Newspaper Page Text
Mackay & Co.
Bankers
Members New Y<>rt. ?9rs<*_ Exeheut?t
Our January Investment Circu?
lar Contains.a List of Well
Secured Long and Short
Term Investments
Yielding from
4 to 5!4%
Copies Sent on Application
55 WALL STREET
NEW YORK
Him who goes
and gets them
That all things .come to him who
waits is perhaps true, but experi?
ence teaches that more things
come to him who goes and gets
them.
You can begin to save, lay the
cornerstone of a permanent fort?
une, by writing and gettit ? our
booklet entitled, "Small Bonds for
Investors." It shows how you can
do on a smaller scale exactly what
?arge investors do on a larger
scale. It shows how you can invest
$100 instead of $1,000, $500 instead
of $5,000 in safe, interest paying
bonds. Write for it.
BEYER & COMPANY
"TIic Hundred Dollur Bond J/oa.se."
52 William St.. New York
Henry Clews & Co.
BANKER.*?.
11. 1.1. 13. IT AND 1? BROAD ST.
VRMBF.RS >'. Y. ?TOOK EXCHANO*".
stocks and Bonds bought and sold for
Invst'-irs snd can1e?l on liberal terras.
Banking Accounts received sub.lect to chock
at tight. Interest paid on daily balancee.
LETTERS OF CREDIT
_ Issued available the world over._
Bank & Trust Co. Stocks
Bought and Sold
GEO. RUST ROGERS
Tel. 1782 Rector 60 Broadway
H ?.*? TED
lito l?lee?-ker N. * 1'niton Ferry R. R.
H?0 Fleet rl. Itonil A s?linrc If ?I.
.'?10 llllnni? Traction Con?.
tea i ?? _swaa_s lt. H.
:.(io M.-riili-n Uas Light
?)?? New llHinpsbire Flee, i ?m.
?
FFEDERU H. HATCH & CO.
New 1 ork Boston
80 Broad HI. *>j) Congru* St.
1 I !o'?p: ones b' t?\ toa New Tork g- Cotton.
H. M. BYLLESBY <? Co.
ENGINEERS
Examinations ANDRcpoRTS
206 SOUTH LA SALLE STREET
CHICAGO
rrrCfnd. Ort.. Oklshoms City. Okla. Mobile, ?is
Lack. R. R.of N. J.
Dealt In by
BPflNGHAM LAWRENCE a CO..
Ill Broad nay. New York City.
Men v?<? ? New York Stock exchange.
DIVIDEND NOTICES.
IM1 ED t K LIT COM P__ N V
DIVIDEND NO. M.
A ?jearterly dividend of t?vo per cent on tlit
ca'.ita, ??to?-!? ?if this Company has been de
elsrcd payable January 15th, 1912. at the
at the Treasurer, 131 State StreeL Bos
t'.ii, M ?.-I.holders of record at the
??( bustnt?i Deesa??oi 2Cth, loll.
CHAR-SI A. HDBBARD, Treasurer
_i $ i_
mi PEOPLES ittvh
a CI ? at n? ?? v,,rk.
D< otmber -.'1st. mil.
ONT. HUNDRED AND TWENTT-K1R8T CON
si.titivi; PEMI-ANNUAL DIVIDEND.
The Lui-u of Directors have this ?lay de
elared i ?> ml-annual di\id?nd of FIyo P?-r
Cen?., free of tax, payable on and after Jan
uaiy Snd. 1112. Th.j tranrftr books will be
closed r.n th< '-':r?1 Inst. at 13 M.< an.l re?
op?n?-,i Januar)' 2??? mi2, at 10 o'clock A. M.
_ nn.i.lAM MILNE. Cashier.
IVK.l I> I U;?.o ft COMPANY.
.'.1 Broadway. Nea Vork, December 21, i?ll.
\ HI3MI-ANNi'AL DIVIDEND <>F FIVE
PER CENT, upon ihe Capital Stock of this
?.o, iny I?.i* been declared,.payable Jai
1R. 1012, at ?tit- office ?if the Company to stock?
holders of record at the clot?.- of bust?eat Janu?
ary 4. 101'-. The transfer books will close on
January ?. i?.)!:'. ,, :, p. |f? aim reopen hi tht
??Pciiin?! uf i,usine?.- ?m Januar; II 1112
__?'. H. qAP.DlNER, Secretary.
I III lt\\K OF AMI.Kit \.
N't? rork, D ??? -,ni?? r I0?h. mil.
Yh? Boar<i of Directors hav?j tO?_ajt <le
elat'I a semi-annual 01?. ideml of fu-irteen ?14)
pe- ctnL, fee? "r tux payable Januar* '??nd.
mu. to stoekhoMors of record of this date.
i?natai books will remain close?! unti:
January 3rd. mi.'.
W. il BENNKT. ?"ashi-r.
Ml K? IIANT- I \? HANGE NATIONAL BANK
of the ' lly of New V'ira.
]?? it, mu.
f Dll ?>? ?? havi tils ilav ?l?
elaf?l a semi-annual ?!i Iden I of THREE f ? 1:11
TRNT.. free of iax. payable on and after Jan?
uary 2. 1112 to Stockholders uf recoid at the
?lose of boslnesi December 32, 1911.
?_
W*"*OTIN_H?1 SK
ll'-iir'n- ft Maiinfn? liiiing (oiiipan*.
New Voik 1>- ? mbei 20, 1011.
\ Q_gi"t_r1y dividend ?? IV vrtlt be paid
January 15. 1912. un llv- PREFERRED *?t?Jck of
this company, ',, stockholder! of r?emc] at the
clo-c of hii- .;,, 1911.
'!" W. aiEMON, Tir?MBtrtr.
COPARTNERSHIP NOTICES.
January 1. 1912
We irish to announce that we
have this day admitted to general
partnership in our firm
MB. M\ J. K. VA.VKT'tN
ltd
MR WIILIAM M?V RITTKK
Mr. Rutter will be resident part?
ner in Chicago
(ft HIT*. *AF.LD ?ft CO
New Y-.tW ? hl'.ago Hos;?>o Buffalo
1
DUT?.HY I'. ROBINSON
n ?IIS \V. HALLOW ELL
Be?oui? partners fioin nils ,!av in tht firm of
?ATONIC ft WKHMKR
PHAl'LBj? A STONE,
i:i>H is s. vYBBMTER,
l.r.v-Ki.i IIURB,
HENRY ?1 nit ?.DUKE.
i.i.!?? i U ADHWORTH. .
