e w F ir s t N a t . B a n k , C o lu m b u s .$ 7 9
W e l l, R o t h ft C o ., C in c in n a t i 1 4 0 0 0 S e c u r it y S a v in g s B a n k
ft T r u s t
F a y e tte S t a t e S . B k . , F a y e t t e 1 3 6 4 5 1 C o . , T o l e d o ---------------------------------------------- 6 1
FU L T O N
C ou n ty A u d
road bon d s,
are, n o d o u b
C O U N T Y ( P . O . W a u s e o n ) . O h i o . — N o B o n ds O ffered.— T h e
i t o r a d v i s e s u s t h a t t h is c o u n t y Is n o t o f f e r l n g f o r s a le $ 2 2 ,3 7 6
a s w a s r e p o r t e d In s o m e o f t h e p a p e r s .
T h e b o n d s re fe r r e d to
t , th o s e o f L u c a s C o u n ty , o ffe r e d o n S e p t 6 .
S ec V . 93, p . 486.
G R A N IT E C O U N T Y S C H O O L D IS T R IC T N O . 11 (P . O .
D r u m m o n d ).
A l o n t . — B o n d S a le .— O n A u g . 2 2 $ 1 0 , 0 0 0 6 %
5 -1 0 -y r . (o p t .) b ld g , b o n d s
w e r e a w a r d e d t o th e U n io n B a n k ft T r u s t C o . in H e le n a a t 1 0 0 .6 2 5 .
O th er
b id s f o llo w :
,
,
C . I I . C o f f i n , C h i c a g o ___________ $ 1 0 , 0 5 1 [ S t a t e B o a r d o f L a n d C o m m l s s l o n e r s ..................................................... $ 1 0 , 0 0 0
I la n c h c t t B o n d C o ., C h ic a g o 1 0 ,0 3 7 ,
9 .8 1 5
U n io n T r . ft S a v . B k ., S p o k . 1 0 ,0 0 5 J . H . C a u s e y ft C o ., D e n v e r .
9 ,6 5 0
A lb e r t S c h u h , P h lllp s b u r g ..
1 0 ,0 0 0 |S. A . K e a n & C o .. C h lc a g o .
D cn om . $500.
D a te J u ly 1 1 9 1 1 .
- t. J
- . ft
- J.
In
G R E E N F I E L D . D a d e C o u n t y . M o .— N o Action Yet T a k e n . — N o a c t i o n
h a s y e t b e e n ta k e n lo o k in g to w a r d s th e Issu a n ce o f w a te r -w o r k s b o n d s v o t e d
o n J u l y 11 ( V . 9 3 , p . 2 4 4 ) .
G R E E N F I E L D , H i g h l a n d C o u n t y , O h i o .— B o n d S a le .— O n S e p t . 2 t h e
$ 4 0 , 0 0 0 4 'A % 1 5 - y r . ( a v . ) r e f . b o n d s ( V . 9 3 , p . 5 4 8 ) w e r e a w a r d e d t o t h e
H ig h la n d C o u n t y B a n k in G r e e n fie ld a t 1 0 3 .0 9 — a b a s is o f a b o u t 4 .2 1 9 % .
O th e r b id s fo llo w :
D a v l c s - B e r t r a m C o . , C I n --------- $
F ie ld , L o n g s t r c t h & C o ., C I n .
W e l l . R o t h f t C o . , C l n c l n --------- 4
S e a s o n g o o d ft M a y e r , C I n —
4 1 ,2 1 7
4 1 ,1 6 4
1 ,1 0 8
4 1 ,0 8 5
S t a c y f t B r a u n , T o l e d o _______ $ 4 0 , 9 1 8
H a y d e n , M ille r ft C o ., C l e v e . 4 0 ,6 9 0
N ew
F ir s t
N a tio n a l
B ank,
C o l u m b u s __________________________ 4 0 , 6 3 9
GRIFFITH , L a k e C o u n t y , I n d . — B o n d S a le . — O n S e p t . 1 t h e $ 4 , 5 0 0 5 %
3 M - y r . (a v .) to w n -h a ll b o n d s ( V . 9 3 , p . 5 4 8 ) w e r e a w a r d e d t o E . M . C a m p
b e ll S o n s ft C o . o f I n d ia n a p o lis f o r $ 4 ,5 4 6 (1 0 1 .0 2 2 ) a n d ln t .
O t h e r b id s
B r e e d *
J.
F .
H a r r i s o n . C l n c l n ______ $ 4 , 5 5 5 | J . F . W i l d
Y c n c h e . - .........................................
ft C o ., I n d i a n a p o l is $ 4 ,5 1 5
4 ,5 3 2 |
HAZLETON CITY SCHOOL DISTRICT ( P . O. H azleton), Luzerne
C ounty, P a . — B o n ds Not S o ld . — N o a w a r d h a s b e e n m a d e , w e a r e a d v i s e d ,
o f th e
$ 8 5 ,0 0 0
4 %
HILLSBORO.
1941,
2 %
e ), M o n t .14 a n Issu e
$ 1 0 0 . D a te
N o bon d ed
D A Y T O N , M o n t g o m e r y C o u n t y , O h i o . — B o n d S a le . — O n S e p t . 6 t h e f o l
lo w in g b id s w e r e r e c e iv e d fo r t h e 5 Iss u e s o f c o u p . I m p t. b o n d s a g g r e g a t in g
$ 8 7 ,2 0 0 (V . 9 3 , p . 4 8 4 ):
.
$ 2 0 ,0 0 0
$ 6 ,7 0 0
$ 7 ,2 0 0
$ 2 5 ,0 0 0
$ 2 8 ,3 0 0
4 % water. 4 % % street 4 M % p a r k
4 % im pt.
4% street.
D a y ton S a v . &
T r.
bonds.
bonds.
bonds.
bonds.
bonds.
C o ., D a y t o n . . .* $ 2 0 ,0 1 0 0 0
_____________
_____________ * $ 2 5 , 0 0 7 0 0 * $ 2 8 , 3 0 8 0 0
P ro v id e n t S a v . B k .
& T r u s t C o . , C I n ...............................* $ 6 , 9 1 1 7 2
$ 7 ,3 7 2 0 8
....................................................... 6 ,9 0 2 0 0 * 7 ,3 7 2 8 0
_____________
_____________
A . E . A u b f t C o ......................................
C a r r , A lla m a n , K e n 6 ,8 6 7 8 5
7 ,3 6 1 2 5
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_____________
n c d y & R c t t e r , D a y _____________
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& H a r r is o n ,
C in c in n a t i_ 2 0 ,0 1 9 2 5
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T o l.
2 0 ,0 0 2 0 0
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2 5 ,0 0 2 5 0
2 8 ,3 0 2 8 3
Voted . —
C A R L T O N , Y a m h i l l C o u n t y , O r e ,— B o n d O ffering . — P r o p o s a l s w i l l b e
r e c e iv e d u n t il 8 p . m . S e p t . 11 f o r n o t e x c e e d in g $ 4 0 ,0 0 0 w a t e r a n d lig h t
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111.—
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lo c a l b a n k s .
H U D S O N , S t . C r o i x C o u n t y . W i s — B o n d S a le .— O n S e p t . 4 t h e $ 2 0 , 0 0 0
u %
io - y r . (a v .) c o u p , s t r .-im p t . b o n d s (V . 9 3 , p . 5 4 8 ) w e r e a w a r d e d t o
t h e B a n k o f H u d s o n a n d t h e F ir s t N a t . B a n k In H u d s o n a t 1 0 0 .5 0 a n d I n t.
O th e r b id s f o llo w :
D e v ltt, T r e m b le & C o ., C h ic .$ 2 0 ,12 2 H a r r is T r . ft S a v . B a n k , C h i c ..p a r
4
II.
C . S p e e r ft S o n s C o ., C h ic .
2 0 .1 2 0
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H . Rollins & S o ns, Ch i c . .
20.000|
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684
THE CHRONICLE
K S O N , M a d i s o n C o u n t y . T e n n .— B o n d S a le .— O n A u g . 2 3 t h e $ . 1 0 , 0 0 0
g , $ 5 5 ,0 0 0 r e f u n d i n g a n d $ 5 0 ,0 0 0 h l g h - s c h o o l - b l d g . 2 0 -.3 0 -y r
(o p t )
( V . 9 3 , p . 4 8 5 ) w e r e a w a r d e d , I t Is s t a t e d , t o t h e U n i o n B a n k & T r u s t
J a c k s o n a t p a r fo r 5s.
B o n ds Xot S o ld .— T h e $ 2 0 , 0 0 0 4 'A % 2 0 - y r . s t r e e t - l i g h t i n g b o n d s ( V . 9 3
p . 4 8 5 ) w e re n o t d is p o s e l o f o n A u g . 2 5 .
