shares of stocks were 127,208,258 shares against 164,051,061 in 1910, the approximate value being $11,003,600,829 against $14,124,875,896 in 1910, and $19,142,339,184 in 1909. Bond sales aggregated $841,784,700 as compared with $635,915,150 in 1910, and $1,285,712,518 in 1909. During the first four months of 1912, the sales of stocks amounted to 46,891,730 shares against 32,803,961 in the corresponding months of 1911, this revealing a considerable growth in activity. In the same months in 1910, however, 69,629,093 shares were traded in. ACKNOWLEDG- The Secretary acknowledges with thanks the assistance he has received in the preparation of the reviews and statistics contained in this volume from Mr. CHARLES T. GWYNNE, Assistant Secretary of the Chamber, the Honorable O. P. AUSTIN, Chief of the Bureau of Statistics of the Department of Commerce and Labor; the Honorable WILLIAM SOHMER, Comptroller of the State; the Honorable GEORGE C. VAN TUYL, Jr., Superintendent of Banking; the Honorable EDWARD M. MORGAN, Postmaster of New York; the Honorable WILLIAM A. PRENDERGAST, Comptroller of the City; the Honorable CALVIN TOMKINS, Commissioner of Docks and Ferries; the Honorable HENRY S. THOMPSON, Commissioner of Water Supply, Gas and Electricity; the Honorable E. J. LEDERLE, Commissioner of Health; A. EMERSON PALMER, Secretary, Department of Education; the Honorable RHINELANDER WALDO, Commissioner of Police; Dr. JOHN S. BILLINGS, Director of the New York Public Library; the Honorable DANIEL P. KINGSFORD, Superintendent of the New York Assay Office; Mr. TRAVIS H. WHITNEY, Secretary Public Service Commission, for the First District; the Honorable WILLIAM WILLIAMS, Commissioner of Immigration at New York; the Honorable DUNCAN W. PECK, State Superintendent of Public Works; the Board of Pilot Commissioners; Mr. J. S. KNAPP, Auditor of the New York Custom House; Mr. WILLIAM SHERER, Manager, and Mr. WILLIAM J. GILPIN, Assistant Manager, of the New York Clearing House; Mr. ANTON A. RAVEN, President of the Atlantic Mutual Insurance Company; the WILLIAM B. DANA COMPANY (for review of the cot Mr. H. C. FOLGER, Mr. E. E. WENCK; ton crop); Messrs. J. & W. SELIGMAN & Co.; Jr.; Mr. J. W. SCHOPP; Mr. F. E. SAWARD; the URNER-BARRY COMPANY; Mr. A. I. FINDLEY, of the Iron Age; Mr. J. J. MANNING; The Financial and Commercial Chronicle; the Journal of Commerce and Commercial Bulletin; the Honorable E. DANA DURAND, Director of the Census; Mr. U. N. BETHELL, President of the New York Telephone Company; Mr. GEORGE R. PHILLIPS, Editor of the Whalemen's Shipping List; Mr. WILLIAM V. KING, Superintendent of the New York Cotton Exchange; Messrs. R. G. DUN & COMPANY, and BRADSTREET'S. Mr. A. NOEL BLAKEMAN, who for many years prepared the reviews of the sugar, molasses, tea and coffee trades, died during the past year after a life of useful labor. The Secretary acknowledges his indebtedness to Mr. WILLIAM C. HESS for having, at short notice, assumed the work of preparing these reviews. POSTSCRIPT.-Referring to the statement relative to Differential Rates on page xxiii., the Interstate Commerce Commission rendered a decision on June 15th, in which it puts the Ports of New York and Boston in a parity in export and import freight rates but allows Philadelphia and Baltimore the advantage of differentials which those ports have enjoyed since 1877. PROCEEDINGS OF THE CHAMBER OF COMMERCE, FROM MAY 1911, TO MAY 1912. 143rd Annual Meeting, Thursday May 4, 1911. THE One Hundred and Forty-Third Annual Meeting of the Chamber of Commerce was held in the Hall of the Chamber, Thursday, May 4, 1911, at half-past twelve o'clock, P. M. And three hundred and seven other members. The minutes of the regular meeting held April 6th were approved. The President called for the reading of the following letters which were ordered placed on the minutes. BRITISH EMBASSY WASHINGTON April 10, 1911. MY DEAR SIR: I have the honour to thank you for the copy of the resolutions adopted by your Chamber at its meeting in respect of the negotiation of arbitration treaties, and can assure you of the sincere pleasure with which I have read the terms of these resolutions. Such an expression of opinion in favour of arbitration of the widest kind from a body of such standing and influence as your Chamber will be of great interest to the British people, and materially tends to further the purposes which both the Government of the United States and that of His Britannic Majesty have at heart. I have the honor of acknowledging receipt of your letter of April 8th, including a copy of resolutions adopted by the New York Chamber of Commerce to urge the negotiation and ratification of treaties of arbitration of a wide scope with France, England and other nations. I shall not fail to forward the said resolutions to my Government, who will, I am sure, highly appreciate the friendly and humanitarian sentiments which have inspired them. Your letter of April 8th, with enclosure, has been brought to the attention of the President, and in his behalf I beg to thank you for writing. He is pleased to note that the suggestion of a general treaty of arbitration with England is meeting with such wide-spread commendation. Sincerely yours, (Signed) CHARLES D. HILLES, Secretary to the President. DEAR MR. PRATT: ST. ANNE'S HILL CHERTSEY, ENGLAND, 20th April, 1911. At our London County Council meeting to-day I moved, and Lord AVEBURY seconded, that we give our cordial support to the report and resolutions you sent me in yours of April 8th, and this was carried unanimously and with acclamation. I have the honour to inform you that at the Annual Meeting of this Chamber on the 6th instant, the following resolution was unanimously adopted on the motion of Sir ALBERT K. ROLLIT, D. C. L., LL. D., (ex-President,) seconded by Mr. STANLEY MACHIN (Chairman of the Council): That the Members of the London Chamber of Commerce in Annual General Meeting assembled, recognizing the great interest which the Chamber of Commerce of the State of New York, and its President, Mr. A. BARTON HEPBURN, its Vice-President, the Hon. Mr. CHOATE, and its Council and Members have always taken in the promotion of peace and good will not only between Great Britain and the United States, but throughout the World, offers its most cordial congratulations to that Chamber, upon the proposals of the President of the United States, the Hon. Mr. TAFT, in favor of a Treaty of Arbitration between the two nations which has been approved in Parliament by the Minister for Foreign Affairs, the Right Hon. Sir EDWARD GREY, Bart., and the Right Hon. ARTHUR J. BALFOUR, and by the peoples of Great Britain and the United States in general, and trusts that the work and influence of the two Chambers, closely allied as they are by the ties of mutual interest, in the promotion of Commerce and the Arts, and in cementing good feeling between the two countries, will be exerted in support of a movement which tends towards peace on earth and good will towards all mankind. I am, Dear Sir, |