? ?.i, N< ?? Tori ? 'hlcago,
i ??
Ne?? Vork. January I. 1012.
\U! .1 WRltlHT BROWN, -,.r oor Mr.
A\ i Id ro? ?? rliets, Iims been authorized to
?|,? r procuration" i,i Ne? York,
Moston. KR. DAVIS I.
LKWI- ' d i<? sign for ???
??p. i procuration" In Philadelphia. ai;?l MR.
i7l. in N'TIN'tJTON WOLCOTT his been
? i?,, f??r u? "r?ei procuration" in
I II'IIIUN lt???l Mi II- ft Co.
Stockholdycs o'
NEVADA UTAH
h.-iorc ,-iiliiia. ?Iionlil m"ii.. for
Mnul??l? ol |ir?,|,o..<l
Readjustment Plan
J. Thomas Reinhardt
MINING CU?'B STOCKS
JBret rarUitU'* fur E*e*-uti*n* Ordor?
H Broad St.. N. Y.
,? r?
i ." . ? , Toronto,
TEXTILE MARKET IN 1911
Cotton Goods Industry Suffered
Severely in the Last Year.
HEAVY MILL CURTAILMENT
Prices for Raw Material Decline
and Better Trade Conditions
Looked for in 1912.
Fall River, lisas., f>ec. ?X?The textile
industry throughout tho entire country has
guttered severely during the- year Just
cio.se ci. and Us effect has ?been keenly
felt in Near England, where moiv than two
thirds of th? textile machinery in thecoUn
try is situated. The Si.uth. With IU ?grow?
ing tendencies and large resourcfs. lik?
wise suffered, and tep.-rts of mills mad ?
?*>Ubllc indicated depression. While textile?,
including yarns as weil ta ? loth?, wert
generally ?y-iict and In the main unaatla
factory, with special reference te, profita
there are lines of cotton fabrica which hare
been highly profitable, especially duck and
the like, hut the peculiar mark?-ts ?.f China,
which consume a large amount of ?link
made by American mills, make It ?MfTle-ult
at times for the American mamila, tur-r
glwajrt t? meet the Chinaman In tht proper
attitude. The revolution which has c-ndtired :
in china for th-^ last several weeki hat en
danger?-"1 trading with thai cauntry, and|
It will take some time t<> readjuat con II
tlona so thai bustnesa ^*? Ui be put on a
stable footing. The yarn markets have
been comparatively quiet, end ?luring the
turamei or if? 11 luistiieaa at tlmea araa very
d .11. ?Preceding this dulneta many Sont
cri? mills either closed their plants entirely
or curtailed to a v? ry great extent, leaving
only a nominal weekly output to take .-are
of what lnislneRs might ?unie- to hand. The
mills in the- North and K.ist cut down their
production to ,i very (onsid.ral.l'- extent.
and business in yarns during the late spring
months and the aummer aeaaon aiinninted
to vrry little. The year 1911 opened with
rather discouraging circumstances, bctvauw
for praoticaby twelve month. pm*ed?ng
January i or i?ii the. textil? Irsd?- had
ahown ?1er.- of weakening and rloth valu a
had decreased; ami while the declln? waa
gradual, It tvus poaitlvr, and when
? lid In fact pr. sent Itself t;"-r.- was
more or les.? dickering about it. and m a
great number ol Instance? huyera Ina?ated
upon lower prices than were prevailing In
the market. Through this meant ol mer?
chandising bualrtesa pr<w wont and prices
?Hin? to mean practically nothing and WtCTC
used by huyera ?ner?lj as sien*- or Indica
tlong of ? probable sphere within which
manufacturera would do business <>n Jan
uarj i gpot middUng uplands cotton waa
?juote] on the New York Cotton ISxchangt
:ct IS cents a pound. The following COtaV
I'.i-at-iv?- statement of priest will l?>- inter?
esting:, ms thowing the wide difference
decline:
Jar 1 Ig
28 Inch, ?i?*?* . ."."4 a'-? nominal
?.'X ineh. ft4x?4e? . 8*41 '? n .?..111?!
?;: inch, ?'.tifio . ;;'? M
:?: Inch, .vt-.v* . a,v M?
2T-lnch, ."-''.x.'.U . ?'?--? --,?
27-Inch. r*x44 .m 2**
2.". Inch, Bte-M . 2*?j 8.18
Rs'4-li.eh i*\<h . .-,. I'.
81?-Inch, ?V>xT2 .
it can be seen from the- above that juices
de-rcased ?luring ?he year, thus Indicating
without further proe.f that cloth was not
much in demand At tlmea prices ruled
firm, especially the latter part of August,
when If. <'. I?. Bordea'a local broker pui
chaatd a large quantity of L'7-lnch goodt
for the American dinting ?'ompan's ?on
? rin.
On May 19 spot middling uplandt cotton
was higlicat. it being at lft. 15 cents a pound.
<"'n December S it was lowest, at 1.30 centa
a pound. Cotton has ruled ordinarily low
the gre?ter part of the year, but their full i
complement was not used by the milla bt -
cause of the great amount of Idleness by the l
mills, which was necessary boCSUSt of the
bmall demand for cloths Sine?- ?September,
however, statistics show that the amount
of cotton received by the mills bat exceeded
that for any previous quarter of th? year.
The mills of Fall River consume abOUl ?00
000 bales annually. The ?.--timat--<l total
cotton crop for Itll- 1J Is U,t3t\999 ?jalet,
agalnat I1.I8O.OO0 fatilea for UlO-'ll, The es?
timate ?or l&7i-'7y was .".,<i7.?..'??':, agalnat
7 tor lS79-'cV>. While cotton Will be
plentiful this year, there lo muck doubl
conie-ining its quality, and those who .? 1 ? -
in a position to know slat?- that th>- ttaple
It not so satisfactory as It was in years
pas;.