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JO H N SO N C O U N T Y
( P . O . F r a n k l i n ) , F n d . — B o n d S a le . — O n S e p t . 4
th e $ 5 ,5 0 0 6 %
g r a v e l-r o a d b o n d s (V . 9 3 , p . 5 4 8 ) w e re a w a r d e d t o th e
C itiz e n s
N a t i o n a l B a n k In F r a n k l in a t p a r , I t Is s t a t e d .
JO R D A N
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S e p t . 1 $ 2 ,5 0 0 5 %
b o n d s w ere a w a rd e d to th e
P e o p l e s S t a t e B a n k In J o r d a n a t 1 0 0 .2 4 .
K A N S A S
a t p a r 'd 5 ,
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900
B r o w n C o . S . 14. N o . 1 7 ( F a i r v l e w ) . 1 2 , 5 0 0
B r o w n C o . S . D . N o . 8 2 _________
2 500
B u t l e r C o . S . D . N o . 5 . . ............................ 1 ,5 0 0
B u t l e r C o . S . 14. N o . 6 . ................
7 750
B u t l e r C o . S . D . N o . 5 2 _______________ 6 , 5 0 0
C l o u d C o . S . I ) . N o . 8 3 .................. ...
1 ,8 0 0
1 ,0 0 0
C o f f e y C o . S . D . N o . 2 3 _________
C o f f e y C o . S . D . N o . 7 1 . ..................... ... 1 ,8 0 0
C r a w f o r d C o . S . D . N o . 8 1 ______________2 , 5 0 0
D o n i p h a n C o . S . 14. N o . 3 7 ____________ 1 ,5 0 0
D o u g l a s C o . S . D . N o . 6 5 ...........
1 .3 0 0
D o u g l a s C o . S . D . N o . 8 5 _____________
1 ,0 0 0
E d w a r d s C o . S . 14. N o . 3 4 ____________4 , 0 0 0
E l D o r a d o (B o a r d o f E d u c a t io n ) . . .4 0 ,0 0 0
F o r d C o . S . D . N o . 3 1 . . ........................... 1 ,2 0 0
F o r d C o . S . 14. N o . 6 1 _________
1 ,0 0 0
F r a n k l i n C o . S . 14. N o . 3 9 . . ................
900
G e a r y C o . S . D . N o . 2 3 .............................. 2 , 1 0 0
G r a h a m C o . S . D . N o . 4 2 ____________
1, 0 0 0
G r e a t B e n d ............. .. ....................... .............. 2 3 , 0 0 0
G r e e n w o o d C o . S . D . N o . 3 .................... 1 , 0 0 0
H a r p e r C o . S . 14. N o . 3 9 . ........................
400
J e f f e r s o n C o . S . D . N o . 2 2 . . .................. 2 , 5 0 0
J e w e l l C o . S . D . N o . 1 1 _________________
1 .0 0 0
J e w e l l C o . S . D . N o . 1 3 9 ...........
1 ,0 0 0
U a C y g n e -----------------------3 0 .0 0 0
L i n c o l n C o . S . I ) . N o . 1 -----------7 ,5 0 0
M a r l o n s . 14. N o . 5 2 ........................ .............. 1 ,4 0 0
M a r s h a l l C o . S . 14. N o . 8 8 . ..................... 2 , 5 0 0
M itc h e ll C o . S .
14. N o . 7 2 .................
1 ,6 0 0
M itc h e ll C o . S .
D . N o . 9 6 .....................
1 ,0 0 0
M itc h e ll C o . S .
D . N o . 1 0 0 ..................... 1 ,0 0 0
M o r r i s C o . S . D . N o . 5 1 ...........................
1 ,8 0 0
M o r r i s C o . S . D . N o . 6 9 _________ _______ 1 ,0 0 0
N e o s h o C o . S . D . N o . 3 0 ............... ........... 1 ,0 0 0
1 300
N e s s C o . S . D . N o . 4 8 ...........................
N o r t o n C o . S . D . N o . 1 2 ........................... 1 2 , 0 0 0
1 ,5 0 0
O s a g e C o . S . D . N o . 4 5 - ........................
O s b o r n e S . D . N o . 7 8 .............................. ..
700
P o t t a w a t o m i e C o . S . D . N o . 5 _______ 2 , 0 0 0
P o t t a w a t o m i e C o . S . D . N o . 7 3 _______ 1 ,6 0 0
P r a t t S . D . N o . 5 9 . ________ ____________
1 ,0 0 0
U a w l i n s C o . S . I ) . N o . 1 ( A t w o o d ) . . 3 ,0 0 0
R e p u b l i c C o . S . D . N o . 2 8 ........................ 1 ,0 0 0
R i c e C o . S . 14. N o . 4 5 __________________ 1 ,2 0 0
R o o k s C o . S . D . N o . 4 0 ________________
500
R o o k s C o . S . 14. N o . 6 0 .............................. 1 ,2 0 0
R o o k s C o . S . D . N o . 1 0 5 ............................ 1 ,2 0 0
R u s h C o . S . D . N o . 6 2 __________ ________
800
R u s s e l l C o . S . D . N o . 1 4 _______________ 1 ,4 0 0
S e d g w i c k C o . S . D . N o . 1 0 2 ...............
7 .5 0 0
S h a w n e e C o . S . D . N o . 3 6 .........................1 2 . 0 0 0
2 ,1 0 0
S h a w n e e C o . S . D . N o . 7 8 ................
S h e r m a n C o . S . D . N o . 5 1 .......................
900
S m ith C o . S .
D . N o . 1 7 .............
1 ,0 0 0
1 ,0 0 0
S u m n e r C o . S . D . N o . 1 1 3 ..................
T r e g o C o . S . D . N o . 6 ........................ ...
1 ,0 0 0
W a s h in g to n C o . S .
I ) . N o . 2 7 ................. 1 , 0 0 0
W a s h in g to n C o . S .
I ) . N o . 3 6 .................. 1 8 , 0 0 0
W a s h in g to n C o . S .
D . N o . 7 7 ________
1 .0 0 0
W a s h in g to n C o . S .
D . N o . 1 3 8 ...............
800
W a s h in g t o n a n d R e p u b lic C o . J o in t
S . D . N o . 1 . ________ ___________________ 1 , 6 0 0
W i l s o n C o . S . D . N o . 2 ........................... 2 , 0 0 0
T h e b o n d s a r e a ll s u b je c t t o
c a ll a n y
pu rch ased
T h e
b y
Purpose.
th e
fo llo w in g
S ta te
Dale.
S c h o o l-h o u s e
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
M ay I ’ ll
do
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly I ’ l l
do
J u ly I ’ l l
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly I ’ l l
do
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly I ’ l l
do
do
J u ly I ’ l l
do
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly 1 ’ l l
do
J u ly l . ’ l l
S ew er
M ch . I ’ l l
S c h o o l-h o u s e
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
J u ly 1 ’ l l
do
J u ly I ’ l l
do
J u ly I ’ l l
W a t e r & L lg h t
J u ly £ * i i
S c h o o l-h o u s e
J u ly 1 ’ l l
do
J u l y 20 ’ 11
do
J u l y I ’l l
do
July I ’l l
do
J u l y 1 ’l l
do
J u l y 1 ’l l
do
July I ’l l
do
July I ’l l
do
July I ’l l
do
July I ’l l
do
J u l y I ’l l
do
J u l y 1 ’l l
do
J u l y 1 ’l l
do
July I ’l l
do
J u l y 1 ’l l
do
J u l y 20 ’l l
do
May 1 ’l l
do
J u l y I ’l l
do
J u ly I ' l l
do
July I ’l l
do
J u l y I ’l l
do
J u l y I ’l l
do
J u l y I ’l l
do
July I ’l l
J u l y I ’l l
do
do
July I ’l l
do
July I ’l l
do
J u l y I ’l l
do
J u l y l ’l l
do
J u l y I ’l l
do
July I ’l l
do
J u l y I ’l l
do
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do
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ilo
J u l y 1 ’l l
do
do
tim e
Ini.
Rale.
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
Issu e s
J u ly
Due.
J a n . 1 ’ 16
July
’16
J a n . 1 ’18
J u l y 1 ’16
J u l y 1 ’24
J a n . I ’21
J u l y 1 16
J u l y 1 ’20
J a n . 1 ’19
J a n . 1 '19
J a n . 1 ’ 16
J a n . 1 ’16
J u l y 1 ’16
J u l y 1 ’16
J a n . 1 ’20
J u l y 1 ’16
J u l y 1 ’19
J a n . 1 ’31
J u l y 1 ’23
J a n . 1 ’21
J a n . 1 '16
J u l y 1 ’ 16
J u ly 1 ’16
Mch. 1 ’21
J u l y 1 ’ 16
J a n . 1 ’14
J u l y 1 ’ 16
J u l y 1 ’ 17
J u l y 1 ’17
July 1 ’ ll
J u l y 1 ’25
Jan. I ’ll
J u l y 1 ’26
J u l y 1 ’14
J u l y 1 ’16
J u l y 1 ’13
J u l y 1 ’20
J a n . 1 ’17
J u l y 1 ’ 14
J u l y 1 '23
July l
J a n . 1 '15
J u l y 1 ’16
J u l y 1 '25
J u l y 1 ’24
J u l y 1 ’22
M a y 1 ’31
J u l y 1 ’ 16
J a n . 1 ’15
J u l y 1 ’ 16
J u l y l ’20
J a n . 1 '24
J u l y 1 '15
J a n . 1 ’19
J u l y 1 ’2
J u l y 1 ’26
J u l y 1 ’18
J a n . 1 ’21
J u l y 1 ’ 16
J u l y 1 ’21
J a n . 1 ’22
J a n . 1 '17
J u ly 1 '26
J u l y 1 ’21
J u l y 1 ’ 16
J a n . 1 ’20
J u l y 1 ’ 16
J u ly 1 ’ l l
J u ly 1 ’ l l
b e fo r e
67
d u r in g
m a tu r ity .
K E N T , C h o c t a w C o u n t y , O h i o . — -Bonds Not S o ld . — L o c a l p a p e r s s t a t e
t h a t $ 3 1 , 3 0 0 s t r e e t b o n d s o t t e r e d f o r s a l e o n A u g . 2 9 w e r e n o t s >1 1, o w i n g
t o p e n d in g litig a tio n .
K IN G C O U N T Y
SC H
O n A u g . 2 6 $ 1 0 ,5 0 0 1 -2 0
th e S ta te o f W a s h in g to n
C it y , M o ., a n d W m . D .
a n n u a lly a t th e C o u n t y
O O L
D IS T
-y e a r (o p t .)
a t p a r fo r
P e r k in s &
T r e a s u r e r ’s
R IC T
N O . 1 7 5 , W a s h . — B o n d S a le . —
co u p o n Im p t. b o n d s w ere a w a rd ed
to
5s.
T h e F id e lity T r u s t C o . o f K a n s a s
C o . o f S e a t t le o ffo r e d p a r fo r 6 s .
In t.
o f f ic e o r t h e fis c a l a g e n c y .
K I R K W O O D . S a i n t L o u i s C o u n t y . M o .— B o n d S a le . — O n S e p t . 2 t h e
$ 1 0 ,0 0 0 5 %
1 0 -2 0 -y e a r (o p t .) e lc c t r ic -llg h t -p la n t b o n d s (V . 9 3 , p . 5 4 8 )
w e r e a w a r d e d t o A . G . E d w a r d s ft .S o n s o f S t . L o u i s a t 1 0 3 . 5 6 1 .
A m on g
th e b id s r e c e iv e d w e r e t h e fo llo w in g :
C o ffin & C r a w fo r d , C h ic . .$ 1 0 ,3 1 0 0 0 W m .R .C o m p t o n C o .,S t .L .$ l 0 ,1 3 3 0 0
H a n c h e t t B o n d C o ., C h i c . 1 0 ,2 1 7 0 0 S a m . G e r a m , S t . L o u i s . __
1 0 ,1 2 5 0 0
M e r c a n tile T r . C o .. S t . L .
1 0 ,2 1 0 5 0 S . A . K e a n ft C o ., C h ic a g o 1 0 ,1 1 0 0 0
C u t t e r , M a y & C o . , C h i c . . 1 0 , 1 6 9 0 0 C . I I . C o f f i n , C h i c a g o ______ 1 0 , 1 0 1 0 0
cc
A b id o f $ 2 7 7 p r e m iu m
C o . o f S t . L o u is .
per
bon d
F A L L S , K la m a t h
$ 3 0 ,0 0 0 2 0 -y e a r c it y - h a ll, $ 8 ,0 0 0
6 %
b on d s w ere a w a rd ed to E . II
m a k in g
th e p r ic e
1 0 4 .0 2 2 .
D en
s e m i-a n n u a l.
w a s a ls o
r e c e iv e d
f r o m 's . 'H .
W a lk e r
C o u n t y , O r e . — B o n d S a le . — O n J u l y 2 4
1 0 - y e a r fir e a n d $ 2 ,5 0 0 2 0 - y e a r g a r b a g e
. R o llin s ft S o n s o f D e n v e r f o r $ 4 2 181
o m . $ 1 ,0 0 0 .
D a te A u g . 1 i o n
’ in t
'
’
L A K E W O O D , C u y a h o g a C o u n t y , O h i o . — B o n d S a le .— O n S e n t . 6 t h e
tw o Issu es o f 5 %
1 - lO - y r . (s e r .) s t r .- i m p t . a s s e s s , b o n d s ( V . 9 3 , p . 4 2 4 ) .
^ k g r e g a tln g $ 2 0 ,5 0 0 , w e r e a w a r d e d to t h e F ir s t N a t . B a n k o f C le v e
fo r
$ 2 1 ,2 6 4 7 5 (1 0 3 .7 3 ) a n d I n L — a b a s is o f a b o u t 4 .2 3 3 % . O th e r b id s fo llo w :
P rem ium .
I 'i U o t s o n & W o l c o t t C o . , C l e . $ 7 5 8 5 0
S ca so n g o o d & M a y er, C in ... 738 00
O t i s f t H o u g h , C l e v e l a n d ______7 0 1 0 0
P rem ium .
'
H a y d e n , M ille r ft C o ., C lc v e .$ 6 3 5
N ew
F ir s t
N a tio n a l
B ank,
C o l u m b u s .............. ................................ 3 2 3
50
00
L A M A R C O U N T Y ( P . O . P a r i s ) , T e x a s . — B o n d O ffering . — P r o p o s a l s w i l l
b e r e c e lv e d u n t il 12 m . S e p t . 2 8 b y W . F . G ill, C o u n t y A u d it o r , f o r $ 1 0 0 0 0 0
•> o g o l d r o a d b o n d s I n J u s t i c e P r e c i n c t N o . 1 .
A u th o r ity v o te o f 117 9 to
9 1 a t t h e e le c t io n h e ld A p r il 2 2 1 9 1 1 .
D enom . $500.
D a te O c t. 1 19 1 1
i " 1; ™
& ° .
. D u c ° c t - 10 1951 - o p t - a ft e r
P a Y a b l e t o F I- S - W e l l s , C o . J u d g e , r e
t n a ,t t h e r e h a s n e v e r b e e n a n y d e f a u l t m a d e
n o litig a tio n p e n d in g o r t h r e a te n e d a ffe c t in g
k p
.
4 Uj %
R O Y
(T o w n ),
i r o m W- O 2 - 6 - y e a r (s e r .)
O c t. 10 1921.
C ert, c h e c k fo r
q u ir e d .
O ffic ia l c ir c u la r s ta te s
o n a n y o b l i g a t i o n a n d t h e r e Is
th e le g a lit y o f th e Issu e .
J e f f e r s o n C o u n t y , N . Y . — B i d .— A
b id o f p a r w a s
V . R u lls o n o f E v a n s M ills o n A u g . 3 0 f o r t h e $ 5 0 0 0
b r id g e b o n d s (V . 9 3 , p . 5 4 8 ).
L E A V E N W O R T H
SC H O O L
D IS T R IC T
( P . O . L c a v e w o r t h ) . C h e la n a
C o u n t y , W a s h . — B o n d S a le .— R e p o r t s s t a t e t h a t a n I s s u e o f $ 3 5 , 0 0 0 s c h o o l
b o n d s h a s b e e n a w a rd e d to th e S ta te o f W a s h in g to n .
H I CO U NT Y D R A IN A G E
B o n d O ffering . — P r o p o s a l s w i l l
s t a t e d , f o r $ 1 5 ,0 0 0 7 %
bon d s.
5 %
r e q u ir e d .
D IS T R IC T NO
1 (P . O . S a lm o n ). I d a h o .
b e r e c e iv e d u n til 7 p . m . S e p t
16
i t Is
D e n o m in a tio n
$ 1 ,0 0 0 .
C ert, ch e ck
fo r
n
L I M A , A l l e n C o u n t y , O h i o . — B o n d s Authorized — A n o r d i n a n c e h a s b e e n
p a s s e d p r o v id in g f o r th e is s u a n c e o f $ 4 ,5 0 0 5 %
N y e S t. p a v in g a s s e s s m e n t
[ VOL. L X X X X I I I .
bon d s.
D enom . $500.
F u n d T r u s te e s ’ o ffic e .
D a te A u g . 15 1911.
I n t . in A p r i l a t t h e S i n k i n g
D u e $ 5 0 0 y e a r ly A p r il 1 fr o m 1 9 1 2 to 1 9 2 0 in c l.
L I N D S A Y , T u la r e C o u n t y ,
s e w e r a n d $ 5 5 ,0 0 0 w a t e r 5 %
aw a rd ed to J . H . A d a m s & C o.
a b o u t 4 .8 5 1 % .