The curtailment among Un; milla o! Ni w
England and of the South has been ?
tensive, and it has been roughly tstlmated
that for the New Knghind mills alone- tht
tutponeton of operation amounted to about
10 per cent. The mills In the South. 1 tp? ?
dally the cotton yarn mills, curtailed ex?
tensively, and their output was much i?
duc-cd. The milla in this city ?produce about
2j<*.'>0'? pieces weekly (approximate!) II,
NO,0O0 yards?, ami any txtensive curtail
m?-nt means an elimination of g large
amount of ?-loth, Beeausi ?,f reduced oper?
ations the New Vork ami other ?loth mar
k.-ts were relieved of ootudderabie cloth, and
conse?iUe-iitly Unie was no unusual surplus
of gooda ti toara upon tht markets
The total amount of dividende pa?.i to
ttockhoklera during the year aatounted to
H.SH.IOO, an average of 1.01 plus per cent
on tha total MpltallzatJon <>f 817,805,000,
against $1,827,050, o.^i? plus per cenl ou .1
capitallxatlori of ?tl7.Mt.0iA in itls. Only
cue mill passed dividends during In .nil!"
year of II i", while ten passed at vsrioua
timea ?luring the year just ended, psrttai
larly for the last querter of Itll. Tht mills
throughout New jCnglaod are in very good
physical condition, ami during tht curtail
ment soin?- mills availed Ihemsalvet ?,f tht
Opportunity of aelding BOW machinery at
conshlerablt coat, wtille otbera had worn
out machinery repair?-.] or r?pla?ltd by new
machinery. While it would 1? a most ?lifll
cult task to ata'.'- with any degree of ac?
curacy the- amount of moni j expended for
new machinery an"! repairs, it would not
?on any surpris,- |f tin- amount totalled
* l.r.OO.?. Tin- year Itll opens under
rather depressing conditions, and while
some of the best informed textil? m?n both
in New Kngland and in Net Vork hope for
|aS aarly ?-hang?! and have state) that, In
their opinion, conditions will ?.?jon right
themselves, to tttJaOTg it tOttBg thai tht <b -
?Ired improvi-ment Is far off and that very
Uttlt ?hang, is to b? expected until at leasi
the l're.sidential < le? tlon an?! tariff l.-glsla
j lion arc act tie?!.
a ?.
YEAR IN DRYG00DS.
With the ?dosing of li?M then- is a dla
t uctly tetter feeling In hoi h who!, sal. and
retail drygoods circlet, than prevail,.,1 a
>'-ar ago. ?Pilota are fesasrmSt} lower. an?J
in spite of the fad that there is atlll eon
si?leri?bl? unc-ertaltitv lltaglag on a r? vision
of tariff schedule?, prea.nt ?Vsntlmeal bans
iimn t?> the oiitlmlhile- than tin. peasimlatlc
tad?.
Th?- year began tend, r fuvorabl.- ?-.?icli
tl.uiH. Mills ??re faUrlng the problem ?,f
'buying th.ii- cotton at 1:, ,-?T,is, and in
many Instances s?-!l!ng the ilnlsh.-d product
at a l?-*>. As a result, g policy of drastic
1 . iirtallineiit was adopted, ami continued up
| lo a short lime ago. win u buyers found 11
mandatory to replenish their depleted
?looks, and now in tin- naaaufaoturiag run
trag Of both New ?tkafl am) and the Hmitli
op?-railons arc close to normal.
KetaJI ??.notations ??f aVyiUO?t valu,
out Of the queallon, as ?a.|, ,,?... ?,,,,, |
Influe-iiccii in this retpocl entlrelj bj loi ai
? ?itidnioi . . bul ,!ii]"?ng mills ih, re 1 .( ,,
tain siMiMlat'l prevulUiig tor .-,..,
biandj of gOOdg IV?.?- nl
Statement of Condition
December 21st, 1911
on
Resources
Bonds and lVortgages,
N. Y. State and City Bonds, -
Other Stocks and Bonds, ?
Time Loans, ?
Bills Purchased,
Demand Loans, ?
Accrued Interest Receivable, ?
Cash in Vault and Banks,
Liabilities
?BMJAMIN AI TMAN
H. Altaian A < .<>.
JOHN JACOB ASTOR
GBO. P. 1AKBB
Chsirmao First Nstinnsl Hank
STI PHKN RAKF.H
President Bsnk ol the ManhsHan Co.
GBO. B. CASE
While A Case, Attnrne??.
JOHN CLAFL1N
I'res. United l)r\ Good? <:<impsaies
THOMAS GOGHBAN. J?.
Vice-President
F. C CONVBMfl
I'resident
H. P. DAV1SON
J. P. NtllSS I <:?>.. Bsakcrs
JOHN I. DOWN! *t
Building Construit),.i,
$ 110,000.00
1,502.102 .34
5,985.508.70
3,667,083.19
1,952.642.30
3.151.482.20
148,314.53
5,295.956.59
Capital, -
Surplus,
Earnings Undivided, ?
Accrued Interest Payable,
Deposits, ...
$21,813,089.85
Directors
F.i.Bi *<T it. GABY
Chsirman U. S. S?eel Corporsiioa
BOBBBT walton coi il r
THOMAS W. 1.AMONT
J. P. Morgan A Co, Rankers
RANALD H. MACDONALI)
Real l-Miie
FUGAR !.. MARSTON
Blair ?ft Co.. Banker?
JOSF.PH R. M\KI INI) VI I ,
President Chemical Nslional Bsnk
GATP.S W. McGARRAH
Pr?s. Mechanic? A Mclsls Nst. Rank
CHAS. A. PBABODY
President Mutual Life Int. (>>.
GF.O. W. PFRKINS
I). F.. POM I-ROY
Vice-Pres. Bankers Trust Co.
$1,250.000.00
500,00000
639,393.68
190,159.06
19,233,537.11
$21,813,089.85
WILLIAM H. FOBT-R
J. P. Morgan A Co.. Rankers
Ml VHi) PRO_BBR
Vice-President
DANIBL G. Kill)
k.?, k I: land System
DOUGLAS ROBINSON
Real F.staic
ARCHIBALD I). RUSSFXL
ILBXANDBB H. STPVKNS
Vice-President
BFNJAM1N STRONG. Jr.
Vice-President Banker? I rutt Co.
CHAS. I. TIFFANY
Vice-President I irliny & C?.
THBODOBB N. VAIL
I'res. American Tel. and Tel. Co.
AI.BKRT H. WIGGIN
President Cha? National Bsnk
^Trustee for Personal Trusts
FIFTH AVENUE A 36TH STREET, NEW YORK
and thorn current ?I the clone el MM ?ue
given below
1911, 1910
i ?ente, ? '? a?
? ?oi ..n mid ip. spo? N ?? ;i- W ??'
j :ii,t eloUts, '."?-?n. ?I?.?>?? :;'i
pn.,t rioth , v- ?n. ?'.?xi;??, n
7.? . In. Nttl. . IS'tf ?? '? ?''> ?' ??'?
?ira y rluths. ?If? Its. Bftx7*?.. ???.- <? 4% .,'.
Bi ,wn st? ?? "-'"Mil. at,i. 714 U "'. s 4
llrown ?'.???? ? ? A. .'.?>v?',o 5%fl 6Vi lit
Brown ?he, tings. I >'?' ???_' ' ' ...