D e n o m . $ 1 ,0 0
C a l . — B o n d S a le . — O n J u l y 2 5 t h e $ 7 5 , 0 0 0
1 -4 0 -y e a r (s e r .) b o n d s ( V . 9 3 , p . 1 2 1 ) w e r e
o f L o s A n g e l e s a t 1 0 1 .9 3 a n d I n t .— a b a s is o f
0 and $40.
D a te J u ly 1 1 9 1 1 .
I n t . J . ft J .
L O R A I N , L o r a i n C o u n t y , O h i o . — B o n d S a le .- T h e f o l l o w i n g
r e c e iv e d o n A u g . 3 1 f o r $ 1 5 ,0 0 0 4 1 3 % c o u p , r iv e r I m p t . b o n d s D a v l e s - B e r t r a m C o . , C ln * $ 1 5 ,3 5 7 O O lB a r t o , S c o t t & C o . , C o lu r n $
A . E . A u b & C o ., C ln c l n . . 1 5 ,3 3 3 7 5 IT l l l o t s o n f t W o l c o t t C o .,C l e v
P r o v . S a v . B k . & T r . C o . C i n . 1 5 ,3 2 3 2511 O t i s & H o u g h , C l e v e l a n d
W e l l , B o t h & C o . , C l n c l n . 1 5 , 3 1 2 0 0 1S c a s o n g o o d f t M a y e r , C i n
* I t Is r e p o r t e d t h a t t h i s b i d w a s s u c c e s s f u l .
b id s
w ere
1 5 ,3 0 7 5 0
1 5 ,3 0 4 5 0
1 5 ,3 0 2 0 0
1 5 2 3 0 00
D e n o m . 5 1 ,0 0 0
D a te J u n e 15 1909.
I n t . M . ft S . a t th e C h a s e
N a t.
B a n k In N . Y .
D u e S e p t. 15 1919.
B o n d s a re e x e m p t fr o m S ta te ta x e s .
L U C A S C O U N T Y ( P . O . T o l e d o ) , O h i o . — B o n d S a le . — T h e f o l l o w i n g b i d s
w e r e r e c e iv e d o n S e p t . 6 f o r t h e $ 2 2 ,3 7 6 4 J j %
ro a d -Im p t. b o n d s (V . 9 3 ,
p . 486):
S e c u r .S .B .& T r .C o
T o l—
$ 2 2 ,8 2 7 751
C it iz e n s ’ S .D . & T r . C o . , T o l 2 2 ,7 5 9 5 0
S c a s o n g o o d ft M a y e r , C in . 2 2 ,7 5 4 5 5
S t a c y ft B r a u n , T o l e d o . . . 2 2 ,7 5 3 771
D a v le s -B e r t r a m C o ., C in . 2 2 ,7 1 9 0 0 ]
N e w F ir s t N . B k ., C o I u m .$
P r o v i d e n t S a v i n g s B a n k ft
T r u s t C o .. C in c i n n a t i..
W e ll, R o t h ft C o ., C ln c ln .
R u d o lp h K le y b o lt e C o .,C in .
2 2 ,6 9 6
00
2 2 ,6 7 5
2 2 ,6 1 8
2 2 ,4 7 7
84
00
65
L U V E I^ N E
IN D E P E N D E N T
SC H O O L
D IS T R IC T
(P .
O .
L u v
K o s s u t h C o u n t y , I o w a . — B o n d S a le . — O n A u g . 1 t h e $ 7 , 0 0 0 1 0 - y e a r
in g b o n d s ( V . 9 3 , p . 6 6 ) w e r e a w a r d e d t o G e o . M . B e c h t e l ft C o . o f D
p o r t a t p a r fo r 5s.
D e n o m . $ 1 ,0 0 0 .
D a te A u g . 1 1 91 1.
I n t .F . & A
c r n e ),
b u ild
aven
.
M cC L A IN
C O U N T Y
(P .
O .
P u r c e ll),
O k l a . — Bon ds
Proposed . — T h i s
c o u n t y Is d i s c u s s i n g t h e I s s u a n c e o f $ 1 0 0 , 0 0 0 b o n d s , a c c o r d i n g t o r e p o r t s .
M A C O N . G a . — B o n d S a le . — O n S e p t . 4 t h e $ 7 0 0 , 0 0 0 4 J 3 s g o l d c o u p ,
b o n d s (V . 9 3 , p . 1 2 1 ) w e r e a w a r d e d t o A . B . L e a c h ft C o . o f N . Y . fo r $ 7 0 2 ,
6 6 1 (1 0 0 .3 8 ) a n d in t .
O th e r b id s fo llo w :
I liU s m a n & C o ., A t l a n t a . . . . 1 0 0 .4 2 8 I H a r r is , F o r b e s & C o ., N . Y
299.308
T o w n s e n d , S c o t t f t C o . , B a l t . z O O . 3 7 5 1M a c o n S a v . B k . , M a c o n . . . a i l 0 3 . 0 0 0
a B id fo r $ 2 0 ,0 0 0 d u e 1 9 4 0 . x A n d a c c r u e d I n t e r e s t .
A b id o f p a r a n d I n t. le s s $ 5 ,2 5 0 c o m m is s io n w a s a ls o r e c e iv e d fr o m t h e
R o b in s o n , H u m p h r e y C o . o f A t la n t a .
M A C O N C O U N T Y ( P . O . M a c o n ) , M o . — Bonds R egistered .— O n A u g . 3 1
t h e $ 7 5 0 ,0 0 0 5 % r e fu n d in g b o n d s a w a r d e d o n A u g . 10 t o th e W . R . C o m p
t o n B o n d & M t g e . C o . o f S t . L o u is ( V . 9 3 , p . 5 4 8 ) w e r e r e g is t e r e d b y th e
S ta te A u d ito r .
M A R I E T T A , C o b h C o u n t y . G a .— B o n d S a le . — O n
A u g . 7 t h e $ 1 5 ,0 0 0
s e w e r a g e a n d $ 2 0 ,0 0 0 e le c t r lc -llg h t 5 %
3 0 -y r . b o n d s (V . 9 3 , p . 3 0 4 ) w e re
a w a r d e d t o J o h n W . D ic k e y o f A u g u s t a a n d th e M a r ie tta T m s t & B a n k C o .
In M a r i e t t a a t 1 0 3 . 5 0 a n d I n t . , a b a s i s o f a b o u t 4 . 7 7 9 % .
D a te A u g . 1 1 9 1 1 .
M A R I O N C O U N T Y ( P . O . P a l m y r . a ) , M o . — B o n d S a le . — O n S e p t . 5 t h e
5 0 .0 0 0 4 %
1 0 -2 0 -y e a r (o p t .) h o s p ita l b o n d s (V . 9 3 , p . 4 8 6 ) w e r e a w a r d e d
t o th e M o n r o e C ity B a n k o f M o n r o e C it y a t 9 9 .0 2 .
O th e r b id s fo llo w :
B ank .
.
.9 5 .1 0
B a n k o f P a l m y r a , P a l m y r a _________ 9 6 | S a v I n g s
M A R IO N
C O U N T Y
(P . O
M a r i o n ) . O h i o . — B o n d S a le .
-On A u e r . 1 2
8 7 .0 0 0 5 %
c o u p . W in d fa ll F re e T u r n p ik e r o a d b o n d s w e r e a w a r d e d to th e
L a H u e B a n k C o .- o f L a H u e a t 1 0 0 .3 2 9 .
D a te S e p t. 1 1911.
I n t . M . ft S .
a t th e C o . T re a s o ffic e .
D ue $140 M arch 1 an d S e p t. 1 1912, $450 M arch 1
a n d S e p t . 1 In 1 9 1 3 , $ 1 7 0 M a r c h 1 a n d S e p t . 1 In 1 9 1 4 , $ 5 9 0 M a r c h 1 a n d
S e p t . 1 In 1 0 1 5 , $ 5 2 0 M a r c h 1 a n d S e p t . 1 In 1 9 1 6 , $ 5 5 0 M a r c h 1 a n d S e p t
1
in 1 9 1 7 , $ 5 8 0 M a r c h 1 a n d S e p : . 1 In 1 9 1 8 a n d M a r c h 1 i n t o .
M E A D O W
G R O V E , / M a d i s o n C o u n t y . N e b .— Bond S a le . — T h e N o r f o l k
N a t io n a l B a n k o f N o r fo lk h a s b e e n a w a r d e d t h e $ 7 ,5 0 0 6 % c o u p o n 5 -1 0 -y e a r
(o p t .) w a te r -w o r k s b o n d s o tte r e d o n J u n e 8 (V . 9 2 , p . 1 5 1 6 ).
M E A D O W G R O V E S C H O O L D IS T R IC T N O . 12 (P . O . M e a d o w G rov e)
M a d i s o n C o u n t y , N e b . — B o n d S a le .— T h e N o r f o l k N a t . B a n k o f N o r f o l k
h a s b e e n a w a r d e d t h e $ 1 4 ,5 0 0 6 % 5 -1 0 -y e a r ( o p t .) b u ild in g b o n d s , b id s fo r
w h ic h w e re r e je c t e d o n J u n e 8 (V . 9 2 , p
1 6 5 6 ).