Denims, 9 ? 1- ? ?''"'- l'''. " '? ?
rieklng? s ?Uli ? ? .l'-"s ?*
Ms ?dard prints. I *4 ?J .J
Stand -in;.i- ginghams... 1'?
CONSOLIDATED EXCHANGE YEAR
Transactions iu the Closing Months
Showori a Marked Expansion.
White bnsineea en Hie Contmlldeted
Btock Rxchaage ??f Sea *????- f??r thi
?rear i'?ii exhibits a ilecrrai? romp_**ed
??Aitii the preceding yea
not ??ut of Un?* ?III? ?lie ?'lierai d?**creaea
in btialaeaji which has affe.-t.-.i the <i?iit"
???untrv. While there II bo limit to
size of an order which may be r.I f
execution on the Consolidated Btock Ri
change, that ? *.?? ing? la i mentlally ????
-?Mill int exchange," ?here small ?t/.. ,l
.>r?i. r.s for sr-.-uriti? ??? may be placed b) the
ii,\. st?r of limit? 'I capital for ? ?<
- ? i?,, prevailing price.? The trading I
racii day I- a !.r.,.i?i "->?)-*. an?l the tendeney
long time peel ! ??' iw-^n t?> Inclmle
more ami mure stock.? m ?lu- dealing*. Ti??*
market on the fl.mr I? ;? thc??roughly tnde
pi-tiiieiii one so f.ir a prices are eon? i n
althotigli Its flurtimtloua naturally eonfenn
with the mala mot/entente g*e"**ernlng t ?
World's Stock ?-Xi-lianaes.
The following uble shown the aale? es?
month, with Hm leal month ??f the
estimated, compared with the ?^nreapond
n,- months ?>r tiie |,r? ? edlng :?? -?i
ir>ii
I ..!.; 77 1 . I? . I. -,
lary ... . i '?*?-' ""?'? ' ?"?*'' 7?:
Mar?h . II!??.1?."
Apnl . !?17.441 7.' 7.'? >>??.
Ma? . L4M.04." -31A.3I7
jun*. |,Mf?.MM '-' '??*? *
Jul) . ftM.?*-*! 3 4 7 |Q
August . 2.3**P.?U I .?'LOT?
Keptember . '.' l-?,f?1?J ? ' ? '
< letober. 1.7'>1.:<7<1 1 ??? -
November . 2,117.37'.! I. ?00.41*',
1??.. rmb : . 1.04.1 '" I.M7.I4*?
it? ??.?',;.?i:;. _?: ?
The large?t buslneea traneaeted on enj
?lay during ih<- year was 7ii*!?.!>7rt shares, on
Beptember 17. Thi groat?at number ?>f ?lif
ferenl -tiMks deal! In wai "4xty?nln<
in,i ii .\nn-u*m i and August \<>. The Ii
trading in :ir,\ OtM slo'k \va? 1V,.:>, hares
in United st.it?- Bteel <?<miinion, on Octo?
ber t.'T. this i>eiii?? the larRest bualneea In
any stock ever tranaacted on the ex?
change.
I *? <? 111 ? _: n mining stock on the ex?
change also allowed a decrease compared
win, the previous year, In lin?- aith the
general contraction In stock market bus!?
: ?
STOCK MARKET RECORDS IN 1911.
Tii?- ' ? >f*ef-t!ona on the st ..-k P.\
? . ?? in the leal year were reported ??n
Beptember .7. when ?o.r,'? i .,
dealt in Other henvy days were PVbruary
i, aith 131,1 r ihai ? . on an advan? Im
me? * m? ?.' ut ?ii. ? .-?. i'? iiiu.ii \ 'A. wii
C17 -hare-, on ?? movement ?>f prices towar.1
cheaper figures, i is.-,i an Um ???
?gainai the railroadi In ti.? .-????.ill. ?i rat
ease, ?i? clines running from me to four
pointa. On May II mor?- than one million
shares r? di ill In, Hi? acttrtty i??-Ihk ac?
compenled b) sharp advances In prices, in
cbk-nt to he St. rtdard "il ?h.-islon 'I'll
next heavleal ??a. wai August W, when
i/, :?? ? ?.?? larei were traded In. In Beptem*
ber heavy transactioni were re? orded, es>
pedelly ?>n s? ptember B, when United
Btatei B1 el common supplied 717,110 sluureg
out Of a total business In all Issues o,
n?- aetlrit) in United
States si?-? i was iia.-e?! oa the announce
im of the Intention or tin- govern.>:
to bring ?mi igalnsl tii?- Bteel Corporation
as a monopol. rs defined by the r?,,?-im,,ii
anti-trust i.iw. Weakness ii Bteel shares
.? c?*e__it?snee <>f the government suit
vas of shot t duration.
The lightest lradlng*?ii stocks In the rea?
.?- <?n Julj ;t. tr/hen ?nil? tS,Ml shares
were deall In The heaviest tr_fitag In
bonds o:i ib?' Bteck Bx??nanga ?na? reported
M October !?",. tii?- ??>tal ?Jineratlonn for ?hat
?Jay amront?Tig in pur value to IS4.V?.. ??
Um chief !?au ol n?e buMneai on thi
Ueular date was supplied i>. the Amerlean
r?,i,.i<?i, leanes B'er ? iiaii-iioiiday Aug ?el
l| . ppUed the binii ro.-oni far rtoefcs deall
in. the total on that ?lay amounting lo 04
?"?? siianv The i???- record for s Saturday
MC bares <m J?ii> ||
RECORD COTTON CROP.
The greatest r*etton crop on raeord wai
gathered In i!'??. the government ?aithnat?
placing tii?- total yield at 14,lll,?*?ei i,.-.i.
Uns is greater by i.tiT.?????? bales than the
iK-unl crop of lone Ever) state: In tin?
rulloli I? It. except Mississippi, Louisiana,
Arkansas ami Oklahoma niade ii?-?a high
>i?-l?ls. iiiitoii prfc ? U'?-r?- low for the U st
pari <?f the rear, and Brom curren! Indica?
tteni ii?* MM level uin nut advance muck
shove prevalllas figtuea unlees lat-r on m
the saaaoe H Is shown that s >ii??rt crop i?
to he ?atli'-r?il. Tin- L'Otton bt___i
throuiiiioni Um rear was iigiit in "roturne,
inn tin- ?l?m lopmi-nt of cboapsr prices for
the raw product In tin- last half of inn , n
ea_r__ea Um **-peeto?}Jea s/s Mg-or trade
in tii?- months to come,
CAPITAL INVESTED IN MEXICO.
i? i.? s?tima tod u?at foreign -.?i'iii?! .i.
v. ?i?it in Mexlee nggragates |8,?-J0,i
of whtefa Um United Btates suppll? i tip?