M E D F O R D , M i d d l e s e x C o u n t y , M a s s . — B o n d O fferin g — P r o p o s a l s w l
b e r e c e i v e d u n t i l 9 a . m . S e p t . 12 b y E . A . B a d g e r , C i t y T r e a s u r e r , f o r
5 7 8 .0 0 0 4 %
c o u p o n s c h o o l lo a n o f 1911 b o n d s .
D e n o m . $ 1 ,0 0 0 .
D a te
S ept
1 1911.
I n t . M . ft S . a t t h e N a t io n a l S h a w m u t B a n k o f B o s t o n .
D u e $ 4 ,0 0 0 y e a r ly S e p t
1 f r o m 1 9 1 2 t o 1 9 2 9 l n c l . a n d 5 3 , 0 0 0 o n S e p t . 1 in
1930 an d 1931.
B o n d s a r e e x e m p t f r o m t a x a t i o n In M a s s a c h u s e t t s a n d w ill
h e c e r t ifie d a s t o th e ir g e n u in e n e s s b y th e O ld C o lo n y T r u s t C o . o f B o s t o n .
T h e o p i n i o n o f R o p e s , G r a y ft G o r h a m a s t o t h e l e g a l i t y o f t h is I s s u e w ill
b e fu r n is h e d w it h o u t c h a r g e t o th e p u r c h a s e r s .
M ID D L E S E X C O U N T Y
(P . O . L o w e ll).
M ass,
■ Temporary Loan. A
lo a n o t 5 1 0 0 ,0 0 0 d u e N o v . 7 h a s b e e n n e g o t ia t e i w it h C u r tis ft S a n g e r
o f B o s t o n a t 3 . 5 0 % d i s c o u n t a n d $ 1 7 5 p r e m i u m . I t is s t a t e d .
M I D D L E T O W N , B u t l e r C o u n t y . O h i o . — B o n d O fferin g . — P r o p o s a l s w i l l
b e r e c e iv e d u n t il 12 m . S e p t . 2 5 b y J o h n K u n z , C it y A u d i t o r , f o r $ 10 ,0 0 0
4 'A % c o u p o n t a x - f r e e s t r e e t - l m p t . b o n d s .
A u t h o r it y S e c . 3 9 3 9 , G e n . C o d e .
D enom . $500.
D a te A u g . 1 1911.
I n t . F . ft A . a t t h e N a t io n a l B a r k
B a n k In N e w Y o r k .
D u e $ 1 ,0 0 0 y e a r ly A u g . 1 fr o m
1 9 1 3 to 19 2 2 ln c l.
B o n d s t o b e d e liv e r e d a n d p a id fo r w it h a c c r u e d h it . w it h in 3 0 d a y s fr o m a n d
a fte r d a te o f a w a r d .
C e r t, c h e c k fo r 5 2 0 0 , p a y a b le t o C it y T r e a s ., r e q u ir e d .
M I F F L I N T O W N S H I P S C H O O L D I S T R I C T ( P . O . L in c o ln P la c e ) , P a .—
O n J u n e 2 8 t h e $ 3 0 ,0 0 0 4 > 3 % f u n d in g b o n d s (V . 9 2 , p . 1 7 1 6 )
w e r e a w a r d e d t o t h e S a fe D e p o s i t ft T r u s t C o . o f P it t s b u r g h f o r $ 3 0 ,7 8 2
(1 0 2 .6 0 6 ) a n d I n t e r e s t .
B o n d S a le .—
M IL A N
V IL L A G E
S
O h i o . — B o n d O fferin g .—
f o r t h e S 3 ,2 0 0 4 1 3 % b o n
C ode.
in t . s e m l-a n n .
C H O O L
D
P ro p o s a ls
d s (V . 9 3 ,
D ue $200
M I L W A U K E E , W i s .— Bond
1 0 ’’
s
9 <)U *S
^
9 1<b
S a le .—
w ere
O th e r b id s fo d o w :
E s t a b r o o k ft C o ., C h lc a g o .-$
H a r r is T r . ft S a v .B k ., C h i c .
S . A . K e a n ft C o ., C h ic a g o .
M e r c h . L n . ft T r . C o ., C h ic .
E . H . R o llin s ft S o n s , C h ic .
W is c o n s in T r u s t C o ., M IL
IS T R IC T
I P . O . /M ila n ) , E r ie C o u n t y ,
w ill b e r e c e iv e d u n t il 10 a . m . S e p t . 1 5
p . 3 0 4 ).
A u th . S ec. 7625 to 7627, G en .
S e p t . 1 5 1 9 1 3 t o 1 9 2 8 ln c l.
O n S e p t . 6 t ile $ 1 0 0 ,0 0 0 4
aw ard ed
1 0 2 ,8 6 0
1 0 2 ,7 3 3
1 0 2 ,6 0 0
1 0 2 ,5 6 5
1 0 2 ,5 3 0
1 0 2 ,1 9 7
to
B lo d g e t
ft
C o.
of
'A %
cou p .
B o sto n
at
R . L . D a y & C o ., B o s t o n . .. $ 1 0 2 ,4 4 9
1 0 2 ,4 1 0
B la k e B r o s . & C o ., B o s t o n .
1 0 2 ,1 8 9
M e r r ill, O ld h a m & C o ., B o s .
1 0 2 ,1 8 0
S c a s o n g o o d & M a y e r , C in ..
1 0 2 ,0 0 0
2 d W a r d S a v . B a n k , M 1 I.
1 0 1 ,8 6 0
J o h n E . d e W o l f , M i l _________
M O D E S T O . S t a n i s l a u s C o u n t y , C a l . — B o n ds Voted . — T h e e l e c t i o n h e l d
A u g . 2 8 r e s u lt e d in f a v o r o t t h e p r o p o s i t i o n t o I s s u e t h e 5 3 0 ,0 0 0 5 % s t r e e t lm p t . b o n d s (V . 9 3 , p . 3 6 2 ).
T h e v o te w as 280 to 60.
D enom . $750.
I n t . s e m l-a n n .
D u e o n e b o n d y e a r ly b e g in n in g J a n . 2 1 9 1 2 .
M O N T G O M E R Y . A l a . — Bonds
s u l t e d In t h e d e f e a t o f t h e f o l l o w i n
$ 2 5 0 ,0 0 0 g e n e r a l-p u r p o s e b o n d s ,
5 0 .0 0 0 s e w e r b o n d s , 4 7 9 “ f o r ”
2 5 .0 0 0 p a r k b o n d s , 4 2 3 " f o r ”
Defeated .—
g 5 % 3 0 -y r
307 “ fo r ”
a n d 1 ,0 7 1
a n d 1 ,1 2 6
T he
. bon
and
“ aga
“ aga
e le c tio n
h e ld
S ep t.
d s (V . 9 3 , p . 3 6 2 )
1 ,7 4 1 " a g a i n s t . ”
in s t .”
in s t .”
/M O N T G O M E R Y
C IT Y ,
M on tg om ery
C ou n ty ,
P r o p o s a l s w il l b e r e c e i v e d u n t i l 12 m . S e p t . 12 b y J .
f o r $ 1 4 ,0 0 0 w a t e r a n d $ 6 ,0 0 0 s e w e r a g e -s y s t e m 5 %
$ 1 ,0 0 0 .
D a te D e c. 1 1011.
I n t . J . ft I ) .
B onded
A s s e s s e d v a l. f o r 1 9 0 9 , $ 5 8 5 ,0 0 0 .
I
re
/ M o . — Bond O ffering. R . A p p lin g , C it y C le r k ,
cou p , bon ds.
D enom .
d e b t a t p r e s e n t , $ 3 ,0 0 0 .
M T . H O L L Y S C H O O L D I S T R I C T ( P . O . M t . H o l l y ) , P a . — B o n d S a le .—
O n S e p t . 1 5 4 , 5 0 0 4 >3 ° r, b o n d s w e r e a w a r d e d t o t h e C a r l i s l e T r u s t C o . a t p a r .
D en om . 5100.
D a te S e p t. 1 1911.
I n t . M . ft S .
D ue 1931.
M O U N T O L I V E . W a y n e C o u n t y , N o . C a r o , — B o n d S a le .— O n S e p t . ' S
t h e $ 1 2 ,0 0 0 6 %
2 0 -y r . c o u p , w a te r-w o rk s b o n d s
(V . 9 3 , p . 4 2 5 ) w ere
a w a r d e d t o S t a c y ft B r a u n o f T o l e d o a t 1 0 3 .2 2 a n d I n t. O t h e r b id s f o l l o w
U l e n f t C o . , C h i c a g o ___________ $ 1 2 , 2 0 7 C u t t e r . M a y & C o . , C h l c a g o . $ l 2 , 1 2 1
A l l e r t o n , G r c e n e & K l n g .C h l c . 1 2 ,1 9 3 F a r s o n , S o n ft C o . , C h i c a g o .