Ward of one-half. Brlttab and Canadien
capital In MexlOO amounts to ali.ii' ?;???
MMM 'I'h. l-'r.-mli, ?;?i-inan. I!.?IkIi?ii.
Du?.h and Bpanl-h ??onuihuiion-i mah
aixint .?..ii.,,..,. placed tnalsjj in i..,ni ?
liianillililure:- :n,,| ||..,lf. fnf*dgn ?'?l?ilal
Involved In m Klean mine i"?a'.-. u_mtt
LIBERTY BANK CHANGES
F. B. Schenck. Now President, to
Become Board Chairman.
At ?he annual meeting on January '? of I
the liberty National Hank Pi ? d? ti" k B.I
gchenck will retire? from the preatideney loi
become chairman of the board, it waa nn
' Tiouin e,| ,,n Saturday, and Ihe nui.r ,,f -li-1
1 i-1 tors will be Increased. Mr, hVhenck was
for y.ats pi.- id?-nt of the M--rcanlil?' Na
tlonal Hank, .?n-i after being aup? i -? d.-.i ?n
that ofilce by K ?uguatun llelni*?, wh.
| brief ,-ni-e. r .?? a bank |-r. -ei.b-iil ended with
I the panic of I99t, he was elected preshleal
?,f th?? Ijberty. ills Immediste ???? ?!?
Mu ?ha? noart wa? K ?' ?v.nv.-i-.. ?b,, bad
! ... . WI-I..I l? sin?-.? the retiremenl four or five
v.ars pi -\ i-.iislv -.r Henry I*. Havlso:?,
no? of J r Morgan I Co . Jo ' ? ????? .,
? realdenl ol the Flrsl Natloniii Ba'nk
v,,r t number of yaai ?nly bank
win- h had ? el alrnyan o? the lioafd was Ihe
I t*haa. National, Henri W Hannos ha? na
; occupied Ihe pott, arhl? h i? non fill?
,\ i; Hepburn Within in? las? three
; years geveral other banks have adopted the
I pollc) lamea Btltlman i.mini ?i,airman
I of Ih? board of the National ? ? Bt
Bah? r Of the Itrst National and
v Sa h ??r Un* Corn Rxchangt
I Hank I
A FORECAST.
? Bl ei treel
"The coming yeai will h all probability
an activ?is fought if ?"-'
uic , \( Uli . sign, effort?
... ,i,. )..,? n m power and tb.it in >?p
pcwitlofl to pb.v ? lltl? - ati'i in- Id? ntally
? with ti,, t.uin gnd it m. doubl win
onttnued ? fforta to pul the anti-truat
act t-. fui th. r in a in a lag Then,
t.?. p . ? -t m.i i.My future high pri? i
foi foot vviii conttitute a bar to full? t
buying ??f Ihe ?? condan n?
?Finally, ?i?< effects upon ronwmptloa "f
ahortened agricultural ylelda ??< the
?SOUtb, Of niueh reduced llnari'lal CTOp r?
10 be rr, k?>n?-?l with, ? ut
?b? other hand, 11 >i probat) ? true that,
, und? : exl ?ting ? ondil ona, eil bei .< rv *i
dentlal election ?or a prospect of I
.11 . reate* th. '
lient tiiat i? formerly did. Furthermore,
the basic fa It cannot be thai
: good a. t? hard pan; I it
any i ha? g? aft. i two reara ?-f -- or?
and "i ?growing up to th? eountry'a pn
;tiv.- rapactt] la likely to i?, in th? direction
ol . ? ... ;. .-in. that money la and pi ???
in be reasonnbij taty, tl us Invltini new in
? ni. and thai neu I rop pro- poctl
the apring aie .? ?urce of posaible stimula?
tion ii baa already been found In teveral
i IihIu i ? i> s i bat, -iv.-., ? ;?f,t prl ? ?, an ? -
? lent ti.ei" i poa Iblt ?>f development Then?
an- problema till t.. i, n..-t and aolved, bul
? the cheerfulnest after trial ahown by the
peopk ?t large augura w.-u for :.if,- meth
r<dt of trade expanaton. f"i aaner vlewa <>f
!?? political progreas arid of legal reg?
| illation of bUtlBtSt and for r.-al national
' " i.ns??rvatl??n and upbuilding in the vrai to
? ?? iirn"
NEW YORK TRACTION SITUATION
Tht close of the last year practical!*
?marked the termination of the four years
of the Metropolitan btreel Bailwaj <'-'in
pan< receivership Cnfortunately, itll
?? be , i. un. ,i ? nil entirely i leaning up
th. ti.nti.iii tangle While ihe bulk of tha
? reorganisation work baa i.n accomplished,
i ? lormiiig .-f the new company t?.
lain o? > r the propert) to be pur? base -i tl
foreclosure and tht dlachaiglnfl of the f.-? i -
er.ci receivers ,vin take placa during the
iirst two v..aka ol |M&
in regard t?. the Third A.? ? ave rompan
?a little mor.- baa been ?i?>n>. sad the entire
i reorganization has been practically ??rr.-? t??i
iLlkt the M-tropolltan. nowever, the Third
IAvenu, .oinpnny will have- t,, await the
! pleasure ,,r the f. lierai i oui I before 11
celver caa be dlscltarged Thlt will like
Iwtsi bt aeored n? the credit '.r the early
part of .lann.ii -, i-'i : 'rims tht j ear 1911
hat practical!) acx*omplltheU tht cleaning
I ui? ?>f the entire Metropolitan and Third
| Avenu? im.un tai tanginn
PAYMENTS ON SECURITIES
Mvldend and Interest dlsbun?<-m. nts for
I January. 1912. are tStlmated by "Th. Wall
sti.-.-t Journal" n. aggregate synABfjne,
' l?hldi'iid- will total tn??r.- i lian Wa.laX.000
1 fliid Intereat chara;?'? will bt consl.l. rublv in
exeeea of IMMM.'???. Ol tht dlvldendt Iht
? ?test amount will com? from the Indus
i iriala with fsXttl,?:;.:?. The railroads win
I contribute WAss/BA', ttreel or ?ii-.-tri?- rail
i araya, ??.????.flu. end Haw fork C4t) banka
j and trust conipani? s. 17.1'i?'.'.?'.",?'. The total
eapltalisatlon upon which the dividend, ...
i baaaed smounta to B\tAe\3AA,t3a\ and ?