1 2 ,0 2 1
S . A . K e a n ft C o ., C h ic a g o ..
1 2 ,1 9 2 J o h n N u v c e n f t C o . , C h ic a g o
1 2 ,0 1 2
N e w F i r s t N a t . B k . , C o l _______ 1 2 , 1 5 9
. . / t t O U N T Y E R N O N . W e s t c h e s t e r C o u n t y . N . \ .— B on d S a le .— On S e p t . 5
t h e $ 4 0 ,0 0 0 4 J 3 % 2 0 -y r . W e s t L in c o ln A v e . r e p a v in g b o n d s (V . 9 3 , p
549)
w e r e a w a r d e d t o E . H . R o ll in s ft S o n s o t N e w Y o r k a t 1 0 4 .5 8 7 — a b a s is
o f a b o u t 4 .1 6 % .
O th e r b id s fo llo w :
P a r k in s o n ft B u r r , N . Y . .$ 4 1 ,7 2 7 7 7 E s t a b r o o k ft C o ., N . Y
. $ 4 1 ,6 3 2 0 0
A . B . L e a c h ft C o ., N . y I 4 1 ,7 1 1 6 0 H a r r is , F o r b e s ft C o ., N .Y . 4 1 ,4 4 1 0 0
R . L . D a y f t C o . , N . Y ____ 4 1 , 6 7 6 4 0
F a r s o n , S o n f t C o ., N . Y
4 1 ,4 3 9 6 0
R . M . G r a n t & C o ., N . Y . 4 1 ,6 7 0 8 0 M o r g a n , L iv e r m o r e ft C o .,
N . W . H a ls e y ft C o ., N . Y . 4 1 ,6 5 2 0 0
N e w Y o r k ------------------------------- 4 1 , 3 4 8 0 0
A d a m s f t C o . . N . Y --------------- 4 1 , 6 5 0 0 0 F e r r i s f t W h i t e , N . Y ______ 4 1 , 2 8 0 0 0
N A M P A . C anyon
C ou n ty .
Id a h o
B a u ls Authorized .— A n o r d l n a n c
h a s b e e n p a s s e d p r o v id in g fo
t h e I s s u a n c e ot $ 3 7 , 0 0 0 w a t e r - w o r k s r e d e m p t l o n b o n d s . I t Is s t a t e d .
RICHMOND.
m i c c i ii r m
IN T V (p
O
M l n e o l a ) . N . Y .— B onds A u tho rized . — A r e s o l u U o n ^ w a s ^ p a s s e d b y t h e B o a r d o f S u p e r v i s o r s , I t Is s t a t e d , p r o v M t n g f o r
th e Issu a n ce o f th e fo llo w in g \ A %
r o a d - l /n p t . b o n d s , In d e n o m i n a t i o n
§ l n
b o n d s ' S e r ie s “ L . ”
2 2 5 ,0 0 0
D ue
O c t. 1 fro m 1919 to
b o n d s S c r ie s “ M .”
1931
5 1 0 ,0 0 0
1932
D ue
O ct.
in e l.
5 1 5 ,0 0 0
1
1918
and
_
.
O ct.
y e a r ly
5 2 5 .0 0 0
*
1
f ,.n m
H orn
a d op ted
, n lf.
191b
RICHWOOD.
u n til
to
to
1 6 ,0 0 0
I ___ B id s . — T h e
oth er
b id s
r e c e iv e d
on
A u g.
30
fo r
N a t.
N e w a r k ..1 0 0 .
U k .,
pay
accru ed
1911.
405
5 1 1 ,3 0 0 5 9 ,0 0 0
5 1 ,6 2 0
Bonds. B o nds. B o n ds.
4 5 - 00
------
C o lu m b u s
402 00
453 00
-8 8
S e^ ai 'ss onnmg m
S
o o odd ' & M a y e r , ’ C i n c i n n a t i
W ee ll ll ,, R
h &
& C
C il nn cc ilnr nma at it.l . . .
W
R oo tt h
C po . ,, , C
F r a n k lin N a t. B a n k , N e w a r k .
401 00
362 n
0n
0
4 4 2 «0 «0
^ 358 50
w orth ,
c F or
~
oIH g h cst
NF-W
C o , N ew ark, 0 - .a 4 9 2 04
Bank,
N a t.
z
b id s ,
F or
CONCORD.
5 3 ,0 0 0
Muskingum
County,
-
. 55
00
1 00
2R
8 (*
9 n
0 ft
0
9
285 00
--------------- - -
5500
w ere
Y O R K
O fferin g.— P r o -
d is p o s e d
of
by
th is
T h e fo llo w in g
d u r in g th e m o n t h
c ity
reven u e b on d s
o f A u g u st:
and
R evenue
R evenue
R e v en u e
R evenue
R e v en u e
b o n d s,
b on d s,
b o n d s,
b o n d s,
b o n d s,
R even u e
b o n d s , s p e c i a l -------- -------------------------------------------------------------
“
R e v en u e b o n d s, special
------ -- - - - ---------------- -- - C orp ora te s to c k n otes (variou s m u n icip a l pu rposes) _ _
C o rp o ra te sto ck
C o rp o ra te sto ck
n otes
n otes
a -itt
" ..
3 5s
3 A
( f o r w a t e r ) --- -------------------------------------------(f o r r a p id t r a n s it) —
..................—
3 5s
B on ds Voted •—
A u g . 10
5 5 0 ,0 0 0
r e s u l t e d In f a v o r o f t h e p r o p o s i t i o n s t o I s s u e 5
s e w e r b o n d s , It i s s t a t e d .
T h e v o te w as 155 to
and
to
155
B onds P urchased bu the
« w
by
th e
S ta to ^ t
W
i M
:
» ™ , urp0SK nf n d >.
*Sf
w
and
Date.
30
1911
1
I
1911.
.
In t. A .
.
&
^
O .
D I S T R I C T (P. O . Sheridan), G r a n t C o u n t y . A r k .
bon ds.
B o n d s w ill b e d a t e d a b o u t O c t . 1 .
s n iiT H
H I I W A I I K E E . W i s . — B o n d S a le . — O n A u g . 1 5
^ ? -y e a r ( a v ) w a te r b o n d s w e re a w a r d e d t o th e W is c o n s in
M ilw a u k e e a t 103 6 3 4 a n d in t ,- a
b a s is o f a b o u t 4 .5 6 % .
10
SPRINGFIELD CITY S C H O O L
Bond o ffprin n
DISTRICT
5 3 0 ,0 0 0
.> %
T r u s t C o . In
(P. O . Springfield), O h i o . —
___P r o D O S a l s w i l l b e r e c e i v e d u n t i l 2 p . m . O c t . 7 b y
• H ,
H o lm e T c ie r k B d , T E d * fo r 545 000 4 M % b o n d s
A u th o r ity S e c . 7 6 2 9
G en. C ode.
D enom .
5 1 ,0 0 0 .
D a te N o v . I 1 9 U .
I n t. M . & N . a t th e
T r e a s . o ffic e .
D u e 5 9 ,0 0 0 y e a r ly A u g . 1 1 9 3 5 t o 1 9 3 9 ln c l.
^
u tin g
w«5
Due.
6 1911
B l 'u C l f l r d ^ S J D . ! '1 L a M o u r e C o ! *8 l o o V b l d • J u n e
B r y a n S . D ., T o w n e r C o ...
5 0 0 b ld g
c ity -h a ll
o f T o le d o .’
bonds
w a tci b on u s
O w in g ■ tulji. O
f f l
’m o o .
U
SCHOOL
SO U TH
M IL L S T O W N S H I P S C H O O L D I S T R I C T (P . O . S o u th M ills ).
fim lr n
C ou n ty
N o . C a r — B o n d S a le .— On S e p t . 4 t h e 5 5 , 0 0 0 6 ,. b h l g .
b o n d s (V
93
n
-1 8 7 ) w e r e a w a r d e d t o E l i z a b e t h C i t y S a v . B a n k A T i u s t
Co i t 1 0 1
B id s a t n a r w e r e r e c e iv e d fr o m E . H e d r ic k a n d S t a c y & B r a u n
624
c0le°t^ enr
16 fo i
(P. O . F r e m o n t ) . O h i o , —
S I S S O N . S i s k i y o u C o u n t y , C a l — B o n ds Voted.— A f a v o r a b l e v o t e w a s
c a s t r e c e n t l y , it is s t a t e d , o n t h e p r o p o s i t i o n t o i s s u e 5 4 5 , 0 0 0 w a t e r p l a n t
15 fo r sew er b o n d s.