I buiaetaentJ are tqulvaleni to men- than
l'i p'-r cut on this amount.
EXCHANGE SEATS.
I .owe r pri?. s prevalh-l in Itll for
I ta Ihe New V??rk Sto-k Kvharn;. . .\y
.oinpar? ?I With the preceilltiK year, the la |
Salt was repofte-d at *?;.'i,iiiiii, against the
high pri?-?- i?>r the year ??f $71,te0. in p.in
the highest pibe- ?Aas $;e|..i, m igst), t!?r.,.
Hg, ami in lmiv $7:.i???"i. The lowesl pri.-.
In 1IM1 was that made al th.- last sale,
lit,.?. as , ".mpar.-d with th.- .sain.- fjgurt
in tin- preosdlng year, |7S,Stg in itgf and
t.'..'.'i?ii) in i'.??.?*. The highest price ever
paid for a N?*v\ fork RtOOk INchani!.- h?-.?1
was ti'.i.'MM) In Itef When th.- Si... i, i;v.
? huil?e was Ursl organlaed teats couM be
lmi for |Mt, ?m tin N.-w Yorn Cotton
ISxchange the high prie, foi -.iu in the
last year was llg.lOt, ai compared with
*17.<nii? in I'.'I n, 118,008 In I lb?!? and .?.|i?..
In Ittt. The high i?""i.l price l'or a ?oit.m
at hi-- n a-l. ill If?..?; al |M,?.
NEW COMPANIES IN 1911.
aerrordlng la i lall II? pet lallj run?.
Piled b* "Tb. Join nil Of I '".iiiiii" I .. " n,..
in ?? ???.l|i|i..ni. ,,, | ,ih?. ?I In Ho- I!a |. i n
tHata during the >?-ai representing ti ?
000 ??i more, as well as Increases In capll ?i.
?ill amount to M *-'.7. i::i, !"??. This Is II UV
1M.0S0 below the 1110 total, although ?
142,400 In excess of IPM. The banner year
for Incorporation was i?i. when the ??-an?
ti,- Bteel TruHl was formed, and 'h?- char?
ters tak.i? In the Rastern Btab
talned the phenomenal total of ***,7I4,10I?.????
in.-, rporatlon outside of those In the
Kantern Btatei swell the total t?> xj._i*7/?ti.
mo ttddlng companies In all states of a
.,i of fl0O,O00 and over ?i?ii under
Hnd total '?? hi ought up to
-'.1..,. ,i. iigHlnal ?.? ?r.'?.",-'..7!_' In I!?!0.
YEAR'S LISTING OP SECURITIES.
The total amount of ? ? irltl? II ted on
? . ?.? Turk Stock Kxchange for the year
1911 in>re Original l^mls. |29S,000,I.
adilitlonal bonds, |2UO,000,00<) ; ?original
. locks, * ?'?'? " i. snd additional loci
? : 10,000 ?.
ANNUAL REVIEW OF TRADE.
iFro? ' . " ? '
HAXK I IJB \i:in?'.s
1911 it,*,* iM.oi?a?*oo mo ,., lie-sit ioo.o?jo
i. ULBOAU BARNINtlB
?pn ?._? ?,. son ???? [tjte. 12 ?-' W0 """
?IRAIN fltOPn O M.rih
1 ,n IM ISM) ;-,i,, . ' ??
, , ,; :??N i-ROP IllAL '
??H n ??;. i?ni i:,|o I LBN "",>
I'M IRON iTONt")
i'iii ' '*"' iwo,. ruM?*eo
RXPORT*
1011 ? . .)> . UUU 11(111 ' 7 .'.".?', ?'?II
IMI'UKT.-.
i?,ii noooo toio *i !-?'? "oo.ooo
, .?MM? ;;? IAL Ml K\ LTf
?.,H ?.ihn ?ion ?sHi into |"JI)|
STOCK PRICES SINCE 1872.
?ftrTATIONH ? ???' MX T\
RAILWA1 .-?'?"'KS.
Ves
1??ii
li?l"
I90B
lise,
iim
I (MM
|(H_
IIS I
IIS/
in? :
im i
it?..
I Ml
IS ,
IviT
ISM
-
1- ?l
1 ?'.?:-.
I-..
110" _!
IIS Til
u?i.;??
im 13
112 '-'?'?
Mil ;?>
i?_ n?
1P.V7
litt :??
?4 ?7
??7 I I
7-? 70
."j; i?t
M It
I / ?? y e? 1.
?,!'."? M I ?HI
M -l !-'.??.
lui id ?utii
1???
1??;
Ii 1 - . i??.,
il?! 17. IHX?.
HlBl,.
|?HI i*<
f.-, on
71 Ml
? - 47
7? i*>?i. in;
?_? ta |h*?.i
101 ".. iNNti
I??l
|??n
....
I.', 1.4 ^77
Ii? 71 IH7?
4i is i?;.".
r. 37 1-.'
4' 71 i?7?:
T'.t Ml
"1 sa
lOt '.?
?7 01
?,7 *-???
4 ; ?
: 'i .Vi
-1
? ? 2S
1 : _
- ,.?
:.; 7,H
? .7
, -, ?
si 74
CALL MONEY IN 1911.
Jan 7 .
.1. 11 .
is n
!?'. I, 4
I ?,. Il
I
tl '
M ... ', Il
Mu, ?1 IS.
Usrrh J.*?
April 1
High.Loe I \\? ended; His!'
2 I It
1 ?-? ?
:
?J
I ? it 12
!.. iv.
\i,m
I
1 \|,n
M.?
Ms
I _a>
! lfa>
.1 in?
15..
tt.
? item?tr '-'.
i I Hopl "Hi!
I - ?
r 21
_?
?J l> to'i r 7
14
?J Octottei 21....
et
3 No?, eml ? 1 4
3 November 11
2 Novembei is
nbei ?-'.',
1?. .m?-r 2..
Decemlx
l>. !??
J I ??
I ??
?I
CHAIRS TABLES
PROMPT SERVICE
HONEST PRICES
WOOD and STEEl
RUNG CABINETS
SECTIONAL
BOOKCASES*
STEEL
CABINET SAFES
?TV-e Slobc-Vernick.*? Co.
l_
?III-i^: llroil????.
M liilr. >. \
J
BONDS
ARE THE BEST
Because principal 1? assured b? larger
percentage of ?Meets than any other ?0111
punj "i, ? fi n--: similar securities.
: Because thli ?ompam has never ?I?
1 ir.mi the principle of purchasing for per?
' maneni ownership.
Becauae Its business has been successful
for 16 years? with Increasing strength
; ????in It). pi ofltfl and ?Us Idends
Because Its securities are not Influenced
1?. political or Bnan? i - < > uncertalntli
?SPECIAL INCOME
BONUS I? A V
3.66%
10?. Y KAR BONO-? 1100 EACH,
paying ?i . seml-annuall} !,> check,
can be bouirhl outrlg-?1 or In annual
payments <>\?t h period <>f yearn,
Over 11.000,000 repaid Investors to date.
?'i,.-?il,n- i? describes our business la
detail, Bent upon ree?ut st
NEW YORK REALTY OWnERS
Aitets $3,160.000. ? ap.A i-ur. tne $2,00J,000
IM? l-'IIT!l \\ i:.\'l'i:. NKVV VoitK.
? HARTKHKII iHiii. ?
Union Trust up. i f Jew York
K<) i??-<; \U\\ \\
i-'iiiii v ? ?* (si b Ml 1 m , v, . ,v mu?, si
Capital ?5c Surplus S8,000,000
\i??i?? latessal eu Deposits
I iil(??l I>_.-!ion t'?, ?1 I'll I ?Im ri;.
? ???ii. ?lu? 1 uni ,1 ? 1 IWI3 i?. Hi, i;. n
1 ,1 ?forts '-? !i ? ''?.1 of lb? ?ho? ? ? on,
ni-, m ",| o? and .,: let sal urll it th<
ofl. Rroan Brothers I r'onipan . Ml ?A'all
__. Mel "forth ?'. J. -HAl N, Jr., lita-ui?.*.
Coupons ?Maturing Januar/. 1912, Pajable at to Offm of
Harris, Forbes * Co
Succoseors to
N. W. Harris & Co
Now York
Pine Street. Corner William, New York
Also Payable at the Offices of our
?"li (?"?to OrTttpoixtent Bo?toe Cerreepen4tnt
' i ri Trust and Savings Bank N. W. Harm & Co. ?rinc?
First
Albert Lc.i. Minn.. Refunding
Albert he?, Mmii., Permanent Im
t)r?i\e;ric-nt 4'.^
\?i)ijquer()ii?'. N. Me\.. B?.irJ of
Education, School Building
Albuquerque, \. MY v.. Rinding
Albuquerque. N. M ex.. General
Street Improvement
kiries, I?. Water Works
ArHrtfftoti Height-, 111.. School
Building 5^
M tanta, Birmingham &? Atlantic
Railroad Co. ?Squitpmcnt
Bern\illt-. Va., Water Works
?ic Rapkfc, Mich.. Refunding 4
Billings, Mont.. School District
No. 2 4'.,s
Doulder, Coio.. Water Works
H'-i/'inan. Mont.. Funding Second
Series
Mr. ?adwat?*r (bounty. Mont. .Funding
BufYak) & Susqwbnsin? Railway ?Co.
Gold lic'iiipiTient Series "A"
1 ..iscade County. Mont.. Court H'->*
Cascao> ?County. Mont.. Funding
Cass Counts. Iowa. 4'*s
? rville, Iowa, Refunding 4s
.?rville. Iowa. Refunding 5s
Chariton, Iowa, bunding (annually)
Chitppewa Valley Ry. Light ?5* Power
Co.. bau Gaire, W'i.s., First Mort
(jold
Clalfain County, Wash. School Dis?
trict No. 7
Clifton l'orge. Ya.. Bridge
Clinton, la., bunding and Refund g
'i'e.r.uio Springs. Colo.. School
District No. 11. Refunding
Color.-klo Springs, Colo.. Sewer, Re?
funding & Water
Corisurrters Power Co.. First Lien ?i
Refunding Gold Ss
Cook Count'. I!!.. School District
25 (Arlington Heights)
Cook County, HI.. school District
No. 0Q (Morton Park)
Cook Count*,', III.. School District
No. 170 [Chican Heights)
< ioos 1 ounty. N H.. Court House
Cuthbert.ua., F.lectric Light
Cuthbert, <"?*.. Water Works
?Danville stree? Raihara? ?5. Light
Co.. Danville. II!.. Refunding
Mortgage Gold
D-ni-^n&Sherman (Tenas) Railway
? .o.. First Mortgage Gold
Deny. New Hampshire. Water
Dexter. Mo.. School District. School
B lilding
ke) Count v. N. D. 4':,s
Elbert County, Ga.. Court House
.-. l,ni (annually)
.Hex!. III.. Refund? ne
I -ike, K\. 5s
L - i Spring". Ark.. ?Sttries "H"
. p't. Water Districts. .1.4. S
tverpreen Park, II!.. Refunding
Fayette County, Ky.. Funding
R?renc?. S.C *>ewerage
Ford Countv, III.. (Metvm) School
?District No. 5.8
GallatinCounty,Mont.. High School
Building
Gallatin County. Mont.. Refunding
Genesee. Ida., Water Works
Genesen Township, III.. High school
District *'?.
i ?eorgetown, III.. Scliool District
No. 177
Geneva. III., Bridge
Glencoe, III.. lmpro\eme?nt
Glenwood. la., bunding (annually)
fiorham. N. H.. Water Works
? Falb, Mont., Sewer
( ireal Falls. Mont., Water Works
i ireen Ba\, W'i.s.. Refunding 4s
Green Bay. Wis.. Sewer 4s
Greenville. I!!.. Refunding
Griffin. Ga.. Hlectric Light
Ilawarden. la., Independent School
District, x'hool bunding
Helena, Mont.. Water Work> 5s
Hot Springs, S. Dak.. School
Hvattsville. Md.. Sewerage
Iowa Falb. Iowa. Refunding
King County, Wash., School Dis?
trict No. IS. 7s
Knoxville. lowa.Judg. bunding 4' ?s
Knoxville. Tena, Street Imp't
Kossuth County, Iowa. 4'?s
l.i Salle, III.. Board of Fducation.
School lOist. No. 2. School Bldg.
Lincoln. III.. Refunding
MaconCounty, III.. Court House
Martson, Iowa. Water Work?