IORTH D A K O T A . —
N0«™
t h e„
p u roh ased
I
n o te s
T o t a l _____________ __________ - - - - - ------------------- --------------------------------------------------------------- 5 7 , 6 9 2
N O G A L E S , S a n t a C r u z C o u n t y . Ariz.—
In terest.
___ Bond S a le . — F a r s o n , S o n & C o . o f C h i c , h a v e b e e n a w a r d e d a t 1 0 0 . 8 3 J
th e S12 0 0 0 6 % 5 -2 0 -y e a r (o p t .) b u ild in g b o n d s o ffe r e d o n A u g . 2 0 (V . 9 3 ,
p
6 8 ). ’ S e v e r a l o t h e r b id s w e r e r e c e iv e d .
5 3 ,2 6 7 ,7 8 5
9 9 2 ,8 3 9
2 ,0 0 0 ,0 0 0
3 2 ,0 0 0
1 5 5 .0 0 0
2 0 0 .0 0 0
1 0 0 ,0 0 0
1 2 5 .0 0 0
6 8 0 .0 0 0
1 4 0 ,0 0 0
curren t e x p e n s e s ---------------- ------------------ 8 *4 1«
cu rren t e x p e n s e s -----------------------------------------------3 3 -1 0
cu rren t e x p e n s e s -----------------------------3
s p e c i a l --------------------------------------------------- 3 N
s p e c i a l ---------------------------------------------------
I n te r e s t a n n u a l.
SHERIDAN
Am ount.
Interest.
w ill b e
fo r th e
S C H O O L D I S T R I C T (P. O . R u s h f o r d ) . M i n n . — B o n d - S a l e .
P e t a l u m a N a t . B a n k ---------------J
D e n o m . 5 1 ,0 0 0 .
D a te O ct.
,
L o a n s.—
CITY.—
— P r o p o sa ls
V illa g e C le r k ,
J ord an ,
S A N T A R O S A S C H O O L D I S T R I C T (P. O . S a n t a R o s a ) , S o n o m a C o u n t y .
C a i — B o n d S a le .— O n A u g . 2 9 t h e 5 8 0 , 0 0 0 5 % b l d g , b o n d s ( V . 9 3 , p . o o O )
w e r e a w a r d e d t o t h e S a n t a R o s a N a t . B a n k in S a n t a R o s a lo r 5 » 4 ,» z t > ,
m a k in g t h e p r ic e 1 0 6 .0 3 1 .
O t h e r b id s f o llo w :
_
E .
H . R o llin s & S o n s , S a n F r .5 8 4 ,7 5 0 ! N . W . H a ls e y & C o ., S a n F r . 5 8 4 ,0 8 0
E x ‘ h a n g e B a n k , S a n t a A n a ) 8 4 , 4 2 7 IJ . I I . A d a m s & C o . , L o s A n g - s j . j u i
N E W P H I L A D E L P H I A , T u s c a r a w a s C o u n t y . O h i o . — B o n d S a le .
O n
S e n t . 1 t h e 5 1 0 0 ,0 0 0 4 %
sew er b o n d s v o te d J u n e 5 (V . 9 2 , p . lo 8 o ) w ere
a w a r d e d 5 5 0 ,0 0 0 t o th e C it iz e n s ’ N a t . B a n k a n d 5 5 0 ,0 0 0 t o t h e E x c h a n g e
B a n k I n N e w P h i l a d e l p h i a a t p a r a n d I n t . , I t Is r e p o r t e d .
N E W
L .
th e 5 2 ,4 0 0 4 A % B la s e y J o in t D it c h b o n d s ( V . 9 3 , p . J 5 0 ) w e r e y a r d e d t o
t h e F r e m o n t S a v . B a n k in F r e m o n t a t 1 0 0 .6 2 5 a n d i n t .
O th e r b id s fo llo w .
C r o g h a n B a n k & S a v . C o - 5 2 , 4 0 5 5 0 | C o l o n i a l S a v . B . & T r . C o _ 5 2 . 4 0 o oo
D o s a ls w ill b e r e c e iv e d u n t il 12 m . S e p t . 2 1 b y W . G . M c K i n n e y , V I I. C le r k ,
f o r 'v > 50 0
6%
reg.
ta x -fr e e
d c llc le n c y
bon d s.
D en om .
$ .> 0 0 .
D a te
S e n t ’>1 1 9 1 1 7 I n t . M . & S . a t t h e F i r s t N a t . B a n k o f N e w C o n c o r d .
D ue
s 500 y e a r l y N o v . 1 f r o m 1 9 1 3 t o 1 9 1 7 ln c l.
N o d e p o s it r e q u ir e d . P u r ch a s e r
t o n a v A ccru e d ln t.
B o n d e d d e b t a t p r e s e n t 5 5 ,0 0 0 .
N o
H e a t in g
d eb t.
A s s e s s e d v a l. fo r 1 9 1 0 $ 2 0 0 ,0 0 0 .
R ay
ln t.
S A N D U S K Y C O U N T Y
-
w orth .
Ohio/— B o n d
b y
P E T E R S B U R G . H i l l s b o r o C o u n t y . Fla.— .
Bond S a l e — On .A u g . 3
5 1 0 0 .0 0 0 6 %
3 0 -y e a r c o u p o n ta x -fr e e s tr e e t, p a rk a n d w a te r b o n d s
93, p
2 4 8 ) w e r e a w a r d e d t o F a r s o n , S o n & C o . o f C h ic a g o a t
th e
(V .
Sav.JL
Newark T ru s t
16
ST.
5 8 ,0 0 0
B o n ds. Bonds.
H a y d e n . M ille r
& C o ..C l o v e 8 3 6 1 0 0 5394 0 0 5 2 5 6 0 0
«S 2 7 00 «$ 1 5 00
^>er vo vi di deenn tt S a v
0 7 8 0 - - - - - - — 3 - 5 5a n d
B . & &T j rr .rC; Cpo.;, ,dCn^. nJ .2J 12 1 9 89 8 « 4 7 0 «0487 0a 30087 8 0 a 3 --------------------------
New First
S ep t.
— O n A u g . 2 9 5 4 ,5 0 0 4 % 6 - 1 4 - y e a r (s e r .) b u il d i n g b o n d s w e r e a w a r d e d t o t h e
R u s h f o r d S t a t e B a n k In R u s h f o r d a t p a r .
D en om . 5o00.
D a te A u g . -J
5 3 4 .2 0 5 , w e r e a s f o llo w s :
511
m .
B m n fo r d S t . b o n d s .
D en om . 5500.
D u e o n A p r il 1 a s fo llo w s :
5 1 .0 0 0 in t h e o d d y e a r s a n d 5 2 .0 0 0 In t h e e v e n y e a r s f r o m 1 9 1 3 t o
1 9 1 8 l n c l . , 5 2 , 0 0 0 In 1 9 1 9 a n d 1 9 2 0 , 5 1 , 0 0 0 I n 1 9 2 1 a n d 5 2 , 0 0 0 In
R U S H F O R D
I
N E W A R K , L ic k in g C o u n t y .
fv ^ c M ^ ^ m D t^ b o n d T lg g r c m lu m s o ffe r e d o n S e p t . 7 fo r th e liv e Iss u e s o f 5 / 0 c o u p . lm p t . b o n d s , a g g r o
g a tin g
p.
A u t h . S e c 2 9 5 , M u n ic ip a l C o d e .
D a te O ct. 1 1 9 11.
In t. A . & O .
B onds
t o b e d e liv e r e d a n d p a id f o r w ith in 10 d a y s fr o m t im e o f a w a r d .
C e rt, ch e ck
fo r 5 %
o f b o n d s b id fo r , p a y a b le t o V il. T r e a s ., r e q u ir e d .
P u rch a ser to
th e
5 3 0 0 , 0 0 0 4 % ’ 4 0 - 5 0 - y r . ( o p t . ) c o u p , o r r e g . t ^ ' i f e ® ~ e ha S0 { 0 V io v r a - a W a U W
t o J . S . K ip p e l o f N e w a r k a t 1 0 0 .0 9 ( V . 9 3 . p . 6 1 0 ) w e r e a s f o l l o w s .
W e s t S i d e T r . C o . , N e w a r k -1 0 0 .0 6 2 5 F e d e r a l l i . C o . . N e w a r k . . par
ifc r c h .
B on d 0 / / e r ( n f f
U n i o n C o u n t y . Ohio.—
2
fo llo w in g 4 ^ %
s tre e t-Im p t. a s se s s m e n t b o n d s :
5 2 5 ,0 0 0
O tta w a S t. b o n d s.
D e n o m . 5 1 .0 0 0 .
D u e o n A p r il 1 a s fo llo w s
5 2 .0 0 0 in t h e o d d y e a r s a n d 5 3 ,0 0 0 in t h e e v e n y e a r s f r o m 1 9 1 3 t o
N H B O S C H O O L D I S T R I C T , U ta h C o u n t y , U t a h .—
e l e c t i o n h e l d A u g . 2 8 r e s u l t e d In f a v o r o f t h e q u e s t io n i o f I s s u i n g $ 1 o O .o u u
lilg h -s c h o o l b o n d s .