Mar?halltown, Iowa. Refunding
?Maywood. III., I:unding
Monmouth, III.. Water Work
I ?r-t Hontii?...i)
Montreal Tramways Co.. birst &
Refunding Ss
Morristown. I'enn.. Water Woria
Improvement
Mount 'Air}. N.'<'... Water Supply,
Hlectric Light & Power Plant
Moweaqua. III., School Building
Muskegon. Mich..G?*n'l Street Imp't
Muskegon. Mich., Refunding 4'2
Muskegon. Mich., Lake Michigan
Water Works 4a
Oklahoma Ry. 1st Mortgage Ss
Owosso. Mich., Water Work*
Pecatonica, III., Board of Fduca
tion. Dist No. o. .*>;hool Building
Plum Bayou. Ark., Levee District
Potitiac Township, III., School Dis?
trict. High School Building
Port Huron Light & Power Co..
Port Huron. Mich.. Lst Mtge. Gold
Portland General F.lectric Co.. Port?
land, Ore.. First Mortgage Gold
Powell County, Mont.. Funding
Princeton, Mo., Rounding
Pullman. Wash.. Water Worr?
Redwood Falls. Minn.. Refunding
Richmond, Ky.. School
Piverdale, III., School Dist. No. S
Riverside. III.. Water Works
Rochester. N.H.. City Hall
Rosebud County. Mont., Bridge
Sandwich. III., Municipal Improve
ment (annually)
Scranton Fleetric Co.. Scrantor.
Pa.,First ?St Refunding Mtge. Gold
Seattle. Wash.. Funding Fir-t and
Second Series
Seattle, Wash., Sewer
Seattle. Wash.. Sewer Tunnel
Sedalia. Mo., School District, School
Building
Setieca Falb, N. Y. Retunding
Shenandoah. Iowa. Independent
School District Funding
Snohomish Countv, Wash., School
Di-trict No. 1
Spalding County. Ga.. Public Imp't
Sparta. Ga., school Building
Spartansburg County, S.C, Count;.
Refunding 4'_,s
St. Joseph. Wien., Bridge
Surrtter, S. C, Sewerage
r?aCorna Eastern Railroad Co.
(Wash.), First Mortgage Gold
Tullahoma, 7'enn.. Hlectric Light
Tullahoma. Tenn.. Water and Light
Tullahoma, Term.. Water Work
I'tica Flectric Light ti Power Ox,
?First Mortgage Gold
Valley County. Mont.. 4J?"
Wait-burg. Wa^h.. Water Works
Watijhemocket. R. L. Fire Dep't
We-t Hoboken, N. J., Funding
West Hoboken. N.J.. School 434*
White Plains.N.Y..School Dist.No.l
Wilmetje, III., Gen'l Street Imp't
Wilmette. III.. Street Improvement
Winnetka. III.. Park District
Woodhwn. Ala.. Refunding
Second
Armour. *>. Dak.. Independent
school District, school Building
Florence, (loi.. Water Works Retdg.
Garrard Count;,. K\.. Turnpike Rd.
Hot Springs. S. DaK.. C.t", Hal!
Kalispell. Mont.. Refunding
Poplar BlufT. Mo., School "District,
school Building.
T.-mple. Tex., Public ?Free School
Building, Serie*- No. 4
Sixth
Waukegan. III., bunding
Thirteenth
l.'nion Light A- 'Phone Co., Crystal
Lake, 111.. 6>
Fifteenth
Lugene. Ore., Sewer
Hartford. Wis.. Water Work
Mount Pleasant. Mich., Water
Refunding
Redfield. S. Dak.. Independen;
School Dist. No. 20. School Bldg.
sank Center, Minn.. Sch'l Dm.No.6
Sedalia. Mo.. School Dist. Funding
Eighteenth
PierceCo., Wash., Sch'l Dist. No. 1
Nineteenth
W'indom. Minn., blectric Light.
Water Works and Sewerage
Thirty.first
Shelbyville. III.. Llectric Light and
Improvement
January Investments
We own and offer over 200 different issues of carefulIv selected
municipal, railroad and public service corporation bonds which
,\c recommend for conservative investment at prices to yield
3M% to over 514%
Write for circular offerings and Booklet it for investors
CENTRAL TRUST COMPANY
OF NEW YORK
-, / If all Street
Statement of Condition December 30, 1911
RESOURCES
Bonds and Mortgages $1,672,171.05
Public Securities, Mar?
ket value . 4,714.841.65
Other Securities. Mar?
ket value . 23.987.944.98
Loans . 53.135.689.66
Real Estate. 1,007,935.40
Cash in Banks. 19,373,214.83
Cash in Vault. 10,111,504.39
Accrued Interest. 638.103.40
LIABILITIES
Capital Stock. $3.000,GOO.?JO
Surplus . 15,000,000.00
"Undivided Profits. 1.719,456.07
Deposits . 94.652.783.41
Other Liabilities, viz.:
Reserved for Taxes. 105,446.33
Accrued Interest. 149,990.94
Secretary's Checks_ 13,728.61
Total. SI 14,641,405 30
Total, $114,641,405.36
Dividend payable Jan. 1st, 1912. charged to Profit and Loss and not
included in this Statement.
orne?is
JAMES N. WALLACE
E FRANCIS HYDE. V.te.Prci.dov MILTON FERGUSON. Seoeiarv
BENJAMIN C. MITCHELL. VkefteSAm FRANK B. 5MIDT. As?nm $*crei?//
DUDLEY OLCOTT 2?J . Viet- iVs.d?ne C. P. STALLKNECHT, A?.?t*n< S?^f4
TO THE HOLDERS OF
NEW YORK CENTRAL S HD,01 RIVER R. R. C: WS
3"2% Coupon Gold Bonds,
LAKE SHORE COLLATERAL
AND
MICHIGAN CENTRAL COLLATERAL
. , New York, December 27, 1911.
I lu- N't-u York Cc-ntnil :ui.| Httdton Rivet Railroad Company (leairea
'" obinm the ncunca and addreea <>t all (toldera of ns riir??- :.n?l Oih
hah Per Cent. Covpon ?.??I?! Honda, LAKE SHORE COLLATERAL,
?^'?ot |i? '''?"* <? :?'"l * ine-half Per Cent. Coupon Gold Bond?,
MICHIGAN CENTRAL COLLATERAL, for th?* purwose of inforroiag
Mi? iii e.i certain matters u?toina their interest?.
Ml h.il.l? rs ct' raeh Coupon Monds arc requested to srn.l to the ?i??<Ier
signed their names and aiMresee?, itating (he an?..um of bonds held hf
ihem ,in?l ol \?lii?-h i-Mn
DWIGHT W. PARDSE, Secretary.
Grand Central Terminal, New York. N. Y.