T h e v o t e , a c c o r d in g to r c p o it s , w a s 69 1 to l b i .
N
B onds A uthorized. — O n S e p t . 5 C o m m o n C o u n c i l
p r o v id in g f o r t h e is s u a n c e o f 5 1 ,4 0 0 ,0 0 0 I m p r o v t . b d s .
Va.—
a r e s o lu tio n
r e c e iv e d
y e a r ly
ln c l.
K ip W A R K
685
THE CHRONICLE
S ept. 9 1911.]
J u n e 30
’ I 6 ,’2 1 8 s’26
June 30
1931
S P R IN G H 1 1 I T O W N S H I P (P . 0 . L a u r in b u r g ), S c o tla n d C o u n t y , N o .
^ . - P r o p o s a l s w ill b e r e c e iv e d u n t il 10 a m . S e p t . 1 5 b g
t h le
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% c o u p o in r o a d
D en om .
A u t h . v o t e o f 59 t o 3 3 a t a n e le c t io n h e ld J u ly 7 1 9 1 1 .
u
b omn dd ss .
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a fte r
D a te O ct. 1 1911.
In t. A . & O .
D u e o b .e -t w o n t le t h y r ly
5 11 , 0 0 0 .
r
n
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C e r t , c h e c k f o r 2 % o f b o n d s b i d f o r , p a y a b l e t o t h e C h a i m , i*a n B d .
A ssess, v a l.
o f C o . C o m m ’ r s , r e q u ir e d ^
P u r c h . t o fu r n is h b la n k b o n d s ,
fo r 1 9 1 1 , 5 3 6 3 ,2 0 7 : c s t . a c t u a l v a lu e , 5 1 ,0 0 0 ,0 0 0 .
C a r o . - B o n d < > //e r
S T E I N A U E R . P a w n e e C o u n t y . N e b .— B o n d s V o t e d .— T h e e l e c t i o n
Sept
1 r e s u l t e d , r e p o r t s s t a t e d , In a v o t e o f i 2 t o 9 in f a v o i o f t h e
p o s it lo n t o Issu e 5 7 .5 0 0 6 % 5 -2 0 -y e a r ( o p t .) w a t e r b o n d s .
h e ld
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M a r s h a l l C o u n t y . A l i n n . — B o n d S a le . — O n S e p t . 1 5 . 5 , 0 0 0 6 %
2 0 -y e a r c o u p .' lir e -h o u s c b o n d s w e r e a w a r d e d t o K a n e & C o . o f M in n e a p o lis
a t 1 0 1 .1 2 a n d in t .
O th e r b id s fo llo w .
C o f f i n & C r a w f o r d , C h i c a g o . - - 5 5 , 0 3 5 |M i n n . L o a n & T r . C o , M i n n
5 5 ,0 0 0
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I n t. s e m l-a n n .
B o n d e d d e b t ln c l. t h is I s s u e $ * .0 ,0 0 0 .
cT P iiR p v
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B o n d O fferin g. —
w il l b e r e c e i v e d u n t il 2 p . m . S e p t . 2 5 , it is s t a t e d .
o f S u p e r v is o r s , f o r t h e 5 6 0 ,0 0 0 4 ^ %
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I h ese
3-year (av.)
o ffe r e d
g S a lc
p r e v io u s ly r e p o r t e d ln “ C h r o n lc le .”
O fferin g . —
N O RTH
T O N A W A N D A .
N ia g a ra
C ou n ty .
N .
Y .— B o n d
h ,, C
y
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w i l l b e r e c e i v e d u n t i l 8 p . m . S e p L 1 9 _ b y ^ G ^ L . B e c kk rr tl cc n
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n tt .. ss ee m
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B a n k o f N orth T o n a w a n d a .
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cou p on bonds
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93. p
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n c o N E P T O W N S H I P ( P . 0 . C o l u m b u s ) , N e b .— B o nds Voted . — A n e l e c
t i o n h e l d S e p t . 2 r e s u lt e d In f a v o r o f a p r o p o s it io n t o Iss u e 5 6 .0 0 0 6 %
y e a r b r U lg c -b u lld ln g b o n d s .
T h e v o te w as 140 to l.
a D E fiO N C IT Y
C l a c k a m a s C o u n t y , O r e — Description
A o c t r e e ? Im n t
b in d s
a w e g a t i n g o v e r 5 2 1 ,0 0 0 , a w a r d e d
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N o
a c t i o n lia s y e t b e e n t a k e n t o w a r d s t h e I s s u a n c e o f t h e 5 7 5 0 0 0 d r a in a g e a n d
5 1 0 0 , 0 0 0 s t r c e t - l m p t . b o n d s , v o t e d J u l y 1 8 ( \ . 9 .1 , p . J 0 . > ) .
R A M A P O U N IO N F R E E S C H O O L D I S T R I C T N O . 1 5 ( P . O . H ill b u r n ) ,
N . Y .— B a n d S a l e . — O n S e p t , l $ 2 3 0 0 0 5 %
b o n d s w e re a w a rd e d to th e
S u f f c r n N a t i o n a l B a n k In S u f f c r n a t 1 0 5 . 2 5 .
D enom . $o00.
D a te O ct. 1911.
I n t . a n n u a l.
D u e p a rt y e a r ly fo r ^ 0 y e a r s .
_
R ed
Lake
C ou n ty ,
M in n .-
^
B o n d O ffering.
6 1 2 .)
Loan O ffering. —
P r o p o s a ls w ill b e r e c e iv e d
u n til
H
a. m .
S e p L 12 b y H . \ v . G o r d ln le r , C it y C o m p t r o lle r , f o r * 2 0 0 .0 0 0 5
c e r G fic a te s
o f In d eb ted n ess o r re v e n u e b o n d s .
D a te S e p t. 1
1911.
I n t .. p / D 'l ,
th e C ity T r e a s . o ffic e .
D u e N o v . 12 1 9 1 1 .
C e r t, r h e c k fo r 1 o o f lo a n ,
p a y a b le
to
th e C it y
o f T r o v . reou tred .
T Y R O N E S C H O O L D I S T R I C T ( P . O . T y r o n e ) . B la i r C ° ,u " t y ' - ^
“ o 2 "'
R o b e r t G l e n d i n n l n g & C o . o f P h l l a . h a v e p u r c h a s e d t h e 5 4 0 . 0 0 0 4 /0
c o u p - h lg h -s c h o o l-b ld g . b o n d s o ffe r e d o n M a y 1.
V . 92, p . 1196.
S a le . —
IIR L Y
H u r o n C o u n t y , M i c h . — B o n d O ffering. — P r o p o s a l s w i l l b e r e c e i v e d
u n t il O c t . 2 fo r 5 5 ,0 0 0 5 %
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9)
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t h e 5 1 0 0 0 0 5- 1 4 - y e a r (s e r .) s e w e r b o n d s ( V . 9 3 , p . 5 5 0 ) w e r e a w a r d e d t o
K e r r is & W h i t e o f N e w Y o r k a t 1 0 0 .1 7 f o r 4 . 3 5 s .
O th e r b id s fo llo w :
n n m r l a s F e n w i c k & C o . , N e w Y o r k ( f o r 4 . 3 5 s ) _________________________ 5 1 0 , 0 0 7 5 0
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t a x -fr e e fu n d in g b o n d s w e r e a w a r d e d t o th e M e llo n N a t io n a l
B a n k in P it t s b u r g h .
D enom . 3500.
D a te S e p t. 1 1 9 1 1 .
ln t. M . & S .
H m l s n .S F o r b < l T c o N ? N e w 0 r Y o r k
n o t s o ld .
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$ 2 9 ,0 0 0 2 0 -y r . " c o u p , fu n d in g b o n d s (V . 9 3 . p . 3 0 5 ) w e r e a w a r a e d
H a n c h e t t B o n d C o . o f C h i c a g o f o r 5 2 9 , 5 8 7 ( 1 0 2 . 0 2 4 ) f o r 5 'As.
be
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2 0 .0 0 0 S o u t h V in e S t . b d s . D e n o m . 5 1 ,0 0 0 . D u e 5 2 ,0 0 0 y r l y . J u ly 1 191
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I n t . s ®” l’ a n 5 ’
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D u e 20 y ea rs, o p t. a ft e r 10 y ea rs.
B o n d s a re: e x e m p t
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C e r t , c h e c k ( o r c a s h ) f o r 2 2 « * P ^ b J ® htt0
th e T o w n T r e a s ., r e q u ir e d .
N o b o n d e d d e b t a t p resen t.
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5 2 ,0 0 0 .
A sse s, v a l. $ 2 5 0 ,686.
R . S . L a m b e r t Is T o w n C l e r k .
t h
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C ou n ty , W a sh .
r e c e i v e d u n t i l 8 p . m . S e p t . 11 b y t h e
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